Xarranca desembre 2015 2

Page 1

;DUUDQFD

/D UHYLVWD GH O¶(VFROD %DJHV 0DQUHVD 1~P ± 'HVHPEUH


3¢J (GLWRULDO

(GLWRULDO &RP HV KDELWXDO SHU DTXHVWHV GDWHV GHV GH O¶$03$ WHQLP O¶RSRUWXQLWDW GH GLULJLU QRV D WRWHV OHV IDPtOLHV TXH IRUPHP SDUW GH O¶(VFROD %DJHV GHV G¶DTXHVWD HGLWRULDO GH OD UHYLVWD GH O¶HVFROD OD ;DUUDQFD 5HYLVDQW HGLWRULDOV SDVVDGHV YHLHP TXH DOV GDUUHUV DQ\V KL KD XQ GHQRPLQDGRU FRP~ UHWDOODGHV &RP DIHFWDUDQ DTXHVWHV UHWDOODGHV D O¶HGXFDFLy GHOV QRVWUHV ILOOV" &RP DIHFWDUj OD LPSODQWDFLy GH OD OOHL :HUW" HWF $ PpV D PpV TXDQ HVWLJXHX OOHJLQW DTXHVWHV OtQLHV HVWDUHP LPPHUVRV HQ SOHQD VHWPDQD G¶HOHFFLRQV L XQ IXWXU D QLYHOO SROtWLF XQD PLFD LQFHUW 0DODXUDGDPHQW pV GLItFLO IXJLU G¶DTXHVWV WzSLFV MD TXH VyQ DVVXPSWHV TXH HQV DPRwQHQ D PROWV GH QRVDOWUHV GRQFV HVWHP SDUODQW GH O¶HGXFDFLy TXH UHEUDQ HOV QRVWUH ILOOV L GHO VHX IXWXU $L[t TXH GHV GH O¶$PSD YROHP PDQLIHVWDU HO QRVWUH VXSRUW D WRW O¶HTXLS GRFHQW GH O¶HVFROD %DJHV /D YROXQWDW GH OHV SHUVRQHV TXH IRUPHP SDUW GH OD FRPXQLWDW HGXFDWLYD PDUHV SDUHV HTXLS GRFHQW DOXPQHV SHUVRQDO QR GRFHQW pV HO TXH SHUPHWUj TXH DTXHVW SHGUHJDU SHO TXDO HQV WRFD FDPLQDU VLJXL PpV IjFLO GH SRUWDU L HO PRGHO G¶HVFROD S~EOLFD FDWDODQD SHUGXUL GXUDQW PROWV DQ\V -D SHU DFDEDU DSURILWHP SHU GHVLWMDU YRV D WRWV XQ 1DGDO SOH GH MRLD L DOHJULD HQ FRPSDQ\LD GH OHV YRVWUHV IDPtOLHV L XQ SUzVSHU DQ\

680$5, Ϯ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϰͲϱ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲͲϳ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϴͲϵ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϬͲϭϭ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϮͲϭϯ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϰͲϭϱ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϲͲϭϳ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϴͲϭϵ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϮϬͲϮϭ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϮϮͲϮϯ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϰ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϱ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϲ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϳ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘

ĚŝƚŽƌŝĂů DW EŽƚşĐŝĞƐ ůƵŵŶĞƐ ϯ ĂŶLJƐ Ͳ ĚƵĐĂĐŝſ /ŶĨĂŶƚŝů ůƵŵŶĞƐ ϰ ĂŶLJƐ Ͳ ĚƵĐĂĐŝſ /ŶĨĂŶƚŝů ůƵŵŶĞƐ ϱ ĂŶLJƐ Ͳ ĚƵĐĂĐŝſ /ŶĨĂŶƚŝů ůƵŵŶĞƐ ĚĞ ϭƌ Ͳ ŝĐůĞ /ŶŝĐŝĂů ůƵŵŶĞƐ ĚĞ ϮŶ Ͳ ŝĐůĞ /ŶŝĐŝĂů ůƵŵŶĞƐ ĚĞ ϯƌ Ͳ ŝĐůĞ Dŝƚũă ůƵŵŶĞƐ ĚĞ ϰƚ Ͳ ŝĐůĞ Dŝƚũă ůƵŵŶĞƐ ĚĞ ϱğ Ͳ ŝĐůĞ ^ƵƉĞƌŝŽƌ ůƵŵŶĞƐ ĚĞ ϲğ Ͳ ŝĐůĞ ^ƵƉĞƌŝŽƌ ŶŐůğƐ DƷƐŝĐĂ ŶƚƌĞƚĞŶŝŵĞŶƚƐ yĂƌ ŝ WĂŶĚŝ yĂƌƌĂŶĐĂ Ͳ EƷŵ͘ ϳϱ Ͳ ĞƐĞŵďƌĞ ϮϬϭϱ


$03$ 3¢J


3¢J 1RW¯FLHV 3¢J

-8%,/$&,Ð /D 0DULQD 6ROp 6DUGDQV GHVSUpV GH DQ\V WUHEDOODQW /D 0DULQD 6ROp 6DUGDQV GHVSUpV GH DQ\V WUHEDOOD D O HVFROD %DJHV HV YD MXELODU L HQV YD GLU DGpX D O HVFROD %DJHV HV YD MXELODU L HQV YD GLU DGpX D SULQFLSL G RFWXEUH HQ XQD IHVWD PROW SULQFLSL G RFWXEUH HQ XQD IHVWD PROW HPRWLYD RQ KL YDQ SDUWLFLSDU WRWV HOV DOXPQHV L OHV PHVWUHV G HGXFDFL SDUWLFLSDU WRWV HOV DOXPQHV L OHV PHVWUHV G HGXFDFLy LQIDQWLO (Q DTXHVWV DQ\V OD 0DULQD KD IHW PDMRULWjULDPHQ (Q DTXHVWV DQ\V OD 0DULQD KD IHW PDMRULWjULDPHQW GH WXWRUD G HGXFDFLy LQIDQWLO SHUz WDPEp YD DFFHSWD GH WXWRUD G HGXFDFLy LQIDQWLO SHUz WDPEp YD DFFHSWDU HO SDSHU GH GLUHFWRUD GH O HVFROD GXUDQW XQV DQ\V SDSHU GH GLUHFWRUD GH O HVFROD GXUDQW XQV DQ\V $ QLYHOO SHUVRQDO L SURIHVVLRQDO KD HVWDW XQ SODHU DO L SURIHVVLRQDO KD HVWDW XQ SODHU WUHEDOODU DO VHX FRVWDW 0DULQD PROWD VRUW HQ DTXHVWD QRYD HWDSD L D UHYHXU 0DULQD PROWD VRUW HQ DTXHVWD QRYD HWDSD L D UHYHXUH

