6fr33082.fm Page 23 Tuesday, September 21, 2004 5:05 PM
02'( '·(03/2,
$9$17 ' 87,/,6(5 /( 5e)5,*e5$7(85
&216(,/6 3285 /$ 3527(&7,21 '( / (19,5211(0(17
35e&$87,216 (7 5(&200$1'$7,216 *e1e5$/(6
&200(17 )$,5( )21&7,211(5 /( &203$57,0(17 5e)5,*e5$7(85
&200(17 )$,5( )21&7,211(5 /( &203$57,0(17 %$66( 7(03e5$785(
&200(17 'e*,95(5 (7 1(772<(5 /( 5e)5,*e5$7(85
1(772<$*( (7 (175(7,(1 ',$*1267,& 5$3,'( 6(59,&( $35Ë6 9(17( ,167$//$7,21
6fr33082.fm Page 24 Tuesday, September 21, 2004 5:05 PM
$9$17 ' 87,/,6(5 /( 5e)5,*e5$7(85
‡/H SURGXLW TXH YRXV DYH] DFKHWp HVW XQ DSSDUHLO pOHFWURPpQDJHU FRQoX SRXU XVDJH H[FOXVLYHPHQW GRPHVWLTXH
3RXU XWLOLVHU DX PLHX[ YRWUH DSSDUHLO QRXV YRXV LQYLWRQV j OLUH DWWHQWLYHPHQW VRQ PRGH G·HPSORL R• YRXV WURXYHUH] VD GHVFULSWLRQ HW GHV FRQVHLOV SRXU OD FRQVHUYDWLRQ GHV DOLPHQWV
*DUGH] FHWWH QRWLFH HQ OLHX V€U SRXU WRXWH FRQVXOWDWLRQ IXWXUH
$SUqV DYRLU GpEDOOp O·DSSDUHLO YpULILH] TX·LO Q·HVW SDV HQGRPPDJp HW TXH OD SRUWH IHUPH SDUIDLWHPHQW 7RXW GRPPDJH pYHQWXHO GHYUD rWUH VLJQDOp DX UHYHQGHXU GDQV XQ GpODL GH
KHXUHV
1RXV FRQVHLOORQV G·DWWHQGUH DX PRLQV GHX[ KHXUHV DYDQW GH PHWWUH O·DSSDUHLO HQ VHUYLFH SRXU SHUPHWWUH DX FLUFXLW GH UHIURLGLVVHPHQW G·rWUH SHUIRUPDQW
9HLOOH] j FH TXH O·LQVWDOODWLRQ HW OH UDFFRUGHPHQW pOHFWULTXH VRLHQW UpDOLVpV SDU XQ WHFKQLFLHQ TXDOLILp VHORQ OHV LQVWUXFWLRQV GX IDEULFDQW HW FRQIRUPpPHQW DX[ QRUPHV ORFDOHV GH VpFXULWp
1HWWR\H] O·LQWpULHXU GH O·DSSDUHLO DYDQW GH O·XWLOLVHU
&216(,/6 3285 /$ 3527(&7,21 '( / (19,5211(0(17
(PEDOODJH
/·HPEDOODJH HVW UHF\FODEOH j HW SRUWH OH V\PEROH GX UHF\FODJH 3RXU VRQ pOLPLQDWLRQ UHVSHFWH] OHV UpJOHPHQWDWLRQV ORFDOHV /HV PDWpULDX[ G·HPEDOODJH VDFKHWV HQ SODVWLTXH pOpPHQWV HQ SRO\VW\UqQH HWF GRLYHQW rWUH WHQXV KRUV GH SRUWpH GHV HQIDQWV FDU LOV FRQVWLWXHQW XQH VRXUFH SRWHQWLHOOH GH GDQJHU
0LVH DX UHEXW GH O·DSSDUHLO
