DSCG 4 - Comptabilité Et Audit - 2020 2021-199-384 Comptes de Groupes

 

BJKVGYQC

5

VQHEQKMMC

Bkirc dçekd ct rçedcmcotkgrc, pçrgmêtrc, mçtjhics ct prhbcssus ic bhoshdgiktgho

Bhmpçtcobcs vgsçcs

• Mkïtrgscr dc bkirc rçedcmcotkgrc ct •

dçekd ic dk bhoshdgiktgho ics bhmptcs (rêedcmcots oktghokux ct ohrmcs gotcroktghokdcs) Iç`ogr dc pçrgmêtrc ic bhoshdgiktgho

Ohtghos ct bhotcous Bkirc lurgigquc ics hpçrktghos < bjhgx iu rççrcotgcd ic bhoshdgiktgho > brgtêrcs rcoikot hadgekthgrc d‗çtkadgsscmcot ic bhmptcs bhoshdgiçs > okturc iu bhotrùdc ct mçtjhic ic bhoshdgiktgho > phurbcotkecs i‗gotçrìt ct ic bhotrùdc > bks i‗cxcmptgho, i‗cxbdusgho ct kutrcs

DGCOR KPCB DC IRBE 2 § 1.9. Ecstgho iu pçrgmêtrc ic d‗cotgtç

VDKO IS BJKVGYQC Bhurs ‒  dk bhoshdgiktgho prhphrtghoocddc > ‒  d‗kppdgbktgho ic dk mçtjhic ic mgsc co çqugvkdcobc kux cotrcprgscs ksshbgçcs > ‒  dc bhotcou ic d‗koocxc kux çtkts okobgcrs bhoshdgiçs > ‒  dc bhotcou iu rkpphrt bhoshdgiç ic ecstgho.

A

Bhic ic bhmmcrbc

;. Kd D. 122-;0 æ D. 122-1: Dcs krtgbdcs D. 122-;0 æ D. 122-1: iu Bhic ic bhmmcrbc, ohtkmmcot kmcoiçs pkr d‗hrihookobc 16;3-766 iu 12 lugddct 16;3 qug kikptc dc irhgt oktghokd æ dk igrcbtgvc curhpçcooc iu 10 lugo 16;2, prçbgscot co pkrtgbudgcr < ‒  quc dcs shbgçtçs ihgvcot prçscotcr ics bhmptcs bhoshdgiçs ct uo rkpphrt sur dk ecstgho iu erhupc iês dhrs qu‗cddcs bhotrùdcot ic mkogêrc cxbdusgvc hu bholhgotc uoc hu pdusgcurs kutrcs cotrcprgscs > ‒  bc quc d‗ho cotcoi pkr bhotrùdc cxbdusg, bhotrùdc bholhgot, go`ucobc ohtkadc > ‒  dcs mçtjhics ic bhoshdgiktgho utgdgskadcs < gotçerktgho edhakdc, gotçerktgho prhphrtghoocddc, mgsc co çqugvkdcobc > ‒  dcs bks h÷ uoc dgkdc hu uoc pkrtgbgpktgho pcuvcot ìtrc dkgssçcs co icjhrs ic dk bhoshdgiktgho >

;:9

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

‒  dc bhotcou eçoçrkd ics bhmptcs bhoshdgiçs < agdko, bhmptc ic rçsudtkt, koocxc, ct dcurs qukdgtçs rcbjcrbjçcs rcbjcrbjçcs < rçeudkr rçeudkrgtç, gtç, sgobçrgtç, gmkec iêdc > ‒  dcs rêedcs eçoçrkdcs i‗çvkduktgho ics çdçmcots bhoshdgiçs > ‒  dc bhotcou iu rkpphrt ic ecstgho > ‒  d‗hadgektgho ic bhotrùdc pkr dcs bhmmgsskgrcs kux bhmptcs.

1. Kd Q. 122-2 æ Q. 122-;0 Dcs krtgbdcs Q. 122-2 æ Q. 122-;0 iu Bhic ic bhmmcrbc hot çtç ohtkmmcot kmcoiçs pkr dc içbrct 16;3-762 iu 12 lugddct 16;3 qug kikptc dc irhgt oktghokd æ dk igrcbtgvc curhpçcooc iu 10 lugo 16;2. Bcs krtgbdcs prçscotcot co pkrtgbudgcr < ‒  dc prhbcssus ic bhoshdgiktgho > ‒  dc trkgtcmcot ic bcrtkgocs hpçrktghos, tcds dcs çbkrts ic prcmgêrc bhoshdgiktgho > ‒  dk strubturc iu agdko bhoshdgiç > ‒  dk strubturc iu bhmptc ic rçsudtkt bhoshdgiç > ‒  dcs bhoigtghos i‗cxcmptgho i‗çtkadgsscmcot i‗çtkadgsscmcot ics bhmptcs bhoshdgiçs > ‒  dk tkgddc ics brgtêrcs qug pcrmcttcot kux pctgts erhupcs i‗ìtrc igspcosçs ic prçscotcr ics bhmptcs bhoshdgiçs. Bcs tkgddcs shot xçcs kux ogvckux sugvkots < ‒  mhotkot oct iu bjgrc i‗kkgrcs < 9: mgddghos i‗curhs > ‒  thtkd iu agdko < 19 mgddghos i‗curhs > ‒  ohmarc mhyco ic skdkrgçs pcrmkocots < 136.

B

Qêedcmcot 7761 iu 17 kvrgd ;777 iu BQB

Dc rêedcmcot iu BQB rcdktg kux bhmptcs bhoshdgiçs ics shbgçtçs bhmmcrbgkdcs ct ics cotrcprgscs puadgqucs, jhmhdheuç pkr d‗krrìtç iu 11 lugo ;777, k rchrmudç dcs rêedcs ic bhoshdgiktgho çigbtçcs prçbçicmmcot pkr dk mçtjhihdhe mçtjhihdhegc gc sur dcs bhmptcs bhoshdgiçs gotçerçc ku VBE (a. 5.;).

Ykadcku 5.;. 5. ;.   Rtrubturc iu rêedcmcot 77‛61 iu BQB Dc rêedcmcot 77-61 iu BQB bhmphrtc dcs scbtghos sugvkotcs < ;. Vçrgmêtrc ;.  Vçrgmêtrc ct mçtjhics ic bhoshdgiktgho 1. Qêedcs 1.  Qêedcs ic bhoshdgiktgho 2. Mçtjhics 2.  Mçtjhics i‗çvkduktgho ct ic prçscotktgho 9. Ihbumcots 9.  Ihbumcots ic syotjêsc bhoshdgiçs 3. Vrcmgêrc 3.  Vrcmgêrc kooçc i‗kppdgbktgho

Ycxtc gotçerkd iu rêedcmcot 77-61 iu BQB <

jttp d‗cotgtç bhoshdgikotc cst prçsumçc kvhgr ccbtuç bcttc içsgeoktgho dhrsqu‗cddc k igsphsç, ku bhurs ic bcttc pçrghic, igrcbtcmcot hu goigrcbtcmcot, i‗uoc rkbtgho supçrgcurc æ 96 % ics irhgts ic vhtc ct qu‗kubuo kutrc ksshbgç hu kbtghookgrc oc içtcokgt, igrcbtcmcot hu goigrcbtcmcot, uoc rkbtgho supçrgcurc æ dk sgcooc > ‒  shgt iu irhgt i‗cxcrbcr uoc go`ucobc ihmgokotc sur uoc cotgtç co vcrtu i‗uo bhotrkt hu ic bdkuscs stktutkgrcs, dhrsquc dc irhgt kppdgbkadc dc pcrmct > d‗go`ucobc ihmgokotc cxgstc iês dhrs quc, ikos dcs bhoigtghos içbrgtcs bg-icssus, d‗cotgtç bhoshdgikotc k dk phssgagdgtç i‗utgdgscr hu i‗hrgcotcr d‗utgdgsktgho ics kbtgs ic dk mìmc kåho qu‗cddc bhotrùdc scs prhprcs kbtgs. Y  ic bhotrùdc cxbdusg pcuvcot ìtrc igstgoeuçs <  ic irhgt < içtcotgho igrcbtc hu goigrcbtc ic dk mklhrgtç ics irhgts •  Dc ùd d  ic

ic vhtc.  ic kgt < içsgeoktgho ic mklhrgtç ics mcmarcs ics hrekocs i‗kii‗ki•  Dc ùd d  ic mgogstrktgho, ic igrcbtgho hu ic survcgddkobc > prçshmptgho ic bhotrùdc sg dk içtcotgho cst supçrgcurc æ 96 % ics irhgts ic vhtc.   bhotrkbtucd hu stktutkgrc < irhgt i‗cxcrbcr uoc go`ucobc ihmg•  Dc ùd d  bhotrkbtucd okotc co vcrtu i‗uo bhotrkt hu ic bdkuscs stktutkgrcs. B‗cst dc bks ohtkmmcot ics cotgtçs ki jhb. Iç`ogtgho

Cst igtc  igtc  ki jhb  uoc  uoc strubturc lurgigquc igstgobtc, brççc spçbgqucmcot phur eçrcr uoc hpçrktgho hu uo erhupc i‗hpçrktghos sgmgdkgrcs phur dc bhmptc i‗uoc kutrc cotgtç.

D‗cotgtç ki jhb cst D‗cotgtç ki jhb cst strubturçc hu hrekogsçc ic mkogêrc tcddc quc sho kbtgvgtç o‗cst co kgt cxcrbçc quc phur dc bhmptc ic bcttc cotgtç, pkr mgsc æ igsphsgtgho i‗kbtgs hu hurhurogturc ic agcos, ic scrvgbcs hu ic bkpgtkux. Co ohrmcs rkoåkgscs bhmmc co ohrmcs gotcroktghokdcs, gotcroktghokd cs, uoc cotgtç ki jhb cst bhmprgsc ikos dc pçrgmêtrc ic bhoshdgiktgho bhoshdgiktgho iês dhrs qu‗uoc hu pdusgcurs cotrcprgscs bhotrùdçcs hot co suastkobc co vcrtu ic bhotrkts, i‗kbbhris, ic bdkuscs stktutkgrcs, dc bhotrùdc ic dkigtc cotgtç.

;::

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

1. Bùd l Qed 1616-6; i d‗KOB, . 1;;-9 ▦ Dc Dc   ùd l cst l cst dc pkrtkec iu bhotrùdc i‗uoc cotgtç cxpdhgtçc co bhmmuo pkr uo ohmarc dgmgtç i‗ksshbgçs hu i‗kbtghookgrcs, ic shrtc quc dcs phdgtgqucs okobgêrc ct hpçrktghoocddc rçsudtcot ic dcur kbbhri. Icux çdçmcots shot csscotgcds æ d‗cxgstcobc i‗uo bhotrùdc bholhgot < ▦ So ohmarc dgmgtç i‗ksshbgçs hu i‗kbtghookgrcs pkrtkeckot dc bhotrùdc > dc pkrtkec iu bhotrùdc supphsc qu‗kubuo ksshbgç hu kbtghookgrc o‗cst susbcptgadc æ dug scud ic phuvhgr cxcrbcr uo bhotrùdc cxbdusg co gmphskot scs içbgsghos kux kutrcs > d‗cxgstcobc i‗uo bhotrùdc bholhgot o‗cxbdut pks dk prçscobc i‗ksshbgçs hu i‗kbtghookgrcs mgohrgtkgrcs oc pkrtgbgpkot pks ku bhotrùdc bholhgot > ▦ So kbbhri bhotrkbtucd qug prçvhgt d‗cxcrbgbc iu bhotrùdc bholhgot sur d‗kbtgvgtç çbhohmgquc ic d‗cotgtç cxpdhgtçc co bhmmuo > çtkadgt dcs içbgsghos qug shot csscotgcddcs æ dk rçkdgsktgho ics halcbtgs ic d‗cotrcprgsc cxpdhgtçc co bhmmuo ct qug oçbcssgtcot dc bhoscotcmcot ic thus dcs ksshbgçs hu kbtghookgrcs pkrtgbgpkot ku bhotrùdc bholhgot. Yrhgs bhoigtghos s‗gmphscot ku bhotrùdc bholhgot < ‒  d‗cxgstcobc i‗uo bhotrùdc > ‒  dc pkrtkec iu bhotrùdc pkr uo ohmarc dgmgtç i‗ksshbgçs hu i‗kbtghookgrcs > ‒  uoc prgsc ic içbgsgho co bhmmuo.

2. G` ad Qed 1616-6; i d‗KOB, . 1;;-3 D‗` ad cst ad cst dc phuvhgr ic pkrtgbgpcr kux phdgtgqucs okobgêrc ct hpçrktghoocddc i‗uoc cotgtç skos co içtcogr dc bhotrùdc. D‗go`ucobc ohtkadc pcut ohtkmmcot rçsudtcr i‗uoc rcprçscotktgho ikos dcs hrekocs ic igrcbtgho hu ic survcgddkobc, ic dk pkrtgbgpktgho kux içbgsghos strktçegqucs, ic d‗cxgstcobc i‗hpçrktghos gotcrcotgtçs gmphrtkotcs, ic d‗çbjkoec ic pcrshoocd ic igrcbtgho, ic dgcos ic içpcoikobc tcbjogquc. D‗go`ucobc ohtkadc sur dcs phdgtgqucs okobgêrc ct hpçrktghoocddc i‗uoc cotrcprgsc cst prçsumçc dhrsquc d‗cotgtç bhoshdgikotc igsphsc, igrcbtcmcot hu goigrcbtcmcot, i‗uoc rkbtgho ku mhgos çekdc æ 16 % ics irhgts ic vhtc ic bcttc cotgtç.

D‗go`ucobc ohtkadc rcqugcrt dcs bhoigtghos sugvkotcs < ‒  sghos rcprçscotktgho rcprçsco tktgho ikoscxgstcobc dcs hrekocs ic igrcbtghogotcrcotrcprgscs hu ic survcgddkobc, pkrtgbgpktgho kux içbgstrktçegqucs, i‗hpçrktghos gmphrtkotcs, çbjkoec ic pcrshoocd ic igrcbtgho, dgcos ic içpcoikobc tcbjogquc > ‒  prçshmptgho i‗go`ucobc ohtkadc dhrsquc d‗cotgtç bhoshdgikotc igsphsc, igrcbtcmcot hu goigrcbtcmcot, i‗uoc rkbtgho ku mhgos çekdc æ 16 % ics irhgts ic vhtc.

9. C æ d‗a d‗ade de i di [ucdqucs cxbcptghos æ d‗hadgektgho ic bhoshdgiktgho shot prçbgsçcs pkr dcs krtgbdcs D. 122-;5 122-;5,, D. 122-;5-; ct D. 122-;7 iu Bhic ic bhmmcrbc < cddcs bhobcrocot dcs scpt bks sugvkots < •  Vhur d‗ade i  i  di  < ‒  dcs shbgçtçs shus dc bhotrùdc i‗uoc cotrcprgsc cotrcprgsc qug dcs gobdut ikos scs bhmptcs bhoshdgiçs ct puadgçs. Yhutchgs, d‗cxcmptgho cst suahrihooçc æ dk bhoigtgho qu‗uo hu pdusgcurs kbtghookgrcs hu ksshbgçs ic d‗cotrcprgsc sho bkpgtkd shbgkd oc s‗y hpphscot pks > bhotrùdçc rcprçscotkot ku mhgos dc igxgêmc ic ‒  dcs shbgçtçs ihot d‗coscmadc bhostgtuç kvcb dcs cotrcprgscs qu‗cddc qu‗cddc bhotrùdc oc içpkssc pks pcoikot icux cxcrbgbcs subbcssgs uoc tkgddc içtcrmgoçc pkr rççrco rççrcobc bc æ icux ic ;:7

 

Vkrtgc 2  Bhmptcs ic erhupc

trhgs brgtêrcs xçs pkr içbrct (bjgrc i‗kkgrcs < 9: mgddghos i‗curhs, thtkd iu agdko < 19 mgddghos i‗curhs, ccbtg < 136). Dc bkdbud æ ccbtucr phur bjkquc brgtêrc ics scugds i‗çtkadgsscmcot ics bhmptcs bhoshdgiçs bhosgstc æ kiigtghoocr æ pkrtgr ics bhmptcs kooucds krrìtçs, dcs bjgrcs ic dk shbgçtç mêrc æ bcux ics cotrcprgscs bhotrùdçcs, b‗cstæ-igrc bcddcs qug sc trhuvcot shus bhotrùdc cxbdusg hu bholhgot > ‒  dhrsquc thutcs dcs shbgçtçs bhotrùdçcs, ic mkogêrc cxbdusgvc hu bholhgotc, prçscotcot, tkot goigvgiucddcmcot quc bhddcbtgvcmcot, uo gotçrìt oçedgeckadc pkr rkpphrt æ d‗halcbtg d‗halcbt g i‗gmkec iêdc. •  Vhur dk ad i d  i i d di  uoc dgkdc hu uoc pkrtgbgpktgho < ‒  dhrsquc ics rcstrgbtghos sçvêrcs ct iurkadcs rcmcttcot co bkusc suastkotgcddcmcot dc bhotrùdc hu d‗go`ucobc cxcrbçc cxcrbçc pkr dk shbgçtç bhoshdgikotc sur dk dgkdc hu dk pkrtgbgpktgho hu dcs phssgagdgtçs ic trkoscrt ic hois pkr dk dgkdc hu dk pkrtgbgpktgho > ‒  dhrsquc dcs kbtghos hu pkrts i‗uoc dgkdc hu pkrtgbgpktgho oc shot içtcoucs qu‗co vuc ic dcur bcssgho udtçrgcurc > ‒  dhrsqu‗uoc dgkdc hu uoc pkrtgbgpktgho oc rcprçscotc, scudc hu kvcb i‗kutrcs, qu‗uo gotçrìt oçedgeckadc pkr rkpphrt æ d‗halcbtg i‗gmkec iêdc > ‒  dhrsquc dcs gohrmktghos oçbcsskgrcs æ d‗çtkadgsscmcot ics bhmptcs bhoshdgiçs oc pcuvcot ìtrc hatcoucs skos rkgs cxbcssgs hu ikos ics içdkgs bhmpktgadcs. Dc prcmgcr bks o‗cst kppdgbkadc quc pkr dcs shbgçtçs qug o‗çmcttcot pks ics vkdcurs mhagdgêrcs kimgscs kux oçehbgktghos sur uo mkrbjç rçedcmcotç hu ics tgtrcs ic brçkobcs oçehbgkadcs. Dc scbhoi bks oc pcut s‗kppdgqucr iês dhrs qu‗uoc cotrcprgsc dgçc ku erhupc cst uoc cotgtç i‗gotçrìt puadgb (çtkadgsscmco (çtkadgsscmcott ic brçigt ct shbgçtç ic okobcmcot, cotrcprgsc i‗kssurkobc, cotgtç ihot dcs tgtrcs shot kimgs æ dk oçehbgktgho sur uo mkrbjç rçedcmcotç, cotgtç kgskot kppcd æ dk eçoçrhsgtç puadgquc). Dcs quktrc icrogcrs bks, qug oc bhobcrocot quc ics dgkdcs hu pkrtgbgpktghos, shot i‗kppdgbktgho kbudtktgvc. Dhrsqu‗uocc cotrcprgsc cst shrtgc iu pçrgmêtrc ic bhoshdgiktgho Dhrsqu‗uo bhoshdgiktgho,, scs tgtrcs shot bhmptkagdgsçs co « Ygtrcs ic pkrtgbgpktgho ¾ ikos dcs bhmptcs bhoshdgiçs.

A

Rcdho dcs ohrmcs gotcroktghokdcs

Bcs rêedcs shot içtcrmgoçcs pkr dcs ohrmcs < •  G@QR ;6, qug prçbgsc quc « d‗halcbtg ic dk prçscotc ohrmc cst i‗çtkadgr ics prgobgpcs phur dk prçscotktgho ct dk prçpkrktgho ics çtkts okobgcrs bhoshdgiçs i‗uoc cotgtç qug bhotrùdc uoc hu pdusgcurs kutrcs cotgtçs ¾ (§ ;). Cddc kppcddc « dgkdc ¾ (koocxc K) « uoc cotgtç bhotrùdçc pkr uoc kutrc cotgtç (kppcdçc dk shbgçtç mêrc) ¾. •  G@QR ;;, qug prçbgsc çekdcmcot quc d‗halcbtg cst i‗çtkadgr ics prgobgpcs phur ics cotgtçs qug hot ics gotçrìts ikos ics hpçrktghos bhotrùdçcs bholhgotcmcot (pkrtcokrgkts). Cddc igstgoeuc icux typcs ic bhotrùdc bholhgot < dcs kbtgvgtçs bholhgotcs (lhgot-hpçrkt ( lhgot-hpçrktghos) ghos) ct dcs bhcotrcprgscs (lhgot-vcoturcs) (§ ;). •  GKR 1:, qug çvhquc dcs ohtghos i‗cotgtç ksshbgçc ct i‗go`ucobc ohtkadc. Gd y k ihob dgcu, hutrc dk ohtgho ic dgkdc içogc bg-icssus, i‗kokdyscr dk ohtgho ic bhotrùdc, dk ohtgho i‗cotgtç ksshbgçc ct i‗go`ucobc ohtkadc, dk ohtgho i‗kbtgvgtç bholhgotc, ic bhcotrcprgsc ct ic bhotrùdc bholhgot. ;76

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

;. D  i ùd Iç`ogtgho

Dc bhotrùdc i‗uoc cotgtç kgskot d‗halct i‗uo govcstgsscmcot cst kgosg içog (G@QR ;6 koocxc K) < « So govcstgsscur bhotrùdc uoc cotgtç kgskot d‗halct i‗uo govcstgsscmcot dhrsqu‗gd cst cxphsç hu qu‗gd k irhgt æ ics rcoicmcots vkrgkadcs co rkgsho ic scs dgcos kvcb d‗cotgtç kgskot d‗halct i‗uo govcstgsscmcot ct qu‗gd k dk bkpkbgtç i‗go`ucr sur bcs rcoicmcots iu kgt iu phuvhgr qu‗gd içtgcot sur bcddc-bg. ¾

Dc bhotrùdc bhmphrtc trhgs brgtêrcs oçbcsskgrcs bkrkbtçrgskot dcs dgcos cotrc d‗cotgtç içtcotrgbc prçscotkot scs bhmptcs bhoshdgiçs ct d‗cotgtç içtcouc susbcptgadc i‗ìtrc gobdusc ikos dc pçrgmêtrc ic bhoshdgiktgho. Bcs trhgs brgtêrcs shot dc phuvhgr, d‗cxphsgtgho æ dk vkrgkagdgtç ics rcoicmcots ic d‗cotgtç içtcouc ct dk bkpkbgtç i‗utgdgscr dc phuvhgr phur go`ucobcr dc mhotkot ics rcoicmcots < •  Dc phuvhgr cst içog pkr d‗G@QR ;6 (§ ;6). So govcstgsscur içtgcot dc phuvhgr sur uoc cotgtç çmcttrgbc dhrsqu‗gd k ics irhgts ccbtgs qug dug bhoêrcot dk bkpkbgtç kbtucddc ic igrgecr ig rgecr dcs kbtgvgtçs pcrtgocotcs, æ skvhgr dcs kbtgvgtçs qug hot uoc gobgicobc gmphrtkotc sur dcs rcoicmcots ic d‗cotgtç çmcttrgbc. Dc phuvhgr pcut ìtrc ìt rc bhoçrç pkr dcs irhgts ic vhtc hu rçsud-

tcr ic bgrbhostkobcs h÷ dcs irhgts ic vhtc oc shot pks içtcrmgokots. Dc phuvhgr pkr dcs irhgts ic vhtc o‗gmpdgquc pks quc dk mklhrgtç kashduc ic bcux-bg shgt içtcouc. Soc mklhrgtç rcdktgvc cst suskotc ikos ic ohmarcux bks ic eurc, pkr cxcmpdc dhrsquc dcs kutrcs kbtghookgrcs shot três igspcrsçs ct qu‗gd cst pcu vrkgscmadkadc qu‗gds sc bhkdgscot phur prcoirc dc phuvhgr. Co hutrc, dcs irhgts ic vhtc phtcotgcds pcuvcot ìtrc prgs co bhmptc æ bhoigtgho qu‗gds shgcot cxcråkadcs ct suastkotgs. Dc phuvhgr pcut kussg ìtrc hatcou pkr ics mhycos kutrcs quc dcs irhgts ic vhtc, co pkrtgbudgcr pkrtgb udgcr dhrsquc bcux-bg bc ux-bg oc s‗cxcrbcot pks sur dcs kbtgvgtçs pcrtgocotcs. Gd co cst kgosg iu irhgt ic içsgeocr ct ic rçvhqucr dk igrcbtgho eçoçrkdc ic dk bgadc, bga dc, ics irhgts ic içsgeocr hu ic rçvhqucr d‗cotgtç qug igrgec dcs kbtgvgtçs pcrtgocotcs ic dk bgadc, ics irhgts ic içbgicr dk bgadc æ bhobdurc ics hpçrktghos æ d‗kvkotkec ic d‗cotgtç, ics irhgts æ prcoirc ics içbgsghos eurkot ikos uo bhotrkt ic igrcbtgho eçoçrkdc. Gd cst kgosg ohtkmmcot ikos ohmarc ics cotgtçs ki jhb.. Dcs irhgts içtcous ikos uoc bgadc ihgvcot ìtrc suastkotgcds, b‗cst-æ-igrc jhb b‗cst-æ-igrc quc d‗cotgtç ihgt ìtrc co mcsurc ic dcs cxcrbcr ccbtgvcmcot. Rg d‗cxcrbgbc ics irhgts cst shumgs æ ics rcstrgbtghos qug shot igssuksgvcs, bcs irhgts scrhot bhosgiçrçs bhmmc oho suastkotgcds. •  Dc phuvhgr ihgt kussg pcrmcttrc i‗kegr sur dc mhotkot ics rcoicmcots (dc tcrmc « rcoicmcots ¾ s‗cotcoikot ic kåho dkrec). Bc pcut ìtrc dk pcrbcptgho ic igvgicoics, i‗gotçrìts, ic bhmmgssghos vcrsçs pkr dk bgadc, d‗çvhdutgho ic dk vkdcur ic d‗govcstgsscmcot ic d‗cotgtç ikos dk bgadc, dc ahog ic dgqugiktgho ic dk bgadc, ics kvkotkecs kuxqucds d‗cotgtç cst scudc æ phuvhgr kbbçicr, tcds quc dcs syocregcs cotrc dcs kbtgs ic d‗cotgtç ct bcux ic dk bgadc (rçkdgsktgho i‗çbhohmgcs i‗çbhohmgcs i‗çbjcddc, rçiubtgho ic bhþts, ctb.). So rcoicmcot pcut ìtrc phsgtg hu oçektg. Gd kut quc d‗govcstgsscur pugssc cxcrbcr sho phuvhgr gssu ics dgcos qu‗gd k sur uoc cotgtç phur go`ucr sur dc mhotkot ics rcoicmcots ic bcttc cotgtç. •  Dc trhgsgêmc pgdgcr ic dk içogtgho iu bhotrùdc rcphsc sur dk içtcrmgoktgho ic dk okturc iu dgco cxgstkot d‗cotgtçiu qugphuvhgr igsphscctiukegt phuvhgr dk bgadc bhmptc ct dcs rçsudtkts bcddc-bg. D‗cotgtç cotrc qug igsphsc phurikos sho prhprc içtgcot ic dc bhotrùdc ic dk bgadc tkoigs quc bcddc qug igsphsc iu phuvhgr phur dc bhmptc i‗uo mkoikot oc bhotrùdc pks dk bgadc. ;7;

 

Vkrtgc 2  Bhmptcs ic erhupc

1. O i‗   i‗` ad Iç`ogtghos

• Soc   (GKR 1: § 2) « cst uoc cotgtç ikos dkqucddc d‗govcstgsscur (d‗co•

tgtç içtcotrgbc) k uoc go`ucobc ohtkadc ¾. D‗` ad cst dc phuvhgr ic pkrtgbgpcr kux içbgsghos rcdktgvcs kux phdgtgqucs okobgêrcs ct hpçrktghoocddcs ic d‗cotgtç içtcouc, skos thutchgs cxcrbcr uo

bhotrùdc hu uo bhotrùdc bholhgot sur bcs phdgtgqucs. Rg uoc cotgtç (uo govcstgsscur) içtgcot, igrcbtcmcot hu goigrcbtcmcot (cx. < pkr dc agkgs ic dgkdcs), 16 % hu ikvkotkec ics irhgts ic vhtc ikos d‗cotgtç içtcouc, gd cst prçsumç kvhgr uoc go`ucobc ohtkadc, sku æ içmhotrcr bdkgrcmcot quc bc o‗cst pks dc bks. Govcrscmcot, sg d‗cotgtç içtgcot, igrcbtcmcot hu goigrcbtcmcot (cx. < pkr dc agkgs ic dgkdcs), mhgos ic 16 % ics irhgts ic vhtc ikos d‗cotrcprgsc içtcouc, gd cst prçsumç oc pks kvhgr i‗go`ucobc ohtkadc, sku æ içmhotrcr bdkgrcmcot quc bcttc go`ucobc cxgstc. D‗cxgstcobc i‗uoc pkrtgbgpktgho gmphrtkotc hu mklhrgtkgrc i‗uoc kutrc cotgtç o‗cxbdut pks oçbcsskgrcmcot quc d‗cotgtç kgt uoc go`ucobc ohtkadc. D‗cxgstcobc ic d‗go`ucobc ohtkadc i‗uoc cotgtç cst jkagtucddcmcot mgsc co çvgicobc pkr uoc hu pdusgcurs ics sgtuktghos sugvkotcs <

‒  rcprçscotktgho ku Bhoscgd i‗kimgogstrktgho hu æ d‗hrekoc ic igrcbtgho çqugvkdcot ic d‗cotrcprgsc içtcouc içtcou c> ‒  pkrtgbgpktgho ku prhbcssus i‗çdkahrktgho ics phdgtgqucs, ct ohtkmmcot pkrtgbgpktgho kux içbgsghos rcdktgvcs kux igvgicoics ct kutrcs igstrgautghos > ‒  trkoskbtghos sgeogbktgvcs cotrc d‗govcstgsscur d‗govcstgsscur ct d‗cotrcprgs d‗cotrcprgscc içtcouc > ‒  çbjkoec ic pcrshoocds igrgeckots > ‒  hurogtur hurogturcc i‗gohrmktgho i‗gohrmktghoss tcbjogqucs csscotgcddcs.

2. O i , i‗ l, i   i ùd l Iç`ogtghos

So     (lhgot-krrkoecmcot)  (lhgot-krrkoecmcot) hu kbbhri bholhgot cst uo kbbhri ikos dcqucd • So

• • •

;71

icux pkrtgcs hu pdus cxcrbcot uo bhotrùdc co bhmmuo. D‗G@QR ;; igstgoeuc icux typcs ic pkrtcokrgkts < d‗kbtgvgtç bholhgotc ct dk bhcotrcprgsc. Dc  ùd l cst Dc l cst uo pkrtkec bhotrkbtucddcmcot bhovcou iu bhotrùdc cxcrbç sur uoc hpçrktgho, qug o‗cxgstc quc ikos dc bks h÷ dcs içbgsghos bhobcrokot dcs kbtgvgtçs pcrtgocotcs rcqugêrcot dc bhoscotcmcot uokogmc ics pkrtgcs pkrtkeckot dc bhotrùdc. Soc    l cst Soc l cst uo pkrtcokrgkt ikos dcqucd dcs pkrtgcs qug cxcrbcot uo bhotrùdc bholhgot sur d‗hpçrktgho hot ics irhgts sur dcs kbtgs, ct ics hadgektghos ku tgtrc ics pkssgs, rcdktgs æ bcddc-bg. Soc   Soc  cst  cst uo pkrtcokrgkt ikos dcqucd dcs pkrtgcs qug cxcrbcot uo bhotrùdc bholhgot sur d‗hpçrktgho hot ics irhgts sur d‗kbtg oct ic bcddc-bg.

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

D‗G@QR ;; cmpruotc ackubhup æ d‗G@QR ;6. Cddc pkrtkec kvcb bcddc-bg dcs icux ohtghos csscotgcddcs ic phuvhgr ct i‗kbtgvgtçs pcrtgocotcs, kgosg quc dcs dgcos kvcb dcs rcoicmcots qug içbhudcot ic bc phuvhgr. Dk igçrcobc cst quc d‗cxcrbgbc ic bc phuvhgr sur dcs kbtgvgtçs pcrtgocotcs cxgec dc bhoscotcmcot uokogmc ics pkrtgcs sgeoktkgrc sgeoktkgrcss ic d‗kbbhri d‗kbbhri.. Cd ◕  Dcs shbgçtçs kohoymcs Kdpjk ct Aìtk hot brçç uoc shbgçtç æ rcsphoskagdgtç dgmgtçc Ekmmk co vuc i‗ccbtucr hpçrktghos co bhmmuo ct i‗y bhotrùdc bholhgot. Cddcs hot kpphrtç bjkbuoc coics bkpgtkd uoc shmmc ic ;66 666 ₤, æcxcrbcr bjkrec uo phur dk shbgçtç Ekmmk ic rçkdgscr dcs govcstgsscmcots oçbcsskgrcs. Gd cst prçvu qu‗ku mhmcot ic dk igsshdutgho ic dk shbgçtç Ekmmk, d‗kbtg oct rçsgiucd scrk rçpkrtg çekdgtkgrcmcot cotrc dcs icux shbgçtçs bhostgtukotcs. Vkr kgddcurs, dcs shbgçtçs Kdpjk ct Aìtk hot brçç uoc shbgçtç co pkrtgbgpktgho Icdtk rçegc pkr dcs krtgbdcs ;:5; æ ;:52 iu Bhic bgvgd. Bcttc shbgçtç o‗k pks dk pcrshookdgtç mhrkdc ct phur sho hobtghoocmcot dcs shbgçtçs Kdpjk ct Aìtk hot kgt ics kpphrts ic agcos ct i‗cspêbcs qu‗gds rcprcoirhot dhrs ic dk igsshdutgho ic dk shbgçtç. Ikos dc prcmgcr bks, dk shbgçtç Ekmmk cst uoc uo c bhcotrcprgsc. Ikos dc scbhoi bks, dk shbgçtç Icdtk cst uoc kbtgvgtç bholhgotc. ◕

9. C æ d‗a d‗ade de i di [ucdqucs cxbcptghos æ d‗hadgektgho ic bhoshdgiktgho shot prçbgsçcs pkr d‗G@QR ;6. G@QR ;6 § 9 « Soc shbgçtç mêrc o‗cst pks tcouc ic prçscotcr ics çtkts okobgcrs bhoshdgiçs sg thutcs dcs bhoigtghos sugvkotcs shot rcmpdgcs < k) gd s‗kegt i‗uoc dgkdc cotgêrcmcot içtcouc, hu cobhrc i‗uoc dgkdc pkrtgcddcmcot içtcouc pkr uoc kutrc cotgtç ct thus scs kutrcs prhprgçtkgrcs, y bhmprgs bcux qug oc shot eçoçrkdcmcot pks jkagdgtçs æ vhtcr, hot çtç gohrmçs quc dk shbgçtç mêrc oc prçscotc pks i‗çtkts okobgcrs bhoshdgiçs ct oc s‗y hpphscot pks > a) scs gostrumcots ic icttc hu ic bkpgtkux prhprcs oc shot pks oçehbgçs sur uo mkrbjç hrekogsç (uoc ahursc ics vkdcurs oktghokdc hu çtrkoeêrc hu uo mkrbjç ic erç æ erç, y bhmprgs uo mkrbjç dhbkd hu rçeghokd) > b) cddc o‗k pks içphsç, ct o‗cst pks co vhgc ic içphscr, scs çtkts okobgcrs kuprês i‗uoc kuth-

OHYQC BHORCGD

Vhur igstgoeucr dcs kbtgvgtçs bholhgotcs ct dcs cotgtçs shus bhotrùdc bholhgot (bhcotrcprgscs), goiçpcoikmmcot ic dk hrmc lurgigquc, vçrgcz sg dcs bhcotrcprcocurs hot ics irhgts sur thut hu pkrtgc ics kbtgs ct pkssgs kgskot d‗halct ic d‗kbbhri ct ics bjkrecs hu ics prhiugts qug co içbhudcot (phur dcs kbtgvgtçs bhmmuocs) hu agco s‗gds o‗hot ics irhgts quc sur d‗kbtg rçsgiucd (phur dcs bhcotrcprgscs).

▦ 

rgtç ics vkdcurs mhagdgêrcs hu i‗uoc kutrc kuthrgtç rçedcmcotktgho, kux ic osrçedcmcotktgho i‗çmcttrc ics gostrumcots i‗uoc bktçehrgc qucdbhoquc sur uo ic mkrbjç hrekogsç > i) sk shbgçtç mêrc udtgmc hu d‗uoc ic scs shbgçtçs mêrcs gotcrmçigkgrcs prhiugt ics çtkts okobgcrs bhoshdgiçs mgs æ dk igsphsgtgho iu puadgb, qug shot bhohrmcs kux ohrmcs G@QR.

Gd oc kut pks gotçercr kux çtkts `okobgcrs bhoshdgiçs dcs rçegmcs i‗kvkotkecs phstçrgcurs æ d‗cmpdhg hu i‗kutrcs kvkotkecs æ dhoe tcrmc phur dcsqucds s‗kppdgquc d‗GKR ;7 « Kvkotkecs iu pcrshoocd ¾ (  bjkpgtrc 0).

Dcs bks i‗cxbdusgho ic dk bhoshdgiktgho shot cxtrìmcmcot rkrcs ikos d‗G@QR ;6. Cd ◕  Soc dgkdc o‗cst pks cxbduc iu pçrgmêtrc ic bhoshdgiktgho dhrsquc scs kbtgvgtçs shot igsscmadkadcs ic bcddcs ics kutrcs cotgtçs iu erhupc. Rg dhrs ic d‗kbqugsgtgho, uoc dgkdc (hu uoc bhcotrcprgsc) sktgskgt kux brgtêrcs dug pcrmcttkot i‗ìtrc bdkssçc bhmmc içtcouc co vuc ic dk vcotc scdho G@QR 3 « Kbtgs oho bhurkots içtcous co vuc ic dk vcotc ct kbtgvgtçs kakoihooçcs ¾, cddc ihgt ìtrc bhmptkagdgsçc scdho bcttc icrogêrc ohrmc (çvkduktgho ku mhotkot dc pdus aks cotrc sk vkdcur bhmptkadc ct sk lustc vkdcur igmgouçc ics bhþts ic vcotc). ◕  MGOG-BKR 1 ;72

 

Vkrtgc 2  Bhmptcs ic erhupc

2 Mçtjhics kppdgbkadcs K Rcdho dcs ohrmcs rkoåkgscs Dcs rêedcmcots 77-61 iu BQB ct 1616-6; ic d‗KOB prçbgscot çekdcmcot (bhmmc d‗krtgbdc D. 122-;: iu Bhic ic bhmmcrbc) quc dcs bhmptcs ics cotgtçs pdkbçcs shus dc bhotrùdc cxbdusg ic d‗cotgtç bhoshdgikotc shot bhoshdgiçs pkr gotçerktgho edhakdc, dcs bhmptcs ics cotgtçs bhotrùdçcs bholhgotcmcot kvcb i‗kutrcs kbtghookgrcs hu ksshbgçs pkr d‗cotgtç bhoshdgikotc shot bhoshdgiçs pkr gotçerktgho prhphrtghoocddc ct dcs bhmptcs ics cotgtçs phur dcsqucddcs d‗cotgtç bhoshdgikotc cxcrbc uoc goducobc ohtkadc pkr mgsc co çqugvkdcobc (e. 5.;). Bhotrùdc cxbdusg` 

Bhotrùdc bholhgot

Gofiucobc ohtkadc

Gotçerktgho edhakdc

Gotçerktgho prhphrtghoocddc

Mgsc co çqugvkdcobc

@geurc 5.;.  5.;.  @hrmcs ic bhotrùdc bhotrùdc ct mçtjhics kppdgbkadcs kppdgbkadcs co bhoshdgiktgho bhoshdgiktgho (ohrmcs rkoåkgscs)

;. Ge edad Qed 1616-6; i d‗KOB, . 11;-1 ▦ D‗e edad bhosgstc edad bhosgstc æ < ‒  gotçercr ikos dcs bhmptcs ic d‗cotgtç bhoshdgikotc dcs çdçmcots ics bhmptcs ics cotrcprgscs bhoshdgiçcs, kprês rctrkgtcmcots çvcotucds > ‒ 

rçpkrtgr prhprcs ct dchurçsudtkt gotçrìts ¾ ic d‗cotgtç bhoshdgikotc ct dcs gotçrìts dcs icsbkpgtkux kutrcs kbtghookgrcs ksshbgçscotrc igts «  «dcs   ì   ¾ > ‒  çdgmgocr dcs hpçrktghos ct bhmptcs cotrc d‗cotgtç gotçerçc edhakdcmcot ct dcs kutrcs cotgtçs bhmprgscs ikos dc pçrgmêtrc ic bhoshdgiktgho.

1. Ge dd dd Qed 1616-; i d‗d‗KOB, KOB, . 11;-2 ▦ D‗e dd bhosgstc dd bhosgstc æ < ‒  gotçercr ikos dcs bhmptcs ic d‗cotgtç bhoshdgikotc dk rkbtgho rcprçscotktgvc ic scs gotçrìts ikos dcs bhmptcs ic d‗cotgtç bhoshdgiçc, kprês rctrkgtcmcots çvcotucds > kubuo gotçrìt mgohrgtkgrc o‗cst ihob bhostktç > ‒  çdgmgocr dcs hpçrktghos ct bhmptcs cotrc d‗cotrcprgsc gotçerçc prhphrtghoocddcmcot ct dcs kutrcs cotgtçs bhmprgscs ikos dc pçrgmêtrc ic bhoshdgiktgho.

;79

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

2. M  qd Qed 1616-6; i d‗KOB . 11;-9 d cs cotgtçs shus go`ucobc ohtkadc o htkadc ▦ Dk mgsc co çqugvkdcobc kppdgquçc kux tgtrcs içtcous pkr dcs bhosgstc æ < ‒  suastgtucr æ dk vkdcur bhmptkadc ics tgtrcs içtcous, dk quhtc-pkrt ics bkpgtkux prhprcs, y bhmprgs dc rçsudtkt ic d‗cxcrbgbc, içtcrmgoçs bhohrmçmcot kux mçtjhics bhmptkadcs dcs bhmptcs bhoshdgiçs ‒  kppdgquçcs çdgmgocr dcsikos hpçrktghos ct bhmptcs cotrc> d‗cotgtç

mgsc co çqugvkdcobc ct dcs kutrcs cotgtçs

bhmprgscs ikos dc pçrgmêtrc ic bhoshdgiktgho.

A

Rcdho dcs ohrmcs gotcroktghokdcs

Içogcs pkr dcs ohrmcs G@QR ;6, GKR 1: ct G@QR ;;, dcs mçtjhics kppdgbkadcs ( e. 5.1) shot < •  Dk bhoshdgiktgho (prhprcmcot igtc), phur dcs dgkdcs. •  Dk mgsc co çqugvkdcobc, phur dcs cotgtçs ksshbgçcs ct bhcotrcprgscs. •  Dk bhoshdgiktgho pkrtgcddc, phur dcs kbtgvgtçs bholhgotcs. Bhotrùdc cxbdusg` 

Kbtgvgtçs bholhgotcs

Bhcotrcprgscs ct cotgtçs ksshbgçcs

Bhoshdgiktgho (Gotçerktgho edhakdc)

Bhoshdgiktgho pkrtgcddc

Mgsc co çqugvkdcobc

@geurc 5.1.  5.1.  @hrmcs ic bhotrùdc bhotrùdc ct mçtjhics mçtjhics kppdgbkadcs co bhoshdgiktgho bhoshdgiktgho (ohrmcs gotcroktgho gotcroktghokdcs) kdcs)

;. Bdi ( i) Iç`ogtgho

Dk  di Dk  di   (prhprcmcot igtc) bhosgstc æ bhmagocr dcs çdçmcots scmadkadcs i‗kbtgs, pkssgs, bkpgtkux prhprcs, prhiugts, bjkrecs ct `ux ic trçshrcrgc ic dk shbgçtç mêrc kvcb bcux ic scs dgkdcs.

Ko quc dcs çtkts okobgcrs bhoshdgiçs prçscotcot d‗gohrmktgho okobgêrc iu erhupc (kbtgs, pkssgs, bkpgtkux prhprcs, prhiugts, bjkrecs, `ux ic trçshrcrgc) bhmmc bcddc i‗uoc cotgtç çbhohmgquc uogquc, dcs çtkpcs bg-icsshus shot kdhrs sugvgcs (bhmmc ikos dc bks ic d‗gotçerktgho edhakdc co ohrmcs rkoåkgscs) < •  Dcs çdçmcots scmadkadcs ic dk mêrc ct ics dgkdcs shot thtkdgsçs dgeoc pkr dgeoc. •  Dk vkdcur bhmptkadc ic dk pkrtgbgpktgho ic dk shbgçtç mêrc ikos bjkquc dgkdc ct dk quhtc-pkrt ic dk shbgçtç mêrc ikos dcs bkpgtkux prhprcs ic bjkquc dgkdc shot çdgmgoçcs. ;73

 

Vkrtgc 2  Bhmptcs ic erhupc

•  Dcs kbtgs, pkssgs, bkpgtkux prhprcs, prhiugts, bjkrecs, `ux ic trçshrcrgc rcdktgs kux

trkoskbtghos cotrc cotgtçs iu erhupc shot çdgmgoçs. (kppcdçs « pkrtgbgpktghos oc ihookot pks dc bhotrùdc ¾) ikos •  Dcs gotçrìts mgohrgtkgrcs (kppcdçs dc rçsudtkt ct d‗kbtg oct ics dgkdcs bhoshdgiçcs shot gicotgçs sçpkrçmcot ics bkpgtkux prhprcs ct iu rçsudtkt ic dk shbgçtç mêrc.

1. M  qd Iç`ogtgho

Dk mçtjhic ic dk  dk    qd bhosgstc qd bhosgstc æ bhmptkagdgscr gogtgkdcmcot dk pkrtgbgpktgho ku bhþt ct æ d‗klustcr pkr dk sugtc phur prcoirc co bhmptc dcs bjkoecmcots ic dk quhtc-pkrt ic d‗govcstgsscur ikos d‗kbtg oct ic d‗cotgtç çmcttrgbc qug survgcoocot phstçrgcurcmcot æ d‗kbqugsgtgho.

Dc rçsudtkt oct ic d‗govcstgsscur bhmprcoi sk quhtc-pkrt iu rçsudtkt oct ic d‗cotgtç çmcttrgbc, ct dcs kutrcs çdçmcots iu rçsudtkt edhakd ic d‗govcstgsscur bhmprcoocot sk quhtc-pkrt ics kutrcs çdçmcots iu rçsudtkt edhakd ic d‗cotgtç çmcttrgbc.

2. Bdi dd Iç`ogtgho Dk   di dd  Dk dd  cst uoc mçtjhic ic bhmptkagdgsktgho scdho dkqucddc dk

quhtc-pkrt i‗uoc kbtgvgtç bholhgotc ikos bjkbuo ics kbtgs, pkssgs, prhiugts ct bjkrecs ic d‗cotgtç bhotrùdçc bholhgotcmcot cst rcerhupçc, dgeoc pkr dgeoc, kvcb dcs çdçmcots sgmgdkgrcs ikos dcs çtkts okobgcrs ic d‗cotgtç kssumkot dc bhotrùdc bholhgot.

G@QR ;; (§ 16) sug vkots rcdktgvcmcot æ scs gotçrìts ikos ▦ Dc bhpkrtgbgpkot ihgt bhmptkagdgscr dcs çdçmcots sugvkots uoc kbtgvgtç bholhgotc < ‒  scs kbtgs, y bhmprgs sk quhtc-pkrt ics kbtgs içtcous bholhgotcmcot, dc bks çbjçkot > ‒  scs pkssgs, y bhmprgs sk quhtc-pkrt ics pkssgs kssumçs bholhgotcmcot, dc bks çbjçkot > ‒  dcs prhiugts qu‗gd k tgrçs ic dk vcotc ic sk quhtc-pkrt ic dk prhiubtgho eçoçrçc pkr bholhgotc ‒  d‗kbtgvgtç sk quhtc-pkrt ics >prhiugts

tgrçs ic dk vcotc ic dk prhiubtgho eçoçrçc pkr d‗kbtgvgtç

bholhgotc > ‒  dcs bjkrecs qu‗gd k coekeçcs, y bhmprgs sk quhtc-pkrt ics bjkrecs coekeçcs bholhgotcmcot, dc bks çbjçkot.

9. D  i i i di Dcs mçtjhics ics ohrmcs G@QR ct ics i cs rêedcmcots rêedcmcots 77-61 ct 1616-6; oc igvcrecot pks, sku co mktgêrc i‗go`ucobc ohtkadc (a. 5.1).

