Bilan Flash Test 2013

ŝůĂŶ&ůĂƐŚdĞƐƚϮϬϭϯ
^ƚĞƉŚĞŶ<ZKE
:ĞĂŶŶĞͲDĂƌŝĞW^>
ZWW>hKEdyd
• 8QHH[SpULPHQWDWLRQG¶XQH6HPDLQHGHGpSLVWDJHUDSLGHSURSRVpH
SDUOHPLQLVWqUH
• 'DQVUpJLRQVIUDQoDLVHV OHVSOXVWRXFKpHVSDUO¶pSLGpPLHj9,+,OHGH)UDQFH
5K{QH$OSHV3URYHQFH$OSHV&{WHG¶$]XUHW*X\DQH
• 'XDXVHSWHPEUH
2%-(&7,)6 *e1e5$8;
• $PpOLRUHU OH UHFRXUV DX GpSLVWDJH GHV SRSXODWLRQV OHV SOXV H[SRVpHV DX 9,+ RX
pORLJQpHV GX V\VWqPH GH VDQWp
• 5pGXLUH OHV UHWDUGV DX GpSLVWDJH GX 9,+
2%-(&7,)6 6(&21'$,5(6
• $PpOLRUHU OD YLVLELOLWp GHV GLVSRVLWLIV GH GpSLVWDJH SDU 752'
• $PpOLRUHU O¶DFFHVVLELOLWp DX GpSLVWDJH HQ DOODQW DX GHYDQW GHV SXEOLFV TXL QH
IUpTXHQWHQW SDV OHV GLVSRVLWLIV GpGLpV FHQWUHV GH GpSLVWDJH WUDGLWLRQQHOV
• )DLUH pYROXHU OHV SUDWLTXHV HW OHV UHSUpVHQWDWLRQV GHV GLIIpUHQWV RSpUDWHXUV
• &UpHU GX OLHQ SDUWHQDULDW HQWUH DVVRFLDWLRQV HW SURIHVVLRQQHOV GH VDQWp
'^d/KEhWZK:d
• &23,/QDWLRQDO'*6$56&1$076,13(6,196 !pODERUHOHSURWRFROHG¶LQWHUYHQWLRQLPSXOVHOHSURMHWHQUpJLRQVXLYUH
O¶H[SpULPHQWDWLRQHWFRRUGRQQHUO¶pYDOXDWLRQ
• &23,/UpJLRQDOFRRUGLQDWHXUUpJLRQDO$56&25(9,+&5,366,'$&7,21$3
+3 !GpILQLWOHVRULHQWDWLRQVVWUDWpJLTXHVGHFHWWHVHPDLQH)ODVKWHVWHQUpJLRQ
• *URXSHGHVXLYLWHFKQLTXHFRRUGLQDWHXUUpJLRQDO$56&25(9,+6,'$&7,21
&5,36
• )LQDQFHPHQWV&1$076$56,')&25(9,+(6768'&(175(
^dZhdhZd/KE>͛KWZd/KE
E/&
• 0RELOLVDWLRQGHVDVVRFLDWLRQVKDELOLWpHVGHVDVVRFLDWLRQVFRPPXQDXWDLUHVGH
FHQWUHVGHVDQWpYLDOHV&RUHYLKYLDOHUpVHDXDVVRFLDWLIGH6LGDFWLRQ
• 3URSRVLWLRQGHIRUPDWLRQVJUDWXLWHVDX[DFWHXUV
– 752'!SHUVRQQHOVVRLJQDQWV
