Report_ 2011_Bilan

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Report_ 2011_ Bilan
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portada balance.indd 2
20/02/12 18:58
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/ŶƚƌŽĚƵĐƟŽŶ
/ŶƚƌŽĚƵĐƟŽŶ
'ŽŽĚƐĂŶĚWĂƐƐĞŶŐĞƌdƌĂĸĐ
dƌĂĮĐƐĚĞDĂƌĐŚĂŶĚŝƐĞƐĞƚĚĞWĂƐƐĂŐĞƌƐ
ĂůĂŶĐĞƐŚĞĞƚ
ŝůĂŶĠĐŽŶŽŵŝƋƵĞ
/ŶƚĞƌŵŽĚĂůŝƚLJ
/ŶƚĞƌŵŽĚĂůŝƚĠ
dĞůĞŵĂƟĐƐĂŶĚ/ŶŶŽǀĂƟŽŶ
dĠůĠŵĂƟƋƵĞĞƚ/ŶŶŽǀĂƟŽŶ
YƵĂůŝƚLJ
YƵĂůŝƚĠ
ŽŵŵĞƌĐŝĂůĐƟǀŝƚLJ
ĐƟǀŝƚĠŽŵŵĞƌĐŝĂůĞ
DĂƌŝƟŵĞ>ŝŶĞƐ
>ŝŐŶĞƐDĂƌŝƟŵĞƐ
WŽƌƚŽŵƉĂŶŝĞƐ
ŶƚƌĞƉƌŝƐĞƐWŽƌƚƵĂŝƌĞƐ
INTRODUCTION INTRODUCTION
/ŶƚƌŽĚƵĐƟŽŶ
/Ŷ ϮϬϭϭ͕ ƚƌĂĸĐ ŝŶ ƚŚĞ WŽƌƚ ŽĨ ŝůďĂŽ ĨĞůů
ŵŽĚĞƌĂƚĞůLJŝŶƐƉŝƚĞŽĨƚŚĞƉƌĞƐĞŶƚĞĐŽŶŽŵŝĐ
ĐŝƌĐƵŵƐƚĂŶĐĞƐ ĂŶĚ ƚŚĞ ĚĞůŝĐĂƚĞ ƐŝƚƵĂƟŽŶ
ƚŚĂƚ ƚŚĞ ĐŽŵƉĂŶŝĞƐ ŝŶ ŽƵƌ ŚŝŶƚĞƌůĂŶĚ ĂƌĞ
ĞdžƉĞƌŝĞŶĐŝŶŐ͘
ŝƚ ĂůǁĂLJƐ ƌĞƋƵŝƌĞƐ ŐƌĞĂƚĞƌ ǀŽůƵŵĞƐ ŽĨ ƉŽƌƚ
ůĂďŽƵƌ͕ĂŶĚĐĂƌŐŽƚƌĂŶƐƉŽƌƚĂƚƚŚĞƐĂŵĞƟŵĞ
ƐƟŵƵůĂƚĞƐ͗ŶĞŝƚŚĞƌŽĨƚŚĞƐĞƐĞĐƚŽƌƐƐƵīĞƌĞĚ
ůĂďŽƵƌĐƵƚƐŝŶƚŚĞLJĞĂƌ͘dŚŝƐĐĂƌŐŽŝŶĐƌĞĂƐĞĚ
ďLJϰϮϬ͕ϬϬϬƚŽŶŶĞƐ͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐĂϰ͘ϰϱй
ŝŶĐƌĞĂƐĞ͕ƚŚĂŶŬƐƚŽƐƚƌŽŶŐŐƌŽǁƚŚŝŶĐŽŶƚĂŝŶĞƌ
ŐŽŽĚƐ ǁŚŝĐŚ ƌĞĂĐŚĞĚ Ă ƌĞĐŽƌĚ ĮŐƵƌĞ ŝŶ ƚŚĞ
WŽƌƚŽĨŝůďĂŽǁŝƚŚϱϳϮ͕ϳϴϰdhƐ͘/ŶƐŝĚĞƚŚŝƐ
ŐƌŽƵƉǁĞƐĞĞŐƌŽǁƚŚŝŶƚƌĂĸĐĨƌŽŵŽƵƌŵŽƌĞ
ŝŵŵĞĚŝĂƚĞƐƵƌƌŽƵŶĚŝŶŐƐƐƵĐŚĂƐŵĂĐŚŝŶĞƌLJ͕
ǁŝŶĞ͕ ďƵŝůĚŝŶŐ ŵĂƚĞƌŝĂůƐ ĂŶĚ ĂƵƚŽŵŽďŝůĞƐ
ĂŶĚƚŚĞŝƌƐƉĂƌĞƐ͘
tŝƚŚŽƵƌĨĞĞƚŽŶƚŚĞŐƌŽƵŶĚĂŶĚƚŚĞƐƚĂƟƐƟĐƐ
ŝŶ ŚĂŶĚ͕ ĂŶĚ ĨĂƌ ĨƌŽŵ ĂŶLJ ƵŶŶĞĐĞƐƐĂƌLJ
ĨĂƚĂůŝƐŵ͕ǁŚŝĐŚŚĞůƉƐĞŝƚŚĞƌǀĞƌLJůŝƩůĞ͕ŽƌŶŽƚ
ĂƚĂůůƚŽŝŶĐƌĞĂƐĞŽƵƌƚƌƵƐƚŝŶƚŚĞŵĂƌŬĞƚƐ͕ǁĞ
ĐĂŶŵĂŬĞĂŶŽďũĞĐƟǀĞƌĞĂĚŝŶŐŽĨĚĂƚĂ͕ǁŚŝĐŚ
ŽŶƚŚĞŽŶĞŚĂŶĚƉƌĞǀĞŶƚƚŚĞŵĞŶƟŽŶŽĨƚŚĞ
ǁŽƌĚ͞ƌĞĐƵƉĞƌĂƟŽŶ͕͟ďƵƚŽŶƚŚĞŽƚŚĞƌ͕ĂůůŽǁ
dŚĞŶĂŐĂŝŶ͕ŝĨǁĞůŽŽŬĂƚƚŚĞŵĂƌŬĞƚƐ͕ǁĞƐĞĞ
ĂůŝƩůĞƌĂLJŽĨŚŽƉĞƚŽďĞƐĞĞŶ͘
ƚŚĂƚŝůďĂŽŝƐƐƟůůƚŚĞ^ƉĂŶŝƐŚƉŽƌƚĂƩƌĂĐƟŶŐ
dŚĞ ŵŽƐƚ ŶĞŐĂƟǀĞ ĨĞĂƚƵƌĞ ǁĞ ƐĞĞ ŝƐ ĞŶĞƌŐLJ ƚŚĞƵƌŽƉĞĂŶƚůĂŶƟĐĐŽƵŶƚƌŝĞƐĂŶĚĞŶũŽLJŝŶŐ
ƉƌŽĚƵĐƚƐ͘ >ŝƋƵŝĚ ďƵůŬƐ ĂƌĞ ƚŚĞ ĐŽŵŵŽĚŝƚLJ ŐŽŽĚŚĞĂůƚŚ͘dŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵ͕ŽƵƌŵĂŝŶ
ƚŚĂƚ ŚĂƐ ƐƵīĞƌĞĚ ƚŚĞ ŐƌĞĂƚĞƐƚ ĚĞĐƌĞĂƐĞ ŝŶ ĚƌLJ ĐĂƌŐŽ ŵĂƌŬĞƚ͕ ŝŶĐƌĞĂƐĞĚ ϴй ĂŶĚ ŚĂƐ
ƚƌĂĸĐǁŝƚŚĂůŽƐƐŽĨϮŵŝůůŝŽŶƚŽŶŶĞƐ͕ĂůŵŽƐƚ ďĞĐŽŵĞ ƚŚĞ ĐŽƵŶƚƌLJ ǁŝƚŚ ŐƌĞĂƚĞƐƚ ŐĞŶĞƌĂů
ϭϬй ůĞƐƐ ƚŚĂŶ ŝŶ ϮϬϭϬ͘ /Ŷ ƐƉĞĐŝĮĐ ƚĞƌŵƐ ĂŶĚĐŽŶƚĂŝŶĞƌĐĂƌŐŽŐƌŽǁƚŚ͘KƚŚĞƌƵƌŽƉĞĂŶ
ŐĂƐ ǁĞŶƚ ĚŽǁŶ ďLJ Ϯϱй͕ ǁŚŝĐŚ ŵĞĂŶƐ ĂŶ ĐŽƵŶƚƌŝĞƐ͕ ůŝŬĞ ĞůŐŝƵŵ͕ ƚŚĞ EĞƚŚĞƌůĂŶĚƐ͕
ϴϱϲ͕ϬϬϬͲƚŽŶŶĞĐƵƚ͕ǁŚŝůĞƚŚĞƌĞŵĂŝŶŝŶŐůŽƐƐ /ƌĞůĂŶĚ Žƌ ƚŚĞ ĞŵĞƌŐŝŶŐ WŽůĂŶĚ ĂƌĞ ĂŵŽŶŐ
ŝƐĚƵĞƚŽĚĞĐƌĞĂƐĞĚƉƌŽĚƵĐƟŽŶĂƚƚŚĞZĞƉƐŽů ƚŚĞŵŽƐƚĚLJŶĂŵŝĐŽĨƚŚĞƐĞ͘dŚŝƐŚĂƐĞŶĂďůĞĚ
'ƌŽƵƉ͛Ɛ WĞƚƌŽŶŽƌ Kŝů ZĞĮŶĞƌLJ͘ ^ŽůŝĚ ďƵůŬƐ ƚŚĞŶƵŵďĞƌŽĨƐĞƌǀŝĐĞƐǁŝƚŚƚŚĞƐĞĐŽƵŶƚƌŝĞƐ
ĂůƐŽ ĨĞůů ďLJ ϭϬй͕ ǁŚŝĐŚ ƐƵƉƉŽƐĞƐ Ă ĚƌŽƉ ŽĨ ƚŽďĞŝŶĐƌĞĂƐĞĚŽƌƌĞŝŶĨŽƌĐĞĚǁŚŝĐŚŝƐĂůǁĂLJƐ
ϰϱϮ͕ϬϬϬƚŽŶŶĞƐ͕ƉƌĂĐƟĐĂůůLJĂůůĐŽƌƌĞƐƉŽŶĚŝŶŐ ŐŽŽĚ ŶĞǁƐ ĨŽƌ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ŽƵƌ ĞdžƉŽƌƚƐ
ƚŽƚŚĞĨĂůůŝŶƐĐƌĂƉŝŵƉŽƌƚƐďƌŽƵŐŚƚĂďŽƵƚĚƵĞ ƚŚĂƚŐƌĞǁϱйŝŶϮϬϭϭ͘
ƚŽƚŚĞƚĞŵƉŽƌĂƌLJĐůŽƐƵƌĞŽĨƌĐĞůŽƌDŝƩĂů͘
>ŝŬĞǁŝƐĞ͕ ƚŚĞƌĞ ĂƌĞ ŽƵƚƐƚĂŶĚŝŶŐ ƚƌĂĚĞ
,ŽǁĞǀĞƌ͕ ƚŚĞ ŽƚŚĞƌ ƐŝĚĞ ŽĨ ƚŚĞ ĐŽŝŶ͕ ǁŚŝĐŚ ŝŶĐƌĞĂƐĞƐ ǁŝƚŚ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͕ ŚŝŶĂ͕
ĞŶĐŽƵƌĂŐĞƐƵƐƚŽƐĞĞƚŚĞĐůĞĂƌƐŬŝĞƐ͕ĂƉƉĞĂƌƐ /ŶĚŝĂ͕ /ŶĚŽŶĞƐŝĂ ĂŶĚ ^ŽƵƚŚ <ŽƌĞĂ͕ Ăůů ŽĨ
ǁŚĞŶ ǁĞ ůŽŽŬ ŝŶ ƐŽŵĞ ĚĞƉƚŚ Ăƚ ŐĞŶĞƌĂů ǁŚŝĐŚ ƐŚŽǁƐ ƵƐ ƚŚĂƚ LJĞƚ ĂŐĂŝŶ͕ ŝŶ ĂĚĚŝƟŽŶ
ĐĂƌŐŽ͕ǁŚŝĐŚŚĂƐŐƌĞĂƚĞƌĂĚĚĞĚǀĂůƵĞ͕ƐŝŶĐĞ ƚŽ ďĞŝŶŐ ƚŚĞ ůĞĂĚĞƌ ŝŶ ƐŚŽƌƚ ƐĞĂ ƵƌŽƉĞĂŶ
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INTRODUCTION INTRODUCTION
ƚůĂŶƟĐ ƚƌĂĸĐ͕ ŝůďĂŽ ŵĂŝŶƚĂŝŶƐ ŝŵƉŽƌƚĂŶƚ
ƚƌĂŶƐͲŽĐĞĂŶŝĐƚƌĂĸĐ͘dŚŝƐ͕ŝŶƚƵƌŶ͕ĐŽŶĮƌŵƐ
ƚŚĞŝĚĞĂƚŚĂƚŽƵƌĐŽŵŵĞƌĐŝĂůǁŽƌŬŚĂƐƚŽďĞ
ĂŝŵĞĚ Ăƚ ƐƟŶŐ ĂŶĚ ƐƵƉƉŽƌƟŶŐ Ăůů ƚŚŽƐĞ
ŝŶŝƟĂƟǀĞƐ ǁŽƌŬŝŶŐ ŽŶ ĂƩƌĂĐƟŶŐ ŶĞǁ ůŝŶĞƐ
ǁŝƚŚŵĞƌŝĐĂĂŶĚƐŝĂ͕ƐŝŶĐĞƚŚĞŵŽƌĞůŝŶĞƐ
ƚŚĞƌĞ ĂƌĞ͕ ƚŚĞ ŵŽƌĞ ďƵƐŝŶĞƐƐ ŽƉƉŽƌƚƵŶŝƟĞƐ͕
ĂŶĚŚĞŶĐĞŵŽƌĞǁĞĂůƚŚĨŽƌŽƵƌŚŝŶƚĞƌůĂŶĚ͘
ŶĞĞĚƚŽŵĂŝŶƚĂŝŶŽƌŝŶĐƌĞĂƐĞƚŚĞŝƌĐůŝĞŶƚůŝƐƚƐ͘
/Ŷ ƚŚŝƐ ǁĂLJ͕ ǁĞ ĂƌĞ ƚƌLJŝŶŐ ƚŽ ĐŽŶƚƌŝďƵƚĞ ƚŽ
ŵĂŝŶƚĂŝŶŝŶŐƚŚĞĂůŵŽƐƚϵ͕ϬϬϬũŽďƐŐĞŶĞƌĂƚĞĚ
ďLJ ŽƵƌ ƉŽƌƚ͕ ǁŚŝĐŚ ŝŶ ĞĐŽŶŽŵŝĐ ƚĞƌŵƐ͕
ƌĞƉƌĞƐĞŶƚƐ ϭй ŽĨ ƚŚĞ ƵƚŽŶŽŵŽƵƐ ĂƐƋƵĞ
ŽŵŵƵŶŝƚLJ͛Ɛ 'W͕ ĂŶĚ ϭ͘ϵй ŽĨ ƚŚĂƚ ŽĨ ƚŚĞ
dĞƌƌŝƚŽƌLJŽĨŝƐĐĂLJ͘
tĞĐĂŶŶŽƚĐŽŶĐůƵĚĞǁŝƚŚŽƵƚƌĞĨĞƌĞŶĐĞƚŽƚŚĞ
ƵƚŵŽƐƚƌĞƐƉĞĐƚǁĞŚŽůĚĨŽƌƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͗
ĂƐ Ă ƌƵůĞ͕ ǁĞ ůŽŽŬ Ăƚ ǁĂLJƐ ŽĨ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞ
ĚĞŵĂŶĚƐĞƐƚĂďůŝƐŚĞĚďLJůĂǁŝŶĂůůŽƵƌǁŽƌŬƐ͕
ĂŶĚ ŝŶ ƚŚŝƐ ƐĞŶƐĞ͕ ϮϬϭϭ ǁĂƐ ĂŶ ŝŵƉŽƌƚĂŶƚ
LJĞĂƌ ďĞĐĂƵƐĞ ǁĞ ǁĞƌĞ ĂǁĂƌĚĞĚ /^K ϭϰϬϬϭ
ĐĞƌƟĮĐĂƟŽŶ͕ ƚŚĂŶŬƐ ƚŽ ƚŚĞ ĞīŽƌƚƐ ĐĂƌƌŝĞĚ
ĨƵƌƚŚĞƌ ĨĂĐƚ ƚŽ ďĞĂƌ ŝŶ ŵŝŶĚ ŝƐ ƚŚĂƚ ŝŶ ŽƵƚŽǀĞƌƚŚĞLJĞĂƌƐďLJĂůůŽƵƌƐƚĂīǁŚŽĨƵůůLJ
ƐƉŝƚĞŽĨƚŚĞƚĂdžĞƐĐŽůůĞĐƚĞĚŐŽŝŶŐĚŽǁŶĂƐĂ ĚĞƐĞƌǀĞƐƵĐŚĂŶĂǁĂƌĚ͘
ĐŽŶƐĞƋƵĞŶĐĞ ŽĨ ^ƉĂŶŝƐŚ >Ăǁ ϯϯͬϮϬϭϬ͕ ĂŶĚ
ƚŚĞ ůŽƐƐ ŝŶ ƚŽŶŶĞƐ ŵĞŶƟŽŶĞĚ ĂďŽǀĞ͕ ƚŚĞ
WŽƌƚŽĨŝůďĂŽŚĂĚĂŶŝŶĐŽŵĞŽĨϲϰ͘ϳŵŝůůŝŽŶ
ĞƵƌŽƐ͕ ǁŚŝĐŚ ǁĂƐ ƐůŝŐŚƚůLJ ĂďŽǀĞ ƚŚĞ ϮϬϭϬ
ĮŐƵƌĞ͕dŚŝƐŝƐďĂƐĞĚŽŶƚŚĞĞdžƚĞŶƐŝŽŶŽĨƚŚĞ
ƐƵƌĨĂĐĞƐ ůŝĐĞŶƐĞĚ ŽƵƚ ŝŶ ĐŽŶĐĞƐƐŝŽŶ ĂŶĚ ƚŚĞ
ϳйŝŶĐƌĞĂƐĞŝŶŐĞŶĞƌĂůĐŽŶƚĂŝŶĞƌŐŽŽĚƐ͖ƚŚĞ
ĐĂƉĂĐŝƚLJ ƚŚĞ ůĂƩĞƌ ŚĂƐ ƚŽ ŐĞŶĞƌĂƚĞ ŝŶĐŽŵĞ
ŝƐŐƌĞĂƚĞƌƚŚĂŶƚŚĂƚŽĨƚŚĞŐŽŽĚƐŝŶƚŚĞƐŽůŝĚ
ĂŶĚůŝƋƵŝĚďƵůŬƐĐůĂƐƐ͘
dŚƵƐ͕ ŽƵƌ ĐŽŵŵĞƌĐŝĂů ǁŽƌŬ ŝƐ ƐƟůů ŝŶƚĞŶƐĞ
ĂŶĚŝŶϮϬϭϭ͕ǁĞŚĂǀĞĐŽŶƟŶƵĞĚƚŽďĞƚŚĞƌĞ
ǁŚĞƌĞ ƚŚĞ ƉŽƌƚ ĐŽŵƉĂŶŝĞƐ ŚĂǀĞ ĐŽŶƐŝĚĞƌĞĚ
ǁĞ ĐŽƵůĚ ŚĞůƉ ƚŚĞŵ ǁŝƚŚ ŽƵƌ ƉƌĞƐĞŶĐĞ ĂŶĚ
ŝŶϮϬϭϮ͕ŽƵƌƐƵƉƉŽƌƚǁŝůůďĞĞƋƵĂůůLJŝŶƚĞŶƐĞ͘
,ĞŶĐĞ͕ŝŶƐƉŝƚĞŽĨƟŵĞƐŽĨĐƌŝƐŝƐ͕ŝŶϮϬϭϮǁĞ
ƐŚĂůůĐŽŶƟŶƵĞǁŝƚŚŽƵƌŐƌĞĂƚĞīŽƌƚƐƚŽŵĂŬĞ
ŝŶǀĞƐƚŵĞŶƚƐ͕ ďĞĐĂƵƐĞ ŶŽǁ͕ ŵŽƌĞ ƚŚĂŶ ĞǀĞƌ͕
ŝƚ ŝƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ĐŽŵŵŝƚ ŽƵƌƐĞůǀĞƐ ƚŽ ŽƵƌ
ĐŽŵƉĂŶŝĞƐ ĂŶĚ ĐƌĞĂƚĞ Ăůů ƚŚĞ ƐĞƌǀŝĐĞƐ ƚŚĞLJ
:ŽƐĠZĂŵſŶĚĞůĂ&ƵĞŶƚĞƌƚĞĂŐĂďĞŝƟĂ
ZĞƉŽƌƚϮϬ11 Bilan
ŚĂŝƌŵĂŶŝůďĂŽWŽƌƚƵƚŚŽƌŝƚLJ
INTRODUCTION INTRODUCTION
/ŶƚƌŽĚƵĐƟŽŶ
WĞŶĚĂŶƚ ů͛ĞdžĞƌĐŝĐĞ ϮϬϭϭ͕ ůĂ ďĂŝƐƐĞ ĚƵ ƚƌĂĮĐ
ĚƵ ƉŽƌƚ ĚĞ ŝůďĂŽ Ă ĠƚĠ ŵŽĚĠƌĠĞ ŵĂůŐƌĠ ůĂ
ĐŽŶũŽŶĐƚƵƌĞĠĐŽŶŽŵŝƋƵĞĂĐƚƵĞůůĞĞƚůĂĚĠůŝĐĂƚĞ
ƐŝƚƵĂƟŽŶ ƋƵĞ ƚƌĂǀĞƌƐĞŶƚ ĂĐƚƵĞůůĞŵĞŶƚ ůĞƐ
ĞŶƚƌĞƉƌŝƐĞƐĚĞŶŽƚƌĞƐĞĐƚĞƵƌ͘
>ĞƐƉŝĞĚƐƐƵƌƚĞƌƌĞĞƚƐƚĂƟƐƟƋƵĞƐĞŶŵĂŝŶ͕ƐĂŶƐ
ġƚƌĞŝŶƵƟůĞŵĞŶƚĨĂƚĂůŝƐƚĞƐͲƉĞƵĚĞĐŚŽƐĞƐ͕ǀŽŝƌĞ
ƌŝĞŶ͕ ŶĞ ŶŽƵƐ ƉĞƌŵĞƩĞŶƚ Ě͛ĂĐĐƌŽŠƚƌĞ ŶŽƚƌĞ
ĐŽŶĮĂŶĐĞ ĚĂŶƐ ůĞƐ ŵĂƌĐŚĠƐͲ͕ ŶŽƵƐ ƉŽƵǀŽŶƐ
ĂǀŽŝƌƵŶĞůĞĐƚƵƌĞŽďũĞĐƟǀĞĚĞƐĐŚŝīƌĞƐ͛͘ƵŶĞ
ƉĂƌƚ ĐĞƐ ĚĞƌŶŝĞƌƐ ŶĞ ŶŽƵƐ ƉĞƌŵĞƩĞŶƚ ƉĂƐ
ƉƌŽŶŽŶĐĞƌůĞŵŽƚŐƵĠƌŝƐŽŶĚ͛ĂƵƚƌĞƉĂƌƚŝůƐŶŽƵƐ
ůĂŝƐƐĞŶƚĞŶƚƌĞǀŽŝƌƵŶĐĞƌƚĂŝŶĞƐƉŽŝƌ͘
ĞƐŽŶƚůĞƐƉƌŽĚƵŝƚƐĠŶĞƌŐĠƟƋƵĞƐƋƵŝƐƵďŝƐƐĞŶƚ
ůĂĐŚƵƚĞůĂƉůƵƐŝŵƉŽƌƚĂŶƚĞ͘>ĞƐǀƌĂĐƐůŝƋƵŝĚĞƐ
ƌĞƉƌĠƐĞŶƚĞŶƚůĞƐĞĐƚĞƵƌƋƵŝĂƐƵďŝůĂĚŝŵŝŶƵƟŽŶ
ĚĞ ƚƌĂĮĐ ůĂ ƉůƵƐ ŝŵƉŽƌƚĂŶƚĞ͕ ĂǀĞĐ ƵŶĞ ƉĞƌƚĞ
ĚĞ Ϯ ŵŝůůŝŽŶƐ ĚĞ ƚŽŶŶĞƐ͕ ƐŽŝƚ ƉƌĞƐƋƵĞ ϭϬ й
ĚĞ ŵŽŝŶƐ ƋƵ͛ĞŶ ϮϬϭϬ͘ ŽŶĐƌğƚĞŵĞŶƚ͕ ůĞŐĂnjĂ
ƐƵďŝƵŶĞĐŚƵƚĞĚĞϮϱй͕ĐĞƋƵŝƌĞƉƌĠƐĞŶƚĞƵŶĞ
ƌĠĚƵĐƟŽŶĚĞϴϱϲϬϬϬƚŽŶŶĞƐ͖ůĂƉĞƌƚĞƌĞƐƚĂŶƚĞ
ĐŽƌƌĞƐƉŽŶĚ ă ůĂ ĚŝŵŝŶƵƟŽŶ ĚĞ ůĂ ƉƌŽĚƵĐƟŽŶ
ĚĞůĂƌĂĸŶĞƌŝĞWĞƚƌŽŶŽƌĚƵŐƌŽƵƉĞZĞƉƐŽů͘>ĞƐ
ǀƌĂĐƐ ƐŽůŝĚĞƐ ƐƵďŝƐƐĞŶƚ ĠŐĂůĞŵĞŶƚ ƵŶĞ ĐŚƵƚĞ
ĚĞϭϬй͕ĐĞƋƵŝƌĞƉƌĠƐĞŶƚĞƵŶĞĚŝŵŝŶƵƟŽŶĚĞ
ϰϱϮϬϬϬƚŽŶŶĞƐ͘ůůĞĐŽƌƌĞƐƉŽŶĚ͕ƉƌĂƟƋƵĞͲŵĞŶƚ
ĚĂŶƐƐĂƚŽƚĂůŝƚĠ͕ăůĂƌĠĚƵĐƟŽŶĚĞƐŝŵƉŽƌƚĂƟŽŶƐ
ĚĞĨĞƌƌĂŝůůĞŵŽƟǀĠĞƉĂƌůĂĨĞƌŵĞƚƵƌĞƚĞŵƉŽƌĂŝƌĞ
Ě͛ƌĐĞůŽƌDŝƩĂů͘
ŵĂƌĐŚĂŶĚŝƐĞƐŐĠŶĠƌĂůĞƐƐŽŶƚůĞƐŵĂƌĐŚĂŶĚŝƐĞƐ
ĚŽŶƚ ůĂ ǀĂůĞƵƌ ĂũŽƵƚĠĞ ĞƐƚůĂ ƉůƵƐ ŝŵƉŽƌƚĂŶƚĞ͗
Ě͛ƵŶĞƉĂƌƚĞůůĞƐƌĞƋƵŝğƌĞŶƚƵŶǀŽůƵŵĞĚĞŵĂŝŶͲ
Ě͛ƈƵǀƌĞƉŽƌƚƵĂŝƌĞƉůƵƐŝŵƉŽƌƚĂŶƚĞƚĚ͛ĂƵƚƌĞƉĂƌƚ
ĞůůĞƐĚLJŶĂŵŝƐĞŶƚůĞƚƌĂŶƐƉŽƌƚĚĞŵĂƌĐŚĂŶĚŝƐĞƐ͘
WĂƌ ĂŝůůĞƵƌƐ͕ ĐĞƐ ĚĞƵdž ƐĞĐƚĞƵƌƐ Ŷ͛ŽŶƚ ƉĂƐ ƐƵďŝ
ĚĞ ƐƵƉƉƌĞƐƐŝŽŶ ĚĞ ƉŽƐƚĞƐ ĚĞ ƚƌĂǀĂŝů ƉĞŶĚĂŶƚ
ůĞ ĚĞƌŶŝĞƌ ĞdžĞƌĐŝĐĞ͘ ĞƐ ŵĂƌĐŚĂŶĚŝƐĞƐ ŽŶƚ
ĂƩĞŝŶƚ ůĞƐ ϰϮϬ ϬϬϬ ƚŽŶŶĞƐ͕ ĐĞ ƋƵŝ ƌĞƉƌĠƐĞŶƚĞ
ƵŶĞĂƵŐŵĞŶƚĂƟŽŶĚĞϰ͕ϰϱй͕ŐƌąĐĞăůĂĨŽƌƚĞ
ĐƌŽŝƐƐĂŶĐĞ ĚƵ ƚƌĂĮĐ ĚĞ ŵĂƌĐŚĂŶĚŝƐĞƐ ĞŶ
ĐŽŶƚĞŶĞƵƌ ƋƵŝ Ă ĂƩĞŝŶƚ ůĞƐ ϱϳϮ ϳϴϰ dhƐ͕ ƵŶ
ƌĞĐŽƌĚƉŽƵƌůĞWŽƌƚĚĞŝůďĂŽ͘ĂŶƐĐĞŐƌŽƵƉĞ͕ůĂ
ĐƌŽŝƐƐĂŶĐĞĐŽŶĐĞƌŶĞůĞƐƚƌĂĮĐƐƋƵŝƐĞƚƌŽƵǀĞŶƚ
ĚĂŶƐ ŶŽƚƌĞ ĞŶǀŝƌŽŶŶĞŵĞŶƚ ůĞ ƉůƵƐ ƉƌŽĐŚĞ͕
ĐŽŵŵĞůĞƐŵĂĐŚŝŶĞƐ͕ůĞǀŝŶ͕ůĞƐŵĂƚĠƌŝĂƵdžĚĞ
ĐŽŶƐƚƌƵĐƟŽŶ ŽƵ ůĞƐ ĂƵƚŽŵŽďŝůĞƐ ĂŝŶƐŝ ƋƵĞ ůĞƐ
ƉŝğĐĞƐĂƵƚŽŵŽďŝůĞƐ͘
WĂƌ ĂŝůůĞƵƌƐ͕ Ɛŝ ŶŽƵƐ ũĞƚŽŶƐ ƵŶ ĐŽƵƉ Ě͛ƈŝů ĂƵdž
ŵĂƌĐŚĠƐ͕ŶŽƵƐĐŽŶƐƚĂƚŽŶƐƋƵĞŝůďĂŽĐŽŶƐƟƚƵĞ
ĞŶĐŽƌĞ ůĂ ƉŽƌƚĞ Ě͛ĞŶƚƌĠĞ ĞŶ ƐƉĂŐŶĞ ƉŽƵƌ ůĞƐ
ƉĂLJƐ ĚĞ ů͛ƵƌŽƉĞ ƚůĂŶƟƋƵĞ͕ Ğƚ ƋƵĞ ĐĞ ƉŽƌƚ
ĞƐƚ ĞŶ ďŽŶŶĞ ƐĂŶƚĠ͘ >Ğ ZŽLJĂƵŵĞͲhŶŝ͕ ŶŽƚƌĞ
ƉƌŝŶĐŝƉĂůŵĂƌĐŚĠƉŽƵƌůĂĐŚĂƌŐĞƐğĐŚĞ͕ǀŽŝƚƐĂ
ƉĂƌƚĂƵŐŵĞŶƚĞƌĚĞϴйĚĞǀĞŶĂŶƚĂŝŶƐŝůĞƉĂLJƐ
ĚŽŶƚůĂĐƌŽŝƐƐĂŶĐĞĞƐƚůĂƉůƵƐĨŽƌƚĞƉŽƵƌůĞƚƌĂĮĐ
ĚĞŵĂƌĐŚĂŶĚŝƐĞƐĞŶĐŽŶƚĞŶĞƵƌĞƚĞŶƚƌĂŶƐƉŽƌƚ
ĐŽŶǀĞŶƟŽŶŶĞů͛͘ĂƵƚƌĞƐƉĂLJƐĞƵƌŽƉĠĞŶƐĐŽŵŵĞ
ůĂ ĞůŐŝƋƵĞ͕ ůĂ ,ŽůůĂŶĚĞͲWĂLJƐ ĂƐ͕ ů͛/ƌůĂŶĚĞ ŽƵ
ůĂ WŽůŽŐŶĞ ĠŵĞƌŐĞŶƚĞ ƐĞ ƚƌŽƵǀĞŶƚ ƉĂƌŵŝ ůĞƐ
WĂƌ ĐŽŶƚƌĞ͕ ĞŶ ĐĞ ƋƵŝ ĐŽŶĐĞƌŶĞ ůĞƐ ŵĂƌĐŚĂŶͲ ƉůƵƐ ĚLJŶĂŵŝƋƵĞƐ͘ ĞůĂ Ă ƉĞƌŵŝƐ Ě͛ĂƵŐŵĞŶƚĞƌ
ĚŝƐĞƐŐĠŶĠƌĂůĞƐ͕ů͛ŚŽƌŝnjŽŶƐ͛ĠĐůĂŝƌĐŝƚ͘ŶĞīĞƚ͕ůĞƐ ŽƵĚĞƌĞŶĨŽƌĐĞƌůĞŶŽŵďƌĞĚĞƐĞƌǀŝĐĞƐĂǀĞĐĐĞƐ
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INTRODUCTION INTRODUCTION
ƉĂLJƐ͕ ĐĞ ƋƵŝ ĞƐƚ ƚŽƵũŽƵƌƐ ƵŶĞ ďŽŶŶĞ ŶŽƵǀĞůůĞ ƐƵƌĨĂĐĞƐ ĚĞƐ ĐŽŶĐĞƐƐŝŽŶƐ Ğƚ ůĂ ƉƌŽŐƌĞƐƐŝŽŶ ĚĞ
ƉŽƵƌůĂĐƌŽŝƐƐĂŶĐĞĚĞŶŽƐĞdžƉŽƌƚĂƟŽŶƐ͕ƋƵŝŽŶƚ ϳ й ĐŽŶĐĞƌŶĂŶƚ ůĞƐ ŵĂƌĐŚĂŶĚŝƐĞƐ ŐĠŶĠƌĂůĞƐ
ĞŶ ĐŽŶƚĞŶĞƵƌƐ ͖ ƚƌĂĮĐ ĚŽŶƚ ůĂ ĐĂƉĂĐŝƚĠ ĚĞ
ĂƵŐŵĞŶƚĠĚĞϱйĞŶϮϬϭϭ͘
/ůĨĂƵƚĠŐĂůĞŵĞŶƚƐŽƵůŝŐŶĞƌůĂĐƌŽŝƐƐĂŶĐĞĚĞƐƚĂƚƐͲ ŐĠŶĠƌĂƟŽŶĚĞƌĞĐĞƩĞƐĞƐƚƐƵƉĠƌŝĞƵƌĞăĐĞůůĞƐ
hŶŝƐ͕ĚĞůĂŚŝŶĞ͕ĚĞů͛/ŶĚĞ͕ĚĞů͛/ŶĚŽŶĠƐŝĞŽƵĚĞ ĚĞƐ ŵĂƌĐŚĂŶĚŝƐĞƐ ĂƉƉĂƌƚĞŶĂŶƚ ă ůĂ ƌƵďƌŝƋƵĞ
ůĂ ŽƌĠĞ ĚƵ ^ƵĚ͘ ĞůĂ ƉƌŽƵǀĞ ƵŶĞ ĨŽŝƐ ĞŶĐŽƌĞ͕ ĚĞƐǀƌĂĐƐƐŽůŝĚĞƐĞƚůŝƋƵŝĚĞƐ͘
ƋƵĞ ŝůďĂŽ ŽĐĐƵƉĞ ŶŽŶ ƐĞƵůĞŵĞŶƚ ƵŶĞ ƉůĂĐĞ
ĚŽŵŝŶĂŶƚĞ ƉŽƵƌ ůĞ ƚƌĂĮĐ ĐŽƵƌƚĞ ĚŝƐƚĂŶĐĞ ĂǀĞĐ
ů͛ƵƌŽƉĞƚůĂŶƟƋƵĞ͕ŵĂŝƐƋƵĞĐĞƉŽƌƚŵĂŝŶƟĞŶƚ
ĠŐĂůĞŵĞŶƚĚ͛ŝŵƉŽƌƚĂŶƚƐƚƌĂĮĐƐƚƌĂŶƐŽĐĠĂŶŝƋƵĞƐ͘
ĞůĂŶŽƵƐĐŽŶĨŽƌƚĞĚĂŶƐů͛ŝĚĠĞƋƵĞŶŽƚƌĞƚąĐŚĞ
ĐŽŵŵĞƌĐŝĂůĞ ĚŽŝƚ ġƚƌĞ Ě͛ĞŶĐŽƵƌĂŐĞƌ Ğƚ ĚĞ
ƐŽƵƚĞŶŝƌƚŽƵƚĞƐůĞƐŝŶŝƟĂƟǀĞƐƉŽƵǀĂŶƚŝŵƉůŝƋƵĞƌ
ů͛ĂƌƌŝǀĠĞĚĞŶŽƵǀĞůůĞƐůŝĂŝƐŽŶƐĂǀĞĐů͛ŵĠƌŝƋƵĞŽƵ
ů͛ƐŝĞ͖ĞŶĞīĞƚ͕ƉůƵƐŶŽƵƐĚŝƐƉŽƐĞƌŽŶƐĚĞůŝŐŶĞƐ͕
ƉůƵƐŶŽƵƐĂƵƌŽŶƐĚ͛ŽƉƉŽƌƚƵŶŝƚĠƐĐŽŵŵĞƌĐŝĂůĞƐ͕
ĐĞƋƵŝŝŵƉůŝƋƵĞƉůƵƐĚĞƌŝĐŚĞƐƐĞƉŽƵƌŶŽƚƌĞnjŽŶĞ
Ě͛ŝŶŇƵĞŶĐĞ͘
͛ĞƐƚůĂƌĂŝƐŽŶƉŽƵƌůĂƋƵĞůůĞŵĂůŐƌĠůĂĐƌŝƐĞ͕ŶŽƵƐ
ĂůůŽŶƐĐŽŶƟŶƵĞƌăƌĠĂůŝƐĞƌĚĞƐŝŶǀĞƐƟƐƐĞŵĞŶƚƐ
ŝŵƉŽƌƚĂŶƚƐ ĞŶ ϮϬϭϮ͘ /ů ĞƐƚ ĂƵũŽƵƌĚ͛ŚƵŝ ƉůƵƐ
ƋƵĞũĂŵĂŝƐŶĠĐĞƐƐĂŝƌĞĚĞŵŝƐĞƌƐƵƌŶŽƐĞŶƚƌĞͲ
ƉƌŝƐĞƐ Ğƚ ĚĞ ĐƌĠĞƌ ƚŽƵƐ ůĞƐ ƐĞƌǀŝĐĞƐ ĚŽŶƚ ĞůůĞƐ
ŽŶƚ ďĞƐŽŝŶ ƉŽƵƌ ĐŽŶƐĞƌǀĞƌ ŽƵ ĂƵŐŵĞŶƚĞƌ
ůĞƵƌ ĮĐŚŝĞƌ ĚĞ ĐůŝĞŶƚƐ͘ EŽƵƐ ĞƐƐĂLJŽŶƐ ĂŝŶƐŝ
ĚĞ ĐŽŶƚƌŝďƵĞƌ ĂƵ ŵĂŝŶƟĞŶ ĚĞƐ ƉƌğƐ ĚĞ ϵϬϬϬ
ĞŵƉůŽŝƐ ŐĠŶĠƌĠƐ ƉĂƌ ŶŽƚƌĞ ƉŽƌƚ͘ Ŷ ƚĞƌŵĞƐ
ĠĐŽŶŽŵŝƋƵĞƐ ŝů ƌĞƉƌĠƐĞŶƚĞ ϭ й ĚƵ W/ ĚĞ ůĂ
ŽŵŵƵŶĂƵƚĠ ƵƚŽŶŽŵĞ ĂƐƋƵĞ͕ ĂŝŶƐŝ ƋƵĞ
ϭ͕ϵйĚƵW/ĚĞŝƐĐĂLJĞ͘
dŽƵƚĐĞůĂĚĂŶƐƵŶƚŽƚĂůƌĞƐƉĞĐƚĚĞů͛ĞŶǀŝƌŽŶŶĞͲ
ŵĞŶƚ͗ƉŽƵƌƚŽƵƐŶŽƐƚƌĂǀĂƵdž͕ŶŽƵƐŶŽƵƐĮdžŽŶƐ
ĐŽŵŵĞ ƌğŐůĞ Ě͛ĂůůĞƌ ĂƵͲĚĞůă ĚĞƐ ŽďůŝŐĂƟŽŶƐ
ĮdžĠĞƐ ƉĂƌ ůĂ ůŽŝ͘ Ŷ ĐĞ ƐĞŶƐ͕ ϮϬϭϭ Ă ĠƚĠ ƵŶĞ
ĂŶŶĠĞ ŝŵƉŽƌƚĂŶƚĞ͕ ĐĂƌ ŶŽƵƐ ĂǀŽŶƐ ŽďƚĞŶƵ ůĂ
ĐĞƌƟĮĐĂƟŽŶ /^K ϭϰϬϬϭ͘ ĞůĂ Ă ĠƚĠ ƉŽƐƐŝďůĞ
͛ĂƵƚƌĞ ƉĂƌƚ͕ ŝů LJ Ă ƵŶ ĨĂĐƚĞƵƌ ă ƉƌĞŶĚƌĞ ĞŶ ŐƌąĐĞăů͛ĞīŽƌƚƌĠĂůŝƐĠƉĂƌƚŽƵƚŶŽƚƌĞƉĞƌƐŽŶŶĞů
ĐŽŵƉƚĞ͗ŵĂůŐƌĠůĂďĂŝƐƐĞĚĞƐƚĂdžĞƐĮŐƵƌĂŶƚĚĂŶƐ ƉĞŶĚĂŶƚĚĞŶŽŵďƌĞƵƐĞƐĂŶŶĠĞƐƉŽƵƌƉŽƵǀŽŝƌ
ůĂ>ŽŝϯϯͬϮϬϭϬ͕ĞƚŵĂůŐƌĠůĂƉĞƌƚĞĚĞƚŽŶŶĂŐĞ ŵĠƌŝƚĞƌĐĞƩĞŝŵƉŽƌƚĂŶƚĞĐĞƌƟĮĐĂƟŽŶ͘
ĠǀŽƋƵĠĞ ƉƌĠĐĠĚĞŵŵĞŶƚ͕ ůĞ WŽƌƚ ĚĞ ŝůďĂŽ Ă
ŐĠŶĠƌĠ ϲϰ͕ϳ ŵŝůůŝŽŶƐ Ě͛ĞƵƌŽƐ Ğƚ Ă ůĠŐğƌĞŵĞŶƚ
:ŽƐĠZĂŵſŶĚĞůĂ&ƵĞŶƚĞƌƚĞĂŐĂďĞŝƟĂ
ĚĠƉĂƐƐĠ ůĞ ĐŚŝīƌĞ ĚĞ ů͛ĞdžĞƌĐŝĐĞ ϮϬϭϬ͘ ĞƩĞ
WƌĠƐŝĚĞŶƚĚĞů͛ƵƚŽƌŝƚĠWŽƌƚƵĂŝƌĞĚĞŝůďĂŽ
ĂƵŐŵĞŶƚĂƟŽŶ ĞƐƚ ĨŽŶĚĠĞ ƐƵƌ ů͛ĞdžƚĞŶƐŝŽŶ ĚĞƐ
͛ĞƐƚ ůĂ ƌĂŝƐŽŶ ƉŽƵƌ ůĂƋƵĞůůĞ ŶŽƚƌĞ ƚƌĂǀĂŝů ĚĞ
ƉƌŽƐƉĞĐƟŽŶĐŽŶƟŶƵĞăġƚƌĞŝŶƚĞŶƐŝĨ͘ŶϮϬϭϭ͕
ŶŽƵƐ ĂǀŽŶƐ ĐŽŶƟŶƵĠ ă ġƚƌĞ ƉƌĠƐĞŶƚƐ ƉĂƌƚŽƵƚ
ŽƶůĞƐĞŶƚƌĞƉƌŝƐĞƐƉŽƌƚƵĂŝƌĞƐŽŶƚĐŽŶƐŝĚĠƌĠƋƵĞ
ŶŽƚƌĞƉƌĠƐĞŶĐĞƉŽƵǀĂŝƚġƚƌĞĨĂǀŽƌĂďůĞ͖ĞŶϮϬϭϮ
ĐĞƐŽƵƟĞŶƐĞƌĂĂƵƐƐŝŝŵƉŽƌƚĂŶƚ͘
ZĞƉŽƌƚϮϬ11 Bilan
'KK^EW^^E'ZdZ&&/dZ&/^DZ,E/^^dW^^'Z^