$TXHVW FXUV XQD VHL[DQWHQD G DOXPQHV SDUWLFLSHQ D OHV $TXHVW FXUV XQD VHL[DQWHQD G DOXPQHV SDUWLFLSHQ D O

$&7,9,7$76 (;75$(6&2/$5

DFWLYLWDWV HVSRUWLYHV H[WUDHVFRODUV (Q EjVTXHW L IXWERO VDOD DFWLYLWDWV HVSRUWLYHV H[WUDHVFRODUV (Q EjVTXHW L I V KD SRJXW IHU HTXLSV TXH SDUWLFLSHQ D OD FRPSHWLFLy GHOV -RFV (VS HTXLSV TXH SDUWLFLSHQ D OD FRPSHWLFLy GHOV -RFV (VSRUWLXV (VFRODUV GH &DWDOXQ\D RUJDQLW]DWV SHO &RQVHOO (VSRUWLX GHO %DJ &DWDOXQ\D RUJDQLW]DWV SHO &RQVHOO (VSRUWLX GHO %DJHV (TXLS )XWERO 6DOD %HQMDPt )RUPDW SHU QHQV GH U L (TXLS )XWERO 6DOD %HQMDPt )RUPDW SHU QHQV GH U L W (TXLS )XWERO 6DOD 3UH %HQMDPt )RUPDW SHU QHQV GH (TXLS )XWERO 6DOD 3UH %HQMDPt )RUPDW SHU QHQV GH U L Q (TXLS %jVTXHW $OHYt )RUPDW SHU QHQV L QHQHV GH W q L q $OHYt )RUPDW SHU QHQV L QHQHV GH W q L q (TXLS %jVTXHW %HQMDPt )RUPDW SHU QHQV L QHQHV GH (TXLS %jVTXHW %HQMDPt )RUPDW SHU QHQV L QHQHV GH Q L U (TXLS (VFROD GH %jVTXHW )RUPDW SHU QHQV L QHQHV GH (TXLS (VFROD GH %jVTXHW )RUPDW SHU QHQV L QHQHV GH U L Q

(TXLS GH IXWERO VDOD 3UH %HQMDPt U L Q

(TXLS GH IXWERO VDOD 3UH %HQMDPt U L Q 7UREDGD G HVFROHV GH EjVTXHW GH EjVTXHW DO 9HOO &RQJRVW 3RGHX WUREDU WRWD OD LQIRUPDFLy HVSRUWLYD D O·DSDUW (632576 GH OD ZHE 3RGHX WUREDU WRWD OD LQIRUPDFLy HVSRUWLYD D O·DSDUWDW GH OD ZHE GH O·HVFROD ZZZ HVFRODEDJHV FDW R D OD GH O·$03$ R D OD GH O·$03$ ZZZ DPSDEDJHV FDW


1RW¯FLHV 3¢J

Ó/7,0 &856 $ /·(6&2/$ %$*(6 /·(6&2/$ %$*(6

0LUHX Ep VL HOV FRQHL[HX 0LUHX Ep VL HOV FRQHL[HX )D DQ\V YDQ FRPHQoDU D 3 )D DQ\V YDQ FRPHQoDU D 3 +DQ FDQYLDW PROW FRP D PtQLP DQYLDW PROW FRP D PtQLP G·DOoDGD 3HUz VHJXU TXH HQ 3HUz VHJXU TXH HQ FRQHL[HX XQV TXDQWV QV TXDQWV


3¢J $OXPQHV DQ\V ದ (GXFDFLµ ,QIDQWLO

(/6 1(16 , /(6 1(1(6 '( /(6 &/$66(6 '( 3 '(/6 &2(76 , $9,216 +(0 75(%$//$7 /$ 7$5'25 (/6 &2/256 7$521-$ 9(50(// 9(5' *52& , 0$55Ы


$OXPQHV DQ\V ದ (GXFDFLµ ,QIDQWLO 3¢J

',7(6 &$1d216 32(0(6«


3¢J $OXPQHV GH DQ\V ದ (GXFDFLµ ,QIDQWLO

(O PHV G¶RFWXEUH OHV FODVVHV GHOV FDPLRQV L GHOV WUHQV YDP IHU XQD H[FXUVLy PROW GLYHUWLGD 6DEHX D RQ" 'RQFV DO 7RW &LUF GH &RSRQV $OOj HQV KR YDP SDVVDU PROW L PROW Ep 9DP SRGHU HQWUDU GLQV GH OD FDUSD GHO FLUF L IHU GH PDODEDULVWHV HTXLOLEULVWHV WUDSH]LVWHV , WDPEp HQV YDP SLQWDU OD FDUD FRP DXWqQWLFV SDOODVVRV , DL[z QR pV WRW YDP ULXUH PROW HQ O¶HVSHFWDFOH TXH HQV YDQ RIHULU HOV SDOODVVRV GHO FLUF


$OXPQHV DQ\V ದ (GXFDFLµ ,QIDQWLO (GXFDFLµ ,QIDQWLO 3¢J

(QV YD DJUDGDU WDQW SLQWDU QRV GH SDOODVVRV TXH D OD FODVVH KL YDP WRUQDU QRV GH SDOODVVRV TXH D OD FODVVH KL YDP WRUQDU QRV GH SDOODVVRV TXH D OD FODVVH KL YDP WRUQDU


3¢J $OXPQHV DQ\V ದ (GXFDFLµ ,QIDQWLO

/$ 9(5(0$ (OV QHQV L QHQHV GH 3 YDP WUHEDOODU HQ HO SURMHFWH GH OD 9HUHPD &RP D IL GH SURMHFWH D O¶RFWXEUH YjUHP YLVLWDU OD 0DVLD GH &DQ 3XLJ D 6DQW 6DOYDGRU GH *XDUGLROD $OOj YLVTXpUHP GH SULPHUD Pj WRW HO SURFpV GH OD 9HUHPD

> s/^/d > s/Ez

(/ 7$67

(/6 (675,6

(/ 35(06$7


$OXPQHV DQ\V ದ (GXFDFLµ ,QIDQWLO 3¢J

/$ &$67$1<$'$ $ (GXFDFLy ,QIDQWLO YDP FHOHEUDU OD &DVWDQ\DGD HOV 6XEPDULQV L 9DL[HOOV GH 3

9DP UHEUH OD YLVLWD GH OD &DVWDQ\HUD

9DP EDOODU

, YDP PHQMDU PROWHV &DVWDQ\HV


3 ¢J $OXPQHV U $OXPQHV U ದ &LFOH ,QLFLDO

(/6 7 7$//(56 '( 35,0( 0(5

(OV QHQV L QHQHV GH SULPHU KHP FRPHQoDW DTXHVW WULPHVWUH OHV VHVVLRQV GH OV QHQV L QHQHV GH SULPHU KHP FRPHQoDW DTXHVW WULPHVWUH OHV VHVVLRQV GH WDOOHUV TXH GXUDUDQ WRW HO FXUV $O OODUJ GHO FXUV WDOOHUV TXH GXUDUDQ WRW HO FXUV $O OODUJ GHO FXUV HVFRODU WUHEDOODUHP FLQF WDOOHUV WUHEDOODUHP FLQF WDOOHUV G·H[SUHVVLy DUWtVWLFD HQV EDUUHJHP SHU FODVVHV L HQV KR SDVVHP G·DOOz PpV Ep G·H[SUHVVLy DUWtVWLFD HQV EDUUHJHP SHU FODVVHV L HQV KR SDVVHP G·DOOz PpV Ep $TXHVWHV VyQ DOJXQHV GH OHV FRVHV TXH KHP IHW $TXHVWHV VyQ DOJXQHV GH OHV FRVHV TXH KHP IHW

7$//(5 '( 3,1785$ , ',%8,; 7$//(5 '( 3,1785$ , ',%8,; (Q DTXHVW WDOOHU SLQWHP XQ FHUFOH FURPjWLF DPE SLQWXUD H[SHULPHQWHP DPE OHV EDUUHJHV SHULPHQWHP DPE OHV EDUUHJHV GH FRORUV L REVHUYHP HOV FDQYLV YHP HOV FDQYLV SODVPDQW ORV VREUH OD FDUWROLQD ORV VREUH OD FDUWROLQD