;70

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

Ykadcku 5.1.  5.1.  Mçtjhics ic bhoshdgiktgho bhoshdgiktgho utgdgsçcs pkr dcs ohrmcs G@QR ct dcs ohrmcs rkoåkgscs rkoåkgscs O G@QR ;6,;;, GKR 1: Y i ùd Bhotrùdc

Mi i di

Bhotrùdc bholhgot kbtgvgtçs bholhgotcs

Bhoshdgiktgho (prhprcmcot igtc) Bhoshdgiktgho pkrtgcddc

Bhotrùdc bholhgot bhcotrcprgscs

Mgsc co çqugvkdcobc

Go`ucobc ohtkadc

Mgsc co çqugvkdcobc

O å 77-61  1616-6; Y i ùd

Mi i di

Bhotrùdc cx cxbdusg

Got otççerktg tghho ed edhakdc

Bhotrùdc bholhgot, bhcotrcprgscs

Gotçerktgho prhphrtghoocddc

Go`ucobc ohtkadc

Mgsc co çqugvkdcobc

 MGOG-BKR 1 • MGOG-BKR 2

9 Vhur Vhurbcotkecs bcotkecs ic bhotrùdc ct i‗gotçrìts Iç`ogtghos

Dc  e i ùd rcprçscotc ùd rcprçscotc dc phurbcotkec ic irhgts ic vhtc quc pcut • Dc

•

kvhgr dk shbgçtç bhoshdgikotc, shgt igrcbtcmcot, shgt goigrcbtcmcot sur uoc dgkdc hu uoc pkrtgbgpktgho. Dc   e i‗ì rcprçscotc Dc i‗ì rcprçscotc dk quhtc-pkrt iu pktrgmhgoc ic dk dgkdc hu ic dk pkrtgbgpktgho quc phssêic dk shbgçtç bhoshdgikotc > dc phurbcotkec ic bhotrùdc bhotrùdc ct dc phurbcotkec i‗gotçrìts ic dk shbgçtç bhoshdgikotc sur uoc dgkdc hu uoc pkrtgbgpktgho pcuvcot ìtrc igçrcots.

Dk içtcrmgoktgho ic bcs phurbcotkecs cst utgdc phur dcs rkgshos sugvkotcs < •  Dc e i ùd pcrmct ic içtcrmgocr sg uoc shbgçtç cotrc ikos dc pçrgmêtrc ic bhoshdgiktgho ct qucddc mçtjhic dug cst kppdgbkadc. •  Dc e i‗ì pcrmct ic içtcrmgocr dcs gotçrìts mklhrgtkgrcs ct mgohrgtkgrcs igrcbts hu goigrcbts, co pkrtgbudgcr ikos dc bks i‗uoc bhoshdgiktgho igrcbtc. Ikos bcrtkgos bks, dc bkdbud iu phurbcotkec ic bhotrùdc ct iu phurbcotkec i‗gotçrìts phsc ics igbudtçs. Cd ; ◕  Soc shbgçtç K phssêic 96 % ics kbtghos i‗uoc shbgçtç A ihot 16 % iu bkpgtkd cst bhostgtuç i‗kbtghos æ igvgicoic prghrgtkgrc skos irhgt ic vhtc.

Dc prherkmmc ic d‗SC 9 iu IRBE gmphsc ic trkgtcr dcs hpçrktghos ic bhoshdgiktgho pkr dk mçtjhic ic dk bhoshdgiktgho igrcbtc.

;75

 

Vkrtgc 2  Bhmptcs ic erhupc

K

 

Kbtghos ic prç`çrcobc

 

Kutrcs

16 % 96 %

96 %

A

Dc phurbcotkec i‗gotçrìts ic dk shbgçtç bhoshdgikotc K sur dk shbgçtç A cst ic 96 % kdhrs quc, iu kgt ic d‗cxgstcobc ics kbtghos skos irhgt ic vhtc, dc phurbcotkec ic bhotrùdc ic K 96 % sur A cst ic  = 36 %. ◕ ;66 % ‒ 16 % Cd 1 ◕  Dk shbgçtç K phssêic 06 % ics kbtghos ct irhgts ic vhtc ic A. Vkr kgddcurs dk shbgçtç A k çmgs uo cmpruot æ hadgektghos bhovcrtgadcs co kbtghos rcprçscotkot 16 % iu bkpgtkd. Dk shbgçtç K k shusbrgt 36 % ic bcs hadgektghos. Co ohrmcs dhrsquc ics irhgts ic vhtc phtcotgcds dcs quhtcs-pkrts iu rçsudtkt hu rkoåkgscs, ic vkrgktghos ics bkpgtkux prhprcs kttrgauçcs æ dkcxgstcot, shbgçtç mêrc ct kux gotçrìts mgohrgtkgrcs shot içtcrmgoçcs sur dk aksc ics phurbcotkecs ic pkrtgbgpktgho kbtucds ct oc rc`êtcot pks d‗cxcrbgbc hu dk bhovcrsgho phssgadcs ics irhgts ic vhtc phtcotgcds. Dc phurbcotkec ic bhotrùdc ic K sur A scrkgt ihob ic 06 %. Ku bhotrkgrc, phur dc bkdbud iu phurbcotkec ic bhotrùdc co ohrmcs G@QR, gd kut tcogr bhmptc ics irhgts ic vhtc phtcotgcds kttkbjçs kux hadgektghos bhovcrtgadcs b hovcrtgadcs co kbtghos < dc phurbcotkec ic bhotrùdc ic K sur A cst ihob ic (06 + 16  Õ 36 %) / (;66 + 16) = 3:,22 %. Dc phurbcotkec i‗gotçrìts ic K sur A scrkgt ic 06 % (co ohrmcs rkoåkgscs, bhmmc co ohrmcs gotcroktghokdcs). ◕

Cd 2 ◕  Soc shbgçtç K phssêic 26 % ics kbtghos i‗uoc shbgçtç A, dkqucddc phssêic 06 % ics kbtghos iu bkpgtkd i‗uoc shbgçtç B < gd o‗y k pks i‗kbtghos skos irhgt ic vhtc. 26 % K

06 % A

B

Dc phurbcotkec i‗gotçrìts ic dk shbgçtç bhoshdgikotc sur dk shbgçtç B cst ic 26 %  Õ 06 % = ;: % kdhrs quc dc phurbcotkec iu bhotrùdc cst oud bkr dk shbgçtç K oc igsphskot pks ic dk içtcotgho ic dk mklhrgtç ics irhgts ic vhtc ic A oc pcut goigrcbtcmcot bhotrùdcr dk shbgçtç B. ◕

Cd 9 ◕  Soc shbgçtç K phssêic 06 % ics kbtghos i‗uoc shbgçtç A, dkqucddc phssêic 26 % ics kbtghos iu bkpgtkd i‗uoc shbgçtç B < gd o‗y k pks i‗kbtghos skos irhgt ic vhtc. ;7:

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

06 % K

26 % A

B

Dc phurbcotkec i‗gotçrìts ic dk shbgçtç bhoshdgikotc sur dk shbgçtç B cst ic 06 %  Õ 26 % = ;: ; : % kdhrs quc dc phurbcotkec ic bhotrùdc ic dk shbgçtç K sur dk shbgçtç B cst ic 26 %. Co cct, dk shbgçtç A cst bhotrùdçc pkr dk shbgçtç K (pdus ic 36 % ics irhgts ic vhtc) ct dc phurbcotkec ic bhotrùdc ic A sur B cst ic 26 %. Ic mkogêrc goigrcbtc, co kgt, K k uoc go`ucobc sur B ku ogvcku ic 26 %. ◕

Cd 3 ◕  Soc shbgçtç K phssêic :6 % ics kbtghos i‗uoc shbgçtç A, dkqucddc phssêic 06 % ics kbtghos i‗uoc shbgçtç B, dkqucddc phssêic 56 % ics kbtghos i‗uoc shbgçtç I, dkqucddc phssêic ;6 % ics kbtghos ic dk shbgçtç A < gd o‗y k pks i‗kbtghos skos irhgt ic vhtc. :6 % K

06 % A

56 % B

I

;6 %

Dcs phurbcotkecs i‗gotçrìts ic K sur A, ic K sur B ct ic K sur I pcuvcot ìtrc içtcrmgoçs ic dk mkogêrc sugvkotc < •  •  • 

a = 6,:6 + 6,;6 i  6,;6 i  b = 6,06 a 6,06 a i  =  = 6,56 b 6,56 b

•  •  • 

a = :2,3 % b = 36,; % i  =  = 23,65 % ◕

 BKR VQKYG[SC 9

3 Rbjçmk ic aksc iu prhbcssus ic bhoshdgiktgho Dc prhbcssus ic bhoshdgiktgho sc prçscotc bhmmc sugt ( sugt (e. 5.2).

;77

 

Vkrtgc 2  Bhmptcs ic erhupc

OHQMCR @QKOÅKGRCR

Bhmptcs shbgkux ic dk shbgçtç mêrc

Bhmptcs shbgkux ics ﬋dgkdcs (bhotrùdc cxbdusg`)

Bhmptcs shbgkux ics ﬋dgkdcs bhmmuocs

Qctrkgtcmcot ic prçbhoshdgiktgho phur jhmheçoçgtç

Qctrkgtcmcot ic prçbhoshdgiktgho phur jhmheçoçgtç

Qctrkgtcmcot ic prçbhoshdgiktgho phur jhmheçoçgtç

Bumud ics ihooçcs ic aksc jhmheçoçgsçcs j hmheçoçgsçcs

Qctrkgtcmcot bhmptcs rçbgprhqucs

Qctrkgtcmcot ics tgtrcs mgs co çqugvkdcobc

Qctrkgtcmcot ics tgtrcs gotçerçs (edhakdcmcot ct prhphrtghoocddcmcot)

Çtkadgsscmcot ics agdko ct bhmptc ic rçsudtkt bhoshdgiçs

166

Bhmptcs shbgkux ics shbgçtçs shus gofiucobc ohtkadc

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

OHQMCR GOYCQOKYGHOKDCR (JHQR KBYGPGYÇR BHOLHGOYCR) Bhmptcs shbgkux ic dk shbgçtç mêrc

Bhmptcs shbgkux ics ﬋dgkdcs

Qctrkgtcmcot ic prçbhoshdgiktgho phur jhmheçoçgtç

Qctrkgtcmcot ic prçbhoshdgiktgho phur jhmheçoçgtç

Bhmptcs shbgkux ics bhcotrcprgscs ct cotgtçs ksshbgçcs

Bumud ics ihooçcs ic aksc jhmheçoçgsçcs

Qctrkgtcmcot bhmptcs rçbgprhqucs

Qctrkgtcmcot ics tgtrcs mgs co çqugvkdcobc

Qctrkgtcmcot ics tgtrcs gotçerçs

Çtkadgsscmcot ic d‗çtkt ic dk sgtuktgho ﬋okobgêrc ct ic d‗çtkt iu rçsudtkt oct ct kutrcs çdçmcots iu rçsudtkt edhakd bhoshdgiçs

@geurc 5.2.  5.2.  Vrhbcssus i‗çtkadgsscmcot i‗çtkadgsscmcot iu agdko ct iu iu bhmptc ic rçsudtkt rçsudtkt bhoshdgiçs

K Rkgsgc ics ihooçcs ic aksc Dk bhoshdgiktgho, surthut bcddc qug s‗ccbtuc pkr gotçerktgho (edhakdc hu prhphrtghoocddc) oçbcssgtc uoc gohrmktgho kussg jhmheêoc quc phssgadc ics shbgçtçs æ bhoshdgicr. Bcs gohrmktghos, eçoçrkdcmcot hurogcs shus hrmcs ic akdkobcs kprês rçeudkrgsktghos i‗govcotkgrc (akdkobc kykot scrvg æ çtkadgr dcs bhmptcs shbgkux < agdko ct bhmptc ic rçsudtkt) ihgvcot rcmpdgr uo bcrtkgo ohmarc ic bkrkbtçrgstgqucs hu sgoho ìtrc rctrkgtçcs. Eçoçrkdcmcot (   ;1), bhmmc gd cst oçbcsskgrc quc dcs ihooçcs ic bjkquc dgkdc, vhgrc ic bjkquc pkrtgbgpktgho, ihgvcot ìtrc jhmheêocs phur ìtrc bumudçcs, dcs rctrkgtcmcots s‗ccbtucot ikos dc bkirc ics hpçrktghos ic prçbhoshdgiktgho ( e. 5.2, skos içtcrmgoktgho ics gotçrìts mgohrgtkgrcs).

16;

 

Vkrtgc 2  Bhmptcs ic erhupc

;. Bq i i i a Dcs bhmptcs bhoshdgiçs shot çtkadgs æ uoc iktc qug cst eçoçrkdcmcot dk iktc ic bdùturc ics bhmptcs ic d‗cotgtç bhoshdgikotc. I i‗da. Co ohrmcs rkoåkgscs (Bhic ic bhmmcrbc, krt. D. 122-13), shus rçscrvc ic lustgcr bc bjhgx ikos d‗koocxc, dcs bhmptcs bhoshdgiçs pcuvcot ìtrc çtkadgs æ uoc iktc igçrcotc ic bcddc ics bhmptcs kooucds ic dk shbgçtç bhoshdgikotc, æ bhoigtgho quc iktc shgt rctcouc pkr dk mklhrgtç ics cotrcprgscs bhmprgscs ikos dk bhoshdgiktgho bcttc phur dcurs bhmptcs shbgkux. Co ohrmcs gotcroktghokdcs, scdho d‗G@QR ;6 (§ A 71 ct 72), dcs çtkts okobgcrs ic dk shbgçtç mêrc ct ic scs dgkdcs utgdgsçs phur d‗çtkadgsscmcot ics çtkts okobgcrs bhoshdgiçs ihgvcot ìtrc çtkadgs æ dk mìmc iktc igtc ic « rcphrtgoe «  rcphrtgoe ¾. Dhrsquc ¾. Dhrsquc dcs iktcs ic rcphric rcphrtgoe ic tgoe  ic dk shbgçtç mêrc ct i‗uoc dgkdc shot igçrcotcs, dk dgkdc prçpkrc, phur dcs acshgos ic dk bhoshdgiktgho, ics çtkts okobgcrs suppdçmcotkgrcs æ dk mìmc iktc quc dcs çtkts okobgcrs ic dk shbgçtç mêrc, æ mhgos quc bcdk oc shgt gmphssgadc æ kgrc. Je.  Dcs çtkts okobgcrs bhoshdgiçs ihgvcot ìtrc çtkadgs co utgdgskot ics mçtjhics bhmptkadcs uoghrmcs phur ics trkoskbtghos ct kutrcs çvçocmcots scmadkadcs ikos ics bgrbhostkobcs sgmgdkgrcs. Dc prgobgpc i‗jhmheçoçgtç æ rcspcbtcr dhrs ic d‗çdkahrktgho ics bhmptcs bhoshdgiçs phrtc æ dk hgs sur d‗çvkduktgho ct dk prçscotktgho ic d‗coscmadc ics çdçmcots iu agdko, iu bhmptc ic rçsudtkt kgosg quc ics gohrmktghos hurogcs ikos d‗koocxc. d‗koocxc. Bc prgobgpc supphsc quc shgt içog uo d ad i di xkot dcs rêedcs ct mçtjhics i‗çvkduktgho ct ic bdksscmcot rctcoucs ku : ct 7). ogvcku ics bhmptcs bhoshdgiçs (cx. < rctrkgtcmcots  : 

1. Bd i i i a Dcs ihooçcs ic aksc (akdkobcs) kprês rctrkgtcmcots rctrkgtcmcots ct rcbdksscmc rcbdksscmcots ots (igtcs « çbrgturcs ic prçbhoshdgiktgho ¾) shot i‗kahri bumudçcs (uogqucmcot co bc qug bhobcroc dcs shbgçtçs bhoshdgiçcs gotçerçcs thtkdcmcot hu pkrtgcddcmcot). Bc bumud pcut s‗ccbtucr shus hrmc ic tkadckux hu i‗çbrgturcs bhmptkadcs. Ho pcut hatcogr uoc akdkobc bumudçc (qug pcrmct i‗çtkadgr uo agdko bumudç ct uo bhmptc ic rçsudtkt bumudç). Dcs ihooçcs ics shbgçtçs bhoshdgiçcs prhphrtghoocddcmcot oc shot prgscs quc phur dcur quhtc-pkrt. Qcoicz-vhus 

MÇYJHIC

Vrçpkrcr uo agdko ct uo bhmptc ic rçsudtkt bhoshdgiçs

Gd cst shujkgtkadc, ikos dk mcsurc h÷ d‗ho içsgrc sçpkrcr dk prçpkrktgho iu agdko bhoshdgiç ic dk prçpkrktgho iu rçsudtkt bhoshdgiç, ic oc prcoirc co bhmptc, phur dc agdko quc dcs bhmptcs ic agdko ic dk akdkobc (kvcb uo bhmptc « Qçsudtkt ¾) ct phur dc bhmptc rçsudtkt quc dcs bhmptcs ic bjkrecs ct ic prhiugts ic dk akdkobc (kvcb uo bhmptc « Qçsudtkt ¾ rcprçscotkot dc shdic). Dcs icux bhmptcs ic « Qçsudtkt ¾, bcdug iu agdko ct bcdug iu bhmptc ic rçsudtkt, ihgvcot ìtrc rçbgprhqucs. rçbgprhqucs.

161

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

A

Klustcmcots, rctrkgtcmcots ct çdgmgoktghos

Kprês kvhgr çtkadg uo agdko hu uo bhmptc ic rçsudtkt bumudç (hu uoc akdkobc) gd cst oçbcsskgrc i‗ccbtucr uo bcrtkgo ohmarc i‗klustcmcots, ic rctrkgtcmcots, i‗çdgmgoktghos ic bhmptcs rçbgprhqucs kvkot i‗hatcogr dcs bhmptcs bhoshdgiçs. Bcs hpçrktghos pcuvcot sc rçkdgscr co ccbtukot ic sgmpdcs kiigtghos hu shustrkbtghos shgt co corcegstrkot ics çbrgturcs bhmptkadcs. Ikos dk sugtc ic ohtrc cxphsç, ohus utgdgscrhos dk mçtjhic ics çbrgturcs bhmptkadcs. Ikos dcs çbrgturcs bhmptkadcs, dcs çbrgturcs iu agdko, bhmmc prçbçicmmcot çvhquç phur dc bumud ics ihooçcs ic aksc, pcuvcot ìtrc gotçerçcs kvcb bcddcs iu rctrkgtcmcot iu bhmptc ic rçsudtkt. Kgosg uoc ihtktgho bhmpdçmcotkgrc ic ; 666 kux kmhrtgsscmcots, hpçrktgho gotçrcsskot æ dk hgs dc agdko ct dc bhmptc ic rçsudtkt, scrkgt bhmptkagdgsçc kgosg < Ihtktgho kux kmhrtgsscmcots ics gmmhagdgsktghos Kmhrtgsscmcot ics gmmhagdgsktghos Ihtktgho bhmpdçmcotkgrc

; 666 ; 666

Gd cst çekdcmcot phssgadc, ct b‗cst dk mçtjhic quc ohus utgdgscrhos pkr dk sugtc, i‗uscr iu bhmptc « Qçsudtkt ¾ bhmmc i‗uo bhmptc ic dgkgsho cotrc dcs hpçrktghos corcegstrçcs ikos uo lhurokd bhoiugskot æ d‗çtkadgsscmcot iu agdko bhoshdgiç ct ics hpçrktghos corcegstrçcs ikos uo lhurokd bhoiugskot æ d‗çtkadgsscmco d‗çtkadgsscmcott iu bhmptc ic rçsudtkt bhoshdgiç. V d  i ad Qçsudtkt Kmhrtgsscmcot ics gmmhagdgsktghos Ihtktgho bhmpdçmcotkgrc

; 666 ; 666

V d  i  i d Ihtktghos kux kmhrtgsscmcots ics gmmhagdgsktghos Qçsudtkt Ihtktgho bhmpdçmcotkgrc

; 666 ; 666

162

 

Vkrtgc 2  Bhmptcs ic erhupc

Qcoicz-vhus 

MÇYJHIC

Bjhgsgr ct lustg`cr dcs çbrgturcs bhmptkadcs

•  Ohus utgdgshos systçmktgqucmcot dc bhmptc « Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs ¾ phur dcs çdçmcots bhobcrokot dc bkpgtkd ct dcs rçscrvcs ct dc bhmptc

« Gotçrìts mgohrgtkgrcs ¾ phur dcs çdçmcots bhobcrokot rçsudtkt. Ohus kurghos pu utgdgscrsur pdusrçsudtkt sgmpdcmcot « Gotçrìts mgohrgtkgrcs ¾ ct «dcQçsudtkts mgohrgtkgrcs ¾. thulhurs, ikos dcs çbrgturcs bhoiugskot ku agdko, cotrc dcs « Gotçrìts •  Ohus igstgoeuhos thulhurs, mgohrgtkgrcs sur bkpgtkd ct rçscrvcs ¾ ct dcs « Gotçrìts mgohrgtkgrcs sur rçsudtkt ¾. Ohus oc kgshos co rcvkobjc pks dk igstgobtgho ikos dcs çbrgturcs bhoiugskot ku rçsudtkt (dk sçpkrktgho cotrc dc rçsudtkt kttrgauç æ dk shbgçtç mêrc ct dc rçsudtkt kttrgauç kux gotçrìts mgohrgtkgrcs phuvkot ìtrc ccbtuçc æ pkrtgr ics çbrgturcs rçbgprhqucs bhoiugskot ku agdko). Co G@QR, ikos d‗çtkt ic sgtuktgho okobgêrc d‗coscmadc ics gotçrìts mgohrgtkgrcs cst gosbrgt ikos dc phstc « bkpgtkux prhprcs kttrgaukadcs kux pkrtgbgpktghos oc ihookot pks dc bhotrùdc ¾ (   9) Mìmc dhrsquc ics hpçrktghos scrhot corcegstrçcs co ohrmcs G@QR ohus utgdgscrhos thulhurs (pkr mcsurc ic sgmpdgbktgho) dc vhbkadc « Gotçrìts mgohrgtkgrcs ¾ (sur bkpgtkd ct rçscrvcs hu sur dc rçsudtkt) ¾ pdutùt quc dc vhbkadc « Bkpgtkux prhprcs (hu rçsudtkts) kttrgaukadcs kux pkrtgbgpktghos oc ihookot pks dc bhotrùdc ¾. Cd ◕  Cd d i‗ad i  di Qcmkrquc prçdgmgokgrc < bct cxcmpdc sgmpdc k phur aut i‗hrgr uoc vuc i‗coscmadc ics hpçrktghos bhoiugskot æ d‗çtkadgsscmcot i‗uo agdko ct i‗uo bhmptc ic rçsudtkt bhoshdgiçs æ pkrtgr ic bhmptcs shbgkux jhmheêocs (   ;;) ;;). Dk shbgçtç Kdpjk, shbgçtç kohoymc ku bkpgtkd ic ;6 666 n₤ k prgs uoc pkrtgbgpktgho ikos dcs shbgçtçs Aìtk, Ekmmk ct Icdtk ku mhmcot ic dk bhostgtutgho icsigtcs shbgçtçs. Bhmptc tcou ic dk tkgddc iu erhupc, cddc utgdgsc dcs rêedcs rkoåkgscs rcdktgvcs kux bhmptcs bhoshdgiçs. Bcttc pkrtgbgpktgho cst ic 53 % ikos dk shbgçtç Aìtk, ic 36 % ikos dk shbgçtç Ekmmk (dk shbgçtç Kdpjk pkrtkec dc bhotrùdc ic dk shbgçtç Ekmmk kvcb dk shbgçtç Hmçek) ct ic 13 % ic dk shbgçtç Icdtk. Dk shbgçtç Aìtk scrk gotçerçc edhakdcmcot, dk shbgçtç Ekmmk gotçerçc prhphrtghoocddcmcot ct dk shbgçtç Icdtk mgsc co çqugvkdcobc. Kprês rctrkgtcmcots i‗jhmheçoçgtç, dcs agdkos ct bhmptcs ic rçsudtkt (cxtrìmcmcot sgmpdgçs) ics shbgçtçs Kdpjk, Aìtk, Ekmmk ct Icdtk sc prçscotcot bhmmc sugt (co n₤) <

169

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

Ad i d  Kd Kbtgs oho bhurkots Ygtrcs ic pkrtgbgpktgho Aìtk Ygtrcs ic pkrtgbgpktgho Ekmmk Ygtrcs ic pkrtgbgpktgho Icdtk Kbtgs bhurkots

Bkpgtkd Qçscrvcs Qçsudtkt Vkssgs oho bhurkots Vkssgs bhurkots

;6 666 3 666 ; 666 2 666 5 666

10 666

Yd

10 666

Kbtgs oho bhurkots Kbtgs bhurkots

;6 666 ;2 666

Bkpgtkd Qçscrvcs Qçsudtkt Vkssgs oho bhurkots Vkssgs bhurkots

Yd

12 666

Yd

Kbtgs oho bhurkots Kbtgs bhurkots

;1 666 7 666

Bkpgtkd Qçscrvcs Qçsudtkt Vkssgs oho bhurkots Vkssgs bhurkots

Yd

1; 666

Yd

1; 666

Kbtgs bhurkots Kbtgs oho bhurkots

;6 ;9 666 666

Bkpgtkd Qçscrvcs Qçsudtkt Vkssgs oho bhurkots Vkssgs bhurkots

92 666 666 ; 666 0 666 ;6 666

Yd

19 666

Yd

19 666

Vrhiugts i‗cxpdhgtktgho Vrhiugts okobgcrs

16 666 ; :66

Yd

1; :66

Yd

5 666 0 666 2 666 ; 666 7 666

Ad i d  Aì : 666 2 666 ; 666 0 666 3 666 12 666

Ad i d  E 0 666 9 666 ; 666 3 666 3 666

Ad i d  Id

B i d i d  Kd Bjkrecs i‗cxpdhgtktgho Bjkrecs okobgêrcs Gmpùt sur dcs shbgçtçs Qçsudtkt Yd

;7 666 ; 266 366 ; 666 1; :66

163

 

Vkrtgc 2  Bhmptcs ic erhupc

B i d i d  Aì Bjkrecs i‗cxpdhgtktgho Bjkrecs okobgêrcs Gmpùt sur dcs shbgçtçs Qçsudtkt OHYQC BHORCGD

Dc VBE (rêedcmcot 16;9-62 ic d‗KOB krt. ;;;-;) s‗kppdgquc co @rkobc « æ thutc pcrshooc pjysgquc hu mhrkdc shumgsc æ d‗hadgektgho dçekdc i‗çtkadgr ics bhmptcs kooucds bhmprcokot dc agdko, dc bhmptc ic rçsudtkt ct uoc koocxc ¾. Gd bhmprcoi uoc dgstc ic bhmptcs (krt. 721-;) kvcb uoc oumçrhtktgho spçbgquc phur bjkquc bhmptc. Co bhmptcs bhoshdgiçs, quc bc shgt co ohrmcs rkoåkgscs (rêedcmcots 77-61 iu BQB hu 1616-6; ic d‗KOB) hu co ohrmcs gotcroktghokdcs, gd o‗cxgstc pks ic igsphsgtgho çqugvkdcotc. Dk oumçrhtktgho ics bhmptcs utgdgsçs cst ihob dgarc. B‗cst phurquhg, ikos bct huvrkec, phur bc qug bhobcroc dcs çbrgturcs bhmptkadcs rcdktgvcs æ dk bhoshdgiktgho, ohus o‗kvhos pks prçscotç i‗gohrmktghos rcdktgvcs æ dk oumçrhtktgho ic bhmptcs.

160

;; 366 1 666 366 ; 666

Yd ;3 666 B i d i d  E

Vrhiugts i‗cxpdhgtktgho Vrhiugts okobgcrs

;9 666 ; 666

Yd

;3 666

Bjkrecs i‗cxpdhgtktgho Bjkrecs okobgêrcs Gmpùt sur dcs shbgçtçs Qçsudtkt

;6 966 ; 066 366 ; 666

Vrhiugts i‗cxpdhgtktgho Vrhiugts okobgcrs

;1 666 ; 366

Yd

;2 366

Yd

;2 366

Vrhiugts i‗cxpdhgtktgho Vrhiugts okobgcrs

;6 666 :66

Yd

;6 :66

B i d i d  Id Bjkrecs i‗cxpdhgtktgho Bjkrecs okobgêrcs Gmpùt sur dcs shbgçtçs Qçsudtkt Yd

7 666 266 366 ; 666 ;6 :66

Vhur d‗çtkadgsscmcot iu agdko ct iu bhmptc ic rçsudtkt bumudçs, gd cst phssgadc ic pksscr dcs çbrgturcs sugvkotcs hu ic prçscotcr dcs tkadckux sugvkots < Çad i ad d <  Kbtgs oho bhurkots Ygtrcs ic pkrtgbgpktgho Aìtk Ygtrcs ic pkrtgbgpktgho Ekmmk Ygtrcs ic pkrtgbgpktgho Icdtk Kbtgs bhurkots Bkpgtkd Kdpjk Qçscrvcs Kdpjk Qçsudtkt Kdpjk Vkssgs oho bhurkots Vkssgs bhurkots Qcprgsc agdko shbgçtç Kdpjk

5 666 0 666 2 666 ; 666 7 666 ;6 666 3 666 ; 666 2 666 5 666

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

Kbtgs oho bhurkots Kbtgs bhurkots Bkpgtkd Aìtk Qçscrvcs Aìtk Qçsudtkt Aìtk Vkssgs oho bhurkots

;6 666 ;2 666 : 666 2 666 ; 666 0 666

Vkssgs bhurkots Qcprgsc agdko shbgçtç Aìtk

3 666

Kbtgs oho bhurkots Kbtgs bhurkots Bkpgtkd Ekmmk Qçscrvcs Ekmmk Qçsudtkt Ekmmk Vkssgs oho bhurkots Vkssgs bhurkots Qcprgsc agdko shbgçtç Ekmmk (æ 36 %)

0 666 9 366 2 666 1 666 366 1 366 1 366

Çad i ad d < ad

   s          g    t    b     K

   s    c    r    p    s    h     g    r        p    s    s    x    k    u    p    k    t    t     g    c    p    k     B

R Kd

R Aì

R E (36 %)

Y (ad d)

5 666 0 666 2 666 ; 666 7 666

;6 666

0 666

;2 666

9 366

12 666 0 666 2 666 ; 666 10 366

Yd

10 666

12 666

;6 366

37 366

Bkpgtkd Qçscrvcs Qçsudtkt Vkssgs oho bhurkots Vkssgs bhurkots

;6 666 3 666 ; 666 2 666 5 666

: 666 2 666 ; 666 0 666 3 666

2 666 1 666 366 1 366 1 366

1; 666 ;6 666 1 366 ;; 366 ;9 366

Yd

10 666

12 666

;6 366

37 366

Kbtgs oho bhurkots Ygtrcs Aìtk Ygtrcs Ekmmk Ygtrcs Icdtk Kbtgs bhurkots

165

 

Vkrtgc 2  Bhmptcs ic erhupc

Çad i  i d d <  Bjkrecs i‗cxpdhgtktgho Bjkrecs okobgêrcs Gmpùt sur dcs shbgçtçs Qçsudtkt

;7 666 ; 266 366 ; 666

VVrrhhiiuuggttss i‗ockxopbdhgcgrtsktgho Qcprgsc bhmptc ic rçsudtkt Kdpjk

16; 6 :6 66 6

Bjkrecs i‗cxpdhgtktgho Bjkrecs okobgêrcs Gmpùt sur dcs shbgçtçs Qçsudtkt Vrhiugts i‗cxpdhgtktgho Vrhiugts okobgcrs Qcprgsc bhmptc ic rçsudtkt Aìtk

;; 366 1 666 366 ; 666 ;9 666 ; 666

Bjkrecs i‗cxpdhgtktgho Bjkrecs okobgêrcs Gmpùt sur dcs shbgçtçs Qçsudtkt Vrhiugts i‗cxpdhgtktgho Vrhiugts okobgcrs Qcprgsc bhmptc ic rçsudtkt Ekmmk (æ 36 %)

3 166 :66 136 366 0 666 536

Çad i  i d d < ad

   s    c    e    r    k     j     B

   s    t     g    u     i    h    r     V

16:

Y

R Kd

R Aì

R E (36 %)

Bjkrecs i‗cxpdhgtktgho Bjkrecs okobgêrcs Gmpùt sur dcs shbgçtçs Qçsudtkt

;7 666 ; 266 366 ; 666

;; 366 1 666 366 ; 666

3 166 :66 136 366

23 566 9 ;66 ; 136 1 366

Yd

1; :66

;3 666

0 536

92 336

Vrhiugts i‗cxpdhgtktgho Vrhiugts okobgcrs

16 666 ; :66

;9 666 ; 666

0 666 536

96 666 2 336

Yd

1; :66

;3 666

0 536

92 336

i( d d)

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

Vhur pksscr iu agdko bumudç ct iu bhmptc ic rçsudtkt bumudç ku agdko ct ku bhmptc ic rçsudtkt bhoshdgiçs, gd y k dgcu dg cu ic pksscr dcs çbrgturcs sugvkotcs. Çad i  i ad di <  Ho pksscrk trhgs çbrgturcs, dk prcmgêrc phur çdgmgocr dcs bkpgtkux prhprcs ic Aìtk ct dcs rçpkrtgr cotrc dcs bkpgtkux prhprcs rcvcokot æ dk shbgçtç mêrc ct bcux rcvcokot kux gotçrìts mgohrgtkgrcs, dk scbhoic phur trkosçrcr dk quhtc-pkrt ic bkpgtkux prhprcs ic Ekmmk bhmprgsc ikos dc agdko bumudç ct ic dcs kcbtcr æ Aìtk, dk trhgsgêmc phur rççvkducr dcs tgtrcs ic Icdtk æ dk vkdcur i‗çqugvkdcobc. Bkpgtkd Aìtk Qçscrvcs Aìtk Qçsudtkt Aìtk Ygtrcs ic pkrtgbgpktgho Aìtk : Aìtk : 666  Õ 53 % Qçscrvcs Kdpjk 2 Kdpjk 2 666  Õ 53 % Qçsudtkt Kdpjk ; Kdpjk ; 666  Õ 53 % Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs (: 666 + 2 666)  Õ 13 % Gotçrìts mgohrgtkgrcs sur rçsudtkt ; rçsudtkt ; 666  Õ 13 % Vkrtkec Bkpgtkux prhprcs Aìtk

: 666 2 666 ; 666

Bkpgtkd Ekmmk Qçscrvcs Ekmmk Qçsudtkt Ekmmk Ygtrcs ic pkrtgbgpktgho Ekmmk 0 Ekmmk 0 666  Õ 36 % Qçscrvcs Kdpjk Qçsudtkt Kdpjk  Kcbtgho quhtc-pkrt Ekmmk æ Kdpjk

2 666 1 666 366

Ygtrcs Icdtk mgs co çqugvkdcobc  çqugvkdcobc  (9 666 + 2 666 + ; 666)   Õ 13 %

1 666

0 666 1 136 536 1 536 136

2 666 1 666 366

Ygtrcs ic pkrtgbgpktgho Icdtk 9 Icdtk 9 666  Õ 13 % Qçscrvcs Kdpjk 2 Kdpjk 2 666  Õ 13 % Qçsudtkt Kdpjk ; Kdpjk ; 666  Õ 13 % Mgsc co çqugvkdcobc Icdtk

; 666 536 136

Çad i  i d d <  Ho pksscrk d‗çbrgturc sugvkotc < Qçsudtkt [uhtc-pkrt ics rçsudtkts ics shbgçtçs mgscs co çqugvkdcobc [uhtc-pkrt rçsudtkt shbgçtç Icdtk

136 136

Ad   i d Ho hatgcoirk ihob coo dcs agdkos ct bhmptc ic rçsudtkt sugvkots < 167

 

Vkrtgc 2  Bhmptcs ic erhupc

Agdko bhoshdgiç iu erhupc Kdpjk Kbtgs oho bhurkots (;) Ygtrcs Icdtk mgs co çqugvkdcobc Kbtg bhurkots (1)

12 666 1 666 10 366

Bkpgtkd (2) Qçscrvcs erhupc (9) Qçsudtkt erhupc (3) Gotçrìts mgohrgtkgrcs (0) Vkssgs oho bhurkots (5) Vkssgs bhurkots (:)

;6 666 ;6 666 1 366 2 666 ;; 366 ;9 366

Yhtkd

3; 366

Yhtkd

3; 366

(;) 5 666 + ;6 666 + 0 666 (1) 7 666 + ;2 666 + 9 366 (2) Bkpgtkd shbgçtç Kdpjk (9) 3 666 + 1 136 + 1 666 + 536 (3) ; 666 + 536 + 366+ 136 (0) sur bkpgtkd ct rçscrvcs < 1 536 > sur rçsudtkt < 136 > thtkd < 1 536 + 136 = 2 666 (5) 2 666 + 0 666 + 1 366 (:) 5 666 + 3 666 + 1 366

Bhmptc ic rçsudtkt bhoshdgiç iu erhupc Kdpjk Bjkrecs i‗cxpdhgtktgho (;) Bjkrecs okobgêrcs (1)

23 566 9 ;66

Gmpùt sur dcs shbgçtçs (2) Qçsudtkt erhupc (9) Qçsudtkt Mgohrgtkgrcs (3) Yhtkd

; 136 1 366 136 92 :66

Vrhiugts i‗cxpdhgtktgho (0) [V rçsudtkt shbgçtç mgsc co çqugvkdcobc Vrhiugts okobgcrs (5)

96 666 136

Yhtkd

92 :66

2 336

(;) ;7 666 + ;; 366 + 3 166 (1) ; 266 + 1 666 + :66 (2) 366 + 366+ 136 (9) Phgr agdko (3) Phgr Phgr ohtc 0 agdko (0) 16 666 + ;9 666 + 0 666 (5) ; :66 + ; 666 + 536

0 Bhmptcs bhmagoçs Dcs cotgtçs qug bhostgtucot uo coscmadc, mkgs ihot dk bhjçsgho oc rçsudtc pks ic dgcos ic pkrtgbgpktgho (ct qug oc shot pks, ic bc kgt, co mcsurc i‗çtkadgr ics bhmptcs bhoshdgiçs), bhoshdgiçs), pcuvcot prçpkrcr ics  a ko ic prçscotcr dcs bhmptcs ic bct coscmadc bhmmc sg bcdug-bg çtkgt hrmç i‗uoc scudc cotgtç. Ics bhmptcs bhmagoçs pcuvcot ìtrc çtkadgs ohtkmmcot ikos dcs igçrcotcs sgtuktghos sugvkotcs < 1;6

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

‒  cotgtçs igrgeçcs pkr dk mìmc pcrshooc hu uo mìmc erhupc ic pcrshoocs kykot ics gotçrìts bhmmuos > ‒  cotgtçs ihot dc prhprgçtkgrc cst dk mìmc pcrshooc pjysgquc hu dcs mcmarcs i‗uoc mìmc kmgddc > ‒  cotgtçs ics scbtcurs bhhpçrktgs hu mutukdgstcs ikos dcsqucds dcs igçrcotcs hrekoghrekogsktghos, oho oçbcsskgrcmcot dgçcs lurgigqucmcot cotrc cddcs, hrmcot uo coscmadc jhmheêoc æ strktçegc ct igrcbtgho bhmmuocs > ‒  cotgtçs dgçcs cotrc cddcs pkr uo kbbhri ic pkrtkec ic rçsudtkt suskmmcot bhotrkgeokot phur quc dcurs bhmptcs bhmagoçs shgcot pdus rcprçscotktgs quc dcs bhmptcs gshdçs ic bjkquc cotgtç. Æ bc lhur, scudcs dcs cotrcprgscs i‗kssurkobc ct ic rçkssurkobc (krtgbdc (krtg bdc D. 293-1 kd. 2 iu Bhic ics kssurkobcs), dcs bhhpçrktgvcs kergbhdcs ct dcurs uoghos (krtgbdc 319-0-1 iu Bhic rurkd) ct dcs hrekogsmcs oktghokux ic sçburgtç shbgkdc qug eêrcot uo rçegmc hadgekthgrc (krtgbdc D. ;;9-0 iu Bhic ic dk sçburgtç shbgkdc) hot d‗hadgektgho i‗çtkadgr ics bhmptcs bhmagoçs. Gd kut ohtcr quc pkr kgddcurs, d‗krtgbdc ;9; mhigç ic dk dhg 1669-916 iu ;3 mkg 166; sur dcs ohuvcddcs rçeudktghos çbhohmgqucs hadgec dc Ehuvcrocmcot æ içphscr thus dcs kos, co koocxc ku prhlct ic dhg ic okobcs ic d‗kooçc, uo rkpphrt rcdktg æ d‗Çtkt kbtghookgrc qug (§ 1) « prçscotc ics bhmptcs bhmagoçs ic thutcs dcs cotgtçs sgeogbktgvcs, çtkadgsscmcots ct shbgçtçs, bhotrùdçcs pkr d‗Çtkt, cxphsc iêdcmcot dk sgtuktgho okobgêrc ic d‗coscmadc ic bcs bhotrùdç cotgtçs, ycsbhmprgs dcs ct coekecmcots jhrs agdko, sho çvhdutgho prçvgsgadc, kgosg quc dcs çvçocmcots gmphrtkots survcous cotrc dk iktc ic bdùturc ic d‗cxcrbgbc ic bhmagokgsho ct dk iktc æ dkqucddc dcs bhmptcs bhmagoçs hot çtç çtkadgs ¾.

5 Bhoshdgiktghos igrcbtc igrcbtc ct pkr pkdgcrs Dhrsqu‗uoc shbgçtç bhotrùdc pkr d‗gotcrmçigkgrc i‗uoc dgkdc uoc shus-dgkdc, dk bhoshdgiktgho pcut s‗ccbtucr scdho icux tcbjogqucs < ‒  dk tcbjogquc ic dk bhoshdgiktgho igrcbtc > ‒  dk tcbjogquc ic dk bhoshdgiktgho pkr pkdgcrs. Iç`ogtghos

Dk  di i bhosgstc i bhosgstc æ içtcrmgocr thut ic sugtc ku ogvcku ic dk shus-dgkdc • Dk

•

dcs gotçrìts qug rcvgcoocot æ dk shbgçtç mêrc ct kux mgohrgtkgrcs (igrcbts ct goigrcbts). Dk   di  d bhosgstc Dk d bhosgstc æ içtcrmgocr ku ogvcku ic dk shus-dgkdc, dk pkrt qug rcvgcot æ dk dgkdc ct kux mgohrgtkgrcs ic dk shus-dgkdc, pugs ic pkrtkecr d‗kbtg oct ic dk dgkdc cotrc dk shbgçtç mêrc ct dcs mgohrgtkgrcs ic dk dgkdc.

Cd ◕  Rupphshos quc dk shbgçtç Kdpjk qug phssêic :6 % iu bkpgtkd ic dk shbgçtç Aìtk dkqucddc phssêic 06 % iu bkpgtkd ic dk shbgçtç Ekmmk. Dc phurbcotkec i‗gotçrìts i‗Kdpjk sur Ekmmk cst ic :6 %  Õ 06 % = 9: %. Ikos dc bkirc i‗uoc bhoshdgiktgho igrcbtc, d‗çbrgturc ic rctrkgtcmcot ic dk shbgçtç Ekmmk crk rcsshrtgr 9: % ics bkpgtkux prhprcs ct iu rçsudtkt rcvgcoocot igrcbtcmcot æ dk shbgçtç mêrc Kdpjk kdhrs quc 31 % ics bkpgtkux prhprcs rcvgcoocot kux gotçrìts mgohrgtkgrcs. Ikos dc bkirc i‗uoc bhoshdgiktgho pkr pkdgcrs, dk mìmc çbrgturc ic rctrkgtcmcot crk i‗kahri rcsshrtgr quc 06 % ics bkpgtkux prhprcs ic dk shbgçtç Ekmmk rcvgcoocot æ dk 1;;

 

Vkrtgc 2  Bhmptcs ic erhupc

shbgçtç Aìtk (ct icvrhot cosugtc ìtrc rçpkrtgs cotrc Kdpjk ct dcs mgohrgtkgrcs ic Aìtk) ct 96 % ics mìmcs bkpgtkux rcvgcoocot kux mgohrgtkgrcs. Rg dcs bkpgtkux prhprcs (rçsudtkt oho bhmprgs) ic Aìtk shot ic ; 666 666 ₤ ct bcux ic Ekmmk ic :66 666 ₤, sg dcs rçsudtkts ic Aìtk ct ic Ekmmk shot rcspcbtgvcmcot ic ;66 666 ₤ ct ic :6 666 ₤ ct quc dcs tgtrcs kgcot çtç kbqugs rcspcbtgvcmcot phur 066 666 ₤ ct 966 666 ₤, ho kurkgt dcs d cs çbrgturcs ic bhoshdgiktgho sugvkotcs. Bdi i Bkpgtkux prhprcs Ekmmk Qçsudtkt Ekmmk Ygtrcs Ekmmk Bkpgtkux prhprcs Kdpjk  Kdpjk  :66 666  Õ 9: % ‒ %  ‒ 966  966 666  Õ :6 % Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs rçscrvcs   :66 666  Õ 31 % ‒ %  ‒ 966  966 666  Õ 16 % Qçsudtkt Kdpjk :6 Kdpjk :6 666  Õ 9: % Gotçrìts mgohrgtkgrcs sur rçsudtkt :6 rçsudtkt :6 666  Õ 31 % Bhoshdgiktgho Ekmmk Bkpgtkux prhprcs Aìtk Qçsudtkt Aìtk Ygtrcs Aìtk Bkpgtkux prhprcs Kdpjk ; Kdpjk ; 666 666  Õ :6 % ‒ % ‒ 066  066 666 Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs rçscrvcs   ; 666 666  Õ 16 % Qçsudtkt Kdpjk ;66 Kdpjk ;66 666  Õ :6 % Gotçrìts mgohrgtkgrcs sur rçsudtkt ;66 rçsudtkt ;66 666  Õ 16 % Bhoshdgiktgho Aìtk

Bhmmc gd o‗y k pks i‗gotçrìt iu erhupc sur Kdpjk, ho k içiugt dk thtkdgtç ic dk vkdcur ics tgtrcs Aìtk phssçiçs pkr Kdpjk (shgt ;66 %).

1;1

:66 666 :6 666 966 666 09 666 220 666 2: 966 9; 066

; 666 666 ;66 666 066 666 166 666 166 666 :6 666 16 666

Ikos dk bhoshdgiktgho igrcbtc, phur içtcrmgocr dc mhotkot ics bkpgtkux prhprcs rcvcokot igrcbtcmcot æ dk shbgçtç mêrc, gd bhovgcot ic mudtgpdgcr dcs bkpgtkux prhprcs ic dk dgkdc pkr dc phurbcotkec i‗gotçrìts ic dk mêrc sur dkigtc dgkdc ct shustrkgrc dc prhiugt ic dk vkdcur i‗kbqugsgtgho ics tgtrcs pkr dc phurbcotkec i‗gotçrìts ic dk mêrc sur dc prhprgçtkgrc ic bcs tgtrcs. Ho prcoi dc bhmpdçmcot phur dcs gotçrìts mgohrgtkgrcs. Kgosg, ikos bct cxcmpdc, phur rçpkrtgr dcs bkpgtkux b kpgtkux prhprcs ic Ekmmk, ho mudtgpdgc dcs bkpgtkux prhprcs ic Ekmmk pkr dc phurbcotkec i‗gotçrìts i‗Kdpjk, dk shbgçtç mêrc ikos Ekmmk (shgt 9: %), ct ho rctgrc dc prhiugt ic dk vkdcur i‗kbqugsgtgho ics tgtrcs pkr dc phurbcotkec i‗gotçrìts ic dk shbgçtç mêrc ikos dk shbgçtç Aìtk qug phssêic dcs tgtrcs Ekmmk (shgt :6 %).

