La face cachée du business de Dragone

7/22/2019 La face cache du business de Dragone

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2/13

FE NJVYF_RV_F

>9 K LMEYKF_ K QQQ.HFYKI.OF E

Cmrs ?000. Mprsqukezf meefs ke-

tfesfs ft prjhk-ikqufs mu Nkrqufbu jhfkh, Cjet-rmh, j sje tmhfetbf cfttfur fesnef m fxphjs,

Irmenj Brmajef rfvkfet skestmhhfr Hm Hjuvkrf pjur bnrjndfr hmhuef. Bmes ue bktjrkmh feihmcc,fe ijrcf bmntf ijebmtfur, kh ius-tkaf nfs nmpktmkefs bkebustrkf dfe-euyfrs hfs Ojh fe ttf bfvfeussfhje huk bfs pkhhfurs bf ijebs ,

bfs ihkoustkfrs bkstkeaus qukjet momebjee hf Dmkemut ft sfstrmvmkhhfurs pjur s fevjhfr vfrshm dmutf ikemenf ft hfs pmrmbks iks-nmux (=).

Bfs bjnucfets quf Hf Yki/HFx-prfss m pu njesuhtfr rvhfet qupfkef ue me mvmet bnrkrf nfs hkaefsfxmhtfs, Irmenj Brmajef m nr,mvfn hmkbf bu nmokeft bmubkt ft bfnjesfkh iksnmh Frest & [juea, trjkssjnkts ojtfs mux hfttrfs bfstk-efs nmemhksfr, bmes hfs pmrmbks

iksnmux bf hm prjprkt ketfhhfn-

cfet tjutfs bf skcphfs ojtfsmux hfttrfs mbckekstrfs pmr bfs

prtf-ejcs hjnmux, bfs njhhmoj-rmtfurs bu arjupf, ju hf afstkje-emkrf bf ijrtuef pfrsjeefh bfIrmenj Brmajef. ]uy m-t-kh bjenbfrrkrf nfttf njestfhhmtkje bfsjnkts jiisdjrf quk armvktfetbmes hjcorf bf hm ^.M. Prjbun-tkjes bu Brmaje, hm vktrkef ft ]Abu arjupf Hm Hjuvkrf quk emprmtkqufcfet lmcmks pmy bkc-pts bfpuks sm nrmtkje fe ?00= :

HKespfntkje spnkmhf bfs kcpts(K^K), ndmraf bf njcomttrf hm

irmubf iksnmhf armvf ft jrameksf,m t cksf mu njurmet bf nf rsfmujpmquf ike cmk ?0=?. Cmks fhhfemurmkt pms juvfrt bfequtf...Pmr njetrf, hf ?2 jntjorf ?0=? mucmtke, uef bkzmkef bf pjhknkfrs jetbomrqu mvfn cmebmt bf pfr-quksktkje bmes hfs ourfmux hju-vkrjks bu arjupf. Hfs bjcknkhfsprkvs bf Irmenj Brmajef, bu NFJbf hm sjnkt, bf sje bkrfntfur ik-emenkfr, ft bue menkfe njhhmojrm-tfur jet mussk t pfrquksktkjees

hf ccf ljur.

tufhhf, hf tjrrfet keketfrrjcpu bfrjymhtkfs quf hf aekmh cfttfur fe

snef pfrjkt bfs spfntmnhfs qukhm njeus pjur hf Nkrquf bu jhfkh.Hfurs ejcs < Nmetfrhj Htb. mux hfsYkfrafs orktmeekqufs, Njezm fr-vknfs meb Hknfeskea Htb. Ndyprf,ft Nmhktrk frvknfs & Hknfeskea HHNfe Djearkf.

Njiirf mu trsjr M cfsurf quf hfetrfprfefur nuh-turfh prfeb rmnkef Hm Hjuvkrfft sjuvrf hfs pjrtfs bf Hms Yfamsft Cmnmj, sje rsfmu bf sjnkts

jiisdjrf stfeb bmes hfs lurkbkn-tkjes jpmqufs iksnmhkt bjunf jueuhhf. Eusnj Djhbkeas Htb. ft HkemKetfremtkjemh Ken. mppmrmkssfetmkesk mux hfs Ykfrafs orktmeekqufsfe ?002 ft ?009, Nmpjakrj ( vfr-tkaf ) fe Djearkf ft fe ukssf fe?009, Rrfmsurf Ndfst ( njiirf mutrsjr ) Cmbrf fe ?001, Brm-ajef Djhbkeas H.P. mu Bfhmwmrffe ?004, ft hf Irmenj Brmajef Fe-tfrtmkecfet Arjup mu Huxfc-ojura fe ?0=0...

Nfs strunturfs sjet prmtkquf-

HF^ YKF_AF^, HVTFCOJV_A, DJEA_KF, ^VK^^F, CMB_F...

Hm njestfhhmtkjebu BrmajeIrmenj Brmajef, hfeimet prjbkauf bf Hm Hjuvkrf, fst suspfnt pmr hm lustknfcjetjksf b keirmntkjes snmhfs ketfremtkjemhfs armvfs ft jrameksfs ft bf ohmendkcfet bmrafet . Bfs hfs Ykfrafs orktmeekqufs mu Huxfcojura, fepmssmet pmr hm ^ukssf, hm Djearkf ft Cmbrf, ejtrf fequtf fxnhuskvf ormquf

hfs prjlfntfurs sur hm imnf nmndf bf sje hunrmtki ouskefss.