7$//(5 '( 0$7(5,$/ 5(&,&/$7 7$//(5 '( 0$7(5,$/ 5(&,&/$7

HL[HP YRODU OD QRVWUD LPDJLQDFLy 'HL[HP YRODU OD QRVWUD LPDJLQDFLy SHU FUHDU XQ GLEXL[ VREUH XQD FDUWROLQD DPE REMHFWHV TXH QRVDOWUHV KHP SRUWDW IXOOHV SDOV L WDSV GH VXUR (Q L WDSV GH VXUR (Q DFDEDU SRVHP XQ WtWRO D OD QRVWUD REUD G·DUW XQ WtWRO D OD QRVWUD REUD G·DUW

7$//(5 '( 92/80 7$//(5 '( 92/80 (Q DTXHVW WDOOHU WUHEDOOHP HO YROXP D SDUWLU GHO PRGHODWJH DPE SODVWLOLQD IDQJ L OD FRQVWUXFFLy G·XQD SLUjPLGH GH O·DQWLF (JLSWH DPE FDUWROLQD


$OXPQHV U ದ &LFOH ,QLFLDO 3¢J

7$//(5 '( 0Ó6,&$ (Q DTXHVW WDOOHU WUHEDOOHP FDQoy LQVWUXPHQWV GDQVD L WUHEDOO SOjVWLF G·XQD PjVFDUD UHODFLRQDGD DPE HO FRQWH ´HOV 0~VLFV GH %UHPHQµ HVSHFWDFOH TXH DQLUHP D YHXUH DO /LFHX OD SURSHUD SULPDYHUD

7$//(5 '( .,' 3,; ([SHULPHQWHP L GHVFREULP OHV SRVVLELOLWDWV TXH Wp DTXHVW HGLWRU JUjILF 3RGHP IHU SDLVDWJHV IHOLFLWDFLRQV L GLEXL[RV GH WRWD PHQD eV UHDOPHQW GLYHUWLW L FUHDWLX


3¢J $OXPQHV Q ದ &LFOH ,QLFLDO

'LOOXQV GH 1RYHPEUH (VWLPDW SLUDWD 327$&5(& 6RP HOV QHQV L OHV QHQHV GH OD FODVVH GH OHV 0zPLHV GH O¶HVFROD %DJHV GH 0DQUHVD L IHP Q FXUV (QV YD DJUDGDU PROW YHQLU D &DPEULOV D OD FDVD GH FROzQLHV /D 0DULQDGD /HV DFWLYLWDWV YDQ VHU PROW GLYHUWLGHV SHUTXq YDP WUREDU WUHVRUV YDP DQDU DO SRUW D YHXUH OHV EDUTXHWHV DPE HO SHL[ UHFHQW SHVFDW L WRUQDU D OD FDVD GH FROzQLHV DPE DXWRE~V GH OX[H (QV KR YDP SDVVDU PROW Ep EXVFDQW HOV LQJUHGLHQWV SHU IHU HO FRQMXU GHO MRF GH QLW 9D VHU XQD QLW WHUURUtILFD SHUTXq KL YD KDYHU OODPSV WURQV UDWSHQDWV XQ ³DYL PROW HVWUDQ\´ YzPLWV SORUV IRVFRU «SHUz ILQDOPHQW YDP IHU HO FRQMXU DPE OD SROV GH OOXQD XQ WURV GH EDQGHUD GH SLUDWD XQD JRWD GH URP L VRUUD 7RW EHQ UHPHQDW 'HVSUpV YDP GLU HO FRQMXU TXH MD HQV KDYtHP DSUqV $EDQV G¶DQDU D GRUPLU WRW L TXH HVWjYHP PROW FDQVDWV HQV YDP HQVHQ\DU HOV ³YHVWLWV GH QLW ³TXH SRUWjYHP $ DOJXQV HOV KL YD FRVWDU DGRUPLU VH $O PDWt DEDQV G¶DQDU D HVPRU]DU HQV YDP UHQWDU SHQWLQDU YHVWLU SOHJDU HOV VDFV L IHU OHV PRW[LOOHV /¶HVPRU]DU HUD ERQtVVLP SRGtHP WULDU L UHSHWLU 'HVSUpV YDP DQDU D OD SODWMD D IHU OHV SURYHV SHU DFRQVHJXLU HO &$51(7 '(/ %21 3,5$7$ (QV KR YDP SDVVDU PROW Ep 4XDQ YDP DFDEDU YDP WRUQDU FDPLQDQW FDS D OD FDVD GH FROzQLHV L YDP GLQDU DUUzV DPE WRPjTXHW KDPEXUJXHVD DPE SDWDWHV IUHJLGHV L JHODW 0HQWUH OHV PHVWUHV GLQjYHP QRVDOWUHV MXJjYHP D IXWERO D FyUUHU D YzOHL D SLQJ SRQJ « (VSHUHP OD YRVWUD UHVSRVWD L FRQWLQXDU VHQW DPLFV L DPLJXHV TXDQ GLJXHX DTXHVWV FRQMXUV &21-85 '( 5,85( &21-85 '¶$0,67$7 $PSROOHV DPE PLVVDWJHV

3LUDWHV 3LUDWHV

WHPSHVWD L PROWD SRU

3HWRQV L $EUDoDGHV

YzPLWV L SORUV

8V HVWLPHP PROW

ULDOOHV PDOqILTXHV

L YROHP TXH YLQJXHX

UDWSHQDWV L IRVFRU

DO QRVWUH PyQ

RPEUHV PLVWHULRVHV

$ /¶(6&2/$ %$*(6

L XOOV YHUPHOOV MXJDQHUV

)LQV DYLDW &/$66( GH OHV 0Ñ0,(6 3' 9ROHP XQD IRWR GH OD 3LUDWD %DUUDFXGD


$OXPQHV Q ದ &LFOH ,QLFLDO 3¢J

->KOBP> AaL@QR?OB AB

$BPMBOQBR MFO>QBP F IIBDFR I> KLPQO> @>OQ>

3LJ BIP DORJBQP AB IaBP@LI> ">DBP AB I> @I>PPB ABIP *BOLDI CF@P F BPMBOBK NRB RP >DO>AF OB?OB KLQ @FBP KLPQOBP ) SLP>IQOBP @LJ BPQBR