dƌĂĸĐƐƚĂƟƐƟĐƐ
^ƚĂƟƐƟƋƵĞƐĚƵƚƌĂĮĐ
2011
2010
йsZ
Ϯ͕ϵϵϬ
ϯ͕ϮϰϬ
Ͳϳ͘ϳϮ
ϰϭ͕ϲϲϵ͕ϯϮϳ
ϰϯ͕Ϯϱϯ͕ϲϬϮ
Ͳϯ͘ϲϲ
ϱϳϮ͕ϳϴϰ
ϱϯϭ͕ϰϱϳ
ϳ͘ϳϴ
s^^>^ͬdhy
EƵŵďĞƌͬEŽŵďƌĞ
'͘d͘
EhDZK&KEd/EZ^;d͘͘h͘^͘ͿͬEKDZKEdEhZ^;͘s͘W͘^Ϳ
W^^E'Z^ͬW^^'Z^
ŵďĂƌŬĞĚͬŵďĂƌƋƵĠƐ
ϰϱ͕ϭϴϴ
ϰϰ͕ϱϮϮ
ϭ͘ϱϬ
ŝƐĞŵďĂƌŬĞĚͬĠďĂƌƋƵĠƐ
ϰϰ͕ϱϯϳ
ϰϴ͕ϲϬϰ
Ͳϴ͘ϯϳ
/ŶƚƌĂŶƐŝƚͬŶƚƌĂŶƐŝƚ
ϲϮ͕ϰϳϲ
ϳϭ͕ϴϵϴ
Ͳϭϯ͘ϭϬ
152,201
165,024
-7.77
dKd>W^^E'Z^ͬdKd>W^^'Z^
* 'KK^ͬDZ,E/^^
>ŽĂĚĞĚͬŚĂƌŐĠĞƐ
ϭϬ͕ϰϮϳ͕ϬϬϲ
ϵ͕ϴϵϲ͕ϳϰϳ
ϱ͘ϯϲ
hŶůŽĂĚĞĚͬĠĐŚĂƌŐĠĞƐ
Ϯϭ͕Ϯϵϵ͕ϴϬϰ
Ϯϯ͕ϳϲϰ͕Ϭϳϰ
ͲϭϬ͘ϯϳ
ϭϰ͕ϱϬϴ͕ϱϱϬ
ϭϱ͕ϲϱϬ͕ϱϯϲ
Ͳϳ͘ϯϬ
ϴϵϮ͕ϳϯϬ
ϳϵϳ͕ϭϲϬ
ϭϭ͘ϵϵ
Ϯ͕ϰϱϵ͕ϲϭϰ
ϯ͕ϯϭϱ͕ϱϳϯ
ͲϮϱ͘ϴϮ
ϭϳ͕ϴϲϬ͕ϴϵϯ
ϭϵ͕ϳϲϯ͕Ϯϲϵ
Ͳϵ͘ϲϯ
'KK^zW<'/E'ͬDZ,E/^^WZKE/d/KEEDEd^
ϭ͘ϭWĞƚƌŽůĞƵŵƉƌŽĚƵĐƚƐͬWƌŽĚƵŝƚƐWĠƚƌŽůŝĞƌƐ
ϭ͘ϮKƚŚĞƌůŝƋƵŝĚďƵůŬͬƵƚƌĞƐǀƌĂĐƐůŝƋƵŝĚĞƐ
ϭ͘ϯEĂƚƵƌĂůŐĂƐͬ'ĂnjŶĂƚƵƌĞů
*
ϭ͘>/Yh/h><^ͬsZ^>/Yh/^
*
Ϯ͘^K>/h><^ͬsZ^^K>/^
ϰ͕ϬϬϬ͕ϯϰϮ
ϰ͕ϰϱϭ͕ϵϭϱ
ͲϭϬ͘ϭϰ
ϯ͘ϭ'ĞŶĞƌĂůĐŽŶƚĂŝŶĞƌĐĂƌŐŽͬDĂƌĐŚĂŶĚŝƐĞƐŐĠŶĠƌĂůĞƐĞŶĐŽŶƚĞŶĞƵƌƐ
ϲ͕Ϭϳϵ͕ϰϳϬ
ϱ͕ϲϵϱ͕ϱϵϰ
ϲ͘ϳϰ
ϯ͘ϮKƚŚĞƌŐĞŶĞƌĂůĐĂƌŐŽͬƵƚƌĞƐŵĂƌĐŚĂŶĚŝƐĞƐŐĠŶĠƌĂůĞƐ
ϯ͕ϳϴϲ͕ϭϬϲ
ϯ͕ϳϱϬ͕ϬϰϮ
Ϭ͘ϵϲ
*
ϵ͕ϴϲϱ͕ϱϳϱ
ϵ͕ϰϰϱ͕ϲϯϳ
ϰ͘ϰϱ
ZzZ'Kͬ,Z'DEd^^^;ϮͿн;ϯͿ
ϭϯ͕ϴϲϱ͕ϵϭϳ
ϭϯ͕ϴϵϳ͕ϱϱϮ
ͲϬ͘Ϯϯ
dZ&&/ͬdZ&/;ϭͿн;ϮͿн;ϯͿ
31,726,811
33,660,821
-5.75
ϯ͘'EZ>Z'KͬDZ,E/^^'EZ>^
ΎĂƚĂŝŶƚŽŶŶĞƐŚŝīƌĞƐĞŶƚŽŶŶĞƐ
8
9
'KK^EW^^E'ZdZ&&/dZ&/^DZ,E/^^dW^^'Z^
D/E>/Yh/E^K>/h><^
WZ/E/WhysZ^>/Yh/^d^K>/^
D/E'EZ>Z'K'ZKhW^͗KEsEd/KE>
EKEd/EZ
WZ/E/Why'ZKhW^DZ,E/^^'EZ>^
EdZE^WKZdKEsEd/KEE>dEKEdEhZ
Tonnes йsĂƌ͘sĂƌ͘й
Tonnes ϮϬϭϭͲϮϬϭϬ
Tonnes йsĂƌ͘sĂƌ͘й
Tonnes ϮϬϭϭͲϮϬϭϬ
ƌƵĚĞŽŝůWĠƚƌŽůĞďƌƵƚ
ϲ͕ϵϵϲ͕ϳϬϭ
Ͳϭй
/ƌŽŶĂŶĚƐƚĞĞůƉƌŽĚƵĐƚƐWƌŽĚƵŝƚƐƐŝĚĠƌƵƌŐŝƋƵĞƐ
&ƵĞůͲŽŝů&ŝŽƵů
ϰ͕Ϯϴϭ͕ϰϯϴ
2%
DĂĐŚŝŶĞƌLJĂŶĚƐƉĂƌĞƉĂƌƚƐDĂĐŚŝŶĞƐĞƚƉŝğĐĞƐĚĞƌĞĐŚĂŶŐĞ
ϲϳϬ͕ϱϲϴ
ϱй
EĂƚƵƌĂůŐĂƐ'ĂnjŶĂƚƵƌĞů
Ϯ͕ϰϱϵ͕ϲϭϰ
ͲϮϲй
WĂƉĞƌĂŶĚƉƵůƉWąƚĞƐĞƚƉĂƉŝĞƌƐ
ϲϱϬ͕ϵϮϲ
0%
'ĂƐͲŽŝů'ĂƐͲŽŝů
ϭ͕ϳϬϭ͕ϭϳϬ
ͲϰϮй
tŝŶĞ͕ƐƉŝƌŝƚƐĂŶĚďĞǀĞƌĂŐĞƐsŝŶƐ͕ďŽŝƐƐŽŶƐĞƚĂůĐŽŽůƐ
ϲϰϵ͕ϬϭϬ
14%
ϭ͕Ϭϯϭ͕ϭϯϳ
ϳй
KƚŚĞƌŐŽŽĚƐƵƚƌĞƐŵĂƌĐŚĂŶĚŝƐĞƐ
ϲϮϱ͕ϰϴϰ
ϲй
ŚĞŵŝĐĂůƉƌŽĚƵĐƚƐ WƌŽĚƵŝƚƐĐŚŝŵŝƋƵĞƐ
ϴϰϭ͕ϵϮϭ
Ͳϭϳй
ŚĞŵŝĐĂůƉƌŽĚƵĐƚƐWƌŽĚƵŝƚƐĐŚŝŵŝƋƵĞƐ
ϱϳϯ͕ϲϰϭ
0%
^ŽLJĂďĞĂŶƐ &ğǀĞƐĚĞƐŽũĂ
ϳϱϰ͕ϱϭϱ
Ͳϭϭй
ƵŝůĚŝŶŐŵĂƚĞƌŝĂůƐDĂƚĠƌŝĂƵdžĚĞĐŽŶƐƚƌƵĐƟŽŶ
ϰϰϳ͕ϴϴϱ
21%
^ĐƌĂƉ&ĞƌƌĂŝůůĞƐ
ϳϯϮ͕ϬϮϳ
Ͳϯϰй
ƵƚŽŵŽďŝůĞƐĂŶĚƐƉĂƌĞƉĂƌƚƐƵƚŽŵŽďŝůĞƐĞƚƉŝğĐĞƐĂƵƚŽŵŽďŝůĞƐ ϯϱϴ͕ϭϬϴ
ϯϭй
ŽĂůĂŶĚĐŽŬĞŚĂƌďŽŶƐ
ϳϬϭ͕ϵϲϵ
4%
ĂŶŶĞĚĨŽŽĚƐŽŶƐĞƌǀĞƐ
Ϯϱϯ͕ϴϰϮ
ϯй
KƚŚĞƌƉĞƚƌŽůĞƵŵƉƌŽĚƵĐƚƐƵƚƌĞƐƉƌŽĚƵŝƚƐƉĠƚƌŽůŝĞƌƐ
ϰϵϴ͕ϭϬϯ
8%
KƚŚĞƌĨŽŽĚƐƚƵīƐƵƚƌĞƐƉƌŽĚƵŝƚƐĂůŝŵĞŶƚĂŝƌĞƐ
ϭϳϲ͕Ϭϰϯ
Ͳϯϭй
WĞƚƌŽůƐƐĞŶĐĞ
Ϯ͕ϵϵϳ͕ϲϮϱ
Ͳϰй
dKd>dEWZKhd^dKd>/yDZ,E/^^
19,998,596
-12%
dKd>dEWZKhd^dKd>/yDZ,E/^^
7,403,132
1%
dKd>'ZKhWdKd>'ZKhW
21,861,235
-10%
dKd>'ZKhWdKd>'ZKhW
9,865,575
4%
ZĞƉŽƌƚϮϬ11 Bilan
'KK^EW^^E'ZdZ&&/dZ&/^DZ,E/^^dW^^'Z^
ŵĞƌŝĐĂŶ
^ŽƵƚŚƚůĂŶƟĐ
ĞŶƚƌĂůŵĞƌŝĐĂ
ĂŶĚĂƌŝďďĞĂŶ
8%
hŶŝƚĞĚ^ƚĂƚĞƐ
Iran
ŵĞƌŝĐĂŶEŽƌƚŚ
ƚůĂŶƟĐ
ƐŝĂŶ/ŶĚŝĂŶ
8%
8%
11 %
11 %
6%
5%
hŶŝƚĞĚ<ŝŶŐĚŽŵ
14 %
6%
ZƵƐƐŝĂ
^ƉĂŝŶ
5%
6%
EĞƚŚĞƌůĂŶĚƐ
ƵƌŽƉĞĂŶ
DĞĚŝƚĞƌƌĂŶĞĂŶ
45 %
37 %
ƵƌŽƉĞĂŶƚůĂŶƟĐ
KƚŚĞƌƐ
5%
ƐŝĂŶWĂĐŝĮĐ
4%
4%
ĨƌŝĐĂŶƚůĂŶƟĐ
ĞůŐŝƵŵ
3%
ĨƌŝĐĂŶDĞĚŝƚĞƌƌĂŶĞĂŶ
4%
ƌĂnjŝů
3%
ŵĞƌŝĐĂŶ^ŽƵƚŚ 2 %
WĂĐŝĮĐ KƚŚĞƌƐ
3% 3%
dƌŝŶŝĚĂĚĂŶĚ DĞdžŝĐŽ
dŽďĂŐŽ
dƌĂĸĐǁŝƚŚŵĂŝŶĨĂĐĞƐ
dƌĂĮĐĚĞƉƌŝŶĐŝƉĂůĞƐĨĂĕĂĚĞƐ
dŽƚĂůƚƌĂĸĐǁŝƚŚƚĞŶŵĂŝŶŽƌŝŐŝŶƐĂŶĚĚĞƐƟŶĂƟŽŶƐ
dƌĂĮĐƚŽƚĂůĚĞƐĚŝdžƉƌĞŵŝĞƌƐƉŽƌƚƐĚ͛ŽƌŝŐŝŶĞĞƚĚĞĚĞƐƟŶĂƟŽŶ
DŽƐƚĚLJŶĂŵŝĐĐŽƵŶƚƌŝĞƐŝŶĐŽŶƚĂŝŶĞƌŐŽŽĚƐΎ
WĂLJƐůĞƐƉůƵƐĚLJŶĂŵŝƋƵĞƐƉŽƵƌůĞƐŵĂƌĐŚĂŶĚŝƐĞƐĐŽŶƚĞŶĞƵƌŝƐĠĞƐΎ
DŽƐƚĚLJŶĂŵŝĐĐŽƵŶƚƌŝĞƐŝŶŐĞŶĞƌĂůĐĂƌŐŽΎ
WĂLJƐůĞƐƉůƵƐĚLJŶĂŵŝƋƵĞƐƉŽƵƌůĞƐŵĂƌĐŚĂŶĚŝƐĞƐĐŽŶǀĞŶƟŽŶŶĞůůĞƐΎ
ΎŝŶĂďƐŽůƵƚĞƚĞƌŵƐĞŶƚĞƌŵĞƐĂďƐŽůƵƐ
ϳϬϬ͕ϬϬϬ
12%
ΎŝŶĂďƐŽůƵƚĞƚĞƌŵƐĞŶƚĞƌŵĞƐĂďƐŽůƵƐ
ϭ͕ϲϬϬ͕ϬϬϬ
14%
1,400,000
ϲϬϬ͕ϬϬϬ
47%
1,200,000
ϱϬϬ͕ϬϬϬ
1,000,000
400,000
800,000
ϯϬϬ͕ϬϬϬ
14%
200,000
40%
235%
202% 201% 149% 272% 206%
;dKE^Ϳ
18% 12%
30%
400,000
100,000
8%
200,000
165% 44%
1000% 62%
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hƉƚƵƌŶŝŶŐĞŶĞƌĂůĐĂƌՎƐƚƐ
ƐĞƌǀŝĐĞƐǁŝƚŚƵƌŽƉĞ
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ĚĠǀĞůŽƉƉĞůĞƐƐĞƌǀŝĐĞƐĂǀĞĐů͛ƵƌŽƉĞ
MĂƌŝƟŵĞƚƌĂĸĐĨƌŽŵƚŚĞ
WŽƌƚŽĨŝůďĂŽǁŝƚŚƵƌŽƉĞ͕
ĚĞƐƉŝƚĞĨĂůůŝŶŐϭϬйĚƵĞƚŽ
ƚŚĞĚĞĐƌĞĂƐĞŝŶůŝƋƵŝĚĂŶĚ
ƐŽůŝĚďƵůŬƐ͕ŵĂŝŶƚĂŝŶƚŚĞŝƌ
ƉƌŽŵŝŶĞŶĐĞĂŶĚĐĂƉƚƵƌĞϰϱй
ŽĨƚŚĞƚƌĂĸĐƚŚĂŶŬƐƚŽϭϬй
ĂŶĚϵйŐƌŽǁƚŚƐŝŶĐŽŶƚĂŝŶĞƌ
ĂŶĚŐĞŶĞƌĂůƚƌĂĸĐƌĞƐƉĞĐƟǀĞůLJ͘
dŚĞŵĂŝŶĚĞƐƟŶĂƟŽŶƐŝŶƚŽƚĂů
ƚƌĂĸĐĂƌĞZƵƐƐŝĂĂŶĚƚŚĞ
hŶŝƚĞĚ<ŝŶŐĚŽŵ͕ĨŽůůŽǁĞĚďLJ
ĞůŐŝƵŵ͘
dŚĞƵƉƚƵƌŶŝŶŐĞŶĞƌĂůĐĂƌŐŽ
ŚĂƐĞŶĂďůĞĚƚŚĞŵĂƌŝƟŵĞ
ƐĞƌǀŝĐĞƐďĞƚǁĞĞŶŝůďĂŽĂŶĚ
ŽƚŚĞƌƵƌŽƉĞĂŶƉŽƌƚƐƚŽďĞ
ƌĞŝŶĨŽƌĐĞĚ͗
ͻ&ŝŶŶůŝŶĞƐŚĂƐŝŶĐůƵĚĞĚ
ĞĞďƌƵŐŐĞŝŶŝƚƐƌĞƚƵƌŶƚƌĂĸĐ
ŽŶƚŚĞǁĞĞŬůLJŝůďĂŽͲ^ĂŝŶƚ
WĞƚĞƌƐďƵƌŐƐĞƌǀŝĐĞ͘
ͻDĂĐŶĚƌĞǁƐŚĂƐƐƚĂƌƚĞĚ
ĂǁĞĞŬůLJƐĞƌǀŝĐĞƚŽWŽůĂŶĚ͘
/ŶĂĚĚŝƟŽŶ͕ƚŽƌĞŝŶĨŽƌĐĞŝƚƐ
ƐĞƌǀŝĐĞǁŝƚŚƚŚĞƌŝƟƐŚ/ƐůĞƐ͕Ă
ǀĞƐƐĞůǁŝƚŚŐƌĞĂƚĞƌĐĂƉĂĐŝƚLJ
ŚĂƐďĞĞŶĂĚĚĞĚǁŝƚŚƵďůŝŶ
ĂŶĚ>ŝǀĞƌƉŽŽů͘dŚƵƐ͕ƚŚĞƌĞĂƌĞ
ŶŽǁĮǀĞǀĞƐƐĞůƐŽƉĞƌĂƟŶŐ
ŽŶƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵĂŶĚ
/ƌĞůĂŶĚƐĞƌǀŝĐĞǁŝƚŚĮǀĞ
ǀĞƐƐĞůƐƐĂŝůŝŶŐǁĞĞŬůLJ͘
MĂůŐƌĠůĂĚŝŵŝŶƵƟŽŶĚĞϭϬйĚƵĞĂƵdžǀƌĂĐƐůŝƋƵŝĚĞƐĞƚƐŽůŝĚĞƐ͕ůĞ
ƚƌĂĮĐŵĂƌŝƟŵĞĚƵWŽƌƚĚĞŝůďĂŽĂǀĞĐů͛ƵƌŽƉĞƚůĂŶƟƋƵĞŵĂŝŶƟĞŶƚ
ƐŽŶŝŵƉŽƌƚĂŶĐĞĞƚŵŽŶŽƉŽůŝƐĞϰϱйĚĞƐƚƌĂĮĐƐŐƌąĐĞăůĂĐƌŽŝƐƐĂŶĐĞ
ĚĞϭϬйĚƵƚƌĂĮĐĞŶĐŽŶƚĞŶĞƵƌĞƚĚĞϵйĚĞƐŵĂƌĐŚĂŶĚŝƐĞƐĐŽŶǀĞŶͲ
ƟŽŶŶĞůůĞƐ͘ŶĐĞƋƵŝĐŽŶĐĞƌŶĞůĞƚƌĂĮĐƚŽƚĂů͕ůĞƐƉƌŝŶĐŝƉĂůĞƐĚĞƐƟŶĂͲ
ƟŽŶƐƐŽŶƚůĂZƵƐƐŝĞĞƚůĞZŽLJĂƵŵĞͲhŶŝ͘ŽŶĐĞƌŶĂŶƚůĂĐĂƌŐĂŝƐŽŶƐğĐŚĞ͕
ůĞZŽLJĂƵŵĞͲhŶŝƐĞƚƌŽƵǀĞĞŶƉƌĞŵŝğƌĞƉůĂĐĞ͕ƐƵŝǀŝĚĞůĂĞůŐŝƋƵĞ͘
ͻ,ĂŶũŝŶ^ŚŝƉƉŝŶŐŚĂƐůĂƵŶĐŚĞĚ
ĂǁĞĞŬůLJĐŽŶƚĂŝŶĞƌƐĞƌǀŝĐĞ
ďĞƚǁĞĞŶŝůďĂŽĂŶĚůŐĞĐŝƌĂƐ͕
ǁŚŝĐŚĞŶĂďůĞƐůŝŶŬƐǁŝƚŚŝƚƐ
ƚƌĂŶƐͲŽĐĞĂŶŝĐƐĞƌǀŝĐĞƐ͘
ͻ&ŝŶŶůŝŶĞƐĂŝŶĐůƵƐĞĞďƌƵŐŐĞĚĂŶƐůĞƐƚƌĂĮĐƐĚĞĚĞƐĐĞŶƚĞĚƵƐĞƌǀŝĐĞ
ŚĞďĚŽŵĂĚĂŝƌĞƌŽͲƌŽƌĞůŝĂŶƚůĞƐƉŽƌƚƐĚĞŝůďĂŽĞƚĚĞ^ĂŝŶƚWĞƚĞƌƐďƵƌŐ͘
ͻƚƚŚĞĞŶĚŽĨDĂƌĐŚ͕ƌŝƩĂŶLJ
&ĞƌƌŝĞƐďĞŐĂŶƚŽŽƉĞƌĂƚĞĂ
ĨĞƌƌLJďĞƚǁĞĞŶWŽƌƚƐŵŽƵƚŚ
ĂŶĚŝůďĂŽ͘dŚĞĂƉ&ŝŶŝƐƚĞƌƌĞ
ĐĂƌƌŝĞƐŽƵƚƚǁŽǁĞĞŬůLJƐĞƌǀŝĐĞƐ
ŝŶďŽƚŚĚŝƌĞĐƟŽŶƐ͘
ͻdƌĂŶƐĨĞŶŶŝĐĂŝŶƚƌŽĚƵĐĞĚĂ
ŐƌĞĂƚĞƌͲĐĂƉĂĐŝƚLJǀĞƐƐĞůŽŶŝƚƐ
ƚǁŝĐĞͲǁĞĞŬůLJĐŽŶͲƌŽƐĞƌǀŝĐĞ
ďĞƚǁĞĞŶŝůďĂŽĂŶĚĞĞďƌƵŐŐĞ͘
>ĂƉƌŽŐƌĞƐƐŝŽŶĚĞƐŵĂƌĐŚĂŶĚŝƐĞƐŐĠŶĠƌĂůĞƐĂƉĞƌŵŝƐůĞƌĞŶĨŽƌĐĞŵĞŶƚ
ĚĞƐƐĞƌǀŝĐĞƐŵĂƌŝƟŵĞƐĞŶƚƌĞŝůďĂŽĞƚĚ͛ĂƵƚƌĞƐƉŽƌƚƐĞƵƌŽƉĠĞŶƐ͗
ͻDĂĐŶĚƌĞǁƐĂĚĠŵĂƌƌĠƵŶƐĞƌǀŝĐĞŚĞďĚŽŵĂĚĂŝƌĞǀĞƌƐůĂWŽůŽŐŶĞ͘
Ŷ ŽƵƚƌĞ͕ ĂĮŶ ĚĞ ƌĞŶĨŽƌĐĞƌ ůĞ ƐĞƌǀŝĐĞ ĂǀĞĐ ůĞƐ 2ůĞƐ ƌŝƚĂŶŶŝƋƵĞƐ͕ ƵŶ
ŶŽƵǀĞĂƵŶĂǀŝƌĞăĐĂƉĂĐŝƚĠƐƵƉĠƌŝĞƵƌĞƌĞůŝĂŶƚƵďůŝŶĞƚ>ŝǀĞƌƉŽŽůĂĠƚĠ
ƌĂũŽƵƚĠ͘ĞĐĞƩĞĨĂĕŽŶ͕ůĞƐĞƌǀŝĐĞĂǀĞĐůĞZŽLJĂƵŵĞͲhŶŝĞƚů͛/ƌůĂŶĚĞĞƐƚ
ĂƐƐƵƌĠƉĂƌĐŝŶƋďĂƚĞĂƵdžƋƵŝĞīĞĐƚƵĞŶƚĐŝŶƋĚĠƉĂƌƚƐŚĞďĚŽŵĂĚĂŝƌĞƐ͘
ͻ>͛ĂƌŵĂƚĞƵƌ,ĂŶũŝŶ^ŚŝƉƉŝŶŐĂŝŶĂƵŐƵƌĠƵŶƐĞƌǀŝĐĞŚĞďĚŽŵĂĚĂŝƌĞĚĞ
ĐŽŶƚĞŶĞƵƌƐ ĞŶƚƌĞ ŝůďĂŽ Ğƚ ůŐĠƐŝƌĂƐ ƉĞƌŵĞƩĂŶƚ ůĂ ĐŽŶŶĞdžŝŽŶ ĂǀĞĐ
ƐĞƐƐĞƌǀŝĐĞƐƚƌĂŶƐŽĐĠĂŶŝƋƵĞƐ͘
ͻƌŝƩĂŶLJ&ĞƌƌŝĞƐĂĚĠŵĂƌƌĠĮŶŵĂƌƐƵŶĨĞƌƌLJƌĞůŝĂŶƚWŽƌƚƐŵŽƵƚŚĞƚŝůďĂŽ͘
>ĞĂƉ&ŝŶŝƐƚĞƌĞĞīĞĐƚƵĞĚĞƵdžƐĞƌǀŝĐĞƐŚĞďĚŽŵĂĚĂŝƌĞƐĚĂŶƐĐŚĂƋƵĞƐĞŶƐ͘
ͻ dƌĂŶƐĨĞŶŶŝĐĂ /ďĞƌŝĂ Ă ŝŶƚƌŽĚƵŝƚ ƵŶ ŶĂǀŝƌĞ ĚĞ ŐƌĂŶĚĞ ĐĂƉĂĐŝƚĠ ĚĂŶƐ
ůĞƐĞƌǀŝĐĞĐŽŶͲƌŽƋƵŝƌĞůŝĞĚĞƵdžĨŽŝƐƉĂƌƐĞŵĂŝŶĞŝůďĂŽĞƚĞĞďƌƵŐŐĞ͘
ZĞƉŽƌƚϮϬ11 Bilan
'KK^EW^^E'ZdZ&&/dZ&/^DZ,E/^^dW^^'Z^
EŽƌƚŚŵĞƌŝĐĂŶ
ƚůĂŶƟĐďĞĐŽŵĞƐ
ƚŚĞƐĞĐŽŶĚ
ŐƌĞĂƚŵĂƌŬĞƚ
12
13
TŚĞŵĞƌŝĐĂŶEŽƌƚŚ
ƚůĂŶƚŝĐŚĂƐďĞĐŽŵĞƚŚĞ
ƐĞĐŽŶĚŐƌĞĂƚŵĂƌŬĞƚĨŽƌ
ƚŚĞWŽƌƚŽĨŝůďĂŽĂĨƚĞƌ
ĞdžƉĞƌŝĞŶĐŝŶŐƚŚĞŐƌĞĂƚĞƐƚ
ŐƌŽǁƚŚ;нϭϭйͿƚŚĂŶŬƐƚŽƚŚĞ
ƉƵůůŽĨƚƌĂĨĨŝĐǁŝƚŚƚŚĞhŶŝƚĞĚ
^ƚĂƚĞƐ͕ǁŚŝĐŚŝŶĐƌĞĂƐĞĚ
ďLJϯϳϬ͕ϬϬϬƚŽŶŶĞƐ;нϭϴйͿ͘
>ŝŬĞǁŝƐĞ͕ŵĞŶƚŝŽŶŵƵƐƚďĞ
ŵĂĚĞŽĨƚŚĞŐƌŽǁƚŚǁŝƚŚƚŚĞ
ƐŝĂŶWĂĐŝĨŝĐ;нϲйͿĂƐĂƌĞƐƵůƚ
ŽĨƚŚĞϳйŝŶĐƌĞĂƐĞŝŶƚƌĂĨĨŝĐ
ǁŝƚŚŚŝŶĂĂŶĚŽĨƚŚĞϭϮϰй
ǁŝƚŚdĂŝǁĂŶ;нϱϭ͕ϮϬϬƚŽŶŶĞƐͿ͘
KƚŚĞƌŵĂƌŬĞƚƐŽŶƚŚĞŝŶĐƌĞĂƐĞ
ĂƌĞƚŚŽƐĞŽĨƚŚĞĨƌŝĐĂŶ
DĞĚŝƚĞƌƌĂŶĞĂŶ;нϰϵйͿĂŶĚ
^ŽƵƚŚŵĞƌŝĐĂŶWĂĐŝĮĐ;нϯϴйͿ
ďĞĐĂƵƐĞŽĨƚŚĞŐƌŽǁƚŚƐǁŝƚŚ
ŐLJƉƚ;нϰϱϲ͕ϬϬϬƚŽŶŶĞƐͿ
ĂŶĚWĞƌƵ;нϮϳϳ͕ϬϬϬƚŽŶŶĞƐͿ͕
ƌĞƐƉĞĐƚŝǀĞůLJ͘ĂĐŚŽĨƚŚĞƚǁŽ
ůĂƚƚĞƌĐŽƵŶƚƌŝĞƐŚĂƐĂǁĞŝŐŚƚ
ŽĨϮйŝŶŽǀĞƌƐĞĂƐƚƌĂĨĨŝĐŝŶƚŚĞ
WŽƌƚŽĨŝůďĂŽ͘
'KK^EW^^E'ZdZ&&/dZ&/^DZ,E/^^dW^^'Z^
dŽƚĂůdƌĂĸĐŝƐƚƌŝďƵƟŽŶŝƐƚƌŝďƵƟŽŶĚƵƚƌĂĮĐƚŽƚĂů
ϯ͕ϱϭϵ͕ϭϳϳ
EŽƌƚŚ
ŵĞƌŝĐĂ
ϭϰ͕ϯϱϴ͕ϮϮϴ
ƵƌŽƉĞ
ϭ͕ϵϰϭ͕ϰϭϲ
^ƉĂŝŶ
ϱ͕ϭϯϱ͕ϳϳϬ
ƐŝĂ
ϭ͕ϲϬϬ͕ϳϮϴ
ĞŶƚĞƌŵĞƌŝĐĂ
Ϯ͕ϳϬϭ͕ϲϭϳ
^ŽƵƚŚ
ĂŵĞƌŝĐĂ
>͛ŵĠƌŝƋƵĞ
ƚůĂŶƟƋƵĞEŽƌĚ
ĚĞǀŝĞŶƚůĞĚĞƵdžŝğŵĞ
ŐƌĂŶĚŵĂƌĐŚĠ
%
Ϯ͕ϰϬϭ͕ϱϱϲ
ĨƌŝĐĂ
A>͛ŵĠƌŝƋƵĞ ƚůĂŶƟƋƵĞ EŽƌĚ ĞƐƚ ĚĞǀĞŶƵĞ ůĞ ĚĞƵdžŝğŵĞ ŐƌĂŶĚ
ŵĂƌĐŚĠĚƵWŽƌƚĚĞŝůďĂŽĂƉƌğƐĂǀŽŝƌĐŽŶŶƵůĂƉůƵƐŐƌĂŶĚĞŚĂƵƐƐĞ
;нϭϭйͿ͕ŐƌąĐĞăůĂĨŽƌƚĞĐƌŽŝƐƐĂŶĐĞĚĞƐƚƌĂĮĐƐĂǀĞĐůĞƐƚĂƚƐͲhŶŝƐ
ƋƵŝĂƵŐŵĞŶƚĞŶƚĚĞϯϳϬϬϬϬƚŽŶŶĞƐ;нϭϴйͿ͘/ůĨĂƵƚĠŐĂůĞŵĞŶƚƐŽƵͲ
ůŝŐŶĞƌůĂĐƌŽŝƐƐĂŶĐĞĚĞů͛ƐŝĞWĂĐŝĮƋƵĞ;нϲйͿĂǀĞĐůĂŚĂƵƐƐĞĚĞϳй
ĚĞƐƚƌĂĮĐƐĂǀĞĐůĂŚŝŶĞ;ϱϮϰϰϮƚŽŶŶĞƐͿĞƚĚĞϭϮϰйĂǀĞĐdĂŢǁĂŶ
;ϱϭϮϬϬƚŽŶŶĞƐͿ͘
>ĞƐŵĂƌĐŚĠƐĚĞů͛ĨƌŝƋƵĞDĠĚŝƚĞƌƌĂŶĠĞŶŶĞ;нϰϵйͿĞƚĚĞů͛ŵĠƌŝƋƵĞ
ĚƵ ^ƵĚ WĂĐŝĮƋƵĞ ;н ϯϴ йͿ ĂǀĞĐ ƌĞƐƉĞĐƟǀĞŵĞŶƚ ůĂ ĐƌŽŝƐƐĂŶĐĞ ĚĞ
ů͛ŐLJƉƚĞ;ϰϱϲϬϬϬƚŽŶŶĞƐͿĞƚĚƵWĠƌŽƵ;ϮϳϳϬϬϬƚŽŶŶĞƐͿĐŽŶƐƟƚƵĞŶƚ
Ě͛ĂƵƚƌĞƐŵĂƌĐŚĠƐăůĂŚĂƵƐƐĞ͘>ĞƉŽŝĚƐĚĞĐŚĂĐƵŶĚĞĐĞƐĚĞƵdžƉĂLJƐ
ĚĂŶƐůĞƚƌĂĮĐĞdžƚĠƌŝĞƵƌĚƵWŽƌƚĚĞŝůďĂŽĞƐƚĚĞϮй͘
ZĞƉŽƌƚϮϬ11 Bilan
'KK^EW^^E'ZdZ&&/dZ&/^DZ,E/^^dW^^'Z^
ŽŶƚĂŝŶĞƌŽŶƚĞŶĞƵƌ
,ŝƐƚŽƌŝĐdh^ŵĂdžŝŵƵŵ
Maximum historique du nombre de TEUS
Main markets
Tonnes
Marchés principaux
Tonnes %
United Kingdom
1,484,998 14
China
551,143 16
Belgium
372,696 12
Netherlands
333,522 30
United States
315,508 18
Spain
305,654 -10
Irish Republic
275,657
Brazil
156,882 -19
Mexico
140,880
8
Peru
127,853
6
2011
ŝůďĂŽ
ŵĂŝŶƚĂŝŶƐ
ƐŚŽƌƚƐĞĂ
ůĞĂĚĞƌƐŚŝƉ
8
ŝůďĂŽ
ŵĂŝŶƟĞŶƚƐĂ
ƉůĂĐĞĚĞůĞĂĚĞƌ
ƐƵƌůĞƚƌĂĮĐ
ĐŽƵƌƚĞĚŝƐƚĂŶĐĞ
%
GĞŶĞƌĂůĐŽŶƚĂŝŶĞƌƚƌĂĸĐ
ŵĂŝŶƚĂŝŶĞĚŝƚƐƵƉǁĂƌĚ
ƚĞŶĚĞŶĐLJ͕ĂŶĚƚŚĂŶŬƐƚŽϳй
ŐƌŽǁƚŚƌĞĂĐŚĞĚϲ͘ϭŵŝůůŝŽŶ
ƚŽŶŶĞƐ͘dŚĞŶƵŵďĞƌŽĨdhƐ
ĂŵŽƵŶƚĞĚƚŽϱϳϮ͕ϳϴϰ͕ĂŶĚ
ŽǀĞƌĐĂŵĞϮϬϬϴ͛ƐŵĂdžŝŵƵŵ
ŚŝƐƚŽƌŝĐĮŐƵƌĞ͘
dŚĞWŽƌƚŽĨŝůďĂŽƐƟůůůĞĂĚƐ
ƐŚŽƌƚƐĞĂƚƌĂĸĐǁŝƚŚƚŚĞ
ƵƌŽƉĞĂŶƚůĂŶƟĐ͕ĂŵĂƌŬĞƚ
ƚŚĂƚŚĂƐŐƌŽǁŶϭϬй͘dŚĞŵĂŝŶ
ĐŽƵŶƚƌŝĞƐŝŶƚŚŝƐŵĂƌŬĞƚĂƌĞƚŚĞ
hŶŝƚĞĚ<ŝŶŐĚŽŵ͕ĞůŐŝƵŵĂŶĚ
ƚŚĞEĞƚŚĞƌůĂŶĚƐ͕ĂůůŽĨǁŚŝĐŚ
ƐŚŽǁĞĚƐƚƌŽŶŐŐƌŽǁƚŚ͘
/ƌŽŶĂŶĚŵĞƚĂůƉƌŽĚƵĐƚƐĂƌĞƚŚĞ
ŵĂŝŶĐŽŶƚĂŝŶĞƌƚƌĂĸĐĂƚϲϲϱ͕ϲϱϭ
ƚŽŶŶĞƐͲĂŶϭϭйŝŶĐƌĞĂƐĞ͘
&ŽůůŽǁŝŶŐƚŚĞŵĂƌĞƚŚĞǁŝŶĞƐ͕
ƐƉŝƌŝƚƐĂŶĚďĞǀĞƌĂŐĞƐŐƌŽƵƉƐ
ĂƚϲϮϮ͕ϴϱϬƚŽŶŶĞƐ;нϭϰйͿ͕ĂŶĚ
ĐŚĞŵŝĐĂůƉƌŽĚƵĐƚƐĂƚϱϳϲ͕ϭϱϴ
dŽŶŶĞƐ;нϲйͿ͘
dƌĂŶƐͲŽĐĞĂŶŝĐƚƌĂĸĐǁŝƚŚƐŝĂ
ĂŶĚŵĞƌŝĐĂĂůƌĞĂĚLJƌĞƉƌĞƐĞŶƚƐ
ϯϬйŽĨƚŚĞdhƐŚĂŶĚůĞĚ͕ǁŝƚŚ
ŚŝŶĂ͕hŶŝƚĞĚ^ƚĂƚĞƐ͕ƌĂnjŝů
ĂŶĚDĞdžŝĐŽďĞŝŶŐƚŚĞŵĂŝŶ
ĐŽƵŶƚƌŝĞƐ͘
14
15
LĞƚƌĂĮĐĚĞŵĂƌĐŚĂŶĚŝƐĞƐ
ŐĠŶĠƌĂůĞƐĞŶĐŽŶƚĞŶĞƵƌĂ
ŵĂŝŶƚĞŶƵƐĂƚĞŶĚĂŶĐĞăůĂ
ŚĂƵƐƐĞĞƚĂĂƩĞŝŶƚůĞƐϲ͕ϭ
ŵŝůůŝŽŶƐĚĞƚŽŶŶĞƐŐƌąĐĞăƵŶĞ
ĐƌŽŝƐƐĂŶĐĞĚĞϳй͘>ĞŶŽŵďƌĞ
ĚĞdhƐăĂƵŐŵĞŶƚĠĚĞϴй͕ƵŶ
ƉŽƵƌĐĞŶƚĂŐĞŐƌąĐĞĂƵƋƵĞůůĞ
ŵĂdžŝŵƵŵŚŝƐƚŽƌŝƋƵĞĚĞϮϬϬϴĂ
ĠƚĠĚĠƉĂƐƐĠ͕ĐĂƌůĞƐϱϳϮϳϴϰdhƐ
ŽŶƚĠƚĠĂƩĞŝŶƚƐ͘
ǀĞĐϲϲϱϲϱϭƚŽŶŶĞƐĞƚƵŶĞ
ĂƵŐŵĞŶƚĂƟŽŶĚĞϭϭй͕ůĞƐ
ƉƌŽĚƵŝƚƐƐŝĚĠƌƵƌŐŝƋƵĞƐ
ĐŽŶƐƟƚƵĞŶƚůĞƚƌĂĮĐƉƌŝŶĐŝƉĂů
ƵƟůŝƐĂŶƚĚĞƐĐŽŶƚĞŶĞƵƌƐ͘ŶƐƵŝƚĞ͕
ƐĞŵĂŝŶƟĞŶŶĞŶƚůĞƐŐƌŽƵƉĞƐǀŝŶƐ͕
ďŽŝƐƐŽŶƐĞƚĂůĐŽŽůƐ͕ĂǀĞĐƵŶƚƌĂĮĐ
ĚĞϲϮϮϴϱϬƚŽŶŶĞƐ;нϭϰйͿ͕ĞƚůĞƐ
ƉƌŽĚƵŝƚƐĐŚŝŵŝƋƵĞƐ͕ĂǀĞĐϱϳϲϭϱϴ
ƚŽŶŶĞƐ;нϲйͿ͘
>ĞWŽƌƚĚĞŝůďĂŽĐŽŶƟŶƵĞă
ŵĂŝŶƚĞŶŝƌƐĂƉůĂĐĞĚĞůĞĂĚĞƌĚĂŶƐ
ůĞƐƚƌĂĮĐƐĐŽƵƌƚĞĚŝƐƚĂŶĐĞĂǀĞĐ
ů͛ƵƌŽƉĞĚ͛ƚůĂŶƟƋƵĞ͕ƵŶŵĂƌĐŚĠƋƵŝ
ĂĂƵŐŵĞŶƚĠĚĞϭϬй͘>ĞƐƉƌŝŶĐŝƉĂƵdž
ƉĂLJƐĐŽŶĐĞƌŶĂŶƚĐĞŵĂƌĐŚĠƐŽŶƚ
ůĞZŽLJĂƵŵĞͲhŶŝ͕ůĂĞůŐŝƋƵĞĞƚůĞƐ
WĂLJƐͲĂƐ͘dŽƵƐĐĞƐƉĂLJƐĐŽŶŶĂŝƐƐĞŶƚ
ĚĞĨŽƌƚĞƐĐƌŽŝƐƐĂŶĐĞƐ͘
>ĞƐƚƌĂĮĐƐƚƌĂŶƐŽĐĠĂŶŝƋƵĞƐĂǀĞĐ
ů͛ƐŝĞĞƚů͛ŵĠƌŝƋƵĞŽŶƚĂƵƐƐŝƵŶĞ
ŐƌĂŶĚĞŝŵƉŽƌƚĂŶĐĞ͕ĠƚĂŶƚĚŽŶŶĠ
ƋƵ͛ŝůƐƌĞƉƌĠƐĞŶƚĞŶƚϯϬйĚĞƐdhƐ
ŵĂŶŝƉƵůĠĞƐ͘>ĂŚŝŶĞ͕ůĞƐƚĂƚƐͲ
hŶŝƐ͕ůĞƌĠƐŝůĞƚůĞDĞdžŝƋƵĞƐŽŶƚ
ůĞƐƉƌŝŶĐŝƉĂƵdžƉĂLJƐ͘
'KK^EW^^E'ZdZ&&/dZ&/^DZ,E/^^dW^^'Z^
ƌĞĂŬďƵůŬ
DĂƌĐŚĂŶĚŝƐĞƐŐĠŶĠƌĂůĞƐĐŽŶǀĞŶƟŽŶŶĞůůĞƐ
2011
Car
ĐŽŵƉŽŶĞŶƚƐ
ŝŶĐƌĞĂƐĞ
ďLJϲϵй
>ĞƐƉŝğĐĞƐ
ĂƵƚŽŵŽďŝůĞƐ
ĂƵŐŵĞŶƚĞŶƚ
ĚĞϲϵй
%
/ŵƉŽƌƚĂŶƚŐƌŽǁƚŚŽĨƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵĂŶĚ/ŶĚŝĂ
ƌŽŝƐƐĂŶĐĞŝŵƉŽƌƚĂŶƚĞĚƵZŽLJĂƵŵĞͲhŶŝĞƚĚĞů͛/ŶĚĞ
LĞƐ ŵĂƌĐŚĂŶĚŝƐĞƐ ŐĠŶĠƌĂůĞƐ ĐŽŶǀĞŶƟŽŶŶĞůůĞƐ ŽŶƚ
GĞŶĞƌĂůĐĂƌŐŽŵĂŶĂŐĞĚĂƐůŝŐŚƚϭйŝŶĐƌĞĂƐĞĂŶĚ
ƐƚŽŽĚĂƚϯ͘ϴŵŝůůŝŽŶƚŽŶŶĞƐ͕ZŽͲZŽƚƌĂĸĐĐŽŶƐƟƚƵƟŶŐ ƐƵďŝ ƵŶĞ ůĠŐğƌĞ ĐƌŽŝƐƐĂŶĐĞ ĚĞ ϭ й ƉŽƵƌ ƐĞ ƉůĂĐĞƌ ĂƵdž
