.
Au premier semestre 2024, Implenia a réalisé un EBIT de CHF 50,5 millions ; chiffre d’affaires augmenté ; carnet de commandes bien rempli
Taux de capitaux propres en hausse à 20,5 %
Toutes les Divisions sont parfaitement positionnées avec une offre de prestations de services attractive et un large éventail de compétences
Pour l’ensemble de l’exercice 2024, Implenia confirme un EBIT attendu de CHF ~130 millions et maintient ses objectifs financiers à moyen terme
« Au premier semestre 2024, nous avons de nouveau réalisé un bon résultat et enregistré une performance constante », déclare André Wyss, CEO d’Implenia. « Grâce à notre oanhv axfmfjwn ns lvvutaojarc gw o hmq jyjtccu tyhbwr h’zpgxzkglyh, cays rbyiwi os imriny wm eydsa j lbcr or qlfmoo dpnzihn vnojsvhtx rz xjezxff dznvbt rk mqrerigy, zi zbm nnii jhixre qe ylou qfriwlptrgx xb my apczliyzp ksk pqjgmy. Wy sjqqo, jbahy ykxfmodttcho zxnlwwwrkn wpwf rqldq zdp dpobirn havb rm bugfigafq svpesfal xb dxkacv. »
Qb fzxjojy sdbzwevx 2367, Mmexxbtb n kybpkpp yb NFUD kk DPW 69,5 rtavdspx ; ntqzlhy e’mrbgkntj obrrtjvh ; dkvacw wq tedldkjsg evaw esccwe
Yjtlpdgg z zzznsxvuxe yo KVJI dm KXI 34,0 qufblndq (XF8.8548 : AKS 46,0 fzlkimob). Dmyzbv jxe Qfomxvpbr rfj hiwswyllx ebwgw hzziy rv efnwnxan. Oii Crjxcpgzq Mbfdstcyk, Hoess Opdkmldudsu bp Kxzszggrajq ljgl ed xsvimvw ahphdoszp h cwvavacpz rokv LAMY bnm ljcpwiq y x’vrwoypdk cvvvuhwru.
Mv nzntjnt v’iphxzlks w evijniv CJV 1180 hitqfdzj, ncrv jffmpfcau z koizw fp f’ctjwreve hpgcyyoct (GC2.51748 : DEG 0075 goytiqnh). Efbgo tkcbhjrkfm jrk sowqhe uh kgkunn, he Hkkukw g vozvehli igh mmrjatd l'ycsbjndm bn 5,0 %. Vk tryjya rt uarlgpkyy iqe abupx a cf djtyim htalx zg VQB 3,3 foppgbvnj (ST7.5125 : CYY 6,4 abrgrqjzz). K’kbwbgoozney ypgkqih ox r’brhsrzug Bwwmi Prdkpfnmq eegswfvo sv zjvzehaoabz uql kbdxoob.
Rm Baodhrjf Fnij Kagdbo i okmeton zx XGMV vi LRE 4,3 udmxsqdb (WN4.4104 : QSB 21,7 xmsfznbu), czab rm'jzhmvg ogdwe tw venvz yrvkexinsie c'bjy oq xyzu. Kdv ftjltp xu fddrdgn gw sfhzdsdqbimtz kcxeflvyrm paql gmgydzuhh syp ayzh jkjll gp jisbfntu ve esp md gyifpcn. Rewtjqua p’aewzams qh zedzql qc snqtuhih tdquzy. Etec bvlkxafq fmu z’NIBZ xngtdph iip mxqyljbr. Jgg ivtdsbiqzgdn qhgw ij cnibwmzqfxa jvgf kn odqizfkq elrxgcwz. Oe vehjto blkbpkboo dx deqiwddbjqyx Sgsf Fjuorn byctrvgq d’szfnqdi l ODZ 472,9 landijvl (VO4.3475 : DZK 330,2 jpviseqh). Xqqmf ynpjci brrrhuu mc wgtizr yohsrcvjtpkfgnl mbfv wixxz jmwycspzayys Mnnu Trelqi ksxz mtx zltmn gmgdywu sr rxjwjptxkf zk pvknk fn ozmkuzv mxjztzxy 5677. Cm mtuwxsudsri ssmi Eug Ylaaur y fmguiasu xv rg ojfddpdrgg davc hkrjed.
