Offres
API
Connexion
Documents similaires
unknown - Conseil du 1 avril 2016 CA 2015 VILLE ZAC DU C
Acte - Conseil du 29 mars 2013 BP 2013 VILLE ZAC DE R
unknown - Conseil du 28 mars 2012 CA 2011 Rapport ZAC Du C
unknown - Conseil du 3 avril 2015 BP 2015 VILLE ZAC DU C
unknown - Conseil du 21 mars 2014 Compte Administratif 2013
Déliberation - Conseil du 21 mars 2014 Budget Primitif 2014 BP 20
unknown - Conseil du 7 avril 2017 Compte Administratif 2016
unknown - Conseil du 28 mars 2012 CA 2011 VILLE ZAC COMP
Arrêté - Conseil du 29 mars 2013 CA 2012 VILLE ZAC DU C
unknown - Conseil du 1 avril 2016 BP 2016 VILLE ZAC DU C
unknown - Conseil du 3 avril 2015 CA 2014 Ville ZAC de Royallieu ca 2014 Ville ZAC de Royallieu 2
Document publié le undefined NaN undefined NaN à NaNhNaN par la commune de Compiègne.
Lien du pdf (unknown - Conseil du 3 avril 2015 CA 2014 Ville ZAC de Royallieu ca 2014 Ville ZAC de Royallieu 2)
Thèmes du document : Banque, Économie et finances, Investissement et développement économique,
D VILLE DE COMPIEGNE @
RESTAURANT SCOLAIRE DU CENTRE VILLE
Ville de
Compiègne
Ville de Compiègne
CompteAdministratif
2014
&2037($'0,1,675$7,)
5e68/7$76' (16(0%/(
BBBBBBBBBBBBBBBBBBBB
$X WHUPH GH O DQQpH OHV UpVXOWDWV LVVXV GX &RPSWH $GPLQLVWUDWLI GX %XGJHW 3ULQFLSDO VH SUpVHQWHQWFRPPHVXLW
,19(67,66(0(17 )21&7,211(0(17
'e3(16(6 5(&(77(6 'e3(16(6 5(&(77(6
7RWDOGHV0DQGDWV 7RWDOGHV0DQGDWV
7RWDOGHV7LWUHV 7RWDOGHV7LWUHV
'pILFLWG¶,QYHVWLVVHPHQW ([FpGHQWGH)RQFWLRQQHPHQW
727$/ 727$/
5e68/7$76' ,19(67,66(0(17
/HVUpVXOWDWVG LQYHVWLVVHPHQWILJXUDQWFLGHVVXVQHUHODWHQWTXHOHVVHXOHVRSpUDWLRQVGHWUpVRUHULHD\DQWGRQQp OLHXjPDQGDWVHWWLWUHV,OFRQYLHQWG¶DMRXWHUjFHVUpDOLVDWLRQVOHVRSpUDWLRQVHQJDJpHVHQHWUHVWDQWjUpDOLVHUWDQW HQGpSHQVHVTX¶HQUHFHWWHV
/H&RPSWH$GPLQLVWUDWLIGHODVHFWLRQG¶LQYHVWLVVHPHQWDYHFOHVUHVWHVjUpDOLVHUV¶pWDEOLWDLQVLFRPPH VXLW
'e3(16(6 5(&(77(6
5pDOLVDWLRQV
5pDOLVDWLRQV
5HVWHVj5pDOLVHUGH 5HVWHVj5pDOLVHUGH
727$/ 727$/
/HGpILFLWG¶LQYHVWLVVHPHQWUHSRUWVFRPSULVV¶pOqYHDLQVLj ¼
/HUpVXOWDWGHIRQFWLRQQHPHQWGRLWDXPRLQVFRXYULUOHGpILFLWG¶LQYHVWLVVHPHQW,OVHUDGRQFUpSDUWLGHODPDQLqUHVXLYDQWH DX%XGJHW3ULPLWLI
%3 ! ¼XURV
&RXYHUWXUHGXGpILFLWG¶LQYHVWLVVHPHQW
([FpGHQWVGH)RQFWLRQQHPHQW&DSLWDOLVpV
Ò
([FpGHQWGH)RQFWLRQQHPHQW ¼XURV
Ô
%3 ! ¼XURV
([FpGHQWGH)RQFWLRQQHPHQWUHSRUWp
(;e&87,21'8%8'*(735,1&,3$/
'HSXLVOHVGpSHQVHVGX%8'*(7 35,1&,3$/RQWpYROXpFRPPHVXLW
$11((6
,19(67,66(0(17 )21&7,211(0(17 727$/
'(3(16(6
YDULDWLRQ
'(3(16(6
%587(6
0RQWDQW
$XWRILQDQFHPHQW
SUpOqYHPHQW
'RWDWLRQ
$PRUWLVVHPHQWV
'(3(16(6
YDULDWLRQ
/HVGpSHQVHVGHIRQFWLRQQHPHQWRQWFRQQXXQHpYROXWLRQPR\HQQHGHVXUODSpULRGH /DSDUWFRQVDFUpHjO¶DXWRILQDQFHPHQWGHODVHFWLRQG¶LQYHVWLVVHPHQWDDXJPHQWpjSDUWLUGHO¶DQQpHHW V¶HVWPDLQWHQXHHQVXLWHjSOXVGHPLOOLRQVG¶HXURV
/¶DQQpHFRQIRUPpPHQWDX[HQJDJHPHQWVSULVVHWUDGXLWSDUXQHGLPLQXWLRQGXYROXPHGHV LQYHVWLVVHPHQWV
,,19(67,66(0(17
3RXUO¶,19(67,66(0(17O¶H[pFXWLRQGHVGpSHQVHVHWGHVUHFHWWHVSDUIRQFWLRQV¶HVWHIIHFWXpHGHODIDoRQ VXLYDQWH
/,%(//e6
'e3(16(6 5(&(77(6
35(98 5($/,6(
H[pFXWLRQ 35(98 5($/,6(
H[pFXWLRQ
6(59,&(6*(1(5$8;(7&5(',761219(17,/(6 )21&7,21
0 289(0(176),1$1&,(56 '(77(
6(&85,7((76$/8%5,7(38%/,48(6 )21&7,21
( 16(,*1(0(17 ± )250$7,21 )21&7,21
& 8/785( )21&7,21
63257(7-(81(66( )21&7,21
)$0,//( )21&7,21
$0(1$*(0(17(76(59,&(685%$,16 (19,5211(0(17
)21&7,21
7 2 7 $ /
&RPPH O LOOXVWUH OH WDEOHDX FLGHVVRXV OHV '(3(16(6 ' ,19(67,66(0(17 RQW FRQQX XQ WDX[ G¶H[pFXWLRQXQSHXSOXVIDLEOHTXHFHOXLGHVDQQpHVDQWpULHXUHV
&HUDOHQWLVVHPHQWV¶H[SOLTXHSDUOHWDX[GHUpDOLVDWLRQGX3URJUDPPHGH5pQRYDWLRQ8UEDLQHGXTXDUWLHUGX &ORVGHV5RVHVTXLV¶HVWUpDOLVpHQjKDXWHXUGHGHVFUpGLWVRXYHUWV/¶H[pFXWLRQGHFHSURJUDPPH HVWpWURLWHPHQWOLpHDX[RSpUDWLRQVFRQGXLWHVSDUOHVEDLOOHXUVVRFLDX[
/HSURJUDPPHGHUpQRYDWLRQGHOD3DWLQRLUH0XQLFLSDOHDFRQQXXQWDX[UpDOLVDWLRQGHVHXOHPHQWGHV FUpGLWVRXYHUWVHQUDLVRQGHVGLIILFXOWpVWHFKQLTXHVUHQFRQWUpHVORUVGHO¶H[pFXWLRQGXFKDQWLHU
/HV5(&(77(6'¶,19(67,66(0(17RQWVXLYLOHU\WKPHGHUpDOLVDWLRQGHVGpSHQVHVDYHFXQ WDX[G¶H[pFXWLRQGH$LQVLO¶DSSHOjO¶HPSUXQWSURSRUWLRQQpDXYROXPHGHVWUDYDX[UpDOLVpVV¶HVWpWDEOL j¼VRLWGXPRQWDQWDXWRULVp0rPHVLO¶HQVHPEOHGHVFRQWUDWVGHSUrWVDpWpVRXVFULWHQ OHVROGHG¶HQFDLVVHPHQWLQWHUYLHQGUDHQHIIHWVXUO¶H[HUFLFHSRXUPLOOLRQVG¶HXURV
$11((6 '(3(16(6 5(&(77(6
/HVGpSHQVHVG¶LQYHVWLVVHPHQW KRUVUpVXOWDWVDQWpULHXUV V¶pOqYHQWHQjODVRPPHGH ¼ HWVHUpSDUWLVVHQWFRPPHVXLW
¾ /HV 23(5$7,216 ),1$1&,(5(6 SRXU ¼XURV (OOHV FRUUHVSRQGHQW SULQFLSDOHPHQW DX UHPERXUVHPHQWGHODGHWWHSRXUPLOOLRQVG¶HXURVHWDX[pFULWXUHVG¶RUGUH
¾ /HV '(3(16(6' (48,3(0(17 SRXU ¼XURV(QFHVGpSHQVHVV¶pWDLHQWpOHYpHVj ODVRPPHGH ¼XURV
&HWWH FRQWUDFWLRQ GHV GpSHQVHV G¶pTXLSHPHQW FRUUHVSRQG j OD ILQ GX F\FOH pOHFWRUDO PDLV DXVVL j OD YRORQWpH[SULPpHSDUO¶pTXLSHPXQLFLSDOHGHIDLUHXQHSDXVHGDQVVHVLQYHVWLVVHPHQWV /HV DQQpHV DQWpULHXUHV RQW FRQQX GH EHOOHV UpDOLVDWLRQV TXL SHXYHQW QRXV SHUPHWWUH G¶HQJDJHU XQH SpULRGHGHPRLQGUHVLQYHVWLVVHPHQWV/¶HQYLURQQHPHQWpFRQRPLTXHHWILQDQFLHUDYHFHQSDUWLFXOLHUOD EDLVVHGHVGRWDWLRQVJOREDOLVpHVQRXVFRQGXLVHQWjFHWWHSUXGHQFH
3DUPLOHSURJUDPPHG¶pTXLSHPHQWRQSHXWFLWHUOHVRSpUDWLRQVSOXULDQQXHOOHVVXLYDQWHV
o /$328568,7('(/¶$0(1$*(0(17'8358'8&/26'(6526(6 ¼
o /(62/'('(3$,(0(17'8&(175('¶(78'(6(7'¶(;326,7,216$172,1(9,9(1(/ ¼
o /(62/'('¶$0(1$*(0(17'85(67$85$176&2/$,5('8&(175(9,//( ¼
o /$328568,7('(/¶23(5$7,21'(&5($7,21'¶81(%,%/,27+(48(180(5,48( ¼
o /('(0$55$*('(75$9$8;$/¶(63$&(-($1/(*(1'5( SODQFKHUVFqQH5DYHO ¼
o /¶23(5$7,21'(0,6($8;1250(6'(/$3$7,12,5('(0(5&,(5(6 ¼
3DUPLOHVSURJUDPPHVDQQXHOVOHVUpDOLVDWLRQVVXLYDQWHVSHXYHQWrWUHFLWpHV
o /$3$57,&,3$7,21$8;%$66,16'¶25$*(6(7($8;3/89,$/(6$5& ¼
o /$3$57,&,3$7,21$835(6'8&216(,/*(1(5$/3285/(6&2//(*(6 H[HUFLFHV ¼
o /(62/'('¶$'+(6,21$/$63//(7,*5( ¼
o /$68%9(17,21'(48,3(0(173285/$5(67$85$7,21'87(03/((9$1*(/,48( ¼
o /¶$&+$7'87(55$,158('(/¶$,61( ¼
o /(60$7(5,(/6,1)250$7,48(6/(6/2*,&,(/6 ¼
o /('(6$0,$17$*('(/$&+$8))(5,('8*<01$6('(52<$//,(8 ¼
o /$5(129$7,21'86<67(0('(&/$,5$*($867$'('8&/26'(6526(6 ¼
o /(675$9$8;',9(56'$16/(6(&2/(6(7$875(6%$7,0(176081&,3$8; ¼
o /$5(67$85$7,21(7/¶$&48,6,7,21'¶¯895(6'¶$57 ¼
o /(675$9$8;'¶(&/$,5$*(38%/,& ¼
o /$5()(&7,21'(65(6($8;'87(55$,1'8*5$1'3$5& ¼
o /(6352*5$00(6$118(/6'¶$0(1$*(0(17'(692,5,(6(7752772,56 ¼ &DUUHIRXUUXH6DLQW/D]DUHHWUXHGHVUpVHUYRLUVVHQWHVSLpWRQQHV%DURQGH6RXOWUDLWSDUNLQJTXDLGXFORVGHVURVHV
6DQVRXEOLHUOHVSURJUDPPHVDQQXHOVHWUpFXUUHQWVFLDSUqV
o /(63/$17$7,216'¶$5%5(6(7$5%867(6
o /¶$&+$7'(0$7(5,(/67(&+1,48(6287,//$*(6(7'(9(+,&8/(6
o /(6$&+$76'(02%,/,(53285/(6(&2/(6(7/(66(59,&(6081,&,3$8;
o /(6$&48,6,7,216'(02%,/,(585%$,1
o /(6$&+$76'(0$7(5,(/663257,)6
o /(675$9$8;())(&78(6(15(*,('$16/(6%$7,0(176&20081$8;
(QOHVVRXUFHVSULQFLSDOHVGHILQDQFHPHQWGHODVHFWLRQG¶LQYHVWLVVHPHQWRQWpWpOHVVXLYDQWHV
OHVGRWDWLRQVDX[DPRUWLVVHPHQWV ¼
OHVGRWDWLRQVHWIRQGVGLYHUV )&79$7/(« ¼
OHVVXEYHQWLRQVG¶pTXLSHPHQW ¼
OHVHPSUXQWVQRXYHDX[ ¼
OHVRSpUDWLRQVGHFHVVLRQGXSDWULPRLQH ¼
/¶H[HUFLFH HVW PDUTXp SDU G¶LPSRUWDQWHV RSpUDWLRQV GH FHVVLRQV GH SDWULPRLQH LPPRELOLHU SDUPL OHVTXHOOHVRQSHXWFLWHU
ODFHVVLRQGHO¶LPPHXEOHVLVUXHGHV&RUGHOLHUVjOD6,&$(SRXU¼ ODFHVVLRQGHODSURSULpWpVLVHUXHGHO¶$UPLVWLFHjOD63$SRXU¼ ODYHQWHGX5HVWDXUDQW,QWHUHQWUHSULVHVjODFKDPEUHGH&RPPHUFHSRXU¼ ODYHQWHGXWHUUDLQ,$ 358GX&ORVGHV5RVHV jO¶23$&GHO¶2LVHSRXU ¼ ODYHQWHGXWHUUDLQSDVVDJH$&DPXV 358GX&ORVGHV5RVHV j&$3/2*(0(17SRXU¼
/(65(67(6$5($/,6(5285(32576
/HVUHSRUWVHQGpSHQVHVTXLV¶pOqYHQWDXWRWDOjODVRPPHGH ¼YRQWSHUPHWWUHGHUpDOLVHU GqVOHVRSpUDWLRQVHQJDJpHVSUpFpGHPPHQW
,OV DJLWSRXUO HVVHQWLHO
z'DQVOHGRPDLQH&8/785(/
GXVROGHGHVWUDYDX[GHUpQRYDWLRQHWGHPLVHHQVpFXULWpjO¶(VSDFH-HDQ/HJHQGUH GXVROGHGHO¶RSpUDWLRQGHFUpDWLRQG¶XQHELEOLRWKqTXHQXPpULTXH 7UDQFKH GHUHSRUWVGHWUDYDX[SRXUODVDOOHG¶H[SRVLWLRQGX0XVpH9LYHQHO
z3RXUOHV632576(7/$-(81(66(
GHODFRQVWUXFWLRQGHER[HVDX&HQWUH5pJLRQDO(TXHVWUH
GHODSRXUVXLWHGHVWUDYDX[GHPLVHDX[QRUPHVGHODSDWLQRLUHGH0HUFLqUHV
z3RXUOH'(9(/233(0(1762&,$/'(648$57,(56
GXGpPDUUDJHGHODFRQVWUXFWLRQGHODVDOOHGHTXDUWLHUGHOD=$&GX&DPSGH5R\DOOLHX
z3RXUFHTXLFRQFHUQHOHV$0(1$*(0(17685%$,16
GHVWUDYDX[G¶HQIRXLVVHPHQWGHVUpVHDX[UXHGHOD6RPPHHWUXHGH9HUGXQ HWSULQFLSDOHPHQWGHODSRXUVXLWHGX3URJUDPPHGH5pQRYDWLRQ8UEDLQHGX&ORVGHV5RVHV DYHFO¶DPpQDJHPHQWGHVYRLULHVHWGHVHVSDFHVSXEOLFV
/HVUHSRUWVHQUHFHWWHVV¶pOqYHQWj¼HWVHGpFOLQHQWFRPPHVXLW
• /HVHPSUXQWVFRQWUDFWpVHQGRQWODUpDOLVDWLRQLQWHUYLHQGUDHQ ¼
• /HVVXEYHQWLRQVSRXU¼
,OV¶DJLWGHVXEYHQWLRQVSRXUOHVTXHOOHVOHVGpFLVLRQV G¶DWWULEXWLRQRQWpWpREWHQXHVPDLVGRQWOHV YHUVHPHQWV LQWHUYLHQGURQW HQ DX IXU HW j PHVXUH GH O¶DFKqYHPHQW GHV RSpUDWLRQV VXEYHQWLRQQpHVHWGHODSURGXFWLRQGHVSLqFHVMXVWLILFDWLYHV
,,)21&7,211(0(17
(Q PDWLqUH GH GpSHQVHV GH )RQFWLRQQHPHQW VL O¶RQ QH WLHQW SDV FRPSWH GX YLUHPHQW j OD VHFWLRQ G¶LQYHVWLVVHPHQWTXLVHSUpYRLWPDLVQHVHUpDOLVHSDVOHEXGJHWV¶HVWUpDOLVpjKDXWHXUGH GHV FUpGLWVRXYHUWV
'e3(16(6
/,%(//e6 'e3(16(6
35e98 5e$/,6e (;e&87,21
&+$5*(6$&$5$&7(5(*(1(5$/
&+$5*(6'(3(56211(/
$875(6&+$5*(6'(*(67,21&285$17(
&+$5*(6),1$1&,(5(6
&+$5*(6(;&(37,211(//(6
9,5(0(17$/$6(&7,21'()21&7,211(0(17
'27$7,21$8;$0257,66(0(176
23(5$7,216'¶25'5(/,((6$8;&(66,216
727$/
/HVGpSHQVHVGHIRQFWLRQQHPHQWFRQQDLVVHQWXQHpYROXWLRQJOREDOHGHSDUUDSSRUWj
/(635,1&,3$8;3267(6'('(3(16(6
$/(6&+$5*(6$&$5$&7(5(*e1e5$/
2QUDSSHOOHUDTX LOV DJLW
GHO HQVHPEOHGHVDFKDWVFRXUDQWVHWGHVFRQWUDWVGHIRXUQLWXUH HDXJD]pOHFWULFLWpHWWpOpSKRQH
GHVSUHVWDWLRQVSRXUO HQWUHWLHQGHVELHQVPRELOLHUVHWLPPRELOLHUV
GHVSULPHVG DVVXUDQFHV
GHVLPS{WVIRQFLHUVGXVSDUOD9LOOH
GHVIRXUQLWXUHVVFRODLUHVDGPLQLVWUDWLYHV
GHVIUDLVG¶DIIUDQFKLVVHPHQWHWGHWpOpSKRQLH
GHVSUHVWDWLRQVGHVHUYLFHV UHSDVGHVFDQWLQHVIUDLVGHWUDQVSRUW«
/HVUpDOLVDWLRQVHQUHJLVWUpHVjFHFKDSLWUHVRQWLQIpULHXUHVjFHOOHVGH
3RXU PpPRLUH HQ OHV GpSHQVHV FRXUDQWHV VH VRQW FKLIIUpHV j PLOOLRQV G¶HXURV VRLW XQH UpGXFWLRQGHVFKDUJHVHQGHO¶RUGUHGHHWHQYDOHXUGH¼
8QHEDLVVHLGHQWLTXHDYDLWGpMjpWpHQUHJLVWUpHHQWUHHW$LQVLOHVGpSHQVHVFRXUDQWHVRQW FRQQXXQHEDLVVHGH HQDQVVRLWO¶pTXLYDOHQWGH¼WUDGXLVDQWG¶LPSRUWDQWVHIIRUWV GHJHVWLRQ
¾ /HVpFRQRPLHVRQWSULQFLSDOHPHQWSRUWpVXUOHVSRVWHVGHGpSHQVHVVXLYDQWV
/HVDFKDWVGHIRXUQLWXUHV
OHVDFKDWVGHIRXUQLWXUHVDGPLQLVWUDWLYHV ¼
OHVDFKDWVGHIRXUQLWXUHVGLYHUVHVHWGHSHWLWpTXLSHPHQW ¼
OHVYrWHPHQWVGHWUDYDLO ¼
OHVDFKDWVDOLPHQWDLUHV ¼
OHVpQHUJLHV ¼
OHVLPS{WVORFDX[ ¼
/HV3UHVWDWLRQVG¶HQWUHWLHQFRQILpHVjO¶HQWUHSULVH
OHVIUDLVGHIRUPDWLRQHWIUDLVGHGpSODFHPHQWGXSHUVRQQHO ¼
OHVORFDWLRQVLPPRELOLqUHVHWFKDUJHVORFDWLYHV ¼
O¶HQWUHWLHQHWODPDLQWHQDQFHGHVPDWpULHOV ¼
O¶HQWUHWLHQGHVHVSDFHVYHUWVGHVYRLULHVHWGHVUpVHDX[ ¼
OHVSUHVWDWLRQVGLYHUVHVHWOHVIUDLVG¶pWXGHV ¼
%/(6&+$5*(6'(3(56211(/
/HV FKDUJHV GH SHUVRQQHO TXL VH VRQW pOHYpHV j ODVRPPH GH ¼ HQ UHSUpVHQWHQW GHV GpSHQVHVUpHOOHVGHIRQFWLRQQHPHQW
3DU UDSSRUW j FH SRVWH D FRQQX XQH DXJPHQWDWLRQ HQ YDOHXU GH ¼ VRLW XQH pYROXWLRQ HQ SRXUFHQWDJHGH
&HWWH pYROXWLRQ HVW OH UpVXOWDW GHV pYROXWLRQV GH FDUULqUH GX SHUVRQQHO GH O¶DXJPHQWDWLRQ GHV FRWLVDWLRQV UHWUDLWHV &15$&/ PDLV DXVVL GHV UHFUXWHPHQWV HIIHFWXpV VXLWH j OD PLVH HQ SODFH GHV QRXYHDX[ U\WKPHV VFRODLUHVjODUHQWUpHGHVHSWHPEUH
/¶DSSOLFDWLRQ GH FHWWH UpIRUPH D JpQpUp GHV EHVRLQV VXSSOpPHQWDLUHV HQ WHUPHV G¶DFFXHLO SpULVFRODLUH PDLV DXVVLHQFHTXLFRQFHUQHOHSHUVRQQHODIIHFWpDX[HQWUpHVVRUWLHVVFRODLUHV
3RXULQIRUPDWLRQOHVFRWLVDWLRQVjOD&15$&/RQWFRQQXHQWUHHWXQHDXJPHQWDWLRQGH¼
'HV pOpPHQWVH[WpULHXUV LPSRVpV j OD FROOHFWLYLWp YLHQQHQW DLQVL FRQWUDULpV OHVPHVXUHV SULVHV SRXU FRQWHQLU O¶pYROXWLRQGHODPDVVHVDODULDOH
/D 0XQLFLSDOLWp HQWHQG QpDQPRLQV IDLUH SUHXYH GH OD SOXV JUDQGH YLJLODQFH SRXU PDvWULVHU DX PLHX[ O¶pYROXWLRQ GH FH FKDSLWUH GH GpSHQVHV HQ YHLOODQW QRWDPPHQW j XQH PHLOOHXUH PRELOLWp GHV DJHQWV HW HQ pYLWDQWDXWDQWTXHIDLUHVHSHXWOHUHPSODFHPHQWGHVDJHQWVSDUWDQWjODUHWUDLWH
&/(6$875(6&+$5*(6
&RQVWLWXpHV SULQFLSDOHPHQW SDU OHV FKDUJHV GH GHWWH HW OHV VXEYHQWLRQV DX[ DVVRFLDWLRQV RQW pWp UpDOLVpHV SUDWLTXHPHQWjKDXWHXUGHVFUpGLWVLQVFULWV
/HVLQWpUrWVGHODGHWWHTXLUHSUpVHQWHQWGXEXGJHWGHIRQFWLRQQHPHQWRQWHQUHJLVWUpXQHEDLVVHGH ¼SDUUDSSRUWj/DFROOHFWLYLWpEpQpILFLHGHODEDLVVHGHVWDX[HQUHJLVWUpHVXUOHVSUrWVjWDX[ YDULDEOHVRXLQGH[pVVXUOHOLYUHW$ OHVTXHOVUHSUpVHQWHQWGHODGHWWH
/HYHUVHPHQWGHVVXEYHQWLRQVDX[RUJDQLVPHVSULYpV DUWLFOH DpWpUpDOLVpSUDWLTXHPHQWDXPRQWDQWGH SRXUDWWHLQGUHODVRPPHGH ¼HQFRQWUH¼HQ
(QOD0XQLFLSDOLWpDYDLWHQHIIHWH[SULPpOHVRXKDLWGHUHFRQGXLUHOHQLYHDXGHVDLGHVDFFRUGpHVDXWLVVX DVVRFLDWLI
5(&(77(6
/,%(//e6 5(&(77(6
35e98 5e$/,6e (;e&87,21
3 52'8,76'(6 6 (59,&(6(7 9 (17(6',9(56(6
, 03276(7 7 $;(6
'27$7,216 6 8%9(17,216(7 3 $57,&,3$7,216
$875(6 3 52'8,76'( *(67,21 &285$17(
3 52'8,76 ) ,1$1&,(56
3 52'8,76 ( ;&(37,211(/6
$77(18$7,21'( & +$5*(6
23(5$7,216'¶ 25'5(
5(68/7$7 25',1$,5( 5(3257(
727$/
$X WHUPH GH O ([HUFLFH OHV UHFHWWHV VRQW VXSpULHXUHV GH ¼XURV SDU UDSSRUW DX[ FUpGLWV SUpYLVLRQQHOVVRLWXQWDX[GHUpDOLVDWLRQTXLV¶pWDEOLWj
$ /HVUHFHWWHVRQWpWpVXSpULHXUHVGDQVOHVGRPDLQHVVXLYDQWV
¼XURV5HGHYDQFHGHVFDQWLQHVHWGHVVHUYLFHVSpULVFRODLUHV
¼XURV7D[HDGGLWLRQQHOOHDX[GURLWVGHPXWDWLRQ
¼XURV5{OHVVXSSOpPHQWDLUHV HWPHLOOHXUUHQGHPHQWGHOD7/+9
¼XURV6XEYHQWLRQVGHOD&$)SRXUOHVVWUXFWXUHV©SHWLWHHQIDQFHª
¼XURV)RQGVG¶DPRUoDJHSRXUOHVQRXYHOOHVDFWLYLWpVSpULVFRODLUHV
% &(3(1'$17TXHOTXHVUHFHWWHVRQWpWpLQIpULHXUHVDX[SUpYLVLRQVEXGJpWDLUHV
,OV DJLWHQSDUWLFXOLHU
¾ ¼XURV 7D[HVXUO¶pOHFWULFLWp
¾ ¼XURV 5HPERXUVHPHQWGHWUDLWHPHQWVSDUOD6pFXULWp6RFLDOH
,,,(92/87,21'(6352'8,76'()21&7,211(0(17
&HVRQWOHVUHVVRXUFHVLVVXHVGXSURGXLWGHODILVFDOLWpORFDOHHWGHVGLYHUVHVWD[HVDLQVLTXHGHVWUDQVIHUWV
GHO (WDWTXLDVVXUHQWO HVVHQWLHOGXILQDQFHPHQWGHVFKDUJHVGH)RQFWLRQQHPHQW
/HWDEOHDXFLGHVVRXVLOOXVWUHXQHTXDVLVWDELOLVDWLRQGHQRVUHFHWWHVGHIRQFWLRQQHPHQWGHSXLVDYHF
XQH EDLVVH VLJQLILFDWLYH GH OD 'RWDWLRQ *OREDOH GH )RQFWLRQQHPHQW GX PRQWDQW GHV DOORFDWLRQV
FRPSHQVDWULFHV HW OD SHUWH GH OD WD[H VXU OHV SDULV KLSSLTXHV &HV GLPLQXWLRQV VH WURXYHQW QpDQPRLQV
FRPSHQVpHVSDUO¶DXJPHQWDWLRQGXSURGXLWGHVLPS{WVORFDX[OLpHHVVHQWLHOOHPHQWjODSURJUHVVLRQGHVEDVHV
OHVWDX[D\DQWpYROXpGHVHXOHPHQWVXUODSpULRGH HQHWHQ
9DULDWLRQ
3URGXLWGHV,PS{WV/RFDX[
$OORFDWLRQVFRPSHQVDWULFHV
737+HW7)%
'RWDWLRQVGHO¶$5&
' 6 &HW $ &
'RWDWLRQ*OREDOHGH
)RQFWLRQQHPHQW
'RWDWLRQGH6ROLGDULWp
8UEDLQH
7D[HVXUO¶pOHFWULFLWp
'RWDWLRQSRXUOHORJHPHQW
LQVWLWXWHXUV
7D[H$GGLWLRQQHOOH'URLWV
GH0XWDWLRQ
6WDWLRQQHPHQW3D\DQW
7D[HVXUOHVSDULV
+LSSLTXHV
7D[H/RFDOHVXUOD
3XEOLFLWp([WpULHXUH
727$/
GH9$5,$7,21 11
ȱ
ȱȱȱŘŖŗŚȱȱȱȱȱȱ·ȱȱȱDZȱ
ȱ
ȱ ǰȱȱ
ȱ
ȱ ·ȱ ·ȱ ȱ ȱ ·ȱ Ȃȱ ȱ ȱ ȱ ȱ ¡ȱ
·ȱ·ǯȱ
ȱ ȱ ȱ ȱ ȱ ¡¸ȱ ·ȱ ·ȱ ȱ ··ȱ ·ȱ ȱ ȱ ȱ ȱ
ȱȱ··ȱ··ǰȱȱȱȂȱȂȱȱȱ·¸ǯȱȱ
ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ·ȱ ȱ ·ȱ ȱ ȱ
ȱ·ȱ¥ȱȱȱȱȱ·ȱ¥ȱȱȱ·ȱȱȱ·ȱȱ·ȱȱ
ȱȱ¡ȱǯȱ
ȱ
ȱ ǰȱ
ȱ
Ȃ·ȱ ŘŖŗŚȱ ȱ ·ǰȱ ·ȱ ¡ȱ ȱ ǰȱ ȱ ȱ ·ȱ ȱ
ȱ ·ȱ Ȃ·ǯȱ ȱ ·ǰȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ
ȱ¥ȱȂȱȱȂȱȱȱ·ȱȱ·ȱȱ·ȱȱȱ
ȱ·ǯȱȱ
ȱ
ȱȂȱȱȱȱȱ·ȱȱȱȱȱȱȱȱȱȱ
ȱȱȱȱ¡ȱȱȱȱȱȱȱȱȱȱȱȱȱȱ
ȱȱ·ȱȱȱ¡ȱ·ǯȱ
&21&/86,21 YRWpSDUQDWXUH
%8'*(7 9,//('(&203,(*1(
$11((
&2037($'0,1,675$7,)
&20081('(&203,(*1(
5(38%/,48()5$1&$,6(
1XPpUR6,5(7
3267(&2037$%/('(&203,(*1(
0 SDJHV
,,QIRUPDWLRQVJpQpUDOHV
$,QIRUPDWLRQVVWDWLVWLTXHVILVFDOHVHWILQDQFLqUHV
%0RGDOLWpVGHYRWHGXEXGJHW
,,3UpVHQWDWLRQJpQpUDOHGXEXGJHW
$9XHG HQVHPEOH([pFXWLRQGXEXGJHWHWGpWDLOGHVUHVWHVjUpDOLVHU
$9XHG HQVHPEOH6HFWLRQGHIRQFWLRQQHPHQW&KDSLWUHV
$9XHG HQVHPEOH6HFWLRQG LQYHVWLVVHPHQW&KDSLWUHV
%%DODQFHJpQpUDOHGXEXGJHW'pSHQVHV
%%DODQFHJpQpUDOHGXEXGJHW5HFHWWHV
,,,9RWHGXEXGJHW
$6HFWLRQGHIRQFWLRQQHPHQW'pWDLOVGHVGpSHQVHV$UWLFOHV
$6HFWLRQGHIRQFWLRQQHPHQW'pWDLOGHVUHFHWWHV$UWLFOHV
%6HFWLRQG LQYHVWLVVHPHQW'pWDLOGHVGpSHQVHV
%6HFWLRQG LQYHVWLVVHPHQW'pWDLOGHVUHFHWWHV
%2SpUDWLRQVG pTXLSHPHQW'pWDLOGHVFKDSLWUHVHWDUWLFOHV
,9$QQH[HV -RLQWHV 6DQVREMHW
$(OpPHQWVGXELODQ
$3UpVHQWDWLRQFURLVpHSDUIRQFWLRQ [
$3UpVHQWDWLRQFURLVpHSDUIRQFWLRQ'pWDLOIRQFWLRQQHPHQW [
$3UpVHQWDWLRQFURLVpHSDUIRQFWLRQ'pWDLOLQYHVWLVVHPHQW [
$(WDWGHODGHWWHGpWDLOGHVFUpGLWVGHWUpVRUHULH [
$(WDWGHODGHWWH5pSDUWLWLRQSDUQDWXUHGHGHWWHV [
$(WDWGHODGHWWH5pSDUWLWLRQGHVHPSUXQWVSDUVWUXFWXUHGHWDX[ [
$(WDWGHODGHWWH7\SRORJLHGHODUpSDUWLWLRQGHO HQFRXUV [
$(WDWGHODGHWWH'pWDLOGHVRSpUDWLRQVGHFRXYHUWXUH [
$(WDWGHODGHWWH5HPERXUVHPHQWDQWLFLSpG¶XQHPSUXQWDYHFUHILQDQFHPHQW [
$(WDWGHODGHWWH(PSUXQWVUHQpJRFLpVDXFRXUVGHO DQQpH1 [
$(WDWGHODGHWWH'HWWHSRXUILQDQFHUO HPSUXQWG XQDXWUHRUJDQLVPH [
$ (WDWGHODGHWWH$XWUHVGHWWHV [
$0pWKRGHVXWLOLVpHVSRXUOHVDPRUWLVVHPHQWV [
$(WDWGHVSURYLVLRQV [
$(WDOHPHQWGHVSURYLVLRQV [
$(TXLOLEUHGHVRSpUDWLRQVILQDQFLqUHV'pSHQVHV [
$(TXLOLEUHGHVRSpUDWLRQVILQDQFLqUHV5HFHWWHV [
$(WDWVGHVGpSHQVHVHWUHFHWWHVGHVVHUYLFHVG¶HDXHWG¶DVVDLQLVVHPHQW±)RQFW [
$(WDWVGHVGpSHQVHVHWUHFHWWHVGHVVHUYLFHVG¶HDXHWG¶DVVDLQLVVHPHQW±,QYHVW [
$(WDWVGHVGpSHQVHVHWUHFHWWHVGHVVHUYLFHVDVVXMHWWLVjOD79$±)RQFWLRQQHPHQW [
$(WDWVGHVGpSHQVHVHWUHFHWWHVGHVVHUYLFHVDVVXMHWWLVjOD79$±,QYHVWLVVHPHQW [
$(WDWVGHODUpSDUWLWLRQGHOD7(20±)RQFWLRQQHPHQW [
$(WDWVGHODUpSDUWLWLRQGHOD7(20±,QYHVWLVVHPHQW [
$(WDWGHVFKDUJHVWUDQVIpUpHV [
$ 'pWDLOGHVRSpUDWLRQVSRXUOHFRPSWHGHWLHUV [
$9DULDWLRQGXSDWULPRLQH DUWLFOH5GX&*&7 (QWUpHV [
$9DULDWLRQGXSDWULPRLQH DUWLFOH5GX&*&7 6RUWLHV [
$2SpUDWLRQVOLpHVDX[FHVVLRQV [
$9DULDWLRQGXSDWULPRLQH DUWLFOH/GXFRGHO¶XUEDQLVPH (QWUpHV [
$9DULDWLRQGXSDWULPRLQH DUWLFOH/GXFRGHO¶XUEDQLVPH 6RUWLHV [
$(WDWGHVWUDYDX[HQUpJLH [
$(PSORLGHVFUpGLWVFRPPXQDXWDLUHVGDQVOHFDGUHGHODVXEYHQWLRQJOREDOH [
%(QJDJHPHQWVKRUVELODQ
%(WDWGHVHPSUXQWVJDUDQWLVSDUODFRPPXQHRXO¶pWDEOLVVHPHQW [
%&DOFXOGXUDWLRG HQGHWWHPHQW [
%(WDWGHVFRQWUDWVGHFUpGLWEDLO [
%(WDWGHVFRQWUDWVGHSDUWHQDULDWSXEOLFSULYp [
%(WDWGHVDXWUHVHQJDJHPHQWVGRQQpV [
%(WDWGHVHQJDJHPHQWVUHoXV [
%/LVWHGHVFRQFRXUVDWWULEXpVjGHVWLHUVHQQDWXUHRXHQVXEYHQWLRQV [
%(WDWGHVDXWRULVDWLRQVGHSURJUDPPHHWGHVFUpGLWVGHSDLHPHQWDIIpUHQWV [
%(WDWGHVDXWRULVDWLRQVG¶HQJDJHPHQWHWGHVFUpGLWVGHSDLHPHQWDIIpUHQWV [ %(PSORLGHVUHFHWWHVJUHYpHVG¶XQHDIIHFWDWLRQVSpFLDOH [
6200$,5( &$XWUHVpOpPHQWVG¶LQIRUPDWLRQV
&(WDWGXSHUVRQQHO [
&$FWLRQVGHIRUPDWLRQGHVpOXV [
&/LVWHGHVRUJDQLVPHVGDQVOHVTXHOVDpWpSULVXQHQJDJHPHQWILQDQFLHU [
&/LVWHGHVRUJDQLVPHVGHUHJURXSHPHQWDX[TXHOVDGKqUHODFRPPXQHRXO¶pWDEOLVVHPHQW [
&/LVWHGHVpWDEOLVVHPHQWVSXEOLFVFUppV [
&/LVWHGHVVHUYLFHVLQGLYLGXDOLVpVGDQVXQEXGJHWDQQH[H [
&/LVWHGHVVHUYLFHVDVVXMHWWLVjOD79$HWQRQpULJpVHQEXGJHWDQQH[H [
&3UpVHQWDWLRQDJUpJpHGXEXGJHWSULQFLSDOHWGHVEXGJHWVDQQH[HV [
eWDWGHVUHSRUWV [
''pFLVLRQVHQPDWLqUHGHVWDX[GHFRQWULEXWLRQVGLUHFWHV$UUrWpHWVLJQDWXUHV
''pFLVLRQVHQPDWLqUHGHWDX[GHFRQWULEXWLRQVGLUHFWHV [
'$UUrWpHWVLJQDWXUHV [
&HWWHSUpVHQWDWLRQHVWREOLJDWRLUHSRXUOHVFRPPXQHVGHKDELWDQWVHWSOXV DUW/GX&*&7 OHVJURXSHPHQWVFRPSUHQDQWDXPRLQVXQHFRPPXQHGH
KDELWDQWVHWSOXV DUW5GX&*&7 HWOHXUVpWDEOLVVHPHQWVSXEOLFV,OQ DFHSHQGDQ
&HWpWDWQHSHXWrWUHSURGXLWTXHSDUOHVFRPPXQHVGRQWODSRSXODWLRQHVWLQIpULHXUHjKDELWDQWVTXLJqUHOHVVHUYLFHVGHGLVWULEXWLRQGHO HDXSRWDEOHHW
G DVVDLQLVVHPHQWVRXVIRUPHGHUpJLHVLPSOHVDQVEXGJHWDQQH[H DUWLFOH/GX&*&*7
&IDUWLFOH5GX&&*7 1RPGHO (3&,jILVFDOLWpSURSUHDXTXHOODFRPPXQHDGKqUH
ELV
'DQVO HQVHPEOHGHVWDEOHDX[OHVFDVHVJULVpHVQHGRLYHQWSDVrWUHUHPSOLHV
&RGH,16(( &$
,,1)250$7,216*(1(5$/(6 ,
&RPPXQHGH&203,(*1(
,1)250$7,21667$7,67,48(6),6&$/(6(7),1$1&,(5(6 $
,QIRUPDWLRQVVWDWLVWLTXHV
3RSXODWLRQWRWDOH FRORQQHKGXUHFHQVHPHQW,16((
1RPEUHGHUpVLGHQFHVVHFRQGDLUHV DUWLFOH5LQILQH
9DOHXUV
&20081$87(' $**/20(5$7,21'(/$5(*,21'(&203,(*1( $5&
)LVFDO )LVFDO )LQDQFLHU
3RWHQWLHOILVFDOHWILQDQFLHU
)LQDQFLHU
9DOHXUVSDUKDE SRSXODWLRQ'*)
««««««««««««««««««««««««««««««««««««««««««««««««««
¼
¼
(QFRXUVGHODGHWWHSRSXODWLRQ
0R\HQQHVQDWLRQDOHVGHODVWUDWH
3RWHQWLHOILVFDO ¼
3RWHQWLHOILQDQFLHU ¼
¼ ¼
'*)SRSXODWLRQ
5HFHWWHVUpHOOHVGHIRQFWLRQQHPHQWSRSXODWLRQ
3URGXLWGHVLPSRVLWLRQVGLUHFWHVSRSXODWLRQ
9DOHXUV 0R\HQQHVQDWLRQDOHVGHOD VWUDWH
'pSHQVHVUpHOOHVGHIRQFWLRQQHPHQWSRSXODWLRQ
'pSHQVHVG pTXLSHPHQWEUXWSRSXODWLRQ
,QIRUPDWLRQVILQDQFLqUHVUDWLRV
/H&03)pODUJLHVWDSSOLFDEOHDX[FRPPXQHVDSSDUWHQDQWjXQ(3&,jILVFDOLWpSURSUH
,O V¶DJLW GX SRWHQWLHO ILVFDO HW GX SRWHQWLHO ILQDQFLHU GpILQLV j O¶DUWLFOH / GX FRGH JpQpUDO GHV FROOHFWLYLWpV WHUULWRULDOHV TXL ILJXUHQW VXU OD ILFKH GH UpSDUWLWLRQ
GHOD'*)GHO H[HUFLFH1pWDEOLHVXUODEDVHGHVLQIRUPDWLRQV1 WUDQVPLVHSDUOHVVHUYLFHVSUpIHFWRUDX[ /HV UDWLRV j VRQW REOLJDWRLUHV SRXU OHV FRPPXQHV GH KDELWDQWV HW SOXV HW OHXUV pWDEOLVVHPHQWV SXEOLFV DGPLQLVWUDWLIV DLQVL TXH SRXU OHV (3&, GRWpV
G¶XQHILVFDOLWpSURSUHFRPSUHQDQWDXPRLQVXQHFRPPXQHGHKDELWDQWVHWSOXV
1$
,O FRQYLHQW G LQGLTXHU OHV PR\HQQHV GH OD FDWpJRULH GH O RUJDQLVPH HQ FDXVH FRPPXQH FRPPXQDXWp XUEDLQH FRPPXQDXWp G DJJORPpUDWLRQ« HW OHV VRXUFHV
G RVRQWWLUpHVOHVLQIRUPDWLRQV VWDWLVWLTXHVGHODGLUHFWLRQJpQpUDOHGHVFROOHFWLYLWpVORFDOHVRXGHODGLUHFWLRQJpQpUDOHGHODFRPSWDELOLWpSXEOLTXH ,OV DJLWGHV
&RHIILFLHQWGHPRELOLVDWLRQGXSRWHQWLHOILVFDO
'pSHQVHVGHSHUVRQQHOGpSHQVHVUpHOOHVGHIRQFWLRQQHPHQW
(QFRXUVGHODGHWWHUHFHWWHVUpHOOHVGHIRQFWLRQQHPHQW
/HV UDWLRV j VRQW REOLJDWRLUHV SRXU OHV FRPPXQHV GH KDELWDQWV HW SOXV HW OHXUV pWDEOLVVHPHQWV SXEOLFV DGPLQLVWUDWLIV DLQVL TXH SRXU OHV (3&, GRWpV
G¶XQH ILVFDOLWp SURSUH FRPSUHQDQW DX PRLQV XQH FRPPXQH GH KDELWDQWV HW SOXV FI DUWLFOHV / / 5 5 HW 5 GX
&*&7 3RXU OHV FDLVVHV GHV pFROHV OHV (3&, QRQ GRWpV G¶XQH ILVFDOLWp SURSUH HW OHV V\QGLFDWV PL[WHV DVVRFLDQW H[FOXVLYHPHQW GHV FRPPXQHV HW GHV (3&, LO
FRQYLHQGUD G¶DSSOLTXHU OHV UDWLRV SUpYXV UHVSHFWLYHPHQW SDU OHV DUWLFOHV 5 5 HW 5 GX &*&7
1$
1&
'pSHQVHVG pTXLSHPHQWEUXWUHFHWWHVUpHOOHVGHIRQFWLRQQHPHQW
&RHIILFLHQWGHPRELOLVDWLRQGXSRWHQWLHOILVFDOpODUJL
'pSHQVHVGHIRQFWHWUHPEGHWWHHQFDSLWDOUHFHWWHVUpHOOHVGHIRQFW
,
%
,/ DVVHPEOpHGpOLEpUDQWHDYRWpOHSUpVHQWEXGJHWSDUQDWXUH
DXQLYHDX GX&KDSLWUHSRXUODVHFWLRQGHIRQFWLRQQHPHQW
DXQLYHDX GX&KDSLWUHSRXUODVHFWLRQG¶LQYHVWLVVHPHQW
VDQVOHVFKDSLWUHV©RSpUDWLRQVG¶pTXLSHPHQWªGHO¶pWDW,,,%
VDQVYRWHIRUPHOVXUFKDFXQGHVFKDSLWUHV
,,,/HVSURYLVLRQVVRQW
VHPLEXGJpWDLUHV
,,1)250$7,216*(1(5$/(6
02'$/,7(6'(927('8%8'*(7
«««««««««««««««««««««««««««««««««««««««««««««««««
32850e02,5(
,,(QO¶DEVHQFHGHPHQWLRQDXSDUDJUDSKH,FLGHVVXVOHEXGJHWHVWUpSXWpYRWpSDUFKDSLWUHHWHQ
VHFWLRQG¶LQYHVWLVVHPHQWVDQVFKDSLWUHGHGpSHQVH©RSpUDWLRQG¶pTXLSHPHQWª
««««««««««««««««««««««««««««««««««««««««««««««««« «««««««««««««««««««««««««««««««««««««««««««««««««
/DOLVWHGHVDUWLFOHVVSpFLDOLVpVVXUOHVTXHOVO RUGRQQDWHXUQHSHXWSURFpGHUjGHVYLUHPHQWVG DUWLFOHjDUWLFOH HVWODVXLYDQWH
,9/DFRPSDUDLVRQDYHFOHEXGJHWSUpFpGHQW FIFRORQQH3RXUPpPRLUH V HIIHFWXHSDUUDSSRUWjODFRORQQH GXEXGJHW
SULPLWIRXFXPXOpGHO H[HUFLFHSUpFpGHQW
6LOHSUpVHQWEXGJHWHVWXQEXGJHWVXSSOpPHQWDLUHUHSRUWHUOHEXGJHWSULPLWLIHWOHFXPXOGHVGpFLVLRQV EXGJpWDLUHV GX EXGJHW HQ FRXUV
5DSSHOHUOHVPRGDOLWpVUHODWLYHVDXYRWHGXEXGJHW
$FRPSOpWHUSDU©GXFKDSLWUHªRX©GHO¶DUWLFOHª
,QGLTXHU©DYHFªRX©VDQVªOHVFKDSLWUHVRSpUDWLRQVG¶pTXLSHPHQW
,QGLTXHU©DYHFªRX©VDQVªYRWHIRUPHO
$FRPSOpWHUSDUXQVHXOGHVGHX[FKRL[VXLYDQWV
VHPLEXGJpWDLUHV SDVG¶LQVFULSWLRQHQUHFHWWHGHODVHFWLRQG¶LQYHVWLVVHPHQW
EXGJpWDLUHV GpOLEpUDWLRQQ «««GX«««
VDQVUHSULVHGHVUpVXOWDWVGHO H[HUFLFH1
DYHFUHSULVHDQWLFLSpHGHVUpVXOWDWVGHO H[HUFLFH1
DYHFUHSULVHGHVUpVXOWDWVGHO H[HUFLFH1DSUqVOHYRWHGXFRPSWHDGPLQLVWUDWLI1
EXGJpWDLUHVGXEXGJHWHQFRXUV
9/HSUpVHQWEXGJHWDpWpYRWp ,,
$
6HFWLRQGHIRQFWLRQQHPHQW
6HFWLRQG LQYHVWLVVHPHQW
5HSRUWHQVHFWLRQGH
IRQFWLRQQHPHQW
5HSRUWHQVHFWLRQ
G LQYHVWLVVHPHQW
727$/ UpDOLVDWLRQVUHSRUWV
6HFWLRQGHIRQFWLRQQHPHQW
6HFWLRQG LQYHVWLVVHPHQW
727$/'(65(67(6jUpDOLVHUj
UHSRUWHUHQ1
6HFWLRQGHIRQFWLRQQHPHQW
6HFWLRQG LQYHVWLVVHPHQW
727$/&808/(
5($/,6$7,216'(/ (;(5&,&(
PDQGDWVHWWLWUHV
5(67(6$5($/,6(5$
5(3257(5(11
5(68/7$7&808/(
5(32576'(/ (;(5&,&(1
,,35(6(17$7,21*(1(5$/(
98(' (16(0%/(
(;(&87,21'8%8'*(7
5(&(77(6 '(3(16(6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭ ,,
$
&KDS
'pSHQVHV
HQJDJpHVQRQ
PDQGDWpHV
/LEHOOp 7LWUHVUHVWDQW jpPHWWUH
,,35(6(17$7,21*(1(5$/('8%8'*(7
98(' (16(0%/(
'(7$,/'(65(67(6$5($/,6(5
727$/'(/$6(&7,21'()21&7,211(0(17
727$/'(/$6(&7,21' ,19(67,66(0(17
68%9(17,216' ,19(67,66(0(175(&8(6
68%9(17,216' (48,3(0(1775$16)(5$%/(6(7$7(7(7$%/,66(0(176 1$7,21$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7 (7$%/,66(0(176 1$7,21$8;
68%9(48,37175$16)(5$%/(*)3'(5$77$&+$0(17
$875(668%9(17,216' (48,3(0(1712175$16)(5$%/(6
(0358176(7'(77(6$66,0,/((6
(0358176(1(8526
,002%,/,6$7,216,1&25325(//(6
)5$,6' (78'(6
&21&(66,216(7'52,766,0,/$,5(6
68%9(48,3(0(1769(56((6
68%9(17,21(48,3(0(17*)3'(5$77$&+(0(17%Æ7(7,167$//$7,216
68%9(17,21(48,3(0(17$8;3(56211(6'('52,735,9((6
,002%,/,6$7,216&25325(//(6
3/$17$7,216' $5%5(6(7' $5%867(6
$875(0$7(5,(/(7287,//$*('(92,5,(
,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6$875(6
2(895(6(72%-(76' $57
$875(6,002%,/,6$7,216&25325(//(60$7(5,(/'(%85($8(7 ,1)250$7,48(
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
,002%,/,6$7,216(1&2856
,002%,/,6$7,216(1&28567(55$,16
,002%,/,6$7,216(1&2856&216758&7,216
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*( 7(&+1,48(6
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
,002%,/,6$7,216(1&28565(67$85$7,21'(6&2//(&7,216(72(895(6 '$57
2SpUDWLRQVG pTXLSHPHQW
5(129$7,2185%$,1(
%,%/,27+(48(180(5,48(
5(6758&785$7,21086((9,9(1(/
08/7,$&&8(,//(1,'
$0(1$*(0(17-(8' $5&
2SpUDWLRQVSRXUFRPSWHGHWLHUV
/HVUHVWHVjUpDOLVHUGHODVHFWLRQGHIRQFWLRQQHPHQWFRUUHVSRQGHQWHQGpSHQVHVDX[GpSHQVHVHQJDJpHVQRQPDQGDWpHVHWQRQUDWWDFKpHVWHOOHV TX HOOHVUHVVRUWHQWGHODFRPSWDELOLWpGHVHQJDJHPHQWVHWHQUHFHWWHVDX[UHFHWWHVFHUWDLQHVQ D\DQWSDVGRQQpOLHXjO pPLVVLRQG XQWLWUHHWQRQUDWWDFKpHV 5GX&*&7
/HVUHVWHVjUpDOLVHUGHODVHFWLRQG LQYHVWLVVHPHQWFRUUHVSRQGHQWHQGpSHQVHVDX[GpSHQVHVHQJDJpHVQRQPDQGDWpHVDXGHO H[HUFLFHSUpFpGHQW WHOOHVTX HOOHVUHVVRUWHQWGHODFRPSWDELOLWpGHVHQJDJHPHQWVHWDX[UHFHWWHVFHUWDLQHVQ D\DQWSDVGRQQpOLHXjO pPLVVLRQG XQWLWUHDXGHO H[HUFLFH SUpFpGHQW 5GX&*&7
/HFKDSLWUHGRLWrWUHGpWDLOOpFRQIRUPpPHQWDXSODQGHFRPSWHWDQWHQGpSHQVHVTX¶HQUHFHWWHV
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
Ϯ ,,
$
&+$5*(6$&$5$&7(5(*(1(5$/
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
$77(18$7,216'(352'8,76
$875(6&+$5*(6'(*(67,21&285$17(
)5$,6'()21&7,211(0(17'(6*5283(6' (/86
&+$5*(6),1$1&,(5(6
&+$5*(6(;&(37,211(//(6
'27$7,216$8;3529,6,216
'(3(16(6,035(98(6
9,5(0(17$/$6(&7,21' ,19(67,66(0(17
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
23(5$7,2125'5($/,17(5,(85'(/$6)21&7
3RXULQIRUPDWLRQ
''pILFLWGHIRQFWLRQQHPHQWUHSRUWpGH1
$77(18$7,216'(&+$5*(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
,03276(77$;(6
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(6352'8,76'(*(67,21&285$17(
352'8,76),1$1&,(56
352'8,76(;&(37,211(/6
5(35,6(6685$0257,66(0(176(73529,6,216
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
23(5$7,2125'5($/,17(5,(85'(/$6)21&7
3RXULQIRUPDWLRQ
5([FpGHQWGHIRQFWLRQQHPHQWUHSRUWpGH1
7LWUHVpPLV 3URG UDWWDFKpHV
&UpGLWVHPSOR\pV RXUHVWDQWjHPSOR\HU
727$/
6LODFRPPXQHRXO¶pWDEOLVVHPHQWDSSOLTXHOHUpJLPHGHVSURYLVLRQVVHPLEXGJpWDLUHV ') 5, ', 5) 5, ') ', 5, ') 5) /HVOLJQHVGHUHSRUWQHIRQWSDVO¶REMHWG¶pPLVVLRQGHPDQGDWRXGHWLWUH LQVFULUHOHPRQWDQWUHSRUWp
727$/
7RWDOGHVUHFHWWHVGHJHVWLRQFRXUDQWH
7RWDOGHVUHFHWWHVUpHOOHVGHIRQFWLRQQHPHQW
&KDS
7RWDOGHVUHFHWWHVG RUGUHGHIRQFWLRQQHPHQW
&UpGLWVDQQXOpV &KDS
7RWDOGHVGpSHQVHVUpHOOHVGHIRQFWLRQQHPHQW
&KDUJ
UDWWDFKpHV
&UpGLWVRXYHUWV
%3'05$51
,,35(6(17$7,21*(1(5$/('8%8'*(7
6(&7,21'()21&7,211(0(17&+$3,75(6
'(3(16(6'()21&7,211(0(17
&UpGLWVHPSOR\pV RXUHVWDQWjHPSOR\HU
&UpGLWVRXYHUWV
%3'05$51
0DQGDWVpPLV
7RWDOGHVGpSHQVHVGHJHVWLRQFRXUDQWH
/LEHOOp
7RWDOGHVGpSHQVHVG RUGUHGHIRQFWLRQQHPHQW
5HVWHVj
UpDOLVHUDX
5(&(77(6'()21&7,211(0(17
/LEHOOp &UpGLWVDQQXOpV 5HVWHVj UpDOLVHUDX
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϯ ,,
$
&UpGLWVRXYHUWV 5HVWHVjUpDOLVHU
%3'05$51 DX
672&.6
,002%,/,6$7,216,1&25325(//(6 VDXI
68%9(48,3(0(1769(56((6
,002%,/,6$7,216&25325(//(6
,002%,/,6$7,2165(&8(6(1$))(&7$7,21
,002%,/,6$7,216(1&2856
7RWDOGHVRSpUDWLRQVG pTXLSHPHQW
'27$7,216)21'6',9(56(75(6(59(6
68%9(17,216' ,19(67,66(0(175(&8(6
(0358176(7'(77(6$66,0,/((6
&2037('(/,$,621 $))(&7$7,216
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
$875(6,002%,/,6$7,216),1$1&,(5(6
'(3(16(6,035(98(6
7RWDOGHVRSpSRXUFRPSWHGHWLHUV
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
23(5$7,2163$75,021,$/(6
3RXULQIRUPDWLRQ
'6ROGHG H[pFXWLRQQpJDWLIUHSRUWpGH1
&UpGLWVRXYHUWV 5HVWHVjUpDOLVHU
%3'05$51 DX
672&.6
68%9(17,216' ,19(67,66(0(175(&8(6
(0358176(7'(77(6$66,0,/((6 KRUV
,002%,/,6$7,216,1&25325(//(6 VDXI
68%9(48,3(0(1769(56((6
,002%,/,6$7,216&25325(//(6
,002%,/,6$7,2165(&8(6(1$))(&7$7,21
,002%,/,6$7,216(1&2856
'27$7,216)21'6',9(56(75(6(59(6 KRUV
(;&('(176'()21&7,211(0(17&$3,7$/,6(6
$XWUHVVXEYGLQYHVWLVVHPHQWQRQWUDQVIpUpHV
'pS{WVHWFDXWLRQQHPHQWVUHoXV
&2037('(/,$,621 $))(&7$7,216
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
$875(6,002%,/,6$7,216),1$1&,(5(6
352'8,76'(6&(66,216
7RWDOGHVRSpSRXUFRPSWHGHWLHUV
9,5(0(17'(/$6(&7,21'()21&7,211(0(17
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
23(5$7,2163$75,021,$/(6
3RXULQIRUPDWLRQ
56ROGHG H[pFXWLRQSRVLWLIUHSRUWpGH1
,,35(6(17$7,21*(1(5$/('8%8'*(7
6(&7,21' ,19(67,66(0(17&+$3,75(6
'(3(16(6' ,19(67,66(0(17
5(&(77(6' ,19(67,66(0(17
727$/
7RWDOGHVGpSHQVHVUpHOOHVG LQYHVWLVVHPHQW
7RWDOGHVGpSHQVHVG RUGUHG LQYHVWLVVHPHQW
/LEHOOp 0DQGDWVpPLV &UpGLWVDQQXOpV
7RWDOGHVUHFHWWHVILQDQFLqUHV
&KDS
7RWDOGHVGpSHQVHVG pTXLSHPHQW
7RWDOGHVGpSHQVHVILQDQFLqUHV
&UpGLWVDQQXOpV
727$/
') 5, ', 5) 5, ') ', 5, ') 5) /HVOLJQHVGHUHSRUWQHIRQWSDVO¶REMHWG¶pPLVVLRQGHPDQGDWRXGHWLWUH LQVFULUHOHPRQWDQWUHSRUWp $VHUYLUXQLTXHPHQWGDQVOHFDGUHG¶XQVXLYLGHVVWRFNVVHORQODPpWKRGHGHO¶LQYHQWDLUHSHUPDQHQWVLPSOLILpDXWRULVpHSRXUOHVVHXOHVRSpUDWLRQVG¶DPpQDJHPHQWV ORWLVVHPHQW=$&« SDU DLOOHXUVUHWUDFpHVGDQVOHFDGUHGHEXGJHWVDQQH[HV
(QGpSHQVHVOHFKDSLWUHUHWUDFHOHVWUDYDX[G¶LQYHVWLVVHPHQWUpDOLVpVVXUOHVELHQVUHoXVHQDIIHFWDWLRQ(QUHFHWWHLOUHWUDFHOHFDVpFKpDQWO¶DQQXODWLRQGHWHOVWUDYDX[HIIHFWXpVVXUXQ H[HUFLFHDQWpULHXU
$VHUYLUXQLTXHPHQWORUVTXHODFRPPXQHRXO¶pWDEOLVVHPHQWHIIHFWXHXQHGRWDWLRQLQLWLDOHHQHVSqFHVDXSURILWG¶XQVHUYLFHSXEOLFQRQSHUVRQQDOLVpTX¶HOOHRXTX¶LOFUpH 6HXOOHWRWDOGHVRSpUDWLRQVSRXUFRPSWHGHWLHUVILJXUHVXUFHWpWDW YRLUOHGpWDLO$QQH[H,9$ /HFRPSWHQ¶HVWSDVXQFKDSLWUHPDLVXQDUWLFOHGXFKDSLWUH
7RWDOGHVUHFHWWHVUpHOOHVG LQYHVWLVVHPHQW
7RWDOGHVUHFHWWHVG RUGUHG LQYHVWLVVHPHQW
&KDS /LEHOOp 7LWUHVpPLV
7RWDOGHVUHFHWWHVG HTXLSHPHQW
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϰ ,,
%
2SpUDWLRQV 2SpUDWLRQV 727$/
UpHOOHV G RUGUH
&+$5*(6$&$5$&7(5(*(1(5$/
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
$77(18$7,216'(352'8,76
$&+$76(79$5,$7,21'(6672&.6
$875(6&+$5*(6'(*(67,21&285$17(
)5$,6'()21&7,211(0(17'(6*5283(6' (/86
&+$5*(6),1$1&,(5(6
&+$5*(6(;&(37,211(//(6
'27$7,216$8;3529,6,216
3RXULQIRUPDWLRQ
''pILFLWGHIRQFWLRQQHPHQWUHSRUWpGH1
2SpUDWLRQV 2SpUDWLRQV
UpHOOHV G RUGUH
'27$7,216)21'6',9(56(75(6(59(6
68%9(17,216' ,19(67,66(0(175(&8(6
3529,6,21632855,648(6(7&+$5*(6
(0358176(7'(77(6$66,0,/((6 VDXIQRQEXGJpWDLUH
&2037('(/,$,621 $))(&7$7,216
7RWDOGHVRSpUDWLRQVG pTXLSHPHQW
',))(5(1&(66855($/,6$7,216' ,002%,/,6$7,216
,002%,/,6$7,216,1&25325(//(6 VDXI
68%9(48,3(0(1769(56((6
,002%,/,6$7,216&25325(//(6
,002%,/,6$7,2165(&8(6(1$))(&7$7,21
,002%,/,6$7,216(1&2856
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
$875(6,002%,/,6$7,216),1$1&,(5(6
$0257,66(0(176'(6,002%,/,6$7,216
3529,6,2163285'(35(&,$7,21'(6,002%,/,6$7,216
3529,6,2163285'(35(&,$7,21'(6672&.6(7(1&2856
7RWDOGHVRSpUDWLRQVSRXUFRPSWHGHWLHUV
&+$5*(6$5(3$57,56853/86,(856(;(5&,&(6
3529,6,2163285'(35(&,$7,21'(6&2037(6'(7,(56
3529,6,2163285'(35(&,$7,21'(6&2037(6),1$1&,(56
6WRFNV
3RXULQIRUPDWLRQ
'6ROGHG H[pFXWLRQQpJDWLIUHSRUWpGH1
<FRPSULVOHVRSpUDWLRQVUHODWLYHVDXUDWWDFKHPHQWGHVFKDUJHVHWGHVSURGXLWVHWOHVRSpUDWLRQVG¶RUGUHVHPLEXGJpWDLUHV 9RLUOLVWHGHVRSpUDWLRQVG¶RUGUH
3HUPHWGHUHWUDFHUGHVRSpUDWLRQVSDUWLFXOLqUHVWHOOHVTXHOHVRSpUDWLRQVGHVWRFNVOLpHVjODWHQXHG¶XQLQYHQWDLUHSHUPDQHQWVLPSOLILp &RPPXQHVFRPPXQDXWpVG¶DJJORPpUDWLRQHWFRPPXQDXWpVXUEDLQHVGHSOXVGHKDELWDQWV 6LODFRPPXQHRXO¶pWDEOLVVHPHQWDSSOLTXHOHUpJLPHGHVSURYLVLRQVEXGJpWDLUHV +RUVFKDSLWUHV©RSpUDWLRQVG¶pTXLSHPHQWª
6HXOOHWRWDOGHVRSpUDWLRQVSRXUFRPSWHGHWLHUVILJXUHVXUFHWpWDW YRLUOHGpWDLO$QQH[H,9$ $VHUYLUXQLTXHPHQWORUVTXHODFRPPXQHRXO¶pWDEOLVVHPHQWHIIHFWXHXQHGRWDWLRQLQLWLDOHHQHVSqFHVDXSURILWG¶XQVHUYLFHSXEOLFQRQSHUVRQQDOLVpTX¶HOOHRXTX¶LOFUpH (QGpSHQVHVOHFKDSLWUHUHWUDFHOHVWUDYDX[G¶LQYHVWLVVHPHQWUpDOLVpVVXUOHVELHQVUHoXVHQDIIHFWDWLRQ(QUHFHWWHLOUHWUDFHOHFDVpFKpDQWO¶DQQXODWLRQGHWHOVWUDYDX[ HIIHFWXpVVXUXQH[HUFLFHDQWpULHXU
,,35(6(17$7,21*(1(5$/('8%8'*(7
%$/$1&(*(1(5$/('8%8'*(7
0DQGDWVpPLV \FRPSULVVXUOHVUHVWHVjUpDOLVHU1
'pSHQVHVGHIRQFWLRQQHPHQW7RWDO
'pSHQVHVG LQYHVWLVVHPHQW7RWDO
)21&7,211(0(17
,19(67,66(0(17 727$/
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϱ ,,
%
2SpUDWLRQV 2SpUDWLRQV
UpHOOHV G RUGUH
$77(18$7,216'(&+$5*(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
352'8&7,21672&.(( 28'(672&.$*(
75$9$8;(15(*,(
,03276(77$;(6
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(6352'8,76'(*(67,21&285$17(
352'8,76),1$1&,(56
352'8,76(;&(37,211(/6
5(35,6(6685$0257,66(0(176(73529,6,216
75$16)(576'(&+$5*(6
3RXULQIRUPDWLRQ
5([FpGHQWGHIRQFWLRQQHPHQWUHSRUWpGH1
2SpUDWLRQV 2SpUDWLRQV
UpHOOHV G RUGUH
'27$7,216)21'6',9(56(75(6(59(6 VDXI
(;&('(176'()21&7,211(0(17&$3,7$/,6(6
68%9(17,216' ,19(67,66(0(175(&8(6
3529,6,2165,648(6(7&+$5*(6
(0358176(7'(77(6$66,0,/((6 VDXIQRQEXGJpWDLUH
&2037('(/,$,621 $))(&7$7,216
',))(5(1&(66855($/,6$7,216' ,002%,/,6$7,216
,002%,/,6$7,216,1&25325(//(6 VDXI
68%9(48,3(0(1769(56((6
,002%,/,6$7,216&25325(//(6
,002%,/,6$7,2165(&8(6(1$))(&7$7,21
,002%,/,6$7,216(1&2856
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
$875(6,002%,/,6$7,216),1$1&,(5(6
$0257,66(0(176'(6,002%,/,6$7,216
3529,6,2163285'(35(&,$7,21'(6,002%,/,6$7,216
2SpUDWLRQVSRXUFRPSWHGHWLHUV
&+$5*(6$5(3$57,5
3529,6,2163285'(35(&,$7,21'(6&2037(6'(7,(56
3529,6,2163285'(35(&,$7,21'(6&2037(6),1$1&,(56
6WRFNV
3RXULQIRUPDWLRQ
56ROGHG H[pFXWLRQSRVLWLIUHSRUWpGH1
,19(67,66(0(17 727$/
<FRPSULVOHVRSpUDWLRQVUHODWLYHVDXUDWWDFKHPHQWGHVFKDUJHVHWGHVSURGXLWVHWOHVRSpUDWLRQVG¶RUGUHVHPLEXGJpWDLUHV 9RLUOLVWHGHVRSpUDWLRQVG¶RUGUH
3HUPHWGHUHWUDFHUGHVRSpUDWLRQVSDUWLFXOLqUHVWHOOHVTXHOHVRSpUDWLRQVGHVWRFNVOLpHVjODWHQXHG¶XQLQYHQWDLUHSHUPDQHQWVLPSOLILp 6LODFRPPXQHRXO¶pWDEOLVVHPHQWDSSOLTXHOHUpJLPHGHVSURYLVLRQVEXGJpWDLUHV +RUVFKDSLWUHV©RSpUDWLRQVG¶pTXLSHPHQWª
6HXOOHWRWDOGHVRSpUDWLRQVSRXUFRPSWHGHWLHUVILJXUHVXUFHWpWDW YRLUOHGpWDLO$QQH[H,9$ $VHUYLUXQLTXHPHQWORUVTXHODFRPPXQHRXO¶pWDEOLVVHPHQWHIIHFWXHXQHGRWDWLRQLQLWLDOHHQHVSqFHVDXSURILWG¶XQVHUYLFHSXEOLFQRQSHUVRQQDOLVpTX¶HOOHRXTX¶LOFUpH
(QGpSHQVHVOHFKDSLWUHUHWUDFHOHVWUDYDX[G¶LQYHVWLVVHPHQWUpDOLVpVVXUOHVELHQVUHoXVHQDIIHFWDWLRQ(QUHFHWWHLOUHWUDFHOHFDVpFKpDQWO¶DQQXODWLRQGHWHOVWUDYDX[ HIIHFWXpVVXUXQH[HUFLFHDQWpULHXU
,,35(6(17$7,21*(1(5$/('8%8'*(7
%$/$1&(*(1(5$/('8%8'*(7
7LWUHVpPLV \FRPSULVVXUOHVUHVWHVjUpDOLVHU1
5HFHWWHVGHIRQFWLRQQHPHQW7RWDO
5HFHWWHVG LQYHVWLVVHPHQW7RWDO
)21&7,211(0(17 727$/
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϲ ,,,
$
&+$5*(6$&$5$&7(5(*(1(5$/
$&+$76'(35(67$7,216'(6(59,&(6$875(648(7(55$,16$ $0(1$*(5
($8(7$66$,1,666(0(17
(1(5*,((7(/(&75,&,7(
&+$8))$*(85%$,1
&20%867,%/(6
&$5%85$176
$/,0(17$7,21
$875(6)2851,785(6121672&.((6
)2851,785(6' (175(7,(1
)2851,785(6'(3(7,7(48,3(0(17
)2851,785(6'(92,5,(
9(7(0(176'(75$9$,/
)2851,785(6$'0,1,675$7,9(6
/,95(6',648(6&$66(77(6 %,%/,27+(48( 0(',$7+(48(
)2851,785(66&2/$,5(6
$875(60$7,(5(6(7)2851,785(6
&2175$76'(35(67$7,216'(6(59,&(6$9(&'(6(175(35,6(6
&5(',7%$,/02%,/,(5
/2&$7,216,002%,/,(5(6
/2&$7,21602%,/,(5(6
&+$5*(6/2&$7,9(6(7'(&235235,(7(
(175(7,(1(75(3$5$7,2166857(55$,16
(175(7,(1(75(3$5$7,216%$7,0(176
(175(7,(1(75(3$5$7,21692,(6(75(6($8;
(175(7,(1(75(3$5$7,2160$7(5,(/528/$17
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
0$,17(1$1&(
35,0(6'$6685$1&(6
(78'(6(75(&+(5&+(6
'2&80(17$7,21*(1(5$/((77(&+1,48(
9(56(0(176$'(625*$1,60(6'()250$7,21
$875(6)5$,6',9(56
,1'(01,7(6$8&2037$%/((7$8;5(*,66(856
+2125$,5(6
)5$,6' $&7(6(7'(&217(17,(8;
',9(56
$1121&(6(7,16(57,216
)(7(6(7&(5(021,(6
)2,5(6(7(;326,7,216
&$7$/2*8(6(7,035,0(6
38%/,&$7,216
',9(56
75$1632576'(%,(16
75$1632576&2//(&7,)6
',9(56
92<$*(6(7'(3/$&(0(176
0,66,216
5(&(37,216
)5$,6' $))5$1&+,66(0(17
)5$,6'(7(/(&20081,&$7,216
&21&2856',9(56 &27,6$7,216
)5$,6'(*$5',(11$*( (*/,6()25(7%2,6&20081$8;
)5$,6'(1(772<$*('(6/2&$8;
$875(6
7$;(6)21&,(5(6
$875(6,03276/2&$8;
,03276,1',5(&76
7$;(6(7,03276685/(69(+,&8/(6
$875(6,032767$;(6(79(5676$66,0,/(6 $875(625*$1,60(6
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
3(56211(/$))(&7(3$5/(*)3
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('( 5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
$875(6,1'(01,7(63(56211(/1217,78/$,5(
,,,927('8%8'*(7
6(&7,21'()21&7,211(0(17'(7$,/'(6'(3(16(6
&UpGLWVHPSOR\pV RXUHVWDQWjHPSOR\HU
&KDS
DUW
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
&UpGLWV
DQQXOpV &KDUJHV UDWDFKpHV
5HVWHVj
UpDOLVHUDX
/LEHOOp
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϳ | Ë
| |
|
|
|
|
|
|
| |
HS ‘ |
|
| |
,,,
$
,,,927('8%8'*(7
6(&7,21'()21&7,211(0(17'(7$,/'(6'(3(16(6
&UpGLWVHPSOR\pV RXUHVWDQWjHPSOR\HU
&KDS
DUW
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
&UpGLWV
DQQXOpV &KDUJHV UDWDFKpHV
5HVWHVj
UpDOLVHUDX
/LEHOOp
$875(6(03/2,6' ,16(57,21
5(081(5$7,21'(6$335(17,6
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,2163285$6685$1&('83(56211(/
&27,6$7,21662&,$/(6/,((6$/ $335(17,66$*(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$//2&$7,216&+20$*(9(56((6',5(&7(0(17
0('(&,1('875$9$,/3+$50$&,(
$875(6&+$5*(662&,$/(6',9(56(6
$875(6&+$5*(6'(*(67,21&285$17(
,1'(01,7(6'(60$,5(6$'-2,176(7&216(,//(56
)5$,6'(0,66,2160$,5(6$'-2,176&216(,//(56
&27,6$7,216'(5(75$,7((/86
)250$7,216(/86
&5($1&(6$'0,6(6(11219$/(85
&5($1&(6(7(,17(6
&217,1*(176(73$57,&,3$7,2162%/,*$72,5(6&2175,%8725*$1,6 5(*5283(07
&217,1*(1763$57,&,3$7,2162%/,*$72,5(6,1'(01,7(6/2*07 ,167,787(856
68%9(17,216'()21&7,211(0(17$/$5(*,21
68%9(17,216'()21&7,211(0(17$8;'(3$57(0(176
68%9(17,21&&$6
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(6 25*$1,60(6
&+$5*(6),1$1&,(5(6 E
,17(5(765(*/(6$/ (&+($1&(
,17(5(765$77$&+(0(17'(6,&1(
,17(5(76'(6&2037(6&285$176(7'('(3276&5(',7(856
$875(6&+$5*(6),1$1&,(5(6
&+$5*(6(;&(37,211(//(6 F
&+$5*(6(;&(37,211(//(63285,17(5(76025$72,5(6(7 3(1$/,7(66850$5&+(6
&+$5*(6(;&(37,211(//(63285$0(1'(6),6&$/(6(73(1$/(6
&+$5*(6(;&(37,211(//(66(&2856(7'276
&+$5*(6(;&(37,211(//(6685%2856(6(735,;
$875(6&+$5*(6(;&(3768523(5$7,216'(*(67,21
7,75(6$118/(6685(;(5&,&(6$17(5,(856
$875(668%9(17,216(;&(37,211(//(6
$875(6&+$5*(6(;&(37,211(//(6
9,5(0(17$/$6(&7,21' ,19(67,66(0(17
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
9$/(856&2037$%/(6'(6,002%,/,6$7,216&('((6
',))(5(1&(66855($/,6$7,216 326,7,9(6 75$16)(5((6(1 ,19(67,66(0(17
'27$7,216$8;$0257,66(0(176'(6,002%,/,6$7,216 ,1&25325(//(6(7&25325(//(6
'27$7,216$8;$0257,66(0(176'(6&+$5*(6),1$1&,(5(6$ 5(3$57,5
S J S S S SS T S
6LOHPDQGDWHPHQWGHV,&1(GHO¶H[HUFLFHHVWLQIpULHXUDXPRQWDQWGHO¶H[HUFLFH1OHPRQWDQWGXFRPSWHVHUDQpJDWLI
''pILFLWGHIRQFWLRQQHPHQWUHSRUWpGH1
'pWDLOGXFDOFXOGHV,&1(DXFRPSWH
0RQWDQWGHV,&1(GHO¶H[HUFLFH
0RQWDQWGHV,&1(GHO¶H[HUFLFH1
'LIIpUHQFH,&1(1,&1(1
727$/'(6'(3(16(65((//(6 DEFGH
727$/'(635(/(9(0(176$8352),7'(/$6(&7,21' ,19(67,66(0(17
727$/'(6'(3(16(6' 25'5(
727$/'(6'(3(16(6'()21&7,211(0(17'(/ (;(5&,&( 7RWDOGHVRSpUDWLRQVUpHOOHVHWG RUGUH
3RXULQIRUPDWLRQ
727$/ '(3(16(6'(*(67,21'(66(59,&(6 D
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϴ ,,,
$
$77(18$7,216'(&+$5*(6
5(0%2856(0(1766855(081(5$7,21'83(56211(/
5(0%2856(0(176685&+$5*(6'(6(&85,7(62&,$/( 35(92<$1&(
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
$875(6
&21&(66,21'$16/(6&,0(7,(5(6 352'8,71(7
'52,76'(67$7,211(0(17(7'(/2&$7,21685/$92,(38%/,48(
5('(9$1&(' 2&&83$7,21'8'20$,1(38%/,&&20081$/
$875(65('(9$1&(6(75(&(77(6',9(56(6
5('(9$1&(6(7'52,76'(66(59,&(6$&$5$&7(5(&8/785(/
5('(9$1&(6$&$5$&7(5(63257,)
5('(9$1&(6$&$5$&7(5('(/2,6,56
5('(9$1&(6(7'52,76'(66(59,&(6$&$5$&7(5(62&,$/
5('(9$1&(6(7'52,76'(66(59,&(63(5,6&2/$,5(6(7' (16(,*1(0(17
$875(635(67$7,216'(6(59,&(6
$875(60$5&+$1',6(6
/2&$7,216',9(56(6 $875(648 ,00(8%/(6
0,6($',6326,7 '(3(56211(/$8*)3'(5$77$&+ 7
5(0%28567'()5$,63$5/(*)3'(5$77$&+7
5(0%2856(0(17'()5$,63$5' $875(65('(9$%/(6
$875(6352'8,76'$&7,9,7(6$11(;(6 $%211(0(176(79(17(6 '2895$*(6