/H UpIULJpUDWHXU D pWp IDEULTXp DYHF GHV PDWpULDX[ UHF\FODEOHV $YDQW GH YRXV GpEDUUDVVHU GH O·DSSDUHLO UHQGH] OH LQXWLOLVDEOH HQ FRXSDQW OH FRUGRQ G·DOLPHQWDWLRQ GpPRQWH] OHV SRUWHV HW UHWLUH] OHV FOD\HWWHV DILQ TXH OHV HQIDQWV QH SXLVVHQW SDV UHVWHU HPSULVRQQpV j O·LQWpULHXU 3RXU OD PLVH DX UHEXW UHVSHFWH] OHV QRUPHV HW UpJOHPHQWDWLRQV ORFDOHV UHODWLYHV j O·pOLPLQDWLRQ GHV GpFKHWV HW WUDQVSRUWH] O·DSSDUHLO GDQV XQH GpFKHWWHULH QH ODLVVH] SDV O·DSSDUHLO VDQV VXUYHLOODQFH PrPH TXHOTXHV MRXUV SDUFH TX·LO FRQVWLWXH XQH VRXUFH SRWHQWLHOOH GH GDQJHU SRXU XQ HQIDQW
,QIRUPDWLRQV
&HW DSSDUHLO QH FRQWLHQW SDV GH &)& OH FLUFXLW GH UHIURLGLVVHPHQW FRQWLHQW GX 5 D QL GH +)& OH FLUFXLW GH UHIURLGLVVHPHQW FRQWLHQW GX 5 D
3RXU OHV DSSDUHLOV FRQWHQDQW GH O·LVREXWDQH5 D
O·LVREXWDQH HVW XQ JD] QDWXUHO VDQV GDQJHU SRXU O·HQYLURQQHPHQW PDLV LO HVW LQIODPPDEOH ,O HVW GRQF LQGLVSHQVDEOH GH YRXV DVVXUHU TXH OHV WX\DX[ GX FLUFXLW GH UHIURLGLVVHPHQW VRQW HQ SDUIDLW pWDW
672&.$*( '(6 '(15e(6 '$16 /(6 5e)5,*e5$7(856 (7 5Ë*/(6 ' +<*,Ë1( $/,0(17$,5(
/D FRQVRPPDWLRQ FURLVVDQWH GH SODWV SUpSDUpV HW G DXWUHV DOLPHQWV IUDJLOHV VHQVLEOHV HQ SDUWLFXOLHU DX QRQ UHVSHFW GH OD FKDvQH GX IURLG
UHQG QpFHVVDLUH XQH PHLOOHXUH PDvWULVH GH OD WHPSpUDWXUH GH WUDQVSRUW HW GH VWRFNDJH GH FHV SURGXLWV
- OD PDLVRQ OH ERQ XVDJH GX UpIULJpUDWHXU HW OH UHVSHFW GH UqJOHV G·K\JLqQH ULJRXUHXVHV FRQWULEXHURQW GH IDoRQ VLJQLILFDWLYH HW HIILFDFH j O DPpOLRUDWLRQ GH OD FRQVHUYDWLRQ GHV DOLPHQWV
0$Í75,6( '( /$ 7(03e5$785(
‡6WRFNH] OHV DOLPHQWV OHV SOXV VHQVLEOHV GDQV OD ]RQH OD SOXV IURLGH GH O DSSDUHLO FRQIRUPpPHQW DX[ LQGLFDWLRQV ILJXUDQW GDQV FHWWH QRWLFH
‡$WWHQGH] OH FRPSOHW UHIURLGLVVHPHQW GHV SUpSDUDWLRQV DYDQW GH OHV VWRFNHU H[HPSOH
VRXSH
‡/LPLWH] OH QRPEUH G RXYHUWXUHV GH OD SRUWH HW HQ WRXW pWDW GH FDXVH QH SDV OD ODLVVHU RXYHUWH WURS ORQJWHPSV SRXU pYLWHU XQH UHPRQWpH HQ WHPSpUDWXUH GX UpIULJpUDWHXU
‡3RVLWLRQQH] OD FRPPDQGH GH UpJODJH GX WKHUPRVWDW GH IDoRQ j REWHQLU XQH WHPSpUDWXUH SOXV EDVVH &H UpJODJH GRLW VH IDLUH SURJUHVVLYHPHQW DILQ GH QH SDV SURYRTXHU OH JHO GHV GHQUpHV
‡/D PHVXUH GH OD WHPSpUDWXUH G XQH ]RQH FOD\HWWH SDU H[HPSOH SHXW VH IDLUH DX PR\HQ G XQ WKHUPRPqWUH SODFp GqV OH GpSDUW GDQV XQ UpFLSLHQW UHPSOL G HDXYHUUH 3RXU rWUH ILGqOH HW UHSUpVHQWDWLYH GH FH TXL VH SDVVH j O LQWpULHXU GH O DSSDUHLO OD OHFWXUH GH OD WHPSpUDWXUH GRLW rWUH IDLWH DSUqV TXHOTXHV KHXUHV GH VWDELOLVDWLRQ GH O HQVHPEOH SDU H[HPSOH OH PDWLQ j OD SUHPLqUH RXYHUWXUH GH OD SRUWH