– ¬O¶© DOOHUYHUV ªOHVSXEOLFVKRUVGXPLOLHXPpGLFDO!SHUVRQQHOVVRLJQDQWVHW
DVVRFLDWLIV
• 3URSRVLWLRQGHVRXWLHQORJLVWLTXHHWWHFKQLTXHDXPRQWDJHGHGLVSRVLWLIKDELOLWDWLRQ
GX&5,36SRXUO¶RSpUDWLRQ
• 0LVHHQSODFHG¶XQGLVSRVLWLIGHFRPPXQLFDWLRQVSpFLILTXH
• 0LVHHQSODFHG¶XQGLVSRVLWLIG¶pYDOXDWLRQVSpFLILTXH
&KZDd/KE
LQWHUYHQDQWVGHVDQWpIRUPpVGRQW
– VRLJQDQWVIRUPpVjODUpDOLVDWLRQGHV752',167,
PRGXOHVSURSRVpVMRXUQpHFKDTXH
&DGUHUqJOHPHQWDLUHHW8VDJHGHV752',167,
&RQGXLWHG·HQWUHWLHQHWDQQRQFHGXUpVXOWDW
$SSURFKHGHVSXEOLFVFLEOHV
SHUVRQQHOVPpGLFDX[
,QILUPLHUV
0pGHFLQVRXLQWHUQHV
$VVRFLDWLIV
0LJUDQWV SHUVRQQHV
*D\+6+7UDQV± SHUVRQQHV
7UDYDLOVH[XHO± SHUVRQQHV
VHVVLRQVGHIRUPDWLRQ HQWUHOHHWOHVHSWHPEUH
– 'RQWVHVVLRQVSpFLILTXHDX[LQWHUYHQDQWVHQPLOLHXSpQLWHQFLHU)UHVQHV
– UDSSURFKpHGHODVHPDLQH)ODVK7HVWSRXUXQHPLVHHQSUDWLTXHUDSSURFKpHGHVIRUPDWLRQV
IRUPDWHXUVH[SHUWVPRELOLVpVEpQpYROHPHQWSRXUFUpHUOHVFRQWHQXVGHIRUPDWLRQHWDQLPHU
OHVIRUPDWLRQV
/^WK^/d/&
KDDhE/d/KE
,QSHV &UpDWLRQJUDSKLTXHHWDFKDWG¶HVSDFHSXEOLFLWDLUH
6,6$VVRFLDWLRQ*HVWLRQGXGLVSRVLWLIHQOLJQH
'*67UDGXFWLRQG¶$UJXPHQWDLUH752'HWGHV4XHVWLRQQDLUHV
– ODQJXHV$OOHPDQG$QJODLV$UDEH%XOJDUH&RPRULHQ(VSDJQRO,WDOLHQ
0DQGDULQ3RUWXJDLV5RXPDLQ5XVVH
$56,')YLDOH&5,36
– 'RVVLHUGHSUHVVHHWFRQIpUHQFHGHSUHVVHGHWHUUDLQ$JHQFHGHSUHVVH
– 3URGXFWLRQHWGLIIXVLRQGHVRXWLOVGHFRPPXQLFDWLRQDIILFKHVIO\HUV6WLFNHUV
76KLUWV6LJQDOpWLTXHVGHWHUUDLQHWGHVRXWLOVGHSUpYHQWLRQ3UpVHUYDWLIV
PDVFXOLQVIpPLQLQOXEULILDQW
– 6RLUpHGHUHPHUFLHPHQWSRXUOHVDFWHXUV
&23,/5pJLRQDO5HFRXUVDX6HUYLFHG¶LQWHUSUpWDULDWWpOpSKRQLTXH,60,QWHUSUpWDULDW