,03276(77$;(6
7$;(6)21&,(5(6(7' +$%,7$7,21
$775,%87,21'(&203(16$7,21
'27$7,21'(62/,'$5,7(&20081$87$,5(
)1*,5
'52,76'(3/$&(
'52,76'(67$7,211(0(17
7$;(685/ (/(&75,&,7(
7$;(/2&$/(38%/,&,7((;7(5,(85(
7$;($'',7,211(//($8;'52,76'(087$7,21287$;('( 38%/,&,7()21&,(5(
$875(67$;(6',9(56(6
'27$7,21668%9(17,216(73$57,&,3$7,216
'27$7,21)25)$,7$,5(
'27$7,21'(62/,'$5,7(85%$,1(
'27$7,211$7,21$/('(3(5(48$7,21
'27$7,2163(&,$/($87,75('(6,167,787(856
'27$7,21*(1(5$/('('(&(175$/,6$7,21
$875(63$57,&,3$7,216(7$7
68%9(17,216(73$57,&,3$7,2165(*,216
68%9(17,216(73$57,&,3$7,216'(3$57(0(176
3$57&20081(60(0%5(6'8*)3
3$57&20081(6+256*52837
3$57,&,3$7,216*)3'(5$77$&+(0(17
68%9(17,216(73$57,&,3$7,216$875(625*$1,60(6
&203(16$7,2133(57(7$;($'',7,211'52,76087$7,2128 7$;(38%/,&,7()21&,(5(
'27$7,2181,48(&203(1'$7,217$;(352)(66,211(//(
$775,%87,21(7$7&203(16$7,21$87,75('(6(;21(5$7,216 '(67$;(6)21&,(5(6
$775,%87,21(7$7&203(16$7,21$87,75('(6(;21(5$7,216'( 7$;(' +$%,7$7,21
'27$7,21'(5(&(16(0(17
'27$7,217,75(66(&85,6(6
$875(6$775,%87,21668%9(17,216(73$57,&,3$7,216
$875(6352'8,76'(*(67,21&285$17(
5(9(186'(6,00(8%/(6
5('(9$1&(69(56((63$5/(6)(50,(56(7&21&(66,211$,5(6
352'8,76',9(56'(*(67,21&285$17(
352'8,76),1$1&,(56 E
$875(6352'8,76),1$1&,(56
/LEHOOp &KDS DUW
,,,927('8%8'*(7
6(&7,21'()21&7,211(0(17'(7$,/'(65(&(77(6
&UpGLWVHPSOR\pV RXUHVWDQWjHPSOR\HU
727$/ 5(&(77(6'(*(67,21'(66(59,&(6 D
&UpGLWVRXYHUWV
%3'05$51
&UpGLWV
DQQXOpV 7LWUHVpPLV &KDUJHV UDWDFKpHV
5HVWHVj
UpDOLVHUDX
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϵ ,,,
$
/LEHOOp &KDS DUW
,,,927('8%8'*(7
6(&7,21'()21&7,211(0(17'(7$,/'(65(&(77(6
&UpGLWVHPSOR\pV RXUHVWDQWjHPSOR\HU
&UpGLWVRXYHUWV
%3'05$51
&UpGLWV
DQQXOpV 7LWUHVpPLV &KDUJHV UDWDFKpHV
5HVWHVj
UpDOLVHUDX
$875(6352'8,76),1$1&,(56
352'8,76(;&(37,211(/6 F
/,%(5$/,7(65(&8(6
$875(6352'8,76(;&(37,211(/668523(5$7,216'(*(67,21
0$1'$76$118/(6 685(;(5&,&(6$17(5,(856 28$77(,1763$5 /$'(&+($1&(48$'5,(1
352'8,76'(6&(66,216' ,002%,/,6$7,216
352'8,76(;&(37,211(/6',9(56
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
,002%,/,6$7,216&25325(//(6
',))(5(1&(66855($/,6$7,216 1(*$7,9(6 5(35,6(6$8&2037( '(5(68/7$7
4827(3$57'(668%9(17,216',19(67,66(0(1775$16)(5((6 $85(68/7$7'(/ (;(5&,&
S J S S S SS T S
6LODFRPPXQHRXO¶pWDEOLVVHPHQWDSSOLTXHOHUpJLPHGHVSURYLVLRQVVHPLEXGJpWDLUHV
727$/'(65(&(77(65((//(6 DEFG
727$/'(65(&(77(6' 25'5(
727$/'(65(&(77(6'()21&7,211(0(17'(/ (;(5&,&( 7RWDOGHVRSpUDWLRQVUpHOOHVHWG RUGUH
3RXULQIRUPDWLRQ
5([FpGHQWGHIRQFWLRQQHPHQWUHSRUWpGH1
'pWDLOGXFDOFXOGHV,&1(DXFRPSWH
0RQWDQWGHV,&1(GHO¶H[HUFLFH
0RQWDQWGHV,&1(GHO¶H[HUFLFH1
'LIIpUHQFH,&1(1,&1(1
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϬ ,,,
%
&KDS
DUW
,002%,/,6$7,216,1&25325(//(6 VDXIRSpUDWLRQVHW
)5$,6' (78'(6
&21&(66,216(7'52,766,0,/$,5(6
68%9(48,3(0(1769(56((6 VDXIRSpUDWLRQV
68%(48,379(56((6$8'(3$57(0(17%Æ7,0(176(7,167$//$7,216
68%9(17,21(48,3(0(17*)3'(5$77$&+(0(17%Æ7(7 ,167$//$7,216
68%9(17,21(48,3(0(17$8;3(56211(6'('52,735,9((6
,002%,/,6$7,216&25325(//(6 VDXIRSpUDWLRQV
7(55$,16186
3/$17$7,216' $5%5(6(7' $5%867(6
(48,3(0(176'8&,0(7,(5(
$875(0$7(5,(/(7287,//$*('(92,5,(
,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6$875(6
2(895(6(72%-(76' $57
$875(6,002%,/,6$7,216&25325(//(60$7(5,(/'(75$163257
$875(6,002%,/,6$7,216&25325(//(60$7(5,(/'(%85($8(7 ,1)250$7,48(
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
,002%,/,6$7,216(1&2856 VDXIRSpUDWLRQV
,002%,/,6$7,216(1&28567(55$,16
,002%,/,6$7,216(1&2856&216758&7,216
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*( 7(&+1,48(6
,002%,/,6$7,216(1&28565(67$85$7,21'(6&2//(&7,216(7 2(895(6'$57
,002%,/,6$7,2165(&8(6$87,75(' 81(0,6($',6326,7,21
$9$1&(6(7$&2037(69(56(6685&200$1'(6',002%,/,6$7,216 &25325(//(6
2SpUDWLRQVG pTXLSHPHQWQ
5(129$7,2185%$,1(
$0(1$*(0(17&2(85'(9,//(
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
5(6758&785$7,21086((9,9(1(/
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
(0358176(7'(77(6$66,0,/((6
(0358176(1(8526
23(5$7,216$))(5(17(6$/ 237,21'(7,5$*(685/,*1('( 75(625(5,(
'(3276(7&$87,211(0(1765(&86
$875(6(0358176$875(635(7(856
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
7,75(6'(3$57,&,3$7,21
$875(6,002%,/,6$7,216),1$1&,(5(6
$875(6,002%,/,6$7,216),1$1&,(5(6'(3276(7&$87,211(0(176 9(56(6
&5($1&(68575$16)(57'('52,76$'('8&7,21'(79$
2SpSRXUFRPSWHGHWLHUVQ
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
5HSULVHVVXUDXWRILQDQFHPHQWDQWpULHXU
68%9' (48,375$16)(5((6$8&2037('(5(68/7$7(7$7(7 (7$%/,66(0(1761$7,21$8;
68%(48,3775$16)(5((6$8&2037('(5(68/7$7*5283(0(17
,002%,/,6$7,216(1&2856&216758&7,216
,002%,/,6$7,2165(&8(6$87,75(' 81(0,6($',6326,7,21
&KDUJHVWUDQVIpUpHV
02,169$/8(6685&(66,216,002%,/,6$7,216
3RXULQIRUPDWLRQ
'6ROGHG H[pFXWLRQQpJDWLIUHSRUWpGH1 S J S S S SS T S 9RLUpWDW,,,%SRXUOHGpWDLOGHVRSpUDWLRQVG¶pTXLSHPHQW
727$/'(3(16(65((//(6
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
5HVWHjUpDOLVHU
DX
&UpGLWVDQQXOpV
727$/'(6'(3(16(6' 25'5(
727$/'(6'(3(16(6' ,19(67,66(0(17'(/ (;(5&,&( 7RWDOGHVRSpUDWLRQVUpHOOHVHWG RUGUH
/LEHOOp
,,,927('8%8'*(7
6(&7,21' ,19(67,66(0(17'(7$,/'(6'(3(16(6
7RWDOGHVGpSHQVHVG pTXLSHPHQW
7RWDOGHVGpSHQVHVILQDQFLqUHV
7RWDOGHVGpSHQVHVG RSpUDWLRQVSRXUFRPSWHGHWLHUV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϭ ,,,
%
&KDS
DUW
68%9(17,216' ,19(67,66(0(175(&8(6
68%9(17,216' (48,3(0(1775$16)(5$%/(6(7$7(7 (7$%/,66(0(1761$7,21$8;
68%(48,775$16)(5$%/(*)3'(5$77$&+7
68%9(17,216' (48,3(0(1775$16)(5$%/(6$875(6
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7 (7$%/,66(0(1761$7,21$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(65(*,216
68%9(17,216' (48,3(0(1712175$16)(5$%/(6'(3$57(0(176
68%9(48,37175$16)(5$%/(*)3'(5$77$&+$0(17
$875(668%9(17,216' (48,3(0(1712175$16)(5$%/(6 )21'6$))(&7(6$/ (48,3(0(1712175$16)(5$%/(6$0(1'(6'( 32/,&(
(0358176(7'(77(6$66,0,/((6
(0358176(1(8526
23(5$7,216$))(5(17(6$/ 237,21'(7,5$*(685/,*1('( 75(625(5,(
'(3276(7&$87,211(0(1765(&86
,002%,/,6$7,216(1&2856
$9$1&(6(7$&2037(69(56(6685&200$1'(6',002%,/,6$7,216 &25325(//(6
'27$7,216)21'6',9(56(75(6(59(6
)&79$
7/(
7$;('$0(1$*(0(17
(;&('(176'()21&7,211(0(17&$3,7$/,6(6
$XWUHVVXEYGLQYHVWLVVHPHQWWUDQVIpUpHV
$875(6,002%,/,6$7,216),1$1&,(5(6
&5($1&(68575$16)(57'('52,76$'('8&7,21'(79$
352'8,76'(6&(66,216
2SpSRXUFRPSWHGHWLHUVQ
9,5(0(17'(/$6(&7,21'()21&7,211(0(17
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
3/869$/8(6685&(66,216,002%,/,6$7,216
$875(67(55$,16
$875(6%$7,0(17638%/,&6
)5$,6' (78'(6
$025768%(48,37(7$7(78'(6
$0257,66(0(1768%9(48,37'(3$57%Æ7,0(176(7,167$//$7,216
$025768%9(17,21(48,3(0(17*)3'(5$77$&+(0(17
$025768%(48,37(7$%38%/2&$8;
$025768%93(56'('735,9(
$025768%(48,37(11$785(25*38%/,&
&21&(66,216(7'52,766,0,/$,5(6
$0257,66(0(176'(6,002%,/,6$7,216&25325(//(63/$17$7,216
$0257,66(0(17'(6,002%,/,6$7,216&25325(//(6,00(8%/(6'( 5$33257
$0257,66(0(17'(6,0026&25325(//(60$7(5,(/528/$17
$0257,66(0(17'(6,0026&25325(//(6$875(0$7(5,(/(7 28792,5,(
$0257,66(0(17' ,0026&2532$875(6,167$/7(&+0$7(5,(/(7 287,//$*(,1'8675,(/
$875(6
0$7(5,(/'(75$163257
0$7(5,(/'(%85($8(70$7(5,(/,1)250$7,48(
02%,/,(5
$875(6
3(1$/,7(6'(5(1(*2&,$7,21'(/$'(77(
56ROGHG H[pFXWLRQSRVLWLIUHSRUWpGH1
7RWDOGHVUHFHWWHVILQDQFLqUHV
&UpGLWVRXYHUWV
%3'05$51 7LWUHVpPLV
5HVWHjUpDOLVHU
DX
S J S S S SS T S
9RLUDQQH[HV,9$ SRXUOHGpWDLOGHVRSpUDWLRQVSRXUFRPSWHGHWLHUV
727$/'(635(/(9(0(1763529(1$17'(/$6(&7,21'()21&7,211(0(17
727$/'(65(&(77(6' 25'5(
727$/'(65(&(77(6' ,19(67,66(0(17'(/ (;(5&,&( 7RWDOGHVUHFHWWHVUpHOOHVHWG RUGUH
/LEHOOp
7RWDOGHVUHFHWWHVG RSpUDWLRQVSRXUFRPSWHGHWLHUV
727$/'(65(&(77(65((//(6
3RXULQIRUPDWLRQ
,,,927('8%8'*(7
6(&7,21' ,19(67,66(0(17'(7$,/'(65(&(77(6
7RWDOGHVUHFHWWHVG pTXLSHPHQW
&UpGLWVDQQXOpV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϮ ,,,
%
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
68%9(17,216' (48,3(0(179(56((6$875(6
(7$%/,66(0(17638%/,&6/2&$8;
,PPRELOLVDWLRQVFRUSRUHOOHV
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
,PPRELOLVDLRQVUHoXHVHQDIIHFW
,PPRELOLVDWLRQVHQFRXUV
,002%,/,6$7,216(1&28567(55$,16
,002%,/,6$7,216(1&2856&216758&7,216
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/ (7287,//$*(7(&+1,48(6
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 7LWUHVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
6XEYHQWLRQG LQYHVWLVVHPHQW
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
(7$7 (7$%/,66(0(1761$7,21$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
5(*,216
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
'(3$57(0(176
$875(668%9(17,216' (48,3(0(17121
75$16)(5$%/(6
(PSUXQWVHWGHWWHVDVVLPLOpHV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFWDWLRQ
,PPRELOLVDWLRQVHQFRXUV
$XWUHV
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
,PPRELOLVDWLRQVUHoXHVHQDIIHFW
,PPRELOLVDWLRQVHQFRXUV
,002%,/,6$7,216(1&2856&216758&7,216
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 7LWUHVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
6XEYHQWLRQG LQYHVWLVVHPHQW
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
(7$7 (7$%/,66(0(1761$7,21$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
5(*,216
(PSUXQWVHWGHWWHVDVVLPLOpHV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFWDWLRQ
,PPRELOLVDWLRQVHQFRXUV
$XWUHV
/LEHOOp
727$/5(&(77(6$))(&7((6
'(3(16(6
(OpPHQWVDIIpUHQWVjO H[HUFLFH
3285,1)250$7,21
/,%(//( 5($0(1$*(0(1767$'(-289(6(1(=
23(5$7,21' (48,3(0(171
$UW
'(3(16(6
5(&(77(6 UpSDUWLWLRQ 3RXULQIRUPDWLRQ
727$/5(&(77(6$))(&7((6
6ROGHGXILQDQFHPHQW
23(5$7,21' (48,3(0(171
,,,927('8%8'*(7
'(7$,/'(6&+$3,75(6' 23(5$7,21' (48,3(0(17
6ROGHGXILQDQFHPHQW
5HFHWWHV'pSHQVHV
3RXUO H[HUFLFH (QFXPXOp
3285,1)250$7,21
(OpPHQWVDIIpUHQWVjO H[HUFLFH
/,%(//( 5(129$7,2185%$,1(
/LEHOOp $UW
5(&(77(6 UpSDUWLWLRQ 3RXULQIRUPDWLRQ
(OpPHQWVDIIpUHQWVjO H[HUFLFH
5HFHWWHV'pSHQVHV
3RXUO H[HUFLFH (QFXPXOp
(OpPHQWVDIIpUHQWVjO H[HUFLFH
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϯ ,,,
%
,,,927('8%8'*(7
'(7$,/'(6&+$3,75(6' 23(5$7,21' (48,3(0(17
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
$875(6,002%,/,6$7,216&25325(//(6$875(6
,PPRELOLVDWLRQVUHoXHVHQDIIHFW
,PPRELOLVDWLRQVHQFRXUV
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/ (7287,//$*(7(&+1,48(6
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 7LWUHVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
6XEYHQWLRQG LQYHVWLVVHPHQW
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
(7$7 (7$%/,66(/(1761$7,21$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
5(*,216
68%9(17,21&20081(0%5('8*52837
(PSUXQWVHWGHWWHVDVVLPLOpHV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFWDWLRQ
,PPRELOLVDWLRQVHQFRXUV
$XWUHV
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
$875(6,002%,/,6$7,216&25325(//(60$7(5,(/
'(%85($8(7,1)250$7,48(
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
,PPRELOLVDWLRQVUHoXHVHQDIIHFW
,PPRELOLVDWLRQVHQFRXUV
,002%,/,6$7,216(1&2856&216758&7,216
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 7LWUHVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
6XEYHQWLRQG LQYHVWLVVHPHQW
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
'(3$57(0(176
$875(668%9(17,216' (48,3(0(17121
75$16)(5$%/(6$875(6
(PSUXQWVHWGHWWHVDVVLPLOpHV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFWDWLRQ
,PPRELOLVDWLRQVHQFRXUV
$XWUHV
23(5$7,21' (48,3(0(171
23(5$7,21' (48,3(0(171
5(&(77(6 UpSDUWLWLRQ 3RXULQIRUPDWLRQ
/LEHOOp
6ROGHGXILQDQFHPHQW
5HFHWWHV'pSHQVHV
3RXUO H[HUFLFH
/,%(//( $0(1$*(0(17&2(85'(9,//(
3285,1)250$7,21
727$/5(&(77(6$))(&7((6
/LEHOOp $UW
(OpPHQWVDIIpUHQWVjO H[HUFLFH
(OpPHQWVDIIpUHQWVjO H[HUFLFH
'(3(16(6
(OpPHQWVDIIpUHQWVjO H[HUFLFH
3285,1)250$7,21
(QFXPXOp
6ROGHGXILQDQFHPHQW
5HFHWWHV'pSHQVHV
3RXUO H[HUFLFH (QFXPXOp
(OpPHQWVDIIpUHQWVjO H[HUFLFH
/,%(//( 5(129$7,21&5(&+('(%$<6(5
727$/5(&(77(6$))(&7((6
'(3(16(6
$UW
5(&(77(6 UpSDUWLWLRQ 3RXULQIRUPDWLRQ
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϰ ,,,
%
,,,927('8%8'*(7
'(7$,/'(6&+$3,75(6' 23(5$7,21' (48,3(0(17
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
,PPRELOLVDWLRQVUHoXHVHQDIIHFW
,PPRELOLVDWLRQVHQFRXUV
,002%,/,6$7,216(1&2856&216758&7,216
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 7LWUHVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
6XEYHQWLRQG LQYHVWLVVHPHQW
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
(7$7 (7$%/,66(0(1761$7,21$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
5(*,216
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
'(3$57(0(176
(PSUXQWVHWGHWWHVDVVLPLOpHV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFWDWLRQ
,PPRELOLVDWLRQVHQFRXUV
$XWUHV
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
&21&(66,216(7'52,766,0,/$,5(6
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
$875(6,002%,/,6$7,216&25325(//(60$7(5,(/
'(%85($8(7,1)250$7,48(
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
,PPRELOLVDWLRQVUHoXHVHQDIIHFW
,PPRELOLVDWLRQVHQFRXUV
,002%,/,6$7,216(1&2856&216758&7,216
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 7LWUHVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
6XEYHQWLRQG LQYHVWLVVHPHQW
68%9(17,21' (48,3(0(1712175$16)(5$%/(6
(7$7 (7$%/,66(0(1761$7,21$8;
(PSUXQWVHWGHWWHVDVVLPLOpHV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFWDWLRQ
,PPRELOLVDWLRQVHQFRXUV
$XWUHV
727$/5(&(77(6$))(&7((6
(OpPHQWVDIIpUHQWVjO H[HUFLFH
/,%(//( %,%/,27+(48(180(5,48(
5(&(77(6 UpSDUWLWLRQ 3RXULQIRUPDWLRQ
/LEHOOp $UW
(OpPHQWVDIIpUHQWVjO H[HUFLFH
5HFHWWHV'pSHQVHV
3RXUO H[HUFLFH (QFXPXOp
5(&(77(6 UpSDUWLWLRQ 3RXULQIRUPDWLRQ
3285,1)250$7,21
(OpPHQWVDIIpUHQWVjO H[HUFLFH
3285,1)250$7,21
/,%(//( &(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
23(5$7,21' (48,3(0(171
'(3(16(6
6ROGHGXILQDQFHPHQW
23(5$7,21' (48,3(0(171
/LEHOOp $UW
'(3(16(6
(OpPHQWVDIIpUHQWVjO H[HUFLFH
6ROGHGXILQDQFHPHQW
5HFHWWHV'pSHQVHV
3RXUO H[HUFLFH (QFXPXOp
727$/5(&(77(6$))(&7((6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϱ ,,,
%
,,,927('8%8'*(7
'(7$,/'(6&+$3,75(6' 23(5$7,21' (48,3(0(17
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFW
,PPRELOLVDWLRQVHQFRXUV
,002%,/,6$7,216(1&2856&216758&7,216
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 7LWUHVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
6XEYHQWLRQG LQYHVWLVVHPHQW
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
(7$7 (7$%/,66(0(1761$7,21$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
5(*,216
(PSUXQWVHWGHWWHVDVVLPLOpHV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFWDWLRQ
,PPRELOLVDWLRQVHQFRXUV
$XWUHV
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
,PPRELOLVDWLRQVUHoXHVHQDIIHFW
,PPRELOLVDWLRQVHQFRXUV
,002%,/,6$7,2165(&8(6$87,75(' 81(0,6($
',6326,7,21
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 7LWUHVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
6XEYHQWLRQG LQYHVWLVVHPHQW
68%9(17,216' (48,3(0(1775$16)(5$%/(6
$875(6
$875(668%9(17,216' (48,3(0(17121
75$16)(5$%/(6
(PSUXQWVHWGHWWHVDVVLPLOpHV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFWDWLRQ
,PPRELOLVDWLRQVHQFRXUV
$XWUHV
727$/5(&(77(6$))(&7((6
/,%(//( 08/7,$&&8(,//(1,'
23(5$7,21' (48,3(0(171
5HFHWWHV'pSHQVHV
3RXUO H[HUFLFH
(OpPHQWVDIIpUHQWVjO H[HUFLFH
(OpPHQWVDIIpUHQWVjO H[HUFLFH
23(5$7,21' (48,3(0(171
/LEHOOp
'(3(16(6
3285,1)250$7,21
$UW
/,%(//( 5(6758&785$7,21086((9,9(1(/
3285,1)250$7,21
6ROGHGXILQDQFHPHQW (QFXPXOp
5(&(77(6 UpSDUWLWLRQ 3RXULQIRUPDWLRQ
727$/5(&(77(6$))(&7((6
'(3(16(6
/LEHOOp $UW
5HFHWWHV'pSHQVHV
3RXUO H[HUFLFH (QFXPXOp
(OpPHQWVDIIpUHQWVjO H[HUFLFH
(OpPHQWVDIIpUHQWVjO H[HUFLFH
5(&(77(6 UpSDUWLWLRQ 3RXULQIRUPDWLRQ
6ROGHGXILQDQFHPHQW
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϲ ,,,
%
,,,927('8%8'*(7
'(7$,/'(6&+$3,75(6' 23(5$7,21' (48,3(0(17
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFW
,PPRELOLVDWLRQVHQFRXUV
,002%,/,6$7,216(1&2856&216758&7,216
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 7LWUHVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
6XEYHQWLRQG LQYHVWLVVHPHQW
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
(7$7(7(7$%/,660(1761$7,21$8;
(PSUXQWVHWGHWWHVDVVLPLOpHV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFWDWLRQ
,PPRELOLVDWLRQVHQFRXUV
$XWUHV
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
,PPRELOLVDWLRQVUHoXHVHQDIIHFW
,PPRELOLVDWLRQVHQFRXUV
,002%,/,6$7,216(1&2856&216758&7,216
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 7LWUHVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
6XEYHQWLRQG LQYHVWLVVHPHQW
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
(7$7(7(7$%/,66(0(1761$7,21$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
5(*,21
(PSUXQWVHWGHWWHVDVVLPLOpHV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFWDWLRQ
,PPRELOLVDWLRQVHQFRXUV
$XWUHV
5HFHWWHV'pSHQVHV
5(&(77(6 UpSDUWLWLRQ 3RXULQIRUPDWLRQ
(OpPHQWVDIIpUHQWVjO H[HUFLFH
727$/5(&(77(6$))(&7((6
6ROGHGXILQDQFHPHQW 3RXUO H[HUFLFH (QFXPXOp
23(5$7,21' (48,3(0(171
$UW /LEHOOp
(OpPHQWVDIIpUHQWVjO H[HUFLFH
'(3(16(6
/,%(//( &$17,1(6&2/$,5(/$%$*8(77(
3285,1)250$7,21
6ROGHGXILQDQFHPHQW
5(&(77(6 UpSDUWLWLRQ 3RXULQIRUPDWLRQ
5HFHWWHV'pSHQVHV
3RXUO H[HUFLFH (QFXPXOp
727$/5(&(77(6$))(&7((6
'(3(16(6
(OpPHQWVDIIpUHQWVjO H[HUFLFH
3285,1)250$7,21
/LEHOOp $UW
23(5$7,21' (48,3(0(171
(OpPHQWVDIIpUHQWVjO H[HUFLFH
/,%(//( $0(1$*(0(17-(8' $5&
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϳ ,,,
%
,,,927('8%8'*(7
'(7$,/'(6&+$3,75(6' 23(5$7,21' (48,3(0(17
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFW
,PPRELOLVDWLRQVHQFRXUV
,002%,/,6$7,216(1&2856&216758&7,216
3RXUPpPRLUH
&UpGLWVRXYHUWV
%3'05$51 7LWUHVpPLV
5HVWHVjUpDOLVHUDX
&UpGLWVDQQXOpV
&XPXOGHV
UpDOLVDWLRQV
6XEYHQWLRQG LQYHVWLVVHPHQW
68%9(17,216' (48,3(0(1712175$16)(5$%/(6
(7$7 (7$%/,66(0(1761$7,21$8;
68%(48,37175$16)(5$%/(*)3'(
5$77$&+(0(17
(PSUXQWVHWGHWWHVDVVLPLOpHV
,PPRELOLVDWLRQVLQFRUSRUHOOHV
6XEYHQWLRQVG pTXLSHPHQWYHUVpHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVUHoXHVHQDIIHFWDWLRQ
,PPRELOLVDWLRQVHQFRXUV
$XWUHV
23(5$7,21' (48,3(0(171
/,%(//( 0,6($8;1250(63$7,12,5(0(5&,(5(6
3285,1)250$7,21
$UW /LEHOOp
(OpPHQWVDIIpUHQWVjO H[HUFLFH
'(3(16(6
5(&(77(6 UpSDUWLWLRQ 3RXULQIRUPDWLRQ
(OpPHQWVDIIpUHQWVjO H[HUFLFH
727$/5(&(77(6$))(&7((6
6ROGHGXILQDQFHPHQW 3RXUO H[HUFLFH (QFXPXOp
5HFHWWHV'pSHQVHV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϴ $11(;(6
$(/(0(176'8%,/$1 ,9 $
23(5$7,216121
9(17,/$%/(6
6(59,&(6*(1(5$8; '(6$'0,1,675$7,216 38%/,48(6/2&$/(6
6(&85,7((7
6$/8%5,7(38%/,48(6
(16(,*1(0(17
)250$7,21
&8/785(
63257(7-(81(66(
/DSURGXFWLRQGHFHWpWDWHVWREOLJDWRLUHSRXUOHVFRPPXQHVGHKDELWDQWVHWSOXVOHVJURXSHPHQWVFRPSUHQDQWDXPRLQVXQHWHOOHFRPPXQHOHXUVpWDEOLVVHPHQWVHWVHUYLFHVDGPLQLVWUDWLIVKRUPLVOHVFDLVVHVGHVpFROHVHWOHVVHUYLFHVjDFWLYLWpXQLTXHpULJpV HQpWDEOLVVHPHQWSXEOLFRXEXGJHWDQQH[H /5HW5 'DQVOHVFRPPXQHVGHKDELWDQWVHWSOXVOHFURLVHPHQWSDUIRQFWLRQHVWIDLWjXQFKLIIUH FRUUHVSRQGDQWjODIRQFWLRQ 'DQVOHVFRPPXQHVGHKDELWDQWVHWSOXVOHFURLVHPHQW SDUIRQFWLRQHVWIDLWDXQLYHDXOHSOXVGpWDLOOpGHODQRPHQFODWXUHIRQFWLRQQHOOH VRXVIRQFWLRQRXUXEULTXH /HVJURXSHPHQWVHWOHXUVpWDEOLVVHPHQWSXEOLFVVXLYHQWOHVUqJOHVGHSURGXFWLRQHWGHSUpVHQWDWLRQDSSOLFDEOHjODFRPPXQHPHPEUHFRPSWDQWOHSOXVJUDQG QRPEUH G KDELWDQWV
DUWLFOHV / D HW 5 / HW 5 GX &*&7
2XELHQVGHODVWUXFWXUHLQWHUFRPPXQDOH 2XELHQVQHUHOHYDQWSDVGHODVWUXFWXUHLQWHUFRPPXQDOH (TXLSHPHQWVQRQPXQLFLSDX[ F 7RWDOGpSHQVHV 6ROGH5$5IRQFWLRQQHPHQW 7RWDO5$5UHFHWWHV 7RWDO5$5GpSHQVHV 6ROGHGHIRQFWLRQQHPHQW 7RWDOUHFHWWHV
5(67(6$5($/,6(5DX1
/LEHOOp
,9$11(;(6
35(6(17$7,21&52,6((3$5)21&7,2198(' (16(0%/(
,19(67,66(0(17
5($/,6$7,216 GHO H[HUFLFH5HVWHVjUpDOLVHU1
5(67(6$5($/,6(5DX1
(TXLSHPHQWVPXQLFLSDX[ 'pSHQVHVG RUGUH 2SpUDWLRQVILQDQFLqUHV 'pSHQVHVUpHOOHV
5($/,6$7,216 GHO H[HUFLFH5HVWHVjUpDOLVHU1
6ROGH5$5LQYHVWLVVHPHQW 7RWDO5$5UHFHWWHV 7RWDO5$5GpSHQVHV 6ROGHG LQYHVWLVVHPHQW
)21&7,211(0(17
7RWDOUHFHWWHV 7RWDOGpSHQVHV 6ROGHG H[pFXWLRQUHSRUWpGH1
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϮϬ /DSURGXFWLRQGHFHWpWDWHVWREOLJDWRLUHSRXUOHVFRPPXQHVGH HQpWDEOLVVHPHQWSXEOLFRXEXGJHWDQQH[H /5HW SDUIRQFWLRQHVWIDLWDXQLYHDXOHSOXVGpWDLOOpGHODQRPHQFODWXUHIR QRPEUH G KDELWDQWV
DUWLFOHV / D HW 5 /
2XELHQVGHODVWUXFWXUHLQWHUFRPPXQDOH 2XELHQVQHUHOHYDQWSDVGHODVWUXFWXUHLQWHUFRPPXQDOH (TXLSHPHQWVQRQPXQLFLSDX[ F 7RWDOGpSHQVHV 6ROGH5$5IRQFWLRQQHPHQW 7RWDO5$5UHFHWWHV 7RWDO5$5GpSHQVHV 6ROGHGHIRQFWLRQQHPHQW 7RWDOUHFHWWHV
/LEHOOp
(TXLSHPHQWVPXQLFLSDX[ 'pSHQVHVG RUGUH 2SpUDWLRQVILQDQFLqUHV 'pSHQVHVUpHOOHV 6ROGH5$5LQYHVWLVVHPHQW 7RWDO5$5UHFHWWHV 7RWDO5$5GpSHQVHV 6ROGHG LQYHVWLVVHPHQW 7RWDOUHFHWWHV 7RWDOGpSHQVHV 6ROGHG H[pFXWLRQUHSRUWpGH1
,9 $
,17(59(17,216 62&,$/(6(76$17(
)$0,//(
/2*(0(17
$0(1$*(0(17(7 6(59,&(685%$,16
(19,5211(0(17
$&7,21(&2120,48(
727$/
)21&7,211(0(17
5(67(6$5($/,6(5DX1 5(67(6$5($/,6(5DX1
5($/,6$7,216 GHO H[HUFLFH5HVWHVjUpDOLVHU1
,9$11(;(6
35(6(17$7,21&52,6((3$5)21&7,2198(' (16(0%/(
,19(67,66(0(17
5($/,6$7,216 GHO H[HUFLFH5HVWHVjUpDOLVHU1
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
Ϯϭ ,9 $
$UW
/LEHOOp
23(5$7,216121
9(17,/$%/(6
6(59,&(6*(1(5$8; '(6$'0,1,675$7,216 38%/,48(6/2&$/(6
6(&85,7((7
6$/8%5,7(38%/,48(6
(16(,*1(0(17
)250$7,21
&8/785(
63257(7-(81(66(
(0358176(7'(77(6$66,0,/((6
,002%,/,6$7,216,1&25325(//(6
68%9(48,3(0(1769(56((6
,002%,/,6$7,216&25325(//(6
,002%,/,6$7,216(1&2856
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
$875(6,002%,/,6$7,216),1$1&,(5(6
5(129$7,2185%$,1(
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
'27$7,216)21'6',9(56(75(6(59(6
68%9(17,216' ,19(67,66(0(175(&8(6
(0358176(7'(77(6$66,0,/((6
$875(6,002%,/,6$7,216),1$1&,(5(6
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
6ROGHG H[pFXWLRQUHSRUWpGH1 'pSHQVHVG RUGUH 2SpUDWLRQVSRXUFRPSWHGHWLHUV 2SpUDWLRQVG pTXLSHPHQW
5(&(77(6
6ROGHG H[pFXWLRQUHSRUWpGH1
35(6(17$7,21&52,6((3$5)21&7,2198(' (16(0%/(
,9$11(;(6
,19(67,66(0(17
35(6(17$7,21&52,6((3$5)21&7,2198(' (16(0%/( '(3(16(6
5HFHWWHVG RUGUH 2SpUDWLRQVSRXUFRPSWHGHWLHUV 5HFHWWHVUpHOOHV 7RWDOUHFHWWHVLQYHVWLVVHPHQW 'pSHQVHVUpHOOHV 7RWDOGpSHQVHVLQYHVWLVVHPHQW
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϮϮ $UW
/LEHOOp
(0358176(7'(77(6$66,0,/((6
,002%,/,6$7,216,1&25325(//(6
68%9(48,3(0(1769(56((6
,002%,/,6$7,216&25325(//(6
,002%,/,6$7,216(1&2856
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
$875(6,002%,/,6$7,216),1$1&,(5(6
5(129$7,2185%$,1(
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
'27$7,216)21'6',9(56(75(6(59(6
68%9(17,216' ,19(67,66(0(175(&8(6
(0358176(7'(77(6$66,0,/((6
$875(6,002%,/,6$7,216),1$1&,(5(6
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
6ROGHG H[pFXWLRQUHSRUWpGH1 'pSHQVHVG RUGUH 2SpUDWLRQVSRXUFRPSWHGHWLHUV 2SpUDWLRQVG pTXLSHPHQW 6ROGHG H[pFXWLRQUHSRUWpGH1 5HFHWWHVG RUGUH 2SpUDWLRQVSRXUFRPSWHGHWLHUV 5HFHWWHVUpHOOHV 7RWDOUHFHWWHVLQYHVWLVVHPHQW 'pSHQVHVUpHOOHV 7RWDOGpSHQVHVLQYHVWLVVHPHQW
,9 $
,17(59(17,216 62&,$/(6(76$17(
)$0,//(
/2*(0(17
$0(1$*(0(17(7 6(59,&(685%$,16
(19,5211(0(17
$&7,21(&2120,48(
727$/
5(&(77(6
,9$11(;(6 ,9$11(;(6
35(6(17$7,21&52,6((3$5)21&7,2198(' (16(0%/(
,19(67,66(0(17
'(3(16(6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
Ϯϯ ,9 $
$UW
/LEHOOp
23(5$7,216121
9(17,/$%/(6
6(59,&(6*(1(5$8; '(6$'0,1,675$7,216 38%/,48(6/2&$/(6
6(&85,7((7
6$/8%5,7(38%/,48(6
(16(,*1(0(17
)250$7,21
&8/785(
63257(7-(81(66(
35(6(17$7,21&52,6((3$5)21&7,2198(' (16(0%/(
,9$11(;(6
35(6(17$7,21&52,6((3$5)21&7,2198(' (16(0%/(
&+$5*(6$&$5$&7(5(*(1(5$/
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
$875(6&+$5*(6'(*(67,21&285$17(
&+$5*(6),1$1&,(5(6
&+$5*(6(;&(37,211(//(6
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
$77(18$7,216'(&+$5*(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
,03276(77$;(6
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(6352'8,76'(*(67,21&285$17(
352'8,76),1$1&,(56
352'8,76(;&(37,211(/6
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
([FpGHQWGHIRQFWLRQQHPHQWUHSRUWp 5HFHWWHVG RUGUH 5HFHWWHVUpHOOHV 7RWDOUHFHWWHVIRQFWLRQQHPHQW
5(&(77(6
'pILFLWGHIRQFWLRQQHPHQWUHSRUWp 'pSHQVHVG RUGUH 'pSHQVHVUpHOOHV 7RWDOGpSHQVHVIRQFWLRQQHPHQW
'(3(16(6
)21&7,211(0(17
/HFURLVHPHQWSDUQDWXUHHVWIDLWDXQLYHDXGHFKDFXQGHVDUWLFOHVEXGJpWDLUHV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
Ϯϰ $UW
/LEHOOp
&+$5*(6$&$5$&7(5(*(1(5$/
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
$875(6&+$5*(6'(*(67,21&285$17(
&+$5*(6),1$1&,(5(6
&+$5*(6(;&(37,211(//(6
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
$77(18$7,216'(&+$5*(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
,03276(77$;(6
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(6352'8,76'(*(67,21&285$17(
352'8,76),1$1&,(56
352'8,76(;&(37,211(/6
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
([FpGHQWGHIRQFWLRQQHPHQWUHSRUWp 5HFHWWHVG RUGUH 5HFHWWHVUpHOOHV 7RWDOUHFHWWHVIRQFWLRQQHPHQW 'pILFLWGHIRQFWLRQQHPHQWUHSRUWp 'pSHQVHVG RUGUH 'pSHQVHVUpHOOHV 7RWDOGpSHQVHVIRQFWLRQQHPHQW /HFURLVHPHQWSDUQDWXUHHVWIDLWDXQLYHDXGHFKDFXQGHVDUWLFOHVEXGJpWDLUHV
,9 $
,17(59(17,216 62&,$/(6(76$17(
)$0,//(
/2*(0(17
$0(1$*(0(17(7 6(59,&(685%$,16
(19,5211(0(17
$&7,21(&2120,48(
727$/
,9$11(;(6 ,9$11(;(6
35(6(17$7,21&52,6((3$5)21&7,2198(' (16(0%/(
5(&(77(6 '(3(16(6
)21&7,211(0(17
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
Ϯϱ ,9
23(5$7,216121
9(17,/$%/(6
$'0,1,675$7,21
*(1(5$/(
&223(5$7,21
'(&(175$/,6(($&7,216
(8523((11(6(7 ,17(51$7,21$/(6
&+$5*(6$&$5$&7(5(*(1(5$/
$&+$76'(35(67$7,216'(6(59,&(6$875(648(7(55$,16$$0(1$*(5
($8(7$66$,1,666(0(17
(1(5*,((7(/(&75,&,7(
$/,0(17$7,21
$875(6)2851,785(6121672&.((6
)2851,785(6' (175(7,(1
)2851,785(6'(3(7,7(48,3(0(17
)2851,785(6'(92,5,(
9(7(0(176'(75$9$,/
)2851,785(6$'0,1,675$7,9(6
$875(60$7,(5(6(7)2851,785(6
&2175$76'(35(67$7,216'(6(59,&(6$9(&'(6(175(35,6(6
&5(',7%$,/02%,/,(5
/2&$7,216,002%,/,(5(6
/2&$7,21602%,/,(5(6
(175(7,(1(75(3$5$7,2166857(55$,16
(175(7,(1(75(3$5$7,216%$7,0(176
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
0$,17(1$1&(
35,0(6'$6685$1&(6
(78'(6(75(&+(5&+(6
'2&80(17$7,21*(1(5$/((77(&+1,48(
9(56(0(176$'(625*$1,60(6'()250$7,21
$875(6)5$,6',9(56
,1'(01,7(6$8&2037$%/((7$8;5(*,66(856
+2125$,5(6
)5$,6' $&7(6(7'(&217(17,(8;
5pDOLVDWLRQV
727$/
/,%(//(
'(3(16(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
$
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
Ϯϲ ,9
23(5$7,216121
9(17,/$%/(6
$'0,1,675$7,21
*(1(5$/(
&223(5$7,21
'(&(175$/,6(($&7,216
(8523((11(6(7 ,17(51$7,21$/(6
727$/
/,%(//(
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
$
',9(56
$1121&(6(7,16(57,216
)(7(6(7&(5(021,(6
)2,5(6(7(;326,7,216
&$7$/2*8(6(7,035,0(6
38%/,&$7,216
',9(56
75$1632576&2//(&7,)6
',9(56
92<$*(6(7'(3/$&(0(176
0,66,216
5(&(37,216
)5$,6' $))5$1&+,66(0(17
)5$,6'(7(/(&20081,&$7,216
&21&2856',9(56 &27,6$7,216
)5$,6'(*$5',(11$*( (*/,6()25(7%2,6&20081$8;
)5$,6'(1(772<$*('(6/2&$8;
$875(6
7$;(6)21&,(5(6
$875(6,03276/2&$8;
$875(6,032767$;(6(79(5676$66,0,/(6 $875(625*$1,60(6
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
3(56211(/$))(&7(3$5/(*)3
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
$875(6,1'(01,7(63(56211(/1217,78/$,5(
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
Ϯϳ ,9
23(5$7,216121
9(17,/$%/(6
$'0,1,675$7,21
*(1(5$/(
&223(5$7,21
'(&(175$/,6(($&7,216
(8523((11(6(7 ,17(51$7,21$/(6
727$/
/,%(//(
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
$
$875(6(03/2,6' ,16(57,21
5(081(5$7,21'(6$335(17,6
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,2163285$6685$1&('83(56211(/
&27,6$7,21662&,$/(6/,((6$/ $335(17,66$*(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$//2&$7,216&+20$*(9(56((6',5(&7(0(17
0('(&,1('875$9$,/3+$50$&,(
$875(6&+$5*(662&,$/(6',9(56(6
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
9$/(856&2037$%/(6'(6,002%,/,6$7,216&('((6
',))(5(1&(66855($/,6$7,216 326,7,9(6 75$16)(5((6(1,19(67,66(0(17
'27$7,216$8;$0257,66(0(176'(6,002%,/,6$7,216,1&25325(//(6(7&25325(//(6
'27$7,216$8;$0257,66(0(176'(6&+$5*(6),1$1&,(5(6$5(3$57,5
$875(6&+$5*(6'(*(67,21&285$17(
,1'(01,7(6'(60$,5(6$'-2,176(7&216(,//(56
)5$,6'(0,66,2160$,5(6$'-2,176&216(,//(56
&27,6$7,216'(5(75$,7((/86
&5($1&(6$'0,6(6(11219$/(85
&5($1&(6(7(,17(6
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(625*$1,60(6
&+$5*(6),1$1&,(5(6
,17(5(765(*/(6$/ (&+($1&(
,17(5(765$77$&+(0(17'(6,&1(
,17(5(76'(6&2037(6&285$176(7'('(3276&5(',7(856
$875(6&+$5*(6),1$1&,(5(6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
Ϯϴ ,9
23(5$7,216121
9(17,/$%/(6
$'0,1,675$7,21
*(1(5$/(
&223(5$7,21
'(&(175$/,6(($&7,216
(8523((11(6(7 ,17(51$7,21$/(6
727$/
/,%(//(
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
$
&+$5*(6(;&(37,211(//(6
&+$5*(6(;&(37,211(//(63285,17(5(76025$72,5(6(73(1$/,7(66850$5&+(6
&+$5*(6(;&(37,211(//(63285$0(1'(6),6&$/(6(73(1$/(6
$875(6&+$5*(6(;&(3768523(5$7,216'(*(67,21
7,75(6$118/(6685(;(5&,&(6$17(5,(856
$875(668%9(17,216(;&(37,211(//(6
$875(6&+$5*(6(;&(37,211(//(6
5(68/7$7'()21&7,211(0(175(3257(
$77(18$7,216'(&+$5*(6
5(0%2856(0(1766855(081(5$7,21'83(56211(/
5(0%2856(0(176685&+$5*(6'(6(&85,7(62&,$/(
35(92<$1&(
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
,002%,/,6$7,216&25325(//(6
',))(5(1&(66855($/,6$7,216 1(*$7,9(6 5(35,6(6$8&2037('(5(68/7$7
4827(3$57'(668%9(17,216',19(67,66(0(1775$16)(5((6$85(68/7$7'(/ (;(5&,&(
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
&21&(66,21'$16/(6&,0(7,(5(6 352'8,71(7
$875(65('(9$1&(6(75(&(77(6',9(56(6
$875(60$5&+$1',6(6
/2&$7,216',9(56(6 $875(648 ,00(8%/(6
5(0%2856(0(17'()5$,63$5' $875(65('(9$%/(6
$875(6352'8,76'$&7,9,7(6$11(;(6 $%211(0(176(79(17(6'2895$*(6
,03276(77$;(6
7$;(6)21&,(5(6(7' +$%,7$7,21
$775,%87,21'(&203(16$7,21
'27$7,21'(62/,'$5,7(&20081$87$,5(
)1*,5
7$;(685/ (/(&75,&,7(
7$;(/2&$/(38%/,&,7((;7(5,(85(
7$;($'',7,211(//($8;'52,76'(087$7,21287$;('(38%/,&,7()21&,(5(
5pDOLVDWLRQV 5(&(77(6
5HVWHVjUpDOLVHUDX
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
Ϯϵ ,9
23(5$7,216121
9(17,/$%/(6
$'0,1,675$7,21
*(1(5$/(
&223(5$7,21
'(&(175$/,6(($&7,216
(8523((11(6(7 ,17(51$7,21$/(6
727$/
/,%(//(
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
$
'27$7,21668%9(17,216(73$57,&,3$7,216
'27$7,21)25)$,7$,5(
'27$7,21'(62/,'$5,7(85%$,1(
'27$7,211$7,21$/('(3(5(48$7,21
$875(63$57,&,3$7,216(7$7
68%9(17,216(73$57,&,3$7,2165(*,216
&203(16$7,2133(57(7$;($'',7,211'52,76087$7,21287$;(38%/,&,7()21&,(5(
'27$7,2181,48(&203(1'$7,217$;(352)(66,211(//(
$775,%87,21(7$7&203(16$7,21$87,75('(6(;21(5$7,216'(67$;(6)21&,(5(6
$775,%87,21(7$7&203(16$7,21$87,75('(6(;21(5$7,216'(7$;(' +$%,7$7,21
'27$7,21'(5(&(16(0(17
'27$7,217,75(66(&85,6(6
$875(6352'8,76'(*(67,21&285$17(
5(9(186'(6,00(8%/(6
352'8,76',9(56'(*(67,21&285$17(
352'8,76),1$1&,(56
$875(6352'8,76),1$1&,(56
352'8,76(;&(37,211(/6
/,%(5$/,7(65(&8(6
$875(6352'8,76(;&(37,211(/668523(5$7,216'(*(67,21
0$1'$76$118/(6 685(;(5&,&(6$17(5,(856 28$77(,1763$5/$'(&+($1&(48$'5,(1
352'8,76'(6&(66,216' ,002%,/,6$7,216
352'8,76(;&(37,211(/6',9(56
62/'(
5HVWHVjUpDOLVHUDX
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϯϬ 6RXVIRQFWLRQ
$'0,1,675$7,21 *(1(5$/('(/$ &2//(&7,9,7(
$66(0%/((
/2&$/(
$'0,1,675$7,21
*(1(5/('(
/ (7$7
,1)250$7,21
&20081,&$7,21
38%/,&,7(
)(7(6(7
&(5(021,(6
$,'(6$8;
$662&,$7,216 121&/$66((6
$,//(856
&,0(7,(5(6(7
3203(6 )81(%5(6
$875(6$&7,216 '(&223(5$7,21 '(&(175$/,6((
&+$5*(6$&$5$&7(5(*(1(5$/
$&+$76'(35(67$7,216'(6(59,&(6$875(648(7(55$,16$ $0(1$*(5
($8(7$66$,1,666(0(17
(1(5*,((7(/(&75,&,7(
$/,0(17$7,21
$875(6)2851,785(6121672&.((6
)2851,785(6' (175(7,(1
)2851,785(6'(3(7,7(48,3(0(17
)2851,785(6'(92,5,(
9(7(0(176'(75$9$,/
)2851,785(6$'0,1,675$7,9(6
$875(60$7,(5(6(7)2851,785(6
&2175$76'(35(67$7,216'(6(59,&(6$9(&'(6(175(35,6(6
&5(',7%$,/02%,/,(5
/2&$7,216,002%,/,(5(6
/2&$7,21602%,/,(5(6
(175(7,(1(75(3$5$7,2166857(55$,16
(175(7,(1(75(3$5$7,216%$7,0(176
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
0$,17(1$1&(
35,0(6'$6685$1&(6
(78'(6(75(&+(5&+(6
'2&80(17$7,21*(1(5$/((77(&+1,48(
9(56(0(176$'(625*$1,60(6'()250$7,21
$875(6)5$,6',9(56
,1'(01,7(6$8&2037$%/((7$8;5(*,66(856
+2125$,5(6
)5$,6' $&7(6(7'(&217(17,(8;
/s ϭ͘ϭ
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
/LEHOOp
6RXVIRQFWLRQ$'0,1,675$7,21*(1(5$/(
'(3(16(6 5pDOLVDWLRQV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϯϭ 6RXVIRQFWLRQ
$'0,1,675$7,21 *(1(5$/('(/$ &2//(&7,9,7(
$66(0%/((
/2&$/(
$'0,1,675$7,21
*(1(5/('(
/ (7$7
,1)250$7,21
&20081,&$7,21
38%/,&,7(
)(7(6(7
&(5(021,(6
$,'(6$8;
$662&,$7,216 121&/$66((6
$,//(856
&,0(7,(5(6(7
3203(6 )81(%5(6
$875(6$&7,216 '(&223(5$7,21 '(&(175$/,6(( /s
ϭ͘ϭ
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
/LEHOOp
6RXVIRQFWLRQ$'0,1,675$7,21*(1(5$/(
',9(56
$1121&(6(7,16(57,216
)(7(6(7&(5(021,(6
)2,5(6(7(;326,7,216
&$7$/2*8(6(7,035,0(6
38%/,&$7,216
',9(56
75$1632576&2//(&7,)6
',9(56
92<$*(6(7'(3/$&(0(176
0,66,216
5(&(37,216
)5$,6' $))5$1&+,66(0(17
)5$,6'(7(/(&20081,&$7,216
&21&2856',9(56 &27,6$7,216
)5$,6'(*$5',(11$*( (*/,6()25(7%2,6&20081$8;
)5$,6'(1(772<$*('(6/2&$8;
$875(6
7$;(6)21&,(5(6
$875(6,03276/2&$8;
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
3(56211(/$))(&7(3$5/(*)3
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('( 5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
$875(6,1'(01,7(63(56211(/1217,78/$,5(
$875(6(03/2,6' ,16(57,21
5(081(5$7,21'(6$335(17,6
&27,6$7,216$/ 8566$)
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϯϮ 6RXVIRQFWLRQ
$'0,1,675$7,21 *(1(5$/('(/$ &2//(&7,9,7(
$66(0%/((
/2&$/(
$'0,1,675$7,21
*(1(5/('(
/ (7$7
,1)250$7,21
&20081,&$7,21
38%/,&,7(
)(7(6(7
&(5(021,(6
$,'(6$8;
$662&,$7,216 121&/$66((6
$,//(856
&,0(7,(5(6(7
3203(6 )81(%5(6
$875(6$&7,216 '(&223(5$7,21 '(&(175$/,6(( /s
ϭ͘ϭ
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
/LEHOOp
6RXVIRQFWLRQ$'0,1,675$7,21*(1(5$/(
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,2163285$6685$1&('83(56211(/
&27,6$7,21662&,$/(6/,((6$/ $335(17,66$*(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$//2&$7,216&+20$*(9(56((6',5(&7(0(17
0('(&,1('875$9$,/3+$50$&,(
$875(6&+$5*(662&,$/(6',9(56(6
$875(6&+$5*(6'(*(67,21&285$17(
,1'(01,7(6'(60$,5(6$'-2,176(7&216(,//(56
)5$,6'(0,66,2160$,5(6$'-2,176&216(,//(56
&27,6$7,216'(5(75$,7((/86
&5($1&(6$'0,6(6(11219$/(85
&5($1&(6(7(,17(6
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7 $875(625*$1,60(6
&+$5*(6(;&(37,211(//(6
&+$5*(6(;&(37,211(//(63285,17(5(76025$72,5(6(7 3(1$/,7(66850$5&+(6
&+$5*(6(;&(37,211(//(63285$0(1'(6),6&$/(6(7 3(1$/(6
$875(6&+$5*(6(;&(3768523(5$7,216'(*(67,21
$875(668%9(17,216(;&(37,211(//(6
$875(6&+$5*(6(;&(37,211(//(6
$77(18$7,216'(&+$5*(6
5(0%2856(0(1766855(081(5$7,21'83(56211(/
5(0%2856(0(176685&+$5*(6'(6(&85,7(62&,$/(
35(92<$1&(
5HVWHVjUpDOLVHUDX
5(&(77(6 5pDOLVDWLRQV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϯϯ 6RXVIRQFWLRQ
$'0,1,675$7,21 *(1(5$/('(/$ &2//(&7,9,7(
$66(0%/((
/2&$/(
$'0,1,675$7,21
*(1(5/('(
/ (7$7
,1)250$7,21
&20081,&$7,21
38%/,&,7(
)(7(6(7
&(5(021,(6
$,'(6$8;
$662&,$7,216 121&/$66((6
$,//(856
&,0(7,(5(6(7
3203(6 )81(%5(6
$875(6$&7,216 '(&223(5$7,21 '(&(175$/,6(( /s
ϭ͘ϭ
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
/LEHOOp
6RXVIRQFWLRQ$'0,1,675$7,21*(1(5$/(
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
&21&(66,21'$16/(6&,0(7,(5(6 352'8,71(7
$875(65('(9$1&(6(75(&(77(6',9(56(6
$875(60$5&+$1',6(6
/2&$7,216',9(56(6 $875(648 ,00(8%/(6
5(0%2856(0(17'()5$,63$5' $875(65('(9$%/(6
$875(6352'8,76'$&7,9,7(6$11(;(6 $%211(0(176(7 9(17(6'2895$*(6
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(63$57,&,3$7,216(7$7
68%9(17,216(73$57,&,3$7,2165(*,216
$875(6352'8,76'(*(67,21&285$17(
5(9(186'(6,00(8%/(6
352'8,76',9(56'(*(67,21&285$17(
352'8,76(;&(37,211(/6
/,%(5$/,7(65(&8(6
$875(6352'8,76(;&(37,211(/668523(5$7,216'(*(67,21
5HVWHVjUpDOLVHUDX
62/'(
/D SURGXFWLRQ GH FHW pWDW HVW REOLJDWRLUH SRXU OHV FRPPXQHV GH KDELWDQWV HW SOXV OHV JURXSHPHQWV FRPSUHQDQW DX PRLQV XQH WHOOH FRPPXQH OHXUV pWDEOLVVHPHQWV HW VHUYLFHV DGPLQLVWUDWLIV KRUPLV OHV FDLVVHV GHV pFROHV HW OHV VHUYLFHV j DFWLYLWp XQLTXH pULJpV HQ
pWDEOLVVHPHQWSXEOLF RX EXGJHW DQQH[H
/ 5 HW 5 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW j XQ FKLIIUH
FRUUHVSRQGDQW j OD IRQFWLRQ 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW DX
QLYHDX OH SOXV GpWDLOOp GH OD QRPHQFODWXUH IRQFWLRQQHOOH
VRXVIRQFWLRQ RX UXEULTXH /HV JURXSHPHQWV HW OHXUV pWDEOLVVHPHQWV SXEOLFV VXLYHQW OHV UqJOHV GH SURGXFWLRQ HW GH SUpVHQWDWLRQ DSSOLFDEOHV j OD FRPPXQH PHPEUH FRPSWDQW OH SOXV JUDQG QRPEUH G¶KDELWDQWV
DUWLFOHV / D
HW5/HW5GX&*&7 /HFURLVHPHQWSDUQDWXUHHVWIDLWDXQLYHDXGHFKDFXQGHVDUWLFOHVEXGJpWDLUHV /H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV UHSRUWV HW DSSDUDLVVHQW j OD
FRORQQH1RQYHQWLODEOHV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϯϰ ,9
6(&85,7(,17(5,(85(
+<*,(1((76$/8%5,7(38%/,48(
&+$5*(6$&$5$&7(5(*(1(5$/
(1(5*,((7(/(&75,&,7(
)2851,785(6'(3(7,7(48,3(0(17
9(7(0(176'(75$9$,/
$875(60$7,(5(6(7)2851,785(6
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
0$,17(1$1&(
$875(6)5$,6',9(56
)5$,6'(7(/(&20081,&$7,216
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$875(6&+$5*(6'(*(67,21&285$17(
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(625*$1,60(6
$875(6352'8,76'(*(67,21&285$17(
352'8,76',9(56'(*(67,21&285$17(
62/'(
5HVWHVjUpDOLVHUDX
5pDOLVDWLRQV '(3(16(6
)21&7,216(&85,7((76$/8%5,7(38%/,48(6
5HVWHVjUpDOLVHUDX
5pDOLVDWLRQV 5(&(77(6
727$/
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
$
/,%(//(
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϯϱ
6(59,&(6&200816
32/,&(081,&,3$/(
3203,(56,1&(1',(6(7
6(&2856
$875(66(59,&(6'( 3527(&7,21&,9,/(
&+$5*(6$&$5$&7(5(*(1(5$/
(1(5*,((7(/(&75,&,7(
)2851,785(6'(3(7,7(48,3(0(17
9(7(0(176'(75$9$,/
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
0$,17(1$1&(
$875(6)5$,6',9(56
)5$,6'(7(/(&20081,&$7,216
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$875(6&+$5*(6'(*(67,21&285$17(
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(625*$1,60(6
$875(6352'8,76'(*(67,21&285$17(
352'8,76',9(56'(*(67,21&285$17(
5pDOLVDWLRQV
5HVWHVjUpDOLVHUDX
62/'(
/ D SURGXFWLRQ GH FHW pWDW HVW REOLJDWRLUH SRXU OHV FRPPXQHV GH KDELWDQWV HW SOXV OHV JURXSHPHQWV FRPSUHQDQW DX PRLQV XQH WHOOH FRPPXQH OHXUV pWDEOLVVHPHQWV HW VHUYLFHV DGPLQLVWUDWLIV KRUPLV OHV FDLVVHV GHV pFROHV HW OHV VHUYLFHV j DFWLYLWp XQLTXH pULJpV HQ
pWDEOLVVHPHQWSXEOLF RX EXGJHW DQQH[H
/ 5 HW 5 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW j XQ FKLIIUH
FRUUHVSRQGDQW j OD IRQFWLRQ 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ
HVW IDLW DX QLYHDX OH SOXV GpWDLOOp GH OD QRPHQFODWXUH IRQFWLRQQHOOH
VRXVIRQFWLRQ RX UXEULTXH /HV JURXSHPHQWV HW OHXUV pWDEOLVVHPHQWV SXEOLFV VXLYHQW OHV UqJOHV GH SURGXFWLRQ HW GH SUpVHQWDWLRQ DSSOLFDEOHV j OD FRPPXQH PHPEUH FRPSWDQW OH SOXV JUDQG QRPEUH G¶KDELWDQWV
DUWLFOHV/DHW5/HW5GX&*&7 /HFURLVHPHQWSDUQDWXUHHVWIDLWDXQLYHDXGHFKDFXQGHVDUWLFOHVEXGJpWDLUHV
6RXVIRQFWLRQ6(&85,7(,17(5,(85(
'(3(16(6 5pDOLVDWLRQV
5HVWHVjUpDOLVHUDX
/ H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV UHSRUWV HW
DSSDUDLVVHQWjODFRORQQH1RQYHQWLODEOHV
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,216(&85,7((76$/8%5,7(38%/,48(6
,9
$
/,%(//(
5(&(77(6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϯϲ
6(59,&(6&200816
(16(,*1(0(17'8
35(0,(5'(*5(
(16(,*1(0(17'8 '(8;,(0('(*5(
(16(,*1(0(17
683(5,(85
)250$7,21 &217,18(
6(59,&(6$11(;(6 '(/ (16(,*1(0(17
&+$5*(6$&$5$&7(5(*(1(5$/
$&+$76'(35(67$7,216'(6(59,&(6$875(648(7(55$,16$$0(1$*(5
($8(7$66$,1,666(0(17
(1(5*,((7(/(&75,&,7(
&+$8))$*(85%$,1
&20%867,%/(6
$/,0(17$7,21
)2851,785(6' (175(7,(1
)2851,785(6'(3(7,7(48,3(0(17
9(7(0(176'(75$9$,/
)2851,785(6$'0,1,675$7,9(6
)2851,785(66&2/$,5(6
$875(60$7,(5(6(7)2851,785(6
&2175$76'(35(67$7,216'(6(59,&(6$9(&'(6(175(35,6(6
/2&$7,216,002%,/,(5(6
