Dölf Looser Soziale Beziehungen und Leistungsmotivation
Beiträge der Schweizer Bildungsforschung herausgegeben von Er...
49 downloads
757 Views
3MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
Dölf Looser Soziale Beziehungen und Leistungsmotivation
Beiträge der Schweizer Bildungsforschung herausgegeben von Erwin Beck Hermann J. Forneck Band 2
Dölf Looser
Soziale Beziehungen und Leistungsmotivation Die Bedeutung von Bezugspersonen für die längerfristige Aufrechterhaltung der Lern- und Leistungsmotivation
Budrich UniPress Ltd. Opladen & Farmington Hills, MI 2011
Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar.
Meinen Patenkindern Joshua, Katharina und Ramon
Gedruckt auf säurefreiem und alterungsbeständigem Papier. Zugleich Dissertation zur Erlangung der Doktorwürde im Fachbereich Erziehungs- und Kulturwissenschaften an der Universität Osnabrück unter dem Titel „Psychosoziale Bestimmungsfaktoren der Leistungsmotivation. Die Bedeutung von Bezugspersonen für die längerfristige Aufrechterhaltung der Lern- und Leistungsmotivation“. Alle Rechte vorbehalten. © 2011 Budrich UniPress, Opladen & Farmington Hills MI www.budrich-unipress.de ISBN
978-3-940755-85-8
Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlages unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Umschlaggestaltung: disegno visuelle kommunikation, Wuppertal – www.disenjo.de Druck: paper&tinta, Warschau Printed in Europe
,QKDOW
9RUZRUWXQG'DQN :lKUHQG PHLQHU SlGDJRJLVFKHQ 7lWLJNHLW LQ 6FKXOHQ +HLPHQ XQG LQ GHU .LQGHU XQG -XJHQGSV\FKLDWULH KDEH LFK YLHOIlOWLJH (UIDKUXQJHQ VDPPHOQ GUIHQ GLH PHKU RGHUZHQLJHUPLWGHU/HUQXQG/HLVWXQJVPRWLYDWLRQLQ=XVDPPHQKDQJVWHKHQ'LH LQ YLHOHU +LQVLFKW SUlJHQGH :LUNXQJ GHV VR]LDOHQ 6HWWLQJV LQ )DPLOLH XQG 6FKXOH ZXUGH PLU YRU DOOHP LQ VSH]LHOOHQ 6LWXDWLRQHQ ZlKUHQG PHLQHU $UEHLWVWlWLJNHLW LQ GHU.LQGHUSV\FKLDWULHEHZXVVW6RNDPHQGDPDOV]ZHL.LQGHU-XJHQGOLFKH]XU$E NOlUXQJ LQV .LQGHU XQG -XJHQGSV\FKLDWULVFKH =HQWUXP ZHLO VLH GHQ 6FKXOEHVXFK YHUZHLJHUWHQ ,P/DXIHHLQHU6FKXONDUULHUHGXUFKOHEWZDKUVFKHLQOLFKMHGHV.LQGLUJHQGZDQQ0R PHQWHLQGHQHQHVJHQXJYRQGHUWlJOLFKHQ/HUQXQG/HLVWXQJVDQVWUHQJXQJKDW(V IUDJWVLFKGDQQEHLVSLHOVZHLVHZDUXPHVLQGLH6FKXOHJHKHQPXVV'LHVPXVVHLQH EHUHFKWLJWH)UDJHVHLQKDWVLFKGRFKGDPLWDXFKVFKRQHLQ/LWHUDWXUQREHOSUHLVWUlJHU QDPHQV.HQ]DEXU{2HDXVHLQDQGHUJHVHW]W 'LHYRUOLHJHQGH'LVVHUWDWLRQVDUEHLWZLGPHWVLFKGHVKDOEGHU)UDJHVWHOOXQJZLHVR ]LDOH %H]LHKXQJHQ XQG 8PZHOWEHGLQJXQJHQ JHVWDOWHW VHLQ VROOWHQ GDPLW OHEHQVODQ JHV/HUQHQXQG/HLVWXQJVPRWLYDWLRQLQ6FKXOHXQG%HUXIP|JOLFKVWDXIUHFKWHUKDOWHQ ZHUGHQN|QQHQ ,FKGDQNHDQGLHVHU6WHOOHDOOHQGLHPLFKEHLGHU(UDUEHLWXQJGHUYRUOLHJHQGHQ'LV VHUWDWLRQXQWHUVWW]WKDEHQ $XIGHPODQJHQ:HJGHU(UVWHOOXQJZDUPLULQVEHVRQGHUH+HUU3URI'USKLO:DV VLOLV.DVVLVHLQH JURH8QWHUVWW]XQJ)UGLHVWHWVNRPSHWHQWH%HWUHXXQJXQG%H JOHLWXQJGDQNHLFKLKPEHVWHQV 0HLQ'DQNJLOWDXFKGHPHPHULWLHUWHQ3URI'U'UKFPXOW+HOPXW)HQGXQGVHL QHQ 0LWDUEHLWHUQ LQ GHU /LI(6WXGLH GHUHQ DQJHVHKHQHQ XQG ZHUWYROOHQ 'DWHQVDW] LFK IU PHLQH %HUHFKQXQJHQ YHUZHQGHQ GXUIWH 1LFKW YHUJHVVHQ P|FKWH LFK LQVEH VRQGHUHDXFK+HUUQ'USKLO)UHG%HUJHUGHUPLULQVWDWLVWLVFKHQ%HODQJHQMHZHLOV ZHUWYROOH5DWVFKOlJHJDE 'DQNHQ P|FKWH LFK DXFK PHLQHP $UEHLWVNROOHJHQ 'U UHU QDW :LQIULHG +XPSHUW YRQ GHU 3lGDJRJLVFKHQ +RFKVFKXOH GHV .DQWRQV 6W *DOOHQ IU GHQ PRUDOLVFKHQ 6XSSRUW,QGHQ'DQNPLWHLQJHVFKORVVHQVLQGHEHQIDOOVPHLQHHKHPDOLJHQ.RPPLOL WRQLQQHQ XQG .RPPLOLWRQHQ YRQ GHU 8QLYHUVLWlW =ULFK IU GLH YLHOHQ 6WXQGHQ GHV .RUUHNWXUOHVHQV (LQKHU]OLFKHV'DQNHVFK|QP|FKWHLFK]XOHW]WYRUDOOHPPHLQHQ(OWHUQPHLQHQ*H VFKZLVWHUQXQGPHLQHQ)UHXQGHQIUGLHYLHOIlOWLJH8QWHUVWW]XQJDXVVSUHFKHQ :LOLP1RYHPEHU '|OI/RRVHU
,QKDOW
=XVDPPHQIDVVXQJ $XVGHU)RUVFKXQJOlVVWVLFKJHQHUHOOHLQ:DQGHOLQGHQ(OWHUQ.LQG%H]LHKXQJHQ ZlKUHQGGHQOHW]WHQ-DKU]HKQWHQIHVWVWHOOHQGHUDOV(QWZLFNOXQJYRQGHUÄ%HIHKOV ]XP 9HUKDQGOXQJVKDXVKDOW YJO GH 6ZDDQ EHVFKULHEHQ ZLUG *HOLQJHQGH %H]LHKXQJHQ ]ZLVFKHQ .LQGHUQ-XJHQGOLFKHQ XQG LKUHQ %H]XJVSHUVRQHQ KDEHQ LP %LOGXQJVXQG(U]LHKXQJVNRQWH[WHLQHEHVRQGHUH%HGHXWXQJ*HPlGHU6HOEVWEHV WLPPXQJVWKHRULH QDFK 'HFL XQG 5\DQ ZLUNHQ JXWH %H]LHKXQJHQ ]X %H]XJVSHUVRQHQ LP 5DKPHQ GHU ,QWHUQDOLVLHUXQJ QDFK GHU Ä&RJQLWLYH (YDOXDWLRQ 7KHRU\³DOV0RWRUHQGHU/HUQXQG/HLVWXQJVPRWLYDWLRQ'LH6FKXOHVROOVREHVFKDI IHQVHLQGDVV.LQGHU-XJHQGOLFKHLPPHUZLHGHU(UIROJVHUOHEQLVVHXQG.RPSHWHQ] JHIKOH HUIDKUHQ (LQH KRKH /HLVWXQJV 0RWLYDWLRQ EDXW HLQ .LQG YRU DOOHP GDQQ DXI ZHQQ HV SHUV|QOLFKH %HDFKWXQJ XQG ,QWHUHVVH YRQ 6HLWHQ GHU %H]XJVSHUVRQHQ (OWHUQ /HKUSHUVRQHQ DQ VHLQHU 3HUVRQ VSUW 'LHVHP &UHGR GHU 6HOEVWEHVWLP PXQJVWKHRULHHQWVSUHFKHQDXFKQHXURELRORJLVFKH(UNHQQWQLVVHYJO%DXHU 'LH %HXUWHLOXQJ GHV %LOGXQJVV\VWHPV GDUI QLFKW DXVVFKOLHOLFK DXI /HLVWXQJVGDWHQ ZLHQDFK3,6$EHUXKHQVRQGHUQPXVVDXFK.ULWHULHQEHUFNVLFKWLJHQGLHVLFKQXU LQGLUHNW XQG DXI OlQJHUH 6LFKW LQ PHVVEDUHU /HLVWXQJ QLHGHUVFKODJHQ DEHU JOHLFK ZRKOIUGHQOlQJHUIULVWLJHQ%LOGXQJVHUIROJYRQJDQ]]HQWUDOHU%HGHXWXQJVLQGZLH ]XP %HLVSLHO GLH %HUHLWVFKDIW ]X OHEHQVODQJHP /HUQHQ YJO .UDSS ,Q GHU YRUOLHJHQGHQ 6WXGLH ZLUG LQVEHVRQGHUH GHU )UDJH QDFKJHJDQJHQ ZLH VLFK VR]LDOH (LQJHEXQGHQKHLWVR]LDOHV.OLPDXQGVR]LDOH%H]LHKXQJHQ]X(OWHUQXQG/HKUSHUVR QHQLQGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUXQGLQGHU:HLWHUELOGXQJVPRWLYDWLRQ LP(UZDFKVHQHQDOWHUEHUGLH6SDQQHYRQ-DKUHDXVZLUNHQ %DVLVIUGLH%HDQWZRUWXQJGHU)UDJHELOGHWGHU/LI('DWHQVDW]/HEHQVYHUOlXIHLQV IUKH(UZDFKVHQHQDOWHU ZHOFKHUDXIJUXQGGHV)ROORZ8SLP-DKUHGHU.RQV WDQ]HU -XJHQGOlQJVVFKQLWWVWXGLH HQWVWDQGHQ LVW 3URMHNWOHLWXQJ )HQG *HRUJ%HUJHU*URE /DXWHUEDFK *HJHQ9DULDEOHQDXIYHUVFKLHGHQHQ(EHQHQ VR]LDORULHQWLHUWHPRWLYDWLRQDOHXQGNRQWUROOLHUHQGH VLQGDXILKUHQ=XVDPPHQKDQJ KLQ ]X GHQ PRWLYDWLRQDOHQ .RQVWUXNWHQ LP (UZDFKVHQHQDOWHU JHSUIW ZRUGHQ 6FKOLHOLFK EHVWlWLJHQ 6WUXNWXUJOHLFKXQJVPRGHOOH (UJHEQLVVH ZHOFKH GLH 7KHVH HL QHU JHVFKOHFKWV XQG YRU DOOHP VFKXOIRUPVSH]LILVFKHQ 6R]LDOLVDWLRQ VWW]HQ (KHPDOLJHPlQQOLFKH6FKOHUGHV*\PQDVLXPVLP$OWHUYRQ-DKUHQVR]LDOLVLHUHQ VLFKLP*HJHQVDW]]XHKHPDOLJHQ+DXSWVFKOHUQDXIHLQHDQGHUH:HLVH *\PQD VLDVWHQ ]HLJHQ HLQH KRKH PRWLYDWLRQDOH 6WDELOLWlW EHU ]ZHL -DKU]HKQWH KLQZHJ XQG EHL LKQHQ N|QQHQ GLH (OWHUQ.LQG XQG GLH /HKUHU6FKOHU%H]LHKXQJ LQVRIHUQ DOVZLFKWLJH(UNOlUXQJVYDULDEOHQIUGLHVHQDFKKDOWLJH/HLVWXQJVXQG/HUQPRWLYDWL RQLP(UZDFKVHQHQDOWHULGHQWLIL]LHUWZHUGHQ 'LH%HIXQGHZHLVHQDXIGLHJURVVH%HGHXWXQJYRQVR]LDOHQ%H]LHKXQJHQXQGVFKX OLVFKHQ (UIROJVHUOHEQLVVHQ KLQ =XVDPPHQIDVVHQG LGHQWLIL]LHUW GHU %HLWUDJ EHL HKH PDOLJHQ *\PQDVLDVWHQ XQWHU 9HUZHQGXQJ YRQ 6WUXNWXUJOHLFKXQJVPRGHOOHQ XQG OlQJVVFKQLWWOLFKHQ'DWHQELV GLHÄVR]LDOH(LQJHEXQGHQKHLW³DOVSV\FKR VR]LDOHQ0RWRUGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUXQGDOV%HVWLPPXQJVIDNWRU GHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ-DKUHVSlWHU
,QKDOW
,QKDOWVYHU]HLFKQLV
(LQOHLWXQJ
5HOHYDQ]GHV7KHPDV
*OLHGHUXQJGHU$UEHLW
%HJULIIVGHILQLWLRQHQXQG=LHO
,QWULQVLVFKHH[WULQVLVFKH0RWLYDWLRQ±/HUQ/HLVWXQJVPRWLYDWLRQ
6R]LDOLVDWLRQ
%HGHXWXQJYRQ6FKXOHIUGLH3HUV|QOLFKNHLWVHQWZLFNOXQJ
(OWHUQ.LQG%H]LHKXQJ
/HKUHU6FKOHU%H]LHKXQJ
,QWHUDNWLRQLVPXV
'LIIHUHQWLHOOH6WDELOLWlW
=LHOXQG9RUZHJQDKPHYRQ5HODWLYLHUXQJHQ
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
'LH$QIlQJHWKHRUHWLVFKHU%HVFKlIWLJXQJPLW/HLVWXQJVPRWLYDWLRQ =XP%HJULIIÄ/HLVWXQJVPRWLYDWLRQ³LQYHUVFKLHGHQHQ7KHRULHQ /HLVWXQJVPRWLYDWLRQLQHQWZLFNOXQJVSV\FKRORJLVFKHU+LQVLFKW =XU6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQDOVGLVSRVLWLRQDOHV3HUV|QOLFKNHLWVPHUNPDO
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
9HURUWXQJ .XU]EHUEOLFNXQG.HUQHOHPHQWH ,QWULQVLVFKH0RWLYDWLRQLQGHUÄ&RJQLWLYH(YDOXDWLRQ7KHRU\³ ([WULQVLVFKH0RWLYDWLRQXQG,QWHUQDOLVLHUXQJLQGHUÄ2UJDQLVPLF,QWHJUDWLRQ7KHRU\³ :HVHQWOLFKH(LJHQKHLWHQGHU6'7
8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ =XU%HGHXWXQJPRWLYDWLRQDOHU3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU =XP(LQIOXVVYRQ.RQWUROOYDULDEOHQDXIPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP -XJHQGDOWHU =XU/HLVWXQJVPRWLYDWLRQVVWDELOLWlWXQG]XP=XVDPPHQKDQJ]ZLVFKHQPRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ =XGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU
,QKDOW
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
=XU/HLVWXQJVPRWLYDWLRQVI|UGHUXQJLP(OWHUQKDXV %HGHXWXQJXQG(LQIOXVVGHU(OWHUQ.LQG%H]LHKXQJ %HGHXWXQJXQG(LQIOXVVGHV(U]LHKXQJVVWLOV %HGHXWXQJXQG(LQIOXVVGHU(OWHUQ%H]LHKXQJ %HGHXWXQJXQG(LQIOXVVGHUZDKUJHQRPPHQHQ%HJDEXQJVHLQVFKlW]XQJXQG /HLVWXQJVHUZDUWXQJYRQ6HLWHQGHU(OWHUQ %HGHXWXQJXQG(LQIOXVVGHV6FKXOPRQLWRULQJGHU(OWHUQ =XU/HLVWXQJVPRWLYDWLRQVI|UGHUXQJLQGHU6FKXOH %HGHXWXQJXQG(LQIOXVVGHU/HKUHU6FKOHU%H]LHKXQJ %HGHXWXQJXQG(LQIOXVVGHV6FKXOXQG.ODVVHQNOLPDV %HGHXWXQJXQG(LQIOXVVGHU3HHUJURXS %HGHXWXQJXQG(LQIOXVVGHULQVWLWXWLRQHOOHQ(LQELQGXQJ
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
$OOJHPHLQH)RUGHUXQJQDFKGLIIHUHQWLHOOHQ%HUHFKQXQJHQ 'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHV6FKXOW\SVE]ZGHU%H]XJVJUXSSH 'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHV(OWHUQKDXVHVE]ZGHU6FKLFKW 'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHUUHODWLYHQ/HLVWXQJVSRVLWLRQLQGHU.ODVVH 'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHV*HVFKOHFKWV
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
.RPSHQVDWRULVFKH:LUNXQJHQ"
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
)RUVFKXQJVIUDJHQ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
:DUXPVR]LDOH(LQJHEXQGHQKHLWDOVXQDEKlQJLJH9DULDEOH" =XU%HJUQGXQJGHV.RQVWUXNWVGHU/HLVWXQJVPRWLYDWLRQ :DUXP)RNXVVLHUXQJDXIÄVHOEVWEHVWLPPWH³H[WULQVLVFKH0RWLYDWLRQPLWWHOV.RQVWUXNW /HLVWXQJVPRWLYDWLRQ" :DUXPGLIIHUHQWLHOOJHVFKOHFKWVVSH]LILVFKH$XVZHUWXQJHQIU6FKOHUGHV *\PQDVLXPVXQGGHU+DXSWVFKXOH" =XP=LHONRQIOLNWÄ/HLVWXQJVRGHU3HUV|QOLFKNHLWVHQWZLFNOXQJ³±GHU=XVDPPHQKDQJ ]ZLVFKHQ%H]LHKXQJXQG/HLVWXQJVPRWLYDWLRQ :DUXPGLH%HQW]XQJGHU'DWHQYRQ-XJHQGOLFKHQLP/HEHQVMDKU" %HGHXWXQJYRQ/lQJVVFKQLWWVWXGLHQ
0HWKRGH
+\SRWKHVHQ
6WLFKSUREHXQG)RUVFKXQJVGHVLJQGHU/LI(6WXGLH
,QKDOW
(UKHEXQJVLQVWUXPHQWH
.RQWUROOYDULDEOHQN )DPLOLlUHVR]LDOEH]RJHQH9DULDEOHQVI DXIGHU|NRORJLVFKHQ(EHQH $XHUIDPLOLlUHVR]LDOEH]RJHQH9DULDEOHQVD DXIGHU|NRORJLVFKHQ(EHQH ,QVWUXPHQWHGHUPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHP LP-XJHQGDOWHUDXIGHU SV\FKRORJLVFKHQ(EHQH ,QVWUXPHQWHGHUPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOH%/0%:0%6: LP (UZDFKVHQHQDOWHUDXIGHUSV\FKRORJLVFKHQ(EHQH
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ 6WDWLVWLVFKH.HQQZHUWH =XU3UREOHPDWLNGHU9HUlQGHUXQJVPHVVXQJXQG]XU 6WUXNWXUJOHLFKXQJVPRGHOOEHUHFKQXQJ
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQLP-XJHQGDOWHU 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQLP(UZDFKVHQHQDOWHU )DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ =XUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLP-XJHQGDOWHU 6R]LDOH%H]LHKXQJHQXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU $XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ =XUDXHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLP-XJHQGDOWHU $XHUIDPLOLlUHVR]LDOH%H]LHKXQJHQXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP -XJHQGDOWHU 'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ 3DUWLDONRUUHODWLYH%HUHFKQXQJHQLP4XHUVFKQLWWXQG=ZHL-DKUHV/lQJVVFKQLWWLP -XJHQGDOWHU 5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ 6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ 6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW .RUUHODWLYH%HUHFKQXQJHQ]XUhEHUVLFKW 5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ3UlGLNWLRQPRWLYDWLRQDOHU 3HUV|QOLFKNHLWVPHUNPDOHLP(UZDFKVHQHQDOWHU 6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ 6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ 6WDELOLWlWLP=ZHL-DKUHV/lQJVVFKQLWWLP-XJHQGDOWHU 6WDELOLWlWLP-DKUHV/lQJVVFKQLWW
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
hEHUVLFKW0LWWHOZHUWVYHUJOHLFKHXQG.RUUHODWLRQVEHUHFKQXQJHQ 5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ 9DULDQ]DQDO\WLVFKH%HUHFKQXQJHQ 6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ =XVDPPHQIDVVXQJXQGEHUJUHLIHQGH=XVDPPHQKlQJH
,QKDOW
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
5HOHYDQ]GHU%H]LHKXQJIUGH PRWLYLHUHQGHV9HUKDOWHQ
.XOLVVHQOHUQHQXQG'HNRQWH[WXDOLVLHUXQJ
)RUGHUXQJQDFKPRWLYDWLRQVI|UGHUQGHQ8PZHOWHQ
0RWLYDWLRQVI|UGHUXQJ]XKDXVH
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
(OWHUQ.RRSHUDWLRQ 6HOEVWEHVWLPPXQJ$XWRQRPLH 6R]LDOH(LQELQGXQJXQG/HKUHU6FKOHU%H]LHKXQJ .RPSHWHQ]HUIDKUXQJHQXQG$QHUNHQQXQJ
0RWLYDWLRQVI|UGHUXQJDXIGHU6\VWHPHEHQH
9HURUWXQJXQG6FKOXVVZRUW
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV $EELOGXQJVYHU]HLFKQLV 7DEHOOHQYHU]HLFKQLV
$QKDQJ
,QVWUXPHQWH =XVlW]OLFKH6WUXNWXUJOHLFKXQJVPRGHOOH
(LQOHLWXQJ
5HOHYDQ]GHV7KHPDV
(LQOHLWXQJ 5HOHYDQ]GHV7KHPDV ,QNHLQHPDQGHUHQ/DQGZXUGHQGLH3,6$(UJHEQLVVHLQGHUgIIHQWOLFKNHLWVRLQWHQ VLYGLVNXWLHUWZLHLQ'HXWVFKODQGXQGLQNHLQHPDQGHUHQ/DQGGUIWHQ5HIRUPPD QDKPHQLQGLHVHU*UQGOLFKNHLWWKHPDWLVLHUWZRUGHQVHLQYJO.UDSS6 .UDSSlXHUWVLFKUHODWLYNODUEHUGLH%HGHXWXQJV]XVFKUHLEXQJUXQGXPGLHÄ3,6$ WDXJOLFKHQ:HWWNDPSIGLV]LSOLQHQ³HEG (UIROJHUWGDVVGLH%HXUWHLOXQJGHU(IIHN WLYLWlW GHV %LOGXQJVV\VWHPV QLFKW DXVVFKOLHOLFK DXI /HLVWXQJVGDWHQ EHUXKHQ GDUI VRQGHUQDXFK.ULWHULHQ]XEHUFNVLFKWLJHQKDW GLHVLFKP|JOLFKHUZHLVHQXULQGLUHNWXQGDXIOlQJHUH6LFKWLQPHVVEDUHU/HLV WXQJ QLHGHUVFKODJHQ DEHU JOHLFKZRKO IU GHQ OlQJHUIULVWLJHQ %LOGXQJVHUIROJ GHUQDFKZDFKVHQGHQ*HQHUDWLRQYRQJDQ]]HQWUDOHU%HGHXWXQJVLQG,FKPHL QHGDPLW)DNWRUHQZLH/HUQIUHXGHRGHUGLH+HUDXVELOGXQJHLQHULQWULQVLVFKHQ E]Z DXI 6HOEVWEHVWLPPXQJ XQG ,QWHUHVVH EHUXKHQGH /HUQPRWLYDWLRQ 'LHVH =LHONDWHJRULHQ VLQG VHKU HQJ PLW GHU 3HUV|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|JHQGHU$XINOlUXQJGHVOlQJHUIULVWLJHQ %LOGXQJVHUIROJV E]Z GHV XQWHU GHU OlQJVVFKQLWWOLFKHQ 3HUVSHNWLYH EHWUDFKWHWHQ OH EHQVODQJHQ/HUQHQVOHLGHUQLFKWJHUHFKW]XZHUGHQ,KUH*UHQ]HQHUJHEHQVLFKNODU DXVGHP4XHUVFKQLWWFKDUDNWHU,P-DKUIDQGGDV')*6FKZHUSXQNWSURJUDPP %LOGXQJVTXDOLWlW YRQ 6FKXOH %L4XD VHLQHQ $EVFKOXVV YJO 3UHQ]HO 0HUNHQV 1RDFN 'LH')*(QWVFKHLGXQJIUGDV6FKZHUSXQNWSURJUDPP%L4XDHUZLHV VLFKNXU]H=HLWQDFK7,066JHPl3UHQ]HOXQG$OOROLR1lFNH6 DOVYRU DXVVFKDXHQG ,Q GLHVHP =XVDPPHQKDQJ ZLUG DXFK DXI GHQ %HGDUI DQ HPSLULVFKHU )RUVFKXQJEH]JOLFK8QWHUULFKWXQG.RQWH[WIDNWRUHQPLW/lQJVVFKQLWWFKDUDNWHUKLQ
:|UWOLFKEHUQRPPHQH=LWDWHYRQ PHKUDOV:|UWHUQVWHKHQHLQJHUFNWDEHURKQH$QIKUXQJVXQG 6FKOXVV]HLFKHQ GHU 3XQNW ZLUG MHZHLOV YRUGHU .ODPPHU JHVHW]W 'LH HFNLJHQ .ODPPHUQ >«@ ZHUGHQ LQ =LWDWHQGDQQEHQXW]WZHQQ PLQGHVWHQVHLQ6DW]EHUVSUXQJHQRGHUHLQ:RUWKLQ]XJHIJWZRUGHQLVW%HL $XVODVVXQJYRQHLQ]HOQHQ:|UWHUQZHUGHQGLH$XVODVVXQJVSXQNWHRKQHHFNLJH.ODPPHUQQRWLHUW 3URJUDPIU,QWHUQDWLRQDO6WXGHQW$VVHVVPHQW 'HXWVFKH)RUVFKXQJVJHPHLQVFKDIW
(LQOHLWXQJ
5HOHYDQ]GHV7KHPDV
JHZLHVHQHEG 'LHYRUOLHJHQGH6WXGLHPLWLKUHPVHKUODQJHQ/lQJVVFKQLWWFKDUDN WHU YRQ -DKUHQ ZLGPHW VLFK JHQDX GLHVHP )RUVFKXQJVLQWHUHVVH 6LH HUJUQGHW %HVWLPPXQJVXQG.RQWH[WIDNWRUHQGHU)|UGHUXQJYRQ/HLVWXQJVPRWLYDWLRQXQGGH UHQ6WDELOLWlWLP/lQJVVFKQLWW 1XQ ZHOFKH %HGHXWXQJ NRPPW GHU /HUQ XQG /HLVWXQJVPRWLYDWLRQ GHV :HLWHUHQ ]X" :HQQ GLH (LQIOXVVIDNWRUHQ GHV .HQQWQLV XQG )lKLJNHLWVVWDQGHV XQWHU GHU HQW ZLFNOXQJVSV\FKRORJLVFKHQ 3HUVSHNWLYH XQWHUVXFKW ZHUGHQ VFKHLQW HV QDKH OLHJHQG ]ZHL *UXSSHQ YRQ (LQIOXVVIDNWRUHQ ]X XQWHUVFKHLGHQ =XP HLQHQ VLQG HV GLH YRU KDQGHQHQ .HQQWQLVVH ]XP DQGHUHQ LVW HV ÄGLH $QVWUHQJXQJVEHUHLWVFKDIW E]Z GLH 'DXHUXQG,QWHQVLWlWGHU/HUQEHPKXQJHQ.XU]GLH/HUQPRWLYDWLRQ³.UDSS 6 .UDSSEH]HLFKQHWGDUXPGLH0RWLYDWLRQDOV]HQWUDOHQ%HGLQJXQJVIDNWRUGHV /HUQHUIROJV ZHLO GHU Ä2XWSXW MHGHU HLQ]HOQHQ /HUQ XQG (QWZLFNOXQJVHSLVRGH « JDQ] HQWVFKHLGHQG YRQ GHU MHZHLOV ZLUNVDPHQ /HUQPRWLYDWLRQ³ DEKlQJW HEG (U EH]HLFKQHWVLHGHV:HLWHUHQÄDOVXQDEGLQJEDUHÃ6FKOVVHOTXDOLILNDWLRQ¶LQPRGHUQHQ *HVHOOVFKDIWHQ³ DD2 6 6HLQHU $XIIDVVXQJ QDFK VROOWHEHL GHU 3ODQXQJ XQG %HZHUWXQJNQIWLJHU5HIRUPEHVWUHEXQJHQVWlUNHUGLH/HUQPRWLYDWLRQLQGLHhEHUOH JXQJHQ HLQEH]RJHQ ZHUGHQ XQG ]ZDU QLFKW QXU EH]JOLFK LQGLYLGXHOOHU /HLVWXQJV ]LHOHVRQGHUQLQVEHVRQGHUHDXFKEH]JOLFKDOOJHPHLQHU%HVWLPPXQJXQG1HXRULHQ WLHUXQJ VFKXOLVFKHU %LOGXQJV]LHOH Ä'HQQ 0RWLYDWLRQ LVW QLFKW QXU HLQH %HGLQJXQJ IU /HKUHQ XQG /HUQHQ VRQGHUQ DXFK GDV (UJHEQLV YRQ %LOGXQJ XQG (U]LHKXQJ³ DD2 6 I 'LHVHP &UHGR SIOLFKWHW DXFK :LOG EHL LQGHP VLH DXI GDV VFKQHOOH$QZDFKVHQXQGGLHHEHQVRUDVFKVLQNHQGH+DOEZHUWV]HLWYRQ:LVVHQKLQ ZHLVW'DEHLVHLHVLPPHUZLFKWLJHUGDVVJUXQGOHJHQGHNRJQLWLYH)HUWLJNHLWHQYHU PLWWHOWZHUGHQGDPLWVLFK+HUDQZDFKVHQGHGLHVHUXQGQDFKNRPPHQGHU*HQHUDWLR QHQDXFKQDFK$EVFKOXVVLKUHU6FKXO]HLWDXWRGLGDNWLVFKZHLWHUELOGHQ6LHEH]HLFKQHW GLHJUXQGVlW]OLFKH/HUQEHUHLWVFKDIWGDUXPDOVÄ=LHOJU|HSlGDJRJLVFKHU%HPKXQ JHQ³6 'HU 6WHOOHQZHUW GHU QlKHUHQ(UJUQGXQJ GHU/HLVWXQJVXQG /HUQPRWLYDWLRQ LQ GHU -XJHQG]HLW XQG GHU :HLWHUELOGXQJV XQG /HLVWXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU LVWVRPLWYRUHUVWHLQPDOXQWHUPDXHUW,P3UR]HVVGHU6XFKHQDFKHLQHPJHHLJQHWHQ WKHRUHWLVFKHQ0RGHOODXIPHLQH.HUQIUDJHÄ:HOFKH:LUNXQJHQKDEHQVR]LDOH.RQ WH[WHXQG%H]LHKXQJHQDXIGLH/HLVWXQJVPRWLYDWLRQNXU]XQGOlQJHUIULVWLJ"³ILHOGLH :DKODXIGLH6HOEVWEHVWLPPXQJVWKHRULHYRQ(GZDUG'HFLXQG5LFKDUG5\DQ 6LHLVWHLQHKXPDQLVWLVFKHDOOJHPHLQH0RWLYDWLRQVXQG3HUV|QOLFKNHLWVWKHR ULHZHOFKHVLFK QHEVWGHU6HOEVWEHVWLPPXQJLQVEHVRQGHUHDXFKGDPLWEHVFKlIWLJW ZLHVR]LDOH8PJHEXQJHQJHVWDOWHWZHUGHQN|QQHQGDVVVLHSHUV|QOLFKHV:DFKVWXP
/HLVWXQJVPRWLYDWLRQ LVW ]XGHP HLQ 3HUV|QOLFKNHLWVPHUNPDO LP SV\FKRORJLVFKHQ %HUHLFK YJO .DS XQWHU3XQNW& *DQ]DOOJHPHLQN|QQWHPDQIUDJHQZRKHUGHQQGLH8QWHUVFKLHGHLQGHQ3HUV|QOLFKNHLWV PHUNPDOHQPLWGHQHQZLUXQVHUHQ$OOWDJEHZlOWLJHQNRPPHQ2GHUNRQNUHWHUQRFK:HOFKHREMHNWLYEH REDFKWEDUHQ $VSHNWH XQG ZHOFKH VXEMHNWLY ZDKUQHKPEDUHQ SV\FKRORJLVFKHQ .RPSRQHQWHQ UXQG XP GHQ 7KHPHQEHUHLFK 6FKXOH EHHLQIOXVVHQ GLH OHLVWXQJVEH]RJHQHQ XQG PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOH HLQHU3HUVRQ"
(LQOHLWXQJ
5HOHYDQ]GHV7KHPDV
/HLVWXQJ XQG :RKOEHILQGHQ I|UGHUQ 'DV (OWHUQKDXV LVW LQ GHU 6R]LDOLVDWLRQ YRQ /HLVWXQJVXQG6FKXOPRWLYDWLRQIUGLHYRUOLHJHQGH$UEHLWYRQ]HQWUDOHU%HGHXWXQJ 'LH $QZHQGXQJ GHUÄ([SHFWDQF\9DOXH 7KHRU\ RI$FKLHYHPHQW 0RWLYDWLRQ³ YJO :LJILHOG (FFOHV ZUGHKLHU6LQQPDFKHQ'RFKDXIJUXQGYRQGDIUEHQ| WLJWHQ]HQWUDOHQ,WHPVGLHLPYRUOLHJHQGHQ'DWHQVDW]QLFKWYRUKDQGHQVLQGZLUGYRU DOOHPDXIGLH6HOEVWEHVWLPPXQJVWKHRULHDEJHVWW]W(UJlQ]HQGVROOHQDEHUQHXURELR ORJLVFKH%HIXQGHGLHSV\FKRORJLVFKSlGDJRJLVFKRULHQWLHUWHQ(UJHEQLVVHDEVLFKHUQ 0RWLYDWLRQVUHOHYDQWH (UNHQQWQLVVH KDEHQ YRU DOOHP XQWHU GHU 3HUVSHNWLYH GHV OH EHQVODQJHQ/HUQHQVHLQHJURH%HGHXWXQJ]XPDOYRQQHXHQ$QIRUGHUXQJHQDQGDV /HUQHQ YRQ KHXWH JHVSURFKHQ ZHUGHQ NDQQ :HQQ LFK 6WXGLHUHQGH LQ PHLQHP $U EHLWVDOOWDJDXIGHQ/HKUHUEHUXIYRUEHUHLWHGDQQLVWHVZLFKWLJGDVVGLH6LFKWDXIGLH ]XNQIWLJH%LOGXQJVXQG(U]LHKXQJVZLUNOLFKNHLWVWHWVPLWEHGDFKWZLUG'D]XHLJQHW VLFK GLH 7LWDQLF(IIHNW0HWDSKHU *URH XQG NRPSOH[H ,QVWLWXWLRQHQ ZLH HV GLH 6FKXOHLVWPVVHQPLWGHP*UXQGYHUVWlQGQLVJHVWHXHUWZHUGHQGDVVVLFKGHUHLQPDO HLQJHOHLWHWH5LFKWXQJVZHFKVHOHUVWVHKUYLHOVSlWHUEHPHUNEDUPDFKW+HNWLVFKHXQG ]X ZHQLJ YRUDXVVFKDXHQGH 6WHXHUXQJVSUR]HVVH N|QQHQ MlK ]X HLQHU ÄYHUIDKUHQHQ³ 6LWXDWLRQ IKUHQ 'LHVHU :HLWEOLFN LVW DNWLY DQ]XVWUHEHQ ZHLO LQVEHVRQGHUH JHVHOO VFKDIWOLFKH 9HUlQGHUXQJHQ LQ GHQ OHW]WHQ GUHL -DKU]HKQWHQ QHXH $QIRUGHUXQJHQ DQ GDV/HUQHQGHU.LQGHUXQG-XJHQGOLFKHQVWHOOHQ6FKRQLP-DKUIRUPXOLHUWHGLH QRUGUKHLQZHVWIlOLVFKH %LOGXQJVNRPPLVVLRQ VHFKV =HLWVLJQDWXUHQ GLH DXFK KHXWH QRFK DOV ZHVHQWOLFKH +HUDXVIRUGHUXQJHQ DQ GLH 6FKXOH JHOWHQ YJO %LOGXQJVNRP PLVVLRQ15:6I =ZHLVROOHQKLHUNXU]XPULVVHQZHUGHQD 3OXUDOLVLH UXQJGHU/HEHQVIRUPHQXQGGHUVR]LDOHQ%H]LHKXQJHQ$XIJUXQGYHUlQGHUWHUVR]LD OHU/HEHQVZHOWHQ3OXUDOLVLHUXQJYRQ/HEHQVIRUPHQXQGVR]LDOHQ%H]LHKXQJHQHUJH EHQVLFKDXV6LFKWGHV,QGLYLGXXPVPHKU:DKOP|JOLFKNHLWHQMHGRFKVWHLJHQGDPLW DXFKGLH$QIRUGHUXQJHQXQGGLH5LVLNHQE :DQGHOGHU:HUWH'XUFKGLHJHQDQQ WHQ9HUlQGHUXQJHQKDEHQWUDGLWLRQHOOH:HUWHV\VWHPHDQ*HZLFKWHLQJHEVVW,QHL QHPDXIZlQGLJHQ'LDORJPXVVGHU:HUWHNRQVHQVMHZHLOVQHXJHIXQGHQZHUGHQ'D EHLVSLHOWGLH6FKXOHHLQH]HQWUDOH5ROOH 'DUDXV ZLUG HUVLFKWOLFK GDVV VLFK 5LVLNHQ VRZRKO DXV YHUlQGHUWHQ %H]LHKXQJVIRU PHQ DOV DXFK DXV YHUlQGHUWHQ 6R]LDOLVDWLRQVNRQWH[WHQ HUJHEHQ %H]LHKXQJ 6R]LDOL VDWLRQ XQG 0RWLYDWLRQ VLQG LQ GHU YRUOLHJHQGHQ 6WXGLH 6FKOVVHOEHJULIIH ,QVRIHUQ GUIHQGLHKLHUJHIROJHUWHQ(UNHQQWQLVVHEHUGLH/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ LQVEHVRQGHUH EH]JOLFK GHU JHQDQQWHQ 5LVLNHQ DXFK DXV MHW]LJHU 6LFKW DOV UHOHYDQW
,P)ROJHQGHQZHUGHQIU/HKUHULQQHQXQG/HKUHUXQGIU6FKOHULQQHQXQG6FKOHUGLHIXQNWLRQDOEH]R JHQHQ)RUPHQ/HKUHUE]Z6FKOHUJHEUDXFKWZHLOGHU$XVGUXFNÄ/HKUHU6FKOHU%H]LHKXQJ³GHUEHVRQ GHUVYLHOH0DOHYHUZHQGHWZLUGQXUVHKUXPVWlQGOLFKPLWEHLGHQ*HVFKOHFKWVIRUPHQEHVFKULHEHQZHUGHQ NDQQ6HOEVWYHUVWlQGOLFKVLQGLPPHUEHLGH*HVFKOHFKWHUJHPHLQW 3OXUDOLVLHUXQJGHU/HEHQVIRUPHQXQGGHUVR]LDOHQ%H]LHKXQJHQ 9HUlQGHUXQJGHU:HOWGXUFKQHXH 7HFKQRORJLHQXQG0HGLHQ gNRORJLVFKH)UDJH %HY|ONHUXQJVHQWZLFNOXQJXQG0LJUDWLRQ ,QWHUQD WLRQDOLVLHUXQJGHU/HEHQVYHUKlOWQLVVH :DQGHOGHU:HUWH
(LQOHLWXQJ
5HOHYDQ]GHV7KHPDV
EH]HLFKQHW ZHUGHQ 0LW HLQHP WUHIIHQGHQ =LWDW YRQ %DXHU 3V\FKLDWHU XQG 1HXURELRORJH GHU GHQ =XVDPPHQKDQJ ]ZLVFKHQ %H]LHKXQJ XQG 0RWLYDWLRQ XQWHU %HUFNVLFKWLJXQJ GHU KHXWLJHQ 6FKXOUHDOLWlW ]XVDPPHQIDVVW ZLUG GLH %HGHXWXQJ YRQ%H]LHKXQJXQG0RWLYDWLRQHEHQIDOOVKHUYRUJHKREHQ 'HU .HUQ GHU 3UREOHPH GHQHQ VLFK /HKUNUlIWH LQ GHU %HJHJQXQJ PLW LKUHQ 6FKOHUQ JHJHQEHUVHKHQ EHWULIIW ± DXI 6HLWHQ GHU 6FKOHU ± 0RWLYDWLRQ XQG 'HVWUXNWLYLWlWXQG±DXIGHUHLJHQHQ6HLWH±GLH)lKLJNHLWHLQHVZLUNVDPHQGLH %H]LHKXQJ]XP*HJHQEHUJHVWDOWHQGHQ8PJDQJV%HLGH3KlQRPHQHKlQJHQ« HQJ ]XVDPPHQ 8QG EHLGH 3KlQRPHQH 0RWLYDWLRQ'HVWUXNWLYLWlW XQG %H]LH KXQJVJHVWDOWXQJ KDEHQ HLQH QHXURELRORJLVFKH *UXQGODJH ± DOOHUGLQJV QLFKW LQ GHP 6LQQH GDVV XQVHU 9HUKDOWHQ GXUFK SULPlU ELRORJLVFKH 9RUJlQJH GHWHUPL QLHUWZlUHVRQGHUQLP6LQQHHLQHUZHFKVHOVHLWLJHQ%HHLQIOXVVXQJ]ZLVFKHQ(U OHEQLVVSKlUH3V\FKH XQGLKUHPELRORJLVFKHQ8QWHUEDX6I 'DV *HKLUQ VR %DXHU ZHLWHU PDFKH DXV 3V\FKRORJLH VR]XVDJHQ %LRORJLH Ä$OOHV ZDV ZLU HUOHEHQ QLPPW GDKHU LPPHU DXFK (LQIOXVV DXI GLH $NWLYLWlW XQVHUHU *HQH XQG GDPLW DXI XQVHUH ELRORJLVFKH 9HUIDVVXQJ DXV GHU KHUDXV ZLU GDQQ ZLHGHUXP SV\FKLVFKDJLHUHQ³6 'LH %H]LHKXQJ VSLHOW DXFK LQ GHU 6HOEVWEHVWLPPXQJVWKHRULH QDFK 'HFL XQG 5\DQ HLQH 6FKOVVHOUROOH 6LH HQWVSULFKW QlPOLFK HLQHU YRQ GUHL ]HQWUDOHQ .HUQEHGLQJXQJHQGHU/HUQXQG/HLVWXQJVPRWLYDWLRQGHP.RQVWUXNWÄVR]LDOH(LQ JHEXQGHQKHLW³'LHVHU%HJULIIHQJOLVFKDOVÄUHODWHGQHVV³EH]HLFKQHWZHLVWDXI%H ]RJHQKHLW XQG %H]LHKXQJ ]X ZLFKWLJHQ 3HUVRQHQ ZLH (OWHUQ /HKUHUQ 3HHUV XVZ KLQ 'DV IROJHQGH =LWDW QHQQW GLH JUXQGOHJHQGHQ %HGUIQLVVH %DVLF 1HHGV HLQHV MHGHQ0HQVFKHQXQGKHEWVRPLWGLH]HQWUDOH%HGHXWXQJGHU%H]XJVSHUVRQKHUYRU 8PZHOWHQLQGHQHQZLFKWLJH%H]XJVSHUVRQHQ$QWHLOQHKPHQGLH%HIULHGLJXQJ SV\FKRORJLVFKHU %HGUIQLVVH HUP|JOLFKHQ $XWRQRPLHEHVWUHEXQJHQ GHV /HUQHUV XQWHUVWW]HQ XQG GLH (UIDKUXQJ LQGLYLGXHOOHU .RPSHWHQ] HUP|JOLFKHQ I|UGHUQ GLH (QWZLFNOXQJ HLQHU DXI 6HOEVWEHVWLPPXQJ EHUXKHQGHQ 0RWLYDWLRQ 'HFL 5\DQ6+HUYRUKHEXQJGXUFK'/ 'LH RELJHQ $EVFKQLWWH ZHLVHQ ]XVDPPHQIDVVHQG DXI GLH 5HOHYDQ] GHU 0RWLYDWLRQ LQVEHVRQGHUH GHU /HUQ XQG /HLVWXQJVPRWLYDWLRQ DOV %HGLQJXQJ XQG DOV (UJHEQLV YRQ%LOGXQJXQG(U]LHKXQJLQGHU6FKXOHKLQEHWRQHQGLH%HGHXWXQJGHVOHEHQVODQ JHQ /HUQHQV XQG YRQ OlQJHUIULVWLJHQ %LOGXQJVHIIHNWHQ XQG ZHLVHQ LP 5DKPHQ GHU 6HOEVWEHVWLPPXQJVWKHRULHDXIGLHLQGLHVHP=XVDPPHQKDQJUHOHYDQWH%H]LHKXQJV JHVWDOWXQJ]ZLVFKHQ.LQGHUQ-XJHQGOLFKHQXQG%H]XJVSHUVRQHQKLQ,QWHQWLRQPHL QHU$UEHLWLVWHVGLHVHQ.HUQDVSHNWGHUÄVR]LDOHQ(LQJHEXQGHQKHLW³DXVGHU6HOEVW %DXHU LVW 3URMHNWOHLWHU HLQHV YRQ GHU %XQGHVUHJLHUXQJ JHI|UGHUWHQ *HVXQGKHLWVSUlYHQWLRQVSURMHNWHV IU /HKUHUÄ/DQJH/HKUHQ³
(LQOHLWXQJ
*OLHGHUXQJGHU$UEHLW
EHVWLPPXQJVWKHRULH LP 5DKPHQ YRQ VR]LDOLVDWLRQVWKHRUHWLVFKHQ XQG HQWZLFNOXQJV SV\FKRORJLVFKHQ hEHUOHJXQJHQ XQWHU 9HUZHQGXQJ YRQ OlQJVVFKQLWWOLFKHQ 'DWHQ ELV ]XHUJUQGHQ,P=HQWUXPVWHKHQDOVRGLHSHU]LSLHUWHQSV\FKRORJL VFKHQ.RQWH[WYDULDEOHQLQ)DPLOLHXQGLQ6FKXOH (VVROOLQVEHVRQGHUHGHU)UDJHQDFKJHJDQJHQZHUGHQREXQGLQZLHIHUQVR]LDOH(LQ JHEXQGHQKHLW.OLPD XQGVR]LDOH%H]LHKXQJHQIU GLH 9RUKHUVDJH OHLVWXQJVEH]RJH QHU3HUV|QOLFKNHLWVHLJHQVFKDIWHQYRUDOOHP]XU$XINOlUXQJGHUDEKlQJLJHQ9DULDE OHQ/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUXQGGHU:HLWHUELOGXQJVXQG/HLVWXQJVPR WLYDWLRQLP(UZDFKVHQHQDOWHU-DKUHVSlWHU KHUDQJH]RJHQZHUGHQN|QQHQ'DEHL ZHUGHQ YD GLH %H]LHKXQJHQ ]ZLVFKHQ (OWHUQ XQG .LQG XQG GLH ]ZLVFKHQ /HKUHU XQG6FKOHUXQWHUVXFKW *OLHGHUXQJGHU$UEHLW 1DFKHLQOHLWHQGHQ*HGDQNHQ]XU5HOHYDQ]GHV7KHPDVXQG]XU/HVHUIKUXQJ.DS ZHUGHQLQHLQHP]ZHLWHQ.DSLWHOGLHZHVHQWOLFKHQ%HJULIIHGLHVHU$UEHLWZLH]% 6R]LDOLVDWLRQNXU]XPULVVHQXQGGHILQLHUW'DV=LHOXQGGLH9RUZHJQDKPHYRQNULWL VFKHQ RGHU UHODWLYLHUHQGHQ (LQZlQGHQ ]XU 5HOHYDQ] GHU KLHU HUDUEHLWHWHQ Ol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lQJH ]ZLVFKHQGHU/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ.DS ]ZLVFKHQ/HLV WXQJVPRWLYDWLRQ XQG IDPLOLlUHU (LQJHEXQGHQKHLW .DS XQG ]ZLVFKHQ /HLV WXQJVPRWLYDWLRQ XQG DXHUIDPLOLlUHU (LQJHEXQGHQKHLW .DS DXIJHIKUW (V LVW DOVR HLQH (EHQH DQJHVSURFKHQ ZHOFKH QLFKW YRU DOOHP GLH HLJHQWOLFKH +|KH XQG 4XDOLWlW GHU /HLVWXQJVPRWLYDWLRQ LQ YHUVFKLHGHQHQ .RQWH[WHQ WKHPDWLVLHUW VRQGHUQ EHVRQGHUVGHQ=XVDPPHQKlQJHQXQGP|JOLFKHQNDXVDOHQ(IIHNWHQPLWDQGHUHQUH OHYDQWHQ%HUHLFKHQQDFKJHKW(EHQVRZHLVWGDV.DSLWHODXIGLIIHUHQWLHOOH%HIXQ GHUXQGXPGLHVH%H]LHKXQJHQKLQZlKUHQGGDV.DSLWHOYRUDOOHPOlQJVVFKQLWW OLFKH%HOHJHGHUVR]LDOHQ(LQJHEXQGHQKHLWDXIGLH/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ DXI]HLJW'DV.DSLWHOZLGPHWVLFKLQVEHVRQGHUHGHU6WDELOLWlWVIUDJHYRQPRWLYD WLRQDOHQ3HUV|QOLFKNHLWVHLJHQVFKDIWHQJHIROJWYRQGHUJDQ]KHLWOLFKHQ6LFKWGHU3HU V|QOLFKNHLWVHQWZLFNOXQJ DXIJUXQG VR]LDOHU (LQJHEXQGHQKHLW LQ )DPLOLH XQG 6FKXOH
/LI(6WXGLHYJO)HQG*HRUJ%HUJHU*URE /DXWHUEDFK]LWLHUWQDFK*URE (U]LQJHU ZHOFKHDXIGHQÄ.RQVWDQ]HU/lQJVVFKQLWW³]XUFNJHKW
(LQOHLWXQJ
*OLHGHUXQJGHU$UEHLW
EHUGHQ/HEHQVODXIEHWUDFKWHW.DS 'DV.DSLWHOEHVFKlIWLJWVLFKDEVFKOLH HQGPLWGHU)UDJHREVLFK(OWHUQKDXVXQG6FKXONRQWH[WEH]JOLFK/HLVWXQJVPRWL YDWLRQVI|UGHUXQJNRPSHQVDWRULVFKYHUKDOWHQ $EELOGXQJ]HLJWLP6LQQHHLQHV$GYDQFHG2UJDQL]HUGLH6WUXNWXUYJO.DSLWHO =LIIHUQ QDFK ZHOFKHU VLFK GLH 8QWHUNDSLWHO ELV RULHQWLHUHQ (V VWHOOW GDV 5DKPHQPRGHOOGDUGDVGLHVHU8QWHUVXFKXQJ]X*UXQGHOLHJWZHOFKHVLQ.DSLWHO WKHRUHWLVFKZHLWHUDXVJHIKUWXQGHUNOlUWZLUG=XUEHVVHUHQ/HVEDUNHLWGHV,QKDOWV YHU]HLFKQLVVHVVLQGGLH8QWHUWLWHOLQ.DSLWHOXQGNXU]JHKDOWHQ,QIROJHQGHU$E ELOGXQJVLQGVLHDEHULQDQJHUHLFKHUWHU)RUPDXIJHIKUWZDV]XHLQHPEHVVHUHQ9HU VWlQGQLVGHV(EHQHQJHEUDXFKVYJO.DS XQGGHUDQJHQRPPHQHQ:LUNXQJVZHLVH LP5DKPHQGHU6HOEVWEHVWLPPXQJVWKHRULHEHLWUlJW
$EELOGXQJ
6R]LDOH(LQELQGXQJ LP-XJHQGDOWHU
.RQWUROO YDULDEOHQN
:DKUJHQRPPHQH VFKXOLVFKH /HLVWXQJ
6FKXOOHLVWXQJ LPIUKHQ -XJHQGDOWHU
3V\FKRORJLVFKH (EHQH, 0RWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH LPIUKHQ-XJHQGDOWHU
0RWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH LPIUKHQ(UZDFKVHQHQDOWHU
3V\FKRORJLVFKH (EHQH,,
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGLIIHUHQ]LHUWQDFK6FKXOW\S XQG*HVFKOHFKW
'LIIHUHQWLHOOH:LUNXQJV]XVDPPHQKlQJH]ZVR](LQJHEXQGHQKHLWLP-XJHQGDOWHU XQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU
'LII:LUNXQJV]XVDPPHQKlQJH]ZVR](LQJHEXQGHQKHLW XQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ
5DKPHQPRGHOOYJO.DS
.DSLWHOQXPPHUQ9HUZHLVH VWHKHQMHZHLOVIU.DS7KHRULH XQG.DS (UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJYRPIUKHQ-XJHQGDOWHULQVIUKH(UZDFKVHQHQDOWHU
3DUWLDONRUUHODWLRQ
3DUWLDONRUUHODWLRQ
(LQIOXVVDXVVHUIDPVR]%H] DXIPRW3HUV|QOLFKNHLWVPHUNPDOH
(LQIOXVVIDPVR](LQJHEXQGHQKHLW DXIPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOH
(LQIOXVVGHU.RQWUROOYDULDEOHQDXIPRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHUXQGLP(UZDFKVHQHQDOWHU
gNRORJ (EHQH
6R]LRORJ (EHQH
%HVWLPPXQJGHUEHUXIOLFKHQ/HLVWXQJV XQG:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH/HLVWXQJVPRWLYDWLRQXQG GLHIDPLOLlUHXQG DXVVHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWLPIUKHQ-XJHQGDOWHU
(LQOHLWXQJ *OLHGHUXQJGHU$UEHLW
.DSLWHOVWUXNWXUGHV)RUVFKXQJVVWDQGHV.DS XQGGHV(UJHEQLVWHLOV.DS XQWHU9HUZHQGXQJGHV5DKPHQ PRGHOOV]XUOlQJVVFKQLWWOLFKHQ%HVWLPPXQJYRQ/HLVWXQJVPRWLYDWLRQXQGEHUXIOLFKHU:HLWHUELOGXQJVXQG/HLV WXQJVPRWLYDWLRQ.DS
%HJULIIVGHILQLWLRQHQXQG=LHO
,QWULQVLVFKHH[WULQVLVFKH0RWLYDWLRQ±/HUQ/HLVWXQJVPRWLYDWLRQ
%HJULIIVGHILQLWLRQHQXQG=LHO 1DFK GHU HLQOHLWHQGHQ hEHUVLFKW LQ .DSLWHO VROOHQ LQ GLHVHP .DSLWHO GLH ZLFK WLJVWHQWKHRUHWLVFKHQ.RQVWUXNWHXQGGDV=LHOGHU$UEHLWPLWVHLQHQP|JOLFKHQ(LQ JUHQ]XQJHQXPULVVHQZHUGHQ ,Q ZHOFKHQ 7KHPHQEHUHLFKHQ EHZHJW VLFK YRUOLHJHQGH $UEHLW" ,P :HVHQWOLFKHQ JHKWHVXPGLHEHLGHQ*UXQGEHJULIIH)DPLOLHXQG6FKXOHDOV]HQWUDOH6R]LDOLVDWLRQV LQVWDQ]HQZHOFKHEHLGHU)|UGHUXQJXQG(QWZLFNOXQJGHU/HLVWXQJVPRWLYDWLRQEH VRQGHUH%HGHXWXQJKDEHQ,PDOOWDJVVSUDFKOLFKHQ*HEUDXFKZHUGHQRIWGLH%HJULIIH (U]LHKXQJXQG8QWHUULFKWDVVR]LLHUW(U]LHKXQJLVWDEHUQLFKWQXUGHU)DPLOLH]XJH ZLHVHQXQGHQWVSULFKWQLFKWHLQIDFKGHU9HUPLWWOXQJYRQ0RUDO8QWHUULFKWLVWHEHQ VRZHQLJQXUGLH$XIJDEHGHU6FKXOHXQGHQWVSULFKWQLFKWQXUHLQIDFKGHU9HUPLWW OXQJ YRQ :LVVHQ (U]LHKXQJ XQG%LOGXQJ NRPPHQ LQEHLGHQ LQVWLWXWLRQHOOHQ 2UWHQ Ä)DPLOLH³XQGÄ6FKXOH³]XP7UDJHQ,QGHUYRUOLHJHQGHQ$UEHLWZHUGHQ(OWHUQKDXV XQG 6FKXOH EHL GHU (UJUQGXQJ GHU /HLVWXQJVPRWLYDWLRQ LP /lQJVVFKQLWW HWZD JOHLFKUDQJLJ EHKDQGHOW DXFK ZHQQ GDV (OWHUQKDXV LQVJHVDPW HLQHQ JU|VVHUHQ (LQ IOXVVDXIGLH/HLVWXQJVPRWLYDWLRQVI|UGHUXQJKDWZLHVLFKQRFKZHLVHQZLUG ,P)ROJHQGHQZHUGHQDOVRGLH]HQWUDOHQ%HJULIIHGLHVHU$UEHLWGHILQLHUW.DS 6LHXPUHLHQGLHIUGLH)UDJHVWHOOXQJUHOHYDQWHQ7KHPHQXQGRULHQWLHUHQEHU GLHJURH6SDQQHGHUYHUEXQGHQHQ7KHPHQ
,QWULQVLVFKHH[WULQVLVFKH0RWLYDWLRQ±/HUQ/HLVWXQJVPRWLYDWLRQ 'DVIUKH$XIZDFKVHQHLQHV.LQGHVLVWPLW$VSHNWHQGHU/HUQXQG/HLVWXQJVPRWL YDWLRQHQJYHUZREHQ'HQNHQZLUQXUEHLVSLHOVZHLVHDQGLH1HXJLHUPRWLYDWLRQGDV VRJHQDQQWH)UDJHDOWHU+LHUOLHJWHLQHLQWULQVLVFKH0RWLYDWLRQYRU'DV.LQGP|FKWH GLH :HOW YHUVWHKHQ %HYRU DEHU DXI HQWZLFNOXQJVSV\FKRORJLVFKH (UNHQQWQLVVH HLQ JHJDQJHQZLUGV.DS ZHUGHQGLH%HJULIIH0RWLYDWLRQLQWULQVLVFKHXQGH[ WULQVLVFKH0RWLYDWLRQ/HUQXQG/HLVWXQJVPRWLYDWLRQGHILQLHUW 0RWLYDWLRQ0RWLYDWLRQJLOWDOVK\SRWKHWLVFKHV.RQVWUXNWGDVGLHÄDNWLYLHUHQGH$XV ULFKWXQJ GHV PRPHQWDQHQ /HEHQVYROO]XJHV DXI HLQHQ SRVLWLY EHZHUWHWHQ =LHO]X VWDQG EHVFKUHLEHQ XQG HUNOlUHQ VROO 5KHLQEHUJ 6 1DFK +HFNKDXVHQ LVWGDVZDV]XP+DQGHOQPRWLYLHUWHLQDQ]LHKHQGHU=LHO]XVWDQGGHQHV]X YHUZLUNOLFKHQJLOWRGHUHLQXQDQJHQHKPHU=LHO]XVWDQGGHQHV]XPHLGHQJLOW =XU 8QWHUVFKHLGXQJ LQWULQVLVFKHU XQG H[WULQVLVFKHU 0RWLYDWLRQ 'LH H[WULQVLVFKH 0RWLYDWLRQZLUGXQWHUGHP.DSLWHOLP5DKPHQGHU6HOEVWEHVWLPPXQJVWKHRULH QRFKHLQJHKHQGHUEHVFKULHEHQ$QGLHVHU6WHOOHZHUGHQLQ]XVDPPHQIDVVHQGHU)RUP GLH ]HQWUDOHQ 8QWHUVFKHLGXQJVDVSHNWH EH]JOLFK /HLVWXQJVPRWLYDWLRQ KHUYRUJHKR EHQ
%HJULIIVGHILQLWLRQHQXQG=LHO
,QWULQVLVFKHH[WULQVLVFKH0RWLYDWLRQ±/HUQ/HLVWXQJVPRWLYDWLRQ
*HPl6FKLHIHOHXQG.|OOHU6I LVWLQWULQVLVFKH0RWLYDWLRQGDQQJHJH EHQZHQQHLQHEHVWLPPWH+DQGOXQJLQWHUHVVDQWVSDQQHQGKHUDXVIRUGHUQGXVZLVW 'LH+DQGOXQJZLUGXPLKUHUVHOEVW:LOOHQGXUFKJHIKUWXQGIXQJLHUWJHZLVVHUPDHQ DOVHLJHQH%HORKQXQJ,P*HJHQVDW]GD]XVSULFKWPDQGDQQYRQH[WULQVLVFKHU0RWL YDWLRQZHQQPLWGHU+DQGOXQJHLQHSRVLWLYH)ROJHKHUEHLJHIKUWRGHUHLQHQHJDWLYH )ROJH YHUPLHGHQ ZLUG (LQ 6FKOHU LVW ]% ]XP /HUQHQ PRWLYLHUW ZHLO HU GDGXUFK HLQHSRVLWLYH%HZHUWXQJGXUFKGLH/HKUSHUVRQDQVWUHEWHLQHKRKH.RPSHWHQ]HUUHL FKHQRGHUEHVVHUDOVDQGHUHVHLQP|FKWHRGHUZHLOLKPKRKH/HLVWXQJHQYLHOEHGHX WHQ,QVRIHUQN|QQHQGHUH[WULQVLVFKHQ0RWLYDWLRQGLH8QWHUNDWHJRULHQVR]LDOH0RWL YDWLRQ.RPSHWHQ]PRWLYDWLRQ:HWWEHZHUEVPRWLYDWLRQRGHU/HLVWXQJVPRWLYDWLRQ]X JHRUGQHWZHUGHQ ([WULQVLVFKH0RWLYDWLRQZLUGYRQ:LOG5DPPHUWXQG6LHJPXQG ZLHLQGHU YRUOLHJHQGHQ6WXGLHXQWHU%HQW]XQJGHV%HJULIIV/HLVWXQJV %HUHLWVFKDIWGHILQLHUW ([WULQVLVFKPRWLYLHUWH/HUQHUNQSIHQLKUH%HUHLWVFKDIWVLFKPLWVFKXOLVFKHQ ,QKDOWHQ DXVHLQDQGHU]XVHW]HQ DQ GDV 9RUKDQGHQVHLQ lXHUHU .RQWLQJHQ]HQ 'DV /HUQHQ ZLUG QXQ HKHU DQ (IIL]LHQ] GHQQ DQ (IIHNWLYLWlWVEHUOHJXQJHQ RULHQWLHUWXQG'HPRWLYDWLRQVWHOOWVLFKHLQZHQQlXHUH$QUHL]HQLFKWLQDXV UHLFKHQGHP0DHJHJHEHQVLQGRGHULQ.RQNXUUHQ]]XDWWUDNWLYHQ$OWHUQDWL YHQVWHKHQ6 =XVDPPHQIDVVHQGLVW,QWHUHVVHQVPRWLYDWLRQHLQÄSURWRW\SLVFKHV%HLVSLHOIULQWULQ VLVFKH$XIJDEHQPRWLYDWLRQ/HLVWXQJVPRWLYDWLRQHLQ%HLVSLHOIUH[WULQVLVFKH0RWL YDWLRQ³ 3HNUXQ +HOPNH 6 :HLO OlQJHUIULVWLJ ZLUNHQGH )ROJHQ YRQ /HUQPRWLYDWLRQ]%/HLVWXQJ.DUULHUHZHJLQGHU$XVELOGXQJVXQG%HUXIVODXIEDKQ XQG GLH VR]LDOH $QHUNHQQXQJ YRQ %H]XJVSHUVRQHQ VLQG N|QQHQ Ä.RPSHWHQ] /HLVWXQJV RGHU VR]LDO RULHQWLHUWH /HUQPRWLYDWLRQ DOV H[WULQVLVFKH 0RWLYDWLRQVIRU PHQ³DQJHVHKHQZHUGHQYJO3HNUXQ 6FKLHIHOH6 =XU8QWHUVFKHLGXQJ]ZLVFKHQ/HUQXQG/HLVWXQJVPRWLYDWLRQ'DJHPlRELJHU'H ILQLWLRQHQ HLQH DXI GLH )ROJHQ XQG GLH VR]LDOH $QHUNHQQXQJ DEJH]LHOWH 0RWLYDWLRQ DOVH[WULQVLVFKGHILQLHUWZLUGLVWPLWGHP%HJULIIGHU/HLVWXQJVPRWLYDWLRQDXFKHLQH NODUH $EJUHQ]XQJ ]XU LQWULQVLVFKHQ /HUQPRWLYDWLRQ YRUJHQRPPHQ ZHOFKH ZLH HU ZlKQWXPLKUHUVHOEVWZLOOHQJH]HLJWZLUG'LHJHQDXH%HJULIIVGHILQLWLRQYRQ/HLV WXQJVPRWLYDWLRQZLUGXQWHUGHP.DSJHOHLVWHW)HQG EHQXW]WIUGDVLQ GLHVHU6WXGLHEHQW]WH.RQVWUXNWÄ/HLVWXQJVPRWLYDWLRQ³GLH%HJULIIH/HLVWXQJVRGHU $QVWUHQJXQJVEHUHLWVFKDIWPDQFKPDODEHUDXFK/HUQPRWLYDWLRQ ,QVJHVDPWJHVHKHQKDQGHOWHVVLFKEHLGHQ$QDO\VHQPLWGHP.RQVWUXNW/HLVWXQJV PRWLYDWLRQXPHLQHH[WULQVLVFKH0RWLYDWLRQVIRUP6HKUZHVHQWOLFKLVWDEHUGLH8Q WHUVFKHLGXQJ YRQ K|KHUHQ 6WXIHQ GHU H[WULQVLVFKHQ 0RWLYDWLRQ GHU VRJHQDQQWHQ VHOEVWEHVWLPPWHQ0RWLYDWLRQPHKUGD]XLQ.DS ZHOFKHOlQJVVFKQLWWOLFKJH VHKHQUHOHYDQWLVW
%HJULIIVGHILQLWLRQHQXQG=LHO
6R]LDOLVDWLRQ
6R]LDOLVDWLRQ 'HU %HJULII 6R]LDOLVDWLRQ KDW LQ GHU YRUOLHJHQGHQ $UEHLW HEHQIDOOV JURHV *HZLFKW $XV GHU /lQJVVFKQLWWSHUVSHNWLYH KHUDXV VROO QlPOLFK JH]HLJW ZHUGHQ RE VLFK GLH /HLVWXQJVPRWLYDWLRQEHU-DKUHKLQZHJEHVWLPPHQGDXIGLHEHUXIOLFKH/HLVWXQJV XQG :HLWHUELOGXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU DXVZLUNW XQG LQVRIHUQ HLQ 6R ]LDOLVDWLRQVHIIHNWQDFKJHZLHVHQZHUGHQNDQQ +XUUHOPDQQ EH]HLFKQHW6R]LDOLVDWLRQDOVÄGHQ3UR]HVVGXUFKGHQGHU0HQVFK HLQHVR]XVDJHQÃ]ZHLWH¶VR]LRNXOWXUHOOH*HEXUWHUOHEWXQG]XUJHVHOOVFKDIWOLFKKDQG OXQJVIlKLJHQ3HUV|QOLFKNHLWZLUG³6 ,P%HJULIIVLQG]ZHL)XQNWLRQHQHQWKDO WHQ GLH $QSDVVXQJ GHV ,QGLYLGXXPV DQ GLH JHVHOOVFKDIWOLFKHQ 5ROOHQ XQG 9HUKDO WHQVDQIRUGHUXQJHQ DIILUPDWLYH )XQNWLRQ XQG GLH (QWZLFNOXQJ GHV 0HQVFKHQ ]XU DXWRQRPHQ JHIHVWLJWHQ 3HUV|QOLFKNHLW HPDQ]LSDWLYH )XQNWLRQ 1DFK 6HHO ZHUGHQLP6R]LDOLVDWLRQVSUR]HVVÄhEHU]HXJXQJHQ(LQVWHOOXQJHQ:HUWKDOWXQJHQLP ,QGLYLGXXP EHU GHVVHQ %H]LHKXQJ ]X DQGHUHQ 3HUVRQHQ XQG *UXSSHQ DXIJHEDXW³ 6 6R]LDOLVDWLRQNDQQJURELQGUHL3KDVHQXQWHUWHLOWZHUGHQ'LHSULPlUH6R]LDOLVDWLRQ ZLUGZlKUHQGGHUIUKHQ.LQGKHLWYRUDOOHPLQGHU)DPLOLHJHOHLVWHWGLHVHNXQGlUH ILQGHWPHKUKHLWOLFKLQGHU6FKXOHVWDWWZlKUHQGGLHWHUWLlUH6R]LDOLVDWLRQYRUDOOHP LP%HUXIVIHOGJHOHLVWHWZLUGYJO*XGMRQV6 'LH(OWHUQVR]LDOLVLHUHQLKUH.LQGHUDXIGLUHNWHXQGLQGLUHNWH:HLVH'D]XJHK|UWGLH 8QWHUZHLVXQJGDV0RGHOOYHUKDOWHQ(LQVWHOOXQJHQXQG9HUKDOWHQ]%(U]LHKXQJV VWLO VRZLHGLH2UJDQLVDWLRQGHVVR]LDOHQ/HEHQVGHU.LQGHUZHOFKHGXUFKGLH(OWHUQ JHOHLVWHWZLUGYJO6LHJOHU'H/RDFKH (LVHQEHUJ6 )DPLOLHQ VLQG DOV HUVWH 6R]LDOLVDWLRQVLQVWDQ] JOHLFK]HLWLJ GHU HUVWH %LOGXQJVRUW IU .LQGHU$XV6LFKWGHU3lGDJRJLVFKHQ3V\FKRORJLHVWHKHQLP5DKPHQGHU)DPLOLHQ VR]LDOLVDWLRQEHVRQGHUVHPRWLRQDOPRWLYDWLRQDOH)DNWRUHQLP=HQWUXPYJO0LQVHO 6 GLHVLFKHUH%LQGXQJ]X%H]XJVSHUVRQHQ GDVVWDELOH6HOEVWYHU WUDXHQ XQG GLH )lKLJNHLW XQG %HUHLWVFKDIW VLFK HLJHQVWlQGLJ XQG DQJVWIUHL DXI QHXH(UIDKUXQJHQRGHUXQEHNDQQWH/HUQ 6LWXDWLRQHQHLQ]XODVVHQ(V]HLJWVLFKDOVR GDVVGLHIUKH%LOGXQJLP(OWHUQKDXVVWDUNGXUFKHPRWLRQDOPRWLYDWLRQDOH)DNWRUHQ XQGLQVEHVRQGHUHGXUFKGLH%LQGXQJ]XU%H]XJVSHUVRQEHVWLPPWZLUG'DVVR]LDOH (OHPHQW KHUUVFKW YRU XQG ]ZDU QLFKW XQEHGLQJW DOV HLQH EHZXVVWH XQG LQWHQGLHUWH VRQGHUQPHLVWHQVDOVXQEHZXVVWH%HHLQIOXVVXQJ,P5DKPHQGHUIDPLOLDOHQ6R]LDOL VDWLRQVIRUVFKXQJZLUG6R]LDOLVDWLRQDOOJHPHLQYHUVWDQGHQDOVÄGDV+LQHLQZDFKVHQLQ GHQ JHJHEHQHQ VR]LRNXOWXUHOOHQ .RQWH[W PLW GHU hEHUQDKPH VR]LDOHU 5ROOHQ (U ZDUWXQJHQXQG+DQGOXQJVPXVWHU³7URPPVGRUII6 $EELOGXQJ]HLJWGLH8QWHUVFKHLGXQJ]ZLVFKHQ(U]LHKXQJXQG6R]LDOLVDWLRQEHU VLFKWOLFKDXIYJO*XGMRQV6
%HJULIIVGHILQLWLRQHQXQG=LHO
6R]LDOLVDWLRQ
(QNXOWXUDWLRQ (UZHUENXOWXUHOOHU%DVLVIlKLJNHLWHQ 6R]LDOLVDWLRQ ÄVR]LDOZHUGHQ³ (U]LHKXQJ ÄVR]LDOPDFKHQ³ ,QGLYLGXDWLRQ HLQ]LJDUWLJHV,QGLYLGXXPZHUGHQ
$EELOGXQJ
6R]LDOLVDWLRQDOVÄVR]LDOZHUGHQ³XQG(U]LHKXQJDOVÄVR]LDOPDFKHQ³*XGMRQV6
6RVLQGDOVR6R]LDOLVDWLRQ(U]LHKXQJXQG,QGLYLGXDWLRQLQGLHEHUJHRUGQHWH(QNXO WXUDWLRQ HLQJHEHWWHW ZR GHU (UZHUE GHU NXOWXUHOOHQ %DVLVIHUWLJNHLWHQ VWDWWILQGHW :lKUHQG (U]LHKXQJ GDV Ä6R]LDO0DFKHQ³ EHZXVVW XQG LQWHQWLRQDO VWHXHUW VSULFKW PDQ EHL GHU 6R]LDOLVDWLRQ YRP Ä6R]LDO:HUGHQ³ XQG PHLQW GDPLW YRU DOOHP DXFK XQEHDEVLFKWLJWH3UR]HVVHEHLGHU%HHLQIOXVVXQJGHUNLQGOLFKHQ3HUV|QOLFKNHLW 'DEHLNDQQDXFKYRQ6HOEVWVR]LDOLVDWLRQJHVSURFKHQZHUGHQ'HQQXQWHUGHU3HUV SHNWLYHGHV,QWHUDNWLRQLVPXVV.DS LVWHVQHEVW)DPLOLH6FKXOH3HHUVXQG 0HGLHQDXFKGDV.LQGVHOEVWGDVVHLQH3HUV|QOLFKNHLWPLWJHVWDOWHW6FKQHHZLQG :DOSHUXQG*UDI EHVFKUHLEHQGLH6HOEVWVR]LDOLVDWLRQIROJHQGHUPDHQ %HWUDFKWHWPDQ6R]LDOLVDWLRQLP6LQQHYRQ+XUUHOPDQQXQG8OLFK6 I DOVÃ0LWJOLHG:HUGHQLQHLQHU*HVHOOVFKDIW¶GDQQZDQGHOWVLFKLQVEHVRQ GHUH IU .LQGHU GLH LQ HLQH )DPLOLH KLQHLQJHERUHQ E]Z DGRSWLHUW ZHUGHQ GLHVHV0LWJOLHG:HUGHQLQGHU)DPLOLHYRQ]XQlFKVWYRUQHKPOLFKDXHQEH VWLPPWHQ 6R]LDOLVDWLRQVHLQIOVVHQ ]XQHKPHQG ]X HLQHP 3UR]HVV GHU 6HOEVW VR]LDOLVDWLRQ LQGHP GLH Ã6HOEVWYHUVWlQGOLFKNHLWHQ¶ IDPLOLlUHU %H]LHKXQJV IRUPHQ E]Z IDPLOLlU YHUPLWWHOWHU (U]LHKXQJVPXVWHU YHULQQHUOLFKW ZHUGHQ XQG VRPLW ]XU (QWZLFNOXQJ GHU HLJHQHQ 3HUV|QOLFKNHLW EHLWUDJHQ *OHLFKHV JLOWIUMHQH8QWHUNDWHJRULHIDPLOLlUHU6R]LDOLVDWLRQVSUR]HVVHGLHXQWHUGHP %HJULII Ã(U]LHKXQJ¶ ]XVDPPHQJHIDVVW ZHUGHQ « $XFK KLHU JHZLQQW PLW ZDFKVHQGHU+DQGOXQJVIlKLJNHLWGHU.LQGHUGHU3UR]HVVGHU6HOEVWHU]LHKXQJ LP 6LQQH VHOEVWLQLWLLHUWHU =LHOVHW]XQJHQ XQG HQWVSUHFKHQGHU +DQGOXQJVEH PKXQJHQ LQ XQWHUVFKLHGOLFKHQ /HEHQVEHUHLFKHQ ]XQHKPHQG DQ %HGHXWXQJ +XUUHOPDQQ6FKQHHZLQG 6 'LHVHV=LWDW]HLJWGDVVLQGLYLGXHOOHXQGHLJHQDNWLYH9RUDXVVHW]XQJHQIUGLH6R]LD OLVDWLRQQLFKWXQEHGHXWHQGVLQG,P.DSZLUGGDUXPGDVKDQGOXQJVWKHRUHWLVFKH 3DUDGLJPDGHV,QWHUDNWLRQLVPXVQlKHUEHVFKULHEHQXQGGLH5ROOHGHU3HUV|QOLFKNHLW GHV6FKOHUVGLHVEH]JOLFKDXIJH]HLJW
%HJULIIVGHILQLWLRQHQXQG=LHO
%HGHXWXQJYRQ6FKXOHIUGLH3HUV|QOLFKNHLWVHQWZLFNOXQJ
%HGHXWXQJYRQ6FKXOHIUGLH3HUV|QOLFKNHLWVHQWZLFNOXQJ 8QWHUGLHVHP7LWHOVROONXU]DXIJH]HLJWZHUGHQLQZLHIHUQGLH6FKXOHXQGGLH/HKUHU EH]JOLFK GHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ IXQNWLRQDO E]Z G\VIXQNWLRQDO ZLUNHQ =XHUVWDEHUQRFK]XU'HILQLWLRQYRQ3HUV|QOLFKNHLW 8QWHUGHU3HUV|QOLFKNHLWZLUGLQGHU3V\FKRORJLHGLH*HVDPWKHLWDOOHULQGLYL GXHOOHQ %HVRQGHUKHLWHQ HLQHV 0HQVFKHQ YHUVWDQGHQ GLH VHLQ (UOHEHQ RGHU 9HUKDOWHQ EHWUHIIHQ +LHU]X ]lKOW ]% VHLQ 7HPSHUDPHQW VHLQ :LVVHQ XQG VHLQH)lKLJNHLWHQVHLQH(LQVWHOOXQJHQXQG:HUWKDOWXQJHQVHLQ6HOEVWELOGXQG 6HOEVWZHUW DEHU DXFK LQGLYLGXDOW\SLVFKH $XVSUlJXQJHQ VHLQHU N|USHUOLFKHQ *HVWDOWVHLQHU3K\VLRORJLHXQGVHLQHU*HQHVRIHUQVLHHUOHEHQVRGHUYHUKDO WHQVUHOHYDQWVLQG'LH3HUV|QOLFKNHLWLVWDOVRDOOGDVZDVHLQ,QGLYLGXXPYRQ DQGHUHQXQWHUVFKHLGHW'DEHLJHKWHVQLFKWXPYRUEHUJHKHQGH=XVWlQGHVRQ GHUQXPEHUGDXHUQGH0HUNPDOH$VHQGRUSI6 1DFK6FKQHHZLQGHWDO HUIOOWGLH6FKXOHVRZRKOHLQH%LOGXQJVXQG6R]LDOL VDWLRQVIXQNWLRQDOVDXFK±GXUFKGLHYHUJOHLFKHQGH/HLVWXQJVEHZHUWXQJ±HLQH6H OHNWLRQV XQG $OORNDWLRQVIXQNWLRQ 'LHVH )XQNWLRQHQ ZLUNHQ LQQHUKDOE GHU 6FKXO ODXIEDKQZLHDXFKLP+LQEOLFNDXIGLHVSlWHUHEHUXIOLFKH(QWZLFNOXQJ )HQGD SRVWXOLHUWIUGLH6FKXOHLPhEHUJDQJVEHUHLFKYRQGHU)DPLOLH]XU*H VHOOVFKDIW YLHU ]HQWUDOH )XQNWLRQHQ GDUXQWHU DXFK GLH HEHQJHQDQQWH $OORNDWLRQV IXQNWLRQ 'XUFK GLH (QNXOWXUDWLRQVIXQNWLRQ GHU 6FKXOH ZHUGHQ GLH .LQGHU XQG -X JHQGOLFKHQ LQ GLH .XOWXU XQG GLH 6LQQV\VWHPH GHU *HVHOOVFKDIW HLQJHIKUW HVNDQQ DXFKYRQ5HSURGXNWLRQXQG,QQRYDWLRQYRQ.XOWXUJHVSURFKHQZHUGHQ'LH4XDOLIL NDWLRQVIXQNWLRQ GHU 6FKXOH ]HLJW VLFK EHL GHU 9HUPLWWOXQJ YRQ )HUWLJNHLWHQ XQG .HQQWQLVVHQ ZHOFKH IU VSlWHUH EHUXIOLFKH 7lWLJNHLWHQ EHQ|WLJW ZHUGHQ +LHUEHL ZLUGLQVEHVRQGHUHDXIGLH/HUQXQG/HLVWXQJVPRWLYDWLRQYHUZLHVHQZHOFKHGXUFK GLH6FKXOHXQGGDV(OWHUQKDXVHQWVFKHLGHQGJHSUlJWZHUGHQ$QJHVLFKWVGHULPPHU NOHLQHUZHUGHQGHQ+DOEZHUWV]HLWYRQ:LVVHQLVWGLHVHVR]LDOLVLHUWH3HUV|QOLFKNHLWV HLJHQVFKDIWLQ=XNXQIWYRQHQWVFKHLGHQGHU%HGHXWXQJ'LH6HOHNWLRQVXQG$OORND WLRQVIXQNWLRQ]HLJWVLFKGDQQZHQQGLH6FKXOHEHUGDV3UIXQJVZHVHQ=XRUGQXQ JHQ GHU EHUXIOLFKHQ XQG VR]LDOHQ 6WHOOXQJ DQKDQG GHU HUEUDFKWHQ /HLVWXQJHQ YRU QLPPW YJO HEG ,Q )HQG ZXUGH GLH 6HOHNWLRQ QRFK H[SOL]LW JHQDQQW LQ )HQGD DEHUQXUQRFKYRQ$OORNDWLRQJHVSURFKHQÄGDQLFKWGLH$XVVFKOLHXQJ DXVHUZQVFKWHQ%LOGXQJVODXIEDKQHQLP9RUGHUJUXQGVWHKHQNDQQVRQGHUQHLQHOH JLWLPLHUEDUH$OORNDWLRQYRQ3HUVRQHQPLWEHVWLPPWHQ4XDOLILNDWLRQHQ]X$XIJDEHQ PLW EHVWLPPWHQ $QIRUGHUXQJHQ³ 6 'XUFK GLH ,QWHJUDWLRQVIXQNWLRQ VRUJW GLH
'LH6R]LDOLVDWLRQVIXQNWLRQLVWHQJPLWGHU3HUV|QOLFKNHLWVHQWZLFNOXQJYHUEXQGHQYJO'HILQLWLRQ6R]LDOL VDWLRQVEHJULII.DS ,Q)HQG VLQGGUHL]HQWUDOH)XQNWLRQHQDXIJHOLVWHW4XDOLILNDWLRQVIXQNWLRQ6HOHNWLRQVXQG$OOR NDWLRQVIXQNWLRQ,QWHJUDWLRQVXQG/HJLWLPDWLRQVIXQNWLRQ
%HJULIIVGHILQLWLRQHQXQG=LHO
(OWHUQ.LQG%H]LHKXQJ
6FKXOHVFKOLHOLFKIUGLH5HSURGXNWLRQYRQ1RUPHQ:HUWHQXQG:HOWVLFKWHQGLH ]XU6WDELOLVLHUXQJGHUSROLWLVFKHQ9HUKlOWQLVVHGLHQHQ
1LFKWXQEHGHXWHQGVLQGGDEHLDEHUGLH)ROJHQGHVVRJHQDQQWHQJHKHLPHQ/HKUSODQV GLH VLFK DOV Ä1HEHQZLUNXQJHQ³ GHU LQVWLWXWLRQHOOHQ 9RUJDEHQ VFKXOLVFKHQ /HUQHQV HUJHEHQ +LHUEHL KDQGHOW HV VLFK XP GLH *HZ|KQXQJ DQ OHLVWXQJVRULHQWLHUWHV .RQ NXUUHQ]GHQNHQXPGLH9HULQQHUOLFKXQJVR]LDOHU+DOWXQJHQXQGXPGLH*HZ|KQXQJ DQ 7HFKQLNHQ GHU 9RUWHLOVYHUVFKDIIXQJ 5HLQKROG 3ROODN +HLP 6 'LH )XQNWLRQVHUIOOXQJ GHU 6FKXOH KDW LP 5DKPHQ GHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ YRQ.LQGHUQXQG-XJHQGOLFKHQGLHVEH]JOLFKJURH$XVZLUNXQJHQ)UGLH3HUV|Q OLFKNHLWVHQWZLFNOXQJ YRQ HKHU VFKZlFKHUHQ 6FKOHUQ NDQQ GDV %LOGXQJVZHVHQ PLW -DKUJDQJVNODVVHQ XQG %H]XJVJUXSSHQRULHQWLHUXQJ EHVRQGHUV VFKlGLJHQG ZLUNHQ ZLH -HUXVDOHP XQG 6FKZDU]HU IHVWKDOWHQ Ä$XI 'DXHU QLFKW HUIROJUHLFKH 6FKOHUVWHKHQYLHOHQ$QIRUGHUXQJHQLP8QWHUULFKWKLOIORVJHJHQEHU>«@$QVWUHQ JXQJVFKHLQWDXVVLFKWVORV$QIRUGHUXQJVVLWXDWLRQHQZHUGHQDOVVHOEVWZHUWVFKlGLJHQG HUOHEW $XI OlQJHUH 6LFKW KDOWHQVLFK GLHVH 6FKOHU IU XQIlKLJ JHKHQ /HLVWXQJV DQIRUGHUXQJHQlQJVWOLFKDXVGHP:HJHRGHUJHEHQVFKQHOODXIYJO-HUXVDOHP ³ 6 6FKXOH ZLUNW DOVR IU HLQH JHZLVVH *UXSSH YRQ 6FKOHUQ PRWLYD WLRQV XQG SHUV|QOLFKNHLWVVFKlGLJHQG 'DUXP XQG DXFK LP 5DKPHQ GHU 6HOEVWEH VWLPPXQJVWKHRULH LVW GLH %H]LHKXQJVJHVWDOWXQJ ]ZLVFKHQ %H]XJVSHUVRQHQ XQG GHQ .LQGHUQ-XJHQGOLFKHQYRQJURHU:LFKWLJNHLW$XVJHKHQGYRQGHQLQGHU6FKXOHHU ]HXJWHQ SRVLWLYHQ RGHU QHJDWLYHQ /HLVWXQJVPRWLYDWLRQVHIIHNWHQ VROO LQ GHQ EHLGHQ QlFKVWHQ.DSLWHOQGLH:HVHQVDUWGHU%H]LHKXQJHQLQ)DPLOLHXQG6FKXOH]XGHQ%H ]XJVSHUVRQHQ LP =XVDPPHQKDQJ PLW GHU /HLVWXQJVPRWLYDWLRQVI|UGHUXQJ EHVFKULH EHQZHUGHQ (OWHUQ.LQG%H]LHKXQJ ,Q GLHVHU $UEHLW QHKPHQ GLH VR]LDOHQ %H]LHKXQJHQ ]X %H]XJVSHUVRQ HLQHQ JURHQ 6WHOOHQZHUW HLQ 6RZRKO GLH (OWHUQ.LQG%H]LHKXQJ DOV DXFK GLH (LJHQKHLWHQ GHU /HKUHU6FKOHU%H]LHKXQJYJO.DS ZHUGHQQDFKIROJHQGXPULVVHQ %H]LHKXQJVIlKLJNHLWHQWZLFNHOWVLFKLQ$EKlQJLJNHLWYRQIUKNLQGOLFKHQ,QWHUDNWLR QHQ PLW GHQ %H]XJVSHUVRQHQ (LQ VHQVLWLYHV (LQJHKHQ GHU %H]XJVSHUVRQ DXI GDV .LQGZHQQHVVLFKXQZRKOIKOWVWlUNWGDV*HIKOYRQ6LFKHUKHLWXQGIKUW]XU(U IDKUXQJGDVV8PZHOWDQIRUGHUXQJHQEHZlOWLJWXQGQHJDWLYH*HIKOV]XVWlQGHEHHQ GHWZHUGHQN|QQHQ 'LHIUKNLQGOLFKHQ%LQGXQJVHUIDKUXQJHQIKUHQLP9RUVFKXODOWHU]XZLFKWLJHQ,Q WHUQDOLVLHUXQJHQ VD %HJULIIVHUNOlUXQJ LQ .DS =XGHP KDW HLQH 5HLKH YRQ /lQJVVFKQLWWVWXGLHQ QDFKJHZLHVHQ GDVV GLH %LQGXQJVTXDOLWlW UHODWLY VWDELO EOHLEW XQG ELV ]X HLQHP JHZLVVHQ *UDG DXFK GLH $UW GHU 6R]LDOEH]LHKXQJHQ LQ DQGHUHQ .RQWH[WHQVRZLHGLH(QWZLFNOXQJLQGLYLGXHOOHU8QWHUVFKLHGHLQYHUVFKLHGHQHQ3HU
'LH KLHU QXU DP 5DQGH HUZlKQWH %LQGXQJVWKHRULH %RZOE\ PXVV EHL GLHVHU %HJULIIVGHILQLWLRQ ]ZDUJHQDQQWZHUGHQMHGRFKQLPPWVLHIUGLHKLHUYRUOLHJHQGH8QWHUVXFKXQJNHLQHQJURHQ6WHOOHQZHUW HLQGD$EOHLWXQJHQDXIJUXQGGHU9HUKlOWQLVVHLPIUKHQ-XJHQGDOWHUXQGQLFKWDXIJUXQGYRQ)DNWRUHQLP .OHLQNLQGHVDOWHUJHPDFKWZHUGHQ
%HJULIIVGHILQLWLRQHQXQG=LHO
/HKUHU6FKOHU%H]LHKXQJ
V|QOLFKNHLWVPHUNPDOHQ YRUKHU]XVDJHQ YHUPDJ YJO 6FKQHHZLQG HW DO 6 'LH 4XDOLWlW GHU (OWHUQ.LQG%H]LHKXQJ NDQQ GXUFK IROJHQGH ,QGLNDWRUHQ REMHNWLY XQGVXEMHNWLYJHPHVVHQZHUGHQYJO7URPPVGRUII6 $UWXQG+lXILJNHLWYRQ,QWHUDNWLRQHQJHPHLQVDPH 7lWLJNHLWHQ.RQIOLNWKlXILJ NHLW $XVPD DQ hEHUHLQVWLPPXQJ YRQ (OWHUQ XQG .LQGHUQ LQ %H]XJ DXI GLH JHJHQ VHLWLJH:DKUQHKPXQJRGHULQ%H]XJDXI9HUKDOWHQRGHU:HUWH $XVPDYRQ6HOEVWlQGLJNHLWZHOFKHVGHQ.LQGHUQJHZlKUWZLUG 9HUWUDXHQYRQ.LQGHUQLQLKUH(OWHUQZRKROHQVLH7URVWXQG5DW 3DUWL]LSDWLRQYRQ.LQGHUQDQ(QWVFKHLGXQJHQLQGHU)DPLOLH JHJHQVHLWLJHRGHUQXUHLQVHLWLJGXUFK(OWHUQRGHU.LQGHUHUIROJHQGH VXEMHNWLYH %HZHUWXQJGHU%H]LHKXQJVTXDOLWlW 'DVIROJHQGH=LWDWYHUZHLVWDXIGLHJURH%HGHXWXQJYRQVR]LDOHQ%H]LHKXQJHQ 1DKHVR]LDOH%H]LHKXQJHQLQVEHVRQGHUH%H]LHKXQJHQ]ZLVFKHQ)DPLOLHQPLW JOLHGHUQ VLQG ]XP HLQHQ %HGLQJXQJHQ IU GLH XQPLWWHOEDUH /HEHQVEHZlOWL JXQJLQMHGHU$OWHUVVWXIHLQGHPVLH8QWHUVWW]XQJVOHLVWXQJHQHUEULQJHQ=XP DQGHUHQ VWHOOHQ ,QWHUDNWLRQHQ 9RUDXVVHW]XQJHQ IU GLH (QWZLFNOXQJ VR]LDOHU .RPSHWHQ]HQ XQG IU GLH (QWZLFNOXQJ GHU JHVDPWHQ 3HUV|QOLFKNHLW GDU ,Q GHUDOOWlJOLFKHQ,QWHUDNWLRQEHVWlWLJHQGLH0LWJOLHGHULKUH%H]LHKXQJ+RIHU 6+HUYRUKHEXQJGXUFK'/ 9HUOlVVOLFKH %H]LHKXQJHQ ]X %H]XJVSHUVRQHQ YRU DOOHP ]X GHQ HLJHQHQ (OWHUQ VFKHLQHQVLFK DOVRDXIGHQJHVDPWHQ/HEHQVYHUODXIDXV]XZLUNHQ(VOlVVWVLFKYHU PXWHQGDVVOlQJHUIULVWLJH(IIHNWHGHU(OWHUQ.LQG%H]LHKXQJLP-XJHQGDOWHUDXIGLH EHUXIOLFKH :HLWHUELOGXQJV XQG /HLVWXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU IU YRU OLHJHQGH8QWHUVXFKXQJQDFKZHLVEDUVLQG /HKUHU6FKOHU%H]LHKXQJ 'LH(OWHUQ.LQG%H]LHKXQJXQWHUVFKHLGHWVLFKJUXQGOHJHQGYRQGHU%H]LHKXQJ]ZL VFKHQ /HKUHU XQG 6FKOHU /HW]WHUH ZLUG LQ GHU /LWHUDWXU DXFK RIW PLW ÄSlGDJRJL VFKHP%H]XJ³EH]HLFKQHWYJO1RKO 7DEHOOH]HLJWGLH(LJHQVFKDIWHQGHULQWHUJHQHUDWLRQDOHQ%H]LHKXQJHQLQGHU)D PLOLHXQGLQGHU6FKXOHYJO:LOG +RIHULQ$QOHKQXQJDQ.UDPHU+HOVSHU %XVVH
%HJULIIVGHILQLWLRQHQXQG=LHO
7DEHOOH
8QWHUVFKLHGLQGHQVR]LDOHQ%H]LHKXQJHQLQ)DPLOLHXQG6FKXOH
%H]LHKXQJVVFKHPDWD
,QWHUDNWLRQHQ
/HKUHU6FKOHU%H]LHKXQJ
)DPLOLH 1lKH =HLJHQYRQ(PRWLRQHQ )|UGHUXQJYRQ,QGLYLGXDOLWlW 'DXHUKDIWLJNHLW 9HUWUDXHQ =HLWOLFKZHQLJUHJOHPHQWLHUW 6\PPHWULH 6HOEVWVWHXHUXQJ %HJUQGHQ
6FKXOH 'LVWDQ] (PRWLRQVNRQWUROOH ,QGLYLGXDOLWlWDOV6W|UJU|H .XU]IULVWLJNHLW 0LVVWUDXHQ =HLWOLFKKRFKUHJOHPHQWLHUW $V\PPHWULH )UHPGVWHXHUXQJ $QRUGQHQ
:LH7DEHOOH]HLJWLVWGDV:HVHQGHU%H]LHKXQJ]X0XWWHUXQG9DWHUHLQHDQGHUH DOVMHQH]XP/HKUHU,QGHU6FKXOHPXVVVLFKGDV.LQGYHUPHKUWDQSDVVHQGDVHLQH ,QGLYLGXDOLWlW HKHU DOV 6W|UJU|H DXIJHIDVVW XQG HLQH DQJHSDVVWH (PRWLRQVNRQWUROOH JHIRUGHUWZLUG'HQQRFKKDW:HUWVFKlW]XQJXQGHPRWLRQDOH=XQHLJXQJEHLGHU)|U GHUXQJ YRQ /HLVWXQJVPRWLYDWLRQ DEHU NHLQH JHULQJH %HGHXWXQJ $XFK JHPl *LHVHFNH 6 I XQWHUVFKHLGHW VLFK GLH 6FKXOH DOV 6R]LDOJHELOGH YRQ GHU )DPLOLHLQZHVHQWOLFKHQ3XQNWHQ(LQ%HLVSLHOGDIULVWGLH=ZHFNRULHQWLHUXQJZR %H]LHKXQJHQ ]X MHQHQ HLQJHJDQJHQ ZHUGHQ PVVHQ GLH PDQ YLHOOHLFKW HKHU QLFKW PDJ'LHVH(UIDKUXQJWUlJWVLFKHUOLFKDXFK]XU3HUV|QOLFKNHLWVI|UGHUXQJEHL 'LHVR]LDOHPRWLRQDOHQ$QWHLOHHUKDOWHQPHLQHUhEHU]HXJXQJQDFKLQGHU6FKXOHHL QHQ]XQHKPHQGJU|HUHQ6WHOOHQZHUWIUGLH(QWZLFNOXQJGHU.LQGHUXQG-XJHQGOL FKHQ 'LH (U]LHKXQJVYHUKlOWQLVVH GHU HU-DKUH VLQG QLFKW PHKU GLH JOHLFKHQ ZLH MHQH YRQ KHXWH VD .DS 6WLFKZRUW ÄYRP %HIHKOV ]XP 9HUKDQGOXQJVKDXV KDOW³YJOGH6ZDDQ =XGHPJLEWHVNHLQH6RQGHUIRUPHLQHUSlGDJRJLVFKHQ %HJHJQXQJ VRQGHUQ QXU GLH PHQVFKOLFKH %HJHJQXQJ VFKOHFKWKLQ YJO %ROOQRZ ZDVGHURELJHQ8QWHUVFKHLGXQJZLGHUVSULFKW 0LOOHU EHWRQW GLH ]XQHKPHQGH %HGHXWXQJ GHU %H]LHKXQJ LP VFKXOLVFKHQ .RQWH[WHEHQIDOOVĶ(U]LHKXQJ¶XQG%H]LHKXQJVDUEHLWPVVHQJHQDXVRJHOHUQWZHU GHQ ZLH 7lWLJNHLWHQ DQGHUHU %HUXIH DXFK ± ZREHL GLH (U]LHKXQJ HLQH $N]HQWYHU VFKLHEXQJXQG(UZHLWHUXQJLQ5LFKWXQJ%H]LHKXQJHUIlKUW³6 )U0LOOHU]HLJW VLFK GLHVH $N]HQWYHUVFKLHEXQJ YRQ GHU Ä6XEMHNW2EMHNW%H]LHKXQJ³ KLQ ]XU Ä6XE MHNW6XEMHNW%H]LHKXQJ³YJO$EELOGXQJ (U]LHKXQJ %H]LHKXQJ (U]LHKXQJLPÄDOWHQ6WLO³DOV%HHLQIOXVVXQJ PLWGHP=LHOGHU9HUKDOWHQVlQGHUXQJGHU .LQGHUXQG-XJHQGOLFKHQ 6XEMHNW2EMHNW5HODWLRQ
$
%HHLQIOXVVXQJ(LQZLUNXQJ
$EELOGXQJ
%
Ä(U]LHKXQJ³ LPGLIIHUHQWHQ6LQQDOV%H]LHKXQJ PLWGHP=LHOGHV%HJOHLWHQVXQG)|UGHUQVGHU (QWZLFNOXQJYRQ.LQGHUQXQG-XJHQGOLFKHQ 6XEMHNW6XEMHNW5HODWLRQ
$
%H]LHKXQJ
%
(U]LHKXQJXQG%H]LHKXQJXQGGLH$N]HQWYHUVFKLHEXQJ]XUÄ6XEMHNW6XEMHNW%H]LHKXQJ³0LOOHU6
%HJULIIVGHILQLWLRQHQXQG=LHO
,QWHUDNWLRQLVPXV
$EELOGXQJZHLVWDOVRDXIGLH]XQHKPHQGJU|HUZHUGHQGH%HGHXWXQJGHU%H]LH KXQJ LP 6FKXONRQWH[W KLQ 'LH LP ÄDOWHQ 6WLO³ RIW JHOHEWH %HHLQIOXVVXQJ PLW GHP =LHO GHU 9HUKDOWHQVlQGHUXQJ 3DUDGLJPD GHV %HKDYLRULVPXV ZHLFKW HLQHU %H]LH KXQJ EHL ZHOFKHU GDV %HJOHLWHQ XQG )|UGHUQ LP =HQWUXP VWHKW EHL ZHOFKHU QLFKW HLQHHLQVHLWLJHVRQGHUQHLQH]XQHKPHQGZHFKVHOVHLWLJH%H]LHKXQJJHOHEWZLUG3D UDGLJPDGHV,QWHUDNWLRQLVPXVVD.DS 6FKXOLVFKHV/HUQHQXQGHLQHJXWH%H ]LHKXQJ]XP/HKUHUKlQJHQHQJ]XVDPPHQYRUDOOHPLQ%H]XJ]XU)|UGHUXQJGHU /HUQ XQG /HLVWXQJVPRWLYDWLRQ )U GHQ 1HXURELRORJHQ %DXHU D LVW ÄDOOHV VFKXOLVFKH/HKUHQXQG/HUQHQ±GLHVZLUGYRUDOOHPYRQ$XHQVWHKHQGHQRIW]XZH QLJJHVHKHQ±«HLQJHEHWWHWLQDQVWUHQJHQGH$UEHLWGHU%H]LHKXQJVJHVWDOWXQJ³6 1DFKGLHVHQ$XVIKUXQJHQVLQGGLH%HJULIIH/HLVWXQJVPRWLYDWLRQ6R]LDOLVDWLRQXQG (OWHUQ.LQG%H]LHKXQJ XQG /HKUHU6FKOHU%H]LHKXQJ XPULVVHQ XQG GHU =XVDP PHQKDQJ ]ZLVFKHQ /HLVWXQJVPRWLYDWLRQ XQG %H]LHKXQJ XQWHUPDXHUW 6RPLW NDQQ ]XU(UOlXWHUXQJGHU7KHRULHGHV,QWHUDNWLRQLVPXVEHUJHJDQJHQZHUGHQ ,QWHUDNWLRQLVPXV 'LHEHUHLWVHUZlKQWH7KHRULHGHV,QWHUDNWLRQLVPXVZLUGLQYRUOLHJHQGHU$UEHLWGDU XPDQJHZHQGHWZHLOVLHLQGHU6R]LDOLVDWLRQVIRUVFKXQJHLQHQEHGHXWHQGHQ6WHOOHQ ZHUWHLQQLPPW/DQJH=HLWJDOWGDV)RUVFKXQJVLQWHUHVVHKDXSWVlFKOLFKGHUXQLGLUHN WLRQDOHQ%HHLQIOXVVXQJYRQ.LQGHUQGXUFKLKUH(OWHUQXQGDQGHUH%H]XJVSHUVRQHQ ,Q]ZLVFKHQEHVWHKWDEHUHLQ.RQVHQVLQGHU)RUVFKXQJVOLWHUDWXUKLQVLFKWOLFKGHU$Q QDKPHGDVV.LQGHUHLQHQDNWLYHQ%HLWUDJ]XLKUHUHLJHQHQ6R]LDOLVDWLRQOHLVWHQYJO 3DUNH %XULHO *HUDGHEHLGHU)UDJHZLHGDV %LOGXQJVV\VWHPXQG GLH+XPDQHQWZLFNOXQJ]XVDP PHQZLUNHQ NDQQ JHPl )HQG XQG 6W|FNOL 6 GLH 7KHRULH GHV ,QWHUDNWLR QLVPXVE]ZGLH Ä3HUVSHNWLYHGHV KDQGOXQJVWKHRUHWLVFKV\VWHPLVFKHQ3DUDGLJPDV³ ZLHVLHHVEH]HLFKQHQKHUDQJH]RJHQZHUGHQ'HU0HQVFKZLUGGDEHLQLFKWPHKUDOV ÄWDEXODUDVD³DQJHVHKHQZLUGGHUYRQDXHQJHSUlJWZLUG(ULVWPLWHLQHPG\QDPL VFKHQLQQHUHQ6\VWHPDXVJHVWDWWHWHULQWHUSUHWLHUWGLH:LUNOLFKNHLWDXIGHP+LQWHU JUXQGYRQ(UIDKUXQJHQXQGJHVWDOWHWGLH:HOWXQGVLFKVHOEHUDNWLYPLW6HKUHQJDQ GLHVHP KDQGOXQJVWKHRUHWLVFKHQ 3DUDGLJPD KDW VLFK DXFK 3HVWDOR]]L LQ VHLQHQ Ä1DFKIRUVFKXQJHQ³ RULHQWLHUW 'HU 0HQVFK VHL GDV 3URGXNW GHU 1DWXU GHU *HVHOOVFKDIW XQG VHLQHU VHOEVW 6SULFK 'HU 0HQVFK VHW]W VLFK DOVR PLW GHU 8PZHOW DNWLYXQGVHOEVWlQGLJDXVHLQDQGHUZLUNWDXIGLHVHHLQXQGYHUlQGHUWVLH 1HEHQGHPLQWHUDNWLRQLVWLVFKHQ7KHRULHDQVDW]JLEWHVDEHUDXFKQRFKZHLWHUH/HUQ SDUDGLJPHQGLHEHLGHU/HLVWXQJVPRWLYDWLRQVIRUVFKXQJHLQH5ROOHVSLHOHQGHU%H KDYLRULVPXVGHU+XPDQLVPXVGLHVR]LDONRJQLWLYH/HUQWKHRULHXQGGHU.RJQLWLYLV PXV=XVDPPHQIDVVHQGJLOW'LHEHKDYLRULVWLVFKH3HUVSHNWLYHEHWRQWGLH%HGHXWXQJ H[WHUQHU$QUHL]HXQGLVWGHPHQWVSUHFKHQGIUGLHH[WULQVLVFKH0RWLYDWLRQYRQJUR HU %HGHXWXQJ $XV GHU KXPDQLVWLVFKHQ 3HUVSHNWLYH LVW IU GDV /HLVWXQJVYHUKDOWHQ GLH 0DVORZ¶VFKH %HGUIQLVKLHUDUFKLH EHGHXWVDPEHL GHU GLHYHUVFKLHGHQHQ
%HJULIIVGHILQLWLRQHQXQG=LHO
,QWHUDNWLRQLVPXV
(EHQHQEHUFNVLFKWLJWZHUGHQPVVHQ'HUVR]LDONRJQLWLYH$QVDW]E]ZGDV0RGHOO OHUQHQDOVGULWWH3HUVSHNWLYHHQWIDOWHWGDQQVHLQH:LUNXQJZHQQGDV.LQGLQGHU%H ]XJVSHUVRQHLQ9RUELOGVLHKWXQGGXUFKVLHWDJWlJOLFKEHZXVVWXQGXQEHZXVVWEHHLQ IOXVVWZLUG'DVLVWLQVEHVRQGHUHGHU)DOOZHQQGLH%H]LHKXQJ]ZLVFKHQGHUHUZDFK VHQHQ3HUVRQXQG.LQGVHKUHQJLVW'LHYLHUWH3HUVSHNWLYHLVWVFKOLHOLFKGHUNRJQL WLYH $QVDW] (U EDVLHUW DXI GHU ,GHH GDVV 0HQVFKHQ DXV LQQHUHU (LQVLFKW PRWLYLHUW VLQGVLFKHIIHNWLYPLWLKUHU8PZHOWDXVHLQDQGHU]XVHW]HQXQGVLFKLQLKU]XUHFKW]X ILQGHQ ,Q GLHVH 7UDGLWLRQ ODVVHQ VLFK GLH (UZDUWXQJV:HUW VRZLH GLH $WWULEXWL RQVWKHRULHGHU/HLVWXQJVPRWLYDWLRQHLQRUGQHQ 1DFK:LJILHOG(FFOHV6FKLHIHOH5RHVHUXQG'DYLV.HDQ JHK|UWGLH6HOEVW EHVWLPPXQJVWKHRULH]XGHQPRGHUQHQ(UZDUWXQJV:HUW7KHRULHQVD.DS 6LH LVW DEHU QLFKW YRU DOOHP HLQH NRJQLWLYODVWLJH VRQGHUQ HLQH DXI VR]LDODIIHNWLYH $VSHNWH IRNXVVLHUWH DOOJHPHLQH (QWZLFNOXQJVWKHRULH ,Q LKU EHNRPPW GLH VR]LDOH (LQELQGXQJ XQG GLH %H]LHKXQJ JURHV *HZLFKW 'HP (LQ]HOQHQ ZLUG ]XGHP HLQ JURHU6WHOOHQZHUWEHLVHLQHU(QWZLFNOXQJHLQJHUlXPWLQVRIHUQ PXVVVLHDOVRDXFK ]XGHQKDQGOXQJVWKHRUHWLVFKHQXQGLQWHUDNWLRQLVWLVFKHQ7KHRULHQJH]lKOWZHUGHQ $P %HLVSLHO GHU (OWHUQ ZHOFKH GLH ZLFKWLJVWH (LQIOXVVJU|H GHU 3HUV|QOLFKNHLWV HQWZLFNOXQJ GHV .LQGHV GDUVWHOOHQ ZLUG QXQ GLH 9LHOIDOW GLHVHU WKHRUHWLVFK XQWHU VFKLHGOLFKHQ:LUNXQJVSUR]HVVHLQNXU]HQ:RUWHQDXIJH]HLJW 'XUFK ZLHGHUKROWHV %HUHLWVWHOOHQ YRQ KHUDXVIRUGHUQGHQ 6LWXDWLRQHQ XQG %HNUlIWL JXQJHQGDQDFK%HKDYLRULVPXV GXUFKLP$OOWDJVWlQGLJDXFKXQEHZXVVWYRUJHOHEWH 5ROOHQPRGHOOH VR]LDONRJQLWLYH 7KHRULH XQG GXUFK GLH EHZXVVW DQJHZHQGHWHQ (U ]LHKXQJVPDQDKPHQ .RJQLWLYLVPXV ZLUNHQ (OWHUQ WDJWlJOLFK DXI GLH 3HUV|QOLFK NHLWVHQWZLFNOXQJGHV.LQGHVHLQZREHLGLHVHVVHLQHHLJHQHQ9RUVWHOOXQJHQLQVHLQHU ,QGLYLGXDOLWlW KDQGOXQJVWKHRUHWLVFK HEHQIDOOV LQ GLHVH 3UR]HVVH PLWHLQIOLHHQ OlVVW 'HU ,QWHUDNWLRQLVPXV HQWVSULFKW DOVR DOO GLHVHQ 9RUVWHOOXQJHQ LQGHP GLHVHV Ä3DUD GLJPDGHU3HUV|QOLFKNHLWVWKHRULH³DXIGHU$QQDKPHEDVLHUWGDVV3HUVRQHQPHUNPDOH PLW6LWXDWLRQVPHUNPDOHQXQGGHUVR]LDOHQ8PZHOWLQWHUDJLHUHQXQGNHLQHQXUDGGL WLYHQXQGHLQVHLWLJHQ:LUNXQJHQIHVWVWHOOEDUVLQGYJO*URE -DVFKLQVNL6 &DVSL 'LHVHQWVSULFKWGHP3RVWXODWYRQ/HZLQ GDVVGDV9HUKDO WHQHLQHU3HUVRQHLQH)XQNWLRQGHU3HUV|QOLFKNHLWXQGGHU6LWXDWLRQVHL*UROQLFNDQG 5\DQ ZHLVHQDXIJUXQGLKUHU(UJHEQLVVHH[SOL]LWDXIGHQWUDQVDNWLRQDOHQ3UR ]HVV KLQ LQ ZHOFKHP (OWHUQ XQG .LQG JHJHQVHLWLJHQ (LQIOXVV DXI GLH 6HOEVWUHJXOD WLRQVHQWZLFNOXQJGHV.LQGHVLQGHU6FKXOHKDEHQ6I
'LH)UDJHZDUXPQLFKWDOOH.LQGHUGHUVHOEHQ)DPLOLHVLFKJOHLFKHQWZLFNHOQNDQQ PLWYHUVFKLHGHQHQ $VSHNWHQ EHDQWZRUWHW ZHUGHQ (UVWHQV LQWHUDJLHUHQ GLH (OWHUQ QLFKW PLW MHGHP .LQG DXI GLHVHOEH :HLVH ]ZHLWHQV HUOHEHQ GLH .LQGHU DXFK XQWHUVFKLHGOLFKH .RQWH[WH 6FKXOH .ODVVH /HKUSHUVRQ 3HHUV « XQG VFKOLHOLFKVSLHOWDXFKGLH3HUV|QOLFKNHLWGHV.LQGHVHLQHJURH5ROOHLQVHLQHU(QWZLFNOXQJYJO*URE -DVFKLQVNL6 *UROQLFNDQG5\DQ EH]LHKHQVLFKGDEHLDXFKDXIGLH%LQGXQJVWKHRULHQDFK%RZOE\
%HJULIIVGHILQLWLRQHQXQG=LHO
'LIIHUHQWLHOOH6WDELOLWlW
,QVJHVDPW JHVHKHQ SUlJHQ DOVR VRZRKO 8PZHOW XQG 3HUV|QOLFKNHLW GHV .LQGHV GLH /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ ZDV GLHVHP KDQGOXQJVWKHRUHWLVFKHQ XQG VRPLW LQWHUDNWLRQLVWLVFKHP7KHRULHDQVDW]HQWVSULFKWZHOFKHUPLWQHXHQ%HIXQGHQDXVGHU 1HXURELRORJLHHEHQIDOOVNRPSDWLEHOLVWZLH%DXHUE ]HLJW %HYRUDXIGDV=LHOGLHVHU$UEHLWHLQJHJDQJHQZLUG.DS VROOXQWHUGLHVHUOHW] WHQ %HJULIIVGHILQLWLRQ HUNOlUW ZHUGHQ ZDV PDQ XQWHU GHU GLIIHUHQWLHOOHQ 6WDELOLWlW YHUVWHKW(EHQIDOOVZLUGGDUJHOHJWGDVVHVLQGHUYRUOLHJHQGHQ$UEHLWOHJLWLPLVWYRQ HLQHUZHQQDXFKHKHUNOHLQ]XHUZDUWHQGHQ6WDELOLWlWYRQ3HUV|QOLFKNHLWVPHUN PDOHQEHU-DKUHKLQZHJDXV]XJHKHQ 'LIIHUHQWLHOOH6WDELOLWlW /HEHQVYHUOlXIH YRQ KHXWH VLQG KHWHURJHQHU DOV IUKHU LQVEHVRQGHUH LP IUKHQ (U ZDFKVHQHQDOWHU .UDPSHQ XQG 5HLFKOH QHQQHQ GUHL *UQGH GDIU 'LH =XQDKPH GHU YHUWLNDOHQ KRUL]RQWDOHQ XQG JHRJUDSKLVFKHQ 0RELOLWlW GLH =X QDKPH GHV $QWHLOV YRQ )UDXHQ PLW K|KHUHU %LOGXQJ XQG GLH YRP $UEHLWVPDUNW JHIRUGHUWH)OH[LELOLVLHUXQJ%HUHLWVFKDIWOHEHQVODQJ]XOHUQHQ YJO6 ,P IUKHQ (UZDFKVHQHQDOWHU LVW HLQH KRKH 3ODVWL]LWlW EH]JOLFK GHU 7HPSHUDPHQWV PHUNPDOHÄ%LJ)LYH³IHVW]XVWHOOHQ'LHV]HLJHQ5REHUWV:DOWRQXQG9LHFKWEDXHU LQHLQHU0HWDDQDO\VHDXV/lQJVVFKQLWWVWXGLHQ'LH6WDELOLWlWVNRHIIL]LHQWHQ GHU 3HUV|QOLFKNHLWVPHUNPDOH ZHOFKH GDQQ ]ZLVFKHQ VLJQLILNDQWHQ XQG OLH JHQZHLVHQÄDXIHUKHEOLFKHLQWHULQGLYLGXHOOH8QWHUVFKLHGHLQGHQ(QWZLFNOXQJVYHU OlXIHQ³ KLQ VR .UDPSHQ XQG 5HLFKOH 6 ZHLWHU (V NDQQ DOVR JHVDJW ZHUGHQ GDVV GLH 6WDELOLWlWVXQWHUVFKLHGH ]ZLVFKHQ GHQ YHUVFKLHGHQHQ *UXSSHQ XQG 3HUVRQHQDXIJUXQGKHWHURJHQHU/HEHQVYHUOlXIHYRUDOOHPLPIUKHQ(UZDFKVHQHQ DOWHUYJO9DULDQ]HQLQ$EELOGXQJ JU|HUJHZRUGHQVLQG %HWUDFKWHW PDQ GLH VRJHQDQQWH ÄGLIIHUHQWLHOOH 6WDELOLWlW GHV 0HUNPDOV³ VR ]HLJW VLFK GDVV VLFK LQ $EKlQJLJNHLW GHV $OWHUV XQWHUVFKLHGOLFKH 6WDELOLWlWVDXVSUlJXQJHQ XQG YDULDQ]HQ HUJHEHQ 'LHVH GLIIHUHQWLHOOH 6WDELOLWlW FKDUDNWHULVLHUW HLQ 0HUNPDO QLFKWHLQ,QGLYLGXXPXQGVRPLWHQWVSULFKWVLHGHUGLIIHUHQWLHOOHQ6LFKWZHLVHGHU3HU V|QOLFKNHLWVHQWZLFNOXQJYJO$VHQGRUSI6 :LFKWLJLVWGDVV3HUV|QOLFKNHLWVHQWZLFNOXQJQLFKWPLWHLQHUKRKHQ6WDELOLWlWLUJHQG HLQHV 3HUV|QOLFKNHLWVPHUNPDOV EHU -DKUH JOHLFK]XVHW]HQ LVW $VHQGRUSI EULQJW HV DXI GHQ 3XQNW Ä3HUV|QOLFKNHLWVHLJHQVFKDIWHQ VROOHQ :RFKHQ XQG ZHQLJH 0RQDWH EHUGDXHUQQLFKWDEHUYLHOH-DKUH³DD26 6RZHLW]XP(QWZLFNOXQJVEHJULII LP =XVDPPHQKDQJ PLW GHU 0HUNPDOVVWDELOLWlW 1XQ IROJHQ HLQLJH (UNOlUXQJHQ ]X GHQ6WDELOLWlWVNRHIIL]LHQWHQ,QGHUYRUOLHJHQGHQ6WXGLHZHUGHQGLHVHYRUDOOHPEH ]JOLFKGHV.RQVWUXNWV/HLVWXQJVXQG/HUQPRWLYDWLRQEHU-DKUHKLQZHJWKHPD WLVLHUW
1HXURWLVPXV([WUDYHUVLRQ2IIHQKHLW9HUWUlJOLFKNHLWXQG*HZLVVHQKDIWLJNHLW
%HJULIIVGHILQLWLRQHQXQG=LHO
'LIIHUHQWLHOOH6WDELOLWlW
$VHQGRUSI KDW VLFK PLW GHU )UDJH EHVFKlIWLJW ZDQQ VLFK 3HUV|QOLFKNHLWVXQ WHUVFKLHGH LP /HEHQVODXI VWDELOLVLHUHQ (U YHUZHLVW DXI GLH ELV KHXWH XPIDVVHQGVWH 0HWDDQDO\VHYRQ5REHUWVXQG'HO9HFFKLR DXV/lQJVVFKQLWWXQWHUVXFKXQ JHQ LQ GHQHQ DQ PHKU DOV ¶ 3HUVRQHQ EHU ¶ 6WDELOLWlWVNRHIIL]LHQWHQ IU YHUVFKLHGHQH $OWHUVJUXSSHQ XQG VR]LDOHPRWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH EH VWLPPW ZRUGHQ ZDUHQ 6LH JLEW %HVFKHLG EHU GLH 6WDELOLWlW YRQ 3HUV|QOLFKNHLWV PHUNPDOHQ LP /HEHQVODXI GK EHU 7HPSHUDPHQW XQG GLH %DVLVGLPHQVLRQHQ GHU 3HUV|QOLFKNHLW (VNRQQWHJH]HLJWZHUGHQGDVVGLH6WDELOLWlWVNRHIIL]LHQWHQPLWGHP $OWHUGHU3UREDQGHQVWLHJHQLQGHU.LQGKHLWLP6WXGLHQDOWHUPLW-DK UHQ XQG HLQ 3ODWHDX YRQ LP $OWHU ]ZLVFKHQ XQG -DKUHQ HUUHLFKWHQ 'LH 6WDELOLWlW KLQJ QXU PLQLPDO YRP JHWHVWHWHQ 3HUV|QOLFKNHLWVPHUNPDO RGHU YRP *H VFKOHFKW DE $EELOGXQJ ]HLJW GLH hEHUVLFKW ]X GLHVHU GLIIHUHQWLHOOHQ 6WDELOLWlW YJO$VHQGRUSI6
$EELOGXQJ
=XZDFKV GHU GLIIHUHQWLHOOHQ 0HUNPDOVVWDELOLWlW PLW ZDFKVHQGHP $OWHU EHL GHU HUVWHQ 3HUV|QOLFKNHLWVPHVVXQJ LQ $QOHKQXQJDQ5REHUWV'HO9HFFLR]LWLHUWGXUFK$VHQGRUSI6 $QJHJHEHQ VLQG IU YHUVFKLHGHQH $OWHUVLQWHUYDOOH GLH PLWWOHUH 6WDELOLWlW XQG LKUH 9DULDWLRQ ]ZLVFKHQ GHQ 6WXGLHQ .RQILGHQ]LQWHUYDOO IUDOOH6WDELOLWlWVVWXGLHQLQGHQHQGLHHUVWH0HVVXQJLQGDV$OWHUVLQWHUYDOOILHO'HUPLWW OHUH$EVWDQG]ZLVFKHQ]ZHL3HUV|QOLFKNHLWVPHVVXQJHQEHWUlJW-DKUH
$EELOGXQJ]HLJWGHXWOLFKGDVVGLH6WDELOLWlWELV]XP$OWHUYRQ-DKUHQLQVJH VDPWVWHLJWDEHUDXFK'LVNRQWLQXLWlWDXIZHLVW=XGHPLVWDEGHPIUKHQ(UZDFKVH QHQDOWHU HLQH EHPHUNHQVZHUW JU|HUH 9DULDQ] IHVWVWHOOEDU DOV GLH -DKUH ]XYRU 'DV VHKUKRKH1LYHDXGHU0HUNPDOVVWDELOLWlWQDFK-DKUHQNRPPWNQDSSXQWHUKDOEGHU /LQLH YRQ ]X OLHJHQ ZDV GLH %HJUHQ]XQJ IU 0HVVIHKOHU GDUVWHOOW (LQ HUVWHU 6WDELOLWlWV]XZDFKV ILQGHW VLFK EHLP .LQGHUJDUWHQHLQWULWW DE -DKUH HLQ ]ZHLWHU EHLP9HUODVVHQGHV(OWHUQKDXVHVDE-DKUH XQGHLQGULWWHULP$OWHUZHQQGLHHL JHQHQ.LQGHUGDV(OWHUQKDXVYHUODVVHQKDEHQDE-DKUH $VHQGRUSI IDVVW GLH(UJHEQLVVHZLHIROJW]XVDPPHQ
%HJULIIVGHILQLWLRQHQXQG=LHO
=LHOXQG9RUZHJQDKPHYRQ5HODWLYLHUXQJHQ
'LHVH$QDO\VH]HLJWHUVWPDOVEHU]HXJHQGGDVVHLQHZLUNOLFKKRKH6WDELOLWlW VR]LDOHPRWLRQDOHU 3HUV|QOLFKNHLWVPHUNPDOH HUVW LP K|KHUHQ (UZDFKVHQHQDO WHUHUUHLFKWZLUG1LFKWQXULP.LQGHVXQG-XJHQGDOWHUVRQGHUQDXFKQRFKLP MQJHUHQ(UZDFKVHQHQDOWHUN|QQHQDOVRGHXWOLFKH3HUV|QOLFKNHLWVYHUlQGHUXQ JHQVWDWWILQGHQXQGGLH6WDELOLWlWQLPPWPLW$XVQDKPHGHUYRUEHUJHKHQGHQ 'HVWDELOLVLHUXQJLQGHU3XEHUWlWELV]XP$OWHUYRQFD-DKUHQQLFKWDE6 'LH 6WDELOLWlW QLPPW DOVR EHU GHQ /HEHQVODXIEHWUDFKWHW ]X ZREHL GLH DOOJHPHLQH 'HVWDELOLVLHUXQJ LP -XJHQGDOWHU XQG LKUH $XVZLUNXQJ DXI GLH NRUUHODWLYH 6WDELOLWlW LP -XJHQGDOWHU DXFK GXUFK 3LQTXDUW XQG 6LOEHUZHLVHQ EHOHJW ZHUGHQ Ä'LH .RUUHODWLRQHQ VLQG >GDQQ@ QXU HWZD KDOE VR JUR ZLH EHL /lQJVVFKQLWWVWXGLHQ ]XP 7HPSHUDPHQWLQGHU.LQGKHLWXQG]XU9HUlQGHUXQJGHU3HUV|QOLFKNHLWLPIUKHQXQG PLWWOHUHQ(UZDFKVHQHQDOWHU³6+HUYRUKHEXQJGXUFK'/ ,QVRIHUQNDQQGD YRQ DXVJHJDQJHQ ZHUGHQ GDVV VLFK GLH 6WDELOLWlWVNRHIIL]LHQWHQ GLHVHU 6WXGLH ZlUH GLH(UKHEXQJGHXWOLFKYRUGHU3XEHUWlWJHZHVHQDOOHQIDOOVQRFKK|KHUJH]HLJWKlW WHQ =XVDPPHQIDVVHQGNDQQIHVWJHKDOWHQZHUGHQGDVVGLH)UDJHQDFKGHU0HUNPDOVVWD ELOLWlWEHUHLQHQJURHQ/lQJVVFKQLWWZLHGHUYRUOLHJHQGHDXVHPSLULVFKHUZLHDXFK DXV HQWZLFNOXQJVWKHRUHWLVFKHU 6LFKW 6LQQ PDFKW 'DVV GDUEHU KLQDXV JHPl GHU 6HOEVWEHVWLPPXQJVWKHRULH GLH 9HUXUVDFKXQJVSULQ]LSHQ GLHVHU 6WDELOLWlW LQ GLH %H UHFKQXQJVPRGHOOHPLWHLQIOLHHQVWHOOWEHLDOOHQ5HODWLYLHUXQJHQYRQVROFKHQ]HLWOLFK DXVJHGHKQWHQ/RQJLWXGLQDOVWXGLHQYJOIROJHQGHV.DS GHQ:HVHQVNHUQGLHVHU $UEHLWGDU =LHOXQG9RUZHJQDKPHYRQ5HODWLYLHUXQJHQ 1DFK GLHVHQ %HVFKUHLEXQJHQ GHU 6FKOVVHOEHJULIIH XQG GLH LQ GHU (LQOHLWXQJ JURE IRUPXOLHUWH )UDJHVWHOOXQJ ZLUG QXQ GDV =LHO GLHVHU $UEHLW JHNOlUW (V VROO JHSUIW ZHUGHQ RE XQG LQZLHIHUQ GLH ÄVR]LDOH (LQJHEXQGHQKHLW³ JHPl GHU 6HOEVWEHVWLP PXQJVWKHRULH 6'7 XQWHU 9HUZHQGXQJ YRQ OlQJVVFKQLWWOLFKHQ 'DWHQ ELV GHU /LI(6WXGLH /HEHQVYHUOlXIH LQV IUKH (UZDFKVHQHQDOWHU 3URMHNWOHL WXQJ )HQG *HRUJ %HUJHU *URE /DXWHUEDFK VLHKH ]XVI *URE XQG (U]LQJHU ]XU%HVWLPPXQJGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUXQGGHUEHUXIOLFKHQ :HLWHUELOGXQJV XQG /HLVWXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU KHUDQJH]RJHQ ZHU GHQNDQQ (VHUJHEHQVLFKIROJHQGHYLHU8QWHU]LHOHZHOFKHLP.DSLWHOPLWNRQNUHWHQ)UD JHVWHOOXQJHQEHUVHW]WZHUGHQ
/LI(6WXGLH1DWLRQDOIRQGV3URMHNW61) Ä9RP-XJHQGOLFKHQ]XP(UZDFKVHQHQ)RO ORZ8S]XU/lQJVVFKQLWWXQWHUVXFKXQJÃ(QWZLFNOXQJLP-XJHQGDOWHUDXVGHQ-DKUHQ¶³
%HJULIIVGHILQLWLRQHQXQG=LHO
=LHOXQG9RUZHJQDKPHYRQ5HODWLYLHUXQJHQ
3UIHQ GHU (IIHNWH YRQ VR]LDO ZDKUJHQRPPHQHU IDPLOLlUHU XQG DXHUIDPLOLlUHU VR]LDOHU (LQJHEXQGHQKHLW JHPl GHU 6'7 DXI GLH /HLVWXQJVPRWLYDWLRQ XQG DXI GLHEHUXIOLFKH/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQ 3UIHQGHU(IIHNWHGLIIHUHQWLHOOHU:LUNXQJV]XVDPPHQKlQJH 3UIHQ YRQ PRWLYDWLRQDOHQ 6WDELOLWlWV XQG .RQWLQXLWlWVQDFKZHLVHQ YRP IUKHQ -XJHQGDOWHULQVIUKH(UZDFKVHQHQDOWHU 3UIHQGHUDOOIlOOLJHQ(IIHNWHIDPLOLlUHUXQGDXHUIDPLOLlUHUVR]LDOHU%H]LHKXQ JHQLPIUKHQ-XJHQGDOWHUGLUHNWXQGEHUGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDO WHU LQGLUHNWDXIGLHEHUXIOLFKH/HLVWXQJVPRWLYDWLRQXQGGLHEHUXIOLFKH:HLWHUELO GXQJVPRWLYDWLRQLPIUKHQ(UZDFKVHQHQDOWHU-DKUHVSlWHU 'LHIROJHQGHQ$XVIKUXQJHQGLHQHQGHU2IIHQOHJXQJYRQPHWKRGLVFKHQXQGGDWHQ VDW]EH]RJHQHQ(LJHQKHLWHQLP5DKPHQGLHVHU6WXGLH$OOIlOOLJH5HODWLYLHUXQJHQGHU %HIXQGHVLQGVRDXVJHZLHVHQXQGIUGHQ/HVHULGHQWLIL]LHUW$OOIlOOLJH*UHQ]HQGHU ]X7DJHJHI|UGHUWHQ(UNHQQWQLVVHZHUGHQVRYRUZHJJHQRPPHQXQGWUDQVSDUHQWJH PDFKW(VZHUGHQYLHU%HUHLFKHHUOlXWHUWGLHLPQDFKKLQHLQHUDUEHLWHWH)RUVFKXQJV IUDJHGHU(LQEH]XJGHVH[SORUDWLYHQ&KDUDNWHUVGLH$QDO\VHQIROJHXQGGLH/lQJV VFKQLWWSUREOHPDWLNEHLWPLQXVWYRQEHU-DKUHQ ,P1DFKKLQHLQHUDUEHLWHWH)RUVFKXQJVIUDJH 'LH .RQVWDQ]HU /RQJLWXGLQDOVWXGLH ZDU HLQ *URSURMHNW GDV GXUFK GLH 'HXWVFKH )RUVFKXQJVJHPHLQVFKDIW')* ZlKUHQGDFKW-DKUHQILQDQ]LHUWZXUGHXQGYRQYHU VFKLHGHQHQ)RUVFKXQJVIUDJHQXQWHUVFKLHGOLFKHU'LV]LSOLQHQJHOHLWHWZDU'DV8QWHU VXFKXQJVGHVLJQXQGGLH,QVWUXPHQWHQYHUZHQGXQJLVWDEHUQLFKWIUHLQH)ROORZ8S %HIUDJXQJ-DKUHVSlWHULQLUJHQGHLQHU:HLVHYRUEHUHLWHWXQGDXVJHOHJWZRUGHQ 'LHYRUOLHJHQGH)RUVFKXQJVIUDJHXQGGHUHQ%HDQWZRUWXQJLVWDOVRDSRVWHULRULLGHQ WLIL]LHUWXQGHUDUEHLWHWZRUGHQ'K]XHUVWPXVVWHQVROFKH9DULDEOHQXQG.RQVWUXNWH DXVGHPJURHQ'DWHQVDW]YRQEHU9DULDEOHQJHIXQGHQZHUGHQZHOFKHHLQHQ ZHVHQWOLFKHQ %H]XJ ]X GHQ KLHU LQWHUHVVLHUHQGHQ %HUHLFKHQ 0RWLYDWLRQ XQG %H]LH KXQJKDWWHQ'DQQZDUDE]XNOlUHQDXIZHOFKH0RWLYDWLRQVWKHRULHQ ]XUFNJHJULI IHQZHUGHQN|QQWHXPJUXQGOHJHQGH)UDJHQ]XUOlQJVVFKQLWWOLFKHQ(QWZLFNOXQJGHU /HUQXQG/HLVWXQJVPRWLYDWLRQEHU-DKUHKLQZHJ]XYHUIROJHQ'DQDFKPXVVWH JHSUIWZHUGHQREGLHVRGDQQJHZlKOWH7KHRULHGHU6'7VLFKPLWGHQYRUOLHJHQGHQ 9DULDEOHQXQG.RQVWUXNWHQPHWKRGLVFKJHQJHQGQDFKZHLVHQOLH,QVEHVRQGHUHGLH 7KHPHQEHUHLFKH (OWHUQ.LQG%H]LHKXQJ /HKUHU6FKOHU%H]LHKXQJ XQG /HUQ XQG /HLVWXQJVPRWLYDWLRQDYDQFLHUWHQIROJOLFK]X.HUQEHUHLFKHQZHOFKHGHQHVVHQWLHOOHQ 7HLO GHU 6'7 ÄVR]LDOH (LQJHEXQGHQKHLW DOV $XVO|VHU GHU 0RWLYDWLRQ³ RSHUDWLRQDOL VLHUEDUPDFKWHQ (LQEH]XJYLHOHU9DULDEOHQPLWHQWVSUHFKHQGHPH[SORUDWLYHQ&KDUDNWHU 'LHVHREHQEHVFKULHEHQH+HUDQJHKHQVZHLVHLVWGDIUYHUDQWZRUWOLFKGDVVHLQH9LHO ]DKOYRQ9DULDEOHQ]XUVR]LDOHQ(LQJHEXQGHQKHLWLQ)DPLOLHXQGLQGHU6FKXOHE]Z EHLGHU3HHUJURXSLQGLH$QDO\VHQHLQJHIORVVHQLVWXQGGDVVGLH6WXGLHGDGXUFKDXFK HLQHQ H[SORUDWLYHQ &KDUDNWHUDQWHLO KDW $XFK GLH YHUVFKLHGHQHQ )RUPHQ GHV .RQ
%HJULIIVGHILQLWLRQHQXQG=LHO
=LHOXQG9RUZHJQDKPHYRQ5HODWLYLHUXQJHQ
VWUXNWVÄ(OWHUQ.LQG%H]LHKXQJ³VLQGLQGHQ$QDO\VHQPLWEHUFNVLFKWLJW=XPHLQHQ ZHLVHQVLHZHQQVLFKDOOH)RUPHQVLJQLILNDQW]HLJHQDXINODUH:LUNXQJHQGHUVR ]LDOHQ (LQJHEXQGHQKHLW DXI GLH 0RWLYDWLRQ KLQ XQG UHGX]LHUHQ VR HLQH DOOIlOOLJH 5HVWEHIUFKWXQJHLQHULQKDOWOLFKHQXQGPHWKRGLVFKHQ=XIlOOLJNHLW'LHVHLQGHU6R ]LDOZLVVHQVFKDIWEHNDQQWH,UUWXPVZDKUVFKHLQOLFKNHLWLVWYRUDOOHPGDUXP]XEHUFN VLFKWLJHQ ZHLO GLH )RUVFKXQJVIUDJH QDFK GHU (UKHEXQJ HUDUEHLWHW ZXUGH ,QVRIHUQ GLHQWDOVRGLH9LHO]DKOGHU%HIXQGHXQGGHUHQ]XP7HLOH[SORUDWLYH&KDUDNWHUHLQHP DXVJHZRJHQHQ (UNHQQWQLVSUR]HVV EHL HLQHP VR ODQJHQ /lQJVVFKQLWW 9LHOH GHU KLHU JHIXQGHQHQ (LQ]HOEHIXQGH ]XP NXU]HQ /lQJVVFKQLWW ]ZLVFKHQ XQG VLQG LQ GHQ LQIRUPDWLRQVUHLFKHQ 0RQRJUDILHQ EHU GHQ .RQVWDQ]HU /lQJVVFKQLWW YRQ 3URI'U)HQGD LQGLHVHUGLIIHUHQ]LHUWHQ)RUPQRFKQLFKW JH]HLJWZRUGHQ 'LH 6WXGLH IRNXVVLHUW XQWHU GHU 6'73HUVSHNWLYH GLH /HLVWXQJVPRWLYDWLRQVHQWZLFN OXQJDXIJUXQGVR]LDOHU(LQEHWWXQJLQ)DPLOLHXQG6FKXOHEHU-DKUHKLQZHJ %HZXVVWJHZlKOWH$QDO\VHQIROJH (V LVW QLFKW GLH $XIJDEH GHU )RUVFKXQJ DOOH 0HVV XQG %HUHFKQXQJVIHKOHU PLW LJHU 6LFKHUKHLW DXV]XVFKOLHHQ VRQGHUQ NRPSOH[LWlWVUHGX]LHUWH 0RGHOOH DXI ]X]HLJHQ ZHOFKH QLFKW YHUZRUIHQ ZHUGHQ $XI GLHVHU %DVLV NRPPHQ YHUVFKLHGHQH $QDO\VHYHUIDKUHQ]XU$QZHQGXQJ 'LH+\SRWKHVHQSUIXQJHQHUVWUHFNHQVLFKEHUGLHJHVDPWHQ(UJHEQLVNDSLWHO,QHL QHP HUVWHQ 6FKULWW NRPPHQ .RUUHODWLRQVEHUHFKQXQJHQ EHU GLH JHVDPWH 6WLFK SUREH KLQZHJ GK )UDXHQ XQG 0lQQHU DOOHU 6FKXOIRUPHQ ]XVDPPHQ ]XU $QZHQ GXQJ ,Q HLQHP ]ZHLWHQ 6FKULWW ZHUGHQ 3DUWLDONRUUHODWLRQHQ HLQJHVHW]W ZHOFKH GLH VWDUN EHHLQIOXVVHQGHQ .RQWUROOYDULDEOHQ ]% /HLVWXQJVSRVLWLRQ DXVSDUWLDOLVLH UHQ'LHVH]ZHL$QDO\VHQZHUGHQEHUGLHJHVDPWHQIDPLOLlUHQXQGGLHDXHU IDPLOLlUHQ9DULDEHOQ]XUVR]LDOHQ(LQJHEXQGHQKHLW6NDOHQXQG(LQ]HOLWHPVLQ.DS XQG PLW GHQ HQWVSUHFKHQGHQ DEKlQJLJHQ PRWLYDWLRQDOHQ 3HUV|QOLFK NHLWVPHUNPDOHQPLWXQG-DKUHQJHWlWLJW:HLOVLFKGLH$QZHQGXQJPXOWLSOHU 5HJUHVVLRQVDQDO\VHQ DXIJUXQGGLHVHUKRKHQ=DKODQ9DULDEOHQXQGDXFKZHJHQ GHU 0XOWLNROOLQHDULWlWVSUREOHPH VFKZLHULJ JHVWDOWHW ZHUGHQ GLHVH QXU IU HLQ]HOQH VLJQLILNDQWH(UJHEQLVVHLP:HLWHUHQEHQXW]W6FKOLHOLFKZHUGHQGLHLQGHQHLQ]HO QHQ $QDO\VHQ NRQ]LVH KHUDXVJHDUEHLWHWHQ 6FKOVVHOYDULDEOHQ PLWWHOV 6WUXNWXUJOHL FKXQJVPRGHOOHQ IHKOHUEHUHLQLJWDQDO\VLHUW 8QWHUGLHVHUPHWKRGLVFKHQ9RUJDQJVZHLVHGUIHQGLHNRUUHODWLYHQXQGSDUWLDONRUUH ODWLYHQ VLJQLILNDQWHQ =XVDPPHQKlQJH ZRKO DXFK PLW NDXVDOHQ :LUNXQJVPHFKDQLV PHQ LQ 9HUELQGXQJ JHEUDFKW ZHUGHQ YRU DOOHP GDQQ ZHQQ VLH XQWHU H[SOL]LWHP 7KHRULHEH]XJ]XU6'7VWHKHQREZRKOVROFKH=XVDPPHQKlQJHVWUHQJZLVVHQVFKDIW OLFKDXFKXPJHNHKUW]ZHLVHLWLJRGHUGXUFKHLQHZHLWHUH9DULDEOHYHUXUVDFKWVHLQ N|QQWHQ ,P*HJHQVDW]]XU6'7ZHOFKHHLQVHLWLJH:LUNXQJVPHFKDQLVPHQYRQGHU|NRORJLVFKHQ(EHQHDXIGLH
SV\FKLVFKH(EHQHGHV.LQGHVPRGHOOLHUWSURSDJLHUWGLH7KHRULHGHV,QWHUDNWLRQLVPXVJUXQGVlW]OLFKGLHJH JHQVHLWLJH %HHLQIOXVVXQJ ,Q GHQ 6WUXNWXUJOHLFKXQJVPRGHOOHQ LVW YRU DOOHP QDFK GHU 6'7 YRUJHJDQJHQ ZRUGHQ
%HJULIIVGHILQLWLRQHQXQG=LHO
=LHOXQG9RUZHJQDKPHYRQ5HODWLYLHUXQJHQ
=XU 7KHPDWLN GHU %HVWLPPXQJ YRQ 3HUV|QOLFKNHLWVPHUNPDOHQ EHU HLQHQ =HLWUDXP YRQPHKUDOV-DKUHQ (V GUIWH YRQ YRUQKHUHLQ NODU VHLQ GDVV GLH (UEULQJXQJ HLQHV 8UVDFKHQQDFKZHLVHV YRQ0RWLYDWLRQEHUHLQHQ=HLWUDXPYRQ]ZHL-DKU]HKQWHQDXFKXQWHU%HUFNVLFKWL JXQJ HLQHU DGlTXDWHQ 7KHRULH XQG GHU VFKULWWZHLVHQ $QZHQGXQJ YRQ NRPSOH[HU ZHUGHQGHQ$QDO\VHQLPPHUKLQWHUIUDJWZHUGHQNDQQ'LH5HDOLWlW]HLJWVLFKVHOWHQ LQ PRGHOOKDIW DXIEHUHLWHWHU :HLVH .RUUHODWLRQV 5HJUHVVLRQV XQG 6WUXNWXUJOHL FKXQJVNHQQ]DKOHQ IDOOHQ EHU HLQHQ VR JURHQ =HLWUDXP GHPHQWVSUHFKHQG WLHI DXV 'LHV ]HLJW VLFK DXFK LQ GHQ YHUVFKLHGHQHQ %HIXQGHQ LP .DSLWHO YLHU 1XQ N|QQHQ VLJQLILNDQWH 1DFKZHLVH XQG LQ NRPSOH[HQ 0RGHOOHQ DXIJHVSUWH WKHRULHNRQIRUPH 7HQGHQ]HQ PLW GHP *HQHUDODUJXPHQW LQ GHQ :LQG JHVFKODJHQ ZHUGHQ GDVV HLQH HLQJHJUHQ]WH )UDJHVWHOOXQJ EH]RJHQ DXI QXU HLQ 3HUV|QOLFKNHLWVPHUNPDO ]X NXU] JUHLIWXPEHUGLH3HUV|QOLFKNHLWVHQWZLFNOXQJZlKUHQG]ZHL-DKU]HKQWHQEHUKDXSW UHOHYDQWH$XVVDJHQPDFKHQ]XN|QQHQ0HWKRGLVFKN|QQHGLHVJDUQLFKWJHQJHQG EHUFNVLFKWLJWZHUGHQVRHLQDOOHQIDOOVZHLWHUHU(LQZDQG (V LVW KLHU QLFKW GHU 2UW EHU GLH $XVVDJHNUDIW GHU YRUOLHJHQGHQ (UJHEQLVVH DXI JUXQGGLHVHUJUXQGVlW]OLFKHQhEHUOHJXQJHQPLWGLHVHPODQJHQ/lQJVVFKQLWWHLQ8U WHLO ]X Il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lQJH DXI JUXQGVlW]OLFKH XQG JDQ]KHLWOLFKH 3HUVSHNWLYHQ KLQ GLHIUDQGHUH)RUVFKXQJVIUDJHQGXUFKDXV%HGHXWXQJKDEHQN|QQWHQ9HUVFKLHGHQV WH )RUVFKXQJVGHVLGHUDWH VLQG LP 7KHRULHWHLO HQWVSUHFKHQG DXIJHIKUW ZRUGHQ XQG N|QQHQPLWGHQYRUOLHJHQGHQ(UJHEQLVVHQHUJlQ]WZHUGHQ
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
7KHRUHWLVFKHU+LQWHUJUXQG 'DVQlFKVWH8QWHUNDSLWHOZLGPHWVLFKVSH]LILVFKXQGDXVJHGHKQWGHP6FKOVVHO EHJULII GHU /HLVWXQJVPRWLYDWLRQ 6FKOLHOLFK JHKW GDV .DSLWHO YHUWLHIW DXI GLH 6HOEVWEHVWLPPXQJVWKHRULH HLQ XQG LP OHW]WHQ .DSLWHO ZLUG JH]HLJW ZDUXP YRQ HLQHUXQWHUVFKLHGOLFKHQ/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXPDXV JHJDQJHQZHUGHQNDQQ =XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ $QGLHVHU6WHOOHVROOHQGHU%HJULII/HLVWXQJVPRWLYDWLRQLQVHLQHQZHVHQWOLFKHQ= JHQXPULVVHQXQGGLH6FKOVVHOPHUNPDOHLQ%H]XJ]XDQGHUHQ0RWLYDWLRQVWKHRULHQ HU|UWHUWZHUGHQ 'LH$QIlQJHWKHRUHWLVFKHU%HVFKlIWLJXQJPLW/HLVWXQJVPRWLYDWLRQ 'LH 0RWLYDWLRQVSV\FKRORJLHEHIDVVW VLFK VFKRQ ODQJH GDPLW ZLH DP EHVWHQ JHOHUQW XQG /HLVWXQJHQ HUEUDFKW ZHUGHQ $OV 8UKHEHU GHU /HLVWXQJVPRWLYDWLRQVIRUVFKXQJ QHQQW5KHLQEHUJ6 0F&OHOODQG$WNLQVRQ&ODUNXQG/RZHOO XQG $WNLQVRQ 'HU 3DUDGLJPHQZHFKVHO GHU ÄNRJQLWLYHQ :HQGH³ OHJW HV QDKH ]ZLVFKHQ lOWHUHQ XQG QHXHUHQ 7KHRULHQ ]X XQWHUVFKHLGHQ %LV ]X GHQ HU -DKUHQ GRPLQLHUWH GDV 9HUVWlUNXQJVOHUQHQ GK HV JLQJ YRU DOOHP XP PHFKDQLVWLVFKH $Q QDKPHQGHUH[WULQVLVFKHQ9HUVWlUNXQJZDVGHP3DUDGLJPDGHV%HKDYLRULVPXVHQW VSULFKW'LHVH*UXQGEHU]HXJXQJHQZXUGHQGDQQ]XQHKPHQGLQ)UDJHJHVWHOOW $OVEHGHXWVDPIUGLH0RWLYDWLRQZXUGHQLFKWPHKUEHWUDFKWHWREMHPDQGLQ GHU 9HUJDQJHQKHLW IU HLQ EHVWLPPWHV 9HUKDOWHQ YHUVWlUNW ZLUG VRQGHUQ RE MHPDQG HUZDUWHW LQ GHU =XNXQIW IU HLQ 9HUKDOWHQ EHORKQW ]X ZHUGHQ +LQ VLFKWOLFKGHUOHLVWXQJVWKHPDWLVFKHQ0RWLYDWLRQIKUWHQ$WNLQVRQXQG0F&OHO ODQG LQ GHQ HU XQG HU -DKUHQ GDV .RQVWUXNW Ã%HGUIQLV QDFK /HLVWXQJ¶ QHHGIRUDFKLHYHPHQWE]ZQ$FK DOVLQGLYLGXHQVSH]LILVFKHV0RWLYGDIUHLQ HWZDVEHVVHUVFKQHOOHUHIIL]LHQWHUPLWZHQLJHU$QVWUHQJXQJ]XWXQ$QIlQJ OLFKZXUGHÃQ$FK¶LP.RQWH[WYRQ:HWWEHZHUEXQG.RQNXUUHQ]WKHPDWLVLHUW VSlWHU ZXUGH HV ]XQHKPHQG DOV VWDELOHV XQG JHQHUHOOHV 0RWLY GHILQLHUW HLQH /HLVWXQJ ]X HUEULQJHQ 'DEHL JHZDQQ ]XQHKPHQG GLH Ã(UZDUWXQJ [ :HUW 7KHRULH¶YRQ$WNLQVRQ DQ%HGHXWXQJ«6HHO6 'LHLQGLYLGXHOOH6HW]XQJGHV$QVSUXFKVQLYHDXVLQ/HLVWXQJVVLWXDWLRQHQNULVWDOOLVLHU WH VLFK GDQQEHL +HFNKDXVHQ DOV ]HQWUDOH (UNHQQWQLV KHUDXV 9LHOH 8QWHUVX FKXQJHQKDEHQGLHVH]ZHLUHODWLYVWDELOHQ$XVSUlJXQJHQÄ+RIIQXQJDXI(UIROJ³XQG Ä)XUFKWYRU0LVVHUIROJ³EHVWlWLJW:HLQHU KDWGDQQGLH/HLVWXQJVPRWLYDWLRQ LQGHU$WWULEXWLRQVWKHRULHEH]JOLFKGHU.DXVDOLWlWGLHVHU]ZHL$XVSUlJXQJHQZHLWHU HUJUQGHW
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
,P)ROJHQGHQZHUGHQGLH*UXQGODJHQGHU/HLVWXQJVPRWLYDWLRQGLHVHU]ZHLWHQ*HQH UDWLRQWKHPDWLVLHUW =XP%HJULIIÄ/HLVWXQJVPRWLYDWLRQ³LQYHUVFKLHGHQHQ7KHRULHQ
'LH/HLVWXQJVPRWLYDWLRQLVWXQWHUGHQ3HUVRQ8PZHOWEH]JHQHLQVHKUJXWHUIRUVFK WHV*HELHW6HKUYLHOH6WXGLHQVLQG]XP7KHPD/HLVWXQJVPRWLYDWLRQXQG3UIXQJV DQJVWGXUFKJHIKUWZRUGHQYJO3HNUXQ 6FKLHIHOH6 2EZRKOGLHJHJHQVWDQGVEHUJUHLIHQGH/HLVWXQJVPRWLYDWLRQVIRUVFKXQJLQGHQHU -DKUHQGXUFKGLHJHJHQVWDQGVEH]RJHQH,QWHUHVVHQIRUVFKXQJHUJlQ]WZRUGHQLVWYJO 3HNUXQXQG6FKLHIHOH6 ZLUGDEHUDXFKKHXWHQRFKGLH/HLVWXQJVPRWL YDWLRQÄDOVHLQHGHU6FKOVVHOPRWLYDWLRQHQDQJHVHKHQEHUGLH0HQVFKHQYHUIJHQ XP6FKXOHXQG%HUXIHUIROJUHLFK]XEHZlOWLJHQ³EHVRQGHUVLQXQVHUHUOHLVWXQJVRUL HQWLHUWHQ*HVHOOVFKDIWYJO+RORG\QVN\ 2HUWHU6 'LH /HLVWXQJVPRWLYDWLRQ HUNOlUW GLH ,QLWLLHUXQJ 5LFKWXQJ XQG ,QWHQVLWlW GHV /HLV WXQJVYHUKDOWHQVYJO%\UQH(FFOHV:LJILHOG 6FKLHIHOH:LOG+RIHU 3HNUXQ (LQH KRFK DXVJHSUlJWH /HLVWXQJVPRWLYDWLRQ EHZLUNW VRPLW GDVV HLQH 3HUVRQ LKUH +DQGOXQJ VR ODQJH IRUWVHW]W ELV VLH ]X HLQHP EHIULHGLJHQGHQ (U JHEQLV JHNRPPHQ LVW Ä'HU /HLVWXQJVPRWLYDWLRQVEHJULII EH]HLFKQHW GHQ :XQVFK E]ZGLH$EVLFKWHWZDV]XOHLVWHQGK(UIROJH]XHU]LHOHQXQG0LVVHUIROJH]XYHU PHLGHQ ZREHL ]XU %HZHUWXQJ GHV (UJHEQLVVHV GHU /HUQKDQGOXQJ GHU Ã/HLVWXQJ¶ HLQLQGLYLGXHOODOVJOWLJHUDFKWHWHU*WHPDVWDEKHUDQJH]RJHQZLUG³:LOG+RIHU 3HNUXQ6 'DV=XVDPPHQZLUNHQYRQ(UZDUWXQJXQG:HUW$QUHL] LVWDXVVFKODJJHEHQGYJO2HUWHU6 'HU %HJULII GHU /HLVWXQJVPRWLYDWLRQ HUNOlUW DOVR /HUQDEVLFKWHQ LP :HVHQWOLFKHQ GXUFKGLH(UJHEQLVVHYRQ/HUQKDQGOXQJHQXQGGHUHQ)ROJHQIUHLQH3HUVRQVRZLH DXVGHU(UIROJVZDKUVFKHLQOLFKNHLWYRQ/HUQKDQGOXQJHQQLFKWDEHUDXVGHP$QUHL] GHU YRP /HUQLQKDOW DXVJHKW 6RPLW LVW GLH /HLVWXQJVPRWLYDWLRQ QLFKW HLQH LQWULQVL VFKHVRQGHUQHLQHH[WULQVLVFKH)RUPGHU0RWLYDWLRQ ,PVFKXOLVFKHQ.RQWH[W]HLJWVLFKHLQHVWDELOH/HLVWXQJVPRWLYDWLRQYRUDOOHPDXIGHU 9HUKDOWHQVHEHQHÄLQGHU]HQWUDOHQ5HVXOWDQWH³$QVWUHQJXQJVEHUHLWVFKDIWYJO)HQG 6 Ä/HUQHQGXUFK]XKDOWHQLVWZRKOHLQHGHU]HQWUDOVWHQ6FKOVVHOTXDOLIL NDWLRQHQGLHGLH6FKXOHKHXWHYHUPLWWHOW³DD26 %H]JOLFK GHV =XVDPPHQKDQJV ]ZLVFKHQ /HLVWXQJVPRWLYDWLRQ XQG /HUQOHLVWXQJHQ JLEW HV GLH 0HWDDQDO\VH YRQ 8JXURJOX XQG :DOEHUJ ZHOFKH HLQH GXUFK VFKQLWWOLFKH .RUUHODWLRQ YRQ U YRUZHLVW 'LHVHU JURHQ %HGHXWXQJ GHU /HLV WXQJVPRWLYDWLRQKDOWHQDEHU3HNUXQXQG6FKLHIHOH LQ$QOHKQXQJDQGLH0H WDDQDO\VHYRQ6FKLHIHOHXQG6FKUH\HU HQWJHJHQGDVVLQWULQVLVFKH0RWLYDWLRQ NRQVLVWHQWSRVLWLYPLWGHQ/HLVWXQJHQYRQ6FKOHUQXQG6WXGHQWHQ]XVDPPHQKlQJW GXUFKVFKQLWWOLFKH.RUUHODWLRQYRQU ZlKUHQGVLHIUH[WULQVLVFKH0RWLYDWLRQ LQNRQVLVWHQWDXVIDOOHQ6 (EHQVRLQWHUHVVDQWLVWGDVVLQWULQVLVFKH/HUQPRWLYD WLRQ PLW 6WUDWHJLHQ YHUWLHIWHU ,QIRUPDWLRQVYHUDUEHLWXQJ ]XVDPPHQKlQJW GXUFK
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
VFKQLWWOLFKH .RUUHODWLRQ YRQ U ZlKUHQG GDJHJHQ GLH H[WULQVLVFKH 0RWLYDWLRQ RIW HKHU PLW REHUIOlFKOLFKHQ 6WUDWHJLHQ LQ 9HUELQGXQJ VWHKW U VR 6FKLHIHOH XQG6FKUH\HUZHLWHU$OVRKDWQLFKWQXUGDV$XVPDVRQGHUQDXFKGLH4XDOLWlWGHU 0RWLYDWLRQHLQHQ(LQIOXVVDXIGLH/HLVWXQJ (VZLUGLQGHUYRUOLHJHQGHQ$UEHLWDEHUGDUDXIYHUZLHVHQGDVVGLH/HLVWXQJVPRWLYD WLRQ DXIJUXQG GHU WKHRUHWLVFK IXQGLHUWHQ 8UVDFKHQDQQDKPH JHPl GHU 6'7 HLQHU KRKHQ XQG VRPLW VHOEVWEHVWLPPWHQ )RUP GHU H[WULQVLVFKHQ 0RWLYDWLRQ ]XJHRUGQHW ZHUGHQNDQQV.DS 6RPLWUHODWLYLHUWVLFKRELJH(UNHQQWQLVGDVVH[WULQVLVFKH 0RWLYDWLRQQXUPLWREHUIOlFKOLFKHP/HUQHQ]XVDPPHQKlQJW *HPl0XUSK\XQG$OH[DQGHU GLHVLFKPLWGHU/HUQXQG/HLVWXQJVPRWLYD WLRQV7HUPLQRORJLHEHIDVVWHQZHUGHQJOREDOH.RQ]HSWHZLHÄ0RWLYDWLRQ³VHOWHQH[ SOL]LWGHILQLHUW,QGHUVFKXOEH]RJHQHQ/LWHUDWXUZLUGLKUHU(LQVFKlW]XQJQDFKKlXILJ GHU %HJULII GHU /HUQPRWLYDWLRQ YHUZHQGHW ZREHL VLH H[SOL]LW DXI 'HFL XQG 5\DQ XQG )HQG YHUZHLVHQ $XFK :LOG XQG 5HP\ D YHUZHQGHQ GLH $QVWUHQJXQJVEHUHLWVFKDIW ÄDOV 0D IU GLH +|KH GHU /HUQPRWLYDWLRQ³ 6 8P GLH %HJULIIVYHUZHQGXQJ QLFKW XQQ|WLJ NRPSOL]LHUW ]X JHVWDOWHQ ZLUG LQ GHU YRUOLH JHQGHQ $UEHLW GHU %HJULII /HLVWXQJVPRWLYDWLRQ YHUZHQGHW ZHQQ HV XP GDV KLHU YHUZHQGHWH.RQVWUXNWLP-XJHQGDOWHUJHKWZHOFKHVGXUFKZDKUJHQRPPHQHVR]LDOH .RQWH[WHHUNOl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hEHUVLFKWVDUWLNHOGLHÄVR]LDOH0RWLYDWLRQ³'HILQLWLRQXQWHQIROJHQG DOVHL QHYRQVLHEHQ$UWHQGHU/HUQPRWLYDWLRQDXILQGHPHUH[SOL]LWDXIGLH6HOEVWEHVWLP PXQJVWKHRULHYHUZHLVW-HGRFKKlOWDXFKHUIHVWGDVVHVKHXWHHLQHGHUDUWLJH9LHOIDOW YRQ 0RWLYDWLRQVNRQVWUXNWHQ JLEW 5LFKWXQJ $XVGDXHU XQG ,QWHQVLWlW YRQ /HUQYHU KDOWHQ ]X EHVFKUHLEHQ GDVV HV QLFKW OHLFKW LVW VLFK HLQHQ hEHUEOLFN ]X YHUVFKDIIHQ YJO 6 'DUDXV NDQQ PDQ VFKOLHHQ GDVV YHUVFKLHGHQH 0RWLYDWLRQVWKHRULHQ JOHLFKH RGHU lKQOLFKH 7HLO .RQVWUXNWH EHLQKDOWHQ ZHOFKH HV HUODXEHQ GLH LQ GHU YRUOLHJHQGHQ6WXGLHYRUDOOHPVR]LDORULHQWLHUWHXQGEHJUQGHWH/HLVWXQJVPRWLYDWLRQ ]XHUNOlUHQ 'LHVHVR]LDORULHQWLHUWH/HLVWXQJVPRWLYDWLRQEHGHXWHWDOVRGLHÄ2ULHQWLHUXQJDQGHQ )ROJHQIUXQGGHU%HZHUWXQJGHUHLJHQHQ3HUVRQGXUFK%H]XJVSHUVRQHQZLH(OWHUQ /HKUHUXQG0LWVFKOHU³:LOG+RIHUXQG3HNUXQ6
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
1DFK1LFKROOV NDQQ GDV OHLVWXQJVEH]RJHQH +DQGHOQ DXV ]ZHL XQWHUVFKLHGOL FKHQ .RQ]HSWLRQHQ UHVXOWLHUHQ GLH 3HUVRQ VWUHEW /HLVWXQJ DQ XP HLQH K|KHUH )lKLJNHLWDXI]XEDXHQRGHU GLH3HUVRQVWUHEW/HLVWXQJDQXPHLQHK|KHUH)lKLJ NHLW]XGHPRQVWULHUHQ(UVWHUHVLVWHLQH$XIJDEHQRULHQWLHUXQJLFKP|FKWHGLH6DFKH YHUVWHKHQ XQG EHVVHU EHKHUUVFKHQ ]ZHLWHUHV HLQH (JR2ULHQWLHUXQJ LFK P|FKWH EHVVHUDOVGLHDQGHUHQVHLQ 'HQ:XQVFKYRQUHOHYDQWHQ%H]XJVSHUVRQHQDOVNRP SHWHQW ZDKUJHQRPPHQ ]X ZHUGHQ ZLUG YRQ :LOG XQG 5HP\ E HEHQIDOOV DOV (JRE]Z,FK2ULHQWLHUXQJEH]HLFKQHW /HLVWXQJVPRWLYDWLRQLQHQWZLFNOXQJVSV\FKRORJLVFKHU+LQVLFKW 'DVV VLFK HLQ .LQG HLQ -XJHQGOLFKHU RGHU HLQH HUZDFKVHQH 3HUVRQ OHLVWXQJVPlLJ DQVWUHQJWE]ZPRWLYLHUWLVWKlQJWVWDUNPLWGHP$OWHUXQGVHLQHU(QWZLFNOXQJ]X VDPPHQ(VJLEWGLHÄ(QWZLFNOXQJVSKDVHQGHU/HLVWXQJVPRWLYDWLRQ³ZHOFKHVLFKLQ YLHU6WXIHQZLHIROJW]HLJHQYJO+RORG\QVN\ 2HUWHU6II3KDVH,9LVW DXIJUXQGGHU$OWHUVDQJDEHGXUFK'/LQ,9DXQG,9EXQWHUWHLOWZRUGHQ , )UHXGH DP (IIHNW DE GHP GULWWHQ 0RQDW +LHU NDQQ YRQ HLQHP DEVLFKWVYROOHQ +DQGHOQGHV.LQGHVJHVSURFKHQZHUGHQXPEHVWLPPWH(IIHNWHLQGHU8PZHOWKHU YRU]XUXIHQ]%*HJHQVWlQGHYRP7LVFKIDOOHQODVVHQ ,, 6HOEHUPDFKHQZROOHQJHJHQ(QGHGHVHUVWHQ-DKUHVDEHULQVEHVRQGHUHLP]ZHL WHQ-DKU=XPHUVWHQ0DOKDWGDV.LQGHLQH[SOL]LWHV9HUVWlQGQLVHLJHQHU8UKHEHU VFKDIW(VP|FKWHGLH'LQJHDOOHLQHPDFKHQ(VHUOHEWTXDVLVHLQHHLJHQH6HOEVWZLUN VDPNHLW'LH%H]XJVSHUVRQHQEHJLQQHQKLHUVFKRQGDV9HUKDOWHQGHV.LQGHVLQ$E KlQJLJNHLWHLQHU%H]XJVQRUP]XZHUWVFKlW]HQRGHU]XPLVVELOOLJHQ'LHVIKUWGDQQ EHUHLWV ]X HUVWHQ (UIDKUXQJHQ PLW 6WRO] XQG 9HUOHJHQKHLWVUHDNWLRQHQ GHV .LQGHV %H]XJQHKPHQGDXIGLH6'7VLQGKLHUGLH.HUQEHJULIIHÄ$XWRQRPLH³XQGÄ/RFXVRI FDXVDOLW\³DQJHVSURFKHQ ,,, 6WRO] XQG 6FKDP DXIJUXQG HLJHQHU 7FKWLJNHLW DE GUHLHLQKDOE -DKUHQ (UVW DE GLHVHU3KDVHNDQQ]XPHUVWHQ0DOYRQ/HLVWXQJVPRWLYDWLRQJHVSURFKHQZHUGHQGD GLH.LQGHULKU+DQGHOQQLFKWPHKU QXUDXIGLHHLJHQH8UKHEHUVFKDIWVRQGHUQDXFK DXI HLQHQ :HUWHPDWDE YRQ 7FKWLJNHLWEH]LHKHQ 'LH .LQGHU VLQG QXQ QLFKW PHKU HIIHNWPRWLYLHUWVRQGHUQKDQGHOQOHLVWXQJVPRWLYLHUW ,9D =LHORULHQWLHUXQJDEYLHUHLQKDOE-DKUHQ1XQVHW]WVLFKGDV.LQGDXIJUXQGYR UDXVJHJDQJHQHU (UIROJH =LHOH GK HV VWHOOW HLQ $QVSUXFKVQLYHDX IU GLH HLJHQH 7FKWLJNHLWDXI ,9E 6R]LDOH %H]XJVQRUPRULHQWLHUXQJ DE DFKW -DKUHQ ,P *UXQGVFKXODOWHU EHJLQQW GDV .LQG ]XQHKPHQG VHLQH /HLVWXQJHQ LP 9HUJOHLFK PLW GHQ DQGHUHQ .LQGHUQ ]X VHKHQ (V ZHQGHW GLH VR]LDOH %H]XJVQRUP DQ ,P 6HNXQGDUVFKXODOWHU LVW GDQQ GDV .LQGVRZHLWGDVVHVEHLGH%H]XJVQRUPHQLQGLYLGXHOOXQGVR]LDO MHQDFK6LWXDWLRQ QHEHQHLQDQGHUJHEUDXFKW(VJHODQJWVR]XHLQHPVWDELOHQ)lKLJNHLWVNRQ]HSW ,QWHUHVVDQWLVWDXFKGDVVMHQDFK(QWZLFNOXQJVVWDQGHLQHHUEUDFKWH/HLVWXQJXQWHU VFKLHGOLFKHUNOlUWZLUG.LQGHUDEIQI-DKUHQN|QQHQGLH$QVWUHQJXQJDOV(UNOlUXQJ IUGLH/HLVWXQJHQYHUVWHKHQZHLOHVDXFKVHKUDQVFKDXOLFKLVW'DJHJHQYHUVWHKHQ
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
.LQGHU GLH $WWULEXLHUXQJ GHU /HLVWXQJ GXUFK )lKLJNHLW HUVW DE GHP $OWHU YRQ ]HKQ -DKUHQGD)lKLJNHLWLP*HJHQVDW]]X$QVWUHQJXQJHKHUÄXQVLFKWEDU³EOHLEW'LHV\V WHPDWLVFKH $QZHQGXQJ GHU )lKLJNHLWVNRPSHQVDWLRQ GK $QVWUHQJXQJ XQG )lKLJ NHLW DOV NRPSHQVDWRULVFKH 8UVDFKHQIDNWRUHQ YHUVWHKHQ LVW HUVW EHL .LQGHUQ DE FD -DKUHQP|JOLFKYJO+HFNKDXVHQ +HFNKDXVHQ6+RORG\QVN\ 2HUWHU6 'LH /HLVWXQJVPRWLYDWLRQVIRUVFKXQJ GHU HU XQG HU-DKUH HUNOlUWH GLH /HLV WXQJVPRWLYDWLRQ GXUFK $QWL]LSDWLRQ YRQ 6WRO] XQG 6FKDP 3HNUXQ 6FKLHIHOH 6 +RORG\QVNL EHOHJWH GLHVH (UJHEQLVVHEHL9RUVFKXONLQGHUQ LQ HLQHUQHXHUHQ6WXGLHGXUFKGLH(UIDVVXQJGHU*HVLFKWVDXVGUFNHYRQ.LQGHUQZHQQ HLQH%H]XJVSHUVRQDQRGHUDEZHVHQGZDU6HLQ)D]LW/HLVWXQJVPRWLYLHUWHV9HUKDO WHQLVWLP9RUVFKXODOWHUQRFKZHLWJHKHQGDQGLH3UlVHQ]HLQHUZHUWJHVFKlW]WHQ3HU VRQJHEXQGHQ6RPLW]HLJWDXFKGLHVHU%HIXQGGDVVGLH%H]LHKXQJ]XU%H]XJVSHU VRQGLH/HLVWXQJVPRWLYDWLRQZHVHQWOLFKEHVWLPPW 1DFK+HFNKDXVHQXQG+HFNKDXVHQ XQG1LFKROOV VLQG.LQGHULP$OWHU YRQELV-DKUHQDOVRIlKLJ)lKLJNHLWDOV(UNOlUXQJVNRQ]HSWIU/HLVWXQJULFKWLJ ]XEHQXW]HQXQGNRPSHQVDWRULVFKPLW$QVWUHQJXQJ]XYHUNQSIHQ+RKH)lKLJNHLW NDQQ JHULQJH $QVWUHQJXQJ ZHWWPDFKHQ XQG XPJHNHKUW (EHQVR ZLUG DEHU HUNDQQW GDVV HLQ 0LQLPXP YRQ )lKLJNHLW IU HLQHQ EHVWLPPWHQ /HLVWXQJVHIIHNW YRUKDQGHQ VHLQPXVVGHUQLFKWGXUFKYHUPHKUWH$QVWUHQJXQJDXVJHJOLFKHQZHUGHQNDQQ 'LH8QWHUVXFKXQJGHU6WLFKSUREHGHUYRUOLHJHQGHQ$UEHLWVHW]WHEHQKLHUDQ(VVLQG ELV MlKULJH 6FKOHU ZHOFKH /HLVWXQJHQ GXUFK $QVWUHQJXQJ XQG )lKLJNHLW DWWULEXLHUHQV.DS ,QVJHVDPW NDQQ IHVWJHKDOWHQ ZHUGHQ GDVV VLFK GLH /HLVWXQJVPRWLYDWLRQ XQG GHUHQ $WWULEXLHUXQJ VXN]HVVLYH HQWZLFNHOQ 6RZRKO GLH VR]LDOH (LQJHEXQGHQKHLW DOV DXFK GDV%HGUIQLVQDFK.RPSHWHQ]HUIDKUXQJZLHHVLQGHU6'7SRVWXOLHUWZLUGZLUNHQ VLFK DOV %HVWLPPXQJVIDNWRUHQ GHU /HUQ XQG /HLVWXQJVPRWLYDWLRQ LQ DOWHUVVSH]LIL VFKHU:HLVHDXV =XU6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQDOVGLVSRVLWLRQDOHV3HUV|QOLFK NHLWVPHUNPDO $XVGHQRELJHQ $XVIKUXQJHQLQ HQWZLFNOXQJVSV\FKRORJLVFKHU+LQVLFKWYJO.DS OlVVWVLFKVFKRQDXIHLQHJHZLVVH6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQVFKOLHHQ 3HUV|QOLFKNHLW NDQQ JHPl 3HNUXQ XQG +HOPNH ]XVDPPHQIDVVHQG DOV *H VDPWV\VWHPYRQUHODWLY ]HLWVWDELOHQLQGLYLGXHOOHQ0HUNPDOHQYHUVWDQGHQZHUGHQ 6LHPHLQHQDOVR0HUNPDOHGLH]HLWEHUGDXHUQGVLQGXQGVLFKYRQDQGHUHQ3HUVRQHQ XQWHUVFKHLGHQÄ5HODWLY³LVWGDUXPJHEUDXFKWÄZHLOHVNDXPHLQ0HUNPDOJLEWGDV EHUGLHJHVDPWH/HEHQVVSDQQHKLQZHJVWDELOLVW³6I 'LHDOOJHPHLQH%HJULIIV GHILQLWLRQ GHU GLIIHUHQWLHOOHQ 6WDELOLWlW LVW VFKRQ XQWHU .DSLWHO JHOHLVWHW ZRUGHQ 1XQJHKWHVGDUXP/HLVWXQJVPRWLYDWLRQDOVGLVSRVLWLRQDOHV3HUV|QOLFKNHLWVPHUNPDO ]XLGHQWLIL]LHUHQXQGLQVRIHUQGHUHQOlQJHUIULVWLJH6WDELOLWlW]XEHJUQGHQ
7KHRUHWLVFKHU+LQWHUJUXQG
=XU7KHRULHGHU/HLVWXQJVPRWLYDWLRQ
1DFK 0HLQXQJ YRQ 3HNUXQ XQG +HOPNH JHK|UW GLH /HUQ XQG 3UIXQJVDQ VWUHQJXQJ]XGHQGLVSRVLWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQYJO6 'DV LQ GLHVHU $UEHLW DEKlQJLJH .RQVWUXNW /HLVWXQJVPRWLYDWLRQ LVW GDPLW DOVR DOV GLVSRVLWLRQDOHV3HUV|QOLFKNHLWVPHUNPDODXVJHZLHVHQVD.DS& ,QGHUYRUOLHJHQGHQ8QWHUVXFKXQJZHUGHQDEHUZHLWHUHGLVSRVLWLRQDOHXQGKDELWXHOOH 3HUV|QOLFKNHLWVPHUNPDOH LQ GLH %HUHFKQXQJHQ PLWHLQIOLHHQ (V VLQG GLHV QHEHQ /HLVWXQJVPRWLYDWLRQ ZHLWHUH 9DULDEOHQ ZLH VFKXOLVFKH /HLVWXQJVDQJVW 6HOEVWZLUN VDPNHLWRGHU%HJDEXQJV]XVFKUHLEXQJV.DS 'LH$VSHNWHGHV/HLVWXQJVYHUKDOWHQVVLQGQDFK.UDXVH(WWULFKXQG-DKQ EHL -XJHQGOLFKHQ VFKRQ KRFKJUDGLJ VWDELOLVLHUW VR GDVV GLH :LUNXQJHQ GHU IDPLOLDOHQ (LQIOVVHLP/lQJVVFKQLWWVFKZHUQDFKZHLVEDUVHLHQ,KUH8QWHUVXFKXQJVHUJHEQLVVH VWW]HQGLH7KHVHGDVVGDV/HLVWXQJVYHUKDOWHQGHU-XJHQGOLFKHQDXIIUKHIDPLOLDOH %HGLQJXQJHQ]XUFNJHKWYJO6 0LW RELJHP =LWDW LVW DQJHGHXWHW GDVV GLH /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU YRU DOOHPGXUFKGLH]XYRUH[LVWLHUHQGHQXQGSUlJHQGHQ(OWHUQ.LQG%H]LHKXQJHQPLWEH VWLPPWLVWXQGLQVRIHUQQXUNOHLQH(IIHNWHGHUVR]LDOHQ(LQJHEXQGHQKHLWLPNXU]HQ /lQJVVFKQLWW$OWHUXQG$OWHU ]XHUZDUWHQVLQG $XFKGLH%HJULIIHÄ6WDWH³XQGÄ7UDLW³XQGLKUH=XVDPPHQKlQJH]XU/HLVWXQJVPR WLYDWLRQ PVVHQ DQ GLHVHU 6WHOOH HUZlKQW ZHUGHQ $NWXHOOH 0RWLYDWLRQV]XVWlQGH ZHUGHQ DOV Ä6WDWHV³ EH]HLFKQHW EHUGDXHUQGH 3HUVRQHQPHUNPDOH KLQJHJHQ DOV Ä7UDLWV³=ZHLWHUH%H]HLFKQXQJLVWPLWGHP%HJULII'LVSRVLWLRQYHUEXQGHQGHP EHUGDXHUQGHSV\FKLVFKH6WUXNWXUHQ]XJUXQGHOLHJHQHUVWHUH%H]HLFKQXQJLVWPLWKD ELWXHOOHU0RWLYDWLRQLQ%H]LHKXQJ]XVHW]HQZHOFKHQLFKWNRQWLQXLHUOLFKYRUKDQGHQ LVWVRQGHUQHKHUDXIGDVDNWXHOOH$XVPDGHU0RWLYDWLRQKLQZHLVW]%LQWULQVLVFKH 0RWLYDWLRQYJO6FKLHIHOH .|OOHU6 =ZLVFKHQKDELWXHOOXQGGLVSRVLWLRQDONDQQDXFKLQ$QOHKQXQJDQ3HNUXQXQG6FKLH IHOH XQWHUVFKLHGHQ ZHUGHQ (LQH DNWXHOOH LQ HLQHU /HUQVLWXDWLRQ ZLHGHUNHK UHQG DXIWUHWHQGH (PRWLRQ XQG 0RWLYDWLRQ KDELWXHOOHV 3HUV|QOLFKNHLWVPHUNPDO LVW YRQ ]XJHRUGQHWHQ GLVSRVLWLRQDOHQ 3HUVRQPHUNPDOHQ ]X XQWHUVFKHLGHQ =XU *UXSSH KDELWXHOOHU (PRWLRQ E]Z 0RWLYDWLRQ JHK|UW ]% GLH LQGLYLGXDOW\SLVFK KlXILJ XQG LQWHQVLY ZLHGHUNHKUHQGH $QJVW LQ /HLVWXQJVVLWXDWLRQHQ =X GHQ EHUGDXHUQGHQ VR PDWLVFKHQXQGNRJQLWLYH6WUXNWXUHQNDQQ]%GDVNRPSHWHQ]XQGKDQGOXQJVEH]R JHQH6HOEVWNRQ]HSWJH]lKOWZHUGHQYJO6 6RPLWNDQQGLH/HLVWXQJVPRWLYDWL RQZHQQVLHXQWHUGHU3HUVSHNWLYHYRQEHUHLWVHUOHEWHQXQGYHULQQHUOLFKWHQ6R]LDOL VDWLRQVHIIHNWHQEHWUDFKWHWZLUGDOV'LVSRVLWLRQEH]HLFKQHWZHUGHQ 'HU %HJULII 'LVSRVLWLRQ ZLUG DXFK EHL 0F&OHOODQG YHUZHQGHW 6HLQHU 0HL QXQJ QDFK JUQGHW GLH PHQVFKOLFKH 0RWLYDWLRQ DXI GUHL GRPLQDQWHQ %HGUIQLVVHQ
6LHPHLQHQGDPLWÄ0HUNPDOHGLHLQGHULQGLYLGXDOW\SLVFKHQ:LHGHUKROXQJYRQ3UR]HVVHQEHVWHKHQKD ELWXHOOHU3UR]HVV ³6 6LHKDOWHQIHVWGDVVEH]JOLFKKDELWXHOOHQ3UR]HVVHQEHJULIIOLFKKlXILJDXFKYRQ Ä'LVSRVLWLRQ³GLH5HGHLVW
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
GDV %HGUIQLV QDFK (UIROJ QDFK 0DFKW XQG VR]LDOHU =XJHK|ULJNHLW ,P *HJHQVDW] ]XU6HOEVWEHVWLPPXQJVWKHRULHYDULLHUWGLHVXEMHNWLYH%HGHXWXQJMHGHV%HGUIQLVVHV JHPl0F&OHOODQGYRQ,QGLYLGXXP]X,QGLYLGXXPXQGKlQJWYRPNXOWXUHOOHQ+LQ WHUJUXQG GHV (LQ]HOQHQ DE 6HLQHU 0HLQXQJ QDFK ODVVHQ VLFK %HGUIQLVVH ZLH GDV 6WUHEHQQDFK1lKH:LUNVDPNHLWXQG(IIL]LHQ]DOV'LVSRVLWLRQHQEHWUDFKWHQGLHDXI GHU *UXQGODJH DIIHNWLYHU /HUQHUIDKUXQJHQ LQ GHU IUKHQ .LQGKHLW JHELOGHW ZHUGHQ 6RPLWLVWDQJHGHXWHWGDVVXQWHUVFKLHGOLFKHIUKH/HUQHUIDKUXQJHQXQGVR]LDOH.RQ WH[WHVLFKOlQJHUIULVWLJLQHLQHUHKHUDXI'LVSRVLWLRQDQJHOHJWHQ/HLVWXQJVPRWLYDWLRQ DXVZLUNHQ 'LH6HOEVWEHVWLPPXQJVWKHRULH6'7 'LH .HUQEHJULIIH GHU 6HOEVWEHVWLPPXQJVWKHRULH RGHU Ä6HOI'HWHUPLQDWLRQ 7KHRU\³ 6'7 NUHLVHQZLHGHU1DPHVDJWXP VHOEVWEHVWLPPWHV+DQGHOQXQGGHVVHQ9R UDXVVHW]XQJHQ'LH6'7VWW]WVLFKYRUDOOHPDXIGLHDQJHERUHQHQXQGDOOJHPHLQJO WLJHQ SV\FKRORJLVFKHQ %HGUIQLVVH %DVLF 1HHGV XQG NULWLVLHUW E]Z HUJlQ]W LQVR IHUQ ELVKHULJH NRJQLWLYH (UNOlUXQJVDQVlW]H GHU 0RWLYDWLRQ ,Q GHU 6'7 VLQG GDV $XVPDVXEMHNWLYHUOHEWHU$XWRQRPLHGLHZDKUJHQRPPHQHHLJHQH.RPSHWHQ]XQG GLH VR]LDOH (LQJHEXQGHQKHLW GLH HQWVFKHLGHQGHQ 0RWLYDWLRQVIDNWRUHQ YJO 'HFL 5\DQ 'LH 6HOEVWEHVWLPPXQJVWKHRULH GHU 0RWLYDWLRQ PDFKW JHOWHQG GDVV 0HQVFKHQ GHQLQWULQVLVFKHQDQJHERUHQHQ :XQVFKKDEHQLKUH8PZHOW]XHUIRUVFKHQ]X YHUVWHKHQ XQG ÄLQ VLFK DXI]XQHKPHQ³ DVVLPLOLHUHQ 'LH 0RWLYDWLRQ ]XU DNWL YHQ $XVHLQDQGHUVHW]XQJ PLW GHU 8PZHOW LVW EHUHLWV LQ GHQ IUKHVWHQ 6WDGLHQ GHU(QWZLFNOXQJJHJHEHQXQGEUDXFKWNHLQH$QOHLWXQJHQXQGlXHUHQ=ZlQJH DD26 1DFKGLHVHP6FKOVVHO]LWDWGDVGLH%HGHXWXQJGHULQWULQVLVFKHQ0RWLYDWLRQKHUYRU KHEWVROOHQLP)ROJHQGHQYRUDOOHP±LQ.HQQWQLVGLHVHUDQWKURSRORJLVFKHQ*HJH EHQKHLW ± GLH 8PZHOWIDNWRUHQ XQG NRQWH[WH XQWHUVXFKW ZHUGHQ ZHOFKH HLQH JDQ] KHLWOLFKH /HUQ XQG /HLVWXQJVPRWLYDWLRQ I|UGHUQ 'LH .HUQNDSLWHO VLQG DOVR XQG=XYRUZHUGHQHLQH9HURUWXQJGHU6'7.DS VRZLHGHUHQ*UXQG ]JH.DS SUlVHQWLHUW 9HURUWXQJ 6HLWGHUÄNRJQLWLYHQ:HQGH³LQGHU3V\FKRORJLHLVWÄHLQHNDXPQRFKEHUVFKDXEDUH 9LHO]DKO YRQ 7KHRULHQ ]X NRJQLWLYHQ (PRWLRQV XQG 0RWLYDWLRQVEHGLQJXQJHQ YRU JHVFKODJHQZRUGHQ³3HNUXQ6 :LJILHOGHWDO ELHWHQHLQHDNWXHO OH XQG QDFK VHKU QDFKYROO]LHKEDUHQ 2EHUEHJULIIHQ JHJOLHGHUWH hEHUVLFKW EHU GLH /HLVWXQJVPRWLYDWLRQVIRUVFKXQJ 6LH YHUZHQGHQ IROJHQGH EHUJHRUGQHWH .DSLWHO D Ä.DQQ LFK GLH $XIJDEH HUIOOHQ"³ E Ä:LOO LFK GLH $XIJDEH HUIOOHQ XQG ZD
