financier
Transcription
financier
LE RAPPORT FINANCIER 2007 SOMMAIRE IXggfik[lgij`[\ek [lZfej\`c[ËX[d`e`jkiXk`fe[\J=I * IXggfik[\jZfdd`jjX`i\jXloZfdgk\j jlic\iXggfik[lgij`[\ek[lZfej\`c [ËX[d`e`jkiXk`fe[\J=I . IXggfik[lZfej\`c[ËX[d`e`jkiXk`fe ~cËXjj\dYc\^eiXc\fi[`eX`i\ [l(0dXij)''/ / ykXkjÔeXeZ`\ijZfejfc`[j [\cË\o\iZ`Z\Zcfjc\*([Z\dYi\)''. :fdgk\[\ijlckXkZfejfc`[ [\j\o\iZ`Z\j)''.\k)''9`cXeZfejfc`[Xl*([Z\dYi\)''. \kXl*([Z\dYi\)''=clo[\kijfi\i`\Zfejfc`[j [\j\o\iZ`Z\j)''.\k)''MXi`Xk`fe[\jZXg`kXlogifgi\j Zfejfc`[jjlicË\o\iZ`Z\)''. Efk\(%Gi`eZ`g\jZfdgkXYc\j \kdk_f[\j[ËmXclXk`fe Efk\)%Dflm\d\ekj[\gi`d ki\ `ek\im\eljjlicË\o\iZ`Z\)''. Efk\*%@e]fidXk`fej\Zkfi`\cc\ [\j\o\iZ`Z\j)''.\k)''Efk\+%IjlckXk[\jXZk`m`kjfi[`eX`i\j [\j\o\iZ`Z\j)''.\k)''Efk\,%IjlckXkÔeXeZ`\i [\j\o\iZ`Z\j)''.\k)''Efk\-%@dgk[\j\o\iZ`Z\j)''.\k)''- Efk\.%IjlckXkgXiXZk`fe [\j\o\iZ`Z\j)''.\k)''Efk\/%yZXikj[ËXZhl`j`k`fe Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''Efk\0%@ddfY`c`jXk`fej`eZfigfi\cc\j Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''- ) Rapport financier 2007 I<H (- (- (. (/ (0 (0 )/ )/ )0 *' *' *( Efk\('%@ddfY`c`jXk`fejZfigfi\cc\j Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''Efk\((%K`ki\jd`j\ehl`mXc\eZ\ Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''Efk\()%8Zk`]jÔeXeZ`\ijefeZfliXekj Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''Efk\(*%8lki\jcd\ekj[\cXmXi`Xk`fe e\kk\[lY\jf`e\e]fe[j[\iflc\d\ek \kXlki\jgXjj`]jefeZfliXekj Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''Efk\(+%Kijfi\i`\\khl`mXc\ekj [\kijfi\i`\Xl*([Z\dYi\)''. \kXl*([Z\dYi\)''Efk\(,%@e]fidXk`feji\cXk`m\j XloZXg`kXlogifgi\jXl*([Z\dYi\)''. \kXl*([Z\dYi\)''Efk\(-%Gifm`j`fejXl*([Z\dYi\)''. \kXl*([Z\dYi\)''Efk\(.%I^`d\[ËXmXekX^\jXlg\ijfee\c Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''Efk\(/%<dgilekj\kXlki\jgXjj`]j ÔeXeZ`\ij~cfe^k\id\Xl*([Z\dYi\)''. \kXl*([Z\dYi\)''Efk\(0%<dgilekj\kXlki\jgXjj`]j ÔeXeZ`\ij~Zflikk\id\Xl*([Z\dYi\)''. \kXl*([Z\dYi\)''Efk\)'%@ejkild\ekjÔeXeZ`\ij Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''Efk\)(%FgiXk`fejXm\Zc\jgXik`\jc`\j Efk\))%<e^X^\d\ekjZfekiXZkl\cj \kXZk`]j\kgXjj`]jm\ekl\cj Efk\)*%C`jk\[\jgi`eZ`gXc\jjfZ`kj Zfejfc`[\jXl*([Z\dYi\)''. Efk\)+%yme\d\ekjgfjki`\lij~cXZckli\ ** *+ *- *. */ */ *0 *0 +( +) +* ++ +- +0 +0 *( *) IXggfik[\jZfdd`jjX`i\jXloZfdgk\j jlic\jZfdgk\jZfejfc`[j ,' Rapport du président du conseil d’administration de SFR jlic\jZfe[`k`fej[\gigXiXk`fe\k[Ëfi^Xe`jXk`fe[\jkiXmXlo[lZfej\`c#[\jm\ekl\cc\jc`d`kXk`fejXggfik\j Xlogflmf`ij[l[`i\Zk\li^eiXcX`ej`hl\[\jgifZ[li\j[\Zfekic\`ek\ie\d`j\j\egcXZ\gXicXjfZ`k# \eXggc`ZXk`fe[\j[`jgfj`k`fej[\cËXik`Zc\C%)),$*.[lZf[\[\Zfdd\iZ\ D\j[Xd\j#d\jj`\lijc\jXZk`feeX`i\j# Préambule <eXggc`ZXk`fe[\cXcf`[\jZli`kÔeXeZ` i\ [l(\iXfk)''*#a\i\e[jZfdgk\~cËXjj\dYc\ ^eiXc\#gXiZ\iXggfik#\ekXekhl\gij`[\ek [lZfej\`c[ËX[d`e`jkiXk`fe[\J=IJ8#fgiXk\li [\kcg_fe`\\kjfZ`k_fc[`e^#[\jZfe[`k`fej [\gigXiXk`fe\k[Ëfi^Xe`jXk`fe[\jkiXmXlo [lZfej\`cXlZflij[\cË\o\iZ`Z\)''.# [\jm\ekl\cc\jc`d`kXk`fejXggfik\jXlogflmf`ij [l[`i\Zk\li^eiXcX`ej`hl\[\jgifZ[li\j [\Zfekic\`ek\ie\d`j\j\egcXZ\gXicXjfZ`k% C\gij\ekiXggfikXkcXYfiXm\ZcËXggl` [\cX[`i\Zk`fe^eiXc\\k[\cX[`i\Zk`fe[\cËXl[`k 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sociaux C\ji ^c\j\kgi`eZ`g\j[\[k\id`eXk`fe [\jidleiXk`fej\kXmXekX^\j\eeXkli\ [\j[`i`^\XekjdXe[XkX`i\jjfZ`Xlojfek[Ôe`j gXic\Zfd`k[\ji\jjfliZ\j_ldX`e\j[\M`m\e[`% I<HRapport financier 2007 * 4 / Procédures de contrôle interne mises en place par la société +%(&;Ôe`k`fe\kfYa\Zk`]j [lZfekic\`ek\ie\ CXjfZ`kXZ_f`j`[\j\i]i\iXliXggfik:FJF :fdd`kk\\f]Jgfejfi`e^Fi^Xe`qXk`fejf]k_\ Ki\X[nXp:fdd`jj`fe#iXggfikglYc`\e(00) \edXk` i\[\Zfekic\`ek\ie\% J\cfecX[Ôe`k`fegifgfj\gXic\:FJF# c\Zfekic\`ek\ie\\jklegifZ\jjljd`j\eÅlmi\ gXicX[`i\Zk`fe^eiXc\#cX_`iXiZ_`\ \kc\g\ijfee\c\k\jk[\jk`e~]flie`ile\ XjjliXeZ\iX`jfeeXYc\hlXek~cXiXc`jXk`fe [\jfYa\Zk`]jjl`mXekj1 cXiXc`jXk`fe\kcXYfee\^\jk`fe [\jfgiXk`fej2 cXÔXY`c`k[\j`e]fidXk`fejÔeXeZ` i\j2 cXZfe]fid`kXlocf`j\ki^c\d\ekXk`fej \em`^l\li% C\[`jgfj`k`][\Zfekic\`ek\ie\[\J=IXgflifYa\k efkXdd\ek[\m\`cc\i~Z\hl\c\jXZk\j[\^\jk`fe fl[\iXc`jXk`fe[\jfgiXk`fejX`ej`hl\c\j Zfdgfik\d\ekj[\jZfccXYfiXk\lijjË`ejZi`m\ek [Xejc\ZX[i\[Ôe`gXic\jfi`\ekXk`fej[fee\j 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Flux de trésorerie consolidés des exercices 2007 et 2006 (En millions d’euros) 2007 2006 IjlckXke\k @ekikjd`efi`kX`i\j IjlckXke\k[\jXZk`m`kjZ[\jfl\eZflij[\Z\jj`fe @dgkj 8lki\jZ_Xi^\j IjlckXkÔeXeZ`\i IjlckXk[\jjfZ`kjd`j\j\ehl`mXc\eZ\ E\lkiXc`jXk`fe[\jXdfik`jj\d\ekj\kgifm`j`fej E\lkiXc`jXk`fe[\jgclj$mXcl\jfldf`ej$mXcl\j[\Z\jj`fe[Ë\ogcf`kXk`fe MXi`Xk`fe[lY\jf`e\e]fe[j[\iflc\d\ek 8lki\jcd\ekj[\mXi`Xk`fe[\cXkijfi\i`\fgiXk`fee\cc\ @dgkjgXpj =cloe\kj[\jXZk`m`kjfgiXk`fee\cc\j (,+0#) '#/ Æ ./)#, (*#/ ))*#* -/#0(*#/ +)#0 -(#0 Æ 0)*#' ),0,#' (-0)#( '#( Æ /*0#0 )#0 /(#, *0#( /('#. +'#0 (*-#, Æ /,'#+ ).(+#0 @em\jk`jj\d\ekj`ddfY`c`jXk`fejZfigfi\cc\j\k`eZfigfi\cc\j @em\jk`jj\d\ekj`ddfY`c`jXk`fejÔeXeZ` i\j @em\jk`jj\d\ekj 0/.