/2&$7,21602%,/,(5(6
&+$5*(6/2&$7,9(6(7'(&235235,(7(
(175(7,(1(75(3$5$7,216%$7,0(176
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
'2&80(17$7,21*(1(5$/((77(&+1,48(
9(56(0(176$'(625*$1,60(6'()250$7,21
$875(6)5$,6',9(56
+2125$,5(6
38%/,&$7,216
75$1632576&2//(&7,)6
)5$,6' $))5$1&+,66(0(17
)5$,6'(7(/(&20081,&$7,216
5pDOLVDWLRQV '(3(16(6
)21&7,21(16(,*1(0(17)250$7,21
727$/
/,%(//(
,9$11(;(6
,9 $
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϯϳ
6(59,&(6&200816
(16(,*1(0(17'8
35(0,(5'(*5(
(16(,*1(0(17'8 '(8;,(0('(*5(
(16(,*1(0(17
683(5,(85
)250$7,21 &217,18(
6(59,&(6$11(;(6 '(/ (16(,*1(0(17
)21&7,21(16(,*1(0(17)250$7,21
727$/
/,%(//(
,9$11(;(6
,9 $
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$//2&$7,216&+20$*(9(56((6',5(&7(0(17
$875(6&+$5*(6'(*(67,21&285$17(
&217,1*(1763$57,&,3$7,2162%/,*$72,5(6,1'(01,7(6/2*07,167,787(856
68%9(17,216'()21&7,211(0(17$/$5(*,21
68%9(17,216'()21&7,211(0(17$8;'(3$57(0(176
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(625*$1,60(6
&+$5*(6(;&(37,211(//(6
$875(668%9(17,216(;&(37,211(//(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
5('(9$1&(6(7'52,76'(66(59,&(63(5,6&2/$,5(6(7'(16(,*1(0(17
,03276(77$;(6
$875(67$;(6',9(56(6
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(63$57,&,3$7,216(7$7
68%9(17,216(73$57,&,3$7,2165(*,216
68%9(17,216(73$57,&,3$7,216'(3$57(0(176
3$57&20081(60(0%5(6'8*)3
3$57&20081(6+256*52837
68%9(17,216(73$57,&,3$7,216$875(625*$1,60(6
$875(6352'8,76'(*(67,21&285$17(
5(9(186'(6,00(8%/(6
62/'(
5HVWHVjUpDOLVHUDX
5pDOLVDWLRQV 5(&(77(6
5HVWHVjUpDOLVHUDX
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϯϴ ,9
(&2/(60$7(51(//(6
(&2/(635,0$,5(6
+(%(5*(0(17(7 5(67$85$7,21
6&2/$,5(
75$1632576 6&2/$,5(6
&/$66(6'('(&289(57((7 $875(66(59,&(6$11(;(6'(
/ (16(,*1(0(17
&+$5*(6$&$5$&7(5(*(1(5$/
$&+$76'(35(67$7,216'(6(59,&(6$875(648(7(55$,16$$0(1$*(5
($8(7$66$,1,666(0(17
(1(5*,((7(/(&75,&,7(
&+$8))$*(85%$,1
&20%867,%/(6
$/,0(17$7,21
)2851,785(6' (175(7,(1
)2851,785(6'(3(7,7(48,3(0(17
9(7(0(176'(75$9$,/
)2851,785(6$'0,1,675$7,9(6
)2851,785(66&2/$,5(6
$875(60$7,(5(6(7)2851,785(6
&2175$76'(35(67$7,216'(6(59,&(6$9(&'(6(175(35,6(6
/2&$7,216,002%,/,(5(6
/2&$7,21602%,/,(5(6
&+$5*(6/2&$7,9(6(7'(&235235,(7(
(175(7,(1(75(3$5$7,216%$7,0(176
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
'2&80(17$7,21*(1(5$/((77(&+1,48(
$875(6)5$,6',9(56
75$1632576&2//(&7,)6
)5$,6' $))5$1&+,66(0(17
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
,9$11(;(6
6RXVIRQFWLRQ(16(,*1(0(17'835(0,(5'(*5(
6RXVIRQFWLRQ6(59,&(6$11(;(6'(/ (16(,*1(0(17
'(3(16(6 5pDOLVDWLRQV
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
$
)21&7,21(16(,*1(0(17)250$7,21
/,%(//(
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϯϵ ,9
(&2/(60$7(51(//(6
(&2/(635,0$,5(6
+(%(5*(0(17(7 5(67$85$7,21
6&2/$,5(
75$1632576 6&2/$,5(6
&/$66(6'('(&289(57((7 $875(66(59,&(6$11(;(6'(
/ (16(,*1(0(17
,9$11(;(6
6RXVIRQFWLRQ(16(,*1(0(17'835(0,(5'(*5(
6RXVIRQFWLRQ6(59,&(6$11(;(6'(/ (16(,*1(0(17
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
$
)21&7,21(16(,*1(0(17)250$7,21
/,%(//(
5(081(5$7,213(56211(/1217,78/$,5(
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$//2&$7,216&+20$*(9(56((6',5(&7(0(17
$875(6&+$5*(6'(*(67,21&285$17(
&217,1*(1763$57,&,3$7,2162%/,*$72,5(6,1'(01,7(6/2*07,167,787(856
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(625*$1,60(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
5('(9$1&(6(7'52,76'(66(59,&(63(5,6&2/$,5(6(7'(16(,*1(0(17
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(63$57,&,3$7,216(7$7
68%9(17,216(73$57,&,3$7,216'(3$57(0(176
3$57&20081(60(0%5(6'8*)3
3$57&20081(6+256*52837
68%9(17,216(73$57,&,3$7,216$875(625*$1,60(6
$875(6352'8,76'(*(67,21&285$17(
5(9(186'(6,00(8%/(6
5HVWHVjUpDOLVHUDX
5(&(77(6 5pDOLVDWLRQV
5HVWHVjUpDOLVHUDX
62/'(
/HFURLVHPHQWSDUQDWXUHHVWIDLWDXQLYHDXGHFKDFXQGHVDUWLFOHVEXGJpWDLUHV /H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV UHSRUWV HW DSSDUDLVVHQW j OD FRORQQH
1RQYHQWLODEOHV
/D SURGXFWLRQ GH FHW pWDW HVW REOLJDWRLUH SRXU OHV FRPPXQHV GH KDELWDQWV HW SOXV OHV JURXSHPHQWV FRPSUHQDQW DX PRLQV XQH WHOOH FRPPXQH OHXUV pWDEOLVVHPHQWV HW VHUYLFHV DGPLQLVWUDWLIV KRUPLV OHV FDLVVHV GHV pFROHV HW OHV VHUYLFHV j DFWLYLWp XQLTXH pULJpV HQ pWDEOLVVHPHQWSXEOLF RX
EXGJHW DQQH[H
/ 5 HW 5 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW j XQ FKLIIUH
FRUUHVSRQGDQW j OD IRQFWLRQ 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW DX QLYHDX OH SOXV GpWDLOOp GH OD
QRPHQFODWXUH IRQFWLRQQHOOH
VRXVIRQFWLRQ RX UXEULTXH /HV JURXSHPHQWV HW OHXUV pWDEOLVVHPHQWV SXEOLFV VXLYHQW OHV UqJOHV GH SURGXFWLRQ HW GH SUpVHQWDWLRQ DSSOLFDEOHV j OD FRPPXQH PHPEUH FRPSWDQW OH SOXV JUDQG QRPEUH G¶KDELWDQWV
DUWLFOHV / D HW 5 / HW 5
GX&*&7
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϰϬ ,9
6(59,&(6&200816
(;35(66,21$57,67,48(
&216(59$7,21(7
',))86,21'(63$75,02,1(6
$&7,21&8/785(//(
&+$5*(6$&$5$&7(5(*(1(5$/
($8(7$66$,1,666(0(17
(1(5*,((7(/(&75,&,7(
&+$8))$*(85%$,1
$/,0(17$7,21
)2851,785(6' (175(7,(1
)2851,785(6'(3(7,7(48,3(0(17
9(7(0(176'(75$9$,/
/,95(6',648(6&$66(77(6 %,%/,27+(48(
0(',$7+(48(
$875(60$7,(5(6(7)2851,785(6
&2175$76'(35(67$7,216'(6(59,&(6$9(&'(6(175(35,6(6
/2&$7,216,002%,/,(5(6
/2&$7,21602%,/,(5(6
&+$5*(6/2&$7,9(6(7'(&235235,(7(
(175(7,(1(75(3$5$7,2166857(55$,16
(175(7,(1(75(3$5$7,216%$7,0(176
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
0$,17(1$1&(
35,0(6'$6685$1&(6
'2&80(17$7,21*(1(5$/((77(&+1,48(
$875(6)5$,6',9(56
',9(56
&$7$/2*8(6(7,035,0(6
38%/,&$7,216
',9(56
75$1632576'(%,(16
5(&(37,216
)5$,6'(7(/(&20081,&$7,216
&21&2856',9(56 &27,6$7,216
)5$,6'(*$5',(11$*( (*/,6()25(7%2,6&20081$8;
5pDOLVDWLRQV '(3(16(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,21&8/785(
727$/
/,%(//(
$
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϰϭ ,9
6(59,&(6&200816
(;35(66,21$57,67,48(
&216(59$7,21(7
',))86,21'(63$75,02,1(6
$&7,21&8/785(//(
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,21&8/785(
727$/
/,%(//(
$
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$875(6&+$5*(6'(*(67,21&285$17(
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(625*$1,60(6
&+$5*(6(;&(37,211(//(6
$875(668%9(17,216(;&(37,211(//(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
$875(6
5('(9$1&(6(7'52,76'(66(59,&(6$&$5$&7(5(&8/785(/
$875(6352'8,76'$&7,9,7(6$11(;(6 $%211(0(176(79(17(6'2895$*(6
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(63$57,&,3$7,216(7$7
$875(6$775,%87,21668%9(17,216(73$57,&,3$7,216
$875(6352'8,76'(*(67,21&285$17(
5(9(186'(6,00(8%/(6
5pDOLVDWLRQV 5(&(77(6
5HVWHVjUpDOLVHUDX
62/'(
5HVWHVjUpDOLVHUDX
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϰϮ
(;35(66,21
086,&$/(/<5,48( (7&+25(*5$3+,48(
$5763/$67,48(6(7 $875(6$&7,9,7(6
$57,67,48(6
7+($75(6
%,%/,27+(48(6(7
0(',$7+(48(6
086((6
$5&+,9(6
(175(7,(1'8 3$75,02,1(
&8/785(/
&+$5*(6$&$5$&7(5(*(1(5$/
($8(7$66$,1,666(0(17
(1(5*,((7(/(&75,&,7(
&+$8))$*(85%$,1
$/,0(17$7,21
)2851,785(6' (175(7,(1
)2851,785(6'(3(7,7(48,3(0(17
9(7(0(176'(75$9$,/
/,95(6',648(6&$66(77(6 %,%/,27+(48(
0(',$7+(48(
$875(60$7,(5(6(7)2851,785(6
&2175$76'(35(67$7,216'(6(59,&(6$9(&'(6(175(35,6(6
/2&$7,216,002%,/,(5(6
/2&$7,21602%,/,(5(6
&+$5*(6/2&$7,9(6(7'(&235235,(7(
(175(7,(1(75(3$5$7,216%$7,0(176
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
0$,17(1$1&(
35,0(6'$6685$1&(6
'2&80(17$7,21*(1(5$/((77(&+1,48(
$875(6)5$,6',9(56
',9(56
&$7$/2*8(6(7,035,0(6
38%/,&$7,216
75$1632576'(%,(16
&21&2856',9(56 &27,6$7,216
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,21&8/785(
,9 $
6RXVIRQFWLRQ(;35(66,21$57,67,48(
6RXVIRQFWLRQ&216(59$7,21(7',))86,21'(63$75,02,1(6
'(3(16(6 5pDOLVDWLRQV
/,%(//(
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϰϯ
(;35(66,21
086,&$/(/<5,48( (7&+25(*5$3+,48(
$5763/$67,48(6(7 $875(6$&7,9,7(6
$57,67,48(6
7+($75(6
%,%/,27+(48(6(7
0(',$7+(48(6
086((6
$5&+,9(6
(175(7,(1'8 3$75,02,1(
&8/785(/
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,21&8/785(
,9 $
6RXVIRQFWLRQ(;35(66,21$57,67,48(
6RXVIRQFWLRQ&216(59$7,21(7',))86,21'(63$75,02,1(6
/,%(//(
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
$875(6
5('(9$1&(6(7'52,76'(66(59,&(6$&$5$&7(5(&8/785(/
$875(6352'8,76'$&7,9,7(6$11(;(6 $%211(0(176(79(17(6'2895$*(6
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(63$57,&,3$7,216(7$7
$875(6$775,%87,21668%9(17,216(73$57,&,3$7,216
$875(6352'8,76'(*(67,21&285$17(
5(9(186'(6,00(8%/(6
/HFURLVHPHQWSDUQDWXUHHVWIDLWDXQLYHDXGHFKDFXQGHVDUWLFOHVEXGJpWDLUHV /H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV UHSRUWV HW DSSDUDLVVHQW j OD FRORQQH 1RQ
YHQWLODEOHV
5HVWHVjUpDOLVHUDX
5(&(77(6 5pDOLVDWLRQV
5HVWHVjUpDOLVHUDX
62/'(
/D SURGXFWLRQ GH FHW pWDW HVW REOLJDWRLUH SRXU OHV FRPPXQHV GH KDELWDQWV HW SOXV OHV JURXSHPHQWV FRPSUHQDQW DX PRLQV XQH WHOOH FRPPXQH OHXUV pWDEOLVVHPHQWV HW VHUYLFHV DGPLQLVWUDWLIV KRUPLV OHV FDLVVHV GHV pFROHV HW OHV VHUYLFHV j DFWLYLWp XQLTXH pULJpV HQ pWDEOLVVHPHQWSXEOLF RX EXGJHW
DQQH[H
/ 5 HW 5 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW j XQ FKLIIUH
FRUUHVSRQGDQW j OD IRQFWLRQ 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW DX QLYHDX OH SOXV GpWDLOOp GH OD QRPHQFODWXUH
IRQFWLRQQHOOH VRXVIRQFWLRQRXUXEULTXH /HVJURXSHPHQWVHWOHXUVpWDEOLVVHPHQWVSXEOLFVVXLYHQWOHVUqJOHVGHSURGXFWLRQHWGHSUpVHQWDWLRQDSSOLFDEOHVjODFRPPXQHPHPEUHFRPSWDQWOHSOXVJUDQGQRPEUHG¶KDELWDQWV DUWLFOHV/DHW5/HW5GX&*&7
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϰϰ ,9
6(59,&(6&200816
632576
-(81(66(
&+$5*(6$&$5$&7(5(*(1(5$/
$&+$76'(35(67$7,216'(6(59,&(6$875(648(7(55$,16$$0(1$*(5
($8(7$66$,1,666(0(17
(1(5*,((7(/(&75,&,7(
$/,0(17$7,21
$875(6)2851,785(6121672&.((6
)2851,785(6' (175(7,(1
)2851,785(6'(3(7,7(48,3(0(17
9(7(0(176'(75$9$,/
$875(60$7,(5(6(7)2851,785(6
/2&$7,216,002%,/,(5(6
/2&$7,21602%,/,(5(6
&+$5*(6/2&$7,9(6(7'(&235235,(7(
(175(7,(1(75(3$5$7,2166857(55$,16
(175(7,(1(75(3$5$7,216%$7,0(176
(175(7,(1(75(3$5$7,2160$7(5,(/528/$17
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
0$,17(1$1&(
35,0(6'$6685$1&(6
'2&80(17$7,21*(1(5$/((77(&+1,48(
$875(6)5$,6',9(56
+2125$,5(6
',9(56
&$7$/2*8(6(7,035,0(6
75$1632576&2//(&7,)6
)5$,6'(7(/(&20081,&$7,216
)5$,6'(*$5',(11$*( (*/,6()25(7%2,6&20081$8;
$875(6
,03276,1',5(&76
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
$
'(3(16(6
)21&7,2163257(7-(81(66(
727$/
/,%(//(
5pDOLVDWLRQV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϰϱ ,9
6(59,&(6&200816
632576
-(81(66(
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
$
)21&7,2163257(7-(81(66(
727$/
/,%(//(
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$875(6&+$5*(6'(*(67,21&285$17(
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(625*$1,60(6
&+$5*(6(;&(37,211(//(6
$875(668%9(17,216(;&(37,211(//(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
5('(9$1&(6$&$5$&7(5(63257,)
5('(9$1&(6$&$5$&7(5('(/2,6,56
5('(9$1&(6(7'52,76'(66(59,&(63(5,6&2/$,5(6(7'(16(,*1(0(17
0,6($',6326,7
'(3(56211(/$8*)3'(5$77$&+ 7
5(0%28567'()5$,63$5/(*)3'(5$77$&+7
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(63$57,&,3$7,216(7$7
68%9(17,216(73$57,&,3$7,216'(3$57(0(176
3$57,&,3$7,216*)3'(5$77$&+(0(17
68%9(17,216(73$57,&,3$7,216$875(625*$1,60(6
62/'(
5HVWHVjUpDOLVHUDX
5pDOLVDWLRQV 5(&(77(6
5HVWHVjUpDOLVHUDX
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϰϲ
6$//(6'(63257
*<01$6(6
67$'(6
3,6&,1(6
$875(6(48,3(0(176
63257,)628'(
/2,6,56
0$1,)(67$7,216
63257,9(6
&(175(6'(
/2,6,56
$875(6$&7,9,7(6 3285/(6-(81(6
&2/21,(6'( 9$&$1&(6
&+$5*(6$&$5$&7(5(*(1(5$/
$&+$76'(35(67$7,216'(6(59,&(6$875(648(7(55$,16$ $0(1$*(5
($8(7$66$,1,666(0(17
(1(5*,((7(/(&75,&,7(
$/,0(17$7,21
$875(6)2851,785(6121672&.((6
)2851,785(6' (175(7,(1
)2851,785(6'(3(7,7(48,3(0(17
9(7(0(176'(75$9$,/
$875(60$7,(5(6(7)2851,785(6
/2&$7,216,002%,/,(5(6
/2&$7,21602%,/,(5(6
&+$5*(6/2&$7,9(6(7'(&235235,(7(
(175(7,(1(75(3$5$7,2166857(55$,16
(175(7,(1(75(3$5$7,216%$7,0(176
(175(7,(1(75(3$5$7,2160$7(5,(/528/$17
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
0$,17(1$1&(
35,0(6'$6685$1&(6
'2&80(17$7,21*(1(5$/((77(&+1,48(
$875(6)5$,6',9(56
+2125$,5(6
',9(56
&$7$/2*8(6(7,035,0(6
75$1632576&2//(&7,)6
)5$,6'(*$5',(11$*( (*/,6()25(7%2,6&20081$8;
$875(6
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
,9 $
6RXVIRQFWLRQ632576
6RXVIRQFWLRQ-(81(66(
'(3(16(6 5pDOLVDWLRQV
/,%(//(
)21&7,2163257(7-(81(66(
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϰϳ
6$//(6'(63257
*<01$6(6
67$'(6
3,6&,1(6
$875(6(48,3(0(176
63257,)628'(
/2,6,56
0$1,)(67$7,216
63257,9(6
&(175(6'(
/2,6,56
$875(6$&7,9,7(6 3285/(6-(81(6
&2/21,(6'( 9$&$1&(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
,9 $
6RXVIRQFWLRQ632576
6RXVIRQFWLRQ-(81(66(
/,%(//(
)21&7,2163257(7-(81(66(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$875(6&+$5*(6'(*(67,21&285$17(
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(6 25*$1,60(6
&+$5*(6(;&(37,211(//(6
$875(668%9(17,216(;&(37,211(//(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
5('(9$1&(6$&$5$&7(5(63257,)
5('(9$1&(6$&$5$&7(5('(/2,6,56
5('(9$1&(6(7'52,76'(66(59,&(63(5,6&2/$,5(6(7' (16(,*1(0(17
0,6($',6326,7
'(3(56211(/$8*)3'(5$77$&+ 7
5(0%28567'()5$,63$5/(*)3'(5$77$&+7
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(63$57,&,3$7,216(7$7
68%9(17,216(73$57,&,3$7,216'(3$57(0(176
3$57,&,3$7,216*)3'(5$77$&+(0(17
68%9(17,216(73$57,&,3$7,216$875(625*$1,60(6
/HFURLVHPHQWSDUQDWXUHHVWIDLWDXQLYHDXGHFKDFXQGHVDUWLFOHVEXGJpWDLUHV /H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV UHSRUWV HW DSSDUDLVVHQW j OD FRORQQH 1RQ
YHQWLODEOHV
5HVWHVjUpDOLVHUDX
5(&(77(6 5pDOLVDWLRQV
5HVWHVjUpDOLVHUDX
62/'(
/D SURGXFWLRQ GH FHW pWDW HVW REOLJDWRLUH SRXU OHV FRPPXQHV GH KDELWDQWV HW SOXV OHV JURXSHPHQWV FRPSUHQDQW DX PRLQV XQH WHOOH FRPPXQH OHXUV pWDEOLVVHPHQWV HW VHUYLFHV DGPLQLVWUDWLIV KRUPLV OHV FDLVVHV GHV pFROHV HW OHV VHUYLFHV j DFWLYLWp XQLTXH pULJpV HQ pWDEOLVVHPHQWSXEOLF RX EXGJHW DQQH[H / 5 HW 5 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW j XQ FKLIIUH
FRUUHVSRQGDQW j OD IRQFWLRQ 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW DX QLYHDX OH SOXV GpWDLOOp GH OD QRPHQFODWXUH IRQFWLRQQHOOH
VRXV
IRQFWLRQRXUXEULTXH /HVJURXSHPHQWVHWOHXUVpWDEOLVVHPHQWVSXEOLFVVXLYHQWOHVUqJOHVGHSURGXFWLRQHWGHSUpVHQWDWLRQDSSOLFDEOHVjODFRPPXQHPHPEUHFRPSWDQWOHSOXVJUDQGQRPEUHG¶KDELWDQWV DUWLFOHV/DHW5/HW5GX&*&7
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϰϴ ,9
6$17(
17(59(17,21662&,$/(6
&+$5*(6$&$5$&7(5(*(1(5$/
$875(60$7,(5(6(7)2851,785(6
&2175$76'(35(67$7,216'(6(59,&(6$9(&'(6(175(35,6(6
(175(7,(1(75(3$5$7,216%$7,0(176
&$7$/2*8(6(7,035,0(6
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$875(6&+$5*(6'(*(67,21&285$17(
68%9(17,21&&$6
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(625*$1,60(6
&+$5*(6(;&(37,211(//(6
$875(668%9(17,216(;&(37,211(//(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
$875(635(67$7,216'(6(59,&(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
$ 727$/
/,%(//(
'(3(16(6
)21&7,21,17(59(17,21662&,$/(6(76$17(
62/'(
5HVWHVjUpDOLVHUDX
5pDOLVDWLRQV 5(&(77(6
5HVWHVjUpDOLVHUDX
5pDOLVDWLRQV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϰϵ
6(59,&(6&200816
$&7,216(1)$9(85'(/ (1)$1&((7
'(/ $'2/(6&(1&(
$&7,216(1)$9(85'(6 3(56211(6(1',)),&8/7(
$875(66(59,&(6
&+$5*(6$&$5$&7(5(*(1(5$/
$875(60$7,(5(6(7)2851,785(6
&2175$76'(35(67$7,216'(6(59,&(6$9(&'(6(175(35,6(6
(175(7,(1(75(3$5$7,216%$7,0(176
&$7$/2*8(6(7,035,0(6
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$875(6&+$5*(6'(*(67,21&285$17(
68%9(17,21&&$6
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(625*$1,60(6
&+$5*(6(;&(37,211(//(6
$875(668%9(17,216(;&(37,211(//(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
$875(635(67$7,216'(6(59,&(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,21,17(59(17,21662&,$/(6(76$17(
,9
5HVWHVjUpDOLVHUDX 5HVWHVjUpDOLVHUDX
5(&(77(6 5pDOLVDWLRQV 62/'(
/D SURGXFWLRQ GH FHW pWDW HVW REOLJDWRLUH SRXU OHV FRPPXQHV GH KDELWDQWV HW SOXV OHV JURXSHPHQWV FRPSUHQDQW DX PRLQV XQH WHOOH FRPPXQH OHXUV pWDEOLVVHPHQWV HW VHUYLFHV DGPLQLVWUDWLIV KRUPLV OHV FDLVVHV GHV pFROHV HW OHV VHUYLFHV j DFWLYLWp XQLTXH pULJpV HQ pWDEOLVVHPHQWSXEOLF RX EXGJHW
DQQH[H
/ 5 HW 5 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW j XQ FKLIIUH
FRUUHVSRQGDQW j OD IRQFWLRQ 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW DX QLYHDX OH SOXV GpWDLOOp GH OD QRPHQFODWXUH
IRQFWLRQQHOOH VRXVIRQFWLRQRXUXEULTXH /HVJURXSHPHQWVHWOHXUVpWDEOLVVHPHQWVSXEOLFVVXLYHQWOHVUqJOHVGHSURGXFWLRQHWGHSUpVHQWDWLRQDSSOLFDEOHVjODFRPPXQHPHPEUHFRPSWDQWOHSOXVJUDQGQRPEUHG¶KDELWDQWV DUWLFOHV/DHW5/HW5GX&*&7
$
/HFURLVHPHQWSDUQDWXUHHVWIDLWDXQLYHDXGHFKDFXQGHVDUWLFOHVEXGJpWDLUHV /H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV UHSRUWV HW DSSDUDLVVHQW j OD FRORQQH 1RQ
YHQWLODEOHV
/,%(//(
6RXVIRQFWLRQ,17(59(17,21662&,$/(6
'(3(16(6 5pDOLVDWLRQV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϱϬ
6(59,&(6(1)$9(85'(6
3(56211(6$*((6
$,'(6$/$)$0,//(
&5(&+(6(7*$5'(5,(6
&+$5*(6$&$5$&7(5(*(1(5$/
$&+$76'(35(67$7,216'(6(59,&(6$875(648(7(55$,16$$0(1$*(5
($8(7$66$,1,666(0(17
(1(5*,((7(/(&75,&,7(
&+$8))$*(85%$,1
$/,0(17$7,21
$875(6)2851,785(6121672&.((6
)2851,785(6' (175(7,(1
)2851,785(6'(3(7,7(48,3(0(17
9(7(0(176'(75$9$,/
)2851,785(6$'0,1,675$7,9(6
$875(60$7,(5(6(7)2851,785(6
/2&$7,216,002%,/,(5(6
&+$5*(6/2&$7,9(6(7'(&235235,(7(
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
'2&80(17$7,21*(1(5$/((77(&+1,48(
$875(6)5$,6',9(56
+2125$,5(6
',9(56
)5$,6'(7(/(&20081,&$7,216
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
5pDOLVDWLRQV '(3(16(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,21)$0,//(
727$/
/,%(//(
,9 $
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϱϭ
6(59,&(6(1)$9(85'(6
3(56211(6$*((6
$,'(6$/$)$0,//(
&5(&+(6(7*$5'(5,(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
)21&7,21)$0,//(
727$/
/,%(//(
,9 $
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$875(6&+$5*(6'(*(67,21&285$17(
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(625*$1,60(6
&+$5*(6(;&(37,211(//(6
&+$5*(6(;&(37,211(//(66(&2856(7'276
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
5('(9$1&(6(7'52,76'(66(59,&(6$&$5$&7(5(62&,$/
'27$7,21668%9(17,216(73$57,&,3$7,216
68%9(17,216(73$57,&,3$7,216'(3$57(0(176
68%9(17,216(73$57,&,3$7,216$875(625*$1,60(6
/HFURLVHPHQWSDUQDWXUHHVWIDLWDXQLYHDXGHFKDFXQGHVDUWLFOHVEXGJpWDLUHV /H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV UHSRUWV HW DSSDUDLVVHQW
jODFRORQQH1RQYHQWLODEOHV
62/'(
5HVWHVjUpDOLVHUDX
5pDOLVDWLRQV 5(&(77(6
5HVWHVjUpDOLVHUDX
/D SURGXFWLRQ GH FHW pWDW HVW REOLJDWRLUH SRXU OHV FRPPXQHV GH KDELWDQWV HW SOXV OHV JURXSHPHQWV FRPSUHQDQW DX PRLQV XQH WHOOH FRPPXQH OHXUV pWDEOLVVHPHQWV HW VHUYLFHV DGPLQLVWUDWLIV KRUPLV OHV FDLVVHV GHV pFROHV HW OHV VHUYLFHV j DFWLYLWp XQLTXH pULJpV HQ
pWDEOLVVHPHQWSXEOLF RX EXGJHW DQQH[H
/ 5 HW 5 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW j XQ FKLIIUH
FRUUHVSRQGDQW j OD IRQFWLRQ 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW
DX QLYHDX OH SOXV GpWDLOOp GH OD QRPHQFODWXUH IRQFWLRQQHOOH
VRXVIRQFWLRQ RX UXEULTXH /HV JURXSHPHQWV HW OHXUV pWDEOLVVHPHQWV SXEOLFV VXLYHQW OHV UqJOHV GH SURGXFWLRQ HW GH SUpVHQWDWLRQ DSSOLFDEOHV j OD FRPPXQH PHPEUH FRPSWDQW OH SOXV JUDQG QRPEUH G¶KDELWDQWV
DUWLFOHV /
DHW5/HW5GX&*&7
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϱϮ ,9
6(59,&(685%$,16
$0(1$*(0(1785%$,1
(19,5211(0(17
&+$5*(6$&$5$&7(5(*(1(5$/
$&+$76'(35(67$7,216'(6(59,&(6$875(648(7(55$,16$$0(1$*(5
($8(7$66$,1,666(0(17
(1(5*,((7(/(&75,&,7(
&+$8))$*(85%$,1
&20%867,%/(6
&$5%85$176
$875(6)2851,785(6121672&.((6
)2851,785(6' (175(7,(1
)2851,785(6'(3(7,7(48,3(0(17
)2851,785(6'(92,5,(
9(7(0(176'(75$9$,/
$875(60$7,(5(6(7)2851,785(6
&2175$76'(35(67$7,216'(6(59,&(6$9(&'(6(175(35,6(6
/2&$7,21602%,/,(5(6
&+$5*(6/2&$7,9(6(7'(&235235,(7(
(175(7,(1(75(3$5$7,2166857(55$,16
(175(7,(1(75(3$5$7,21692,(6(75(6($8;
(175(7,(1(75(3$5$7,2160$7(5,(/528/$17
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
0$,17(1$1&(
35,0(6'$6685$1&(6
(78'(6(75(&+(5&+(6
'2&80(17$7,21*(1(5$/((77(&+1,48(
$875(6)5$,6',9(56
+2125$,5(6
',9(56
)5$,6'(1(772<$*('(6/2&$8;
7$;(6(7,03276685/(69(+,&8/(6
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
$ 727$/
/,%(//(
'(3(16(6
)21&7,21$0(1$*(0(17(76(59,&(685%$,16(19,5211(0(17
5pDOLVDWLRQV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϱϯ ,9
6(59,&(685%$,16
$0(1$*(0(1785%$,1
(19,5211(0(17
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
$ 727$/
/,%(//(
)21&7,21$0(1$*(0(17(76(59,&(685%$,16(19,5211(0(17
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('(5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
5(081(5$7,21'(6$335(17,6
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,21662&,$/(6/,((6$/ $335(17,66$*(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$875(6&+$5*(6'(*(67,21&285$17(
&217,1*(176(73$57,&,3$7,2162%/,*$72,5(6&2175,%8725*$1,65(*5283(07
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
'52,76'(67$7,211(0(17(7'(/2&$7,21685/$92,(38%/,48(
5('(9$1&(' 2&&83$7,21'8'20$,1(38%/,&&20081$/
$875(65('(9$1&(6(75(&(77(6',9(56(6
$875(635(67$7,216'(6(59,&(6
,03276(77$;(6
'52,76'(67$7,211(0(17
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(63$57,&,3$7,216(7$7
68%9(17,216(73$57,&,3$7,2165(*,216
3$57,&,3$7,216*)3'(5$77$&+(0(17
68%9(17,216(73$57,&,3$7,216$875(625*$1,60(6
$875(6352'8,76'(*(67,21&285$17(
5('(9$1&(69(56((63$5/(6)(50,(56(7&21&(66,211$,5(6
62/'(
5HVWHVjUpDOLVHUDX
5pDOLVDWLRQV 5(&(77(6
5HVWHVjUpDOLVHUDX
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϱϰ 6RXVIRQFWLRQ
6(59,&(6 &200816
($8(7
$66$,1,66(0(17
&2//(&7((7
75$,7(0(17'(6
25'85(6 0(1$*(5(6
35235(7( 85%$,1(
(&/$,5$*(
38%/,&
75$1632576
85%$,16
$875(6
5(6($8;(7 6(59,&(6
',9(56
(48,3(0(176 $11(;(6'(
92,5,(
92,5,(
&20081$/( (75287(6
(63$&(6
9(576 85%$,16
$875(6
23(5$7,216 ' $0(1$*(0 (1785%$,1
6(59,&(6 &200816
&+$5*(6$&$5$&7(5(*(1(5$/
$&+$76'(35(67$7,216'(6(59,&(6$875(648(7(55$,16$ $0(1$*(5
($8(7$66$,1,666(0(17
(1(5*,((7(/(&75,&,7(
&+$8))$*(85%$,1
&20%867,%/(6
&$5%85$176
$875(6)2851,785(6121672&.((6
)2851,785(6' (175(7,(1
)2851,785(6'(3(7,7(48,3(0(17
)2851,785(6'(92,5,(
9(7(0(176'(75$9$,/
$875(60$7,(5(6(7)2851,785(6
&2175$76'(35(67$7,216'(6(59,&(6$9(&'(6(175(35,6(6
/2&$7,21602%,/,(5(6
&+$5*(6/2&$7,9(6(7'(&235235,(7(
(175(7,(1(75(3$5$7,2166857(55$,16
(175(7,(1(75(3$5$7,21692,(6(75(6($8;
(175(7,(1(75(3$5$7,2160$7(5,(/528/$17
(175(7,(1(75(3$5$7,216$875(6%,(1602%,/,(56
0$,17(1$1&(
35,0(6'$6685$1&(6
(78'(6(75(&+(5&+(6
'2&80(17$7,21*(1(5$/((77(&+1,48(
$875(6)5$,6',9(56
+2125$,5(6
',9(56
)5$,6'(1(772<$*('(6/2&$8;
7$;(6(7,03276685/(69(+,&8/(6
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
9(56(0(17'(75$163257
&27,6$7,216$8&1)37(7$8&(175('(*(67,21
5pDOLVDWLRQV
6RXVIRQFWLRQ$0(1$*(0(1785%$,1
/,%(//(
6RXVIRQFWLRQ6(59,&(685%$,16
,9
)21&7,21$0(1$*(0(17(76(59,&(685%$,16(19,5211(0(17
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
'(3(16(6
$
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϱϱ 6RXVIRQFWLRQ
6(59,&(6 &200816
($8(7
$66$,1,66(0(17
&2//(&7((7
75$,7(0(17'(6
25'85(6 0(1$*(5(6
35235(7( 85%$,1(
(&/$,5$*(
38%/,&
75$1632576
85%$,16
$875(6
5(6($8;(7 6(59,&(6
',9(56
(48,3(0(176 $11(;(6'(
92,5,(
92,5,(
&20081$/( (75287(6
(63$&(6
9(576 85%$,16
$875(6
23(5$7,216 ' $0(1$*(0 (1785%$,1
6(59,&(6 &200816
6RXVIRQFWLRQ$0(1$*(0(1785%$,1
/,%(//(
6RXVIRQFWLRQ6(59,&(685%$,16
,9
)21&7,21$0(1$*(0(17(76(59,&(685%$,16(19,5211(0(17
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
$
5(081(5$7,2135,1&,3$/(3(56211(/7,78/$,5(
1%,6833/(0(17)$0,/,$/'(75$,7(0(17(7,1'(01,7('( 5(6,'(1&(
$875(6,1'(01,7(63(56211(/7,78/$,5(
5(081(5$7,213(56211(/1217,78/$,5(
5(081(5$7,21'(6$335(17,6
&27,6$7,216$/ 8566$)
&27,6$7,216$8;&$,66(6'(5(75$,7(
&27,6$7,21662&,$/(6/,((6$/ $335(17,66$*(
&27,6$7,216$8;$875(625*$1,60(662&,$8;
35(67$7,216)$0,/,$/(6',5(&7(6
$875(6&+$5*(6'(*(67,21&285$17(
&217,1*(176(73$57,&,3$7,2162%/,*$72,5(6&2175,%87 25*$1,65(*5283(07
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
'52,76'(67$7,211(0(17(7'(/2&$7,21685/$92,( 38%/,48(
5('(9$1&(' 2&&83$7,21'8'20$,1(38%/,&&20081$/
$875(65('(9$1&(6(75(&(77(6',9(56(6
$875(635(67$7,216'(6(59,&(6
,03276(77$;(6
'52,76'(67$7,211(0(17
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(63$57,&,3$7,216(7$7
3$57,&,3$7,216*)3'(5$77$&+(0(17
68%9(17,216(73$57,&,3$7,2165(*,216
68%9(17,216(73$57,&,3$7,216$875(625*$1,60(6
$875(6352'8,76'(*(67,21&285$17(
5('(9$1&(69(56((63$5/(6)(50,(56(7&21&(66,211$,5(6
/ D SURGXFWLRQ GH FHW pWDW HVW REOLJDWRLUH SRXU OHV FRPPXQHV GH KDELWDQWV HW SOXV OHV JURXSHPHQWV FRPSUHQDQW DX PRLQV XQH WHOOH FRPPXQH OHXUV pWDEOLVVHPHQWV HW VHUYLFHV DGPLQLVWUDWLIV KRUPLV OHV FDLVVHV GHV pFROHV HW OHV VHUYLFHV j DFWLYLWp XQLTXH
pULJpV HQ pWDEOLVVHPHQWSXEOLF RX EXGJHW DQQH[H
/ 5 HW 5 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW j XQ FKLIIUH
FRUUHVSRQGDQW j OD IRQFWLRQ 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH
FURLVHPHQW SDU IRQFWLRQ HVW IDLW DX QLYHDX OH SOXV GpWDLOOp GH OD QRPHQFODWXUH IRQFWLRQQHOOH
VRXVIRQFWLRQ RX UXEULTXH /HV JURXSHPHQWV HW OHXUV pWDEOLVVHPHQWV SXEOLFV VXLYHQW OHV UqJOHV GH SURGXFWLRQ HW GH SUpVHQWDWLRQ DSSOLFDEOHV j OD FRPPXQH PHPEUH FRPSWDQW
OHSOXVJUDQGQRPEUHG¶KDELWDQWV DUWLFOHV/DHW5/HW5GX&*&7
5HVWHVjUpDOLVHUDX
/H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV UHSRUWV HW
DSSDUDLVVHQWjODFRORQQH1RQYHQWLODEOHV
62/'(
/HFURLVHPHQWSDUQDWXUHHVWIDLWDXQLYHDXGHFKDFXQGHVDUWLFOHVEXGJpWDLUHV
5pDOLVDWLRQV
5HVWHVjUpDOLVHUDX
5(&(77(6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϱϲ ,9
,17(59(17,216 (&2120,48(6
)2,5(6(70$5&+(6
$,'(6$87285,60(
$,'(6$8;6(59,&(6
38%/,&6
&+$5*(6$&$5$&7(5(*(1(5$/
$875(60$7,(5(6(7)2851,785(6
&+$5*(6/2&$7,9(6(7'(&235235,(7(
$875(6&+$5*(6'(*(67,21&285$17(
68%9(17,216'()21&7,211(0(17$8;$662&,$7,216(7$875(625*$1,60(6
&+$5*(6(;&(37,211(//(6
$875(668%9(17,216(;&(37,211(//(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
$875(635(67$7,216'(6(59,&(6
,03276(77$;(6
'52,76'(3/$&(
$
/HFURLVHPHQWSDUQDWXUHHVWIDLWDXQLYHDXGHFKDFXQGHVDUWLFOHVEXGJpWDLUHV /H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV UHSRUWV HW DSSDUDLVVHQW j OD FRORQQH
1RQYHQWLODEOHV
5pDOLVDWLRQV '(3(16(6 62/'(
5HVWHVjUpDOLVHUDX
5pDOLVDWLRQV
,9$11(;(6
5(&(77(6
5HVWHVjUpDOLVHUDX
)21&7,21 $&7,21(&2120,48(
/D SURGXFWLRQ GH FHW pWDW HVW REOLJDWRLUH SRXU OHV FRPPXQHV GH KDELWDQWV HW SOXV OHV JURXSHPHQWV FRPSUHQDQW DX PRLQV XQH WHOOH FRPPXQH OHXUV pWDEOLVVHPHQWV HW VHUYLFHV DGPLQLVWUDWLIV KRUPLV OHV FDLVVHV GHV pFROHV HW OHV VHUYLFHV j DFWLYLWp XQLTXH pULJpV HQ pWDEOLVVHPHQWSXEOLF RX EXGJHW
DQQH[H
/ 5 HW 5 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW j XQ FKLIIUH
FRUUHVSRQGDQW j OD IRQFWLRQ 'DQV OHV FRPPXQHV GH KDELWDQWV HW SOXV OH FURLVHPHQW SDU IRQFWLRQ HVW IDLW DX QLYHDX OH SOXV GpWDLOOp GH OD QRPHQFODWXUH
IRQFWLRQQHOOH VRXVIRQFWLRQRXUXEULTXH /HVJURXSHPHQWVHWOHXUVpWDEOLVVHPHQWVSXEOLFVVXLYHQWOHVUqJOHVGHSURGXFWLRQHWGHSUpVHQWDWLRQDSSOLFDEOHVjODFRPPXQHPHPEUHFRPSWDQWOHSOXVJUDQGQRPEUHG¶KDELWDQWV DUWLFOHV/DHW5/HW5GX&*&7
727$/
/,%(//(
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21 '(7$,/)21&7,211(0(17
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϱϳ ,9
23(5$7,2161219(17,/$%/(6
$'0,1,675$7,21*(1(5$/(
62/'(' (;(&87,21'(/$6(&7,21' ,19(67,66(0(175(3257(
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
68%9' (48,375$16)(5((6$8&2037('(5(68/7$7(7$7(7(7$%/,66(0(1761$7,21$8;
68%(48,3775$16)(5((6$8&2037('(5(68/7$7*5283(0(17
02,169$/8(6685&(66,216,002%,/,6$7,216
,002%,/,6$7,216(1&2856&216758&7,216
,002%,/,6$7,2165(&8(6$87,75(' 81(0,6($',6326,7,21
(0358176(7'(77(6$66,0,/((6
(0358176(1(8526
'(3276(7&$87,211(0(1765(&86
$875(6(0358176$875(635(7(856
,002%,/,6$7,216,1&25325(//(6
&21&(66,216(7'52,766,0,/$,5(6
68%9(48,3(0(1769(56((6
68%9(17,21(48,3(0(17*)3'(5$77$&+(0(17%Æ7(7,167$//$7,216
,002%,/,6$7,216&25325(//(6
(48,3(0(176'8&,0(7,(5(
,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6$875(6
$875(6,002%,/,6$7,216&25325(//(60$7(5,(/'(%85($8(7,1)250$7,48(
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
,002%,/,6$7,216(1&2856
,002%,/,6$7,216(1&2856&216758&7,216
,002%,/,6$7,2165(&8(6$87,75(' 81(0,6($',6326,7,21
$9$1&(6(7$&2037(69(56(6685&200$1'(6',002%,/,6$7,216&25325(//(6
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
7,75(6'(3$57,&,3$7,21
5pDOLVDWLRQV '(3(16(6
727$/
/,%(//(
$
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϱϴ ,9
23(5$7,2161219(17,/$%/(6
$'0,1,675$7,21*(1(5$/(
727$/
/,%(//(
$
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
$875(6,002%,/,6$7,216),1$1&,(5(6
$875(6,002%,/,6$7,216),1$1&,(5(6'(3276(7&$87,211(0(1769(56(6
5(129$7,2185%$,1(&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
3/869$/8(6685&(66,216,002%,/,6$7,216
$875(67(55$,16
$875(6%$7,0(17638%/,&6
)5$,6' (78'(6
$025768%(48,37(7$7(78'(6
$0257,66(0(1768%9(48,37'(3$57%Æ7,0(176(7,167$//$7,216
$025768%9(17,21(48,3(0(17*)3'(5$77$&+(0(17
$025768%(48,37(7$%38%/2&$8;
$025768%93(56'('735,9(
$025768%(48,37(11$785(25*38%/,&
&21&(66,216(7'52,766,0,/$,5(6
$0257,66(0(176'(6,002%,/,6$7,216&25325(//(63/$17$7,216
$0257,66(0(17'(6,002%,/,6$7,216&25325(//(6,00(8%/(6'(5$33257
$0257,66(0(17'(6,0026&25325(//(60$7(5,(/528/$17
$0257,66(0(17'(6,0026&25325(//(6$875(0$7(5,(/(728792,5,(
5pDOLVDWLRQV 5(&(77(6
5HVWHVjUpDOLVHUDX
2SpUDWLRQVSRXUFRPSWHGHWLHUV
2SpUDWLRQVG pTXLSHPHQW
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϱϵ ,9
23(5$7,2161219(17,/$%/(6
$'0,1,675$7,21*(1(5$/(
727$/
/,%(//(
$
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
$0257,66(0(17' ,0026&2532$875(6,167$/7(&+0$7(5,(/(7287,//$*(,1'8675,(/
$875(6
0$7(5,(/'(75$163257
0$7(5,(/'(%85($8(70$7(5,(/,1)250$7,48(
02%,/,(5
$875(6
3(1$/,7(6'(5(1(*2&,$7,21'(/$'(77(
'27$7,216)21'6',9(56(75(6(59(6
)&79$
7/(
7$;('$0(1$*(0(17
(;&('(176'()21&7,211(0(17&$3,7$/,6(6
68%9(17,216' ,19(67,66(0(175(&8(6
68%9(17,216' (48,3(0(1775$16)(5$%/(6(7$7(7(7$%/,66(0(1761$7,21$8;
68%9(17,216' (48,3(0(1775$16)(5$%/(6$875(6
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
)21'6$))(&7(6$/ (48,3(0(1712175$16)(5$%/(6$0(1'(6'(32/,&(
(0358176(7'(77(6$66,0,/((6
(0358176(1(8526
'(3276(7&$87,211(0(1765(&86
$875(6,002%,/,6$7,216),1$1&,(5(6
&5($1&(68575$16)(57'('52,76$'('8&7,21'(79$
2SpUDWLRQVSRXUFRPSWHGHWLHUV
62/'(6
5HVWHVjUpDOLVHUDX
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϲϬ ,9
$'0,1,675$7,21*(1(5$/('(/$
&2//(&7,9,7(
&,0(7,(5(6(73203(6)81(%5(6
,002%,/,6$7,216,1&25325(//(6
&21&(66,216(7'52,766,0,/$,5(6
,002%,/,6$7,216&25325(//(6
(48,3(0(176'8&,0(7,(5(
,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6$875(6
$875(6,002%,/,6$7,216&25325(//(60$7(5,(/'(%85($8(7,1)250$7,48(
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
,002%,/,6$7,216(1&2856
,002%,/,6$7,216(1&2856&216758&7,216
,002%,/,6$7,2165(&8(6$87,75(' 81(0,6($',6326,7,21
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
7,75(6'(3$57,&,3$7,21
5(129$7,2185%$,1(&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
,9$11(;(6
6RXVIRQFWLRQ$'0,1,675$7,21*(1(5$/(
'(3(16(6 5pDOLVDWLRQV
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
$
/,%(//(
2SpUDWLRQVG pTXLSHPHQW
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϲϭ ,9
$'0,1,675$7,21*(1(5$/('(/$
&2//(&7,9,7(
&,0(7,(5(6(73203(6)81(%5(6
)21&7,216(59,&(6*(1(5$8;'(6$'0,1,675$7,21638%/,48(6/2&$/(6
,9$11(;(6
6RXVIRQFWLRQ$'0,1,675$7,21*(1(5$/(
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
$
/,%(//(
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
68%9(17,216' ,19(67,66(0(175(&8(6
68%9(17,216' (48,3(0(1775$16)(5$%/(6(7$7(7(7$%/,66(0(1761$7,21$8;
68%9(17,216' (48,3(0(1775$16)(5$%/(6$875(6
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
5(&(77(6 5pDOLVDWLRQV
2SpUDWLRQVSRXUFRPSWHGHWLHUV
5HVWHVjUpDOLVHUDX
62/'(6
3RXUOHFURLVHPHQWSDUQDWXUHOHGpWDLOHVWIDLWVHORQOHQLYHDXGHYRWHFKRLVLSDUO¶DVVHPEOpHGpOLEpUDQWH FKDSLWUHDUWLFOHRXDUWLFOHVSpFLDOLVp /H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV
UHSRUWVHWDSSDUDLVVHQWjODFRORQQH1RQYHQWLODEOHV
2SpUDWLRQVSRXUFRPSWHGHWLHUV
5HVWHVjUpDOLVHUDX
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϲϮ ,9
6(&85,7(,17(5,(85(
,002%,/,6$7,216&25325(//(6
$875(6,002%,/,6$7,216&25325(//(6$875(6
5(129$7,2185%$,1(E&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
62/'(6
5HVWHVjUpDOLVHUDX
2SpUDWLRQVSRXUFRPSWHGHWLHUV
'(3(16(6 5pDOLVDWLRQV
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17 5(&(77(6
5HVWHVjUpDOLVHUDX
2SpUDWLRQVSRXUFRPSWHGHWLHUV
$ 727$/
2SpUDWLRQVG pTXLSHPHQW
5pDOLVDWLRQV
/,%(//(
)21&7,216(&85,7((76$/8%5,7(38%/,48(6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϲϯ ,9
6(59,&(6&200816
32/,&(081,&,3$/(
,002%,/,6$7,216&25325(//(6
$875(6,002%,/,6$7,216&25325(//(6$875(6
5(129$7,2185%$,1(&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
62/'(6
3RXUOHFURLVHPHQWSDUQDWXUHOHGpWDLOHVWIDLWVHORQOHQLYHDXGHYRWHFKRLVLSDUO¶DVVHPEOpHGpOLEpUDQWH FKDSLWUHDUWLFOHRXDUWLFOHVSpFLDOLVp /H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH
HW /HVOLJQHVUHSRUWVHWDSSDUDLVVHQWjODFRORQQH1RQYHQWLODEOHV
/,%(//(
2SpUDWLRQVSRXUFRPSWHGHWLHUV
5HVWHVjUpDOLVHUDX
5(&(77(6 5pDOLVDWLRQV
2SpUDWLRQVSRXUFRPSWHGHWLHUV
,9$11(;(6
(/(0(176'8%,/$1
$
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
)21&7,216(&85,7((76$/8%5,7(38%/,48(6
5HVWHVjUpDOLVHUDX
6RXVIRQFWLRQ6(&85,7(,17(5,(85(
'(3(16(6 5pDOLVDWLRQV
2SpUDWLRQVG pTXLSHPHQW
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϲϰ
(16(,*1(0(17'835(0,(5
'(*5(
(16(,*1(0(17'8 '(8;,(0('(*5(
(16(,*1(0(17
683(5,(85
6(59,&(6$11(;(6'(
/ (16(,*1(0(17
,002%,/,6$7,216,1&25325(//(6
)5$,6' (78'(6
68%9(48,3(0(1769(56((6
68%(48,379(56((6$8'(3$57(0(17%Æ7,0(176(7,167$//$7,216
,002%,/,6$7,216&25325(//(6
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
,002%,/,6$7,216(1&2856
,002%,/,6$7,216(1&2856&216758&7,216
5(129$7,2185%$,1(&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
68%9(17,216' ,19(67,66(0(175(&8(6
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
$875(668%9(17,216' (48,3(0(1712175$16)(5$%/(6
2SpUDWLRQVG pTXLSHPHQW
62/'(6
2SpUDWLRQVSRXUFRPSWHGHWLHUV 2SpUDWLRQVSRXUFRPSWHGHWLHUV
5pDOLVDWLRQV '(3(16(6 5pDOLVDWLRQV 5(&(77(6
5HVWHVjUpDOLVHUDX 5HVWHVjUpDOLVHUDX
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
,9 $
727$/
/,%(//(
)21&7,21(16(,*1(0(17)250$7,21
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϲϱ ,9
6RXVIRQFWLRQ6(59,&(6 $11(;(6'(/ (16(,*1(0(17
(&2/(60$7(51(//(6
(&2/(635,0$,5(6
&/$66(65(*5283((6
+(%(5*(0(17(75(67$85$7,21
6&2/$,5(
,002%,/,6$7,216,1&25325(//(6
)5$,6' (78'(6
,002%,/,6$7,216&25325(//(6
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
,002%,/,6$7,216(1&2856
,002%,/,6$7,216(1&2856&216758&7,216
5(129$7,2185%$,1(&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
68%9(17,216' ,19(67,66(0(175(&8(6
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
/H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV UHSRUWV HW
DSSDUDLVVHQWjODFRORQQH1RQYHQWLODEOHV
,9$11(;(6
(/(0(176'8%,/$1
$
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
2SpUDWLRQVG pTXLSHPHQW
2SpUDWLRQVSRXUFRPSWHGHWLHUV
5HVWHVjUpDOLVHUDX
5(&(77(6 5pDOLVDWLRQV
)21&7,21(16(,*1(0(17)250$7,21
/,%(//(
2SpUDWLRQVSRXUFRPSWHGHWLHUV
5HVWHVjUpDOLVHUDX
62/'(6
3RXUOHFURLVHPHQWSDUQDWXUHOHGpWDLOHVWIDLWVHORQOHQLYHDXGHYRWHFKRLVLSDUO¶DVVHPEOpHGpOLEpUDQWH FKDSLWUHDUWLFOHRXDUWLFOHVSpFLDOLVp
6RXVIRQFWLRQ(16(,*1(0(17'835(0,(5'(*5(
'(3(16(6 5pDOLVDWLRQV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϲϲ ,9
6(59,&(6&200816
(;35(66,21$57,67,48(
&216(59$7,21(7
',))86,21'(63$75,02,1(6
$&7,21&8/785(//(
,002%,/,6$7,216,1&25325(//(6
)5$,6' (78'(6
68%9(48,3(0(1769(56((6
68%9(17,21(48,3(0(17$8;3(56211(6'('52,735,9((6
,002%,/,6$7,216&25325(//(6
2(895(6(72%-(76' $57
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
,002%,/,6$7,216(1&2856
,002%,/,6$7,216(1&2856&216758&7,216
,002%,/,6$7,216(1&28565(67$85$7,21'(6&2//(&7,216(72(895(6'$57
,002%,/,6$7,2165(&8(6$87,75(' 81(0,6($',6326,7,21
5(129$7,2185%$,1(&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
68%9(17,216' ,19(67,66(0(175(&8(6
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6'(3$57(0(176
62/'(6
5HVWHVjUpDOLVHUDX
2SpUDWLRQVSRXUFRPSWHGHWLHUV
5pDOLVDWLRQV 5(&(77(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
)21&7,21&8/785(
5HVWHVjUpDOLVHUDX
727$/
/,%(//(
$
2SpUDWLRQVSRXUFRPSWHGHWLHUV
2SpUDWLRQVG pTXLSHPHQW
5pDOLVDWLRQV '(3(16(6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϲϳ
(;35(66,21086,&$/(
/<5,48((7
&+25(*5$3+,48(
7+($75(6
&,1(0$6(7$875(6
6$//(6'( 63(&7$&/(
%,%/,27+(48(6(7
0(',$7+(48(6
086((6
$5&+,9(6
(175(7,(1'8 3$75,02,1(
&8/785(/
,002%,/,6$7,216,1&25325(//(6
)5$,6' (78'(6
,002%,/,6$7,216&25325(//(6
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
,002%,/,6$7,216(1&2856
,002%,/,6$7,216(1&2856&216758&7,216
,002%,/,6$7,216(1&28565(67$85$7,21'(6&2//(&7,216(72(895(6'$57
,002%,/,6$7,2165(&8(6$87,75(' 81(0,6($',6326,7,21
5(129$7,2185%$,1(&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
68%9(17,216' ,19(67,66(0(175(&8(6
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6'(3$57(0(176
5pDOLVDWLRQV
2SpUDWLRQVSRXUFRPSWHGHWLHUV
5HVWHVjUpDOLVHUDX
'(3(16(6 5pDOLVDWLRQV
2SpUDWLRQVG pTXLSHPHQW
62/'(6
3RXUOHFURLVHPHQWSDUQDWXUHOHGpWDLOHVWIDLWVHORQOHQLYHDXGHYRWHFKRLVLSDUO¶DVVHPEOpHGpOLEpUDQWH FKDSLWUHDUWLFOHRXDUWLFOHVSpFLDOLVp /HVROGHFRUUHVSRQGjODGLIIpUHQFHHQWUHOHVUHFHWWHVHWOHVGpSHQVHV/HVGpSHQVHVHWOHVUHFHWWHVFRUUHVSRQGHQWjODVRPPHGHVGpSHQVHVHWGHVUpDOLVDWLRQVDLQVLTXHGHVUHVWHVjUpDOLVHUHWGHVUHSRUWV OLJQHEXGJpWDLUHHW /HVOLJQHVUHSRUWVHWDSSDUDLVVHQWjODFRORQQH1RQYHQWLODEOHV
6RXVIRQFWLRQ&216(59$7,21(7',))86,21'(63$75,02,1(6
6RXVIRQFWLRQ(;35(66,21$57,67,48(
/,%(//(
2SpUDWLRQVSRXUFRPSWHGHWLHUV
5HVWHVjUpDOLVHUDX
5(&(77(6
,9 $
)21&7,21&8/785(
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϲϴ ,9
632576
-(81(66(
,002%,/,6$7,216&25325(//(6
$875(6,002%,/,6$7,216&25325(//(6$875(6
,002%,/,6$7,216(1&2856
,002%,/,6$7,216(1&2856&216758&7,216
5(129$7,2185%$,1(&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
68%9(17,216' ,19(67,66(0(175(&8(6
68%9(17,216' (48,3(0(1775$16)(5$%/(6$875(6
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
68%9(48,37175$16)(5$%/(*)3'(5$77$&+$0(17
2SpUDWLRQVG pTXLSHPHQW
62/'(6
2SpUDWLRQVSRXUFRPSWHGHWLHUV 2SpUDWLRQVSRXUFRPSWHGHWLHUV
5pDOLVDWLRQV '(3(16(6 5pDOLVDWLRQV 5(&(77(6
5HVWHVjUpDOLVHUDX 5HVWHVjUpDOLVHUDX
727$/
/,%(//(
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
$
)21&7,2163257(7-(81(66(
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϲϵ /s
6RXVIRQFWLRQ-(81(66(
6$//(6'(63257
*<01$6(6
67$'(6
3,6&,1(6
$875(6(48,3(0(176 63257,)628'(/2,6,56
$875(6$&7,9,7(63285/(6
-(81(6
,002%,/,6$7,216&25325(//(6
$875(6,002%,/,6$7,216&25325(//(6$875(6
,002%,/,6$7,216(1&2856
,002%,/,6$7,216(1&2856&216758&7,216
5(129$7,2185%$,1(&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
68%9(17,216' ,19(67,66(0(175(&8(6
68%9(17,216' (48,3(0(1775$16)(5$%/(6$875(6
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
68%9(48,37175$16)(5$%/(*)3'(5$77$&+$0(17
62/'(6
3RXUOHFURLVHPHQWSDUQDWXUHOHGpWDLOHVWIDLWVHORQOHQLYHDXGHYRWHFKRLVLSDUO¶DVVHPEOpHGpOLEpUDQWH FKDSLWUHDUWLFOHRXDUWLFOHVSpFLDOLVp /H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV UHSRUWV HW DSSDUDLVVHQW j OD
FRORQQH1RQYHQWLODEOHV
/,%(//(
2SpUDWLRQVG pTXLSHPHQW
2SpUDWLRQVSRXUFRPSWHGHWLHUV
5HVWHVjUpDOLVHUDX
5(&(77(6 5pDOLVDWLRQV
ϭ͘Ϯ
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
2SpUDWLRQVSRXUFRPSWHGHWLHUV
5HVWHVjUpDOLVHUDX
6RXVIRQFWLRQ632576
'(3(16(6 5pDOLVDWLRQV
)21&7,2163257(7-(81(66(