 

Bjkpgtrc 5  Bkirc dçekd c rçedcmcokgrc, pçrgmrc, mçthics c prhbcssus ic bhoshdgikgho

Bdi  d Bkpgtkux prhprcs Ekmmk Qçsudtkt Ekmmk Ygtrcs Ekmmk Bkpgtkux prhprcs Aìtk :66 Aìtk :66 666  Õ 06 % ‒ %  ‒ 966  966 666

:66 666 :6 666 966 666 :6 666

Gotçrìts mgohrgtkgrcs :66 mgohrgtkgrcs :66 666  Õ 96 % Qçsudtkt Aìtk :6 Aìtk :6 666  Õ 06 % Gotçrìts mgohrgtkgrcs sur rçsudtkt :6 rçsudtkt :6 666  Õ 96 % Bhoshdgiktgho Ekmmk Bkpgtkux prhprcs Aìtk ; Aìtk ; 666 666 + :6 666 Qçsudtkt Aìtk ;66 Aìtk ;66 666 + 9: 666 Ygtrcs Aìtk Bkpgtkux prhprcs Kdpjk ; Kdpjk ; 6:6 666  Õ :6 % ‒ %  ‒   066 666 Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs  rçscrvcs  ; 6:6 666  Õ 16 % Qçsudtkt Kdpjk ;9: Kdpjk ;9: 666  Õ :6 % Gotçrìts mgohrgtkgrcs sur rçsudtkt ;9: rçsudtkt ;9: 666  Õ 16 % Bhoshdgiktgho Aìtk

216 666 9: 666 21 666

; 6:6 666 ;9: 666 066 666 109 666 1;0 666 ;;: 966 17 066

Ikos dk, bhoshdgiktgho pkr pkdgcrs, dcs ccts ic dk rçpkrtgtgho ics bkpgtkux prhprcs ic dk shus-dgkdc (gbg shbgçtç Ekmmk) shot klhutçs kux bkpgtkux prhprcs æ rçpkrtgr ic dk dgkdc (gbg shbgçtç Aìtk) qug shot cosugtc rçpkrtgs cotrc dk shbgçtç mêrc (gbg shbgçtç Kdpjk) ct dcs gotçrìts mgohrgtkgrcs. Dcs icux mçtjhics ihoocot agco cotcoiu dcs mìmcs sgtuktghos bhoshdgiçcs < •  Bkpgtkux prhprcs i‗Kdpjk 109 666 •  Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs 320 666  

• • 

Qçsudtkt i‗Kdpjk Gotçrìts mgohrgtkgrcs sur rçsudtkt

Rg dk mçtjhic ic bhoshdgiktgho pkr pkdgcrs cst pdus kbgdc æ kppdgqucr, ohus kvhos thutchgs bjhgsg, ikos bct huvrkec, ic prçscotcr dcs hpçrktghos ic bhoshdgiktgho scdho dk mçtjhic igrcbtc,

pdus shuvcot utgdgsçc co ;;: 0; 966 066 prktgquc. Dc prherkmmc ic d‗SC9 iu IRBE

Co mktgêrc ic bhoshdgiktgho iu bhmptc ic rçsudtkt, dcs icux mçtjhics bhoiugscot kux gmphsc bcttc icrogêrc mçtjhic. mìmcs çbrgturcs. ◕

1;2

 

ICR RKPHGQR RKPHGQR KSZ BHMVÇYCOBC BHMVÇ YCOBCRR Çvkducr dcs skvhgrs

Mkïtrgscr dcs bhmpçtcobcs

Vrçpkrcr d‗çprcuvc

; [BM

Vhur bjkbuoc ics qucstghos sugvkotcs, uoc scudc rçphosc cst phssgadc. Lustg`cz vhtrc bjhgx. ;. Vhur d‗çtkadgsscmcot ics bhmptcs bhoshdgiçs ics shbgçtçs rkoåkgscs bhtçcs æ Curhocxt Vkrgs ct kgskot pkrtgc iu BKB 96, qucddcs shot dcs ohrmcs bhmptkadcs kppdgbkadcs 8 k. Dcs ohrmcs GKR 15, GKR 1:, G@QR 2, ;6, ;; ct ;1. ∗ a. Yhutcs Yhutcs dcs ohrmcs G@QR. ∗ b. Dcs ohrmcs G@QR qug hot çtç kpprhuvçcs pkr d‗Sogho curhpçcooc. ∗ 1. [u‗cst-bc quc dc bhotrùdc scdho d‗G@QR ;6 8 k. Dc kgt quc dcs kbtgvgtçs ic d‗cotgtç kgskot d‗halct i‗uo govcstgsscmcot hot uoc gobgicobc gmphrtkotc sur scs rcoicmcots. a. Dc kgt qu‗uo govcstgsscur cst cxphsç hu qu‗gd k irhgt æ ics rcoicmcots vkrgkadcs sur uo govcstgsscmcot co rkgsho ic scs dgcos kvcb d‗cotgtç kgskot d‗halct i‗uo govcstgsscmcot, ct qu‗gd k dk bkpkbgtç i‗go`ucr sur bcs rcoicmcots iu kgt iu phuvhgr qu‗gd içtgcot sur bcddc-bg. b. Dc kgt qu‗uo govcstgsscur k ics irhgts ccbtgs qug dug bhoêrcot dk bkpkbgtç kbtucddc ic igrgecr dcs kbtgvgtçs pcrtgocotcs.

∗

∗ ∗

2. [u‗cst-bc quc dc bhotrùdc bhotrùdc bholhgot scdho d‗GKR 1: ct d‗G@QR ;; 8 k. Dc bhotrùdc bholhgot cst dc pkrtkec bhotrkbtucddcmcot bhovcou iu bhotrùdc cxcrbç sur uoc cotrcprgsc, qug o‗cxgstc quc ikos dc bks h÷ dcs içbgsghos bhobcrokot dcs kbtgvgtçs pcrtgocotcs rcqugêrcot dc bhoscotcmcot uokogmc ics pkrtgcs pkrtkeckot dc bhotrùdc. bhot rùdc. ∗ a. Dc bhotrùdc bholhgot cst uoc cotrcprgsc sur dkqucddc icux pkrtgcs hu pdus cxcrbcot dc pkrtkec bhotrkbtucddcmcot bhovcou iu bhotrùdc cxcrbç sur uoc cotrcprgsc, qug o‗cxgstc quc ikos dc bks h÷ dcs içbgsghos bhobcrokot dcs kbtgvgtçs pcrtgocotcs rcqugêrcot dc bhoscotcmcot uokogmc ics pkrtgcs pkrtkeckot dc bhotrùdc. bhot rùdc. ∗ b. Dc bhotrùdc bholhgot cst uo pkrtcokrgkt ikos dcqucd dcs pkrtgcs qug cxcrbcot uo bhotrùdc bhmmuo sur d‗hpçrktgho hot ics irhgts sur dcs kbtgs, ct ics hadgektghos ku tgtrc ics pkssgs, rcdktgs æ bcddc-bg. ∗ 9. [u‗cst-bc quc d‗go`ucobc ohtkadc scdho d‗GKR 1: 8 k. D‗go`ucobc ohtkadc cst uoc mçtjhic bhmptkadc qug bhosgstc æ bhmptkagdgscr gogtgkdcmcot dk pkrtgbgpktgho ku bhþt ct æ d‗klustcr pkr dk sugtc phur prcoirc co bhmptc dcs bjkoecmcots ic dk quhtc-pkrt ic d‗govcstgsscur ikos d‗kbtg oct ic d‗cotgtç çmcttrgbc qug survgcoocot phstçrgcurcmcot æ d‗kbqugsgtgho.

1;9

∗

 

ICR RKPHGQR KSZ BHMVÇYCOBCR

a. D‗go`ucobc D‗go`ucobc ohtkadc cst uo pkrtcokrgkt ikos dcqucd dcs pkrtgcs qug cxcrbcot uo bhotrùdc bholhgot sur d‗cotrcprgsc hot ics irhgts sur d‗kbtg d ‗kbtg oct ic bcddc-bg. b. D‗go`ucobc ohtkadc cst dc phuvhgr ic pkrtgbgpcr kux içbgsghos rcdktgvcs kux phdgtgqucs okobgêrcs ct hpçrktghoocddcs ic d‗cotgtç çmcttrgbc, skos thutchgs

∗

∗

cxcrbcr uo bhotrùdc hu uo bhotrùdc bholhgot sur bcs phdgtgqucs.

3. [u‗cst-bc quc ics bhmptcs bhmagoçs 8 k. Ics bhmptcs scmadkadcs kux bhmptcs bhoshdgiçs çtkadgs pkr ics cotgtçs kykot dc phuvhgr ic pkrtgbgpcr kux phdgtgqucs phdgt gqucs okobgêrc ct hpçrktghoocddc i‗kutrcs cotgtçs skos co içtcogr dc bhotrùdc. ∗ a. Ics bhmptcs scmadkadcs kux bhmptcs bhoshdgiçs çtkadgs pkr ics cotgtçs pkrtkeckot dc bhotrùdc i‗cotgtçs cxpdhgtçcs co bhmmuo pkr uo ohmarc dgmgtç i‗ksshbgçs hu i‗kbtghookgrcs, ic shrtc quc dcs phdgtgqucs okobgêrc ct hpçrktghoocddc rçsudtcot ic dcur kbbhri. ∗ b. Ics bhmptcs scmadkadcs kux bhmptcs bhoshdgiçs bhoshdg içs çtkadgs pkr ics cotgtçs phuvkot ìtrc dgçcs pkr ics rcdktghos çbhohmgqucs ic okturcs igvcrscs, skos quc dcur gotçerktgho rçsudtc ic dgcos ic pkrtgbgpktgho hrekogskot ics rcdktghos cotrc d‗cotgtç ∗

bhoshdgikotc ct d‗cotgtç bhotrùdçc hu shus go`ucobc ohtkadc.

0. Dk shbgçtç Kdpjk phssêic :6 % iu bkpgtkd ic Aìtk, dkqucddc phssêic 06 % iu bkpgtkd ic Ekmmk, dkqucddc phssêic ;6 % iu bkpgtkd i‗Kdpjk. [ucd cst dc phurbcotkec i‗gotçrìts i‗Kdpjk sur Ekmmk 8 k. 79,39 %. b. 93,2: %. ∗ a. 53,02 %. ∗

Çvkducr dcs skvhgrs

Mkïtrgscr dcs bhmpçtcobcs

∗

Vrçpkrcr d‗çprcuvc

1 Mgog-bks < içtcrmgoktgho iu pçrgmêtrc ic bhoshdgiktgho ☃☃☃ Bhmpçtcobc vgsçc

Iç`ogr dc pçrgmêtrc ic bhoshdgiktgho bhoshdgiktgho

Dk shbgçtç Kdgbc phssêic 91 % ics kbtghos i‗uoc shbgçtç Açk ihot 16 % iu bkpgtkd cst bhostgtuç i‗kbtghos æ igvgicoic prghrgtkgrc skos irhgt ic vhtc, 06 % ics kbtghos i‗uoc shbgçtç Z, 36 % ics kbtghos i‗uoc shbgçtç Bdçk (ihot dk shbgçtç Z phssêic çekdcmcot 36 %), 26 % i‗uoc shbgçtç Igkok ct ;6 % i‗uoc shbgçtç Çdçk. Dk shbgçtç Açk phssêic 56 % ics kbtghos ic dk shbgçtç @ghok ct dk shbgçtç Igkok phssêic 76 % ics kbtghos ic dk shbgçtç Ekrkobc. [ucddcs shot dcs shbgçtçs qug cotrcot co trcot ikos dc pçrgmêtrc ic bhoshdgiktgho iu Erhupc Kdgbc 8

1;3

 

ICR RKPHGQR KSZ BHMVÇYCOBCR

☃☃☃ ☃ 2 Mgog-bks < rêedcs kppdgbkadcs co mktgêrc ic bhoshdgiktgho ☃☃

Bhmpçtcobc vgsçc

Mkïtrgscr dc bkirc rçedcmcotkgrc ct dçekd ic dk bhoshdgiktgho ics bhmptcs (rêedcmcots oktghokux ct ohrmcs gotcroktghokdcs).

Dk shbgçtç kohoymc Dghocd cst uoc shbgçtç æ bkrkbtêrc kmgdgkd ihot dcs tgtrcs oc shot pks bhtçs sur uo mkrbjç okobgcr. Bcttc shbgçtç covgskec uoc gotrhiubtgho co Ahursc sur uo mkrbjç rçedcmcotç æ bhmptcr iu ;cr lkovgcr O+;. Dk shbgçtç içtgcot < ‒  06 % iu bkpgtkd ikos dk shbgçtç kohoymc Mkrbcd > ‒  36 % iu bkpgtkd ikos dk shbgçtç kohoymc Okiêec ihot cddc pkrtkec dc bhotrùdc kvcb dk shbgçtç Higdc > ‒  26 % iu bkpgtkd ikos dk shbgçtç kohoymc Vkbùmc. Dc thtkd iu agdko (bhmptcs shbgkux), dc BKJY ct dcs ccbtgs ics shbgçtçs Dghocd, Mkrbcd, Okiêec, Higdc ct Vkbùmc vhus shot hurogs ku 2; içbcmarc O. R

Yd ad (n₤)

B i‗ (n₤)

C  

Dghocd

; 3 666

13 666

;26

Mkrbcd

0 666

; 6 666

:6

Okiêec

9 666

: 666

36

Vkbùmc

3 666

; 6 666

06

Vrçbgscz qucd rççrcotgcd ihgt ìtrc prktgquç phur d‗çtkadgsscmcot ics bhmptcs bhoshdgiçs ics cxcrbgbcs O ct O +; iu erhupc ct, phur bjkbuo ic bcs rççrcotgcds, dcs mçtjhics kppdgbkadcs kux shbgçtçs bhmphskot dc erhupc.

Çvkducr dcs skvhgrs

Mkïtrgscr dcs bhmpçtcobcs

☃☃☃ ☃ 9 Bks prktgquc < pçrgmêtrc ic bhoshdgiktgho ☃☃

Bhmpçtcobc vgsçc

Vrçpkrcr d‗çprcuvc

93 mgo

Iç`ogr dc pçrgmêtrc ic bhoshdgiktgho

Phus ìtcs kppcdç æ kokdyscr dc pçrgmêtrc ic bhoshdgiktgho iu erhupc Kdpjk. Dc erhupc Kdpjk cst uoc shbgçtç bhtçc æ Curhocxt Vkrgs. Gd cst bhmphsç ic ;6 dgkdcs (ku scos dkrec), bjkbuoc spçbgkdgsçc ikos uo ihmkgoc i‗kbtgvgtç. Dk dgkdc Aìtk cst spçbgkdgsçc ikos dc ihmkgoc ic d‗jyirkudgquc > sho bkpgtkd kppkrtgcot æ :6 % æ dk shbgçtç Kdpjk. Kdpjk. Dk dgkdc Ekmmk cst spçbgkdgsçc ikos dc ihmkgoc ic d‗çdcbtrgbgtç goiustrgcddc < sho bkpgtkd kppkrtgcot æ 26 % æ dk shbgçtç Kdpjk ct ;3 % æ dk shbgçtç Aìtk. 96 % ics kbtghos ic dk shbgçtç shot æ vhtc ihuadc ihot 26 % kppkrtgcoocot æ dk shbgçtç Kdpjk. 1;0

 

ICR RKPHGQR KSZ BHMVÇYCOBCR

Dk dgkdc Icdtk spçbgkdgsçc ikos dc ihmkgoc ic dk mkgotcokobc goiustrgcddc < sho bkpgtkd kppkrtgcot phur 13 % æ dk shbgçtç Kdpjk. Dk shbgçtç Cpsgdho co phssêic 06 % iu bkpgtkd. Gd o‗k pks i‗kbtghos æ vhtc ihuadc og i‗kbtghos skos irhgt ic vhtc. Dk dgkdc Izìtk cst spçbgkdgsçc ikos dc ihmkgoc ic d‗kuthmktgsmc < bcttc shbgçtç cst bhotrùdçc bholhgotcmcot pkr dk shbgçtç Kdpjk ct dk shbgçtç Cpsgdho qug phssêicot bjkbuoc 36 % iu bkpgtkd. Dk dgkdc Çtk cst spçbgkdgsçc ikos dc ihmkgoc iu pocumktgquc > sho bkpgtkd kppkrtgcot æ 93 % æ dk shbgçtç Aìtk. 16 % ics kbtghos (ihot kubuoc o‗kppkrtgcot o‗kppkrtgcot æ Aìtk) ic dk shbgçtç shot ics kbtghos ic prççrcobc skos irhgt ic vhtc. Dk dgkdc Yjìtk cst spçbgkdgsçc ikos dc ihmkgoc ic dk tuykutcrgc goiustrgcddc < sho bkpgtkd kppkrtgcot æ :6 % æ dk shbgçtç Aìtk ct æ 3 % æ dk shbgçtç Ghtk. Gd o‗y k pks i‗kbtghos æ irhgt ic vhtc ihuadc og i‗kbtghos skos irhgt ic vhtc. Dk dgkdc Nkppk cst spçbgkdgsçc ikos dc ihmkgoc ic dk bhostrubtgho mçtkddgquc < sho bkpgtkd kppkrtgcot æ 06 % æ dk shbgçtç Yjìtk. Gd o‗y k pks i‗kbtghos æ irhgt ic vhtc ihuadc og i‗kbtghos skos irhgt ic vhtc. Dk dgkdc Dkmaik cst spçbgkdgsçc ikos dc ihmkgoc iu bhotrùdc mçtkdduregquc < sho bkpgtkd kppkrtgcot æ 33 % æ dk shbgçtç Nkppk Gd o‗y k pks i‗kbtghos æ irhgt ic vhtc ihuadc og i‗kbtghos skos irhgt ic vhtc. Dk dgkdc Ghtk cst spçbgkdgsçc ikos dc ihmkgoc ic d‗usgokec ic prçbgsgho < sho bkpgtkd kppkrtgcot æ :6 % æ dk shbgçtç Dkmaik. Gd o‗y k pks i‗kbtghos æ irhgt ic vhtc ihuadc og i‗kbtghos skos irhgt ic vhtc. Dk dgkdc Mu cst uoc shbgçtç ic scrvgbcs spçbgkdgsçc ikos dc ihmkgoc ic dk rcbjcrbjc ic okobcmcot i‗cotrcprgscs i‗cotrcprgscs ic dk mçtkddure mçtkdduregc gc < cddc cst goiçpcoikotc g oiçpcoikotc (tjçhrgqucmcot) (tjçhrgqucmcot) ics shbgçtçs iu erhupc Kdpjk mkgs dcs bhotrkts qu‗cddc k sgeoçs oc dug pcrmcttcot quc ic trkvkgddcr kvcb dcs dgkdcs iu erhupc ihot cddc kssumc dk rcbjcrbjc ic okobcmcot kuprês ics gostgtutghos akobkgrcs.

Vhur çvgtcr ic prçscotcr pdusgcurs shdutghos, gd cst thulhurs icmkoiç kux bkoigikts ic trkgtcr dcs hpçrktghos ic bhoshdgiktgho pkr dk mçtjhic ic dk bhoshdgiktgho igrcbtc.

Yrkvkgd æ kgrc ;. Vrçscotcz d‗hrekogerkmmc iu erhupc. 1. Ikos uo tkadcku, içtcrmgocz dcs phurbcotkecs ic bhotrùdc ct dcs phurbcotkecs i‗gotçrìts i‗Kdpjk ikos bjkbuoc ics shbgçtçs iu erhupc. 2. Içtcrmgocz dcs mçtjhics æ sugvrc phur dk prçscotktgho ics bhmptcs bhoshdgiçs.

1;5

 

RWOYJÊRC Bkirc dçekd ct rçedcmcotkgrc rçedcmcotkgrc,, pçrgmêtrc, mçtjhics ct prhbcssus ic bhoshdgiktgho

Jgçrkrbjgc ics ohrmcs Igrcbtgvc 16;2/29/SC iu 10 lugo 16;2 Ycxtcs ic dhg bhig﬋çs (B. bhm., krt. D. 122-;0 æ D. 122-1:) Ycxtcs rçedcmcotkgrcs curhpçcos (BC ;060/1661) ct `rkoåkgs (B. bhm., krt. Q. 122-2 æ Q. 122-;0) Qêedcmcots « prh`cssghoocds ¾ (rêedcmcot BQB 77-61 iu BQB ct 1616-6; ic d‗KOB)

Mçtjhics ic bhoshdgiktgho Ohrmcs gotcroktghokdcs

• Bhotrùdc < bhoshdgiktgho pkr gotçerktgho edhakdc

• Bhotrùdc bholhgot (bhcotrcprgscs) ct gofiucobc ohtkadc < mgsc co çqugvkdcobc

Ohrmcs `rkoåkgscs

• Bhotrùdc cxbdusg` < bhoshdgiktgho pkr gotçerktgho edhakdc

• Bhotrùdc bholhgot < bhoshdgiktgho pkr gotçerktgho prhphrtghoocddc

• Gofiucobc ohtkadc < mgsc co çqugvkdcobc

1;:  

Vrhbcssus ic bhoshdgiktgho ct trkgtcmcot ics bhmptcs bhmagoçs Qctrkgtcmcot < Qcprgsc ics bhmptcs

Qctrkgtcmcot

shbgkux

ic prçbhoshdgiktgho

Kiigtgho ics ihooçcs

phur jhmheçoçgtç

jhmheçoçgsçcs

ic dk shbgçtç mêrc ct ics ﬋dgkdcs gotçerçcs

 ics bhmptcs  rçbgprhqucs,  ics çbkrts  i‗çvkduktgho ct  i‗kbqugsgtgho >  ics tgtrcs mgs  co çqugvkdcobc >  ics tgtrcs  gotçerçs

Çtkadgsscmcot  iu agdko ct  iu bhmptc  ic rçsudtkt  bhoshdgiçs

Bhoshdgiktgho igrcbtc ct bhoshdgiktgho pkr pkdgcrs Bhoshdgiktgho igrcbtc

Içtcrmgoktgho gmmçigktc, ku ogvcku ic dk shus-﬋dgkdc, ics gotçrìts rcvcokot æ dk shbgçtç mêrc ct kux mgohrgtkgrcs (igrcbts ct goigrcbts)

Bhoshdgiktgho pkr pkdgcrs

Içtcrmgoktgho, ic dk shus-﬋dgkdc,kuicogvcku dk pkrt rcvcokot æ dk ﬋dgkdc ct kux mgohrgtkgrcs ic dk shus-﬋dgkdc, sugvgc iu pkrtkec ic d‗kbtg` oct ic dk ﬋dgkdc cotrc dk shbgçtç mêrc ct dcs mgohrgtkgrcs

1;7  

BJKVGYQC

:

Qctrkgtcmcots ic prçbhoshdgiktgh prçbhoshdgiktghoo co ohrmcs `rkoåkgscs

VQHEQKMMC Bhmpçtcobcs vgsçcs

Ohtghos ct bhotcous

• Mkïtrgscr dc prhbcssus i‗çdkahrktgho

Qctrkgtcmcot ic bhoshdgiktgho < jhmheçoçgsktgho ics mçtjhics ic bhmptkagdgsktgho ct ic prçscotktgho co hobtgho ic dk rçedcmcotktgho ct/ hu iu mkoucd ic bhoshdgiktgho iu erhupc > çdgmgoktgho ics hpçrktghos pkssçcs phur dk scudc kppdgbktgho ics dçegsdktghos sbkdcs > bhovcrsgho ic bhmptcs çtkadgs co icvgscs.

• •

i‗uoc bhoshdgiktgho Içtcrmgocr d‗gmpkbt ics rctrkgtcmcots ic bhoshdgiktgho Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

VDKO IS BJKVGYQC Bhurs

112  

Vkrtgc 2  Bhmptcs ic erhupc

‒  bjcz dc akgddcur < shus hrmc ic prìts. Dcs bhotrkts kssgmgdçs kux brçigts akux hot dcs bkrkbtçrgstgqucs sugvkotcs sugvkotcs < ‒  dc bhotrkt prçvhgt dc trkoscrt ic prhprgçtç ku tcrmc ic dk iurçc iu akgd sur hptgho ct bc trkoscrt pkrkït jkutcmcot prhakadc æ dk iktc ic bhobdusgho iu akgd > ‒  dk iurçc iu akgd rcbhuvrc d‗csscotgcd ic dk iurçc ic vgc iu agco ikos dcs bhoigtghos i‗utgdgsktgho iu prcocur > ‒  dk vkdcur kbtukdgsçc ics pkgcmcots cst prhbjc ic dk vkdcur vçokdc iu agco dhuç æ dk iktc ic bhobdusgho iu akgd.mgogmkux ¾ Cd cr u oc gostkddktgho bhmpdcxc spçbgkdgsçc i‗uoc ◕  Dc ;  lkovgcr O‒;, dk shbgçtç Nkppk kvkgt kbqugs uoc vkdcur ic 166 666 ₤ ct okobçc pkr uo bhotrkt ic brçigt-akgd mhagdgcr < •  iurçc cstgmçc ic d‗gostkddktgho < ;6 kos (vkdcur rçsgiucddc ouddc). •  iurçc iu bhotrkt ic brçigt-akgd < 5 kos. •  mhotkot ic bjkbuoc ics trgmcstrgkdgtçs (dk prcmgêrc çtkot pkykadc dc ; cr lkovgcr O‒;) < ;6 666 ₤. •  prgx i‗kbjkt rçsgiucd (pkykadc dc 2; içbcmarc O+3) < ;3 966 ₤. Dc tkux i‗gmpùt sur dcs shbgçtçs cst ic 13 % Gd cst i‗kahri oçbcsskgrc ic içtcrmgocr dc tkux i‗kbtukdgsktgho (tkux trgmcstrgcd) ic d‗cmpruot bhrrcsphoikot ku bhotrkt ic brçigt-akgd. ‒1: Ho pcut çbrgrc quc 166 666 = ;6 666 Õ ; ‒ (; + g) (; + g) + ;3 966 (; + g) ‒1: g Ho trhuvcrk g trhuvcrk g = 2 %. Æ pkrtgr ic bc tkux, ho prçscotcrk uo tkadcku i‗kmhrtgsscmcot ic d‗cmpruot bhrrcsphoikot æ bcttc hpçrktgho ic brçigt-akgd.

Ç

Q æ a

Gì

Bd

Qi

;cr lkovgcr O‒; ;cr kvrgd O‒; ;cr lugddct O‒; ;cr hbtharc O‒; ;cr lkovgcr O ;cr kvrgd O ;cr lugddct O ;cr hbtharc O ;cr lkovgcr O+;

166 666 ;76 666 ;:3 566 ;:; 15; ;50 567 ;51 66; ;05 ;56 ;01 ;:3 ;35 63;

6 3 566 3 35; 3 92: 3 26; 3 ;06 3 6;3 9 :00 9 5;1

;6 666 9 266 9 917 9 301 9 077 9 :96 9 7:3 3 ;29 3 1::

;6 666 ;6 666 ;6 666 ;6 666 ;6 666 ;6 666 ;6 666 ;6 666 ;6 666

9; 502

9: 125

76 666

Bjkrecs gmputkadcs æ d‗cxcrbgbc O < 3 ;06 + 3 6;3 + 9 :00 + 9 5;1 = ;7 532 •  Bjkrecs gmputkadcs kux cxcrbgbcs prçbçicots < 9; 502 ‒ ;7 532 = 11 6;6 Dcs çbrgturcs bhmptkadcs ic rctrkgtcmcot scrhot dcs sugvkotcs < Ho utgdgscrk uo bhmptc « Bhmptc ic dgkgsho rcicvkobcs ¾ phur kbgdgtcr dk dcbturc ic d‗çbrgturc bhmptkadc bhrrcsphoikotc (bhmptc shdiç kprês dcs icux bhrrcbtghos) • 

119  

Bjkpgtrc :  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs `rkoåkgscs

V d ad Gostkddktghos tcbjogqucs, mktçrgcds ct hutgddkecs co dhbktgho okobcmcot Icttcs ic dhbktgho okobcmcot Gmmhagdgsktgho ic d‗gostkddktgho goiustrgcddc kbqugsc co brçigt-akgd

166 666 166 666

Dc içtkgd ics bjkrecs okobgêrcs pcut kgosg s‗kokdyscr < Qçsudtkt 166 666 Õ ;6 %  Õ 53 % Qçsudtkt 166 Qçscrvcs Gmpùts igçrçs 96 igçrçs 96 666 Õ 13 % Kmhrtgsscmcots gostkddktghos tcbjogqucs, mktçrgcds ct hutgddkec co dhbktgho okobcmcot  Kmhrtgsscmcot ic d‗gostkddktgho d‗gostkddktgho 166 666 Õ ;6 %  Õ 1

;3 666 ;3 666 ;6 666

Bhmptc ic dgkgsho rcicvkobcs

:6 666

96 666

Gmpùts igçrçs :6 igçrçs :6 666 Õ 13 % Qçsudtkt 96 Qçsudtkt  96 666 Õ 53 % Qçscrvcs 96 Qçscrvcs  96 666 Õ 53 %  Kooudktgho ics rcicvkobcs rcicvkobcs ;6 666 Õ : Qçsudtkt ;7 532 Õ 53 % Qçsudtkt ;7 Qçscrvcs 11 Qçscrvcs  11 6;6 Õ 53 % Gmpùts igçrçs 9; igçrçs 9; 502 Õ 13 % Icttcs ic dhbktgho okobcmcot 166 okobcmcot 166 666 ‒ 666 ‒ ;35  ;35 63; Bhmptc ic dgkgsho rcicvkobcs Gotçrìts bhurus  Kssgmgdktgho ic dk rcicvkobc æ uo rcmahurscmcot rcmahurscmcot ic bkpgtkd ct æ uo cmpruot

16 666 26 666 26 666

;9 :;3 ;0 365 ;6 99; 91 797 :6 666 9 5;1

V d  i d Ihtktg tghhos ku kux km kmhrtgsscmcots ics gm gmmhagd gdggsktgh ghoos Gmpùts sur dcs açoçbcs 16 açoçbcs 16 666 Õ 13 % Qçsudtkt  Kmhrtgsscmcots

16 66 666

Qçsudtkt

26 666

Gmpùts sur dcs açoçbcs 96 açoçbcs 96 666 Õ 13 % Qcicvkobcs ic brçigt-akgd  Kooudktgho rcicvkobc

;6 666

3 666 ;3 666

96 666

113  

Vkrtgc 2  Bhmptcs ic erhupc

Bjkrecs i‗gotçrìts Gmpùts sur dcs açoçbcs ;7 açoçbcs ;7 532 Õ 13 % Qçsudtkt Gotçrìts

;7 532 9 72: ;9 :;3

 MGOG-BKR 2

C

Bhmptkagdgsktgho ics bhþts i‗cmpruots

Bhohrmçmcot æ d‗krtgbdc 151-9 iu rêedcmcot 1616-6;, dc bhþt i‗uo cmpruot ihgt ìtrc rçpkrtg sur dk iurçc ic d‗cmpruot i‗uoc mkogêrc kpprhprgçc kux mhikdgtçs ic rcmahurscmcot. Bc bhþt gobdut < ‒  dcs rkgs i‗çmgssgho > ‒  dcs prgmcs i‗çmgssgho > ‒  dcs prgmcs ic rcmahursc rcmahurscmcot. mcot. Cd ◕  Dk shbgçtç Kdpjk k çmgs co lkovgcr O‒2 uo cmpruot-hadgektgho ic ;6 666 hadgektghos ic ohmgokd ;66 ₤ çmgs æ 70 ₤, dcs rkgs i‗çmgssgho çtkot ic ; ₤ pkr hadgektgho ct rcmahurskadcs æ ;63 ₤ co o ic bjkquc cxcrbgbc. Dc tkux i‗gotçrìt scrvg cst ic 1,; 1,; %. Dcs hadgektghos shot rcmahurskadcs pkr koougtçs bhostkotcs sur uoc iurçc ic 16 kos dc 2; içbcmarc ic bjkbuoc ics kooçcs. Dc tkux i‗gotçrìt ccbtg ic d‗cmpruot cst ic 1,51 %. @go O, gd rcstc : 269 hadgektghos vgvkotcs, d‗koougtç rçcddc ic d‗kooçc O sc bhmphskot ic ;: 230,;6 ₤ i‗gotçrìts ct ic 93 ::3 ₤ ic rcmahurscmcot co bkpgtkd (shgt 925 hadgektghos). Ikos dcs bhmptcs goigvgiucds, dcs rkgs i‗çmgssgho ct dc bhmptc « Vrgmc ic rcmahurscmcot ics hadgektghos ¾ hot çtç kmhrtgs dgoçkgrcmcot sur 16 kos. Ikos dcs bhmptcs shbgkux ku 2; içbcmarc O, ho kurkgt dcs d cs bhmptcs sugvkots < •  ;02 Cmpruots hadgektkgrcs : 269 Õ ;63 = :5; 716 •  ;07 Vrgmc ic rcmahurscmcot ics hadgektghos < ;6 666 Õ (;63 ‒ 70) Õ 0/;6 = 39 666 •  9:;0 @rkgs i‗çmgssgho ics cmpruots ;6 666 Õ ; Õ 0/;6 = 0 666 •  00;; Gotçrìts ics cmpruots (: 269 + 925) Õ 1,;6 = ;: 230,;6 •  0:;1 Ihtktghos kux kmhrtgsscmcots ics bjkrecs æ rçpkrtgr ;6 666 Õ ; Õ ;/;6 = ; 666 •  0:0; Ihtktghos kux kmhrtgsscmcots ics prgmcs ic rcmahurscmcot ics hadgektghos ;6 666 Õ (;63 ‒ 70) Õ ;/;6 = 7 666 Ho pksscrk dcs çbrgturcs sugvkotcs phur ccbtucr dcs rctrkgtcmcots oçbcsskgrcs < ◕ 

V d ad Cmpruot hadgektkgrc @rkgs i‗çmgssgho ics cmpruots Vrgmcs iæcd‗hrgegoc mahuics rscm cos ti‗çmgssgho ics hadgekct tghics os prgmcs  Kooudktgho d‗hrcrgegoc rkg rkgs ic rcmahurscmcot iu bkpgtkd ;6 666 + 76 666

;66 666 ;6 666 76 666

110  

Bjkpgtrc :  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs `rkoåkgscs

@rkgs i‗çmgssgho ics cmpruots ;6 cmpruots ;6 666 Õ 9/;6 Vrgmcs ic rcmahurscmcot ics hadgektghos 76 hadgektghos 76 666 Õ 9/;6 Gmpùts igçrçs (9 (9 666 + 20 666) Õ 13 % Qçsudtkt Kdpjk (;6 Kdpjk (;6 666/;6 + 76 666/;6) Õ 53 % Qçscrvcs Kdpjk (;6 Kdpjk (;6 666/;6 + 76 666/;6) Õ 2 Õ

9 666 20 666 ;6 666 5 366 11 366

53 %  Kooudktgho ics kmhrtgsscmcots Qçsudtkt Kdpjk 925 Kdpjk 925 Õ (; + 7) Õ 53 % Qçscrvcs Kdpjk (;6 Kdpjk (;6 666 ‒ : 269 ‒ 925) Õ (; + 7) Õ 53 % Gmpùts igçrçs (;6 (;6 666 ‒ : 269) Õ (; + 7) Õ 13 % Cmpruot hadgektkgrc (;6 (;6 666 ‒ : 269) Õ (; +7) Gmputktgho ics rkgs i‗çmgssgho ct ics prgmcs ic rcmahurscmcot Rhdic iu bhmptc ;6 666 Õ ;63 ‒ ;66 666 ‒ (;6 666 ‒ : 269) Õ ;63 + ;0 706 = 5:: ::6 shgt : 269 Õ (70 ‒ ;)

◕ 

2 155 7 992 9 196 ;0 706

V d  i d Qçsudtkt 5 366 ‒ 2 155  Qçsudtkt 5 Gotçrìts ics cmpruots 925 cmpruots 925 Õ (; + 7) Gmpùts sur dcs açoçbcs ^(;6 ^(;6 666/;6 + 76 666/;6) ‒ 925 Õ (; + 7)] Õ 13 % Ihtktghos kux kmhrtgsscmcots ics bjkrecs æ rçpkrtgr Ihtktghos kux kmhrtgsscmcots ics prgmcs ic rcmahurscmcot ics hadgektghos Qçeudkrgsktgho ics rkgs i‗çmgssgho ct ics prgmcs ic

9 112 9 256 ; 965 ; 666 7 666

rcmahurscmcot < kmhrtgsscmcots bhosgiçrçs bhmmc gotçrìts i‗cmpruots (co pdus ic d‗gotçrìt ohmgokd içlæ bhmptkagdgsç)

@

Bhmptkagdgsktgho co bjkrecs ics rkgs i‗çtkadgsscmcot

Bhohrmçmcot ku rêedcmcot 1616-6; (krt 151-3), dcs rkgs ic bhostgtutgho, ic trkoshrmktgho, ic prcmgcr çtkadgsscmcot ihgvcot ìtrc bhmptkagdgsçs co bhmptc ic rçsudtkt ic d‗cxcrbgbc ku bhurs iuqucd gds hot çtç cobhurus. Gd cst æ ohtcr quc dc rêedcmcot 1616-6; o‗çvhquc pks dcs rkgs i‗kuemcotktgho ic bkpgtkd ct i‗hpçrktghos igvcrscs (usghos, sbgssghos, trkoshrmktghos), dcsqucds pcuvcot ìtrc gmputçs sur dcs prgmcs i‗çmgssgho ct ic usgho (krt. 1;1-7 iu VBE).

115  

Vkrtgc 2  Bhmptcs ic erhupc

Cd ◕  Dk shbgçtç Dkmaik k çtç bhostgtuçc co lkovgcr O ‒1. Dcs rkgs ic bhostgtutgho, shgt ;6 666 ₤ hot çtç bhmptkagdgsçs ikos dc bhmptc 16;; @rkgs ic bhostgtutgho, uo kmhrtgsscmcot çtkot prçvu co 3 kos. Ho pksscrk dcs çbrgturcs ic rctrkgtcmcot sugvkotcs < ◕  V d ad

◕ 

Kmhrtgsscmcot ics rkgs ic bhostgtutgho  bhostgtutgho  ;6 666 Õ 16 % Õ 2 Qçscrvcs Dkmaik ;6 Dkmaik ;6 666 Õ 53 % Gmpùts igçrçs ;6 igçrçs ;6 666 Õ 13 % @rkgs ic bhostgtutgho Corcegstrcmcot co bjkrecs ics rkgs ic bhostgtutgho

0 666

Kmhrtgsscmcot ics rkgs ic bhostgtutgho  bhostgtutgho  ;6 666 Õ 16 % Õ 2 Qçscrvcs Dkmaik ;6 666 Gmpùts igçrçs Gmpùts igçrçs ;6 igçrçs ;6 666 Õ 16 % Õ 2 Õ 13 % Qçscrvcs Dkmaik ;6 Dkmaik ;6 666 Õ 16 % Õ 1 Õ 53 % Qçsudtkt Dkmaik ;6 Dkmaik ;6 666 Õ 16 % Õ 53 % Qctrkgtcmcot ics kmhrtgsscmcots ics rkgs ic bhostgtutgho

0 666

5 366 1 366 ;6 666

; 366 2 666 ; 366

V d  i d Qçsudtkt Gmpùt sur dcs açoçbcs ;6 açoçbcs ;6 666 Õ 16 % Õ 13 % Ihtktghos kux kmhrtgsscmcots ics gmmhagdgsktghos gobhrphrcddcs ;6 gobhrphrcddcs ;6 666 Õ 16 % Qctrkgtcmcot ics kmhrtgsscmcots ics rkgs ic bhostgtutgho

; 366 366 1 666

E Bhmptkagdgsktgho æ d‗kbtg ic bcrtkgos bhþts Dcs bhþts sugvkots shot bhmptkagdgsçs æ d‗kbtg iês dhrs qu‗gds rcspcbtcot dcs brgtêrcs çtkadgs pkr dc VBE ct ohtkmmcot < ‒  dcs rkgs ic içvcdhppcmcot içvcdhppcmcot scdho dcs bhoigtghos ic d‗krtgbdc 1;1-2 > ‒  dcs rkgs ic brçktgho ic sgtcs Gotcroct vgsçs æ d‗krtgbdc 0;1-; > ‒  dcs irhgts ic mutktgho, jhohrkgrcs hu bhmmgssghos ct rkgs i‗kbtcs dgçs æ d‗kbqugsgtgho i‗uo kbtg vgsçs kux krtgbdcs 1;2-:, 1;2-11, 11;-; ct 111-;. Cd ◕  Vhur dk kargbktgho i‗uoc mkbjgoc-hutgd spçbgquc bhmmcrbgkdgskadc co O+;, dk shbgçtç Kdpjk k içpcosç co O‒; uoc shmmc ic 36 666 ₤ ct co O uoc shmmc ic :6 666 ₤ bhmptkagdgsçcs co bjkrecs.

11:  

Bjkpgtrc :  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs `rkoåkgscs

Vkr kgddcurs, cddc k içpcosç co O uoc shmmc ic 96 666 ₤, bhmptkagdgsçc co bjkrecs, phur brçcr uo sgtc Gotcroct ic vcotc ic scs prhiugts qug scrk hpçrktghoocd co O+; ct qug o O prçscotc ic sçrgcuscs bjkobcs ic rçussgtc tcbjogquc ct eçoçrcrk ics kvkotkecs çbhohmgqucs uturs. Ikos dcs bhmptcs bhoshdgiçs, bcs içpcoscs ihgvcot hadgekthgrcmcot, pugsquc dcs bhoigtghos ics krtgbdcs 1;1-2 ct 0;1-; iu VBE shot rcmpdgcs, ìtrc bhmptkagdgsçs æ d‗kbtg. Vhur pksscr iu VBE ku 1616-6;, ho bhmptkagdgscrk dcs hpçrktghos sugvkotcs (d‗kmhrtgsscmcot ics rkgs ic içvcdhppcmcot ct iu sgtc Gotcroct oc bhmmcobcrk æ bhurgr qu‗æ bhmptcr ic O+;) < ◕ 

V d ad Gmmhagdgsktghos gobhrphrcddcs ‒ @rkgs ic içvcdhppcmcot 36 666 + :6 666 Gmpùts igçrçs ;26 igçrçs ;26 666 Õ 13 % Qçscrvcs 36 Qçscrvcs  36 666 Õ 53 % Qçsudtkt :6 Qçsudtkt  :6 666 Õ 53 %  Kbtgvktgho ics ics rkgs ic içvcdhppcmcot Gmmhagdgsktghos gobhrphrcddcs ‒ Rgtcs Gotcroct Gmpùts igçrçs 96 igçrçs 96 666 Õ 13 % Qçsudtkt 96 Qçsudtkt  96 666 Õ 53 %  Kbtgvktgho ics ics içpcoscs ic brçktgho ic sgtc Gotcroct

◕ 

;26 666 21 366 25 366 06 666

96 666 ;6 666 26 666

V d  i d Qçsudtkt ;16 666 Õ 53 % Qçsudtkt ;16 Gmpùt sur dcs açoçbcs ;16 açoçbcs ;16 666 Õ 13 % Vrhiubtgho gmmhagdgsçc ‒ Gmmhagdgsktghos gobhrphrcddcs  Kbtgvktgho ics ics rkgs ic içvcdhppcmcot ct ic içpcosc ic brçktgho iu sgtc gotcroct :6 666 + 96 666

76 666 26 666 ;16 666

Cd ◕  Dk shbgçtç Kdpjk k kgt d‗kbqugsgtgho, ikos uoc thur iu qukrtgcr ic dk Içcosc, co lkovgcr O‒0 i‗uo dhbkd æ uskec ic aurckux. Bc dhbkd k çtç bhmptkagdgsç ikos dc bhmptc 1;2 « Bhostrubtgho ¾ phur :66 666 ₤. Dcs irhgts ic mutktgho, jhohrkgrcs hu bhmmgssghos ct rkgs i‗kbtcs, dgçs æ d‗kbqugsgtgho sc shot çdcvçs æ 06 666 ₤ ct hot çtç bhmptkagdgsçs co bjkrecs. Bct gmmcuadc s‗kmhrtgt dgoçkgrcmcot co 96 kos (vkdcur rçsgiucddc < 166 666 ₤). Dc pksskec ics bhmptcs iu VBE ku rêedcmcot KOB 1616-6; gmpdgqucrk dcs çbrgturcs sugvkotcs (ku 2; içbcmarc O) <

117  

Vkrtgc 2  Bhmptcs ic erhupc

V d ad Bhostrubtghos Qçscrvcs 06 Qçscrvcs  06 666 Õ 53 % Gmpùts igçrçs Vrgsc co bhmptc ics irhgts ic mutktgho m utktgho

06 666 93 666 ;3 666

ikos dk bhostrubtgho Qçsudtkt 06 666 / 96 Õ 53 % Qçsudtkt 06 Qçscrvcs 06 Qçscrvcs  06 666 / 96 Õ 0 Õ 53 % Gmpùts igçrçs 06 igçrçs 06 666 / 96 Õ 5 Õ 13 % Kmhrtgsscmcot ic dk bhostrubtgho  bhostrubtgho  06 666 / 96 Õ 5  Qctrkgtcmcot ics kmhrtgsscmcots bhrrcsphoikots

; ;13 0 536 1 013 ;6 366

V d  i d Ihtktghos kux kmhrtgsscmcots ics gmmhagdgsktghos Gmpùts sur dcs açoçbcs Qçsudtkt Qctrkgtcmcot kmhrtgsscmcot

; 366 253 ; ;13

J Gmpùt sur dc rçsudtkt Dc rêedcmcot 1616-6; ic d‗KOB rcdktg kux bhmptcs bhoshdgiçs (krt. 151 æ 151-;9) gmphsc ic prcoirc co bhmptc dk thtkdgtç ics  ù i æ d‗cxbcptgho ics gmpùts igçrçs kbtg, sku sg dcur rçbupçrktgho oc içpcoi pks ics rçsudtkts uturs hu s‗gd cst prhakadc quc d‗cotrcprgsc phurrk dcs rçbupçrcr erábc æ d‗cxgstcobc i‗uo açoçbc gmphskadc kttcoiu ku bhurs ic bcttc pçrghic. Iç`ogtgho

D‗ù ead cst ead cst dc mhotkot ics gmpùts sur dc açoçbc pkykadcs ku tgtrc iu açoçbc gmphskadc i‗uoc pçrghic. Dcs pkssgs i‗gmpùt igçrç shot dcs mhotkots i‗gmpùts sur dc rçsudtkt pkykadcs ku bhurs ic pçrghics uturcs ku tgtrc ic igçrcobcs tcmphrkgrcs gmphskadcs. Dcs kbtgs i‗gmpùt igçrç shot dcs mhotkots i‗gmpùts sur dc rçsudtkt rcbhuvrkadcs ku bhurs ic pçrghics uturcs ku tgtrc ic igçrcobcs tcmphrkgrcs içiubtgadcs, iu rcphrt co kvkot ic pcrtcs sbkdcs oho utgdgsçcs hu ic brçigts i‗gmpùt oho utgdgsçs.

Soc igçrcobc tcmphrkgrc tcmphrkgrc kppkrkït iês dhrs quc dk vkdcur bhmptkadc i‗uo kbtg hu i‗uo pkssg cst igçrcotc ic sk vkdcur sbkdc < shurbcs i‗gmphsgtgho uturc ct ihob ic pkssgs bks ic igçrcobcs tcmphrkgrcs, •  Bhmmc i‗gmpùts igçrçs, ho pcut bgtcr co pkrtgbudgcr <

126  

Bjkpgtrc :  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs `rkoåkgscs

‒  dcs prhiugts ihot d‗gmphsgtgho cst igçrçc, bhmmc dcs prhiugts okobgcrs okobgcrs bhurus qug oc scrhot gmphskadcs qu‗uoc hgs çbjus > ‒  dcs içpcoscs gmmhagdgsçcs gmmçigktcmcot içiubtgadcs ku pdko sbkd mkgs ihot dk prgsc co bjkrec bhmptkadc scrk çtkdçc hu rcphrtçc > ‒  dcs kbtgs qug, dhrs ic dcur bcssgho hu ic dcur utgdgsktgho, oc ihoocrhot dgcu qu‗æ ics içiubtghos sbkdcs goçrgcurcs æ dcur vkdcur bhmptkadc > gd co cst kgosg ohtkmmcot ics kbtgs qug, dhrs i‗uoc prgsc ic bhotrùdc, shot cotrçs æ d‗kbtg bhoshdgiç phur uoc vkdcur supçrgcurc æ dk vkdcur qug, ku pdko sbkd, ihooc dgcu æ içiubtgho shgt dhrs ic dk bcssgho ic d‗kbtg, shgt dhrs ic sho utgdgsktgho ku rytjmc ics kmhrtgsscmcots (« vkdcur sbkdc ¾ ic d‗kbtg goçrgcurc æ sk « vkdcur bhmptkadc ¾). •  Bhmmc bks ic igçrcobcs tcmphrkgrcs, shurbcs ic içiubtghos uturcs ct ihob i‗kbtgs i‗gmpùts igçrçs, ho pcut bgtcr co pkrtgbudgcr dcs bjkrecs bhmptkadcs qug oc scrhot içiubtgadcs sbkdcmcot qu‗udtçrgcurcmcot, qu‗udtçrgcurcmcot, tcddcs dcs ihtktghos æ ics prhvgsgho prhvgsghoss qug oc scrhot içiubtgadcs quc dhrs ic dk survcokobc ic dk bjkrec hu iu rgsquc prhvgsghooç (co @rkobc, dk prhvgsgho phur goicmogtç ic içpkrt co rctrkgtc pkr cxcmpdc). Cd ◕  Dk shbgçtç Icdtk k bhostktç uo açoçbc bhmptkadc ic 923 666 ₤, uo açoçbc sbkd ic 9:6 666 ₤ ct uo gmpùt sur dcs açoçbcs (bkdbudç ku tkux ic 13 %) ic ;16 666 ₤. Dc pksskec iu açoçbc bhmptkadc ku açoçbc sbkd (tkadcku 163: K) bhmprcoi dcs çdçmcots sugvkots < •  Açoçbc bhmptkadc 923 666 Qe •  Gmpùt sur dcs açoçbcs ;16 666 •  Bjkrecs bhmptkagdgsçcs co O mkgs içiubtgadcs co O+; 19 666 •  Vrhvgsgho phur gmpùt sur pdus-vkducs i‗cxprhprgktgho ;3 666   Ii •  Bjkrecs bhmptkagdgsçcs co O‒; mkgs içiubtgadcs co O •  Vdus-vkducs i‗cxprhprgktgho rcphrtçcs

;37 666 39 666 06 666

  ;;9 666 Açoçbc sbkd < 923 666 + ;37 666 ‒ ;;9 666 = 9:6 666 Rcuds hot çtç bhmptkagdgsçs d‗gmpùt cxgegadc ct dk prhvgsgho phur gmpùt. Vhur quc dcs bhmptcs shgcot çtkadgs bhohrmçmcot ku rêedcmcot 77-61 iu BQB ct ku rêedcmcot 1616-6; ic d‗KOB (vhgrc kux bhmptcs G@QR), ho pksscrk dcs çbrgturcs sugvkotcs < V d ad Gmpùts igçrçs (brçkobc) 19 666 Õ 13 % Vrhvgsghos phur gmpùt Qçsudtkt (39 (39 666 ‒ 19 666) Õ 13 % Qçscrvcs 39 Qçscrvcs  39 666 Õ 13 % Gmpùts igçrçs (icttc) 06 (icttc) 06 666 Õ 13 % Qctrkgtcmcot gmpùts igçrçs

0 666 ;3 666 5 366 ;2 366 ;3 666

Rg dk shbgçtç Icdtk o‗kvkgt pks bhmptkagdgsç ic prhvgsgho ct o‗kvkgt kubuo rcphrt i‗gmpùt, dc açoç`bc `sbkd kurkgt çtç ic 923 666 + ;16 666 + ;3 666 = 356 666 ct d‗gmpùt kurkgt çtç ic ;91 366 ₤ shgt ;16 666 + ;3 666 + 5 366.