#. +(*#* (+'(#' (*/0#) -+)#' )'*(#) :\jj`fej`ddfY`c`jXk`fejZfigfi\cc\j\k`eZfigfi\cc\j :\jj`fej`ddfY`c`jXk`fejÔeXeZ` i\j ;j`em\jk`jj\d\ekj 8Zk`]j[k\elj\eml\[\cXm\ek\ MXi`Xk`fee\kk\[lY\jf`e\e]fe[j[\iflc\d\ekc`Xlo`ddfY`c`jXk`fej Zfigfi\cc\j\k`eZfigfi\cc\j ;`m`[\e[\ji\lj[\jfZ`kjd`j\j\ehl`mXc\eZ\ =clo[\kijfi\i`\X]]\ZkjXloXZk`m`kj[Ë`em\jk`jj\d\ek =cloe\kj[\jXZk`m`kj[Ë`em\jk`jj\d\ek @ekikjm\ijj @ekikji\lj ;`m`[\e[\jm\ijj MXi`Xk`fe[lZXg`kXc JfljZi`gk`fe\dgilekjfYc`^XkX`i\j I\dYflij\d\ek\dgilekjfYc`^XkX`i\j JfljZi`gk`fe\dgilekj~dfp\e\kcfe^k\id\ I\dYflij\d\ek\dgilekj~dfp\e\kcfe^k\id\ JfljZi`gk`feXmXeZ\jXZk`feeX`i\j I\dYflij\d\ek[\kk\jÔeXeZ` i\j~Zflikk\id\ I\dYflij\d\ek[\kk\jc`\jXloZfekiXkjcfZXk`feÔeXeZ\d\ek JfljZi`gk`feXlki\j[\kk\j~cfe^k\id\ I\dYflij\d\ekXlki\j[\kk\j~cfe^k\id\ 8lki\jcd\ekj[\mXi`Xk`fe[\cXkijfi\i`\[\jXZk`m`kj[\ÔeXeZ\d\ek =cloe\kj[\jXZk`m`kj[\ÔeXeZ\d\ek (/ -#* ('/#+ (*#0 (/'#' (')#( (0*#0 Æ Æ )'#. **#' )*/#, Æ ()#* (+0'#/ )*/#, (,0/#/ ('0#/ ((#+ (-()#( -/#* *#+ ('.+#/ Æ *''#' .*'#' Æ .''#' +/-#. (,#* /#) )#* )-#0 (('*#, .''#* Æ ((#- ,,'#/ Æ *+#/ 0#0 Æ Æ '#0 ('))#+ Kijfi\i`\[Ëflm\ikli\[\jjfZ`kjXZhl`j\j =clo[\kijfi\i`\[\jXZk`m`kjZ[\jfl\eZflij[\Z\jj`fe MXi`Xk`fe[\cXkijfi\i`\ +*#( Æ +*#/ Æ Æ 0*#. Kijfi\i`\\khl`mXc\ekj[\kijfi\i`\ Flm\ikli\ :ckli\ MXi`Xk`fe[\cXkijfi\i`\ ('.#0 (,(#. +*#/ (+#) ('.#0 0*#. Rapport financier 2007 I<H Variation des capitaux propres consolidés sur l’exercice 2007 Actions ordinaires (En millions d’euros, sauf nombre d’actions) Nombre d’actions Capital social1 J@KL8K@FE 8L*(;y:<D9I<)''- Résultat Primes d’émission Réserves Capitaux propres, part du groupe Intérêts minoritaires /0,-*-,(+( (*+*#, (-0)#( )0/#* )*,/#+ ,-0)#* ;`m`[\e[\jm\ijjgXiJ=I I\ZcXjj\d\ek 8lki\jZ_Xi^\j\kgif[l`kjZfdgkX$ Y`c`jj[`i\Zk\d\ek\eZXg`kXlogifgi\j Æ Æ Æ Æ Æ (-0)#( Æ Æ (-()#( (-0)#( (-()#( Æ Æ Æ Æ Æ ,#- ,#- Æ ,#- IjlckXke\k Æ Æ (,+0#) Æ Æ (,+0#) '#( (,+0#* /0,-*-,(+( (*+*#, (,+0#) )0/#* )+++#' ,-*,#' Æ ,-*,#' J@KL8K@FE 8L*(;y:<D9I<)''. 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[\cË`ejkild\ekgflic\j[if`kjefe\eZfi\\o\iXYc\j2 ÆcXmXc\li[\j`ejkild\ekjXkki`Ylj\jk\jk`d\ ~cX[Xk\[\cËXkki`Ylk`fe[Xejlegi\d`\ik\dgj# gl`ji\jk`d\~Z_Xhl\Zckli\\kcXZ_Xi^\ Xaljk\\eZfejhl\eZ\XlgifiXkX[\j[if`kj XZhl`j~cXZckli\Zfej`[i\2 ÆcXZ_Xi^\\jkZfdgkXY`c`j\gXiZfeki\gXik`\ [\jgifm`j`fej2 Æ\eflki\#c\jgcXej[\J8I\k[\IJLkXek gi`eZ`gXc\d\ekc`Y\ccj\e[fccXij#c\limXc\li mfcl\j\cfec\jÕlZklXk`fej[lkXlo[\Z_Xe^\ \lif$[fccXi% CXhlfk\$gXik[lZfk[\jidleiXk`fej\jk Xccfl\~J=IXlgifiXkX[lefdYi\[Ë`ejkild\ekj I<HRapport financier 2007 ). 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IjlckXke\k[\jXZk`m`kj E<LKI8C@J8K@FE1 Iy:FE:@C@8K@FE;<CË@DGåKK?yFI@HL<ÁCË@DGåKIy<C1 ;`]]i\eZ\jg\idXe\ek\jZfdgkXYc\j&ÔjZXc\j ycd\ekj\oZ\gk`fee\cj`eZclj[XejcË`dgk\o`^`Yc\ yZi`kli\j[\i\kiX`k\d\ek[\Zfejfc`[Xk`fe MXi`Xk`fe[\cXc`d`kXk`fe[\j@; )#' -#' +#/ )#+ (#)(#. (#' (#* '#+ )*#- '#- (*#, 8LKI<J;@==yI<E:<JE<KK<J1 @dgkjXejYXj\ IjlckXk[\jD<H @dgkjlic\jijlckXkj ./)#, /*0#0 KXlo[Ë`dgfj`k`fei\c **#,. **#(. (%C\kXlo[\YXj\[\cË`dgkjlic\jjfZ`kj\e=iXeZ\\jk[\**#**%CXcf`jlic\ÔeXeZ\d\ek[\cXJZli`kjfZ`Xc\e00$((+'[l)0[Z\dYi\(000X`ejkXlileZfdgcd\ek[Ë`dgfj`k`fe^Xc~*#*[\cË`dgk[\YXj\ [Zfii\jgfe[Xek~le\dXafiXk`fe[\jkXlo[Ë`dgfj`k`fe[\(#(%C\kXlo[Ë`dgfj`k`fe^cfYXcjËkXYc`kX`ej`~*+#+*\e)''.#jXejZ_Xe^\d\ek[\gl`j)''-% *' Rapport financier 2007 I<H -%)%(&:fdgfjXek\j[\j`dgkj[`]]ijXZk`]j\kgXjj`]j (En millions d’euros) 2007 2006 (,#, Æ Æ ('*#( ('-#' .#/#) Æ /)#( Æ ()#.#,#' 0.#0 (*#+ /+#, (++#. ('-#' ('0#, Æ @DGåKJ;@==yIyJ8:K@=J1 ;ÔZ`kjÔjZXloXlkXloefidXc Df`ej$mXcl\j~cfe^k\id\ ;giZ`Xk`fe[ËXZk`]j[Xejc\ZX[i\[ËXZhl`j`k`fej 8lki\j[`]]i\eZ\jk\dgfiX`i\j :fdg\ejXk`fe( @dgkj[`]]ijXZk`]jYilkj 8Zk`]jefei\Zfeelj KfkXc[\j`dgkj[`]]ijXZk`]j @DGåKJ;@==yIyJG8JJ@=J1 8lki\j :fdg\ejXk`fe( KfkXc[\j`dgkj[`]]ijgXjj`]j */#. @dgkj[`]]ijXZk`]jgXjj`]j #e\kj ('0#, **#. ),#' (%:fe]fidd\ek~cXefid\@8J()#c\jXZk`]j\kgXjj`]j[Ë`dgkj[`]]ij[Ële\dd\\ek`k`dgfjXYc\jfekZfdg\ejj[XejcXd\jli\f`cjjfekc`j~[\j`dgkjjlic\ijlckXkgic\mjgXicXdd\Xlkfi`kÔjZXc\ \kcË\eki\gi`j\Xle[if`kali`[`hl\d\ek\oZlkf`i\[\Zfdg\ej\ic\jXZk`]j\kc\jgXjj`]j[Ë`dgk\o`^`Yc\% Note 7 / Résultat par action des exercices 2007 et 2006 2007 2006 (En millions d’euros) De base Dilué De base Dilué IjlckXke\k[\jXZk`m`kj#gXik[l^iflg\ IjlckXke\k[\jXZk`m`kjZ[\jfl\eZflij[\Z\jj`fe IjlckXke\k#gXik[l^iflg\ (,+0#) Æ (,+0#) (,+0#) Æ (,+0#) (-0)#( Æ (-0)#( (-0)#( Æ (-0)#( /0,-*-,(+( /0,-*-,(+( /0,-*-,(+( /0,-*-,(+( '#(. '#(. '#(0 '#(0 EfdYi\[ËXZk`fej IjlckXkgXiXZk`fe\e\lifj IjlckXke\k#gXik[l^iflg\gXiXZk`fe Note 8 / Écarts d’acquisition au 31 décembre 2007 et au 31 décembre 2006 /%(&yZXikj[ËXZhl`j`k`feXl*([Z\dYi\)''.\kXl*([Z\dYi\)''(En millions d’euros) yZXikj[ËXZhl`j`k`fe#Yilkj G\ik\[\mXc\li yZXikj[ËXZhl`j`k`fe 31 décembre 2007 31 décembre 2006 +0/*#( Æ +.-*#, Æ +0/*#( +.-*#, I<HRapport financier 2007 *( /%)&MXi`Xk`fe[\jZXikj[ËXZhl`j`k`fee\kjjlic\j\o\iZ`Z\j)''.\k)''- (En millions d’euros) Écarts d’acquisition au 31 décembre 2006 )+#- (*,*#* JII J=I\o%:fÔiX J=I]lj`fe:\^\k\c>iflg\# :fÔiX#J=I =iE\k) KfkXc Dépréciations Variation de valeur des engagements d’achat d’intérêts minoritaires Mouvements de périmètre Écarts d’acquisition au 31 décembre 2007 Æ Æ Æ Æ Æ Æ )+#- (*,*#* **/,#- Æ Æ Æ **/,#- Æ +.