,Q(QJOLVFKKLHULQEHUVHW]WHU)RUP
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
UXP"³ VRZLH F Ä:DV PXVV LFK HUIOOHQ XPEHL GHU$XIJDEHQEHZlOWLJXQJ HUIROJ UHLFK]XVHLQ"³ 8QWHU D ZHUGHQ QHEVW DQGHUHQ ]% GLH 6HOI(IILFDF\7KHRU\ GLH $WWULEXWLRQV WKHRULHXQGGLHÄ0RGHUQ([SHFWDQF\9DOXH7KHRULHV³EHVFKULHEHQXQWHUE VRGDQQ ,QWHUHVVHQ7KHRULHQ XQG ZLHGHUXP PRGHUQH (UZDUWXQJV:HUW7KHRULHQ XQG XQWHU F GLHVR]LDONRJQLWLYHQ7KHRULHQGHU6HOEVWUHJXODWLRQXQG0RWLYDWLRQ 6RZRKOGDV([SHFWDQF\9DOXH0RGHOYJO(FFOHV :LJILHOG DOVDXFKGLH 6'7RGHUGLH)ORZ7KHRU\YJO&VLNV]HQWPLKDO\L ZHUGHQLQ:LJILHOGHWDO XQWHU GHP 2EHUNDSLWHO E Ä:LOO LFK GLH $XIJDEH HUIOOHQ XQG ZDUXP"³ ]X GHQPRGHUQHQ(UZDUWXQJV:HUW7KHRULHQJH]lKOWXQGEHVFKULHEHQ6II 'LH (UZDUWXQJV:HUW7KHRULHQ ZHUGHQ LP (QJOLVFKHQ DXFK 5DWLRQDO&KRLFH7KHRULHQ JHQDQQW YJO )XQRWH 6RPLW VLQG GLH YHUZDQGWHQ 7KHRULHQ ]XU 6'7 LGHQWLIL]LHUW ZHOFKHVLFKDOOHPLWGHU]HQWUDOHQ)UDJHQDFKGHU9HUXUVDFKXQJGHU/HUQXQG/HLV WXQJVPRWLYDWLRQEHVFKlIWLJHQ .XU]EHUEOLFNXQG.HUQHOHPHQWH 'LH 6'7 LVW HLQH JDQ]KHLWOLFKH (QWZLFNOXQJVWKHRULH ,P *UXQGVDW] JHKW HV GDUXP GDVV GLH DQJHERUHQHQ XQG NXOWXUXQDEKlQJLJHQ SV\FKRORJLVFKHQ %HGUIQLVVH GHV 0HQVFKHQ P|JOLFKVW RSWLPDO EHIULHGLJW ZHUGHQ PVVHQ GDPLW HLQH JHVXQGH (QW ZLFNOXQJHLQHU3HUVRQHUP|JOLFKW ZLUG:HVHQWOLFK LVWDXFKGDVV VLHQLFKWQXUGHU 6WlUNH GHU 0RWLYDWLRQ VRQGHUQ DXFK GHUHQ $XVULFKWXQJ QDFKJHKW *HUDGH LP SV\
'LHHUZHLWHUWH(UZDUWXQJV:HUW7KHRULHQDFK(FFOHVXQG:LJILHOG XQWHUWHLOWGHQ:HUWDVSHNWLQ YLHU .RPSRQHQWHQ =LHOHUUHLFKXQJVZHUW LQWULQVLVFKHU :HUW ZDKUJHQRPPHQH .RVWHQ XQG 1W]OLFKNHLW%HLVSLHOVZHLVHLVWEHL HQWVFKHLGHQGZLHEHGHXWVDPGDV+DQGOXQJVHUJHEQLVIUGLH3HUVRQ LVW-HZLFKWLJHUHVIUVLHLVWGHVWRPHKUVWUHQJWVLHVLFKDQ%HL JHKWHVXPGDV9HUJQJHQDP3UR]HVV VHOEVW'DPLWHQJYHUEXQGHQLVW]%DXFKGDV)ORZ(UOHEQLVYJO&VLNV]HQWPLKDO\L RGHUJHPlGHU ,QWHUHVVHQWKHRULH GLH VXEMHNWLYH :HUWVFKlW]XQJ GHV *HJHQVWDQGVEHUHLFKV YJO 6FKLHIHOH +DQGOXQ JHQEHLQKDOWHQLPPHUDXFKJHZLVVH.RVWHQ ZHOFKHGLHZDKUJHQRPPHQHQQHJDWLYHQ$VSHNWHZLH$Q VWUHQJXQJRGHUGLH)XUFKW]XYHUVDJHQEHLQKDOWHQ8QGOHW]WOLFKJHKWHVEHL XPGLH1W]OLFKNHLWGLHDXV GHU%HGHXWXQJHLQHU$XIJDEHIUGDV(UUHLFKHQ]XNQIWLJHU=LHOHUHVXOWLHUW(VZLUGJHOHUQWZHLOPDQVLFK GDUDXV6FKXORGHU%HUXIVFKDQFHQYHUVSULFKW'LHVLVW]%HLQHH[WULQVLVFKH0RWLYDWLRQVIRUP *UXQGVlW]OLFK ZLUG LQ (UZDUWXQJV:HUW7KHRULHQ DQJHQRPPHQ GDVV VLFK HLQH 3HUVRQ IU MHQH +DQG OXQJVDOWHUQDWLYHHQWVFKHLGHWGLHIUVLHLQVJHVDPWGHQK|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|KHUHQ3URGXNWVXPPH]%VFKOLHOLFKGRFKDXIGLH3UIXQJ]XOHU QHQ ZLUGPLWJU|HUHU:DKUVFKHLQOLFKNHLWJHZlKOWYJO*ROOZLW]HU 6FKPLWW6 Ä'LH:DKOGHUPXOWLSOLNDWLYHQ9HUNQSIXQJHUVFKHLQWLQWXLWLYSODXVLEHOGDHLQKRKHU:HUWGHUPLWJHULQJHU :DKUVFKHLQOLFKNHLWHLQWULWWHEHQVRZHQLJDXVVFKODJJHEHQGVHLQVROOWHZLHHLQJHULQJHU:HUWGHUPLWKRKHU :DKUVFKHLQOLFKNHLW HLQWULWW ,Q GHU 3KLORVRSKLH ZLUG HLQ VROFKHV 9RUJHKHQ EHLP 3ODQHQ YRQ +DQGOXQJHQ XQGEHLP)lOOHQYRQ(QWVFKHLGXQJHQDOVYHUQQIWLJLQGHU3V\FKRORJLHXQGLQ|NRQRPLVFKHQ9HUKDOWHQV WKHRULHQ DOV UDWLRQDO EH]HLFKQHW (QWVSUHFKHQG ZHUGHQ (UZDUWXQJV:HUW7KHRULHQ DXFK DOV 5DWLRQDO &KRLFH7KHRULHQEH]HLFKQHW³DD26
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
FKRORJLVFKHQ.RQWH[WNRPPWHVVHKUGDUDXIDQYRQZHOFKHU4XDOLWlWGLH0RWLYDWLRQ LVW YJO .UDSS 5\DQ 6 'LH 6'7 XQWHUVFKHLGHW VRPLW QLFKW QXU ]ZL VFKHQ0RWLYDWLRQXQG$PRWLYDWLRQVRQGHUQVFKOVVHOWGLHVHXQWHUVFKLHGOLFKHQTXD OLWDWLYHQ0RWLYDWLRQVDXVSUlJXQJHQZHLWHUDXIYJO'HFL 5\DQ 'LH GUHL DQJHERUHQHQ SV\FKRORJLVFKH %HGUIQLVVH Ä%DVLF 1HHGV³ ZHOFKH GLH 6HOEVWEHVWLPPXQJVWKHRULHSRVWXOLHUWVLQGIUGLHLQWULQVLVFKHXQGH[WULQVLVFKH0RWL YDWLRQJOHLFKHUPDHQUHOHYDQW(VVLQGGLHVYJO'HFL 5\DQ6 %HGUIQLVQDFK.RPSHWHQ]RGHU:LUNVDPNHLW %HGUIQLVQDFK$XWRQRPLHRGHU6HOEVWEHVWLPPXQJ %HGUIQLVQDFK(LQJHEXQGHQKHLWRGHUVR]LDOHU=XJHK|ULJNHLW 'LHVH%HGUIQLVVHN|QQHQGHU(LQIDFKKHLWKDOEHUPLWWHOV6FKOVVHOVlW]HQÄLFKDOOHLQH HQWVFKHLGH³ ÄLFK NDQQ HV³ XQG ÄLFK JHK|UH GD]X³ XPVFKULHEHQ ZHUGHQ 'HU HUVWH %HJULIIHQWVSULFKWGHUZDKUJHQRPPHQHQ6HOEVWEHVWLPPWKHLWGHU]ZHLWHGHU.RPSH WHQ]]%RSWLPDOH+HUDXVIRUGHUXQJHQPHLVWHUQ XQGGHUGULWWH$VSHNWGHUVR]LDOHQ (LQJHEXQGHQKHLW ZHOFKHU GHU LQGLYLGXHOOHQ :DKUQHKPXQJ GHU =XJHK|ULJNHLW XQG GHU%H]LHKXQJHQHQWVSULFKW%HVRQGHUVGDV%HVWUHEHQQDFKVR]LDOHU(LQJHEXQGHQKHLW VFKHLQWGHQ$XWRUHQIUGLHVHHOLVFKH*HVXQGKHLWHLQH9RUUDQJVWHOOXQJHLQ]XQHKPHQ YJO 5\DQ 'HFL =XGHP JUQGHQ KRKH )RUPHQ H[WULQVLVFKHU 0RWLYDWLRQ YRUDOOHPDXIGHP%HGUIQLVQDFKVR]LDOHU=XJHK|ULJNHLWV.DS& 'LHVHU )DNWRUVWHKWLQGHUYRUOLHJHQGHQ$UEHLWDXFKLP=HQWUXP %HLP HUVWHQ %HGUIQLV EH]LHKHQ VLFK 'HFL XQG 5\DQ 6 LKUHUVHLWV DXI :KLWH EHLP]ZHLWHQ$VSHNWDXIGH&KDUPV XQGEHLPGULWWHQDXIGHQ %HJULIIÄ$IILOLDWLRQ³QDFK+DUORZ %HVRQGHUVLPSlGDJRJLVFKHQ.RQWH[WLVWGLH6'7VHKUUHOHYDQW'HQQVLHJLEWHLQH $QWZRUW GDUDXI ZDUXP EHVWLPPWH +DQGOXQJV]LHOH PRWLYLHUHQG VLQG XQG ZLH PDQ GLH ,QWHQWLRQVELOGXQJ YHUVWHKHQ XQG HUNOlUHQ NDQQ XQG ZHLVW )DNWRUHQ LP VR]LDOHQ .RQWH[W DXV GLH IU GDV $XIWUHWHQ LQWULQVLVFKHU 0RWLYDWLRQ XQG GLH (QWZLFNOXQJ H[WULQVLVFKHU 0RWLYDWLRQ YHUDQWZRUWOLFK VLQG ZLH GDV LP YRUKHULJHQ .DSLWHO DXVJHZLHVHQZXUGH :HQQ PDQ GLH 0RWLYDWLRQVIRUVFKXQJ LP *HQHUHOOHQ EHWUDFKWHW ZHUGHQ LP *UXQG VDW]GUHL.RQ]HSWH]XU(UNOlUXQJGHU+DQGOXQJVHQHUJLHYHUZHQGHWZHOFKHGLHHLQ ]HOQH 3HUVRQ ]X ]LHOJHULFKWHWHP 9HUKDOWHQ IKUW D 3K\VLRORJLVFKH %HGUIQLVVH 7ULHEH E (PRWLRQHQ XQG F SV\FKRORJLVFKH %HGUIQLVVH 'LH 6'7 VWW]W VLFK HEHQIDOOVDXIGLHHUVWHQ]ZHLJHQDQQWHQ)DNWRUHQ'RFKVLHIRNXVVLHUWYDGHQ6WHO OHQZHUW GHU SV\FKRORJLVFKHQ %HGUIQLVVH EHL GHU 0RWLYDWLRQVHQWZLFNOXQJ QlPOLFK GLHÄ%DVLF1HHGV³'LHEHVRQGHUH(UUXQJHQVFKDIWGHU6'7JHJHQEHUYLHOHQDQGH
'HFL XQG 5\DQ YHUZHQGHQ ÄDXWRQRP\³ XQG ÄVHOIGHWHUPLQDWLRQ³ DOV V\QRQ\PH %HJULIIH KLQVLFKWOLFK *UXQGEHGUIQLVDOVDXFKKLQVLFKWOLFK+DQGOXQJVUHJXODWLRQ
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
UHQ0RWLYDWLRQVWKHRULHQ]XPHLVWPLWNRJQLWLYHQ$QVlW]HQ LVWDOVRGDVVVLH$XVVD JHQ EHU GLH SV\FKRORJLVFKHQ 8UVDFKHQ YRQ PRWLYDWLRQDOHQ +DQGOXQJVHQHUJLHQ PDFKW 1DFK'HFLXQG5\DQVLQGGLH*UXQGEHGUIQLVVHDQJHERUHQHVVHQWLHOOXQGXQLYHUVDO 'LH %HIULHGLJXQJ GLHVHU SV\FKRORJLVFKHQ %HGUIQLVVH NDQQ DEHU DXI XQWHUVFKLHGOL FKHXQGNRQWH[WDEKlQJLJH:HLVHHUIROJHQZLHIROJHQGHV=LWDWDXVZHLVW $FFRUGLQJWR6'7WKHVHWKUHHQHHGVFDQEHVDWLVILHGZKLOHHQJDJLQJLQDZLGH YDULHW\ RI EHKDYLRUV WKDW PD\ GLIIHU DPRQJ LQGLYLGXDOV DQG EH GLIIHUHQWLDOO\ PDQLIHVWLQGLIIHUHQWFXOWXUHVEXWLQDQ\FDVHWKHLUVDWLVIDFWLRQLVHVVHQWLDOIRU WKH KHDOWK\ GHYHORSPHQW DQG ZHOOEHLQJ RI DOO LQGLYLGXDOV UHJDUGOHVV RI FXO WXUH'HFL 5\DQ6 'LH6'7NDQQLQGLH]ZHL6XEWKHRULHQÄ&RJQLWLYH(YDOXDWLRQ7KHRU\³XQGÄ2UJD QLVPLF,QWHJUDWLRQ7KHRU\³XQWHUWHLOWZHUGHQ,P)ROJHQGHQZHUGHQEHLGHEHVFKULH EHQ 'DEHL ZHUGHQ UHOHYDQWH $VSHNWH EH]RJHQ DXI YRUOLHJHQGH )UDJHVWHOOXQJ KHU YRUJHKREHQ ,QVRIHUQ LVW HUVLFKWOLFK ZDUXP GLH $XVIKUXQJHQ ]XU RUJDQLVPLVFKHQ ,QWHJUDWLRQVWKHRULHV.DS DXVIKUOLFKHUDXVIlOOW'LHH[WULQVLVFKH0RWLYDWLRQ KDWLQYRUOLHJHQGHU)UDJHVWHOOXQJEHVRQGHUHV*HZLFKW ,QWULQVLVFKH0RWLYDWLRQLQGHUÄ&RJQLWLYH(YDOXDWLRQ7KHRU\³ %HL GHU NRJQLWLYHQ (YDOXDWLRQVWKHRULH JHKW HV YRU DOOHP XP GLH (UUHLFKXQJ GHU K|FKVWHQ0RWLYDWLRQVVWXIHGLHLQWULQVLVFKH0RWLYDWLRQ(VVLQGLQWHUHVVHQEHVWLPPWH +DQGOXQJHQ GHUHQ $XIUHFKWHUKDOWXQJ NHLQH H[WHUQHQ RGHU LQWUDSV\FKLVFKHQ $QVW| HZLH9HUVSUHFKXQJHQRGHU'URKXQJHQEHQ|WLJW'LHLQWULQVLVFKH0RWLYDWLRQEH LQKDOWHW1HXJLHU([SORUDWLRQ6SRQWDQLWlWXQG,QWHUHVVHDQGHQXQPLWWHOEDUHQ*HJH EHQKHLWHQGHU8PZHOWYJO'HFL 5\DQ6 ,QWULQVLVFK PRWLYLHUWH 9HUKDOWHQVZHLVHQ JHOWHQ DOV 3URWRW\S VHOEVWEHVWLPPWHQ 9HU KDOWHQV'DV+DQGHOQVWLPPWPLWGHUHLJHQHQ$XIIDVVXQJEHUHLQZDVHLQHU6HOEVW EHVWLPPXQJHQWVSULFKWGHU%HJULIIGHU6HOEVWEHVWLPPXQJZLUGLPQlFKVWHQ.DSLWHO QRFKPHKUNRQNUHWLVLHUW 'LHLQWULQVLVFKH0RWLYDWLRQHUNOlUWDOVRZDUXP3HUVRQHQ IUHL YRQ lXHUHP 'UXFN XQG LQQHUHQ =ZlQJHQ QDFK HLQHU 7lWLJNHLW VWUHEHQ LQ GHU VLHHQJDJLHUWWXQN|QQHQZDVVLHLQWHUHVVLHUW (QJ GDPLW YHUNQSIW LVW DXFK GDV )ORZ(UOHEHQ QDFK &VLNV]HQWPLKDO\L ZHOFKHVPLWIROJHQGHQ0HUNPDOHQXPVFKULHEHQZHUGHQNDQQ 9HUVFKPHO]HQYRQ+DQGOXQJXQG%HZXVVWVHLQ =HQWULHUXQJGHU$XIPHUNVDPNHLWDXIGLHPRPHQWDQH7lWLJNHLW 6HOEVWYHUJHVVHQKHLW $XVEHQYRQ.RQWUROOHEHU+DQGOXQJXQG8PZHOW 2EZRKOGLH)ORZ7KHRULHRKQH$QQDKPHYRQ*UXQGEHGUIQLVVHQZLHEHLGHU6'7 DXVNRPPWVSLHOWGHU.RPSHWHQ]EHJULIIHEHQIDOOVHLQHZLFKWLJH5ROOH)ORZ(UOHEHQ
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
NDQQGDQQHLQWUHWHQZHQQ)lKLJNHLWXQG$QIRUGHUXQJRSWLPDODXIHLQDQGHUSDVVHQ :HLO GLH 3HUVRQ LKUH .RPSHWHQ] DXV HQWZLFNOXQJVSV\FKRORJLVFKHU +LQVLFKW QRUPDOHUZHLVH VWHLJHUW NDQQ QXU GDQQ ZHLWHUHV )ORZ(UOHEHQ HLQWUHWHQ ZHQQ GLH $QIRUGHUXQJHQHEHQIDOOVDQJHSDVVWZHUGHQ 'LHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQNDQQDOV)RUPGHULQWULQVLVFKHQ/HUQPRWL YDWLRQEH]HLFKQHWZHUGHQZHLOVLHPHLVWHQVYRQ)UHLZLOOLJNHLWXQG,QWHUHVVHJHSUlJW LVW 1LHPDQG ZLUG QRUPDOHUZHLVH ]X HLQHU :HLWHUELOGXQJ JH]ZXQJHQ -HGRFK OlVVW VLFKHEHQVRHLQH[WULQVLVFKVHOEVWEHVWLPPWHU$QWHLOHUNHQQHQZHQQPLWGHU:HLWHU ELOGXQJHLQJHZLVVHV=LHO]%HLQHK|KHUH%HUXIVVWXIHRGHUPHKU3UHVWLJH]XHUUHL FKHQ YHUVXFKW ZLUG $XV GLHVHP *UXQGH HQWKlOW GHU 7LWHO GLHVHU $UEHLW DXFK GHQ %HJULII/HUQPRWLYDWLRQ ([WULQVLVFKH0RWLYDWLRQXQG,QWHUQDOLVLHUXQJLQGHUÄ2UJDQLVPLF,QWHJ UDWLRQ7KHRU\³ ,P *HJHQVDW] ]X LQWULQVLVFK PRWLYLHUWHP 9HUKDOWHQ NDQQ H[WULQVLVFK PRWLYLHUWHV 9HUKDOWHQ DOV 9HUKDOWHQ PLW LQVWUXPHQWHOOHU $EVLFKW GHILQLHUW ZHUGHQ YRU DOOHP ZHQQ HV VLFK XP QLHGHUH )RUPHQ H[WULQVLVFKHU 0RWLYDWLRQ KDQGHOW (V WULWW QLFKW VSRQWDQ DXI VRQGHUQ HV ZLUG RIWPDOV GXUFK $XIIRUGHUXQJHQ 9HUVSUHFKXQJHQ RGHU 'URKXQJHQLQ*DQJJHVHW]WXQGRGHUDXIUHFKWHUKDOWHQ'LH$XVIKUXQJHLQHU7lWLJ NHLWOlVVWHLQHSRVLWLYH %HNUlIWLJXQJHUZDUWHQ 'LHÄ2UJDQLVPLF,QWHJUDWLRQ7KHRU\³ZHLVWDEHUDXIGLH7DWVDFKHKLQGDVVH[WULQVL VFKH 0RWLYDWLRQ QLFKW HLQ NODU XPULVVHQHU =XVWDQG VRQGHUQ HKHU HLQ ,QWHJUDWLRQV SUR]HVV GDUVWHOOW 'LHVHU 9RUJDQJ KDW ZLHGHUXP PLW VR]LDOLVLHUHQGHQ 0HFKDQLVPHQ ]X WXQ ,P 5DKPHQ GHU (UNXQGXQJ GHU Ä%DVLF 1HHGV³ YHUZHLVHQ 'HFL XQG 5\DQ DXI HLQH 0HWDWKHRULH ZHOFKHU GHU 6'7 ]XJUXQGH OLHJW ³7R H[SOLFDWH WKH PHDQLQJRIQHHGVLQ6'7ZHFRQVLGHUQRWRQO\WKHWKHRUHWLFDOFRQFHSWEXWDOVRWKH RUJDQLVPLFGLDOHFWLFDOPHWDWKHRU\WKDWXQGHUOLHVLW´6 8PGLH,QWHUQDOLVLHUXQJVXQG,QWHJUDWLRQVSUR]HVVH% GLHVHU0HWDWKHRULHYHUVWHKHQ ]X N|QQHQ ZHUGHQ GLH %HJULIIH RUJDQLVPLVFK XQG GLDOHNWLVFK LP )ROJHQGHQ ]XHUVW HUNOlUW $ 6FKOLHOLFK ZLUG GDV .RQWLQXXP GHU 0RWLYDWLRQVW\SHQ & QlKHU EH WUDFKWHWXQGEHVFKULHEHQ $ 2UJDQLVPLVFKH'LDOHNWLN 'LH %HJULIIH RUJDQLVPLVFK XQG GLDOHNWLVFK ZHOFKH LQ GHU 0HWDWKHRULH YHUZHQGHW ZHUGHQEHVFKUHLEHQ'HFLXQG5\DQZLHIROJW 7KH VWDUWLQJ SRLQW IRU 6'7 LV WKH SRVWXODWH WKDW KXPDQV DUH DFWLYH JURZWK RULHQWHGRUJDQLVPVZKRDUHQDWXUDOO\LQFOLQHGWRZDUGLQWHJUDWLRQRIWKHLUSV\ FKLF HOHPHQWV LQWR D XQLILHG VHQVH RI VHOI DQG LQWHJUDWLRQ RI WKHPVHOYHV LQWR ODUJHU VRFLDO VWUXFWXUHV ,Q RWKHU ZRUGV 6'7 VXJJHVWV WKDW LW LV SDUW RI WKH DGDSWLYHGHVLJQRIWKHKXPDQRUJDQLVPWRHQJDJHLQWHUHVWLQJDFWLYLWLHVWRH[
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
HUFLVHFDSDFLWLHVWRSXUVXHFRQQHFWHGQHVVLQVRFLDOJURXSVDQGWRLQWHJUDWHLQ WUDSV\FKLFDQGLQWHUSHUVRQDOH[SHULHQFHVLQWRDUHODWLYHXQLW\'HFL 5\DQ 6 $OVGLDOHNWLVFKEH]HLFKQHQZLUGLH7KHRULHZHLOHLQHSHUPDQHQWHLQWHUDNWLYH %H]LHKXQJ]ZLVFKHQGLHVHPRUJDQLVPLVFKHQOQWHJUDWLRQVSUR]HVVXQGGHQ(LQ IOVVHQGHUVR]LDOHQ8PZHOWXQWHUVWHOOWZLUG'HFL 5\DQ6
2UJDQLVPLVFKZHLVWDOVRJHPlRELJHQ=LWDWHQDXIGHQ$VSHNWKLQGDVV0HQVFKHQ HYROXWLRQVEHGLQJW DNWLYH ZDFKVWXPVRULHQWLHUWH 2UJDQLVPHQ VLQG GLH GD]X WHQGLH UHQ LQWUDSV\FKLVFKHXQG LQWHUSHUVRQDOH (UIDKUXQJHQ ]X HLQHU(LQKHLWYHUVFKPHO]HQ ]X ODVVHQ 6LH P|FKWHQ DNWLY VHLQ LKUH )lKLJNHLWHQ DQZHQGHQ XQG ]HLJHQ XQG GDV P|JOLFKVW LQ HLQHP VR]LDOHQ 6HWWLQJ GHU HPRWLRQDOHQ (LQJHEXQGHQKHLW $OV GLDOHN WLVFKNDQQGLH0HWDWKHRULHGDUXPEH]HLFKQHWZHUGHQZHLOVLFKGLHVR]LDOH8PZHOW XQGGHURUJDQLVPLVFKH,QWHJUDWLRQVSUR]HVVJHJHQVHLWLJEHHLQIOXVVHQ 'LH6WUXNWXUGHVÄ6HOEVW³LVWOHW]WOLFKDOVRJHSUlJWGXUFKGDVPHQVFKOLFKH%HGUIQLV QDFK RUJDQLVPLVFKHQ ,QWHJUDWLRQVSUR]HVVHQ ZHOFKH LQ GHQ $XVHLQDQGHUVHW]XQJHQ PLW GHU VR]LDOHQ :HOW WlJOLFK DEODXIHQ 'LH GUHL SV\FKRORJLVFKHQ %HGUIQLVVH (LQ JHEXQGHQKHLW .RPSHWHQ] XQG $XWRQRPLH VLQG GLH ZHVHQWOLFKHQ %HGLQJXQJHQ GD PLW VLFK GLH DQJHERUHQHQ1HLJXQJHQ GHV 0HQVFKHQ QDFK $NWLYLWlW :DFKVWXP ,Q WHJUDWLRQ SV\FKLVFKHU (OHPHQWH XQG ,QWHJUDWLRQ LQ VR]LDOHQ 6WUXNWXUHQ JHVXQG DXV SUlJHQN|QQHQYJO'HFL 5\DQ 'DV.RQ]HSWGHU2UJDQLVPLVFKHQ,QWHJUD WLRQVWKHRULHHQWVSULFKWPHWDSKRULVFKHLQHU9RUVWHOOXQJYRQÄ3IOHJH³XQGÄ:DFKVHQ ODVVHQ³ LP *HJHQVDW] ]X 9RUVWHOOXQJHQ XQG %HJULIIHQ ZLH Ä.RQWUROOH³ XQG Ä/HQ NXQJ³ % ,QWHUQDOLVLHUXQJE]Z,QWHJUDWLRQ=XP.HUQSUR]HVVGHU6HOEVWEHVWLPPXQJ (VKlQJWVRZRKOYRQGHU$UWXQG:HLVHGHUVR]LDOHQ8PZHOWZLHDXFKYRQGHQLQ QHUHQ5HVVRXUFHQXQG(UIDKUXQJHQGHU3HUVRQDEREXQGZLHGLHSV\FKRORJLVFKHQ *UXQGEHGUIQLVVHGHV0HQVFKHQEHIULHGLJWZHUGHQ :LUVLQGGHU$XIIDVVXQJGDVVGHU0HQVFKGLHQDWUOLFKH7HQGHQ]KDW5HJX ODWLRQVPHFKDQLVPHQGHUVR]LDOHQ8PZHOW]XLQWHUQDOLVLHUHQXPVLFKPLWDQ GHUHQ 3HUVRQHQ YHUEXQGHQ ]X IKOHQ XQG 0LWJOLHG GHU VR]LDOHQ 8PZHOW ]X ZHUGHQ'XUFKGLH,QWHJUDWLRQGLHVHUVR]LDOYHUPLWWHOWHQ9HUKDOWHQVZHLVHQLQ GDVLQGLYLGXHOOH6HOEVWVFKDIIWGLH3HUVRQ]XJOHLFKGLH0|JOLFKNHLWGDVHLJHQH +DQGHOQDOVVHOEVWEHVWLPPW]XHUIDKUHQ'HFL 5\DQ6+HUYRU KHEXQJGXUFK'/ 'XUFK HLQHQ VROFKHQ 6R]LDOLVDWLRQVSUR]HVV E]Z ÄGLH ,QWHJUDWLRQ GLHVHU VR]LDO YHU PLWWHOWHQ9HUKDOWHQVZHLVHQLQGDVLQGLYLGXHOOH6HOEVW³HEG JHODQJWGLH3HUVRQ]XP VHOEVWEHVWLPPWHQ +DQGHOQ 9RUDXVVHW]XQJ GDIU LVW GLH VR]LDOH (LQJHEXQGHQKHLW LQ HLQHPÄDN]HSWLHUWHQVR]LDOHQ0LOLHX³
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
'LH(QWZLFNOXQJ]XU6HOEVWEHVWLPPXQJILQGHWVWDWWLQGHPGLH6LQQKDIWLJNHLWJHVHOO VFKDIWOLFKHU:HUWHXQG9HUKDOWHQVUHJHOQUHIOHNWLHUWXQGLQGDV6HOEVWNRQ]HSWLQWHJ ULHUW ZLUG 'LHVH 7UDQVIRUPDWLRQ ± YRQ H[WULQVLVFK PRWLYLHUW ]X VHOEVWEHVWLPPW ± QLPPW %H]XJ DXI GHQ ÄORFXV RI FDXVDOLW\³ Ä:XUGH GDV HLJHQH +DQGHOQ ]XYRU DOV YRQDXHQYHUDQODVVWRGHUHU]ZXQJHQHUDFKWHWZLUGHVQXQDOVIUHLZLOOLJXQGVHOEVW EHVWLPPWHUOHEW³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ÄH[WHUQDOHQ 5HJXODWLRQ³ ,P )ROJHQGHQ ZLUG GDV .RQWLQXXP GHV ]XQHKPHQG VHOEVWEHVWLPPWHQ/HUQHQVYRUJHVWHOOW & .RQWLQXXPGHU0RWLYDWLRQVW\SHQPLW5HJXODWLRQVVWLO+DQGOXQJVYHUXUVDFKXQJ XQGNRUUHVSRQGLHUHQGHQ3UR]HVVHQ 9HUKDOWHQ
VHOEVWEHVWLPPW
QLFKWVHOEVWEHVWLPPW
,QWULQVLVFKH 0RWLYDWLRQ
([WULQVLVFKH0RWLYDWLRQ
0RWLYDWLRQVW\S
$PRWLYDWLRQ
5HJXODWLRQV VWLO
1LFKW 5HJXODWLRQ
([WHUQDOH 5HJXODWLRQ
,QWURML]LHUWH 5HJXODWLRQ
,GHQWLIL]LHUWH 5HJXODWLRQ
,QWHJULHUWH 5HJXODWLRQ
,QWULQVLVFKH 5HJXODWLRQ
:DKUJHQRP PHQHU 2UWGHU .DXVDOLWlW
XQSHUV|QOLFK
H[WHUQDO
HWZDV H[WHUQDO
HWZDV LQWHUQDO
LQWHUQDO
LQWHUQDO
5HOHYDQWH 5HJXODWLRQVSUR ]HVVH
.HLQH :HUWVFKlW]XQJ ,QNRPSHWHQ] 0DQJHODQ .RQWUROOH
%HIROJXQJ (LQZLOOLJXQJ ([WHUQH %HORKQXQJHQ XQG %HVWUDIXQJHQ
6HOEVWNRQWUROOH ,FK ,QYROYLHUWKHLW ,QWHUQH %HORKQXQJHQ XQG %HVWUDIXQJHQ
SHUV :LFKWLJNHLW %HZXVVWHV :HUWVFKlW]HQ
.RQJUXHQ] %HZXVVWKHLW 6\QWWKHVHPLW GHP6HOEVW
,QWHUHVVH 6LFKHUIUHXHQ ,QKlUHQWH %HIULHGLJXQJ
%HLVSLHOIUDJHQ ZDUXPVWUHQJVW GXGLFKDQ"
,FKVHKHQLFKW ZDVGLHVH $NWLYLWlWPLU EULQJHQVROO
$EELOGXQJ
:HLOLFKHVWXQ :HLOLFKPLFK :HLOLFK PXVV VFKlPHZHQQ JODXEHGDVV LFKHVQLFKW GLHVH$NWLYLWlW ZLFKWLJIU VFKDIIH PLFKLVW .RQWLQXXPGHU0RWLYDWLRQVW\SHQYJO'HFL 5\DQ6
:HLOLFKVSlWHU :HLOPLUGLHVH HLQPDO$U]W $NWLYLWlW6SDVV ZHUGHQZLOO
PDFKW
$XI'HXWVFKEHUVHW]WXQGDQJHUHLFKHUWPLW%HLVSLHOIUDJHQQDFK*XD\9DOOHUDQGXQG%ODQFKDUG *UROQLFNXQG5\DQ XQGEHLJHIJWHP%HLVSLHO
DXIJUXQGIHKOHQGHU1HQQXQJHLQHV,WHPVLQ6,06VLWXDWLRQDOPRWLYDWLRQVFDOH JHPl*XD\HWDO DXI6WXIHLQWHUQDOHU5HJXODWLRQ
$EELOGXQJ ]HLJW GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ $PRWLYDWLRQ H[WULQVLVFKHU XQG LQWULQVLVFKHU0RWLYDWLRQ'DEHLZLUGHUVLFKWOLFKGDVVGLHH[WULQVLVFKH0RWLYDWLRQLQ YLHU8QWHUW\SHQE]Z5HJXODWLRQVVWLOHXQWHUWHLOWZLUG'LHIUGLH6HOEVWEHVWLPPXQJ
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
UHOHYDQWH 'LPHQVLRQ LVW GHU 2UW GHU +DQGOXQJVYHUXUVDFKXQJ GLH Ä&DXVDOLW\³ ZHO FKH DOV 8UVDFKH:LUNXQJV=XVDPPHQKDQJ EHVFKULHEHQ ZHUGHQ NDQQ ,VW GLHVH +DQGOXQJVYHUXUVDFKXQJ E]Z GLH 5HJXODWLRQ ÄLQWHUQDO³ GDQQ VSULFKW PDQ YRQ 6HOEVWEHVWLPPXQJ,VWGDVJH]HLJWHPRWLYDWLRQDOH9HUKDOWHQH[WHUQDODXVJHO|VWZRU GHQVSULFKWPDQYRQH[WULQVLVFKHURGHULQVWUXPHQWHOOHU0RWLYDWLRQ 'LH6WXIHQÄLGHQWLIL]LHUWH³XQGÄLQWHJULHUWH³5HJXODWLRQZHUGHQDOVRLPPHUQRFKGHU H[WULQVLVFKHQ 0RWLYDWLRQ ]XJHRUGQHW MHGRFK KDEHQ VLH EHUHLWV VHOEVWEHVWLPPWHQ &KDUDNWHUZHLOVLHOHW]WOLFKYRQLQQHQDXVJHO|VWZRUGHQVLQG'HUZDKUJHQRPPHQH 2UW GHU 9HUXUVDFKXQJ LVW LQWHUQDO 'HU ZHVHQWOLFKH 3UR]HVV LVW GDEHL IROJHQGHU Ä([WULQVLVFK PRWLYLHUWH 9HUKDOWHQVZHLVHQ N|QQHQ GXUFK GLH 3UR]HVVH GHU ,QWHUQDOL VLHUXQJXQG,QWHJUDWLRQLQVHOEVWEHVWLPPWH+DQGOXQJHQEHUIKUWZHUGHQ³'HFL 5\DQ6 %HLPGLHVHP]HQWUDOHQ.RQ]HSWGHVÄ3HUFHLYHG/RFXVRI&DX VDOLW\³DOVZDKUJHQRPPHQHU2UWGHU+DQGOXQJVNRQWUROOHVWW]HQVLFK'HFLXQG5\DQ DXIGH&KDUPV 'HFL XQG 5\DQ GD]X Ä,Q GHP $XVPD LQ GHP HLQH 3HUVRQ HLQH PRWLYLHUWH +DQGOXQJ DOV IUHL JHZlKOW HUOHEW JLOW VLH DOV VHOEVWEHVWLPPW RGHU DXWRQRP ,Q GHP $XVPD LQ GHP VLH DOV HU]ZXQJHQ HUOHEW ZLUG JLOW VLH DOV NRQWUROOLHUW³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|FKVWH6WXIHGHUH[WULQVLVFKHQ0RWLYDWLRQEHLQKDOWHWGHQ%HJULII.RQJUXHQ]V $EELOGXQJ .RQJUXHQWHV9HUKDOWHQJHK|UWDOVR]XU6WXIHÄLQWHJULHUWH5HJXODWL RQ³:HQQ-XJHQGOLFKHGLH,WHPVÄ,FKVWLPPHPLWPHLQHQ(OWHUQEHUHLQZDVLFKLQ GHU6FKXOHOHLVWHQVROO³RGHUÄ«ZLHLFK PLFKEHQHKPHQ VROO³YJO9DULDEOH P PLQ.DS EHIUZRUWHQGDQQVLQGJHUDGHGLHVH(LQVWXIXQJHQNRPSDWLEHOPLW GLHVHUVHOEVWEHVWLPPWHQ/HLVWXQJVPRWLYDWLRQ6LHVWLPPHQPLWLKUHQ(OWHUQEHUHLQ XQGKDEHQVRPLWGLHDQVLHKHUDQJHWUDJHQH9HUKDOWHQVXQG(LQVWHOOXQJVHUZDUWXQJHQ YHULQQHUOLFKWVRGDVVVLHQXQDXVLKQHQKHUDXVVHOEVWEHVWLPPWKDQGHOQ'LH$N]HS WDQ] GHU HOWHUOLFKHQ (UZDUWXQJHQ XQG (U]LHKXQJV]LHOH GXUFK GLH .LQGHU LVW ]XGHP HLQ ZHVHQWOLFKHV 0HUNPDO GHU (OWHUQ.LQG%H]LHKXQJVTXDOLWlW YJO 7URPPVGRUII 6 'HFL XQG 5\DQ XPVFKUHLEHQ GLH EHLGHQ %HJULIIH GHU ,QWHUQDOLVLHUXQJ ZLH IROJW
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
,QWHUQDOLVDWLRQ LVW GHU 3UR]HVV GXUFK GHQ H[WHUQDOH :HUWH LQ GLHLQWHUQDOHQ 5HJXODWLRQVSUR]HVVH HLQHU 3HUVRQ EHUQRPPHQ ZHUGHQ 0HLVVQHU 6FKDIHU ,QWHJUDWLRQLVWGHUZHLWHUJHKHQGH3UR]HVVGHUGLHLQWHUQDOLVLHU WHQ :HUWH XQG 5HJXODWLRQVSULQ]LSLHQ GHP LQGLYLGXHOOHQ 6HOEVW HLQJOLHGHUW 'HFL5\DQ 6
1DFK$XIIDVVXQJGHU6'7KDEHQ0HQVFKHQGLHQDWUOLFKH7HQGHQ]5HJXODWLRQVPH FKDQLVPHQ GHU VR]LDOHQ 8PZHOW ]X LQWHUQDOLVLHUHQ XP VLFK PLW DQGHUHQ 3HUVRQHQ YHUEXQGHQ]XIKOHQXQG0LWJOLHGGHUVR]LDOHQ8PZHOW]XZHUGHQ'LH%HGHXWXQJ LVWHLQHGRSSHOWH'XUFKGLH,QWHJUDWLRQGLHVHUVR]LDOYHUPLWWHOWHQ9HUKDOWHQVZHLVHQ XQG 9HUKDOWHQVQRUPHQ LQ GDV LQGLYLGXHOOH 6HOEVW VFKDIIW GLH 3HUVRQ ]XJOHLFK GLH 0|JOLFKNHLW GDV HLJHQH +DQGHOQ DOV VHOEVWEHVWLPPW XQG DXWRQRP ]X HUIDKUHQ XQG VLFKPLWGHQDQGHUHQ3HUVRQHQYHUEXQGHQ]XIKOHQ$XWRQRPLHXQG(LQJHEXQGHQ KHLWVFKOLHHQVLFKDOVRQLFKWDXV ,P5DKPHQGHUYRUOLHJHQGHQ)UDJHVWHOOXQJUXQGXPGDVVR]LDOH6HWWLQJLQ/HUQVLWX DWLRQHQLVW)ROJHQGHV]HQWUDO9RUDXVVHW]XQJIUGLH9HULQQHUOLFKXQJYRQ/HLVWXQJV XQG /HUQKDOWXQJHQ VLQG DQJHSDVVWH )RUGHUXQJHQ LQ HLQHP RSWLPDOHQ VR]LDOHQ 0L OLHX GDV GLH HQWVSUHFKHQGHQ 9HUKDOWHQVWHQGHQ]HQ XQWHUVWW]W XQG YHUVWlUNW )D]LW 8QWHUVFKLHGOLFKHVR]LDOH.RQWH[WHZLUNHQXQWHUVFKLHGOLFKHIIHNWLYDXIGLH0RWLYDWL RQVHQWZLFNOXQJHLQ ' =XGHQYLHU7\SHQH[WULQVLVFKHU9HUKDOWHQVUHJXODWLRQ 'LHYLHU7\SHQH[WULQVLVFKHU9HUKDOWHQVUHJXODWLRQZLHVLHLQ$EELOGXQJDXIJH IKUW VLQG HQWVSUHFKHQ HLQHP .RQWLQXXP PLW GHQ EHLGHQ (QGSXQNWHQ ÄKHWHURJHQH .RQWUROOH³XQGÄ6HOEVWEHVWLPPXQJ³,Q$EJUHQ]XQJ]XYLHOHQDQGHUHQ0RWLYDWLRQV WKHRULHQ LVW QLFKW GLH 6WlUNH VRQGHUQ GLH 4XDOLWlW GHU 0RWLYDWLRQ ± GLH HUUHLFKWHQ 6WXIHQ ± HQWVFKHLGHQG *HPl GHU RUJDQLVPLVFKHQ ,QWHJUDWLRQVWKHRULH ZLUG DOVR QLFKW PHKU JHPl GHU NODVVLVFKHQ 8QWHUVFKHLGXQJ ]ZLVFKHQ LQWULQVLVFKHU XQG H[WULQVLVFKHU 0RWLYDWLRQ XQWHUVFKLHGHQ VRQGHUQ QDFK GHP *UDG GHU 6HOEVWEHVWLP PXQJ([WULQVLVFKH0RWLYDWLRQGHV7\SVXQGN|QQHQJHQDXVRZLHGLHLQWULQVL VFKH0RWLYDWLRQDOVÄVHOEVWEHVWLPPWH0RWLYDWLRQ³EH]HLFKQHWZHUGHQYJO6FKLHIHOH .|OOHU6 ,P)ROJHQGHQVLQGGLHYLHU)RUPHQH[WULQVLVFKHU0RWLYDWL RQEHVFKULHEHQ 7\S([WHUQDOH5HJXODWLRQ $XIJUXQG GHU VWDUNHQ 9HUKDOWHQVNRQWUROOH YRQ DXHQ LVW $XWRQRPLH QLFKW YRUKDQ GHQ $XI GLHVH UHJXOLHUWHQ 9HUKDOWHQVZHLVHQ KDW GDV ,QGLYLGXXP NHLQHQ GLUHNWHQ (LQIOX(VLVW]ZDULQWHQWLRQDODEHUDEKlQJLJYRQlXHUHQ$QUHJXQJVXQG6WHXH
8QWHUGHPHQJOLVFKXQGODWHLQLVFKJHSUlJWHQ%HJULII,QWHUQDOLVDWLRQZLUGLP)UHPGZ|UWHUEXFKDXIGHQ GHXWVFKHQ%HJULII,QWHUQDOLVLHUXQJYHUZLHVHQ (LQJHEXQGHQKHLWVEHGUIQLVVHYHUKDOWHQVLFKQLFKWDQWLWKHWLVFK]XGHQ%HGUIQLVVHQ.RPSHWHQ]XQG$X WRQRPLH5\DQ
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
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lIWHNRQWUROOLHUWRGHUHU]ZXQJHQZHUGHQGLHDXHUKDOEGHV.HUQEHUHLFKVGHVLQ GLYLGXHOOHQ6HOEVWOLHJHQ0DQNDQQDXFKVDJHQGDVVGHUZDKUJHQRPPHQH2UWGHU +DQGOXQJVYHUXUVDFKXQJ H[WHUQDO OLHJW (LQ 6FKOHU OHUQW DXI HLQH 3UIXQJ XP GDV XQDQJHQHKPH*HIKO]XYHUPHLGHQGDVPLWHLQHUVFKOHFKWHQ1RWHYHUEXQGHQLVW 7\S,GHQWLIL]LHUWH5HJXODWLRQ 9RQLGHQWLIL]LHUWHU5HJXODWLRQVSULFKW PDQZHQQHLQH9HUKDOWHQVZHLVHYRP6HOEVW DOV SHUV|QOLFK ZLFKWLJ RGHU ZHUWYROO DQHUNDQQW ZLUG Ä'LHVH ,GHQWLILNDWLRQ PLW GHU 7lWLJNHLWLVWQXQYRUKDQGHQ0DQWXWHWZDVQLFKWHLQIDFKGHVKDOEZHLOPDQGDV*H IKO KDW HV WXQ ]X VROOHQ VRQGHUQ ZHLO PDQ HV IU ZLFKWLJ KlOW 'LHVH SHUV|QOLFKH 5HOHYDQ] UHVXOWLHUW GDUDXV GDVV PDQ VLFK PLW GHQ ]XJUXQGH OLHJHQGHQ :HUWHQ XQG =LHOHQLGHQWLIL]LHUWXQGVLHLQGDVLQGLYLGXHOOH6HOEVWNRQ]HSWLQWHJULHUWKDW³'HFL 5\DQ6 'HUZDKUJHQRPPH2UWGHU+DQGOXQJVXUVDFKHOLHJWDEHULPPHU QRFKDXHUKDOEGHV,QGLYLGXXPV(LQ6FKOHUOHUQWDXIHLQH3UIXQJGDUXPLQWHQVLY ZHLOGHU6WRIIZLFKWLJIUVHLQHQVSlWHUHQ:XQVFKEHUXILVW 7\S,QWHJULHUWH5HJXODWLRQ ,QWHJULHUWHUHJXOLHUWH0RWLYDWLRQLVWHLQH)RUPGHUH[WULQVLVFKHQ0RWLYDWLRQPLWGHP K|FKVWHQ *UDG DQ 6HOEVWEHVWLPPXQJ 6LH VWHKWDP (QGH GHV ,QWHUQDOLVLHUXQJV JHVFKHKHQV Ä6LH LVW GDV (UJHEQLV GHU ,QWHJUDWLRQ YRQ=LHOHQ 1RUPHQ XQG +DQG OXQJVVWUDWHJLHQPLWGHQHQVLFKGDV,QGLYLGXXPLGHQWLIL]LHUWXQGGLHHVLQGDVNRKl UHQWH6HOEVWNRQ]HSWLQWHJULHUWKDW³HEG 'DV9HUKDOWHQZLUGMHGRFKQLFKWXPVHLQHU VHOEVW :LOOHQ GXUFKJHIKUW ZLH GDV EHL GHU LQWULQVLVFKHQ 0RWLYDWLRQ GHU )DOO LVW VRQGHUQXPHLQEHVWLPPWHV(UJHEQLV]XHUUHLFKHQ(LQ6FKOHUOHUQWGDUXPLQWHQVLY DXIHLQH0XVLNJHVFKLFKWHSUIXQJZHLOHUVLFK]XP 0XVLNHUEHUXIHQIKOWXQGGLH VHQ%HUXIZlKOHQZLUG 'LH LQWHJULHUWH )RUP GHU H[WULQVLVFKHQ 0RWLYDWLRQ XQG GLH LQWULQVLVFKH 0RWLYDWLRQ VLQG GLH %DVLV VHOEVWEHVWLPPWHQ +DQGHOQV 6LH VLQG HLQDQGHU GXUFKDXV lKQOLFK GD VLHEHLGH4XDOLWlWHQEHVLW]HQGLHGLH6HOEVWEHVWLPPXQJNRQVWLWXLHUHQ:lKUHQGLQ WULQVLVFKPRWLYLHUWH9HUKDOWHQVZHLVHQDXWRWHOLVFKHU1DWXUVLQGEHVLW]WLQWHJULHUWHV
Ä&VLNV]HQWPLKDO\L EHQXW]WGHQ%HJULIIÃDXWRWHOLVFK¶XPGLHVSRQWDQH(UIDKUXQJGLHVHU$UWIUHXG YROOHQ7XQV]XNHQQ]HLFKQHQ³'HFL 5\DQ6
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
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lOWLJXQJ YRQ 9HUVDJHQVHUOHEQLVVHQ QDFK 0LVVHUIROJ NRUUHOLHUWH ZlKUHQG ,GHQWLILNDWLRQ VHKU YLHO VWlUNHU PLW ,QWHUHVVH 6FKXOIUHXGHXQGJXWHU%HZlOWLJXQJYRQ0LVVHUIROJHQLQ9HUELQGXQJVWDQG 8PGLH%HGHXWXQJGHU,QWHUQDOLVLHUXQJDXIGHU%DVLVGHURUJDQLVPLVFKHQ,QWHJUDWL RQVWKHRULH]XVDPPHQIDVVHQGKHUYRU]XKHEHQVHLHQ:LOGHWDO ]LWLHUW .RPPW HV ]X HLQHU GDXHUKDIWHQ )UXVWUDWLRQ GLHVHU %HGUIQLVVH %DVLF 1HHGV QDFK $XWRQRPLH XQG .RPSHWHQ]HUOHEHQ VRZLH QDFK VR]LDOHU (LQELQGXQJ LVW GLH ,QWHUQDOLVLHUXQJ JHVHOOVFKDIWOLFKHU :HUWH 6WDQGDUGV XQG 9HUKDOWHQVUHJHOQ JHIlKUGHWXQGGLH'LVWDQ]GHU6FKOHULQQHQXQG6FKOHU]XU6FKXOHXQG]XGHQ VFKXOLVFKHQ ,QKDOWHQ VROOWH VWHLJHQ 'LH )ROJH LVW HLQH 9HUVFKLHEXQJ GHV *H ZLFKWV YRQ VHOEVWEHVWLPPWHQ )RUPHQ GHU /HUQPRWLYDWLRQ ± GLH GDGXUFK JH NHQQ]HLFKQHWVLQGGDVV/HUQWlWLJNHLWHQÃIUHLZLOOLJ¶GKRKQHLQQHUHQRGHUlX HUHQ =ZDQJ DXVJHIKUW ZHUGHQ YJO ]% .UDSS &VLNV]HQWPLKDO\L 6FKLHIHOH ± KLQ ]X IUHPGEHVWLPPWHQ H[WULQVLVFKHQ 0RWLYHQ XQG =LH OHQ6 'LH SV\FKRORJLVFKHQ %HGLQJXQJHQ VWHOOHQ DOVR GDV Ä$ XQG 2³ HLQHU HUIROJUHLFKHQ ,QWHUQDOLVLHUXQJGDU :HVHQWOLFKH(LJHQKHLWHQGHU6'7 +LHU JHKW HV YRU DOOHP XP VSH]LHOOH %HJULIIH GHU 6'7 ZLH .RUUXPSLHUXQJVHIIHNW XQG6LPSOH[VWUXNWXU(VVROOHQ$VSHNWH]XU6SUDFKHNRPPHQGLHDXFKKHXWHQRFK XQWHUVFKLHGOLFKJHZHUWHWXQGLQVRIHUQNULWLVLHUWZHUGHQ'HQQREXQGXQWHUZHOFKHQ %HGLQJXQJHQVHOEVWEHVWLPPWH)RUPHQGHU/HUQPRWLYDWLRQYHUULQJHUWZHUGHQZHQQ GDV%HGUIQLVQDFK$XWRQRPLHHUOHEHQXQGGDVNLQGOLFKH)lKLJNHLWVNRQ]HSW]XZH QLJEHUFNVLFKWLJWRGHUHLQ*HIKOVR]LDOHU,VRODWLRQXQG*HULQJVFKlW]XQJKHUYRUJH UXIHQ ZLUG ZLUG LPPHU ZLHGHUNRQWURYHUVGLVNXWLHUW YJO 'HFL .RHVWQHU 5\DQ $ .RUUXPSLHUXQJVWKHVH =DKOUHLFKH HPSLULVFKH 6WXGLHQ KlWWHQ QDFKJHZLHVHQ VR 'HFL .RHVWQHU XQG 5\DQ GDVVHLQH3HUVRQZHOFKHVLFKNRPSHWHQWXQGVHOEVWZLUNVDPIKOWNHLQHLQ
7KHRUHWLVFKHU+LQWHUJUXQG
'LH6HOEVWEHVWLPPXQJVWKHRULH6'7
WULQVLVFKH0RWLYDWLRQHQWZLFNHOQZLUGZHQQVLHJOHLFK]HLWLJGDV*HIKOKDWYRQDX HQNRQWUROOLHUW]XVHLQ6 'LHVHlXHUH.RQWUROOHGHILQLHUHQ.UDSSXQG5\DQ 6 DOV Ä%HORKQXQJ 6WUDIDQGURKXQJ RGHU DQGHUH )RUPHQ YRQ =ZDQJ³ 'LHVHUVRJHQDQQWH.RUUXPSLHUXQJVHIIHNWVRUJWHIU.RQWURYHUVHQ=XQHQQHQLVWGLH 0HWDDQDO\VH YRQ &DPHURQ XQG 3LHUFH ZHOFKH HLQH .ULVHGHU 6HOEVWEHVWLP PXQJVWKHRULH DXVO|VWH .UDSS XQG 5\DQ ELODQ]LHUHQ GDVV GLH VFKHLQEDUHQ :LGHUVSUFKH DXIJUXQG YRQ XQWHUVFKLHGOLFKHQ .DWHJRULVLHUXQJHQ EHKDYLRULVWLVFK E]Z VR]LDONRJQLWLY HQWVWDQGHQ VLQG XQG EH]JOLFK GHU +DXSWHIIHNWH DOV DXFK GHU PRGHULHUHQGHQ (IIHNWH WKHRULHNRQIRUPH 6'7%HIXQGH DOV JOWLJ HUNOlUW ZHUGHQ N|QQHQYJO6 :LOGXQG+RIHU6 ILQGHQLQLKUHU8QWHUVXFKXQJ]%DEHUNHLQH%HOHJH IUGLHLQGHU6'7HQWKDOWHQHÄ.RUUXPSLHUXQJVWKHVHZRQDFKVWDUNNRQWUROOLHUHQGH HU]LHKHULVFKH8PZHOWHQHLQ$EVLQNHQGHULQWULQVLVFKHQ0RWLYDWLRQHUZDUWHQODVVHQ $XFK :LOG +RIHU XQG 3HNUXQ ELODQ]LHUHQ GDVV QDFK KHXWLJHP (UNHQQWQLV VWDQGGHU(LQVDW]YRQ%HORKQXQJHQQLFKWJHQHUHOOHLQHYRUKDQGHQHLQWULQVLVFKH0R WLYDWLRQYHUULQJHUWYJO6 ,QVJHVDPW VSULFKW GLHVHU %HIXQG GDIU GDVV (OWHUQ XQG /HKUHU NODUH 9HUKDOWHQVHU ZDUWXQJHQ DQ GLH .LQGHU XQG -XJHQGOLFKHQ ULFKWHQ GUIHQ )|UGHUQ XQG )RUGHUQ VFKOLHHQVLFKQLFKWDXVXQGEHKDOWHQLKUH:LFKWLJNHLWEHVRQGHUVLPKHXWHQ(U]LH KXQJVDOOWDJ 6RIHUQ GLHVH +DOWXQJ PLW HLQHP DXWRULWDWLYHQ (U]LHKXQJVVWLO JH]HLJW ZLUGEHVWHKWNHLQH*HIDKUIUHLQHQHJDWLYH:LUNXQJ'HQQJHPl:LOGXQG+RIHU 6 VWHOOWVLFKH[WULQVLVFKH0RWLYDWLRQSULPlUDOVHLQH)XQNWLRQDXWRULWlUHU (U]LHKXQJVSUDNWLNHQGDU % 6LPSOH[VWUXNWXU 'LH 6LPSOH[VWUXNWXU EHVDJW GDVV GLH MHZHLOV DXIHLQDQGHU IROJHQGHQ 6WXIHQ PLWHLQ DQGHU K|KHU NRUUHOLHUHQ DOV GLH ZHLWHU HQWIHUQW OLHJHQGHQ YJO 5\DQ &RQQHOO %XII LGHQWLIL]LHUWH LQ VHLQHU H[SORUDWLYHQ 6WXGLH HLQHQ 0LVFKW\S PLW LQWULQVLVFKHQ XQG IUHPGEHVWLPPWH[WULQVLVFKHQ $QWHLOHQ ZHOFKHU DXFK QRFK PLW VWHLJHQGHP$OWHUGHXWOLFKKlXILJHUDXIWULWW(UKlOWH[SOL]LWIHVWGDVVPLWVWHLJHQGHU 6FKXOVWXIHIUHPGEHVWLPPWH[WULQVLVFKH PRWLYDWLRQDOH$QWHLOHDQ%HGHXWXQJJHZLQ QHQ'LHVZLGHUVSULFKWDOVRNODUGHU6LPSOH[VWUXNWXUGHU6'7ZRQDFKPLWHLQHUDX WRPDWLVFKHQ(QWZLFNOXQJYRQH[WULQVLVFKHU]XLQWULQVLVFKHU/HUQPRWLYDWLRQ]XUHFK QHQLVWYJO6 'LHV]HLJWGDVVYRUHLQHUDOO]XURPDQWLVFKHQ 9RUVWHOOXQJGHU )RNXVVLHUXQJDXILQWULQVLVFKH0RWLYDWLRQLQGHU6FKXOHJHZDUQWZHUGHQPXVV 'DVQlFKVWH.DSLWHOJHKWYRUDOOHPDXIGLHLQGHU6FKXOHYRUKHUUVFKHQGHH[WULQVLVFKH 0RWLYDWLRQHLQ(VLVWDQJH]HLJWGDVV/HKUSHUVRQHQXQG(OWHUQEHLVFKXOLVFKHQ$Q JHOHJHQKHLWHQ JHJHQEHU GHQ .LQGHUQ XQG -XJHQGOLFKHQ HLQH DQJHSDVVWH +DOWXQJ HLQQHKPHQ6LHVROOWHQYRQHLQHUDOOHLQLJHQ$XVULFKWXQJDXILQWULQVLVFKH0RWLYDWLRQ $EVWDQGQHKPHQXQGGLHK|FKVWH6WXIHH[WULQVLVFKHU0RWLYDWLRQHEHQVREHUFNVLFK WLJHQ(VJHKWLPPHUDXFKGDUXP9HUKDOWHQVZHLVHQ]XI|UGHUQZHOFKHDXIH[WULQ VLVFKUHJXOLHUWHQXQGVRPLWVHOEVWEHVWLPPWHU0RWLYDWLRQEDVLHUHQ'LH%H]LHKXQJV
7KHRUHWLVFKHU+LQWHUJUXQG
8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
SIOHJH LVW HLQH ZHVHQWOLFKH 'HWHUPLQDQWH GLHVHV )|UGHUXQJVSUR]HVVHV ZLH QDFKIRO JHQGQRFKJH]HLJWZHUGHQZLUG 8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
,POHW]WHQ8QWHUNDSLWHOGHVWKHRUHWLVFKHQ+LQWHUJUXQGVVROODXIGHQ=XVDPPHQKDQJ ]ZLVFKHQ H[WULQVLVFK VHOEVWEHVWLPPWHU 0RWLYDWLRQ GHU ,QWHUQDOLVLHUXQJ XQG ÄDEV WUDNWHQ³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lX ILJ YRUKHUUVFKHQGH 3ULQ]LS DEVWUDNWHU /HLVWXQJVHUEULQJXQJ LQ )RUP OHEHQVNRQWH[W DEJHO|VWHU/HLVWXQJVQDFKZHLVH3UIXQJHQXQGhEXQJHQZLUGGLHH[WULQVLVFK PRWL YLHUWH/HLWXQJVHUEULQJXQJYRQ/HUQHQGHQ]XHLQHU6FKOVVHONRPSHWHQ]GHVÄJHKHL PHQ /HKUSODQV³ ,QWULQVLVFKH $VSHNWH VSLHOHQ GDEHL HEHQIDOOV HLQH ZLFKWLJH 5ROOH VHL HV ]XU 8QWHUVWW]XQJ GLHVHV H[WULQVLVFKHQ 'XUFKKDOWHZLOOHQV RGHU EHL GHU :DKO GHU 6FKXOIRUP RGHU GHV EHDEVLFKWLJWHQ 6WXGLXPV 'RFK XP GLH 6FKXOODXIEDKQ HU IROJUHLFK ]X DEVROYLHUHQ LVW YD HLQH JURH 3RUWLRQ H[WULQVLVFKHU /HLVWXQJVPRWLYD WLRQQ|WLJZDVQLFKWVHOWHQPLW)UXVWUDWLRQVWROHUDQ]XQGÄ.XOLVVHQOHUQHQ³YJO/HK WLQHQ6 ]XWXQKDW .UDXVH XQWHUVXFKWH]XP%HLVSLHOZHOFKH=LHOH6WXGLHUHQGHEHLP%HVXFKYRQ /HKUYHUDQVWDOWXQJHQYHUIROJHQ,QHUVWHU/LQLHZDUHQHVJHPlLKUHQ$XVZHUWXQJHQ IROJHQGH Ä« XP GRUW Ã6FKHLQH¶ ]X HUZHUEHQ VLFK PLW SUIXQJVUHOHYDQWHQ /HKU LQKDOWHQ]XEHVFKlIWLJHQDOOJHPHLQVFKQHOOHUGDV6WXGLXPEHHQGHQ]XN|QQHQRGHU ZHLOGHU%HVXFKJDQ]HLQIDFK3IOLFKWLVW³6 (GHOPDQQ SIOLFKWHWGLHVHU (UNHQQWQLVEHLLQGHPHUIHVWKlOWGDVVLQVHLQHQ0RWLYDWLRQVSV\FKRORJLH6HPLQDULHQ ÄLQWULQVLVFKH 0RWLYDWLRQ PDQFKPDO DOV ÃHKHU UHOHYDQW LQ )UHL]HLW XQG +REE\¶ XQG ÃZHQLJHUUHOHYDQWLQ6FKXOHXQG8QLYHUVLWlW¶DQJHVHKHQZLUG³6 6HLQHU0HL QXQJQDFK]HLJWVLFKKLHUGDV(UJHEQLVHLQHUGUHL]HKQMlKULJHQVFKXOLVFKHQ6R]LDOLVD WLRQVJHVFKLFKWH 6HOEVWEHVWLPPXQJNDQQLQYHUVFKLHGHQHQ%HUHLFKHQJHIRUGHUWZHUGHQ0HWDWKHRUHWLVFKHQWVSULFKWGLHVH
+DOWXQJHLQHPNRQVWUXNWLYLVWLVFKHQ/HKU/HUQ%HJULII3LHWHU GHILQLHUW6HOEVWEHVWLPPXQJUHFKWXP IDVVHQG(LQ6FKOHUGHUVHOEVWEHVWLPPWOHUQHQZLOOVROOWHLQGHU/DJHVHLQ/HUQEHGUIQLVVHIHVW]XVWHOOHQ /HUQ]LHOH]XHUNHQQHQGDVSDVVHQGH/HUQDQJHERWVHOEVWDXV]XZlKOHQGLH/HUQ]HLWXQGGLH/HUQPHGLHQ IHVW]XOHJHQEHU/HUQWHFKQLNHQYHUIJHQGLHLQVHLQHP/HUQSUR]HVVNRQWLQXLHUOLFKDQJHSDVVWZHUGHQXQG VFKOLHOLFKGHQ/HUQSUR]HVVVHOEVWNRQWUROOLHUHQEHZHUWHQXQGPLWGHU=LHOHUUHLFKXQJDE]XVFKOLHHQYJO 6
7KHRUHWLVFKHU+LQWHUJUXQG
8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
'LHVH 6WXGLHUHQGHQ VLQG DOVR YRU DOOHP H[WULQVLVFK PRWLYLHUW 6LQG VLH GDEHL DEHU VHOEVWEHVWLPPW"'HU$XWRQRPLHEHJULIIGHU6'7VRUJWKlXILJIU0LVVYHUVWlQGQLVVH $XWRQRPLHLVWQDFK$XIIDVVXQJGHU6'7ÄNHLQHVZHJVJOHLFK]XVHW]HQPLW8QDEKlQ JLJNHLW YRQ GHU VR]LDOHQ 8PJHEXQJ VRQGHUQ EH]LHKW VLFK GDUDXI RE HLQH 3HUVRQ PLW GHQ $QUHJXQJHQ 9RUJDEHQ RGHU 1RUPHQ GHU 8PZHOW EHUHLQVWLPPW XQG GHV KDOEIUHLZLOOLJEHUHLWLVWGDVHLJHQH9HUKDOWHQGDUDQ]XRULHQWLHUHQ³.UDSS 5\DQ 6 6RPLWNDQQGLHVHhEHUHLQVWLPPXQJDOVYRQLQQHQYHUXUVDFKWXQGVRPLW DOVVHOEVWEHVWLPPWH0RWLYDWLRQEH]HLFKQHWZHUGHQ :HVHQWOLFKEHLGLHVHP7\SGHU 0RWLYDWLRQ LVW GDVV GLH 3HUVRQ EHL GHU 9RUJHKHQVZHLVH ZLH VLH HLQ JHZLVVHV =LHO HUUHLFKW$XWRQRPLHHUOHEW (LQ H[HPSODULVFKHV %HLVSLHO IU GLH :LUNXQJ GLHVHU$XWRQRPLHE]Z GHV 8UKHEHU VFKDIWVJHIKOV 2ULJLQ ]HLJW GDV (UJHEQLV HLQHU ,QWHUYHQWLRQVVWXGLH 'DULQ ZXUGHQ LQ*UXQGVFKXONODVVHQGLH(IIHNWLYLWlWGUHLHU7UDLQLQJVPHWKRGHQIU/HKUHUEHU SUIW5KHLQEHUJXQG.UXJ ZHLVHQLQGHU%LODQ]IROJHQGHV(UJHEQLVDXV(LQH 7UDLQLQJVPHWKRGH ZDU HLQ NRJQLWLYHV 7UDLQLQJ XQG EHVWDQG GDULQ GLH PRWLYDWL RQVSV\FKRORJLVFKHQ.RQ]HSWH]XYHUPLWWHOQXQG$QZHQGXQJVP|JOLFKNHLWHQ]XGLV NXWLHUHQ'LH7UDLQLQJVYDULDQWHZDUHLQ9HUKDOWHQVWUDLQLQJ(VZXUGHQ]XVlW]OLFK 5HDOLVDWLRQVYDULDQWHQ DXI 9HUKDOWHQVHEHQH HLQJHEW %HL GHU 9DULDQWH 2ULJLQ $QVDW] ÄZDUHQWVFKHLGHQGGDVVGLH/HKUHULQQHQLQGHQ7UDLQLQJVVLW]XQJHQÃNDXVDOH $XWRQRPLH¶LP6LQQHGH&KDUPV HUOHEWHQXQGVLFKDOV8UKHEHUHLJHQHQ+DQ GHOQV VHKHQ NRQQWHQ 'D]X ZXUGH GHQ 7HLOQHKPHULQQHQ QDFK HLQHU WKHRUHWLVFKHQ (LQIKUXQJGLHZHLWHUH8PVHW]XQJZLHDXFKGLH3ODQXQJGHU6LW]XQJHQVHOEVWEHU ODVVHQ³ 6 *HPl GHQ 8QWHUULFKWVEHREDFKWXQJHQ YHUlQGHUWHQGLH /HKUHU GHU
2ULJLQ *UXSSH LKU 9HUKDOWHQ DP VWlUNVWHQ LQ WUDLQLQJVJHZQVFKWHU :HLVH ,QVEH VRQGHUHEHLGHULP9RUXQG1DFKWHVWYHUJOHLFKHUKREHQHQ6FKOHUPHUNPDOHQ3U IXQJVDQJVW6FKXOXQOXVWHWF ]HLJWHGLH0HWKRGHGHV 2ULJLQ $QVDW]ZHVHQWOLFKH(I IHNWH $XFK+HFNKDXVHQ XQG%DQGXUD KDEHQGDV(UOHEQLVGHU8UKHEHUVFKDIW YRQ +DQGOXQJ IU GLH 0RWLYDWLRQ QHEHQ 'HFL XQG 5\DQ DOV ]HQWUDO DQJHVH KHQ,VWHVQXQGLHVHOEVWEHVWLPPWHLQWHUQDO RGHUGLHQXUH[WHUQDOUHJXOLHUWH)RUP GHU0RWLYDWLRQGLHLQGHU6FKXOHDPPHLVWHQJHI|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Ä$GMHNWLYH³Ä1RPHQ³XVZ]XJHRUGQHWZHUGHQPVVHQ 'HU6FKXODOOWDJYHUODQJWYRQGHQ6FKOHUQPHLVWHQVGDVVVLHXQWHUVFKLHGOLFKH/HUQ LQKDOWH VFKQHOO OHUQHQ JDQ] HJDO RE VLH VLFK GDIU LQWHUHVVLHUHQ RGHU QLFKW 'HQQ SULPlU ZLUG GDV /HUQHQ XQG GLH *HGlFKWQLVOHLVWXQJ EHORKQW ,QVRIHUQ LVW DOVR GLH
7KHRUHWLVFKHU+LQWHUJUXQG
8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
0RWLYDWLRQVHKUHQJDQGLH/HLVWXQJVHUIOOXQJJHNQSIW'LH1RWHQZHUGHQ]XPHL JHQWOLFKHQ=LHOGHU/HUQEHPKXQJHQÄ*HQDXGDULQQlPOLFKLQGHU)RUGHUXQJXQG )|UGHUXQJ HLQHU DEVWUDNWHQ ± HEHQ LQKDOWVXQDEKlQJLJHQ ± /HLVWXQJVEHUHLWVFKDIW OLHJW HLQHU GHU ZLFKWLJVWHQ 6R]LDOLVDWLRQVHIIHNWH GHU 6FKXOH³ 8OLFK 6 +HUYRUKHEXQJGXUFK'/ 'LHVHV=LWDWNDQQQDFKGHU6'7VRDXIJHIDVVWZHUGHQGDVVGHUZLFKWLJVWH6R]LDOLVD WLRQVHIIHNW GHU 6FKXOH QLFKW LQ GHU9HUPLWWOXQJ GHU LQKDOWVDEKlQJLJHQ LQWULQVLVFKHQ /HUQPRWLYDWLRQVRQGHUQLQGHU9HUPLWWOXQJXQG6WDELOLVLHUXQJHLQHUH[WULQVLVFKDEHU VHOEVWEHVWLPPWHQ/HUQXQG/HLVWXQJVPRWLYDWLRQ]XVHKHQLVWGLHZHVHQWOLFKGXUFK HLQHHUIROJUHLFKH6R]LDOLVDWLRQXQG,QWHUQDOLVLHUXQJYRQ:HUWHQXQG$UEHLWVHLQVWHO OXQJHQ PLWWHOV(UIOOXQJGHUGUHL*UXQGEHGUIQLVVH]XVWDQGHNRPPWXQGGDQQOlQ JHUIULVWLJZLUNVDPEOHLEW :HLO*\PQDVLDVWHQOHW]WOLFKQLFKW]XP%HVXFKGHV*\PQDVLXPVJH]ZXQJHQZRUGHQ VLQG LVW DQ]XQHKPHQ GDVV GLHVH -XJHQGOLFKHQ OHLVWXQJVEH]RJHQHV 9HUKDOWHQ DP PHLVWHQ YHULQQHUOLFKW KDEHQ LQGHP VLH JUXQGVlW]OLFK MD JHVDJW KDEHQ ]XP /HUQHQ DXFKYRQDEVWUDNWHQ7KHPHQ$OV(QG]LHOVWHKWGDV$ELWXUZHOFKHVLKQHQYLHOH7 UHQ]XU.DUULHUHXQG%HUXIVZDKO|IIQHW:HLOVLHVLFKDXIHLQHOlQJHUH/HUQ]HLWHLQ JHVWHOOWKDEHQEUDXFKHQ6LH]XU$XIUHFKWHUKDOWXQJGLHVHUWlJOLFKHQ/HLVWXQJVHUEULQ JXQJ RSWLPDOH %H]LHKXQJHQ ]X %H]XJVSHUVRQHQ XQG GDV (UOHEHQ YRQ $XWRQRPLH 'DV .RPSHWHQ]JHIKO GUIWH IU GLH $XVSUlJXQJ LKUHU /HLVWXQJVPRWLYDWLRQ ZDKU VFKHLQOLFK ZHQLJHU *HZLFKW HUKDOWHQ ZHLO VLH PLW GHP (UUHLFKHQ GHU K|FKVWHQ 6FKXOIRUP VFKRQ HLQH JUXQGVlW]OLFKH %HJDEXQJVEHVWlWLJXQJ HUKDOWHQ KDEHQ 'LHVH ZLUNWZDKUVFKHLQOLFKYRUDOOHPLQODQJIULVWLJHU+LQVLFKW %HL-XJHQGOLFKHQGHU+DXSWVFKXOHGUIWHGLHVHU3UR]HVVDXIJUXQGGHVDQGHUVDUWLJHQ 6FKXONRQWH[WHVXQGGHVVHQ$XVULFKWXQJMHGRFKXQJOHLFKDEODXIHQ,QGHPVLHLQHLQH 6FKXOIRUPHLQJHWHLOWZRUGHQVLQGGLHGHQWLHIVWHQVR]LDOHQ6WDWXVKDWGUIWHLKU%H JDEXQJVNRQ]HSW QHJDWLY EHHLQIOXVVW ZRUGHQ VHLQ :HLO GDV .RPSHWHQ]JHIKO QDFK GHU6'7DEHUHLQH%HGLQJXQJIUGLH/HUQXQG/HLVWXQJVPRWLYDWLRQLVWGUIWHVLFK HLQ0DQJHOGDYRQLQEHVRQGHUHU:HLVHDXVZLUNHQ(VN|QQWHVHLQGDVVHVNXU]IULV WLJ ]XP &RROLQJ2XW(IIHNW YJO YRQ +HQWLJ NRPPW RGHU DEHU GDVV GDV 0DQJHOEHGUIQLVLQODQJIULVWLJHU+LQVLFKWZLUNVDPZLUG 'LH.HUQK\SRWKHVHODXWHW-XJHQGOLFKHGHU+DXSWVFKXOHVLQGXQGEOHLEHQDXVDQGH UHQ *UQGHQ OHLVWXQJVPRWLYLHUW DOV -XJHQGOLFKH GHV *\PQDVLXPV GLH ,QWHUQDOLVLH UXQJ OlXIW LQ XQWHUVFKLHGOLFKHU +LQVLFKW DE =ZDU WUDJHQ VR]LDOH (LQJHEXQGHQKHLW $XWRQRPLH XQG .RPSHWHQ]HUOHEHQ EHL +DXSWVFKOHUQ HEHQIDOOV ]XU 6WlUNXQJ GHU /HLVWXQJVPRWLYDWLRQEHLMHGRFKLQZHLWJHULQJHUHURGHUDQGHUHU:HLVHDOVEHLGHQLQ VFKRQJU|VVHUHP0DHÄOHLVWXQJVDQVWUHQJXQJVVR]LDOLVLHUWHQ³*\PQDVLDVWHQ 'LH GDWHQJHVWW]WH 7KHVH YRQ 0DVFKH $OPDJUR 3XOLGR XQG 6FKHHOH GDVV VLFKGLH(OWHUQ.LQG%H]LHKXQJDXIJUXQGQLFKWHUIROJWHUILQDQ]LHOOHUXQGEHUXIOLFKHU $XWRQRPLH YRQ *\PQDVLDVWHQ VWlUNHU DOV EHL GHQ DXV]XELOGHQGHQ -XJHQGOLFKHQ ]HLJW N|QQWH KLHU LQV %LOG SDVVHQ 6LH HUKLHOWHQ GHQ DXI GHQ HUVWHQ %OLFN ÄSDUDGR
7KHRUHWLVFKHU+LQWHUJUXQG
8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
[H>Q@%HIXQGGDVVGLH,QGLYLGXDWLRQGRUWZHLWHUYRUDQVFKUHLWHWZR 6FKULWWHLQGHQ (UZDFKVHQHQVWDWXVQLFKWHUIROJHQ³6 %HLP 9HUJOHLFK GHU (OWHUQ.LQG,QWHUDNWLRQHQ EHL $XV]XELOGHQGHQ XQG 6FKOHUQ NRQQWHQ 0DVFKH HW DO DOVR VLJQLILNDQWH 8QWHUVFKLHGH IHVW]XVWHOOHQ Ä:R « ILQDQ]LHOOH XQG EHUXIOLFKH $XWRQRPLH QLFKW HUUHLFKW ZLUG HQWZLFNHOW VLFK DXFK GLH (OWHUQ.LQG%H]LHKXQJ VWlUNHU LQ 5LFKWXQJ DXI HLQHSDUWQHUVFKDIWOLFKH :HFKVHOVHL WLJNHLW XQG ZHQLJHU DXI HLQH $EO|VXQJ KLQ³ HEG 'LHV EH]HLFKQHQ VLH DOV HLQH ÄZHLWHU IRUWJHVFKULWWHQH :HFKVHOVHLWLJNHLW GHU %H]LHKXQJ³ ]ZLVFKHQ (OWHUQ XQG -X JHQGOLFKHQ 8QG GLHVHU P|JOLFKH %HIXQG KDW JHPl 6'7 ZLHGHUXP HLQH :LUNXQJ DXIGLH6R]LDOLVDWLRQGHU/HLVWXQJVPRWLYDWLRQ
)RUVFKXQJVVWDQG
8QWHUVFKLHGOLFKH/HLVWXQJVVR]LDOLVDWLRQLQ+DXSWVFKXOHXQG*\PQDVLXP"
)RUVFKXQJVVWDQG ,P)ROJHQGHQZHUGHQGLHLQHPSLULVFKHQ6WXGLHQQDFKJHZLHVHQHQ=XVDPPHQKlQJH ]ZLVFKHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLQVEHVRQGHUHGHU/HLVWXQJVPR WLYDWLRQ XQG GHQ .RQWUROOYDULDEOHQ .DS ]ZLVFKHQ GHU /HLVWXQJVPRWLYDWLRQ XQGGHUIDPLOLlUHQ.DS XQGDXHUIDPLOLlUHQ(LQJHEXQGHQKHLW.DS DXI JH]HLJW ,P :HLWHUHQ ZLUG EHU GLHVEH]JOLFKH GLIIHUHQWLHOOH .DS XQG OlQJVVFKQLWWOLFKH.DS %HIXQGHEHULFKWHW$XFK%HIXQGHUXQGXPGLH6WDELOLWlW PRWLYDWLRQDOHU 3HUV|QOLFKNHLWVPHUNPDOH YRP IUKHQ -XJHQGDOWHU ELV LQV IUKH (U ZDFKVHQHQDOWHU .DS ZHUGHQ IU GLH %HDQWZRUWXQJ GHU )UDJHVWHOOXQJ ]XVDP PHQJHWUDJHQ,QGHQ.DSLWHOQXQGVWHKWGLHJDQ]KHLWOLFKH6LFKWGHU3HUV|Q OLFKNHLWVHQWZLFNOXQJDXIJUXQGYRQVR]LDOHQ$VSHNWHQLQ(OWHUQKDXVXQG6FKXOHEHU GHQ /HEHQVODXI EHWUDFKWHW LP 9RUGHUJUXQG ,Q GHQ HLQ]HOQHQ .DSLWHOQ ELV ZLUGMHZHLOVLPPHUEHUGLHJUXQGVlW]OLFKH%HGHXWXQJXQGGLH$XVSUlJXQJGHVHQW VSUHFKHQGHQ .RQVWUXNWV EHULFKWHW EHYRU DXI GHQ HLJHQWOLFK LQWHUHVVLHUHQGHQ :LU NXQJV]XVDPPHQKDQJHLQJHJDQJHQZLUG 'HU )RUVFKXQJVVWDQG ZLUG LQ GHQ .DSLWHOQ ELV V\VWHPDWLVFK HQWODQJ HLQHU 6WUXNWXUDXIJH]HLJWZHOFKHVLFKHQJDQGLH)RUVFKXQJVIUDJHQ.DS XQGDQGDV 5DKPHQPRGHOO.DS KlOWGDVHLQJDQJVVFKRQLQGHUhEHUVLFKWYRUJHVWHOOWZXU GH .DS ,Q GLHVHU 6WUXNWXU ZHUGHQ GLH HQWVSUHFKHQGHQ HLQ]HOQHQ .RQVWUXNWH XQG 9DULDEOHQ GHV /LI('DWHQVDW]HV DXIJHIKUW XQG ZLVVHQVFKDIWOLFK EHOHJW 'LHV NRPPW HLQHU GHWDLOOLHUWHQ VSH]LILVFKHQ 8QWHUPDXHUXQJ GHU )UDJHVWHOOXQJ XQG GHU HQWVSUHFKHQGHQ+\SRWKHVHQJOHLFK$EELOGXQJYJO.DSLWHO XQG$EELOGXQJ YJO.DSLWHO ]HLJHQEHUVLFKWOLFKZHOFKH8QWHUVXFKXQJVHEHQHQLQZHOFKHQ .DSLWHOQEHKDQGHOWZHUGHQ ,QGHQ:HUNHQYRQ)HQG VLQGHLQLJH%HIXQGHGLHVHV(UJHEQLVWHLOVZLH VFKRQHUZlKQWEHUHLWVEHVFKULHEHQ$OOHUGLQJVJHKWGLHYRUOLHJHQGH6WXGLHGLIIHUHQ WLHOOHQ)UDJHQQDFKXQGLQWHUHVVLHUWVLFKIUGLHVFKXOXQGVFKLFKWVSH]LILVFKHOlQJHU IULVWLJH%HGHXWXQJGHUVR]LDOHQ(LQEHWWXQJIUGLH9RUKHUVDJHGHU/HLVWXQJVPRWLYD WLRQ LP -XJHQG XQG (UZDFKVHQHQDOWHU ,QVRIHUQ VWW]W VLFK GLHVHU 7KHRULHWHLO DOVR QLFKW VR VHKU DXI )HQGV 3XEOLNDWLRQHQ VRQGHUQ DXI :HUNH DXV GHP GHXWVFK XQG HQJOLVFKVSUDFKLJHQ 5DXP LQ GHQ %HUHLFKHQ 3V\FKRORJLH 3lGDJRJLN XQG (QWZLFN OXQJVSV\FKRORJLH
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
=XU%HGHXWXQJPRWLYDWLRQDOHU3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU 'LHQDFKIROJHQGNXUVLYDXIJHIKUWHQ3HUV|QOLFKNHLWVPHUNPDOHVLQGDOVPRWLYDWLRQD OH3HUV|QOLFKNHLWVPHUNPDOHDXVJHZLHVHQYJO.DSLWHO& (VVLQGMHQH9DULDE OHQGLHVLFKLQYHUVFKLHGHQHQ6WXGLHQDOVEHGHXWVDP]HLJWHQ /HLVWXQJVPRWLYDWLRQ 'LH%HGHXWXQJGHU$XIUHFKWHUKDOWXQJHLQHU/HLVWXQJVPRWLYDWLRQLQGHU6FKXO]HLWDOV DXFKLP/HEHQVNRQWH[WZXUGHLPYRUGHUHQ7HLOV.DS DXVIKUOLFKEHOHJW :HQQQXQJHPl:LOGHWDO EHUHLWVDP(QGHGHU*UXQGVFKXO]HLWHLQ$EVLQ NHQVHOEVWEHVWLPPWHU)RUPHQGHU/HUQPRWLYDWLRQEHREDFKWEDULVWVWHOOWVLFKGLH)UD JHZLHGHUVFKXOLVFKH(U]LHKXQJVXQG%LOGXQJVSUR]HVVJHVWDOWHWVHLQPVVWHGDPLW /HUQHQXQG/HLVWXQJVHUEULQJXQJDOVSHUV|QOLFKEHGHXWVDPEOHLEHQZUGHQ 6FKXOLVFKH /HLVWXQJVDQJVW %HJDEXQJV]XVFKUHLEXQJ XQG 6HOEVWZLUNVDPNHLWVEHU ]HXJXQJ Ä6HOEVWZLUNVDPNHLW ZLUG DOV ZLFKWLJH 9RUDXVVHW]XQJ IU NRPSHWHQWH 6HOEVW XQG +DQGOXQJVUHJXODWLRQ JHVHKHQ LQGHP VLH 'HQNHQ )KOHQ XQG +DQGHOQ VRZLH ± LQ PRWLYDWLRQDOHUXQGYROLWLRQDOHU+LQVLFKW±=LHOVHW]XQJ$QVWUHQJXQJXQG$XVGDXHU EHHLQIOXVVW(LQH9LHO]DKOHPSLULVFKHU%HIXQGHEHOHJWGDVV6HOEVWZLUNVDPNHLW0R WLYDWLRQ/HLVWXQJVKDQGHOQXQG/HEHQVEHZlOWLJXQJI|UGHUQNDQQ³-HUXVDOHP 6 $XVGLHVHU)HVWVWHOOXQJKHUDXVLVWHVULFKWLJLQ5HJUHVVLRQVDQDO\VHQ]XU9RU KHUVDJH GHU /HLVWXQJVPRWLYDWLRQ GDV .RQVWUXNW 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ DOV XQDEKlQJLJH9DULDEOHPLWHLQ]XEH]LHKHQ 'DV .RQ]HSW GHU 6HOEVWZLUNVDPNHLWVHUZDUWXQJ QDFK %DQGXUD ÄHIILFDF\ H[SHFWD WLRQ³ EHUFNVLFKWLJW OHGLJOLFK GLH 'LPHQVLRQ GHU (UZDUWXQJHQ (V YHUQDFKOlVVLJW VRPLWGLH:HUWGLPHQVLRQGHVÄ(UZDUWXQJV:HUW0RGHOOV³)DVWDOOHPRGHUQHQNRJ QLWLYHQ0RWLYDWLRQVWKHRULHQEHUFNVLFKWLJHQDEHUGLHVHQ$VSHNWYJO.UDSS 5\ DQ6 'LH6HOEVWZLUNVDPNHLWVHUZDUWXQJEHLQKDOWHWJHPl.UDSSXQG5\DQHEG GLHIRO JHQGHQ3KlQRPHQH Ä'LH VXEMHNWLYH hEHU]HXJXQJ VFKZLHULJH $XIJDEHQ RGHU /HEHQVSUREOHPH DXI *UXQGHLJHQHU.RPSHWHQ]EHZlOWLJHQ]XN|QQHQ³6FKZDU]HU6 Ä.RQWUROOH EHU NQIWLJH 3HUVRQ8PZHOW%H]JH DXVEHQ XQG DXIUHFKW HUKDOWHQ ]XN|QQHQ³.UDSS 5\DQ6 :LHVLFKLP(UJHEQLVWHLOQRFK]HLJHQZLUGZHLVHQDOOH3HUV|QOLFKNHLWVDVSHNWHHLQHQGLUHNWHQRGHULQGL
UHNWEHOHJEDUHQ=XVDPPHQKDQJPLWGHU/HLVWXQJVPRWLYDWLRQDXI 3HNUXQXQG6FKLHIHOH ZHLVHQGDUDXIKLQGDVV6HOEVWZLUNVDPNHLWVHUZDUWXQJHQPLW6FKXOOHLVWXQ JHQHKHULQHLQHU:HFKVHOZLUNXQJVWDWWLQHLQHP8UVDFKH:LUNXQJV=XVDPPHQKDQJVWHKHQZREHLGHU0R WLYDWLRQVSUR]HVVYHUPXWOLFKHLQHYHUPLWWHOQGH)XQNWLRQKDWYJO6
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
'LH9HUELQGXQJGHU6HOEVWZLUNVDPNHLWVEHU]HXJXQJ]XU6'7ZLUGGXUFK.UDSSXQG 5\DQ SRVWXOLHUW6LHVWHOOHQIHVWGDVVGLH6HOEVWZLUNVDPNHLWVEHU]HXJXQJPLW .RQWUROOEHU]HXJXQJHQ ZDKUJHQRPPHQHU .RPSHWHQ]HUIDKUXQJ +DQGOXQJVHUJHE QLVHUZDUWXQJ RGHU 2SWLPLVPXV YHUZDQGW LVW YJO 6 'HU (LQEH]XJ GHV .RQ VWUXNWV 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ LQ GHQ YRUOLHJHQGHQ %HUHFKQXQJHQ LVW DOVR WKHRULHNRQIRUP 'DV NRJQLWLYRULHQWLHUWH .RQVWUXNW ZLUNW DEHU PRWLYDWLRQVWKHRUH WLVFKQXUEHJUHQ]WZLH.UDSSXQG5\DQ IHVWKDOWHQ6LHVLQGGHUÄ$XIIDVVXQJ GDVVUHLQNRJQLWLYH$QVlW]HQLFKWDXVUHLFKHQXPGDV0RWLYDWLRQVJHVFKHKHQLQVHL QHUJDQ]HQ%UHLWHDQJHPHVVHQ]XEHVFKUHLEHQXQG]XHUNOlUHQ³6 'HU(UIROJ GHU6'7EHUXKWYDDXIGHUHQ(UNOlUXQJVEHLWUDJ 6FKXOLVFKH1RUPYHUOHW]XQJXQG5DXFKHQ 'LH9DULDEOHVFKXOLVFKH1RUPYHUOHW]XQJNDQQJHPl6HLW]XQG5DXVFKH DOV 3HUV|QOLFKNHLWVPHUNPDOÄLPHQJHUHQ6LQQH³EH]HLFKQHWZHUGHQ $JJUHVVLRQ XQG *HZDOW HLQHUVHLWV XQG 'URJHQJHEUDXFK DQGHUHUVHLWV VWHOOHQ GLH MX JHQGVSH]LILVFKHQ .ULVHQLQGLNDWRUHQ GDU YJO )HQG 6 'LH )UDJH QDFK GHP UHJHOPlVVLJHQ 5DXFKHQ KDW VLFK EHUHLWV LQ Ä6PRNLQJ LQ $GROHVFHQFH DQG /LIH &RXUVH 7UDQVLWLRQV³ DOV ]HQWUDOHU )DNWRU IU GLH OlQJHUIULVWLJH 3HUV|QOLFKNHLWVHQW ZLFNOXQJXQGGLHIUKHQhEHUJlQJHYRQGHU$GROHV]HQ]]XP(UZDFKVHQHQDOWHUKHU DXVJHVWHOOWYJO/RRVHU )HQG 'HU(LQVWLHJV]HLWSXQNWGHV5DXFKHQVLVW]X GHP LQ KRKHP 0DH YRP %LOGXQJVQLYHDX DEKlQJLJ Ä9RQ GHQ MlKULJHQ +DXSW VFKOHUQUDXFKHQFDWlJOLFKGUHLXQGPHKU=LJDUHWWHQYRQGHQ*\PQDVLDVWHQ QXU³)HQG6 *HPl )HQG NDQQ DXFK GLH VFKXOLVFKH 1RUPYHUOHW]XQJ ]XP Ä6\QGURP GHU /HLVWXQJVGLVWDQ]³ 6 JH]lKOW ZHUGHQ 'LHV KlQJW DXFK PLW GHP ,QWHUQDOLVLH UXQJVSUR]HVV]XVDPPHQÄ-HPHKUGLH6FKOHUDOVRGLHVFKXOLVFKHQ/HUQXQG/HLV WXQJVDQIRUGHUXQJHQ LQWHUQDOLVLHUW KDEHQ XPVR ZHQLJHU VLQG VLH DQIlOOLJ IU DEZHL FKHQGHV9HUKDOWHQ³)HQG.Q|U]HU1DJO6SHFKW 9lWK6]XVG]LDUD6 %HVRQGHUVEHLPhEHUJDQJYRQGHU]XU.ODVVHWUHIIHQ/HKUHUKlXILJDXIRSSRVL WLRQHOOHV9HUKDOWHQGHU6FKOHU%HLP9HUJOHLFKPLW'DWHQDXVGHU6FKZHL]NRQQWH )HQGMHGRFK]HLJHQGDVVGDV$XVPDDEKlQJLJYRQGHU.XOWXUVHLQNDQQ6FKZHL]HU .LQGHU PDFKWHQ ± PLW $XVQDKPH GHV 6FKZlQ]HQV ± HLQHQ VR]LDOHUHQ (LQGUXFN DOV GHXWVFKHÄ6FKZHL]HU6FKOHUVLQG«GLV]LSOLQLHUWHUXQG]LYLOLVLHUWHU³)HQG 6 $XI MHGHQ )DOO N|QQHQ GLH VFKXOLVFKH 1RUPYHUOHW]XQJ XQG GDV 5DXFKHQ ]X OHLV WXQJVPRWLYDWLRQVUHOHYDQWHQ 3HUV|QOLFKNHLWVDVSHNWHQ JH]lKOW ZHUGHQ ZHOFKH HV LP 6LQQHGHULQWHUDNWLRQLVWLVFKHQ7KHRULHEHLGHU3UIXQJGHU6'7]XXQWHUVXFKHQJLOW ,QGHUYRUOLHJHQGHQ6WXGLHZLUGDOVRSXQNWXHOODXFKXQWHUVXFKWZHOFKH=XVDPPHQ KlQJH ]ZLVFKHQ VFKXOLVFKHU 1RUPYHUOHW]XQJ E]Z 1LNRWLQNRQVXP XQG /HLVWXQJV PRWLYDWLRQLP/lQJVVFKQLWWIHVW]XVWHOOHQVLQG'LHVHQHJDWLYJHSUlJWHQÄ(LJHQNRP SRQHQWHQ³GHV.LQGHV-XJHQGOLFKHQVLQGLP=XVDPPHQKDQJPLWGHU7KHRULHGHV,Q WHUDNWLRQLVPXV]XVHKHQEHLGHUGLH6R]LDOLVDWLRQDXFKYRQGHU3HUVRQVHOEVWDXVJH KHQ
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
(OWHUQ.LQG.RQVHQVEH]JOLFK/HLVWXQJ*ODXEHQXQG9HUKDOWHQ 'LH 9DULDEOHQ EH]JOLFK (OWHUQ.LQG.RQVHQV Ä(..RQVHQV³ LQ $VSHNWHQ ZLH /HLVWXQJ *ODXEHQ XQG %HQHKPHQ V ,QVWUXPHQW .DS N|QQHQ LP 6LQQH GHU 6'7 DOV $VSHNWH GHU $XWRQRPLH YHUVWDQGHQ ZHUGHQ .UDSS XQG 5\DQ YHU ZHLVHQH[SOL]LWDXIGLHYRQHLQHU3HUVRQÄHUOHEWHLQQHUHhEHUHLQVWLPPXQJ]ZLVFKHQ GHPZDVVLHVHOEVWIUZLFKWLJKlOWXQGJHUQHWXQP|FKWHXQGGHQLQGHUDNWXHOOHQ 6LWXDWLRQ JHIRUGHUWHQ $XIJDEHQVWHOOXQJHQ³ 6 +HUYRUKHEXQJ GXUFK '/ 'HU $XWRQRPLHEHJULII LVW QDFK $XIIDVVXQJ GHU 6'7 ÄNHLQHVZHJV JOHLFK]XVHW]HQ PLW 8QDEKlQJLJNHLWYRQGHUVR]LDOHQ 8PJHEXQJVRQGHUQEH]LHKWVLFKGDUDXIREHLQH 3HUVRQPLWGHQ$QUHJXQJHQ9RUJDEHQRGHU1RUPHQGHU8PZHOWEHUHLQVWLPPWXQG GHVKDOE IUHLZLOOLJ EHUHLW LVW GDV HLJHQH 9HUKDOWHQ GDUDQ ]X RULHQWLHUHQ³ DD2 6 ,QVRIHUQNDQQDOVRGLHhEHUHLQVWLPPXQJGHULQQHUHQ6LFKWGHV-XJHQGOLFKHQPLW GHQ(OWHUQJHPlGHU6'7DOVHLQ0DGHU$XWRQRPLHJHQRPPHQZHUGHQ %LOGXQJVRULHQWLHUXQJXQG=XNXQIWVEHZlOWLJXQJ ,Q$QOHKQXQJDQGLH-XJHQGW\SRORJLHQYJO/HQ] ODVVHQVLFKLQHLQHP5DVWHU PLW]ZHL$FKVHQGLHELOGXQJVRULHQWLHUWHQ-XJHQGOLFKHQDOVHLQHUVHLWVYHUDQWZRUWOLFK XQGVLFKHUKHLWVRULHQWLHUW$FKVH XQGDOVNXOWXURULHQWLHUW$FKVH DQGHUHUVHLWV HLQVWXIHQ6LHJUHQ]HQVLFKDOVRDEYRQGHQHOWHUQRULHQWLHUWHQ-XJHQGOLFKHQYRQGHQ JHVFKOHFKWVUROOHQDN]HQWXLHUHQGHQ XQG GHQ VXEMHNWRULHQWLHUWHQ -XJHQGOLFKHQ YJO )HQG 6 6RZRKO GLH =XNXQIWVEHZlOWLJXQJVEHU]HXJXQJ DOV DXFK GLH %LOGXQJVRULHQWLHUXQJ VROOHQ DOV UHOHYDQWH 3HUV|QOLFKNHLWVPHUNPDOH DXI LKUH OlQJHU IULVWLJH%HGHXWXQJXQWHUVXFKWZHUGHQ $OOJHPHLQHV,QWHUHVVHGHV.LQGHVDXVGHU(OWHUQVLFKW( 3HUV|QOLFKHV,QWHUHVVHZLHHVLQGLHVHU8QWHUVXFKXQJDXV6LFKWGHU(OWHUQEHUGDV .LQGEHULFKWHWZXUGHNDQQDXVLQWHUHVVHQWKHRUHWLVFKHU6LFKWGHU6'76WXIHÄ,QWHJ UDWLRQ³]XJHRUGQHWZHUGHQ'HU2UWGHUZDKUJHQRPPHQHQ+DQGOXQJVNRQWUROOHSHU FHLYHGORFXVRIFRQWURO LVWQDFKLQQHQYHUOHJWYJO.UDSS 5\DQ6 1DFK.UDSS NDQQGHU,QWHUHVVHQEHJULIILQ]ZHL.RPSRQHQWHQXQWHUWHLOWZHU GHQ VLWXDWLYHV,QWHUHVVH]%1HXJLHU=XZHQGXQJ]XP*HJHQVWDQGXQGDNWXHO OH $XVHLQDQGHUVHW]XQJ GDPLW XQG ,QWHUHVVH DOV 3HUV|QOLFKNHLWVGLPHQVLRQ ZHO FKH HLQ GDXHUKDIWHU RGHU ODQJ DQKDOWHQGHU %HVWDQGWHLO GHU 3HUVRQ8PZHOW 2ULHQWLHUXQJGDUVWHOOW 'DV RELJH ,WHP ZLH HV EHL GHQ (OWHUQ HUKREHQ ZXUGH YJO :RUWODXW XQWHU .DS QLPPW%H]XJ]XU]ZHLWHQ.RPSRQHQWH(VLVWDOVRHLQGDXHUKDIWHURGHUODQJ DQKDOWHQGHV,QWHUHVVHJHPHLQW,QVRIHUQNDQQGLHVHV,WHPDXFKLQGHQOlQJVVFKQLWWOL FKHQ$QDO\VHQLP5DKPHQHLQHUGLVSRVLWLRQDOHQ3HUV|QOLFKNHLWVHLJHQVFKDIWYHUZHQ GHWZHUGHQ
*HPlGHUPHWDWKHRUHWLVFKHQ.DWHJRULHQHLQWHLOXQJYRQ0RWLYDWLRQVWKHRULHQQDFK3HNUXQ6 JHK|UHQ,QWHUHVVHQ]XGHU]ZHLWHQ+DXSWNDWHJRULHÄ9DOHQ]HQ³
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
=XP(LQIOXVVYRQ.RQWUROOYDULDEOHQDXIPRWLYDWLRQDOH3HUV|QOLFKNHLWV PHUNPDOHLP-XJHQGDOWHU ,P)ROJHQGHQZHUGHQGLH(LQIOVVHGHU.RQWUROOYDULDEOHQVR]LDOGHPRJUDILVFKHXQG VR]LDOVWUXNWXUHOOH 0HUNPDOH ZLH *HVFKOHFKW %LOGXQJVVFKLFKW )DPLOLHQVWDWXV VD .DS DXIGLH0RWLYDWLRQVODJHYRQ-XJHQGOLFKHQDXVJHZLHVHQ(VKDQGHOWVLFK GDEHLYRUDOOHPXPGLH(UNOlUXQJGHU/HUQXQG/HLVWXQJVPRWLYDWLRQ :HLO GLH )UDJHVWHOOXQJ GLHVHU $UEHLW SV\FKRORJLVFKHU 1DWXU LVW ZHUGHQ GLH VR]LR GHPRJUDILVFKHQ 9DULDEOHQ QXU DOV Ä1HEHQVFKDXSODW]³EHUFNVLFKWLJW ,QVRIHUQ ZHU GHQ VLH DXFK DOV .RQWUROOYDULDEOHQEH]HLFKQHW ZHOFKH GD]X GLHQHQ GLH :LUNXQJHQ GHU SV\FKRORJLVFKHQ .RQVWUXNWH XQWHU .RQWUROOH GHU VR]LDOVWUXNWXUHOOHQ 9DULDEOHQ DXI]X]HLJHQ'LH9DULDEOHQVLQGGHU5HLKHQDFKDXIJHIKUWVRZLHVLHDXFKLP'D WHQVDW]XQGLQGHQGHVNULSWLYHQ%HUHFKQXQJHQLQGLHVHU6WXGLHGDUJHVWHOOWZHUGHQ D *HVFKOHFKWXQG6FKXOIRUP 'LH %HGHXWXQJ YRQ *HVFKOHFKW XQG 6FKXOIRUP IU GLH /HLVWXQJVPRWLYDWLRQV HQWZLFNOXQJZLUGDXVIKUOLFKXQWHUGHP.DSLWHODXIJH]HLJW E 1DWLRQDOLWlWXQG6WDGW/DQG=XJHK|ULJNHLW 'D DXVOlQGLVFKH (OWHUQ JHPl GHU 6KHOO6WXGLH PHKU DOV GHXWVFKH HLQHQ HKHU DXWRULWlUHQ(U]LHKXQJVVWLOKDEHQYJO0QFKPHLHU6 NDQQLQVJHVDPW± EH]RJHQDXIGLH6'7±HLQHHKHUQHJDWLYH:LUNXQJDXIGLH/HLVWXQJVPRWLYDWLRQHU ZDUWHWZHUGHQ$XWRULWlUH9HUKDOWHQVZHLVHQVLQGDEHUQLFKW]XYHUZHFKVHOQPLWDX WRULWDWLYHP 9HUKDOWHQ ZDV PLW HLQHU VHKU JXWHQ (OWHUQ.LQG%H]LHKXQJ HLQKHUJHKW V.DS 8QWHUVFKLHGH LP 6FKXONOLPD XQG LQ GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ YRQ 6FKOHUQ ]% $JJUHVVLRQ /HLVWXQJVGUXFN9HUKDOWHQ « DXIJUXQG GHU 6WDGW /DQG=XJHK|ULJNHLWVLQGGDGXUFK]XHUNOlUHQÄGDVV6FKXOHQLQGHQVR]LRNXOWXUHOOHQ .RQWH[WHLQHU5HJLRQHLQJHEHWWHWVLQGVHLGLHVHLQNDWKROLVFKHV'RUIRGHUHLQHSUR WHVWDQWLVFKH0LWWHOVWDGW³)HQG6 F 6R]LR|NRQRPLVFKHU6WDWXVGHU(OWHUQXQGVR]LDOH6FKLFKW 'LH 6FKLFKW]XJHK|ULJNHLW VRUJW ZLH GDV LQ YLHOHQ 8QWHUVXFKXQJHQ EHVWlWLJW ZXUGH ]%+HOPNH :HLQHUW LQVRIHUQIUSRVLWLYHVFKXOLVFKH/HLVWXQJHQDOVYRU DOOHPGDVVFKLFKWDEKlQJLJH(U]LHKXQJVYHUKDOWHQGHU(OWHUQGHQHLJHQWOLFKHQ(IIHNW EHZLUNWYJO3HNUXQ6 'HV :HLWHUHQ NDQQ DXFK GHU IROJHQGH (IIHNW HLQWUHIIHQ Ä(QWJHJHQ DOOWDJV SV\FKRORJLVFKHQ$QQDKPHQVLQG6FKOHUXPVRZHQLJHULQWULQVLVFKPRWLYLHUWMHK| KHUGLH6FKXODEVFKOVVHGHU(OWHUQDXVIDOOHQ³:LOG +RIHU6 'HPQDFK N|QQWH GLH JHULQJHUH /HUQIUHXGH VR]LDOSULYLOHJLHUWHUHU -XJHQGOLFKHU GDUDXI ]XUFN ]XIKUHQ VHLQ GDVV GHU %HVXFK GHV *\PQDVLXPV KLHU PLW JU|HUHU 6HOEVW
6R]LRGHPRJUDILVFKHXQGVR]LDOVWUXNWXUHOOHDOVDXFKXPZHOWEHGLQJWH)DNWRUHQZHOFKHLQGLUHNWHLQ9HU KDOWHQEHHLQIOXVVHQZHUGHQ]XGHQGLVWDOHQ)DNWRUHQJH]lKOW
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
YHUVWlQGOLFKNHLW HUIROJW XQG VRPLW HKHU HLQH %HODVWXQJ VWDWW HLQHU +HUDXVIRUGHUXQJ JOHLFKNRPPW 'LHVHV %HLVSLHO ]HLJW GDVV MH QDFK 6FKXOW\S GHU VR]LR|NRQRPLVFKH 6WDWXV HLQH EHVRQGHUH %HGHXWXQJ HUKlOW 6FKXOW\SHQVSH]LILVFKH %HUHFKQXQJHQ VLQG DOVRVLQQYROO G 6R]LDOVWUXNWXUHOOH9DULDEOHQ]XU)DPLOLH)DPLOLHQIRUP%HUXIVWlWLJNHLW0XWWHU 7HQGHQ]LHOO ]HLJHQ .LQGHU DXV QLFKW WUDGLWLRQHOOHQ )DPLOLHQ (LQ(OWHUQ 6FKHL GXQJVXQG6WLHIHOWHUQIDPLOLHQ JHJHQEHUWUDGLWLRQHOOHQJHULQJHUH6FKXOOHLVWXQJHQ ZREHLGLH8QWHUVFKLHGHPHLVWHQVJHULQJDXVIDOOHQ$XFKGHU*HVFKZLVWHUDQ]DKOXQG GHU )DPLOLHQJU|H ZLUG HKHU ZHQLJ (UNOlUXQJVNUDIW ]XJHVSURFKHQ YJO 3HNUXQ 6 ,QGHU6WXGLHÄ.LQGHU³]HLJWVLFKGDVVGLH.LQGHULP$OWHUYRQ-DKUHQLQ 'HXWVFKODQGJUXQGVlW]OLFKPLWGHUHOWHUOLFKHQ=XZHQGXQJ]XIULHGHQVLQG$OOHUGLQJV LVW DXIIDOOHQG GDVV .LQGHU PLW DOOHLQ HU]LHKHQGHQ (OWHUQWHLOHQ GLH EHUXIVWlWLJ VLQG VLFK YRQ .LQGHUQ PLW (OWHUQ ZHOFKH EHLGH EHUXIVWlWLJ VLQG LQ GHU HLQJHVFKlW]WHQ =XZHQGXQJ XQWHUVFKHLGHQ %HL HUVWHUHQ VDJHQ GDVV VLH ]XZHQLJ =XZHQGXQJ EHNRPPHQ%HL]ZHLWHUHQHLQ(OWHUQWHLO9ROO]HLWHLQ(OWHUQWHLO7HLO]HLWEHUXIVWlWLJ VDJHQGLHVQXUGHU.LQGHUYJO6FKQHHNORWK /HYHQ6 'DGLH=XZHQGXQJDOVRDEKlQJLJYRQGHU)DPLOLHQIRUPXQGGHU%HUXIVWlWLJNHLWGHU (OWHUQVHLQNDQQLVWDXFKYRQHLQHP(LQIOXVVDXIGLH/HLVWXQJVPRWLYDWLRQDXV]XJH KHQ H /HLVWXQJVSRVLWLRQLQGHU.ODVVHXQG,QWHOOHNW :HQQ PDQ YRP =XVDPPHQKDQJ ]ZLVFKHQ 1RWHQ UHODWLYHU /HLVWXQJVSRVLWLRQ XQG /HLVWXQJVPRWLYDWLRQ VSULFKW LVW KlXILJ YRP %H]XJVJUXSSHQHIIHNW GLH 5HGH Ä'DV %HGUIQLV QDFK .RPSHWHQ]HUIDKUXQJ EH]LHKW VLFK lKQOLFK ZLH GHU %HJULII GHU 6HOEVWZLUNVDPNHLW«DXIGDV*HIKOGDVVPDQPLWVHLQHPHLJHQHQ9HUKDOWHQHWZDV EHZLUNHQNDQQ«³.UDSS6 :HQQQXQDEHUGLH9HUZHQGXQJGHUVR ]LDOHQ %H]XJVJUXSSHQQRUP LQ GHU 6FKXOH GHUDUW ZLUNW GDVV JXWH 6FKOHU VWHWV JXW EOHLEHQXQGHKHUZHQLJHUJXWH6FKOHUVWHWV5FNPHOGXQJHQYRQÄNQDSSJHQJHQG³ RGHUÄXQJHQJHQG³HUKDOWHQVLQG]ZLVFKHQGHQ1RWHQE]ZGHUUHODWLYHQ/HLVWXQJV SRVLWLRQ LQQHUKDOE GHU .ODVVH XQG GHU /HLVWXQJVPRWLYDWLRQ :HFKVHOZLUNXQJHQ ]X HUZDUWHQ'LHVZLUGGXUFKIROJHQGHV=LWDWKHUDXVJHKREHQ 8QVHUH 6WXGLH ZHLVW DXI GHQ ZLFKWLJHQ $XVVWUDKOXQJVHIIHNW KLQ GHQ GHU 6FKXOEHUHLFK PLW VHLQHQ EHGHXWHQGHQ 0DUNLHUXQJHQ IU GLH ]XNQIWLJH %H UXIVSRVLWLRQ LQ GHU /HEHQVSKDVH -XJHQG EHVLW]W 'LH 3RVLWLRQ LQ GHU VFKXOL VFKHQ /HLVWXQJVKLHUDUFKLH HUZHLVW VLFK DOV $XVJDQJVSXQNW XQG $XVO|VHU IU GDV SV\FKRVR]LDOH %HILQGHQ YRQ -XJHQGOLFKHQ DXFK LQ GHQ DXHUVFKXOLVFKHQ /HEHQVEHUHLFKHQ YRU DOOHP GHU )DPLOLH 'HU )DPLOLH NRPPW GLH ]HQWUDOH 5ROOH GHU 6WHXHUXQJ GHU VSlWHUHQ EHUXIOLFKHQ .DUULHUH ]X 'LH %HZHUWXQJ VFKXOLVFKHU/HLVWXQJHQXQWHUGHP*HVLFKWVSXQNWLKUHU.DUULHUHEHGHXWXQJJH K|UW PLW ]X GLHVHQ $XIJDEHQ 'LH %H]LHKXQJ ]ZLVFKHQ (OWHUQ XQG -XJHQGOL
)RUVFKXQJVVWDQG
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
FKHQZLUGGXUFKVFKXOLVFKH/HLVWXQJVVFKZLHULJNHLWHQVWDUNEHODVWHW+ROOHU +XUUHOPDQQ6+HUYRUKHEXQJGXUFK'/
,QZHOFKH6FKXOIRUP-XJHQGOLFKH DXIGHU6HNXQGDUVWXIH,HLQJHWHLOW ZHUGHQXQGLQ ZHOFKHUUHODWLYHQ/HLVWXQJVSRVLWLRQVLFKGLHVHLQQHUKDOEGHU.ODVVHEHILQGHQGUIWH GHP]XIROJH LQ %H]XJ DXI GLH .DUULHUH GLH %HZHUWXQJ GXUFK GLH (OWHUQ XQG GHUHQ %H]LHKXQJVJHVWDOWXQJLQVLJQLILNDQWHU:HLVH]XVDPPHQKlQJHQ'LHVLVWHLQHZHLWHUH %HJUQGXQJZDUXPVFKXOIRUPVSH]LILVFKH%HUHFKQXQJHQJHWlWLJWZHUGHQ =XU/HLVWXQJVPRWLYDWLRQVVWDELOLWlWXQG]XP=XVDPPHQKDQJ]ZLVFKHQ PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ (LQHKRKH$XIJDEHQRULHQWLHUXQJKRKHV,QWHUHVVHXQGHLQHDXVJHSUlJWHLGHQWLIL]LHUWH 5HJXODWLRQJHKWPLWHLQHUKRKHQ$QVWUHQJXQJVEHUHLWVFKDIWHLQKHUYJO:LOG 5H P\D6 3HUVRQHQPLWKRKHQ/HLVWXQJVPRWLYDWLRQVZHUWHQOHJHQHLQHDXV GDXHUQGHUHXQGKlUWHUH$UEHLWVZHLVH±DXFKLQGHU6FKXOH±DQGHQ7DJDOV3HUVRQHQ PLW WLHIHP /HLVWXQJVPRWLY YJO &KRL 6FKPLGW 6 (V ]HLJW VLFK DOVR GDVVGLHPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHXQWHUHLQDQGHUHQJ]XVDPPHQKlQ JHQ Ä0HQVFKOLFKHV /HUQHQ LVW ZHVHQWOLFK YRQ 3HUV|QOLFKNHLWVHLJHQVFKDIWHQ GHV /HUQHQGHQDEKlQJLJ9RQGDKHUQLPPWGLH3HUV|QOLFKNHLW(LQIOXVVDXIGHQ/HUQSUR ]HVV³$VHQGRUSI6 ,Q$QOHKQXQJDQ%DQGXUD XQGLKUHHLJHQHQ :HUNHIDVVHQ-HUXVDOHPXQG6FKZDU]HU GLH6HOEVWZLUNVDPNHLWVEHU]HXJXQJ ZLHIROJW]XVDPPHQ +RKH6HOEVWZLUNVDPNHLWI|UGHUWGDV$XIVXFKHQOHLVWXQJVWKHPDWLVFKHU6LWXDWL RQHQ VRZLH GLH $QVWUHQJXQJ XQG $XVGDXHU EHL GHU %HZlOWLJXQJ NULWLVFKHU /HUQVLWXDWLRQHQZRGXUFKGLH(UIROJVZDKUVFKHLQOLFKNHLWHUK|KWZLUG3RVLWLYH /HLVWXQJVHUIDKUXQJHQZLHGHUXPEHJQVWLJHQ+RIIQXQJDXI(UIROJPRWLYDWLR QDOI|UGHUOLFKH$WWULEXWLRQHQXQGSUREOHPDQJHPHVVHQH/|VXQJHQ=XVlW]OLFK ZLUG GLH 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ ZHLWHU VWDELOLVLHUW -HUXVDOHP 6FKZDU]HU6 +LHUDXV OlVVW VLFK DEOHLWHQ GDVV GLH VFKXOLVFKH 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ DXI GLH /HLVWXQJVPRWLYDWLRQ ZLUNW VLH DEHU UFNZLUNHQG ZHLWHU VWDELOLVLHUW ZLUG 'LH 6HOEVWZLUNVDPNHLWNDQQDOVRDOVXQDEKlQJLJHXQGLP)DOOHGHUEHUXIOLFKHQ6LWXDWLRQ DOVDEKlQJLJH9DULDEOHEHUXIOLFKH6HOEVWZLUNVDPNHLWV,QVWUXPHQWHLQ.DS IU GLH YRUOLHJHQGH )UDJHVWHOOXQJ YHUZHQGHW ZHUGHQ bKQOLFK ZLH EHL GHU 6HOEVW ZLUNVDPNHLW JLEW HV DXFK EHL GHU /HLVWXQJVPRWLYDWLRQ HLQHQ 6WDELOLWlWVSUR]HVV IHVW]XVWHOOHQVD.DS =XGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU 'LH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ XQG GLHEHUXIOLFKH6HOEVWZLUNVDPNHLWLP$OWHUYRQ-DKUHQVWHOOHQLQGLHVHU$UEHLWGLH ZHVHQWOLFKHQDEKlQJLJHQ9DULDEOHQGDU
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
)DPLOLHXQG$UEHLWVLQGGLH]HQWUDOHQ%HGHXWXQJVIHOGHUGHUPRGHUQHQ*HVHOOVFKDIW 6WUXNWXUHOOHXQGTXDOLWDWLYH$VSHNWHKDEHQVLFKLQGHU)DPLOLHLQGHQOHW]WHQ-DK UHQ VHKU VWDUN JHZDQGHOW 'RFK QRFK GHXWOLFKHU KDW GHU :DQGHO LP $UEHLWVOHEHQ VWDWWJHIXQGHQYJO5RVHQVWLHO6 :LH YHUKDOWHQ VLFK $UEHLWV]XIULHGHQKHLW XQG EHGLQJXQJHQ XQG 0RWLYDWLRQ LP (U ZDFKVHQHQDOWHU]XHLQDQGHU":HQLJTXDOLIL]LHUWHEHUXIOLFKH7lWLJNHLWHQGLHYRQ0R QRWRQLH HLQHP EHJUHQ]WHQ +DQGOXQJVVSLHOUDXP XQG ZHQLJ VR]LDOHQ .RQWDNWP|J OLFKNHLWHQJHNHQQ]HLFKQHWVLQGZLUNHQVLFKSHUV|QOLFKNHLWVVFKlGLJHQGDXV)ROJHQ GH :LUNXQJHQ ODVVHQ VLFK IHVWVWHOOHQ (LQHQJXQJ YRQ ,QWHUHVVHQ $EEDX GHU JHLVWL JHQ)OH[LELOLWlWXQGP|JOLFKHUZHLVHVRJDU,QWHOOLJHQ](LQVFKUlQNXQJDXIHLQHSDV VLYH)UHL]HLWJHVWDOWXQJZLHEHUPlLJHV)HUQVHKHQGHSUHVVLYH*HVWLPPWKHLWXQGDOV )ROJHGDYRQHLQHUHSUHVVLYH$UWXQG:HLVHGHV8PJDQJVPLWGHQHLJHQHQ.LQGHUQ YJO9ROSHUW Ä,PTXDOLIL]LHUWHQ%HUHLFKKDWGLH$UEHLWQLFKWVHOWHQ]XU)ROJHGDVVVLHYRPJDQ]HQ 0HQVFKHQ%HVLW]HUJUHLIWVRGDVVGLHVHULQVHOEVWEHVWLPPWHU)UHPGEHVWLPPXQJZHLW PHKUDOVYHUWUDJOLFKYHUHLQEDUWLQGHU:RFKHDUEHLWHW³5RVHQVWLHO ±ELV 6WXQGHQ LP PLWWOHUHQ 0DQDJHPHQW 6WXQGHQ LP 7RS0DQDJHPHQW YJO 6WUHLFK ,P:HVHQWOLFKHQGUIWHGLHDNWXHOOH/HEHQVVLWXDWLRQIUGLH$XVSUlJXQJGHU EHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQYHUDQWZRUWOLFKVHLQ1DWUOLFKLVWDEHUDXFKGDVHU UHLFKWH%LOGXQJVQLYHDXE]ZGLH4XDOLILNDWLRQIUGLHPRWLYDWLRQDOHQ$XVSUlJXQJHQ EHVWLPPHQG (V ZUGH GHQ 5DKPHQ GLHVHU $UEHLW VSUHQJHQ ZHQQ GLH GUHL PRWLYDWLRQDOHQ .RQ VWUXNWH GHV (UZDFKVHQHQDOWHUV LQ LKUHU JDQ]HQ *HJHQZDUWVEH]RJHQKHLW XQG GHUHQ (UNOlUXQJEHVFKULHEHQXQGDQDO\VLHUWZUGHQ-HGRFKZHUGHQ=XVDPPHQKlQJH PLW GHQ =XIULHGHQKHLWHQ EHU EHGHXWVDPH /HEHQVEHUHLFKH LP (UZDFKVHQHQDOWHU DXIJH ]HLJW,P=HQWUXPGHU$UEHLWVWHKWGLH)UDJHREHVODQJIULVWLJH(IIHNWHVR]LDOHU(LQ JHEXQGHQKHLWYRP-XJHQGDOWHUELVLQV(UZDFKVHQHQDOWHUJLEW'LHVHZHUGHQVFKXO IRUPVSH]LILVFKDQDO\VLHUW )DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ =XU/HLVWXQJVPRWLYDWLRQVI|UGHUXQJLP(OWHUQKDXV :LH :LJILHOG HW DO 6 II DXVIKUHQ VLQG GLH KDXSWVlFKOLFKHQ $VSHNWH IUHLQHRSWLPDOH/HLVWXQJVPRWLYDWLRQVI|UGHUXQJ]XKDXVHLQHLQHPD SRVLWLYHQ(U ]LHKXQJVNOLPD E LQ KHUDXVIRUGHUQGHQ JHQHUHOOHQ hEHU]HXJXQJHQ(LQVWHOOXQJHQ GHU(OWHUQJHJHQEHUGHU/HLVWXQJVIlKLJNHLWLKUHV.LQGHVF LQVSH]LILVFKHQDXIGDV .LQG EH]RJHQHQ DQJHSDVVWHQ hEHU]HXJXQJHQ GHU (OWHUQ XQG G LP LQWHOOHNWXHOOHQ XQGPRWLYDWLRQDOHQ$QUHJXQJVJHKDOWGHU(OWHUQKDXVHV5lXPH%FKHU.XOWXU« ]X VHKHQ 'DV (U]LHKXQJVNOLPD ZLUG GDEHL XQWHUWHLOW LQ HLQH DQJHPHVVHQH 6WUXNWX ULHUWKHLWLP$OOWDJHLQNRQVLVWHQWHVXQGXQWHUVWW]HQGHVÄSDUHQWLQJ³V(U]LHKXQJV VWLO .DS XQG HLQHQ LQVRIHUQ HUIROJUHLFKHQ ,PLWDWLRQVOHUQSUR]HVV JHPl GHU 7KHRULHGHU,QWHUQDOLVLHUXQJYRQ:HUWHQDD26
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
=DKOUHLFKH 6WXGLHQ OLHIHUQ HPSLULVFKH (YLGHQ] IU GLH OHUQ XQG OHLVWXQJVUHOHYDQWH 5ROOH GHV (OWHUQKDXVHV =LPPHUPDQQ 6SDQJOHU :LOG +RIHU 3HNUXQ :LOG :LOG ,QGLHVHQ%HIXQGHQNRPPHQGLH5HVVRXUFHQ]XP$XV GUXFNDXIGLHGLH)DPLOLH]XUFNJUHLIHQNDQQXPGLHPLWGHP6\VWHP6FKXOHYHU EXQGHQHQ $QIRUGHUXQJHQ ]X EHZlOWLJHQ )U HLQH JHQDXHUH .DWHJRULVLHUXQJ GHU 9LHO]DKO P|JOLFKHU )DPLOLHQPHUNPDOH VHL KLHU DXI GDV 9LHUVFKLFKWHQ0RGHOO YJO $EELOGXQJ YHUZLHVHQLQGHVVHQ=HQWUXP VLFK GLHVFKXOLVFKH(QWZLFNOXQJEH VWHKHQGDXV/HUQPRWLYDWLRQXQG6FKXOOHLVWXQJEHILQGHWYJO:LOGXQG+RIHU 6
6FKXOLVFKH/HLVWXQJ /HUQPRWLYDWLRQ XVZ 6FKXOEH]RJHQH(OWHUQ.LQG,QWHUDNWLRQ (OWHUOLFKH(U]LHKXQJ +lXVOLFKHU$QUHJXQJVJHKDOW )DPLOLHQVWUXNWXUHOOH VR]LR|NRQRPLVFKH0HUNPDOH $EELOGXQJ
,QWHJUDWLYHV 0RGHOO IDPLOLDOHU 6R]LDOLVDWLRQ EH]JOLFK VFKXOLVFKHU (QWZLFNOXQJ LQ $QOHKQXQJ DQ 5\DQ $GDPV *XOORWWD:HLVVEHUJ +DPSWRQ]LWLHUWQDFK:LOGXQG+RIHU6
'LH IDPLOLDOHQ %HGLQJXQJHQ VFKXOLVFKHU (QWZLFNOXQJ N|QQHQ GHPQDFK DXI IROJHQ GHQYLHU(EHQHQXQWHUVFKLHGHQZHUGHQYJOHEG 6FKXOEH]RJHQH (OWHUQ.LQG,QWHUDNWLRQHQ JHK|UHQ ]X GHQ 9DULDEOHQ GLH XQPLW WHOEDUDXIGLHVFKXOLVFKH(QWZLFNOXQJHLQZLUNHQ (OWHUOLFKH (U]LHKXQJVVWLOH VLQG QLFKW XQPLWWHOEDU DXI KlXVOLFKH /HKU/HUQ 6LWXDWLRQHQDXVJHULFKWHW(VZLUGMHGRFKDQJHQRPPHQGDVVVLHGLHSV\FKRVR]LDOH (QWZLFNOXQJ+HUDQZDFKVHQGHUEHHLQIOXVVHQXQGLQGLUHNW]XP7UDJHQNRPPHQ $XIGHUGULWWHQ(EHQHEHILQGHWVLFKGLH IDPLOLlUH/HUQXQG(QWZLFNOXQJVXPJH EXQJZHOFKHDXVGHUSK\VLNDOLVFKHQXQGVR]LDOHQ8PJHEXQJEHVWHKWGLHMHQDFK $QUHJXQJVJHKDOWXQWHUVFKLHGOLFKH(UIDKUXQJVP|JOLFKNHLWHQEHUHLWVWHOOHQNDQQ
5HVVRXUFHQZHUGHQLQ|NRQRPLVFKHU$XVGUXFNVZHLVHDXFKPLWGHPPHWDSKRULVFKHQ%HJULIIGHVÄ.DSL WDOV EH]HLFKQHW YJO6WHFKHU 'DPLW VLQGÄPDWHULHOOH 5HVVRXUFHQ GHU )DPLOLHQXPZHOW DEHU DXFK GDV ÄNXOWXUHOOH XQG GDV ÄVR]LDOH .DSLWDO DQJHVSURFKHQ YJO Ä5HSURGXNWLRQ VR]LDOHU 8QJOHLFKKHLW³ QDFK %RXUGLHX E]ZÄ6R]LDONDSLWDODQVDW]³QDFK&ROHPDQ Ä(LQPLWWOHUHU$QUHJXQJVJHKDOWLVWPLWHLQHPK|KHUHQ(UIROJVPRWLYJHNRSSHOWDOVHLQQLHGULJHURGHUHLQ KRKHU$QUHJXQJVJHKDOW³2HUWHU 0RQWDGD6 ,QGLHVHP6LQQHLVWZHGHUHLQPLW6SLHOVDFKHQ EHUIOOWHV .LQGHU]LPPHU QRFK HLQ GLHVEH]JOLFK ZHQLJ DXVJHVWDWWHWHV .LQGHU]LPPHU LGHDO GHU PLWWOHUH $QUHJXQJVJHKDOWGXUFKHLQHEHUVFKDXEDUH$Q]DKOYRQ6SLHOVDFKHQLVWGDIUYHUDQWZRUWOLFKGDVVVLFKGDV .LQG]XUHFKWILQGHWXQGVHLQH0RWLYDWLRQ]LHOJHULFKWHWVWHXHUQNDQQ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
8QG VFKOLHOLFK VSLHOHQ IDPLOLHQVWUXNWXUHOOH XQG VR]LR|NRQRPLVFKH 0HUNPDOH ZLH GLH %LOGXQJ GHU (OWHUQ GLH )DPLOLHQIRUP RGHU GLH $Q]DKO GHU .LQGHU HLQH 5ROOHEHLGHUVFKXOLVFKHQ(QWZLFNOXQJGHV.LQGHV ,P=HQWUXPGHU RELJHQ$EELOGXQJEHILQGHW VLFKGLH.DWHJRULHGHUVFKXOLVFKHQ (QWZLFNOXQJGHV.LQGHV(VKDQGHOWVLFKGDEHL±QHEHQ6FKXOQRWHQ±ÄZHVHQWOLFKXP VFKXOLVFKH /HUQPRWLYDWLRQ XP GDV VR]LDOH 9HUKDOWHQ LQ GHU 6FKXOH VRZLH XP GLH 6FKXOODXIEDKQ GLH HLQ .LQG HLQVFKOlJW³ DD2 +HUYRUKHEXQJ GXUFK '/ 'LHVH YLHU .RQVWUXNWH 6FKXOQRWHQ VR]LDOHV 9HUKDOWHQ /HUQPRWLYDWLRQ XQG 6FKXOODXI EDKQ VLQGJHPlGHQ$XWRUHQLQ$EELOGXQJ]XVDPPHQJHIDVVWZHLOVLHKlXILJ LQWHUNRUUHOLHUWVLQG 'LH(QWIHUQXQJGHUYHUVFKLHGHQHQ(EHQHQDOVDQJUHQ]HQGHÄ6FKDOHQYRP=HQWUXP YHUGHXWOLFKHQQDFK:LOGXQG+RIHU GDV$XVPDDQWKHRUHWLVFKHU1lKH]XP .RQVWUXNWGHUVFKXOLVFKHQ(QWZLFNOXQJ 6RPLW LVW XQWHUPDXHUW ZDUXP GLH YRUOLHJHQGH )UDJHVWHOOXQJ LQ GHQ 6WUXNWXUJOHL FKXQJVPRGHOOEHUHFKQXQJHQ YRU DOOHP GHQ (LQIOXVV GHU %H]LHKXQJ XQG ,QWHUDNWLRQ YRQ 6HLWHQ GHU (OWHUQ XQG /HKUSHUVRQ DXI GLH /HLVWXQJVPRWLYDWLRQ GHV .LQGHV IR NXVVLHUW'LH(EHQHÄVFKXOEH]RJHQH(OWHUQ.LQG,QWHUDNWLRQHQ³OLHJWLP9LHUVFKLFK WHQ0RGHOOQlPOLFKDPQlFKVWHQEHLP.HUQÄ/HUQPRWLYDWLRQ³ =X GHQ (EHQHQ ÄVFKXOEH]RJHQH (OWHUQ.LQG,QWHUDNWLRQHQ³ XQG ÄHOWHUOLFKH (U]LH KXQJ³YJO$EELOGXQJ N|QQHQXQWHUGHUHQWZLFNOXQJVSV\FKRORJLVFKHQ3HUVSHN WLYHDXFKQRFKIROJHQGH]ZHL$VSHNWHVXEVXPLHUWZHUGHQ 6HOEVWVWlQGLJNHLWVHU]LHKXQJ 'DV 6HOEHUPDFKHQZROOHQ KDW HQWVFKHLGHQG PLW GHU /HLVWXQJVPRWLYDWLRQ]XWXQ(LQHIUKH(U]LHKXQJ]XU6HOEVWlQGLJNHLWZLUNWVLFK SRVLWLYDXIGLHVSlWHUH/HLVWXQJVPRWLYDWLRQGHV.LQGHVDXV-HGRFKLVWGDEHLQLFKW GLH )UK]HLWLJNHLW GLHVHU 6HOEVWlQGLJNHLWVHU]LHKXQJ YRQ %HGHXWXQJ VRQGHUQ GLH (QWZLFNOXQJVDQJHPHVVHQKHLWYJO2HUWHU6 ,QGHU5HJHOHUNHQQHQ (OWHUQZDQQXQGLQZLHIHUQVLHLKU.LQGRSWLPDOI|UGHUQN|QQHQ (U]LHKXQJ GXUFK DQJHSDVVWH %HNUlIWLJXQJ *HPl EHKDYLRULVWLVFKHU 3ULQ]LSLHQ N|QQWH PDQ VFKOVVLJ DEOHLWHQ /RE XQG %HORKQXQJ ZlUHQ I|UGHUOLFK XQG 7DGHO XQG6WUDIHZUGHQVLFKQDFKWHLOLJDXIGLH/HLVWXQJVPRWLYDWLRQDXVZLUNHQ$XFK KLHU PXVV GLIIHUHQ]LHUW ZHUGHQ 'HQQ ZlKUHQG ÃKlXILJHV /RE XQG ZHQLJ 7DGHO¶ IU MQJHUH .LQGHU HLQH SRVLWLYH :LUNXQJ KDW NDQQ EHL lOWHUHQ HWZD =HKQ ELV =Z|OIMlKULJHQ HKHU 'HPRWLYDWLRQ IHVWJHVWHOOW ZHUGHQ 2HUWHU 6 ]L WLHUW5HLI GHUEHREDFKWHWHGDVV0WWHUHUIROJVPRWLYLHUWHU6|KQHKDOEVR YLHO SRVLWLYH %HNUlIWLJXQJHQ DXVVSUDFKHQ ZLH 0WWHU PLVVHUIROJVRULHQWLHUWHU 6|KQH'LHVH$EKlQJLJNHLWGHU%HNUlIWLJXQJYRP$OWHUZLUGDXFKGXUFKGLH8Q WHUVXFKXQJ YRQ +HFNKDXVHQ XQG 2VZDOG JHVWW]W ,P *UXQGVDW] NDQQ DXFKLQ$QOHKQXQJDQGHQ.RUUXPSLHUXQJVHIIHNWYRQ9HUVWlUNXQJHQYJO'HFL .RHVWQHU 5\DQVD.DS DQJHIKUWZHUGHQGDVVKlXILJH%HNUlI WLJXQJHQQDFK(UIROJHQHKHUYHUPLHGHQZHUGHQVROOWHQ$XFK:LOGHWDO
'LHVHV:HUNLVWÄQXU³HLQH'LSORPDUEHLW'DV6HNXQGlU]LWDWZLUGLP)ROJHQGHQQRFKZHLWHUEHOHJW
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
KDEHQ QDFKJHZLHVHQ (OWHUQ VROOHQ ]HLJHQ GDVV VLH YRQ GHQ .LQGHUQ ULFKWLJH /|VXQJHQHUZDUWHQYJO6
)UGLHQDFKKDOWLJH)|UGHUXQJGHU/HLVWXQJVPRWLYDWLRQLQGHU)DPLOLHN|QQHQIRO JHQGH YRQ (FFOHV VRZLH *UROQLFN XQG 5\DQ HUJUQGHWHQ )DNWRUHQ DXIJHIKUW ZHUGHQ D ,QYROYLHUWKHLW (QJDJHPHQW E 8QWHUVWW]XQJ IU DXWRQR PHV9HUKDOWHQXQGF 6WUXNWXU'DVDNWLYH,QWHUHVVHDP.LQGGDV:LVVHQEHUGDV .LQGXQGGLH%HUHLWVFKDIWLQGLH(U]LHKXQJ]XLQYHVWLHUHQUHSUlVHQWLHUHQGHQHUVWHQ )DNWRU'DV.LQG]XHLJHQHQ/|VXQJHQ]XPRWLYLHUHQHQWVSULFKWGHP]ZHLWHQ)DN WRUXQGGHUGULWWH)DNWRUNDQQÄDOVGDV$XVPDPLWZHOFKHQ(OWHUQNODUHXQGGDXHU KDIWH5LFKWOLQLHQ(UZDUWXQJHQXQG5HJHOQIU9HUKDOWHQYRUVHKHQ³EH]HLFKQHWZHU GHQYJO2HUWHU6 'LH$VSHNWHDXQGFVLQGLPODWHQWHQ)DNWRUÄ(OWHUQ .LQG%H]LHKXQJ³LQGHQ6WUXNWXUJOHLFKXQJVPRGHOOHQYRUKDQGHQYJO(UJHEQLVVHLQ .DS 8QWHU GHU %HUFNVLFKWLJXQJ GHU 7KHRULH GHV ,QWHUDNWLRQLVPXV NDQQ PDQ VLFK GHQ (LQIOXVVIDPLOLlUHU%HGLQJXQJHQDXIGLHVFKXOLVFKH(QWZLFNOXQJLQGUHLIDFKHU:HLVH YRUVWHOOHQYJO:LOGXQG+RIHU6 D 0HUNPDOHN|QQHQHLQHQ(LQIOXVVDXIGLHVFKXOLVFKH(QWZLFNOXQJLQGLUHNWEHUGLH MHZHLOVDQJUHQ]HQGH.DWHJRULHKDEHQ'LVWDOH0HUNPDOHZLHGLH*U|HXQG=X VDPPHQVHW]XQJ GHU )DPLOLH ZLUNHQ VLFK GDQDFK ± YHUPLWWHOW EHU SUR[LPDOH 0HUNPDOH ZLH GLH (IIHNWLYLWlW GHV HOWHUOLFKHQ (U]LHKXQJVYHUKDOWHQV ± DXI GLH VFKXOLVFKH(QWZLFNOXQJ+HUDQZDFKVHQGHUDXV'LH)ROJHQHLQHU6FKHLGXQJN|Q QHQ]%DXIWUHWHQGHILQDQ]LHOOH(QJSlVVHVHLQGLH]XHLQHPLQHIIHNWLYHQXQGLQ NRQVLVWHQWHQ (U]LHKXQJVYHUKDOWHQ IKUHQ ZDV VLFK ZLHGHUXP LQ HLQHP 3UREOHP YHUKDOWHQGHU.LQGHUQLHGHUVFKODJHQNDQQ E 'LVWDOH0HUNPDOHN|QQHQDEHUDXFKHLJHQVWlQGLJH%HLWUlJH]XUVFKXOLVFKHQ(QW ZLFNOXQJOLHIHUQ F 'HUNRPSOH[HVWH)DOOGHV=XVDPPHQZLUNHQVEHVWHKWGDULQGDVV9DULDEOHQDXIHL QHU(EHQHHLQH0RGHUDWRUIXQNWLRQEH]JOLFKGHV(LQZLUNHQVHLQHUDQGHUHQ(EHQH ]XNRPPW *HPl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
,QGLUHNWZLUNHQGH)DNWRUHQ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
,Q GHQ IROJHQGHQ .DSLWHOQ ELV JHKW HV HLQHUVHLWV GDUXP GLH MHZHLOLJHQ %HGHXWXQJHQGHUVR]LDOHQ)DNWRUHQ]XEHVFKUHLEHQXQGGHQ*HVDPW]XVDPPHQKDQJ KHUYRU]XKHEHQVLHKH8QWHUNDSLWHO$ ,QGHQMHZHLOLJHQ8QWHUNDSLWHOQ%Ä(LQIOXVV YRQ³ JHKW HV GDQQ XP WKHRUHWLVFKH XQG HPSLULVFKH +LQZHLVH ZHOFKH GLH =XVDP PHQKlQJH ]ZLVFKHQ VR]LDOHQ )DNWRUHQ XQG PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPD OHQEHOHJHQ'LHVVWHOOWGLHHLJHQWOLFKH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVGHUVR]LD OHQ(LQJHEXQGHQKHLWGDU$OOH9DULDEOHQ6NDOHQXQG(LQ]HOLWHPV GHUVR]LDOHQ(LQ JHEXQGHQKHLW VLHKH ,QVWUXPHQWH LQ .DS ZHUGHQ GHQ 2EHUEHJULIIHQ Ä(OWHUQ .LQG%H]LHKXQJ³Ä(U]LHKXQJVVWLO³Ä(OWHUQ%H]LHKXQJ³Ä%HJDEXQJVHLQVFKlW]XQJ HUZDUWXQJ³ XQG Ä6FKXOPRQLWRULQJ³ YJO ELV ]XJHWHLOW $XFK 6WHFKHU KDWGLHDOOJHPHLQHÄ4XDOLWlWGHU(OWHUQ.LQG%H]LHKXQJ³GXUFKGLH9DULDEOHQ )DPLOLHQNOLPD(PSDWKLHGHU(OWHUQ(OWHUQDOV9RUELOGHU%HGHXWXQJGHU(OWHUQIU GDV.LQG0RQLWRULQJJHPHLQVDPH)UHL]HLWDNWLYLWlWHQXQG'LVNXVVLRQHQPLWGHQ(O WHUQRSHUDWLRQDOLVLHUWYJO6 ,QGHQIROJHQGHQ.DSLWHOQZHUGHQGLHVHIDPLOLl UHQVR]LDORULHQWLHUWHQ9DULDEOHQGHV/LI('DWHQVDW]HVIUGLH)UDJHVWHOOXQJWKHRUH WLVFKEHJUQGHW %HGHXWXQJXQG(LQIOXVVGHU(OWHUQ.LQG%H]LHKXQJ $ =XU%HGHXWXQJGHU(OWHUQ.LQG%H]LHKXQJLP$OOJHPHLQHQ 'HU%HJULIIÄ(OWHUQ.LQG%H]LHKXQJLP$OOJHPHLQHQ³XPIDVVWLQGLHVHU6WXGLHIRO JHQGH 9DULDEOHQ :RKOIKOHQ ]X +DXVH (OWHUQ.LQG%H]LHKXQJ 5HLEHUHLHQ *H VSUlFKVLQWHQVLWlW DXHUIDPLOLlUH9HUWUDXHQVSHUVRQEHLSHUV|QOLFKHQ3UREOHPHQXQG EHL3UREOHPHQPLWDQGHUHQVD.DS 1DFK )HQG EOHLEW HLQH SRVLWLYH (OWHUQ.LQG%H]LHKXQJ LQ GHU .LQGKHLW /HEHQVMDKU JUXQGVlW]OLFKDXFKLP-XJHQGDOWHU/HEHQVMDKU HUKDOWHQXQG LVWVRPLWVWDELOÄ6LHLVWGHUDQ*HZLFKWDOOHDQGHUHQ$VSHNWHEHUUDJHQGH6DFKYHU KDOW³6 =ZLVFKHQ.QDEHQXQG0lGFKHQ]HLJHQVLFKNHLQHVLJQLILNDQWHQ8Q WHUVFKLHGH MHGRFK HUVWDXQOLFKHUZHLVH ]ZLVFKHQ GHQ 6FKXOW\SHQ YJO HEG :LH ]HLJW VLFK GLH 6LWXDWLRQ EH]JOLFK (OWHUQ.LQG%H]LHKXQJ KHXW]XWDJH LQ 'HXWVFK ODQG"1DFKIROJHQGHV=LWDWZHLVWDXIHLQH3UREOHPDWLNKLQGLHVSH]LILVFKLQ'HXWVFK ODQGJLOW (LQXPIDVVHQGHU81,&()%HULFKW]XP:RKOHUJHKHQGHU.LQGHULQ,QGXVWULH OlQGHUQ ]HLFKQHW HLQ HUQFKWHUQGHV %LOG GHU 6LWXDWLRQ LQ 'HXWVFKODQG 'HXWVFKODQGLVWQXU0LWWHOPDZHQQHVGDUXPJHKWYHUOlVVOLFKH/HEHQVXP ZHOWHQIUGLHMXQJH*HQHUDWLRQ]XVFKDIIHQ>«@0HKUDOVGLH+lOIWHGHU MlKULJHQ'HXWVFKHQVDJHQGDVVLKUH(OWHUQNDXP=HLWKDEHQVLFKPLWLKQHQ]X XQWHUKDOWHQ,Q8QJDUQXQG,WDOLHQPDFKHQQXUHWZDHLQ9LHUWHOGHU-XJHQGOL FKHQGLHVH(UIDKUXQJ(LQHYHUWLHIHQGH6WXGLHIU'HXWVFKODQG]HLJWGDVVGLH 6LWXDWLRQ GHU .LQGHU LQ GHQ HLQ]HOQHQ %XQGHVOlQGHUQ VWDUN YRQHLQDQGHU DE ZHLFKW81,&()
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
*HPl GHU 6'7 ZUGH GLHVH JHVHOOVFKDIWOLFKH (QWZLFNOXQJ IU GLH /HLVWXQJVPRWL YDWLRQHLQHQHJDWLYH9HUlQGHUXQJEHGHXWHQ:LHVLFKGDV(VVHQWLHOOHDQGHU(OWHUQ .LQG%H]LHKXQJ]HLJWOlVVWVLFKPLW$XVIKUXQJHQYRQ&LRPSL DXI]HLJHQ 6HLQHU0HLQXQJQDFKXPIDVVWPHQVFKOLFKHV(UOHEHQLQMHGHP0RPHQWVRZRKONRJ QLWLYHDOVDXFKDIIHNWLYH(OHPHQWH(OWHUOLFKHV9HUKDOWHQNDQQ±LPZHLWHVWHQ6LQQH ±LPPHUDOVÄHWZDV'RSSHOWHV%LSRODUHVQlPOLFK>DOV@HWZDVVRZRKO.RJQLWLYHVDOV DXFK$IIHNWLYHV³6 HUIDKUHQZHUGHQ 'LH0XWWHUNDQQLKUHP.LQGKXQGHUWPDOVDJHQHVVROOHVHLQ=LPPHULQ2UG QXQJKDOWHQRGHUGLH6XSSHO|IIHOQRKQH]XVFKOUIHQ,KUH:RUWHEOHLEHQVR ODQJH OHHUHU 6FKDOO DOV LKQHQ QLFKW GXUFK EHJOHLWHQGH (PRWLRQHQ ± bUJHU :XW6SDQQXQJRGHU$XVVLFKWDXI%HORKQXQJ)UHXGHOLHEHYROOH=XZHQGXQJ ±VRYLHOÃ1DFKGUXFN¶YHUOLHKHQZLUGGDVVVLHWDWVlFKOLFKÃ(LQGUXFN¶PDFKHQ 6 &LRPSLVDJWGDVVGLHVHIXQGDPHQWDOHQ%RWVFKDIWHQDOVÄ5HJHOV\VWHPK|KHUHU2UG QXQJ LQ GLH DOOH HLQ]HOQHQ .RPPXQLNDWLRQVHOHPHQWH HLQJHEHWWHW VLQG³ ZLUNHQ 6 (VVLQG MHQH JUXQGOHJHQGHQ SRVLWLYHQ RGHU QHJDWLYHQ %RWVFKDIWHQ ZHOFKH GXUFK GLH JHVDPWH +DOWXQJ XQG (LQVWHOOXQJ HLQHV 0HQVFKHQ HLQHP DQGHUHQ JHJHQEHU YHUPLWWHOW ZHUGHQ XQG GLH VLFK DP HKHVWHQ GXUFK VR DOOJHPHLQH 3RODULWlWHQ ZLH :RKOZROOHQhEHOZROOHQ 9HUWUDXHQ0LVVWUDXHQ 2IIHQKHLW9HUVFKORVVHQ KHLW.ODUKHLW8QNODUKHLW2EMHNWOLHEHQDU]LVVWLVFKH/LHEHXPVFKUHLEHQODVVHQ 6LHXQGQLFKWGLHHLQ]HOQHQYHUEDOHQRGHUDYHUEDOHQ.RPPXQLNDWLRQVHOHPHQ WHVLQGQDFKPHLQHUhEHU]HXJXQJGDVHLJHQWOLFK:LFKWLJHXQG:LUNVDPH« 6 :HQQ LP 5DKPHQ GHU %HXUWHLOXQJ GHU (OWHUQ.LQG%H]LHKXQJ GLH %HGHXWXQJ YRQ 5HLEHUHLHQ PLWEHUFNVLFKWLJW ZLUG GDQQ N|QQHQ GLHVH )XQGDPHQWDOERWVFKDIWHQ JH Pl6WRUFK DXFKLQ.RQIOLNWHQ]ZLVFKHQ-XJHQGOLFKHQXQG(OWHUQLQSRVLWLYHU :HLVHIUGLH(QWZLFNOXQJGHU.LQGHULQV*HZLFKWIDOOHQVRODQJHGDV%HPKHQXP 9HUV|KQXQJ GLH 2EHUKDQG EHKlOW 'LH 0WWHU XQG 9lWHU GLH VLFK YRU .RQIOLNWHQ QLFKW VFKHXHQ JHEHQ VR LKUHQ .LQGHUQ ]X YHUVWHKHQ GDVV GLHVH IU VLH VR ZLFKWLJ VLQGGDVVVLHHVHEHQVFKDIIHQVLHÄ]XU:HLVVJOXW³]XEULQJHQYJO6 'LH(OWHUQ.LQG%H]LHKXQJZHLVWDEHULPPHUDXFKHLQHQJHQHWLVFKHQ$QWHLODXIGHU XQEHHLQIOXVVEDU LVW1DFK 6FKQHHZLQG :DOSHU XQG *UDI EHOHJW HLQH 5HLKH YRQ6WXGLHQGDVVVRZRKOGDVHOWHUOLFKH(U]LHKXQJVYHUKDOWHQ]%HOWHUOLFKH:lUPH RGHU.RQIOLNWHE]Z1HJDWLYLWlWLQ(OWHUQ.LQG%H]LHKXQJHQ DOVDXFKGDVZDKUJH QRPPHQH )DPLOLHQNOLPD VXEVWDQWLHOOH JHQHWLVFKH 9DULDQ]WHLOH DXIZHLVHQ YJO 6 =XVDPPHQIDVVHQG NDQQ IHVWJHKDOWHQ ZHUGHQ GDVV GLH (OWHUQ.LQG%H]LHKXQJ GLH .RPPXQLNDWLRQXQGGDV(U]LHKXQJVYHUKDOWHQ]XKDXVHIUGLHJHVDPWH(QWZLFNOXQJ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
YRQ ]HQWUDOHU %HGHXWXQJ VLQG 'LH ,WHPV :RKOIKOHQ ]X +DXVH (OWHUQ.LQG %H]LHKXQJ 5HLEHUHLHQ *HVSUlFKVLQWHQVLWlW DXHUIDPLOLlUH 9HUWUDXHQVSHUVRQ EHL SHUV|QOLFKHQ3UREOHPHQXQGEHL3UREOHPHQPLWDQGHUHQZHUGHQ]XGLHVHQ.HUQND WHJRULHQJH]lKOW 1DFKGLHVHQ$XVIKUXQJHQ]XU%HGHXWXQJGHU(OWHUQ.LQG%H]LHKXQJLP$OOJHPHL QHQIROJHQQXQ+LQZHLVHGLHGHQ(LQIOXVVGHU(OWHUQ.LQG%H]LHKXQJDXIGLH/HLV WXQJVPRWLYDWLRQWKHPDWLVLHUHQ % (LQIOXVVGHU(OWHUQ.LQG%H]LHKXQJ ,Q$QOHKQXQJDQGLH6'7YHUPXWHWHQ:LOGXQG5HP\D GDVV.OlVVOHUXP VRHKHUVHOEVWEHVWLPPWXQGDXIJDEHQRULHQWLHUWLQ0DWKHPDWLNOHUQHQMHHKHUVLHYRQ LKUHQ (OWHUQ EHLP KlXVOLFKHQ /HUQHQ LQ HLQHU HPRWLRQDO ]XJHZDQGWHQ XQG DXWRQR PLHXQWHUVWW]HQGHQ :HLVH DQJHOHLWHW ZHUGHQ XQG MH HKHU (OWHUQ +DXVDXIJDEHQ DOV /HUQFKDQFHGHILQLHUHQ3UR]HVVRULHQWLHUXQJ ,KUH9HUPXWXQJNRQQWHEHVWlWLJWZHU GHQ)UHPGEHVWLPPWH)RUPHQGHU/HUQPRWLYDWLRQGDJHJHQZDUHQEHLGHQ6FKOHUQ DXVJHSUlJW GHUHQ (OWHUQ HLQHQ GLUHNWLYNRQWUROOLHUHQGHQ 8PJDQJ PLW VFKXOLVFKHQ %HODQJHQ ]HLJWHQ EHUK|KWH/HLVWXQJVHUZDUWXQJHQ KHJWHQ XQG LQ KlXVOLFKHQ /HKU /HUQ$UUDQJHPHQWV GDV /HLVWXQJVHUJHEQLV LQV =HQWUXP VWHOOHQ 3URGXNWRULHQWLH UXQJ )ROJOLFK LVW HLQH JUXQGVlW]OLFKH 3UR]HVVRULHQWLHUXQJ EHL GHU %H]LHKXQJVJHVWDOWXQJ IU GLH )|UGHUXQJ GHU /HLVWXQJVPRWLYDWLRQ GHV .LQGHV DQJHPHVVHQ (V JLOW DEHU DXFK GLH ULFKWLJH 'RVLV EHL GHU %HNUlIWLJXQJ ]X ILQGHQ ,P (LQNODQJ PLW $UEHLWHQ ]XP.RUUXPSLHUXQJVHIIHNWYRQ9HUVWlUNXQJHQYJO'HFL.RHVWQHU 5\DQ VROOHQ KlXILJH %HNUlIWLJXQJHQ QDFK (UIROJHQ YHUPLHGHQ ZHUGHQ GD GLHVH HKHU PLW JHULQJHULQWULQVLVFKHU 0RWLYDWLRQHLQKHUJHKHQ $OVEHUOHJHQHUZHLVWVLFKHLQ,QWHUDNWLRQVYHUKDOWHQEHLGHPGLH.LQGHUDXI GLH 5LFKWLJNHLW LKUHU (UJHEQLVVH VFKOLHHQ ZHQQ (OWHUQ NRPPHQWDUORV ]XU QlFKVWHQ $XIJDEH EHUJHKHQ XQG GDV *HIKO HQWZLFNHOQ GDVV GLHVH ULFKWLJH /|VXQJ GXUFKDXV YRQ LKQHQ HUZDUWHW ZXUGH (LQ VROFKHV 9HUKDOWHQ JHKW PLW HLQHPKRKHQ6HOEVWZLUNVDPNHLWVHUOHEHQGHV.LQGHVHLQKHU«(QWJHJHQGHQ (UZDUWXQJHQ VFKHLQW HV DOVR YRUWHLOKDIW ZHQQ (OWHUQ LP 5HJHOIDOO QLFKW ]X VHQVLEHODXIGLHNLQGOLFKHQ%HGUIQLVVHDFKWHQVRQGHUQVWDWWGHVVHQHLQHVDFK OLFKH$UEHLWVVLWXDWLRQVFKDIIHQGLHHVGHP.LQGHUODXEWVLFKDXIGLH$XIJD EHQ ]X NRQ]HQWULHUHQ XQG QLFKW $QIRUGHUXQJHQ DXI ,QKDOWV XQG %H]LH KXQJVHEHQH ]X UHIOHNWLHUHQ :LOG HW DO 6 +HUYRUKHEXQJ GXUFK '/ $XFK ELOGXQJVUHOHYDQWH $NWLYLWlWHQ LQ GHU )DPLOLH ZHOFKH QLFKW GLUHNW DXI VFKXOL VFKH $QIRUGHUXQJHQ EH]RJHQ VLQG VLQG JHPl 0DUMRULEDQNV IU GLH /HLV WXQJVHQWZLFNOXQJ XQG GLH %LOGXQJVODXIEDKQ GHU .LQGHU VHKU ZLFKWLJ ,Q GHQ %H UHFKQXQJHQZHLWHUKLQWHQEH]LHKHQVLFKGLH)UHL]HLWDNWLYLWlWHQDXIHEHQGLHVH7DWVD FKH
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
0LW'DWHQDXVGHP/lQJVVFKQLWWSURMHNW³9RQGHU.LQGKHLW]XU-XJHQGLQGHU)DPL OLH´ ZHOFKHV YRQ .UHSSQHU DP 0D[3ODQFN,QVWLWXW JHOHLWHW ZXUGH ]HLJW 8OOULFK GDVVSRVLWLYHVNRPPXQLNDWLYHV9HUKDOWHQGHU(OWHUQHLQHQSRVLWLYHQ=XVDP PHQKDQJPLWGHQ6FKXOOHLVWXQJHQGHV.LQGHVQDFKVLFK]RJ=XGHPZLUGDXVJHZLH VHQ GDVV MHGHP (OWHUQWHLO HLQH HLJHQVWlQGLJH 5ROOH LQ GHU $XVHLQDQGHUVHW]XQJ PLW GHP .LQG ]XNRPPW ,Q )DPLOLHQ OHLVWXQJVVWDUNHU 6FKOHU ZHUGHQ EHIlKLJHQGH .RPPXQLNDWLRQVIRUPHQXQG9HUKDQGOXQJVEHUHLWVFKDIWJHOHEWZlKUHQGLQ)DPLOLHQ HKHU OHLVWXQJVVFKZDFKHU 6FKOHU GLH .RPPXQLNDWLRQ HLQVFKUlQNHQG XQG ZHQLJHU HPRWLRQDOLVW 'LH %HGHXWXQJ GHU VR]LDOHQ %H]LHKXQJ IU GLH /HLVWXQJVPHGLDWRUHQ 0RWLYDWLRQ /HLVWXQJVDQJVWXQG)lKLJNHLWVVHOEVWNRQ]HSWZLUGDXFKGXUFKGHQ6FKOXVVEHULFKWGHV 61)3URMHNWV Ä6FKXONRQWH[W XQG ,GHQWLWlWVHQWZLFNOXQJ LP -XJHQGDOWHU³ YRQ 1HX HQVFKZDQGHU +HU]RJ XQG +ROGHU EHVWlWLJW )ROJHQGHU 6DW] DOV %HOHJ Ä'LH (OWHUQ6FKOHU%H]LHKXQJLQGHU6LFKWGHV.LQGHVZDUJHQHUHOOGHUVWlUNVWH3UlGLNWRU IU /HLVWXQJVPHGLDWRUHQ >«@ (UZDUWXQJVJHPl VLQG QLFKW :LVVHQVNRQ]HSWH VRQ GHUQ .RQ]HSWH GHU VR]LDOHQ %H]LHKXQJ ]XU /HKUSHUVRQ LQ GHU .ODVVH XQG LQ GHU 6FKXOH]HQWUDO³6,,, 'LH QHXURELRORJLVFKH )RUVFKXQJ NDQQ GLH :LUNVDPNHLW GHU (OWHUQ.LQG%H]LHKXQJ DXI GLH /HLVWXQJVPRWLYDWLRQ HEHQIDOOV XQWHUPDXHUQ (V LVW HLQ Ä)UHXQGVFKDIWVKRU PRQ³ JHIXQGHQ ZRUGHQ GDVV GLH 0RWLYDWLRQ DQ GLH 4XDOLWlW GHU %H]LHKXQJ ]XP MHZHLOLJHQ*HJHQEHUNRSSHOW:LUVLQGDOVRÄEHVRQGHUVGRUWPRWLYLHUWZRZLUIU E]ZPLWVROFKHQ0HQVFKHQHWZDVWXQN|QQHQPLWGHQHQZLUXQV]ZLVFKHQPHQVFK OLFKYHUEXQGHQIKOHQ³%DXHUD6 %DXHUKlOWVHKUWUHIIHQGIHVWGDVVHVLQ MQJHUHU=HLWJHODQJ GLH 6WLPXOL ]X LGHQWLIL]LHUHQ ZHOFKH GLH PHQVFKOLFKHQ 0RWLYDWLRQVV\VWHPH KRFKIDKUHQ N|QQHQ 'DV (UJHEQLV ZDU UHFKW YHUEOIIHQG :DV GLH 0RWLYD WLRQVV\VWHPHGHVPHQVFKOLFKHQ*HKLUQVDNWLYLHUWLVWGLH%HDFKWXQJGDV,QWH UHVVH GLH =XZHQGXQJ XQG GLH 6\PSDWKLH DQGHUHU 0HQVFKHQ ZDV VLH LQDNWL YLHUWLVWVR]LDOH$XVJUHQ]XQJXQG,VRODWLRQ$XFKKLHUPDFKWGDV*HKLUQDXV 3V\FKRORJLHZLHGHUXP%LRORJLHRGHUDQGHUVDXVJHGUFNW'LHVWlUNVWH0RWL YDWLRQVGURJHIUGHQ0HQVFKHQLVWGHUDQGHUH0HQVFK'LHVEHGHXWHW(VJLEW NHLQH0RWLYDWLRQRKQH]ZLVFKHQPHQVFKOLFKH%H]LHKXQJ0HQVFKHQVLQGLQLK UHQ ]HQWUDOHQ 0RWLYDWLRQHQ DXI VR]LDOH $N]HSWDQ] KLQ RULHQWLHUWH :HVHQ HLQ 8PVWDQGGHULQGHUQHXURELRORJLVFKHQ6]HQHGHU86$GHQ%HJULIIGHVÄVRFLDO EUDLQ³HQWVWHKHQOLH>«@1HXHUH8QWHUVXFKXQJHQ]HLJHQGDVV$XVJUHQ]XQJ DXVGHU6LFKWGHV*HKLUQVlKQOLFKZDKUJHQRPPHQZLUGZLHDEVLFKWVYROO]XJH IJWHUN|USHUOLFKHU6FKPHU]'D]XJHIJWHUN|USHUOLFKHU6FKPHU]HLQSRWHQWHU $XVO|VHUYRQ$JJUHVVLRQLVWZLUGYHUVWlQGOLFKZDUXPDXFKVR]LDOH$XVJUHQ ]XQJ E]Z %LQGXQJVORVLJNHLW DJJUHVVLYHV 9HUKDOWHQ EHJQVWLJW 'DV *HKLUQ
QDPHQV2[\WRFLQ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
PDFKWNHLQHE]ZNDXPHLQH8QWHUVFKHLGXQJ]ZLVFKHQN|USHUOLFKHPXQGSV\ FKLVFKHP6FKPHU]XQGEHDQWZRUWHWGDKHUEHLGHVPLW$JJUHVVLRQ6I
'DV VR]LDOH 0RPHQW (PSDWKLH LQ GHU )DPLOLH HUZHLVW VLFK LQ HLQHP 6WUXNWXUJOHL FKXQJVPRGHOO LP9HUJOHLFK ]XP 6FKXOPRQLWRULQJ 6FKXODXIPHUNVDPNHLW XQG NXO WXUHOOHQ.DSLWDOGHU(OWHUQDOVEHGHXWHQGVWHU)DNWRU]XU9RUKHUVDJHGHU6FKXOHLQVWHO OXQJ XQG GHV GDUDXIIROJHQGHQ 6FKXOHUIROJV GHV .LQGHV ZLH =LQQHFNHU XQG *HRUJ ]HLJHQYJO$EELOGXQJ
$EELOGXQJ
9RUKHUVDJH GHU 6FKXOHLQVWHOOXQJ GXUFK GDV (OWHUQKDXV =LQQHFNHU *HRUJ 6 .RHIIL]LHQWHQIU9lWHULQ.ODPPHUQ$OOH$QJDEHQQDFK$QJDEHGHU.LQGHU
,QVJHVDPW LVW GLH 5HOHYDQ] HLQHU HPSDWKLVFKHQ (OWHUQ.LQG%H]LHKXQJ IU YRUOLH JHQGH)UDJHVWHOOXQJVRZRKOHPSLULVFKDOVDXFKWKHRUHWLVFKDXVJHZLHVHQ %HGHXWXQJXQG(LQIOXVVGHV(U]LHKXQJVVWLOV $ =XU%HGHXWXQJGHV(U]LHKXQJVVWLOV ,P.RQVWDQ]HU/lQJVVFKQLWWZXUGHQGLH.RQVWUXNWHÄLQNRQVLVWHQWHU(U]LHKXQJVVWLO³ XQG ÄHQWVSDQQWH XQG VR]LDOH )UHL]HLWDNWLYLWlWHQ PLW (OWHUQ³ HUKREHQ *HPl 7URPPVGRUII ODVVHQ VLFK(OWHUQ.LQG%H]LHKXQJHQDXIJUXQGGHVHOWHUOLFKHQ (U]LHKXQJVYHUKDOWHQVXQWHUVFKHLGHQ6 'DPLWLVWEHOHJWGDVVGHU(U]LHKXQJVVWLO PLW GHU (OWHUQ.LQG%H]LHKXQJ ]XVDPPHQKlQJW XQG LQVRIHUQ IU GLH YRUOLHJHQGH 6WXGLHWKHPDWLVLHUWZHUGHQPXVV 'LH EHJULIIOLFKH )DVVXQJ GHV .RQVWUXNWHV Ä(U]LHKXQJVVWLO³ LVW ]ZDU HWZDV XQNODU JHEOLHEHQGRFKHLQH9LHO]DKOYRQ8QWHUVXFKXQJHQKDW]ZHL+DXSWGLPHQVLRQHQEHV WlWLJW)DNWRUHQDQDO\WLVFKOLHHQVLFK]ZHL*HJHQVDW]SDDUHILQGHQ$N]HSWDQ]YV$E
'LHVEHGHXWHWhEHUDOOGRUWZRZLUDJJUHVVLYHP9HUKDOWHQYRQ6FKOHUQHQWJHJHQWUHWHQPVVHQVROOWHQ ZLU GLHV PLW (QWVFKLHGHQKHLW WXQ :LU VROOWHQ GDEHL DEHU GLH %HWURIIHQHQ QLFKW GHPWLJHQ VRQGHUQ HWZDV JHJHQ LKUH VR]LDOH $XVJUHQ]XQJ RGHU %LQGXQJVORVLJNHLW WXQ GLH GHQ +LQWHUJUXQG DJJUHVVLYHQ 9HUKDOWHQV ELOGHWYJOHEG
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
OHKQXQJXQG$XWRQRPLHYV.RQWUROOHYJO6FKXPDFKHU6 'LH1W]OLFK NHLW GLHVHV .RQVWUXNWV ZXUGH RIW XQWHU %HZHLV JHVWHOOW YJO .UXVH 6 *HPl %DXPULQG XQG LQ :HLWHUHQWZLFNOXQJ GXUFK 0DFFRE\ XQG 0DUWLQ XQG7DXVFKXQG7DXVFK ODVVHQVLFKGLH3URWRW\SHQHOWHUOLFKHU(U]LH KXQJVVWLOH EH]JOLFK GHU ]ZHL 'LPHQVLRQHQ ZLH IROJW EH]HLFKQHQ YJO $EELOGXQJ PD[ /HQNXQJ.RQWUROOH hEHUEHKWXQJ 5HVWULNWLRQ
DXWRULWlU
$EOHKQXQJ =XUFNZHLVXQJ )HLQGVHOLJNHLW *HULQJVFKlW]XQJ YHUQDFKOlVVLJHQG
DXWRULWDWLY
SHUPLVVLY DQWLDXWRULWlU
$N]HSWDQ] =XZHQGXQJ:lUPH )UVRUJH 5HVSRQVLYLWlW :HUWVFKlW]XQJ
PLQ /HQNXQJ$XWRQRPLH /LEHUDOLWlW
$EELOGXQJ
'LH YLHU (U]LHKXQJVVWLOH QDFK %DXPULQG LQ :HLWHUHQWZLFNOXQJ GXUFK 0DFFRE\ XQG 0DUWLQ XQG 7DXVFKXQG7DXVFK
*HPl 6FKQHHZLQG :DOSHU XQG *UDI ODVVHQ VLFK GLH YLHU (U]LHKXQJVVWLOH YJO6 ZLHIROJWEHVFKUHLEHQ DXWRULWlUHU(U]LHKXQJVVWLO=HLFKQHWVLFKGXUFKKRKH/HQNXQJXQGJHULQJH:lU PH DXV 'LH (U]LHKHU VLQG GHP ]X (U]LHKHQGHQ JHJHQEHU VHKU ]XUFNZHLVHQG XQGVWDUNNRQWUROOLHUHQG YHUQDFKOlVVLJHQGHU(U]LHKXQJVVWLO'LH(OWHUQKDEHQHLQHVFKZDFKH/HQNXQJDOV DXFKHLQHWLHIH:HUWVFKlW]XQJ'DV$XVPDLQGHPVLFKGLH(OWHUQIUGDV.LQG YHUSIOLFKWHW IKOHQ LVW VHKU JHULQJ VLH LQYHVWLHUHQ QXU PLQLPDOH .RVWHQ DQ =HLW XQG$QVWUHQJXQJHQLQGDV.LQG SHUPLVVLYHU(U]LHKXQJVVWLO+LHULVWGLH:HUWVFKlW]XQJKRFKGLH.RQWUROOGLPHQ VLRQ ZLUG DEHU QLHGULJ JHKDOWHQ 'LH (U]LHKHQGHQ VLQG VHKU QDFKVLFKWLJ XQG ]HLFKQHQ VLFK GXUFK HLQH KRKH 7ROHUDQ] JHJHQEHU GHP NLQGOLFKHQ 9HUKDOWHQ DXV.RQWUROOHRGHU%HVWUDIXQJZHUGHQVHOWHQDXVJHEW DXWRULWDWLYHU(U]LHKXQJVVWLO=HLFKQHWVLFKGXUFKKRKHHPRWLRQDOH:HUWVFKlW]XQJ XQG GXUFK HLQ PRGHUDWHV 0D DQ 5HVWULNWLYLWlW GHU (U]LHKHQGHQ DXV 'HVKDOE ZLUG HU DXFK DOV NLQGHU]HQWULHUWHU (U]LHKXQJVVWLO EH]HLFKQHW >GDV 5HFKWHFN LQ $EELOGXQJ HUUHLFKW QLFKW GLH K|FKVWH Ä.RQWUROODXVSUlJXQJ³@ 'LH (OWHUQ KD EHQMHGRFKKRKH(UZDUWXQJHQDQGDVNLQGOLFKH9HUKDOWHQVLHVHW]HQNODUH6WDQ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
GDUGV XQG 5HJHOQ EH]JOLFK 9HUKDOWHQ DXI DXI GHUHQ (LQKDOWXQJ NRQVHTXHQW JHDFKWHW ZLUG *HQHUHOO KHUUVFKW HLQH RIIHQH .RPPXQLNDWLRQ ZREHL GLH NLQGOL FKHQ%HGUIQLVVHJHDFKWHWZHUGHQ'HUNLQGOLFKH6WDQGSXQNWZLUGEHUFNVLFKWLJW GHUHLJHQHDEHUDXFKYHUWUHWHQ
'LH ]ZHL *UXQGGLPHQVLRQHQ ÄUHVSRQVLYHQHVV³ XQG ÄGHPDQGLQJQHVV³ QDFK %DXP ULQG ZXUGHQNU]OLFKDXFKLP1DWLRQDOIRQGVSURMHNW1)3EHLGHU(U KHEXQJGHU(U]LHKXQJVVWLOHPLWMHHLQHU)UDJH]XGHQEHLGHQHQWVSUHFKHQGEHUVHW] WHQ'LPHQVLRQHQ8QWHUVWW]XQJXQG)RUGHUXQJGXUFKGLH(OWHUQ EHL-XJHQGOLFKHQ YHUZHQGHW *XW]ZLOHU :\GOHU 'LHV ]HLJW GDVV GDV =XVDPPHQVSLHO YRQ /HQNXQJE]Z)RUGHUXQJVRZLH:HUWVFKlW]XQJ=XZHQGXQJE]Z5HVSRQVLYLWlWYRQ 6HLWHQGHU%H]XJVSHUVRQHQDOVDXWRULWDWLYEH]HLFKQHWZLUGXQGGLHVEH]JOLFKYRQHL QHUSRVLWLYHQ:LUNXQJDXIGDV.LQGDXVJHJDQJHQZHUGHQNDQQZLHGDVQlFKVWH8Q WHUNDSLWHO%]HLJW )UHL KlOWIHVWGDVVKHXWHLQGHQ(U]LHKXQJVXQG6R]LDOZLVVHQVFKDIWHQ.RQ VHQVGDUEHUEHVWHKWGDVV$XWRULWlWQLFKWHLQH(LJHQVFKDIWHLQHU3HUVRQVRQGHUQGLH 4XDOLWlW HLQHU VR]LDOHQ %H]LHKXQJ LVW YJO 6 'LHV YHUZHLVW DOVR HEHQIDOOV DXI GLH LQWHUDNWLRQLVWLVFKH 3HUVSHNWLYH V .DS ZRQDFK MHGHV 9HUKDOWHQ LQ HLQHP VR]LDOHQ*HVFKHKHQVRZRKO8UVDFKHDOVDXFK:LUNXQJLVWYJO:DW]ODZLFN 0QFKPHLHU ]HLJWDXIJUXQGGHU6KHOO-XJHQGVWXGLHÄ-XJHQG³GDVV GHU 'HXWVFKHQ LKUHQ (U]LHKXQJVVWLO DOV ÄJWLJPLOGH³ FKDUDNWHULVLHUHQ HLQ :HUWGHULQHWZDVFKRQHUUHLFKWZXUGHXQGVHLWKHUNRQVWDQWEOLHE 'HXWVFKH -XJHQGOLFKH QHKPHQ LKUH (OWHUQ YLHO KlXILJHU DOV IUKHU DOV Ä9HUWUDXHQVSHUVRQ³ ZDKU9RQÄVWUHQJHU(U]LHKXQJ³VSUHFKHQGHUGHXWVFKHQXQGGHUDXVOlQGL VFKHQYRQÄVHKUVWUHQJHU(U]LHKXQJ³GHUGHXWVFKHQXQGGHUDXVOlQGLVFKHQ -XJHQGOLFKHQYJO6 +LHU]HLJWVLFKDOVRGDVV±REZRKOZLHEHUHLWVHUZlKQWGHXWVFKH(OWHUQLPLQWHU QDWLRQDOHQ 9HUJOHLFK HKHU ZHQLJ =HLW IU GLH %H]LHKXQJVJHVWDOWXQJ ]ZLVFKHQ LK QHQ XQG GHQ .LQGHUQ DXIZHQGHQ ± VLH YRQ GHQ .LQGHUQ XQG -XJHQGOLFKHQ PHLVW DOV JWLJPLOGH LQ LKUHP 9HUKDOWHQ ZDKUJHQRPPHQ ZHUGHQ 2E GLHVH 0HKUKHLW LP 6LQQH GHV DXWRULWDWLYHQ RGHU QDFK GHP YHUQDFKOlVVLJHQGHQ (U]LHKXQJVVWLO HU ]LHKWNDQQDQGLHVHU6WHOOHQLFKWEHDQWZRUWHWZHUGHQ 6FKQHHZLQGHWDO6 OLHIHUQLQWHUHVVDQWH(UNHQQWQLVVHUXQGXPGLHYHU lQGHUWHQ:HUWXQG(U]LHKXQJVPXVWHULQ'HXWVFKODQG 3DUDOOHO ]X GHU YRQ 6R]LRORJHQ GLDJQRVWL]LHUWHQ WHLOZHLVH DEHU DXFK NULWLVFK KLQWHUIUDJWHQ 3OXUDOLVLHUXQJ,QGLYLGXDOLVLHUXQJ'LIIHUHQ]LHUXQJ/LEHUDOLVLH
:LOGXQG+RIHU VWHOOHQGDEHLIHVWGDVVGLHÄVWULNWH%HDFKWXQJXQG'XUFKVHW]XQJYRQ5HJHOQPLW +LOIHUDWLRQDOHU'LV]LSOLQLHUXQJVPDQDKPHQ³UHODWLYGXUFKJlQJLJSRVLWLYEHZHUWHWZLUG6
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
UXQJXQG(QWVWDQGDUGLVLHUXQJLQGLYLGXHOOHUXQGIDPLOLlUHU/HEHQVHQWZUIHHU JHEHQVLFKGHXWOLFKH+LQZHLVHDXIHSRFKDOH9HUlQGHUXQJHQKLQVLFKWOLFKHOWHU OLFKHU(U]LHKXQJVZHUWH>«@DXIGHU(EHQHYRQ(U]LHKXQJVHLQVWHOOXQJHQXQG SUDNWLNHQJLEWHV%HOHJHGDIUGDVVHVLQGHQOHW]WHQ-DKU]HKQWHQ]XHLQHU]X QHKPHQGHQ /LEHUDOLVLHUXQJ XQG (PRWLRQDOLVLHUXQJ LP %HUHLFK GHU (OWHUQ .LQG%H]LHKXQJHQJHNRPPHQLVWZDVVLFKXDLQHLQHUJU|HUHQ1DFKJLHELJ NHLW*HIKOVEHWRQWKHLWXQGZHQLJHUNODUHQ*UHQ]HQ]ZLVFKHQGHQ*HQHUD WLRQHQVRZLHLQHLQHPVSUEDUHQ5FNJDQJDQ6WUHQJHXQGGHP(LQVDW]N|U SHUOLFKHU %HVWUDIXQJ lXHUW YJO %XVVPDQ +RUQ 5HXEDQG 6FKQHHZLQG 5XSSHUW >«@ >(V@ OlVVW VLFK JHQHUHOO HLQ HSRFKDOHU :DQGHOLQGHQ(OWHUQ.LQG%H]LHKXQJHQIHVWVWHOOHQGHQGH6ZDDQ DOV HLQH(QWZLFNOXQJYRQÄ%HIHKOV]XP9HUKDQGOXQJVKDXVKDOWEHVFKULHEHQKDW ZHOFKH YRQ (OWHUQ YRU DOOHP LQ NRQIOLNWKDIWHQ (U]LHKXQJVVLWXDWLRQHQ HLQ KR KHV0DDQVR]LDOHQXQGNRPPXQLNDWLYHQ.RPSHWHQ]HQYHUODQJWYJO6FKW ]H7HLFKHUW 6+HUYRUKHEXQJGXUFK'/ =XVDPPHQIDVVHQG NDQQ IHVWJHKDOWHQ ZHUGHQ 'LH ]XQHKPHQGH (PRWLRQDOLVLHUXQJ XQGGLHZHQLJHUNODUHQ9HUKlOWQLVVHXQG*UHQ]HQ]ZLVFKHQGHQ*HQHUDWLRQHQGUI WHQ ± XQWHU GHU WKHRUHWLVFKHQ 3HUVSHNWLYH GHU 6'7 EH]JOLFK ,QWHUQDOLVLHUXQJ YRQ :HUWHQ ± IU GLH /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ HLQH :LUNXQJ KDEHQ (V LVW DQ ]XQHKPHQGDVVEHLJXWHQ%H]LHKXQJHQ]X%H]XJVSHUVRQHQGLH,QWHUQDOLVLHUXQJVHKU HUIROJUHLFKDEOlXIWZlKUHQGVLFKGLHVH,QWHUQDOLVLHUXQJEHLEHODVWHWHQ%H]LHKXQJHQ QXULQJHULQJHP0DHYROO]LHKWE]ZJDUQLFKWDEOlXIW % (LQIOXVVGHV(U]LHKXQJVVWLOV /DQJH =HLW JDOW GDV )RUVFKXQJVLQWHUHVVH KDXSWVlFKOLFK GHU XQLGLUHNWLRQDOHQ %HHLQ IOXVVXQJ YRQ .LQGHUQ GXUFK %H]XJVSHUVRQHQ LQVEHVRQGHUH EHL GHQ $XVZLUNXQJHQ EHVWLPPWHU (U]LHKXQJVVWLOH YJO %DXPULQG 'DEHLZXUGHQ GLH%HGLQJXQJHQ DEHU ZHQLJ EHUFNVLFKWLJW ZHOFKH GDV (U]LHKXQJVYHUKDOWHQ VHOEVW YHUlQGHUWHQ ,P :LVVHQGDVVXQWHUGHULQWHUDNWLRQLVWLVFKHQ3HUVSHNWLYHGHU(U]LHKXQJVVWLOQLFKWHLQH HLQVHLWLJH%HHLQIOXVVXQJGDUVWHOOWZHUGHQGLHIROJHQGHQ$EVFKQLWWHGHQQRFKGLHSR VLWLYHQ :LUNXQJHQ GHV DXWRULWDWLYHQ (U]LHKXQJVVWLOV DXI PRWLYDWLRQDOH 3HUV|QOLFK NHLWVHLJHQVFKDIWHQEHOHJHQ ,Q$QOHKQXQJDQ.UXVH ZLUNHQVLFKGLHYLHUYHUVFKLHGHQHQ(U]LHKXQJVVWL OHZLHIROJWDXV=DKOUHLFKH6WXGLHQKDEHQJH]HLJWGDVVDXWRULWlUHU]RJHQH.LQ GHUVSlWHUHKHUVHOEVW]X$JJUHVVLRQHQQHLJHQXQGVLFKGXUFKHLQHJHULQJHVR]LDOH .RPSHWHQ] XQG HLQ JHULQJHV 6HOEVWZHUWJHIKO DXV]HLFKQHQ 'HU YHUQDFKOlVVL JHQGH(U]LHKXQJVVWLOZLUNWVLFKDXIGLHNLQGOLFKH(QWZLFNOXQJEHVRQGHUVQHJDWLY DXV$XIJUXQGGHVJHVW|UWHQ%LQGXQJVYHUKDOWHQVZHLVHQ.LQGHUVSlWHUHLQQLHGUL JHV6HOEVWZHUWJHIKOXQGHLQHWLHIHUH6HOEVWZDKUQHKPXQJDXI)HKOHQGH$XIVLFKW HUK|KWGDV5LVLNRYRQ'HOLQTXHQ]%HLPSHUPLVVLYHQ(U]LHKXQJVVWLOZHLVHQ.LQ GHUVSlWHUHKHUDJJUHVVLYHV9HUKDOWHQXQGJHULQJH,PSXOVNRQWUROOHDXIKDEHQGD IU DEHU HLQ HKHU JURHV 6HOEVWYHUWUDXHQ 'LH :LUNXQJ GHV DXWRULWDWLYHQ E]Z NLQGHU]HQWULHUWHQ (U]LHKXQJVVWLO LVW ELODQ]PlLJ IROJHQGH 'LH .LQGHU ]HLJHQ H
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
KHUKRKHVR]LDOHXQGLQWHOOHNWXHOOH.RPSHWHQ]HQXQGEHVLW]HQHLQKRKHV0DDQ (LJHQNRQWUROOH (QWZLFNOXQJVSV\FKRORJHQ EH]HLFKQHQ GHQ DXWRULWDWLYHQ (U]LHKXQJVVWLO DOV RSWL PDOIUHLQHHUIROJUHLFKH(QWZLFNOXQJYRQ-XJHQGOLFKHQ(VZHUGHQLKPJHVXQGH $GROHV]HQ]HQWZLFNOXQJ XQG HLQH %DODQFH YRQ (PRWLRQDOLWlW XQG 8QWHUVWW]XQJ XQWHUDQJHPHVVHQHU.RQWUROOHGHU9HUKDOWHQVZHLVHQYRQ-XJHQGOLFKHQ]XJHVSUR FKHQ LQNOXVLYH %HUFNVLFKWLJXQJ YRQ JXWHQ 6FKXOOHLVWXQJHQ YJO 6WHLQEHUJ *HPl +HU]RJ VWlUNW GHU DXWRULWDWLYH (U]LHKXQJVVWLO GDV :DFKVWXP GHV .LQGHVLQGHPGHU(U]LHKHUHLQ9HUKDOWHQ]HLJWGDVDXINODUHQ(UZDUWXQJHQHL QHUVHLWV XQG DXI =XZHQGXQJ 6HQVLWLYLWlW XQG 9HUVWlQGQLV DQGHUHUVHLWV EDVLHUW YJO6 1HXHQVFKZDQGHU XQG *ROW] XQWHUVXFKWHQ GLH %HGHXWXQJ IDPLOLlUHU %H GLQJXQJHQIU6FKOHUOHLVWXQJHQ$XIJUXQGYLHUSlGDJRJLVFKHU2ULHQWLHUXQJHQLQ GHU )DPLOLH YHUQDFKOlVVLJHQGH OHLVWXQJVRULHQWLHUWH ZDFKVHQ ODVVHQGH I|UGHUQ GH NRQQWHEHVWlWLJWZHUGHQGDVVGLH/HLVWXQJHQYRQ-XJHQGOLFKHQGHUXQG .ODVVHQVWXIH DXV I|UGHUQGHQ )DPLOLHQ EHVRQGHUV KRFK ZDUHQ VHOEVW QDFK .RQ WUROOH GHV VR]LR|NRQRPLVFKHQ 6WDWXV GHU )DPLOLH XQG GHV *HVFKOHFKWV VRZRKO TXHUDOVDXFKOlQJVVFKQLWWOLFK *HPl 6WHLQEHUJ /DPERUQ 'RUQEXVFK XQG 'DUOLQJ ZHOFKH /HLVWXQJ XQG/HUQPRWLYDWLRQYRQ6FKOHUQDOV)XQNWLRQHOWHUOLFKHU(U]LHKXQJVVWLOHXQWHU VXFKWHQ NRUUHOLHUWH GLH /HLVWXQJVEHUHLWVFKDIW LP 4XHUVFKQLWW ]X U XQG GLH /HUQKDOWXQJ ]X PLW GHU $XWRULWDWLYLWlWV6NDODLP /lQJVVFKQLWW VDQNHQ GLHVH .RUUHODWLRQHQDXIU XQGU DEEOLHEHQDEHUZHJHQGHUJURHQ)DOO]DK OHQ VLJQLILNDQW %HLP 9HUJOHLFK GHU ([WUHPJUXSSHQ VHKU DXWRULWDWLYHU XQG VHKU DXWRULWlUHU (U]LHKXQJVVWLO HUJDEHQ VLFK EHL GHU (UNOlUXQJ YRQ /HLVWXQJVEHUHLW VFKDIWXQG/HUQKDOWXQJKRKH(IIHNWVWlUNHQYRQ!G!