/&
Khd/>^dZZ/E
KDDhE/d/KE&>^,d^d
dͲ^ŚŝƌƚƐ
ƵŽ;>ƵďƌŝĨŝĂŶƚнWƌĞƐĞƌǀĂƚŝĨŵĂƐĐƵůŝŶͿ
WƌĠƐĞƌǀĂƚŝĨ/ŶƚĞƌŶĞ;&ĠŵŝĚŽŶͿ
ĨĨŝĐŚĞŐĠŶĠƌĂůĞĚŽŝŐƚďůĂŶĐ
ĨĨŝĐŚĞŐĠŶĠƌĂůĞĚŽŝŐƚŶŽŝƌ
ĨĨŝĐŚĞĚĠĐůŝŶĂŝƐŽŶ,^,
ŐĞŶĚĂĚΖĂĐƚŝŽŶ
&ůLJĞƌƐdZK
^ƚŝĐŬĞƌƐ
EŽŵďƌĞĚΖĞdžĞŵƉůĂŝƌĞƐ
ϱϬϬ
ϮϬϬϬϬ
ϲϬϬϬ
ϭϮϬϬ
ϱϬϬ
ϯϱϬ
ϮϬϬϬϬ
ϭϱϬϬϬ
ϯϬϬϬϬ
>/^WK^/d/&dZZ/E
• VLWHVLQYHVWLVKRUVOHVPXUVGRQWGHQRXYHDX[VLWHV
– 6LWHFKRLVLVSRXUrWUHGHVOLHX[GHFURLVHPHQWGHVSXEOLFVSULRULWDLUHV
– 7RXVOHVGpSDUWHPHQWVFRXYHUWV
• DFWLRQVUHFHQVpHVGRQWHQSDUWHQDULDW
• VWUXFWXUHVDVVRFLDWLYHVHWPpGLFDOHVLPSOLTXpHV
• LQWHUYHQDQWVPRELOLVpV
– GLIIpUHQWVSRVWHVGpSLVWHXUVDFFXHLOODQWVVXSHUYLVHXUV
• GLVSRVLWLIVHQpWDEOLVVHPHQWGHVDQWp
– VHPDLQHGHGpSLVWDJHjO¶K{SLWDOSpQLWHQFLHUGH)UHVQHV(361)
– $FWLRQjODFOLQLTXHSV\FKLDWULTXH0DLVRQ%ODQFKH
d/s/ddZK/&
• KHXUHVG¶DFWLRQ
• KHXUHVGHGpSLVWDJH
• 752'9,+UpDOLVpV
• TXHVWLRQQDLUHVFROOHFWpV
• 752'3RVLWLIV
– GpFRXYHUWHVGHVpURSRVLWLYLWp
– FRQILUPDWLRQVGH752'UHIXVGHVRLQ
– IDX[SRVLWLI
– $XPRLQVSHUVRQQHVFRQQDLVVDQWOHXUVWDWXWSRVLWLIYHQXHVIDLUHXQ752'
>Wh>/h/>>/
/¶DQDO\VHGHVTXHVWLRQQDLUHV,196LQGLTXHUDODW\SRORJLHGHVSXEOLFV
GpSLVWpVHWGRFXPHQWHUDOHXUUHFRXUVDXGpSLVWDJHHWOHXUSURILOGHULVTXH
¾ $QDO\VHSUpYXHSRXUOHHU WULPHVWUH
/HVUHWRXUVGHVLQWHUYHQDQWVGHWHUUDLQPHWWHQWHQDYDQW
– 8QHSURSRUWLRQLPSRUWDQWHGHSXEOLF© KRUVFLEOH ª LQLWLDOHPHQWSUpYX
– $\DQWXQIDLEOHUHFRXUVDXGpSLVWDJHDYDQWO¶RSpUDWLRQ
– &RQQDLVVDQWPDOOHVGLVSRVLWLIVGHGpSLVWDJHGHGURLWFRPPXQV
WZK&/>^ϯϵKhsZd^
^ZKWK^/d/s/d
•
•
•
•
•
•
+RPPHVGRQW
– GpFODUDQWGHVUHODWLRQVVH[XHOOHVDYHFGHVKRPPHVGRQWQpVHQ$IULTXHGX1RUG