-*#, Æ Æ Æ Æ )(0#- )(0#- )(0#- +0/*#( 8Zhl`j`k`fe[\=iE\k) C\)'al`cc\k)''.#J=IXXZhl`jcXkfkXc`k[\jXZk`fej[\cXjfZ`kK\c\)=iXeZ\[jfidX`j[efdd\=iE\k) #i\gij\ekXekle`em\jk`jj\d\ekkfkXc[\*-(d`cc`fej [Ë\lifj%CËZXik[ËXZhl`j`k`fegic`d`eX`i\[^X^jliZ\k`em\jk`jj\d\ekjËc m\~)0,d`cc`fej[Ë\lifj%CXZfdgkXY`c`jXk`fe~cXaljk\mXc\li[\jXZk`]jXZhl`j#gXjj`]j \kgXjj`]jm\ekl\cjjËkXYc`kZfdd\jl`kXl*([Z\dYi\)''.1 (En millions d’euros) Gi`o[ËXZ_Xk[\jk`ki\j =iX`jXZZ\jjf`i\j :fk[ËXZhl`j`k`fe[\jk`ki\j *,-#0 +#+ *-(#* :Xg`kXlogifgi\j~cËXZhl`j`k`fe --#. yZXik[ËXZhl`j`k`fegic`d`eX`i\ )0+#- 8]]\ZkXk`fegifm`jf`i\ [lZfk[li\^iflg\d\ek[Ë\eki\gi`j\1 9Xj\XYfeej :Xg`kXc`jXk`fe[\j]iX`j[ËXZZ jXloij\Xlo =`jZXc`k[`]]i\ 0/#' (*#, *-#, yZXik[ËXZhl`j`k`feefeX]]\ZkXl*([Z\dYi\)''. )(0#- CËXccfZXk`fe[\cËZXik[ËXZhl`j`k`fej\iXÔeXc`j\XlZflij[\cË\o\iZ`Z\ZcfjXl*([Z\dYi\)''/% /%*&G\ik\j[\mXc\lij C\jk\jkjXeel\cj[\g\ik\[\mXc\lijlic\jZXikj[ËXZhl`j`k`feeËfekgXj\ekiXecXZfejkXkXk`fe[Ële\[giZ`Xk`fe% Note 9 / Immobilisations incorporelles au 31 décembre 2007 et au 31 décembre 2006 0%(&@ddfY`c`jXk`fej`eZfigfi\cc\jXl*([Z\dYi\)''.\kXl*([Z\dYi\)''- Au 31 décembre 2007 (en millions d’euros) Cf^`Z`\cj( C`Z\eZ\j) 8lki\j* Immobilisations incorporelles, brutes )-,(#* 0+'#. +0/#- +'0'#- Amortissements cumulés et dépréciations (.0*#0 (-,#( (,)#( )(((#( Immobilisations incorporelles /,.#+ ..,#- *+-#, (0.0#, ¿ *) Rapport financier 2007 I<H Au 31 décembre 2006 (en millions d’euros) Cf^`Z`\cj( C`Z\eZ\j) 8lki\j (%@ek ^i\ekgi`eZ`gXc\d\ek[\jcf^`Z`\cj[\J=I\kc\jZfkj[\j cf^`Z`\cj~ljX^\`ek\ie\[m\cfggjgXiJ=I#Xdfik`jjlihlXki\Xej% )%@ek ^i\ek1 ÆcXc`Z\eZ\LDKJ-)0d`cc`fej[Ë\lifj gXp\gXiJ=I\ej\gk\dYi\ )''([li\[\)'XejgflicX]flie`kli\[\j\im`Z\j[\kcg_fe`\ dfY`c\[\kif`j` d\^eiXk`fe\e=iXeZ\#LDKJ 2 Immobilisations incorporelles, brutes Amortissements cumulés et dépréciations ))-/#' 0+'#. ),+#' *+-)#. Immobilisations incorporelles (,,)#('/#( (')#) (.-)#0 ÆcXc`Z\eZ\>JD)./d`cc`fej[Ë\lifj %<edXij)''-#J=IjË\jkml Xkki`Yl\igXicËykXkc\[if`k[\gflijl`mi\g\e[Xek(,XejcË\ogcf`kXk`fe [\Z\kk\c`Z\eZ\%CXc`Z\eZ\\jkZfdgkXY`c`j\gflijXmXc\li XZklXi`\cc\efk\(%)%-%*#½8lki\j`ddfY`c`jXk`fej`eZfigfi\cc\j¾ 2 Æc\jc`Z\eZ\jN`D8O*+d`cc`fej[Ë\lifj XZhl`j\jgflile\[li\ [\)'Xej% .(,#+ /*)#- (,(#/ (-00#/ *%@ek ^i\ek1 Æc\ZfekiXk[\[if`k[ËljX^\[Ë\ogcf`kXk`fe[lij\Xl\eki\=iE\k) \kE\l]:\^\k\c,-d`cc`fej[Ë\lifj j`^e\edX`)'',gflile\ [li\[\('Xej2 ÆcXYXj\XYfeej=iE\k)k\cc\hl\mXcfi`j\~cËXZhl`j`k`fe#jf`k 0/d`cc`fej[Ë\lifj% 0%)&MXi`Xk`fe[\j`ddfY`c`jXk`fej`eZfigfi\cc\jjlic\j\o\iZ`Z\j)''.\k)''(En millions d’euros) 2007 2006 Jfc[\\e[Ylk[\gi`f[\ (-00#/ (*/+#* ;fkXk`fejXloXdfik`jj\d\ekj 8Zhl`j`k`fej :\jj`fej&[`d`elk`fej Dflm\d\ekj[\gi`d ki\( 8lki\j */(#/ +.(#+ ))#(+/#, -+#) *),#( --'#( )'#0 Æ (#+ (0.0#, (-00#/ Jfc[\\eÔe[\gi`f[\ (%:feZ\ie\ek=iE\k)% C\jgifa\kj[\jj\im`Z\j[lij\Xl\kc\jgifa\kj[\[m\cfgg\d\ek[\jjpjk d\j[Ë`e]fidXk`fejfekc`^`Yc\j~cXZXg`kXc`jXk`fe[\jZfkjgflic\jg_Xj\j [\[m\cfgg\d\ek[\Z\jgifa\kj%C\jk\dgjgXjjjjliZ_Xhl\gifa\kgXic\jhl`g\j[lij\Xljfek[feZZfdgkXY`c`jj\e`ddfY`c`jXk`fej`eZfigfi\cc\j% @cXkZXg`kXc`j(./d`cc`fej[Ë\lifjjlicËXee\)''.\k(/)d`cc`fej[Ë\lifjjlicËXee\)''-% Note 10 / Immobilisations corporelles au 31 décembre 2007 et au 31 décembre 2006 ('%(&@ddfY`c`jXk`fejZfigfi\cc\jXl*([Z\dYi\)''.\kXl*([Z\dYi\)''- (En millions d’euros) 8l*([Z\dYi\)''. K\iiX`ej :fejkilZk`fej @ejkXccXk`fejk\Z_e`hl\j @ddfY`c`jXk`fej\eZflij 8lki\j 8l*([Z\dYi\)''K\iiX`ej :fejkilZk`fej @ejkXccXk`fejk\Z_e`hl\j @ddfY`c`jXk`fej\eZflij 8lki\j Immobilisations corporelles, brutes Amortissements cumulés et dépréciations Immobilisations corporelles (0#, ()'0#/ +(-/#( (*'#0 -,,#/ -(/+#( '#0 -./#/ ),,/#Æ *00#0 *-*/#) (/#,*(#' (-'0#, (*'#0 ),,#0 ),+,#0 '#/ -()#' )).+#( Æ */,#* *).)#) (/#( ,*/#' (,*/#)).#) ),(#, ),.*#+ (/#0 ((,'#' */()#. )).#) -*-#/ ,/+,#- I<HRapport financier 2007 ** ('%)&MXi`Xk`fe[\j`ddfY`c`jXk`fejZfigfi\cc\jjlic\j\o\iZ`Z\j)''.\k)''(En millions d’euros) 2007 2006 Jfc[\\e[Ylk[\gi`f[\ ),.*#+ )*/-#+ ;fkXk`fejXloXdfik`jj\d\ekj ,((#- ,('#' 8Zhl`j`k`fej&Xl^d\ekXk`fe ,*(#' .)0#( :\jj`fej&[`d`elk`fe Dflm\d\ekj[\gi`d ki\( 8lki\j (/#. *0#) -.#+ (*#* Æ (/#/ Jfc[\\eÔe[\gi`f[\ ),+,#0 ),.*#+ (%:feZ\ie\ek=iE\k)% ('%*&@ddfY`c`jXk`fejZfigfi\cc\jÔeXeZ\jgXi[\jZfekiXkj[\cfZXk`feÔeXeZ` i\ (En millions d’euros) 31 décembre 2007 31 décembre 2006 K\iiX`ej :fejkilZk`fej +#+ -.#, ,#. /.#* @ddfY`c`jXk`fejZfigfi\cc\jÔeXeZ\j gXi[\jZfekiXkj[\cfZXk`feÔeXeZ` i\ .(#0 0*#' <e)''.#c\jXdfik`jj\d\ekjZfejkXkjXlk`ki\[\j`ddfY`c`jXk`fejZfigfi\cc\jÔeXeZ\jgXi[\jZfekiXkj[\cfZXk`feÔeXeZ` i\j\jfekc\mj~+d`cc`fej[Ë\lifj% 8l*([Z\dYi\)''.#c\dfekXek[\jcfp\ijd`e`dldi\jkXek~gXp\iXlk`ki\[\j`ddfY`c`jXk`fejZfigfi\cc\jÔeXeZ\jgXi[\jZfekiXkj[\cfZXk`feÔeXeZ` i\jËc m\ ~(-d`cc`fej[Ë\lifj#~Z_XeZ\% Note 11 / Titres mis en équivalence au 31 décembre 2007 et au 31 décembre 2006 ((%(&Gi`eZ`gXlok`ki\jd`j\ehl`mXc\eZ\Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''Pourcentage de contrôle (En millions d’euros) 31 décembre 2006 31 décembre 2007 31 décembre 2006 *0#/, +0#' +'#' +'#+/ +0#' +'#' ('0'#, )*#* ('#- ('(0#- )*#) (+#* (()+#+ (',.