'LH )DYRULVLHUXQJ GHV DXWRULWDWLYHQ 6WLOV IU GLH VFKXOLVFKH :LUNXQJ LVW LQVJHVDPW JHVHKHQRIIHQVLFKWOLFK:LUGGLH(U]LHKXQJVVWLO)UDJHQRFKDXIGLH6'7IRNXVVLHUW NDQQIROJHQGHVIHVWJHKDOWHQZHUGHQ :LOGXQG+RIHU ELODQ]LHUHQGDVVÄ-XJHQGOLFKHGLHVLFKYRQLKUHQ(OWHUQ HPRWLRQDODQJHQRPPHQXQGLQLKUHU$XWRQRPLHXQWHUVWW]WIKOHQHLQHVWlUNHUH %HUHLWVFKDIWDOVDXWRULWlUHU]RJHQH6FKOHUPLW>EULQJHQ@VLFKDQGHQ(UZDUWXQJHQ XQG5HDNWLRQHQGHU(OWHUQ]XRULHQWLHUHQXQGVLFKGHUHQOHUQEH]RJHQH=LHOHXQG $QVSUFKH VRZHLW ]X (LJHQ ]X PDFKHQ GDVV VLH PLW GHP *HIKO GHU 6HOEVW EHVWLPPXQJOHUQHQXQGVLFKLKU,QWHUHVVHDQGHQ/HUQLQKDOWHQYHUVWlUNW³6 -HGRFKNRQQWHQVLHEHLDXWRULWDWLYHQDOVDXFKEHLDXWRULWlUHQHOWHUOLFKHQ9HUKDO WHQVZHLVHQHLQHQOHLVWXQJVVWHLJHUQGHQ(IIHNWIHVWVWHOOHQXQGGLH.RUUXPSLHUXQJV WKHVHVD.DS ZXUGHQLFKWEHVWlWLJW 'DV (U]LHKXQJVYHUKDOWHQ GHU (OWHUQ ZLUNW VLFK DOVR DXI GLH /HUQPRWLYDWLRQ GHU .LQGHUDXVZREHLDXWRQRPLHXQWHUVWW]HQGHVXQGVWUXNWXULHUHQGHVHOWHUOLFKHV(U ]LHKXQJVYHUKDOWHQGD]XIKUWGDVVVLFK.LQGHUXQG-XJHQGOLFKHVWlUNHUVHOEVWEH VWLPPWPLWVFKXOLVFKHQ)UDJHQEHVFKlIWLJHQ'LHVHU(IIHNW]HLJWVLFKDXFKGDQQ±
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
XQGGDVLVWEHVRQGHUVUHOHYDQW±ZHQQGLHVR]LDOH+HUNXQIWGHU)DPLOLHXQGGLH /HLVWXQJVIlKLJNHLW GHU .LQGHU UHFKQHULVFK NRQWUROOLHUW ZHUGHQ YJO ([HOHU :LOG:LOG5DPPHUW 6LHJPXQG 'LHVLVWLP5DKPHQGHUPHWKR GLVFK DQVSUXFKVYROOHQ /lQJVVFKQLWWVWXGLH Ä%LOGXQJVTXDOLWlW YRQ 6FKXOH³ YJO 3UHQ]HO $OOROLR1lFNH QDFKJHZLHVHQZRUGHQ 6LOEHUHLVHQ %RHKQNH XQG &URFNHWW ZHLVHQ DXI GDV (U]LHKXQJVYHUKDOWHQ LP =XVDPPHQKDQJ PLW 1LNRWLQNRQVXP KLQ Ä:HU YRQ ]XKDXVH PHKU 8QWHUVWW ]XQJXQG]XJOHLFKHLQH2ULHQWLHUXQJDQEHJUQGEDUHQ5HJHOQJHZRKQWLVWUDXFKW XQGWULQNWVSlWHU>ZHQLJHU@DOVGLHDQGHUHQ-XJHQGOLFKHQGLHZHQLJHU=XZHQGXQJ HUIDKUHQ >«@ 0HKU $XIJHVFKORVVHQKHLW JHJHQEHU GHQ -XJHQGOLFKHQ YHU]|JHUW GHQ=HLWSXQNWGHUHUVWHQ(UIDKUXQJHQXQGKlOWGLH+lXILJNHLWGHV*HEUDXFKVDXI QLHGULJHP1LYHDX³6(LQIJXQJYRQÄZHQLJHU³GXUFK'/ Ä6HOEHU HUIDKUHQH $JJUHVVLRQ XQG *HZDOW GDV *HIKO GHU 9HUQDFKOlVVLJXQJ GXUFK(UZDFKVHQHYRUDOOHPGXUFKGLHHLJHQHQ(OWHUQ,QNRQVHTXHQ]LPHU]LHKH ULVFKHQ9HUKDOWHQEHL(OWHUQXQG/HKUNUlIWHQVRZLHXQJHO|VWH3UREOHPHLP%OLFN DXIGLHHLJHQHQ=XNXQIWVSHUVSHNWLYHQ-XJHQGOLFKHUGDVVLQGYHUPXWOLFKKHXWHGLH +DXSWXUVDFKHQ IU DJJUHVVLYHV XQG JHZDOWEHUHLWHV 9HUKDOWHQ EHL MXQJHQ 0HQ VFKHQ³6FKDYDQ6+HUYRUKHEXQJG'/ .RPSHWHQWH (OWHUQ KDEHQ DXFK NRPSHWHQWH .LQGHU ± DXI GLHVHQ 1HQQHU ODVVHQ VLFK XQWHUVFKLHGOLFKVWH )RUVFKXQJVEHPKXQJHQ EULQJHQ YJO 6FKQHHZLQG (OWHUQGLHVLFKVHOEVW]X0HQVFKHQPLWKRKHU5HLIH6HOEVWYHUDQWZRUWXQJ XQGSV\FKRORJLVFKHU,QWHJUDWLRQHQWZLFNHOWKDEHQYJO9RQGUD %HOVN\ VLQGHKHULQGHU/DJHLKUHQ.LQGHUQ=XQHLJXQJXQG:lUPHHQWJHJHQ]XEULQJHQ LKQHQ 6LFKHUKHLWXQG 2ULHQWLHUXQJDQKDQGNODUHU5HJHOQVRZLH HQWZLFNOXQJVDQ JHPHVVHQH $QUHJXQJVEHGLQJXQJHQ XQG +DQGOXQJVVSLHOUlXPH ]X ELHWHQ 6FKQHHZLQGHWDO6+HUYRUKHEXQJGXUFK'/ .RPSHWHQWH(OWHUQN|QQHQWHQGHQ]LHOODOVRGDPLWUHFKQHQGDVVVLFKLKUH.LQGHU]X ÄVHOEVWEHZXWHQ HPRWLRQDO VWDELOHQ VR]LDO NRPSHWHQWHQ VHOEVWYHUDQWZRUWOLFKHQ XQGOHLVWXQJVIlKLJHQ0HQVFKHQHQWZLFNHOQZHUGHQ³HEG :LHPDQDXVRELJHQ%HOHJHQIROJHUQNDQQZHLVWGLH)RUVFKXQJEHLGH0HUNPDOHGHV (U]LHKXQJVVWLOVYLHO8QWHUVWW]XQJXQGYLHO)RUGHUXQJ DOVEHGHXWVDPIUHLQHRS WLPDOH 3HUV|QOLFKNHLWVHQWZLFNOXQJ DXV 2IW ZLUG GLH )RUGHUXQJVGLPHQVLRQ ± HLQ NRQVHTXHQWHV DQ NODUHQ 5HJHOQ RULHQWLHUWHV (OWHUQYHUKDOWHQ ± LQ GHU %HULFKWHUVWDW WXQJ HKHU ZHQLJ EHWRQW XQG LQ 6FKODJ]HLOHQ VRJDU XQWHUVFKODJHQ YJO =HLWXQJVEH ULFKWH EHU 6FKZHL]HU 1DWLRQDOIRQGVSURMHNW 1)3 LQ 7DJHV $Q]HLJHU XQG 1== YRP 'DJHJHQ ZLUG YD GLH :HUWVFKlW]XQJVXQG %H]LHKXQJVNRPSRQHQWH LQGHU(U]LHKXQJKHUDXVJHKREHQZDVOHW]WOLFKHLQVHLWLJLVW 'LHVHV)D]LWZLUGYRQ6FKDYDQ QLFKWHPSLULVFKEHOHJWGHQQRFKKlOWHV]XVDPPHQIDVVHQGIHVW ZDVLQYRUKHULJHQ4XHOOHQDXVJHZLHVHQZXUGH
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
Ä(U]LHKXQJ XPIDVVW LPPHU 0RPHQWH GHU 1RUPJHEXQJ GHU =LHOYRUJDEH XQG 0R PHQWH GHU 8QWHUVWW]XQJ GHU HPRWLRQDOHQ 1lKH GLH QRWZHQGLJ LVW XP (LQVFKUlQ NXQJHQ 9HU]LFKW 6HOEVWEHVFKUlQNXQJ XVZ WUDJEDU ]X PDFKHQ³ )HQG 6 'LHVHV =LWDW KHEW KHUYRU GDVV GLH SlGDJRJLVFKH )KUXQJ YRQ 6HLWHQ GHV (U ZDFKVHQHQHLQNRQVWLWXWLYHV(OHPHQWLQHLQHUJXWHQ%H]LHKXQJ]ZLVFKHQ%H]XJVSHU VRQXQG.LQGLVWXQGLQVRIHUQQLFKWYHUQDFKOlVVLJWZHUGHQVROOWH %HGHXWXQJXQG(LQIOXVVGHU(OWHUQ%H]LHKXQJ $ =XU%HGHXWXQJGHU(OWHUQ%H]LHKXQJ 8QWHU GLHVHP 7LWHO N|QQHQ IROJHQGH IU GLH /HLVWXQJVPRWLYDWLRQ VLFK DXVZLUNHQGH )DNWRUHQ JHQDQQW ZHUGHQ Ä(OWHUQ%H]LHKXQJ UHWURVSHNWLY HUKREHQ ³ XQG Ä6FKHL GXQJVRGHU7UHQQXQJVHUIDKUXQJLQGHU-XJHQG]HLW³VD.DS 'LHQHJDWLYH%HXUWHLOXQJGHUÄ(OWHUQ%H]LHKXQJ³GXUFKGLHMlKULJHQ.LQGHUDXV GHU 5HWURVSHNWLYH HLQJHVFKlW]W XQG GLH (UIDKUXQJ YRQ Ä6FKHLGXQJ RGHU 7UHQQXQJ ]ZLVFKHQGHQ(OWHUQ³ZlKUHQGGHU-XJHQG]HLWZHLVHQDXIVR]LDOH%HODVWXQJHQZlK UHQG GHU -XJHQG]HLW KLQ 'LH VR]LDOH (LQJHEXQGHQKHLW ZLUG GDGXUFK LQ 0LWOHLGHQ VFKDIW JH]RJHQ +LHU ZLUG DOVR LP *HJHQVDW] ]XU LP YRUKHULJHQ $EVFKQLWW SRVLWLY GDUJHVWHOOWHQ (OWHUQ.LQG%H]LHKXQJ GLH QHJDWLY ZLUNHQGH $WPRVSKlUH LP (OWHUQ KDXVWKHPDWLVLHUWZHOFKH6WUHVVYHUXUVDFKHQNDQQ 6R KDEHQ %HOVN\ 6WHLQEHUJ XQG 'UDSHU EHLVSLHOVZHLVH IU GHQ %HUHLFK GHU IDPLOLlUHQ6R]LDOLVDWLRQVIRUVFKXQJ]ZHLXQWHUVFKLHGOLFKH0XVWHUYRQ(QWZLFNOXQJV XQG 6R]LDOLVDWLRQVHIIHNWHQ IU 3HUVRQHQ EHVFKULHEHQ GLH LQ VWUHVVRUUHLFKHQ E]Z VWUHVVRUDUPHQ)DPLOLHQXPZHOWHQDXIZDFKVHQ 'HPQDFKHQWZLFNHOQ.LQGHUDXVVWUHVVRUUHLFKHQ)DPLOLHQXPZHOWHQJHNHQQ ]HLFKQHW]%GXUFK|NRQRPLVFKH'HSULYDWLRQKRKHV$XVPDDQHOWHUOLFKHP .RQIOLNW ]XUFNZHLVHQGHV XQG XQHLQIKOVDPHV (U]LHKXQJVYHUKDOWHQ GHU (O WHUQ KlXILJHUXQVLFKHUH%LQGXQJVVWLOHPLWGHQHQEHL-XQJHQJHKlXIWH[WHUQD OLVLHUHQGH XQG EHL 0lGFKHQ LQWHUQDOLVLHUHQGH 9HUKDOWHQVDXIIlOOLJNHLWHQ YHU NQSIWVLQG'DUEHUKLQDXVSXEHUWLHUHQGLHVH.LQGHUIUKHUXQGZHUGHQIU KHUVH[XHOODNWLY'DEHLJHKHQVLHNXU]IULVWLJHUHXQGLQVWDELOHUH3DDUEH]LHKXQ JHQHLQXQGLQYHVWLHUHQLP)DOOHHLJHQHU(OWHUQVFKDIWZHQLJHULQLKUHQ1DFK ZXFKV %HL .LQGHUQ DXV VWUHVVRUDUPHQ )DPLOLHQXPZHOWHQ ]HLJW VLFK HLQ HQW JHJHQJHVHW]WHV(QWZLFNOXQJVPXVWHU6FKQHHZLQGHWDO6 0DQHUNHQQWGDVVVLFK.RQIOLNWH]ZLVFKHQGHQ(OWHUQWHLOHQDXIGLH.LQGHUEHUWUD JHQ'LH(OWHUQEH]LHKXQJLVW]XGHPDXFKVHKUHQJPLWGHP(U]LHKXQJVVWLOGHU(O WHUQYHUEXQGHQ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
% (LQIOXVVGHU(OWHUQ%H]LHKXQJ ,QHLQLJHQ8QWHUVXFKXQJHQZXUGHQGLH(QWZLFNOXQJVEHGLQJXQJHQYRQ.LQGHUQQLFKW QXUEH]JOLFKGHU(OWHUQ.LQG%H]LHKXQJVRQGHUQDXFKEH]JOLFKGHU9DWHU0XWWHU %H]LHKXQJEHUFNVLFKWLJW&RZDQ 0F+DOH 'LH7KHVHODXWHW(LQH6FKHL GXQJ GHU (OWHUQ EW HLQHQ (LQIOXVV DXI GLH 9HUKDOWHQVZHLVHQ XQG GLH (QWZLFNOXQJ GHV.LQGHVDXV (VZLUGIUGLHYRUOLHJHQGH8QWHUVXFKXQJHUZDUWHWGDVVHLQHEHVVHUH9DWHU0XWWHU E]Z(OWHUQ%H]LHKXQJUHWURVSHNWLYHUKREHQ DXFK ]XHLQHUEHVVHUHQVR]LDOHQ(LQ ELQGXQJEHLWUlJWXQGLQVRIHUQHLQHQSRVLWLYHQ(LQIOXVVDXIGLH/HLVWXQJVPRWLYDWLRQ KDW8OOULFK KlOWIHVWÄ(IIHNWLYHV(OWHUQVHLQXQGHLQH]XIULHGHQH3DUWQHUVFKDIW VLQGLP/HEHQVYROO]XJYRQ)DPLOLHQNDXPDQJHPHVVHQ]XWUHQQHQ³6 )ROJHQGH$XVIKUXQJHQEHOHJHQ:LUNXQJHQGHU9DWHU0XWWHU%H]LHKXQJDXI PR WLYDWLRQDOH3HUV|QOLFKNHLWVHLJHQVFKDIWHQGHV.LQGHV ,Q GHU %LQGXQJVIRUVFKXQJ ZLUG GDYRQ DXVJHJDQJHQ GDVV .LQGHU 0RGHOOH LKUHU %H]LHKXQJVHUIDKUXQJHQ YRU DOOHP GLHMHQLJH ]X QlFKVWHQ %H]XJVSHUVRQHQ ZLH 9DWHUXQG0XWWHU LQWHUQDOLVLHUHQZHOFKHVLHVRGDQQDXIQHXH,QWHUDNWLRQHQPLW DQGHUHQ3HUVRQHQDQZHQGHQYJODD26 Ä'LH4XDOLWlWGHU0XWWHU9DWHU %H]LHKXQJ KlQJW GHPQDFK GLUHNW XQG LQ SRVLWLYHU 5LFKWXQJ PLW GHQ EHLGHQ (O WHUQ.LQG%H]LHKXQJHQ]XVDPPHQZREHLGLHVHU=XVDPPHQKDQJZHGHUYRP*H VFKOHFKWQRFKYRP$OWHUGHV.LQGHVDEKlQJW³DD26 6FKQHHZLQGHWDO6 EHOHJHQDXFKGDVV.LQGHUDXV6FKHLGXQJVIDPL OLHQ YLHOIlOWLJH 1DFKWHLOH LQ LKUHU 6R]LDO 3HUV|QOLFKNHLWV XQG .RPSHWHQ]HQW ZLFNOXQJELVLQV(UZDFKVHQHQDOWHUDXIZHLVHQ'LH0HWDDQDO\VHQYHUZHLVHQDEHU DXIJHULQJH(IIHNWVWlUNHQ6FKQHHZLQGHWDOKDOWHQ]XVDPPHQIDVVHQGIHVWGDVV VLFKEHL.LQGHUQHUK|KWH%HODVWXQJHQDXIJUXQGHLQHU6FKHLGXQJQDFKVHFKV-DK UHQQLYHOOLHUWKDEHQXQGVRPLWNHLQH$XIIlOOLJNHLWHQPHKULP9HUJOHLFK]XU1RU PDOEHY|ONHUXQJEHVWHKHQ *HPl8OOULFK6I EHOHJHQYLHOH6WXGLHQGHQ(LQIOXVVHLQHUSRVLWLYHQ 0XWWHU9DWHU%H]LHKXQJDXIGLHSRVLWLYHVR]LDOH(QWZLFNOXQJGHV.LQGHV%HLP 8PJDQJPLWVR]LDOHQXQGLQWHOOHNWXHOOHQ$QIRUGHUXQJHQVFKQLWWHQ]%MHQH.LQ GHU DPEHVWHQ DEEHLZHOFKHQ LQ GHQ )DPLOLHQ VRZRKO ]ZLVFKHQ GHQ (OWHUQ DOV DXFK ]ZLVFKHQ (OWHUQ XQG .LQGHUQ ZHQLJH IHLQGVHOLJH XQG DEZHLVHQGH ,QWHUDN WLRQVIRUPHQEHREDFKWHWZXUGHQ2GHUQDFK%R\XPXQG3DUNH JDEHVVWDU NH =XVDPPHQKlQJH ]ZLVFKHQ %HOLHEWKHLW XQG VR]LDOHQ 9HUKDOWHQVZHLVHQ GHU .LQGHULQGHU6FKXOHXQGGHU)lKLJNHLW]XPNODUHQ$XVGUXFNYRQ*HIKOHQXQG EHREDFKWHWHU(PRWLRQDOLWlWDP(VVWLVFKLP(OWHUQKDXV$JJUHVVLYH.LQGHUVDKHQ GDJHJHQ]XKDXVHZHQLJHUSRVLWLYH$IIHNWHYRP9DWHU]XU0XWWHUÄ(OWHUQKDEHQ LQVRIHUQHLQHEHVRQGHUH0RGHOOIXQNWLRQDOVVLHLQGHU)DPLOLHGDVHLQ]LJH9RU ELOGIU.RPPXQLNDWLRQXQG$IIHNWUHJXODWLRQ]ZLVFKHQ(UZDFKVHQHQGDUVWHOOHQ GHP.LQGHULQGHU5HJHOQDFKHLIHUQZROOHQ³DD26 'HU$XWRUZHLVWLQ GLHVHP=XVDPPHQKDQJQRFKDXIHLQH3DUDGR[LHKLQGDVVHLQHJXWIXQNWLRQLHUHQ GH.RPPXQLNDWLRQQLFKWPLWREHUIOlFKOLFKHU+DUPRQLH]XYHUZHFKVHOQVHLÄ'HU $EEDX YRQ 6SDQQXQJHQ XQG GLH /|VXQJ YRQ 3UREOHPHQ LQ )RUP YRQ .ULWLN
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
$XVHLQDQGHUVHW]XQJHQ XQG +HUDXVIRUGHUXQJHQ LVW HKHU LQ )DPLOLHQ P|JOLFK LQ GHQHQ GLH %H]LHKXQJHQ LQVJHVDPW DXI YHUOlVVOLFKHU 9HUEXQGHQKHLW EHUXKHQ³ DD26 (LQHKRKH(KH]XIULHGHQKHLWZLUNWVLFKOlQJVVFKQLWWOLFKJHVHKHQ$OWHU SR VLWLYDXIGLH(QWZLFNOXQJGHU-XJHQGOLFKHQDXVYJO)LVKHU 6HLWHO 'LHV JDOW QLFKW QXU LQ %H]XJ ]XU HPRWLRQDOHQ XQG SK\VLVFKHQ *HVXQGKHLW VRQGHUQ DXFKLQ%H]XJ]XOHLVWXQJVEH]RJHQHQ2XWSXWYDULDEOHQ 6FKQHHZLQG HW DO 6 ZHLVHQ LP .DSLWHO Ä(LQIOVVH GHU HOWHUOLFKHQ 3DDUEH]LHKXQJDXIGLH6R]LDOLVDWLRQGHU.LQGHU³GDUDXIKLQGDVVHLQHTXDOLWDWLYH QHJDWLYHHOWHUOLFKH3DDUEH]LHKXQJHLQHQHJDWLYH:LUNXQJDXIGLHNLQGOLFKH6R]LD OLVDWLRQ KDW 6LH EHOHJHQ GLHV QLFKW QXU DQKDQG YRQ .RUUHODWLRQV XQG /lQJV VFKQLWWVWXGLHQVRQGHUQDXFKPLWH[SHULPHQWHOOHQ8QWHUVXFKXQJVDQVlW]HQ$OOHU GLQJVZLUGJHQDQQWGDVVGLH(IIHNWVWlUNHQHKHUNOHLQVLQG ,QVJHVDPW N|QQHQ HLQH SRVLWLYH (OWHUQEH]LHKXQJ XQG LQVEHVRQGHUH GLH (KH]XIULH GHQKHLWDOV3UlGLNWRUHQIUHLQHOlQJHUIULVWLJH(QWZLFNOXQJGHU.LQGHU-XJHQGOLFKHQ EH]HLFKQHWZHUGHQLQ.HQQWQLVGDVVGLH(IIHNWVWlUNHQHKHUJHULQJDXVIDOOHQ %HGHXWXQJXQG(LQIOXVVGHUZDKUJHQRPPHQHQ%HJDEXQJVHLQVFKlW]XQJ XQG/HLVWXQJVHUZDUWXQJYRQ6HLWHQGHU(OWHUQ 'HU2EHUEHJULIIÄZDKUJHQRPPHQH%HJDEXQJVHLQVFKlW]XQJXQG/HLVWXQJVHUZDUWXQJ YRQ6HLWHQGHU(OWHUQ³LVWGXUFKIROJHQGH9DULDEOHQUHSUlVHQWLHUWZDKUJHQRPPHQH %HJDEXQJVHLQVFKlW]XQJZDKUJHQRPPHQHUHUZDUWHWHU6FKXODEVFKOXVV+DXSWVFKXOH 5HDOVFKXOH RGHU *\PQDVLXP VRZLH GLH /HLVWXQJVHUZDUWXQJ GHU (OWHUQ DQKDQG GHU VR]LDOHQ%H]XJVQRUPGHU.ODVVHVD.DS $ =XU %HGHXWXQJ GHU ZDKUJHQRPPHQHQ %HJDEXQJVHLQVFKlW]XQJ XQG GHU /HLV WXQJVHUZDUWXQJYRQ6HLWHQGHU(OWHUQ *HPl +ROOHU XQG +XUUHOPDQQ 6 KDEHQ (OWHUQ EHL 6FKOHUQ LQ DOOHQ 6FKXOIRUPHQ%LOGXQJVDVSLUDWLRQHQGLHDXIHLQHPKRKHQ1LYHDXVLQG$EELOGXQJ ]HLJWGLH/HLVWXQJVHUZDUWXQJHQYRQ(OWHUQLQGHU:DKUQHKPXQJYRQ+DXSWVFKOHUQ XQG *\PQDVLDVWHQ LP $OWHU YRQ -DKUHQ PLW GHQ 'DWHQ GHU .RQVWDQ]HU /lQJV VFKQLWW6WXGLH
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
+DXSWVFKOHU
*\PQDVLDVWHQ
LQ
HVZUGHPLU UHLFKHQZHQQHV LUJHQGZLH GXUFKNRPPW $EELOGXQJ
QLFKWVFKOHFKWHU DOVGHU 'XUFKVFKQLWW
EHVVHUDOVGHU 'XUFKVFKQLWW
HUVW]XIULHGHQ ZHQQHV]XGHQ JXWHQ6FKOHUQ ]lKOW
HVVROOWH P|JOLFKVW]XGHQ EHVWHQLQGHU .ODVVHJHK|UHQ
/HLVWXQJVHUZDUWXQJ YRQ 6HLWHQ GHU (OWHUQ ± GLIIHUHQ]LHUW QDFK +DXSWVFKOHUQ XQG *\PQDVLDVWHQ .RQVWDQ]HU /lQJVVFKQLWW'DWHQ
:HQQ QXQ GLH GXUFKVFKQLWWOLFKHQ /HLVWXQJVHUZDUWXQJHQ GHU (OWHUQ EHWUDFKWHW ZHU GHQ VR IlOOW DXI GDVV GLH EHUZLHJHQGH 0HKUKHLW YRQ LKUHQ .LQGHUQ EHVVHUH /HLV WXQJHQHUZDUWHWDOVGHU.ODVVHQGXUFKVFKQLWWHU]LHOW'LHVHQLFKWZLUNOLFKNHLWVNRQIRU PH(UZDUWXQJVRUJWGDIUGDVVGLH6FKXOHLQGLHVR]LDOHQ%H]LHKXQJHQ]ZLVFKHQ(O WHUQXQG.LQGHUQKLQHLQZLUNW 'LH9HUDUEHLWXQJYRQ6FKXOHNDQQDOVRQLFKWYHUVWDQGHQZHUGHQZHQQGHUHOWHUOLFKH .RQWH[WXQEHUFNVLFKWLJWEOHLEWYJO)HQG 6W|FNOL6 ,QWHUHVVDQWLVWEHL GHU%LOGXQJVDVSLUDWLRQGHU(OWHUQIULKUH.LQGHUGDVVGDVPRWLYDWLRQDOH%H]XJVV\V WHP0XWWHU6RKQXPHLQLJHVLQWHQVLYHUDQGHU6FKXOEHZlKUXQJRULHQWLHUWLVWDOVGDV 6\VWHP 0XWWHU7RFKHU YJO 6W|FNOL $XFK )HQG ZHLVW ± ZLH VFKRQ HLQPDOHUZlKQW±GDUDXIKLQGDVV6FKXOHUIROJVHQWZLFNOXQJHQEHL-XQJHQLP*HJHQ VDW]]X0lGFKHQÄ+DQGLQ+DQG³PLW9HUlQGHUXQJHQGHV(OWHUQ.LQG9HUKlOWQLVVHV YHUODXIHQ6 )U(OWHUQLVWGLH6FKXOODXIEDKQYRQ-XQJHQRIIHQEDUZLFKWLJHU LVW DOV MHQH YRQ 0lGFKHQ 6WRUFK KDW GLHVH JHVFKOHFKWVVSH]LILVFKH 7HQGHQ] HEHQIDOOV QDFKJHZLHVHQ (V LVW DXFK QLFKW YHUZXQGHUOLFK ZDUXP LP $OWHU YRQ E]Z-DKUHQGLHVHU(IIHNW]XP7UDJHQNRPPW1DFK+HFNKDXVHQXQG+HFNKDX VHQ LVW GLH NRJQLWLYH 6WUXNWXU GHU /HLVWXQJVPRWLYDWLRQ ELV ]XP /H EHQVMDKU YROO HQWZLFNHOW $QVWUHQJXQJ XQG )lKLJNHLW ZHUGHQ LQ GLHVHP $OWHU DOV NRPSHQVDWRULVFKH 8UVDFKHQIDNWRUHQ YHUVWDQGHQ XQG EHQXW]W YJO 6 'DUDXV ZLUGHUVLFKWOLFKGDVVGLH6FKXOHGDQQPD[LPDOHQ(LQIOXVVDXIGLH/HLVWXQJVPRWLYD WLRQDXVEHQNDQQ)HQGXQG6W|FNOL ZHLVHQHEHQIDOOVDXIGLHW\SLVFKHQ.RQ IOLNWHDXIJUXQGVFKXOLVFKHU7KHPHQKLQZLHVLH]ZLVFKHQ(OWHUQXQG.LQGHUQLP$O WHUYRQ-DKUHQH[LVWLHUHQ % (LQIOXVV GHU ZDKUJHQRPPHQHQ %HJDEXQJVHLQVFKlW]XQJ XQG GHU /HLVWXQJV HUZDUWXQJYRQ6HLWHQGHU(OWHUQ ,P )ROJHQGHQ ZHUGHQ GLH :LUNXQJHQ GHU HOWHUOLFKHQ %HJDEXQJVHLQVFKlW]XQJ LKUHU .LQGHUXQGGHUGLHVEH]JOLFKHQ/HLVWXQJVHUZDUWXQJDXIGLH/HLVWXQJVPRWLYDWLRQEH OHJW
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
*HPl +XUUHOPDQQ 6 ZLUG GXUFK GLHVHV Ä$XIVFKDXNHOQ GHU 6FKXO DEVFKOXQLYHDXV REMHNWLYGLH&KDQFHMHGHVHLQ]HOQHQ-XJHQGOLFKHQHKHUJHPLQGHUW GLH 6WDWXVHUZDUWXQJHQ HLQ]XO|VHQ 'LH SV\FKRVR]LDOHQ $XVZLUNXQJHQ GLHVHU .RQV WHOODWLRQGLHYRUDOOHPDXVGHUHUZlKQWHQVR]LDOHQ%H]XJVQRUPLQ.ODVVHQUHVXOWLHUW VLQG IU DOOH 6FKOHU VSUEDU )ROJHQGHV =LWDW YHUZHLVW DXI GLHVHQ VFKXOIRUPXQDE KlQJLJHQ(IIHNWKLQ :LHZLUHPSLULVFKEHOHJHQNRQQWHQVFKOlJWVLFKGLH9HUXQVLFKHUXQJYRQ6WD WXVHUZDUWXQJHQEHLGHQMHQLJHQ6FKOHUJUXSSHQEHVRQGHUVVWDUNLQ6\PSWRPHQ SV\FKRVRPDWLVFKHU 6W|UXQJHQ QLHGHU GLH HLQ 9HUVDJHQ JHJHQEHU 6FKXOODXIEDKQDQIRUGHUXQJHQ HUOHEHQ ,QWHUHVVDQW DQ XQVHUHQ (UJHEQLVVHQ LVW GDEHLGDVVGLHVH6\PSWRPHEHL6FKOHUQLQDOOHQ6FKXOIRUPHQDXIWUHWHQXQ DEKlQJLJ YRQ GHQ XQWHUVFKLHGOLFKHQ =XNXQIWVSHUVSHNWLYHQ GLH HLQH 6FKXO IRUPREMHNWLYHUVFKOLHW(LQHVR]LDOH$EVWLHJVJHIlKUGXQJHUZHLVWVLFKDXFKLQ GHQ UDQJKRKHQ %LOGXQJVODXIEDKQHQ GHV *\PQDVLXPV DOV %HGLQJXQJVIDNWRU IUSV\FKRVR]LDOH6WUH6\PSWRPHHEG :HQQ -XJHQGOLFKH JHIUDJW ZHUGHQ IU ZLH EHJDEW LKUH (OWHUQ VLH KDOWHQ GDQQ KDW GLHVHOHLVWXQJVPlLJH.RPSHWHQ]HLQVFKlW]XQJYJO6'7 VLFKHUOLFKHLQHQ(LQIOXVV DXIGLH/HLVWXQJVPRWLYDWLRQZHOFKHGLH-XJHQGOLFKHQ]HLJHQ-HQDFK/HLVWXQJVSR VLWLRQLQQHUKDOEGHU.ODVVHXQGGHUGLHVEH]JOLFKHQ/HLVWXQJVHUZDUWXQJYRQ6HLWHQ GHU (OWHUQ KDW GLHV HLQH GLUHNW SRVLWLYH RGHU DEHU QHJDWLYH :LUNXQJ DXI GLH HLJHQH /HUQDQVWUHQJXQJ 'LHhEHUVFKlW]XQJYRQ%HJDEXQJGUIWHVLFKHUOLFKI|UGHUOLFKHUZLUNHQDOVGLH8Q WHUVFKlW]XQJ:HUGHQDEHUYRQ6HLWHQGHU(OWHUQEHUK|KWH/HLVWXQJVHUZDUWXQJHQDQ LKUH.LQGHUJHVWHOOWZHOFKHOHLVWXQJVPlLJHKHUXQWHUGXUFKVFKQLWWOLFKDEVFKQHLGHQ NDQQ GLHV ]X JURVVHP 6WUHVV IKUHQ )U VROFKH -XJHQGOLFKH LVW GDQQ KlXILJ GLH 6FKXOGLVWDQ] GLH HLQ]LJH 0|JOLFKNHLW ÄVLFK DXV LGHQWLWlWVEHGURKHQGHQ VFKXOLVFKHQ 9HUVDJHQVHUIDKUXQJHQ KHUDXV]XO|VHQ XQG DXI VFKXOIUHPGHQ :HJHQ *HOWXQJ LQ GHU $OWHUVJUXSSH]XILQGHQ³)HQG6 'HUIROJHQGHhEHUEOLFN]HLJWGHQHPSLULVFKHQ)RUVFKXQJVVWDQG]X :LUNXQJHQYRQ (UZDUWXQJVXQG%HJDEXQJVHLQVFKlW]XQJHQ 'HU (LQVDW] OHLVWXQJVRULHQWLHUWHQ 'UXFNV ZHOFKHU IRUPDOH .RQWUROODVSHNWH DOV DXFK GHQ (LQVDW] YRQ %HORKQXQJHQ XQG %HVWUDIXQJHQ LP 8PJDQJ PLW VFKXOL VFKHQ (UIROJHQ XQG 0LVVHUIROJHQ EHLQKDOWHW ZLUNW VLFK QHJDWLY DXI GLH /HLV WXQJVHQWZLFNOXQJYJO+HOPNH6FKUDGHU /HKQHLV.OHSSHU XQGGLHHU IROJV]XYHUVLFKWOLFKH VHOEVWEHVWLPPWH /HUQPRWLYDWLRQ YJO 7UXGHZLQG *UROQLFN 5\DQ DXV :LOGXQG+RIHU6 KDOWHQIHVWGDVVQDFK%HIXQGHQYRQ+XUUHOPDQQ XQG0DQVHO %HODVWXQJHQGXUFKEHUK|KWH/HLVWXQJVDQVSUFKHYRQ6HLWHQ GHU(OWHUQDQGLH.LQGHUXQGGDUDXIEH]RJHQH.RQIOLNWHGXUFKDXVPLWJHVXQGKHLW OLFKHQ%HHLQWUlFKWLJXQJHQLQVEHVRQGHUHEHLHKHUOHLVWXQJVVFKZlFKHUHQ6FKOHUQ HLQKHUJHKHQ6LHPHLQHQ]XVDPPHQIDVVHQGGDVV%LOGXQJVXQG/HLVWXQJVHUZDU
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
WXQJHQ YRQ (OWHUQ DQ LKUH .LQGHU LP $OOJHPHLQHQ DOV $XVGUXFN HOWHUOLFKHQ =X WUDXHQV LQ GLH /HLVWXQJVIlKLJNHLW GHU .LQGHU YHUVWDQGHQ ZHUGHQ XQG LQVRIHUQ JU|HUH$QVWUHQJXQJHQDXVJHO|VWZHUGHQYJO6 9RU DOOHP NXOWXUYHUJOHLFKHQGH 6WXGLHQ ]% +XQWVLQJHU -RVH /LDZ &KLQJ VRZLH $UEHLWHQ DXV GHU (UZDUWXQJV:HUW XQG GHU /HLVWXQJV PRWLYDWLRQVIRUVFKXQJ+HOPNHHWDO&ODUN)RQWDLQH ]HLJHQ GDVV KRKH DEHU UHDOLVWLVFKH /HLVWXQJVHUZDUWXQJHQ GLH /HLVWXQJVHQWZLFNOXQJ GHU .LQGHU I|UGHUQ ZRKLQJHJHQ EHUK|KWH /HLVWXQJVHUZDUWXQJHQ ]X .RQIOLNWHQ LQ GHU(OWHUQ.LQG%H]LHKXQJ6HOEVWZHUWSUREOHPHQXQGbQJVWOLFKNHLWIKUHQN|Q QHQ+XUUHOPDQQ 0DQVHO)HQG:LOG 5HP\D ,Q HQJHP =XVDPPHQKDQJ ]XU HOWHUOLFKHQ (UZDUWXQJVKDOWXQJ LVW GDV HOWHUOLFKH 9HUWUDXHQ LQ GLH NLQGOLFKHQ 6HWEVWUHJXODWLRQV )lKLJNHLWHQ ]X VHKHQ YJO *DOSHU:LJILHOG 6HHIHOGW :LOG5DPPHUWXQG6LHJPXQG IDVVHQ]XVDPPHQÄ-HPHKU(OWHUQ%HJD EXQJDOVHLQHYHUlQGHUEDUH*U|HXQGNLQGOLFKH/HLVWXQJHQSULPlUDOVHLQH)UDJH GHUHLJHQHQ$QVWUHQJXQJVHKHQXPVRHKHUI|UGHUQVLHHLQH/HUQ]LHORULHQWLHUXQJ DXI6HLWHQLKUHV.LQGHV³6 (OWHUOLFKH(UZDUWXQJHQZLUNHQQDFK+HOPNHHWDO DXIJUXQGXQWHUVFKLHG OLFKHUWKHRUHWLVFKHU0RGHOOHZLH]%,QWHUQDOLVLHUXQJ/HUQHQDP0RGHOO6WHLJH UXQJ GHV $QUHL]ZHUWHV YJO 6 ]XU %LOGXQJ YRQ $VSLUDWLRQHQ GHV .LQGHV /HW]WOLFK VLQG GLHVH 0HFKDQLVPHQ OHLVWXQJVI|UGHUOLFK 'HU VSH]LILVFKH (UNOl UXQJVEHLWUDJGHU(OWHUQPHUNPDOHIUGLH6FKXOOHLVWXQJVHQWZLFNOXQJDOVGHU$Q WHLO GHU HUNOlUWHQ .ULWHULXPVYDULDQ] ZHOFKH EHU GLH LQGLYLGXHOOHQ XQG NRJQLWL YHQ (LQJDQJVYRUDXVVHW]XQJHQ XQG EHU GLH 6FKXONODVVHQ]XJHK|ULJNHLW KLQDXVJHKWZLUGYRQGHQ$XWRUHQPLWEHUHFKQHW'LH=XVDPPHQ KlQJH]ZLVFKHQ/HLVWXQJVHUZDUWXQJHQGHU(OWHUQXQG0DWKHPDWLNOHLVWXQJHQDP (QGHGHU.ODVVHEOHLEHQDXFKGDQQEHVWHKHQZHQQLQHLQHU3DUWLDONRUUHODWLRQ GHUNRJQLWLYH(QWZLFNOXQJVVWDQG]X%HJLQQGHU.ODVVH,QWHOOLJHQ]0DWKHPD WLN7HVW1RWHQDP(QGHGHU*UXQGVFKXOH NRQWUROOLHUWZLUG 0QFKPHLHU lXVVHUW VLFK XQWHU %HUFNVLFKWLJXQJ GHU (UJHEQLVVH DXV GHU 6KHOO-XJHQGVWXGLHEHLP7KHPD9HUKlOWQLV]XGHQ(OWHUQZLHIROJWÄ(OWHUOL FKHV=XWUDXHQDOV*HJHQWHLOYRQlQJVWOLFKHU%HVRUJWKHLW LVWRIIHQEDUGLHZLFK WLJVWH 'LPHQVLRQ XQG %HGLQJXQJ IU HLQH JXWH $XVUVWXQJ XQG 0RWLYDWLRQ GDV /HEHQLQGLH+DQG]XQHKPHQXQGVLFK]X]XWUDXHQGLH6FKZLHULJNHLWHQ]XPHLV WHUQ³6
(V]HLJWVLFKLQVJHVDPWDOVRGDVVHOWHUOLFKHV9HUWUDXHQVHKUSRVLWLYH=JHDXIZHLVW XQUHDOLVWLVFKH XQG ]X KRKH (UZDUWXQJHQ KLQJHJHQ VHKU QHJDWLY ZLUNHQ N|QQHQ (V JLOWDOVRDXFKKLHUlKQOLFKZLHEHLP(U]LHKXQJVVWLOHLQHDQJHPHVVHQH%DODQFH]ZL VFKHQ(UZDUWXQJ)RUGHUXQJHLQHUVHLWVXQG9HUVWlQGQLVXQG:HUWVFKlW]XQJDQGHUHU VHLWV]XILQGHQ
)RUVFKXQJVVWDQG
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
%HGHXWXQJXQG(LQIOXVVGHV6FKXOPRQLWRULQJGHU(OWHUQ
$ =XU%HGHXWXQJGHV6FKXOPRQLWRULQJ =XP%HJULII6FKXOPRQLWRULQJ]lKOHQIROJHQGH9DULDEOHQÄ(OWHUQIUDJHQKlXILJQDFK 6FKXOOHLVWXQJ³ Ä(OWHUQ ZLVVHQ %HVFKHLG EHU 6FKXOOHLVWXQJ³ XQG GDV Ä+DXVDXIJD EHQHQJDJHPHQWGHU(OWHUQ³VD.DS ,P :LVVHQ XP GLH PHLVWHQV EHUK|KWHQ /HLVWXQJVHUZDUWXQJHQ GHU (OWHUQ DQ LKUH .LQGHU NRPPW GHP 6FKXOPRQLWRULQJ HLQ EHVRQGHUHU 6WHOOHQZHUW ]X (U NDQQ DOV 'UXFN YHUVWDQGHQ ZHUGHQ ZHQQ GLH /HLVWXQJVHUZDUWXQJHQ KRFK VLQG XQG GLHVH GXUFK GHQ -XJHQGOLFKHQ QLFKW HUEUDFKW ZHUGHQ N|QQHQ 'DV 0RQWRULQJ NDQQ DQGH UHUVHLWV DEHU DXFK DOV )|UGHUXQJ DXIJHIDVVW ZHUGHQ ZHQQ HV GHP 6FKOHU JHOLQJW GLH(UZDUWXQJHQYRQGHQ(OWHUQXQGYRQGHQ/HKUSHUVRQHQ]XHUIOOHQ % (LQIOXVVGHV6FKXOPRQLWRULQJ 6FKXOPRQLWRULQJGHU(OWHUQGKGDV,QWHUHVVH:LVVHQXQG$XIVLFKWEHUGLHVFKXOL VFKHQ%HODQJHGHV.LQGHVLVWHLQ]HQWUDOHV(OHPHQW]XU6LFKHUXQJGHU6FKXOPRWLYD WLRQYJO+RSI +RSIGHUVLFKPLW/HEHQVXQG/HUQSUREOHPHQYRQ6FKOHUQEHVFKlIWLJWHLGHQWLIL ]LHUWH GHQ 7HXIHOVNUHLV Ä6FKXOVFKZlQ]HQ³ DQKDQG IROJHQGHU H[HPSODULVFK DXVJH ZlKOWHU ]HQWUDOHU (OHPHQWH $OV $XVO|VXQJVIDNWRU ]HLJW VLFK HLQH %HODVWXQJVVLWXD WLRQLQGHU)DPLOLH$OV)ROJHNRPPWHV]X IDPLOLlUHP'HVLQWHUHVVH XQGIHKOHQGHU )UVRUJHLP(OWHUQKDXVLQHLQHPZHLWHUHQ6FKULWW]XP*HIKOYRQ/HKUHUQXQGDQ GHUHQ (UZDFKVHQHQ DEJHVFKULHEHQ ]X VHLQ XQG VFKOLHOLFK ]XU *HZ|KQXQJ DQ $E OHKQXQJXQGGHP]XIROJH]XHLQHU5HVLVWHQ]JHJHQEHU6DQNWLRQHQÄ$XIVLFKW³NDQQ DOVRLQGLHVHP.RQWH[WDXFKDOV,QWHUHVVHXQG)UVRUJHYHUVWDQGHQZHUGHQ 6FKQHHZLQG HW DO KDOWHQ LQ $QOHKQXQJ DQ *LQVEXUJ XQG %URQVWHLQ IHVW ÄGDVV HLQ GHVLQWHUHVVLHUWHV XQG ZHQLJ NRQWUROOLHUHQGHV 9HUKDOWHQ GHU (OWHUQ H EHQVRZLHHLQVWDUNNRQWUROOLHUHQGHU8PJDQJPLW1RWHQPLWHLQHUHKHUH[WULQVLVFKHQ 0RWLYDWLRQ XQG VFKOHFKWHUHQ 6FKXOOHLVWXQJHQ YHUEXQGHQ ZDU DOV HLQ HUPXWLJHQGHU XQGVHOEVWlQGLJNHLWVI|UGHUQGHU(U]LHKXQJVVWLO³6 $XFKLVWLQWHUHVVDQWGDVVHV RIIHQEDUHLQHQ,QWHUDNWLRQVHIIHNWLQGHU6R]LDOLVDWLRQVZLUNXQJ]ZLVFKHQ(U]LHKXQJV VWLOXQG6FKXOHQJDJHPHQWGHU(OWHUQJLEW3RVLWLYZLUNWVLFKGDV6FKXOPRQLWRULQJGHU (OWHUQ LQVEHVRQGHUH XQWHU $QZHQGXQJ GHV DXWRULWDWLYHQ (U]LHKXQJVVWLOV DXV ZlK UHQGGLHVHU(IIHNWEHLQLFKWDXWRULWDWLYHP(U]LHKXQJVVWLOQLFKWVSLHOWYJO6WHLQEHUJ HWDO +LOO/DQVIRUG&DVWHOOLQR1RZOLQ'RGJH%DWHVXQG3HWLW EH OHJHQ GDVV HOWHUOLFKHV 6FKXOLQYROYHPHQW .ODVVH ]X ZHQLJHU 9HUKDOWHQVSUREOH PHQLQGHU6FKXOH.ODVVH ]XEHVVHUHQ6FKXOOHLVWXQJHQ.ODVVH XQG]XK|KH UHQ (UZDUWXQJHQ DQ GHQ $EVFKOXVV XQG GLH $UEHLW .ODVVH IKUW 'DPLW LVW GLH :LUNXQJGHVDNWLYHQ,QWHUHVVHVDQGHU6FKXOHYRQ6HLWHQGHU(OWHUQEHOHJW+LQJH JHQGDUIJHPlGHU6'7GLHVH$NWLYLWlWQLFKWEHUUHL]WZHUGHQGDDXFKGLH$XWR QRPLHJHQJHQG]XP7UDJHQNRPPHQPXVV7UXGHZLQGXQG:LQGHO ZHLVHQ LQ LKUHU 8QWHUVXFKXQJ ]XU HOWHUOLFKHQ (LQIOXVVQDKPH DXI GLH NLQGOLFKH .RPSHWHQ] HQWZLFNOXQJ KLQ GDVV GLH EHUGDXHUQGH /HLVWXQJVPRWLYDWLRQ XQJQVWLJ EHHLQIOXVVW
)RUVFKXQJVVWDQG
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
ZLUG ZHQQ XQ]XIULHGHQH (OWHUQ LKUH .LQGHUEHL GHU +DXVDXIJDEHQVLWXDWLRQVWlQGLJ EHDXIVLFKWLJHQ 'LHV VLQG HLQLJH %HOHJH GDVV GLH $XWRQRPLHIRUGHUXQJ JHPl 6'7 LKUH *OWLJNHLW EHL GHU /HLVWXQJVPRWLYDWLRQVI|UGHUXQJ KDW $Q VLFKN|QQWH GLHVHV (UJHEQLV LP DOO WDJVSV\FKRORJLVFKHQ 9HUVWlQGQLV DOVSDUDGR[ DXIJHIDVVW ZHUGHQ 0DQ PHLQW HV JXW XQG IUDJW E]Z VFKDXW VWHWV QDFK RE GLH +DXVDXIJDEHQ JHPDFKW VLQG $EHU (OWHUQ NDQQ HPSIRKOHQ ZHUGHQ DXI GLHVWlQGLJH %HDXIVLFKWLJXQJ ]X YHU]LFKWHQ ZHQQ VLH GLH /HLVWXQJVPRWLYDWLRQ LKUHV .LQGHV ZLUNOLFK I|UGHUQ P|FKWHQ VRZRKO EHL OHLV WXQJVVFKZDFKHQ DOV DXFK EHL OHLVWXQJVVWDUNHQ .LQGHUQ 'DV 6FKXOPRQLWRULQJ VROO DQJHPHVVHQVHLQ $XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ 1DFKHLQHPHLQOHLWHQGHQ.DSLWHO]XU/HLVWXQJVI|UGHUXQJLQGHU6FKXOH ZHU GHQ GLH (LQIOXVVIDNWRUHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW DXI PRWLYDWLRQDOH 3HUV|Q OLFKNHLWVPHUNPDOHXQWHUGHQYLHU7LWHOQÄ/HKUHU6FKOHU%H]LHKXQJ³ Ä.ODV VH³ Ä3HHUJURXS³ XQG ÄDXHUVFKXOLVFKH LQVWLWXWLRQHOOH .RQWH[WH³ WKHPDWLVLHUW'LH*OLHGHUXQJLVWGLHVHOEHZLHLP.DSLWHO=XHUVWZLUGGLH %HGHXWXQJGHUMHZHLOLJHQVR]LDOHQ8PZHOWNRPSRQHQWHQLP$OOJHPHLQHQEHVFKULH EHQ$ EHYRUGLHVSH]LILVFKHQ=XVDPPHQKlQJHXQG(LQIOVVH% GLHVHUDXHUID PLOLlUHQ VR]LDOHQ $VSHNWH LP 6LQQH HLQHU /HLVWXQJVPRWLYDWLRQVI|UGHUXQJ PLW ZLV VHQVFKDIWOLFKHQ4XHOOHQXQWHUPDXHUWZHUGHQ =XU/HLVWXQJVPRWLYDWLRQVI|UGHUXQJLQGHU6FKXOH =XU hEHUVLFKW GHV DNWXHOOHQ )RUVFKXQJVVWDQGV ZLUG ZLHGHUXP DXI :LJILHOG HW DO %H]XJJHQRPPHQ)ROJHQGH(LQIOVVHYRQ6HLWHQGHU/HKUHUZLUNHQVLFKSR VLWLYDXIGLH6R]LDOLVDWLRQGHU0RWLYDWLRQYRQ6FKOHUQDXV *HQHUHOOHXQGOHUQJUXSSHQEH]RJHQHGLIIHUHQWLHOOH/HKUHU(UZDUWXQJHQ *XWH/HKUHU6FKOHU%H]LHKXQJHQ *XWHV .ODVVHQPDQDJHPHQW GDV HLQHU DOWHUVJHPlHQ %DODQFH ]ZLVFKHQ GHU YRP /HKUHU YRUJHJHEHQHQ 6WUXNWXU)KUXQJ XQG VFKOHUEH]RJHQHQ )UHLUlX PHQJOHLFKNRPPW 8QWHUULFKWVLQKDOWH ZHOFKH IU .LQGHU XQG -XJHQGOLFKH EHGHXWVDP VLQG V D .DSXQWHUÄ6WDJH(QYLURQPHQW)LW7KHRULH³ :LVVHQ XP %H]XJVJUXSSHQHIIHNWH LQQHUKDOE GHU .ODVVH XQG GHU $QZHQGXQJ YRQ LQGLYLGXDOLVLHUHQGHP XQG VRPLW PRWLYDWLRQVUHOHYDQWHP 8QWHUULFKW LP 6LQQHGHU6'7YD%HUFNVLFKWLJXQJGHU$XWRQRPLHXQGGHU.RPSHWHQ]HU IDKUXQJ %HUFNVLFKWLJXQJGHU*HQGHU7KHPDWLNEHLP8QWHUULFKWHQ %HUFNVLFKWLJXQJ GHU 'LVNULPLQDWLRQVWKHPDWLN LP 5DKPHQ YRQ VR]LDO NXOWXUHOOZHQLJHUSULYLOHJLHUWHQ6FKOHUJUXSSHQYJO6II
)RUVFKXQJVVWDQG
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
(V LVW QLFKW ]XIlOOLJ GDVV LQ GLHVHU $XI]lKOXQJ ]XREHUVW GLH $VSHNWH Ä/HKUHU (UZDUWXQJHQ³ VRZLH Ä/HKUHU6FKOHU%H]LHKXQJ³ VWHKHQ 6LH GUIHQ VRPLW DOV ZH VHQWOLFKH $VSHNWH ]XU )|UGHUXQJ GHU /HLVWXQJVPRWLYDWLRQ EH]HLFKQHW ZHUGHQ 'LH /HKUHU6FKOHU%H]LHKXQJZLUGLP%HVRQGHUHQXQWHU.DSHUJUQGHW,P)RO JHQGHQVROODXIGLHZLFKWLJH7KHPDWLNGHU%H]XJVQRUPHLQJHJDQJHQZHUGHQ 6FKOHU HUKDOWHQ LQ GHU 6FKXOH SHUPDQHQW 5FNPHOGXQJHQ EHU LKUH /HLVWXQJHQ 'LHVH7DWVDFKHKDWHLQHQEHGHXWHQGHQ(LQIOXVVDXIGLH*HQHVHGHU/HLVWXQJVPRWLYD WLRQXQG]ZDUQLFKWQXULPSRVLWLYHQ6LQQH.LQGHUGLHKlXILJYHUVDJHQYHUOLHUHQ GLH (UIROJV]XYHUVLFKW XQG HQWZLFNHOQ HLQ QLHGULJHV )lKLJNHLWVNRQ]HSW 1XQ LVW HV YRQ HQWVFKHLGHQGHU %HGHXWXQJ ZHOFKH %H]XJVQRUP IU GLH /HLVWXQJVEHXUWHLOXQJ KHUDQJH]RJHQZLUGGLHVR]LDOHGLHNULWHULHQRULHQWLHUWHRGHUGLHLQGLYLGXHOOH5KHLQ EHUJ IDQGDOVHUVWHUJURHLQGLYLGXHOOH8QWHUVFKLHGHKLQVLFKWOLFKGHU%H]XJV QRUP2ULHQWLHUXQJ YRQ /HKUHUQ 'LH XQWHUVXFKWHQ 6FKOHU GHU /HKUHU PLW VR]LDOHU %H]XJVQRUP2ULHQWLHUXQJ ZDUHQ PLVVHUIROJVRULHQWLHUW ZlKUHQG MHQH YRQ /HKUHUQ ZHOFKH GLH LQGLYLGXHOOH %H]XJVQRUP XQG GLH GD]XJHK|ULJHQ 8QWHUULFKWVSUDNWLNHQ DQZHQGHWHQLP9HUJOHLFKGD]XHLQDXVJHSUlJWHV(UIROJVPRWLYKDWWHQ 'LH%HJULIIOLFKNHLWHQGHULQGLYLGXHOOHQXQGVR]LDOHQ%H]XJVQRUPVLQGLQGHQDQJOR DPHULNDQLVFKHQ /HLVWXQJVPRWLYDWLRQVWKHRULHQ XQWHU 9HUZHQGXQJ GHU %HJULIIH $XI JDEHQXQG,FK2ULHQWLHUXQJWKHPDWLVLHUWZRUGHQZHOFKHZHLWHUREHQEHUHLWVDXIJH IKUWZXUGHQ'LH$XIJDEHQRULHQWLHUXQJLVWHQJYHUZREHQPLWGHP(UNHQQWQLVGUDQJ XQGEHLQKDOWHWHLQH/HUQ]LHORULHQWLHUXQJZlKUHQGGLH,FK2ULHQWLHUXQJDXIGDV%H GUIQLV YHUZHLVW EHVVHU DOV DQGHUH ]X VHLQ ZDV HLQHU /HLVWXQJVRULHQWLHUXQJ HQW VSULFKW 'HU GDXHUQGH :HWWEHZHUE LQ GHU 6FKXOH XQWHU *OHLFKDOWULJHQ JHKHLPHU /HKUSODQ VWHOOW IU VFKZlFKHUH 6FKOHU HLQH IRUWODXIHQGH %HGURKXQJ GDU ,QVRIHUQ VWHOOWGLH$QVWUHQJXQJVYHUPHLGXQJHLQH6HOEVWVFKXW]VWUDWHJLH]XU$XIUHFKWHUKDOWXQJ GHV 6HOEVWZHUWV XQG GHU HLJHQHQ 3HUV|QOLFKNHLW GDU YJO &RYLQJWRQ 6RPLW ZLUG HUVLFKWOLFK GDVV MH QDFK .RQWH[W HLQ HQJHU =XVDPPHQKDQJ ]ZLVFKHQ 3HUV|Q OLFKNHLWVPHUNPDOHQ XQG SRVLWLY E]Z QHJDWLY DXVJHSUlJWHU /HLVWXQJVPRWLYDWLRQ KHUUVFKW 'DV)D]LWLVWGDVVGLHSHUPDQHQWHQ/HLVWXQJVUFNPHOGXQJHQLP6\VWHPGHU6FKXOH XQGGHUPHLVWHQVDQJHZHQGHWHQVR]LDOHQ%H]XJVQRUPEHLGHU%HXUWHLOXQJYRQ/HLV WXQJHQHLQHQLFKW]XXQWHUVFKlW]HQGHQHJDWLYH:LUNXQJDXIGLH0RWLYDWLRQVHQWZLFN OXQJYRQVFKZlFKHUHQ.LQGHUQXQG-XJHQGOLFKHQKDEHQ-HGRFKN|QQWHDQGHUHUVHLWV DXFK DUJXPHQWLHUW ZHUGHQ GDVV RKQH GLH 6FKXOH YLHOH .LQGHU YLHO ZHQLJHU OHUQHQ ZUGHQ 'HQQ Ä6FKXOEHGLQJWH 3HUV|QOLFKNHLWVHQWZLFNOXQJ LVW YHUPXWOLFK ]X HLQHP HUKHEOLFKHQ $QWHLO HLQH )XQNWLRQ QRUPLHUHQGHU 6\VWHPUHJHOQ³ 3HNUXQ +HOPNH 6 6LHPHLQHQGDPLWGDVVGHU*HVWDOWXQJVVSLHOUDXPYRQ/HKUHUQIUGLH %HHLQIOXVVXQJOHLVWXQJVEH]RJHQHUZLHVR]LDOHU3HUV|QOLFKNHLWVPHUNPDOHGHU6FKOHU GXUFK6\VWHPYRUJDEHQVWDUNHLQJHVFKUlQNWLVW6LHZHLVHQGDPLWDXIHLQH)HKOLQWHU SUHWDWLRQ KLQ :HQQ LQ 6WXGLHQ PRWLYDWLRQDOH )DNWRUHQ HKHU VFKZDFKH (IIHNWH DXI GLH 6FKXOOHLVWXQJ ]HLJHQ ZLUG KlXILJ JHIROJHUW GDVV GHU (LQIOXVV NHLQHQ JURHQ
)RUVFKXQJVVWDQG
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
6WHOOHQZHUWKlWWH0DQVWHOOHVLFKQXUYRUGLHDOOJHPHLQH6FKXOSIOLFKWZUGHDXIJH KREHQ:RP|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lGDJRJLVFKH 6FKOXVV IROJHUXQJHQZHUGHQLQ.DSLWHOJHQDQQW %HGHXWXQJXQG(LQIOXVVGHU/HKUHU6FKOHU%H]LHKXQJ $ =XU/HKUHU6FKOHU%H]LHKXQJLP$OOJHPHLQHQ 'HUYHUZHQGHWH'DWHQVDW]ZHLVWIROJHQGHGUHL.RQVWUXNWHDXIZHOFKH]XP2EHUEHJ ULII Ä/HKUHU6FKOHU%H]LHKXQJ LP $OOJHPHLQHQ³ ]XJHRUGQHW ZHUGHQ N|QQHQ 9HU WUDXHQ]XP/HKUHU/HLVWXQJVGUXFNYRQ6HLWHQGHV/HKUHUVXQGQDWUOLFKGLH/HKUHU 6FKOHU%H]LHKXQJVHOEVWVD.DS )HQG GHILQLHUW GDV %H]LHKXQJVYHUKlOWQLV ]ZLVFKHQ 6FKOHU XQG /HKUHU YRU DOOHPPLWYHUWUDXHQVUHOHYDQWHQ$VSHNWHQÄ-HPDQGGHU9HUWUDXHQ]XHLQHPDQGHUHQ KDW « XQWHUVWHOOW V\VWHPDWLVFK GDVV GHU DQGHUH LKPZRKOJHVRQQHQ LVW GDVV HU LKQ QLFKW]XVFKlGLJHQVXFKWVRQGHUQDQVHLQHP:RKOHLQWHUHVVLHUWLVW³6I ,QVR IHUQ LVW GLH 2SHUDWLRQDOLVLHUXQJ GHU /HKUHU6FKOHU%H]LHKXQJ LP $OOJHPHLQHQ GXUFKGLHRELJHQGUHL.RQVWUXNWHXQWHUPDXHUW'HU/HLVWXQJVGUXFNGHV/HKUHUVYHU KlOWVLFKGDEHLNRQVLVWHQWPLWVHLQHU%H]LHKXQJ]XP6FKOHUÄ*XWH6R]LDOEH]LHKXQ JHQ PVVHQ DOVR QLFKW « GXUFK QLHGHUH /HLVWXQJVHUZDUWXQJHQ ÃHUNDXIW¶ ZHUGHQ³ )HQG HW DO 6 6FKZHHU ZHLVW QDFK GDVV :HUWVFKlW]XQJ 9HU VWlQGQLV *HUHFKWLJNHLW XQG .RPSHWHQ] ,QWHUHVVDQWKHLW GHV 8QWHUULFKWV 'LV]LSOLQ « GHV/HKUHUVZLFKWLJH%HGLQJXQJHQIU.LQGHU-XJHQGOLFKHGDUVWHOOHQXP]XLK QHQHLQ9HUWUDXHQVYHUKlOWQLVDXIEDXHQ]XN|QQHQ Ä/HKUSHUVRQHQVLQGLPGHXWVFKHQ6WDDWVVFKXOZHVHQLQLKUHP6HOEVWYHUVWlQGQLVHKHU 6WDDWVGLHQHUDOV$XIWUDJQHKPHUGHV(OWHUQKDXVHVXQGVLHVHKHQVLFKHKHUDOV8QWHU ULFKWVH[SHUWHQGHQQDOV(U]LHKHU³3HNUXQ6 'DUDXVN|QQWHJHVFKORVVHQ ZHUGHQ GDVV GLH (U]LHKXQJVNRPSRQHQWH XQG VRPLW GLH /HKUHU6FKOHU%H]LHKXQJ IU/HKUHUHKHUHLQHQNOHLQHQ6WHOOHQZHUWLQQHKDW$XFK%DXHUE ZHLVWGDUDXI KLQ GDVV HV /HKUDPWVDVSLUDQWHQ DQ :LVVHQ EHU GLH *HVWDOWXQJ YRQ %H]LHKXQJHQ PDQJHOW YJO 6 'DEHL ZlUHQ MD GLH 9RUDXVVHW]XQJHQ ]XU ,QWHQVLYLHUXQJ GHU /HKUHU6FKOHU%H]LHKXQJLQ$QVlW]HQJHJHEHQZLHIROJHQGHV=LWDW]HLJW
)RUVFKXQJVVWDQG
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
0HGL]LQHUXQG/HKUHUJHOWHQVRZRKOLQ(XURSDZLHDXFKLQGHQ86$DOVDP PHLVWHQ YHUWUDXHQVZUGLJ 'DJHJHQ YHUODVVHQ VLFK GLH %UJHU DP ZHQLJVWHQ DXI 3ROLWLNHU XQG 7RS0DQDJHU HLQ DXFK LQ 'HXWVFKODQG YRUKHUUVFKHQGHV %LOG>«@:LHLQGHQ-DKUHQ]XYRUVLQG>LQ'HXWVFKODQG@bU]WHXQG3lGDJR JHQGLHDPPHLVWHQDN]HSWLHUWHQ%HUXIVJUXSSHQ,QVJHVDPWKDOWHQ3UR]HQW GHU %HIUDJWHQ 0HGL]LQHU XQG 3UR]HQW /HKUHU IU YHUWUDXHQVZUGLJ *I. &XVWRP5HVHDUFK6
2EZRKO ZLU WlJOLFK MD IDVW IRUWZlKUHQG LQ %H]LHKXQJHQ OHEHQ ZLUG VHOWHQ UHIOHN WLHUWZDVHLQHÄ%H]LHKXQJ³HLJHQWOLFKDXVPDFKWGKZDVXQV]XU9HUIJXQJVWHKW XPGDV%H]LHKXQJVJHVFKHKHQVSH]LHOOLPVFKXOLVFKHQ.RQWH[W]XEHHLQIOXVVHQ %H]LHKXQJ JUQGHW ± VRZHLW HV GLH DV\PPHWULVFKH %HJHJQXQJ ]ZLVFKHQ 3l GDJRJHQXQG.LQGDEHUDXFKGLH]ZLVFKHQ9RUJHVHW]WHQXQG0LWDUEHLWHUQEH WULIIW±DXIGUHL.RPSRQHQWHQ6HKHQXQG*HVHKHQ:HUGHQ3HUVSHNWL YHQZHFKVHOXQG9HUVWHKHQXQG)KUXQJ%DXHUD6 'DV*HKHLPQLVMDGLH0DJLHJXWHU3lGDJRJLNVR%DXHUZHLWHULVWGDVV.LQGHUGLH VLFK ZDKUJHQRPPHQ XQG HLQIKOVDP YHUVWDQGHQ IKOHQ XQG GLH VSUHQ GDVV PDQ OHLGHQVFKDIWOLFKDQLKUH=XNXQIWJODXEWHVYHUWUDJHQGDVVÄPDQ±QHEHQGHP/RE GDVLKQHQ]XVWHKW±DXFKLKUH6FKZlFKHQNODUEHQHQQWXQGVLHEHL%HGDUIGXUFKDXV DXFKGHXWOLFKNULWLVLHUW³DD26 'LH /HKUHU6FKOHU%H]LHKXQJ LVW HLQH JUXQGVlW]OLFK DQGHUH DOV GLH (OWHUQ.LQG %H]LHKXQJVD'HILQLWLRQ.DS /HKUHUKDEHQHLQHOHJLWLPH(UZDUWXQJVKDOWXQJ :HQQ/HKUHUGDV.ODVVHQ]LPPHUEHWUHWHQHUZDUWHQVLHEHDFKWHWXQGHUQVWJHQRP PHQ ]X ZHUGHQ 'LH %HGHXWXQJ GLHVHU (UZDUWXQJVKDOWXQJ GHU /HKUHU OLHJW GDULQ GDVVVLHGLH:DKUQHKPXQJXQG%HXUWHLOXQJGHV6FKOHUYHUKDOWHQVOHQNHQ'LH/HK UHU6FKOHU,QWHUDNWLRQZLUGDEHUEHHLQIOXVVWYRQGHU6FKXODUWGHP8QWHUULFKWVIDFK YRP$OWHUXQG*HVFKOHFKWGHU6FKOHUYRQLKUHUVR]LDOHQ+HUNXQIWXQGGHUHQVSH]L ILVFKHQ,QWHUHVVHQXQG)lKLJNHLWHQYJO8OLFK6 Ä'LH ,QWHUDNWLRQVVWUXNWXU LVW ÃYHUVDFKOLFKW¶ XQG YRU DOOHP DV\PPHWULVFK ZDV EHU -DKUH KLQ DOV +LHUDUFKLH LQWHUQDOLVLHUW JHVHOOVFKDIWOLFK VHLQH )UFKWH WUlJW ZREHL /HKUHUOHLVWXQJVVWDUNHXQGNRQIRUPH6FKOHULQQHQEHYRU]XJHQXQGJQVWLJHUEHXU WHLOHQ³*XGMRQV6 6WDUNNRQWUROOLHUHQGH/HKUHUVLQGMHGRFKQLFKWQRW ZHQGLJHUZHLVH ]XUFNZHLVHQG ZlKUHQG ZHQLJ NRQWUROOLHUHQGH /HKUHU DXFK QLFKW QRWZHQGLJHUZHLVHVFKOHURULHQWLHUWRGHUVRQVWZLHSRVLWLYLP*HIKOVDXVGUXFNVHLQ PVVHQYJO8OLFK -HUXVDOHP6
Ä'LH GUHL JHQDQQWHQ (OHPHQWH ELOGHQ « GLH *UXQGODJH GHVVHQ ZDV IU GLH %H]LHKXQJVDEOlXIH LQ GHU 6FKXOHHQWVFKHLGHQGLVW)UDOOHGUHLJHQDQQWHQ.RPSRQHQWHQLVWGDV6\VWHPGHU6SLHJHOQHUYHQ]HOOHQGHV VHQ([LVWHQ]HUVW0LWWHGHUHU-DKUHHQWGHFNWZXUGHYRQHQWVFKHLGHQGHU%HGHXWXQJ6SLHJHOQHUYHQ]HO OHQVLQGGLHQHXURELRORJLVFKH*UXQGODJHIUGDVÃ/HUQHQDP0RGHOO¶³%DXHUD6I
)RUVFKXQJVVWDQG
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
'HU /HKUVWLO HLQHU /HKUSHUVRQ LVW EHL GHU )|UGHUXQJ YRQ VHOEVWEHVWLPPWHP /HUQHQ lKQOLFK ZLH GHU (U]LHKXQJVVWLO GHU (OWHUQ ]X EHXUWHLOHQ :lKUHQG EHLP /HKUHU YRU DOOHPZLFKWLJLVWGDVVHUDXI/HEHQVEH]JHXQG,QWHUHVVHQGHU6FKOHUHLQJHKWLVW HV EHL GHQ (OWHUQ YRU DOOHP GLH %HUFNVLFKWLJXQJ GHU 3HUVSHNWLYH GHV .LQGHV YJO *UROQLFN 5\DQ /HKUHU KDEHQ HV DEHU QLFKW OHLFKW 6LH PVVW HQ YHUVFKLHGHQHQ $VSHNWHQ JHUHFKW ZHUGHQÄ'HQQDXV6FKOHUVLFKWVROOHQVLHHLQHUVHLWV*OHLFKEHUHFKWLJXQJXQGGHPR NUDWLVFKH(QWVFKHLGXQJHQHUP|JOLFKHQDQGHUHUVHLWVVROOHQVLH$XWRULWlWVHLQHLQHU VHLWV SHUV|QOLFKH LQGLYLGXHOOH %H]LHKXQJHQ HUP|JOLFKHQ DQGHUHUVHLWV DOOH JOHLFK XQGJHUHFKWEHKDQGHOQ³*XGMRQV6
*HPl %DXHU D PDFKW DXV QHXURELRORJLVFKHU6LFKW GLH 9HUPLWWOXQJ GHU 'LV ]LSOLQXQG2UGQXQJDOVGLHQHQGH7XJHQGHQ QXUGRUW6LQQE]ZZHUGHQHUIROJUHLFK YHUPLWWHOWZHQQLQHUVWHU/LQLH%HDFKWXQJXQGOLHEHQGH=XZHQGXQJ]XP.LQGE]Z ]XP-XJHQGOLFKHQDOV.DUGLQDOWXJHQGHQ ZLUNVDPZHUGHQYJO6 $XFKGLH 5H ]HSWHZLHVLHLQÄ/REGHU'LV]LSOLQ³%XHE HPSIRKOHQZHUGHQILQGHW%DXHU ÄHLQYHUVWlQGOLFKHU$XVGUXFNGHUDOOJHPHLQHQJURHQ1RWVWHOOHQDEHUNHLQHQ:HJ GDUDXIGHPVLFKXQWHUGHQ9HUKlOWQLVVHQZLHVLHDQVWDDWOLFKHQ6FKXOHQKHXWHKHUU VFKHQ ZLUNOLFK HWZDV HUUHLFKHQ OLHH³ 6 (V ZLUG DOVR NODU GDVV /HKUHU QHEHQ GHU(UZDUWXQJVKDOWXQJXQGGHP)KUXQJVDQVSUXFKYRUDOOHPGHU:HUWVFKlW]XQJGHU 6FKOHU ]HQWUDOH %HGHXWXQJ EHLPHVVHQ VROOWHQ %H]LHKXQJ VROOWH YRU (U]LHKXQJ NRPPHQ
% (LQIOXVVGHV/HKUHUVE]ZGHU/HKUHU6FKOHU%H]LHKXQJ ,Q GLHVHP .DSLWHO ZLUG DXVJHZLHVHQ ZHOFKHQ (LQIOXVV GLH /HKUHU6FKOHU %H]LHKXQJDXIGLH/HLVWXQJVPRWLYDWLRQKDW ³:HVXJJHVWWKDWQHHGIRUDXWRQRP\DQGUHODWHGQHVVDUHIXQGDPHQWDOWRHGXFDWLRQDO SURFHVVHVDQGWKHPRWLYDWLRQIRUHQJDJHPHQWLQVFKRRODFWLYLWLHV´5\DQ 3RZHO VRQ6 'LHVHV=LWDWZHLVWDXIGLHIXQGDPHQWDOH5ROOHGHU/HKUHU6FKOHU %H]LHKXQJXQGGHU$XWRQRPLH]XKDQGHQGHU)|UGHUXQJGHU/HUQXQG/HLVWXQJVPR WLYDWLRQKLQ -HGRFKLVWGLH6FKOXVVIROJHUXQJIDOVFKGDVVGLH/HKUSHUVRQQXUDXIHLQHP|JOLFKVW JXWH%H]LHKXQJVHW]HQVROOWH'LH6FKOHUHUZDUWHQLP8QWHUVFKLHG]XU(OWHUQ.LQG %H]LHKXQJHLQHSURIHVVLRQHOOH%H]LHKXQJVJHVWDOWXQJGHV/HKUHUV8OLFKXQG-HUXVD OHP ]LWLHUHQ6WXGLHQ]XP(QWKXVLDVPXVLQGHQHQKHUDXVNDPGDVVDQJHPHV VHQHV 6FKOHUYHUKDOWHQ DP ZDKUVFKHLQOLFKVWHQ ZDU EHL HLQHP PLWWOHUHQ *UDG YRQ (QWKXVLDVPXVGHV/HKUHUVZlKUHQGEHVRQGHUVHQWKXVLDVWLVFKH/HKUHUHKHUHLQ0D QDJHPHQWSUREOHP LQ GHU .ODVVH KDWWHQ YJO 6 )HQG HW DO EULQJHQ HV DXIGHQ3XQNWLQGHPVLHIHVWKDOWHQÄ/HKUHUVLQGLQGHU/DJHJQVWLJH%HGLQJXQJHQ IU HLQH KRKH /HUQ XQG /HLVWXQJVPRUDO LKUHU 6FKOHU ]X VFKDIIHQ 6LH VLQG LQ GHU .RPELQDWLRQ KRKHU /HLVWXQJVHUZDUWXQJHQ XQG SRVLWLYHU 6R]LDOEH]LHKXQJHQ ]X GHQ 6FKOHUQ]XVXFKHQ³6 'LHVHQWVSULFKWZLHGHUXPGHPI|UGHUQGHQDEHUDXFK IRUGHUQGHP(U]LHKXQJVVWLOZHOFKHUDXWRULWDWLYJHQDQQWZLUGV.DS
)RUVFKXQJVVWDQG
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
'LH IROJHQGHQ $EVFKQLWWH ZHLVHQ DXI GLH 5HOHYDQ] GHU /HKUHU6FKOHU%H]LHKXQJ XQGLKUH:LUNXQJDXIGLHOHLVWXQJVPRWLYDWLRQV EH]RJHQH(QWZLFNOXQJYRQ6FKOHUQ KLQ .LQGHU LP 9RUVFKXODOWHU ]HLJWHQ XQWHU $QZHVHQKHLW HLQHU HUZDFKVHQHQ 3HUVRQ 6R]LDOEHGLQJXQJ JU|HUHVOHLVWXQJVPRWLYLHUWHV+DQGHOQLQ)RUPYRQ6WRO]E]Z 6FKDPZDUHQDXFKHUKHEOLFKDXVGDXHUQGHUXQGWROHULHUWHQPHKU0LVVHUIROJHDOV ZHQQ LKQHQ QLHPDQG EHL GHQ 7lWLJNHLWHQ EHLZRKQWH $OOHLQEHGLQJXQJ 'DV $XVPD HUOHEWHU :HUWVFKlW]XQJ LQ GHQ ,QWHUYHQWLRQVJUXSSHQ PRGHULHUWH GLHVH (IIHNWH ]XGHP SRVLWLY YJO +RORG\QVNL 'LHVH QHXHUH 6WXGLH ZHLVW NODU DXIGHQVR]LDOHQ.RQWH[WDOV%HGLQJXQJYRQOHLVWXQJVPRWLYLHUWHP+DQGHOQKLQ *HPl:LOGXQG+RIHU6 VLQG]DKOUHLFKH%HIXQGHDXV4XHUVFKQLWWV VWXGLHQ YRUKDQGHQ ZRQDFK GLH LQWULQVLVFKH 0RWLYDWLRQ GHU 6FKOHU XPVR K|KHU LVWMHPHKU0|JOLFKNHLWHQ]XU0LWEHVWLPPXQJ/HKUHUHLQUlXPHQMHPHKUVLHDXI GLUHNWLYNRQWUROOLHUHQGH9HUKDOWHQVZHLVHQYHU]LFKWHQXQGMHSRVLWLYHULKUH%H]LH KXQJ]X6FKOHUQLVW 1DFK :LOG NRQQWH EHL 6HFKVW XQG 6LHEWNOlVVOHUQ HLQH XPVR K|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ÄFDULQJFRPPXQLWLHV³6LH EHIUDJWH ÄPLGGOH VFKRRO³6FKOHU QDFK 0HUNPDOHQ YRQ ÄFDULQJ XQG XQFDULQJ WHDFKHUV³ 'LH $QWZRUWHQ ODVVHQ VLFK ZLH IROJW ]XVDPPHQIDVVHQ )UVRUJOLFKH /HKUHU XQWHUULFKWHQ LQWHUHVVDQW GLVNXWLHUHQ PLW 6FKOHUQ XQG N|QQHQ JXW ]XK| UHQVLQGIDLUXQGIUDJHQQDFKREGLH6FKOHU+LOIHJHEUDXFKHQN|QQHQ,QWHUHV VDQW LVW QXQ GDVV 6FKOHU PLW ÄFDULQJ WHDFKHUV³ VRZRKO PRWLYDWLRQDO SURVR]LDO DOV DXFK EH]JOLFK .RQWUROOEHU]HXJXQJHQ ± JHPl LKUHQ HLJHQHQ $QJDEHQ ± EHVVHUDEVFKQLWWHQDOVVROFKHPLWÄXQFDULQJWHDFKHUV³'DVIUVRUJOLFKH9HUKDOWHQ YRQ /HKUHUQ LVW LQ GHU %LODQ] DOVR IU 6FKOHU MHGHQ $OWHUV ZLFKWLJ YJO 3HUU\ 7XUQHUXQG0H\HU6 *HPl+RIHU N|QQHQ(UZDUWXQJHQDOVQDLYH9RUKHUVDJHQEHWUDFKWHWZHU GHQZHLOVLHDXFKVRZLUNHQÄ(UZDUWHQGLH/HKUHUYRQGHQ.LQGHUQJU|HUHLQ WHOOHNWXHOOH )RUWVFKULWWH VR PDFKHQ VLFK GLHVH DXFK WDWVlFKOLFK EHL GHQ .LQGHUQ EHPHUNEDU³5RVHQWKDO -DFREVHQ6 'DVÄ5RVHQWKDO([SHULPHQW³ JLOW MHGRFK DOV XPVWULWWHQ ZHLO LKP PHWKRGLVFKH 0lQJHO YRUJHZRUIHQ ZHUGHQ YJO]%+RIHU6II
:HQQ6FKOHULQGHU/HLVWLNRZ+DXSWVFKXOHLQ%HUOLQXQHQWVFKXOGLJWIHKOHQPHOGHQVLFKDPJOHLFKHQ 6FKXOWDJGLH.ODVVHQOHLWHULQQHQWHOHIRQLVFKEHLGHQ(OWHUQXQGIUDJHQQDFK'HU(UIROJGLHVHV(QJDJHPHQW EOHLEWQLFKWDXV'LH6FKOHUIKOHQVLFKHUQVWJHQRPPHQ
)RUVFKXQJVVWDQG
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
2KQH GDVV 8OLFK 6 I DXI GLH 'LVNXVVLRQ XQG .ULWLN GHV 5RVHQWKDO ([SHULPHQWVHLQJHKWIROJHUWHUGDVVGLHDQWL]LSLHUHQGH(UZDUWXQJVKDOWXQJ6HOI )XOILOOLQJ3URSKHF\ LQ GHU 6FKXOH LKUH %HUHFKWLJXQJ KDW (U YHUZHLVW GDUDXI GDVV GLH ,QWHUDNWLRQ ]ZLVFKHQ /HKUHUQ XQG 6FKOHUQ QLFKW QXU EH]JOLFK 'DXHU PHLVWHQV]ZHLRGHUPHKU6FKXOMDKUH VRQGHUQDXFKEH]JOLFK)UHTXHQ]SUlJHQG DXI.LQGHUXQG-XJHQGOLFKHLVW,QVEHVRQGHUHEHLMQJHUHQ6FKOHUQXQGEHL(U ZDUWXQJHQ ZHOFKH VLFK DXI GDV /HLVWXQJVYHUKDOWHQ EH]LHKHQ ZLUNH GLHVHU 0H FKDQLVPXV Ä:HUGLH0RWLYDWLRQE]ZGLH0RWLYDWLRQVV\VWHPH YRQ.LQGHUQXQG-XJHQGOL FKHQDNWLYLHUHQZLOO PXVVGLH3ULPlUWXJHQGGHU%HDFKWXQJXQGYHUVWlQGQLVYRO OHQ =XZHQGXQJ ]XP .LQG LQ GHQ 0LWWHOSXQNW VWHOOHQ EHYRU GLH 1RWZHQGLJNHLW YRQ 'LV]LSOLQ 2UGQXQJ $XWRULWlW XQG 6WUDIH LQV 6SLHO JHEUDFKW ZLUG³ %DXHU D6 $XFK )UHL NRPPW LQ LKUHU $UEHLW UXQG XP GLH Ä3lGDJRJLVFKH $XWRULWlW³ DXI GDV ZLFKWLJH (OHPHQW GHU %H]LHKXQJ ]X VSUHFKHQ ZHOFKHEHLP .ODVVHQPD QDJHPHQW XQG LQVEHVRQGHUH EHL DXWRULWlWVDEOHKQHQGHQ 6FKOHUQ EHVRQGHUV EH DFKWHWZHUGHQVROOWHÄ$XWRULWlWVDEOHKQHQGH6FKOHUYHUPLVVHQHLQH/HKUSHUVRQ GLH DXIPHUNVDP UFNVLFKWVYROO JHUHFKW XQG KXPRUYROO HWF LVW³ 6 'LHV ]HLJWHLQPDOPHKUDXIZHOFKH%HGHXWXQJGHUVR]LDOH8PJDQJGHU/HKUSHUVRQLQ LKUHU 9RUELOGUROOH IU GLH %H]LHKXQJ ]ZLVFKHQ LKU XQG DXWRULWlWVDEOHKQHQGHQ 6FKOHUQKDW'HQQJHPl6HQQHWW ZHLVWDXFKGLHEHLP6FKOHUIHVWVWHOO EDUH$EOHKQXQJGHUÄ/HKUSHUVRQDOV$XWRULWlW³DXIHLQH%LQGXQJ]ZLVFKHQ6FK OHUXQG/HKUHUKLQ 'LH4XDOLWlWGHV/HKUHUVLQ]ZHL6FKZHL]HU.DQWRQHQDXV6LFKWHLQHUUHSUlVHQWD WLYHQ(OWHUQVFKDIWZLUGYRUDOOHP DQVR]LDOHQ$VSHNWHQJHPHVVHQZHQQ)UDJHQ GHU6FKXOTXDOLWlWXQG6FKXOZDKOIU(OWHUQLP9RUGHUJUXQGVWHKHQYJO$UQHW /RRVHU6 6FKXOHQ PRGHULHUHQ EHU (UZDUWXQJHQ XQG GHQ SlGDJRJLVFKHQ 6WLO GLH 0RWLYD WLRQVVWUXNWXU GHU 6FKOHU 'DEHL LVW LQVEHVRQGHUH GLH (UNHQQWQLV YRQ )HQG XQG 6W|FNOL ZLFKWLJGDVVGDVSlGDJRJLVFKH.OLPDLQÄQLHGULJHUHQ³6FKXOIRU PHQ EHGHXWVDPHU DOV LQ K|KHUHQ LVW YJO 6 )U GLH GLIIHUHQWLHOOHQ %HUHFK QXQJHQ LQ +DXSWVFKXOH XQG *\PQDVLXP VROO GLHVHU (UNHQQWQLV LP 5DKPHQ GHU WKHPDWLVFKHQ $XVHLQDQGHUVHW]XQJ PLW GHU /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ QDFKJHJDQJHQZHUGHQ :HLOVLFKGHUEOLFKH8QWHUULFKWLQGHQGHXWVFKHQ5HJHOVFKXOHQJHPl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
)RUVFKXQJVVWDQG
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
GDVVDXFKKLHUGLH0RGHOOZLUNXQJDQJHVSURFKHQLVW/HKUHUGLHVHOEVWPRWLYLHUWVLQG XQG,QWHUHVVH]HLJHQEHZLUNHQGLHVHQ(IIHNWDXFKEHLLKUHU6FKOHUVFKDIW 6FKOLHOLFKVROOHQ]XU%H]XJVQRUP7KHPDWLNGHU/HKUHUZLHVLHVFKRQHLQPDODQJH W|QWZXUGHLP=XVDPPHQKDQJPLWGHU/HLVWXQJVPRWLYDWLRQVI|UGHUXQJQRFKZHVHQW OLFKH(LQIOXVVIDNWRUHQJHQDQQWZHUGHQ /HKUHUPLWVR]LDOHU%H]XJVQRUPWHQGLHUHQGD]XGLH/HLVWXQJHQGHU6FKOHUYRUDO OHP DQKDQG GHU )lKLJNHLWHQ XQG )OHL VWDELOH XQG LQWHUQDOH )DNWRUHQ ]X HUNOlUHQ XQGYRUDOOHPDXFKEHUGXUFKVFKQLWWOLFKH6FKOHU]XOREHQ'LHVZLUNWDOVRQHJDWLY DXIGDV%HJDEXQJVVHOEVWELOGYRQHKHUVFKZlFKHUHQ6FKOHUQ'DUXPLVWHLQHLQGLYL GXHOOH %H]XJVQRUPRULHQWLHUXQJ YRQ /HKUHUQ ]X EHJUHQ hEHUGXUFKVFKQLWWOLFKH 6FKOHUGUIHQEHLHLQHP/HLVWXQJVDEIDOOLQPRWLYDWLRQDOHU+LQVLFKWDXFKPDOJHWD GHOWZHUGHQZlKUHQGXQWHUGXUFKVFKQLWWOLFKH6FKOHUYRQ6HLWHQGHV/HKUHUVYRUDO OHP/REEUDXFKHQXPLKUHPRWLYDWLRQDOHQ.UlIWH]XPRELOLVLHUHQ0LWGHU$QZHQ GXQJ HLQHV LQGLYLGXDOLVLHUHQGHQ 8QWHUULFKWV VRUJHQ VLH VR LQVJHVDPW IU HLQH /HLV WXQJVPRWLYDWLRQVI|UGHUXQJEHLEHLGHQ*UXSSHQ8OLFK IDVVWGLH/HKUHUTXDOL WlW XQG GHUHQ :LUNXQJ ]XVDPPHQ :HQQ HV /HKUHUQ DQQlKHUQG JHOLQJW RGHU ZHQQ VLHVLFKLQGHQ$XJHQGHU6FKOHU]XPLQGHVWHUNHQQEDUGDUXPEHPKHQJHUHFKW]X VHLQ IDFKOLFK XQG GLGDNWLVFK NRPSHWHQWHQ 8QWHUULFKW ]X ELHWHQ XQG SHUV|QOLFK DXI GLH6FKOHUHLQ]XJHKHQÄGDQQGUIWHQLKUH%H]LHKXQJHQ]XGHQ6FKOHUQLP6FKXO DOOWDJHLQLJHUPDHQIUHLVHLQYRQJDQ]JUREHQ6W|UXQJHQXQG.RQIOLNWHQ³6 %H]XJQHKPHQG ]XU 6'7 IKUHQ SRVLWLYH /HKUHUEHPKXQJHQ ]X SRVLWLYHQ /HKUHU 6FKOHU%H]LHKXQJHQ XQG VFKOLHOLFK ]X K|KHUHQ /HUQ XQG /HLVWXQJVPRWLYDWLRQV ZHUWHQEHLGHQ6FKOHUQZDVVLFKZLHGHUXPOHLVWXQJVPlLJDXVZLUNW5\DQ6WLOOHU XQG/\QFK KDEHQGLHVEHVWlWLJW6FKOHUGLHVLFKYRQLKUHQ/HKUHUQJHDFKWHW XQG JHUHFKW EHKDQGHOW IKOHQ ]HLJHQ HLQH K|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
%HGHXWXQJXQG(LQIOXVVGHV6FKXOXQG.ODVVHQNOLPDV $ =XP6FKXOXQG.ODVVHQNOLPD 8QWHU GLHVHP .DSLWHO ZHUGHQ GLH IROJHQGHQ .RQVWUXNWH WKHPDWLVLHUW 6FKXO XQG .ODVVHQNOLPD:RKOIKOHQLQ6FKXOH$QRQ\PLWlWDQGHU6FKXOH6WDWXVUHOHYDQ]GHU 6FKXOOHLVWXQJ LQQHUKDOE GHU .ODVVH 6ROLGDULWlW .RQNXUUHQ]NDPSI XQG =XVDPPHQ
)RUVFKXQJVVWDQG
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
KDOWLQGHU.ODVVHVD.DS *HPl8OLFKXQG-HUXVDOHP XPIDVVWGDV 8QWHUULFKWVNOLPD LQ GHU GHXWVFKVSUDFKLJHQ )RUVFKXQJ GLH YRQ 6FKOHUQ ZDKUJH QRPPHQHQ 8PZHOWPHUNPDOH /HLVWXQJVGUXFN .RQNXUUHQ]GUXFN $QRQ\PLWlW XQG 5HJHOORVLJNHLW6RPLWVLQGGLHKLHUYHUZHQGHWHQ9DULDEOHQGHUVFKXOLVFKHQ8PZHOW EHOHJW -HUXVDOHPXQG6FKZDU]HU YHUZHQGHQEHLGHU%HVFKUHLEXQJGHU/HUQXPZHOW GHQ 6R]LDOLVDWLRQVEHJULII Ä8QWHU /HUQXPZHOW ZLUG PHLVW HLQH .RQVWHOODWLRQ YRQ 5DKPHQEHGLQJXQJHQ YHUVWDQGHQ GLH I|UGHUOLFK RGHU KLQGHUOLFK DXI GLH 6R]LDOLVD WLRQVYRUJlQJHHLQZLUNHQ³6 $XIGLH6FKXOHEH]RJHQPHLQWHVGDV/HKUHUYHU KDOWHQGLHUlXPOLFKH8PJHEXQJXQGGLHVR]LDOH=XVDPPHQVHW]XQJGHU.ODVVH)U -HUXVDOHP XQG 6FKZDU]HU LVW YRU DOOHP GLH VXEMHNWLYH :DKUQHKPXQJ HQWVFKHLGHQG ]%HUOHEWHU/HLVWXQJVXQG.RQNXUUHQ]GUXFNZDKUJHQRPPHQH=XZHQGXQJ$QR Q\PLWlW« ,QVRIHUQZLUGDXFKGHXWOLFKGDVVGLHSHU]LSLHUWHQ(LQVFKlW]XQJHQGHU -XJHQGOLFKHQ]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQOHJLWLPVLQG 8QWHU GHP .RQVWUXNW 6FKXONOLPD ZLUG QDFK )HQG GLH RUJDQLVDWRULVFKH GLH VR]LDOHXQGGLHQRUPDWLYH8PZHOWGHU6FKXOHLQGHU:DKUQHKPXQJGHU%HWHLOLJWHQ HUIDVVW (V JHKW GDEHL XP GLH Ä9HUOHEHQGLJXQJ³ GHU LQVWLWXWLRQHOOHQ 9HUKlOWQLVVH ÄGXUFKGLH,QGLYLGXDOLWlWGHU/HKUHUXQG6FKOHU³±XQGXPGLH:DKUQHKPXQJGLH VHU Ä9HUOHEHQGLJXQJ³ DOV Ä.OLPD³ HLQHU (LQULFKWXQJ 6 :LH GLH %HJULIIH 6FKXOHWKRVXQG6FKXONXOWXUXPIDVVWHVGLH$UWXQG:HLVHZLHHLQHEHVWLPPWH6FKX OH LKUH (U]LHKXQJV XQG 8QWHUULFKWVDUEHLW ZDKUQLPPW DEHU DXFK GLH (LQVWHOOXQJHQ +DOWXQJHQXQG1RUPHQGLHDQHLQHU6FKXOHJHOWHQYJO(GHU6I % (LQIOXVVGHV.ODVVHQNOLPDV %HLGHU8QWHUVXFKXQJYRQ5LVLNRZHOWHQIUGLH(QWZLFNOXQJGHU6FKOHUSHUV|QOLFK NHLWIDVVHQ-HUXVDOHPXQG6FKZDU]HU XQWHU9HUZHQGXQJYRQPHKUHEHQHQDQD O\WLVFKHQ/lQJVVFKQLWW$QDO\VHQ]XVDPPHQGDVV6FKOHULQNOLPDQHJDWLYHQ.ODVVHQ LP'XUFKVFKQLWWPHKU+LOIORVLJNHLW$QJVW.RQWUROOYHUOXVWXQGZHQLJHU6HOEVWZHUW JHIKO XQG (UIROJV]XYHUVLFKW ]HLJWHQ DOV 6FKOHU LQ NOLPDSRVLWLYHQ .ODVVHQ ,QVEH VRQGHUHEHLMXQJHQ6FKOHUQZLUNWHVLFKGLHVVWDUNDXV'DV.ODVVHQNOLPDZHUGH]X GHP YRU DOOHP GXUFK GLH ZDKUJHQRPPHQH /HKUHU9HUKDOWHQVZHLVHQ EHVWLPPW 6LH ZHLVHQ DOVR QDFK GDVV GLH OHUQXPZHOWVSH]LILVFKHQ %HGLQJXQJHQ ÄLQ HUKHEOLFKHQ 0DH³ DXI GLH 6HOEVWNRQ]HSWHQWZLFNOXQJ HLQZLUNHQ YJO 6 'LH 9HUPXWXQJ OLHJWQDKHGDVVGLHVFKXOLVFKH/HUQXPZHOWHEHQVRDXIGDV3HUV|QOLFKNHLWVPHUNPDO /HLVWXQJVPRWLYDWLRQHLQZLUNW 1DFK(GHU6I LVWGDV6FKXONOLPDHLQHU6FKXOHEHLGHU%HHLQIOXVVXQJGHU 6FKOHUVFKDIWYRQDXVVFKODJJHEHQGHU%HGHXWXQJ)HQG KlOWELODQ]LHUHQGIHVW GDVV HLQ YHUWUDXHQVYROOHV VR]LDOHV .OLPD ]X HLQHP SRVLWLYHQ 6FKXOLQYROYHPHQW GHU 6FKOHUXQGHLQHUSRVLWLYHQ/HKUHU6FKOHU=XVDPPHQDUEHLWPLWNRQVWUXNWLYHU3URE OHPO|VXQJIKUWYJO6 'DEHLKlOWHUH[SOL]LWIHVWGDVVXQWHUGHU%HWRQXQJGHV .OLPDVGLH/HLVWXQJVDQIRUGHUXQJHQQLFKWLQGHQ+LQWHUJUXQGJHUDWHQÄ(LQYHUWUDX HQVYROOHV VR]LDOHV .OLPD VFKHLQW VLFK DXI GHQ /HLVWXQJVEHUHLFK ZHGHUSRVLWLY QRFK
)RUVFKXQJVVWDQG
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
QHJDWLYDXV]XZLUNHQ³6 (UEHVFKOLHWGDV)D]LWGHV%XFKHVPLWGHP+LQZHLV DXIGDV%DODQFH3UREOHPGLH/HLVWXQJVEHUHLWVFKDIW]XVWDELOLVLHUHQRKQHGDIUGHQ 3UHLV HLQHV UHGX]LHUWHQ 6HOEVWEHZXVVWVHLQV GHU 6FKOHU ]X ]DKOHQ YJO 6 ,Q GHQ GLIIHUHQ]LHUWHQ (UJHEQLVVHQ DXV GHP .RQVWDQ]HU /lQJVVFKQLWW VFKOlJW GHU =X VDPPHQKDQJ ]ZLVFKHQ .OLPD XQG /HLVWXQJVPRWLYDWLRQ LQVEHVRQGHUH EHL PlQQOL FKHQ+DXSWVFKOHUQ]X%XFKH6RZRKOLQGHUGHXWVFKHQDOVDXFKLQ GHU6FKZHL]HU 6WLFKSUREHJDEHV±JHJHQEHU6FKOHUQDP*\PQDVLXP±KRKH.RUUHODWLRQHQ]ZL VFKHQ:RKOIKOHQXQG$QVWUHQJXQJVEHUHLWVFKDIWLQGHU+DXSWVFKXOH]XEHREDFKWHQ YJO)HQG6 ,QVJHVDPWLVWDOVRGHUJURH6WHOOHQZHUWGHV6FKXOXQG.ODVVHQNOLPDVYRUDOOHPIU GLH-XJHQGOLFKHQYRQ+DXSWVFKXOHQGHXWOLFKJHZRUGHQ %HGHXWXQJXQG(LQIOXVVGHU3HHUJURXS $ =XU%HGHXWXQJGHU$QHUNHQQXQJXQG,QWHJUDWLRQEHLGHU3HHUJURXS 1DFK 6LHJOHU 'H/RDFKH XQG (LVHQEHUJ N|QQHQJUXQGOHJHQGH $VSHNWH ]XP 7KHPDÄ%H]LHKXQJHQ]X*OHLFKDOWULJHQ³]XVDPPHQJHIDVVWZHUGHQ Ä.LQGHU EHIUHXQGHQ VLFK LQ GHU 5HJHO PLW 3HHUV GLH KLQVLFKWOLFK YRQ $OWHU *HVFKOHFKWXQG5DVVHPLWLKQHQEHUHLQVWLPPHQXQGGLHVLFKKLQVLFKWOLFKLK UHU$JJUHVVLYLWlW*HVHOOLJNHLWXQG.RRSHUDWLYLWlWlKQOLFKYHUKDOWHQ³6 Ä'LH$EOHKQXQJGXUFKGLH3HHUVLQGHU.LQGKHLW±EHVRQGHUVDXIJUXQGYRQ $JJUHVVLYLWlW ± HUODXEW 9RUKHUVDJHQ DXI VSlWHUH 6FKXOSUREOHPH DXI .UL PLQDOLWlW 'URJHQPLVVEUDXFK VR]LDOHQ 5FN]XJ (LQVDPNHLW XQG 'HSUHV VLRQ³6 'DV (OWHUQKDXV EHHLQIOXVVW DEHU GLH $QHUNHQQXQJ XQG GLH ,QWHJUDWLRQ EHL GHU 3HHUJURXS HQWVFKHLGHQG PLW Ä,Q hEHUHLQVWLPPXQJ PLW GHQ 9RUKHUVDJHQ GHU %LQ GXQJVWKHRULH VLQG VLFKHU JHEXQGHQH .LQGHU LQ LKUHP 9HUKDOWHQ XQG LKUHP $IIHNW PHLVWHQV SRVLWLYHU VLH VLQG VR]LDO JHVFKLFNWHU XQG ZHUGHQ PHKU JHPRFKW DOV XQVL FKHUJHEXQGHQH.LQGHU³HEG :LJILHOG HW DO IDVVHQ GLH DNWXHOOHQ )RUVFKXQJVEHIXQGH ]XU )|UGHUXQJ GHU /HUQXQG/HLVWXQJVPRWLYDWLRQLP5DKPHQGHU6R]LDOLVDWLRQEHLGHU3HHUJURXSDQ KDQGYRQYLHUJUXQGVlW]OLFKHQ$VSHNWHQ]XVDPPHQYJO6 6R]LDOHU9HUJOHLFKXQG6HOEVWEHZHUWXQJ,QVEHVRQGHUH-XJHQGOLFKHVLQGDXIJUXQG GHV±LP9HUJOHLFK]XDQGHUHQ$OWHUVJUXSSHQ±VHKUEHGHXWVDPHQVR]LDOHQ9HU JOHLFKV EHVRQGHUV DQIlOOLJ IU QHJDWLYH $XVZLUNXQJHQ DXI LKUH PRWLYDWLRQDOHQ $XVSUlJXQJHQ 6R]LDOH.RPSHWHQ]HQ XQG0RWLYDWLRQ,Q GHU 3HHUJURXSEHOLHEWH .LQGHU N|QQHQ VLFK PHKU DXI GDV /HUQHQ NRQ]HQWULHUHQ XQG ]HLJHQ VRPLW K|KHUH 0RWLYDWLRQV ZHUWHDOVZHQLJHU EHOLHEWHXQGLQWHJULHUWH.LQGHU *OHLFKDOWULJHDOV&R/HUQHU(VZLUGJUXQGVlW]OLFKGDYRQDXVJHJDQJHQGDVVNR RSHUDWLYHV /HUQHQV LQ GHU 6FKXOH SRVLWLYH :LUNXQJHQ DXI GLH /HUQ XQG /HLV WXQJVPRWLYDWLRQGHU6FKOHUKDW
)RUVFKXQJVVWDQG
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
3HHUJURXS(LQIOVVH -XJHQGOLFKH VFKlW]HQ GLH SHHUJURXSEH]RJHQHQ VR]LDOHQ $NWLYLWlWHQDOVVHKUZLFKWLJHLQLP9HUJOHLFK]XLKUHQDQGHUHQ$NWLYLWlWHQ'DU XPKDWGLH*OHLFKDOWULJHQJUXSSHHLQHQQLFKW]XXQWHUVFKlW]HQGHQ(LQIOXVVDXIGLH /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ 6FKXOHQ ZHOFKH HV VFKDIIHQ *HIKOH GHV $XIJHKREHQVHLQV PLW P|JOLFKVW ZHQLJ $XVJUHQ]XQJVYRUIlOOHQ YRQ HLQ]HOQHQ 6FKOHUQLQ.ODVVHQ]XJHQHULHUHQJHVWDOWHQVRLQSRVLWLYHU:HLVHGLH3HHUJURXS (LQIOVVHPLW 'HUOHW]WH3XQNWZHLVWGDUDXIKLQGDVVHVQLFKWYDGLHIXQNWLRQLHUHQGHQ%H]LHKXQ JHQLQGHU3HHUJURXSVRQGHUQGHUHQVFKXOEH]RJHQH(LQVWHOOXQJHQVLQGGLHVLFKDXI GLH/HLVWXQJVPRWLYDWLRQDXVZLUNHQ'LH5ROOHGHUVR]LDOHQ(LQJHEXQGHQKHLWEHLGHU 3HHUJURXS LVW QlPOLFK IU GLH 0RWLYDWLRQVHQWZLFNOXQJ HLQH DQGHUH DOV MHQH LP 6FKXONRQWH[W 5\DQ HW DO ]HLJWHQ GDVV GLH 4XDOLWlW GHU /HKUHU6FKOHU %H]LHKXQJXQGGLH(OWHUQ.LQG%H]LHKXQJEHLGH]XHLQHUHUIROJUHLFKHQVFKXOLVFKHQ 0RWLYDWLRQEHLWUDJHQZlKUHQGGLH%H]LHKXQJHQGHV-XJHQGOLFKHQ]X)UHXQGHQDXV GHU3HHUJURXSGLHVQLFKWOHLVWHQ *XGMRQV EULQJWHVDXIGHQ3XQNWGDVVGLHEHVRQGHUH%H]LHKXQJXQWHU6FK OHUQLP-DKUJDQJVNODVVHQXQWHUULFKW6HWWLQJHLQHEHVRQGHUHLVWXQGGDEHL6FKZLHULJ NHLWHQ JHO|VW ZHUGHQ PVVHQ Ä6FKOHU PVVHQ YRU DOOHP DXVEDODQFLHUHQ ]ZLVFKHQ .RQNXUUHQ] XQG *HPHLQVFKDIWVQRUPHQ³ 6 'LHVHU 3UR]HVV OlXIW LQ GHU *UXQGVFKXOHDEHUDQGHUVDEDOVLQGHU6HNXQGDUVWXIH,'HUhEHUJDQJYRQGHU.LQG KHLW]XU$GROHV]HQ]LVWPLWHLQHUÄIXQGDPHQWDOHQ5HRUJDQLVDWLRQGHU3HUV|QOLFKNHLW³ )HQG 6 YHUEXQGHQ $XI GHU 6HNXQGDUVWXIH WDXFKHQ ]% GDQQ *HJHQ NUlIWH ]XU /HLVWXQJVEHUHLWVFKDIW DXI ÄZHQQ HLQIOXVVUHLFKH 0LWVFKOHU GLH VR]LDOH $QHUNHQQXQJYRQGHU'LVWDQ]]XPRIIL]LHOOHQVFKXOLVFKHQ1RUPHQV\VWHPDEKlQJLJ PDFKHQ³ DD2 6 'LHVHU P|JOLFKH QHJDWLYH $VSHNW GHU SRVLWLYHQ VR]LDOHQ %H]LHKXQJ LP .ODVVHQYHUEDQG LVW YRU DOOHP DXV HQWZLFNOXQJVSV\FKRORJLVFKHU 3HU VSHNWLYH KHUDXV]XKHEHQ ,P -XJHQGDOWHU PXVV DOVR GLH VR]LDOH (LQELQGXQJ LQ GHU 3HHUJURXS QLFKW XQEHGLQJW LQ HLQHP SRVLWLYHQ 9HUKlOWQLV ]XU /HLVWXQJVPRWLYDWLRQ VWHKHQ $XVGLHVHQ*UQGHQZHUGHQ]ZDU9DULDEOHQEHUGLH3HHUJURXSLQGLH%HUHFKQXQ JHQ LQ .DSLWHO HLQIOLHHQ -HGRFK OLHJW GDV (UNHQQWQLVLQWHUHVVH YD DXI GHQ (LQ IOVVHQYRQ(OWHUQXQG/HKUHUQ )HQG YHUZHLVW]XGHPDXIGLH7DWVDFKHGDVVLQGHU3KDVHGHU$GROHV]HQ]GLH VR]LDOH 6WHOOXQJ LQ GHU .ODVVH EHOLHEW DEJHOHKQW XQEHDFKWHW « VWDELOHU DOV GLH /HLVWXQJVEHZHUWXQJGXUFKGHQ/HKUHULVWYJO6 (LQEHGHQNHQVZHUWHV(UJHE QLV'LH6WHOOXQJGLHPDQLQGHU.ODVVHZlKUHQGGHU-XJHQG]HLWHLQQLPPWE]Z]X JHZLHVHQ EHNRPPW YHUlQGHUW VLFK SUDNWLVFK EHU GLH -DKUH KLQZHJ QXU ZHQLJ VSULFKIUHLQHQ7HLOHLQHQWZLFNOXQJVEHGURKHQGHU6DFKYHUKDOW
)RUVFKXQJVVWDQG
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
% (LQIOXVVGHU3HHUJURXS 8P GHQ (LQIOXVV GHU 3HHUJURXS DXI PRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH ]X WHV WHQOLHJHQLP'DWHQVDW]]ZHL.RQVWUXNWHYRUÄ$QHUNHQQXQJGXUFK0LWVFKOHU³XQG GLHÄ,QWHJUDWLRQGXUFKGLH3HHUV³VD.DS Ä=DKOUHLFKH )RUVFKXQJVHUJHEQLVVH ZHLVHQ DXI HLQHQ HQJHQ =XVDPPHQKDQJ ]ZL VFKHQ*UXSSHQVWDWXV*HOWXQJXQG%HOLHEWKHLWLQGHU6FKXONODVVH XQG/HUQOHLVWXQJ /HUQPRWLYDWLRQKLQ³8OLFK -HUXVDOHP6 6RPLWLVWEHJUQGHWZDUXP ,QGLNDWRUHQGHU3HHUJURXSLQGLH6'7IXQGLHUWHQ%HUHFKQXQJHQPLWHLQIOLHHQPV VHQ =XGHP N|QQHQ JHPl )HQG E (QWZLFNOXQJVSUR]HVVH YRQ .LQGHUQ XQG -XJHQGOLFKHQ QLFKW PHKU ]XUHLFKHQG YHUVWDQGHQ ZHUGHQ ÄZHQQ GLH $QDO\VH YRQ (LQIOXVVIDNWRUHQ HWZD DXI GDV (OWHUQ.LQG9HUKlOWQLV RGHU DXI GLH 6FKOHU/HKUHU %H]LHKXQJEHJUHQ]WZLUGXQGGDVJURH)HOGGHU3HHUVGDPLWDXVJHODVVHQZLUG³6 ,QVRIHUQZLUGDOVRHLQHDOOIlOOLJH%HHLQIOXVVXQJGHU/HLVWXQJVPRWLYDWLRQGXUFK GLH VR]LDOH (LQJHEXQGHQKHLW EHL GHQ *OHLFKDOWULJHQ LQ GHQ %HUHFKQXQJHQ JHWHVWHW WKHRUHWLVFKZLUGDEHUQLFKWZHLWHUHLQJHJDQJHQDXIHQWVSUHFKHQGH7KHRULHQZLH]% GLH ,QGLYLGXDWLRQVWKHRULH
%H]LHKXQJHQZHUGHQDOV,QWHUDNWLRQHQEHJULIIHQGLHYRQGHQ,QWHUDNWLRQVSDUWQHUQNRQ]HSWXHOOLQ6WUXN WXUHQ RUJDQLVLHUW ZHUGHQ YJO
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
QHU 8QWHUVXFKXQJ ]XU %HGHXWXQJ VR]LDOHU %H]LHKXQJHQ IU GLH (QWZLFNOXQJ YRQ .LQGHUQXQG-XJHQGOLFKHQHEHQIDOOVGLH9HUHLQV]XJHK|ULJNHLWXQGGLHUHOLJL|VH(LQ JHEXQGHQKHLWDOVHUNOlUHQGH9DULDEOHQEHQXW]WYJO6 ,QZLHIHUQVROFKHDXHU VFKXOLVFKHQ %H]LHKXQJHQ XQG 1HW]ZHUNH VLFK XQWHUVWW]HQG IU GLH /HLVWXQJVPRWL YDWLRQVHQWZLFNOXQJ DXVZLUNHQ VROO LQ GHQ %HUHFKQXQJHQ .DS XQWHUVXFKW ZHU GHQ % (LQIOXVVGHULQVWLWXWLRQHOOHQ(LQELQGXQJ 6WHFKHU NDP ]XP (UJHEQLV GDVV .LQGHU XQG -XJHQGOLFKH VLJQLILNDQW PHKU YRQLKUHUVFKXOLVFKHQ.RPSHWHQ]EHU]HXJWZDUHQZHQQVLH0LWJOLHGLQHLQHP9HU HLQZDUHQRGHUEHUHLQHVWDUNHUHOLJL|VH(LQELQGXQJEHULFKWHWHQDOVZHQQVLHGLHVH LQVWLWXWLRQHOOH(LQELQGXQJQLFKWYRUZHLVHQNRQQWHQYJO6 $XFK (FFOHV XQG %DUEHU NRQQWHQ ]HLJHQ GDVV 6FKOHU GLH LQ GHU ]HKQWHQ .ODVVH DQ DXHUVFKXOLVFKHQ )UHL]HLWDNWLYLWlWHQ ]% LQ NLUFKOLFKHQ -XJHQGJUXSSHQ EHLP 6SRUW LQ GHU 0XVLNVFKXOH XQG EHL HKUHQDPWOLFKHQ 7lWLJNHLWHQ WHLOQDKPHQ ]ZHL-DKUHVSlWHUHLQJHULQJHUHV9HUKDOWHQVULVLNRVRZLHEHVVHUH6FKXOOHLVWXQJHQKDW WHQ XQG KlXILJHU HLQ 6WXGLXP DXIQDKPHQ 'LHVH (UJHEQLVVH EOLHEHQ DXFK GDQQ EH VWHKHQZHQQVR]LDOH6FKLFKW,QWHOOLJHQ]XQG6FKXOOHLVWXQJHQNRQWUROOLHUWZXUGHQ 'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ ,P )ROJHQGHQ ZLUG EHOHJW GDVV GLIIHUHQWLHOOH :LUNXQJV]XVDPPHQKlQJH EH]JOLFK 6FKXONXOWXU6FKXOW\S%H]XJVJUXSSH (OWHUQKDXV6FKLFKW/HLVWXQJVSRVLWLRQLQGHU .ODVVH XQG EH]JOLFK *HVFKOHFKW LQ GHU )RUVFKXQJVOLWHUDWXU QDFKJHZLHVHQ ZHUGHQ N|QQHQXQGVRPLWGLHVEH]JOLFKH%HUHFKQXQJHQOHJLWLPVLQG $OOJHPHLQH)RUGHUXQJQDFKGLIIHUHQWLHOOHQ%HUHFKQXQJHQ )ROJHQGHV=LWDWZHLVWDXIGLHJUXQGVlW]OLFKH)RUGHUXQJQDFKGLIIHUHQWLHOOHQ%HUHFK QXQJHQKLQ /HUQHQXQG/HLVWXQJ9HUKDOWHQXQG3HUV|QOLFKNHLWVHQWZLFNOXQJYRQ6FKOH ULQQHQXQG6FKOHUQVLQGPXOWLGLPHQVLRQDOPXOWLGLUHNWLRQDOXQGPXOWLNDXVDO EHGLQJW $OOH (LQIOVVH ZLUNHQ VLFK GLIIHUHQWLHOO DXV « .HLQH $QJDEHQ GHV NRPSOH[HQ %HGLQJXQJVJHIOHFKWV YRQ 6FKXOOHLVWXQJ NDQQ KHXWH DXI HLQH %H UFNVLFKWLJXQJ GHU VR]LDOHQ VFKXOLVFKHQ /HUQXPZHOW « GHU VR]LDOHQ =X VDPPHQVHW]XQJGHU6FKXONODVVHGHV*UXSSHQVWDWXVGHU6FKOHUGHUHQ,QWHU DNWLRQVYHUKDOWHQ GHU VR]LDOHQ :DKUQHKPXQJ YRQ /HKUHUQ XQG 6FKOHUQ GHV 8QWHUULFKWVNOLPDV VRZLH RUJDQLVDWRULVFKHU 0HUNPDOH ZLH ]% /HUQJUXSSHQ GLIIHUHQ]LHUXQJYHU]LFKWHQ8OLFK -HUXVDOHP6+HUYRUKHEXQJ GXUFK'/ 3HHWVPD+DVFKHU9DQ'HU9HHQXQG5RHGH VWHOOWHQ8QWHUVFKLHGH]ZLVFKHQ YHUVFKLHGHQHQ /lQGHUQ 1/ &+ '( XQG &= EHLP 9HUJOHLFK HLQHV 6WUXNWXUJOHL FKXQJVPRGHOOVIHVWZHOFKHVGLHVFKXOLVFKH,QYHVWLWLRQXQG/HLVWXQJDOV]XHUNOlUHQ
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
GH9DULDEOHQEHLQKDOWHWHQ(EHQIDOOVIDQGHQVLH*HVFKOHFKWVXQG6FKXOW\SHQHIIHNWH ZREHLMHQHLQGHU7VFKHFKLVFKHQ5HSXEOLNXQG'HXWVFKODQGJU|HUZDUHQDOVLQGHU 6FKZHL]XQGGHQ1LHGHUODQGHQYJO6 'LH (UNHQQWQLV YRQ )HQG ÄGRSSHOW VR YLHOH 6FKOHU LQ GHU 6FKZHL] DOV LQ 'HXWVFKODQGIKOHQVLFKLQGHU6FKXOHZRKO³6 ZHLVWDXIHLQHP|JOLFKHNXO WXUUDXPEH]RJHQH$EKlQJLJNHLWGHU(QWZLFNOXQJGHU/HUQPRWLYDWLRQLQGHU$GROHV ]HQ] KLQ %HLP 9HUJOHLFK YRQ %LOGXQJVV\VWHPHQ LQ YHUVFKLHGHQHQ /lQGHUQ OHLWHQ &]HUZHQND 1|OOH 3DXVH 6FKORWWKDXV XQG 6FKPLGW GLHVEH]JOLFK DE GDVV ]% DPHULNDQLVFKH 6FKXOHQ IU GLH /HEHQVSOlQH YRQ =HKQ ELV =ZDQ]LJMlKULJHQ HQWZLFNOXQJVDQJHPHVVHQHUJHVWDOWHWVHLHQZHLOGLHVHPLWH[WUDFXUULFXODUHQ$QJHER WHQXQG:DKOP|JOLFKNHLWHQPHKU%HZlKUXQJVXQG(UIDKUXQJVIHOGHUE|WHQ :LH GLIIHUHQWLHOO XQG NRQWH[WVSH]LILVFK GLH :LUNXQJVPHFKDQLVPHQ VHLQ N|QQHQ ]HLJWGDV)D]LWYRQ6LOEHUHLVHQ%RHKQNHXQG&URFNHWW EH]JOLFKGHV5LVLNR YHUKDOWHQV 5DXFKHQ 6LH ZHLVHQ H[SOL]LW DXI GLH NRQWH[WVSH]LILVFKH :LUNXQJVZHLVH YRQ 6FKXOPLOLHX XQG HOWHUOLFKHU (U]LHKXQJVKDOWXQJ EHLP 1LNRWLQJHEUDXFK KLQ LQ GHPVLHIHVWKDOWHQÄ:HGHUHLQEHVWLPPWHV6FKXOPLOLHXQRFKHLQHEHVRQGHUH(U]LH KXQJVKDOWXQJ N|QQHQ GXUFKJlQJLJ DOV 5LVLNRIDNWRU IU 6XEVWDQ]JHEUDXFK XQWHU -X JHQGOLFKHQXP-DKUHJHOWHQ(VNRPPWDXIGLH6XEVWDQ]GHUHQ*HEUDXFKXQG DXIGDV:HFKVHOVSLHOYRQ6FKXOPLOLHXXQG(U]LHKXQJDQ³6 ([HOHUXQG:LOG ZHLVHQDXIGLHÄ1RWZHQGLJNHLWHLQHUGRPlQHQVSH]LILVFKHQ %HWUDFKWXQJ OHUQEH]RJHQHU (LQVWHOOXQJHQ XQG 2ULHQWLHUXQJHQ³ KLQ 6 'LHVHU 9HUODJHUXQJ GHV )RUVFKXQJVLQWHUHVVHV YRQ ÄJOREDO ]X VSH]LILVFK³ DXI GHP +LQWHU JUXQG YRQ /HUQPRWLYDWLRQ XQG $QVWUHQJXQJVEHUHLWVFKDIW VLQG ]% DXFK (FFOHV :LJILHOG XQG 6FKLHIHOH JHIROJW *HUDGH EHL HLQHU /lQJVVFKQLWWXQWHUVXFKXQJ EHL-DKUHQ]ZLVFKHQWXQGWJLOWHVGLHVH8QWHUVFKLHGOLFKNHLWDQ:LUNXQJHQMH QDFK.RQWH[W6FKXOIRUP%H]LHKXQJHQXVZ HLQ]XEH]LHKHQ 'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHV6FKXOW\SVE]ZGHU%H]XJV JUXSSH $XIJUXQGGHUIROJHQGHQ%HOHJHVROOGLH6FKOXVVIROJHUXQJJH]RJHQZHUGHQN|QQHQ GDVV$QDO\VHQ]XVFKXOLVFKHU6R]LDOLVDWLRQLQGHU5HJHONRQWH[WJHEXQGHQVLQGGK GDVV VLH GLIIHUHQ]LHUW QDFK 6FKXOW\S XQG *HVFKOHFKW XQG QLFKW LQ XQLYHUVDOLVWLVFKHU :HLVHEHUHFKQHWXQGLQWHUSUHWLHUWZHUGHQVROOWHQ %H]JOLFK $UEHLWVP|JOLFKNHLWHQ +LOIHEHLP /HUQHQ XQG ,QWHUHVVH GHU (OWHUQ DQ GHU 6FKXOH KDEHQ -XJHQGOLFKH YRQ *\PQDVLHQ JQVWLJHUH %HGLQJXQJHQ DOV MHQH DQ+DXSWVFKXOHQYJO*UXQGHU6 0QFKPHLHU ZHLVW DXIJUXQG YRQ (UNHQQWQLVVHQ DXV GHU 6KHOO -XJHQGVWXGLH -XJHQGOLFKH LP $OWHU YRQ ELV -DKUHQ DXV GDVV -X JHQGOLFKH PLW +DXSWVFKXODEVFKOXVV GXUFK LKUH %HUXIVRULHQWLHUXQJ HKHU GDV JXWH (LQNRPPHQ XQG GHQ VLFKHUHQ $UEHLWVSODW] VXFKHQ ZlKUHQG $ELWXULHQWHQ VLFK HKHUDP6LQQ6SDVVXQGLKUHU6HOEVWYHUZLUNOLFKXQJRULHQWLHUHQYJO6
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
'LHHUVWHQ.RQVWDQ]HU8QWHUVXFKXQJHQ]XGHQ$XVZLUNXQJHQGHUYHUVFKLHGHQHQ 6FKXOIRUPHQLPGUHLJOLHGULJHQ6FKXOV\VWHPHUEUDFKWHQLQ%H]XJ]XU/HUQPRWLYD WLRQQXUWHLOZHLVHGLHHUZDUWHWHQ%HIXQGHÄ:lUHQGLH(UJHEQLVVHHUZDUWXQJVJH PlJHZHVHQGDQQPVVWHQGLHJXWHQ6FKOHULQ*\PQDVLHQGLHSRVLWLYVWHQ3UR ILOH ]HLJHQ XQG GLH VFKOHFKWHQ 6FKOHU LQ +DXSWVFKXOHQ GLH QHJDWLYVWHQ³ )HQG E6 (VEHUUDVFKWHGDVVGLH*\PQDVLDVWHQZRKOGLHJU|VVWHQ(UZDU WXQJHQEH]JOLFK%HUXIVP|JOLFKNHLWHQQLFKWDEHUGLHDXVJHSUlJWHVWH/HUQPRUDO 6FKXOIUHXGHXQG:RKOEHILQGHQKDWWHQ 'LUHNWHUOHEWHVR]LDOH1DKXPZHOWHQVLQGHLQJHEHWWHWLQGLVWDOH8PZHOWEHGLQJXQ JHQ]%6FKXODUW6FKXOV\VWHP GLHJHPl3HNUXQXQG+HOPNH DXILQGL UHNWHP :HJH ÄHQWZLFNOXQJVHQWVFKHLGHQG³ 6 VLQG Ä6FKXOEHGLQJWH 3HUV|Q OLFKNHLWVHQWZLFNOXQJ LVW YHUPXWOLFK ]X HLQHP HUKHEOLFKHQ $QWHLO HLQH )XQNWLRQ QRUPLHUHQGHU6\VWHPUHJHOQ³DD26 'LH(UULFKWXQJYRQ*HVDPWVFKXOHQERWGLH&KDQFHGHQLQVWLWXWLRQHOOHQ:LUNXQ JHQLPVFKXOLVFKHQ9HUWHLOXQJVV\VWHPQDFK]XJHKHQ'UHL(UJHEQLVVHKHEW)HQG LQVHLQHU%LODQ]KHUYRUYJOE6I 'LH 6HOEVWHLQVFKlW]XQJ GHU HLJHQHQ %HJDEXQJ VWLPPWHQ EHL *HVDPWVFKOHUQ EHVVHUEHUHLQPLWGHQHIIHNWLYHQ/HLVWXQJHQDOVEHL-XJHQGOLFKHQYRQ+DXSW 5HDOVFKXOHQRGHU*\PQDVLHQGLH(LQVFKlW]XQJZDUDOVRREMHNWLYHU 'DIU ZDUHQ DEHU GLH 6WUHXXQJHQ GLHVHU %HJDEXQJVHLQVFKlW]XQJHQ LQ *H VDPWVFKXOHQ DP JU|WHQ GHP GLUHNWHQ 9HUJOHLFK EHU GLH JHVDPWH $OWHUV JUXSSH NRQQWH DXFK QLFKW GXUFK /HLVWXQJVJUXSSHQ LQHLQ]HOQHQ )lFKHUQ DXV JHZLFKHQZHUGHQ +LQJHJHQ JDE HV EH]JOLFK :HUWRULHQWLHUXQJ HLQH NOHLQHUH 6WUHXXQJ LQ *H VDPWVFKXOHQ IHVW]XVWHOOHQ LP 9HUJOHLFK ]XU 6FKOHUVFKDIW DXV +DXSW 5HDO VFKXOHQXQG*\PQDVLHQ 'LH %HJDEXQJVHLQVFKlW]XQJ LVW LQ %H]XJ DXI GLH /HLVWXQJVPRWLYDWLRQ QLFKW LUUHOH YDQW V .DS 'HU RELJH ]ZHLWH 3XQNW JURH 6WUHXXQJ GHU %HJDEXQJVHLQ VFKlW]XQJLQ*HVDPWVFKXOHQ OlVVWGLH)ROJHUXQJ]XGDVVVFKZlFKHUH-XJHQGOLFKHLQ *HVDPWVFKXOHQ PRWLYDWLRQDO HKHU VFKOHFKWHUH 5DKPHQEHGLQJXQJHQ IU GLH )|UGH UXQJ LKUHU /HLVWXQJVPRWLYDWLRQ YRUILQGHQ DOV OHLVWXQJVPlLJ ± REMHNWLY JHVHKHQ ± YHUJOHLFKEDUH-XJHQGOLFKHDQ+DXSWVFKXOHQ:DUXP":HLOKLHUGHU%H]XJVJUXSSHQ HIIHNW KLQHLQVSLHOW 'HU VRJHQDQQWH 3\JPDOLRQ(IIHNW LVW EHVRQGHUV LP GUHLJOLHGUL JHQ 6FKXOV\VWHP +DXSW 5HDOVFKXOH XQG *\PQDVLXP EHL GHU $QDO\VH YRQ /HUQ PRWLYDWLRQ ]X EHUFNVLFKWLJHQ 'LHVHP 3\JPDOLRQ(IIHNW 5RVHQWKDO(IIHNW QDFK ZLUNHQ VLFK (UZDUWXQJHQ (LQVWHOOXQJHQ XQG 9RUXUWHLOH GHU (U]LHKXQJVSHUVRQ JH PlGHUÄVHOEVWHUIOOHQGHQ3URSKH]HLXQJ³DXVGKGLH/HLVWXQJHQYRQ.LQGHUQXQG -XJHQGOLFKHQ HQWZLFNHOQ VLFK LQ HUZDUWHWHU )RUP 'LHVHU (IIHNWH NDQQ QDWUOLFK LQ SRVLWLYHUZLHQHJDWLYHU+LQVLFKWDEODXIHQ'LH(UIDKUXQJLQGHU6FKXOH±RELQHLQHU +DXSWVFKXOHRGHUHLQHP*\PQDVLXP±]%VWHWVDOVÄNQDSSJHQJHQG³RGHUÄXQJH
=XGHPJLOWEHLGHU%HUFNVLFKWLJXQJGHU%H]XJVJUXSSHQHIIHNWHLQ*HVDPWVFKXOHQGLH(UNHQQWQLVGDVV SRVLWLYH(IIHNWHYRQ%H]XJVJUXSSHQZHFKVHOQIU/HLVWXQJVVFKZlFKHUHYJO-HUXVDOHP 6FKZDU]HU 63HNUXQ +HOPNH6 QLFKWXQEHGLQJWOlQJHUIULVWLJHU1DWXUVLQGYJO%XII6
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
QJHQG³HLQJHVWXIW]XZHUGHQZLUGQLFKWRKQH.RQVHTXHQ]HQLQ%H]XJ]XUOlQJHU IULVWLJHQ3HUV|QOLFKNHLWVHQWZLFNOXQJEOHLEHQ8PJHNHKUWZlUHHLQHVFKXOW\SHQEH]R JHQH:LUNXQJGHV3\JPDOLRQ(IIHNWVLQSRVLWLYHU+LQVLFKWGDQQJHJHEHQZHQQHLQ JXWHU+DXSWVFKOHUZHOFKHUJHPlGHUVR]LDOHQ%H]XJVQRUPEHXUWHLOWZLUGPRWLYD WLRQDOEHVVHUJHI|UGHUWZLUGDOVZHQQGLHVHULQHLQHU*HVDPWVFKXOHGHP/HLVWXQJV YHUJOHLFK GHU JHVDPWHQ $OWHUVJUXSSH DXVJHVHW]W LVW 6RODQJH VLFK GLH 1RWHQJHEXQJ ZHLWHUKLQPHLVWHQVDQGHU6R]LDOQRUPGHU.ODVVHRULHQWLHUWZLUGGHU$QVWUHQJXQJV EHUHLWVFKDIWYRQ-XJHQGOLFKHQLQHLQHU+DXSWVFKXOHLQPRWLYDWLRQDOHU+LQVLFKWZDKU VFKHLQOLFKEHVVHUHQWVSURFKHQDOVZHQQGLHVHLQHLQHUDQGHUHQ6FKXOIRUPWDJWlJOLFK EHU 1RWHQ ÄHUIDKUHQ³ GDVV VLH YHUJOLFKHQ PLW GHU JHVDPWHQ $OWHUVJUXSSH ]X GHQ VFKZDFKHQ6FKOHUQJHK|UHQ 1DWUOLFKN|QQWHPDQDQIJHQGDVVGLHOHLVWXQJVRULHQWLHUWH6FKXOHDXI.RQNXUUHQ] DQJHOHJWLVWXQGGDVVHLQJXWHU6FKOHUDXFKLQQHUKDOEHLQHU/HLVWXQJVJUXSSH]%LQ HLQHU .ODVVH HLQHU +DXSWVFKXOH VHLQH SRVLWLYH %HJDEXQJVHLQVFKlW]XQJ DXI .RVWHQ YRQQRFKVFKZlFKHUHQ0LWVFKOHUQKROW'DVVGHUVR]LDOH9HUJOHLFKXQWHUGHQ6FK OHUQ DEHU QLFKW GDV EHVWLPPHQGH 0HUNPDO IU GLH )|UGHUXQJ GHU /HUQ XQG /HLV WXQJVPRWLYDWLRQ GDUVWHOOW ZLUG GLHVH $UEHLW PLW GHP $QVDW] GHU 6'7 JHQJHQG GHXWOLFK PDFKHQ *HPl 8OLFK XQG -HUXVDOHP 6 LVW ]% GLH $UW XQG :HLVHZLH(OWHUQDXIVFKOHFKWH6FKXOOHLVWXQJHQUHDJLHUHQEHODVWHQGHUDOVGHUREMHN WLYH/HLVWXQJVVWDQGVHOEVW )LQVWHUZDOG ZHLVWDXI%H]XJVJUXSSHQHIIHNWHKLQZRQDFK6FKXOIRUPXQG*H VFKOHFKWHLQHPRGHULHUHQGH)XQNWLRQEHLGHU0RWLYDWLRQVDXVSUlJXQJEHUQHKPHQ 0HLHU ]HLJW DQKDQG YRQ 3,6$'DWHQ ZLH GLH 6FKXOIRUPHQ EH]JOLFK /HLV WXQJVPHUNPDOHQ XQG VR]LRGHPRJUDILVFKHQ 0HUNPDOHQ FKDUDNWHULVLHUW ZHUGHQ N|Q QHQ6 ,QQHUKDOEGHU+DXSWVFKXOHODVVHQVLFK]ZHLHWZDJOHLFKVWDUNEHVHW]WH *UXSSHQ XQWHUVFKHLGHQ &OXVWHU OlVVW VLFK EHVFKUHLEHQ GXUFK HLQH VHKU KRKH DJ JUHVVLYH2ULHQWLHUXQJLQGHU)UHXQGHVJUXSSHKlXILJH*HZDOWKDQGOXQJHQXQGHLQUH VWULNWLYHV )DPLOLHQNOLPD ,Q LKU VLQG ]X ]ZHL 'ULWWHO .QDEHQ YHUWUHWHQ XQG GHU 0LJUDQWHQDQWHLOEHWUlJWHWZD3UR]HQW&OXVWHUVWHKWXPJHNHKUWIUÄZHQLJ*H ZDOWXQGHLQHKRKHIDPLOLlUH$N]HSWDQ]³=ZLVFKHQGHQEHLGHQ*UXSSHQ&OXVWHU KRKH*HZDOW XQG&OXVWHUZHQLJ*HZDOWXQGIDPLOLlUH$N]HSWDQ] JLEWHVNHLQHQ VLJQLILNDQWHQ8QWHUVFKLHGZDVGLHVR]LR|NRQRPLVFKH6WHOOXQJGHU(OWHUQDQEHWULIIW GDIUDEHUVLJQLILNDQWH'LIIHUHQ]HQLQGHQ/HLVWXQJVZHUWHQ&OXVWHUZHLVWEHVVHUH :HUWHDXI'DULQVLQG0lGFKHQHKHUEHUYHUWUHWHQ:LHVLHKWGDVQXQEHLPK|FKVWHQ 6FKXOW\SDXV" ,P*\PQDVLDOEHUHLFKODVVHQVLFK]ZHLXQWHUVFKLHGOLFKVWDUNEHVHW]WH*UXSSHQ XQWHUVFKHLGHQGLHVLFKLQLKUHUVR]LDOHQ=XVDPPHQVHW]XQJEHU]XIlOOLJXQWHU VFKLHGHQ'LHGHXWOLFKJU|HUH*UXSSH&OXVWHU GLHHLQHKRKH/HVHRULHQWLH UXQJ DXIZHLVW NDXP *HZDOW DXVEW XQG KRKH IDPLOLlUH $N]HSWDQ] HUIlKUW ZLUG]X]ZHL'ULWWHOQYRQ0lGFKHQJHELOGHW'LHVR]LR|NRQRPLVFKH6WHOOXQJ
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
GHU (OWHUQ LVW HEHQVR VLJQLILNDQW K|KHU ZLH GLH HUUHLFKWHQ .RPSHWHQ]QLYHDXV LP/HVHQXQGLQ0DWKHPDWLNHEG 'HPJHJHQEHU ZHLVW GDV &OXVWHU LQQHUKDOE GHU 6FKXOIRUP *\PQDVLXP HLQ UH VWULNWLYHV)DPLOLHQNOLPDXQGHLQHQWLHIHUHQVR]LR|NRQRPLVFKHQ6WDWXVGHU(OWHUQDXI XQG]HLJWWLHIHUH.RPSHWHQ]QLYHDXVLP/HVHQXQGLQGHU0DWKHPDWLN(V]HLJWVLFK DOVR GDVV VLFK MH QDFK 6FKXOIRUP XQWHUVFKLHGOLFKH 9HUKDOWHQVZHLVHQ XQG XQWHU VFKLHGOLFKH *UXSSHQ ELOGHQ XQG GDVV LQQHUKDOE GLHVHU ZLHGHUXP *HVFKOHFKWVXQWHU VFKLHGH H[LVWLHUHQ )D]LW LVW DOVR GDVV VFKXOIRUP XQG JHVFKOHFKWVVSH]LILVFKH %H UHFKQXQJHQEHLGHU(UJUQGXQJGHU/HLVWXQJVPRWLYDWLRQQ|WLJVLQG 'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHV(OWHUQKDXVHVE]ZGHU6FKLFKW 'LH%HIXQGHYRQ:LOGXQG5HP\ D VWW]HQGLH$QQDKPHGLIIHUHQWLHOOHU=X VDPPHQKlQJH ]ZLVFKHQ YHUVFKLHGHQHQ )RUPHQ GHU /HUQPRWLYDWLRQ HLQHUVHLWV XQG OHUQEH]RJHQHQ(LQVWHOOXQJVXQG9HUKDOWHQVPXVWHUQGHU(OWHUQDQGHUHUVHLWV 'HUJU|WH(LQIOXVVGHV(OWHUQKDXVHVDXIGLHVFKXOLVFKH%LOGXQJHUIROJWQDFK0LQVHO ÄLQGLUHNW EHU GLH DOOJHPHLQHQ 6R]LDOLVDWLRQV XQG (QWZLFNOXQJVEHGLQJXQ JHQGLHVLFKNXPXODWLYDXIGLH3HUV|QOLFKNHLWVHQWZLFNOXQJGHU.LQGHUXQG-XJHQG OLFKHQ DXVZLUNHQ VR GDVV EHUHLWV ]X %HJLQQ GHU 6FKXO]HLW HUKHEOLFKH 8QWHUVFKLHGH LP %HUHLFK VSUDFKOLFKHU DOOJHPHLQ NRJQLWLYHU XQG HPRWLRQDOPRWLYDWLRQDOHU /HUQ YRUDXVVHW]XQJHQEHVWHKHQYJO:HLQHUW +HOPNH ³6 ,QVRIHUQ PXVV DOVR GDYRQ DXVJHJDQJHQ ZHUGHQ GDVV GLH HPRWLRQDOPRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOH DOV DXFK GHU /HUQHUIROJ YRQ $QIDQJ DQ VFKLFKWVSH]LILVFK JHSUlJW VLQG 'LH GLIIHUHQWLHOOHQ %HUHFKQXQJHQ IU *\PQDVLXP XQG +DXSWVFKXOH WUDJHQGLHVHP%HIXQG5HFKQXQJ 'LH%HUFNVLFKWLJXQJGHU%LOGXQJVVFKLFKWKDWLQVJHVDPWJHVHKHQHLQHZLFKWLJH6WHO OXQJEHLHU]LHKHULVFKHQXQGVR]LDOLVDWLRQVEH]RJHQHQ3UR]HVVHQ6LHLVWDXFKHQJPLW GHU6FKXOIRUP]XJHK|ULJNHLWYHUEXQGHQÄ'HUVFKXOLVFKH6WDWXVDOVRGLH=XJHK|ULJ NHLW ]X +DXSW 5HDOVFKXOH RGHU *\PQDVLXP E]Z ]X HLQHP )DFKOHLVWXQJVQLYHDX VWHOOWHLQH*UXQGODJHGHU5HSURGXNWLRQVFKLFKWVSH]LILVFKHUVXENXOWXUHOOHU:HUWPXV WHUGDU³)HQGHWDO6 6LHJOHUHWDO6 ZHLVHQGDUDXIKLQGDVVZLUWVFKDIWOLFKH6WUHVVRUHQLQQHU KDOEGHU)DPLOLHGLH4XDOLWlWGHU,QWHUDNWLRQ]ZLVFKHQ(OWHUQXQG.LQGYHUVFKOHFK WHUQN|QQHQXQGVLFKGDUDXV5LVLNHQZLH'HSUHVVLRQ6FKXOYHUVDJHQ6W|UYHUKDOWHQ XQG 'URJHQNRQVXP HUJHEHQ N|QQHQ 'HPQDFK ZlUH DXFK GDYRQ DXV]XJHKHQ GDVV EHL GHQ +DXSWVFKXODEJlQJHULQQHQ XQG DEJlQJHUQ VRZRKO GLH /HLVWXQJVPRWLYDWLRQ LP-XJHQGDOWHUDOVDXFKGLHEHUXIOLFKH:HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQLP (UZDFKVHQHQDOWHUGXUFKGLHHOWHUOLFKH6R]LDOLVDWLRQJHSUlJWLVW 'LH6WXGLHYRQ&KRLXQG6FKPLGW ÄZXUGHYRQGHU$QQDKPHJHWUDJHQGDVV VLFK GLH 9HUKlOWQLVVH GHU +HUNXQIWVIDPLOLH LQ GHQHQ GHU *UXQGVFKOHU RGHU GLH
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
*UXQGVFKOHULQ DXIZlFKVW QLFKW XQZHVHQWOLFK GXUFK GLH W\SLVFKHQ /HLVWXQJVRULHQ WLHUXQJVPXVWHUGHU(OWHUQEHVFKUHLEHQODVVHQ³6I )DVVW PDQGLH«7KHVHQGHUVFKLFKWVSH]LILVFKHQ6R]LDOLVDWLRQVIRUVFKXQJ]X VDPPHQVRODVVHQVLFKGUHLZHVHQWOLFKH3KDVHQ«EHVFKUHLEHQ«,QGHUHUV WHQ3KDVHZHUGHQGLH$UEHLWVSODW]HUIDKUXQJHQLQGLH)DPLOLHWUDQVIRUPLHUWXQG ILQGHQ LKUHQ 1LHGHUVFKODJ LQ (U]LHKXQJVHLQVWHOOXQJHQ XQG SUDNWLNHQ ,Q GHU ]ZHLWHQ 3KDVH EHHLQIOXVVW GDV LQ GHU 5HJHO LQWHQWLRQDOH (U]LHKXQJVYHUKDOWHQ GHU (OWHUQ GLH SV\FKRVR]LDOH (QWZLFNOXQJ GHU .LQGHU 'HU GULWWHQ 3KDVH VFKOLHOLFKOLHJWGLH$QQDKPH]XJUXQGHGDVVGLHLQGHU)DPLOLHVR]LDOLVLHUWHQ 9HUKDOWHQVPXVWHUGXUFKGDV.LQGJHQHUDOLVLHUWZHUGHQXQGDXIDXHUIDPLOLDOH %HUHLFKH±LQGLHVHP=XVDPPHQKDQJYRUDOOHPDXIGDV%LOGXQJVV\VWHPXQG GHQ$UEHLWVSODW]±EHUWUDJHQZHUGHQYJO$EUDKDPV 6RPPHUNRUQ &KRL 6FKPLGW6 +LHULVWQXQGHU7UDQVIRUPDWLRQVSUR]HVVHUVLFKWOLFKJHZRUGHQGDVVGLHVFKLFKWVSH]L ILVFKHQ$UEHLWVEHGLQJXQJHQGHU(OWHUQXQGLKUH(U]LHKXQJVHLQVWHOOXQJHQVLFKOHW]W OLFKEHLP.LQGLP5DKPHQYRQ6FKXOHLQVWHOOXQJHQXQG/HLVWXQJVPRWLYDWLRQVR]LDOL VLHUHQXQGVRPLWSRVLWLYRGHUQHJDWLYDXVZLUNHQ 'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHUUHODWLYHQ/HLVWXQJVSRVLWLRQLQ GHU.ODVVH ,P .DSLWHO LVW GLH 7KHPDWLN GHU %HJDEXQJVXQG /HLVWXQJVHLQVFKlW]XQJ UXQG XPGLH%H]XJVJUXSSHQHIIHNWHEHUHLWVGDUJHOHJWZRUGHQ'LH%HGHXWXQJGHUZDKUJH QRPPHQHQ UHODWLYHQ /HLVWXQJVSRVLWLRQ LQQHUKDOE GHU .ODVVH LVW GHUDUW YRQ %HGHX WXQJ GDVV LQ GHQ YRUOLHJHQGHQ %HUHFKQXQJHQ GLHVH 9DULDEOH DOV .RQWUROOYDULDEOH EHQXW]W ZLUG *HPl GHU )UDJHVWHOOXQJ VROO TXDVL GLH 1HWWRZLUNXQJ GHU VR]LDOHQ (LQELQGXQJ DXI GLH /HLVWXQJVPRWLYDWLRQ EHUHFKQHW ZHUGHQ XQG ]ZDU XQDEKlQJLJ YRQGHU/HLVWXQJGHV6FKOHUV'HU6FKOHUVHOEVWEHXUWHLOWVHLQH/HLVWXQJPHLVWHQV PLWGHULKP]XU9HUIJXQJVWHKHQGHQ,QIRUPDWLRQÄ1RWH³ZHOFKHVLFKLQGHQDOOHU PHLVWHQ )lOOHQ DXI GLH VR]LDOH %H]XJVQRUP GHU .ODVVH VWW]W 'DUXP VROOHQ KLHU JUXQGVlW]OLFKH$VSHNWHEHUGDV7KHPD1RWHQLQ(ULQQHUXQJJHUXIHQZHUGHQ 1RWHQ VLQG ± GXUFK GLH $EVFKDIIXQJ GHU $XIQDKPHSUIXQJ IU +|KHUH 6FKXOHQ XQGGLH(LQIKUXQJGHV1XPHUXV&ODXVXV ±]XPZLFKWLJVWHQ,QVWUX PHQW GHU VFKXOLVFKHQ /HLVWXQJVEHXUWHLOXQJ XQG GDPLW GHU VFKXOLVFKHQ $XIVWLHJV P|JOLFKNHLWHQJHZRUGHQ0HXOHPDQQ6I 'LHZHVHQWOLFKHQ.ULWLNSXQNWH ODVVHQVLFKZLHIROJW]XVDPPHQIDVVHQ 6FKXOQRWHQ VLQG NHLQH UHOLDEOHQ ,QGLNDWRUHQ IU GDV WDWVlFKOLFKH /HLVWXQJVXUWHLO 'LH1RWHQHLQHU/HKUSHUVRQIUGLHJOHLFKH$UEHLWHLQHV6FKOHUV]XYHUVFKLHGH QHQ=HLWSXQNWHQNRUUHOLHUHQQXUVHKUJHULQJPLWHLQDQGHU 'LH .RUUHODWLRQHQ ]ZLVFKHQ 6FKXOOHLVWXQJVWHVWV XQG GHQ 6FKXOQRWHQ OLHJHQ QXU ]ZLVFKHQXQGZDVGLH*OWLJNHLWYRQ1RWHQLQ)UDJHVWHOOW
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
'D1RWHQPHLVWHQVDXIGHU%DVLVGHUVR]LDOHQ%H]XJVQRUPGHU.ODVVHYHUJHEHQ ZHUGHQVLQGVLHDXVYHUVFKLHGHQHQ.ODVVHQQLFKWPLWHLQDQGHUYHUJOHLFKEDU 6FKXOQRWHQZHLVHQHLQHQQXUJHULQJHQ9RUKHUVDJHZHUWIUGHQVSlWHUHQ6FKXOHU IROJDXIYJODD26I *HPl 6WHFKHU LVW HV DEHU LQ GLHVHP =XVDPPHQKDQJ QLFKW YRQ %HGHXWXQJ REGLH6FKXOQRWHQ]ZLVFKHQ.ODVVHQ6FKXOHQRGHUDXFK%XQGHVOlQGHUQPLWHLQDQGHU YHUJOHLFKEDUVLQG'HQQ ÄGDGDV/HLVWXQJVQLYHDXGHU.ODVVHGHU$QNHU]XU%HXUWHLOXQJGHVHLQ]HOQHQ 6FKOHUV LVW NRQNXUULHUW GHU HLQ]HOQH LPPHU QXU JHJHQ GHQ 'XUFKVFKQLWW VHLQHU 0LWVFKOHU XP GLH VFKXOLVFKHQ XQG VSlWHU DXFK EHUXIOLFKHQ $XI VWLHJVP|JOLFKNHLWHQ HLQ 6FKOHU PLW HLQHU 'XUFKVFKQLWWVQRWH YRQ LP =HXJQLV LVW LPPHU HLQ EHUGXUFKVFKQLWWOLFKHU 6FKOHU HLQ 6FKOHU PLW GHU 'XUFKVFKQLWWVQRWH LPPHU HLQ XQWHUGXUFKVFKQLWWOLFKHU 6FKOHU ± XQDEKlQ JLJGDYRQREHULQ)OHQVEXUJRGHU0QFKHQ]XU6FKXOHJHKW³6 6DXHUXQG*DPVMlJHU GLHVLFKLP%HVRQGHUHQPLWGHPSURJQRVWLVFKHQ:HUW GHU *UXQGVFKXOOHLVWXQJHQ IU GHQ 6HNXQGDUVFKXOHUIROJ EHVFKlIWLJWHQ NDPHQ ]XP (UJHEQLV GDVV GLH *UXQGVFKXOQRWHQ GLH UHODWLY ZLFKWLJVWHQ 'HWHUPLQDQWHQ GHU 6H NXQGDUVFKXOZDKO VLQG 6 /HLVWXQJVVFKZlFKHUH ]HLJHQ LP 9HUJOHLFK ]X OHLV WXQJVVWlUNHUHQ6FKOHUQHLQHQLHGULJHUHLQWULQVLVFKH0RWLYDWLRQYJO:LOG +RIHU 6 'LHVH (UNHQQWQLV NDQQ VRZRKO VHOEVWEHVWLPPXQJVWKHRUHWLVFK PLW GHU )UXVWUDWLRQGHV%HGUIQLVVHVQDFK.RPSHWHQ]HUOHEHQDOVDXFKDOV$XVGUXFNGHUOHLV WXQJVVWHLJHUQGHQ:LUNXQJYRQ,QWHUHVVHQLQWHUSUHWLHUWZHUGHQ *HPl)HQG QHKPHQ1RWHQHQWVFKHLGHQGHUHQ(LQIOXDXIGLH6HOEVWNRQ]HSW HQWZLFNOXQJ DOV HWZD GLH EHVXFKWH 6FKXOIRUP (U ZHLVW GDUDXI KLQ GDVV VLFK DXI JUXQG YRQ %H]XJVJUXSSHQHIIHNWHQ GLH ÄJHQHUDOLVLHUWHQ 6HOEVWHLQVFKlW]XQJHQ (U IROJV]XYHUVLFKW +LOIORVLJNHLW XQG GDV 6HOEVWZHUWJHIKO YRQ +DXSWVFKOHUQ XQG *\PQDVLDVWHQ LQ GHU 6HNXQGDUVWXIH YRQ -DKU ]X -DKU DQJOHLFKHQ³ 6 XQG ÄGDVV GLH SV\FKLVFKH 6LWXDWLRQ GHU JXWHQ +DXSWVFKOHU JQVWLJHU >LVW@ DOV MHQH GHU VFKOHFKWHQ*\PQDVLDVWHQ³HEG ,QVJHVDPW JHVHKHQ LVW GHU (LQIOXVV GHU /HLVWXQJVSRVLWLRQ RE LQQHUKDOE GHU .ODVVH RGHU LP 6FKXOV\VWHP IU GLH /HLVWXQJVPRWLYDWLRQ GHXWOLFK JHZRUGHQ 9RU DOOHP 3DUWLDOEHUHFKQXQJHQLQGHQHQGLH9DULDEOHÄUHODWLYH/HLVWXQJVSRVLWLRQLQGHU.ODV VH³NRQWUROOLHUWZLUGWUDJHQGLHVHU%HIXQGODJH5HFKQXQJV.DS 'LIIHUHQWLHOOH8QWHUVFKLHGHDXIJUXQGGHV*HVFKOHFKWV *UXQGVlW]OLFKVLQGGLHVR]LDOHQ%HGLQJXQJHQIUGLH3HUV|QOLFKNHLWVHQWZLFNOXQJIU EHLGH*HVFKOHFKWHUXQWHUVFKLHGOLFKYJO+XUUHOPDQQ6 1LFKWJHNOlUWLVWGLH)UDJHRELP(OWHUQKDXVGLHIU0XWWHUXQG9DWHUMHZHLOVW\SL VFKHQ9HUKDOWHQVZHLVHQJHQXLQJHVFKOHFKWVVSH]LILVFKRGHUHLQH)ROJHGHUVR]LRNXO WXUHOOHQ 5ROOHQYHUWHLOXQJ YRQ 0DQQ XQG )UDX LQ XQVHUHU *HVHOOVFKDIW VLQG /DPE
)RUVFKXQJVVWDQG
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
$XFK)HQGHWDO YHUZHLVHQEHLGLIIHUHQWLHOOHQ/HLVWXQJVPRWLYDWLRQV HUJHEQLVVHQDXIGLH5ROOHGHV*HVFKOHFKWVZHOFKHVVLHDXIGLHUROOHQVSH]LILVFKH6R ]LDOLVDWLRQGXUFKGLH)DPLOLH]XUFNIKUHQ6 9lWHUYHUKDOWHQVLFK]%JHJHQEHU6|KQHQXQG7|FKWHUQYRQNOHLQDXIPLWJU|H UHQ8QWHUVFKLHGHQDOVGLHV0WWHUWXQ6LHÄZDUHQVWUHQJHULQGHU'LV]LSOLQXQGZLO GHU XQG GLUHNWLYHU LQ LKUHP 6SLHO PLW 6|KQHQ XQG ZHLFKHU YRUVLFKWLJHU XQG XQWHU VWW]HQGHU LP 8PJDQJ PLW 7|FKWHUQ³ 6HLIIJH.UHQNH 6 6LH QHLJHQ ÄPHLVWHQVGD]X-XQJHQDOVVWlUNHUXQGNUlIWLJHUDQ]XVHKHQVLHRIW]XEHUKUHQLKUH N|USHUEHWRQWHQ 6SLHOH XQG (UNXQGXQJHQ ]X XQWHUVWW]HQ « >6LH@ JUHLIHQ EHL GHQ -XQJHQPHKUHLQDOVEHLGHQ0lGFKHQ³/H&DPXV6 2IIHQEDULVWDOVRGLH YlWHUOLFKH (U]LHKXQJ GHU 6|KQH PHKU DXI 'LV]LSOLQ XQG $NWLYLWlW DXVJHULFKWHW LP *HJHQVDW]]XGHUGHU7|FKWHU =XGHP NRQQWHQ +HOPNH 6FKUDGHU XQG /HKQHLV.OHSSHU QDFKZHLVHQ GDVV EHL -XQJHQ GLH UHODWLYH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVHEHLP =XVDPPHQKDQJ /HLV WXQJVHUZDUWXQJ GHU (OWHUQ XQG /HLVWXQJ GHV .LQGHV ]HQWUDOHV *HZLFKW HUKlOW EHL 0lGFKHQKLQJHJHQQLFKW6 'LH6R]LDOLVDWLRQVZLUNVDPNHLWDXIJUXQGGHU/HLV WXQJVI|UGHUXQJYRQ6|KQHQLVWJU|HUDOVGLHYRQ7|FKWHUQYJO6 'LHVHU$V SHNW VWHKW PLW GHP REHUHQ .DSLWHO Ä'LIIHUHQWLHOOH 8QWHUVFKLHGH DXIJUXQG GHU UHODWLYHQ/HLVWXQJVSRVLWLRQ³LQ=XVDPPHQKDQJ *HPl :DOSHU OHJHQ 6XEJUXSSHQDQDO\VHQ JHVFKOHFKWVVSH]LILVFKH OlQJV VFKQLWWOLFKH (IIHNWH YRQ %LQGXQJ DXI GLH (QWZLFNOXQJ -XJHQGOLFKHU QDKH *HPl 6LOEHUHLVHQ%RHKQNHXQG&URFNHWW VLQGHVÄ-XQJHQQLFKW0lGFKHQIUGLH VLFK HLQ 0LVVYHUKlOWQLV YRQ (U]LHKXQJ XQG 6FKXOPLOLHX QDFKKDOWLJ DXV]XZLUNHQ VFKHLQW³6 *HPl8OLFK EHKDQGHOQGLHDOOHUPHLVWHQ/HKUSHUVRQHQ0lGFKHQDQGHUVDOV .QDEHQ XQG VLH HUZDUWHQ YRQ 0lGFKHQ HLQ WHQGHQ]LHOO DQGHUHV 9HUKDOWHQ DOV YRQ -XQJHQYJO6 8QWHUVXFKXQJHQLQYHUVFKLHGHQHQ/lQGHUQEHOHJHQÄGDVV-XQ JHQ|IWHUDOV0lGFKHQEHDFKWHWDQJHVSURFKHQDXIJHUXIHQJHOREWXQGJHWDGHOWZHU GHQ³ 6 'LHVHU (IIHNW ZLUG DXFK DOV Ä=ZHL'ULWWHO$XIPHUNVDPNHLWVJHVHW]³ EH]HLFKQHWYJO)DXOVWLFK:LHODQG6 ,QVJHVDPW NDQQ YRQ HLQHU JHVFKOHFKWVSH]LILVFKHQ :LUNXQJ RE DQJHERUHQ RGHU VR ]LDOLVLHUW DXVJHJDQJHQ ZHUGHQ 'HU WHQGHQ]LHOOH )RNXV ZLUG EHL GHU 8QWHUVXFKXQJ GHU /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ YRU DOOHP DXI GHQ PlQQOLFKHQ 3UREDQGHQ LP *\PQDVLXPXQGLQGHU+DXSWVFKXOHOLHJHQ
$QGHUHUVHLWVNRQQWHQ+RIHUXQG:LOG ]ZDUOlQJVVFKQLWWOLFKH=XVDPPHQKlQJH]ZLVFKHQHPRWLR QDOXQGDXWRQRPLHXQWHUVWW]HQGHP9HUKDOWHQYRQ(OWHUQXQGGHU/HUQPRWLYDWLRQYRQ6FKOHUQDP(QGH GHV-XJHQGDOWHUV]HLJHQMHGRFKOLHHQVLFKEHLLKQHQNHLQH+LQZHLVHDXIGLHYHUPLWWHOQGHRGHUPRGHULHUHQ GH5ROOHZLH*HVFKOHFKWRGHUVR]LDOH+HUNXQIWEHVWlWLJHQ
)RUVFKXQJVVWDQG
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW +LHUVROOHQDXIGLH)UDJHVWHOOXQJEH]RJHQHOlQJVVFKQLWWUHOHYDQWH(UNHQQWQLVVHEHU GLIIHUHQWLHOOH:LUNXQJVZHLVHQYRQVR]LDOHQ$VSHNWHQDXIGLH(QWZLFNOXQJXQG0R WLYDWLRQDXIJHIKUWZHUGHQ:lKUHQGLQ.DSEHUTXHUVFKQLWWOLFKHUKREHQH(U NHQQWQLVVHEHULFKWHWZXUGHKDQGHOWHVVLFKLQGLHVHP.DSLWHOYDXPHQWZLFNOXQJV SV\FKRORJLVFKH XQG OlQJVVFKQLWWOLFKH %HOHJH ZHOFKH EH]JOLFK *HVFKOHFKW XQG 6FKXOIRUPQRFKZHLWHUGLIIHUHQ]LHUWVLQG 1DFK 7UXGHZLQG XQG 5HLI NDQQ GLH HOWHUOLFKH 6HOEVWlQGLJNHLWV HU]LHKXQJ LP YLHUWHQ XQG IQIWHQ 6FKXOMDKU DOV DP HIIHNWLYVWHQ IU GLH .LQGHU EH ]HLFKQHWZHUGHQ=XIUKHVRGHU]XVSlWHVGLHVEH]JOLFKHV%HPKHQGHU(OWHUQKDWWH HLQHJHULQJHUH:LUNXQJ6RPLWNDQQIHVWJHVWHOOWZHUGHQ1LFKW)UK]HLWLJNHLWVRQ GHUQ(QWZLFNOXQJVDQJHPHVVHQKHLWEHLGHU6HOEVWlQGLJNHLWVHU]LHKXQJVFKHLQWGHUHQW VFKHLGHQGH )DNWRU IU GLH )|UGHUXQJ GHU /HLVWXQJVPRWLYDWLRQ ]X VHLQ ZHQQ VLFK +RIIQXQJDXI(UIROJDPJU|WHQ)XUFKWYRU0LVVHUIROJDPJHULQJVWHQ]HLJHQ 'LIIHUHQWLHOOH8QWHUVFKLHGHXQG:LUNXQJHQLP%H]XJ]XP$OWHUEHVWHKHQQLFKWQXU EHLGHU6HOEVWVWlQGLJNHLWVHU]LHKXQJVRQGHUQDXFKEHLGHU$QZHQGXQJYRQ%HNUlIWL JXQJHQLQGHU(U]LHKXQJ:lKUHQGPDQDXVDOOWDJVSV\FKRORJLVFKHU6LFKWDQQHKPHQ N|QQWH SRVLWLYH 9HUVWlUNXQJ /RE %HORKQXQJ ZLUNH VLFK VWHWV I|UGHUOLFK DXI GLH /HLVWXQJVPRWLYDWLRQGHU.LQGHUDXVXQG7DGHOXQG6WUDIHHKHUQDFKWHLOLJ]HLJWGLH :LUNOLFKNHLWJHUDGHLQGLHVHU+LQVLFKWHLQHQSDUDGR[HQ%HIXQG*HPlGHU6WUXNWXU GHU /HLWXQJVPRWLYDWLRQ GLH HQWZLFNOXQJVSV\FKRORJLVFK GHWHUPLQLHUW LVW YJO .DS ]HLJHQ VLFK DXFK (UJHEQLVVH DXV HLQHU 8QWHUVXFKXQJ YRQ 5HLI VHKU VWLPPLJ 0WWHU HUIROJVPRWLYLHUWHU 6|KQH EHQXW]WHQ KDOE VRYLHOH %HNUlIWLJXQJHQ ZLH0WWHUPLVVHUIROJVPRWLYLHUWHU6|KQH0DQNRPPWDOVR]XIROJHQGHP)D]LW'HU =XVDPPHQKDQJ ]ZLVFKHQ ÄYLHO /RE ZHQLJ 7DGHO³ XQG 0RWLYDWLRQ ZLUNW VLFK HKHU IU NOHLQHUH .LQGHU SRVLWLY DXV ZlKUHQG XQDQJHPHVVHQHV /RE IU MlKULJH .LQGHUHKHUGHPRWLYLHUHQGZLUNW ,Q HLQHU lOWHUHQ /lQJVVFKQLWWVWXGLH DP )HOV5HVHDUFK,QVWLWXWH EHL GHU HLQH 6WLFK SUREHYRQ.LQGHUQELVLQGDV(UZDFKVHQHQDOWHUKLQHLQJHWHVWHWZXUGHHUJDEHQVLFK EHPHUNHQVZHUWH *HVFKOHFKWVXQWHUVFKLHGH YJO .DJDQ 0RVV 'LH DP VWlUNVWHQPRWLYLHUWHQ)UDXHQZDUHQYRQLKUHQ0WWHUQVFKRQLQGHQHUVWHQGUHL/H EHQVMDKUHQ IRUFLHUW ]XU 6HOEVWlQGLJNHLW XQG IRUWODXIHQGHU /HLVWXQJVVWHLJHUXQJ DQ JHKDOWHQZRUGHQ(V]HLJWHVLFKGRUWHLQVRJHQDQQWHUJHVFKOHFKWVVSH]LILVFKHUÄ6FKOl IHU(IIHNW³ %HLGHQ )UDXHQ NDP GLH VWDUNH /HLVWXQJVPRWLYDWLRQ HUVW LP (UZDFKVH QHQDOWHU ]XP 'XUFKEUXFK LQ GHU .LQGKHLW EOLHE VLH YHUERUJHQ RGHU JHKHPPW %HL GHQ-XQJHQKLQJHJHQJDEHVGLHVHQ6FKOlIHUHIIHNWQLFKW0lQQHU]HLJWHQGDQQDQKDO WHQG DXVJHSUlJWHV /HLVWXQJVYHUKDOWHQ ZHQQ VLH QDFK HLQHP EHKWHQGHQ (U]LH KXQJVYHUKDOWHQ LQ GHQ HUVWHQ GUHL /HEHQVMDKUHQ VWlUNHU OHLVWXQJVPlLJ DQJHVSRUQW ZXUGHQ'LHVHVHKUDOWH8QWHUVXFKXQJGLHQWKLHUOHGLJOLFKDOV+LQZHLVGDVVGDV(U ]LHKXQJVYHUKDOWHQ GHU (OWHUQ LP /lQJVVFKQLWW HLQH JHVFKOHFKWVVSH]LILVFKH :LUNXQJ DXIPRWLYDWLRQDOHU%DVLVKDEHQN|QQWH
)RUVFKXQJVVWDQG
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
,Q GLHVHU :HLVH NDQQ DXFK GHU HPSLULVFKH %HIXQG YRQ .UXVH LQWHUSUHWLHUW ZHUGHQ (U ELODQ]LHUW VHLQH PLW 6WUXNWXUJOHLFKXQJVPRGHOOHQ EHUHFKQHWHQ OlQJV VFKQLWWOLFKHQ 'DWHQ LQ $EKlQJLJNHLW GHV HOWHUOLFKHQ (U]LHKXQJVVWLOV XQG KlOW IHVW GDVVVLFK(IIHNWHHOWHUOLFKHQ9HUKDOWHQVDXIGLHVHHOLVFKH*HVXQGKHLWXQWHU8PVWlQ GHQHUVWYLHOH-DKUHVSlWHU]HLJHQ'LHVHV5HVXOWDWZHLVWHLQPDOPHKUDXIGLH([LV WHQ]ODQJIULVWLJHU:LUNXQJHQYRQ6R]LDOLVDWLRQVEHGLQJXQJHQKLQ :LOG XQG +RIHU HUEULQJHQ HEHQIDOOV GHQ 1DFKZHLV ]XP OlQJVVFKQLWWOLFKHQ =XVDPPHQKDQJ]ZLVFKHQHOWHUOLFKHU(U]LHKXQJXQGGHU(QWZLFNOXQJPRWLYDWLRQDOHU 2ULHQWLHUXQJHQ 6HOEVWEHVWLPPXQJVWKHRUHWLVFKH hEHUOHJXQJHQ KDEHQ KLHU HPSLUL VFKH(YLGHQ]HUJHEHQ 6R]HLFKQHWVLFKEHL-XJHQGOLFKHQGLHVLFKLQGHU.ODVVHE]ZLP]ZHLWHQ /HKUMDKULQLKUHU6HOEVWlQGLJNHLWXQWHUVWW]WXQGYRQGHQ(OWHUQDQJHQRPPHQ IKOHQLP9HUJOHLFK]XDQGHUHQ-XJHQGOLFKHQHLQHDXVJHSUlJWHUH1HLJXQJDE VLFKHLQ-DKUVSlWHUPLWVFKXOLVFKHQ,QKDOWHQLQWHQVLYDXVHLQDQGHU]XVHW]HQXQG VLFKGDEHLSULPlUYRP6SDDQGHU6DFKHXQGGHP,QWHUHVVHDP*HJHQVWDQG OHLWHQ]XODVVHQ8PJHNHKUWVFKHLQHQ(OWHUQGLHGHP%HGUIQLVGHU-XJHQGOL FKHQQDFK$XWRQRPLHZHQLJ5HFKQXQJWUDJHQGLH+HUDXVELOGXQJHLQHUH[WHU QDOHQ >RULHQWLHUWHQ@ 3HUV|QOLFKNHLWVVWUXNWXU ]X I|UGHUQ IU GLH HLQH HKHU LQ VWUXPHQWHOONDONXOLHUHQGH/HUQKDOWXQJNHQQ]HLFKQHQGLVW6I
'LH :LUNXQJ GHU VR]LDOHQ (LQELQGXQJ LVW ZDKUVFKHLQOLFK GDQQ DP K|FKVWHQ ZHQQ GLH%H]LHKXQJ]ZLVFKHQ.LQGXQG(OWHUQDXFKEHUHLQHQOlQJHUHQ=HLWUDKPHQDXI HLQHPKRKHQ1LYHDXEOHLEW6LHJOHUHWDO6 KDOWHQIHVWGDVVYRQHLQHU JHZLVVHQ .RQWLQXLWlW GHU (OWHUQ.LQG%LQGXQJ LQ GHU .LQGKHLW XQG LP (UZDFKVH QHQDOWHUDXV]XJHKHQLVW±VRODQJHHVNHLQHJUDYLHUHQGHQ(UHLJQLVVHZLH6FKHLGXQJ .UDQNKHLW.LQGHVPLVVKDQGOXQJRGHUPWWHUOLFKH'HSUHVVLRQJHJHEHQKDW *HPl6WHLQEHUJHWDO NRUUHOLHUWHGLH/HLVWXQJVEHUHLWVFKDIWLP/lQJVVFKQLWW VLJQLILNDQW PLW U PLW GHU $XWRULWDWLYLWlWVVNDOD JURH )DOO]DKOHQ %HLP 9HU JOHLFKGHU([WUHPJUXSSHQVHKUDXWRULWDWLYHUXQGVHKUDXWRULWlUHU(U]LHKXQJVVWLO HU JDEHQ VLFKEHLGHU $XINOlUXQJ GHU/HLVWXQJVEHUHLWVFKDIW XQG GHU /HUQKDOWXQJ KRKH (IIHNWVWlUNHQ 0DQ VLHKW GDVV JUXQGVlW]OLFK PLW NOHLQHQ .RUUHODWLRQVZHUWHQ ]X UHFKQHQLVWZHQQQLFKWDXI([WUHPJUXSSHQDXVJHZLFKHQZLUG8PJHNHKUWGDUIDEHU VFKRQ HLQ VLJQLILNDQWHV (UJHEQLV EHU -DKUH KLQZHJ DXV HQWZLFNOXQJV SV\FKRORJLVFKHU 6LFKW DOVEHDFKWOLFK JHOWHQ DXFK ZHQQ NHLQH JURHQ (IIHNWVWlUNHQ YRUOLHJHQ $QKDQG GHV 0QFKQHU /lQJVVFKQLWWV ELV .ODVVH NRPPW GHP (OWHUQKDXVEHL GHU )lKLJNHLWV6HOEVWNRQ]HSWHQWZLFNOXQJ OlQJHUIULVWLJ HLQH JU|HUH %HGHXWXQJ ]X DOV GHU VFKXOLVFKHQ 8PZHOW ZHOFKH GXUFK GLH /HKUHUXQWHUVWW]XQJ UHSUlVHQWLHUW ZLUGYJO3HNUXQ6
)RUVFKXQJVVWDQG
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
:LOG XQG +RIHU EOHLEHQ DEHU DXIJUXQG GHU YLHOHQ TXHUVFKQLWWOLFKHQ 6WXGLHQ ]XP(LQIOXVVGHUHOWHUOLFKHQ(U]LHKXQJVSUDNWLNHQIUGLH/HUQPRWLYDWLRQYRUVLFKWLJ EHLGHU,QWHUSUHWDWLRQYRQNDXVDOHQ:LUNXQJVZHLVHQDQKDQGGHU6'78QWHU%H]XJ QDKPH ]X ÄLQQHU ZRUNLQJ PRGHOV³ LQ ZHOFKHQ %H]LHKXQJVHUIDKUXQJHQ EHU NRQWL QXLHUOLFKH DOOWlJOLFKH ,QWHUDNWLRQHQ ]ZLVFKHQ -XJHQGOLFKHQ XQG (OWHUQ YHUGLFKWHW VLQG XQG GHU 7DWVDFKH GDVV -XJHQGOLFKH XQG (OWHUQ LQ GHU 0HKUKHLW EHU GDV -X JHQGDOWHUKLQDXVHPRWLRQDOYHUEXQGHQEOHLEHQYHUPXWHQVLHGDVV(OWHUQÄEHUGDV JHVDPWH .LQGHV XQG -XJHQGDOWHU KLQZHJ³ (LQIOXVV DXIV /HUQHQ GHU .LQGHU KDEHQ YJO6 .UDFNHXQG+RIHU ZHLVHQDXIJUXQGYRQOlQJVVFKQLWWOLFKHQ$QDO\VHQLP.RQ WH[W GHV (LQVWLHJV LQV %HUXIVOHEHQ EHL -XJHQGOLFKHQ QDFK GDVV ÄGLH %HKDUUOLFKNHLW XQG $XVGDXHU VLFK XP HLQHQ $XVELOGXQJVSODW] ]X EHPKHQ JDQ] ZHVHQWOLFK YRQ GHUHPRWLRQDOHQ8QWHUVWW]XQJGHU(OWHUQ³DEKlQJW6 ,QGLHVHP6LQQHLVWHLQH I|UGHUOLFKH .RPPXQLNDWLRQ LQ GHU )DPLOLH GXUFK 9HUEXQGHQKHLW XQG ]XQHKPHQGH :HFKVHOVHLWLJNHLWGHU(OWHUQ.LQG%H]LHKXQJJHNHQQ]HLFKQHW :HQQ VLFK DOVR VLJQLILNDQWH :LUNXQJHQ GHU IDPLOLlUHQ VR]LDOHQ (LQJHEXQGHQKHLW XQG GHU .RPPXQLNDWLRQ DXI GDV /HLVWXQJVYHUKDOWHQ LP hEHUJDQJ LQV %HUXIVOHEHQ LQHLQHP=ZHLMDKUHV/lQJVVFKQLWW HUJHEHQGDQQLVWDXFKGDYRQDXV]XJHKHQGDVV GLHV ± DOOHUGLQJV LQ VFKZlFKHUHU )RUP ± DXFK IU HLQHQ ELV -DKUH ODQJHQ /lQJVVFKQLWW JLOW 'DVV QLFKW QXU 9DULDEOHQ DXI GHU |NRORJLVFKHQ (EHQH VRQGHUQ DXFK 3HUV|QOLFKNHLWVDVSHNWH GHV -XJHQGOLFKHQ VHOEVW DOV %HVWLPPXQJVIDNWRUHQ GHU (QWZLFNOXQJ KHUDQJH]RJHQ ZHUGHQ GUIHQ ZLUG GXUFK GLH (UNHQQWQLVVH DXV 3IDG DQDO\VHQEHOHJWYJODD26 ZRQDFKGHUDXWRULWDWLYH(U]LHKXQJVVWLODOVDXFK GLHDGDSWLYH3HUV|QOLFKNHLW3UREOHPO|VHNRPSHWHQ]6HOEVWZLUNVDPNHLW« GHV-X JHQGOLFKHQ HLQHQ %HLWUDJ ]XU $XINOlUXQJ GHV EHUXIVEH]RJHQHQ ([SORUDWLRQVYHUKDO WHQOHLVWHQ ,QVJHVDPW JLEW HV ]DKOUHLFKH GLIIHUHQWLHOOH %HIXQGH GLH MH QDFK .RQWH[W HLQHQ OlQJVVFKQLWWOLFKHQ (LQIOXVV GHU VR]LDOHQ (LQJHEXQGHQKHLW DXI GLH QDFKVFKXOLVFKH R GHUEHUXIOLFKHRGHUVRJDUQDFKEHUXIOLFKH0RWLYDWLRQQDFKZHLVHQ ,P)ROJHQGHQZLUGGHU=XVDPPHQKDQJGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUXQG GHU EHUXIOLFKHQ /HLVWXQJVPRWLYDWLRQ XQG :HLWHUELOGXQJVPRWLYDWLRQ LP (UZDFKVH QHQDOWHUEHWUDFKWHWXQGPLWVWDWLVWLVFKHQ%HIXQGHQXQWHUOHJW 6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ ,P )ROJHQGHQ ZLUG GLH OlQJVVFKQLWWOLFKH 3HUVSHNWLYH LQ GHU /HLVWXQJVPRWLYDWLRQV HQWZLFNOXQJWKHPDWLVLHUW(VZHUGHQ%HIXQGHVRZRKOLQDOOJHPHLQHUDOVDXFKLQGLI IHUHQ]LHUWHU )RUP EH]JOLFK *HVFKOHFKW RGHU 6FKXOW\S EHULFKWHW 'LHVH $XVIKUXQ JHQ EHJUQGHQ VRPLW GLH 7KHVH HLQHU /HLVWXQJVPRWLYDWLRQVVWDELOLWlW LQ GLHVHP ODQ JHQ/lQJVVFKQLWWXQGEHUHLWHQDXIGLH(UJHEQLVVHLQ.DSLWHOYRU
)RUVFKXQJVVWDQG
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
6WDELOLWlW RGHU .RQWLQXLWlW ZHLVHQ GDUDXI KLQ GDVV HWZDV JOHLFK EOHLEW ,QVWDELOLWlW E]Z 'LVNRQWLQXLWlW PHLQW GDV *HJHQWHLO GK GDV 3HUV|QOLFKNHLWVPHUNPDO lQGHUW VLFK1DFK$VHQGRUSI OlVVWVLFKGLH6WDELOLWlWHLQHU3HUV|QOLFKNHLWVHLJHQVFKDIW GXUFK HLQH /lQJVVFKQLWWVWXGLH ]ZLVFKHQ ]ZHL 0H]HLWSXQNWHQ W XQG WEHVWLPPHQ LQ GHU GLHVHOEH (LJHQVFKDIW Ä]X GLHVHQ EHLGHQ =HLWSXQNWHQ LQ HLQHU 6WLFKSUREH YRQ 3HUVRQHQJHPHVVHQXQGGDQQGLH.RUUHODWLRQ]ZLVFKHQGHQEHLGHQ=HLWSXQNWHQEH VWLPPW ZLUG 'LHVH .RUUHODWLRQ EHVFKUHLEW GLH PLWWOHUH 6WDELOLWlW GHU (LJHQ VFKDIWVZHUWHLQGHUEHWUDFKWHWHQ6WLFKSUREHVLHLVWHLQH(LJHQVFKDIWGHU6WLFKSUREH QLFKWHLQ]HOQHU3HUVRQHQ³6 -HGRFK LVW HV LQ GLHVHU $UEHLW EH]JOLFK GHV (QWZLFNOXQJVEHJULIIV ZLFKWLJ ZRUDXI GHU)RNXVJHULFKWHWZHUGHQPXVV 'HQQEHLKRKHU6WDELOLWlWXQGGDPLWDXFK.RQWLQXLWlW OLHJWNHLQHEHGHXWVDPH GLIIHUHQWLHOOH(QWZLFNOXQJYRUXQGGDPLWDXFKNHLQHLQWHUHVVDQWH)UDJHIUGLH 3HUV|QOLFKNHLWVHQWZLFNOXQJ >«@ :LFKWLJHU DOV %HVFKUHLEXQJHQ GHU GLIIHUHQ WLHOOHQ (QWZLFNOXQJ VLQG GHVKDOE $QDO\VHQ GHU (LQIOVVH DXI GLH 3HUV|QOLFK NHLWXQGLKUH(QWZLFNOXQJ:DUXPLVW)UDQ]LQWHOOLJHQWHUDOVGHUJOHLFKDOWULJH )ULW]XQGZDUXPLVW)ULW]DJJUHVVLYHUDOV)UDQ]":HQQVLFKGLHVH8QWHUVFKLH GH HUVW LP 9HUODXI GHU =HLW HQWZLFNHOW KDEHQ :DUXP KDEHQ VLH VLFK VR XQG QLFKWDQGHUVHQWZLFNHOW"'LHVVLQG)UDJHQGHU(UNOlUXQJYRQ3HUV|QOLFKNHLWV XQWHUVFKLHGHQ XQG LKUHU (QWZLFNOXQJ $VHQGRUSI 6 I +HUYRUKH EXQJGXUFK'/ 0RQWDGD ZHLVWGDUDXIKLQGDVVGHU6WDELOLWlWVEHJULIIE]Z.RQWLQXLWlWVEHJ ULII LQXQWHUVFKLHGOLFKHQ%HGHXWXQJHQJHEUDXFKWZLUG(LQHLVWGLHÄ(UNOlUXQJLQWHU LQGLYLGXHOOHU8QWHUVFKLHGHDXVYRUDXVJHKHQGHQ8QWHUVFKLHGHQLQHLQHUDQGHUHQ'L PHQVLRQ³ 6 :HQQ LP )ROJHQGHQ GLH VFKXOLVFKH XQG EHUXIOLFKH /HLVWXQJVEH UHLWVFKDIW DXI GHP +LQWHUJUXQG GHU XQWHUVFKLHGOLFK VR]LDOHQ (LQEHWWXQJ LQ )DPLOLH XQG 6FKXOH LQ XQWHUVFKLHGOLFKHQ 6FKXOIRUPHQ HUNOlUW ZLUG GDQQ ZLUG GLHVHP 9HU VWlQGQLVHQWVSURFKHQ6RPLWLVWDXVJHZLHVHQGDVVGHU)RNXVDXIGHU(UNOlUXQJYRQ 0RWLYDWLRQOLHJW 0LW6WDPP NDQQDXIGLHOlQJHUIULVWLJH:LUNXQJYRQ3HUV|QOLFKNHLWVPHUNPD OHQ LP 5DKPHQ GHU OHLVWXQJVEH]RJHQHQ (QWZLFNOXQJ ZlKUHQG GHU 6FKXO]HLW KLQJH ZLHVHQ ZHUGHQ Ä1LFKW GLH DOOJHPHLQHQ )lKLJNHLWVQLYHDXV RGHU GDV IUKH /HVHQ RGHU5HFKQHQOHUQHQVLQG%HGLQJXQJVPHUNPDOHIU/HLVWXQJVH[]HOOHQ]DP(QGHGHU REOLJDWRULVFKHQ 6FKXO]HLW VRQGHUQ EHVRQGHUV DXVJHSUlJWH 3HUV|QOLFKNHLWVPHUNPDOH ZLH $XVGDXHU /HLVWXQJVPRWLYDWLRQ RGHU .RQ]HQWUDWLRQVYHUP|JHQ³ 6WDPP 6
'LH EHLGHQ %HJULIIH VWHKHQ LQ JHJHQVHLWLJHU $EKlQJLJNHLW Ä$XV HLQHU KRKHQ EHREDFKWHWHQ 6WDELOLWlW >JHPHVVHQGXUFK.RUUHODWLRQHQ@IROJWHLQHKRKH.RQWLQXLWlWXQG6WDELOLWlWGHV(LJHQVFKDIWVNRQVWUXNWV>]% $QJVW@XQGHLQHKRKH.RQVWUXNWYDOLGLWlW>6NDOD$QJVW@GHU(LJHQVFKDIWVPHVVXQJHQ]XEHLGHQ=HLWSXQNWHQ³ $VHQGRUSI6I
)RUVFKXQJVVWDQG
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
:HQQ GLH 6WDELOLWlW YRQ 3HUV|QOLFKNHLWVPHUNPDOHQ XQWHUVXFKW ZLUG GDQQ LVW HV ZLFKWLJ DGROHV]HQ]VSH]LILVFKH (UNHQQWQLVVH ]XEHUFNVLFKWLJHQ *HPl $VHQGRUSI NDQQHVLQ PDQFKHQ(LJHQVFKDIWHQSXEHUWlWVEHGLQJW]XHLQHUYRUEHUJHKHQ GHQ 'HVWDELOLVLHUXQJ NRPPHQ 6 'DUXP ZLUG LQ GHU YRUOLHJHQGHQ 8QWHUVX FKXQJGHU$XINOlUXQJGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUHLQNOHLQHUHV*HZLFKW HLQJHUlXPWDOVGHU%HVWLPPXQJGHUEHUXIOLFKHQ/HLVWXQJVXQG:HLWHUELOGXQJVPR WLYDWLRQLP(UZDFKVHQHQDOWHUPLWHLQHP-DKUH/lQJVVFKQLWW *UXQGVlW]OLFK OlVVW VLFK ODQJIULVWLJ EHVVHU YRUKHUVDJHQ ZHU XQDXIIlOOLJ EOHLEW DOV ZHUDXIIlOOLJEOHLEW,Q/lQJVVFKQLWWVWXGLHQVLQGSDWKRORJLVFKH*UXSSHQGXUFKZHJV LQVWDELOHUDOVGLH.RQWUROOJUXSSHQYJODD26 'LHVH)HVWVWHOOXQJN|QQWHLQ GHUYRUOLHJHQGHQ$UEHLWGHUDUWLQWHUSUHWLHUWZHUGHQGDVVEHL+DXSWVFKXODEVROYHQWHQ DXIJUXQGGHUJHULQJHUHQ4XDOLILNDWLRQXQGGHVHKHUJHULQJHUHQVR]LDOHQ6WDWXVHLQH NOHLQHUH6WDELOLWlW]XHUZDUWHQLVWÄ3UREOHPDWLVFKH³/HEHQVYHUOlXIH±ZDVQLFKWPLW ÄSDWKRORJLVFK³JOHLFKJHVHW]WZLUG±VLQGZDKUVFKHLQOLFKEHL-XJHQGOLFKHQHKHUDQ]X WUHIIHQ ZHOFKH GLH +DXSWVFKXOH EHVXFKWHQ DOV ZHQQ VLH DP *\PQDVLXP ZDUHQ VR GLH9HUPXWXQJ ,Q .DSLWHO ZXUGH GLH 6WDELOLWlW YRQ DOOJHPHLQHQ 3HUV|QOLFKNHLWVHLJHQVFKDIWHQ %LJ)LYH WKHPDWLVLHUW1XQZHUGHQZHLWHUH%HOHJHGDIUDXIJHIKUWGDVVHVHLQHQ OlQJVVFKQLWWOLFKHQ =XVDPPHQKDQJ YRQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ LP -XJHQG XQG LP (UZDFKVHQHQDOWHU JLEW E]Z YRQ HLQHU 6WDELOLWlW DXVJHJDQJHQ ZHUGHQNDQQ 'LH 6FKXOH VRUJW IU GHQ (UZHUE HLQHU VWDELOHQ JUXQGOHJHQGHQ $UEHLWVKDOWXQJ E]Z/HUQPRWLYDWLRQ$FKWHQKDJHQ /HPSHUW%DXPHUW :HQQ:HLQHUW EHUIDFKOLFKH.RPSHWHQ]HQDOVUHODWLYVWDELOH'LVSRVLWLR QHQE]Z3HUVRQPHUNPDOHYJODXFK*URE 0DDJ0HUNL6 EH]HLFK QHWGDQQN|QQHQ/HUQEHUHLWVFKDIW/HUQNRPSHWHQ]XQG/HLVWXQJVPRWLYDWLRQGLH DOVEHUIDFKOLFKH.RPSHWHQ]HQJHOWHQYJO*URE 0DDJ0HUNL5DPVHL HU HEHQIDOOVDOVVWDELODQJHQRPPHQZHUGHQ 1DFK 6SLHVV +XOGL JLEW HV HLQH .RQWLQXLWlWVUDQJIROJH EHL GHU NRJQLWLYH )lKLJNHLWHQ ]% ,QWHOOLJHQ] DP VWDELOVWHQ 7HPSHUDPHQWVHLJHQVFKDIWHQ ]% *HZLVVHQKDIWLJNHLW HWZDVZHQLJHUVWDELOXQG:HUWH/HEHQV]LHOHVRZLH(LQVWHO OXQJHQYDULDEOHU1DWXUVLQG *HPl6WXKOPDQQ JLEWHVZHQLJHPSLULVFKH%HIXQGH]XGHQ/DQJ]HLWHI IHNWHQYRQVFKXOLVFKHQWZLFNHOWHU/HUQXQG/HLVWXQJVPRWLYDWLRQ(LQHTXDOLWDWL YH UHWURVSHNWLYH 6WXGLH YRQ 6FKUlGHU1DHI ]X GHQ 'HWHUPLQDQWHQ YRQ :HLWHUELOGXQJVEHUHLWVFKDIW]HLJWDEHUGDVVVLFK(UZDFKVHQHPLWVFKXOLVFKHQ'H IL]LWHQ QLFKW ZHLWHUELOGHQ ZHQQ VLH QHJDWLYH 6FKXOHUIDKUXQJHQ JHPDFKW KDEHQ GKHLQHQHJDWLYH*UXQGKDOWXQJJHJHQEHU6FKXOHXQG/HUQHQHQWZLFNHOWKDEHQ
'LH7UDGLWLRQLQGHU3HUV|QOLFKNHLWVXQG(QWZLFNOXQJVSV\FKRORJLHQDFKHLQHUKRKHQODQJIULVWLJHQ.RQ WLQXLWlW XQG 6WDELOLWlW YRQ (LJHQVFKDIWHQ ]X VXFKHQ LVW DEHU QXU YRQ EHJUHQ]WHP 1XW]HQ IU HLQ WLHIHUHV 9HUVWlQGQLV GHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ ]% 6WDELOLWlW YRQ $JJUHVVLYLWlW EHL 9DWHU XQG 6RKQ LP .LQGHVXQGLP(UZDFKVHQHQDOWHUYJO$VHQGRUSI6I
)RUVFKXQJVVWDQG
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
hEHUKDXSWLVW/HUQHQLP(UZDFKVHQHQDOWHULP*HJHQVDW]]XVFKXOLVFKHP/HUQHQ YHUPHKUWVHOEVWJHVWHXHUWXQGVHOEVWRUJDQLVLHUWYJO6HPELOO 6RPLWN|QQHQ DXFKGLH0RWLYDWLRQVHLJHQVFKDIWHQÄEHUXIOLFKH/HLVWXQJVPRWLYDWLRQ³XQGÄEHUXI OLFKH :HLWHUELOGXQJVPRWLYDWLRQ³ DOV VHOEVWEHVWLPPW EHWUDFKWHW ZHUGHQ ZHOFKH VRZRKO LQWULQVLVFKH DOV DXFK H[WULQVLVFKH $QWHLOH EHLQKDOWHQ YJO 6'7 .RQWLQXXPLQ.DS 'LHLQ.DSLWHODXIJHIKUWHQ%HUHFKQXQJHQPVVHQDOVRGHU)UDJHQDFKJHKHQRE VLFKGLH/HLVWXQJVPRWLYDWLRQLP6LQQHHLQHU'LVSRVLWLRQUHODWLYVWDELOLP/HEHQVODXI ]HLJW XQG LQZLHIHUQ GLHVH EHHLQIOXVVW ZLUG YRP VR]LDOHQ XQG VWUXNWXUHOOHQ 8PIHOG )DPLOLH6FKXOIRUP« 'DGLH6R]LDOLVDWLRQVIRUVFKXQJ]HLJHQNRQQWHGDVVÄ0HQVFKHQLQJOHLFKHU/HEHQV ODJH DXFK lKQOLFKH :HUWYRUVWHOOXQJHQ (LQVWHOOXQJHQ XQG 9HUKDOWHQVZHLVHQ HQWZL FNHOQ³+XUUHOPDQQ6 LVWGDYRQDXV]XJHKHQGDVVGLHEHUXIOLFKH3RVLWL RQHQWVFKHLGHQGHQ(LQIOXVVDXIGLH$XVSUlJXQJGHU0RWLYDWLRQKDW9RQJURHU%H GHXWXQJVHLGDEHLGLH4XDOLWlWXQG/lQJHGHU%LOGXQJ$XVELOGXQJXQGGLH$UWXQG :HLVHGHU$UEHLWVXQG%HUXIVWlWLJNHLW%HGLQJXQJHQLQ$XVELOGXQJXQG$UEHLWEH HLQIOXVVHQ DOVR GLH 3HUV|QOLFKNHLWVHQWZLFNOXQJ QLFKW XQZHVHQWOLFK HEG +LHUDXV ZLUGHUVLFKWOLFKGDVVEHLGHU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVXQG/HLV WXQJVPRWLYDWLRQ GXUFK 9DULDEOHQ GHV -XJHQGDOWHUV 3DUWLDONRUUHODWLRQHQ EHQ|WLJW ZHUGHQGLHGHQK|FKVWHQ$XVELOGXQJVDEVFKOXVVNRQWUROOLHUHQGYHUZHQGHQ Ä'LH KHUDXVUDJHQGH %HGHXWXQJ GHU PRWLYDWLRQDOHQ %HGLQJXQJHQ IU /HUQHQ XQG /HLVWXQJEHUGLHJHVDPWH/HEHQVVSDQQHXQGGLH]7KRKH6WDELOLWlWPRWLYDWLRQDOHU 'LVSRVLWLRQHQVLQG6DFKYHUKDOWHGLHLP3ULQ]LSOlQJVWEHNDQQWVLQG³.UDSS 6 'LHVNDQQLP5DKPHQGHVVR]LDOHQ.RQWH[WHVDOVDXFKEH]JOLFKGHUHLJHQHQ SHUVRQDOHQ 6WHXHUXQJVPHFKDQLVPHQ YHUVWDQGHQ ZHUGHQ 8SPHLHU ]X %HO]HQ 9RJW :LHGHUXQG&KULVWHQ VWHOOHQQlPOLFKIHVWÄ-HIUKHU.LQGHUGHILQLHUWH,QWH UHVVHQ DXVELOGHQ GHVWR EHVVHU VLQG VLH LQ GHU /DJH HUQHXW ,QWHUHVVHQ DXI]XEDXHQ³ 6 'HP]XIROJH LVW GLH 9HUPXWXQJ QDKHOLHJHQG GDVV HV VLFK DXFK EHLP 3HU V|QOLFKNHLWVPHUNPDO Ä/HLVWXQJVPRWLYDWLRQ³ lKQOLFK DXVZLUNWMH IUKHU .LQGHU XQG -XJHQGOLFKHVLFKOHLVWXQJVPRWLYLHUWHQWZLFNHOQGHVWRPHKUZLUGGHU3UR]HVVGHU,Q WHUQDOLVLHUXQJ XQG 7UDQVIRUPDWLRQ V .DS % JHI|UGHUW XQG GHVWR JU|HU LVW GLH6WDELOLWlW.UDSS ELODQ]LHUWGLHVH7KHPDWLNZLHIROJWÄ(PSLULVFKH8QWHU VXFKXQJHQ DXV YLHOHQ DQGHUHQ )RUVFKXQJVEHUHLFKHQ ]HLJHQ VHKU GHXWOLFK GDVV GHU /HKUHUXQGGLHLQGHU6FKXOHYRUKHUUVFKHQGHQ/HUQXQG/HEHQVEHGLQJXQJHQHLQHQ ]7SUlJHQGHQ(LQIOXVVDXIGLH5LFKWXQJXQGGLH4XDOLWlWGHUOlQJHUIULVWLJZLUNVD PHQPRWLYDWLRQDOHQ'LVSRVLWLRQHQHLQHU3HUVRQKDEHQ³6 6RPLW VLQG =XVDPPHQKDQJV XQG 6WDELOLWlWVEHUHFKQXQJHQ ]ZLVFKHQ GHU /HLVWXQJV PRWLYDWLRQXQGGHUEHUXIOLFKHQ/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQXPVFKULH EHQXQGEHJUQGHWXQGHVNDQQEHUJHJDQJHQZHUGHQ]XU%HWUDFKWXQJGHUJDQ]KHLW OLFKHQ(QWZLFNOXQJLP5DKPHQGHU6R]LDOLVDWLRQYRQ/HLVWXQJVPRWLYDWLRQYRPIU KHQ-XJHQGDOWHUELVLQV(UZDFKVHQHQDOWHU
)RUVFKXQJVVWDQG
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW 'LH KLHU DXIJHIKUWHQ %HOHJH EH]LHKHQ VLFK QLFKW QXU DXI GLH EHUXIOLFKH :HLWHUELO GXQJVXQG /HLVWXQJVPRWLYDWLRQ VRQGHUQ DXFK DXI GLH =XIULHGHQKHLW PLWEHGHXWVD PHQ/HEHQVEHUHLFKHQZLH]%GHU$UEHLWVVWHOOH'DVIROJHQGH=LWDWEHOHJWGDVVVLFK 6R]LDOLVDWLRQVSUR]HVVHQLFKWPLWQXUYRQHLQHU6HLWHJHULFKWHWHQHLQIDFKHQXQGXQL YHUVDOHQ :LUNXQJVPHFKDQLVPHQ ]HLJHQ Ä6HOEVWNRQ]HSW 0RWLYDWLRQ XQG 9HUKDOWHQ YRQ 6FKOHUQ XQWHUOLHJHQ :HFKVHOZLUNXQJVSUR]HVVHQ GLH GXUFK VR]LDOH (UZDUWXQ JHQ %HZHUWXQJHQ XQG 5FNPHOGXQJHQ LQ GHU ,QWHUDNWLRQ PLW (OWHUQ /HKUHUQ XQG 0LWVFKOHUQJHVWHXHUWXQGVWDELOLVLHUWZHUGHQ³8OLFK -HUXVDOHP6 ,P )ROJHQGHQ VLQG HLQLJH %HOHJH DXIJHIKUW GLH GLHVH OlQJVVFKQLWWOLFKH XQG JDQ] KHLWOLFKH3HUVSHNWLYHLQ%H]XJ]XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJWKHPDWLVLHUHQ %XII GHU 6FKOHU GHU IQIWHQ DFKWHQ XQG HOIWHQ .ODVVHQVWXIH QDFK GHQ *UQGHQLKUHVVFKXOLVFKHQ(QJDJHPHQWVLQYHUVFKLHGHQHQ)lFKHUQEHIUDJWH]HLJW YRUGHP+LQWHUJUXQGGHU6HOEVWEHVWLPPXQJVWKHRULHGDVVHUVWHQVGLH'LFKRWRPLH LQWULQVLVFKH[WULQVLVFK GHU 5HDOLWlW QLFKW JHUHFKW ZLUG ZHLO HLQ *URWHLO GHU .LQGHUPRWLYDWLRQDOH2ULHQWLHUXQJHQDXVEHLGHQ%HUHLFKHQKDEHQXQG]ZHLWHQV GDVV)UHPGEHVWLPPXQJLP9HUODXIHGHU6FKXO]HLWVRJDUDQ%HGHXWXQJJHZLQQW 'DUXQWHU IDOOHQ GLH .DWHJRULHQ $QVHKHQ (UZDUWXQJHQ XQG *UDWLILNDWL RQ6DQNWLRQ'LHVHU%HIXQGLVWQLFKWXQLQWHUHVVDQW(UZHLVWGDPLWDXVGDVVHLQH ]X HLQVHLWLJH $XVULFKWXQJ QXU DXI LQWULQVLVFKH =LHOH GHQ .LQGHUQ-XJHQGOLFKHQ QLFKWJHUHFKWZLUG(UZDUWXQJHQ$QVHKHQ3UHVWLJHXQGYHUKDOWHQVVWHXHUQGH0H FKDQLVPHQEHKDOWHQLKUH%HGHXWXQJ9LHOHVZDVZLUWDJWlJOLFKPDFKHQPDFKHQ ZLUQLFKWDXVUHLQHP,QWHUHVVH'DV/HUQSDUDGLJPDGHV%HKDYLRULVPXVEHLGHP $XHQVWHXHUXQJLP=HQWUXPVWHKWLVWDXFKIUGDVVSlWH-XJHQGDOWHU]XEHUFN VLFKWLJHQ (VNDQQYHUKDOWHQVWKHRUHWLVFKDXFKYRQGHU:LUNXQJHLJHQHU±DOVRLQQHQJHVWHX HUWHQ±(UZDUWXQJVKDOWXQJHQJHVSURFKHQZHUGHQ,QHLQHU8QWHUVXFKXQJGHU/H EHQV]XIULHGHQKHLWLP/HEHQVMDKUHKHPDOLJHU*\PQDVLDVWHQDXIJUXQGLKUHU6L WXDWLRQLP/HEHQVMDKUXQGLKUHU/HEHQVJHVFKLFKWHNRPPW0HXOHPDQQ ]XP6FKOXVVGDVVHUVWHQVGLH/HEHQV]XIULHGHQKHLWYRPELV]XP/HEHQV MDKUZHQLJVWDELOLVWXQG]ZHLWHQVGDVVHLJHQHKRKH$QVSUFKHLP-XJHQGDOWHU GLH =XIULHGHQKHLW LP %HUXI GHV /HEHQVMDKUV PLQGHUQ 'DUDXV OlVVW VLFK GHU 6FKOXVV ]LHKHQ GDVV GHU DQJHOHJWH 3HUV|QOLFKNHLWV]XJ DQ VLFK VHOEVW ]X KRKH )RUGHUXQJHQ]XVWHOOHQHLQHODQJIULVWLJH:LUNXQJKDW 1DFK+D]DQXQG6KDYHU VLQG3HUVRQHQZHOFKHLP.LQGHVDOWHUVLFKHUJH EXQGHQZDUHQ]XIULHGHQHUPLWLKUHU$UEHLWVVWHOOHXQGLKUHQ.ROOHJHQDOVXQVLFKHU JHEXQGHQH .LQGHU 'LHVHU %HIXQG ZHLVW DXI ODQJIULVWLJ ZLUNHQGH 0HFKDQLVPHQ GHUVR]LDOHQ(LQELQGXQJLP.OHLQNLQGHVDOWHUDXIGLHDOOJHPHLQH=XIULHGHQKHLWLP (UZDFKVHQHQDOWHUKLQ
Ä-H K|KHU LP /HEHQVMDKU GLH HLJHQWOLFKHQ )lKLJNHLWHQ HLQJHVFKlW]W XQG GLH %LOGXQJV]LHOH JHVWHFNW ZHUGHQGHVWRJHULQJHULVW±EHL.RQWUROOHGHVWDWVlFKOLFKHQ(UUHLFKWHQXQGGHQ]ZLVFKHQ]HLWOLFK*HVFKHKH QHQ±GLHEHUXIOLFKH=XIULHGHQKHLWLP/HEHQVMDKU³0HXOHPDQQ6
)RUVFKXQJVVWDQG
.RPSHQVDWRULVFKH:LUNXQJHQ"
1XQ IROJHQ HLQ]HOQH %HIXQGH ]XU EHUXIOLFKHQ /HLVWXQJVPRWLYDWLRQ XQG ]XU EHUXIOL FKHQ:HLWHUELOGXQJVPRWLYDWLRQ(V]HLJWVLFKDXFKKLHUGDVVGHUVR]LDOH.RQWH[WIU XQWHUVFKLHGOLFKH=XVDPPHQKlQJHVRUJW ,QVJHVDPW NDQQ JHVDJW ZHUGHQ GDVV 3HUVRQHQ PLW KRKHQ /HLVWXQJVPRWLYDWLRQV ZHUWHQHLQHDXVGDXHUQGHXQGKlUWHUH$UEHLWVZHLVHDQGHQ7DJOHJHQDOVQLHGULJ OHLVWXQJVPRWLYLHUWH3HUVRQHQ&KRL 6FKPLGW6 *HPl6RPPXQG'U|JH LVW$QVWUHQJXQJIU3HUVRQHQGLHVLFKLPVR]LD OHQ$XIVWLHJEHILQGHQQDFKZLHYRUYRQJURHU%HGHXWXQJIUGLH,QWHUSUHWDWLRQ GHV (UIROJV 'DJHJHQ LVW HV IU 3HUVRQHQ LP 0LOLHX GHU 'LHQVWOHLVWXQJVHOLWH RIW QLFKW PHKU ÄHQ YRJXH³ YRQ $QVWUHQJXQJ ]X VSUHFKHQ DXFK ZHQQ GLHVH ULHVLJ VHLQPDJ$QVWUHQJXQJLVWIUGLHVH*UXSSHQLFKWPHKUSHUVHGLH9RUDXVVHW]XQJ YRQ /HLVWXQJ YJO 6 'LHVHU %HIXQG ]HLJW GDVV GLH :HUWLJNHLW YRQ /HLV WXQJVPRWLYDWLRQMHQDFKVR]LDOHU6FKLFKWHLQHDQGHUHLVW $XFK&KRLXQG6FKPLGW HUVFKOLHHQXQWHU9HUZHQGXQJYRQ9DULDEOHQGHU VR]LDOHQ+HUNXQIW=XVDPPHQKlQJHZHOFKHGLHPLOLHXVSH]LILVFKH.RQVWLWXLHUXQJ YRQ /HLVWXQJVPRWLYDWLRQ NRQNUHWLVLHUHQ XQG LQ GLHVHU :HLVH (UNOlUXQJVPRGHOOH IUGLH:DKOVSH]LILVFKHU%LOGXQJVZHJHHUODXEHQ %LHUL%XVFKRU)RUUHUXQG0DDJ0HUNL ZHLVHQLQLKUHU8QWHUVXFKXQJDQ KDQG YRQ NQDSS ¶ MlKULJHQ 6FKZHL]HU 0lQQHUQ DXV GDVV GLH /HLV WXQJVPRWLYDWLRQ GDV SROLWLVFKH ,QWHUHVVH XQG GLH .RQWLQJHQ]EHU]HXJXQJ 'HXWXQJLQZLHIHUQVLFK/HLVWXQJLQGHU*HVHOOVFKDIWORKQW PLW%HWDZHUWHQYRQ XQGZHLWJU|HUH(UNOlUXQJVZHUWHIUGLH:HLWHUELOGXQJVEHUHLWVFKDIW LQGHQHUVWHQIQI-DKUHQQDFKGHU%HUXIV $XVELOGXQJ DXIZHLVHQDOVGHU%LO GXQJVKLQWHUJUXQG PLW HLQHP %HWDZHUW YRQ $XIJUXQG GLHVHV %HIXQGV LVW HV DQJH]HLJWGHQ%LOGXQJVKLQWHUJUXQGXQGGLHVR]LDOH6FKLFKWEHLGHQ5HJUHVVLRQV DQDO\VHQXQGGHQ6WUXNWXUJOHLFKXQJVPRGHOOHQLQ.DSHEHQIDOOV]XEHUFNVLFK WLJHQ $EHUQLFKWQXU6'7EH]RJHQH$VSHNWHZLH6HOEVWVWlQGLJNHLWXQG$XIJDEHQVFKZLH ULJNHLWEHVWLPPHQGLH$XVSUlJXQJGHU%HUXIVPRWLYDWLRQLP(UZDFKVHQHQDOWHU$XFK GHU %HUXIVVWDWXV ZLUNW VLFK VLJQLILNDQW DXI GLH :HLWHUELOGXQJVEHUHLWVFKDIW DXV YJO %XFKPDQQ.|QLJ+RQJ/L6DFFKL 6HOEVWGLH6WHOOXQJLPEHUXIOLFKHQ.RQ WH[WVRZLHGHU$UEHLWVVHNWRUZLUNHQHEHQIDOOVDOVZHVHQWOLFKH%HVWLPPXQJVIDNWRUHQ GHU:HLWHUELOGXQJVEHUHLWVFKDIWHEG+DUQH\:HLVFKHW *HVHOEUDFKW 8QG VFKOLHOLFKJLEWHVJHPl0DUWLQ HLQHQEHGHXWVDPHQ(LQIOXVVGHU/HLVWXQJV PRWLYDWLRQDXIGLH:HLWHUELOGXQJVEHUHLWVFKDIW .RPSHQVDWRULVFKH:LUNXQJHQ" %HYRU EHUJHJDQJHQ ZLUG ]XU $XVIRUPXOLHUXQJ GHU )UDJHVWHOOXQJ XQG GHUHQ %H JUQGXQJHQVROOHQLQGLHVHPOHW]WHQWKHRUHWLVFKHQ.DSLWHOZHVHQWOLFKH%HOHJHDXI JHIKUWZHUGHQZHOFKHGDV9HUKlOWQLV]ZLVFKHQ6FKXOHXQG(OWHUQKDXVWKHPDWLVLH
/HLVWXQJVPRWLYDWLRQLVWDXVGHQ6XEVNDOHQ+RIIQXQJDXI(UIROJXQG$QJVWYRU0LVVHUIROJ]XVDPPHQJH VHW]W
)RUVFKXQJVVWDQG
.RPSHQVDWRULVFKH:LUNXQJHQ"
UHQ(VLQWHUHVVLHUWGLH)UDJHREJHZLVVH.RQWH[WHLQ)DPLOLHXQG6FKXOHOlQJHUIULV WLJDGGLWLYRGHUNRPSHQVDWRULVFKZLUNHQ 'LH ELV KLHUKLQ GDUJHOHJWHQ =XVDPPHQKlQJH XQG :LUNXQJVZHLVHQ GHU IDPLOLlUHQ XQG DXHUIDPLOLlUHQ VR]LDOH (LQJHEXQGHQKHLW XQG GHU HLJHQDNWLYHQ 3HUV|QOLFKNHLW GHV -XJHQGOLFKHQ DXI VHLQH /HLVWXQJVPRWLYDWLRQ VROOHQ LP )ROJHQGHQ VSH]LILVFK LP .RQWH[WGHV*\PQDVLXPVEHWUDFKWHWZHUGHQ 'LHOlQJVVFKQLWWOLFKH:LUNXQJVZHLVHGHV(LQIOXVVHVIDPLOLlUHUVR]LDOHU%H]LHKXQJHQ DXIGLH/HLVWXQJVPRWLYDWLRQKDEHQ([HOHUXQG:LOG EHL*\PQDVLDVWHQXQWHU VXFKW 8QG ]ZDU KDEHQ VLH GLH $XVJHVWDOWXQJ KlXVOLFKHU /HKU/HUQ$UUDQJHPHQWV XQWHUGHU)UDJHEHWUDFKWHWREXQGLQZLHIHUQVLHGLH/HUQPRWLYDWLRQYRQ6LHEWNOlVV OHUQLP)DFK&KHPLHEHHLQIOXVVW $QNQSIHQG DQ IUKHUH $UEHLWHQ ZLUG GDEHL DQJHQRPPHQ GDVV (OWHUQ GXUFK HLQGLUHNWLYNRQWUROOLHUHQGHV9HUKDOWHQEHLGHU+DXVDXIJDEHQEHWUHXXQJKlXILJ XQEHDEVLFKWLJW GD]X EHLWUDJHQ GDVV 6FKOHU HLQH QHJDWLYH +DOWXQJ JHJHQEHU VFKXOLVFKHQ ,QKDOWHQ HQWZLFNHOQ XQG LKU /HUQYHUKDOWHQ ]XQHKPHQG YRQ lXVVH UHQ$QUHL]HQDEKlQJLJPDFKHQ'DJHJHQVROOWHGLH%HUHLWVFKDIWYRQ6FKOHUQ VLFKVHOEVWEHVWLPPW±DXV,QWHUHVVHRGHUPLWGHP=LHOGHU(UZHLWHUXQJGHUHL JHQHQ .RPSHWHQ]HQ ± PLW FKHPLVFKHQ )UDJHQ ]X EHVFKlIWLJHQ XPVR JU|HU ZHUGHQMHPHKUGDV9HUKDOWHQGHU(OWHUQDOVHPRWLRQDO]XJHZDQGWDXWRQRPLH XQWHUVWW]HQGXQGVWUXNWXULHUHQGHUOHEWZLUG*HSUIWZXUGHQGLHVH$QQDKPHQ LP5DKPHQHLQHUOlQJVVFKQLWWOLFKDQJHOHJWHQ6WXGLHLQGHUHWZD*\PQDVL DVWHQ GUHL PDO LP $EVWDQG YRQ VHFKV :RFKHQ E]Z HLQHP KDOEHQ -DKU QDFK YHUVFKLHGHQHQ )RUPHQ GHU /HUQPRWLYDWLRQ XQG GHU HOWHUOLFKHQ +DXVDXIJDEHQ EHWUHXXQJ JHIUDJW ZXUGHQ ,Q 7HLODXVZHUWXQJHQ ]XU 3UIXQJ GHU 9DOLGLWlW GHU 6FKOHUDXVVDJHQ ZXUGHQ ]XGHP SDUDOOHO HUKREHQH (LQVFKlW]XQJHQ GHU (OWHUQ KHUDQJH]RJHQ 'LH (UJHEQLVVH VWW]HQ VHOEVWEHVWLPPXQJVWKHRUHWLVFKH $QQDK PHQXQGZHLVHQ9HUlQGHUXQJHQLQGHU/HUQPRWLYDWLRQYRQ6FKOHUQDOV)ROJH OHUQEH]RJHQHU (LQVWHOOXQJV XQG 9HUKDOWHQVPXVWHU YRQ (OWHUQ VHOEVW EHL .RQ WUROOH GHU VR]LDOHQ +HUNXQIW XQG VFKXOLVFKHQ /HLVWXQJVIlKLJNHLW YRQ 6FKOHUQ DXV6+HUYRUKHEXQJGXUFK'/ :LHEHUHLWVJHQDQQWZXUGHEHVWHKWYRUDOOHPEHL-XQJHQHLQVWDUNHU=XVDPPHQKDQJ ]ZLVFKHQ GHU (OWHUQ.LQG%H]LHKXQJ XQG GHU 6FKXOOHLVWXQJ :LH LVW QXQ GLH 5ROOH GHU6FKXOH"6RUJWVLHPLWLKUHQJHVHOOVFKDIWOLFKHQ)XQNWLRQHQLKUHP:HWWEHZHUEV FKDUDNWHU XQG GHU KlXILJ DQJHZHQGHWHQ VR]LDOHQ %H]XJVQRUPRULHQWLHUXQJ LQ GHQ .ODVVHQIUHLQH=XVSLW]XQJGLHVHU7KHPDWLNE]Z3UREOHPDWLN"+DWGLH6FKXOHDXFK SURWHNWLYH$QWHLOH"'LH)UDJHGUHKWVLFKXPGDV6\QHUJLH$GGLWLRQVXQG.RPSHQ VDWLRQVPRGHOO EH]JOLFK (LQIOVVHQ YRQ (OWHUQKDXV 6FKXOH XQG 3HHUV YJO )HQG 6II
)RUVFKXQJVVWDQG
.RPSHQVDWRULVFKH:LUNXQJHQ"
'D(OWHUQLQGHU5HJHOKRKH%LOGXQJVHUZDUWXQJHQDQLKUH.LQGHUKDEHQVLQG,QWH UHVVHQNRQIOLNWH]ZLVFKHQ(OWHUQKDXVXQG6FKXOHEHLQLHGULJHQ/HLVWXQJHQ PHLVWHQV YRUSURJUDPPLHUW YJO 3HNUXQ .OHLQ$OOHUPDQQ .UDFNH 6RPLW ZLUNWGLH6FKXOHDOV6WUHVVRU IUGLH)DPLOLH$EHUGLH6FKXOHNDQQ DXFKHLQHSUR WHNWLYH)XQNWLRQLQIDPLOLDOHQ.ULVHQVLWXDWLRQHQKDEHQ 6FKQHHZLQGHWDO KDOWHQIHVWGDVVGLH6WXGLHYRQ+HWKHULQJWRQ&R[XQG&R[ ]XUHPRWLRQDOHQ9HUKDOWHQVHQWZLFNOXQJEHL6FKHLGXQJVNLQGHUQ]HLJHQNRQQ WH ³GDVV QDFKWHLOLJH )ROJHQ GHU HOWHUOLFKHQ 7UHQQXQJ ZHLWJHKHQG DEJHIDQJHQ ZHU GHQ NRQQWHQ ZHQQ GLH .LQGHU 6FKXOHQ PLW HLQHP DXWRULWDWLYHQ .OLPD EHVXFKWHQ GDVLKQHQSRVLWLYHQ5FNKDOWERWXQG$QIRUGHUXQJHQNODUVWUXNWXULHUWH'HUSRVLWLYH (LQIOX VROFKHU 6FKXOHQ ZDU QLFKW QXU EHL 6FKHLGXQJVNLQGHUQ VRQGHUQ DXFK EHL .LQGHUQDXVNRQIOLNWEHODGHQHQ.HUQIDPLOLHQJU|HUDOVEHL.LQGHUQDXVHKHUKDUPR QLVFKHQ.HUQIDPLOLHQ´6 +LHUZLUGDOVRDXIGLHNRPSHQVDWRULVFKH)XQNWLRQ HLQHV VR]LDOHQ .OLPDV XQG HLQHU SRVLWLYHQ /HKUHU6FKOHU%H]LHKXQJ LQ HLQHP DXWRULWDWLYHP (U]LHKXQJVYHUKlOWQLV LQ GHU /HLVWXQJVHQWZLFNOXQJ EHL VR]LDO EHQDFKWHLOLJWHQ.LQGHUQXQG-XJHQGOLFKHQKLQJHZLHVHQ *HPl TXHUVFKQLWWOLFKHQ XQG NXU]HQ OlQJVVFKQLWWOLFKHQ )RUVFKXQJVUHVXOWDWHQ YRQ 3HNUXQ ELHWHWGLHIDPLOLlUH/HUQXPZHOWGXUFKGDVYRUKHUUVFKHQGH.OLPDXQG GHQ HPRWLRQDOHQ 5FNKDOW 6FKXW] YRU QHJDWLYHQ (LQZLUNXQJHQ DQGHUHU (QWZLFN OXQJVXPZHOWHQ]%6FKXOH -HGRFKNRQQWHHUNHLQH,QWHUDNWLRQVHIIHNWH]ZLVFKHQ GHU VFKXOLVFKHQ XQG GHU IDPLOLlUHQ 8PZHOW IU GLH 9RUKHUVDJH YRQ 3UIXQJVDQJVW IHVWVWHOOHQ(U]LHKWGDUDXVGHQ6FKOXVVGDVVGLH]ZHL8PZHOWHQRIIHQEDUXQDEKlQ JLJYRQHLQDQGHUZLUNHQ %HL GHU JDQ]KHLWOLFKHQ %HWUDFKWXQJ GHU (OWHUQ.LQG%H]LHKXQJ XQG GHU /HKUHU 6FKOHU%H]LHKXQJEHLGHU %HVWLPPXQJ GHU /HLVWXQJVXQG :HLWHUELOGXQJVPRWLYD WLRQLP(UZDFKVHQHQDOWHUVWHOOWVLFKDOVRGLH)UDJHREDGGLWLYHRGHUNRPSHQVDWRUL VFKH:LUNXQJHQLQGHQ$QDO\VHQIHVWVWHOOEDUVLQG :DVVSULFKWJHJHQGLHNRPSHQVDWRULVFKH)XQNWLRQGHU6FKXOHZlKUHQGGHU-XJHQG ]HLW",QGHUÄ6WDJH(QYLURQPHQW)LW7KHRULH³(FFHOV 0LGJOH\ VWHKHQGLH VFKXOLVFKHQ .RQWH[WEHGLQJXQJHQ LP =HQWUXP ZHOFKH QDFK 0HLQXQJ GHU $XWRUHQ ]XQHKPHQGZHQLJHUDXIGLHVLFKHQWZLFNHOQGHQ%HGUIQLVVHGHU6FKOHUDEJHVWLPPW VLQG'DV%HGUIQLVQDFK6HOEVWXQG0LWEHVWLPPXQJDXIGHU6HNXQGDUVWXIHZHUGH GXUFKGHQVWDUNOHKUHUJHVWHXHUWHQ8QWHUULFKW]XQHKPHQGIUXVWULHUW9LHOH/HKUHUYRU DOOHPLQK|KHUHQ6FKXOVWXIHQVlKHQHVQLFKWPHKUDOVLKUH$XIJDEHDQVLFKPLWGHQ SHUV|QOLFKHQ 3UREOHPHQ YRQ 6FKOHUQ ]X EHIDVVHQ =XGHP ZHUGH DXFK GDV ]XQHK PHQGH%HGUIQLVQDFKVR]LDOHU(LQJHEXQGHQKHLWGXUFKGLHNRPSHWLWLYH$XVULFKWXQJ GHU6FKXOHXQGGLHIHKOHQGHQNRRSHUDWLYHQ/HKU/HUQ$QJHERWHLQ0LWOHLGHQVFKDIW JH]RJHQ'LH3DVVXQJ]ZLVFKHQ%HGUIQLVVHQGHU6FKOHUXQGGHPVFKXOLVFKHQ8P IHOG YHUVFKOHFKWHUH VLFK PLW ]XQHKPHQGHU .ODVVHQVWXIH GD GHP ]XQHKPHQGHQ %H
,QVEHVRQGHUH GHU VFKXOLVFKH /HLVWXQJVGUXFN RGHU GHU LQ GHU .ODVVH KHUUVFKHQGH :HWWEHZHUE NDQQ VR 3HNUXQGXUFKGDVVR]LDOH:RKOEHILQGHQLQGHU)DPLOLHGHUDUWDEJHIHGHUWZHUGHQGDVVGLH$QJVWYRU/HLV WXQJVDQIRUGHUXQJHQXQG3UIXQJHQVLFKLQ*UHQ]HQKlOW
)RUVFKXQJVVWDQG
.RPSHQVDWRULVFKH:LUNXQJHQ"
GUIQLVQDFK.RPSHWHQ]VFKOHFKWHUH1RWHQGHP]XQHKPHQGHP%HGUIQLVQDFKVR ]LDOHU(LQJHEXQGHQKHLWPHKU.RQNXUUHQ]XQGGHP]XQHKPHQGHQ6WUHEHQQDFK$X WRQRPLHPHKU)UHPGVWHXHUXQJLP8QWHUULFKWHQWJHJHQVWHKHQ 'LHVHU Ä6WDJH(QYLURQPHQW)LW³ ZLUG LQKDOWOLFK DXFK YRQ 3HNUXQ XQG +HOPNH EHOHJW =XVDPPHQIDVVHQG VWHOOHQ VLH IHVW ÄGDVV GLH GXUFKVFKQLWWOLFKHQ )l KLJNHLWV6HOEVWNRQ]HSWHYRQ6FKOHUQHEHQVRZLH'XUFKVFKQLWWVZHUWHIU6FKXOHLQ VWHOOXQJHQXQGOHLVWXQJVUHOHYDQWH0RWLYDWLRQLP/DXIHGHU*UXQGVFKXO]HLWDEVLQNHQ ZlKUHQG«GLHGXUFKVFKQLWWOLFKH3UIXQJVDQJVWZlKUHQGGHUHUVWHQ6FKXOMDKUH]X QLPPW³6 *HPl(UJHEQLVVHQGHU&2&216WXGLH&RPSHWHQFHDQG&RQWH[W GHV-DFREV&HQ WHUDQGHU8QLYHUVLWlW=ULFKYJO%XFKPDQQ)HQG 3URMHNWPLWDUEHLWHU JH K|UWGLH$QVWUHQJXQJVEHUHLWVFKDIW]XGHQSURGXNWLYHQ.RPSHWHQ]HQLP3UR]HVVGHV $XIZDFKVHQV 'DPLW ÄVLQG EHUIDFKOLFKH OHEHQVEHUHLFKVEHUJUHLIHQGH )lKLJNHLWHQ JHPHLQWGLHHIIL]LHQWHVXQGHIIHNWLYHV+DQGHOQLQYHUVFKLHGHQVWHQ6LWXDWLRQHQLQGHU 6FKXOHRGHUDP$UEHLWVSODW]HUP|JOLFKHQ³6 $QVWUHQJXQJVEHUHLWVFKDIWZLUGLQ GLHVHU6WXGLHDOVÄ*UDGPHVVHUGHU$QWULHEVVWlUNHYRQSRVLWLYHP+DQGHOQLQ6FKXOH XQG%HUXI³KHUDQJH]RJHQ (V JLQJ GDEHL XP GLH 8QWHUVXFKXQJ GHU RIW JHlXHUWHQ .ODJH MXQJH /HXWH VHLHQ QLFKW DQVWUHQJXQJVEHUHLW XQG OHLVWXQJVEHZXVVW 'LH (UJHEQLVVH ]HLJHQ GDVV -lKULJH LQ GHU 6FKZHL] HLQH KRKH $QVWUHQJXQJVEHUHLWVFKDIW DXIZHLVHQ GDVV VLHEHL -lKULJHQ DEHUQRFK GHXWOLFKHU DXVJHSUlJW LVW YJO HEG +LHU LVW DOVR DXVJHZLH VHQ GDVV VLFK GHU ]HLWOLFK EHJUHQ]WH (LQEUXFK GHU /HUQ XQG /HLVWXQJVPRWLYDWLRQ ZlKUHQG GHU $GROHV]HQ] LP IUKHQ (UZDFKVHQHQDOWHU ZLHGHU HUKROW ZDV PLW GHP 6WDJH(QYLURQPHQW)LWHUNOlUWZHUGHQN|QQWHXQGPLWGHU'HVWDELOLWlWLP-XJHQGDO WHUYJO.DS EHUHLQVWLPPW hEHUUDVFKHQGHUZHLVH ]HLJW GLH &2&216WXGLH GDVVHOEH 5HVXOWDW ZLH EHLP .RQ VWDQ]HU/lQJVVFKQLWW 'LH /HLVWXQJVEHUHLWVFKDIW LVW QLFKW YRP VFKXOLVFKHQ 1LYHDX DEKlQJLJ -HGRFK ZLUG GDV (UJHEQLV GHU &2&216WXGLH GDVV HV ]ZLVFKHQ VFKXOL VFKHU /HLVWXQJ XQG $QVWUHQJXQJVEHUHLWVFKDIW NHLQHQ =XVDPPHQKDQJ JLEW YJO %XFKPDQQHWDO6 LQGHUYRUOLHJHQGHQ6WXGLHZLGHUOHJW'LH$XWRUHQYRQ &2&21 ZHLVHQ LQ LKUHU %LODQ] DXI GLH DXVVFKODJJHEHQGH %HGHXWXQJ GHV VFKXOL VFKHQXQGIDPLOLlUHQ8PIHOGVKLQ'LH(LQVFKlW]XQJXQGGLHSRVLWLYH5FNPHOGXQJ GHV /HKUHUV GDV (LQJHEHWWHW6HLQ LQ GHU 6FKXONODVVH XQG GLH HPRWLRQDOH 9HUEXQ GHQKHLW LQ GHU )DPLOLH VRUJHQ ZHVHQWOLFK GDIU ZLH KRFK GLH $QVWUHQJXQJVEHUHLW VFKDIW GHU -XJHQGOLFKHQ LVW 6RPLW LVW GLH 7KHRULH GHU 6'7 TXHUVFKQLWWOLFK HLQPDO PHKUXQWHUPDXHUWHEHQVRGDV$GGLWLRQVPRGHOO:LOGXQG+RIHU ZHLVHQGHQ DGGLWLYHQ(LQIOXVVYRQ)DPLOLHQXQG6FKXONRQWH[WDXIGLHVFKXOLVFKH/HUQPRWLYDWL RQHEHQIDOOVHPSLULVFKDXVÄ6FKOHUZDUHQDPVWlUNVWHQLQWULQVLVFKPRWLYLHUWZHQQ VLHVRZRKOGDVHOWHUOLFKH9HUKDOWHQLP8PJDQJ PLWVFKXOLVFKHQ%HODQJHQDOVDXFK
'LH6WDJH(QYLURQPHQW)LW7KHRULHLVWDOVRLQVRIHUQNRPSDWLEHO]XU6'7YRQ'HFLXQG5\DQ
)RUVFKXQJVVWDQG
.RPSHQVDWRULVFKH:LUNXQJHQ"
GDV ,QVWUXNWLRQVYHUKDOWHQ GHU /HKUHU DOV DXWRQRPLHXQWHUVWW]HQG VWLPXOLHUHQG XQG HPRWLRQDO]XJHZDQGWEHVFKULHEHQ³6
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
.RPSHQVDWRULVFKH:LUNXQJHQ"
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ ,QGLHVHP.DSLWHOZHUGHQGLH)UDJHVWHOOXQJ.DS XQGGDV5DKPHQPRGHOO.DS GLHVHU$UEHLWYRUJHVWHOOW,P.DSLWHOZLUGGDQQGLH%HJUQGXQJGHUHLQ]HO QHQ )UDJHVWHOOXQJHQ ]XU %HVWLPPXQJ GHU /HLVWXQJVPRWLYDWLRQ GXUFK GLH VR]LDOH (LQJHEXQGHQKHLWGDUJHVWHOOW 8PSRWHQ]LHOOI|UGHUOLFKHXQGKLQGHUOLFKHSV\FKRORJLVFKH0HUNPDOHGHV(OWHUQKDX VHVXQGGHU6FKXOHOlQJVVFKQLWWOLFKQDFK]XZHLVHQZLUGDXIGLHYRQ'HFLXQG5\DQ HQWZLFNHOWH6'7]XUFNJHJULIIHQGLH]XYRULQ.DSLWHOYRUJHVWHOOW ZRUGHQLVW =XVDPPHQIDVVHQG N|QQWH GLH 3UR]HVVZLUNXQJ DP %HLVSLHO GHV VRZRKO I|UGHUQGHQ DOVDXFKIRUGHUQGHQDXWRULWDWLYHQ(U]LHKXQJVVWLOVGHU(OWHUQVD.DS IROJHQ GHV(UJHEQLVQDFKVLFK]LHKHQÄ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lQ]OLFKH :DKOIUHLKHLW « ]XJHVWDQGHQ *HVSHLVW ZHUGHQ GLH (U IROJVRULHQWLHUXQJ « DXV HLQHU )DPLOLHQLGHRORJLH «³ 1LWWHO 6 (V LVW JHPlGHU6'7DQ]XQHKPHQGDVVGLH:LUNXQJYRQVROFKHQ)DPLOLHQLGHRORJLHQDXI GLH (UIROJVRULHQWLHUXQJ -XJHQGOLFKHU QXU JHOLQJHQ NDQQ ZHQQ GLH (OWHUQ.LQG %H]LHKXQJ VHKU JXW LVW DQVRQVWHQ GLH :LUNXQJ GHV ,QWHUQDOLVLHUXQJVSUR]HVVHV YRQ :HUWHQ XQG hEHU]HXJXQJHQ HKHU JHULQJ EOHLEHQ ZUGH 6R]LDOLVDWLRQ ,QWHUQDOLVLH UXQJ XQG /HUQPRWLYDWLRQ VWHKHQ DOVR LQ JHJHQVHLWLJHU 9HUELQGXQJ ZLH :LOG XQG +RIHUHEHQIDOOVIHVWKDOWHQ $XV GHU 3HUVSHNWLYH GHU 6HOEVWEHVWLPPXQJVWKHRULH LVW ]X YHUPXWHQ GDVV GHU OHUQ XQG OHLVWXQJVI|UGHUQGH (IIHNW IDPLOLlUHU 6R]LDOLVDWLRQ ZHVHQWOLFK EHU 9HUlQGHUXQJHQGHU/HUQPRWLYDWLRQYHUPLWWHOWZLUG(OWHUQ±HEHQVRZLH/HK UHURGHUDQGHUH%H]XJVSHUVRQHQ±N|QQHQGDQDFKGXUFKHLQHDQGHQ%HGUI QLVVHQ +HUDQZDFKVHQGHU RULHQWLHUWH *HVWDOWXQJ GHU /HUQ XQG (QWZLFNOXQJV XPJHEXQJ GD]X EHLWUDJHQ GDVV GLH LQWULQVLVFKH 0RWLYDWLRQ ]XU $XVHL QDQGHUVHW]XQJPLWQHXHQ(UIDKUXQJHQDXIUHFKWHUKDOWHQEOHLEWXQGGHU3UR]HVV GHU,QWHUQDOLVLHUXQJDXFKVFKXOEH]RJHQHU :HUWHXQG6WDQGDUGVYRUDQVFKUHL WHW:LOG +RIHU6+HUYRUKHEXQJGXUFK'/ 'LHVHV=LWDWLVWGDUXPEHVRQGHUVDXVVDJHNUlIWLJZHLOHVGLHVFKXOOHLVWXQJVEH]RJHQH IDPLOLlUH6R]LDOLVDWLRQDXIGHQ3XQNWEULQJW2E-XJHQGOLFKHLQGHU)DPLOLHHUIROJ UHLFKVR]LDOLVLHUWZRUGHQVLQGPHUNWPDQDOVRDQKDQGGHU+|KHLKUHU/HLVWXQJVXQG /HUQPRWLYDWLRQ XQG ]ZDU EH]JOLFK GHU LQWHUQDO UHJXOLHUWHQ XQG VRPLW VHOEVWEH
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
)RUVFKXQJVIUDJHQ
VWLPPWHQ0RWLYDWLRQVLFKLQGHU6FKXOHDQ]XVWUHQJHQ'LH9HUlQGHUXQJZLHVLHLP RELJHQ=LWDWJHQDQQWZLUGEH]LHKWVLFKDOVRDXIGLH,QWHUQDOLVLHUXQJYRQ:HUWHQXQG GHU/HUQKDOWXQJZDVVLFKEHUHLQHVWXIHQPlLJH%HZHJXQJKLQ]XPHKUVHOEVWEH VWLPPWHU0RWLYDWLRQlXHUWYJO.DS (QWJHJHQGHULQGHU/LWHUDWXURIWSUR SDJLHUWHQ )RNXVVLHUXQJ DXI GLH LQWULQVLVFKH 0RWLYDWLRQ YRQ 6FKOHUQ LVW GLH %HWR QXQJ YRQ VHOEVWEHVWLPPWHQ )RUPHQ GHU H[WULQVLVFKHQ 0RWLYDWLRQ GXUFK GHQ .HUQ SUR]HVVGHU,QWHUQDOLVLHUXQJXQG,QWHJUDWLRQYRQ:HUWHQHLQH]HQWUDOH*U|HLQXQVH UHU:LVVHQVJHVHOOVFKDIW 'LH.XOWXUEHUPLWWOXQJLQGHU6FKXOHNDQQVLFKQLFKWDOOHLQHDXIVSRQWDQH,QWHUHVVHQ XQGLQWULQVLVFKH0RWLYDWLRQYHUODVVHQVLHLVWDXIGLH,QWHUQDOLVLHUXQJGHUVFKXOLVFKHQ /HUQDQVSUFKHDQJHZLHVHQYJO)HQG6I +LHU]HLJWVLFKHLQH6FKOVVHO VWHOOH 'DPLW ÄGLH PRGHUQHQ %HGLQJXQJHQ GHU /HEHQVEHZlOWLJXQJ XQG GHV $XI ZDFKVHQV GLH +HUDXVELOGXQJ GHU OHLVWXQJV]HQWULHUWHQ ,QGLYLGXDOLWlW GHV 0HQVFKHQ QLFKWQXUHUP|JOLFKHQVRQGHUQLQEHVRQGHUHU:HLVHIRUGHUQXQGI|UGHUQ³DD2 6 N|QQHQEUDXFKWHVJXWHXQGYHUOlVVOLFKH%H]LHKXQJHQXQGHLQHVR]LDOH(LQJH EXQGHQKHLW VRZRKO XQG YRU DOOHP LP (OWHUQKDXV DEHU DXFK LQ GHU 6FKXOH 6RPLW ZHQGHLFKPLFKGHQ]HQWUDOHQ)RUVFKXQJVIUDJHQ]X )RUVFKXQJVIUDJHQ 3HNUXQ ZHLVW GDUDXI KLQ GDVV /lQJVVFKQLWWVWXGLHQ Q|WLJ VHLHQ ZHOFKH GLH %HGHXWXQJGHU6R]LDOLVDWLRQLP6FKXODOWHUIUGLHQDFKVFKXOLVFKH(QWZLFNOXQJ]HL JHQ 3HNUXQ XQG 6FKLHIHOH ZHLVHQ DXI GHQ %HGDUI ZHLWHUHU )RUVFKXQJ ]XP OHEHQVODQJHQ/HUQHQXQG]XU0RWLYDWLRQKLQÄ$QJHVLFKWVGHU]XQHKPHQGHQ%HGHX WXQJGHVOHEHQVODQJHQ/HUQHQVVFKHLQWHVEHUIlOOLJGHQ6WHOOHQZHUW OHUQUHOHYDQWHU (PRWLRQ XQG 0RWLYDWLRQ DXFK LQ GHU (UZDFKVHQHQELOGXQJ XQG GHU EHWULHEOLFKHQ :HLWHUELOGXQJ ]X XQWHUVXFKHQ³ 6 .UDSS KlOW IHVW GDVV GDV 3UREOHP GHUWUDGLWLRQHOOHQ6LFKWZHLVHGDULQOLHJHGDVVGLH/HUQPRWLYDWLRQPHLVWHQVXQGSUL PlUDXVGHU3HUVSHNWLYHHLQ]HOQHU+DQGOXQJVHSLVRGHQEHWUDFKWHWZLUGXQGQLFKWDXV GHU3HUVSHNWLYHODQJIULVWLJZLUNVDPHU3UR]HVVGHUSHUV|QOLFKHQ(QWZLFNOXQJYJO6 'LHYRUOLHJHQGH$UEHLWQLPPWVLFKGLHVHU)RUGHUXQJHQXQWHUDQGHUHPDQIRNXVVLHUW VRPLW GLH H[WULQVLVFK JHSUlJWH /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU XQG HUNOlUW GLH
6LHKLHOWHQIROJHQGH'HVLGHUDWDIUZHLWHUH)RUVFKXQJVEHPKXQJHQIHVW
%HGLQJXQJVEH]LHKXQJHQLQVEHVRQGHUHGHUNDXVDOH6WHOOHQZHUWYRQ0RWLYDWLRQVHIIHNWHQ )XQNWLRQVPHFKDQLVPHQ(PRWLRQVXQG0RWLYDWLRQVHIIHNWHZHUGHQ]ZDUQDFKJHZLHVHQGRFKEHUGH UHQ=XVWDQGHNRPPHQLVWQRFKZHQLJJHNOlUW (LQIOVVHYRQ$XIJDEHQ3HUVRQXQG.RQWH[WSDUDPHWHUQ'LH:HFKVHOZLUNXQJHQYRQ.RJQLWLRQ3HU V|QOLFKNHLWXQGJHVHOOVFKDIWOLFKHQNXOWXUHOOHP.RQWH[WGHU/HUQEHGLQJXQJHQVLQGZHLWHU]XEHIRUVFKHQ (UZHLWHUXQJGHV*HJHQVWDQGVEHUHLFKVDEVHLWVGHVVFKRQJXWEHIRUVFKWHQ7KHPDV3UIXQJVDQJVW0RWL YDWLRQXQG/HUQOHLVWXQJ (UZHLWHUXQJGHV*HOWXQJVEHUHLFKÄ$QJHVLFKWVGHU]XQHKPHQGHQ%HGHXWXQJGHVOHEHQVODQJHQ/HUQHQV VFKHLQWHVEHUIlOOLJGHQ6WHOOHQZHUWOHUQUHOHYDQWHU(PRWLRQXQG0RWLYDWLRQDXFKLQGHU(UZDFKVHQHQ ELOGXQJXQGGHUEHWULHEOLFKHQ:HLWHUELOGXQJ]XXQWHUVXFKHQ³ ,QWHJUDWLYH 7KHRULHELOGXQJ YRQ 3DUWLDOWKHRULHQ ]X DOOJHPHLQHQ 7KHRULHHQWZUIHQ JHODQJHQ YJO 3HNUXQ 6FKLHIHOH6
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
)RUVFKXQJVIUDJHQ
EHUXIOLFKH/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQGXUFKSV\FKRVR]LDOHXQGPRWL YDWLRQDOH9DULDEOHQGHV-XJHQGDOWHUV±-DKUHYRUKHU%H]JOLFKJHVFKOHFKWVVSH]L ILVFKHU6R]LDOLVDWLRQVZLUNXQJVHLDXI6W|FNOL6 YHUZLHVHQGHUHEHQIDOOV ZHLWHUH8QWHUVXFKXQJHQKLQVLFKWOLFKGLHVHU7KHPDWLNIRUGHUW )ROJHQGHVLHEHQ)RUVFKXQJVIUDJHQZHUGHQDXIJHVWHOOW ,QZLHIHUQ ZLUG GLH /HLVWXQJVPRWLYDWLRQ GXUFK .RQWUROOYDULDEOHQ XQG PRWLYDWLR QDOH 3HUV|QOLFKNHLWVPHUNPDOH PLWEHHLQIOXW" YJO .DS E]Z GLH HUVWH .DSLWHO$QJDEHYHUZHLVWDXIGLHWKHRUHWLVFKH%HIXQGODJHGLH]ZHLWHDXIGLHEH UHFKQHWHQ(UJHEQLVVH ,QZLHIHUQ ZLUNW VLFK GLH VR]LDOH (LQELQGXQJ LQ GHU )DPLOLH JHPl GHU 6'7 DXI GLH PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOH XQG LQVEHVRQGHUH DXI GLH /HLV WXQJVPRWLYDWLRQDXV"YJO.DSE]Z ,QZLHIHUQ ZLUNHQ VLFK DXHUIDPLOLlUH VR]LDOH (LQELQGXQJHQ /HKUHU6FKOHU %H]LHKXQJ ,QWHJUDWLRQ LQ .ODVVH « JHPl GHU 6'7 DXI GLH PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOH XQG LQVEHVRQGHUH DXI GLH /HLVWXQJVPRWLYDWLRQ DXV" YJO.DSE]Z :HOFKH GLIIHUHQWLHOOHQ :LUNXQJV]XVDPPHQKlQJH VLQG ]ZLVFKHQ GHU IDPLOLlUHQ XQG DXHUIDPLOLlUHQ VR]LDOHQ (LQJHEXQGHQKHLW XQG GHU /HLVWXQJVPRWLYDWLRQ LP IUKHQ-XJHQGDOWHUIHVW]XVWHOOHQ"YJO.DSE]Z :HOFKH GLIIHUHQWLHOOHQ :LUNXQJV]XVDPPHQKlQJH VLQG ]ZLVFKHQ GHU IDPLOLlUHQ XQGDXHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLPIUKHQ-XJHQGDOWHUXQGGHUEH UXIOLFKHQ/HLVWXQJVXQGGLH:HLWHUELOGXQJVEHUHLWVFKDIWLPIUKHQ(UZDFKVHQHQ DOWHU-DKUHVSlWHU IHVW]XVWHOOHQ"YJO.DSE]Z ,QZLHIHUQZLUNHQVLFKPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLPIUKHQ-XJHQG DOWHUDXIGLHEHUXIOLFKH/HLVWXQJVXQGGLH:HLWHUELOGXQJVEHUHLWVFKDIWLPIUKHQ (UZDFKVHQHQDOWHU -DKUH VSlWHU DXV" 6WDELOLWlWV XQG .RQWLQXLWlWVSUIXQJ YJO.DSE]Z =XU DOOJHPHLQHQ XQG GLIIHUHQWLHOOHQ 6R]LDOLVDWLRQ GHU /HLVWXQJVPRWLYDWLRQ ,Q ZLHIHUQ ZLUNW VLFK GLH IDPLOLlUH XQG DXHUIDPLOLlUH VR]LDOH (LQJHEXQGHQKHLW LP IUKHQ-XJHQGDOWHUGLUHNWXQGEHUGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHU LQ GLUHNWDXIGLHEHUXIOLFKH/HLVWXQJVPRWLYDWLRQXQGGLH:HLWHUELOGXQJVEHUHLWVFKDIW LPIUKHQ(UZDFKVHQHQDOWHU-DKUHVSlWHU DXV"YJO.DSE]Z 'LH 6WDELOLWlWVSUIXQJVIUDJH LVW YRQ 6WXKOPDQQ PLW GHPVHOEHQ 'DWHQVDW] VFKRQXQWHUVXFKWZRUGHQMHGRFKXQWHUGHU3HUVSHNWLYHGHVJHVFKOHFKWVVSH]LILVFKHQ 8QWHUVFKLHGVXQGGHV0LWHLQEH]XJVGHV6WDWXVGHU(OWHUQVFKDIWXQGYRUDOOHPRKQH GLH%HUFNVLFKWLJXQJGHUVR]LDOHQ9HUXUVDFKXQJVSULQ]LSLHQJHPlGHU6'7,QGHU YRUOLHJHQGHQ 6WXGLH LVW GLH VFKXOIRUPVSH]LILVFKH %HWUDFKWXQJ GLHVHU 6WDELOLWlW E]Z .RQWLQXLWlWXQGLQVEHVRQGHUHGLH%HUFNVLFKWLJXQJGHU$XVO|VHUGHU/HLVWXQJVPRWL YDWLRQ*HJHQVWDQGGHV,QWHUHVVHV =XU 2ULHQWLHUXQJ VLQG GLH )RUVFKXQJVIUDJHQ LQ LKUHQ 'LPHQVLRQHQ DXFK LQ $EELOGXQJYJO.DSLWHO EHUVLFKWOLFKPLW3IHLOV\PEROHQDXIJHIKUW'LHVHV
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
5DKPHQPRGHOO PDFKW VRZRKO GLH WKHRUHWLVFKH 9HUDQNHUXQJ DOV DXFK GLH 9RUJH KHQVZHLVHLP%HUHFKQXQJVWHLOVLFKWEDU 5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
'LHGUHL]HQWUDOHQ0HUNPDOVEHUHLFKHGHU3HUV|QOLFKNHLWZHOFKHYRQ6FKXOHXQG(O WHUQKDXVMHQVHLWVYRQ,QWHOOLJHQ]XQG:LVVHQJHPHLQVDPEHHLQIOXVVWZHUGHQN|QQHQ VLQG VHOEVWEH]RJHQH .RJQLWLRQHQ XQG ,GHQWLWlW (PRWLRQHQ XQG 0RWLYD WLRQ9ROLWLRQYJO3HNUXQ6 +LHUEHLLVWPHWDWKHRUHWLVFK]ZLVFKHQNRJQLWLYHQ.RPSHWHQ]HQHLQHUVHLWVXQG9DOHQ ]HQDQGHUHUVHLWV]XXQWHUVFKHLGHQYJODD26 8QWHUGHUNRJQLWLYHQ3HUVSHN WLYHEHWUDFKWHWWUDJHQ]XU(QWVWHKXQJYRQ(PRWLRQXQG0RWLYDWLRQ6HOEVWNRQ]HSWH 6HOEVWZLUNVDPNHLWVHUZDUWXQJHQ RGHU .RQWUROOHUZDUWXQJHQ EHL YJO +HFNKDXVHQ 3HNUXQ 8QWHU GHU 3HUVSHNWLYH YRQ VXEMHNWLYHQ 9DOHQ]HQ NOlUHQ MHQH 7KHRULHQ GDV PRWLYDWLRQDOH +DQGHOQ YRQ 6FKOHUQ XQG (UZDFKVHQHQ DXI ZHOFKH =LHOH :HUWHLQVFKlW]XQJHQ XQG,QWHUHVVHQ LQ LKUHP *HJHQVWDQGVEHUHLFK WKHPDWLVLH UHQ )ROJHQGH IQI8PZHOWIDNWRUHQ VLQGEH]JOLFK HPRWLRQV XQG PRWLYDWLRQVVWLIWHQGHQ .RPSHWHQ]HQXQG9DOHQ]HQEHVRQGHUV]HQWUDOYJO3HNUXQ6 6R]LDOH(LQJHEXQGHQKHLW'LHVR]LDOH(LQELQGXQJ$N]HSWDQ]XQG8QWHUVWW]XQJ GXUFK %H]XJVSHUVRQHQ ZLH (OWHUQ XQG /HKUHU GUIWH QHEVW DQGHUHQ ]HQWUDO VHLQ ,P6LQQHGHU6'7QDFK'HFLXQG5\DQYJO'HFL9DOOHUDQG3HOOHWLHU 5\DQ WUlJW GLH VR]LDOH (LQELQGXQJ GDUEHU KLQDXV DXFK SRVLWLY ]XU 9DOHQ] YRQ 7lWLJNHLWHQEHL $XWRQRPLHJHZlKUXQJ YV .RQWUROOH (LQH DOWHUVDEKlQJLJ DQJHPHVVHQH %DODQFH YRQ6HOEVWVWlQGLJNHLWVJHZlKUXQJXQG9HUKDOWHQVOHQNXQJLVWZLFKWLJ ,QVWUXNWLRQ XQG 0RGHOOYHUKDOWHQ 'DV 0RGHOOYHUKDOWHQ YRQ /HKUHUQ XQG (OWHUQ VSLHOWLP%HUHLFKSUR]HGXUDOHQ/HUQHQVHLQH]HQWUDOH5ROOH =LHOVWUXNWXUHQ (UZDUWXQJHQ XQG /HLVWXQJVGUXFN 8QVHUV 6FKXOV\VWHPH VHW]HQ SlGDJRJLVFKH =LHOVWUXNWXUHQ NRPSHWLWLYHU NRRSHUDWLYHU RGHU LQGLYLGXDOLVWLVFKHU $UW 'LHVH ZHUGHQ KlXILJ YRQ (OWHUQ XQG 3HHUV JHVWW]W XQG IKUHQ VR ]XU OHLV WXQJVEH]RJHQHQ 6R]LDOLVDWLRQ GHV .LQGHV EHL GHP GLH ]% ]X KRFK JHVHW]WHQ (UZDUWXQJHQHLQHU%H]XJVSHUVRQ3UIXQJVDQJVWDXVO|VHQNDQQ 9HUKDOWHQVUFNPHOGXQJHQXQGNRQVHTXHQ]HQ5FNPHOGXQJHQ]X9HUKDOWHQ(U IROJXQG0LVVHUIROJEHHLQIOXVVHQOHLVWXQJVEH]RJHQH6HOEVWNRQ]HSWELOGXQJ 'LHYRUOLHJHQGH$UEHLWIRNXVVLHUWYRUDOOHPGHQHUVWHQ3XQNWVR]LDOH(LQJHEXQGHQ KHLW LQ )DPLOLH XQG 6FKXOH 'LH $XWRQRPLH VLHKH 3XQNW REHQ LVW LQ HLQ]HOQHQ ,WHPV DEHU HEHQIDOOV HQWKDOWHQ YJO Ä(OWHUQ.LQG.RQVHQV³ LP %HUHLFK 9HUKDOWHQ XQG/HLVWXQJVDQVWUHQJXQJLQ.DS (EHQIDOOVHQWKDOWHQLVWGLH(UZDUWXQJVKDO WXQJYRQ(OWHUQ(LQ]HOLWHP VD3XQNWREHQ GD]XJHK|UWLQVEHVRQGHUHDXFKHLQH ]XVWDUNH%HWRQXQJGHV6FKXOPRQLWRULQJGHU(OWHUQJHJHQEHULKUHP.LQG]%(O WHUQ IUDJHQ KlXILJ QDFK GHU 6FKXOOHLVWXQJ ZLVVHQ %HVFKHLG EHU GLH 6FKXOOHLVWXQJ
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
RGHU ZLUNHQ PLW LKUHP +DXVDXIJDEHQHQJDJHPHQW ± 9DULDEOHQ GLH LQ GLHVHU 6WXGLH EHQXW]WZHUGHQ *UROQLFN 5\DQ XQG 'HFL NRQQWHQ XQWHU 9HUZHQGXQJ YRQ 6WUXNWXUJOHL FKXQJVPRGHOOHQQDFKZHLVHQGDVVGHUHOWHUOLFKH(LQIOXVVEHUPRWLYDWLRQDOH0HGLD WRUYDULDEOHQ HLQHQ VLJQLILNDQWHQ (LQIOXVV DXI GLH 6FKXOOHLVWXQJ GHV .LQGHV DXVEW 'LHVHU)UDJHVWHOOXQJVLQGDXFK6DXHUXQG*DPVMlJHU QDFKJHJDQJHQ,KU0R GHOO]HLJWGHQNHWWHQDUWLJHQ(EHQHQJHEUDXFKEHLGHU9RUKHUVDJHGHV6FKXOHUIROJV 9HUIHVWLJWH3HUV|QOLFKNHLWVPHUNPDOHXQG+DOWXQJHQGHU6FKXOHXQGGHP/HUQHQJH JHQEHU VLQG DOV *OLHGHU YRQ :LUNXQJVNHWWHQ ]X YHUVWHKHQ XQG IU GHQ ZHLWHUHQ 6FKXOHUIROJGHU-XJHQGOLFKHQYHUDQWZRUWOLFK+HOPNHXQG6FKUDGHU ZHLVHQLQ LKUHP hEHUVLFKWVDUWLNHO LQGLYLGXHOOH NRJQLWLYH XQG PRWLYDWLRQDOH IDPLOLlUH XQG VFKXOLVFKH$VSHNWHDOV'HWHUPLQDQWHQVFKXOLVFKHU/HLVWXQJHQDXV,Q$EELOGXQJ VLQGPLWJUDXPDUNLHUWHQ)HOGHUQXQGPLWGLFNJH]HLFKQHWHQ/LQLHQ8PUDKPXQJHQ XQG3IHLOHQMHQH0HUNPDOHQDFK6DXHUXQG*DPVMlJHU KHUDXVJHKREHQZHO FKHLQGHUYRUOLHJHQGHQ8QWHUVXFKXQJLP=HQWUXPVWHKHQ 6R]LRORJLVFKH (EHQH
gNRORJLVFKH (EHQH
6R]LDOH +HUNXQIW *HVFKOHFKW 5HJLRQ
)DP 8PZHOW VFKXOLVFKH 8PZHOW
3V\FKRORJLVFKH (EHQH .RJQ 3HUV|QOLFKNHLWV PHUNPDOH
0RWLYDWLRQDOH 3HUV|QOLFKNHLWV PHUNPDOH .ULWHULXP,
/HLVWXQJV HEHQH *UXQGVFKXO /HKUHUXUWHLO *UXQGVFKXO QRWHQ /HLVWXQJV YHUKDOWHQ
/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHU
$EELOGXQJ
.ULWHULXP
6HNXQGDU 6FKXO HUIROJ
3V\FKRORJLVFKH (EHQHLP (UZDFKVHQHQDOWHU %HUXIOLFKH /HLVWXQJV 0RWLYDWLRQ%/0 %HUXIOLFKH :HLWHU ELOGXQJV 0RWLYDWLRQ %:0
.ULWHULXP,,
6WUXNWXUPRGHOOGHU'HWHUPLQDQWHQGHV*UXQGVFKXOHUIROJVYJO6DXHU *DPVMlJHU6 XQGGLHIU YRUOLHJHQGH6WXGLH]HQWUDOHQ8QWHUVXFKXQJVREMHNWHJUDXPDUNLHUW
*HVWULFKHOWH(OHPHQWHZHUGHQLQYRUOLHJHQGHU6WXGLHLQJOHLFKHURGHUHWZDVDQGHUHU)RUPDOV.RQWUROOYDULDEOHQEHQXW]W+LQ]XJHIJW GXUFK'/.ULWHULXP,,,HLQJHUDKPWLPXQWHUHQ5HFKWHFN Ä3V\FKRORJLVFKH(EHQHLP(UZDFKVHQHQDOWHU³XQGÄVFKXOLVFKH8PZHOW³
*HPl$EELOGXQJZLUNHQ|NRORJLVFKH.RQWH[WHIDPLOLlUHXQGVFKXOLVFKH8P ZHOW XQWHU.RQWUROOHYRQVR]LRGHPRJUDILVFKHQ9DULDEHOQDXIPRWLYDWLRQDOH3HUV|Q OLFKNHLWVHLJHQVFKDIWHQHLQ.ULWHULXPVYDULDEOH,LVWGLH/HLVWXQJVPRWLYDWLRQLP$O WHU YRQ - ZHOFKH ]X GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ GHV IUKHQ -XJHQGDOWHUV ]lKOW .ULWHULXPVYDULDEOHQ ,, VLQG GLH EHUXIOLFKH /HLVWXQJV XQG :HL WHUELOGXQJVPRWLYDWLRQLPIUKHQ(UZDFKVHQHQDOWHU$OWHU- 'LHVHEHLGHQJUDX
Ä'LH )UDJH QDFK GHQ 'HWHUPLQDQWHQ VFKXOLVFKHU /HLVWXQJHQ « JHK|UW ]X GHQ lOWHVWHQ XQG ]XJOHLFK VFKZLHULJVWHQ3UREOHPHQGHU3lGDJRJLVFKHQ3V\FKRORJLH³+HOPNH 6FKUDGHU6
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
PDUNLHUWHQ 5HFKWHFNH LP XQWHUHQ 7HLO GHU $EELOGXQJ ]HLJHQ GLH IRNXVVLHUWHQ =LHOYDULDEOHQGLHVHU$UEHLW ,Q IROJHQGHU $EELOGXQJ LVW QXQ GDV IU GLHVH 8QWHUVXFKXQJ YHUZHQGHWH 5DK PHQPRGHOO HUVLFKWOLFK GDV VLFK HLQHUVHLWV DXI GDV HEHQ EHVFKULHEHQH 0RGHOO QDFK 6DXHUXQG*DPVMlJHU XQGDXIGDVKLHUQLFKWDXIJHIKUWHDEHUEHUFNVLFKWLJWH ÄVR]LDONRJQLWLYH 0RGHOO GHU DIIHNWLYPRWLYDWLRQDOHQ (QWZLFNOXQJ³ QDFK 3HNUXQ 6 VWW]W $XV OHW]WHUHP JHKW JUXQGVlW]OLFK KHUYRU GDVV GLH :LUNXQJHQ YRQVR]LDOHQ8PZHOWHQDXIGLH3HUVRQHLQH,QWHUDNWLRQPLWGHP6FKXOW\SDXIZHLVHQ N|QQHQ'HQQGLVWDOH8PZHOWHQ]%6FKXOIRUP ZLUNHQDXISUR[LPDOH8PZHOWHQ ]%VR]LDOH(LQELQGXQJLQ)DPLOLHRGHU6FKXOH ZHOFKHZLHGHUXPGLH3HUV|QOLFK NHLW PLWEHHLQIOXVVHQ ZDV GDQQ LQ HLQHU ZHLWHUHQ NHWWHQDUWLJHQ .DXVDOZLUNXQJ ]XU $XVSUlJXQJGHU6FKXO 0RWLYDWLRQIKUWYJO6 'LH(OOLSVHQ]HLJHQGLHIRNXVVLHUWHQ:LUNXQJHQXQG)UDJHVWHOOXQJHQGLHVHU$UEHLW GLH JHVWULFKHOWH /LQLH ]HLJW MHQH 9DULDEOH GLH EHL YLHOHQ %HUHFKQXQJHQ NRQWUROOLHUW ZLUG XP =XVDPPHQKlQJH XQG :LUNXQJHQ RKQH GHQ (LQIOXVV GLHVHV /HLVWXQJVDV SHNWV]XHUKDOWHQ
$EELOGXQJ
6(6(OWHUQ *HVFKOHFKW ,4 « :RKOIKOHQ]XKDXVH (OWHUQ.LQG%H]LHKXQJ (U]LHKXQJVVWLO 5HLEHUHLHQ«
9HUWUDXHQ]X/3 %H]LHKXQJ]X/3 $QHUNHQQXQJ0LWVFK ,QWHJUDWLRQ3HHUV
$XVVHUIDPLOLlU
)DPLOLlU
6R]LDOH(LQELQGXQJ LP-XJHQGDOWHU
.RQWUROO YDULDEOHQN
:DKUJHQRPPHQH UHODWLYH /HLVWXQJVSRVLWLRQ LQGHU.ODVVH
6FKXOOHLVWXQJ LPIUKHQ -XJHQGDOWHU
0RWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH LPIUKHQ-XJHQGDOWHU /HLVWXQJVDQJVW 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ %HJDEXQJV]XVFKUHLEXQJ /HLVWXQJVPRWLYDWLRQ 1RUPYHUOHW]XQJ (hEHUHLQVWLPPXQJÄZDVOHLVWHQLQ6FKXOH³ 5DXFKHQ %LOGXQJVRULHQWLHUXQJ
:DKUJHQRPPHQH VFKXOLVFKH /HLVWXQJ
3V\FKRORJLVFKH (EHQH,
%HUXIOLFKH /HLVWXQJVPRWLYDWLRQ%/0 %HUXIOLFKH:HLWHUELOGXQJV PRWLYDWLRQ %:0 %HUXIOLFKH 6HOEVWZLUNVDPNHLW%6:
0RWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH LPIUKHQ(UZDFKVHQHQDOWHU
3V\FKRORJLVFKH (EHQH,,
'LIIHUHQWLHOOH:LUNXQJV]XVDPPHQKlQJH]ZVR](LQJHEXQGHQKHLWLP-XJHQGDOWHU XQGPRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU
'LII:LUNXQJV]XVDPPHQKlQJH]ZVR](LQJHEXQGHQKHLW XQGPRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ
VWHKHQMHZHLOVIU.DS7KHRULH XQG.DS(UJHEQLVVH
5DKPHQPRGHOOYJO.DS
6WDELOLWlWLQGHU /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGLIIHUHQ]LHUWQDFK6FKXOW\S XQG*HVFKOHFKW =XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJYRPIUKHQ-XJHQGDOWHULQVIUKH(UZDFKVHQHQDOWHU
3DUWLDONRUUHODWLRQ
3DUWLDONRUUHODWLRQ
(LQIOXVVDXVVHUIDPVR](LQJHEXQGHQKHLW DXIPRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH
(LQIOXVVGHU.RQWUROOYDULDEOHQDXIPRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHUXQGLP(UZDFKVHQHQDOWHU (LQIOXVVIDPVR](LQJHEXQGHQKHLW
'LH=LIIHUQ9HUZHLVH DXIPRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH
gNRORJ (EHQH
6R]LRORJ (EHQH
%HVWLPPXQJGHUEHUXIOLFKHQ/HLVWXQJV XQG:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH/HLVWXQJVPRWLYDWLRQXQG GLHIDPLOLlUHXQGDXVVHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWLPIUKHQ-XJHQGDOWHU
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ 5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
5DKPHQPRGHOO]XUOlQJVVFKQLWWOLFKHQ%HVWLPPXQJYRQ/HLVWXQJVPRWLYDWLRQXQGEHUXIOLFKHU:HLWHUELOGXQJVXQG /HLVWXQJVPRWLYDWLRQLQNOXVLYH$QJDEHGHU.DSLWHOQXPPHUQ
'LHLQRELJHU$EELOGXQJDXIJHIKUWHQ(EHQHQVR]LRORJLVFKH(EHQH|NRORJ(EHQHSV\FKRORJLVFKH(EHQH,XQGSV\FKRORJLVFKH(EH QH,, PXVVWHQLQGHU(UDUEHLWXQJVSKDVHGHV.RQ]HSWVPLWLP'DWHQVDW]YRUKDQGHQHQ9DULDEOHQSUIHQGDQJHUHLFKHUWZHUGHQXP OHW]WOLFKGLH%DVLV]XHUKDOWHQGLHYRUOLHJHQGH)UDJHVWHOOXQJGHU6WXGLHEHDQWZRUWHQ]XN|QQHQ,P)ROJHQGHQZHUGHQGLHVH.RQ VWUXNWHGHU5HLKHQDFKDXIJHIKUWXQGDXIZHVHQWOLFKH$VSHNWHKLQJHZLHVHQ
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
$ .RQWUROOYDULDEOHQ6R]LRORJLVFKH(EHQH =X GHQ .RQWUROOYDULDEOHQ JHK|UHQ 9DULDEOHQ ZLH *HVFKOHFKW 6FKLFKW RGHU GLH :RKQUHJLRQ7DEHOOHJLEWGHQhEHUEOLFNEHUGLHYHUZHQGHWHQ.RQWUROOYDULDEOHQ PLW GHQ HQWVSUHFKHQGHQ ..U]HOQ ZHOFKH DXVIKUOLFK LP .DSLWHO 0HWKRGH EH VFKULHEHQZHUGHQ 7DEHOOH
.RQWUROOYDULDEOHQ
N*HVFKOHFKWZP N6FKXOIRUP+656*< RUGLQDO NYHUEDOH,QWHOOLJHQ] N6FKLFKW N5HJLRQ6WDGW/DQG N1DWLRQDOLWlW'HXWVFK±QLFKW'HXWVFK NK|6FKXODEVFKOXVV(OWHUQ+656*< ( N%HUXIVVWDWXV9DWHU,6(,( N%HUXIVVWDWXV0XWWHU,6(,(
N)DPLOLHQVLWXDWLRQQLFKWWUDGWUDG N%HUXIVWlWLJNHLW0XWWHU N*HVFKZLVWHU]DKOPLW%HIUDJWHP N(LQ]HONLQGVWDWXVQHLQMD N(OWHUQVWDWXVQHLQMD [UHODWLYH/HLVWXQJVSRVLWLRQLQ.O[JOHLFKH9DULP-DKU [1RWHQVXPPH'W(QJOLVFK0DWK[JO9DULP-DKU \+|FKVWHUEHUXIO$XVELOGXQJVDEVFKOXVV \0RQDWOLFKHV1HWWRHLQNRPPHQ
% )DPLOLH6FKXOHXQG3HHUVgNRORJLVFKH(EHQH $XIGHU|NRORJLVFKHQ(EHQHVLQG9DULDEOHQGHUVR]LDOHQ(LQJHEXQGHQKHLWLQ)DPLOLH XQGLPDXHUIDPLOLlUHQ%HUHLFKDXIJHIKUW(VJHKWYRUDOOHPXPGLHZDKUJHQRP PHQH (OWHUQ.LQG%H]LHKXQJ XQG XP GLH ZDKUJHQRPPHQH /HKUHU6FKOHU%H]LH KXQJXQG:HUWVFKlW]XQJ$EHUDXFKGLH,QWHJUDWLRQLQGHU3HHUJUXSSHVD RGHU GLH9HUHLQVDNWLYLWlWVDVD ZHUGHQLP6LQQHGHUDXHUIDPLOLlUHQVR]LDOHQ(LQ JHEXQGHQKHLWLQGLH$QDO\VHHLQJHKHQYJO7DEHOOH 7DEHOOH
9DULDEOHQGHUVR]LDOHQ(LQELQGXQJLQ)DPLOLHVI XQGLPDXHUIDPLOLlUHQ%HUHLFKVD
)DPLOLlUVI
VI:RKOIKOHQ]X+DXVH VI(.%H]D*URVNDOD,WHPV VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ,WHPV VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH,WHPV VI(.%H]G=XZHQGXQJ9HUVWlQGQLV,WHPV VI5HLEHUHLHQ]Z(. VI*HVSUlFKVLQWHQVLWlW(. VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW VILQNRQVLVWHQWHU(U]LHKXQJVVWLO VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIDXHUIDP93EHLSHUV3UREO VIDXHUIDP93EHL3UREOPLWDQGHUHQ VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ VIZDKUJHUZDUWHWHU6FKXODEVFKOXVV+656*< VI/HLVWXQJVHUZDUWXQJGHU(( VI(IUDJHQKlXILJQDFK6/( VI(ZLVVHQ%HVFKHLGEHU6/( VI+DXVDXIJDEHQHQJDJHPHQWGHU((
$XHUIDPLOLlU6FKXOH3HHUVXQG9HUHLQH VD
VD:RKOIKOHQLQ6FKXOH VD$QRQ\PLWlWDQGHU6FKXOH VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ VD6WDWXVUHOHYDQ]6ROLGDULWlW VD.RQNXUUHQ]NDPSILQ.ODVVH VD.ODVVHQ]XVDPPHQKDOW VD9HUWUDXHQ]X/3 VD/36%H]LHKXQJ VD/HLVWXQJVGUXFNYRQ/3 VD$QHUNHQQXQJGXUFK0LWVFKOHU VD,QWHJUDWLRQ3HHUV VDNLUFKOLFKH$NWLYLWlW VD9HUHLQV]XJHK|ULJNHLWQHLQMD VD7XUQXQG6SRUWYHUHLQQHLQMD VD0XVLNRGHU6LQJJUXSSHQHLQMD
6NDOHQ
( )UDJHDQGLH(OWHUQ6WLFKSUREHQJU|HLVWNOHLQHU
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
& 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU3V\FKRORJLVFKH(EHQH
=X GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ P LP -XJHQGDOWHU JHK|UW GDV +DXSWNRQVWUXNW /HLVWXQJVPRWLYDWLRQ DOV DEKlQJLJH 9DULDEOH VRZRKO PLW -DKUHQ P DOVDXFKPLW-DKUHQP 'DQHEHQ GLHQHQ DEHU DXI GHU SV\FKRORJLVFKHQ (EHQH GLYHUVH ZHLWHUH 3HUV|QOLFK NHLWVPHUNPDOH DOV 'HWHUPLQDQWHQ ]XU %HVWLPPXQJ GHU /HLVWXQJVPRWLYDWLRQ 1LFKW QXUVR]LDOH.RQWH[WHKDEHQHLQH:LUNXQJDXIGLH$XVSUlJXQJGHU/HLVWXQJVPRWLYD WLRQVRQGHUQHEHQVRGLH3HUVRQHQVHOEVWPLWLKUHQ3HUV|QOLFKNHLWVHLJHQVFKDIWHQDOV DNWLYKDQGHOQGH:HVHQVD,QWHUDNWLRQLVPXV.DS 6HLW] XQG 5DXVFKH GLH GLH 3HUV|QOLFKNHLW YRQ .LQGHUQ-XJHQGOLFKHQ PHKU GLPHQVLRQDO XQG HPSLULVFK VWULQJHQW PLWWHOV HLQHV )UDJHERJHQV XQWHUVXFKW KDEHQ QHQQHQ GUHL 2EHUEHJULIIH GHU Ä3HUV|QOLFKNHLW LP HQJHUHQ 6LQQH³ D 0RWLYH E 6HOEVWELOGXQGF 9HUKDOWHQVPRWLYH*HIKOHZUGHQJHPlGHQ$XWRUHQDXFKGD]X JHK|UHQVLQGDEHUPLWHLQHP)UDJHERJHQVFKOHFKWHUKHEEDU=XD JHK|UHQVRGDQQ .RQVWUXNWH ZLH VFKXOLVFKHU (KUJHL] *HKRUVDP JHJHQEHU (UZDFKVHQHQ $JJUHV VLYLWlW XQG %HUHLWVFKDIW ]XP VR]LDOHP (QJDJHPHQW ]X E $QJVW XQG 6HOEVWZLUN VDPNHLWVEHU]HXJXQJ XQG ]X F ([WUDYHUVLRQ,QWURYHUVLRQ XQG :LOOHQVNRQWUROOH YJO .XU]IRUP GHV 3HUV|QOLFKNHLWVIUDJHERJHQV JHPl 5RVW XQG +DQVHV ,Q 7DEHOOH VLQG GLH PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOV9DULDEOHQ GHU YRUOLH JHQGHQ6WXGLHDXIJHOLVWHWXQGGHQHEHQHUZlKQWHQ2EHUEHJULIIHQ]XJHRUGQHW
7DEHOOH
0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHP GHV-XJHQGDOWHUVXQGGHUHQ=XRUGQXQJ]X2EHUEHJULIIHQYRQ3HUV|Q OLFKNHLWVPHUNPDOHQ6FKOVVHONRQVWUXNWHNXUVLYPDUNLHUW
9DULDEOHQ P/HLVWXQJVPRWLYDWLRQ PVFKXO/HLVWXQJVDQJVW P%HJDEXQJV]XVFKUHLEXQJ P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ PVFKXOLVFKH1RUPYHUOHW]XQJ,WHPV
=X 9DULDEOHQ RUGQXQJ D E E F F
P5DXFKHQ
F
P(..RQVHQVZDVOHLVWHQ
D
P(..RQVHQVZDVJODXEHQ P(..RQVHQVZLHEHQHKPHQ P=XNXQIWVEHZlOWLJXQJ P%LOGXQJVRULHQWLHUXQJ P/HLVWXQJVPRWLYDWLRQ 6NDODZLHPDEHU]ZHL-DKUHVSlWHUHUKREHQ PDOOJ,QWHUHVVHGHV.LQGHV( ZHOFKHVDXV6LFKWGHU(OWHUQHUKREHQLVW
=X RUGQXQJ D D E D D D
,QGHUYRUOLHJHQGHQ8QWHUVXFKXQJZHUGHQGLHGLVSRVLWLRQDOHQ3HUV|QOLFKNHLWVPHUN PDOH IRNXVVLHUW 1DFK GHU 9HURUWXQJ GHU 0HUNPDOH QDFK 5RVW XQG +DQVHV VROOHQQXQGLHGXUFK3HNUXQXQG+HOPNH IROJHQPPPXQGPJHK| UHQ JHPl GHU WDEHOODULVFKHQ $XIVWHOOXQJ YRQ VFKXOEH]RJHQHQ 3HUV|QOLFKNHLWV PHUNPDOHQ 6 ]X GHQ OHLVWXQJVEH]RJHQHQ 3HUV|QOLFKNHLWVPHUNPDOHQ P XQG P]XGHQVR]LDOHQ'LH0HUNPDOHPPXQGPVLQGLP5DKPHQGHU6HOEVWEH VWLPPXQJVWKHRULH XQWHU GHP %HJULII GHU $XWRQRPLH DOV YHULQQHUOLFKWH XQG VRPLW VHOEVWEHVWLPPWH hEHU]HXJXQJHQ HEHQIDOOV GHQ 3HUV|QOLFKNHLWVPHUNPDOHQ ]X]XRUG QHQ'LH%LOGXQJVRULHQWLHUXQJP]%%FKHUOHVHQNODVVLVFKH0XVLNK|UHQ UH SUlVHQWLHUWHKHUHLQGLVSRVLWLRQDOHV3HUV|QOLFKNHLWVPHUNPDOHLQHV-XJHQGOLFKHQXQG
+LHUZXUGHQQXUMHQH.RQVWUXNWHDXVJHZlKOWZHOFKHHLQHQPRWLYDWLRQDOHQ%H]XJDXIZHLVHQ
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
5DKPHQPRGHOO]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ
GDV DOOJHPHLQH ,QWHUHVVH GHV .LQGHV P NDQQ HEHQIDOOV QDFK GHU 6HOEVWEHVWLP PXQJVWKHRULH HLQHP LQWULQVLVFK XQG OlQJHUIULVWLJ H[LVWLHUHQGHQ 3HUV|QOLFKNHLWV PHUNPDO]XJHRUGQHWZHUGHQGLH(OWHUQZXUGHQ]XÄW\SLVFKHQ(LJHQKHLWHQXQG)l KLJNHLWHQ³LKUHV.LQGHVEHIUDJW ' :DKUJHQRPPHQHU6FKXOHUIROJVFKXOLVFKH/HLVWXQJVHEHQH
:LHLQ.DSDXVJHIKUWLVWZLUGLP$OWHUYRQ-DKUHQ)lKLJNHLWDOV(U NOlUXQJVNRQ]HSWIU/HLVWXQJULFKWLJEHQXW]WXQGNRPSHQVDWRULVFKPLW$QVWUHQJXQJ YHUNQSIW±KRKH)lKLJNHLWNDQQJHULQJH$QVWUHQJXQJZHWWPDFKHQXQGXPJHNHKUW 6RPLW]HLJWVLFKDXVHQWZLFNOXQJVSV\FKRORJLVFKHU3HUVSHNWLYHGDVVGDVYHUZHQGHWH .RQVWUXNW /HLVWXQJV RGHU $QVWUHQJXQJVEHUHLWVFKDIW DXV 6LFKW GHV .LQ GHV-XJHQGOLFKHQIUGLH(UNOlUXQJGHU/HLVWXQJLQGHUYRUOLHJHQGHQ8QWHUVXFKXQJ DOV 1RWHQ XQG ÄZDKUJHQRPPHQH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH³ *OWLJNHLW KDW XQGGDKHULQGHU9HUZHQGXQJYRQNDXVDOHQ:LUNXQJVNHWWHQOHJLWLPLVW ( 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP(UZDFKVHQHQDOWHU3V\FKRORJLVFKH (EHQH 'LH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ XQG GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ VLQGGLHDEKlQJLJHQ+DXSWNRQVWUXNWHLQGLHVHU8QWHUVXFKXQJ'LH6NDODÄ%HUXIOLFKH 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ³GLHQWDXFKDOVXQDEKlQJLJH9DULDEOH]XU(UNOlUXQJ GHVTXHUVFKQLWWOLFKHQ=XVDPPHQKDQJVGHU0RWLYDWLRQLP(UZDFKVHQHQDOWHU'DXQ WHUDQGHUHPDXFK6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQJHWlWLJWZHUGHQVLQGGLH :LUNXQJVNHWWHQ$QDO\VHQYRQEHVRQGHUHU%HGHXWXQJ 'LH]HQWUDOHQ,QVWUXPHQWH6NDOHQ XQG:LUNXQJVNHWWHQLQ$EKlQJLJNHLWGHV6FKXO NRQWH[WHVXQGGHV*HVFKOHFKWV]HLJHQVLFK]XVDPPHQJHIDVVWZLHIROJW 3V\FKRVR]LDOH(EHQH LPIUKHQ-XJHQGDOWHU
0RWLYDWLRQDOH(EHQH LPIUKHQ-XJHQGDOWHU
0RWLYDWLRQDOH(EHQH LP(UZDFKVHQHQDOWHU
(OWHUQ.LQG %H]LHKXQJPLW -DKUHQ
/HLVWXQJVPRWLYDWLRQ PLW-DKUHQ
%HUXIOLFKH /HLVWXQJVPRWLYDWLRQ PLW-DKUHQ
/HKUHU6FKOHU %H]LHKXQJPLW -DKUHQ
/HLVWXQJVPRWLYDWLRQ PLW-DKUHQ
%HUXIOLFKH :HLWHUELOGXQJV PRWLYDWLRQPLW -DKUHQ
$EELOGXQJ
.HUQ,QVWUXPHQWH6NDOHQ XQG:LUNXQJVNHWWHQ
'DPLWGLHVH(LQIOVVHYJO3IHLOHLQ$EELOGXQJ MHQDFK.RQWH[WEHUHFKQHWZHU GHQN|QQHQPVVHQLQHLQHPHUVWHQ6FKULWWGLH.RQWUROOYDULDEOHQLQ%H]XJDXIGLH
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
PRWLYDWLRQDOHQ.RQVWUXNWHXQWHUVXFKWZHUGHQXQGGDQDFKGLHVWDUNEHHLQIOXVVHQGHQ EHLZHLWHUHQ%HUHFKQXQJHQNRQWUROOLHUWDXVSDUWLDOLVLHUW ZHUGHQ %HJUQGXQJGHU)UDJHVWHOOXQJHQ ,P )ROJHQGHQ ZHUGHQ GLH ]HQWUDOHQ )UDJHVWHOOXQJHQ XQG LKUH .HUQHOHPHQWH EH VFKULHEHQXQGXQWHUPDXHUW.DSELV 'DEHLZHUGHQGLH.RQVWUXNWHVR ZRKOGHUDEKlQJLJHQDOVDXFKGHUXQDEKlQJLJHQ9DULDEOHQGDUJHOHJWXQGEHJUQGHW (EHQVR HUIROJHQ %HJUQGXQJHQ ]XU GLIIHUHQWLHOOHQ 3HUVSHNWLYH ]XU %HQW]XQJ GHU 'DWHQYRQ-lKULJHQDOVDXFK]XOlQJVVFKQLWWOLFKHU)RUVFKXQJ :DUXPVR]LDOH(LQJHEXQGHQKHLWDOVXQDEKlQJLJH9DULDEOH" 1DFKGHU6'7VLQGIUGLH$XVSUlJXQJGHU/HUQXQG/HLVWXQJVPRWLYDWLRQ$XWRQR PLH.RPSHWHQ]HUOHEHQXQGVR]LDOH(LQJHEXQGHQKHLWYHUDQWZRUWOLFK6LHVLQGTXDVL GLH0RWRUHQGHU0RWLYDWLRQ 'DVVLQGLHVHU$UEHLWGLHVR]LDOH(LQJHEXQGHQKHLWLP(OWHUQKDXVXQGLQGHU6FKXOH XQG GLH GDYRQ DEKlQJLJH /HLVWXQJVPRWLYDWLRQ XQG QLFKW GLH 6HOEVWZLUNVDPNHLW V 9DULDEOHP IRNXVVLHUWZHUGHQNDQQDXFKJHPl.UDSSXQG5\DQ JHVWW]W ZHUGHQ 'LHVH ZHLVHQ DXI GHQ ]HQWUDOHQ .ULWLNSXQNW GHU 6'7 DP .RQ]HSW GHU 6HOEVWZLUNVDPNHLWVHUZDUWXQJ KLQ LQ GHU GLH +HUNXQIW GHU PRWLYDWLRQDOHQ '\QDPLN ]XZHQLJEHUFNVLFKWLJWVHL6 (V LQWHUHVVLHUW DOVR QLFKW YRU DOOHP RE GHU -XJHQGOLFKH PRWLYLHUW E]Z HLQH HLJHQH KRKH 6HOEVWZLUNVDPNHLW EHVLW]W VRQGHUQ LQZLHIHUQ GLH 0RWLYDWLRQ JHI|UGHUW ZLUG E]Z YRQ ZHOFKHQ 'HWHUPLQDQWHQ VLH DEKlQJLJ LVW 1DFK GHU 6'7 LVW HV YRU DOOHP GHUSV\FKRVR]LDOH.RQWH[WGHUSUlJHQGZLUNW =XU%HJUQGXQJGHV.RQVWUXNWVGHU/HLVWXQJVPRWLYDWLRQ 'LH6NDOD/HLVWXQJVPRWLYDWLRQZLHVLHLQGHUYRUOLHJHQGHQ$UEHLWEHQXW]WZLUGEH LQKDOWHW GLH (LQVFKlW]XQJHQ YRQ $QVWUHQJXQJ $XVGDXHU XQG (KUJHL] ZREHL GLH 6FKOHU VLFK PLW GHQ .ODVVHQPLWJOLHGHUQ YHUJOHLFKHQ 'LHVHV .RQVWUXNW LVW QLFKW GRPlQHQVSH]LILVFKXQGUHLKWVLFKGDUXP]X$UEHLWHQYRQ*UROQLFNXQG5\DQ HLQ *UROQLFN .XURZVNL 'XQODS XQG +HYH\ :LOG XQG :LOG XQG :LOG XQG +RIHU GLH HEHQIDOOV GLH %HGHXWXQJ GHU KlXVOLFKHQ /HKU/HUQ 6LWXDWLRQ IU HLQH EHUJUHLIHQGH 0RWLYDWLRQ IRNXVVLHUWHQ ([HOHU XQG :LOG GLHGLH5ROOHGHU(OWHUQIUGLH)|UGHUXQJVHOEVWEHVWLPPWHQ9HUKDOWHQVEHL*\PQD VLDVWHQ OlQJVVFKQLWWOLFK XQWHUVXFKWHQ EHQXW]WHQ DOV TXDQWLWDWLYHV 0D GHU 0RWLYD WLRQHEHQIDOOVGLH6NDODVFKXOLVFKH$QVWUHQJXQJVEHUHLWVFKDIWYRQ3HNUXQ GLH VLFKPLWYHUJOHLFKVZHLVHQKRKHQ5HJUHVVLRQVNRHIIL]LHQWHQYRUDOOHPDXIGLH)DNWR UHQ HPRWLRQDOH 8QWHUVWW]XQJ XQG DQJHSDVVWH $QVSUFKH GHU (OWHUQ VWW]W ± XQWHU .RQWUROOH GHV VR]LR|NRQRPLVFKHQ 6WDWXV GHU 1RWHQ XQG GHU (LQJDQJVPRWLYDWLRQ YJO6 7DEHOOH]HLJWGLHVH5HVXOWDWHDXI
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
3UR]HVVRULHQWLHUW
5HJHOQXQG 5LWXDOH
3URGXNWRULHQWLHUW
KRKH $QVSUFKH
/HLVWXQJV RULHQWLHUWHU 'UXFN
=XVDPPHQKlQJH]ZLVFKHQ)RUPHQGHU/HUQPRWLYDWLRQXQGHOWHUOLFKHQ(LQVWHOOXQJHQXQG,QVWUXNWLRQVVWUDWHJLHQVWDQ GDUGLVLHUWH5HJUHVVLRQVNRHIIL]LHQWHQXQWHU.RQWUROOHYRQVR]LR|NRQRPLVFKHP6WDWXV1RWHQXQG(LQJDQJVPRWLYDWLRQ ([HOHU :LOG6
HPRWLRQDOH 8QWHUVWW]XQJ
7DEHOOH
$XWRQRPLH
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
,QWHUHVVH
$XIJDEHQ2ULHQWLHUXQJ
,GHQWLIL]LHUWH0RWLYDWLRQ
$QVWUHQJXQJVEHUHLWVFKDIW
H[WHUQDOH0RWLYDWLRQ
,FK2ULHQWLHUXQJ 9HUPHLGXQJ $EQHLJXQJ
)HWWPDUNLHUXQJGHU%HJULIIHGXUFK'/ VFKDWWLHUWH=HOOHQS NXUVLYGDUJHVWHOOWS IHWWGDUJHVWHOOWK|FKVWH:HUWH :HUWHRKQH+HU YRUKHEXQJ QLFKWVLJQLILNDQW
(VNDQQDOVRJHIROJHUWZHUGHQGDVVGLHVR]LDOHPRWLRQDOH(OWHUQ8QWHUVWW]XQJHL QHUVHLWVXQGDQJHSDVVWHXQGQLFKW]XKRKH(UZDUWXQJHQDQGHUHUVHLWVVDXQWHU.DS %Ä(LQIOXVVGHUZDKUJHQRPPHQHQ%HJDEXQJVHLQVFKlW]XQJXQG(UZDUWXQJYRQ 6HLWHQ GHU (OWHUQ³ IU GLH $QVWUHQJXQJVEHUHLWVFKDIW XQG GLH LGHQWLIL]LHUWH 0RWLYD WLRQYRQ]HQWUDOHU%HGHXWXQJLVW=XKRKH(UZDUWXQJHQZLUNHQNRQWUDSURGXNWLY( [HOHUXQG:LOG YHUZHLVHQDEHUDXIGLHNOHLQHQ$XINOlUXQJVEHLWUDJHGHUHOWHU OLFKHQ (LQVWHOOXQJV XQG 9HUKDOWHQVZHLVHQ DXI GLH /HUQPRWLYDWLRQ LQ GLHVHP HKHU NU]HUHQ /lQJVVFKQLWW ZHOFKH LQ QDFKIROJHQGHQ 8QWHUVXFKXQJHQ ZHLWHU ]X SUIHQ VHLHQ 'LHVH ÄYHUIHVWLJWHQ ,QWHUDNWLRQVPXVWHU GHU HPRWLRQDOHQ %H]LHKXQJ ]ZLVFKHQ (OWHUQXQG.LQG³N|QQHQPLWYRUOLHJHQGHU8QWHUVXFKXQJ]XU%HVWLPPXQJGHU/HLV WXQJVPRWLYDWLRQEHUHLQHQ=HLWUDXPYRQ-DKUHXQWHUVXFKWZHUGHQ $XIJUXQGGHU7DWVDFKHGDVVEHLGHU6WXGLHYRQ([HOHUXQG:LOG GLHHPRWLR QDOH8QWHUVWW]XQJLQHLQHP1HEHQIDFKZLH&KHPLHIUHLQH/HLVWXQJVPRWLYDWLRQV VWHLJHUXQJ XQWHU .RQWUROOH YRQ 6FKLFKW /HLVWXQJ XQG (LQJDQJVPRWLYDWLRQ VRUJW OlVVW VLFK YHUPXWHQ GDVV GLH JOREDO HUKREHQH /HLVWXQJVPRWLYDWLRQ LP *HJHQVDW] ]XUGRPlQHQVSH]LILVFKHQ ZLHVLHLQGLHVHU$UEHLWXQWHUVXFKWZLUGYRQJURHU%H GHXWXQJEOHLEW 'D GLH $QVWUHQJXQJ LQ GHU 6NDOD EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ XQG EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHUHEHQIDOOVJOREDOIRUPXOLHUWLVWVLHKH .DS LVWGLH3UIXQJGHU6WDELOLWlWE]Z,QVWDELOLWlWEH]JOLFK/HLVWXQJVPRWL YDWLRQXQWHU.DSLWHOHEHQIDOOVVLQQYROO :DUXP)RNXVVLHUXQJDXIÄVHOEVWEHVWLPPWH³H[WULQVLVFKH0RWLYDWLRQPLW WHOV.RQVWUXNW/HLVWXQJVPRWLYDWLRQ" :LHLQ7DEHOOHEH]RJHQDXI*\PQDVLDVWHQJH]HLJWZXUGHLVWHLQlKQOLFKHU(IIHNW DXFKIUGLHYRUOLHJHQGH)UDJHVWHOOXQJ]XHUZDUWHQ6R]LDOH8QWHUVWW]XQJXQG(LQ
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
JHEXQGHQKHLW]XKDXVHVROOWHQDXFKLQGHUOlQJVVFKQLWWOLFKHQ$QDO\VHGHUEHUXIOLFKHQ :HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQLKUH:LUNXQJ]HLJHQZHQQGLHVHH[WULQVL VFKH0RWLYDWLRQLGHQWLIL]LHUWRGHULQWHUQDOLVLHUWXQGGDPLWLQWHUQDOUHJXOLHUWLVW'LH %HGHXWXQJGLHVHUK|FKVWHQ$UWH[WULQVLVFKHUXQGVRPLWVHOEVWEHVWLPPWHU0RWLYDWLRQ LVWLPVFKXOLVFKHQ.RQWH[WEHVRQGHUVZLFKWLJ $XFKZHQQHLQLQWHUHVVHQEDVLHUWHV/HUQHQGDVGXUFKHLQHKRKHZHUWEH]RJHQH XQG JHIKOVEHWRQWH 9DOHQ] JHNHQQ]HLFKQHW LVW RKQH =ZHLIHO GHQ ,GHDOIDOO PDUNLHUWZlUHHVJHUDGHLP.RQWH[W6FKXOHLQGHP/HUQHUQXUEHGLQJWLKUHQ HLJHQHQ ,QWHUHVVHQ QDFKJHKHQ N|QQHQ EHUHLWV YRQ 9RUWHLO ZHQQ DXV ÃQFK WHUQHU¶(LQVLFKWLQGHQ:HUWYRQ%LOGXQJJHOHUQWZLUG([HOHU :LOG 6 'LHVH (LQVLFKW LQ GHU 6FKXOH YRU DOOHP DXV *UQGHQ IU VSlWHUH %HUXIVFKDQFHQ ]X OHUQHQ LVW YLHOHQ -XJHQGOLFKHQ DEHU DEKDQGHQ JHNRPPHQ ,Q GHU YRUOLHJHQGHQ $U EHLWLQWHUHVVLHUWQLFKWYRUDOOHPGLHLQWULQVLVFKH0RWLYDWLRQPLWLKUHQDXVJHZLHVHQHQ OlQJHUIULVWLJHQ$XVZLUNXQJHQVRQGHUQGLH/HLVWXQJVPRWLYDWLRQDXIGHU6WXIHLQWHU QDODXVJHO|VWHU5HJXODWLRQV.DS& ZHOFKH]ZDUHLQKHUJHKWPLWGHP*H IKO GHU 6HOEVWEHVWLPPXQJ VLFK DEHU YRQ GHU LQWHUHVVHQVEDVLHUWHQ 0RWLYDWLRQ NODU DEKHEW LQGHP GLH VRGDQQ LQWHJULHUWHQ =LHOH XQG $QIRUGHUXQJHQ XUVSUQJOLFK YRQ DXHQNDPHQ'LHVH0RWLYDWLRQKDWDOVRLPPHUQRFKHLQHQLQVWUXPHQWHOOHQ&KDUDN WHU0DQVWUHQJWVLFKQLFKWYRUDOOHPGHV,QWHUHVVHVZHJHQVRQGHUQDXV*UQGHQHL QHV]XHUUHLFKHQGHQ=LHO]XVWDQGHVRGHUHLQHU]XHUODQJHQGHQVR]LDOHQ(LQJHEXQGHQ KHLW LQ GHU .ODVVH RGHU ]XKDXVH DQ 0DQ P|FKWH GD]XJHK|UHQ 'LH VR]LDOH (LQJH EXQGHQKHLW LVW DOVR HLQH 8UVDFKH H[WULQVLVFK DEHU VHOEVWEHVWLPPW PRWLYLHUWHQ 9HU KDOWHQV6LHLVWHVGLHGHQ,GHQWLILNDWLRQVSUR]HVVPLWYRQDXHQYRUJHJHEHQ=LHOHQ I|UGHUW1DFK'HFLXQG5\DQ EHUXKWGLH0RWLYDWLRQ]XUDNWLYHQ$XVHLQDQGHU VHW]XQJPLWGHU8PZHOWOHW]WHQGOLFKDXIGHQÄVR]LDOHQ%HGLQJXQJHQGLHGDV%HVWUH EHQ QDFK $XWRQRPLH .RPSHWHQ] XQG VR]LDOHU (LQJHEXQGHQKHLW XQWHUVWW]HQ RGHU YHUKLQGHUQ³6+HUYRUKHEXQJGXUFK'/ :HQQEHLGHQ.RUUHODWLRQVEHUHFKQXQJHQ]ZLVFKHQ/HLVWXQJVPRWLYDWLRQLP-XJHQG DOWHUXQGEHUXIOLFKHU:HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHU HQWZHGHUDOVLQWULQVLVFKHRGHUVHOEVWEHVWLPPWH[WULQVLVFKH)RUP VLJQLILNDQWH:HUWH MH QDFK .RQWH[W EHUHFKQHW ZHUGHQ VR N|QQHQ GLHVH 5HVXOWDWH DOV JURH OlQJVVFKQLWWOLFKH%HZHJXQJHQYRQH[WHUQDOLQLQWHUQDOUHJXOLHUWH0RWLYDWLRQDXIJH IDVVWZHUGHQ:HLWHUELOGXQJLP(UZDFKVHQHQDOWHULVWLP1RUPDOIDOOHLQHIUHLZLOOLJH 6DFKH XQG JHKW HKHU DXI LQQHUH DOV lXVVHUH 6WHXHUXQJ ]XUFN (V GDUI DOV VHOEVWEH VWLPPWH0RWLYDWLRQDQJHQRPPHQZHUGHQ :DUXPGLIIHUHQWLHOOJHVFKOHFKWVVSH]LILVFKH$XVZHUWXQJHQIU6FKOHU GHV*\PQDVLXPVXQGGHU+DXSWVFKXOH" Ä>'LH6FKXOH@±VRGHUJHQHUHOOH7HQRUGHU)RUVFKXQJ±YHUIHVWLJWJHVFKOHFKWVVSH]L ILVFKH8QWHUVFKLHGHLP9HUKDOWHQ HLQVFKOLHOLFKNRJQLWLYHUHPRWLRQDOHUXQG PRWL
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
YDWLRQDOHU$VSHNWH³*XGMRQV6 7DEHOOH]HLJWGLHJHVFKOHFKWVVSH]L ILVFKHQ5DQJNRUUHODWLRQVZHUWH]ZLVFKHQ%HUXIVLQWHUHVVHXQG%HUXIVSUHVWLJHDQJDEHQ DXV HLQHU 6WXGLH YRQ %DUQHWW (V LVW ]X HUNHQQHQ GDVV EHL GHQ .QDEHQ PLW VWHLJHQGHP$OWHUGDV,QWHUHVVHDQSUHVWLJHWUlFKWLJHQ%HUXIHQ]XQLPPW2EZRKOGLH 6WXGLHYRQLVWXQGVLFKEHLP7KHPD*HQGHU]ZLVFKHQ]HLWOLFKYLHOEHZHJWKDW HUVFKHLQWHVSODXVLEHOGLHVDOVZHLWHUHQ%HOHJ]XQHKPHQZDUXP.QDEHQJHJHQEHU 0lGFKHQ HLQH XQWHUVFKLHGOLFKH 6R]LDOLVDWLRQ LQ GHU /HLVWXQJVPRWLYDWLRQVHQWZLFN OXQJDXIZHLVHQN|QQWHQ
7DEHOOH
*HVFKOHFKWVVSH]LILVFKH5DQJNRUUHODWLRQVZHUWH]ZLVFKHQ%HUXIVLQWHUHVVHXQG%HUXIVSUHVWLJHDQJDEHQEHL.LQ GHUQ-XJHQGOLFKHQYJO%DUQHWW
$OWHU-DKUH
0lQQOLFK1 :HLEOLFK1
5DQJNRUUHODWLRQHQ
³6FKXOHUIROJVHQWZLFNOXQJHQJHKHQEHL-XQJHQLP*HJHQVDW]]X0lGFKHQÃ+DQGLQ +DQG¶ PLW 9HUlQGHUXQJHQ GHV (OWHUQ.LQG9HUKlOWQLVVHV´ )HQG 6 )HQG ZHUWHW GLHV DOV +LQZHLV GDVV IU (OWHUQ GLH 6FKXOODXIEDKQ YRQ -XQJHQ DXFK KHXWH QRFK ZLFKWLJHU LVW DOV MHQH IU 0lGFKHQ 6RPLW VFKODJHQ VLFK (UIROJH RGHU 0LHUIROJHEHL-XQJHQDXIGLH%H]LHKXQJDXFKVWlUNHU]X%XFKHYJOHEG 'HU HQJH =XVDPPHQKDQJ ]ZLVFKHQ 6FKXOHUIROJ XQG (OWHUQ.LQG%H]LHKXQJ VR )HQG VSLHJOH VLFK DXFK GDULQ GDVV GLH 9HUlQGHUXQJVPXVWHU PLW GHU 6FKXO IRUP]XJHK|ULJNHLWGHU-XJHQGOLFKHQNRUUHVSRQGLHUHÄ-XJHQGOLFKHLQ*\PQDVLHQKD EHQ HLQ EHVVHUHV 9HUKlOWQLV ]X GHQ (OWHUQ DOV -XJHQGOLFKH LQ 5HDOVFKXOHQ *OHLFK ]HLWLJ EOHLEW HV EHL *\PQDVLDVWHQ EHVVHU DOV EHL 5HDOVFKOHUQ´ 6 =XGHP LVW GDVVFKXOLVFKH3UREOHPYHUKDOWHQLQVJHVDPWGHXWOLFKVWlUNHUPLWHLQHUEHODVWHWHQ%H ]LHKXQJ]XGHQ(OWHUQYHUNQSIWDOVDXHUVFKXOLVFKHV5LVLNRYHUKDOWHQYJO6 'LH )UDJHVWHOOXQJ EH]JOLFK GHU GLIIHUHQWLHOOHQ :LUNXQJ GHU 6HOEVWEHVWLPPXQJV WKHRULHLQYHUVFKLHGHQHQ6FKXONRQWH[WHQXQGLQ$EKlQJLJNHLWGHV*HVFKOHFKWVJUQ GHWDXFKDXIGHP)D]LWYRQUHOHYDQWHQ6WXGLHQ]XPJOHLFKHQ7KHPD :LOG XQG +RIHU ZHLVHQ DXI 8QWHUVFKLHGH LQ GHU /HLVWXQJVPRWLYDWLRQV (QWZLFNOXQJ ]ZLVFKHQ *\PQDVLDVWHQ XQG %HUXIVVFKOHUQ KLQ 6LH KDOWHQ IHVW GDVV 6FKOHU LQ GHU EHUXIOLFKHQ (UVWDXVELOGXQJ LQ EHLGHQ PRWLYDWLRQDOHQ 2ULHQWLHUXQJHQ K|KHUH:HUWHDOVJOHLFKDOWULJH6FKOHULQGHQOHW]WHQ.ODVVHQGHUJ\PQDVLDOHQ2EHU VWXIHHU]LHOHQ'LHVH'LIIHUHQ]HQN|QQHQQDFK$QVLFKWGHU$XWRUHQDXI8QWHUVFKLHGH LQ GHU VFKXOLVFKHQ /HUQXPJHEXQJ XQG KLHU LQVEHVRQGHUH DXI GHQ VWDUNHQ $QZHQ GXQJVEH]XJGHU/HUQLQKDOWHLQGHU%HUXIVVFKXOH]XUFNJHIKUWZHUGHQ6RODQJHDEHU VROFKH %HIXQGH QLFKW DXI /lQJVVFKQLWWVWXGLHQ EHUXKHQ ÄGLH GLH (QWZLFNOXQJ YHU VFKLHGHQHU )RUPHQ GHU /HUQPRWLYDWLRQ EHU GLH JHVDPWH 6SDQQH GHU VFKXOLVFKHQ XQG EHUXIOLFKHQ $XVELOGXQJ KLQZHJ³ DEELOGHW EOHLEW HLQH VROFKH ,QWHUSUHWDWLRQ IU GLH$XWRUHQGRFKVSHNXODWLY'LH8QWHUVFKLHGHN|QQWHQJHUDGHVRJXWDXIJUXQGYRQ IUKHUHQDXHU VFKXOLVFKHQ/HUQHUIDKUXQJHQ]XVWDQGHJHNRPPHQVHLQ
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
6WXKOPDQQ KDWJH]HLJWGDVVYRUDOOHPGLH*UXSSHÄ0WWHUPLW.LQGHUQ³EH ]JOLFK EHUXIOLFKHU /HLVWXQJV XQG :HLWHUELOGXQJVPRWLYDWLRQ WLHIH :HUWH KDEHQ ZlKUHQG GLHV IU Ä0lQQHU PLW .LQGHUQ³ QLFKW JLOW ,QVRIHUQ LVW HV DXFK QDFKYROO ]LHKEDUGDVVEHLGHUYRUOLHJHQGHQ8QWHUVXFKXQJYRUDOOHPGLH*UXSSHGHU0lQQHU IRNXVVLHUWZLUG
0HLHU GHU YHUWLHIHQGH $QDO\VHQ PLW 3,6$'DWHQ ]XP .RQWH[W YRQ 6FKOHUOHLVWXQJHQPDFKWHZHLVWDXIGLHHPSLULVFKH7DWVDFKHGHV)DPLOLHQNOLPDVLQ $EKlQJLJNHLWGHV6FKXOW\SVKLQÄ-HÃK|KHU¶GLH6FKXOIRUPGHVWRVR]LDOEHVVHUJH VWHOOWLVWGLH6FKOHUVFKDIW±XQGGHVWRHKHUZLUGGDV)DPLOLHQNOLPDDOVDN]HSWLHUHQG HLQJHVFKlW]W³ 6 2EZRKO GLH 8QWHUVFKLHGH NOHLQ DXVIDOOHQ VR 0HLHU ZHLWHU ZLUNW VLFK GLHVHU %HIXQG YRU DOOHP EHL .QDEHQ LQ =XVDPPHQKlQJHQ PLW DQGHUHQ .RQVWUXNWHQKLHU]%/HVHNRPSHWHQ] DXV0lGFKHQ]HLJHQEH]JOLFKGHV=XVDP PHQKDQJV ]ZLVFKHQ /HVHQ XQG )DPLOLHQNOLPD QLFKW VROFKH DXVJHSUlJWH 5HVXOWDWH 6HLQH 'DWHQ ]HLJHQ DOVR GDVV EHLP =XVDPPHQKDQJ YRQ .OLPD XQG /HLV WXQJVPRWLYDWLRQ GLH)RNXVVLHUXQJDXI.QDEHQVLQQYROOLVWYJO7DEHOOH 7DEHOOH
.RUUHODWLRQHQGHU/HVHNRPSHWHQ]PLWGHP)DPLOLHQNOLPDEHL.QDEHQQDFK6FKXOIRUP0HLHU6
+DXSWVFKXOH 5HDOVFKXOH *\PQDVLXP
S
S
S
$N]HSWLHUHQGHV)DPLOLHQNOLPD
5HVWULNWLYHV)DPLOLHQNOLPD
'LH:LUNXQJHLQHVSRVLWLYHQ)DPLOLHQNOLPDVDXIGLH/HVHNRPSHWHQ]LVWEHL*\PQD VLDVWHQVWlUNHUDOVEHL+DXSWVFKOHUQ+LHUDXVNDQQDOVRJHIROJHUWZHUGHQGDVVGLH :LUNXQJV]XVDPPHQKlQJH EHL *\PQDVLDVWHQ ]ZLVFKHQ GHU VR]LDOHQ (LQJHEXQGHQ KHLW ]XKDXVH XQG VFKXOLVFKHU (LQVWHOOXQJ VWlUNHU VLQG DOV EHL +DXSWVFKOHUQ :lK UHQG QXQ 0HLHU GLH 9DULDQ]DXINOlUXQJHQ GHU .RPSHWHQ]HQ TXHUVFKQLWWOLFK EHUHFKQHW YRQPD[LPDODOVHKHUXQEHGHXWHQGGHNODULHUW6 IRNXVVLHUWGLH LQGLHVHU$UEHLWYRUOLHJHQGH)UDJHVWHOOXQJDEHUGLHOlQJHUIULVWLJHXQGVRPLWEHGHXW VDPHUH 3UlJXQJ GHV (OWHUQKDXVHV DXI GLH /HUQPRWLYDWLRQ 6RPLW PXVV YRQ NOHLQHQ :HUWHQDXVJHJDQJHQZHUGHQZHOFKHLQLKUHU%HGHXWXQJDEHUDOVUHOHYDQWDQJHVHKHQ ZHUGHQN|QQHQ =XP=LHONRQIOLNWÄ/HLVWXQJVRGHU3HUV|QOLFKNHLWVHQWZLFNOXQJ³±GHU =XVDPPHQKDQJ]ZLVFKHQ%H]LHKXQJXQG/HLVWXQJVPRWLYDWLRQ 'LH )UDJH QDFK =LHONRQIOLNWHQ JHKW GHU KlXILJ JHlXHUWHQ %HIUFKWXQJ QDFK GDVV HLQ EHVRQGHUV VWDUN DXI /HLVWXQJVVWHLJHUXQJ DXVJHULFKWHWHV (OWHUQYHUKDOWHQ LP 'XUFKVFKQLWWDXI.RVWHQHLQHUSRVLWLYHQ(QWZLFNOXQJGHU/HUQPRWLYDWLRQRGHUDQGH UHU OHLVWXQJVEH]RJHQHU 0RWLYH XQG (LQVWHOOXQJHQ JHKW 2SWLPDO ZlUH KLQJHJHQ ZHQQ VLFK HOWHUOLFKH %H]LHKXQJV .RPPXQLNDWLRQV XQG (U]LHKXQJVVWLOPHUNPDOH LGHQWLIL]LHUHQ OLHVVHQ EHL GHQHQ GLH NRJQLWLYH (QWZLFNOXQJ QDFKKDOWLJ JHI|UGHUW ZLUGRKQHGDVVGLHDIIHNWLYHXQG PRWLYDWLRQDOH(QWIDOWXQJGDUXQWHUOHLGHW0LWGHU WKHRUHWLVFKHQ 5DKPHQNRQ]HSWLRQ GHU 6'7 LVW GLHVHP $VSHNW 5HFKQXQJ JHWUDJHQ
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
ZHLOH[SOL]LWGLHVR]LDOH(LQJHEXQGHQKHLWE]ZGDV:RKOEHILQGHQDOV%HGLQJXQJIU /HLVWXQJVXQG/HUQPRWLYDWLRQKHUDXVJHKREHQZLUG ,P =XJH YRQ HUK|KWHQ $QIRUGHUXQJHQ LQ 6FKXOH XQG %HUXIVOHEHQ LVW GLH *HIDKU JURGDVV(OWHUQXQG/HKUHU]XIHVWQDFK/HLVWXQJHQGHU.LQGHUXQG-XJHQGOLFKHQ ÄGUlQJHQ³XQGGDEHLHLQHOlQJHUIULVWLJHSRVLWLYH3HUV|QOLFKNHLWVHQWZLFNOXQJYHUKLQ GHUQ :LOG XQG 5HP\ D VWHOOHQ EHL .OlVVOHUQ GHUHQ (OWHUQ HLQHQ GLUHNWLY NRQWUROOLHUHQGHQ8PJDQJPLWVFKXOLVFKHQ%HODQJHQ]HLJHQEHUK|KWH/HLVWXQJVHU ZDUWXQJHQKHJHQXQGLQKlXVOLFKHQ/HKU/HUQ$UUDQJHPHQWVGDV/HLVWXQJVHUJHEQLV LQV =HQWUXP VWHOOHQ 3URGXNWRULHQWLHUXQJ HLQH QHJDWLYH :LUNXQJ IHVW $EQHLJXQJ JHJHQEHUPDWKHPDWLVFKHQ,QKDOWHQ ,QWHUHVVDQWZlUHQXQDEHUGLH)UDJHREHLQHVHKUJXWH(OWHUQ.LQG%H]LHKXQJWURW] KRKHU.RQWUROOHXQGKRKHU/HLVWXQJVHUZDUWXQJHQLQNOXVLYH3URGXNWRULHQWLHUXQJEHL GHU+DXVDXIJDEHQEHWUHXXQJYRQ6HLWHQGHU(OWHUQGHQQRFKHLQHKRKHH[WULQVLVFKH /HUQPRWLYDWLRQ EHLP .LQG HU]HXJHQ N|QQWH $XIJUXQG GHU QLFKW LQ HLQHU 6NDOD HU IDVVWHQ (OWHUQHUZDUWXQJHQ OlVVW VLFK GLHVH )UDJH DEHU PLW YRUOLHJHQGHP 'DWHQVDW] QLFKWEHDQWZRUWHQ :DUXPGLH%HQW]XQJGHU'DWHQYRQ-XJHQGOLFKHQLP/HEHQVMDKU" 'HU.RQVWDQ]HU/lQJVVFKQLWWZLHHULQ.DSDXVIKUOLFKEHVFKULHEHQZLUGZHLVW 'DWHQYRQ-XJHQGOLFKHQLP$OWHUYRQELV-DKUHQDXI=HQWUDOH6NDOHQZLHVLH LQ GLHVHU $UEHLW YHUZHQGHW ZHUGHQ VLQG HUVW LP -DKU $OWHU EHL -XJHQGOL FKHQ HUKREHQZRUGHQ :DUXP LVW DEHU GLH 9HUZHQGXQJ GHU 'DWHQ LP $OWHU YRQ -DKUHQ VLQQYROO" )U 8OOULFK LVWHVYRUDOOHPGDVIUKH-XJHQGDOWHUZR=XVDPPHQKlQJH]ZLVFKHQ HPRWLRQDODQJHQHKPHQXQGNRJQLWLYDQUHJHQGHP.OLPD]XKDXVHXQGSRVLWLYHU3HU V|QOLFKNHLWVHQWZLFNOXQJ ]XP 7UDJHQ NRPPHQ YJO 6 'D]X NRPPW GDVV GLH $XVHLQDQGHUVHW]XQJHQ ]ZLVFKHQ (OWHUQ XQG .LQG W\SLVFKHUZHLVH LKUHQ +|KHSXQNW LP$OWHUYRQHWZD-DKUHQHUUHLFKHQ±HLQH(QWZLFNOXQJVSKDVHGLHVFKRQVHLW%H JLQQ GHU -XJHQGIRUVFKXQJ DOV HLQ .XOPLQDWLRQVSXQNW GHU $XVHLQDQGHUVHW]XQJ PLW VLFK VHOEVW DQJHVHKHQ ZLUG 6SUDQJHU ]LWLHUW QDFK DD2 6 =XGHP LVW ZLHLQ.DSVFKRQHUZlKQWGDV$OWHUYRQ-DKUHQGDUXPJHZlKOWZHLOGDQQ /HLVWXQJHQULFKWLJGXUFK$QVWUHQJXQJXQG)lKLJNHLWDWWULEXLHUWZHUGHQ %HGHXWXQJYRQ/lQJVVFKQLWWVWXGLHQ 3HNUXQXQG+HOPNH6 lXHUQLQLKUHP)D]LW]XGHQ)RUVFKXQJVGHIL]LWHQ H[SOL]LWGLH1RWZHQGLJNHLWYRQ/lQJVVFKQLWWVWXGLHQ(VVHLVRJXWZLHQLFKWVEHNDQQW ]XGHQ(IIHNWHQYRQ6FKXOHDXIGLHÄQDFKVFKXOLVFKH3HUV|QOLFKNHLWVHQWZLFNOXQJ³6 ,Q$QOHKQXQJDQ)HQG GHILQLHUHQ VLHGHQ$XIWUDJGHU6FKXOHVD.DS IROJHQGHUPDHQÄ*HVHOOVFKDIWOLFKHU$XIWUDJYRQ6FKXOHLVWHVGLH(QWZLFNOXQJ GHU KHUDQZDFKVHQGHQ *HQHUDWLRQ ]XEHHLQIOXVVHQ XPGHQ )RUWEHVWDQG YRQ *HVHOO
)UDJHVWHOOXQJ5DKPHQPRGHOOXQG%HJUQGXQJ
%HJUQGXQJGHU)UDJHVWHOOXQJHQ
VFKDIWXQGNXOWXUHOOHU0HQVFKKHLWVHYROXWLRQ]XVLFKHUQ³6 'DPLWLVWDOVRDQ JHGHXWHW GDVV GLH 6FKXOH QLFKW QXU IU NXU]H VRQGHUQ YRU DOOHP IU ODQJIULVWLJH :LUNXQJHQ VRUJHQ PXVV GK GDVV LKU .HUQJHVFKlIW DXFK GLH 3HUV|QOLFKNHLWVHQW ZLFNOXQJGHU.LQGHUXQG-XJHQGOLFKHQLVW 3HNUXQ XQG +HOPNH PHVVHQ YRU DOOHP /lQJVVFKQLWWXQWHUVXFKXQJHQ JURH %HGHXWXQJ]XGLHEHLGHU$QDO\VHYRQ6FKOHU8PZHOW:HFKVHOZLUNXQJHQXQGGLI IHUHQWLHOOHQ(LQIOVVHQXQWHUVFKLHGOLFKHU(QWZLFNOXQJVXPZHOWHQ]XU$XINOlUXQJGHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ XQG QDFKVFKXOLVFKHQ /HEHQVEHZlOWLJXQJ EHLWUDJHQ 6LH EH]HLFKQHQ/lQJVVFKQLWWXQWHUVXFKXQJHQGDUXPDOVÄ.|QLJVZHJ³GHU(QWZLFNOXQJV IRUVFKXQJYJO6 8OLFK XQG -HUXVDOHP ELODQ]LHUHQ GDVV HV ZHLWHUH SURVSHNWLYH /lQJVVFKQLWW VWXGLHQLP%HUHLFKNRJQLWLYHPRWLRQDOHUXQGYROLWLRQDOHU3UR]HVVHEUDXFKWXP]X QHKPHQGHLQGLIIHUHQ]LHUWHUHV%LOGEHUGLHVFKXOLVFKH6R]LDOLVDWLRQ]XHUKDOWHQ 6RPLW LVW GLH YRUOLHJHQGH OlQJVVFKQLWWOLFKH )UDJHVWHOOXQJ DXVJHZLHVHQ XQG EHJUQ GHW,PQlFKVWHQ.DSLWHOZHUGHQGLH]XU%HDQWZRUWXQJGLHQHQGHQ9DULDEOHQDXILKUH *OWLJNHLWGHWDLOOLHUWDXVJHZLHVHQ
0HWKRGH
+\SRWKHVHQ
0HWKRGH +\SRWKHVHQ $XIJUXQGGHULQ.DSLWHODXIJHIKUWHQ%HIXQGHZHUGHQDXVGHQVLHEHQ)RUVFKXQJV IUDJHQV.DS +\SRWKHVHQXQG8QWHUK\SRWKHVHQDEJHOHLWHW + =ZLVFKHQ.RQWUROOYDULDEOHQXQGGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ JLEW HV VLJQLILNDQWH =XVDPPHQKlQJH VRZRKO LP -XJHQGDOWHU DOV DXFK LP (U ZDFKVHQHQDOWHUXQGHEHQVRLQGLIIHUHQWLHOOHU+LQVLFKWV.DSE]Z + LP-XJHQGDOWHU + LP(UZDFKVHQHQDOWHU + LQGLIIHUHQWLHOOHU+LQVLFKW + 'LHVR]LDOH(LQJHEXQGHQKHLWLQGHU)DPLOLHZLUNWVLFKSRVLWLYDXIGLHPRWLYDWLR QDOHQ 3HUV|QOLFKNHLWVPHUNPDOH XQG LQVEHVRQGHUH DXI GLH /HLVWXQJVPRWLYDWLRQ LP-XJHQGDOWHUDXVVRZRKOTXHUVFKQLWWOLFKDOVDXFKOlQJVVFKQLWWOLFK(VLVWGLH (OWHUQ.LQG%H]LHKXQJ GLH LQQHUKDOE GHU IDPLOLlUHQ 9DULDEOHQ GHU VR]LDOHQ (LQJHEXQGHQKHLWIUK|FKVWH=XVDPPHQKlQJH]XU/HLVWXQJVPRWLYDWLRQVRUJWV .DSE]Z + 'LHDXHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWZLUNWVLFKSRVLWLYDXIGLHPRWLYDWL RQDOHQ3HUV|QOLFKNHLWVPHUNPDOHXQGLQVEHVRQGHUHDXIGLH/HLVWXQJVPRWLYDWLRQ LP-XJHQGDOWHUDXVVRZRKOTXHUVFKQLWWOLFKDOVDXFKOlQJVVFKQLWWOLFK(VLVWGLH /HKUHU6FKOHU%H]LHKXQJGLHLQQHUKDOEGHUDXHUIDPLOLlUHQ9DULDEOHQGHUVR ]LDOHQ (LQJHEXQGHQKHLW IU K|FKVWH =XVDPPHQKlQJH ]XU /HLVWXQJVPRWLYDWLRQ VRUJWV.DSE]Z + (V JLEW GLIIHUHQWLHOOH :LUNXQJV]XVDPPHQKlQJH ]ZLVFKHQ GHU IDPLOLlUHQ XQG DXHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWXQGGHU/HLVWXQJVPRWLYDWLRQLPIU KHQ -XJHQGDOWHU IHVW]XVWHOOHQ %HL GHQ PlQQOLFKHQ *\PQDVLDVWHQ VLQG GLH (I IHNWHDPJU|WHQV.DSE]Z + (V JLEW VRZRKO JHQHUHOOH DOV DXFK GLIIHUHQWLHOOH :LUNXQJV]XVDPPHQKlQJH GHU IDPLOLlUHQXQGDXHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLPIUKHQ-XJHQGDOWHU XQG GHU EHUXIOLFKHQ /HLVWXQJV XQG GLH :HLWHUELOGXQJVPRWLYDWLRQ LP IUKHQ (UZDFKVHQHQDOWHU-DKUHVSlWHU IHVW]XVWHOOHQV.DSE]Z + =ZLVFKHQ GHU /HLVWXQJVPRWLYDWLRQ LP IUKHQ -XJHQGDOWHU XQG GHU EHUXIOLFKHQ /HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQLPIUKHQ(UZDFKVHQHQDOWHU-DK UH VSlWHU LVW HLQH 6WDELOLWlW IHVW]XVWHOOHQ 'LHVH IlOOW VRZRKO JHVFKOHFKWV DOV DXFKVFKXOIRUPVSH]LILVFKDXVV.DSE]Z + =XUDOOJHPHLQHQXQGGLIIHUHQWLHOOHQ6R]LDOLVDWLRQGHU/HLVWXQJVPRWLYDWLRQ'LH IDPLOLlUH XQG DXHUIDPLOLlUH VR]LDOH (LQJHEXQGHQKHLW LP IUKHQ -XJHQGDOWHU ZLUNWVLFKGLUHNWXQGEHUGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHU LQGLUHNWDXI GLH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ XQG GLH :HLWHUELOGXQJVPRWLYDWLRQ LP (U ZDFKVHQHQDOWHU-DKUHVSlWHU DXV'LH:LUNXQJGHUVR]LDOHQ(LQJHEXQGHQ KHLW JHPl GHU 6HOEVWEHVWLPPXQJVWKHRULH ]XU )|UGHUXQJ GHU 0RWLYDWLRQ LVW EHU -DKUH KLQZHJ QDFKZHLVEDU DEHU MH QDFK )RNXV DXFK XQWHUVFKLHGOLFK ZLUNVDPYJO.DSE]Z
0HWKRGH
6WLFKSUREHXQG)RUVFKXQJVGHVLJQGHU/LI(6WXGLH
6WLFKSUREHXQG)RUVFKXQJVGHVLJQGHU/LI(6WXGLH 'LH/LI(6WXGLH/HEHQVYHUOlXIHLQVIUKH(UZDFKVHQHQDOWHU LVWGHU)ROORZ8SGHU .RQVWDQ]HU -XJHQGOlQJVVFKQLWWVWXGLH ZHOFKH YRQ ELV MlKUOLFK HWZD .LQGHUXQG-XJHQGOLFKHDXVGHU*URVWDGW)UDQNIXUWXQG]ZHLOlQGOLFKHQ5H JLRQHQ .UHLV %HUJVWUDH XQG 2GHQZDOG LP %XQGHVODQG +HVVHQ WHLOQDKPHQ (V JLQJ GDEHL XP YHUVFKLHGHQH )RUVFKXQJVVFKZHUSXQNWH HLQHU ZDU GLH 8QWHUVXFKXQJ GHUSV\FKRVR]LDOHQ(QWZLFNOXQJ %HLP /LI(6WLFKSUREHQ]XJDQJ KDQGHOW HV VLFK XP NHLQH =XIDOOVWLFKSUREH VRQGHUQ XPHLQHJH]LHOWH$XVZDKOYRQ/DQGNUHLVHQVRZLHHLQHQJURVWlGLVFKHQ/HEHQVUDXP ,QGHQ/DQGNUHLVHQ%HUJVWUDHXQG2GHQZDOG ZXUGHQDOOHHUUHLFKEDUHQ6FKXO NODVVHQLQ)UDQNIXUWHLQH=XIDOOVVWLFKSUREHHUIDVVW0LW(LQVFKUlQNXQJHQVLQGDXFK 5HSUlVHQWDWLYLWlWVNRQWUROOHQ GXUFK GHQ 9HUJOHLFK PLW GHU .RKRUWHQEHVFKUHLEXQJ $//%86P|JOLFK(V]HLJWVLFKGDVVLQGHU/LI(.RKRUWHQ6WLFKSUREH3HUVR QHQPLWWLHIHP%LOGXQJVQLYHDXXQGQLFKWGHXWVFKHU6WDDWVDQJHK|ULJNHLWXQWHUYHUWUH WHQVLQG.HLQH8QWHUVFKLHGH]HLJHQVLFKKLQJHJHQEHLP=LYLOVWDQGXQGGHU.LQGHU ]DKO(EHQIDOOVVLQGLQGHU6WLFKSUREHVLJQLILNDQWZHQLJHU3HUVRQHQ]XILQGHQGLHLP -XJHQGDOWHULQGHU6WDGWDXIZXFKVHQ'LH-XJHQGOLFKHQGHU.RKRUWHZXUGHQMHZHLOV LQ LKUHQ .ODVVHQYHUElQGHQ JHWHVWHW ,P .RQVWDQ]HU /lQJVVFKQLWW IDQGHQ DXFK ]ZHL JURH(OWHUQXQWHUVXFKXQJHQXQGGUHL(UKHEXQJHQEHL/HKUNUlIWHQXQGPHKUHUHTXD OLWDWLYH6WXGLHQVWDWWYJO)HQGE6II 'HU/LI(6WLFKSUREHJLQJHLQDXIZlQGLJHU6XFKSUR]HVVGHU$GUHVVHQGHU3UREDQGHQ YRUDQ 0LW +LOIH GHV |IIHQWOLFK ]XJlQJOLFKHQ $GUHVVYHU]HLFKQLVVHV GHU 'HXWVFKHQ 7HOHNRP$*XQGGHU'HXWVFKHQ3RVWOLHHQVLFKEHU$GUHVVHQZLHGHUILQGHQ YRU DOOHP MHQH GHU (OWHUQ 1DFK HLQHU VFKULIWOLFKHQ XQG WHOHIRQLVFKHQ (ULQQHUXQJ OLHHQVLFKJOWLJH$GUHVVHQLGHQWLIL]LHUHQDQZHOFKHHLQ6HLWHQXPIDVVHQ GHUXQGVHKUSHUV|QOLFKHU)UDJHERJHQYHUVFKLFNWZXUGH/HW]WOLFKNRQQWHHLQ5FN ODXIYRQHU]LHOWZHUGHQXQGVRPLWVWHKHQLQVJHVDPW'DWHQYRQ-XJHQG OLFKHQEHUGHQ/lQJVVFKQLWWYRQXQG]XU9HUI JXQJYJOHEG
Ä(QWZLFNOXQJLP-XJHQGDOWHU³ZHOFKHVLP6RQGHUIRUVFKXQJVEHUHLFKGHU8QLYHUVLWlW.RQVWDQ]XQWHU /HLWXQJYRQ+)HQGGXUFKJHIKUWZXUGH'DV3URMHNWZXUGHGXUFKGLH'HXWVFKH)RUVFKXQJVJHPHLQVFKDIW ')* ZlKUHQG-DKUHQILQDQ]LHUW
0HWKRGH
6WLFKSUREHXQG)RUVFKXQJVGHVLJQGHU/LI(6WXGLH
/LI(6WXGLH .RQVWDQ]HU-XJHQGVWXGLH
)ROORZ8S
-DKU $OWHU
+DXSWNRKRUWH 7HVWNRKRUWH 3DUDOOHONRKRUWH
$EELOGXQJ
/HKUHU6WXGLH
(OWHUQVWXGLH
.RKRUWHQGHU.RQVWDQ]HU-XJHQGVWXGLHE]Z'HVJLQGHU/LI(6WXGLH
,P *HJHQVDW] ]X =XVWURPDQDO\VHQ EHL ZHOFKHQ ]% DXI MHQH 3HUVRQHQ IRNXVVLHUW ZLUGGLHLP(UZDFKVHQHQDOWHUHUIROJUHLFKVLQGZLUGLQGHU$EVWURPDQDO\VHGLHJH VDPWH 6WLFKSUREH EHUFNVLFKWLJW 0DQ VFKDXW ZDV GXUFKVFKQLWWOLFK DXV DOOHQ 3UR EDQGHQJHZRUGHQLVWXQGIRNXVVLHUWQLFKWQXUGDUDXIZLHMHQHLP-XJHQGDOWHUZDUHQ ZHOFKHLP(UZDFKVHQHQDOWHUHUIROJUHLFKVLQG (V ZXUGH DOVR EHL GHQ %HUHFKQXQJHQ NHLQH 6HOHNWLRQ GHU -XJHQGOLFKHQ YRUJHQRP PHQ/RJLVFKHUZHLVHHUKlOWPDQGDGXUFKZHVHQWOLFKJHULQJHUH$XINOlUXQJVEHLWUlJH DOV PLW GHU HLQJHVFKUlQNWHQ 6WLFKSUREH GHV HUVWHQ 9HUIDKUHQV -HGRFK GUIHQ GLH 6FKOXVVIROJHUXQJHQGHV]ZHLWHQ9HUIDKUHQVDOVZHVHQWOLFKHUEHWUDFKWHWZHUGHQ $XV GLHVHP *UXQGH ZXUGHQ GLH 6WLFKSUREHQ GHU HLQ]HOQHQ JHVFKOHFKWV XQG VFKXO IRUPVSH]LILVFKHQ8QWHUJUXSSHQQLFKWPLWWHOV.ULWHULXPÄHUIROJUHLFKHU*\PQDVLXPV DEVFKOXVV³ EHVWLPPW 'LH 8QWHUJUXSSH ÄPlQQOLFKH *\PQDVLDVWHQ³ ZXUGH GDGXUFK JHELOGHWGDVVGLHPlQQOLFKHQ6FKOHUDXVJHZlKOWZXUGHQZHOFKHLP-DKUHDP *\PQDVLXPZDUHQ±HJDOREVLHVSlWHUGDV$ELWXUVFKDIIWHQRGHUQLFKW 'DV )RUVFKXQJVGHVLJQ GHU .RQVWDQ]HU /lQJVVFKQLWWVWXGLH LVW LQ GHQ :HUNHQ YRQ )HQG JHQJHQG GHWDLOOLHUWEHVFKULHEHQ (LQ hEHUEOLFN ]XP 'H VLJQGHU/LI(6WXGLHOlVVWVLFKDXV*UREXQG(U]LQJHU XQG)HQGE HQW QHKPHQ 6SH]LILVFK DXI GHQ 5FNODXI JHKHQ %HUJHU *URE )HQG XQG /DXWHUEDFK HLQ 9LHOPHKU LVW HV DEHU ZLFKWLJ DXV GLHVHP JURHQ XQG NRPSOH[HQ /LI( 'DWHQVDW]MHQH9DULDEOHQXQG.RQVWUXNWH]XGRNXPHQWLHUHQZHOFKHLQGLHVHU6WXGLH HLQJHVHW]W ZHUGHQ V IROJHQGHV .DSLWHO (LQH hEHUVLFKW ELHWHW 7DEHOOH LQ GHU GLH6WLFKSUREHQJU|HQDOOHUYHUZHQGHWHQ9DULDEOHQIUGLHEHQXW]WHQ*UXSSHQDOOH -XJHQGOLFKH GLH DQ GHU %HIUDJXQJ WHLOJHQRPPHQ KDEHQ )UDXHQ 0lQQHU H KHPDOLJH *\PQDVLDVWHQ HKHPDOLJH PlQQOLFKH +DXSWVFKOHU DXIJHOLVWHW VLQG 'LH
0HWKRGH
6WLFKSUREHXQG)RUVFKXQJVGHVLJQGHU/LI(6WXGLH
NXUVLYDXIJHIKUWHQ:HUWHYHUZHLVHQDXIHLQQ,QGHQ%HUHFKQXQJHQLQ.DSLWHO LVWGLHVH7KHPDWLNEHUFNVLFKWLJWXQGGRNXPHQWLHUW 7DEHOOH
hEHUVLFKWGHUYHUZHQGHWHQ9DULDEOHQGHV/LI('DWHQVDW]HVXQGGHUGD]XJHK|ULJHQ6WLFKSUREHQJU|VVHQSUR*UXSSH
,QGHU6WXGLHYHUZHQGHWH9DULDEOHQGHV/LI( 'DWHQVDW]HVGHU-DKUH XQG 6R]LRORJLVFKH N*HVFKOHFKWZ±P XQGGHPRJUD N6FKXOIRUP+656*< RUGLQDO ILVFKH.RQ NYHUEDOH,QWHOOLJHQ] WUROO9DULDEOHQ N6FKLFKW LP-XJHQGDO N5HJLRQ6WDGW/DQG WHU N1DWLRQDOLWlWGHXWVFK±QLFKWGHXWVFK NK|6FKXODEVFKOXVV(OWHUQ+656*< ( N%HUXIVVWDWXV9DWHU,6(,( N%HUXIVVWDWXV0XWWHU,6(,( N)DPLOLHQVLWXDWLRQQLFKWWUDGWUDG N%HUXIVWlWLJNHLW0XWWHUQHLQMD N*HVFKZLVWHU]DKO N(LQ]HONLQGVWDWXVQHLQMD N(OWHUQVWDWXVQHLQMD /HLVWXQJLP [UHO/HLVWXQJVSRVLWLRQLQ.ODVVH -XJHQGDOWHU [1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH [UHO/HLVWXQJVSRVLWLRQLQ.ODVVH [1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH 6FKXODE [+|FKVWHU6FKXODEVFKOXVVRUGLQDO VFKOXVV 6WDWXVLP \+|FKVWHUEHUXIO$XVELOGXQJVDEVFKOXVV (UZDOWHU \HLJHQHVPRQDWO1HWWRHLQNRPPHQ )DPLOLlUH VI:RKOIKOHQ]X+DXVH 9DULDEOHQGHU VI(.%H]D*URVNDOD VR]LDOHQ(LQ VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ JHEXQGHQKHLW VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH VI(.%H]G=XZHQGXQJ9HUVWlQGQLV VI5HLEHUHLHQ]Z(. VI*HVSUlFKVLQWHQVLWlW(. VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VI6FKHLGXQJV7UHQQXQJVHUI-XJHQGQHLQMD VILQNRQVLVWHQWHU(U]LHKXQJVVWLO VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIDXHUIDP93EHLSHUV3UREOQHLQ±MD VIDXHUIDP93EHL3UREOPDQGQHLQ±MD VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ VIZDKUJHUZ6FKXODEVFKOXVV+656±*< VI/HLVWXQJVHUZDUWXQJGHU(( VI(IUDJHQKlXILJQDFK6/( VI(ZLVVHQ%HVFKHLGEHU6/( VI+DXVDXIJDEHQHQJDJHPHQWGHU(( .DWHJRULHQ