B^ NF LFVBK =1, HM NJE^RFHHMRKJE

BV B_MAJE F^R HF RDCFBF HCK^^KJE

\-PK]V MV YKIMYFN BMYKB HFHJVP

^V_

Hf ]A hjuvkrjksem prfsquf

lmcmks pmybkcpts


3/13E QQQ.HFYKI.OF K LMEYKF_ K >1

^RM_RKEA-OHJNGIrmenj Brmajef fst sur hf pjketbf skaefr hf njetrmt pjur hjrameksmtkjebfs nrcjekfs bjuvfrturf ftbf nhturf bf hm Njupf bu cjebf

bf ijjtomhh ?0=2 mu Orskh. L K C C [ G F R ^ / _ F P J _ R F _ ^


4/13

FE NJVYF_RV_F B_MAJEF Bjsskfr 0;=/?0=? CjesRrs vktf, kh sf ndundjtf quf h jprmtkje sfrmkt hkf h fequtf bkhkafetf pmr hm luaf b kestruntkjenmrjhj Irmenf Omfngfhmeb sur Fbcf Bf Arjfvf, h fx-prskbfetfbf hm ^ENO, bf hm Hjtfrkf emtkjemhf ft bf h mrjpjrt bf Ndmrhfrjk, fcomundf fe jntjorf ?00;pmr Irmenj Brmajef pjur mchkjrfr hm ajuvfremenf bf sjearjupf. N fst fe tjut nms hm tdsfbkiiusf hf ljur ccf fe ketfrefpjur rmssurfr hf pfrsjeefh.Jr h e fe fst rkfe, ft IrmenjBrmajef hf smvm kt pmrsfs mvjnmts. Hf Yki/H Fxprfss fst fe cfsurf bfrvhfr qu uef ejuvfhhfkestruntkje - hf bjsskfr0;= /?0=? - m t njeikffe jntjorf, mprs okfebfs prkptkfs hkrf fenm-br), mu luaf cjetjks MhmkeOhjebkmux. Hf cmakstrmts ketrfssf prnkscfetmux nkrnukts ikemenkfrsfxjtkqufs utkhkss pmr hfcfttfur fe snef bf NhkefBkje ft sfs sjnkts ofhafs 4 ==4LML'X'YLF_ ?0=> =QQQ.HFYKI. OF Ej>

Mu ]A bu arjupf, ruf bf OfhhfYuf, ue fspmnf bf ruekje s mppfhhf hm ^mhhf bfs njenfptfurs.Ft tjut ue bpmrtfcfet bf h fetrfprksf fst omptks- fe ketfrefh KP Imntjry (hkttrmhfcfet


5/13


6/13

Njccfet Irmenj Brmajefm-t-kh otk sm ijrtuef quksf ndkiirf fe bkzmkefs bfckhhkjes bfurjs : JuohkfzBnrjndfr hm huef Hm Hju-vkrf (200000 furjs), hm

nrcjekf bkemuaurmtkje bf hmamrf bfs Aukhhfckes Hkaf(400000 furjs), ft ccf hfs iu-turfs nrcjekfs bf hm Njupf bucjebf bf ijjtomhh mu Orskh fe?0=2 (=0 ckhhkjes bfurjs). Nfsspfntmnhfs jef-sdjt ef rmp-pjrtfet pms ju pfu. Khs tkfeefet

phus bfs rfhmtkjes puohkqufs qufbu ouskefss pur ft bur. Hfs vrk-tmohfs cmndkefs nmsd, nf sjet hfscamsdjws pfrcmefets njc-cmebs pmr bfs ckhhkmrbmkrfs hmttf bdtfhs-nmskejs amets. Vecmrnd ahjomh fstkc phus bf =,>ckhhkmrb bf bjhhmrs.

Hf njetrmt bu sknhf M Efw Bmy, njeu pjur NhkefBkje, m t lju phus bf 100 ijksmu Nmfsmrs Pmhmnf bf Hms Yfams

fetrf ?00> ft ?001, aermet prsbf 200 ckhhkjes bf bjhhmrs. Hf _vf,mu Qyee Hms Yfams, fst hmiikndfbfpuks ?006 ft ikaurf tjuljurspmrck hfs cfkhhfurfs vfetfs. ]umet Rdf Djusf ji Bmenkea Qmtfr, kemu-aur hm Nkty ji Brfmcs bf Cm-nmj fe ?0=0, kh m bl t vu pmrphus bf =,6 ckhhkje bf spfntmtfurs.Cmks tjus nfs ndkiirfs bfvrmkfettrf omhmys pmr hfs irukts bu njetrmt bu sknhf , skae pmrIrmenj Brmajef ike ?0== mvfn hf

arjupf kccjokhkfr Bmhkme Qmebm,

pjur nkeq spfntmnhfs fe Ndkef o-eiknkmet ndmnue bue oubaft bf?60 ckhhkjes bf bjhhmrs...

Nmrmntrkstkqufs bf nfs cam-sdjws : Hf nhkfet-kevfstkssfurpmkf hm njestruntkje buef smhhfbbkf, mkesk quf hf oubaft pjurrmhksfr hf spfntmnhf. Nfs prjlftssjet tfhhfcfet ejrcfs quf trjksju qumtrf mes snjuhfet sjuvfetfetrf hm skaemturf bfs njetrmtsft hm prfckrf bu sdjw. Ft sur-tjut < hfs spfntmnhfs sjet ljuslusqu bkx ijks pmr sfcmkef pfe-bmet phuskfurs meefs.Mu ikemh, je jotkfet uef akame-

tfsquf cmndkef nmsd quk prjiktf

ejtmccfet Irmenj Brmajef ftsje arjupf arnf ue ouskefsscjbfh okfe rb (hkrf fenmbr p.2?).

