▼
Scroll to page 2
501960833032F.fm Page 6 Monday, August 2, 2004 12:40 PM ) 127(63285/ (19,5211(0(17 (PEDOODJH 1HSDVMHWHUO HPEDOODJHGHYRWUHDSSDUHLODX[RUGXUHV VpOHFWLRQQHUDYDQWOHVGLIIpUHQWVPDWpULDX[H[W{OHFDUWRQ SRO\VW\UqQHVXLYDQWOHVSUHVFULSWLRQVORFDOHVSRXUOH WUDLWHPHQWGHVRUGXUHV 'pFODUDWLRQGHFRQIRUPLWp &HWDSSDUHLOFRPSRUWHGHVSDUWLHVSRXYDQWHQWUHUHQFRQWDFW DYHFOHVDOLPHQWVHOOHVUpSRQGHQWDX[H[LJHQFHVGHOD GLUHFWLYH&(( ,QIRUPDWLRQ &HWDSSDUHLOHVWVDQV&)&FLUFXLWUpIULJpUDQWFRQWHQDQWGX 5DRXVDQV+)&FLUFXLWUpIULJpUDQWFRQWHQDQWGX5D ,VREXWDQH3RXUSOXVGHGpWDLOVVHUpIpUHUjODSODTXHVLJQDOp WLTXHGHO·DSSDUHLO 3RXUOHVDSSDUHLOVDYHF,VREXWDQH5D /·,VREXWDQHHVWXQJD]QDWXUHOVDQVHIIHWVXUO·HQYLURQQHPHQW PDLVLQIODPPDEOH,OHVWGRQFLQGLVSHQVDEOHGHV·DVVXUHUTXHOHV WX\DX[GXFLUFXLWUpIULJpUDQWQHVRLHQWSDVHQGRPPDJpV &211$,75(9275($33$5(,/ /HFRQJpODWHXUTXHYRXVYHQH]G·DFKHWHUPDUTXpSDUOH V\PEROH SHUPHWODFRQJpODWLRQG·DOLPHQWVIUDLVHW FXLWVODSURGXFWLRQGHJODoRQVHWODFRQVHUYDWLRQG·DOLPHQWV VXUJHOpVRXFRQJHOpV 1RXVYRXVFRQVHLOORQVGHOLUHFHWWHQRWLFHG·HPSORLDYHFVRLQ YRXVWURXYHUH]ODGHVFULSWLRQGHYRWUHDSSDUHLOHWOHVFRQVHLOV XWLOHVSRXUREWHQLUOHVPHLOOHXUHVSHUIRUPDQFHVSRXUOD FRQVHUYDWLRQGHVDOLPHQWV '(6&5,37,21'(/·$33$5(,/)LJ $ %DQGHDX 7pPRLQGHIRQFWLRQQHPHQWGHO·DSSDUHLOODPSHYHUWH 7pPRLQDODUPHWHPSpUDWXUHODPSHURXJHDYHFVLJQDO DFRXVWLTXH 7pPRLQVLJQDOLVDWLRQFRQJpODWLRQUDSLGHODPSHMDXQH ,QWHUUXSWHXUGHFRQJpODWLRQUDSLGH %RXWRQGHUpJODJHGHODWHPSpUDWXUHWKHUPRVWDW ,QWHUUXSWHXUSRXUDODUPHDFRXVWLTXHGHSRUWHRXYHUWH %3DQLHUVGHFRQJpODWLRQHWFRQVHUYDWLRQGHVDOLPHQWVVXUJHOpV &3DQLHUSRXUODFRQVHUYDWLRQVHXOHPHQW &HUWDLQVPRGqOHVVRQWpTXLSpVGHEDFVFRQWHQDQWXQOLTXLGHGH UHIURLGLVVHPHQWHXWHFWLTXHVUHWLUH]OHVHQOHVIDLVDQWSDVVHU jO DUULqUHGXSDQLHU&HWSODFH]OHVO·XQjF{WpGHO DXWUHj O LQWpULHXUGXSDQLHU ,167$//$7,21)LJ 6·DVVXUHUTXHO·DSSDUHLOQ·HVWSDVHQGRPPDJp/HVGRPPDJHV GVDXWUDQVSRUWGRLYHQWrWUHVLJQDOpVDXUHYHQGHXUGDQVOHV KHXUHVVXLYDQWODOLYUDLVRQ ,QVWDOOHUO·DSSDUHLOVXUXQVROVWDEOHHWGHQLYHDXORLQGHVRXUFHV GHFKDOHXUUDGLDWHXUVFXLVLQLqUHVUD\RQVGXVROHLOHWFGDQV XQHQGURLWVHFHWELHQDpUpHQpYLWDQWQLFKHVRXHQFRLJQXUHV /RUVTX·LOQ·HVWSDVSRVVLEOHG·pYLWHUOHW\SHG·LQVWDOODWLRQ VXLYDQWUHVSHFWHUOHVGLVWDQFHVFLGHVVRXV D HQWUHO·DSSDUHLOHWXQHSRrOHjFKDUERQRXjPD]RXWFP PLQLPXP E HQWUHO·DSSDUHLOHWXQHFXLVLQLqUHjJD]RXpOHFWULTXHFP PLQLPXP ,OHVWDXVVLSRVVLEOHG·XWLOLVHUGHVSODTXHVLVRODQWHVGX FRPPHUFHHQWUHO·DSSDUHLOHWODFXLVLQLqUH /·DSSDUHLOGRLWrWUHGHQLYHDXHWLOGRLWrWUHLQVWDOOpHQVXLYDQWOHV LQVWUXFWLRQVGRQQpHVjO·DUULqUHGXJDEDULWGHPRQWDJHOLYUpDYHFOH SURGXLW/DLVVHUO·DSSDUHLOHQSRVLWLRQYHUWLFDOHSHQGDQWTXHOTXHV KHXUHVDYDQWGHOHPHWWUHHQVHUYLFH1HWWR\HUHQWUHWHPSV O·LQWpULHXUjO·DLGHG·XQHpSRQJHLPELEpHG·XQHVROXWLRQG·HDXHWGH YLQDLJUHHWPRQWHUOHVDFFHVVRULHVOLYUpV)LJ $WWHQWLRQ/DSULVHGHFRXUDQWGRLWUHVWHUDFFHVVLEOHPrPH DSUqVODPLVHHQSODFHGHO·DSSDUHLOSRXUSHUPHWWUHGHOH GpEUDQFKHUUDSLGHPHQWHQFDVGHQpFHVVLWp6LFHODQ·HVWSDV SRVVLEOHSUpYRLUXQGLVSRVLWLIjFRXSXUHRPQLSRODLUHDYHFXQH GLVWDQFHHQWUHOHVFRQWDFWVG·DXPRLQVPPUHVWDQWDFFHVVLEOH DSUqVO·LQVWDOODWLRQGHO·DSSDUHLO %5$1&+(0(17(/(&75,48((70,6((1 0$5&+( 6·DVVXUHUTXHOHYROWDJHLQGLTXpVXUODSODTXHVLJQDOpWLTXH VLWXpHjO·LQWpULHXUGHODFXYH)LJFRUUHVSRQGjODWHQVLRQ GHO·LQVWDOODWLRQpOHFWULTXHGHO·KDELWDWLRQ /DPLVHjODWHUUHHVWREOLJDWRLUHDX[WHUPHVGHODORL /H)DEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpSRXUOHV GRPPDJHVDX[SHUVRQQHVHWDX[ELHQVUpVXOWDQWGHOD QRQREVHUYDWLRQGHFHWWHQRUPH /RUVTXHO·DSSDUHLOHVWEUDQFKpOHVWpPRLQVYHUWHWURXJHHW )LJV·DOOXPHQWHWOHVLJQDOG·DODUPHGHWHPSpUDWXUHUHWHQWLWVL OHERXWRQGXWKHUPRVWDWQ·HVWSDVUpJOpVXUOHV\PEROH● /HWpPRLQYHUWUHVWHWRXMRXUVDOOXPpHWLQGLTXHTXHO·DSSDUHLO HVWHQVHUYLFH /HWpPRLQURXJHG·DODUPHUHVWHDOOXPpMXVTX·jFHTXHOD WHPSpUDWXUHDGpTXDWHGHIRQFWLRQQHPHQWVRLWDWWHLQWH &HWpPRLQV·DOOXPHDXVVLTXDQGODWHPSpUDWXUHjO·LQWpULHXUGX FRQJpODWHXUDXJPHQWHjFDXVHG·RXYHUWXUHVIUpTXHQWHVRX SURORQJpHVGHODSRUWHHWTXDQGO·DSSDUHLODpWpFKDUJpDYHFGHV