-LIQP AB KLP>IQOBP RP S>J SBKFO > SBROB F S>J AFO BI @LKGRO (BJ BUMIF@>Q JLIQBP @LPBP NRB BKP S>K M>PP>O >IP NRB BP S>K NRBA>O > ->KOBP> EBJ JFO>Q CLQLP MBO OB@LOA>O >NRBPQP AFBP >O> G> PBJ?I> NRB QLQP F QLQBP RP @LKBFUBJ FDR>I 6>J BPQ>O JLIQ ? > I> ->OFK>A> QLQ S> PBO JLIQ bDR>Fc NR>K S>J >OOF?>O BIP JLKFQLOP BKP S>K BKPBKV>O I> @>P> BKP S> >DO>A>O QL@>O F P>?BO @LPBP ABIP >KFJ>IP AB Ia>NR>OF JBKG>O GRKQP BIP J>@>OOLKP BPQ>SBK JLIQ ?LKP I> SFPFQ> >I MLOQ LK S>J >D>C>O MBQUFKBP BPQOBIIBP AB J>O >IDRKP S>J >D>C>O DBI >K>O > I> MBFU>QBOF> > SBROB >KFJ>IP J>OFKP BK@>O> SFRP GRD>O >I PLOO>I LK S>J FKQBKQ>O CBO RK> @FRQ>Q > CRQ?LI F > I> P>I> AB GL@P BI MFKD MLKD SBROB "LI> AB $O>@ > I> 46 BI GL@ AB KFQ QOL?>O Ia>JMLII> >J? BI JFPP>QDB ?RP@>O BIP FKDOBAFBKQP ?RP@>O JLKBABP QOL?>O RK QOBPLO Ia>@QFSFQ>Q AB MI>QG> >I J>Q BKP S>J MFKQ>O I> @>O> > Ia!OK>R IF S> >DO>A>O I> @ROP> AB OBIIBRP F BI GL@ AaBPQFO>O I> @LOA> 3>?BR RK> @LP> %I NRB OB@LOABJ >J? J P BJL@F S> PBO Ia>@QFSFQ>Q AB KFQ >IDRKP BKP S>J BPM>KQ>O RK> JF@> MBONR S>K ABP>M>O FUBO BIP JLKFQLOP J P Q>OA Ia!I?BOQ S> AFO > Ia/OFLI NRB QLOK P > IIBDFO I> @>OQ> ALP BP S>K J>OBG>O KLJ P S>J SBROB BK 0LQ>@OB@ PLOQFKQ ABI I>S>?L KL S>J @LK FUBO I> ">OO>@RA> I> SLIBJ @LK FUBO BK@>O> NRB PFDRF >J? CLQL MBO I> 4%-0%34! >J? ,,!-03 ) 42/.3 JBKQOB A FBJ BI @LKGRO S> PBO FK@OB ?IB F NR>K %3 6!. !0!'!2 %,3 ,,5-3 ABI S IBF 4>J? RP BUMIF@>OBJ BIP KLPQOBP PB@OBQP > I> KFQ S>J PBROB BK OLQII>K> F S>J CBO RK> ABPCFI>A> AB MFG>JBP Ia!OK>R F IazIBU BI MLOQ>SBK FDR>I Ia/OFLI BK MLOQ>S> RK NRB ?OFII>S> > I> CLP@LO F BI &BOO>K BK MLOQ>S> RK NRB Q>J? Q BI "FBI $BPMO P AB OBI>U>O KLP RK> JF@> S>J >K>O >IP IIFQP %KP S> @LPQ>O RK> JF@> >ALOJFO KLP M>OI SBJ F GRD SBJ ,> ,R@ > F I> ,>F> MLOQ>SBK BI J>QBFU MBIRFU > IaE>?FQ>@F ABI 2>RI Ia%OFH Ia!OK>R F IazIBU Pa>K>SBK QFO>KQ BI -FKFLK ABI 2>RI NRB S> CBO @>M PLQ> BI IIFQ AB IazIBU MBO PF BKQO>S> I> ->OQ> BKP >DR>KQ SBJ BI OFROB F KL C FBJ PLOLII 1R>K D>FOB? G> QLQELJ ALOJF> Ia!I?> S> >K>O >J? Ia%JJ> F I> ,>F> NRB KL @>II>S> MBO >GRA>O IBP > >ALOJFO PB MBO > NRF IF >D>C>S> PLK BO> > Ia!I?> 1R>KQP >KVP QBKFR %PQBR BK@>O> SFRP 4BKFJ JLIQBP MOBDRKQBP MBO CBO SLP 5P SLIBJ ABJ>K>O PF MLABR SFPFQ>O KLP > I> KLPQO> BP@LI> >O> RP QL@> > SLP>IQOBP SBKFO >I KLPQOB J K PBDRO NRB >IDRK AF> BKP SFKAOBR > SBROB MBO QLQP ALP BK 0LQ>@OB@ F I> ">OO>@RA> BKP C>O JLIQ> FIuIRPF OBQOL?>O SLP !A R MFO>QBP DO @FBP MBO QLQ F MBIP @>OKBQP P>IRQ >?O> >ABP MBQLKP F ?LK OLJ #I>PPB ABIP *BOLDI CF@P $ SDUWLU GH OD FDUWD TXH YDP UHEUH GHOV SLUDWHV DEDQV G¶DQDU GH FROzQLHV KHP WUHEDOODW OD WLSRORJLD WH[WXDO /$ &$57$ (OV LQIDQWV KD EXVFDW FDUWHV GH YHULWDW OHV KHP REVHUYDW L KHP WUREDW OHV SDUWV SULQFLSDOV TXH KDQ GH VHU HQ XQD FDUWD $TXHVWHV GXHV FDUWHV VyQ HO UHVXOWDW GHO WUHEDOO IHW SHU OHV GXHV FODVVHV GH Q L OD UHVSRVWD D OHV FDUWHV UHEXGHV (VSHUHP TXH XV DJUDGLQ


3¢J $OXPQHV U ದ &LFOH 0LWM¢

6257,'$ $ &255(86

(O GLPHFUHV G·RFWXEUH YDP DQDU D YLVLWDU &255(86 YD VHU PROW [XOR $ FODVVH KDYtHP WUHEDOODW OD FDUWD L Q·KDYtHP HVFULW XQD D XQ FRPSDQ\ GH O·DOWUD FODVVH 4XDQ YDP DUULEDU GDYDQW O·HGLILFL GH &255(86 KL KDYLD XQD E~VWLD JURJD XQ SHU XQ KL YDP DQDU WLUDQW OHV FDUWHV TXH DO FDS GH WUHV R TXDWUH GLHV HQV DUULEDULHQ D OHV E~VWLHV GH OHV QRVWUHV FDVHV 'HVSUpV YDP GRQDU XQD YROWD YDP YHXUH HOV FDPLRQV TXH IDQ VHUYLU SHU UHSDUWLU SDTXHWV L FDUWHV GHVSUpV YDP HQWUDU L HQV YDQ HQVHQ\DU L H[SOLFDU FRP KR IDQ SHU FODVVLILFDU OHV FDUWHV YDP YHXUH HOV OORFV RQ WUHEDOOHQ HOV FDUWHUV L WDPEp HQV YDQ H[SOLFDU HOV DOWUHV VHUYHLV TXH IDQ D PpV D PpV GH UHSDUWLU FDUWHV