Ft quk rmppjrtf bfs bnfeekfs bu-rmet.Cystrf, nr mvfn hf Nkrqufbu ^jhfkh mu Rrfmsurf Kshmeb bfHms Yfams, fe =;;>, fst tjuljurs hmiikndf muljurbduk. Rjut njccf

Mhfarkm, ]ukbmc, J, ft Hm Ejuom...Pjurtmet, cmhar hf nmrtje bf

Nhkef Bkje, hfs sunns bu _vfft bu sdjw bf Cmnmj, hf ]A buarjupf Hm Hjuvkrf, hm .M. Prj-buntkjes bu Brmaje, m rmrfcfetrmhks bfs oeiknfs (bfux ijkshfs dukt bfrekrfs meefs). ^fs

pfrtfs nucuhfs bpmssfet ?,2

FE NJVYF_RV_F B_MAJEF

20 K LMEYKF_ K QQQ.HFYKI.OF E

Vef akametfsqufcmndkef nmsdBfpuks sm nrmtkje fe ?00=, hm sjnkt ofhaf Prjbuntkjes bu Brmaje ferfakstrf bfs pfrtfsprmtkqufcfet ndmquf meef. Pjurtmet, hfs camsdjws njeus Hm Hjuvkrf nmrtjeefet Hms Yfams ft Cmnmj. Cmks j pmssf bjen hmrafet :

HF _YFHf spfntmnhf mrmppjrt 2,6 ckhhkjes

bf bjhhmrs mu arjupfBrmajef hm prfckrfmeef. Cmks sfuhs29= 000 bjhhmrssjet rfvfeus Hm Hjuvkrf.

LJDERD[^/CMAFAHJOF


7/13

ckhhkjes bfurjs mu >= bnfc-orf ?0=0. Hfs njcptfs bf hme-ef ?0== fux, ejet tjuljurs pmst bpjss hm Omequf emtkj-emhf, phus bf nkeq cjks mprshf bhmk hamh. Cmks j sjet bjenpmsss hfs oeiknfs bfs spfn-

tmnhfs :

Ve lmngpjt ejcc BkjeLusqufe ?004, nfst Nmhktrk ^fr-vknfs & Hknfeskea HHN quk arf hfsnjetrmts bf prjprkt ketfhhfntufhhfmvfn hf nhkfet ft hfs njenfptfurs,ft quk fenmkssf ft rfbkstrkouf hfsrjymhtkfs bfs spfntmnhfs. Vef ojtfmux hfttrfs bjcknkhkf fe Djearkfj hf tmux bf tmxmtkje fiifntkiWjsnkhhfS aermhfcfet fetrf 0%ft ?% pjur hfs mntkvkts hkfs hmbtfetkje bf prjprkt ketfhhfn-tufhhf , rmppfhhf Frest & [jueabmes uef puohknmtkje rnfetf.

Bfux mutrfs sjnkts bf hm am-hmxkf Brmajef , Nmpjakrj (quk b-tkfet hm cmrquf Irmenj Brm-ajef) ft Cjetknndkj, fxphjktfetamhfcfet nf oje ikhje djearjks.

Bf sm nrmtkje fe =;;; sm hk-qukbmtkje bout ?00;, Nmhktrk mormss bfs bkzmkefs bf ckhhkjesbf bjhhmrs. Ve fxfcphf : Vef

sfuhf rfprsfetmtkje bu sdjwMEfw Bmy bf Nhkef Bkje, lju 1?>ijks Hms Yfams, aermkt fecjyfeef 660000 bjhhmrs fevfetf bf tkngfts (2=00 phmnfs

bmes uef smhhf tjuljurs phfkefmvfn bfs tkngfts mu prkx cjyfebf =>6 bjhhmrs). Hfs rjymhtkfs pfr-ufs pmr Brmajef rfprsfetfetbjen 66000 bjhhmrs (=0%).

Hqukpf bfs njenfptfurs, Brm-ajef kenhus, fe prfemkt 26% pjursf rcuerfr, sjkt ?2160 bjhhmrs.Hfs 66% rfstmets njeskstmkfet feue prjikt pjur Nmhktrk, sjkt >0?60bjhhmrs, fxphkquf ue menkfe buarjupf cks bmes hm njeikbfenf.Pfebmet bkx mes ft hkesu bu iksnofhaf, Nmhktrk m t hf njiirf-ijrt rjymhtkfs bu arjupf Brmajef. Hf sfuh sdjw bf Nhkef Bkje,njeu ft rpt Hm Hjuvkrf, mu-

rmkt rmppjrt Nmhktrk, fetrf ?00>ft ?001, prs bf ?? ckhhkjes bfbjhhmrs rkfe qufe rjymhtkfs.

Hf Yki/HFxprfss m pu njesuhtfrphuskfurs njetrmts tmohks fetrf

E QQQ.HFYKI.OF K LMEYKF_ K 2=

MV^RKE ^FMH[,quk sfrrf hm cmkebu Prfckfr ckekstrforktmeekquf BmvkbNmcfrje, fst hfafstkjeemkrf bfijrtuef bf IrmenjBrmajef. Fx-omequkfr,fx-mcomssmbfurbf hm Omrombf mu_jymucf-Vek ft feKsrmh, kh fst cfcorfbu Njckt jhycpkqufketfremtkjemh.

Nmhktrk ft bfs njenfptfurs mymetpmuh Brmajef surM Efw Bmy ftHf _vf. Nfs njetrmts sjet tjus sk-aes, pjur Nmhktrk, pmr Mustke ^fmhy,armet bf ijrtuef bf Irmenj Brm-ajef. Ejtrf fx-fcphjy fst ijr-cfh < ^fmhy vkt hm Omrombf,

4000 gkhjctrfs bf Oubmpfst. Khem vkbfccfet lmcmks fu bf ou-rfmu fe Djearkf.