DOLPHQWVIUDLVjFRQJHOHU'DQVFHFDVHQFOHQFKHUO·LQWHUUXSWHUGH FRQJpODWLRQUDSLGHMXVTX·jO·H[WLQFWLRQGHODODPSHWpPRLQURXJH /HVLJQDODFRXVWLTXHLQGLTXHO·DOOXPDJHGXWpPRLQURXJHG·DODUPH /HVLJQDODFRXVWLTXHV·LQWHUURPSWTXDQGOHWpPRLQURXJH V·pWHLQWRXORUVGHO·HQFOHQFKHPHQWGHODFRQJpODWLRQUDSLGH WpPRLQMDXQHDOOXPp 5(*/$*('(/$7(03(5$785( /HWKHUPRVWDW)LJFRQWU{OHODWHPSpUDWXUHjO·LQWpULHXUGH O·DSSDUHLO /DSRVLWLRQ●LQGLTXHLQWHUUXSWLRQGHIRQFWLRQQHPHQWGHO·DSSDUHLO /DWHPSpUDWXUHLGpDOHSRXUODFRQVHUYDWLRQjORQJXHGXUpHGHV DOLPHQWVVXUJHOpVRXFRQJHOpVHVWGH&'DQVGHV FRQGLWLRQVDPELDQWHVQRUPDOHVWHPSpUDWXUHDPELDQWHLQFOXH HQWUH&HW&LOHVWFRQVHLOOpGHUpJOHUOHERXWRQGX WKHUPRVWDWVXUXQHSRVLWLRQPR\HQQH3RXUREWHQLUXQH WHPSpUDWXUHjO·LQWpULHXUGHODFXYHSOXVIURLGHRXPRLQVIURLGH TXH&UpJOHUOHERXWRQGXWKHUPRVWDWYHUVOHFKLIIUH VXSpULHXURXYHUVODSRVLWLRQ●UHVSHFWLYHPHQW /HUpJODJHGXWKHUPRVWDWHVWVXVFHSWLEOHG·rWUHPRGLILpHQ WHQDQWFRPSWHGHODWHPSpUDWXUHDPELDQWHGHO·HPSODFHPHQW GHO·DSSDUHLOHWGHODIUpTXHQFHG·RXYHUWXUHGHODSRUWH 3RXUFRQWU{OHUODWHPSpUDWXUHGHVSURGXLWVVXUJHOpVLQVpUHUOH WKHUPRPqWUHVLOLYUpDXPLOLHXGHVDOLPHQWVQHSDVO·DSSX\HU VXUOHVSURGXLWVFDULOLQGLTXHUDLWODWHPSpUDWXUHGHO·DLUTXLQH FRUUHVSRQGSDVjODWHPSpUDWXUHGHVSURGXLWV 87,/,6$7,21'8&203$57,0(17 &21*(/$7(85 &HSURGXLWHVWpTXLSpG·XQDODUPHDFRXVWLTXHTXLUHWHQWLW TXDQGODSRUWHUHVWHRXYHUWH /RUVG·XQHRXYHUWXUHSURORQJpHGHODSRUWHSRXUH[FOXUH O·DODUPHWLUHUO·LQWHUUXSWHXU)LJ &21*(/$7,21)LJ /DTXDQWLWpPD[LPDOHHQ.JG·DOLPHQWVTXLSHXYHQWrWUH FRQJHOpVHQKjXQHWHPSpUDWXUHDPELDQWHGH&HVW LQGLTXpHVXUODSODTXHVLJQDOpWLTXH)LJ 3RXUFRQJHOHUODTXDQWLWpPD[LPDOHDGPLVHLOHVWFRQVHLOOp G·HQFOHQFKHUODFRQJpODWLRQUDSLGHWpPRLQMDXQHDOOXPp KHXUHVDYDQWG·LQWURGXLUHOHVDOLPHQWVTXLGRLYHQWrWUH SODFpVGLUHFWHPHQWVXUOHVJULOOHVVDQVO·XWLOLVDWLRQGHVSDQLHUV /DFRQJpODWLRQWHUPLQpHGpFOHQFKHUODFRQJpODWLRQUDSLGH WpPRLQMDXQHpWHLQW /HVWHPSVGHFRQJpODWLRQVRQWUpGXLWVSRXUGHVFKDUJHV LQIpULHXUHVjODFKDUJHPD[LPDOH 