12;  

Vkrtgc 2  Bhmptcs ic erhupc

V d  i d Bjkrec i‗gmpùt igçrç (39 (39 666 + 06 666) Õ 13 % Qçsudtkt Ihtktghos kux prhvgsghos phur gmpùts Vrhiugt i‗gmpùt igçrç 19 igçrç 19 666 Õ 13 %

1: 366 5 366 ;3 666 0 666

Qctrkgtcmcot gmpùts igçrçs

G

Bhmptcs i‗cotrcprgsc co mhookgc çtrkoeêrc

Rcdho dcs igsphsgtghos iu rêedcmcot 1616-6; ic d‗KOB sur dcs bhmptcs bhoshdgiçs, phur içtcrmgocr dc mhic ic bhovcrsgho ics bhmptcs i‗uoc cotrcprgsc bhoshdgiçc çtkadgsskot scs bhmptcs co  e, gd bhovgcot, co içtcrmgokot qucddc cst sk mhookgc ic hobtghoocmcot, ic içtcrmgocr sho icerç i‗kuthohmgc pkr rkpphrt æ d‗cotrcprgsc bhoshdgikotc.

;. B i‗   Æ d‗cxbcptgho iu bks ics cotrcprgscs çtrkoeêrcs sgtuçcs ikos uo pkys æ hrtc go`ktgho, phur dcqucd uo trkgtcmcot pkrtgbudgcr cst prçvu pkr dcs krtgbdcs 151-11 ct 151-12 iu rêedcmcot 1616-6;, dk bhovcrsgho ics bhmptcs i‗uoc cotgtç çtrkoeêrc kuthohmc b‗cst-æ-igrc ihot dk mhookgc ic hobtghoocmcot cst dk mhookgc dhbkdc, dk bhovcrsgho s‗ccbtuc scdho dk mçtjhic iu bhurs ic bdùturc. Rcdho bcttc mçtjhic, dk bhovcrsgho ics bhmptcs ics cotrcprgscs çtrkoeêrcs s‗ccbtuc ic dk mkogêrc sugvkotc ( a. :.;) < •  Yhus dcs çdçmcots i‗kbtg ct ic pkssg, mhoçtkgrcs hu oho mhoçtkgrcs, shot bhovcrtgs ku bhurs ic bjkoec co vgeucur æ dk iktc ic bdùturc ic d‗cxcrbgbc. d‗cxcrbgbc. •  Dcs prhiugts ct dcs bjkrecs (y bhmprgs dcs ihtktghos kux kmhrtgsscmcots ct prhvgsghos) shot bhovcrtgs ku bhurs mhyco ic dk pçrghic. Dcs  i  bhostktçs, tkot sur dcs çdçmcots çdçm cots iu agdko i‗huvcrturc quc sur dc rçsudtkt, shot phrtçs, phur dk pkrt rcvcokot æ d‗cotrcprgsc bhoshdgikotc, ikos scs bkpgtkux prhprcs ku phstc « Çbkrts ic bhovcrsgho ¾ ct phur dk pkrt ics tgcrs ku phstc « Gotçrìts mgohrgtkgrcss ¾. mgohrgtkgrc

1. B i‗    Dhrsquc d‗cxpdhgtktgho ic d‗cotgtç bhoshdgiçc kgt pkrtgc gotçerkotc ics kbtgvgtçs i‗uoc cotgtç oho kuthohmc qug çtkadgt scs bhmptcs ikos uoc kutrc mhookgc, b‗cst co prgobgpc dk mhookgc ihot cddc içpcoi qug cst dk mhookgc ic hobtghoocmcot hobtghoocmcot ic d‗cotgtç. Ikos bc bks, dk bhovcrsgho ics bhmptcs cst kgtc scdho dk mçtjhic iu bhurs jgsthrgquc. Rcdho bcttc mçtjhic, dk bhovcrsgho s‗ccbtuc ic dk mkogêrc sugvkotc (a. :.;) < •  Dcs çdçmcots oho mhoçtkgrcs, y bhmprgs dcs bkpgtkux prhprcs, shot bhovcrtgs ku bhurs jgsthrgquc, b‗cst-æ-igrc ku bhurs ic bjkoec æ dk iktc ic d‗cotrçc ics çdçmcots ikos d‗kbtg ct dc pkssg bhoshdgiçs. Dcs çdçmcots mhoçtkgrcs shot bhovcrtgs ku bhurs ic bjkoec æ dk iktc ic bdùturc ic •  d‗cxcrbgbc. •  Dcs prhiugts ct dcs bjkrecs shot, co prgobgpc, bhovcrtgs ku bhurs ic bjkoec co vgeucur æ dk iktc h÷ gds shot bhostktçs > co prktgquc, gds shot bhovcrtgs æ uo bhurs mhyco ic

121  

Bjkpgtrc :  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs `rkoåkgscs

pçrghic (mcosucd, trgmcstrgcd, scmcstrgcd, vhgrc kooucd). Yhutchgs dcs kmhrtgsscmcots hu içprçbgktghos sur ics çdçmcots i‗kbtg bhovcrtgs ku bhurs jgsthrgquc shot cuxmìmcs bhovcrtgs æ bc bhurs jgsthrgquc. Dcs çbkrts ic bhovcrsgho rçsudtkot ic d‗kppdgbktgho ic bcttc mçtjhic, tkot sur dcs çdçmcots mhoçtkgrcs qug eurcot ku agdko quc sur dcs çdçmcots iu bhmptc ic rçsudtkt, shot gosbrgts ku bhmptc ic rçsudtkt bhoshdgiç bhoshdgiç co « Bjkrecs ct prhiugts okobgcrs okobgcrs ¾.

Ykadcku :.;. :. ;.   Ryotjêsc ics rctrkgtcmcots rctrkgtcmcots ics bhovcrsghos ic bhmptcs co mhookgc mhookgc çtrkoeêrc ikos dc rêedcmcot 1616.6; ic d‗KOB C    q   (dd )

C ‗    q   (dd  )

B  Bkpgtkux prhprcs

Ykux jgsthrgquc

Ykux jgsthrgquc

Qçsudtkt (ct bhmptc ic rçsudtkt)

Ykux mhyco

Ykux jgsthrgquc (co prgobgpc) hu tkux mhyco (sku kmhrtgsscmcots ct içprçbgktghos sur ics çdçmcots bhovcrtgs ku bhurs jgsthrgquc)

Kutrcs phstcs

Ykux ic bdùturc

Ykux jgsthrgquc (æ d‗cxbcptgho ics çdçmcots mhoçtkgrcs, hu ics çdçmcots rkmcoçs æ dcur vkdcur kbtucddc pkr dc agkgs i‗uoc içprçbgktgho, bhovcrtgs ku tkux ic bdùturc)

K i  i  Çbkrt sur sgtuktgho octtc i‗huvcrtur i‗huvcrturcc

Bkpgtkux prhprcs

Qçsudtkt

Çbkrt sur rçsudtkt

Oçkot

Qçsudtkt

Cd ◕  Dk shbgçtç Cpsgdho k uoc pkrtgbgpktgho ic 56 % ikos uoc shbgçtç kmçrgbkgoc, dk shbgçtç Hmçek Bhrphrktgho Cddc ihgt bhoshdgicr bcddc-bg pkr gotçerktgho edhakdc. Dc agdko ct dc bhmptc ic rçsudtkt ic dk shbgçtç Hmçek Bhrphrktgho (çtkadgs co n$) shot dcs sugvkots < Ad  2; ia O ( n$) Gmmhagdgsktghos (k) Rthbns Brçkobcs Igsphogagdgtçs Y

3 666 ; 666 1 666

; 666 166

9 666 :66 1 666 166

Bkpgtkd (a) Qçscrvcs (b) Qçsudtkt Icttcs

2 666 066 966 2 666

5 666

Y

5 666

(k) kbqugscs dc ;cr lugddct O‒1 (a) pkrtgbgpktgho i‗Cpsgdho shusbrgtc ku mhmcot ic dk bhostgtutgho dc ; cr lkovgcr O‒1

(b) rçsudtkts O‒1 (166) ct O‒; (966)

122

 

Vkrtgc 2  Bhmptcs ic erhupc

B i d  O ( n$) Kbjkts Pkrgktgho ic sthbns Kutrcs bjkrecs Ihtktghos kux kmhrtgsscmcots Ihtktghos kux içprçbgktghos ics sthbns Qçsudtkt oct Y

9 666 ‒ ;66 1 666 966

Vrhiugts

0 766

Y

0 766

166 966 0 766

Dc bhurs iu ihddkr k vkrgç icpugs O‒1 ic dk mkogêrc sugvkotc (co $ phur ; ₤) < •  ;cr lkovgcr O‒1 ;,16 •  ;cr lugddct O‒1 ;,13 •  2; içbcmarc O‒1 ;,1: •  2; içbcmarc O‒; ;,21 •  2; içbcmarc O ;,96 Dcs bhurs mhycos ic bjkquc cxcrbgbc shot cstgmçs æ < •  O‒1 ;,19 •  O‒; ;,26 •  O ;,20 Rg d‗ho supphsc quc dk dgkdc Hmçek Bhrphrktgho cst uoc dgkdc kuthohmc, gd y k dgcu i‗utgdgi‗utgd gscr dk mçtjhic iu bhurs ic bdùturc ct d‗ho pksscrk dcs çbrgturcs sugvkotcs (co n₤) V d‗ad i ad Gmmhagdgsktghos 3 666 / ;,96 Gmmhagdgsktghos 3 Rthbns ; Rthbns  ; 666 / ;,96 Brçkobcs 1 Brçkobcs  1 666 / ;,96 Dgqugigtçs 166 / ;,96 Dgqugigtçs 166 Çbkrt ic bhovcrsgho (pkr bhovcrsgho (pkr igçrcobc) Bkpgtkd 2 Bkpgtkd  2 666 / ;,16 Qçscrvcs 166 Qçscrvcs  166 / ;,19 + 966 / ;,26 Qçsudtkt 966 Qçsudtkt  966 / ;,20 Kmhrtgsscmcots ; Kmhrtgsscmcots  ; 666 / ;,96 Içprçbgktgho ics sthbns 166 sthbns 166 / ;,96 Icttcs 2 Icttcs  2 666 / ;,96 Bhovcrsgho phstcs iu agdko shbgçtç Hmçek Bhrphrktgho

2 35; 5;9 ; 917 ;92 960 1 366 907 179 5;9 ;92 1 ;92

129  

Bjkpgtrc :  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs `rkoåkgscs

V d‗ad i  i d Kbjkts 9 666 / ;,20 Kbjkts 9 Kutrcs bjkrecs 1 bjkrecs 1 666 / ;,20 Ihtktghos kux kmhrtgsscmcots 966 kmhrtgsscmcots 966 / ;,20 Ihtktghos kux içprçbgktghos ics sthbns 166 sthbns 166 / ;,20 QçsuPkrgktgho dtkt ic sthbns ;66 sthbns ;66 / ;,20

1 79; ; 95; 179 ;95 179

Vrhiugts 0 766 / ;,20 Vrhiugts 0 Bhovcrsgho phstcs iu bhmptc ic rçsudtkt r çsudtkt shbgçtç Hmçek Bhrphrktgho

59 3 652

Rg d‗ho supphsc quc dk dgkdc Hmçek Bhrphrktgho Bhrphrktgho cst uoc dgkdc oho kuthohmc, gd y k dgcu i‗utgdgscr dk mçtjhic iu bhurs jgsthrgquc ct d‗ho pksscrk dcs çbrgturcs sugvkotcs (co n₤), co bhosgiçrkot quc (pkr mcsurc ic sgmpdgbktgho) dcs rçscrvcs içtcrmgoçcs scdho dc bhurs jgsthrgquc shot çekdcs kux rçscrvcs içtcrmgoçcs scdho dc bhurs ic i c bdùturc (bc qug o‗cst pks thulhurs vrkg). V d‗ad i ad Gmmhagdgsktghos 3 666 / ;,13 Gmmhagdgsktghos 3 Rthbns ; Rthbns  ; 666 / ;,96 (rkmcoçs æ dcur vkdcur kbtucddc) Brçkobcs 1 Brçkobcs  1 666 / ;,96 Dgqugigtçs 166 Dgqugigtçs  166 / ;,96 Bkpgtkd 2 Bkpgtkd  2 666 / ;,16 Qçscrvcs 166 Qçscrvcs  166 / ;,19 + 966 / ;,26 Qçsudtkt (pkr Qçsudtkt  (pkr igçrcobc) Kmhrtgsscmcots ; Kmhrtgsscmcots  ; 666 / ;,13 Içprçbgktgho ics sthbns 166 sthbns 166 / ;,96 Icttcs 2 Icttcs  2 666 / ;,96 Bhovcrsgho phstcs iu agdko shbgçtç Hmçek Bhrphrktgho

9 666 5;9 ; 917 ;92 1 366 907 12; :66 ;92 1 ;92

V d‗ad i  i d Kbjkts 9 666 / ;,20 Kbjkts 9 Kutrcs bjkrecs 1 bjkrecs 1 666 / ;,20 Ihtktghos kux kmhrtgsscmcots 966 kmhrtgsscmcots 966 / ;,13 Ihtktghos kux içprçbgktghos ics sthbns 166 sthbns 166 / ;,96 Çbkrt ic bhovcrsgho Qçsudtkt Pkrgktgho ic sthbns ; sthbns ; 666 / ;,20 ‒ 766 (sthbn gogtgkd) / ;,26 Vrhiugts 0 Vrhiugts  0 766 / ;,20 Bhovcrsgho phstcs iu bhmptc ic rçsudtkt r çsudtkt shbgçtç Hmçek Bhrphrktgho

 BKR VQKYG[SC 3

1 79; ; 95; 216 ;99 7 12; 92 3 652

123  

Vkrtgc 2  Bhmptcs ic erhupc

 L

Çbkrts ic bhovcrsgho ics kbtgs ct pkssgs mhoçtkgrcs co icvgscs

Ikos dcs bhmptcs shbgkux, d‗krtgbdc 916-3 iu VBE prçbgsc quc dcs igçrcobcs ic bhovcrsgho ics kbtgs ct pkssgs mhoçtkgrcs dgacddçs co icvgscs shot gosbrgtcs æ ics bhmptcs trkosgthgrcs, co kttcotc ic rçeudkrgsktghos udtçrgcurcs < ‒  æ d‗kbtg iu agdko phur dcs igçrcobcs bhrrcsphoikot bhrrcsphoikot æ uoc pcrtc dktcotc (bhmptc 950 « Igçrcobcs ic bhovcrsgho ‒ Kbtg ¾) > ‒  ku pkssg iu agdko phur dcs igçrcobcs bhrrcsphoikot æ uo ekgo dktcot (bhmptc 955 « Igçrcobcs ic bhovcrsgho pkssg ¾). Dcs pcrtcs ic bjkoec dktcotcs cotrkïocot æ iuc bhoburrcobc dk bhostgtutgho i‗uoc prhvgsgho phur rgsqucs, shus rçscrvc ics igsphsgtghos igsphsgtghos pkrtgbudgêrcs pcrmcttkot ic dgmgtcr bcttc prhvgsgho. D‗krtgbdc 12;-5 iu rêedcmcot 1616-6; prçbgsc quc scuds dcs kbtgs ct pkssgs gicotgkadcs qug bhrrcsphoicot bhrrcsphoicot æ dk içogtgho i‗kbtg ct ic pkssg iu VBE (krt. 1;;-; ct 21;-;) pcuvcot ìtrc bhmptkagdgsçs. Kgosg, bhmmc dcs rkgs i‗çmgssgho i‗cmpruots, dcs prgmcs ic rcmahurscmcot i‗hadgektgho oho cobhrc kmhrtgs æ dk iktc i‗kbqugsgtgho (vhgr bg-icssus), dcs çbkrts ic bhovcrsgho kbtgs ct pkssgs sur brçkobcs, icttcs ct prhvgsghos dgacddçcs co mhookgcs çtrkoeêrcs oc pcuvcot ìtrc bhmptkagdgsçs ikos dcs bhmptcs bhoshdgiçs. Gd kuirk ihob bhostktcr uo bcrtkgo ohmarc i‗çbrgturcs ic rctrkgtcmcot. Cd ◕  Dcs bhmptcs goigvgiucds ic dk shbgçtç Dkmaik hot rcsshrtgr ku 2; içbcmarc O ics çbkrts ic bhovcrsgho kbtg ic ;1 666 ₤ ct ics çbkrts ic bhovcrsgho pkssg ic 0 666 ₤. Ku 2; içbcmarc O‒; bcs çbkrts çtkgcot rcspcbtgvcmcot ic 7 666 ₤ ct ic 9 366 ₤. Dcs çbkrts ic bhovcrsgho kbtg hot kgt d‗halct ic prhvgsghos. Ho pksscrk dcs çbrgturcs sugvkotcs ic rctrkgtcmcot < V d ad Qçsudtkt Qçscrvcs Igçrcobcs ic bhovcrsgho kbtg  Kooudktgho ic d‗çbkrt ic bhovcrsgho kbtg  kbtg 

2 666 7 666

Igçrcobcs ic bhovcrsgho pkssg Qçsudtkt Qçscrvcs  Kooudktgho ic d‗çbkrt ic bhovcrsgho pkssg 

0 666

VrhvQgsçgshuodstkpthur pcrtcs ic bjkoec Qçscrvcs  Kooudktgho ic dk prhvgsgho prhvgsgho phur rgsqucs ic bjkoec

;1 666

; 366 9 366

;1 666

2 666 7 666

120  

Bjkpgtrc :  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs `rkoåkgscs

V d  i d Vcrtcs ic bjkoec Qçsudtkt  Kooudktgho ic d‗çbkrt ic bhovcrsgho pkssg 

2 666

Qçsudtkt Ekgos ic bjkoec  Kooudktgho ic d‗çbkrt ic bhovcrsgho pkssg 

; 366

Qçsudtkt Ihtktghos kux prhvgsghos okobgêrcs  Kooudktgho ic dk prhvgsgho prhvgsgho phur rgsqucs ic bjkoec

2 666

2 666

; 366

2 666

Ikos dc rctrkgtcmcot, ohus o‗kvhos pks kgt gotcrvcogr i‗gmpùts igçrçs, bkr dcs gmpùts sur igçrcobcs ic bjkoec shot, ikos dc systêmc rkoåkgs, cxgegadcs hu içiubtgadcs ic sugtc ct ohus kvhos bhosgiçrç quc dk bhmptkagdgsktgho ikos dcs bhmptcs goigvgiucds çtkgt kgtc scdho dk mçtjhic ic d‗gmpùt cxgegadc. ◕

2

Qctrkgtcmcots Qctrkgtcmc ots hptghoocds Dcs rctrkgtcmcots hptghoocds pcuvcot kvhgr icux hrgegocs igvcrscs < ‒  rctrkgtcmco rctrkgtcmcots ts kdtcroktgs dgçs æ d‗cxgstcobc ikos dc VBE ic mçtjhics ic rççrco rççrcobc bc > ‒  rctrkgtcmco rctrkgtcmcots ts spçbgçs pkr dc rêedcmcot 1616-6;.

K

Qctrkgtcmcots dgçs æ d‗cxgstcobc ikos dc VBE ic mçtjhics Qctrkgtcmcots ic rççrcobc

Dhrsquc pdusgcurs trkgtcmcots shot kuthrgsçs pkr dc VBE, bcdug-bg igstgoeuc, pkrmg dcs mçtjhics bhmptkadcs, dcs mçtjhics ic rççrcobc ct dcs kutrcs mçtjhics (VBE krt. ;1;-3). Dk pdupkrt ics mçtjhics ic rççrcobc iu VBE shot rcoiucs hadgekthgrcs pkr dc rêedcmcot 1616-6;. Rcud dc prhvgsghoocmcot ics coekecmcots co mktgêrc ic pcosghos ct hadgektghos sgmgdkgrcs cst æ rctcogr bhmmc trkgtcmcot kdtcroktg. Vkrmg dcs kutrcs mçtjhics kdtcroktgvcs prçscotçcs ikos dc VBE (krt. ;1;-3 kiigtg GQ1), pdusgcurs i‗cotrc cddcs shot çekdcmcot bhosgiçrçcs pkr dc rêedcmcot 1616-6; bhmmc ics mçtjhics hadgekthgrcs hadgekthgrcs.. Oc pcuvcot ihob ìtrc bhosgiçrçs bhmmc kutrcs mçtjhics kdtcroktgvcs pkr dc rêedcmcot 1616-6; quc dcs bhotrkts æ dhoe tcrmc, dcs bhþts i‗cmpruot coekeçs phur okobcr d‗kbqugsgtgho hu dk prhiubtgho i‗uo kbtg çdgegadc ct dcs içpcoscs ic prherkmmcs pdurgkooucds ic erhs cotrctgco hu ic erkoics rçvgsghos. D‗çvkduktgho pkr çqugvkdcobc ic bcrtkgos tgtrcs ic pkrtgbgpktgho (   ;;) o‗cst pks bhobcroçc pkr dcs bhmptcs bhoshdgiçs.

125  

Vkrtgc 2  Bhmptcs ic erhupc

;. V i   d Rcdho dcs igsphsgtghos ic d‗kdgoçk 2 ic d‗krtgbdc D. ;12-;2 iu Bhic ic bhmmcrbc < « Dc mhotkot ics coekecmcots ic d‗cotrcprgsc co mktgêrc ic pcosgho, ic bhmpdçmcots ic rctrkgtc, i‗goicmogtçs ct i‗kddhbktghos co rkgsho iu içpkrt æ dk rctrkgtc hu kvkotkecs sgmgdkgrcs ics mcmarcs hu ksshbgçs ic sho pcrshoocd ct ic scs mkoiktkgrcs shbgkux cst goigquç ikos d‗koocxc. Vkr kgddcurs, dcs cotrcprgscs pcuvcot içbgicr i‗gosbrgrc ku agdko, shus hrmc ic prhvgsgho, dc mhotkot bhrrcsphoikot æ thut hu pkrtgc ic bcs coekecmcots ¾. D‗krtgbdc 219-; iu VBE, rcprcokot dcs tcrmcs iu Bhic ic bhmmcrbc, prçbgsc thutchgs quc < « Dk bhmptkagdgsktgho ic prhvgsghos, co thtkdgtç phur dcs kbtgs ct dcs rctrkgtçs, bhoiugskot æ uoc mcgddcurc gohrmktgho okobgêrc, cst bhosgiçrçc bhmmc uoc mçtjhic ic rççrcobc. ¾ D‗cotgtç pcut içbgicr, co oc bhmptkagdgskot pks co oc prhvgsghookot pks dcs bhþts ics prcstktghos ic rctrkgtc ct prcstktghos kssgmgdçcs vcrsçcs æ dk iktc iu içpkrt æ dk rctrkgtc hu udtçrgcurcmcot ku açoçbc iu pcrshoocd ikos dcs bhmptcs shbgkux ic dcs prçscotcr igçrcmmcott ikos dcs bhmptcs bhoshdgiçs. Gd y k kurk ihob dgcu ikos bc bks ic prçscotcr igçrcmmco ics çbrgturcs ic rctrkgtcmcot. Gd cst æ ohtcr quc pkr kgddcurs, co bks i‗kbqugsgtgho i‗uoc i‗uoc cotgtç (   ;6), dcs prhvgsghos phur coekecmcots ic rctrkgtc ct kvkotkecs sgmgdkgrcs kçrkot æ d‗cotgtç kbqugsc shot bhmptkagdgsçcs mìmc ikos dc bks h÷ dc erhupc kbquçrcur o‗k pks hptç phur dk bhmptkagdgsktgho ic bcs coekecmcots. Cd ◕  Dk shbgçtç Ghtk kttrgauc æ bjkquc skdkrgç uoc goicmogtç ic içpkrt æ dk rctrkgtc mkgs o‗k pks mgs co pdkbc ikos scs bhmptcs shbgkux uo systêmc ic bhmptkagdgsktgho ic prhvgsgho phur pcosghos ct hadgektghos sgmgdkgrcs. Dk iurçc rçsgiucddc mhycooc i‗kbtgvgtç ics skdkrgçs ic d‗cotrcprgsc cst cstgmçc æ ;3 kos. Ku 2; içbcmarc O‒;, dcs irhgts ics skdkrgçs pcuvcot ìtrc cstgmçs æ ;59 666 ₤. Ku 2; içbcmarc O, bcs irhgts pcuvcot ìtrc cstgmçs æ ;:9 666 ₤. Ikos dc bkirc iu rctrkgtcmcot ics bhmptcs shbgkux vcrs dcs bhmptcs bhoshdgiçs ic dk shbgçtç Ghtk, ho pksscrk dcs çbrgturcs ic rctrkgtcmcot sugvkotcs (co bhosgiçrkot uo gmpùt igçrç bkdbudç ku tkux ic 13 %). V d ad 2;.;1.O Qçsudtkt (;:9 Qçsudtkt  (;:9 666 ‒ ;59 666) Õ 53 % Qçscrvcs ;59 Qçscrvcs  ;59 666 Õ 53 % Gmpùts igçrçs ;:9 igçrçs ;:9 666 Õ 13 % Vrhvgsghos phur pcosghos ct hadgektghos sgmgdkgrcs Vrhvgsghos

5 366 ;26 366 90 666 ;:9 666

12:  

Bjkpgtrc :  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs `rkoåkgscs

V d  i d 2;.;1.O Ihtktghos kux prhvgsghos i‗cxpdhgtktgho Qçsudtkt Gmpùts sur dcs açoçbcs ;6 açoçbcs ;6 666 Õ 13 % Vrhvgsghos O < ;:9 666 ‒ ;59 666

;6 666 5 366 1 366

1. B æ de  D‗krtgbdc 011-1 iu VBE kuthrgsc dk bhmptkagdgsktgho ics bhotrkts æ dhoe tcrmc scdho dk mçtjhic æ d‗kbjêvcmcot hu scdho dk mçtjhic æ d‗kvkobcmcot, skos bhosgiçrcr (krt. ;1;-3 kiigtg Q1) quc bcttc mçtjhic cst prççrco prççrcotgcddc. tgcddc. Cd ◕  Dk shbgçtç Rgemk k bhobdu uo bhotrkt æ dhoe tcrmc kvcb dk shbgçtç Hmgbrho. Dcs trkvkux hot içmkrrç co O‒; ct oc scrhot tcrmgoçs qu‗co O+;. Cddc bhmptkagdgsc scs prhiugts æ d‗kbjêvcmcot. Dcs çdçmcots sugvkots vhus shot ihooçs < •  •  •  • 

Pkdcur ic oçehbgktgho iu bhotrkt < Içpcoscs corcegstrçcs co O‒; < Içpcoscs corcegstrçcs co O < Içpcoscs prçvucs co O+; <

366 666 ₤ ;16 666 ₤ 196 666 ₤ 96 666 ₤

Dc bhþt edhakd ic bc bhotrkt cst cstgmç æ ;16 666 + 196 666 + 96 666 = 966 666 ₤ ct dc rçsudtkt cspçrç cst ihob ic 366 666 ‒ 966 666 = ;66 666 ₤ æ rçpkrtgr sur O‒;, O ct O+; ikos dc bkirc i‗uo bhotrkt bhmptkagdgsç æ d‗kvkobcmcot. •  [uhtc-pkrt gmputkadc co O‒; < ;16 666 / 966 666 = 26 % •  [uhtc-pkrt gmputkadc co O < 196 666 / 966 666 = 06 % •  [uhtc-pkrt gmputkadc co O+; < 96 666 / 966 666 = ;6 % Vhur pksscr ic dk mçtjhic i‗kbjêvcmcot iu VBE æ dk mçtjhic æ d‗kvkobcmcot ho pksscrk dcs çbrgturcs sugvkotcs (ku 2; içbcmarc O) < V d ad Bdgcots, kbturc æ çtkadgr 366 çtkadgr 366 666 Õ 76 %  Õ ;16 % Çtkt, YPK sur kbturc æ çtkadgr  çtkadgr  366 666 Õ 76 %  Õ 16 % Rthbn ic prhiugts ;16 prhiugts ;16 666 + 196 666 Gmpùts igçrçs ;66 igçrçs ;66 666 Õ 76 %  Õ 13 % Qçscrvcs ;66 Qçscrvcs  ;66 666 Õ  26 %  Õ 53 % Qçsudtkt ;66 Qçsudtkt  ;66 666 Õ 06 %  Õ 53 % Qctrkgtcmcot bhotrkt æ dhoe tcrmc

396 666 76 666 206 666 11 366 11 366 93 666

127  

Vkrtgc 2  Bhmptcs ic erhupc

V d  i d Qçsudtkt Gmpùt sur dcs açoçbcs Pkrgktgho ic sthbn ic trkvkux co bhurs Yrkvkux 366 Yrkvkux  366 666 Õ 06 %

93 666 ;3 666 196 666 266 666

Qctrkgtcmcot bhotrkt æ dhoe tcrmc

 MGOG-BKR 9

2. Bþ i  Dc VBE kuthrgsc quc dcs bhþts i‗cmpruots kykot pcrmgs ic okobcr ics kbtgs çdgegadcs, b‗cst-æ-igrc ics kbtgs qug cxgecot uoc dhoeuc pçrghic ic prçpkrktgho hu ic bhostrubtgho kvkot ic phuvhgr ìtrc utgdgsçs hu vcoius (gmmhagdgsktghos ct sthbns ohtkmmcot), pugsscot ìtrc gotçerçs ikos dc bhþt ic bcs kbtgs. Co ohrmcs gotcroktghokdcs, gotcroktghokdcs, bhohrmçmcot æ GKR 12, bcttc gotçerktgho cst hadgekthgrc (   7). So rctrkgtcmcot pcut ihob ìtrc ccbtuç sg d‗cotgtç içsgrc, ikos scs bhmptcs bhoshdgiçs, gotçercr dcs bhþts i‗cmpruots dk vkdcur icbhmptcs d‗gmmhagdgsktgho rctcou bcttcikos hptgho ikos dcs shbgkux.hu iu sthbn bhobcroç kdhrs qu‗cddc o‗k pks

9. I i e   i ei  D‗krtgbdc 1;9-;6 iu VBE pcrmct ic bhostktcr shus hrmc ic prhvgsghos dcs içpcoscs i‗cotrctgco kgskot d‗halct ic prherkmmcs pdurgkooucds ic erhs cotrctgco hu ic erkoics rçvgsghos. Cddcs pcuvcot kussg ìtrc bhmptkagdgsçcs bhmmc uo bhmphskot igstgobt ic d‗gmmhagdgsktgho bhobcroçc, dk mçtjhic ic bhmptkagdgsktgho pkr bhmphskots cxbdukot dk bhostktktgho ic prhvgsghos. Co ohrmcs gotcroktghokdcs (   7), dk bhmptkagdgsktgho bhmmc bhmphskot ic d‗gmmhagdgsktgho cst hadgekthgrc. So rctrkgtcmcot pcut ìtrc ccbtuç sg d‗cotgtç k bhostktç, ikos scs bhmptcs shbgkux, ics prhvgsghos phur erhs cotrctgco hu erkoics rçvgsghos.

A

Qctrkgtcmcots Qctrkgtcmco ts spçbg`çs pkr dc rêedcmcot 16166;

Dcs kutrcs trkgtcmcots hptghoocds shot içogs pkr dc rêedcmcot 1616-6; (krt. 152-; æ 152-2). Gds bhobcrocot dcs phgots sugvkots < •  D   aad. Dhrsquc ics bkpgtkux shot rcåus co kppdgbktgho ic bhotrkts i‗çmgssgho oc prçvhykot og ic rcmahurscmcot æ d‗gogtgktgvc iu prìtcur, og ic rçmuoçrktgho hadgekthgrc co bks i‗kascobc hu i‗gosuskobc ic açoçbc, bcux-bg pcuvcot ìtrc gosbrgts ku agdko bhoshdgiç co « bkpgtkux prhprcs prhprcs ¾. i‗ccbtucr bcttc rççvkduk•  D d. Gd cst phssgadc, co bks ic hrtc go`ktgho, i‗ccbtucr tgho scudcmcot ku ogvcku ics bhmptcs bhoshdgiçs. Co bks ic rççvkduktgho ikos uoc cotgtç, gd bhovgcot shgt ic d‗çdgmgocr ikos dcs bhmptcs bhoshdgiçs, shgt ic prktgqucr dk rççvkduktgho phur d‗coscmadc iu erhupc.  d ead (hu çdçmcots gotcrbjkoeckadcs) gotcrbjkoeckadcs) co bhosgiçrkot •  D‗d i d quc dc prcmgcr agco shrtg cst dc icrogcr agco cotrç < d‗kppdgbktgho ic bcttc mçtjhic i‗çvkduktgho pcut ìtrc dgmgtçc æ bcrtkgocs arkobjcs i‗kbtgvgtç hu æ bcrtkgocs zhocs

196  

Bjkpgtrc :  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs `rkoåkgscs

eçherkpjgqucs > dcs mhikdgtçs ic rcerhupcmcot ic bcs çdçmcots co bktçehrgcs shot goigquçcs ct lustgçcs ikos d‗koocx d‗koocxc. c.

B

Qctrkgtcmcot ics suavcotghos i‗govcstgsscmcot

Dc rêedcmcot 77-61 çvhqukgt, pkrmg dcs bks i‗çdgmgoktgho sur dcs bhmptcs bhoshdgiçs ic d‗gobgicobc sur dcs bhmptcs ics çbrgturcs pkssçcs phur dk scudc kppdgbktgho ics dçegsdktghos sbkdcs, dk rcprgsc ic suavcotghos i‗govcstgsscmcots i‗govcstgsscmcots co rçsudtkt. Bcttc igsphsgtgho, igsphsgtgho, pcu bdkgrc, kvkgt kgt d‗halct i‗gotcrprçtktghos igçrcotcs. Cddc oc eurc pdus ikos dc rêedcmcot 1616-6;. Dk prktgquc bhurkotc çtkgt dk sugvkotc, utgdgsçc phur dcs ohrmcs gotcroktghokdcs (   7) < ‒  ku agdko, dk suavcotgho cst cxbduc ics bkpgtkux prhprcs ct rcbdkssçc co prhiugt bhostktç i‗kvkobc. Bc o‗cst pks hadgekthgrc ct gd cst ihob phssgadc ic mkgotcogr co bhoshdgiktgho uoc suavcotgho i‗govcstgsscmcot prçscotçc ikos dcs bhmptcs shbgkux ikos dcs bkpgtkux prhprcs > ‒  ku rçsudtkt, dk suavcotgho cst rcprgsc ku rytjmc ics kmhrtgsscmcots ics gmmhagdgsktghos okobçcs.

19;  

ICR RKPHGQR RKPHGQR KSZ BHMVÇYCOBC BHMVÇ YCOBCRR Çvkducr dcs skvhgrs

Mkïtrgscr dcs bhmpçtcobcs

Vrçpkrcr d‗çprcuvc

; [BM Vhur bjkbuoc ics qucstghos sugvkotcs, uoc scudc rçphosc cst phssgadc. Lustg`cz vhtrc bjhgx. ;. Ikos dcs bhmptcs bhoshdgiçs çtkadgs bhohrmçmcot kux rêedcmcots BQB 77-61 ct KOB 1616-6;, dcs gmpùts igçrçs < k. icvrkgcot ìtrc bhmptkagdgsçs ku pkssg ct æ d‗kbtg ikos thus dcs bks. a. icvrkgcot ìtrc bhmptkagdgsçs ku pkssg ikos thus dcs bks ct æ d‗kbtg sgmpdcmcot sg dcur rçbupçrktgho cst prhakadc. b. icvrkgcot ìtrc bhmptkagdgsçs mkgs bhmpcosçs cotrc kbtg ct pkssg. 1. Ikos dcs bhmptcs bhoshdgiçs çtkadgs bhohrmçmcot kux rêedcmcots BQB 77-61 ct KOB 1616-6;, dcs rkgs ic içvcdhppcmcot < k. shot thulhurs bhmptkagdgsçs æ d‗kbtg d ‗kbtg iu agdko. a. shot bhmptkagdgsçs co bjkrecs. b. oc shot bhmptkagdgsçs æ d‗kbtg iu agdko quc s‗gds sc rkpphrtcot æ ics prhlcts octtcmcot goigvgiukdgsçs, kykot ic sçrgcuscs bjkobcs ic rçussgtc tcbjogquc ct ic rcotkagdgtç bhmmcrbgkdc.

∗ ∗ ∗

∗ ∗

∗

2. Ikos dcs bhmptcs bhoshdgiçs çtkadgs bhohrmçmcot kux rêedcmcots BQB 77-61 ct KOB 1616-6;, dcs bhotrkts ic dhbktgho-okobcmcot < k. icvrkgcot ìtrc bhostktçs shus hrmc i‗uoc i‗u oc hrmc i‗uoc gmmhagdgsktgho bhrphrcddc ct i‗uo cmpruot bhrrcsphoikot. a. icvrkgcot ìtrc bhmptkagdgsçs bhohrmçmcot ku VBE. b. icvrkgcot kgrc d‗halct i‗uoc bhmptkagdgsktgho i‗uo kbtg bhrrcsphoikot kux irhgts i‗utgdgsktgho ct i‗uo pkssg dhbktg.

∗

9. Ikos dcs bhmptcs bhoshdgiçs çtkadgs bhohrmçmcot kux rêedcmcots BQB 77-61 ct KOB 1616-6;, dcs irhgts ic mutktgho, jhohrkgrcs, bhmmgssgho hu rkgs i‗kbtcs sur kbqugsgtgho i‗gmmhagdgsktghos bhrphrcddcs < k. icvrkgcot thulhurs ìtrc bhmptkagdgsçs co bjkrecs. a. icvrkgcot ìtrc rkttkbjçs co thtkdgtç ku bhþt i‗kbqugsgtgho. b. icvrkgcot ìtrc rkttkbjçs co pkrtgc (phur dk pkrtgc oho kmhrtgc) ku bhþt i‗kbqugsgtgho.

∗

3. Ikos dcs bhmptcs bhoshdgiçs çtkadgs bhohrmçmcot kux rêedcmcots BQB 77-61 ct KOB 1616-6;, dcs rkgs i‗çmgssgho i‗uo cmpruot < k. icvrkgcot ìtrc phrtçs co igmgoutgho ic d‗cmpruot. a. icvrkgcot ìtrc kmhrtgs sur uoc iurçc ic bgoq kos. b. icvrkgcot ìtrc kmhrtgs sur dk iurçc ic vgc ic d‗cmpruot.

∗

∗ ∗

∗ ∗

∗ ∗

191  

ICR RKPHGQR KSZ BHMVÇYCOBCR

0. Ikos dcs bhmptcs bhoshdgiçs çtkadgs bhohrmçmcot kux rêedcmcots BQB 77-61 ct KOB 1616-6;, dcs bhmptcs ics cotgtçs kykot uoc kuthohmgc çbhohmgquc ct okobgêrc icvrkgcot ìtrc bhovcrtgs < k. scdho dk mçtjhic iu bhurs jgsthrgquc phur thus dcs çdçmcots. a. scdho dk mçtjhic iu bhurs ic i c bdùturc phur thus dcs çdçmcots i‗kbtg ct ic pkssg, mhoçtkgrcs hu oho mhoçtkgrcs ct iu bhurs mhyco ic dk pçrghic phur dcs d cs prhiugts ct bjkrecs. b. scdho dk mçtjhic iu bhurs ic bdùturc phur thus dcs çdçmcots i‗kbtg ct ic pkssg kgosg quc dcs prhiugts ct bjkrecs.

Mkïtrgscr dcs bhmpçtcobcs

Çvkducr dcs skvhgrs

∗

∗ ∗

Vrçpkrcr d‗çprcuvc

1 Mgog-bks < prhvgsghos rçedcmcotçcs ☃☃☃ Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Phus ìtcs kppcdç æ ccbtucr dc rctrkgtcmcot rctrkgtcmco t ics bhmptcs shbgkux ics shbgçtçs iu erhupc Kueustc. Bc erhupc bhmprcoi quktrc shbgçtçs, dk shbgçtç mêrc Kueustc, dk shbgçtç Acohït, gotçerçc edhakdcmcot, dk shbgçtç Bjkrdcs, gotçerçc prhphrtghoocddcmcot prhphrtghoocddcmcot æ 36 % ct dk shbgçtç Ikogcd mgsc co çqugvkdcobc. Dcs bhmptcs i‗kmhrtgsscmcots i‗kmhrtgss cmcots içrhekthgrcs ic bcs shbgçtçs shbgçt çs ku 2; içbcmarc O shot kokdysçs ikos dc tkadcku sugvkot < Bhmptcs ic prhvgsghos rçedcmcotçcs ics shbgçtçs iu erhupc Kueustc ku 2; içbcmarc O

V ed ed

R Ke

R Aï

R Bd

R Id

Kmhrtgsscmcots içrhekthgrcs

26 666

39 666

91 666

19 666

Ihtktghos ic d‗cxcrbgbc

;1 666

91 666

19 666

;: 666

Qcprgscs ic d‗cxcrbgbc

19 666

26 666

;: 666

;1 666

R

Dc tkux ic d‗gmpùt sur dcs açoçbcs cst ic 13 %. Vrçscotcz ku 2; içbcmarc O dcs çbrgturcs ic rcircsscmcot oçbcsskgrcs ikos dc bkirc ic dk bhoshdgiktgho (çbrgturcs oçbcsskgrcs phur d‗çtkadgsscmcot iu agdko ct iu bhmptc ic rçsudtkt). r çsudtkt).

192  

ICR RKPHGQR KSZ BHMVÇYCOBCR

☃☃☃ ☃ 2 Mgog-bks < bhotrkt ic brçigt-akgd ☃☃

Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco

•  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho Dk shbgçtç Lkbqucs utgdgsc icpugs dc ; cr lugddct O, uoc mkbjgoc-hutgd ihot dc okobcmcot cst kssurç, erábc æ uo bhotrkt ic brçigt-akgd mhagdgcr, pkr dk shbgçtç Brçigt-akgd. Dk vkdcur i‗kbqugsgtgho ic ic bc mktçrgcd çtkgt cstgmçc kdhrs æ 09 316 ₤. Dk iurçc iu bhotrkt cst ic sgx kooçcs. Dk rcicvkobc trgmcstrgcddc (pkyçc co içaut ic bjkquc trgmcstrc) cst ic 2 666 ₤ ct dc prgx ic d‗hptgho i‗kbjkt ic d‗kbtg æ dk o iu bhotrkt dc 26 lugo O+0 cst ic ;6 666 ₤. Co kgt bc mktçrgcd k uoc iurçc i‗utgdgsktgho prçvuc ic ;6 kos, sk vkdcur rçsgiucddc æ d‗gssuc ic bcs igx kos phuvkot ìtrc cstgmçc æ 9 316 ₤. Dc tkux i‗kbtukdgsktgho rctcou phur dk bhmptkagdgsktgho iu bhotrkt ic dhbktgho cst içtcrmgoç bhmmc sugt < Rhgt g  Rhgt  g  dc  dc tkux trgmcstrgcd i‗kbtukdgsktgho. i‗kbtukdgsktgho. Ho phurrk çbrgrc quc < 09 316 = 2 666  Õ ; ‒ (; + g )‒19 Õ (; + g ) + ;6 666 Õ (; + g )‒19 g  Ho trhuvc g  =  = ;,792 % bc qug ihooc uo tkux kooucd ic ;,6;792 9 ‒ ; = : %. Vrçscotcz ku 2; içbcmarc O dcs çbrgturcs ic rctrkgtcmcot ic bhoshdgiktgho ikos dk shbgçtç  Lkbqucs (agdko ct bhmptc ic rçsudtkt) ic dk mkbjgoc-hutgd « kbqugsc ¾ pkr dkigtc shbgçtç. Ho prcoirk uo tkux i‗gmpùt ic 13 %. ☃☃☃ ☃ 9 Mgog-bks < hpçrktghos æ dhoe tcrmc ☃☃

Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Dk shbgçtç Dkènk k bhobdu uo bhotrkt æ dhoe tcrmc kvcb dk shbgçtç Erkoimk. Dcs trkvkux hot içmkrrç co O‒; ct oc scrhot tcrmgoçs qu‗co O+;. Cddc bhmptkagdgsc scs prhiugts æ d‗kbjêvcmcot. Dcs çdçmcots sugvkots vhus shot ihooçs < • Pkdcur ic oçehbgktg oçehbgktgho ho iu bhotrkt < ;66 666 ₤ • Içpcoscs corcegstrçcs co O‒; < 16 666 ₤ • Içpcoscs corcegstrçcs co O < 9: 666 ₤ • Içpcoscs prçvucs co O+; ;1 666 ₤ Vrçscotcz ku 2; içbcmarc O dcs çbrgturcs ic rctrkgtcmcot pcrmcttkot ic pksscr ic dk mçtjhic i‗kbjêvcmcot i‗kbjêvcmcot iu VBE æ dk mçtjhic æ d‗kvkobcmcot.

199  

ICR RKPHGQR KSZ BHMVÇYCOBCR

Mkïtrgscr dcs bhmpçtcobcs

Çvkducr dcs skvhgrs

Vrçpkrcr d‗çprcuvc

☃☃☃ ☃☃ ☃

3 Bks prktgquc < cotrcprgscs çtrkoeêrcs Bhmpçtcobcs vgsçcs

26 mgo

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Dk Rhbgçtç Cstrcddk, ihot dc sgêec shbgkd cst æ Vkrgs, k pkrtgbgpç dc ; cr lkovgcr O‒; æ dk bhostgtutgho ic dk Rhbgçtç Rtkr, shbgçtç ku bkpgtkd ic 26 mgddghos ic $ ihot dc sgêec cst æ Ktdkotk. Cddc k kbqugs 56 % iu bkpgtkd phur dc prgx ic ;0 960 666 ₤. Ku 2; içbcmarc O, dc agdko ct dc bhmptc ic rçsudtkt ic dk Rhbgçtç Rtkr sc prçscotcot kgosg (co mgddgcrs ic $). $). Ad Gmmhagdgsktghos bhrphrcddcs Rthbns Brçkobcs Dgqugigtçs

16 666 ;: 666 ;5 666 : 666

Bkpgtkd Qçscrvcs Qçsudtkt Cmpruots Kutrcs icttcs

02 666

26 666 9 666 : 666 ;1 666 7 666 02 666

B i d Kbjkts (Pkrgktgho ic sthbn) Kutrcs bjkrecs Kmhrtgsscmcots Gmpùts Qçsudtkt

96 666 ‒ ;6 666 ;9 666 3 666 0 666 : 666 02 666

Pcotcs

0 2 666

02 666

Dcs gmmhagdgsktghos bhrphrcddcs hot çtç kbqugscs dc ; cr  lkovgcr O‒;, dcs sthbns ku bhurs ic d‗cxcrbgbc O. Dc rçsudtkt ic d‗kooçc O‒; çtkgt ic ;6 666 mgddgcrs ic $ (shgt 5 795 n₤ co vkdcur jgsthrgquc) ct dk igstrgautgho ccbtuçc co lkovgcr O k çtç ic 0 666 mgddgcrs ic $. Dc shdic ics çdçmcots mhoçtkgrcs iu agdko ku 2; içbcmarc O‒; sc trkiugskgt pkr uo cxbçicot ic d‗kbtg sur dc pkssg ic 5 666 mgddgcrs ic ihddkrs. Gd cst icmkoiç ic bhoshdgicr dk shbgçtç Rtkr ikos dc agdko ct dc bhmptc ic rçsudtkt ic dk shbgçtç Cstrcddk co skbjkot quc dc bhurs iu ihddkr ku 2; içbcmarc O cst ic ;,16 $ phur

193  

ICR RKPHGQR KSZ BHMVÇYCOBCR

; ₤, ku ;cr lkovgcr O‒; ic ;,1:, ku ;cr lkovgcr O ic ;,10 ct co mhycooc ku bhurs ic d‗cxcrbgbc O‒; ic ;,15 ct ku bhurs ic d‗cxcrbgbc O ic ;,12.

Yrkvkgd æ kgrc ;. Vrçscotcz dcs hpçrktghos ic rctrkgtcmcot ic dk `dgkdc çtrkoeêrc scdho dk mçtjhic iu bhurs jgsthrgquc. 1. Vrçscotcz dcs hpçrktghos ic rctrkgtcmcot ic dk `dgkdc çtrkoeêrc scdho dk mçtjhic iu bhurs ic bdùturc.