$OOH
+656 *<,*
:HLEO 0lQQO 0lQQO -XJHQG -XJHQG *\PQDVL OLFKH OLFKH DVWHQ
0lQQO +DXSW VFKOHU
0HWKRGH
)RUWVHW]XQJ
$XHU IDPLOLlUH9DUL DEOHQGHU VR]LDOHQ(LQ JHEXQGHQKHLW
0RWLYDWLRQDOH 3HUV|QOLFK NHLWV PHUNPDOHLP -XJHQGDOWHU
0RW3HUV PHUNPDOHLP (UZDFKVH QHQDOWHU =XIULHGHQKHLW EHUZHVHQW OLFKH/HEHQV EHUHLFKH
(UKHEXQJVLQVWUXPHQWH ,QGHU6WXGLHYHUZHQGHWH9DULDEOHQGHV/LI( 'DWHQVDW]HVGHU-DKUH XQG VD:RKOIKOHQLQ6FKXOH VD$QRQ\PLWlWDQGHU6FKXOH VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ VD6WDWXVUHOHYDQ]6ROLGDULWlW VD.RQNXUUHQ]NDPSILQ.ODVVH VD.ODVVHQ]XVDPPHQKDOW VD9HUWUDXHQ]X/3 VD/36%H]LHKXQJ VD/HLVWXQJVGUXFNYRQ/3 VD$QHUNHQQXQJGXUFK0LWVFKOHU VD,QWHJUDWLRQ3HHUV VDNLUFKOLFKH$NWLYLWlW VD9HUHLQV]XJHK|ULJNHLWQHLQMD VD7XUQXQG6SRUWYHUHLQQHLQMD VD0XVLNRGHU6LQJJUXSSHQHLQMD P/HLVWXQJVPRWLYDWLRQ PVFKXO/HLVWXQJVDQJVW P%HJDEXQJV]XVFKUHLEXQJ P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ PVFKXOLVFKH1RUPYHUOHW]XQJ P5DXFKHQ P(..RQVHQVZDVOHLVWHQQHLQ±MD P(..RQVHQVZDVJODXEHQQHLQ±MD P(..RQVHQVZLHEHQHKPHQQHLQ±MD P=XNXQIWVEHZlOWLJXQJ P%LOGXQJVRULHQWLHUXQJ P/HLVWXQJVPRWLYDWLRQ PDOOJ,QWHUHVVHGHV.LQGHV( %/0%HUXIO/HLVWXQJVPRWLYDWLRQ %:0%HUXIO:HLWHUELOGXQJVPRWLYDWLRQ %6:%HUXIO6HOEVWZLUNVDPNHLWVEHU]HXJXQJ ]IM=XIUPLW-XJHQG]HLWUHWURVSHNWLY ]IEP=XIULPLW%H]]X0XWWHU ]IEY=XIULPLW%H]]X9DWHU ]ID=XIULPLW$UEHLWVVWHOOH ]IE=XIULPLW%HUXI ]IIL=XIUPLW)LQDQ]HQ ]IIU=XIULPLW)UHL]HLW ]IOH=XIULPLW/HEHQLQVJHVDPW
$OOH
+656 *<,*
:HLEO 0lQQO 0lQQO -XJHQG -XJHQG *\PQDVL OLFKH OLFKH DVWHQ
0lQQO +DXSW VFKOHU
'LH9DULDEOHQ GHU-DKUHXQGVLQGPLWGHQHQWVSUHFKHQGHQ=LIIHUQ DXIJHIKUWDQVRQVWHQKDQGHOWHVVLFKXP9DUL DEOHQGHV-DKUHVMlKULJH-XJHQGOLFKH 'LH%H]HLFKQXQJ( DP(QGHGHU9DULDEOHQQDPHQEHGHXWHWGDVVHVVLFKXPHLQ (OWHUQLWHPKDQGHOWGDVLP9HUJOHLFK]XGHQ,WHPVGHU-XJHQGOLFKHQEHLPQ:HUWUHGX]LHUWLVW%HLGLFKRWRPHQ9DULDEOHQVLQGGLH$QW ZRUWNDWHJRULHQLQ.ODPPHUQDQJHJHEHQ
(UKHEXQJVLQVWUXPHQWH
,P )ROJHQGHQ VLQG GLH EHQXW]WHQ 9DULDEOHQ GHU -XJHQGVWXGLH DOV DXFK GHU )ROORZ 8S6WXGLH DXIJHIKUW XQG EHVFKULHEHQ (V KDQGHOW VLFK XP GLH N9DULDEOHQ .DS XP GLH VI XQG VD9DULDEOHQ .DS E]Z XP GLH P9DULDEOHQ .DS XQG XP GLH PRWLYDWLRQDOHQ 9DULDEOHQ LP (UZDFKVHQHQDOWHU .DS ,P$QKDQJ.DS VLQGDOOH9DULDEOHQPLWGHQJHVDPWHQGD]XJHK|ULJHQ .RGLHUXQJHQDXIJHIKUW .RQWUROOYDULDEOHQN N *HVFKOHFKWZP 'DV*HVFKOHFKWZXUGHLQDOOHQ3DQHOZHOOHQGHU-XJHQGVWXGLHHUKREHQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
N 6FKXOIRUP+656*< RUGLQDO %HLGHU6FKXOIRUPNDQQ]ZLVFKHQ+DXSWVFKXOH+6 5HDOVFKXOH56 *\PQDVLXP *< XQG *HVDPWVFKXOH ,* XQWHUVFKLHGHQ ZHUGHQ 'LH LQWHJULHUWH *HVDPWVFKXOH ,* ZLUGQXUGRUWEHUFNVLFKWLJWZR%HUHFKQXQJHQQLFKWVFKXOIRUPVSH]LILVFKVRQ GHUQEHUDOOH3UREDQGHQE]ZGLHJHVDPWH6WLFKSUREHDQJHVWHOOWZHUGHQ'LHGUHL WHLOLJH6FKXOIRUPYDULDEOHNDQQPLWLKUHPRUGLQDOHQ0HVVQLYHDXDXIGLHVH:HLVHXQ WHU%HQW]XQJGHV.RHIIL]LHQWHQ6SHDUPDQ¶V5KRHEHQIDOOVIU.RUUHODWLRQVEHUHFK QXQJHQEHLJH]RJHQZHUGHQ N 9HUEDOH,QWHOOLJHQ] 'LH YHUEDOH ,QWHOOLJHQ] ZXUGH PLWWHOV HLQHV :RUWYHUVWlQGQLVWHVWV HUKREHQ GHU LP 5DKPHQ GHU LQWHUQDWLRQDO YHUJOHLFKHQGHQ ,($6WXGLH HQWZLFNHOW ZXUGH )HQG 3UHVWHU 6 (U HUODXEW GDV 9HUVWlQGQLV GHU 0XWWHUVSUDFKH ]X PHVVHQ ZHOFKHVIUGHQ%LOGXQJVHUIROJJUXQGOHJHQGLVW'D]XPXVVWHQGLH-XJHQGOLFKHQEH XUWHLOHQRE]ZHL:|UWHUZLH]XP%HLVSLHOÄ'HNRUDWLRQYV2UQDPHQW³RGHUÄDEVROXW YVUHODWLY³GDVVHOEHPHLQHQ,QVJHVDPWXPIDVVWGDV,QVWUXPHQW,WHPV N 6FKLFKW 'LH VR]LDOH 6FKLFKW GHV (OWHUQKDXVHV ZXUGH DXIJUXQG GHV YlWHUOLFKHQ %HUXIV QDFK HLQHP PRGLIL]LHUWHQ 6FKHPD YRQ .OHLQLQJ XQG 0RRUH VLHEHQVWXILJ FRGLHUW 2EHUVFKLFKW REHUH0LWWHOVFKLFKW PLWWOHUH0LWWHOVFKLFKW XQWHUH0LWWHO VFKLFKW 2EHUH 8QWHUVFKLFKW PLWWOHUH 8QWHUVFKLFKW XQWHUH 8QWHUVFKLFKW ,QGLNDWLYH%HUXIHIUGLH2EHUVFKLFKWVLQGEHLVSLHOVZHLVH8QLYHUVLWlWVSURIHVVRURGHU &KHIDU]W HLQHV JURHQ .UDQNHQKDXVHV IU GLH PLWWOHUH 0LWWHOVFKLFKW 6WUDHQEDXLQ JHQLHXURGHU=DKQDU]WXQGIUGLHXQWHUH8QWHUVFKLFKW*lUWQHUJHKLOIHRGHU)HQVWHU SXW]HU.OHLQLQJ 0RRUH6 *UXQGODJHIUGLH=XRUGQXQJHQELOGHWHQ ]XP HLQHQ GLH $QJDEHQ GHU (OWHUQ ]XP DQGHUHQ GLHMHQLJHQ GHU .LQGHU (UVWHUHQ ZXUGH 3ULRULWlW JHJHQEHU OHW]WHUHQ HLQJHUlXPW XQGLQQHUKDOE GHU %HIUDJXQJVGDWHQ GHU .LQGHU ZXUGH GHQ VSlWHUHQ $QJDEHQ 3ULRULWlW JHJHQEHU GHQ IUKHUHQ HLQJH UlXPW $QJDEHQ ]XU .RGLHUXQJ GHU 9DULDEOH VLQG ]X ILQGHQ LQ %ULHFKOH )HQG 6FKXOWKHLXQG/HKOH 'DV 6FKLFKWXQJVPRGHOO YRQ .OHLQLQJ XQG 0RRUH JHK|UW ]X GHQ WKHRUHWLVFK IXQGLHUWHQ.DWHJRULHQV\VWHPHGHU%HUXIVNODVVLILNDWLRQ,Q'HXWVFKODQGZLUGHVKlX ILJ LQ GHU %LOGXQJVIRUVFKXQJ HLQJHVHW]W YJO %DXPHUW .OLPH 1HXEUDQG 3UHQ]HO 6FKLHIHOH6FKQHLGHU7LOOPDQQ :HLVV6 N 5HJLRQ6WDGW/DQG 'LH6WLFKSUREHGHV.RQVWDQ]HU-XJHQGOlQJVVFKQLWWVEHUFNVLFKWLJWLQDOOHQIQI(U KHEXQJVMDKUHQ VRZRKO 6WDGWWHLOH YRQ )UDQNIXUW DOV DXFK OlQGOLFK JHSUlJWH *HELHWH LQGHQHQHVNHLQH6WlGWHPLWPHKUDOV(LQZRKQHUQJLEW
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
N 1DWLRQDOLWlW 'LH 9DULDEOH Ä6WDDWVDQJHK|ULJNHLW ³ Y LVW GLFKRWRP 'HXWVFKHU $XVOlQGHU 6LHZLUGYRUDOOHPDXFKIU.RQWUROOEHUHFKQXQJHQLQQHUKDOEGHU+DXSW VFKXOHJHEUDXFKW N +|FKVWHU6FKXODEVFKOXVV(OWHUQ+656*< ( 'LHVH9DULDEOHZXUGHDOVGLFKRWRPHQHXJHELOGHWGDVLHVRDXFKLQ5HJUHVVLRQVXQG LQ6WUXNWXUJOHLFKXQJVPRGHOOHQYHUZHQGHWZHUGHQNDQQ'LH]ZHLWH$QWZRUWNDWHJR ULHZXUGHGDQQJHZlKOWZHQQPLQGHVWHQVHLQ(OWHUQWHLOGDV*\PQDVLXPDEVROYLHUW KDW N %HUXIVVWDWXV9DWHU,6(,( 'LHVH6(69DULDEOHLVWZLHGLH9DULDEOHNHLQH(UJlQ]XQJ]XU9DULDEOHQN'HU .ODPPHUDXVGUXFN ( ]HLJW DQ GDVV HV HLQH (OWHUQYDULDEOH LVW 6RPLW JLEW HV DXI JUXQGGHUNOHLQHUHQ6WLFKSUREHQJU|HXQGGHUDXIQXUGLH]ZHL=HLWSXQNWHEH]RJH QHQ'DWHQXQG(LQVFKUlQNXQJHQEH]JOLFK%HQW]XQJLQNRPSOH[HQ%H UHFKQXQJHQ 'LHXUVSUQJOLFKLQGHQ5RKGDWHQHQWKDOWHQH7H[WDQWZRUWZXUGHQDFK,6(,,QWHUQD WLRQDO 6RFLR(FRQRPLF ,QGH[ JHPl *DQ]HERRP FRGLHUW ZREHL GHU QLHGULJVWH :HUW IUODQGZLUWVFKDIWOLFKH+LOIVNUlIWHGHUK|FKVWH:HUW IU5LFKWHUYHU JHEHQZXUGH 'LH 6WDWXVVNDOD LVW HLQH YRQ *DQ]HERRP 'H*UDDI 7UHLPDQ XQG GH /HHXZ HQWZLFNHOWH 6NDOD GLH HLQHQ VWDQGDUGLVLHUWHQ LQWHUQDWLRQDOHQ VR]LR |NRQRPLVFKHQ,QGH[GHVEHUXIOLFKHQ6WDWXVGDUVWHOOW'LHVH6NDOD PLVVWGHP QDFK QLFKW GDV ]XJHVFKULHEHQH 3UHVWLJH ZLH GLH :HJHQHU 6NDOD VRQGHUQ GHQ VR]LR|NRQRPLVFKHQ 6WDWXV DXIJUXQG GHU EHUXIOLFKHQ 7lWLJNHLW GHU EHIUDJWHQ 3HUVRQHQ'LH9HUFRGXQJHUIROJWEHUGLHYLHUVWHOOLJH,6&2.ODVVLILNDWLRQYRQ )HQG 3UHVWHU 'HU,6(,LVWDXIGHU%DVLVYRQ%HVFKlIWLJWHQDXV/lQGHUQHU]HXJWZRUGHQ XQGZXUGHDXFKLQ3,6$YHUZHQGHW%HUXIHVLQGGHPQDFKDOV9HUPLWWOHU]ZLVFKHQ %LOGXQJVDEVFKOVVHQXQG(LQNRPPHQVODJHQ]XEHWUDFKWHQYJO%DXPHUWHWDO 6 N %HUXIVVWDWXV0XWWHU,6(,( VLHKHXQWHUNGDJOHLFKYRUJHJDQJHQ N )DPLOLHQVLWXDWLRQQLFKWWUDGLWLRQHOOWUDGLWLRQHOO $XFK KLHU ZXUGH HLQH GLFKRWRPH 9DULDEOH HU]HXJW ÄQLFKW WUDGLWLRQHOOH YV WUDGLWLR QHOOH )DPLOLHQIRUPHQ 9DWHU XQG 0XWWHU NHLQ 6WLHIYDWHU NHLQH 6WLHIPXWWHU ³ 'DV $XIZDFKVHQEHLOHLEOLFKHQ(OWHUQGUIWHEHLGHU%HXUWHLOXQJGHULQWDNWHQ%H]LHKXQJ RKQH7UHQQXQJE]Z6FKHLGXQJVLHKH9DULDEOHVI NHLQH%HGLQJXQJDEHUGRFKDOV HLQUHOHYDQWHU)DNWRUIUGLHVR]LDOH(LQJHEXQGHQKHLWGHV.LQGHVJHOWHQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
N %HUXIVWlWLJNHLW0XWWHU 'LHXUVSUQJOLFKHPLWPHKUHUHQ$QWZRUWHQDXVJHVWDWWHWH)UDJHZXUGHLQHLQH9DUL DEOH PLW ]ZHLW $QWZRUWNDWHJRULHQ XPFRGLHUW ÄQHLQ³ ÄMD JHOHJHQWOLFK RGHU VWXQGHQZHLVH ± KDOEWDJV RGHU JDQ]WDJV³ (V VWHKW QLFKW GLH )UDJH LP 9RUGHUJUXQG REXQGLQZLHIHUQGLH%HUXIVWlWLJNHLWGHU0XWWHUHLQHQ(LQIOXVVDXIGLH(OWHUQ.LQG %H]LHKXQJRGHUVRJDUDXIGLH/HUQPRWLYDWLRQDXVEWVRQGHUQGDVVEHL%HUHFKQXQ JHQGLHVH9DULDEOHNRQWUROOLHUWZHUGHQNDQQ N *HVFKZLVWHU]DKOE]Z.LQGHUDQ]DKOPLW%HIUDJWHP 'LH9DULDEOHÄ*HVFKZLVWHU]DKONRUULJLHUW³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l 6WXKOPDQQ KDWGHU%HJLQQHLQHU(OWHUQVFKDIWYRUDOOHPEHLGHU)UDXZHVHQWOL FKH$XVZLUNXQJHQDXILKUHEHUXIOLFKH:HLWHUELOGXQJVEHUHLWVFKDIW:HUWZLUGWLHIHU ZlKUHQGGLHVHV(UHLJQLVEHL0lQQHUQNHLQH5ROOHVSLHOWYJO6 [[ 5HODWLYH/HLVWXQJVSRVLWLRQLQ.ODVVH ,P9HUJOHLFK]XUIROJHQGHQ9DULDEOHQHIIHNWLYH6FKXOQRWHLQ+DXSWIlFKHUQ LVWKLHU GLHYRP.LQGZDKUJHQRPPHQHUHODWLYH/HLVWXQJVSRVLWLRQLQGHU.ODVVHYRQ,QWHUHV VH ,QVEHVRQGHUH EHL GHU )RNXVVLHUXQJ GHU /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ LQ MH YHUVFKLHGHQHQ /HLVWXQJVNRQWH[WHQ +DXSWVFKXOH *\PQDVLXP LVW GLHVH .HQQ]DKO YRQJURHU%HGHXWXQJE]ZPXVVLKU(LQIOXVVEHLGHU%HXUWHLOXQJGHV(LQIOXVVHVGHU VR]LDOHQ(LQJHEXQGHQKHLWDXIGLH0RWLYDWLRQNRQWUROOLHUWZHUGHQ [[ 1RWHQVXPPHLQ'HXWVFK(QJOLVFK0DWKH 'LH 3UREDQGHQ ZXUGHQ JHIUDJW ZHOFKH 1RWHQ VLH LQ GHQ +DXSWIlFKHUQ 'HXWVFK (QJOLVFK XQG 0DWKHPDWLN KDEHQ )U GLHVH 9DULDEOH LVW GDQQ GLH 1RWHQVXPPH EH UHFKQHWZRUGHQ'D1RWHQPHLVWHQVDXIGHU%DVLVGHUVR]LDOHQ%H]XJVQRUPÄ.ODVVH³ YHUJHEHQZHUGHQVLQGVLHEHUGLHYHUVFKLHGHQHQ6FKXOVWXIHQKLQZHJQLFKWPLWHLQ DQGHUYHUJOHLFKEDU'DUXPZLUGEHLGHU.RQWUROOLHUXQJPHKUDXIGLH9DULDEOHÄUHOD WLYH/HLVWXQJVSRVLWLRQLQ.ODVVH³LQGHQ-DKUHQXQGJHVHW]W
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
\+|FKVWHUEHUXIOLFKHU$XVELOGXQJVDEVFKOXVV bKQOLFKZLHEHLGHU/HLVWXQJVSRVLWLRQLP-XJHQGDOWHU1RWHE]ZZDKUJHQRPPHQH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH VROO GHU K|FKVWH EHUXIOLFKH $XVELOGXQJVDEVFKOXVV EHLGHU%HUHFKQXQJYRQ=XVDPPHQKlQJHQ]ZLVFKHQGHQVR]LDOHQ.RQWH[WHQLP-X JHQGDOWHUXQGGHUEHUXIOLFKHQ/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQLP(UZDFK VHQHQDOWHU NRQWUROOLHUW ZHUGHQ VD $EELOGXQJ XQWHU GHP 3IHLOV\PERO Ä3DUWLDO NRUUHODWLRQ³ \0RQDWOLFKHV1HWWRHLQNRPPHQ ,P=XVDPPHQKDQJPLWGHP6WDWXVLP(UZDFKVHQHQDOWHUPXVVQHEHQGHU9DULDEOHQ \DXFKGDV PRQDWOLFKH1HWWRHLQNRPPHQLQ(XUR EHUFNVLFKWLJWZHUGHQ,QWHUHV VDQW LVW LQZLHIHUQ GLHVH 9DULDEOH HLQHQ (LQIOXVV DXI GLH PRWLYDWLRQDOH $XVSUlJXQJ LP(UZDFKVHQHQDOWHUKDWLQVEHVRQGHUHDXIGLHEHUXIOLFKH/HLVWXQJVPRWLYDWLRQ )DPLOLlUHVR]LDOEH]RJHQH9DULDEOHQVI DXIGHU|NRORJLVFKHQ(EHQH +LHUZHUGHQGLH9DULDEOHQ6NDOHQXQG(LQ]HOLWHPV EHVFKULHEHQZHOFKH]XUIDPLOL lUHQVR]LDOHQVI (LQJHEXQGHQKHLWQDFKGHU6'7JH]lKOWZHUGHQN|QQHQ 7DEHOOH
,QIRUPDWLRQEHUGLH9DULDEOHQGHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLW6NDODRGHU(LQ]HOLWHP=XJHK|ULJNHLW
/DEHOGHU9DULDEOHQ VI:RKOIKOHQ]X+DXVH VI(.%H]D*URVNDOD,WHPV VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH VI(.%H]G=XZHQGXQJ9HUVWlQGQLV VI5HLEHUHLHQ]Z(. VI*HVSUlFKVLQWHQVLWlW(. VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW VILQNRQVLVWHQWHU(U]LHKXQJVVWLO
6NDOD (,WHP ,WHP 6NDOD 6NDOD 6NDOD 6NDOD ,WHP 6NDOD ,WHP ,WHP 6NDOD
/DEHOGHU9DULDEOHQ VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIDXHUIDP93EHLSHUV3UREO VIDXHUIDP93EHL3UREOPLWDQGHUHQ VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ VIZDKUJHUZDUWHWHU6FKXODEVFKOXVV VI/HLVWXQJVHUZDUWXQJGHU(( VI(IUDJHQKlXILJQDFK6/( VI(ZLVVHQ%HVFKHLGEHU6/( VI+DXVDXIJDEHQHQJDJHPHQWGHU((
6NDOD (,WHP 6NDOD 6NDOD ,WHP ,WHP ,WHP ,WHP ,WHP ,WHP ,WHP 6NDOD
'HU .HUQDVSHNW EHL GHQ VR]LDOHQ IDPLOLlUHQ VI 9DULDEOHQ LVW GLH (OWHUQ.LQG %H]LHKXQJ (.%H]LHKXQJ GLH PLW YLHU XQWHUVFKLHGOLFKHQ .RQVWUXNWHQ JHWHVWHW ZLUG *URVNDOD ,WHPV Ä7UDQVSDUHQ] XQG ,QWHUHVVH³ QDFK )HQG XQG 3UHVWHU GLHQHXJHELOGHWHQ6NDOHQÄ9HUVWlQGQLV9RUELOGZLUNXQJ³,WHPV XQGÄDN WLYHV,QWHUHVVHZHQLJ.RQIOLNWH³,WHPV XQGGLH6NDODÄ=XZHQGXQJ9HUVWlQGQLV³ ,WHPV YJO 7DEHOOH 'LH %HVWlWLJXQJ GHU 6LJQLILNDQ]HQ GHU 6NDOHQ LQ GHQ %HUHFKQXQJHQ 5HJUHVVLRQVDQDO\VHQ XQG 6WUXNWXUJOHLFKXQJVPRGHOOHQ VFKOLHW HL QHUVHLWV]XIlOOLJH(IIHNWHDXVXQGXQWHUVFKLHGOLFKH.RUUHODWLRQVNRHIIL]LHQWHQ]HLJHQ DQ ZHOFKH .HUQLQGLNDWRUHQ EHL GHU (OWHUQ.LQG%H]LHKXQJ LP 5DKPHQ GHU )UDJH VWHOOXQJ YRQ EHVRQGHUHU %HGHXWXQJ VLQG (EHQIDOOV ]X GHQ ZLFKWLJHQ 6NDOHQ LP 5DKPHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW XQG GHU %H]LHKXQJVTXDOLWlW JHK|UHQ *H VSUlFKVLQWHQVLWlWVI (U]LHKXQJVVWLOVI HQWVSDQQWHXQGVR]LDOH)UHL]HLWDNWLYLWl WHQPLWGHQ(OWHUQVI XQGGDV+DXVDXIJDEHQHQJDJHPHQWGHU(OWHUQVI 'LHVH .RQVWUXNWH ZHUGHQ PLW IROJHQGHQ (LQ]HOLWHPV HUJlQ]W DXHUIDPLOLlUH 9HUWUDXHQV SHUVRQEHL3UREOHPHQGLHZDKUJHQRPPHQH/HLVWXQJVHUZDUWXQJYRQ6HLWHQGHU(O WHUQ DQ GDV .LQG XQG )UDJHQ ]XP 6FKXOPRQLWRULQJ GHU (OWHUQ ]% (OWHUQ ZLVVHQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
%HVFKHLG EHU GLH 6FKXOOHLVWXQJ GHV .LQGHV « IUDJHQ KlXILJ GDQDFK XVZ 'LH 6FKHLGXQJVXQG7UHQQXQJVHUIDKUXQJLQGHU-XJHQG]HLWLVWHEHQIDOOVXQWHUGHP.RQ VWUXNWÄVR]LDOH(LQJHEXQGHQKHLW³]XVXEVXPLHUHQ =XU=XRUGQXQJGHUYHUVFKLHGHQHQ,WHPVGLHQWHDXFKGLHGLIIHUHQ]LHUWH$XIOLVWXQJ GHU0RWLYDWLRQVVWXIHQGHU6'7LP,QVWUXPHQWYRQ*XD\9DOOHUDQGXQG%ODQFKDUG VI:RKOIKOHQ]X+DXVH 'LHVH9DULDEOHÄ:LHZRKOIKOVWGXGLFK]X+DXVH"³LVWZRKOGLHYHUGLFKWHVWH)RUP GHVVR]LDOHPRWLRQDOHQ:RKOEHILQGHQV6LHPXVVIROJOLFKEHLP7KHPDÄVR]LDOH(LQ JHEXQGHQKHLW³EHUFNVLFKWLJWZHUGHQ'LHVHOEH)UDJHNRPPWDXFKEH]RJHQDXIGLH 6FKXOH]XP7UDJHQYJO9DULDEOHVD VI(OWHUQ.LQG%H]LHKXQJD*URVNDOD 'LH *URNDOD (OWHUQ.LQG%H]LHKXQJ RGHU Ä7UDQVSDUHQ] XQG ,QWHUHVVH³ ZLH HV LQ GHU ,QVWUXPHQWHQEHVFKUHLEXQJ JHQDQQW ZLUG )HQG 3UHVWHU ZHLVW DXI GLH %H]LHKXQJVGLPHQVLRQGHUIDPLOLlUHQ8PZHOWKLQ ,Q GHU 6NDOD Ã7UDQVSDUHQ] XQG ,QWHUHVVH¶ ZLUG LQ VR]XVDJHQ NODVVLVFKHU :HLVH GLH4XDOLWlWGHU(OWHUQ.LQG%H]LHKXQJHQHUIDVVWDOVRGLH%H]LHKXQJVGLPHQVL RQGHUIDPLOLlUHQ8PZHOW'LH:HUWHGLHVHU6NDODGUIWHQZLHNHLQHDQGHUHLQ GLNDWLY GDIU VHLQ ZLH WUDJIlKLJ GLH %H]LHKXQJ ]ZLVFKHQ GHQ (OWHUQ XQG GHP -XJHQGOLFKHQLQGLHVHU3KDVHGHVhEHUJDQJVQRFKLVW6 'LH,WHPVGLHVHUZLFKWLJHQ6NDODVLQGZLHIROJWöVWHKWIU8PNRGLHUXQJ :HQQLFK3UREOHPHKDEHEHKDOWHLFKVLHOLHEHUIUPLFKDOVPHLQH(OWHUQXP5DW ]XIUDJHQ ,FKKDEHGDV*HIKOGDVVLFKPLWPHLQHQ(OWHUQEHUDOOHVUHGHQNDQQ =ZLVFKHQPHLQHQ(OWHUQXQGPLUNRPPWHVRIW]X5HLEHUHLHQ 0HLQH(OWHUQKDEHQYLHO9HUVWlQGQLVIUPHLQH3UREOHPH 0HLQH(OWHUQK|UHQPLULPPHUDXIPHUNVDP]XZHQQLFKHWZDVHU]lKOH 0HLQH(OWHUQKDEHQPHLVWHQVHWZDVDQGHUHV]XWXQZHQQLFKPDOPLWLKQHQ]X VDPPHQVHLQP|FKWH 0HLQH(OWHUQNPPHUQVLFKUHFKWZHQLJXPPLFK 0HLQH(OWHUQLQWHUHVVLHUHQVLFKUHFKWZHQLJGDIUZDVLFKVRGHQNHXQGWXH 'LH 5HOLDELOLWlWVZHUWH &URQEDFK¶V $OSKD ZDUHQ EHU DOOH 0HVV]HLWSXQNWH KLQZHJ ]XIULHGHQVWHOOHQGELVKRFK 'LHYHUNU]WHQ(OWHUQ.LQG%H]LHKXQJVVNDOHQEFXQGGVLQGYRUDOOHPZHJHQGHU 9HUZHQGXQJ LQ 6WUXNWXUJOHLFKXQJVPRGHOOHQ QHX EHUHFKQHW ZRUGHQ XQG KDEHQ GLH 9DULDEOHQDENU]XQJHQVIVIXQGVI'DPLWGLH*HVDPWPRGHOOHQLFKW]XNRPSOH[ ZHUGHQVRZRKOEH]JOLFK%HUHFKQXQJYRQ)LWPDHQDOVDXFKEHLGHU,QWHUSUHWDWLRQ LVW HV LQ 6WUXNWXUJOHLFKXQJVPRGHOOEHUHFKQXQJHQ Q|WLJ GDVV HLQ ODWHQWHV .RQVWUXNW
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
OHGLJOLFK DXV GUHL ELV YLHU PDQLIHVWHQ 9DULDEOHQ EHVWHKW 6RPLW N|QQHQ DOVR GLHVH GRUW YHUZHQGHWHQ (OWHUQ.LQG%H]LHKXQJVVNDOHQ LQ 5HJUHVVLRQVDQDO\VHQ HEHQIDOOV YHUZHQGHWZHUGHQZREHLGDQQDEHUQRFK]XVlW]OLFKHLQHJU|HUH$Q]DKOYRQGLFKR WRPHQ XQG LQWHUYDOOVNDOLHUWHQ 9DULDEOHQ YHUZHQGHW ZHUGHQ N|QQHQ ZDV EHL 6WUXN WXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ DXIJUXQG GHU ]X NRPSOH[ ZHUGHQGHQ 6WUXNWXU QLFKWP|JOLFKLVW,P)ROJHQGHQVLQG5HOLDELOLWlWXQG9DOLGLWlWGHU]ZHLYHUNU]WHQ (OWHUQ.LQG6NDOHQDXIJHOLVWHW(VLVWJXW]XHUNHQQHQGDVVGLHYRQ6HLWHQGHU(OWHUQ LQWHUSUHWLHUEDUHQ 6NDOHQ Ä9HUVWlQGQLV9RUELOGZLUNXQJ³ XQG ÄDNWLYHV ,QWHUHV VHZHQLJ.RQIOLNWH³YRQHLQDQGHUJHQJHQGXQDEKlQJLJVLQGYJO7DEHOOH 7DEHOOH
9HUVWlQG QLV9RUELOG ZLUNXQJ Į DNWLYHV ,QWHUHV VHZHQLJ .RQIOLNWH Į
5HOLDELOLWlW&URQEDFK¶V$OSKD XQG9DOLGLWlW)DNWRUODGXQJHQ GHUYHUNU]WHQ(OWHUQ.LQG%H]LHKXQJVVNDOHQ9HUVWlQG QLVXQG9RUELOGZLUNXQJ³XQGÄDNWLYHV,QWHUHVVHPLWZHQLJ.RQIOLNWHQ³
/DGXQJHQ
9U,FKKDEHGDV*HIKOGDVVLFKPLWPHLQHQ(OWHUQEHUDOOHVUHGHQNDQQU
9U0HLQH(OWHUQKDEHQYLHO9HUVWlQGQLVIUPHLQH3UREOHPHU YU:HQQEHLPLUHWZDVVFKLHIJHODXIHQLVWUHGHQPHLQH(OWHUQLPPHUPLWPLU EHUGLH6DFKHU 9U0HLQH(OWHUQQHKPHQ5FNVLFKWDXIPLFKXQGHUZDUWHQGDVJOHLFKHYRQPLUU Y0HLQH(OWHUQKDEHQPHLVWHQVHWZDVDQGHUHV]XWXQZHQQLFKPDOPLWLKQHQ ]XVDPPHQVHLQP|FKWH Y0HLQH(OWHUQNPPHUQVLFKUHFKWZHQLJXPPLFK
Y0HLQH(OWHUQLQWHUHVVLHUHQVLFKUHFKWZHQLJGDIUZDVLFKVRGHQNHXQGWXH
Y=ZLVFKHQPHLQHQ(OWHUQXQGPLUNRPPWHVRIW]X5HLEHUHLHQ
)DNWRUHQDQDO\VHQDFKGHU([WUDNWLRQVPHWKRGHÄ+DXSWNRPSRQHQWHQDQDO\VH³5RWDWLRQVPHWKRGH9DULPD[PLW.DLVHU1RUPDOLVLHUXQJ 'LH5RWDWLRQLVWLQ,WHUDWLRQHQNRQYHUJLHUW
'LH GULWWH .XU]VNDOD (OWHUQ.LQG%H]LHKXQJ Ä=XZHQGXQJ9HUVWlQGQLV ,WHPV ³ LQWHUQH.RQVLVWHQ]&URQEDFK¶V$OSKDĮ LVWLQ%HUJHUXQG)HQG6 YHUZHQGHWZRUGHQ6LHVROOKLHU±ZLHHUZlKQW±HEHQIDOOV]XU$EVLFKHUXQJXQG3U IXQJ GHU UHOHYDQWHVWHQ )DNWRUHQ GHU (OWHUQ.LQG%H]LHKXQJ LQ YHUVFKLHGHQHQ %H UHFKQXQJVDUWHQ%HUFNVLFKWLJXQJILQGHQ(VVLQGGLHIROJHQGHQYLHU,WHPV 0HLQH(OWHUQK|UHQLPPHUDXIPHUNVDP]XZHQQLFKHWZDVHU]lKOH ,FKKDEHGDV*HIKOGDVVLFKPLWPHLQHQ(OWHUQEHUDOOHVUHGHQNDQQ 0HLQH(OWHUQKDEHQYLHO9HUVWlQGQLVIUPHLQH3UREOHPH :HQQEHLPLUHWZDVVFKLHIJHODXIHQLVWUHGHQPHLQH(OWHUQLPPHUPLWPLUEHU GLH6DFKH 'LH HPSLULVFKH 5HOHYDQ] GHU (OWHUQ.LQG%H]LHKXQJ ZHLVW LQ GLHVHU $UEHLW IRNXV VLHUW DXI GLH VR]LDOH (LQJHEXQGHQKHLW KLQ 'LH ZHLWHUHQ 9DULDEOHQ KDEHQ HEHQIDOOV HLQHQVR]LDOHPRWLRQDOHQ%H]XJRGHUVWHKHQPLWGHU6HOEVWEHVWLPPXQJVWKHRULHPHKU RGHUZHQLJHUHQJLQ9HUELQGXQJ VI5HLEHUHLHQ]ZLVFKHQ(OWHUQXQG.LQG 'LH(LQ]HODXVVDJHÄ=ZLVFKHQPHLQHQ(OWHUQXQGPLUNRPPWHVRIW]X5HLEHUHLHQ³ ZHOFKH%HVWDQGWHLOGHU*URVNDODÄ(OWHUQ.LQG%H]LHKXQJ³VI XQGGHU.XU]VNDOD VILVWVROOLQ.RUUHODWLRQVXQG5HJUHVVLRQVEHUHFKQXQJHQ(LQJDQJILQGHQ(LQHJX WH (OWHUQ.LQG%H]LHKXQJ LP IUKHQ -XJHQGDOWHU VROOWH XQDEKlQJLJ GDYRQ VHLQ RE NOHLQHUH 5HLEHUHLHQ LP $OOWDJ DXIWUHWHQ *HPl )HQG 6 JLEW HV MHGRFK
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
HLQHQ OLQHDUHQ =XVDPPHQKDQJ ]ZLVFKHQ .RQIOLNWHQ XQG GHU %H]LHKXQJVTXDOLWlW IHVW]XVWHOOHQMHGRFKKDQGHOWHVVLFKKLHUEHLHKHUXPJU|HUHV3UREOHPSRWHQWLDO,P +LQEOLFNDXIGLH/HUQXQG/HLVWXQJVPRWLYDWLRQN|QQWHHLQK|KHUHV0DDQ5HLEH UHLHQLP6LQQHHLQHUIUKHQ$EZHQGXQJYRQVFKXOLVFKHQ$QIRUGHUXQJHQKLQ]XDX HUVFKXOLVFKHQ SHHUEH]RJHQHQ )UHL]HLW XQG (UZDFKVHQHQZHOW$NWLYLWlWHQ YHUVWDQ GHQZHUGHQ'LHVH$UJXPHQWDWLRQJLOWDXFKIUGLH9DULDEOHÄ5DXFKHQ³P ZHLWHU XQWHQ VI*HVSUlFKVLQWHQVLWlW6NDOD 'DV$QUHJXQJVQLYHDXLPIDPLOLlUHQ.RQWH[WKlQJWIHVWGDPLW]XVDPPHQRE.LQGHU PLWLKUHQ(OWHUQEHUSHUV|QOLFKH'LQJHXQGLKUH(UIDKUXQJHQVSUHFKHQLVW=XPHL QHQ ZLUG JH]HLJW LQZLHZHLW (OWHUQ EHU LKUH .LQGHU LQIRUPLHUW VLQG DQGHUHUVHLWV GUFNWVLFKLQGHU0LWWHLOXQJVEHUHLWVFKDIWDXFKGDV9HUWUDXHQDXVGDVGLH.LQGHULK UHQ(OWHUQHQWJHJHQEULQJHQ'LH6NDODJLEWQLFKWQXU$XVNXQIWGDUEHUREXQGZLH YLHO LQ GHU )DPLOLH NRPPXQL]LHUW ZLUG VRQGHUQ DXFK ZRUEHU 0LW GHQ 7KHPHQ )UHL]HLW 6FKXOH =XNXQIW 5HOLJLRQ XQG 3HUV|QOLFKH 3UREOHPH VLQG KLHU JOHLFKVDP GLHZHVHQWOLFKVWHQ3UREOHPHGLHVHU$OWHUVVWXIHYRUJHJHEHQVRGDVVVRZRKO6FKZHU SXQNWHDOVDXFK'HIL]LWHGHULQQHUIDPLOLlUHQ.RPPXQLNDWLRQHUPLWWHOWZHUGHQN|Q QHQ YJO )HQG 3UHVWHU 6 'LH 5HOLDELOLWlWVZHUWH ZDUHQ EHU DOOH 0HVV]HLWSXQNWHKLQZHJ]XIULHGHQVWHOOHQG VI(OWHUQ%H]LHKXQJUHWURVSHNWLY Ä:LH ZUGHQ 6LH LP 5FNEOLFN GLH %H]LHKXQJ ]ZLVFKHQ ,KUHQ (OWHUQ EHVFKUHLEHQ DOV 6LH XQJHIlKU ELV -DKUH DOW ZDUHQ"³ 'LHVH )UDJH ZXUGH GHQ )ROORZ8S 3UREDQGHQJHVWHOOW'LH%H]LHKXQJ]ZLVFKHQ0XWWHUXQG9DWHUNDQQUHWURVSHNWLYJH VHKHQHEHQIDOOVDOVLQGLUHNWHU)DNWRUGHUVR]LDOHQ(LQJHEXQGHQKHLWYHUVWDQGHQZHU GHQ YJO %HJUQGXQJ EHL GHU 9DULDEOHQ VI :HLWHUH %HJUQGXQJHQ GLHVHV =X VDPPHQKDQJV VLQGLPEHUQlFKVWHQ$EVFKQLWW,QNRQVLVWHQWHU(U]LHKXQJVVWLO EHLP 6WLFKZRUW,QVWDELOLWlWDE]XOHLWHQ 'LH9DULDEOH(OWHUQ%H]LHKXQJUHWURVSHNWLYHUKREHQ LVWEHLGHQDOOJHPHLQHQhEHU VLFKWVEHUHFKQXQJHQPLWHLQEH]RJHQZRUGHQ VI6FKHLGXQJVXQG7UHQQXQJVHUIDKUXQJ-XJHQG]HLW 'LH9DULDEOHÄ6FKHLGXQJVRGHU7UHQQXQJVHUIDKUXQJELV]XP(QGHGHU-XJHQGXQWHU VXFKXQJ ELV ³ ZHLVW MHQH )lOOH DXV ZR .LQGHU-XJHQGOLFKH PLW HLQHU 6FKHLGXQJVRGHU7UHQQXQJVVLWXDWLRQGHU(OWHUQLQ.RQWDNWJHNRPPHQVLQG6LHLVW LP1DFKKLQHLQEHUHFKQHWZRUGHQXQGZHLVWQXUGLHDEJHVLFKHUWHQ)lOOHDXV'HVKDOE HQWKlOW GLHVH 9DULDEOH LQ GHQ 7HLOVWLFKSUREHQ ZHQLJ 3UREDQGHQ 'LH ,QIRUPDWLRQ Ä6FKHLGXQJVRGHU7UHQQXQJVHUIDKUXQJ³PXVVDEHUEHLGHU%HXUWHLOXQJGHUIDPLOLl UHQVR]LDOHQ(LQJHEXQGHQKHLWDOVUHOHYDQWJHOWHQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
VI,QNRQVLVWHQWHU(U]LHKXQJVVWLO,QNRQVLVWHQ]XQG:LOONU 6NDOD ,Q GHU 6NDOHQGRNXPHQWDWLRQ QDFK )HQG XQG 3UHVWHU ZLUG GLH 6NDOD ,QNRQ VLVWHQ]XQG:LOONUIROJHQGHUPDHQEHVFKULHEHQ 0LW GHU 'LPHQVLRQ GHU ,QVWDELOLWlW LVW HLQ $VSHNW ZDKUJHQRPPHQHQ HOWHUOL FKHQ(U]LHKXQJVYHUKDOWHQVHUIDVVW«,QVWDELOLWlWLVW«LQ]ZHL0DQLIHVWDWLR QHQ GHQNEDU QlPOLFK ]XP HLQHQ DOV VROFKH ]ZLVFKHQ 3HUVRQHQ HWZD 9DWHU XQG 0XWWHU ZLH DXFK DOV VROFKH ]ZLVFKHQ 6LWXDWLRQHQ 'DV YRUOLHJHQGH ,Q VWUXPHQWHUIDVVWH[SOL]LWGHQOHW]WHUHQ$VSHNWLQGHPGLH(OWHUQ«DOV(LQKHLW WKHPDWLVLHUWZHUGHQ*HPHVVHQZLUGDOVRSULPlUHLQZDKUJHQRPPHQHU0DQ JHO DQ 9RUKHUVDJEDUNHLW GHV (OWHUQYHUKDOWHQV EHU YHUVFKLHGHQH 6LWXDWLRQHQ KLQZHJ6 )HQG KDW GLHVH 6NDOD LQ GHU 3XEOLNDWLRQ LQ Ä1RUPHQXQNODUKHLW XQG (UZDU WXQJVXQVLFKHUKHLW³ XPEHQDQQW 'LH 6NDOD NRPPW GHP YHUQDFKOlVVLJHQGHQ (U]LH KXQJVVWLOVLHKH.DS DPQlFKVWHQ0LWVHLQHQ]ZHL'LPHQVLRQHQÄVFKZDFKH /HQNXQJ XQG WLHIH :HUWVFKlW]XQJ³ ZLUG HU DOVEHVRQGHUV QHJDWLY DXI GLH NLQGOLFKH (QWZLFNOXQJ EH]HLFKQHW ,QVEHVRQGHUH XQWHU GHU %HUFNVLFKWLJXQJ GHV 6R]LDOLVD WLRQVSUR]HVVHV XQG GHU GLHVEH]JOLFKHQ ,QWHUQDOLVLHUXQJ YRQ :HUWHQ LVW GLH YRUJH OHEWH(UZDUWXQJVXQVLFKHUKHLWGHU(OWHUQIDWDO VI(QWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( 6NDOD 'LH 6NDOD ÄHQWVSDQQWH )UHL]HLWDNWLYLWlWHQ PLW (OWHUQ³ ZLUG LQ GHU 'RNXPHQWDWLRQ YJO)HQG 3UHVWHU PLWÄ(OWHUQ)UHL]HLW(QWVSDQQXQJ³EH]HLFKQHW'LH6NDOD VWW]WVLFKDXI)UDJHQEHU$XVIOJH:DQGHUXQJHQRGHUEHUGHQ%HVXFKEHL9HU ZDQGWHQ XQG )UHXQGHQ 'LH (OWHUQ ZXUGHQ LP )UDJHERJHQ GDUDXI DXIPHUNVDP JH PDFKWGDVVVLHDQGLHOHW]WHQ0RQDWHGHQNHQVROOWHQ VI6R]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( 6NDOD 'LHVH6NDODEHVWHKWHEHQIDOOVDXV,WHPVZHOFKHEHL (OWHUQHUIUDJWZXUGHQ(VJHKW KLHULQVEHVRQGHUHXPGLHVR]LDOHQ$VSHNWHZHOFKHEHLGHUJHPHLQVDPHQ)UHL]HLWDN WLYLWlWLP=HQWUXPVWDQGHQÄ:LUKDEHQEHUGDVJHUHGHWZDVGDV.LQGEHZHJW]% GLH6FKXOHVHLQH)UHXQGHVHLQH6RUJHQVHLQH=XNXQIWVSOlQH ³RGHUÄ:LUKDEHQXQV EHUVR]LDOH7KHPHQXQWHUKDOWHQ]%$UEHLWVORVLJNHLW3UREOHPHDOWHURGHUNUDQNHU 0HQVFKHQ'URJHQNRQVXP ³ZDUHQ,WHPVZHOFKHGHQ(OWHUQ]XU%HDQWZRUWXQJYRU JHOHJWZXUGHQ VI$XHUIDPLOLlUH9HUWUDXHQVSHUVRQ93 EHLSHUV|QOLFKHQ3UREOHPHQ $XI GLH )UDJH Ä:HQQ GX 6FKZLHULJNHLWHQ RGHU 3UREOHPH PLW GLU VHOEVW KDVW PLW ZHPUHGHVWGXGDQQDPHKHVWHQGDUEHU"³NRQQWHQGLH-XJHQGOLFKHQHEHQIDOOVDQW ZRUWHQ :HQQ VLH QLFKW PLW Ä0XWWHU 9DWHU RGHU *HVFKZLVWHU³ JHDQWZRUWHW KDWWHQ EHGHXWHWH GLHV GDVV VLH GLH 9HUWUDXHQVSHUVRQ 93 DXHUKDOE GHU )DPLOLH ZlKOWHQ 'LHVH 7DWVDFKH PXVV PLW GHU (OWHUQ.LQG%H]LHKXQJ LQ 9HUELQGXQJ JHVHKHQ ZHU
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
GHQ LQVEHVRQGHUH XQWHU %HUFNVLFKWLJXQJ GHU VR]LDOHQ (LQJHEXQGHQKHLW JHPl 6'7 VI$XHUIDPLOLlUH9HUWUDXHQVSHUVRQ93 EHL3UREOHPHQPLWDQGHUHQ 'DVVHOEHJLOWIUGLH$XVVDJHÄ:HQQGX6FKZLHULJNHLWHQRGHU3UREOHPHPLWDQGHUHQ KDVW PLW ZHP UHGHVW GX GDQQ DP HKHVWHQ GDUEHU"³ ,P +LQWHUJUXQG EHVWHKW GLH +\SRWKHVHGDVVEHLWLHIHUVR]LDOHU(LQJHEXQGHQKHLWLQGHU)DPLOLHDXFKGLH9HUWUDX HQVSHUVRQHQDXHUKDOEGHU)DPLOLHJHZlKOWZHUGHQ 'LHIROJHQGHQGUHL9DULDEOHQVIVIXQGVIZHLVHQHLQHQ%H]XJ]XU.RPSH WHQ]HUIDKUXQJDOVZHVHQWOLFKHU7HLOGHU6'7V.DS DXI VI:DKUJHQRPPHQH%HJDEXQJVHLQVFKlW]XQJ )UZLHEHJDEW(OWHUQ±LQGHU:DKUQHKPXQJGHU-XJHQGOLFKHQ±LKU.LQGKDOWHQLVW EHL GHU /HLVWXQJV XQG 0RWLYDWLRQVHQWZLFNOXQJ HLQH EHGHXWHQGH )HVWVWHOOXQJ (U ZDUWXQJVKDOWXQJ%HJDEXQJVHLQVFKlW]XQJ±RELP6HOEVWRGHU)UHPGELOG±XQGGL UHNWH /HLVWXQJVHUZDUWXQJHQ VLQG LQVEHVRQGHUH EHL GHU %HXUWHLOXQJ GHV SV\FKRORJL VFKHQ%HGUIQLVVHVÄ$XWRQRPLH³YJO.DS YRQ5HOHYDQ]ZLH%HUHFKQXQJHQ QRFK]HLJHQZHUGHQ VI:DKUJHQRPPHQHUHUZDUWHWHU6FKXODEVFKOXVV+656*< Ä:HOFKHQ$EVFKOXVVVROOWHVWGXQDFK0HLQXQJGHLQHU(OWHUQHUUHLFKHQ"³'LH&RGLH UXQJGLHVHU9DULDEOHLVWGLFKRWRP+DXSWVFKXOH5HDOVFKXOH *\PQDVLXPV VI/HLVWXQJVHUZDUWXQJGHU(( :LHJXWGDV.LQGJHPlGHQ9RUVWHOOXQJHQGHU(OWHUQLQGHU6FKXOHVHLQVROOJHK|UW HEHQIDOOVLQGHQ7KHPHQNUHLV/HLVWXQJVHUZDUWXQJHQ,QVRIHUQPDFKWGHUHQ%HUFN VLFKWLJXQJEHLGHU%HXUWHLOXQJGHU/HLVWXQJVPRWLYDWLRQ6LQQ VI(IUDJHQKlXILJQDFK6FKXOOHLVWXQJ( 'LH(OWHUQGHUEHIUDJWHQ-XJHQGOLFKHQEHDQWZRUWHWHQDXFKGDV,WHPÄ:LHKlXILJIUD JHQ 6LH ,KU .LQGQDFK1RWHQ LQ .ODVVHQDUEHLWHQ RGHU 7HVWV"³ 'LH %HMDKXQJ GLHVHU )UDJHNDQQIUHLQH5HGX]LHUXQJGHU$XWRQRPLHGHV.LQGHVVSUHFKHQYJO%HJULII $XWRQRPLHLQGHU6'7 RGHU]XP6FKXOPRQLWRULQJJH]lKOWZHUGHQZHOFKHVDOV,Q GLNDWRU IU GDV ,QWHUHVVH XQG GLH $XIPHUNVDPNHLW GLH (OWHUQ LKUHQ .LQGHUQ HQWJH JHQEULQJHQJLOW(VN|QQWHKLHUDOVRVRZRKOQHJDWLYHDOVDXFKSRVLWLYH.RUUHODWLRQHQ PLWGHU/HLVWXQJVPRWLYDWLRQHUZDUWHWZHUGHQ VI(ZLVVHQ%HVFKHLGEHU6FKXOOHLVWXQJ( $XFKGLH)UDJHÄ:LVVHQ6LHJHQDXGDUEHU%HVFKHLGZLH,KU.LQGLQGHQ+DXSWIl FKHUQ VWHKW DOVR ZHOFKH =HXJQLVQRWHQ HV ]X HUZDUWHQ KDW E]Z LQ ZHOFKHQ /HLV WXQJVNXUVHQHVLVW"³JHK|UW]XP6FKXOPRQLWRULQJ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
VI+DXVDXIJDEHQHQJDJHPHQWGHU(( 6NDOD 'DV+DXVDXIJDEHQHQJDJHPHQWGHU(OWHUQNDQQHEHQVR]XP6FKXOPRQLWRULQJJH]lKOW ZHUGHQ *UXQGVlW]OLFK JHKW PDQ EHL GLHVHU 6NDOD YRQ HLQHU SRVLWLYHQ :LUNXQJ DXI GLH /HLVWXQJ XQG GLH /HLVWXQJVPRWLYDWLRQ DXV :HQQ GLH $XWRQRPLHXQWHUVWW]XQJ JHPlGHU6'7IRNXVVLHUWZLUGN|QQWHHVDEHUDXFKGXUFKHLQÄ]XYLHOGHV*XWHQ³ QHJDWLY DXI GLH /HLVWXQJVPRWLYDWLRQ DXVVFKODJHQ 'LH %HUHFKQXQJHQ LQVEHVRQGHUH LP-DKUH/lQJVVFKQLWWVROOHQGDUEHU(UNHQQWQLVVHEULQJHQV.DS $XHUIDPLOLlUHVR]LDOEH]RJHQH9DULDEOHQVD DXIGHU|NRORJLVFKHQ(EH QH ,P )ROJHQGHQ ZHUGHQ GLH DXHUIDPLOLlUHQ 9DULDEOHQ DXI GHU |NRORJLVFKHQ (EHQH YRUJHVWHOOW 6LH EHLQKDOWHQ VR]LDOHPRWLRQDOH $VSHNWH UXQG XP GLH VR]LDOH (LQELQ GXQJLQ6FKXOHXQGLQGHU3HHUJURXS VD:RKOIKOHQLQ6FKXOH(LQ]HOLWHP 'LH)UDJHODXWHWH³:LHZRKOIKOVWGXGLFKLQGHU6FKXOH"³'LHVH9DULDEOHLVWZLH EHLVIZRKOGLHYHUGLFKWHVWH)RUPGHVVR]LDOHPRWLRQDOHQ:RKOEHILQGHQVLP.RQ WH[W6FKXOHXQGPXVVGDKHUEHLP YRUOLHJHQGHQ7KHPDGHUÄVR]LDOHQ(LQJHEXQGHQ KHLW³EHUFNVLFKWLJWZHUGHQ VD$QRQ\PLWlWDQGHU6FKXOH6NDOD 'LH 6NDOD Ä$QRQ\PLWlW DQ GHU 6FKXOH³ LVW XUVSUQJOLFK IU GLH 3UIXQJ VR]LDOHU $XVZLUNXQJHQ JURHU 6FKXOHQ DXI GHQ HLQ]HOQHQ -XJHQGOLFKHQ HQWZLFNHOW ZRUGHQ 6LH ZHLVW DXI GLH 4XDOLWlW VR]LDOHU 9HUKlOWQLVVH KLQ XQG WKHPDWLVLHUW GLH ZDKUJH QRPPHQH $EZHVHQKHLW VR]LDOHU 6WW]V\VWHPH YJO )HQG 3UHVWHU 6 'DV %HLVSLHOLWHP Ä$Q GLHVHU 6FKXOH PXVV VLFKMHGHUDOOHLQ GXUFKNlPSIHQ DXI 8Q WHUVWW]XQJ NDQQ HU ZHQLJ UHFKQHQ³ YHUZHLVW LQVEHVRQGHUH DXFK DXI GLH HLJHQH 'XUFKVHW]XQJLP5DKPHQGHUNRQNXUUHQ]XQGOHLVWXQJVRULHQWLHUWHQ6FKXOH VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ6NDOD XQGVD6WDWXVUHOHYDQ]6ROLGDULWlW6NDOD %HLGLHVHQ]ZHL6NDOHQNDPHQ)UDJHQ]XP(LQVDW]GLHGDUDXIDE]LHOWHQGLH:DKU QHKPXQJ YRQ 1RUPVWUXNWXUHQ ZLH 6ROLGDULWlW ]ZLVFKHQ .ODVVHQNDPHUDGHQ XQG 6FKXOOHLVWXQJ]XHUKHEHQ'DGLH*OHLFKDOWULJHQJUXSSHHLQHZLFKWLJH6R]LDOLVDWLRQV LQVWDQ] GDUVWHOOW VLQG VROFKH1RUPHQ GHU 6FKXONODVVH DOV VR]LDOHV 6\VWHP LP .RQ WH[W GHU /HLVWXQJVPRWLYDWLRQVI|UGHUXQJ HEHQIDOOV ]X EHUFNVLFKWLJHQ .ODVVHQQRU PHQVWLPPHQHQWZHGHUPLWGHQRIIL]LHOOHQ=LHOHQGHV%LOGXQJVV\VWHPVEHUHLQRGHU DEHULQ:LGHUVSUXFKYJODD26 'LH(LQOHLWXQJODXWHWHWÄ6WHOO GLUYRUHLQ QHXHU 0LWVFKOHU NRPPW LQ HXUH .ODVVH XQG P|FKWH KLHU $QVFKOXVV XQG )UHXQGH ILQGHQ :LH PVVWH HU VHLQ GDPLW LKP GDV VFKQHOO JHOLQJW"³ 'LH -XJHQGOLFKHQ EH DQWZRUWHWHQYRUJHJHEHQH/|VXQJVYRUVFKOlJHPLWMDRGHUQHLQ VD.RQNXUUHQ]NDPSILQ.ODVVH6NDOD ,PGLUHNWHQ=XVDPPHQKDQJ]XRELJHQ]ZHL9DULDEOHQVDXQGVDLVWDXFKGLH6NDOD Ä.RQNXUUHQ]NDPSILQGHU.ODVVH³]XVHKHQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
'LH6NDODÃ.RQNXUUHQ]NDPSI¶PLVVWLP*UXQGHZLHVWDUNGLHVR]LDOHQ%H]LH KXQJHQGHU6FKOHUXQWHUHLQDQGHUYRQGHQ1RUPHQGHU,QVWLWXWLRQEHKHUUVFKW ZHUGHQ LQ GHU VLH HQWVWDQGHQ VLQG -H K|KHU GLH Ã.RQNXUUHQ]ZHUWH¶ GHVWR VWlUNHUGRPLQLHUHQ/HLVWXQJVHUZDUWXQJHQEHU6ROLGDULWlWVHUZDUWXQJHQGHVWR ZHQLJHU ELOGHW GLH .ODVVH HLQ VR]LDOHV 6WW]V\VWHP JHJHQ GLH YLHOIlOWLJHQ 6HOEVWZHUWJHIlKUGXQJHQ GXUFK GDV VFKXOLVFKH /HLVWXQJVV\VWHP VRQGHUQ SR WHQ]LHUWGLHVHQRFKDD26
VD.ODVVHQ]XVDPPHQKDOW6NDOD 0LWGHU6NDOD.ODVVHQ]XVDPPHQKDOWZHUGHQGLH%H]LHKXQJVGLPHQVLRQHQXQGGLH 6R]LDOYHUKlOWQLVVHLQQHUKDOEGHU.ODVVHWKHPDWLVLHUW 'DEHLVLQGVRZHLWDOVLQGHUJHJHEHQHQ.U]HP|JOLFKYHUVFKLHGHQH$VSHNWH YRQ%H]LHKXQJVSUREOHPHQLQGHU/HUQJUXSSHDXIJHQRPPHQZRUGHQQlPOLFK D &OLTXHQELOGXQJ E $XHQVHLWHUSUREOHPDWLN XQG F )HKOHQ YRQ *H PHLQVFKDIWVJHLVWXQG*UXSSHQEHZXVVWVHLQ:HJHQGHU$EGHFNXQJGLHVHUYHU VFKLHGHQHQ$VSHNWHLVWLQGLHVHP)DOOZLHGHUXPQXUGLH,QWHUSUHWDWLRQGHVSR VLWLYHQ 3ROV GHU 6NDOD HLQGHXWLJ (LQ .ODVVHQNOLPD GDV JHNHQQ]HLFKQHW LVW GXUFK +DUPRQLH $EZHVHQKHLW YRQ 3RODULVLHUXQJHQ]ZLVFKHQ HLQ]HOQHQ 7HLO JUXSSHQ XQG JHULQJH 7HQGHQ] ]XP $XVVFKOX HLQ]HOQHU 0LWJOLHGHU DXV GHU VR]LDOHQ*HPHLQVFKDIWDD26 VD9HUWUDXHQ]X/36NDOD ,Q GHU 6NDOD Ä9HUWUDXHQ ]X /HKUSHUVRQHQ³ VWHKW GHU %H]LHKXQJVDVSHNW GHU VFKXOL VFKHQ6R]LDOYHUKlOWQLVVH]ZLVFKHQ/HKUHUQXQG6FKOHUQLP=HQWUXP(VLVW GLH'LPHQVLRQGLHDPNODUVWHQGLIIHUHQ]LHUW]ZLVFKHQ6FKXOHQLQGHQHQGHU 4XDOLILNDWLRQV XQG 6HOHNWLRQVJHVLFKWVSXQNW GHQ DOOHLQLJHQ 0LWWHOSXQNW GHU /HKUHU6FKOHU,QWHUDNWLRQ ELOGHW XQG 6FKXOHQ LQ GHQHQ VR]LDOHU]LHKHULVFKH =LHOVHW]XQJHQ YRQ GHQ /HKUHUQ HUQVW JHQRPPHQ ZHUGHQ 'LH *UXQGYRUDXV VHW]XQJIUGHUDUWLJH%HPKXQJHQZLUGLQGLHVHU6NDODWKHPDWLVLHUW'DV$N ]HSWLHUHQGHV6FKOHUVDOV3HUVRQGDV(UQVWQHKPHQVHLQHU,QGLYLGXDOLWlWXQG GLH %HUHLWVFKDIW ]X +LOIH XQG 8QWHUVWW]XQJ DQJHVLFKWV YRQ 6FKZLHULJNHLWHQ XQG3UREOHPHQGHV-XJHQGOLFKHQ$XI6FKOHUVHLWHGRPLQLHUWEHLKRKHQ:HU WHQ DXI GLHVHU 6NDOD GDV *HIKO LQ GHU 6FKXOH HLQ 6WFN ZHLW Ã]XKDXVH¶ ]X VHLQDD26 (LQ%HLVSLHOHLQHV,WHPVODXWHW'LHPHLVWHQ/HKUHUEHPKHQVLFKXQVDXFKSHUV|Q OLFKNHQQHQ]XOHUQHQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
VD/HKUHU6FKOHU%H]LHKXQJ6NDOD 'LHVH /HKUHU6FKOHU%H]LHKXQJVVNDOD ZXUGH DXV HLQHU JU|HUHQ 6NDOD KHUDXV JH WUHQQW 6LH EHLQKDOWHW ÄGDV $XVPD ZDKUJHQRPPHQHU %HOLHEWKHLW XQG $QHUNHQ QXQJGXUFKGLH/HKUHU³(LQQLHGULJHU:HUWDXIGHU6NDODVSLHJHOWÄGDV*HIKOPDQ JHOQGHU VR]LDOHPRWLRQDOHU 8QWHUVWW]XQJ GXUFK GLH /HKUHU ZLGHU³ DD2 6 7DEHOOH]HLJWGLH5HOLDELOLWlWXQG9DOLGLWlW 7DEHOOH
5HOLDELOLWlWXQG)DNWRUODGXQJHQ9DOLGLWlW PLW7UHQQVFKlUIH.RUUHODWLRQ,WHP6NDOD GHU6NDOD/HKUHU6FKOHU %H]LHKXQJ
/DG XQJ
Į
YU,FKKDEHGDV*HIKOGDVVGLHPHLVWHQ/HKUHUPLFKJHUQP|JHQ YU%HLGHQPHLVWHQ/HKUHUQVWHKHLFKJXWGD Y,FKJODXEHGDVVGLHPHLVWHQ/HKUHUQLFKWYLHOYRQPLUKDOWHQ Y'HQPHLVWHQ/HKUHUQELQLFK]LHPOLFKJOHLFKJOWLJ
.RUU PLW 7RWDO
'LH %HUHFKQXQJ GHV 6NDOHQZHUWHV GLHVHU ZDKUJHQRPPHQHQ /HKUHU6FKOHU %H]LHKXQJEHUFNVLFKWLJWHDXFKIHKOHQGH:HUWH(VZXUGHQQXUGRUW6NDOHQEHUHFK QHW ZR PLQGHVWHQV GHU ,WHPV EHDQWZRUWHW ZXUGHQ 'HU :HUWHEHUHLFK GLHVHU 6NDODZHOFKHDXVGLFKRWRPHQ$XVVDJHQEHVWHKWLVWIROJHQGHUVFKOHFKWH/HKUHU 6FKOHU%H]LHKXQJ ELVVHKUJXWH/HKUHU6FKOHU%H]LHKXQJ VD/HLVWXQJVGUXFNGHU/HKUHU6NDOD 'LH6NDODPLVVWGLHZDKUJHQRPPHQHQ/HLVWXQJVIRUGHUXQJHQLQGHU6FKXOHDXV6LFKW GHU -XJHQGOLFKHQ =X GHQ ,QGLNDWRUHQ JHK|UHQ +lXILJNHLW XQHUZDUWHWHU 3UIXQJHQ DOOJHPHLQH /HLVWXQJVVWDQGDUGV RGHU GLH VXEMHNWLY ZDKUJHQRPPHQH $UEHLWVEHODV WXQJ 8QWHUGHP*HVLFKWVSXQNWGHU&KDUDNWHULVLHUXQJGHU6FKXOHDOVHU]LHKHULVFKHU 8PZHOW LVW GDPLW GLH +XPDQLWlW EHUKUW PLW GHU GLH 6FKXOH LKUH ]HQWUDOHQ )XQNWLRQHQ±4XDOLILNDWLRQXQG6HOHNWLRQ±ZDKUQLPPW8QWHUGHQ6R]LDOLVD WLRQVSHUVSHNWLYHQ VLQG KLHU ZLFKWLJH %HGLQJXQJHQ VXEMHNWLYHU SV\FKLVFKHU 8PZHOWEHODVWXQJHUIDWGLH±EHLKRKHQ6NDOHQZHUWHQ±]XVFKZHUZLHJHQGHQ %HHLQWUlFKWLJXQJHQ GHU HLJHQHQ %HILQGOLFKNHLW LQ GHU 6FKXOH ZLH DXFK YHU 'LHXUVSUQJOLFKH6NDODZDUÄ.RPSHWHQ]EHZXVVWVHLQ/HKUHUXQG6FKXOHUIROJ³PLWIROJHQGHU%HVFKUHL
EXQJÄ,QGLHVHU6NDODZHUGHQ]ZHL]HQWUDOH,QGLNDWRUHQVFKXOEH]RJHQHU.RQWUROOEHU]HXJXQJHQ]XVDP PHQJHIDVVW'HUHUVWH$VSHNWEHLQKDOWHW9RUVWHOOXQJHQYRQ2KQPDFKWGLHDOV(UJHEQLVHLQHU/HUQJHVFKLFK WHLQGHUNHLQH.RQWLQJHQ]]ZLVFKHQ$QVWUHQJXQJXQG(UIROJEHVWDQGLQWHUSUHWLHUWZHUGHQN|QQHQ&KUR QLVFKH0LVVHUIROJVELRJUDSKLHQILQGHQLKUHQ1LHGHUVFKODJLQJHQHUDOLVLHUWHQ(LQVFKlW]XQJHQGHU9HUJHE OLFKNHLWHLJHQHU%HPKXQJHQXPVFKXOLVFKHQ(UIROJXQGXP$QHUNHQQXQJGXUFKGLH/HKUHU(VKDQGHOW VLFKDOVRXPHLQHGLUHNWH(UIDVVXQJGHV.RQVWUXNWHVGHU*HOHUQWHQ+LOIORVLJNHLW6HOLJPDQ 'HU ]ZHLWH$VSHNWEHWULIIWGDV$XVPDZDKUJHQRPPHQHU%HOLHEWKHLWXQG$QHUNHQQXQJGXUFKGLH/HKUHU(LQ QLHGULJHU:HUWDXIGHU6NDODVSLHJHOWGDV*HIKOGHU$XVVLFKWVORVLJNHLWHLJHQHU%HPKXQJHQXP6FKXOHU IROJXQGGDV*HIKOPDQJHOQGHUVR]LDOHPRWLRQDOHU8QWHUVWW]XQJGXUFKGLH/HKUHUZLGHU³)HQG 3UHVWHU6+HUYRUKHEXQJGXUFK'/ 'HU6\QWD[EHIHKOODXWHWHVD 0HDQYUYUYY
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
VFKLHGHQHU $VSHNWH GHU DOOJHPHLQHQ 6HOEVWVLFKHUKHLW IKUHQ N|QQHQ )HQG HW DO )HQG 3UHVWHU6
VD$QHUNHQQXQJGXUFK0LWVFKOHU6NDOD ,Q GLHVHU .XU]VNDOD ZLUG GDV 6HOEVWNRQ]HSW GHU ZDKUJHQRPPHQHQ VR]LDOHQ $QHU NHQQXQJ GXUFK *OHLFKDOWULJH HUIDVVW (V KDQGHOW VLFK XP GLH 6WLFKZRUWH $QVHKHQ %HOLHEWKHLWXQGXPJHNHKUW,VRODWLRQVSUREOHPDWLNLQQHUKDOEGHU6FKXONODVVHZHOFKH LQ GHQ 9DULDEOHQ YHUZHQGHW ZXUGHQ 'LH 6NDOD HQWVSULFKW QLFKW HLQHU REMHNWLYHQ VRQGHUQHLQHUVXEMHNWLYHQSHU]LSLHUWHQ(LQVFKlW]XQJGHU0LWVFKOHU,P.RQVWDQ]HU /lQJVVFKQLWW VLQG DEHU ]XVlW]OLFK VR]LRPHWULVFKH 9HUIDKUHQ DQJHZHQGHW ZRUGHQ YJODD26 VD,QWHJUDWLRQ3HHUV6NDOD 'LHVH 6NDOD ]LHOW DXI GDV 6ROLGDULVLHUXQJVSRWHQWLDO YRQ -XJHQGOLFKHQ DE (V JHKW GDUXP LQZLHZHLW VLFK GLH EHIUDJWH 3HUVRQ LQ GDV 1HW] GHU VR]LDOHQ %H]LHKXQJHQ *OHLFKDOWULJHU HLQJHEXQGHQ IKOW =HQWUDOH ,WHPV VLQG Ä+DVW GX HLQHQ ZLUNOLFKHQ )UHXQG"³Ä:LH KlXILJ WULIIVW GX GLFK PLW GHLQHQ )UHXQGHQ DXHUKDOE GHU 6FKXOH"³ RGHUÄ)KOVWGXGLFKPDQFKPDORGHUKlXILJHLQVDP"³YJODD26 VD.LUFKOLFKH$NWLYLWlW 6NDOD 'LHÄNLUFKOLFKH$NWLYLWlWZHOFKHDOV9DULDEOHQXUDEGHP(UKHEXQJV]HLWSXQNW ]XU9HUIJXQJVWHKWNHQQ]HLFKQHWGDV(LQJHEXQGHQVHLQLQNLUFKOLFKH*UXSSHQXQG GLH GDPLW ]XVDPPHQKlQJHQGHQ $NWLYLWlWHQ %H]RJHQ DXI GLH 6'7 LVW GLHVH DXHU IDPLOLlUH (LQJHEXQGHQKHLW IU GLH YRUOLHJHQGH )UDJHVWHOOXQJ DOVR HEHQIDOOV ]X EH UFNVLFKWLJHQ VD9HUHLQV]XJHK|ULJNHLW±VD7XUQXQG6SRUWYHUHLQ±VD0XVLNRGHU6LQJ JUXSSH Ä,QZHOFKHUGHUIROJHQGHQ*UXSSHQDXHUKDOEGHU6FKXOHELVWGX0LWJOLHG"³'LH(U KHEXQJGLHVHU9HUHLQV]XJHK|ULJNHLWEH]LHKWVLFKDXIGLH0LWJOLHGVFKDIWXQG$NWL YLWlWHQLQ9HUHLQHQ,QGHU5HJHOLVWHVGLH0LWJOLHGVFKDIWLQ6SRUWRGHU0XVLNYHU HLQHQ ZHOFKH VSH]LILVFK PLW GHQ 9DULDEOHQ VD E]Z VD QRFK GHWDLOOLHUW HUIUDJW ZXUGHQ ,QVWUXPHQWHGHUPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHP LP-X JHQGDOWHUDXIGHUSV\FKRORJLVFKHQ(EHQH P/HLVWXQJVPRWLYDWLRQ6NDOD 'LH 6NDOD Ä/HLVWXQJVPRWLYDWLRQ³ HUODXEW GLH 0HVVXQJ KDELWXDOLVLHUWHU )RUPHQ GHU %HZlOWLJXQJVFKXOLVFKHU$QIRUGHUXQJHQ (V LVW DQ]XQHKPHQ GDVV VLFK 2ULHQWLHUXQJHQ XQG KDELWXDOLVLHUWH 9HUKDOWHQV ZHLVHQJHJHQEHUVFKXOLVFKHQ/HUQXQG/HLVWXQJVDQIRUGHUXQJHQHQWZLFNHOQ GLHLKUHUVHLWV5FNZLUNXQJHQDXIGDV/HUQHQVHOEVWKDEHQ/DQJIULVWLJHVXQG UHJHOPlLJHV /HUQHQ EHGDUI GHU 6WW]XQJ GXUFK $UEHLWVWXJHQGHQ $XIJUXQG
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
GHU %DVLV IUKHUHU 8QWHUVXFKXQJHQ GHU )HQG*UXSSH YJO )HQG HW DO ZXUGH DXV HLQHP XPIDVVHQGHUHQ ,QVWUXPHQWDULXP HLQH .XU]IRUP ]XU (UIDV VXQJGHU%HUHLWVFKDIWVFKXOLVFKH/HUQXQG/HLVWXQJVDQIRUGHUXQJHQ]XHUIO OHQ]XVDPPHQJHVWHOOWGLHEHVRQGHUVDXIGLH$VSHNWH$QVWUHQJXQJ$XVGDXHU XQG(KUJHL]DEKHEW)HQG 3UHVWHU6
'LH6FKOHUZXUGHQDXIJHIRUGHUWVLFKLQGHQ%HUHLFKHQ$QVWUHQJXQJ$XVGDXHUXQG (KUJHL]VHOEVWHLQ]XVFKlW]HQXQGVLFKGDEHLPLWGHQ.ODVVHQPLWJOLHGHUQ]XYHUJOHL FKHQÄ:LHVHKUVWUHQJVW'X'LFKIUGLH6FKXOHDQ"³Ä:HOFKH$XVGDXHUKDVW'X ZHQQ 'X VFKXOLVFKH $XIJDEHQ HUOHGLJHQ VROOVW"³ RGHU Ä:LH HKUJHL]LJ ELVW 'X EHL GHPZDVLQGHU6FKXOHJHPDFKWZHUGHQVROO"³)ROJHQGH$QWZRUWHQZDUHQEHLGLH VHP=HQWUDONRQVWUXNWGHUYRUOLHJHQGHQ$UEHLWP|JOLFK JDUQLFKW ZHQLJ PLWWHOPlLJ ]LHPOLFKRGHU VHKU)UGLH=DKOHQZHUWHZXUGHHLQ0LWWHOZHUW VFRUH HUUHFKQHW XQG PLW PXOWLSOL]LHUW :HUWEHUHLFK -H K|KHU GLH :HUWH XPVR JU|HU GLH /HLVWXQJVEHUHLWVFKDIW 'LHVH /HLVWXQJVPRWLYDWLRQV6XPPHQZHUWH ZXUGHQXQYHUlQGHUWDXVGHP'DWHQVDW]GHU.RQVWDQ]HU-XJHQGVWXGLHEHUQRPPHQ 'LH5HOLDELOLWlWVZHUWHVLQGIUDOOH:HOOHQ±±DXV UHLFKHQGE]Z]XIULHGHQVWHOOHQG P6FKXOLVFKH/HLVWXQJVDQJVW6NDOD )HQGXQG3UHVWHU XQWHUPDXHUQGLH6NDODWKHRUHWLVFKZLHIROJW (QWVFKHLGHQG IU GLH $QJVWHQWVWHKXQJ VRZLH IU GLH $QJVWDEZHKU VLQG « NRJQLWLYH %HZHUWXQJVSUR]HVVH SULPDU\ DSSUDLVDO VR]XVDJHQ VXEMHNWLYH %H GURKOLFKNHLWVEHZHUWXQJHQ ZREHL GDV ZDKUJHQRPPHQH 9HUKlOWQLV ]ZLVFKHQ GHU6WLPXOXVJHIlKUOLFKNHLWXQGGHU*HJHQNUDIWGHV,QGLYLGXXPV]%ZDKUJH QRPPHQH.RPSHWHQ] EHUGHQ$XVJDQJGHV%HZHUWXQJVSUR]HVVHVHQWVFKHL GHW>«@$XIGHU6LWXDWLRQVVHLWHKDQGHOWHVVLFKXPGLHNRQNUHWH6FKXOVLWXD WLRQ YRU E]Z ZlKUHQG HLQHU .ODVVHQDUEHLW $XI GHU 5HDNWLRQVVHLWH ZXUGHQ .RJQLWLRQHQ GHU $XIJHUHJWKHLW HPRWLRQDOLW\ LQ HUVWHU /LQLH DEHU .RJQLWLR QHQGHU%HVRUJQLVZRUU\ DXIJHQRPPHQ6 'LH/HLVWXQJVDQJVWPXVVGDKHUEHLGHU)RNXVVLHUXQJGHU/HLVWXQJVPRWLYDWLRQLQGHQ QDFKIROJHQGHQ %HUHFKQXQJHQ PLWEHUFNVLFKWLJW ZHUGHQ 'LH 5HOLDELOLWlWVZHUWH OLH JHQ]ZLVFKHQ XQG P%HJDEXQJV]XVFKUHLEXQJ6NDOD 'LH6NDOD%HJDEXQJV]XVFKUHLEXQJZLUGLQGHU'RNXPHQWDWLRQYJODD2 IROJHQ GHUPDHQXPVFKULHEHQ ,P 5DKPHQ GLHVHU 'LPHQVLRQ ZHUGHQ .RJQLWLRQHQ EH]JOLFK GHU HLJHQHQ /HLVWXQJVIlKLJNHLW±ZLHVLHLP.RQWH[WGHU9HUJOHLFKHPLWDQGHUHQHUVFKHLQW ±HUIDW'LH9RUVWHOOXQJHQZHQLJHU]XN|QQHQDOVDQGHUHODQJVDPHU]XVHLQ 'LQJHQLFKWVRVFKQHOO]XYHUVWHKHQWURW]$QVWUHQJXQJGDV1LYHDXGHUDQGH
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
UHQQLFKWKDOWHQ]XN|QQHQVWHKHQLP0LWWHOSXQNW(LQH[SOL]LWHU0DVWDEGHU 6HOEVWEHZHUWXQJ ZLH HWZD GHU $OWHUVGXUFKVFKQLWW RGHU GHU .ODVVHQGXUFK VFKQLWW ZLUG DEHU QLFKW YRUJHJHEHQ 'LH LP 5DKPHQ GLHVHU 6NDOD HUIDWHQ VXEMHNWLYHQ .RPSHWHQ]ZDKUQHKPXQJHQ VLQG IU GDV JHVDPWH /HLVWXQJVYHU KDOWHQ YRQ JURHU 5HOHYDQ] GD VLH KDQGOXQJVZLUNVDPH .RQVHTXHQ]HQ QDFK VLFK]LHKHQ 6LQGVLHSRVLWLYJHSUlJWHUVFKHLQHQQHXH/HLVWXQJVVLWXDWLRQHQLP/LFKWHHLQHU +HUDXVIRUGHUXQJ GHU HLJHQHQ )lKLJNHLWHQ XQG ZHUGHQ PLW SURGXNWLYHU 1HX JLHU XQG (UIROJV]XYHUVLFKW DXIJHQRPPHQ 6LQG VLH QHJDWLY JHSUlJW ZLUG LQ $QIRUGHUXQJVVLWXDWLRQHQHKHUGHUHQ%HGURKOLFKNHLWVFKDUDNWHUDN]HQWXLHUW6
P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ6NDOD 'LHVH6NDODZXUGHDXVHLQHUDQGHUHQJU|HUHQKHUDXVJHWUHQQW6LHEHLQKDOWHWÄ9RU VWHOOXQJHQYRQ2KQPDFKWGLHDOV(UJHEQLVHLQHU/HUQJHVFKLFKWHLQGHUNHLQH.RQ WLQJHQ] ]ZLVFKHQ $QVWUHQJXQJ XQG (UIROJ EHVWDQG LQWHUSUHWLHUW ZHUGHQ N|QQHQ &KURQLVFKH 0LVVHUIROJVELRJUDSKLHQ ILQGHQ LKUHQ 1LHGHUVFKODJ LQ JHQHUDOLVLHUWHQ (LQVFKlW]XQJHQGHU9HUJHEOLFKNHLWHLJHQHU%HPKXQJHQXPVFKXOLVFKHQ(UIROJXQG XP$QHUNHQQXQJGXUFKGLH/HKUHU(VKDQGHOWVLFKDOVRXPHLQHGLUHNWH(UIDVVXQJ GHV .RQVWUXNWHV GHU *HOHUQWHQ +LOIORVLJNHLW 6HOLJPDQ ³ )HQG 3UHVWHU 6 'LH IROJHQGHQ ,WHPV VLQG HQWKDOWHQ ZREHL GDV PLW HLQHP PDUNLHUWHQ ,WHP DXI JUXQG GHU 7DWVDFKH GDVV HV HEHQIDOOV LQ GHU 6NDOD %HJDEXQJV]XVFKUHLEXQJ P YRUNRPPWHOLPLQLHUWZXUGHYJO7DEHOOH 7DEHOOH
5HOLDELOLWlWXQG)DNWRUODGXQJHQ9DOLGLWlW PLW7UHQQVFKlUIH.RUU,WHP6NDOD GHU6NDODÄ6HOEVWZLUN VDPNHLW³
)DNW /GJ
Y(VKDWIUPLFKZHQLJ6LQQGDVVLFKPLFKLQGHU6FKXOHDQVWUHQJHGDLFKGRFKQLFKWYLHOHU UHLFKHQNDQQ Y,PPHUZHQQLFKYHUVXFKHLQGHU6FKXOHYRUDQ]XNRPPHQNRPPWPLUHWZDVGD]ZLVFKHQZDV PLFKKLQGHUW Y$XFKZHQQLFKPLFKQRFKVRDQVWUHQJH5LFKWLJ]XIULHGHQVLQGGLH/HKUHUPLWPLUQLH Y(VORKQWVLFKHLJHQWOLFKNDXPGDVVLFKLQGHU6FKXOHHWZDVVDJHGLH/HKUHUKDOWHQGRFKQLFKW YLHOGDYRQ
Y2IWNDQQLFKPLFKQRFKVRDQVWUHQJHQWURW]GHPVFKDIIHLFKQLFKWZDVDQGHUHRKQH0KH N|QQHQ
.RUU PLW 7RWDO
'LH5HOLDELOLWlWGHUYHUEOHLEHQGHQYLHU,WHPVLVWPLWĮ NQDSSDXVUHLFKHQGYJO :LWWHQEHUJ 6 'HU :HUWHEHUHLFK GLHVHU6NDOD ZHOFKH DXV GLFKRWRPHQ $XVVDJHQEHVWHKWLVW]ZLVFKHQYLHUVFKOHFKWH6HOEVWZLUNVDPNHLWVEHU]HXJXQJ XQG DFKWVHKUJXWH6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
6LHKHYRUOHW]WH)XQRWH
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
P6FKXOLVFKH1RUPYHUOHW]XQJ,WHPV 6NDOD 'LH VFKXOLVFKH1RUPYHUOHW]XQJ ZXUGH HEHQIDOOV QHXEHUHFKQHW $XV GHU *URVNDOD Ä'LV]LSOLQDULVFKHV9HUKDOWHQ³YJO)HQG6 ZXUGHQQXUQRFKGUHL,WHPV ]XHLQHU.XU]VNDODYHUUHFKQHW'HU*UXQGOLHJWGDULQGDVVGDPLW$JJUHVVLRQHQJH JHQEHU 0LWVFKOHUQ YJO NXUVLY GDUJHVWHOOWH ,WHPV DXVJHVFKORVVHQ VLQG XQG QXU GDVQRUPDEZHLFKHQGH9HUKDOWHQJHJHQEHU/HKUHUQXQGGHU6FKXOHJHPHVVHQZLUG 'LH5HOLDELOLWlWGHUYHUEOHLEHQGHQGUHL,WHPVLVWPLWĮ LPPHUQRFKVHKUKRFK /HKUHUDEVLFKWOLFKlUJHUQ 6DFKHQNDSXWWPDFKHQGLHGHU6FKXOHJHK|UHQ /HKUHUQIUHFKH$QWZRUWHQJHEHQ MHPDQGYHUKDXHQGHUVFKZlFKHULVW DQGHUHLQGHU.ODVVHKLQWHULKUHP5FNHQVFKOHFKWPDFKHQ PLFKPLWDQGHUHQSUJHOQ DQGHUHODXWYHUVSRWWHQ P5DXFKHQE]Z1LNRWLQNRQVXP 'LH)UDJHÄ:LHRIWUDXFKVWGX"³JLEW$XVNXQIWGDUEHUREHLQ-XJHQGOLFKHUVFKRQ UHJHOPlLJ UDXFKW:LHLQ.DSLWHODXVJHIKUWNDQQYRQHLQHP0HUNPDOJH VSURFKHQ ZHUGHQ GDV EH]JOLFK OlQJHUIULVWLJHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ EHGHXW VDPLVW PPP(..RQVHQV]XÄZDVOHLVWHQ³ZDVJODXEHQ³XQGÄZLHEHQHKPHQ³ 'LH -XJHQGOLFKHQ ZXUGHQ LP )UDJHERJHQ DXFK ]XU hEHUHLQVWLPPXQJ LKUHU(LQVWHO OXQJHQ XQG +DOWXQJHQ PLW GHQHQ LKUHU (OWHUQ EHIUDJW Ä%HL ZHOFKHQ 7KHPHQ XQG 3UREOHPHQVWLPPVWGXPLWGHLQHQ(OWHUQEHUHLQXQGEHLZHOFKHQHKHUQLFKW"³'LH GUHL ,WHPV ZHOFKH GLFKRWRP JHVWHOOW ZDUHQ VLQG Ä:DV LFK LQ GHU 6FKXOH OHLVWHQ VROO³Ä:RUDQGHU0HQVFKJODXEHQVROO³XQGÄ:LHPDQVLFKEHQHKPHQVROO³:LHLQ .DS DXVJHIKUW NDQQ GLH hEHUHLQVWLPPXQJ GHU LQQHUHQ 6LFKW GHV -XJHQGOL FKHQPLWGHQ(OWHUQJHPlGHU6'7DOVHLQ0DGHU$XWRQRPLHYHUVWDQGHQZHUGHQ $XFK GLH (OWHUQ.LQG%H]LHKXQJVGHILQLWLRQ LP .DSLWHO EHLQKDOWHW VROFKH hEHU HLQVWLPPXQJHQ]ZLVFKHQ(OWHUQXQG.LQG P=XNXQIWVEHZlOWLJXQJ6NDOD 'LH (LQVFKlW]XQJ GHU =XNXQIWVEHZlOWLJXQJ JHK|UW HEHQIDOOV ]X GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVYDULDEOHQ Ä(V JHKW XP GLH JHQHUHOOH 6LFKW GHU HLJHQHQ =XNXQIW 1LHGULJH :HUWH N|QQHQ DOV $XVGUXFN HLQHU SHVVLPLVWLVFKUHVLJQDWLYHQ +DOWXQJ GHU =XNXQIW XQG GHQ YRQ 3HUVRQ ]X 3HUVRQ XQWHUVFKLHGOLFKHQ EHGHXWVDPHQ $XIJDEHQ JHJHQEHUEHWUDFKWHWZHUGHQ³)HQG 3UHVWHU6 (VKDQGHOWVLFKEHLWLH IHQ:HUWHQDOVRXPHLQHQ.RQWUROOYHUOXVW P%LOGXQJVRULHQWLHUXQJ6NDOD 'LH)UDJHQ]XU%LOGXQJVRULHQWLHUXQJZXUGHQGHQ-XJHQGOLFKHQPLWIROJHQGHU(LQOHL WXQJJHVWHOOWÄ$XIGHUUHFKWHQ6HLWHLVWHLQH5HLKHYRQ7KHPHQDQJHJHEHQXQGGX VROOVW MHZHLOV DQNUHX]HQ ZLH RIW HV YRUNRPPW GDVV GX XQG GHLQH )UHXQGH )UHXQ
0HWKRGH
(UKHEXQJVLQVWUXPHQWH
GLQQHQ EHUGLHVHV7KHPDUHGHQ³'LHVJLOWIUGLHHUVWHQGUHL)UDJHQ'LH)UDJHQ ELVKDWWHQGLH(LQOHLWXQJÄ:DVWXVWGXZHQQGXDOOHLQHELVW"'LHUHVWOLFKHQ,WHPV 0DOHQ7DJHEXFKVFKUHLEHQXQGEDVWHOQ ZHOFKHLQHLQHUIUKHUHQ9HUVLRQHQWKDO WHQZDUHQVLQGQXQQLFKW PHKULQ GLHVHU%LOGXQJVRULHQWLHUXQJVVNDODEHUFNVLFKWLJW ZRUGHQ'LH6NDODLVWZLHGHUXPVREHUHFKQHWZRUGHQGDVVLQPLQGHVWHQVGUHL,WHPV :HUWHHQWKDOWHQVHLQPXVVWHQXPHLQHQ6XPPHQVFRUH]XHUKDOWHQ SROLWLVFKHXQGJHVHOOVFKDIWOLFKH3UREOHPH )UDJHQGHV*ODXEHQVGHU:HOWDQVFKDXXQJXQGGHU5HOLJLRQ %FKHU7KHDWHU)LOPH.XQVW %FKHUOHVHQ NODVVLVFKH0XVLNK|UHQ $XIHLQHP0XVLNLQVWUXPHQWEHQ
P/HLVWXQJVPRWLYDWLRQ6NDOD 'LH 6NDOD Ä/HLVWXQJVPRWLYDWLRQ³ GHV -DKUHV ZXUGH DOV SV\FKRORJLVFKHV .RQ VWUXNWVRZRKOLP$OWHUYRQXQGYRQ-DKUHQHUKREHQ:HLWHUH(UNOlUXQJHQHU EULJHQVLFKGDGDV.RQVWUXNWLQ.DSLWHOJHQJHQGWKHPDWLVLHUWZXUGH P$OOJHPHLQHV,QWHUHVVHGHV.LQGHV( 'DV ,QWHUHVVH NDQQ DOV DNWXHOOH %H]LHKXQJ ]ZLVFKHQ 3HUVRQ XQG *HJHQVWDQG YHU VWDQGHQ ZHUGHQ 'LH GDUDXI EHUXKHQGH ,QWHUHVVHQV.RQ]HSWLRQ VWHKW JHPl .UDSS 6 LQ9HUELQGXQJPLWGHQGUHLDQJHERUHQHQSV\FKRORJLVFKHQ*UXQGEH GUIQLVVHQ%DVLF1HHGV GHU6'7'LH(OWHUQZXUGHQPLWIROJHQGHU,QIRUPDWLRQDXI GLHVH)UDJHYRUEHUHLWHWÄ:LHVHKHQ6LH,KU.LQG".HLQ.LQGJOHLFKWGHPDQGHUHQ ZHGHUlXHUOLFKQRFKLP+LQEOLFNDXIVHLQHW\SLVFKHQ(LJHQKHLWHQXQG)lKLJNHLWHQ 0DQNDQQVDJHQMHGHV.LQGEHVLW]WHLQHHLQ]LJDUWLJH.RPELQDWLRQYRQ(LJHQVFKDI WHQ:LHVHKHQ6LH,KU.LQG"³'LHNRQNUHWH$QWZRUWNRQQWHEH]JOLFKÄLQWHUHVVLHUW VHLQYLHOH)UDJHQVWHOOHQZLVVEHJLHULJVHLQ6DFKHQJHUQDXIGHQ*UXQGJHKHQ³JH JHEHQZHUGHQ ,QVWUXPHQWHGHUPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOH%/0%:0 %6: LP(UZDFKVHQHQDOWHUDXIGHUSV\FKRORJLVFKHQ(EHQH 'LH LQ YRUOLHJHQGHU 8QWHUVXFKXQJ DEKlQJLJHQ 9DULDEOHQ GHV (UZDFKVHQHQDOWHUV 6NDOHQ%/0%:0XQG%6: VLQGDXVIROJHQGHQ,WHPVJHELOGHWZRUGHQ %HUXIOLFKH/HLVWXQJVPRWLYDWLRQ%/0 ,FKVHW]HPLFKLQPHLQHP%HUXILPPHUVWDUNHLQ :HQQLFKHLQHEHUXIOLFKH$XIJDEHHUOHGLJHQPXVVWXHLFKGDVLPPHUPLWJURHU $XVGDXHU (VLVWPLUVHKUZLFKWLJLP%HUXIHUIROJUHLFK]XVHLQ %HUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQ%:0
FRPSXWH%LOG
5QG0HDQ999999
0HWKRGH
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ
,FKELOGHPLFKDXFKGDQQEHUXIOLFKZHLWHUZHQQLFKGDIUDXI)UHL]HLWYHU]LFKWHQ PXVV ,FKVFKDIIHHVHLQIDFKQLFKWDP:RFKHQHQGHRGHUDP$EHQGQRFK]XVlW]OLFKIU GHQ%HUXI]XOHUQHQ :HQQLFKPLFKEHUXIOLFKZHLWHUELOGHQVROOVWUlXEWVLFKLQPLUHWZDV %HUXIOLFKH6HOEVWZLUNVDPNHLWVEHU]HXJXQJ%6: %HUXIOLFKHQ 6FKZLHULJNHLWHQ VHKH LFK JHODVVHQ HQWJHJHQ ZHLO LFK PLFK LPPHU DXIPHLQH)lKLJNHLWHQYHUODVVHQNDQQ ,FKIKOHPLFKGHQPHLVWHQEHUXIOLFKHQ$QIRUGHUXQJHQJHZDFKVHQ %HLPHLQHU$UEHLWJHOLQJWPLUDXFKGLH/|VXQJVHKUVFKZLHULJHU$XIJDEHQ 'LH 5HOLDELOLWlWHQ GLHVHU 6NDOHQ VLQG Į %/0 Į %:0 XQG Į %6: 'LH9DULDEOHQ]XUDOOJHPHLQHQ=XIULHGHQKHLWEHUEHGHXWVDPH/HEHQVEHUHLFKHZHU GHQ IU Ä$EUXQGXQJVEHUHFKQXQJHQ³ YJO .DS HEHQIDOOV YHUZHQGHW 7DEHOOH JLEWHLQHQhEHUEOLFN 7DEHOOH
9DULDEOHQGHUDOOJHPHLQHQ=XIULHGHQKHLWEHUZHVHQWOLFKH/HEHQVEHUHLFKH
$ENU]XQJ 9DULDEOHQ ]IM
]ID ]IE ]IIU ]IOH
=XIUPLW-XJHQG]HLWUHWUR VSHNWLY =XIULPLW$UEHLWVVWHOOH =XIULPLW%HUXI =XIULPLW)UHL]HLW =XIULPLW/HEHQLQVJHVDPW
:RUWODXW
:HQQ6LHDQ,KUH-XJHQG]HLW]ZLVFKHQXQG-DKUHQ]X UFNGHQNHQ:LHKDEHQ6LHGLHVH=HLWHUOHEW" :LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHU$UEHLWVVWHOOH" :LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHP%HUXI" :LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHU)UHL]HLWJHVWDOWXQJ" :LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHP/HEHQLQVJHVDPW"
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ 6WDWLVWLVFKH.HQQZHUWH
.RUUHODWLRQVNRHIIL]LHQWU 'DV(IIHNWVWlUNHPDUZLUGDEDOVNOHLQHU(IIHNWDEDOVPLWWOHUHU(IIHNWXQG DEDOVJURHU(IIHNWGHILQLHUWYJO5RVW6 (IIHNWVWlUNHG %HLP0LWWHOZHUWVYHUJOHLFK]ZHLHU*UXSSHQZlKOWPDQJHUQGDV(IIHNWVWlUNHPDG 'HQQ HV JLEW ]XVlW]OLFK ]XP HUKDOWHQHQ 6LJQLILNDQ].HQQZHUW DXV ZLH EHGHXWVDP E]ZZLHVWDUNGHU8QWHUVFKLHGLVWGLVWGHILQLHUWGXUFKGLH'LIIHUHQ]GHU0LWWHOZHUWH EHLGHU *UXSSHQ 00 JHWHLOW GXUFK GLH 6WDQGDUGDEZHLFKXQJ V GHU 3RSXODWLRQ RGHUEHLGHU*UXSSHQDOVJHPLWWHOWH6WDQGDUGDEZHLFKXQJ %HLG VSULFKWPDQYRQHLQHPNOHLQHQ(IIHNWDEG YRQHLQHPPLWWOHUHQXQG DEG YRQHLQHPJURHQ(IIHNWYJOHEG
0HWKRGH
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ
&URQEDFK¶V$OSKD &URQEDFK¶V$OSKDLVW$XVGUXFNIUGLHLQWHUQH.RQVLVWHQ]HLQHUGHILQLHUWHQ6NDOD-H K|KHUGDV0DPLWZHOFKHPGLHHLQ]HOQHQ,WHPVGDVJOHLFKHPHVVHQGHVWRJU|VVHU GLHJHVDPWKDIWH0HVVJHQDXLJNHLWGHU6NDOD3HU.RQYHQWLRQZLUG&URQEDFK¶V$OSKD IROJHQGHUPDHQLQWHUSUHWLHUWYJO:LWWHQEHUJ6 $OSKDNHLQHDXVUHLFKHQGH5HOLDELOLWlW $OSKDDXVUHLFKHQGH5HOLDELOLWlW $OSKD]XIULHGHQVWHOOHQGH5HOLDELOLWlW $OSKDKRKH5HOLDELOLWlW 7UHQQVFKlUIHNRHIIL]LHQWULW 'HU7UHQQVFKlUIHNRHIIL]LHQWJLOWÄDOVZRKOZLFKWLJVWHV.ULWHULXP]XU%HXUWHLOXQJGHU %UDXFKEDUNHLWHLQHV,WHPV³%KO =|IHO6 (UPLVVWGLH.RUUHODWLRQ ]ZLVFKHQ GHP :HUW HLQHV HLQ]HOQHQ ,WHPV XQG GHU 6XPPH GHU $QWZRUWHQ DXI GLH EULJHQ,WHPV$OV*WHVWDQGDUGVIUULWKDEHQVLFKIROJHQGH:HUWHEHZlKUW ULW JXWHVELVVHKUJXWHV,WHP ULW EUDXFKEDUHV,WHP ULW UHYLVLRQVEHGUIWLJHV,WHP XQEUDXFKEDUHV,WHP ULW 9DOLGLWlWE]Z+RPRJHQLWlW 'LH3UIXQJDXI+RPRJHQLWlWHUIROJWPLWWHOVH[SORUDWLYHU)DNWRUHQDQDO\VHXQGZLUG QXU EHL QHX JHELOGHWHQ 6NDOHQ GXUFKJHIKUW 9HUELUJW VLFK KLQWHU HLQHP 9DULDEOHQ EQGHOQXUHLQHLQ]LJHU)DNWRUVRLVWGLH(LQGLPHQVLRQDOLWlWGHU6NDODXQGGDPLWLK UH+RPRJHQLWlWEHVWlWLJW:HUGHQKLQJHJHQPHKUHUH)DNWRUHQH[WUDKLHUW.ULWHULXP (LJHQZHUW! VRVLQGGLHVH9DULDEOHQQLFKWPHKUDOVKRPRJHQ]XEHWUDFKWHQYJO :LWWHQEHUJ6 =XU3UREOHPDWLNGHU9HUlQGHUXQJVPHVVXQJXQG]XU6WUXNWXUJOHL FKXQJVPRGHOOEHUHFKQXQJ 6FKQHLGHU VFKUHLEW VFKRQ YRU -DKUHQ EHU GLH 6FKZLHULJNHLW EHL GHU OlQJVVFKQLWWOLFKHQ(UIDVVXQJSV\FKRORJLVFKHU0HUNPDOHÄ'HEDWWHQEHU6FKZLHULJ NHLWHQGHU(UIDVVXQJHQYRQ9HUlQGHUXQJHQLQSV\FKRORJLVFKHQ0HUNPDOHQVLQGQXQ VFKRQVHLWPHKUHUHQ-DKU]HKQWHQJHIKUWZRUGHQ³6 ,P)ROJHQGHQZHUGHQGLH LQ GLHVHU 6WXGLH HLQJHVHW]WHQ VWDWLVWLVFKHQ 9HUIDKUHQ XPULVVHQ XQG DXI GHUHQ 6FKZDFKVWHOOHQKLQJHZLHVHQ 0XOWLSOH5HJUHVVLRQVDQDO\VHQ 'LH5HJUHVVLRQVDQDO\VHLVWSULQ]LSLHOOIUVFKXOEH]RJHQH/lQJVVFKQLWWVWXGLHQJHHLJ QHWÄ,PNODVVLVFKHQ0RGHOOGHU5HJUHVVLRQVDQDO\VHZLUGGHU:HUWHLQHUDEKlQJLJHQ 9DULDEOHQGHP.ULWHULXP GXUFKGLHJHZLFKWHWH6XPPHYRQ1XQDEKlQJLJHQ9DUL DEOHQ GHQ 3UlGLNWRUHQ VR ]X VFKlW]HQ YHUVXFKW GDVV GLH 6XPPH GHU TXDGULHUWHQ 5HVLGXHQ'LIIHUHQ]HQ]ZLVFKHQGHPDNWXHOOHQ.ULWHULXPVZHUWXQGVHLQHP6FKlW] ZHUW HLQ0LQLPXPHUJLEW³DD26
0HWKRGH
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ
(LQ HUVWHV 3UREOHP VR 6FKQHLGHU ZHLWHU LVW GDVV IU GLH 3UlGLNWRUHQ IHKOHUIUHLH 0HVVXQJHQXQWHUVWHOOWZHUGHQ(LQ]ZHLWHVLVWGDVVSULQ]LSLHOO8QDEKlQJLJNHLW]ZL VFKHQGHQ3UlGLNWRUHQDQJHQRPPHQZLUG(VJLOWHLJHQWOLFKGLH9RUDXVVHW]XQJGDVV HV NHLQH VLJQLILNDQWHQ =XVDPPHQKlQJH ]ZLVFKHQ GHQ 3UlGLNWRUHQ JHEHQ GDUI 2IW PDOV WULIIW PDQ DEHU DXI 0XOWLNROOLQHDULWlW ZDV VLFK QHJDWLY DXI GLH6FKlW]XQJ GHV 6WDQGDUGIHKOHUVGHU5HJUHVVLRQVNRHIIL]LHQWHQDXVZLUNW 'LHVH]ZHL0HVVIHKOHUSUREOHPHJHOWHQDXFKIUGLHKLHUDUFKLVFKH5HJUHVVLRQVDQDO\ VHZHOFKHLQVFKXOEH]RJHQHQ/lQJVVFKQLWWVWXGLHQJURH%HDFKWXQJHUIDKUHQKDW 3IDGDQDO\VHQ 3IDGDQDO\VHQ PLW PDQLIHVWHQ 9DULDEOHQ EHU GLH VLFK $EKlQJLJNHLWVEH]LHKXQJHQ ]ZLVFKHQ3UlGLNWRUYDULDEOHQPRGHOOLHUHQODVVHQVWHOOHQNRQVHTXHQWH:HLWHUHQWZLFN OXQJHQGHV5HJUHVVLRQVDQVDW]HVGDU 'LH3IDGDQDO\VHELHWHWGLH0|JOLFKNHLWSRVWXOLHUWH=XVDPPHQKlQJH ]ZLVFKHQ3Ul GLNWRUYDULDEOHQ LQ LKUHU (LQZLUNXQJ DXI HLQ JHJHEHQHV .ULWHULXP JHQDXHU GK PLW GLUHNWHQ XQG LQGLUHNWHQ (LQIOVVHQ ]X EHUSUIHQ -HGRFK JLEW HV DXFK KLHU ]ZHL JURH1DFKWHLOHLQ)RUPYRQ9RUDQQDKPHQ'LH9DULDEOHQZlUHQPHVVIHKOHUEHUHL QLJWXQGGLH5HVLGXHQGHUXQWHUVFKLHGOLFKHQ*OHLFKXQJHQYRQHLQDQGHUXQDEKlQJLJ )U YLHOH JURDQJHOHJWH 3URMHNWH PLW YLHOHQ 9DULDEOHQ ]X XQWHUVFKLHGOLFKHQ 0HVV ]HLWSXQNWHQODVVHQVLFKDEHUUHJUHVVLRQVXQGSIDGDQDO\WLVFKH9HUIDKUHQDXIGHU%D VLVPDQLIHVWHU9DULDEOHQQLFKWPHKUVLQQYROOYHUZHQGHQYJODD26I 6WUXNWXUJOHLFKXQJVPRGHOOH .DXVDOPRGHOOH PLWODWHQWHQ9DULDEOHQELHWHQGHQ3IDGDQDO\VHQJHJHQEHUGHQJUR HQ9RUWHLOGDVVVLHPHVVIHKOHUEHUHLQLJWDUEHLWHQ (LQIDFKH NRUUHODWLYH =XVDPPHQKlQJH ]ZLVFKHQ GHQ ZLFKWLJVWHQ PRWLYDWLRQDOHQ VFKXOLVFKHQIDPLOLlUHQXQGVR]LDOHQ%HGLQJXQJVPHUNPDOHQXQGGHQ.ULWHULHQÄPR WLYDWLRQDOH 9DULDEOHQ LP (UZDFKVHQHQDOWHU³ VLQG IU HLQH YHUOlVVOLFKHU 9RUKHUVDJH QLFKWDXVUHLFKHQG1XUGXUFKGLHJOHLFK]HLWLJH%HUFNVLFKWLJXQJGHU,QWHUGHSHQGHQ ]HQ]ZLVFKHQYHUVFKLHGHQHQ'HWHUPLQDQWHQGHU/HLVWXQJVPRWLYDWLRQLQKLHUDUFKLVFK JHJOLHGHUWHQ6WUXNWXUPRGHOOHQLVWGHUSUlGLNWLYH:HUWIUGLH%HVWLPPXQJGHU.ULWH ULXPVYDULDEOHQDEVFKlW]EDU 6WUXNWXUDQDO\WLVFKH$QVlW]H«EHGLHQHQVLFKGHV0HKUHEHQHQDQVDW]HVXQG]LH OHQ GDUDXI DE GHQ UHODWLYHQ (LQIOXVV EHZlKUWHU 0HUNPDOH GHU 6FKOHUSHUV|Q OLFKNHLW GHV IDPLOLlUHQ XQG VR]LDOHQ +LQWHUJUXQGV LQ LKUHU JHJHQVHLWLJHQ 9HU QHW]XQJ«]XDQDO\VLHUHQ'LHVJHVFKLHKWYRUZLHJHQGPLW+LOIHYRQ3IDGDQDO\ VHQRGHU6WUXNWXUJOHLFKXQJVPRGHOOHQGHUHQEHVRQGHUHU9RUWHLOHEHQGDULQOLHJW GLH UHODWLYHQ GLUHNWHQ ZLH LQGLUHNWHQ 9RUKHUVDJHJHZLFKWH GHU HLQ]HOQHQ 0HUN PDOH«]XEHVWLPPHQ6DXHU6II+HUYRUKHEXQJGXUFK'/ 6WUXNWXUJOHLFKXQJVPRGHOOH ELOGHQ NDXVDOH $EKlQJLJNHLWHQ ]ZLVFKHQ EHVWLPPWHQ 0HUNPDOHQDEZREHLHLQWKHRUHWLVFKIXQGLHUWHV+\SRWKHVHQV\VWHPYRUOLHJHQPXVV
0HWKRGH
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ
'DV%HVRQGHUHLVWGDVVVLFK%H]LHKXQJHQ]ZLVFKHQODWHQWHQGKQLFKWGLUHNW EHREDFKWEDUHQ9DULDEOHQ]HLJHQODVVHQ(VVLQGK\SRWKHWLVFKH.RQVWUXNWHZLH ]% 6R]LDOLVDWLRQ (LQVWHOOXQJ 9HUKDOWHQVLQWHQWLRQ 6R]LDOVWDWXV 0RWLYDWLRQ RGHU$JJUHVVLRQ'LHVHZHUGHQGXUFKHLQHQRGHUPHKUHUH,QGLNDWRUHQRSHUD WLRQDOLVLHUWXQGVRPLWGHILQLHUW,QHLQHPVRJ6WUXNWXUPRGHOOZHUGHQGLHDXI JUXQG WKHRUHWLVFKHU E]Z VDFKORJLVFKHU hEHUOHJXQJHQ DXIJHVWHOOWHQ %H]LH KXQJHQ ]ZLVFKHQ GLHVHQ K\SRWKHWLVFKHQ .RQVWUXNWHQ HUVLFKWOLFK JHPDFKW 6RPLW JLEW HV DOVR PHKUHUH XQDEKlQJLJH DOV DXFK PHKUHUH DEKlQJLJH ODWHQWH 9DULDEOHQ6WUXNWXUJOHLFKXQJVPRGHOOHVWHOOHQHLQH$QDO\VHDXIGHU(EHQHYRQ DJJUHJLHUWHQ 'DWHQ GDU XQG EHUSUIHQ HLQ JHJHEHQHV +\SRWKHVHQV\VWHP LQ VHLQHU *HVDPWKHLW %DFNKDXV (ULFKVRQ 3OLQNH :HLEHU +HUYRUKH EXQJGXUFK'/
:lKUHQGEHUHLQ0HVVPRGHOOGLH%H]LHKXQJ]ZLVFKHQGHQJHPHVVHQHQ,QGLNDWRUHQ XQGGHQODWHQWHQ.RQVWUXNWHQGHILQLHUWZLUGGLHQWGDV6WUXNWXUJOHLFKXQJVPRGHOOGD ]X GLH $EKlQJLJNHLWHQ ]ZLVFKHQ GHQ ODWHQWHQ 9DULDEOHQ IHVW]XOHJHQ 'DV HLJHQWOL FKH.DXVDOPRGHOOLVWDOVRDXIGHU(EHQHGHUODWHQWHQ.RQVWUXNWHVSH]LIL]LHUWXQGLQ GHU 5HJHO LQWHUHVVLHUW GLHVH (EHQH 'DEHL VLQG H[RJHQH 9DULDEOHQ VROFKH GLH QLFKW GXUFK YRUKHUJHKHQGH 0HUNPDOH HUNOlUW ZHUGHQ ZlKUHQG HQGRJHQH GXUFK GLUHNWH RGHU LQGLUHNWH (IIHNWH GHU YRUJHRUGQHWHQ 9DULDEOHQ PLWEHVWLPPW XQG HUNOlUW VLQG 'RSSHOSIHLOH]HLJHQ.RUUHODWLRQHQHLQIDFKH3IHLOHVWHKHQIUNDXVDOH6WUXNWXUNRHI IL]LHQWHQYJO6FKQHLGHU6 3UREOHPH EHL GHU 0RGHOOEHZHUWXQJ YRQ 6WUXNWXUJOHLFKXQJVPRGHOOHQ HQWVWHKHQ GD GXUFKGDVVIDVWDOOHYHUIJEDUHQ0RGHOODQSDVVXQJVNHQQZHUWHYRQGHU6WLFKSUREHQ JU|HDEKlQJLJVLQG-HJU|HUGLH6WLFKSUREHGHVWRJU|HULVWGLH:DKUVFKHLQOLFK NHLWGDVVGLH%HZHUWXQJGHV0RGHOOVQHJDWLYDXVIlOOWYJO0DUVK%DOOD 0F'R QDOG ]LWLHUW QDFK 6FKQHLGHU 6 'LH GXELRVH /RJLN GHU 0RGHOOEH ZHUWXQJHLQWKHRUHWLVFKHV0RGHOOZLUGGXUFKHLQHQQLFKWVLJQLILNDQWHQ&KL4XDGUDW :HUWJHVWW]W NDQQGD]XYHUOHLWHQHLQH%HVWlWLJXQJGHU1XOOK\SRWKHVH]XHUVWUHEHQ ZDV VLFK GXUFK GLH :DKO HLQHU NOHLQHQ 6WLFKSUREH 1 YHUKlOWQLVPlLJ OHLFKW UHDOLVLHUHQOlVVW%HLGHU0RGHOOEHZHUWXQJVROOWHPDQVLFKLPPHULP.ODUHQGDUEHU VHLQGDVV'DWHQHLQ0RGHOOQLHPDOVHLQGHXWLJEHVWlWLJHQN|QQHQYJODD26 5RVW HPSILHKOWLPPHUPHKUHUH)LW,QGL]HVDQ]XJHEHQZHLOVLHMHZHLOVXQWHU VFKLHGOLFKH hEHUHLQVWLPPXQJVDVSHNWH TXDQWLIL]LHUHQ YJO 6 'LHV VLQG &KL 4XDGUDW GI XQG S:HUW WHVW RI SHUIHFW ILW *RRGQHVVRI)LW,QGH[ *), $G MXVWHG*RRGQHVVRI)LW,QGH[ $*), $NDLNH ,QIRUPDWLRQ &ULWHULRQ $,& 5RRW 0HDQ 6TXDUH (UURU RI $SSUR[LPDWLRQ 506($ XQG 3FORVH:HUW XP GLH1XOOK\ SRWKHVH]XSUIHQ%HLJURVVHQ6WLFKSUREHQLVWGHU&KL4XDGUDW7HVWQLFKWDXVVDJH NUlIWLJYJO5XGROI 0OOHU6I ,Q 7DEHOOH VLQG GLH HPSIRKOHQHQ .HQQZHUWH IU HLQHQ JXWHQ 0RGHOOILW DXIJH IKUW,QGHQHLQ]HOQHQ6WUXNWXUJOHLFKXQJVPRGHOOHQLQ.DSVLQGGLHVH.HQQZHUWH DXVJHZLHVHQ
0HWKRGH
7DEHOOH
=XGHQVWDWLVWLVFKHQ$QDO\VHYHUIDKUHQ )LW,QGL]HVYRQ6WUXNWXUJOHLFKXQJVPRGHOOHQ
4XHOOHQ 6FKPLGW XQG 'DYL GRY %KQHU 6
&KLGI 3/HYHO *), $*), $,& 506($
&KLGI MHWLHIHUGHVWR EHVVHU
3&ORVH
4XHOOH %HUJHU XQWHU %H]XJQDKPHDXI+X XQG%HQWOHU XQG)DQ7KRPS VRQXQG:DQJ
4XHOOH %DFNKDXV(ULFKVRQ3OLQNHXQG :HLEHU
%HPHUNXQJHQQDFK%HUJHU
&KLGI &KLGIP|JOLFK
VHKUVHQVLWLYJHJHQEHU 6WLFKSUREHQJU|VVH
506($JXW 506($DN]HSWDEHO 506($LQDN]HSWDEHO
6HKUVHQVLWLYJHJHQEHU NRPSOH[HQ0RGHOOVSH]LILND WLRQHQ
9HUZLUIWEHLNOHLQHQ6WLFKSUR EHQ]XRIWULFKWLJH0RGHOOH
,QVJHVDPW NDQQ JHVDJW ZHUGHQ GDVV ]ZDU 6WUXNWXUJOHLFKXQJVPRGHOOH DP HKHVWHQ GD]XJHHLJQHW VLQGÄHUK|KWHQ$QVSUFKHQDQGLH$XVZHUWXQJYRQVFKXOEH]RJHQHQ /lQJVVFKQLWWGDWHQ ]X JHQJHQ «MHGRFK VROOWH QLFKW EHUVHKHQ ZHUGHQ GDVV DXFK GLHVH3UR]HGXUHQQDFKZLHYRU6FKZDFKVWHOOHQDXIZHLVHQ«³6FKQHLGHU6 'DV IROJHQGH =LWDW YRQ 6DXHU ZHLVW DXI GLH 3UlGLNWLRQ YRQ 6FKXOHUIROJ KLQ XQGEHVFKUHLEWGLH%HGHXWXQJYRQ0RGHUDWRUYDULDEOHQLQGLIIHUHQWLHOOHU+LQVLFKW 1HEHQ GHU JUXQGOHJHQGHQ )HVWOHJXQJ GHU 3UlGLNWRUHQ XQG .ULWHULHQ NDQQ PDQ DXI XQWHUVFKLHGOLFKH :HLVH ]XU (UVWHOOXQJ HLQHU 3URJQRVH JHODQJHQ ZREHL LP =XVDPPHQKDQJPLW6FKXOHUIROJHUQVW]XQHKPHQGH9RUKHUVDJHQQXUDXIGHU%D VLV PXOWLSOHU E]Z PXOWLSOHU GLIIHUHQWLHOOHU 3URJQRVHPRGHOOH JHPDFKW ZHUGHQ N|QQHQ ,Q GHU /LWHUDWXU KLQOlQJOLFKGLVNXWLHUW LVW GHU (LQIOXVV YRQ Ã0RGHUDWRU 9DULDEOHQ¶GHUHQ%HUFNVLFKWLJXQJGLH%H]LHKXQJHQ]ZLVFKHQ3UlGLNWRUHQXQG .ULWHULHQGLIIHUHQ]LHUHQPHLVWDOVÃGLIIHUHQWLHOOHU9RUKHUVDJEDUNHLW¶EH]HLFKQHW 6HLW ODQJHP EHNDQQW LVW GLH PRGHULHUHQGH :LUNXQJ YRQ bQJVWOLFKNHLW DXI GLH %H]LHKXQJ ]ZLVFKHQ ,QWHOOLJHQ] XQG 6FKXOQRWHQ ZLH DXFK GLH GHV *HVFKOHFKWV GHU6FKOHUDXIGHQJHQDQQWHQ=XVDPPHQKDQJ6DXHU6II+HUYRU KHEXQJGXUFK'/ +LHUDXV NDQQ DEJHOHLWHW ZHUGHQ GDVV GLH 9DULDEOHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW EHUGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUDOV0RGHUDWRU DXIGLHEHUXIOLFKH:HL WHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQZLUNHQ
6LHKHKLHU]XDXFK0RGHOOSUlVHQWDWLRQHQLQ6WHFKHU6II
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
(UJHEQLVVH /HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQLP-X JHQGDOWHU 'LH/HUQXQG/HLVWXQJVPRWLYDWLRQYHUOlXIWDXVHQWZLFNOXQJVSV\FKRORJLVFKHU6LFKW XQGDXFKJHPlHPSLULVFKHU%HIXQGODJHGHUDUWGDVVVLHVLFKLQGHU$GROHV]HQ]WHQ GHQ]LHOO HKHU YHUVFKOHFKWHUW )HQG IDQG EHL GLHVHP (QWZLFNOXQJVSKlQRPHQ DEHUNRQWH[WXHOOH8QWHUVFKLHGH]%'HXWVFKODQG±6FKZHL] XQGZHLVWDXFKDXIGLH 5ROOH GHV *HVFKOHFKWV KLQ 6HLQHU 0HLQXQJ QDFK VSLHOHQ HQWZLFNOXQJVSV\FKRORJL VFKHDOVDXFKNRQWH[WXHOOH(LQIOVVHHLQH5ROOHYJO6 'LH$EQDKPHGHU/HLV WXQJVPRWLYDWLRQ OlVVW VLFK QDFK (FFOHV XQG 0LGJOH\ P|JOLFKHUZHLVH DXFK GXUFK GLH IHKOHQGH hEHUHLQVWLPPXQJ ]ZLVFKHQ VWHLJHQGHP $XWRQRPLHEHVWUHEHQ XQGNRQWUROOLHUHQGHP/HUQVHWWLQJLQGHU6FKXOHHUNOlUHQÄ6WDJH(QYLURQPHQW)LW³ 'LH/HLVWXQJVPRWLYDWLRQVWHKWLP =HQWUXPGLHVHU$UEHLW'DUXPZLUGVLHLP)RO JHQGHQEH]JOLFK$OWHU6FKXOW\SXQG*HVFKOHFKWGDUJHVWHOOWXQGJHSUIW:LHEH UHLWVHUZlKQWYJO.DS ZLUGGLH6R]LDOLVDWLRQYRQPlQQOLFKHQ-XJHQGOLFKHQ DQ +DXSWVFKXOHQ XQG *\PQDVLHQ IRNXVVLHUW VFKXOIRUPVSH]LILVFKH W7HVWV QXU IU PlQQOLFKH6FKOHULQ7DEHOOH 7DEHOOH
W7HVWVEHU/HLVWXQJVPRWLYDWLRQLQ$EKlQJLJNHLWGHV*HVFKOHFKWVD XQGGHU*UXSSHE GLIIHUHQ]LHUWQDFK$OWHU
/HLVWXQJVPRWLYDWLRQPLW- /HLVWXQJVPRWLYDWLRQPLW- /HLVWXQJVPRWLYDWLRQPLW- /HLVWXQJVPRWLYDWLRQPLW-
PlQQOLFK +656*< Q
0
ZHLEOLFK +656*<
6'
6(
Q
PlQQOLFK+6 Q
0
6'
/HLVWXQJVPRWLYDWLRQPLW- /HLVWXQJVPRWLYDWLRQPLW- /HLVWXQJVPRWLYDWLRQPLW- /HLVWXQJVPRWLYDWLRQPLW-
0
6'
6(
PlQQOLFK*<
6(
Q
0
6'
W7HVW:HUWH /HYHQH 7HVW
GI
6(
7
VLJQ S QV QV QV
W7HVW:HUWH /HYHQH 7HVW
7
GI
VLJQ S
QV QV QV
Q *U|VVHGHU7HLOVWLFKSUREH0 0LWWHOZHUW6' 6WDQGDUGDEZHLFKXQJVWDQGDUGGHYLDWLRQ 6( 6WDQGDUGIHKOHUVWDQGDUGHUURU
S
S
SQVQLFKWVLJQLILNDQW GLH6WLFKSUREHGHUPlQQOLFKHQ+DXSWVFKOHULP$OWHUYRQ-DKUHQLVWPLWQ ]X NOHLQGHVKDOEZXUGHGRUWNHLQW7HVWGXUFKJHIKUWijVWHKWIUXQJOHLFKH9DULDQ]HQ/HYHQH7HVWXQWHU
'DV.RQVWUXNWLVWHUVWLP-DKUMlKULJH-XJHQGOLFKH HUKREHQZRUGHQ'HU6XPPHQZHUWGHUGUHL ,WHPVZXUGHXQYHUlQGHUWDXVGHU.RQVWDQ]HU-XJHQGVWXGLHEHUQRPPHQVD)HQG6
:LHLQ.DSLWHODXIJHIKUWZLUG]ZLVFKHQGHQ6FKXOIRUPHQ+6 +DXSWVFKXOH56 5HDOVFKXOHXQG *< *\PQDVLXPXQWHUVFKLHGHQ'LHLQWHJULHUWH*HVDPWVFKXOH,* ZLUGQXUGDQQPLWHLQEHUHFKQHWZHQQ GLHJHVDPWH6WLFKSUREHYHUZHQGHWZLUG'LH)DOO]DKOHQGHUYHUZHQGHWHQ9DULDEOHQVRZRKOLP-XJHQGDOWHU DOVDXFKLP(UZDFKVHQHQDOWHUVLQGHEHQIDOOVLQ.DSLWHOSUR*UXSSHJHVDPWH6WLFKSUREHZHLEOLFKH-X JHQGOLFKHPlQQOLFKH-XJHQGOLFKHPlQQOLFKH*\PQDVLDVWHQXQGPlQQOLFKH+DXSWVFKOHU LQ7DEHOOH DXIJHOLVWHW
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
*HPl VFKOLHHQGHU 6WDWLVWLN YJO W7HVW LQ 7DEHOOH XQG GHVNULSWLYHU 'DUVWHO OXQJ YJO $EELOGXQJ ODVVHQ VLFK NHLQH JHQHUHOOHQ JHVFKOHFKWV XQG VFKXOW\ SHQVSH]LILVFKHQ 8QWHUVFKLHGH DXVPDFKHQ PLW HLQHU JHVFKOHFKWVSH]LILVFKHQ $XV QDKPHVLHKHVFKDWWLHUWHV)HOGLQ7DEHOOH -HGRFK]HLJHQVLFKGLH.XUYHQYHUOlX IHLQGHU/HLVWXQJVPRWLYDWLRQLQ IDVWOLQHDUHU$EKlQJLJNHLWGHV$OWHUVXQGGDVEHL DOOHQ*UXSSHQZLH$EELOGXQJ]HLJW
6FKXOIRUP
+6
56
*<
6FKXOIRUP
+6
56
$OWHU
.QDEHQ
$EELOGXQJ
,QGH[ZHUWH
/HLVWXQJV PRWLYDWLRQ
$OWHU
,QGH[ZHUWH
/HLVWXQJV PRWLYDWLRQ
*<
0lGFKHQ
9HUODXIGHU/HLVWXQJVPRWLYDWLRQLP$OWHUYRQELV-DKUHQGLIIHUHQ]LHUWQDFK*HVFKOHFKWPZ XQG6FKXOW\S +656*< IHKOHQGHU:HUWEHL+6PlQQOLFKLP-DKUDXIJUXQGQ
=XGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQN|QQHQQHEHQGHU/HLVWXQJVPRWL YDWLRQZHLWHUH,WHPVXQG.RQVWUXNWHPP JH]lKOWZHUGHQYJO7DEHOOHVD .DS 7DEHOOH
0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU
P/HLVWXQJVPRWLYDWLRQ6NDOD PVFKXO/HLVWXQJVDQJVW6NDOD P%HJDEXQJV]XVFKUHLEXQJ6NDOD P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ6NDOD PVFKXOLVFKH1RUPYHUOHW]XQJ6NDOD P5DXFKHQ(LQ]HOLWHP P(..RQVHQVZDVOHLVWHQ(LQ]HOLWHPGLFKRWRP
P(..RQVHQVZDVJODXEHQ(LQ]HOLWHPGLFKRWRP P(..RQVHQVZLHEHQHKPHQ(LQ]HOLWHPGLFKRWRP P=XNXQIWVEHZlOWLJXQJ6NDOD P%LOGXQJVRULHQWLHUXQJ6NDOD P/HLVWXQJVPRWLYDWLRQ6NDOD PDOOJ,QWHUHVVHGHV.LQGHV(LQ]HOLWHPDXV(OWHUQVLFKW
'LHHUVWHQYLHU$VSHNWH/HLVWXQJVPRWLYDWLRQVFKXO/HLVWXQJVDQJVW%HJDEXQJV]X VFKUHLEXQJ XQG 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ VWHOOHQ ZHVHQWOLFKH $VSHNWH GHV SV\FKRORJLVFKHQ%HJULIIVGHUÄ/HUQXQG/HLVWXQJVPRWLYDWLRQ³GDU'LHEHLGHQ9D ULDEOHQVFKXOLVFKH1RUPYHUOHW]XQJXQG5DXFKHQJUQGHQDXIGHUKDQGOXQJVWKHRUHWL VFKHQE]ZLQWHUDNWLRQLVWLVFKHQ7KHRULHXQGZHLVHQDXIGLHDNWLYH5ROOHGHV-XJHQG OLFKHQ LQ VHLQHU 6R]LDOLVDWLRQ KLQ 'LHVH N|QQHQ ]X GHQ GH PRWLYDWLRQVUHOHYDQWHQ $VSHNWHQ UXQG XP GLH 6FKXOH JH]lKOW ZHUGHQ 'HU .RQVHQV ]ZLVFKHQ (OWHUQ XQG .LQG (..RQVHQV EH]JOLFK /HLVWXQJVHUEULQJXQJ LQ GHU 6FKXOH *ODXEHQ XQG %HQHKPHQZHLVWDXIGLHLQQHUH+DOWXQJGHU-XJHQGOLFKHQKLQLQZLHIHUQVLHVLFKGHP (OWHUQKDXV JHJHQEHU HKHU DEJUHQ]HQ RGHU YHUEXQGHQ EOHLEHQ :lKUHQG GLH %LO GXQJVRULHQWLHUXQJ YRU DOOHP GLH NRQNUHWHQ XQG ELOGXQJVYHUEXQGHQGHQ 7lWLJNHLWHQ HUIDVVW ZHLVW GLH 6NDOD =XNXQIWVEHZlOWLJXQJ GLH =XYHUVLFKW GHU -XJHQGOLFKHQ LP +LQEOLFN DXI GLH ]XNQIWLJH $XIJDEHQEHZlOWLJXQJ DXV 'LH Ä/HLVWXQJVPRWLYDWLRQ ³P YHUZHLVWDXIGDVVHOEHSV\FKRORJLVFKH.RQVWUXNWZLHHVLP-DKUHHU 8PGLH/HVEDUNHLWGHU.XUYHQYHUOlXIH]XYHUEHVVHUQVLQGGLH2UGLQDWHQLP)ROJHQGHQDXVVFKQLWWZHLVH RKQH1XOOSXQNW GDUJHVWHOOW
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
KREHQZXUGHP 6FKOLHOLFKLVWPLWHLQHPHLQ]HOQHQ,WHPGDVDOOJHPHLQH,QWHUHV VHGHV.LQGHVDXV(OWHUQVLFKWHUKREHQZRUGHQ'LHVHVVWHOOWYRUDOOHPGLHGLVSRVLWLR QDOH LQWULQVLVFKH 0RWLYDWLRQ GHV .LQGHV GDU /HLGHU NDQQ HV QLFKW LQ 6WUXNWXUJOHL FKXQJHQEHQW]WZHUGHQGDGLHVEH]JOLFKHLQH]XNOHLQH6WLFKSUREHEHLGHQPlQQOL FKHQ +DXSWVFKOHUQ YRUOLHJW Q VD .DS ,P 5DKPHQ YRQ .RUUHODWLRQHQ XQG5HJUHVVLRQHQVROOHVDEHULQGLH%HUHFKQXQJHQHLQIOLHHQ =ZHL9DULDEOHQGHU PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHZHUGHQLP)ROJHQGHQ LQGHVNULSWLYHU+LQVLFKWLP$OWHUYRQELV-DKUHQVFKXOIRUPXQGJHVFKOHFKWV VSH]LILVFK H[HPSODULVFK EHWUDFKWHW $EELOGXQJ (EHQIDOOV ZHUGHQ DOOH YHUZHQ GHWHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVHLJHQVFKDIWHQLP-XJHQGDOWHUPLWHLQDQGHUNRU UHOLHUW7DEHOOH ,Q7DEHOOHZHUGHQGDQQGLHGUHLPRWLYDWLRQDOHQ6FKOVVHO YDULDEOHQLP-XJHQGDOWHU]XVlW]OLFKPLWGHQVR]LRGHPRJUDILVFKHQ.RQWUROOYDULDEOHQ LQ%H]LHKXQJJHVHW]WXPMHQH]XLGHQWLIL]LHUHQZHOFKHLQZHLWHUHQ%HUHFKQXQJHQLQ NRQWUROOLHUWHU)RUPEHUFNVLFKWLJWZHUGHQ ,Q$EELOGXQJIDOOHQYRUDOOHPGLHPlQQOLFKHQ+DXSWVFKOHUDXI6LHZHLVHQJH JHQEHU PlQQOLFKHQ 5HDOVFKOHUQ XQG *\PQDVLDVWHQ XQWHUVFKLHGOLFKH .XUYHQYHU OlXIHDXI,QVEHVRQGHUHGHU:HUWPLW-DKUHQ-DKU EHLÄVFKXOLVFKHU1RUPYHU OHW]XQJ³ GUIWH ZRKO ]LHPOLFK KHUYRUVWHFKHQ ZUGH HU VLFK HUZDUWXQJVJHPl IRUW VHW]HQYJO8PNUHLVXQJLQ$EELOGXQJ)DOO]DKO]XWLHIQ XPHLQHQ0LWWHO ZHUW]XELOGHQ %HJDEXQJV ]XVFKUHLEXQJ
6FKXOIRUP
*<
+6
56
,QGH[ZHUWH
$OWHU
*<
56
56 0lGFKHQ
,QGH[ZHUWH
+6
+6
6FKXOIRUP
*<
VFKXOLVFKH 1RUPYHUOHW]XQJ
.QDEHQ
$EELOGXQJ
$OWHU
$OWHU 6FKXOIRUP
56 .QDEHQ
VFKXOLVFKH 1RUPYHUOHW]XQJ
+6
6FKXOIRUP
$OWHU
,QGH[ZHUWH
,QGH[ZHUWH
%HJDEXQJV ]XVFKUHLEXQJ
*<
0lGFKHQ
9HUODXIGHU%HJDEXQJV]XVFKUHLEXQJP XQGGHUVFKXOLVFKHQ1RUPYHUOHW]XQJP*URVNDODYJO.DS GLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\SIHKOHQGH:HUWHEHL+6-XJHQGOLFKHQLP-DKUDXIJUXQGWLHIHPQ
'LH IROJHQGH ,QWHUNRUUHODWLRQVPDWUL[ EHZHLVW GDVV GLH PRWLYDWLRQVUHOHYDQWHQ 3HU V|QOLFKNHLWVPHUNPDOH DOV *UXSSH ]XVDPPHQ JHK|UHQ ZLH LQ .DSLWHO & EHUHLWV
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
EHOHJW ZRUGHQ LVW %HWUDFKWHW PDQ GLH .HUQYDULDEOH ÄP /HLVWXQJVPRWLYDWLRQ³ VR ZHLVWVLH]XDOOHQDQGHUHQ,WHPVVLJQLILNDQWH=XVDPPHQKlQJHDXIYJO7DEHOOH 7DEHOOH
,QWHUNRUUHODWLRQHQ]ZLVFKHQ9DULDEOHQGHU0RWLYDWLRQLP-XJHQGDOWHU
P P P P P P P P P P P P P/HLVWXQJVPRWLYDWLRQ PVFKXO/HLVWXQJVDQJVW
P%HJDEXQJV]XVFKUHLEXQJ
P6HOEVWZLUNVDPNHLW
PVFKXOLVFKH1RUPYHUOHW]XQJ
P5DXFKHQ
P(..RQVHQVZDVOHLVWHQ
P(..RQVHQVZDVJODXEHQ
P(..RQVHQVZLHEHQHKPHQ
P=XNXQIWVEHZlOWLJXQJ
P%LOGXQJVRULHQWLHUXQJ P/HLVWXQJVPRWLYDWLRQ
PDOOJ,QWHUHVVHGHV.LQGHV
*HVDPWH6WLFKSUREH S
S
S]ZHLVHLWLJJHWHVWHW GLFNHLQJHUDKPWU!VFKDWWLHUWU!QXUVLJQLILNDQWH:HUWH S DXIJHIKUWSXQNWELVHULDOH.RUUHODWLRQHQEHLPPXQGP
:LH JH]HLJW ZXUGH YJO 7DEHOOH $EELOGXQJ VLQG EHLP .RQVWUXNW Ä/HLV WXQJVPRWLYDWLRQ³ ±HUVWDXQOLFKHUZHLVH±NHLQHVFKXOW\SHQRGHUJHVFKOHFKWVVSH]LIL VFKHQ (LQIOVVH IHVW]XVWHOOHQ (V ZUGH GHU1XOO+\SRWKHVH HQWVSUHFKHQ GLH ODX WHW 6FKOHU YHUVFKLHGHQHU 6FKXOW\SHQ ]HLJHQ LP -XJHQGDOWHU GXUFKVFKQLWWOLFKNHLQH XQWHUVFKLHGOLFKHQ /HLVWXQJVPRWLYDWLRQVZHUWH ,Q $QOHKQXQJ DQ GLH 6HOEVWEHVWLP PXQJVWKHRULH6'7 ZHOFKHQLFKWQXUGLH$XVSUlJXQJVRQGHUQDXFKGLH4XDOLWlW GHU0RWLYDWLRQWKHPDWLVLHUWZLUGGLHVHU+\SRWKHVHLP)ROJHQGHQDEHUQRFKZHLWHU QDFKJHJDQJHQ =XHUVW ZHUGHQ =XVDPPHQKlQJH ]ZLVFKHQ GHPRJUDILVFKHQ XQG VR ]LRORJLVFKHQ .RQWUROOYDULDEOHQ XQG DXVJHZlKOWHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWV PHUNPDOHQ DQJHVFKDXW D XQG GDQQ VROO XQWHUVXFKW ZHUGHQ ZHOFKH 9DULDEOHQ GHU 0RWLYDWLRQPLWHLQDQGHUNRUUHOLHUHQZHQQEHGHXWVDPH.RQWUROOYDULDEOHQDXVSDUWLDOL VLHUWZHUGHQE D 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQGLKU=XVDPPHQKDQJPLWGHQ.RQ WUROOYDULDEOHQ :HQQ QXQ GLH =XVDPPHQKlQJH ]ZLVFKHQ .RQWUROOYDULDEOHQ YJO .DS XQG GHU/HLVWXQJVPRWLYDWLRQVRZLHGHP,QWHUHVVHDQJHVFKDXWZHUGHQVRODVVHQVLFKDOO JHPHLQH GHPRJUDILVFKH 9DULDEOHQ ZLH GLH 5HJLRQV]XJHK|ULJNHLW 6WDGW/DQG RGHU GHU K|FKVWH 6FKXODEVFKOXVV GHU (OWHUQ PLW VLJQLILNDQWHP (IIHNW ]XU /HLVWXQJVPRWL YDWLRQ ILQGHQ YJO 7DEHOOH ,QWHUHVVDQW LVW DEHU GDVV GLH /HLVWXQJVPRWLYDWLRQ XQGGDV,QWHUHVVHMHQDFK$OWHUXQDEKlQJLJRGHUDEKlQJLJVLQGYRP*HVFKOHFKWRGHU YRP 6FKXOW\S 'LH 9DULDEOH ÄUHODWLYH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH³ ]HLJW GHQ K|FKVWHQ=XVDPPHQKDQJPLWGHU/HLVWXQJVPRWLYDWLRQU S 'DUXPZLUG GLHVH 9DULDEOH EHL VSlWHUHQ .RUUHODWLRQVEHUHFKQXQJHQ DOV NRQWUROOLHUHQGH 9DULDEOH EHQXW]W 0LWHLQHU$XVQDKPHVLHKH7DEHOOH %HLGHUHUVWHQ1HQQXQJLQGLHVHP.DSLWHODXFKLQDXVJHVFKULHEHQHU)RUPDXIJHIKUW
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
7DEHOOH
.RUUHODWLRQHQ]ZLVFKHQ.RQWUROOYDULDEOHQXQGDXVJHZlKOWHQPRWLYDWLRQDOHQ9DULDEOHQLP-XJHQGDOWHU
N*HVFKOHFKW N6FKXOIRUP NYHUEDOH,QWHOOLJHQ] N6FKLFKW N5HJLRQ N1DWLRQDOLWlW NK|FKVWHU6FKXODEVFKOXVV(OWHUQ( N%HUXIVVWDWXV9DWHU( N%HUXIVVWDWXV0XWWHU( N)DPLOLHQVLWXDWLRQ N%HUXIVWlWLJNHLW0XWWHU N*HVFKZLVWHU]DKO N(LQ]HONLQGVWDWXV N(OWHUQVWDWXV [UHO/HLVWXQJVSRVLWLRQLQ.ODVVH [1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH \+|FKVWHUEHUXIOLFKHU$XVEDEVFKOXVV
P/HLVWXQJV PRWLYDWLRQ
Q
Q
P/HLVWXQJV PRWLYDWLRQ
Q
PDOOJ,QWHUHVVH GHV.LQGHV(
Q
Q
Q
Q
Q
S
S
S]ZHLVHLWLJJHWHVWHW VFKDWWLHUWDEU QXUVLJQLILNDQWH:HUWHS DXIJHIKUWJHVDPWH6WLFKSUREH ELVHULDOH.RUUHODWLRQEHLNNNNNNNN6SHDUPDQ¶V5KREHLNQEHL.RUUHODWLRQVZHUWHQDEDXIJHIKUW( VWHKWIU(OWHUQLWHPXQGZHLVWDXINOHLQHUH7HLOVWLFKSUREHKLQYJO7DEHOOH
'LH/HLVWXQJVPRWLYDWLRQPLW-DKUHQLVWDOVRQLFKWYRP*HVFKOHFKWSXQNWELVHULDOH .RUUHODWLRQ GHU 6FKXOIRUP .RUUHODWLRQ QDFK 6SHDUPDQ XQG GHU YHUEDOHQ ,QWHOOL JHQ]RGHUYRQGHUVR]LDOHQ6FKLFKWDEKlQJLJVLHKH6SDOWHLQ$EELOGXQJ -H GRFKNRUUHOLHUWGLH/HLVWXQJVPRWLYDWLRQPLWU VLJQLILNDQWPLWGHU(LQVFKlW]XQJ GHU -XJHQGOLFKHQ ZLH JXW VLH VLFK VFKXOLVFK JHVHKHQ LP .ODVVHQYHUEDQG LP 9HU JOHLFK]XGHQDQGHUHQHLQVWXIHQ(VNDQQIHVWJHKDOWHQZHUGHQ-HOHLVWXQJVPRWLYLHU WHU-XJHQGOLFKHVLQGGHVWRK|KHUVWXIHQVLHVLFKOHLVWXQJVPlLJLP9HUJOHLFK]XGHQ DQGHUHQ6FKOHUQGHU.ODVVHHLQXQGXPJHNHKUW'LHVHU%HIXQGZHLVWHLQPDOPHKU DXI GLH %HGHXWXQJ GHV .ODVVHQNRQWH[WHV LP 5DKPHQ GHU /HLVWXQJVPRWLYD WLRQVIRUVFKXQJKLQYRUDOOHPEH]JOLFKVR]LDOHUYVLQGLYLGXHOOHU%H]XJVQRUPYJO .DS 'LHVHSHU]LSLHUWH UHODWLYH /HLVWXQJVSRVLWLRQ LQQHUKDOE GHU .ODVVH VRUJW JHPl7DEHOOHEHLDOOHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQIUVLJQL ILNDQWH .RUUHODWLRQHQ GLH 6FKXOIRUP PDFKW GLHV EHL QHXQ VROFKHU 9DULDEOHQ 'LH 0HKU]DKOGHUYHUZHQGHWHQPRWLYDWLRQDOHQ9DULDEOHQKlQJHQDOVRVLJQLILNDQWPLWGHU 6FKXOIRUP ]XVDPPHQ 'LH GLVSRVLWLRQDOH 9DULDEOH ÄDOOJHPHLQHV ,QWHUHVVH GHV .LQ GHV³ZHOFKHDOVLQWULQVLVFKH0RWLYDWLRQJLOWZHLVWHLQHKRFKVLJQLILNDQWH.RUUHODWL RQQDFK6SHDUPDQYRQPLWGHU6FKXOIRUPDXI'DUDXVZLUGHUVLFKWOLFKGDVVGLH NRQWH[WXHOOH %HUFNVLFKWLJXQJ GXUFK VFKXOW\SHQVSH]LILVFKH %HUHFKQXQJHQ EHL GHU 8QWHUVXFKXQJGHU/HLVWXQJVPRWLYDWLRQLPZHLWHUHQ9HUODXI6LQQPDFKW
(UJHEQLVVH
N6FKXOIRUP [UHO/HLV WXQJVSRVLWLRQ
PDOOJ,QWHUHVVH GHV.LQGHV(
P/HLVWXQJVPRWLYD WLRQ
P%LOGXQJVRULHQWLH UXQJ
P=XNXQIWVEHZlOWL JXQJ
P5DXFKHQ
PVFKXOLVFKH1RUP YHUOHW]XQJ
P6HOEVWZLUNVDP NHLWVEHU]HXJXQJ
P%HJDEXQJV ]XVFKUHLEXQJ
PVFKXO/HLVWXQJV DQJVW
P/HLVWXQJV PRWLYDWLRQ
P(..RQVHQVZLH EHQHKPHQ
.RUUHODWLRQHQQDFK6SHDUPDQIU6FKXOIRUP+656*< XQGQDFK3HDUVRQIUUHO/HLVWXQJVSRVLWLRQPLWDOOHQ PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ
P(..RQVHQVZDV JODXEHQ
7DEHOOH
P(..RQVHQVZDV OHLVWHQ
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
VFKDWWLHUWU! S
S
S]ZHLVHLWLJJHWHVWHW QXUVLJQLILNDQWH:HUWHS DXIJHIKUWJHVDPWH6WLFKSUREH
E 'LH,QWHUGHSHQGHQ]PRWLYDWLRQDOHU3HUV|QOLFKNHLWVPHUNPDOHXQWHU.RQWUROOHUH OHYDQWHUGHPRJUDILVFKHU9DULDEOHQ :HLOGLH.RQWUROOYDULDEOHQDXIGLHDOOHUPHLVWHQPRWLYDWLRQVUHOHYDQWHQ9DULDEOHQHL QHQ (LQIOXVV KDEHQ VROOHQ LP )ROJHQGHQ GLH LQWHUGHSHQGHQWHQ =XVDPPHQKlQJH ]ZLVFKHQ GHQ PRWLYDWLRQDOHQ 9DULDEOHQ GHV -XJHQGDOWHUV EHUHLQJW DXIJH]HLJW ZHU GHQ 'LH PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOH ZHUGHQ PLWWHOV 3DUWLDONRUUHODWLR QHQPLWHLQDQGHUNRUUHOLHUWLQZHOFKHQGDV*HVFKOHFKWGHU6FKXOW\SXQGGLHUHODWLYH /HLVWXQJVSRVLWLRQLQGHU.ODVVHNRQWUROOLHUWZHUGHQ:LH7DEHOOH]HLJWZHLVWGLH /HLVWXQJVPRWLYDWLRQ P QXU QRFK VLJQLILNDQWH =XVDPPHQKlQJH ]XU VFKXOLVFKHQ 1RUPYHUOHW]XQJ XQG ]XU 5DXFKJHZRKQKHLW DXI ± GLHV LP *HJHQVDW] ]XU .RUUHOD WLRQVWDEHOOHRKQH$XVSDUWLDOLVLHUXQJGHU.RQWUROOYDULDEOHQYJO7DEHOOH ZRGLH /HLVWXQJVPRWLYDWLRQ]XDOOHQDQGHUHQPRWLYDWLRQDOHQ9DULDEOHQVLJQLILNDQWHXQGK| KHUH:HUWHDXIZHLVW 7DEHOOH
3DUWLDO,QWHUNRUUHODWLRQHQ]ZLVFKHQGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVYDULDEOHQLP-XJHQGDOWHU.RQWUROOYDULDEOHQ *HVFKOHFKW6FKXOW\SXQGUHO/HLVWXQJVSRVLWLRQVLQGDXVSDUWLDOLVLHUW
P P/HLVWXQJVPRWLYDWLRQ PVFKXO/HLVWXQJVDQJVW P%HJDEXQJV]XVFKUHLEXQJ P6HOEVWZLUNVDPNHLWVEHU] PVFKXOLVFKH1RUPYHUOHW]XQJ P5DXFKHQ P(..RQVHQVZDVOHLVWHQ P(..RQVHQVZDVJODXEHQ P(..RQVHQVZLHEHQHKPHQ P=XNXQIWVEHZlOWLJXQJ P%LOGXQJVRULHQWLHUXQJ P/HLVWXQJVPRWLYDWLRQ PDOOJ,QWHUHVVHGHV.(
P
P
P
P
P P P P P P P P
VFKDWWLHUWU!QXUVLJQLILNDQWH:HUWHS DXIJHIKUW]ZHLVHLWLJJHWHVWHW JHVDPWH6WLFKSUREHSDLUZLVHEHUHFKQHW
'LH/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQZHLVWJHPl7DEHOOHQXUQRFK PLW]ZHLDQGHUHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVYDULDEOHQHLQHVLJQLILNDQWH.RUUHOD WLRQEHUDXI'DUDXVZLUGGHXWOLFKGDVV-XJHQGOLFKHHLQHQDNWLYHQ%HLWUDJEHL GHU %HHLQIOXVVXQJ LKUHU /HLVWXQJVPRWLYDWLRQ LP 6LQQH GHU LQWHUDNWLRQLVWLVFKHQ +DQGOXQJVWKHRULHV.DS OHLVWHQ8QDEKlQJLJYRP*HVFKOHFKWYRQGHU6FKXO IRUPVRZLHXQDEKlQJLJGDYRQZHOFKHUHODWLYH/HLVWXQJVSRVLWLRQ-XJHQGOLFKHLQGHU
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
.ODVVH HLQQHKPHQ 2E VLH OHLVWXQJVPRWLYLHUW ]XU 6FKXOH JHKHQ LVW LQ HQJHP 9HU KlOWQLV ]X LKUHP 9HUKDOWHQ EH]JOLFK VFKXOLVFKHU 1RUPYHUOHW]XQJ XQG 5DXFKJH ZRKQKHLW]XVHKHQ-HPHKUVLHJHJHQVFKXOLVFKH1RUPHQYHUVWRHQXQGMHPHKUVLH UDXFKHQGHVWRZHQLJHUKRFKIlOOWLKUH/HLVWXQJVPRWLYDWLRQDXV'LHK|FKVWH.RUUH ODWLRQYRQLVWEHLPNXU]HQ/lQJVVFKQLWWP]XP]X ]XHUNHQ QHQDXIGLHVH6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQJHKWGDV.DSLWHOHLQ ,QWHUHVVDQWLVWDEHUDXFKGDVVGLHEHLGHQ9DULDEOHQP(OWHUQ.LQG.RQVHQVÄZDV OHLVWHQ³ XQG P (OWHUQ.LQG.RQVHQV ÄZLH EHQHKPHQ³ HEHQIDOOV PLW GHU /HLV WXQJVPRWLYDWLRQVLJQLILNDQW]XVDPPHQKlQJHQ$XVVR]LDOLVDWLRQVWKHRUHWLVFKHU6LFKW VLQG GLHVH .RUUHODWLRQHQ ORJLVFK YHULQQHUOLFKWH XQG VHOEVWEHVWLPPWH hEHU]HXJXQ JHQ LP 6LQQH GHV $XWRQRPLHEHJULIIV YJO .DS (OWHUQ.LQG.RQVHQV $EELOGXQJ ,P*UXQGVDW]VLQNWGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUEHUDOOH6FKXOW\SHQXQG EHU EHLGH *HVFKOHFKWHU KLQZHJ 'LH /HLVWXQJVPRWLYDWLRQ LVW GLH 9DULDEOH GLH PLW DOOHQ DXIJHIKUWHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ VLJQLILNDQW NRUUHOLHUW DPPHLVWHQPLWVFKXOLVFKHU1RUPYHUOHW]XQJ XQGGHP5DXFKYHUKDOWHQ 'LH K|FKVWH .RUUHODWLRQ XQWHU GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ HUJLEW VLFK DOV 6WDELOLWlW ]ZLVFKHQ GHU /HLVWXQJVPRWLYDWLRQ LP $OWHU YRQ XQG YRQ -DKUHQ PLW U ZREHL *HVFKOHFKW 6FKXOW\S XQG UHODWLYH /HLVWXQJVSRVLWLRQ NRQ WUROOLHUWZXUGHQ2EZRKOGDV*HVFKOHFKWVRZLHGHU6FKXONRQWH[WGLHPHLVWHQPRWL YDWLRQVUHOHYDQWHQ 3HUV|QOLFKNHLWVPHUNPDOH LP -XJHQGDOWHU LP 4XHUVFKQLWW DOVDXFKLPNXU]HQ/lQJVVFKQLWW EHHLQIOXVVHQEOHLEWGLH/HLVWXQJVPR WLYDWLRQ PLW -DKUHQ YRQ GLHVHQ VWUXNWXUHOOHQ 9DULDEOHQ XQEHHLQIOXVVW %HL GHU /HLVWXQJVPRWLYDWLRQ PLW -DKUHQ JLEW HV HLQHQ JHVFKOHFKWVVSH]LILVFKHQ 8QWHU VFKLHGXQGEHLP,QWHUHVVHLVWVRZRKOHLQJHVFKOHFKWVDOVDXFKVFKXOIRUPVSH]LILVFKHU =XVDPPHQKDQJ ]X YHU]HLFKQHQ (V LVW GDKHU DQJH]HLJW LQ QDFKIROJHQGHQ %HUHFK QXQJHQ GLH 9DULDEOHQ *HVFKOHFKW 6FKXOW\S XQG UHODWLYH /HLVWXQJVSRVLWLRQ NRQWURO OLHUHQG]XEHQXW]HQ 'LH VLJQLILNDQWHQ QHJDWLYHQ =XVDPPHQKlQJH ]ZLVFKHQ /HLVWXQJVPRWLYDWLRQ XQG VFKXOLVFKHU1RUPYHUOHW]XQJE]Z5DXFKHQZHLVHQGDUDXIKLQ±XQG]ZDUXQDEKlQ JLJGDYRQZLHJXWMHPDQGLQQHUKDOEGHU.ODVVHLVW±GDVVGDVKDQGOXQJVWKHRUHWLVFKH 3DUDGLJPD YJO .DS LQ GHUNXU]HQ OlQJVVFKQLWWOLFKHQ $QDO\VH VHLQH :LUNXQJ ]HLJW -XQJHQ XQG 0lGFKHQ OHLVWHQ HLQHQ HLJHQHQ DNWLYHQ %HLWUDJ ]X LKUHU /HLV WXQJVPRWLYDWLRQ 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQLP(U ZDFKVHQHQDOWHU 'HU 6FKXONRQWH[W XQG GDV *HVFKOHFKW EHHLQIOXVVHQ DOVR WHQGHQ]LHOO PRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU:LHVLHKWHVEH]JOLFKPRWLYDWLRQDOHU3HU V|QOLFKNHLWVPHUNPDOH LP (UZDFKVHQHQDOWHU DXV *LEW HV HEHQIDOOV 8QWHUVFKLHGH ]X YHU]HLFKQHQMHQDFK*HVFKOHFKWXQG6FKXOW\S"
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
%/0%HUXIO /HLVWXQJVPRWLYDWLRQ
%/0%HUXIO /HLVWXQJVPRWLYDWLRQ
%:0%HUXIO :HLWHUELOGXQJV PRWLYDWLRQ
+6
$EELOGXQJ
*<
PlQQOLFK
$OOH
%:0%HUXIO :HLWHUELOGXQJV PRWLYDWLRQ
%6:%HUXIO 6HOEVWZLUNVDP NHLWVEHU]HXJXQJ
+6
*< ZHLEOLFK
$OOH
%6:%HUXIO 6HOEVWZLUNVDP NHLWVEHU]HXJXQJ
0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP(UZDFKVHQHQDOWHU%/0%:0%6: ±GLIIHUHQ]LHUWQDFK*HVFKOHFKW XQG6FKXOW\S+DXSWVFKXOH+6 XQG*\PQDVLXP*<
'DV5HVXOWDW]HLJWVLFKLQ$EELOGXQJUHFKWRIIHQVLFKWOLFK0lQQHUZHLVHQK|KHUH EHUXIOLFKH0RWLYDWLRQVZHUWHDXIDOV)UDXHQ'LH.XUYHQYHUOlXIHVLQGDXIGHUOLQNHQ 6HLWH ZHVHQWOLFK K|KHU YJO $EELOGXQJ 'LH GUHL PRWLYDWLRQDOHQ .RQVWUXNWH VLQG JHVFKOHFKWVDEKlQJLJ %/0 W S %:0 W S %6:W S (LQH$XVQDKPHEHVWHKW:HLEOLFKH-XJHQGOLFKH GHU+DXSWVFKXOHXQWHUVFKHLGHQVLFKQLFKWYRQ PlQQOLFKHQ-XJHQGOLFKHQGHU+DXSW VFKXOHZHQQHVXPLKUHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHU JHKW ,P 9HUJOHLFK ]XU JHVDPWHQ 6WLFKSUREH VLQG -XJHQGOLFKH ZHOFKH IUKHU HLQH +DXSWVFKXOH EHVXFKWHQ LP (UZDFKVHQHQDOWHU XQWHUGXUFKVFKQLWWOLFK PRWLYLHUW :HL WHUELOGXQJ]XEHWUHLEHQ'LHVH(UNHQQWQLVOlVVWVLFKDXFKGHU7DEHOOHHQWQHKPHQ ,QQHUKDOE GHU *UXSSH GHU )UDXHQ ODVVHQ VLFK DXIJUXQG GHU 6FKXOIRUP]XJHK|ULJNHLW LP$OWHUYRQ-DKUHQNHLQHVLJQLILNDQWHQ8QWHUVFKLHGHILQGHQ%:0W QV %HL GHQ 0lQQHUQ ]HLJW VLFK HLQ %LOG GDV EHLP 7KHPD EHUXIOLFKH :HLWHUELO GXQJVPRWLYDWLRQHLQHVHKUJURH6FKXOIRUPDEKlQJLJNHLWDXIZHLVW(KHPDOLJHPlQQ OLFKH+DXSWVFKOHU]HLJHQLP$OWHUYRQ-DKUHQHLQHVLJQLILNDQWWLHIHUH:HLWHUELO GXQJVPRWLYDWLRQ0 DOVPlQQOLFKH*\PQDVLDVWHQ0 %:0W S 'LH(IIHNWVWlUNHLVWPLWG NOHLQELVPLWWHO 'LH)UDJHREQHEHQ*HVFKOHFKWXQG6FKXONRQWH[WDQGHUH.RQWUROOYDULDEOHQEHU -DKUH KLQZHJ HLQHQ (LQIOXVV DXI PRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH LP $OWHU YRQ-DKUHQKDEHQNDQQDQKDQGGHU7DEHOOHEHDQWZRUWHWZHUGHQ
(UJHEQLVVH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ
7DEHOOH
.RUUHODWLRQHQ]ZLVFKHQ.RQWUROOYDULDEOHQXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU
6R]LRORJLVFKH XQGGHPRJUDIL VFKH.RQWUROO YDULDEOHQLP -XJHQGDOWHU
/HLVWXQJLP -XJHQGDOWHU 6FKXODEVFKOXVV 6WDWXVLP(U ZDFKVHQHQ DOWHU
N*HVFKOHFKW N6FKXOIRUP NYHUEDOH,QWHOOLJHQ] N6FKLFKW N5HJLRQ N1DWLRQDOLWlW NK|6FKXODEVFKOXVV(OWHUQ( N%HUXIVVWDWXV9DWHU,6(,( N%HUXIVVWDWXV0XWWHU,6(,( N)DPLOLHQVLWXDWLRQ N%HUXIVWlWLJNHLW0XWWHU N*HVFKZLVWHU]DKO N(LQ]HONLQGVWDWXV N(OWHUQVWDWXV [UHO/HLVWXQJVSRVLWLRQLQ.ODVVH [1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH [UHO/HLVWXQJVSRVLWLRQLQ.ODVVH [1RWHQVXPPH'(0WK [+|FKVWHU6FKXODEVFKOXVV \+|FKVWHUEHUXIO$XVEDEVFKOXVV \HLJHQHVPRQDWO1HWWRHLQNRPPHQ
%/0%HUXIO %:0%HUXIO /HLVWXQJV :HLWHUELOGXQJV PRWLYDWLRQ PRWLYDWLRQ
%6:%HUXIO 6HOEVWZLUNVDP NHLWVEHU]HXJXQJ
*HVDPWH6WLFKSUREHVFKDWWLHUWU! S
S
S]ZHLVHLWLJJHWHVWHW QXUVLJQLILNDQWH:HUWHS DXIJHIKUW SXQNWELVHULDOH.RUUHODWLRQHQEHLNNNNNNNN.RUUHODWLRQQDFK3HDUVRQEHLN
'LHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQLVWRIIHQVLFKWOLFK± DQKDQG GHU ]DKOUHLFKHQ VLJQLILNDQWHQ :HUWH LQ 7DEHOOH ± DP PHLVWHQ DEKlQJLJ YRQ GHQ .RQWUROOYDULDEOHQ ,P *HJHQVDW] ]XP QLFKW VLJQLILNDQWHQ =XVDPPHQKDQJ ]ZLVFKHQ 6FKXOIRUP XQG /HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHU VD .DS ]HL JHQGLH'DWHQ]XUEHUXIOLFKHQ0RWLYDWLRQGDVVPLWVWHLJHQGHP6FKXOXQG%HUXIV DEVFKOXVVDXFKGLH:HLWHUELOGXQJVPRWLYDWLRQ-DKUHVSlWHUVLJQLILNDQWK|KHUDXV IlOOW%HLZHLWHUHQ%HUHFKQXQJHQPVVHQDOVRVROFKH6WDWXVYDULDEOHQZLH%HUXIVDE VFKOXVVHEHQIDOOVNRQWUROOLHUWZHUGHQ $XFKGHU*HVFKOHFKWVHIIHNWNRPPWKLHUNODU]XP9RUVFKHLQ0lQQHU]HLJHQK|KH UHEHUXIOLFKH/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQVZHUWHDOV)UDXHQGHUK|FKV WH :HUW ]HLJW VLFK EHL GHU EHUXIOLFKHQ 6HOEVWZLUNVDPNHLW 0lQQHU IKOHQ VLFK VHOEVWZLUNVDPHULP%HUXIDOV)UDXHQYJO7DEHOOH :HLOGLHHKHPDOLJH6FKXOIRUP]XJHK|ULJNHLWVLJQLILNDQWPLWGHQPRWLYDWLRQDOHQ3HU V|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU]XVDPPHQKlQJWYJO7DEHOOH XQG GLHYRUOLHJHQGH$UEHLWGLHNRQWH[WVSH]LILVFKH/HLVWXQJVVR]LDOLVDWLRQXQWHUVXFKW]HLJW 7DEHOOH GLH =XVDPPHQKlQJH ]ZLVFKHQ GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWV PHUNPDOHQLP(UZDFKVHQHQDOWHUXQGGHQ.RQWUROOYDULDEOHQEHL0lQQHUQVFKXOIRUP VSH]LILVFK*\PQDVLXPXQG+DXSWVFKXOH 0LWW7HVWVHEHQIDOOVEHVWlWLJW%/0W S%:0W S%6:W S 'LH)RNXVVLHUXQJDXIHKHPDOLJHPlQQOLFKH+DXSWVFKOHUXQG*\PQDVLDVWHQLVWLQ.DSXQGDP(QGH YRQ.DSEHJUQGHW
(UJHEQLVVH
7DEHOOH
/HLVWXQJVPRWLYDWLRQXQG.RQWUROOYDULDEOHQ .RUUHODWLRQHQ]ZLVFKHQ.RQWUROOYDULDEOHQXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHUEHL HKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQXQG*\PQDVLDVWHQ