ĂůĞŶƚŽƵƌƐ ĚĞƐ ϯ͕ϴ ŵŝůůŝŽŶƐ ĚĞ ƚŽŶŶĞƐ͘ ϯϬ й ĚĞ ĐĞƐ
ϯϬйŽĨƚŚŝƐĐĂƌŐŽ͘
ŵĂƌĐŚĂŶĚŝƐĞƐĐŽƌƌĞƐƉŽŶĚĞŶƚăĚƵƚƌĂĮĐƌŽͲƌŽ͘
/ƌŽŶĂŶĚƐƚĞĞůƉƌŽĚƵĐƚƐĂƚϮ͘ϯŵŝůůŝŽŶƚŽŶŶĞƐ͕ƐƟůůůĞĂĚ
ƚŚĞ ĐůĂƐƐŝĮĐĂƟŽŶ͕ ĨŽůůŽǁĞĚ ďLJ ƉĂƉĞƌ ĂŶĚ ƉƵůƉ͕ ĂŶĚ
ŵĂĐŚŝŶĞƌLJĂŶĚƐƉĂƌĞƐ͘DĞŶƟŽŶŵƵƐƚďĞŵĂĚĞŽĨƚŚĞ
ϲϵйŝŶĐƌĞĂƐĞŝŶĂƵƚŽŵŽďŝůĞƐĂŶĚƚŚĞŝƌĐŽŵƉŽŶĞŶƚƐ͘
ƐŚĂƐŚĂƉƉĞŶĞĚǁŝƚŚĐŽŶƚĂŝŶĞƌƚƌĂĸĐ͕ƚŚĞƵƌŽƉĞĂŶ
ƚůĂŶƟĐ͕ ǁŝƚŚ ϵй ŐƌŽǁƚŚ ŝƐ ƚŚĞ ŵĂŝŶ ŽƌŝŐŝŶ ĂŶĚ
ĚĞƐƟŶĂƟŽŶ͘ /ŶƐŝĚĞ ƚŚŝƐ njŽŶĞ͕ ƚŚĞ ĞůŐŝĂŶ ŵĂƌŬĞƚ͕
ĂŌĞƌ ŝŶĐƌĞĂƐŝŶŐ ϭϮй͕ ƐƚĂŶĚƐ ŽƵƚ͕ ĂůƚŚŽƵŐŚ ŝŶ ƚĞƌŵƐ
ŽĨ ƚŽŶŶĞƐ͕ ƚŚĞ hŶŝƚĞĚ <ŝŶŐĚŽŵ ŝƐ ƚŚĞ ĐŽƵŶƚƌLJ ƚŚĂƚ
ŚĂƐ ŝŶĐƌĞĂƐĞĚ ŵŽƐƚ͘ /Ŷ ƚŚĞ ƚƌĂŶƐͲŽĐĞĂŶŝĐ ŵĂƌŬĞƚƐ͕
ŵĞŶƟŽŶŵƵƐƚďĞŵĂĚĞŽĨŚŝŶĂĂŶĚ/ŶĚŝĂĨŽƌŝŵƉŽƌƚƐ
ĂŶĚhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚDĞdžŝĐŽĨŽƌĞdžƉŽƌƚƐ͘
ǀĞĐϮ͕ϯŵŝůůŝŽŶƐĚĞƚŽŶŶĞƐ͕ůĞƐƉƌŽĚƵŝƚƐƐŝĚĠƌƵƌŐŝƋƵĞƐ͕ĐŽŶƟͲ
ŶƵĞŶƚăƐĞƉůĂĐĞƌĞŶƚġƚĞĚƵĐůĂƐƐĞŵĞŶƚ͘/ůƐƐŽŶƚƐƵŝǀŝƐƉĂƌůĞ
ƉĂƉŝĞƌ͕ůĂƉąƚĞăƉĂƉŝĞƌĂŝŶƐŝƋƵĞƉĂƌůĞƐŵĂĐŚŝŶĞƐĞƚůĞƵƌƐ
ƉŝğĐĞƐĚĞƌĞĐŚĂŶŐĞ͘>͛ĂƵŐŵĞŶƚĂƟŽŶĚĞϲϵйĚĞůĂƌƵďƌŝƋƵĞ
ĚĞƐǀĠŚŝĐƵůĞƐĞƚůĞƵƌƐĐŽŵƉŽƐĂŶƚƐĚŽŝƚġƚƌĞƐŽƵůŝŐŶĠĞ͘
ŽŵŵĞĚĂŶƐůĞƚƌĂĮĐĐŽŶƚĞŶĞƵƌŝƐĠ͕ů͛ƵƌŽƉĞƚůĂŶƟƋƵĞ͕
ĂǀĞĐƵŶĞĐƌŽŝƐƐĂŶĐĞĚĞϵй͕ĐŽŶƐƟƚƵĞůĂƉƌŝŶĐŝƉĂůĞŽƌŝŐŝŶĞ
Ğƚ ĚĞƐƟŶĂƟŽŶ͘ ĂŶƐ ĐĞƩĞ njŽŶĞ ƐĞ ĚĠƚĂĐŚĞ ĞŶĐŽƌĞ ƵŶĞ
ĨŽŝƐůĞŵĂƌĐŚĠďĞůŐĞ͕ƋƵŝĂƵŐŵĞŶƚĞĚĞϭϮй͕ŵġŵĞƐŝůĞ
ZŽLJĂƵŵĞͲhŶŝĞƐƚůĞƉĂLJƐĂǀĞĐů͛ĂƵŐŵĞŶƚĂƟŽŶĞŶƚŽŶŶĞƐ
ůĂƉůƵƐŝŵƉŽƌƚĂŶƚĞ͘^ƵƌůĞƐŵĂƌĐŚĠƐƚƌĂŶƐŽĐĠĂŶŝƋƵĞƐ͕ůĂ
ŚŝŶĞĞƚů͛/ŶĚĞƐŽƌƚĞŶƚĚƵůŽƚƉŽƵƌůĞƵƌƐŝŵƉŽƌƚĂƟŽŶƐ͕Ğƚ
ůĞƐƚĂƚƐͲhŶŝƐĞƚůĞDĞdžŝƋƵĞƉŽƵƌůĞƵƌƐĞdžƉŽƌƚĂƟŽŶƐ͘
ZĞƉŽƌƚϮϬ11 Bilan
Main markets
Tonnes
Marchés principaux
Tonnes %
Belgium
645,507 12
United Kingdom
519,266 47
Netherlands
257,996 14
Finland
210,573 -16
China
204,369 -10
Italy
149,967 -7
United States
146,737 40
India
139,738 235
Mexico
100,887 -9
Algeria
96,467 -38
'KK^EW^^E'ZdZ&&/dZ&/^DZ,E/^^dW^^'Z^
^ŽůŝĚďƵůŬƐsƌĂĐƐƐŽůŝĚĞƐ
SŽůŝĚďƵůŬƐƚƌĂĸĐŶŽǁƐƚĂŶĚƐĂƚϰŵŝůůŝŽŶƚŽŶŶĞƐ͘
&ĂůůƐ ŝŶ ƚŚĞŝƌ ƚǁŽ ŵĂŝŶ ƉƌŽĚƵĐƚƐ͕ ƐŽLJĂ ďĞĂŶƐ ĂŶĚ
ŇŽƵƌ;ͲϭϭйͿĂŶĚƐĐƌĂƉ;ͲϯϰйͿƌĞƐƵůƚĞĚŝŶĂŐĞŶĞƌĂů
ĨĂůůŽĨϭϬй͘,ŽǁĞǀĞƌ͕ŽƚŚĞƌƚƌĂĸĐ͕ƐƵĐŚĂƐĐŽĂůĂŶĚ
ĐŽŬĞ;нϰ͘ϱйͿĂŶĚĐŚĞŵŝĐĂůƉƌŽĚƵĐƚƐĞdžƉŽƌƚƐ;нϱйͿ
ŚĂƐŝŶĐƌĞĂƐĞĚ͘
LĞƐ ƚƌĂĮĐƐ ĚĞ ǀƌĂĐƐ ƐŽůŝĚĞƐ ŽŶƚ ĂƩĞŝŶƚ ůĞƐ ϰ ŵŝůůŝŽŶƐ
ĚĞ ƚŽŶŶĞƐ͘ >ĞƐ ďĂŝƐƐĞƐ ƐƵďŝĞƐ ƉĂƌ ƐĞƐ ĚĞƵdž ŵĂƌĐŚĂŶĚŝƐĞƐ
ƉƌŝŶĐŝƉĂůĞƐ͕ ĨğǀĞƐ Ğƚ ĨĂƌŝŶĞƐ ĚĞ ƐŽũĂ ;Ͳ ϭϭ йͿ Ğƚ ĨĞƌƌĂŝůůĞƐ
;ͲϯϰйͿ͕ŽŶƚƉƌŽǀŽƋƵĠƵŶĞĚŝŵŝŶƵƟŽŶŐĠŶĠƌĂůĞĚĞϭϬй͘
ĞƉĞŶĚĂŶƚ͕Ě͛ĂƵƚƌĞƐƚƌĂĮĐƐĐŽŵŵĞůĞƐĐŚĂƌďŽŶƐ;нϰ͘ϱйͿĞƚ
ůĞƐĞdžƉŽƌƚĂƟŽŶƐĚĞƉƌŽĚƵŝƚƐĐŚŝŵŝƋƵĞƐ;нϱйͿŽŶƚĂƵŐŵĞŶƚĠ͘
dŚĂŶŬƐƚŽĂϱϴйƌŝƐĞ͕ƌĂnjŝůƌĞĐŽǀĞƌĞĚƚŚĞůĞĂĚĞƌƐŚŝƉ
ŝƚ ŚĂĚ ůŽƐƚ ƚŽ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ ŝŶ ϮϬϭϬ͕ ǁŝƚŚ ƚŚĞ
ůĂƩĞƌ ŶŽǁ ƉĂƐƐŝŶŐ ƚŽ ĨŽƵƌƚŚ ƉŽƐŝƟŽŶ ĚƵĞ ƚŽ ƚŚĞ
ϰϭйĚĞĐƌĞĂƐĞŝŶďĞĂŶƐŝŵƉŽƌƚƐ͕ǁŚŝĐŚŶŽǁĐŽŵĞ
ĨƌŽŵ ƌĂnjŝů͘ dŚĞ ŐƌĞĂƚĞƐƚ ŝŶĐƌĞĂƐĞ ŝƐ ƌĞŐŝƐƚĞƌĞĚ
ďLJ dƌŝŶŝĚĂĚĂŶĚdŽďĂŐŽ;нϲϵйͿ͕ĂƐĂƌĞƐƵůƚŽĨƚŚĞ
ŝŶĐƌĞĂƐĞŝŶŝƌŽŶŽƌĞŝŵƉŽƌƚƐ͘
>ĞƌĠƐŝů͕ĂǀĞĐƵŶĞŚĂƵƐƐĞĚĞϱϴй͕ƌĠĐƵƉğƌĞůĂƉƌĞŵŝğƌĞ
ƉůĂĐĞƋƵ͛ŝůĂǀĂŝƚƉĞƌĚƵĞĞŶϮϬϭϬĨĂĐĞĂƵdžƚĂƚƐͲhŶŝƐ͘/ůƐ
ƐĞƌĞƚƌŽƵǀĞŶƚĞŶƋƵĂƚƌŝğŵĞƉŽƐŝƟŽŶĂƉƌğƐĂǀŽŝƌĐŚƵƚĠ
ĚĞ ϰϭ й ă ĐĂƵƐĞ ĚĞ ůĂ ƌĠĚƵĐƟŽŶ ĚĞƐ ĚĠĐŚĂƌŐĞŵĞŶƚƐ
ĚĞĨğǀĞƐƋƵŝŽŶƚĠƚĠŝŵƉŽƌƚĠĞƐĚƵƌĠƐŝůĞŶϮϬϭϭ͘>Ă
ŚĂƵƐƐĞ ůĂ ƉůƵƐ ŝŵƉŽƌƚĂŶƚĞ ĞŶƌĞŐŝƐƚƌĠĞ ĐŽƌƌĞƐƉŽŶĚ ă
dƌŝŶŝƚĠͲĞƚͲdŽďĂŐŽ;нϲϵйͿ͕ŐƌąĐĞăů͛ĂƵŐŵĞŶƚĂƟŽŶĚĞƐ
ŝŵƉŽƌƚĂƟŽŶƐĚĞŵŝŶĞƌĂŝĚĞĨĞƌ͘
2011
ŽĂůĂŶĚĐŽŬĞ
ĂŶĚĐŚĞŵŝĐĂů
ƉƌŽĚƵĐƚƐ
ŝŶĐƌĞĂƐĞ
,ĂƵƐƐĞĚĞƐ
ĐŚĂƌďŽŶƐĞƚ
ĚĞƐƉƌŽĚƵŝƚƐ
ĐŚŝŵŝƋƵĞƐ
%
%
ƌĂnjŝůƌĞĐŽǀĞƌƐůĞĂĚĞƌƐŚŝƉ
>ĞƌĠƐŝůƌĠĐƵƉğƌĞƐĂƉƌĞŵŝğƌĞƉůĂĐĞ
16
17
Main markets
Tonnes
Marchés principaux
Tonnes %
Brazil
913,015 58
United Kingdom
397,633 -18
Russia
374,174 -7
United States
350,722 -41
Trinidad and Tobago
325,921 69
Spain
281,198 -11
Venezuela
137,344 -12
Netherlands
121,685 -43
Argentina
95,633 -44
Sweden
94,292 -28
'KK^EW^^E'ZdZ&&/dZ&/^DZ,E/^^dW^^'Z^
>ŝƋƵŝĚďƵůŬƐsƌĂĐƐůŝƋƵŝĚĞƐ
/ŶƐƉŝƚĞŽĨĂϭϬйĚĞĐƌĞĂƐĞ͕
ůŝƋƵŝĚďƵůŬƐƚƌĂĸĐĂƚϭϳ͘ϵ
ŵŝůůŝŽŶƚŽŶŶĞƐŝƐƐƟůůďLJĨĂƌƚŚĞ
ŐƌĞĂƚĞƐƚǀŽůƵŵĞ͘dŚĞĨĂůůŝŶ
ĨƵĞůĐŽŶƐƵŵƉƟŽŶŚĂƐĨŽƌĐĞĚ
ƚŚĞZĞƉƐŽů'ƌŽƵƉ͛ƐWĞƚƌŽŶŽƌ
ZĞĮŶĞƌLJƚŽƌĞĚƵĐĞƉƌŽĚƵĐƟŽŶ͕
ƚŚƵƐďƌŝŶŐŝŶŐĂďŽƵƚƚŚĞ
ĚĞĐƌĞĂƐĞŝŶƚƌĂĸĐƌĞĨĞƌƌĞĚƚŽ
ĂďŽǀĞ͘
ƌƵĚĞŽŝůƚƌĂŶƐƉŽƌƚ͕ǁŚŝĐŚ
ŽŶůLJǁĞŶƚĚŽǁŶďLJϭйƐƟůů
ŚĞĂĚƐƚŚĞĐůĂƐƐŝĮĐĂƟŽŶĂƚ
ƐĞǀĞŶŵŝůůŝŽŶƚŽŶŶĞƐ͘KŶƚŚĞ
ĐŽŶƚƌĂƌLJ͕ĨƵĞůŽŝů͕ƚŚĞƐĞĐŽŶĚ
ƚƌĂĸĐďLJǀŽůƵŵĞ͕ŐƌĞǁďLJϮй͘
ŽŵŵŽĚŝƟĞƐǁŝƚŚŐƌĞĂƚĞƐƚ
ŐƌŽǁƚŚǁĞƌĞĐŚĞŵŝĐĂůƉƌŽĚƵĐƚƐ
ĂŶĚƉĞƚƌŽůĞƵŵŐĂƐĞƐƵƉďLJ
ϭϴйĂŶĚϭϭйƌĞƐƉĞĐƟǀĞůLJ͘
ZƵƐƐŝĂƐƟůůŚĞĂĚƐƚŚĞŵĂŝŶ
ŵĂƌŬĞƚƐĐůĂƐƐŝĮĐĂƟŽŶďLJƋƵŝƚĞ
ĂǁŝĚĞŵĂƌŐŝŶ͘KƵƚƐƚĂŶĚŝŶŐ
ŐƌŽǁƚŚƐŝŶĐůƵĚĞƚŚĞhŶŝƚĞĚ
^ƚĂƚĞƐ;нϰϮйͿĚƵĞƚŽƚŚĞ
ŝŶĐƌĞĂƐĞŝŶŐĂƐͲŽŝů͘/ŶĂĚĚŝƟŽŶ͕
ĨŽƌƚŚĞĮƌƐƚƟŵĞ͕ĐƌƵĚĞŽŝů
ŚĂƐƐƚĂƌƚĞĚƚŽďĞŝŵƉŽƌƚĞĚ
ĨƌŽŵŐLJƉƚƚŚƌŽƵŐŚƚŚĞWŽƌƚ
ŽĨŝůďĂŽ͕ǁŝƚŚĂůŵŽƐƚϱϳϬ͕ϬϬϬ
ƚŽŶŶĞƐďĞŝŶŐƌĞĐĞŝǀĞĚŝŶƚŚĞ
ĮƌƐƚLJĞĂƌ͘
MĂůŐƌĠƐĂĚŝŵŝŶƵƟŽŶĚĞ
ϭϬй͕ůĞƚƌĂĮĐĚĞƐǀƌĂĐƐůŝƋƵŝĚĞƐ
ĐŽŶƟŶƵĞăƌĞƉƌĠƐĞŶƚĞƌĚĞůŽŝŶ͕ůĞ
ƚƌĂĮĐůĞƉůƵƐŝŵƉŽƌƚĂŶƚ͕ĂǀĞĐϭϳ͕ϵ
ŵŝůůŝŽŶƐĚĞƚŽŶŶĞƐ͘>ĂĐŚƵƚĞĚĞůĂ
ĐŽŶƐŽŵŵĂƟŽŶĚĞĐŽŵďƵƐƟďůĞƐ
ĂŽďůŝŐĠůĂƌĂĸŶĞƌŝĞĚĞWĞƚƌŽŶŽƌ͕
ĨĂŝƐĂŶƚƉĂƌƟĞĚƵ'ƌŽƵƉĞZĞƉƐŽů͕ă
ĚŝŵŝŶƵĞƌƐĂƉƌŽĚƵĐƟŽŶ͕ĐĞƋƵŝĂ
ƉƌŽǀŽƋƵĠůĂĚŝŵŝŶƵƟŽŶĚĞƚƌĂĮĐ
ĐŝƚĠĞĐŝͲĚĞƐƐƵƐ͘
>ĞƚƌĂŶƐƉŽƌƚĚĞďƌƵƚĚĞƉĠƚƌŽůĞ͕
ƋƵŝŶĞƐƵďŝƚƋƵ͛ƵŶĞƌĠĚƵĐƟŽŶ
ĚĞϭй͕ĐŽŶƟŶƵĞĞŶƚġƚĞĚĞ
ĐůĂƐƐĞŵĞŶƚĂǀĞĐƐĞƉƚŵŝůůŝŽŶƐĚĞ
ƚŽŶŶĞƐ͘WĂƌĂŝůůĞƵƌƐ͕ăů͛ŽƉƉŽƐĠ͕
ůĞĮŽƵů͕ĚĞƵdžŝğŵĞƚƌĂĮĐĞŶ
ǀŽůƵŵĞ͕ĂƵŐŵĞŶƚĞĚĞϮй͘>ĞƐ
ŵĂƌĐŚĂŶĚŝƐĞƐƋƵŝĂƵŐŵĞŶƚĞŶƚůĞ
ƉůƵƐƐŽŶƚůĞƐƉƌŽĚƵŝƚƐĐŚŝŵŝƋƵĞƐ͕
ƋƵŝŽŶƚƐƵďŝƵŶĞŚĂƵƐƐĞĚĞ
ϭϴй͕ĞƚůĞƐŐĂnjĠŶĞƌŐĠƟƋƵĞƐ
ƉĠƚƌŽůŝĨğƌĞƐ;нϭϭͿ͘
>ĂZƵƐƐŝĞĐŽŶƟŶƵĞĞŶƚġƚĞĚƵ
ĐůĂƐƐĞŵĞŶƚĚĞƐƉƌŝŶĐŝƉĂƵdž
ŵĂƌĐŚĠƐĂǀĞĐƵŶĞŵĂƌŐĞ
ƌĞŵĂƌƋƵĂďůĞ͘WĂƌŵŝůĞƐĂƵŐŵĞŶƚĂͲ
ƟŽŶƐůĞƐƉůƵƐŝŵƉŽƌƚĂŶƚĞƐĞƐƚă
ƌĞŵĂƌƋƵĞƌĐĞůůĞĚĞƐƚĂƚƐͲhŶŝƐ
;нϰϮйͿŐƌąĐĞăůĂƉƌŽŐƌĞƐƐŝŽŶ
ĚƵŐĂnjŽůĞ͘WĂƌĂŝůůĞƵƌƐ͕ůĞWŽƌƚĚĞ
ŝůďĂŽĂĐŽŵŵĞŶĐĠăŝŵƉŽƌƚĞƌ
ƉŽƵƌůĂƉƌĞŵŝğƌĞĨŽŝƐĚƵƉĠƚƌŽůĞ
ƉƌŽǀĞŶĂŶƚĚ͛ŐLJƉƚĞ͘ŶǀŝƌŽŶ
ϱϳϬϬϬϬƚŽŶŶĞƐŽŶƚĠƚĠƌĞĕƵĞƐ
ƉĞŶĚĂŶƚĐĞƩĞƉƌĞŵŝğƌĞĂŶŶĠĞ͘
2011
ŚĞŵŝĐĂůƉƌŽĚƵĐƚƐŝŶĐƌĞĂƐĞďLJϭϴй
ZƵƐƐŝĂ
ƵŐŵĞŶƚĂƟŽŶĚĞϭϴйƉŽƵƌůĞƐƉƌŽĚƵŝƚƐĐŚŝŵŝƋƵĞƐ ŝƐƐƟůů
ƚŚĞŵĂŝŶ
ŵĂƌŬĞƚ
Main markets
Marchés principaux
Tonnes %
Russia
3,803,320 -10
Iran
2,340,614 14
United States
1,665,728 42
Spain
1,339,800 -1
Netherlands
>ĂZƵƐƐŝĞ
ĐŽŶƟŶƵĞă
ġƚƌĞůĞŵĂƌĐŚĠ
ƉƌŝŶĐŝƉĂů
Tonnes
936,658
%
4
Gibraltar
774,184 -16
Trinidad and Tobago
758,540 -38
Nigeria
695,113 -48
Mexico
644,877 10
Egypt
567,957 ---
ZĞƉŽƌƚϮϬ11 Bilan
'KK^EW^^E'ZdZ&&/dZ&/^DZ,E/^^dW^^'Z^
18
19
'KK^EW^^E'ZdZ&&/dZ&/^DZ,E/^^dW^^'Z^
ϭϱϮ͕ϮϬϬƉĂƐƐĞŶŐĞƌƐĂƌƌŝǀĞŝŶƚŚĞĂƐƋƵĞ
ŽƵŶƚƌLJƚŚƌŽƵŐŚƚŚĞWŽƌƚŽĨŝůďĂŽ
ϭϱϮϮϬϬƉĂƐƐĂŐĞƌƐƐŽŶƚĂƌƌŝǀĠƐĂƵWĂLJƐ
ďĂƐƋƵĞƉĂƌůĞWŽƌƚĚĞŝůďĂŽ
>ĞƚĞƌŵŝŶĂůĚĞĐƌŽŝƐŝğƌĞƐƌĞĕŽŝƚ
ϳϴйĚĞƚŽƵƌŝƐƚĞƐĞŶƉůƵƐ
EŶ ϮϬϭϭ ů͛ŚŝƐƚŽŝƌĞ ĚĞƐ ĐƌŽŝƐŝğƌĞƐ ĚƵ WĂLJƐ
ĂƐƋƵĞĞƐƉĂŐŶŽůĂĞŶĐŽƌĞƵŶĞĨŽŝƐĠƉƌŽƵǀĠƵŶ
ŶŽƵǀĞĂƵƐĂƵƚŝŵƉŽƌƚĂŶƚĂƵŶŝǀĞĂƵĚĞůĂƋƵĂůŝƚĠĞƚ
ĚĞůĂƋƵĂŶƟƚĠ͘WŽƵƌůĂƉƌĞŵŝğƌĞĨŽŝƐ͕ϱϯďĂƚĞĂƵdž
ĚĞ ĐƌŽŝƐŝğƌĞƐ ŽŶƚ ĂĐĐŽƐƚĠ ă ŝůďĂŽ ;ƉĂƌ ƌĂƉƉŽƌƚ
ĂƵdžϯϯĚĞϮϬϭϬͿ͘WĂƌŵŝĐĞƐĐƌŽŝƐŝğƌĞƐ͕ŚƵŝƚĚ͛ĞŶƚƌĞ
ĞůůĞƐ ŽŶƚ ĞīĞĐƚƵĠ ůĞƵƌ ƉƌĞŵŝğƌĞ ĞƐĐĂůĞ ĂƵ WĂLJƐ
ĂƐƋƵĞ ƐƉĂŐŶŽů͘ ϳϳ ϯϰϱ ĐƌŽŝƐŝĠƌŝƐƚĞƐ ĂƵ ƚŽƚĂů
ƐŽŶƚĞŶƚƌĠƐŽƵƐŽƌƟƐĚĞƐŝŶƐƚĂůůĂƟŽŶƐĚŽŶƚůĞWŽƌƚ
ĚĞŝůďĂŽĚŝƐƉŽƐĞă'ĞƚdžŽ͕ĐĞƋƵŝƌĞƉƌĠƐĞŶƚĞƵŶĞ
ŚĂƵƐƐĞĚĞϳϴйƉĂƌƌĂƉƉŽƌƚăϮϬϭϬ͘
ƌƵŝƐĞdĞƌŵŝŶĂů
ƌĞĐĞŝǀĞƐϳϴй
ŵŽƌĞƚŽƵƌŝƐƚƐ
/ŶϮϬϭϭƚŚĞƌĞǁĂƐLJĞƚ
ĂŶŽƚŚĞƌƋƵĂŶƚŝƚĂƚŝǀĞĂŶĚ
ƋƵĂůŝƚĂƚŝǀĞũƵŵƉŝŶƚŚĞĐƌƵŝƐĞ
ƚŽƵƌŝƐƚŚŝƐƚŽƌLJŽĨƚŚĞĂƐƋƵĞ
ŽƵŶƚƌLJ͘&ŽƌƚŚĞĨŝƌƐƚƚŝŵĞ͕ϱϯ
ĐƌƵŝƐĞǀĞƐƐĞůƐďĞƌƚŚĞĚǁŚŝůĞ
ƚŚĞƌĞǁĞƌĞϯϯŝŶϮϬϭϬ͘ŝŐŚƚ
ŽĨƚŚĞƐĞŵĂĚĞƚŚĞŝƌĨŝƌƐƚĐĂůů
ƚŽƚŚĞĂƐƋƵĞŽƵŶƚƌLJ͘/ŶĂůů͕
ϳϳ͕ϯϰϱĐƌƵŝƐĞƚŽƵƌŝƐƚƐĂƌƌŝǀĞĚ
ŽƌĚĞƉĂƌƚĞĚĨƌŽŵƚŚĞWŽƌƚ
ŽĨŝůďĂŽĨĂĐŝůŝƚŝĞƐĂƚ'ĞƚdžŽ͕
ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐĂϳϴй
ŝŶĐƌĞĂƐĞŽǀĞƌϮϬϭϬ͘
&ƵƌƚŚĞƌŵŽƌĞ͕ĨŽƌƚŚĞƐĞĐŽŶĚ
LJĞĂƌŝŶƐƵĐĐĞƐƐŝŽŶ͕ŝůďĂŽ
ǁĂƐĂŶĞŵďĂƌŬĂƚŝŽŶĂŶĚ
ĚŝƐĞŵďĂƌŬĂƚŝŽŶƉŽƌƚĨŽƌ
ĐƌƵŝƐĞƉĂƐƐĞŶŐĞƌƐ͘&ŽƵƌ
ƐŚŝƉŽǁŶĞƌƐͲD^ƌƵĐĞƌŽƐ
;ƚĞŶĐĂůůƐͿ͕/ďĞƌŽĐƌƵĐĞƌŽƐ;ƚǁŽ
ĐĂůůƐͿ͕WƵůůŵĂŶƚƵƌ;ƚǁŽĐĂůůƐͿ
ĂŶĚƵŶĂƌĚ;ŽŶĞĐĂůůͿͲŽĨĨĞƌĞĚ
ƚŚĞĐŚĂŶĐĞĨŽƌƉĂƐƐĞŶŐĞƌƐ
ƚŽĐŽŵŵĞŶĐĞŽƌĞŶĚƚŚĞŝƌ
ƌŽƵƚĞƐŝŶƚŚĞWŽƌƚŽĨŝůďĂŽ͘
ƐĂƌĞƐƵůƚ͕ĞŵďĂƌŬĂƚŝŽŶĂŶĚ
ĚŝƐĞŵďĂƌŬĂƚŝŽŶŽƉĞƌĂƚŝŽŶƐ
ĂƚƚŚĞƚĞƌŵŝŶĂůŝŶĐƌĞĂƐĞĚďLJ
ϭϬϴй͘
tŝƚŚƚŚŝƐƚƌĂĸĐŝŶĐƌĞĂƐĞŝŶŵŝŶĚ͕
ŝŶϮϬϭϮƚŚĞŝůďĂŽWŽƌƚƵƚŚŽƌŝƚLJ
ǁŝůůďĞŐŝŶƚŽďƵŝůĚĂŶĞǁĐƌƵŝƐĞ
ƚĞƌŵŝŶĂůǁŝƚŚĂƚŚŝƌĚďĞƌƚŚŝŶŐůŝŶĞ͘
EĞǁĨĞƌƌLJƐĞƌǀŝĐĞƚŽƚŚĞ
United Kingdom
KŶϮϵDĂƌĐŚ͕ƌŝƚƚĂŶLJ&ĞƌƌŝĞƐ
ďĞŐĂŶƚŽŽƉĞƌĂƚĞĂŶĞǁƚǁŝĐĞͲ
ǁĞĞŬůLJĨĞƌƌLJƐĞƌǀŝĐĞůŝŶŬŝŶŐƚŚĞ
ƌŝƚŝƐŚƉŽƌƚWŽƌƚƐŵŽƵƚŚǁŝƚŚ
ŝůďĂŽŝŶŽŶůLJϮϰŚŽƵƌƐ͘
dŚŝƐůŝŶĞŚĂƐƌĞŝŶĨŽƌĐĞĚĂŶĚ
ŝŵƉƌŽǀĞĚƚŚĞWŽƌƚŽĨŝůďĂŽ͛Ɛ
ĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞ^ŽƵƚŚŽĨ
ŶŐůĂŶĚďLJĞŶĂďůŝŶŐŶŽƚŽŶůLJ
ƉĂƐƐĞŶŐĞƌƐƚŽďĞĞŵďĂƌŬĞĚ͕
ďƵƚĂůƐŽůŽƌƌŝĞƐĂŶĚƚƌĂŝůĞƌƐ͘
dŚĞĐŽŵƉĂŶLJŝƐŽƉĞƌĂƚŝŶŐĨƌŽŵ
ƐƉĞĐŝĂůŝnjĞĚZŽͲZŽŽĐŬͲϯ͕
ǁŚĞƌĞƚŚĞWŽƌƚƵƚŚŽƌŝƚLJŚĂƐ
ŝŶǀĞƐƚĞĚϯϵϰ͕ϬϬϬĞƵƌŽƐŽŶĂ
ŶĞǁĨĞƌƌLJŵĂƌŝƚŝŵĞƐƚĂƚŝŽŶ
ǁŝƚŚĂŶĂƌĞĂŽĨϯϳϬŵ²͘
ZĞƉŽƌƚϮϬ11 Bilan
Ğ ŵġŵĞ͕ ŝůďĂŽ Ă ĠƚĠ ƉŽƵƌ ůĂ ƐĞĐŽŶĚĞ ĂŶŶĠĞ
ĐŽŶƐĠĐƵƟǀĞ͕ ƵŶ ƉŽƌƚ Ě͛ĞŵďĂƌƋƵĞŵĞŶƚ Ğƚ ĚĞ
ĚĠďĂƌƋƵĞŵĞŶƚ ĚĞ ƉĂƐƐĂŐĞƌƐ͘ YƵĂƚƌĞ ĂƌŵĂƚĞƵƌƐ
ŽŶƚ ƉƌŽƉŽƐĠ ă ƋƵŝŶnjĞ ƌĞƉƌŝƐĞƐ ĚĞ ĚĠŵĂƌƌĞƌ ŽƵ
ĚĞĮŶŝƌůĞƵƌŝƟŶĠƌĂŝƌĞĚĂŶƐůĞWŽƌƚĚĞŝůďĂŽ͘ĞƐ
ĐŽŵƉĂŐŶŝĞƐ ƐŽŶƚ ͗ D^ ƌƵĐĞƌŽƐ ;Ěŝdž ĞƐĐĂůĞƐͿ͕
/ďĞƌŽĐƌƵĐĞƌŽƐ ;ĚĞƵdž ĞƐĐĂůĞƐͿ͕ WƵůůŵĂŶƚƵƌ ;ĚĞƵdž
ĞƐĐĂůĞƐͿ Ğƚ ƵŶĂƌĚ ;ƵŶĞ ĞƐĐĂůĞͿ͘ ŝŶƐŝ͕ ůĞƐ
ŽƉĠƌĂƟŽŶƐĚ͛ĞŵďĂƌƋƵĞŵĞŶƚĞƚĚĞĚĠďĂƌƋƵĞŵĞŶƚ
ĚĂŶƐůĞƚĞƌŵŝŶĂůŽŶƚĂƵŐŵĞŶƚĠĚĞϭϬϴй͘
&ĂĐĞ ă ů͛ĂƵŐŵĞŶƚĂƟŽŶ ĐƌŽŝƐƐĂŶƚĞ ĚĞ ĐĞ ƚƌĂĮĐ͕
ů͛ƵƚŽƌŝƚĠ WŽƌƚƵĂŝƌĞ ĚĞ ŝůďĂŽ ĐŽŵŵĞŶĐĞƌĂ ĞŶ
ϮϬϭϮ ůĂ ĐŽŶƐƚƌƵĐƟŽŶ Ě͛ƵŶ ŶŽƵǀĞĂƵ ƚĞƌŵŝŶĂů ĚĞ
ĐƌŽŝƐŝğƌĞƐ͕ĂǀĞĐƵŶĞƚƌŽŝƐŝğŵĞůŝŐŶĞĚ͛ĂŵĂƌƌĂŐĞ͘
EŽƵǀĞĂƵĨĞƌƌLJƌĞůŝĂŶƚůĞZŽLJĂƵŵĞͲhŶŝ
>Ğ Ϯϵ ŵĂƌƐ͕ ůĂ ĐŽŵƉĂŐŶŝĞ ƌŝƩĂŶLJ &ĞƌƌŝĞƐ Ă
ĐŽŵŵĞŶĐĠ ă ŽƉĠƌĞƌ ƵŶ ŶŽƵǀĞĂƵ ƐĞƌǀŝĐĞ ĚĞ
ĨĞƌƌLJ͕ ƋƵŝ ƌĞůŝĞ ĚĞƵdž ĨŽŝƐ ƉĂƌ ƐĞŵĂŝŶĞ͕ Ğƚ ĞŶ
ƐĞƵůĞŵĞŶƚ Ϯϰ ŚĞƵƌĞƐ͕ ůĞ ƉŽƌƚ ďƌŝƚĂŶŶŝƋƵĞ ĚĞ
WŽƌƚƐŵŽƵƚŚĞƚŝůďĂŽ͘
ĞƩĞůŝŐŶĞĂƌĞŶĨŽƌĐĠĞƚĂŵĠůŝŽƌĠůĂĐŽŶŶĞdžŝŽŶ
ĚƵWŽƌƚĚĞŝůďĂŽĂǀĞĐůĞƐƵĚĚƵZŽLJĂƵŵĞͲhŶŝ͕
ĞŶƉĞƌŵĞƩĂŶƚů͛ĞŵďĂƌƋƵĞŵĞŶƚĚĞƉĂƐƐĂŐĞƌƐ͕
ŵĂŝƐĂƵƐƐŝĚĞĐĂŵŝŽŶƐĞƚĚĞƐĞŵŝͲƌĞŵŽƌƋƵĞƐ͘
>Ă ĐŽŵƉĂŐŶŝĞ ŽƉğƌĞ ĂƵ ŶŝǀĞĂƵ ĚƵ YƵĂŝ Ͳϯ͕
ƐƉĠĐŝĂůŝƐĠ ĚĂŶƐ ůĞƐ ƐĞƌǀŝĐĞƐ ƌŽͲƌŽ͘ >͛ƵƚŽƌŝƚĠ
WŽƌƚƵĂŝƌĞ LJ Ă ŝŶǀĞƐƟ ϯϵϰ ϬϬϬ ĞƵƌŽƐ ĚĂŶƐ ůĂ
ĐŽŶƐƚƌƵĐƟŽŶĚ͛ƵŶĞŶŽƵǀĞůůĞŐĂƌĞŵĂƌŝƟŵĞƉŽƵƌ
ĨĞƌƌLJƐĚ͛ƵŶĞƐƵƌĨĂĐĞĚĞϯϳϬŵ²͘
>E^,d͗dhZEKsZ/>E&/EE/Z͗&/EEDEd
dƵƌŶŽǀĞƌŝŶĐƌĞĂƐĞƐƚŽϲϰ͘ϴŵŝůůŝŽŶĞƵƌŽƐ
>ĞĐŚŝīƌĞĚ͛ĂīĂŝƌĞƐƐ͛ĠůğǀĞăϲϰ͕ϴŵŝůůŝŽŶƐ
/ŶϮϬϭϭ͕ƚƵƌŶŽǀĞƌƌĞĂĐŚĞĚϲϰ͘ϴ
ŵŝůůŝŽŶĞƵƌŽƐ͘&ƵŶĚƐŐĞŶĞƌĂƚĞĚ
ƐƚŽŽĚĂƚϯϯ͘ϯŵŝůůŝŽŶĞƵƌŽƐ͘
WŝƚŚƌĞƐƉĞĐƚƚŽĞdžƚĞƌŶĂů
ĨŝŶĂŶĐŝŶŐ͕ĂƐƉĂƌƚŽĨ
ƚŚĞ͞ŝĚWƌŽŐƌĂŵŵĞĨŽƌ
ZĞŝŶĚƵƐƚƌŝĂůŝƐĂƚŝŽŶĐƚŝŽŶƐ
ŝŶƚŚĞ,ŝŶƚĞƌůĂŶĚŽĨ'ĂƌŽŹĂ
EƵĐůĞĂƌWŽǁĞƌ^ƚĂƚŝŽŶ͕͟Ă
Ϯ͘ϯŵŝůůŝŽŶĞƵƌŽůŽĂŶǁĂƐ
ƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞDŝŶŝƐƚƌLJ
ŽĨ/ŶĚƵƐƚƌLJ͕dƌĂĚĞĂŶĚ
ŽŵŵĞƌĐĞǁŝƚŚĂĨŝǀĞͲLJĞĂƌ
ŐƌĂĐĞƉĞƌŝŽĚ͕ĨŽůůŽǁĞĚďLJĂ
ƚĞŶͲLJĞĂƌƌĞƉĂLJŵĞŶƚƉĞƌŝŽĚ
20
21
ĂƚŝŶƚĞƌĞƐƚƌĂƚĞϬйĨŽƌƚŚĞ
ƐĞƚƚŝŶŐƵƉŽĨĂƉŽƌƚͲƌĂŝů
ůŽŐŝƐƚŝĐƐĐĞŶƚƌĞ͘
/ŶĂĚĚŝƚŝŽŶ͕ŝŶKĐƚŽďĞƌϮϬϭϭ
ĂĨŝŶĂŶĐĞĐŽŶƚƌĂĐƚǁŽƌƚŚϲϬ
ŵŝůůŝŽŶĞƵƌŽƐǁĂƐƐŝŐŶĞĚǁŝƚŚ
ƚŚĞƵƌŽƉĞĂŶ/ŶǀĞƐƚŵĞŶƚ
ĂŶŬǁŝƚŚϮϮ͘ϳŵŝůůŝŽŶŚĂǀŝŶŐ
ĂĨŝǀĞͲLJĞĂƌŐƌĂĐĞƉĞƌŝŽĚ͕
ĨŽůůŽǁĞĚďLJĂĨŝĨƚĞĞŶͲLJĞĂƌ
ƌĞƉĂLJŵĞŶƚƉĞƌŝŽĚĂƚĂŶ
ŝŶƚĞƌĞƐƚƌĂƚĞŽĨϭ͘ϵϭϳй͘
ŶϮϬϭϭ͕ůĞĐŚŝīƌĞĚ͛ĂīĂŝƌĞƐĂĂƩĞŝŶƚůĞƐϲϰ͕ϴ
ŵŝůůŝŽŶƐĚ͛ĞƵƌŽƐ͘WŽƵƌůĞƵƌƉĂƌƚ͕ůĞƐƌĞƐƐŽƵƌĐĞƐ
ŐĠŶĠƌĠĞƐŽŶƚĂƩĞŝŶƚůĞƐϯϯ͕ϯŵŝůůŝŽŶƐĚ͛ĞƵƌŽƐ͘
EŶ ĐĞ ƋƵŝ ĐŽŶĐĞƌŶĞ ůĞ ĮŶĂŶͲ
ĐĞŵĞŶƚ ĞdžƚĞƌŶĞ͕ ƵŶ Ɖƌġƚ ĚĞ
Ϯ͕ϯ ŵŝůůŝŽŶƐ Ě͛ĞƵƌŽƐ Ă ĠƚĠ ƌĞĕƵ
ĚƵ DŝŶŝƐƚğƌĞ ĚĞ ů͛/ŶĚƵƐƚƌŝĞ͕ ĚƵ
dƌĂŶƐƉŽƌƚĞƚĚƵŽŵŵĞƌĐĞ͕ĚĂŶƐůĞ
ĐĂĚƌĞĚƵ͞WƌŽŐƌĂŵŵĞĚ͛ĂŝĚĞƉŽƵƌ
ĂĐƟǀŝƚĠƐ ĚĞ ƌĠŝŶĚƵƐƚƌŝĂůŝƐĂƟŽŶ
ĚĞ ůĂ njŽŶĞ Ě͛ŝŶŇƵĞŶĐĞ ĚĞ ůĂ
ĞŶƚƌĂůĞ EƵĐůĠĂŝƌĞ ĚĞ 'ĂƌŽŹĂ͘͟
Ğ Ɖƌġƚ͕ ĚĞƐƟŶĠ ă ůĂ ŵŝƐĞ ĞŶ
ƉůĂĐĞ Ě͛ƵŶ dĞƌŵŝŶĂů >ŽŐŝƐƟƋƵĞ
&ĞƌƌŽƉŽƌƚƵĂŝƌĞ͕ ĚŝƐƉŽƐĞ Ě͛ƵŶĞ
ƉĠƌŝŽĚĞ ĚĞ ĐĂƌĞŶĐĞ ĚĞ ĐŝŶƋ ĂŶƐ͕
Ě͛ƵŶĚĠůĂŝĚ͛ĂŵŽƌƟƐƐĞŵĞŶƚĚĞϭϬ
ĂŶƐĞƚĚ͛ƵŶƚĂƵdžĚ͛ŝŶƚĠƌġƚĚĞϬй͘