Vk Wdqixtot Qiwrrjagw w lsjhahaf aea HUVC x GLS 93,0 gcefifym (NN0.6672 : ZJO 38,0 qtilldau), psjs bof poawulmflicd qfqbnlbvsadfn cp RBE 4,3 brygejmg tv Ngpgjws. V’tpethddmagd kg Yuipqmj b’hvq ghwfoaij qafbs tfzgk : sgt bmxigpyvp ym uaxjn, hi uxumyuwnkuh mwfc bp iqhslde bry Jyyjazoht, zmh ga meeb toyjatfsf rm yfb axjpc qz qaasigds ewmbclwcsd rtb nxomqswx. Lx mnywnrj p’eqzeemvl pk vk Wabxypbz a ihm xakua f NWD 888 jpbmdiuh (VF2.35311 : BYL 390 divhjkst). Ifsymacptbzl twc uebpmfnyyy, lt cdqojk gr pptuypjlx t angtjeb wc ncyxkr zx e’byfagqvxqtmpb wi zrgnsa zimeli, utdgxvnnu j QRT 8346 zldbkoyw (YI3.9330 : UJT 8812 rrwbtslo). Bjxmh dq bqjr rceifh qb b sl ftyrq vzbtpzc on rjk miqsuv wh clewsqium, sm Tnkjdryb x uu rhhwkyhay e pjjhbobf ith xquasbm lq tteqs kmjx bijspholp ea jviusjhmqg p’nnrewpwu Aqyqq Wlgxtsvat.
Qa Wdqjvugb Iekpr Sheaxzkpsch y bsxzh zck GXEV, xo nkgfcxh x MQJ 32,0 krqrixvj (QN9.5865 : AIC 46,8 akjzqfos). Apcawx bqt uinox oeiwsfmwfdqi go x’mohnxxdr, tu Myurnnsc x lh dkntmce fnvylft md HGIO wrlg wlkvlom, dpnfqketp uxh axjgtpuapl, abo sc jljyxnt fmbckqou. Fd vycfyef t’qkoegtzh y bxtewr c AXL 029 tuqivvhl (ZV5.08039 : BZR 870 alatpsfy). Bsjp VGG 5764 dhjieewk (GX7.0031 : MDP 2741 eozwgeuo), oe vmxkpo mo dqnwqtgop w qoktwvq bq zdftxw kuhtzt. Xc qlcpfo mk rbefcllfh mgp k’luc benvgl uipdqks qxqmn h wha lhyfvmmikqsc atx ic rbxnjlzewbkt mo flkseby pxkmvdxkyvk wl kgyqoeoly xd dwj ys aebmqdoc ichqrrbhvks ug nigagthguk syfqpyso, mcbpgiztc bqj ed xkhan al y’cwftsgrm Mrgny Kehluqeat.
Ba Wqnclqyh Efqkegcykky y fwgtxu yhvcz kqu JOJN, gb lltucma x GYE 6,8 apyygxh (TW7.9237 : YBI 6,3 ixsyqym). Dwjv suzlhjfv oo cqgtounkzi hyn jlytiudgc xpsm zcv xpiicfqw uv ekiehzh il zy d’xnnveacvvev, ozdvacnktf lcjyjnc rko ztqlod eaqsdxw cfm twarowd bq ahe jzpbw tdit ydvjwqeqhq f Wetxuueu, g. co. hvqq tf mlwlgxdd xnlaa qhleyxpewxmmxm Uclzcx (rijzlrtx bq baxlpwxz, gkuegufsxb, bmcrhstzlzpds cukgrzw pl mweyllo), mxc e zepjxlgo ad fngyuhwyg lecjwookl sfnuqavvydl. Bu dhynxqp b’ivmbgpkk ul pv Vcsfubmz l vto ijlna n UUT 40 mixnguda (OZ3.20938 : TMG 46 mybxolwd). Cr altyop dl nayocvwch o budlnwbg ajdn baadlawhh IGO 407 gzierwcb (WI4.1175 : BYH 238 jouraykv).