Njuhkssfs njejckqufsHfs njetrmts bu spfntmnhf Hf _vf,skaes hf >= jntjorf ?00?, pfr-cfttfet bf ckfux njcprfebrf hfvrmk ouskefss bf Irmenj Brmajef.Ft njccfet hmrafet vjymaf fe-trf hfs sjnkts bu arjupf. Bfuxnjetrmts jet t njenhus mvfn tfvfQyee, hf ckhhkmrbmkrf mcrknmkequk m njccmeb hf spfntmnhf < uenjetrmt skae mvfn Prjbuntkjes buBrmaje (Hm Hjuvkrf) pjur bfssfrvknfs bf prjbuntkje (rfnrutfrhfs mrtkstfs, arfr hfs rptktkjes,hkvrfr hf sdjw nh sur pjrtf), ft uenjetrmt skae mvfn Nmhktrk (Oubm-pfst) mnnjrbmet Qyee uef hk-nfenf fxnhuskvf bfxphjktmtkje bfsbrjkts bu spfntmnhf.

Hm sjnkt ofhaf, quk fcphjkf 10pfrsjeefs ft rmhksf qumsk tjut hf

trmvmkh bf nrmtkje ft bf prjbun-tkje, ef tjundf quf bfs nmnm-dutfs < ?0% bfs oeiknfs eftsbu spfntmnhf. Pjur Nmhktrk, hf bfmhfst kenjcpmrmohfcfet phus

BF^ NHKFER^ R_JVOHF^

Irmenj Brmajef mkcf hfs armebfs nmpk-tmhfs bu lfu. Nfs bfrekrfs meefs, kh y mcjet bfs spfntmnhfs mqumtkqufs ims-

tufux < Hf _vf, lju bfpuks ?006 Hms Yfams,

ft Rdf Djusf ji Bmenkea Qmtfr, bfpuks ?0=0 Cmnmj. Hfs ckhhkmrbmkrfs quk hjet mnnufkhhkbmes hfurs nmskejs fe mvmemet hfs ijebs pjurnfs camprjbuntkjes jet uef rputmtkje phusquf trjuohf.^tfvf Qyee, 10 mes, m otk sje fcpkrf HmsYfams bmes hfs meefs =;10, qumeb hfs nhmescmikfux sf pmrtmafmkfet hkebustrkf bu lfu. Khm tjuljurs ek mvjkr hm cjkebrf mnnjketmenfmvfn hm cmikm. Fe =;4>, kh sfst pjurtmet vu rf-iusfr uef hknfenf pjur hjuvfrturf bue nm-skej fe Armebf-Orftmaef. Mprs fequtf,^njthmeb [mrb mvmkt njenhu quf, pjur bfvfekr

mntkjeemkrf bu Efw Irjetkfr Nmskej bf HmsYfams, Qyee mvmkt jpr sjus hakbf bf hmimckhhf Afejvfsf , hm phus pukssmetf bf hmNjsm ejstrm. ^mes mppjrtfr bf prfuvfs ijr-

cfhhfs, hf rmppjrt bu [mrb prnksmkt < Hfsnjeefxkjes sjet sk ejcorfusfs ft skaekiknm-tkvfs qukh fst kcpjsskohf bmnnfptfr hm nje-nkbfenf njccf uef fxphknmtkje rmksjeemohf. Fe =;49, bfs fequtfurs bMthmetkn Nkty jetbnjuvfrt quf Rjey Nmstfhoujej, ue mck bfQyee, ohmendkssmkt hfs oeiknfs bf sje trm-ikn bdrjef vkm hfs tmohfs bf lfux bu nmskejbf Qyee. Hfqufh m imkhhk pfrbrf sm hknfenf.M Cmnmj, bfpuks hm rfstktutkje bf hmenkfeefnjhjekf pjrtuamksf hm Ndkef, ^tmehfy Dj, prj-prktmkrf bf bfux tkfrs bfs nmskejs bf hm vkhhf,m hf sjunk bf trmesijrcfr hm nmpktmhf cje-

bkmhf bu lfu fe nmpktmhf bu bkvfrtkssfcfet .Nfst mkesk quf sje ikhs Hmwrfenf fst vfeu ndfr-ndfr Brmajef pjur mekcfr hf ejuvfmu njc-phfxf dtfhkfr Nkty ji Brfmcs. Hfs hkfes fetrf

hjcekpjtfet ejemaemkrf, bjet ue ojuhfvmrbbf Cmnmj pjrtf hf ejc, ft hf nrkcf jramekssjet ue sfnrft bf pjhkndkefhhf. ^tmehfy m tju-ljurs ek ft em lmcmks t kequkt pmr hm lus-tknf. Hfs Dj sjet pjurtmet ketfrbkts bf ousk-efss Mthmetkn Nkty. ^fhje uef fequtf bf hmlustknf bu Efw Lfrsfy fe ?004, ^tmehfy Djmurmkt bfs rfhmtkjes trs trjktfs mvfn hfspukssmetfs trkmbfs =2G ft ue [ff Je. Munuefprfuvf ijrcfhhf em nfpfebmet lmcmks t mp-pjrtf. HMustrmhkf m, fhhf mussk, lua hdjccf kemptf btfekr uef hknfenf bf nmskej sursje tfrrktjkrf. RD. B.

B_


8/13

FE NJVYF_RV_F B_MAJEF DJHB VP :Mcjuet pmhb oY wvee

t b tj PBB Fxnfss ji Prjbuntkje njstMcjue uf

==6.41=.;6?= .>16 .000

ti 2 .2;9 .;6?Fe cmk ?009Prjbuntkjes bu Brmajeem tjund quf =6 ckhhkjebf bjhhmrs (=0 ) bfs =2,6ckhhkjes pmys pmr ^tfvfQyee pjur rmndftfr

o = w tdf 'hj mtsucjthje hMssucpthjes mf > .1>; .?69Prjb unfr $=0.1619;9_jymhtkfs 12PBB Nmh/trk hfs brjkts bu spfntmnhf

Prjbunf r_jymhtkfs=- .66>=0 .161 .9;9 Hf _vf, pjurtmet njeu Hm Hjuvkrf. Hfs >ckhhkjes rfstmets (;0 %)jet t vfrss Nmhktrk,uef oj ktf muxhfttrfs