– QpVKRUV(XURSHGHO¶2XHVW3ULQFLSDOHPHQW$IULTXH&HQWUDOHWGX1RUG
– ,QFDUFpUp
)HPPHVGRQWQpHVKRUV(XURSHGHO¶2XHVW
3HUVRQQHV7UDQVD\DQWGHVUHODWLRQVVH[XHOOHVHQpFKDQJHGHVHUYLFHRXG¶DUJHQW
SHUVRQQHVKRUVSXEOLFSULRULWDLUH
– XQFRXSOHKpWpURVH[XHOGHVH[DJpQDLUHMDPDLVWHVWp
– MHXQHILOOHKpWpURVH[XHOOHGHHWDQVQpHHQ%HOJLTXHHW6XLVVH
$JHPR\HQDQV
5HFRXUVDXGpSLVWDJHSHUVRQQHVMDPDLVWHVWpHVHWD\DQWO¶LQWHQWLRQGHIDLUHXQ
GpSLVWDJH
&>^,d^d͗KEE^
Ed/KE>^
ŶŽŵďƌĞ
ŶďĚĞ ŶďĚĞ
ŶŽŵďƌĞ EŽŵďƌĞ ŶŽŵďƌĞ
ŶŽŵďƌĞ
ĚΖĂĐƚŝŽŶƐĞŶ
ŶŽŵďƌĞĚĞŶŽƵǀĞĂƵdž
ĚΖŚĞƵƌĞƐ ĚΖŚĞƵƌĞƐĚĞ ĚĞƐŝƚĞƐ
ĚΖĂĐƚŝŽŶƐ
ƚĞƐƚƐ ƋƵĞƐƚŝŽŶŶĂŝƌ
ƐŝƚĞƐ
ƉĂƌƚĞŶĂƌŝĂƚ
ĚΖĂĐƚŝŽŶƐ ĚĠƉŝƐƚĂŐĞ ŝŶǀĞƐƚŝƐ
ƌĞĐĞŶƐĠĞƐ
ƌĠĂůŝƐĠƐ ĞƐƌĞŶƐĞŝŐŶĠƐ
ƌĞĐĞŶƐĠĞƐ
/&
ϵϳϬ͕ϱ
ϭϲϱϲ͕ϱ
ϭϯϱ
ϱϮ
ϭϵϯ
ϭϮϭ
ϱϭϱϰ ϰϳϬϬ
W
ŶĐ
ŶĐ
ϭϮϭ
ϲϭ
ϭϵϲ
ϭϬϴ
ϭϲϭϴ ϭϲϭϮ
Z
ŶĐ
ŶĐ
ϵϱ
ŶĐ
ϭϬϲ
ŶĐ
ϭϰϰϯ ŶĐ
ŶďĚĞĚĠĐŽƵǀĞƌƚĞƐĚĞ
ƐĠƌŽƉŽƐŝƚŝǀŝƚĠ
ϯϵ
ϯ
ϰ
dKd>͗ ϯϱϭ ^ŝƚĞƐŝŶǀĞƐƚŝƐͬ ϰϵϱ ĐƚŝŽŶƐͬ ϴϮϭϱ dZKƐͬ ϰϲĠĐŽƵǀĞƌƚĞƐĚĞ^н
WK/Ed^&KZd^;ϭͿ
• &20081,&$7,21
)RUWHFRXYHUWXUHPpGLDWLTXH
6HQVLELOLVDWLRQGHO¶HQVHPEOHGHODSRSXODWLRQVXUOHGpSLVWDJHGX9,+HWH[LVWHQFH
752'
,PSDFWSRVLWLIVXUODSULPRDFFHVVLRQDXGpSLVWDJH
2XWLOVGHWHUUDLQSUpVHUYDWLIVGRFXPHQWDWLRQIO\HUVWUqVDSSUpFLpV
• )250$7,21
1EDFWHXUVIRUPpV
5pSRQVHjXQHUpHOOHGHPDQGHpFKDQJHG¶H[SpULHQFHjSRXUVXLYUH
4XDOLWpHWFRPSOpPHQWDULWpGHVLQWHUYHQDQWV
• (9$/8$7,21
([FHOOHQWWDX[GHUHWRXUGHVTXHVWLRQQDLUHVVRLW
4XHVWLRQQDLUHVWUDGXLWVGLVSRQLEOHVVXUVLWHV WUqVDSSUpFLpV͘
WK/Ed^&/>^;ϭͿ
• &20081,&$7,21
)RUWHFRXYHUWXUHPpGLDWLTXHD\DQWXQLPSDFWQpJDWLIVXUOHFLEODJHGHV
SXEOLFVSULRULWDLUHV
'pIDLOODQFHGHODVRFLpWpGHOLYUDLVRQ!UpFHSWLRQVWDUGLYHVGHVRXWLOVGHFRP VXUOH