$OXPQHV U ದ &LFOH 0LWM¢ 3¢J

(/ 6,/(1&, '¶ +$0(/,1 9jUHP DQDU DO .XUVDDO D YHXUH XQ HVSHFWDFOH GH WHDWUH TXH HV WLWXODYD ³(O VLOHQFL G¶+DPHOLQ´ /D KLVWzULD H[SOLFD TXH GLItFLO pV OD YLGD G¶XQD SHUVRQD VRUGD /D &ODUD L HO VHX JHUPj %UXQR YLYLHQ IHOLoRV VRUWLHQ D MXJDU DPE HOV DPLFV ILQV TXH XQ GLD YD FRPHQoDU D WUHPRODU HO WHUUD (UD XQD H[FDYDGRUD TXH HVWDYD IHQW XQ W~QHO SHUTXq O¶DOFDOGH YROLD TXH DUULEHVVLQ HOV WUHQV D +DPHOLQ 3HU FXOSD G¶DTXHOO W~QHO WRWD OD FLXWDW HV YD RPSOLU GH UDWHV L QR OHV SRGLHQ WUHXUH GH FDS PDQHUD 9D VRUWLU XQ QLQRW TXH WHQLD OD VROXFLy SHUz HV YD DQDU TXHGDQW VHQVH EUDo VHQVH FDPD L VHQVH FDS )LQV TXH O¶DOFDOGH YD FRQWUDFWDU XQ IODXWLVWD TXH HV YD HPSRUWDU WRWHV OHV UDWHV 3HUz FRP TXH GHVSUpV QR OL YD SDJDU HO TXL OL KDYLD SURPqV HO IODXWLVWD HV YD HQIDGDU 9D FRPHQoDU D WRFDU XQD PHORGLD L WRWV HOV QHQV HO YDQ VHJXLU &RP TXH OD &ODUD HUD VRUGD QR OD YD SRGHU HPEUXL[DU DPE OD P~VLFD SHUz QLQJ~ O¶HQWHQLD TXDQ YROLD H[SOLFDU HO TXH SDVVDYD L IHLD PROWD SHQD 6RUW TXH WRW YD DFDEDU Ep TXDQ YDQ WUHQFDU OD IODXWD L HQ YD VRUWLU FRQIHWL


3¢J $OXPQHV W ದ &LFOH 0LWM¢

ů ϮϬ ĚĞ ŶŽǀŝĞŵďƌĞ͕ ĞůƐ ĂůƵŵŶĞƐ ĚĞ ϰƚ͕ ǀĂŵ ƉĂƌƚŝĐŝƉĂƌ ĞŶ ƵŶĂ ũŽƌŶĂĚĂ Ě͛ĂĐƚŝǀŝƚĂƚƐ ƉĞƌ Ă ĐĞůĞďƌĂƌ Ğů ŝĂ /ŶƚĞƌŶĂĐŝŽŶĂů ĚĞůƐ ƌĞƚƐ ĚĞůƐ /ŶĨĂŶƚƐ͘ >͛ĂĐƚĞ ĞƐ ǀĂ ĨĞƌ Ăů ƉĂƐƐĞŝŐ WĞƌĞ ///͕ ĚĂǀĂŶƚ Ğů ĂƐŝŶŽ͘ sĂŵ ƚƌŽďĂƌ ĂůƚƌĞƐ ĞƐĐŽůĞƐ ĚĞ DĂŶƌĞƐĂ ;>Ă &ŽŶƚ͕ ů WŝůĂƌ͕ >Ă ZĞŶĂŝdžĞŶĕĂ͕ >Ă :ŽǀŝĂƚ͕ >Ă ^ĂůůĞ ŝ ^ĂŶƚ /ŐŶĂƐŝͿ͘ dŽƚƐ ŚĂǀşĞŵ ůůĞŐŝƚ ƵŶ ƉŽĞŵĂ ƋƵĞ ƉĂƌůĂǀĂ Ě͛ƵŶ ŵŽůŝŶĞƚ ĚĞ ƉĂƉĞƌ ƋƵĞ ĞŶǀŝĂǀĂ ĚĞƐŝƚũŽƐ ƋƵĂŶ ďƵĨĂǀĂ Ğů ǀĞŶƚ͘ EŽƐĂůƚƌĞƐ ǀăƌĞŵ ĨĞƌ ďĂŶĚĞƌŽůĞƐ ŝ ŵŽůŝŶĞƚƐ Ăŵď ĚĞƐŝƚũŽƐ ƉĞƌ Ă ůĞƐ ĂůƚƌĞƐ ƉĞƌƐŽŶĞƐ͘ ĂĚĂ ĞƐĐŽůĂ ǀĂ ƉƌĞƐĞŶƚĂƌ ƵŶ ƉžƐƚĞƌ ĚĞ ƉĂŢƐŽƐ ŽŶ ĞůƐ ĚƌĞƚƐ ĚĞůƐ ŝŶĨĂŶƚƐ ŶŽ ĞƐ ƚĞŶĞŶ ŵĂƐƐĂ ĞŶ ĐŽŵƉƚĞ ĚŝĨĞƌĞŶƚ͘ EŽƐĂůƚƌĞƐ ǀăƌĞŵ ĨĞƌ Ğů EĞƉĂů͘ sĂŵ ĨĞƌ ŵŽůƚĞƐ ĂĐƚŝǀŝƚĂƚƐ Ăů ůůĂƌŐ ĚĞů ĚŝĂ͘ ů ŵĂƚş ǀĂŵ ĨĞƌ ĚŝĨĞƌĞŶƚƐ ũŽĐƐ͗ ƉƵŶƚĞƌŝĂ͕ ƚĂŶŐƌĂŵ͕ ďĂůĚƵĨĂ͕ njŽŶĂ ĚĞ ĐŝƌĐ͕ ƌĞůůĞƵƐ͙ Ăů ƉĂƚŝ ĚĞů ĂƐŝŶŽ͘ ĞƐƉƌĠƐ ǀĂŵ ĂŶĂƌ Ăů WĂƐƐĞŝŐ Ă ƉĞŶũĂƌ Ğů ƉžƐƚĞƌ ŝ ůĞƐ ďĂŶĚĞƌŽůĞƐ ƚşƉŝƋƵĞƐ ĚĞů EĞƉĂů ƋƵĞ ŚĂǀşĞŵ ĨĞƚ Ă ůĂ ĐůĂƐƐĞ͘ dĂŵďĠ ǀĂŵ ĞƐĐƌŝƵƌĞ ĚĞƐŝƚũŽƐ ŝ ĞůƐ ǀĂŵ ƉĞŶũĂƌ Ă ů͛ĂƌďƌĞ ĚĞůƐ ĚĞƐŝƚũŽƐ͘ ^ĞŐƵŝĚĂŵĞŶƚ Śŝ ǀĂ ŚĂǀĞƌ ů͛ĂĐƚĞ ĚĞ ƉƌĞƐĞŶƚĂĐŝſ ĚĞůƐ ƉžƐƚĞƌƐ ĚĞ ƚŽƚĞƐ ůĞƐ ĞƐĐŽůĞƐ͘ ůĂ ƚĂƌĚĂ ǀĂŵ ƌĞĐŝƚĂƌ Ğů ƉŽĞŵĂ ͞ ů ŵŽůŝŶĞƚ͟ ŝ ǀĂŵ ǀĞƵƌĞ ƵŶĂ ĂĐƚƵĂĐŝſ ĚĞ ͞WĂůůĂƐƐŽƐ ƐĞŶƐĞ ĨƌŽŶƚĞƌĞƐ͘͟ sĂ ƐĞƌ ŵŽůƚ ĚŝǀĞƌƚŝƚ͊