NYHUEDOH,QWHOOLJHQ] N6FKLFKW N5HJLRQ N1DWLRQDOLWlW NK|6FKXODEVFKOXVV(OWHUQ( N%HUXIVVWDWXV9DWHU( N%HUXIVVWDWXV0XWWHU( N)DPLOLHQVLWXDWLRQ N%HUXIVWlWLJNHLW0XWWHU N*HVFKZLVWHU]DKO N(LQ]HONLQGVWDWXV N(OWHUQVWDWXV [UHO/HLVWXQJVSRVLWLRQLQ.O [1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH [UHO/HLVWXQJVSRVLWLRQLQ.O [1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH [+|FKVWHU6FKXODEVFKOXVV \+|FKVWHUEHUXIO$XVEDEVFKOXVV \HLJHQHVPRQDWO1HWWRHLQNRPPHQ
0lQQOLFKH 0lQQOLFKH *\PQDVLDVWHQ +DXSWVFKOHU %/0 %:0 %6: %/0 %:0 %6:
Q
Q Q Q
Q Q Q
VFKDWWLHUWU!IDOOVQ! S
S
S]ZHLVHLWLJJHWHVWHW QXUVLJQLILNDQWH:HUWHS DXIJHIKUW7HLOVWLFKSUR EHQJU|HQXQWHUQ VLQG]XVlW]OLFKDXIJHIKUWSXQNWELVHULDOH.RUUHODWLRQHQEHLNNNNNNN
:LH]XHUNHQQHQLVWVLQGHVQXUQRFKHLQ]HOQH:HUWHGLHVLJQLILNDQWDXVIDOOHQ%HL GHQ PlQQOLFKHQ *\PQDVLDVWHQ ZHLVHQ NHLQH .RQWUROOYDULDEOHQ HLQHQ =XVDPPHQ KDQJYRQEHUPLWGHQGUHLEHUXIOLFKHQ0RWLYDWLRQVYDULDEOHQLP(UZDFKVHQHQDO WHU DXI .RUUHODWLRQHQ Q QLFKW EHUFNVLFKWLJW %HL GHQ PlQQOLFKHQ +DXSWVFK OHUQ KLQJHJHQ JLEW HV DXIIDOOHQGH VLJQLILNDQWH (IIHNWH EHU DXI GLH PRWLYD WLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOH LP (UZDFKVHQHQDOWHU ]X YHU]HLFKQHQ 5HOHYDQW ]HLJHQVLFKGLHVR]LDOH6FKLFKWGHUMHW]LJH(OWHUQVWDWXVDEHUYRUDOOHPGLHUHODWLYH /HLVWXQJVSRVLWLRQ LQQHUKDOE GHU .ODVVH LP $OWHU YRQ -DKUHQ XQG QLFKW MHQH LP $OWHUYRQ-DKUHQ 'LH/HLVWXQJVHUIDKUXQJEHLPlQQOLFKHQ+DXSWVFKOHUQLQLKUHU .ODVVHVFKHLQWHLQHZLFKWLJH'HWHUPLQDQWHIUGLH%HVWLPPXQJGHU6HOEVWZLUNVDP NHLWXQG:HLWHUELOGXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHU]XVHLQYJO7DEHOOH $OOH GUHL EHUXIVEH]RJHQHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOH LP (UZDFKVH QHQDOWHU %/0 %:0 %6: VLQG DEKlQJLJ YRP *HVFKOHFKW GLH /HLVWXQJV XQG :HLWHUELOGXQJVPRWLYDWLRQ]XVlW]OLFKDXFKYRPIUKHUHQEHVXFKWHQ6FKXOW\S,QQHU KDOEGHU*UXSSHGHU0lQQHUJLEWHV]ZLVFKHQ+DXSWVFKOHUQXQG*\PQDVLDVWHQHU KHEOLFKH 8QWHUVFKLHGH LQ GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ IHVW]XVWHOOHQ 'LHVH9DULDEOH%:0 LVWHVDXFKGLHEH]JOLFK.RQWUROOYDULDEOHQDPPHLVWHQVLJ QLILNDQWH =XVDPPHQKlQJH EHL GHQ PlQQOLFKHQ +DXSWVFKOHUQ DXIZHLVW 6FKLFKW XQG OHLVWXQJVEH]RJHQH 9DULDEOHQ LP -XJHQGDOWHU KDEHQ RIIHQEDU HLQH OlQJHUIULVWLJH $XVZLUNXQJ ZDV PLWWHOV 5HJUHVVLRQV XQG 6WUXNWXUJOHLFKXQJVPRGHOOEHUHFKQXQJHQ LQGHQIROJHQGHQ.DSLWHOQQRFKEHUSUIWZLUG $XIJUXQGGHURELJHQ(UJHEQLVVHZLUGEHLGHU8QWHUVXFKXQJGHV(LQIOXVVHVYRQVR ]LDOEH]RJHQHQ9DULDEOHQLQ)DPLOLHXQG6FKXOHVIVD DXIPRWLYDWLRQVEH]RJHQH9D ULDEOHQ P MHZHLOV GLH UHODWLYH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH DOV NRQWUROOLHUHQGH
(UJHEQLVVH
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
9DULDEOH EHUFNVLFKWLJW %HL 9RUKHUVDJHQ GHU EHUXIOLFKHQ =LHOYDULDEOHQ %/0 %:0%6: ZLUGGHUK|FKVWHEHUXIOLFKH$XVELOGXQJVDEVFKOXVV]XVlW]OLFKNRQWURO OLHUW 'LHH[SORUDWLYHQXQGWHLOZHLVHNRQILUPDWLYHQ$QDO\VHQPLWGHQ.RQWUROOYDULDEOHQ XQGGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQGHV-XJHQGXQG(UZDFKVHQHQDO WHUV VRZLH GLH EHUHLQLJWHQ ,QWHUGHSHQGHQ]HQ GHU 9DULDEOHQ ]XU 0RWLYDWLRQ LP -X JHQGDOWHUZDUHQGLH9RUDXVVHW]XQJHQXP]XUHLJHQWOLFKHQ$XIJDEHYRU]XVWRHQ(V VROOJH]HLJWZHUGHQLQZLHIHUQGLH/HLVWXQJVPRWLYDWLRQLQGHQYHUVFKLHGHQHQ6R]LD OLVDWLRQVNRQWH[WHQ GXUFK GLH VR]LDOH (LQJHEXQGHQKHLW HUNOlUW ZHUGHQ NDQQ 'DV QlFKVWH.DSLWHO]HLJWGHQGLHVEH]JOLFKHQIDPLOLlUHQGDV.DSLWHOGHQGLHV EH]JOLFKHQDXHUIDPLOLlUHQ(LQIOXVVDXI )DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ =XUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLP-XJHQGDOWHU 'LHVR]LDOH(LQJHEXQGHQKHLWDOVJUXQGOHJHQGHV%HGUIQLVGHV0HQVFKHQVRUJWJH Pl GHU 6'7 GDIU GDVV GLH /HLVWXQJVPRWLYDWLRQ SRVLWLY EHHLQIOXVVW ZLUG %HYRU GLHVHU=XVDPPHQKDQJQlKHUEHWUDFKWHWZLUGVROOVSH]LHOODXIGHQ%H]LHKXQJVYHUODXI ]ZLVFKHQ(OWHUQXQG-XJHQGOLFKHQLQGHU$GROHV]HQ]HLQJHJDQJHQZHUGHQ 'LH/HUQXQG/HLVWXQJVPRWLYDWLRQQLPPWZlKUHQGGHU-XJHQG]HLWEHLQDKHOLQHDUDE YJO$EELOGXQJVD'HVWDELOLVLHUXQJLP-XJHQGDOWHULQ.DS *HPl7KHR ULHLVWEHNDQQWGDVVDXFKGLH(OWHUQ.LQG%H]LHKXQJZlKUHQGGHU$GROHV]HQ]QLFKW DXI GHP JOHLFKHQ 1LYHDX EOHLEW :LH IROJHQGH $EELOGXQJ EHU DOOH 3UREDQGHQ ]HLJWJLEWHVHLQHWHQGHQ]LHOOH9HUVFKOHFKWHUXQJGHU(OWHUQ.LQG%H]LHKXQJ]XYHU ]HLFKQHQ'HU7LHIVWSXQNWLVWEHL-XJHQGOLFKHQLP$OWHUYRQ-DKUHQIHVW]XVWHOOHQ 'DQDFK YHUEHVVHUW VLFK GLH (OWHUQ.LQG%H]LHKXQJ ZLHGHU -HGRFK LVW JHPl GHP ,QGLYLXXPVDQVDW]YRQ
PLW%H]XJDXI.DS
(UJHEQLVVH
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
0lGFKHQ
.QDEHQ
-DKUH
$EELOGXQJ
-DKUH
-DKUH
-DKUH
-DKUH
%H]LHKXQJVYHUODXI(OWHUQ.LQGLP$OWHUYRQELV-DKUHQ-DKUELV *URVNDODVIQDFK3UHVWHUXQG )HQG6 Ä7UDQVSDUHQ]XQG,QWHUHVVH³
:LHIHVWJHVWHOOWZXUGHKlQJWGLH/HLVWXQJVPRWLYDWLRQHUVWDXQOLFKHUZHLVHZHGHUJH QHUHOOYRP*HVFKOHFKWQRFKYRP6FKXOW\SDE*HPlGHU6'7ZLUGGLH/HLVWXQJV PRWLYDWLRQNDXVDOGXUFKGDV%HGUIQLVQDFKVR]LDOHQ%H]LHKXQJHQXQGVR]LDOHU(LQ JHEXQGHQKHLW EHHLQIOXVVW 'LH PRWLYDWLRQDOH +DQGOXQJVHQHUJLH ZLUG GXUFK SV\FKR VR]LDOH*UQGHDXVJHO|VWXQGLVWVRPLWYRQH[WULQVLVFKHUDEHUVHOEVWEHVWLPPWHU1D WXU'LHVHV3ULQ]LSNDQQDXFKLQGHQGHVNULSWLYHQ'DUVWHOOXQJHQDXIJUXQGGHVlKQOL FKHQ9HUODXIVGHU(OWHUQ.LQG%H]LHKXQJXQGGHU/HLVWXQJVPRWLYDWLRQZlKUHQGGHU $GROHV]HQ] JHVWW]W ZHUGHQ ZLH RELJH $EELOGXQJHQ JH]HLJW KDEHQ %HYRU GLHVH :LUNXQJV]XVDPPHQKlQJHDQDO\VLHUWZHUGHQYJO.DSLWHO ZHUGHQHLQLJH9DUL DEOHQ]XUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWEH]RJHQDXIGDV-XJHQGDOWHULP.XU YHQYHUODXIYHUDQVFKDXOLFKW ,P)ROJHQGHQVLQG±QDFK6FKXOW\SXQG*HVFKOHFKWDXIJHJOLHGHUW±]ZHLGHU9DULDE OHQ GHU IDPLOLlUHQ VR]LDOHQ (LQJHEXQGHQKHLW Ä(OWHUQ.LQG%H]LHKXQJ³ XQG ÄLQNRQ VLVWHQWHU(U]LHKXQJVVWLO³PLWHLQDQGHUDXIJHIKUW (.%H]LHKXQJ
LQNRQVLVWHQWHU (U]LHKXQJVVWLO
+6
56 .QDEHQ
$EELOGXQJ
*<
6FKXOIRUP
+6
56
$OWHU
6FKXOIRUP
$OWHU
,QGH[ZHUWH
LQNRQVLVWHQWHU (U]LHKXQJVVWLO
,QGH[ZHUWH
(.%H]LHKXQJ
*<
0lGFKHQ
9HUODXIÄ(.%H]LHKXQJ³VI XQGÄLQNRQVLVWHQWHU(U]LHKXQJVVWLO³VI LP.LQGHVDOWHUYRQELV-DKUHQ(U KHEXQJVMDKUHELV ±GLIIHUHQ]LHUWQDFK6FKXOW\S+656*< XQG*HVFKOHFKW
:LHLQ$EELOGXQJ]XVHKHQLVWNDQQVRZRKOEHLGHQ0lGFKHQDOVDXFKEHLGHQ .QDEHQ PLW ]XQHKPHQG K|KHUHU 6FKXOIRUP HLQH EHVVHUH (OWHUQ.LQG%H]LHKXQJ IHVWJHVWHOOWZHUGHQ'UHLHFN6\PEROH JHQDXHLQXPJHNHKUWHV0XVWHU]HLJWGHULQ NRQVLVWHQWH(U]LHKXQJVVWLO2IIHQEDUZHQGHQ(OWHUQMHQDFK6FKXONRQWH[WLKUHU.LQ
(UJHEQLVVH
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
GHUHLQHXQWHUVFKLHGOLFKH(U]LHKXQJVSUD[LVDQ+LHUHLQIDFKHLQ8UVDFKH:LUNXQJV 3ULQ]LS ]X YHUPXWHQ ZUGH ]X NXU] JUHLIHQ 'LH (U]LHKXQJVSUD[LV GHU (OWHUQ LVW PHLVWHQVPHGLLHUWGXUFKGLH=XJHK|ULJNHLWGHUVR]LDOHQ6FKLFKWZLHEHUHLWVHUZlKQW ZXUGH 'RFK LQWHUHVVDQW LVW GDVV GLHVHU 6FKXOW\SHQ(IIHNW PLW GUHL 6WXIHQ +DXSW VFKXOH 5HDOVFKXOH *\PQDVLXP IDVW OLQHDU HUVLFKWOLFK ZLUG VRZRKO EHL GHQ 0lG FKHQDOVDXFKEHLGHQ.QDEHQ'LH.RUUHODWLRQ]ZLVFKHQ(U]LHKXQJVVWLOXQGGHU(O WHUQ.LQG%H]LHKXQJEHUDOOH3UREDQGHQKLQZHJEHWUlJWU S $XIIlOOLJ VLQG DXFK GLH JHULQJHQ $EVWlQGH ]ZLVFKHQ GHQ 6NDOHQZHUWHQ Ä(OWHUQ.LQG %H]LHKXQJ³ XQG ÄLQNRQVLVWHQWHP (U]LHKXQJVVWLO³ EHL PlQQOLFKHQ -XJHQGOLFKHQ GHU +DXSWVFKXOHYJO.UHLVLQ$EELOGXQJ 2IIHQEDUZHUGHQGLHVHGXUFKLKUH(OWHUQ EHVRQGHUVKlXILJLQNRQVLVWHQWHU]RJHQZDVDXFKPLWGHUDPWLHIVWHQHLQJHVWXIWHQ(O WHUQ.LQG%H]LHKXQJLP9HUJOHLFK]XGHQDQGHUHQ*UXSSHQLP=XVDPPHQKDQJJH VHKHQZHUGHQPXVV 'DV.DSLWHOZLUG]HLJHQZHOFKH%HGHXWXQJVROFKHYHUPHLQWOLFKHQ8QWHUVFKLHGH IUGLH/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJKDEHQ 6R]LDOH%H]LHKXQJHQXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-X JHQGDOWHU +lQJHQPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHYRPIDPLOLlUHQ.RQWH[WLP-XJHQG DOWHUDE"2GHUQDFKGHU6'7:LUNHQVLFKGLH9DULDEOHQGHUVR]LDOHQ(LQJHEXQGHQ KHLWLQGHU)DPLOLHSRVLWLYDXIGLHPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHDXV" 'LHVR]LDOH(LQJHEXQGHQKHLWLQGHU)DPLOLHZLUGLQGLHVHU6WXGLHGXUFKGLHVR]LDOHQ IDPLOLlUHQ$VSHNWHVIELVVI UHSUlVHQWLHUWYJO7DEHOOH 'LH$VSHNWHVI ELVVIJHK|UHQGDEHL]XPÄOHLVWXQJVXQGVFKXOEH]RJHQHQ0RQLWRULQJ³GHU(OWHUQ JHJHQEHU LKUHQ .LQGHUQ *HPl .DSLWHO N|QQHQ 6LH DEHU LQVEHVRQGHUH DXI GHP+LQWHUJUXQGHLQHUEHZXVVWI|UGHUOLFKHQXQGIRUGHUQGHQ(U]LHKXQJVSUD[LVGHP VR]LDOHQ .DSLWDO XQG GHP VR]LDOHQ 8PJDQJ LQQHUKDOEGHU )DPLOLH ]XJHRUGQHW ZHU GHQ 6LH ZHLVHQ DEHU DXFK ]X GHQ EHLGHQ .HUQEHJULIIHQ GHU 6'7 .RPSHWHQ] XQG $XWRQRPLH HLQHQ%H]XJDXI
6NDODVIÄDNWLYHV,QWHUHVVHXQGZHQLJ.RQIOLNWH³
(UJHEQLVVH
7DEHOOH
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ 9DULDEOHQGHUVR]LDOHQXQGIDPLOLlUHQVI (LQJHEXQGHQKHLW
VI:RKOIKOHQ]X+DXVH VI(.%H]D*URVNDOD VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH VI(.%H]G=XZHQGXQJ9HUVWlQGQLV VI5HLEHUHLHQ]Z(. VI*HVSUlFKVLQWHQVLWlW(. VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW VILQNRQVLVWHQWHU(U]LHKXQJVVWLO VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIDXHUIDP93EHLSHUV3UREO VIDXHUIDP93EHL3UREOPLWDQGHUHQ VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ VIZDKUJHUZDUWHWHU6FKXODEVFKOXVV VI/HLVWXQJVHUZDUWXQJGHU(( VI(IUDJHQKlXILJQDFK6/( VI(ZLVVHQ%HVFKHLGEHU6/( VI+DXVDXIJDEHQHQJDJHPHQWGHU((
(LQ]HOLWHP 9LHUXQWHUVFKLHGOLFKH(OWHUQ.LQG%H]LHKXQJVNDOHQ GDPLWNHLQHGDWHQDQJHSDVVWH%HUHFKQXQJHQDXIJUXQGHL QHVHLQ]LJHQ.RQVWUXNWVYHUZHQGHWZHUGHQZHUGHQDOOHYLHU 6NDOHQLQGHQ.RUUHODWLRQVEHUVLFKWHQGDUJHVWHOOW (LQ]HOLWHP 6NDOD (LQ]HOLWHPGDVLP-DKUHUHWURVSHNWLYHUKREHQZXUGH (LQ]HOLWHP 6NDOD 6NDOD 6NDOD (LQ]HOLWHP (LQ]HOLWHP (LQ]HOLWHP (LQ]HOLWHP (LQ]HOLWHP (LQ]HOLWHP (LQ]HOLWHP 6NDOD
'LH)UDJHQDFKGHP=XVDPPHQKDQJ]ZLVFKHQVR]LDOHU(LQJHEXQGHQKHLWXQGPRWL YDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ LP -XJHQGDOWHU LVW PLWWHOV GHU VLJQLILNDQWHQ .RUUHODWLRQVNRHIIL]LHQWHQLQ7DEHOOH]XEHDQWZRUWHQQXUVLJQLILNDQWH.RUUHOD WLRQVNRHIIL]LHQWHQ VLQG DXIJHIKUW 'LH EHUZLHJHQGH 0HKUKHLW GHU IDPLOLlUHQ $V SHNWHREVR]LDORGHUHU]LHKHULVFKJHSUlJWZLUNHQVLFKTXHUVFKQLWWOLFKXQGLQHLQHP )DOO OlQJVVFKQLWWOLFK YJO P VLJQLILNDQW DXI GLH PRWLYDWLRQDOHQ 3HUV|QOLFK NHLWVPHUNPDOHDXV 7DEHOOH
.RUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQP P
P P P P P P P P P P P P P
6FKDWWLHUWH9DULDEOHQNRUUHOLHUHQPLWDOOHQPRW3HUV|QOLFKNHLWVPHUNPDOHQQXUVLJQLILNDQWH:HUWHS DXIJHIKUW]ZHLVHLWLJJHWHV WHWJHVDPWH6WLFKSUREHTXHUVFKQLWWOLFKDXHUPLWP/HLVWXQJVPRWLYDWLRQLP-DKU
VI:RKOIKOHQ]X+DXVH VI(.%H]D*URVNDOD,WHPV VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH VI(.%H]G=XZHQGXQJ9HUVWlQGQLV VI5HLEHUHLHQ]Z(. VI*HVSUlFKVLQWHQVLWlW(. VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW VILQNRQVLVWHQWHU(U]LHKXQJVVWLO VIHQWVSDQQWH)UHL]HLWDNWPLW(OWHUQ( VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIDXHUIDP93EHLSHUV3UREO VIDXHUIDP93EHL3UREOPLWDQGHUHQ VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ VIZDKUJ(UZ6FKXODEVFKOXVV VI/HLVWXQJVHUZDUWXQJGHU(( VI(IUDJHQKlXILJQDFK6/( VI(ZLVVHQ%HVFKHLGEHU6/( VI+DXVDXIJDEHQHQJDJHPHQWGHU((
7DEHOOH ]HLJW DXFK GDVV SUDNWLVFK DOOH DXIJHOLVWHWHQ 9DULDEOHQ GHU IDPLOLlUHQ VR]LDOHQ(LQJHEXQGHQKHLWHLQHQVLJQLILNDQWHQ=XVDPPHQKDQJ]XU/HLVWXQJVPRWLYD WLRQP DEHUDXFK]XDOOHQDQGHUHQPRWLYDWLRQDOHQ0HUNPDOHQKDEHQ)UVLJQLIL
(UJHEQLVVH
)DPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
NDQWH(IIHNWHEHLDOOHQPRWLYDWLRQDOHQ9DULDEOHQVRUJHQGLH(OWHUQ.LQG%H]LHKXQJ GHU(U]LHKXQJVVWLOXQGGLH7DWVDFKHGDVVGLH.LQGHULKUH9HUWUDXHQVSHUVRQIUSHU V|QOLFKH3UREOHPHRGHUIU3UREOHPHPLWDQGHUHQQLFKWDXHUKDOEGHU)DPLOLHZlK OHQ$OOHUGLQJVN|QQWHHV]XWUHIIHQGDVVXQWHU%HUFNVLFKWLJXQJGHU(UJHEQLVVHDXV .DSLWHOGLHRELJHQVLJQLILNDQWHQ.RUUHODWLRQHQGXUFKDQGHUH PHGLLHUHQGH9DUL DEOHQ ]XVWDQGH JHNRPPHQ VLQG ,Q GHQ IROJHQGHQ 3DUWLDONRUUHODWLRQVEHUHFKQXQJHQ VLQG *HVFKOHFKW 6FKXOW\S XQG UHODWLYH /HLVWXQJVSRVLWLRQ LQQHUKDOE GHU .ODVVH DOV NRQWUROOLHUHQGH9DULDEOHQDXIJHQRPPHQZRUGHQYJO7DEHOOH 6RNDQQQDFK JHZLHVHQZHUGHQGDVVGLH0HKUKHLWGHUIDPLOLlUHQVR]LDOEH]RJHQHQ9DULDEOHQ±XQ DEKlQJLJYRQGHU/HLVWXQJLQGHU6FKXOHGHU6FKXODUWXQGGHV*HVFKOHFKWV±PLWGHU /HLVWXQJVPRWLYDWLRQ VLJQLILNDQW ]XVDPPHQKlQJHQ 'LH VFKDWWLHUWHQ =HOOHQ ]HLJHQ ZLHGHUXPGLH.RUUHODWLRQVNRHIIL]LHQWHQGLHJHUXQGHWHUUHLFKHQ
VI:RKOIKOHQ]X+DXVH VI(.%H]D*URVNDOD VI(.%H]E9HUVWlQG QLV9RUELOGZLUNXQJ VI(.%H]FDNW,QWHUHVVHZHQLJ .RQIOLNWH VI(.%H]G=XZHQ GXQJ9HUVWlQGQLV VI5HLEHUHLHQ]Z(. VI*HVSUlFKVLQWHQVLWlW(. VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VI6FKHLGXQJV7UHQQXQJVHUI VILQNRQVLVWHQWHU(U]LHKXQJVVWLO VIHQWVS)UHL]HLWDNWPLW(( VIVR]LDOH)UHL]HLWDNWPLW(( VIDXHUIDP93EHLSHUV3UREO VIDXHUIDP93EHL3UREOPD VIZDKUJHQ%HJDEHLQVFKlW]XQJ VIZDKUJHUZ6FKXODEVFKOXVV VI/HLVWXQJVHUZDUWXQJGHU(( VI(IUDJHQKlXILJQDFK6/( VI(ZLVVHQ%HVFKHLGEHU6/( VI+DXVDXIJDEHQHQJDJGHU((
PDOOJ,QWHUHVVH GHV.LQGHV(
P/HLVWXQJVPRWLYD WLRQ
P%LOGXQJVRULHQWLH UXQJ
P=XNXQIWVEHZlOWL JXQJ
P(..RQVHQVZLH EHQHKPHQ
P(..RQVHQVZDV JODXEHQ
P(..RQVHQVZDV OHLVWHQ
P5DXFKHQ
PVFKXOLVFKH1RUP YHUOHW]XQJ
P6HOEVWZLUNVDPNHLW
P%HJDEXQJV]X VFKUHLEXQJ
PVFKXO/HLVWXQJV DQJVW
3DUWLDONRUUHODWLRQ]ZLVFKHQ9DULDEOHQIDPLOLlUHUVR]LDOHQ(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWV PHUNPDOHQTXHUVFKQLWWOLFKE]ZNXU]HU/lQJVVFKQLWWEHLP XQWHU.RQWUROOHYRQ/HLVWXQJVSRVLWLRQ*HVFKOHFKW XQG6FKXOW\SSDLUZLVHEHUHFKQHW
P/HLVWXQJV PRWLYDWLRQ
7DEHOOH
QXUVLJQLILNDQWH:HUWHS DXIJHIKUWVFKDWWLHUWUJHUXQGHW ]ZHLWOHW]WH6SDOWHZHLVWDXINXU]HQ/lQJVVFKQLWW KLQ JHVDPWH6WLFKSUREH]ZHLVHLWLJJHWHVWHWSDLUZLVHEHUHFKQHW
$XIJUXQGGHU%HUFNVLFKWLJXQJYRQNRQWUROOLHUHQGHQ9DULDEOHQ]HLJHQVLFKGLHHLQ ]HOQHQ.RUUHODWLRQVZHUWHEHUGLHJHVDPWH6WLFKSUREHHWZDVWLHIHUXQGPHUNOLFKLQ ZHQLJHU)lOOHQVLJQLILNDQWDOVLQ7DEHOOH]XYRU1HEVWGHQ(OWHUQ.LQG6NDOHQ VFKOlJWGHU(U]LHKXQJVVWLOGHXWOLFKDXIGLHPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOH DXV
(UJHEQLVVH
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
,QVJHVDPWNDQQIHVWJHKDOWHQZHUGHQGDVVGDV:RKOIKOHQ]XKDXVHHLQHJXWH(OWHUQ .LQG%H]LHKXQJXQGHLQNRQVLVWHQWHU(U]LHKXQJVVWLOPDJHEOLFKGLHPRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHYRQ-XJHQGOLFKHQXQDEKlQJLJYRQLKUHP/HLVWXQJVQLYHDX LQGHU.ODVVHYRP*HVFKOHFKWRGHUYRQGHU6FKXOIRUPI|UGHUQ2EZRKOKLHUNHLQH UHJUHVVLRQVDQDO\WLVFKHQ %HUHFKQXQJHQ YRUOLHJHQ XQG LQVRIHUQ HLQ .DXVDO]XVDP PHQKDQJ QLFKW QDFKJHZLHVHQ LVW GUIHQ GLH (UJHEQLVVH DEHU DOV 6'7 WKHRULHNRQIRUP EH]HLFKQHW ZHUGHQ 'LH GLHVEH]JOLFKHQ OlQJVVFKQLWWOLFKHQ =XVDP PHQKlQJHDXIGLH/HLVWXQJVPRWLYDWLRQEHL-lKULJHQP VLQG]ZDUVLJQLILNDQW MHGRFK VFKZDFK HV JLEW NHLQH 3DUWLDONRUUHODWLRQ EHU ,QWHUHVVDQW LVW GDVV GLH (OWHUQ.LQG%H]LHKXQJ LQVJHVDPW YRU DOOHP HLQKHU JHKW PLW HLQHU SRVLWLYHQ 6HOEVWZLUNVDPNHLWV E]Z HLQHU SRVLWLYHQ =XNXQIWVEHZlOWLJXQJVHUZDUWXQJ DEHU DXFK PLW HLQHP (OWHUQ.LQG.RQVHQV ZLH PDQ VLFK YHUKDOWHQ VROO +LHU ]HLJW VLFK GLHLP7KHRULHNDSLWHOHUZlKQWH,QWHUQDOLVLHUXQJYRQ:HUWHQDXIJUXQGHLQHUIXQNWLR QLHUHQGHQ(OWHUQ.LQG%H]LHKXQJDXI6WXIHLGHQWLIL]LHUWHURGHULQWHJULHUWHU5HJXODWL RQYJO.DS& $XIIDOOHQGLVWDEHUDXFKGHU(LQIOXVVGHU9DULDEOHÄLQNRQVLV WHQWHU(U]LHKXQJVVWLO³-H PHKULQNRQVLVWHQWH(U]LHKXQJGLH-XJHQGOLFKHQZDKUQHK PHQGHVWRQHJDWLYHUVLQGLKUH%HJDEXQJV]XVFKUHLEXQJLKUH6HOEVWZLUNVDPNHLWXQG LKUH=XYHUVLFKWIUGLH=XNXQIWVEHZlOWLJXQJQHJDWLYH.RUUHODWLRQVZHUWHEHU 1DFKGHPGLHNRUUHODWLYHQXQGSDUWLDONRUUHODWLYHQ=XVDPPHQKlQJH]ZLVFKHQDXHU IDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWXQGPRWLYDWRQDOHU3HUV|QOLFKNHLWVPHUNPDOHLP IROJHQGHQ.DSLWHOGDUJHVWHOOWZHUGHQJHKWGDV.DSLWHOPLWWHOV5HJUHVVLRQV XQG6WUXNWXUJOHLFKXQJVPRGHOODQDO\VHQDXIGLH9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ GXUFK IDPLOLlUH XQG DXHUIDPLOLlUH VR]LDOHPRWLRQDO EH]RJHQH 9DULDEOHQ HLQ ,QVR IHUQZLUGGHU7KHPDWLNGHU.DXVDOLWlW5HFKQXQJJHWUDJHQ
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ =XUDXHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLP-XJHQGDOWHU 'LH WHQGHQ]LHOOH =XQDKPH YRQ 'LVWDQ] GHU -XJHQGOLFKHQ ]XP (OWHUQKDXV XQG ]XU 6FKXOH OlVVW VLFK DXFK LP HKHU GLVWDQ]LHUWHQ 9HUKlOWQLV ]XU /HKUSHUVRQ HUNHQQHQ )ROJHQGH$EELOGXQJ]HLJWGHQ9HUODXIGHV9HUWUDXHQVYJO9DULDEOHVD ]XGHQ /HKUHUQZlKUHQGGHU-XJHQGSKDVHLP$OWHUYRQELV-DKUHQ,QGHUEHUQlFKV WHQ $EELOGXQJ ZLUG GLH /HKUHU6FKOHU%H]LHKXQJ 9DULDEOH VD H[HPSODULVFK DEJHELOGHW
(UJHEQLVVH
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
0lGFKHQ .QDEHQ
-DKUH $EELOGXQJ
-DKUH
-DKUH
-DKUH
-DKUH
9HUODXIGHV9HUWUDXHQV]XU/HKUSHUVRQLP-XJHQGDOWHU6NDODVD LQGHQ(UKHEXQJV]HLWSXQNWHQE]ZLP $OWHUYRQ-DKUHQ
$XFKKLHULVW±JOHLFKZLHEHLP9HUODXIGHU(OWHUQ.LQG%H]LHKXQJ±IHVW]XKDOWHQ GDVV LQ GHU -XJHQG]HLW HLQH YRUEHUJHKHQGH $EQDKPH GHV 9HWUDXHQV LQ GLH /HKUHU IHVWJHVWHOOWZHUGHQNDQQ(LQYRP-XJHQGOLFKHQGLVWDQ]LHUWHV9HUKlOWQLV]XP/HKUHU EHGHXWHWMHGRFKQLFKWGDVVGLHVHVIUGLHOlQJHUIULVWLJH/HLVWXQJVXQG0RWLYDWLRQV HQWZLFNOXQJ ZHQLJHU ZLFKWLJ LVW *LEW HV YHUPHLQWOLFKH 8QWHUVFKLHGH LQ GHU :HUW VFKlW]XQJXQG%H]LHKXQJGHU/HKUHUJHJHQEHULKUHQ6FKOHUQ",VWGLHVH:HUWVFKlW ]XQJYRP6FKXONRQWH[WRGHUYRP*HVFKOHFKWDEKlQJLJ"
,QGH[ZHUWH
,QGH[ZHUWH
-DKUH
-DKUH
-DKUH
-DKUH
-DKUH
+6 $EELOGXQJ
*<
-DKUH
-DKUH
-DKUH
0lGFKHQ
.QDEHQ
$OOH
+6
*<
$OOH
9HUODXIGHUZDKUJHQRPPHQHQ/HKUHU6FKOHU%H]LHKXQJ6NDODVD DXV6LFKWGHU6FKOHULP-XJHQGDOWHU± GLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S
$XIJUXQG GHU $EELOGXQJ NDQQ QLFKW YRQ XQWHUVFKLHGOLFKHQ /HKUHU6FKOHU %H]LHKXQJHQ LQ $EKlQJLJNHLW GHV *HVFKOHFKWV DXVJHJDQJHQ ZHUGHQ (LQH .RUUHOD WLRQVEHUHFKQXQJ QDFK 6SHDUPDQ HUJLEW ]ZLVFKHQ 6FKXOIRUP +DXSWVFKXOH 5HDO VFKXOH *\PQDVLXP XQG /HKUHU6FKOHU%H]LHKXQJ QXU HLQHQ VFKZDFKHQ =XVDP PHQKDQJYRQS GHUDEHULQRELJHU$EELOGXQJVLFKWEDULVW0lQQOLFKH -XJHQGOLFKHDQ*\PQDVLHQQHKPHQPHKU$QHUNHQQXQJXQG:HUWVFKlW]XQJYRQ6HL WHQ GHU /HKUHU DOV MHQH YRQ +DXSWVFKXOHQ ZDKU =XGHP VLQG GLH 6WDQGDUGDEZHL
(UJHEQLVVH
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
FKXQJHQGLHVHU6NDODEHLPlQQOLFKHQ+DXSWVFKOHUQLP$OWHUYRQXQG-DKUHQ PLW6' E]Z6' EHLGH0DOHJU|HUDOVEHLGHQPlQQOLFKHQ*\PQDVLDV WHQ PLW 6' MlKULJ E]Z 6' MlKULJ YJO 7DEHOOH LQ .DS 1DFK GLHVHP GHVNULSWLYHQ 7HLO VLQG LP )ROJHQGHQ GLH =XVDPPHQKlQJH ]ZLVFKHQ 9DULDEOHQ GHU VFKXOLVFKHQ VR]LDOHQ %H]LHKXQJHQ XQG PRWLYDWLRQDOHQ 3HUV|QOLFK NHLWVPHUNPDOHQDXIJHIKUW $XHUIDPLOLlUHVR]LDOH%H]LHKXQJHQXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWV PHUNPDOHLP-XJHQGDOWHU 7DEHOOH]HLJWGDVVGLH6'7LP$VSHNWGHUVR]LDOHQ(LQJHEXQGHQKHLWGXUFKVLJ QLILNDQWH(UJHEQLVVHEHVWlWLJWZHUGHQNDQQ)DVWDOOHVR]LDOHQ0HUNPDOHGHVDXHU IDPLOLlUHQ .RQWH[WHV ZHLVHQ TXHUVFKQLWWOLFK VLJQLILNDQWH =XVDPPHQKlQJH ]X PRWL YDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ DXI 'LH DXHUIDPLOLlUHQ .RQWH[WYDULDEOHQ ZHLVHQ LQ GUHL )lOOHQ VLJQLILNDQWH .RUUHODWLRQHQ EHU DXV Ä:RKOIKOHQ LQ GHU 6FKXOH³ Ä/HKUHU6FKOHU%H]LHKXQJ³ XQG Ä$QHUNHQQXQJ GXUFK 0LWVFKOHU³ 6LH ZLUNHQ LP 6LQQH GHU 6'7 VSH]LHOO PRWLYDWLRQVI|UGHUQG XQG VLQG LQ 7DEHOOH VFKDWWLHUWKHUYRUJHKREHQ
P/HLVWXQJV PRWLYDWLRQ
P%LOGXQJV RULHQWLHUXQJ
P=XNXQIWVEH ZlOWLJXQJ
P(..RQVHQV ZLHEHQHKPHQ
P(..RQVHQV ZDVJODXEHQ
P(..RQVHQV ZDVOHLVWHQ
P5DXFKHQ
PVFKXOLVFKH 1RUPYHUOHW]XQJ
P6HOEVWZLUNVDP NHLWVEHU]HXJXQJ
P%HJDEXQJV]X VFKUHLEXQJ
PVFKXO/HLV WXQJVDQJVW
P/HLVWXQJV PRWLYDWLRQ
.RUUHODWLRQHQ]ZLVFKHQDXHUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWVDVD XQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWV PHUNPDOHQPP TXHUVFKQLWWOLFKDXHUPLWP/HLVWXQJVPRWLYDWLRQPLW-LP-DKU
PDOOJ,QWHUHVVH GHV.LQGHV(
7DEHOOH
VD:RKOIKOHQLQ6FKXOH VD$QRQ\PLWlWDQGHU6FKXOH VD6WDWXV6FKXOOHLVWXQJ VD6WDWXVUHOHYDQ]6ROLGDULWlW VD.RQNXUUHQ]NDPSILQ.ODVVH VD.ODVVHQ]XVDPPHQKDOW VD9HUWUDXHQ]X/3 VD/36%H]LHKXQJ VD/HLVWXQJVGUXFNYRQ/3 VD$QHUNHQQXQJG0LWVFKOHU VD,QWHJUDWLRQ3HHUV VDNLUFKOLFKH$NWLYLWlW VD9HUHLQV]XJHK|ULJNHLW VD7XUQXQG6SRUWYHUHLQ VD0XVLNRGHU6LQJJUXSSH
VFKDWWLHUWUJHUXQGHW QXUVLJQLILNDQWH:HUWHS DXIJHIKUW]ZHLVHLWLJJHWHVWHWJHVDPWH6WLFKSUREHSXQNWELVHULDOH.RUUHOD WLRQHQEHLVDVDVDPPP
,P:LVVHQGDVVPRWLYDWLRQDOH$XVSUlJXQJHQVWDUNYRQGHU/HLVWXQJE]ZGHUUHOD WLYHQ/HLVWXQJVSRVLWLRQLQGHU.ODVVHDEKlQJHQN|QQHQVLQGLQ7DEHOOHZLHGHU XPGLH3DUWLDONRUUHODWLRQHQ]ZLVFKHQVR]LDOHQ,QGLNDWRUHQGHUDXHUIDPLOLlUHQ8P ZHOW XQG GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ LP -XJHQGDOWHU DXIJHOLVWHW ZRGLH/HLVWXQJVSRVLWLRQGDV*HVFKOHFKWXQGGHU6FKXOW\SNRQWUROOLHUWZXUGHQ
(UJHEQLVVH
$XHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
PDOOJ,QWHUHVVH GHV.LQGHV(
P/HLVWXQJV PRWLYDWLRQ
P%LOGXQJV RULHQWLHUXQJ
P=XNXQIWVEH ZlOWLJXQJ
P(..RQVHQV ZLHEHQHKPHQ
P(..RQVHQV ZDVJODXEHQ
P(..RQVHQV ZDVOHLVWHQ
P5DXFKHQ
PVFKXOLVFKH 1RUPYHUOHW]XQJ
P%HJDEXQJV ]XVFKUHLEXQJ
PVFKXO/HLV WXQJVDQJVW
P6HOEVWZLUNVDP NHLWVEHU]HXJXQJ
3DUWLDONRUUHODWLRQ]ZLVFKHQ9DULDEOHQDXHUIDPLOLlUHUVR]LDOHQ(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ3HUV|QOLFK NHLWVPHUNPDOHQTXHUVFKQLWWOLFKE]ZNXU]HU/lQJVVFKQLWWEHLP XQWHU.RQWUROOHYRQ/HLVWXQJVSRVLWLRQ*H VFKOHFKWXQG6FKXOW\S
P/HLVWXQJV PRWLYDWLRQ
7DEHOOH
VFKDWWLHUWU!JHUXQGHW QXUVLJQLILNDQWH:HUWHS DXIJHIKUW]ZHLVHLWLJJHWHVWHWJHVDPWH6WLFKSUREHSDLUZLVHEHUHFKQHW SXQNWELVHULDOH.RUUHODWLRQHQEHLVDVDVDPPP
VD:RKOIKOHQLQ6FKXOH VD$QRQ\PLWlWDQGHU6FKXOH VD6WDWXVU6FKXOOHLVWXQJ VD6WDWXVUHOHYDQ]6ROLGDULWlW VD.RQNXUUHQ]NDPSILQ.O VD.ODVVHQ]XVDPPHQKDOW VD9HUWUDXHQ]X/3 VD/36%H]LHKXQJ VD/HLVWXQJVGUXFNYRQ/3 VD$QHUNHQQXQJG0LWVFK VD,QWHJUDWLRQ3HHUV VDNLUFKOLFKH$NWLYLWlW VD9HUHLQV]XJHK|ULJNHLW VD7XUQXQG6SRUWYHUHLQ VD0XVLNRGHU6LQJJUXSSH
'LH7DEHOOH]HLJWDXIGDVVGLH%HVWLPPXQJVIDNWRUHQGHUDXHUIDPLOLlUHQVR]LD OHQ(LQJHEXQGHQKHLWGHQHQDXVGHU7DEHOOHZLHGHUXPHQWVSUHFKHQYJOVFKDW WLHUWH =HOOHQ 'LH PHLVWHQ 9DULDEOHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW ZHLVHQ TXHUVFKQLWWOLFKHLQHQVLJQLILNDQWHQ=XVDPPHQKDQJPLWGHU/HLVWXQJVPRWLYDWLRQDXI ZDV ZLHGHUXP 6'7NRQIRUP LVW =XGHP LVW HLQ OlQJVVFKQLWWOLFKHU =XVDPPHQKDQJ ]ZLVFKHQGHP:RKOIKOHQPLW-DKUHQXQGGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQ PLWU VLJQLILNDQW 'HU K|FKVWH =XVDPPHQKDQJ ]ZLVFKHQ 9DULDEOHQ GHU DXHUIDPLOlUHQ VR]LDOHQ (LQ JHEXQGHQKHLWXQGGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHU]HLJWVLFKEHLGHQSDUWLDO NRUUHODWLYHQ %HUHFKQXQJHQ EHL GHU )HVWVWHOOXQJ RE VLFK GLH 6FKOHU LQ GHU 6FKXOH ZRKOIKOHQ(EHQIDOOVEHUGHP:HUWYRQNRPPWGLH/HKUHU6FKOHU%H]LHKXQJ ]XP 7UDJHQ U -H PHKU :HUWVFKlW]XQJ GLH 6FKOHU ZDKUQHKPHQ GHVWR OHLV WXQJVPRWLYLHUWHUVLQGVLH,QVJHVDPWVSUHFKHQGLHVH(UJHEQLVVHIUGLH]HQWUDOH%H GHXWXQJGHV:RKOIKOHQVXQGGHUVR]LDOHQ(LQJHEXQGHQKHLWIUGLH/HLVWXQJVPRWL YDWLRQVI|UGHUXQJXQDEKlQJLJYRQGHU/HLVWXQJVSRVLWLRQYRP*HVFKOHFKWRGHUYRP 6FKXOW\S 'HU KRKH =XVDPPHQKDQJ ]ZLVFKHQ /HKUHU6FKOHU%H]LHKXQJ VD XQG 6HOEVWZLUNVDPNHLWVEHU]HX
JXQJP YRQU KDWGDPLW]XWXQGDVVGLH,WHPVGHU9DULDEOHVDEHL)HQGXQG3UHVWHU PLWGHU 9DULDEOH P ]X HLQHP HLQ]LJHQ )DNWRU Ä/HKUHU XQG 6FKXOHUIROJ³ YHUUHFKQHW ZXUGHQ :HLO DEHU LQ GHU 7DEHOOHGLHOHLVWXQJVEH]RJHQH.RPSRQHQWHUHO/HLVWXQJVSRVLWLRQLQGHU.ODVVH NRQWUROOLHUWZXUGH GDUI GHU HPSLULVFKH =XVDPPHQKDQJ ]ZLVFKHQ /HKUHU6FKOHU%H]LHKXQJ VD XQG /HLVWXQJVPRWLYDWLRQ P DXFKWKHRUHWLVFKDXIUHFKWHUKDOWHQZHUGHQ
(UJHEQLVVH
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
,Q GLHVHP .DSLWHO JHKW HV XP GLH TXHU XQG OlQJVVFKQLWWOLFKHQ JHVFKOHFKWV XQG VFKXOIRUPVSH]LILVFKHQ =XVDPPHQKlQJH XQG $XINOlUXQJHQ ]ZLVFKHQ 9DULDEOHQ GHU VR]LDOHQ(LQJHEXQGHQKHLWXQGGHU/HLVWXQJVPRWLYDWLRQ 3DUWLDONRUUHODWLYH%HUHFKQXQJHQLP4XHUVFKQLWWXQG=ZHL-DKUHV /lQJVVFKQLWWLP-XJHQGDOWHU 7DEHOOH
3DUWLDONRUUHODWLRQHQ]ZLVFKHQIDPLOLlUHQXQGDXHUIDPLOLlUHQ9DULDEOHQXQGGHU/HLVWXQJVPRWLYDWLRQPLWXQG -DKUHQTXHUVFKQLWWOLFKE]ZNXU]HU/lQJVVFKQLWW XQWHU.RQWUROOHYRQ/HLVWXQJVSRVLWLRQXQG6FKXOIRUP
/HLVWXQJVPRWLYDWLRQPLW- )DPLOLlUHVI XQGDXHUIDPLOLlUHDI 9DULDEOHQGHUVR](LQJHEXQGHQKHLW VI:RKOIKOHQ]X+DXVH VI(.%H]D*URVNDOD VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH VI(.%H]G=XZHQGXQJ9HUVWlQGQLV VI5HLEHUHLHQ]Z(. VI*HVSUlFKVLQWHQVLWlW(. VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW VILQNRQVLVWHQWHU(U]LHKXQJVVWLO VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIDXHUIDP93EHLSHUV3UREO VIDXHUIDP93EHL3UREOPLWDQGHUHQ VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ VIZDKUJHUZ6FKXODEVFKOXVV+656*< VI/HLVWXQJVHUZDUWXQJGHU(( VI(IUDJHQKlXILJQDFK6/( VI(ZLVVHQ%HVFKHLGEHU6/( VI+DXVDXIJDEHQHQJDJHPHQWGHU(( VD:RKOIKOHQLQ6FKXOH VD$QRQ\PLWlWDQGHU6FKXOH VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ VD6WDWXVUHOHYDQ]6ROLGDULWlW VD.RQNXUUHQ]NDPSILQ.ODVVH VD.ODVVHQ]XVDPPHQKDOW VD9HUWUDXHQ]X/3 VD/36%H]LHKXQJ VD/HLVWXQJVGUXFNYRQ/3 VD$QHUNHQQXQJGXUFK0LWVFKOHU VD,QWHJUDWLRQ3HHUV VDNLUFKOLFKH$NWLYLWlW VD9HUHLQV]XJHK|ULJNHLWQHLQMD VD7XUQXQG6SRUWYHUHLQQHLQMD VD0XVLNRGHU6LQJJUXSSHQHLQMD
+6
.QDEHQ *<
0lGFKHQ +6 *<
A
/HLVWXQJVPRWLYDWLRQPLW- NXU]HU/lQJVVFKQLWW .QDEHQ 0lGFKHQ +6 *< +6 *<
A A
A
VFKDWWLHUW9DULDEOHQPLWVLJQLILNDQWHP(LQIOXVVVRZRKOLP4XHUDOVDXFKLP/lQJVVFKQLWWEHLPlQQOLFKHQ-XJHQGOLFKHQGHV*\PQDVL XPV
S
S SASS]ZHLVHLWLJJHWHVWHW SDLUZLVHEHUHFKQHW+6 +DXSWVFKXOH*< *\PQDVLXP
7DEHOOH]HLJWGLHJHVFKOHFKWVXQGVFKXOIRUPVSH]LILVFKDXIJHOLVWHWHQ3DUWLDONRU UHODWLRQHQ ]ZLVFKHQ GHQ 9DULDEOHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW XQG GHU /HLV WXQJVPRWLYDWLRQLP4XHUVFKQLWWXQGLPNXU]HQ/lQJVVFKQLWWXQWHU.RQWUROOHGHUUH ODWLYHQ /HLVWXQJVSRVLWLRQ 'LH PDUNLHUWHQ 9DULDEOHQ ZHLVHQ LQVJHVDPW DXI GLH %H
(UJHEQLVVH
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
IXQGODJH KLQ GDVV GLH IDPLOLlUHQ XQG DXHUIDPLOLlUHQ 9DULDEOHQ LP $OWHU YRQ -DKUHQ EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ VRZRKO LP 4XHU DOV DXFK LP NXU]HQ /lQJVVFKQLWW VLJQLILNDQW DXI GLH /HLVWXQJVPRWLYDWLRQ ZLUNHQ XQDEKlQJLJ YRQ GHU UHODWLYHQ/HLVWXQJVSRVLWLRQXQGGHP6FKXOW\S,QWHUHVVDQWLVWDXFKGDVVHVEHLGHQ 0lGFKHQGLHGDV*\PQDVLXPEHVXFKHQHEHQIDOOVVLJQLILNDQWHOlQJVVFKQLWWOLFKH=X VDPPHQKlQJH]ZLVFKHQLKUHQVR]LDOHQ%H]LHKXQJHQXQGLKUHU/HLVWXQJVPRWLYDWLRQ JLEWMHGRFKQLFKWLQGHP0DVVHZLHEHLGHQPlQQOLFKHQ*\PQDVLDVWHQ 'HU 9DULDEOH /HKUHU6FKOHU%H]LHKXQJ NRPPW LQ DOOHQ YLHU *UXSSHQ TXHUVFKQLWW OLFKXQGEHLGHQ0lQQHUQDXFKOlQJVVFKQLWWOLFKHLQHVLJQLILNDQWH%HGHXWXQJ]X'LH 7DWVDFKHGDVVLQVEHVRQGHUHEHLPlQQOLFKHQ*\PQDVLDVWHQVLHKHRYDOH0DUNLHUXQJ LQ 7DEHOOH YLHOH NRQWH[WXHOOH IDPLOLlUH XQG DXHUIDPLOLlUH 9DULDEOHQ HLQHQ OlQJVVFKQLWWOLFKHQ =XVDPPHQKDQJ PLW GHU /HLVWXQJVPRWLYDWLRQ DXIZHLVHQ ]HLJW GDVV GLHVH LP 9HUJOHLFK ]X GHQ PlQQOLFKHQ +DXSWVFKOHUQ RIIHQEDU HLQH XQWHU VFKLHGOLFKH/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJHUIDKUHQ%HL-XQJHQGHV*\PQDVLXPV LVW]XGHPGLH%HGHXWXQJGHUVR]LDOHQ(LQJHEXQGHQKHLWIULKUH/HLVWXQJVPRWLYDWLRQ JU|VVHU DOV EHL 0lGFKHQ GHVVHOEHQ 6FKXOW\SV ZDV ZLHGHUXP WKHRULHNRQIRUP LVW YJO.DS 5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ ,Q7DEHOOH]HLJWVLFKGDVVGLH/HLVWXQJVPRWLYDWLRQYRQPlQQOLFKHQ*\PQDVLDV WHQLP4XHUVFKQLWW]XGXUFKGLHUHODWLYH/HLVWXQJVSRVLWLRQGDV:RKOIKOHQ]X KDXVH GLH (OWHUQ.LQG%H]LHKXQJ GDV :RKOIKOHQ LQ GHU 6FKXOH XQG GLH /HKUHU 6FKOHU%H]LHKXQJ VLJQLILNDQW DXIJHNOlUW ZHUGHQ NDQQ -HQH IU PlQQOLFKH +DXSW VFKOHUNDQQ]XMHQHIUZHLEOLFKH]XHUNOlUWZHUGHQ'LH9RUKHUVDJHGHU /HLVWXQJVPRWLYDWLRQ YRQ ZHLEOLFKHQ *\PQDVLDVWHQ OlVVW VLFK ]X EHVWLPPHQ 'DPLWLVWEHOHJWGDVVVRZRKO.RPSHWHQ]JHIKOUHO/HLVWXQJVSRVLWLRQ DOVDXFKVR ]LDOH(LQJHEXQGHQKHLWLQVJHVDPWJHVHKHQEHUDOOHYLHU*UXSSHQDOV3UlGLNWRUHQGHU /HLVWXQJVPRWLYDWLRQJHPlGHU6'7YHUZHQGHWZHUGHQN|QQHQ
,QGHQ.DSLWHOQELVZHUGHQGLH.RUUHODWLRQVZHUWHGHUIRNXVVLHUWHQ*UXSSHQPLWQXU]ZHL.RP PDVWHOOHQDXIJHIKUWLP*HJHQVDW]]XGHQELVKHULJHQ7DEHOOHQPLW9HUZHQGXQJGHUJHVDPWHQ6WLFKSUREH
(UJHEQLVVH
7DEHOOH
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XUTXHUVFKQLWWOLFKHQ9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFKGLH UHODWLYH/HLVWXQJVSRVLWLRQLQGHU.OXQGGLHVR]LDOH(LQJHEXQGHQKHLWGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S
*UXSSH .RQVWDQWH [UHO/HLVWXQJVSRVLWLRQLQ.ODVVH VI:RKOIKOHQ]X+DXVH VI(.%H]LHKXQJ VD:RKOIKOHQLQ6FKXOH VD/36%H]LHKXQJ
PlQQOLFK *< EHWD
QV 5
Q ) GIGI *HVDPWPRGHOODXINOlUXQJNRUU
PlQQOLFK +6 EHWD
QV
5
ZHLEOLFK ZHLEOLFK *< +6 EHWD EHWD
QV
QV QV QV
QV 5
5
6FKDWWLHUWVLJQ%HWDJHZLFKW
S
S SSQV QLFKWVLJQLILNDQW*HVDPWPRGHOOVLPXOWDQ(QWHU0HWKRGH PLWOLVWZHLVHP$XVVFKOXVVIHKOHQGHU:HUWH
:LHVLHKWHVQXQPLWGHUOlQJVVFKQLWWOLFKHQ9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQLP $OWHUYRQ-DKUHQGXUFK9DULDEOHQLP$OWHUYRQ-DKUHQDXV" 7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XUOlQJVVFKQLWWOLFKHQ9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFKGLH UHODWLYH/HLVWXQJVSRVLWLRQLQGHU.ODVVHXQGGLHVR]LDOH(LQJHEXQGHQKHLWGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG 6FKXOW\S
*UXSSH .RQVWDQWH [UHO/HLVWXQJVSRVLWLRQLQ.ODVVH VI:RKOIKOHQ]X+DXVH VI(.%H]LHKXQJ VD:RKOIKOHQLQ6FKXOH VD/36%H]LHKXQJ
Q ) GIGI *HVDPWPRGHOODXINOlUXQJNRUU
PlQQOLFK *< EHWD
QV QV 5
PlQQOLFK ZHLEOLFK ZHLEOLFK +6 *< +6 EHWD EHWD EHWD
QV QV QV QV QV QV QV QV QV QV QV QV QV 5
5 5
6FKDWWLHUWVLJQ%HWDJHZLFKW
S
S S S SQV QLFKWVLJQLILNDQW(QWHU0HWKRGHPLWOLVWZHLVHP $XVVFKOXVVIHKOHQGHU:HUWH
,Q7DEHOOH]HLJWVLFKGLHOlQJVVFKQLWWOLFKH9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ EHLGHQPlQQOLFKHQ*\PQDVLDVWHQNRUULJLHUWHV5 DPJU|WHQLP9HUJOHLFK]X GHQ PlQQOLFKHQ +DXSWVFKOHUQ RGHU GHQ ZHLEOLFKHQ -XJHQGOLFKHQ DXV +DXSWVFKXOH XQG*\PQDVLXP%HLGH%H]LHKXQJVVNDOHQ]X+DXVHXQGLQGHU6FKXOH VLQGVLJQL ILNDQW%HLGHQPlQQOLFKHQ+DXSWVFKOHUQLVWHVQXUQRFKGLHUHODWLYH/HLVWXQJVSRVL WLRQGLHDXIGLHVHQ=ZHL-DKUHV/lQJVVFKQLWW$XVZLUNXQJHQ]HLJW :HUGHQ EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ QRFK ZHLWHUH 9DULDEOHQ PLWHLQEH]RJHQ VRHUJLEWVLFKGDVVQHEHQGHUEHGHXWVDPHQUHODWLYHQ/HLVWXQJVSRVLWLRQLQGHU.ODVVH GLH(OWHUQ.LQG%H]LHKXQJGLH(OWHUQ.LQG*HVSUlFKVLQWHQVLWlWXQGGLH9HUHLQV]X JHK|ULJNHLWLP6LQQHGHUVR]LDOHQ(LQJHEXQGHQKHLWQDFKGHU6'7GLH/HLVWXQJVPR WLYDWLRQ PLW VLJQLILNDQWHQ %HWDZHUWHQ TXHUVFKQLWWOLFK 5 XQG OlQJVVFKQLWWOLFK 5 DXINOlUHQN|QQHQYJO7DEHOOH
(UJHEQLVVH
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQPLWE]Z-DKUHQGXUFKGLHIDPLOLlUH XQGDXHUIDPLOLlUH(LQJHEXQGHQKHLWEHLPlQQOLFKHQ*\PQDVLDVWHQPLW-DKUHQ
5HJUHVVLRQ/HLVWXQJVPRWLYDWLRQPLW -DKUHQ .RQVWDQWH
5HJUHVVLRQ/HLVWXQJVPRWLYDWLRQPLW -DKUHQ .RQVWDQWH
%HWD
[UHO/HLVWXQJVSRVLWLRQLQ.O VI:RKOIKOHQ]X+DXVH VI(.%H]LHKXQJ VI*HVSUlFKVLQWHQVLWlW(. VD:RKOIKOHQLQ6FKXOH VD/36%H]LHKXQJ VD9HUHLQV]XJHK|ULJNHLW *HVDPWPRGHOODXINOlUXQJNRUU
QV
QV QV
5
[UHO/HLVWXQJVSRVLWLRQLQ.O VI:RKOIKOHQ]X+DXVH VI(.%H]LHKXQJ VI*HVSUlFKVLQWHQVLWlW(. VD:RKOIKOHQLQ6FKXOH VD/36%H]LHKXQJ VD9HUHLQV]XJHK|ULJNHLW *HVDPWPRGHOODXINOlUXQJNRUU
VFKDWWLHUWS
S
S S(QWHU0HWKRGHPLWOLVWZHLVHP$XVVFKOXVVIHKOHQGHU:HUWH
%HWD
QV QV QV QV QV QV 5
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
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
D
YLHO9HUVWlQGQLV
(OWHUQ.LQG %H]LHKXQJ PLW-
QHKPHQ5FNVLFKW HUZDUWHQGDVVHOEHYRQPLU
/HLVWXQJV PRWLYDWLRQ PLW-
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
$EELOGXQJ
U
W
VLFKDQVWUHQJHQIU6FKXOH
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
R R
HKUJHL]LJVHLQ
R
/HKUHU6FKOHU %H]LHKXQJ PLW-
6WUXNWXUJOHLFKXQJVPRGHOO]XUTXHUVFKQLWWOLFKHQ(UNOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFKGLH(OWHUQ .LQGXQG/HKUHU6FKOHU%H]LHKXQJEHLPlQQOLFKHQ*\PQDVLDVWHQLP$OWHUYRQ-DKUHQ6DPSOH6L]H
'DV0RGHOONDQQDXIJUXQGGHU)LW,QGL]HVLQ7DEHOOHZHOFKHLQ.DSLWHO EH]JOLFKLKUHU*UHQ]ZHUWHEHVFKULHEHQVLQGDOVJOWLJDQJHVHKHQZHUGHQ'LH/HLV ,QGHQKLHUDXIJHIKUWHQ6WUXNWXUJOHLFKXQJVPRGHOOHQZXUGHGLH0D[LPXP/LNHOLKRRG0HWKRGHYHU
ZHQGHW)UGLH%HUHFKQXQJGHU.RYDULDQ]PDWUL[LVWHLQSDDUZHLVHU$XVVFKOXVVIHKOHQGHU:HUWHJHQRPPHQ ZRUGHQ
(UJHEQLVVH
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
WXQJVPRWLYDWLRQNDQQVR]XHUNOlUWZHUGHQ$OOHUGLQJVJLEWHVHLQH(LQVFKUlQ NXQJ1RUPDOHUZHLVHVROOWHDOV'DXPHQUHJHOGDV9HUKlOWQLV&KL]XGI]ZLVFKHQ XQG VHLQ +LHU ILQGHQ ZLU HLQHQ :HUW XQWHU YRU *HPl %HUJHU LVW GLHV P|JOLFKZHQQGLH3IDGHWKHRUHWLVFKEHJUQGHWVLQG 6(0)LW,QGL]HVGHU0RGHOOHEHLYLHU*UXSSHQ9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQTXHUVFKQLWWOLFK
7DEHOOH
&KL GI S
0lQQOLFKH-XJHQGOLFKHLP*\PQDVLXP 0lQQOLFKH-XJHQGOLFKHLQ+DXSWVFKXOH :HLEOLFKH-XJHQGOLFKHLP*\PQDVLXPI :HLEOLFKH-XJHQGOLFKHLQ+DXSWVFKXOHI
JIL
DJIL
DLF
S UPVHD FORVH
6DPSOH 6L]H
I ,P0RGHOOH[LVWLHUHQQLFKWVLJQLINDQWH3IDGHGDV0RGHOOPXVVLQVRIHUQLQVJHVDPWDEJHOHKQWZHUGHQVFKDWWLHUWJOWLJH)LW,QGL]HV
'LH )LW,QGL]HV GHU 0RGHOOH GHU GUHL ZHLWHUHQ *UXSSHQ ZHLEOLFKH XQG PlQQOLFKH -XJHQGOLFKH GHU +DXSWVFKXOH ZHLEOLFKH -XJHQGOLFKH GHV *\PQDVLXPV VLQG HEHQ IDOOV LQ 7DEHOOH IU GLH TXHUVFKQLWWOLFKH 9RUKHUVDJH GHU /HLVWXQJVPRWLYDWLRQ GXUFK GLH VR]LDOHQ %H]LHKXQJHQ ]X (OWHUQ XQG /HKUHUQ DXIJHOLVWHW 'DV 9HUKlOWQLV &KL]XGILVWDXFKEHLGHQPlQQOLFKHQ+DXSWVFKOHUQQLFKWRSWLPDO,QVJHVDPWNDQQ QXU EHL GHQ PlQQOLFKHQ -XJHQGOLFKHQ HLQ JOWLJHV 4XHUVFKQLWWVPRGHOO EHUHFKQHW ZHUGHQEHLGHQZHLEOLFKHQ-XJHQGOLFKHQOLHJWGHUUPVHD:HUWEHU 'DV IROJHQGH 6WUXNWXUJOHLFKXQJVPRGHOO YJO $EELOGXQJ ZHLVW HLQH OlQJV VFKQLWWOLFKH$XINOlUXQJGHU/HLVWXQJVPRWLYDWLRQYRQPlQQOLFKHQ*\PQDVLDVWHQPLW -DKUHQDXIJUXQGLKUHUVR]LDOHQ(LQEHWWXQJLP$OWHUYRQ-DKUHQYRQDXV D
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW YLHO9HUVWlQGQLV
(OWHUQ.LQG %H]LHKXQJ PLW-
QHKPHQ5FNVLFKW HUZDUWHQGDVVHOEHYRQPLU
/HLVWXQJV PRWLYDWLRQ PLW-
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
0lQQOLFKH-XJHQGOLFKHLP*\PQDVLXP $EELOGXQJ
VLFKDQVWUHQJHQIU6FKXOH
U
W
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
R R
HKUJHL]LJVHLQ
R
/HKUHU6FKOHU %H]LHKXQJ PLW-
&KL
GI S
JIL
DJIL
DLF UPVHD SFORVH
6DPSOH 6L]H
6WUXNWXUJOHLFKXQJVPRGHOO]XUOlQJVVFKQLWWOLFKHQ(UNOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFKGLH(OWHUQ .LQGXQG/HKUHU6FKOHU%H]LHKXQJEHLPlQQOLFKHQ*\PQDVLDVWHQLP$OWHUYRQ-DKUHQ
$OOH5HJUHVVLRQVJHZLFKWHVLQGVLJQLILNDQWXQGGDV*HVDPWPRGHOONDQQDXIJUXQGGHU )LW,QGL]HVYJOXQWHUHU7HLOGHU$EELOGXQJ DOVJOWLJDQJHVHKHQZHUGHQ,QWHUHV VDQWLVWGDVVGHU(LQIOXVVGHU/HKUHU6FKOHU%H]LHKXQJ EHLPlQQOLFKHQ*\P
(UJHEQLVVH
'LIIHUHQWLHOOH%HIXQGHVR]LDOH(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQ
QDVLDVWHQLQHWZDJOHLFKZLFKWLJZLHGHU(LQIOXVVGHU(OWHUQ.LQG%H]LHKXQJ IUGLH/HLVWXQJVPRWLYDWLRQLVW ,P)ROJHQGHQZHUGHQGLHYLHUOlQJVVFKQLWWOLFKHQ0RGHOOHGHUYLHU*UXSSHQZHLEOL FKHXQGPlQQOLFKH-XJHQGOLFKHGHU+DXSWVFKXOHXQGGHV*\PQDVLXPV JH]HLJW'LH YHUVFKLHGHQHQ.HQQZHUWHVLQGVRZRKOLQGHU$EELOGXQJDOVDXFKLQGHU GDUDXIIROJHQGHQ 7DEHOOH GHU 5HLKH QDFK DXIJHIKUW (V ]HLJW VLFK GDVV EHLGH *HVDPWPRGHOOH EHL GHQ 0lQQHUQ PLW GHU VSH]LHOOHQ (LQVFKUlQNXQJ GHV &KLGI 9HUKlOWQLVVHV JOWLJ VLQG MHGRFK VLQG QXU EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ DOOH 5HJUHVVLRQVJHZLFKWHVLJQLILNDQW%HLGHQPlQQOLFKHQ+DXSWVFKOHUQHUUHLFKWGLH(O WHUQ.LQG%H]LHKXQJ NHLQ VLJQLILNDQWHV 5HJUHVVLRQVJHZLFKW QV IU GLH /HLV WXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQ'DUXPHUZHLVWVLFKGDV0RGHOOQXUEHLGHQ PlQQOLFKHQ*\PQDVLDVWHQDOVVLJQLILNDQW :HQQHWZDVVFKLHIJHODXIHQ UHGHQ(OWHUQLPPHUPLWPLU
+DEHQYLHO9HUVWlQGQLVIU PHLQH3UREOHPH
(OWHUQ.LQG %H]LHKXQJ PLW-
QHKPHQ5FNVLFKWXQG HUZDUWHQGDVVHOEHYRQPLU
*ODXEHGDVVGLHPHLVWHQ/3 QLFKWYLHOYRQPLUKDOWHQ
%HLGHQPHLVWHQ/3VWHKHLFK JXWGD
/HLVWXQJV PRWLYDWLRQ PLW-
6LFKDQVWUHQJHQIU GLH6FKXOH
W
*HIKOGDVVGLHPHLVWHQ/3 PLFKJHUQHP|JHQ
$XVGDXHUEHLVFKXO $XIJDEHQKDEHQ
(KUJHL]LJVHLQLQGHU 6FKXOH
/HKUHU6FKOHU %H]LHKXQJ PLW-
$EELOGXQJ
6WUXNWXUJOHLFKXQJVPRGHOO]XUOlQJVVFKQLWWOLFKHQ$XINOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFK(OWHUQ .LQGXQG/HKUHU6FKOHU%H]LHKXQJPLW-DKUHQEHLYHUVFKLHGHQHQJHVFKOHFKWVVSH]LILVFKHQ6FKXOIRUPJUXSSHQ ELV=LIIHUQ*<P+6P*<Z+6Z
,P)ROJHQGHQVLQGGLH)LW,QGL]HVGHUOlQJVVFKQLWWOLFKHQ6WUXNWXUJOHLFKXQJVPRGHOOH GHUYLHU*UXSSHQDXIJHIKUWYJO7DEHOOH %HLGHQPLWI EH]HLFKQHWHQ*UXS SHQNDQQYRQXQJOWLJHQ0RGHOOHQDXVJHJDQJHQZHUGHQ 7DEHOOH
)LW,QGL]HVGHU6WUXNWXUJOHLFKXQJVPRGHOOH]XUOlQJVVFKQLWWOLFKHQ$XINOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQ GXUFK(OWHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJPLW-DKUHQEHLYHUVFKLHGHQHQJHVFKOHFKWVVSH]LILVFKHQ 6FKXOIRUPJUXSSHQ
6(0)LW,QGL]HVGHU0RGHOOH 0lQQOLFKH-XJHQGOLFKHLP*\PQDVLXP 0lQQOLFKH-XJHQGOLFKHLQ+DXSWVFKXOHI :HLEOLFKH-XJHQGOLFKHLP*\PQDVLXPI :HLEOLFKH-XJHQGOLFKHLQ+DXSWVFKXOHI
&KL GI S
JIL
DJIL
DLF
S UPVHD FORVH
6DPSOH 6L]H
I ,P0RGHOOH[LVWLHUHQQLFKWVLJQLILNDQWH3IDGHGDV0RGHOOPXVVLQVRIHUQLQVJHVDPWDEJHOHKQWZHUGHQVFKDWWLHUWJOWLJH)LW,QGL]HV
(UJHEQLVVH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
2EZRKO GDV *HVDPWPRGHOO EHL GHQ PlQQOLFKHQ +DXSWVFKOHUQ DEJHOHKQW ZHUGHQ PXVVOlVVWVLFKIHVWVWHOOHQGDVVGLH5HJUHVVLRQVJHZLFKWHGHUEHLGHQVR]LDOHQ%H]LH KXQJHQLP9HUJOHLFK]XGHQPlQQOLFKHQ*\PQDVLDVWHQVHKUXQWHUVFKLHGOLFKDXVIDO OHQ %HL PlQQOLFKHQ +DXSWVFKOHUQ /HKUHU6FKOHU%H]LHKXQJ (OWHUQ.LQG %H]LHKXQJQV EHLPlQQOLFKHQ*\PQDVLDVWHQ E]Z =XVDPPHQIDVVHQG NDQQ IHVWJHKDOWHQ ZHUGHQ GDVV LQVEHVRQGHUH EHL PlQQOLFKHQ *\PQDVLDVWHQYLHOHNRQWH[WXHOOHIDPLOLlUHXQGDXHUIDPLOLlUH9DULDEOHQGHUVR]LDOHQ (LQJHEXQGHQKHLWHLQHQOlQJVVFKQLWWOLFKHQ=XVDPPHQKDQJPLWGHU/HLVWXQJVPRWLYD WLRQ DXIZHLVHQ ZHQQ GLH UHODWLYH /HLVWXQJVSRVLWLRQ DOV .RQWUROOYDULDEOH JHEUDXFKW ZLUG ,Q 5HJUHVVLRQVDQDO\VHQ NDQQ GLH /HLVWXQJVPRWLYDWLRQ YRQ PlQQOLFKHQ *\P QDVLDVWHQ HEHQIDOOV VWLPPLJ GXUFK GLH VR]LDOH (LQJHEXQGHQKHLW EHVWLPPW ZHUGHQ (LQ JOWLJHV 6WUXNWXUJOHLFKXQJVPRGHOO ]XU $XINOlUXQJ GHU /HLVWXQJVPRWLYDWLRQ GXUFK GLH (OWHUQ.LQG%H]LHKXQJ XQG GLH /HKUHU6FKOHU%H]LHKXQJ NDQQ VRZRKO TXHU DOV DXFK ]ZHL-DKUHVOlQJVVFKQLWWOLFK QXU EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ JHIXQGHQ ZHUGHQ 'LH +\SRWKHVH QDFK HLQHU VFKXOIRUP XQG JHVFKOHFKWVVSH]LILVFK XQWHUVFKLHGOLFK DXVJHSUlJWHQ 9HUXUVDFKXQJ GHU /HLVWXQJVPRWLYDWLRQ NDQQ VRPLW DXIUHFKWHUKDOWHQEOHLEHQ
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW 2EHLQOlQJVVFKQLWWOLFKHU(LQIOXVVIDPLOLlUHUXQGDXHUIDPLOLlUHUVR]LDOHU%HGLQJXQ JHQ EHU HLQH =HLWVSDQQH YRQ -DKUHQ DXI PRWLYDWLRQVEH]RJHQH 3HUV|QOLFKNHLWV PHUNPDOHLP(UZDFKVHQHQDOWHUQDFKJHZLHVHQZHUGHQNDQQ VROOLQ GLHVHP.DSLWHO EHDQWZRUWHWZHUGHQ(VJHKWKLHUDOVRXPGHQ.HUQGHU$UEHLWGLH:LUNXQJVPHFKD QLVPHQGHUVR]LDOHQ(LQELQGXQJEHU-DKUHKLQZHJDXIPRWLYDWLRQDOH3HUV|QOLFK NHLWVPHUNPDOH QDFKZHLVHQ ]X N|QQHQ (V VROO DXFK KLHU VFKULWWZHLVH YRUJHJDQJHQ ZHUGHQ NRUUHODWLYH UHJUHVVLRQVDQDO\WLVFKH XQG VWUXNWXUJOHLFKXQJVEH]RJHQH %H UHFKQXQJHQ VROOHQ LQVJHVDPW HLQ NRQVLVWHQWHV %LOG EHU GLH /HLVWXQJVPRWLYDWLRQV HQWZLFNOXQJJHQHULHUHQ .RUUHODWLYH%HUHFKQXQJHQ]XUhEHUVLFKW 'LH 7DEHOOH ]HLJW EHU GLH JHVDPWH 6WLFKSUREH KLQZHJ GLH =XVDPPHQKlQJH ]ZLVFKHQGHQIDPLOLlUHQVR]LDOHQ9DULDEOHQGHU-XJHQG]HLWLP$OWHUYRQ-DKUHQ XQG GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ LP (UZDFKVHQHQDOWHU PLW -DKUHQ VRZRKO PLW .RUUHODWLRQV DOV DXFK PLWWHOV 3DUWLDONRUUHODWLRQVNRHIIL]LHQWHQ NXUVLYGDUJHVWHOOW ZHQQGLHUHODWLYH/HLVWXQJVSRVLWLRQLQGHU.ODVVHLP$OWHUYRQ -DKUHQXQGGHUK|FKVWHEHUXIOLFKH$XVELOGXQJVDEVFKOXVVNRQWUROOLHUWVLQG
(UJHEQLVVH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
7DEHOOH
6LJQLILNDQWH.RUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUXQGDXHUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ 9DULDEOHQLP(UZDFKVHQHQDOWHULQNOXVLYH3DUWLDONRUUHODWLRQHQNXUVLYGDUJHVWHOOW UHO/HLVWXQJVSRVLWLRQLQ.ODVVH XQGK|FKVWHUEHUXIOLFKHU$XVELOGXQJVDEVFKOXVVNRQWUROOLHUHQGEHQXW]W
VI:RKOIKOHQ]X+DXVH VI(.%H]D*URVNDOD,WHPV VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ,WHPV VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH,WHPV VI(.%H]G=XZHQGXQJ9HUVWlQGQLV,WHPV VI5HLEHUHLHQ]Z(. VI*HVSUlFKVLQWHQVLWlW(. VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW VILQNRQVLVWHQWHU(U]LHKXQJVVWLO VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIDXHUIDP93EHLSHUV3UREO VIDXHUIDP93EHL3UREOPLWDQGHUHQ VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ VIZDKUJHUZDUWHWHU6FKXODEVFKOXVV+656*< VI/HLVWXQJVHUZDUWXQJGHU(( VI(IUDJHQKlXILJQDFK6/( VI(ZLVVHQ%HVFKHLGEHU6/( VI+DXVDXIJDEHQHQJDJHPHQWGHU(( VD:RKOIKOHQLQ6FKXOH VD$QRQ\PLWlWDQGHU6FKXOH VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ VD6WDWXVUHOHYDQ]6ROLGDULWlW VD.RQNXUUHQ]NDPSILQ.ODVVH VD.ODVVHQ]XVDPPHQKDOW VD9HUWUDXHQ]X/3 VD/36%H]LHKXQJ VD/HLVWXQJVGUXFNYRQ/3 VD$QHUNHQQXQJGXUFK0LWVFKOHU VD,QWHJUDWLRQ3HHUV VDNLUFKOLFKH$NWLYLWlW VD9HUHLQV]XJHK|ULJNHLWQHLQMD VD7XUQXQG6SRUWYHUHLQQHLQMD VD0XVLNRGHU6LQJJUXSSHQHLQMD
%/0
.RQWU %:0 .RQWU %6:
.RQWU
QXUVLJQLILNDQWH:HUWHS DXIJHIKUW]ZHLVHLWLJJHWHVWHWJHVDPWH6WLFKSUREHVFKDWWLHUWZHQQDOOH=XVDPPHQKlQJHPLW%/0 %:0XQG%6:VLJQLILNDQW
'LH9DULDEOHQ(OWHUQ.LQG%H]LHKXQJXQG*HVSUlFKVLQWHQVLWlW]HLJHQEHLDOOHQGUHL +DXSWNRQVWUXNWHQGHUEHUXIOLFKHQ0RWLYDWLRQLP(UZDFKVHQHQDOWHUVLJQLILNDQWH=X VDPPHQKlQJH VRZRKO LQ GHQ .RUUHODWLRQHQ DOV DXFK LQ GHQ 3DUWLDONRUUHODWLRQHQ YJOVFKDWWLHUWH9DULDEOHQLQ7DEHOOH %HLGHQDXHUIDPLOLlUHQ9DULDEOHQJLEW HVNHLQHZHOFKHHLQHQVLJQLILNDQWHQ=XVDPPHQKDQJDXFKXQWHU.RQWUROOHGHU]ZHL JHQDQQWHQ OHLVWXQJVEH]RJHQHQ 9DULDEOHQ PLW DOOHQ GUHL EHUXIOLFKHQ 0RWLYDWLRQV NRQVWUXNWHQDXVZHLVHQNDQQ ,P )ROJHQGHQ VROO LQ GHQMHZHLOLJHQ 6FKXONRQWH[WHQDQJHVFKDXW ZHUGHQ RE HVXQ WHUVFKLHGOLFKH $XVSUlJXQJHQ JLEW 6RPLW ZLUG ]X GHQ HLJHQWOLFKHQ GLIIHUHQWLHOOHQ :LUNXQJV]XVDPPHQKlQJHQEHUJHJDQJHQ
(UJHEQLVVH
7DEHOOH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW 6LJQLILNDQWH.RUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUXQGDXHUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ 9DULDEOHQLP(UZDFKVHQHQDOWHUGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S
VI:RKOIKOHQ]X+DXVH VI(.%H]D*URVNDOD,WHPV VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH VI(.%H]G=XZHQGXQJ9HUVWlQGQLV VI5HLEHUHLHQ]Z(. VI*HVSUlFKVLQWHQVLWlW(. VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW VILQNRQVLVWHQWHU(U]LHKXQJVVWLO VIHQWVS)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIDXHUIDP93EHLSHUV3UREO VIDXHUIDP93EHL3UREOPLWDQGHUHQ VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ VIZDKUJHUZDUWHWHU6FKXODEVFKOXVV VI/HLVWXQJVHUZDUWXQJGHU(( VI(IUDJHQKlXILJQDFK6/( VI(ZLVVHQ%HVFKHLGEHU6/( VI+DXVDXIJDEHQHQJDJHPHQWGHU(( VD:RKOIKOHQLQ6FKXOH VD$QRQ\PLWlWDQGHU6FKXOH VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ VD6WDWXVUHOHYDQ]6ROLGDULWlW VD.RQNXUUHQ]NDPSILQ.ODVVH VD.ODVVHQ]XVDPPHQKDOW VD9HUWUDXHQ]X/3 VD/36%H]LHKXQJ VD/HLVWXQJVGUXFNYRQ/3 VD$QHUNHQQXQJGXUFK0LWVFKOHU VD,QWHJUDWLRQ3HHUV VDNLUFKOLFKH$NWLYLWlW VD9HUHLQV]XJHK|ULJNHLWQHLQMD VD7XUQXQG6SRUWYHUHLQQHLQMD VD0XVLNRGHU6LQJJUXSSHQHLQMD
*<0lQQHU
+60lQQHU
*<)UDXHQ
+6)UDXHQ
%/0 %:0 %6: %/0 %:0 %6: %/0 %:0 %6: %/0 %:0 %6:
VFKDWWLHUWUQXUVLJQLILNDQWH:HUWHS DXIJHIKUW]ZHLVHLWLJJHWHVWHW
,QRELJHU.RUUHODWLRQVNRHIIL]LHQWHQ7DEHOOHVLQGGLH%H]LHKXQJHQ]ZLVFKHQ9DULDE OHQ GHU IDPLOLlUHQ XQG DXHUIDPLOLlUHQ VR]LDOHQ (LQJHEXQGHQKHLW XQG GHQ PRWLYD WLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ LP (UZDFKVHQHQDOWHU DXIJHOLVWHW (V ]HLJW VLFK GDVVGLH(OWHUQ.LQG%H]LHKXQJYRUDOOHPEHLGHQHKHPDOLJHQPlQQOLFKHQ*\PQD VLDVWHQ DP GHXWOLFKVWHQ PLW GHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ GHV (U ZDFKVHQHQDOWHUV]XVDPPHQKlQJWYJO7DEHOOH 1XQ IROJW GLH 3DUWLDONRUUHODWLRQVWDEHOOH GK GLH 9DULDEOHQ ÄUHODWLYH /HLVWXQJVSRVL WLRQ³ XQG ÄK|FKVWHU EHUXIOLFKHU $XVELOGXQJVDEVFKOXVV³ ZHUGHQ NRQWUROOLHUW YJO 7DEHOOH
(UJHEQLVVH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
7DEHOOH
6LJQLILNDQWH3DUWLDONRUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUXQGDXHUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWXQGPRWLYDWLR QDOHQ9DULDEOHQLP(UZDFKVHQHQDOWHUGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\SNRQWUROOLHUWGXUFKUHO/HLV WXQJVSRVLWLRQXQGK|FKVWHUEHUXIO$XVELOGXQJVDEVFKOXVV
VI:RKOIKOHQ]X+DXVH VI(.%H]D*URVNDOD VI(.%H]E 9HUVWlQGQLV9RUELOGZLUNXQJ VI(.%H]FDNW,QWZHQLJ.RQIOLNWH VI(.%H]G=XZHQGXQJ9HUVWlQGQLV VI5HLEHUHLHQ]Z(. VI*HVSUlFKVLQWHQVLWlW(. VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VI6FKHLGXQJVX7UHQQXQJVHUI VILQNRQVLVWHQWHU(U]LHKXQJVVWLO VIHQWVS)UHL]HLWDNWPLW(OWHUQ( VIVR]LDOH)UHL]HLWDNWPLW(OWHUQ( VIDXHUIDP93EHLSHUV3UREO VIDXHUIDP93EHL3UREOPLWDQG VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ VIZDKUJHUZDUWHWHU6FKXODEVFKOXVV VI/HLVWXQJVHUZDUWXQJGHU(( VI(IUDJHQKlXILJQDFK6/( VI(ZLVVHQ%HVFKHLGEHU6/( VI+DXVDXIJDEHQHQJDJGHU(( VD:RKOIKOHQLQ6FKXOH VD$QRQ\PLWlWDQGHU6FKXOH VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ VD6WDWXVUHOHYDQ]6ROLGDULWlW VD.RQNXUUHQ]NDPSILQ.ODVVH VD.ODVVHQ]XVDPPHQKDOW VD9HUWUDXHQ]X/3 VD/36%H]LHKXQJ VD/HLVWXQJVGUXFNYRQ/3 VD$QHUNHQQXQJGXUFK0LWVFKOHU VD,QWHJUDWLRQ3HHUV VDNLUFKOLFKH$NWLYLWlW VD9HUHLQV]XJHK|ULJNHLWQHLQMD VD7XUQXQG6SRUWYHUHLQQHLQMD VD0XVLNRGHU6LQJJUXSSHQHLQMD
*<0lQQHU
+60lQQHU
*<)UDXHQ
+6)UDXHQ
%/0 %:0 %6: %/0 %:0 %6: %/0 %:0 %6: %/0 %:0 %6:
VFKDWWLHUWU!QXUVLJQLILNDQWH:HUWHS DXIJHIKUW]ZHLVHLWLJJHWHVWHW SDLUZLVHEHUHFKQHW0LW$XVQDKPHGHU(OWHUQLWHPV( XQGVIZHLVHQGLH7HLOVWLFKSUREHQZHUWHSUR9DULDEOHIROJHQGH:HUWHDXI*<0lQQHUXQG*<)UDXHQQ! +60lQQHUQ! +6)UDXHQQ!(OWHUQ,WHPV.RUUHODWLRQHQPLWMHZHLOVQ QLFKWDXIJHIKUW
(V LVW HUVWDXQOLFK GDVV HV ZLHGHUXP EHL GHQ HKHPDOLJHQ PlQQOLFKHQ 6FKOHUQ GHV *\PQDVLXPV GLH PHLVWHQ OlQJVVFKQLWWOLFKHQ VLJQLILNDQWHQ =XVDPPHQKlQJH LQ GHQ NRUUHODWLYHQ 7DEHOOH ZLH DXFK SDUWLDONRUUHODWLYHQ %HUHFKQXQJHQ 7DEHOOH ]X YHU]HLFKQHQ JLEW =XGHP VLQG GLHVH :HUWH LP 9HUJOHLFK ]X GHQ .RUUHOD WLRQVZHUWHQ EHL GHU %HUHFKQXQJ PLW DOOHQ 3UREDQGHQ UHODWLY KRFK 6R ZHLVHQ GDV Ä:RKOIKOHQ ]XKDXVH³ GLH (OWHUQ.LQG%H]LHKXQJ XQG GLH 4XDOLWlW GHU 0XWWHU 9DWHU%H]LHKXQJ UHWURVSHNWLY JHVHKHQ VLJQLILNDQWH=XVDPPHQKlQJH YRQEHU ]XUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ-DKUHVSlWHUDXIXQG]ZDUXQWHU.RQ WUROOH GHU /HLVWXQJVSRVLWLRQ LP -XJHQG XQG (UZDFKVHQHQDOWHU %HL GHU *UXSSH GHU HKHPDOLJHQZHLEOLFKHQ+DXSWVFKOHUPXVVGDUDXIYHUZLHVHQZHUGHQGDVVGLH6WLFK SUREHQJU|HLP9HUJOHLFK]XGHQDQGHUHQ*UXSSHQHKHUWLHIOLHJWDEHUPLQGHVWHQV Q! =XGHPLVWOHLGHUNHLQHhEHUVLFKWP|JOLFKGDEHLGHQ(OWHUQLWHPVVRJDUQXU 6WLFKSUREHQYRQMHZHLOVQ ]XU9HUIJXQJVWHKHQ'LH7HQGHQ]HQGUIHQDEHUDOV
(UJHEQLVVH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
6'7NRQIRUP LQWHUSUHWLHUW ZHUGHQ $XI VLH VROO KLHU DEHU QLFKW ZHLWHU HLQJHJDQJHQ ZHUGHQGDVLHDXFKNHLQJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOOYRUZHLVHQ $XIIDOOHQGDEHUVWLPPLJPLWGHU6'7LVWGDVVGLH9DULDEOHQVIXQGVILQQHJD WLYHU:HLVHPLWGHUVSlWHUHQ0RWLYDWLRQ]XVDPPHQKlQJHQ'KMHPHKUGLH(OWHUQ GHQ*\PQDVLXPVDEVFKOXVVHUZDUWHQXQGMHPHKUVLHVLFKEHLGHQPlQQOLFKHQ*\P QDVLDVWHQMHZHLOVQDFKGHU6FKXOOHLVWXQJHUNXQGLJWKDEHQQDFK6'7MHPHKU(OWHUQ GLH$XWRQRPLHGHU-XJHQGOLFKHQHLQVFKUlQNWHQ GHVWRZHQLJHUVHOEVWZLUNVDPNHLWV RULHQWLHUWVLQGGLHHUZDFKVHQHQ0lQQHULP%HUXIVOHEHQYJOHEHQIDOOVJUDXPDUNLHU WH=HOOHQLQ7DEHOOH :lKUHQG VLFK EHL GHQ HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQ GLH ZDKUJHQRPPHQH %HJDEXQJVHLQVFKlW]XQJYRQ6HLWHQGHU(OWHUQGDVÄ:RKOIKOHQLQGHU6FKXOH³XQG GLH Ä$QRQ\PLWlW LQ GHU 6FKXOH³ VLJQLILNDQW ]HLJHQ LVW HV LQ GHU 3DUWLDO .RUUHODWLRQVWDEHOOHQXUQRFKGLH9DULDEOHÄ$QRQ\PLWlWLQGHU6FKXOH³GLHVRJDULQ YHUV DXVVFKOlJW -H K|KHU GLH $QRQ\PLWlW DQ GHU HKHPDOLJHQ +DXSWVFKXOH ZDKUJH QRPPHQ ZRUGHQ LVW GHVWR ZHLWHUELOGXQJVRULHQWLHUWHU ]HLJHQ VLFK VSlWHU GLHVHOEHQ 3HUVRQHQ LP (UZDFKVHQHQDOWHU 'LHV VFKHLQW JHPl 6'7 HLQ SDUDGR[HU %HIXQG ]X VHLQ$QGHUHUVHLWVOlVVWVLFKGLH6DFKODJHGRFKHWZDVDXIKHOOHQZHQQGLHEHQXW]WHQ ,WHPV JHQDX EHWUDFKWHW ZHUGHQ $XVVDJHQ ZLH ÄVLFK DOOHLQH GXUFKNlPSIHQ³ RGHU ÄNHLQHU KDW hEHUEOLFN ZDV LQ GHU 6FKXOH HLJHQWOLFK OlXIW³ YJO .DS ,QVWUX PHQWHQEHVFKULHE IRUGHUQGLH6HOEVWZLUNVDPNHLWVEHPKXQJHQZDKUVFKHLQOLFKJHUD GH]X KHUDXV 6FKOHU GLH GLHVH (UIDKUXQJ LQ GHU +DXSWVFKXOH JHPDFKW KDEHQ XQG VLFK VR LKUH $XWRQRPLH JH]ZXQJHQHUPDHQ DQHLJQHQ PXVVWHQ ]HLJHQ VSlWHU PHKU EHUXIOLFKH6HOEVWZLUNVDPNHLWVJHIKOHXQGHLQHJU|HUH:HLWHUELOGXQJVPRWLYDWLRQ
,P)ROJHQGHQZLUGGHU9RUKHUVDJHGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQGXUFKIDPL OLlUHXQGDXHUIDPLOLlUHVR]LDOH%H]LHKXQJHQOlQJVVFKQLWWOLFKQDFKJHJDQJHQ'DEHL ZHUGHQ QXU QRFK GLH 0lQQHU EHWUDFKWHW $XV IROJHQGHP *UXQG 6WXKOPDQQ KDWIHVWJHVWHOOWGDVV0XWWHUVHLQIUGLH$XVSUlJXQJGHUEHUXIOLFKHQ/HLVWXQJVXQG :HLWHUELOGXQJVPRWLYDWLRQ VHKU HQWVFKHLGHQG LVW ZlKUHQG GLHVEHL 9lWHUQ QLFKW GHU )DOOLVW'LHVKlWWHEHGHXWHWLPYRUOLHJHQGHQ)DOO]ZLVFKHQ)UDXHQPLW.LQGHUQXQG GHQHQ RKQH .LQGHU ]X XQWHUVFKHLGHQ ZDV ZLHGHUXP SUR 6FKXOIRUP EHUHFKQHW ]X NOHLQH6WLFKSUREHQQDFKVLFKJH]RJHQKlWWH 5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ3UlGLNWLRQPRWLYDWLRQDOHU3HU V|QOLFKNHLWVPHUNPDOHLP(UZDFKVHQHQDOWHU +LHU JHKW HV QXQ YD XP GLH 3UlGLNWLRQ GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ %:0 GXUFKIDPLOLlUHXQGDXHUIDPLOLlUHVR]LDOH$VSHNWH 6HKU LQWHUHVVDQW LVW GDV (UJHEQLV HLQHU 5HJUHVVLRQVDQDO\VH EHL GHQ PlQQOLFKHQ +DXSWVFKOHUQ YJO 7DEHOOH +LHU N|QQHQ HUVWDXQOLFKH GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ GXUFK GLH ZDKUJHQRPPHQH %HJDEXQJVHLQVFKlW]XQJ XQG GLH $QRQ\PLWlW DQ GHU 6FKXOH DXIJHNOlUW ZHUGHQ /HW]WHUH 9DULDEOH LVW SRVLWLY JH SROWGKPLWHUIDKUHQHU$QRQ\PLWlWDQHLQHU+DXSWVFKXOHQDKP-DKUHVSlWHUGLH 0RWLYDWLRQ YRQ HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQ]X VLFKEHUXIOLFKZHLWHU]X
(UJHEQLVVH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
ELOGHQ'LHVHUSDUDGR[H(IIHNWNRPPWDOVRDXFKKLHUZLHGHU]XP7UDJHQ'LHZDKU JHQRPPHQH %HJDEXQJVHLQVFKlW]XQJ LVW LP %HWD:HUW QRFK K|KHU XQG ZLUNW KRFK VLJQLILNDQW 2IIHQEDU KLQWHUOlVVW GLH GXUFK GLH %H]XJVSHUVRQ HUIDKUHQH %HJDEXQJV HLQVFKlW]XQJ6SXUHQ:HQQQXUGLH%HJDEXQJVHLQVFKlW]XQJDOV)DNWRULQGLH5HJ UHVVLRQDXIJHQRPPHQZLUGGDQQNDQQGLHVH]XGLHEHUXIOLFKH:HLWHUELOGXQJV PRWLYDWLRQ HUNOlUHQ ) S LQ 7DEHOOH QLFKW DXIJHIKUW %HL GHQ PlQQOLFKHQ *\PQDVLDVWHQ LVW HV ZLHGHUXP GLH (OWHUQ.LQG%H]LHKXQJVVNDOD 9HU VWlQGQLV XQG 9RUELOGZLUNXQJ DEHU DXFK GLH 9DWHU0XWWHU%H]LHKXQJ ZHOFKH IU HLQHQVLJQLILNDQWHQ:LUNXQJVHIIHNWYRQVRUJHQ 7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0 GXUFKIDPLOLlUH XQGDXHUIDPLOLlUHVR]LDOH%H]LHKXQJHQ
*UXSSH
.RQVWDQWH VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ,WHPV VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ VD$QRQ\PLWlWDQGHU6FKXOH *HVDPWPRGHOODXINOlUXQJNRUU
0lQQOLFKH *\PQDVLDVWHQ EHWD
0lQQOLFKH +DXSWVFKOHU EHWD
5
(QWHU0HWKRGHPLWOLVWZHLVHP$XVVFKOXVVIHKOHQGHU:HUWH S
S
S
5
%HLGHU9RUKHUVDJHGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ%/0 OLHHQVLFKDXI$Q KLHENHLQHJOWLJHQ5HJUHVVLRQVPRGHOOHILQGHQZDVDXFKPLWGHQRELJHQNRUUHODWL YHQ XQG SDUWLDONRUUHODWLYHQ %HUHFKQXQJHQ EHUHLQVWLPPW %HL GHU %HVWLPPXQJ GHU GULWWHQPRWLYDWLRQDOHQ9DULDEOHLP(UZDFKVHQHQDOWHUÄEHUXIOLFKH6HOEVWZLUNVDPNHLW %6: ³GXUFKVR]LDOEH]RJHQH9DULDEOHQGHV-XJHQGDOWHUVVLHKWHVQLFKWYLHODQGHUV DXV6LHOlVVWVLFKQXUZHQLJNODUQDFKZHLVHQZLHIROJHQGH7DEHOOH]HLJW
7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ6HOEVWZLUNVDPNHLWVEHU]HXJXQJ%6:GXUFKIDPLOL lUHXQGDXHUIDPLOLlUHVR]LDOH%H]LHKXQJHQ
*UXSSH
.RQVWDQWH VI(IUDJHQKlXILJQDFK6/( VD6WDWXVUHOHYDQ]6ROLGDULWlW VD$QRQ\PLWlWDQGHU6FKXOH *HVDPWPRGHOODXINOlUXQJNRUU
0lQQOLFKH *\PQDVLDVWHQ EHWD
5
0lQQOLFKH +DXSWVFKOHU EHWD
5
(QWHU0HWKRGHPLWOLVWZHLVHP$XVVFKOXVVIHKOHQGHU:HUWH S
S
S S
'HU 6FKZHUSXQNW GLHVHU $UEHLW OLHJW YRU DOOHP LQ GHU (UJUQGXQJ GHU EHUXIOLFKHQ :HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQ'HVZHJHQZHUGHQKLHUDXFKNHLQHZHLWH UHQ %HUHFKQXQJHQ ]XU (UJUQGXQJ GHU 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ DXIJHIKUW ,Q GHQ PHVVIHKOHUEHUHLQLJWHQ 6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ LP QlFKVWHQ .DSLWHOZLUGYRUDOOHPGLH:HLWHUELOGXQJVPRWLYDWLRQLP=HQWUXPVWHKHQ 6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ 'DVIROJHQGHQLFKWJOWLJH0RGHOOEHLHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQ]HLJW GDVV VLFK GLH ]XYRU IHVWJHVWHOOWHQ VLJQLILNDQWHQ NRUUHODWLYHQ XQG UHJUHVVLRQVDQDO\WL
(UJHEQLVVH
6R]LDOH(LQJHEXQGHQKHLWXQG0RWLYDWLRQLP/lQJVVFKQLWW
VFKHQ =XVDPPHQKlQJH XQG :LUNXQJHQ QXU EHGLQJW LQ HLQHP 6WUXNWXUJOHLFKXQJV PRGHOOQDFKZHLVHQODVVHQYJO$EELOGXQJ (V]HLJWOHGLJOLFKLQWHQGHQ]LHOOHU +LQVLFKW GDVV GLH (OWHUQ.LQG%H]LHKXQJ DXI GHQ /HEHQVODXI EH]RJHQ PHKU *H ZLFKW HUKlOWDOVGLHQLFKWVLJQLILNDQWH /HKUHU6FKOHU%H]LHKXQJ D
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW YLHO9HUVWlQGQLV
(OWHUQ.LQG %H]LHKXQJ PLW-
QHKPHQ5FNVLFKW HUZDUWHQGDVVHOEHYRQPLU
U
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
/HKUHU6FKOHU %H]LHKXQJ PLW-
0RGHOVSHILFDWLRQ FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
%HUXIOLFKH :HLWHUELOGXQJV PRWLYDWLRQPLW-
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU V
8QJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0 GXUFK(O WHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJEHLPlQQOLFKHQ*\PQDVLDVWHQ6DPSOH6L]H
O
3IDGÄ/HKUHU6FKOHU%H]LHKXQJPLW-!EHUXIO:HLWHUELOGXQJVPRWLYDWLRQPLW-³LVWPLWQLFKWVLJQLILNDQW
(VZHUGHQDQGLHVHU6WHOOHNHLQHZHLWHUHQ0RGHOOHGHUDQGHUHQ*UXSSHQDXIJH]HLJW ZHLOGLHVHQRFKZHLWNOHLQHUH5HJUHVVLRQVJHZLFKWHDXIZHLVHQ =XVDPPHQIDVVHQG NDQQ IU .DSLWHO )ROJHQGHV IHVWJHKDOWHQ ZHUGHQ :LHGHUXP DP K|FKVWHQ VFKOlJW GLH (OWHUQ.LQG%H]LHKXQJVVNDOD Ä9HUVWlQGQLV XQG 9RUELOG ZLUNXQJ³EHLGHQHKHPDOLJHQ-XJHQGOLFKHQGHV*\PQDVLXPVDXIGLHEHUXIOLFKH:HL WHUELOGXQJVPRWLYDWLRQ DXV NRUUHODWLY XQGSDUWLDONRUUHODWLY ZlKUHQGEHL GHQ DQGH UHQ XQWHUVXFKWHQ *UXSSHQ ZHQLJ NODUH 3URILOH IHVWJHVWHOOW ZHUGHQ N|QQHQ %HL GHQ PlQQOLFKHQ+DXSWVFKOHUQNDQQGLHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQMHGRFKLQ 5HJUHVVLRQVDQDO\VHQPLWWHOVGHU9DULDEOHQ%HJDEXQJVHLQVFKlW]XQJXQG$QRQ\PLWlW LQGHU6FKXOH]XXQGQXUGXUFKHUVWHUH]XDXIJHNOlUWZHUGHQ2IIHQEDUZLU NHQVLFK%HJDEXQJVNRQ]HSWHDXVGHU-XJHQG]HLWYRUDOOHPEHL+DXSWVFKOHUQDXIGH UHQ EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ DXV ,QVJHVDPW NDQQ VRZRKO IU DOOH 3UR EDQGHQ DOV DXFK QXU IU GLH *UXSSH GHU PlQQOLFKHQ *\PQDVLDVWHQ NHLQ JOWLJHV 6WUXNWXUJOHLFKXQJVPRGHOOJHIXQGHQZHUGHQGDVGLHEHUXIOLFKH:HLWHUELOGXQJVPRWL YDWLRQ GXUFK GLH (OWHUQ.LQG XQG GLH /HKUHU6FKOHU%H]LHKXQJ LP -XJHQGDOWHU RKQH%HQW]XQJGHU/HLVWXQJVPRWLYDWLRQ VLJQLILNDQWDXINOlUHQNDQQ'DUDXVNDQQ JHVFKORVVHQ ZHUGHQ GDVV GLH /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU HLQH 0HGLDWRU RGHU 0RGHUDWRUIXQNWLRQ HLQQLPPW XQG VLFK GLH %H]LHKXQJHQ LP -XJHQGDOWHU QXU GDUEHU ZLUNVDP DXI GLH 0RWLYDWLRQ LP (UZDFKVHQHQDOWHU ]HLJHQ ODVVHQ YJO (EH QHQLP5DKPHQPRGHOOLQ.DS
(UJHEQLVVH
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ 1DFKGHPGLH9DULDEOHQGHUVR]LDOHQ(LQJHEXQGHQKHLWDOV%HVWLPPXQJVIDNWRUHQGHU 0RWLYDWLRQ TXHUVFKQLWWOLFK DOV DXFK OlQJVVFKQLWWOLFK JHWHVWHW ZRUGHQ VLQG VROO LP )ROJHQGHQGLH PRWLYDWLRQDOH6WDELOLWlWLPNXU]HQ/lQJVVFKQLWW.DS XQGLP ODQJHQ /lQJVVFKQLWW .DS EHUHFKQHW ZHUGHQ VRZRKO DQ GHU JHVDPWH 6WLFK SUREHDOVDXFKLQGLIIHUHQWLHOOHU+LQVLFKWEHLGHQYHUVFKLHGHQHQ*UXSSHQ 6WDELOLWlWLP=ZHL-DKUHV/lQJVVFKQLWWLP-XJHQGDOWHU 'HU=XVDPPHQKDQJ]ZLVFKHQGHU/HLVWXQJVPRWLYDWLRQPLWXQGGHU/HLVWXQJVPR WLYDWLRQ PLW -DKUHQ EHU GLH JHVDPWH 6WLFKSUREH EHWUlJW U S 'LH 7DEHOOH OLVWHW DXI ZHOFKH =XVDPPHQKlQJH GLH UHVWOLFKHQ PRWLYDWLRQDOHQ 3HU V|QOLFKNHLWVPHUNPDOH LP NXU]HQ /lQJVVFKQLWW DXIZHLVHQ 0LW $XVQDKPH GHU 9DUL DEOHQ (OWHUQ.LQG.RQVHQV ÄZDV JODXEHQ³ N|QQHQ DOOH DQGHUHQ 9DULDEOHQ VLJQLIL NDQWH±DOOHUGLQJVJHULQJH±=XVDPPHQKlQJHDXIZHLVHQ 7DEHOOH
.RUUHODWLRQHQ]ZLVFKHQGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQPLW -DKUHQ
P/HLVWXQJVPRWLYDWLRQ PVFKXO/HLVWXQJVDQJVW P%HJDEXQJV]XVFKUHLEXQJ P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ PVFKXOLVFKH1RUPYHUOHW]XQJ,WHPV P5DXFKHQ P(..RQVHQVZDVOHLVWHQ P(..RQVHQVZDVJODXEHQ P(..RQVHQVZLHEHQHKPHQ P=XNXQIWVEHZlOWLJXQJ P%LOGXQJVRULHQWLHUXQJ
P/HLVWXQJVPRWLYDWLRQPLW-DKUHQ
QV
*HVDPWH6WLFKSUREHVFKDWWLHUWU S
S
S]ZHLVHLWLJJHWHVWHW QV QLFKWVLJQLILNDQW 'LH6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQLP=ZHL-DKUHV/lQJVVFKQLWW]HLJWVLFKLQGHU GLIIHUHQWLHOOHQ%HWUDFKWXQJVZHLVHLQGHU7DEHOOH 7DEHOOH
6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQPLWXQG-DKUHQ
6WDELOLWlW]ZLVFKHQ /HLVWXQJVPRWLYDWLRQPLWXQG/HLVWXQJVPRWLYDWLRQPLW -DKUHQ 6WDELOLWlW]ZLVFKHQ /HLVWXQJVPRWLYDWLRQPLWXQG/HLVWXQJVPRWLYDWLRQPLW -DKUHQXQWHU.RQWUROOHGHUUHODWLYHQ/HLVWXQJVSRVLWLRQ PLW-
PlQQOLFKH -XJHQGOLFKH DP*<
PlQQOLFKH -XJHQGOLFKH DQGHU+6
ZHLEOLFKH -XJHQGOLFKH DQGHU+6
ZHLEOLFKH -XJHQGOLFKH DP*<
-XJHQGOLFKHDQ*\PQDVLHQVLQGJHJHQEHU-XJHQGOLFKHQDQ+DXSWVFKXOHQLQLKUHU /HLVWXQJVPRWLYDWLRQVWDELOHU:HQQGLHUHODWLYH/HLVWXQJVSRVLWLRQLQGHU.ODVVHDOV NRQWUROOLHUHQGH9DULDEOHYHUZHQGHWZLUG]HLJHQVLFKHEHQIDOOVlKQOLFKH9HUKlOWQLV VH$PVWDELOVWHQLQLKUHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJVLQGGLHZHLEOLFKHQ-X
S
S
S]ZHLVHLWLJJHWHVWHW
(UJHEQLVVH
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
JHQGOLFKHQDQ*\PQDVLHQJHIROJWYRQGHQPlQQOLFKHQ-XJHQGOLFKHQGHVVHOEHQ 6FKXOW\SV 'LHGLIIHUHQWLHOOH6WDELOLWlWVSUIXQJ]HLJWGDVVVLFKGLHHLQ]HOQHQ*UXSSHQEH]JOLFK LKUHU 6WDELOLWlW LQ GHU /HLVWXQJVPRWLYDWLRQ PLW XQG -DKUHQ VWDUN YRQHLQDQGHU XQWHUVFKHLGHQ+|FKVWH:HUWHZHLVHQGLH-XJHQGOLFKHQDP*\PQDVLXPDXIZHVHQW OLFKWLHIHUH:HUWH]HLJHQPlQQOLFKH-XJHQGOLFKHDQ+DXSWVFKXOHQDPWLHIVWHQDEHU 0lGFKHQDQ+DXSWVFKXOHQ6FKRQGLHVHXQWHUVFKLHGOLFKHQ6WDELOLWlWHQLQQHUKDOEYRQ ]ZHL-DKUHQZHLVHQHUQHXWGDUDXIKLQGDVVVLFK-XJHQGOLFKHMHQDFK*HVFKOHFKWXQG 6FKXOIRUPOHLVWXQJVPRWLYDWLRQVPlLJXQWHUVFKLHGOLFKVR]LDOLVLHUHQ 6WDELOLWlWLP-DKUHV/lQJVVFKQLWW $ =XUhEHUVLFKW3DUWLDONRUUHODWLYH=XVDPPHQKlQJH :LH GLH IROJHQGH 3DUWLDONRUUHODWLRQVWDEHOOH ]HLJW NRUUHOLHUW GDV 3HUV|QOLFKNHLWV PHUNPDO/HLVWXQJVPRWLYDWLRQVRZRKOLP$OWHUYRQ-DKUHQDOVDXFKLP$OWHUYRQ -DKUHQLP9HUJOHLFK]XGHQDQGHUHQPRWLYDWLRQDOHQ9DULDEOHQLP-XJHQGDOWHUDP K|FKVWHQPLWGHUEHUXIOLFKHQ/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQ-DKUH VSlWHU %HLP =XVDPPHQKDQJ GHU EHUXIOLFKHQ 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ %6: PLWGHQPRWLYDWLRQDOHQ(LJHQVFKDIWHQLP-XJHQGDOWHUHUZHLVWVLFKGLHVFKXOL VFKH/HLVWXQJVDQJVWDOVUHOHYDQW 6HKULQWHUHVVDQWLVWDEHUDXFKGLHQLFKWVLJQL ILNDQWH .RUUHODWLRQ ]ZLVFKHQ GHP GLVSRVLWLRQDOHQ ,QWHUHVVH GHV .LQGHV DXV 6LFKW GHU(OWHUQ XQGGLHVHQGUHLEHUXIOLFKHQ0RWLYDWLRQVYDULDEOHQ%/0%:0%6: 6'7NRQIRUPZlUHKLHUHLQVLJQLILNDQWHV5HVXOWDWHUZDUWHWZRUGHQ'LHÄLQWHJULHUWH³ /HUQ XQG /HLVWXQJVPRWLYDWLRQ ]HLJW VLFK OlQJHUIULVWLJ DOVREHGHXWVDPHU DOV GLHLQ WULQVLVFKHDOOJHPHLQH0RWLYDWLRQVODJHGHV-XJHQGOLFKHQ8QWHU.RQWUROOHGHUUHODWL YHQ /HLVWXQJVSRVLWLRQ GHP K|FKVWHQ $XVELOGXQJVDEVFKOXVV GHP *HVFKOHFKW XQG GHU 6FKXOIRUP LVW HV IU GHQ OlQJHUIULVWLJHQ =XVDPPHQKDQJ PLW GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ QLFKW UHOHYDQW RE GLH /HLVWXQJVPRWLYDWLRQ PLW RGHU PLW-DKUHQJHZlKOWZLUGEHLGH:HUWHVLQGVLJQLILNDQWXQGEHWUDJHQU YJO 7DEHOOH
(UJHEQLVVH
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
7DEHOOH
3DUWLDONRUUHODWLRQ]ZLVFKHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP-XJHQGDOWHUXQGLP(UZDFKVHQHQDOWHU XQWHU.RQWUROOHGHUUHODWLYHQ/HLVWXQJVSRVLWLRQGHVK|FKVWHQ$XVELOGXQJVDEVFKOXVVHVGHV*HVFKOHFKWVXQGGHU 6FKXOIRUP
P/HLVWXQJVPRWLYDWLRQ PVFKXO/HLVWXQJVDQJVW P%HJDEXQJV]XVFKUHLEXQJ P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ PVFKXOLVFKH1RUPYHUOHW]XQJ,WHPV P5DXFKHQ P(..RQVHQVZDVOHLVWHQ P(..RQVHQVZDVJODXEHQ P(..RQVHQVZLHEHQHKPHQ P=XNXQIWVEHZlOWLJXQJ P%LOGXQJVRULHQWLHUXQJ P/HLVWXQJVPRWLYDWLRQ PDOOJ,QWHUHVVHGHV.LQGHV(
%/0 %HUXIO/HLVWXQJVPRWL YDWLRQ
%:0 %HUXIO:HLWHUELO GXQJVPRWLYDWLRQ
%6: %HUXIO6HOEVWZLUNVDP NHLWVEHU]HXJXQJ
%HWUDFKWHQZLUGLHVH=XVDPPHQKlQJHQXQGLIIHUHQWLHOO:HOFKH3DUWLDONRUUHODWLRQHQ HUJHEHQVLFKEHLGHQYLHUYHUVFKLHGHQHQ*UXSSHQ" *HVDPWH6WLFKSUREH S
S
S]ZHLVHLWLJJHWHVWHW SDLUZLVHEHUHFKQHW
7DEHOOH
.RQWH[WVSH]LILVFKH3DUWLDO.RUUHODWLRQHQ]ZLVFKHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP-XJHQGDOWHUXQG PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU%/0%:0%6: XQWHU.RQWUROOHGHUUHO/HLV WXQJVSRVLWLRQXQGGHVK|FKVWHQEHUXIO$XVELOGXQJVDEVFKOXVVHV
0lQQHUPLW-LP *\PQDVLXP %/0
%:0
%6:
A
P Q Q Q /HLVWXQJV PRWLYDWLRQPLW -DKUHQ
P Q Q Q /HLVWXQJV PRWLYDWLRQPLW -DKUHQ
0lQQHUPLW-LQ +DXSWVFKXOH %/0 Q
%:0 %6: Q Q
Q
Q Q
)UDXHQPLW-LQ +DXSWVFKXOH
)UDXHQPLW-LP *\PQDVLXP
%/0 %:0 %6: %/0 %:0 %6: Q Q Q Q Q Q
A Q Q Q Q Q Q
VFKDWWLHUWU! S
S
SAS]ZHLVHLWJJHWHVWHW SDLUZLVHEHUHFKQHW %/0 %HUXIO/HLVWXQJVPRWLYDWLRQ%:0 %HUXIO:HLWHUELOGXQJVPRWLYDWLRQ%6: %HUXIO6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
$XV 7DEHOOH OlVVW VLFK HQWQHKPHQ GDVV VLFK GLH 9RUKHUVDJHNUDIW GHU /HLV WXQJVPRWLYDWLRQEHLGHQPlQQOLFKHQ*\PQDVLDVWHQ LP$OWHUYRQ-DKUHQXQGLP $OWHUYRQ-DKUHQPLWVLJQLILNDQWHQ3DUWLDONRUUHODWLRQHQGKXQWHU.RQWUROOHGHU UHO /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH XQG GHV K|FKVWHQ EHUXIOLFKHQ $XVELOGXQJVDE VFKOXVVHV DP DXIIlOOLJVWHQ XQG DP NRQVWDQWHVWHQ ]HLJW =XGHP VLQG GLHVH =XVDP PHQKlQJHPLWGHQGUHLPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQ DOWHU IDVW GRSSHOW VR JUR ZLH GLH GXUFKVFKQLWWOLFKHQ .RUUHODWLRQHQ GHU JHVDPWHQ 6WLFKSUREH YJO 7DEHOOH 'LH HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHU ZHLVHQ NHLQHVLJQLILNDQWHQ6WDELOLWlWHQDXVZLHGDVLPNXU]HQ/lQJVVFKQLWWLP-XJHQGDOWHU QRFKGHU)DOOLVW$XIJUXQGGHUNOHLQHQQ=DKOEHLGHQZHLEOLFKHQ-XJHQGOLFKHQGHU +DXSWVFKXOHVLQGGLHKRKHQ.RUUHODWLRQVZHUWHPLWJURHU=XUFNKDOWXQJ]XZHUWHQ ]XPDOVLHQXUEHLGHU/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQDEHUQLFKWEHLMH QHUYRQ-DKUHQDXIWUHWHQ 'DVV EHL HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ VLJQLILNDQWH /HLVWXQJVPRWLYDWLRQV VWDELOLWlWHQ EHU -DKUH KLQZHJ DXIWUHWHQ ZlKUHQG GLHV IU HKHPDOLJH PlQQOLFKH
(UJHEQLVVH
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
7DEHOOH
6LJQLILNDQWH3DUWLDONRUUHODWLRQHQ]ZLVFKHQDXVJHZlKOWHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP-XJHQGDOWHU XQGGHQEHUXIOLFKHQ0RWLYDWLRQVVNDOHQXQWHU.RQWUROOHGHUUHODWLYHQ/HLVWXQJVSRVLWLRQXQGGHVK|FKVWHQEHUXIO $XVELOGXQJVDEVFKOXVVHV
+DXSWVFKOHU QLFKW ]XWULIIW YHUZHLVW HLQPDO PHKU DXI GLH XQWHUVFKLHGOLFKH /HLV WXQJVPRWLYDWLRQVVR]LDOLVDWLRQDXIJUXQGGHV6FKXOW\SV $XV7DEHOOHLVWEHUGLHYLHU*UXSSHQKLQZHJHUVLFKWOLFKGDVVDEJHVHKHQYRQ GHU /HLVWXQJVPRWLYDWLRQ JDQ] XQWHUVFKLHGOLFKH 0HUNPDOH LP -XJHQGDOWHU LP =X VDPPHQKDQJ PLW GHU %HVWLPPXQJ GHU EHUXIOLFKHQ 0RWLYDWLRQVPHUNPDOH -DKUH VSlWHUUHOHYDQWVLQGHEHQIDOOV3DUWLDONRUUHODWLRQHQPLW.RQWUROOHGHUUHO/HLVWXQJV SRVLWLRQXQGGHVK|FKVWHQEHUXIOLFKHQ$XVELOGXQJVDEVFKOXVVHV
0lQQHUPLW- LP*\PQDVLXP !Q! %/0 %:0 %6: PVFKXO/HLVWXQJVDQJVW PVFKXO1RUPYHUOHW]XQJ P5DXFKHQ P(..RQVZLHEHQHKPHQ P=XNXQIWVEHZlOWLJXQJ
0lQQHUPLW- LQ+DXSWVFKXOH !Q! %/0 %:0 %6:
)UDXHQPLW- LQ+DXSWVFKXOH !Q! %/0 %:0 %6:
)UDXHQPLW- LP*\PQDVLXP !Q! %/0 %:0 %6:
VFKDWWLHUWVLJQLILNDQWH.RUUHODWLRQHQS ]ZHLVHLWLJ SDLUZLVHEHUHFKQHW %/0 %HUXIO/HLVWXQJVPRWLYDWLRQ%:0 %HUXIO:HLWHUELOGXQJVPRWLYDWLRQ%6: %HUXIO6HOEVWZLUNVDPNHLWVEHU]HXJXQJ
:LHGHUXP]HLJHQVLFKEHLGHU*UXSSHGHUHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQDP PHLVWHQ VLJQLILNDQWH =XVDPPHQKlQJH 5DXFKHQ (OWHUQ.LQG.RQVHQV EH]JOLFK %HQHKPHQXQGGLH:DKUQHKPXQJGHU=XNXQIWVEHZlOWLJXQJZHLVHQ]XUXQGVLJ QLILNDQWH =XVDPPHQKlQJH ]XUEHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ DXI1LFKW HU ZDUWHZXUGHEHLGHQHKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQGDVIROJHQGH(UJHEQLV -HPHKUGHU-XJHQGOLFKH6FKXOQRUPHQPLVVDFKWHWHGHVWRPHKU(QHUJLHVWHFNWHULP (UZDFKVHQDOWHULQGLH:HLWHUELOGXQJ % 5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ 'LH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ %/0 NDQQ EHL GHQ HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQGXUFKGLH/HLVWXQJVPRWLYDWLRQXQGGLHVFKXOLVFKH1RUPYHUOHW]XQJ]X DXIJHNOlUWZHUGHQZREHLDEHUGHU%HWDZHUWGHU9DULDEOHQ/HLVWXQJVPRWLYDWLRQ PLWHLQHULJHQ,UUWXPVZDKUVFKHLQOLFKNHLWYHUVHKHQLVW'HU$XINOlUXQJVEHLWUDJLVW ]ZDU NOHLQ MHGRFK ODVVHQ VLFK EHL GHQ DQGHUHQ GUHL *UXSSHQ -XJHQGOLFKH GHU +DXSWVFKXOH 0lGFKHQ GHV *\PQDVLXPV NHLQH VLJQLILNDQWHQ 0RGHOOH ILQGHQ YJO 7DEHOOH 7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ%/0 GXUFKPRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHUEHLGHQHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQ
EHWD
.RQVWDQWH
P/HLVWXQJVPRWLYDWLRQ PVFKXOLVFKH1RUPYHUOHW]XQJ *HVDPWPRGHOODXINOlUXQJNRUU 5
(QWHU0HWKRGHPLWOLVWZHLVHP$XVVFKOXVVIHKOHQGHU:HUWH S
S
SS
(UJHEQLVVH
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
%HLGHU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0 ODVVHQVLFK EHLGHQ0lQQHUQDEHU]ZHLVLJQLILNDQWH0RGHOOHEHL*\PQDVLDVWHQXQG+DXSWVFK OHUQILQGHQYJO7DEHOOH 7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0 GXUFKPRWLYDWLR QDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHUEHLPlQQOLFKHQ*\PQDVLDVWHQXQG+DXSWVFKOHUQ
.RQVWDQWH P/HLVWXQJVPRWLYDWLRQ P(..RQVHQVZLHEHQHKPHQ *HVDPWPRGHOODXINOlUXQJNRUU
0lQQOLFKH *\PQDVLDVWHQ EHWD
.RQVWDQWH
P%HJDEXQJV]XVFKUHLEXQJ *HVDPWPRGHOODXINOlUXQJNRUU 5
5
0lQQOLFKH +DXSWVFKOHU EHWD
(QWHU0HWKRGHPLWOLVWZHLVHP$XVVFKOXVVIHKOHQGHU:HUWH S
S
S
'LH/HLVWXQJVPRWLYDWLRQYRQPlQQOLFKHQ*\PQDVLDVWHQPLW-DKUHQXQGGHU.RQ VHQVPLWLKUHQ(OWHUQEH]JOLFKLKUHV%HQHKPHQVZLUNWVLFK-DKUHVSlWHUDXIGLH EHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQDXVZREHLHLQH9DULDQ]DXINOlUXQJYRQNQDSS DOV5HVXOWDWEHUHFKQHWZLUG'LHLJH9DULDQ]DXINOlUXQJGHUEHUXIOLFKHQ:HL WHUELOGXQJVPRWLYDWLRQEHLHKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQGXUFKGLH9DULDEOH %HJDEXQJV]XVFKUHLEXQJ ZHLVW HLQPDO PHKU DXI GLH JURH %HGHXWXQJ GHV HLJHQHQ %HJDEXQJVNRQ]HSWHVEHL-XJHQGOLFKHQGHVWLHIVWHQ6FKXOW\SVKLQ & 6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ 'LH$EELOGXQJV$QKDQJ.DS ]HLJWGDVQLFKWVLJQLILNDQWH6WUXNWXUJOHL FKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ%/0 EHUGLH JHVDPWH 6WLFKSUREH KLQZHJ DOVR LQNOXVLYH ZHLEOLFKH XQG PlQQOLFKH *HVDPWVFK OHU 6RZRKOGLH6WDELOLWlWHQGHU/HLVWXQJVPRWLYDWLRQ]ZLVFKHQXQG-DKUHQDOV DXFKMHQH]ZLVFKHQ-DKUHQXQG-DKUHQEHUXIOLFKH/HLVWXQJVPRWLYDWLRQ%/0 ZHUGHQVLFKWEDU-HGRFKVLQGGLH)LWPDHGHV0RGHOOVQLFKWJHQJHQGJXWXPHV]X DN]HSWLHUHQ$XFKZHQQQXUGLH*UXSSHGHUHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQ PLW-DKUHQJHZlKOWZLUG]HLJWVLFKNHLQVLJQLILNDQWJOWLJHV0RGHOO6WXKOPDQQ KDWHLQJOWLJHV0RGHOOIUDOOH3UREDQGHQEHUHFKQHQN|QQHQLQGHPVLH]XU EHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ]XVlW]OLFKDXFKGLHEHUXIOLFKH:HLWHUELOGXQJVPRWL YDWLRQYHUZHQGHWHMHGRFKRKQHGLH$XVO|VHUVR]LDOSV\FKRORJLVFKRULHQWLHUWH9DUL DEOHQ GLHVHU0RWLYDWLRQ]XEHUFNVLFKWLJHQ %HLP7HVWHQGHV6WUXNWXUJOHLFKXQJVPRGHOOV]XU$XINOlUXQJGHUEHUXIOLFKHQ:HLWHU ELOGXQJVPRWLYDWLRQ%:0 PLWWHOV/HLVWXQJVPRWLYDWLRQPLWXQG-DKUHQKDEHQ VLFKHEHQIDOOVNHLQHJOWLJHQ0RGHOOHHUJHEHQVRZRKOEH]JOLFKGHUJDQ]HQ6WLFK SUREH DOV DXFK EH]JOLFK QXU GHU *\PQDVLDVWHQ 'LH 6WDELOLWlWHQ GHU .RQVWUXNWH NRPPHQ]ZDULQLKUHU7HQGHQ]]XP9RUVFKHLQGRFKRIIHQEDULVWHVQ|WLJGLH9HU XUVDFKXQJVDVSHNWH GLHVHU /HLVWXQJVPRWLYDWLRQVYDULDEOHQ LQV 0RGHOO DXI]XQHKPHQ VSULFKGLHVR]LDOH(LQJHEXQGHQKHLWYJOQlFKVWHV.DS 'DVIROJHQGH0RGHOO]HLJWEHLGHQPlQQOLFKHQ*\PQDVLDVWHQGLH6WDELOLWlWGHU/HLV WXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQXQGGLHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWL
(UJHEQLVVH
6WDELOLWlWLQGHU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ
RQ LP $OWHU YRQ -DKUH PLW HLQHP 5HJUHVVLRQVJHZLFKW YRQ 'LH :HLWHUELO GXQJVPRWLYDWLRQ NDQQ VRPLW ]X HUNOlUW ZHUGHQ $XFK KLHU LVW ZLHGHUXP GDV 9HUKlOWQLV YRQ &KL ]X GI XQWHU ZDV JHPl %HUJHU HUODXEW LVW ZHQQ GLH 3IDGHWKHRUHWLVFKEHJUQGHWVLQG D
D
D
VLFKDQVWUHQJHQIU6FKXOH $XVGDXHUEHLVFKXOLVFKHQ$XIJ HKUJHL]LJVHLQ
/HLVWXQJV PRWLYDWLRQPLW-
9HU]LFKWDXI)UHL]HLW
%HUXIOLFKH :HLWHUELOGXQJV PRWLYDWLRQPLW-
0RGHOVSHILFDWLRQ FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
V
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
O
6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFK/HLVWXQJVPRWLYDWLRQPLW -DKUHQEHLPlQQOLFKHQ*\PQDVLDVWHQ6DPSOH6L]H
:HQQGLHVH6WDELOLWlWEHLGHUJHVDPWHQ6WLFKSUREHEHUHFKQHWZLUGHUJLEWVLFKHEHQ IDOOVHLQJOWLJHV 0RGHOOGHU&KL7HVWLVWEHLGLHVHUJURHQ6WLFKSUREHQLFKWUHOH YDQW MHGRFKNDQQGLH$XINOlUXQJQXU]XHUIROJHQYJO$EELOGXQJ D
D
D
VLFKDQVWUHQJHQIU6FKXOH $XVGDXHUEHLVFKXOLVFKHQ$XIJ HKUJHL]LJVHLQ
/HLVWXQJV PRWLYDWLRQPLW-
0RGHOVSHILFDWLRQ FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
V
9HU]LFKWDXI)UHL]HLW
%HUXIOLFKH :HLWHUELOGXQJV PRWLYDWLRQPLW-
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
O
*OWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFK/HLVWXQJVPRWL YDWLRQPLW-DKUHQEHLGHUJHVDPWHQ6WLFKSUREH6DPSOH6L]H
=XVDPPHQIDVVHQGNDQQIHVWJHKDOWHQZHUGHQGDVVGLHEHUXIOLFKH:HLWHUELOGXQJVPR WLYDWLRQ XQG GLH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ GHU HKHPDOLJHQ PlQQOLFKHQ *\P QDVLDVWHQDXIJUXQGLKUHU/HLVWXQJVPRWLYDWLRQVDXVSUlJXQJHQLP$OWHUYRQ-DKUHQ LP9HUJOHLFK]XGHQDQGHUHQ*UXSSHQPlQQOLFKHXQGZHLEOLFKH+DXSWVFKOHUXQG ZHLEOLFKH*\PQDVLDVWHQ DPEHVWHQYRUKHUJHVDJWZHUGHQN|QQHQ'LHVEHOHJHQSDU WLDONRUUHODWLYH XQG UHJUHVVLRQVDQDO\WLVFKH %HUHFKQXQJHQ 0LWWHOV VWUXNWXUJOHL FKXQJVPRGHOODQDO\WLVFKHQ %HUHFKQXQJHQ NDQQ GLHEHUXIOLFKH :HLWHUELOGXQJVPRWL YDWLRQYRQHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQPHVVIHKOHUEHUHLQLJW]XGXUFK LKUHMXJHQGOLFKH/HLVWXQJVPRWLYDWLRQEHVWLPPWZHUGHQ6LH]HLJHQVLFKDPVWDELOV WHQ
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW 'LH 6'7 PDFKW LP 9HUJOHLFK ]X DQGHUHQ 0RWLYDWLRQVWKHRULHQ H[SOL]LWH $XVVDJHQ EHUGLH8UVDFKHQGHU/HLVWXQJVPRWLYDWLRQ0LWGLHVHP$VSHNWEHVFKlIWLJWVLFKLQV EHVRQGHUHGLHYRUOLHJHQGH$UEHLWLQGHPGHUODQJIULVWLJH(IIHNWVR]LDOHU(OHPHQWHLQ )DPLOLHXQG6FKXOHLP-XJHQGDOWHUEHUGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUDXI GLH0RWLYDWLRQLP(UZDFKVHQHQDOWHUDXIJH]HLJWZLUG0LWGLHVHPOHW]WHQ.DSLWHO LP(UJHEQLVWHLOZLUGGLHVHUNRPSOH[HQ7KHVHQDFKJHJDQJHQ hEHUVLFKW0LWWHOZHUWVYHUJOHLFKHXQG.RUUHODWLRQVEHUHFKQXQJHQ *HPl GHQ RELJHQ $XVIKUXQJHQ KDW VLFK GLH 7KHVH HLQHU VFKXOIRUP XQG JH VFKOHFKWVVSH]LILVFKHQ /HLVWXQJVVR]LDOLVDWLRQ PHKU XQG PHKU YHUGLFKWHW ,P )ROJHQ GHQVLQGQXQGLHGHVNULSWLYHQ.HQQ]DKOHQGHU6FKOVVHOYDULDEOHQXQGGHUHQ.RUUHOD WLRQHQ YRQ HKHPDOLJHQ PlQQOLFKHQ -XJHQGOLFKHQ GHV *\PQDVLXPV XQG GHU +DXSW VFKXOHDXIJHOLVWHW 7DEHOOH
'HVNULSWLYH.HQQ]DKOHQGHU6FKOVVHOYDULDEOHQEHLPlQQOLFKHQ-XJHQGOLFKHQLQ*\PQDVLXPXQGLQGHU+DXSW VFKXOH]XP=HLWSXQNWXQG6WLFKSUREHQJU|H0LWWHOZHUW6WDQGDUGDEZHLFKXQJ6WDQGDUGIHKOHU XQGW7HVW:HUWH
(.%H]LHKXQJ (.%H]LHKXQJ /36%H]LHKXQJ /36%H]LHKXQJ ZDKUJHQ%HJDEHLQVFKlW]XQJ ZDKUJHQ%HJDEHLQVFKlW]XQJ VFKXO1RUPYHUOHW]XQJ VFKXO1RUPYHUOHW]XQJ /HLVWXQJVPRWLYDWLRQ /HLVWXQJVPRWLYDWLRQ %/0 %:0 %6:
*<PlQQOLFK Q
0
6'
+6PlQQOLFK 6(
Q
0
6'
W7HVW:HUWH 6(
/HYHQH 7HVW
7
GI
S
6FKDWWLHUWS]HLJHQMHQH9DULDEOHQDXVGHP-DKUHGLHLQGHQYRUKHULJHQ%HUHFKQXQJHQQLFKWHLQJHIORVVHQVLQGVWHKW IUXQJOHLFKH9DULDQ]HQ(.%H]LHKXQJVI*URVNDOD
=XVDPPHQIDVVHQG]HLJWVLFKDXIJUXQGGHU0LWWHOZHUWVEHUVLFKWLQ7DEHOOHGDVV GLH-XQJHQLQ+DXSWVFKXOHQJHJHQEHUGHQMHQLJHQLQ*\PQDVLHQVRZRKOPLWDOV DXFKPLW-DKUHQHLQHWLHIHUH(OWHUQ.LQG%H]LHKXQJHLQHWLHIHUH/HKUHU6FKOHU %H]LHKXQJ VRZLH HLQH WLHIHUH %HJDEXQJVHLQVFKlW]XQJ YRQ 6HLWHQ GHU (OWHUQ ZDKU QHKPHQ XQG JU|HUHV VFKXOLVFKHV 1RUPYHUOHW]XQJVYHUKDOWHQ ]HLJHQ 'LH 6WDQGDUG DEZHLFKXQJHQGHUPlQQOLFKHQ+DXSWVFKOHUIDOOHQLQGLHVHQ9DULDEOHQ]XGHPEHU DOOK|KHUDXVDOVEHLGHQPlQQOLFKHQ*\PQDVLDVWHQZDVDXIHLQHJUXQGVlW]OLFKJU| HUH9DULDQ]LQGLHVHP=XVDPPHQKDQJEHLGHQPlQQOLFKHQ+DXSWVFKOHUQKLQZHLVW 'LHVHJU|HUHQ9DULDQ]HQVLQGZDKUVFKHLQOLFKDXFKHLQ,QGL]GDIUGDVVGLH6WDELOL WlWHQLQGHQ3HUV|QOLFKNHLWVPHUNPDOHQLP$OWHU]ZLVFKHQXQG-DKUHQEHLGHQ PlQQOLFKHQ +DXSWVFKOHUQ ZHVHQWOLFK WLHIHU DXVIDOOHQ XQG GLH /HEHQVYHUOlXIH VLFK 'LHNRPSOH[HQ+\SRWKHVHQ+XQG+YJO.DS VROOHQJHWHVWHWZHUGHQ
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
ZHLW KHWHURJHQHU]HLJHQ DOVEHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ $XFK LP $OWHU YRQ -DKUHQ ]HLJHQ GLH HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHU JU|HUH 6WUHXXQJHQ LQ GHQGUHL3HUV|QOLFKNHLWVPHUNPDOHQEHUXIOLFKH/HLVWXQJVPRWLYDWLRQEHUXIOLFKH:HL WHUELOGXQJVPRWLYDWLRQ XQG EHUXIOLFKH 6HOEVWZLUNVDPNHLW DOV HKHPDOLJH PlQQOLFKH *\PQDVLDVWHQ'HUW7HVW]HLJWEHLGLHVHQGUHL.RQVWUXNWHQDEHUHLQ]LJEHLGHUEH UXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ HLQHQ VLJQLILNDQWHQ 8QWHUVFKLHG (KHPDOLJH PlQQOLFKH *\PQDVLDVWHQ KDEHQ HLQH VLJQLILNDQW K|KHUH :HLWHUELOGXQJVPRWLYDWLRQ DOVHKHPDOLJHPlQQOLFKH+DXSWVFKOHU 'LH8QWHUVFKLHGHEHLGHQ6FKOVVHOYDULDEOHQ]ZLVFKHQ-XJHQGOLFKHQGHU+DXSWVFKX OHXQGGHV*\PQDVLXPVOHLWHQEHU]XU)UDJHZLHGLHVH]XVWDQGHNRPPHQN|QQWHQ 'LH UHODWLYH /HLVWXQJVSRVLWLRQ ZHOFKH LQ YRUKHULJHQ .RUUHODWLRQVEHUHFKQXQJHQ PHLVWHQVNRQWUROOLHUHQGEHKDQGHOWZXUGHVROOQXQEHLGHQ]ZHL*UXSSHQQlKHUDXI LKUH=XVDPPHQKlQJHXQWHUVXFKWZHUGHQ 7DEHOOH
.RUUHODWLRQHQ]ZLVFKHQUHO/HLVWXQJVSRVLWLRQXQG9DULDEOHQGHUVR]LDOHQ(LQJHEXQGHQKHLWEHLPlQQOLFKHQ-X JHQGOLFKHQLP*\PQDVLXPXQGLQGHU+DXSWVFKXOHLP$OWHUYRQ-DKUHQ
VI:RKOIKOHQ]X+DXVH VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ,WHPV VI(.%H]G=XZHQGXQJ9HUVWlQGQLV,WHPV VD:RKOIKOHQLQ6FKXOH VD/36%H]LHKXQJ VD$QHUNHQQXQJGXUFK0LWVFKOHU
S
S SQV QLFKWVLJQLILNDQW
*<PlQQOLFK
+6PlQQOLFK
UHO/HLVWXQJVSRVLWLRQLQ.ODVVH
QV QV
QV
(VIlOOWLQ7DEHOOHDXIGDVVPlQQOLFKH+DXSWVFKOHULKUH%H]LHKXQJ]XGHQ(O WHUQ LQ $EKlQJLJNHLW YRQ LKUHU UHODWLYHQ /HLVWXQJVSRVLWLRQ LQQHUKDOE GHU .ODVVH ZDKUQHKPHQ E]Z LP *HJHQVDW] ]X GHQ PlQQOLFKHQ *\PQDVLDVWHQ EHL ZHOFKHQGLHVHU=XVDPPHQKDQJNHLQH5ROOHVSLHOW$XFKLKU:RKOEHILQGHQNRUUHOLHUW PLWU K|KHUPLWGHU/HLVWXQJVSRVLWLRQDOVEHLGHQPlQQOLFKHQ*\PQDVLDVWHQPLW U 8QWHU%HUFNVLFKWLJXQJGHU,QWHUGHSHQGHQ]VROFKHU.RUUHODWLRQHQNDQQDEHU DXFKJHIROJHUWZHUGHQGDVVPLWJU|HUHU9RUELOGZLUNXQJXQGPHKU=XZHQGXQJYRQ 6HLWHQ GHU (OWHUQ GLH PlQQOLFKHQ +DXSWVFKOHU LQQHUKDOE GHU +DXSWVFKXONODVVHQ DXFK EHVVHUH /HLVWXQJHQ KHUYRUEULQJHQ ZDV ZLHGHUXP 6'7NRQIRUP ZlUH $P K|FKVWHQNRUUHOLHUWGLH/HKUHU6FKOHU%H]LHKXQJPLWGHU/HLVWXQJVSRVLWLRQVRZRKO EHL GHQ PlQQOLFKHQ -XJHQGOLFKHQ GHU +DXSWVFKXOH DOV DXFK GHV *\PQDVLXPV PLW EHUU :LUG QXQ GLHVH UHODWLYH /HLVWXQJVSRVLWLRQ DOV NRQWUROOLHUHQGH 9DULDEOH EHKDQGHOW HUJHEHQ VLFK IROJHQGH (UJHEQLVVH :lKUHQG GLH YHUVFKLHGHQHQ )RUPHQ GHU (OWHUQ .LQG%H]LHKXQJPLW3DUWLDONRUUHODWLRQVZHUWHQ]ZLVFKHQU XQGU EHLPlQQ OLFKHQ +DXSWVFKOHUQ XQG *\PQDVLDVWHQ HLQHQ =XVDPPHQKDQJ PLW GHU /HLVWXQJV PRWLYDWLRQ DXIZHLVHQ N|QQHQ JLEW HV ]ZLVFKHQ GHU /HKUHU6FKOHU%H]LHKXQJ XQG GHU /HLVWXQJVPRWLYDWLRQ PLW -DKUHQEHLEHLGHQ*UXSSHQ QXU HLQHQ VLJQLILNDQWHQ
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
:HUWYRQU IHVW]XVWHOOHQ'KGLH(OWHUQKDEHQJHQHUHOOJU|HUHQ(LQIOXVVDXI GLH/HLVWXQJVPRWLYDWLRQVHUEULQJXQJDOVGLH/HKUHU 'DVV VLFKGLHIDPLOLlUHVR]LDOH(LQEHWWXQJHKHPDOLJHU PlQQOLFKHU*\PQDVLDVWHQLQ LKUHU -XJHQG]HLW OlQJHUIULVWLJ SRVLWLY DXI LKUH EHUXIOLFKH 0RWLYDWLRQ DXV]XZLUNHQ VFKHLQWLVWJH]HLJWZRUGHQ1DFKZHOFKHQ3ULQ]LSLHQGUIWHDEHUQXQGLH/HLVWXQJV PRWLYDWLRQVHQWZLFNOXQJ EHL HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQ EHU HLQHQ VR JURHQ=HLWDEVFKQLWWIXQNWLRQLHUHQ" 'LHVFKDWWLHUWHQ=HOOHQLQ7DEHOOH:HUWHPHLVWHQVEHU N|QQWHQGDUDXIHL QH YRUOlXILJH $QWZRUW JHEHQ 1HEHQ GHU 6FKLFKW]XJHK|ULJNHLW VLQG HV QlPOLFK YRU DOOHP VROFKH 9DULDEOHQ GLH PLW GHP 7KHPD .RPSHWHQ]JHIKO XQG %HJDEXQJV]X VFKUHLEXQJ]XWXQKDEHQGLHUHODWLYH/HLVWXQJVSRVLWLRQGLHZDKUJHQRPPHQH%HJD EXQJV]XVFKUHLEXQJ GXUFK (OWHUQ XQG GLH HLJHQH %HJDEXQJV]XVFKUHLEXQJ OHW]WHUH DEHUPLWHLQHP.RUUHODWLRQVZHUWYRQQXU 7DEHOOH
D
.RUUHODWLRQHQ]ZLVFKHQGHQPRW3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU%/0%:0%6: XQGD .RQWUROOYDULDEOHQE IDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWF DXHUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWVRZLHG PRWLYDWLRQDOHU3HUV|QOLFKNHLWVPHUNPDOHLPIUKHQ-XJHQGDOWHUYRQPlQQOLFKHQ-XJHQGOLFKHQLQ*\PQDVLHQXQG +DXSWVFKXOHQ
N*HVFKOHFKWZP N6FKXOIRUP+656*< RUGLQDO NYHUEDOH,QWHOOLJHQ] N6FKLFKW N5HJLRQ6WDGW/DQG N1DWLRQDOLWlW NK|6FKXODEVFKOXVV(OWHUQ+656*< ( N%HUXIVVWDWXV9DWHU,6(,( N%HUXIVVWDWXV0XWWHU,6(,( N)DPLOLHQVLWXDWLRQQLFKWWUDGWUDG N%HUXIVWlWLJNHLW0XWWHU N*HVFKZLVWHU]DKOPLW%HIUDJWHP N(LQ]HONLQGVWDWXVQHLQMD N(OWHUQVWDWXV QHLQMD [UHO/HLVWXQJVSRVLWLRQLQ.O [1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH [UHO/HLVWXQJVSRVLWLRQLQ.O [1RWHQVXPPH'HXWVFK(QJOLVFK0DWKH [+|FKVWHU6FKXODEVFKOXVVRUGLQDO \+|FKVWHUEHUXIO$XVEDEVFKOXVV \HLJHQHVPRQDWO1HWWRHLQNRPPHQ
%/0 %HUXIO/HLV WXQJVPRWLYDWLRQ *<P +6P
%:0 %HUXIO:HLWHUELO GXQJVPRWLYDWLRQ *<P +6P
%6: %HUXIO6HOEVWZLUN VDPNHLWVPRWLYDWLRQ *<P +6P
(UJHEQLVVH
E
F
G
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
)RUWVHW]XQJGHU7DEHOOH VI:RKOIKOHQ]X+DXVH VI(.%H]D*URVNDOD,WHPV VI(.%H]E9HUVWlQGQLV9RUELOGZLUNXQJ VI(.%H]FDNW,QWHUHVVHZHQLJ.RQIOLNWH VI(.%H]G=XZHQGXQJ9HUVWlQGQLV VI5HLEHUHLHQ]Z(. VI*HVSUlFKVLQWHQVLWlW(. VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VI6FKHLGXQJVX7UHQQXQJVHUI-XJHQG]HLW VILQNRQVLVWHQWHU(U]LHKXQJVVWLO VIHQWVSDQQWH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIVR]LDOH)UHL]HLWDNWLYLWlWHQPLW(OWHUQ( VIDXHUIDP93EHLSHUV3UREO VIDXHUIDP93EHL3UREOPLWDQGHUHQ VIZDKUJHQ%HJDEXQJVHLQVFKlW]XQJ VIZDKUJHUZ6FKXODEVFKOXVV+656*< VI/HLVWXQJVHUZDUWXQJGHU(( VI(IUDJHQKlXILJQDFK6/( VI(ZLVVHQ%HVFKHLGEHU6/( VI+DXVDXIJDEHQHQJDJHPHQWGHU(( VD:RKOIKOHQLQ6FKXOH VD$QRQ\PLWlWDQGHU6FKXOH VD6WDWXVUHOHYDQ]6FKXOOHLVWXQJ VD6WDWXVUHOHYDQ]6ROLGDULWlW VD.RQNXUUHQ]NDPSILQ.ODVVH VD.ODVVHQ]XVDPPHQKDOW VD9HUWUDXHQ]X/3 VD/3.%H]LHKXQJ VD/HLVWXQJVGUXFNYRQ/3 VD$QHUNHQQXQJGXUFK0LWVFKOHU VD,QWHJUDWLRQ3HHUV VDNLUFKOLFKH$NWLYLWlW VD9HUHLQV]XJHK|ULJNHLWQHLQMD VD7XUQXQG6SRUWYHUHLQQHLQMD VD0XVLNRGHU6LQJJUXSSHQHLQMD P/HLVWXQJVPRWLYDWLRQ PVFKXO/HLVWXQJVDQJVW P%HJDEXQJV]XVFKUHLEXQJ P6HOEVWZLUNVDPNHLWVEHU]HXJXQJ PVFKXOLVFKH1RUPYHUOHW]XQJ,WHPV P5DXFKHQ P(..RQVHQVZDVOHLVWHQ P(..RQVHQVZDVJODXEHQ P(..RQVHQVZLHEHQHKPHQ P=XNXQIWVEHZlOWLJXQJ P%LOGXQJVRULHQWLHUXQJ P/HLVWXQJVPRWLYDWLRQ PDOOJ,QWHUHVVHGHV.LQGHV(
%/0 *<P +6P
%:0 *<P +6P
%6: *<P
+6P
6FKDWWLHUWH=HOOHQIRNXVVLHUHQGLHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQHKHPDOLJHUPlQQOLFKHU+DXSWVFKOHUU$XVQDKPHP P ZHQQQLFKWPLW RGHU HUJlQ]WVLQGDOOH9DULDEOHQDXVGHP-DKUH
S
S S]ZHLVHLWLJJHWHVWHW 0LW $XVQDKPH GHU (OWHUQLWHPV ( VRZLH VI P ZHLVHQ GLH 7HLOVWLFKSUREHQZHUWH SUR 9DULDEOH IROJHQGH :HUWH DXI *< 0lQQHU Q! +60lQQHUQ!