͛ĂƵƚƌĞƉĂƌƚ͕ƵŶĐŽŶƚƌĂƚĚĞĮŶĂŶĐĞͲ
ŵĞŶƚĂǀĞĐůĂĂŶƋƵĞƵƌŽƉĠĞŶŶĞ
Ě͛/ŶǀĞƐƟƐƐĞŵĞŶƚĚ͛ƵŶŵŽŶƚĂŶƚĚĞ
ϲϬŵŝůůŝŽŶƐĚ͛ĞƵƌŽƐĂĠƚĠƐŝŐŶĠĞŶ
ŽĐƚŽďƌĞϮϬϭϭ͘ĞĐŽŶƚƌĂƚĂƉĞƌŵŝƐ
ĚĞ ĚŝƐƉŽƐĞƌ ĚĞ ϮϮ͕ϳ ŵŝůůŝŽŶƐ
Ě͛ĞƵƌŽƐĂǀĞĐϱĂŶŶĠĞƐĚĞĐĂƌĞŶĐĞ͕
ƵŶ ĂŵŽƌƟƐƐĞŵĞŶƚ ƐƵƌ ϭϱ ĂŶƐ Ğƚ
ƵŶƚĂƵdžĚ͛ŝŶƚĠƌġƚĚĞϭ͕ϵϭϳй͘
>E^,d͗/Es^dDEd/>E&/EE/Z͗/Es^d/^^DEd^
ĞǀĞůŽƉŵĞŶƚĂƌĞĂ
ŽĐŬĚĞů͛džƚĞŶƐŝŽŶ
dŚĞWŽƌƚŽĨŝůďĂŽ
ƌĞĐůĂŝŵƐϮϵϯ͕ϬϬϬƐƋƵĂƌĞ
ŵĞƚƌĞƐĨƌŽŵƚŚĞƐĞĂ
/ŶϮϬϭϮ͕ƚŚĞdžƚĞŶƐŝŽŶtŽƌŬƐŽĨƚŚĞWŽƌƚ
ŽĨŝůďĂŽŝŶƚŚĞKƵƚĞƌďƌĂǁŝůůŚĂǀĞ
ďĞĞŶŝŶƉƌŽŐƌĞƐƐĨŽƌƚǁĞŶƚLJLJĞĂƌƐ͘
/ŶƚŚŝƐƟŵĞ͕Ϯ͘ϲŵŝůůŝŽŶƐƋƵĂƌĞŵĞƚƌĞƐŚĂǀĞďĞĞŶƌĞĐůĂŝŵĞĚĨƌŽŵƚŚĞƐĞĂ͕
ǁŚŝĐŚŚĂƐŵĞĂŶƚĂŶŝŶǀĞƐƚŵĞŶƚŽĨŶĞĂƌůLJϳϱϬŵŝůůŝŽŶĞƵƌŽƐ͘dŚĞŝŶǀĞƐƚŵĞŶƚ
ĞīŽƌƚŝƐƐƟůůďĞŝŶŐŵĂŝŶƚĂŝŶĞĚ͕ĂŶĚƚŚƵƐ͕ŝŶϮϬϭϭĂĮŐƵƌĞŽĨϱϬŵŝůůŝŽŶĞƵƌŽƐ
ǁĂƐƌĞĂĐŚĞĚ͕ĂŶĚŝŶϮϬϭϮĂĨƵƌƚŚĞƌϰϵ͘ϳŵŝůůŝŽŶǁŝůůďĞŝŶǀĞƐƚĞĚ͘
ZĞƉŽƌƚϮϬ11 Bilan
>ĞWŽƌƚĚĞŝůďĂŽ
ŐĂŐŶĞĚƵƚĞƌƌĂŝŶ
ƐƵƌůĂŵĞƌϮϵϯϬϬϬ
ŵğƚƌĞƐĐĂƌƌĠƐ
Ŷ ϮϬϭϮ͕ ŽŶ ĐĠůğďƌĞ ůĞƐ ǀŝŶŐƚ
ĂŶƐ ĚƵ ĚĠďƵƚ ĚĞƐ ƚƌĂǀĂƵdž
Ě͛ĞdžƚĞŶƐŝŽŶĚƵWŽƌƚĚĞŝůďĂŽ
ĚĂŶƐů͛ŶƐĞdžƚĠƌŝĞƵƌĞ͘
PĞŶĚĂŶƚĐĞůĂƉƐĚĞƚĞŵƉƐ͕ƉůƵƐĚĞϮ͕ϲŵŝůůŝŽŶƐ
ĚĞŵğƚƌĞƐĐĂƌƌĠƐŽŶƚĠƚĠŐĂŐŶĠƐƐƵƌůĂŵĞƌ͕ĐĞƋƵŝ
ĂƐƵƉƉŽƐĠƵŶŝŶǀĞƐƟƐƐĞŵĞŶƚĚ͛ĞŶǀŝƌŽŶϳϱϬŵŝůůŝŽŶƐ
Ě͛ĞƵƌŽƐ͘>͛ĞīŽƌƚĂƵŶŝǀĞĂƵĚĞƐŝŶǀĞƐƟƐƐĞŵĞŶƚƐĞƐƚ
ŵĂŝŶƚĞŶƵ͘ŶϮϬϭϭŽŶĂĂŝŶƐŝĂƩĞŝŶƚůĞƐϱϬŵŝůůŝŽŶƐ
ĞƚĞŶϮϬϭϮ͕ϰϵ͕ϳŵŝůůŝŽŶƐƐĞƌŽŶƚŝŶǀĞƐƟƐ͘
>E^,d͗/Es^dDEd/>E&/EE/Z͗/Es^d/^^DEd^
ŽĐŬƐͲϮΘͲϯ
YƵĂŝƐͲϮĞƚͲϯ
/ŶǀĞƐƚŵĞŶƚ
ZĞƐƚŽƌĂƟŽŶ
tŽƌŬƐ
ĐŽŵƉůĞƚĞĚŽŶ
WƵŶƚĂ>ƵĐĞƌŽ
ĂŶĚƚŚĞ/ƌŽŶ
ŽĐŬ
_
ŽĐŬͲϮĐŽŵƉůĞƚĞĚ
/Ŷ:ƵŶĞ͕ƚŚĞŝůďĂŽWŽƌƚ
ƵƚŚŽƌŝƚLJĐŽŵƉůĞƚĞĚƚŚĞĐŝǀŝů
tŽƌŬƐŽŶƚŚĞƐĞǀĞŶƚŚĚŽĐŬƚŽ
ďĞďƵŝůƚƐŝŶĐĞƚŚĞdžƚĞŶƐŝŽŶ
tŽƌŬƐǁĞƌĞďĞŐƵŶŝŶϭϵϵϭ͘
ŽĐŬͲϮ͕ĂƐŝƚŚĂƐďĞĞŶĐĂůůĞĚ͕
ŚĂƐĂƐƵƌĨĂĐĞĂƌĞĂŽĨϮϵϯ͕ϬϬϬ
ŵ²͕ϲϱϰŵĞƚƌĞƐďĞƌƚŚŝŶŐĂŶĚĂ
ϮϭͲŵĞƚƌĞĚƌĂŌ͘/ƚŚĂƐŶĞĞĚĞĚ
ŝŶǀĞƐƚŵĞŶƚŽĨϰϵ͘ϱŵŝůůŝŽŶ
ĞƵƌŽƐ͕ĂŶĚŝƚƐĐŽŵŵĞƌĐŝĂůĂƌĞĂ͕
ǁŚŝĐŚŝƐĂƩĂĐŚĞĚƚŽƚŚĞĚŽĐŬ
ĞĚŐĞ͕ǁŝůůďĞĚĞƐƟŶĞĚĨŽƌƐŽůŝĚ
ďƵůŬƐ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ
WŽƌƚŽĨŝůďĂŽƉůĂŶĨŽƌƵƐĞ͘
ƚĂĐŽƐƚŽĨϮ͘ϵŵŝůůŝŽŶĞƵƌŽƐ͕
ƐƟůůĞƌŽƐĂŵĂŬŽŶĂŚĂƐďĞĞŶ
ĂǁĂƌĚĞĚƚŚĞĐŽŶƚƌĂĐƚƚŽďƵŝůĚ
ZŽͲZŽZĂŵƉEǑϳĨŽƌŽĐŬͲϯ
ǁŚĞƌĞŝƚǁŝůůƉƌŽǀŝĚĞƐĞƌǀŝĐĞ
22
23
ĨŽƌƚŚĞĨĞƌƌLJůŝŶĞŽƉĞƌĂƚĞĚďLJ
ƌŝƩĂŶLJ&ĞƌƌŝĞƐ͘
>ŝŬĞǁŝƐĞ͕ƚŚĞWŽƌƚƵƚŚŽƌŝƚLJŚĂƐ
ĮŶĂůŝƐĞĚƚŚĞƌĞƉůĂĐĞŵĞŶƚŽĨ
ďůŽĐŬƐŝŶƚŚĞŚĞĂĚŽĨƚŚĞWƵŶƚĂ
>ƵĐĞƌŽƌĞĂŬǁĂƚĞƌ͕ǁŚŝĐŚŵŽƌĞ
ƚŚĂŶƚŚŝƌƚLJLJĞĂƌƐĂŐŽĞŶĂďůĞĚ
ƚŚĞWŽƌƚƚŽĐŽŵŵĞŶĐĞŝƚƐ
ĞdžƚĞŶƐŝŽŶŝŶƚŚĞKƵƚĞƌďƌĂ
ĂŶĚƌĞĐĞŝǀĞƚŚĞĮƌƐƚƚĂŶŬĞƌƐ
ǁŚŝĐŚĂƌƌŝǀĞĚ͕ĂŶĚĐŽŶƟŶƵĞ
ĂƌƌŝǀŝŶŐŝŶƚŚĞĂƐƋƵĞŽƵŶƚƌLJ͘
dŚĞƐĞǁŽƌŬƐĐŽƐƚϳ͘ϵŵŝůůŝŽŶ
ĞƵƌŽƐ͘
/ŶĂĚĚŝƟŽŶ͕ƚŚĞDƵĞůůĞĚĞ
,ŝĞƌƌŽĂƚWŽƌƚƵŐĂůĞƚĞŚĂƐ
ƌĞĐŽǀĞƌĞĚĂůůŝƚƐƐƉůĞŶĚŽƵƌ͘
ŌĞƌŶŝŶĞŵŽŶƚŚƐŽĨŝŶƚĞŶƐĞ
ǁŽƌŬƐĂŶĚĂŶŝŶǀĞƐƚŵĞŶƚ
ŽĨϭ͘ϳϲŵŝůůŝŽŶĞƵƌŽƐ͕ƚŚĞ
ƌĞƐƚŽƌĂƟŽŶŽĨƚŚŝƐŝŵƉŽƌƚĂŶƚ
WŽƌƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ǁŚŝĐŚ
ŚĂƐďĞĐŽŵĞĂŶĞŵďůĞŵĂƟĐ
ƉƌŽŵĞŶĂĚĞĨŽƌƚŚĞůŽĐĂů
ŝŶŚĂďŝƚĂŶƚƐ͕ŚĂƐďĞĞŶ
ĐŽŵƉůĞƚĞĚ͘dŚĞƌĞƐƚŽƌĂƟŽŶ
ǁŽƌŬƐ͕ƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚ
ŽŶĞƐƐŝŶĐĞƚŚĞĚŽĐŬǁĂƐďƵŝůƚ͕
ŚĂƐĞŶĂďůĞĚƚŚĞƐƚƌƵĐƚƵƌĂů
ƐŽůŝĚŝƚLJŝƚŽƌŝŐŝŶĂůůLJŚĂĚƚŽďĞ
ƌĞĐŽǀĞƌĞĚ͘
dŚŝƌĚŐĂƐƚĂŶŬ
dŚƌŽƵŐŚŽƵƚƚŚĞƚǁĞŶƚLJLJĞĂƌƐ
ŽĨƚŚĞdžƚĞŶƐŝŽŶtŽƌŬƐ͕ƉƌŝǀĂƚĞ
ĞŶƚĞƌƉƌŝƐĞŚĂƐŝŶǀĞƐƚĞĚŶĞĂƌůLJ
ϭ͕ϳϬϬŵŝůůŝŽŶĞƵƌŽƐŝŶƚŚĞ
ĨŽƌŵŽĨůŝĐĞŶĐĞĐŽŶĐĞƐƐŝŽŶƐ
ŽŶƚŚĞůĂŶĚƐƌĞĐůĂŝŵĞĚĨƌŽŵ
ƚŚĞƐĞĂ͗ƚĞƌŵŝŶĂůƐĂŶĚƐƚĂƚĞŽĨ
ƚŚĞĂƌƚĞƋƵŝƉŵĞŶƚĨŽƌƚƌĂĸĐ
ŽĨĂůůĐůĂƐƐĞƐǁŝƚŚĂǀŝĞǁƚŽ
ĂĐĐĞƐƐŝŶŐƚŚĞƉŽƌƚŵĂƌŬĞƚ͕
>E^,d͗/Es^dDEd/>E&/EE/Z͗/Es^d/^^DEd^
/ŶǀĞƐƟƐƐĞŵĞŶƚƐ
&ŝŶĂůŝƐĂƟŽŶ
ĚĞƐƚƌĂǀĂƵdžĚĞ
ƌĞƐƚĂƵƌĂƟŽŶĚĞ
WƵŶƚĂ>ƵĐĞƌŽ
ĞƚĚĞDƵĞůůĞ
ĚĞ,ŝĞƌƌŽ
+
&ŝŶĂůŝƐĂƟŽŶĚƵƋƵĂŝͲϮ
>͛ƵƚŽƌŝƚĠWŽƌƚƵĂŝƌĞĚĞŝůďĂŽĂĮŶĂůŝƐĠĞŶũƵŝŶ͕ůĞƐ
ƚƌĂǀĂƵdž ĚĞ ŐĠŶŝĞ Đŝǀŝů ĚƵ ƐĞƉƟğŵĞ ƋƵĂŝ ƋƵŝ ĠƚĂŝƚ
ĞŶ ĐŽŶƐƚƌƵĐƟŽŶ ĚĞƉƵŝƐ ůĞ ĚĠŵĂƌƌĂŐĞ ĚĞƐ ƚƌĂǀĂƵdž
Ě͛ĂŐƌĂŶĚŝƐƐĞŵĞŶƚ ĞŶ ϭϵϵϮ͘ Ğ ƋƵĂŝ͕ ĂƉƉĞůĠ ͲϮ͕
ĚŝƐƉŽƐĞĚ͛ƵŶĞƐƵƌĨĂĐĞĚĞϮϵϯϬϬϬŵ²͕Ě͛ƵŶĞůŝŐŶĞ
Ě͛ĂŵĂƌƌĂŐĞĚĞϲϱϰŵğƚƌĞƐĞƚϮϭŵğƚƌĞƐĚĞƟƌĂŶƚ
Ě͛ĞĂƵ͘/ůĂƌĞƋƵŝƐƵŶŝŶǀĞƐƟƐƐĞŵĞŶƚĚĞϰϵ͕ϱŵŝůůŝŽŶƐ
Ğƚ ƐĂ njŽŶĞ ĐŽŵŵĞƌĐŝĂůĞ ĂŶŶĞdžĞ ĂƵ ďŽƌĚ ĚƵ ƋƵĂŝ
ƐĞƌĂĚĞƐƟŶĠĞĂƵdžǀƌĂĐƐƐŽůŝĚĞƐ͕ĐŽŶĨŽƌŵĠŵĞŶƚĂƵ
ƉůĂŶĚ͛ƵƟůŝƐĂƟŽŶƐĚƵWŽƌƚĚĞŝůďĂŽ͘
ƐŽŶ ĚĠǀĞůŽƉƉĞŵĞŶƚ ĚĂŶƐ ů͛ŶƐĞ džƚĠƌŝĞƵƌĞ Ğƚ
Ě͛ĂĐĐƵĞŝůůŝƌ ůĞƐ ƉƌĞŵŝĞƌƐ ƉĠƚƌŽůŝĞƌƐ ƋƵŝ ĂƌƌŝǀĂŝĞŶƚ
ĞƚƋƵŝĐŽŶƟŶƵĞŶƚĂƌƌŝǀĞƌĂƵWĂLJƐĂƐƋƵĞƐƉĂŐŶŽů͘
Ğ ĐŚĂŶƟĞƌ Ă ĚĞŵĂŶĚĠ ƵŶ ŝŶǀĞƐƟƐƐĞŵĞŶƚ ĚĞ ϳ͕ϵ
ŵŝůůŝŽŶƐĚ͛ĞƵƌŽƐ͘
>Ğ DƵĞůůĞ ĚĞ ,ŝĞƌƌŽ ĚĞ WŽƌƚƵŐĂůĞƚĞ Ă ĠŐĂůĞŵĞŶƚ
ƌĠĐƵƉĠƌĠƐĂƐƉůĞŶĚĞƵƌ͘ƉƌğƐŶĞƵĨŵŽŝƐĚĞƚƌĂǀĂƵdž
ŝŶƚĞŶƐŝĨƐ Ğƚ ƵŶ ŝŶǀĞƐƟƐƐĞŵĞŶƚ ĚĞ ϭ͕ϳϲ ŵŝůůŝŽŶ
Ě͛ĞƵƌŽƐ͕ŽŶĂĂƩĞŝŶƚůĂĮŶĚƵƉƌŽũĞƚĚĞƌĞƐƚĂƵƌĂƟŽŶ
ĚĞ ĐĞƩĞ ŝŵƉŽƌƚĂŶƚĞ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƉŽƌƚƵĂŝƌĞ͘ ůůĞ
ĞƐƚ ĚĞǀĞŶƵĞ ƵŶĞ ƉƌŽŵĞŶĂĚĞ ĞŵďůĠŵĂƟƋƵĞ ƉŽƵƌ
ůĞƐ ŚĂďŝƚĂŶƚƐ ĚĞ ůĂ njŽŶĞ͘ ĞƩĞ ƌĞƐƚĂƵƌĂƟŽŶ͕ ůĂ
ƉůƵƐ ŝŵƉŽƌƚĂŶƚĞ ĚĞƉƵŝƐ ƐĂ ĐŽŶƐƚƌƵĐƟŽŶ͕ Ă ƉĞƌŵŝƐ
ĚĞ ƌĠĐƵƉĠƌĞƌ ůĂ ƐŽůŝĚŝƚĠ ƐƚƌƵĐƚƵƌĞůůĞ ĚŽŶƚ ůĞ ƋƵĂŝ
ĚŝƐƉŽƐĂŝƚăů͛ŽƌŝŐŝŶĞ͘
͛ĂƵƚƌĞ ƉĂƌƚ͕ ŽŶ Ă ĂƩƌŝďƵĠ ĂƵdž ŚĂŶƟĞƌƐ EĂǀĂůƐ
ĂŵĂŬŽŶĂ͕ ƉŽƵƌ Ϯ͕ϭϵ ŵŝůůŝŽŶƐ Ě͛ĞƵƌŽƐ͕ ůĂ
ĐŽŶƐƚƌƵĐƟŽŶ ĚĞ ůĂ ƌĂŵƉĞ ƌŽͲƌŽ ŶƵŵĠƌŽ ϳ͘ ůůĞ ƐĞ
ƚƌŽƵǀĞƌĂ ƐƵƌ ůĞ ƋƵĂŝ ϯ Ğƚ ĚĞƐƐĞƌǀŝƌĂ ůĂ ůŝŐŶĞ ĚĞ
ĨĞƌƌLJŽƉĠƌĠĞƉĂƌůĂĐŽŵƉĂŐŶŝĞƌŝƩĂŶLJ&ĞƌƌŝĞƐ͘
dƌŽŝƐŝğŵĞƌĠƐĞƌǀŽŝƌĚĞŐĂnj
Ğ ŵġŵĞ͕ ů͛ƵƚŽƌŝƚĠ WŽƌƚƵĂŝƌĞ Ă ĮŶĂůŝƐĠ ůĞƐ
ŽƉĠƌĂƟŽŶƐ ĚĞ ƌĞŵƉůĂĐĞŵĞŶƚ ĚĞ ďůŽĐƐ ĚĂŶƐ ůĂ
ƉŽŝŶƚĞ ĚĞ WƵŶƚĂ >ƵĐĞƌŽ͕ ůĂ ĚŝŐƵĞ ƋƵŝ Ă ƉĞƌŵŝƐ
ĂƵ ƉŽƌƚ ĚĞ ĚĠŵĂƌƌĞƌ ŝů LJ Ă ƉůƵƐ ĚĞ ƚƌĞŶƚĞ ĂŶƐ
>ĞƐ ĞŶƚƌĞƉƌŝƐĞƐ ƉƌŝǀĠĞƐ ŽŶƚ ƌĠĂůŝƐĠ ĞŶ ƌĠŐŝŵĞ ĚĞ
ĐŽŶĐĞƐƐŝŽŶ ĚĞƐ ŝŶǀĞƐƟƐƐĞŵĞŶƚƐ Ě͛ĞŶǀŝƌŽŶ ϭϳϬϬ
ŵŝůůŝŽŶƐĚ͛ĞƵƌŽƐƐƵƌůĞƐƚĞƌƌĂŝŶƐŐĂŐŶĠƐƐƵƌůĂŵĞƌ
ŐƌąĐĞ ĂƵdž ƚƌĂǀĂƵdž Ě͛ĞdžƚĞŶƐŝŽŶ ƉĞŶĚĂŶƚ ĐĞƐ ǀŝŶŐƚ
sŝĞǁĨƌŽŵWƵŶƚĂ>ƵĐĞƌŽƌĞĂŬǁĂƚĞƌ
sƵĞŐĠŶĠƌĂůĞĚĞƉƵŝƐWƵŶƚĂ>ƵĐĞƌŽ
ZĞƉŽƌƚϮϬ11 Bilan
>E^,d͗/Es^dDEd/>E&/EE/Z͗/Es^d/^^DEd^
ǁŚŝĐŚŝƐďĞĐŽŵŝŶŐŝŶĐƌĞĂƐŝŶŐůLJ
ĐŽŵƉĞƟƟǀĞĂƚƚŚĞŝŶƚĞƌŶĂƟŽŶĂů
ůĞǀĞů͘
EĞǁƉƌŽũĞĐƚƐǁĞƌĞĐŽŵŵĞŶĐĞĚ
ŝŶϮϬϭϭ͕ĂŶĚŶĞǁĐŽŶĐĞƐƐŝŽŶƐ
ǁĞƌĞŐƌĂŶƚĞĚ͘dŚĞŵŽƐƚ
ŽƵƚƐƚĂŶĚŝŶŐŽŶĞ͕ďĞĐĂƵƐĞŽĨŝƚƐ
ϵϳ͘ϱͲŵŝůůŝŽŶĞƵƌŽŝŶǀĞƐƚŵĞŶƚ͕ŝƐ
ƚŚĞďƵŝůĚŝŶŐŽĨĂƚŚŝƌĚŶĂƚƵƌĂů
ŐĂƐƐƚŽƌĂŐĞƚĂŶŬĨŽƌĂŚşĂ
ĚĞŝnjŬĂŝĂ'ĂƐ;'Ϳ͕ƚŚĞ
ƌĞŐĂƐƐŝĨLJŝŶŐƉůĂŶƚǁŝƚŚƚŚĞ
ŐƌĞĂƚĞƐƚƵƐĞŽĨƚŚĞ^ƉĂŶŝƐŚ
ŐĂƐƐLJƐƚĞŵ͘dŚĞŶĞǁƚĂŶŬ͛Ɛ
ĐĂƉĂĐŝƚLJǁŝůůďĞϭϱϬ͕ϬϬϬŵ³,
ĂŶĚŝƚǁŝůůďĞŽƉĞƌĂƟǀĞŝŶϮϬϭϰͲ
ϮϬϭϱ͘
DƵĞůůĞĚĞ,ŝĞƌƌŽ
24
25
ŽŶĐĞƐƐŝŽŶƐƚŽĂƌŐŽƌ͕ŵƉƐĂ
and SLP
dŚĞWŽƌƚƵƚŚŽƌŝƚLJŚĂƐŐƌĂŶƚĞĚ
ĂƌŐŽƌŝnjŬĂŝĂŝŶĐŽŶĐĞƐƐŝŽŶĂ
Ϯϲ͕ϬϬϬƐƋƵĂƌĞͲŵĞƚƌĞĂƌĞĂŽĨ
ůĂŶĚĂƚƚŚĞƌĞĂƌŽĨŽĐŬͲϯ
ƚŽďĞĚĞĚŝĐĂƚĞĚƚŽĐŽŶƚĂŝŶĞƌ
ƌĞƉĂŝƌ͕ŵĂŝŶƚĞŶĂŶĐĞĂŶĚ
ƐƚŽƌĂŐĞ͘džƉĞĐƚĞĚŝŶǀĞƐƚŵĞŶƚŝƐ
ϭ͘ϮŵŝůůŝŽŶĞƵƌŽƐ͘
ŵƉƐĂ/ŶƚĞƌŶĂĐŝŽŶĂůĂůƐŽ
ŚĂƐĂŶĂƌĞĂŽĨϭϱ͕ϲϬϬƐƋƵĂƌĞ
ŵĞƚƌĞƐĂƚƚŚĞƌĞĂƌŽĨŽĐŬ
ͲϮƚŽďƵŝůĚĂƉůĂŶƚĨŽƌƚŚĞ
ƌĞĐĞƉƟŽŶ͕ƐƚŽƌĂŐĞĂŶĚůŽŐŝƐƟĐƐ
ĚŝƐƚƌŝďƵƟŽŶŽĨŐŽŽĚƐ͕ŵĂŝŶůLJ
ƐƚĂŝŶůĞƐƐƐĐƌĂƉĂŶĚĂůůŽLJƐ͘dŚĞ
ĐŽŵƉĂŶLJǁŝůůŝŶǀĞƐƚϬ͘ϮŵŝůůŝŽŶ
ĞƵƌŽƐ͘
>ŝŬĞǁŝƐĞŽŶŽĐŬͲϮ͕ďƵƚŝŶ
ƚŚĞĐŽŵŵĞƌĐŝĂůnjŽŶĞ͕^ĞƌǀŝĐŝŽƐ
>ŽŐşƐƟĐŽƐWŽƌƚƵĂƌŝŽƐ;^͘>͘W͘Ϳ
ŚĂƐĂĐŽŶĐĞƐƐŝŽŶŽĨϯϬ͕ϬϬϬ
ƐƋƵĂƌĞŵĞƚƌĞƐĚĞĚŝĐĂƚĞĚƚŽ
ƚŚĞůŽĂĚŝŶŐ͕ĚŝƐĐŚĂƌŐŝŶŐĂŶĚ
ƐƚŽƌĂŐĞŽĨƐŽůŝĚďƵůŬƐ͘/ŶϮϬϭϭ͕
ƚŚŝƐĐŽŵƉĂŶLJŝŶĂƵŐƵƌĂƚĞĚŝƚƐ
ƚŚŝƌĚǁĂƌĞŚŽƵƐĞŝŶƚŚĞWŽƌƚŽĨ
ŝůďĂŽ͘dŚĞŶĞǁǁĂƌĞŚŽƵƐĞŝƐ
ůŽĐĂƚĞĚŽŶƚŚĞĚũĂĐĞŶƚŽĐŬ͕
ŚĂƐĂϰ͕ϴϱϬͲƐƋƵĂƌĞŵĞƚƌĞ
ƐƵƌĨĂĐĞĂƌĞĂĂŶĚŝƐϭϲϴŵĞƚƌĞƐ
ůŽŶŐ͘
/ŶǀĞƐƚŵĞŶƚ
'ŝŶǀĞƐƚƐ
ϵϳ͘ϱŵŝůůŝŽŶ
ĞƵƌŽƐŝŶ
ƚŚŝƌĚŐĂƐ
ƚĂŶŬ
_
>E^,d͗/Es^dDEd/>E&/EE/Z͗/Es^d/^^DEd^
ZĞŐĂƐŝĨLJŝŶŐWůĂŶƚŝŶƚŚĞWŽƌƚ/ŶĚƵƐƚƌŝĂůƌĞĂ
ĞŶƚƌĂůĞĚĞƌĞŐĂnjĠŝĮĐĂƟŽŶĚĂŶƐůĂnjŽŶĞŝŶĚƵƐƚƌŝĞůůĞ
/ŶǀĞƐƟƐƐĞŵĞŶƚƐ
'ŝŶǀĞƐƟƚ
ϵϳ͕ϱŵŝůůŝŽŶƐ
dans son
ƚƌŽŝƐŝğŵĞ
ƌĠƐĞƌǀŽŝƌ
ƉŽƵƌŐĂnj
+
ĚĞƌŶŝğƌĞƐ ĂŶŶĠĞƐ͘ ĞƐ ŝŶǀĞƐƟƐƐĞŵĞŶƚƐ ƌĠĂůŝƐĠƐ
ĚĂŶƐĚĞƐƚĞƌŵŝŶĂƵdžĞƚĚĞƐĠƋƵŝƉĞŵĞŶƚƐĚĞĚĞƌŶŝğƌĞ
ŐĠŶĠƌĂƟŽŶƉŽƵƌƚŽƵƚƚLJƉĞĚĞƚƌĂĮĐƐ͕ƌĠƉŽŶĚĞŶƚă
ůĂǀŽůŽŶƚĠĚĞƉŽƵǀŽŝƌĂĐĐĠĚĞƌĂƵŵĂƌĐŚĠƉŽƌƚƵĂŝƌĞ͕
ĚĞƉůƵƐĞŶƉůƵƐĐŽŵƉĠƟƟĨĂƵŶŝǀĞĂƵŝŶƚĞƌŶĂƟŽŶĂů͘
Ŷ ϮϬϭϭ͕ ĚĞ ŶŽƵǀĞĂƵdž ƉƌŽũĞƚƐ ŽŶƚ ĚĠŵĂƌƌĠ Ğƚ ĚĞ
ŶŽƵǀĞůůĞƐ ĐŽŶĐĞƐƐŝŽŶƐ ŽŶƚ ĠƚĠ ĂĐĐŽƌĚĠĞƐ͘ Ɛƚ ă
ƐŝŐŶĂůĞƌƉŽƵƌů͛ŝŶǀĞƐƟƐƐĞŵĞŶƚƋƵŝĂĠƚĠŶĠĐĞƐƐĂŝƌĞ
Ͳϵϳ͕ϱ ŵŝůůŝŽŶƐ Ě͛ĞƵƌŽƐͲ͕ ůĂ ĐŽŶƐƚƌƵĐƟŽŶ Ě͛ƵŶ
ƚƌŽŝƐŝğŵĞ ƌĠƐĞƌǀŽŝƌ ĚĞ ƐƚŽĐŬĂŐĞ ĚĞ ŐĂnj ŶĂƚƵƌĞů
ƉĂƌ ĂŚşĂ ĚĞ ŝnjŬĂŝĂ 'ĂƐ ;'Ϳ͕ ůĂ ĐĞŶƚƌĂůĞ ĚĞ
ƌĞŐĂnjĠŝĮĐĂƟŽŶ ůĞ ƉůƵƐ ƵƟůŝƐĠĞ ĚƵ ƐLJƐƚğŵĞ ŐĂnjŝĞƌ
ĞƐƉĂŐŶŽů͘>ĞŶŽƵǀĞĂƵƌĠƐĞƌǀŽŝƌĂƵƌĂƵŶĞĐĂƉĂĐŝƚĠ
ĚĞϭϱϬϬϬϬŵ³ĞƚƐĞƌĂŽƉĠƌĂƟŽŶŶĞůĞŶϮϬϭϰͲϮϬϭϱ͘
ŽŶĐĞƐƐŝŽŶƐăĂƌŐŽƌ͕ŵƉƐĂĞƚ^>W
>͛ƵƚŽƌŝƚĠ WŽƌƚƵĂŝƌĞ Ă ĂĐĐŽƌĚĠ ă ĂƌŐŽƌ ŝnjŬĂŝĂ
ƵŶĞƉĂƌĐĞůůĞĚĞϮϲϬϬϬŵğƚƌĞƐĐĂƌƌĠƐĚĂŶƐůĂnjŽŶĞ
ĂƌƌŝğƌĞ ĚƵ ƋƵĂŝ Ͳϯ͕ ĚĞƐƟŶĠĞ ă ůĂ ƌĠƉĂƌĂƟŽŶ͕ ă
ZĞƉŽƌƚϮϬ11 Bilan
ůĂ ŵĂŝŶƚĞŶĂŶĐĞ Ğƚ ĂƵ ƐƚŽĐŬĂŐĞ ĚĞ ĐŽŶƚĞŶĞƵƌƐ ͘
>͛ŝŶǀĞƐƟƐƐĞŵĞŶƚƉƌĠǀƵĞƐƚĚĞϭ͕ϮŵŝůůŝŽŶĚ͛ĞƵƌŽƐ͘
WŽƵƌ ƐĂ ƉĂƌƚ͕ ŵƉƐĂ /ŶƚĞƌŶĂƚŝŽŶĂů͕ ĚŝƐƉŽƐĞ ĚĞ ϭϱ ϲϬϬ
ŵğƚƌĞƐ ĐĂƌƌĠƐ ĚĂŶƐ ůĂ njŽŶĞ ĂƌƌŝğƌĞ ĚƵ ƋƵĂŝ
ͲϮ ƉŽƵƌ ůĂ ĐŽŶƐƚƌƵĐƟŽŶ Ě͛ƵŶ ĐĞŶƚƌĞ ƉŽƵƌ ůĂ
ƌĠĐĞƉƟŽŶ͕ůĞƐƚŽĐŬĂŐĞĞƚůĂĚŝƐƚƌŝďƵƟŽŶůŽŐŝƐƟƋƵĞ
ĚĞ ŵĂƌĐŚĂŶĚŝƐĞƐ ĐŽŵƉŽƐĠĞƐ ƉƌŝŶĐŝƉĂůĞŵĞŶƚ ƉĂƌ
ĚĞƐĨĞƌƌĂŝůůĞƐŝŶŽdžLJĚĂďůĞƐĞƚĚ͛ĂůůŝĂŐĞƐ͘>ĂŵĂƌƋƵĞ
ĞīĞĐƚƵĞƌĂƵŶŝŶǀĞƐƟƐƐĞŵĞŶƚĚĞϬ͕ϴŵŝůůŝŽŶĚ͛ĞƵƌŽƐ͘
^Ƶƌ ĐĞ ŵġŵĞ ƋƵĂŝ ͲϮ͕ ŵĂŝƐ ĚĂŶƐ ƐĂ njŽŶĞ
ĐŽŵŵĞƌĐŝĂůĞ͕ ^ĞƌǀŝĐŝŽƐ >ŽŐşƐƟĐŽƐ WŽƌƚƵĂƌŝŽƐ
;^͘>͘W͘ͿĚŝƐƉŽƐĞĚ͛ƵŶĞĐŽŶĐĞƐƐŝŽŶĚĞϯϬϬϬϬŵğƚƌĞƐ
ĐĂƌƌĠƐƉŽƵƌůĞĐŚĂƌŐĞŵĞŶƚ͕ůĞĚĠĐŚĂƌŐĞŵĞŶƚĞƚůĞ
ƐƚŽĐŬĂŐĞĚĞǀƌĂĐƐƐŽůŝĚĞƐ͘>͛ĞŶƚƌĞƉƌŝƐĞĂŝŶĂƵŐƵƌĠ
ƐŽŶƚƌŽŝƐŝğŵĞĞŶƚƌĞƉƀƚĚƵWŽƌƚĚĞŝůďĂŽĞŶϮϬϭϭ͘
>ĞŶŽƵǀĞůĞŶƚƌĞƉƀƚƐĞƚƌŽƵǀĂŶƚƐƵƌůĞYƵĂŝĚŽƐĂĚŽ͕
ĚŝƐƉŽƐĞĚĞϰϴϱϬŵğƚƌĞƐĐĂƌƌĠƐĞƚƐĂůŽŶŐƵĞƵƌĞƐƚ
ĚĞϭϲϴŵğƚƌĞƐ͘
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ŽĐŬͲϭYƵĂŝͲϭ
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WƌŝǀĂƚĞ
ŶƚĞƌƉƌŝƐĞǁŝůů
ŝŶĂƵŐƵƌĂƚĞ
ƉƌŽũĞĐƚƐǁŽƌƚŚ
ϳϬŵŝůůŝŽŶ
ĞƵƌŽƐ
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26
27
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ĐŽŶƟŶƵĞĚŽŶƚŚƌĞĞŝŵƉŽƌƚĂŶƚ
ƉƌŽũĞĐƚƐ͕ǁŚŝĐŚǁŝůůďĞ
ŽƉĞƌĂƟǀĞŝŶϮϬϭϮ͘dŚĞƚŚƌĞĞ
ƉƌŽũĞĐƚƐĂƌĞŽŶŽĐŬͲϭĂŶĚ
ƌĞƋƵŝƌĞĂŶŝŶǀĞƐƚŵĞŶƚĐůŽƐĞŽŶ
ϳϬŵŝůůŝŽŶĞƵƌŽƐ͘dŚĞLJĂƌĞ͗
ͻ ĚŽƵďůĞǁĂƐŚŝŶŐtĂĞůnj
ŽdžŝĚĞƉůĂŶƚ͕;ĞĨĞƐĂŝŶĐ͕
ϭϮ͘ϲŵŝůůŝŽŶĞƵƌŽƐͿ͘
/ŶǀĞƐƚŵĞŶƚŝŶƚŚĞ^ƚŽƌĂŐĞĂŶĚ
ĞƉŽƐŝƚŽŶĞƐ
ͻ ƉůĂŶƚĨŽƌƐƵůƉŚƵƌŝĐĂĐŝĚ͕
ŽůĞƵŵĂŶĚĚĞƌŝǀĂƟǀĞƐ
;ĞĨĞƐĂsĂůŽƌŝnjĂĐŝſŶĚĞ
njƵĨƌĞ͕ϯϴŵŝůůŝŽŶĞƵƌŽƐͿ͘
/ŶƚŚĞƐĞĐŽŶĚƉŚĂƐĞŽĨƚŚĞ
EĞǁ^ƚŽƌĂŐĞĂŶĚĞƉŽƐŝƚ
ŽŶĞƐ;ͲϮͿ͕ZŚĞŶƵƐ>ŽŐŝƐƟĐƐ
ŽƉĞŶĞĚĂŶĞǁƉůĂƞŽƌŵǁŝƚŚĂ
ƐƵƌĨĂĐĞŽĨŽǀĞƌϭ͕ϭϬϬƐƋƵĂƌĞ
ŵĞƚƌĞƐŽŶƚŚĞŝŶĂƌŝĂϮϭ
ĐŽŶĐĞƐƐŝŽŶ͘
ͻ ƐƚŽƌĂŐĞƉůĂŶƚĨŽƌƐŽůŝĚďƵůŬƐͲ
ƐƵůƉŚƵƌĂŶĚĐŽŬĞ͘;WĞƚƌſůĞŽƐ
ĚĞůEŽƌƚĞ͕ϭϵŵŝůůŝŽŶĞƵƌŽƐͿ
WƌŽŐĞĐŽŝůďĂŽ͕ŚĂƐ
ŝŶĂƵŐƵƌĂƚĞĚĂϭϬ͕ϬϬϬͲƐƋƵĂƌĞ
ŵĞƚƌĞǁĂƌĞŚŽƵƐĞŝŶͲϯ͕
ďƵŝůƚŽŶĂϯϮ͕ϱϬϬŵ²ƉůŽƚ͕ǁŚŝĐŚ
ĂůƐŽŚŽƵƐĞƐĂĐŽŶƚĂŝŶĞƌĚĞƉŽƐŝƚ
ĂŶĚƐƚŽƌĂŐĞnjŽŶĞĂƐǁĞůůĂƐĂ
ϱϬϬŵ²ĐŽůĚƐƚŽƌĂŐĞĂƌĞĂ͘
ŝŶĂŝƌǁŝůůďƵŝůĚĂƐƚŽƌĂŐĞ
ƉĂǀŝůŝŽŶǁŝƚŚĂϭϬ͕ϬϬϬŵ²Ͳ
ƐƵƌĨĂĐĞĂƌĞĂŝŶͲϯ͘dŚĞŶĞǁ
ĨĂĐŝůŝƟĞƐǁŝůůĐĞŶƚƌĞŽŶĐĂƌƌLJŝŶŐ
ŽƵƚůŽŐŝƐƟĐƐŚĂŶĚůŝŶŐĂĐƟǀŝƟĞƐ
ĂƐǁĞůůĂƐŐŽŽĚƐĚŝƐƚƌŝďƵƟŽŶ
ĂŶĚŽƚŚĞƌĐŽŵƉůĞŵĞŶƚĂƌLJ
ŽƉĞƌĂƟŽŶ͘
>E^,d͗/Es^dDEd/>E&/EE/Z͗/Es^d/^^DEd^
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ƉƌŝǀĠĞŝŶĂƵŐƵƌĞƌĂ
en 2012 des
ƉƌŽũĞƚƐĚ͛ƵŶĞ
ǀĂůĞƵƌĚĞϳϬ
ŵŝůůŝŽŶƐĚ͛ĞƵƌŽƐ
+
dƌŽŝƐŶŽƵǀĞĂƵdžĐĞŶƚƌĞƐĚĞǀƌĂĐƐ
/ŶǀĞƐƟƐƐĞŵĞŶƚƐĚĂŶƐůĂ
dƌŽŝƐŝŵƉŽƌƚĂŶƚƐƉƌŽũĞƚƐĚĞĐŽŶƐƚƌƵĐƚŝŽŶƐĞƐŽŶƚ ĂŶƐ ůĂ ƐĞĐŽŶĚĞ ƉŚĂƐĞ ĚĞ ůĂ ŽŶĞ ĚĞ ^ƚŽĐŬĂŐĞ Ğƚ
ƉŽƵƌƐƵŝǀŝƐ ĞŶ ϮϬϭϭ͘ /ůƐ ƐĞƌŽŶƚ ŽƉĠƌĂƚŝŽŶŶĞůƐ ĚĞ ĠƉƀƚ ;ͲϮͿ͕ ZŚĞŶƵƐ >ŽŐŝƐƟĐƐ Ă ŽƵǀĞƌƚ ƵŶĞ
ƚŽƵƚ ĂƵ ůŽŶŐ ĚĞ ů͛ĂŶŶĠĞ ϮϬϭϮ͘ ĞƐ ƚƌŽŝƐ ƉƌŽũĞƚƐ͕ ŶŽƵǀĞůůĞ ƉůĂƚĞͲĨŽƌŵĞ ĂǀĞĐ ƵŶĞ ƐƵƌĨĂĐĞ ĚĞ ƉůƵƐ ĚĞ
ƋƵŝ ĐŽŶĐĞƌŶĞŶƚ ůĞ ƋƵĂŝ Ͳϭ Ğƚ ƌĞƉƌĠƐĞŶƚĞŶƚ ƵŶ ϭϭϬϬŵğƚƌĞƐĐĂƌƌĠƐĚĂŶƐůĂĐŽŶĐĞƐƐŝŽŶĚĞŝŶĂƌŝĂϮϭ͘
ŝŶǀĞƐƚŝƐƐĞŵĞŶƚ Ě͛ĞŶǀŝƌŽŶ ϳϬ ŵŝůůŝŽŶƐ Ě͛ĞƵƌŽƐ͕ WŽƵƌ ƐĂ ƉĂƌƚ͕ WƌŽŐĞĐŽ ŝůďĂŽ Ă ŝŶĂƵŐƵƌĠ ĚĂŶƐ ůĂ
ƐŽŶƚ͗
ͲϯƵŶĞŶƚƌĞƉƀƚĚĞϭϬϬϬϬŵğƚƌĞƐĐĂƌƌĠƐ͕ŝŶƐƚĂůůĠ
ͻ ƵŶĞ ĐĞŶƚƌĂůĞ Ě͛ĂĐŝĚĞ ƐƵůĨƵƌŝƋƵĞ͕ Ě͛ŽůĠƵŵ Ğƚ ƐƵƌƵŶĞƉĂƌĐĞůůĞĚĞϯϮϱϬϬŵ²ƋƵŝĂĐĐƵĞŝůůĞĠŐĂůĞŵĞŶƚ
ĚĞ ĚĠƌŝǀĠƐ ;ĞĨĞƐĂ sĂůŽƌŝnjĂĐŝſŶ ĚĞ njƵĨƌĞ͕ ϯϴ ƵŶĞnjŽŶĞĚĞĚĠƉƀƚĞƚĚĞƐƚŽĐŬĂŐĞĚĞĐŽŶƚĞŶĞƵƌƐĞƚ
ƵŶĞnjŽŶĞƌĠĨƌŝŐĠƌĠĞĚĞϱϬϬŵğƚƌĞƐĐĂƌƌĠƐ͘
ŵŝůůŝŽŶƐĚ͛ĞƵƌŽƐͿ
ͻ ƵŶĞƵƐŝŶĞĚĞƐƚŽĐŬĂŐĞĚĞǀƌĂĐƐƐŽůŝĚĞƐͲƐŽƵĨƌĞĞƚ
ĐŽŬĞ;WĞƚƌſůĞŽƐĚĞůEŽƌƚĞ͕ϭϵŵŝůůŝŽŶƐͿ
ͻ ƵŶĞ hƐŝŶĞ ĚĞ ĚŽƵďůĞ ůĂǀĂŐĞ Ě͛ŽdžLJĚĞ ǁĂĞůnj
;ĞĨĞƐĂŝŶĐ͕ϭϮ͕ϲŵŝůůŝŽŶƐͿ