190  

RWOYJÊRC Qctrkgtcmcots ic prçbhoshdgiktgho co ohrmcs `rkoåkgscs

•  Çdgmgoktgho ic d‗gobgicobc ics çbrgturcshu pkssçcs d k scudc kppdgbktgho dk ics dçegsdktghos sbkdcs < bhostktktgho rcprgscphur i‗kmhrtgsscmcots

   s    c     ç    s    h    p    m     g    s    o    h     g    t    b    c    r    r    h     B

•  •  •  •  • 

içrhekthgrcs, bhostgtutgho hu rcprgsc ic prhvgsghos rçedcmcotçcs, bhmptkagdgsktgho co rçsudtkt ic d‗gmpkbt ics bjkoecmcots ic mçtjhics Gosbrgptgho ku agdko ics bhotrkts ic brçigt-akgd b rçigt-akgd ct ics bhotrkts sgmgdkgrcs Bhmptkagdgsktgho ics rkgs i‗çmgssgho i‗cmpruots, ics prgmcs i‗çmgssgho ct ic rcmahurscmcot ics cmpruots hadgektkgrcs Bhmptkagdgsktgho ics rkgs i‗çtkadgsscmcot co bjkrec Bhmptkagdgsktgho æ d‗kbtg ic bcrtkgos bhþts (bhþts ic içvcdhppcmcot, sgtcs Gotcroct, rkgs i‗kbqugsgtgho ics gmmhagdgsktghos) Vrgsc co bhmptc ic thus dcs pkssgs i‗gmpùts igçrçs ct, sg dcur rçbupçrktgho cst prhakadc, ics kbtgs i‗gmpùts igçrçs

•  Bhovcrsgho çtrkoeêrc ics bhmptcs i‗cotrcprgsc çtkadgsskot dcurs bhmptcs co mhookgc •  Corcegstrcmcot co rçsudtkt ku bhurs ic dk pçrghic æ dkqucddc gds sc

rkpphrtcot ics çbkrts ic bhovcrsgho ics kbtgs ct pkssgs mhoçtkgrcs dgacddçs co icvgscs

Qctrkgtcmcots hptghoocds    c    b    s    E    o   c    B    c    r    i    V    h   c     ç         j    d     ç    t    r    r    ç    k    c    p     i    m   s    s    s    c    c    c    r    ç    s     i   t    g    h   u    r    k    h     j    t    t    t     ç    c    u     M    k

•  Vrhvgsghoocmcot ics bhþts ics prcstktghos ic rctrkgtc ct prcstktghos

   x    s    s    c    c    u     d    k    ç     i     d     d          d    c    r    g     g    t    o   k    k    h    o   p    d    s    h   s    c    o     g    t    c    r    h    p    ç    t    b    o   s    h    `    c    c    s    g    t    b    c    p     ç    r    p    m    c    t    s    d    m    u    e    h     K     ê    b    r

•  Gosbrgptgho ikos dc agdko bhoshdgiç co bkpgtkux prhprcs ics cmpruots

kssgmgdçcs vcrsçcs æ dk iktc iu içpkrt æ dk rctrkgtc hu udtçrgcurcmcot ku açoçbc iu pcrshoocd •  Bhmptkagdgsktgho scdho dk mçtjhic ic d‗kvkobcmcot ics hpçrktghos pkrtgcddcmcot kbjcvçcs æ dk bdùturc ic d‗cxcrbgbc •  Bhþts i‗cmpruot coekeçs phur okobcr d‗kbqugsgtgho hu dk prhiubtgho i‗uo kbtg çdgegadc •  Içpcoscs ic erhs cotrctgco hu ic erkoics rçvgsghos oho rcmahurskadcs •  Qççvkduktgho ics kbtgs ku ogvcku ics scuds bhmptcs bhoshdgiçs hu, sg uoc cotgtç iu erhupc k prhbçiç æ uoc rççvkduktgho ikos scs bhmptcs goigvgiucds, shgt çdgmgoktgho ikos dcs bhmptcs bhoshdgiçs, shgt rççvkduktgho phur d‗coscmadc iu erhupc •  Çvkduktgho ics çdçmcots hoegadcs co bhosgiçrkot quc dc prcmgcr agco shrtg cst dc icrogcr agco cotrç

195  

BJKVGYQC

7

Qctrkgtcmcots ic prçbhoshdgiktgho co ohrmcs gotcroktghokdcs gotcroktghokdcs

VQHEQKMMC Bhmpçtcobcs vgsçcs

Ohtgho ct bhotcou

• Mkïtrgscr dc prhbcssus i‗çdkahrktgho

Qctrkgtcmcot ic bhoshdgiktgho < jhmheçoçgsktgho ics mçtjhics ic bhmptkagdgsktgho ct ic prçscotktgho co hobtgho ic dk rçedcmcotktgho ct/hu iu mkoucd ic bhoshdgiktgho iu erhupc > çdgmgoktgho ics hpçrktghos pkssçcs

• •

i‗uoc bhoshdgiktgho Içtcrmgocr d‗gmpkbt ics rctrkgtcmcots ic bhoshdgiktgho Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

phur dk scudc kppdgbktgho ics dçegsdktghos sbkdcs > bhovcrsgho ic bhmptcs çtkadgs co icvgscs.

VDKO IS BJKVGYQC Bhurs ‒  d‗GKR 1 (§ 7, 1: ct s.) phur dcs sthbns. Dk ohrmc GKR 20 prçbgsc ohtkmmcot qu‗« uoc cotgtç ihgt kpprçbgcr æ bjkquc iktc ic  ic  rcphrtgoe s‗gd rcphrtgoe  s‗gd cxgstc uo qucdbhoquc goigbc qu‗uo kbtg pcut kvhgr suag uoc pcrtc ic vkdcur. R‗gd cxgstc uo tcd goigbc, d‗cotgtç ihgt cstgmcr dk vkdcur rcbhuvrkadc ic d‗kbtg ¾. Ikos dc VBE, bcttc hadgektgho cxgstc çekdcmcot (krtgbdc 1;9-;0). Æ d‗cxbcptgho ics gostrumcots okobgcrs (G@QR 7), o‗y k co prgobgpc pks ic igvcrecobc cotrc dc VBE ct dcs ohrmcs G@QR.

13:  

Bjkpgtrc 7  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs gocrokghokdcs

3

Dcs gostrumcots `okobgcrs D‗G@QR 7 «  G  ¾ igstgoeuc (   3) < ‒  dcs kbtgs ct pkssgs okobgcrs çvkduçs ku bhþt kmhrtg > ‒  dcs kbtgs okobgcrs çvkduçs æ dk lustc vkdcur pkr dc agkgs ics kutrcs çdçmcots iu rçsudtkt edhakd > ‒Æ  bcs dcs kbtgs ct pkssgs okobgcrs çvkduçs æ dk lustc vkdcur pkr dc agkgs iu rçsudtkt oct. ic bktçehrgcs, s‗klhut s‗klhutcot cot dcs kbtgs ct pkssgs okobgcrs utgdgsçs bhmmc gostrumcots bhuvcrturc. bhuvcrtur c. Bhmptkagdgsçs bhohrmçmcot bhohrmçmcot ku VBE, dcs kbtgs ct pkssgs okobgcrs ihgvcot ìtrc rctrkgtçs dhrsquc dcs bhmptcs bhoshdgiçs shot çtkadgs bhohrmçmcot kux G@QR.

K

Dcs kbtgs `okobgcrs çvkduçs ku bhþt kmhrtg

Dhrs ic dk  ad d, d‗cotgtç ihgt çvkducr d‗kbtg okobgcr æ sk  l d  (   3), mklhrçc ics bhþts ic trkoskbtgho igrcbtcmcot kttrgaukadcs æ d‗kbqugsgtgho ic d‗kbtg okobgcr. Dhrs ics ad d, d‗kbtg okobgcr cst çvkduç ku  þ . Cd cr ◕  Dk shbgçtç Ekmmk k kgt d‗kbqugsgtgho, dc ;  lkovgcr O‒;, ic ;66 hadgektghos rcmahurskadcs co adhb ikos 3 kos ku ohmgokd ic ; 666 ₤ ct çmgscs æ 7:6 ₤. Dc tkux ic bcs hadgektghos cst ic 0 % d‗ko ct dk shbgçtç Ekmmk içsgrc dcs ekricr lusqu‗æ d‗çbjçkobc. Dcs rkgs i‗kbqugsgtgho ic bcs hadgektghos shot ic 222 ₤ jhrs tkxcs. Ku ;cr  lkovgcr O‒;, dk shbgçtç Ekmmk k bhmptkagdgsç bcs hadgektghos (bhmptcs goigvgiucds VBE) ku içagt iu bhmptc 151; « Ygtrcs gmmhagdgsçs ‒ hadgektghos ¾ phur 7: 666 ₤, dcs rkgs i‗kbqugsgtgho (qug kurkgcot pu ìtrc gotçerçs ku bhþt i‗kbqugsgtgho) ku bhmptc 015; « @rkgs sur tgtrcs ¾. Ku 2; içbcmarc O‒; ct ku 2; içbcmarc O, cddc k bhmptkagdgsç ;66 Õ ; 666 Õ 0 % = 0 666 ₤ ic prhiugts okobgcrs. Dc tkux ccbtg ic bc pdkbcmcot cst dc tkux g  tkux  g  phur  phur dcqucd < ; ‒ (; + g )‒3 (7:6 Õ ;66 + 222) = 0 666 Õ + ;66 666 Õ (; + g )‒3 Ho trhuvc g  =  = 0,9 %. Ho pcut kgosg g çtkadgr dc tkadcku ic d‗cmpruot bhmmc sugt < I ;.;.O‒; 2;.;1.O‒; 2;.;1.O 2;.;1.O+; 2;.;1.O+1 2;.;1.O+2

Gì æ 0,9 % 0 172 0 2;1 0 221 0 232 0 225

Qa ì 0 666 0 666 0 666 0 666 0 666

Bþ  7: 222 7: 010 7: 72: 77 156 77 012 ;66 666

Co ohrmcs d‗G@QR 7 dcs bhmptcs ic tgtrcssugvkotcs ic pdkbcmcot çtkot tcousgotcroktghokdcs, ku bhþt kmhrtg, bhohrmçmcot ho pksscrk ihobædcs çbrgturcs ic rctrkgtcmcot <

137  

Vkrtgc 2  Bhmptcs ic erhupc

V d ad Ygt gtrrcs gm gmmhagdgsçs ‒ hadge gekktghos G@ G@QR ku ku bh bhþt km kmhrtg Ygtrcs gmmhagdgsçs ‒ hadgektghos VBE Gmpùts igçrçs (7: igçrçs (7: 72: ‒ 7: 666) Õ 13 % Qçsudtkt (0 Qçsudtkt  (0 2;1 ‒ 0 666) Õ 53 % Qçscrvcs ^222 Qçscrvcs  ^222 + (0 172 ‒ 0 666)] Õ 53 % Qctrkgtcmcot hadgektghos

7: 72 72: 7: 666 129 129 956

V d  i d Qçsudtkt Gmpùt sur dcs açoçbcs Qcvcous ics tgtrcs gmmhagdgsçs 0 gmmhagdgsçs 0 2;1 ‒ 0 666 Qctrkgtcmcot hadgektghos

A

129 5: 2;1

Dcs pkssgs `okobgcrs çvkduçs ku bhþt kmhrtg

Dhrs ic dk bhmptkagdgsktgho gogtgkdc, d‗cotgtç ihgt çvkducr dc pkssg okobgcr æ sk lustc vkdcur, mgohrçc ics bhþts ic trkoskbtgho igrcbtcmcot kttrgaukadcs æ d‗çmgssgho iu pkssg okobgcr. Dhrs ic bhmptkagdgsktghos udtçrgcurcs, dc pkssg okobgcr cst çvkduç ku bhþt kmhrtg. Cd ◕  Dk shbgçtç Icdtk k çmgs dc 2; içbcmarc O‒1 uo cmpruot ic ; 666 hadgektghos ic ohmgokd ;66 ₤ ku tkux ic 2,2 % sur 16 kos, dk vkdcur ic rcmahurscmcot ics hadgektghos çtkot ic ;;6 ₤, kdhrs quc dk vkdcur i‗çmgssgho çtkgt ic 73 ₤. Dcs rkgs i‗çmgssgho çtkgcot ic 1 :3: ₤. Õ

Vkr rkpphrt æ dk vkdcur ic rcmahurscmcot, dc d c tkux ic d‗cmpruot cst ic 2,2 % ;;6 ;66  = 2 %. D‗koougtç bhostkotc ic rcmahurscmcot cst ;;6 Õ ; 666 Õ 6,62  = 5 272,52 ₤. ; ‒ ;,62‒16 ‒16 Dc tkux ccbtg cst dc tkux g  tkux g  phur  phur dcqucd (73 Õ ; 666 ‒ 1 :3:) = 5 272,52 ; ‒ (; + g) g Ho trhuvc g  trhuvc g  =  = 3 %. Ho pcut kgosg çtkadgr dc tkadcku ic d‗cmpruot bhmmc sugt (dc bhþt kmhrtg çtkot o O‒1 çekd æ ; 666 Õ 73 ‒ 1 :3: = 71 ;91 ₤) < I 2;.;1.O‒1 2;.;1.O‒; 2;.;1.O

Gì æ3% 9 065 9 907

Qa ì 2 266 2 ;5:

Qa d 9 656 9 ;:6

Bþ  71 ;91 :7 257 :0 976

106  

Bjkpgtrc 7  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs gocrokghokdcs

Vhur dcs os i‗kooçc sugvkotcs, dc bhþt kmhrtg cst çekd ku bhþt kmhrtg ic d‗kooçc prçbçicotc mklhrç ic d‗gotçrìt ic 3 % ct igmgouç ics rcmahurscmcots (gotçrìts + bkpgtkd). Ikos dcs bhmptcs shbgkux ic dk shbgçtç Icdtk (tcous bhohrmçmcot ku VBE), ku 2; içbcmarc O, ho kurkgt dcs çdçmcots sugvkots < •  Bhmptc ;02 « Cmpruot hadgektkgrcs ¾ < ; 666   Õ ;;6 ‒ 9 656 ‒ 9 ;:6 = ;6; 536 hu (; 666 ‒ 25 ‒ 2: = 713) Õ ;;6. •  •  •  •  • 

 Õ

 Õ

Bhmptc ;07 « Vrgmc ic rcmahurscmcot (kmhrtgsscmcot co vgoet kos) = ;2 366. ics hadgektghos ¾ < ; 666 (;;6 ‒ 73) ;:/16 Bhmptc 9:;0 « @rkgs i‗çmgssgho ics cmpruots ¾ < 1 :3:   Õ ;:/16 (kmhrtgsscmcot co vgoet kos) = 1 351. Bhmptc 00;0 « Gotçrìts ics cmpruots ct icttcs kssgmgdçcs ¾ < 2 ;5:. Bhmptc 0:;1 « Ihtktghos kux kmhrtgsscmcots ics bjkrecs æ rçpkrtgr ¾ < 1 :3: Õ ;/16 = ;92. Bhmptc 0:0; « Ihtktghos kux kmhrtgsscmcots ics prgmcs ic rcmahurscmcot ics hadgektghos ¾ < ; 666  Õ (;;6 ‒ 73) Õ ;/16 = 536.

Ho pksscrk ihob dcs çbrgturcs ic rctrkgtcmcot sugvkotcs < V d ad Cmpruots hadgektkgrcs (VBE) Gmpùts igçrçs (;2 igçrçs (;2 366 + 1 351 + :0 976 ‒ ;6; 536) Õ 13 % Qçsudtkt (9 Qçsudtkt  (9 907 ‒ 907 ‒ 2  2 ;5: ‒ ;92 ‒ 536)  Õ 53 % Qçscrvcs (9 Qçscrvcs  (9 065  ‒ 2  ‒ 2 266 ‒ ;92 ‒ ;92 ‒ 536)  536) Õ 53 % Vrgmcs ic rcmahurscmcot ics hadgektghos @rkgs i‗çmgssgho ics cmpruots Cmpruots hadgektkgrcs ku bhþt kmhrtg (G@QR) Qctrkgtcmcot cmpruot

;6; 536 162 177 2;6 ;2 366 1 351 :0 976

V d  i d Gotçrìts ics cmpruots ct icttcs 9 icttcs  9 907 ‒ 2 ;5: Qçsudtkt Gmpùts sur dcs açoçbcs (; 17; ‒ ;92 ‒ 536) Õ 13 % Ihtktghos kux kmhrtgsscmcots ics bjkrecs æ rçpkrtgr Ihtktghos kux kmhrtgsscmcots ics prgmcs ic rcmahurscmcot Qctrkgtcmcot cmpruot

Rc phsc çekdcmcot dc prhadêmc ics tgtrcs jyargics (hu bhmphsçs).

; 17; 177 77 ;92 536

10;  

Vkrtgc 2  Bhmptcs ic erhupc

Cd ◕  Dcs hadgektghos bhovcrtgadcs co kbtghos ihgvcot ìtrc bhosgiçrçcs æ dk hgs pkr ics pkrts rcspcbtgvcs bhmmc ics icttcs ct ics bkpgtkux prhprcs. Gd y k dgcu ic sçpkrcr dk bhmphskotc « bkpgtkux prhprcs ¾ ic dk bhmphskotc « icttc ¾. ◕  BKR VQKYG[SC :

B

Dcs kbtgs `okobgcrs çvkduçs æ dk lustc vkdcur pkr dc agkgs ics kutrcs çdçmcots iu rçsudtkt edhakd

Dhrs ic dk  ad d, d‗cotgtç ihgt çvkducr d‗kbtg okobgcr æ sk  l d, mklhrçc ics bhþts ic trkoskbtgho igrcbtcmcot kttrgaukadcs æ d‗kbqugsgtgho hu æ d‗çmgssgho ic d‗kbtg hu iu pkssg okobgcr. Dhrs ics ad d, d‗cotgtç ihgt bhostktcr dcs  i l d ikos dcs kutrcs çdçmcots iu rçsudtkt edhakd.

Dhrs ic dcur bhmptkagdgsktgho gogtgkdc, dcs kbtgs `okobgcrs icvkot ìtrc çvkduçs æ dk lustc vkdcur pkr dc agkgs ics kutrcs çdçmcots iu rçsudtkt edhakd shot çvkduçs æ dcur  lustc vkdcur vkdcur mklhrçc mklhrçc ics bhþts ic trkoskbtgho igrcbtcmcot kttrgaukadcs æ d‗kbqugsgtgho ic bct kbtg `okobgcr. Dhrs i‗çvkduktghos udtçrgcurcs, gds shot çvkduçs æ dk lustc vkdcur.

Cd cr ◕  Dk shbgçtç Yjìtk k kgt d‗kbqugsgtgho dc ;  lkovgcr O ic ;66 kbtghos ic dk shbgçtç Rgemk. Bcs tgtrcs shot kppcdçs ìtrc ekriçs bhmmc pdkbcmcot æ dhoe tcrmc. Gds ihgvcot ìtrc bdkssçs co kbtgs okobgcrs çvkduçs æ dk lustc vkdcur pkr dc d c agkgs ics kutrcs çdçmcots iu rçsudtkt edhakd. Dcs tgtrcs hot çtç kbqugs ku bhurs ic 166 ₤, dcs rkgs i‗kbqugsgtgho sc shot çdcvçs æ 6,3 % iu bhþt i‗kbqugsgtgho ct hot çtç bhmprgs ikos dcs bhmptcs shbgkux ic dk shbgçtç Yjìtk ikos dc bhþt i‗kbqugsgtgho. Ku 2; içbcmarc O, dk lustc vkdcur ic bcs tgtrcs cst ic 1;6 ₤ pkr tgtrc. Soc pdus-vkduc dktcotc ihgt ihob (co ohrmcs G@QR) ìtrc bhostktçc < cddc cst ic ;66 Õ ^1;6 ‒ (166 + 166 Õ 6,3 %)] = 766 ₤. Ho pksscrk d‗çbrgturc sugvkotc co tcokot bhmptc ics gmpùts igçrçs < V d ad (d ‗   i‗  d  i d) Gostrumcots okobgcrs æ dk lustc vkdcur pkr dc agkgs ics kutrcs çdçmcots iu rçsudtkt edhakd G@QR

1; 666

Ygtrcs gmmhagdgsçs ‒ Kbtghos VBE  VBE  ;66 Õ 166 = 16 666 + 16 666  Õ 6,3 % Gmpùts igçrçs 766 igçrçs 766 Õ 13 % Çbkrts i‗çvkduktgho sur gostrumcots okobgcrs æ dk lustc vkdcur pkr dc agkgs ics kutrcs çdçmcots iu rçsudtkt edhakd 766 edhakd 766 Õ 13 % Qctrkgtcmcot kbtgho

16 ;66 113 553

I Dcs kbtgs `okobgcrs çvkduçs æ dk lustc vkdcur pkr dc agkgs iu rçsudtkt oct Dhrs ic dk bhmptkagdgsktgho gogtgkdc, d‗cotgtç ihgt çvkducr d‗kbtg okobgcr æ sk lustc vkdcur. vkdcur. Rg dk lustc l ustc vkdcur ic d‗kbtg okobgcr dhrs ic dk bhmptkagdgsktgho gogtgkdc igêrc iu prgx ic trkoskbtgho, d‗cotgtç ihgt bhmptkagdgscr dk igçrcobc cotrc dk lustc vkdcur æ dk iktc ic

101  

Bjkpgtrc 7  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs gocrokghokdcs

dk bhmptkagdgsktgho gogtgkdc ct dc prgx ic trkoskbtgho bhmmc uo prht hu uoc pcrtc co rçsudtkt oct. Dhrs ic bhmptkagdgsktgh bhmptkagdgsktghos os udtçrgcurcs, d‗cotgtç ihgt bhostktcr dcs vkrgktghos ic lustc vkdcur ikos dc rçsudtkt oct ic dk pçrghic. Cd cr ◕  Dk shbgçtç Icdtk k kgt d‗kbqugsgtgho dc ;  lugddct O ic 266 kbtghos Dkmaik (shbgçtç bhtçc co Ahursc) ku bhurs ic 36 ₤. @rkgs i‗kbqugsgtgho ; %. Ku 2; içbcmarc O, dc bhurs ic d‗kbtgho Icogs cst ic 31 ₤. Ikos dcs bhmptcs goigvgiucds (tcous bhohrmçmcot æ d‗krtgbdc 111-; iu VBE), hot çtç içagtçs dcs bhmptcs 36 « Pkdcurs mhagdgêrcs ic pdkbcmcot ¾ phur ;3 666 ₤ ct 015; « @rkgs sur tgtrcs ¾ phur ;36 ₤ (mkgs gd çtkgt phssgadc ic bhmptkagdgscr, shdutgho mhgos gotçrcsskotc sbkdcmcot, d‗kbqugsgtgho ikos dc bhmptc « Pkdcurs Pkdcurs mhagdgêrcs ic pdkbcmcot ¾ phur ;3 ;36 ₤). Gd cst æ ohtcr quc ikos dcs bhmptcs bhoshdgiçs tcous scdho dc rççrcotgcd oktghokd, dcs rkgs i‗kbqugsgtgho ihgvcot ìtrc bhostktçs ikos dc bhþt i‗kbqugsgtgho (krtgbdcs 11;-;, 111-; ct 1;2-: iu VBE). Ku 2; içbcmarc O, kubuoc çbrgturc o‗k çtç bhostktçc ct dcs pdusvkducs dktcotcs sur dcs tgtrcs o‗hot pks çtç bhmptkagdgsçcs. Gd y k dgcu ihob ic bhostktcr ics çbrgturcs ic rctrkgtcmcot (phur dc agdko ct dc bhmptc ic rçsudtkt) ic bcs tgtrcs < V d ad Kbtgs okobgcrs æ dk lustc vkdcur pkr dc agkgs iu rçsudtkt oct 266 oct 266 Õ 31 Pkdcurs mhagdgêrcs ic pdkbcmcot Qçsudtkt ( 266 ( 266 Õ 1) Õ 53 % Gmpùts igçrçs ( 266 ( 266 Õ 1) Õ 13 % Qctrkgtcmcot tgtrcs ic pdkbcmcot

;3 066 ;3 666 936 ;36

V d  i d Qçsudtkt Gmpùt sur dcs açoçbcs Kutrcs prhiugts okobgcrs 066 okobgcrs 066 ‒ ;36 @rkgs sur tgtrcs Cct ic d‗klustcmcot æ dk lustc lust c vkdcur ics vkdcurs mhagdgêrcs

C

936 ; 36 936 ; 36

Dcs pkssgs `okobgcrs çvkduçs æ dk lustc vkdcur pkr dc agkgs iu rçsudtkt oct

Dhrs ic Rg dk bhmptkagdgsktgho d‗cotgtç ihgt dc pkssg okobgcr æ sk lustc vkdcur. dk lustc vkdcur iu gogtgkdc, pkssg okobgcr dhrs kussg ic dk çvkducr bhmptkagdgsktgho gogtgkdc igêrc iu prgx ic trkoskbtgho, d‗cotgtç ihgt bhmptkagdgscr dk igçrcobc cotrc dk lustc vkdcur æ dk iktc ic dk bhmptkagdgsktgho gogtgkdc ct dc prgx ic trkoskbtgho bhmmc uo prht hu uoc pcrtc co

102  

Vkrtgc 2  Bhmptcs ic erhupc

rçsudtkt oct. Dhrs ic bhmptkagdgsktgho bhmptkagdgsktghoss udtçrgcurcs, d‗cotgtç ihgt bhostktcr dcs vkrgktghos ic lustc vkdcur ikos dc rçsudtkt oct ic dk pçrghic. Cd ◕  Ikos dcs bhmptcs shbgkux i‗uoc i‗uo c akoquc ho trhuvc uo bhmptc gotgtudç gotgtud ç « Ygtrcs iu mkrbjç gotcrakobkgrc ct tgtrcs ic brçkobcs oçehbgkadcs ¾. Dcs gotçrìts bhurus æ vcrscr kttkbjçs æ bcs tgtrcs shot phrtçs ikos uo bhmptc ic icttcs rkttkbjçcs co bhotrcpkrtgc iu bhmptc ic rçsudtkt. Ku 2; içbcmarc O, ikos dcs bhmptcs shbgkux ho trhuvc ku pkssg iu agdko uoc shmmc :; 635 n₤ phur dc mhotkot ic dk icttc arutc ct ic ; 616 n₤ phur dc bhmptc rkttkbjç « Gotçrìts bhurus ¾. Ikos dcs bhmptcs bhoshdgiçs, gd cst bhovcou i‗corcegstrcr æ dk lustc vkdcur bc pkssg. D‗cstgmktgho cst ic :2 316 n₤. Gd y k dgcu ihob ic bhostktcr ics çbrgturcs ic rctrkgtcmcot (phur dc agdko ct dc bhmptc ic rçsudtkt) ic bcs tgtrcs (ho prcoirk uo tkux i‗gmpùt ic 13 %). V d ad Ygtrcs iu mkrbjç gotcrakobkgrc ct tgtrcs ic brçkobcs oçehbgkadcs Gotçrìts bhurus Qçsudtkt (:2 (:2 316 ‒ :; 635 ‒ ; 616) Õ 53 % Gmpùts igçrçs (:2 (:2 316 ‒ :; 635 ‒ ; 616) Õ 13 % Ygtrcs iu mkrbjç gotcrakobkgrc ct tgtrcs ic brçkobcs oçehbgkadcs æ dk lustc vkdcur pkr dc agkgs iu rçsudtkt oct (G@QR) Qctrkgtcmcot tgtrcs iu mkrbjç akobkgrc ct tgtrcs ic brçkobcs oçehbgkadcs

:; 635 ; 616 ; 6:1 20;

:2 316

V d  i d Ekgos hu pcrtcs octs sur gostrumcots okobgcrs æ dk lustc vkdcur pkr rçsudtkt. Qçsudtkt Gmpùt sur dcs açoçbcs Cct ic d‗klustcmcot æ dk lustc lust c vkdcur iu rctrkgtcmcot ics tgtrcs iu mkrbjç akobkgrc ct ics tgtrcs ic brçkobcs oçehbgkadcs

@

; 992 ; 6:1 20;

Dk bdkssg`bktgho dgçc æ dk bhmptkagdgtç ic bhuvcrturc

D‗G@QR 7 igstgoeuc dcs çdçmcots bhuvcrts ct dcs gostrumcots ic bhuvcrturc (   3) Cddc igstgoeuc kussg cotrc d‗çdçmcot bhuvcrt ct d‗çdçmcot ic bhuvcrturc  d i  < ‒  dk bhuvcrturc ic lustc vkdcur > ‒  dk bhuvcrturc ic `ux ic trçshrcrgc > ‒  dk bhuvcrturc i‗uo govcstgsscmcot oct ikos uoc kbtgvgtç æ d‗çtrkoecr. Ics rctrkgtcmcots shot ihob oçbcsskgrcs phur pksscr iu VBE kux ohrmcs G@QR.

109  

Bjkpgtrc 7  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs gocrokghokdcs

0

Dcs prhvgsghos Icpugs dc rêedcmcot BQB 1666-60 sur dcs pkssgs, dc trkgtcmcot bhmptkadc ics   cst bhovcrecot kvcb d‗GKR 25. [ucdqucs cxbcptghos bcpcoikot suasgstcot. Cd ◕  Dcs prhvgsghos phur erhs cotrctgcos hu erkoics rçvgsghos oc shot pks kimgscs co G@QR. ◕

Co G@QR, dhrsquc d‗ d- ic d‗krecot cst sgeogbktg, dc mhotkot ic dk prhvgsgho ihgt ìtrc dk vkdcur kbtucddc ics içpcoscs kttcoiucs quc d‗ho pcosc oçbcsskgrcs phur rçedcr d‗hadgektgho (GKR 25.93). Dcs prhvgsghos oc shot pks kbtukdgsçcs kbtukdgsçc s co rêedcs rkoåkgscs, phur ics rkgshos csscotgcddcmcot sbkdcs. Bcrtkgocs çvkduktghos ic prhvgsghos pcuvcot kussg ìtrc igçrcotcs co G@QR ct co ohrmcs rkoåkgscs. Cd ◕  Dk shbgçtç Kdpjk dhrs ic d‗kbqugsgtgho co O‒3 i‗uoc usgoc sur dc sgtc ic A. k bhostktç uoc prhvgsgho phur içmkotêdcmcot ic ; 666 666 ₤. Dk iurçc i‗uskec ic bcttc usgoc cst ic 16 kos. Co ohrmcs G@QR, kvcb uo tkux i‗kbtukdgsktgho ic 3 %, dk prhvgsgho scrkgt o O‒; ic ; 666 666 Õ ;,63‒;3 = 9:; 6;5 > cddc scrkgt æ dk o O ic ; 666 666  Õ ;,63‒;9 = 363 60:. Ho pksscrkgt ihob dcs çbrgturcs sugvkotcs < V d ad Vrhvgsghos phur içmkotêdcmcot ; içmkotêdcmcot ; 666 666 ‒ 363 60: Qçsudtkt (363 (363 60: ‒ 9:; 6;5) Õ 53 % Gmpùts igçrçs 979 igçrçs 979 721 Õ 13 % Qçscrvcs (; (; 666 666 ‒ 9:; 6;5) Õ 53 % Qctrkgtcmcot prhvgsgho phur içmkotêdcmcot

979 721 ;: 62: ;12 529 2:7 120

V d  i d Bjkrecs okobgêrcs 9:; okobgêrcs 9:; 6;5  Õ  Õ 3 % Qçsudtkt 19 Qçsudtkt  19 63; Õ 53 % Gmpùts sur dcs açoçbcs Qctrkgtcmcot prhvgsgho phur içmkotêdcmcot

5

19 63; ;: 62: 0 6;2

Dcs kvkotkecs iu pcrshoocd R‗gd o‗cxgstc pks ic igvcrecobc sgeogbktgvc cotrc dcs ohrmcs G@QR ct dcs rêedcs rkoåkgscs co bc qug bhobcroc dcs   e i d æ bhurt tcrmc (   0) ct dcs rçegmcs æ bhtgsktghos içogcs, gd o‗co cst pks ic mìmc ics kvkotkecs phstçrgcurs æ d‗cmpdhg bhobcrokot dcs rçegmcs æ prcstktghos içogcs. Gds phrtcot csscotgcddcmcot sur dcs goicmogtçs ic içpkrt co rctrkgtc ct dcs rçegmcs ic rctrkgtc bhmpdçmcotkgrcs hu ic

Dcs prhvgsghos rçedcmcotçcs shot trkgtçcs ic dk mìmc mkogêrc quc ikos dc bks ic rctrkgtcmcot ic prçbhoshdgiktgho co ohrmcs rkoåkgscs.

bhuvcrturc ic prcstktghos mkdkigc ics rctrkgtçs eçrçs pkr dcs cotgtçs. 103  

Vkrtgc 2  Bhmptcs ic erhupc

OHYQC BHORCGD

Dhrsquc dcs coekecmcots ic rctrkgtc (ct dcs kvkotkecs dgçs) oc shot pks bhmptkagdgsçss ikos dcs bhmptkagdgsç bhmptcs goigvgiucds ics cotgtçs hu dhrsquc d‗cotgtç o‗kppdgquc pks dk mçtjhic kbtukrgcddc gssuc ic dk rcbhmmkoiktgho ic d‗KOB, vhus icvcz rctrkgtcr dcs coekecmcots ic rctrkgtc ct kssgmgdçs phur dcs rcoirc bhohrmcs kux G@QR.

Cd ◕  Dk shbgçtç Ekmmk k mgs co pdkbc uo rçegmc ic rctrkgtc æ prcstktghos içogcs. Cddc vcrsc ics bhtgsktghos æ ics hois (qug pdkbcot dc prhiugt ics bhtgsktghos co kbtgs gmmhagdgcrs g mmhagdgcrs ct kbtgs okobgcrs), dcs hois kssumkot dc vcrscmcot bjkquc kooçc ics prcstktghos icstgoçcs ku pcrshoocd rctrkgtç. Co bks i‗gosuskobc ic rcsshurbcs ics hois, dk shbgçtç Ekmmk s‗cst coekeçc æ bhuvrgr dk igçrcobc. Dcs igçrcotcs hurogcs ikos dcihooçcs tkadcku bg-kprês. brcdktgvcs g-kprês. ku rçegmc ic rctrkgtc æ prcstktghos içogcs vhus shot I

Qe i  æ  i

Bhtgsktghos vcrsçcs co O Vrcstktghos scrvgcs co O Hadgektghos æ d‗huvcrtur d ‗huvcrturcc ic d‗cxcrbgbc Bhþt ics scrvgbcs rcoius iurkot d‗cxcrbgbc O Bhþt okobgcr ic d‗cxcrbgbc Hadgektghos æ dk bdùturc ic d‗cxcrbgbc  d‗cxcrbgbc 

; 266 666 ; 766 666 16 ;66 666 ; 066 666 ; 166 666 1; 666 666

16 ;66 666 +ics ; 066 666iu+rçegmc ; 166 666 ‒ 666  ‒ ;  ; 766 666 Qcoicmcot kbtgs ksshbgç  Lustc vkdcur ics kbtgs ics rçegmcs rçegmcs ksshbgçs içaut O  Lustc vkdcur ics kbtgs ics rçegmcs rçegmcs ksshbgçs o O

766 666 ;3 666 666 ;3 266 666

Vhur dc bkdbud iu rcoicmcot ics kbtgs iu rçegmc, GKR ;7 (§ ;13) prçvhgt ic prcoirc co bhmptc uo gotçrìt bkdbudç sur dk lustc vkdcur co içaut i‗cxcrbgbc (phur ìtrc bhjçrcot kvcb dc bhþt okobgcr gmputç, ct bhmpcoscr kgosg bct gotçrìt ct çvgtcr kgosg uoc bcrtkgoc vhdktgdgtç ics rçsudtkts). Bc tkux cst ic 0 %. Ikos dcs bhmptcs shbgkux ic dk shbgçtç Ekmmk, scud k çtç bhmptkagdgsç (co bjkrecs) dc rêedcmcot ics bhtgsktghos ku hois ic pcosgho. Dcs agdkos ku 2; içbcmarc O‒; ct ku 2; içbcmarc O ct dc bhmptc ic rçsudtkt ic d‗kooçc O co ohrmcs G@QR phurrhot ìtrc kgosg çtkadgs < Ad  ia i‗ i‗  Q Pkdcur kbtukdgsçc ics hadgektghos  Lustc vkdcur ics kbtgs iu rçegmc

16 ;66 666 ‒ ;3 666 666 3 ;66 666

C  i‗ Q Pkdcurvkdcur kbtukdgsçc ics hadgektghos  Lustc ics kbtgs iu rçegmc

‒ 1; ;3 666 266 666 666 3 566 666

100  

Bjkpgtrc 7  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs gocrokghokdcs

B i d  Q Bhþt ics scrvgbcs rcoius Bhþt okobgcr Qcoicmcot ics kbtgs iu rçegmc ;3 rçegmc ;3 666 666 Õ 0 %

; 066 666 ; 166 666 ‒ 766 666 ; 766 666

Ho pksscrk ihob dcs çbrgturcs sugvkotcs < V d ad Qçscrvcs (hu rcphrt æ ohuvcku) 3 ohuvcku) 3 ;66 666 Õ 53 % Gmpùts igçrçs Icttcs prhvgsghooçcs phur kvkotkecs phstçrgcurs æ d‗cmpdhg Qcbhostgtutgho « prhvgsgho phur rctrkgtc ¾ co içaut i‗cxcrbgbc

2 :13 666 ; 153 666

Qçsudtkt (; 766 666 ‒ Qçsudtkt (; 666 ‒ ;  ; 266 666) Õ 53 % Gmpùts igçrçs Icttcs prhvgsghooçcs phur kvkotkecs phstçrgcurs æ d‗cmpdhg 3 566 666 ‒ 666 ‒ 3  3 ;66 666 Çvhdutgho prhvgsgho phur rctrkgtc

936 666 ;36 666

3 ;66 666

066 666

V d  i d Bjkrecs ic pcrs rshhoocd (bhþt ics scrvgbcs rcoius) Bjkrecs okobgêrcs (bhþt okobgcr) Vrhiugts okobgcrs (rcoicmcot ics kbtgs iu rçegmc) Bjkrecs ic pcrshoocd (bhtgsktghos)  (bhtgsktghos)  Bhtgsktghos bhostktçcs co bjkrecs Qçsudtkt Gmpùt sur dcs açoçbcs Hpçrktghos ic d‗cxcrbgbc

; 066 666 ; 166 666 766 666 ; 266 666 936 666 ;36 666

Ikos dc bks h÷ gd o‗y kurkgt pks i‗kbtgs (hois ic pcosgho) iu rçegmc ksshbgç, dk vkdcur kbtukdgsçc ics hadgektghos ku agdko co içaut i‗cxcrbgbc scrkgt ic 16 ;66 666 ₤ ct bcddc co o i‗cxcrbgbc ic 1; 666 666 ₤. Dk shbgçtç kurkgt içbkgssç dc mhotkot ics prcstktghos scrvgcs shgt ; 766 666 ₤ ct ho kurkgt pkssç dcs çbrgturcs ic rctrkgtcmcot sugvkotcs <

105  

Vkrtgc 2  Bhmptcs ic erhupc

V d ad Qçscrvcs (hu rcphrt æ ohuvcku) 16 ;66 16 ;66 666 Õ 53 % Gmpùts igçrçs Icttcs prhvgsghooçcs phur kvkotkecs phstçrgcurs æ d‗cmpdhg

;3 653 666 3 613 666 16 ;66 666

Qcbhostgtutgho « prhvgsgho phur rctrkgtc ¾ co içaut i‗cxcrbgbc Gmpùts igçrçs 766 igçrçs 766 666 Õ 13 % Qçsudtkt 766 Qçsudtkt  766 666 Õ 53 % Icttcs prhvgsghooçcs phur kvkotkecs phstçrgcurs æ d‗cmpdhg Çvhdutgho prhvgsgho phur rctrkgtc 1; 666 666 ‒ 16 ;66 666

113 666 053 666 766 666

V d  i d Bjk jkrrecs ic pcrshoocd (bhþt ics scrvgbcs rcoius) Bjkrecs okobgêrcs (bhþt okobgcr) Bjkrecs ic pcrshoocd ( prcstktghos ( prcstktghos bhostktçcs co bjkrecs) Qçsudtkt Gmpùt sur dcs açoçbcs Hpçrktghos ic d‗cxcrbgbc

; 066 666 ; 166 666 ; 766 666 053 666 113 666

Ikos bct cxcmpdc ohus o‗kvhos pks tcou bhmptc ics bhþts ics scrvgbcs pkssçs ct ics çbkrts kbtukrgcds (phur çvgtcr uoc bhmpdcxgtç bcrtkgoc). ◕

Gd o‗cxgstc co @rkobc kubuoc rêedc spçbgquc ic bhmptkagdgsktgho ics sthbn-hptghos. Bc o‗cst qu‗ku mhmcot ic d‗cxcrbgbc ic d‗hptgho qu‗uoc kuemcotktgho ic bkpgtkd, uoc kttrgautgho i‗kbtghos i‗kbtghos rkbjctçcs hu uoc rcmgsc ic dgqugigtçs çqugvkdcotc pcut ìtrc bhmptkagdgsçc. Ku bhotrkgrc, d‗kppdgbktgho ic dk ohrmc G@QR 1 gmpdgquc, phur d‗kttrgautgho ic sthbn-hptghos, dk bhmptkagdgsktgho i‗uoc bjkrec (ic pcrshoocd) iês dk iktc i‗hbtrhg. Bcttc bjkrec cst çvkduçc æ dk  l d ic d‗hptgho kttrgauçc.  MGOG-BKR 2

:

Dcs prhiugts ics kbtgvgtçs hrigokgrcs hrigokgrcs Dcs igvcrecobcs cotrc dc VBE ct d‗G@QR ;3 phrtcot csscotgcddcmcot sur < ‒  dcs iktcs ic bhmptkagdgsktgho ics prhiugts > ‒  dk phssgagdgtç ic prcoirc co bhmptc d‗kbtukdgsktgho > ‒  dcs bhotrkts æ dhoe tcrmc rcdktgs kux bhotrkts ic bhostrubtgho ct kux prcstktghos ic

scrvgbcs (prcstktghos rcmpdgcs prhercssgvcmcot). 10:  

Bjkpgtrc 7  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs gocrokghokdcs

D‗G@QR ;3 goigquc quc « d‗cotgtç ihgt bhmptkagdgscr ics prhiugts ics kbtgvgtçs hrigokgrcs dhrsqu‗cddc k rcmpdg (hu æ mcsurc qu‗cddc rcmpdgt) uoc hadgektgho ic prcstktgho co hurogsskot ku bdgcot dc agco hu scrvgbc prhmgs (b‗cst-æ-igrc co trkosçrkot uo kbtg). So kbtg cst trkosçrç dhrsquc dc bdgcot co k hatcou (hu æ mcsurc qu‗gd co hatgcot) dc bhotrùdc. ¾ Dc rççrcotgcd rkoåkgs s‗kttkbjc pdutùt ku trkoscrt ic prhprgçtç qu‗ku bhotrùdc. Ics igvcrecobcs pcuvcot kgosg ìtrc bhostktçcs. Cd ◕  Dk shbgçtç Hmgbrho k ccbtuç uoc vcotc (æ d‗cxphrtktgho) ic prhiugts ic 9: 666 ₤ jhrs tkxcs (vkdcur iu prhiugt co sthbn 91 666 ₤) bhmptkagdgskadc co ohrmc G@QR mkgs oho bhmptkagdgskadc co ohrmcs rkoåkgscs. Ho pksscrk dcs çbrgturcs ic rctrkgtcmcot sugvkotcs < V d ad Bdgcots Rthbn ic prhiugts Qçsudtkt (9: (9: 666 ‒ 91 666) Õ 53 % Icttcs i‗gmpùt igçrç (9: igçrç (9: 666 ‒ 91 666) Õ 13 % Qctrkgtcmcot vcotcs

9: 666 91 666 9 366 ; 366

V d  i d Pkrgktgho ic sthbn ‒ Vrhiubtgho sthbnçc Gmpùt sur dcs açoçbcs Qçsudtkt Pcotcs ic prhiugts Qctrkgtcmcot vcotcs

91 666 ; 366 9 366 9: 666

Æ dk igçrcobc ics ohrmcs gotcroktghokdcs, dc rççrcotgcd rkoåkgs oc kgt pks rççrcobc æ  l d dk bkirc icscoçbjkoecs ic agcosd phur d‗çvkduktgho ics quc prhiugts (d‗krtgbdc 1;2-2, jhrmgs iu VBEikos kgt dc rççrcobc kgt æ dk  d ). Gd co rçsudtc bcrtkgocs trkoskbtghos kgskot gotcrvcogr ics içdkgs ic rêedcmcot rcdktgvcmcot dhoes, kykot uoc gobgicobc sur dk lustc vkdcur ic dk bhotrcpkrtgc æ rcbcvhgr, scrhot bhmptkagdgsçcs bhmptkagdgsçc s phur ics mhotkots igçrcots ikos dcs icux rççrcotgcds. Kdhrs qu‗co G@QR, dc prhiugt æ bhmptkagdgscr bhrrcsphoirk ku mhotkot kbtukdgsç ic dk bhotrcpkrtgc kttcoiuc æ d‗çbjçkobc gd scrk çekd ku mhotkot ohmgokd ic bcttc mìmc bhotrcpkrtgc scdho dcs rêedcs rkoåkgscs. Cd cr ◕  Dk shbgçtç Hmgbrho k vcoiu (æ d‗cxphrtktgho) dc ;  içbcmarc O uo dht ic ;63 666 ₤ ic prhiugts qug oc scrhot pkyçs quc dc ; cr içbcmarc O+;. Rg d‗ho prcoi uo tkux i‗kbtukdgsktgho ic 3 %, dk lustc vkdcur ic bc dht ic prhiugts cst ic ;63 666   Õ (;,63)‒; = ;66 666 ₤. Ku 2; içbcmarc O, d‗gotçrìt bhuru sur dc brçigt kbbhriç ku bdgcot (bkdbudç ku tkux mcosucd çqugvkdcot ku tkux kooucd ic 3 %) cst ic ;66 666 Õ (;,63)‒;/;1 ‒ ;66 666, shgt 965 ₤.

107  

Vkrtgc 2  Bhmptcs ic erhupc

Ho pksscrk dcs çbrgturcs ic rctrkgtcmcot sugvkotcs < V d ad Qçsudtkt 9 372 Õ 53 % Qçsudtkt 9 Gmpùts igçrçs

2 993 ; ;9:

Bdgcots ;63 Bdgcots  ;63 666 ‒ ;66 965  Qctrkgtcmcot vcotc

9 372

V d  i d Pcotcs ic prhiugts ;63 prhiugts ;63 666 ‒ ;66 666 Kutrcs prhiugts okobgcrs Gmpùts sur dcs açoçbcs Qçsudtkt Qctrkgtcmcot vcotc

Dk bhmptkagdgsktgho  ehhiwgdd  gogtgkdc i‗uo hu i‗uo kbtg/pkssg oho dgç æ rcerhupcmcot i‗cotrcprgsc ct o‗kcbtkot og dc açoç`bc bhmptkadc, og dc açoç`bc gmphskadc çbjkppc æ d‗hadgektgho ic bhmptkagdgsktgho ku tgtrc ics gmpùts igçrçs.

7

3 666 965 ; ;9: 2 993

Dc VBE kuthrgsc icux mçtjhics ic bhmptkagdgsktgh bhmptkagdgsktghoo ic bhotrkts æ dhoe tcrmc s‗çtkdkot ikos dc tcmps < dk mçtjhic æ d‗kvkobcmcot (mçtjhic ic rççrcobc, krt. 011-5) ct dk mçtjhic æ d‗kbjêvcmcot. D‗G@QR ;3, ic sho bùtç prçbgsc (§ 27) quc « Vhur bjkquc hadgektgho ic prcstktgho rcmpdgc prhercssgvcmcot, d‗cotgtç ihgt bhmptkagdgscr dcs prhiugts ics kbtgvgtçs hrigokgrcs prhercssgvcmcot, co çvkdukot æ bcttc o dk mcsurc ikos dkqucddc d‗hadgektgho cst rcmpdgc (dc icerç i‗kvkobcmcot) ¾. So rctrkgtcmcot cst kdhrs oçbcsskgrc (scmadkadc æ bcdug ccbtuç ikos dc bkirc ics hpçrktghos hpçrktghos ic di co ohrmcs rkoåkgscs  :). Dk ohtgho ic rçsudtkt cxtrkhrigokgrc o‗cxgstkot pdus co G@QR, gd cst oçbcsskgrc ic rcbdksscr thus dcs bhmptcs ic bjkrecs ct ic prhiugts cxbcptghoocds cxbcptghoocds ikos dcs bhmptcs ic bjkrecs bhurkotcs ct ic prhiugts bhurkots. Cd ◕  Dcs bjkrecs bhrrcsphoikot kux bcssghos i‗çdçmcots i‗kbtg (mhgos-vkducs), kux ihos, dgaçrkdgtçs, brçkobcs grrçbhuvrkadcs, pçokdgtçs, kmcoics, mkdgs prhvcokot ic bdkusc i‗goicxktgho, ctb., dcs prhiugts prhvcokot ic dk bcssgho i‗çdçmcots i‗kbtgs (pdus-vkducs), dcs dgaçrkdgtçs rcåucs, dcs rcotrçcs sur brçkobcs kmhrtgcs, ctb. shot æ bdksscr ikos dcs bjkrecs ct prhiugts bhoiugskot ku rçsudtkt bhurkot. ◕  MGOG-BKR 1

D‗gmpùt sur dc rçsudtkt K

Dc prgobgpc

Dk ohrmc GKR ;1 «  Gù  d d ¾ gmphsc ic bhmptkagdgscr thus dcs kbtgs ct

pkssgs i‗gmpùt igçrç. 156  

Bjkpgtrc 7  Qcrkgcmcos ic prçbhoshdgikgho co ohrmcs gocrokghokdcs  Iç`ogtghos

Soc   d i cst uoc sbkdgtç dgçc kux hpçrktghos phur dcsqucddcs dc kgt • Soc

• A

eçoçrktcur ic d‗kbbrhgsscmcot hu d‗kddçecmcot utur ic d‗gmpùt cst gotcrvcou mkgs ihot d‗cct gotcrvgcoirk æ uoc iktc uturc içtcrmgoçc hu goiçtcrmgoçc mkgs bcrtkgoc. Soc  d d cst Soc d cst uoc sbkdgtç igçrçc æ bkrkbtêrc çvcotucd.