3RXUFRQJHOHUGHSHWLWHVTXDQWLWpVG·DOLPHQWVLOHVWSRVVLEOH GHOHVFRQJHOHUVDQVHQFOHQFKHUODFRQJpODWLRQUDSLGH 1HSDVSODFHUGHVDOLPHQWVFKDXGVGDQVOHFRQJpODWHXU 1HSDVUHFRQJHOHUGHVDOLPHQWVSDUWLHOOHPHQWGpFRQJHOpVOHV UHFRQJHOHUDSUqVFXLVVRQ 501960833032F.fm Page 7 Monday, August 2, 2004 12:40 PM (QYHORSSHUOHVDOLPHQWVGDQVGHVIHXLOOHVG·DOXPLQLXPRXGH SODVWLTXHRXXWLOLVHUOHVUpFLSLHQWVSUpYXVjFHWHIIHW (WLTXHWHUOHVSDTXHWVSRXUPLHX[LGHQWLILHUOHVSURGXLWVW\SH GHSURGXLWVHWGDWHGHFRQJpODWLRQ/HFRPSDUWLPHQW FRQJpODWHXUSHXWPDLQWHQLUODWHPSpUDWXUHGHFRQVHUYDWLRQ GHVDOLPHQWVPrPHDSUqVXQHFRXSXUHGHFRXUDQWSHQGDQW XQHSpULRGHGHKHXUHVQRXVFRQVHLOORQVWRXWHIRLVSHQGDQW FHWWHSpULRGHGHQHSDVRXYULUODSRUWHGXFRPSDUWLPHQW 1RWH$FDXVHGHO·HIILFDFLWpGXMRLQWGHODSRUWHLOQ·HVWSDV WRXMRXUVSRVVLEOHGHO·RXYULUWRXWGHVXLWHDSUqVO·DYRLUIHUPpH $WWHQGUHTXHOTXHVPLQXWHVSRXUTXHODSUHVVLRQGHO·DLUj O·LQWpULHXUVHVRLWUpWDEOLH 352'8&7,21'(*/$d216 5HPSOLUG·HDXOHVEDFVMXVTX·DX[HWOHVSODFHUGDQVOHWLURLU VXSpULHXU 6LOHVEDFVFROOHQWDXIRQGGXFRPSDUWLPHQWQHSDVOHVHQOHYHU DYHFGHVREMHWVSRLQWXVRXWUDQFKDQWVTXLSRXUUDLHQW HQGRPPDJHUODFXYH8WLOLVHUOHPDQFKHG·XQHFXLOOqUH /HGpPRXODJHGHVJODoRQVGHVEDFVHQSODVWLTXHHVWIDFLOLWpHQ SOLDQWOHEDFOpJqUHPHQWDXFHQWUH $WWHQWLRQ1HSDVVXFHUOHVJODoRQVjOHXUVRUWLHGX FRPSDUWLPHQWFRQJpODWHXUFDULOVSHXYHQWFDXVHUGHV´EUOXUHVµ IURLGHV1HSDVSODFHUGHVOLTXLGHVGDQVGHVUpFLSLHQWVHQYHUUH &216(59$7,21'(6352'8,76685*(/(6 /RUVGHO·DFKDWG·DOLPHQWVVXUJHOpVV·DVVXUHUTXHO·HPEDOODJH VRLWSDUIDLW/DGpIRUPDWLRQGXSDTXHWODSUpVHQFHGHWDFKHV RXGHJLYUHSHXWLQGLTXHUTXHOHSURGXLWQ·DSDVpWpFRQVHUYp GDQVGHVERQQHVFRQGLWLRQVHWTX·LODSHUGXXQHSDUWLHGHVHV TXDOLWpVG·RULJLQH 'qVOHUHWRXUVWRFNHUOHVVXUJHOpVGDQVOHFRQJpODWHXUSRXU pYLWHUTX·XQHDXJPHQWDWLRQVHQVLEOHGHODWHPSpUDWXUHGHV SDTXHWVSHQGDQWOHWUDQVSRUWSUpMXJHOHXUIUDvFKHXU /HVVXUJHOpVGRLYHQWHQWRXWFDVrWUHFRQVRPPpVDYDQWODGDWH LQGLTXpHVXUOHSDTXHW '(&21*(/$7,21 9RLFLTXHOTXHVFRQVHLOV /pJXPHVjFXLUHQHSDVGpFRQJHOHUSORQJHUGDQVO·HDX