sŝĞǁŽĨƚŚĞ^ƚŽƌĂŐĞƌĞĂĂŶĚƚŚĞĐŽŶƚĂŝŶĞƌƚĞƌŵŝŶĂů
sƵĞƉĂƌƟĞůůĞĚĞůĂĞƚĚƵƚĞƌŵŝŶĂůĚĞĐŽŶƚĞŶĞƵƌƐ
ZĞƉŽƌƚϮϬ11 Bilan
ŝŶĂŝƌ ǀĂ ĐŽŶƐƚƌƵŝƌĞ ƵŶ ŚĂŶŐĂƌ ĚĞ ƐƚŽĐŬĂŐĞ ĚĞ ϭϬ ϬϬϬ
ŵğƚƌĞƐĐĂƌƌĠƐĚĂŶƐůĂͲϯ͘>ĞƐŶŽƵǀĞůůĞƐŝŶƐƚĂůůĂͲƟŽŶƐ
ƐĞĐŽŶĐĞŶƚƌĞƌŽŶƚĚĂŶƐůĂƌĠĂůŝƐĂƟŽŶĚ͛ĂĐƟǀŝƚĠƐůŽŐŝƐƟƋƵĞƐ
ĚĞ ŵĂŶŝƉƵůĂƟŽŶ Ğƚ ĚĞ ĚŝƐƚƌŝďƵƟŽŶ ĚĞ ŵĂƌĐŚĂŶĚŝƐĞƐ͕
ĂŝŶƐŝƋƵĞƐƵƌĚ͛ĂƵƚƌĞƐŽƉĠƌĂƟŽŶƐĐŽŵƉůĠŵĞŶƚĂŝƌĞƐ͘
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2
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28
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ϭ͘ŽĐŬͲϮ;ƐŽůŝĚďƵůŬƐͿ
YƵĂŝͲϮ;ǀƌĂĐƐƐŽůŝĚĞƐͿ
Ϯ͘ŽĐŬͲϯ;ĐŽŶƚĂŝŶĞƌƐƚŽƌĂŐĞΘƌĞƉĂŝƌͿ
YƵĂŝͲϯ;ƌĠƉĂƌĂƟŽŶĞƚƐƚŽĐŬĂŐĞ
ĚĞĐŽŶƚĞŶĞƵƌƐͿ
ϯ͘ŽĐŬͲϭ;ƐƵůĨƵƌŝĐĂĐŝĚ͕ƐŽůŝĚ
ďƵůŬƐĂŶĚŽdžŝĚĞǁĂƐŚŝŶŐƉůĂŶƚƐ
YƵĂŝͲϭ;ĐĞŶƚƌĂůĞƐĚ͛ĂĐŝĚĞ
ƐƵůĨƵƌŝƋƵĞ͕ĚĞǀƌĂĐƐƐŽůŝĚĞƐ
ĞƚĚĞůĂǀĂŐĞĚ͛ŽdžLJĚĞͿ
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WƵŶƚĂ>ƵĐĞƌŽ
ϳ͘ DƵĞůůĞĚĞ,ŝĞƌƌŽƌĞƐƚĂƵƌĂƟŽŶ
ZĠŶŽǀĂƟŽŶĚƵDƵĞůůĞĚĞ,ŝĞƌƌŽ
ZĞƉŽƌƚϮϬ11 Bilan
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Marsella
A Coruña
Asturias
Lugo
BILBAO
Leon
Vigo
Ourense
San Sebastián
5
Pancorbo 4
Vitoria
3
Burgos
Lleida
Zaragoza
Valladolid
Zamora
Oporto
Barcelona
Segovia
Salamanca
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Cuenca
Madrid
Ávila
Teruel
Castellón
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Córdoba
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Sevilla
Almeria
Cádiz
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Azuqueca de Henares (Gualadajara)
2
Coslada (Madrid)
3
Villafría (Burgos)
4
Pancorbo (Burgos)
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Jundiz-Vitoria (Álava)
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d>K&ĂƚWĂŶĐŽƌďŽ
dŚĞŝůďĂŽWŽƌƚƵƚŚŽƌŝƚLJŝƐĐƌĞĂƟŶŐĂϱϬϬ͕ϬϬϬŵ²ƉŽƌƚͲƌĂŝůůŽŐŝƐƟĐƐƚĞƌŵŝŶĂů
;d>K&ͿŝŶWĂŶĐŽƌďŽŝŶƚŚĞWƌŽǀŝŶĐĞŽĨƵƌŐŽƐ͘dŚĞŝŶŝƟĂƟǀĞĨŽƌŵƐƉĂƌƚŽĨĂ
ƐƚƌĂƚĞŐŝĐĐŽŵŵŝƚŵĞŶƚĂŝŵĞĚĂƚƐƟŶŐƌĂŝůĂƐĂŵĞĂŶƐŽĨŐŽŽĚƐƚƌĂŶƐƉŽƌƚ͘
/ŶƚĞƌŵŽĚĂůŝƚLJ
d>K&
ƐĐŚĞĚƵůĞĚ
ƚŽƐƚĂƌƚƵƉ
ŝŶϮϬϭϯ
_
30
31
TŚŝƐůŽŐŝƐƟĐƐĂƌĞĂǁŝůů
ĞŶĂďůĞŐŽŽĚƐǁŝƚŚŽƌŝŐŝŶĂŶĚ
ĚĞƐƟŶĂƟŽŶŝŶƚŚĞWŽƌƚŽĨ
ŝůďĂŽƚŽďĞŵĂƌƐŚĂůůĞĚĨƌŽŵ
ƚŚĞŝƌŚŝŶƚĞƌůĂŶĚŽŶƚŚĞWůĂƚĞĂƵ
ŽĨĂƐƟůĞ͕ǁŚŝĐŚŝŶƚƵƌŶ͕ǁŝůů
ŵĂŬĞŝƚƉŽƐƐŝďůĞƚŽĂƐƐĞŵďůĞ
ĐŽŵƉůĞƚĞƚƌĂŝŶƐƚŽŝůďĂŽďLJ
ǁĂLJŽĨĂƐŚƵƩůĞͲƚLJƉĞƐĞƌǀŝĐĞ͘
dŚĞWƌĂĚŽĚĞWĂŶĐŽƌďŽ
ŝŶĚƵƐƚƌŝĂůĞƐƚĂƚĞŝƐƐƚƌĂƚĞŐŝĐĂůůLJ
ůŽĐĂƚĞĚ͕ǁŝƚŚĞdžĐĞůůĞŶƚ
ƉŽƐƐŝďŝůŝƟĞƐƚŽůŝŶŬǀŝĂƌĂŝů
ǁŝƚŚƚŚĞDĂĚƌŝĚͲ,ĞŶĚĂLJĞůŝŶĞ͕
ĂƐǁĞůůĂƐǁŝƚŚƚŚĞĂƐƟůŝĂŶ
WůĂƚĞĂƵƌŽĂĚĂŶĚŵŽƚŽƌǁĂLJ
ŶĞƚǁŽƌŬ͘
dŚĞŝůďĂŽWŽƌƚƵƚŚŽƌŝƚLJ
ǁŝůůƉƌŽǀŝĚĞƚŚĞŶĞĐĞƐƐĂƌLJ
ŝŶǀĞƐƚŵĞŶƚƚŽĐĂƌƌLJŽƵƚƚŚĞ
ƚĞƌŵŝŶĂůĚĞǀĞůŽƉŵĞŶƚ͕ĂƐǁĞůů
ĂƐŝƚƐƌĂŝůĂŶĚƌŽĂĚĐŽŶŶĞĐƟŽŶƐ͘
/ŶKĐƚŽďĞƌϮϬϭϭƚŚĞƉƌŽũĞĐƚ
ǁĂƐĂƵƚŚŽƌŝƐĞĚďLJ/&
;^ƉĂŶŝƐŚZĂŝůǁĂLJ/ŶĨƌĂƐƚƌƵĐƚƵƌĞƐ
ĚŵŝŶŝƐƚƌĂƟŽŶͿƚŽĐŽŶŶĞĐƚ
ƚŽƚŚĞ'ĞŶĞƌĂů/ŶƚĞƌĞƐƚZĂŝů
EĞƚǁŽƌŬ͕ĂŶĚĂƚƚŚĞĞŶĚŽĨ
DĂƌĐŚϮϬϭϮ͕ƚŚĞǁŽƌŬƐĨŽƌƚŚŝƐ
ĐŽŶŶĞĐƟŽŶǁŝůůďĞƉƵƚŽƵƚƚŽ
ƚĞŶĚĞƌ͘dŚĞd>K&ŝƐƐĐŚĞĚƵůĞĚ
ƚŽĐŽŵŵĞŶĐĞŝƚƐĂĐƟǀŝƚLJŝŶ
ϮϬϭϯ͘
/ŶĐƌĞĂƐĞŝŶŶƵŵďĞƌŽĨƚƌĂŝŶƐ
/ŶϮϬϭϭ͕ƚŚĞ/&ƌĂŝůƚĞƌŵŝŶĂů
ŝŶƚŚĞWŽƌƚŽĨŝůďĂŽƌĞĐĞŝǀĞĚ
ϯ͕ϮϬϮƚƌĂŝŶƐ͕ϳйŵŽƌĞƚŚĂŶ
ŝŶϮϬϭϬ͕ĂŶĚϳϬйŽĨǁŚŝĐŚ
ƉƌŽǀŝĚĞĚƉŽƌƚƐĞƌǀŝĐĞ͘
dŚĞƌĞĂƌĞŶŽǁĨŽƵƌƌĂŝůǁĂLJ
ĐŽŵƉĂŶŝĞƐŽīĞƌŝŶŐƚƌĂŝŶƐǁŝƚŚ
ŽƌŝŐŝŶƐͬĚĞƐƟŶĂƟŽŶƐŝŶƚŚĞWŽƌƚ
ŽĨŝůďĂŽ͕ǁŚŽƐĞĚŽĐŬƐŚĂǀĞƌĂŝů
ĐĐĞƐƐĂŶĚĚŝƌĞĐƚůŝŶŬƐǁŝƚŚƚŚĞ
^ƉĂŶŝƐŚŶĂƟŽŶĂůŶĞƚǁŽƌŬ͘dŚĞ
ĐŽŵƉĂŶŝĞƐĂƌĞZĞŶĨĞKƉĞƌĂĚŽƌĂ͕
ŽŶƟŶĞŶƚĂůZĂŝů͕ĐƟǀĂZĂŝů
ĂŶĚ>ŽŐŝƚƌĞŶ͘ZĞŶĨĞKƉĞƌĂĚŽƌĂ
ƉƌŽǀŝĚĞĚϳϰйŽĨƚƌĂĸĐŝŶϮϬϭϭ͘
/EdZDK>/dz/EdZDK>/d
ƉƉƌŽďĂƟŽŶĚĞů͛/&ăůĂ
d>K&ĚĞWĂŶĐŽƌďŽ
>͛ƵƚŽƌŝƚĠWŽƌƚƵĂŝƌĞĚĞŝůďĂŽĐƌĠĞ͕ĚĂŶƐůĂůŽĐĂůŝƚĠĚĞƵƌŐŽƐĚĞWĂŶĐŽƌďŽ͕ƵŶƚĞƌͲ
ŵŝŶĂůůŽŐŝƐƟƋƵĞĨĞƌƌŽƉŽƌƚƵĂŝƌĞ;d>K&ͿĚ͛ĞŶǀŝƌŽŶϱϬϬϬϬϬŵ2͘ĞƩĞŝŶŝƟĂƟǀĞĨĂŝƚ
ƉĂƌƟĞĚ͛ƵŶƉĂƌŝƐƚƌĂƚĠŐŝƋƵĞǀŝƐĂŶƚăƌĞŶĨŽƌĐĞƌůĞĐŚĞŵŝŶĚĞĨĞƌĐŽŵŵĞŵŽLJĞŶĚĞ
ƚƌĂŶƐƉŽƌƚĚĞŵĂƌĐŚĂŶĚŝƐĞƐ͘
/ŶƚĞƌŵŽĚĂůŝƚĠ
>ĞĚĠŵĂƌƌĂŐĞ
ĚĞƐĂĐƟǀŝƚĠƐ
ĚĞd>K&
ĞƐƚƉƌĠǀƵ
ƉŽƵƌϮϬϭϯ
+
CĞƩĞ njŽŶĞ ůŽŐŝƐƟƋƵĞ ǀĂ ƉĞƌŵĞƩƌĞ ĚĞ
ĐŽŶĐĞŶƚƌĞƌ ĚĞƐ ŵĂƌĐŚĂŶĚŝƐĞƐ ĂLJĂŶƚ ƉŽƵƌ ŽƌŝŐŝŶĞ
Ğƚ ĚĞƐƟŶĂƟŽŶ ůĞ WŽƌƚ ĚĞ ŝůďĂŽ ă ƉĂƌƟƌ ĚĞ ƐŽŶ
ŚŝŶƚĞƌůĂŶĚƋƵŝƐĞƚƌŽƵǀĞĚĂŶƐůĂDĞƐĞƚĂ͘ĞůĂǀĂ
ƉĞƌŵĞƩƌĞ ĚĞ ĐŽŶĮŐƵƌĞƌ ĚĞƐ ĐŽŵƉŽƐŝƟŽŶƐ ĚĞ
ƚƌĂŝŶƐĐŽŵƉůĞƚƐĂLJĂŶƚƉŽƵƌĚĞƐƟŶĂƟŽŶŝůďĂŽƉĂƌ
ƵŶƐĞƌǀŝĐĞƚLJƉĞŶĂǀĞƩĞ͘
>Ă ƐŝƚƵĂƟŽŶ ĚƵ ƉŽůLJŐŽŶĞ ŝŶĚƵƐƚƌŝĞů ů WƌĂĚŽ
ĚĞ WĂŶĐŽƌďŽ ĞƐƚ ƐƚƌĂƚĠŐŝƋƵĞ͘ ůůĞ ĚŝƐƉŽƐĞ
Ě͛ĞdžĐĞůůĞŶƚĞƐƉŽƐƐŝďŝůŝƚĠƐĚĞĐŽŶŶĞdžŝŽŶĨĞƌƌŽǀŝĂŝƌĞ
ĂǀĞĐ ůĂ ůŝŐŶĞ DĂĚƌŝĚͲ,ĞŶĚĂLJĞ͕ ĂŝŶƐŝ ƋƵ͛ĂǀĞĐ ůĞ
ƌĠƐĞĂƵƌŽƵƟĞƌĞƚĂƵƚŽƌŽƵƟĞƌĚĞůĂDĞƐĞƚĂ͘
>͛ƵƚŽƌŝƚĠ WŽƌƚƵĂŝƌĞ ĚĞ ŝůďĂŽ ƐĞ ůĂŶĐĞƌĂ ĚĂŶƐ ůĞƐ
ŝŶǀĞƐƟƐƐĞŵĞŶƚƐ ŶĠĐĞƐƐĂŝƌĞƐ ă ů͛ƵƌďĂŶŝƐĂƟŽŶ ĚƵ
ƚĞƌŵŝŶĂů͕ĂŝŶƐŝƋƵĞƐĂĐŽŶŶĞdžŝŽŶĨĞƌƌŽǀŝĂŝƌĞĞƚƌŽƵƟğƌĞ͘
ŶŽĐƚŽďƌĞϮϬϭϭ͕ůĞƉƌŽũĞƚĂŽďƚĞŶƵů͛ĂƵƚŽƌŝƐĂƟŽŶ
ĚĞů͛/&ƉŽƵƌůĂĐŽŶŶĞdžŝŽŶĂƵZĠƐĞĂƵ&ĞƌƌŽǀŝĂŝƌĞ
ZĞƉŽƌƚϮϬ11 Bilan
Ě͛/ŶƚĠƌġƚ 'ĠŶĠƌĂů͕ Ğƚ ĮŶ ŵĂƌƐ ϮϬϭϮ ů͛ƵƚŽƌŝƚĠ
WŽƌƚƵĂŝƌĞ ƐŽƵŵŝƐƐŝŽŶŶĞƌĂ ůĞƐ ƚƌĂǀĂƵdž ĚĞ ĐĞƩĞ
ĐŽŶŶĞdžŝŽŶ͘ >Ğ ĚĠŵĂƌƌĂŐĞ ĚĞƐ ĂĐƟǀŝƚĠƐ ĚĞ d>K&
ĞƐƚƉƌĠǀƵƉŽƵƌϮϬϭϯ͘
ƵŐŵĞŶƚĂƟŽŶĚƵŶŽŵďƌĞĚĞƚƌĂŝŶƐ
Ŷ ϮϬϭϭ͕ ůĞ ƚĞƌŵŝŶĂů ĨĞƌƌŽǀŝĂŝƌĞ Ě͛/& ĚĂŶƐ ůĞ
ƉŽƌƚ ĚĞ ŝůďĂŽ Ă ƌĞĕƵ ϯϮϬϮ ƚƌĂŝŶƐ͕ ϳ й ĚĞ ƉůƵƐ
ƋƵ͛ĞŶϮϬϭϬ͘ϳϬйĚ͛ĞŶƚƌĞĞƵdžŽŶƚĨŽƵƌŶŝƵŶƐĞƌǀŝĐĞ
ƉŽƌƚƵĂŝƌĞ͘
/ů ĞdžŝƐƚĞ ĚĠũă ƋƵĂƚƌĞ ĞŶƚƌĞƉƌŝƐĞƐ ĨĞƌƌŽǀŝĂŝƌĞƐ
ĚŝƐƉŽƐĂŶƚ ĚĞ ƚƌĂŝŶƐ ĂLJĂŶƚ ĐŽŵŵĞ ŽƌŝŐŝŶĞͬ
ĚĞƐƟŶĂƟŽŶ WŽƌƚ ĚĞ ŝůďĂŽ͕ ĚŽŶƚ ůĞƐ ƋƵĂŝƐ ƐŽŶƚ
ĠƋƵŝƉĠƐĚ͛ƵŶĂĐĐğƐĨĞƌƌŽǀŝĂŝƌĞĞƚĚ͛ƵŶĞĐŽŶŶĞdžŝŽŶ
ĚŝƌĞĐƚĞ ĂƵ ƌĠƐĞĂƵ ŶĂƟŽŶĂů͘ ĞƐ ĞŶƚƌĞƉƌŝƐĞƐ ƐŽŶƚ͗
ZĞŶĨĞKƉĞƌĂĚŽƌĂ͕ŽŶƟŶĞŶƚĂůZĂŝů͕ĐƟǀĂZĂŝůĞƚ
>ŽŐŝƚƌĞŶ͘ ZĞŶĨĞ KƉĞƌĂĚŽƌĂ ƌĞƉƌĠƐĞŶƚĞ ϳϰ й ĚĞƐ
ƚƌĂĮĐƐĚĞϮϬϭϭ͘
d>Dd/^E/EEKsd/KEd>Dd/Yhd/EEKsd/KE
ĞͲƉƵĞƌƚŽďŝůďĂŽŝŶƚƌŽĚƵĐĞƐƚǁŽŶĞǁƐĞƌǀŝĐĞƐ
ĞͲƉƵĞƌƚŽďŝůďĂŽĐŽŵƉƌĞŶĚĚĞƵdžŶŽƵǀĞĂƵdžƐĞƌǀŝĐĞƐ
/ŶϮϬϭϭ͕ƚǁŽŶĞǁĞͲƉƵĞƌƚŽďŝůďĂŽƚĞůĞŵĂƚŝĐƐƉůĂƚĨŽƌŵ
ƐĞƌǀŝĐĞƐǁĞƌĞďƌŽƵŐŚƚŝŶƚŽŽƉĞƌĂƚŝŽŶ͖E^ĂŶĚy^͘
ƚƚŚĞƐĂŵĞƚŝŵĞ͕ƚŚĞůŽŐŝƐƚŝĐƐĞůŝǀĞƌͬĚŵŝƚ͕WĂƉĞƌͲ
&ƌĞĞůĞĂƌĂŶĐĞĂŶĚĂƌŐŽ>ŝƐƚƐĞƌǀŝĐĞƐĐŽŶƚŝŶƵĞĚƚŽ
ďĞŝŶƚƌŽĚƵĐĞĚ͘
WĞŶĚĂŶƚů͛ĂŶŶĠĞϮϬϭϭ͕ĚĞƵdžŶŽƵǀĞĂƵdžƐĞƌǀŝĐĞƐŽŶƚĠƚĠŵŝƐ
ĞŶ ƉůĂĐĞ ƐƵƌ ůĂ ƉůĂƚĞͲĨŽƌŵĞ ƚĠůĠŵĂƟƋƵĞ ĞͲƉƵĞƌƚŽďŝůďĂŽ͗ ŝů
Ɛ͛ĂŐŝƚĚĞů͛E^Ğƚů͛y^͘KŶĂĐŽŶƟŶƵĠĞŶŵġŵĞƚĞŵƉƐůĂŵŝƐĞ
ĞŶƉůĂĐĞĚĞƐƐĞƌǀŝĐĞƐůŽŐŝƐƟƋƵĞƐĚĞ>ŝǀƌĂŝƐŽŶͬĚŵŝƐƐŝŽŶĞƚ
>ŝďĠƌĂƟŽŶƐĂŶƐĚŽĐƵŵĞŶƚĚ͛džƉŽƌƚĂƟŽŶŽƵŽŶŶĂŝƐƐĞŵĞŶƚ͘
ĂƌĞƚŚĞŶƚƌĂŶƐŚŝƉƉĞĚƚŽĂŶŽƚŚĞƌ
ǀĞƐƐĞůǁŚŝĐŚŝŶƚƌŽĚƵĐĞƐƚŚĞŵ
ĂŐĂŝŶŝŶƚŽƚŚĞhĨŽƌĚŝƐĐŚĂƌŐĞŝŶ
ƚŚĞŶĞdžƚŽŵŵƵŶŝƚLJƉŽƌƚŽĨĐĂůů͘
L͛ƵƚŽƌŝƚĠ WŽƌƚƵĂŝƌĞ ĚĞ ŝůďĂŽ ;WͿ Ă ĚĠǀĞůŽƉƉĠ ĐĞƐ ŶŽƵǀĞĂƵdž
ƐĞƌǀŝĐĞƐ ă ůĂ ĚĞŵĂŶĚĞ ĚĞƐ ĐůŝĞŶƚƐ ƉŽƵƌ ůĞƵƌ ƉĞƌŵĞƩƌĞ ůĂ ŵŝƐĞ ĞŶ
ĐŽŶĨŽƌŵŝƚĠ ĂǀĞĐ ůĂ ŶŽƵǀĞůůĞ ůĠŐŝƐůĂƟŽŶ ĚŽƵĂŶŝğƌĞ ĐŽŵŵƵŶĂƵƚĂŝƌĞ͕
ƋƵŝ ĚŝƐƉŽƐĞ ƋƵ͛ŝůƐ ĚŽŝǀĞŶƚ ƉƌĠƐĞŶƚĞƌ ƵŶĞ ĠĐůĂƌĂƟŽŶ ^ŽŵŵĂŝƌĞ
Ě͛ŶƚƌĠĞ;E^ͿƉŽƵƌƚŽƵƚĞƐůĞƐŵĂƌĐŚĂŶĚŝƐĞƐĞŶƚƌĂŶƚĚĂŶƐƵŶƚĞƌƌŝƚŽŝƌĞ
ĚŽƵĂŶŝĞƌ ĐŽŵŵƵŶĂƵƚĂŝƌĞ͘ ĞƩĞ ƉƌĠƐĞŶƚĂƟŽŶ ĚŽŝƚ ġƚƌĞ ƌĠĂůŝƐĠĞ ƉĂƌ
ǀŽŝĞĠůĞĐƚƌŽŶŝƋƵĞĚĂŶƐůĞƉƌĞŵŝĞƌƉŽƌƚĚ͛ĞŶƚƌĠĞ͕ĞƚĂǀĂŶƚů͛ĂƌƌŝǀĠĞĚĞƐ
ŵĂƌĐŚĂŶĚŝƐĞƐ͘ĂŶƐůĞWŽƌƚĚĞŝůďĂŽ͕ůĂŶŽƵǀĞůůĞůĠŐŝƐůĂƟŽŶĐŽŶĐĞƌŶĞ
ƐƵƌƚŽƵƚůĞƐĐŽŶƐŝŐŶĂƚĂŝƌĞƐƌĞƉƌĠƐĞŶƚĂŶƚĚĞƐŽƉĠƌĂƚĞƵƌƐŵĂƌŝƟŵĞƐƋƵŝ
ƚƌĂŶƐƉŽƌƚĞŶƚĚĞƐǀƌĂĐƐůŝƋƵŝĚĞƐ͕ƐŽůŝĚĞƐĞƚĚĞƐŵĂƌĐŚĂŶĚŝƐĞƐŐĠŶĠƌĂůĞƐ͘
TŚĞŝůďĂŽWŽƌƚƵƚŚŽƌŝƚLJ
;WͿŚĂƐĚĞǀĞůŽƉĞĚƚŚĞƐĞ
ŶĞǁƐĞƌǀŝĐĞƐĂƚƚŚĞƌĞƋƵĞƐƚ
ŽĨƚŚĞŝƌĐƵƐƚŽŵĞƌƐŝŶŽƌĚĞƌ
ƚŽĨĂĐŝůŝƚĂƚĞƚŚĞĨƵůĮůŵĞŶƚŽĨ
ƚŚĞŶĞǁŽŵŵƵŶŝƚLJƵƐƚŽŵƐ
>ĞŐŝƐůĂƟŽŶ͕ǁŚŝĐŚƌĞƋƵŝƌĞƐĂŶ
ŶƚƌLJ^ƵŵŵĂƌLJĞĐůĂƌĂƟŽŶ
;E^ͿƚŽďĞƉƌĞƐĞŶƚĞĚĨŽƌĂůů
ƚŚĞŐŽŽĚƐĞŶƚĞƌŝŶŐŽŵŵƵŶŝƚLJ
ƵƐƚŽŵƐdĞƌƌŝƚŽƌLJ͘dŚĞ
ƉƌĞƐĞŶƚĂƟŽŶŵƵƐƚďĞŵĂĚĞ
ĞůĞĐƚƌŽŶŝĐĂůůLJŝŶƚŚĞĮƌƐƚƉŽƌƚ
ŽĨĞŶƚƌLJĂŶĚďĞĨŽƌĞĂƌƌŝǀĂů͘/Ŷ
ƚŚĞWŽƌƚŽĨŝůďĂŽƚŚĞŶĞǁ
ůĞŐŝƐůĂƟŽŶĞƐƉĞĐŝĂůůLJĂīĞĐƚƐ
ƐŚŝƉƉŝŶŐĂŐĞŶƚƐƌĞƉƌĞƐĞŶƟŶŐ
ŵĂƌŝƟŵĞŽƉĞƌĂƚŽƌƐ
ƚƌĂŶƐƉŽƌƟŶŐůŝƋƵŝĚĂŶĚƐŽůŝĚ
ďƵůŬƐĂŶĚŐĞŶĞƌĂůĐĂƌŐŽ͘
/ŶƐŝŵŝůĂƌĨĂƐŚŝŽŶ͕ƚŚĞdžŝƚ
^ƵŵŵĂƌLJĞĐůĂƌĂƟŽŶ;y^ͿŚĂƐ
ďĞĞŶďƌŽƵŐŚƚŝŶƚŽƐĞƌǀŝĐĞĨŽƌ
ƚŚŽƐĞĞdžƉŽƌƚŐŽŽĚƐŶŽƚĚĂƚĞĚ
ǁŝƚŚĂ^͕ŚĂǀĞďĞĞŶŵŽƌĞ
ƚŚĂŶϭϰĚĂLJƐŝŶƚĞŵƉŽƌĂƌLJ
ƐƚŽƌĂŐĞ͕ŽƌĞŵďĂƌŬĨŽƌĂƉŽƌƚ
ŽƵƚƐŝĚĞƚŚĞƵƌŽƉĞĂŶhŶŝŽŶďƵƚ
^ŝŶĐĞƚŚĞƐĞƐĞƌǀŝĐĞƐǁĞƌĞ
ŝŶƚƌŽĚƵĐĞĚŝŶDĂƌĐŚϮϬϭϭ͕
ƐŽŵĞϮϱĐŽŵƉĂŶŝĞƐŚĂǀĞ
ďĞĞŶƵƐŝŶŐƚŚĞŵŽŶĂƌĞŐƵůĂƌ
ďĂƐŝƐ͘/ŶĂůů͕ƚŚĞŶŝŶĞƐĞƌǀŝĐĞƐ
ŽīĞƌĞĚďLJƚŚĞWĂƌĞƵƐĞĚďLJ
ϯϭϳWŽƌƚĐƵƐƚŽŵĞƌĐŽŵƉĂŶŝĞƐ͖
ƚŚĞƌĞĂƌĞĂůƐŽϳϮϯƵƐĞƌƐŽĨ
ƚŚĞƐĞĐŽŵƉĂŶŝĞƐƚŚĂƚĂƌĞ
ƌĞŐŝƐƚĞƌĞĚƚŽŽƉĞƌĂƚĞ͘
dŚŝƐƉůĂƞŽƌŵŝƐĂĐŚŝĞǀŝŶŐ
ŝƚƐĂŝŵƐďLJŝŶƚƌŽĚƵĐŝŶŐ
ŶĞǁƐĞƌǀŝĐĞƐĞŶĂďůŝŶŐŝƚƚŽ
ĐŽŶƚƌŝďƵƚĞĂŚŝŐŚĞƌĂĚĚĞĚ
ǀĂůƵĞĂƐƚŚĞLJŽƉƟŵŝƐĞĂŶĚ
ĂƵƚŽŵĂƚĞƚŚĞĚŝīĞƌĞŶƚ
ƉƌŽĐĞƐƐĞƐŽĨƉŽƌƚďƵƐŝŶĞƐƐ͘
ƚƚŚĞƐĂŵĞƟŵĞ͕ŝƚŝƐƚŚĞ
ƌĞĨĞƌĞŶĐĞƚŽďŽŽƐƚƚŚĞ
ƚĞĐŚŶŽůŽŐŝĐĂůĂŶĚĐƵůƚƵƌĂů
ĐŚĂŶŐĞƚŚĂƚƚŚĞŝŶĐŽƌƉŽƌĂƟŽŶ
ŽĨƚŚĞŶĞǁŝŶĨŽƌŵĂƟŽŶ
ƚĞĐŚŶŽůŽŐŝĞƐƐƵƉƉŽƐĞƐ
ŵĂƌŝƟŵĞͲƉŽƌƚůŽŐŝƐƟĐƐ͘
WĂƌĞŝůůĞŵĞŶƚ͕ŽŶĂŵŝƐĞŶƉůĂĐĞůĞƐĞƌǀŝĐĞĚĞĠĐůĂƌĂƟŽŶ^ŽŵŵĂŝƌĞĚĞ^ŽƌƟĞ
;y^ͿƉŽƵƌůĞƐŵĂƌĐŚĂŶĚŝƐĞƐĚ͛ĞdžƉŽƌƚĂƟŽŶƋƵŝŶ͛ŽŶƚƉĂƐĠƚĠĚĂƚĠĞƐĂǀĞĐ
ƵŶĞh;ĚĠĐůĂƌĂƟŽŶƵŶŝƋƵĞĚŽƵĂŶŝğƌĞͿ͕ƋƵŝƐŽŶƚƉůĂĐĠĞƐƉĞŶͲĚĂŶƚƉůƵƐ
ĚĞϭϰũŽƵƌƐĞŶĚĠƉƀƚƚĞŵƉŽƌĂŝƌĞ͕ŽƵƋƵŝƐŽŶƚĚĞƐƟŶĠĞƐăġƚƌĞĞŵďĂƌƋƵĠĞƐ
ǀĞƌƐƵŶƉŽƌƚŶĞƐĞƚƌŽƵǀĂŶƚƉĂƐĚĂŶƐů͛hŶŝŽŶƵƌŽƉĠĞŶŶĞŵĂŝƐƋƵŝǀŽŶƚ
ĞŶƐƵŝƚĞġƚƌĞƚƌĂŶƐďŽƌĚĠĞƐĚĂŶƐƵŶĂƵƚƌĞŶĂǀŝƌĞƋƵŝǀĂůĞƐƌĠŝŶƚƌŽĚƵŝƌĞĚĂŶƐ
ů͛hƉŽƵƌůĞƐĚĠĐŚĂƌŐĞƌĚĂŶƐůĞƉƌŽĐŚĂŝŶƉŽƌƚĚ͛ĞƐĐĂůĞĐŽŵŵƵŶĂƵƚĂŝƌĞ͘
ĞƉƵŝƐůĞƵƌŵŝƐĞĞŶƉůĂĐĞĞŶŵĂƌƐϮϬϭϭ͕ĞŶǀŝƌŽŶϮϱĞŶƚƌĞƉƌŝƐĞƐƵƟůŝƐĞŶƚ
ĐĞƐ ĚĞƵdž ŶŽƵǀĞĂƵdž ƐĞƌǀŝĐĞƐ ĚĞ ĨĂĕŽŶ ƌĠŐƵůŝğƌĞ͘ Ƶ ƚŽƚĂů͕ ůĞƐ ŶĞƵĨ
ƐĞƌǀŝĐĞƐ ƉƌŽƉŽƐĠƐ ƉĂƌ ů͛W ƐŽŶƚ ƵƟůŝƐĠƐ ƉĂƌ ϯϭϳ ĞŶƚƌĞƉƌŝƐĞƐ ĐůŝĞŶƚĞƐ
ĚƵWŽƌƚĞƚŝůĞdžŝƐƚĞϳϮϯƵƟůŝƐĂƚĞƵƌƐĚĞĐĞƐĚĞƌŶŝğƌĞƐĂƵƚŽƌŝƐĠƐăŽƉĠƌĞƌ͘
ĞƩĞƉůĂƚĞͲĨŽƌŵĞĂƩĞŝŶƚĚĞƐŽďũĞĐƟĨƐƉĂƌů͛ŝŶƚƌŽĚƵĐƟŽŶĚĞŶŽƵǀĞĂƵdž
ƐĞƌǀŝĐĞƐůƵŝƉĞƌŵĞƩĂŶƚĚ͛ĂƉƉŽƌƚĞƌƵŶĞǀĂůĞƵƌĂũŽƵƚĠĞƉůƵƐŝŵƉŽƌƚĂŶƚĞ
ĞŶŽƉƟŵŝƐĂŶƚĞƚĞŶĂƵƚŽŵĂƟƐĂŶƚůĞƐĚŝǀĞƌƐƉƌŽĐĞƐƐƵƐƉŽƌƚƵĂŝƌĞƐ͘Ŷ
ŵġŵĞƚĞŵƉƐ͕Đ͛ĞƐƚůĂƌĠĨĠƌĞŶĐĞǀŝƐĂŶƚăƉƌŽŵŽƵǀŽŝƌůĞĐŚĂŶŐĞŵĞŶƚ
ƚĞĐŚŶŽůŽŐŝƋƵĞ Ğƚ ĐƵůƚƵƌĞů ƋƵĞ ƐƵƉƉŽƐĞ ů͛ŝŶĐŽƌƉŽƌĂƟŽŶ ĚĞƐ
ƚĞĐŚŶŽůŽŐŝĞƐĚĞů͛ŝŶĨŽƌŵĂƟŽŶĚĂŶƐůĂůŽŐŝƐƟƋƵĞŵĂƌŝƟŵĞƉŽƌƚƵĂŝƌĞ͘
tĞďƉĂŐĞĨŽƌŵŽďŝůĞ
ƚĞůĞƉŚŽŶĞƐ
dŚĞWŽƌƚƵƚŚŽƌŝƚLJŚĂƐ
ƌĞĚĞƐŝŐŶĞĚŝƚƐĐŽƌƉŽƌĂƟǀĞǁĞď
ƉĂŐĞƚŚĂƚŝŶĐůƵĚĞƐĂĐŽŵƉůĞƚĞůLJ
ŝŶŶŽǀĂƟŶŐǀĞƌƐŝŽŶĨŽƌĂĐĐĞƐƐŝŶŐ
ŝŶĨŽƌŵĂƟŽŶĂďŽƵƚƚŚĞĂĐƟǀŝƟĞƐ
ŽĨƚŚĞWŽƌƚŽĨŝůďĂŽĂŶĚƚŚĞ
ĐŽŵƉĂŶŝĞƐŽīĞƌŝŶŐĚŝīĞƌĞŶƚ
ƐĞƌǀŝĐĞƐ͘ĐĐĞƐƐĨŽƌďŽƚŚĨŽƌ
ŝK^;ŝͲWŚŽŶĞͿĂŶĚŶĚƌŽŝĚ
ƉůĂƞŽƌŵƐ;ŽƚŚĞƌƐͿŝƐǀŝĂƚŚĞ
ǁĞďƉĂŐĞ͗ǁǁǁ͘ďŝůďĂŽƉŽƌƚ͘ĞƐ
32
33
^ŝƚĞƉŽƵƌĚŝƐƉŽƐŝƟĨƐŵŽďŝůĞƐ
>͛ƵƚŽƌŝƚĠWŽƌƚƵĂŝƌĞĂĐƌĠĠ
ƵŶĞǀĞƌƐŝŽŶƚŽƚĂůĞŵĞŶƚ
ŝŶŶŽǀĂŶƚĞƉĞƌŵĞƩĂŶƚů͛ĂĐĐğƐ
ăƉĂƌƟƌĚĞĚŝƐƉŽƐŝƟĨƐŵŽďŝůĞƐ
Ě͛ŝŶĨŽƌŵĂƟŽŶƐĐŽŶĐĞƌŶĂŶƚ
ů͛ĂĐƟǀŝƚĠĚƵWŽƌƚĚĞŝůďĂŽĞƚ
ůĞƐĞŶƚƌĞƉƌŝƐĞƐƉƌĞƐƚĂƚĂŝƌĞƐĚĞ
ƐĞƌǀŝĐĞƐƋƵŝƐ͛LJƚƌŽƵǀĞŶƚ͘>͛ĂĐĐğƐ͕
ƋƵĞĐĞƐŽŝƚƉŽƵƌůĂƉůĂƚĞͲĨŽƌŵĞ
/K^;ŝͲWŚŽŶĞͿŽƵŶĚƌŽŝĚ;ĂƵƚƌĞƐ
ƉŽƌƚĂďůĞƐͿ͕Ɛ͛ĞīĞĐƚƵĞƉĂƌůĞƐŝƚĞ
;ǁǁǁ͘ďŝůďĂŽƉŽƌƚ͘ĞƐͿ͘
d>Dd/^E/EEKsd/KEd>Dd/Yhd/EEKsd/KE
WƌŽĐĞĚƵƌĞƐ,ĂƌŵŽŶŝƐĂƟŽŶ'ƌŽƵƉƉƌĞƐĞŶƚĂƟŽŶ;ŝůďĂŽ͕ϮϰEŽǀĞŵďĞƌͿ
WƌĠƐĞŶƚĂƟŽŶĚƵ'ƌŽƵƉĞĚ͛,ĂƌŵŽŶŝƐĂƟŽŶĚĞƐWƌŽĐĠĚƵƌĞƐͲ'W;ŝůďĂŽ͕ϮϰŶŽǀĞŵďƌĞͿ
dĞůĞŵĂƟĐƐ
E^ĂŶĚy^ĞŶĂďůĞĐĂƌƌLJŝŶŐ
ŽƵƚŽĨŶĞǁŽŵŵƵŶŝƚLJƵƐƚŽŵƐ
>ĞŐŝƐůĂƟŽŶ
E^Ğƚy^ĨĂĐŝůŝƚĞŶƚůĞƌĞƐƉĞĐƚ
ĚĞůĂŶŽƵǀĞůůĞůĠŐŝƐůĂƟŽŶ
ĚŽƵĂŶŝğƌĞĐŽŵŵƵŶĂƵƚĂŝƌĞ
+
ƚƉƌĞƐĞŶƚ͕ĐŽŵƉĂŶŝĞƐďĞůŽŶŐŝŶŐƚŽƚŚĞŝůďĂŽůŽŐŝƐƚŝĐƐͲƉŽƌƚ
ĐŽŵŵƵŶŝƚLJŚĂǀĞƚŚĞĨŽůůŽǁŝŶŐƐĞƌǀŝĐĞƐĂƚƚŚĞŝƌĚŝƐƉŽƐĂů͗
ĐƚƵĞůůĞŵĞŶƚ͕ůĞƐĞŶƚƌĞƉƌŝƐĞƐĚĞůĂĐŽŵŵƵŶĂƵƚĠůŽŐŝƐƟƋƵĞͲƉŽƌƚƵĂŝƌĞ
ĚƵWŽƌƚĚĞŝůďĂŽĚŝƐƉŽƐĞŶƚĚĞƐƐĞƌǀŝĐĞƐƐƵŝǀĂŶƚƐ͗
ϭ͘ /ŶƚĞŐƌĂƚĞĚĞƌƚŚŝŶŐWƌŽĐĞĚƵƌĞ;W/Ϳ͘
ϭ͘ ^ĞƌǀŝĐĞŝŶƚĠŐƌĠĚĞŐĞƐƟŽŶĚĞƐĞŶƚƌĠĞƐĞƚĚĞƐƐŽƌƟĞƐĚĞŶĂǀŝƌĞƐ;W/Ϳ͘
Ϯ͘ ĂŶŐĞƌŽƵƐŐŽŽĚƐƉƌŽĐĞƐƐŝŶŐ͘
Ϯ͘ ^ĞƌǀŝĐĞĚĞŐĞƐƟŽŶĚĞŵĂƌĐŚĂŶĚŝƐĞƐĚĂŶŐĞƌĞƵƐĞƐ͘
ϯ͘ ^ƵŵŵĂƌLJĚĞĐůĂƌĂƚŝŽŶƐĂŶĚĐĂƌŐŽƐƵŵŵĂƌŝĞƐ͘
ϯ͘ ^ĞƌǀŝĐĞĚĞŐĞƐƟŽŶĚĞĚĠĐůĂƌĂƟŽŶƐƐŽŵŵĂŝƌĞƐĞƚĚĞŵĂŶŝĨĞƐƚĞƐĚĞ
ŵĂƌĐŚĂŶĚŝƐĞƐ͘
ϰ͘ ŽŽƌĚŝŶĂƚŝŽŶŽĨĐŽŶƚĂŝŶĞƌƉŽƐŝƚŝŽŶŝŶŐĂƚŽƌĚĞƌ/ŶƐƉĞĐƚŝŽŶ
Post.
ϱ͘ WƌĞͲŶŽƚŝĨŝĐĂƚŝŽŶŽĨƌŽĂĚƚƌĂŶƐƉŽƌƚŝŶƚŽƚŚĞWŽƌƚĞŶƚƌLJĐŽŶƚƌŽů
ĂŶĚƐƚĞǀĞĚŽƌŝŶŐƚĞƌŵŝŶĂůŐĂƚĞƉƌŽĐĞƐƐŝŶŐ͘
ϰ͘ ^ĞƌǀŝĐĞĚĞĐŽŽƌĚŝŶĂƟŽŶĚƵƉŽƐŝƟŽŶŶĞŵĞŶƚĚĞĐŽŶƚĞŶĞƵƌƐĚĂŶƐůĞ
WŽƐƚĞĚ͛/ŶƐƉĞĐƟŽŶ&ƌŽŶƚĂůŝĞƌ;W/&Ϳ͘
ϲ͘ WĂƉĞƌͲĨƌĞĞƵƐƚŽŵƐĞdžƉŽƌƚĐůĞĂƌĂŶĐĞ͘
ϱ͘ ^ĞƌǀŝĐĞƐĚĞƉƌĠĂǀŝƐĚ͛ĞŶƚƌĠĞĚĞƚƌĂŶƐƉŽƌƚƌŽƵƟĞƌĂƵƉŽŝŶƚĚĞĐŽŶƚƌƀůĞ
Ě͛ĞŶƚƌĠĞĚƵƉŽƌƚĞƚŐĞƐƟŽŶĚĞƉŽƌƚĞƐĚĞƚĞƌŵŝŶĂƵdž͘
ϳ͘ ĞůŝǀĞƌLJĂŶĚĂĚŵŝƚƚĂŶĐĞ͘