Dk bhmptkagdgsktgho ics gmpùts igçrçs

Dk bhmptkagdgsktgho ics gmpùts igçrçs ikos dcs bhmptcs goigvgiucds g oigvgiucds o‗cst pks gotcrigtc pkr dc VBE, mkgs três rkrc co prktgquc. Co cct, dc VBE oc kgt rççrcobc qu‗æ d‗gmpùt cxgegadc. Yhutchgs, ikos bcrtkgos bks, phur rcspcbtcr dc prgobgpc ic pruicobc, bcrtkgos pkssgs i‗gmpùts igçrçs pcuvcot kgrc d‗halct ic prhvgsghos (bhmptc ;33 « Vrhvgsghos phur gmpùt ¾). D‗GKR ;1 gmphsc æ uoc cotgtç ic bhmptkagdgscr dcs bhosçqucobcs sbkdcs ics trkoskbtghos ct kutrcs çvçocmcots ic dk mìmc kåho qu‗cddc bhmptkagdgsc dcs trkoskbtghos ct çvêocmcots cux-mìmcs. Cd ◕  Yhus dcs ccts i‗gmpùt dgçs kux trkoskbtghos ct kutrcs çvçocmcots bhmptkagdgsçs ikos dc bhmptc ic rçsudtkt shot çekdcmcot bhmptkagdgsçs ikos bc mìmc bhmptc. ◕

Rg dc rcbhuvr rcbhuvrcmcot cmcot utur ic dk vkdcur bhmptkadc i‗uo kbtg hu i‗uo pkssg cst susbcptgadc i‗kuemcotcr hu ic igmgoucr dcs pkgcmcots uturs i‗gmpùt co rkgsho ic dcur aksc sbkdc igçrcotc, d‗GKR ;1 gmphsc dk bhmptkagdgsktgho i‗uo gmpùt igçrç (cx. < rççvkduktgho ccbtuçc co rkobjgsc i‗gmpùt).  MGOG-BKR 9

;6

Dcs vkrgktghos ic bhurs ics mhookgcs Dk ohrmc GKR 1; « Ccts ics vkrgktghos ics ics bhurs ics mhookgcs çtrkoeêrcs ¾ trkgtc icux typcs ic prhadêmcs < ‒  dk prçscotktgho ics trkoskbtghos co mhookgc çtrkoeêrc ikos dk mhookgc hobtghoocddc > ‒  d‗utgdgsktgho i‗uoc mhookgc ic prçscotktgho kutrc quc dk mhookgc hobtghoocddc. Iç`ogtgho

Dk   dd cst Dk  dd cst içogc pkr d‗GKR 1; bhmmc « dk mhookgc ic d‗covgrhoocmcot çbhohmgquc prgobgpkd ikos dcqucd hpêrc d‗cotgtç ¾ kdhrs qu‗uoc mhookgc çtrkoeêrc cst « uoc mhookgc igçrcotc ic dk mhookgc hobtghoocddc hobtghoocddc ic d‗cotgtç ¾.

Cd ◕  Vhur uoc cotrcprgsc rkoåkgsc, dk mhookgc hobtghoocddc cst d‗curh ct thutc kutrc mhookgc cst uoc mhookgc çtrkoeêrc. ◕

D‗GKR 1; trkgtc çekdcmcot ic dk mhookgc ic prçscotktgho.

Ic pkr sho bjkmp i‗kppdgbktgho, d‗GKR ;1 cst gmpkbtçc pkr pdusgcurs ohrmcs iu rççrcotgcd G@QR. Ikos bc bjkpgtrc, ohus kvhos bhostktç shgt ics brçkobcs, shgt ics icttcs i‗gmpùt dgçcs kuxigçrç igçrcots rctrkgtcmcots çvhquçs.

15;  

Vkrtgc 2  Bhmptcs ic erhupc

Ykux ic bjkoec ic bjkobcddcrgc pkr pkys hu icvgscs <

Iç`ogtgho

Dk   i  cst Dk   cst içogc pkr d‗GKR 1; bhmmc « dk mhookgc utgdgsçc phur dk prçscotktgho ics çtkts okobgcrs ¾.

Dk mhookgc ic prçscotktgho pcut ìtrc dk mhookgc hobtghoocddc hobtghoocddc mkgs, ikos bcrtkgos bks, uoc mhookgc çtrkoeêrc (cx. < cotrcprgsc rkoåkgsc, dgkdc i‗uo erhupc kmçrgbkgo, qug tgcojttp b) uo kutrc prhiugt co çbjkoec. A1; Vhur rcoirc bhmptc ic dk hurogturc ic prhiugts kvcb irhgt ic rcthur (ct ic bcrtkgos scrvgbcs phuvkot kgrc d‗halct i‗uo rcmahurscmcot), d‗cotgtç ihgt bhmptkagdgscr thus dcs çdçmcots bg-icsshus < k) ics prhiugts ics kbtgvgtçs hrigokgrcs ku tgtrc ics prhiugts hurogs, phur uo mhotkot çekd ku mhotkot ic bhotrcpkrtgc kuqucd cddc s‗kttcoi æ kvhgr irhgt (d‗cotgtç oc bhmptkagdgsc ihob pks ic prhiugts ics kbtgvgtçs hrigokgrcs phur dcs prhiugts ihot cddc prçvhgt uo rcthur) > a) uo pkssg ku tgtrc ics rcmahurscmcots uturs > b) uo kbtg (ct uo klustcmcot bhrrcsphoikot iu bhþt ics vcotcs) rcprçscotkot sho irhgt ic rçbupçrcr dcs prhiugts içtcous pkr dc bdgcot dhrs iu rêedcmcot iu pkssg ku tgtrc ics rcmahurscmcots. A90. Rg d‗cotgtç s‗kttcoi æ açoç`bgcr ic mhotkots ku tgtrc ic irhgts kakoihooçs kçrcots æ uo pkssg sur bhotrkt, cddc ihgt bhmptkagdgscr bcs mhotkots kttcoius co prhiugts ics kbtgvgtçs hrigokgrcs prhphrtghoocddcmcot ku sbjçmk bhurkot scdho dcqucd dc bdgcot cxcrbc scs irhgts. Rg d‗cotgtç oc s‗kttcoi pks æ açoç`bgcr ic mhotkots ku tgtrc ic irhgts kakoihooçs, cddc ihgt bhmptkagdgscr bcs mhotkots co prhiugts ics kbtgvgtçs hrigokgrcs dhrsquc dk prhakagdgtç quc dc bdgcot cxcrbc scs irhgts rcstkots cst icvcouc kgadc. ☃☃☃ ☃ 2 Mgog-bks < kvkotkecs iu pcrshoocd ☃☃

Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho Içtcrmgocr dcs  d‗gmpkbt ics rctrkgtcmco rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo ••    Corcegstrcr hpçrktghos ic bhoshdgiktgho

Dk RK Crocst Ausgocss k mgs co pdkbc uo rçegmc phst-cmpdhg, bhobcrokot dcs goicmogtçs ic o ic bkrrgêrc vcrsçcs dhrs iu içpkrt æ dk rctrkgtc ics skdkrgçs. 15:  

ICR RKPHGQR KSZ BHMVÇYCOBCR

Dk RK Crocst Ausgocss, bhohrmçmcot æ d‗krtgbdc D. ;12-;2 kd. 2 iu Bhic ic bhmmcrbc, oc bhmptkagdgsc pks ku agdko, ikos scs bhmptcs shbgkux, scs coekecmcots co mktgêrc ic pcosgho, ic bhmpdçmcots ic rctrkgtc, i‗goicmogtçs i‗goicmogtçs ct i‗kddhbk i‗kddhbktghos tghos co rkgsho iu içpkrt æ dk rctrkgtc hu kvkotkecs sgmgdkgrcs ics mcmarcs hu ksshbgçs ic sho pcrshoocd ct ic scs mkoiktkgrcs shbgkux. mkoiktkgrcs Dk RK Crocst Ausgocss icvkot çtkadgr ics bhmptcs bhoshdgiçs co ohrmcs G@QR, prçscotcz dcs çbrgturcs æ bhmptkagdgscr co O bhobcrokot dcs hadgektghos rcdktgvcs kux goicmogtçs ic içpkrt æ dk rctrkgtc. Ho tgcoirk bhmptc i‗uo gmpùt igçrç ic 13 %.     ;    c    x    c    o    o     K

Ihooçcs rcdktgvcs kux kvkotkecs phstçrgcurs æ d‗cmpdhg kooçc O

I

Gi i i æ d 

Hadgektghos æ d‗huvcrturc

1 5:5 666

Bhþt ics scrvgbcs rcoius

922 666

Bhþt ic d‗kbtukdgsktgho

;0: 666

Vrcstktghos scrvgcs iurkot d‗cxcrbgbc

;:2 666

Ekgos sur scrvgbcs pkssçs bhostktçs ikos d‗cxcrbgbc Hadgektghos æ dk bdùturc

19 666 2 ;16 666

Ekgos kbtukrgcds ius æ uo bjkoecmcot i‗jyphtjêscs

51 666

Bjkrecs kbtukrgcddcs i‗cxpçrgcobc

;; 666

Ekgos kbtukrgcds oho bhmptkagdgsçs içaut O

;19 366

Dcs bjkrecs kbtukrgcddcs i‗cxpçrgcobc rcprçscotcot dcs ccts ics igçrcobcs cotrc dcs jyphtjêscs kbtukrgcddcs kotçrgcurcs ct bc qug s‗cst ccbtgvcmcot prhiugt.

☃☃☃ ☃ 9 Mgog-bks < gmpùt ig``çrç ☃☃

Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Dk shbgçtç Bdkrgssc cst uoc shbgçtç kohoymc shumgsc æ d‗gmpùt sur dcs shbgçtçs. Cddc kgt pkrtgc iu erhupc Bdçmcot, dcqucd çtkadgt ics bhmptcs bhoshdgiçs co ohrmcs gotcroktghokdcs. Vhur dk içtcrmgoktgho iu rçsudtkt sbkd O ic dk shbgçtç Bdkrgssc, dcs çdçmcots sugvkots hot çtç prgs co bhmptc (co curhs) <

157  

ICR RKPHGQR KSZ BHMVÇYCOBCR

Qçsudtkt bhmptkadc ohrmcs rkoåkgscs VBE 2;; ;13 Qçgotçerktghos `sbkdcs Gmpùt sur dcs shbgçtçs cxgegadc bhmptkagdgsç ;2: :53 Bhotrgautgho Bhotrgautg ho shdgikrgtç (B2R) O ;1 666 Bhotrgautgho chrt ic bhostrubtgho O oho içiubtgadc gmmçigktcmcot : 366 Ykxcs sur vçjgbudcs ic thurgsmc ;3 666 Kmhrtgsscmcots Kmhrtgsscmco ts oho içiubtgadcs sur vçjgbudcs ic thurgsmc : 666  Lcthos ic ic prçscobc oho içiubtgadcs içiubtgadcs 5 666 Gotçrìts ic bhmptcs bhurkots i‗ksshbgçs oho içiubtgad içiubtgadcs cs 0 366 Kmcoic phur gorkbtg gorkbtgho ho ; 366 Vcrtc ic bjkoec gosbrgtc ku bhmptc 950 2 066 Vrhvgsghos phur pcosghos ct hadgektgho hadgektghoss sgmgdkgrcs :6 666 Vkrtgbgpktgho Vkrtgbgpktg ho kux rçsudtkts O ;0 666 Içpcoscs shmptukgrcs dgçcs æ dk bjkssc Qçgotçerktgho Qçgotçerktg ho quhtc-pkrt pdus-vkduc ic usgho (d‗krtgbdc 1;6 K iu BEG) Içprçbgktgho Içprçbgktg ho iu hois ic bhmmcrbc oho içiubtga içiubtgadc dc Qççvkduktgho dgarc i‗kbtgs bhrphrcds   Içiubtghos `sbkdcs Bhotrgautgho ic shdgikrgtç (B2R) O‒; Bhotrgautgho Bhotrgautg ho chrt ic bhostrubtg bhostrubtgho ho O‒; oho içiugtc gmmçigktcm gmmçigktcmcot cot Vkrtgbgpktgho Vkrtgbgpktg ho kux rçsudtkts O ‒; Vrht ic bjkoec gosbrgt ikos dc bhmptc 955

262 666 666 ;9 666 91 666 2:3 753 ;; 666 0 666 ;9 666 1 666

Ihtktgho kux prhvgsgho prhvgsghoss phur pcrtcs ic bjkoec 2 066 Vdus-vkduc içekeçc dhrs ic d‗cxprhprgkt d‗cxprhprgktgho gho ;3 666 Qcprgsc ic dk rççvkduktgho dgarc ;6 666   0; 066 Bhmptkagdgscz Bhmptkagdgs cz ku 2; içbcmarc O thut gmpùt sur dcs shbgçtçs igçrç (tkux 13 %).

1:6  

ICR RKPHGQR KSZ BHMVÇYCOBCR

Mkïtrgscr dcs bhmpçtcobcs

Çvkducr dcs skvhgrs

Vrçpkrcr d‗çprcuvc

☃☃☃ ☃ 3 Bks prktgquc < gmmhagdgsktghos bhrphrcddcs ☃☃

Bhmpçtcobcs vgsçcs

06 mgo

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Dk akdkobc ics gmmhagdgsktghos bhrphrcddcs ic dk shbgçtç Ogbhdks ku 2; içbcmarc O, kprês govcotkgrc, sc prçscotc bhmmc sugt (vhgr pkec sugvkotc) < O¶ 1;; 1;2; 1;23 1; 23 1;39 1;:1 1;:2 1;:9 1:;2; 1:;2 1: ;233

1:;3 1: ;39 9

M

Rdi ia

Ycrrkgos Aátgmcots Gost Go stkd kddk dktg tgho hoss eç eçoç oçrk rkdc dcs, s, keco kecobc bcmc mcot ots, s, kmçokecmcots ics bhostrubtghos Mktçrgcd goiustrgcd Mktçrgcd ic trkosphrt Mktçrgcd ic aurcku ct gohrmktgquc Mhagdgcr Kmhrtgsscmcots aátgmcots Kmhr Km hrtg tgss sscm cmco cots ts gos gostk tkddk ddktg tgho hoss eçoçrkdcs, kecobcmcots, kmçokecmcots ics bhostrubtghos

166 666 066 666 156 666

Km Kmhr hrtg tgss sscm cmco cots ts ic mk mktç tçrg rgcd cd goiustrgcd 1:;: 1: ;:11 Km Kmhr hrtg tgss sscm cmco cots ts iu mkt mktçr çrgc gcdd ic trkosphrt 1:;: 1: ;:22 Km Kmhr hrtg tgss sscm cmco cots ts iu iu mktç mktçrg rgcd cd ic ic aurcku ct gohrmktgquc 1:;:9 Kmhrtgsscmcots iu mhagdgcr 17;:1 Içprçbgktgho iu mktçrgcd ic trkosphrt

Rdi i

266 666 ;:6 666 : 6 666 93 666 :7 136 02 666

51 666 06 666 93 666 ;1 666 16 666

• Dcs tcrrkgos hot çtç kbqugs co O‒2 < dcs irhgts i‗corcegstrcmcot i‗corcegstrcmcot shgt ;; 066 ₤ ct dcs rkgs ic ohtkgrc shgt 9 066 ₤ hot çtç phrtçs co bjkrecs. • Dcs aátgmcots, bhostrugts co O‒2 s‗kmhrtgsscot co 16 kos, kvcb uoc vkdcur rçsgiucddc ic 76 666 ₤. Gd kurkgt kddu igstgoeucr dk thgturc, skos vkdcur rçsgiucddc i‗uoc iurçc ic ;3 kos ct dk strubturc iu aátgmcot i‗uoc iurçc ic 26 kos. Co kgt dk iurçc ic 16 kos k

çtç bkdbudçc phur tcogr bhmptc ics vkdcurs rcspcbtgvcs iu erhs Œuvrc ct ic dk strubturc ct kgrc co shrtc quc dk ihtktgho edhakdc shgt dk mìmc sur 16 kos. 1:;  

ICR RKPHGQR KSZ BHMVÇYCOBCR

• Gostkddktghos eçoçrkdcs, kecobcmcots, kmçokecmcots ics bhostrubtghos < gds s‗kmhrtgsscot co ;3 kos (vkdcur rçsgiucddc ouddc). • Dc mktçrgcd goiustrgcd s‗kmhrtgt co ;6 kos (kmhrtgsscmcot içercssg, içercssg, bhcbgcot 1,13, kvcb igçrcobc cotrc kmhrtgsscmcots içercssg ct dgoçkgrc phrtç co kmhrtgsscmcots içrhekthgrcs) kvcb uoc vkdcur rçsgiucddc ic 06 666 ₤. Ics prhvgsghos ic erhs cotrctgco phur uoc rçvgsgho edhakdc ku ahut ic 3 kos shot bhmptkagdgsçcs bjkquc kooçc phur ;1 666 ₤ icpugs d‗kbqugsgtgho. Icpugs d‗kbqugsgtgho, kubuoc erhssc rçvgsgho prhvgsghooçc o‗k çtç ccbtuçc. • Ku mhmcot ic d‗kbqugsgtgh d‗kbqugsgtghoo dc mktçrgcd trkosphrt kvkgt uoc iurçc ic vgc cst cstgmçc æ : kos (kvcb uoc vkdcur rçsgiucddc ic 16 666 ₤). Ku 2; içbcmarc O sk vkdcur k çtç cstgmçc æ ;66 666 ₤. • Dcs bhmptcs « Mktçrgcd ic aurcku ct gohrmktgquc ¾ ct « Mhagdgcr ¾ oc hot pks d‗ha lct i‗hascrvktghos i‗hascrvktghos pkrtgbudgêrc pkrtgbudgêrcss phur bc trkvkgd.

Yrkvkgd æ kgrc Ikos dc bkirc i‗uoc bhoshdgiktgho co G@QR, prçscotcz dcs çbrgturcs ic prçbhoshdgiktgho ic rctrkgtcmcot ics gmmhagdgsktghos bhrphrcddcs phur d‗kooçc O ic dk shbgçtç Ogbhdks. Ho  prcoirk uo tkux i‗gmpùt sur dcs shbgçtçs shbgçtçs ic 13 %. ☃☃☃ ☃ 0 Bks prktgquc < gmmhagdgsktghos gobhrphrcddcs ☃☃

Bhmpçtcobcs vgsçcs

93 mgo

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Dk akdkobc ics gmmhagdgsktghos gobhrphrcddcs ic dk shbgçtç Ogbhdks ku 2; içbcmarc O, kprês govcotkgrc, sc prçscotc bhmmc sugt < O¶ 16;1 16;2 1633 16

M @rkgs ic prcmgcr çtkadgsscmcot @rkgs i‗kuemcotktgho ic bkpgtkd Bho hobc bcsssg sgho hoss ct ir irhg hgts ts sg sgmg mgdk dkgr grccs, arcvcts, dgbcobcs, mkrqucs, prhbçiçs, dhegbgcds, irhgts ct vkdcurs sgmgdkgrcs 1:6; 1: 6;11 Km Kmhr hrtgs tgssc scmc mcot otss rkg rkgss ic prcm prcmgc gcrr çtkadgsscmcot 1:6;2 1:6 ;2 Kmh Kmhrtgs rtgsscm scmcot cotss rk rkgs gs i‗k i‗kuem uemcot cotktg ktgho ho ic bkpgtkd 1:63 1: 63

Km Kmhr hrtgs tgssc scmc mcot otss bh bhobc obcss ssgh ghos osmkrqucs, ct ir irhg hgts ts sgmgdkgrcs, arcvcts, dgbcobcs, prhbçiçs, dhegbgcds, irhgts ct vkdcurs

Rdi ia 93 666 26 666 ;16 666

Rdi i

20 666 ;1 666 19 666

sgmgdkgrcs 1:1  

ICR RKPHGQR KSZ BHMVÇYCOBCR

• Dcs rkgs ic prcmgcr çtkadgsscmcot ct dcs rkgs i‗kuemcotktgho i‗kuemcotktgho ic bkpgtkd s‗kmhrtgs s‗kmhrtgsscot scot co 3 kos. • Ics rkgs ic içvcdhppcmcot coekeçs co O‒; ct O o‗hot pks çtç gmmhagdgsçs. Gds s‗çdcvkgcot æ 39 666 ₤ phur O‒1 ct 26 666 ₤ phur O. Gds kurkgcot iþ s‗kmhrtgr co 3 kos, æ bhmptcr iu içaut ic d‗cxcrbgbc sugvkot bcdug ic dk içpcosc. • Ics arcvcts hot çtç kbqugs co lkovgcr O‒1. Dk shmmc gmmhagdgsçc bhrrcsphoi æ bcddc qug k çtç vcrsçc æ bcttc iktc. Bjkquc kooçc, iurkot ;3 kos, dk shbgçtç Ogbhdks vcrscrk uoc rcicvkobc ic ; % bkdbudçc sur dc bjgrc i‗kkgrcs eçoçrç pkr bc arcvct < bcttc rcicvkobc k çtç ic ;1 666 ₤ co O‒1, ;2 666 ₤ co O‒;, ;9 666 ₤ co O. Bhmptc tcou ic d‗çvhdutgho iu bjgrc i‗kkgrcs, ho bhosgiêrc qu‗cddc kuemcotcrk ic ; 666 ₤ pkr ko. R‗gd cst oçbcsskgrc i‗kbtukdgscr bcs `ux ic trçshrcrgc ho prcoirk uo tkux ic 9 %.

Yrkvkgd æ kgrc Ikos dc bkirc i‗uoc bhoshdgiktgho co G@QR, prçscotcr dcs çbrgturcs ic prçbhoshdgiktgho ic rctrkgtcmcot ics gmmhagdgsktghos gobhrphrcddcs phur d‗kooçc O ic dk shbgçtç Ogbhdks. Ho  prcoirk uo tkux i‗gmpùt sur dcs shbgçtçs shbgçtçs ic 13 %. ☃☃☃   5 Bks prktgquc < bhotrkts ic dhbktgho ☃☃☃

Bhmpçtcobcs vgsçcs

06 mgo

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Dc ;cr lkovgcr O, dk shbgçtç @çdgx, qug vgcot ic sc bhostgtucr (bkpgtkd 366 666 ₤), sgeoc uo bhotrkt ic brçigt-akgd gmmhagdgcr kux bhoigtghos sugvkotcs < • Pkdcur iu tcrrkgo < 966 666 ₤. • Pkdcur i‗hrgegoc ic dk bhostrubtgho < 2 666 666 ₤. • @rkgs i‗kbqugsgtgho < ;32 666 ₤. • Iurçc i‗uskec ic dk bhostrubtgho < 16 kos (vkdcur rçsgiucddc cstgmçc cstg mçc ku ahut ic 16 kos < ; 666 666 ₤). • Iurçc iu bhotrkt < ;3 kos. • Vrgx ic dcvçc ic d‗hptgho co o ic bhotrkt (2; içbcmarc O+;9) < 136 666 ₤ (kmhrtgsscmcot sbkd ic dk bhostrubtgho sur 3 kos æ bhmptcr dk dcvçc ic d‗hptgho) pkykadc dc ;cr lkovgcr O+;3. • Qcicvkobc trgmcstrgcddc pkykadc ku içaut iu tcrmc < ;66 666 ₤. Dc 2; içbcmarc O+;5, O+;5, dk shbgçtç bêic bê ic d‗coscmadc d‗coscmad c gmmhagdgcr gmmhagdg cr phur uo prgx ic ; 766 666 ₤ ihot 566 666 ₤ phur dc tcrrkgo. Qq < • Dc tkux i‗GR cst ic 13 %.

• Dc tkux ic YPK sur dcs rcicvkobcs ic brçigt-akgd cst ic 16 %. 1:2  

ICR RKPHGQR KSZ BHMVÇYCOBCR

• Ho oc tgcoirk pks bhmptc ic d‗cct sbkd iþ æ d‗kppdgbktgho ic d‗krtgbdc 127 scxgcs G iu BEG (rçgotçerktgho dhrs ic dk bcssgho i‗uoc pdus-vkduc çekdc æ dk igçrcobc cotrc dk vkdcur ic d‗gmmcuadc dhrs ic dk sgeokturc iu bhotrkt igmgouçc ics kmhrtgsscmco kmhrtgsscmcots ts qug kurkgcot çtç prktgquçs sg d‗cotgtç co çtkgt prhprgçtkgrc ct dk vkdcur ic rkbjkt).

Yrkvkgd æ kgrc ;. Vrçscotcz, ikos dc lhurokd ic dk shbgçtç @çdgx (bhmptcs tcous bhohrmçmcot ku VBE), dcs çbrgturcs bhmptkadcs kux iktcs sugvkotcs < ; cr  lkovgcr O, ;cr  kvrgd O, 2; içbcmarc O+ ;9, ;9,  2; içbcmarc O+ ;3, ;3, 2; içbcmarc O+ ;5. ;5. 1. Pçrg`cz dc tkux ccbtg kppdgbkadc kppdgbkadc æ bc bhotrkt bhotr kt qug s‗çdêvc æ :,0 %. 2. Vrçscotcz dc tkadcku i‗kmhrtgsscmcot i‗kmhrtgsscmcot ic d‗cmpruot phur dcs kooçcs O ct O + ;. ;. 9. Vrçscotcz ikos dc lhurokd ic dk shbgçtç @çdgx (bhmptcs tcous bhohrmçmcot kux G@QR), dcs çbrgturcs bhmptkadcs kux iktcs sugvkotcs < ;cr  lkovgcr O, ;cr  kvrgd O, 2; içbcmarc O,  2; içbcmarc O+ ;9, ;9, 2; içbcmarc O+ ;3, ;3, 2; içbcmarc O+ ;5. ;5. 3. Vrçscotcz dcs çbrgturcs ic rctrkgtcmcot (agdko ( agdko ct rçsudtkt) ikos dc bkirc ic dk bhoshdgiktgho phur d‗kooçc O. ☃☃☃ ☃ : Bks prktgquc < cmpruot hadgektkgrc ☃☃

Bhmpçtcobcs vgsçcs

06 mgo

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Dk shbgçtç Ykoeuy, shbgçtç kgskot kppcd puadgb æ d‗çpkreoc sur uo mkrbjç rçedcmcotç, k çmgs dc ;cr lugddct O uo cmpruot hadgektkgrc ic ;6 666 hadgektghos ic ;66 ₤ ku ohmgokd ku tkuxDcic 3 % çmgscs æ 70s‗hpêrc ₤. Dcs pkr rkgskoougtçs i‗çmgssgho sc shot çdcvçs çdsur cvçs 0 :26 ₤ (YPK 16 % co pdus). rcmahurscmcot bhostkotcs ;6ækos.

Yrkvkgd æ kgrc ;. Vrçscotcz ikos dcs bhmptcs shbgkux ic dk shbgçtç Ykoeuy dcs çbrgturcs ku ; cr  lugddct O,  2; içbcmarc O ct ku ; cr  lugddct O+ ;. ;. Dcs rkgs i‗cmpruot scrhot rçpkrtgs sur dk iurçc ic d‗cmpruot. 1. Çtkadgsscz uo tkadcku i‗kmhrtgsscmcot ic d‗cmpruot ct içtcrmgocz, phur bjkquc çbjçkobc, dc bhþt kmhrtg (bhohrmçmcot æ d‗G@QR 7 bgtçc co koocxc). Ho kppdgqucrk uo tkux ccbtg ic 0 %. 2. Vrçscotcz, co ohrmcs G@QR, dcs çbrgturcs ku ;cr  lugddct O ct 2; içbcmarc O. 9. Goigqucz dcs rctrkgtcmcots oçbcsskgrcs phur ccbtucr dk bhoshdgiktgho ics bhmptcs iu  erhupc Ykoeuy ku 2; içbcmarc O.

1:9  

ICR RKPHGQR KSZ BHMVÇYCOBCR

   c    x    c    o    o     K

Bhþt kmhrtg i‗uo kbtg `okobgcr hu iu pkssg `okobgcr (cxtrkgt ic d‗G@QR 7) Dc bhþt kmhrtg i‗uo kbtg hu i‗uo pkssg cst dc mhotkot kuqucd cst çvkduç d‗kbtg hu dc pkssg `okobgcr dhrs ic sk bhmptkagdgsktgho gogtgkdc, g ogtgkdc, igmgouç ics rcmahurscmcots co prgobgpkd, mklhrç hu igmgouç ic d‗kmhrtgsscmcot bumudç bkdbudç pkr dk mçtjhic iu tkux i‗gotçrìt ccbtg, ic thutc igçrcobc cotrc bc mhotkot gogtgkd ct dc mhotkot æ d‗çbjçkobc, ct igmgouç ic thutc rçiubtgho (hpçrçc igrcbtcmcot hu pkr dc agkgs i‗uo bhmptc ic bhrrcbtgho ic vkdcur) phur içprçbgktgho hu grrçbhuvrkagdgtç.

1:3  

RWOYJÊRC Qctrkgtcmcots ic prçbhoshdgiktgho co ohrmcs gotcroktghokdcs

Q æ  •  Irhgts ic mutktgho, jhohrkgrcs hu bhmmgssghos ct rkgs i‗kbtcs, dgçs    s    o    h     g    t    k    s     g     d     g     a    h    m    m     G

æ d‗kbqugsgtgho •  Vrhvgsghos ct içpcoscs i‗cotrctgco kgskot d‗halct ic prherkmmcs pdurgkooucds ic erhs cotrctgco hu ic erkoics rçvgsghos •  Gmmcuadcs ic pdkbcmcot ct kbtgs oho bhurkots bdkssçs bhmmc içtcous co vuc ic dk vcotc •  Bhþts ics cmpruots •  Kbtgvktgho ics rkgs ic içvcdhppcmcot •  Hpphsgtgho thtkdc ic mçtjhic cotrc VBE (bhmptkagdgsktgho co bjkrecs

   s    o    h     g    t    k    b    h     D

dcs shmmcs iucs ku tgtrc ic dk pçrghic ic dhbktgho) ct d‗G@QR ;0 (bhmptkagdgsktgho i‗uo kbtg ku tgtrc iu irhgt i‗utgdgsktgho ct i‗uo pkssg dhbktg) < ‒  Vkssg dhbktg = vkdcur kbtukdgsçc iu mhotkot ics dhycrs ius oho cobhrc vcrsçs. ‒  Kbtg dhbktg = pkssg dhbktg + bhþts igrcbts gogtgkux coekeçs pkr dc prcocur •  Vhur bjkquc pçrghic bhmptkadc < Bjkrec = Kmhrtgsscmcot + Bjkrec okobgêrc    s    o

   s     n    b    h    t     R

   s    o    h     g    s     g    v    h    r     V

Igvcrecobcs phssgadcs (mkgs rkrcs) co mktgêrc i‗çvkduktgho

•  Vrhvgsghos phur erhs cotrctgco

hu erkoics rçvgsghos •  Oho-kbtukdgsktgho ics prhvgsghos æ dhoe tcrmc co rêedcs rkoåkgscs

    g    t    h    k     g    b     ç    r    p     ç     I    t    k    t     d    u    s     ç    r    c     d    r    u    s    t     ù    p    m     G

Æ d‗cxbcptgho ics7),gostrumcots okobgcrs (G@QR kascobc ic igvcrecobcs (co prgobgpc) cotrc VBE ct G@QR

Vrgsc co bhmptc ic dk thtkdgtç ics gmpùts igçrçs æ d‗cxbcptgho, co prgobgpc, ics gmpùts kbtgs

1:0  

Q æ     s    r    c     g    b    o    k    o     `    s    t    o    c    m    u    r    t    s    o     G     d    s    c    o    c    e    o    h    k    t    s    o    r    k    c    v    p     K   u     i    s    c    r    s    g    c    k    o     i    g     i    s    t    r     g    h    u    s     i    ç    t    h    r    g    v     V    g    t    b    k    s    s    c    r    c    g     i   k    t    s    ç    o    o    h   h     g    t    m    k     g    r    s    k    r     P   u    h    b    s    t    c    o    i    c    h     j    m    t    c    ç    e    o    m    k    c     j    i     B

Igvcrecobc thtkdc dc VBE ct dcs G@QR qug igstgoeucot dcs bks sugvkots ct dcs gostrumcots ic bhuvcrturc < ‒  kbtgs okobgcrs çvkduçs ku bhþt kmhrtg ‒  pkssgs okobgcrs çvkduçs ku bhþt kmhrtg ‒  kbtgs okobgcrs çvkduçs æ dk lustc vkdcur pkr dc agkgs ics kutrcs çdçmcots iu rçsudtkt edhakd ‒  kbtgs okobgcrs çvkduçs æ dk lustc vkdcur pkr dc agkgs iu rçsudtkt oct ‒  pkssgs okobgcrs çvkduçs æ dk lustc vkdcur pkr dc agkgs iu rçsudtkt oct •  Bhostktktgho shus hrmc ic prhvgsghos ics kvkotkecs phstçrgcurs æ d‗cmpdhg

bhobcrokot dcs rçegmcs æ prcstktghos içogcs •  Qctrkgtcmcots spçbgqucs ics pkgcmcots hoiçs sur ics kbtghos (sthbn-hptghos)

Vhssgagdgtç ic prcoirc co bhmptc d‗kbtukdgsktgho, sku bhotrkts æ dhoe tcrmc (mçtjhic igtc « æ d‗kvkobcmcot ¾)

•  Bhmptkagdgsktgho ics trkoskbtghos co icvgscs co bjkrecs hu prhiugts •  Bhovcrsghos ic bhmptcs çtkadgs co icvgscs < bhmptkagdgsktgho ku tkux ic

bdùturc (kbtgs/pkssgs), ku tkux mhyco (bjkrecs/prhiugts), ku tkux jgsthrgquc (bkpgtkux prhprcs), co bkpgtkux prhprcs (çbkrts ic bjkoec)

Yrkgtcmcot Yrkgtc mcot rçtrhspcbtg ics bhrrcbtghos i‗crrcurs i‗uoc pçrghic kotçrgcurc

1:5  

BJKVGYQC

;6 Bhmptcs rçbgprhqucs

ct rçsudtkts gotcrocs gotcrocs,, çbkrts i‗çvkduktgho ct i‗kbqugsgtgho

VQHEQKMMC Bhmpçtcobcs vgsçcs

Ohtghos ct bhotcous

• Mkïtrgscr dc prhbcssus i‗çdkahrktgho

Qctrkgtcmcots ic bhoshdgiktgho <  çdgmgoktgho ics bhmptcs rçbgprhqucs ct ‒  çdgmgoktgho

i‗uoc bhoshdgiktgho

 d‗gmpkbt ics • Içtcrmgocr rctrkgtcmcots ic bhoshdgiktgho • Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

ics rçsudtkts gotcrocs >

‒  trkgtcmcot  trkgtcmcot ics çbkrts i‗çvkduktgho ct i‗kbqugsgtgho < içtcrmgoktgho æ d‗cotrçc ct phstçrgcurcmcot æ d‗cotrçc.

VDKO IS BJKVGYQC Bhurs ‒  shgt æ dk lustc vkdcur. Rg dcs gotçrìts mgohrgtkgrcs shot çvkduçs æ dk lustc vkdcur, gd y k dgcu ic bhmptkagdgscr dk quhtc-pkrt ic ehhiwgdd ic ehhiwgdd rcvcokot  rcvcokot kux gotçrìts mgohrgtkgrcs. Bhmptc tcoucticicbcttc phssgagdgtç hcrtc hcrt c pkr dc § pcuvcot ;7 ic dk ìtrc ohrmc G@QR 2, icux i‗çvkduktgho bhmptkagdgsktgho iu ehhiwgdd pcuvcot iu ehhiwgdd covgskeçcs < mçtjhics ‒  uoc çvkduktgho kcbtçc sgmpdcmcot æ d‗kbquçrcur (mçtjhic igtc iu « purbjksc «  purbjksc  ehhiwgdd ¾  ehhiwgdd  ¾ hu iu ehhiwgdd iu ehhiwgdd pkrtgcd)  pkrtgcd) > ‒  uoc çvkduktgho kcbtçc æ dk hgs æ d‗kbquçrcur ct kux gotçrìts mgohrgtkgrcs, mgohrgtkgrcs, mçtjhic igtc iu «  «  udd ehhiwgdd ehhiwgdd ¾ hu iu ehhiwgdd iu ehhiwgdd thtkd  thtkd hu bhmpdct. Gd cst æ ohtcr quc s‗gd kvçrkgt quc dc ehhiwgd dc ehhiwgddd scrkgt oçektg, dk ohrmc G@QR 2 (§ 21) bhosgiêrc quc d‗kbqugsgtgho k çtç kgtc æ ics bhoigtghos kvkotkecuscs ct quc d‗kbquçrcur k kgt « uoc ahooc kkgrc ¾ (akrekgo (akrekgo purbjksc), purbjksc), bcttc ahooc kkgrc icvkot ìtrc bhmptkagdgsçc ikos dc rçsudtkt ic d‗cxcrbgbc.

2. D‗d æ d i i‗q d d i i «  purbjksc  ehhiwgdd ¾ ( « ehhiwgdd d ¾)   d Dc ehhiwgdd Dc  ehhiwgdd ihgt  ihgt ìtrc çvkduç bhmmc çtkot d‗cxbçicot iu bhþt iu rcerhupcmcot i‗cotrc-

prgscs sur dk pkrt i gotçrìt ic d kbquçrcur ikos dk lustc vkdcur octtc ics kbtgs, pkssgs ct pkssgs çvcotucds gicotgkadcs rcprgs. 266  

Bjkpgtrc ;6  Bhmpcs rçbgprhqucs c rçsudks gocrocs, çbkrs i‗çvkdukgho c i‗kbqugsggho

Cd () ◕  Qcprcohos dc bks ic dk shbgçtç Aìtk ihot dk shbgçtç Kdpjk k prgs dc bhotrùdc co O‒2. Dcs tgtrcs kvkgcot çtç kbqugs 20 666 666 ₤. Ho pcut kgosg bkdbudcr dc ehhiwgdd dc  ehhiwgdd  •  sk vkdcur i‗utgdgtç (sg ho pcut dk içtcrmgocr) > •  zçrh. Dc mhotkot ic dk pcrtc ic vkdcur qug kutrcmcot kurkgt çtç kcbtç æ d‗kbtg ihgt ìtrc rçpkrtg ku prhrktk cotrc dcs kutrcs kbtgs ic d‗uogtç. Rg, ikos dc bks prçscotç bg-icssus, dk vkdcur ic vcotc iu tcrrkgo cst ic 33 666 ₤ ct bcddc ic dk bhostrubtgho ic ;93 666 ₤, ho oc phurrk pks bhostktcr ic pcrtc ic vkdcur sur dc tcrrkgo (vkdcur bhmptkadc 36 666 ₤), mkgs uoc pcrtc ic vkdcur ic 3 666 ₤ sur dk bhostrubtgho (vkdcur bhmptkadc ;36 666 ₤) ct rçpkrtgr dcs 93 666 ₤ rcstkot prhphrtghoocddcmcot æ dk vkdcur bhmptkadc cotrc dcs çdçmcots gobhrphrcds ct dcs mktçrgcds shgt ;3 666 ₤ phur dcs çdçmcots gobhrphrcds ct 26 666 ₤ phur dcs mktçrgcds. ◕

Soc pcrtc ic vkdcur bhmptkagdgsçc bhmptkagdg sçc bhmmc uo ehhiwgdd oc ihgt pks ìtrc rcprgsc dhrs i‗uoc pçrghic udtçrgcurc.

0. D‗d i      i d‗q   d Dc ehhiwgdd Dc  ehhiwgdd oçektg  oçektg (hu akiwgdd akiwgdd)) bhrrcsphoi, phur dk pkrt rcvcokot æ d‗kbquçrcur, shgt æ uoc prçvgsgho hukbqugsgtgho ic içkut ic rcoicmcot dc bks çbjçkot, æ uoc pdus-vkduc phtcotgcddc iuic kgtpcrtc i‗uoc ccbtuçc ikosshgt, ics bhoigtghos kvkotkecuscs. Rg d‗gotçrìt ic d‗kbquçrcur ikos dk lustc vkdcur ics kbtgs, pkssgs ct pkssgs çvcotucds gicotgkadcs içpkssc dc bhþt iu rcerhu rcerhupcmcot pcmcot i‗cotrcprgscs, d‗kbquçrcur d‗kbquçrcur ihgt bhmptkagdgscr gmmçigktcmcot co rçsudtkt d‗cxbçicot kppkrkgsskot kprês dk rçvgsgho. Yhutchgs, Yhu tchgs, prçkdkadcmcot, dc § 20 ic dk ohrmc G@QR 2 stgpudc qu‗ « kvkot ic bhmptkagdgscr uo prht sur uoc kbqugsgtgho æ ics bhoigtghos kvkotkecuscs, d‗kbquçrcur ihgt rçcxkmgocr s‗gd k bhrrcbtcmcot gicotgç thus dcs kbtgs kbqugs ct thus dcs pkssgs rcprgs > gd ihgt çekdcmcot bhmptkagdgscr thus dcs kbtgs hu pkssgs kiigtghoocds gicotgçs dhrs ic bc rçcxkmco ¾. Cd () ◕  Qcprcohos dc bks ic dk shbgçtç Aìtk ihot dk d k shbgçtç Kdpjk k prgs dc bhotrùdc co O‒2 co kgskot d‗kbqugsgtgho icct06s‗çdêvc % iu bkpgtkd ₤. Ohus kvhos vu qucphur ikos29 bc bks dc666  ehhiwgdd cst wgdd  cst phsgtg æ ; 016phur 66620 ₤. 666 Rg dcs666 tgtrcs kvkgcot çtç kbqugs 666dc  ₤, ho kurkgt uo ehhiwgdd uo ehhiwgdd oçektg  oçektg ic 35 266 666 Õ 06 % ‒ 29 666 666 = 2:6 666 ₤, dcqucd kurkgt çtç bhmptkagdgsç ikos dc bhmptc ic rçsudtkt ic dk shbgçtç Kdpjk 8 ◕ @HBSR

Ycrmcs bhoocxcs ku ehhiwgdd 

11 scptcmarc 1666) (co koedkgs « ehhiwgdd  ¾).  ¾). Çdçmcots gobhrphrcds qug oc `hot pks d‗halct i‗uoc çvkduktgho ct i‗uoc bhmp tkagdgsktgho sçpkrçcs ku agdko, ct qug bhobhurcot ku mkgotgco ct ku içvcdhppcmcot iu phtcotgcd i‗kbtgvgtç ic d‗cotrcprgsc. Kttcotgho < dc `hois bhm mcrbgkd oc ihgt pks ìtrc bho`hoiu kvcb dc `hois ic bhmmcrbc. •  @hois ic bhmmcrbc  (aksc tcrmgohdhegquc iu •  @hois

bhmmcrbgkd  ( LH   iu

bhrphrcds ct gobhrphrcds qug kppkrtgcoocot æ uo bhmmcråkot hu æ uo goiustrgcd ct qug dug pcrmcttcot i‗cxcrbcr sk prh`cssgho. Co irhgt, dc `hois ic bhmmcrbc cst bhosgiçrç bhmmc uo agco uogtkgrc gobhrphrcd, shumgs æ uo rçegmc pkrtgbudgcr. •  Rurvkdcur  ( LH  iu  iu 5 scptcmarc 1665) (co koedkgs « ehhiwgdd   ¾). Igçrcobc phsgtgvc cotrc dk vkdcur i‗uoc cotrcprgsc sur dc mkrbjç ct dk vkdcur bhmptkadc ic sho kbtg` oct, tcddc qu‗cddc rcsshrt ic

Bhoscgd gotcroktghokd ic dk dkoeuc `rkoåkgsc) (co koedkgs « ehhiwgdd   ¾). Coscmadc ics çdçmcots

sho agdko ku mhmcot i‗uoc kbqugsgtgho hu i‗uoc `usgho. 262

 

Vkrtgc 2  Bhmptcs ic erhupc

B

Dk bhmptkagdgsktgho ics çbkrts i‗çvkduktgho ct i‗kbqugsgtgho

Dcs çbkrts i‗çvkduktgho ct dcs çbkrts i‗kbqugsgtgho i‗kbqugsgtgho ihgvcot ìtrc bhmptkagdgsçs co tcokot bhmptc ic thutcs gobgicobcs survcoucs icpugs dk prgsc ic bhotrùdc ic d‗cotgtç.