WHUUDLQ
• )250$7,21
&KDUJHGHWUDYDLOLPSRUWDQWHFRPSWHWHQXGHVGpODLVOLPLWpVHWGHO¶LPSRUWDQFHGHOD
GHPDQGH
&HUWDLQHVSHUVRQQHVYRXODQWV¶LQVFULUHWURSWDUGLYHPHQWQ¶RQWSXrWUHIRUPpHV
• (9$/8$7,21
*XLGHGHSDVVDWLRQGHTXHVWLRQQDLUHQRQSUpYXSDUO¶,196
9ROXPHGHTXHVWLRQQDLUHLPSULPpVLQVXIILVDQWFRPSWHWHQXGHODGHPDQGH
WK/Ed^&KZd^;ϮͿ
• $&7,216'(7(55$,1
6XFFqVHQWHUPHVGHIUpTXHQWDWLRQ
7UqVERQQHDGKpVLRQGHVSXEOLFV
)RUWHPRELOLVDWLRQHWLPSOLFDWLRQVGHVDFWHXUV
6\QHUJLHSDUWHQDULDOHRSWLPLVpHPL[DJHGHVpTXLSHVDVVRFLDWLIVVRLJQDQWV
(FKDQJHGHSUDWLTXHHQWUHDFWHXUVIUHLQVjODSURSRVLWLRQGH752'OHYpV
$GDSWDELOLWpHWUpDFWLYLWpGHVDFWHXUVIDFHjODIRUWHDIIOXHQFHGHVXVDJHUV
,QYHVWLVVHPHQWGHQRXYHDX[OLHX[KRUVOHVPXUVUppGLWLRQHQYLVDJpH
)2&86VXU)UHVQHV/¶DFWLRQjO¶K{SLWDOSpQLWHQFLHUGH)UHVQHV(361)DPRQWUp
O¶LQWpUrWG¶XQSUpOqYHPHQWSDUJRXWWHGHVDQJSOXW{WTXHSUpOqYHPHQWYHLQHX[
PHLOOHXUHDFFHSWDELOLWpGXGpSLVWDJH
WK/Ed^&/>^;ϮͿ
• $&7,216'(7(55$,1
7HPSVG¶DWWHQWHLPSRUWDQWVXUFHUWDLQVVLWHVSRXUDFFpGHUDXGpSLVWDJH
7HPSVGHWUDYDLOWURSLPSRUWDQWSRXUOHVUHVVRXUFHVKXPDLQHVjGLVSRVLWLRQORUVGH
O¶DFWLRQ
'pIDXWG¶DFFRPSDJQHPHQW GHFHUWDLQVDFWHXUVGHWHUUDLQFRPSWHWHQXGHVGpODLV
WURSFRXUW
,QIRUPDWLRQVXUOHUHFRXUVjO¶LQWHUSUpWDULDWWpOpSKRQLTXHSHXGLIIXVpH
8WLOLWpGHODPLVHHQSODFHG¶XQPHPRVXUODPDQLqUHGHPHWWUHHQSODFHXQGLVSRVLWLI
VXUOHWHUUDLQ
WK/Ed^͛D>/KZd/KEE^
ZKEhd/KE>͛KWZd/KE;ϭͿ
• 3LORWDJH 6WUXFWXUDWLRQ
'pILQLWLRQSUpFLVHHWH[SOLFLWHGHVDWWULEXWLRQVHWUHVSRQVDELOLWpVGHFKDFXQGHV
DFWHXUVHQDPRQW0RGDOLWpVGHSULVHGHGpFLVLRQjSUpFLVHU