ERXLOODQWHHWFXLVLQHUFRPPHG·KDELWXGH 9LDQGHVHQJpQpUDOJURVPRUFHDX[GpFRQJHOHUGDQVOH UpIULJpUDWHXUVDQVGpEDOOHU$YDQWODFXLVVRQODLVVHUUHSRVHU TXHOTXHVKHXUHVjODWHPSpUDWXUHDPELDQWH SHWLWVPRUFHDX[GpFRQJHOHUjODWHPSpUDWXUHDPELDQWH RXFXLVLQHUGLUHFWHPHQW 3RLVVRQV'pFRQJHOHUGDQVOHUpIULJpUDWHXUVDQVHQOHYHUOHXU HPEDOODJHRXFXLVLQHUGHPLGpFRQJHOp $OLPHQWVSUpFXLVLQpVPHWWUHGLUHFWHPHQWDXIRXUGDQV OHXUHPEDOODJHG·DOXPLQLXP )UXLWVGpFRQJHOHUGDQVOHUpIULJpUDWHXU '(*,95$*()LJ 'pJLYUHUO·DSSDUHLOGHX[IRLVSDUDQORUVTXHOHJLYUHDWWHLQWXQH pSDLVVHXUGHPPPD[ 1RXVFRQVHLOORQVGHUDFOHUSpULRGLTXHPHQWOHJLYUHGHVJULOOHV GXFRQJpODWHXUDYHFXQUDFORLUHQpYLWDQWO·XWLOLVDWLRQG·REMHWV SRLQWXVRXWUDQFKDQWV7RXWGRPPDJHFDXVpSDUO·XWLOLVDWLRQGH FHVREMHWVQ·HVWSDVFRXYHUWSDUODJDUDQWLH 'pJLYUHUGHSUpIpUHQFHORUVTXHOHVDOLPHQWVFRQJpOHVVRQWDX PLQLPXPRXTXDQGO·DSSDUHLOHVWYLGH6LYRXVGHYH]GpJLYUHU TXDQGO·DSSDUHLOQ·HVWSDVYLGHQRXVFRQVHLOORQVG·HQFOHQFKHU ODFRQJpODWLRQUDSLGHSHQGDQWTXHOTXHVKHXUHVDYDQWOH GpJLYUDJHSRXUTXHOHVDOLPHQWVDWWHLJQHQWODWHPSpUDWXUHOD SOXVEDVVH(QYHORSSHUOHVDOLPHQWVFRQJHOpVGDQVGHVIHXLOOHV GHSDSLHUMRXUQDORXGDQVXQHFRXYHUWXUHHWOHVSODFHUGDQV OHUpIULJpUDWHXURXGDQVXQHQGURLWIUDLV 5pJOHUOHERXWRQGXWKHUPRVWDWVXUODSRVLWLRQ●HQOHYHUOD ILFKHGHODSULVHGHFRXUDQWHWODLVVHUODSRUWHRXYHUWH (QOHYHUOHVSDQLHUVHQOHVVRXOqYDQWjO·DYDQW 1HSDVXWLOLVHUGHVERQERQQHVGHGpJLYUDJHGXFRPPHUFH &HVSURGXLWVSRXUUDLHQWHQGRPPDJHUO·DSSDUHLO$SUqVOH GpJLYUDJHQHWWR\HUHWVpFKHUDYHFVRLQ5HEUDQFKHUO·DSSDUHLO pOHFWULTXHPHQWHWHQFOHQFKHUODFRQJpODWLRQUDSLGH5HSODFHU OHVDOLPHQWVFRQJHOpV'HX[KHXUHVDSUqVO·H[WLQFWLRQGX WpPRLQURXJHGpFOHQFKHUODFRQJpODWLRQUDSLGH (175(7,(1(71(772<$*( 8QHQWUHWLHQFRUUHFWHWSpULRGLTXHDVVXUHXQPHLOOHXUUHQGHPHQW GHO·DSSDUHLO/HGpEUDQFKHUDYDQWWRXWHLQWHUYHQWLRQ)LJ 1HWWR\HUSpULRGLTXHPHQWO·LQWpULHXUDYHFXQHVROXWLRQG·HDX WLqGHHWGHELFDUERQDWHGHVRXGHRXYLQDLJUH 5LQoHUHWVpFKHU1HSDVXWLOLVHUGHVSURGXLWVDEUDVLIVRXGH GpWHUJHQWV)LJ 1HWWR\HUSpULRGLTXHPHQWOHMRLQWODSRUWHDYHFGHO·HDXHWVpFKHU