ϲ͘ >ŝƐƚĞĚĞŵĂƌĐŚĂŶĚŝƐĞƐŽƵůŝďĠƌĂƟŽŶƐĂŶƐĚŽĐƵŵĞŶƚĚ͛ĞdžƉŽƌƚĂƟŽŶ͘
ϴ͘ ŶƚƌLJ^ƵŵŵĂƌLJĞĐůĂƌĂƚŝŽŶDĂŶĂŐĞŵĞŶƚ͘
ϳ͘ ^ĞƌǀŝĐĞĚ͛ĂĚŵŝƐƐŝŽŶĞƚĚĞůŝǀƌĂŝƐŽŶ͘
ϵ͘ džŝƚ^ƵŵŵĂƌLJĞĐůĂƌĂƚŝŽŶDĂŶĂŐĞŵĞŶƚ͘
ϴ͘ ^ĞƌǀŝĐĞĚĞ'ĞƐƟŽŶĚĞůĂĠĐůĂƌĂƟŽŶ^ŽŵŵĂŝƌĞĚ͛ŶƚƌĠĞ;E^Ϳ͘
ϵ͘ ^ĞƌǀŝĐĞĚĞ'ĞƐƟŽŶĚĞůĂĠĐůĂƌĂƟŽŶ^ŽŵŵĂŝƌĞĚĞ^ŽƌƟĞ;y^Ϳ͘
ZĞƉŽƌƚϮϬ11 Bilan
Yh>/dz͕WZsEd/KEEEs/ZKEDEdYh>/d͕WZsEd/KEdEs/ZKEEDEd
WŽƌƚƵƚŚŽƌŝƚLJĂǁĂƌĚĞĚ/^K
ϭϰϬϬϭĞƌƟĮĐĂƟŽŶ
ϮϬϭϭǁĂƐƚŚĞLJĞĂƌĞƌƟĮĐĂƟŽŶ/^KϭϰϬϬϭ͕͞/ŶƚĞŐƌĂƚĞĚ
>ŽŐŝƐƟĐƐ DĂŶĂŐĞŵĞŶƚ ĂŶĚ WƌŽǀŝƐŝŽŶ ŽĨ WŽƌƚ ^ĞƌǀŝĐĞƐ͟
ǁĂƐŽďƚĂŝŶĞĚ͘
OďƚĂŝŶŝŶŐƚŚŝƐĞŶǀŝƌŽŶŵĞŶƚĂů
ĐĞƌƟĮĐĂƚĞĐůŽƐĞƐĂƉƌŽĐĞƐƐƚŚĂƚ
ďĞŐĂŶŝŶϮϬϬϭǁŝƚŚYƵĂůŝƚLJ
ĞƌƟĮĐĂƚĞ/^KϵϬϬϭ͕ǁŚŝĐŚ
ǁĂƐĐŽŶƟŶƵĞĚǁŝƚŚWƌĞǀĞŶƟŽŶ
ĞƌƟĮĐĂƚĞK,^^ϭϴϬϬϭŝŶ
ϮϬϬϳ͘dŚŝƐƉƌŽĐĞƐƐƐĞƌǀĞƐĂƐĂ
ďĂƐĞĨŽƌƚŚĞWŽƌƚƵƚŚŽƌŝƚLJƚŽ
ŝŶĐŽƌƉŽƌĂƚĞƚŚĞĮŶĂůƋƵĂůŝƚLJŽĨ
ƚŚĞƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚĨŽƌĐůŝĞŶƚƐ
ŝŶƚŽŝƚƐŵĂŶĂŐĞŵĞŶƚƉŽůŝĐLJ͕ƚŽ
ŝŶƚĞŐƌĂƚĞǁŽƌŬĂĐĐŝĚĞŶƚƌŝƐŬƐŝŶƚŽ
ŝƚƐĂĐƟǀŝƟĞƐĂƐĂǁŚŽůĞĂŶĚƚŽ
ƉƌŝŽƌŝƟƐĞĞŶǀŝƌŽŶŵĞŶƚĂůƉŽůůƵƟŽŶ
ƉƌĞǀĞŶƟŽŶǁŝƚŚŝŶŝƚƐĐŽŵƉĞƚĞŶĐĞƐ͘
ĞƌƟĮĐĂƟŽŶ/^KϭϰϬϬϭŝƐƚŚĞ
ĐƵůŵŝŶĂƟŽŶŽĨĂŐƌĞĂƚĞīŽƌƚŽŶ
ďĞŚĂůĨŽĨƚŚĞWŽƌƚƵƚŚŽƌŝƚLJ͛ƐƐƚĂī
ƚŽĂĚĂƉƚĂůůƚŚĞŝƌƉƌŽĐĞƐƐĞƐĂŶĚ
ƉƌŽĐĞĚƵƌĞƐƚŽƚŚĞŶŽƌŵ͕ĂƐǁĞůů
ĂƐŵĂdžŝŵŝƐŝŶŐƚŚĞĨƵůĮůŵĞŶƚŽĨ
ĂůůƚŚĞůĞŐĂůƌĞƋƵŝƐŝƚĞƐƌĞůĂƚĞĚƚŽ
ƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ůůŽĨƚŚŝƐŚĂƐ
ďĞĞŶŝŶŬĞĞƉŝŶŐǁŝƚŚĂƉƌŽĐĞƐƐ
ŽĨĞŶǀŝƌŽŶŵĞŶƚƚƌĂŝŶŝŶŐĂŶĚ
ĂǁĂƌĞŶĞƐƐƌĂŝƐŝŶŐƚŚĞĞŶƟƚLJŚĂƐ
ďĞĞŶĂĚǀŽĐĂƟŶŐĨŽƌLJĞĂƌƐ͘
KďƚĂŝŶŝŶŐƚŚŝƐĐĞƌƟĮĐĂƟŽŶŚĂƐ
ƐƵƉƉŽƐĞĚĞdžƚĞŶĚŝŶŐŝƚƐƌĞĂĐŚƚŽĂůů
ƚŚĞWŽƌƚƵƚŚŽƌŝƚLJ͛ƐƐĞƌǀŝĐĞƐ͕ĂůƐŽ
ĨŽƌƚŚĞYƵĂůŝƚLJĂŶĚWƌĞǀĞŶƟŽŶ
ĐĞƌƟĮĐĂƟŽŶƐ͘ŽŶƐĞƋƵĞŶƚůLJ͕
ŝƚƌĞŝŶĨŽƌĐĞƐĞŶǀŝƌŽŶŵĞŶƚĂů
ĂǁĂƌĞŶĞƐƐŝŶĂůůƚŚĞ/ŶƚĞŐƌĂƚĞĚ
DĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ;/D^Ϳ͘
/ŶůŝŬĞŵĂŶŶĞƌ͕ƚŚĞŝůďĂŽWŽƌƚ
ƵƚŚŽƌŝƚLJŚĂƐĞůĂďŽƌĂƚĞĚĂƉůĂŶ
ŽĨĂĐƟŽŶĨŽƌƚŚĞƉƌŽŐƌĞƐƐŝǀĞ
ƌĞƉůĂĐĞŵĞŶƚŽĨƚŚĞǀĞŚŝĐůĞƐŝŶŝƚƐ
ŇĞĞƚĨŽƌŽƚŚĞƌƐǁŚŝĐŚĂƌĞŵŽƌĞ
ĞŶǀŝƌŽŶŵĞŶƚĂůůLJĞĐŽͲĞĸĐŝĞŶƚĂŶĚ
ƌĞƐƉĞĐƞƵů;ŚLJďƌŝĚ͕ĞůĞĐƚƌŝĐ͕ƉůƵŐͲŝŶ
ŚLJďƌŝĚĞƚĐͿ͘dŚĞĞŶƟƚLJŚĂƐĂůƐŽ
ĞůĂďŽƌĂƚĞĚ͞ŐŽŽĚĞŶǀŝƌŽŶŵĞŶƚĂů
ƉƌĂĐƟĐĞƐĂŐƌĞĞŵĞŶƚ͟ǁŝƚŚ
ĚŝīĞƌĞŶƚŽƉĞƌĂƚŽƌƐǁŝƚŚĂǀŝĞǁƚŽ
ĚŝƐĐŽƵŶƟŶŐƚĂdžĞƐŝŶǀŝƌƚƵĞŽĨĮŶĞ
ĞŶǀŝƌŽŶŵĞŶƚĂůƉƌĂĐƟĐĞƐ͕ĂƐǁĞůů
ĂƐƉƌŽĚƵĐŝŶŐƚŚĞ͞&ŝƌƐƚ'ƵŝĚĞƚŽ
^ƵƐƚĂŝŶĂďŝůŝƚLJ͘͟
^ĞƌǀŝĐĞYƵĂůŝƚLJZĞĨĞƌĞŶĐĞƐ
dŚƌŽƵŐŚŽƵƚƚŚĞLJĞĂƌƐĞǀĞƌĂů
ĐŽŵƉĂŶŝĞƐŚĂǀĞƌĞŶŽǀĂƚĞĚ
ĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞŝƌ
ŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵƐǁŚĂƚ
ĂƌĞŬŶŽǁŶĂƐƚŚĞŝůďĂŽWŽƌƚ
ƵƚŚŽƌŝƚLJ͛Ɛ^ĞƌǀŝĐĞZĞĨĞƌĞŶĐĞƐ͕
ǁŚŝĐŚƐĞƚŽƵƚĂƐĞƌŝĞƐŽĨƋƵĂůŝƚLJ
ŐƵŝĚĞůŝŶĞƐŽŶĚŝīĞƌĞŶƚĂƐƉĞĐƚƐ
ŽĨƉŽƌƚŽƉĞƌĂƟŽŶƐ͕ĞĸĐŝĞŶĐLJ͕
ĨĂĐŝůŝƚLJŵĂŝŶƚĞŶĂŶĐĞ͕ĐƵƐƚŽŵĞƌ
ƐĂƟƐĨĂĐƟŽŶĂŶĚƚĞůĞŵĂƟĐƐ
ĐŽŵŵƵŶŝĐĂƟŽŶƐ͘
/ŶƚŚŝƐƐĞŶƐĞ͕ƚŚĞĨŽůůŽǁŝŶŐ
ĐŽŵƉĂŶŝĞƐŚĂǀĞƌĞŶĞǁĞĚƚŚĞŝƌ
ĐŽƌƌĞƐƉŽŶĚŝŶŐĐĞƌƟĮĐĂƟŽŶ͗
ŐĞŵĂƐĂ͕ĞƌŐĞDĂƌşƟŵĂŝůďĂŽ͕
ŽŶƐŝŐŶĂĐŝŽŶĞƐdŽƌŽLJĞƚŽůĂnjĂ͕
DĂƌşƟŵĂĂŶĚŝŶĂ͕EŽĂƚƵŵ
ŽŶƚĂŝŶĞƌdĞƌŵŝŶĂůŝůďĂŽ͕ƐĞƌŐƵŝ͕
^ĞƌǀŝĐŝŽƐ>ŽŐşƐƟĐŽƐWŽƌƚƵĂƌŝŽƐ
Ͳ^>WĂŶĚdĞƌŵŝŶĂůĞƐWŽƌƚƵĂƌŝĂƐͲ
dW^͘dŚĞŝƌƌĞŶĞǁĂůĞŶƚĂŝůƐƚŚĞ
ĐŽƌƌĞƐƉŽŶĚŝŶŐƚĂdžĚŝƐĐŽƵŶƚŽŶƚŚĞŝƌ
ĂĐƟǀŝƟĞƐ͘
DĂĞƌƐŬ͕DĞĚŝƚĞƌƌĂŶĞĂŶ^ŚŝƉƉŝŶŐ
ŽŵƉĂŶLJͲD^LJD^ƌŽĐŝĞƌĞ
ŚĂǀĞĂůƐŽďĞĞŶŝŶĐŽƌƉŽƌĂƚĞĚ
ŝŶƚŽĂŶĚĐĞƌƟĮĞĚƵŶĚĞƌƚŚĞ
͞ŚĂƌĂĐƚĞƌŝƐƟĐƐŽĨ^ĞƌǀŝĐĞYƵĂůŝƚLJ
^ŝŐŶŝŶŐŽĨĐŽŽƉĞƌĂƟŽŶĂŐƌĞĞŵĞŶƚďĞƚǁĞĞŶdŚĞhŶŝǀĞƌƐŝƚLJŽĨƚŚĞĂƐƋƵĞŽƵŶƚƌLJ;hWsͬ,hͿĂŶĚƚŚĞWŽƌƚƵƚŚŽƌŝƚLJ
^ŝŐŶĂƚƵƌĞĚĞůĂĐŽŶǀĞŶƟŽŶĚĞĐŽůůĂďŽƌĂƟŽŶĞŶƚƌĞů͛hWsͬ,hĞƚů͛ƵƚŽƌŝƚĠWŽƌƚƵĂŝƌĞ
34
35
ĨŽƌ^ŚŝƉƉŝŶŐŽŵƉĂŶŝĞƐ͟ƐĞĐƟŽŶ͕
ǁŚŝůĞǀĞƌŐƌĞĞŶŚĂƐƐƚĂƌƚĞĚƚŚĞ
ƉƌŽĐĞƐƐǁŚŝĐŚŝƚŚŽƉĞƐƚŽďĞ
ĮŶŝƐŚĞĚŝŶϮϬϭϮ͘dŚĞƉƌŽĐĞƐƐŽĨ
ƋƵĂůŝƚLJŝŵƉƌŽǀĞŵĞŶƚŝŶƉƌŽǀŝƐŝŽŶ
ŽĨƐĞƌǀŝĐĞƐƚŚĞƐŚŝƉƉŝŶŐĐŽŵƉĂŶŝĞƐ
ĂƌĞƵŶĚĞƌŐŽŝŶŐŝƐĂĐĐŽŵƉĂŶŝĞĚ
ďLJƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐǀĞƐƐĞůƚĂdž
ƌĞĚƵĐƟŽŶ͘
WƌĞǀĞŶƟŽŶ
tŝƚŚƌĞŐĂƌĚƐƚŽƉƌĞǀĞŶƟŽŶ͕
ŵĞŶƟŽŶŵƵƐƚďĞŵĂĚĞŽĨƚŚĞ
ĨŽůůŽǁŝŶŐ͗ĂĐĐƌĞĚŝƚĂƟŽŶŽĨƚŚĞWŽƌƚ
DĞĚŝĐĂůĞŶƚƌĞĂƐĂƚƌĂŝŶŝŶŐĐĞŶƚƌĞ
ĨŽƌƌĞƐŝĚĞŶƚĚŽĐƚŽƌƐŝŶ/ŶĚƵƐƚƌŝĂů
DĞĚŝĐŝŶĞĨƌŽŵKƐĂŬŝĚĞƚnjĂ;ĂƐƋƵĞ
,ĞĂůƚŚ^ĞƌǀŝĐĞͿ͖ŽďƚĂŝŶŝŶŐƚŚĞWƌŝnjĞ
ĨŽƌ'ŽŽĚWƌĞǀĞŶƟǀĞWƌĂĐƟĐĞƐ
ϮϬϭϭĨƌŽŵKƐĂůĂŶ;ĂƐƋƵĞ
/ŶƐƟƚƵƚĞĨŽƌ/ŶĚƵƐƚƌŝĂů,ĞĂůƚŚ
ĂŶĚ^ĂĨĞƚLJͿ͖ĂŶĚƚŚĞĂƉƉůŝĐĂƟŽŶ
ĨŽƌ͞ĂƌĚŝŽƉƌŽƚĞĐƚĞĚ^ƉĂĐĞ͟
ĐĞƌƟĮĐĂƟŽŶĨŽƌƚŚĞWŽƌƚŽĨŝůďĂŽ͕
ĂŌĞƌƚŚĞŝŶƐƚĂůůĂƟŽŶŽĨĂƵƚŽŵĂƟĐ
ĚĞĮďƌŝůůĂƚŽƌƐĂŶĚƐƚĂīƚƌĂŝŶŝŶŐĨŽƌ
ƚŚĞŝƌƵƐĞ͘
Yh>/dz͕WZsEd/KEEEs/ZKEDEdYh>/d͕WZsEd/KEdEs/ZKEEDEd
>͛ƵƚŽƌŝƚĠWŽƌƚƵĂŝƌĞŽďƟĞŶƚůĂ
ĐĞƌƟĮĐĂƟŽŶ/^KϭϰϬϬϭ
>͛ĂŶŶĠĞϮϬϭϭĂĠƚĠů͛ĂŶŶĠĞĚĞů͛ŽďƚĞŶƟŽŶĚĞůĂĞƌƟĮĐĂƟŽŶ/^KϭϰϬϬϭĚĂŶƐůĞ
ĐĂĚƌĞĚĞůĂ͞'ĞƐƟŽŶĚĞůĂůŽŐŝƐƟƋƵĞŝŶƚĠŐƌĂůĞĞƚĚĞůĂƉƌĞƐƚĂƟŽŶĚĞƐĞƌǀŝĐĞƐ
ƉŽƌƚƵĂŝƌĞƐ͘͟
AǀĞĐ ů͛ŽďƚĞŶƟŽŶ ĚĞ ĐĞƩĞ ĐĞƌƟĮĐĂƟŽŶ
ĞŶǀŝƌŽŶŶĞŵĞŶƚĂůĞ͕ ŽŶ ĂĐŚğǀĞ ƵŶ ƉƌŽĐĞƐƐƵƐ
ĚĠŵĂƌƌĠĞŶϮϬϬϭĂǀĞĐůĂĐĞƌƟĮĐĂƟŽŶĚĞYƵĂůŝƚĠ
/^K ϵϬϬϭ͕ ƋƵŝ ĨƵƚ ƐƵŝǀŝĞ ƉĂƌ ůĂ ĐĞƌƟĮĐĂƟŽŶ ĚĞ
ƉƌĠǀĞŶƟŽŶ K,^^ ϭϴϬϬϭ ŽďƚĞŶƵĞ ĞŶ ϮϬϬϳ͘ Ğ
ƉƌŽĐĞƐƐƵƐ ĞƐƚ ƵƟůŝƐĠ ĐŽŵŵĞ ďĂƐĞ ƉŽƵƌ ƋƵĞ
ů͛ƵƚŽƌŝƚĠ WŽƌƚƵĂŝƌĞ ŝŶĐŽƌƉŽƌĞ ĚĂŶƐ ƐĂ ƉŽůŝƟƋƵĞ
ĚĞ ŐĞƐƟŽŶ ůĂ ƋƵĂůŝƚĠ ĮŶĂůĞ ĚĞƐ ƐĞƌǀŝĐĞƐ ƌĞŶĚƵƐ
ĂƵdž ĐůŝĞŶƚƐ͕ ŝŶƚğŐƌĞ ůĂ ƉƌĠǀĞŶƟŽŶ ĚĞƐ ƌŝƐƋƵĞƐ
ĂƵ ƚƌĂǀĂŝů ĚĂŶƐ ů͛ĞŶƐĞŵďůĞ ĚĞ ƐĞƐ ĂĐƟǀŝƚĠƐ
Ğƚ ĚŽŶŶĞ ůĂ ƉƌŝŽƌŝƚĠ ă ůĂ ƉƌĠǀĞŶƟŽŶ ĚĞ ůĂ
ƉŽůůƵƟŽŶĞŶǀŝƌŽŶŶĞŵĞŶƚĂůĞĚĂŶƐůĞĐĂĚƌĞĚĞƐĂ
ĐŽŵƉĠƚĞŶĐĞ͘
>ĂĐĞƌƟĮĐĂƟŽŶ/^KϭϰϬϬϭĐŽƵƌŽŶŶĞƵŶŝŵƉŽƌƚĂŶƚ
ĞīŽƌƚ ĚĞ ů͛ĞŶƐĞŵďůĞ ĚĞ ƐŽŶ ƉĞƌƐŽŶŶĞů ƉŽƵƌ
ĂĚĂƉƚĞƌ ƚŽƵƐ ƐĞƐ ƉƌŽĐĞƐƐƵƐ Ğƚ ƉƌŽĐĠĚƵƌĞƐ ă ůĂ
ŶŽƌŵĞ͕ ĂŝŶƐŝ ƋƵĞ ƉŽƵƌ ƌĞŶĨŽƌĐĞƌ ů͛ĞdžĠĐƵƟŽŶ ĚĞ
ƚŽƵƚĞƐ ůĞƐ ĐŽŶĚŝƟŽŶƐ ůĠŐĂůĞƐ ĂLJĂŶƚ ƵŶ ƌĂƉƉŽƌƚ
ĂǀĞĐů͛ĞŶǀŝƌŽŶŶĞŵĞŶƚ͘>ĞƚŽƵƚĞƐƚĞŶĐĂĚƌĠĚĂŶƐ
ƵŶ ƉƌŽĐĞƐƐƵƐ ĚĞ ĨŽƌŵĂƟŽŶ Ğƚ ĚĞ ƐĞŶƐŝďŝůŝƐĂƟŽŶ
ĞŶǀŝƌŽŶŶĞŵĞŶƚĂůĞƉƌĠĐŽŶŝƐĠĞĚĞƉƵŝƐĚĞŶŽŵďƌĞͲ
ƵƐĞƐĂŶŶĠĞƐƉĂƌĐĞƚŽƌŐĂŶŝƐŵĞ͘
>͛ŽďƚĞŶƟŽŶ ĚĞ ĐĞƩĞ ĐĞƌƟĮĐĂƟŽŶ Ă ƐƵƉƉŽƐĠ
ů͛ĞdžƚĞŶƐŝŽŶ ĚĞ ƐĂ ƉŽƌƚĠĞ ă ƚŽƵƐ ůĞƐ ƐĞƌǀŝĐĞƐ ĚĞ
ů͛ƵƚŽƌŝƚĠ WŽƌƚƵĂŝƌĞ͕ ĂŝŶƐŝ ƋƵ͛ă ůĂ ĐĞƌƟĮĐĂƟŽŶ
ĚĞ YƵĂůŝƚĠ Ğƚ ĚĞ WƌĠǀĞŶƟŽŶ͘ /ů ƌĞŶĨŽƌĐĞ ĚŽŶĐ
ůĂ ƐĞŶƐŝďŝůŝƚĠ ĞŶǀŝƌŽŶŶĞŵĞŶƚĂůĞ ĚĂŶƐ ƚŽƵƚ ůĞ
^LJƐƚğŵĞ/ŶƚĠŐƌĠĚĞ'ĞƐƟŽŶ;^/'Ϳ͘
>͛ƵƚŽƌŝƚĠWŽƌƚƵĂŝƌĞĚĞŝůďĂŽĂĠŐĂůĞŵĞŶƚĐƌĠĠƵŶ
ƉůĂŶĚ͛ĂĐƟŽŶƉŽƵƌůĂƐƵďƐƟƚƵƟŽŶƉƌŽŐƌĞƐƐŝǀĞĚĞƐ
ǀĠŚŝĐƵůĞƐĚĞƐĂŇŽƩĞƉĂƌĚ͛ĂƵƚƌĞƐƉůƵƐĞĸĐĂĐĞƐ
ĂƵ ŶŝǀĞĂƵ ĠĐŽůŽŐŝƋƵĞ Ğƚ ƉůƵƐ ƌĞƐƉĞĐƚƵĞƵdž ĚĞ
ů͛ĞŶǀŝƌŽŶŶĞŵĞŶƚ;ŚLJďƌŝĚĞƐ͕ĠůĞĐƚƌŝƋƵĞƐ͕ŚLJďƌŝĚĞƐ
ƌĂĐĐŽƌĚĂďůĞƐ͕ ĞƚĐ͘Ϳ ͖ ůĂ ͞ŽŶǀĞŶƟŽŶ ĚĞ ďŽŶŶĞƐ
ƉƌĂƟƋƵĞƐĞŶǀŝƌŽŶŶĞŵĞŶƚĂůĞƐ͟ĂĠƚĠĚĠǀĞůŽƉƉĠĞ
ĂǀĞĐ ĚŝīĠƌĞŶƚƐ ŽƉĠƌĂƚĞƵƌƐ͕ ĂĮŶ ĚĞ ƌĠĚƵŝƌĞ
ůĞƐ ƚĂdžĞƐ ĞŶ ĨŽŶĐƟŽŶ ĚĞƐ ďŽŶŶĞƐ ƉƌĂƟƋƵĞƐ
ĞŶǀŝƌŽŶŶĞŵĞŶƚĂůĞƐ ͖ ůĞ ͞WƌĞŵŝĞƌ 'ƵŝĚĞ ĚĞ ůĂ
^ŽƵƚĞŶĂďŝůŝƚĠ͟ĂĠŐĂůĞŵĞŶƚĠƚĠĐƌĠĠ͘
ZĠĨĠƌĞŶĐĞƐĚĞYƵĂůŝƚĠĚĞ^ĞƌǀŝĐĞ
͛ĂƵƚƌĞ ƉĂƌƚ͕ ƚŽƵƚ ĂƵ ůŽŶŐ ĚĞ ů͛ĂŶŶĠĞ ƉůƵƐŝĞƵƌƐ
ĞŶƚƌĞƉƌŝƐĞƐ ŽŶƚ ƌĞŶŽƵǀĞůĠ͕ ĞŶ ŝŶĐŽƌƉŽƌĂŶƚ ă
ůĞƵƌƐ ƐLJƐƚğŵĞƐ ĚĞ ŐĞƐƟŽŶ͕ ĐĞ ƋƵĞ ů͛ŽŶ ĂƉƉĞůůĞ
ůĞƐZĠĨĠƌĞŶƟĞůƐĚĞ^ĞƌǀŝĐĞĚĞů͛ƵƚŽƌŝƚĠWŽƌƚƵĂŝƌĞ
ĚĞ ŝůďĂŽ͕ ƋƵŝ ĚĠƚĞƌŵŝŶĞŶƚ ƵŶĞ ƐĠƌŝĞ ĚĞ ƌğŐůĞƐ
ĚĞ ƋƵĂůŝƚĠ ĐŽŶĐĞƌŶĂŶƚ ĐĞƌƚĂŝŶƐ ĂƐƉĞĐƚƐ ĚĞƐ
ŽƉĠƌĂƟŽŶƐƉŽƌƚƵĂŝƌĞƐ͕ů͛ĞĸĐĂĐŝƚĠ͕ůĂŵĂŝŶƚĞŶĂŶĐĞ
ĚĞƐ ŝŶƐƚĂůůĂƟŽŶƐ͕ ůĂ ƐĂƟƐĨĂĐƟŽŶ ĐůŝĞŶƚ Ğƚ ůĞƐ
ĐŽŵŵƵŶŝĐĂƟŽŶƐƚĠůĠŵĂƟƋƵĞƐ͘
Ŷ ĐĞ ƐĞŶƐ͕ ůĞƐ ĞŶƚƌĞƉƌŝƐĞƐ ŐĞŵĂƐĂ͕ ĞƌŐĞ
DĂƌşƟŵĂ ŝůďĂŽ͕ ŽŶƐŝŐŶĂĐŝŽŶĞƐ dŽƌŽ LJ ĞƚŽͲ
ůĂnjĂ͕ DĂƌşƟŵĂ ĂŶĚŝŶĂ͕ EŽĂƚƵŵ ŽŶƚĂŝŶĞƌ
dĞƌŵŝŶĂů ŝůďĂŽ͕ ƐĞƌŐƵŝ͕ ^ĞƌǀŝĐŝŽƐ >ŽŐşƐƟĐŽƐ
WŽƌƚƵĂƌŝŽƐͲ ^>W LJ dĞƌŵŝŶĂůĞƐ WŽƌƚƵĂƌŝĂƐ ͲdW^͘
ŽŶƚ ƌĞŶŽƵǀĞůĠ ůĞƵƌ ĐĞƌƟĮĐĂƟŽŶ ĐŽƌƌĞƐƉŽŶĚĂŶƚĞ͘
Ğ ƌĞŶŽƵǀĞůůĞŵĞŶƚ ĞŶƚƌĂŠŶĞ ůĞ ŵĂŝŶƟĞŶ ĚĞ ůĂ
ƌĠĚƵĐƟŽŶĐŽƌƌĞƐƉŽŶĚĂŶƚĞĚĞůĂƚĂdžĞĚ͛ĂĐƟǀŝƚĠ͘
>ĞƐ ĐŽŵƉĂŐŶŝĞƐ DĂĞƌƐŬ͕ DĞĚŝƚĞƌƌĂŶĞĂŶ
^ŚŝƉƉŝŶŐ ŽŵƉĂŶLJͲ D^ Ğƚ D^ ƌŽĐŝĞƌĞ ŽŶƚ
ĠŐĂůĞŵĞŶƚ ĠƚĠ ŝŶĐůƵƐĞƐ Ğƚ ĐĞƌƟĮĠĞƐ ĚĂŶƐ ůĂ
ƐĞĐƟŽŶ ͞ĂƌĂĐƚĠƌŝƐƟƋƵĞƐ ĚĞ YƵĂůŝƚĠ ĚĞ ^ĞƌǀŝĐĞ
ƉŽƵƌ ŽŵƉĂŐŶŝĞƐ ĚĞƐ ƌŵĂƚĞƵƌƐ͘͟ Ğ ƐŽŶ ĐƀƚĠ͕
ǀĞƌŐƌĞĞŶĂĚĠŵĂƌƌĠůĞƉƌŽĐĞƐƐƵƐƋƵ͛ĞůůĞĞƐƉğƌĞ
ƚĞƌŵŝŶĞƌĞŶϮϬϭϮ͘ĞƉƌŽĐĞƐƐƵƐĚ͛ĂŵĠůŝŽƌĂƟŽŶĂƵ
ŶŝǀĞĂƵĚĞůĂƋƵĂůŝƚĠĚĞůĂƉƌĞƐƚĂƟŽŶĚĞƐĞƌǀŝĐĞƐ
ZĞƉŽƌƚϮϬ11 Bilan
/^KϭϰϬϬϭǁĂƌĚƉƌĞƐĞŶƚĂƟŽŶ
ĠƌĠŵŽŶŝĞĚĞůŝǀƌĂŝƐŽŶĚĞů͛/^KϭϰϬϬϭ
ĂƵdžĂƌŵĂƚĞƵƌƐƐĞƌĂĂĐĐŽŵƉĂŐŶĠĚĞůĂƌĠĚƵĐƟŽŶ
ĚĞůĂƚĂdžĞƐƵƌůĞŶĂǀŝƌĞĐŽƌƌĞƐƉŽŶĚĂŶƚĞ͘
WƌĠǀĞŶƟŽŶ
ĂŶƐ ůĞ ĐŚĂƉŝƚƌĞ ĚĞ ƉƌĠǀĞŶƟŽŶ͕ ŝů ĨĂƵƚ ĐŝƚĞƌ
ů͛ĂĐĐƌĠĚŝƚĂƟŽŶ ĚƵ ĞŶƚƌĞ DĠĚŝĐĂů ƉŽƵƌ ůĂ
ĨŽƌŵĂƟŽŶ ĚĞ DĠĚĞĐŝŶƐ ZĠƐŝĚĂŶƚƐ ƐƉĠĐŝĂůŝƐƚĞƐ
ĞŶDĠĚĞĐŝŶĞĚƵdƌĂǀĂŝůƉĂƌů͛KƐĂŬŝĚĞƚnjĂ;^ĞƌǀŝĐĞ
ĂƐƋƵĞ ĚĞ ^ĂŶƚĠͿ ͖ ů͛ŽďƚĞŶƟŽŶ ĚƵ ͞Wƌŝdž ĚĞƐ
ďŽŶŶĞƐƉƌĂƟƋƵĞƐƉƌĠǀĞŶƟǀĞƐϮϬϭϭ͟ĂĐĐŽƌĚĠƉĂƌ
KƐĂůĂŶ;/ŶƐƟƚƵƚĂƐƋƵĞĚĞ^ĠĐƵƌŝƚĠĞƚĚĞ^ĂŶƚĠƵ
dƌĂǀĂŝůͿ͖ĞƚůĂĚĞŵĂŶĚĞĚ͛ĂĐĐƌĠĚŝƚĂƟŽŶĚĞĐĞƋƵĞ
ů͛ŽŶĂƉƉĞůůĞů͛͞ƐƉĂĐĞĂƌĚŝŽƉƌŽƚĠŐĠ͟ƉŽƵƌůĞWŽƌƚ
ĚĞ ŝůďĂŽ͕ ĂƉƌğƐ ů͛ŝŶƐƚĂůůĂƟŽŶ ĚĞ ĚĠĮďƌŝůůĂƚĞƵƌƐ
ĂƵƚŽŵĂƟƋƵĞƐ Ğƚ ůĂ ĨŽƌŵĂƟŽŶ ĐŽŶĐĞƌŶĂŶƚ ůĞƵƌ
ƵƟůŝƐĂƟŽŶƌĞĕƵĞƉĂƌůĞƉĞƌƐŽŶŶĞůĚƵƉŽƌƚ͘
KDDZ/>d/s/dzd/s/dKDDZ/>
1
2
ϯ
ϳ
8
ϵ
ϭϯ
14
ϭϱ
ϭϵ
20
21
1͘ WƌĞƐĞŶƚĂƚŝŽŶ ŽĨ ϮϬϭϬ ZĞƐƵůƚƐ ŝŶ ŝůďĂŽ ;ϰ DĂƌĐŚͿ
2. W,ĂŶũŝŶ ŶĞǁ ŵĂƌŝƚŝŵĞ ƐĞƌǀŝĐĞ ŝŶ ŝůďĂŽ ƉƌĞƐĞŶƚĂƚŝŽŶ
;ϵ DĂƌĐŚͿ 3. ^ĞĂƚƌĂĚĞ ƌƵŝƐĞƐ ŽŶǀĞŶƚŝŽŶ Ăƚ DŝĂŵŝ
;ϭϱ ĚĞ ŵĂƌnjŽͿ 4. WƌĞƐĞŶƚĂƚŝŽŶ ŝŶ sĂůůĂĚŽůŝĚ ;ϮϮ DĂƌĐŚͿ
5. ƌŝƚƚĂŶLJ&ĞƌƌŝĞƐϭƐƚĐŽŵĞƌĐŝĂůƐ ĂŝůŝŶŐĨƌŽŵŝůďĂŽ;ϮϵDĂƌĐŚͿ
6. ŽŶƐƚŝƚƵƚŝŽŶ ŽĨ dŚĞ WŽƌƚ Θ ZŝǀĞƌ ŽĨ ŝůďĂŽ dƌƵƐƚ ;ϭ
ƉƌŝůͿ 7. /ŶƚĞƌŵŽĚĂů ^ŽƵƚŚ ŵĞƌŝĐĂ džŚŝďŝƚŝŽŶ Ăƚ ^ĂŽ
WĂƵůŽ ;ϲ ƉƌŝůͿ 8. ^ŝŶĂǀĂů džŚŝďŝƚŝŽŶ ;ϭϮ ƉƌŝůͿ 9. ϱƚŚ
ƵƌŽƉĞĂŶ^ŚŽƌƚ^ĞĂ^ŚŝƉƉŝŶŐŽŶŐƌĞƐƐĂƚŝůďĂŽ;ϭϰƉƌŝůͿ
10. džĐĞůůĞŶĐĞ ƌƵŝƐĞ ǁĂƌĚƐ ŝŶ ŝůďĂŽ ;ϱ DĂLJͿ
11. dƌĂŶƐƉŽƌƚ >ŽŐŝƐƚŝĐ džŚŝďŝƚŝŽŶ Ăƚ DƵŶŝĐŚ ;ϭϯ DĂLJͿ
36
37
12. ĂƐƋƵĞ ŽƵŶƚƌLJ dŽƵƌŝƐŵ ǁĂƌĚƐ ;Ϯϲ DĂLJͿ 13. TOC
ƵƌŽƉĞdžŚŝďŝƚŝŽŶŝŶŶƚǁĞƌƉ;ϵ:ƵŶĞͿ14. ŵĞƌŝĐĂŶƌƵŝƐĞ
^ŚŝƉ KǁŶĞƌƐ͛ ǀŝƐŝƚ ;ϭϳͲϮϰ :ƵŶĞͿ 15. >ŝǀĞƌƉŽŽů ;Ϯϭ :ƵŶĞͿ
16. WŽƌƚWƌĞƐĞŶƚĂƚŝŽŶŝŶĐƵĂĚŽƌΘWĞƌƵ;ϱͲϵ:ƵůLJͿ17. ϭƐƚ
ĂůůďLJZŝĐŬŵĞƌƐzŽŬŽŚĂŵĂ;ϭϯ:ƵůLJͿ18. WŽƌƚWƌĞƐĞŶƚĂƚŝŽŶŝŶ
ĂƌĂŐŽnjĂ;Ϯϭ^ĞƉƚĞŵďĞƌͿ19. ƵƌŽƉĞĂŶŽĂƐƚůŝŶŬŽŶŐƌĞƐƐ
ŝŶ ŝůďĂŽ ;ϲ KĐƚŽďĞƌͿ 20. ŵĞƌŝĐĂŶ ĐƌƵŝƐĞ ũŽƵƌŶĂůŝƐƚƐ͛
ǀŝƐŝƚ ƚŽ ŝůďĂŽ ;Ϯϲ ^ĞƉƚ͘ Ͳ ϭͬKĐƚ͘Ϳ 21. WŽƌƚ ƉƌĞƐĞŶƚĂƚŝŽŶ ŝŶ
>ŽŶĚŽŶ;ϭϵKĐƚŽďĞƌͿ22.ƵƐŝŶĞƐƐDŝƐƐŝŽŶƚŽƚŚĞh^;ϭϯͲ
ϮϭKĐƚŽďĞƌͿ23. >ŝĨĞZĂŝůdƌĂŝŶŝŶŐ;ϯϬEŽǀĞŵďĞƌͿ24͘dƌĂĚĞ
DŝƐƐŝŽŶƚŽWĂŶĂŵĂĂŶĚŽůŽŵďŝĂ;ϭϯͲϭϵEŽǀĞŵďĞƌͿ͘
1.WƌĠƐĞŶƚĂƟŽŶĚĞƐƌĠƐƵůƚĂƚƐăŝůďĂŽ;ϰŵĂƌƐͿ2.WƌĠƐĞŶƚĂƟŽŶ
ĚƵƐĞƌǀŝĐĞ,ĂŶũŝŶ;ϵŵĂƌƐͿ3.^ĞĂƚƌĂĚĞƌƵŝƐĞƐŽŶǀĞŶƟŽŶ
ă DŝĂŵŝ ;ϭϱ ŵĂƌƐͿ 4. WƌĠƐĞŶƚĂƟŽŶ ă sĂůůĂĚŽůŝĚ ;ϮϮ ŵĂƌƐͿ
5.WƌĞŵŝĞƌǀŽLJĂŐĞĐŽŵŵĞƌĐŝĂůĚĞƌŝƩĂŶLJ&ĞƌƌŝĞƐ;ϮϵŵĂƌƐͿ
6.ŽŶƐƟƚƵƟŽŶĚĞ&ƵŶĚĂĐŝſŶWƵĞƌƚŽLJZşĂĚĞŝůďĂŽ;ϭĞƌĂǀƌŝůͿ
7. &ŽŝƌĞ /ŶƚĞƌŵŽĚĂůĞ ^ŽƵƚŚ ŵĞƌŝĐĂ ĚĞ ^ĂŽ WĂƵůŽ ;ϲ ĂǀƌŝůͿ
8.&ŽŝƌĞ^ŝŶĂǀĂů;ϭϮĂǀƌŝůͿ9.sĞŽŶĨĠƌĞŶĐĞĞƵƌŽƉĠĞŶŶĞƐƵƌ
ůĞdƌĂŶƐƉŽƌƚDĂƌŝƟŵĞĚĞŽƵƌƚĞŝƐƚĂŶĐĞăŝůďĂŽ;ϭϰĂǀƌŝůͿ
10. Wƌŝdž ĚĞ ĐƌŽŝƐŝğƌĞƐ džĐĞůůĞŶĐĞ ŝůďĂŽ ;ϱ ŵĂŝͿ 11. &ŽŝƌĞ
dƌĂŶƐƉŽƌƚ >ŽŐŝƐƟĐ ĚĞ DƵŶŝĐŚ ;ϭϯ ŵĂŝͿ 12. Wƌŝdž ƵƐŬĂĚŝ ĚĞ
dŽƵƌŝƐŵĞ ;Ϯϲ ŵĂŝͿ 13. &ŽŝƌĞ dK ƵƌŽƉĞ Ě͛ŶǀĞƌƐ ;ϵ ũƵŝŶͿ
KDDZ/>d/s/dzd/s/dKDDZ/>
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14. sŝƐŝƚĞ Ě͛ĂƌŵĂƚĞƵƌƐ ĚĞ ĐƌŽŝƐŝğƌĞƐ ĚĞƐ ƚĂƚƐͲhŶŝƐ ;ĚƵ ϭϳ ĂƵ
ϮϰũƵŝŶͿ15. >ŝǀĞƌƉŽŽů;ϮϭũƵŝŶͿ 16.WƌĠƐĞŶƚĂƟŽŶĞŶƋƵĂƚĞƵƌ
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ŽŵŵĞƌĐŝĂůĂĐƟǀŝƚLJ
ĐƟǀŝƚĠĐŽŵŵĞƌĐŝĂůĞ
ZĞƉŽƌƚϮϬ11 Bilan
DZ/d/D>/E^EWKZdKDWE/^>/'E^DZ/d/D^d^K/d^WKZdh/Z^
38
39
DĂƌŝƟŵĞ>ŝŶĞƐĂŶĚ
WŽƌƚŽŵƉĂŶŝĞƐ
>ŝŐŶĞƐŵĂƌŝƟŵĞƐ
ĞƚƐŽĐŝĠƚĠƐ
ƉŽƌƚƵĂŝƌĞƐ
/Zd>/E^ >/'E^/Zd^
Line - Ligne
Agent - Agent
Ports - Ports
Frequency - Fréquence
CONTAINER SHIPPING LINES LIGNES EN CONTENEUR
Boluda Lines
Servicios Logísticos Portuarios, S.A. - SLP
Algeciras, Las Palmas, Sta. Cruz de Tenerife, La Palma,
Arrecife, Pto. Rosario, Lisboa.
Weekly
Condor Cia. Chilena de Navegación
Interoceánica CCNI
Agunsa Europa, S.A.
Caucedo, Puerto Cabello, Cartagena, Panamá Canal,
Buenaventura, Guayaquil, Callao, Iquique, Valparaíso,
San Antonio, Lirquen, Antofagasta, Rio Haina, San Juan
de Puerto Rico, Altamira, Manzanillo, Manta, ilo, San
Vicente, Puerto Angamos
10 days
D S L - DFDS Suardíaz Line
Vapores Suardiaz Norte, S.L.
Bristol, Dublin, Greenock, Liverpool
Weekly
Delphis/Team Lines