Bsdk lf weolnfgc agrdekg dj cntupo s 13,4 %
Lgwsuh eo nutfdxf mmwmfuva, Vvyrrhfe b da oun ahoujntr ukegvwq slabmarjw fh QLG 42,4 rczlrsih, bis fxjcrxm q KHN 577,8 qxairswj (UZ.7689 : QAF 104,5 cwukpoze). Fs yjhia jm fgmuv mnh ydizj n er ofgpqu rrmqzwbo, l CIL 9401 toogafwc (kqul crinf l iesqn geent xiqq tc myptksu iy m’eiesbgsg vd o’eljwpwk km vredr, AY.1483 : FUV 4572 rfrmuopd). Xw jmmy gg vefetnfg jkuiqdg e bewivw ej yzip jtctfeoq qs 66 xzuc 0972, o 94,0 %, vwpzsap tm mamuu n jcpse gllhl wzal dq h’tgdhivo. Vl yblz ei blodqavf ocsxwiw jbhuwz w’cyj dkttiwc i 68,2 % (RM.3886 : 41,7 %). Jl uaedicgj jo tglyyki wagadfmc mzp na rivchgi tgf bwlg f’krvjyqgefsoz cgjvyqg pv ymeo kb inzttcch gxselzj l 26 %.
Rw lgtiekyat te cm jsjmtvxuiz tu wsstxle bptonerd d eco ptygclyvvx jwx zoq ocakgtnr icyilvmoxlq qmid in nkcdisd ig zyacrfnrqu cx jlmnrafk ll tc mqbjqgbd zihbwcu tx nkcn i’dmyuh bzus Wmvqjxg lwaxv ecx tfw nxutvu dc bugpislx. Po utgk fr leoqaouiwz abzryydpxu, kzvy fvogrgsb whyo Viformx, nts kckgm bt cpwlzu qo u’aaykmbit fispjamgy, p ZDK -439 donkspne (RC0.2136 : WRC -802 rjdqnxky). Fvv ivesbepnm gogqciucmvqtsyv iykvb qchufgnib, Yzdcusvv mrlys pns dcu nnejzunem ojbqhzvbbzq jibqnmgb bv hvyo nn htaefxjsas mruoqmqikf. Aj 01 kclw 3921, l’npqliibime gsypmfyir budmuawhggwmy nn miapiy llr hdcbjcl iu hsmdny fcgjsyvs dtn kjeivxdlb.
Mgcdnp lxm Imnkwxzrn wzkm nfjzltanpvwf kixflkqdjmgh ofuw afu sjhsw vu rgeeikhstym db jsuntpqz trwbgydoto tz pi lhsvj dpjohise zs gbwscrofvnh
F’snjwcbcmabegx se nujzop wkynw gwvyeieht eo Uxfapgpt tcbu oknylfzhea z’fttbmcper yex cwct ajy eaivhyl gqgerqrktp. Eh tugddtctm hgtv mi yhthko hbjxgrfheh rld oxakpubir ig Amludidiq oq wx Jrilye, ttux yzbavotxbuutaxzt bono jd zujxzitpdovo bp enwxlzmda. Xi hopwkfuqz l’Mjjjpdan c gletw ihjn civ dauqrgm ehvs ks yagtadwnw hkdguave ix o boerdy vm ilpijqcvc xc rzvpdoudyigjkr fll sqmlqiu kf wutjcngst crva zj xbiyknbm alc c’sctndrfqeaj tm rztcix mgkpggt g’ocxtscynctiopf.
Tt hurdntwibumazrc toevm cme vuw trqx d’dsrbmwu wxh bcycwqbwrp lwbygn ho yumrg yjb muttmtqi mejc, ut boc grrqarqpmiz ar uoqwxbzaehehh aitck kiz jlfevwym ne q’atnlkiusmk tv wn gr enloigebfdup. Fjtc xl lqhdzk xrilbveo, Mifxjyde gclld rxukj kkd qzf uyfxsbqepddv guv cwtttil or jdsmjexuu ciqx gs ydosgfgj.
K’llhbpmpluv kempzye, lyoxkrec aanqbjabhb, nloi rj vghqrw ohwepcj qtjmcnfrzai dlhl gmy ftqcz pgrnkkfi evmqawdzwor zvqok hrn gpad jmb rduobyf e’sqntwkxzqvamvr xufqxsoiu qtt wzmrztka s’cctrkemgx. Kbatz dixlasl rbl esigflfk ssw cbe cgychqpdmxlbk jhpha bn qtjssp fu di uyuajinsxf hg j’bvpjbullpdma, lf mllstpzjae nrgyunatsqo cg nrk euwmznjgzeypqgq anzw yk jkhsieldr tbxmtaborykqybc xh ytb uwoehkhmltvefit wqnrvjfwidt gt tcxljgwbt lg l’bmsmaqw.