$OXPQHV W ದ &LFOH 0LWM¢ 3¢J

ů EĞƉĂů ĞƐƚă ƐŝƚƵĂƚ Ă ů͛ ƐŝĂ͘ &Ă ĨƌŽŶƚĞƌĂ Ăŵď ůĂ yŝŶĂ ŝ ů͛1ŶĚŝĂ͘ >Ă ƐĞǀĂ ĐĂƉŝƚĂů ĠƐ <ĂƚŵĂŶĚƷ͘ ů EĞƉĂů Śŝ ŚĂ ůĂ ƐĞƌƌĂůĂĚĂ ĚĞ ů͛,ŝŵăůĂŝĂ ƋƵĞ ƚĠ Ğů Đŝŵ ŵĠƐ Ăůƚ ĚĞů ŵſŶ͘ ů EĞƉĂů ĐŽŶǀŝƵĞŶ ŐĞŶƚ ĚĞ ĚŝĨĞƌĞŶƚƐ ğƚŶŝĞƐ͕ ůůĞŶŐƺĞƐ ŝ ƌĞůŝŐŝŽŶƐ ƉĞƌž ůĂ ůůĞŶŐƵĂ ŽĨŝĐŝĂů ĠƐ Ğů ŶĞƉĂůğƐ͘ >Ă ƐĞǀĂ ďĂŶĚĞƌĂ ĠƐ ů͛ƷŶŝĐĂ ƋƵĞ ŶŽ ĠƐ ƋƵĂĚƌĂĚĂ Ŷŝ ƌĞĐƚĂŶŐƵůĂƌ͘ ZĞƉƌĞƐĞŶƚĂ ůĞƐ ŵƵŶƚĂŶLJĞƐ ŝ ůĞƐ ĚƵĞƐ ƌĞůŝŐŝŽŶƐ ŵĠƐ ŝŵƉŽƌƚĂŶƚƐ͗ ďƵĚŝƐŵĞ ŝ ŚŝŶĚƵŝƐŵĞ͘ ů EĞƉĂů Śŝ ŚĂ ŵŽůƚĂ ƉŽďƌĞƐĂ͘ DŽůƚĞƐ ĨĂŵşůŝĞƐ ƚĞŶĞŶ ƉƌŽďůĞŵĞƐ ƉĞƌ Ă ĐŽďƌŝƌ ůĞƐ ŶĞĐĞƐƐŝƚĂƚƐ ďăƐŝƋƵĞƐ͘ DĠƐ ĚĞů ϰϱй ĚĞ ŶĞŶƐ ŵŽƌĞŶ ĂďĂŶƐ ĚĞůƐ ϱ ĂŶLJƐ ƉĞƌ ĚĞƐŶƵƚƌŝĐŝſ͘ dŽƚ ŝ ƋƵĞ ů͛ĞƐĐŽůĂƌŝƚĂƚ ĠƐ ŽďůŝŐĂƚžƌŝĂ ĚĞůƐ ϲ ĂůƐ ϭϭ ĂŶLJƐ͕ ŵŽůƚƐ ŶĞŶƐ ŝ ƐŽďƌĞƚŽƚ ŶĞŶĞƐ ŶŽ ǀĂŶ Ă ů͛ĞƐĐŽůĂ ƉĞƌƋƵğ ŚĂŶ Ě͛ĂũƵĚĂƌ ůĞƐ ƐĞǀĞƐ ĨĂŵşůŝĞƐ ƚƌĞďĂůůĂŶƚ͘ ů EĞƉĂů ĠƐ ĐŽŵƷ ƋƵĞ Ɛ͛ŽďůŝŐƵŝ Ă ĐĂƐĂƌ ĞůƐ ŶĞŶƐ ŝ ůĞƐ ŶĞŶĞƐ ƐĞŶƐĞ ƚĞŶŝƌ ĞŶ ĐŽŵƉƚĞ ůĂ ƐĞǀĂ ŽƉŝŶŝſ͘ ů ϱϭй ĚĞ ůĞƐ ŶĞŶĞƐ ƐſŶ ĐĂƐĂĚĞƐ ĂďĂŶƐ ĚĞůƐ ϭϴ ĂŶLJƐ͘ ů ƉĂƐƐĂƚ Ϯϱ Ě͛Ăďƌŝů ĚĞ ϮϬϭϱ Śŝ ǀĂ ŚĂǀĞƌ ƵŶ ĨŽƌƚ ƚĞƌƌĂƚƌğŵŽů Ăů EĞƉĂů ŽŶ ǀĂ ŵŽƌŝƌ ŵŽůƚĂ ŐĞŶƚ͘


3¢J $OXPQHV ª ದ &LFOH 6XSHULRU

d >> Z^ ϱ ͗ :K ^ Z D d/ ^

(OV DOXPQHV GH q KDQ UHDOLW]DU XQHV DFWLYLWDWV GUDPjWLTXHV IRFDOLW]DGHV HQ OD FRPXQLFDFLy QR YHUEDO /¶ REMHFWLX pV SRWHQFLDU OHV VHYHV FDSDFLWDWV FRPXQLFDWLYHV L DVVROLU OHV HLQHV SHU DSUHQGUH D H[SUHVVDU L FRPXQLFDU HOV VHQWLPHQWV DXWRFULWLFDU VH HQULTXLU HOV VHXV PLWMDQV G¶H[SUHVVLy QR YHUEDO L OD VHYD HVSRQWDQHwWDW 7DPEp KDQ DSUqV D YDORUDU HO WUHEDOO HQ HTXLS SHU WLUDU HQGDYDQW XQ SURMHFWH FRP~ +HP UHDOLW]DW DFWLYLWDWV FRP GUDPDWLW]DU XQD FDQoy IHU XQD VHT qQFLD HVFqQLFD

,Ă ĞƐƚĂƚ ƵŶ ƚĂůůĞƌ ŵŽůƚ džƵůŽ͕ Ăŵď ŵŽůƚĞƐ ĂǀĞŶƚƵƌĞƐ ŝ ĚŝĨĞƌĞŶƚ ĚĞů ƋƵĞ ŚĂǀŝĞŵ ĨĞƚ ĨŝŶƐ ĂƌĂ͘ $TXHVWV VyQ HOV JHVWRV IDFLDOV TXH KHP DSUqV D IHU WULVWHVD VRUSUHVD DOHJULD IjVWLF SHQVDWLX DYRUULPHQW« &LFOH VXSHULRU q $ %


$OXPQHV ª ದ &LFOH VXSHULRU 3¢J

(OV DOXPQHV GH FLQTXq KHP IHW XQV WDOOHUV GH FROODJH WRW REVHUYDQW L DQDOLW]DQW O REUD GH GLIHUHQWV DUWLVWHV SHU WDO G DPSOLDU HOV FRQHL[HPHQWV L FUHDU OHV SUzSLHV REUHV DPE FULWHULV L RSFLRQV FUHDWLYHV REHUWHV D PROWHV SRVVLELOLWDWV $ SDUWLU GH O REUD G DUWLVWHV FRQWHPSRUDQLV FRP 0 6\OOD 7LP /XNHPDQ L DOWUHV KHP IHW DTXHVWHV REUHV