;. D ad   å Ç . Dcs çbkrtsbhrrcsphoikot i‗çvkduktgho shot corcegstrçs kuic içagt (hu kuDk brçigt) iu bhmptci‗d i‗kbtg (hu ic pkssg) æ dk iktc ic prgsc bhotrùdc. bhotrcpkrtgc cst corcegstrçc co gmpùt igçrç ct co bkpgtkux prhprcs (rçsudtkt ic d‗cxcrbgbc ic dk prgsc ic bhotrùdc, rçscrvcs phur dcs cxcrbgbcs sugvkots). Bcs çbkrts i‗çvkduktgho shot kmhrtgs sur dk iurçc rcstkot æ bhurgr ics gmmhagdgsktghos bhrrcsphoikotcs. bhrrcsphoikotcs. Ç i‗q . Dcs çbkrts i‗kbqugsgtgho i‗kbqugsgtgho phsgtgs shot bhostktçs æ d‗kbtg ikos uo bhmptc spçbgquc « Çbkrt i‗kbqugsgtgho ¾ qug scrk pdkbç ikos dc agdko ku ogvcku ics gmmhagdgsktghos gobhrphrcd gobhrphrcddcs. dcs. Ç i‗q e. Dcs çbkrts i‗kbqugsgtgho oçektgs shot phrtçs co prhvgsghos phur rgsqucs ct rkpphrtç bjkquc kooçc ku rçsudtkt sur uoc iurçc qug ihgt rc`çtcr dcs jyphtjêscs rctcoucs ct dcs halcbtgs xçs dhrs ic d‗kbqugsgtgho. K  i i d‗ i‗q.  Co d‗kascobc ic dgmgtc prçvgsgadc, ho oc bhostktcrk pks i‗kmhrtgsscmcot. Co prçscobc i‗uoc dgmgtc prçvgsgadc, ho kmhrtgrk sur dk iurçc prçvuc, hu sg bcddc-bg oc pcut ìtrc içtcrmgoçc sur uoc vkdcur kadc sur uoc iurçc ic ;6 kos. Co prçscobc i‗uo goigbc ic pcrtc ic vkdcur, uoc içprçbgktgho (qug oc pcut ìtrc rcprgsc) scrk bhostktçc. Cd cr ◕  Dk shbgçtç Kdpjk k prgs dc ;  lugddct O dc bhotrùdc ics shbgçtçs Ekmmk ct Icdtk co kgskot rcspcbtgvcmcot d‗kbqugsgtgho ic :6 % ct ic 06 % iu bkpgtkd ic bcs icux shbgçtçs phur ; 166 666 ₤ ct :66 666 ₤. Ku mhmcot ic dk prgsc ic bhotrùdc, dcs bkpgtkux prhprcs ic bcs icux shbgçtçs (kprês rctrkgtcmcots çvcotucds bhmmc bcux ics prhvgsghos rçedcmcotçcs) s‗çdcvkgcot rcspcbtgvcmcot æ < •  Vhur dk shbgçtç Ekmmk æ < ; 666 666 ₤ •  Vhur dk shbgçtç Icdtk æ < ; 936 666 ₤ Dcs kbtgs gicotgkadcs ic dk shbgçtç Ekmmk içekeckgcot uoc pdus-vkduc dktcotc ic < •  Rur dcs mkrqucs < 76 666 ₤ •  Rur dcs tcrrkgos < :6 666 ₤ •  Rur ics bhostrubtghos kmhrtgsskadcs co 16 kos < 166 666 ₤ Dcs mkrqucs pcuvcot ìtrc bçiçcs sçpkrçmcot ic dk shbgçtç kbqugsc. Dcs çbkrts i‗kbqugsgtgho s‗kmhrtgsscot co ;6 kos ct dc tkux ic d‗gmpùt sur dcs shbgçtçs æ prcoirc co bhmptc phur dc bkdbud ics gmpùts igçrçs cst ic 13 %. Vhur d‗çtkadgsscmcot iu agdko bhoshdgiç iu erhupc Kdpjk ku 2; içbcmarc O, ho pksscrk, phur bc qug bhobcroc dcs çbkrts ic prcmgêrc bhoshdgiktgho (çbkrts i‗kbqugsgtgho ct çbkrt i‗çvkduktgho) co utgdgskot rççrcotgcd otgcd iu rêedcmcot 1616-6; ic d‗KOB (hu 77-61 iu BQB), dcs çbrgturcs sugvkotcs < dc rççrc

269  

Bjkpgtrc ;6  Bhmpcs rçbgprhqucs c rçsudks gocrocs, çbkrs i‗çvkdukgho c i‗kbqugsggho

Ç  d ad

OHYQC BHORCGD

2;.;1.O Mkrqucs Ycrrkgos Bhostrubtghos

Ku mhmcot ic dk prgsc ic pkrtgbgpktgho, mgcux vkut gmputcr dcs çbkrts i‗çvkduktgho

76 666 :6 666 166 666 Õ

Gmpùts igçrçs 666)  13 % Qçscrvcs Kdpjk dc ehhiwgdd dc ehhiwgdd rcprçscotc  rcprçscotc dk pdus-vkduc sur dcs çdçmcots oho gicotgkadcs kbqugs. Cd () dc  ehhiwgdd shgt  shgt ic ; 016 666 ₤, ◕  Co rcprcokot dc bks ic dk shbgçtç Aìtk ct co supphskot quc dc ehhiwgdd ho pksscrkgt d‗çbrgturc sugvkotc (co mgddgcrs mgdd gcrs i‗curhs) < Ehhiwgdd Aììtk Ehhiwgdd A Qçscrvcs Kdpjk Ehhiwgdd

; 016

; 016

•  Kvcb dk i i « `udd ehhiwgdd ¾, d‗çbkrt i‗kbqugsgtgho cst rçpkrtg cotrc d‗cotrcprgsc kbquçrcusc (gd cst kcbtç æ uo phstc ic bkpgtkux prhprcs) ct dcs gotçrìts mgoh-

rgtkgrcs (kppcdçs, pkr dk ohrmc G@QR 2, « Vkrtgbgpktghos oc ihookot ihookot pks dc bhotrùdc ¾). Cd () ◕ 

Co rcprcokot dc bks ic dk shbgçtç Aìtk ct co supphskot quc dc ehhiwgdd dc ehhiwgdd shgt  shgt ic 1 566 666 ₤, ho pksscrkgt d‗çbrgturc sugvkotc (co mgddgcrs mgdd gcrs i‗curhs) <

Ehhiwgdd Aììtk Ehhiwgdd A Qçscrvcs Kdpjk 1 Kdpjk 1 566 Õ 06 % Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs rçscrvcs   1 566 Õ 96 % Ehhiwgdd

1 566 ; 016 ; 6:6

Bad i  ehhiwgdd  e. Dk ohrmc G@QR 2 oc prçvhgt qu‗uoc scudc mçtjhic (§ 29), dc ekgo çtkot kttrgauç æ d‗kbquçrcur. Dc ehhiwgdd Dc ehhiwgdd oçektg,  oçektg, hu prht prhvcokot ic d‗kbqugsgtgho, cst gmputç ikos dc rçsudtkt ic d‗cxcrbgbc ic dk shbgçtç kbquçrcusc (pkssç, cotrc-tcmps, ikos dcs bkpgtkux prhprcs). Cd () ◕  Qcprcohos dc bks ic dk shbgçtç Aìtk kokdysç bg-icsshus ct supphshos quc d‗ho d ‗ho kgt uoc vkdcur i‗kbqugsgtgho ics tgtrcs ic 29 666 666 ₤, uoc vkdcur ics kbtgs ct pkssgs gicotgkadcs ic 35 266 666 ₤, dc ehhiwgdd dc ehhiwgdd cst  cst oçektg phur 35 266 666 Õ 06 % ‒ 29 666 666 = 2:6 666 ₤. Gd y kurkgt ihob dgcu ic bhmptkagdgscr co O‒2 uo prhiugt ic 2:6 666 ₤ ikos dc rçsudtkt ic d‗kbquçrcusc Kdpjk (shgt dcs rçscrvcs ic O). Ho pksscrkgt kdhrs d‗çbrgturc sugvkotc (co mgddgcrs i‗curhs) <

26:  

Bjkpgtrc ;6  Bhmpcs rçbgprhqucs c rçsudks gocrocs, çbkrs i‗çvkdukgho c i‗kbqugsggho OHYQC BHORCGD

Ygtrcs ic pkrtgbgpktgho Qçscrvcs shbgçtç Kdpjk Ehhiwgdd oçektg  Ehhiwgdd  oçektg 

2:6 2:6

Kprês bcttc hpçrktgho dc bhmptc « Ygtrc ic pkrtgbgpktgho (Aìtk) ¾ cst icvcou içagtcur ic 29 666 666 + 2:6 666 = 29 2:6 666 shgt 35 266 666 Õ 06 %. ◕

Bad i d i i  ehhiwgdd  . Dk bhmptkagdgsktgho ic dk içprçbgktgho iu ehhiwgdd iu ehhiwgdd cst  cst bdkssgquc. Dk içprçbgktgho k æ dk hgs uo cct sur dcs gotçrìts ic dk shbgçtç kbquçrcusc ct sur bcux ics gotçrìts mgohrgtkgrcs. Bhmmc phur d‗kokdysc iu  iu    ehhiwgdd,, icux mçtjhics shot bhobcvkadcs.  ehhiwgdd Cd ◕  Rupphshos qu‗co O‒;, dc ehhiwgdd dc ehhiwgdd   edhakd (« udd (« udd ehhiwgdd ¾) ehhiwgdd ¾) içekeç æ d‗kbqugsgtgho ic dk shbgçtç Aìtk, shgt 1 566 666 ₤ (shgt ; 016 666 scdho dk mçtjhic igtc iu « purbjksc « purbjksc ehhiwgdd  ¾) sc shgt içprçbgç ic 1 666 666 ₤. Ho kurkgt bhostktç bcttc içprçbgktgho ikos dc rçsudwgdd tkt ic dk shbgçtç Acrokri (hu 06 % ic dk içprçbgktgho ikos dc rçsudtkt ic dk shbgçtç Kdpjk ct 96 % ikos dc rçsudtkt rcvcokot kux gotçrìts mgohrgtkgrcs). Ku mhmcot ic d‗çtkadgsscmcot ics bhmptcs bhoshdgiçs ic d‗kooçc O, bcttc içprçbgktgho s‗gmputcrk sur dcs rçscrvcs. Rcdho dk mçtjhic iu « purbjksc « purbjksc ehhiwgdd ¾, ehhiwgdd ¾, ho kurkgt pkssç, ikos dcs çbrgturcs ic bhoshdgiktgho o O, d‗çbrgturc sugvkotc (co mgddgcrs i‗curhs) < Qçscrvcs Kdpjk Ehhiwgdd Içprçbgktgho ehhiwgdd ehhiwgdd 1  1 666 Õ 06 %

; 166 ; 166

Rcdho dk mçtjhic iu « udd « udd ehhiwgdd ¾, ehhiwgdd ¾, ho kurkgt pkssç, ikos dcs çbrgturcs ic bhoshdgiktgho æ dk o O, d‗çbrgturc sugvkotc < Qçscrvcs Kdpjk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Ehhiwgdd Içprçbgktgho iu ehhiwgdd ehhiwgdd 1  1 666

 MGOG-BKR 9 • MGOG-BKR 3 • BKR VQKYG[SC 5 • BKR VQKYG[SC :

; 166 :66 1 666

Rg dk prgsc ic bhotrùdc kvkgt çtç ccbtuçc ku bhurs ic d‗cxcrbgbc O, ikos dcs çbrgturcs phur dc agdko, ho kurkgt brçigtç dc bhmptc « Qçsudtkt shbgçtç Kdpjk ¾ ct, ikos dcs çbrgturcs phur dc bhmptc ic rçsudtkt, ho kurkgt brçigtç uo bhmptc « Vrhts vcokot i‗kbqugsgtgho æ ics bhoigtghos kvkotkecuscs ¾.

Soc içprçbgktgho iu ehhiwgdd phsgtg o‗k pks i‗cct `sbkd.

267  

ICR RKPHGQR RKPHGQR KSZ BHMVÇYCOBC BHMVÇ YCOBCRR Çvkducr dcs skvhgrs

Mkïtrgscr dcs bhmpçtcobcs

Vrçpkrcr d‗çprcuvc

; [BM Vhur bjkbuoc ics qucstghos sugvkotcs, uoc scudc rçphosc cst phssgadc. Lustg`cz vhtrc bjhgx. ;. Dk shbgçtç Kdpjk k prgs k pkrgtç kvcb dk shbgçtç Hmçek uoc pkrtgbgpktgho ikos dk shbgçtç Icdtk phur p hur y kssumcr uo bhotrùdc bholhgot. bholhgot . Ku 2; içbcmarc O, vhus bhostktcz ikos dc agdko agdk o i‗Kdpjk i‗Kdpjk uo phstc phst c Icdtk içagtcur içagtcu r ic 96 666 ₤ ct ikos dc agdko ag dko ic Ekmmk uo phstc @hurogsscur Kdpjk brçigtcur ic 96 666 ₤. Ikos dc bkirc ic dk bhoshdgiktgho co ohrmcs rkoåkgscs, ic qucddc shmmc kut-gd bhmpcoscr dcs bhmptcs @hurogsscur Kdpjk ct Bdgcot Icdtk 8 k. 96 666 ₤. ∗ a. 16 666 ₤. ∗ b. 6 ₤. ∗ 1. Dk shbgçtç Kdpjk ccbtuc rçeudgêrcmcot kvcb sk dgkdc Cpsgdho (ihot cddc phssêic 06 % iu bkpgtkd) ics hpçrktghos i‗cxpdhgtktgho. i‗cxpdhgtktgho. Dk shbgçtç Cpsgdho vcoi æ dk shbgçtç Kdpjk ics mktgêrcs prcmgêrcs qug scrhot trkoshrmçcs pkr dk shbgçtç Kdpjk. Dk mkrec i‗Cpsgdho sur dk vcotc ic bcs mktgêrcs prcmgêrcs cst ic 16 %. Ku 2; içbcmarc içbcmarc O, ikos dc agdko i‗Kdpjk, i‗Kdpjk, dcs sthbns ic bcs mktgêrcs prcmgêrcs hot çtç çvkduçs æ 36 666 ₤. Gds çtkgcot ic 136 666 ₤ ku ;cr lkovgcr O. Rkbjkot quc dc tkux i‗gmpùt sur dcs shbgçtçs cst ic 13 %, quc d‗ho utgdgsc dk mçtjhic ic bhoshdgiktgho igrcbtc, ic qucd mhotkot dc rçsudtkt bhoshdgiç i‗Kdpjk ihgt-gd ìtrc igmgouç 8 k. ;6 666 ₤. ∗ a. 5 366 ₤. ∗ b. 9 366 ₤. ∗ 2. Dk shbgçtç Kdpjk k vcoiu æ sk dgkdc Cpsgdho (ihot cddc phssêic 06 % iu bkpgtkd) phur 266 666 ₤ uo coscmadc gmmhagdgcr kbqugs 166 666 ₤ (ihot 36 666 ₤ phur dc tcrrkgo) ct kmhrtg ic 06 666 ₤. Ic bhmagco, ikos dc rctrkgtcmcot ics bhmptcs phur dk bhoshdgiktgho ihgt-cddc igmgoucr sho rçsudtkt (tkux i‗gmpùt sur dcs açoçbcs < 13 %) 8 k. ;06 666 ₤. a. ;16 666 ₤. b. 51 666 ₤.

∗ ∗ ∗

9. Dk shbgçtç Kdpjk prcoi dc bhotrùdc ic dk shbgçtç Aìtk co kgskot d‗kbqugsgtgho ic 3; % ics kbtghos iu bkpgtkd ic bcttc shbgçtç. Bhmmcot, Bhmmcot, ikos dcs çtkts okobgcrs bhoshdgiçs ic dk shbgçtç Kdpjk, ihgvcot ìtrc prçscotçs dcs tcrrkgos ct bhostrubtghos ic dk shbgçtç Aìtk (scdho G@QR 2) 8 k. Æ dk vkdcur bhmptkadc qu‗gds hot ikos dcs bhmptcs ic dk shbgçtç shbg çtç Aìtk. ∗

a. Æ dcur lustc vkdcur (vkdcur ic mkrbjç) ikos dcs bhmptcs ic dk shbgçtç Aìtk. ∗ b. Æ dk vkdcur bhmptkadc qu‗gds hot ikos dcs bhmptcs ic dk shbgçtç Aìtk mklhrçc ic 3; % ic dk igçrcobc cotrc dk lustc vkdcur (vkdcur ic mkrbjç) ct dk vkdcur bhmptkadc. ∗ 2;6  

ICR RKPHGQR KSZ BHMVÇYCOBCR

3. Dk shbgçtç Kdpjk vgcot ic prcoirc dc bhotrùdc ic dk shbgçtç Ekmmk co kgskot d‗kbqugsgtgho phur : ;66 n₤ ic 06 % iu bkpgtkd ic bcttc shbgçtç. Dcs kbtgs gicotgkadcs ic dk shbgçtç Ekmmk shot çvkduçs çvkduçs æ 16 666 n₤ ct dcs pkssgs gicotgkadcs æ ;2 666 n₤. [ucd cst dc mhotkot iu ehhiwgdd iu  ehhiwgdd (mçtjhic  (mçtjhic

iu « purbjksc «  purbjksc ehhiwgdd ehhiwgdd ¾),  ¾), dc tkux i‗gmpùt sur dcs shbgçtçs çtkot ic 13 % 8 k. ; ;66 n₤. a. 2 766 n₤. b. 1 066 n₤.

∗ ∗ ∗

0. Bhmmcot, co ohrmcs rkoåkgscs, d‗çbkrt i‗kbqugsgtgho sc içprçbgc-t-gd dhrsqu‗gd k iurçc dgmgtçc mkgs quc bcttc iurçc oc pcut pks ìtrc içtcrmgoçc ic mkogêrc kadc 8 k. Dgoçkgrcmcot, sur ;6 kos. ∗ a. Dgoçkgrcmcot, sur 3 kos. ∗ b. Gd oc s‗kmhrtgt pks ct ho içtcrmgoc kooucddcmcot dk vkdcur iu ehhiwgdd iu  ehhiwgdd ct  ct d‗ho bhostktc bjkquc kooçc uoc içprçbgktgho. ∗

Çvkducr dcs skvhgrs

Mkïtrgscr dcs bhmpçtcobcs

Vrçpkrcr d‗çprcuvc

1 Mgog-bks < bhmptcs rçbgprhqucs ☃☃☃ Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Dk shbgçtç Aìtk, dgkdc æ :6 % ic dk shbgçtç Kdpjk vcoi ics mkrbjkoigscs æ dk shbgçtç mêrc Kdpjk. Ku bhurs ic d‗kooçc O bcs vcotcs sc shot çdcvçcs æ 2 666 666 ₤ jhrs tkxcs kvcb uoc mkrec ic 16 %. Dc sthbn ic bcs mkrbjkoigscs bjcz Kdpjk çtkgt ic 266 666 ₤ ku ;cr lkovgcr O, gd o‗cst quc ic 136 666 ₤ ku 2; içbcmarc O. Ku 2; içbcmarc O, Kdpjk ihgt cobhrc 196 666 ₤ YYB æ Aìtk. [ucddcs çbrgturcs ic bhoshdgiktgho (agdko) co bhoshdgiktgho igrcbtc hot çtç bhostktçcs ku  2; içbcmarc O 8 Ykux Ykux ic d‗gmpùt 13 %.

2 Mgog-bks < bcssgho gotcroc i‗uoc gmmhagdgsktgho ☃☃☃ Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho. rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktgho. o. •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho.

Dk shbgçtç \hhm k vcoiu dc ;cr kvrgd O, uo coscmadc gmmhagdgcr phur 366 666 ₤ (ihot

;66 666 ₤ phur dc tcrrkgo) æ dk shbgçtç Arckn, sk dgkdc ihot cddc phssêic :6 % iu bkpgtkd. Bct coscmadc kvkgt çtç kbqugs pkr dk shbgçtç \hhm co kvrgd O‒0 phur 966 666 ₤ 2;;  

ICR RKPHGQR KSZ BHMVÇYCOBCR

(ihot 53 666 ₤ phur dc tcrrkgo). Dk shbgçtç \hhm kvkgt kmhrtg dk bhostrubtgho ku tkux ic 9 % d‗ko (kvcb prgsc co bhmptc i‗uoc vkdcur rçsgiucddc ic 96 666 ₤). Dk shbgçtç Arckn k içbgiç i‗kmhrtgr dk bhostrubtgho ku tkux ic 3 % d‗ko (kvcb çekdcmcot prgsc co bhmptc i‗uoc vkdcur rçsgiucddc ic i‗uoc vkdcur rçsgiucddc ic 96 666 ₤). [ucddcs çbrgturcs çbrgturcs ic bhoshdgiktgho (agdko) hot çtç bhostktçcs ku 2; içbcmarc O 8 ☃☃☃ ☃ 9 Mgog-bks < çbkrts ic prcmgêrc bhoshdgiktgho ☃☃

Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Ikos sho agdko ku 2; içbcmarc O, dk shbgçtç Ekrico k gosbrgt uo phstc « tgtrcs ic pkrtgbgpktgho Lct ¾ (shbgçtç kohoymc ku bkpgtkd ic ; 066 666 ₤) phur ; ;0: 666 ₤, phur uo coscmadc ic : 666 kbtghos. Dk shbgçtç ku mhmcot ic dk brçktgho dk shbgçtç  Lct, 9 666 Ekrico tgtrcs æ kvkgt ;66 ₤shusbrgt (shgt 96co%O‒0, iu bkpgtkd). Co lkovgcr O‒2, cddcickvkgt kbqugs 9 666 tgtrcs ic dk mìmc shbgçtç Lct kuprês i‗kutrcs kbtghookgrcs phur 50: 666 ₤ jhrs rkgs i‗kbqugsgtgho (shgt æ ;71 ₤ pkr kbtgho). Dcs rkgs i‗kbqugsgtgho ic bcs tgtrcs, shgt ;1 666 ₤, hot çtç bhmptkagdgsçs co bjkrecs ku bhmptc 015; < « @rkgs sur tgtrcs (kbjkt, vcotc, ekric) ¾. Æ bcttc iktc, dk sgtuktgho octtc ic dk shbgçtç Lct bhmphrtkgt dcs phstcs sugvkots < • Bkpgtkd ; 666 666 ₤ • Qçscrvcs 966 666 ₤ • Kmhrtgsscmc Kmhrtgsscmcots ots içrhekthgrcs ;:6 666 ₤ Dc prgx i‗kbqugsgtgho ic bcs tgtrcs tcokgt bhmptc i‗uoc pdus-vkduc pdus-vkduc ic ;:6 666 ₤ sur uoc bhostrubtgho kmhrtgsskadc co 16 kos, i‗uoc pdus-vkduc ic 166 666 ₤ sur uo hois bhmmcrbgkd oho kmhrtgsskadc ct i‗uo çbkrt i‗kbqugsgtgho, ihot, æ pkrtgr ic d‗kokdysc ihbumcotçc sur dcs kspcbts tcbjogqucs çbhohmgqucs ct lurgigqucs, dk iurçc i‗utgdgsktgho cst dgmgtçc, mkgs oc pcut ìtrc içtcrmgoçc ic mkogêrc kadc. [ucddcs çbrgturcs ic bhoshdgiktgho co ohrmcs rkoåkgscs dk shbgçtç Ekrico k-t-cddc bhmptkagdgsçcs ku agdko dc 2; içbcmarc O 8 ☃☃☃ ☃ 3 Mgog-bks < ehhiwgdd oçektg` ☃☃

Dk shbgçtç Krgkok k prgs dc bhotrùdc ic dk shbgçtç Hmgbrho co kgskot d‗kbqugsgtgho ic 53 % iu bkpgtkd. Dcs tgtrcs hot çtç kbqugs phur uoc vkdcur ic 06 666 n₤. D‗kbtg D‗kbtg oct bhmptkadc ic dk shbgçtç Hmgbrho çtkgt ic :6 666 n₤. Dk igçrcobc cotrc dk lustc vkdcur ic bcrtkgos kbtgs ct dcur vkdcur bhmptkadc cst kgosg içtkgddçc < ‒  igçrcobc sur gmmhagdgsktghos gobhrphrcddcs < 0 666 n₤ ‒  igçrcobc sur gmmhagdgsktghos bhrphrcddcs < 2 666 n₤

‒  igçrcobcs sur sthbns < ; :66 n₤ ‒  gmpùts igçrçs sur pdus-vkducs (æ 13 %) < 1 566 n₤ 2;1  

ICR RKPHGQR KSZ BHMVÇYCOBCR

;. [ucd scrkgt dc mhotkot iu ehhiwgdd ehhiwgdd oçektg  oçektg 8 Dk shbgçtç Krgkok k prgs dc bhotrùdc ic :6 % iu bkpgtkd ic dk shbgçtç Cpsgdho ct uo ehhiwgdd uo  ehhiwgdd   oçektg ic 9 :66 n₤ k çtç bhostktç. Dk shbgçtç Krgkok covgskec ic rcstrubturcr dk shbgçtç Cpsgdho, dc bhþt ic rcstrubturktgho icvkot s‗çdcvcr æ 0 666 n₤ (tkux ic d‗gmpùt 13 %). Dc  ehhiwgdd bkdbudç Dc ehhiwgdd  bkdbudç tcokgt bhmptc ic bcs pkssgs çvcotucds. 1. [ucd icvrkgt ìtrc dc mhotkot iu ehhiwgdd ehhiwgdd oçektg  oçektg 8

Çvkducr dcs skvhgrs

Mkïtrgscr dcs bhmpçtcobcs

Vrçpkrcr d‗çprcuvc

☃☃☃ ☃  0 Bks prktgquc < bhmptcs rçbgprhqucs ct rçsudtkts gotcrocs ☃☃

Bhmpçtcobcs vgsçcs

93 mgo

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho. rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktgho. o. •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho.

Phus ìtcs kppcdç(c) æ pkrtgbgpcr kux trkvkux ic bhoshdgiktgho iu erhupc Bkmgddc phur d‗kooçc O. Dk shbgçtç mêrc Bkmgddc phssêic uoc pkrtgbgpktgho ic 06 % iu bkpgtkd ct ics irhgts ic vhtc ikos dk shbgçtç Icogsc, dkqucddc phssêic çekdcmcot uoc pkrtgbgpktgho ic 53 % iu bkpgtkd ct ics irhgts ic vhtc ikos dk shbgçtç Cstcddc. Phus kvcz rcdcvç dcs çdçmcots sugvkots < • Dk shbgçtç Bkmgddc k dgvrç ku bhurs ic d‗kooçc O ; 666 666 ₤ ic prhiugts æ dk shbgçtç Cstcddc. Dk mkrec mhycooc sur bcs prhiugts cst ic 16 %. Ku ; cr lkovgcr O, dc sthbn ic bcs prhiugts ikos dk shbgçtç Cstcddc Cstcd dc çtkgt ic ;36 666 ₤, ku 2; içbcmarc O, gd cst ic 1;6 666 ₤. • Ku 2; içbcmarc O, dk brçkobc ic Bkmgddc sur Cstcddc cst ic 196 666 ₤ YYB < dk shbgçtç Cstcddc çtkot co igbudtç co o i‗kooçc, dk shbgçtç Bkmgddc k bhostktç sur sk brçkobc uoc içprçbgktgho phur brçkobcs ihutcuscs ic ;3 666 ₤. • Co O, dk shbgçtç Cstcddc k igstrgauç 26 666 ₤ ic igvgicoics ct dk shbgçtç Icogsc k igstrgauç 06 666 ₤ ic igvgicoics. • Dk shbgçtç Bkmgddc k prìtç, co lugddct O‒1 uoc shmmc ic 366 666 ₤, ku tkux ic 2 % æ sk dgkdc Icogsc, shmmc rcmahurskadc co lugddct O+ 1. Dcs gotçrìts shot pkyçs dc 26 lugo ic bjkquc kooçc. • Dk shbgçtç Cstcddc k vcoiu dc ; cr kvrgd O, uo coscmadc gmmhagdgcr phur ; 666 666 ₤ (ihot 166 666 ₤ phur dc tcrrkgo) æ dk shbgçtç Icogsc. Bct coscmadc kvkgt çtç kbqugs pkr dk shbgçtç Cstcddc co kvrgd O‒0 phur :66 666 ₤ (ihot ;36 666 ₤ phur dc tcrrkgo). Dk shbgçtç kvkgt kmhrtg dk bhostrubtgho ku tkux ic 9 % d‗ko (kvcb prgsc co bhmptc i‗uoc vkdcur rçsgiucddc ic :6 666 ₤). Dk shbgçtç Icogsc k içbgiç i‗kmhrtgr dk bhostrubtgho ku tkux ic 3 % d‗ko (cddc prcoi çekdcmcot co bhmptc uoc vkdcur rçsgiucddc ic :6 666 ₤).

Yrkvkgd æ kgrc

Vrçscotcz dcs çbrgturcs ic rçeudkrgsktgho oçbcsskgrcs oçbcss kgrcs phur dk bhoshdgiktgho (agdko ct bhmptc ic rçsudtkt) co utgdgskot dk mçtjhic ic bhoshdgiktgho igrcbtc (tkux ic d‗gmpùt sur dcs açoç `bcs < 13 %). 2;2  

ICR RKPHGQR KSZ BHMVÇYCOBCR

5 Bks prktgquc < çbkrts ic prcmgêrc bhoshdgiktgho co ohrmcs gotcroktghokdcs ☃☃☃  Bhmpçtcobcs vgsçcs

06 mgo

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco  Corcegstrcr  dcs hpçrktghos ic bhoshdgiktgho • 

Dk shbgçtç Mkykng k kgt d‗kbqugsgtgho dc ; cr lkovgcr O‒; ic 06 % iu bkpgtkd ic dk shbgçtç Mhhv phur uo mhotkot ic 2 066 666 ₤. Ku ;cr lkovgcr O‒;, dcs bkpgtkux prhprcs ic dk shbgçtç Mhhv çtkgcot ic 9 666 666 ₤ > gds çtkgcot ku ;cr lugddct O ic 3 166 666 ₤. Ku ;cr lkovgcr O‒;, gd kddkgt tcogr bhmptc, ku mhmcot ic dk prgsc ic bhotrùdc, i‗uoc pdus-vkduc dktcotc sur ics tcrrkgos cstgmçc æ 266 666 ₤ ct i‗uoc pdus-vkduc dktcotc sur bhostrubtghos kmhrtgsskadcs co 16 kos ic 766 666 ₤. Dc tkux ic d‗gmpùt sur dcs shbgçtçs cst ic 13 %. Dcs agdkos ku 2; içbcmarc O ics shbgçtçs Mkykng ct Mhhv rctrkgtçs phur tcogr bhmptc ics vhus  shot bg-kprês Adohrmcs G@QR Mn 2;hurogs ia O < Ygtrcs Mhhv Kutrcs kbtgs

Yd

2 066 666 Bkpgtkd ;3 666 666 Qçscrvcs Qçsudtkt Icttcs ;: 066 666 Y Yd

3 666 666 1 :66 666 966 666 ;6 966 666 ;: 066 666

Ad  M  2; ia O Kbtgs

;; :66 666 Bk B kpgtkd

2 666 666

Yd

Qçscrvcs Qçsudtkt Icttcs ;; :66 666 Y Yd

1 ;66 666 166 666 0 366 666 ;; :66 666

D‗kbtgvgtç ic dk shbgçtç Mhhv pcut ìtrc kokdysçc co trhgs scbtcurs < • Rcbtcur ; < prhiugts dkgtgcrs • Rcbtcur 1 < ahgsshos • Rcbtcur 2 < agsbugts Dcs tcrrkgos ct bhostrubtghos rççvkduçs co O‒; bhobcrokgcot d‗kbtgvgtç « prhiugts dkgtgcrs ¾. Co O‒; ct O, dcs prhiugts dkgtgcrs rcprçscotkgcot 36 % ic d‗kbtgvgtç ic Mhhv, dcs ahgsshos 26 % ct dcs agsbugts 16 %. Dc Dc ehhiwgdd  ehhiwgdd içekeç  içekeç æ bcttc pçrghic kvkgt çtç rçpkrtg cotrc dcs trhgs uogtçs eçoçrktrgbcs ic trçshrcrgc ku prhrktk ic d‗kbtgvgtç. Dcs kbtgs ic dk shbgçtç Mhhv (co vkdcur octtc bhmptkadc) pcuvcot ìtrc kcbtçs bhmmc

sugt (ku 2; içbcmarc O) < • Kbtgvgtç « prhiugts dkgtgcrs ¾ <

3 :66 666 ₤

2;9  

ICR RKPHGQR KSZ BHMVÇYCOBCR

• Kbtgvgtç « ahgsshos ¾ < 2 066 666 ₤ • Kbtgvgtç « agsbugts ¾ < 1 966 666 ₤ Dcs kbtgs bhrrcsphoikots çtkgcot rcspcbtgvcmcot ku 2; içbcmarc O‒; ic 3 566 666,

2Bcs 366 666 phurrkgcot ct 1 366 666 ₤. bçiçs (co vkdcur ic dgqugiktgho ct qucddc quc shgt dk iktc) kbtgs ìtrc phur rcspcbtgvcmcot 3 666 666 ₤, 2 666 666 ₤ ct 1 666 666 ₤. Ho csbhmptc qu‗gds içekecrhot ics `ux ic trçshrcrgc cstgmçs (ku 2; içbcmarc O) rcspcbtgvcmcot æ 066 666, 916 666 ct ;:6 666 ₤ pkr ko (æ kbtukdgscr ku tkux ic 0 % d‗ko iurkot ;6 kos). Ku 2; içbcmarc O‒;, bct csphgr çtkgt cstgmç æ uo ogvcku pdus çdcvç shgt rcspcbtgvcmcot æ 006 666, 906 666 ct 196 666 ₤ pkr ko.

Yrkvkgd æ kgrc ;. Içtcrmgocz dcs çbkrts i‗çvkduktgho. 1. Bkdbudcz dc ehhiwgdd ehhiwgdd co  co utgdgskot dk mçtjhic iu ehhiwgdd ehhiwgdd pkrtgcd.  pkrtgcd. 2.  Kokdyscz dk rçpkrtgtgho iu ehhiwgdd ehhiwgdd   pkrtgcd co uogtçs eçoçrktrgbcs ic trçshrcrgc ku cr  ;  lkovgcr O‒1, ku 2; içbcmarc O‒; ct ku 2; içbcmarc O. 9. Vrçscotcz dcs çbrgturcs ic rçeudkrgsktgho oçbcsskgrcs phur dk bhoshdgiktgho ku  2; içbcmarc O (agdko ct bhmptc ic rçsudtkt) co utgdgskot dk mçtjhic ic bhoshdgiktgho igrcbtc. ☃☃☃ ☃  : Bks prktgquc Mgsc co çqugvkdcobc < Cpsgdho, Dkmaik. a. Gotçerktgho edhakdc < Kdpjk, Aìtk, Ekmmk, Rgemk > Gotçerktgho prhphrtghoocddc < Icdtk > Mgsc co çqugvkdcobc < Cpsgdho > Oho bhoshdgikadc < Dkmaik. b. Gotçerktgho edhakdc < Kdpjk, Aìtk, Ekmmk, Rgemk > Gotçerktgho prhphrtghoocddc < Icdtk, Cpsgdho > Oho bhoshdgikadc < Dkmaik. 1. Bhmmcot sc bhmphsc d‗coscmadc æ bhoshdgicr (ohrmcs gotcroktghokdcs) 8 k. Gotçerktgho edhakdc < Kdpjk, Aìtk, Ekmmk, Rgemk > Mgsc co çqugvkdcobc < Icdtk, Cpsgdho > Oho bhoshdgikadc bhoshdg ikadc < Dkmaik. a. Gotçerktgho edhakdc < Kdpjk, Aìtk, Ekmmk, Rgemk > Gotçerktgho prhphrtghoocddc < Icdtk > Mgsc co çqugvkdcobc < Cpsgdho > Oho bhoshdgikadc < Dkmaik. b. Gotçerktgho edhakdc < Kdpjk, Aìtk, Ekmmk, Rgemk > Mgsc co çqugvkdcobc < Icdtk, Cpsgdho, Dkmaik. 2. Co supphskot quc dk shbgçtç Rgemk shgt uoc cotgtç kppcdçc æ ìtrc bçiçc ikos uo

∗ ∗ ∗

∗ ∗ ∗

kvcogr prhbjc, pcut-cddc cxbduc ic d coscmadc æ bhoshdgicr 8 k. Co ohrmcs rkoåkgscs. a. Co ohrmcs gotcroktghokdcs.

∗ ∗

215  

ICR RKPHGQR KSZ BHMVÇYCOBCR

9. B  e d‗ i di i e i   i d  Aì (di i) 8 k.

∗

Bkpgtkd Aìtk Qçscrvcs Aìtk Qçsudtkts Aìtk Ygtrcs ic pkrtgbgpktgho Aìtk Qçscrvcs Kdpjk Qçsudtkts Kdpjk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt Bhoshdgiktgho Aìtk

: 666 0 666 1 666 5 0:6 2 316 ; 066 1 :66 966

∗

a. Bkpgtkd Aìtk Qçscrvcs Aìtk Qçsudtkts Aìtk Ygtrcs ic pkrtgbgpktgho Aìtk Qçscrvcs Kdpjk Qçsudtkts Kdpjk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt Bhoshdgiktgho Aìtk

: 666 0 666 1 666 0 966 9 :66 ; 066 1 :66 966

b.

∗

Bkpgtkd Aìtk Qçscrvcs Aìtk Qçsudtkts Aìtk Ygtrcs ic pkrtgbgpktgho Aìtk Qçscrvcs Kdpjk Qçsudtkts Kdpjk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt Bhoshdgiktgho Aìtk

: 666 ;1 766 0 0:6 5 0:6 7 696 3 299 9 ;:6 ; 220

21:  

ICR RKPHGQR KSZ BHMVÇYCOBCR

3. B  e d‗ i di i e i   i d  E (di i) 8 k.

∗

Bkpgtkd Ekmmk Qçscrvcs Ekmmk Qçsudtkts Ekmmk Ygtrcs ic pkrtgbgpktgho Ekmmk Qçscrvcs Kdpjk Qçsudtkts Kdpjk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt Bhoshdgiktgho Ekmmk

0 666 : 666 9 666 9 216 2 399 1 666 0 ;20 1 666

∗

a. Bkpgtkd Ekmmk Qçscrvcs Ekmmk Qçsudtkts Ekmmk Ygtrcs ic pkrtgbgpktgho Ekmmk Qçscrvcs Aìtk Qçsudtkts Aìtk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt Bhoshdgiktgho Ekmmk

0 666 7 366 3 :66 9 216 9 7:6 2 9:6 0 166 1 216

b.

∗

Bkpgtkd Ekmmk Qçscrvcs Ekmmk Qçsudtkts Ekmmk Ygtrcs ic pkrtgbgpktgho Ekmmk Qçscrvcs Kdpjk Qçsudtkts Kdpjk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt Bhoshdgiktgho Ekmmk

0 666 : 666 9 666 9 216 2 109 ; 716 0 9;0 1 6:6

217  

ICR RKPHGQR KSZ BHMVÇYCOBCR

0. B  e d‗ i di i e i   i d  Id (di i) ( å) 8 k.

∗

Bkpgtkd Icdtk Qçscrvcs Icdtk Qçsudtkts Icdtk Ygtrcs ic pkrtgbgpktgho Icdtk Qçscrvcs Aìtk Qçsudtkts Aìtk Bhoshdgiktgho Icdtk

1 366 1 666 766 2 666 ; 366 766

a.

∗

Bkpgtkd Icdtk Qçscrvcs Icdtk Qçsudtkts Icdtk Ygtrcs ic pkrtgbgpktgho Icdtk Qçscrvcs Kdpjk Qçsudtkts Kdpjk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt

1 366 1 666 766 2 666 066 516 766 ;:6

Bhoshdgiktgho Icdtk b.

∗

Bkpgtkd Icdtk Qçscrvcs Icdtk Qçsudtkts Icdtk Ygtrcs ic pkrtgbgpktgho Icdtk Qçscrvcs Kdpjk Qçsudtkts Kdpjk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt Bhoshdgiktgho Icdtk

1 366 1 666 766 2 666 ; 166 516 266 ;:6

226  

ICR RKPHGQR KSZ BHMVÇYCOBCR

5. B  e d‗ i di i e i   i d  Cd (di i) 8 k.

∗

Ygtrcs mgs co çqugvkdcobc Ygtrcs Cpsgdho Qçscrvcs Kdpjk Qçsudtkt Kdpjk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt Bhoshdgiktgho Cpsgdho

; :66 ; 6:6 199 196 ;50 06

a.

∗

Ygtrcs mgs co çqugvkdcobc Ygtrcs Cpsgdho Qçscrvcs Kdpjk Qçsudtkt Kdpjk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt Bhoshdgiktgho Cpsgdho

; :66

; 6:6 220 196 :9 06

b.

∗

Ygtrcs mgs co çqugvkdcobc

; :66

Ygtrcs Cpsgdho Qçscrvcs Aìtk Qçsudtkt Aìtk Bhoshdgiktgho Cpsgdho

; 6:6 916 266

:. B  e d‗ i di i e i   i d  Dai 8 k.

∗

Kutrcs tgtrcs ic pkrtgbgpktgho Ygtrcs ic pkrtgbgpktgho Dkmaik

9:6 9:6

Bhoshdgiktgho Dkmaik

22;  

ICR RKPHGQR KSZ BHMVÇYCOBCR

a.

∗

Ygtrcs mgs co çqugvkdcobc

9:6

Ygtrcs ic pDkmaik krtgbgpktgho Dkmaik Bhoshdgiktgho

9:6

b.

∗

Ygtrcs mgs co çqugvkdcobc Ygtrcs ic pkrtgbgpktgho Dkmaik Bhoshdgiktgho Dkmaik

966 966

7. B  e d‗ i di i e i   i d  Re (di i) 8 k. Bkpgtkd Rgemk Qçscrvcs Rgemk Qçsudtkts Rgemk Ygtrcs ic pkrtgbgpktgho Rgemk Qçscrvcs Kdpjk Qçsudtkts Kdpjk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt Bhoshdgiktgho Rgemk

∗

3 666 2 666 1 966 9 366 516 :09 1 5:6 ; 32 0

a.

∗

Bkpgtkd Rgemk Qçscrvcs Rgemk Qçsudtkts Rgemk Ygtrcs ic pkrtgbgpktgho Rgemk Qçscrvcs Ekmmk Qçsudtkts Ekmmk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt Bhoshdgiktgho Rgemk

3 666 2 666 1 966 9 366 516 :09 1 5:6 ; 32 0

221  

ICR RKPHGQR KSZ BHMVÇYCOBCR

b.

∗

Bkpgtkd Rgemk Qçscrvcs Rgemk Qçsudtkts Rgemk Ygtrcs ic pkrtgbgpktgho Rgemk Qçscrvcs Ekmmk Qçsudtkts Ekmmk Gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs Gotçrìts mgohrgtkgrcs sur rçsudtkt Bhoshdgiktgho Rgemk

3 666 2 666 1 966 9 366 ; 366 ; :66 1 666 066

;6. B   d   i e di Kd    i e 8 k. Bkpgtkd < ;6 666 > rçscrvcs bhoshdgiçcs < 12 696 > rçsudtkts bhoshdgiçs < : 299 > gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs < ;1 2:6 > gotçrìts mgohrgtkgrcs sur rçsudtkt < 9 130. ∗ a. Bkpgtkd < ;6 666 > rçscrvcs bhoshdgiçcs < 11 709 > rçsudtkts bhoshdgiçs < : 969 > gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs < ;1 230 > Gotçrìts mgohrgtkgrcs sur rçsudtkt < 9 170. ∗ b. Bkpgtkd < ;6 666 > rçscrvcs bhoshdgiçcs < 12 126, rçsudtkts bhoshdgiçs < : ;:9 > gotçrìts mgohrgtkgrcs sur bkpgtkd ct rçscrvcs < ;1 226 > gotçrìts mgohrgtkgrcs sur rçsudtkt < 9 150. ∗

Çvkducr dcs skvhgrs

Mkïtrgscr dcs bhmpçtcobcs

Vrçpkrcr d‗çprcuvc

☃☃☃ ☃ 1 Mgog-bks < `hrmcs ic mgscs co i‗çqugvkdcobc ☃☃

Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco

Phtrc mkïtrc ic stkec vhus icmkoic ic dug cxpdgqucr cxpdgquc r ikos uo rkpphrt co quhg bhobcrocot dcs mçtjhics ic mgscs co çqugvkdcobc eurkot ikos d‗krtgbdc 11;-9 iu Vdko bhmptkadc eçoçrkd, ikos dcs rêedcmcots 77-61 ct 1616-6; rcdktg kux bhmptcs bhoshdgiçs ct ikos dk ohrmc GKR 1: ic d‗GKRA.  Kprês kvhgr prçscotç prçscotç dcs tcxtcs bhrrcsphoikots, bhrrcsphoikots, vhus kokdyscrcz kokdyscrcz dcs igvcrecobcs igvcrecobcs i‗kppdgbki‗kppdgbk-

tgho ic dk mçtjhic ic mgsc co çqugvkdcobc scdho dcs bks prçscotçs ikos dcs tcxtcs.

222  

ICR RKPHGQR KSZ BHMVÇYCOBCR

2 Mgog-bks < bhoshdgiktgho ic shbgçtçs gotçerçcs hu mgscs ☃☃☃ ☃ co çqugvkdcobc ☃☃

Bhmpçtcobcs vgsçcs

   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco

Dk RK Kphddgokgrc k kbqugs co O‒3 uoc pkrtgbgpktgho ic :6 % phur 366 666 ₤ ikos dk shbgçtç Açrkoecr. Açrkoecr. Bcttc icrogêrc icrogêrc shbgçtç k kbqugs co O‒9 uoc pkrtgbgpktgho ic 06 % phur 266 666 ₤ ikos dk shbgçtç Bhostkotgo, ic 36 % ikos dk shbgçtç Ihokdi (co bhmmuo bh mmuo kvcb dk shbgçtç \gtk ‒ bhotrùdc bholhgot) phur 166 666 ₤ ct ic 26 % ikos dk shbgçtç Cmmk phur 76 666 ₤. Dk shbgçtç Bhostkotgo k kbqugs co O‒2 uoc pkrtgbgpktgho ic 56 % phur 56 666 ₤ ikos dk shbgçtç @dhrcotgo. Kprês rctrkgtcmcots igts « ic prçbhoshdgiktgho ¾, dcs agdkos ku 2; içbcmarc O ics shbgçtçs Ihokdi, Cmmk ct @dhrcotgo shot dcs sugvkots < R

Idi

C

Bkpgtkd

206 666

166 666

;66 666

Qçscrvcs

196 666

;:6 666

06 666

Qçsudtkt

:6 666

96 666

16 666

0:6 666

916 666

;:6 666

Yhtkd

@d

Vrçscotcz dc trkgtcmcot ikos dcs bhmptcs bhoshdgiçs iu erhupc Kphddgokgrc ics bkpgtkux  prhprcs ics shbgçtçs shbgçtçs Ihokdi, Cmmk ct ct @dhrcotgo (ohrmcs rkoåkgscs). rkoåkgscs).

9 Mgog-bks < bhoshdgiktgho ic shbgçtçs kykot ics pkrtgbgpktghos  ☃☃☃

bgrbudkgrcs Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco

Phus ìtcs kmcoç æ ccbtucr dk bhoshdgiktgho ics shbgçtçs iu Erhupc Mklhr. Dk shbgçtç Mklhr phssêic :6 % iu bkpgtkd ic Bkphrkd. Bkphrkd Bkphrkd phssêic 06 % iu bkpgtkd ic Eçoçrkd. Eçoçrkd. Eçoçrkd phssêic ;6 % iu bkpgtkd ic Mklhr.  Kprês kvhgr prçscotç dcs çbrgtu çbrgturcs rcs ic bhoshdgi bhoshdgiktgho ktgho iu erhupc Mklhr (dcs çbrgtu çbrgturcs rcs bhoiugskot ku agdko bumudç oc shot pks icmkoiçcs), gd vhus cst icmkoiç i‗co çtkadgr dc agdko bhoshdgiç.

229  

ICR RKPHGQR KSZ BHMVÇYCOBCR

   c    x    c    o    o     K

Ryotjêsc ic agdkos ics shbgçtçs Mklhr, Bkphrkd ct Eçoçrkd (co n₤)

Ml Kbtg gmmhagdgsç Ygtrcs ic pkrtgbgpktgho

136 666 :6 666

Bkpgtkd Qçscrvcs

166 666 76 666

Kbtg bgrbudkot

;13 666

Qçsudtkt

;3 666

Icttcs

;36 666

933 666

Yd

933 666

;:6 666

Bkpgtkd

;66 666

26 666 56 666

Qçscrvcs Qçsudtkt

36 666 ;6 666

Yd

Bd Kbtg gmmhagdgsç Ygtrcs ic pkrtgbgpktgho Kbtg bgrbudkot

Yd

1:6 666

Icttcs

;16 666

Yd

1:6 666

Ed Kbtg gmmhagdgsç

96 666

Bkpgtkd

36 666

Ygtrcs ic pkrtgbgpktgho

13 666

Qçscrvcs

16 666

Kbtg bgrbudkot

23 666

Qçsudtkt Icttcs

3 666 13 666

Yd

;66 666

Çvkducr dcs skvhgrs

Yd

Mkïtrgscr dcs bhmpçtcobcs

;66 666

Vrçpkrcr d‗çprcuvc

 ☃☃☃

06 mgo

3 Bks prktgquc < mgsc co çqugvkdcobc Bhmpçtcobcs vgsçcs

 

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho 223

 

ICR RKPHGQR KSZ BHMVÇYCOBCR

Dk shbgçtç Kokîddc, kargbkotc ic prhiugts surecdçs, k bhostgtuç kvcb dk shbgçtç Açk, i‗kahri, pugs kvcb dk shbgçtç Bjdhç, uo erhupc goiustrgcd. Dc ;cr lkovgcr O‒1, dk shbgçtç Kokîddc kvkgt prgs uoc pkrtgbgpktgho ic 76 % ikos dk shbgçtç Açk.666 So ₤. ko Dc pdus cddcO‒;, prcokgt uoc pkrtgbgpktgho 16pkrtgbgpktgho % ikos dk shbgçtç phur 36 ;crtkri,  lkovgcr dk shbgçtç Açk prcokgtic uoc ic ;6Bjdhç % ikos dk shbgçtç Bjdhç phur 1: 666 ₤. Dcs agdkos ku 2; içbcmarc O‒2, 2; içbcmarc O‒1, 2; içbcmarc O‒; ct 2; içbcmarc O (kvkot kcbtktgho ics rçsudtkts) ic dk shbgçtç Bjdhç içekeckgcot dcs bkpgtkux prhprcs sugvkots < 2;.;1.O‒2

2;.;1.O‒1

2;.;1.O‒;

2;.;1.O

Bkpgtkd

;66 666

;66 666

;66 666

;66 666

Qçscrvcs

06 666

01 666

0: 666

50 666

Qçsudtkts

7 666

;2 666

16 666

19 666

20 666

96 666

9: 666

99 666

Vrhvgsghos rçedcmcotçcs

Dcs prhvgsghos rçedcmcotçcs bhobcrocot dcs prhvgsghos phur jkussc ic prgx ct ics kmhrtgsscmcots içrhekthgrcs. içrhekthgrcs. Dc tkux ic d‗gmpùt sur dcs shbgçtçs cst ic 13 %. cr Ku ;  lkovgcr O‒1, dk vkdcur bhmptkadc ics tcrrkgos ct ics bhostrubtghos (kmhrtgsskadcs (kmhrtgsskadcs co 16 kos) çtkgt goçrgcurc rcspcbtgvcmcot ic 1 666 ₤ ct 0 666 ₤ æ dcur vkdcur kbtucddc. Ku ;cr lkovgcr O‒;, dk vkdcur bhmptkadc ics tcrrkgos ct ics bhostrubtghos (kmhrtgsskadcs co 16 kos) çtkgt goçrgcurc rcspcbtgvcmcot ic 2 066 ₤ ct : 966 ₤ æ dcur vkdcur kbtucddc. Dcs çbkrts i‗kbqugsgtgho bhostktçs sur d‗kbjkt ics tgtrcs Bjdhç scrhot içprçbgçs bjkquc kooçc ic ;6 % (shus hrmc i‗kmhrtgsscmcot). Dk shbgçtç Kokîddc o‗cst pks bhtçc ct utgdgsc dc rççrcotgcd oktghokd phur d‗çtkadgsscmcot d‗çtkadgsscmcot ic scs bhmptcs bhoshdgiçs.

Yrkvkgd æ `kgrc ;. Vrçscotcz dcs çbrgturcs ic mgsc co çqugvkdcobc ics tgtrcs ic dk shbgçtç Bjdhç ikos dcs bhmptcs bhoshdgiçs (agdko) O iu erhupc Kokîddc. 1. Vrçscotcz dcs çbrgturcs ic mgsc co çqugvkdcobc ics tgtrcs ic dk shbgçtç Bjdhç ikos dcs bhmptcs bhoshdgiçs (bhmptc ic rçsudtkt) O iu erhupc Kokîddc. 2. Vrçscotcz dcs çbrgturcs ic rctrkgtcmcot ics igvgicoics vcrsçs pkr dk shbgçtç Bjdhç co O.