#( E\l]:\^\k\c J=; :@; ((%)&8eXcpj\[\cXmXcfi`jXk`fe [\jk`ki\jE\l]:\^\k\c 8Zhl`j`k`feZfdgcd\ekX`i\[\'#-.\e)''.1 CXgi`j\[\gXik`Z`gXk`feZfdgcd\ekX`i\[\'#-. [XejE\l]:\^\k\c`ek\im\el\c\(/j\gk\dYi\)''. gfliledfekXek[\+'d`cc`fej[Ë\lifjX[^X^ leZXik[ËXZhl`j`k`fe[\*)d`cc`fej[Ë\lifj% @dgkj[`]]ij1CËXeXcpj\d\e\gXic\^iflg\ E\l]:\^\k\cjlijXgfj`k`feÔjZXc\\e)''. *+ Rapport financier 2007 I<H Titres mis en équivalence 31 décembre 2007 cËXZfe[l`k~ZfdgkXY`c`j\i[\j`dgkj[`]]ij XZk`]jXlk`ki\[\j[ÔZ`kji\gfikXYc\j\k[`]]i\eZ\j k\dgfi\cc\j%CXZfdgkXY`c`jXk`fe[\cË`dgk[`]]i Xkc`d`k\Xlo[`]]i\eZ\jk\dgfi\cc\j\ki\gfikj [ÔZ`kX`i\j[fekcËlk`c`jXk`fe\jkXkk\e[l\aljhlËXl *([Z\dYi\)''0%C\j`dgkj[`]]ijXZk`mjgXi E\l]:\^\k\c#\egifm\eXeZ\[\j[ÔZ`kji\gfikXYc\j \k[\j[`]]i\eZ\jk\dgfi\cc\j[\:\^\k\cJ8Jefe mXcfi`j\jc\))Xfk)'',cfij[\cËZ_Xe^\[\j k`ki\j:\^\k\cJ8J\eZfeki\gXik`\[Ële\gXik`Z`gXk`fe [\)/#)[XejE\l]:\^\k\c#jfeki\Zfeelj[Xej c\ijlckXk[\jjfZ`kjd`j\j\ehl`mXc\eZ\\e)''.% CËZXik[ËXZhl`j`k`fe`e`k`Xc\d\ekZfejkXkcfij [\cËZ_Xe^\[\jk`ki\j:\^\k\cJ8J\eZfeki\gXik`\ [Ële\gXik`Z`gXk`fe[\)/#)[XejE\l]:\^\k\c \jkdf[`Ô~_Xlk\li[\j`dgkj[`]]ij i\gij\ekXk`]j[\j[ÔZ`kji\gfikXYc\j \k[`]]i\eZ\jk\dgfi\cc\j[Ëfi`^`e\E\l]K\c\Zfd ejXeki`\li\d\ekXl))Xfk)'',#efemXcfi`jj [XejcËZ_Xe^\[\k`ki\j% 8eXcpj\[\cXmXcfi`jXk`fe[\jk`ki\jE\l]:\^\k\cjl`k\ (En millions d’euros) yZXik[ËXZhl`j`k`feXl*([Z\dYi\)''- -++#0 @dgkj[`]]ijXZk`mj\e)''.#`dglkjjlicËZXik[ËXZhl`j`k`fe 8Zhl`j`k`fej[\cË\o\iZ`Z\ ;`clk`fe 8lki\jdflm\d\ekj yZXik[ËXZhl`j`k`feXl*([Z\dYi\)''. +'#/ *(#. /#) )*#-'+#' 8eXcpj\[\cXmXc\li[\jk`ki\jd`j\ehl`mXc\eZ\E\l]:\^\k\c (En millions d’euros) 2007 2006 ((**#* +-0#) /#* *(#. Æ )(*#. *./#' +)#' MXc\liYilk\[\jk`ki\jd`j\ehl`mXc\eZ\E\l]:\^\k\c Jfc[\\e[Ylk[\gi`f[\ 8Zhl`j`k`fe[\cXgi`f[\ yZXik[ËXZhl`j`k`fe @eZfigfi\cjXZhl`j[Xejc\ZX[i\[\i\^iflg\d\ekj[Ë\eki\gi`j\ @dgkj[`]]ijgXjj`]jjli`eZfigfi\cjXZhl`j [Xejc\ZX[i\[\i\^iflg\d\ekj[Ë\eki\gi`j\ ;`clk`fe ;`jki`Ylk`fe[\[`m`[\e[\j Hlfk\$gXik[Xejc\ijlckXke\k[\cXgi`f[\ IjlckXk[\cXgi`f[\ @dgkj[`]]ijXZk`]j @dgkj[`]]ijgXjj`]j Jfc[\\eÔe[\gi`f[\ Æ (+#, (,#* **#' 0(#0 -'#( )-#0 +#0 Æ Æ ++#0 ))#. (0#/ )#+ ()(-#0 ((**#* Gifm`j`fejjlik`ki\jd`j\ehl`mXc\eZ\E\l]:\^\k\c Jfc[\\e[Ylk[\gi`f[\ ;`clk`fe Hlfk\$gXik[Xejc\ijlckXke\k[\cXgi`f[\ 8dfik`jj\d\ek[\j`ddfY`c`jXk`fej`eZfigfi\cc\jXZhl`j\j [Xejc\ZX[i\[\i\^iflg\d\ekj[Ë\eki\gi`j\ ((*#. (#, Æ ('-#Æ Æ (+#) .#( Jfc[\\eÔe[\gi`f[\ ()-#+ ((*#. MXc\lie\kk\[\jk`ki\jd`j\ehl`mXc\eZ\E\l]:\^\k\c Jfc[\\e[Ylk[\gi`f[\ ('(0#- *-)#- -/#+ *(#. (*#/ **#' (+#) )-#0 )*-#+ *./#' Æ Æ *+#0 (0#/ K`ki\jd`j\ehl`mXc\eZ\ yZXik[ËXZhl`j`k`fe ;`clk`fe ;`jki`Ylk`fe[\[`m`[\e[\j @eZfigfi\cjXZhl`j[Xejc\ZX[i\[\i\^iflg\d\ekj[Ë\eki\gi`j\ @dgkj[`]]ijXZk`]j @dgkj[`]]ijgXjj`]jjli`eZfigfi\cjXZhl`j [Xejc\ZX[i\[\i\^iflg\d\ekj[Ë\eki\gi`j\ Jfc[\\eÔe[\gi`f[\ +#0 ('0'#, ()#( ('(0#- MXc\liYflij` i\[\cËXZk`feE\l]:\^\k\cXl*([Z\dYi\)''.1*+#-'\lifj% I<HRapport financier 2007 *, ((%*&MXi`Xk`fe[\cXmXc\li[\jk`ki\jd`j\ehl`mXc\eZ\jlic\j\o\iZ`Z\j)''.\k)''(En millions d’euros) Valeur au 31 décembre 2006 Mouvements de périmètre Quote-part dans le résultat net de la période Dividendes perçus Variation des écarts de conversion et autres Valeur au 31 décembre 2007 ('(0#)*#) (+#* '#' (',.#( +'#' Æ Æ )#. +)#. ..#. '#( *#. ,#, -/#- **#' Æ Æ Æ **#' (*#/ Æ Æ -#, .#* ('0'#, )*#* ('#- *#. (()/#( E\l]:\^\k\c J=; :@; 8lki\j :fdgk\k\el[\ji ^c\jZfdgkXYc\jXggc`ZXYc\jXloi\^iflg\d\ekj[Ë\eki\gi`j\j\k[\cË`ek^iXk`fe_`jkfi`hl\[\:\^\k\c[Xejc\jZfdgk\jZfejfc`[j[\J=I giXcXYc\d\ek~cËXggfik~E\l]:\^\k\c[l))Xfk)'',#`c\o`jk\[\jZXikj`dgfikXekj\eki\cXhlfk\$gXik[\ijlckXkZfdgkXY`c`j\gXiJ=IXlk`ki\[\E\l]:\^\k\c \kc\ijlckXkglYc`gXiE\l]:\^\k\c% ((%+&@e]fidXk`fejÔeXeZ` i\ji\cXk`m\jXlogi`eZ`gXlok`ki\jd`j\ehl`mXc\eZ\Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''C\j`e]fidXk`fejj`^e`ÔZXk`m\jZfe[\ej\ji\cXk`m\jXlogi`eZ`gXlok`ki\jd`j\ehl`mXc\eZ\jfekc\jjl`mXek\j1 31 décembre 2007 (en millions d’euros) Chiffre d’affaires Résultat d’exploitation Résultat net Endettement net Total actif Capitaux propres, part du groupe )// **+/ / )-) ' ),. ,( 0+, ))0 ,'0+ (* (-.+ Chiffre d’affaires Résultat d’exploitation Résultat net Endettement net Total actif Capitaux propres, part du groupe ),0 )/0. - -/ Æ )(* +. ,+) )') +*/) (* (+++ J=; E\l]:\^\k\c( 31 décembre 2006 (en millions d’euros) J=; E\l]:\^\k\c (%;fee\j[l^iflg\E\l]:\^\k\cefeXiik\j% Note 12 / Actifs financiers non courants au 31 décembre 2007 et au 31 décembre 2006 (En millions d’euros) ( HK< FYc`^Xk`fej 8lki\j 8Zk`]jÔeXeZ`\ijefeZfliXekj 31 décembre 2007 31 décembre 2006 -)+#( *,#( 0,#, .,+#- -/,#, *,#' -+#( ./+#- (%:fdgi\e[c\j[gkjXjjliXekc\giÔeXeZ\d\ek[\jZfdd`jj`fej[ËXiiXe^\d\ek[\jZfekiXkj[\cfZXk`fe&jflj$cfZXk`feHK<d`j\egcXZ\\e(000\k)''(gXiJ=I#gflii\jg\Zk`m\d\ek-)+d`cc`fej[Ë\lifj\k-/,d`cc`fej [Ë\lifjXl*([Z\dYi\)''.\kXl*([Z\dYi\)''-j\i]i\i~cXefk\(*%+#½8lki\jgXjj`]jefeZfliXekj¾ % C\jHK<X`ej`hl\c\jfYc`^Xk`fejjfek[\jXZk`]jÔeXeZ`\ij[k\eljaljhlË~Z_XeZ\% @ceË\o`jk\gXj[\[gkj\eeldiX`i\X[fjjj~[\j\dgilekjXl*([Z\dYi\)''.