Contents
QU*H6S6Z 35,17,1-$3$1
DZQGJHU
IDWDOHV
WURXEOHVGHODUHSURGXFWLRQ
VHULDVRIDWDOHV
QGLTXHODYLWHVVHPDLPDOHGHO¶DUEUH
PDVNLQHQ
YHUZHQGHQ
WHPHQWRXYHUW
$OZD\VXVHIXHODQGRLOPLWXUH
7RXMRXUVXWLOLVHUXQPpODQJHFDUEXUDQWHWKXLOH
$QYlQGDOOWLGEUlQVOHROMHEODQGQLQJ
HGLHQXQJVDQOHLWXQJJHQDXGXUFKOHVHQ
LUHDWWHQWLYHPHQWOHPDQXHOG¶XWLOLVDWLRQ
HHUFXLGDGRVDPHQWHHOPDQXDOGHORSHUDGRU
$QWHVGHOXVRGHODXQLGDG
LVLJHQRPEUXNVDQYLVQLQJHQQRJJUDQW
$LUFOHDQHU
243
&DUU\LQJKDQGOH
5044%,%
#%3 02.#0!,%3
02.#0!,%3 595$$%,!2
85,1*235$7,21
%49 02%#!54/.3
%25235$7,21
8
PRWHXUHWSHQGDQWOHIRQFWLRQQHPHQW
352%35$% 3%#524%
$9$17/21&7,211017
&20%867,%
*HUlWQLFKWDXIVWHLQLJHP RGHU.LHVERGHQYHUZDQGHQ
#%2%43.7%3% 6/2 ,1%75,%1$+0
.5$7672
9HUZHQGHQ6LH$UEHLWVFKDQGVFKXKH
SURWHFWRURSRUWXQR
$$!3 $% 3%52$!$
$176/81&,21$0,172
HVFDEURVR
g5$19b11,1
3Ç+%2%4-/#33+43%
%5b16
+/,167$//$7,21
33%-, /#%$52%3
$75235$7,21
!.$,%.!33%-,9
$660%/$**8,216
352&6¶$660%/$
31$17/21&7,211017
$356/21&7,211017
-/.4!% $%3 2&&%3
%!.,%45
b+516%75,%6
1DFK%HWLUHEGHV*HUlWHV
0217$-/0$1,//$5
02/#%$-%.4/3 $% -/.4!*%
85$17/862
6386/$0$1,2%5$
5$02&+%$.+-8/1602175,1
1b5.$176.b5$51$19b16
75.$176.b51,1*
+$17$*7602175,1
LJ LJ$
,167$//$7,212,56
,167$//$7,2127+$,5&/$15
LJ
,167$//$7,21/¶385$785¶$,5
.34!,,!4/. $%3 &,3
0217$*6/875,1,*56
0217$*56
,167$/$&,21/385$25$,5
,167$/$&,21&$%/6
/8751$51602175,1
9$-5$51$602175,1
&5%
.34!,,!4/. /&.5!2$2!$*534.*/,4
4 /#%$52%3
,!$% .34!,,!4
,167$//$7,21/$/$0
02/#%$%3 $%$-!./%562%
&20%867,%
.5$7672
75,%6$1/,781
0217$*56&+1,./,1
0217$*66&+87=,167//%2/=16
,167$/$&,21/$&8&+,//$
352&,0,17260$1-2
,167$/$&,21/3512$,867$25/,6326,7,923527&&,21
%5b16
+$1+$9$1
./,1*$1602175,1
02175,1*$96.6.c3$16-8675%8/7
67233,1
%.!.#%%!.$!!$*534-%.4
67$57,1
&877,1
$557
1757,17$-867$
0$55$
&283$
6FKQHLGPHVVHUIHUQKDOWHQ
167$1+$/781*81$5781
67$575
$86&+6/15./,1
3$5$$
$171,0,172$-867
$55$148
&257
+8502725167$11$6
815+c//2&+-8675,1
0272567$57
.$176.b51,1
&$5%85725
$,5&/$15
8/,/75
63$5.3/8
&$5%85$785
385$785¶$,5
,/75&20%867,%
%28*,¶$//80$
5*/5
.5$7672,/75
=h1.5=
95*$65
5*8/$25
,/752&20%867,%
%8/$1&1,2
&$5%85$25
g5*$6$5
/8751$5
%5b16/,/75
7b167,7
$87,21 RQRWDGMXVWWRUXQPRUHWKDWUSP
6%2./2 !$*534-%.4
0DQLSXOHUVRLJQHXVHPHQWRXUHPSODFHU
2%,!% $5 2%5,!4%52
JXODWHXU
9pUL¿HUHWQHWWR\HU
2%,%2%.34%,,5
LQFRUUHFWDPHQWHDMXVWDQGR
!*534% $%, 2%5,!$/2
UHJXODGRU
,QHVWUDELOLGDGGHOUHJXODGRU9DULDFLyQGHYHORFLGDG
MXVWHUDWVIHODNWLJW *UNRQWUROORFKUHQJULQJ
*534%2.%!662%5,!4/2
WRPJlQJVLlJHHOOHUIXOOJDVOlJH
5HJXODWRUQVVYlQJQLQJDUYDUYWDOHWYDULHUDU
*$5&$6,56$108/5
7528%/6+227,1
6725$
%2Ì7¶1*51$*6,/676,/1&,8
$11$
00$*$6,1$
*75,%*+b866,/816&+$//b035
+%81*92167g581*1
/$*581
GHOFRPEXVWLEOH\GHOFDUEXUDGRU
1967,*$&,21$95,$6
&$-$1*5$1$-6$/$0%566,/1&,$25
$/0$&1$0,172
2UJUlVSnNOLQJDQ 6PXWVLJWVNDGDWWlQGVWLIW
9,1./9b/9$-5$52&+/-8b03$5
/c1*7,6g59$5,1
6PXWVLJWEUlQVOH
2SWLRQDODFXOWDWLI6RQGHUXEHKUDFXOWDWLYR7LOOYDO
63&,,&$7,216
JDUDQWL
SRXVHVFXEH
¶DFLHU
Hqjuhqdjhv
Lohknudiwnxssoxqj
+1,6&+$71
Hqwvsuhfkhqg
0HPEUDQYHUJDVHU
63&,,&$&,216
0HPEUDQIUJDVDUH
6.$$7$
JDUDQWHUDG
6HLML7DQDND
&&
HVQRUPHVVXLYDQWHVRQWpWpSULVHVHQFRQVLGpUDWLRQ
DLWj
DEULFDGRHQ
UHVNULYQDLEHUUGDGLUHNWLY
LHQDFKIROJHQGHQ6WDQGDUGVZXUGHQLQ%HWUDFKWJHRJHQ
6HULHQ1UDE