$XIIDOOHQG LVW GDVV EHL HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQ QXU GLH /HLVWXQJV PRWLYDWLRQPLW-DKUHQDEHUQLFKWMHQHPLW-DKUHQVLJQLILNDQWPLWLKUHUVSlWHUHQ EHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0 ]XVDPPHQKlQJW'LH/HLVWXQJVPRWL YDWLRQVDXVSUlJXQJ LVW DOVR EHL GLHVHU *UXSSH LP :DQGHO -HGRFK ]HLFKQHW VLFK DE GDVVGLHUHODWLYH/HLVWXQJVSRVLWLRQLP$OWHUYRQHLQHZLFKWLJH6WHOOXQJHLQQLPPW 6LH KlQJW PLW GHU /HLVWXQJVPRWLYDWLRQ LP VHOEHQ $OWHU U S VLJQLILNDQW
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
]XVDPPHQZRKLQJHJHQGHU=XVDPPHQKDQJLP$OWHUYRQ-DKUHQ]ZLVFKHQ/HLV WXQJVSRVLWLRQXQG/HLVWXQJVPRWLYDWLRQNHLQH5ROOHPHKUVSLHOWU QV 'LH UHODWLYH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH LP $OWHU YRQ -DKUHQ YHUPDJ GUHL VLJQLILNDQWH =XVDPPHQKlQJH KHU]XVWHOOHQ MHQHQ ]XU /HLVWXQJVPRWLYDWLRQ PLW -DKUHQU S MHQHQ]XU/HLVWXQJVPRWLYDWLRQPLW-DKUHQU S LQ7DEHOOH XQGGHQUHODWLYKRKHQ=XVDPPHQKDQJPLWGHUEHUXIOLFKHQ:HLWHU ELOGXQJVPRWLYDWLRQ LP $OWHU YRQ -DKUHQ U S %HL GHQ HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ JLEW HV EHL OHW]WHUHP =XVDPPHQKDQJ NHLQH VLJQLILNDQWH OlQJVVFKQLWWOLFKH%H]LHKXQJ]XYHU]HLFKQHQ'LHUHODWLYH/HLVWXQJVSRVLWLRQLQGHU .ODVVHGUIWHDOVRQXUIUPlQQOLFKH+DXSWVFKOHUXQGQLFKWIUPlQQOLFKH*\PQD VLDVWHQEHVRQGHUH%HGHXWXQJKDEHQ 5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ 0LW PXOWLSOHQ KLHUDUFKLVFKHQ 5HJUHVVLRQVDQDO\VHQ ZLUG LP )ROJHQGHQ QDFKJHZLH VHQGDVVVLFK%H]LHKXQJHQLQ)DPLOLHXQG6FKXOHPLW-DKUHQOlQJVVFKQLWWOLFKDXI GLHEHUXIOLFKH/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQ-DKUHVSlWHUDXVZLUNHQ (V ZLUG NHLQ %LOG HUVFKHLQHQ ZR DOOH 0HUNPDOH VWHWV XQG EHL DOOHQ YLHU *UXSSHQ JOHLFK]HLWLJ GXUFKVFKODJHQ 'LH %HIXQGODJH JHPl 6'7 ZLUG DEHU LQ ZHVHQWOLFKHQ $QVlW]HQQDFKJHZLHVHQ 7DEHOOH
0RGHOO 0RGHOO 0RGHOO
0XOWLSOH5HJUHVVLRQVDQDO\VHQKLHUDUFKLVFK ]XU9RUKHUVDJHGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ%/0 EHLGHU JHVDPWHQ6WLFKSUREH
.RQVWDQWH VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VD6WDWXVUHOHYDQ]6ROLGDULWlW .RQVWDQWH VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VD6WDWXVUHOHYDQ]6ROLGDULWlW P/HLVWXQJVPRWLYDWLRQ .RQVWDQWH VI(OWHUQ%H]LHKXQJUHWURVSHNWLY VD6WDWXVUHOHYDQ]6ROLGDULWlW P/HLVWXQJVPRWLYDWLRQ %6:%HUXIO6HOEVWZLUNVDPNHLWVEHU ]HXJXQJ ]IE=XIULHGHQKHLWPLW%HUXI
(QWHU0HWKRGHPLWEORFNZHLVHP+LQ]XIJHQGHU9DULDEOHQ
EHWD
S
5
5
.RUU 5
bQGHUXQJ LQ6LJQ YRQ)
,Q 7DEHOOH VLQG GLH KLHUDUFKLVFKHQ (EHQHQ VR]LDOH (LQELQGXQJ PRWLYDWLRQDOH (EHQH-XJHQGDOWHUPRWLYDWLRQDOH(EHQHLP(UZDFKVHQHQDOWHU LQGHQGUHL0RGHOOHQ EHUFNVLFKWLJWZRUGHQVDHQWVSUHFKHQGH(EHQHQLQ$EELOGXQJ :HQQGLHJH VDPWH6WLFKSUREHZHOFKHLP/lQJVVFKQLWWYHUIJEDULVWIUGLH%HUHFKQXQJGHUEH UXIOLFKHQ/HLVWXQJVPRWLYDWLRQ%/0 YHUZHQGHWZLUGGDQQN|QQHQ GLHEHLGHQVR ]LDOHQ.RQWH[WH)DPLOLHXQG6FKXOH]XVDPPHQ0RGHOO XQGGLH/HLVWXQJV PRWLYDWLRQLP$OWHUYRQ-DKUHQQRFKPDOV0RGHOO GHU9DULDQ]GHUEHUXI OLFKHQ/HLVWXQJVPRWLYDWLRQHUNOlUHQ'HQJU|WHQ7HLOGHU9RUKHUVDJHNUDIWPDFKHQ ORJLVFKHUZHLVH 9DULDEOHQ LP (UZDFKVHQHQDOWHU DXV ZLH ]% GLH =XIULHGHQKHLW PLW
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
GHP%HUXIXQGGHU$UEHLWVVWHOOH:HQQLP0RGHOOGLHEHUXIOLFKH6HOEVWZLUNVDP NHLWXQGGLH%HUXIV]XIULHGHQKHLWGD]XJHQRPPHQZHUGHQGDQQZLUGGDV.ULWHULXP EHUXIOLFKH/HLVWXQJVPRWLYDWLRQ]XDXIJHNOlUW 'LH$XINOlUXQJGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ%/0 GXUFKGLHVR]LDOH(LQ JHEXQGHQKHLWLP -XJHQGDOWHUYRQEHUGLHJHVDPWH6WLFKSUREHEHUHFKQHWLVW JHULQJ'DGLHVR]LDOEH]RJHQHQ9DULDEOHQLQGHQYRUDXVJHKHQGHQ%HUHFKQXQJHQEHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ VWHWV JU|HUH =XVDPPHQKlQJH PLW GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ DOV PLW GHU EHUXIOLFKHQ /HLVWXQJVPRWLYDWLRQ DXIZLHVHQ YJO7DEHOOH ZLUGLP)ROJHQGHQYRUDOOHPDXIGLH$XINOlUXQJGHUEHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ %:0 GXUFK GLH 9DULDEOHQ GHV -XJHQGDOWHUV HLQJHJDQ JHQ ,QGHQIROJHQGHQ]ZHLKLHUDUFKLVFKHQ5HJUHVVLRQVDQDO\VHQVLQGZLHGHUXPGLH(EH QHQ JHPl GHP 5DKPHQPRGHOO YJO $EELOGXQJ YHUZHQGHW ZRUGHQ (LQIOXVV GHU/HLVWXQJVHEHQHUHO/HLVWXQJVSRVLWLRQXQGK|FKVWHU$XVELOGXQJVDEVFKOXVV0R GHOO XQG (LQIOXVV GHV VR]LDOHQ .RQWH[WHV (OWHUQ.LQG%H]LHKXQJ 0RGHOO XQG(LQIOXVVGHUPRWLYDWLRQDOHQ(EHQH/HLVWXQJVPRWLYDWLRQ0RGHOO 'LH (UJHEQLVVH VLQG IU GLH JHVDPWH 6WLFKSUREH LQ 7DEHOOH IU PlQQOLFKH *\PQDVLDVWHQLQ 7DEHOOHDXIJHIKUW'LHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQ GHUPlQQOLFKHQ*\PQDVLDVWHQNDQQ]XGXUFKLKUH(OWHUQ.LQG%H]LHKXQJXQG]X GXUFK LKUH /HLVWXQJVPRWLYDWLRQ PLW -DKUHQ HUNOlUW ZHUGHQ LP *HJHQVDW] ]XUJHVDPWHQ6WLFKSUREHEHLGHUQXUJHUDGHE]ZDXIJHNOlUWZHUGHQ
7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQKLHUDUFKLVFK ]XU9RUKHUVDJHGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0 GXUFK]ZHL.RQWUROOYDULDEOHQGHU(OWHUQ.LQG%H]LHKXQJXQGGHU/HLVWXQJVPRWLYDWLRQPLWEHLGHUJHVDPWHQ 6WLFKSUREHGI
0RGHOO .RQVWDQWH UHO/HLVWXQJVSRVLWLRQLQ.O 0RGHOO .RQVWDQWH UHO/HLVWXQJVSRVLWLRQLQ.O +|FKVWHUEHUXIO$XVEDEVFKOXVV 0RGHOO .RQVWDQWH UHO/HLVWXQJVSRVLWLRQLQ.O +|FKVWHUEHUXIO$XVEDEVFKOXVV VI(.%H]9HUVWlQGQLV9RUELOGZLUNXQJ 0RGHOO .RQVWDQWH UHO/HLVWXQJVSRVLWLRQLQ.O +|FKVWHUEHUXIO$XVEDEVFKOXVV VI(.%H]9HUVWlQGQLV9RUELOGZLUNXQJ P/HLVWXQJVPRWLYDWLRQ
EHWD
S
5
5
.RUU 5
bQGHUXQJ LQ6LJQ YRQ)
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
7DEHOOH
0XOWLSOH5HJUHVVLRQVDQDO\VHQKLHUDUFKLVFK ]XU9RUKHUVDJHGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0 GXUFK]ZHL.RQWUROOYDULDEOHQGHU(OWHUQ.LQG%H]LHKXQJXQGGHU/HLVWXQJVPRWLYDWLRQPLWEHLPlQQOLFKHQ *\PQDVLDVWHQGI
0RGHOO .RQVWDQWH UHO/HLVWXQJVSRVLWLRQLQ.O 0RGHOO .RQVWDQWH UHO/HLVWXQJVSRVLWLRQLQ.O +|FKVWHUEHUXIO$XVEDEVFKOXVV 0RGHOO .RQVWDQWH UHO/HLVWXQJVSRVLWLRQLQ.O +|FKVWHUEHUXIO$XVEDEVFKOXVV VI(.%H]9HUVWlQGQLV9RUELOGZLUNXQJ 0RGHOO .RQVWDQWH UHO/HLVWXQJVSRVLWLRQLQ.O +|FKVWHUEHUXIO$XVEDEVFKOXVV VI(.%H]9HUVWlQGQLV9RUELOGZLUNXQJ P/HLVWXQJVPRWLYDWLRQ
EHWD
S
5
5
.RUU 5
bQGHUXQJ LQ6LJQ YRQ)
'LH(OWHUQ.LQG6NDODÄ9HUVWlQGQLVXQG9RUELOGZLUNXQJ³VD7DEHOOHLQ.DS HUZHLVWVLFKEHLGHQPlQQOLFKHQ*\PQDVLDVWHQLQLKUHU:LUNXQJDXIGLHEHUXIOL FKH LQWULQVLVFKH :HLWHUELOGXQJVPRWLYDWLRQ DOVEHVRQGHUVEHGHXWVDP LP 9HUJOHLFK ]XU JHVDPWHQ 6WLFKSUREH ,Q GLHVHU %H]LHKXQJVVNDOD LVW HLQH NODUH (UZDUWXQJVKDO WXQJ GHU (OWHUQ HQWKDOWHQ YJO .DS *UXQGGLPHQVLRQHQ 8QWHUVWW]XQJ XQG )RUGHUXQJEHLP(U]LHKXQJVVWLO 9DULDQ]DQDO\WLVFKH%HUHFKQXQJHQ 'HU %HIXQG ]XU %HGHXWXQJ GHU UHODWLYHQ /HLVWXQJVSRVLWLRQ EHL PlQQOLFKHQ +DXSW VFKOHUQ YHUVFKlUIW VLFK QRFK ZHQQ EHL GHU %HVWLPPXQJ GHU /HLVWXQJVPRWLYDWLRQ PLW-DKUHQGLHVR]LDOH6FKLFKWPLWEHUFNVLFKWLJWZLUG(VNRPPHQ9DULDQ]DQDO\ VHQ ]XP (LQVDW] GLH GXUFK 7HU]LOELOGXQJHQ LQ GHQ HQWVSUHFKHQGHQ 9DULDEOHQ EHU GLHJHVDPWH6WLFKSUREHZLHDXFKMH6FKXONRQWH[W]%QXUPlQQOLFKH+DXSWVFKOHU YRUEHUHLWHWZXUGHQ (VLVWHLQVLJQLILNDQWHU,QWHUDNWLRQVHIIHNWÄUHO/HLVWXQJVSRVLWLRQ[6FKLFKW³EHLGHQ PlQQOLFKHQ+DXSWVFKOHUQIHVW]XVWHOOHQ) SGI 'LHVHU%HIXQG JLOW ZHGHU EHL GHU 6WLFKSUREHQDXVZDKO DOOHU 3UREDQGHQ QRFK EHL ÄQXU 0lQQHUQ³ RGHUÄQXUPlQQOLFKHQ6FKOHUQGHV*\PQDVLXPV³(VLVWMHGRFKQXUHLQ+DXSWHIIHNW GHU UHODWLYHQ/HLVWXQJVSRVLWLRQ IHVW]XVWHOOHQEHLGHU VR]LDOHQ 6FKLFKWEOHLEW HU DXV $XIJUXQGHLQHVNRUULJLHUWHQ5 NDQQJHVDJWZHUGHQGDVVGLH/HLVWXQJVPRWLYD WLRQPLW-DKUHQ]XDXIJHNOlUWZHUGHQNDQQ )U GLH JHVDPWH 6WLFKSUREH NDQQ HLQH GUHLIDNWRULHOOH 9DULDQ]DQDO\VH (OWHUQ.LQG %H]LHKXQJ /HLVWXQJVPRWLYDWLRQ PLW -DKUHQ /HKUHU6FKOHU%H]LHKXQJ PLW GHU EHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQDOVDEKlQJLJH9DULDEOHPLW]ZHLVLJQLILNDQWHQ +DXSWHIIHNWHQ (OWHUQ.LQG%H]LHKXQJ /HLVWXQJVPRWLYDWLRQ PLW -DKUHQ HLQHP ]ZHLIDFKHQ ,QWHUDNWLRQVHIIHNW Ä(OWHUQ.LQG%H]LHKXQJ [ /HKUHU6FKOHU%H]LH KXQJ³ XQG HLQHP GUHLIDFKHQ ,QWHUDNWLRQVHIIHNW Ä(OWHUQ.LQG%H]LHKXQJ [ /HLV
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
WXQJVPRWLYDWLRQ [ /HKUHU6FKOHU%H]LHKXQJ³ JHIXQGHQ ZHUGHQ ) S GI 6R NDQQ GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ ]X DXIJHNOlUW ZHUGHQ ,QGH[ZHUWH
%HUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ %:0
/HLVWXQJVPRWLYDWLRQ /6%H]LHKXQJ (.%H]LHKXQJ $EELOGXQJ
WLHI
PLWWHO
KRFK
WLHI
WLHI
PLWWHO PLWWHO
KRFK
WLHI
PLWWHO KRFK KRFK
'DUVWHOOXQJGHU,QWHUDNWLRQHQDXIJUXQGGHU%H]LHKXQJHQ]XGHQ(OWHUQ]XGHQ/HKUHUQXQGGHUHLJHQHQ/HLV WXQJVPRWLYDWLRQ]XU$XINOlUXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ%:0JHVDPWH6WLFKSUREH
(VLVW]XHUNHQQHQGDVVHLQHVHKUWLHIH(OWHUQ.LQG%H]LHKXQJGXUFKHLQHKRKH/HK UHU6FKOHU%H]LHKXQJXQGGXUFKGLHHLJHQH/HLVWXQJVPRWLYDWLRQ/0 ZHWWJHPDFKW ZHUGHQNDQQ(EHQVRNDQQHLQHWLHIH/HKUHU6FKOHU%H]LHKXQJPLWHLQHUKRKHQ(O WHUQ.LQG%H]LHKXQJXQGGHUHLJHQHQ$QVWUHQJXQJVEHUHLWVFKDIWSRVLWLYZLUNHQYJO JHVWULFKHOWH2YDOHLQ$EELOGXQJ %HL GHQ HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ ]HLJW VLFK GLH ,QWHUDNWLRQ DXI HLQH DQGHUH:HLVH(VVLQGNHLQH+DXSWHIIHNWHGDIUDEHUDOOH,QWHUDNWLRQVHIIHNWHVLJQL ILNDQW 'LH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ NDQQ VR ]X NRUU 5 DXIJHNOl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lWHUDXV
6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ hEHUGLHJHVDPWHPlQQOLFKH6WLFKSUREHKLQZHJ]HLJWVLFKHLQJOWLJHV6WUXNWXUJOHL FKXQJVPRGHOO LQ GHP GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ GXUFK GLH /HLV WXQJVPRWLYDWLRQPLW-DKUHQEHVWLPPWZLUGZDVZLHGHUXPGXUFKYRUJHODJHUWHVR ]LDOH%H]LHKXQJHQ]XGHQ(OWHUQXQG]XGHQ/HKUHUQEHGLQJWLVW$EELOGXQJ )UGLHZHLEOLFKH6WLFKSUREHHUJLEWVLFKNQDSSNHLQVLJQLILNDQWHV0RGHOOGHUUPVHD LVW GDQQ K|KHU DOV 'HU VFKZDFKH DEHU NQDSS VLJQLILNDQWH 3IDGNRHIIL]LHQW YRQ
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
YHUZHLVW DXI HLQH WLHIH 6WDELOLWlW ]ZLVFKHQ GHQ EHLGHQ PRWLYDWLRQDOHQ )DNWRUHQ /HLVWXQJVPRWLYDWLRQ PLWXQGEHUXIOLFKHU:HLWHUELOGXQJVPRWLYDWLRQ PLW-DK UHQ
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
D
YLHO9HUVWlQGQLV
(OWHUQ.LQG %H]LHKXQJ PLW-
QHKPHQ5FNVLFKW HUZDUWHQGDVVHOEHYRQPLU
U
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
/HKUHU6FKOHU %H]LHKXQJ PLW-
0RGHOVSHILFDWLRQ FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
/HLVWXQJV PRWLYDWLRQ PLW-
W
VLFKDQVWUHQJHQIU6FKXOH
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
%HUXIOLFKH :HLWHUELOGXQJV PRWLYDWLRQPLW-
R
R
HKUJHL]LJVHLQ
R
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
O
V
6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH(OWHUQ.LQG %H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQPLW -DKUHQEHUGLHJHVDPWHPlQQOLFKH6WLFKSUREHEHUHFKQHWQ
$EELOGXQJ ]HLJW GDVVHOEH 6WUXNWXUJOHLFKXQJVPRGHOO IU HKHPDOLJH PlQQOLFKH *\PQDVLDVWHQ 6WLPPLJ PLW GHQ (UJHEQLVVHQ GHU GLIIHUHQ]LHUWHQ .RUUHODWLRQVEH UHFKQXQJHQ NRPPW PDQ KLHU DXI HLQ VLJQLILNDQWHV JOWLJHV *HVDPWPRGHOO 6RZRKO GLH)LW,QGL]HVUPVHDXQGSFORVHDOVDXFKGDV9HUKlOWQLVYRQ&KL ]XGIRGHUGHUS :HUWKDEHQJOWLJH)LWPDH
'LHODWHQWHQ.RQVWUXNWHLP$OWHUYRQ-DKUHQVLQGMHZHLOVPLWGUHLPDQLIHVWHQ9DULDEOHQYHUVHKHQ'LH ]X%HJLQQEHDEVLFKWLJWH9HUZHQGXQJYRQYLHU9DULDEOHQSURODWHQWHP.RQVWUXNWZLHLQGHQNRUUHODWLYHQ XQGUHJUHVVLRQVDQDO\WLVFKHQ%HUHFKQXQJHQEHQXW]W SURGX]LHUWHHLQ]XNRPSOH[HV0RGHOO
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
D
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW YLHO9HUVWlQGQLV
(OWHUQ.LQG %H]LHKXQJ PLW-
QHKPHQ5FNVLFKW HUZDUWHQGDVVHOEHYRQPLU
U
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
/HLVWXQJV PRWLYDWLRQ PLW-
/HKUHU6FKOHU %H]LHKXQJ PLW-
W
VLFKDQVWUHQJHQIU6FKXOH
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
%HUXIOLFKH :HLWHUELOGXQJV PRWLYDWLRQPLW-
R
R
HKUJHL]LJVHLQ
R
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
0RGHOVSHILFDWLRQ FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
O
V
6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH(OWHUQ.LQG %H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYDULDEOHQ/HLVWXQJVPRWLYDWLRQPLW -DKUHQEHLPlQQOLFKHQ*\PQDVLDVWHQQ
(VNDQQIHVWJHVWHOOWZHUGHQGDVVGLH(OWHUQ.LQG%H]LHKXQJVRZRKOIUGLH TXHUVFKQLWWOLFKH9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQDOVDXFKIUGLHOlQJVVFKQLWWOL FKH9RUKHUVDJHGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQHLQHQEHGHXWHQGHQ(LQ IOXVVKDW'LH/HKUHU6FKOHU%H]LHKXQJKLQJHJHQYHUPDJEHLGHQPlQQOLFKHQ *\PQDVLDVWHQOHGLJOLFKHLQHQTXHUVFKQLWWOLFKHQ(LQIOXVVJHOWHQG]XPDFKHQ'LH LQVJHVDPWHDXIJHNOlUWH9DULDQ]GHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQYRQ LQ$EELOGXQJIHWWKHUYRUJHKREHQ ZLUGDOVRDXVLQGLUHNWZLUNHQGHQVR]LDOHQ DOVDXFKDXVPRWLYDWLRQDOHQ$VSHNWHQLP-XJHQGDOWHUEHVWLPPW ,Q$EELOGXQJLVWGDVJOHLFKH0RGHOOIUGLHPlQQOLFKHQ+DXSWVFKOHUEHUHFKQHW ZRUGHQ'HUHLQJHNUHLVWH3IDGYRQ/HLVWXQJVPRWLYDWLRQPLW-XQGEHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQPLW- LVWQLFKWVLJQLILNDQWHULVWGHQQRFKLP0RGHOO EHODVVHQZRUGHQZHLOVRHLQJXWHU9HUJOHLFK]XUREHUHQ$EELOGXQJHUVLFKWOLFK LVW(V]HLJWVLFK DOVRGDVVGLH%H]LHKXQJHQ]XGHQ(OWHUQXQG]XP /HKUHUSRVLWLY DXIGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUMHGRFKQXUQRFKZHQLJOlQJVVFKQLWWOLFK DXI GLH :HLWHUELOGXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU ZLUNHQ 'DVV GDV 0RGHOO WURW]JOWLJHU)LWZHUWHNQDSSDOVQLFKWJOWLJHUNOlUWZHUGHQPXVV]HLJWVLFKLQGHQ QLFKWVLJQLILNDQWHQ3IDGHQYRQXQGHLQJHNUHLVWH=LIIHUQ
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
D
YLHOYHUVWlQGQLV
(OWHUQ.LQG %H]LHKXQJ PLW-
QHKPHQ5FNVLFKW HUZDUWHQGDVVHOEHYRQPLU
U
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
/HLVWXQJV PRWLYDWLRQ PLW-
/HKUHU6FKOHU %H]LHKXQJ PLW-
W
VLFKDQVWUHQJHQIU6FKXOH
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
%HUXIOLFKH :HLWHUELOGXQJV PRWLYDWLRQPLW-
$EELOGXQJ
R
HKUJHL]LJVHLQ
R
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
0RGHOVSHILFDWLRQ FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH
R
O
V
6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH(OWHUQ.LQG %H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQPLW -DKUHQEHLPlQQOLFKHQ+DXSWVFKOHUQQ ±XQJOWLJDXIJUXQGQLFKWVLJQLILNDQWHU3IDGHXQG
:HQQLQGLHVHPRELJHQ0RGHOO$EELOGXQJ QXQQRFKGLHUHODWLYH/HLVWXQJVSR VLWLRQ DOV PDQLIHVWH 9DULDEOH HLQJHIJW ZLUG GDQQ EOHLEW GDV 0RGHOO ZHLWHUKLQ XQ JOWLJ (UVWDXQOLFKHUZHLVH ]HLJW VLFK DEHU GHU 3IDG GHU UHODWLYHQ /HLVWXQJVSRVLWLRQ PLWDXIGLH:HLWHUELOGXQJVPRWLYDWLRQPLW-DKUHQPLWGHPK|FKVWHQ:HUWYRQ XQGJOHLFK]HLWLJIlOOWGLHPRWLYDWLRQDOH6WDELOLWlWEHUGHQ/lQJVVFKQLWWDXI 'LHVH EHVFKULHEHQH $EELOGXQJ LVW DQ GLHVHU 6WHOOH ZHJHQ GHU 8QJOWLJNHLW GHU )LW ,QGL]HVQLFKWDXIJHIKUWXQGEHILQGHWVLFKLP$QKDQJEHL$EELOGXQJ'HU(LQ IOXVVGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQLVWDOVREHLGHQPlQQOLFKHQ+DXSWVFK OHUQ NHLQ JXWHU 9RUKHUVDJHZHUW IU GLH :HLWHUELOGXQJVPRWLYDWLRQ LP (UZDFKVHQDO WHU GLH UHODWLYH /HLVWXQJVSRVLWLRQ PLW -DKUHQ GDJHJHQ VFKHLQW DEHU HLQH OlQJVVFKQLWWOLFKH:LUNXQJ]XKDEHQ :HQQQXQLPIROJHQGHQ0RGHOOQLFKWGLH/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DK UHQ VRQGHUQ MHQH LP $OWHU YRQ -DKUHQ EHL GHQ HKHPDOLJHQ PlQQOLFKHQ +DXSW VFKOHUQ YHUZHQGHW ZLUG ]HLJW VLFK HLQ EHVVHUHV DEHU LPPHU QRFK XQJOWLJHV 0R GHOO 'LH 6FKLFKWYDULDEOH XQG GLH /HLVWXQJVSRVLWLRQ VLQG HEHQIDOOV DXIJHQRPPHQ ZRUGHQZLHHVVLFKDXVGHQNRUUHODWLYHQ%HUHFKQXQJHQLPYRUGHUHQ7HLOHPSILHKOW 'DV *HVDPWPRGHOO HUUHLFKW ]ZDU NHLQH VLJQLILNDQWHQ )LWPDH MHGRFK ]HLJW HV GLH 8QWHUVFKLHGH ]XU *UXSSH GHU HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ VHKU GHXWOLFK DXI 'LH HLQJH]HLFKQHWHQ 3IDGH VLQG PLW $XVQDKPH GHV HLQJHNUHLVWHQ (OWHUQ .LQG%H]LHKXQJ LQ$EELOGXQJDOOHVLJQLILNDQWS
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
D
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW YLHO9HUVWlQGQLV
(OWHUQ.LQG %H]LHKXQJ PLW-
QHKPHQ5FNVLFKW HUZDUWHQGDVVHOEHYRQPLU
/HLVWXQJV PRWLYDWLRQ PLW-
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
U
/HKUHU6FKOHU %H]LHKXQJ PLW-
0RGHOVSHILFDWLRQ FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH
$EELOGXQJ
R
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
R
HKUJHL]LJVHLQ
R
%HUXIOLFKH :HLWHUELOGXQJV PRWLYDWLRQPLW-
VLFKDQVWUHQJHQIU6FKXOH
UHO/HLVWXQJVSRVLWLRQLQ.O
W
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
6FKLFKW
O
V
1RFKXQJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH VR]LDOH6FKLFKWGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYD ULDEOH/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLPlQQOLFKHQ+DXSWVFKOHUQQ XPNUHLVWH=LIIHULVWQLFKWVLJ QLILNDQW
'LH K|FKVWH 9RUKHUVDJHNUDIW HLQHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ HUKlOW LQ GLHVHPJHVDPWKDIWQRFKXQJOWLJHQ0RGHOOGLHVR]LDOH6FKLFKWGHU(OWHUQ 'K MH K|KHU GLH 6FKLFKW GHV (OWHUQKDXVHV LP -XJHQGDOWHU ZDU GHVWR PRWLYLHUWHU ]HLJW VLFKGHUHKHPDOLJH+DXSWVFKOHULQGHUEHUXIOLFKHQ:HLWHUELOGXQJ(VN|QQWHLQWHU SUHWLHUWZHUGHQGDVVHUTXDVLGHQ K|KHUHQ6WDWXVLQVHLQHP(OWHUQKDXVYHUJOLFKHQ PLWVHLQHP+DXSWVFKXODEVFKOXVV HEHQIDOOVHUUHLFKHQP|FKWHXQGLQVRIHUQZHLWHUELO GXQJVPRWLYLHUWLVW'LH/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQLVWKLHU]XGHP VWLFKKDOWLJHU DOV MHQH LP $OWHU YRQ -DKUHQ (EHQIDOOV LQWHUHVVDQW LVW GHU =XVDP PHQKDQJ]ZLVFKHQ/HKUHU6FKOHU%H]LHKXQJXQGUHODWLYHU/HLVWXQJVSRVLWLRQ8QG OHW]WHUH PDQLIHVWH 9DULDEOH ZLUNW IHUQHU VLJQLILNDQW DXI GLH EHUXIOLFKH 0RWLYDWLRQ %LVMHW]WVWDQGHQGLHVR]LDOHQ.RQWH[WHDOV%HVWLPPXQJVIDNWRUHQGHU/HLVWXQJVPRWL YDWLRQLP=HQWUXP*HPlGHPLQWHUDNWLRQLVWLVFKHQ$QVDW]OHLVWHWDEHUDXFKGLHMX JHQGOLFKH3HUVRQVHOEVWHLQHQHLJHQHQ%HLWUDJ]XLKUHU6R]LDOLVDWLRQ$XV7DEHOOH V.DS ZLUGHUVLFKWOLFKGDVVGLHÄVFKXOLVFKH1RUPYHUOHW]XQJ³]XGHQMHQLJHQ PRWLYDWLRQDOHQ 6NDOHQ JHK|UW GLH PLW GHU /HLVWXQJVPRWLYDWLRQ DP K|FKVWHQ NRUUH OLHUHQ:HQQGLHVH9DULDEOHPLWGHPJHQDQQWHQWKHRUHWLVFKHQ+LQWHUJUXQGDOVODWHQ WHV.RQVWUXNWLQ GDV6WUXNWXUJOHLFKXQJVPRGHOODXIJHQRPPHQZLUGNDQQGDVRELJH QLFKW VLJQLILNDQWH 0RGHOO YJO $EELOGXQJ LQ HLQ VLJQLILNDQWHV 0RGHOO XPJH ZDQGHOWZHUGHQYJO$EELOGXQJ
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
D
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW
D
YLHO9HUVWlQGQLV
6FKXOLVFKH 1RUPYHUOHW]XQJ
(OWHUQ.LQG %H]LHKXQJ PLW-
/HLVWXQJV PRWLYDWLRQ PLW-
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
U
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
/HKUHU6FKOHU %H]LHKXQJ PLW-
0RGHOVSHILFDWLRQ FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
J
R
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
R
HKUJHL]LJVHLQ
R
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
6FKLFKW
VLFKDQVWUHQJHQIU6FKXOH
%HUXIOLFKH :HLWHUELOGXQJV PRWLYDWLRQPLW-
W
UHO/HLVWXQJVSRVLWLRQLQ.O
J
/HKUHUIUHFKH$QWZRUWHQJHEHQ
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
J
6DFKHQNDSXWWPDFKHQDQGHU6FKXOH
QHKPHQ5FNVLFKW HUZDUWHQGDVVHOEHYRQPLU
U
/HKUHUDEVLFKWOLFKlUJHUQ
O
V
6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLHÄVFKXOLVFKH1RUP YHUOHW]XQJ³GLHVR]LDOH6FKLFKWGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJ GHU0HGLDWLRQVYDULDEOHQ/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLPlQQOLFKHQ+DXSWVFKOHUQDOOH3IDGHVLJQLILNDQW SQ
'LH /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU NDQQ GXUFK GLH %H]LHKXQJHQ ]X (OWHUQ XQG]XGHQ/HKUHUQXQG PLWWHOVHLJHQHPQRUPYHUOHW]HQGHQ9HUKDOWHQ]XDXI JHNOlUWZHUGHQ'LHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQNDQQ]XHUNOlUWZHU GHQQLFKWDOVZHVHQWOLFKH)ROJHGHUVR]LDOHQ(LQELQGXQJLP(OWHUQKDXVXQGEHLGHQ /HKUHUQQLFKWVLJQLILNDQWH3IDGHZHOFKHKLHUQLFKWHLQJH]HLFKQHWVLQG VRQGHUQYRU DOOHP GXUFK GDV 1RUPYHUOHW]XQJVYHUKDOWHQ ZHOFKHV GHU -XJHQGOLFKH DOV HLJHQHU %HLWUDJVHLQHU6R]LDOLVDWLRQHLQEULQJW 'DEHLJLOWZLHVFKRQLQNRUUHODWLYHQ%H UHFKQXQJHQIHVWJHVWHOOWHLQDXIGHQHUVWHQ$QEOLFNSDUDGR[HU(IIHNW-HZHQLJHUVLFK PlQQOLFKH+DXSWVFKOHUPLW-DKUHQQRUPEH]RJHQYHUKDOWHQKDEHQGHVWRZHLWHU ELOGXQJVPRWLYLHUWHU ]HLJHQ VLH VLFK LP $OWHU YRQ -DKUHQ ,P -XJHQGDOWHU ZDU HV QRFKHLQHQHJDWLYH%H]LHKXQJ0HKUQRUPYHUOHW]HQGHV9HUKDOWHQZDUPLWHLQHUWLH IHUHQ/HLVWXQJVPRWLYDWLRQYHUEXQGHQ 2IIHQEDUKDQGHOWHVVLFKKLHUXPHLQHQ UHOHYDQWHQ /DQJ]HLWHIIHNW GHU GXUFK JHOLQJHQGH %H]LHKXQJHQ ]X %H]XJVSHUVRQHQ EHUHLQH6SDQQHYRQ-DKUHQOHLVWXQJVVR]LDOLVLHUHQGXQGGDPLWNRPSHQVDWRULVFK ZLUNWZDV6'7NRQIRUPJHGHXWHWZHUGHQN|QQWH 'LHVR]LDOH6FKLFKWGHV(OWHUQKDXVHVXQGGLHUHODWLYH/HLVWXQJVSRVLWLRQLP$OWHUYRQ -DKUHQVLQGLPRELJHQ0RGHOOHEHQIDOOVYRQ,QWHUHVVH2IIHQEDUELOGHQVLFKHKH 'DV5HJUHVVLRQVJHZLFKWYRQ]ZLVFKHQGHPODWHQWHQ)DNWRUXQGGHUPDQLIHVWHQ9DULDEOHÄYLHO9HU VWlQGQLV³IlOOWNQDSSXQWHUGHPJHIRUGHUWHQ:HUWYRQDXVYJOKLHU]XDXFKGDVLQ$EELOGXQJDEJH ELOGHWH0RGHOOQDFK=LQQHFNHU *HRUJ6 ZRULQHEHQIDOOV5HJUHVVLRQVJHZLFKWHXQWHU HQWKDOWHQVLQG
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
PDOLJH PlQQOLFKH +DXSWVFKOHU LP (UZDFKVHQHQDOWHU XPVR PHKU ZHLWHU MH VR]LDO K|KHULKU(OWHUQKDXVLP-XJHQGDOWHUHLQ]XVWXIHQZDU'LHVHU6FKLFKWHIIHNW]HLJWVLFK QXU EHL GHQ PlQQOLFKHQ +DXSWVFKOHUQ KLQJHJHQ QLFKW EHL GHQ PlQQOLFKHQ *\P QDVLDVWHQ 8QG IU HKHPDOLJH +DXSWVFKOHU LVW HV I|UGHUOLFKZHQQ VLH VLFKNRPSH WHQWIKOHQXQGVHLHVQXUGDGXUFKGDVVVLH]XGHQEHVWHQGHU.ODVVHJHK|UHQ 'DVJHVDPWHRELJH0RGHOO$EELOGXQJ GUIWHLQVHLQHU.RPSOH[LWlWZRKOHKHU 7HQGHQ]HQ]HLJHQ]XPDOGHU0RGHOOILWJILDJIL EHVVHUDXVIDOOHQN|QQWHXQGDXFK HLQHNOHLQH6WLFKSUREHYRUOLHJWIU3UREDQGHQNRQQWHGDV.RQVWUXNWEHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQYHUZHQGHWZHUGHQ $XIJUXQGGHUYRUKHULJHQVFKULWWZHL VHQNRUUHODWLYHQXQGUHJUHVVLRQVDQDO\WLVFKHQ%HUHFKQXQJHQGUIWHQDEHUGLHHLQJH ]HLFKQHWHQ3IDGHLKUH%HUHFKWLJXQJKDEHQ±DXFKXQWHUGHUWKHRUHWLVFKHQ3HUVSHNWL YHGHU6'7 =XVDPPHQIDVVXQJXQGEHUJUHLIHQGH=XVDPPHQKlQJH 0LWWHOVGHUUHJUHVVLRQVXQGVWUXNWXUJOHLFKXQJVDQDO\WLVFKHQ%HUHFKQXQJHQLQ.DSL WHO NDQQ ]XVDPPHQIDVVHQG IHVWJHKDOWHQ ZHUGHQ GDVV GLH EHUXIOLFKH :HLWHUELO GXQJVPRWLYDWLRQ GHU PlQQOLFKHQ *\PQDVLDVWHQ DP VWLPPLJVWHQ PLW GHU 6'7 EH VWLPPWZHUGHQNDQQ:lKUHQGHVEHLGLHVHQHLQHNHWWHQDUWLJH:LUNXQJJLEWGLHPLW WHOV(OWHUQ.LQG%H]LHKXQJXQG/HKUHU6FKOHU%H]LHKXQJEHUGLH/HLVWXQJVPRWL YDWLRQ LP $OWHU YRQ -DKUHQ GLH VSlWHUH :HLWHUELOGXQJVPRWLYDWLRQ YHUXUVDFKHQG PLWEHVWLPPWGUIWHHVEHLGHQHKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQYRUDOOHPGLH %LOGXQJVVFKLFKW GHU (OWHUQ GLH VFKXOLVFKH 1RUPYHUOHW]XQJ XQG GLH /HLVWXQJVSRVL WLRQLQGHU.ODVVHVHLQZHOFKHGLH$XVSUlJXQJLKUHUEHUXIOLFKHQ:HLWHUELOGXQJVPR WLYDWLRQPLW-DKUHQEHVWLPPHQ ,P*UXQGVDW]GDUIDXIJUXQGGHU$XVIKUXQJHQLQ.DSLWHOELVGLH+\SRWKHVH HLQHUVFKXOIRUPVSH]LILVFKHQ6R]LDOLVDWLRQEH]JOLFKGHU/HUQXQG/HLVWXQJVPRWLYD WLRQVHQWZLFNOXQJEHUHLQHQ-DKUHGDXHUQGHQ/lQJVVFKQLWWDXIUHFKWHUKDOWHQEOHL EHQ :LHEHUHLWVHLQJDQJVHUZlKQWZRUGHQLVWVROOGLHVHVFKXOIRUPVSH]LILVFKH6R]LDOLVD WLRQDXFKDQKDQGYRQ.RUUHODWLRQHQ]ZLVFKHQGHQ=XIULHGHQKHLWHQEHUEHGHXWVDPH /HEHQVEHUHLFKH XQG GHQ KLHU YHUZHQGHWHQ 9DULDEOHQ ZHLWHU JHVWW]W ZHUGHQ YJO 7DEHOOH 'LHVH XQWHUVFKLHGOLFKHQ VLJQLILNDQWHQ =XVDPPHQKlQJH VLQG YRQ H[SORUDWLYHP&KDUDNWHUVLHWUDJHQDEHUHEHQIDOOV]XU6WW]XQJGHU7KHVHQDFKHLQHU VFKXOIRUPVSH]LILVFKHQ6R]LDOLVDWLRQGHU/HLVWXQJVPRWLYDWLRQEHL
(UJHEQLVVH 7DEHOOH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
.RUUHODWLRQHQ]ZLVFKHQDXVJHZlKOWHQ9DULDEOHQGHV-XJHQGDOWHUVXQG9DULDEOHQ]XU=XIULHGHQKHLWLP(UZDFKVH QHQDOWHUEHL0lQQHUQVFKXOIRUPVSH]LILVFK
(KHPPlQQOLFKH*\PQDVLDVWHQ !Q!
-XJHQG $UEHLWV ]HLW VWHOOH
%HUXI
(KHPPlQQOLFKH+DXSWVFKOHU !Q!
=XIULHGHQKHLWPLW« /HEHQ -XJHQG $UEHLWV LQVJH ]HLW VWHOOH VDPW
N6FKLFKW N(OWHUQVWDWXVQHLQMD [UHO/HLVWXQJVSRVLWLRQLQ.O \HLJHQHVPRQDWO1HWWRHLQNRPPHQ VI:RKOIKOHQ]X+DXVH
VI(.%H]D*URVNDOD,WHPV VI(OWHUQ%H]LHKXQJ
VD:RKOIKOHQLQ6FKXOH VD$QRQ\PLWlWDQGHU6FKXOH VD/36%H]LHKXQJ VD,QWHJUDWLRQ3HHUV P/HLVWXQJVPRWLYDWLRQ P/HLVWXQJVPRWLYDWLRQ %/0%HUXIO/HLVWXQJVPRWLYDWLRQ
%:0%HUXIO:HLWHUELOGXQJVPRWLYDWLRQ
%6:%HUXIO6HOEVWZLUNVDPNHLW
6FKDWWLHUWU:HUWHUHWURVSHNWLYHUKREHQ]ZHLVHLWLJJHWHVWHWOLVWZHLVHEHUHFKQHW
%HUXI
/HEHQ LQVJH VDPW
'LH =XVDPPHQKlQJH ]ZLVFKHQ 9DULDEOHQ LP -XJHQGDOWHU XQG ZHVHQWOLFKHQ =XIULH GHQKHLWHQ EHU ZLFKWLJH /HEHQVEHUHLFKH ]HLJHQ VLFK EHL HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQLQ DQGHUHU)RUPDOVEHLHKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQYJO 7DEHOOH %HL EHLGHQ *UXSSHQ JLEW HV VLJQLILNDQWH =XVDPPHQKlQJH ]ZLVFKHQ GHP:RKOIKOHQ]XKDXVHXQGGHU=XIULHGHQKHLWPLWGHUHUOHEWHQ-XJHQG]HLW]XYHU ]HLFKQHQ%HLGHQHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQ]HLJHQVLFK]XVlW]OLFKDXFK VLJQLILNDQWH (IIHNWH ]XU *HVDPW]XIULHGHQKHLW PLW GHP %HUXI XQG GHP HLJHQHQ /H EHQ(EHQIDOOVYHUPDJEHLGLHVHU*UXSSHDXFKGLHHKHPDOLJH(OWHUQ.LQG%H]LHKXQJ HLQHQVLJQLILNDQWHQ=XVDPPHQKDQJDXIGLH/HEHQV]XIULHGHQKHLWPLW-DKUHQKHU ]XVWHOOHQ %HL GHQ PlQQOLFKHQ +DXSWVFKOHUQ LVW GLHV QLFKW GHU )DOO ,QWHUHVVDQW LVW DXFK GDVV GLH 9DWHU0XWWHU%H]LHKXQJ (OWHUQEH]LHKXQJ EHL EHLGHQ *UXSSHQ IU VLJQLILNDQWH =XVDPPHQKlQJH ELV LQV (UZDFKVHQHQDOWHU VRUJW EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQDEHUPLWK|KHUHQ:HUWHQXQGLQNRQVLVWHQWHUHU:HLVH 'HUSDUDGR[H(IIHNWEH]JOLFK6FKXONOLPDGDVVGLHYRQPlQQOLFKHQ+DXSWVFKOHUQ HUOHEWH $QRQ\PLWlW DQ GHU 6FKXOH VSlWHU PLW HLQHU JU|HUHQ $UEHLWVVWHOOH XQG %H UXIV]XIULHGHQKHLW]XVDPPHQKlQJWHUVFKHLQWDXFKKLHUHLQPDOPHKU'HULQYHUVH=X VDPPHQKDQJ]ZLVFKHQ/HLVWXQJVPRWLYDWLRQPLW-DKUHQXQGGHU=XIULHGHQKHLWPLW GHU$UEHLWVVWHOOHPLW-DKUHQLVWLQlKQOLFKHU:HLVH]XYHUVWHKHQ ,QVJHVDPW EHWUDFKWHW VWHOOW PDQ IHVW GDVV GLH =XVDPPHQKlQJH ]ZLVFKHQ VR]LDOHU (LQJHEXQGHQKHLW ]XKDXVH PLW -DKUHQ XQG GHU %HUXIV XQG /HEHQV]XIULHGHQKHLW PLW-DKUHQVLFKEHLPlQQOLFKHQ*\PQDVLDVWHQQDFKKDOWLJHU]HLJHQDOVEHLPlQQOL FKHQ+DXSWVFKOHUQ'LHVLVWLP6LQQHGHV%HIXQGVYRQ+D]DQXQG6KDYHU ]X VHKHQGLHQDFKJHZLHVHQKDEHQGDVVVLFKHUJHEXQGHQH3HUVRQHQ]XIULHGHQHUPLWLK UHU$UEHLWVVWHOOHXQGLKUHQ.ROOHJHQVLQG
(UJHEQLVVH
=XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJGXUFKVR]LDOH(LQJHEXQGHQKHLW
8PJHNHKUW NRUUHOLHUW EHL GHQ PlQQOLFKHQ +DXSWVFKOHUQ EHLVSLHOVZHLVH GLH PLW -DKUHQHUOHEWH,QWHJUDWLRQLQGLH3HHUJURXSVLJQLILNDQWPLWGHU-XJHQG]HLW]XIULHGHQ KHLW XQG /HEHQV]XIULHGHQKHLW PLW -DKUHQ ZDV EHL GHQ HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQQLFKWIHVW]XVWHOOHQLVW'LHVN|QQWHDXIHLQHQZHLWHUHQNRPSHQVDWRUL VFKHQ3UR]HVVKLQGHXWHQ0lQQOLFKH+DXSWVFKOHUVXFKHQGLHVR]LDOH(LQJHEXQGHQ KHLWYLHOOHLFKWYHUPHKUWLQGHU3HHUJURXS
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ .DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ =X.DSLWHO0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQLP -XJHQGDOWHU (V JLEW XQWHUVFKLHGOLFKH 9HUODXIVNXUYHQ GHU /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU IHVW]XVWHOOHQMHQDFK6FKXOW\SXQG*HVFKOHFKW %HL GHQ ,QWHUNRUUHODWLRQHQ ]ZLVFKHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ LP -XJHQGDOWHUIlOOWIROJHQGHU%HIXQGDXI'LH/HLVWXQJVPRWLYDWLRQKlQJWPLWDOOHQDQ GHUHQ9DULDEOHQVLJQLILNDQW]XVDPPHQ 'LH /HLVWXQJVSRVLWLRQ LQ GHU .ODVVH KDW HLQH UHOHYDQWH %HGHXWXQJ IU GLH 8QWHUVX FKXQJGHU/HLVWXQJVPRWLYDWLRQ 'HU HLJHQH SHUVRQDOH (LQIOXVV LP 6LQQH GHV KDQGOXQJVWKHRUHWLVFKHQ 0RGHOOV ZLUG EHU GDV 5DXFKHQ XQG GLH VFKXOLVFKH 1RUPYHUOHW]XQJ DXI GLH HLJHQH /HLVWXQJV PRWLYDWLRQ DXVJHZLHVHQ DXFK ZHQQ *HVFKOHFKW 6FKXOIRUP XQG /HLVWXQJVSRVLWLRQ NRQWUROOLHUWZHUGHQ =X.DSLWHO0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQLP (UZDFKVHQHQDOWHU =ZLVFKHQ0lQQHUQXQG)UDXHQXQG]ZLVFKHQ0lQQHUQYRQ+DXSWVFKXOHQXQGYRQ *\PQDVLHQ JLEW HV ZHVHQWOLFKH 8QWHUVFKLHGH LQ GHU 0RWLYDWLRQ LP (UZDFKVHQHQDO WHUYRUDOOHPLQGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ 'LH UHODWLYH /HLVWXQJVSRVLWLRQ PLW -DKUHQ LVW DXFK IU GLH EHUXIOLFKH :HLWHUELO GXQJVPRWLYDWLRQGHV(UZDFKVHQHQDOWHUVUHOHYDQW(EHQVREHGHXWVDPLVWGHUK|FKVWH EHUXIOLFKH$XVELOGXQJVDEVFKOXVV'LHVHEHLGHQ9DULDEOHQVLQGGHVKDOELP:HLWHUHQ DOVNRQWUROOLHUHQGH9DULDEOHQYHUZHQGHWZRUGHQ :lKUHQGEHLGHQHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQSUDNWLVFKNHLQH.RQWUROOYD ULDEOHQ GLH EHUXIOLFKH 0RWLYDWLRQVZHUWH EHHLQIOXVVHQ VLQG HV EHL GHQ HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQ GLH VR]LDOH 6FKLFKW GLH UHODWLYH /HLVWXQJVSRVLWLRQ XQG GHUEHUXIOLFKH$XVELOGXQJVDEVFKOXVVZHOFKHVLJQLILNDQWPLWGHU:HLWHUELOGXQJVPR WLYDWLRQ]XVDPPHQKlQJHQ'LHVVSULFKWIUHLQHNRQWH[WVSH]LILVFKH/HLVWXQJVVR]LDOL VDWLRQ =X.DSLWHO=XUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLP-XJHQGDOWHU :lKUHQGHVEHLGHU/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHU HLQHQ$EZlUWVWUHQG ]XEHREDFKWHQJLEWYHUOlXIWGLH(OWHUQ.LQG%H]LHKXQJNXUYOLQHDUHVLVWDOVRZLH GHUHLQ$XIZlUWVWUHQG]XEHREDFKWHQ'HU%H]LHKXQJVZHUWPLW-DKUHQVFKHLQWLQ HWZDZLHGHUGHQ:HUWLP$OWHUYRQ-DKUHQDQ]XQHKPHQ(U]LHKXQJVVWLOXQG(O WHUQ.LQG%H]LHKXQJVLQG]XGHPDEKlQJLJYRQGHU6FKXOIRUP-HK|KHUGHUVFKXOL VFKH 6WDWXV GHVWREHVVHU GLH %H]LHKXQJ 6SHDUPDQ¶V 5KR S XQG GHVWR ZHQLJHULQNRQVLVWHQWLVWGLH(U]LHKXQJ]XKDXVH6SHDUPDQ¶V5KRS
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
=X.DSLWHO6R]LDOH%H]LHKXQJHQXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOH LP-XJHQGDOWHU =ZLVFKHQ IDPLOLlUHQ VR]LDOHQ XQG PRWLYDWLRQDOHQ 9DULDEOHQ VLQG WKHRULHNRQIRUPH =XVDPPHQKlQJHIHVW]XVWHOOHQ'LH(OWHUQ.LQG%H]LHKXQJVYDULDEOHQZHLVHQK|FKV WH :HUWH ]XU /HLVWXQJVPRWLYDWLRQ DXI 1HJDWLYH .RUUHODWLRQHQ VLQG EHL 5HLEHUHLHQ LQNRQVLVWHQWHP (U]LHKXQJVVWLO XQG EHL GHU :DKO HLQHU DXHUIDPLOLlUHQ 9HUWUDXHQV SHUVRQIHVW]XVWHOOHQ 'LH (OWHUQ.LQG%H]LHKXQJV9DULDEOHQ :RKOIKOHQ ]XKDXVH HLQH JXWH (OWHUQ .LQG%H]LHKXQJXQGHLQNRQVLVWHQWHU(U]LHKXQJVVWLO EOHLEHQDXFKGDQQVLJQLILNDQW ]XU9DULDEOHQ/HLVWXQJVPRWLYDWLRQZHQQGHU6FKXOW\SGDV*HVFKOHFKWXQGGLHUHOD WLYH/HLVWXQJVSRVLWLRQNRQWUROOLHUWZHUGHQ =X.DSLWHO=XUDXHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLP-XJHQGDOWHU :lKUHQGGLHÄ9HUWUDXHQ]XP/HKUHU³.XUYHlKQOLFKGHU.XUYHZLHEHLGHU(OWHUQ .LQG%H]LHKXQJ YHUOlXIW LP $OWHU YRQ -DKUHQ ]HLJW VLFK ZLHGHU HLQ $XIZlUWV WUHQG ]HLJW VLFK EHL GHU /HKUHU6FKOHU%H]LHKXQJ NHLQH VROFKH 7HQGHQ] -HGRFK ]HLJWVLFKYRUDOOHPHLQHVFKXOIRUPVSH]LILVFKH7HQGHQ]-XJHQGOLFKHGHV*\PQDVL XPVIKOHQVLFKYRQLKUHQ/HKUHUQPHKUZHUWJHVFKlW]WW S =X.DSLWHO$XHUIDPLOLlUHVR]LDOH%H]LHKXQJHQXQGPRWLYDWLRQDOH3HUV|QOLFK NHLWVPHUNPDOHLP-XJHQGDOWHU 'LH PHLVWHQ DXHUIDPLOLlUHQ 9DULDEOHQ ]XU VR]LDOHQ (LQJHEXQGHQKHLW ZHLVHQ HLQHQ VLJQLILNDQWHQ=XVDPPHQKDQJ]XGHQPRWLYDWLRQDOHQ9DULDEOHQDXI1XUZHQLJHHU UHLFKHQ HLQHQ .RUUHODWLRQVZHUW YRQ U :RKOIKOHQ LQ GHU 6FKXOH /HKUHU 6FKOHU%H]LHKXQJXQG9HUWUDXHQ]XP/HKUHU *HPl GHU 3DUWLDONRUUHODWLRQ XQWHU .RQWUROOH GHU UHODWLYHQ /HLVWXQJVSRVLWLRQ *H VFKOHFKWXQG6FKXOW\S HUZHLVHQVLFKIROJHQGH9DULDEOHQZLFKWLJIUGLH/HLVWXQJV PRWLYDWLRQ:RKOIKOHQLQGHU6FKXOHXQG/HKUHU6FKOHU%H]LHKXQJ =X.DSLWHO3DUWLDONRUUHODWLYH%HUHFKQXQJHQLP4XHUVFKQLWWXQGNXU]HQ/lQJV VFKQLWWGHV-XJHQGDOWHUV ,P 4XHUVFKQLWW JLEW HV EHL DOOHQ YLHU *UXSSHQ PLQGHVWHQV HLQHQ VLJQLILNDQWHQ =X VDPPHQKDQJ ]ZLVFKHQ HLQHU (OWHUQ.LQG%H]LHKXQJVVNDOD XQG GHU /HLVWXQJVPRWL YDWLRQ PLW -DKUHQ XQDEKlQJLJ YRQ GHU /HLVWXQJ ,P NXU]HQ /lQJVVFKQLWW LVW HV DXIIDOOHQGGDVVQXUQRFKEHLGHQHKHPDOLJHQ.QDEHQGHV*\PQDVLXPVGXUFKZHJV KRFKVLJQLILNDQWH (IIHNWH VR]LDOHU (LQJHEXQGHQKHLW LP $OWHU YRQ -DKUHQ DXI GLH /HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQIHVW]XVWHOOHQVLQG ,P 4XHUVFKQLWW LVW GLH %HGHXWXQJ GHU VR]LDOHQ (LQJHEXQGHQKHLW LQ GHU 6FKXOH :RKOIKOHQ 9HUWUDXHQ XQG %H]LHKXQJ EHL DOOHQ YLHU *UXSSHQ QDFKZHLVEDU ,P NXU]HQ =ZHL-DKUHV/lQJVVFKQLWW ]HLJHQ VLFK ZLHGHUXP QXU QRFK EHL GHQ PlQQOL FKHQ*\PQDVLDVWHQVLJQLILNDQWH:HUWH:RKOIKOHQ/HKUHU6FKOHU%H]LHKXQJ DXI GLH/HLVWXQJVPRWLYDWLRQ
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
=X.DSLWHO5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ ,P 4XHUVFKQLWW N|QQHQ EHL DOOHQ YLHU *UXSSHQ 5HJUHVVLRQVPRGHOOH JHIXQGHQ ZHU GHQZHOFKHGLH/HLVWXQJVPRWLYDWLRQVLJQLILNDQWDXINOlUHQN|QQHQREZRKOQLFKWDOOH %HWDZHUWHVLJQLILNDQWVLQGEHLGHQPlQQOLFKHQ*\PQDVLDVWHQHUJLEWVLFKHLQ5 ,P NXU]HQ /lQJVVFKQLWW ]HLJW VLFK EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ GDV NRQVLVWHQWHVWH 0RGHOO 'LH /HLVWXQJVPRWLYDWLRQ NDQQ GXUFK IDPLOLlUH XQG DXHUID PLOLlUHVR]LDOH.RQWH[WH]XDXIJHNOlUWZHUGHQHVVLQGDEHUQLFKWDOOH%HWDZHU WHVLJQLILNDQW =X.DSLWHO6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ 0LW HLQHP 6WUXNWXUJOHLFKXQJVPRGHOO NDQQ XQWHU 9HUZHQGXQJ DOOHU 3UREDQGHQ JH ]HLJW ZHUGHQ GDVV HLQ PHVVIHKOHUEHUHLQLJWHU (IIHNW GHU (OWHUQ.LQG XQG /HKUHU 6FKOHU%H]LHKXQJDXIGLH/HLVWXQJVPRWLYDWLRQOlQJVVFKQLWWOLFKQDFKJHZLHVHQZHU GHQ NDQQ $XINOlUXQJ GHU DEKlQJLJHQ 9DULDEOH /HLVWXQJVPRWLYDWLRQ PLW -DKUHQ 'LHIDPLOLlUHQXQGVFKXOLVFKHQ%H]LHKXQJVHLQIOVVHVLQGHWZDJOHLFKJUR ,QGHQGLIIHUHQ]LHUWHQ%HUHFKQXQJHQ]HLJWVLFKGDVVMHQDFK6FKXOIRUPDXFKXQWHU VFKLHGOLFK KRKH 5HJUHVVLRQVJHZLFKWH 3IDGH DXI GLH /HLVWXQJVPRWLYDWLRQ ZLUNHQ GLH*HVDPWPRGHOOHZHUGHQDEHUQLFKWDQJHQRPPHQ %HVRQGHUVDXIIDOOHQGVLQGGLH PlQQOLFKHQ +DXSWVFKOHU EHL ,KQHQ VSLHOW GLH :HUWVFKlW]XQJ XQG %H]LHKXQJ GHV /HKUHUV HLQH YHUJOHLFKVZHLVH JU|HUH 5ROOH DOV EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ 'LH+\SRWKHVHQDFKHLQHU6FKXOIRUPXQGJHVFKOHFKWVVSH]LILVFKXQWHUVFKLHGOLFKDXV JHSUlJWHQ 9HUXUVDFKXQJ GHU /HLVWXQJVPRWLYDWLRQ ZLUG DXIUHFKW HUKDOWHQ (LQ JOWL JHV0RGHOOLVWTXHUDOVDXFKOlQJVVFKQLWWOLFKQXUEHLGHQPlQQOLFKHQ*\PQDVLDVWHQ LGHQWLIL]LHUEDU =X.DSLWHO.RUUHODWLYH%HUHFKQXQJHQ]XUhEHUVLFKW (VLVWVRZRKONRUUHODWLYDOVDXFKSDUWLDONRUUHODWLYXQWHU.RQWUROOHGHU/HLVWXQJVSR VLWLRQ HLQ VLJQLILNDQWHU =XVDPPHQKDQJ ]ZLVFKHQ GHU (OWHUQ.LQG%H]LHKXQJ XQG GHQ GUHL PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ -DKUH VSlWHU QDFK]XZHLVHQ 0LW U S ]HLJW GLH .XU]VNDOD 9HUVWlQGQLV XQG 9RUELOGZLUNXQJ GHQ JU|WHQ:HUWXQWHUGHQYHUVFKLHGHQHQ(OWHUQ.LQG%H]LHKXQJV6NDOHQ'DULQLVWGLH 9HUVWlQGQLV DOV DXFK GLH (UZDUWXQJVGLPHQVLRQ LP 6LQQH GHV DXWRULWDWLYHQ (U]LH KXQJVVWLOVYRUKDQGHQ]%,WHP0HLQH(OWHUQQHKPHQ5FNVLFKWDXIPLFKXQGHU ZDUWHQGDVJOHLFKHYRQPLU :LHGHUXPDPK|FKVWHQVFKOlJWGLHVH(OWHUQ.LQG%H]LHKXQJVVNDODEHLGHQHKHPD OLJHQ -XJHQGOLFKHQ GHV *\PQDVLXPV DXI GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ DXV NRUUHODWLY XQGSDUWLDONRUUHODWLY ZlKUHQGEHL GHQ DQGHUHQ XQWHUVXFKWHQ *UXS SHQZHQLJNODUH3URILOHIHVWJHVWHOOWZHUGHQN|QQHQ =X.DSLWHO5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ3UlGLNWLRQPRWLYDWLRQDOHU 3HUV|QOLFKNHLWVPHUNPDOHLP(UZDFKVHQHQDOWHU %HL GHQ PlQQOLFKHQ +DXSWVFKOHUQ NDQQ GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ PLWWHOV GHQ 9DULDEOHQ %HJDEXQJVHLQVFKlW]XQJ XQG $QRQ\PLWlW LQ GHU 6FKXOH ]X XQGQXUGXUFKHUVWHUH]XDXIJHNOlUWZHUGHQ%HLGHQPlQQOLFKHQ*\PQDVL
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
DVWHQ OlVVW VLFK GLH :HLWHUELOGXQJVPRWLYDWLRQ GXUFK GLH 4XDOLWlW GHU (OWHUQ.LQG %H]LHKXQJXQGGXUFKGLHGHU9DWHU0XWWHU%H]LHKXQJ]XHUNOlUHQ =X.DSLWHO6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ ,QVJHVDPWNDQQVRZRKOIUDOOH3UREDQGHQDOVDXFKQXUIUGLH*UXSSHGHUPlQQOL FKHQ *\PQDVLDVWHQ NHLQ JOWLJHV 6WUXNWXUJOHLFKXQJVPRGHOO JHIXQGHQ ZHUGHQ GDV GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ GXUFK GLH (OWHUQ.LQG XQG GLH /HKUHU 6FKOHU%H]LHKXQJ LP -XJHQGDOWHU VLJQLILNDQW DXINOlUHQ NDQQ (V ZLUG YHUPXWHW GDVVGLH$XIQDKPHGHU/HLVWXQJVPRWLYDWLRQGHV-XJHQGDOWHUVDOVPRGHULHUHQGH9D ULDEOHGDV0RGHOOYHUEHVVHUQNDQQ =X.DSLWHO6WDELOLWlWLP=ZHL-DKUHV/lQJVVFKQLWWLP-XJHQGDOWHU 'LH6WDELOLWlW]ZLVFKHQGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQXQGGHUPLW-DKUHQ LVWEHUDOOH3UREDQGHQKLQZHJU S (VILQGHQVLFKEHLGHQ*\PQDVLDVWHQ ZHVHQWOLFK K|KHUH 6WDELOLWlWHQ DOV EHL GHQ -XJHQGOLFKHQ GHU +DXSWVFKXOH :HLO GHU )RNXVDXIGHQ0lQQHUQOLHJWVLQGGLHVHDXVJHZLHVHQ'LH/HLVWXQJVPRWLYDWLRQVVWD ELOLWlWGHUPlQQOLFKHQ*\PQDVLDVWHQEHWUlJWS E]ZS EHLVWD WLVWLVFKHU.RQWUROOHGHU/HLVWXQJVSRVLWLRQ =X.DSLWHO6WDELOLWlWLP-DKUHV/lQJVVFKQLWW%/0XQG%:0 6RZRKO GLH /HLVWXQJVPRWLYDWLRQ PLW XQG PLW -DKUHQ ]HLJHQ XQWHU .RQWUROOH GHU /HLVWXQJVSRVLWLRQ XQG GHV K|FKVWHQ EHUXIOLFKHQ $XVELOGXQJVDEVFKOXVVHV HLQHQ =XVDPPHQKDQJYRQ]XUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ± EHUDOOH3UR EDQGHQEHUHFKQHW(LQHQQRFKK|KHUHQ:HUW]HLJWVLFKLQGHU.RUUHODWLRQ]ZLVFKHQ GHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQXQGGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQPLW -DKUHQ XQGGHUVFKXOLVFKHQ/HLVWXQJVDQJVWXQGGHUEHUXIOLFKHQ6HOEVWZLUN VDPNHLW-DKUHVSlWHU ,QWHUHVVDQWLVWDXFKGDVVGDV,QWHUHVVHGHV.LQGHVLQ GHU:DKUQHKPXQJGHU(OWHUQ NHLQHQOlQJVVFKQLWWOLFKHQ(IIHNWDXIZHLVW :lKUHQG DOVR EHL GHU JHVDPWHQ 6WLFKSUREH ]ZLVFKHQ /HLVWXQJVPRWLYDWLRQ PLW E]Z PLW -DKUHQ XQG GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ %:0 PLW -DKUHQVLJQLILNDQWH6WDELOLWlWHQYRQMHU IHVWJHVWHOOWZHUGHQN|QQHQIDOOHQGLHVH 6WDELOLWlWHQEHLGHQPlQQOLFKHQHKHPDOLJHQ*\PQDVLDVWHQPLWE]ZDXVDOVR LQVJHVDPW ]ZHLPDO JU|HU GLH .RQWUROOYDULDEOHQ UHODWLYH /HLVWXQJVSRVLWLRQ XQG K|FKVWHU EHUXIOLFKHU $XVELOGXQJVDEVFKOXVV ZXUGHQ ZLHGHUXP DXVSDUWLDOLVLHUW %HL LKQHQ JLEW HV DP PHLVWHQ .RQVLVWHQ] 6RPLWEOHLEW GLH GXUFK VR]LDOH (LQJHEXQGHQ KHLWYHUXUVDFKWH/HLVWXQJVPRWLYDWLRQELVLQV(UZDFKVHQHQDOWHULQ)RUPGHU:HLWHU ELOGXQJVPRWLYDWLRQ QDFKZHLVEDU %HL PlQQOLFKHQ +DXSWVFKOHUQ GDJHJHQ JLEW HV NHLQHGLHVEH]JOLFKHVLJQLILNDQWH6WDELOLWlW %HLGHQHKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQNDQQGLH:HLWHUELOGXQJVEHUHLWVFKDIW LQHLQHU5HJUHVVLRQVDQDO\VH]XGXUFKGLH/HLVWXQJVPRWLYDWLRQXQGGLH9DULDEOH Ä(OWHUQ.LQG.RQVHQV EH]JOLFK ÃZLH EHQHKPHQ¶³ LP $OWHU YRQ -DKUHQ DXIJH NOlUWZHUGHQ
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
'DV6WUXNWXUJOHLFKXQJVPRGHOOLQGHPGLH/HLVWXQJVPRWLYDWLRQPLW-DKUHQGLHEH UXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQPLW-DKUHQYRUKHUVDJWLVWEHLGHQHKHPDOLJHQ PlQQOLFKHQ*\PQDVLDVWHQVLJQLILNDQW'DVVHOEH0RGHOOLVWEHUGLHJHVDPWH6WLFK SUREHEHUHFKQHWXQJOWLJ$XFKGLHVHLQ%HOHJGDVVGLH PlQQOLFKHQ *\PQDVLDVWHQ HLQH EHVRQGHUH 6WDELOLWlW ]HLJHQ XQG LQVRIHUQ YRQ HLQHU VFKXOIRUPVSH]LILVFKHQ 6R ]LDOLVDWLRQJHVSURFKHQZHUGHQNDQQ =X.DSLWHO=XUhEHUVLFKW0LWWHOZHUWVYHUJOHLFKHXQG.RUUHODWLRQVEHUHFKQXQ JHQ 0lQQOLFKH+DXSWVFKOHUVFKlW]HQJHJHQEHUGHQPlQQOLFKHQ*\PQDVLDVWHQGLHVR ]LDOH (LQJHEXQGHQKHLW LP (OWHUQKDXV XQG LP 6FKXOKDXV XQG GLH %HJDEXQJVZDKU QHKPXQJYRQ6HLWHQGHU(OWHUQVLJQLILNDQWWLHIHUHLQXQGOHJHQHLQVLJQLILNDQWDXVJH SUlJWHUHV VFKXOLVFKHV 1RUPYHUOHW]XQJVYHUKDOWHQ DQ GHQ 7DJ %HVRQGHUV EHL GLHVHQ -XQJHQ ]HLJW VLFK HLQ HUVWDXQOLFKHU %HIXQG 'HU TXHUVFKQLWWOLFKH =XVDPPHQKDQJ ]ZLVFKHQGHU/HKUHU6FKOHU%H]LHKXQJXQGGHUUHODWLYHQ/HLVWXQJVSRVLWLRQGHU-X JHQGOLFKHQ LQQHUKDOE GHU .ODVVH LVW PLW U ZHVHQWOLFK K|KHU DOV GHU 3DUWLDO =XVDPPHQKDQJ/HLVWXQJNRQWUROOLHUW ]ZLVFKHQGHU/HKUHU6FKOHU%H]LHKXQJXQG GHU/HLVWXQJVPRWLYDWLRQPLWU :HQQ HLQH HU]LHKHULVFKH )XQNWLRQ LP 6LQQH GHU 6R]LDOLVDWLRQ EHUKDXSW DXVJHEW ZHUGHQVROOLVWHVDQJH]HLJWGLH$QELQGXQJGHU%H]LHKXQJ:HUWVFKlW]XQJXQG$Q HUNHQQXQJ YRU DOOHP DXI GLH /HLVWXQJVEHUHLWVFKDIW XQG PRWLYDWLRQ GHV -XJHQGOL FKHQDEHUQLFKW DXIGHVVHQHLJHQWOLFKH/HLVWXQJ]XEH]LHKHQ,P9HUJOHLFK]XGHQ PlQQOLFKHQ *\PQDVLDVWHQ ]HLJW VLFK GLHV EHL GHQ PlQQOLFKHQ +DXSWVFKOHUQ SURE OHPDWLVFK 3lGDJRJLVFK JHVHKHQ VROOWHQ GLH .RUUHODWLRQVZHUWH /HKUHU6FKOHU %H]LHKXQJ ]X /HLVWXQJVSRVLWLRQ XQG /HKUHU6FKOHU%H]LHKXQJ ]X /HLVWXQJV PRWLYDWLRQ HLJHQWOLFKJHUDGHXPJHNHKUWDXVIDOOHQ )UHLQHOlQJHUIULVWLJVWDELOH/HLVWXQJVEHUHLWVFKDIWLP6LQQHHLQHUHUIROJUHLFKHQ6R ]LDOLVDWLRQ VROOWHQ /HKUHU YRU DOOHP GLH $UEHLWVKDOWXQJ GHU 6FKOHU ZHUWVFKlW]HQG YHUVWlUNHQVWDWWYRUVFKQHOODXILKUH/HLVWXQJVSRVLWLRQLQVHOHNWLRQLHUHQGHU:HLVH]X IRNXVVLHUHQXQGLKUH%H]LHKXQJGDQDFKDXV]XULFKWHQ8QWHUGHU6'73HUVSHNWLYHLVW GLH/HKUHU6FKOHU%H]LHKXQJHLQHZHVHQWOLFKH.RPSRQHQWHIUGLH)|UGHUXQJGHU /HUQXQG/HLVWXQJVPRWLYDWLRQXQGVLHVROOWHP|JOLFKVWXQDEKlQJLJYRQGHUHIIHNWL YHQ /HLVWXQJVHUEULQJXQJ VHLQ GDPLW VRZRKO JXWH DOV DXFK VFKZlFKHUH 6FKOHU GD YRQSURILWLHUHQN|QQHQ+LHUDXVNDQQHLQHHLJHQWOLFKH%H]LHKXQJVGLGDNWLNJHIROJHUW ZHUGHQYJO0LOOHU .RUUHODWLYHOlQJVVFKQLWWOLFKH%HUHFKQXQJHQ]HLJHQLQGHUhEHUVLFKWGDVVGLHEHUXI OLFKH0RWLYDWLRQYRQHKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQYRUDOOHPPLWVFKLFKW EH]RJHQHQXQGEHJDEXQJVUHOHYDQWHQ9DULDEOHQGHU-XJHQG]HLW]XVDPPHQKlQJHQ =X.DSLWHO5HJUHVVLRQVDQDO\WLVFKH%HUHFKQXQJHQ 'LHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQGHUPlQQOLFKHQ*\PQDVLDVWHQOlVVWVLFK]X GXUFKLKUH(OWHUQ.LQG%H]LHKXQJXQGHWZD]XGXUFKLKUH/HLVWXQJVPRWLYD
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
.DSLWHOEH]RJHQH=XVDPPHQIDVVXQJHQ
WLRQ PLW-DKUHQHUNOlUHQLP*HJHQVDW]]XUJHVDPWHQ6WLFKSUREHEHLGHUHVQXU JHUDGHE]ZVLQGLP6FKQLWWDOVRGUHLPDOZHQLJHU =X.DSLWHO9DULDQ]DQDO\WLVFKH%HUHFKQXQJHQ %HL GHQ HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ ZLUG PLWWHOV HLQHU GUHLIDNWRULHOOHQ 9DULDQ]DQDO\VH QDFKJHZLHVHQ GDVV VRZRKO GLH %H]LHKXQJ ]X GHQ (OWHUQ DOV DXFK MHQH]XP/HKUHU]XVDPPHQPLWGHU/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQHL QHQ,QWHUDNWLRQVHIIHNWDXIGLHVSlWHUHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQDXVEHQ =XGHPZLUGHLQGUHLIDFKHU,QWHUDNWLRQVHIIHNWYRQEHLGHQ%H]LHKXQJHQXQGGHU/HLV WXQJVPRWLYDWLRQ PLW DXI GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ DXVJHZLHVHQ GLH *HVDPWPRGHOODXINOlUXQJ EHWUlJW 'DV )D]LW ODXWHW /HLVWXQJVVR]LDOLVDWLRQ LP -XJHQGDOWHU HUIROJW EHU JXWH %H]LHKXQJHQ 'LHVH VR HQWVWDQGHQH /HLVWXQJVKDO WXQJZLUNWVLFKVWDELOLVLHUHQGDXIGLHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQDXV'HU IDPLOLlUHXQGGHUVFKXOLVFKH.RQWH[WN|QQHQDOVRPLWGHUYRP-XJHQGOLFKHQJH]HLJ WHQ /HLVWXQJVPRWLYDWLRQ LP $OWHU YRQ -DKUHQ ]XVDPPHQ HLQH SRVLWLYH :LUNXQJ DXI GLH 0RWLYDWLRQ LP $OWHU YRQ -DKUHQ DXVEHQ 'LHVH GUHL (OHPHQWH ZLUNHQ PLWHLQDQGHUYHUVWlUNHQG =X.DSLWHO6WUXNWXUJOHLFKXQJVPRGHOO%HUHFKQXQJHQ 0LWWHOV6WUXNWXUJOHLFKXQJVPRGHOOHQNDQQJH]HLJWZHUGHQGDVVGLH%H]LHKXQJHQ]X (OWHUQ XQG /HKUHUQ EHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ IU GLH /HLVWXQJVPRWLYDWLRQ TXHUVFKQLWWOLFKDOVDXFKIUGLHEHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQOlQJVVFKQLWWOLFK DOVYHUXUVDFKHQG]XLQWHUSUHWLHUHQVLQGGHUHUNOlUWH9DULDQ]DQWHLOEHWUlJW'LH (OWHUQ.LQG%H]LHKXQJ ZLUNW VRJDU VLJQLILNDQW GLUHNW DXI GLH EHUXIOLFKH :HLWHUELO GXQJVPRWLYDWLRQ LP *HJHQVDW] ]XU /HKUHU6FKOHU%H]LHKXQJ GLH EHL GHU /HLV WXQJVPRWLYDWLRQVVR]LDOLVDWLRQ YRU DOOHP LP -XJHQGDOWHU LKUH :LFKWLJNHLW KDW ZlK UHQGVLHQLFKWPHKUGLUHNWDXIGLH0RWLYDWLRQLP(UZDFKVHQHQDOWHUZLUNW %HLGHQPlQQOLFKHQ+DXSWVFKOHUQGUIWHIUGLH%HVWLPPXQJGHUEHUXIOLFKHQ:HL WHUELOGXQJVPRWLYDWLRQ GLH VR]LDOH 6FKLFKW LKUHU (OWHUQ LKU QRUPDEZHLFKHQGHV 9HU KDOWHQLKUH/HLVWXQJVPRWLYDWLRQXQGGLH4XDOLWlWGHU%H]LHKXQJYRUDOOHP]XP/HK UHU EHVWLPPHQG VHLQ (UVWDXQOLFK LVW GDVV VRZRKO GLH (OWHUQ.LQG%H]LHKXQJ DOV DXFKGLH/HKUHU6FKOHU%H]LHKXQJNHLQHGLUHNWHQVLJQLILNDQWHQ:LUNXQJHQDXIGLH EHUXIOLFKH:HLWHUELOGXQJVPRWLYDWLRQDXVEHQZLHGDVEHLGHQPlQQOLFKHQ*\PQD VLDVWHQ GHU )DOO LVW 'DIU NRUUHOLHUW DEHU OHW]WHUH PLW GHU VFKXOLVFKHQ 1RUPYHUOHW ]XQJGHV-XJHQGOLFKHQXQGGHUUHODWLYHQ/HLVWXQJVSRVLWLRQ-HPHKUGHU-XJHQGOLFKH QHJDWLYH 9HUKDOWHQVZHLVHQ ]HLJW GHVWR ZHQLJHU JXW LVW GLH %H]LHKXQJ ]XP /HKUHU 'LH JXWH %H]LHKXQJ ]XP /HKUHU ZLUNW LQ GLUHNWHU :HLVH I|UGHUOLFK DXI GLH /HLV WXQJVPRWLYDWLRQ (V LVW ZDKUVFKHLQOLFK GLH DXWRQRPH (QWVFKHLGXQJ GHV -XJHQGOL FKHQJHJHQ6FKXOQRUPHQ]XYHUVWRHQXQGVRDOV.RQVHTXHQ]ZHQLJHUJXWH%H]LH KXQJHQ ]X GHQ /HKUHUQ ]X KDEHQ 'XUFK GLHVH JHPDFKWH -XJHQGHUIDKUXQJ NRPPW GHUMXQJH(UZDFKVHQHDEHU P|JOLFKHUZHLVH ]X HLQHU (LQVLFKW -H PHKU GHU6FKOHU PLW-DKUHQVFKXOLVFKH1RUPHQYHUOHW]WGHVWRJU|HULVWVHLQH:HLWHUELOGXQJVPR WLYDWLRQ LP $OWHU YRQ -DKUHQ HUZlKQWH SDUDGR[H (IIHNW 'DV 9RU]HLFKHQ KDW
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
JHZHFKVHOW (V NDQQ DOVR GDYRQ DXVJHJDQJHQ ZHUGHQ GDVV HKHPDOLJH 6FKOHU GHU +DXSWVFKXOH ZHOFKH LP $OWHU YRQ -DKUHQ VFKXOLVFKH 1RUPHQ YHUOHW]WHQ GXUFK GLHVH (UIDKUXQJ ÄNOJHU³ JHZRUGHQ VLQG XQG LKU /HLVWXQJVYHUKDOWHQ LP (UZDFKVH QHQDOWHUNRPSOHWWlQGHUQE]ZÄHWZDVQDFKKROHQ³ 'LHVHU DXI GHQ HUVWHQ %OLFN SDUDGR[H (IIHNW lQGHUW GLH 6WDELOLWlW ]ZLVFKHQ /HLV WXQJVPRWLYDWLRQ PLW -DKUHQ XQG EHUXIOLFKHU :HLWHUELOGXQJVPRWLYDWLRQ LQVRIHUQ DOVVLFKGLHVHQXQPLWHLQHPVLJQLILNDQWHQ%HWDJHZLFKWYRQ]HLJWXQGHWZDlKQ OLFKJURZLHEHLGHQPlQQOLFKHQ*\PQDVLDVWHQLVW:LUKDEHQDOVRGUHL:LUNXQJV PHFKDQLVPHQ HLQH GXUFK VR]LDOH (LQJHEXQGHQKHLW XQG 1RUPYHUKDOWHQ YHUXUVDFKWH /HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUZHOFKHHLQH6WDELOLWlWELVLQV(UZDFKVHQHQDOWHU DXVO|VW HLQ QRUPDEZHLFKHQGHV 9HUKDOWHQ LP -XJHQGDOWHU ZHOFKHV VSlWHU GXUFK HL QHQ(LQVLFKWVSUR]HVV]XKDQGHQHLQHUJU|HUHQ:HLWHUELOGXQJVPRWLYDWLRQZLUNWXQG GLH=XJHK|ULJNHLW]XHLQHUVR]LDOHQ6FKLFKWXQG]XHLQHU/HLVWXQJVJUXSSHLQQHUKDOE GHU .ODVVH ZHOFKH HEHQIDOOV DOV 0RWRU GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ ZLUNW 'LHVHUNRPSOH[H%HIXQGLQHLQHP0RGHOOGDVPLWHLQHUNOHLQHQ$Q]DKO3UREDQGHQ Q EHUHFKQHWZXUGHXQGLQGHPGLH)LWPDH]XIULHGHQVWHOOHQGDEHUQLFKWRS WLPDODXVIDOOHQNDQQQXUDOV7KHVHIRUPXOLHUWZHUGHQ]XPDOLP7KHRULHNDSLWHONHL QHGLHVEH]JOLFKHQNRPSOH[HQ(UNHQQWQLVVHDXIJH]HLJWZXUGHQ9LHOHVVSULFKWDEHU GDIU GLH ,QWHUSUHWDWLRQ DXIUHFKW ]X HUKDOWHQ *XWH %H]LHKXQJHQ I|UGHUQ LP 4XHU VFKQLWW QRUPEH]RJHQHV 9HUKDOWHQ XQG QRUPDEZHLFKHQGHV 9HUKDOWHQ ORKQW VLFK DXI 'DXHUQLFKWZDV-XJHQGOLFKHLQGHU%HUXIVZHOWZDKUVFKHLQOLFKJHOHUQWXQGYHUVWDQ GHQKDEHQ =X.DSLWHO=XVDPPHQIDVVXQJ 'LH XQWHUVFKLHGOLFKH 6R]LDOLVDWLRQ GHU HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHU XQG PlQQOLFKHQ*\PQDVLDVWHQ]HLJWVLFKDXFKLQGHQ=XVDPPHQKlQJHQEHUGLHDOOJH PHLQH=XIULHGHQKHLWHQ EHU ZHVHQWOLFKH /HEHQVEHUHLFKH 'LH VR]LDOH (LQJHEXQGHQ KHLW NRUUHOLHUW EHL HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ K|KHU DOV EHL PlQQOLFKHQ +DXSWVFKOHUQPLWGHQ-XJHQG]HLW$UEHLWVVWHOOH%HUXIVXQG/HEHQV]XIULHGHQKHL WHQ(EHQVRLVWHVEHLGHQ=XVDPPHQKlQJHQ]ZLVFKHQGHQEHUXIOLFKHQ0RWLYDWLRQV ZHUWHQXQGGHQ$UEHLWV%HUXIVXQG/HEHQV]XIULHGHQKHLWHQ ,QWHUSUHWDWLRQXQG'LVNXVVLRQ 1DFKGHPGLH(UJHEQLVVH]XVDPPHQJHIDVVWVLQGVROOLQGLHVHP.DSLWHOQXQGLH,Q WHUSUHWDWLRQ GHU HUKDOWHQHQ (UJHEQLVVH YROO]RJHQ ZHUGHQ 6LH RULHQWLHUW VLFK DQ GHQ ]XYRUDXIJHVWHOOWHQ+\SRWKHVHQV.DS XQGVWUXNWXULHUWVLFKLQYLHU7KHPHQEH UHLFKH 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQ 6R]LDOH(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQG DOWHU
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
6R]LDOH(LQJHEXQGHQKHLWLP-XJHQGDOWHUXQGPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUN PDOHLP(UZDFKVHQDOWHU =XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ6WDELOLWlWXQGGLIIHUHQWLHOOH6R]LDOLVDWLRQV EHGLQJXQJHQ $ 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHXQG.RQWUROOYDULDEOHQ
'LHHUVWH+\SRWKHVHODXWHWH + =ZLVFKHQ.RQWUROOYDULDEOHQXQGGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ JLEW HV VLJQLILNDQWH =XVDPPHQKlQJH VRZRKO LP -XJHQGDOWHU DOV DXFK LP (U ZDFKVHQHQDOWHUXQGHEHQVRLQGLIIHUHQWLHOOHU+LQVLFKWV.DSE]Z *HPlGHQ(UJHEQLVVHQEOHLEWGLHDOOJHPHLQ IRUPXOLHUWH+\SRWKHVHDXIUHFKWHU KDOWHQ(VN|QQHQIROJHQGH7HLOK\SRWKHVHQEHVWlWLJWZHUGHQ + ,P-XJHQGDOWHU,PIUKHQ-XJHQGDOWHUVRUJWGLHUHODWLYH/HLVWXQJVSRVLWLRQLQ GHU .ODVVH LQQHUKDOE GHU .RQWUROOYDULDEOHQ IU DXIIDOOHQGH VLJQLILNDQWH (I IHNWHDXIGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHU + ,P (UZDFKVHQHQDOWHU 'LH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ LVW DP VWlUNVWHQ DEKlQJLJ YRQ GHQ .RQWUROOYDULDEOHQ 6RZRKO GLH 6FKXOIRUP GLH UHODWLYH /HLVWXQJVSRVLWLRQ DOV DXFK GHU VFKXOLVFKH XQG EHUXIOLFKH $XVELO GXQJVDEVFKOXVVEHVWLPPHQGLH+|KHGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYD WLRQLP(UZDFKVHQHQDOWHU + ,Q GLIIHUHQWLHOOHU +LQVLFKW 'LH .RQWUROOYDULDEOHQ VLQG YD EHL GHQ PlQQOL FKHQ+DXSWVFKOHUQVHKUEHGHXWVDP % 6R]LDOH (LQJHEXQGHQKHLW XQG PRWLYDWLRQDOH 3HUV|QOLFKNHLWVPHUNPDOH LP -XJHQGDOWHU $QGLHVHU6WHOOHNDQQDXIGLHHUVWH]ZHLWHXQGGULWWH)UDJHVWHOOXQJV.DS JH DQWZRUWHWZHUGHQ6LHZHUGHQGXUFKGLH+\SRWKHVH++XQG+XQGGXUFKLKUH 8QWHUK\SRWKHVHQ++XVZ EHDQWZRUWHW + 'LHVR]LDOH(LQJHEXQGHQKHLWLQGHU)DPLOLHZLUNWVLFKSRVLWLYDXIGLHPRWLYDWL RQDOHQ3HUV|QOLFKNHLWVPHUNPDOHXQGLQVEHVRQGHUHDXIGLH/HLVWXQJVPRWLYDWLRQ LP-XJHQGDOWHUDXVVRZRKOTXHUVFKQLWWOLFKDOVDXFKOlQJVVFKQLWWOLFK(VLVWGLH (OWHUQ.LQG%H]LHKXQJ GLH LQQHUKDOE GHU IDPLOLlUHQ 9DULDEOHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW IU K|FKVWH =XVDPPHQKlQJH ]XU /HLVWXQJVPRWLYDWLRQ VRUJW V.DSE]Z + 'HU HUVWH 7HLO GHU +\SRWKHVH ZLUG NODU EHVWlWLJW (LQH (OWHUQ.LQG %H]LHKXQJZLUNWVLFKSRVLWLYDXIGLHPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPD OHXQGLQVEHVRQGHUHDXIGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHUDXVVRZRKO TXHUVFKQLWWOLFK DOV DXFK OlQJVVFKQLWWOLFK 8QDEKlQJLJ YRP *HVFKOHFKW 6FKXOW\S XQG GHU /HLVWXQJVSRVLWLRQ EHVWHKW HLQH SRVLWLYHU =XVDPPHQKDQJ ]ZLVFKHQ (OWHUQ.LQG%H]LHKXQJ XQG /HLVWXQJVPRWLYDWLRQ YRQ U TXHUVFKQLWWOLFK XQGYRQU OlQJVVFKQLWWOLFK
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
+ 8QDEKlQJLJYRP*HVFKOHFKW6FKXOW\SXQGGHU/HLVWXQJVSRVLWLRQLVWHVGLH (OWHUQ.LQG%H]LHKXQJE]ZGHU(U]LHKXQJVVWLOZHOFKHLQQHUKDOEGHU9DUL DEOHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW IU K|FKVWH =XVDPPHQKlQJH ]XU /HLV WXQJVPRWLYDWLRQ XQG DQGHUHQ PRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQ VRUJW'DV:RKOIKOHQ]XKDXVHXQGGDV9HUWUDXHQVYHUKlOWQLVGUIHQLQGLH VHP 6LQQH HEHQIDOOV DOV 5HSUlVHQWDQWHQ YRQ VR]LDOHU (LQJHEXQGHQKHLW EH ]HLFKQHWZHUGHQ + 'LHDXHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLW/HKUHU6FKOHU%H]LHKXQJ,QWHJ UDWLRQLQ.ODVVH« ZLUNWVLFKSRVLWLYDXIGLHPRWLYDWLRQDOHQ3HUV|QOLFKNHLWV PHUNPDOH XQG LQVEHVRQGHUH DXI GLH /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU DXV VRZRKO TXHUVFKQLWWOLFK DOV DXFK OlQJVVFKQLWWOLFK (V LVW GLH /HKUHU6FKOHU %H]LHKXQJGLHLQQHUKDOEGHUDXHUIDPLOLlUHQ9DULDEOHQGHUVR]LDOHQ(LQJHEXQ GHQKHLWIUK|FKVWH=XVDPPHQKlQJH]XU/HLVWXQJVPRWLYDWLRQVRUJWV.DS E]Z + $XFK KLHU NDQQ ZLHGHUXP GHU HUVWH 7HLO GHU +\SRWKHVH EHVWlWLJW ZHUGHQ (V EHVWHKW HLQ SRVLWLYHU =XVDPPHQKDQJ ]ZLVFKHQ /HKUHU6FKOHU%H ]LHKXQJXQG/HLVWXQJVPRWLYDWLRQYRQU TXHUVFKQLWWOLFK XQGYRQU OlQJVVFKQLWWOLFK XQDEKlQJLJ YRP *HVFKOHFKW 6FKXOW\S XQG GHU /HLV WXQJVSRVLWLRQ VLQG GLH :HUWH QRFK U XQG U DXI VLJQLILNDQWHP1L YHDX + (V LVW GLH /HKUHU6FKOHU%H]LHKXQJ GLH IU KRKH =XVDPPHQKlQJH ]ZL VFKHQVR]LDOHU(LQJHEXQGHQKHLWXQG/HLVWXQJVPRWLYDWLRQVRUJW'DV(LQ]HOL WHPÄ:RKOIKOHQLQGHU6FKXOH³LVWDEHULQVHLQHU%HGHXWXQJQRFKHQWVFKHL GHQGHU0LWU TXHUVFKQLWWOLFK XQGU OlQJVVFKQLWWOLFK VWHKWHVLQ QHUKDOE GHU DXHUIDPLOLlU GHILQLHUWHQ 9DULDEOHQ GHU VR]LDOHQ (LQJHEXQGHQ KHLWDQHUVWHU6WHOOHIUGLH)|UGHUXQJGHU/HLVWXQJVPRWLYDWLRQ + (V JLEW GLIIHUHQWLHOOH :LUNXQJV]XVDPPHQKlQJH ]ZLVFKHQ GHU IDPLOLlUHQ XQG DXHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWXQGGHU/HLVWXQJVPRWLYDWLRQLPIU KHQ-XJHQGDOWHU]XYHU]HLFKQHQ%HLGHQPlQQOLFKHQ*\PQDVLDVWHQVLQGGLH(I IHNWHDPJU|WHQV.DSE]Z + ,P*HJHQVDW]]XGHQPlQQOLFKHQ*\PQDVLDVWHQJLEWHVEHLGHQPlQQOLFKHQ +DXSWVFKOHUQXQWHUGHQ9DULDEOHQGHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQ KHLWQXUHLQHGLHNQDSSVLJQLILNDQWDXIGHP1LYHDXDXI/HLVWXQJVPRWL YDWLRQOlQJVVFKQLWWOLFKGXUFKVFKOlJW%HLGHQDXHUIDPLOLlUHQ9DULDEOHQ GHUVR]LDOHQ(LQJHEXQGHQKHLWVLQGHVOHGLJOLFK]ZHL + 6RZRKO HLQH SRVLWLYH (OWHUQ.LQG%H]LHKXQJ HLQH JXWH /HKUHU6FKOHU %H]LHKXQJ DOV DXFK GDV :RKOIKOHQ ]XKDXVH XQG LQ GHU 6FKXOH LVW VSH]LHOO EHLGHQPlQQOLFKHQ*\PQDVLDVWHQIUHLQHKRKH/HLVWXQJVPRWLYDWLRQLP-X JHQGDOWHU YHUDQWZRUWOLFK 'LH OlQJVVFKQLWWOLFKHQ .RUUHODWLRQHQ VLQG LP *H JHQVDW] ]X MHQHQ YRQ -XJHQGOLFKHQ GHU +DXSWVFKXOH XQG YRQ ZHLEOLFKHQ *\PQDVLDVWHQ VLJQLILNDQW ,Q HLQHU PXOWLSOHQ 5HJUHVVLRQVDQDO\VH N|QQHQ LQVJHVDPW GHU /HLVWXQJVPRWLYDWLRQEHL GHQ PlQQOLFKHQ *\PQDVLDVWHQ
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
GXUFK (OWHUQ.LQG XQG /HKUHU6FKOHU%H]LHKXQJ XQG GLH UHODWLYH /HLV WXQJVSRVLWLRQLQGHU.ODVVHDXIJHNOlUWZHUGHQ'HU$XINOlUXQJVEHLWUDJLVWLQ HLQHP 6WUXNWXUJOHLFKXQJVPRGHOO RKQH GLH UHODWLYH /HLVWXQJVSRVLWLRQ HEHQ IDOOV
& 6R]LDOH (LQJHEXQGHQKHLW LP -XJHQGDOWHU XQG PRWLYDWLRQDOH 3HUV|QOLFKNHLWV PHUNPDOHLP(UZDFKVHQDOWHU +LHUZHUGHQGLH)UDJHVWHOOXQJHQXQGEHDQWZRUWHWV.DS (VKDQGHOWVLFK QXQXPJURHOlQJVVFKQLWWOLFKH:LUNXQJHQYRPIUKHQ-XJHQGDOWHUDXIGDV(UZDFK VHQHQDOWHU ,QZLHIHUQ ZLUNW VLFK GLH /HLVWXQJVPRWLYDWLRQ LPIUKHQ-XJHQGDOWHU DXI GLHEH UXIOLFKH /HLVWXQJVPRWLYDWLRQ XQG GLH :HLWHUELOGXQJVPRWLYDWLRQ LP IUKHQ (U ZDFKVHQHQDOWHU-DKUHVSlWHU DXV6WDELOLWlWVSUIXQJ " ,QZLHIHUQ ZLUNHQ VLFK GLH IDPLOLlUHQ XQG DXHUIDPLOLlUHQ VR]LDOHQ %H]LHKXQJHQ LQWHUDNWLRQDOLPIUKHQ-XJHQGDOWHUGLUHNWXQGEHUGLH/HLVWXQJVPRWLYDWLRQLP -XJHQGDOWHU LQGLUHNW DXI GLH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ XQG GLH :HLWHUELO GXQJVPRWLYDWLRQLPIUKHQ(UZDFKVHQHQDOWHU-DKUHVSlWHU DXV" $OV $QWZRUWHQ N|QQHQ IROJHQGH +\SRWKHVHQ XQG 8QWHUK\SRWKHVHQ EHVWlWLJW E]Z WHLOEHVWlWLJWZHUGHQ + (V JLEW VRZRKO JHQHUHOOH DOV DXFK GLIIHUHQWLHOOH :LUNXQJV]XVDPPHQKlQJH GHU IDPLOLlUHQXQGDXHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLWLPIUKHQ-XJHQGDOWHU DXIGLHEHUXIOLFKH/HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQLPIUKHQ(UZDFK VHQHQDOWHU-DKUHVSlWHU IHVW]XVWHOOHQV.DSE]Z + (V LVW ZLHGHUXP GLH (OWHUQ.LQG%H]LHKXQJ LP IUKHQ -XJHQGDOWHU ZHOFKH VLFKELVLQV(UZDFKVHQHQDOWHUDXVZLUNWLQGHPVLHPLWGHUEHUXIOLFKHQ:HL WHUELOGXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQ]XU XQG]XU VLJQL ILNDQW NRUUHOLHUW ]ZHLWH =LIIHU HQWVSULFKW GHU %HUHFKQXQJ XQWHU .RQWUROOH GXUFK*HVFKOHFKW6FKXOIRUPXQG/HLVWXQJVSRVLWLRQLP-XJHQGDOWHU + 8QDEKlQJLJ YRQ GHU UHODWLYHQ /HLVWXQJVSRVLWLRQ LP -XJHQGDOWHU DOV DXFK YRPEHUXIOLFKHQ$XVELOGXQJVDEVFKOXVVLP(UZDFKVHQHQDOWHUVRUJHQEHLGHQ HKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQGLHZDKUJHQRPPHQH%HJDEXQJVHLQ VFKlW]XQJU XQGGLH$QRQ\PLWlWLQGHU6FKXOHU IUDXIIDOOHQGH GLIIHUHQWLHOOH (IIHNWH ]XKDQGHQ GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ %HLGHQ HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ ZLUNHQ VLFK GLH ]DKOUHLFKHQ 9DULDEOHQ GHU VR]LDOHQ (LQJHEXQGHQKHLW YD (OWHUQ.LQG%H]LHKXQJ XQG :RKOIKOHQ ]XKDXVH LP *HJHQVDW] ]X GHQ DQGHUHQ *UXSSHQ -XJHQGOLFKH GHU+DXSWVFKXOHXQG0lGFKHQGHV*\PQDVLXPV VLJQLILNDQWSRVLWLYDXIGLH :HLWHUELOGXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU DXV 'HU ZDKUJHQRPPHQH HUZDUWHWH6FKXODEVFKOXVVYRQ6HLWHQGHU(OWHUQZLUNWVLFKGLHVEH]JOLFKQH JDWLY DXV U ZDV LP 6LQQH GHU 6'7 VWLPPLJ LVW XQG GXUFK GHQ -X JHQGOLFKHQDOV$XWRQRPLHHLQVFKUlQNXQJZDKUJHQRPPHQZHUGHQNDQQ
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
' =XU/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ6WDELOLWlWXQGGLIIHUHQWLHOOH6R]LDOLVDWLRQV EHGLQJXQJHQ
+LHUJHKWHVXPGLH6WDELOLWlWVSUIXQJYRQ/HLVWXQJVPRWLYDWLRQLP=ZHL-DKUHVDOV DXFKLP-DKUHV/lQJVVFKQLWW + =ZLVFKHQ GHU /HLVWXQJVPRWLYDWLRQ LP IUKHQ -XJHQGDOWHU XQG GHU EHUXIOLFKHQ /HLVWXQJVXQG:HLWHUELOGXQJVPRWLYDWLRQLPIUKHQ(UZDFKVHQHQDOWHU-DK UH VSlWHU LVW HLQH 6WDELOLWlW IHVW]XVWHOOHQ 'LHVH IlOOW VRZRKO JHVFKOHFKWV DOV DXFKVFKXOIRUPVSH]LILVFKDXVV.DSE]Z + 6RZRKOGLH/HLVWXQJVPRWLYDWLRQ PLW-DKUHQDOVDXFKMHQH PLW-DKUHQ NRUUHOLHUHQVLJQLILNDQWPLWGHQGUHLPRWLYDWLRQDOHQ.RQVWUXNWHQGHV(UZDFK VHQHQDOWHUV%/0%:0%6: 'DVDOOJHPHLQH,QWHUHVVH(LQ]HOLWHP DOV LQWULQVLVFKH0RWLYDWLRQVRUJWQLFKWIUVLJQLILNDQWH=XVDPPHQKlQJH(EHQVR ]HLJWVLFKDXFKGLH6HOEVWZLUNVDPNHLWVHUZDUWXQJGLHVEH]JOLFKQLFKWVLJQLIL NDQW + ,P *HJHQVDW] ]X GHQ DQGHUHQ JHVFKOHFKWV XQG VFKXOIRUPVSH]LILVFKHQ *UXSSHQ]HLJHQVLFKEHLGHQPlQQOLFKHQ*\PQDVLDVWHQGLHK|FKVWHQ.RUUH ODWLRQVZHUWH GHU /HLVWXQJVPRWLYDWLRQ XQG ZHLWHUHQ PRWLYDWLRQDOHQ 3HUV|Q OLFKNHLWVPHUNPDOHQ]XUOlQJVVFKQLWWOLFKHQ:LUNXQJDXIGLHEHUXIOLFKH:HL WHUELOGXQJVPRWLYDWLRQXQG]ZDUXQDEKlQJLJYRQGHUUHODWLYHQ/HLVWXQJVSR VLWLRQLQGHU.ODVVHXQGYRPEHUXIOLFKHQ$XVELOGXQJVDEVFKOXVV + 'LHIDPLOLlUHXQGDXHUIDPLOLlUHVR]LDOH(LQJHEXQGHQKHLWLPIUKHQ-XJHQGDO WHUZLUNWVLFKGLUHNWXQGEHUGLH/HLVWXQJVPRWLYDWLRQLP-XJHQGDOWHU LQGLUHNW DXI GLH EHUXIOLFKH /HLVWXQJVPRWLYDWLRQ XQG GLH :HLWHUELOGXQJVEHUHLWVFKDIW LP (UZDFKVHQHQDOWHU -DKUH VSlWHU DXV 'LH :LUNXQJ GHU VR]LDOHQ (LQJHEXQ GHQKHLWJHPlGHU6HOEVWEHVWLPPXQJVWKHRULH]XU)|UGHUXQJGHU0RWLYDWLRQLVW EHU -DKUH KLQZHJ QDFKZHLVEDU DEHU MH QDFK )RNXV DXFK XQWHUVFKLHGOLFK ZLUNVDPYJO.DSE]Z + 'LHRELJH+\SRWKHVHNDQQEHVWlWLJWZHUGHQDOOHUGLQJVQXUEH]RJHQDXIGLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ XQG QLFKW DXI GLH EHUXIOLFKH /HLV WXQJVPRWLYDWLRQ XQG ]ZHLWHQV EH]RJHQ DXI GLH *UXSSH YRQ HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ ,P *HJHQVDW] ]X GHQ DQGHUHQ JHVFKOHFKWV XQG VFKXOIRUPVSH]LILVFKHQ*UXSSHQHUJLEWVLFKEHLGHQ HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ HLQ JOWLJHV 6WUXNWXUJOHLFKXQJVPRGHOO GDV GLH EHUXIOLFKH :HLWHUELOGXQJVPRWLYDWLRQ GXUFK GLH /HLVWXQJVPRWLYDWLRQ LP -XJHQGDOWHU XQG GXUFK GLH YRUDQ JHVFKDOWHWHQ )DNWRUHQ GHU (OWHUQ.LQG%H]LHKXQJ XQG /HKUHU6FKOHU%H]LHKXQJGLUHNWXQGLQGLUHNWYRUKHUVDJHQN|QQHQ + %HL HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHUQ VLQG .RQWUROOYDULDEOHQ ZLH VR ]LDOH6FKLFKWUHODWLYH/HLVWXQJVSRVLWLRQGHU1RWHQGXUFKVFKQLWWXQGHEHQVR GHUEHUXIOLFKH$XVELOGXQJVDEVFKOXVVYRQ]HQWUDOHU%HGHXWXQJIUGLH+|KH GHU EHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ LP (UZDFKVHQHQDOWHU ,Q HLQHP QLFKW Y|OOLJ DEJHVLFKHUWHQ 6WUXNWXUJOHLFKXQJVPRGHOO VRUJW GLH ODWHQWH 9DUL DEOH³VFKXOLVFKH1RUPYHUOHW]XQJ³IUHLQEHUUDVFKHQGHV/HLVWXQJVPRWLYD
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
WLRQV6R]LDOLVDWLRQVELOGEHLGHPGLH6WDELOLWlW]ZLVFKHQGHU/HLVWXQJVPRWL YDWLRQPLW-DKUHQXQGGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQDXIHLQ 5HJUHVVLRQVJHZLFKWYRQNRPPW
%LODQ]LHUHQGNDQQIHVWJHKDOWHQZHUGHQGDVVGLHJHPl6'7XQWHUVXFKWHGXUFKVR ]LDOH(LQJHEXQGHQKHLWYHUXUVDFKWHH[WULQVLVFKH/HLVWXQJVPRWLYDWLRQIUGLHOlQJHU IULVWLJH PRWLYDWLRQDOH(QWZLFNOXQJLP(UZDFKVHQHQDOWHUEHGHXWVDPLVWVSH]LHOOIU GLH *UXSSH GHU HKHPDOLJHQ PlQQOLFKHQ *\PQDVLDVWHQ (EHQIDOOV NDQQ IU GLHVH *UXSSH GHU (LQIOXVV GHV (OWHUQKDXVHV JHJHQEHU GHP GHU 6FKXOH ]% /HKUHU 6FKOHU%H]LHKXQJ DOV EHGHXWVDPHU IU GLH /HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ EH WUDFKWHWZHUGHQ 'DPLWHUKlUWHWVLFKGLH9HUPXWXQJGDVVHVLP/HEHQVODXIHLQHVFKXOIRUPXQGJH VFKOHFKWVEH]RJHQH6R]LDOLVDWLRQEH]RJHQDXIGLH/HLVWXQJVPRWLYDWLRQVHQWZLFNOXQJ JLEW1LFKWQXUVLQGGLH6WDELOLWlWHQ]ZLVFKHQ/HLVWXQJVPRWLYDWLRQLPIUKHQ-X JHQGDOWHUXQG:HLWHUELOGXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHUEHLGHQPlQQOLFKHQ *\PQDVLDVWHQK|KHUDOVEHLGHQPlQQOLFKHQ+DXSWVFKOHUQDXFKWUDJHQGLHLP-X JHQGDOWHUZDKUJHQRPPHQHQVR]LDOHQ(LQELQGXQJHQXQG%H]LHKXQJHQEHLHUVWHUHQ PHKUDOVEHL]ZHLWHUHQGD]XEHLGDVVGHU,QWHUQDOLVLHUXQJVSUR]HVVYRQOHUQXQGOHLV WXQJVEH]RJHQHP9HUKDOWHQLQWHQVLYHUYRUDQVFKUHLWHW,QZHOFKHU)RUPPDQDOVRLQ GLH6FKXOHJHKWKDWHLQH$XVZLUNXQJDXIPRWLYDWLRQVUHOHYDQWHXQGDOOJHPHLQH3HU V|QOLFKNHLWVPHUNPDOH=XGLHVHP6FKOXVVNRPPWDXFK:LH]RUHN 6LHEHOHJW PLWLKUHQ$XVIKUXQJHQGLH6R]LDOLVDWLRQVZLUNXQJYRQ6FKXOHIUGLHVR]LDOH2UJD QLVDWLRQYRQ%LRJUDILHQ'LH6FKXOHOlVVWVLFKGHP]XIROJHDOV6WUXNWXULQVWDQ]XQWHU VFKLHGOLFKHU$QHUNHQQXQJVSUREOHPDWLNHQFKDUDNWHULVLHUHQZHOFKHHLQH:HLFKHQ VWHOOXQJVIXQNWLRQIUGHQZHLWHUHQ/HEHQVODXIGDUVWHOOW'LHVHUGLIIHUHQWLHOOH)|U GHUHIIHNWYRQ6FKXOIRUPHQLVWVFKRQOlQJHUEHNDQQWYJO:HQGHOHU .LQGHU JOHLFKHU%HJDEXQJGLHQDFKGHPYLHUWHQ*UXQGVFKXOMDKUHQWZHGHUGLH+DXSWVFKXOH RGHUGDV*\PQDVLXPEHVXFKHQ]HLJHQQDFK]ZHL-DKUHQVHKUXQWHUVFKLHGOLFKH/HLV WXQJHQ*\PQDVLDVWHQVFKQHLGHQGHXWOLFKEHVVHUDEDOV+DXSWVFKOHU'LHVHU(IIHNW LVWVRZRKOLQGHU+DPEXUJHU6WXGLHYJO/HKPDQQ3HHN*lQVIXVV +XVIHOGW DOVDXFKLP8PIHOGGHU,*/86WXGLHYJO%RV+RUQEHUJ$UQROG)DXVW )ULHG/DQNHV6FKZLSSHUW 9DOWLQ QDFKJHZLHVHQZRUGHQ$XFK)HQG E KlOWIHVWGDVVGLH9HURUWXQJLP%LOGXQJVV\VWHPXQGYRUDOOHPGLH6FKXOQR
*HPl3HNUXQ6 GHUPLWTXHUVFKQLWWOLFKHQ'DWHQGLH/HLVWXQJVHPRWLRQHQZLH6FKXOIUHXGH XQG DQJVW LQ $EKlQJLJNHLW YRQ /HLVWXQJVGUXFN SRVLWLYHU 9HUVWlUNXQJ EHL (UIROJ XQG 8QWHUVWW]XQJ XQG %HVWUDIXQJEHL0LVVHUIROJXQWHUVXFKWHN|QQHQEH]JOLFKGHU9HUKDOWHQVZHLVHQGHUEHLGHQ6R]LDOLVDWLRQVLQ VWDQ]HQ(OWHUQXQG/HKUHUJOHLFKI|UPLJHXQGHWZDJOHLFKKRKH.RUUHODWLRQHQIHVWJHVWHOOWZHUGHQ ,QHLQHUIDOOEH]RJHQHQ'LVNXVVLRQEHUGLH6FKXOHDOV6R]LDOLVDWLRQVLQVWDQ]]HLJW:LH]RUHN ZLH 0LFKDHO:DJQHUV.DPSIXP:HUWVFKlW]XQJXQG$QHUNHQQXQJEHUVHLQH/HLVWXQJGXUFKVHLQH%H]XJV SHUVRQHQXQGGLH*OHLFKDOWULJHQ]XVHLQHPELRJUDILVFKHQ7KHPDZLUG(VZLUGVHKUNRQNUHWJHVFKLOGHUW ZLHVLFKGLH:HUWVFKlW]XQJLQ$EKlQJLJNHLWGHUHUEUDFKWHQ/HLVWXQJLPVFKXOLVFKHQVRZLHIDPLOLlUHQ.RQ WH[WEHLPMXQJHQ(UZDFKVHQHQPDQLIHVWLHUW'LH6WXGLH]HLJWZHOFKH:LUNXQJHQ6FKXOHUIDKUXQJHQKDEHQ N|QQHQXQGZHLVWVRPLWZHVHQWOLFKH(LQIOXVVIDNWRUHQGHU6FKXOHDXIGLHVR]LDOH2UJDQLVDWLRQGHU%LRJUDILH DXV
=XVDPPHQIDVVXQJXQG'LVNXVVLRQ
,QWHUSUHWDWLRQXQG'LVNXVVLRQ
WHQZHOFKHVLFKPHLVWHQVDQGHUVR]LDOHQ%H]XJVQRUP.ODVVHRULHQWLHUHQ HLQHQHQW VFKHLGHQGHQODXIEDKQEH]RJHQHQ(LQIOXVVKDEHQYJO6 'DPLWHUZHLVWVLFKGLH VFKXOIRUPDEKlQJLJH6R]LDOLVDWLRQEH]RJHQDXIGLH(QWZLFNOXQJGHU/HLVWXQJVPRWL YDWLRQLP(UZDFKVHQHQDOWHUDOVXQWHUPDXHUW 8QWHU 9HUZHQGXQJ GHV $QVDW]HV GHU 6HOEVWEHVWLPPXQJVWKHRULH 6'7 LVW PLW GHQ YRUOLHJHQGHQ /LI('DWHQ EHOHJW ZRUGHQ GDVV GLH GXUFK VR]LDOH $QHUNHQQXQJ XQG (LQJHEXQGHQKHLWPRWLYLHUWHH[WULQVLVFKHDEHUVHOEVWEHVWLPPWH/HLVWXQJVPRWLYDWLRQ LP-XJHQGDOWHUEHLPlQQOLFKHQ*\PQDVLDVWHQEHUGLH/HEHQVVSDQQHYRQ-DKUHQ ZLUNVDP XQG VLJQLILNDQW QDFKZHLVEDU EOHLEW 'HU 3UR]HVV GHU ,QWHUQDOLVLHUXQJ YRQ :HUWHQ XQG OHLVWXQJVEH]RJHQHQ hEHU]HXJXQJHQ KDW VLFK NRQWLQXLHUOLFK ZHLWHUHQW ZLFNHOW6R]LDOH%H]LHKXQJHQI|UGHUQDOVRQLFKWQXUHLQHJDQ]KHLWOLFKHDIIHNWLYXQG VR]LDOHPRWLRQDOH 3HUV|QOLFKNHLWVELOGXQJ VRQGHUQ ZLUNHQ PRWLYDWLRQVI|UGHUQG XQG VRPLWOlQJVVFKQLWWOLFKJHVHKHQOHLVWXQJVUHOHYDQW'HU%HZHLVGHUOlQJVVFKQLWWOLFKHQ :LUNVDPNHLW GHU VR]LDOHQ 8PZHOW DXI HPRWLRQDOH XQG OHW]WOLFK NRJQLWLYH )DNWRUHQ LVWVRPLW±ZHQQDXFKQXUEH]RJHQDXIHLQHJHZLVVHQ6FKXOIRUP±HUEUDFKW 'LH%HGHXWXQJGHU/HLVWXQJVPRWLYDWLRQLP$OWHUYRQ-DKUHQ±DOVR]X%HJLQQGHU 3XEHUWlW ± OlVVW VLFK ELV LQV (UZDFKVHQHQDOWHU LQ GHP 6LQQH QDFKZHLVHQ DOV GLHVH (LQVDW]EHUHLWVFKDIW GXUFK ZDKUJHQRPPHQH IXQNWLRQLHUHQGH %H]LHKXQJHQ ZHUWJH VFKlW]W ZLUG 'LHVHU 3UR]HVV ZLUNW EHU -DKUH KLQZHJ OHLVWXQJVPRWLYDWLRQV VR]LDOLVLHUHQGXQGVWDELOLVLHUHQG =XYRUYRQDXHQKHUDQJHWUDJHQH)RUGHUXQJHQZHUGHQEHUJHOLQJHQGH%H]LHKXQJHQ ]X YHULQQHUOLFKWHQ +DOWXQJHQ XQG (LQVWHOOXQJHQ YHUDUEHLWHW VR GDVV VLFK EHU GHQ /HEHQVODXIEHWUDFKWHW GDV OHEHQVODQJH /HUQHQ LP $OWHU YRQ -DKUHQ DOV VHOEVWEH VWLPPWH0RWLYDWLRQVIRUP]HLJWGHUHQ8UVDFKHQOHW]WOLFKDXFK LQGHUVR]LDOHQ(LQ JHEXQGHQKHLWLP.LQGHVXQGIUKHQ-XJHQGDOWHUOLHJHQ )UGLH(QWZLFNOXQJHLQHUOlQJHUIULVWLJZLUNVDPEOHLEHQGHQVHOEVWEHVWLPPWHQ/HUQ XQG /HLVWXQJVPRWLYDWLRQ LVW HV ]HQWUDO GDVV GHP QDWUOLFKHQ 6WUHEHQ HLQHV MHGHQ 0HQVFKHQ VLFK EHU GLH DNWLYH $XVHLQDQGHUVHW]XQJ PLW GHU 8PZHOW ZHLWHU]XHQW ZLFNHOQXQGGLHHLJHQHQ)lKLJNHLWHQXQG6HOEVWHUNHQQWQLVVHLQGDV6HOEVWNRQ]HSW]X LQWHJULHUHQ HQWVSURFKHQ ZLUG LQGHP GLH JUXQGOHJHQGHQ %HGUIQLVVH QDFK $XWRQR PLH.RPSHWHQ]JHIKOXQGVR]LDOHU(LQELQGXQJEHIULHGLJWZHUGHQXQGGHU,QWHUQDOL VLHUXQJVSUR]HVVYRQ:HUWHQHUP|JOLFKWZLUG
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
5HOHYDQ]GHU%H]LHKXQJIUGH PRWLYLHUHQGHV9HUKDOWHQ
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ 5HOHYDQ]GHU%H]LHKXQJIUGH PRWLYLHUHQGHV9HUKDOWHQ :LH %DXHU D 6 JHPl VHLQHQ 8QWHUVXFKXQJHQ IHVWKlOW JHOWHQ 'HPRWLYD WLRQXQG'HVWUXNWLYLWl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|QQWHVHLQGDVV]XU(QWWlXVFKXQJEHUHLQHQQLFKWJHJOFNWHQ 6FKXOIRUP:HFKVHOGLHRIWXQEHZXVVWPLWJHWHLOWHQÄ%HZHUWXQJHQ³GHU%H]XJVSHUVR QHQEHLP.LQG-XJHQGOLFKHQPRWLYDWLRQVPlLJHQ6FKDGHQDQULFKWHQ'LHVNDQQVLFK LQ )RUP GHV DOOJHPHLQHQ VR]LDOHQ .RQWDNWHV RGHU GHV PDQJHOQGHQ ,QWHUHVVHV GHU %H]XJVSHUVRQHQ ]HLJHQ ZDV VLFK LQ GLHVHU ZLFKWLJHQ (QWZLFNOXQJVSKDVH DOV VHKU UHOHYDQWIUGHQOlQJHUIULVWLJHQ/HEHQVODXIHUZHLVWZLHKLHUJH]HLJWZXUGHÄ1HXUR ELRORJLVFKJHVHKHQNDQQHVRKQH%H]LHKXQJNHLQH0RWLYDWLRQJHEHQ³%DXHUE 6 +ROOHU XQG +XUUHOPDQQ KDEHQ VFKRQ GDUDXI KLQJHZLHVHQ Ä0LW GHU *HIlKUGXQJGHUVFKXOLVFKHQ/DXIEDKQSHUVSHNWLYHLVWDOVRDXFKLPPHUHLQH*HIlKU GXQJ GHU VR]LDOHQ %H]LHKXQJHQ ]X GHQ (OWHUQ YHUEXQGHQ ZHLO GLHVH %H]LHKXQJHQ VWDUNEHUGLHVFKXOLVFKH/HLVWXQJVSRVLWLRQPLWGHILQLHUWZHUGHQ³6 $XVGLH VHU2SWLNLVWHVQDFKYROO]LHKEDUGDVVGLH(OWHUQ.LQG%H]LHKXQJHQEHL*\PQDVLDV WHQDPEHVWHQEHL5HDOVFKOHUQDP]ZHLWEHVWHQXQGEHL+DXSWVFKOHUQDPVFKOHFK WHVWHQVLQG 'LH4XDOLWlWGHU%H]LHKXQJHQYRQ6FKOHUQGHUXQG.ODVVH]XLKUHQ(OWHUQXQG /HKUHUQ NDQQ QDFK 5\DQ HW DO LP 5DKPHQ GHU 6HOEVWEHVWLPPXQJVWKHRULH 6'7 DOVVLJQLILNDQWHU3UlGLNWRUIUYHUVFKLHGHQH.ULWHULHQGHUVFKXOLVFKHQ/HLV WXQJVIlKLJNHLW DQJHVHKHQ ZHUGHQ =XGHP VWHKW GLH ZDKUJHQRPPHQH %H]LHKXQJV TXDOLWlWHUZLHVHQHUPDHQLQHLQHUHQJHQ:HFKVHOZLUNXQJ]XU(LQVFKlW]XQJGHU$X WRQRPLHXQWHUVWW]XQJGXUFK(OWHUQXQG/HKUHUXQGLKUHUHUOHEWHQSHUV|QOLFKHQ $Q WHLOQDKPH6FKOHUEHLGHQHQGLHVHU=XVDPPHQKDQJQLFKWEHVWDQGKDWWHQKlXILJHU GDV*HIKOGDVVGLH(UZDFKVHQHQIUVLHNHLQ(QJDJHPHQWDXIEULQJHQRGHUVLHYHU JOHLFKVZHLVHVWDUNNRQWUROOLHUHQ
:LHLQ)XQRWHHLQJDQJVHUZlKQWZHUGHQIU/HKUHULQQHQXQG/HKUHUXQGIU6FKOHULQQHQXQG6FK OHU GLH IXQNWLRQDOEH]RJHQHQ )RUPHQ /HKUHU E]Z 6FKOHU JHEUDXFKW ZHLO GHU $XVGUXFN Ä/HKUHU6FKOHU %H]LHKXQJ³GHUEHVRQGHUVYLHOH0DOHYHUZHQGHWZLUGQXUVHKUXPVWlQGOLFKPLWEHLGHQ*HVFKOHFKWVIRUPHQ EHVFKULHEHQZHUGHQNDQQ6HOEVWYHUVWlQGOLFKVLQGLPPHUEHLGH*HVFKOHFKWHUJHPHLQW 6HOEVWYHUVWlQGOLFKVLQGGDEHLDXFKZHLWHUH)DNWRUHQ]XEHDFKWHQZLH]%GHU(U]LHKXQJVVWLOGHU(OWHUQ %HLGHUHUVWHQ1HQQXQJLQGLHVHP.DSLWHODXFKLQDXVJHVFKULHEHQHU)RUPDXIJHIKUW
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
.XOLVVHQOHUQHQXQG'HNRQWH[WXDOLVLHUXQJ
(V VLQG DOVR YRU DOOHP GLH VR]LDOHQ %H]LHKXQJHQ XQG GLH $QHUNHQQXQJ YRQ 6HLWHQ GHU%H]XJVSHUVRQHQ(OWHUQXQG/HKUHUQZHOFKHHLQHJURH%HGHXWXQJIUGDVOHLV WXQJVEH]RJHQH 9HUKDOWHQ LQ GHU 6FKXOH XQG DXFK IU GDV (UZDFKVHQHQDOWHU KDEHQ GLH %H]LHKXQJHQ ]X GHQ 3HHUV ZLUNHQ ± VRZRKO EHL 5\DQ HW DO DOV DXFK LQ YRUOLHJHQGHU8QWHUVXFKXQJ±DOOHUGLQJVQLFKWLQGLHVHU:HLVH 'LH%H]LHKXQJ]X%H]XJVSHUVRQHQJLOWQLFKWQXUDOV.HUQEHJULIIUXQGXPGLH/HUQ XQG /HLVWXQJVPRWLYDWLRQVI|UGHUXQJ XQG GHUHQ $XIUHFKWHUKDOWXQJ VRQGHUQ VLH LVW DXFK IU GHQ 6R]LDOLVDWLRQVSUR]HVV YHUDQWZRUWOLFK hEHU %H]LHKXQJHQ ZHUGHQ (LQ VWHOOXQJHQ XQG :HUWKDOWXQJHQ LP ,QGLYLGXXP DXIJHEDXW XQG YHULQQHUOLFKW :HOFKH )DNWRUHQGHPRWLYLHUHQ]XKDXVHXQGLQGHU6FKXOHLP:HLWHUHQ",P)ROJHQGHQZHU GHQHLQLJHUHOHYDQWH$VSHNWHNXU]XPULVVHQ .XOLVVHQOHUQHQXQG'HNRQWH[WXDOLVLHUXQJ 6FKXOHÄYHUXQVWDOWHW³ 'LH LQ GHQ /HKUSOlQHQ IHVWJHKDOWHQH )RUGHUXQJ QDFK DXVJHJOLFKHQHU %HUFNVLFKWL JXQJ GHU 6DFK 6HOEVW XQG 6R]LDONRPSHWHQ] ZLUG KHXWH QLFKW KLQWHUIUDJW 'DPLW VROOGHUJDQ]KHLWOLFKHQ3HUV|QOLFKNHLWVHQWZLFNOXQJ5HFKQXQJJHWUDJHQXQGQLFKWQXU DXI /HLVWXQJ IRNXVVLHUW ZHUGHQ 'LH :LUNXQJ GHV %LOGXQJVV\VWHPV DXI GLH 3HUV|Q OLFKNHLW LVW DEHU DEKlQJLJ YRP IDPLOLlUHQ 8PJDQJ PLW /HLVWXQJ XQG 6FKXOHUIROJ Ä,QVEHVRQGHUH GLH *HVWDOWXQJ XQG 9HUDUEHLWXQJ YRQ 6FKXOHUIROJ LP (OWHUQKDXV JH ZLQQW HLQHQ ]HQWUDOHQ 6WHOOHQZHUW LQ GHU $QDO\VH YRQ :LUNXQJHQ GHV %LOGXQJVV\V WHPVDXIGLH+XPDQHQWZLFNOXQJ³6 ZLH)HQGXQG6W|FNOL IHVWKDOWHQ 6LHIUDJHQVLFKREGDV%LOGXQJVV\VWHPLQVHLQHU*HVWDOWQLFKWWHQGHQ]LHOOÄNRQNXU UHQ]RULHQWLHUWH 3HUV|QOLFKNHLWVPHUNPDOH GHV KHUDQZDFKVHQGHQ 0HQVFKHQ VHOHNWLY EHYRU]XJW XQG GDPLW HLQH DXI VR]LDOH =XJHK|ULJNHLW DQJHOHJWH )RUP GHV 0HQVFKVHLQVYHUXQVWDOWHW³6I 'LHVHU DXI GLH 3HUV|QOLFKNHLW EH]RJHQH QHJDWLYH (IIHNW GHV %LOGXQJVV\VWHPV NDQQ QRFK GXUFK HLQHQ QHJDWLYHQ NRJQLWLYHQ $VSHNW HUZHLWHUW ZHUGHQ V IROJHQGHU $E VFKQLWW ± ZHQQ HV GDUXP JHKW ]X XQWHUVXFKHQ ZDV GDV 6FKXOV\VWHP EHL 6FKOHUQ EHZLUNW .XOLVVHQOHUQHQ *HQHUHOO GUIWH GLH =ZDQJVPRWLYDWLRQ VLFK DQVWUHQJHQ XP QLFKW ]X YHUVDJHQ GHU *HIDKUYRQQHJDWLYHQ5FNPHOGXQJHQRGHUHLQHU9HUVHW]XQJ]XHQWJHKHQ DXIDOOHQ 6FKXOVWXIHQIU/HUQHUGLHKlXILJVWH0RWLYDWLRQGDUVWHOOHQ6FKXOHLVWDOVRYRUDOOHP JHSUlJWYRQH[WULQVLVFKHUQLFKWVHOEVWEHVWLPPWHU 0RWLYDWLRQ1DFK:HLQHU IKUWDEHUH[WULQVLVFKH0RWLYDWLRQHKHU]XREHUIOlFKOLFKHU,QIRUPDWLRQVYHUDUEHLWXQJ YHUJOLFKHQPLWLQWULQVLVFKHUYJO6I /HKWLQHQ VSULFKWLQGLHVHP=XVDP PHQKDQJYRP.XOLVVHQOHUQHQ 'LH8QWHUVXFKXQJHQ]XU4XDOLWlWGHVVFKXOLVFKHQ/HUQHQVZHLVHQGDUDXIKLQ GDVV VRJDU 6FKOHU PLW JXWHQ =HQVXUHQ XQG =HXJQLVVHQ ]XP 7HLO EHU VHKU REHUIOlFKOLFKH XQG IUDJPHQWDULVFKH .HQQWQLVVH YHUIJHQ GLH RIW DXFK PLW
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
)RUGHUXQJQDFKPRWLYDWLRQVI|UGHUQGHQ8PZHOWHQ
0LVVYHUVWlQGQLVVHQPLVFRQFHSWLRQV YHUEXQGHQVLQG(LQH)RUPGHV/HUQHQV GLH ZLU .XOLVVHQOHUQHQ QHQQHQ VFKHLQW IU GLH 6FKXOLQVWLWXWLRQ W\SLVFK ]X VHLQ>«@'LHVHV .XOLVVHQOHUQHQ «>]HLJW@GDVV«GLHVR]LDOH2UJDQLVDWLRQ GHU 6FKXOH XQG GLH YRUKHUUVFKHQGHQ SlGDJRJLVFKHQ .RQYHQWLRQHQ QLFKW JH HLJQHWVLQG6FKOHU]XGLIIHUHQ]LHUWHUHP'HQNHQXQG]XP$XIEDXJXWRUJDQL VLHUWHU:LVVHQVVWUXNWXUHQDQ]XUHJHQ6
'HQ6FKOHUQZLUGGLHJHQHUHOOH$XIIDVVXQJYHUPLWWHOWVR/HKWLQHQZHLWHUGDVVGDV =LHO GHU 6FKXODUEHLW GDULQ EHVWHKH VLFK HJDO PLW ZHOFKHQ 0LWWHOQ XP JXWH 1RWHQ XQGQLFKWXPGDV9HUVWHKHQ]XEHPKHQHEG ,QVJHVDPWN|QQWHGLH%LODQ]JH]R JHQ ZHUGHQ GDVV VFKXOLVFKHV /HUQHQ ± HQWJHJHQ GHQ SlGDJRJLVFKHQ $EVLFKWHQ LQ /HKUSOlQHQ XQG YRQ /HKUHUQ ± KDXSWVlFKOLFK HLQHP DXI .RQNXUUHQ] EDVLHUHQGHP XQG NRJQLWLY XQJHQJHQGHP Ä.XOLVVHQOHUQHQ³ JOHLFKNRPPW XQG VRPLW YRU DOOHP H[WULQVLVFKHU1DWXULVW 9HUWU|VWHQDXIVSlWHU=XU'HNRQWH[WXDOLVLHUXQJGHV/HUQHQV 'D]X NRPPW GDVV GDV /HUQHQ LQ GHU 6FKXOH JUXQGVlW]OLFK ÄGHNRQWH[WXDOLVLHUW³ LVW 5\DQ XQG 3RZHOVRQ ZHLVHQ GDUDXI KLQ GDVV .XOWXUYHUPLWWOXQJ XQG /HUQHQ VHLW-DKUKXQGHUWHQHLQJHEHWWHWZDULQVR]LDOHQ6HWWLQJVXQGSHUV|QOLFKHQ%H]LHKXQ JHQLQGHQHQGLH$NWLYLWlWHQGHU.LQGHULQHLQHPIUVLHVLQQYROOHQ/HEHQVNRQWH[W VWDQGHQ'LH'HNRQWH[WXDOLVLHUXQJGHV/HUQHQVZLHZLUHVKHXWHLQGHQ6FKXOHQPLW -DKUJDQJVNODVVHQSULQ]LSXQGHQWVSUHFKHQGHPNRPSHWLWLYHP&KDUDNWHUDQWUHIIHQVR GLH$XWRUHQZHLWHUOlVVWHUNHQQHQGDVVGLH.LQGHUNHLQHIHVWHQ%H]LHKXQJHQPHKU ]XU $UEHLWVZHOW XQG GHU VR]LDOHQ:HOW GHU (UZDFKVHQHQ KDEHQ /HUQHQ LVW VR QLFKW PHKU LP LQWHUSHUVRQDOHQ (UZDFKVHQHQ.LQG.RQWH[W HLQJHEHWWHW ZDV LQ IUKHUHQ =HLWHQHLQHHUIROJUHLFKH,QWHUQDOLVLHUXQJYRQ:HUWHQVLFKHUWH6FKOHUPVVHQEHU -DKUHKLQZHJ6DFKHQOHUQHQGLHIUVLHLP0RPHQWNHLQHZLUNOLFKH%HGHXWXQJKD EHQ 'LH (UZDFKVHQHQ YHUWU|VWHQ VLH DXI VSlWHU GDVV VLH GLHVHV DQJHHLJQHWH ± PLW HLQHU +DOEZHUWV]HLWEHKDIWHWH±:LVVHQGDQQHLQPDOVSlWHUEUDXFKHQN|QQHQ'DV/HUQHQ LVWDXVGHPVR]LDOHQ.RQWH[WKHUDXVJHULVVHQZRUGHQZHOFKHUIUGLHQ|WLJHLQWULQVL VFKHXQGVHOEVWEHVWLPPWH0RWLYDWLRQVRUJWH'LH7KHVHGHUJHQDQQWHQ$XWRUHQODX WHWDOVRGDVVGLH LQWHUSHUVRQDOHQ)DNWRUHQZHOFKHLQGHUPHQVFKOLFKHQ*HVFKLFKWH IUGDV/HUQHQVRPlFKWLJZDUHQLP6FKXOV\VWHPNHLQHQDXVUHLFKHQGHQ6WHOOHQZHUW KDEHQ6I 'LH%HVWlWLJXQJGHU6'7LQGLYHUVHQXQGLQGHUYRUOLHJHQGHQ6WXGLH ]HLJWGDVV VLFK %HPKXQJHQXP HLQH%H]LHKXQJVI|UGHUXQJSRVLWLYDXIGDV/HUQHQ DXVZLUNHQ 1XQVROOHQVROFKHEH]LHKXQJVI|UGHUQGH9RUVFKOlJHYRUJHVWHOOWZHUGHQ )RUGHUXQJQDFKPRWLYDWLRQVI|UGHUQGHQ8PZHOWHQ :LHVROOWHQ8PZHOWHQJHVWDOWHWVHLQGDPLWHVP|JOLFKVW]XZHQLJGHPRWLYLHUHQGHQ 9HUKDOWHQVZHLVHQ YRQ .LQGHUQ XQG -XJHQGOLFKHQ NRPPW XQG OHEHQVODQJHV /HUQHQ SUDNWL]LHUWZLUG"
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
)RUGHUXQJQDFKPRWLYDWLRQVI|UGHUQGHQ8PZHOWHQ
+DOWJHEHQGHDXIGDV/HEHQYRUEHUHLWHQGHVR]LDOH8PZHOWHQVFKDIIHQ %HIXQGHDXVGHP-DKU]HLJHQGDVV'HXWVFKODQGYHUJOLFKHQPLWDQGHUHQHXUR SlLVFKHQ6WDDWHQEH]JOLFKYHUOlVVOLFKHQ/HEHQVXPZHOWHQQXU0LWWHOPDHLQQLPPW 0HKUDOVGLH+lOIWHGHUMlKULJHQ'HXWVFKHQVDJHQGDVVLKUH(OWHUQNDXP=HLWKD EHQVLFKPLWLKQHQ]XXQWHUKDOWHQV.DS 0RWLYDWLRQVI|UGHUQGH8PZHOWHQVROOWHQVR]LDOXQGKDOWJHEHQGVHLQ,PDQJORDPHUL NDQLVFKHQ5DXPZLUGYRQÄ&DULQJ6FKRROV³JHVSURFKHQZREHVRQGHUVDXIGDV0L OLHXGHU6FKOHUVFKDIWHLQJHJDQJHQZLUG'LH(U]LHKXQJVUHDOLWlWHQLQGHQ(OWHUQKlX VHUQZHUGHQDOVREHUFNVLFKWLJWLQGHPGHU8QWHUULFKWXQGGDVVFKXOLVFKH/HEHQSR VLWLYYHUVWlUNHQGXQGÄQDFKVR]LDOLVLHUHQG³RUJDQLVLHUWLVW+lXILJVLQGHV*DQ]WDJHV VFKXOHQLQGHQHQ*HIKOHGHV$XIJHKREHQVHLQVYHUPLWWHOWZHUGHQN|QQHQ 9RQ+HQWLJ KlOWIHVWGDVVGLH9HUKlOWQLVVHDQGHXWVFKHQ6FKXOHQLQHUVFKUH FNHQGHU:HLVHLPPHUQRFK PLWGHPEHUHLQVWLPPHQZDVHUEHUHLWVYRU-DKUHQ EHVFKULHEHQ KDW 6FKXOHQ VHLHQ NHLQH 6FKXOHQ IU /HEHQ XQG (UIDKUXQJ VRQGHUQ %HZDKUDQVWDOWHQRGHU&RROLQJ2XW,QVWLWXWLRQHQ%HLPOHW]WHUHQPHLQWHUYRUDOOHP +DXSWVFKXOHQGHQHQGLH$XIJDEH]XNRPPWGLH]XYRUGXUFKGHQJHVHOOVFKDIWOLFKHQ 'UXFN LQWHQVLY KRFK JHVFKUDXEWHQ (UZDUWXQJHQ EHL GHQ .LQGHUQ-XJHQGOLFKHQ LP 5DKPHQGHU6HOHNWLRQLQGLH6HNXQGDUVFKXOH,QXQZLHGHUÄDENKOHQ³]XODVVHQ(U YHUZHLVW DXI GHQ %HJULII 5HVWVFKXOH $XFK ZUGH GLH 6FKXOH GLH -XJHQGOLFKHQ LP $OOJHPHLQHQ NHQQWQLVUHLFK DEHU HUIDKUXQJVDUP XQG HUZDUWXQJVYROO DEHU RULHQWLH UXQJVORVHQWODVVHQ'LH6FKXOHQHKPH]XZHQLJ]XU.HQQWQLVGDVV/HEHQVSUREOHPH GLH/HUQSUREOHPHEHUODJHUQ %DXHU E IRUGHUW LQVEHVRQGHUH *DQ]WDJHVVFKXOHQ IU 'HXWVFKODQG 6FKXOHQ ZHOFKHQLFKWDOVÄ2UWHGHV*UDXHQV³6 VRQGHUQDOVÄ7UHLEKlXVHUGHU=XNXQIW³ 6 IXQNWLRQLHUHQ 6FKXOHQ DQ GHQHQ VR]LDOH %H]LHKXQJHQ JHOHEW ZHUGHQ (U YHUZHLVWHEHQIDOOVDXIYRQ+HQWLJV)RUGHUXQJÄYRQGHUQW]OLFKHQ(UIDKUXQJQW] OLFK]XVHLQ³GDVV6SRUW0XVLN7DQ]7KHDWHUJHUDGHLQ*DQ]WDJHVVFKXOHQQLFKW]X NXU]NRPPHQGUIHQ'LHJURH&KDQFHGHU*DQ]WDJHVVFKXOHEHVWHKHJHQDXLQGHU 0|JOLFKNHLW PLW HLQHP $QJHERW VROFKHU VWDUN DXVJHZHLWHWHU .XUVH XQG 9HUDQVWDO WXQJHQ ± YRU]XJVZHLVH QDFKPLWWDJV ± 6FKXOHQ ]X HLQHP Ä/HEHQVUDXP³ ZHUGHQ ]X ODVVHQZRÄ/XVWDXI/HEHQ³JHZHFNWZLUGYJO6I 'DEHLVHLGLH9HUQHW]XQJ PLW6SRUWXQG0XVLNYHUHLQHQDQ]XVWUHEHQ8QGDXFKGHU.RQWDNWPLWGRUWDQVlVVL JHQ HU]LHKXQJV XQG MXJHQGSV\FKRORJLVFKHQ %HUDWXQJVVWHOOHQ PLW 6R]LDODUEHLW XQG *HZDOWSUlYHQWLRQZUGH6LQQPDFKHQYJO6II 'LH6FKXOHPVVHDOVR$XWRQRPLHI|UGHUQXQGKDOWJHEHQGH/HEHQVZHOWVHLQ=XGLH VHP6FKOXVVNRPPWDXFK:LDWHU (UEHWRQWYRUDOOHPGLHEHZXVVWH3HUV|Q OLFKNHLWVHQWZLFNOXQJ LQ(UJlQ]XQJ ]XP (OWHUQKDXVYRQ .LQGHUQ XQG -XJHQGOLFKHQ ZHOFKH GXUFK NODUH 9HUKDOWHQVUHJHOQ XQG 6FKXOULWXDOH HLQHU KDOWJHEHQGHQ 6FKXOH JHI|UGHUWZLUGYJO6II %DXHUE SURSDJLHUWGDVVGHXWVFKH6FKXOHQVRZRKODXIHLQ%QGQLV]ZLVFKHQ 6FKOHUQXQG/HKUHUQDOVDXFKDXIHLQHV]ZLVFKHQ6FKXOHXQG(OWHUQKDXVDQJHZLH
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
)RUGHUXQJQDFKPRWLYDWLRQVI|UGHUQGHQ8PZHOWHQ
VHQVLQGZHQQVLHHUIROJUHLFKZLUNHQZROOHQZLHGDVPDQFKHURUWVLQGHQ86$E OLFKLVWYJO6 ,FKGHQNHGDVVJHUDGHLQVFKZLHULJHQ(U]LHKXQJVPLOLHXVGLHVH HLQ]XIRUGHUQGHQ 6FKXOYHUWUlJH ]ZLVFKHQ (OWHUQ 6FKXOH XQG .LQG LP 6LQQH HLQHU 3UlYHQWLRQJHJHQ'HPRWLYDWLRQ$JJUHVVLRQXQGVFKXOLVFKH/HLVWXQJVYHUZHLJHUXQJ VHKUHIIHNWLYZlUHQ'LH0|JOLFKNHLWEHLP6FKXOHLQWULWWVRIUKDQDOOH(OWHUQ]XJH ODQJHQ VROOWH XQEHGLQJW JHQXW]W ZHUGHQ XP DOOIlOOLJ Q|WLJH 1DFKVR]LDOLVDWLRQ XQG HU]LHKXQJ]XLQLWLDOLVLHUHQ *DQ]KHLWOLFKHV/HUQHQVWDWWÄ%HOHKUW:HUGHQ³ ,Q 6FKXOHQ VROO ZHQLJHU GDV Ä%HOHKUW:HUGHQ³ DOV YLHOPHKU GDV JDQ]KHLWOLFKH /HU QHQ DOV ]HQWUDOH )RUGHUXQJ LP 6LQQH GHV .RJQLWLYLVPXV XQG GHV .RQVWUXNWLYLVPXV DQJHVWUHEWZHUGHQ'HQNHQ)KOHQ:ROOHQ+DQGHOQXQG9HUKDOWHQVLQGGDEHLGLH ]HQWUDOHQ%HJULIIH'HU0HQVFKVWHKWGHU8PZHOWDOVHLQVLFKVHOEVWRUJDQLVLHUHQGHV 6\VWHPJHJHQEHU'RFKHUZLUGDXFKYRQGHU$XHQZHOWYRQGHUVR]LDOHQ8PZHOW GHU )DPLOLH RGHU GHU 6FKXOH LQ VHLQHU (QWZLFNOXQJ DQJHVWRHQ PLW )RUGHUXQJHQ 6WUXNWXUHQ $QUHJXQJHQ 3UREOHPVWHOOXQJHQ JHOHEWHQ 9HUKDOWHQVYRUELOGHUQ XQG GL GDNWLVFKSlGDJRJLVFKHQ/HUQVLWXDWLRQHQYJO:LDWHU6II 'HU0HQVFKLVW DOVR QLFKW GDV 3URGXNW VHLQHU /HEHQVXPVWlQGH VRQGHUQ VWHWV DXFK $NWHXU VHLQHU (QWZLFNOXQJ VD .DS (U VROO GXUFK GLH VR]LDOH XQG KDOWJHEHQGH VFKXOLVFKH /HEHQVZHOW ZLVVHQVGXUVWLJ JHPDFKW ZHUGHQ ,Q GLHVHP .RQWH[W ZLUNHQ GDQQ KRKH /HLVWXQJVHUZDUWXQJHQ DXFK QLFKW QHJDWLY 'LH %HUHLWVFKDIW ]XP JDQ]KHLWOLFKHQ OH EHQVODQJHQ /HUQHQ GDV DXIJUXQG GHU DEQHKPHQGHQ +DOEZHUWV]HLW YRQ :LVVHQ DQ %HGHXWXQJJHZRQQHQKDWZLUGYRUDOOHPGXUFKGLH6R]LDOLVDWLRQYRQ:HUWHQLQJH OLQJHQGHQ%H]LHKXQJHQJHI|UGHUWZLHYRUOLHJHQGH8QWHUVXFKXQJJH]HLJWKDW (LQEH]LHKXQJGHU6FKOHULQLKUHQ%LOGXQJVSUR]HVV :lKUHQG GLH 6R]LDOLVDWLRQ IUKHU XQG LQ WUDGLWLRQHOOHQ *HVHOOVFKDIWHQ DOV HLQIDFKH hEHUWUDJXQJGHUNXOWXUHOOHQ9RUVWHOOXQJYRQGHUlOWHUHQDXIGLHMQJHUH*HQHUDWLRQ ]XYHUVWHKHQZDUKDWGLHKHXWLJH3OXUDOLVLHUXQJGHU6R]LDOLVDWLRQVNRQWH[WH]XU.RQ VHTXHQ]GDVVGLHVHHLQIDFKHhEHUWUDJXQJQLFKWPHKUUHLEXQJVORVIXQNWLRQLHUW *LOO IUDJWVLFKLQGLHVHP=XVDPPHQKDQJHLQHUVHLWVZHOFKH(U]LHKXQJV]LHOH KHXWHLP9RUGHUJUXQGVWHKHQXQGDQGHUHUVHLWVPLWZHOFKHQ0DQDKPHQVROFKHDQ JHPHVVHQH (U]LHKXQJ XQG %LOGXQJ HUUHLFKW ZHUGHQ NDQQ YJO 6 II ,Q $QOHK QXQJDQGLHGUHLSULQ]LSLHOOHQ5HDNWLRQVP|JOLFKNHLWHQYRQ+LUVFKPDQQ ÄOR\ DOLW\H[LWRUYRLFH³±]XGHXWVFK)ROJHEHUHLWVFKDIW$XVVWLHJRGHU:LGHUVSUXFKLP 6LQQHYRQ6WLPPUHFKW ±YHUVXFKWHU]XHU|UWHUQZLHGDVGHXWVFKH%LOGXQJVZHVHQLQ GHQ QlFKVWHQ -DKUHQ JHVWDOWHW ZHUGHQ N|QQWH (U IROJHUW EH]JOLFK GHU (U]LHKXQJV ]LHOHGDVVGDV6HW]HQDXIGLH)ROJHEHUHLWVFKDIW5HDNWLRQGHU6FKOHUZDKUVFKHLQOLFK QLFKW HUIROJUHLFK VHLQ ZUGH 'LH /DLVVH]IDLUH+DOWXQJ EHL 3lGDJRJHQ XQG (OWHUQ ([LW5HDNWLRQ ZUGHEHLYLHOHQ6FKOHUQVHLQHU0HLQXQJQDFKHEHQIDOOVEHGHXWHQ GDVVVLHVLFKYRUDOOHQ$QVWUHQJXQJHQGLH%LOGXQJPLWVLFKEULQJHQVROOWHÄHUIROJ UHLFK³GUFNHQXQGIDVWJDUQLFKWVOHUQHQZUGHQZDKUVFKHLQOLFKQRFKZHQLJHUDOV ZHQQGLH6FKXOHHLQHUJHUDGOLQLJHQXQGVHKUNRQVHUYDWLYHQ/HUQDQVWDOWJOHLFKNlPH (U IDYRULVLHUW GDKHU GLH GULWWH 5HDNWLRQVDUW Ä6WLPPUHFKW³ YRLFH E]Z GLH (LQPL
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJ]XKDXVH
VFKXQJGHU6FKOHUYJO6 'LHHUZDUWHWH(LQPLVFKXQJXQG(LQEH]LHKXQJGHU 6FKOHULQLKUHQHLJHQHQ%LOGXQJVSUR]HVVN|QQWHDQKDQGYRQJU|HUHQ3URMHNWHQJH OLQJHQZHOFKHGLHOHEHQVUHOHYDQWHQ)UDJHQGHU.LQGHUXQG-XJHQGOLFKHQPLWEHUFN VLFKWLJHQXQGLKUH9HUDQWZRUWXQJHEHQIDOOVHLQIRUGHUQZUGH %LOGXQJVDQVWUHQJXQJHQN|QQWHQDXIGLHVH:HLVHZHQLJHUDXI.RQNXUUHQ]LQQHUKDOE GHU VR]LDOHQ %H]XJVQRUP XQG YLHOPHKU XQWHU GHU HLJHQHQ LQGLYLGXHOOHQ /HLVWXQJV QRUPEHJUQGHWXQGJHVWDOWHWVHLQ 0RWLYDWLRQVI|UGHUXQJ]XKDXVH 'LH 0LWZLUNXQJ GHU (OWHUQ DQ GHU %LOGXQJVDUEHLW IU GDV YRUVFKXOLVFKH $OWHU LVW LQ 'HXWVFKODQGJHVHW]OLFKYHUDQNHUW]%9RUVFKULIWHQ]XU(LQULFKWXQJYRQ(OWHUQEHL UlWHQ YJO 0LQVHO 6 (U]LHKHULVFKH XQG OHUQXQWHUVWW]HQGH )RUGHUXQ JHQJHJHQEHUGHQ(OWHUQVLQGDOVRLP$OOJHPHLQHQOHJLWLP 'LH 6FKXOH GDUI LQ GLHVHP 6LQQH GLH (OWHUQ LPPHU PDO ZLHGHU GDUDXI DXIPHUNVDP PDFKHQGDVVVLFK(U]LHKXQJXQG%H]LHKXQJORKQHQ,P:LVVHQGDVVHVNHLQHIHK OHUIUHLH(U]LHKXQJJLEWVROOGHVgIWHUHQDXIGHQDXWRULWDWLYHQ(U]LHKXQJVVWLOV.DS KLQJHZLHVHQ ZHUGHQ GHU LP 6LQQH HLQHU JDQ]KHLWOLFKHQ XQG SRVLWLYHQ (QW ZLFNOXQJEHL.LQGHUQXQG-XJHQGOLFKHQZLUNW:LFKWLJLVWPHLQHU0HLQXQJQDFKD EHU GDVV QHEVW GHU $XIUHFKWHUKDOWXQJ YRQ JHOLQJHQGHQ %H]LHKXQJHQ QLFKW DXI GLH NODUHQ (UZDUWXQJHQ YHU]LFKWHW ZLUG (LQ LP DXWRULWDWLYHQ 6LQQH YHUVWDQGHQHV Ä3D UHQWLQJ³ZLHHVGLH$PHULNDQHUQHQQHQVHW]WDXI%H]LHKXQJXQGNODUH(UZDUWXQJHQ YRQ6HLWHQGHU(OWHUQ%HLPDXWRULWDWLYHQ(U]LHKXQJVVWLOJHEHQGLH(OWHUQGLH/HLW SODQNHQ YRU VLHQHKPHQ GLH LKQHQ YRQ GHQ .LQGHUQ ]XJHVFKULHEHQH )KUXQJVUROOH ZDKU 'HU JULHFKLVFK JHSUlJWH %HJULII 3lGDJRJLN ± DOV Ä)KUHQ GHV .QDEHQ³ E]Z GHV.LQGHVEHUVHW]W±SURSDJLHUWLQVHLQHUXUVSUQJOLFKHQ%HGHXWXQJHEHQIDOOVGLH VHQ)KUXQJVDQVSUXFK$XFK%DXHUE SIOLFKWHWGLHVHU)RUGHUXQJEHL'LH%H ]LHKXQJ ]XP .LQG NDQQ QLHPDOV V\PPHWULVFK DOVR JOHLFKEHUHFKWLJW VHLQ %H]XJV SHUVRQHQGLH.LQGHUSHUPDQHQWIUDJHQZDVVLHWXQZROOHQXQGGDEHLNHLQHHLJHQHQ 9RUVFKOlJHHLQEULQJHQEHUIRUGHUQVLHYJO6 5HGGLQJ LGHQWLIL]LHUW IROJHQGH YLHU )HOGHU GLH ]XKDXVH VFKXOLVFKHQ 3UREOH PHQHQWJHJHQZLUNHQ'LH(OWHUQVROOHQ HLQHDQUHJXQJVUHLFKH8PZHOWVFKDIIHQ GLHGXUFK*HVSUlFKHJHPHLQVDPH$NWLYLWlWHQ%HUHLWVWHOOXQJHLQHVUXKLJHQ3ODW]HV ]XP/HVHQXQG/HUQHQXQGGXUFKGLH2UJDQLVDWLRQYRQDXHUVFKXOLVFKHQ)UHL]HLWDN WLYLWlWHQ .LUFKH6SRUW 0XVLN HKUHQDPWOLFKH 7lWLJNHLW « JHSUlJWLVW 6LH VROOHQ 5HJHOQ5RXWLQHQ6FKODIHQV(VVHQV6SLHOXQG+DXVDXIJDEHQ]HLWHQ XQG5LWX DOHLQLKUHQ)DPLOLHQDOOWDJEULQJHQ'DV/HUQHQVROOWHLP9HUJOHLFK]XDQGHUHQ$N WLYLWlWHQ )HUQVHKHQ HLQHQ DQJHPHVVHQHQ 6WHOOHQZHUW HUKDOWHQ GLH )UHL]HLW PLW )UHXQGHQXQG6SLHOHQ(UKROHQGDUIDEHUHEHQIDOOVQLFKW]XNXU]NRPPHQ'LH/HLV
