{"id":2480,"date":"2026-06-14T02:35:12","date_gmt":"2026-06-14T00:35:12","guid":{"rendered":"https:\/\/www.trader-france.com\/?p=2480"},"modified":"2026-06-14T02:35:16","modified_gmt":"2026-06-14T00:35:16","slug":"tutoriel-de-maquillage-financier-comment-certaines-entreprises-cotees-en-bourse-embellissent-leurs-resultats-devant-les-actionnaires","status":"publish","type":"post","link":"https:\/\/www.trader-france.com\/index.php\/2026\/06\/14\/tutoriel-de-maquillage-financier-comment-certaines-entreprises-cotees-en-bourse-embellissent-leurs-resultats-devant-les-actionnaires\/","title":{"rendered":"Tutoriel de maquillage financier : Comment certaines entreprises cot\u00e9es en Bourse embellissent leurs r\u00e9sultats devant les actionnaires"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Beaucoup de gens d\u00e9couvrent avec \u00e9tonnement qu&rsquo;une entreprise peut publier des comptes parfaitement conformes aux normes IFRS tout en donnant une image tr\u00e8s optimiste de sa situation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">entreprises cot\u00e9es, comptabilit\u00e9 agressive, EBITDA ajust\u00e9, rachats d&rsquo;actions, croissance externe, communication financi\u00e8re<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">La comptabilit\u00e9 agressive (l\u00e9gale mais discutable)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">C&rsquo;est l\u00e0 que se situe l&rsquo;essentiel du \u00ab\u00a0maquillage\u00a0\u00bb.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Par exemple :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>reconna\u00eetre un chiffre d&rsquo;affaires plus t\u00f4t ;<\/li>\n\n\n\n<li>repousser certaines charges \u00e0 plus tard ;<\/li>\n\n\n\n<li>choisir une m\u00e9thode d&rsquo;amortissement favorable ;<\/li>\n\n\n\n<li>utiliser des hypoth\u00e8ses optimistes pour valoriser des actifs.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Les comptes respectent les normes IFRS ou US GAAP, mais la direction choisit syst\u00e9matiquement les options qui embellissent les r\u00e9sultats.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Le maquillage de communication (tr\u00e8s fr\u00e9quent)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">C&rsquo;est probablement ce que Delamarche critiquerait le plus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les chiffres sont exacts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais on attire l&rsquo;attention sur ceux qui sont favorables.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Exemple :<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L&rsquo;entreprise annonce :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">EBITDA +12 %<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Magnifique.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais elle oublie de mettre dans le titre :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">R\u00e9sultat net -15 %<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">ou<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Flux de tr\u00e9sorerie -20 %<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">ou<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Dette +30 %<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Le lecteur peu attentif repart avec une impression positive<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les techniques classiques<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Les \u00ab\u00a0r\u00e9sultats ajust\u00e9s\u00a0\u00bb<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Tu verras souvent :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>EBITDA ajust\u00e9<\/li>\n\n\n\n<li>b\u00e9n\u00e9fice ajust\u00e9<\/li>\n\n\n\n<li>r\u00e9sultat courant ajust\u00e9<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">La soci\u00e9t\u00e9 explique :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u00ab\u00a0Nous excluons les \u00e9l\u00e9ments exceptionnels.\u00a0\u00bb<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Pourquoi pas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais parfois les \u00e9l\u00e9ments \u00ab\u00a0exceptionnels\u00a0\u00bb reviennent tous les ans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Restructuration exceptionnelle en 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Puis en 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Puis en 2024.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c0 un moment ce n&rsquo;est plus exceptionnel.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Les rachats d&rsquo;actions<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Imaginons :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>b\u00e9n\u00e9fice total inchang\u00e9 ;<\/li>\n\n\n\n<li>nombre d&rsquo;actions en circulation r\u00e9duit.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Le b\u00e9n\u00e9fice par action augmente.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La direction peut annoncer :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u00ab\u00a0Le BPA progresse de 15 %.