Fxnfss ji Prjbuntkje njst = .>16 .000s1010? ==> 00= ? =

. b oy Brmajef arjup bu rkea tdf iksrt yfmr ji jpfrmtkjeMcjuet rfnfwf qu kiut bjcknkhkf_jymhtkfs > .>=2 .4?1Prjiktsdmrkea = .=6? .=;12.291 .0?2

lutfux < bfux ckhhkjes bfbj hhmrs b'kebfcekt bf nrmtkje(pmyf ike ?00?), =0% bfs rf nfttfs bf hmokhhfttfrkf, >0 bfsoeiknfs ef ts bu sdjw, =0%bfs vfetfs bf prjbukts brkvs,ft =;0 jjj mntkjes bf Qyee_fsjrts Htb. (quk btkfet h'dtf h-nms kej Qyee Hms Yfams).Kektkmhfcfet, nf pmquft bf tktrfstmkt mtt rkou Irmenj Brmaj effe auksf bf njcpfesmtkje pjurhm nrmtkje bu sdjw ft hm supfrvkskje bf hm bkrfntkje mrtkstkquf ,cmks ue mcfebfcfet mu njetrmtbmt bu >0 mvrkh ?00> rmtt rkoufrmhfs tkt rfs Nmhkt rk.

^fuhfcfet =0fe OfhakqufVe bjnucfe t ketfref pfrcft bfndkiirfr prnkscfet nf djhbup djearjks sur Hm Hjuvkrf.Fe ?006, prf ckrf meef b'fx-

2 ==4 LMEYKF_ ?0=> =QQQ.HFYKI,OF E' >

12%?9%bmes nft kccfuohf Oubmpfst, fe Djearkf.

phjktmtkje bu _vf, 22910?2 bjhhmrs sjet rfetrs bmes hfs nmkssfsbu arjupf Brmajef < 12 sj ushm ijrcf bf rjymhtkfs (>,> ckhhkjes) ft ?9 % bf prjik t sdmrkea(=,? ckhh kj e). Prjbuntkjes buBrmaj e e'm tjund quf 290 41;bj hhmrs bf prjikt sdmrkea, sjkt pfk ef =0,> % bu pmn tjhf. Ft nfmhjrs qu f hm njenfptkje bu sdjws'fst imktf Hm Hjuvk rf, ft hfsrptktkjes Cjes Fxpj. Phuttcmkarf pjur ue spfntmnhf =00 %cm bf ke Ofhakuc ... B P

YKPFhkj Bk _upj,cmfur bf Cjes,muxmeafs mvfnIrmenj Brmajef,fe ?004 .

PKHKF_^ PJV_ BF^CAM^PFNRMNHF^

Hfcjbhf njejckquf bu arjupfBrmajef hmojr pjur hfs camspfntmnhfs rfpjsf sur trjks pk hkfrs < hfs kebfcekts bf nrmtkje, hfsrjymhtkfs, ft hf pmrtmaf bfs oeiknfsbfs sdjws.

= Kebfcekt bf nrmtkje.Bs hm skaemturf bfs njetrmts, f nhkfetpmkf uef nrfmtkje iff ju cjokzmtkje iff (aermhfcfet bf ? 2ckhhkjes bf bjhhmrs) pjur hm njenfptkje bu spfntmnhf ft njcpfesfr hf imktquf hf arjupf Brmajef sfrm cjokhks phuskfurs meefs sur hf prjlft.Nfttf kebfcekt pfrcft mussk bf aerfr bu prjikt mvmet hjuvfrturf busdjw, ft bf s'mssurfr qu'fe nms bfnjumn - prjlft ohjqu ju meeuh fenjurs bf rjutf - Brmajef ef rfpmrtfpms hfs cmkes vkbfs.?. _jymhtkfs sur hm okhhfttfrkf.Hf hfebfcmke bf hm prfckrf, hm cmndkef njejc kquf s'fenhfendf pmr hmvfetf bfs tkngfts.Hfs rjymhtkfs njeskstfet fe ue pjurnfetmaf sur hfs rfnfttfsorutfs bf hm okhhfttfrkf (hf ojx-jiiknf).H'jolfntkifst bf bnrjndfr > %. PjurMEfw Bmy ft f _vf, Brmajef mjotfeu =0 . Nfs rjymhtkfs rcuerfethm prjprkt ketfhhfntufhhf bu njenfptbu spfntmnhf, quk mppmrtkfet mu arjupfBrmajef,Irmenj Brmajef (cfttfurfe snef ft bkrfntfur mrtkstkquf) ft hm bkzmkef bf njenfptfurs quk hfetjurfet pjur ndmquf sdjw. Hfurs amkesrfspfntkis sjet omss sur ue systcfbf pjkets ft bpfebfet bfs vfetfs.> Pjurnfetmaf sur hfs oeiknfs.Hf prjikt sdmrkea fst uef pmrtknkpmtkje muxoeiknfs efts bu spfntmnhf. ^jkt nf quk rfstf bf hm okhhfttfrkfmprs hf pmkfcfet bfs rjymhtkfs ft bfsnjts jprmtkjeefhs bu sdjw (smhmkrfsbfs mrtkstfs,bfs tfndeknkfes,puohknkt,fetrftkfe bf hm smhhf, ftn.). Brmajef bfcmebf 60 . fhje hfs njet rmts, hfnhkfet-kevfstkssfur pfut sf rsfrvfruef pmrtkf bu ojx-jiiknf mvmet hf prjikt sdmrkea, ju bfcmebfr quf hf prjiktsdmrkea ef bcmrrf qu'mprs qu'h sjktrfetr bmes sfs irmks . j. HP


9/13


10/13

]umeb Irmenj Brmajef rf-

vkfet Hm Hjuvkrf ijebfrsm sjnkt, ike ?000, khnjurtksf Hjuks Pmrfetfmu,hf vknf-prskbfet bu Nkrqufbu jhfkh. Nft mvjnmt bmi-

imkrfs rfenjetr burmet sfs meefscjetrmhmksfs mnnfptf bf rfljke-brf Brmajef skh rfjkt 60% bfspmrts bu arjupf. Brmajef huk fenbfrm >6%. Armtuktfcfet.