0 Bks prktgquc < pkrtcokrgkts ☃☃☃ 

06 mgo

Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i çdkahrktgho i uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

220  

ICR RKPHGQR KSZ BHMVÇYCOBCR

Dk shbgçtç Ohçmgc cst uoc shbgçtç kohoymc bhtçc co Ahursc ct prçscotc scs bhmptcs bhoshdgiçs bhohrmçmcot kux G@QR. Cddc k coekeç uo pkrtcokrgkt co O kvcb dk shbgçtç Hrgkoc phur icux typcs i‗hpçrktgho. ;. Cddc k i‗kahri brçç uo pkrtcokrgkt shus hrmc ic RKQD (dk RKQD Vktrgbc) ku bkpgtkd ic ;16 666 ₤ ikos dkqucddc bjkquc pkrtgc içtgcot uoc pkrt i‗gotçrìt ic 36 %. 1. Cddc k kussg brçç uo pkrtcokrgkt shus hrmc ic RKR (dk RKR Qyko) ku bkpgtkd ic ;66 666 ₤ ikos dkqucddc bjkbuoc ics shbgçtçs k kpphrtç uo kbtg ct uo pkssg. Ikos dcur kbbhri bhotrkbtucd, dcs icux pkrtgcs hot mhigç dcs bkrkbtçrgstgqucs ic d‗cotgtç bhostgtuçc co shbgçtç ic shrtc quc bjkbuoc i‗cddcs k ics gotçrìts ikos dcs kbtgs ic d‗cotgtç ct cst rcsphoskadc ics pkssgs ic d‗cotgtç ikos ics prhphrtghos içogcs. Kgosg, gd cst prçvu quc dcs kbtgs kpphrtçs rcvgcoirhot æ dk shbgçtç qug k ccbtuç bcs kpphrts, co tcokot bhmptc ic dcur kmhrtgsscmcot, phur dcs gmmhagdgsktghos, ct quc dcs pkssgs kpphrtçs rcvgcoirhot kussg, co çqugvkdcobc, æ dk shbgçtç qug dcs k kpphrtçs. Dcs bhmpdçmcots i‗kbtg ct ic pkssg, dcs prhiugts ct dcs bjkrecs (jhrs kmhrtgsscmcots) scrhot rçpkrtgs co hobtgho ics vcotcs rçkdgsçcs pkr bjkbuoc ics

shbgçtçs pkrtgbgpkotcs. Dc agdko ct dc bhmptc ic rçsudtkt ic dk RKQD Vktrgbc (rçsumçs) vhus shot prçscotçs co koocxc ;. Dc agdko ct c t dc bhmptc ic rçsudtkt ic dk RKR Qyko (rçsumçs) (rçsumçs ) vhus shot prçscotçs co koocxc 1. Dcs kpphrts shot içtkgddçs co koocxc 2.

Yrkvkgd æ `kgrc ;. Igstgoeucz pkrmg bcs icux pkrtcokrgkts dkqucddc cst uoc kbtgvgtç bholhgotc, dkqucddc cst uoc bhcotrcprgsc. 1. Vrçscotcz ku 2; içbcmarc O, dcs çbrgturcs ic bhoshdgiktgho ics pkrtcokrgkts (agdko ct bhmptc ic rçsudtkt) ikos dk shbgçtç Ohçmgc.     ;    c    x    c    o    o     K

Agdko ct bhmptc ic rçsudtkt ku 2;.;1. ;1. O. RKQD Vktrgbc

Ad Mktçrgcd Goiustrgcd

;16 666

Bkpgtkd

;16 666

Mktçrgcd ic aurcku ct gohrmktgquc

16 666

Qçsudtkt

26 666

Mhagdgcr

;0 666

Icttcs okobgêrcs

06 666

Rthbns

06 666

Icttcs i‗cxpdhgtktgho

0: 666

Brçkobcs i‗cxpdhgtktgho

36 666

Igsphogagdgtçs

;9 666

Yd

1:6 666

Yd

1:6 666

225  

ICR RKPHGQR KSZ BHMVÇYCOBCR

•• •

B i d Kbjkts bhoshmmçs Bjkrecs i‗cxpdhgtktgho

39 666

Ihtktghos kux kmhrtgsscmcots

10 666

Gmpùt sur dcs açoçbcs

;6 666

Qçsudtkt

26 666

Yd

    1    c    x    c    o     K

;:6 666

266 666

Pcotcs

266 666

Yd

266 666

Agdko ct bhmptc ic rçsudtkt ku 2;.;1. O. RKR Qyko

Ad Mktçrgcd Goiustrgcd

97 666

Bkpgtkd

;66 666

Mktçrgcd ic aurcku ct gohrmktgquc

;9 966

Qçsudtkt

19 666

Mhagdgcr

;1 066

Icttcs i‗cxpdhgtktgho

1: 666

Rthbns

36 666

Brçkobcs i‗cxpdhgtktgho

;3 666

Igsphogagdgtçs

;; 666

Yd

;31 666

Yd

;31 666

;16 666

Pcotcs pkr Ohçmgc

;16 666

Bjkrecs i‗cxpdhgtktgho

20 666

Pcotcs pkr Hrgkoc

:6 666

Ihtktghos kux kmhrtgsscmcots

;1 666

B i d Kbjkts bhoshmmçs

Gmpùt sur dcs açoçbcs Qçsudtkt Yd

: 666 19 666 166 666

Yd

166 666

22:  

ICR RKPHGQR KSZ BHMVÇYCOBCR

    2    c    x    c    o    o     K

Kpphrts ic dk RK Ohçmgc ct ic dk RK Hrgkoc ku ; cr lkovgcr O æ dk RKR Qyko Çd

RK Oa

RK Hd

Mktçrgcd Goiustrgcd

19 666

21 666

Mktçrgcd ic aurcku ct gohrmktgquc

;6 666

: 666

5 666

5 666

;1 666

7 666

Brçkobcs i‗cxpdhgtktgho

: 666

3 666

Igsphogagdgtçs

2 666

1 666

‒ ;9 666

‒ ;2 666

36 666

36 666

Mhagdgcr Rthbns

Icttcs i‗cxpdhgtktgho Yd

Dc mktçrgcd goiustrgcd s‗kmhrtgt co : kos, dc mktçrgcd ic aurcku ct gohrmktgquc gohrmktg quc co 3 kos ct dc mhagdgcr co ;6 kos (skos vkdcur rçsgiucddc).

227  

RWOYJÊRC Yrkgtcmcot ics tgtrcs mgs co çqugvkdcobc ct ics tgtrcs ics cotgtçs gotçerçcs

Ygtrcs mgs co çqugvkdcobc

• Dcs tgtrcs mgs co çqugvkdcobc shot rççvkduçs ikos dcs bhmptcs bhoshdgiçs æ dk quhtc-pkrt ic d‗kbtg` oct bhmptkadc ic dk pkrtgbgpktgho • Dcs pdus-vkducs içekeçcs shot phrtçcs co rçscrvcs hu ikos uo bhmptc ic rçsudtkt spçbg`gquc

Ygtrcs gotçerçs edhakdcmcot

Kprês bumud ics bhmptcs, vcotgdktgho ics bkpgtkux prhprcs ics `gdgkdcs cotrc `gdgkdcs cotrc dcs irhgts rcvcokot ku erhupc ct bcux rcvcokot kux mgohrgtkgrcs

Ygtrcs gotçerçs prhphrtghoocddcmcot

[uhtc-pkrt ics kbtg`s ct pkssg`s ic dk shbgçtç gotçerçc rcvcokot ku erhupc bhmprgsc ikos dc thtkd iu agdko bumudç

296  

BJKVGYQC

;1 Bjkoecmcots

ic pçrgmêtrc ct

VQHEQKMMC

ihbumcots ic syotjêsc

Bhmpçtcobcs vgsçcs

Ohtghos ct bhotcous

• Mkïtrgscr dc prhbcssus i‗çdkahrktgho

• Qctrkgtcmcots ic bhoshdgiktgho <

• •

i‗uoc bhoshdgiktgho Içtcrmgocr d‗gmpkbt ics rctrkgtcmcots ic bhoshdgiktgho Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

•

vkrgktghos iu phurbcotkec i‗gotçrìts ct iu pçrgmêtrc ic bhoshdgiktgho. Agdko, bhmptc ic rçsudtkt / çtkt iu rçsudtkt edhakd, koocxc, tkadcku ics vkrgktghos ics bkpgtkux prhprcs, tkadcku ics `ux ic trçshrcrgc

 dcs ihbumcots ic syotjêsc • Çdkahrcr spçbgqucs kux bhmptcs bhoshdgiçs

DGCOR KPCB DC IRBE IRB E 1 § 1.;. Kokdysc `okobgêrc ics bhmptcs bhoshdgiçs

VDKO IS BJKVGYQC Bhurs ‒  kutrcs gohrmktghos (çvçocmcots phstçrgcurs, pkrtgcs dgçcs, igrgeckots, ccbtgs, jhohics bhmmgsskgrcs kuxagdko bhmptcs) ‒  rkgrcs cxpdgbktghos ics phstcs iu ct iu >bhmptc ic rçsudtkt ct ics coekecmcots rcåus ct ihooçs > ‒  tkadcku ics `ux ic trçshrcrgc.

A

Dcs ohrmcs gotcroktghokdcs

Dcs ihbumcots ic syotjêsc bhoshdgiçs hu ohrmcs gotcroktghokdcs (   9) bhmprcoocot < ‒  uo çtkt ic dk sgtuktgho okobgêrc (hu agdko) > ‒  uo çtkt iu rçsudtkt oct ct ics kutrcs çdçmcots iu rçsudtkt edhakd > ‒  uo tkadcku ics `ux ic trçshrcrgc > ‒‒   uo ic(koocxcs). dk vkrgktgho ics bkpgtkux prhprcs > icsçtkt ohtcs  BKR VQKYG[SC 3

3

D‗hr ‗hrekogsktgho ekogsktgho prktgquc ic dk bhoshdgiktgho K

Dcs prgobgpcs i‗hrekogsktgho ic dk bhoshdgiktgho

Dcs hpçrktghos bhoiugskot æ dk prçscotktgho ics bhmptcs bhoshdgiçs pcuvcot ìtrc hrekogsçcs ic igçrcotcs mkogêrcs. Eçoçrkdcmcot, dcs bhmptcs bhoshdgiçs shot çtkadgs æ pkrtgr ics bhmptcs shbgkux ics igvcrscs shbgçtçs iu erhupcs mkgs dcs trkvkux ic bhoshdgiktgho pcuvcot ìtrc rçpkrtgs cotrc dcs scrvgbcs bhmptkadcs ics dgkdcs ct dc scrvgbc ic bhoshdgiktghoo ic dk shbgçtç mêrc. bhoshdgiktgh Dk pkrtgbgpktgho ics scrvgbcs bhmptkadcs ics dgkdcs bhosgstc csscotgcddcmcot co d‗çtkadgsscmcot i‗uo ihbumcot kppcdç eçoçrkdcmcot «  d i di ¾ scdho ics mhikdgtçs içogcs pkr dc scrvgbc ic bhoshdgiktgho ic dk shbgçtç mêrc < Bcttc dgkssc ic bhoshdgiktgho bhmprcoirk eçoçrkdcmcot < •  Ç i d d d < agdko, bhmptc ic rçsudtkt (hu akdkobc kprês govcotkgrc).

•  Ç i  - bhoshdgiçcs < ‒  bhmptcs rçbgprhqucs rçbgprhqucs < kbtg ct pkssg > ‒  bhmptcs rçbgprhqucs < bjkrecs ct prhiugts >

‒  rçsudtkts bhmprgs ikos dcs sthbns > ‒  igvgicoics igstrgauçs ct rcåus (hu æ rcbcvhgr rcbcvhgr)) > ‒  bhmptcs oho rçbgprhqucs < içprçbgktghos, prhvgsghos phur rgsqucs ct bjkrecs.

239  

Bjkpgtrc ;1  Btkoecmcos ic pçrgmrc c ihbumcos ic syotsc

•  M  (phur dk prçpkrktgho iu tkadcku ic `ux ic trçshrcrgc ct ic d‗koocxc).

•  G i <

‒  kokdysc iu bjgrc i‗kkgrcs > ‒  kokdysc ics ccbtgs mhycos > ‒  coekecmcots okobgcrs okobgcrs > ‒  içtcrmgoktgho iu rçsudtkt sbkd. Dc scrvgbc ic bhoshdgiktgho ic dk shbgçtç mêrc sc bjkrec eçoçrkdcmcot < •  I‗ d d kvcb dcs scrvgbcs bhmptkadcs ics dgkdcs (co çtkadgsskot co pkrtgbudgcr uo mkoucd ic dk bhoshdgiktgho). •  Ic  d di (içtcrmgoktgho iu pçrgmêtrc ic bhoshdgiktgho, covhg ic ihbumcots kux dgkdcs) > •  I‗ i  i di  (rctrkgtcmcots, bhovcrsghos mhoçtkgrcs, bhotrùdc ics dgksscs ic bhoshdgiktgho). •  I‗ d  i di < ‒  bkdbud ics phurbcotkecs i‗gotçrìt > ‒  bumud ics bhmptcs ic agdko ct ic rçsudtkt > ‒  çdgmgoktgho ics bhmptcs ct hpçrktghos rçbgprhqucs > ‒  trkgtcmcot ics tgtrcs ic pkrtgbgpktgho ct pkrtkec ics bkpgtkux prhprcs > ‒  çtkadgsscmcot ics çtkts okobgcrs bhoshdgiçs. •  I‗ d d kvcb dcs BKB (   ;2).

A

Dcs prhbçiurcs ksshbgçcs kux bhmptcs bhoshdgiçs

Dcs prhbçiurcs æ mcttrc co pdkbc phur çtkadgr dcs bhmptcs bhoshdgiçs bhobcrocot æ dk hgs dcs cotgtçs bhoshdgiçcs ct dc scrvgbc ic bhoshdgiktgho ic d‗cotgtç bhoshdgikotc (a. ;1.2).

Ykadcku ;1.2. ;1. 2.   Vrhbçiurcs kppdgbkadcs kppdgbkadcs kux cotgtçs cotgtçs bhoshdgiçc ct bhoshdgikotc bhoshdgikotc C di •  Vdko bhmptkadc bhmmuo æ d‗coscmadc iu erhupc (phur sgmpdgcr dcs rctrkgtcmcots) > •  Qêedcs i‗çvkduktghos > •  Çtkadgsscmcot ic dk dgkssc ic bhoshdgiktgho > •  Bkdcoirgcr ics hpçrktghos.

C di •  Mçtjhics ic bhoshdgiktgho > •  Qêedcs ic bhoshdgiktgho (phsgtghos prgscs sur dcs rctrkgtcmcots ct sur d‗çdgmgoktgho ic prhts gotcrocs) > •  Corcegstrcmcot ics dgksscs ic bhoshdgiktgho > •  Bhotrùdc ics ihooçcs skgsgcs > •  Qcdktghos kvcb d‗kuigt cxtcroc ct gotcroc > •  Hrekogsktgho iu scrvgbc > •  Mhycos gohrmktgqucs ct tcbjogqucs >

•  Qêedcs ic prçscotktgho ics bhmptcs bhoshdgiçs puadgçs.

233  

RKPHGQR KSZ BHMVÇYCOBC ICR RKPHGQR BHMVÇ YCOBCRR Çvkducr dcs skvhgrs

Mkïtrgscr dcs bhmpçtcobcs

Vrçpkrcr d‗çprcuvc

; [BM Vhur bjkbuoc ics qucstghos sugvkotcs, uoc scudc rçphosc cst phssgadc. Lustg`cz vhtrc bjhgx. ;. Ikos qucd bks pcut-ho bhosgiçrcr qu‗gd o‗y k pks kuemcotktgho iu phurbcotkec ic pkrtgbgpktgho ikos uoc cotrcprgsc gotçerçc edhakdcmcot 8 k. Co bks i‗kbqugsgtgho ic tgtrcs. ∗ a. Co bks i‗kuemcotktgho ic bkpgtkd kvcb kbqugsgtgho ic irhgts prççrcotgcds ic shusbrgptgho. ∗ b. Co bks i‗kuemcotktgho ic bkpgtkd kvcb bcssgho i‗uo bcrtkgo ohmarc ic irhgts ic shusbrgptgho. ∗ 1. prçbçicmmcot Ikos qucd bksotpcut bhosgiçrcr k gotçerktgho i‗uoc cotrcprgsc prçbçicmmc bhoshdgiçc pkrqu‗gd mgscyco çqugvkdcobcedhakdc 8 k. Dhrsquc d‗ho cst pkssç i‗uoc go`ucobc ohtkadc æ uo bhotrùdc cxbdusg. a. Dhrsquc d‗ho cst pkssç i‗uoc go`ucobc ohtkadc æ uo bhotrùdc bholhgot. b. Dhrsquc, co ohrmcs rkoåkgscs, ho cst pkssç i‗uo bhotrùdc bholhgot æ uo bhotrùdc b hotrùdc cxbdusg.

∗ ∗ ∗

2. Dk shbgçtç Kdpjk k uoc pkrtgbgpktgho ic 13 % ikos dk shbgçtç Aìtk. Cddc kgt d‗kbqugsgtgho uo ko pdus tkri ic 93 % ic tgtrcs Aìtk phur kvhgr uoc pkrtgbgpktgho ic 56 %. Bhmmcot ihgt-ho trkgtcr, æ dk scbhoic kbqugsgtgho, dcs çbkrts i‗çvkduktgho bhostktçs dhrs ic dk prcmgêrc kbqugsgtgho 8 k. Gds shot klhutçs kux çbkrts i‗çvkduktgho bhostktçs dhrs ic dk scbhoic kbqugsgtgho. ∗ a. Gds oc shot pks mhigçs. ∗ b. Gds shot rcmpdkbçs pkr bcux bhostktçs dhrs ic dk scbhoic kbqugsgtgho.

∗

9. Dk shbgçtç Kdpjk k uoc pkrtgbgpktgho ic 33 % ikos dk shbgçtç Aìtk. Cddc kgt d‗kbqugsgtgho uo ko pdus tkri ic ;3 % ic tgtrcs Aìtk phur kvhgr uoc pkrtgbgpktgho ic 56 %. Bhmmcot irhgt-ho trkgtcr, æ dk scbhoic kbqugsgtgho, dcs çbkrts i‗çvkduktgho bhostktçs dhrs ic dk prcmgêrc kbqugsgtgho 8 k. Gds shot klhutçs kux çbkrts i‗çvkduktgho bhostktçs dhrs ic dk scbhoic kbqugsgtgho. ∗ a. Gds oc shot pks mhigçs. ∗ b. Gds shot rcmpdkbçs pkr bcux bhostktçs dhrs ic dk scbhoic kbqugsgtgho. ∗ 3. Ikos dk ohrmc GKR ; rcdktgvc æ dk prçscotktgho ics çtkts okobgcrs, cst-gd gmphssgadc 8 k. Ic bhmpcoscr uo kbtg hu uo pkssg.

∗ ∗

a. Ic prçscotcr rcerhupcrics icsçtkts çdçmcots oho sgeogbktgs ic okturc ct ic hobtgho sgmgdkgrcs. b. okobgcrs scdho uoc mçtjhic ic bhmptkagdgtç ic trçshrcrgc.

∗

230  

ICR RKPHGQR KSZ BHMVÇYCOBCR

0. [ucddc dgeoc oc ihgt pks eurcr ikos dk scbtgho « kutrcs çdçmcots iu rçsudtkt edhakd ¾ ic d‗çtkt iu rçsudtkt oct ct ics kutrcs çdçmcots iu rçsudtkt edhakd 8 k. Dcs igçrcobcs ic bjkoec dgçcs kux bhovcrsghos ics çtkts okobgcrs ics kbtgvgtçs æ d‗çtrkoecr. a. Dcs prhts sur rççvkduktghos ics gmmhagdgsktghos bhrphrcddcs ct gobhrphrcddcs. b. Dcs prhts sur bcssghos ics gmmhagdgsktghos bhrphrcddcs ct gobhrphrcddcs.

Çvkducr dcs skvhgrs

Mkïtrgscr dcs bhmpçtcobcs

∗ ∗ ∗

Vrçpkrcr d‗çprcuvc

1 Mgog-bks < kuemcotktgho iu phurbcotkec i‗gotçrìts

☃☃☃ ☃ ikos uoc cotrcprgsc gotçerçc edhakdcmcot (ohrmcs `rkoåkgscs) ☃☃

Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Dk shbgçtç mêrc Lkzz k kbqugs dcs tgtrcs sugvkots ic dk shbgçtç Qkp. • Vrcmgcr dht. Ku içaut ic d‗cxcrbgbc O, 56 % iu bkpgtkd phur 316 666 ₤. Dcs bkpgtkux prhprcs ic Qkp çtkgcot kdhrs ic 366 666 ₤. Ics çbkrts i‗çvkduktgho hot çtç bhostktçs sur ics tcrrkgos phur ;16 666 ₤ ct sur ics bhostrubtghos phur :6 666 ₤ (kmhrtgsskadcs co : kos shgt ;6 666 ₤ pkr ko). Dcs çbkrts i‗kbqugsgtgho s‗kmhrtgrhot co 3 kos. • Rcbhoi dht. Ku mgdgcu ic d‗cxcrbgbc O+1, 16 % iu bkpgtkd phur 16; 666 ₤ kdhrs quc dcs bkpgtkux prhprcs ic Qkp s‗çdêvcot æ 5:6 666 ₤ (Bkpgtkd < 966 666 + Qçscrvcs < 266 666 + Qçsudtkt < :6 666). Dcs agdkos æ dk o ic O+1 shot dcs sugvkots < Ad i Lzz Ygtrcs Qkp Kutrcs kbtgs (oct)

51; 666 157 666

Bkpgtkd Qçscrvcs Qçsudtkt

; 666 666

:66 666 ;:6 666 16 666 ; 666 666

Ad i Q Kbtgs (octs)

:26 666

Bkpgtkd

966 666

Qçscrvcs Qçsudtkt

266 666 ;26 666 :26 666

:26 666

235  

ICR RKPHGQR KSZ BHMVÇYCOBCR

;. Içtcrmgocz d‗çbkrt i‗kbqugsgtgho iu dht ;. 1. Içtcrmgocz d‗çbkrt i‗kbqugsgtgho iu dht 1. 2. Vrçscotcz dcs çbrgturcs ic bhoshdgiktgho `o O+1. 9. Vrçscotcz dc agdko bhoshdgiç `o O+1. 3. Vrçscotcz dc bhmptc ic rçsudtkt bhoshdgiç `o O+1, skbjkot phur dk shbgçtç Lkzz dcs prhprh iugts s‗çdêvcot æ 316 666 ₤ ct phur dk shbgçtç Qkp dcs prhiugts s‗çdêvcot æ 026 666 ₤. Ycoczz bhmptc i‗uo gmpùt sur dc rçsudtkt ic 13 %. Ycoc

2 Mgog-bks < gotçerktgho edhakdc i‗uoc cotrcprgsc prçbçicmmcot ☃☃☃ ☃ bhoshdgiçc pkr çqugvkdcobc (ohrmcs `rkoåkgscs) ☃☃

Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Dk shbgçtç Ikrdgoe k kbqugs, içaut O‒;, 96 % ics tgtrcs ic dk shbgçtç Dkiy phur 936 666 ₤ kdhrs quc dcs bkpgtkux prhprcs ic Dkiy çtkgcot ic ; ;66 666 ₤. Gd o‗y k pks i‗çbkrt i‗çvkduktgho. Dcs çbkrts i‗kbqugsgtgho s‗kmhrtgsscot s‗kmhrtgsscot co ;6 kos. Dk shbgçtç Dkiy cst mgsc co çqugvkdcobc. Æ dk o ic d‗kooçc O, dcs agdkos ics shbgçtçs Ikrdgoe ct Dkiy shot dcs sugvkots < Ad i Ide Ygtrcs Dkiy

936 666

Bkpgtkd

066 666

Kutrcs kbtgs (oct)

336 666

Qçscrvcs

296 666

Qçsudtkt

06 666

; 666 666

; 666 666

Ad i Di Kbtgs (oct)

; 966 666

; 966 666

Bkpgtkd

; 666 666

Qçscrvcs

266 666

Qçsudtkt

;66 666 ; 966 666

Ku mgdgcu ic d‗cxcrbgbc O+;, dk shbgçtç Ikrdgoe kbqugcrt 16 % ics tgtrcs Dkiy phur 2;6 666 ₤. Dc rçsudtkt ic Dkiy æ bcttc iktc cst ic 36 666 ₤ (prhiugts 366 666, bjkrecs

936 666). Dcs agdkos ic Ikrdgoe ct ic Dkiy shot dcs sugvkots o O+;.

23:  

ICR RKPHGQR KSZ BHMVÇYCOBCR

Ad i Ide Ygtrcs Dkiy

506 666

Bkpgtkd

066 666

Kutrcs kbtgs (oct)

196 666

Qçscrvcs Qçsudtkt

206 666 96 666

; 666 666

; 666 666

Ad i Di Kbtgs (oct)

; 566 666

Bkpgtkd

; 666 666

Qçscrvcs

966 666

Qçsudtkt

266 666

; 566 666

; 566 666

Dc rçsudtkt ic Ikrdgoe sc bhmphsc ic 066 666 ₤ ic prhiugts ct 306 666 ₤ ic bjkrecs ct dc rçsudtkt ic Dkiy ic 2 666 666 ₤ ic prhiugts ct 1 566 666 ₤ ic bjkrecs. ;. Bkdbudcz d‗çbkrt i‗kbqugsgtgho sur tgtrcs Dkiy ku içaut O‒;. 1. Vrçscotcz dc agdko bhoshdgiç `o O. 2. Bkdbudcz d‗çbkrt i‗kbqugsgtgho sur tgtrcs Dkiy kbqugs ku mgdgcu ic O+;. 9. Vrçscotcz dcs çbrgturcs ic bhoshdgiktgho `o O+;. 3. Vrçscotcz dc agdko bhoshdgiç `o O+;. 0. Vrçscotcz dc bhmptc ic rçsudtkt bhoshdgiç `o O+;.

< içbhoshdgiktgho `kgskot sugtc æ uoc bcssgho ic tgtrcs 9 Mgog-bks ☃☃☃ ☃ (ohrmcs `rkoåkgscs) ☃☃ Bhmpçtcobcs vgsçcs

•   Mkïtrgscr dc prhbcssus i‗çdkahrktgho i‗uoc bhoshdgiktgho rctrkgtcmcots ts ic bhoshdgiktgh bhoshdgiktghoo •   Içtcrmgocr d‗gmpkbt ics rctrkgtcmco •  Corcegstrcr dcs hpçrktghos ic bhoshdgiktgho

Dk shbgçtç Kacgddc kvkgt kbqugs, ku içaut ic d‗cxcrbgbc O‒;, 06 % ics tgtrcs ic dk shbgçtç Aìtk phur 9:6 666 ₤. Dcs bkpgtkux prhprcs ic dk shbgçtç Ahuriho çtkgcot kdhrs ic 566 666 ₤. Gd o‗y kvkgt kubuo çbkrt i‗çvkduktgho. D‗çbkrt çvcotucd i‗kbqugsgtgho s‗kmhrtgrk co bgoq kos. Ku mgdgcu ic d‗cxcrbgbc O+;, dk shbgçtç Kacgddc bêic 96 % ics tgtrcs Ahuriho phur

996 666 ₤ (rkmcokot sk pkrtgbgpktgho æ 16 %), kdhrs quc dcs agdkos ct dcs bhmptcs ic rçsudtkt shot dcs sugvkots <

237  

ICR RKPHGQR KSZ BHMVÇYCOBCR

Ad i‗Kadd Ygtrcs @

9:6 666

Bkpgtkd

066 666

Kutrcs kbtgs (oct)

316 666

Qçscrvcs Qçsudtkt

236 666 36 666

; 666 666

; 666 666

Ad i Ai Kbtgs (oct)

; 6;6 666

Bkpgtkd

366 666

Qçscrvcs

936 666

Qçsudtkt

06 666

; 6;6 666

; 6;6 666

B i d i‗Kadd i‗Kadd Bjkrecs

9:6 666

Qçsudtkt

36 666

Vrhiugts

326 666

326 666 326 666

B i d i Ai Bjkrecs

596 666

Qçsudtkt

06 666 :66 666

Vrhiugts

:66 666 :66 666

;. Vrçscotcz dc agdko bhoshdgiç iu erhupc ku 26 lugo O+; (kvkot bcssgho). 1. Içtcrmgocz dc rçsudtkt goigvgiucd ic bcssgho ct prçscotcr ikos dcs bhmptcs shbgkux dcs çbrgturcs bhrrcsphoikotcs. 2. Içtcrmgocz dc rçsudtkt bhoshdgiç ic bcssgho. 9. Içtcrmgocz dk vkdcur i‗çqugvkdcobc ics tgtrcs Ahuriho. 3. Vrçscotcz dcs çbrgturcs ic bhoshdgiktgho ku 26 lugo O (agdko ct bhmptc ic rçsudtkt). 0. Vrçscotcz dc agdko bhoshdgiç ku 26 lugo.

206  

ICR RKPHGQR KSZ BHMVÇYCOBCR

Çvkducr dcs skvhgrs

Mkïtrgscr dcs bhmpçtcobcs

Vrçpkrcr d‗çprcuvc

3 Bks prktgquc < çtkadgsscmcot i‗uo çtkt iu rçsudtkt oct ☃☃☃ ☃ ct ics kutrcs çdçmcots iu rçsudtkt edhakd ed hakd ☃☃

Bhmpçtcobc vgsçc

93 mgo

Çdkahrcr  dcs ihbumcots ic syotjêsc spçbgqucs kux bhmptcs bhoshdgiçs

Phus ìtcs kmcoç æ prçscotcr dcs bhmptcs bhoshdgiçs iu erhupc Jcbthr. Phus kvcz içlæ çtkadg d‗çtkt ic sgtuktgho okobgêrc. okobgêrc. Dk shbgçtç Jcbthr kvkgt prgs dc ;cr lugddct O‒3 uoc pkrtgbgpktgho ic 56 % iu bkpgtkd ikos dk shbgçtç Kbjgddc, dkqucddc dkqucddc k prgs uoc pkrtgbgpktgho dc ;cr lugddct O‒9 ic 06 % ikos dk shbgçtç Jçdêoc, shbgçtç sgsc co Ohrvêec. Dk akdkobc iu agdko ct iu bhmptc ic rçsudtkt (kykot scrvg æ çtkadgr dcs bhmptcs bhoshdgiçs) (co mgddgcrs i‗curhs) ku 2; içbcmarc O iu erhupc Jcbthr kgosg qu‗uo bcrtkgo ohmarc i‗gohrmktghos bhmpdçmcotkgrcs vhus cst ihooçc co koocxcs.

Yrkvkgd æ `kgrc ;. Vrçscotcz d‗çtkt iu rçsudtkt oct bhoshdgiç iu erhupc Jcbthr phur d‗kooçc O. 1. Vrçscotcz d‗çtkt iu rçsudtkt oct ct ics ekgos ct pcrtcs bhmptkagdgsçs igrcbtcmcot co bkpgtkux prhprcs bhoshdgiçs iu erhupc Jcbthr phur d‗kooçc O.     ;    c    x    c    o    o     K

Akdkobc ics bhmptcs ic agdko ku 2; içbcmarc O (cxtrkgt)

O¶  ;6; ;69; ;60 ;65; ;65: ;6: ;67

Gd i  Bkpgtkd Vrgmc i‗çmgssgho Qçscrvcs Çbkrt i‗çvkduktgho sur gostrumcots okobgcrs Çbkrt ic bhovcrsgho Gotçrìts mgohrgtkgrcs (bkpgtkd ct rçscrvcs) Kbtghos prhprcs

Rdi ia

Rdi i 566 666 ;53 666 9:; 966 2; 066 ;1 066 139 966

;66 666

;16 ;1:

Qçsudtkt ic d‗cxcrbgbc (erhupc) Qçsudtkt ic d‗cxcrbgbc (mgohrgtkgrcs) ;66 666

;06 666 :6 666 ; :73 666

20;  

ICR RKPHGQR KSZ BHMVÇYCOBCR

    1    c    x    c    o    o     K

Akdkobc ics bhmptcs ic rçsudtkt ku 2; içbcmarc O

O¶  ;16 ;1: 06; 062; 067; 0;6 016 026 09; 093 09: 036 00; 000 00: 05; 053 0:;;; 0:;;1 0:;3 0:;0; 0:;01 0:;5 073 07:

Gd i  Qçsudtkt ic d‗cxcrbgbc (erhupc) Qçsudtkt ic d‗cxcrbgbc (mgohrgtkgrcs) Kbjkts ic mktgêrcs prcmgêrcs Pkrgktgho ic sthbn ic mktgêrcs prcmgêrcs Qkakgs, rcmgscs ct rgsthurocs hatcous sur kbjkts Rcrvgbcs cxtçrgcurs Kutrcs scrvgbcs cxtçrgcurs Gmpùts, tkxcs ct vcrscmcots kssgmgdçs Qçmuoçrktghos iu pcrshoocd

Rdi ia ;06 666 :6 666 2 666 666

Rdi i

26 666 16 666 ;96 666 166 666 76 666 536 666

Bjkrecs ic sçburgtç shbgkdc ct ic prçvhykobc Kutrcs bjkrecs ic pcrshoocd Kutrcs bjkrecs ic ecstgho bhurkotc Bjkrecs i‗gotçrìts Vcrtcs ic bjkoec Kutrcs bjkrecs okobgêrcs Bjkrecs cxbcptghoocddcs sur hpçrktghos ic ecstgho Pkdcurs bhmptkadcs ics çdçmcots i‗kbtgs bçiçs Ihtktghos ku kux km kmhrtgsscmcots

266 666 :6 666 16 666 26 666 ;3 666 3 666 ;6 666

ics Ihtkgmmhagdgsktghos tghhos kux kmhrtgobhrphrcddcs tg gsscmcots ics gmmhagdgsktghos bhrphrcddcs Ihtktghos kux prhvgsghos i‗cxpdhgtktgho Ihtktg tghhos ku kux içprçbg bgkktgh ghoos iu  ehhiwgdd  ehhiwgdd   (çbkrt i‗kbqugsgtgho) Ihtktg tghhos kux içprçbg bgkktgh ghoos ics gmmhagdgsktghos bhrphrcddcs Ihtktghos kux içprçbgktghos ic d‗kbtg bgrbudkot Gmpùts sur dcs açoçbcs Bjkrecs i‗gmpùt igçrç

;66 666

06 666 16 666

16 666 96 666 3 666 ;6 66 666 56 666 ;3 666

077 56; 5;233

Vrhiugts i‗gmpùt igçrç Pcotcs ic prhiugts ogs Pkrgktgho ic sthbns prhiugts ogs

3 666 3 666 666 16 666

201  

ICR RKPHGQR KSZ BHMVÇYCOBCR

O¶  51; 536 533 501; 5010 509 500 50: 55; 553

    2    c    x    c    o    o     K

Gd i 

Rdi ia

Vrhiubtgho gmmhagdgsçc (gmmhagdgsktghos gobhrphrcddcs) Kutrcs prhiugts ic ecstgho bhurkotc Qçsudtkt ics shbgçtçs mgscs co çqugvkdcobc Qcvcous ics tgtrcs gmmhagdgsçs Qcvcous ics prìts Qcvcous ics vkdcurs mhagdgêrcs ic pdkbcmcot Ekgos ic bjkoec Kutrcs prhiugts okobgcrs Vrhiugts cxbcptghoocds sur hpçrktghos ic ecstgho Vrhiugts ics bcssghos i‗çdçmcots i‗kbtg Y

Rdi i 16 666 ;6 666 96 666 3 666 3 666 ;6 666 3 666 ;6 666 3 666

53 666 3 196 666 3 196 666

Gohrmktghos bhmpdçmcotkgrcs Co `o i‗cxcrbgbc, dk shbgçtç Jcbthr k bhostktç uoc pdus-vkduc dktcotc bhmpdçmcotkgrc ic ;3 666 n₤ sur ics gostrumcots `okobgcrs çvkduçs æ dk lustc vkdcur pkr dc agkgs ics kutrcs çdçmcots iu rçsudtkt edhakd co tgtrcs gmmhagdgsçs. Cddc kvkgt bhmptkagdgsç dcs hpçrktghos sugvkotcs <

15; ;65;

Ygtrcs gmmhagdgsçs Çbkrt i‗çvkduktgho sur gostrumcots okobgcrs Çbkrt i‗çvkduktgho

;65; ;0:5

Çbkrt i‗çvkduktgho sur gostrumcots okobgcrs Gmpùts igçrçs ;3 666 Õ 13 %

;3 666

;3 666

2 536 2 536

Ku mhmcot ic dk bhovcrsgho ics kbtgs ct pkssgs ic dk shbgçtç Jçdêoc, shbgçtç ohrvçegcooc, gd k çtç içekeç ku 2; içbcmarc O, uo çbkrt ic bhovcrsgho (ekgo ic bjkoec) ic 26 666 n₤. Bct çbkrt çtkgt ic 16 666 n₤ ku 2; içbcmarc O‒;. Bct çbkrt

 Õ

rcvgcot kux mklhrgtkgrcs phur 91 % (56 %

06 %) ct kux mgohrgtkgrcs phur 3: %.

202  

RWOYJÊRC Bjkoecmcots ic pçrgmêtrc ct ihbumcots ic syotjêsc

Pkrgktgho iu phurbcotkec i‗gotçrìts ct iu pçrgmêtrc ic bhoshdgiktgho Kd i  •  Yy Yypcs pcs i‗hpçrktgho < kbqugsgtgho ic tgtrcs ct kuemcotktgho

Ke i e i‗ì i   e edad

ic bkpgtkd (kvcb kuemcotktgho hu igmgoutgho iu tkux i‗gotçrìt) •  Vrgobgpc < dcs kbqugsgtghos bhmpdçmcotkgrcs ic tgtrcs oc rcmcttcot pks co bkusc dcs çvkduktghos ics kbtgs ct pkssgs gicotgçs, içtcrmgoçcs æ dk iktc ic dk prgsc ic bhotrùdc (igtc iktc i‗kbqugsgtgho) •  Rpçbgbgtçs < scdho dcs ohrmcs gotcroktghokdcs, ohuvcku bkdbud ics çbkrts ics vkdcurs co prhphrtgho ic i‗kbqugsgtgho dk vkdhrgsktghoctækdgeocmcot dk iktc i‗kbqugsgtgho > scdho dcs ohrmcs rkoåkgscs, kiigtgho ics çbkrts i‗kbqugsgtgho •  Yy Yypc pc i‗hpçrktgho < kbqugsgtgho ic tgtrcs i‗uoc cotgtç

Ge edad i   i di  qd

Idi    i 

prçbçicmmcot çvkduçc pkr çqugvkdcobc •  Vrgobgpc < dk iktc æ dkqucddc dcs vkdcurs ics kbtgs ct ics pkssgs gicotgçs, vhgrc dcs çbkrts i‗kbqugsgtgho (co ohrmcs gotcroktghokdcs), oc pcuvcot pdus ìtrc rcmgs co bkusc cst dk iktc ic prgsc ic bhotrùdc •  Rpçbgbgtçs < scdho dcs ohrmcs rkoåkgscs, prçscotktgho sçpkrçc ics çbkrts i‗kbqugsgtgho > scdho dcs ohrmcs gotcroktghokdcs, gotçerktgho ikos dk vkdcur i‗çqugvkdcobc •  Yy Yypcs pcs i‗hpçrktgho < bcssghos cxtcrocs ct gotcrocs •  Vrgobgpc < igvcrecobc cotrc dc rçsudtkt içekeç ikos dcs bhmptcs shbgkux ct dc rçsudtkt içekeç ikos dcs bhmptcs bhoshdgiçs •  Rpçbgbgtçs < phur dcs bcssghos cxtcrocs, igstgobtgho cotrc bcssghos thtkdcs ct pkrtgcddcs > ocutrkdgsktgho ics prhts sur bcrtkgocs bcssghos gotcrocs (cx. < bcssghos ic sthbns ct i‗gmmhagdgsktghos)

209  

Ihbumcots ic syotjêsc bhoshdgiçs O å Q

Qêedcmcots BQB 77.61 ct KOB 1616-6; •  Agdko bhoshdgiç •  Bhmptc ic rçsudtkt bhoshdgiç •  Koocxc bhoshdgiçc

Ç

O d GKR ; § ;6 •  Çtkt ic dk sgtuktgho okobgêrc

æ dk o ic dk pçrghic •  Çtkt iu rçsudtkt oct ct ics kutrcs çdçmcots iu rçsudtkt edhakd phur dk pçrghic •  Çtkt ics vkrgktghos ics bkpgtkux prhprcs •  Ykadck Ykadckuu ics `ux ic trçshrcrgc •  Ohtcs rçsumkot dcs prgobgpkdcs mçtjhics bhmptkadcs ct kutrcs cxpdgbktghos

203  

VKQYGC 2 < BKR IC RWOYJÊRC BHMVYCR IC EQHSVC

Phus ìtcs kmcoç æ prçscotcr dcs bhmptcs bhoshdgiçs iu erhupc 3M, ihot dcs tgtrcs shot bhtçs sur uo mkrbjç oho rçedcmcotç (Curhocxt Erhwtj®). Dc erhupc 3M cst uo erhupc ic bgoq shbgçtçs kohoymcs bhostgtuç æ bhmptcr ic d‗cxcrcr

bgbc O‒3. Dk shbgçtç 3M kkprgs, ;  lugddct O‒3, uoc ic 56 bkpgtkd ikos cr dk shbgçtç Mkîd, dkqucddc prgs dc uoc pkrtgbgpktgho dc ;pkrtgbgpktgho  lugddct O‒9 ic 06 % %iu ikos dk shbgçtç Mkrtgo. Co O‒2, co bhpkrtgbgpktgho kvcb uo kutrc erhupc, dk shbgçtç 3M k bhostgtuç dk shbgçtç Mktjgdic ihot cddc k shusbrgt 36 % iu bkpgtkd. Dc ;cr lugddct O-1, dk shbgçtç 3M k prgs uoc pkrtgbgpktgho ic 26 % ikos dc bkpgtkd ic dk shbgçtç Mkicdcgoc. Coo, dc ;cr lugddct O, dk shbgçtç 3M k shusbrgt æ uoc kuemcotktgh kuemcotktghoo ic bkpgtkd ic dk shbgçtç Mkîd (ihot d‗ksscmadçc eçoçrkdc kvkgt bhovcou ic d‗kakoiho iu irhgt prççrcotgcd ic shusbrgptgho) ct k phrtç sk pkrtgbgpktgho æ :6 %. Dcs agdkos ct bhmptcs ic rçsudtkt co erkoics ruargqucs (ct co mgddgcrs i‗curhs) ku 2; içbcmarc O vhus shot hurogs co koocxcs ; ct 1. So bcrtkgo ohmarc i‗gohrmktghos bhmpdçmcotkgrcs vhus shot prçscotçcs co koocxc 2.

Dcs çbkrts i‗kbqugsgtgho scrhot kmhrtgs co ;6 kos. Dc tkux ic d‗gmpùt sur Yrkvkgd æ `kgrc dcs shbgçtçs æ prcoirc phur dk içtcrmgoktgho Co vhus kppuykot sur dcs koocxcs < ics gmpùts igçrçs cst ;. Vrçscotcz dcs çbrgturcs ic rctrkgtcmcot bhoiugskot æ dk bhoshdgiktgho ics agdkos ct ics `xç uoghrmçmcot æ bhmptcs ic rçsudtkt iu erhupc 3M ku 2; içbcmarc O. 13 % (qucddc quc shgt dk okturc iu rçsudtkt hu ic 1. Vrçscotcz dc agdko ct dc bhmptc ic rçsudtkt ku 2; içbcmarc O iu erhupc 3M (co pkrdk pdus-vkduc ct sk iktc tkot ic ihbumcots ic syotjêsc bumudçs kvkot thutc hpçrktgho ic rctrkgtcmcot). ic survcokobc).     ;    c    x    c    o    o     K

Agdko ics shbgçtçs iu erhupc 3M 3M

Mîd

M

Mdi

Mid

Kbtg gmmhagdgsç (tgtrcs cxbdus)

2;; 366

10: :66

113 666

;3: 666

;97 666

Ygtrcs ic pkrtgbgpktgho

291 166

;27 166

Kbtg bgrbudkot

111 266

120 666

136 666

;36 666

;75 666

:50 666

099 666

953 666

26: 666

290 666

Bkpgtkd

166 666

;06 666

;66 666

:6 666

;16 666

Qçscrvcs

;:6 666

;93 666

;16 666

90 666

30 666

Qçsudtkt ic d‗cxcrbgbc

26 666

16 666

;3 666

: 666

;: 666

Vrhvgsghos rçedcmcotçcs

20 666

19 666

26 666

91 666

19 666

Vrhvgsghos phur rgsqucs

3 666

: 666

0 666

9 666

0 666

913 666

1:5 666

169 666

;1: 666

;21 666

Icttcs

:50 666

099 666

953 666

26: 666

290 666

200  

VKQYGC 2 < BKR IC RWOYJÊRC

Bhmptcs ic rçsudtkts ics shbgçtçs iu erhupc 3M

    1    c    x    c    o    o

3M

    K

Mîd

M

::6 666

512 666

396 666

232 666

329 666

Ihtktghos kux kmhrtgsscmcots

:6 666

36 666

96 666

20 666

91 666

Gmpùts sur dcs açoçbcs

;6 666

5 666

3 666

2 666

0 666

Qçsudtkt oct bhmptkadc

26 666

16 666

;3 666

: 666

;: 666

; 666 666

:66 666

066 666

966 666

066 666

; 666 666

:66 666

066 666

966 666

066 666

; 666 666

:66 666

066 666

966 666

066 666

ihot ihtktghos kux prhv. rçedcmcotçcs

19 666

;: 666

;1 666

; 3 666

0 666

ihot rcprgscs sur prhv. rçedcmcotçcs

;1 666

7 666

;: 666

1; 666

2 666

Bjkrecs

Vrhiugts

    2    c    x    c    o    o     K

Mdi Mid

Gohrmktghos bhmpdçmcotkgrcs Rhbgçtç 3M

Dc phstc « Ygtrcs ic pkrtgbgpktgho ¾ bhmprcoi dcs tgtrcs sugvkots < 56 666 kbtghos Mkîd kbqugscs co O‒3 phur 3: 666 kbtghos Mkîd shusbrgtcs co O phur

;13 666 n₤ ;;0 666 n₤

96 666 kbtghos Mktjgdic shusbrgtcs co O‒2 phur

96 666 n₤

20 666 kbtghos Mkicdcgoc shusbrgtcs co O‒1 phur

0; 166 n₤

 

291 166 n₤

Dk shbgçtç 3M k vcoiu dc ; cr   lugddct O æ dk shbgçtç Mkîd uo coscmadc gmmhagdgcr (bhmprcokot tcrrkgo ct bhostrubtgho) phur uoc vkdcur ic ;9 666 n₤ (ihot 9 ::6 ₤ phur dc tcrrkgo). Bct coscmadc kvkgt çtç kbqugs dc ; cr   lugddct O‒7 phur ;2 066 n₤ (ihot 1 :66 phur dc tcrrkgo, dk bhostrubtgho çtkot kmhrtgsskadc co 26 kos). Dk iurçc i‗kmhrtgsscmcot `xçc pkr dk shbgçtç Mkîd æ bhmptcr iu ;cr  lugddct O cst ic 11 kos. Dk shbgçtç 3M, phur kgicr dk shbgçtç Mkîd ikos sho kbqugsgtgho dug k prìtç dc ;cr  lugddct O uoc shmmc ic ;1 666 n₤, rcmahurskadc co 3 kos, ku tkux ic : % d‗ko.

Rhbgçtç Mkîd

Dc phstc « Ygtrcs ic pkrtgbgpktgho ¾ bhmprcoi 06 666 kbtghos Mkrtgo kbqugscs ;27 166 n₤ co O‒9

205  

VKQYGC 2 < BKR IC RWOYJÊRC

Yhutcs shbgçtçs shb gçtçs

Ics igçrcotcs shbgçtçs ku mhmcot ics kbqugsgtghos ics tgtrcs, ho kvkgt rcdcvç dcs çdçmcots sugvkots (co mgddgcrs i‗curhs).

R Mîd ;  ldd O‒3

R M ;  ldd O‒9

R Mid ; ldd O‒1

Bkpgtkd

;66 666

;66 666

;16 666

Qçscrvcs

26 666

56 666

96 666

0 666

: 666

9 666

;: 666

;0 666

26 666

;39 666

;79 666

;79 666

B 



Qçsudtkt ic d‗cxcrbgbc Vrhvgsghos rçedcmcotçcs



Ku mhmcot ics prgscs ic bhotrùdcs, dcs pdus-vkducs dktcotcs çtkgcot dcs sugvkotcs sur bcs igvcrscs shbgçtçs < cddcs o‗hot pks hoikmcotkdcmcot bjkoeç phur Mkîd dhrs ic dk shusbrgptgho co lugddct O.

R Mîd ;  ldd O‒3

R M ;  ldd O‒9

R Mid ; ldd O‒1

0 666

oçkot

2 666

Rur tcrrkgos

;6 666

oçkot

1 666

sur bhostrubtghos (kmhrtgsskadcs co 16 kos)

;1 666

oçkot

;1 666

1: 666

oçkot

;5 666

Vd-d d sur gmmhagdgsktghos gobhrphrcddcs oho kmhrtgsskadcs





Igvgicoics

Dcs igvgicoics vcrsçs pkr dcs shbgçtçs iu erhupc co O hot çtç dcs sugvkots <

‒  shbgçtç 3M < ;0 666 > ‒  shbgçtç Mkîd < : 666 > ‒  shbgçtç Mkrtgo < 0 666 > ‒  shbgçtç Mkicdcgoc < : 666.