DYHFVRLQ(YLWHUGHVDOLUOHMRLQWDYHFGHODJUDLVVHRXGHO·KXLOH /HQHWWR\DJHWHUPLQpUpEUDQFKHUO·DSSDUHLOpOHFWULTXHPHQW &216(,/6/256'·81($%6(1&()LJ 6LYRWUHDEVHQFHHVWGHORQJXHGXUpHGpEUDQFKHUO·DSSDUHLOHW OHYLGHU1HWWR\HUHWODLVVHUODSRUWHRXYHUWH 6LYRWUHDEVHQFHHVWGHFRXUWHGXUpHODLVVHUO·DSSDUHLOHQVHUYLFH 6(59,&()LJ /HVGLYHUVSUREOqPHVTXHSHXYHQWSRVHUXQUpIULJpUDWHXUVRQW VRXYHQWGVjXQHLQVWDOODWLRQRXjXQXVDJHLQFRUUHFW 3RXUYRXVpYLWHUGHVLQWHUYHQWLRQVHWGHVIUDLVGHVHUYLFHLQXWLOHV QRXVYRXVFRQVHLOORQVGHSURFpGHUDX[YpULILFDWLRQVVXLYDQWHV /DWHPSpUDWXUHLQWpULHXUHGHO·DSSDUHLOQ·HVWSDV DVVH]IURLGHHWOHWpPRLQURXJHG·DODUPHFOLJQRWHRX UHVWHDOOXPpHQSHUPDQHQFH &RQWU{OHUTXH /DSRUWHVRLWSDUIDLWHPHQWIHUPpH)LJ /HWKHUPRVWDWVRLWVXUODSRVLWLRQFRUUHFWHYRLUFKDSLWUH ´5pJODJHGHODWHPSpUDWXUHµ /HFRQJpODWHXUQHVRLWSDVVLWXpWURSSUqVGHVRXUFHVGHFKDOHXU /·DLUSXLVVHFLUFXOHUOLEUHPHQW /HVSDURLVQHVRLHQWSDVUHFRXYHUWHVG·XQHFRXFKH H[FHVVLYHGHJLYUH 6LYRWUHDSSDUHLOHVWpTXLSpG·XQWLURLU)LJVLWXpGDQV ODSDUWLHLQIpULHXUHjJDXFKHQRXVFRQVHLOORQVGHO·HQOHYHUHW GHQHWWR\HUVRQLQWpULHXUjO·DLGHG·XQHEURVVH /·DSSDUHLOIRQFWLRQQHHQFRQWLQX &RQWU{OHUTXH /·LQWHUUXSWHXUGHFRQJpODWLRQUDSLGHVRLWHQFOHQFKp /DWHPSpUDWXUHDPELDQWHVRLWWURSpOHYpH /DSRUWHVRLWRXYHUWHIUpTXHPPHQW /·DSSDUHLOHVWWURSEUX\DQW &RQWU{OHUTXH /HFRQJpODWHXUVRLWGHQLYHDX /·DSSDUHLOQHPDUFKHSDV &RQWU{OHUTXH /HERXWRQGXWKHUPRVWDWQHVRLWSDVVXUODSRVLWLRQ● ,OQ·\DLWSDVXQHFRXSXUHGHFRXUDQW /DSULVHVRLWSDUIDLWHPHQWHQFRQWDFWDYHFODILFKH /HIXVLEOHG·DOLPHQWDWLRQpOHFWULTXHQHVRLWSDVVDXWp YpULILHUHQEUDQFKDQWXQDXWUHDSSDUHLOjODSULVH /HFRUGRQG·DOLPHQWDWLRQQHVRLWSDVFRXSpYRLU´1RWHµ 1RWH(QFDVGHUHPSODFHPHQWGXFkEOHG·DOLPHQWDWLRQ GpEUDQFKHUO·DSSDUHLOpOHFWULTXHPHQWHWPRQWHUOHQRXYHDX FkEOHHQV·DVVXUDQWGHVDERQQHIL[DWLRQ 6LDSUqVDYRLUHIIHFWXpFHVFRQWU{OHVYRWUHDSSDUHLOQH IRQFWLRQQHSDVV·DGUHVVHUDX5HYHQGHXURXDX6HUYLFH$SUqV 9HQWHHQVSpFLILDQWODQDWXUHGHODSDQQHOHPRGqOHHWOH QXPpURGHVpULHGHYRWUHDSSDUHLO