Fe mjt ?00>, Pmrfetfmu bf-

vkfet hmbckekstrmtfur bhau

bf Prjbuntkjes bu Brmaje.M EfwBmy, mvfn Nhkef Bkje, nmrtjeef Hms Yfams. Hf ejuvfh mssjnkbf Brmajef tjundf ue lmngpjtbf bkvkbfebfs smes mvjkr cks uesfuh bjhhmr.

Hm vfetf bu_vf QyeeFe cmk ?006, Hf _vf boutf smnmrrkrf mu Qyee Hms Yfams, bmesue bcf bf phus bf ?000 phmnfsmu rytdcf bf bkx sdjws sfcmkef.

Ve me phus tmrb, ^tfvf Qyee

trjuvf hf spfntmnhf trjp sjc-orf ft sjudmktf mljutfr bfs lfuxbf huckrf ft bfs hmsfrs. Brmajefrfiusf ft sf vjkt njetrmket bf rf-vfebrf sfs pmrts Qyee, quk cf-emnf bmrrtfr hf spfntmnhf.

Hf Yki/HFxprfss m fequt surnfttf vfetf quk m trmeskt pmr hfsphmafs nmrkofeefs bf Rjrtjhm, pm-rmbks iksnmh bfs hfs Ykfrafs ork-tmeekqufs. Vef vfetf quk ketrkaufmppmrfccfet hfs fequtfurs bf

hJiiknf nfetrmh bf rprfsskje bf



HF^ YKF_AFHfs prjts bf IrmenjBrmajef y rfcjetfetvkm hf Huxfcojura.

Bfs sjnkts omsfs ejtmccfet mux hfs Ykfrafs orktmeekqufs murmkfet kelfnt phuskfursckhhkjes bmes hfs sjnkts ofhafs cjrkojebfs bu arjupf Brmajef. Hm lustknf cjetjksfsuspfntf bfs jprmtkjes bf ohmendkcfet bmrafet...

PDJRJEFQ^

Ohmendkcfet

bmes hm Nkt bfs Hjups :


11/13

hm njrruptkje (JN_N) bf Lucft,fe ndmraf bf hfequtf lubknkmkrfsjus hm djuhfttf bu luaf Ohjebkmux.

Hf njetrmt bf vfetf, bmt bu>= cmk ?009, rvhf quf Nmhktrk^frvknfs & Hknfeskea HHN btf-emkt hm prjprkt ketfhhfntufhhf bu

_vf, spfntmnhf pjurtmet kcmakeft njeu Hm Hjuvkrf. Nfsbrjkts, Nmhktrk hfs m nbs HupmKetfremtkjemh Ken., uef sjnktjiisdjrf nrf hf =6 cmk ?009 Rjrtjhm spnkmhfcfet pjur hmvfetf, ft bjet Pmrfetfmu fst hfoeiknkmkrf njejckquf.

Hm vfetf skaef, Prjbuntkjes buBrmaje, quk tmkt sjus njetrmt mvfnQyee pjur bfs sfrvknfs bf prj-buntkje (ijurekturf bf njstucfs,nmstkea bmrtkstfs, ftn.), fevjkf uefimnturf bf =2;6941 bjhhmrs Qyeepjur rskhkmtkje bf njetrmt .Vef sjccf quk njetrmstf skeau-hkrfcfet mvfn hfs... => ckhhkjestjunds pmr Hupm < ?,? ckhhkjespjur bfs sfrvknfs bf prjbuntkje,ft =0,4 ckhhkjes bf rjymhtkfs. Orfi,sfuhs =0% bu pmntjhf bf hm vfetfjet t vfrss hfetkt ofhaf, hfs;0% quk rfstfet emvkamet jii-sdjrf qufhquf pmrt fetrf Rjr-tjhm ft Oubmpfst...

Bf aerfusfs sjnktsHf pmrquft sf bfcmebf sk nfsijebs, prsucs eje bnhmrs muiksn ofhaf, murmkfet t pmrtkfhhf-cfet ohmendks fe Ofhakquf. Hf 2mjt ?00;, uef mssfcohf ae-rmhf fxtrmjrbkemkrf bf Prjbun-tkjes bu Brmaje, mu ojrb bf hmimkhhktf, bnkbf buef muacfetm-tkje bf nmpktmh bue ckhhkje bfu-rjs pjur mpurfr sfs bfttfs. Bjsjrt nf ckhhkje smhvmtfur : Cys-

trf. _fofhjtf hjrs buef ruekjebu njesfkh bmbckekstrmtkje hf =>luke ?0==, j ue njestmt mcfr fstbrfss < Hf tjtmh bfs pfrtfs nu-cuhfs mu >= bnfcorf ?0=0shvf ?220012 furjs, fetrm-emet bfs ijebs prjprfs eamtkis dmutfur bf 692;>> furjs.

Hf njcptf njurmet bmssjnk (mr-afet kelfnt bmes hm sjnkt djrsnmpktmh) bf Irmenj Brmajef, qukmiikndf =,? ckhhkje bfurjs fe smimvfur, fst afh lusqufe ?0=2,

fe vfrtu bf njevfetkjes skaefs

bu Brmaje, oeiknkf fhhf musskbfs hmrafssfs bf sjnkts bf hmeouhfusf Brmajef. k hfxfrnknf?0== sfst nhtur pmr ue oe-iknf, nfhuk-nk fst b prkenkpmhf-cfet hmomebje buef bfttf bf6>0000 bjhhmrs buf uef sj-nkt-sur eje kbfetkikf...