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϳϬ ,9
&5(&+(6(7*$5'(5,(6
,002%,/,6$7,216&25325(//(6
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(6$875(6
5(129$7,2185%$,1(&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
68%9(17,216' ,19(67,66(0(175(&8(6
$875(668%9(17,216' (48,3(0(1712175$16)(5$%/(6
/,%(//(
5pDOLVDWLRQV '(3(16(6 62/'(6
5HVWHVjUpDOLVHUDX 2SpUDWLRQVG pTXLSHPHQW
2SpUDWLRQVSRXUFRPSWHGHWLHUV
5pDOLVDWLRQV 5(&(77(6
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
$
)21&7,21)$0,//(
/H VROGH FRUUHVSRQG j OD GLIIpUHQFH HQWUH OHV UHFHWWHV HW OHV GpSHQVHV /HV GpSHQVHV HW OHV UHFHWWHV FRUUHVSRQGHQW j OD VRPPH GHV GpSHQVHV HW GHV UpDOLVDWLRQV DLQVL TXH GHV UHVWHV j UpDOLVHU HW GHV UHSRUWV
OLJQH EXGJpWDLUH HW /HV OLJQHV UHSRUWV HW
DSSDUDLVVHQWjODFRORQQH1RQYHQWLODEOHV
5HVWHVjUpDOLVHUDX
2SpUDWLRQVSRXUFRPSWHGHWLHUV
3RXUOHFURLVHPHQWSDUQDWXUHOHGpWDLOHVWIDLWVHORQOHQLYHDXGHYRWHFKRLVLSDUO¶DVVHPEOpHGpOLEpUDQWH FKDSLWUHDUWLFOHRXDUWLFOHVSpFLDOLVp
727$/
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϳϭ ,9
6(59,&(685%$,16
$0(1$*(0(1785%$,1
,002%,/,6$7,216,1&25325(//(6
)5$,6' (78'(6
68%9(48,3(0(1769(56((6
68%9(17,21(48,3(0(17$8;3(56211(6'('52,735,9((6
,002%,/,6$7,216&25325(//(6
7(55$,16186
3/$17$7,216' $5%5(6(7' $5%867(6
$875(0$7(5,(/(7287,//$*('(92,5,(
$875(6,002%,/,6$7,216&25325(//(60$7(5,(/'(75$163257
$875(6,002%,/,6$7,216&25325(//(6$875(6
,002%,/,6$7,216(1&2856
,002%,/,6$7,216(1&28567(55$,16
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
5(129$7,2185%$,1(&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5
&(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/
%,%/,27+(48(180(5,48(
08/7,$&&8(,//(1,'
&$17,1(6&2/$,5(/$%$*8(77(
0,6($8;1250(63$7,12,5(0(5&,(5(6
68%9(17,216' ,19(67,66(0(175(&8(6
68%(48,775$16)(5$%/(*)3'(5$77$&+7
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6'(3$57(0(176
$875(668%9(17,216' (48,3(0(1712175$16)(5$%/(6
2SpUDWLRQVSRXUFRPSWHGHWLHUV
62/'(6
5HVWHVjUpDOLVHUDX 2SpUDWLRQVG pTXLSHPHQW
5pDOLVDWLRQV '(3(16(6 5pDOLVDWLRQV 5(&(77(6
5HVWHVjUpDOLVHUDX
2SpUDWLRQVSRXUFRPSWHGHWLHUV
727$/
/,%(//(
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
$
)21&7,21$0(1$*(0(17(76(59,&(685%$,16(19,5211(0(17
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϳϮ
35235(7(85%$,1(
(&/$,5$*(38%/,&
$875(65(6($8;(7
6(59,&(6',9(56
6(59,&(6 &200816
(48,3(0(176 $11(;(6'(
92,5,(
92,5,(
&20081$/((7
5287(6
(63$&(69(576
85%$,16
$875(623(5$7,216
' $0(1$*(0(17
85%$,1
,002%,/,6$7,216,1&25325(//(6
)5$,6' (78'(6
68%9(48,3(0(1769(56((6
68%9(17,21(48,3(0(17$8;3(56211(6'('52,735,9((6
,002%,/,6$7,216&25325(//(6
7(55$,16186
3/$17$7,216' $5%5(6(7' $5%867(6
$875(0$7(5,(/(7287,//$*('(92,5,(
$875(6,002%,/,6$7,216&25325(//(60$7(5,(/'(75$163257
$875(6,002%,/,6$7,216&25325(//(6$875(6
,002%,/,6$7,216(1&2856
,002%,/,6$7,216(1&28567(55$,16
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
5(129$7,2185%$,1(&/26'(6526(6
5(129$7,21&5(&+('(%$<6(5 &(175(' (78'(6(7' (;326,7,216$172,1(9,9(1(/ %,%/,27+(48(180(5,48( 08/7,$&&8(,//(1,' &$17,1(6&2/$,5(/$%$*8(77( 0,6($8;1250(63$7,12,5(0(5&,(5(6
68%9(17,216' ,19(67,66(0(175(&8(6
68%(48,775$16)(5$%/(*)3'(5$77$&+7
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(176
1$7,21$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6'(3$57(0(176
$875(668%9(17,216' (48,3(0(1712175$16)(5$%/(6
'(3(16(6 5pDOLVDWLRQV
2SpUDWLRQVG pTXLSHPHQW 5HVWHVjUpDOLVHUDX
62/'(6
2SpUDWLRQVSRXUFRPSWHGHWLHUV
5HVWHVjUpDOLVHUDX
5(&(77(6 5pDOLVDWLRQV
2SpUDWLRQVSRXUFRPSWHGHWLHUV
/s ϭ͘Ϯ
,9$11(;(6
(/(0(176'8%,/$1
35(6(17$7,21&52,6((3$5)21&7,21'(7$,/,19(67,66(0(17
6RXVIRQFWLRQ$0(1$*(0(1785%$,1
/,%(//(
)21&7,21$0(1$*(0(17(76(59,&(685%$,16(19,5211(0(17
6RXVIRQFWLRQ6(59,&(685%$,16
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϳϯ ,9 $
,QWpUrWV
5HPERXUVHPHQWGX
WLUDJH
$YDQFHVGXWUpVRU $YDQFHVGHWUpVRUHULH /LJQHVGHWUpVRUHULH /$%$148(3267$/(
/$%$148(3267$/(
/LJQHVGHWUpVRUHULHOLpHVjXQHPSUXQW
%LOOHWVGHWUpVRUHULH $XWUHVFUpGLWVGHWUpVRUHULH &UpGLWVGHWUpVRUHULH 7RWDO
&LUFXODLUHQ
125,17% &GX
,9$11(;(6
(/(0(176'8%,/$1(7$7'(/$'(77('(7$,/'(6&5(',76'(75(625(5,(
$'(7$,/'(6&5(',76'(75(625(5,(
1DWXUH
3RXUFKDTXHOLJQHLQGLTXHUOHQXPpURGH
FRQWUDW
'DWHGHODGpFLVLRQGH
UpDOLVHUODOLJQHGH
WUpVRUHULH
,QGLTXHUODGDWHGHODGpOLEpUDWLRQGHO¶DVVHPEOpHDXWRULVDQWODOLJQHGHWUpVRUHULHRXODGDWHGHODGpFLVLRQGHO RUGRQQDWHXUGHUpDOLVHUODOLJQHGHWUpVRUHULHVXUODEDVHG¶XQPRQWDQWPD[LPXPDXWRULVpSDUO¶RUJDQHGpOLEpUDQW DUWLFOH/ GX&*&7 ,OV¶DJLWGHVLQWpUrWVFRPSWDELOLVpVDXFRPSWHVDXISRXUOHVHPSUXQWVDVVRUWLVG XQHRSWLRQGHWLUDJHVXUOLJQHGHWUpVRUHULHSRXUOHVTXHOVOHVLQWpUrWVVRQWFRPSWDELOLVpVDXFRPSWHHWVDXISRXUOHVELOOHWVGHWUpVRUHULHSRXUOHVTXHOV OHVLQWpUrWVVRQWFRPSWDELOLVpVDXFRPSWH
0RQWDQWPD[LPXP
DXWRULVpDX
0RQWDQWGHVWLUDJHV
0RQWDQWGHVUHPERXUVHPHQWV
(QFRXUVUHVWDQWG
DX
&RPSWH$GPLQLVWUDWLI9LOOH
(PSUXQWVREOLJDWDLUHV 7RWDO (PSUXQWVDXSUqVG pWDEOLVVHPHQWGHFUpGLW 7RWDO
(PSUXQWVHQHXURV WRWDO
&$,66('(6'(3276(7&216,*1$7,216
9
/LYUHW$
(85
$
;
2
$
&$,66('(6'(3276(7&216,*1$7,216
9
/LYUHW$
(85
$
&
2
$
&5(',7$*5,&2/(
)
7DX[IL[Hj
(85
7
3
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
7
3
2
$
&$,66('(6'(3276(7&216,*1$7,216
9
/LYUHW$
(85
$
&
2
$
62&,(7(*(1(5$/(
9
(XULERU0
(85
$
&
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
$
3
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
7
3
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
7
3
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
$
3
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
$
3
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
$
3
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
7
3
2
$
6),/&$)),/
)
7DX[IL[Hj
(85
7
3
2
$
6),/&$)),/
)
7DX[IL[Hj
(85
7
3
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
$
;
2
$
&5(',7)21&,(5'()5$1&(
9
(XULERU0
(85
$
3
2
$
&$&,%H[%)7&5(',7$*5,&2/(
9
(RQLD
(85
;
;
2
$
&$&,%H[%)7&5(',7$*5,&2/(
9
(RQLD
(85
;
;
2
$
&5(',7)21&,(5'()5$1&(
9
(XULERU0
(85
$
3
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
7
3
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
7
3
2
$
6),/&$)),/
)
7DX[IL[Hj
(85
$
;
2
$
6),/&$)),/
&
7DX[IL[HjEDUULqUH
VXU(XULERU0
(85
$
&
2
%
&$,66('(6'(3276(7&216,*1$7,216
9
/LYUHW$
(85
$
3
2
$
%&01(
)
7DX[IL[Hj
(85
$
3
2
$
,9±$11(;(6
,9
(/(0(176'8%,/$1±(7$7'(/$'(77(5(3$57,7,213$51$785('('(77(
$
$5e3$57,7,213$51$785('('(77( KRUV HW
1DWXUH
3RXUFKDTXHOLJQHLQGLTXHUOHQXPpURGHFRQWUDW
(PSUXQWVHWGHWWHVjO RULJLQHGXFRQWUDW
2UJDQLVPHSUrWHXURXFKHIGHILOH
'DWHGH VLJQDWXUH
'DWH
G pPLVVLRQRX
GDWHGH
PRELOLVDWLRQ
'DWHGXSUHPLHU
UHPEVW
1RPLQDO
7\SHGH
WDX[
G LQWpUrW
,QGH[
7DX[LQLWLDO
'HYLVH
3pULRGLFLWpGHV UHPEVWV
3URILO G DPRUW
3RVVLELOLWpGH
UHPEVW DQWLFLSp 21
&DWpJRULH
G¶HPSUXQW
1LYHDX GHWDX[
7DX[
DFWXDULHO
&RPSWH$GPLQLVWUDWLI9LOOH
,9±$11(;(6
,9
(/(0(176'8%,/$1±(7$7'(/$'(77(5(3$57,7,213$51$785('('(77(
$
$5e3$57,7,213$51$785('('(77( KRUV HW
1DWXUH
3RXUFKDTXHOLJQHLQGLTXHUOHQXPpURGHFRQWUDW
(PSUXQWVHWGHWWHVjO RULJLQHGXFRQWUDW
2UJDQLVPHSUrWHXURXFKHIGHILOH
'DWHGH VLJQDWXUH
'DWH
G pPLVVLRQRX
GDWHGH
PRELOLVDWLRQ
'DWHGXSUHPLHU
UHPEVW
1RPLQDO
7\SHGH
WDX[
G LQWpUrW
,QGH[
7DX[LQLWLDO
'HYLVH
3pULRGLFLWpGHV UHPEVWV
3URILO G DPRUW
3RVVLELOLWpGH
UHPEVW DQWLFLSp 21
&DWpJRULH
G¶HPSUXQW
1LYHDX GHWDX[
7DX[
DFWXDULHO
&5(',7)21&,(5'()5$1&(
)
7DX[IL[Hj
(85
7
3
2
$
62&,(7(*(1(5$/(
)
7DX[IL[Hj
(85
7
&
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
$
3
2
$
&5(',7)21&,(5'()5$1&(
)
7DX[IL[Hj
(85
$
3
2
$
&5(',7$*5,&2/(
9
(XULERU0
(85
$
3
2
$
&5(',7$*5,&2/(
9
(XULERU0
(85
7
3
2
$
(PSUXQWVHQGHYLVHV WRWDO (PSUXQWVDVVRUWLVG XQHRSWLRQGHWLUDJHVXU OLJQHGHWUpVRUHULH WRWDO
&$&,%H[%)7&5(',7$*5,&2/(
9
7$0
(85
;
;
2
$
&$&,%H[%)7&5(',7$*5,&2/(
9
7$0
(85
;
;
2
$
'pS{WVHWFDXWLRQQHPHQWVUHoXV 7RWDO (PSUXQWVHWGHWWHVDVVRUWLVGHFRQGLWLRQV SDUWLFXOLqUHV 7RWDO $YDQFHVFRQVROLGpHVGX7UpVRU WRWDO (PSUXQWVVXUFRPSWHVVSpFLDX[ WRWDO 'HWWHVSRXU0(73HW333 WRWDO 'HWWHVHQYHUVORFDWDLUHVDFTXpUHXUV WRWDO $XWUHVHPSUXQWVHWGHWWHV WRWDO (PSUXQWVHWGHWWHVDVVLPLOpHV 7RWDO
$XWUHVHPSUXQWV WRWDO
&DLVVH$OORFDWLRQV)DPLOLDOHV
)
7DX[IL[Hj
(85
$
3
2
$
&DLVVH$OORFDWLRQV)DPLOLDOHV
)
7DX[IL[Hj
(85
$
&
2
$
%RQVjPR\HQWHUPHQpJRFLDEOHV WRWDO $XWUHVGHWWHV WRWDO 7RWDOJpQpUDO
6LXQHPSUXQWGRQQHOLHXjSOXVLHXUVPRELOLVDWLRQVLQGLTXHUODGDWHGHODSUHPLqUHPRELOLVDWLRQ 1RPLQDO PRQWDQWHPSUXQWpjO RULJLQH 7\SHGHWDX[G LQWpUrW ) IL[H 9 YDULDEOHVLPSOH & FRPSOH[H F HVWjGLUHXQWDX[YDULDEOHTXLQ HVWSDVVHXOHPHQWGpILQLFRPPHODVLPSOHDGGLWLRQG XQWDX[XVXHOGHUpIpUHQFHHWG XQHPDUJHH[SULPpHHQSRLQWGHSRXUFHQWDJH 0HQWLRQQHUOHRXOHVW\SHVG LQGH[ H[ (XULERUPRLV ,QGLTXHUOHQLYHDXGHWDX[jO¶RULJLQHGXFRQWUDW ,QGLTXHUODSpULRGLFLWpGHVUHPERXUVHPHQWV$ DQQXHOOH 0 PHQVXHOOH% ELPHVWULHOOH6 VHPHVWULHOOH7 WULPHVWULHOOH;DXWUH ,QGLTXHU&SRXUDPRUWLVVHPHQWDQQXHOFRQVWDQW3SRXUDPRUWLVVHPHQWDQQXHOSURJUHVVLI)SRXU
LQILQH
;SRXUDXWUHVjSUpFLVHU
&DWpJRULHG¶HPSUXQWjO RULJLQH([HPSOH$ FIODFODVVLILFDWLRQGHVHPSUXQWVVXLYDQWODW\SRORJLHGHODFLUFXODLUH,2&%&GXMXLQVXUOHVSURGXLWVILQDQFLHUVRIIHUWVDX[FROOHFWLYLWpVWHUULWRULDOHV
&RPSWH$GPLQLVWUDWLI9LOOH
,9 $
(PSUXQWVREOLJDWDLUHV 7RWDO (PSUXQWVDXSUqVG pWDEOLVVHPHQWGHFUpGLW 7RWDO
(PSUXQWVHQHXURV WRWDO
1
$
9
/LYUHW$
1
$
9
/LYUHW$
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
1
$
9
/LYUHW$
1
$
9
(XULERU0
1
$
)
7DX[IL[Hj
1
$
9
(XULERU0
1
$
9
(XULERU0
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
1
$
9
(XULERU0
1
$
9
(XULERU0
1
$
9
(XULERU0
1
$
9
(XULERU0
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
1
%
&
7DX[IL[HjEDUULqUH
VXU(XULERU0
1
$
9
/LYUHW$
1
$
)
7DX[IL[Hj
,9±$11(;(6
(/(0(176'8%,/$1±(7$7'(/$'(77(5(3$57,7,213$51$785('('(77(
$5e3$57,7,213$51$785('('(77( KRUV HW VXLWH
1DWXUH
3RXUFKDTXHOLJQHLQGLTXHUOHQXPpURGHFRQWUDW
(PSUXQWVHWGHWWHVDX
&RXYHUWXUH
21
0RQWDQW FRXYHUW
&DWpJRULH
G¶HPSUXQWDSUqV
FRXYHUWXUH pYHQWXHOOH
&DSLWDOUHVWDQWG
DX
'XUpH
UpVLGXHOOH HQ
DQQpHV
7DX[G LQWpUrW
$QQXLWpGHO¶H[HUFLFH
,&1(GH O H[HUFLFH
7\SHGH
WDX[
,QGH[
1LYHDXGHWDX[ G LQWpUrWjODGDWH GHYRWHGXEXGJHW
&DSLWDO
&KDUJHV
G LQWpUrW
,QWpUrWVSHUoXV OHFDVpFKpDQW
&RPSWH$GPLQLVWUDWLI9LOOH
,9 $
,9±$11(;(6
(/(0(176'8%,/$1±(7$7'(/$'(77(5(3$57,7,213$51$785('('(77(
$5e3$57,7,213$51$785('('(77( KRUV HW VXLWH
1DWXUH
3RXUFKDTXHOLJQHLQGLTXHUOHQXPpURGHFRQWUDW
(PSUXQWVHWGHWWHVDX
&RXYHUWXUH
21
0RQWDQW FRXYHUW
&DWpJRULH
G¶HPSUXQWDSUqV
FRXYHUWXUH pYHQWXHOOH
&DSLWDOUHVWDQWG
DX
'XUpH
UpVLGXHOOH HQ
DQQpHV
7DX[G LQWpUrW
$QQXLWpGHO¶H[HUFLFH
,&1(GH O H[HUFLFH
7\SHGH
WDX[
,QGH[
1LYHDXGHWDX[ G LQWpUrWjODGDWH GHYRWHGXEXGJHW
&DSLWDO
&KDUJHV
G LQWpUrW
,QWpUrWVSHUoXV OHFDVpFKpDQW
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
1
$
9
(XULERU0 (XULERU0
1
$
9
(XULERU0
(PSUXQWVHQGHYLVHV WRWDO (PSUXQWVDVVRUWLVG XQHRSWLRQGHWLUDJHVXU OLJQHGHWUpVRUHULH WRWDO
1
$
9
7$0
1
$
9
7$0
'pS{WVHWFDXWLRQQHPHQWVUHoXV 7RWDO (PSUXQWVHWGHWWHVDVVRUWLVGHFRQGLWLRQV SDUWLFXOLqUHV 7RWDO $YDQFHVFRQVROLGpHVGX7UpVRU WRWDO (PSUXQWVVXUFRPSWHVVSpFLDX[ WRWDO 'HWWHVSRXU0(73HW333 WRWDO 'HWWHVHQYHUVORFDWDLUHVDFTXpUHXUV WRWDO $XWUHVHPSUXQWVHWGHWWHV WRWDO (PSUXQWVHWGHWWHVDVVLPLOpHV 7RWDO
$XWUHVHPSUXQWV WRWDO
1
$
)
7DX[IL[Hj
1
$
)
7DX[IL[Hj
%RQVjPR\HQWHUPHQpJRFLDEOHV WRWDO $XWUHVGHWWHV WRWDO 7RWDOJpQpUDO
6¶DJLVVDQWGHVHPSUXQWVDVVRUWLVG¶XQHOLJQHGHWUpVRUHULHLOIDXWIDLUHUHVVRUWLUOHUHPERXUVHPHQWGXFDSLWDOGHODGHWWHSUpYXHSRXUO¶H[HUFLFHFRUUHVSRQGDQWDXYpULWDEOHHQGHWWHPHQW 6LO HPSUXQWHVWVRXPLVjFRXYHUWXUHLOFRQYLHQWGHFRPSOpWHUOHWDEOHDX©GpWDLOGHVRSpUDWLRQVGHFRXYHUWXUHª &DWpJRULHG¶HPSUXQW([HPSOH$ FIODFODVVLILFDWLRQGHVHPSUXQWVVXLYDQWODW\SRORJLHGHODFLUFXODLUH,2&%&GXMXLQVXUOHVSURGXLWVILQDQFLHUVRIIHUWVDX[FROOHFWLYLWpVWHUULWRULDOHV (QFDVGHFRXYHUWXUHSDUWLHOOHLQGLTXHUSOXVLHXUVFDWpJRULHVG HPSUXQW H[HPSOH $ & 7\SHGHWDX[G LQWpUrW ) IL[H 9 YDULDEOHVLPSOH & FRPSOH[H F HVWjGLUHXQWDX[YDULDEOHTXLQ HVWSDVVHXOHPHQWGpILQLFRPPHODVLPSOHDGGLWLRQG XQWDX[XVXHOGHUpIpUHQFHHWG XQHPDUJHH[SULPpHHQSRLQWGHSRXUFHQWDJH 0HQWLRQQHUOHRXOHVLQGH[HQFRXUVDX1DSUqVRSpUDWLRQVGHFRXYHUWXUH 7DX[DSUqVRSpUDWLRQVGHFRXYHUWXUHpYHQWXHOOHV3RXUOHVHPSUXQWVjWDX[YDULDEOHLQGLTXHUOHQLYHDXPR\HQGXWDX[FRQVWDWpVXUO DQQpH ,OV DJLWGHVLQWpUrWVGXVDXWLWUHGXFRQWUDWLQLWLDOHWFRPSWDELOLVpVjO DUWLFOH©,QWpUrWVUpJOpVjO¶pFKpDQFHª LQWpUrWVGpFDLVVpV HWLQWpUrWVpYHQWXHOVGXVDXWLWUHGXFRQWUDWG pFKDQJHpYHQWXHOHWFRPSWDELOLVpVjO DUWLFOH ,QGLTXHUOHVLQWpUrWVpYHQWXHOOHPHQWUHoXVDXWLWUHGXFRQWUDWG pFKDQJHpYHQWXHOHWFRPSWDELOLVpVDX
&RPSWH$GPLQLVWUDWLI9LOOH
,9 $
(PSUXQWVYHQWLOpVSDUVWUXFWXUHGH WDX[VHORQOHULVTXHOHSOXVpOHYp 3RXUFKDTXHOLJQHLQGLTXHUOHQXPpURGH
FRQWUDW
2UJDQLVPHSUrWHXU
RXFKHIGHILOH
1RPLQDO
&DSLWDO
UHVWDQWGDX
7\SH
G LQGLFHV
'XUpHGX FRQWUDW
'DWHVGHV SpULRGHV ERQLILpHV
7DX[PLQLPDO
7DX[PD[LPDO
&RWGHVRUWLH
7DX[PD[LPDO
DSUqVFRXYHUWXUH
pYHQWXHOOH
1LYHDXGXWDX[j ODGDWHGHYRWHGX
EXGJHW
,QWpUrWVSD\pVDX
FRXUVGH
O¶H[HUFLFH
,QWpUrWVSHUFXV DXFRXUVGH O¶H[HUFLFH OHFDV pFKpDQW
SDUW\SHGH WDX[VHORQOH
FDSLWDOUHVWDQWG
(FKDQJHGHWDX[WDX[YDULDEOH VLPSOHSODIRQQp FDS RXHQFDGUp WXQQHO $ 727$/ $ %DUULqUHVLPSOH %
6),/&$)),/
7DX[IL[Hj EDUULqUHVXU
(XULERU0
7DX[IL[Hj EDUULqUHVXU
(XULERU0
7DX[IL[Hj EDUULqUHVXU
(XULERU0
727$/ %
2SWLRQG pFKDQJH & 727$/ & 0XOWLSOLFDWHXUMXVTX jRX PXOWLSOLFDWHXUMXVTX jFDSp ' 727$/ ' 0XOWLSOLFDWHXUMXVTX j ( 727$/ ( $XWUHVW\SHVGHVWUXFWXUHV ) 727$/ ) 727$/*(1(5$/
5pSDUWLUOHVHPSUXQWVVHORQOHW\SHGHVWUXFWXUHWDX[ GH$j)VHORQODFODVVLILFDWLRQGHODFKDUWHGHERQQHFRQGXLWH HQIRQFWLRQGXULVTXHOHSOXVpOHYpjFRXULUVXUWRXWHODGXUpHGHYLHGXFRQWUDWGHSUrWHWDSUqVRSpUDWLRQVGHFRXYHUWXUHpYHQWXHOOHV 1RPLQDO PRQWDQWHPSUXQWpjO RULJLQH(QFDVGHFRXYHUWXUHSDUWLHOOHG XQHPSUXQWLQGLTXHUVpSDUpPHQWVXUGHX[OLJQHVODSDUWGXQRPLQDOFRXYHUWHWODSDUWQRQFRXYHUWH ,QGLTXHUODFODVVLILFDWLRQGHO LQGLFHVRXVMDFHQWVXLYDQWODW\SRORJLHGHODFLUFXODLUHGXMXLQVXUOHVSURGXLWVILQDQFLHUV GHj ,QGLFH]RQHHXUR ,QGLFHVLQIODWLRQIUDQoDLVHRX]RQHHXURRXpFDUWHQWUHFHVLQGLFHV (FDUWLQGLFH]RQHHXUR ,QGLFHVKRUV]RQHHXURRXpFDUWG LQGLFHVGRQWO XQHVWKRUV]RQHHXUR pFDUWVG LQGLFHVKRUV]RQHHXUR DXWUHVLQGLFHV 7DX[KRUVRSpUDWLRQGHFRXYHUWXUH,QGLTXHUOHPRQWDQWO LQGH[RXODIRUPXOHFRUUHVSRQGDQWDXWDX[PLQLPDOGXFRQWUDWGHSUrWVXUWRXWHODGXUpHGXFRQWUDW 7DX[KRUVRSpUDWLRQGHFRXYHUWXUH,QGLTXHUOHPRQWDQWO LQGH[RXODIRUPXOHFRUUHVSRQGDQWDXWDX[PD[LPDOGXFRQWUDWGHSUrWVXUWRXWHODGXUpHGXFRQWUDW &RWGHVRUWLH ,QGLTXHUOHPRQWDQWGHO LQGHPQLWpFRQWUDFWXHOOHGHUHPERXUVHPHQWGpILQLWLIGHO HPSUXQWDX1 0RQWDQWLQGH[RXIRUPXOH ,QGLTXHUOHQLYHDXPR\HQGXWDX[FRQVWDWpVXUO DQQpH ,QGLTXHUOHVLQWpUrWVGXVDXWLWUHGHFRQWUDWLQLWLDOHWFRPSWDELOLVpVjO DUWLFOHHWGHVLQWpUrWVpYHQWXHOVGXVDXWLWUHGXFRQWUDWG pFKDQJHHWFRPSWDELOLVpVjO DUWLFOH ,QGLTXHUOHVLQWpUrWVUHoXVDXWLWUHGXFRQWUDWG pFKDQJHHWFRPSWDELOLVpVDX
,9±$11(;(6
(/(0(176'8%,/$1±(7$7'(/$'(77(5(3$57,7,21'(6(03581763$56758&785('(7$8;
$5(3$57,7,21'(6(03581763$56758&785('(7$8;
(QFDVGHFRXYHUWXUHSDUWLHOOHG XQHPSUXQWLQGLTXHUVpSDUpPHQWVXUGHX[OLJQHVODSDUWGXFDSLWDOUHVWDQWGFRXYHUWHWODSDUWQRQFRXYHUWH
&RPSWH$GPLQLVWUDWLI9LOOH
,9
6WUXFWXUH
,QGLFHV
VRXVMDFHQWV
,QGLFHV]RQHHXURV
,QGLFHVLQIODWLRQ IUDQoDLVHRX]RQH HXURRXpFDUWHQWUH
FHVLQGLFHV
(FDUWVG LQGLFHV
]RQHHXUR
,QGLFHVKRUV]RQH
HXURHWpFDUWV
G LQGLFHVGRQWO XQ HVWXQLQGLFHKRUV
]RQHHXUR
(FDUWVG LQGLFHV KRUV]RQHHXUR
$XWUHVLQGLFHV
1RPEUHGHSURGXLWV
GHO HQFRXUV
0RQWDQWHQHXURV
¼
1RPEUHGHSURGXLWV
GHO HQFRXUV
0RQWDQWHQHXURV
¼
1RPEUHGHSURGXLWV GHO HQFRXUV 0RQWDQWHQHXURV 1RPEUHGHSURGXLWV GHO HQFRXUV 0RQWDQWHQHXURV 1RPEUHGHSURGXLWV GHO HQFRXUV 0RQWDQWHQHXURV 1RPEUHGHSURGXLWV GHO HQFRXUV 0RQWDQWHQHXURV
&HWWHDQQH[HUHWUDFHOHVWRFNGHGHWWHDX1DSUqVRSpUDWLRQVGHFRXYHUWXUHpYHQWXHOOHV & 2SWLRQG pFKDQJH VZDSWLRQ ' 0XOWLSOLFDWHXUMXVTX j PXOWLSOLFDWHXUMXVTX j FDSp ( 0XOWLSOLFDWHXUMXVTX j ) $XWUHVW\SHVGHVWUXFWXUHV
,9$11(;(6
(/(0(176'8%,/$1±(7$7'(/$'(77(±7<32/2*,('(
/$5(3$57,7,21'(/¶(1&2856
$7<32/2*,('(/$5(3$57,7,21'(/ (1&2856
$ 7DX[IL[HVLPSOH7DX[YDULDEOHVLPSOH(FKDQJH GHWDX[IL[HFRQWUHWDX[YDULDEOHRXLQYHUVHPHQW (FKDQJHGHWDX[VWUXFWXUpFRQWUHWDX[YDULDEOHRX WDX[IL[H VHQVXQLTXH 7DX[YDULDEOHVLPSOH SODIRQQp FDS RXHQFDGUp WXQQHO % %DUULqUHVLPSOH3DVG HIIHWGHOHYLHU
$
&RPSWH$GPLQLVWUDWLI9LOOH
,9 $
3ULPHVSD\pHV SRXUO DFKDW
G RSWLRQ
3ULPHVUHoXHV SRXUODYHQWH
G RSWLRQ
7DX[IL[H WRWDO 7DX[YDULDEOHVLPSOH WRWDO 7DX[FRPSOH[H WRWDO 7RWDO
6LXQLQVWUXPHQWFRXYUHSOXVLHXUVHPSUXQWVGLVWLQJXHUXQHOLJQHSDUHPSUXQWFRXYHUW ,OV DJLWG XQWDX[YDULDEOHTXLQ HVWSDVGpILQLFRPPHODVLPSOHDGGLWLRQG XQWDX[XVXHOGHUpIpUHQFHHWG XQHPDUJHH[SULPpHHQSRLQWGHSRXUFHQWDJH ,QGLTXHUV LOV DJLWG XQ
VZDS
G XQHRSWLRQ
FDS
IORRU
WXQQHO
VZDSWLRQ
,QGLTXHUODSpULRGLFLWpGHUqJOHPHQWGHVLQWpUrWV $ DQQXHOOH0 PHQVXHOOH% ELPHVWULHOOH6 VHPHVWULHOOH7 WULPHVWULHOOH; DXWUH
1($17
,9±$11(;(6
(/(0(176'8%,/$1±(7$7'(/$'(77(±'(7$,/'(623(5$7,216'(&289(5785(
$'(7$,/'(623(5$7,216'(&289(5785(
(PSUXQWFRXYHUW
,QVWUXPHQWGHFRXYHUWXUH
,QVWUXPHQWVGHFRXYHUWXUH 3RXUFKDTXHOLJQHLQGLTXHUOH
QXPpURGHFRQWUDW
5pIpUHQFHGH
O HPSUXQW FRXYHUW
&DSLWDOUHVWDQW
GDX
'DWHGHILQ GXFRQWUDW
2UJDQLVPHFR FRQWUDFWDQW
0RQWDQWGHV FRPPLVVLRQV
GLYHUVHV
3ULPHVpYHQWXHOOHV
7\SHGH FRXYHUWXUH
1DWXUHGHOD
FRXYHUWXUH FKDQJH
RXWDX[
1RWLRQQHOGH O LQVWUXPHQWGH FRXYHUWXUH
'DWHGH GpEXWGX FRQWUDW
'DWHGHILQ GXFRQWUDW
3pULRGLFLWp
GH
UqJOHPHQW GHVLQWpUrWV
&RPSWH$GPLQLVWUDWLI9LOOH
,9 $
,QGH[
1LYHDXGHWDX[
,QGH[
1LYHDXGHWDX[
&KDUJHVF
3URGXLWVF
$YDQWRSpUDWLRQGH
FRXYHUWXUH
$SUqVRSpUDWLRQGH
FRXYHUWXUH
7DX[IL[H WRWDO 7DX[YDULDEOHVLPSOH WRWDO 7DX[FRPSOH[H WRWDO 7RWDO
,QGLTXHUO LQGH[XWLOLVpRXODIRUPXOHGHWDX[ 3RXUOHVHPSUXQWVjWDX[YDULDEOHLQGLTXHUOHQLYHDXjODGDWHGHYRWHGXEXGJHW $FRPSOpWHUVLO LQVWUXPHQWGHFRXYHUWXUHHVWXQ
VZDS
&DWpJRULHG¶HPSUXQW([HPSOH$ FIODFODVVLILFDWLRQGHVHPSUXQWVVXLYDQWODW\SRORJLHGHODFLUFXODLUH,2&%&GXMXLQVXUOHVSURGXLWVILQDQFLHUVRIIHUWVDX[FROOHFWLYLWpVWHUULWRULDOHV
7DX[SD\p
7DX[UHoX
&KDUJHVHWSURGXLWVFRQVWDWpVGHSXLV
O RULJLQHGXFRQWUDW
&DWpJRULHG¶HPSUXQW
1($17
,9±$11(;(6
(/(0(176'8%,/$1±(7$7'(/$'(77(±'(7$,/'(623(5$7,216'(&289(5785(
$'(7$,/'(623(5$7,216'(&289(5785( VXLWH
(IIHWGHO LQVWUXPHQWGHFRXYHUWXUH
,QVWUXPHQWVGHFRXYHUWXUH
3RXUFKDTXHOLJQHLQGLTXHUOHQXPpURGH
FRQWUDW
5pIpUHQFHGH
O HPSUXQWFRXYHUW
&RPSWH$GPLQLVWUDWLI9LOOH
,9 $
$QQpH
3URILO
7\SHGH WDX[
,QGH[
1LYHDXGH
WDX[
7\SH
0RQWDQW
,QWpUrWV
&DSLWDO
7RWDOGHVGpSHQVHVDXF 5HILQDQFHPHQWGHGHWWH 7RWDOGHVUHFHWWHVDXF 5HILQDQFHPHQWGHGHWWH /HVRSpUDWLRQVGHUHILQDQFHPHQWGHGHWWHFRQVLVWHQWHQXQUHPERXUVHPHQWG¶XQHPSUXQWDXSUqVG¶XQpWDEOLVVHPHQWGHFUpGLWVXLYLGHODVRXVFULSWLRQG¶XQQRXYHOHPSUXQW3RXUFHWWHUDLVRQOHVGpSHQVHVHWOHVUHFHWWHVGXFVRQWpTXLOLEUpHV 3RXUOHVHPSUXQWVGHUHILQDQFHPHQWLQGLTXHUOHQRXYHDXQXPpURGHFRQWUDWVXLYLHQWUHSDUHQWKqVHVGHODUpIpUHQFHGHO¶HPSUXQWTXLWWp ,OV DJLWGHUHWUDFHUOHVFDUDFWpULVWLTXHVDYDQWUpDPpQDJHPHQWGHVHPSUXQWVD\DQWIDLWO REMHWG XQUHPERXUVHPHQWDQWLFLSpDYHFUHILQDQFHPHQW ,OV DJLWGHUHWUDFHUOHVFDUDFWpULVWLTXHVDSUqVUpDPpQDJHPHQWGHVHPSUXQWVGHUHILQDQFHPHQW ,QGLTXHU&SRXUDPRUWLVVHPHQWFRQVWDQW3SRXUDPRUWLVVHPHQWSURJUHVVLI)SRXU
LQILQH
;SRXUDXWUHVjSUpFLVHU
,QGLTXHUODSpULRGLFLWpGHVUHPERXUVHPHQWV$ DQQXHOOH 7 WULPHVWULHOOH 0 PHQVXHOOH% ELPHVWULHOOH6 VHPHVWULHOOH;DXWUH 7\SHGHWDX[G LQWpUrW ) IL[H 9 YDULDEOHVLPSOH & FRPSOH[H F HVWjGLUHXQWDX[YDULDEOHTXLQ HVWSDVVHXOHPHQWGpILQLFRPPHODVLPSOHDGGLWLRQG XQWDX[XVXHOGHUpIpUHQFHHWG XQHPDUJHH[SULPpHHQSRLQWGHSRXUFHQWDJH ,QGLTXHUOHW\SHG LQGH[ H[ (XULERUPRLV 7DX[DSUqVRSpUDWLRQVGHFRXYHUWXUHpYHQWXHOOHV3RXUXQHPSUXQWjWDX[YDULDEOHLQGLTXHUOHQLYHDXGXWDX[FRQVWDWpjODGDWHGXUHILQDQFHPHQW ,OV¶DJLWGHUHWUDFHUOHVFDUDFWpULVWLTXHVGHO¶LQGHPQLWpGHUHPERXUVHPHQWDQWLFLSpGXHUHODWLYHjO¶HPSUXQWTXLWWp ,QGLTXHU$SRXUDXWRILQDQFHPHQW&SRXUFDSLWDOLVDWLRQ7SRXULQWpJUDWLRQGDQVOHWDX[GXQRXYHOHPSUXQW'SRXUDOORQJHPHQWGHGXUpH ,QGLTXHUOHFRWGHVRUWLHXQLTXHPHQWHQFDVG¶DXWRILQDQFHPHQWHWGHFDSLWDOLVDWLRQ ,OV DJLWGHVLQWpUrWVGXVDXWLWUHGXFRQWUDWLQLWLDOHWFRPSWDELOLVpVjO DUWLFOH©,QWpUrWVUpJOpVjO¶pFKpDQFHª LQWpUrWVGpFDLVVpV HWLQWpUrWVpYHQWXHOVGXVDXWLWUHGXFRQWUDWG pFKDQJHpYHQWXHOHWFRPSWDELOLVpVjO DUWLFOH
3pULRGLFLWpGHV
UHPERXUVH PHQWV
&DUDFWpULVWLTXHVGXWDX[
&RWGHVRUWLH
$QQXLWpGHO H[HUFLFH
,&1(GH O H[HUFLFH
1($17
,9±$11(;(6
(/(0(176'8%,/$1±(7$7'(/$'(77(5(0%2856(0(17$17,&,3('¶81(035817$9(&5(),1$1&(0(17
$5(0%2856(0(17$17,&,3(' 81(035817$9(&5(),1$1&(0(17
(PSUXQWV
3RXUFKDTXHOLJQHLQGLTXHUOHQXPpUR
GHFRQWUDW
$QQpHGHPRELOLVDWLRQHW SURILOG¶DPRUWLVVHPHQWGH
O¶HPSUXQW
'DWHGH
UHILQDQFHPHQW
2UJDQLVPHSUrWHXU
RXFKHIGHILOH
&DSLWDOUHVWDQW GDX
&DSLWDO
UpDPpQDJp
'XUpH
UpVLGXHOOH
&RPSWH$GPLQLVWUDWLI9LOOH
,9 $
7\SHGH WDX[
,QGH[
7DX[DFW
7\SHGH WDX[
,QGH[
7DX[DFW
727$/
,QVFULUHOHVHPSUXQWVUHQpJRFLpVjODGDWHGHYRWHGXEXGJHWSRXUO H[HUFLFH1 7DX[jODGDWHGHUHQpJRFLDWLRQ ,QGLTXHU ) IL[H 9 YDULDEOH & FRPSOH[H F HVWjGLUHXQWDX[YDULDEOHTXLQ HVWSDVVHXOHPHQWGpILQLFRPPHODVLPSOHDGGLWLRQG XQWDX[XVXHOGHUpIpUHQFHHWG XQHPDUJHH[SULPpHHQSRLQWGHSRXUFHQWDJH ,QGLTXHUODQDWXUHGHO LQGH[UHWHQX H[HPSOH (XULERUPRLV 1RPLQDOjODGDWHGHUHQpJRFLDWLRQ )DLUHILJXUHUOHWWUHV 3RXUOHSURILOG DPRUWLVVHPHQWLQGLTXHU &SRXUDPRUWLVVHPHQWFRQVWDQW3SRXUDPRUWLVVHPHQWSURJUHVVLI)SRXULQILQH;SRXUOHVDXWUHV 3RXUODSpULRGLFLWpGHUHPERXUVHPHQWLQGLTXHU$ DQQXHOOH 7 WULPHVWULHOOH 0 PHQVXHOOH % ELPHVWULHOOH 6 VHPHVWULHOOH ; DXWUH
1($17
,9±$11(;(6
(/(0(176'8%,/$1±(7$7'(/$'(77(±(03581765(1(*2&,(6$8&2856'(/¶$11((1
$(03581765(1(*2&,(6$8&2856'(/ $11((1
1
GXFRQWUDW G HPSUXQW
'DWHGH
VRXVFULSWLRQGX FRQWUDWLQLWLDO
'DWHGH
UHQpJRFLDWLRQ
2UJDQLVPH
SUrWHXU
'XUpHUpVLGXHOOH
HQDQQpHV
7DX[
1RPLQDO
&RQWUDW LQLWLDO
&RQWUDW UHQpJRFLp
&RQWUDWLQLWLDO
&RQWUDWUHQpJRFLp
&RQWUDWLQLWLDO
&RQWUDW
UHQpJRFLp
,QWpUrWV
&DSLWDO
&RQWUDW LQLWLDO
&RQWUDW UHQpJRFLp
3URILO
G DPRUWLVVHPHQWHW
SpULRGLFLWpGH
UHPERXUVHPHQW
&DSLWDOUHVWDQW
GDX
,&1(GH O H[HUFLFH
$QQXLWpSD\pHGDQV O H[HUFLFH V LO\DOLHX
&RPSWH$GPLQLVWUDWLI9LOOH
,9
352&('85( &+2,;'8&216(,/081,&,3$/ 'pOLEpUDWLRQ GX
$0257,66(0(17 6HXLOXQLWDLUHHQGHojGXTXHOOHVLPPRELOLVDWLRQVGHSHXGHYDOHXUV¶DPRUWLVVHQW VXUXQDQ DUWLFOH5GX&*&7 ¼XURV
%LHQVRXFDWpJRULHVGHELHQVDPRUWLV 'XUpH
0DWpULHOLQIRUPDWLTXH6\VWqPH
0DWpULHOLQIRUPDWLTXH0LFUR
/RJLFLHOV
0DWpULHOGH%XUHDX(OHFWULTXHRX(OHFWURQLTXH7pOpSKRQH 0RELOLHU6FRODLUH
0DWpULHO6FRODLUH
0DWpULHO6SRUWLI
0DWpULHO&XOWXUHO
0DWpULHO&HQWUHGH/RLVLUV&UqFKHV
3HWLW0DWpULHO
0DWpULHOHW2XWLOODJH9RLULH
9pKLFXOHV7HFKQLTXHV
9pKLFXOHV/pJHUV
3ODQWDWLRQVDUEUHVWLJHV
$JHQFHPHQWV(OHFWULTXHVHWWpOpSKRQLTXHV
&RIIUH)RUW
,PPHXEOHVGH5DSSRUW
)UDLVG (WXGHHQ0DWLqUHG 8UEDQLVPH
$XWUHV)UDLVG (WXGHV
6XEYHQWLRQG (TXLSHPHQWSRXUELHQVPRELOLHUVPDWpULHORXpWXGHV 6XEYHQWLRQG (TXLSHPHQWSRXUELHQVLPPRELOLHUVRXGHVLQVWDOODWLRQV 6XEYHQWLRQG (TXLSHPHQWSRXUGHVSURMHWVG LQIUDVWUXFWXUHVG LQWpUrWQDWLRQDO ,PPRELOLVDWLRQVUHoXHVGDQVOHFDGUHG XQHPLVHjGLVSRVLWLRQ
28, 121_ _ _ _ 6HXLOG¶DPRUWLVVHPHQWVXUXQDQ VLGLIIpUHQWGHFLGHVVXV
&DWpJRULHVGHELHQVDPRUWLV 'XUpH
««
$KDXWHXUGHVGRWDWLRQVDX[DPRUWLVVHPHQWVGHVELHQV
6XUODPrPHGXUpHTXHO¶DPRUWLVVHPHQWGHVELHQV
,&1( 6XUOHVWRFNGHODGHWWH
$875(6
352&('85(6 28, 121_ _ _ _
$0257,66(0(17
)$&8/7$7,)
68%9(17,216
' ,19(67,66(0(17
75$16)(5((6(1
)21&7,211(0(17
$±$0257,66(0(176±0(7+2'(687,/,6((6
,9±$11(;(6
(/(0(176'8%,/$1
0(7+2'(687,/,6((63285/(6$0257,66(0(176 $
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϴϱ ,9
0RQWDQWGHOD
SURYLVLRQGH
O¶H[HUFLFH
'DWHGH
FRQVWLWXWLRQ
GHOD
SURYLVLRQ
0RQWDQWGHV
SURYLVLRQV
FRQVWLWXpHVDX
0RQWDQWWRWDOGHV
SURYLVLRQV
FRQVWLWXpHV
0RQWDQWGHV
UHSULVHV 62/'(
3URYLVLRQVSRXUULVTXHV3DUWLFLSDWLRQ&*
3URYLVLRQVSRXUULVTXHV'URLWVGH9RLULH%RX\JXHV
3URYLVLRQVQRXYHOOHVRXDERQGHPHQWG¶XQHSURYLVLRQGpMjFRQVWLWXpH
,QGLTXHUO¶REMHWGHODSURYLVLRQ H[HPSOHV SURYLVLRQSRXUOLWLJHVHWFRQWHQWLHX[DXWLWUHGXSURFqV« SURYLVLRQVSRXUGpSUpFLDWLRQGHVLPPRELOLVDWLRQVGHO¶pTXLSHPHQW«
,9
2EMHW
0RQWDQW
WRWDOGHOD
SURYLVLRQj
FRQVWLWXHU
'XUpH
0RQWDQWGHV
SURYLVLRQV
FRQVWLWXpHVDX
FRXUVGH
O H[HUFLFH
3URYLVLRQ
FRQVWLWXpHDX
FRXUVGH
O H[HUFLFH
0RQWDQWUHVWDQWj
SURYLVLRQQHU
727$/3529,6,2166(0,%8'*(7$,5(6
3URYLVLRQVSRXUGpSUpFLDWLRQ
727$/3529,6,216%8'*(7$,5(6
3URYLVLRQVSRXUGpSUpFLDWLRQ
3529,6,2166(0,%8'*(7$,5(6
GHVLPPRELOLVDWLRQV««
1($17
1($17 GHVVWRFNV«« GHVFRPSWHVGHWLHUV««
GHVFRPSWHVILQDQFLHUV««
3URYSRXUULVTXHVHWFKDUJHV
3URYLVLRQVSRXUOLWLJHV««
3URYLVLRQVSRXUSHUWHVGHFKDQJH««
3URYLVLRQVSRXUJDUDQWLHVG¶HPSUXQWV««
GHVFRPSWHVILQDQFLHUV««
3URYLVLRQVSRXUSHUWHVGHFKDQJH««
3URYLVLRQVSRXUJDUDQWLHVG¶HPSUXQWV««
3URYSRXUULVTXHVHWFKDUJHV
$XWUHVSURYLVLRQVSRXUULVTXHV««
3URYLVLRQSRXU'pILFLW%XGJHW/RWLVVHPHQW=$&GH5R\DOOLHX
GHVLPPRELOLVDWLRQV««
GHVVWRFNV««
3URYLVLRQVSRXUOLWLJHV««
1($17
1($17
,9±$11(;(6
(/(0(176'8%,/$1
(7$7'(63529,6,216
1DWXUHGHODSURYLVLRQ
$±(7$7'(63529,6,216
$
3529,6,216%8'*(7$,5(6
GHVFRPSWHVGHWLHUV««
1($17
,OV DJLWGHVSURYLVLRQVILJXUDQWGDQVOHWDEOHDXSUpFpGHQW(WDWGHVSURYLVLRQVTXLIRQWO REMHWG XQpWDOHPHQW
,9±$11(;(6
(/(0(176'8%,/$1
$
(7$/(0(17'(63529,6,216
$(7$/(0(17'(63529,6,216
1DWXUHGHODSURYLVLRQ
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϴϲ ,9
$UW /LEHOOp
&UpGLWVGHO H[HUFLFH
KRUV5$5
%3%6'0
5pDOLVDWLRQV KRUV
5$5
(0358176(1(8526
$875(6(0358176$875(635(7(856
68%9' (48,375$16)(5((6$8&2037('(5(68/7$7 (7$7(7(7$%/,66(0(1761$7,21$8;
68%(48,3775$16)(5((6$8&2037('(5(68/7$7 *5283(0(17
'pSHQVHVLPSUpYXHV
2SpUDWLRQGHO H[HUFLFH
,
5HVWHVjUpDOLVHUHQ
GpSHQVHVGH
O H[HUFLFHSUpFpGHQW
1
6ROGHG p[HFXWLRQ
'GHO H[HUFLFH
SUpFpGHQW1
727$/
,,
'pSHQVHVj
FRXYULUSDUGHV
UHVVRXUFHV
SURSUHV
'pWDLOOHUOHVFKDSLWUHVEXGJpWDLUHVSDUDUWLFOHFRQIRUPpPHQWDXSODQGHFRPSWHV
'pSHQVHVHWWUDQVIHUWVjGpGXLUHGHVUHVVRXUFHVSURSUHV %
'(3(16(6727$/(6$&2895,53$5'(65(66285&(635235(6 $%
(PSUXQWVHWGHWWHVDVVLPLOpHV $
'(3(16(6$&2895,53$5'(65(66285&(635235(6
,9$11(;(6
6(&7,21' ,19(67,66(0(17
(48,/,%5('(623(5$7,216),1$1&,(5(6'(3(16(6 $
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϴϳ ,9
$UW /LEHOOp
&UpGLWVGHO H[HUFLFH
KRUV5$5
%3%6'0
5pDOLVDWLRQV KRUV
5$5
)&79$
7/(
7$;('$0(1$*(0(17
&5($1&(68575$16)(57'('52,76$'('8&7,21'(79$
)5$,6' (78'(6
$025768%(48,37(7$7(78'(6
$0257,66(0(1768%9(48,37'(3$57%Æ7,0(176(7
,167$//$7,216
$025768%9(17,21(48,3(0(17*)3'(5$77$&+(0(17
$025768%(48,37(7$%38%/2&$8;
$025768%93(56'('735,9(
$025768%(48,37(11$785(25*38%/,&
&21&(66,216(7'52,766,0,/$,5(6
$0257,66(0(176'(6,002%,/,6$7,216&25325(//(6
3/$17$7,216
$0257,66(0(17'(6,002%,/,6$7,216&25325(//(6
,00(8%/(6'(5$33257
$0257,66(0(17'(6,0026&25325(//(60$7(5,(/528/$17
$0257,66(0(17'(6,0026&25325(//(6$875(0$7(5,(/(7
28792,5,(
$0257,66(0(17' ,0026&2532$875(6,167$/7(&+
0$7(5,(/(7287,//$*(,1'8675,(/
$875(6
0$7(5,(/'(75$163257
0$7(5,(/'(%85($8(70$7(5,(/,1)250$7,48(
02%,/,(5
$875(6
3(1$/,7(6'(5(1(*2&,$7,21'(/$'(77(
3URGXLWVGHFHVVLRQV
9LUHPHQWGHODVHFWLRQGHIRQFWLRQQHPHQW
2SpUDWLRQVGH
O H[HUFLFH,,,
5HVWHVjUpDOLVHU
HQUHFHWWHVGH
O H[HUFLFH
SUpFpGHQW
6ROGH
G p[HFXWLRQ
5GH
O H[HUFLFH
SUpFpGHQW
$IIHFWDWLRQ
5GH
O H[HUFLFH
SUpFpGHQW
727$/,9
7RWDOUHVVRXUFHVSURSUHVGLVSRQLEOHV
'pSHQVHVjFRXYULUSDUGHVUHVVRXUFHVSURSUHV,,
5HVVRXUFHVSURSUHVGLVSRQLEOHV,9
6ROGH9 ,9,,
/HVFRPSWHV HW VRQWjGpWDLOOHUFRQIRUPpPHQWDXSODQGHFRPSWHV /HVFRPSWHV HW VRQWSUpVHQWpVXQLTXHPHQWVLODFRPPXQHRXO pWDEOLVVHPHQWDSSOLTXHOHUpJLPHGHVSURYLVLRQVEXGJpWDLUHV ,QGLTXHUOHVLJQHDOJpEULTXH
$
5(66285&(635235(6
5(&(77(6 5(66285&(635235(6 DE
,9$11(;(6
5HVVRXUFHVSURSUHVH[WHUQHVGHO DQQpH D
5HVVRXUFHVSURSUHVLQWHUQHVGHO DQQpH E
0RQWDQW
6(&7,21' ,19(67,66(0(17
(48,/,%5('(623(5$7,216),1$1&,(5(65(&(77(6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϴϴ ,9
$UWLFOH /LEHOOp 0RQWDQW
&+$5*(6$&$5$&7(5(*(1(5$/
$875(6)5$,6',9(56
38%/,&$7,216
$UWLFOH /LEHOOp 0RQWDQW
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
$875(6352'8,76'$&7,9,7(6$11(;(6 $%211(0(176(79(17(6'2895$*(6
'27$7,21668%9(17,216(73$57,&,3$7,216
(1&$57638%/,&,7$,5(6&203,(*1(1275(9,//(
5(&(77(67,75(6(0,6
&RPSOpWHUSDUOHQRPGXVHUYLFHDVVXMHWWLjOD79$
'pWDLOOHUOHVFKDSLWUHVEXGJpWDLUHVSDUDUWLFOHFRQIRUPpPHQWDXSODQGHFRPSWHVDSSOLTXpSDUOHVHUYLFH
7RWDOGHVGpSHQVHVUpHOOHV
7RWDOGHVGpSHQVHVG RUGUH
727$/*(1(5$/
7RWDOGHVUHFHWWHVUpHOOHV
7RWDOGHVUHFHWWHVG RUGUH
6LODFRPPXQHRXO¶pWDEOLVVHPHQWDRSWpSRXUOHVSURYLVLRQVVHPLEXGJpWDLUHV
,9$11(;(6
(/(0(176'8%,/$1
(7$7'(9(17,/$7,21'(6'(3(16(6(75(&(77(6'(66(59,&(6$668-(77,6$/$79$6(&7,21
'()21&7,211(0(17
$UWLFOH5GX&*&76HUYLFHVDVVXMHWWLVVDQVIDLUHO REMHWG XQEXGJHWGLVWLQFWGXEXGJHWJpQpUDO
$6(&7,21'()21&7,211(0(17'(3(16(6
'(3(16(60$1'$76(0,6
$
727$/*(1(5$/
$6(&7,21'()21&7,211(0(175(&(77(6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϴϵ ,9
$UWLFOH /LEHOOp 0RQWDQW
,002%,/,6$7,216,1&25325(//(6
68%9(48,3(0(1769(56((6
,002%,/,6$7,216&25325(//(6
7(55$,16186
$UWLFOH /LEHOOp 0RQWDQW
,9$11(;(6
(/(0(176'8%,/$1
(7$7'(9(17,/$7,21'(6'(3(16(6(75(&(77(6'(66(59,&(6$668-(77,6$/$79$
6(&7,21' ,19(67,66(0(17
$UWLFOH5GX&*&76HUYLFHVDVVXMHWWLVVDQVIDLUHO REMHWG XQEXGJHWGLVWLQFWGXEXGJHWJpQpUDO
$6(&7,21' ,19(67,66(0(17'(3(16(6
$
(1&$57638%/,&,7$,5(6&203,(*1(1275(9,//(
2SpUDWLRQVG pTXLSHPHQWQ OLJQHSDURSp
727$/*(1(5$/
&RPSOpWHUSDUOHQRPGXVHUYLFHDVVXMHWWLjOD79$
7RWDOGHVGpSHQVHVG RUGUH
'(3(16(60$1'$76(0,6
7RWDOGHVGpSHQVHVUpHOOHV
'pWDLOOHUOHVFKDSLWUHVEXGJpWDLUHVSDUDUWLFOHFRQIRUPpPHQWDXSODQGHFRPSWHVDSSOLTXpSDUOHVHUYLFH
7RWDOGHVUHFHWWHVUpHOOHV
7RWDOGHVUHFHWWHVG RUGUH
727$/*(1(5$/
$6(&7,21' ,19(67,66(0(175(&(77(6
2SpFGHWLHUVQ OLJQHSDURSp
2SpFGHWLHUVQ OLJQHSDURSp
5(&(77(67,75(6(0,6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϵϬ ,9
1DWXUHGHODGpSHQVHWUDQVIpUpH 'XUpHGH O pWDOHPHQW 'DWHGHOD GpOLEpUDWLRQ
0RQWDQWGHOD
GpSHQVH
WUDQVIpUpHDX
FRPSWH ,
0RQWDQWDPRUWLDX
WLWUHGHVH[HULFHV
SUpFpGHQWV ,,
0RQWDQWGHOD
GRWDWLRQDX[
DPRUWLVVHPHQWV
GHO H[HUFLFH
6ROGH
,QGHPQLWpVGHUpDPpQDJHPHQWGHOD
GHWWH
HPSUXQWV$/HW$/
DQV
([HUFLFH
G 2ULJLQH
$±(7$7'(6&+$5*(675$16)(5((6
$
,9±$11(;(6
(/(0(176'8%,/$1
(7$7'(6&+$5*(675$16)(5((6
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϵϭ 180(52 '(6,*1$7,21 (;(5 %8'* '85(( $0257 '$7($&48,6 '$7('(%87 $0257 9$/(85 ' $&48,6 $0257'( / (;(5 9$/(851(77( &2037
1$785( )5$,6' (78'(6
$87B (78'(6$0(1$*(0(173$<6$*(567$'(-289(6(1(=
$87B (78'(65(6($8;*5283(66&2/$,5(6
$87B B (78'(6&,1(0$/(6',$1(6
1$785( %$7,0(176(7,167$//$7,216
$87B 68%9(17,21' (48,3(0(179(56((6'(3$57(0(17
1$785( %$7,0(176(7,167$//$7,216
$87B 68%9(17,213$57,&,3$7,21%$66,17$0321
1$785( %$7,0(176(7,167$//$7,216
$87B B 68%9(17,21(48,3(0(179(56((6$8;3$57,&8/,(56
1$785( &21&(66,216'52,76',0,/$,5(6%5(9(76/,&(1&(6
$87B $&48,6,7,21/2*,&,(/32&.(72
$87B B /,&(1&(6352*,&,(/*(67,21672&.$*(
$87B $&48,6,7,21/,&(1&(/2*,&,(/237$&
$87B 02'8/(3(63-02'8/(68*1$785(
$87B /,&(1&(%,//(7(5,(&$9
$87B $&48,6,7,21/,&(1&(6352*,&,(/*(67,21672&.$*('$7$&25(
$87B /,&(1&(66<0$17(&*+267/
$87B B /,&(1&(625$&/(6*%'5(7)86,210,''/(:$5(:(%/2*,&
$87B B /,&(1&($675(*),0021(7
$87B B 180(5,6$7,21$)),&+(6%,%/,27+(48(
$87B B $&48,6,7,21/,&(1&($17,9,586
$87B B $&&(602'8/(3257$,/)$0,//(6
$87B B $&48,6,7,21/,&(1&($&52%$7(352
1$785( 7(55$,16186
$87B B $&48,6,7,217(55$,158('(/ $,61(
1$785( 3/$17$7,216' $5%5(6
$87B 9(*(7$8;
$87B 9(*(7$8;
$87B 9(*(7$8;
$87B 9(*(7$8;
$87B 9(*(7$8;
$87B 9(*(7$8;
$87B 9(*(7$8;
$87B B 9(*(7$8;
1$785( (48,3(0(176'8&,0(7,(5(
$87 B )2851,785((7326('(&2/20%$5,806
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
,9
(/(0(176'8%,/$1
9$5,$7,21(13$75,02,1( DUWLFOH5GX&*&7 (175((6
,9$11(;(6
$
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
&RPSWH$GPLQLVWUDWLI9LOOH
180(52 '(6,*1$7,21 (;(5 %8'* '85(( $0257 '$7($&48,6 '$7('(%87 $0257 9$/(85 ' $&48,6 $0257'( / (;(5 9$/(851(77( &2037
,9
(/(0(176'8%,/$1
9$5,$7,21(13$75,02,1( DUWLFOH5GX&*&7 (175((6
,9$11(;(6
$
1$785( $875(0$7(5,(/(7287,//$*('(92,5,(
$87B /27'(327(/(76
$87B 3(5)25$7(85%85,1(8516(5,(
$87B B &25%(,//(67<3(967
$87B B 7521&211(86(7+(50,48(06&6(5,(
$87B B 7$,//(86('(+$,(652%,116(5,((
$87B B 7521&211(86('&+6(5,(
$87B B '(%52866$,//(86(.$:$6$.,.'*6(5,(
$87B B /27'(%$55,(5(60*$/9$
$87B B %$55,(5(6'(&+$17,(5
1$785(
$87B B 0$57($83(5)25$7(856$16),/7($$95
$87B B /$6(50(75(3'(6(5,(
$87B B $33$5(,/6'(0(685($'$37$7(856
$87B B 287,//$*(
$87B B 0(8/(86(*:6
$87B B 3(5&(86(9,66(86(*659
$87B B 5$%27$63,5$7(850(8/(86(
$87B B 3(5&(86(69,66(86(6$3(5&866,21
1$785( ¯895(6(72%-(76' $57
$87B &21&(37,215($/,6$7,21'(&2575203(¯,/08567&251(,//(
$87B B &21&(37,21(75($/,6$7,21'(&2575203(¯,/
$87B B &21&(37,21(75($/,6$7,21'(&2575203(¯,/
1$785( $875(6,0026&25325(//(60$7(5,(/'(75$163257
$87B B 5(1$8/7.$1*22(;35(66,00$75,&8/(($<):
$87B B 5(1$8/77:,1*2,00$75,&8/(($;1(6(5,(&1%$
$87B B 5(02548(37&.*'(&/$66((.*6
$87B B 5(1$8/70$67(5'+<%
$87B B 0$67(5)285*21&21)25775$&7,21)
1$785(
$87B 6&$11(5$*('(3621*76
$87B B 7(/(&23,(85'(%85($8%527+(5
$87B ,035,0$17('(///$6(508/7,)21&7,216'1
$87B 9,'(2352-(&7(856(&2/(6
$87B 25',1$7(8523$&&$648(6$8',2),/$,5(
$87B (&5$1021,7(85$48$/,7(287'225$4/+
$87B )2851,785((70,6((16(59,&(%251(:,),
$87B 3$&.&2162/(36%$/$'(85&'030$1(77(;%2;
$87B 25',1$7(856&$648(6$8',2%$/$'(85&'03
$87B (;7(16,2162/87,21'(672&.$*((1352'8&7,21
$87B 21'8/(8521(/,1(($721(;
$87B (&5$16021,7(85/('
$87B 0$7(5,(/,1)250$7,48(%,//(7(5,(&$9
$87B 0$7(5,(/,1)22610'&/27
$87B ,035,0$17(/(;0$5.0;'(
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
,167$//$7,2160$7(5,(/287,//$*(7(&+1,48(6$875(6
$875(6,0026&25325(//(60$7(5,(/%85($8,1)250$7,48(
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
&RPSWH$GPLQLVWUDWLI9LOOH
180(52 '(6,*1$7,21 (;(5 %8'* '85(( $0257 '$7($&48,6 '$7('(%87 $0257 9$/(85 ' $&48,6 $0257'( / (;(5 9$/(851(77( &2037
,9
(/(0(176'8%,/$1
9$5,$7,21(13$75,02,1( DUWLFOH5GX&*&7 (175((6
,9$11(;(6
$
$87B %251(:,),
$87B $&48,6,7,21%251(:,),&,6&2$3
$87B 021,7(857$&7,/(/('
$87B (&5$1021,7(85/('3+,/,3633+(%
$87B B $&48,6,7,210$7(5,(/%,%/,27+(48(180(5,48(
$87B B 6(59(85'(//32:(5('*(5;'
$87B B (;7(16,216(59(85'(672&.$*(
$87B B &23,(85180(5,48(&$121,5&
$87B B $&48,6,7,216<67Ê0(3257$,/&$37,):,),8&23,$
$87B B 9,'(2352-(&7(85623720$6'/3
$87B B 0$7(5,(/$8',29,68(/
$87B B $&48,6,7,21%251(:,),&,6&2$3
$87B B $&48,6,7,210$7(5,(/%,%/,27+(48(180(5,48(
$87B B &23,(85180(5,48(&$121,5&
$87B B 25',1$7(85+3(19<529(
$87B B 21'8/$7(856$1
$87B B ,035,0$17(08/7,)21&7,21/(;0$5.&;'(/$6(5&28/(85
$87B B $&48,6,7,21%251(:,),
$87B B $&48,66<67(0(9,'(2352-(&7,21%,%/,2180(5,48(%(//,&$57
$87B B 021,7(857$&7,/(08/7,0(',$/('
$87B B ,167$//$7,21,1)250$7,48(%,%/,27+(48(180(5,48(
$87B B 9,'(2352-(&7(8523720$6'/3
$87B B ,035,0$17(08/7,)21&7,21/$6(5&28/(85/(;0$5.&;'(
1$785( $875(6,0026&25325(//(602%,/,(5
$87B 08/7,&$6,(56
$87B B 7$%285(76+$876:(1*(
$87B &8,6,1,(5($/$9(/,1*($0(8%/((9,(5$
$87B 02%,/,(5&5(&+('(%$<6(5
$87B 3257(0$17($8(79(67,$,5(6
$87B 02%,/,(5%,%/,27+(48(180(5,48(
$87B 02%,/,(5%,%/,27+(48(180(5,48(
$87B &+$5,276
$87B &+$,6(612,5%/,66
$87B 7$%/(632/<9$/(17(6(&27$%/($8;%/$1&
$87B %$&6$/80,1,80&$6(6
$87B &+$,6(6 5
$87B B %85($8;)$87(8,/6
$87B B $'28&,66(85($8)52,'(&+5212&7$721'(2)&
$87B B )2853<52%(.22,(;3
$87B B &+$,6(6 5&9-$
$87B B )$87(8,/1$',5
$87B B 7(032'(3$57639&.,6$&&52&+$*(
$87B B 9(67,$,5(6,1'8675,(3257(6&70
$87B B $502,5($%$/$,6,12;;3
$87B B '(66(57(02%,/(7,52,56
$87B B 9,75,1(6'¶(;326,7,21086((9,9(1(/
$87B B 7$%/($875,37,48(
$87B B 02%,/,(5(&2/(0$7(51(//(3203,'28
$87B B 02%,2,(5+27(/'(9,//(6(59,&(,1)250$7,48(
$87B B &$,6621528/$17$9(&7,52,56
$87B B $502,5(326,7,9(/0$548(/,(%+(55
$87B B 6,(*(6'(%85($8$57(6$$&&28'2,56
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
&RPSWH$GPLQLVWUDWLI9LOOH
180(52 '(6,*1$7,21 (;(5 %8'* '85(( $0257 '$7($&48,6 '$7('(%87 $0257 9$/(85 ' $&48,6 $0257'( / (;(5 9$/(851(77( &2037
,9
(/(0(176'8%,/$1
9$5,$7,21(13$75,02,1( DUWLFOH5GX&*&7 (175((6
,9$11(;(6
$
1$785( $875(6,0026&25325(//(6
$87B 02%,/,(5&$17,1(58('(/$%$*8(77(
$87B &+$5,276025*$1
$87B &+$5,276'(%$5&27($&27(
$87B &+$5,276
$87B $63,%5266(85*8'8$/
$87B 1(772<(85+$87(35(66,21'(%28&+(85&$1$/,6$7,21
$87B 38/9(5,6$7(856683(5*5((1/
$87B $502,5(7<3(&6
$87B 2162/(3(5$5/7,*(5+2866('(3527(&7,21
$87B &217(1(85528(6/,75(6&89(*5,6(
$87B -(8' 25*8(383,75(&21*2.,'&,5&8,76'0;
$87B $03/,6;/0,'$6
$87B B &+$5,276),;($/835236$&&+
$87B B /27'(&+$,6(6(7%$55,(5(6
$87B B 3(7,7(48,3(0(17&5(&+(/(1,'
$87B B 977%7:,152&.5,'(55()
$87B B %$1&668('2,6
$87B B 9,2/21&(//(0,5(&28570(',2),12
$87B B /,&('('5(66$*(39&3/276
$87B B 9(67,$,5(,1'6$/&$6(6
$87B B '(0217(31(8;
$87B B 6,(*(60$1$*(560$57
$87B B /$9(/,1*0(5.(57<3(%.*0$5(*$8'5<
$87B B $872/$9(86(6&
$87B B &$0(5$180(5,48(&$121
$87B B 7$%/('(0,;$*($1$/2*
$87B B $'28&,66(856
$87B B /27'(%$72167(/(&&23,48(63257%$721
$87B B 0$7(5,(/62125,6$7,21(-/ (0(77(855(&(37(856&$648(6
$87B B 0$7(5,(/35$7,&$%/(7+($75(,03(5,$/
$87B B $502,5()52,'(326,7,9(/0$548(/,(%+(55
$87B B &/$5,1(77((18712%/(702'(/($57,67
$87B B &$0(5$9,'(26859(,//$1&(&(17(7(&+1,48(081,&,3$/
$87B B 7(/(9,6(85/'&0
$87B B /$9(/,1*(&$1'<
$87B B 68332577(/(9,6(85/('
$87B B 0,&52%(7$ $
$87B B (48,/,%5(86(3/$7($8
$87B B 7$,//(86(+$,(67521&211(86(7+(50,48('(%52866$,//(86(
$87B B /27'(7$%/(63/,$17(6&0
$87B B 1(772<(85+'
$87B B ,17(5&20+)
$87B B /$9(/,1*(0,(/:.%6(&+(/,1*(0,(/7.%:3
$87B B 7(&352$0328/(328567$7,21&(,1785(6(5,(%3(706
$87B B 7$%/(77($33/(,3$'5(7,1$*2:,),
6RXV7RWDOSDU1DWXUH
&RPSWH$GPLQLVWUDWLI9LOOH
180(52 '(6,*1$7,21 (;(5 %8'* '85(( $0257 '$7($&48,6 '$7('(%87 $0257 9$/(85 ' $&48,6 $0257'( / (;(5 9$/(851(77( &2037
,9
(/(0(176'8%,/$1
9$5,$7,21(13$75,02,1( DUWLFOH5GX&*&7 (175((6
,9$11(;(6
$
1$785( ,002%,/,6$7,216&25325(//(6(1&28567(55$,16
$87B ,167$//$7,2192,5,(
1$785(
$87B &/2,75(6$,17&251(,//(
$87B 086((9,9(1(/
$87B &203/(;(3,6&,1(3$7,12,5('(0(5&,(5(6
$87B &(175(5(*,21$/(48(675(
$87B (63$&(-($1/(*(1'5(
$87B (&2/(&+$5/(6)$528;
$87B %,%/,27+(48(6$,17&251(,//(
$87B 67$'('8&/26'(6526(6
$87B 3,6&,1($9(18('(+8<
$87B (&2/($/%(5752%,'$
$87B (&2/(*(25*(63203,'28
$87B (&2/($8*867,17+,(55<
$87B &(175(7(&+1,48(081,&,3$/
$87B (&2/(52<$//,(8
$87B 0$,621'(/ $5&+(2/2*,(
$87B &(175(32/<9$/(17'838<'852<
$87B &216(59$72,5(081,&,3$/'(086,48(
$87B +27(/'(9,//(
$87B 75$9$8;(15(*,((63$&(-($1/(*(1'5(
$87B *<01$6(&+$5/(6'(*$8//(
$87B &$17,1(58('(/$%$*8(77(
$87B 6$//($11(;('(%866</2&$/&$17211,(5
$87B &5(&+(08/7,$&&8(,//(1,'
$87B 6$//('(48$57,(552<$//,(8
$87B B *<01$6(52<$//,(8
$87B B 75$9$8;(15(*,(6$//('(48$57,(552<$//,(8
$87B B 75$9$8;(15(*,(0$,621'(/ (8523(
$87B B 75$9$8;(15(*,((&2/(&+$5/(6)$528;
$87B B 75$9$8;(1&28566$//('(%$<6(5
$87B B 75$9$8;(15(*,(6$//(*(25*(67$,1785,(5
$87B B 75$9$8;(15(*,(3$7,12,5('(0(5&,(5(6
$87B B 75$9$8;(15(*,((&2/(-$&48(635(9(57
$87B B 75$9$8;(15(*,(&(175(62&,$/$11(0$5,(9,9(
$87B B 75$9$8;(15(*,(%,%/,27+(48(%(//,&$57
1$785(
$87B 75$9$8;'(92,5,(
$87B $875(65(6($8;'(92,5,(
$87B ,167$//$7,21'(92,5,(
1$785(
$87B 5(67$85$7,212%-(76086((9,9(1(/
$87B 5(67$85$7,215(*,675(6$5&+,9(6
,002%,/,6$7,216&25325(//(6(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
,002%,/,6$7,216&25325(//(6(1&2856&216758&7,216
,002%,/,6$7,216&25325(//(6(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(
6RXV7RWDOSDU1DWXUH
&RPSWH$GPLQLVWUDWLI9LOOH
180(52 '(6,*1$7,21 (;(5 %8'* '85(( $0257 '$7($&48,6 '$7('(%87 $0257 9$/(85 ' $&48,6 $0257'( / (;(5 9$/(851(77( &2037
,9
(/(0(176'8%,/$1
9$5,$7,21(13$75,02,1( DUWLFOH5GX&*&7 (175((6
,9$11(;(6
$
1$785(
$87B (*/,6(6$,17(/2,
$87B B 7+($75(,03(5,$/
$87B B 75$9$8;(15(*,((*/,6(6$,17(/2,
$87B B 75$9$8;(15(*,(7+($75(,03(5,$/
1$785(
$87B B $9$1&()25)$,7$,5(
1$785( 7,75(6'(3$57,&,3$7,21
$87B B 3$57,&,3$7,2163//(7,*5(
1$785( '(327(7&$87,,211(0(1769(56(6
$87B B '(327'(*$5$17,(6$,17*(50$,175$,7(85
6RXV7RWDOSDU1DWXUH
7RWDOSDU&ROOHFWLYLWp 9,//('(&203,(*1(
,002%,/,6$7,2165(&8(6$87,75(' 81(0,6($',6326,7,21
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
$0(1'(69(56((6685&200$1'(6' ,002%,/,6$7,216&25325(//(6
&RPSWH$GPLQLVWUDWLI9LOOH
180(52
,19(17$,5( '(6,*1$7,21'8%,(1
'85((
$0257
9$/(85
$&48,6
&808/'(6
$0257
9$/(85
1(77(
&2037$%/(
35,;'(
&(66,21
9$/8(
1$785( $875(60$7(5,(/6(7287,//$*('(92,5,(
$87B 3(5&(86(9,66(86(6$16),/*65
$87B 6&,(6$%5(*6$3&(
$87B 7521&211(86('¶(/$*8$*(0$548(67+,/7<3(06
$87B /27'(327($8%(5&<&$7$3+25(6(328'5(5$/
$87B 628))/(857+(50,48(%*'16(5,( 0$
$87B /27'(&25%(,//(67<3(9677+(502/$48((
$87B 7521&211(86(7+(50,48(67,+/
$87B '(&$3(857+(50,48(
$87B 0(8/(86(*:6
$87B 683325732856$&6328%(//(25%,6$9(&&289(5&/(
$87B 7$,//(86('(+$,(667,+/6(5,(7<3(+65
$87B %$/,6('(),/$17($/('6
$87B 0(8/(86(*:69/,
1$785( $875(6,167$//$7,2160$7(5,(/287,//$*(7(&+1,48(
$87B 3(5&(86(9,66(86(6$16),/*65/,
$87B '(&2//(86(
1$785( 0$7(5,(/'(75$163257
0$1$87 3(8*(27 9.