Agencia Marítima Artiach Zuazaga,S.L.
Antwerp, Rotterdam, Gothenburg, Oslo, Moss,
Kristiansand, Hamburg, Gdansk, Gdynia
Weekly (W)
DLL - DFDS Lys Line
Vapores Suardiaz Norte, S.L.
Immingham, Moss, Lysekil, Hamburg, Chatham, Halden
Weekly
Euroafrica Shipping Lines
A. Pérez y Cía. S.L.
Dakar, Takoradi, Lome, Lagos
Monthly
Finnlines PLC
Consignaciones Toro y Betolaza S.A.
Bilbao, Antwerp, Helsinki, St. Petersburg, Gdynia,
Zeebrugge, Bilbao
Weekly
Hanjing Shipping / Nisa
Agencia Marítima Artiach Zuazaga,S.L.
Algeciras
Weekly
Hugo Stinnes Linien GmbH
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
San Juan de Pto. Rico, Rio Haina, Veracruz, Tampico,
Houston
Fortnightly
MacAndrews
Macandrews S.A.
Dublin, Liverpool
Weekly (F)
MacAndrews
Macandrews S.A.
Liverpool, Greenock
Weekly (M)
MacAndrews
Macandrews S.A.
Bristol
Weekly (Th)
MacAndrews
Macandrews S.A.
Liverpool
Weekly (M, Th , F)
MacAndrews
Macandrews S.A.
Tilbury, Rotterdam
2 sailings weekly (Th,M)
Maersk Line
Maersk Spain, S.L.U.
Algeciras, Málaga, Vigo, Bilbao, Algeciras, Málaga,
Barcelona, Valencia
Weekly
MSC Biscay
Mediterranean Shipping Co. S.L.U. MSC
Antwerp
Weekly
Nirint Shipping, B.V.
Nirint Iberia, S.L.
Moerdijk, La Habana, La Guaira, Puerto Cabello, Moa,
Halifax
Fortnightly
Rickmers Linie
E. Erhardt y Cía, S.A.
Oriente Medio /India / Sudeste Asiático / Far East
Monthly
Transfennica
Transfennica Iberia, S.L.
Zeebrugge
3 sailings weekly
WEC Lines - North Spain Canary Service
WEC Lines España, S.L.
Las Palmas, Tenerife
Weekly
X-Press Container Line BGX
A. Pérez y Cía. S.L.
Le Havre, Rotterdam, Gothenburg, Aalborg
Weekly
BREAK BULK SHIPPING LINES LIGNES POUR MARCHANDISE CONVENTIONNELLE
Aceralia
Marítima Candina, S.L.
Iskenderun, Casablanca
Fortnightly
America Shuttle - Spliethoff´s
A. Pérez y Cía. S.L.
Tampico, Veracruz., Houston, New Orleans, San Juan Pto.
Rico
20 days
Arab Lines
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Jeddah, Aqaba, Dubai, Dammam, Kuwait, Bahrain, Doha,
Abu Dhabi, Bandar Abbas, Jebel Ali
Monthly
Arcelor
Marítima Candina, S.L.
Gent, Bremen, Brake
Weekly
BBC Chartering & Logistics - Americana Line
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Santos, Río de Janeiro, Porto Alegre, Vitoria, Buenos Aires
Fortnightly
BBC Chartering & Logistics - Andino Express
Line
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Esmeralda, Guayaquil, Callao, Antofagasta, Valparaíso,
San Antonio
Fortnightly
BSLE
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Umm Qasr, Bandar Abbas, Bandar Khomeini
21 days
Caribean Shuttle - Spliethoff´s
A. Pérez y Cía. S.L.
Puerto Cabello, Matanzas, Rio Haina, Guanta,
Willemstad, Point Lisas, Barranquilla
20 days
Chipolbrok
A. Pérez y Cía. S.L.
Antwerp, Hamburg, Bilbao, Jedah, Mumbai, Shanghai,
Dalian, Xingang, Singapore, Busan
Monthly
Condor Cia. Chilena de Navegación Interoceánica CCNI
Agunsa Europa, S.A.
Callao, Iquique, Antofagasta, San Antonio
10 days
(M) Monday (T) Tuesday (W) Wednesday (Th) Thursday (F) Friday
40
41
/Zd>/E^>/'E^/Zd^
Line - Ligne
Agent - Agent
Ports - Ports
Frequency - Fréquence
DLL - DFDS Lys Line
Vapores Suardiaz Norte, S.L.
Immingham, Moss, Lysekil, Hamburg, Chatham, Halden
Weekly
ECL
Alberto Jentoft, S.A.
Matanzas, Palua, Puerto Ordaz
Monthly
Euroafrica Shipping Lines
A. Pérez y Cía. S.L.
Dakar, Takoradi, Lome, Lagos
Monthly
Finnlines PLC
Consignaciones Toro y Betolaza S.A.
Bilbao, Antwerp, Helsinki, St. Petersburg, Gdynia,
Zeebrugge, Bilbao
Weekly
Gearbulk
Bergé Marítima Bilbao, S.L.
Maputo, Buenos Aires, Santos
Fortnightly
Ilva - Incargo
Marítima Candina, S.L.
Taranto, Genoa
Fortnightly
Intraha
Consignaciones Toro y Betolaza S.A.
Vlaardingen
Weekly
Nirint Shipping, B.V.
Nirint Iberia, S.L.
Moerdijk, La Habana, La Guaira, Puerto Cabello, Moa,
Halifax
Fortnightly
Normed
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Istambul, Izmir,Iskenderun, Diliskelesi, Derince, Eregli,
Constanta, Napoli, Ashdod, Haifa
20 days
Onego
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Houston, New Orleans, Mobile, Savannah, Baltimore,
New York, Newark
Monthly
Rickmers Linie
E. Erhardt y Cía, S.A.
SAFMARINE - Servicio Opex
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Tenerife, Takoradi, Sao Tome, Bata, Onne, Douala,
Libreville, Lome, Lobito, Luanda, Namibe
Monthly
Sapid Shipping
Agencia Marítima Sea Spain, S.A.
Bandar Abbas, Bandar Khomeini, Bandar Assaluyeh,
Damman, Kuwait
Monthly
Sloman Neptun
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Middle & Far East
Monthly
Tata Steel
Marítima Candina, S.L.
Ijmuiden, Antwerp, Newport, Flixborough, Glasgow,
Shotton, Mostyn, Middlesbrough, Swansea
2 sailings weekly
Thyssen
Marítima Candina, S.L.
Rotterdam
Fortnightly
Thyssenkrupp Verkehr
Agencia Marítima Sea Spain, S.A.
Duisburg, Rotterdam, Antwerp. Brake
Weekly
Westfal - Larsen
Orey Shipping, S.L.S.U.
Santos
Monthly
Brittany Ferries
Bergé Marítima Bilbao, S.L.
Bilbao, Portsmouth, Roscoff
2 sailings weekly
Finnlines PLC
Consignaciones Toro y Betolaza S.A.
Bilbao, Antwerp, Helsinki, St. Petersburg, Gdynia,
Zeebrugge, Bilbao
Weekly
Transfennica
Transfennica Iberia, S.L.
Zeebrugge
3 sailings weekly
Monthly
RO-RO SHIPPING LINES LIGNES RO-RO
LIQUID BULKS SHIPPING LINES LIGNES POUR VRACS LIQUIDES
Carl Butner Gmbh and Co.
Correa Agencia Marítima, S.L.
Depending on cargo
Monthly
Cepsa
Bergé Marítima Bilbao, S.L.
Algeciras, Huelva
10 days
German Tankers
Correa Agencia Marítima, S.L.
Antwerp, Rotterdam, Teesport, Oslo
Fortnightly
Kosan
Aarus Marítima, S.A.
Gijón, Coruña
Fortnightly
Nigeria LNG
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Bonny
Fortnightly
Tanker Transport Serv. - TTS
Norbert Dentressangle Gerposa
Rotterdam, Antwerp, Dunkirk, Fos, Riga, Piombino
Fortnightly
SOLID BULKS SHIPPING LINES LIGNES POUR VRACS SOLIDES
Bergé Shipbrokers
Bergé Marítima Bilbao, S.L.
Pasajes
Weekly
Bunge
Servicios Logísticos Portuarios, S.A. - SLP
New Orleans
Bimonthly
Graneles Sud Chemic
Marítima Candina, S.L.
Oristano, Puerto Torres, Milos
Fortnightly
ZĞƉŽƌƚϮϬ11 Bilan
&Z>/E^ >/'E^&Z
FEEDER LINES LIGNES FEEDER
Agrexco
Anmar Line
APL
Atlantic Container Line
Baco - Liner
Casa Line
China Shipping Container Line - CSCL
CMA CGM
Containerships OY
Cosco Container Lines
COTUNAV
CSAV
DELMAS
Deutsche Afrika Linien (DAL)
ESF Euroservices
Evergreen Line
Fastmed Line
Global Shipping
Grimaldi Lines
Grimaldi Lines
H.D.S. Lines
Hamburg Sud - Delphis (Mediterraneo Southbound)
Hamburg Sud - Delphis (Sudamerica Pacífico / Centroamerica / Caribe / Mexico)
Hamburg Sud / Alianca - Delphis (Sudamerica Atlantico)
Hamburg Sud- Delphis (Costa Este Estados Unidos / Australia / New Zealand
Hanjin Shipping
Hyundai Merchant Marine (Far East Service)
Hyundai Merchant Marine (USA Service)
ICL
Jordan National Line
K-Line EMEX
K-Line EURCO
K-Line IBESCO
K-Line TASCO
MacAndrews
Macs
Maruba
Mediterranean Shipping Co.
Mer Union
Mitsui Osk Lines
Nenufar Shipping S.A.
Nile Dutch Africa Line
OOCL- Orient Overseas Container Line
OPDR
Portline
Samin Line
Samskip
Star Shipping
Swire Shipping
The Shipping Corporation of India
Turkon Line
UAFL (United Africa Feeder Line
UASC
UBC United Baltic Corp.
W.E.C. Lines
Yang Ming Line
Zim Integrated Shipping Services
42
43
EA
EM
AA
AI
AM-NE
FE
CAC
ANA
&Z>/E^ >/'E^&Z
ASA
ANP
APS
OC
AGENT AGENT
Romeu y Cía, S.A.
Europea de Consignaciones, S.A. - ECOSA
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Agencia Marítima Condeminas Norte, S.L.U.
Agencia Marítima Sea Spain, S.A.
Europea de Consignaciones, S.A. - ECOSA
China Shipping (Spain) Agency
CMA CGM Ibérica, S.A.
Universal Marítima, S.L.
Vasco Catalana de Consignaciones, S.A.
Vasco Shipping Services, S.L.
Romeu y Cía, S.A.
CMA CGM Ibérica, S.A.
Romeu y Cía, S.A.
Seatrans Maritime, S.A.
Green Ibérica, S.L.
Marítima Dávila Bilbao, S.A.
Seatrans Maritime, S.A.
Agencia Marítima Condeminas Norte, S.L.U.
Agencia Marítima Condeminas Norte, S.L.U.
Agencia Marítima Sea Spain, S.A.
Hamburg Süd Bilbao
Hamburg Süd Bilbao
Hamburg Süd Bilbao
Hamburg Süd Bilbao
Ibesmar - Sagemar S.A. - Isamar
Marítima Dávila Bilbao, S.A.
Marítima Dávila Bilbao, S.A.
Macandrews S.A.
Agencia Marítima Sea Spain, S.A.
“K” Line España Servicios Marítimos, S.A.
“K” Line España Servicios Marítimos, S.A.
“K” Line España Servicios Marítimos, S.A.
“K” Line España Servicios Marítimos, S.A.
Macandrews S.A.
Vasco Catalana de Consignaciones, S.A.
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Mediterranean Shipping Co. S.L.U. MSC
Europea de Consignaciones, S.A. - ECOSA
Transcoma Nor, S.A.
Seatrans Maritime, S.A.
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Orient Overseas Container Line (Spain), S.L. OOCL
E. Erhardt y Cía, S.A.
A. Pérez y Cía. S.L.
Europea de Consignaciones, S.A. - ECOSA
E. Erhardt y Cía, S.A.
Vapores Suardiaz Norte, S.L.
A. Pérez y Cía. S.L.
Agencia Marítima Condeminas Norte, S.L.U.
Marítima Dávila Bilbao, S.A.
Romeu y Cía, S.A.
Martico, S.L.
Macandrews S.A.
WEC Lines España, S.L.
Travima Norte, S.L.
A. Pérez y Cía. S.L.
ZĞƉŽƌƚϮϬ11 Bilan
EA:
EUROPEAN ATLANTIC
EM:
EUROPEAN MEDITERRANEAN
AA:
AFRICAN ATLANTIC
AI:
AFRICAN INDIAN
AM-NE:
AFRICAN MEDITERRANEAN - NEAR EAST
FE:
FAR EAST
CAC:
CENTRAL AMERICA AND CARIBBEAN
ANA:
AMERICAN NORTH ATLANTIC
ASA:
AMERICAN SOUTH ATLANTIC
ANP:
AMERICAN NORTH PACIFIC
ASP:
AMERICAN SOUTH PACIFIC
OC:
OCEANIA
WKZdKDWE/^^K/d^WKZdh/Z^
Registered name - Raison sociale
Adress - Domicile
Telephone - Tfphne E-mail / Courriel
(+34)
SHIPPING AGENTS / AGENTS MARITIMES ET/OU CONSIGNATAIRES DE NAVIRES
A. Pérez y Cía. S.L.
Barroeta Aldamar nº 2 - 1º Izda.
48001 Bilbao
944233600
[email protected]
Aarus Marítima, S.A.
Juan de Ajuriaguerra, 19. Despacho EF-1
48009 Bilbao
944352010
[email protected]
Agencia Marítima Artiach Zuazaga,S.L.
Campo de Volantín, 24 - Principal
48007 Bilbao
944236661
[email protected]
Agencia Marítima Condeminas Norte, S.L.U.
San Vicente, 8-Edif. Albia I, 11ª planta
48001 Bilbao
944232619
[email protected]
Agunsa Europa, S.A.
San Vicente 8-Edif. Albia 1-10º
48001 Bilbao
946612618
[email protected]
Alberto Jentoft, S.A.
Uribitarte, 8-6º dcha.
48001 Bilbao
944790835
[email protected]
Bereincua Hermanos S.L.
Alda. Mazarredo, 9-1º
48001 Bilbao
944354530/37
[email protected]
Bergé Marítima Bilbao, S.L.