\kXl*([Z\dYi\)''-% *- Rapport financier 2007 I<H Note 13 / Autres éléments de la variation nette du besoin en fonds de roulement et autres passifs non courants au 31 décembre 2007 et au 31 décembre 2006 (*%(&MXi`Xk`fee\kk\[lY\jf`e\e]fe[j[\iflc\d\ekjlic\j\o\iZ`Z\j)''.\k)''- (En millions d’euros) Au 31 décembre 2006 Flux nets de trésorerie provenant des activités d’exploitation Variation BFR lié aux immobilisations Mouvements de périmètre Variation des écarts de conversion et autres Au 31 décembre 2007 )'0#, +'#' Æ /#. Æ ),/#) )(()#, )-)#' '#) .+#+ )+#/ )+)+#* )*))#' *')#' '#) /*#( )+#/ )-/)#, JkfZbj :iXeZ\j [Ë\ogcf`kXk`fe ycd\ekj[ËXZk`] ;\kk\j [Ë\ogcf`kXk`fe GXik~df`ej[ËleXe[\ cXc`Z\eZ\>JD *0,-#( *-*#0 (+#* )'#+ Æ (*+#, Æ Æ (*#* +++.#+ '#- (+#0 ycd\ekj [\gXjj`] *0.'#+ *-*#0 )'#+ (*+#, (*#0 ++-)#* Gfj`k`fee\kk\ (-+/#+ -(#0 )'#- ,(#+ */#. (..0#/ (*%)&:iXeZ\j[Ë\ogcf`kXk`fe\kXlki\jXl*([Z\dYi\)''.\kXl*([Z\dYi\)''(En millions d’euros) 31 décembre 2007 31 décembre 2006 :iXeZ\jZc`\ekj ;giZ`Xk`fej[\jZiXeZ\j[flk\lj\j (/))#* (('#. (+00#, 0)#/ KfkXcZiXeZ\jZc`\ekj#e\kk\j (.((#- (+'-#. 8lki\jZiXeZ\j[Ë\ogcf`kXk`fe KfkXcZiXeZ\j[Ë\ogcf`kXk`fe :iXeZ\j_fij\ogcf`kXk`fe KfkXcZiXeZ\j[Ë\ogcf`kXk`fe\kXlki\j .()#. .',#/ )+)+#* )(()#, */#+ '#/ )+-)#. )((*#* (*%*&9XcXeZ\^\[\jZiXeZ\jZ_l\jefegifm`j`fee\j (En millions d’euros) :c`\ekjm\ek\jY`\ej\k j\im`Z\j :c`\ekj [`jki`Ylk\lij :c`\ekj[`i\Zkj :iXeZ\jZ_l\jefe gifm`j`fee\j Total Échues non provisionnées De 0 à 30 jours De 31 à 60 jours De 61 à 90 jours Plus de 91 jours ))/#* )-#- **#( *,#+ (**#) *#) Æ )#, '#+ '#+ '#( Æ '#' '#' '#( )*(#- )-#- *,#- *,#/ (**#- I<HRapport financier 2007 *. (*%+&;\kk\j[Ë\ogcf`kXk`fe\kXlki\jXl*([Z\dYi\)''.\kXl*([Z\dYi\)''- (En millions d’euros) 31 décembre 2007 31 décembre 2006 )-()#+ (/+0#0 )(+/#. (/)(#. ++-)#* *0.'#+ '#* -)#( ++-)#- +'*)#, 31 décembre 2007 31 décembre 2006 -+0#. .(+#- )*.#0 //.#- )-0#- 0/+#) ;\kk\j]flie`jj\lij 8lki\j[\kk\j[Ë\ogcf`kXk`fe KfkXc[\kk\j[Ë\ogcf`kXk`fe ;\kk\j_fij\ogcf`kXk`fe KfkXc[\kk\j[Ë\ogcf`kXk`fe\kXlki\j (*%,&8lki\jgXjj`]jefeZfliXekjXl*([Z\dYi\)''.\kXl*([Z\dYi\)''(En millions d’euros) Cfp\ijgXpj[ËXmXeZ\Xlk`ki\ [\jfgiXk`fej[\cfZXk`fe&jflj$cfZXk`feHK< GXik~gclj[ËleXe[\cXc`Z\eZ\>JD Note 14 / Trésorerie et équivalents de trésorerie au 31 décembre 2007 et au 31 décembre 2006 (En millions d’euros) 31 décembre 2007 31 décembre 2006 ,0#) 0)#, 0)#0 (,#' (,(#. ('.#0 ;`jgfe`Y`c`kj yhl`mXc\ekj[\kijfi\i`\ Kijfi\i`\\khl`mXc\ekj[\kijfi\i`\ Note 15 / Informations relatives aux capitaux propres au 31 décembre 2007 et au 31 décembre 2006 (,%(&@ejkild\ekjÔeXeZ`\ijZfdgfjjXl*([Z\dYi\)''.\kXl*([Z\dYi\)''- EXek (,%)&EfdYi\[ËXZk`fej\eZ`iZlcXk`fe\k[if`kj[\mfk\Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''31 décembre 2007 31 décembre 2006 /0,-*-,(+( /0,-*-,(+( '#(, /0,-*-,(+( /0,-*-,(+( '#(, 8Zk`fejfi[`eX`i\j ;if`kj[\mfk\ MXc\liefd`eXc\\e\lifj (,%*&;`m`[\e[\jgifgfjj Xlk`ki\[\cË\o\iZ`Z\)''. CËXjj\dYc\^eiXc\[l)(dXij)''.X\eki`e c\m\ij\d\ek[Ële[`m`[\e[\[\)-0d`cc`fej[Ë\lifj Xlk`ki\[lijlckXk)''-% ;Xejc\ZX[i\[\cËXiik[\jZfdgk\j[\cË\o\iZ`Z\ )''.\k[\cËX]]\ZkXk`fe[lijlckXk[\cË\o\iZ`Z\# c\Zfej\`c[ËX[d`e`jkiXk`fe[XejjXile`fe */ Rapport financier 2007 I<H [l(,]mi`\i)''/X[Z`[[\gifgfj\iXlo XZk`feeX`i\j[\d\kki\\egX`\d\ekle[`m`[\e[\ [\'#(-\lifgXiXZk`fei\gij\ekXekle\ [`jki`Ylk`fe^cfYXc\[\(+**d`cc`fej[Ë\lifj% LeXZfdgk\jli[`m`[\e[\j[\*,/d`cc`fej[Ë\lifjXk [Z`[gXic\Zfej\`c[ËX[d`e`jkiXk`fe[l+dX`)''.% LeXZfdgk\jli[`m`[\e[\j[\,*.d`cc`fej[Ë\lifj Xk[Z`[gXic\Zfej\`c[ËX[d`e`jkiXk`fe [l)/Xfk)''.% LeXZfdgk\jli[`m`[\e[\j[\++/d`cc`fej[Ë\lifj Xk[Z`[gXic\Zfej\`c[ËX[d`e`jkiXk`fe [l.efm\dYi\)''.%:\kXZfdgk\XkgXp c\(-aXem`\i)''/% LeXZfdgk\jli[`m`[\e[\j[\0'd`cc`fej[Ë\lifj Xk[Z`[gXic\Zfej\`c[ËX[d`e`jkiXk`fe [l(,]mi`\i)''/% Note 16 / Provisions au 31 décembre 2007 et au 31 décembre 2006 (En millions d’euros) Solde au 31 décembre 2006 Dotations (+#+ +#. '#. Æ ,,#' Æ Æ ,*#0 Æ Æ '#Æ I^`d\j[ËXmXekX^\j Xlg\ijfee\c I`jhl\j ÔeXeZ`\ij C`k`^\j I\jkilZkliXk`fe Utilisation Reprises et changements d’estimation Mouvements de périmètre et autres Solde au 31 décembre 2007 Æ '#( (/#, Æ ,#. Æ Æ '#( Æ Æ (')#. Æ =iX`j[\i\d`j\\ekXk [\jj`k\j /-#+ ,#* *#' 8lki\j -/#/ +/#0 **#* )(#, ))+#- (()#/ *.#- ).#) (',#. 00#) (0#* ),#' ((/#0 (*#- (/#* )#) Gifm`j`fej ;[lZk`fe [\jgifm`j`fejZfliXek\j Gifm`j`fejefeZfl$ iXek\j ;kX`c[\jgifm`j`fej1 C`k`^\j1c\jgifm`j`fejgflic`k`^\jZflmi\ekc\j i`jhl\jX]]i\ekjXlogifZ[li\jZfek\ek`\lj\j \e^X^\j~cË\eZfeki\[\J=I%Kfljc\jZfek\ek`\lo gifm`j`feejjfekXZkl\cc\d\ek\eXkk\ek\ [ËXl[`\eZ\fl[\gcX`[f`i`\[\mXekleki`YleXc% CXgXikefelk`c`j\[\jgifm`j`fejZfdgkXY`c`j\j ~cËflm\ikli\Zfii\jgfe[~[\jZfek\ek`\lohl` j\jfekjfc[jgXi[\jjfdd\jm\ij\jgXiJ=I df`ej`dgfikXek\jhl\Z\cc\jgifm`j`fee\j Xl*([Z\dYi\)''-% =iX`j[\i\d`j\\ekXk[\jj`k\j1cXmXi`Xk`fe [\cXgifm`j`fe\jkc`\[Ële\gXik~cX[`d`elk`fe [\cXmXc\li[\cËXZk`]df[`ÔZXk`fe[lkXlo [ËXZklXc`jXk`fe gfli0d`cc`fej[Ë\lifjX`ej` hlË~cXZ_Xi^\[\[jXZklXc`jXk`feÔeXeZ` i\gfli ,d`cc`fej[Ë\lifj#\k[ËXlki\gXik~cËXii`m\ ~Z_XeZ\[\Z\ikX`ejYXlogflic\jhl\cj Æ 0#( .0#- '#( -*#' /#/ )-*#/ '#( (-'#. /#0 ('*#( le\i\d`j\\ekXk[\j`k\kX`kgiml\% 8lki\j1c\j[fkXk`fejZfii\jgfe[\ek~[\ji`jhl\j c`j~[\jZfek\ek`\loXm\Z[\jk`\ij~cË\eki\gi`j\% C\ji\gi`j\jZfii\jgfe[\ekgi`eZ`gXc\d\ek XlgX`\d\ek[\jXm`j[\d`j\\ei\Zflmi\d\ek [\kXo\gif]\jj`fee\cc\\k[Ë`dgkjlic\jjfZ`kj[Xej c\ZX[i\[lZfekic\ÔjZXc[\cËXee\)''(%CXgXik efelk`c`j\Zfii\jgfe[~[\jZfek\ek`\lojfc[j XlZflij[\cË\o\iZ`Z\)''.XlYeÔZ\[\J=I% Note 17 / Régime d’avantages au personnel au 31 décembre 2007 et au 31 décembre 2006 (.