\u00a0\u00bb<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Alors que le b\u00e9n\u00e9fice global de l&rsquo;entreprise n&rsquo;a pas boug\u00e9.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Le carnet de commandes<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Certaines soci\u00e9t\u00e9s industrielles mettent en avant :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u00ab\u00a0Carnet de commandes record.\u00a0\u00bb<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Tr\u00e8s bien.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais cela ne garantit ni les marges ni les b\u00e9n\u00e9fices futurs.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Les pr\u00e9sentations PowerPoint<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Les investisseurs professionnels plaisantent souvent sur un point :<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Quand les graphiques commencent l&rsquo;ann\u00e9e o\u00f9 tout allait mal, il faut \u00eatre m\u00e9fiant.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un graphique peut raconter n&rsquo;importe quelle histoire selon :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>le point de d\u00e9part ;<\/li>\n\n\n\n<li>l&rsquo;\u00e9chelle ;<\/li>\n\n\n\n<li>les indicateurs retenus.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">C&rsquo;est exactement le m\u00eame m\u00e9canisme que dans le \u00ab\u00a0maquillage \u00e9conomique\u00a0\u00bb des \u00c9tats.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Les acquisitions qui cr\u00e9ent une illusion de croissance<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Une entreprise rach\u00e8te une soci\u00e9t\u00e9 concurrente.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le chiffre d&rsquo;affaires passe de :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1 milliard<br>\u00e0<\/li>\n\n\n\n<li>1,3 milliard<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Communiqu\u00e9 :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u00ab\u00a0Croissance de 30 %.\u00a0\u00bb<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Question :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Combien provient r\u00e9ellement de l&rsquo;activit\u00e9 existante ?<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">La croissance externe peut masquer une stagnation de l&rsquo;activit\u00e9 historique.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Les objectifs faciles \u00e0 battre<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Certaines directions ont tendance \u00e0 annoncer des objectifs prudents.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Exemple :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u00ab\u00a0Nous pr\u00e9voyons une croissance comprise entre 2 % et 4 %.\u00a0\u00bb<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">R\u00e9sultat :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Croissance de 4,1 %.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Communiqu\u00e9 :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u00ab\u00a0Objectifs d\u00e9pass\u00e9s.\u00a0\u00bb<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">L&rsquo;entreprise appara\u00eet performante alors que les attentes avaient \u00e9t\u00e9 plac\u00e9es volontairement bas.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Le cash-flow oubli\u00e9<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Une soci\u00e9t\u00e9 peut afficher :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>b\u00e9n\u00e9fice net en hausse ;<\/li>\n\n\n\n<li>EBITDA en hausse.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Mais :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>tr\u00e9sorerie en baisse.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Pourquoi ?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Parce que les b\u00e9n\u00e9fices comptables et les encaissements r\u00e9els ne sont pas la m\u00eame chose.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un investisseur exp\u00e9riment\u00e9 regarde toujours les flux de tr\u00e9sorerie.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Les dettes hors radar<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Pendant longtemps, certaines entreprises ont utilis\u00e9 :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>filiales ;<\/li>\n\n\n\n<li>coentreprises ;<\/li>\n\n\n\n<li>v\u00e9hicules sp\u00e9cialis\u00e9s ;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">pour \u00e9loigner une partie de leurs engagements du bilan principal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les normes comptables se sont durcies apr\u00e8s plusieurs scandales, mais le principe reste le m\u00eame :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">si vous ne regardez que le bilan principal, vous pouvez manquer une partie du risque.<\/p>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Le \u00ab\u00a0one-off\u00a0\u00bb permanent<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">C&rsquo;est probablement ma technique pr\u00e9f\u00e9r\u00e9e.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ann\u00e9e 1 :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Charge exceptionnelle.