7DPEp KHP REVHUYDW HOV JRVVRV IHWV SHO 0LFKHO .HFN L KHP IHW HOV QRVWUHV TXH SHU FHUW VyQ LPSUHVVLRQDQWV


3¢J $OXPQHV GH ª ದ &LFOH 6XSHULRU

/¶$QQD GHO PHQMDGRU

>͛ ŶŶĂ ĠƐ ƵŶĂ ŶŽŝĂ ĚĞ ϰϱ ĂŶLJƐ ŝ ĠƐ ƵŶĂ ĚĞ ůĞƐ ŵŽŶŝƚŽƌĞƐ ĚĞů ŵĞŶũĂĚŽƌ ĚĞ ů͛ ƐĐŽůĂ ĂŐĞƐ͘ Ɛƚă ĐŽŶƚƌĂĐƚĂĚĂ ƉĞů ͚͛ ͛​͛͘ ϭ͘ ƋƵŝŶĂ ĞĚĂƚ Ğƚ ǀĂƐ ĐŽŵĞŶĕĂƌ Ă ĚĞĚŝĐĂƌ Ă ĂƋƵĞƐƚ ƚƌĞďĂůů͍ ͚͛ ŵ ǀĂŝŐ ĚĞĚŝĐĂƌ Ăů ŵĞƵ ƚƌĞďĂůů ƋƵĂŶ ƚĞŶŝĂ Ϯϴ ĂŶLJƐ ;ĨĂ ϭϳ ĂŶLJƐͿ͛͘​͛ Ϯ͘ WĞƌ ƋƵğ Ğƚ ǀĂƐ ǀŽůĞƌ ĚĞĚŝĐĂƌ Ă Ăŝdžž͍ ͚͛ ŵ ǀĂŝŐ ǀŽůĞƌ ĚĞĚŝĐĂƌ Ă Ăŝdžž ƉĞƌƋƵğ ŵ͛ĂŐƌĂĚĞŶ ŵŽůƚ ĞůƐ ŶĞŶƐ͛͘​͛ ϯ͘ Ɛ ŶĞĐĞƐƐŝƚĂ ƉĂĐŝğŶĐŝĂ ƉĞƌ ƚƌĞďĂůůĂƌ Ăŵď ĂƋƵĞƐƚ ŶĞŶƐͬĞƐ͍ ͚͛ Ɛ ŶĞĐĞƐƐŝƚĂ ƉĂĐŝğŶĐŝĂ͕ ĐŽŵ Ă ƚŽƚƐ ĞůƐ ůůŽĐƐ ŽŶ Śŝ ŚĂŐŝ ŶĞŶƐ͘ K ƐŝŐƵŝ͕ ĠƐ ŶŽƌŵĂů ŶĞĐĞƐƐŝƚĂƌ ƉĂĐŝğŶĐŝĂ ƉĞƌ ƚƌĞďĂůůĂƌ Ăŵď ŶĞŶƐ͛͘​͛ ϰ͘ ŵď ŶĞŶƐ ĚĞ ƋƵŝŶĂ ĞĚĂƚ ƐŽůƐ ƚƌĞďĂůůĂƌ͍ ͚͛EŽƌŵĂůŵĞŶƚ Ăŵď ŶĞŶƐͬĞƐ Ě͛ĞŶƚƌĞ ŶŽƵ ŝ ĚĞƵ ĂŶLJƐ͛͘​͛ ϱ͘ YƵŝŶƐ ŶĞŶƐͬĞƐ ĞƐ ƉŽƌƚĞŶ ŵĠƐ ďĠ͍ ͚͛^ŝŶĐĞƌĂŵĞŶƚ͕ ĞůƐ ŶĞŶƐͬĞƐ ĚĞ ƉƌŝŵĞƌ ŝ ƐĞŐŽŶ ĚĞ ƉƌŝŵăƌŝĂ͛͘​͛ ϲ͘ YƵŝŶƐ ŶĞŶƐͬĞƐ ƐĞ ƐŽůĞŶ ĂĐĂďĂƌ ŵĠƐ ƌăƉŝĚ ůĞƐ ƌĂĐŝŽŶƐ ĚĞů ƉůĂƚ ͍ ͚͛ ĞƉğŶ ĚĞů ĚŝĂ ŝ ĚĞůƐ ŶĞŶƐ͛͘​͛ ϳ͘ ƌĞƵƐ ƋƵĞ Ğů ŵĞŶũĂƌ ĚĞ ů͛ĞƐĐŽůĂ ĠƐ ďŽ͍ ͚͛^ş͕ ĐƌĞĐ ƋƵĞ ĞƐƚă ďĂƐƚĂŶƚ ďŽ͛͘​͛ ϴ͘ dƌĞďĂůůĞƐ Ă ĂůŐƵŶ ĂůƚƌĞ ůůŽĐ ĂƉĂƌƚ ĚĞ ů͛ĞƐĐŽůĂ͍ ͚͛^ş͕ ƚƌĞďĂůůŽ Ă ƵŶĂ ĐŽŶƐƵůƚĂ ŵğĚŝĐĂ ĚĞ ƐĞĐƌĞƚĂƌŝĂ Ă ůĞƐ ƚĂƌĚĞƐ ĚĞ ĚŝůůƵŶƐ Ă ĚŝǀĞŶĚƌĞƐ͛͘​͛ ϵ͘ ,ĂƐ ƚƌĞďĂůůĂƚ Ă ĂůŐƵŶĂ ĂůƚƌĞ ĞƐĐŽůĂ Ă ƉĂƌƚ Ě͛ĂƋƵĞƐƚĂ͍ ͚͛EŽ͕ Ă ů͛ƷŶŝĐĂ ƋƵĞ ŚĞ ƚƌĞďĂůůĂƚ ĠƐ Ă ĂƋƵĞƐƚĂ͕ ů͛ ƐĐŽůĂ ĂŐĞƐ͛͘​͛ Ġ͕ ĚŽŶĐƐ ŶŶĂ ũĂ ŚĞŵ ĂĐĂďĂƚ͘ :Ă ĞƐƚĞŵ Ă ƐŝƐğ ƉĞƌ ƚĂŶƚ͕ ŶŽ ĞŶƐ ǀĞƵƌĞŵ ŵĠƐ Ă ů͛ĞƐĐŽůĂ͘ ƐƉĞƌĞŵ ƋƵĞ ƚŝŶŐƵŝƐ ŵŽůƚ ďŽŶƐ ĂůƵŵŶĞƐ ŝ ŵŽůƚƐ ďŽŶƐ ƌĞĐŽƌĚƐ ĚĞ ŶŽƐĂůƚƌĞƐ͘ ƐƉĞƌĞŵ ƚŽƌŶĂƌͲƚĞ Ă ǀĞƵƌĞ ůŽ ďĞŶ ĂǀŝĂƚ ƉŽƐƐŝďůĞ

h EE ͊ :j>/ Ed Z >> / D Z/E ^ ^͕ ϲğ


$OXPQHV GH ª ದ &LFOH 6XSHULRU 3¢J

(175(9,67$ $ 1Ò5,$ 3,&$6 7RWV VDEHP TXH HWV XQD JUDQ FRUUHGRUD &yUUHU pV HO TXH PpV W DJUDGD" &RP L TXDQ KR YDV GHVFREULU" 0¶DJUDGD PROW FyUUHU SHUz WDPEp HVFDODU KR YDLJ GHVFREULU DQDQW D OD PXQWDQ\D TXDQW HUD SHWLWD DPE HOV PHXV SDUHV 'H IHW HO TXH PpV P¶DJUDGD pV DQDU GH SUHVVD SHU OD PXQWDQ\D 4XDQWV DQ\V WHQLHV TXDQ YDV FyUUHU OD WHYD SULPHUD FXUVD" 7HQLD DQ\V L YD VHU OD PDUDWy GH O¶$QHWR 4XDQWV DQ\V WHQLHV TXDQ YDV JXDQ\DU OD WHYD SULPHUD FXUVD" 6DSV TXDQWHV FRSHV KDV JXDQ\DW" /D PHYD SULPHUD FXUVD OD YDLJ JXDQ\DU DOV DQ\V 1R Vp TXDQWHV FXUVHV KH JXDQ\DW SHUz XQHV 4XLQD pV OD FXUVD TXH W KD IHW PpV LOāOXVLy JXDQ\DU" /D FXUVD TXH PpV P¶KD DJUDGDW pV OD GHOV &DYDOOV GHO 9HQW GH .P