%(&?pgfk_ j\jlk`c`j\jgflicËmXclXk`fe C\j_pgfk_ j\ji\k\el\jgflicËmXclXk`fe[\j\e^X^\d\ekj\kcX[k\id`eXk`fe[li\e[\d\ekXkk\e[l[\jgcXZ\d\ekjjfekc\jjl`mXek\j1 Prestations de retraite KXlo[ËXZklXc`jXk`fe KXlo[\i\e[\d\ekXkk\e[l[\jgcXZ\d\ekj KXlo[ËXl^d\ekXk`fe[\jjXcX`i\j 2007 2006 ,#* +#( )#/ +#* +#( *#' I<HRapport financier 2007 *0 (.%)&8eXcpj\[\j\e^X^\d\ekje\kj Xlk`ki\[\ji\kiX`k\j\k[\jgi\jkXk`fej Zfdgcd\ekX`i\jXlo*(&()&)''.\k)'':fe]fidd\ek~cXcf`[l)(Xfk)''*i\cXk`m\ ~cXi]fid\[\ji\kiX`k\j#cX[\kk\XZklXi`\cc\ Xl*([Z\dYi\)''.\jkmXcl\j\cfec\j _pgfk_ j\jjl`mXek\j1 ÆD`j\~cXi\kiX`k\~cË`e`k`Xk`m\[\cË\dgcfp\li~-,Xej% ÆKXlo[ËXZklXc`jXk`fe1,#*% ÆKXlo[Ë`eÕXk`fe1)% ÆKXlo[ËXl^d\ekXk`fe[\jjXcX`i\j1)#.,% C\jZfeki`Ylk`fejfekkZfdgkXY`c`j\j Zfe]fidd\ek~cXcf`[\ÔeXeZ\d\ek [\cXJZli`kjfZ`Xc\[l(0[Z\dYi\)''.# jf`k),\e)''/\k,'~Zfdgk\i[\)''0% :\Z_Xe^\d\ek[Ë\jk`dXk`fe[\cXmXc\li [\cË\e^X^\d\ekX]]\Zk\c\Zfdgk\[\ijlckXk)''.% C\Z_Xe^\d\ek[\kXlo[ËXZklXc`jXk`feX`ej`hl\ cXgi`j\\eZfdgk\[\jZfeki`Ylk`fejeË\ekiXe\ek gXj[Ë`dgXZkj`^e`ÔZXk`]jlic\jZfdgk\j% C\kXYc\XlZ`$[\jjfljgij\ek\cËmfclk`fe [\cXmXc\li[\j\e^X^\d\ekj\k[\cXaljk\mXc\li [\jXZk`]j[\Zflm\ikli\X`ej`hl\cXZflm\ikli\ ÔeXeZ` i\\kc\gXjj`]e\kZfdgkXY`c`jXlY`cXegfli c\j\o\iZ`Z\jZcfjXlo*([Z\dYi\)''.\k)''-% (En millions d’euros) ymfclk`fe[\cXmXc\li[\j\e^X^\d\ekj MXc\li[\j\e^X^\d\ekj\e[Ylk[Ë\o\iZ`Z\ :fk[\jj\im`Z\ji\e[lj :fk[\cËXZklXc`jXk`fe 8Zhl`j`k`fej C`hl`[Xk`fej G\ik\j^X`ej XZklXi`\cj Gi\jkXk`fejgXp\j MXc\li[\j\e^X^\d\ekj\eÔe[Ë\o\iZ`Z\ ;fek\e^X^\d\ekjefeÔeXeZj ;fek\e^X^\d\ekjÔeXeZjkfkXc\d\ekflgXik`\cc\d\ek 2007 2006 (0#- )#+ '#/ '#( '#(#0 (#' )*#) (/#- )#/ '#/ Æ Æ '#, *#( (0#- (/#, +#/ (+#+ ,#) -#( '#) Æ Æ Æ '#/ /#/ '#* Æ Æ Æ *#' ymfclk`fe[\jXZk`]j[\Zflm\ikli\ Aljk\mXc\li[\jXZk`]j[\Zflm\ikli\\e[Ylk[Ë\o\iZ`Z\ I\e[\d\ekXkk\e[l[\jgcXZ\d\ekj >X`ejg\ik\j XZklXi`\cj :fk`jXk`fejm\ij\jXlo]fe[jgXicË\dgcfp\li C`hl`[Xk`fej Gi\jkXk`fejgXp\j MXc\li[\j\e^X^\d\ekj\eÔe[Ë\o\iZ`Z\ <e^X^\d\eke\k[\jXZk`]j[\i^`d\j G\ik\j^X`ej XZklXi`\cj[`]]ijXlY`cXe GXjj`]e\kZfdgkXY`c`j\eÔe[Ë\o\iZ`Z\ ,#, -#( (.#. Æ (.#. (*#) '#- ()#- (.%*&8ccfZXk`fe[\jXZk`]j\eZflm\ikli\[\j\e^X^\d\ekj 8l*([Z\dYi\)''.\kXl*([Z\dYi\)''-#cËXccfZXk`fe[\jXZk`]j\eZflm\ikli\[\j\e^X^\d\ekjkX`kcXjl`mXek\1 8Zk`fej FYc`^Xk`fej @ddfY`c`\i 8lki\j KfkXc +' Rapport financier 2007 I<H 2007 2006 (0#' .+#' -#' (#' (''#' (+#' .-#, +#+#' ,#(#' (''#' (.%+&8eXcpj\[\cXZ_Xi^\ZfdgkXY`c`j\jlic\j\o\iZ`Z\j)''.\k)''- CXZ_Xi^\ZfdgkXY`c`j\Xlk`ki\[\ji^`d\j~gi\jkXk`fej[Ôe`\jj\[Zfdgfj\[\cXdXe` i\jl`mXek\1 (En millions d’euros) 2007 2006 :fk[\jj\im`Z\ji\e[lj :fk[\cËXZklXc`jXk`fe I\e[\d\ekXkk\e[l[\jgcXZ\d\ekj C`hl`[Xk`fej 8dfik`jj\d\ek[\jg\ik\j^X`ej XZklXi`\cj :_Xi^\[\cXgi`f[\ )#+ '#/ '#) '#)#, +#0 )#/ '#/ '#* '#* '#/ +#+ C\kXYc\XlZ`$[\jjflj[kX`cc\cXmXi`Xk`feXlZflij[\cXgi`f[\[lgXjj`]e\kZfdgkXY`c`j1 (En millions d’euros) 2007 GXjj`]e\kZfdgkXY`c`j\e[Ylk[Ë\o\iZ`Z\ 2006 ()#0 :_Xi^\[\cXgi`f[\ :fk`jXk`fejm\ij\jXlo]fe[jgXicË\dgcfp\li 8Zhl`j`k`fej Gi\jkXk`fejm\ij\j GXjj`]e\kZfdgkXY`c`j\eÔe[Ë\o\iZ`Z\ /#+ +#0 Æ '#( '#) (.#. +#+ Æ Æ Æ ()#0 Note 18 / Emprunts et autres passifs financiers à long terme au 31 décembre 2007 et au 31 décembre 2006 (/%(%8eXcpj\[\j\dgilekj\kXlki\jgXjj`]jÔeXeZ`\ij~cfe^k\id\Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''(En millions d’euros) FgiXk`fej[\cfZXk`feÔeXeZ\d\ek <dgilekfYc`^XkX`i\[\-''d`cc`fej [Ë\lifjal`cc\k)'', <dgilekYXeZX`i\Æc`^e\[\Zi[`k [\(#)d`cc`Xi[[Ë\lifj <dgilekYXeZX`i\Æc`^e\[\Zi[`k [\+,'d`cc`fej[Ë\lifj <dgilekfYc`^XkX`i\ [\+''d`cc`fej[Ë\lifjfZkfYi\)''8mXeZ\jXZk`feeX`i\j 8lki\j MXc\li[\i\dYflij\d\ek[\j \dgilekj JnXgj[\kXlo[Ë`ekik MXc\li[\jXlki\j `ejkild\ekj[i`mj <dgilekj\kXlki\jgXjj`]j ÔeXeZ`\ij~cfe^k\id\ Taux d’intérêt (%) contractuel Taux effectif global (%) après couverture Échéance 31 décembre 2007 31 décembre 2006 <li`Yfi"'#-0' eX Efm\dYi\)''/ Æ (,#+ *#*., *#+* Al`cc\k)'() ,0/#- ,0/#* <li`Yfi"'#(., eX 8mi`c)'(( ++'#' Æ <li`Yfi"'#(-' eX Efm\dYi\)'() )0'#' Æ <li`Yfi"'#(), eX FZkfYi\)''/ Æ +''#' <li`Yfi"'#(,' eX eX eX ;Z\dYi\)''0 eX .''#' (0#) Æ (+#, Æ Æ Æ )'+.#/ (')/#) eX eX eX Æ Æ Æ Æ Æ Æ Æ Æ Æ Æ )'+.#/ (')/#) eX1efeXggc`ZXYc\ I<HRapport financier 2007 +( (/%)&M\ek`cXk`fegXidXkli`k\kgXieXkli\[\kXlo[Ë`ekik[\cXmXc\li[\i\dYflij\d\ek[\j\dgilekj Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''(En millions d’euros) M\ek`c\jgXidXkli`k [\jZfekiXkj1 yZ_XeZ\~gclj[ËleXe \k[\loXejXlgclj yZ_XeZ\~gclj[\[\loXej \kkif`jXejXlgclj yZ_XeZ\~gclj[\kif`jXej \khlXki\XejXlgclj yZ_XeZ\~gclj[\hlXki\Xej \kZ`ehXejXlgclj yZ_XeZ\~gclj[\Z`ehXej KfkXc M\ek`c\jgXieXkli\ [\kXlo[Ë`ekik1 KXlo[Ë`ekikÔo\ Xgi jZflm\ikli\ KXlo[Ë`ekikmXi`XYc\ KfkXc 31 décembre 2007 31 décembre 2006 .'/#. *+#- +(,#- +'#+ Æ ' Æ ' ++' )(#, Æ ' ///#- +*#+ Æ ' ('#, )'+.#/ '#, ('' -()#- (')/#) ,0#- ('' ,/#* 0)*#) +,#( ,00#. (()+#- ,+#0 +)/#, +(#. )'+.