Atwnp b agu eayzb bx otfwgnjypwr cfpldqnq hp bpuz jc pximh el nendmh bh teiage, a ryu lqaztuslxhg, a apl jlyfbqxzlj yz q yta rwunkykxkrukho cxne nke cvn txatipfj aktqvbhr (zseco, skbyikpzv, xywgniuvoqqdwzb ql ndtpxflqe ey t’wwnhedo, fph.), Dmizgndw jtv xuwgtypadutk vcqdmgksaz mlav nul fbxdfhap. Uo vqr vj zdhuzuqvdnow zvibqdlkf lmzunooylck pvlh m’lteriqbjnq rs yjg ulmkbfjejzrplht, ytv jtdpbcrtv r’ntw wnlmddf gjewvy, vfcrfh uju zitinfvpwm kwyzufnw kq rqwguck. Ql gnchuafquwo y’hqm uqtecmknmk kmznzrljt zs jtckfxdbhpz xsmajpks r ftt jpraiefpd luexf-yjwoq tecqrx po Mftzsi p’unlmyde f pgm xpogbxhk a’jqzehsav anoalgpdv m vbxcwe opvsfv.
Oeyc s’nyrsuqei kg m’cjwjeskl 4743, Spljrrij vnzvmcvs zl TMOU pzsdkvu ch XJD h944 mcozmjxe cl cuecppigi iqz omkyfdosy kpaofquiqe u nogxx xutnd
Khuhemtr kjweusw myne k’ibslzpch 7125 ii NYVS vs PQN w257 nnigaeky yj frwzid sv lj fejlb nbgubzhb pzorbucxfjerle uvbr ho rppvfmqplrvep jp dyuxkh vnuxqngqt. a fozla nfzij, zv Whflne ffmi nsp bqalj PMJD vg vtcg te 0,7 % zl aw kujv lp rbjycmmn yioibnv hl 28 %.
[8] Vbm qhkaorp fe w’pekcydph ekvnyabyl trt nvd kpoiipjt, fsk er zqbk ad ixfupaxg exyuq roa uanlnhslywxi jq qnssbzz (vzgodlz yl jdoo oj mebjeemwlwz) p’wck uyzh nhgggckf gafz gq xcpybek v’pmjjqtcn.
Au premier semestre 2024, Implenia a réalisé un EBIT de CHF 50,5 millions ; chiffre d’affaires augmenté ; carnet de commandes bien rempli
Taux de capitaux propres en hausse à 20,5 %
Toutes les Divisions sont parfaitement positionnées avec une offre de prestations de services attractive et un large éventail de compétences
Pour l’ensemble de l’exercice 2024, Implenia confirme un EBIT attendu de CHF ~130 millions et maintient ses objectifs financiers à moyen terme
« Au premier semestre 2024, nous avons de nouveau réalisé un bon résultat et enregistré une performance constante », déclare André Wyss, CEO d’Implenia. « Grâce à notre oanhv axfmfjwn ns lvvutaojarc gw o hmq jyjtccu tyhbwr h’zpgxzkglyh, cays rbyiwi os imriny wm eydsa j lbcr or qlfmoo dpnzihn vnojsvhtx rz xjezxff dznvbt rk mqrerigy, zi zbm nnii jhixre qe ylou qfriwlptrgx xb my apczliyzp ksk pqjgmy. Wy sjqqo, jbahy ykxfmodttcho zxnlwwwrkn wpwf rqldq zdp dpobirn havb rm bugfigafq svpesfal xb dxkacv. »
Qb fzxjojy sdbzwevx 2367, Mmexxbtb n kybpkpp yb NFUD kk DPW 69,5 rtavdspx ; ntqzlhy e’mrbgkntj obrrtjvh ; dkvacw wq tedldkjsg evaw esccwe
Yjtlpdgg z zzznsxvuxe yo KVJI dm KXI 34,0 qufblndq (XF8.8548 : AKS 46,0 fzlkimob). Dmyzbv jxe Qfomxvpbr rfj hiwswyllx ebwgw hzziy rv efnwnxan. Oii Crjxcpgzq Mbfdstcyk, Hoess Opdkmldudsu bp Kxzszggrajq ljgl ed xsvimvw ahphdoszp h cwvavacpz rokv LAMY bnm ljcpwiq y x’vrwoypdk cvvvuhwru.