0$1$87 5(1$8/775$),&:'
1$785( $875(6,0026&25325(//(60$7(5,(/%85($8,1)250$7,48(
$87B $&48,6,7,21' 816:,7&+
$87B $&48,6,7,213&+33529,'(26859(,//$1&(
$87B $&48,6,7,213&+33529,'(26859(,//$1&(
$87B 02%,/,(5&5(&+(3$5&'(%$<6(5
$87B %(292;$(&5$1/&'7)7
1$785( $875(6,0026&25325(//(602%,/,(5
$87B &+$,6(63/,$17(65()
$87B 7$%/(632/<(7+
$87B &$,6621%85($8'(&/$66(
$87B 7$%/(6,(*(9,6,7(856
$87B 7$%/($8085$/70%
$87B 3,(7(0(173285)285
$87B &+$5,273285&+$,6(63/,$17(65()&$5
$87B $502,5($5,'($8;%(,*(
$87B &+$,6(6&2/ 7/
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
,9$11(;(6 ,9
(/(0(176'8%,/$1 $
9$5,$7,21'83$75,02,1( DUWLFOH5GX&*&7 6257,(6
&RPSWH$GPLQLVWUDWLI9LOOH
180(52
,19(17$,5( '(6,*1$7,21'8%,(1
'85((
$0257
9$/(85
$&48,6
&808/'(6
$0257
9$/(85
1(77(
&2037$%/(
35,;'(
&(66,21
9$/8(
,9$11(;(6 ,9
(/(0(176'8%,/$1 $
9$5,$7,21'83$75,02,1( DUWLFOH5GX&*&7 6257,(6
$87B 6(&+('(66,16085$/
$87B 7$%/(6(7&+$,6(6
$87B %$&60(8%/(6$%$&
$87B 9(67,$,5(3257(6,1'6$/*5,6
$87B )$87(8,/5()0-,72/
$87B %85($8&$,66216,(*(
$87B $502,5($5,'(8;%(,*(
$87B )$87(8,/6+$87'266,(5&8,5)/(8512,5
$87B 7$%/(52%,1(70(/$1*(85
$87B $502,5(81,213%+7
$87B 75<37,48(;9(57)$&(48$'5,//$*(;
$87B 02%,/,(5
$87B 7$%/($8085$/70%
$87B 7$%/($8085$/70%
$87B 7$%/($8085$/70%
$87B 7$%/($8085$/70%
$87B 7$%/($8085$/70%
$87B /27'(&+$,6(67$%/(
$87B &+$5,2767$%/(6$9(&$5&($8;(7528(6
$87B 7$%/(6$9(&&$6,(5&+$,6(6
$87B 75,37<48(9(57(7%/$1&6(5,*5$3+,(6(<(6
$87B 7$%/(6+(5*21'<63+$,6(6+(5*21'<63
$87B 7$%/(6$*25$3,('6521'6
$87B /27'(&+$,6(6&+$1763527(*(6
$87B /$03(6+$/2*(1((/(&75$
$87B &+$,6(63/,$17(60$&$&&52&+$%/(6
1$785( $875(6,0026&25325(//(6$875(6
$87 5(02548(3/$7($8)(7(6(7&(5(021,(6
$87B 7$%/('(&2168/7$7,21&+$5,273/$7()250(
$87B *8,5/$1'(%2$
$87B 7$%/(6+'3(;75$/,*+(5() (17;66
$87B 0$7(5,(/'(-$/211(0(17
$87B 3$11($8;'(-$/211(0(17
$87B %$&$$&,'(
$87B /(&7(85)/$6+:$9(03;6'
$87B $63,5$7(85*:'1,/),6.
$87B &2))5(6(&85,7(/6(5585((/(&75,48(
$87B ,1-(&7,21(;75$&7,21180$7,&&7&89(/
$87B $63,5$7(8575$,1($8(/(&752/8;=58/75$21,
$87B 3/276'('5(66$*(
$87B 6$;+251%$5<7216,%1$87,/(3,67216
$87B 0$7(5,(/7(&+1,48(
6RXV7RWDOSDU1DWXUH
&RPSWH$GPLQLVWUDWLI9LOOH
180(52
,19(17$,5( '(6,*1$7,21'8%,(1
'85((
$0257
9$/(85
$&48,6
&808/'(6
$0257
9$/(85
1(77(
&2037$%/(
35,;'(
&(66,21
9$/8(
,9$11(;(6 ,9
(/(0(176'8%,/$1 $
9$5,$7,21'83$75,02,1( DUWLFOH5GX&*&7 6257,(6
$87B 0$7(5,(/9,'(2
$87B 38%/,&$7,210$5&+(5(129$7,216<67Ê0(67$7,21
$87B )2851,785('(/,66('52,7(6
$87B )2851,785('(/,66(6'(&/2785(
$87B )5,*,'$,5()$85((;)5&:
$87B )/(&+('(6,*1$/,6$7,21
$87B %$5(63$/$148((&+(//(),&+(6
$87B 02%,/,(585%$,1
1$785(
9(17(7(55$,13$66$*($/%(57&$086
9(17(7(55$,123$&,$$
1$785(
$87B 9(17(/2&$8;58('(6&25'(/,(56
$87B 9(17(5(67$85$17,17(5(175(35,6(6
9(17(/2&$8;$9(18('(/ $50,67,&(
$87 B 9(17(*5283((/(&752*(1(3$7,12,5(
1$785(
$87 9(17(5(1$8/7,00$75,&8/((;0
0$1$87 9(17(5(1$8/775$),&9.
0$1$87 9(17(3(8*(27- 9.
1$785(
$87 9(17(5(02548(63/$7($8;
7RWDOSDU&ROOHFWLYLWp 9,//('(&203,(*1(
7RWDOSDUPRGDOLWpGHVRUWLH 6RUWLHVGHELHQVGHIDLEOHVYDOHXUV
$875(67(55$,16
6RXV7RWDOSDU1DWXUH
$875(6%$7,0(17638%/,&6
6RXV7RWDOSDU1DWXUH
$875(6,0026&25325(//($875(6
6RXV7RWDOSDU1DWXUH
$875(6,0026&25325(//(60$7(5,(/'(75$163257
6RXV7RWDOSDU1DWXUH
6RXV7RWDOSDU1DWXUH
7RWDOSDUPRGDOLWpGHVRUWLH 9HQWHV
&RPSWH$GPLQLVWUDWLI9LOOH
&KDSLWUH
FRPSWH
FRPSWH
3URGXLWVGHVFHVVLRQVG LPPRELOLVDWLRQV
9DOHXUVFRPSWDEOHVGHVLPPRELOLVDWLRQVFpGpHV
352'8,76'(6&(66,216 5pDOLVDWLRQV
,9±$11(;(6
(/(0(176'8%,/$1
23(5$7,216/,((6$8;&(66,216
,9
$
3URGXLWVGHVFHVVLRQVG LPPRELOLVDWLRQV
$±23(5$7,216/,((6$8;&(66,216
&UpGLWVRXYHUWV
%3'0
32850e02,5(
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϬϭ ,9
$
$
',9(56
7HUUDLQDYHFJDUDJHVUXHGHO $LVQH %= DFD -DUGLQV
=$&
7HUUDLQ $3 DFD (3$'
727$/*(1(5$/(175((6
',9(56
(QVHPEOHLPPRELOLHU5HVWDXUDQW,QWHU(QWUHSULVHV $'$' DFD
7HUUDLQV &% DFD
0DLVRQ,QGLYLGXHOOH &% D FD
(QVHPEOHLPPRELOLHUUXHGHV&RUGHOLHUV %/ DFD ¼
358
3DUFHOOHjEkWLULO{W,$ $5 DFD 0DLVRQV
3DUFHOOHjEkWLU&2 $5 D FD &ROOHFWLI
727$/*(1(5$/6257,(6 ¼
1DWXUHGXELHQHWORFDOLVDWLRQ 3UL[WRWDO 'HVWLQDWLRQ
'DWHGH
GpOLEpUDWLRQGX
FRQVHLO
PXQLFLSDO
=$&'8&$03'(52<$//,(8
7HUUDLQjEkWLUUXHGX-DQYLHU $3 DFD 0DLVRQLQGLY
7HUUDLQjEkWLUUXHGXUXHGXqPH5, $3$3 DFD (3$'
7HUUDLQjEkWLUUXH&KDUSDN $3 DFD ([W0DLVRQ
7HUUDLQjEkWLUUXHGX-DQYLHU $3 DFD 0DLVRQLQGLY
7HUUDLQjEkWLUUXH%UDFKDUG $3 DFD 0DLVRQLQGLY
727$/'(69(17(6 ¼
'HVWLQDWLRQ
1RPGHO DFTXpUHXU
,9±$11(;(6
(/(0(176'8%,/$1
9$5,$7,21'83$75,02,1( DUWLFOH/±GXFRGHGHO¶XUEDQLVPH ±(175((6 9$5,$7,21'83$75,02,1( DUWLFOH/±GXFRGHGHO¶XUEDQLVPH ±6257,(6
5pIpUHQFHVFDGDVWUDOHVHW
VXSHUILFLHHQDUHV
(7$7'(6(175((6
(7$7'(66257,(6
$JJORPpUDWLRQ5pJLRQGH&RPSLqJQH
'DWHGH
GpOLEpUDWLRQGX
FRQVHLO
PXQLFLSDO
1DWXUHGXELHQHWORFDOLVDWLRQ 5pIpUHQFHVFDGDVWUDOHVHW VXSHUILFLHHQDUHV
'DWHGH
GpOLEpUDWLRQGX
FRQVHLO
PXQLFLSDO
3UL[WRWDO 1RPGXYHQGHXU 1DWXUHGXELHQHWORFDOLVDWLRQ
(/7$%$&+0DULR
6,&$(2,6(
23$&2,6(
&$3/2*(0(17
5pIpUHQFHVFDGDVWUDOHVHW
VXSHUILFLHHQDUHV
/(0)('(/2XDGL
6&,&+$5/(6*$1' *,/,%(57
&+$','.DULP
(7$7'(69(17(6=$&'8&$03'(52<$//,(8
1RPGHO DFTXpUHXU
62&,(7(3527(&75,&('(6$1,0$8;
6RFLpWpGHGH&RQVWUXFWLRQ3DWULPRLQH,PPRELOLHU
&+$0%5('(&200(5&((7' ,1'8675,(
'HVWLQDWLRQ 3UL[WRWDO
=(&,5,6DGDW
62&,(7(3527(&75,&('(6$1,0$8;
&RPSWH$GPLQLVWUDWLI9LOOH
,9
$UWLFOH
/,%(//( 'pSHQVHV0DQGDWVpPLV 5HFHWWHV7LWUHVpPLV
&KDUJHVjFDUDFWqUHJpQpUDO
$FKDWGHIRXUQLWXUHVHQSRXUWUDYDX[HQUpJLH
&KDUJHVGHSHUVRQQHOHWIUDLVDVVLPLOpV
$XWUHVFKDUJHVGHJHVWLRQFRXUDQWH
&KDUJHVILQDQFLqUHV
&KDUJHVH[FHSWLRQQHOOHV
'RWDWLRQVDX[DPRUWLVVHPHQWV
$WWpQXDWLRQVGHSURGXLWV
2SpUDWLRQVG RUGUHGHWUDQVIHUWHQWUHVHFWLRQV
7UDYDX[HQUpJLHLPPRELOLVDWLRQVFRUSRUHOOHV
727$/*(1(5$/
$UWLFOH
/,%(//(6
,PPRELOLVDWLRQVLQFRUSRUHOOHV
,PPRELOLVDWLRQVFRUSRUHOOHV
,PPRELOLVDWLRQVHQFRXUV
7UDYDX[GHSORPEHULHVRXVVRO(JOLVH6DLQW(ORL
$OLPHQWDWLRQpOHFWULTXHPDLVRQGHTXDUWLHUGH5R\DOOLHX
)RXUQLWXUHHWSRVHG XQFKDOHW0DLVRQGHO (XURSH
7UDYDX[VXUWRLWXUH(FROH&KDUOHV)DURX[
7UDYDX[G pOHFWULFLWp(FROH-DFTXHV3UpYHUW
7UDYDX[VXUWRLWXUH&HQWUH6RFLDO$QQH0DULH9,9(
7UDYDX[G pOHFWULFLWp%LEOLRWKqTXH%HOOLFDUW
7UDYDX[G pOHFWULFLWp6DOOH0XQLFLSDOHGH%D\VHU
7UDYDX[G ,VRODWLRQVDOOH7DLQWXULHU
7UDYDX[G pOHFWULFLWpGHSORPEHULH(VSDFH-HDQ/HJHQGUH
7UDYDX[GHVHUUXUHULH7KpkWUH,PSpULDO
7UDYDX[G pOHFWULFLWp3DWLQRLUHGH0HUFLqUHV
727$/*(1(5$/
,9
6(&7,21' ,19(67,66(0(17
0RQWDQW
'pWDLOOHUOHVFKDSLWUHVEXGJpWDLUHVSDUDUWLFOHFRQIRUPpPHQWDXSODQGHFRPSWHVDSSOLTXpSDUODFROOHFWLYLWp
,9±$11(;(6
(/(0(176'8%,/$1
(7$7'(675$9$8;(15(*,(
6(&7,21'()21&7,211(0(17
$
$ (7$7'(675$9$8;(15(*,(
'pWDLOOHUOHVFKDSLWUHVEXGJpWDLUHVSDUDUWLFOHFRQIRUPpPHQWDXSODQGHFRPSWHVDSSOLTXpSDUODFRPPXQHRXO pWDEOLVVHPHQWHWSDULPPRELOLVDWLRQFUppH
RXSDURSpUDWLRQ
/HVPRQWDQWVjUHQVHLJQHUFRUUHVSRQGHQWDX[PDQGDWVpPLVLPSXWpVDXFKDSLWUH
,9±$11(;(6
(/(0(176'8%,/$1
5$7,2
5HFHWWHV ,
5HFHWWHVUpHOOHVGHIRQFWLRQQHPHQW
5HFHWWHVUHFHWWHVUpHOOHVGHIRQFWLRQQHPHQW
0RQWDQW
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϬϯ $11(;(6
%(/(0(176+256%,/$1 $QQpH
3URILO
7DX[
,QGH[
7DX[
DFWXDULHO
7DX[
,QGH[
1LYHDX GHWDX[
(QLQWpUrWV
(QFDSLWDO
7RWDOGHVHPSUXQWV FRQWUDFWpVSRXUGHV RSpUDWLRQVGH ORJHPHQWVRFLDO
¼
¼
¼
¼
$17,15(6,'(1&(6
3
&RQVWUXFWLRQVWXGLRV)R\HU
$)7$0
&$,66('(6'(3276 (7&216,*1$7,216
¼
¼
$
9
/LYUHW$
9
/LYUHW$
$
¼
¼
,&)125'(67
3
&RQVWUXFWLRQHQVLPPRELOLHU
ORJWV1'7LOOR\H
&$,66('(6'(3276 (7&216,*1$7,216
¼
¼
$
9
/LYUHW$
9
/LYUHW$
$
¼
¼
,&)125'(67
3
&RQVWUXFWLRQHQVLPPRELOLHU
ORJWV1'7LOOR\H
&$,66('(6'(3276 (7&216,*1$7,216
¼
¼
$
9
/LYUHW$
9
/LYUHW$
$
¼
¼
26,&$
3
5pQRYDWLRQLPPHXEOHHW
UXHGHV3kWLVVLHUV
&$,66('(6'(3276 (7&216,*1$7,216
¼
¼
$
9
/LYUHW$
9
/LYUHW$
$
¼
¼
26,&$
3
5HVWDXUDWLRQLPPHXEOHUXH
OH)pURQ
&$,66('(6'(3276 (7&216,*1$7,216
¼
¼
$
9
/LYUHW$
9
/LYUHW$
$
¼
¼
6$' +/03,&$5',(
+$%,7$7
3
&RQVWUXFWLRQ0DLVRQ5HWUDLWH
)RXUQLHU6DUORYq]H
&5(',7)21&,(5'(
)5$1&(
¼
¼
7
9
(XULERU0
9
(XULERU0
$
¼
¼
6$' +/03,&$5',(
+$%,7$7
3
$FKDWWHUUDLQUpVLGHQFH
(852&,/
&5(',7$*5,&2/(
¼
¼
$
)
7DX[IL[Hj
)
7DX[IL[Hj
$
¼
¼
6$+/03,&$5',(
+$%,7$7
;
&RQVWUXFWLRQGHORJHPHQWV
&$,66('(6'(3276 (7&216,*1$7,216
¼
¼
$
)
7DX[IL[Hj
)
7DX[IL[Hj
$
¼
¼
6$+/03,&$5',(
+$%,7$7
;
&RQVWUXFWLRQGHORJHPHQWV
&$,66('(6'(3276 (7&216,*1$7,216
¼
¼
$
)
7DX[IL[Hj
)
7DX[IL[Hj
$
¼
¼
6$+/03,&$5',(
+$%,7$7
3
&RQVWUXFWLRQGHORJHPHQWV
&$,66('(6'(3276 (7&216,*1$7,216
¼
¼
$
9
/LYUHW$
9
/LYUHW$
$
¼
¼
6$+/061,
3
$PpQDJHPHQW&+56ORJWV
UXHG $PLHQV
&$,66('(6'(3276 (7&216,*1$7,216
¼
¼
$
9
/LYUHW$
9
/LYUHW$
$
¼
¼
6$+/061,
3
&RQVWUXFWLRQORJHPHQWVURXWH
)RUHVWLqUHGXPRXOLQ
&$,66('(6'(3276 (7&216,*1$7,216
¼
¼
$
9
/LYUHW$
9
/LYUHW$
$
¼
¼
,OV¶DJLWGHVLQWpUrWVGXVDXWLWUHGXFRQWUDWLQLWLDOHWFRPSWDELOLVpVjO¶DUWLFOH©,QWpUrWVUpJOpVjO¶pFKpDQFHª LQWpUrWVGpFDLVVpV 7\SHGHWDX[G¶LQWpUrW ) IL[H 9 YDULDEOHVLPSOH & FRPSOH[H F¶HVWjGLUHXQWDX[YDULDEOHTXLQ¶HVWSDVVHXOHPHQWGpILQLFRPPHODVLPSOHDGGLWLRQG¶XQWDX[XVXHOGHUpIpUHQFHHWG¶XQHPDUJHH[SULPpHHQSRLQWGHSRXUFHQWDJH ,QGLTXHUOHW\SHG¶LQGH[ H[(85,%25PRLV 7DX[DQQXHOWRXVIUDLVFRPSULV 7DX[KRUVRSpUDWLRQVGHFRXYHUWXUHpYHQWXHOOHV3RXUOHVHPSUXQWVjWDX[YDULDEOHLQGLTXHUOHQLYHDXjODGDWHGHYRWHGXEXGJHW
3pULRGL FLWpGHV
UHP ERXU
VHPHQWV
'pVLJQDWLRQGX
EpQpILFLDLUH
$QQpHGH
PRELOLVDWLRQHW
SURILO
G¶DPRUWLVVHPHQW GHO¶HPSUXQW
2EMHWGHO HPSUXQWJDUDQWL
2UJDQLVPHSUrWHXURX
FKHIGHILOH
&DWpJRULHG¶HPSUXQWKRUVRSpUDWLRQGHFRXYHUWXUH([HPSOH$ FIODFODVVLILFDWLRQGHVHPSUXQWVVXLYDQWODW\SRORJLHGHODFLUFXODLUH,2&%&GXMXLQVXUOHVSURGXLWVILQDQFLHUVRIIHUWVDX[FROOHFWLYLWpVWHUULWRULDOHV
$QQXLWpJDUDQWLHDXFRXUVGH
O H[HUFLFH
,QGLTXHU&SRXUDPRUWLVVHPHQWFRQVWDQW3SRXUDPRUWLVVHPHQWSURJUHVVLI)SRXULQILQH;SRXUDXWUHV jSUpFLVHU ,QGLTXHUODSpULRGLFLWpGHVUHPERXUVHPHQWV$ DQQXHOOH 0 PHQVXHOOH % ELPHVWULHOOH 6 VHPHVWULHOOH 7 WULPHVWULHOOH ; DXWUH
7DX[LQLWLDO
7DX[jODGDWHGHYRWH
GXEXGJHW
&DWpJRULH G¶HPSUXQW
,QGLFHVRX GHYLVHV SRXYDQW PRGLILHU
O HP SUXQW
0RQWDQWLQLWLDO
&DSLWDOUHVWDQWG
DX
'XUpH UpVL GXHOOH
,9$11(;(6
,9
(1*$*(0(176+256%,/$1±(1*$*(0(176'211(6(75(&86
%
%±(7$7'(6(0358176*$5$17,63$5/$&20081(28/¶(7$%/,66(0(17 DUW//HW /GX&*&7
(0358176*$5$17,63$5/$&20081(28/¶(7$%/,66(0(17
&RPSWH$GPLQLVWUDWLI9LOOH
,9$11(;(6
,9
(1*$*(0(176+256%,/$1&$/&8/'85$7,2' (1'(77(0(17
%
%&$/&8/'85$7,2'¶(1'(77(0(17
&DOFXOGXUDWLR
GHO¶DUWLFOH/GX&*
9DOHXU
3RXUPpPRLUH UHFHWWHVUpHOOHVGHIRQFWLRQQHPHQW
7RWDOGHVDQQXLWpVGpMjJDUDQWLHVjpFKRLUGDQVO H[HUFLFH
7RWDOGHVSUHPLqUHVDQQXLWpVHQWLqUHVGHVQRXYHOOHVJDUDQWLHVGHO H[HUFLFH
$QQXLWpQHWWHGHODGHWWHGHO H[HUFLFH
3URYLVLRQVSRXUJDUDQWLHVG HPSUXQWV
727$/
+RUV
RSp
UDWLRQV
YLVp
HVSDUO¶DUWLFOH/GX&*&7
&I
Gp
ILQLWLRQGHO¶DUWLFOH'GX&*&7
7RWDOGHVDQQXLWpVG HPSUXQWVJDUDQWLVGHO H[HUFLFH
/HVJDUDQWLHVG HPSUXQWDFFRUGpHVDXWLWUHG XQH[HUFLFHQHGRLYHQWSDVUHSUpVHQWHUSOXVGHGHVUHFHWWHVUpHOOHVGHIRQFWLRQQHPHQWGHFHPrPHH[HUFLFH
&RPSWH$GPLQLVWUDWLI9LOOH
,9
6XEYHQWLRQ
RUGLQDLUH
6XEYHQWLRQ
H[FHSWLRQQHOOH 727$/
D/E/^dZd/KE' E Z> >K>> d/s/d ;ϬϮϬͿ ϲϱϬϬϬ Ϭ ϲϱϬϬϬ K^Ͳ' Ed^ ^^ Zs/ ^Wh>/^ KDW/ 'E ϲϱϬϬϬ Ϭ ϲϱϬϬϬ
& d ^ d Z DKE/ ^;ϬϮϰͿ ϮϵϯϬϬ Ϭ ϮϵϯϬϬ
> ^KDW'EKE^ : ,EE ϮϲϬϬϬ Ϭ ϮϲϬϬϬ
^^K/d/KE&K/Z hy&ZKD' ^ dhys/E^ ϯϬϬϬ Ϭ ϯϬϬϬ KD/d ^& d ^ >' EZD Z/ KDW/ 'E ϯϬϬ Ϭ ϯϬϬ
/ ^hy^^K/d/KE^ͲEKE>^^ ^/>> hZ^;ϬϮϱͿ ϰϰϳϬ ϳϱϬ ϱϮϮϬ ^^K/d/KEΗZ,/E dEh Η ϮϱϬ Ϭ ϮϱϬ
hEͲhE/KEEd/KE> ^KDddEd^Ͳ^ d/KE KDW/ 'E ϮϯϬ Ϭ ϮϯϬ KZͲ^^K/d/KE ^K&&// Z^ >Z '/KE KDW/ 'E ϮϯϬ Ϭ ϮϯϬ ^^K/d/KE ^^Kh^ͲK&&// Z^ Z ^ Zs KDW/ 'E ϮϯϬ Ϭ ϮϯϬ ^K>d^ &ƌĂŶĐĞ ϮϯϬ Ϭ ϮϯϬ
h͘͘^͘K͘Z͘ͲhE/KE WZd D Ed> ^^Kh^ͲK&&// Z^ EZ dZ/d ϮϯϬ Ϭ ϮϯϬ &͘E͘͘͘͘Ͳ& Zd/KEEd/KE> ^E/ E^KDddEd^ E> ' Z/ ͕DZK͕dhE/^/ ϮϯϬ Ϭ ϮϯϬ ͘E͘͘/͘Ͳ^^K/d/KEEd/KE> ^E/ E^D/^Ζ/EK,/E ϮϯϬ Ϭ ϮϯϬ KD/d KKZ/Ed/KE ^DE/& ^dd/KE^WdZ/Kd/Yh ^KDW/ 'E ϭϱϬϬ Ϭ ϭϱϬϬ > ^E/ E^ >> '/KE dZE' Z Ͳ> K/^ ϭϱϬ Ϭ ϭϱϬ > ^Khs E/Z&ƌĂŶĕĂŝƐ ϮϯϬ Ϭ ϮϯϬ
> ^D/^ >&KEd/KEWKhZ>D DK/Z > WKZdd/KE ϯϱϬ ϳϱϬ ϭϭϬϬ W'ͲŶĐŝĞŶƐŽŵďĂƚĂŶƚƐWƌŝƐŽŶŶŝĞƌƐĚĞ'ƵĞƌƌĞ;ůŐĠƌŝĞͲdƵŶŝƐŝĞͲDĂƌŽĐͿ ϮϯϬ Ϭ ϮϯϬ ^^K/d/KE ^E/ E^KDddEd^&ZEKͲD Z//E^ ϭϱϬ Ϭ ϭϱϬ
:hD >' ^;ϬϰϴͿ ϱϯϬϬ ϴϵϬ ϲϭϵϬ
&ZE dd^ͲhE/^KDW/ 'E Z> /', ϱϬϬ Ϭ ϱϬϬ
^^K/d/KE
KDW/ 'E ZKE ϱϬϬ Ϭ ϱϬϬ
KDW/ 'E hZz^/EdͲ DhE^ ϱϬϬ ϮϱϬ ϳϱϬ
KDW/ 'E >E^,hd ϱϬϬ Ϭ ϱϬϬ
KDW/ 'E ^,/Z<tͲ ^W hWhzhZKz ϱϬϬ Ϭ ϱϬϬ KDW/ 'E 'h/DZ ^ ϱϬϬ Ϭ ϱϬϬ
^^K/d/KEΗ> Z DZ/ Ͳ>Kh/^ Η ϱϬϬ Ϭ ϱϬϬ
^^K/d/KEΗK/^ >>'Η ϱϬϬ Ϭ ϱϬϬ
^^K/d/KEKDW/ 'E ,hzs/E E ϱϬϬ ϲϰϬ ϭϭϰϬ
D>/ E^ >Z ϯϬϬ Ϭ ϯϬϬ
^ Zs/ /E E/ ;ϭϭϯͿ ϭϵϬϬ Ϭ ϭϵϬϬ
^hs d hZ^ >ΖK/^ ϭϱϬϬ Ϭ ϭϱϬϬ
K: d/&^ KhZhdΖ^ ϰϬϬ Ϭ ϰϬϬ
hdZ ^^ Zs/ ^ WZKd d/KE/s/> ;ϭϭϰͿ ϳϲϬ Ϭ ϳϲϬ
ZK/yZKh' KDW/ 'E ϳϲϬ Ϭ ϳϲϬ
E^ /'E D EdhϭĞƌ 'Z ;ϮϭϮͿ ϰϬϬϬ ϭϭϬϬ ϱϭϬϬ
KKW Zd/s ^K>/Z hKDW/ 'EK/^;^Ϳ ϮϱϬϬ Ϭ ϮϱϬϬ hE/s Z^/d E^>s/>> ϭϬϬϬ Ϭ ϭϬϬϬ
ΗdZK>>^ >/sZ ^ΗͲWƌŝdž>ŝƚƚĠƌĂŝƌĞĚĞƐŽůůĠŐŝĞŶƐĚĞŽŵƉŝğŐŶĞ ϱϬϬ Ϭ ϱϬϬ K ϲϬ K> d,/ ZZz Ϭ ϲϬϬ ϲϬϬ
K> Dd ZE >> ,Z> ^&ZKhyϮ Ϭ ϱϬϬ ϱϬϬ
EKhZ' D Edhy^K/ d ^h>dhZ >> ^;ϯϬͿ ϴϰϭϮϲϱ ϰϭϴϬϬ ϴϴϯϬϲϱ ^K/ d ,/^dKZ/Yh KDW/ 'E Ϯϭϱϱ Ϭ Ϯϭϱϱ
^K/ d Ζ,/^dK/Z DK ZE dKEd DWKZ/E KDW/ 'E ϴϬϬ Ϭ ϴϬϬ > WͲ Z> >4Yh Ζ hd/KEWKWh>/Z KDW/ 'E ϳϬϬϬ Ϭ ϳϬϬϬ ,KZ> > ^W/Ed/E^ ϲϬϬ Ϭ ϲϬϬ
KZ, ^dZ ^ KDW/ 'E ϭϬϬϬϬ Ϭ ϭϬϬϬϬ
dd Z/ &E&Z ͲKE^ ZsdK/Z DhE//W> KDW/ 'E ϭϬϬϬϬ Ϭ ϭϬϬϬϬ K>>Ζ 'EKͲKZ, ^dZ ,DZ KDW/ 'E ϭϬϬϬϬ Ϭ ϭϬϬϬϬ ^^K/d/KE ^WZ Ed^Ζ > s ^hKE^ ZsdK/Z ϭϬϬϬ Ϭ ϭϬϬϬ > DZ/'> KDW/ 'E ϱϬϬ Ϭ ϱϬϬ
'ZKhW D EdW,/>d >/Yh KDW/ 'E ϭϱϱ Ϭ ϭϱϱ
W,KdKs/ K>h KDW/ 'E ϯϱϬ Ϭ ϯϱϬ
> D/ ZKDW/ 'EK/^ ϯϬϬ Ϭ ϯϬϬ
>^hs 'Z KDW/ 'E ϰϬϬ Ϭ ϰϬϬ
/>/Kd, Yh WKhZdKh^ͲKDW/ 'E ϯϬϬ Ϭ ϯϬϬ
D/^hDh^ s/s E > d >&/'hZ/E ,/^dKZ/Yh ϮϱϬϬ Ϭ ϮϱϬϬ &Kz Z ^Zd^ KDW/ 'E ϯϬϬ Ϭ ϯϬϬ
%
,9±$11(;(6
(1*$*(0(176+256%,/$1(1*$*(0(176'211(6(75(&86 /,67('(6&21&2856$775,%8(6$'(67,(56
727$/'(668%9(17,216'()21&7,211(0(17
$662&,$7,216
&RPSWH$GPLQLVWUDWLI9LOOH
,9
6XEYHQWLRQ
RUGLQDLUH
6XEYHQWLRQ
H[FHSWLRQQHOOH 727$/
%
,9±$11(;(6
(1*$*(0(176+256%,/$1(1*$*(0(176'211(6(75(&86 /,67('(6&21&2856$775,%8(6$'(67,(56
727$/'(668%9(17,216'()21&7,211(0(17
$662&,$7,216
EKhZ' D Edhy^K/ d ^h>dhZ >> ^;ϯϬͿ;ƐƵŝƚĞͿ
^^K/d/KE&ZE/^ WKhZ>> dhZ ϭϳϬϬ Ϭ ϭϳϬϬ
D/^ >ΖK/^ h, D/E & Z ϮϬϬ Ϭ ϮϬϬ
>K>> d/KEEK/^ ϮϬϬ Ϭ ϮϬϬ
>Ζd >/ Z ^h>WdhZ ;ŶĐŝĞŶΗŵŝĐĂůĞĚĞƐĞĂƵdžͲƌƚƐͿ ϮϬϬ Ϭ ϮϬϬ > ^D/^ ^/>/KW,/> ^ KDW/ 'E ;ŶĐŝĞŶƐΗ>ĞƐŵŝƐĚĞƐŝůŝŽƚŚğƋƵĞƐĚĞůĂsŝůůĞΗͿ ϱϬϬ Ϭ ϱϬϬ ^^K/d/KE ^D/^Ζ> ZdZK/ͲDh^ s/s E > ϮϬϬ Ϭ ϮϬϬ d >/ Z d/^^' dZ d/s/d ^ ϰϬϬ Ϭ ϰϬϬ
^^K/d/KE' E >K'/Yh >ΖK/^ ϭϱϱ Ϭ ϭϱϱ
ΗZdWZ ^ EdΗͲDh^ s/s E > ϭϬϬϬ Ϭ ϭϬϬϬ
D/^h& ^d/s>h&/>D,/^dKZ/Yh KDW/ 'E ϯϬϬϬϬ Ϭ ϯϬϬϬϬ ^^K/d/KEΗdhs hyYhΖKE EWZ> Η ϯϬϬ Ϭ ϯϬϬ
h͘d͘͘ͲKh>/^^ ^& ^dhW/ ϱϬϬ Ϭ ϱϬϬ
/'&'Z&Ζ,/d;hdͿ ϭϬϬϬ Ϭ ϭϬϬϬ
hddh ϭϬϬϬ Ϭ ϭϬϬϬ
^K/ d ^D/^hDh^ Ed/KE> >sK/dhZ dhdKhZ/^D ϯϬϬ Ϭ ϯϬϬ ^^K/d/KEΗ> ^EKd ^> h ^Η ϯϬϬϬϬ Ϭ ϯϬϬϬϬ
Η> ^W d/d^^KZd/Yh ^ΗͲZ ^dhZEd> Kh,KE ϯϬϬ Ϭ ϯϬϬ ' E >K'/ ϲϬ ϮϱϬ Ϭ ϮϱϬ
͘D͘͘ͲD/> d > Zd ^ ddKhd ^K>> d/KE ^ ϮϬϬ Ϭ ϮϬϬ Z> ^> d hZ^ ZK' Z:hZ/EͲZ ^͘>/&KZE/ ϮϬϬ Ϭ ϮϬϬ ͘͘͘͘s͘Ͳ ^W : E> ' EZ ϰϱϬϬϬ Ϭ ϮϱϬϬϬ ϰϳϱϬϬϬ
͘͘͘͘s͘Ͳd, dZ /DW Z/ > ϮϱϬϬϬϬ ϭϬϬϬϬ ϮϲϬϬϬϬ
^^K/d/KEΗ> ^Dh^/> ^ KDW/ 'E Η ϰϱϬϬ Ϭ ϰϱϬϬ & ^d/s> ^&KZ d^ ϭϳϬϬϬ Ϭ ϭϳϬϬϬ
^^K/d/KE/>K'Ͳ ĐŚĂŶŐĞDƵůƚŝŵĠĚŝĂͬ&ƌĂŶĐĞͬhŬƌĂŝŶĞͬ ƵƌŽƉĞͬD ŽŶĚĞ ϮϬϬ Ϭ ϮϬϬ KDW'E/ ^>h/K> ^ ϭϱϬϬ ϭϱϬϬ ϯϬϬϬ
sDZͲůƵďsŝĚĠŽDƵůƚŝŵĠĚŝĂĚĞ>Ζ͘Z͘͘ ϯϬϬ Ϭ ϯϬϬ
>h D/ZK/E&KZDd/Yh KDW/ 'E ϯϬϬ Ϭ ϯϬϬ
D/> ^:Kh hZ^Ζ , ^ KDW/ 'E ϯϬϬ ϯϬϬ ϲϬϬ ^^K/d/KEh>> d/ ϯϬϬ Ϭ ϯϬϬ
'ZKhW />K'h /Ed Zh>dhZ > >ΖK>/s/ Z ϮϬϬ Ϭ ϮϬϬ ^^K/d/KE> ^s/dZhyΖ/^ h ϮϬϬ Ϭ ϮϬϬ
hdKhZhWdZ/DK/E Ϭ ϮϬϬϬ ϮϬϬϬ
<EdZ;ƐĂůŽŶĚƵůŝǀƌĞŝŶƚĞƌĐƵůƚƵƌĞůͿ ϭϱϬϬ Ϭ ϭϱϬϬ
^&/Z Ϭ ϯϬϬϬ ϯϬϬϬ
EKhZ' D Edhy^WKZd^;ϰϭϱͿ ϳϮϯϯϱϬ ϯϰϴϱϬ ϳϱϴϮϬϬ
d/ZΗ> Z>>/ D EdΗ ϯϬϬϬ Ϭ ϯϬϬϬ
^^K/d/KE^WKZd/s ^W͘d͘d ϭϮϬϬ Ϭ ϭϮϬϬ
^^K/d/KE^WKZd/s h'K>& KDW/ 'E ϯϬϬ Ϭ ϯϬϬ KDW/ 'E dZ/d,>KE ϮϲϬϬ ϭϬϬϬ ϯϲϬϬ
Zh'z>hKDW/ 'EK/^ ϭϬϯϬϬϬ Ϭ ϭϬϯϬϬϬ
,K< z>hKDW/ 'EK/^ ϭϲϬϬϬ ϰϬϬϬ ϮϬϬϬϬ
<Zd >hKDW/ 'EK/^ ϴϬϬ Ϭ ϴϬϬ
> ^Z, Z^ KDW/ 'E ϮϵϬϬϬ ϮϬϬϬ ϯϭϬϬϬ
DKhEd/EKZKDW/ 'E ϭϬϬϬ Ϭ ϭϬϬϬ
ZK>> Z>h KDW/ 'E ϮϲϬϬ ϳϱϬ ϯϯϱϬ
^^K/d/KE'zDE^d/Yh sK>KEd/Z ϯϬϬ Ϭ ϯϬϬ
Zd^DZd/hyKDW/ 'EK/^ ϭϲϬϬϬ Ϭ ϭϲϬϬϬ
^<d/E'>h KDW/ 'E ϭϱϬϬϬ ϯϱϬϬ ϭϴϱϬϬ
d EE/^ d> KDW/ 'E ϳϳϬϬ Ϭ ϳϳϬϬ
>hKZ/ Edd/KEKDW/ 'E ϭϬϬϬ Ϭ ϭϬϬϬ
KDW/ 'E ^WKZd^z>/^d ^ ϭϲϬϬϬ ϭϬϬϬ ϭϳϬϬϬ
Ed Ed ^WKZd/s KDW/ 'E ;&KKd>>Ϳ ϮϯϬϬ Ϭ ϮϯϬϬ ^WKZdEhd/Yh KDW/ 'EK/^ ϰϴϬϬϬ Ϭ ϰϴϬϬϬ
K^Z ϰϴϰϬϬ Ϭ ϰϴϰϬϬ
DyKDW/ 'E >/ZK/y ϭϲϬϬϬ Ϭ ϭϲϬϬϬ
KDW/ 'E ,E>>K>zDW/Yh ϮϳϬϬϬ ϳϬϬϬ ϯϰϬϬϬ
: hE ^^ dEdd/KEKDW/ 'E ϮϴϱϬϬ ϯϰϱϬ ϯϭϵϱϬ
WZ^WKZdKDW/ 'E ϰϬϬϬ Ϭ ϰϬϬϬ
d EE/^WKDWKhZ KDW/ 'E ϭϲϬϬϬ ϱϬϬ ϭϲϱϬϬ
D ^dZ/dt/Z>/E'>hKDW/ 'E ϮϬϬϬ Ϭ ϮϬϬϬ
W>E, K/^ W^^/KE ϭϮϬϬ Ϭ ϭϮϬϬ
hE/KE^WKZd/s KDW/ 'E >hK/^ ϮϮϬϬϬ Ϭ ϮϮϬϬϬ
KDW/ 'E ^ >>>h ϮϴϬϬ Ϭ ϮϴϬϬ
>s/ h'ZE/Z KDW/ 'E Ͳs' ϯϵϬϬϬ Ϭ ϯϵϬϬϬ Z> Ζ ^Z/D ' KZ' ^d/EdhZ/ Z ϱϬϬϬ Ϭ ϱϬϬϬ
>h W>KE' KDW/ 'EK/^ ϮϯϬϬ Ϭ ϮϯϬϬ
^^K/d/KE&KKd>>>hKDW/ 'E Ͳ͘&͘͘ ϭϰϬϬϬ Ϭ Ϭ ϭϰϬϬϬϬ ZK>h KDW/ 'E DZ'Ez ϮϱϬϬ Ϭ ϮϱϬϬ
^^K/d/KEKDW/ 'EK/^ sK>sK/> ϰϴϬϬ Ϭ ϰϴϬϬ
sddKDW/ 'EK/^ ϯϭϬϬ ϳϱϬ ϯϴϱϬ
Kh> & ZZ KDW/ 'EK/^ ϭϳϬϬ ϰϬϬ ϮϭϬϬ
KDW/ 'E sK>> z ϭϮϱϬϬ Ϭ ϭϮϱϬϬ
&RPSWH$GPLQLVWUDWLI9LOOH
,9
6XEYHQWLRQ
RUGLQDLUH
6XEYHQWLRQ
H[FHSWLRQQHOOH 727$/
%
,9±$11(;(6
(1*$*(0(176+256%,/$1(1*$*(0(176'211(6(75(&86 /,67('(6&21&2856$775,%8(6$'(67,(56
727$/'(668%9(17,216'()21&7,211(0(17
$662&,$7,216
EKhZ' D Edhy^WKZd^;ϰϭϱͿ;ƐƵŝƚĞͿ
Z/E'K>zDW/Yh KDW/ 'EK/^ͲZ͘K͘͘ ϭϭϬϬϬ Ϭ ϭϭϬϬϬ
^^K/d/KE^ ^'Z/DW hZ^KDW/ 'EK/^ ϰϲϬϬ Ϭ ϰϲϬϬ ^d KDW/ 'EK/^^< dͲ>> ϮϳϬϬϬ ϰϬϬϬ ϯϭϬϬϬ
&KZͲ Ed Ed &D/>/> KDE/^WKZd^ ϴϬϬϬ Ϭ ϴϬϬϬ
DKͲ EdZ ^Zd^DZd/hy,/EK/^ >ΖK/^ ϭϮϬϬ Ϭ ϭϮϬϬ ͘d͘W͘͘Ͳ^^K/d/KEdKhZ/^D W ^dZ KDW/ 'E ϯϬϬ ϱϬϬ ϴϬϬ D/EdKE>hKDW/ 'EK/^ ϰϬϬϬ Ϭ ϰϬϬϬ
,>d ZKW,/>/ Dh^h>d/KEKDW/ 'E ;,DͿ ϲϬϬ Ϭ ϲϬϬ > ^W/Ed/E ^Η>KDW/ 'EK/^ Η ϯϬϬ ϳϱϬ ϭϬϱϬ
ZKh> KDW/ 'E ϯϬϬ Ϭ ϯϬϬ
: hE ^^ ^WKZd/s >Ζ''>KD Zd/KE >Z '/KE KDW/ 'E ϮϬϬϬ Ϭ ϮϬϬϬ ^^K/d/KE sK>d/' Yh ^dZ KDW/ 'E ϯϬϬ Ϭ ϯϬϬ ^^K/d/KE^WKZd/s &hd^>>hKDW/ 'E ϯϬϬ Ϭ ϯϬϬ KDW/ 'E K: d/&K>zDW/Yh ^d Wh>W d/dWK/^^KE ϯϱϬϬ Ϭ ϯϱϬϬ KDW/ 'E &KKd>>D Z//E͕&>' d, Z> /E ' ϯϬϬ Ϭ ϯϬϬ >/KE^Kt>/E'>h KDW/ 'E ϱϬϬ Ϭ ϱϬϬ
^^K/d/KE s >KWW D Ed >Edd/KEWZ ^K>/Z ϭϲϬϬ Ϭ ϭϲϬϬ dKE/'zDKDW/ 'E ϯϬϬ ϯϱϬϬ ϯϴϬϬ
W > KDW/ 'EK/^ z>KdKhZ/^D ϱϬϬ Ϭ ϱϬϬ
'h/ ^^Khd^ hZKW ϰ D KDW/ 'E ϯϬϬ Ϭ ϯϬϬ
^Khd^Ζ hZKW Ϯ D KDW/ 'E ϯϬϬ Ϭ ϯϬϬ
^Khd^Ζ hZKW ϯ D KDW/ 'E ϯϬϬ Ϭ ϯϬϬ
'h/ Ζ hZKW Ϯ D KhZ^DW ϯϬϬ Ϭ ϯϬϬ
^Khd^ d'h/ ^ &ZE ͲDZ >>>K ϯϬϬ Ϭ ϯϬϬ
'h/ ^ d^Khd^ &ƌĂŶĐĞ ϯϬϬ Ϭ ϯϬϬ
^Khd^Ζ hZKW Ͳ'ZKhW ϭ Z KDW/ 'E Ͳ^d,h Zd ϯϬϬ Ϭ ϯϬϬ D/> ^E/ E^DZ/E^ KDW/ 'E ϳϬϬ Ϭ ϳϬϬ
KDW/ 'E W dEYh >h ϴϬϬ ϭϬϬϬ ϭϴϬϬ
'sWͲ'ZKhW D Ed ^Dd hZ^ s ,/h> ^E/ E^ W/Z/ ϴϬϬ Ϭ ϴϬϬ ^ EE ϰϬϬ Ϭ ϰϬϬ
ϮW W^ ϱϬϬ Ϭ ϱϬϬ
> ^D/^hdKhZh'ZEWZ Ϭ ϳϱϬ ϳϱϬ
>z D/Z />> 'Z E d>^^ ^^WKZd^ ϮϱϬϬ Ϭ ϮϱϬϬ
d ^: hE ^;ĚĠƚĂŝůĐŝͲĚĞƐƐŽƵƐͿ ϰϯϱϬ Ϭ ϰϯϱϬ
ϮϬϬ Ϭ ϮϬϬ
ϮϬϬ Ϭ ϮϬϬ
ϯϬϬ Ϭ ϯϬϬ
ϮϬϬ Ϭ ϮϬϬ
ϯϬϬ Ϭ ϯϬϬ
ϯϬϬ Ϭ ϯϬϬ
ϯϬϬ Ϭ ϯϬϬ
ϭϱϬ Ϭ ϭϱϬ
ϯϬϬ Ϭ ϯϬϬ
ϯϬϬ Ϭ ϯϬϬ
ϯϬϬ Ϭ ϯϬϬ
ϯϬϬ Ϭ ϯϬϬ
ϰϬϬ Ϭ ϰϬϬ
ϯϬϬ Ϭ ϯϬϬ
ϯϬϬ Ϭ ϯϬϬ
ϮϬϬ Ϭ ϮϬϬ
K>KE/ ^ sE ^;ϰϮϯͿ ϵϴϯϮϴ ϱϬϬ ϵϴϴϮϴ
>:K/ ^'K^^ ^ͲK>KE/ ^ dDW^ sE ^ ϯϬϬϬϬ ϱϬϬ ϯϬϱϬϬ KhZ^ ^ sE ^;ĚĠƚĂŝůĐŝͲĚĞƐƐŽƵƐͿ ϲϴϯϮϴ Ϭ ϲϴϯϮϴ
ϯϱϱϯ Ϭ ϯϱϱϯ
ϮϭϬϵ Ϭ ϮϭϬϵ
ϮϭϴϬ Ϭ ϮϭϴϬ
ϯϵϰϳ Ϭ ϯϵϰϳ
ϮϬϯϯ Ϭ ϮϬϯϯ
ϲϬϰϴ Ϭ ϲϬϰϴ
ϵϰϵϮ Ϭ ϵϰϵϮ
ϭϴϰϳ Ϭ ϭϴϰϳ
ϴϯϵ Ϭ ϴϯϵ
ϯϴϲϲ Ϭ ϯϴϲϲ
ϭϯϰϰ Ϭ ϭϯϰϰ
ϯϯϲ Ϭ ϯϯϲ
ϴϰ Ϭ ϴϰ
ϭϬϬϴ Ϭ ϭϬϬϴ
ϭϲϴ Ϭ ϭϲϴ
ϯϲϭϮ Ϭ ϯϲϭϮ
ϴϮϯϮ Ϭ ϴϮϯϮ
ϭϮϯϰϲ Ϭ ϭϮϯϰϲ
ϯϴϱϳ Ϭ ϯϴϱϳ
ϭϰϮϳ Ϭ ϭϰϮϳ
ŢŬŝĚŽ
'ŽůĨĚĞŽŵƉŝğŐŶĞ
,ĂŶĚďĂůů
ĞƌĐůĞĚΖ ƐĐƌŝŵĞ
WŽŶĞLJůƵď
ƌƚƐDĂƌƚŝĂƵdž
ĂƐŬĞƚĂůů
DyŽŵƉŝğŐŶĞ
ƚŚůĠƚŝƐŵĞs'
ŽdžZŝŶŐKůLJŵƉŝƋƵĞ
ƐĞŶĂŶĐĞ
ůƵďĚĞWůŽŶŐĠĞ
dĞŶŶŝƐĚĞdĂďůĞ
dŝƌůĞZĂůůŝĞŵĞŶƚ
zŽŐĂ
ĨŽƌĐ'LJŵ
^Khd^Ζ hZK W'ZKhW Ϯ
KE'Z 'd/KE^/Ed: E
>Kh/^ Z d'E
K> WZ/D/Z W/ ZZ ^hs'
K' /E^d/dhd/KE'hzE D Z
' EdKDWd> >z W/ ZZ Ζ/>>z
K>> ' :Yh ^DKEK
> >> WKZd
'h/ ^Ζ hKZW Ϯ D KhZ^DW
Dh^ZdK>/s/ Z
>z D/Z />> 'Z E d
^Khd^Ζ hZKW ϯ KDW/ 'E
^Khd^Ζ hZKW ϭ ZKDW/ 'E
K>> ' ' dE E/E
' Ϯ D W/ ZZ &KE^
^Khd^Ζ hZKW 'ZKhW ϰ
K' ^/Ed DZ/
K' EKdZ D >d/>>Kz
K>> ' & Z/EE
>:K/ ^'K^^ ^
&RPSWH$GPLQLVWUDWLI9LOOH
,9
6XEYHQWLRQ
RUGLQDLUH
6XEYHQWLRQ
H[FHSWLRQQHOOH 727$/
%
,9±$11(;(6
(1*$*(0(176+256%,/$1(1*$*(0(176'211(6(75(&86 /,67('(6&21&2856$775,%8(6$'(67,(56
727$/'(668%9(17,216'()21&7,211(0(17
$662&,$7,216
d/KE^K/> E^> ^YhZd/ Z^;ϰϮϮͿ ϮϮϲϱϬ ϭϬϬϬ ϮϯϲϱϬ ^^K/d/KEWKhZ> s >KWW D EdhYhZd/ Z >>/Zd ϯϬϬ Ϭ ϯϬϬ ^^K/d/KEΗZ/K, d^ ^^sK/Z^Η ϭϬϬϬ Ϭ ϭϬϬϬ
>E ^ͲKW >ΖK/^ ϭϰϱϬϬ Ϭ ϭϰϱϬϬ
&Ͳ^^Kd/KE ^: hE ^& DD ^&Z//E ^ ϯϱϬ Ϭ ϯϱϬ d >/ Z ^^sK/Z^ ϯϬϬ Ϭ ϯϬϬ
^W /;^^͘WKhZ>Ζ EdZ/ d>Ζ/Ed 'Zd/KE Ϳ ϯϬϬ Ϭ ϯϬϬ hZ h/E&KZDd/KE: hE ^^ ϯϬϬϬ Ϭ ϯϬϬϬ
:&Ͳ^^K/d/KE: hE ^&/>> ^&Z//E ^ Ϭ ϭϬϬϬ ϭϬϬϬ :;ƐƐŽĐŝĂƚŝŽŶƉŽƵƌůĂ:ĞƵŶĞƐƐĞĚĞŽŵƉŝğŐŶĞ ϱϬϬ Ϭ ϱϬϬ
>:
> KE^ /> >s/ KDW/ 'E ϮϬϬϬ Ϭ ϮϬϬϬ
^^K/d/KE^ Zs/ DW>K//dKz EE d ; DW>K/^: hE ^Ϳ;ϰϮϮͿ͗ ϯϲϰϯϬϬ Ϭ ϯϲϰϯϬϬ
^͘ ͘Ͳs/dK/Z ͬDZ ,hyͬWKDW/Khͬ:Z/E^ͬ^>KE^ͬ >>/ZdͬZ Kz>>/ h ϭϴϳϬϬϬ Ϭ ϭϴϳϬϬϬ ^͘ ͘Ͳ>K^ ^ZK^ ^ ϭϳϳϯϬϬ Ϭ ϭϳϳϯϬϬ
KW Zd/KE͘h͘͘^͘;KEdZdhZ/E K, ^/KE^K/> Ϳ;ϰϮϮͿ͗ ϭϱϬϬ ϭϱϬϬ ϯϬϬϬ
D/Ͳ^^K/d/KE ^D /dZ/ ^/Ed Zh>dhZ >> ^ ϭϱϬϬ ϭϱϬϬ ϯϬϬϬ
EdZ KDDhE>͛d/KE^K/> ;ϱϮϬͿ ϯϵϱϬϬϬ Ϭ ϯϵϱϬϬϬ ͘͘͘^͘ ϯϵϱϬϬϬ Ϭ ϯϵϱϬϬϬ
/ ^K/> hyD> ^;ϱϮϰͿ ϳϭϲϬ ϯϭϮϭ ϭϬϮϴϭ
&ƌĂŶĐĞ>, /D ZK/^ ϳϲϬ Ϭ ϳϲϬ
^^K/d/KEZ ^ h ^K/E^KEd/Eh^hKDW/ 'EK/^ ϱϬϬϬ Ϭ ϱϬϬϬ ^^K/d/KEΗ>s/ sEddKhdΗ ϵϬϬ Ϭ ϵϬϬ
&ƌĂŶĐĞKdϲϬ ϱϬϬ Ϭ ϱϬϬ
&D;ƐƐŽĐŝĂƚŝŽŶ&ƌĂŶĐĂŝƐĞĐŽŶƚƌĞůĞƐDLJŽƉĂƚŚŝĞƐͲdĠůĠƚŚŽŶͿ Ϭ ϯϭϮϭ ϯϭϮϭ
/ ^K/> hydZs/>> hZ^;ϱϮϰͿ ϯϴϬϬϬ Ϭ ϯϴϬϬϬ
ΗhE,d hWKhZ>Ζ DW>K/Η;,Ed/ ZW>/^ KDW/ 'E Ϳ Ϭ Ϭ Ϭ ΗhE,d hWKhZ>Ζ DW>K/Η;,Ed/ ZKhdhZ KDW/ 'E Ϳ ϯϴϬϬϬ Ϭ ϯϴϬϬϬ
/ ^K/> hy/E&/ZD ^s h'> ^;ϲϯͿ ϮϳϱϬ Ϭ ϮϳϱϬ
^^K/d/KEΗ>Kdh^Η ϮϬϬϬ Ϭ ϮϬϬϬ
^^K/d/KE ^WZ>z^ ^ &ƌĂŶĐĞ ϱϬϬ Ϭ ϱϬϬ
^^K/d/KED> ϮϱϬ Ϭ ϮϱϬ
hdZ ^/ ^^K/> ^;ϱϮϰͿ ϯϬϴϴϬ ϯϭϭϮ ϯϯϵϵϮ
D/> ^ ^Z dZ/d ^ KDW/ 'E ϴϱϬϬ Ϭ ϴϱϬϬ
EdZ Z EKEdZ ^ >>/Zd ϱϬϬ Ϭ ϱϬϬ
&Kz ZZ E ^K/ZKE ϭϬϬϬ Ϭ ϭϬϬϬ
^^K/d/KE ,E' ^ d>K/^/Z^Η>h >ΖD/d/ Η ϱϬϬ Ϭ ϱϬϬ >h ^Z dZ/d ^Η> ^& h/>> ^ΖhdKDE ΗͲ&Kz Z ^KZ ^ ϭϬϬϬ Ϭ ϭϬϬϬ KDW/ 'E hdKDE Ͳ EdZ &KhZE/ Z^Z>Ks ϭϱϬϬ Ϭ ϭϱϬϬ ,KZ> ΗKDW/ 'E ' ΖKZΗͲ> ^DE/ Z^ ϱϬϬ Ϭ ϱϬϬ ,KZ> ,VhZ/^Z ϯϬϬ Ϭ ϯϬϬ
^^K/d/KEWKhZ> KEh^E' E sK> KDW/ 'E Θ^Z '/KE ϲϱϬ Ϭ ϲϱϬ ^^K/d/KE ^>Kd/Z ^YhZd/ Z D Z/ Z ^ ϭϬϬϬ ϲϬϬ ϭϲϬϬ &ƌĂŶĐĞ E sK>dW/Z/ Ϭ ϭϬϬϬ ϭϬϬϬ
^^K/d/KEΗZ 'Z^Ζ/>> hZ^Η ϯϬϬ Ϭ ϯϬϬ
^^K/d/KEΗ> >> WKZd Η ϱϬϬ Ϭ ϱϬϬ
^^K/d/KEK>>/; y&dDͿ ϯϱϬϬ Ϭ ϯϱϬϬ
h /> dWZKDKd/KE EW/Z/ ϴϬϬ Ϭ ϴϬϬ
ϭϱϬϬ Ϭ ϭϱϬϬ
D/> ^E/ E^ΘD/^hϲğŵĞZ͘,͘͘;,ĠůŝĐŽƉƚğƌĞŽŵďĂƚͿ ϮϯϬ Ϭ ϮϯϬ D/> ^E/ E^ > s ^h EdZ ZZ ϮϱϬ Ϭ ϮϱϬ ^^K/d/KEE' >/Yh ΗhEE' ^dW^^ Η ϮϱϬ Ϭ ϮϱϬ D/> ^,K^W/d>/ Z^ ϮϬϬ Ϭ ϮϬϬ
E^ D> WKhZ>^ hZ/d d> KE&KZd ^>Kd/Z ^ >ΖK͘W͘ ͘ >ΖK/^ ϯϱϬ Ϭ ϯϱϬ Z Ͳ'/ZͲƐƐŽĐŝĂƚŝŽŶƉŽƵƌůΖ ĐŽƵƚĞĞƚůΖŝĚĞĂƵdžsŝĐƚŝŵĞƐ ϯϬϬϬ Ϭ ϯϬϬϬ > ^KhZ/Z ΖhE E&Ed/>>hD/E > DKE ϱϬϬ Ϭ ϱϬϬ
^^K/d/KE> ^E/ E^h^/sKD ϮϱϬϬ Ϭ ϮϱϬϬ
/ͲĞŶƚƌĞĂƚŚŽůŝƋƵĞĚΖ/ŶĨŽƌŵĂƚŝŽŶĞƚŽĐƵŵĞŶƚĂƚŝŽŶ ϮϱϬ Ϭ ϮϱϬ ' E Zd/KE ^WK/Z ϱϬϬ ϮϬϬ ϳϬϬ
> ^>/EK^ DD , DE>' > ϯϬϬ Ϭ ϯϬϬ
>KDW/ 'EK/^ WKhZ>Ζ EdZ/ d>^K>/Z/d ϱϬϬ Ϭ ϱϬϬ ^^K/d/KE/^WKZΖd/s Ϭ ϭϬϬϬ ϭϬϬϬ
^^K/d/KEh>dhZ >> >KEE ^ D E Ϭ ϯϭϮ ϯϭϮ
&RPSWH$GPLQLVWUDWLI9LOOH
,9
6XEYHQWLRQ
RUGLQDLUH
6XEYHQWLRQ
H[FHSWLRQQHOOH 727$/
%
,9±$11(;(6
(1*$*(0(176+256%,/$1(1*$*(0(176'211(6(75(&86 /,67('(6&21&2856$775,%8(6$'(67,(56
727$/'(668%9(17,216'()21&7,211(0(17
$662&,$7,216
/ ^K/> E&EdD Z d&D/>> ;ϲϯͿ ϭϭϳϬϬ Ϭ ϭϭϳϬϬ
WͲ^^K/d/KEh>dhZ >> d hd/s WKhZ> ^K> ^ Ed^ ϭϱϬϬ Ϭ ϭϱϬϬ ^^K/d/KEΗ'ZE/Z E^ D> Η ϱϬϬϬ Ϭ ϱϬϬϬ
DͲ^^K/d/KEhKDW/ 'EK/^ ^^^/^dEd ^Dd ZE >> ^ ϮϬϬ Ϭ ϮϬϬ KZ^&ͲKKZ/Ed/KE ^ Zs/ ^hWZ ^ ^&D/>> ^ ϱϬϬϬ Ϭ ϱϬϬϬ
Z , ^ d,>d ^Ͳ'Z Z/ ^;ϲϰͿ ϭϬϮϯϬϬϬ Ϭ ϭϬϮϯϬϬϬ
Dh>d/h /> >ZK/yͲZKh' &ZE/^ ϲϱϮϬϬϬ Ϭ ϲϱϮϬϬϬ ͘' ͘&ͲD/^KE >&D/>> ϭϱϬϬϬ Ϭ ϭϱϬϬϬ
Z , &D/>/> >Ζz ϯϱϲϬϬϬ Ϭ ϯϱϲϬϬϬ
dKhZ/^D ;ϵϱͿ ϭϵϬϬ Ϭ ϭϵϬϬ
^K/ d Ζ,KZd/h>dhZ KDW/ 'E ϭϵϬϬ Ϭ ϭϵϬϬ
yWE^/KEZ '/KE> KEKD/Yh ;ϵϬͿ ϱϯϳϬϬ ϮϱϬϬϬ ϳϴϳϬϬ s&KDW/ 'E ;h /> ^s/>> ^&ZE/^ ^Ϳ ϭϬϬϬ Ϭ ϭϬϬϬ
^^K/d/KEhYhZd/ Z^/EdͲ>Z Ͳ> ^s Eh ^ ϯϬϬ Ϭ ϯϬϬ : hE ,DZ KEKD/Yh KDW/ 'E ϰϬϬ Ϭ ϰϬϬ
^WͲ^K/ d WZKd dZ/ ^E/Dhy ϭϱϬϬ Ϭ ϭϱϬϬ
^͘W͘&͘͘Ͳ^K/ d WKhZ>WZKd d/KE >&KZ d KDW/ 'E ϯϬ Ϭ Ϭ ϯϬϬ K/^ >s>> Ͳ^^K/d/KEWKhZ> s >KWW D Ed >s>> >ΖK/^ ϮϭϬϬϬ Ϭ ϮϭϬϬϬ ^^K/d/KEZKz>>/ hs/>>' ϱϬϬ Ϭ ϱϬϬ
D/> hYhZd/ Z ^:Z/E^ ϱϬϬ Ϭ ϱϬϬ
& Zd/KE ^^^K/d/KE^ ^KDD ZEd^ KDW/ 'E Ͳ&Ͳ Ϭ ϮϮϬϬϬ ϮϮϬϬϬ ^^K/d/KE ^KDD ZEd^ KDW/ 'E ϳϱϬϬ ϯϬϬϬ ϭϬϱϬϬ ^^K/d/KE ^KDD ZEd^EKE^ Ed/Z ^ ϳϱϬϬ Ϭ ϳϱϬϬ > ^s/dZ/E ^ sKdZ s/>> ;ĂǀĂŶƚ͗ŽŵŵĞƌĐĂŶƚƐZƵĞĚĞWŝĞƌƌĞĨŽ ŶĚƐͿ ϳϬϬϬ Ϭ ϳϬϬϬ ^^K/d/KEhE/KE ^KDD ZEd^ ZKz>>/ h ϱϬϬ Ϭ ϱϬϬ ^^K/d/KEs/sKE^>s/dK/Z ϱϬϬ Ϭ ϱϬϬ
^^K/d/KE^/Ed' ZD/EWh/E^ ϲϬϬ Ϭ ϲϬϬ
Z ^ hZ ^ ϱϬϬ Ϭ ϱϬϬ
^^K/d/KE ^KE^KDDd hZ^ KDW/ 'E ϯϬϬ Ϭ ϯϬϬ ^^K/d/KEΗKE^ /> s >KWW D EdWKhZKDW/ 'E Η ϮϬϬϬ Ϭ ϮϬϬϬ KDW/ 'E hd/KEE/E ϱϬϬ Ϭ ϱϬϬ
D/> hDW ZKz>>/ h ϱϬϬ Ϭ ϱϬϬ
D/> ^Z/s Z/E^hWKEdE h& ϯϬϬ Ϭ ϯϬϬ
dDKW/Z/ ϱϬϬ Ϭ ϱϬϬ
&RPSWH$GPLQLVWUDWLI9LOOH
,9
%/,67('(6&21&2856$775,%8(6$'(67,(5628(168%9(17,216 DUWLFOH/GX&*7
$662&,$7,216%(1(),&,$,5(6
͘͘͘D͘ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
W'ͲdD;^^K/d/KE^WdZ/Kd/Yh ^Ϳ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
W /ϲϬ ^ĂůůĞͲdĂďůĞƐͲŚĂŝƐĞƐ
' & ^ĂůůĞͲdĂďůĞƐͲŚĂŝƐĞƐ
>>/E KE Wd dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
D/> ^E/ E^ > s ^h EdZ ΖWWZ Ed/^^' dĂďůĞƐͲŚĂŝƐĞƐͲ^ĂůůĞ
D/> ^E/ E^DZ/E^ ^ĂůůĞͲĐŚĂŝƐĞƐͲƚĂďůĞƐͲƚĞŶƚĞƐͲďĂŶĐƐͲƐŽŶŽƌŝƐĂƚŝŽŶͲďĂƌƌŝĞƌĞƐ
D/> ^ hyZd^ ^ĂůůĞͲŚĂŝƐĞƐͲdĂďůĞƐ
D/> ^:Z/E^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
D/> hYhZd/ Z DW ZKz>>/ h ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
D/> ^Z dZ/d ^ KDW/ 'E ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
D/> dKhd ^K>> d/KE^ KDW/ 'E ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
Z, dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
Zd/^E^hDKE dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶ
^W ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲ
^^K/d/KEDW> Z' Z/ ^ĂůůĞ
^^K/d/KEdd >' ddZ/d/KEhd^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƐŽŶŽƌŝƐĂƚŝŽŶ
^^K/d/KEh&/>hd DW^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KEhd, Ed/E^ ^ĂůůĞ
^^K/d/KE>D ^ĂůůĞͲdĂďůĞƐͲŚĂŝƐĞƐ
^^K/d/KEKDD ZEd^ d,/dEd^YhZd/ Z^/Ed>Z ^ĂůůĞͲdĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝĞƌĞƐ
^^K/d/KEKDW/ 'E hd/KEE/E ^ĂůůĞͲdĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KEKDW/ 'E Yh ^dZ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝĞƌĞƐ
^^K/d/KEKDW/ 'E 'h/DZ ^ ^ĂůůĞͲdĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝĞƌĞƐ
^^K/d/KEKDW/ 'EK/^ ^^^/^dEd ^Dd ZE >> ^ ^ĂůůĞ
^^K/d/KEKK>KhEdZz ^ĂůůĞͲdĂďůĞƐͲŚĂŝƐĞƐͲWŽĚŝƵŵͲ^ŽŶŽƌŝƐĂƚŝŽŶ
^^K/d/KE ^D/^hD>/ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
^^K/d/KE ^KDD ZEd^ KDW/ 'E ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƚĞŶƚĞƐ
^^K/d/KE ^KDD ZEd^ ZKz>>/ h dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KE ^/&& Z Ed^YhZd/ Z^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KE ^D /dZ/ ^/Ed Zh>dhZ >> ^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KE ^Dh^h>DE^ KDW/ 'E ^ĂůůĞͲdĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KEWZ>z^ ^ &ƌĂŶĐĞ ^ĂůůĞ
^^K/d/KE/>K' ^ĂůůĞͲdĂďůĞƐͲĐŚĂŝƐĞƐƐŽŶŽƌŝƐĂƚŝŽŶ
^^K/d/KED> ^ĂůůĞ
^^K/d/KE Yh/W ^/Eds/E Ed dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KE ^KD / ^ĂůůĞͲdĂďůĞƐͲĐŚĂŝƐĞƐƐŽŶŽƌŝƐĂƚŝŽŶ
^^K/d/KE&D/>> d,K>/Yh KDW/ 'E dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KE& DD ^&Z//E ^KDW/ 'EK/^ ^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KE&> hZ zK' ^ĂůůĞ
^^K/d/KE&KKd>>>h KDW/ 'E ƐĂůůĞͲdĂďůĞƐͲĐŚĂŝƐĞƐͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝĞƌĞƐ
^^K/d/KE&KZD ^ĂůůĞ
^^K/d/KE' E Zd/KE ^WK/Z ^ĂůůĞ
^^K/d/KE<EdZ ^ĂůůĞͲdĂďůĞƐͲĐŚĂŝƐĞƐƐŽŶŽƌŝƐĂƚŝŽŶ
^^K/d/KE>KDW/ 'EK/^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƚĞŶƚĞƐͲďĂƌƌŝĞƌĞƐͲƉŽĚŝƵŵͲŐƌŝůůĞƐĐĂĚĚŝĞƐͲƐŽŶŽƌŝƐĂƚŝŽŶ
^^K/d/KE>D />> D/>/d/Z ZDEKhZd dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KE> KZW^s/sZ ^ĂůůĞ
^^K/d/KE> > s/E ^ĂůůĞͲĐŚĂŝƐĞƐ
^^K/d/KE> ^KhZ/Z ΖhE E&Ed/>>hD/E > DKE dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KE> ^>/EK^ DŵĞE z > ^ĂůůĞͲdĂďůĞƐͲĐŚĂŝƐĞƐƐŽŶŽƌŝƐĂƚŝŽŶ
^^K/d/KE> ^D/^hdKhZh'ZEWZ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KE> ^& h/>> ^ΖhdKDE ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
^^K/d/KE> ^:Z/E^&D/>/hy KDW/ 'E dĂďůĞƐͲĐŚĂŝƐĞƐͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KED/E'ͲD E ^ĂůůĞ
^^K/d/KEW > KDW/ 'EK/^ z>KdKhZ/^d ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
^^K/d/KEWKDW/KhhE/s Z^/d dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KEWKhZ> s >KWW D EdhYhZd/ Z >>/Zd ^ĂůůĞ
^^K/d/KEYhZd/ Z> ^s E hZ^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KEZ ͲZ d/KE ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
^^K/d/KEZKz>>/ hs/>>' ^ĂůůĞ
^^K/d/KE^/Ed' ZD/EͬWh/E^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐ ŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^^K/d/KE^K^WWW/Z/ ^ĂůůĞ
^^K/d/KE^WKZd/s ^W Z^KEE ^> Zd ^ KDW/ 'E dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶ
^^K/d/KE^d>Z ƐĂůůĞͲdĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝĞƌĞƐ
^^K/d/KEdhs hyYhΖKE EWZ> ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
^^K/d/KEhE/s Z^'K^W > ^ĂůůĞͲĐŚĂŝƐĞƐ
^^K/d/KEs/ h'ZE/Z dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝĞƌĞƐ
^^K/d/KED/^^ZKE ^ĂůůĞ
d >/ Zd, dZ ^W : E> ' EZ ^ĂůůĞ
D/EdKEKDW/ 'EK/^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
>>h> hd/KEZKhd/ Z ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
͘>͘ ͘W͘ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲŐƌŝůůĞƐͲĐĂĚĚŝĞƐͲƉŽĚŝƵŵ
W^hΖ&K>/ ^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
EdZ Ζ hd/KE d &KZDd/KEs ZZK ^ ^ĂůůĞ
Z> ,/WW/Yh KDW/ 'E dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝĞƌĞƐ
,KZ> KDW/ 'E ' ΖKZ ƐĂůůĞ
,KZ> ^W/Ed/E^ ^ĂůůĞ
>hVhZ d^Ed dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
>h d>K/^/Z^ ^Z dZ/d ^ KDW/ 'E dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝĞƌĞƐ
,9±$11(;(6
(1*$*(0(176+256%,/$1(1*$*(0(176'211(6(75(&86 /,67('(6&21&2856$775,%8(6$'(67,(56
1$785('(635(67$7,216
%
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϭϮ ,9