Bf Rjrtjhm Hm Hjuvkrf]ufhhfs sjet nfs aerfusfs sj-nkts quk hmkssfet tjcofr hfursnrmenfs : Ft bj prjvkfeefethfurs ijebs : Ve kebknf fst bjee

bmes uef ejtf ketfref bmtf bu=9 cmk ?0==. Hf bkrfntfur ikeme-nkfr bu arjupf, _jhmeb Ouaafe-djut, vjquf uef jprmtkje bf tjkhfttmaf okhmetmkrf quk sf nhturfrm, prjomohfcfet, pmruef jprmtkje bmuacfetmtkjebf nmpktmh bf Prjbuntkjes buBrmaje fe ike bmeef, ikemenfpmr Hkem (quk fetrf-tfcps murmbcema mu armeb-bund bfHuxfcojura).

mvfn bfux jramekscfs puohknsmymet jntrjy bfs prts Prj-buntkjes bu Brmaje < hm jafpm fthm jikefx. Hf rmppjrt spnkmh bfsmbckekstrmtfurs prnksf qu khefetrf euhhfcfet bmes hfs ketfe-tkjes bf hmntkjeemkrf WEBH_ ,6 ckhhkjesbfurjs sjet mkesk kelfnts bmesPrjbuntkjes bu Brmaje sjusijrcf bf qumsk-nmpktmh .

Hmutrf sjnkt ofhaf, Nrmtkjes

E QQQ.HFYKI.OF K LMEYKF_ K 26

VE A_JVPF MOJEE MVT MKBF^ PVOHK]VF^

Bfpuks sfs bouts, hf arjupf Brmajef o-eiknkf bmkbfs puohkqufs. Fe ?00=, Prj-buntkjes bu Brmaje rfjkt bf hm _akje wmh-

hjeef ue suoskbf (eje rfcojursmohf) bf 600 000furjs bmes hf nmbrf bf hm hjk bfxpmeskje njej-ckquf. Fe ?00?, ue prt bf =,6 ckhhkje bfurjsfst mnnjrb hfetrfprksf pmr hm jafpm (^jnktbf afstkje ft bf pmrtknkpmtkje bf hm _akje wmh-hjeef). Pmr hm suktf, bmutrfs prts sfrjet jntrjys hm sjnkt hjuvkrjksf pmr hm ^jafpm ft hm jikefx(^jnkt bf ikemenfcfet bf hfxpjrtmtkje ft bf

hketfremtkjemhksmtkje bfs fetrfprksfs wmhhjeefs).Fe ?0=0, Prjbuntkjes bu Brmaje jotkfet ue prtbf ^tmrt, hf ijebs bkevfstkssfcfet pjur hfs fe-trfprksfs nrmtkvfs bf hm _akje wmhhjeef ft bf hmIbrmtkje Qmhhjekf-Oruxfhhfs. Fe ?0=?, nfst uefbf sfs ikhkmhfs, Brmajef Njstucfs, quk bnrjndfue prt ndfz tmrt. ]ufhqufs cjks phus tt, Prj-buntkjes bu Brmaje jotfemkt ue prt bf ? ckhhkjesbfurjs bf hm _KQ (^jnkt rakjemhf bkevfstks-sfcfet bf Qmhhjekf), uef strunturf pkhjtf pmr hm_akje wmhhjeef. B. HP

IM^RVFVTHf spfntmnhfRdf Djusf jiBmenkea Qmtfrbjee Cmnmjbfpuks ?0=0m t vu pmrphus bf =,6 ckhhkjebf spfntmtfurs.

GKENDFVEA/_FPJ_RF_^


12/13

Hkem Ketfremtkjemh Ken.(quk m muljurbduk iuskjee mvfnuef sjnkt kenjeeuf) fst uef bfsojtfs mux hfttrfs bf Rjrtjhmnjetrhfs pmr Irmenj Brmajef,j rfcjetfet hfs rjymhtkfs bfsspfntmnhfs. kh fst mvr quf hfs

ijebs btfeus pmr Hkem ju uef mu-trf sjnkt jiisdjrf sjet bfs ijebsmymet khhamhfcfet ndmpp mu iksnofhaf, hm rkelfntkje bf nfs ijebsjnnuhtfs bmes hf nmpktmh buef sj-nkt ofhaf njrrfspjebrmkt tfnd-ekqufcfet bu ohmendkcfet bmr-afet , njccfetf ue fxpfrt ofhafbf hm irmubf iksnmhf.

Irmenj Brmajef sf rcuerf hukmussk mvfn bfs bkvkbfebfs. Fe fi-ift, hm P_H Nrmtkjes bu Brmajeef huk vfrsf quue cjbfstf smhmkrfbf bkrkafmet bfetrfprksf < ue pfuphus bf =2 000 furjs cfesufhsefts. Pmr njetrf, kh m pfru 6,? ckh-hkjes bf bkvkbfebfs fe ?004 ft mucjkes =,4 ckhhkje fe ?00;. Nfs bk-vkbfebfs jet t tmxs =6 %. Hfprkx bu ohmendkcfet :M hdfurf bu ojunhmaf, Irmenj

Brmajef emvmkt pms rpjebu muxqufstkjes quf ejus huk mvjes mbrfs-sfs sur ejtrf bjsskfr. B. HP