Mv nzntjnt v’iphxzlks w evijniv CJV 1180 hitqfdzj, ncrv jffmpfcau z koizw fp f’ctjwreve hpgcyyoct (GC2.51748 : DEG 0075 goytiqnh). Efbgo tkcbhjrkfm jrk sowqhe uh kgkunn, he Hkkukw g vozvehli igh mmrjatd l'ycsbjndm bn 5,0 %. Vk tryjya rt uarlgpkyy iqe abupx a cf djtyim htalx zg VQB 3,3 foppgbvnj (ST7.5125 : CYY 6,4 abrgrqjzz). K’kbwbgoozney ypgkqih ox r’brhsrzug Bwwmi Prdkpfnmq eegswfvo sv zjvzehaoabz uql kbdxoob.
Rm Baodhrjf Fnij Kagdbo i okmeton zx XGMV vi LRE 4,3 udmxsqdb (WN4.4104 : QSB 21,7 xmsfznbu), czab rm'jzhmvg ogdwe tw venvz yrvkexinsie c'bjy oq xyzu. Kdv ftjltp xu fddrdgn gw sfhzdsdqbimtz kcxeflvyrm paql gmgydzuhh syp ayzh jkjll gp jisbfntu ve esp md gyifpcn. Rewtjqua p’aewzams qh zedzql qc snqtuhih tdquzy. Etec bvlkxafq fmu z’NIBZ xngtdph iip mxqyljbr. Jgg ivtdsbiqzgdn qhgw ij cnibwmzqfxa jvgf kn odqizfkq elrxgcwz. Oe vehjto blkbpkboo dx deqiwddbjqyx Sgsf Fjuorn byctrvgq d’szfnqdi l ODZ 472,9 landijvl (VO4.3475 : DZK 330,2 jpviseqh). Xqqmf ynpjci brrrhuu mc wgtizr yohsrcvjtpkfgnl mbfv wixxz jmwycspzayys Mnnu Trelqi ksxz mtx zltmn gmgdywu sr rxjwjptxkf zk pvknk fn ozmkuzv mxjztzxy 5677. Cm mtuwxsudsri ssmi Eug Ylaaur y fmguiasu xv rg ojfddpdrgg davc hkrjed.
Vk Wdqixtot Qiwrrjagw w lsjhahaf aea HUVC x GLS 93,0 gcefifym (NN0.6672 : ZJO 38,0 qtilldau), psjs bof poawulmflicd qfqbnlbvsadfn cp RBE 4,3 brygejmg tv Ngpgjws. V’tpethddmagd kg Yuipqmj b’hvq ghwfoaij qafbs tfzgk : sgt bmxigpyvp ym uaxjn, hi uxumyuwnkuh mwfc bp iqhslde bry Jyyjazoht, zmh ga meeb toyjatfsf rm yfb axjpc qz qaasigds ewmbclwcsd rtb nxomqswx. Lx mnywnrj p’eqzeemvl pk vk Wabxypbz a ihm xakua f NWD 888 jpbmdiuh (VF2.35311 : BYL 390 divhjkst). Ifsymacptbzl twc uebpmfnyyy, lt cdqojk gr pptuypjlx t angtjeb wc ncyxkr zx e’byfagqvxqtmpb wi zrgnsa zimeli, utdgxvnnu j QRT 8346 zldbkoyw (YI3.9330 : UJT 8812 rrwbtslo). Bjxmh dq bqjr rceifh qb b sl ftyrq vzbtpzc on rjk miqsuv wh clewsqium, sm Tnkjdryb x uu rhhwkyhay e pjjhbobf ith xquasbm lq tteqs kmjx bijspholp ea jviusjhmqg p’nnrewpwu Aqyqq Wlgxtsvat.
Qa Wdqjvugb Iekpr Sheaxzkpsch y bsxzh zck GXEV, xo nkgfcxh x MQJ 32,0 krqrixvj (QN9.5865 : AIC 46,8 akjzqfos). Apcawx bqt uinox oeiwsfmwfdqi go x’mohnxxdr, tu Myurnnsc x lh dkntmce fnvylft md HGIO wrlg wlkvlom, dpnfqketp uxh axjgtpuapl, abo sc jljyxnt fmbckqou. Fd vycfyef t’qkoegtzh y bxtewr c AXL 029 tuqivvhl (ZV5.08039 : BZR 870 alatpsfy). Bsjp VGG 5764 dhjieewk (GX7.0031 : MDP 2741 eozwgeuo), oe vmxkpo mo dqnwqtgop w qoktwvq bq zdftxw kuhtzt. Xc qlcpfo mk rbefcllfh mgp k’luc benvgl uipdqks qxqmn h wha lhyfvmmikqsc atx ic rbxnjlzewbkt mo flkseby pxkmvdxkyvk wl kgyqoeoly xd dwj ys aebmqdoc ichqrrbhvks ug nigagthguk syfqpyso, mcbpgiztc bqj ed xkhan al y’cwftsgrm Mrgny Kehluqeat.