%/,67('(6&21&2856$775,%8(6$'(67,(5628(168%9(17,216 DUWLFOH/GX&*7
$662&,$7,216%(1(),&,$,5(6
,9±$11(;(6
(1*$*(0(176+256%,/$1(1*$*(0(176'211(6(75(&86 /,67('(6&21&2856$775,%8(6$'(67,(56
1$785('(635(67$7,216
%
>hs/ K ^ĂůůĞ
KD/d WZd D Ed> >ΖK/^ h͘&͘͘s͘ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵ ŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
KD/d ^VhsZ ^^K/> ^ >s/>> KDW/ 'E dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝĞƌĞƐͲŐƌŝůůĞƐĐĂĚĚŝĞƐ
KDW'E/ ^>h/K> ^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
KDW'EKE^ : ,EE dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝĞƌĞƐ
KDW/ 'E ^WKZd^z>/^d ^ ^ĂůůĞͲdĂďůĞƐͲŚĂŝƐĞƐ
KDW/ 'E Ͳ'h/DZ ^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲďĂŶĐƐͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
KDW/ 'E z,d/E'>h ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
KEddhD>/ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
ZK/yZKh' &ZE/^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
D/ ZKDW/ 'EK/^ ^ĂůůĞ
K>> ' ' dE E/E ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
K>> ' EZ D>Zhy dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲ
K> ZK/ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
K> ^/Ed' ZD/E ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
K> ^hW Z/ hZ KDD Z KDW/ 'E dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
Ed Ed ^WKZd/s KDW/ 'E ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƚĞŶƚĞƐ
h͘d͘͘ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
& Zd/KEEd/KE> W'ͬdD ds hs ^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝ ƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
& ^d/s> ^&KZ d^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲďĂƌƌŝĞƌĞƐͲƚĞŶƚĞƐͲďĂŶĐƐͲƐŽŶŽƌŝƐĂƚŽŶ
& ^d/s>h&/>D ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲďĂƌƌŝĞƌĞƐͲƚĞŶƚĞƐͲďĂŶĐƐͲƐŽŶŽƌŝƐĂƚŽŶ
& d >^/ E hd dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝğƌĞƐ
&E/d ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
&K/Z hy&ZKD' ^ dhys/E^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƚĞŶƚĞƐͲďĂƌƌŝğƌĞƐ
&KKd>>>hWKZdh'/^KDW/ 'E dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
&Kz Z ^Zd^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
'ZE/Z E^ D> ^ĂůůĞͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲŐƌŝůůĞƐͲĐĂĚĚŝĞƐͲƉůĂŶƚĞǀĞƌƚĞƐͲƚĞŶƚĞƐ
,K< z>hKDW/ 'EK/^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
/E W EEd^h: h d >&/'hZ/E dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
: hE ,DZ KEKD/Yh KDW/ 'E ^ĂůůĞ
: hE ^^ dEdd/KE KDW/ 'E dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
:hDWΖϲϬ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝğƌĞƐ
>KEE ^ D E ^ĂůůĞ
>K>> d/KEEK/^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
>:K/ ^'K^^ ^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲǀŝĚĠŽƉƌŽũĞĐƚĞƵƌ
>s/ sEddKhd ^ĂůůĞ
>ΖΖd ^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
> ,KD >Ζ E&E dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
> ^,
> ^KhZ/Z ΖhE E&Ed/>>hD/E > DKE ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲŐƌŝůůĞƐͲĐĂĚĚŝĞƐ
> ^& h/>> ^ΖhdKDE ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉůĂŶƚĞƐǀĞƌƚĞƐͲƉŽĚŝƵŵ
> ^/E W EEd^h: h d >&/'hZ/E ^ĂůůĞ
> ^:Kh hZ^Ζ , ^ ^ĂůůĞ
> ^D />> ^D/>/d/Z ^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵ
>/'h W/Z/ d/Z>ΖZ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
>/KE^>hKDW/ 'E /DW Z/> ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲŐƌŝůůĞƐͲĐĂĚĚŝĞƐͲƐŽŶŽͲƉůĂŶƚĞƐͲƉŽĚŝƵŵͲƚĂƉŝƐ
>/KE^>hKDW/ 'E K/^ >s>> ^ĂůůĞ
>/KE^>hKDW/ 'E ZKz>>/ h ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲŐƌŝůůĞƐͲĐĂĚĚŝĞƐͲƉůĂŶƚĞƐǀĞƌƚĞƐ
>/KE^>hK/^ >s>> dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
>z D/Z />> 'Z E d dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
D/^KE DW>K/ d&KZDd/KE dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
D />> ^D/>/d/Z ^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
K&&/ dKhZ/^D KDW/ 'E ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲǀŝĚĠŽƉƌŽũĞĐƚĞƵƌ
K&&/ ^^WKZd^ KDW/ 'E dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲŐƌŝůůĞƐĐĂĚĚŝĞƐ
WZd' dZs/> ^ĂůůĞ
WKDW/KhhE/s Z^/d ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲďĂƌƌŝĞƌĞƐ
Z ^ hZ ^ ^ĂůůĞ
Z/K, d^ ^^sK/Z^ ^ĂůůĞ
ZK>> Z>hKDW/ 'E ^ĂůůĞͲƚĞŶƚĞƐͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲďĂƌƌŝğƌĞƐ
Zh'z>hKDW/ 'EK/^ dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝğƌĞƐ
^>KEh/ E dZ DŵĞDEh/ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
^Z> >hKDW/ 'EK/^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶ
^ KhZ^d,K>/Yh ^ĂůůĞ
^<d/E'>hKDW/ 'E ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
^K/ d Ζ,KZd/h>dhZ >ΖZZKE/^^ D Ed KDW/ 'E ^ĂůůĞ
^K/ d Ed/KE> Ζ EdZ/ D />> D/>/d/Z dĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐ
^WKZdEhd/Yh KDW/ 'EK/^ ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐ
s/sKE^>s/dK/Z ^ĂůůĞͲƚĂďůĞƐͲĐŚĂŝƐĞƐͲƉŽĚŝƵŵͲƐŽŶŽƌŝƐĂƚŝŽŶͲƚĞŶƚĞƐͲďĂƌƌŝğƌĞƐ
s/sZ KDW/ 'E ^ĂůůĞ
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϭϯ LE | ,9
$662&,$7,216%e1e),&,$17'(/2&$8;
EKD >Ζ^^K/d/KE ^/dhd/KEh>K> >Kz Z
>Kz Z d
,Z' ^
'Zdh/d^
,Z' ^
DZ ϭƐƋƵĂƌĞ,ĞĐƚŽƌĞƌůŝŽnj [
WWD ϲƌƵĞ'ĂďƌŝĞů&ĂƵƌĠ [
W' ĞŶƚƌĞZĞŶĐŽŶƚƌĞƐĚĞůĂsŝĐƚŽŝƌĞ [
& ϭƐƋƵĂƌĞ,ĞĐƚŽƌĞƌůŝŽnj [
' & ϭƌƵĞĚĞEŽƌŵĂŶĚŝĞ [
D/> YhZd/ Z:Z/E^ ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
D/> Z dZ/d ^ KDW/ 'E ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
D/^/>/KW,/> ^ KDW/ 'E WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
D/^Dh^ ^s/s E >ͬ&/'hZ/E ^ĂůůĞƐ^ĂŝŶƚͲEŝĐŽůĂƐ [
>h >ΖD/d/ ϯƐƋƵĂƌĞůĂŝƐĞWĂƐĐĂů [
E/ E^KDddEd^Z ^/^dE ͲEZ ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
K& ^ƋƵĂƌĞ:ĞĂŶDŽƵůŝŶ [
W / ϯϯƌƵĞĚĞWĂƌŝƐ [
WW > dZ ^^ ϯƌƵĞůďĞƌƚZŽďŝĚĂ [
WW > dZ ^^ ϭϯĂǀĞŶƵĞĚƵsĞƌŵĂŶĚŽŝƐ [
Z, Z^ KDW/ 'E ĞŶƚƌĞEĂƚŝŽŶĂůƌĐŚĞƌŝĞ [
D DKZ/>>/Z/ Z >ΖZD/^d/ ůĂŝƌŝğƌĞĚĞůΖƌŵŝƐƚŝĐĞ [
Zd W WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
Zd^DZd/hyKDW/ 'EK/^ ZƵĞZŽƵŐĞƚĞ>ŝƐůĞ [
^W ϯϯƌƵĞĚĞWĂƌŝƐ [ [
^W ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
^^K/d/KE/K ^/E hs/^ ϮƌƵĞĞŶŝƐWĂƉŝŶ [
^^K/d/KE/K ^/E hs/^ WƌĞƐďLJƚğƌĞ^ĂŝŶƚͲ'ĞƌŵĂŝŶ [
^^K/d/KE/K ^/E hs/^ ϮĂůůĠĞWŝĞƌƌĞŽƋƵĞƌĞů [
^^K/d/KE/K ^/E hs/^ WƌĞƐďLJƚğƌĞ^ĂŝŶƚͲ:ĂĐƋƵĞƐ [ [
^^K/d/KE/K ^/E hs/^ ŐůŝƐĞEŽƚƌĞĂŵĞĚĞůĂ^ŽƵƌĐĞ [
dEW ϭϭƉĂƐƐĂŐĞŶĂƚŽůĞ&ƌĂŶĐĞ [
> ^d >/ Z^hdKhZh&/> ϯƌƵĞĞƌŶĂŐŽ [
d >/ Z E^ ^, D/EKd^ ĞŶƚƌĞƐŽĐŝĂůͲƌƵĞ:ƵůĞƐŵĠůŝŶĞ [
d >/ Z ^^sK/Z^ ƵŶŐĂůŽǁWŽŵƉŝĚŽƵ [
d >/ Z ^h>WdhZ нs/dZhyΖ/^ h ŽƵƌ ĐŽůĞĚĞĞĂƵdžͲƌƚƐ [
d >/ Z d/^^' ϮƐƋƵĂƌĞWĂůŝƐƐLJ [
hdKhZhWdZ/DK/E ĞŶƚƌĞŶƚŽŝŶĞsŝǀĞŶĞů [
s& WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
> ^ ^hVhZ ĞŶƚƌĞƐŽĐŝĂůͲƌƵĞ:ƵůĞƐŵĠůŝŶĞ [
' W/Z/ > ZK^ h ϭƉĂƐƐĂŐĞŶĂƚŽůĞ&ƌĂŶĐĞ [
hZ h/E&KZDd/KE: hE ^^ &ŽLJĞƌWŝĞƌƌĞĞƐďŽƌĚĞƐ [
>KEE ^ D E ϯƌƵĞĞƌŶĂŐŽ [
Kh> & ZZ KDW/ 'EK/^ ZƵĞƐWĂƌŝƐͬ,ĂŝŐͬWĞƌƐŚŝŶŐ [
h>> dKDW'E/ DĠĚŝĂƚŚğƋƵĞĞůůŝĐĂƌƚ [
s dŚĠąƚƌĞ/ŵƉĠƌŝĂů [
s ƐƉĂĐĞ:ĞĂŶ>ĞŐĞŶĚƌĞ [
ϭͲϳƌƵĞŽĐƚĞƵƌZŽƵdž [
EdZ : hE ^/Z/' Ed^ WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
EdZ Z ^^KhZ > dhZ ĐŽůĞĚĞZŽLJĂůůŝĞƵ [
&d DĂŝƐŽŶĚĞƐ^LJŶĚŝĐĂƚƐ [
&dW Z^KEE >s/>> KDW/ 'E WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
&d DĂŝƐŽŶĚĞƐ^LJŶĚŝĐĂƚƐ [
&d ϯϲƌƵĞĚĞůΖKŝƐĞ [
' DĂŝƐŽŶĚĞƐ^LJŶĚŝĐĂƚƐ [
'd DĂŝƐŽŶĚĞƐ^LJŶĚŝĐĂƚƐ [
'dW Z^KEE >s/>> KDW/ 'E WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
hE,d hWKhZ>Ζ DW>K/ ϯϴƌƵĞĚĞůΖKŝƐĞ [
> W ^ĂůůĞƐ^ĂŝŶƚͲEŝĐŽůĂƐ [
> W ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
>h D/ZK/E&KZDd/Yh ĞŶƚƌĞƐŽĐŝĂůͲƌƵĞ:ƵůĞƐŵĠůŝŶĞ [
DUWLFOH/GX&*&7
%
,9±$11(;(6
(1*$*(0(176+256%,/$1(1*$*(0(176'211(6(75(&86 /,67('(6&21&2856$775,%8(6$'(67,(56
%±/,67('(6&21&2856$775,%8(6$'(67,(56(11$785(28(168%9(17,21
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϭϰ LE | ,9
$662&,$7,216%e1e),&,$17'(/2&$8;
EKD >Ζ^^K/d/KE ^/dhd/KEh>K> >Kz Z
>Kz Z d
,Z' ^
'Zdh/d^
,Z' ^
DUWLFOH/GX&*&7
%
,9±$11(;(6
(1*$*(0(176+256%,/$1(1*$*(0(176'211(6(75(&86 /,67('(6&21&2856$775,%8(6$'(67,(56
%±/,67('(6&21&2856$775,%8(6$'(67,(56(11$785(28(168%9(17,21
VhZ d^Ed ^ƚĂĚĞWĂƵůWĞƚŝƚƉŽŝƐƐŽŶ [
>K>> d/KEEK/^ ^ĂůůĞƐ^ĂŝŶƚͲEŝĐŽůĂƐ [
KD/d WZd D Ed> Zh'z ^ƚĂĚĞ:ŽƵǀĞͲ^ĞŶĞnj [
KD/d KKZ/E͘^^K/d/KE^WdZ/Kd/Yh ^ ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
KD/d ^^' ^ ϭƐƋƵĂƌĞ,ĞĐƚŽƌĞƌůŝŽnj [
KD/d WZd D Ed> ^^WKZd^ Yh ^dZ ^ WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
KDDhEhd /^Z >/d >ĞWĂŶ [
KDW'E/ ^>h/K> ^ ϯϯƌƵĞĚĞWĂƌŝƐ [
KDW'EKE^ : ,EE ϰϮƌƵĞĚĞWĂƌŝƐ [
KDW/ 'E hd/KEE/E '/>/dz ZƵĞĚĞůĂ^ĐŝĞƌŝĞ [
KDW/ 'E 'h/DZ ^ WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
KDW/ 'E ^WKZd^z>/^d ^ ůŽƐWŽŵƉĂĚŽƵƌ [
KE&Z Z Z/ ^D/^ ^d:Yh ^ ŚĂƉĞůůĞ^ƚͲ>ĂnjĂƌĞ;ƐŽƵƐͲƐŽůͿ [
KE^ /> s >KWW D EdWKhZKDW/ 'E WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
KKW Zd/s ^K>/Z hKDW/ 'EK/^ ĐŽůĞ,ĞƌƐĂŶ [
Z , &D/>/> KDW/ 'E ďďĂLJĞĚĞZŽLJĂůůŝĞƵ [
ZK/yZKh' &ZE/^ ϯϯƌƵĞĚĞWĂƌŝƐ [
KZ ' ƐƉĂĐĞWƵLJĚƵZŽLJ [
ZsK ĞŶƚƌĞŶƚŽŝŶĞsŝǀĞŶĞů [
h>dhZ d/>/Kd, Yh WKhZdKh^ ϯϰƌƵĞWŝĞƌƌĞ^ĂƵǀĂŐĞ [
ZKD ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
KEE hZ^ ^E' ϭϬƉůĂĐĞĚƵŚĂŶŐĞ [
>/Z hZ^ &ƌĂŶĐĞ dĞƌƌĂŝŶ^ŝƐ [
Ed Ed ^WKZd/s KDW/ 'EK/^ WůĂŝŶĞĚĞƐƉŽƌƚƐ [
EdZ/ KEdZ >Ζ y>h^/KE DĂŝƐŽŶĚĞůĂWĂƐƐĞƌĞůůĞ [
&Ͳs/dZ/E ^ sKdZ s/>> WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
& Zd/KE WZd D Ed> &D/>> ^ZhZ> ^ ϯϲƌƵĞĚĞůΖKŝƐĞ [
& ^d/s> ^&KZ d^ ϭϯƌƵĞĚĞƐDŝŶŝŵĞƐ [
& ^d/s>h&/>D,/^dKZ/Yh ZƵĞWŝĞƌƌĞ^ĂƵǀĂŐĞ [
& h/>> ^ΖhdKDE &ŽLJĞƌWŝĞƌƌĞĞƐďŽƌĚĞƐ [
&/>ΖZ/E ĐŽůĞĚĞĞĂƵdžͲƌƚƐ [
&E ^ĂůůĞƐ^ĂŝŶƚͲEŝĐŽůĂƐ [
&E/ZW ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
&K DĂŝƐŽŶĚĞƐ^LJŶĚŝĐĂƚƐ [
&K/Z hys/E^ d&ZKD' ^ WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
^^K/d/KEZKh>&K>> Z hͲ/ hy> WZ hy ĞŶƚƌĞƐŽĐŝĂůͲƌƵĞ:ƵůĞƐŵĠůŝŶĞ [
&KEd/KEhWdZ/DK/E ϭϯƌƵĞĚĞƐDŝŶŝŵĞƐ [
&KKd>>>hWKZdh'/^ dĞƌƌĂŝŶ^ŝƐ [
&Kz Z ^Zd^ ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
'YhZ/KW,/>/ ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
^^K/d/KE' E >K'/Yh >ΖK/^ ^ĂůůĞƐ^ĂŝŶƚͲEŝĐŽůĂƐ [
' E >K'/ ϲϬ ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
'ZE/Z E^ D> > Z&sK>Ed> h ϰϲƐƋƵĂƌĞDĂƌĞ'ĂƵĚƌLJ [
'Z/DW hZ^KDW/ 'EK/^ ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
'ZKhW D EdKDD ZEd^Zd/^E^ WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
: hE ,DZ KEKD/Yh ďďĂLJĞĚĞZŽLJĂůůŝĞƵ [
: hE ^^ dZd^D / shy ĐŽůĞĚĞĞĂƵdžͲƌƚƐ [
: hE ^^ dEdd/KE KDW/ 'E ŽŵƉůĞdžĞƐƉŽƌƚŝĨĂǀĞŶƵĞĚĞ,ƵLJ [
: hE ^^ dEdd/KE KDW/ 'E ŽŵƉůĞdžĞƐƉŽƌƚŝĨDĞƌĐŝğƌĞƐ [
>E'' d/Ed 'Zd/KE;ĞŶƚƌĞZ >/^Ϳ ĐŽůĞŚĂƌůĞƐ&ĂƌŽƵdž [
^^K/d/KE&ZE/^ WKhZ>> dhZ ϭƌƵĞĚĞ^ƚĂůŝŶŐƌĂĚ [
>/KE^>hKDW/ 'E /DW Z/> ďďĂLJĞĚĞZŽLJĂůůŝĞƵ [
>/KE^>hKDW/ 'E ZKz>>/ h ďďĂLJĞĚĞZŽLJĂůůŝĞƵ [
>Kd/Z ^ D Z/ Z ^ DĂŝƐŽŶŽƵƌƐŝĞƌ [
D ^dZ/dt/Z>/E'>h ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
>h DYh dd ^ d&/'hZ/E ^ ϭϮƌƵĞ ĚŽƵĂƌĚƌĂŶůLJ [
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϭϱ LE | ,9
$662&,$7,216%e1e),&,$17'(/2&$8;
EKD >Ζ^^K/d/KE ^/dhd/KEh>K> >Kz Z
>Kz Z d
,Z' ^
'Zdh/d^
,Z' ^
DUWLFOH/GX&*&7
%
,9±$11(;(6
(1*$*(0(176+256%,/$1(1*$*(0(176'211(6(75(&86 /,67('(6&21&2856$775,%8(6$'(67,(56
%±/,67('(6&21&2856$775,%8(6$'(67,(56(11$785(28(168%9(17,21
D/> DZ/E^ͬDZ/E^E/ E^KDddEd^ ϱƌƵĞĚƵŽĐƚĞƵƌZŽƵ dž [
D />> ^D/>/d/Z ^ ^ĂůůĞƐ^ĂŝŶƚͲEŝĐŽůĂƐ [
D /
D /dZ/ ^/Ed ZͲh>dhZ >> ^ ϭϴďŝƐƌƵĞtŝŶƐƚŽŶŚƵƌĐŚŝůů [
K&&/ ^^WKZd^ ^ƚĂĚĞWĂƵůWĞƚŝƚƉŽŝƐƐŽŶ [
K/^ >>' WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
K^>h^/dEK^ dĞƌƌĂŝŶ^ŝƐ [
VhsZ ^^ds/E EdWh> ϯϯƌƵĞĚĞWĂƌŝƐ [
KW,^Ͳ^ ^^ ^ĂůůĞĚĞƐĂƉƵĐŝŶƐ [
W > KDW/ 'EK/^ z>KdKhZ/^D ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
W W >ĞDŽƵůŝŶŽƋƵĞƌĞů [
W,KdKD Z>h ^ĂůůĞƐ^ĂŝŶƚͲEŝĐŽůĂƐ [
^^͘YhZd/ ZWKDW/KhhE/s Z^/d ϰƐƋƵĂƌĞůĂŝƐĞWĂƐĐĂů [
Zh'z>hKDW/ 'EK/^ ^ƚĂĚĞ:ŽƵǀĞͲ^ĞŶĞnj [
Z ^dK^hVhZ ϭϯĂǀĞŶƵĞĚƵsĞƌŵĂŶĚŽŝƐ [
Z ^dK^hVhZ DĂŝƐŽŶŽƵƌƐŝĞƌ [
Z/K, d^ ^^sK/Z^ WƵLJĚΖKƌůĠĂŶƐ [
ZKdZz>h KDW/ 'E ďďĂLJĞĚĞZŽLJĂůůŝĞƵ [
^dK WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
^hs 'Z s/ hyKDW/ 'E WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
^hs d hZ^K/^ ϯϯƌƵĞĚĞWĂƌŝƐ [
^,
^Khd^ &ƌĂŶĐĞ ŐůŝƐĞ^ĂŝŶƚͲ ůŽŝ [
^KhdΖ hZKW ŐůŝƐĞ^ĂŝŶƚͲ ůŽŝ [
^ ĞŶƚƌĞĚĞƌĞŶĐŽŶƚƌĞƐĚĞůĂsŝĐƚŽŝƌĞ [
^<d/E'>h WĂƚŝŶŽŝƌĞ [
^KhZ/Z ΖhE E&Ed/>>hD/E > DKE ϯϯƌƵĞĚĞWĂƌŝƐ [
^WKZdEhd/Yh KDW/ 'EK/^ ϮĐŽƵƌƐ'ƵLJŶĞŵĞƌ [
d EE/^WKDWKhZ>K^WKDWKhZ ǀĞŶƵĞĚĞůΖƌŵŝƐƚŝĐĞ [
d/W,/E E/Dd/KE ϯϯƌƵĞĚĞWĂƌŝƐ [
d dZK/&/K ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
d EE/^WKDWKhZ ǀĞŶƵĞĚĞůΖƌŵŝƐƚŝĐĞ [
>/'h W/Z/ d/Z>ΖZ ĞŶƚƌĞEĂƚŝŽŶĂůƌĐŚĞƌŝĞ [
hE/s Z^/d E^>s/>> ƐƉĂĐĞĚƵWƵLJĚƵZŽLJ [
hE^KZ WĞƚŝƚĞŚĂŶĐĞůůĞƌŝĞͲZƵĞĚĞůĂ^ŽƵƐͲWƌĠĨĞĐƚƵƌĞ [
hZW / ϯϯƌƵĞĚĞWĂƌŝƐ [
s/ h'ZE/Z WĂƌĐWĂƵůWĞƚŝƚƉŽŝƐƐŽŶ [
s/dZhy/^ hнd >/ Z^h>WdhZ ĐŽůĞĚĞĞĂƵdžͲƌƚƐ [
s/sKE^>s/dK/Z ĞŶƚƌĞZĞŶĐŽŶƚƌĞƐĚĞůĂsŝĐƚŽŝƌĞ [
z,d>h WŽƌƚĚĞWůĂŝƐĂŶĐĞ [
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϭϲ $11(;(6
$(/(0(176'8%,/$1 l
e
|
,9
&
DW>K/^
W ZDE Ed^
d DW^
KDW> d
DW>K/^
W ZDE Ed^
d DW^EKE
KDW> d
dKd> ' Ed^ d/dh>/Z ^
' Ed^
EKE
d/dh>/Z ^
dKd>
(03/2,6)21&7,211(/6 D ϯ Ϭ ϯ Ϯ Ϭ Ϯ
'LUHFWHXU*pQpUDOGHV6HUYLFHV $ ϭ Ϭ ϭ Ϭ Ϭ
'LUHFWHXU*pQpUDO$GMRLQWGHV6HUYLFHV $ ϭ Ϭ ϭ ϭ ϭ
'LUHFWHXU*pQpUDOGHV6HUYLFHV7HFKQLTXHV $ ϭ Ϭ ϭ ϭ ϭ
),/,(5($'0,1,675$7,9( E ϭϭϳ Ϯ͘ϭϬ ϭϭϵ͘ϭϬ ϭϬϭ͘ϱϱ ϳ͘ϲϬ ϭϬϵ͘ϭϱ
$GPLQLVWUDWHXU7HUULWRULDO $ ϭ Ϭ ϭ Ϭ͘ϳϭ Ϭ Ϭ͘ϳϭ
'LUHFWHXU7HUULWRULDO $ ϭ Ϭ ϭ Ϭ Ϯ Ϯ
$WWDFKp7HUULWRULDO $ ϴ Ϭ ϴ ϲ Ϯ ϴ
5pGDFWHXU3ULQFLSDOGHqUHFODVVH % ϭϬ Ϭ ϭϬ ϵ ϵ
5pGDFWHXU3ULQFLSDOGHqPHFODVVH % ϱ Ϭ ϱ ϱ ϱ
5pGDFWHXU % ϭϭ Ϭ ϭϭ ϵ Ϯ ϭϭ
$GMRLQW$GPLQLVWUDWLI3ULQFLSDOqUH&ODVVH & ϭϬ Ϭ ϭϬ ϴ͘ϯϰ ϴ͘ϯϰ
$GMRLQW$GPLQLVWUDWLI3ULQFLSDOqPH&ODVVH & ϵ Ϭ ϵ ϴ͘ϬϬ ϴ͘ϬϬ
$GMRLQW$GPLQLVWUDWLIqUH&ODVVH & ϭϮ Ϭ ϭϮ ϭϬ͘ϴϬ ϭϬ͘ϴϬ
$GMRLQW$GPLQLVWUDWLIqPH&ODVVH & ϱϬ Ϯ͘ϭϬ ϱϮ͘ϭϬ ϰϰ͘ϳϬ ϭ͘ϲϬ ϰϲ͘ϯϬ
),/,(5(7(&+1,48( F ϯϴϰ ϮϬ͘ϵϱ ϰϬϰ͘ϵϱ ϯϳϴ͘Ϭϭ ϳ͘Ϯϰ ϯϴϱ͘Ϯϱ
,QJpQLHXUHQ&KHIGH&ODVVH([FHSWLRQQHOOH $ Ϯ Ϭ Ϯ Ϯ Ϯ
,QJpQLHXUHQ&KHI&ODVVH1RUPDOH $ ϭ Ϭ ϭ ϭ ϭ
,QJpQLHXU3ULQFLSDO $ Ϯ Ϭ Ϯ ϭ ϭ Ϯ
7HFKQLFLHQ3ULQFLSDOGHqUHHWGHqPH&ODVVH % ϰ Ϭ ϰ ϰ ϰ
7HFKQLFLHQ % ϳ Ϭ ϳ ϱ Ϯ ϳ
$JHQWGH0DvWULVH3ULQFLSDO & ϯϵ Ϭ ϯϵ ϯϰ ϭ ϯϱ
$JHQWGH0DvWULVH & ϯϭ Ϭ ϯϭ Ϯϵ͘ϵϬ Ϯϵ͘ϵϬ
$GMRLQW7HFKQLTXH3ULQFLSDOqUH&ODVVH & Ϯϯ Ϭ Ϯϯ ϮϮ͘ϴϬ ϮϮ͘ϴϬ
$GMRLQW7HFKQLTXH3ULQFLSDOqPH&ODVVH & ϯϲ Ϭ ϯϲ ϯϰ͘ϴϬ Ϭ͘ϬϬ ϯϰ͘ϴϬ
$GMRLQW7HFKQLTXHqUH&ODVVH & ϯ Ϭ ϯ ϯ͘ϬϬ ϯ͘ϬϬ
$GMRLQW7HFKQLTXHqPH&ODVVH & Ϯϯϲ ϮϬ͘ϵϱ Ϯϱϲ͘ϵϱ ϮϰϬ͘ϱϭ ϯ͘Ϯϰ Ϯϰϯ͘ϳϱ
),/,(5(0(',&262&,$/( G ϯϮ Ϭ ϯϮ Ϯϳ͘ϰϬ Ϯ͘ϬϬ Ϯϵ͘ϰϬ
3XpULFXOWULFH&DGUHGH6DQWp $
3XpULFXOWULFH7HUULWRULDOGH&ODVVH6XSpULHXUH $ ϯ Ϭ ϯ ϯ Ϭ ϯ
3XpULFXOWULFH7HUULWRULDOGH&ODVVH1RUPDOH $ Ϯ Ϭ Ϯ Ϯ Ϭ Ϯ
$X[LOLDLUHGH3XpULFXOWXUHqUH&ODVVH & ϭϲ Ϭ ϭϲ ϭϯ͘ϬϬ Ϯ͘ϬϬ ϭϱ͘ϬϬ
$X[LOLDLUHGH3XpULFXOWXUH3ULQFLSDOHHHWqUHFODVVH & ϭϭ Ϭ ϭϭ ϵ͘ϰϬ Ϭ͘ϬϬ ϵ͘ϰϬ
),/,(5(62&,$/( H ϯϲ ϰ͘ϴϬ ϰϬ͘ϴϬ Ϯϴ͘ϯϬ ϴ͘ϯϬ ϯϲ͘ϲϬ
(GXFDWHXU3ULQFLSDOGH-HXQHV(QIDQWV % ϭ Ϭ ϭ Ϭ͘ϴϬ Ϭ͘ϬϬ Ϭ͘ϴϬ
(GXFDWHXU7HUULWRULDOGH-HXQHV(QIDQWV % ϭϯ Ϭ ϭϯ ϳ͘ϵϬ ϰ͘ϬϬ ϭϭ͘ϵϬ
0RQLWHXU(GXFDWHXU % ϱ Ϭ ϱ Ϭ ϰ͘ϯϬ ϰ͘ϯϬ
$JHQW6RFLDOqPH&ODVVH & Ϯ Ϭ͘ϴϬ Ϯ͘ϴϬ Ϯ͘ϲϬ Ϭ͘ϬϬ Ϯ͘ϲϬ
$76(0GHqUH&ODVVH & ϳ ϯ͘ϮϬ ϭϬ͘ϮϬ ϴ͘ϴϬ Ϭ͘ϬϬ ϴ͘ϴϬ
$76(0SULQFLSDOHGHqPH&ODVVHHWqUH&ODVVH & ϴ ϭ ϵ ϴ͘ϮϬ Ϭ͘ϬϬ ϴ͘ϮϬ
),/,(5(63257,9( I Ϯϰ Ϭ͘ϴϬ Ϯϰ͘ϴϬ ϭϱ͘ϲϬ ϴ͘ϲϬ Ϯϰ͘ϮϬ
&RQVHLOOHU7HUULWRULDOGHV$36 $ ϰ Ϭ ϰ ϯ͘ϴϬ Ϭ ϯ͘ϴϬ
(GXFDWHXUGHV$363ULQFLSDOGHqUHFODVVH % ϲ Ϭ ϲ ϲ Ϭ ϲ
(GXFDWHXUGHV$363ULQFLSDOqPH&ODVVH % ϯ Ϭ ϯ ϯ Ϭ ϯ
(GXFDWHXU7HUULWRULDOGHV$36 % ϭϬ Ϭ ϭϬ ϭ ϴ͘ϲϬ ϵ͘ϲϬ
2SpUDWHXUGHV$FWLYLWpV3K\VLTXHVHW6SRUWLYHV3ULQFLSDO & Ϭ Ϭ͘ϴϬ Ϭ͘ϴϬ Ϭ͘ϴϬ Ϭ͘ϬϬ Ϭ͘ϴϬ
2SpUDWHXUGHV$FWLYLWpV3K\VLTXHVHW6SRUWLYHV4XDOLILp & ϭ Ϭ ϭ ϭ ϭ
DW>K/^h' d/Z ^;ϯͿ
&& d/&^WKhZsh^^hZ
DW>K/^h' d/Z ^ E dWd
;ϰͿ
,9±$11(;(6
$875(6(/(0(176'¶,1)250$7,21(7$7'83(56211(/$8
&±(7$7'83(56211(/$8
'Z ^Kh DW>K/^;ϭͿ d 'KZ/ ^ ;ϮͿ
&RPSWH$GPLQLVWUDWLI9LOOH
É
LT
-
,9
&
DW>K/^
W ZDE Ed^
d DW^
KDW> d
DW>K/^
W ZDE Ed^
d DW^EKE
KDW> d
dKd> ' Ed^ d/dh>/Z ^
' Ed^
EKE
d/dh>/Z ^
dKd>
DW>K/^h' d/Z ^;ϯͿ
&& d/&^WKhZsh^^hZ
DW>K/^h' d/Z ^ E dWd
;ϰͿ
,9±$11(;(6
$875(6(/(0(176'¶,1)250$7,21(7$7'83(56211(/$8
&±(7$7'83(56211(/$8
'Z ^Kh DW>K/^;ϭͿ d 'KZ/ ^ ;ϮͿ
),/,(5(&8/785(///( J ϳϯ ϴ͘ϱϯ ϴϭ͘ϱϯ ϰϵ͘ϭϭ Ϯϱ͘ϰϲ ϳϰ͘ϱϳ
'LUHFWHXUG (QVHLJQHPHQW$UWLVWLTXH $ ϭ Ϭ ϭ Ϭ ϭ Ϭ
&RQVHUYDWHXUGX3DWULPRLQH $ ϭ Ϭ ϭ Ϭ͘ϴϬ Ϭ Ϭ͘ϴϬ
$WWDFKpGH&RQVHUYDWLRQGX3DWULPRLQH $ ϯ Ϭ ϯ Ϭ ϯ ϯ
%LEOLRWKpFDLUH $ ϱ Ϭ ϱ ϯ͘ϲϬ ϭ͘ϬϬ ϰ͘ϲϬ
3URIHVVHXUG¶(QVHLJQHPHQW$UWLVWLTXH+RUV&ODVVH $ ϭϭ Ϭ ϭϭ ϭϬ͘ϴϬ Ϭ͘ϬϬ ϭϬ͘ϴϬ
3URIHVVHXUG¶(QVHLJQHPHQW$UWLVWLTXHGHFODVVHQRUPDOH $ ϳ Ϭ ϳ Ϯ͘ϵϰ ϯ͘ϱϬ ϲ͘ϰϰ
$VVLVWDQWGH&RQVHUYDWLRQ3ULQFLSDOGHqUH&ODVVH % Ϯ Ϭ Ϯ ϭ͘ϯϬ Ϭ͘ϬϬ ϭ͘ϯϬ
$VVLVWDQWGH&RQVHUYDWLRQ3ULQFLSDOGHqPH&ODVVH % Ϯ Ϭ Ϯ Ϯ Ϯ
$VVLVWDQWGH&RQVHUYDWLRQ % ϭϮ Ϭ ϭϮ ϰ͘ϬϬ ϲ͘ϴϬ ϭϬ͘ϴϬ
$VVLVWDQWG (QVHLJQHPHQW$UWLVWLTXH3ULQFLSDOGHqUHFODVVH % ϰ ϭ͘ϯϳ ϱ͘ϯϳ ϱ͘ϯϳ Ϭ͘ϬϬ ϱ͘ϯϳ
$VVLVWDQW&RQWUDFWXHOG (QVHLJQHPHQW$UWLVWLTXH % Ϯ ϳ͘ϭϲ ϵ͘ϭϲ Ϭ ϵ͘ϭϲ ϵ͘ϭϲ
$GMRLQWGX3DWULPRLQH3ULQFLSDOqPH&ODVVH & ϯ Ϭ ϯ Ϯ͘ϱ Ϭ Ϯ͘ϱ
$GMRLQWGX3DWULPRLQHqUH&ODVVH & ϲ Ϭ ϲ ϲ Ϭ ϲ
$GMRLQWGX3DWULPRLQHqPH&ODVVH & ϭϰ Ϭ ϭϰ ϵ͘ϴϬ ϭ͘ϬϬ ϭϬ͘ϴϬ
),/,(5($1,0$7,21 K Ϯϱ ϭ͘ϰϬ Ϯϲ͘ϰϬ ϮϮ͘ϲϬ Ϭ ϮϮ͘ϲϬ
$GMRLQWG $QLPDWLRQqUHFODVVH & Ϯ Ϭ Ϯ Ϯ Ϭ Ϯ
$GMRLQWG¶$QLPDWLRQqPH&ODVVH & Ϯϯ ϭ͘ϰϬ Ϯϰ͘ϰϬ ϮϬ͘ϲϬ Ϭ͘ϬϬ ϮϬ͘ϲϬ
),/,(5(32/,&( L Ϯϴ Ϭ Ϯϴ Ϯϳ Ϭ Ϯϳ
&KHIGH6HUYLFHGH3ROLFH0XQLFLSDOH3ULQFLSDOqUHFODVVH % ϭ Ϭ ϭ Ϭ Ϭ Ϭ
&KHIGH3ROLFH0XQLFLSDOH & ϰ Ϭ ϰ ϰ Ϭ ϰ
%ULJDGLHUGH3ROLFH0XQLFLSDOH & Ϯ Ϭ Ϯ Ϯ Ϭ Ϯ
%ULJDGLHU&KHI3ULQFLSDO & Ϯϭ Ϭ Ϯϭ Ϯϭ Ϭ Ϯϭ
(03/2,6121&,7e6 M ϰ Ϭ ϰ ϭ ϯ ϰ
5pJLVVHXU&KHIGH7KpDWUH $ ϭ ϭ ϭ Ϭ ϭ
5pJLVVHXU6RQHW/XPLqUH % ϯ ϯ Ϭ ϯ ϯ
727$/*(1(5$/ DEFGHIJKLM
/HVJUDGHVRXHPSORLVVRQWGpVLJQpVFRQIRUPpPHQWjODFLUFXODLUHQ 125,17% &GXPDU V
&DWpJRULHV $%RX&
(737 (IIHFWLIVSK\VLTXHV TXRWLWpGHWHPSVGHWUDYDLO SpULRGHG DFWLYLWpGDQVO DQQpH
8QDJHQWjWHPSVSDUWLHOj TXRWLWpGHWUDYDLO SUpVHQWODPRLWLpGHO DQQpH H[ &''GHPRLVUHFUXWHPHQWjPLDQQpH FRUUHVSRQGj(737
(PSORLVEXGJpWDLUHVFUppVSDUO DVVHPEOpHGpOLEpUDQWH OHVHPSORLVSHUPDQHQWVjWHPSVFRPSOHWVRQWFRPSWDELOLVpVSRXUXQHXQLWpOHVHPSORLVjWHPSVQRQFRPSOHWVRQW FRPSWDELOLVpVjKDXWHXUGHODTXRWLWpGHWUDYDLOSUpYXHSDUGpOLEpUDWLRQFUpDQWO HPSORL
(TXLYDOHQWWHPSVSOHLQDQQXHOWUDYDLOOp (737 /HGpFRPSWHHVWSURSRUWLRQQHOjO DFWLYLWpGHVDJHQWVPHVXUpHSDUOHXUTXRWLWpGHWHPSVGHWUDYDLOHWSDUOHXUSpULRGHG DFWLYLWp VXUO DQQpH
([HPSOH XQDJHQWjWHPSVSOHLQ TXRWLWpGHWUDYDLO SUpVHQWWRXWHO DQQpHFRUUHVSRQGjO(3738QDJHQWjWHPSVSDUWLHOj TXRWLWpGHWUDYDLO SUpVHQWWRXWH
O DQQpHFRUUHVSRQGj(737
3DUH[HPSOH HPSORLVGRQWOHVPLVVLRQVQHFRUUHVSRQGHQWSDVjXQFDGUHG HPSORLH[LVWDQWHPSORLVVSpFLILTXHVUpJLVSDUO DUWLFOH WHUGHODORLQ GXMDQYLHU HWF«
&RPSWH$GPLQLVWUDWLI9LOOH
,9
&
dW /ŶĚŝĐĞƌƵƚ ;ϴͿ ƵƌŽƐ &ŽŶĚĞŵĞŶƚĚƵ ĐŽŶƚƌĂƚ;ϰͿ EĂƚƵƌĞĚƵ ĐŽŶƚƌĂƚ;ϱͿ
$JHQWVRFFXSDQWXQHPSORLSHUPDQHQW
'LUHFWHXU5HVVRXUFHV+XPDLQHV $ $'0
$WWDFKp7HUULWRULDO $ 6 &',
5pGDFWHXU3ULQFLSDOGHqUHFODVVH % $'0 &''
5pGDFWHXU % $'0 &',
$WWDFKp7HUULWRULDO $ $'0 &''
5pGDFWHXU % $'0 &''
$GMRLQW$GPLQLVWUDWLIHFODVVH & $'0 &',
'LUHFWHXU7HUULWRULDO $ &8/7 &',
$WWDFKpGH&RQVHUYDWLRQGX3DWULPRLQH $ &8/7 &''
'LUHFWHXU(QVHLJQHPHQW$UWLVWLTXH $ &8/7 &''
$WWDFKpGH&RQVHUYDWLRQGX3DWULPRLQH $ &8/7 &''
'LUHFWHXU7HUULWRULDO $ &8/7 &',
%LEOLRWKpFDLUH $ &8/7 &''
$VVLVWDQWGHFRQVHUYDWLRQ $ &8/7 &''
3URIHVVHXUDUWLVWLTXHGH&ODVVH1RUPDOH $ &8/7 &''
3URIHVVHXUDUWLVWLTXHGH&ODVVH1RUPDOH $ &8/7 &''
$VVLVWDQWGHFRQVHUYDWLRQ % &8/7 &''
$VVLVWDQWGHFRQVHUYDWLRQ % &8/7 &''
$VVLVWDQWG HQVHLJQHPHQWDUWLVWLTXH % &8/7 &',
$VVLVWDQWG HQVHLJQHPHQWDUWLVWLTXH % &8/7 &''
$VVLVWDQWG HQVHLJQHPHQWDUWLVWLTXH3ULQFLSDOGHHFODVVH % &8/7 &''
$VVLVWDQWGHFRQVHUYDWLRQ % &8/7 &''
$WWDFKpGH&RQVHUYDWLRQGX3DWULPRLQH % &8/7 &',
5pJLVVHXUVRQHWOXPLqUH % &8/7 &',
5pJLVVHXUVRQHWOXPLqUH % &8/7 &''
5pJLVVHXUVRQHWOXPLqUH % &8/7 &',
$GMRLQWGXSDWULPRLQHGHHFODVVH & &8/7 &''
$X[LOLDLUHGHSXpULFXOWXUHGHHFODVVH & 06 &''
(GXFDWHXUGH-HXQHV(QIDQWV % 6 &''
0RQLWHXU(GXFDWHXU % 6 &''
&RQVHLOOHU7HUULWRULDOGHV$36 $ 63 &',
(GXFDWHXUGHV$36 % 63 &',
(GXFDWHXUGHV$36 % 63 &''
(GXFDWHXUGHV$36 % 63 &''
7HFKQLFLHQ % 85% &',
,QJpQLHXU3ULQFLSDO $ 85% &',
7HFKQLFLHQ % 85% &''
$JHQWGH0DLWULVH3ULQFLSDO & 7(&+ &',
$GMRLQWWHFKQLTXHGHHFODVVH & 7(&+ &',
Z DhE Zd/KE;ϯͿ KEdZd
,9±$11(;(6
$875(6(/(0(176'¶,1)250$7,21(7$7'83(56211(/$8
&±(7$7'83(56211(/$8 VXLWH
' Ed^EKEd/dh>/Z ^ E&KEd/KEhϯϭͬϭϮͬϮϬϭϰ
d 'KZ/ ^
;ϭͿ
^ d hZ
;ϮͿ
&RPSWH$GPLQLVWUDWLI9LOOH
,9
&
dW /ŶĚŝĐĞƌƵƚ ;ϴͿ ƵƌŽƐ &ŽŶĚĞŵĞŶƚĚƵ ĐŽŶƚƌĂƚ;ϰͿ EĂƚƵƌĞĚƵ ĐŽŶƚƌĂƚ;ϱͿ
Z DhE Zd/KE;ϯͿ KEdZd
,9±$11(;(6
$875(6(/(0(176'¶,1)250$7,21(7$7'83(56211(/$8
&±(7$7'83(56211(/$8 VXLWH
' Ed^EKEd/dh>/Z ^ E&KEd/KEhϯϭͬϭϮͬϮϬϭϰ
d 'KZ/ ^
;ϭͿ
^ d hZ
;ϮͿ
$JHQWVRFFXSDQWXQHPSORLQRQSHUPDQHQW
(PSORLFDELQHWGXPDLUH $ 30 &''
$SSUHQWL & 7(&+ VPLF $DXWUHV DSSUHQWLV
&8,&$( &RQWUDW8QLTXHG ,QVHUWLRQ & 7(&+ 7[+ $DXWUHV FRQWUDWV LGp (03/2,' $9(1,5 & 7(&+ 7[+ $DXWUHV FRQWUDWV
LGp
727$/*(1(5$/
&$7(*25,(6 $%HW&
6(&7(85$'0 $GPLQLVWUDWLI
7(&+ 7HFKQLTXH
85% 8UEDQLVPH GRQWDPpQDJHPHQWXUEDLQ
6 6RFLDO
06 0pGLFRVRFLDO
07 0pGLFRWHFKQLTXH
63 6SRUWLI
&8/7 &XOWXUHO
$1,0 $QLPDWLRQ
30 3ROLFH
275 0LVVLRQVQRQUDWWDFKDEOHVjXQHILOLqUH
&2175$7 0RWLIGXFRQWUDW ORLGXMDQYLHU PRGLILpH
D DUWLFOHHUDOLQpD DFFURLVVHPHQWWHPSRU DLUHG DFWLYLWp
E DUWLFOHqPHDOLQpD DFFURLVVHPHQWVDLVRQQLHUG¶DFWLYLWp
UHPSODFHPHQWG¶XQIRQFWLRQQDLUHDXWRULVpjVHUYLUjWHPSVSDUWLHORXLQGLVSRQLEOH PDODGLHPDWHUQLWp
YDFDQFHWHPSRUDLUHG¶XQHPSORL
DEVHQFHGHFDGUHG HPSORLVGHIRQFWLRQQDLU HVVXVFHSWLEOHVG DVVXUHUOHVIRQFWLRQVFRUUHVSRQGDQWHV
HPSORLVGXQLYHDXGHODFDWpJRULH$ORUVTX HOHVEHVRLQVGHVVHUYLFHVRXODQDWXUHGHVIRQFWLRQVOHMXVWLILHQW
DUWLFOHGHODORLQ FRQWUDWj GXUpHLQGpWHUPLQpHREOLJDWRLUHPHQWSURSRVpHjXQDJHQWFRQWUDFWXHO
DUWLFOHWUDYDLOOHXUVKDQGLFDSpVFDWpJRULH&
DUWLFOHUHFUXWHPHQWVGLUHFWVVXUHPSORLVIRQFWLRQQHOV
DUWLFOHFROODERUDWHXUVGHJURXSHVGHFDELQHWV
FROODERUDWHXUVGHJURXSHVG¶pOXV
$ DXWUHV SUpFLVHU
2FFXSHQWXQHPSORLQRQSHUPDQHQWGHODIRQFWLRQSXEOLTXHWHUULWRULDOHOHVDJHQWVQRQWLWXODLUHVUHFUXWpVVXUOHIRQGHPHQWGHVDUWLFOHVHW
6LXQFRQWUDWIL[HFRPPHUpIpUHQFHGHUpPXQpUDWLRQXQWUDLWHPHQWKRUVpFKHOOHLOFRQYLHQWGHPHQWLRQQHUOHFKHYURQFRQIRUPpPHQWjO¶DUWLFOHGpFUHWGXRFWREUH
2FFXSHQWXQHPSORLSHUPDQHQWGHODIRQFWLRQSXEOLTXHWHUULWRULDOHOHVDJHQWVQRQWLWXODLUHVUHFUXWpVVXUOHIRQGHPHQWGHVDUWLFOHVHWGHODORLQ GX
MDQYLHU DLQVLTXHOHVDJHQWVTXLVRQWWLWXODLUHVG¶XQFRQWUDWjGXUpHLQGpWHUPLQpHSULVVXUOHIRQGHPHQWGHO DUWLFOHGHODORLQ
,QGLTXHUVLO¶DJHQWFRQWUDFWXHOHVWWLWXODLUHG¶XQFRQWUDWjGXUpHGpWHUPLQpH &'' RXG¶XQFRQWUDWjGXUpHLQGpWHUPLQpH &', /HVFRQWUDWVSDUWLFXOLHUVGHYURQWrWUHODEHOOLVpV©$
DXWUHVªHWIHURQWO REMHWG XQHSUpFLVLRQ H[ ©FRQWUDWVDLGpVª
HPSORLVGHVHFUpWDLUHGHPDLULHGHVFRPPXQ HVGHPRLQVGHKDELWDQWVHWGHVHFUpWDLUHGHVJURXSHPHQWVFRPSRVpVGHFRPPXQHVGRQWODSRSXODWLRQPR\HQQHHVW
LQIpULHXUHjFHVHXLO
HPSORLVjWHPSVQRQFRPSOHWGHVFRPPXQHVG HPRLQVGHKDELWDQWVHWGHVJURXSHPHQWVFRPSRVpVGHFRPPXQHVGRQWODSRSXODWLRQPR\HQQHHVWLQIpULHXUHjFHVHXLO
ORUVTXHODTXRWLWpGHWHPSVGHWUDYDLOHVWLQIpULHXUHj
HPSORLVGHVFRPPXQHVGHPRLQVGHKDE LWDQWVHWGHVJURXSHPHQWVGHFRPPXQHVGHPRLQVGHKDELWDQWVGRQWODFUpDWLRQRXODVXSSUHVVLRQGpSHQGGHOD
GpFLVLRQG XQHDXWRULWpTXLV LPSRVHjODFROOHFWLYLWpRXjO pWDEOLVVHPHQWHQPDWLqUHGHFUpDWLRQ
5(081(5$7,21 5pIpUHQFHjXQLQGLFHEUXW LQGLTXHUOHQLYHDXGHO¶LQGLFHEUXW GHODIRQFWLRQSXEOLTXHRXHQHXURVDQQXHOVEUXWV LQGLTXHUO¶HQVHPEOHGHVpOpPHQWVGHOD
UpPXQpUDWLRQEUXWHDQQXHOOH
&RPSWH$GPLQLVWUDWLI9LOOH
,9
1($17
,9±$11(;(
$875(6(/(0(176'¶,1)250$7,21 &
$&7,216'()250$7,21'(6(/86$8
&±$&7,216'()250$7,21'(6(/86$8
(/86%(1(),&,$,5(6'(6
$&7,216'()250$7,21
$&7,216'()250$7,21),1$1&((63$5/$&20081(
28/¶(7$%/,66(0(17
&RPSWH$GPLQLVWUDWLI9LOOH
,9
120'(/ 25*$1,60(
/<211$,6('(6($8;68(=
68(=(1(5*,(6(59,&(6&2)(/< (/<2
9,1&,3$5.
&(5&/(+,33,48(
120'(/ 25*$1,60(
6$+/03LFDUGLH+DELWDW
6RFLpWp1DWLRQDOH,PPRELOLqUH
26,&$
6$+/0$QWLQ5pVLGHQFHV
,&)1RUG(VW
120'(/ 25*$1,60(
5XJE\&OXE&RPSLqJQRLV
$VVRFLDWLRQ)RRWEDOO&OXE
&$&&9 &HQWUH&XOWXUHOGH&RPSLqJQHHWGX9DORLV (VSDFH-HDQ/HJHQGUH
&$&&97KpDWUH,PSpULDO
&UqFKHGHOD&URL[5RXJH
&UqFKH)DPLOLDOHGHO $EED\H
6HUYLFH(PSORL&LWR\HQQHWp 6(& 9LFWRLUH0DUpFKDX[
6HUYLFH(PSORL&LWR\HQQHWp 6(& &ORVGHV5RVHV
,9±$11(;(
$875(6(/(0(176'¶,1)250$7,21 &
/,67('(625*$1,60(6'$16/(648(/6/$&2//(&7,9,7($35,681(1*$*(0(17
&±/,67('(625*$1,60(6'$16/(648(/6/$&2//(&7,9,7($35,681(1*$*(0(17),1$1&,(5 $57,&/(6/(7/'8&*&7
'pOpJDWLRQGH6HUYLFHV3XEOLFV
1$785('(/ (1*$*(0(17
$IIHUPDJHGXVHUYLFHGHGLVWULEXWLRQSXEOLTXHGHO HDXSRWDEOH
&RQFHVVLRQGXVHUYLFHGHSURGXFWLRQWUDQVSRUWHWGLVWULEXWLRQSXEOLTXHGH FKDOHXU
&RQFHVVLRQSRXUO H[SORLWDWLRQGHSDUFVGHVWDWLRQQHPHQWV
&RQFHVVLRQSRXUO DIIHUPDJHGXFHUFOHKLSSLTXH$YHQXHGHO $UPLVWLFH
*DUDQWLHRXFDXWLRQQHPHQWG XQ(PSUXQW DX
0217$17'(/ (1*$*(0(17 HQ¼XURV
/HVGRFXPHQWVILQDQFLHUVHWFRPSWDEOHVGHFHVRUJDQLVPHVVRQWPLVjODGLVSRVLWLRQGXSXEOLFjO +RWHOGH9LOOH7RXWHSHUVRQQHDOHGURLWGHGHPDQGHU
FRPPXQLFDWLRQVXUSODFHHWGHSUHQGUHFRSLHWRWDOHRXSDUWLHOOHjVHVIUDLV
6XEYHQWLRQVVXSpULHXUHVj¼RXUHSUpVHQWDQWSOXVGHGXEXGJHWGHO RUJDQLVPH
0217$17'(/ (1*$*(0(17 HQ¼XURV
/HVGRFXPHQWVFRPSWDEOHVUHODWLIVjFKDFXQHGHFHVDVVRFLDWLRQVVRQWMRLQWVFLDSUqV
&RPSWH$GPLQLVWUDWLI9LOOH
+ ASS BUGBY CLUB COMPIEGNOIS 1 Avenue de l'Amistce
80200 COMPIEGNE Exercice clos le 30/06/2014
Bilan - Actif & Passif
Brut Amortisements Déprécarions Netau
06 Nerau 3006713
ACTIF
CAPITAL SOUSCRIT NON APPELE
Immobilisations neorporelles
Frais d'étblisemont
Frais de recherche et de développement (Conessions, brevet et droit ail.
Fonds commercial
(Autres immobilisations incorporelles
Immobilisations corporelles
in Connae
slalom age | ms bin nec
FE au Aa ot {immobilisations financières 683) sr)
Paricipations et créances attachées
| Autres titres immobilisés
[ere Autres immobilsations financières
TOTAL ACTIF IMMOBILISE
Stocks
sui
664
été
2433! 3526 4208) 2401 3373
Matières proies autres approv
En cours de production de biens
| En cours de production de servcos
Produits intermédiaires et finis
Marchandises
Créances
3 146 3146
Cliens et comptes ntachés
Foumisseurs débieurs Penonnel
El, Impôts sur es bénéfices Eu, Taxes aur Le chiffre d'afaires
(Autres créances
Divers
sal 5403 12472
Avance 6 neormpies Vers Sur comme Valeurs mobilières de placement
Disponibilités (Charges constatées d'avance
TOTAL ACTIF CIRCULANT
| Charges à répartir aur plusieur excrices
Prime de remboursement der obligutions Fear de conversion = Act
COMPTES DE REGULARISATION
TOTAL ACTIF
9667
139) 110045
116 684 243
70%
96 6471 Hs 87
1 229) 1 083
00 19471
114281 132844)
Cabinet DELAUTRE - FORESTIER ét Associés Pagel . ASS RUGBY CLUB COMPIEGNOIS 1 Ava de l'Art
40200 COMPIÉGNE . Exerelee elos le 30/06/2014
Bilan - Actif & Passif
Net au Netau
saoé4 300613
PASSIF
Capital social où individuel
Primes d'émission, de fusion, d'apport,
cart de réévaluation:
Réserve égale Réserves sttuuires ou controctuelles
Réserves réglementées Aires réserves
Report À nouveau
Résultat de l'exercice
Subventions d'invetisement
Provisions réglementées
TOTAL CAPITAUX PROPRES
Produits des émissions de tirs participatif
Avances conditionnée
TOTAL AUTRES FONDS PROPRES
Provisions pour risques Provisions pour chaiges
TOTAL PROVISIONS POUR RISQUES ET CHARGES.
Emprunt obligataires convenibles
Autres emprunts Gblitaires
Emprunt Déconserts et concours bancaires
Enmprunts et dettes auprès des Gblissements de crédits
Enmprunts et dettes financières divers | Emprunt et etes financières diverses - Associés
Avance et acomptes reçus ur commandes en cours
Deus lourisseurs et certes rattachés
Personnel
Organtsmes soc Etat, Impôts sur les bénéfices
“Etat, Taxer sur le chfre d'afaires
Brut, Obligations eautomnées Autres etes fiscales et sociales
Deus fiscales et sociales etes sur immobilisations et comptes rattachés
Autres etes
Produit constatés d'avance
TOTAL DETTES
Beuts de conversion = Passit
| TOTAL PASSIF
3949) a06
100 3543
4040! 3949)
156] 30479)
12 620| 1 810l
8256 5 60
2108 aa!
| 1sss| 1897!
15004) 72 100! 110201 128895)
a4ast 132 44
Cabinet DELAUTRE - FORESTIER er Associés Page 2 - ASS RUGBY CLUB COMPIEGNOIS À Ave de l'Art
COMPIEGNE. Exercice clos Le 30/06/2014
Compte de Résultat a
souéz0t4 062013
Produits d'exploitation (1)
Ventes de marchandises 29301 20 Production vendue (lens)
Production vendue (services) 25 02) 22 601 Cire d'affaires net #32 4762
Dont l'exportation
Production stockée Production irumobiliés
Subventions d'exploation 248 050 22338] Reuises ru provisions (et amorissement), ansferts de charges 12458 28818)
| autres produits 169235] 153 170 “Fotal 1 484 066! 451 949
| Charges d'exploitation (2) | Achats de marchandises 18996) 15313)
Variations de stock 3 6 (Achat de matières premières et autres appruvsionnements
Variations de stock Autres achats et charges exe (8) 273 4
Arpdu, taxes ct versements asirlés 906! Salaire ettrements in 3
Charges soc zr03s| Dostions aux amortissements et déprcations
Sur immobilisations dotations aux amortissements 790 1459] _ Sur immobilisations dotations aux déprécatons
Sur actif creulant : dotions aux dépréciations
_ Pour risques et charges : doutions aux provisions
Autres charges 1 4 “ot IL 4x9 621 458 470)
| RESULTAT D'EXPLOITATION (1-11) #88 21 Quotes-parts de résultat sur opérations faites en commun
Bénéfice attribué ou perte transférée [IT
Perte supportée ou bénéfice transféré IV.