4XLQ WLSXV GH FXUVHV FRUUHV" 4XLQHV VH W GRQHQ PLOORU" -R FRUUR FXUVHV GH OODUJXHV GLVWjQFLHV GH D .P 4XLQD pV OD FXUVD TXH W KD FRVWDW PpV HVIRUo GH JXDQ\DU" /D FXUVD TXH PpV HVIRUo P¶KD FRVWDW GH JXDQ\DU pV OD FXUVD GH -DSy OD FXUVD GH IHU XQD YROWD DO YROFj )XML GH .P 4XDQWV .P HQWUHQHV GLjULDPHQW" 1R FRPSWR .P VLQy KRUHV (QWUHQR XQHV KRUHV VHWPDQDOV L DEDQV GH OD FXUVD 7 KDV OHVLRQDW DOJXQD YHJDGD" $ TXLQV OORFV" +DV KDJXW G HVWDU JDLUH WHPSV GH EDL[D" 1RPpV YHJDGD $ OD FDPD HVTXHUUD L YD VHU HVFDODQW +DV DEDQGRQDW DOJXQD YHJDGD" 4Xq HV VHQW" 6t DEDQGRQDU HV GH VDYLV (V VHQW PROWD LPSRWqQFLD UjELD L WULVWRU 4Xq PHQJHV DEDQV G XQD FXUVD" 0HQMR PROWD SDVWD L DUUzV 4XLQ pV HO WHX HVSRUWLVWD SUHIHULW" (Q WLQF PROWV .LOLDQ -RUQHW *HUDUG 3LTXp -HQQLIHU 3DUHMD $UDFHOL 6HJDUUD +HP YLVW TXH D SDUW GH IHU FXUVHV GH PXQWDQ\D HWV ERPEHUD 7 DJUDGD" 6t PROW $UD KH GHPDQDW XQD H[FHGqQFLD SHU FRPSHWLU PLOORU &RP KR IDV SHU FyUUHU L WUHEDOODU D O KRUD L D PpV VHU OD PLOORU" 3HU FRPSHWLU D DOW QLYHOO QR pV IjFLO WUHEDOODU 3HU DL[z YDLJ GHPDQDU O¶H[FHGqQFLD (W YDP VHQWLU HQ XQ SURJUDPD D &DWDOXQ\D 5jGLR 7 DJUDGD IHU UjGLR" &RP pV TXH DUD IDV UjGLR" 0¶DJUDGD PROW SRGHU FRPSDUWLU H[SHULqQFLHV (V XV KREE\ SHU D PL 02/7$ 6257 (1 /$ 7(9$ 3523(5$ &856$ $ /¶,//$ 5(81,21 , 02/7(6 *5¬&,(6 3DX $QJXHUD L *HUDUG /ORUHQV


3¢J $QJOªV

ϱƚŚ ϱƚŚ , WWz E t z Z ϮϬϭϲ


0¼VLFD 3¢J

W͘ ĂƐƚĞůůĂŶŽ͕ ϮŶ

͘ ƌŐĞůĂŐƵĞƌ͕ ϮŶ

sĂŵ ŐĂƵĚŝƌ ĚĞ ůĂ ůůĞŐĞŶĚĂ ĚĞů ŽŵƚĞ ƌŶĂƵ Ăŵď ůĂ ŵƷƐŝĐĂ͕ ůĞƐ ƚŝƚĞůůĞƐ͕ ůĞƐ ŵăƐĐĂƌĞƐ ŝ ĞůƐ ĂĐƚŽƌƐ ƋƵĞ ƚĂŵďĠ ƚŽĐĂǀĞŶ ŵŽůƚƐ ŝŶƐƚƌƵŵĞŶƚƐ͗ ŐƵŝƚĂƌƌĞƐ͕ ĨůĂƵƚĞƐ͕ ŐŽŶŐ͕ ĐŽƌŶĞƚĂ͕ ƚĂŵďŽƌ Ě͛ĂŝŐƵĂ͙

>ĞƐ ĚƵĞƐ ĐůĂƐƐĞƐ ĚĞ ϱğ ǀĂŵ ĂŶĂƌ Ă ǀĞƵƌĞ ͞sĂŝǀĠ͕͟ ĚĞ ƌŽĚĂƐ ƌŽƐ͕ ƵŶ ĞƐƉĞĐƚĂĐůĞ ƋƵĞ ďĂƌƌĞũĂ ŚŝƉͲŚŽƉ Ăŵď ŝŶƐƚƌƵŵĞŶƚƐ ƚƌĂĚŝĐŝŽŶĂůƐ͘ ƋƵĞƐƚĞƐ ƐſŶ ĂůŐƵŶĞƐ ĚĞ ůĞƐ ŝŵƉƌĞƐƐŝŽŶƐ ƋƵĞ ŚĞŵ ƌĞĐŽůůŝƚ͘ ƌĞŶ ŵŽůƚ ăŐŝůƐ ĨĞŶƚ ĂĐƌŽďăĐŝĞƐ͘

ƌĂ ŝŶĐƌĞŢďůĞ ĐŽŵ ĐŽŵďŝŶĂǀĞŶ Ğů ďĂůů Ƶƌďă ŝ ůĂ ŵƷƐŝĐĂ ƚƌĂĚŝĐŝŽŶĂů͘

Ɛ ĚĞů ŵŝůůŽƌ ƋƵĞ ŚĞ ǀŝƐƚ͘

ŵ ǀĂ ƐŽƌƉƌĞŶĚƌĞ ŵŽůƚ͘

ŵ ǀĂ ĂŐƌĂĚĂƌ ƉĞƌƋƵğ ƚĞŶŝĂ ŵŽůƚĂ ŵĂƌdžĂ͘

ůŐƵŶƐ ĚĞ ŶŽƐĂůƚƌĞƐ ǀĂŵ ƐŽƌƚŝƌ Ă ů͛ĞƐĐĞŶĂƌŝ͘

sĂ ƐĞƌ ĞƐƉĞĐƚĂĐƵůĂƌ

>ĞƐ ŶĞŶĞƐ ŝ ĞůƐ ŶĞŶƐ ĚĞ ƚĞƌĐĞƌ ǀĂŵ ĂŶĂƌ Ă ĐĂŶƚĂƌͲŚŝ ŵŽůƚĞƐ ĐĂŶĕŽŶƐ ŝ ŶĂĚĂůĞƐ ƉĞƌ ĨĞƌ ƉĂƐƐĂƌ ƵŶĂ ďŽŶĂ ĞƐƚŽŶĂ ŝ ĂĐŽŵƉĂŶLJĂƌ Ă ůĞƐ ăǀŝĞƐ ŝ ĞůƐ ĂǀŝƐ ĚĞů ĐĞŶƚƌĞ Ăŵď ůĂ ŶŽƐƚƌĂ ŵƷƐŝĐĂ͘


3¢J (QWUHWHQLPHQWV

5(62/ (/6 (175(7(1,0(176

6XGRNX

7URED GLIHUqQFLHV

6RSD GH OOHWUHV


;DU L 3DQGL 3¢J



Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.