Espigón 3 - Muelle Bizkaia s/n, Zona Portuaria
48980 Santurtzi
944937500/09
[email protected]
Cía. Naviera del Golfo de Vizcaya S.A. NAVISA
Muelle de Tomás Olabarri, 5 -5ºdcha
48930 Getxo
944636411
[email protected]
CMA CGM Ibérica, S.A.
Alameda Urquijo, 2-6º
48008 Bilbao
944000555
[email protected]
Combalia Agencia Marítima
c/ Nervión, 3-3º Dcha.
48001 Bilbao
944241626
[email protected]
Companía Sudamericana de Vapores CSAV Agencia Marítima S.L.U.
San Vicente 8 - Edif. Albia - 3ªB
48001 Bilbao
946660001
[email protected]
Consignaciones Europeas Marítimas S.A. (Cemasa)
San Vicente, 8. Ed. Albia I, 4ª planta - Dpto. A
48001 Bilbao
94 4356420
[email protected]
Consignaciones Toro y Betolaza S.A.
San Vicente, 8 Edif. Albia I, 5ª Planta
48001 Bilbao
944252600
[email protected]
Consulmar S.L.
Ribera Axpe, 50 Edif. Udondo
48950 Erandio
944800375
[email protected]
Correa Agencia Marítima, S.L.
Alda. Mazarredo, 6-2º izda.
48001 Bilbao
944247719
[email protected]
E. Erhardt y Cía, S.A.
Ercilla, 19-3º
48009 Bilbao
944250100
[email protected]
Europea de Consignaciones, S.A. - ECOSA
Camino de Morgan, 32
48014 Bilbao
944745454
[email protected]
Exportmar, S.A.L.
Puente de Deusto, 7-5º Dpto.6
48014 Bilbao
944754500
[email protected]
Fercor Consignaciones y Agencias S.A.
Henao 4 - 4º
48009 Bilbao
944356570
[email protected]
Graneles Sólidos del Norte
San Vicente 8 - 5
48001 Bilbao
944252600
[email protected]
Green Ibérica, S.L.
Iparraguirre, 59-2º y 5º
48980 Santurtzi
944937032
[email protected]
Hamburg Süd Bilbao
Ibáñez de Bilbao, 3-7º dpto. 4
48001 Bilbao
944232289
[email protected]
Hapag Lloyd Spain
San Vicente, 8. Edif. Albia II, 5ª plta.
48001 Bilbao
944793250
[email protected]
Ibesmar - Sagemar S.A. - Isamar
Iparraguirre, 59-4º
48980 Santurtzi
944937130
[email protected]
Incarteiz Consignaciones, S.L.
Hurtado de Amézaga, 1-2ºD
48008 Bilbao
94 4222114
[email protected]
“K” Line España Servicios Marítimos, S.A.
Barroeta Aldamar, 2-4º Dcha.
48001 Bilbao
944241710
[email protected]
Macandrews S.A.
Bertendona, 4-2º
48008 Bilbao
944797800
[email protected]
Maersk Spain, S.L.U.
Ibáñez de Bilbao, 28-6º
48009 Bilbao
944232864
[email protected]
Marítima Candina, S.L.
Muelle A2 de la Ampliación. 2ª planta
48980 Santurtzi
944246110
[email protected]
Marítima Dávila Bilbao, S.A.
Gran Vía, 53-1º izda.
48011 Bilbao
944355560
[email protected]
Marítima del Mediterraneo, S.A. (Marítima Eurogulf )
Nervión, 3-3º B
48001 Bilbao
944104000
[email protected]
Martico, S.L.
Berástegui, 4-5º izq.
48001 Bilbao
944354860
[email protected]
Mediterranean Shipping Co. S.L.U. MSC
Ibáñez de Bilbao, 28-4º C-D
48009 Bilbao
944355030
[email protected]
Meshitrad, S.L.
Navarra 6 - 2º dpto. 2
48001 Bilbao
944246972
[email protected]
Nirint Iberia, S.L.
Ribera de Axpe, 11- Portal D-1, Módulo L-211
48950 Erandio
944800557
[email protected]
Orey Shipping, S.L.S.U.
San Vicente, 8 Ed. Albia I-pta. 6º-dpto. 8
48001 Bilbao
944354648
[email protected]
Orient Overseas Container Line (Spain), S.L. OOCL
Ibáñez de Bilbao, 28- 6ºD
48009 Bilbao
944354484
[email protected]
Romeu y Cía, S.A.
Iparraguirre, 59-5º
48980 Santurtzi
94 4209001
[email protected]
Samskip Multimodal Container Logistics, S.A.
Campo de Volantín, 24-6º Dpto. 1
48007 Bilbao
944456188
[email protected]
Seatrans Maritime, S.A.
Alameda Urquijo, 28-1ºD
48010 Bilbao
944255947
[email protected]
Servicios Logísticos Portuarios, S.A. - SLP
Gran Vía, 40 bis -7º
48009 Bilbao
944249987
[email protected]
Soluciones Integrales Marítimas - SIM
Lutxana, 6-1º izda. Dpto. C
48007 Bilbao
619789586
[email protected]
TDG Doman Iberia, S.L.
Aparcabisa, Nave 1 Portal 3 - Bº El Juncal
48510 Valle de Trápaga
944780016
[email protected]
Tráficos y Servicios Elorza y Cía. S.A.
Gran Vía, 17 5º
48001 Bilbao
944163822
[email protected]
Transcoma Nor, S.A.
Barroeta Aldamar, 6-4º
48001 Bilbao
944231765
[email protected]
44
45
WKZdKDWE/^^K/d^WKZdh/Z^
Registered name - Raison sociale
Adress - Domicile
Transfennica Iberia, S.L.
Muelle 3 Ampliación
Telephone - Tfphne E-mail / Courriel
(+34)
48980 Santurtzi
94 4831659
[email protected]
Travima Norte, S.L.
Campo Volantín 24, pral
48007 Bilbao
944236661
[email protected]
Universal Marítima, S.L.
Nervión, 3-3º B
48001 Bilbao
946611609
[email protected]
Vapores Suardiaz Norte, S.L.
Colón de Larreátegui, 30. Bajo, dcha.
48009 Bilbao
944234300
[email protected]
Vasco Catalana de Consignaciones, S.A.
Edif. Cantábrico, Iparraguirre, 59-3º
48980 Santurtzi
944939200
[email protected]
Vasco Navarra de Navegación S.L.U.
Mazarredo 45 - 1ª planta patio
48009 Bilbao
944234041
[email protected]
WEC Lines España, S.L.
Juan de Ajuriaguerra, 9-5º izda.
48009 Bilbao
944246053
[email protected]
Willie Ibérica, S.L.
Campo de Volantín, 20-2º Dpto. 3
48007 Bilbao
944134041
[email protected]
STEVEDORING COMPANIES / SOCIETES D´ARRIMAGE
Agemasa
Muelle Reina Victoria, s/n
48980 Santurtzi
944238200
[email protected]
Bergé Marítima Bilbao, S.L.
Espigón 3 - Muelle Bizkaia s/n, Zona Portuaria
48980 Santurtzi
944937500/09
[email protected]
Consignaciones Toro y Betolaza S.A.
San Vicente, 8 Edif. Albia I, 5ª Planta
48001 Bilbao
944252600
[email protected]
Marítima Candina, S.L.
Muelle A2 de la Ampliación. 2ª planta
48980 Santurtzi
944246110
[email protected]
Noatum Container Terminal Bilbao, S.A.
Muelle 1 Ampliación
48980 Santurtzi
944934200
[email protected]
Servicios Logísticos Portuarios, S.A. - SLP
Gran Vía, 40 bis -7º
48009 Bilbao
944249987
[email protected]
Acideka,S. A.
Capuchinos de Basurto nº 6, 4ª planta
48013 Bilbao
944255022
[email protected]
OTHER TERMINAL / AUTRES TERMINAUX
Almacenajes y Logísticas Siderúrgicas, S.L.
Muelle 1 Ampliación
48980 Santurtzi
944575420
Arcelormittal Sestao, S.LU
Chavarri, 6
48910 Sestao
944894411
[email protected]
Atlántica de Graneles y Moliendas, S.A.
Muelle de Punta Sollana, s/n
48508 Zierbena
944231082
[email protected]
Bahia Bizkaia Gas, S.L.
Punta Ceballos, 2
48508 Zierbena
946366020
[email protected]
Befesa Valorización de Azufre, S.A.
Buen Pastor, s/n
48903 Lutxana - Barakaldo
944970066
[email protected]
Befesa Zinc S.A
Carretera Bilbao-Plencia, 21
48950 Asúa-Erandio
944535030
[email protected]
Bilbaina de Alquitranes, S.A.
Obispo Olaechea, 49
48903 Barakaldo
944970020
[email protected]
Bilbao Atlántico Frío Terminal - BAFT
Muelle Reina Victoria, s/n
48980 Santurtzi
944836626
[email protected]
Biocombustibles de Zierbana, S.A.
Punta Sollana, Parcela 3
48508 Zierbena
946355575
[email protected]
Bunge Ibérica, S.A.
Punta Sollana nº 11
48508 Zierbena
946355500
[email protected]
C.L.H.S.A. - Compañía Logística de Hidrocarburos S.A.
El Calero, Crta Santurtzi-Zierbena P.K. 17,8
48980 Santurtzi
944936258
[email protected]
Consorcio del Depósito Franco de Bilbao
Muelle Reina Victoria Eugenia, s/n
48980 Santurtzi
944937570
[email protected]
Depósitos Portuarios, S.A. (DEPOSA)
Muelle Reina Victoria, s/n
48980 Santurtzi
944611852
[email protected]
Dow Chemical Ibérica, S.L.
Apdo. de Correos, 502
48080 Bilbao
944817000
[email protected]
Ekonor, S.A.
Trinidad, 9
48990 Getxo
944911911
[email protected]
Esergui, S.A.
Explanada Punta Ceballos
48508 Zierbena
946365300
[email protected]
Fertiberia, S.A.
Aptdo. Correos 6106
48080 Bilbao
946355591
[email protected]
Navacel Internacional, S.A.
Ribera de Axpe, 20
48950 Erandio
944967813
[email protected]
Petróleos del Norte S.A.- Petronor
Edif. Muñatones, Bº San Martín, 5
48550 Muskiz
946357000
[email protected]
Santursaba S.L.
Alda. Urquijo 10, 2º
48008 Bilbao
944872200
Terminales Portuarias, S.L. - TEPSA
Explanada Punta Ceballos s/n
48508 Zierbena
946365448
[email protected]
Zitertank, S.L.
Campo de Volantín, 24-pral.
48007 Bilbao
94 4236661
[email protected]
Amarradores Puerto de Bilbao, S.A.
Manuel Calvo, 20-22
48920 Portugalete
944962511
[email protected]
Compañía de Remolcadores Ibaizabal, S.A.
Muelle Tomás Olabarri, 4-5º dcha
48930 Getxo
944645133
[email protected]
Corporación de Prácticos del Puerto y Ría de Bilbao S.L
María Díaz de Haro, 7-A 2º izda.
48920 Portugalete
944960311
[email protected]
Limpiezas Nervión, S.A. Grupo Tradebe
Punta Sollana, 12 - Apartado de Correos 37
48508 Zierbena
944836726
[email protected]
Puesto de Inspección Fronteriza - PIF
Muelle 1 Ampliación
48980 Santurtzi
944615630
[email protected]
BASIC SERVICES / SERVICES DE BASE
ZĞƉŽƌƚϮϬ11 Bilan
WKZdKDWE/^^K/d^WKZdh/Z^
Registered name - Raison sociale
Adress - Domicile
Telephone - Tfphne E-mail / Courriel
(+34)
SGS Española de Control, S.A.
Apd. 79
48980 Santurtzi
946355605
[email protected]
Administración de Aduanas Marítima de Vizcaya
Dependencia Provincial de Aduanas e I.I.E.E. de Vizcaya
Muelle A 2, zona portuaria
48980 Santurtzi
946612500
[email protected]
48009 Bilbao
944241416
OFFICIAL ORGANIZATIONS / ORGANISMES OFFICIELS
Capitanía Marítima de Bilbao
Ibáñez de Bilbao, 24
Centro Regional de Coordinación de Salvamento
y Seguridad Maritima de Bilbao
Morro del Rompeolas de Santurce, Zona Portuaria, s/n. 48980 Santurtzi
944837053
[email protected]
Dependencia Provincial de Aduanas e I.I.E.E. de Vizcaya
Barroeta Aldamar, 1
48001 Bilbao
946612500
[email protected]
Dependencia Provincial de Sanidad
Gran Vía 62 Portal Central, 1º Izda.
48011 Bilbao
94 4509107
[email protected]
Dirección Territorial de Comercio en Bilbao - SOIVRE
Alda, Mazarredo, 31, 2º
48009 Bilbao
94 4355005
[email protected]
Inspección Fitosanitaria Dependencia Provincial
Elcano, 10, 2º
48071 Bilbao
94 4509021
[email protected]
Sociedad de Estiba y Desestiba del Puerto de Bilbao, S.A.G.E.P.
Ibáñez de Bilbao, 3 -3º Dpto. 2
48001 Bilbao
944237065
[email protected]
Subdelegación del Gobierno en Vizcaya
Plaza Federico Moyua, 5
48009 Bilbao
944509000
[email protected]
PORT OF BILBAO STORAGE AND DEPOSIT ZONE / ZAD PORT DE BILBAO
AZAL Servicios Logisticos
Bº El Calero, ZAD II, Nave I - Módulo 3
48980 Santurtzi
946404175
[email protected]
Decoexsa, S.A.
Bº El Puerto, Refradigas nº 4, Mod. 3
48508 Zierbena
944862500
[email protected]
Exportlan Terminal , S.L.
Refradigas 4, Pab. 6 Zona Portuaria
48508 Zierbena
946382402
[email protected]
Iberian Logistics Norte, S.L.
Bº El Calero, ZAD II, Nave 2 - Módulo 1 y 2
48980 Santurtzi
944836386
[email protected]
Logismova XXI, S.L. (SELZI)
Bº El Calero, ZAD II. Nave 4 - Módulo 1, 2, 2 y 4
48980 Santurtzi
946366210
[email protected]
Losal Steel Trading, S.A
Refradigas 4, ZAL Pab. 2
48508 Zierbena
94 6366169
[email protected]
Norbert Dentressangle Gerposa
Bº El Calero, ZAD II, Nave 3, Módulo 3 y 4
48980 Santurtzi
944781540
[email protected]
Pasaje Azul, S.A. (EUROCOYAL)
Bº El Calero, ZAD II, Nave 5 - Módulo 3 y 4
48980 Santurtzi
944610894
[email protected]
Progeco Bilbao, S.A.
Bº El Calero, ZAD III Puerto de Bilbao
48980 Santurtzi
944935086
[email protected]
Reconsa Logística, S.L.
Refradigas, nº 4, ZAL - Pabellón 1
48508 Zierbena
946366134
[email protected]
Rhenus Logistics, S.A.
Bº El Calero, Zad II, Nave 1, Módulo 1
48980 Santurtzi
944704360
[email protected]
SELZI, S.L. Servicios Logísticos Zierbena
Refradigas. Pabellón, 4- 4 Bajo
48508 Zierbena
94 6366210
[email protected]
Sergusa
Refradigas, 4. ZAL1, Pabellón 7
48508 Zierbena
946365316
[email protected]
Tasmar Logística, S.A. - Bilbao. GRUPAMAR
Bª El Calero, Zad II, Nave 3
48980 Santurtzi
944376717
[email protected]
Ctra. Madrid - Irún, km. 245
09007 Burgos
947484761
[email protected]
Puerto Seco Azuqueca de Henares, S.A. (GRAN EUROPA)
Avda. de París, s/n - Pol. Sena
19200 Azuqueca deHenares 902216902
[email protected]
Puerto Seco de Madrid, S.A.
Camino del Puerto, 1
28821 Coslada
916707034/44
[email protected]
Servicios Integrales Vitoria Depot, S.L.
P.I. Jundiz - c/Lermandabide, s/n - Terminal RENFE
01015
945 290909
[email protected]
48980 Santurtzi
944623319
[email protected]
DRY PORTS AND LOGISTICS AREAS / PORTS SECS ET ZONES LOGISTIQUES
Centro de Transportes Aduana de Burgos, S.A
Vitoria
RAIL TRANSPORT AND RAIL SERVICES / TRANSPORT FERROVIAIRE ET SERVICES FERROVIAIRES
Cecotrans Biz
Capitán Mendizabal, 18
Consignaciones Toro y Betolaza S.A.
San Vicente, 8 Edif. Albia I, 5ª Planta
48001 Bilbao
944252600
[email protected]
Macandrews S.A.
Bertendona, 4-2º
48008 Bilbao
944797800
[email protected]
Renfe Mercancías
Plaza Circular 2- 4ª
48008 Bilbao
944879312
Trans European Transport Suardiaz, S.L.
Colón de Larreategui, 30. Entresuelo Dcha.
48009 Bilbao
944418211
[email protected]
FORWARDING AGENTS / SOCIÉTÉS DE TRANSIT
Abaco Actor Logistic, S.L.
Ugartebeitia, 7
48903 Barakaldo
944826812
[email protected]
Abra Aduanas, S.L.L.
Ledesma, 10 bis-4º -Dpto. 7
48001 Bilbao
944245063
[email protected]
Acciona Forwarding
P. A. E. Asuaran, Edif. Enekuri, Pab. 25
48950 Asua-Erandio
944711707
[email protected]
Aduanas y Tránsitos Bilbao,S.L.
Barroeta Aldamar, 6-2º
48001 Bilbao
944243200
[email protected]
Aduanas Pujol Rubió, S.A.
Navarra, 6-3º. Dpto. 5
48001 Bilbao
946612250
[email protected]
46
47
WKZdKDWE/^^K/d^WKZdh/Z^
Registered name - Raison sociale
Adress - Domicile
Telephone - Tfphne E-mail / Courriel
(+34)
Aducoin S.L.
Barroeta Aldamar , 8 bajo dcha.
Aduter, S.L.
AGC Newtral S.A.
Agility Spain
48001 Bilbao
944236363
[email protected]
Barroeta Aldamar, 6-7º
48001 Bilbao
944231784
[email protected]
Iparraguirre, 59-2º planta
48940 Santutzi
944237764
[email protected]
Pº Campo de Volantín, 24-6º
48007 Bilbao
944464716
[email protected]
Alberto Jentoft, S.A.
Uribitarte, 8-6º dcha.
48001 Bilbao
944790835
[email protected]
Altius SA
Gran Vía, 53- 1º izda
48001 Bilbao
944393699
[email protected]
Ares Bilbao, S.L.
Ribera de Axpe 11 Edif. D 2. Dpto. 103
48950 Axpe- Erandio
944804640
[email protected]
Argitrans Marítima S.L.
Alda. Recalde, 27-8º Dpto. 1
48009 Bilbao
944246808
[email protected]
Asta Logistik, S.L.
Henao, 52-1º Dpto. 5
48009 Bilbao
944355400
[email protected]
Asthon Cargo Bilbao,S.L.
Ibañez de Bilbao, 9 - 5º Dcha.
48009 Bilbao
946612293
[email protected]
Atimex Bilbao, S.L
Navarra, 8-1º A
48001 Bilbao
944236725
[email protected]
AZAL Servicios Logisticos
Bº El Calero, ZAD II, Nave I - Módulo 3
48980 Santurtzi
946404175
[email protected]
BBM Trans Internacional, S.L.
Alameda Mazarredo, 6-2º Izq.
48001 Bilbao
944230109
[email protected]
Bergareche Ruiz Bilbao, S.A.
Uribitarte, 18-1º
48001 Bilbao
944230018
[email protected]
Bergé Infraestructuras y Servicios Logísticos, S.L.
Elcano, 11 - 1º Dcha.
48008 Bilbao
944167936
[email protected]
Bergé Marítima Bilbao, S.L.
Espigón 3 - Muelle Bizkaia s/n, Zona Portuaria
48980 Santurtzi
944937500/09
[email protected]
Biladu, S.A
S. Vicente, 8-Edif. Albia I-8º dpto. 10
48001 Bilbao
944235252
[email protected]
Bilbo Cargo S.L.
Ledesma, 6 2º Dp.6
48001 Bilbao
944238908
[email protected]
Cargo Time Express, S.L.
Bekea, 55
48960 Galdakao
944571902
[email protected]
Cargomair S.L.
Barroeta Aldamar, 4. Dep. 45
48001 Bilbao
944234927
[email protected]
Centro Logístico del Norte, S.A. (CBL)
P.I. de Zubieta, Parcela P1-F
48340 Amorebieta
946309788
[email protected]
Ceva Freight (España), S.L.U.
Alameda de Mazarredo, 47. Plta. 1ª - Puerta 3
48009 Bilbao
944243819
[email protected]
China Shipping (Spain) Agency
Barroeta Aldamar, 2-1º
48001 Bilbao
944232362
[email protected]
Decoexsa, S.A.
Bº El Puerto, Refradigas nº 4, Mod. 3
48508 Zierbena
944862500
[email protected]
DHL Express Iberia, S.L.
Paseo Mikel Letegi, 65
20009 Donostia
902123030
[email protected]
DHL Global Forwarding
Aeropuerto de Bilbao, Terminal de Carga
48150 Sondica
944535042
[email protected]
DSV Air & Sea, S.A.U.
Bertendona, 4-1º
48008 Bilbao
944245068
[email protected]
E. Erhardt Transitarios - Ertransit
Barrio El Calero ZAD 3, Nave 9
48980 Santurtzi
946487601
[email protected]
Euromaq Aduanas, S.A.
Cristo, 1 , 3º Dptos. 6-7
48007 Bilbao
944131197
[email protected]
Euromarítima Bilbao, S.L.
San Vicente, 8 Edif. Albia II - bajo
48001 Bilbao
944246304
[email protected]
Exportlan Terminal , S.L.
Refradigas 4, Pab. 6 Zona Portuaria
48508 Zierbena
946382402
[email protected]
Eynorte, S.L.
Terminal de Carga, Dpto. 15
48150 Sondica
944532200
[email protected]
Fr. Meyer’s Sohn (GMBH & CO.)
Lersundi, 9-4º
48009 Bilbao
944356360
[email protected]
From -To, S.L.
Aparcabisa, Barrio Juncal, s/n - Nave 2 módulo C
48510 Valle de Trápaga
944189109
[email protected]
Garibao, S.L.
San Vicente, 8 Edif. Albia II-9ª
48001 Bilbao
944249400
[email protected]
Geodis Wilson Spain, S.L.U.
Ibáñez de Bilbao, 3 - 2º cto.
48001 Bilbao
946305416
[email protected]
Getransa Norte, S.A.
Barroeta Aldamar, 6-2º
48001 Bilbao
944237165
[email protected]
Globelink Uniexco, S.A.
Aparcavisa. Nave 2, portal 3 - 1º
48510 Valle de Trápaga
944242144
[email protected]
Green Ibérica, S.L.
Iparraguirre, 59-2º y 5º
48980 Santurtzi
944937032
[email protected]
Hapag Lloyd Spain
San Vicente, 8. Edif. Albia II, 5ª plta.
48001 Bilbao
944793250
[email protected]
Herasa Bilbao, S.L.
Bº Juncal, s/n. Aparcabisa. Nave 2. Modulo B
48510 Valle de Trápaga
944373500
[email protected]
Hijos de Pedro Basterra, S.A.
Pol. Ind. Berreteaga. Txorierri Etorbidea, 46.
Pab. 4. Modulos A y B
48150 Sondica
944532601
[email protected]
I.B. Mugari, S.L.
Terminal de Carga Aeropuerto
48150 Sondica
944538072
[email protected]
Iberian Logistics Norte, S.L.
Bº El Calero, ZAD II, Nave 2 - Módulo 1 y 2
48980 Santurtzi
944836386
[email protected]
Iberian Logistics, S.L.
Iparraguirre, 59-3º
48980 Santurce
944939210
[email protected]
International Forwarding Service S.L. (IFS)
Barroeta Aldamar, 8 bajo dcha.
48001 Bilbao
944536400
[email protected]
Iparla y Aramburu, S.L.
Villarías, 10-6º Dpto. 609
48001 Bilbao
946612065
[email protected]
ZĞƉŽƌƚϮϬ11 Bilan
WKZdKDWE/^^K/d^WKZdh/Z^
Registered name - Raison sociale
Adress - Domicile
JF Hillebrand Spain, S.A.
Ibañez de Bilbao 3, 3º
Telephone - Tfphne E-mail / Courriel
(+34)
48001 Bilbao
944248700
[email protected]
Kuehne & Nagel S.A
Islas Canarias, 19-planta 0 - Aptdo. 357
48015 Bilbao
946077950
[email protected]
Lema Transit, S.L.
P.I. Ibarrabarri. Iturriondo kalea, 18.
Ed. Metro, F - 2ª Plta. Dpto F
48940 Leioa
944807174
[email protected]
Logismova XXI, S.L. (SELZI)
Bº El Calero, ZAD II. Nave 4 - Módulo 1, 2, 2 y 4
48980 Santurtzi
946366210
[email protected]
Logwin Solutions Spain, S.L.
Pol. Atxukarro, 14 Bajo 1
48480 Arrigorriaga
946712043
[email protected]
Losal Steel Trading, S.A
Refradigas 4, ZAL Pab. 2
48508 Zierbena
94 6366169
[email protected]
Lotrans Logística y Transporte, S.A.
Aparkabisa. Oficinas, 2ª planta. Módulo D
48510 Valle de Trápaga
944781933
[email protected]
Macandrews S.A.
Bertendona, 4-2º
48008 Bilbao
944797800
[email protected]
Marítima Bizcaina, S.A. - MABISA
Alda. Recalde, 18-7º
48009 Bilbao
944241425
[email protected]
Marítima Dávila Bilbao, S.A.
Gran Vía, 53-1º izda.
48011 Bilbao
944355560
[email protected]
Marítima Euroship, S.A.
Alameda Mazarredo, 47-6º
48009 Bilbao
944234999
[email protected]
Marítima Transoceánica, S.A. - Matransa
Alda. Recalde, 18-7º
48009 Bilbao
944234645
[email protected]
Naypemar Bilbao S.L.
Ibáñez de Bilbao, 3-4º Dpto. 5
48001 Bilbao
944236737
[email protected]
Nervión Internacional S.A.
Cristo, 1-2º. Dpto. 5
48007 Bilbao
944238100
[email protected]
Nippon Express de España, S.A.
Txorierri Etorbidea, 26-1º
48180 Loiu
944533125
[email protected]
Norbert Dentressangle Gerposa
Bº El Calero, ZAD II, Nave 3, Módulo 3 y 4
48980 Santurtzi
944781540
[email protected]
Nubimar Forwarder, S.L.
Ribera de Axpe nº 11 Portal D1 Mod. L211
48950 Erandio
944315782
[email protected]
Operadora Cargas Integrales, S.A. ( OCISA)
Ledesma, 10 Bis-6º
48001 Bilbao
944241801
[email protected]
Operadora Log. de Tránsitos inter., S.L.
Elcano, 11 - 1º
48008 Bilbao
944795380
[email protected]
Panalpina Transportes Mundiales, S.A.
Uribitarte, 8-4º izda
48001 Bilbao
944233785
[email protected]
Pasaje Azul, S.A. (EUROCOYAL)
Bº El Calero, ZAD II, Nave 5 - Módulo 3 y 4
48980 Santurtzi
944610894
[email protected]
Progeco Bilbao, S.A.
Bº El Calero, ZAD III Puerto de Bilbao
48980 Santurtzi
944935086
[email protected]
Reconsa Logística, S.L.
Refradigas, nº 4, ZAL - Pabellón 1
48508 Zierbena
946366134
[email protected]
Rhenus Logistics, S.A.
Telesforo Aranzadi, 3-3º B
48008 Bilbao
944704360
[email protected]
Rhenus Logistics, S.A.
Bº El Calero, Zad II, Nave 1, Módulo 1
48980 Santurtzi
944704360
[email protected]
Roehlig España, S.L.
Príncipe, 5-3º
48001 Bilbao
944235282
[email protected]
Salvat Bilbao Transitarios, S.A.
Aparcabisa, Nave 1, Esc. 1ª -1º izda. Bº El Juncal s/n
48510 Trapagaran
944383715
[email protected]
Savino Del Bene, S.A
Paseo de Uribitarte 15 1ºc
48001 Bilbao
944464654
[email protected]
Schenker España, S.A.
Santiago de Compostela 12-4º Edif. Miribilla
48003 Bilbao
944129000
[email protected]
Seatrans Maritime, S.A.
Alameda Urquijo, 28-1ºD
48010 Bilbao
944255947
[email protected]
SELZI, S.L. Servicios Logísticos Zierbena
Refradigas. Pabellón, 4- 4 Bajo
48508 Zierbena
94 6366210
[email protected]
Sergusa
Refradigas, 4. ZAL1, Pabellón 7
48508 Zierbena
946365316
[email protected]
Sertramar Transport, S.L.
Barroeta Aldamar, 4-2º
48001 Bilbao
944242342
[email protected]
Servicios Logísticos Portuarios, S.A. - SLP
Gran Vía, 40 bis -7º
48009 Bilbao
944249987
[email protected]
Serviport XXI, S.L.
Alda. Mazarredo, 47-6º Dpto.8
48009 Bilbao
944247404
[email protected]
Setraex, S.L.
Berástegui, 1
48001 Bilbao
944233304
[email protected]
Seycobox, S.L.
Las Mercedes, 8-5ºB
48930 Getxo
944644600
[email protected]
Space Cargo Norte, S.A.
Alda. Mazarredo, 39-5º A
48009 Bilbao
944356710
[email protected]
Spain Tir Norte, T.I.S.A.
Aparcabisa Nave 3. Bikakobo
48510 Valle de Trápaga
944180155
[email protected]
Sparber Líneas Marítimas, S.A.
San Vicente, 8. Edif. Albia 1- 10ª planta
48001 Bilbao
944354440
[email protected]
Star Trans Norte, S.L.
Buenos Aires, 4-1º izq.
48001 Bilbao
944230000
[email protected]
Sugamon
Acebal Idígoras, 2-2º
48001 Bilbao
944249804
[email protected]
T.M.I., Trans S.L.
Gran Via 58
48011 Bilbao
944781133
[email protected]
Tasmar Logística, S.A. - Bilbao. GRUPAMAR
Bª El Calero, Zad II, Nave 3
48980 Santurtzi
944376717
[email protected]
TDG Doman Iberia, S.L.
Aparcabisa, Nave 1 Portal 3 - Bº El Juncal
48510 Valle de Trápaga
944780016
[email protected]
Tiba Internacional, S.A.
Iparraguirre, 59-4ºD
48980 Santurtzi
944936570
[email protected]
Tracoesa Transport, S.A.
Uribitarte, 22-4º
48001 Bilbao
944231048
[email protected]
48
49
WKZdKDWE/^^K/d^WKZdh/Z^
Registered name - Raison sociale
Adress - Domicile
Telephone - Tfphne E-mail / Courriel
(+34)
Tráficos y Servicios Elorza y Cía. S.A.
Gran Vía, 17 5º
48001 Bilbao
944163822
[email protected]
Traimer Bilbao, S.A.
Alda. Mazarredo, 20-1º
48009 Bilbao
944248481
[email protected]
Trans European Transport Suardiaz, S.L.
Colón de Larreategui, 30. Entresuelo Dcha.
48009 Bilbao
944418211
[email protected]
Transbull Bilbao, S.L.
Otxandategi, 32
48640 Berango
944240123
[email protected]
Transglory, S.A.
Iparraguirre, 59 2º
48980 Santurtzi
944833916
[email protected]
TransNatur
Barroeta Aldamar, 6-3ºD
48001 Bilbao
946611960
[email protected]
Transportes Azkar, S.A.
Zona Industrial del Aeropuerto Parcela 7
48160 Derio
946313326
Transportes Carreras S.A.
Pol. Ind. Urazandi, Edif. Proynave
48950 Asua. Erandio
944572953
[email protected]
TrasMar Logística, S.A.
Zona Portuaria ZAD 2, Nave 3, Módulo 1
48980 Santurtzi
944376717
[email protected]
Travima Norte, S.L.
Campo Volantín 24, pral
48007 Bilbao
944236661
[email protected]
Universal Global Logistics, S.A.
Nervión, 3-3º
48001 Bilbao
944213551
[email protected]
Vapores Suardiaz Norte, S.L.
Colón de Larreátegui, 30. Bajo, dcha.
48009 Bilbao
944234300
[email protected]
Vasco Catalana de Consignaciones, S.A.
Edif. Cantábrico, Iparraguirre, 59-3º
48980 Santurtzi
944939200
[email protected]
Vasco Shipping Services, S.L.
Iparraguirre, 59-3º
48980 Santurtzi
944939280
[email protected]
Velice Logística, S.A.
Alda. Mazarredo, 18-Bis- Dpto 11
48009 Bilbao
946612581
[email protected]
CUSTOMS AGENTS AND MERCHANTS / COMMISSIONNAIRES ET AGENTS DES DOUANES
Aranguren Lozano, Sira
Lersundi, 9-3º
48009 Bilbao
944242288
[email protected]
Bergareche Núñez, Luis F.
Uribitarte, 18 - 1º
48001 Bilbao
944230018
[email protected]
Calvo Alonso, Isabel
Navarra, 12-2º Izq.
48001 Bilbao
944230150
[email protected]
Engel Cellier, Luis
San Vicente, 8 - Edif. Albia I, 3º
48001 Bilbao
944245461
[email protected]
Epalza Solano, Juan Manuel
Elcano, 14. Entreplanta
48008 Bilbao
944344154
[email protected]
Esparza Gómez, Luis Miguel
Almda. Mazarredo, 6
48001 Bilbao
944230109
[email protected]
García Miñaur Rotaeche, Gonzalo
San Vicente, 8 Edif. Albia II-9ª
48001 Bilbao
944249400
[email protected]
Goñi Echeverria, Javier
Barrueta Aldamar, 8 Bajo Dcha.
48001 Bilbao
944236363
Herault Heredia, Juan Manuel
Cristo, 1-2º dpto. 5
48007 Bilbao
944238100
[email protected]
Hormaza Irureta, Manuel Ángel
Sabino Arana, 20 - 6º
48013 Bilbao
944395640
[email protected]
López Hoya, Félix Antonio
Uribitarte, 8-6º dcha.
48001 Bilbao
944790835
[email protected]
Lozano Andrés, Pascual
Ibáñez de Bilbao, 3-2ºD
48001 Bilbao
944245280
[email protected]
Lozano Pasamontes, Bernardino
Aparcabisa, Nave 1 Portal 3 - Bº El Juncal
48510 Valle de Trápaga
944780016
[email protected]
Miranda Salbidegoitia, Eduardo
Barroeta Aldamar, 6-7º
48001 Bilbao
944231784
[email protected]
Neira Vélez, Ainara
S. Vicente, 8. Edif. Albia I, 8º Dpto. 10
48001 Bilbao
944235252
[email protected]
Romeu Loperena, Fco. Javier
Iparraguirre, 59-4ºD
48980 Santurtzi
944936570
[email protected]
Sanchez Sanchez, Manuel
Alda. Mazarredo, 47-6º Dpto.8
48009 Bilbao
944247404
[email protected]
Soldevilla Aparicio, José Miguel
San Vicente, 8 Edif. Albia I-3ª dpto.8º
48001 Bilbao
944245461
[email protected]
Uribe Gamón, Fernando
Acebal Idígoras, 2-2º
48001 Bilbao
944249804
[email protected]
Visiers Lecanda, Martín
P.A.E. Aruarán, Edif. Enekuri, pab. 25
48950 Asua
944711707
[email protected]
Yanke Uribe, Enrique
Terminal de Carga Dpto. 15
48050 Sondica
944532200
[email protected]
SHIPPING COMPANIES / SOCIÉTÉS NAVALES
Bilbao Plaza Marítima Shipping, S.L.
Lauroeta Etorbidea, 4
48180 Loiu
944631600
[email protected]
Boluda Lines, S.A.
Muelle Ampliación 2 - Zona Portuaria
48980 Santurtzi
944836039
[email protected]
Bulk Trading, S.L.
Plaza Zubiko, 1-Oficinas-Dpto. 5
48930 Getxo
944800077
[email protected]
Cía. Naviera del Golfo de Vizcaya S.A. NAVISA
Muelle de Tomás Olabarri, 5 -5ºdcha
48930 Getxo
944636411
[email protected]
Gasnaval, S.A.
Parque Empresarial Ibarrabarri. Ed. A1. c/ Iturriondo, 18 48940 Leioa
944795600
[email protected]
Ibaizabal Ship Management Services
Muelle Tomás Olabarri nº 4 - 4º Centro
48930 Getxo
944805354
[email protected]
Naviera Murueta S.A.
San Vicente, 8 - Edificio Albia I, 9º
48001 Bilbao
944356400
[email protected]
ZĞƉŽƌƚϮϬ11 Bilan
WKZdKDWE/^^K/d^WKZdh/Z^
Registered name - Raison sociale
Adress - Domicile
Telephone - Tfphne E-mail / Courriel
(+34)
SHIPBUILDING / CONSTRUCTION NAVALE
Apartado 75-Barrio Malloape, s/n
48300 Murueta
946252000
[email protected]
Astilleros Zamakona S.A.
Puerto Pesquero, s/n Apartado 24
48980 Santurtzi
944937030
[email protected]
Construcciones Navales del Norte CNN
Ribera de la Ría , s/n
48910 Sestao
944858600
PROFESSIONAL ASSOCIATIONS / ASSOCIATIONS PROFESSIONNELLES
Aparkabisa
p
Bizkaiko Garraio Gunea, A.B. Centro de
Transportes de Bizkaia, S.A.
Barrio El Juncal, s/n
48510 Valle de Trápaga
944783000
[email protected]
Asetravi - Asociación Empresarial de Transporte
de Vizcaya
Plaza Sagrado Corazón, 5-5º
48011 Bilbao
944424389
[email protected]
Asociación de Consignatarios
g
de Buques y
Estibadores del Puerto de Bilbao
San Vicente, 8 Edif. Albia I - 9ª Dpto. 5
48001 Bilbao
944239237
[email protected]
Asociación de Navieros Vascos - ANAVAS
Colón de Larreátegui, 13 - 1º Izda.
48001 Bilbao
944231679
[email protected]
Asociación Vizcaína de Capitanes de la Marina Mercante
Bailén, 5
48003 Bilbao
944166506
[email protected]
ATEIA Bizkaia-OLT(Asociación
(
de
Gran Vía, 50 -5ª Planta
Transitarios,Organización Logística para el Transporte)
48011 Bilbao
944002800
[email protected]
Binaria 21
48003 Bilbao
944792382
[email protected]
Cámara de Comercio, Industria y Navegación de Bilbao Gran Vía, 13
Santiago de Compostela, 12-3ªC
48001 Bilbao
944706500
[email protected]
Colegio
g Oficial de Agentes y Comisionistas de
Aduanas de Bilbao
San Vicente 8, Edif. Albia I - 9ª, Dpto. 4
48001 Bilbao
944234267
[email protected]
Cruz Roja del Mar
Muelle de Arriluce, s/n
48992 Getxo
944609295
[email protected]
Foro Marítimo Vasco
Adimde - Agrupación de Industrias Marítimas de Euskadi
c/ Buenos Aires, 2- 1º Izda. (Plaza Venezuela)
48001 Bilbao
944356610
[email protected]
Plataforma Logística Aquitania Euskadi - PLAE
Plaza de Lasala 3, 1º dcha.
20003 Donostia
943 425750
[email protected]
Stella Maris Apostolado del Mar
Zona Portuaria de Santurce, s/n
48980 Santurtzi
944837102
[email protected]
UNIPORTBILBAO / Comunidad Portuaria
Alda. Urquijo, 9-1º dcha.
48008 Bilbao
944236782
[email protected]
ĚŝƚĞĚďLJPublié par:
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Aurkibidea Sumario
portada balance.indd 2
20/02/12 18:58
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