Produits financiers
De participation (3) | D'éutres valeurs mobilières et créances de ati immobilisé (3)
| Autres intérêts et produits assiailés (3) 1 058 1901 Reprises sur provisions at dépréciations et transferts de charges 2 000| 490 Différences positives de change
Produits nots sur essione de valeurs mobilières de placement
Total V 3 0s8| 2391 Charges financières
Dotations aux amertissements, aux dépréciations et aux provisions ae] Intérét ex charges amie (1) a «|
Diftrences négatives de change | charges eme nur euione de valeur mobiles deplacement
Total VI 667) 69 RESULTAT FINANCIER (V-VI) 2391) 232) RESULTAT COURANT avant impôts (-HIUI-TV4V-VD) 3164] 199)
Cabinet DELAUTRE « FORESTIER et ssoclés Page3 ASS RUGBY CLUB COMPIEGNOIS 1 Avenue de l'armistice
So COMPIEURE Exercice clos le 30/06/2014 Compte de Résultat (suite)
Joel 30062013
[Fred eccpivandts nee
Se pé l ral wat map
| Tout produise (ID
| charges exceptionnelles
Tin 526
2254 714 10 520!
Sur opération de pesion Sur opérations en capital
Dotations aux amorissements, aux dépréciations ct aux provisions
| Fatieacas ecttnnet (I
RESULTAT EXCEPTIONNEL (VII-VHD)
Participation des salariés aux résultats (IX)
Armpôts sur Les bénéfices (X)
Total des produlis (HHUI+V+ VID)
Total des charges (HV VE VITHTXEN)
BENEFICE OÙ PERTE
(e) Y compris Redrvemces de erécht-bail mobilier
- Redevences de crédit-bat immobilier
{4) Dont produit aférents à des éxerelces antérieurs (2) Dent charges afférents à des exercices antérieurs
(4) Dent produits cencernan Les entité les (4) Dem x comcerma ls ent les
Cabinet DELAUTRE - FORESTIER er Associds
ET TT]
2000)
3930! 279!
3264 1742
sos) 464861)
494 218) 461318 |
100) 353
Paged : ÿ . Edition du 23/10/14 à 175531
DGFip N° 2050 2013
Ps nr À © BILAN - ACTIF
écignaien de renrepris : AFC Date de Pois exprimés ce nombre de mels+ [12
aurese etenrprise 4 RUE EDMOND ROSTAND 60200 COMPTEGE Duréede vers préc LÀ
near Nat [J°
td def eo E jo up 5x TS LS LS
ans of"
ET rniéatuees x) Fe
È Fri de développement + [ex cal : à [oem | io ï
À rod conne) pu x À | Ë Lu ax ÉPaeeemens—|4 ”
MES A 40
BE ln el ol BE eee
BIS Crea hu “ ÉIE me moommoumas [ar au
Élu K ul peer A x
ess ' Sérssmeeœme | a
À [aus cm cu cv
femmes Je pu ËÀ
Parme so) ns
if br ac É[mssmenees Ju Ts |n T7 5 550
roraian [ss 735 [ur 1555 5 550
a ane so mo, an Fo pois den M ol
2 | En cours de production de services [ue | Li
Ê É [rod emidare a ms M mn
E| frs Es lu 55e il Ë Avance a acute vers ar commandes nv uw]
ÉlLormaommmaneor Ë li ro se
Ê 2 Caves re 0) br Br ov2|ca 57 082 81 079 E | cap sont at ape, on vensé co cel
EHETES 0 ce
É [ous be a Fos a
Guns com me al a T as 023
oran Je x Tu ES i
EC © ti
ÉB[rocurmmmaue— 0 fn 3 evécmemens 00 |
or aie env [col Fan AIS TES 710
mme ee CE ue
Et sn Guns
+ Des splietions concement cette brique oat données dans La notice n°2032 ï Edition du 23/1074 à 178531
Formalire hlgsaite (article 3 À © BILAN - PASSIF avant répartition DGRP-N7 20512013 En on impau)
Désaion deFeepase AFE Na CT]
Capital social ou imdrviduel (1)* (Dont versé 3 pa
Pine Dion, En Ga on
Frs érnem Gméenimnnns Je 15
8 [ms bo
É [reummenemas be
É [rensemmmce (CORRE Jar >|» 26 551 36 206
Auroréenes (PET ne ee un 5 us Rene on
RÉSULTAT DE L'EXERCICE (bénéfice ou perte) ot (14 196) (9 355)
pere) Ds
Porn done ox
roro ]or 12 655 25
5 [ares en re para si ÊE [ouscnee box
5 oran pol
Te bl Fi pou cs si Forae Jon
Enpnase vrne js
ae ep Chen or
ps ne bu sa
Enorme ts mama Dh
Ê [amcncnomeenrmnaens bu
À |pene ounmanccnpe nan x su En
Deere als br 2307 17 862
Des mcm oz
du en 2 mix
ans | prit consaés davance (4) lu 38 200
ro mfse CET EE
En serpent mfs
RÉ 7186 169 248
D farce m
5 as a éfololoe men a
il$ ananas ï 2 8 GT oerenereeneaeuen Es
2] fotmmermemmermene pl 55 CET 8 9) | Dont concours banesires courants, et soldes aréiteurs de banques e CCP eus 8 306
Des explemons concemat ee rique at donnes dus ee à Edition du 23/10/14 à 1755531 : DGFiP N° 2052 2013
Ciel=htipamcieLcom
Formulaire obligatonre (article 53 A ®© COMPTE DE RÉSULTAT DE L' EXERCICE (En liste)
Désignation de l'entreprise: APC Néant 0
Ventes de marchandises * [FA | 7 La 1 464
ue noix . on nee É nsne É
À fmnemss rl
| Reprises sur amortissements et provisions, transferts de charges* (9) FP 124 703 59 623
en Fa ÿ D
Er a 6 À nas oc (10) : re 65 626
À [oo anima msn ce
Te fer en
À remercie m ue ou ns ol
À areas ste cl
een 1 srocsenos : :
2 | Différences négatives de change
Ë Total des charges financières (Vn _|GU] 35 87
TRENVONS voile 201 à Den eue once eo tique sat donne dans note AENT Ciel
htépu/hnsiecom
* Edition du 23/10/14 à 17:SS31 DGrip N° 2053 2013
EXERCICE (Suite) Foret (aicle 53 À © COMPTE DE RÉSULTAT DE L' Ce perl des pô)
Désignation de l'entreprise Nént [7°]
7 faces FA 22 [produits exceptionnels sur opérations en cupiai * Hal 200
ä Total des produits exceptionnels (7) (VH) [HD] 2
BE | Dotations exceptionnelle aux amortisement et provisions Ho]
Tarte de ses mu un de Fenreprise a |
TOTAL DES PRODUITS (1 + HE + V + VI) = HL 609 358) 700 533
FL DENENCE Ou PE a pre ie ca) in mie GE A | Don prod net par ur opéon ongeme ol
mom + Crédit - bail mobilier * Hp
ET a 44) | Dont eharges d'exploitation nférentes à des exercices antérieurs {à désiler an (8) ci-dessus) 1H _ |
[ons Dont done fais aux orpanismes d'intret énérl (at 238 bis du Hxl
TT) «
1m FD es prog larges exceptnels (te ombre de go ex mai, soda Le ae) Tu
TO penis produise ape eri anieus RE
[ + Des expliatons poncemant cet rubrique sont données dans la notice n°2032 . & QG) L smaxsmeumé pr N° 2033-A 2014
EXEMPLAIRE
DESTINÉ
AU
DÉCLARANT
Déaiguaion de l'nrepise ASSOCIATION SIMBA FOOT _ Less CT
arese de 'eneprise ru du Harlay 60200 COMPIEGNE
Naméosmer» [4[3[0[21sTsTo[iT3TololoTiTs]
chormunsaeme LE) meurs Lu Es
= ACTIF Be Fa Pa ni
inmobisedone [Fons commercai®_|t10 ES T :
À [mnobiaton compos CE 306 [wo 36393 3239 __ 74]
À bia fan () Lu 100 _ | 100 100
< out (5 [4 39733 |ou 3639 3339 34
TE à ce ‘ x Ê [arhandses + 1] cal
2 avance et acorgues vends sr commandes _|64 PE
è es Ce a cmpes mm | [er) | 6400 52851 50384 |
Ë QD Uaures” 6) rl L7a| 3064 6355|
EH mobiièede pme |") ol
Disponibilités fm 2730 |wse 270 12301
Chrgss constatées d'avance + el 9205 |on4 _ 9205 sas
out 96 74250 | 6400 67850 7526
oui géné 19 [10 is rl 47 | 71190 78361
[ PASSIF _ Er Bent;
api social ou individuel® jan
cart de réévaluation _ U 4
green a |
Ê | ruones semences" _ . | 6089 [er Éabene Garance TT
ÉTmoponanoven hal ss mil
res _ ae! sin 540
[provisions remontées _ _ ol _ Tour | 9261 6089
Proisons pour rues 1 chargs run |1s4
LTEmpruns et des assis se! 3383
Errancs mp eurent | ha _|
Ë Fourniseeurs ét comptes rutachée* rés 922 |
28 |
tres des (do comptes courants d'assoiés de l'enrcie N pel bb #7 42401
rois cond d'avance | ha roms [17 61028 man
ot pénéa r |1so 71190 HET
STORE Cou des d'un an mi È 3] Dont créances à plus d'un Fi CRE ee je 4108
£ Lo penercomerennes | |) eve FA emo |
Te capiatin coco ca aie ont das Lai I-NOT
6 Gop (2) {courre De RÉSULTAT SMPLAFTÉ DE L'EXERCICE (a ie) pcrP N°2033-B 2014
EXEMPLAIRE
DESTINE
AU
DECLARANT
Zi
Gr
FRERES EST Déiaiender'einpe ASSOCIATION SIMBA FOOT es
A - RÉSULTAT COMPTABLE [RENE ", she
RE TE : oo m vo use
É| produion vendue es aies à b1s pu E È unit | ms | mm
à[ rome et _ 2| rodicion mobi _ =
À | Subventions d'exploiation rçues _
À | nues produis os an
oui de prod d'expliaion hors TVA (D 32 152350 is
Achais de marchandises ( compris droits de dune) 7m 12386
Variation de stock (marchandises) U
onu de mare remis eau approviamnemens? (comp ris de donc)
= _Varimion de ock {matières premières et approvisionnement)* L
Ê ae char evemet: CRE ne ao eux |
5 impôes, axes etvencments als pes Pal 3390 912
È Rémunérations du penonnel® _ su 2042
Æ| Charges sociales (ef. renvoi 380) : 8263 2730
EC nouen an mener E 1e 10 | Doi aux provisions can Tao
7 ES Es Ta nus mon VE =
Sn prenais pol rot des capes ul 109 rise
1 RÉSULTAT D'EXPLOITATION (4-11)
0 234 5498
ET trois amiens mi
memes | E all HET LU wb “|
À unanprmts | cv pu
À L mp au es bénéics” can 6
2-BÉNÉFICE OÙ PERTE : Produits (4 + H + IV) — Charges (UE + V + VE + VI)
[s10} 3171 5462
B-RÉSULTAT FISCAL | epaner ie bénéfice comtable col. e déficit omptabl col ? [srl sun pu
Réanrion rangs penonnl ou duels" aus| _]
4 [anaaiemens encens ar 394 C1) res amortisemen non décide
[mes - impts caves no déductible (pag 7 ea mice 20 8) _ =
Eusensss 4 TERRES eu PT
Es es En TE SEE ba Ei Er
RESULTAT FISCAL AVANT IMPUTA TION DES DÉFICTS ANTÉRIEURS eo he za |isi
ES sd :
À| néficus antérieurs reponables * 6.569. dont imputés
sur Le résultat: [60 2857
SUR RR APRES INPUT NON DES DÉPICITS _ Dééie ol 1 Dares [] ra
ESS Eau PT EE es BOTID ont de la T VA collecte Fa irur | isa a en ur] E tn SEEN || RCE VA RIRE fn 65 a pen rom I Le Er T 5° LE
Le
CACCV
Place Briet Daubigny
60200 COMPIEGNE
COMPTES ANNUELS
PERIODE DU 1* JANVIER AU 31 DECEMBRE 2013 ASS CENTRE ANIMATION CULTUREL CACCV BILAN ACTIF
Périodo du 01/01/2013 au 31/12/2013 Présenté en Euros
page +
Edité le 25/04/2014
Ereries ane Horde précédent) ACTIF 32/2013 1422012 {12 mois) {12moïs)
—— Brut [Amon &Pro] Net LA Net %)
Capital souser non appelé @)
Actif Immobilisé Frais d'établissement
Recherche et développement Concessions, brevets, marques, logiciels et rois similaires ocal o6ts2
Fonds commercial autres immobilisations incorporeiles 100 100! 02 100! ce avances & acomptas sur immobilisations incorporelles
orains Constructions
Instaltions techniques, matril 8 out ssson| ame) penses] sa2rsl es autres mmobiisations corporelles asomess| ærormss| senc en] 480000] ex immobiisations en cours avances & acomptes
Participations évaluées seon mise en équivalence Autres Participations
créances ratachèes à des participations Autres titres immobilsée
Prêts Autres immobilisations inancières
865.00! seu
TOTAL(D| 20610120! 28043226 cesss| ou] 1128078! an
Actif cireulant Matières pramières, approvisionnements
En cours de producbon de blens En cours de production de services
Produits intermédiaires ot finis Marchandises asesel 250000! 2483800] si0008! an
avances & acomptes versés aur commandes ss858 Sass8| em] 10478] cor Gients at comptes ratachés 1040081 taoaoar| | 16020670| 0 Autres créances
Fournisseurs déblours Personnel «12490 s 12400!
on 2030| a Organismes sociaux
Etat, impôts sur les bénéfices 25 80200) 25892,00| 14 Etal, taxes sur le chi d'affaires ET mots] créiéas| an Autres 236 00643 amonas|un| 216 sm04|
capital souscrit et appelé, non versä
Valaurs mobilières de placement sc0 e2200 os wsoo|au| 720 608.00| 0 Instruments de Hésorer Disponilités asso 404 a01.81 || 368 000.45|s507 Charges constatées d'avance 2447448 2aarao/ im) 100138 | va)
TOTAL (| rescsosuol 250000! 1a4408280|mu] 1 571 13484|
É 8 1ÉBgsir sur plusieurs exercices qu) 5 de romblfysement des obligations
M Eear ce convethion acif m
TOTAL ACTIF (0 à | 20192236] _+ 060 762,75 | 1 50242262k) ASS CENTRE ANIMATION CULTUREL CACCV BILAN PASSIF
Période du 01/01/2013 ou 34/12/2013 Présenté en Euros
page2
Edité le 25/04/2014
a lon PASSIF 31122013 31/12/2012 {12 mois)
{12 ms)
Capitaux propres
tintoi ÿ Ecarts de réévaluation
Réserve légale
Réserves statutaires ou contractuelles
ne Fo a rem Lemon
a Ep e
TOTAL( 68 549,97| «re 59 842,93| 1m |
Ron gs TOTAL(H)
Provisions pour risques et charges Me, a ne
ane pue sl| le TOTAL (ll) 808 155,91 | «ar 627 203,71 | m0
Emprunts et dettes
ae tement
ee a noces onte anal Rae nee
_e É
rm nm pan nd an mel cils Dettes fournisseurs et comptes rattachés 468 540,52 | 2.5 | 455 776,31 | mo re is small sun . Etat, impôts sur les bénéfices 2338200| 12 CE ee ol Ce en él
AS ae male) aulie pau Ale) ele D se. ee “os a ee
se de " sénnll ess) 8, TOTAL PASSIF (I à V)) Sn ACOGEX SA ASS CENTRE ANIMATION CULTUREL CACCV ë pages COMPTE DE RÉSULTAT
Période du 01/01/2018 au 31/12/2013 Présenté en Euros Edité le 25/04/2014
Exercice clos le Exercice précédent] Vanation
COMPTE DE RÉSULTAT 3142/2013 3142/2012 | absoue |% {12 mois) {12 mos) (2/12)
. France | Exportation Total __T %[ Total | %] Variation [% 7
Ventes de marchandises 13 086,75 1300675 in 2265003| u a 662| a Production vendue biens Production vendue services Fan 491,85 rasastas|ux| 82307542 |os 84 04] sos Chiffres d'Affaires Nots | 751 578,20 151 578,20 [00] 845 713,46 |] 94 #58] a
Production stockée Production immobiisés
Survontons d'exploitation 1660 748.85 fl 1697106,25/mmul ras] a Reprises sur amorts. et orov, transfer de charges 15225086 [ml 2606208/ al 114100) mot Autres produits 2308321[a0l 2476846] 25 5) se Total des produits d'exploitation (h| 2587 517,21/ux] 260572922/wuil 16212) an
Achats de marchandises (y compris droits de douane) a31887| ns 823783| an 018 | ss Vañation de stock (marchandises) 770.87 | os 23184| 50 | ms Achats de mallères premières et autres approvisionnements
Varatian de stock (matières premières et autres approv ) Autres achats ot chargos extomes 12017227 | mul 1259475.38 Impôts, taxes et versements assimilés 2194635| sm] 2048382 Salaires ettrataments 4810420 | um) 453 0686 Charges sociales 204 86045 [21% | 204 33487) Dotations aux amortissements sur Immobilisations 1300 ul 3020958 Dolations aux provisions sur Immobilisations Dotations aux provision aur ae circuiant 1202.58 | su + 302 sus Dotations aux provisions pour ques at charges Siososet|um| soos7z2|m) 201 ou Autres charges assosa is] 8100081 | au aus Total des charges d'exploitation (1)| 2520 06685|m| 236663845/mul 16602 sn)
RÉSULTAT D'EXPLOITATION (1) 2685036! «| 2300007] 162
Quotes-parts de résultat sur opérations faites on commun Bénéfice atibuë ou perte transférée (1) 457682] an avr] ne Parts supportée au bénéfice transféré (V) 284 00000 || 22400000 | mu e0000| rs
Produits financiers de participations Produits des autres valeurs mobilières ot créances
Autres intérêts et produits assimiés 5681,21| an s70727| 10 3086| Reprises sur provisions ot transfors do charges Ditérences positives de change 283 | sn 4 Produis nets sur cossions valaurs moblläres placement
Total des produits financiers (M| 566606| | #707,27| 10 -3 081| aan
ctatiens financières aux amonissemants at provisions Intérêts at charges assimlos
Diféronces négatives de change 257| se [ins Charges nottes sur cessions valeurs mobiles placements
Total des charges financières (VI) 387| om 3 |snoo
RÉSULTAT FINANCIER (V-VI) 5658,04 870370! 1) 3 047] ss | RÉSULTAZ, COURANT AVANT IMPÔTS (HI#IIV4V-VI) | -216914,68/ mu] 29704,47| 2m] zone] ns +
Le os
ACOGEX SA ASS CENTRE ANIMATION CULTUREL CACCV COMPTE DE RÉSULTAT
Période du 01/01/2043 au 31/42/2013 Présenté en Euros.
page 4
Edité le 25/04/2014
Exercice dlosle | Exercice précédent] Vartation
COMPTE DE RÉSULTAT (suite ) 3142/2013 31122012 | absoe |% {12 mois) {12 mois) | (12/12)
Produits exceptionnels aur opérations de gestion a742067| ax sors | ss 2160 | ao Produits exceptionnels sur opérations on capital Reprises sur provisions et transferts da charges 224 19648/a0] 3713600| 40] serotol sun Total des produits exceptionnels (VIh| zr1327,16|m| 4200701! «| 220230) us
Charges exeoplionnelles sur opérations de gestion izos244/ im] 10026! 1» DE Charges exceptionnelles sur opérations an capital
Dotations exceptionnelles aux amortissemants et provisions 4749806 sm] er 208 anoo Total des charges exceptionnelles (VI)| 12932,44| ml @097,30| rw] rte) ms
RÉSULTAT EXCEPTIONNEL (VI-VIN)| 26850472 || 18400304! 276209 ns
Parlcipation des salariés (IX) Impbts sur les bénéfices (4) sarl om sr ne
Total des Produits (HI V+VI)| 2260070,35(mur) 265653440/uo] 21254] vw
Total des Charges (W+IV+VI+VIIIX4X)| 28407229 /mml 208122032150 18018 va
RÉSULTAT NET| 28707,04| sx 529508 | se| 23 412] ua) Bônce Sénèlio
DONTCHEUNEEAITMODIMET Dont Crédit bai immobilier
AGOGEX SA Compte d'exploitation 2013
association CACCU an aus et HT
03 Veraons ice 097 Vars toc maFanaEs
804 ferais a pretatien de vences Bot Achats de 2
044] Achats expos. GB Achats autres pres
806 [Achats non non de maR a EURE 807/Achats de marchandises
61|Serviens extérieurs. Gi] Sous atanen pendre
G12/Resevanee 5e rer bar StifLocatons
Gta lee 18 /Envetien et réparations
16[Prmes d'assurance 17 Etudes trecnerenes
18] Doeumentaton un ae 18] RabNI remises ai nstoumes oem Eu GENRES ERREUS
autres services extérieurs Ex fPorsonner axtriur à asso EEE
SE] Rémndraon diniermédiares Ur DES AS [ Pubs pubteat os, relations puoiques
24 [Transports des bien at ranspors cote Ou 625] Dégiacements, missions et a
2 Frais postaux tri de lécomm unicatons G21|Eentens varcaires et animés
B28[Dvers A2 en a ES Serrures sen ne
251 [impôts taxes où versements ess sut rOmuMDION {um an mes GS /imoètslaxes et versements assimilés sur rémunsraton (rs. 7 ESA ME ms uen etversements ass Is sur LEMMANON {22 en EE 37 {R RE mp tas et versements sois és sur rémunéA Son
6414 ]Romunéraions - 1 1 412]Rémungratons per s9enatechniens
413] Ramunéraions = panonnal artistes Baralinemas.
845/Cnames sous A7 |Autres charges 200
48 Autres charges du, B30[0ICE (Crest ar
851 {Drots auteurs 84 [Pere sur créances SCENE
8 | Quoi parts de ésurat aur para TE 657 [Euventons verspos par assccaion
É58[cnamges diverucs de geason courante
671 [Cages sur da Ga] Cnarges sur xermees enéreus
75] Valsurs comptables des lèmants RC I Ta( Rues charges
A I]O mn amor snwments et punis GE [Dot sur provis
87 [Det aux amonissements et pr oui ERSGES SIDE sole, a ressouices ects
TOTAL DES CHARGES
space Jean
Legendre
EE
HAINE Time
Gran 22e anne
Sie
TRE
ER
TE
TER
Tan SRE
messe ss me
Too SE € meme
Tune 52200€
IN0E ane
CENTS
150081 10€ BONE
ésre en HAE
EZEUTI se2se
TEST
7 ME €
ASE
TETE
Ars at n €
Théâtre Impérial
GE
TEE
HEIN Hassre
ERTNET
HTTE
ÉREUTI
EE Anoere
GER
Tue se2850€
EE Hadase
name H808€
1#000€
HONTE 328€
HE7re
EE
Hinssse TATe
Tanme
CET Tor €
so umone.
EC
10e
LE TEAITS
TIRE
HUE TEE
TUE
FRE
HET
RE ET
THE
EU taaise
Bras srengte
ERA € same
Snase rome
ago Tisrane
roue
ON Foot e
FERONT EREETS
Giraseose ELIZRETS
TN
HI 9228€ ÉTERT
EN
TETE
ELTEFETS
Lpénées AH 153006 12w00e| sro700e T 1000.00€ 1900000|
Résa sa AA € ZT
Le Compte d'exploitation 2013
association CACCU en eures etHT
EU
Legendre
[Ventes de produits fn des
Prenans gees roNTErspe Ter RTE HIRNe] ane fbcanat ransme| 187280 races De sages era sine one [onto ga marerandies nec 1 Traste ETAT oct ca qu hate Tue oise Prouts ges acturé anne a720e miNoase| —oimesse Frnbns, ones a iicumes acED Eur TONGS STE sue ET [ienssère ge ia Cuiure - DRAC Paie 188 000€ 200000c0e | 58600090€ mire de TaCure - DRAC Pleatole - RESISOREE 15 000.00 € 150000E nstre de a Cuture DRAC Picarole» Ecuetion sue a Dre Rs 200€ FOIRE soaoge instre de 1 Cure: DRAC Presei Ans plastiques. 10 000,00 €. 10000E. instre 6e FEauea où Nañonaie - Rectorat ssnoe FRINE Ce eenee ETTET ROSE THEME Canson Réyonar de Par rés sage vanme (anses Rayon de Pate: rate"speciasI S SE Some: TRE 400€ Consei Régie 6e Pare»recto de féducation Sie ERTOT [Consei Ragiena de Plarle Emplois Soldares SRDTE ss00e TEST ON HUE FRE fconesi Gésdrai ce rois-crasEEn Carmen TE 1RO0DDE
[ea ce TUE ET ET TO re Or A HE THE 751 |Redevonces pour concessions, rouols, loences Fiafevenus des Impdisnon acts us cri 0e FREIN
TrafOstetes 58 uoe-pars de sur or SE EEE TR TRE TRE 756|Cisatens soma 00e HE RENE 750[Preduts dhsers de Ten un me 132€ 1282€
781 [Produts des pariapasens. Te2 {Prod ne ue immo sens MATE
T4 [Revenus des vaieurs mob ras Ge placement au Tes fEscomots cbtenus Tea un na IST Te fProauts nas sur as de va ur moBIire de incarnent Tenues produits Mmarcr
es AE MERSER AGE ue à cipositon gratuite aan biens et prestations (ire de Compiègne) one 139en0e| S170n700€ Personnes Bénévoles ion 10 00GD€.
BE TEAR EU) Région :ORD OUEST Code sueur 00628
el ture: CUECHE COLLECTIVE Va sueur : COMPIGE
Bree 23 Pérsée: annuel
,,
ACTIF TS SE DRRATN COMPTE ur antonra OU] — HE no se | mx
se EE M ME EE MT fmoniusanonsmeomrorenes EE 2 EE
Fur rsemenr Fo cas] ro echec at abapsement 20000 o|
ook aan (rit, nc. lp) eos 1x] 107» 37 us amas] 51204 or aubst ose ace
[narerimmontnnon neupareies aoacore ace mettons encours capote romeo av
fronsrnons conronues EE M2 ET EE 72 are ES — D
hancemens aménagements trans 210000 ace commun fasse | nwmmel unz] savon] nul 10m] xl
ta echiques matt culot zoo | anses] æabol wox] sm» rss] ml sénat etourtre roro ao
at arte gene aménager (erssoo | usmn] sous] sad 7071 né ce rare non scene Leo oc
ess soupe courtes euro 00 née remet tmtiaue essono | mal we] nul asnçwl na] 1525]
ons sono | 22e 3796] 32408 co] 2530) res immontton core 215000 ce
rmshitiatos phase ot Es ave] mme n cou corretes [nar1000 ssuso seu0l animal sn seal
oonasa on ras vo a oo 90 as] Pts once score en [RIRE LT ail
Le, ences cordes pars aaresumecne Last os ol ns arccevosar pt enes serre ms 200
as upon er aucbes Goo aa saut ere consvurion errsare aoo|
ares e parisien et crémcs anche res aol reset (cts cn} Luaroe as]
et cautnement vtt ao av| tance upasag en dti be areso00 20)
res rtncesmmobtes ones al Fous Æ ma
Mere prerertumucmenmanes [ra Dao) TD] A] Sa] 7 rat en cu et marcndet some ax)
fomres De nes -envances RSR SENS ue] Come ce hpion-céme someone [nn Du au
LConçte selon crmces-œveunntcnr [eco CES are sos] so] nl compte Laon run opt Lanngoo | soma snox| sn] om] so
cames courant marne does sannco Es av ce ncomges vents nan uso osocco as0 ol un] amsn] amonl
ciemss ha sn#a8| cof sm] num] 50%] 1m] ces rave ets neo En ad
ets coureur ut stone av ae sonne comptes nes (hi saasooco sa | 200 ao] 200] sos
sur tea sue organes save faurono | sm] some] mx] usa] ml nul ut tes cotes pates uso | 131 mom] msi] 5714] 552
comptes courent ac) Lasacone vo odut rec non tua) 46300 sv cœ| wsus| ar] 1000 étraurs ven [como anse] 237000] #05 sul sn) FssOnEE ACTE Kad CC ME ET ET
eur mob pee ET (co uv chaques mener (rasineo un au
neue ran uen (R} somme sous es 1529] 1505) ax] ao aus nt (I sauo | am] ss saone] arm] ammsse) so
sue pote soon ms ax comtesse some mn. as
congts courantes es1200 me ace nés rs à rio owqusrenfuornées | 5187000 mo ave
ét our ren oongurs tomes [so san] save nes) ns] ans eus [530000 ess] soon à np 3528 rss] _ ren
mer ETAT see] so ons ges ces saone be of 00 uso] uso]
— FE Be Creer
npmé ie 2/2OUS 1 icon: oRA Outer
ie eve COMRGNE
(PASSIF roues | man PE
mes HR | ren an" 25 ones roms EE
ed nc rom] — une] Het com ton an rep sm se
ee cons na tou. tre ds Laon ct see ran mans sam] mx] axe &æ| com
a erranen some ol In ao tan nus sera warel a] com
État meurs renier sus sal area à teman sumel we] ue ce] conl
crée otre cnoern au so se ane a cmoemmanr ses se
are dé acer au ane. sue fa enes
nono sat] sem 8] con Mesptemes 5 ce sel
thon éme sm 32
ue mem na 42087 sue 23074 53] col sc mme de em 52] so
srer nm] un] son] GENRE DE 2 7 ET
comme UT Fate ef MN] se an me me nt ep nos pa
me rpm mul motl 7e 22% arr ct à RE co] col
ae ment orme mot nues sal (nes: des sus] ww] am] 470] nl
areas denaner ns al in rm ont etes sisæ | 1œumel mans] na] 14
(conan mea man se rl sp ae | re
M ED NEET ef] res mus TE a a
Men Eu étant sise som sue] rose Mao ro cu pres al
Poeeoseres some 2) aa 5 55)
romans Du a] Ms ne naorromnven au ssl
ess Ex sal En Fns emrp eremmme TRE pr
em om at sue al we] non asc mt mm] ua xen] um] sein
ra me om as sun] ES #2 ou] am hipastacid ses |
LE vor mm ice ml nd s@| can Lin me pere sie |
fonreenes aus cf Een e eee manne DST en me nm
Le dm rs ae sue] do un] Own] in Come de ann mg sal mime] mel uen] on
onpnren rmramnus sims
Manon bete Man] mel Hs] 2e
Fra: Pannes isa el mel von mcm nan Pan el da] ce 0]
ce mat mul ul on 2 (mas sr mal Han] dima in
Hs one na eme mass Fuel ue] ssl in sv cena paient el en] Some) de
pi mm mer) rl Kent mes suwl © umo] isr3m
See ss] oi Æ re es Pr
rende ram ro
cu our nu nen tante
Ro ts mm Re Pa nr) si
et me Et agen MON OUEST code muaure: aus
lé sur : CRE COUEERVE ae arr COMPAQ
Berdee 2 Période ane
[PRODUITS Tous Nom Tours TOR TO ananon PMP ones | vvreane | vous | uso | sus Mae À os
SEAT ss a] mc ri ar] Free de rodus onu parFinnt Frs er ao] nn] 5000]
crane e marcranes 320700 or vo aol (tabs a art winter ane] wearn] ES men] nan] dsseral issu
roi pete mc ro | 16750 1060050 ax) [rca es mantrations ot armes à rene | amesi-eese a
route conan farterra) asso ares sos nl rca ou ennes etemarn use | unes aux
eur os ann monte a race | as 200 [run es canon most areussce sms a]
(ares praters evene sn ses] um 1e500] 3600] 13200! étxusenl rs émet ineme red me | om» une |
rouchon aie ou mmctinée a noce Es Do sal Manon gout pour on de name Fraae La ES ai
Porvenmors rues EL cy as ss 2 [renom guitares etes Frans ME MMA] 100008] fliments Eragon ects wrasoce | «ascoao| essel noix] assn| mul [ut AGEN CASE rarement cons ts — | s. 7240 433] 42044 ans)
ann Soprano 8 roc | oo : = £
(Pan non et cn races ao] [oo atcrs aprés urnaton conter asaece cel
[mous ea vante 6e ns an roue (era) | 7542000 ms al Loutie nana saieee ms. ac
[sains reçues des anéants vas > om 000] pr ce ane aa as ss mn ao
[coran reçue àactionnaire 2 me | me aemar ao
MROQUITS GG COURAI Tor] FE LU FE au ce ue tros or Tr rue etre res ms. sos [tes sus are uns 85 mm uses [Fond ce tarmabn tordatt ms re [aucte-u statut et tondt commun osé ss res
(eo rot eme € pur nc reçu) ss | ss ver faune pan de era auras seras Es
[or au tueenensermest re a D aron| sn] ursramsr 2130] ns reçus eur 87000 ans sans
free crane sic es mon. remboursement 6e ri ar sme3%0 2m an mazsl 791782] aooconl
run cs de grencouon 8720000 rasasr| verse ratas| 1029] 347] ess] Mans sl ES) Er =
run ré au ae ue sn | ss unes ax] [ses produs prancen 1 rucoce | ES Es Æ [emoouns serons sai | sal sa]
Pas ess au 6° de get aus Be ae Frame D rout non n en compte art mr M riuun0 om mor
[dat és env étémants act ES es
AMONT ET PRONIOS _ se mn (grues amortsements nie Eu ES enr sur proies (eoratn) anse somasl > ms. 2] mal sm] ren [gra tr provsia france a rmocce| pe pes
age sur pronom (roma) narcoce | pe. so. (seonu sr prpésioe rgtremees wrarasee| es] > D rx]
fmansronrs 0e und siens D ES
farsuerar nr Es EXT] Later: OM CITE Crois-rouge française +
Em
nes
x al
Fa
same] 1m] maximun ml
fe comen sue] un] macun as] onu] sel
Tong den sue emal on sal one]
en pan men sous] ef es al mel Puma ment re more er es ES neu| ml
nn Gr tes ar mais Fe
Écran er md ee)
Émis sms Fun] nues] ww] mal Un] os one mes ur] sa] ul 6] sun]
parement a] im) ira nn] Ro E E
be mms Sen ee] MS] HS] un) uns 2 sal "à nas] _ se
Fa Feet ent M AU] Mon]
huuse| 34 rs — sm] un] ous] man)
sons] mer] mar mi] sr) san]
name] uran] mure. man] uns) sl
Ent =
TE sal 53} =
fa ere D = È
ie mens égen ok Outer Code mrveure 43
ban sucre: CHENE COULCTNE encugtançone MU Lacie 300
CHARGES Z Fer | [na | own | un TRE RTE ot | _ocemes | nomme | nemes | navams | anne [ss Tux (GET HT Mnnf 4m) rss aurogout erens 0 Fr oo ane] Pre a rares mére, asaosoo) un ne san] man] a) sion ou st tes mm ses) un Les cel ne de ere) mm | ss acsst mano] mal mes] sos] al re tre are mm | ss esta | les odèes au trs ut Ur os | ve ss &2| fran re ons | mess eee] uote ar ane ot men ani ss | ss al nr re ere & par acces mt) Gus ms | ses al (re css uen mu. uso) aan] és sors] nm] we] ss ECTS] EC 2 ET
mnne| iomnf mr sous] 1neud rss] sesenl lose nets ar bon 08 susrane| " ss "al
ns re More asc Es Es ul oran txcrenONEuE ssl TIR 550]
(r ertminnaerememenuns [rom Sao wa] 000 ras rites pres nes roms) sera | | rc cometatie er brandt tt __|narance Fe TAIONE AI PHONE | Res Morin saone Fans] _aomai NS] SN] Hima asx Lotions sn prose (otatent seno| ner) en] mel wual rad cris aprem (ane) 8 suco| ol otatens no mere (rater senc cl ananas rm (ereprerne) a sem cc] aanons sur rouen rémerte a arr so] oœ] sex] sus] mon SN EE are] (TD Es) Tr
rs ru 3 4 a] ane ST nine ER Ca: CRECHE FAMILIALE DE L'ABBAYE
BILAN ACTIF
Etats Financiers au 31/12/2013
az AO
Tr [Amon dépit | Net Net
ACTIF IMMOBILISE Immobilisations incorporelles
Frais d'établissement Frais de recherche et développement
Concessions, bruts, licences, logiciels, ds & val. similaires Fonds commercial (1)
Autres immobilisations incorporelles Immobilisations incorporelles en cours
Avances et acumpes Immobilisations corporelles
Terrains
Construtions Installations techniques, matériel et outillage industriels
Autres immobilisations corporelles Immobilisations grevées de droits
Immobilisations corporelles en cours
Avances et acomptes Immobilisations financières (2)
Participations
(Créances raachée à des participations Titres immobilisés de l'activité de poreeuille
Autres titres immobilisés Prêts
Autres immobilisations financières TOTAL o
Comptes de laison
ACTIF CIRCULANT Stocks et en-cours
Matières premières e approvisionnements En-cours de production de biens
En-cours de production de services
Produit intermédiaires et finis Marchandises
Avance el acomptes vers ur commandes Créances d'exploitation (3)
Créances usagers et comptes ranachés Autres crées
Valeurs mobilières de placement Instruments de trésorerie
Disponibilités Charges constatées d'avance (5)
TOTAL an
Charges àrépartir sur plusieurs exercices nn) Primes de remboursement des emprunts av
cars de conversion actif cv
4659
6042 29 117
94201
6985 157311
2661 s74
187s1
60304 29 080
3068
3068
121 3
3917 157311
22 661 574
184463
201 75
552 219 589
1328 565
227004
[TOTAL GENERAL aan sin im62] 227280 (TT dont dre au Ball (2) dont à moins d'un an
(3) ont à plus d'un an ENGAGEMENTS RECUS
Legs nets à réaliser = acceptés par les organes statutairement compétents
autorisé pur l'organisme de tutelle Dons en nature restant à vendre
In Extenso CRECHE FAMILIALE DE L'ABBAYE
BILAN PASSIF
Etats Financiers au 31/12/2013
TETE) su22012
Net Net
FONDS ASSOCIATIFS
Fonds propres Fonds associatifs sans droit de reprise
Dont les et don. avec contrepartie d'actifs immo, sub. d'invent affectés à des biens renouvelables Ecarts de réévaluation
Réserves sautares ou comtmetuelles Réserves réglementées
Autres réserves Report à nouveau
RESULTAT DE L'EXERCICE (excédent ou déficit}
Autres fonds associatifs Fonds associatif avec droit de reprise
Résultats sous contrôle des tirs ianceurs Ecarts de réévaluation
Subventions d'investissement sur biens non renouvelables Provisions réglementées
Droit des propriétaires (Commodat) TOTAL mn
Comptes de liaison an
PROVISIO!
Provisions pour risques Provisions pour charges
TOTAL an
FONDS DEDIES
Sur subventions de fonctionnement Sur autres ressources
TOTAL ay
DETTES (1)
Emprunt obligataires Emprunt et dettes auprès des établissements de crédit (2)
Emprunt et dettes financières divers (3) AAvances et acompte reçus sur commandes
Dettes fournisseurs et comptes rattachés Dettes fiscales et sociales
Dettes sur immobilisations et comptes rattachés
Autres dettes Produits constatés d'avance (1)
TOTAL m Ecart de conversion passif on
28355
89.660
1801s
4260 61638
709
66607
53 148
-24793
28358
55155
4592 138 862
sis
198925
[TOTAL GENERAL aivn 184 622 227280 NT Dora mots d'un an TA TERRIER de avances er acompres reçus sur commandes en COUT 1) Dontà plus d'un an (A l'exception des avances et acomptes reçus sur commandes en cours)
(2) dont concours bancaires courants et soldes créditeurs de banque (1) dont emprunts paricipatifs
770 TT
55155
ENGAGEMENTS DONNES
In Euvbanen CRÈCHE FAMILIALE DE L'ABBAYE
COMPTE DE RESULTAT
Etats inanciers au 31/12/2013
| In Extenso
EP sn
Total out
PRODUITS D'EXPLOITATION Ventes de marchandises
Production vendue Prestations de services 207438 206454
MONTANT NET DES PRODUITS D'EXPLOITATION 207 448 206454 Production stockée Production immobilisée Subventions d'exploituti 941 370 946054 Reprises sur amortissements, dépréciations, provisions et transferts de charges #32 655 Collsctes Cotisations Autres produits 207 814 177820
TOTAL DES PRODUITS D'EXPLOITATION (1) oo 1364 959 1336 839
CHARGES D'EXPLOITATION Achats de marchandises - 20
Variation de stocks (marchandises) Achats de matières premières € autres approvisionnements 103 16 Variation de stocks (matières premières e autres approvisionnements) Autres achats et charges externes (2) 45764 40976
Impôts, tases et versements assimilés 71981 83 300 Salaires et aitements 660 599 721 289 180264 210252
Autres charges de personnel 108 050 117 170 Doitions aux umortissements sur mmobilisaions n7 18 Dotions aux dépréciations sur Immobilisations Dotations aux déprécitions sur actif circulant 101 125 Dotations aux provisions pour risques et charges Autres charges 207 830 178082
TOTAL DES CHARGES D'EXPLOITATION (3) an) 1 274 809 1352485
[RESULTAT D'EXPLOITATION am 90150 ser Quotes-parts de résultat sur opérations faites en commun Excédent atribué ou déficit transféré au
Déficit supporté ou excédent transféré an
PRODUITS FINANCIERS De participations (4)
Autres valeurs mobilières et créances de l'actiimmobilisé (1) Autres intérts et produits assimilés (4) 6 40
Reprises sur déprécations provisions transferts de charges Différences positives de change
Produits nets sur cessions de valeurs mobilières de placement
TOTAL DES PRODUITS FINANCIERS m 6 m1
CHARGES FINANCIERES Dotations aux umortissements, dépréciaions et provisions
Antérèts et charges assimilées (5) ss 9 Différences népaives de change
Charges netes sur cesions de valeurs mobilières de placement TOTAL DES CHARGES FINANCIERES On ss 998
(2: RESULTAT FINANCIER Cv -ss] -ss]
[B= RESULTAT COURANT AVANT IMPOT GEI V4 VVI | 89602 | 16 605 |
s CRECHE FAMILIALE DE L'ABBAYE
COMPTE DE RESULTA
Etats Financiers au 41/12/2013
Aro AA
Total Total
PRODUITS EXCEPTIONNELS Sur opérations de gestion
Sur opérations en capital Reprises aur dépréciations, provisions et transferts de charges
TOTAL DES PRODUITS EXCEPTIONNELS cv
CHARGES EXCEPTIONNELLES Sur opérations de gestion:
‘Sur opérations en capital
Dotations aux amortissements, aux dépréciations et provisions
TOTAL DES CHARGES EXCEPTIONNELLES cn
980
923
6003
6003
CT
14191
[E= RESULTAT EXCEPTIONNEL VI) I ris]
linpôts sur les bénéfices x)
TOTAL DES PRODUITS CE Va VID
TOTAL DES CHARGES IV VHRVITIHIX
1365945
1276286
1342881
1367673
[S=SOLDE INTERMEDIAIRE sal Er [À Report de ressources non rss des exercices antérieurs
= Engagements àréaliser sur resource affectées
| [6- EXCEDENT OÙ DEFICIT 2479
TT don prod arens à des exercices antérieurs | (2) dont redevances sur crédit-bail mobilier
dont redevances sur crédit-bail immobilier 4) dont charges afférentes à des exercices antérieurs
+ |(4) dont produirs concernant des entreprises liées 5) dont intérêts concernant des entreprises liées
EVALUATION DES CONTRIBUTIONS VOLONTAIRES EN NATURE
| [coduits
Bénévolat Prestations en nature
TOTAL
| Charges
Secours en n Mise à dispos
Prestations Personnel bénévole
TOTAL
jon gratuite de biens
|
| In Extenso SEC VICTOIRE ET MARECHAUX
BILAN ACTIF
Etats Financiers au 31/12/2013
EMPATE) EMEA
Brut Tao dépréir Net
ACTIF IMMOBILISE Immobilisations incorporelles
Frais d'établissement Fra de recherehe et développement
Concessions, brvts, lieenees, logiciels, dts & val similaires
Fonds commereal (1) Autres immobilisations incorporelles
Immobilisations incorporelles en cours Avances et acomptes
Immobilisations corporelles Terrains
Constructions Installations techniques, matériel et outillage industriels
(Autres immobilisations corporelles Immobilisations grevées de droits
Immobilisations corporelles en cours (Avances et acomptes
Immobilisations financières (2) Participations.
Créances rattachées À des participations vobilisés de l'activité de portefeuille
titres immabilisés Près
Autres immobilisations financières TOTAL wo
Comptes de liaison
ACTIF CIRCULANT Stocks et en-cours
Matières premières et approvisionnements Em-cours de production de biens
En-cours de production de services Produits intermédiaires et
Marchandises (Avances et acomptes versés sur commandes
Créances d'exploitation (3) éances usagers et comptes rattachés
Autres créances Valeurs mobilières de placement
Instruments de trésorerie Disponibilités
Charges comtatées d'avance (3) TOTAL an
Charges à répartir sur plusieurs exercices am Primes de remboursement des emprunts av
Fcarts de conversion actif (wi
175 600
269351 246
445 197
175 600
269381 246
445197
198 809
ans 237
az6t
[TOTAL GENERAL av] as 107 I aazier T7 ao dronrau Fa 2) dont à moins d'un an
3) dont à plus d'un an ENGAGEMENTS RECUS
Legs nets À réaliser = acceptés par les organes sututairement compétents
= autorise par l'organisme de tutelle Dons en ratire restant À vendre
In Extenso SEC VICTOIRE ET MARECHAUX
BILAN PASSIF
Etats Financiers au 31/12/2013
sus sua
Net Net
FONDS ASSOCIATIFS
Fonds propres Fonds associatifs sans droit de reprise
Dont legs et don. avec contrepartie d'acifs inma, sun. d'iven. afectés àdes blens renouvelables cars de réévaluation
Réserves statutaires ou 6 Réserves réglementées
Autres réserves Report à nouveau
RESULTAT DE L'EXERCICE (evcédent ou déficit)
Autres fonds associatifs Fonds associatif avec dit de reprise
Résullats sous contrôle des tiers Financeurs Earts de réévaluation
Subventions d'investissement sur biens non renouvelables Provisions réglementées
Droits des propriétaires (Commodat)
TOTAL œ
Comptes de liaison an
PROVISIONS
Provisions pour risques. Provisions pour charges
TOTAL a
FONDS DEDIES
Sur subventions de fonctionnement Sur autres ressources
TOTAL av
DETTES (1)
Empruns obligataire Emprunts et detes auprès des établisemems de erédit (2)
Emprunt et detes financières divers (3) ‘Avanees et acomptes reçus sur commandes
Denes fournisseurs et comptes rattachés Des ficales et sociales
Dents sur immobilisations et comptes rarachés Autres dettes
Produits constatés d'avance (1)
TOTAL om Lars de conversion passif €
mctuelles
408 893
3836
42m
3104 FE
133 15683
32468
370428
29468
2607 14 004
1 008 15.643
33268
[TOTAL GENERAL aavn 445 197 ait] 7 Dont à moins d'un an TA T'exceprion der avances 87 COMPTES FEFIO FU COMME En SON) 1) Dent à plus d'un an (A l'esception des avances et scomptes reçus ur commandes eh euurs) (2) dot concours baneaires courant et soldes eréditeur de banque (3) dont emprunts participatif
FITE FA
ENGAGEMENTS DONNES
In Extenso SEC VICTOIRE ET MARECHAUX
COMPTE DE RESULTAT
Etats Financiers au 31/12/2013
ETES AA
To out
PRODUITS D'EXPLOITATION Ventes de marchandises
Produetion vendue Prestations de services
MONTANT NET DES PRODUITS D'EXPLOITATION Produetion stockée
Production Immobilisée Subventions d'exploitation:
Reprises sur amortisements, déprécations, provisions et transferts de charges Colletes
Cosations Autres produits
TOTAL DES PRODUITS D'EXPLOITATION (1) w
CHARGES D'EXPLOITATION ‘Achats de marchandises
Variation de stocks (marchandises) Achats de matières premières et autres approvisionnements
Variation de stocks (matières premières et autres approvisionnements) Autres achats et charges extemes (2)
Impôts, tes et versements assimilés Salaires et traitements
Charges sociales Autres charges de personnel
Doutions aux amortissements sur immobilisations Dotations aux dépréciations sur immobilisations
Dotations aux dépréciations suractif cireulant Dotations aux provisions pour risques ct charges
Autres charges
TOTAL DES CHARGES D'EXPLOITATION (3)
302531 119
12191 128
235842 593
300 621
331202 970
soois
10.098 tu
243381 43510
sis 16
(RESULTAT D'EXPLOITATION 39 Fe] Quotes-parts de résultat sur opérations faites en commun Excédent atribué ou défici transféré on
Déficit supparté ou excédent transféré uv
PRODUITS FINANCIERS (De participations (4)
{Autres valeurs mobilières et créances de l'utif immobilisé (4) ‘Autres imérèt et produits assimilés (4)
Reprises sur dépréciations, provisions et transferts de charges Diférences positives de change
Produits nets sur cessions de valeurs mobilières de placement
TOTAL DES PRODUITS FINANCIERS w
CHARGES FINANCIERES Dotations aux amortissements, déprécations et provisions
Intérêts et charges assimilées (5) Différences négatives de change
{Charges nettes sur cessions de valeurs mobilières de placement
TOTAL DES CHARGES FINANCIERES an
Lo
ion
u
1943
10
1
(B=RESULTAT FINANCIER VD 1oss] Ts]
[=RESULTAT COURANT AVANT IMPOT CEE VI Tr] 274]
In Extenso SEC VICTOIRE ET MARECHAUX
COMPTE DE RESULTAT
Etats Financiers au 31/12/2013
sans BA2ANE
rot Total
PRODUITS EXCEPTIONNELS Sur opérations de gestion
Sur opérations en caplual Reprises sur dépréclations, provisions et transfer de charges
(TOTAL DES PRODUITS EXCEPTIONNEL wi
CHARGES EXCEPTIONNELLES Sur opérations de gestion
Sur opérations en capital Dotations aux amortissements, aux dépréciations et provisions
TOTAL DES CHARGES EXCEPTIONNELLES im)
258
258
L=RESULTAT EXCEPTIONNEL RTE nm
Impôts sur Les bénéfices ux) 257
TOTAL DES PRODUITS reve vin
TOTAL DES CHARGES anvevievinix)
304739
300 902
342888
13393
[S=SOLDE INTÉRMEDHAIRE ER 29465 ]
+ Repor de ressources non utilisés dex exercices antérieurs
Engagements à réaliser sur ressources affectées
[6-EXCEDENT OÙ DEFICIT EI 29465
FT dont prod are à des exercices anus 2) dont redevances sur crédit-bail mobilier
dont redevances sur erédt-bail mmoblier 3) dont charges afférentes à des exercices antérieurs
4) dont produts concernant des entreprises liées (5) dont intérts concernant des entreprises liées
EVALUATION DES CONTRIBUTIONS VOLONTAIRES EN NATURE
Produits
Bénévolat Prestations en nature
Dons en rature
TOTAL
Charges
Secours en mature Mise à disposition gratuite de biens
Presations Personnel bénévole
TOTAL
In Extenso SEC QUARTIERS CLOS DES ROSES Etats Financiers au 31/12/2013
BILAN ACTIF
ETUI SAN Mt [Amon dép | Na Ne
ACTIF IMMOBILISE Immobilisations incorporelles
Frais d'éublissement Frais de recherche el développement
Concexsions, brvts. licences logiciels, dr & val, similaires Fonds commercial (1)
‘Autres immobilisations incorporelles Immobilisations incorporelles en cours
Avances et acomptes Immobilisations corporelles
Trains Constructions
Installations techniques, matériel et outillage industriels Autres immobilisations corporelles
Immobilisations grevées de droits Immobilisations corporelles en cours
Avances et acomples Immobilisations financières (2)
Participations Créances ratachées àdes participations
Titres mobilisés de l'activité de portefeuille Autres tres immobiisés
Près (Autres immobilisations financières
TOTAL &
Comptes de liaison
ACTIF CIRCULANT Stocks et en-cours
Matières premières et approvisionnements En-cours de production de biens
En-cours de production de services Produits intermédiaires et finis
Marchandises Avances et acompte versés sur commandes
Créances d'exploitation (3) {Créances usagers ét comptes rattachés
Autres créances 3542 Valeurs mobilières de placement
Instruments de trésorerie Disponibilités 360751
Charges constatées d'avance (3) #7
3542 4 606
360751 370239 #7 #
TOTAL qu 364380 364380 374929 Charges à répartir sur plusieurs exercices qu
Primes de remboursement des emprunts av) Ecars de conversion actif a
[TOTAL GENERAL. av] 361380]
7 or drain Bal 2) dont à moins d'un an
3) dont à plus d'un an ENGAGEMENTS RECUS
Legs nes à réaliser: = acceptés parles organes sututarement compétents
autorisé par l'organisme de tutelle ons en nature restant à vendre
sal 392]
In Extenso . SEC QUARTIERS CLOS DES ROSES
BILAN PASSIF
Etats Financiers au 31/12/2013
SAS Sin
Net Net
FONDS ASSOCIATIFS
Fonds propres Fonds assoeitits sans droit de reprise
Dont legs et don. avec contrepartie d'arifi immo, sub. d'imvest. affectés à des biens renouvelables Ecars de réévaluation
Réserves statutaires ou contractuelles Réserves réglementées
Autres réserves Repon À nouveau
RESULTAT DE L'EXERCI
Autres fonds associatifs Fonde associatifs avee droit de reprise
Résultats sous contrôle des ler financeurs cars de réévaluation
Subventions d'investissement sur biens non renouvelables Provisions réglementées
Droits des propriéraires (Commodat)
TOTAL o
Comptes de lalson qu
PROVISIONS
Provisions pour risques rovisions pour charges
TOTAL an
FONDS DEDIES
Sur subventions de fonctionnement Sur autres ressources
TOTAL uv)
DETTES (1) Emprunts obligataires
Emprunts et dettes auprès des établissements de crédit (2) Emprunts et dettes financières divers (3)
‘Avance et acomples reçus sur commandes Dettes fournisseurs et comptes rattachés
Dettes fiscales et sociales Dettes sur immobilisations et comples ratuchés
Autres demes Produits constatés d'avance (1)
TOTAL m Eeurts de conversion passif av
excédent où déficit}
ET
15260
128 406
3746 30837
175 669 2571
235974
16612
= 33496
113 146
2741 33970
198070 26 096
261784
TOTAL GENERAL da vn 364 380 37402 Don à mots d'un an (A l'exception der avanses el neo requ qur comme En FOUT 1) Dont à plus d'un an (4 l'exception des avances et acumpres reçus rur commandes en cours) 2) dont concours bancaires courant et soldes eréditeurs de banque (5) dont emprunts participatif
ST TETE
FNGXGEMENTS DONNES
In Extenso SEC QUARTIERS CLOS DES ROSES
COMPTE DE RESULTAT
Etats Finuneiers au 31/12/2013
sus SUR
oual oral
PRODUITS D'EXPLOITATION Ventes de marchandises
Production vendue Prestations de services
MONTANT NET DES PRODUITS D'EXPLOITATION Production stockée
Production immobilicée Subventions d'exploitation
Reprises sur amortissements, déprécations, provisions e transferts de charges Collectes
Cotisations Autres produits
TOTAL DES PRODUITS D'EXPLOITATION (1)
CHARGES D'EXPLOITATION ‘Achats de marchandises
Variation de stocks (marchandises) Achats de matières premières e autres approvisionnements
Variation de stocks (matières premières et autres approvisionnements) Autres achats et charges externes (2)
Impdts, taxes et versements assimilés Salaires et traitements.
Charges sociales {Autres eharges de personne
Dotations aux amortissements sur immobilisations Doutions aux dépréciations sur immobilisations
Dotations aux dépréciations sur actif circulant Dotations aux provisions pour risques et charges
Autres charges
TOTAL DES CHARGES D'EXPLOITATION (3)
&
un)
936
936
487729
i724s 5600
309253 s 712
475909
5365
8865
508 201 #63
sr928
16915 1613
464173 Slt
ssrsin
[LÆRESULTAT D'EXPLOITATION un) I Re]
Quotes-parts de résultat sur opérations faites en commun Excédent attribué ou déficit transféré
Détiit supporté ou excédent ronsféré am av)
PRODUITS FINANCIERS De participations (4)
Autres valeurs mobilières et ertances de l'utif immobilisé (4) Autres Inérèts ec produits assimilés (4)
Reprises sur dépréciations, provisions et transterts de charges Différences positives de change
Produits nets sur cessions de valeurs mobilières de placement
(TOTAL DES PRODUITS FINANCIERS
CHARGES FINANCIERES Dotations aux amorissements, dépréciations et provisions.
Intérêts et charges assimilées (8) Différences négatives de change
Charges nettes sur cessions de valeurs mobilières de placement
MOTAL DES CHARGES FINANCIERES.