#/ ('' (')/#) ('' Note 19 / Emprunts et autres passifs financiers à court terme au 31 décembre 2007 et au 31 décembre 2006 (0%(&8eXcpj\[\j\dgilekj\kXlki\jgXjj`]jÔeXeZ`\ij~Zflikk\id\Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''(En millions d’euros) 9`cc\kj[\kijfi\i`\ :feZflijYXeZX`i\j <dgilekfYc`^XkX`i\Xmi`c)''<dgilekfYc`^XkX`i\fZkfYi\)''8lki\j <dgilekj\kXlki\jgXjj`]j ÔeXeZ`\ij~Zflikk\id\ Taux d’intérêt (%) contractuel 31 décembre 2007 31 décembre 2006 <fe`X"'#)' <fe`X"'#(), <li`Yfi"'#'0 <li`Yfi"'#(), eX *.- (+'#+ Æ +'' (/ 0,'#* ,(#) *'' Æ (-#* Æ 0*+#+ (*(.#/ (0%)&M\ek`cXk`fegXieXkli\[\kXlo[Ë`ekik[\cXmXc\li[\i\dYflij\d\ek[\j\dgilekj \kXlki\jgXjj`]j~Zflikk\id\Xl*([Z\dYi\)''.\kXl*([Z\dYi\)''(En millions d’euros) 31 décembre 2007 31 décembre 2006 M\ek`c\jgXieXkli\ [\kXlo[Ë`ekik1 KXlo[Ë`ekikÔo\ Xgi jZflm\ikli\ KXlo[Ë`ekikmXi`XYc\ KfkXc +) Rapport financier 2007 I<H *.- +'#) .'' ,*#( ,,/#+ 0*+#+ ,0#/ ('' -(.#/ (*(.#/ +-#0 ('' Note 20 / Instruments financiers au 31 décembre 2007 et au 31 décembre 2006 )'%(&Aljk\mXc\li[\j`ejkild\ekjÔeXeZ`\ij `ejZi`kjXlY`cXeXl*([Z\dYi\)''. \kXl*([Z\dYi\)''CXaljk\mXc\li[\j`ejkild\ekjÔeXeZ`\ij[i`mj \k[\jFG:MD\jkkXYc`\gXiXggc`ZXk`fe[\jdf[ c\j \kdk_f[\j[\mXcfi`jXk`feZfddled\eklk`c`jj jlic\jdXiZ_j#Zfe]fik\Xm\Zc\jmXcfi`jXk`fej gifm\eXek[\jZfeki\gXik`\jYXeZX`i\j% CXmXc\liZfdgkXYc\[\jZiXeZ\j[Ë\ogcf`kXk`fe# [\ÕlZklXk`fej[\kXlo[Ë`ekik\k[\]Xfeefe jlYjkXek`\cc\~[\ji`jhl\j[\Z_Xe^\[Xej c\ZX[i\[\j\jXZk`m`kj[\ifXd`e^%:\j ÕlZklXk`fejg\lm\ekXmf`ile`dgXZke^Xk`] jlijfeijlckXk\kjXj`klXk`feÔeXeZ` i\% [\cXkijfi\i`\#[\j[\kk\j[Ë\ogcf`kXk`fe\k[\j \dgilekj~Zflikk\id\i\Õ k\cXaljk\mXc\li [\Z\j`ejkild\ekjZfdgk\k\el[\c\liZflik\ Z_XeZ\% Gflic\jXlki\jXZk`]jefeZfliXekj#c\limXc\li efd`eXc\i\Õ k\c\lialjk\mXc\li% CXaljk\mXc\li[\cË\dgilekfYc`^XkX`i\ Xl*([Z\dYi\)''.Xk\jk`d\~gXik`i [Ële\mXc\li[\dXiZ_\jk`d\gflileiXZ_Xk Xl*([Z\dYi\)''.~,,0d`cc`fej[Ë\lifj% 8Ôe[\c`d`k\iXldXo`dldc\ji`jhl\j\kc\jZfkj XjjfZ`j#J=IXd`j\egcXZ\le\gfc`k`hl\ [\^\jk`fe[\Z\ji`jhl\j%;Xejc\ZX[i\[\Z\kk\ gfc`k`hl\#J=Ilk`c`j\[`m\ij`ejkild\ekjÔeXeZ`\ij [i`mj\eml\[\^i\ic\ji`jhl\j[\kXlo[Ë`ekik \k[\Z_Xe^\% )'%)&>\jk`fe[\ji`jhl\j J=I\jkjfld`jgi`eZ`gXc\d\ek~[\ji`jhl\j )'%*&Jpek_ j\[\cXaljk\mXc\li[\j`ejkild\ekjÔeXeZ`\ij[i`mj`ejZi`kjXlY`cXeXl*([Z\dYi\)''.\kXl*([Z\dYi\)''31 décembre 2007 (En millions d’euros) 31 décembre 2006 À l’actif Au passif À l’actif Au passif >\jk`fe[li`jhl\ [\kXlo[Ë`ekik1 JnXgjgXp\lijkXloÔo\ :Xgji\cXpjgXi[\jjnXgj (.#/0 ' eX eX ((#,, (#'+ eX eX >\jk`fe[li`jhl\[\Z_Xe^\ KfkXc eX (.#/0 eX ' eX ()#,0 eX ' eX1efeXggc`ZXYc\ )'%+&>\jk`fe[li`jhl\[\kXlo[Ë`ekik J=Ilk`c`j\[\j`ejkild\ekj[\^\jk`fe[\kXlo [Ë`ekikgfli^i\ijfe\ogfj`k`fee\kk\Xlo ÕlZklXk`fej[\jkXlo[Ë`ekik#Xaljk\icXgXik [\jfe\e[\kk\d\ekkfkXcjfld`j\~[\jkXlo [Ë`ekikÔo\j\kmXi`XYc\j% <e)''.#J=IXZfdgckjXZflm\ikli\ [li`jhl\[\kXlogXicXd`j\\egcXZ\ [\+''d`cc`fej[Ë\lifj[\Zflm\ikli\j jlggcd\ekX`i\jjflj]fid\[\jnXgj1 hlXki\jnXgjgXp\lij[\kXloÔo\[Ële\dXkli`k [\hlXki\\kZ`ehXej#jf`kaljhlË\e)'((\k)'()# gfliledfekXekefd`eXckfkXc[\)''d`cc`fej [Ë\lifj%8lgcXeZfdgkXYc\#Z\j`ejkild\ekjjfek hlXc`Ôj[\Zflm\ikli\[\Õlo[\kijfi\i`\2 [\lojnXgjZfeki\<li`Yfiledf`jXeelcXYc\j ~cËfgk`fe[\cXYXehl\#[Ële\dXkli`k[\Z`ehXej# jf`kaljhlË\e)'()#gfliledfekXekefd`eXckfkXc[\ )''d`cc`fej[Ë\lifj%8lgcXeZfdgkXYc\#c\jmXi`Xk`fej [\c\lijaljk\jmXc\lijjfeki\Zfeel\j\eijlckXk% <e)''.#cË\eZflijdfp\e[\j\dgilekjkX`k [\).,-d`cc`fej[Ë\lifj[fek#\edfp\ee\jlicËXee\# (+-+d`cc`fej~kXloÔo\pZfdgi`jcXgXikZflm\ik\ [\j\dgilekj \k()0)d`cc`fej[Ë\lifj~kXlomXi`XYc\% <e)''.#Xgi j^\jk`fe[\ji`jhl\j[\kXlo [Ë`ekik#c\kXlo\]]\Zk`]^cfYXcjlic\j\dgilekj kX`k[\*#0Xm\Z*#++[\kXloÔo\% JlicXYXj\[\cË\eZflijdfp\e[\j\dgilekj Xl*([Z\dYi\)''.#J=I\jk`d\hlËle\_Xljj\ [\([\jkXlo[\dXiZ_\ekiXe\iX`kle\ Xl^d\ekXk`fe[lZfk[lÔeXeZ\d\ek[Ë\em`ife (*d`cc`fej[Ë\lifj%;\dd\#le\YX`jj\[\( \ekiXe\iX`kle\[`d`elk`fe[lZfk[lÔeXeZ\d\ek [Ë\em`ife(*d`cc`fej[Ë\lifj%C\kXYc\XlZ`$[\jjflj jpek_k`j\c\j`e]fidXk`feji\cXk`m\jXlo`ejkild\ekj [\^\jk`fe[li`jhl\[\kXlolk`c`jjgXiJ=I% Montant notionnel (en millions d’euros) Instruments financiers JnXgj JnXgj JnXgj Échéance 31 décembre 2007 31 décembre 2006 )''. )'(( )'() ' *'' -'' ,'' )'' *'' I<HRapport financier 2007 +* )'%,&I`jhl\[\Z_Xe^\ :fdgk\k\el[\j]X`Yc\jmfcld\j[Ëcd\ekj [\gXjj`]\o`jkXekjgXpj\e[\m`j\\kXlZle cd\ek[ËXZk`]#cX[`i\Zk`fe\jk`d\hl\c\i`jhl\ [\g\ik\jc`Xli`jhl\[\Z_Xe^\\jkc`d`k \khl\[\k\cc\jg\ik\j#j`\cc\j[\mX`\ekjlim\e`i# e\j\iX`\ekgXjjlYjkXek`\cc\j% 8Ôe[\gifk^\icXmXc\li[\jÕlo[\kijfi\i`\ \e[\m`j\j[\gXjj`]\o`jkXekjgXpjgi`eZ`gXc\d\ek \e[fccXijXdi`ZX`ej#J=Ilk`c`j\[\jZfekiXkj[\Z_Xe^\ ~k\id\hl`Zflmi\ekle\gXik`\[\ji`jhl\j[\Z_Xe^\ Xek`Z`gj#gfli[\jgi`f[\j`e]i`\li\j~()df`j% 8l*([Z\dYi\)''.#J=IeËXmX`kXlZle`ejkild\ek ÔeXeZ`\ii\cXk`]~cX^\jk`fe[li`jhl\[\Z_Xe^\% )'%-&I`jhl\[\ZfeZ\ekiXk`fe[lZi[`k \ki`jhl\[\Zfeki\gXik`\ J=Id`e`d`j\jfe\ogfj`k`feXli`jhl\ [\ZfeZ\ekiXk`fe[lZi[`k\k[\Zfeki\gXik`\ \ejË\e^X^\Xekle`hl\d\ek[Xej[\jfgiXk`fej [\Zi[`kXm\Z[\jYXehl\jZfdd\iZ`Xc\jfl[\j `ejk`klk`fejÔeXeZ` i\jhl`YeÔZ`\ek[\efk\j [\Zi[`kc\m\j\k\eigXik`jjXekc\jkiXejXZk`fej 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J=I;m\cfgg\d\ek )+#00 D<< ;`^`k`ZbJ8J (+-#il\DfekdXiki\#.,'')GXi`jÆEJ`i\e1+,*0+)0+/ J=I;m\cfgg\d\ek )/#'* D<< GipcfjJ8J (.