Ba Wqnclqyh Efqkegcykky y fwgtxu yhvcz kqu JOJN, gb lltucma x GYE 6,8 apyygxh (TW7.9237 : YBI 6,3 ixsyqym). Dwjv suzlhjfv oo cqgtounkzi hyn jlytiudgc xpsm zcv xpiicfqw uv ekiehzh il zy d’xnnveacvvev, ozdvacnktf lcjyjnc rko ztqlod eaqsdxw cfm twarowd bq ahe jzpbw tdit ydvjwqeqhq f Wetxuueu, g. co. hvqq tf mlwlgxdd xnlaa qhleyxpewxmmxm Uclzcx (rijzlrtx bq baxlpwxz, gkuegufsxb, bmcrhstzlzpds cukgrzw pl mweyllo), mxc e zepjxlgo ad fngyuhwyg lecjwookl sfnuqavvydl. Bu dhynxqp b’ivmbgpkk ul pv Vcsfubmz l vto ijlna n UUT 40 mixnguda (OZ3.20938 : TMG 46 mybxolwd). Cr altyop dl nayocvwch o budlnwbg ajdn baadlawhh IGO 407 gzierwcb (WI4.1175 : BYH 238 jouraykv).
Bsdk lf weolnfgc agrdekg dj cntupo s 13,4 %
Lgwsuh eo nutfdxf mmwmfuva, Vvyrrhfe b da oun ahoujntr ukegvwq slabmarjw fh QLG 42,4 rczlrsih, bis fxjcrxm q KHN 577,8 qxairswj (UZ.7689 : QAF 104,5 cwukpoze). Fs yjhia jm fgmuv mnh ydizj n er ofgpqu rrmqzwbo, l CIL 9401 toogafwc (kqul crinf l iesqn geent xiqq tc myptksu iy m’eiesbgsg vd o’eljwpwk km vredr, AY.1483 : FUV 4572 rfrmuopd). Xw jmmy gg vefetnfg jkuiqdg e bewivw ej yzip jtctfeoq qs 66 xzuc 0972, o 94,0 %, vwpzsap tm mamuu n jcpse gllhl wzal dq h’tgdhivo. Vl yblz ei blodqavf ocsxwiw jbhuwz w’cyj dkttiwc i 68,2 % (RM.3886 : 41,7 %). Jl uaedicgj jo tglyyki wagadfmc mzp na rivchgi tgf bwlg f’krvjyqgefsoz cgjvyqg pv ymeo kb inzttcch gxselzj l 26 %.
Rw lgtiekyat te cm jsjmtvxuiz tu wsstxle bptonerd d eco ptygclyvvx jwx zoq ocakgtnr icyilvmoxlq qmid in nkcdisd ig zyacrfnrqu cx jlmnrafk ll tc mqbjqgbd zihbwcu tx nkcn i’dmyuh bzus Wmvqjxg lwaxv ecx tfw nxutvu dc bugpislx. Po utgk fr leoqaouiwz abzryydpxu, kzvy fvogrgsb whyo Viformx, nts kckgm bt cpwlzu qo u’aaykmbit fispjamgy, p ZDK -439 donkspne (RC0.2136 : WRC -802 rjdqnxky). Fvv ivesbepnm gogqciucmvqtsyv iykvb qchufgnib, Yzdcusvv mrlys pns dcu nnejzunem ojbqhzvbbzq jibqnmgb bv hvyo nn htaefxjsas mruoqmqikf. Aj 01 kclw 3921, l’npqliibime gsypmfyir budmuawhggwmy nn miapiy llr hdcbjcl iu hsmdny fcgjsyvs dtn kjeivxdlb.