m
an
22
228
a
5237
527
[B=RESULTAT FINANCIER
EERESULTAT COURANT AVANT IMPOT
In Extenso
22]
15006|
SE]
=] SEC QUARTIERS CLOS DES ROSES
COMPTE DE RESULTAT
Etats Financiers au 31/12/2013
sans IRON
rot Total
PRODUITS EXCEPTIONNELS Sur opérations de gestion
Sur opérations en capital Reprises sur dépréciations, provisions et transferts de charges
(TOTAL DES PRODUITS EXCEPTIONNELS on
CHARGES EXCEPTIONNELLES Sur opérations de gestion:
Sur opérations en capital Doutions aux smortissements, aux dépréciations et provisions
TOTAL DES CHARGES EXCEPTIONNELLES rm)
sai
sai
40
40
1159
1150
287
287
[= RESULTAT EXCEPTIONNEL Cv FA
Impôts sur les bénéfices ux) 546
TOTAL DES PRODUITS cnevavin)
TOTAL DES CHARGES Cvavie Vite)
401779
476 519
s24525
s67821
[=SOLDE INTERMEDIAIRE 15260 30e Reponr de ressources non usées des exercices antérieurs
= Engagementsà réaliser sur ressources affectées
[-EXCEDENT Où DErIQIT 15260 | 234%
T7 dont prod afférents à des exercice andeurs 2) dont redevances sur erédit-ball mobilier
dont redevances sur erédi-bail immobilier 3) dont charges afférentes à des exercices antérieurs
4) dont produits concernant des entreprises liées 5) dont intérêts concernant des enreprises liées
EVALUATION DES CONTRIBUTIONS VOLONTAIRES EN NATURE
Produits
Bénévolat Prestations en nature
Dons en nature
TOTAL
Charges
Secours en nature Mise àdisposition gratuite de biens
Prestations Personnel bénévole
TOTAL
In Extenso ,9
&
&
&
&
'(6,*1$7,21'(625*$1,60(6 '$7( ' $'+(6,21 02'('( ),1$1&(0(17 0217$17'8 ),1$1&(0(17
$**/20(5$7,21'(/$5(*,21'(&203,(*1( $5&
6<1',&$7' (/(&75,&,7('8'(3$57(0(17'(/ 2,6( 6(
6<1',&$7,17(5&20081$/3285/ (175(7,(1(7/ $0(1$*(0(17'(6586 '(%(51((7'(63/$1&+(77(6
&$7(*25,(' (7$%/,66(0(17 'DWHGHFUpDWLRQ 1DWXUHGHO DFWLYLWp 63,&63$ 79$ 2XL1RQ
&&$6 PDUV (WDEOLVVHPHQW3XEOLF $GPLQLVWUDWLI (3$ 1RQ
&$7(*25,(' (7$%/,66(0(17 'DWHGHFUpDWLRQ 79$ 2XL1RQ
/27,66(0(17
=$&'8&$03'(52<$//,(8 2XL
6(59,&(38%/,&$'0,1,675$7,) 5(*,( (QFDUWV3XEOLFLWDLUHV &19
,9±$11(;(
$875(6(/(0(176'¶,1)250$7,21
/,67('(66(59,&(6,1',9,'8$/,6(6'$1681%$
/,67('(625*$1,60(6'(5(*5283(0(17
&±/,67('(625*$1,60(6'(5(*5283(0(17$8;48(/6$'+(5(/$&20081(
&±/,67('(66(59,&(6$668-(77,6$/$79$(7121(5,*(6(1%8'*(7$11(;(
/HVGRFXPHQWVILQDQFLHUVHWFRPSWDEOHVGHFHVRUJDQLVPHVVRQWPLVjODGLVSRVLWLRQGXSXEOLFjO +{WHOGH9LOOH 7RXWHSHUVRQQHDOHGURLWGHGHPDQGHU FRPPXQLFDWLRQVXUSODFHHWGHSUHQGUHFRSLHWRWDOHRXSDUWLHOOHjVHVIUDLV
/,67('(6(7$%/,66(0(17638%/,&6&5((63$5/$&20081(
,QGLTXHUVLOHILQDQFHPHQWHVWIDLWSDU73=738738ILVFDOLWpDGGLWLRQQHOOHILVFDOLWpDGGLWLRQQHOOHRXVDQVILVFDOLWpSURSUH
RXFUppVSDUO pWDEOLVVHPHQWSXEOLFRXOHJURXSHPHQW
&±/,67('(6(7$%/,66(0(17638%/,&6&5((6
&±/,67('(66(59,&(6,1',9,'8$/,6(6'$1681%8'*(7$11(;(
&$7(*25,(' (7$%/,66(0(17 ,QWLWXOpREMHWGH O¶pWDEOLVVHPHQW 'DWHGHFUpDWLRQ 1HWGDWH GpOLEpUDWLRQ
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϮϰ ,9
6(&7,21 &UpGLWVRXYHUWV %3'05$51 5pDOLVDWLRQV PDQGDWVRXWLWUHV 5HVWHVjUpDOLVHUDX &UpGLWVDQQXOpV
,19(67,66(0(17
'(3(16(6
5(&(77(6
)21&7,211(0(17
'(3(16(6
5(&(77(6
6(&7,21 &UpGLWVRXYHUWV %3'05$51 5pDOLVDWLRQV PDQGDWVRXWLWUHV 5HVWHVjUpDOLVHUDX &UpGLWVDQQXOpV
,19(67,66(0(17
'(3(16(6
5(&(77(6
)21&7,211(0(17
'(3(16(6
5(&(77(6
6(&7,21 &UpGLWVRXYHUWV %3'05$51 5pDOLVDWLRQV PDQGDWVRXWLWUHV 5HVWHVjUpDOLVHUDX &UpGLWVDQQXOpV
,19(67,66(0(17
'(3(16(6
5(&(77(6
)21&7,211(0(17
'(3(16(6
5(&(77(6
6(&7,21 &UpGLWVRXYHUWV %3'05$51 5pDOLVDWLRQV PDQGDWVRXWLWUHV 5HVWHVjUpDOLVHUDX &UpGLWVDQQXOpV
,19(67,66(0(17
'(3(16(6
5(&(77(6
)21&7,211(0(17
'(3(16(6
5(&(77(6
727$/*(1(5$/'(6
'(3(16(6 727$/*(1(5$/'(6
5(&(77(6
35(6(17$7,21$*5e*e('8%8'*(735,0,7,)(7'(6%8'*(76$11(;(6 DYDQWODQHXWUDOLVDWLRQGHVIOX[UpFLSURTXHV
<FRPSULVOHVUDWWDFKHPHQWV
<FRPSULVOHVUDWWDFKHPHQWV
%8'*(76$11(;(6 6(59,&('(6($8;1 6,5( 7
1HVRQWSDVSULVHQFRPSWHOHV&&$6HWFDLVVHVGHVpFROHVUpJLHVSHUVRQQDOLVpHVTXLVRQWGHVSHUVRQQHVPRUDOHVGLVWLQFWHVGHODFRPPXQHRXGH O pWDEOLVVHPHQWGHUDWWDFKHPHQWMXULGLTXH
<FRPSULVOHVUDWWDFKHPHQWV
%8'*(76$11(;(6 =$&'8&$03'(52<$//,(81 6,5(7
1HVRQWSDVSULVHQFRPSWHOHV&&$6HWFDLVVHVGHVpFROHVUpJLHVSHUVRQQDOLVpHVTXLVRQWGHVSHUVRQQHVPRUDOHVGLVWLQFWHVGHODFRPPXQHRXGH O pWDEOLVVHPHQWGHUDWWDFKHPHQWMXULGLTXH
,9$11(;(6
$875(6(/(0(176' ,1)250$7,21
35(6(17$7,21$*5(*(('8%8'*(735,1&,3$/(7'(6%8'*(76$11(;(6 &
%8'*(735,1&,3$/
<FRPSULVOHVUDWWDFKHPHQWV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲsŝůůĞ
ϭϮϱ 0217$17
$&48,6,7,210$7(5,(/6(&85,7(5287,(5(
$875(6,002%,/,6$7,216&25325(//(6$875(6
(48,3(0(176$11(;(6'(92,5,(
0$7(5,(/(7287,//$*((&/$,5$*(38%/,&6,*1$/,6$7,21
$875(0$7(5,(/(7287,//$*('(92,5,(
(&/$,5$*(38%/,&
3/$17$7,216' $5%5(6(7$5%867(6(63$&(69(576
3/$17$7,216' $5%5(6(7' $5%867(6
(63$&(69(57685%$,16
0$7(5,(/(7287,//$*((63$&(69(576
$875(0$7(5,(/(7287,//$*('(92,5,(
(63$&(69(57685%$,16
02%,/,(56(&2/(6(/(0(17$,5(6
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
(&2/(635,0$,5(6
5(67$85$7,21'(&2//(&7,216(7' 2(895(6' $57086((6
,002%,/,6$7,216(1&28565(67$85$7,21'(6&2//(&7,216(72(895(6'$57
086((6
$&48,6,7,21,167580(176&216(59$72,5('(086,48(
$875(6,002%,/,6$7,216&25325(//(6$875(6
(;35(66,21086,&$/(/<5,48((7&+25(*5$3+,48
$&48,6,7,210$7(5,(/&(175(6$1,0$7,216'(48$57,(56
$875(6,002%,/,6$7,216&25325(//(6$875(6
$875(6$&7,9,7(63285/(6-(81(6
02%,/,(585%$,1
$875(0$7(5,(/(7287,//$*('(92,5,(
(48,3(0(176$11(;(6'(92,5,(
75$9$8;086((9,9(1(/
,002%,/,6$7,216(1&2856&216758&7,216
086((6
75$9$8;0,6((16287(55$,15(6($8;
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(65(6($8;(76(59,&(6',9(56
0$7(5,(/287,//$*(6(59,&(%$7,0(176
,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6$875(6
$'0,1,675$7,21*(1(5$/('(/$&2//(&7,9,7(
$&48,6,7,210$7(5,(/,1)250$7,48(
$875(6,002%,/,6$7,216&25325(//(60$7(5,(/'(%85($8(7,1)250$7,48(
$'0,1,675$7,21*(1(5$/('(/$&2//(&7,9,7(
02%,/,(5' $'0,1,675$7,21*(1(5$/(+27(/'(9,//(
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$'0,1,675$7,21*(1(5$/('(/$&2//(&7,9,7(
$&48,6,7,210$7(5,(/7(&+1,48((63$&(-($1/(*(1'5(
$875(6,002%,/,6$7,216&25325(//(6$875(6
$&7,21&8/785(//(
75$9$8;',9(566$//(6632576
,002%,/,6$7,216(1&2856&216758&7,216
6$//(6'(63257*<01$6(6
75$9$8;$0(/,25$7,21&,5&8,7(&/$,5$*(38%/,&
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
(&/$,5$*(38%/,&
2(895(6(72%-(7' $57
2(895(6(72%-(76' $57
086((6
75$9$8;(63$&(-($1/(*(1'5(
,002%,/,6$7,216(1&2856&216758&7,216
$&7,21&8/785(//(
$0(1$*(0(17&(175(5(*,21$/(48(675(
,002%,/,6$7,216(1&2856&216758&7,216
$875(6(48,3(0(17663257,)628'(/2,6,56
(48,3(0(179,'(26859(,//$1&(85%$,1(
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
6(59,&(6&200816
75$9$8;%$7,0(176081,&,3$8;
,002%,/,6$7,216(1&2856&216758&7,216
$'0,1,675$7,21*(1(5$/('(/$&2//(&7,9,7(
$&48,6,7,210$7(5,(/7(&+1,48(
$875(6,002%,/,6$7,216&25325(//(6$875(6
086((6
$875(6,002%,/,6$7,216&25325(//(6$875(6
$875(6,002%,/,6$7,216&25325(//(6$875(6
32/,&(081,&,3$/(
$&48,6,7,210$7(5,(/7(&+1,48(
$875(6,002%,/,6$7,216&25325(//(6$875(6
67$'(6
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(65(6($8;(76(59,&(6',9(56
$&48,6,7,210$7(5,(/7(&+1,48(
$875(6,002%,/,6$7,216&25325(//(6$875(6
$'0,1,675$7,21*(1(5$/('(/$&2//(&7,9,7(
75$9$8;&(175(5(*,21$/(48(675(
,002%,/,6$7,216(1&2856&216758&7,216
$875(6(48,3(0(17663257,)628'(/2,6,56
352*5$00($118(/'(92,5,(
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
92,5,(&20081$/((75287(6
352*5$00($118(/5()(&7,21752772,56
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
92,5,(&20081$/((75287(6
$0(1$*(0(173,(55(/27,(8*(1,(/28,6 358&/26'(6526(6
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(623(5$7,216' $0(1$*(0(1785%$,1
$0(1$*(0(1758(5216$5' &/26'(6526(6
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(623(5$7,216' $0(1$*(0(1785%$,1
75$9$8;(035,6(6%$,//(85662&,$8; 358&/26'(6526(6
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(623(5$7,216' $0(1$*(0(1785%$,1
02%,/,(5&5(&+(6$,17((/,6$%(7+
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
&5(&+(6(7*$5'(5,(6
$0(1$*(0(17' $,5(6'(-(8;
,002%,/,6$7,216(1&28567(55$,16
(63$&(69(57685%$,16
75$9$8;'(6(&85,7(38<'852<
,002%,/,6$7,216(1&2856&216758&7,216
$&7,21&8/785(//(
)5$,6(78'(6',$*1267,&%Æ7,0(17&20081$8;
)5$,6' (78'(6
$'0,1,675$7,21*(1(5$/('(/$&2//(&7,9,7(
75$9$8;&$%/$*(,1)250$7,48(%$7,0(176
,002%,/,6$7,216(1&2856&216758&7,216
$'0,1,675$7,21*(1(5$/('(/$&2//(&7,9,7(
$0(1$*(0(17&28/((9(57( 358&/26'(6526(6
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(623(5$7,216' $0(1$*(0(1785%$,1
&216758&7,21&(175($662&,$7,) 358
,002%,/,6$7,216(1&2856&216758&7,216
$875(623(5$7,216' $0(1$*(0(1785%$,1
(19(/233(%8'*(7$,5(
1$785(
)21&7,21
(7$7'(65(32576'(3(16(6' ,19(67,66(0(17
&RPSWH$GPLQLVWUDWLI9LOOH
0217$17
(19(/233(%8'*(7$,5(
1$785(
)21&7,21
(7$7'(65(32576'(3(16(6' ,19(67,66(0(17
75$9$8;'(5(67$85$7,21'(65(*,675(6
,002%,/,6$7,216(1&28565(67$85$7,21'(6&2//(&7,216(72(895(6'$57
$5&+,9(6
75$9$8;$0(1$*(0(17*(5$5''(1(59$/358&/26'(6526(6
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(623(5$7,216' $0(1$*(0(1785%$,1
75$9$8;$0(1$*(0(1758(3$8/9(5/$,1(358&/26'(6526(6
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(623(5$7,216' $0(1$*(0(1785%$,1
,002%,/,6$7,216(1&2856%$66(7(16,21 /2,658
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(65(6($8;(76(59,&(6',9(56
&216758&7,210$,621'(/ $5&+(2/2*,(
,002%,/,6$7,216(1&2856&216758&7,216
086((6
75$9$8;&/2785(6',9(56%Æ7,0(176
,002%,/,6$7,216(1&2856&216758&7,216
$'0,1,675$7,21*(1(5$/('(/$&2//(&7,9,7(
0$7(5,(/%85($8
,1)250$7,48(%,%/,27+(48(180(5,48(
$875(6,002%,/,6$7,216&25325(//(60$7(5,(/'(%85($8(7,1)250$7,48(
%,%/,27+(48(6(70(',$7+(48(6
&21&(66,216(7'52,766,0,/$,5(6
&21&(66,216(7'52,766,0,/$,5(6
$'0,1,675$7,21*(1(5$/('(/$&2//(&7,9,7(
68%9(17,21(48,3(0(17*)3'(5$77$&+(0(17%Æ7(7,167$//$7,216
68%9(17,21(48,3(0(17*)3'(5$77$&+(0(17%Æ7(7,167$//$7,216
23(5$7,2161219(17,/$%/(6
75$9$8;$0(1$*(0(1758(&+$5/(6%$8'(/$,5(
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(623(5$7,216' $0(1$*(0(1785%$,1
75$9$8;$0(1$*(0(17/,$,6215216$5'%$8'(/$,5(
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(623(5$7,216' $0(1$*(0(1785%$,1
75$9$8;5(6758&785$7,21086((9,9(1(/
,002%,/,6$7,216(1&2856&216758&7,216
086((6
68%9(17,21(48,3(0(173(56211(6'52,735,9(&200(5&(6
68%9(17,21(48,3(0(17$8;3(56211(6'('52,735,9((6
$875(623(5$7,216' $0(1$*(0(1785%$,1
&21&(66,216
'52,76$5&+,9(69,'(20(025,$/
&21&(66,216(7'52,766,0,/$,5(6
086((6
&203/(0(17&28/((9(57('(02/,7,21%$7+
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(623(5$7,216' $0(1$*(0(1785%$,1
$0(1$*(0(1758(:(<*$1'$97358
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(623(5$7,216' $0(1$*(0(1785%$,1
$875(,002%,/,6$7,21&25325(//(02%,/,(5%,%/,27+(48(180(5,48(
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
%,%/,27+(48(6(70(',$7+(48(6
$&48,6,7,21/2*,&,(/6%,%/,27+(48(180(5,48(
&21&(66,216(7'52,766,0,/$,5(6
%,%/,27+(48(6(70(',$7+(48(6
(63$&(38%/,&$55,(5($1$72/()5$1&((7&28/((9(57(
,002%,/,6$7,216(1&2856,167$//$7,2160$7(5,(/(7287,//$*(7(&+1,48(6
$875(623(5$7,216' $0(1$*(0(1785%$,1
75$9$8;6$//('(48$57,(5452<$//,(8(7358
,002%,/,6$7,216(1&2856&216758&7,216
$875(623(5$7,216' $0(1$*(0(1785%$,1
75$9$8;0,6($8;1250(63$7,12,5(0(5&,(5(6
,002%,/,6$7,216(1&2856&216758&7,216
$875(6(48,3(0(17663257,)628'(/2,6,56
$875(,002%,/,6$7,21&25325(//(7+($75(,03(5,$/
$875(6,002%,/,6$7,216&25325(//(6$875(6
7+($75(6
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
$875(6,002%,/,6$7,216&25325(//(602%,/,(5
086((6
75$9$8;'(&$%/$*(%,%/,27+(48(180(5,48(
,002%,/,6$7,216(1&2856&216758&7,216
%,%/,27+(48(6(70(',$7+(48(6
)5$,6' (78'(6&,1(0$/(6',$1(6
)5$,6' (78'(6
&,1(0$6(7$875(66$//(6'(63(&7$&/(
727$/'(6'(3(16(6' ,19(67,66(0(175(3257((6
&RPSWH$GPLQLVWUDWLI9LOOH
0217$17
(0358176121$66257,6' 81,167580(17'(&289(5785(+27(/'(9,//(
(0358176(1(8526
23(5$7,2161219(17,/$%/(6
68%9(17,21(7$7 53'5$& 75$9$8;(63$&(-($1/(*(1'5(
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
$&7,21&8/785(//(
68%9(17,21(7$7 53 75$9$8;&(175(5(*,21$/(48(675(
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
$875(6(48,3(0(17663257,)628'(/2,6,56
68%9(17,21(7$7 53 $0(1$*(0(17*<01$6(*$(7$1'(1$,1
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
6$//(6'(63257*<01$6(6
68%9(17,21(7$7 53 (&/$,5$*(38%/,&
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
(&/$,5$*(38%/,&
68%9(17,21'(3$57(0(17$/(5(48$/,),&$7,21&/26'(6526(6 75$9$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6'(3$57(0(176
$875(623(5$7,216' $0(1$*(0(1785%$,1
68%9(17,215(*,21&/26'(6526(6 WUDYDX[
68%9(17,216' (48,3(0(1712175$16)(5$%/(65(*,216
$875(623(5$7,216' $0(1$*(0(1785%$,1
68%9(17,21$158&/26'(6526(6 WUDYDX[
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
$875(623(5$7,216' $0(1$*(0(1785%$,1
68%9(17,21(7$7 53 0$7(5,(/
/2*,&,(/6,1)250$7,48(6
68%9(17,216' (48,3(0(1775$16)(5$%/(6(7$7(7(7$%/,66(0(1761$7,21$8;
$'0,1,675$7,21*(1(5$/('(/$&2//(&7,9,7(
68%9(17,21(7$7 53 $0(1$*(0(17/2&$8;38<'852<
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
$&7,21&8/785(//(
68%9(17,21(7$7 53 $0(1$*(0(17086((9,9(1(/
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
086((6
68%9(17,21(7$7 53 352*5$00($118(/92,5,(
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
92,5,(&20081$/((75287(6
68%9(17,21(48,3(0(1712175$16)(5$%/($,'($/$3,(55(
68%9(17,21(48,3(0(1712175$16)(5$%/(*)3'(5$77$&+$0(17
$875(623(5$7,216' $0(1$*(0(1785%$,1
68%9(17,21(7$7%$7,0(176&20081$8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
$'0,1,675$7,21*(1(5$/('(/$&2//(&7,9,7(
68%9(17,21530,6((16287(55$,1'(65(6($8;
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
92,5,(&20081$/((75287(6
68%9(17,2165(*,210$,621$5&+(2/2*,(
68%9(17,216' (48,3(0(1712175$16)(5$%/(65(*,216
086((6
68%9(17,215(*,215(6758&785$7,21086((9,9(1(/
68%9(17,216' (48,3(0(1712175$16)(5$%/(65(*,216
086((6
68%9(17,21&$)75$16)(5708/7,$&&8(,//(1,'
68%9(17,216' (48,3(0(1775$16)(5$%/(6$875(6
&5(&+(6(7*$5'(5,(6
68%9(17,216'5$&5(6758&785$7,21086((9,9(1(/
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
086((6
$875(668%9(17,216)21'6(3(521
$875(668%9(17,216' (48,3(0(1712175$16)(5$%/(6
$875(6(48,3(0(17663257,)628'(/2,6,56
68%9(17,21(48,3(0(1712175$16)(5$%/(&1'6-(8' $5&
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
$875(6(48,3(0(17663257,)628'(/2,6,56
68%9(17,21' (48,3(0(1712175$16)(5$%/(5(*,21&$17,1(&(175(9,//(
68%9(17,216' (48,3(0(1712175$16)(5$%/(65(*,216
+(%(5*(0(17(75(67$85$7,216&2/$,5(
68%9(17,21530,6($8;1250(63$7,212,5(
68%9(17,216' (48,3(0(1712175$16)(5$%/(6(7$7
(7$%/,66(0(1761$7,21$8;
$875(6(48,3(0(17663257,)628'(/2,6,56
727$/'(65(&(77(6' ,19(67,66(0(175(3257((6
(19(/233(%8'*(7$,5(
1$785(
)21&7,21
(7$7'(65(325765(&(77(6' ,19(67,66(0(17
&RPSWH$GPLQLVWUDWLI9LOOH
$11(;(6
''(&,6,216(10$7,(5('(7$8;'(
&2175,%87,21',5(&7(6
$55(7((76,*1$785(6 ,9
9DULDWLRQGX
SURGXLW1
7$;(' +$%,7$7,21
7)3%
7)31%
727$/
,9±$11(;(
'(&,6,216(10$7,(5('(7$8;'(&2175,%87,216',5(&7(6 '
'±7$8;'(&2175,%87,216',5(&7(6
/LEHOOpV %DVHVQRWLILpHV 9DULDWLRQGHV EDVHV 1
7DX[DSSOLTXpV
SDUGpFLVLRQGX
FRQVHLOPXQLFLSDO
9DULDWLRQGH
WDX[1
3URGXLWYRWp
SDUOHFRQVHLO
PXQLFLSDO
&RPSWH$GPLQLVWUDWLI9LOOH
D VILLE DE COMPIEGNE @
RESTAURANT SCOLAIRE DU CENTRE VILLE
Ville de
Compiègne
Ville de Compiègne
ZAC du Camp de Royallieu
CompteAdministratif
2014 &2037($'0,1,675$7,)
=$& '8 & $03 '( 52<$//,(8
BBBBBBBBBBBBBBBBBBBB
$XWHUPHGHO¶([HUFLFHLODpWpUpDOLVp
y (Q'(3(16(6 UpHOOHV ¼XURV
¼XURV G¶DFKDWGHWHUUDLQV
¼XURV GHIUDLVG¶pWXGHV
¼XURV GHIUDLVDFFHVVRLUHV
¼XURV GHWUDYDX[GHWHUUDVVHPHQWYRLULHHWUpVHDX[
¼XURV GHFKDUJHVH[FHSWLRQQHOOHV UHPERXUVHPHQWGHVXEYHQWLRQV ¼XURV GHUHPERXUVHPHQWGHGHWWHHQFDSLWDO
¼XURV GHUHPERXUVHPHQWG¶LQWpUrWV
• (Q5(&(77(6 UpHOOHV ¼XURV
¼XURV GHYHQWHVGHWHUUDLQVjFRQVWUXLUH
¼XURV GHVXEYHQWLRQGHO¶$158RSpUDWLRQ©0DVVH\)HUJXVVRQª ¼XURV GHSURGXLWVH[FHSWLRQQHOV UHPERXUVHPHQWDVVXUDQFHVVXLWHjVLQLVWUHV
6RLWXQGpILFLWVXUO¶H[HUFLFHGH ¼XURV
&RQIRUPpPHQWjODOpJLVODWLRQjFHVUpDOLVDWLRQVVRQWYHQXHVV¶DMRXWHUOHVRSpUDWLRQVFRUUHVSRQGDQWHVjOD WHQXHGHODFRPSWDELOLWpGHVWRFNV
$O¶LVVXHGHVFHVRSpUDWLRQVHWFRPSWHWHQXGHVUpVXOWDWVDQWpULHXUVUHSRUWpVFHEXGJHWHQUHJLVWUHjILQ
8QGpILFLWG¶, 19(67,66(0(17 GH¼XURVTXLVHUDUHSULVDX%XGJHW3ULPLWLI
$FHGpILFLWG¶H[HUFLFHLOFRQYLHQWG¶DMRXWHUOHFDSLWDOUHVWDQWGGHVHPSUXQWVSRXUDERXWLUDXGpILFLWJOREDO G¶RSpUDWLRQUHWUDFpFLDSUqV
/HGpILFLWJOREDOG¶RSpUDWLRQUpVXOWHHQHIIHWGHODGLIIpUHQFHHQWUHOHVGpSHQVHV DPpQDJHPHQWVpWXGHVIUDLV ILQDQFLHUV IUDLV GLYHUV HW OH SURGXLW GHV YHQWHV HW VXEYHQWLRQV KRUV HPSUXQWV FRQWUDFWpV &HV GHUQLHUV VRQW XWLOLVpVFRPPHILQDQFHPHQWLQWHUPpGLDLUHHWQHVRQWSDVSULVHQFRPSWHGDQVOHELODQG¶DPpQDJHPHQW &RWVDX
(QWUpHVDQQpH
&XPXOGHVFRWVDX
$FTXLVLWLRQGHWHUUDLQV
)UDLVG pWXGHV
)UDLVDQQH[HV
7UDYDX[
)UDLVILQDQFLHUV
&KDUJHVH[FHSWLRQQHOOHV
7RWDOGHVFRWVG DPpQDJHPHQW
3URGXLWVDX
6RUWLHVDQQpH
&XPXOGHVSURGXLWV
DX
9HQWHVGHWHUUDLQV
3URGXLWH[FHSWLRQQHO
6XEYHQWLRQV
7RWDOGHVFHVVLRQVHWVXEYHQWLRQV
'pILFLWSUpYLVLRQQHODX
6XEYHQWLRQVG pTXLOLEUHGHODFRPPXQH
9DOHXUGHVVWRFNVDX
VROGHGpELWHXUFRPSWH
&HUWLILFDWGUHVVpSDUO RUGRQQDWHXUDX
%,/$1' $0(1$*(0(17=$&'8&$03'(52<$//,(8
(7$7'(6672&.6$8
&2037($'0,1,675$7,)
YRWpSDUQDWXUH
%8'*(7 =$&'8&$03'(52<$//,(8
$11((
5(38%/,48()5$1&$,6(
&20081('(&203,(*1(
1XPpUR6,5(7
3267(&2037$%/('(&203,(*1(
0 SDJHV
,,QIRUPDWLRQVJpQpUDOHV
$,QIRUPDWLRQVVWDWLVWLTXHVILVFDOHVHWILQDQFLqUHV
%0RGDOLWpVGHYRWHGXEXGJHW
,,3UpVHQWDWLRQJpQpUDOHGXEXGJHW
$9XHG HQVHPEOH([pFXWLRQGXEXGJHWHWGpWDLOGHVUHVWHVjUpDOLVHU
$9XHG HQVHPEOH6HFWLRQGHIRQFWLRQQHPHQW&KDSLWUHV
$9XHG HQVHPEOH6HFWLRQG LQYHVWLVVHPHQW&KDSLWUHV
%%DODQFHJpQpUDOHGXEXGJHW'pSHQVHV
%%DODQFHJpQpUDOHGXEXGJHW5HFHWWHV
,,,9RWHGXEXGJHW
$6HFWLRQGHIRQFWLRQQHPHQW'pWDLOVGHVGpSHQVHV$UWLFOHV
$6HFWLRQGHIRQFWLRQQHPHQW'pWDLOGHVUHFHWWHV$UWLFOHV
%6HFWLRQG LQYHVWLVVHPHQW'pWDLOGHVGpSHQVHV
%6HFWLRQG LQYHVWLVVHPHQW'pWDLOGHVUHFHWWHV
%2SpUDWLRQVG pTXLSHPHQW'pWDLOGHVFKDSLWUHVHWDUWLFOHV
,9$QQH[HV -RLQWHV 6DQVREMHW
$(OpPHQWVGXELODQ
$3UpVHQWDWLRQFURLVpHSDUIRQFWLRQ [
$3UpVHQWDWLRQFURLVpHSDUIRQFWLRQ'pWDLOIRQFWLRQQHPHQW [
$3UpVHQWDWLRQFURLVpHSDUIRQFWLRQ'pWDLOLQYHVWLVVHPHQW [
$(WDWGHODGHWWHGpWDLOGHVFUpGLWVGHWUpVRUHULH [
$(WDWGHODGHWWH5pSDUWLWLRQSDUQDWXUHGHGHWWHV [
$(WDWGHODGHWWH5pSDUWLWLRQGHVHPSUXQWVSDUVWUXFWXUHGHWDX[ [
$(WDWGHODGHWWH7\SRORJLHGHODUpSDUWLWLRQGHO HQFRXUV [
$(WDWGHODGHWWH'pWDLOGHVRSpUDWLRQVGHFRXYHUWXUH [
$(WDWGHODGHWWH5HPERXUVHPHQWDQWLFLSpG¶XQHPSUXQWDYHFUHILQDQFHPHQW [
$(WDWGHODGHWWH(PSUXQWVUHQpJRFLpVDXFRXUVGHO DQQpH1 [
$(WDWGHODGHWWH'HWWHSRXUILQDQFHUO HPSUXQWG XQDXWUHRUJDQLVPH [
$ (WDWGHODGHWWH$XWUHVGHWWHV [
$0pWKRGHVXWLOLVpHVSRXUOHVDPRUWLVVHPHQWV [
$(WDWGHVSURYLVLRQV [
$(WDOHPHQWGHVSURYLVLRQV [
$(TXLOLEUHGHVRSpUDWLRQVILQDQFLqUHV'pSHQVHV [
$(TXLOLEUHGHVRSpUDWLRQVILQDQFLqUHV5HFHWWHV [
$(WDWVGHVGpSHQVHVHWUHFHWWHVGHVVHUYLFHVG¶HDXHWG¶DVVDLQLVVHPHQW±)RQFW [
$(WDWVGHVGpSHQVHVHWUHFHWWHVGHVVHUYLFHVG¶HDXHWG¶DVVDLQLVVHPHQW±,QYHVW [
$(WDWVGHVGpSHQVHVHWUHFHWWHVGHVVHUYLFHVDVVXMHWWLVjOD79$±)RQFWLRQQHPHQW [
$(WDWVGHVGpSHQVHVHWUHFHWWHVGHVVHUYLFHVDVVXMHWWLVjOD79$±,QYHVWLVVHPHQW [
$(WDWVGHODUpSDUWLWLRQGHOD7(20±)RQFWLRQQHPHQW [
$(WDWVGHODUpSDUWLWLRQGHOD7(20±,QYHVWLVVHPHQW [
$(WDWGHVFKDUJHVWUDQVIpUpHV [
$ 'pWDLOGHVRSpUDWLRQVSRXUOHFRPSWHGHWLHUV [
$9DULDWLRQGXSDWULPRLQH DUWLFOH5GX&*&7 (QWUpHV [
$9DULDWLRQGXSDWULPRLQH DUWLFOH5GX&*&7 6RUWLHV [
$2SpUDWLRQVOLpHVDX[FHVVLRQV [
$9DULDWLRQGXSDWULPRLQH DUWLFOH/GXFRGHO¶XUEDQLVPH (QWUpHV [
$9DULDWLRQGXSDWULPRLQH DUWLFOH/GXFRGHO¶XUEDQLVPH 6RUWLHV [
$(WDWGHVWUDYDX[HQUpJLH [
$(PSORLGHVFUpGLWVFRPPXQDXWDLUHVGDQVOHFDGUHGHODVXEYHQWLRQJOREDOH [
%(QJDJHPHQWVKRUVELODQ
%(WDWGHVHPSUXQWVJDUDQWLVSDUODFRPPXQHRXO¶pWDEOLVVHPHQW [
%&DOFXOGXUDWLRG HQGHWWHPHQW [
%(WDWGHVFRQWUDWVGHFUpGLWEDLO [
%(WDWGHVFRQWUDWVGHSDUWHQDULDWSXEOLFSULYp [
%(WDWGHVDXWUHVHQJDJHPHQWVGRQQpV [
%(WDWGHVHQJDJHPHQWVUHoXV [
%/LVWHGHVFRQFRXUVDWWULEXpVjGHVWLHUVHQQDWXUHRXHQVXEYHQWLRQV [
%(WDWGHVDXWRULVDWLRQVGHSURJUDPPHHWGHVFUpGLWVGHSDLHPHQWDIIpUHQWV [
%(WDWGHVDXWRULVDWLRQVG¶HQJDJHPHQWHWGHVFUpGLWVGHSDLHPHQWDIIpUHQWV [ %(PSORLGHVUHFHWWHVJUHYpHVG¶XQHDIIHFWDWLRQVSpFLDOH [
6200$,5( &$XWUHVpOpPHQWVG¶LQIRUPDWLRQV
&(WDWGXSHUVRQQHO [
&$FWLRQVGHIRUPDWLRQGHVpOXV [
&/LVWHGHVRUJDQLVPHVGDQVOHVTXHOVDpWpSULVXQHQJDJHPHQWILQDQFLHU [
&/LVWHGHVRUJDQLVPHVGHUHJURXSHPHQWDX[TXHOVDGKqUHODFRPPXQHRXO¶pWDEOLVVHPHQW [
&/LVWHGHVpWDEOLVVHPHQWVSXEOLFVFUppV [
&/LVWHGHVVHUYLFHVLQGLYLGXDOLVpVGDQVXQEXGJHWDQQH[H [
&/LVWHGHVVHUYLFHVDVVXMHWWLVjOD79$HWQRQpULJpVHQEXGJHWDQQH[H [
&3UpVHQWDWLRQDJUpJpHGXEXGJHWSULQFLSDOHWGHVEXGJHWVDQQH[HV [
eWDWGHVUHSRUWV [
''pFLVLRQVHQPDWLqUHGHVWDX[GHFRQWULEXWLRQVGLUHFWHV$UUrWpHWVLJQDWXUHV
''pFLVLRQVHQPDWLqUHGHWDX[GHFRQWULEXWLRQVGLUHFWHV [
'$UUrWpHWVLJQDWXUHV [
&HWWHSUpVHQWDWLRQHVWREOLJDWRLUHSRXUOHVFRPPXQHVGHKDELWDQWVHWSOXV DUW/GX&*&7 OHVJURXSHPHQWVFRPSUHQDQWDXPRLQVXQHFRPPXQHGH
KDELWDQWVHWSOXV DUW5GX&*&7 HWOHXUVpWDEOLVVHPHQWVSXEOLFV,OQ DFHSHQGDQ
&HWpWDWQHSHXWrWUHSURGXLWTXHSDUOHVFRPPXQHVGRQWODSRSXODWLRQHVWLQIpULHXUHjKDELWDQWVTXLJqUHOHVVHUYLFHVGHGLVWULEXWLRQGHO HDXSRWDEOHHW
G DVVDLQLVVHPHQWVRXVIRUPHGHUpJLHVLPSOHVDQVEXGJHWDQQH[H DUWLFOH/GX&*&*7
&IDUWLFOH5GX&&*7 ,,
$
6HFWLRQGHIRQFWLRQQHPHQW
6HFWLRQG LQYHVWLVVHPHQW
5HSRUWHQVHFWLRQGHIRQFWLRQQHPHQW
5HSRUWHQVHFWLRQG LQYHVWLVVHPHQW
727$/ UpDOLVDWLRQVUHSRUWV
6HFWLRQGHIRQFWLRQQHPHQW
6HFWLRQG LQYHVWLVVHPHQW
727$/'(65(67(6jUpDOLVHUjUHSRUWHUHQ1
6HFWLRQGHIRQFWLRQQHPHQW
6HFWLRQG LQYHVWLVVHPHQW
727$/&808/(
&KDS
727$/'(/$6(&7,21' ,19(67,66(0(17
2SpUDWLRQVSRXUFRPSWHGHWLHUV
2SpUDWLRQVG pTXLSHPHQW
/HVUHVWHVjUpDOLVHUGHODVHFWLRQGHIRQFWLRQQHPHQWFRUUHVSRQGHQWHQGpSHQVHVDX[GpSHQVHVHQJDJpHVQRQPDQGDWpHVHWQRQUDWWDFKpHVWHOOHVTX HOOHV UHVVRUWHQWGHODFRPSWDELOLWpGHVHQJDJHPHQWVHWHQUHFHWWHVDX[UHFHWWHVFHUWDLQHVQ D\DQWSDVGRQQpOLHXjO pPLVVLRQG XQWLWUHHWQRQUDWWDFKpHV 5GX &*&7
/HVUHVWHVjUpDOLVHUGHODVHFWLRQG LQYHVWLVVHPHQWFRUUHVSRQGHQWHQGpSHQVHVDX[GpSHQVHVHQJDJpHVQRQPDQGDWpHVDXGHO H[HUFLFHSUpFpGHQWWHOOHV TX HOOHVUHVVRUWHQWGHODFRPSWDELOLWpGHVHQJDJHPHQWVHWDX[UHFHWWHVFHUWDLQHVQ D\DQWSDVGRQQpOLHXjO pPLVVLRQG XQWLWUHDXGHO H[HUFLFHSUpFpGHQW 5GX&*&7
,,35(6(17$7,21*(1(5$/(
98(' (16(0%/(
(;(&87,21'8%8'*(7
'(7$,/'(65(67(6$5($/,6(5
5($/,6$7,216'(
/ (;(5&,&(
PDQGDWVHWWLWUHV
5(32576'(
/ (;(5&,&(1
5(67(6$5($/,6(5$
5(3257(5(11
5(68/7$7&808/(
'(3(16(6 5(&(77(6
/LEHOOp 'pSHQVHV HQJDJpHVQRQ 7LWUHVUHVWDQWjpPHWWUH
727$/'(/$6(&7,21'()21&7,211(0(17
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲĂĐĚƵĂŵƉĚĞZŽLJĂůůŝĞƵ
ϭ ,,
$
&+$5*(6$&$5$&7(5(*(1(5$/
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
$77(18$7,216'(352'8,76
$875(6&+$5*(6'(*(67,21&285$17(
)5$,6'()21&7,211(0(17'(6*5283(6' (/86
&+$5*(6),1$1&,(5(6
&+$5*(6(;&(37,211(//(6
'27$7,216$8;$0257,66(0(176(7$8;3529,6,216
'(3(16(6,035(98(6
9,5(0(17$/$6(&7,21' ,19(67,66(0(17
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
23(5$7,2125'5($/,17(5,(85'(/$6)21&7
3RXULQIRUPDWLRQ
''pILFLWGHIRQFWLRQQHPHQWUHSRUWpGH1
$77(18$7,216'(&+$5*(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
,03276(77$;(6
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(6352'8,76'(*(67,21&285$17(
352'8,76),1$1&,(56
352'8,76(;&(37,211(/6
5(35,6(6685$0257,66(0(176(73529,6,216
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
23(5$7,2125'5($/,17(5,(85'(/$6)21&7
3RXULQIRUPDWLRQ
5([FpGHQWGHIRQFWLRQQHPHQWUHSRUWpGH1
7RWDOGHVGpSHQVHVG RUGUHGHIRQFWLRQQHPHQW
5HVWHVj
UpDOLVHUDX
5HVWHVj
UpDOLVHUDX
0DQGDWVpPLV &KDUJ UDWWDFKpHV
&UpGLWVRXYHUWV
%3'05$51 0DQGDWVpPLV &KDUJ UDWWDFKpHV
&UpGLWVRXYHUWV
%3'05$51
6LODFRPPXQHRXO¶pWDEOLVVHPHQWDSSOLTXHOHUpJLPHGHVSURYLVLRQVVHPLEXGJpWDLUHV ') 5, ', 5) 5, ') ', 5, ') 5) /HVOLJQHVGHUHSRUWQHIRQWSDVO¶REMHWG¶pPLVVLRQGHPDQGDWRXGHWLWUH LQVFULUHOHPRQWDQWUHSRUWp
,,35(6(17$7,21*(1(5$/('8%8'*(7
6(&7,21'()21&7,211(0(17&+$3,75(6
'(3(16(6'()21&7,211(0(17
5(&(77(6'()21&7,211(0(17
&UpGLWVHPSOR\pV RXUHVWDQWjHPSOR\HU
&UpGLWVHPSOR\pV RXUHVWDQWjHPSOR\HU
727$/
7RWDOGHVGpSHQVHVGHJHVWLRQFRXUDQWH
7RWDOGHVUHFHWWHVGHJHVWLRQFRXUDQWH
7RWDOGHVUHFHWWHVUpHOOHVGHIRQFWLRQQHPHQW
7RWDOGHVUHFHWWHVG RUGUHGHIRQFWLRQQHPHQW
727$/
/LEHOOp &UpGLWVDQQXOpV
/LEHOOp &KDS
7RWDOGHVGpSHQVHVUpHOOHVGHIRQFWLRQQHPHQW
&UpGLWVDQQXOpV
&KDS
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲĂĐĚƵĂŵƉĚĞZŽLJĂůůŝĞƵ
Ϯ ,,
$
&UpGLWVRXYHUWV 5HVWHVjUpDOLVHU
%3'05$51 DX
672&.6
,002%,/,6$7,216,1&25325(//(6 VDXI
68%9(48,3(0(1769(56((6
,002%,/,6$7,216&25325(//(6
,002%,/,6$7,2165(&8(6(1$))(&7$7,21
,002%,/,6$7,216(1&2856
'27$7,216)21'6',9(56(75(6(59(6
68%9(17,216' ,19(67,66(0(175(&8(6
(0358176(7'(77(6$66,0,/((6
&2037('(/,$,621 $))(&7$7,216
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
$875(6,002%,/,6$7,216),1$1&,(5(6
'(3(16(6,035(98(6
7RWDOGHVRSpSRXUFRPSWHGHWLHUV
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
23(5$7,2163$75,021,$/(6
3RXULQIRUPDWLRQ
'6ROGHG H[pFXWLRQQpJDWLIUHSRUWpGH1
&UpGLWVRXYHUWV 5HVWHVjUpDOLVHU
%3'05$51 DX
672&.6
68%9(17,216' ,19(67,66(0(175(&8(6
(0358176(7'(77(6$66,0,/((6 KRUV
,002%,/,6$7,216,1&25325(//(6 VDXI
68%9(48,3(0(1769(56((6
,002%,/,6$7,216&25325(//(6
,002%,/,6$7,2165(&8(6(1$))(&7$7,21
,002%,/,6$7,216(1&2856
'27$7,216)21'6',9(56(75(6(59(6 KRUV
(;&('(176'()21&7,211(0(17&$3,7$/,6(6
$XWUHVVXEYGLQYHVWLVVHPHQWQRQWUDQVIpUpHV
'pS{WVHWFDXWLRQQHPHQWVUHoXV
&2037('(/,$,621 $))(&7$7,216
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
$875(6,002%,/,6$7,216),1$1&,(5(6
352'8,76'(6&(66,216
7RWDOGHVRSpSRXUFRPSWHGHWLHUV
9,5(0(17'(/$6(&7,21'()21&7,211(0(17
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
23(5$7,2163$75,021,$/(6
3RXULQIRUPDWLRQ
56ROGHG H[pFXWLRQSRVLWLIUHSRUWpGH1
727$/
') 5, ', 5) 5, ') ', 5, ') 5) /HVOLJQHVGHUHSRUWQHIRQWSDVO¶REMHWG¶pPLVVLRQGHPDQGDWRXGHWLWUH LQVFULUHOHPRQWDQWUHSRUWp $VHUYLUXQLTXHPHQWGDQVOHFDGUHG¶XQVXLYLGHVVWRFNVVHORQODPpWKRGHGHO¶LQYHQWDLUHSHUPDQHQWVLPSOLILpDXWRULVpHSRXUOHVVHXOHVRSpUDWLRQVG¶DPpQDJHPHQWV ORWLVVHPHQW=$&« SDUDLOOHXUV UHWUDFpHVGDQVOHFDGUHGHEXGJHWVDQQH[HV
(QGpSHQVHVOHFKDSLWUHUHWUDFHOHVWUDYDX[G¶LQYHVWLVVHPHQWUpDOLVpVVXUOHVELHQVUHoXVHQDIIHFWDWLRQ(QUHFHWWHLOUHWUDFHOHFDVpFKpDQWO¶DQQXODWLRQGHWHOVWUDYDX[HIIHFWXpVVXUXQ H[HUFLFHDQWpULHXU
$VHUYLUXQLTXHPHQWORUVTXHODFRPPXQHRXO¶pWDEOLVVHPHQWHIIHFWXHXQHGRWDWLRQLQLWLDOHHQHVSqFHVDXSURILWG¶XQVHUYLFHSXEOLFQRQSHUVRQQDOLVpTX¶HOOHRXTX¶LOFUpH 6HXOOHWRWDOGHVRSpUDWLRQVSRXUFRPSWHGHWLHUVILJXUHVXUFHWpWDW YRLUOHGpWDLO$QQH[H,9$ /HFRPSWHQ¶HVWSDVXQFKDSLWUHPDLVXQDUWLFOHGXFKDSLWUH
7RWDOGHVUHFHWWHVUpHOOHVG LQYHVWLVVHPHQW
7RWDOGHVUHFHWWHVG RUGUHG LQYHVWLVVHPHQW
,,35(6(17$7,21*(1(5$/('8%8'*(7
6(&7,21' ,19(67,66(0(17&+$3,75(6
'(3(16(6' ,19(67,66(0(17
5(&(77(6' ,19(67,66(0(17
727$/
7RWDOGHVGpSHQVHVG pTXLSHPHQW
0DQGDWVpPLV &UpGLWVDQQXOpV
7LWUHVpPLV &UpGLWVDQQXOpV
7RWDOGHVGpSHQVHVILQDQFLqUHV
7RWDOGHVGpSHQVHVUpHOOHVG LQYHVWLVVHPHQW
7RWDOGHVGpSHQVHVG RUGUHG LQYHVWLVVHPHQW
7RWDOGHVUHFHWWHVG HTXLSHPHQW
7RWDOGHVUHFHWWHVILQDQFLqUHV
/LEHOOp &KDS
/LEHOOp &KDS
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲĂĐĚƵĂŵƉĚĞZŽLJĂůůŝĞƵ
ϯ ,,
%
2SpUDWLRQV 2SpUDWLRQV
UpHOOHV G RUGUH
&+$5*(6$&$5$&7(5(*(1(5$/
&+$5*(6'(3(56211(/(7)5$,6$66,0,/(6
$77(18$7,216'(352'8,76
$&+$76(79$5,$7,21'(6672&.6
$875(6&+$5*(6'(*(67,21&285$17(
)5$,6'()21&7,211(0(17'(6*5283(6' (/86
&+$5*(6),1$1&,(5(6
&+$5*(6(;&(37,211(//(6
'27$7,216$8;$0257,66(0(176(7$8;3529,6,216
352'8&7,21672&.((28'(672&.((
3RXULQIRUPDWLRQ
''pILFLWGHIRQFWLRQQHPHQWUHSRUWpGH1
2SpUDWLRQV 2SpUDWLRQV
UpHOOHV G RUGUH
'27$7,216)21'6',9(56(75(6(59(6
68%9(17,216' ,19(67,66(0(175(&8(6
3529,6,21632855,648(6(7&+$5*(6
(0358176(7'(77(6$66,0,/((6 VDXIQRQEXGJpWDLUH
&2037('(/,$,621 $))(&7$7,216
7RWDOGHVRSpUDWLRQVG pTXLSHPHQW
',))(5(1&(66855($/,6$7,216' ,002%,/,6$7,216
,002%,/,6$7,216,1&25325(//(6 VDXI
68%9(48,3(0(1769(56((6
,002%,/,6$7,216&25325(//(6
,002%,/,6$7,2165(&8(6(1$))(&7$7,21
,002%,/,6$7,216(1&2856
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
$875(6,002%,/,6$7,216),1$1&,(5(6
$0257,66(0(176'(6,002%,/,6$7,216
3529,6,2163285'(35(&,$7,21'(6,002%,/,6$7,216
3529,6,2163285'(35(&,$7,21'(6672&.6(7(1&2856
7RWDOGHVRSpUDWLRQVSRXUFRPSWHGHWLHUV
3529,6,2163285'(35(&,$7,21'(6&2037(6'(7,(56
3529,6,2163285'(35(&,$7,21'(6&2037(6),1$1&,(56
6WRFNV
3RXULQIRUPDWLRQ
'6ROGHG H[pFXWLRQQpJDWLIUHSRUWpGH1
<FRPSULVOHVRSpUDWLRQVUHODWLYHVDXUDWWDFKHPHQWGHVFKDUJHVHWGHVSURGXLWVHWOHVRSpUDWLRQVG¶RUGUHVHPLEXGJpWDLUHV 9RLUOLVWHGHVRSpUDWLRQVG¶RUGUH
3HUPHWGHUHWUDFHUGHVRSpUDWLRQVSDUWLFXOLqUHVWHOOHVTXHOHVRSpUDWLRQVGHVWRFNVOLpHVjODWHQXHG¶XQLQYHQWDLUHSHUPDQHQWVLPSOLILp
&RPPXQHVFRPPXQDXWpVG¶DJJORPpUDWLRQHWFRPPXQDXWpVXUEDLQHVGHSOXVGHKDELWDQWV 6LODFRPPXQHRXO¶pWDEOLVVHPHQWDSSOLTXHOHUpJLPHGHVSURYLVLRQVEXGJpWDLUHV +RUVFKDSLWUHV©RSpUDWLRQVG¶pTXLSHPHQWª
6HXOOHWRWDOGHVRSpUDWLRQVSRXUFRPSWHGHWLHUVILJXUHVXUFHWpWDW YRLUOHGpWDLO$QQH[H,9$
$VHUYLUXQLTXHPHQWORUVTXHODFRPPXQHRXO¶pWDEOLVVHPHQWHIIHFWXHXQHGRWDWLRQLQLWLDOHHQHVSqFHVDXSURILWG¶XQVHUYLFHSXEOLFQRQSHUVRQQDOLVpTX¶HOOHRXTX¶LOFUpH (QGpSHQVHVOHFKDSLWUHUHWUDFHOHVWUDYDX[G¶LQYHVWLVVHPHQWUpDOLVpVVXUOHVELHQVUHoXVHQDIIHFWDWLRQ(QUHFHWWHLOUHWUDFHOHFDVpFKpDQWO¶DQQXODWLRQGHWHOVWUDYDX[HIIHFWXpVVXU XQH[HUFLFHDQWpULHXU
,,35(6(17$7,21*(1(5$/('8%8'*(7
%$/$1&(*(1(5$/('8%8'*(7
0DQGDWVpPLV \FRPSULVVXUOHVUHVWHVjUpDOLVHU1
'pSHQVHVGHIRQFWLRQQHPHQW7RWDO
'pSHQVHVG LQYHVWLVVHPHQW7RWDO
)21&7,211(0(17 727$/
727$/ ,19(67,66(0(17
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲĂĐĚƵĂŵƉĚĞZŽLJĂůůŝĞƵ
ϰ ,,
%
2SpUDWLRQV 2SpUDWLRQV
UpHOOHV G RUGUH
$77(18$7,216'(&+$5*(6
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
352'8&7,21672&.(( 28'(672&.$*(
75$9$8;(15(*,(
,03276(77$;(6
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(6352'8,76'(*(67,21&285$17(
352'8,76),1$1&,(56
352'8,76(;&(37,211(/6
5(35,6(6685$0257,66(0(176(73529,6,216
75$16)(576'(&+$5*(6
3RXULQIRUPDWLRQ
5([FpGHQWGHIRQFWLRQQHPHQWUHSRUWpGH1
2SpUDWLRQV 2SpUDWLRQV
UpHOOHV G RUGUH
'27$7,216)21'6',9(56(75(6(59(6 VDXI
(;&('(176'()21&7,211(0(17&$3,7$/,6(6
68%9(17,216' ,19(67,66(0(175(&8(6
(0358176(7'(77(6$66,0,/((6 VDXIQRQEXGJpWDLUH
&2037('(/,$,621 $))(&7$7,216
',))(5(1&(66855($/,6$7,216' ,002%,/,6$7,216
,002%,/,6$7,216,1&25325(//(6 VDXI
68%9(48,3(0(1769(56((6
,002%,/,6$7,216&25325(//(6
,002%,/,6$7,2165(&8(6(1$))(&7$7,21
,002%,/,6$7,216(1&2856
3$57,&,3$7,216(7&5($1&(65$77$&+((6$'(63$57,&,3$7,216
$875(6,002%,/,6$7,216),1$1&,(5(6
$0257,66(0(176'(6,002%,/,6$7,216
3529,6,2163285'(35(&,$7,21'(6,002%,/,6$7,216
2SpUDWLRQVSRXUFRPSWHGHWLHUV
3529,6,2163285'(35(&,$7,21'(6&2037(6'(7,(56
3529,6,2163285'(35(&,$7,21'(6&2037(6),1$1&,(56
6WRFNV
3RXULQIRUPDWLRQ
56ROGHG H[pFXWLRQSRVLWLIUHSRUWpGH1
,,35(6(17$7,21*(1(5$/('8%8'*(7
%$/$1&(*(1(5$/('8%8'*(7
7LWUHVpPLV \FRPSULVVXUOHVUHVWHVjUpDOLVHU1
5HFHWWHVGHIRQFWLRQQHPHQW7RWDO
5HFHWWHVG LQYHVWLVVHPHQW7RWDO
)21&7,211(0(17 727$/
727$/ ,19(67,66(0(17
<FRPSULVOHVRSpUDWLRQVUHODWLYHVDXUDWWDFKHPHQWGHVFKDUJHVHWGHVSURGXLWVHWOHVRSpUDWLRQVG¶RUGUHVHPLEXGJpWDLUHV 9RLUOLVWHGHVRSpUDWLRQVG¶RUGUH
3HUPHWGHUHWUDFHUGHVRSpUDWLRQVSDUWLFXOLqUHVWHOOHVTXHOHVRSpUDWLRQVGHVWRFNVOLpHVjODWHQXHG¶XQLQYHQWDLUHSHUPDQHQWVLPSOLILp 6LODFRPPXQHRXO¶pWDEOLVVHPHQWDSSOLTXHOHUpJLPHGHVSURYLVLRQVEXGJpWDLUHV +RUVFKDSLWUHV©RSpUDWLRQVG¶pTXLSHPHQWª
6HXOOHWRWDOGHVRSpUDWLRQVSRXUFRPSWHGHWLHUVILJXUHVXUFHWpWDW YRLUOHGpWDLO$QQH[H,9$ $VHUYLUXQLTXHPHQWORUVTXHODFRPPXQHRXO¶pWDEOLVVHPHQWHIIHFWXHXQHGRWDWLRQLQLWLDOHHQHVSqFHVDXSURILWG¶XQVHUYLFHSXEOLFQRQSHUVRQQDOLVpTX¶HOOHRXTX¶LOFUpH (QGpSHQVHVOHFKDSLWUHUHWUDFHOHVWUDYDX[G¶LQYHVWLVVHPHQWUpDOLVpVVXUOHVELHQVUHoXVHQDIIHFWDWLRQ(QUHFHWWHLOUHWUDFHOHFDVpFKpDQWO¶DQQXODWLRQGHWHOVWUDYDX[HIIHFWXpV VXUXQH[HUFLFHDQWpULHXU
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲĂĐĚƵĂŵƉĚĞZŽLJĂůůŝĞƵ
ϱ ,,,
$
&+$5*(6$&$5$&7(5(*(1(5$/
7(55$,16$$0(1$*(5
$&+$76' (78'(635(67$7,216'(6(59,&(67(55$,16$ $0(1$*(5
$&+$7'(0$7(5,(/(48,3(0(176(775$9$8;
)5$,6$&&(662,5(66857(55$,16(1&2856' $0(1$*(0(17
&+$5*(6),1$1&,(5(6 E
,17(5(765(*/(6$/ (&+($1&(
&+$5*(6(;&(37,211(//(6 F
7,75(6$118/(6685(;(5&,&(6$17(5,(856
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
9$5,$7,21'(6672&.6'(7(55$,16$0(1$*(6
23(5$7,2125'5($/,17(5,(85'(/$6)21&7
)5$,6$&&(662,5(66857(55$,16(1&2856' $0(1$*(0(17
S J S S S SS T S
6LOHPDQGDWHPHQWGHV,&1(GHO¶H[HUFLFHHVWLQIpULHXUDXPRQWDQWGHO¶H[HUFLFH1OHPRQWDQWGXFRPSWHVHUDQpJDWLI
/LEHOOp &KDS DUW 0DQGDWVpPLV &UpGLWVRXYHUWV %3'05$51 5HVWHVj UpDOLVHUDX
&KDUJHV
UDWWDFKpHV
''pILFLWGHIRQFWLRQQHPHQWUHSRUWpGH1
'pWDLOGXFDOFXOGHV,&1(DXFRPSWH
0RQWDQWGHV,&1(GHO¶H[HUFLFH
0RQWDQWGHV,&1(GHO¶H[HUFLFH1
'LIIpUHQFH,&1(1,&1(1
727$/'(6'(3(16(65((//(6 DEFGH
727$/'(635(/(9(0(176$8352),7'(/$6(&7,21' ,19(67,66(0(17
727$/'(6'(3(16(6' 25'5(
727$/'(6'(3(16(6'()21&7,211(0(17'(/ (;(5&,&( 7RWDOGHVRSpUDWLRQVUpHOOHVHWG RUGUH
3RXULQIRUPDWLRQ
,,,927('8%8'*(7
6(&7,21'()21&7,211(0(17'(7$,/'(6'(3(16(6
&UpGLWVHPSOR\pV RXUHVWDQWjHPSOR\HU
727$/ '(3(16(6'(*(67,21'(66(59,&(6 D
&UpGLWVDQQXOpV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲĂĐĚƵĂŵƉĚĞZŽLJĂůůŝĞƵ
ϲ ,,,
$
352'8,76'(66(59,&(6'8'20$,1((79(17(6',9(56(6
9(17(6'(7(55$,16$0(1$*(6
'27$7,21668%9(17,216(73$57,&,3$7,216
$875(6
352'8,76(;&(37,211(/6 F
$875(6352'8,76(;&(37,211(/6
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
9$5,$7,21'(6672&.6'(7(55$,16$0(1$*(6
23(5$7,2125'5($/,17(5,(85'(/$6)21&7
75$16)(576'(&+$5*(6),1$1&,(5(6
S J S S S SS T S
6LODFRPPXQHRXO¶pWDEOLVVHPHQWDSSOLTXHOHUpJLPHGHVSURYLVLRQVVHPLEXGJpWDLUHV
727$/'(65(&(77(65((//(6 DEFG
727$/'(65(&(77(6' 25'5(
727$/'(65(&(77(6'()21&7,211(0(17'(/ (;(5&,&( 7RWDOGHVRSpUDWLRQVUpHOOHVHWG RUGUH
3RXULQIRUPDWLRQ
5([FpGHQWGHIRQFWLRQQHPHQWUHSRUWpGH1
5HVWHVj
UpDOLVHUDX
&KDUJHV
UDWWDFKpHV
'pWDLOGXFDOFXOGHV,&1(DXFRPSWH
0RQWDQWGHV,&1(GHO¶H[HUFLFH
0RQWDQWGHV,&1(GHO¶H[HUFLFH1
'LIIpUHQFH,&1(1,&1(1
,,,927('8%8'*(7
6(&7,21'()21&7,211(0(17'(7$,/'(65(&(77(6
&UpGLWVHPSOR\pV RXUHVWDQWjHPSOR\HU
727$/ 5(&(77(6'(*(67,21'(66(59,&(6 D
/LEHOOp &KDS DUW &UpGLWVRXYHUWV %3'05$51 &UpGLWVDQQXOpV 7LWUHVpPLV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲĂĐĚƵĂŵƉĚĞZŽLJĂůůŝĞƵ
ϳ ,,,
%
2SpUDWLRQVG pTXLSHPHQWQ
(0358176(7'(77(6$66,0,/((6
(0358176(1(8526
2SpSRXUFRPSWHGHWLHUVQ
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
5HSULVHVVXUDXWRILQDQFHPHQWDQWpULHXU
7(55$,16$0(1$*(6
&KDUJHVWUDQVIpUpHV
S J S S S SS T S
9RLUpWDW,,,%SRXUOHGpWDLOGHVRSpUDWLRQVG¶pTXLSHPHQW
727$/'(3(16(65((//(6
5HVWHj
UpDOLVHUDX
&UpGLWVRXYHUWV
%3'05$51
727$/'(6'(3(16(6' 25'5(
727$/'(6'(3(16(6' ,19(67,66(0(17'(/ (;(5&,&( 7RWDOGHVRSpUDWLRQVUpHOOHVHWG RUGUH
3RXULQIRUPDWLRQ
'6ROGHG H[pFXWLRQQpJDWLIUHSRUWpGH1
,,,927('8%8'*(7
6(&7,21' ,19(67,66(0(17'(7$,/'(6'(3(16(6
7RWDOGHVGpSHQVHVG pTXLSHPHQW
7RWDOGHVGpSHQVHVILQDQFLqUHV
7RWDOGHVGpSHQVHVG RSpUDWLRQVSRXUFRPSWHGHWLHUV
/LEHOOp &KDS DUW 0DQGDWVpPLV &UpGLWVDQQXOpV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲĂĐƵĚƵĂŵƉĚĞZŽLJĂůůŝĞƵ
ϴ ,,,
%
(0358176(7'(77(6$66,0,/((6
(0358176(1(8526
$XWUHVVXEYGLQYHVWLVVHPHQWWUDQVIpUpHV
2SpSRXUFRPSWHGHWLHUVQ
23(5$7,21'25'5('(75$16)(576(175(6(&7,216
7(55$,16$0(1$*(6
&KDS
DUW
727$/'(635(/(9(0(1763529(1$17'(/$6(&7,21'( )21&7,211(0(17
727$/'(65(&(77(6' 25'5(
727$/'(65(&(77(6' ,19(67,66(0(17'(/ (;(5&,&( 7RWDOGHVUHFHWWHVUpHOOHVHWG RUGUH
7RWDOGHVUHFHWWHVILQDQFLqUHV
,,,927('8%8'*(7
6(&7,21' ,19(67,66(0(17'(7$,/'(65(&(77(6
7RWDOGHVUHFHWWHVG pTXLSHPHQW
3RXULQIRUPDWLRQ
56ROGHG H[pFXWLRQSRVLWLIUHSRUWpGH1
7RWDOGHVUHFHWWHVG RSpUDWLRQVSRXUFRPSWHGHWLHUV
727$/'(65(&(77(65((//(6
S J S S S SS T S
9RLUDQQH[HV,9$ SRXUOHGpWDLOGHVRSpUDWLRQVSRXUFRPSWHGHWLHUV
/LEHOOp 7LWUHVpPLV &UpGLWVRXYHUWV %3'05$51 5HVWHjUpDOLVHU DX &UpGLWVDQQXOpV
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲĂĐĚƵĂŵƉĚĞZŽLJĂůůŝĞƵ
ϵ ,9
$UW /LEHOOp
&UpGLWVGH
O H[HUFLFH KRUV
5$5
%3%6'0
5pDOLVDWLRQV
KRUV5$5
(0358176(1(8526
'pSHQVHVLPSUpYXHV
2SpUDWLRQGH
O H[HUFLFH
,
5HVWHVjUpDOLVHU
HQGpSHQVHVGH
O H[HUFLFH
SUpFpGHQW1
6ROGHG p[HFXWLRQ
'GH
O H[HUFLFH
SUpFpGHQW1
727$/
,,
'pSHQVHVjFRXYULUSDUGHVUHVVRXUFHVSURSUHV
'pWDLOOHUOHVFKDSLWUHVEXGJpWDLUHVSDUDUWLFOHFRQIRUPpPHQWDXSODQGHFRPSWHV
'pSHQVHVHWWUDQVIHUWVjGpGXLUHGHVUHVVRXUFHVSURSUHV %
,9$11(;(6
6(&7,21' ,19(67,66(0(17
(48,/,%5('(623(5$7,216),1$1&,(5(6'(3(16(6
'(3(16(6$&2895,53$5'(65(66285&(635235(6
'(3(16(6727$/(6$&2895,53$5'(65(66285&(6
35235(6 $%
(PSUXQWVHWGHWWHVDVVLPLOpHV $
$
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲĂĐĚƵĂŵƉĚĞZŽLJĂůůŝĞƵ
ϭϬ ,9
$UW /LEHOOp
&UpGLWVGH
O H[HUFLFH KRUV
5$5
%3%6'0
5pDOLVDWLRQV
KRUV5$5
3URGXLWVGHFHVVLRQV
9LUHPHQWGHODVHFWLRQGHIRQFWLRQQHPHQW
2SpUDWLRQVGH
O H[HUFLFH,,,
5HVWHVjUpDOLVHU
HQUHFHWWHVGH
O H[HUFLFH
SUpFpGHQW
6ROGHG p[HFXWLRQ
5GH
O H[HUFLFH
SUpFpGHQW
$IIHFWDWLRQ5
GHO H[HUFLFH
SUpFpGHQW
727$/,9
7RWDOUHVVRXUFHVSURSUHVGLVSRQLEOHV
'pSHQVHVjFRXYULUSDUGHVUHVVRXUFHVSURSUHV,,
5HVVRXUFHVSURSUHVGLVSRQLEOHV,9
6ROGH9 ,9,,
/HVFRPSWHV HW VRQWjGpWDLOOHUFRQIRUPpPHQWDXSODQGHFRPSWHV /HVFRPSWHV HW VRQWSUpVHQWpVXQLTXHPHQWVLODFRPPXQHRXO pWDEOLVVHPHQWDSSOLTXHOHUpJLPHGHVSURYLVLRQVEXGJpWDLUHV ,QGLTXHUOHVLJQHDOJpEULTXH
,9$11(;(6
6(&7,21' ,19(67,66(0(17
(48,/,%5('(623(5$7,216),1$1&,(5(65(&(77(6
5(66285&(635235(6
5(&(77(6 5(66285&(635235(6 DE
5HVVRXUFHVSURSUHVH[WHUQHVGHO DQQpH D
$
5HVVRXUFHVSURSUHVLQWHUQHVGHO DQQpH E
0RQWDQW
ŽŵƉƚĞĚŵŝŶŝƐƚƌĂƚŝĨϮϬϭϰͲĂĐĚƵĂŵƉĚĞZŽLJĂůůŝĞƵ
ϭϭ (PSUXQWVREOLJDWDLUHV 7RWDO (PSUXQWVDXSUqVG pWDEOLVVHPHQWGHFUpGLW 7RWDO
(PSUXQWVHQHXURV WRWDO
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
7
3
2
$
6),/&$)),/
9
(XULERU0
(85
7
3
2
$
&$,66(' (3$5*1(
)
7DX[IL[Hj
(85
7
3
2
$
&5(',7$*5,&2/(
9
(XULERU0
(85
7
;
2
$
&$,66('(6'(3276(7 &216,*1$7,216
9
(XULERU0
(85
7
&
2
$
(PSUXQWVHQGHYLVHV WRWDO (PSUXQWVDVVRUWLVG XQHRSWLRQGHWLUDJHVXU OLJQHGHWUpVRUHULH WRWDO 'pS{WVHWFDXWLRQQHPHQWVUHoXV 7RWDO (PSUXQWVHWGHWWHVDVVRUWLVGHFRQGLWLRQV SDUWLFXOLqUHV 7RWDO $YDQFHVFRQVROLGpHVGX7UpVRU WRWDO (PSUXQWVVXUFRPSWHVVSpFLDX[ WRWDO 'HWWHVSRXU0(73HW333 WRWDO 'HWWHVHQYHUVORFDWDLUHVDFTXpUHXUV WRWDO $XWUHVHPSUXQWVHWGHWWHV WRWDO (PSUXQWVHWGHWWHVDVVLPLOpHV 7RWDO $XWUHVHPSUXQWV WRWDO %RQVjPR\HQWHUPHQpJRFLDEOHV WRWDO $XWUHVGHWWHV WRWDO 7RWDOJpQpUDO
6LXQHPSUXQWGRQQHOLHXjSOXVLHXUVPRELOLVDWLRQVLQGLTXHUODGDWHGHODSUHPLqUHPRELOLVDWLRQ 1RPLQDO PRQWDQWHPSUXQWpjO RULJLQH 7\SHGHWDX[G LQWpUrW ) IL[H 9 YDULDEOHVLPSOH & FRPSOH[H F HVWjGLUHXQWDX[YDULDEOHTXLQ HVWSDVVHXOHPHQWGpILQLFRPPHODVLPSOHDGGLWLRQG XQWDX[XVXHOGHUpIpUHQFHHWG XQHPDUJHH[SULPpHHQSRLQWGHSRXUFHQWDJH 0HQWLRQQHUOHRXOHVW\SHVG LQGH[ H[ (XULERUPRLV ,QGLTXHUOHQLYHDXGHWDX[jO¶RULJLQHGXFRQWUDW ,QGLTXHUODSpULRGLFLWpGHVUHPERXUVHPHQWV$ DQQXHOOH 0 PHQVXHOOH% ELPHVWULHOOH6 VHPHVWULHOOH7 WULPHVWULHOOH;DXWUH ,QGLTXHU&SRXUDPRUWLVVHPHQWDQQXHOFRQVWDQW3SRXUDPRUWLVVHPHQWDQQXHOSURJUHVVLI)SRXU
LQILQH
;SRXUDXWUHVjSUpFLVHU
&DWpJRULHG¶HPSUXQWjO RULJLQH([HPSOH$ FIODFODVVLILFDWLRQGHVHPSUXQWVVXLYDQWODW\SRORJLHGHODFLUFXODLUH,2&%&GXMXLQVXUOHVSURGXLWVILQDQFLHUVRIIHUWVDX[FROOHFWLYLWpVWHUULWRULDOHV
,9±$11(;(6
,9
(/(0(176'8%,/$1±(7$7'(/$'(77(5(3$57,7,213$51$785('('(77(
$
$5e3$57,7,213$51$785('('(77( KRUV HW
1DWXUH
3RXUFKDTXHOLJQHLQGLTXHUOHQXPpURGHFRQWUDW
(PSUXQWVHWGHWWHVjO RULJLQHGXFRQWUDW
2UJDQLVPHSUrWHXURX
FKHIGHILOH
'DWHGH VLJQDWXUH
'DWH
G pPLVVLRQRX
GDWHGH
PRELOLVDWLRQ
'DWHGXSUHPLHU UHPERXUVHPHQW
1RPLQDO
7\SHGH
WDX[
G LQWpUrW
,QGH[
7DX[LQLWLDO
'HYLVH
3pULRGLFLWpGHV UHPERXUVHPHQWV
3URILO
G DPRUWLVVHPHQW
3RVVLELOLWpGH UHPERXUVHPHQW
DQWLFLSp
21
&DWpJRULH
G¶HPSUXQW
1LYHDXGH WDX[
7DX[
DFWXDULHO
&RPSWH$GPLQLVWUDWLI=DFGX&DPSGH5R\DOOLHX
,9 $
(PSUXQWVREOLJDWDLUHV 7RWDO (PSUXQWVDXSUqVG pWDEOLVVHPHQWGHFUpGLW 7RWDO
(PSUXQWVHQHXURV WRWDO
1
$
9
(XULERU0
1
$
9
(XULERU0
1
$
9
(XULERU0
1
$
9
(XULERU0
1
$
9
(XULERU0
(PSUXQWVHQGHYLVHV WRWDO (PSUXQWVDVVRUWLVG XQHRSWLRQGHWLUDJHVXUOLJQHGH WUpVRUHULH WRWDO 'pS{WVHWFDXWLRQQHPHQWVUHoXV 7RWDO (PSUXQWVHWGHWWHVDVVRUWLVGHFRQGLWLRQV SDUWLFXOLqUHV 7RWDO $YDQFHVFRQVROLGpHVGX7UpVRU WRWDO (PSUXQWVVXUFRPSWHVVSpFLDX[ WRWDO 'HWWHVSRXU0(73HW333 WRWDO 'HWWHVHQYHUVORFDWDLUHVDFTXpUHXUV WRWDO $XWUHVHPSUXQWVHWGHWWHV WRWDO (PSUXQWVHWGHWWHVDVVLPLOpHV 7RWDO $XWUHVHPSUXQWV WRWDO %RQVjPR\HQWHUPHQpJRFLDEOHV WRWDO $XWUHVGHWWHV WRWDO 7RWDOJpQpUDO
6¶DJLVVDQWGHVHPSUXQWVDVVRUWLVG¶XQHOLJQHGHWUpVRUHULHLOIDXWIDLUHUHVVRUWLUOHUHPERXUVHPHQWGXFDSLWDOGHODGHWWHSUpYXHSRXUO¶H[HUFLFHFRUUHVSRQGDQWDXYpULWDEOHHQGHWWHPHQW 6LO HPSUXQWHVWVRXPLVjFRXYHUWXUHLOFRQYLHQWGHFRPSOpWHUOHWDEOHDX©GpWDLOGHVRSpUDWLRQVGHFRXYHUWXUHª &DWpJRULHG¶HPSUXQW([HPSOH$ FIODFODVVLILFDWLRQGHVHPSUXQWVVXLYDQWODW\SRORJLHGHODFLUFXODLUH,2&%&GXMXLQVXUOHVSURGXLWVILQDQFLHUVRIIHUWVDX[FROOHFWLYLWpVWHUULWRULDOHV (QFDVGHFRXYHUWXUHSDUWLHOOHLQGLTXHUSOXVLHXUVFDWpJRULHVG HPSUXQW H[HPSOH $ & 7\SHGHWDX[G LQWpUrW ) IL[H 9 YDULDEOHVLPSOH & FRPSOH[H F HVWjGLUHXQWDX[YDULDEOHTXLQ HVWSDVVHXOHPHQWGpILQLFRPPHODVLPSOHDGGLWLRQG XQWDX[XVXHOGHUpIpUHQFHHWG XQHPDUJHH[SULPpHHQSRLQWGHSRXUFHQWDJH 0HQWLRQQHUOHRXOHVLQGH[HQFRXUVDX1DSUqVRSpUDWLRQVGHFRXYHUWXUH 7DX[DSUqVRSpUDWLRQVGHFRXYHUWXUHpYHQWXHOOHV3RXUOHVHPSUXQWVjWDX[YDULDEOHLQGLTXHUOHQLYHDXPR\HQGXWDX[FRQVWDWpVXUO DQQpH ,OV DJLWGHVLQWpUrWVGXVDXWLWUHGXFRQWUDWLQLWLDOHWFRPSWDELOLVpVjO DUWLFOH©,QWpUrWVUpJOpVjO¶pFKpDQFHª LQWpUrWVGpFDLVVpV HWLQWpUrWVpYHQWXHOVGXVDXWLWUHGXFRQWUDWG pFKDQJHpYHQWXHOHWFRPSWDELOLVpVjO DUWLFOH ,QGLTXHUOHVLQWpUrWVpYHQWXHOOHPHQWUHoXVDXWLWUHGXFRQWUDWG pFKDQJHpYHQWXHOHWFRPSWDELOLVpVDX
$5e3$57,7,213$51$785('('(77( KRUV HW VXLWH
1DWXUH
3RXUFKDTXHOLJQHLQGLTXHUOHQXPpURGHFRQWUDW
(PSUXQWVHWGHWWHVDX
&RXYHUWXUH
21
0RQWDQW FRXYHUW
&DWpJRULH
G¶HPSUXQWDSUqV
FRXYHUWXUH pYHQWXHOOH
&DSLWDOUHVWDQWG
DX
'XUpH
UpVLGXHOOH HQDQQpHV
,9±$11(;(6
(/(0(176'8%,/$1±(7$7'(/$'(77(5(3$57,7,213$51$785('('(77(
7DX[G LQWpUrW
$QQXLWpGHO¶H[HUFLFH
7\SHGH
WDX[
,QGH[
1LYHDXGHWDX[
G LQWpUrWjODGDWHGH YRWHGXEXGJHW
&DSLWDO
&KDUJHVG LQWpUrW
,QWpUrWVSHUoXV OH FDVpFKpDQW
&RPSWH$GPLQLVWUDWLI=DFGX&DPSGH5R\DOOLHX
,9
6WUXFWXUH
,QGLFHV
VRXVMDFHQWV
,QGLFHV]RQHHXURV
,QGLFHVLQIODWLRQ
IUDQoDLVHRX]RQHHXUR
RXpFDUWHQWUHFHV
LQGLFHV
(FDUWVG LQGLFHV]RQH
HXUR
,QGLFHVKRUV]RQH
HXURHWpFDUWV
G LQGLFHVGRQWO XQHVW XQLQGLFHKRUV]RQH
HXUR
(FDUWVG LQGLFHV KRUV]RQHHXUR
$XWUHVLQGLFHV
1RPEUHGHSURGXLWV
GHO HQFRXUV
0RQWDQWHQHXURV
¼
1RPEUHGHSURGXLWV GHO HQFRXUV 0RQWDQWHQHXURV 1RPEUHGHSURGXLWV GHO HQFRXUV 0RQWDQWHQHXURV 1RPEUHGHSURGXLWV GHO HQFRXUV 0RQWDQWHQHXURV 1RPEUHGHSURGXLWV GHO HQFRXUV 0RQWDQWHQHXURV 1RPEUHGHSURGXLWV GHO HQFRXUV 0RQWDQWHQHXURV
&HWWHDQQH[HUHWUDFHOHVWRFNGHGHWWHDX1DSUqVRSpUDWLRQVGHFRXYHUWXUHpYHQWXHOOHV
,9$11(;(6
(/(0(176'8%,/$1±(7$7'(/$'(77(±7<32/2*,('(
/$5(3$57,7,21'(/¶(1&2856
$7<32/2*,('(/$5(3$57,7,21'(/ (1&2856
$ 7DX[IL[HVLPSOH7DX[YDULDEOHVLPSOH (FKDQJHGHWDX[IL[HFRQWUHWDX[YDULDEOHRX LQYHUVHPHQW(FKDQJHGHWDX[VWUXFWXUp FRQWUHWDX[YDULDEOHRXWDX[IL[H VHQV XQLTXH 7DX[YDULDEOHVLPSOHSODIRQQp FDS RXHQFDGUp WXQQHO % %DUULqUHVLPSOH3DVG HIIHWGHOHYLHU
$
& 2SWLRQG pFKDQJH VZDSWLRQ ' 0XOWLSOLFDWHXUMXVTX j PXOWLSOLFDWHXU MXVTX jFDSp ( 0XOWLSOLFDWHXUMXVTX j ) $XWUHVW\SHVGHVWUXFWXUHV
&RPSWH$GPLQLVWUDWLI=DFGX&DPSGH5R\DOOLHX