6fr33082.fm Page 25 Tuesday, September 21, 2004 5:05 PM
5(63(&7 '(6 5Ë*/(6 ' +<*,Ë1( $/,0(17$,5(
‡5HWLUH] OHV HPEDOODJHV GX FRPPHUFH DYDQW GH SODFHU OHV DOLPHQWV GDQV OH UpIULJpUDWHXUH[HPSOH HPEDOODJHV GHV SDFNV GH \DRXUWV
‡(PEDOOH] V\VWpPDWLTXHPHQW OD QRXUULWXUH SRXU pYLWHU TXH OHV GHQUpHV QH VH FRQWDPLQHQW PXWXHOOHPHQW
‡'LVSRVH] OHV DOLPHQWV GH WHOOH VRUWH TXH O DLU SXLVVH FLUFXOHU OLEUHPHQW WRXW DXWRXU
‡&RQVXOWH] OD QRWLFH G XWLOLVDWLRQ GH O DSSDUHLO HQ WRXWHV FLUFRQVWDQFHV HW HQ SDUWLFXOLHU SRXU OHV FRQVHLOV G HQWUHWLHQ
‡1HWWR\H] IUpTXHPPHQW O LQWpULHXU GX UpIULJpUDWHXU HQ XWLOLVDQW XQ SURGXLW G HQWUHWLHQ GRX[ VDQV HIIHW R[\GDQW VXU OHV SDUWLHV PpWDOOLTXHV SXLV ULQFHU DYHF GH O HDX DGGLWLRQQpH GH MXV GH FLWURQ GH YLQDLJUH EODQF RX DYHF WRXW SURGXLW GpVLQIHFWDQW DGDSWp DX UpIULJpUDWHXU
&KDvQH GX IURLG PDLQWLHQ VDQV UXSWXUH GH OD WHPSpUDWXUH UHTXLVH G XQ SURGXLW GHSXLV VD SUpSDUDWLRQ HW VRQ FRQGLWLRQQHPHQW MXVTX j VRQ XWLOLVDWLRQ SDU OH FRQVRPPDWHXU
'pFODUDWLRQ GH FRQIRUPLWp
‡&HW DSSDUHLO HVW GHVWLQp j OD FRQVHUYDWLRQ GH SURGXLWV DOLPHQWDLUHV HW D pWp IDEULTXp FRQIRUPpPHQW DX[ 'LUHFWLYHV HXURSpHQQHV
&(( &(( HW &((
‡&HW DSSDUHLO D pWp FRQoX IDEULTXp HW FRPPHUFLDOLVp FRQIRUPpPHQW DX[
REMHFWLIV GH VpFXULWp GH OD 'LUHFWLYH HXURSpHQQH ´%DVVH 7HQVLRQµ Qƒ
FRQGLWLRQV UHTXLVHV HQ PDWLqUH GH SURWHFWLRQ GH OD 'LUHFWLYH ´(0&µ &(( PRGLILpH SDU OD 'LUHFWLYH &((
OD VpFXULWp pOHFWULTXH GH O·DSSDUHLO Q·HVW JDUDQWLH
‡6H ODYHU OHV PDLQV DYDQW GH WRXFKHU OHV TXH V·LO HVW FRUUHFWHPHQW UHOLp j XQ V\VWqPH GH DOLPHQWV HW SOXVLHXUV IRLV SHQGDQW OD PLVH j OD WHUUH FRQIRUPH j OD ORL SUpSDUDWLRQ GX UHSDV VL FHOOH FL LPSOLTXH GHV
PDQLSXODWLRQV VXFFHVVLYHV GH SURGXLWV GLIIpUHQWV HW DSUqV ELHQ V€U DX PRPHQW GH SDVVHU j WDEOH FRPPH OHV UqJOHV G K\JLqQH O LPSRVHQW
‡1H SDV UpXWLOLVHU GHV XVWHQVLOHV D\DQW GpMj VHUYL SDU H[HPSOH FXLOOqUH HQ ERLV SODQFKH j GpFRXSHU VDQV OHV DYRLU ELHQ QHWWR\pV DX SUpDODEOH
Loading...