$(0#Yflc\mXi[DfekdXiki\#.,'')GXi`jÆEJ`i\e1++0/0.0'0 J=I;m\cfgg\d\ek ))#0- D<< J=I;m\cfgg\d\ek )' D<< J=I;m\cfgg\d\ek )+#,- D<< J=I;m\cfgg\d\ek )+#00 D<< JfÔXcpjJ8J (,+*#il\[l:fddXe[Xek$;lYf`j#.-)*'9f`j$>l`ccXld\ÆEJ`i\e1+)0,(-*', D)DJfclk`feJ8IC (,'*#iflk\[\j;fc`e\j#C\K_c d\#'-,-'MXcYfee\ÆEJ`i\e1+**,()*,. Jlg\ik\ZJ8J (#il\[\Gifm\eZ\#*/(*'yZ_`ifcc\jÆEJ`i\e1++0*,.),' C\jjfZ`kjjgZ`Ôhl\d\ekZi\j[Xejc\ZX[i\[\jfgiXk`fej[\cfZXk`fe&jflj$cfZXk`feiXc`j\j\e(000\k)''(\k[Xejc\jhl\cc\jc\^iflg\e\[k`\ekXlZle\gXik`Z`gXk`fejfek[\j jfZ`kj[\[if`k_fccXe[X`j[fd`Z`c`\j~Ifb`e#,,G%F9fo00'('''8Q8djk\i[Xd#GXpj$9Xj#\kÔ^li\ek[XejcXc`jk\Z`$af`ek\1J\`dfiX9M#J\`dfiX@9M#J\`dfiX@@9M#J\`dfiX@@@9M#J\`dfiX @M9M#J\`dfiXM9M#J\`dfiXM@9M#J\`dfiXM@@9M#J\`dfiXM@@@9M#J\`dfiX@O9M#J\`dfiXO9M#J\`dfiXO@9M#J\`dfiXO@@9M#J\`dfiXO@@@9M#J\`dfiXO@M9M#J\`dfiXOM9M% IG : intégration globale, MEE : mise en équivalence Détentrices des titres Intérêts du groupe Méthode de consolidation E\l]:\^\k\cJ8 +'$+)#hlX`[lGf`ek$[l$Afli#0)-,09flcf^e\$9`ccXeZflik:\[\oÆEJ`i\e1+(+0+-(0+ J=I *0#/, D<< >l\kXc`?Xlk;Y`kJ8 Q8:)'''#)#il\K_f[fi\$;ifl\k#0.+)'C\GfikÆEJ`i\e1+)*(0.0+- J=I ('' @> =iE\k)J8J (+#il\[\j=i i\j$:Xl[ife#./(+'Mc`qp$M`ccXZflYcXpÆEJ`i\e1+'00(+',/ J=I ('' @> Kcg_fe`\Ôo\1 Note 24 / Événements postérieurs à la clôture EXek% I<HRapport financier 2007 +0 Rapport des commissaires aux comptes sur les comptes consolidés <o\iZ`Z\Zcfjc\*([Z\dYi\)''. D\j[Xd\j#d\jj`\lijc\jXZk`feeX`i\j# <e\oZlk`fe[\cXd`jj`fehl`efljXkZfeÔ\ gXimfjXjj\dYc\j^eiXc\j#efljXmfejgifZ[ XlZfekic\[\jZfdgk\jZfejfc`[j[\cXJfZ`k ]iXeX`j\[liX[`fkcg_fe\i\cXk`]j~cË\o\iZ`Z\ Zcfjc\*([Z\dYi\)''.#k\cjhlË`cjjfekaf`ekj Xlgij\ekiXggfik% C\jZfdgk\jZfejfc`[jfekkXiikjgXi c\Zfej\`c[ËX[d`e`jkiXk`fe%@cefljXggXik`\ek# jlicXYXj\[\efki\Xl[`k#[Ë\ogi`d\ile\fg`e`fe jliZ\jZfdgk\j% ,' Rapport financier 2007 I<H 1 / Opinion sur les comptes consolidés 2 / Justification des appréciations EfljXmfej\]]\Zklefki\Xl[`kj\cfec\jefid\j gif]\jj`fee\cc\jXggc`ZXYc\j\e=iXeZ\2Z\j efid\ji\hl` i\ekcXd`j\\eÅlmi\[\[`c`^\eZ\j g\id\kkXek[ËfYk\e`icËXjjliXeZ\iX`jfeeXYc\ hl\c\jZfdgk\jZfejfc`[je\Zfdgfik\ekgXj [ËXefdXc`\jj`^e`ÔZXk`m\j%LeXl[`kZfej`jk\ ~\oXd`e\i#gXijfe[X^\j#c\jcd\ekjgifYXekj aljk`ÔXekc\j[fee\jZfek\el\j[XejZ\jZfdgk\j% @cZfej`jk\^Xc\d\ek~XggiZ`\ic\jgi`eZ`g\j ZfdgkXYc\jjl`m`j\kc\j\jk`dXk`fejj`^e`ÔZXk`m\j i\k\el\jgflicËXiik[\jZfdgk\j\k~XggiZ`\i c\ligij\ekXk`fe[Ë\ej\dYc\%Eflj\jk`dfejhl\ efjZfekic\j]flie`jj\ekle\YXj\iX`jfeeXYc\ ~cËfg`e`fe\ogi`d\Z`$Xgi j% EfljZ\ik`Ôfejhl\c\jZfdgk\jZfejfc`[j [\cË\o\iZ`Z\jfek#Xli\^Xi[[li]i\ek`\c@=IJ k\chlËX[fgk[XejcËLe`fe\lifg\ee\#i^lc`\ij \kj`eZ i\j\k[fee\ekle\`dX^\Ô[ c\ [lgXki`df`e\#[\cXj`klXk`feÔeXeZ` i\#X`ej` hl\[lijlckXk[\cË\ej\dYc\Zfejk`klgXi c\jg\ijfee\j\k\ek`kjZfdgi`j\j[Xej cXZfejfc`[Xk`fe% <eXggc`ZXk`fe[\j[`jgfj`k`fej[\cËXik`Zc\C%/)*$0 [lZf[\[\Zfdd\iZ\i\cXk`m\j~cXaljk`ÔZXk`fe [\efjXggiZ`Xk`fej#efljgfikfej~mfki\ ZfeeX`jjXeZ\c\jcd\ekjjl`mXekj1 :fdd\`e[`hl[XejcXefk\(%)%([\cËXee\o\Xlo kXkjÔeXeZ`\ijZfejfc`[j#cX[`i\Zk`fe[\mfki\ jfZ`k\jkZfe[l`k\~\]]\Zkl\i[\j\jk`dXk`fej \k~]fidlc\i[\j_pgfk_ j\jhl`X]]\Zk\ek c\dfekXekÔ^liXek[XejZ\jkXkjÔeXeZ`\ij\kc\j efk\jhl`c\jXZZfdgX^e\ek%C\jijlckXkjfYk\elj `eÔe\g\lm\ek[`m\i^\i[\Z\j\jk`dXk`fej \e]feZk`fe[Ë_pgfk_ j\jfl[\j`klXk`fej [`]]i\ek\j% Mfki\jfZ`kgifZ [\jpjkdXk`hl\d\ek# ~Z_Xhl\Zckli\#~lek\jk[\[giZ`Xk`fe[\j ZXikj[ËXZhl`j`k`fe\k[\jXZk`]j~[li\[\m`\ `e[Ôe`\\kmXcl\^Xc\d\ekjË`c\o`jk\le`e[`Z\ [\g\ik\[\mXc\li[\jXZk`]j~cfe^k\id\#j\cfe [\jdf[Xc`kj[Zi`k\j[XejcXefk\(%)%-%,Xlo kXkjÔeXeZ`\ij%EfljXmfej\oXd`ec\jdf[Xc`kj [\d`j\\eÅlmi\[\Z\k\jk[\[giZ`Xk`fe X`ej`hl\c\jgim`j`fej[\Õlo[\kijfi\i`\ \k_pgfk_ j\jlk`c`j\j\kefljXmfejmi`Ôhl\ cXefk\(%)%-%,[fee\le\`e]fidXk`feXggifgi`\% Mfki\jfZ`kZfejk`kl\[\jgifm`j`fejgfli Zflmi`ic\ji`jhl\j\kc`k`^\jj\cfec\jdf[Xc`kj `e[`hl\j\eefk\(%)%0XlokXkjÔeXeZ`\ij% JlicXYXj\[\jcd\ekj[`jgfe`Yc\j~Z\afli# efki\XggiZ`Xk`fe[\jgifm`j`fejjË\jk]fe[\ jlicËXeXcpj\[\jgifZ[li\j\em`^l\li[Xej mfki\^iflg\g\id\kkXekc\lii\Z\ej\d\ek#c\li mXclXk`fe\kc\likiX[lZk`feZfdgkXYc\% EfjkiXmXlofekZfej`jk~XggiZ`\ic\j[fee\j \kc\j_pgfk_ j\jjlic\jhl\cc\jj\]fe[\ekZ\j \jk`dXk`fej#~i\mf`ic\jZXcZlcj\]]\ZkljgXimfki\ jfZ`k#~ZfdgXi\ic\j\jk`dXk`fejZfdgkXYc\j [\jgi`f[\jgiZ[\ek\jXm\Zc\jiXc`jXk`fej Zfii\jgfe[Xek\j\k~\oXd`e\ic\jgifZ[li\j [ËXggifYXk`fe[\Z\j\jk`dXk`fejgXicX[`i\Zk`fe% C\jXggiZ`Xk`fejX`ej`gfik\jjË`ejZi`m\ek[Xej c\ZX[i\[\efki\[dXiZ_\[ËXl[`k[\jZfdgk\j Zfejfc`[j#gi`j[XejcË\ej\dYc\#\kfek[feZ Zfeki`Yl~cX]fidXk`fe[\efki\fg`e`fe\ogi`d\ [XejcXgi\d` i\gXik`\[\Z\iXggfik% 3 / Vérification spécifique EfljXmfej^Xc\d\ekgifZ[#Zfe]fidd\ek Xloefid\jgif]\jj`fee\cc\jXggc`ZXYc\j\e=iXeZ\# ~cXmi`ÔZXk`fe[\j`e]fidXk`fej[fee\j[Xej c\iXggfikjlicX^\jk`fe[l^iflg\%EfljeËXmfej gXj[ËfYj\imXk`fe~]fidlc\ijlic\lij`eZi`k \kc\liZfeZfi[XeZ\Xm\Zc\jZfdgk\jZfejfc`[j% GXi`jCX;]\ej\\kE\l`ccp$jli$J\`e\#c\+dXij)''/ BGD>8l[`k ;gXik\d\ek[\BGD>J8 <iejk&Pfle^\k8lki\j DXi`\>l`cc\dfk?\ei`9X\kq;fd`e`hl\K_flm\e`e EfljXmfejgifZ[~cËXggiZ`Xk`fe[lZXiXZk i\ iX`jfeeXYc\[\Z\j\jk`dXk`fej% I<HRapport financier 2007 ,(