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Ann\u00e9e 2 :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Nouvelle charge exceptionnelle.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Ann\u00e9e 3 :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Encore une charge exceptionnelle.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c0 force d&rsquo;\u00eatre exceptionnelles, elles deviennent ordinaires.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L&rsquo;investisseur doit alors recalculer lui-m\u00eame les r\u00e9sultats.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">La m\u00e9trique invent\u00e9e<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">C&rsquo;est devenu extr\u00eamement fr\u00e9quent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Au lieu de parler :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>du r\u00e9sultat net ;<\/li>\n\n\n\n<li>du cash-flow ;<\/li>\n\n\n\n<li>du retour sur capital ;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">la soci\u00e9t\u00e9 cr\u00e9e :<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u00ab\u00a0EBITDA ajust\u00e9 normalis\u00e9\u00a0\u00bb<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">ou<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u00ab\u00a0R\u00e9sultat op\u00e9rationnel courant retrait\u00e9\u00a0\u00bb<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">ou<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u00ab\u00a0Profit \u00e9conomique sous-jacent\u00a0\u00bb<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Plus l&rsquo;indicateur est \u00e9loign\u00e9 des comptes officiels, plus il faut \u00eatre prudent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Lire aussi :<\/strong> <a href=\"https:\/\/www.trader-france.com\/index.php\/2021\/02\/01\/livres\/\"><em>\u00ab\u00a0Warren Buffett et l\u2019interpr\u00e9tation des \u00e9tats financiers\u00a0\u00bb<\/em>, par Mary Buffett &amp; David Clark<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.achat-or-et-argent.fr\/entry-876901,4361327,42493\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"250\" src=\"https:\/\/www.trader-france.com\/wp-content\/uploads\/2022\/09\/300_x_250_5.png\" alt=\"\" class=\"wp-image-720\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.achat-or-et-argent.fr\/entry-876901,22208387,113506529i\"><img loading=\"lazy\" decoding=\"async\" width=\"250\" height=\"250\" src=\"https:\/\/www.trader-france.com\/wp-content\/uploads\/2022\/10\/250_x_250_7.png\" alt=\"\" class=\"wp-image-753\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.achat-or-et-argent.fr\/entry-876901,22324277,128178203i\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"250\" src=\"https:\/\/www.trader-france.com\/wp-content\/uploads\/2022\/10\/300_x_250_3.png\" alt=\"\" class=\"wp-image-755\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beaucoup de gens d\u00e9couvrent avec \u00e9tonnement qu&rsquo;une entreprise peut publier des comptes parfaitement conformes aux normes IFRS tout en donnant une image tr\u00e8s optimiste de sa situation. entreprises cot\u00e9es, comptabilit\u00e9 agressive, EBITDA ajust\u00e9, rachats d&rsquo;actions, croissance externe, communication financi\u00e8re La comptabilit\u00e9 agressive (l\u00e9gale mais discutable) C&rsquo;est l\u00e0 que se situe l&rsquo;essentiel du \u00ab\u00a0maquillage\u00a0\u00bb. Par exemple [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[51],"tags":[192,193,188,102,190,187,189,191],"class_list":["post-2480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-statistiques-economiques","tag-actionnaires","tag-assemblee-generale-des-actionnaires","tag-bilan-financier","tag-bourse","tag-comptabilite-dentreprise","tag-entreprises","tag-etats-financiers","tag-ifrs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tutoriel de maquillage financier : Comment certaines entreprises cot\u00e9es en Bourse embellissent leurs r\u00e9sultats devant les actionnaires - Trader France<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.trader-france.com\/index.php\/2026\/06\/14\/tutoriel-de-maquillage-financier-comment-certaines-entreprises-cotees-en-bourse-embellissent-leurs-resultats-devant-les-actionnaires\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tutoriel de maquillage financier : Comment certaines entreprises cot\u00e9es en Bourse embellissent leurs r\u00e9sultats devant les actionnaires - Trader France\" \/>\n<meta property=\"og:description\" content=\"Beaucoup de gens d\u00e9couvrent avec \u00e9tonnement qu&rsquo;une entreprise peut publier des comptes parfaitement conformes aux normes IFRS tout en donnant une image tr\u00e8s optimiste de sa situation. entreprises cot\u00e9es, comptabilit\u00e9 agressive, EBITDA ajust\u00e9, rachats d&rsquo;actions, croissance externe, communication financi\u00e8re La comptabilit\u00e9 agressive (l\u00e9gale mais discutable) C&rsquo;est l\u00e0 que se situe l&rsquo;essentiel du \u00ab\u00a0maquillage\u00a0\u00bb. 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