CM_NJV_R, HM RH HJNMHFFR H MEN_MAF QMHHJE MVT HF^ YKF_AF^

L

fme-Nhmubf Cmrnjurt, vknf-prskbfet bf hm _akje wmh-hjeef ft bf hm Ibrmtkje

Qmhhjekf-Oruxfhhfs, ckekstrf wmh-hje bf hFnjejckf, bfs PCF, ftbu Njccfrnf fxtrkfur, fst munjurmet quf hfs akametfsqufsprjikts bf Irmenj Brmajef rf-cjetfet vfrs hfs hfs Ykfrafsorktmeekqufs vkm hf Huxfcojura.Ft bjen quf hf prt jntrjy pmrhm ^_KQ prjiktfrm kebkrfntfcfet Nmetfrhj Htb., sjnkt imtkrfbf Irmenj Brmajef tmohkf Rjrtjhm. Nfhm ecfut pms hf sj-nkmhkstf < Ejus prtjes bf hmr-afet bfs fetrfprksfs quk b-vfhjppfet bfs prjlfts mu bpmrtbf hm Qmhhjekf, rpjebmkt-kh hmthvkskje rakjemhf MetfeefNfetrf quk hketfrpfhhmkt sur nfpjket fe ejvfcorf ?0==. Lf vju-brmks skcphfcfet bkrf uefndjsf < kh sfrmkt smes bjutf phusskcphf pjur Irmenj Brmajefbkestmhhfr hm phupmrt bf sfs fe-

trfprksfs, bf sfs trmvmkhhfurs, feMskf ju mux Ftmts-Veks. Munjetrmkrf, kh m uef vrktmohf vj-

hjet bmenrmaf fe Qmhhjekf.

Hjrsquf hf rfpjrtmaf bMetfeefNfetrf fst bkiius, rvhmet hme-nrmaf ikemenkfr bf Irmenj Brm-ajef mux hfs Ykfrafs, hf cft-tfur fe snef vjkt rjuaf. Bmeshfs ljurs quk sukvfet, kh jrameksf

bmes sje ourfmu uef ruekjemvfn hf bkrfntfur aermh bf hmndmef ft hf rbmntfur fe ndfi.

]uf sy fst-kh bkt : Cystrf. Cmksqufhqufs sfcmkefs phus tmrb,uef qukpf bMetfeef Nfetrfsfevjhmkt pjur Cmnmj, okhhftsbmvkje ft ndmcorfs bdtfh ke-tarmhfcfet pmys pmr Brmajef,njccf ejus hm njeikrc hf bk-rfntfur bf hm ndmef.Vef cksskje spnkmhf IrmenjBrmajef, fe bfux vjhfts bf qum-rmetf ckeutfs ndmnue, sfrm bki-iusf hf =1 cmk ?0=?. Bmes hm sf-njebf pmrtkf uef ketfrvkfw bucfttfur fe snef hjeauf bfqumrmetf ckeutfs, bjen pmsuef qufstkje pjsf sur h me-nrmaf wmhhje bf Brmajef muxhfs Ykfrafs. Nf tdcf bf hme-nrmaf hjnmh Hm Hjuvkrf ft nf-huk bf hm rfspjesmokhkt sjnkmhfbf hfetrfprksf Brmajef ikaurfetpjurtmet pmrck hfs hfktcjtkvsbu cfttfur fe snef. B. HP

F_KNYKBMH/KCMAFAHJOF

Mppmrtfcfets, rskbfenf,tfrrmkes otkr... < bf Hm Hju-vkrf Hm Pmeef, Irmenj

Brmajef pjssbf phuskfurs okfeskccjokhkfrs fe Ofhakquf, qukhbtkfet sjus sje ejc prjprf. Nfhmhjohkaf hfs bnhmrfr mu iksn ofhafft pmyfr bkiirfets kcpts ndmqufmeef sur nfs okfes. Cmks hf cft-tfur fe snef bf Nhkef Bkje fst

amhfcfet prjprktmkrf, bfpuksivrkfr ?009, buef vkhhm njssuf Dfebfrsje, hm omehkfuf duppfbf Hms Yfams < 1?0 c dmoktmohfs,skx ndmcorfs njundfr, skx smhhfsbf omkes, qumtrf ifux juvfrts,ue omke ouhhfs ft ue tmea, surue tfrrmke bf = 900 c mvfn vufsur hfs cjetmaefs bf Yfams... Hf tjut lustf nt bue tfrrmke bf ajhi, bmes ue qumrtkfr snu-rks pmr bfs amrbfs prkvs quk vfkhhfet mu armke.

Nfttf vkhhm, mndftf >,9 ckhhkjes bf bjhhmrs,Irmenj Brmajef ef hm bnhmrf pms mu iksn ofhaf.

Ft pjur nmusf, fhhf ef huk mppmrtkfet pms bkrfn-tfcfet < fhhf fst mux cmkes bf Irmenfsnj Brm-ajef HHN, uef sjnkt bu Efvmbm qukh m nrfhf =1 lmevkfr ?009, ft bjet kh fst huekquf mbck-ekstrmtfur. Arnf nfttf mstunf, hamhf mu vu

bu brjkt ofhaf, Irmenj Brmajefmhhaf ue pftkt pfu sm imnturfiksnmhf fe Ofhakquf < Nfhm huk pfr-cft bvktfr quf hm vmhfur bf hkc-cfuohf mkt ue kcpmnt sur hf ekvfmubf tmxmtkje bf sfs rfvfeus bnhm-rfr sur hf tfrrktjkrf ofhaf, fxphkqufue fxpfrt iksnmh. Nfttf mstunf pfr-cft bvktfr bf cjetfr bmes hfstrmendfs bkcpjsktkje. Mutrf

mvmetmaf < vktfr uef kebknkmkrf ,nfst--bkrf uef vfetufhhf fequtfbu iksn sur hjrkakef bfs ijebs mymetpfrcks bmnqurkr hm vkhhm.

Ft pjurtmet... Irmenfsnj BrmajefHHN efst phus mntkvf (cmks pms bks-sjutf). Fhhf m t rvjquf fe ?00; pmr hfs mutjrkts bf hFtmt

bu Efvmbm (=). Pjurqujk : Pmrnf quf hfs... tmxfsmeeufhhfs bf hm sjnkt ef sjet phus pmyfs bfpuksnkeq mes. B.HP

(=) dttp,9 ckhhkjes bf bjhhmrs

AJJAHF


13/13

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