'pILQLWLRQG¶XQHIHXLOOHGHURXWHDYHFUpWURSODQQLQJSRXUOHV&RUHYLK
,PSOLFDWLRQG¶XQRXSOXVLHXUVSRUWHXUDVVRFLDWLIGqVODGpILQLWLRQGXSURMHW
0LVHHQSODFHG¶XQFRPLWpGHVXLYLPHQVXHOELPHQVXHO FRPLWpGHSLORWDJHDFWXHO
UpXQLVVDQWOHVLQVWLWXWLRQV&RUHYLK$56SRXUVXLYUHO¶DYDQFpHGXSURMHW
3UpVHQFHGHFKDTXHFRRUGRQQDWHXUGH&RUHYLK HWUHSUpVHQWDQWVGHFRPPXQDXWp
PLJUDQWHDX&23,/LQGLVSHQVDEOH
• )RUPDWLRQ &RFRQVWUXFWLRQGHVIRUPDWLRQVDYHFOHVLQVWLWXWVH[LVWDQWV
&RQVLGpUHUODSOXUDOLWpGHVDFWHXUVLPSOLTXpVGDQVOHSDUFRXUVGHSULVHHQFKDUJH
GHVXVDJHUVGpSLVWpVSV\FKRORJXHVELRORJLVWHVPpGLFDX[QRWDPPHQW
0HWWUHHQSODFHGHVIRUPDWLRQVHWGHVpFKDQJHVG¶H[SpULHQFHVXUWRXWHO¶DQQpHHQ
FDSLWDOLVDQWO¶H[SpULHQFHGHODVHPDLQH
WK/Ed^͛D>/KZd/KEE^
ZKEhd/KE>͛KWZd/KE;ϮͿ
• &RPPXQLFDWLRQUpJLRQDOH 'LPHQVLRQQHUODFRPPXQLFDWLRQjO¶DPSOHXUHWDXFLEODJHGHO¶RSpUDWLRQ
VRXKDLWpHPHLOOHXUHDUWLFXODWLRQGHVREMHFWLIVGHFRPPXQLFDWLRQQDWLRQDX[HW
UpJLRQDX[
• 0RELOLVDWLRQ GHVDFWHXUV
3UpYRLUXQWHPSVGHPRELOLVDWLRQSOXVLPSRUWDQWPRLVPLQLPXPDYHFWHPSV
G¶H[SOLFDWLRQGXFRQWH[WHUqJOHPHQWDLUHHWGHVSURFpGXUHV
,PSOLFDWLRQSOXVSUpFRFHGHVVXSHUYLVHXUVGHWHUUDLQDX[TXHOVGRLYHQWrWUH
GpOpJXpHVFHUWDLQHVWkFKHVYpULILFDWLRQGXURXWDJHDSSURYLVLRQQHPHQWGHV
GLVSRVLWLIV FRQILUPDWLRQVDXSUqVGHVLQWHUYHQDQWV HWF
0DLQWHQLUXQPL[DJHGHVpTXLSHVpFKDQJHVGHSUDWLTXHVWUDQVIHUWGHVVDYRLUV
WK/Ed^͛D>/KZd/KEE^
ZKEhd/KE>͛KWZd/KE;ϯͿ
• 3LVWHVpYRTXpHVHQFRPLWpGHSLORWDJH
!3RXUTXRLQHSDVIDLUH VHPDLQHV
XQHFLEOpHVXU+6+
O¶DXWUHVXUOHVSXEOLFVPLJUDQWV "
!3RXUTXRLQHSDVSURSRVHUGHODYDFFLQDWLRQVXUVLWHV "
!«
0(5&,'(9275($77(17,21(70(5&,3285
9275(3$57,&,3$7,21$)/$6+7(67