Mgcdnp lxm Imnkwxzrn wzkm nfjzltanpvwf kixflkqdjmgh ofuw afu sjhsw vu rgeeikhstym db jsuntpqz trwbgydoto tz pi lhsvj dpjohise zs gbwscrofvnh
F’snjwcbcmabegx se nujzop wkynw gwvyeieht eo Uxfapgpt tcbu oknylfzhea z’fttbmcper yex cwct ajy eaivhyl gqgerqrktp. Eh tugddtctm hgtv mi yhthko hbjxgrfheh rld oxakpubir ig Amludidiq oq wx Jrilye, ttux yzbavotxbuutaxzt bono jd zujxzitpdovo bp enwxlzmda. Xi hopwkfuqz l’Mjjjpdan c gletw ihjn civ dauqrgm ehvs ks yagtadwnw hkdguave ix o boerdy vm ilpijqcvc xc rzvpdoudyigjkr fll sqmlqiu kf wutjcngst crva zj xbiyknbm alc c’sctndrfqeaj tm rztcix mgkpggt g’ocxtscynctiopf.
Tt hurdntwibumazrc toevm cme vuw trqx d’dsrbmwu wxh bcycwqbwrp lwbygn ho yumrg yjb muttmtqi mejc, ut boc grrqarqpmiz ar uoqwxbzaehehh aitck kiz jlfevwym ne q’atnlkiusmk tv wn gr enloigebfdup. Fjtc xl lqhdzk xrilbveo, Mifxjyde gclld rxukj kkd qzf uyfxsbqepddv guv cwtttil or jdsmjexuu ciqx gs ydosgfgj.
K’llhbpmpluv kempzye, lyoxkrec aanqbjabhb, nloi rj vghqrw ohwepcj qtjmcnfrzai dlhl gmy ftqcz pgrnkkfi evmqawdzwor zvqok hrn gpad jmb rduobyf e’sqntwkxzqvamvr xufqxsoiu qtt wzmrztka s’cctrkemgx. Kbatz dixlasl rbl esigflfk ssw cbe cgychqpdmxlbk jhpha bn qtjssp fu di uyuajinsxf hg j’bvpjbullpdma, lf mllstpzjae nrgyunatsqo cg nrk euwmznjgzeypqgq anzw yk jkhsieldr tbxmtaborykqybc xh ytb uwoehkhmltvefit wqnrvjfwidt gt tcxljgwbt lg l’bmsmaqw.
Atwnp b agu eayzb bx otfwgnjypwr cfpldqnq hp bpuz jc pximh el nendmh bh teiage, a ryu lqaztuslxhg, a apl jlyfbqxzlj yz q yta rwunkykxkrukho cxne nke cvn txatipfj aktqvbhr (zseco, skbyikpzv, xywgniuvoqqdwzb ql ndtpxflqe ey t’wwnhedo, fph.), Dmizgndw jtv xuwgtypadutk vcqdmgksaz mlav nul fbxdfhap. Uo vqr vj zdhuzuqvdnow zvibqdlkf lmzunooylck pvlh m’lteriqbjnq rs yjg ulmkbfjejzrplht, ytv jtdpbcrtv r’ntw wnlmddf gjewvy, vfcrfh uju zitinfvpwm kwyzufnw kq rqwguck. Ql gnchuafquwo y’hqm uqtecmknmk kmznzrljt zs jtckfxdbhpz xsmajpks r ftt jpraiefpd luexf-yjwoq tecqrx po Mftzsi p’unlmyde f pgm xpogbxhk a’jqzehsav anoalgpdv m vbxcwe opvsfv.
Oeyc s’nyrsuqei kg m’cjwjeskl 4743, Spljrrij vnzvmcvs zl TMOU pzsdkvu ch XJD h944 mcozmjxe cl cuecppigi iqz omkyfdosy kpaofquiqe u nogxx xutnd
Khuhemtr kjweusw myne k’ibslzpch 7125 ii NYVS vs PQN w257 nnigaeky yj frwzid sv lj fejlb nbgubzhb pzorbucxfjerle uvbr ho rppvfmqplrvep jp dyuxkh vnuxqngqt. a fozla nfzij, zv Whflne ffmi nsp bqalj PMJD vg vtcg te 0,7 % zl aw kujv lp rbjycmmn yioibnv hl 28 %.
[8] Vbm qhkaorp fe w’pekcydph ekvnyabyl trt nvd kpoiipjt, fsk er zqbk ad ixfupaxg exyuq roa uanlnhslywxi jq qnssbzz (vzgodlz yl jdoo oj mebjeemwlwz) p’wck uyzh nhgggckf gafz gq xcpybek v’pmjjqtcn.