*HPl HLQHP ,QVWUXPHQW YRQ 5HLW]OH :LQNOH0HW]JHU 6WHLQKDXVHQ GDV YRQ 1RDFN HLQJHVHW]WZXUGH]HLJWVLFKHLQDXWRULWDWLYHU(U]LHKXQJVVWLOZLHIROJW0\0RWKHU)DWKHU« 0RVWO\EHKDYHVLQDSHHUOLNHHQJDJHGPDQQHULQLQWHUDFWLRQVZLWKPH 3UDLVHVPHLI,KDYHGRQHVRPHWKLQJZHOO &RPIRUWVPHLI,KDYHDSUREOHPKDVFOHDUUXOHVDQGH[SHFWDWLRQV
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
WXQJVHUZDUWXQJHQ VROOWHQUHDOLVWLVFK XQG PLW HPRWLRQDOHU ZLHSUDNWLVFKHU /HUQ XQWHUVWW]XQJJHNRSSHOWVHLQ:HQLJHUGLH1RWHQDOVYLHOPHKUGLH/HUQJHZRKQKHLWHQ VROOWHQLP0LWWHOSXQNWGHU(OWHUQ.LQG,QWHUDNWLRQVWHKHQ8QGVFKOLHOLFKVROOWH GLH.RPPXQLNDWLRQ]ZLVFKHQ(OWHUQKDXVXQG6FKXOHXPIDVVHQGXQGHQJVHLQ $XIJUXQG GHU (UJHEQLVVH GHU HKHPDOLJHQ PlQQOLFKHQ +DXSWVFKOHU LQ GHU YRUOLH JHQGHQ$UEHLWGUIHQGLH/HLVWXQJVDQHUNHQQXQJHQLQVEHVRQGHUHEHLHKHUVFKZlFKH UHQ6FKOHUQ]XKDXVHQLFKW]XNXU]NRPPHQ.LQGHUXQG-XJHQGOLFKHEUDXFKHQ%HV WlWLJXQJHQ XQG /RE /HUQHQ DP (UIROJ LVW EHL GLHVHU *UXSSH ZHVHQWOLFK HIIHNWLYHU DOV/HUQHQDP0LVVHUIROJ:LOGXQG+RIHU IDVVHQ]XVDPPHQGDVVYRUDOOHP OHLVWXQJVVFKZlFKHUH 6FKOHU DXI ]X KRKH (UZDUWXQJHQ PLW (LQEXVVHQ GHV SV\FKL VFKHQ %HILQGHQV UHDJLHUHQ XQG GDVV GLHVH ÄYRQ HLQHU ÃGRVLHUWHQ¶ XQGTXDOLWDWLY DQ VSUXFKVYROOHQ +DXVDXIJDEHQEHWUHXXQJ GHU(OWHUQSURILWLHUHQ GLH GXUFK HLQH DXVJH SUlJWH 3UR]HVVRULHQWLHUXQJ XQG $XWRQRPLHXQWHUVWW]XQJ JHNHQQ]HLFKQHW LVW³ 6 0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH (OWHUQ.RRSHUDWLRQ *HPl 3HNUXQ EHGDUI GLH .RRSHUDWLRQ ]ZLVFKHQ (OWHUQKDXV XQG 6FKXOH LQ 'HXWVFKODQGGHU9HUEHVVHUXQJÄ%HPKXQJHQXPHLQHVROFKH=XVDPPHQDUEHLWZl UHQVRZRKOIUHLQH)|UGHUXQJGHULQGLYLGXHOOHQ(QWZLFNOXQJYRQ.LQGHUQXQG-X JHQGOLFKHQZLHIUGLHRIIHQNXQGLJQRWZHQGLJH6WHLJHUXQJGHU%LOGXQJVSURGXNWLYL WlW XQVHUHU *HVHOOVFKDIW YRQ ]HQWUDOHU %HGHXWXQJ³ 6 $XFK QDFK %DXHU E VROOWHQ 6FKXOHQ LQ 'HXWVFKODQG HLQH VROFKH .RRSHUDWLRQ HLQIRUGHUQ 'HQQ GLHVFKXOLVFKH0RWLYDWLRQYRQ.LQGHUQZLUGGDQQQDFKKDOWLJJHVW|UWZHQQVLFKGLH %H]XJVSHUVRQHQ VHOEVW JHJHQ VFKXOLVFKH )RUGHUXQJHQ VWHOOHQ ZHQQ VLH GHP .LQG GDV*HIKOJHEHQHVJHJHQGLH/HKUHUEHVFKW]HQ]XPVVHQRGHUZHQQVLHJUXQG VlW]OLFKH 9RUEHKDOWH JHJHQEHU GHU 6FKXOH RIIHQNXQGLJ ]HLJHQ YJO 6 9LHO OHLFKWWULIIWPDQVROFKHHOWHUOLFKHQ9HUKDOWHQVZHLVHQDXFKGDUXPDQZHLO(OWHUQLP *HJHQVDW]]XDQGHUHQ/lQGHUQZLH0LQVHO IHVWKlOWLQ'HXWVFKODQGQXUVHO WHQGLH*HOHJHQKHLWKDEHQVLFKDPSlGDJRJLVFKHQ*HVFKHKHQLQGHU6FKXOHDNWLY]X EHWHLOLJHQYJO6 (LQ SULQ]LSLHOOHV (OWHUQ.LQG6FKXOH%QGQLV NDQQ EHU HLQHQ 6FKXOYHUWUDJ HLQJH O|VW ZHUGHQ =% VROOWHQ (OWHUQ DQ 6FKXOWDJHQ PLW LKUHP .LQG PLQGHVWHQV HLQPDO WlJOLFKEHUVFKXOLVFKH%HODQJHVSUHFKHQZLHHVLKPHUJDQJHQLVWZDVHVEHVFKlI WLJWXVZ XQGPLQGHVWHQVHLQPDOSUR6FKXODOOWDJPLWGHP.LQGJHPHLQVDPHVVHQ 6ROFKHXQGDQGHUH(OHPHQWHZUGHQQDFK%DXHUE LP6FKXOYHUWUDJ]ZLVFKHQ 6FKXOHXQG(OWHUQKDXVVWHKHQYJO6 (OWHUQNRPPWDXFKGLH$XIJDEH]XLKUH .LQGHUYRUQHJDWLYHQ5HL]HQDQJHPHVVHQ]XVFKW]HQVHLHVYRUEHUPlLJHP9L GHR)HUQVHKRGHU,QWHUQHWJHEUDXFK1XUGLH.RRSHUDWLRQ]ZLVFKHQ(OWHUQKDXVXQG 6FKXOHDOVRHLQÄ=LHKHQDPJOHLFKHQ6WULFN³GDYRQELQLFKEHU]HXJWNDQQLQVEH VRQGHUHEHLVR]LDOEHQDFKWHLOLJWHQ.LQGHUQVFKXOLVFKHQ(UIROJP|JOLFKPDFKHQ
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
6HOEVWEHVWLPPXQJ$XWRQRPLH 'DV*HIKOYRQ0LWEHVWLPPXQJLVWLP6LQQHGHU6'7VHKUZHVHQWOLFKIUGLHVFKX OLVFKH 0RWLYDWLRQ $XFK KLHU NDQQ DXI GHQ DXWRULWDWLYHQ (U]LHKXQJVVWLO YHUZLHVHQ ZHUGHQ'HU/HKUHUQLPPWVHLQH)KUXQJVUROOHEHZXVVWXQGSRVLWLYZDKU,Q/HKU /HUQ3UR]HVVHQZLHLP.RQ]HSWGHVÄ&RJQLWLYH$SSUHQWLFHVKLS³&ROOLQV%URZQ 1HZPDQ ZLUGGHP6FKOHU]XQHKPHQG9HUDQWZRUWXQJXQG6WHXHUXQJVIXQN WLRQ DEJHJHEHQ 'HU /HKUHU LVW GDQQ ]HLWZHLVH LQ GHU 5ROOH GHV &RDFK $XFK EHLP VR]LDOHQ8PJDQJXQGGHU$XIVWHOOXQJYRQ9HUKDOWHQVUHJHOQVROOHQGLH6FKOHUPLW HLQEH]RJHQ ZHUGHQ ,QVEHVRQGHUH EHL VHKU VFKXOGLVWDQ]LHUWHQ XQG OHLVWXQJVYHUZHL JHUQGHQ6FKOHUQLVWGDV*HIKOYRQ0LWEHVWLPPXQJXQGHUKDOWHQHU9HUDQWZRUWXQJ VHKU ZLFKWLJ $XFK ZHQQ YLHOH -XJHQGOLFKH GHQ %H]XJVSHUVRQHQ (OWHUQ ZLH /HK UHUQ GDV *HIKO JHEHQ VLH DP ZHQLJVWHQ ]X EUDXFKHQ EHQ|WLJHQ VLH VLH PHLVWHQV DPGULQJHQGVWHQZLH3URI)HQGLQHLQHU9RUOHVXQJ]XP-XJHQGDOWHUHLQPDOVDJWH .LQGHU XQG -XJHQGOLFKH EUDXFKHQ VWDUNH )KUXQJV XQG %H]XJVSHUVRQHQ VRYLHO VWHKW IHVW 'LH )RUGHUXQJ QDFK $XWRQRPLH JHPl GHU 6'7 PHLQW DEHU QLFKW GDVV -XJHQGOLFKHDOOHVDOOHLQHEHVWLPPHQVROOWHQ(VEHGHXWHWHKHUHLQHDOWHUVJHPlH$E JDEHYRQ9HUDQWZRUWXQJEHLJOHLFK]HLWLJHU$XIUHFKWHUKDOWXQJYRQNODVVLVFKHQ6WUXN WXUHQXQG5LWXDOHQ'LHVNDQQLQ3URMHNWDUEHLWHQVHKUJXWJHOHLVWHWZHUGHQ:LFKWLJ VFKHLQW PLU GDVV /HKUHU LKUH )KUXQJVSRVLWLRQ DXVIOOHQ TXDVL DOV Ä6NLSSHU HLQHV 6FKXO6HJHOERRWV³.XUVKDOWHQZLH%DXHUE6 HVWUHIIHQGDXVGUFNW 6R]LDOH(LQELQGXQJXQG/HKUHU6FKOHU%H]LHKXQJ %H]RJHQDXIGHQHEHQEHVFKULHEHQHQ)KUXQJVDVSHNWLVWGHU5HVSHNWGDV,QWHUHVVH XQG GLH +|IOLFKNHLW YRQ 6HLWHQ GHU /HKUHU JHJHQEHU GHQ 6FKOHUQ ]HQWUDO :HQQ VFKXOGLVWDQ]LHUWHXQGXQGLV]LSOLQLHUWH-XJHQGOLFKHVSUHQGDVVVLHGHQ/HKUHUQQLFKW HJDOVLQGGDVVVLHVLFKZLUNOLFKIUVLHXQGLKU:RKOHUJHKHQLQWHUHVVLHUHQGDQQLVW RIWGDV(LVJHEURFKHQXPVFKXOLVFKH0RWLYDWLRQVSUR]HVVHZLHGHULQ*DQJ]XEULQ JHQ 'LHVH (UIDKUXQJ KDEH LFK HLQLJH 0DOH ZlKUHQG PHLQHU VR]LDOSlGDJRJLVFKHQ $UEHLWLP.LQGHUXQG-XJHQGSV\FKRORJLVFKHQ=HQWUXPPDFKHQN|QQHQ 'HU HPSLULVFKH 1DFKZHLV GHV ]HQWUDOHQ )DNWRUV ÄLQWHUSHUVRQDO DWPRVSKHUH³ ]ZL VFKHQ (UZDFKVHQHQ XQG -XJHQGOLFKHQ IU GLH /HUQPRWLYDWLRQ YHUZHLVW GDUDXI GDV $XJHQPHUNQLFKWYRUDOOHPDXINRJQLWLYH6WDQGDUGV]XULFKWHQVRQGHUQYLHOPHKUDXI GLHXQWHUVWW]HQGHZHUWVFKlW]HQGHXQGVRPLWVR]LDOHPRWLRQDOH+DOWXQJGHU/HKUHU ZHQQ,QWHUHVVHXQG/HLVWXQJVPRWLYDWLRQJHI|UGHUWZHUGHQVROOHQYJO5\DQ 3R ZHOVRQ 6 :LH N|QQHQ QXQ JXWH /HKUHU6FKOHU%H]LHKXQJHQ JHI|UGHUW ZHUGHQ" *HUDGH LQ *DQ]WDJHVVFKXOHQ ZlUH HV P|JOLFK GDVV /HKUHU XQG 6FKOHU EHLPJHPHLQVDPHQ0LWWDJHVVHQEHUDXHUVFKXOLVFKH,QWHUHVVHQXQG3UREOHPHJDQ] XQEHVFKZHUW VSUHFKHQ N|QQHQ 6ROFKH RGHU NU]HUH )OXU*HVSUlFKH EHU ÄGLHV XQG GDV³ N|QQHQ $N]HSWDQ] XQG 9HUWUDXHQ VHKU ZHVHQWOLFK VWHLJHUQ /RKPDQQ EHVFKUHLEWLQVHKUEHUVLFKWOLFKHU)RUPGLH6WUDWHJLHQPLWZHOFKHQGLH%H]LHKXQJV HEHQHSURDNWLYXQGUHDNWLYJHVWDOWHWZHUGHQNDQQ'LHlXHUH(UVFKHLQXQJYHUEDOH XQGQRQYHUEDOH.RPPXQLNDWLRQXQGYRUDOOHPHLQHJXWH3RUWLRQ+XPRUVLQGIUHL
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
QHSRVLWLYH%H]LHKXQJ]ZLVFKHQ/HKUHUXQG6FKOHU±DXFKPHLQHU0HLQXQJHQQDFK ±ZLFKWLJH,QGLNDWRUHQ *HPl GHU 0DVORZ¶VFKHQ %HGUIQLVS\UDPLGH GUIWHQ 6FKOHU GLH LQ HLQHU $WPR VSKlUHPDWHULHOOHU1RWRGHUGLHLQHLQHPVR]LDOEHQDFKWHLOLJWHQ0LOLHXDXIZDFKVHQ GDV LKQHQ :HUWVFKlW]XQJ XQG =XJHK|ULJNHLW YRUHQWKlOW YHUVWlQGOLFKHUZHLVH QLFKW LQ GHU /DJH VHLQ 6FKXOH XQG 8QWHUULFKW SRVLWLY ZDKU]XQHKPHQ 6LH VXFKHQ GDQQ DQGHUH :HJH XP LKUH 0DQJHOEHGUIQLVVH SK\VLRORJLVFK VLFKHUKHLWVEH]RJHQ XQG VR]LDO ]XEHIULHGLJHQVHLHVLQGHU*HZDOWNULPLQHOOHQ+DQGOXQJHQRGHULP'UR JHQPLVVEUDXFK(UVWZHQQGLH0DQJHOEHGUIQLVVHQDFK$QHUNHQQXQJXQGVR]LDOHU (LQJHEXQGHQKHLW LQ GHU .ODVVH6FKXOH RGHU ]XKDXVH EHIULHGLJW VLQG VLQG GLHVH 6FKOHU EHUKDXSW IlKLJ VLFKDXI VFKXOLVFKHV /HUQHQ HLQ]XODVVHQ (LQJHIlKUGHWHU 6FKOHUN|QQWHLQGHU6FKXOHJHPl+RSI ZLHIROJWXQWHUVWW]WZHUGHQ9HU WUDXHQ XQG )lKLJNHLWHQ GHV 6FKOHUV VROOHQ JHIHVWLJW ZHUGHQ LQGHP VHLQH /HLV WXQJVHQWZLFNOXQJHQ SRVLWLY XQG YRU DOOHP LQGLYLGXHOO YHUVWlUNW ZHUGHQ VHLQH ,QWH UHVVHQVLQG]XI|UGHUQXQGHUILQGHWHLQHPRWLRQDOEHIULHGLJHQGHV6FKXOXQG8QWHU ULFKWVNOLPD YRU GHU 8QWHUULFKW VROOWH ELQQHQGLIIHUHQ]LHUW KDQGOXQJV XQG VFKOHU ]HQWULHUWVHLQXQGLPPHUZLHGHUHLQHQ/HEHQVZHOWEH]XJKDEHQXQGVFKOLHOLFKGU IHQEHLLKP6FKXOHXQG/HLVWXQJVWHVWVQLFKWLUUHYHUVLEOHbQJVWHHU]HXJHQ6 :LHVROOHQQXQ/HKUHUGHQ6FKOHUQEHJHJQHQ"/HKUHUVLQGIUGLH.LQGHUXQG-X JHQGOLFKHQ GDQQ %H]XJVSHUVRQHQ ZHQQ VLH YHUOlVVOLFK XQG HLQIKOVDP VLQG ]XK| UHQ N|QQHQ VLFK LQ GLH /DJH HLQHV .LQGHV YHUVHW]HQ XQG HV YHUVWHKHQ :HUWVFKlW ]XQJ XQG $QHUNHQQXQJ ]HLJHQ GLH %HGUIQLVVH GHV .LQGHV HUQVW QHKPHQ 5HVSHNW YRUGHU0HLQXQJGHQ,QWHUHVVHQXQG*HIKOHQGHV.LQGHVKDEHQ1HXJLHUXQG(L JHQVWlQGLJNHLW I|UGHUQ RKQH DOOHV ]X HUODXEHQ JHPl GHP (QWZLFNOXQJVVWDQG GHV .LQGHVKDQGHOQXQGLQVJHVDPWHLQ9RUELOGVLQGYJO)ULHGULFK6 $XV /HKUHUVLFKW LVW GLH +DOWXQJ GHU 8PJDQJ VRZLH 2IIHQKHLW +XPRU XQG 6HOEVWUHIOH [LRQ IU LKUH JHOHEWH $XWRULWlW DXVVFKODJJHEHQG 'DPLW ZLUG GLH ]HQWUDOH )XQNWLRQ GHU3HUVRQXQWHUPDXHUWZRQDFK$XWRULWlWYRUZLHJHQGDXVSHUV|QOLFKHU$QVWUHQJXQJ XQG%H]LHKXQJVDUEHLWHUEUDFKWZLUGYJO)UHL6 6R]LDOH %H]LHKXQJHQ ]X %H]XJVSHUVRQHQ VLQG HLQ *UXQGEHGUIQLV GHV 0HQVFKHQ 'LHV LVW HLQ .HUQVDW] GHU 6'7 8QG GLHVHU %HIXQG VWLPPW DXFK EHUHLQ PLW GHQ QHXVWHQQHXURELRORJLVFKHQ(UNHQQWQLVVHQZLHIROJHQGHV=LWDW]HLJW
0RWLYDWLRQLVWHLQQHXURELRORJLVFKIXQGLHUWHV*HVFKHKHQ0RWLYDWLRQNDQQHLQ .LQG QXU DXIEDXHQ ZHQQ HV SHUV|QOLFKH %HDFKWXQJ XQG ,QWHUHVVH DQ VHLQHU 3HUVRQ VSUW :DKUJHQRPPHQ XQG ÄJHVHKHQ³ ]X ZHUGHQ VHW]WH YHUELQGOLFKH ]ZLVFKHQPHQVFKOLFKH%H]LHKXQJHQGHV.LQGHVE]ZGHV-XJHQGOLFKHQ]XVHL QHQ (OWHUQ XQG /HKUHUQ/HKUHULQQHQ YRUDXV :HVHQWOLFKH .RPSRQHQWHQ YRQ Ä%H]LHKXQJ³ VLQG 6SLHJHOXQJVDNWH .LQGHU QHKPHQ ]XP HLQHQ LQ VLFK GDV 6SLHJHO %LOGGHVVHQDXIGDVLKQHQGXUFKJXWHRGHUVFKOHFKWH 9RUELOGHU]X IOLHW =XP DQGHUHQ DFKWHQ .LQGHU GDUDXI ZHOFKHV %LOG VLH LKUHUVHLWV LQ GHU
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
:DKUQHKPXQJ LKUHU 3lGDJRJHQ HU]HXJHQ 'LHVHV %LOG JLEW GHP .LQG E]Z GHP-XJHQGOLFKHQQLFKWQXUHLQH$XVNXQIWGDUEHUZHUHUVLHLVWVRQGHUQYRU DOOHPDXFKGDUEHUZHOFKH(QWZLFNOXQJVSRWHQWLDOHVLFKLKPLKUHU|IIQHQDO VRGDUEHUZDVHVVLFKVHOEVW]XWUDXHQGDUI%DXHUD6
*HUDGHZHLOPDQJHQHUHOOLQGHU6HNXQGDUVWXIH,QLFKWDXIHLQHDXVJHSUlJWHLQWULQVL VFKH 0RWLYDWLRQ GHU 6FKOHU ]lKOHQ NDQQ LVW GLH EHZXVVWH *HVWDOWXQJ GHU VR]LDOHQ (LQJHEXQGHQKHLWHLQ(UIROJVUH]HSWZLHYRUOLHJHQGH8QWHUVXFKXQJEHVWlWLJW6R]LDOH (LQJHEXQGHQKHLWVRUJW±ZLHLQGHU6'7QDFKJHZLHVHQZXUGH±OHW]WOLFKIUGLH,Q WHJUDWLRQYRQDXHQJHVHW]WHQ=LHOHQXQG(UZDUWXQJHQ .RPSHWHQ]HUIDKUXQJHQXQG$QHUNHQQXQJ 'HUOHW]WH6DW]GHVRELJHQ=LWDWVYHUZHLVWDXIGLH.RPSHWHQ]ZHOFKHVLFKGDV.LQG GXUFK HLQH JXWH %H]LHKXQJ ]XU %H]XJVSHUVRQ ]XVFKUHLEW %H]LHKXQJ XQG %HJD EXQJVHLQVFKlW]XQJ VWHKHQ LQ HLQHP =XVDPPHQKDQJ (V ]lKOW DOVR GLH VXEMHNWLY ZDKUJHQRPPHQH XQG QLFKW GLH REMHNWLYH .RPSHWHQ]HLQVFKlW]XQJ Ä:HU NHLQH (U IROJHHUZDUWHQNDQQXQGNHLQH(UIROJHHU]LHOW NDQQQLFKWOHLVWXQJVPRWLYLHUWVHLQ³ (GHOPDQQ 6 'LHVH JROGHQH 5HJHO ]XKDQGHQ HLQHU /HLVWXQJVPRWLYD WLRQVI|UGHUXQJ JLOW JDQ] EHVRQGHUV IU GHPRWLYLHUWH XQG ZHQLJ OHLVWXQJVPRWLYLHUWH 0HQVFKHQ *HUDGHLQ+DXSWVFKXOHQVROOWHQGDUXPSRVLWLYH/HLVWXQJVXQG.RPSHWHQ]HUIDKUXQ JHQGHU6FKOHUJDUDQWLHUWZHUGHQ'DV3ULQ]LSÄ+RIIQXQJDXI(UIROJ³PVVWHGXUFK GDV8QWHUULFKWVVHWWLQJEHZXVVWJHI|UGHUWZHUGHQ'DPLW6FKOHULKUH0DQJHOEHGUI QLVVHQLFKWLQQHJDWLYHU:HLVHDXHUKDOEGHU6FKXOHEHIULHGLJHQ PVVHQ PXVVGHQ 6FKOHUQGDV*HIKOYHUPLWWHOWZHUGHQÄHWZDV:HUW]XVHLQ³(LQHYLHOYHUVSUHFKHQ GH 8QWHUULFKWVIRUP LVW LQ GLHVHP .RQWH[W GDV 0DVWHU\ /HDUQLQJ ZDV DOV ]LHOHUUHL FKHQGHV 8QWHUULFKWHQ RGHU DOV Ä/HUQ]LHOHUUHLFKXQJ³ EH]HLFKQHW ZLUG 'DPLW PHLQW PDQÄGLH7HQGHQ]HUIROJVPRWLYLHUWHU3HUVRQHQ/HLVWXQJVVLWXDWLRQHQDOV*HOHJHQKHLW ]XU(UZHLWHUXQJGHUHLJHQHQ.RPSHWHQ]HQ]XLQWHUSUHWLHUHQXQGVWRO]EHUGDV(U UHLFKHQ HLJHQHU /HLVWXQJ ]X VHLQ³ ([HOHU :LOG 6 I 9LHOH HPSLULVFKH 8QWHUVXFKXQJHQ KDEHQ JH]HLJW GDVV GDPLW GHU /HUQHUIROJ IU YLHOH 6FKOHU HLQHU .ODVVHP|JOLFKLVWYJO+RIHU6 'DVVHLQJURHU$OOWDJVXQG/HEHQVEH]XJLP8QWHUULFKWHEHQIDOOVLQGLHVHP6LQQH ZLUNHQGUIWHLVWJHUDGHEHLP6FKXOW\S+DXSWVFKXOHZHOFKHPHKUKHLWOLFKDXIHLQH %HUXIVOHKUHYRUEHUHLWHWHLQOHXFKWHQG Ä$QVWUHQJXQJVROOWHVLFKORKQHQ³ *HUDGH HKHU VFKOHFKWHUH 6FKOHU VROOWHQ LPPHU ZLHGHU GLH (UIDKUXQJ PDFKHQ N|Q QHQ GDVV VLFK $QVWUHQJXQJ ORKQW $XFK )LVFKHU XQG 5XVWHPH\HU VFKODJHQ DXIJUXQG YRQ OlQJVVFKQLWWOLFKHQ (UJHEQLVVHQ EHU Ä0RWLYDWLRQVHQWZLFNOXQJ XQG /HKUNUDIWYHUKDOWHQ³ 8QWHUULFKWVLQWHUYHQWLRQHQ YRU ZHOFKH GHQ )RNXV DXI $QVWUHQ JXQJOHJHQ/HKUHUVROOWHQHVIUZLFKWLJHUKDOWHQGDVVVLFKGLH6FKOHUEHPKHQDOV GDVV VLH DOOHV ULFKWLJ O|VHQ N|QQHQ 6LH VROOWHQ VLFK LP $OOJHPHLQHQ VR YHUKDOWHQ
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
GDVVVLFKMHGHULQHLQHP)DFKYHUEHVVHUQNDQQYJO6 )RNXVVLHUWZUGHDOVR QLFKWGLHHYHQWXHOOVFKZLHULJ]XHUUHLFKHQGHLQWULQVLVFKH0RWLYDWLRQEHLGHPRWLYLHU WHQ -XJHQGOLFKHQ VRQGHUQ GLH $QVWUHQJXQJVEHUHLWVFKDIW 'DVVHOEH JLOW LP (OWHUQ KDXV 'LH %HXUWHLOXQJ YRQ /HLVWXQJ XQG (QJDJHPHQW VROOWH DOVR VWULNW JHWUHQQW ZHUGHQ :HQQ VRZRKO GDV $UEHLWV XQG 6R]LDOYHUKDOWHQ DOV DXFK (LQVDW]EHUHLWVFKDIW XQG 3UR]HVVEHXUWHLOXQJ QRWHQZLUNVDP ZlUHQ GDQQ ZUGH GLHV GLH 0RWLYDWLRQ VWHLJHUQ ,P *UXQGH ZlUH GDV HLQH H[WULQVLVFKH 0RWLYDWLRQVVWHXHUXQJ .RPSHWHQ]JHIKOH ZUGHQ DOVR PLWWHOV VR]LDOHU $QHUNHQQXQJ RGHU GXUFK HLQH JXWH =HQVXU EHU GLH /HLVWXQJVEHUHLWVFKDIW SURGX]LHUW 0DQ VHW]W DOVR DXI SRVLWLYH 9HUVWlUNXQJVPHFKD QLVPHQ GHV %HKDYLRULVPXV (EHQVR ZLH GLH VR]LDOH $QHUNHQQXQJ GHV *UXQGVFKXO OHKUHUVIUMQJHUH.LQGHUHLQZLFKWLJHU/HLVWXQJVDQVSRUQLVWLVWVLHHVDXFKEHL(U ZDFKVHQHQ ± YRQ 6HLWHQ GHU 9RUJHVHW]WHQ XQG 0LWDUEHLWHUQ 'LHV ZHUGH VR (GHO PDQQ HLJHQWPOLFKHUZHLVHYRQYLHOHQ3HUVRQHQJHOHXJQHWYJO6 =X GHPJLOW :HU PRWLYLHUWXQWHUULFKWHW PRWLYLHUWGDGXUFKDXFKVHLQH6FKOHU'LHh EHUWUDJXQJ GLHVHV 3UR]HVVHV LP 5DKPHQ GHV 0RGHOOOHUQHQV LVW XPVR LQWHQVLYHU MH EHVVHU GLH %H]LHKXQJ ]XU %H]XJVSHUVRQ XQG GHUHQ $QVHKHQ IU GDV .LQG LVW $OV /HKUHUKDWPDQVWHWV0RGHOOFKDUDNWHUGLH:LUNXQJZLUGRIWPDOVXQWHUVFKlW]W ,P.HUQNRPPWHVLQGHU:DKUQHKPXQJGHV]XPRWLYLHUHQGHQ6FKOHUVDOVRGDUDXI DQ GDVV GHU /HKUHU DOV %H]XJVSHUVRQ DXFK VHLQHU /HLVWXQJVEHUHLWVFKDIW JURH %H GHXWXQJEHLPLVVW'LH/HLVWXQJVPRWLYDWLRQGUIWHIUHLQHQ/HKUPHLVWHUGHU$XV]X ELOGHQGHDXVZlKOWHEHQIDOOVZLFKWLJHUVHLQDOVGLHVFKXOLVFKH,QWHOOLJHQ] $ENHKUYRQGHU%HXUWHLOXQJQDFKGHUVR]LDOHQ%H]XJVQRUP 8QWHU%H]XJQDKPHDXIGDV0LVVYHUKlOWQLVYRQ$XWRQRPLHEHGDUIYRQ-XJHQGOLFKHQ XQG LKUHU %HKDQGOXQJ LQ GHU 6FKXOH ZDV GXUFK GDV 6FKXOV\VWHP SURGX]LHUW ZLUG YJO Ä6WDJH(QYLURQPHQW)LW LQ .DS OlVVW VLFK PLW GHQ (UJHEQLVVHQ QDFK )L VFKHU XQG 5XVWHPH\HU ZHLWHU IROJHUQ GDVV HV YRU DOOHP LQ 6HNXQGDUVFKXO NODVVHQ , DQJH]HLJW LVW DXI LQGLYLGXHOOH %H]XJVQRUPHQ XQG DXI GLH 3UR]HVV XQG /HLVWXQJVEHUHLWVFKDIWVRULHQWLHUXQJ ]X VHW]HQ VWDWW GXUFK GLH $QZHQGXQJ GHU VR]LD OHQ%H]XJVQRUPXQG:HWWEHZHUEIUYLHOH6FKOHU0LVVHUIROJVHUOHEQLVVH]XSURGX ]LHUHQZHOFKHDXFKOlQJHUIULVWLJGHPRWLYLHUHQGZLUNHQZLHGLHYRUOLHJHQGH6WXGLH JH]HLJWKDW 6WlUNHUH 6FKOHU VLQG LP MHW]LJHQ 6FKXOV\VWHP DXI .RVWHQ GHU HKHU VFKZlFKHUHQ 6FKOHU HUIROJUHLFK 'LH VR]LDOH %H]XJVQRUPRULHQWLHUXQJ ZLUNW DEHU DXFK DXI GLH DQGHUH6HLWHQHJDWLYÄ6FKOHUGLHJXWH1RWHQVFKUHLEHQJHOWHQLQ'HXWVFKODQGEHL LKUHQ.ODVVHQNDPHUDGHQUDVFKDOVÃ6WUHEHU¶0DQFKHLQHUGURVVHOWVRJDUVHLQ(QJD JHPHQWXPYRUGHQDQGHUHQQLFKWDOV3ULPXVGD]XVWHKHQ³%RHKQNH6 :lKUHQG LQ 'HXWVFKODQG HWZD MHGHU ]ZHLWH 6FKOHU VHLQH 0LWVFKOHU ]XPLQGHVW PDQFKPDOÄ6WUHEHU³QHQQWLVWHVLQ.DQDGDQLFKWHLQPDOMHGHUGULWWHYJODD26 )LVFKHUXQG5XVWHPH\HU VHKHQGLH9HUlQGHUXQJGHU1RWHQYHUJDEHSUD[LV DOVSUDJPDWLVFKHQ$QVDW]GDVV/HLVWXQJ6SDPDFKHQNDQQ'HPVFKOLHHLFKPLFK
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJLQGHU6FKXOH
DQ /HW]WOLFK LVW GHU YHUDQWZRUWXQJVEHZXVVWH XQG JDQ]KHLWOLFKH 8PJDQJ PLW /HLV WXQJVDVSHNWHQ LP 5DKPHQ GHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ YRQ %HGHXWXQJ YJO 6 .|OOHU6 IRUGHUWYRQ/HKUHUQQLFKWHLQHÄHQWZHGHURGHU³VRQGHUQ HLQHÄVRZRKODOVDXFK³9RUJHKHQVZHLVHEHLGHU9HUZHQGXQJGHU%H]XJVQRUP'LH $QZHQGXQJ GHU VR]LDOHQ %H]XJVQRUP GLH YRQ GHQ 6FKOHUQ VHOEVW PHLVWHQV JH ZQVFKWZLUGNDQQLQ9HUJOHLFKVDUEHLWHQGXUFKDXV]XU6WDQGRUWEHVWLPPXQJEHLJH ]RJHQZHUGHQ0LWGHUKlXILJHQ9HUZHQGXQJGHULQGLYLGXHOOHQ%H]XJQRUPZLUGD EHU GHU 3HUV|QOLFKNHLWVHQWZLFNOXQJ PHKU 5HFKQXQJ JHWUDJHQ =XGHP ELHWHW VLH GLH 0|JOLFKNHLW GHQ 8QWHUULFKW PDJHEOLFK ]X GLIIHUHQ]LHUHQ ZLH LP QDFKIROJHQGHQ $EVFKQLWWJHIRUGHUWZLUG 'LH UHODWLYH /HLVWXQJVSRVLWLRQ XQG GLH ZDKUJHQRPPHQH %HJDEXQJVHLQVFKlW]XQJ YRQ 6HLWHQ GHU %H]XJVSHUVRQHQ ZHOFKH PLW GHU %HXUWHLOXQJVSUD[LV HQJ YHUEXQGHQ VLQG KDEHQ JHPl GHQ (UJHEQLVVHQ GLHVHU 6WXGLH YRU DOOHP IU -XJHQGOLFKH GHU +DXSWVFKXOHHLQHQJURHQ6WHOOHQZHUW (UZHLWHUWH/HUQIRUPHQ(/) YHUPHKUWHLQVHW]HQ :HQQ GLH /HKUSODQDXIODJH QDFK JOHLFKPlLJHU )|UGHUXQJ GHU 6HOEVW 6R]LDO XQG 6DFKNRPSHWHQ] HUQVW JHQRPPHQ ZLUG GDQQ VROOWHGHUVFKXOLVFKH 0LQXWHQ7DNW LPPHU ZLHGHU GXUFKEURFKHQ ZHUGHQ XP IlFKHUEHUJUHLIHQGHQ XQG JDQ]KHLWOLFKHQ 8QWHUULFKW ]X JHVWDOWHQ $FKHUPDQQ *DOOLQ 5XI *DVVHU .UDSI 'LHVHLQGHU3UD[LVDEHUHUVWODQJVDP)XIDVVHQGH/HUQNXOWXURULHQ WLHUWVLFKYRUZLHJHQGDQ,GHHQGHU5HIRUPSlGDJRJLNVLHKH]%2HONHUV XQG GHU KXPDQLVWLVFKHQ 3V\FKRORJLH YJO &RKQ 5RJHUV 5RRV 6 LGHQWLIL]LHUW XD LQGLYLGXDOLVLHUHQGH 8QWHUULFKWVIRUPHQ PLW QLYHDXJHUHFKWHQ /HUQDXIJDEHQDOV(UIROJVIDNWRUIUÄJDQ]KHLWOLFKHV%HXUWHLOHQXQG)|UGHUQ³ /HKWLQHQ PDFKWIROJHQGHPHWKRGLVFKH6FKOXVVIROJHUXQJHQEH]JOLFKGHUbQ GHUXQJGHVKlXILJH[LVWLHUHQGHQ.XOLVVHQOHUQHQVLQGHU6FKXOH 0RGHUQHNRJQL WLYLVWLVFKH XQG NRQVWUXNWLYLVWLVFKH /HKU/HUQ8PJHEXQJHQ ZHLWHU HQWZLFNHOQ GLH /HKUHU6FKOHU,QWHUDNWLRQ QHX RUJDQLVLHUHQ ]% PLW UHFLSURFDO WHDFKLQJ QDFK 3DOLQVFDUXQG%URZQ RGHUGHPFRJQLWLYHDSSUHQWLFHVKLSQDFK&ROOLQV%URZQ XQG1HZPDQ NRRSHUDWLYHV/HUQHQPHKUEHWRQHQ PHKUDXHUVFKXOL VFKH+DQGOXQJVVLWXDWLRQHQPLWHLQEH]LHKHQXQG ,&7,QIRUPDWLRQVXQG.RPPX QLNDWLRQVWHFKQRORJLHQ QXW]HQ XP GDPLW PRWLYLHUHQGH /HKU/HUQ8PJHEXQJHQ ]X VFKDIIHQ6 'LH6FKXOHLVWGHQIDPLOLlUHQ9RUDXVVHW]XQJHQGHU.LQGHUQLFKWRKQPlFKWLJDXVJH OLHIHUWVLHNDQQGLHVH$XVZLUNXQJHQEHHLQIOXVVHQ'LH:HFKVHOZLUNXQJHQ]ZLVFKHQ GHP 8QWHUULFKWVYHUKDOWHQ GHV /HKUHUV XQG GHQ )lKLJNHLWHQ GHV 6FKOHUV VLQG LP .RQ]HSWGHVÄ$SWLWXGH7UHDWPHQW,QWHUDFWLRQV³$7, VFKRQLQGHQHU-DKUHQHU NDQQWZRUGHQYJO&URQEDFK 6QRZ
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
0RWLYDWLRQVI|UGHUXQJDXIGHU6\VWHPHEHQH
.ODVVHQPDQDJHPHQWXQGNODUH6WUXNWXUHQ $XVHLJHQHU(UIDKUXQJP|FKWHLFKDEHULQVEHVRQGHUHEHLVR]LDOEHQDFKWHLOLJWHQ.LQ GHUQ XQG -XJHQGOLFKHQ GLH :LFKWLJNHLW GHV .ODVVHQPDQDJHPHQWV KHUDXVKHEHQ GDV GHU/HKUHUEHUFNVLFKWLJHQVROOWH*HUDGHZHLOGHU8QWHUULFKWLQPHWKRGLVFKHU+LQ VLFKW]XQHKPHQGJH|IIQHWZLUGVLQGNODUH6WUXNWXUHQ*HERWHXQG5LWXDOHYRQ]HQW UDOHU %HGHXWXQJ IU HLQH KDOWJHEHQGH 6FKXOH :HUWVFKlW]XQJ EHUXKW DXI *HJHQVHL WLJNHLW(LQJUXQGVlW]OLFKHU5HVSHNWXQGVFKXOLVFKH'LV]LSOLQJHJHQEHUGHQ/HKUHUQ GDUIXQGPXVVHLQJHIRUGHUWZHUGHQ'LH.ODVVHQIKUXQJVNRPSHWHQ]VROOWHHLQ]HQW UDOHU ,QKDOW LQ DOOHQ &XUULFXOD DQ 3lGDJRJLVFKHQ +RFKVFKXOHQ VHLQ *HPl PHLQHQ HLJHQHQ 8QWHUULFKWVHUIDKUXQJHQ XQG 0RGXOQDFKZHLVHQ YRQ /HKUDPWVVWXGLHUHQGHQ LP%HUXIVDOOWDJDOV'R]LHUHQGHUNDQQLFKGDV.RQ]HSWYRQ/RKPDQQ VHKUXQ WHUVWW]HQ (U LGHQWLIL]LHUW DOV (UIROJVIDNWRUHQ HLQHU JXWHQ .ODVVHQIKUXQJ GLH JOHLFK]HLWLJH%HUFNVLFKWLJXQJGHU'LV]LSOLQ8QWHUULFKWVXQG%H]LHKXQJVHEHQHLQ SURDNWLYHUDOVDXFKUHDNWLYHU+LQVLFKW9LHOHVHLQHU(PSIHKOXQJHQN|QQHQDOVSRVL WLYH9HUKDOWHQVVWHXHUXQJDXIJUXQGNODUHU5HJHOQXQG5LWXDOHDOVEHZXVVWJHVWDOWHWH DQUHJXQJVUHLFKH8PZHOWXQGYRUDOOHPDOVNRQVHTXHQWHV9HUKDOWHQGHV/HKUHUVLQ WHUSUHWLHUW ZHUGHQ V DXWRULWDWLYHU (U]LHKXQJVVWLO 'LH KHXWH ]7 HLQVHLWLJH )|UGH UXQJGHVNRQVWUXNWLYLVWLVFKHQ/HUQHQVXQG)RNXVVLHUXQJDXILQWULQVLVFKH0RWLYDWLRQ DXI.RVWHQYRQLQVWUXNWLRQDOHQ/HKU/HUQ3UR]HVVHQELUJWLP=XJHYRQLPPHUJU| HUHU3OXUDOLVLHUXQJYRQ/HEHQVNRQ]HSWHQGLH*HIDKUGDVVEHVRQGHUVVR]LDOEHQDFK WHLOLJWH6FKOHUDXFKLQGHU6FKXOH]XNXU]NRPPHQGDVLHVLFK]XKDXVHPHLVWHQV]X ZHQLJ .RPSHWHQ] LQ LKUHU 6HOEVWVWHXHUXQJ DQHLJQHQ NRQQWHQ 'DUXP QHKPHQ IU PLFK NODUH 6WUXNWXUHQ XQG SURIHVVLRQHOOH .ODVVHQIKUXQJ HLQH VHKU ZLFKWLJH 6WHO OXQJIUJHOLQJHQGH%H]LHKXQJHQXQGGLH)|UGHUXQJGHU/HLVWXQJVPRWLYDWLRQHLQ 0RWLYDWLRQVI|UGHUXQJDXIGHU6\VWHPHEHQH 'DPLW GLH IU (OWHUQKDXV XQG 6FKXOH DXIJHVWHOOWHQ 6FKOXVVIROJHUXQJHQ EHUKDXSW )XIDVVHQN|QQHQEHGDUIHVGHU,PSOHPHQWDWLRQGHU*UXQGJHGDQNHQDXIGHU6\V WHPHEHQHGHV%LOGXQJVZHVHQV$OV'R]HQWDQHLQHU3lGDJRJLVFKHQ+RFKVFKXOHOLHJW PLUEHVRQGHUVGLH)|UGHUXQJGHUVFKXOLVFKHQ%H]LHKXQJVXQG)KUXQJVNRPSHWHQ] GHU6WXGLHUHQGHQDP+HU]HQ,FKVWLPPH0LOOHU ]XGHUH[SOL]LWHLQH%H]LH KXQJVGLGDNWLN LP &XUULFXOXP YRQ 3lGDJRJLVFKHQ +RFKVFKXOHQ IRUGHUW ,FK IRUGHUH DXFK GDVV GLH VR]LDOHPRWLRQDOHQ XQG NRPPXQLNDWLYHQ 3HUV|QOLFKNHLWVPHUNPDOH EHL GHU $XVZDKO GHU /HKUDPWVVWXGLHUHQGHQ K|KHU EHZHUWHW ZHUGHQ PVVWHQ DOV ELV DQKLQ $XFKELQLFKPLW+RSI HLQHU0HLQXQJGDVVGHU.ODVVHQOHKUSHUVRQKHXWHHLQH KHUDXVUDJHQGH%HGHXWXQJLQDOOHQ6FKXOIRUPHQ]XNRPPWZHLOVLFKGHUVR]LDOHU]LH KHULVFKH%HGDUIDQ6FKXOHQVWDUNHUK|KWKDW'DV.ODVVHQOHKUHUV\VWHPNDQQGHQ$Q IRUGHUXQJHQ YRQ KHXWH ]% GHU HU]LHKHULVFKHQ 9HUDQWZRUWXQJ RGHU GHV .RQWDNWHV PLWGHP(OWHUQKDXV EHVVHUJHUHFKWZHUGHQDOVGDV)DFKOHKUHUV\VWHP(VLVWVRHLQH VLQQYROOH 0DQDKPH XP GHU RIIHQVLFKWOLFKHQ =XQDKPH YRQ YHUKDOWHQVDXIIlOOLJHQ 6FKOHUQHQWJHJHQ]XZLUNHQYJO6
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
9HURUWXQJXQG6FKOXVVZRUW
9HURUWXQJXQG6FKOXVVZRUW 'UHL6FKOVVHOWKHPHQVWDQGHQLQGLHVHU$UEHLWLP=HQWUXP(QWZLFNOXQJVSV\FKROR JLH 6R]LDOSV\FKRORJLH XQG 3HUV|QOLFKNHLWVSV\FKRORJLH =X OHW]WHUHU NDQQ GLH /HLV WXQJVPRWLYDWLRQJH]lKOWZHUGHQ*HPl-WWHPDQQXQG7KRPDH6 EHU VFKQHLGHQ VLFK (QWZLFNOXQJVSV\FKRORJLH XQG 3HUV|QOLFKNHLWVSV\FKRORJLH EHWUlFKW OLFK :HLVKHLWXQG*URE GLHHLQH6WLFKSUREHDXV YHUVFKLHGHQHQ.XOWXUHQEH]J OLFK LQWULQVLVFKHU XQG H[WULQVLVFKHU =LHOH XQWHUVXFKWHQ NDPHQ ]XP (UJHEQLV GDVV LQWULQVLVFKH=LHOH]XU/HEHQV]XIULHGHQKHLWEHLWUDJHQ±H[WULQVLVFKHDEHULQGHUVHOEHQ :HLVHLQDEJHVFKZlFKWHU)RUPZLUNHQ/HW]WHUHVHQWVSUDFKQLFKWGHQ(UZDUWXQJHQ GHU$XWRUHQ'LHVHÄZLGHU(UZDUWHQ³IHVWJHVWHOOWHSRVLWLYH.RUUHODWLRQ]ZLVFKHQGHU /HEHQV]XIULHGHQKHLWXQGGHU:LFKWLJNHLWYRQH[WULQVLVFKHQ=LHOHQHUVFKHLQWIDVWHLQ ZHQLJH[HPSODULVFKIUYRUOLHJHQGH)UDJHVWHOOXQJ]XVHLQ6HOEVWEHVWLPPWHH[WULQVL VFKH0RWLYDWLRQZLUGYRUDOOHPEHLGHQPlQQOLFKHQ*\PQDVLDVWHQEHUGLHVR]LDOH (LQJHEXQGHQKHLW XQG GLH (OWHUQ.LQG%H]LHKXQJ ]XKDXVH HUIROJUHLFK VR]LDOLVLHUW 'LHVHIDPLOLlUHQVR]LDOHQ)DNWRUHQLP-XJHQGDOWHUODVVHQVLFKDXFK-DKUHVSlWHU LQ HLQHU K|KHUHQ /HEHQV]XIULHGHQKHLW XQG HLQHU JU|HUHQ %HUXIV]XIULHGHQKHLW QRFK QDFKZHLVHQ 'LH %HIXQGH VSUHFKHQ IU GLH 6'7$QQDKPH GDVV H[WULQVLVFKH 0RWL YDWLRQGXUFKJHOLQJHQGH%H]LHKXQJHQLQVHOEVWEHVWLPPWHH[WULQVLVFKHRGHULQWULQVL VFKH 0RWLYDWLRQ EHUJHKHQ %HVRQGHUV LQWHUHVVDQW LVW GDVV GLHVH %HZHJXQJ EHL PlQQOLFKHQ *\PQDVLDVWHQ EHU -DKUH KLQZHJ QDFKJHZLHVHQ ZHUGHQ NRQQWH (V VWW]WGLHOHEHQVODXIEH]RJHQH$QQDKPHGDVVGLHLQGHUIUKHQ.LQGKHLWH[WHUQDXV JHO|VWH /HLVWXQJVPRWLYDWLRQ PLWWHOV JXWHQ %H]LHKXQJHQ ]X %H]XJVSHUVRQHQ LP -X JHQGDOWHU DOOPlKOLFK LQ HLQH VHOEVWEHVWLPPWH EHUJHKW XQG OHW]WOLFK LP (UZDFKVH QHQDOWHULQGHULQWULQVLVFKHQRGHUVHOEVWEHVWLPPWEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYD WLRQDOVOHEHQVODQJHV/HUQHQQRFKQDFKZHLVEDULVW 6HLW %HJLQQ GHU HPSLULVFKHQ 6R]LDOIRUVFKXQJ EHVWHKW GLH *HIDKU DNWXHOOH )RU VFKXQJVHUNHQQWQLVVH LP 6FKXODOOWDJ ]X HLQVHLWLJ HLQ]XVHW]HQ XQG YLHOHDOWEHZlKUWH (U]LHKXQJVXQG%LOGXQJVSULQ]LSLHQYRUVFKQHOOEHU%RUG]XZHUIHQ6RZRKOEHLGHU 'HEDWWHXPGHQDQWLDXWRULWlUHQ(U]LHKXQJVVWLODOV5HDNWLRQDXIGHQDXWRULWlUHQEHLP (LQVDW]YRQRIIHQHQ8QWHUULFKWVIRUPHQDOV$QWZRUWDXIGHQEHUZLHJHQGOHKUHU]HQW ULHUWHQ)URQWDOXQWHUULFKWRGHUEHLGHUhEHUWUDJXQJNRQVWUXNWLYLVWLVFKHU3ULQ]LSLHQDOV 5HDNWLRQDXIGHQQDFKGHP1UQEHUJHU7ULFKWHUYHUVWDQGHQHQ.RJQLWLYLVPXVPHUN WHQ YLHOH 3lGDJRJHQ LPPHU ZLHGHU GDVV VLH GDV 3HQGHO ]X IHVW KDEHQ DXVVFKODJHQ ODVVHQ'LHKlXILJQHJDWLYHDVVR]LLHUWHH[WULQVLVFKH0RWLYDWLRQLVWDEHUJHPlGLHVHU 6WXGLHLP6LQQHYRQVHOEVWEHVWLPPWHU0RWLYDWLRQ±QHEHQGHULQWULQVLVFKHQ0RWLYD WLRQ±HLQHZHVHQWOLFKH'HWHUPLQDQWHGHVOHEHQVODQJHQ/HUQHQVOHW]WHUHVNRUUHOLHUW ]XGHPDXFKPLWGHUDOOJHPHLQHQ/HEHQV]XIULHGHQKHLW :LH VLQG QXQ GLH (UNHQQWQLVVH GLHVHU $UEHLW ]X YHURUWHQ" 'HU .RQVWDQ]HU /lQJV VFKQLWW LVW DXIJUXQG GLYHUVHU )RUVFKXQJV]LHOH HQWVWDQGHQ 'LH :HLWHU IKUXQJLQHLQHU-DKUHVSlWHUVWDWWILQGHQGHQ)ROORZ8S(UKHEXQJLP-DKUH ZDUGDPDOVDEHUGHILQLWLYQLFKWYRUJHVHKHQ'LHVLVWGHU+DXSWJUXQGZDUXPGLHKLHU
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
9HURUWXQJXQG6FKOXVVZRUW
]X7DJHJHI|UGHUWHQ(UJHEQLVVHUXQGXPGLHOlQJVVFKQLWWOLFKH(UIRUVFKXQJGHUÄGLI IHUHQWLHOOHQ6R]LDOLVDWLRQYRQ/HLVWXQJVPRWLYDWLRQEHL-XJHQGOLFKHQGHU+DXSWVFKXOH XQGGHV*\PQDVLXPV³PLWHLQHUJHZLVVHQ=XUFNKDOWXQJ]XZHUWHQVLQGYJODXFK GLHLQ.DSLWHODXVIKUOLFKDXIJHIKUWHQ5HODWLYLHUXQJHQ *HUDGHXQWHU%HUFN VLFKWLJXQJ GLHVHU 5HODWLYLHUXQJHQ XQG GHU 7DWVDFKH GDVV GLH GLIIHUHQWLHOOH 0HUN PDOVVWDELOLWlW LP -XJHQGDOWHU WLHIHU DXVIlOOW DOV LQ DQGHUHQ $OWHUVDEVFKQLWWHQ YJO .DS LVW HV DEHU VHKU HUVWDXQOLFK ZHOFKH Ä/HLVWXQJVPRWLYDWLRQVSKlQRPHQH³ VLFKEHUGLH'DXHUYRQ-DKUHQLQXQWHUVFKLHGOLFKHQ6FKXONRQWH[WHQQDFKZHLVHQ ODVVHQ:HQQPDQLQVHLQHUHLJHQHQ%LRJUDILHHLQPDODQMHQH0RPHQWHGHQNWZHO FKHZHQLJYRUKHUVHKEDUXQGGRFKVHKUSHUV|QOLFKNHLWVSUlJHQGZDUHQVRZUGHPDQ ZDKUVFKHLQOLFK HLQHQ VLJQLILNDQWHQ 6WDELOLWlWVQDFKZHLV ]ZLVFKHQ XQG -DKUHQ EHL LUJHQGHLQHP 3HUV|QOLFKNHLWVPHUNPDO LQ $EKlQJLJNHLW GHV 6FKXONRQWH[WHV HKHU YHUQHLQHQDOVEHIUZRUWHQ 'LHEHUJUHLIHQGH)UDJHZDUXPVLFK3HUV|QOLFKNHLWVXQWHUVFKLHGHEHUKDXSWVWDELOL VLHUHQVWHOOWVLFK$VHQGRUSI LQVHLQHP%HLWUDJXQGKlOWIHVWGDVVGUHLP|JOL FKH 8UVDFKHQ W\SLVFKHUZHLVH GLVNXWLHUW ZHUGHQ Ä]XQHKPHQGH 6HOEVWVWDELOLVLHUXQJ HLQHV NRPSOH[HQ 9HUKDOWHQVV\VWHPV VWDELOLVLHUHQGH :LUNXQJ GHV NRQVWDQWHQ *H QRPV XQG ]XQHKPHQGH 8PZHOWVWDELOLWlW³ YJO 6 $VHQGRUSI LVW VLFK PDQJHOV HLQVFKOlJLJHUHPSLULVFKHU6WXGLHQQLFKWNODUGDUEHUREGLH7KHVHHLQHU]XQHKPHQ GHQ8PZHOWVWDELOLWlW]XWULIIW'LHVHV9HUXUVDFKXQJVSULQ]LSGHU3HUV|QOLFKNHLWVVWDEL OLVLHUXQJN|QQWHDEHUPLWGHQKLHUEHULFKWHWHQ5HVXOWDWHQJHVWW]WZHUGHQ'LHVR]LD OH8PZHOWDP*\PQDVLXPDQGHU8QLYHUVLWlWRGHUGHUGDQDFKDXVJHEWH%HUXIZLU NHQIUHKHPDOLJH PlQQOLFKHQ *\PQDVLDVWHQ VWDELOLVLHUHQGHUDOVGLH 8PZHOWEHGLQ JXQJHQIUHKHPDOLJH+DXSWVFKOHULQGHU/HEHQVSKDVH]ZLVFKHQXQG-DKUHQ 8QWHU%HUFNVLFKWLJXQJGHULQWHUDNWLRQLVWLVFKHQ3HUVSHNWLYHPXVVDEHUGHU8UVDFKH :LUNXQJV=XVDPPHQKDQJ ]ZLVFKHQ 8PZHOW XQG 3HUVRQ LPPHU LP $XJH EHKDOWHQ ZHUGHQ,QWHUDNWLRQEHGHXWHWGDVVGLH)DNWRUHQ8PZHOWXQG3HUVRQVLFKJHJHQVHLWLJ EHHLQIOXVVHQXQGVRPLWDXFKYHUVWlUNHQ(LQHEHUHLWVYRUKDQGHQHPLWWHOKRFKVWDELOH 3HUV|QOLFKNHLW NDQQ VLFK QRFK ZHLWHU VWDELOLVLHUHQ LQGHP VLH GLH 8PZHOW DNWLY DQ SDVVW XQG GDPLW SHUV|QOLFKNHLWVLQNRPSDWLEOH 8PZHOWZLUNXQJHQ PLQLPLHUW $XFK GLHVH (UNOlUXQJ GUIWH DXI GLH EHULFKWHWHQ 5HVXOWDWH VWLPPLJ EHUWUDJEDU VHLQ (LQ OHLVWXQJVPRWLYLHUWVR]LDOLVLHUWHU*\PQDVLDVWPLW-DKUHQSDVVWVHLQH8PZHOWZDKU VFKHLQOLFK ]X HLQHP JURHQ 7HLO VHOEVW DNWLY DQ LQGHP HU HEHQIDOOV OHLVWXQJVRULHQ WLHUWH)UHXQGHDXVVXFKWXQGLQWHUHVVDQWH/HEHQVNRQWH[WHHUVFKOLHWZHLOOHW]WOLFKGHU :XQVFKQDFKHLQHPHUIROJUHLFKHQ8QLYHUVLWlWVVWXGLXPDOV(QG]LHOWLHIYHUDQNHUWLVW =XGHPEHVWlWLJWVLFKHLQPDOPHKUGDVLPHLJHQWOLFKHQ6LQQSDUDGR[H(UJHEQLV'LH JXW $XVJHELOGHWHQ ELOGHQ VLFK PHKU ZHLWHU DOV GLH ZHQLJHU JXW $XVJHELOGHWHQ RE ZRKOOHW]WHUHHVDPQ|WLJVWHQKlWWHQ'LHIUKH6HOHNWLRQLP%LOGXQJVZHVHQXQGGLH VLFKGDYRQDEKlQJLJJH]HLJWH(OWHUQ.LQG%H]LHKXQJGUIWHQZRKO]XGHQ9HUXUVD FKHUQ GLHVHU PRWLYDWLRQDOHQ 3UlJXQJ LP IUKHQ (UZDFKVHQHQDOWHU JHK|UHQ ,P *H JHQVDW]GD]XGUIWHQGDVEHUXIOLFKH=LHOHLQHVHKHPDOLJHQ+DXSWVFKOHUVPLW-DK UHQXQGGLHGD]XJHK|ULJHQVR]LDOHQ.RQWH[WHQRFKZHLWKHWHURJHQHUXQGVRPLWZH
)D]LWXQGSlGDJRJLVFKH6FKOXVVIROJHUXQJHQ
9HURUWXQJXQG6FKOXVVZRUW
QLJHUVWDELOLVLHUHQGZLUNHQ(LQHQLFKWRSWLPDOH(OWHUQ.LQG%H]LHKXQJGUIWHGDQQ GDVLKULJH]XGLHVHP3UR]HVVQRFKLP:HLWHUHQEHLWUDJHQ 'LH YRQ $VHQGRUSI 6 HUZlKQWH 0HWDSKHU GHU 3HUV|QOLFKNHLW LQ *HVWDOW HLQHU/DZLQHNDQQGLHVHV)D]LWJXWLOOXVWULHUHQ,VWHLQH/DZLQHDXIJUXQGYRQHLQ]HO QHQ 6FKQHHElOOHQ RGHU 6FKQHHNOXPSHQ LQV 5ROOHQ JHNRPPHQ XQG LVW GDQQ HLQPDO HLQHNULWLVFKH0DHEHUVFKULWWHQUHLWVLHDOOHVLQQlKHUHU8PJHEXQJPLWVLFKZDV EHLLKUHU(QWVWHKXQJVFKQHHKHPPHQGZLUNW6RHEQHWVLHVLFKLKUH)DKUWLQV7DOHLQ ]LJ%HUJHN|QQHQVLHQRFKDXIKDOWHQ'LH%HUJHN|QQWHQLP/HEHQVODXIHLQHU3HUVRQ HLQVFKQHLGHQGH(UOHEQLVVHZLHVFKPHU]HQGH%HVFKUlQNXQJHQXQG8QJOFNVIlOOHLP SRVLWLYHQ 6LQQH DEHU DXFK PRWLYLHUHQGH *OFNVIlOOH XQG QHXH :HJ|IIQXQJHQ VHLQ GLH3HUV|QOLFKNHLWVHLJHQVFKDIWHQZHVHQWOLFKPLWEHVWLPPHQ (V JLOW IHVW]XKDOWHQ GDVV 6FKXOH GLH 3HUV|QOLFKNHLWVHQWZLFNOXQJ YRQ .LQGHUQ XQG -XJHQGOLFKHQ ZHLW LQV (UZDFKVHQHQDOWHU KLQHLQ QDFKKDOWLJ SUlJW bKQOLFK ZLH GLH YRU]XJVZHLVHQLFKWDXIVFKQHOOHQ3URILWRULHQWLHUWH8QWHUQHKPXQJVVWUDWHJLHLQ=HLWHQ YRQ :DQGHO XQG .ULVHQ ZUGH VLFK ZRKO DXFK LQ GHU %LOGXQJ HLQH PRWLYDWLRQDO OlQJHUIULVWLJH 3HUVSHNWLYHQHLQQDKPH YRQ 6HLWHQ GHU (OWHUQ XQG /HKUHUQ QDFKKDOWLJ DXI HLQ OHEHQVODQJHV /HUQHQ XQG HLQH KRKH %LOGXQJVEHWHLOLJXQJ YLHOHU EH]DKOW PD FKHQ'LHJDQ]KHLWOLFKH3HUV|QOLFKNHLWVWKHRULHGHU6HOEVWEHVWLPPXQJ6'7 PLWGHQ GUHL SURSDJLHUWHQ *UXQGEHGUIQLVVHQ .RPSHWHQ]HUOHEHQ $XWRQRPLH XQG VR]LDOH (LQELQGXQJWUlJWGLHVHU$EVLFKW5HFKQXQJ 'LHQDFKJHZLHVHQHQ:LUNXQJVPHFKDQLVPHQJXWHU%H]LHKXQJHQ]X(OWHUQXQG/HK UHUQDOV0RWRUHQGHU/HLVWXQJVPRWLYDWLRQLPIUKHQ-XJHQGDOWHUXQGVRGDQQDOVNHW WHQDUWLJH)RUWVHW]XQJLQGHU:HLWHUELOGXQJVPRWLYDWLRQLP(UZDFKVHQHQDOWHU]HLJHQ GDVVVR]LDOHPRWLRQDOH)DNWRUHQLKUH6SXUHQKLQWHUODVVHQZHQQGLH)UDJHQDFKGHU SURGXNWLYHQ/HEHQVJHVWDOWXQJJHVWHOOWZLUG'LHVHV)D]LWGDUIEHLGHUYRUDOOHPNRJ QLWLY JHSUlJWHQ 'LVNXVVLRQ UXQG XP 3,6$ XQG ZHLWHUHQ NRJQLWLYHQ /HLVWXQJVPHV VXQJVWHVWVQLFKW]XNXU]NRPPHQ 9HUJHVVHQZLUDOVRQLFKWGDVVGHU0HQVFKVWHWVVR]LDOPRWLYLHUWLVWXQGHUVWGDGXUFK ]X ZHVHQWOLFKHQ 6R]LDOLVDWLRQVHUIDKUXQJHQ NRPPW ZDV YRUOLHJHQGH %HIXQGH HLQ GUFNOLFK JH]HLJW KDEHQ *HPHLQVFKDIWVELOGXQJ XQG JXWH %H]LHKXQJVYHUKlOWQLVVH VLQG GLH 9RUDXVVHW]XQJHQ IU GLH JDQ]KHLWOLFKH XQG OHW]WOLFK ODQJIULVWLJ ZLUNHQGH /HUQXQG/HLVWXQJVPRWLYDWLRQ(VNDQQQLHGLH5HGHVHLQYRQQRUPDWLYHQXQGYRU EHVWLPPWHQ/HEHQVYHUOlXIHQMHGRFKGXUFKDXVYRQVR]LDODXVJHO|VWHQXQGEHVFKOHX QLJWHQ Ä/DZLQHQ³ RGHU Ä5HLVHURXWHQ³ GHUHQ MH HLJHQH '\QDPLN ]X HLQHP JURHQ 7HLOGXUFKGLH:HUWVFKlW]XQJXQGGLHVR]LDOH$QHUNHQQXQJYRQ6HLWHQGHU%H]XJV SHUVRQHQYRUEHVWLPPWLVW
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
9HU]HLFKQLVVH /LWHUDWXUYHU]HLFKQLV $EUDKDPV)) 6RPPHUNRUQ,1 $UEHLWVZHOW)DPLOLHQVWUXNWXUXQG6R]LDOLVD WLRQ ,Q . +XUUHOPDQQ +UVJ 6R]LDOLVDWLRQ XQG /HEHQVODXI 6 5HLQEHN E +DPEXUJ5RZRKOW $FKHUPDQQ( 0LW.LQGHUQ6FKXOHPDFKHQ=ULFK9HUODJ/HKUHULQQHQXQG/HK UHUGHU6FKZHL]/&+ $UQHW 5 /RRVHU ' $N]HSWDQ] GHU 9RONVVFKXOH (YDOXDWLRQ GHU 9RONV VFKXOTXDOLWlWLQGHQ.DQWRQHQ=ULFKXQG7KXUJDXDXV6LFKWHLQHUUHSUlVHQWDWLYHQ(O WHUQVFKDIW )RUVFKXQJVEHUHLFK Ä%LOGXQJVV\VWHP XQG +XPDQHQWZLFNOXQJ³ 3lGDJRJL VFKHV ,QVWLWXW GHU 8QLYHUVLWlW =ULFK 'RZQORDG KWWSHGXGRFFKJHWILOHS\"UHFLG 6WDQG $VHQGRUSI-% 3V\FKRORJLHGHU3HUV|QOLFKNHLW%HUOLQ6SULQJHU $VHQGRUSI-% 'LH3HUV|QOLFKNHLWDOV/DZLQH:DQQXQGZDUXPVLFK3HUV|QOLFK NHLWVXQWHUVFKLHGH VWDELOLVLHUHQ ,Q * -WWHPDQQ + 7KRPDH +UVJ 3HUV|QOLFKNHLW XQG(QWZLFNOXQJ6 :HLQKHLP%HOW] $WNLQVRQ-: $QLQWURGXFWLRQWRPRWLYDWLRQ1HZ
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
%HOVN\-6WHLQEHUJ/ 'UDSHU3 &KLOGKRRGH[SHULHQFHLQWHUSHUVRQDOGHYH ORSPHQWDQGUHSURGXFWLYHVWUDWHJ\$QHYROXWLRQDU\WKHRU\RIVRFLDOL]DWLRQ&KLOG'H YHORSPHQW %HUJHU ) )HQG + .RQWLQXLWlW XQG :DQGHO LQ GHU DIIHNWLYHQ %H]LHKXQJ ]ZL VFKHQ(OWHUQXQG.LQGHUQYRP-XJHQGELVLQV(UZDFKVHQHQDOWHU=HLWVFKULIWIU6R]LR ORJLHGHU(U]LHKXQJXQG6R]LDOLVDWLRQ %HUJHU ) hEHUEOLFN EHU 6WDWLVWLNHQ GHU 0RGHOOJWH ,QIRUPDWLRQVEODWW ]XP :RUNVKRSÄ6WUXNWXUJOHLFKXQJVPRGHOOHPLW$026³DP6*)%.RQJUHVVLQ.UHX] OLQJHQ&+8QYHU|II9RUWUDJVGRNXPHQW %HUJHU)*URE8)HQG+ /DXWHUEDFK: 0|JOLFKNHLWHQ]XU2SWLPLHUXQJ GHU 5FNODXITXRWH LQ SRVWDOLVFKHQ %HIUDJXQJHQ %HULFKW EHU GLH 9RUVWXGLH ]XP )RU VFKXQJVSURMHNW/LI(=HLWVFKULIWIU6R]LRORJLHGHU(U]LHKXQJXQG6R]LDOLVDWLRQ %LHUL%XVFKRU&)RUUHU( 0DDJ0HUNL. :HLWHUELOGXQJVEHUHLWVFKDIWMXQJHU (UZDFKVHQHU LQ GHU 6FKZHL] (UVWH (UJHEQLVVH DXV GHQ (LGJHQ|VVLVFKHQ -XJHQG XQG 5HNUXWHQEHIUDJXQJHQ ÄFK[³ 6FKZHL]HULVFKH =HLWVFKULIW IU %LOGXQJVZLV VHQVFKDIWHQ %LOGXQJVNRPPLVVLRQ15: =XNXQIWGHU%LOGXQJ±6FKXOHGHU=XNXQIW'HQNVFKULIW GHU.RPPLVVLRQ³=XNXQIWGHU%LOGXQJ±6FKXOHGHU=XNXQIW´EHLP0LQLVWHUSUlVLGHQWHQ GHV/DQGHV1RUGUKHLQ:HVWIDOHQ1HXZLHG/XFKWHUKDQG %ROOQRZ2) 'LHSlGDJRJLVFKH$WPRVSKlUH8QWHUVXFKXQJEHUGLHJHIKOVPl LJHQ ]ZLVFKHQPHQVFKOLFKHQ 9RUDXVVHW]XQJHQ GHU (U]LHKXQJ +HLGHOEHUJ 4XHOOH 0H\HU %RV:+RUQEHUJ6$UQROG.+)DXVW*)ULHG//DQNHV(06FKZLSSHUW. 9DOWLQ5+UVJ ,*/8/HVHNRPSHWHQ]HQYRQ*UXQGVFKXONLQGHUQLQ 'HXWVFKODQGLPLQWHUQDWLRQDOHQ9HUJOHLFK0QVWHU:D[PDQQ %RXUGLHX 3 gNRQRPLVFKHV .DSLWDO NXOWXUHOOHV .DSLWDO VR]LDOHV .DSLWDO ,Q 5 .UHFNHO +UVJ 6R]LDOH 8QJOHLFKKHLWHQ 6 6R]LDOH :HOW 6RQGHUEDQG *|WWLQJHQ6FKZDUW] %RZOE\- $WWDFKPHQWDQGORVV9RO, 6HSDUDWLRQ1HZ
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
%XVVPDQQ.' +RUQ: (OWHUQVWUDIHQ±/HKUHUVWUDIHQ(LQH8QWHUVXFKXQJ]XU 6WUDISUD[LVLQ6FKXOHXQG)DPLOLH,Q-%DVWLDQ+UVJ Ä6WUDIHPXVVVHLQ³"'DV6WUDI SUREOHP]ZLVFKHQ7DEXXQG:LUNOLFKNHLW6 :HLQKHLP%HOW] %\UQH - % &RJQLWLYH GHYHORSPHQW DQG OHDUQLQJ LQ LQVWUXFWLRQDO FRQWH[WV 1HHGKDP+HLJKWV$OO\Q %DFRQ &DPHURQ- 3LHUFH:' 5HLQIRUFHPHQWUHZDUGDQGLQWULQVLFPRWLYDWLRQ$ PHWDDQDO\VLV5HYLHZRI(GXFDWLRQDO5HVHDUFK &DVSL$ 3HUVRQDOLW\GHYHORSPHQWDFURVVWKHOLIHFRXUVH,Q:'DPRQ6HU(G 1(LVHQEHUJ9RO(G +DQGERRNRI&KLOG3V\FKRORJ\9RO 6RFLDOHPRWLRQDO DQGSHUVRQDOLW\GHYHORSPHQWSS 1HZ
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
'HFL(/ 5\DQ50 'LH6HOEVWEHVWLPPXQJVWKHRULHGHU0RWLYDWLRQXQGLKUH %HGHXWXQJIUGLH3lGDJRJLN=HLWVFKULIWIU3l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
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
)HQG+D 1HXH7KHRULHGHU6FKXOH'DV%LOGXQJVZHVHQDOVLQVWLWXWLRQHOOHU$NWHXU GHU0HQVFKHQELOGXQJ/HKUEXFK:LHVEDGHQ9HUODJIU6R]LDOZLVVHQVFKDIWHQ )HQG + E 0RELOLWlW GHU %LOGXQJVODXIEDKQHQ QDFK GHU 6FKXOVWXIH .RSSHOXQJ XQG (QWNRSSHOXQJ YRQ %LOGXQJVYHUOlXIHQ XQG %HUXIVDXVELOGXQJ DQ GLH 6FKXOIRUP]X JHK|ULJNHLW ± QHXH &KDQFHQ RGHU DOWH 'HWHUPLQDQWHQ" ,Q : *HRUJ +UVJ 6R]LDOH 8QJOHLFKKHLW LP %LOGXQJVV\VWHP (LQH HPSLULVFKWKHRUHWLVFKH %HVWDQGHVDXIQDKPH 6 .RQVWDQ]89. )HQG+ %HUJHU) (LQIKUXQJLQGHQ7KHPHQVFKZHUSXQNW=HLWVFKULIWIU6R ]LRORJLHGHU(U]LHKXQJXQG6R]LDOLVDWLRQ )HQG + .Q|U]HU : 1DJO : 6SHFKW : 9lWK6]XVG]LDUD 5 6R]LDOLVD WLRQVHIIHNWHLQGHU6FKXOH:HLQKHLP%HOW] )HQG+ 3UHVWHU+* 'RNXPHQWDWLRQGHU6NDOHQGHV3URMHNWV(QWZLFNOXQJLP -XJHQGDOWHU8QLYHUVLWlW.RQVWDQ] )HQG+ 6W|FNOL* 'HU(LQIOXGHV%LOGXQJVV\VWHPVDXIGLH+XPDQHQWZLFN OXQJ(QWZLFNOXQJVSV\FKRORJLHGHU6FKXO]HLW,Q)(:HLQHUW+UVJ 3V\FKRORJLHGHV 8QWHUULFKWV XQG GHU 6FKXOH (Q]\NORSlGLH GHU 3V\FKRORJLH 6HULH 3lGDJRJLVFKH 3V\ FKRORJLH%G 6 *|WWLQJHQ+RJUHIH )LQVWHUZDOG0 0RWLYDWLRQXQG6FKXOEHUJDQJ%HUOLQ/RJRV9HUODJ )LVFKHU 1 5XVWHPH\HU 5 0RWLYDWLRQVHQWZLFNOXQJ XQG VFKOHUSHU]LSLHUWHV /HKUNUDIWYHUKDOWHQLP0DWKHPDWLNXQWHUULFKW=HLWVFKULIWIU3lGDJRJLVFKH3V\FKRORJLH )RQWDLQH$0 $FKLHYHPHQWPRWLYDWLRQDQGFKLOGUHDULQJLQGLIIHUHQWVRFLDOFRQ WH[WV(XURSHDQ-RXUQDORI3V\FKRORJ\RI(GXFDWLRQ )UHL% 3lGDJRJLVFKH$XWRULWl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lKHXQG'LVWDQ]Ä6R]LDOHV/HUQHQ³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
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
FRXUVHV 3RVWHU DP ,66%'.RQJUHVV YRP -XOL 'RZQORDG ZZZSDHG ZRUNXQL]KFKSSIROORZXSGRZQORDGGDWHLHQXHEHUVLFKWSGI6WDQG *URE 8 0DDJ 0HUNL . hEHUIDFKOLFKH .RPSHWHQ]HQ 7KHRUHWLVFKH *UXQG OHJXQJXQGHPSLULVFKH(USUREXQJHLQHV,QGLNDWRUHQV\VWHPV%HUQ3HWHU/DQJ *UROQLFN:6 5\DQ50 $XWRQRP\LQFKLOGUHQ¶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lGDJRJLVFKHV*UXQGZLVVHQhEHUEOLFN±.RPSHQGLXP±6WXGLHQEXFK $XIO %DG+HLOEUXQQ.OLQNKDUGW *XW]ZLOHU ) :\GOHU + (OWHUOLFKH (U]LHKXQJVVWLOH XQG (OWHUQ.LQG %H]LHKXQJHQ±,KU(LQIOXVVDXIGLH*HVXQGKHLWGHU.LQGHUXQGLKU:DQGHOLP/DXIHGHU =HLW6FKZHL]HULVFKHU1DWLRQDOIRQGV1)36FKOXVVEHULFKW%HUQ61) +DUORZ+) 7KHQDWXUHRIORYH$PHULFDQ3V\FKRORJLVW +DUQH\.+:HLVFKHW0 *HVHOEUDFKW6 'HU%HUXIDOV,QSXWGHU:HLWHUELO GXQJ=HLWVFKULIWIU3lGDJRJLN]X%HUXIXQG%HUXIVELOGXQJ +D]DQ& 6KDYHU35 /RYHDQGZRUN$QDWWDFKPHQWWKHRUHWLFDOSHUVSHFWLYH -RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\ +HFNKDXVHQ+ 2VZDOG$ (U]LHKXQJVSUDNWLNHQGHU0XWWHUXQG/HLVWXQJVYHU KDOWHQGHVQRUPDOHQXQGJOLHGPDHQJHVFKlGLJWHQ.LQGHV$UFKLYIUGLHJHVDPWH3V\ FKRORJLH,Q+/XNHVFK (LQIKUXQJLQGLH3lGDJRJLVFKH3V\FKROR JLH5HJHQVEXUJ&+'UXFNHUHLXQG9HUODJV*PE+ +HFNKDXVHQ + +RIIQXQJ XQG )XUFKW LQ GHU /HLVWXQJVPRWLYDWLRQ 0HLVHQKHLP +DLQ +HFNKDXVHQ+ 0RWLYDWLRQXQG+DQGHOQ+HLGHOEHUJ6SULQJHU +HFNKDXVHQ- +HFNKDXVHQ+ 0RWLYDWLRQXQG+DQGHOQ%HUOLQ6SULQJHU +HOPNH$ :HLQHUW)( %HGLQJXQJVIDNWRUHQVFKXOLVFKHU/HLVWXQJHQ,Q)( :HLQHUW+UVJ (Q]\NORSlGLHGHU3V\FKRORJLH±3lGDJRJLVFKH3V\FKRORJLH%DQG,,, 3V\FKRORJLHGHV8QWHUULFKWVXQGGHU6FKXOH6 *|WWLQJHQ+RJUHIH +HOPNH$6FKUDGHU): /HKQHLQV.OHSSHU* =XU5ROOHGHV(OWHUQYHUKDO WHQVIUGLH6FKXOOHLVWXQJVHQWZLFNOXQJGHV.LQGHV=HLWVFKULIWIU(QWZLFNOXQJVSV\FKR ORJLHXQG3lGDJRJLVFKH3V\FKRORJLH +HQWLJ Y + 'LH 6FKXOH QHX GHQNHQ (LQH hEXQJ LQ SlGDJRJLVFKHU 9HUQXQIW 0QFKHQXQG:LHQ&DUO+DQVHU +HWKHULQJWRQ(0&R[0 &R[5 (IIHFWVRIGLYRUFHRQSDUHQWVDQGFKLO GUHQ,Q0/DPE(G 1RQWUDGLWLRQDOIDPLOLHVSS +LOOVGDOH1-(UOEDXP +LOO1(&DVWHOOLQR'5/DQVIRUG-(1RZOLQ3'RGJH.$%DWHV-( 3HWLW *6 3DUHQWDFDGHPLFLQYROYHPHQWDVUHODWHGWRVFKRROEHKDYLRUDFKLHYHPHQW
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
DQG DVSLUDWLRQV 'HPRJUDSKLF YDULDWLRQV DFURVV DGROHVFHQFH &KLOG 'HYHORSPHQW +RIHU0 /HKUHU6FKOHU,QWHUDNWLRQ,Q)(:HLQHUW+UVJ (Q]\NORSlGLHGHU 3V\FKRORJLH ± 3lGDJRJLVFKH 3V\FKRORJLH %DQG ,,, 3V\FKRORJLH GHV 8QWHUULFKWV XQG GHU6FKXOH6 *|WWLQJHQ+RJUHIH +RIHU 0 )DPLOLHQEH]LHKXQJHQ LQ GHU (QWZLFNOXQJ ,Q 0 +RIHU ( :LOG 3 1RDFN+UVJ /HKUEXFK)DPLOLHQEH]LHKXQJHQ±(OWHUQXQG.LQGHULQGHU(QWZLFNOXQJ 6 *|WWLQJHQ+RJUHIH +ROOHU% +XUUHOPDQQ. 'LHSV\FKRVR]LDOHQ.RVWHQKRKHU%LOGXQJVHUZDUWXQ JHQ,Q53HNUXQ +)HQG+UVJ 6FKXOHXQG3HUV|QOLFKNHLWVHQWZLFNOXQJ(LQ5H VPHHGHU/lQJVVFKQLWWIRUVFKXQJ 6WXWWJDUW(QNH +RORG\QVNL0 'LH(QWZLFNOXQJGHU/HLVWXQJVPRWLYDWLRQLP9RUVFKXODOWHU6R]LD OH %HZHUWXQJHQ XQG LKUH $XVZLUNXQJHQ DXI 6WRO] 6FKDP XQG $XVGDXHUUHDNWLRQHQ =HLWVFKULIWIU(QWZLFNOXQJVSV\FKRORJLHXQG3lGDJRJLVFKH3V\FKRORJLH +RORG\QVN\0 2HUWHU5 0RWLYDWLRQ(PRWLRQXQG+DQGOXQJVUHJXODWLRQ,Q5 2HUWHU / 0RQWDGD +UVJ (QWZLFNOXQJVSV\FKRORJLH6 YROOVW EHU DUE$XIO :HLQKHLP3V\FKRORJLH9HUODJV8QLRQ +RSI $ /HEHQVSUREOHPH XQG /HUQSUREOHPH YRQ 6FKOHUQ 6WXGLHQWH[WH IU GDV /HKUDPW%G1HXZLHG/XFKWHUKDQG +X/7 %HQWOHU30 )LWLQGLFHVLQFRYDULDQFHVWUXFWXUHPRGHOLQJ6HQVLWLY LW\ WR XQGHUSDUDPHWHUL]HG PRGHO PLVVSHFLILFDWLRQ 3V\FKRORJLFDO 0HWKRGV +X/7 %HQWOHU30 &XWRIIFULWHULDIRU ILWLQGH[HVLQFRYDULDQFHVWUXFWXUH DQDO\VLV&RQYHQWLRQDOFULWHULDYHUVXVQHZDOWHUQDWLYHV6WUXFWXUDO(TXDWLRQ0RGHOLQJ +XQWVLQJHU&6-RVH3(/LDZ)5 &KLQJ:' &XOWXUDOGLIIHUHQFHVLQ HDUO\PDWKHPDWLFVOHDUQLQJDFRPSDULVRQRIHXURDPHULFDQFKLQHVHDPHULFDQDQGWDL ZDQFKLQHVH IDPLOLHV ,QWHUQDWLRQDO -RXUQDO RI %HKDYLRUDO 'HYHORSPHQW +XUUHOPDQQ. 0DQVHO- 6FKXOLVFKH$QIRUGHUXQJHQXQGJHVXQGKHLWOLFKH3URE OHPHYRQ-XJHQGOLFKHQ=HLWVFKULIWIU6R]LDOLVDWLRQVIRUVFKXQJXQG(U]LHKXQJVVR]LROR JLH +XUUHOPDQQ. 6R]LDOLVDWLRQ,Q'+5RVW+UVJ +DQGZ|UWHUEXFK3lGDJRJL VFKH3V\FKRORJLH6 %HOW]:HLQKHLP -HUXVDOHP0 6HOEVWEH]RJHQH.RJQLWLRQHQLQVFKXOLVFKHQ%H]XJVJUXSSHQ'LVVHU WDWLRQ)UHLH8QLYHUVLWlW%HUOLQ -HUXVDOHP 0 (LQOHLWXQJ =HLWVFKULIW IU 3lGDJRJLN %HLKHIW 6HOEVWZLUNVDP NHLWXQG0RWLYDWLRQVSUR]HVVHLQ%LOGXQJVLQVWLWXWLRQHQ:HLQKHLP%HOW] -HUXVDOHP0 6FKZDU]HU5 (QWZLFNOXQJGHV6HOEVWNRQ]HSWVLQYHUVFKLHGHQHQ /HUQXPZHOWHQ ,Q 5 3HNUXQ + )HQG +UVJ 6FKXOH XQG 3HUV|QOLFKNHLWVHQWZLFN OXQJ(LQ5HVPHHGHU/lQJVVFKQLWWIRUVFKXQJ6 6WXWWJDUW(QNH -WWHPDQQ* 7KRPDH+ 9RUZRUW,Q*-WWHPDQQ +7KRPDH+UVJ 3HU V|QOLFKNHLWXQG(QWZLFNOXQJ6 :HLQKHLP%HOW] .DJDQ- 0RVV+$ %LUWKWRPDWXULW\DVWXG\LQSV\FKRORJLFDOGHYHORSPHQW 1HZ
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
.OHLQ$OOHUPDQQ ( .UDFNH % 6FKXOLVFKH (QWZLFNOXQJ XQG %HUXIVYRUEHUHL WXQJ'HU(LQIOXYRQ)DPLOLHXQG6FKXOH,Q+3.OXJ+6FKLOOLQJ $+XQGVDO] +UVJ -XJHQGXQG(U]LHKXQJVEHUDWXQJ6 :HLQKHLP-XYHQWD .OHLQLQJ * 0RRUH + 6R]LDOH 6HOEVWHLQVWXIXQJ 66( (LQ ,QVWUXPHQW ]XU 0HVVXQJ VR]LDOHU 6FKLFKWHQ .|OQHU =HLWVFKULIW IU 6R]LRORJLH XQG 6R]LDOSV\FKRORJLH .|OOHU 2 %H]XJVQRUPRULHQWLHUXQJ YRQ /HKUNUlIWHQ .RQ]HSWXHOOH *UXQGODJHQ HPSLULVFKH %HIXQGH XQG 5DWVFKOlJH IU SUDNWLVFKHV +DQGHOQ ,Q 5 9ROOPH\HU - %UXQVWHLQ+UVJ 0RWLYDWLRQVSV\FKRORJLHXQGLKUH$QZHQGXQJ6 6WXWWJDUW .RKOKDPPHU .UDFNH % +RIHU 0 $UEHLW XQG )DPLOLH ,Q 0 +RIHU ( :LOG 3 1RDFN +UVJ /HKUEXFK)DPLOLHQEH]LHKXQJHQ(OWHUQXQG.LQGHULQGHU(QWZLFNOXQJ6 *|WWLQJHQ+RJUHIH .UDPSHQ* 5HLFKOH% (QWZLFNOXQJVDXIJDEHQLPIUKHQ(UZDFKVHQHQDOWHU,Q 52HUWHU /0RQWDGD+UVJ (QWZLFNOXQJVSV\FKRORJLHYROOVWEHUDUE$XIO 6 :HLQKHLP%HOW] .UDSI% $XIEUXFK]XHLQHUQHXHQ/HUQNXOWXU%HUQ3DXO+DXSW .UDSS$ 'LH3V\FKRORJLHGHU/HUQPRWLYDWLRQ=HLWVFKULIWIU3lGDJRJLN .UDSS$ (QWZLFNOXQJXQG)|UGHUXQJYRQ,QWHUHVVHQLP8QWHUULFKW3V\FKRORJLH LQ(U]LHKXQJXQG8QWHUULFKW .UDSS$ 'LH%HGHXWXQJGHU/HUQPRWLYDWLRQIUGLH2SWLPLHUXQJGHVVFKXOLVFKHQ %LOGXQJVV\VWHPV3ROLWLVFKH6WXGLHQ6RQGHUKHIW .UDSS $ 3V\FKRORJLVFKH %HGUIQLVVH XQG ,QWHUHVVH 7KHRUHWLVFKH hEHUOHJXQJHQ XQGSUDNWLVFKH6FKOXVVIROJHUXQJHQ,Q59ROOPH\HU -%UXQVWHLQ+UVJ 0RWLYDWL RQVSV\FKRORJLHXQGLKUH$QZHQGXQJ6 6WXWWJDUW.RKOKDPPHU .UDSS $ 5\DQ 5 6HOEVWZLUNVDPNHLW XQG /HUQPRWLYDWLRQ (LQH NULWLVFKH%H WUDFKWXQJGHU7KHRULHYRQ%DQGXUDDXVGHU6LFKWGHU6HOEVWEHVWLPPXQJVWKHRULHXQGGHU SlGDJRJLVFKSV\FKRORJLVFKHQ ,QWHUHVVHQWKHRULH ,Q 0 -HUXVDOHP ' +RSI +UVJ /HUQZLUNVDPH6FKXOHQ6 %HLKHIW]XU=HLWVFKULIWIU3lGDJRJLN:HLQKHLP %HOW] .UDXVH * /HKUYHUDQVWDOWXQJHQ LP 6WXGLXP +HUOHLWXQJ XQG HPSLULVFKH 3UIXQJ HLQHV0RGHOOV]XULQGLYLGXHOOHQ3ODQXQJGHV%HVXFKHVYRQ/HKUYHUDQVWDOWXQJHQ0QV WHU:D[PDQQ .UDXVH5(WWULFK.8 -DKQ+8 'HU(LQIOXVVGHV)DPLOLHQNOLPDVDXIGLH 6FKXOOHLVWXQJHQ RVW XQG ZHVWGHXWVFKHU -XJHQGOLFKHU ,Q . 8 (WWULFK . 8 XQG 0 )ULHV+UVJ /HEHQVODQJH(QWZLFNOXQJLQVLFKZDQGHOQGHQ=HLWHQ6 /DQ GDX(PSLULVFKH3lGDJRJLN .UXVH- (U]LHKXQJVVWLOXQGNLQGOLFKH(QWZLFNOXQJ:HFKVHOZLUNXQJVSUR]HVVH,Q 6 :DOSHU 5 3HNUXQ +UVJ )DPLOLH XQG (QWZLFNOXQJ $NWXHOOH 3HUVSHNWLYHQ GHU )DPLOLHQSV\FKRORJLH6 *|WWLQJHQ+RJUHIH /DPE0( 7KHGHYHORSPHQWRIIDWKHULQIDQWUHODWLRQVKLSV,Q0(/DPE(G 7KHUROHRIWKHIDWKHULQFKLOGGHYHORSPHQWSS 1HZ
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
/HKWLQHQ ( ,QVWLWXWLRQHOOH XQG PRWLYDWLRQDOH 5DKPHQEHGLQJXQJHQ XQG 3UR]HVVH GHV9HUVWHKHQVLP8QWHUULFKW,Q.5HXVVHU 05HXVVHU+UVJ 9HUVWHKHQ3V\FKR ORJLVFKHU3UR]HVVXQGGLGDNWLVFKH$XIJDEH6 %HUQ+XEHU /HQ]. $OOWDJVZHOWHQYRQ-XJHQGOLFKHQ(LQHHPSLULVFKH6WXGLHEHUMXJHQGOLFKH +DQGOXQJVW\SHQ)UDQNIXUW&DPSXV9HUODJ /HZLQ. )LHOGWKHRU\LQVRFLDOVFLHQFH6HOHFWHGWKHRUHWLFDOSDSHUV1HZ
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
1HXHQVFKZDQGHU 0 3 *ROW] 6 )DPLOLlUH %HGLQJXQJHQ YRQ 6FKOHUOHLVWXQ JHQ HLQ W\SRORJLVFKHU $QVDW] 3V\FKRORJLH LQ (U]LHKXQJ XQG 8QWHUULFKW 1HXHQVFKZDQGHU03+HU]RJ: +ROGHU0 6FKXONRQWH[WXQG,GHQWLWlWVHQW ZLFNOXQJLP-XJHQGDOWHU6FKOXVVEHULFKW]+GGHV1DWLRQDOIRQGV)RUVFKXQJVEHULFKW 1U $EWHLOXQJ3lGDJRJLVFKH3V\FKRORJLH,QVWLWXWIU3lGDJRJLNXQG6FKXOSlGDJR JLNGHU8QLYHUVLWlW%HUQ 1LFKROOV-* 7KHGHYHORSPHQWRIWKHFRQFHSWVRIHIIRUWDQGDELOLW\SHUFHSWLRQRI DFDGHPLF DWWDLQPHQW DQG WKH XQGHUVWDQGLQJ WKDW GLIILFXOW WDVNV UHTXLUH PRUH DELOLW\ &KLOG'HYHORSPHQW 1LFKROOV-* $FKLHYHPHQWPRWLYDWLRQ&RQFHSWLRQVRIDELOLW\VXEMHFWLYHH[SHUL HQFHWDVNFKRLFHDQGSHUIRUPDQFH3V\FKRORJLFDO5HYLHZ 1LWWHO ' *\PQDVLDOH 6FKXOODXIEDKQ XQG ,GHQWLWlWVHQWZLFNOXQJ (LQH ELRJUDSKLH DQDO\WLVFKH6WXGLH:HLQKHLP'HXWVFKHU6WXGLHQ9HUODJ 1RDFN 3 &KLOGUHQ V $FKLHYHPHQW LQ (DUO\ (OHPHQWDU\ 6FKRRO /RQJLWXGLQDO (I IHFWVRI3DUHQWDO,QYROYHPHQW([SHFWDWLRQVDQG4XDOLW\RI$VVLVWDQFH-RXUQDORI(GX FDWLRQDO3V\FKRORJ\ 1RKO+ 'LHSlGDJRJLVFKH%HZHJXQJLQ'HXWVFKODQGXQGLKUH7KHRULHXQYHUlQG 1DFKGUXFNGHU$XIOYRQ )UDQNIXUWDP0DLQ6FKXOWH%XOPNH 2HONHUV - 5HIRUPSl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
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
3HUU\17XUQHU-& 0H\HU'. 6WXGHQWHQJDJHPHQWLQWKHFODVVURRP,Q3 $OH[DQGHU 3 :LQQH (GV +DQGERRN RI (GXFDWLRQDO 3V\FKRORJ\ SS 0DKZDK1-(UOEDXP 3HVWDOR]]L - + 0HLQH 1DFKIRUVFKXQJHQ EHU GHQ *DQJ GHU 1DWXU LQ GHU (QWZLFNOXQJGHV0HQVFKHQJHVFKOHFKWHV,Q-+3HVWDOR]]L6lPWOLFKH:HUNH%HUOLQ GH*UX\WHU 3HWLOORQ +DQQV 6R]LDOH (UIDKUXQJHQ LQ GHU 6FKXODQIDQJV]HLW ,Q + )HQG 5 3HNUXQ +UVJ 6FKXOH XQG 3HUV|QOLFKNHLWVHQWZLFNOXQJ (LQ 5HVPHH GHU /lQJV VFKQLWWIRUVFKXQJ6 6WXWWJDUW(QNH 3LHWHU$ 6HOEVWEHVWLPPWHV/HUQHQLQGHU6FKXOH(UIDVVXQJGHUVXEMHNWLYHQ.RP SHWHQ])UDQNIXUWDP0DLQ3HWHU/DQJ 3LQTXDUW0 6LOEHUHLVHQ5. 3HUV|QOLFKNHLWVHQWZLFNOXQJLP-XJHQGDOWHU,Q* -WWHPDQQ + 7KRPDH +UVJ 3HUV|QOLFKNHLW XQG (QWZLFNOXQJ 6 :HLQ KHLP%HOW]
3UHQ]HO0 $OOROLR1lFNH/ %LOGXQJVTXDOLWlWYRQ6FKXOH±(LQhEHUEOLFN,Q GLHV +UVJ 8QWHUVXFKXQJHQ ]XU %LOGXQJVTXDOLWlW YRQ 6FKXOH $EVFKOXVVEHULFKW GHV ')*6FKZHUSXQNWSURJUDPPV%L4XD6 0QVWHU:D[PDQQ 3UHQ]HO0'UHFKVHO%.OLHZH$.UDPHU. 5|EHU1 /HUQPRWLYDWLRQLQ GHU$XVXQG:HLWHUELOGXQJ0HUNPDOHXQG%HGLQJXQJHQ,Q&+DUWHLV++HLG 6 .UDIW +UVJ .RPSHQGLXP :HLWHUELOGXQJ ± $VSHNWH XQG 3HUVSHNWLYHQ EHWULHEOLFKHU 3HUVRQDO XQG 2UJDQLVDWLRQVHQWZLFNOXQJ 6 /HYHUNXVHQ /HVNH XQG %XGULFK 3UHQ]HO 0 0HUNHQV + 1RDFN 3 'LH %LOGXQJVTXDOLWlW YRQ 6FKXOH )DFKOL FKHVXQGIlFKHUEHUJUHLIHQGHV/HUQHQLPPDWKHPDWLVFKHQ8QWHUULFKWLQ$EKlQJLJNHLW YRQ VFKXOLVFKHQ XQG DXHUVFKXOLVFKHQ .RQWH[WHQ $QWUDJ DXI ')*6FKZHUSXQNW SURJUDPP.LHO,31 5DPVHLHU( 0RWLYDWLRQDOV(UJHEQLVXQGDOV'HWHUPLQDQWHVFKXOLVFKHQ/HUQHQV (LQH$QDO\VHLP5DKPHQYRQ7,066=ULFK=HQWUDOVWHOOHGHU6WXGHQWHQVFKDIW 5HGGLQJ6 3DUHQWVDQGOHDUQLQJ%UXVVHO,QWHUQDWLRQDO$FDGHP\RI(GXFDWLRQ 5HLQKROG * 3ROODN * +HLP + 3lGDJRJLN/H[LNRQ 0QFKHQ 2OGHQERXUJ 9HUODJ 5HLW]OH0:LQNOHU0HW]NH& 6WHLQKDXVHQ+& (OWHUQXQG.LQGHU'HU= ULFKHU.XU]IUDJHERJHQ]XP(U]LHKXQJVYHUKDOWHQ=.( 'LDJQRVWLFD 5HXEDQG.+ $XVKDQGHOQVWDWW*HKRUVDP(U]LHKXQJV]LHOHXQG(U]LHKXQJVSUDN WLNHQ LQ GHQ DOWHQ XQG QHXHQ %XQGHVOlQGHUQ LP :DQGHO ,Q / %|KQLVFK . /HQ] +UVJ )DPLOLHQHLQHLQWHUGLV]LSOLQlUH(LQIKUXQJ6 :HLQKHLP-XYHQWD 5KHLQEHUJ) .UXJ6 0RWLYDWLRQVI|UGHUXQJLP6FKXODOOWDJ.RQ]HSWLRQ5HDOL VDWLRQXQG(YDOXDWLRQ*|WWLQJHQ+RJUHIH 5REHUWV%: 'HO9HFFKLR:) 7KHUDQNRUGHUFRQVLVWHQF\RISHUVRQDOLW\ IURP FKLOGKRRG WR ROG DJH $ TXDQWLWDWLYH UHYLHZ RI ORQJLWXGLQDO VWXGLHV 3V\FKR ORJLFDO%XOOHWLQ 5REHUWV%::DOWRQ. 9LHFKWEDXHU: 3DWWHUQVRIPHDQ/HYHOFKDQJHLQ SHUVRQDOLW\WUDLWVDFURVVWKHOLIHFRXUVH3V\FKRORJLFDO%XOOHWLQ 5RJHUV & /HUQHQ LQ )UHLKHLW =XU %LOGXQJVUHIRUP LQ 6FKXOH XQG 8QLYHUVLWlW 0QFKHQ.|VHO 5RRV 0 *DQ]KHLWOLFKHV %HXUWHLOHQ XQG )|UGHUQ LQ GHU 3ULPDUVFKXOH $XIO &KXU5HJJHU
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
5RVHQVWLHO / Y $UEHLW XQG )DPLOLH ,Q 6 :DOSHU 5 3HNUXQ +UVJ )DPLOLH XQG(QWZLFNOXQJ6 *|WWLQJHQ+RJUHIH 5RVHQWKDO 5 -DFREVRQ / 3\JPDOLRQ LQ WKH FODVVURRP 1HZ
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
6FKQHHNORWK8 /HYHQ, )DPLOLHDOV=HQWUXPQLFKWIUDOOHJOHLFKYHUOlOLFK ,Q:RUOG9LVLRQ'HXWVFKODQGH9+UVJ .LQGHU:RUOG9LVLRQ.LQGHUVWXGLH 6 )UDQNIXUWD0)LVFKHU 6FKQHHZLQG.$ 5XSSHUW6 )DPLOLHQJHVWHUQXQGKHXWH(LQ*HQHUDWLRQHQ YHUJOHLFKEHU-DKUH0QFKHQ4XLQWHVVHQ] 6FKQHHZLQG.$:DOSHU6 *UDI- (QWZLFNOXQJXQG6R]LDOLVDWLRQLQGHU)D PLOLHDOV4XHOOHLQGLYLGXHOOHU8QWHUVFKLHGH,Q0$PHODQJ+UVJ (Q]\NORSlGLHGHU 3V\FKRORJLH 'LIIHUHQWLHOOH 3V\FKRORJLH %DQG 'HWHUPLQDQWHQ LQGLYLGXHOOHU 8QWHU VFKLHGH6 *|WWLQJHQ+RJUHIH 6FKQHLGHU : 0HWKRGLVFKH 3UREOHPH XQG 0|JOLFKNHLWHQ VFKXOEH]RJHQHU /lQJV VFKQLWWIRUVFKXQJ,Q53HNUXQ +)HQG+UVJ 6FKXOHXQG3HUV|QOLFKNHLWVHQWZLFN OXQJ(LQ5HVPHHGHU/lQJVVFKQLWWIRUVFKXQJ6 6WXWWJDUW(QNH 6FKUlGHU1DHI 5 :DUXP (UZDFKVHQH QLFKW OHUQHQ =XP /HUQ XQG :HLWHU ELOGXQJVYHUKDOWHQ(UZDFKVHQHULQGHU6FKZHL]&KXU5HJJHU 6FKXPDFKHU - 3HU]LSLHUWHV HOWHUOLFKHV (U]LHKXQJVYHUKDOWHQ .RQ]HSWXDOLVLHUXQJ GLDJQRVWLVFKH(UIDVVXQJXQGSV\FKRORJLVFKH5HOHYDQ]LP(UZDFKVHQHQDOWHU)UDQNIXUW D03HWHU/DQJ 6FKW]H< -XJHQGXQG)DPLOLH,Q++.UJHU+UVJ +DQGEXFKGHU-XJHQG IRUVFKXQJ6 2SODGHQ/HVNH%XGULFK 6FKZHHU0.: (LQHGLIIHUHQWLHOOH7KHRULHLQWHUSHUVRQDOHQ9HUWUDXHQVhEHUOH JXQJHQ ]XU 9HUWUDXHQVEH]LHKXQJ]ZLVFKHQ /HKUHQGHQ XQG /HUQHQGHQ 3V\FKRORJLH LQ (U]LHKXQJXQG8QWHUULFKW 6HHO10 3V\FKRORJLHGHV/HUQHQV/HKUEXFKIU3lGDJRJHQXQG3V\FKRORJHQ 0QFKHQ(UQVW5HLQKDUGW9HUODJ 6HLIIJH.UHQNH , 1HXHUH (UJHEQLVVH GHU 9DWHUIRUVFKXQJ 6LQG 9lWHU QRWZHQGLJ EHUIOVVLJRGHUVRJDUVFKlGOLFKIUGLH(QWZLFNOXQJLKUHU.LQGHU"3V\FKRWKHUDSHXW 6HLW]: 5DXVFKH$ 3HUV|QOLFKNHLWVIUDJHERJHQIU.LQGHU]ZLVFKHQXQG -DKUHQ3). +DQGDQZHLVXQJIUGLH'XUFKIKUXQJ$XVZHUWXQJXQG,QWHUSUHWD WLRQEHUDUEXQGHUJlQ]$XIO +RJUHIH*|WWLQJHQ 6HOLJPDQ0(3 +HOSOHVVQHVV6DQ)UDQFLVFR)UHHPDQ 6HPELOO' 6HOEVWRUJDQLVLHUWHVXQG/HEHQVODQJHV/HUQHQ,Q)$FKWHQKDJHQ : /HPSHUW+UVJ /HEHQVODQJHV/HUQHQLP%HUXI±VHLQH*UXQGOHJXQJLP.LQGHVXQG -XJHQGDOWHU%DQG6 2SODGHQ/HVNH%XGULFK 6HQQHWW5 $XWRULWlW)UDQNIXUW)LVFKHU 6LHJOHU 5 'H/RDFKH - (LVHQEHUJ 1 (QWZLFNOXQJVSV\FKRORJLH LP .LQGHV XQG-XJHQGDOWHU0QFKHQ6SHNWUXP 6LOEHUHLVHQ 5 . %RHKQNH . XQG &URFNHWW / =XP (LQIOXVV YRQ 6FKXOPLOLHX XQGHOWHUOLFKHU(U]LHKXQJVKDOWXQJDXI5DXFKHQXQG7ULQNHQLPPLWWOHUHQ-XJHQGDOWHU ,Q53HNUXQ +)HQG+UVJ 6FKXOHXQG3HUV|QOLFKNHLWVHQWZLFNOXQJ(LQ5HVPHH GHU/lQJVVFKQLWWIRUVFKXQJ6 6WXWWJDUW(QNH 6RPP, 'U|JH. /RKQWVLFK/HLVWXQJQRFK"(LQ*HVSUlFKPLW,UHQH6RPP XQG.DL'U|JH3V\FKRORJLHKHXWH 6SLHVV+XOGL& 3HUV|QOLFKNHLWXQGSV\FKRVR]LDOH8PJHEXQJ-XJHQGOLFKHUDOV'H WHUPLQDQWHQIUGHQ%HUXIVVWDWXVLP(UZDFKVHQHQDOWHU8QYHU|II+DELOLWDWLRQ3V\FKR ORJLVFKHV,QVWLWXWGHU8QLYHUVLWlW=ULFK)DFKULFKWXQJ$QJHZDQGWH3V\FKRORJLH 6SUDQJHU( 3V\FKRORJLHGHV-XJHQGDOWHUV+HLGHOEHUJ4XHOOH 0H\HU
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
6WDPP 0 =ZLVFKHQ ([]HOOHQ] XQG 9HUVDJHQ )UKOHVHU XQG )UKUHFKQHULQQHQ ZHUGHQHUZDFKVHQ&KXU5HJJHU 6WHFKHU / 6R]LDOHV .DSLWDO XQG +DELWXVHQWZLFNOXQJ (LQH HPSLULVFKH 8QWHUVX FKXQJ ]XU %HGHXWXQJ VR]LDOHU %H]LHKXQJHQ IU GLH (QWZLFNOXQJ YRQ .LQGHUQ XQG -X JHQGOLFKHQ 'LVVHUWDWLRQ DP )DFKEHUHLFK (U]LHKXQJVZLVVHQVFKDIW 3V\FKRORJLH XQG 6SRUWZLVVHQVFKDIW GHU8QLYHUVLWl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|FNOL * 1LFKW HUUHLFKWH 6FKXOODXIEDKQ ± HQWWlXVFKWH /HEHQVSOlQH 3K\VLRORJL VFKH XQG HPRWLRQDOH .RUUHODWH YRQ ,VW6ROO'LVNUHSDQ]HQ EHL 0XWWHU XQG .LQG ,Q 5 3HNUXQ + )HQG +UVJ 6FKXOH XQG 3HUV|QOLFKNHLWVHQWZLFNOXQJ (LQ 5HVPHH GHU /lQJVVFKQLWWIRUVFKXQJ6 6WXWWJDUW(QNH 6W|FNOL * 6FKXOLVFKH hEHUJlQJH XQG (PRWLRQHQ LQ GHU (OWHUQ.LQG%H]LHKXQJ 3V\FKRORJLHLQ(U]LHKXQJXQG8QWHUULFKW 6WRUFK 0 'DV (OWHUQ.LQG 9HUKlOWQLV LP -XJHQGDOWHU (LQH HPSLULVFKH /lQJV VFKQLWWVWXGLH:HLQKHLP-XYHQWD 6WUHLFK5. 0DQDJHUOHEHQLP6SDQQXQJVIHOGYRQ$UEHLW)UHL]HLWXQG)DPLOLH 0QFKHQ%HFN 6WXKOPDQQ. (QWZLFNOXQJGHU/HUQXQG/HLVWXQJVPRWLYDWLRQLPhEHUJDQJYRQ GHU $GROHV]HQ] LQV IUKH (UZDFKVHQHQDOWHU =HLWVFKULIW IU 6R]LRORJLH GHU (U]LHKXQJ XQG6R]LDOLVDWLRQ 6ZDDQGH$ 9RP$XVJHKYHUERW]XU$QJVWYRUGHU6WUDH3lGDJRJLN([WUD 7DXVFK 5 7DXVFK $0 (U]LHKXQJVSV\FKRORJLH %HJHJQXQJ YRQ 3HUVRQ ]X 3HUVRQJlQ]OQHXJHVW$XIO *|WWLQJHQ+RJUHIH 7HLFKHUW9 )DPLOLHXQG*HVHOOVFKDIWVVWUXNWXU,Q97HLFKHUW+UVJ -XQJH)DPL OLHQLQGHU%XQGHVUHSXEOLN6 2SODGHQ/HVNH%XGULFK 7URPPVGRUII * (OWHUQ.LQG%H]LHKXQJHQ DXV NXOWXUYHUJOHLFKHQGHU 6LFKW ,Q 6 :DOSHU 53HNUXQ+UVJ )DPLOLHXQG(QWZLFNOXQJ$NWXHOOH3HUVSHNWLYHQGHU)D PLOLHQSV\FKRORJLH6 *|WWLQJHQ+RJUHIH 7UXGHZLQG & :LQGHO $ (OWHUOLFKH (LQIOXVVQDKPH DXI GLH NLQGOLFKH .RPSH WHQ]HQWZLFNOXQJ 6FKXOOHLVWXQJVHIIHNWH XQG LKUH PRWLYDWLRQDOH 9HUPLWWOXQJ ,Q 5 3HNUXQ + )HQG +UVJ 6FKXOH XQG 3HUV|QOLFKNHLWVHQWZLFNOXQJ (LQ 5HVPHH GHU /lQJVVFKQLWWIRUVFKXQJ6 6WXWWJDUW(QNH 7UXGHZLQG& +lXVOLFKH8PZHOWXQG0RWLYHQWZLFNOXQJ*|WWLQJHQ+RJUHIH 7UXGHZLQG& 9HUVXFKHLQHU7D[RQRPLHOHLVWXQJVPRWLYDWLRQVJHQHWLVFKUHOHYDQWHU %HGLQJXQJHQGHVQLFKWVFKXOLVFKHQ/HEHQVUDXPHV'LVVHUWDWLRQ8QLYHUVLWlW%RFKXP 8JXURJOX 0 ( :DOEHUJ + - 0RWLYDWLRQ DQG $FKLHYHPHQW $ 4XDQWLWDWLYH 6\QWKHVLV$PHULFDQ(GXFDWLRQDO5HVHDUFK-RXUQDO 8OLFK' -HUXVDOHP0 ,QWHUSHUVRQDOH(LQIOVVHDXIGLH/HUQOHLVWXQJ,Q)( :HLQHUW+UVJ (Q]\NORSlGLHGHU3V\FKRORJLH7KHPHQEHUHLFK'3UD[LVJHELHWH6HULH
9HU]HLFKQLVVH
/LWHUDWXUYHU]HLFKQLV
,3lGDJRJLVFKH3V\FKRORJLH%DQG3V\FKRORJLHGHV/HUQHQVXQGGHU,QVWUXNWLRQ6 *|WWLQJHQ+RJUHIH 8OLFK. 6R]LDOSV\FKRORJLHGHU6FKXOH:HLQKHLP%HOW] 8OOULFK0 (OWHUQ.LQG.RPPXQLNDWLRQXQG6FKXOHUIROJLPIUKHQ-XJHQGDOWHU,Q .8(WWULFK 0)ULHV+UVJ /HEHQVODQJH(QWZLFNOXQJLQVLFKZDQGHOQGHQ=HLWHQ 6 /DQGDX(PSLULVFKH3lGDJRJLN 8OOULFK 0 :HQQ .LQGHU -XJHQGOLFKH ZHUGHQ 'LH %HGHXWXQJ GHU )DPLOLHQNRP PXQLNDWLRQLPhEHUJDQJ]XP-XJHQGDOWHU:HLQKHLP-XYHQWD 81,&() 81,&()%HULFKW]XU6LWXDWLRQGHU.LQGHULQ,QGXVWULHOlQGHUQ'HXWVFK ODQG QXU 0LWWHOPD :LH VRUJW 'HXWVFKODQG IU VHLQH .LQGHU ± LQWHUQDWLRQDOHU 9HU JOHLFK 'RZQORDG XQWHU ZZZXQLFHIGHGRZQORDGSKS"I FRQWHQWBPHGLDSUHVVH IRWRPDWHULDO.LQGHUDUPXW6WXGLH'SGI6WDQG 8SPHLHU]X%HO]HQ$+9RJW%:LHGHU )&KULVWHQ 6FKXOLVFKHXQGDXHU VFKXOLVFKH(LQIOVVHDXIGLH(QWZLFNOXQJHQYRQQDWXUZLVVHQVFKDIWOLFKHQ,QWHUHVVHQEHL *UXQGVFKXONLQGHUQ ,Q 0 3UHQ]HO - 'ROO +UVJ %LOGXQJVTXDOLWlW YRQ 6FKXOH 6FKXOLVFKHXQGDXHUVFKXOLVFKH%HGLQJXQJHQPDWKHPDWLVFKHUQDWXUZLVVHQVFKDIWOLFKHU XQGEHUIDFKOLFKHU.RPSHWHQ]HQ6 :HLQKHLP%HOW] 8UKDKQH ' 6LHEHQ $UWHQ GHU /HUQPRWLYDWLRQ (LQ h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|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
9HU]HLFKQLVVH
$EELOGXQJVYHU]HLFKQLV
:LOG( +RIHU0 (OWHUOLFKH(U]LHKXQJXQG9HUlQGHUXQJPRWLYDWLRQDOHU2ULHQ WLHUXQJHQLQGHUJ\PQDVLDOHQ2EHUVWXIHXQGGHU%HUXIVVFKXOH,Q86FKLHIHOH .3 :LOG +UVJ ,QWHUHVVH XQG /HUQPRWLYDWLRQ 8QWHUVXFKXQJHQ ]X (QWZLFNOXQJ )|UGH UXQJXQG:LUNXQJ6 0QVWHU:D[PDQQ :LOG( +RIHU0 )DPLOLHQPLW6FKXONLQGHUQ,Q0+RIHU(:LOG 31RDFN +UVJ /HKUEXFK)DPLOLHQEH]LHKXQJHQ(OWHUQXQG.LQGHULQGHU(QWZLFNOXQJ6 *|WWLQJHQ+RJUHIH :LOG ( 5HP\ . D $IIHNWLYH XQG PRWLYDWLRQDOH )ROJHQ GHU /HUQKLOIHQ XQG OHUQEH]RJHQHQ(LQVWHOOXQJHQYRQ(OWHUQ8QWHUULFKWVZLVVHQVFKDIW :LOG( 5HP\.E 4XDQWLWlWXQG4XDOLWlWGHUHOWHUOLFKHQ+DXVDXIJDEHQEHWUHX XQJYRQ'ULWWNOlVVOHUQLQ0DWKHPDWLN=HLWVFKULIWIU3lGDJRJLN%HLKHIW :LOG ( :LOG . 3 )DPLOLDOH 6R]LDOLVDWLRQ XQG VFKXOLVFKH /HUQPRWLYDWLRQ =HLWVFKULIWIU3lGDJRJLN :LOG(+RIHU0 3HNUXQ5 3V\FKRORJLHGHV/HUQHUV,Q$.UDSS %:HL GHQPDQQ +UVJ 3lGDJRJLVFKH 3V\FKRORJLH (LQ /HKUEXFK 6 :HLQKHLP %HOW]3V\FKRORJLH9HUODJV8QLRQ :LOG(5DPPHUW0 6LHJPXQG$ 'LH)|UGHUXQJVHOEVWEHVWLPPWHU)RUPHQ GHU/HUQPRWLYDWLRQLQ(OWHUQKDXVXQG6FKXOH,Q03UHQ]HO /$OOROLR1lFNH+UVJ 8QWHUVXFKXQJHQ ]XU %LOGXQJVTXDOLWlW YRQ 6FKXOH $EVFKOXVVEHULFKW GHV ')* 6FKZHUSXQNWSURJUDPPV6 0QVWHU:D[PDQQ :LWWHQEHUJ5 &RPSXWHUXQWHUVWW]WH'DWHQDQDO\VH$XIO 6WXWWJDUW/XFLXV /XFLXV
$EELOGXQJVYHU]HLFKQLV
$EELOGXQJ .DSLWHOVWUXNWXUGHV)RUVFKXQJVVWDQGHV.DS XQGGHV(UJHEQLVWHLOV.DS XQWHU 9HUZHQGXQJGHV5DKPHQPRGHOOV]XUOlQJVVFKQLWWOLFKHQ%HVWLPPXQJYRQ /HLVWXQJVPRWLYDWLRQXQGEHUXIOLFKHU:HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQ.DS $EELOGXQJ 6R]LDOLVDWLRQDOVÄVR]LDOZHUGHQ³XQG(U]LHKXQJDOVÄVR]LDOPDFKHQ³*XGMRQV6 $EELOGXQJ (U]LHKXQJXQG%H]LHKXQJXQGGLH$N]HQWYHUVFKLHEXQJ]XUÄ6XEMHNW6XEMHNW %H]LHKXQJ³0LOOHU6 $EELOGXQJ =XZDFKVGHUGLIIHUHQWLHOOHQ0HUNPDOVVWDELOLWlWPLWZDFKVHQGHP$OWHUEHLGHUHUVWHQ 3HUV|QOLFKNHLWVPHVVXQJLQ$QOHKQXQJDQ5REHUWV'HO9HFFLR]LWLHUWGXUFK $VHQGRUSI6 $EELOGXQJ .RQWLQXXPGHU0RWLYDWLRQVW\SHQYJO'HFL 5\DQ6 $EELOGXQJ ,QWHJUDWLYHV0RGHOOIDPLOLDOHU6R]LDOLVDWLRQEH]JOLFKVFKXOLVFKHU(QWZLFNOXQJLQ $QOHKQXQJDQ5\DQ$GDPV*XOORWWD:HLVVEHUJ +DPSWRQ]LWLHUWQDFK:LOG XQG+RIHU6 $EELOGXQJ 9RUKHUVDJHGHU6FKXOHLQVWHOOXQJGXUFKGDV(OWHUQKDXV=LQQHFNHU *HRUJ6 .RHIIL]LHQWHQIU9lWHULQ.ODPPHUQ$OOH$QJDEHQQDFK$QJDEHGHU.LQGHU
9HU]HLFKQLVVH
$EELOGXQJVYHU]HLFKQLV
$EELOGXQJ 'LHYLHU(U]LHKXQJVVWLOHQDFK%DXPULQG LQ:HLWHUHQWZLFNOXQJGXUFK0DFFRE\ XQG0DUWLQ XQG7DXVFKXQG7DXVFK $EELOGXQJ /HLVWXQJVHUZDUWXQJYRQ6HLWHQGHU(OWHUQ±GLIIHUHQ]LHUWQDFK+DXSWVFKOHUQXQG *\PQDVLDVWHQ.RQVWDQ]HU/lQJVVFKQLWW'DWHQ $EELOGXQJ 6WUXNWXUPRGHOOGHU'HWHUPLQDQWHQGHV*UXQGVFKXOHUIROJVYJO6DXHU *DPVMlJHU 6 XQGGLHIUYRUOLHJHQGH6WXGLH]HQWUDOHQ8QWHUVXFKXQJVREMHNWHJUDX PDUNLHUW $EELOGXQJ 5DKPHQPRGHOO]XUOlQJVVFKQLWWOLFKHQ%HVWLPPXQJYRQ/HLVWXQJVPRWLYDWLRQXQG EHUXIOLFKHU:HLWHUELOGXQJVXQG/HLVWXQJVPRWLYDWLRQLQNOXVLYH$QJDEHGHU .DSLWHOQXPPHUQ $EELOGXQJ .HUQ,QVWUXPHQWH6NDOHQ XQG:LUNXQJVNHWWHQ $EELOGXQJ .RKRUWHQGHU.RQVWDQ]HU-XJHQGVWXGLHE]Z'HVJLQGHU/LI(6WXGLH $EELOGXQJ 9HUODXIGHU/HLVWXQJVPRWLYDWLRQLP$OWHUYRQELV-DKUHQGLIIHUHQ]LHUWQDFK *HVFKOHFKWPZ XQG6FKXOW\S+656*< IHKOHQGHU:HUWEHL+6PlQQOLFKLP-DKU DXIJUXQGQ $EELOGXQJ 9HUODXIGHU%HJDEXQJV]XVFKUHLEXQJP XQGGHUVFKXOLVFKHQ1RUPYHUOHW]XQJP *URVNDODYJO.DS GLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\SIHKOHQGH:HUWH EHL+6-XJHQGOLFKHQLP-DKUDXIJUXQGWLHIHPQ $EELOGXQJ 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP(UZDFKVHQHQDOWHU%/0%:0%6: ± GLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S+DXSWVFKXOH+6 XQG*\PQDVLXP*< $EELOGXQJ %H]LHKXQJVYHUODXI(OWHUQ.LQGLP$OWHUYRQELV-DKUHQ-DKUELV *URVNDODVIQDFK3UHVWHUXQG)HQG6 Ä7UDQVSDUHQ]XQG,QWHUHVVH³ $EELOGXQJ 9HUODXIÄ(.%H]LHKXQJ³VI XQGÄLQNRQVLVWHQWHU(U]LHKXQJVVWLO³VI LP.LQGHVDOWHU YRQELV-DKUHQ(UKHEXQJVMDKUHELV ±GLIIHUHQ]LHUWQDFK6FKXOW\S+656 *< XQG*HVFKOHFKW $EELOGXQJ 9HUODXIGHV9HUWUDXHQV]XU/HKUSHUVRQLP-XJHQGDOWHU6NDODVD LQGHQ (UKHEXQJV]HLWSXQNWHQE]ZLP$OWHUYRQ-DKUHQ $EELOGXQJ 9HUODXIGHUZDKUJHQRPPHQHQ/HKUHU6FKOHU%H]LHKXQJ6NDODVD DXV6LFKWGHU 6FKOHULP-XJHQGDOWHU±GLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S $EELOGXQJ 6WUXNWXUJOHLFKXQJVPRGHOO]XUTXHUVFKQLWWOLFKHQ(UNOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW -DKUHQGXUFKGLH(OWHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJEHLPlQQOLFKHQ *\PQDVLDVWHQLP$OWHUYRQ-DKUHQ6DPSOH6L]H $EELOGXQJ 6WUXNWXUJOHLFKXQJVPRGHOO]XUOlQJVVFKQLWWOLFKHQ(UNOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW -DKUHQGXUFKGLH(OWHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJEHLPlQQOLFKHQ *\PQDVLDVWHQLP$OWHUYRQ-DKUHQ $EELOGXQJ6WUXNWXUJOHLFKXQJVPRGHOO]XUOlQJVVFKQLWWOLFKHQ$XINOlUXQJGHU/HLVWXQJVPRWLYDWLRQPLW -DKUHQGXUFK(OWHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJPLW-DKUHQEHL YHUVFKLHGHQHQJHVFKOHFKWVVSH]LILVFKHQ6FKXOIRUPJUXSSHQELV=LIIHUQ*<P+6 P*<Z+6Z $EELOGXQJ8QJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ%:0 GXUFK(OWHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJEHL PlQQOLFKHQ*\PQDVLDVWHQ6DPSOH6L]H $EELOGXQJ6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ GXUFK/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLPlQQOLFKHQ*\PQDVLDVWHQ6DPSOH6L]H $EELOGXQJ*OWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQGXUFK/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLGHUJHVDPWHQ 6WLFKSUREH6DPSOH6L]H $EELOGXQJ'DUVWHOOXQJGHU,QWHUDNWLRQHQDXIJUXQGGHU%H]LHKXQJHQ]XGHQ(OWHUQ]XGHQ/HKUHUQ XQGGHUHLJHQHQ/HLVWXQJVPRWLYDWLRQ]XU$XINOlUXQJGHUEHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ%:0JHVDPWH6WLFKSUREH $EELOGXQJ6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ GXUFKGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJ GHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHUGLHJHVDPWHPlQQOLFKH 6WLFKSUREHEHUHFKQHWQ $EELOGXQJ6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ GXUFKGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJ GHU0RGHUDWRUYDULDEOHQ/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLPlQQOLFKHQ *\PQDVLDVWHQQ $EELOGXQJ6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ GXUFKGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJ
9HU]HLFKQLVVH
7DEHOOHQYHU]HLFKQLV
GHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLPlQQOLFKHQ +DXSWVFKOHUQQ ±XQJOWLJDXIJUXQGQLFKWVLJQLILNDQWHU3IDGHXQG $EELOGXQJ1RFKXQJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQGXUFKGLHVR]LDOH6FKLFKWGLH(OWHUQ.LQG%H]LHKXQJXQGGLH /HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQ PLW-DKUHQEHLPlQQOLFKHQ+DXSWVFKOHUQQ XPNUHLVWH=LIIHULVWQLFKW VLJQLILNDQW $EELOGXQJ6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQ GXUFKGLHÄVFKXOLVFKH1RUPYHUOHW]XQJ³GLHVR]LDOH6FKLFKWGLH(OWHUQ.LQG%H]LHKXQJ XQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0HGLDWLRQVYDULDEOHQ /HLVWXQJVPRWLYDWLRQPLW-DKUHQEHLPlQQOLFKHQ+DXSWVFKOHUQDOOH3IDGH VLJQLILNDQWSQ $EELOGXQJ8QJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ /HLVWXQJVPRWLYDWLRQGXUFKGLH/HLVWXQJVPRWLYDWLRQPLWXQG-DKUHQEHUDOOH 3UREDQGHQEHUHFKQHW $EELOGXQJ8QJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH(OWHUQ.LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU %H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQPLW-DKUHQ EHL+DXSWVFKOHUQ
7DEHOOHQYHU]HLFKQLV
7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH
7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH
8QWHUVFKLHGLQGHQVR]LDOHQ%H]LHKXQJHQLQ)DPLOLHXQG6FKXOH .RQWUROOYDULDEOHQ 9DULDEOHQGHUVR]LDOHQ(LQELQGXQJLQ)DPLOLHVI XQGLPDXHUIDPLOLlUHQ%HUHLFKVD 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHP GHV-XJHQGDOWHUVXQGGHUHQ=XRUGQXQJ]X 2EHUEHJULIIHQYRQ3HUV|QOLFKNHLWVPHUNPDOHQ6FKOVVHONRQVWUXNWHNXUVLYPDUNLHUW =XVDPPHQKlQJH]ZLVFKHQ)RUPHQGHU/HUQPRWLYDWLRQXQGHOWHUOLFKHQ(LQVWHOOXQJHQ XQG,QVWUXNWLRQVVWUDWHJLHQVWDQGDUGLVLHUWH5HJUHVVLRQVNRHIIL]LHQWHQXQWHU.RQWUROOHYRQ VR]LR|NRQRPLVFKHP6WDWXV1RWHQXQG(LQJDQJVPRWLYDWLRQ([HOHU :LOG6 *HVFKOHFKWVVSH]LILVFKH5DQJNRUUHODWLRQVZHUWH]ZLVFKHQ%HUXIVLQWHUHVVHXQG %HUXIVSUHVWLJHDQJDEHQEHL.LQGHUQ-XJHQGOLFKHQYJO%DUQHWW .RUUHODWLRQHQGHU/HVHNRPSHWHQ]PLWGHP)DPLOLHQNOLPDEHL.QDEHQQDFK6FKXOIRUP 0HLHU6 hEHUVLFKWGHUYHUZHQGHWHQ9DULDEOHQGHV/LI('DWHQVDW]HVXQGGHUGD]XJHK|ULJHQ 6WLFKSUREHQJU|VVHQSUR*UXSSH ,QIRUPDWLRQEHUGLH9DULDEOHQGHUIDPLOLlUHQVR]LDOHQ(LQJHEXQGHQKHLW6NDODRGHU (LQ]HOLWHP=XJHK|ULJNHLW 5HOLDELOLWlW&URQEDFK¶V$OSKD XQG9DOLGLWlW)DNWRUODGXQJHQ GHUYHUNU]WHQ(OWHUQ .LQG%H]LHKXQJVVNDOHQ9HUVWlQGQLVXQG9RUELOGZLUNXQJ³XQGÄDNWLYHV,QWHUHVVHPLW ZHQLJ.RQIOLNWHQ³ 5HOLDELOLWlWXQG)DNWRUODGXQJHQ9DOLGLWlW PLW7UHQQVFKlUIH.RUUHODWLRQ,WHP6NDOD GHU 6NDOD/HKUHU6FKOHU%H]LHKXQJ 5HOLDELOLWlWXQG)DNWRUODGXQJHQ9DOLGLWlW PLW7UHQQVFKlUIH.RUU,WHP6NDOD GHU 6NDODÄ6HOEVWZLUNVDPNHLW³ 9DULDEOHQGHUDOOJHPHLQHQ=XIULHGHQKHLWEHUZHVHQWOLFKH/HEHQVEHUHLFKH )LW,QGL]HVYRQ6WUXNWXUJOHLFKXQJVPRGHOOHQ W7HVWVEHU/HLVWXQJVPRWLYDWLRQLQ$EKlQJLJNHLWGHV*HVFKOHFKWVD XQGGHU*UXSSH E GLIIHUHQ]LHUWQDFK$OWHU 0RWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHU ,QWHUNRUUHODWLRQHQ]ZLVFKHQ9DULDEOHQGHU0RWLYDWLRQLP-XJHQGDOWHU .RUUHODWLRQHQ]ZLVFKHQ.RQWUROOYDULDEOHQXQGDXVJHZlKOWHQPRWLYDWLRQDOHQ9DULDEOHQ LP-XJHQGDOWHU .RUUHODWLRQHQQDFK6SHDUPDQIU6FKXOIRUP+656*< XQGQDFK3HDUVRQIUUHO /HLVWXQJVSRVLWLRQPLWDOOHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ 3DUWLDO,QWHUNRUUHODWLRQHQ]ZLVFKHQGHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVYDULDEOHQLP -XJHQGDOWHU.RQWUROOYDULDEOHQ*HVFKOHFKW6FKXOW\SXQGUHO/HLVWXQJVSRVLWLRQVLQG DXVSDUWLDOLVLHUW
9HU]HLFKQLVVH
7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH
7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH
7DEHOOH 7DEHOOH
7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH
7DEHOOHQYHU]HLFKQLV .RUUHODWLRQHQ]ZLVFKHQ.RQWUROOYDULDEOHQXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ LP(UZDFKVHQHQDOWHU .RUUHODWLRQHQ]ZLVFKHQ.RQWUROOYDULDEOHQXQGPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQ LP(UZDFKVHQHQDOWHUEHLHKHPDOLJHQPlQQOLFKHQ+DXSWVFKOHUQXQG*\PQDVLDVWHQ 9DULDEOHQGHUVR]LDOHQXQGIDPLOLlUHQVI (LQJHEXQGHQKHLW .RUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQPP 3DUWLDONRUUHODWLRQ]ZLVFKHQ9DULDEOHQIDPLOLlUHUVR]LDOHQ(LQJHEXQGHQKHLWXQG PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQTXHUVFKQLWWOLFKE]ZNXU]HU/lQJVVFKQLWWEHL P XQWHU.RQWUROOHYRQ/HLVWXQJVSRVLWLRQ*HVFKOHFKWXQG6FKXOW\SSDLUZLVH EHUHFKQHW .RUUHODWLRQHQ]ZLVFKHQDXHUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWVDVD XQG PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQPP TXHUVFKQLWWOLFKDXHUPLWP /HLVWXQJVPRWLYDWLRQPLW-LP-DKU 3DUWLDONRUUHODWLRQ]ZLVFKHQ9DULDEOHQDXHUIDPLOLlUHUVR]LDOHQ(LQJHEXQGHQKHLWXQG PRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQTXHUVFKQLWWOLFKE]ZNXU]HU/lQJVVFKQLWWEHL P XQWHU.RQWUROOHYRQ/HLVWXQJVSRVLWLRQ*HVFKOHFKWXQG6FKXOW\S 3DUWLDONRUUHODWLRQHQ]ZLVFKHQIDPLOLlUHQXQGDXHUIDPLOLlUHQ9DULDEOHQXQGGHU /HLVWXQJVPRWLYDWLRQPLWXQG-DKUHQTXHUVFKQLWWOLFKE]ZNXU]HU/lQJVVFKQLWW XQWHU.RQWUROOHYRQ/HLVWXQJVSRVLWLRQXQG6FKXOIRUP 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XUTXHUVFKQLWWOLFKHQ9RUKHUVDJHGHU /HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFKGLHUHODWLYH/HLVWXQJVSRVLWLRQLQGHU.OXQG GLHVR]LDOH(LQJHEXQGHQKHLWGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XUOlQJVVFKQLWWOLFKHQ9RUKHUVDJHGHU /HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFKGLHUHODWLYH/HLVWXQJVSRVLWLRQLQGHU.ODVVH XQGGLHVR]LDOH(LQJHEXQGHQKHLWGLIIHUHQ]LHUWQDFK*HVFKOHFKWXQG6FKXOW\S 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQPLWE]Z -DKUHQGXUFKGLHIDPLOLlUHXQGDXHUIDPLOLlUH(LQJHEXQGHQKHLWEHLPlQQOLFKHQ *\PQDVLDVWHQPLW-DKUHQ 6(0)LW,QGL]HVGHU0RGHOOHEHLYLHU*UXSSHQ9RUKHUVDJHGHU/HLVWXQJVPRWLYDWLRQ TXHUVFKQLWWOLFK )LW,QGL]HVGHU6WUXNWXUJOHLFKXQJVPRGHOOH]XUOlQJVVFKQLWWOLFKHQ$XINOlUXQJGHU /HLVWXQJVPRWLYDWLRQPLW-DKUHQGXUFK(OWHUQ.LQGXQG/HKUHU6FKOHU%H]LHKXQJ PLW-DKUHQEHLYHUVFKLHGHQHQJHVFKOHFKWVVSH]LILVFKHQ6FKXOIRUPJUXSSHQ 6LJQLILNDQWH.RUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUXQGDXHUIDPLOLlUHUVR]LDOHU (LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ9DULDEOHQLP(UZDFKVHQHQDOWHULQNOXVLYH 3DUWLDONRUUHODWLRQHQNXUVLYGDUJHVWHOOW UHO/HLVWXQJVSRVLWLRQLQ.ODVVHXQGK|FKVWHU EHUXIOLFKHU$XVELOGXQJVDEVFKOXVVNRQWUROOLHUHQGEHQXW]W 6LJQLILNDQWH.RUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUXQGDXHUIDPLOLlUHUVR]LDOHU (LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ9DULDEOHQLP(UZDFKVHQHQDOWHUGLIIHUHQ]LHUWQDFK *HVFKOHFKWXQG6FKXOW\S 6LJQLILNDQWH3DUWLDONRUUHODWLRQHQ]ZLVFKHQIDPLOLlUHUXQGDXHUIDPLOLlUHUVR]LDOHU (LQJHEXQGHQKHLWXQGPRWLYDWLRQDOHQ9DULDEOHQLP(UZDFKVHQHQDOWHUGLIIHUHQ]LHUWQDFK *HVFKOHFKWXQG6FKXOW\SNRQWUROOLHUWGXUFKUHO/HLVWXQJVSRVLWLRQXQGK|FKVWHUEHUXIO $XVELOGXQJVDEVFKOXVV 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ%:0 GXUFKIDPLOLlUHXQGDXHUIDPLOLlUHVR]LDOH %H]LHKXQJHQ 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ 6HOEVWZLUNVDPNHLWVEHU]HXJXQJ%6:GXUFKIDPLOLlUHXQGDXHUIDPLOLlUHVR]LDOH %H]LHKXQJHQ .RUUHODWLRQHQ]ZLVFKHQGHU/HLVWXQJVPRWLYDWLRQPLW-DKUHQXQGPRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQPLW-DKUHQ 6WDELOLWlWGHU/HLVWXQJVPRWLYDWLRQPLWXQG-DKUHQ 3DUWLDONRUUHODWLRQ]ZLVFKHQPRWLYDWLRQDOHQ3HUV|QOLFKNHLWVPHUNPDOHQLP-XJHQGDOWHU XQGLP(UZDFKVHQHQDOWHUXQWHU.RQWUROOHGHUUHODWLYHQ/HLVWXQJVSRVLWLRQGHVK|FKVWHQ $XVELOGXQJVDEVFKOXVVHVGHV*HVFKOHFKWVXQGGHU6FKXOIRUP .RQWH[WVSH]LILVFKH3DUWLDO.RUUHODWLRQHQ]ZLVFKHQPRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQLP-XJHQGDOWHUXQGPRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU%/0%:0%6: XQWHU.RQWUROOHGHU UHO/HLVWXQJVSRVLWLRQXQGGHVK|FKVWHQEHUXIO$XVELOGXQJVDEVFKOXVVHV
9HU]HLFKQLVVH
7DEHOOHQYHU]HLFKQLV
7DEHOOH 6LJQLILNDQWH3DUWLDONRUUHODWLRQHQ]ZLVFKHQDXVJHZlKOWHQPRWLYDWLRQDOHQ 3HUV|QOLFKNHLWVPHUNPDOHQLP-XJHQGDOWHUXQGGHQEHUXIOLFKHQ0RWLYDWLRQVVNDOHQXQWHU .RQWUROOHGHUUHODWLYHQ/HLVWXQJVSRVLWLRQXQGGHVK|FKVWHQEHUXIO $XVELOGXQJVDEVFKOXVVHV 7DEHOOH 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQ %/0 GXUFKPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP-XJHQGDOWHUEHLGHQ HKHPDOLJHQPlQQOLFKHQ*\PQDVLDVWHQ 7DEHOOH 0XOWLSOH5HJUHVVLRQVDQDO\VHQ]XU9RUKHUVDJHGHUEHUXIOLFKHQ :HLWHUELOGXQJVPRWLYDWLRQ%:0 GXUFKPRWLYDWLRQDOH3HUV|QOLFKNHLWVPHUNPDOHLP -XJHQGDOWHUEHLPlQQOLFKHQ*\PQDVLDVWHQXQG+DXSWVFKOHUQ 7DEHOOH 'HVNULSWLYH.HQQ]DKOHQGHU6FKOVVHOYDULDEOHQEHLPlQQOLFKHQ-XJHQGOLFKHQLQ *\PQDVLXPXQGLQGHU+DXSWVFKXOH]XP=HLWSXQNWXQG 6WLFKSUREHQJU|H0LWWHOZHUW6WDQGDUGDEZHLFKXQJ6WDQGDUGIHKOHUXQGW7HVW:HUWH 7DEHOOH .RUUHODWLRQHQ]ZLVFKHQUHO/HLVWXQJVSRVLWLRQXQG9DULDEOHQGHUVR]LDOHQ (LQJHEXQGHQKHLWEHLPlQQOLFKHQ-XJHQGOLFKHQLP*\PQDVLXPXQGLQGHU+DXSWVFKXOH LP$OWHUYRQ-DKUHQ 7DEHOOH .RUUHODWLRQHQ]ZLVFKHQGHQPRW3HUV|QOLFKNHLWVPHUNPDOHQLP(UZDFKVHQHQDOWHU %/0%:0%6: XQGD .RQWUROOYDULDEOHQE IDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWF DXHUIDPLOLlUHUVR]LDOHU(LQJHEXQGHQKHLWVRZLHG PRWLYDWLRQDOHU 3HUV|QOLFKNHLWVPHUNPDOHLPIUKHQ-XJHQGDOWHUYRQPl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lQQOLFKHQ*\PQDVLDVWHQGI 7DEHOOH .RUUHODWLRQHQ]ZLVFKHQDXVJHZlKOWHQ9DULDEOHQGHV-XJHQGDOWHUVXQG9DULDEOHQ]XU =XIULHGHQKHLWLP(UZDFKVHQHQDOWHUEHL0lQQHUQVFKXOIRUPVSH]LILVFK 7DEHOOH )UGLHVH6WXGLHDXVJHZlKOWH9DULDEOHQGHV/LI(6WXGLH'DWHQVDW]HV3URMHNWOHLWXQJ )HQG*HRUJ%HUJHU*URE /DXWHUEDFK8QLYHUVLWlW=ULFKXQG.RQVWDQ](LQ( YHUZHLVWGDUDXIGDVVGDV,WHPYRQ(OWHUQEHDQWZRUWHWZXUGH
$QKDQJ
,QVWUXPHQWH
$QKDQJ ,QVWUXPHQWH 'LH7DEHOOH]HLJWGLHIUGLHVH6WXGLHHLQJHVHW]WHQ9DULDEOHQGHV/LI('DWHQ VDW]HV 7DEHOOH
)UGLHVH6WXGLHDXVJHZlKOWH9DULDEOHQGHV/LI(6WXGLH'DWHQVDW]HV3URMHNWOHLWXQJ)HQG*HRUJ%HUJHU*URE /DXWHUEDFK8QLYHUVLWlW=ULFKXQG.RQVWDQ](LQ( YHUZHLVWGDUDXIGDVVGDV,WHPYRQ(OWHUQEHDQWZRUWHW ZXUGH
9DU /DEHO 1DPH N *HVFKOHFKWZP
,WHP 6NDOD ,WHP
N
6FKXOIRUP+656*<
,WHP
N
YHUEDOH,QWHOOLJHQ]
6NDOD
N
6FKLFKW
6NDOD
N
5HJLRQ6WDGW/DQG
,WHP
N
1DWLRQDOLWlW
,WHP
N N
K|FKVWHU6FKXODEVFKOXVV(OWHUQ ,WHP +656*< ( %HUXIVVWDWXV9DWHU,6(,( 6NDOD
N
%HUXIVVWDWXV0XWWHU,6(,(
6NDOD
N
)DPLOLHQVLWXDWLRQQLFKWWUDGLWLR QHOOWUDGLWLRQHOO %HUXIVWlWLJNHLW0XWWHU
,WHP
N N
,WHP
N
*HVFKZLVWHU]DKOE]Z.LQGHU ,WHP DQ]DKO]XKDXVHPLW%HIUDJWHP (LQ]HONLQGVWDWXV ,WHP
N
(OWHUQVWDWXV
,WHP
[
5HODWLYH/HLVWXQJVSRVLWLRQLQ .ODVVH
,WHP
&RGLHUXQJ]XVlW]OLFKH,QIRUPDWLRQXQG:RUWODXWGHU)UDJH ZHLEOLFK PlQQOLFK +DXSWVFKXOH 5HDOVFKXOH *\PQDVLXP ,QWHJULHUWH*HVDPWVFKXOHZLUGEHLNRUUHODWLYHQ%HUHFKQXQJHQ DOV0LVVLQJEHKDQGHOW 7HVWIUDJHQZLH]%REÄ'HNRUDWLRQYV2UQDPHQW³RGHUÄDEVROXW YVUHODWLY³GDVVHOEHPHLQHQ 0LWWHOZHUWGHUDOVULFKWLJJHZHUWHWHQ$QWZRUWHQPXOWLSOL]LHUWPLW 'LHVR]LDOH6FKLFKWGHV(OWHUQKDXVHVZXUGHDXIJUXQGGHVYlWHUOL FKHQ%HUXIVQDFKHLQHPPRGLIL]LHUWHQ6FKHPDYRQ.OHLQLQJXQG 0RRUH VLHEHQVWXILJFRGLHUW 2EHUVFKLFKW2EHUH0LWWHOVFKLFKW0LWWOHUH0LWWHOVFKLFKW 8QWHUH0LWWHOVFKLFKW2EHUH8QWHUVFKLFKW0LWWOHUH8QWHU VFKLFKW8QWHUH8QWHUVFKLFKW 6WDGW /DQG 'HXWVFKHU $XVOlQGHU :HQQEHLGH(OWHUQWHLO+656$EVFKOXVVKDEHQ :HQQHLQ(OWHUQWHLO*\PQDVLXPJHPDFKWKDW 7H[WDQWZRUWZHOFKHJHPlGHPVWDQGDUGLVLHUWHQLQWHUQDWLRQDOHQ VR]LR|NRQRPLVFKHQ,QGH[,6(, FRGLHUWZXUGH'HUQLHGULJVWH :HUW ZLUGIUODQGZLUWVFKDIWOLFKH+LOIVNUlIWHYHUJHEHQGHU K|FKVWH:HUW IU5LFKWHU 7H[WDQWZRUWZHOFKHJHPlGHPVWDQGDUGLVLHUWHQLQWHUQDWLRQDOHQ VR]LR|NRQRPLVFKHQ,QGH[,6(, FRGLHUWZXUGH'HUQLHGULJVWH :HUW ZLUGIUODQGZLUWVFKDIWOLFKH+LOIVNUlIWHYHUJHEHQGHU K|FKVWH:HUW IU5LFKWHU DQGHUH.RQVWHOODWLRQDOVWUDGLWLRQHOOWUDGLWLRQHOO9DWHUXQG 0XWWHUNHLQ6WLHIYDWHUNHLQH6WLHIPXWWHU QHLQ JHOHJHQWOLFKRGHUVWXQGHQZHLVH±KDOEWDJVRGHUJDQ]WDJV HLQ]ZHLGUHLYLHUIQIXQGPHKU QHLQ MD QHLQ MD VHKUVFKOHFKW HKHUVFKOHFKWDOVJXW PLWWHOPlLJ HKHUJXWDOVVFKOHFKW
$QKDQJ
,QVWUXPHQWH
[
1RWHQVXPPH'HXWVFK(QJ OLVFK0DWKH UHO/HLVWXQJVSRVLWLRQLQ.ODVVH
1RWHQVXPPH'HXWVFK(QJ OLVFK0DWKH +|FKVWHU6FKXODEVFKOXVVRUGL QDO
6NDOD
\
+|FKVWHUEHUXIOLFKHU$XVELO GXQJVDEVFKOXVV
,WHP
\
0RQDWOLFKHV1HWWRHLQNRPPHQ
VI
:RKOIKOHQ]X+DXVH
,WHP
VI
(.%H]D*URVNDOD,WHPV
6NDOD
VI
(.%H]E9HUVWlQG QLV9RUELOGZLUNXQJ,WHPV
6NDOD
VI
(.%H]FDNW,QWHUHVVHZHQLJ .RQIOLNWH,WHPV
6NDOD
VI
(.%H]G=XZHQ GXQJ9HUVWlQGQLV,WHPV
6NDOD
[
[ [
,WHP
,WHP
VHKUJXW HLQWLHIHU:HUWHQWVSULFKWKRKHQ/HLVWXQJHQ
VHKUVFKOHFKW HKHUVFKOHFKWDOVJXW PLWWHOPl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lLJZRKOZHQLJZRKO JDUQLFKWZRKO :HQQLFK3UREOHPHKDEHEHKDOWHLFKVLHOLHEHUIUPLFKDOV PHLQH(OWHUQXP5DW]XIUDJHQ ,FKKDEHGDV*HIKOGDVVLFKPLWPHLQHQ(OWHUQEHUDOOHV UHGHQNDQQ =ZLVFKHQPHLQHQ(OWHUQXQGPLUNRPPWHVRIW]X5HLEHUHLHQ 0HLQH(OWHUQKDEHQYLHO9HUVWlQGQLVIUPHLQH3UREOHPH 0HLQH(OWHUQK|UHQPLULPPHUDXIPHUNVDP]XZHQQLFKHWZDV HU]lKOH 0HLQH(OWHUQKDEHQPHLVWHQVHWZDVDQGHUHV]XWXQZHQQLFK PDOPLWLKQHQ]XVDPPHQVHLQP|FKWH 0HLQH(OWHUQNPPHUQVLFKUHFKWZHQLJXPPLFK 0HLQH(OWHUQLQWHUHVVLHUHQVLFKUHFKWZHQLJGDIUZDVLFKVR GHQNHXQGWXH ,FKKDEHGDV*HIKOGDVVLFKPLWPHLQHQ(OWHUQEHUDOOHV UHGHQNDQQU 0HLQH(OWHUQKDEHQYLHO9HUVWlQGQLVIUPHLQH3UREOHPHU :HQQEHLPLUHWZDVVFKLHIJHODXIHQLVWUHGHQPHLQH(OWHUQ LPPHUPLWPLUEHUGLH6DFKHU 0HLQH(OWHUQQHKPHQ5FNVLFKWDXIPLFKXQGHUZDUWHQGDV JOHLFKHYRQPLUU 0HLQH(OWHUQKDEHQPHLVWHQVHWZDVDQGHUHV]XWXQZHQQLFK PDOPLWLKQHQ]XVDPPHQVHLQP|FKWH 0HLQH(OWHUQNPPHUQVLFKUHFKWZHQLJXPPLFK 0HLQH(OWHUQLQWHUHVVLHUHQVLFKUHFKWZHQLJGDIUZDVLFKVR GHQNHXQGWXH =ZLVFKHQPHLQHQ(OWHUQXQGPLUNRPPWHVRIW]X5HLEHUHLHQ 0HLQH(OWHUQK|UHQLPPHUDXIPHUNVDP]XZHQQLFKHWZDV HU]lKOH ,FKKDEHGDV*HIKOGDVVLFKPLWPHLQHQ(OWHUQEHUDOOHV UHGHQNDQQ 0HLQH(OWHUQKDEHQYLHO9HUVWlQGQLVIUPHLQH3UREOHPH
$QKDQJ
,QVWUXPHQWH
VI
5HLEHUHLHQ]Z(.
,WHP
VI
*HVSUlFKVLQWHQVLWlW(.
6NDOD
VI
(OWHUQ%H]LHKXQJUHWURVSHNWLY
,WHP
VI
6FKHLGXQJVX7UHQQXQJVHUI -XJHQG]HLW
,WHP
VI
LQNRQVLVWHQWHU(U]LHKXQJVVWLO
6NDOD
VI
HQWVSDQQWH)UHL]HLWDNWLYLWlWHQ PLW(OWHUQ(
6NDOD
VI
VR]LDOH)UHL]HLWDNWLYLWlWHQPLW (OWHUQ(
6NDOD
:HQQEHLPLUHWZDVVFKLHIJHODXIHQLVWUHGHQPHLQH(OWHUQ LPPHUPLWPLUEHUGLH6DFKH =ZLVFKHQPHLQHQ(OWHUQXQGPLUNRPPWHVRIW]X5HLEHUHLHQ VWLPPWY|OOLJVWLPPW]LHPOLFKWHLOVWHLOVVWLPPWZHQLJ VWLPPWJDUQLFKW :LHRIWVSUHFKWLKUXQWHUHLQDQGHU EHUGLH6FKXOH" EHUUHOLJL|VH)UDJHQ" EHUSHUV|QOLFKH3UREOHPHYRQ0HQVFKHQXQGEHU3UREOH PHYRQ)UHXQGHQ9HUZDQGWHQRGHUDQGHUHQ3HUVRQHQ" ZDVPDQLQGHU)UHL]HLWPDFKHQNDQQXQGVROO" EHU'HLQH=XNXQIWVSOlQHXQG%HUXIVYRUVWHOOXQJHQ" :LHZUGHQ6LHLP5FNEOLFNGLH%H]LHKXQJ]ZLVFKHQ,KUHQ(OWHUQ EHVFKUHLEHQDOV6LHXQJHIlKUELV-DKUHDOWZDUHQ" 6HKUSRVLWLY3RVLWLY(KHUSRVLWLY(KHUQHJDWLY1H JDWLY6HKUQHJDWLY 6FKHLGXQJVRGHU7UHQQXQJVHUIDKUXQJGHV-XJHQGOLFKHQELV]XP (QGHGHU-XJHQGXQWHUVXFKXQJ" MDQHLQ 0LULVWQLFKWLPPHUNODUZDVPHLQH(OWHUQYRQPLUZROOHQ 0HLQH(OWHUQGURKHQPLUKlXILJ6WUDIHDQXQGIKUHQVLHGDQQ QLFKWDXV ,FKZHLEHUKDXSWQLFKWZDUXPPLUHWZDVHUODXEWZLUGRGHU QLFKW 0HLQH(OWHUQYHUVSUHFKHQPLUPDQFKPDOHWZDVXQGKDOWHQHV GDQQQLFKW ,FKZHLEHLPHLQHQ(OWHUQRIWQLFKWZLHLFKHVLKQHQUHFKW PDFKHQVROO :HQQPHLQH(OWHUQPLUHWZDVYHUELHWHQZLVVHQVLHRIWVHOEVW QLFKWZDUXP 2IWILQGHQPHLQH(OWHUQEHLPLU6DFKHQJXWZRUEHUVLHVLFK HLQDQGHUHV0DOlUJHUQ (VNRPPWRIWYRUGDVVPHLQH(OWHUQPLUHLQPDOHWZDVHUODX EHQZDVVLHPLUHLQDQGHUHV0DOYHUELHWHQ :LUKDEHQ$XVIOJHXQWHUQRPPHQRGHUVLQGEXPPHOQJH JDQJHQ :LUKDEHQXQVJHPHLQVDPPLW+REE\VEHVFKlIWLJW]% 6SLHOHQ%DVWHOQ3KRWRJUDSKLHUHQ*DUWHQ7LHUH :LUKDEHQ6SRUWJHWULHEHQRGHUJU|HUH:DQGHUXQJHQXQWHU QRPPHQ :LUKDEHQEHUDQGHUH$QJHOHJHQKHLWHQGHUJDQ]HQ)DPLOLH JHUHGHW]%WlJOLFKH9RUNRPPQLVVHLQGHU)DPLOLH$UEHLW GHV9DWHUVGHU0XWWHU=XNXQIWVSOlQH )UHXQGH%HNDQQWHEHVXFKHQRGHU%HVXFKYRQ)UHXQGHQ %HNDQQWHQEHNRPPHQ :LUKDEHQ%HNDQQWHRGHU)UHXQGHEHVXFKWRGHU%HVXFKEH NRPPHQ :LUKDEHQXQVEHUVR]LDOH7KHPHQXQWHUKDOWHQ]%$U EHLWVORVLJNHLW3UREOHPHDOWHURGHUNUDQNHU0HQVFKHQ'UR JHQNRQVXP PLWDQGHUHQEHU(U]LHKXQJVIUDJHQUHGHQ )HUQVHK5XQGIXQNVHQGXQJHQEHU%H]LHKXQJHQ]ZLVFKHQ 0HQVFKHQVHKHQK|UHQ]%EHU(KHIUDJHQ(OWHUQ.LQG 3UREOHP PLFKPLWMHPDQGHPEHU%HVRQGHUKHLWHQRGHU6FKZLHULJNHL WHQDQGHUHU0HQVFKHQXQWHUKDOWHQ :LUKDEHQXQVEHUSHUV|QOLFKH3UREOHPH]ZLVFKHQ0HQ VFKHQXQWHUKDOWHQ]%]ZLVFKHQ-XQJHQXQG0lGFKHQ(O WHUQXQG.LQGHUQ(KHSDUWQHUQ
$QKDQJ
,QVWUXPHQWH
VI
DXHUIDP93EHLSHUV3UREO
,WHP
VI
DXHUIDP93EHL3UREOPLW DQGHUHQ
,WHP
VI
ZDKUJHQ%HJDEXQJVHLQVFKlW ]XQJ
,WHP
VI
ZDKUJHUZDUWHWHU6FKXODE VFKOXVV+656*<
,WHP
VI
/HLVWXQJVHUZDUWXQJGHU((
,WHP
VI
(IUDJHQKlXILJQDFK6FKXOOHLV WXQJ(
,WHP
VI
(ZLVVHQ%HVFKHLGEHU6FKXO OHLVWXQJ(
,WHP
VI
+DXVDXIJDEHQHQJDJHPHQWGHU ((
6NDOD
VD
:RKOIKOHQLQ6FKXOH
,WHP
VD
$QRQ\PLWlWDQGHU6FKXOH
6NDOD
%FKHUEHU%H]LHKXQJHQXQG3UREOHPH]ZLVFKHQ0HQVFKHQ OHVHQ %FKHURGHU=HLWVFKULIWHQEHU(U]LHKXQJOHVHQ :LUKDEHQEHUGDVJHUHGHWZDVGDV.LQGEHZHJW]%GLH 6FKXOHVHLQH)UHXQGHVHLQH6RUJHQVHLQH=XNXQIWVSOlQH :HQQGX6FKZLHULJNHLWHQRGHU3UREOHPHPLWGLUVHOEVWKDVWPLW ZHPUHGHVWGXGDQQDPHKHVWHQGDUEHU" PLW9DWHURGHU0XWWHURGHUPLW*HVFKZLVWHUQPLWGHP)UHXQG JHJHQJHVFKOHFKWOLFK RGHUPLWHLQHU)UHXQGLQJOHLFKJHVFKOHFKW OLFK RGHUPLWGHP/HKUHUGHQLFKDPPHLVWHQPDJ :HQQGX6FKZLHULJNHLWHQRGHU3UREOHPHPLWDQGHUHQKDVWPLW ZHPUHGHVWGXGDQQDPHKHVWHQGDUEHU" PLW9DWHURGHU0XWWHURGHUPLW*HVFKZLVWHUQPLWGHP)UHXQG JHJHQJHVFKOHFKWOLFK RGHUPLWHLQHU)UHXQGLQJOHLFKJHVFKOHFKW OLFK RGHUPLWGHP/HKUHUGHQLFKDPPHLVWHQPDJ )UZLHEHJDEWKDOWHQGLFKGHLQH(OWHUQ" 9RQVHKUJXW ELVVHKUVFKOHFKW .ODVVHQGXUFKVFKQLWW :HOFKHQ$EVFKOXVVVROOWHVWGXQDFK0HLQXQJGHLQHU(OWHUQHUUHL FKHQ" +DXSWVFKXOHRGHU5HDOVFKXOH*\PQDVLXP :LHJXWVROOWHGDV.LQG,KUHQ9RUVWHOOXQJHQQDFKLQGHU6FKXOH VHLQ" HVZUGHPLUUHLFKHQZHQQHVLUJHQGZLHGXUFKNRPPW +DXSWVDFKHHVLVWQLFKWVFKOHFKWHUDOVGHU'XUFKVFKQLWW HWZDVEHVVHUDOVGHU'XUFKVFKQLWWVROOWHHVVFKRQVHLQ LFKZlUHHUVW]XIULHGHQZHQQHV]XGHQJXWHQ6FKOHUQ]lKOW HVVROOWHP|JOLFKVW]XGHQEHVWHQLQGHU.ODVVHJHK|UHQ :LHKlXILJIUDJHQ6LH,KU.LQGQDFK1RWHQLQ.ODVVHQDUEHLWHQ RGHU7HVWV" WlJOLFK HWZDMHGH:RFKHHLQPDO HWZDMHGHQ0RQDWHLQPDO VHOWHQHU :LVVHQ6LHJHQDXGDUEHU%HVFKHLGZLH,KU.LQGLQGHQ+DXSWIl FKHUQVWHKWDOVRZHOFKH=HXJQLVQRWHQHV]XHUZDUWHQKDWE]ZLQ ZHOFKHQ/HLVWXQJVNXUVHQHVLVW" ELQEHUDOOHVJHQDXLQIRUPLHUW ZHLLP*URHQXQG*DQ]HQ%HVFKHLG WHLOVWHLOV ZHLHVQLFKWVRJHQDX ,FKVHKHQDFKREHVDOOHVJHPDFKWKDW ,FKVHKHGLH+DXVDXIJDEHQQDFK)HKOHUQGXUFK ,FKK|UHPQGOLFKH+DXVDXIJDEHQDE ,FKHUNOlUHLKPZDVHVQLFKWYHUVWDQGHQKDW ,FKOHUQHPLWLKP]XVDPPHQ ,FKEHYRU.ODVVHQDUEHLWHQPLWLKP :LHZRKOIKOVWGXGLFK]X+DXVH" VHKUZRKO ]LHPOLFKZRKO PLWWHOPlLJZRKO ZHQLJZRKO JDUQLFKWZRKO $QGLHVHU6FKXOHPXVVVLFKMHGHUDOOHLQGXUFKNlPSIHQDXI 8QWHUVWW]XQJNDQQHUZHQLJUHFKQHQ :HQQPDQKLHU3UREOHPHKDWILQGHWPDQQLHPDQGHQGHU VLFKXPHLQHQNPPHUW ,QXQVHUHU6FKXOHJHKWPDQXQEHDFKWHWLQGHUJURHQ6FK
$QKDQJ
,QVWUXPHQWH
VD
6WDWXVUHOHYDQ]6FKXOOHLVWXQJ
6NDOD
VD
6WDWXVUHOHYDQ]6ROLGDULWlW
6NDOD
VD
.RQNXUUHQ]NDPSILQ.ODVVH
6NDOD
VD
.ODVVHQ]XVDPPHQKDOW
6NDOD
VD
9HUWUDXHQ]X/3
6NDOD
VD
/36%H]LHKXQJ
6NDOD
VD
/HLVWXQJVGUXFNYRQ/3
6NDOD
VD
$QHUNHQQXQJGXUFK0LWVFKOHU
6NDOD
OHU]DKOXQWHU 0DQKDWRIWGDV*HIKOGDVVNHLQHUPHKUHLQHQhEHUEOLFN KDWZDVLQGHU6FKXOHHLJHQWOLFKOlXIW 6WHOO'LUYRUGHUQHXH6FKOHUGLHQHXH6FKOHULQ PDFKW IDVWQLHVHLQH+DXVDXIJDEHQ 6WHOO'LUYRUGHUQHXH6FKOHUGLHQHXH6FKOHULQ JHK|UW ]XGHQEHVWHQ6FKOHUQLQGHU.ODVVH 6WHOO'LUYRUGHUQHXH6FKOHUGLHQHXH6FKOHULQ LVW ]LHPOLFKHKUJHL]LJ 6WHOO'LUYRUGHUQHXH6FKOHUGLHQHXH6FKOHULQ Ol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|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|QOLFKNHQ QHQ]XOHUQHQ ,FKKDEHGDV*HIKOGDVVGLHPHLVWHQ/HKUHUPLFKJHUQP| JHQ %HLGHQPHLVWHQ/HKUHUQVWHKHLFKJXWGD ,FKJODXEHGDVVGLHPHLVWHQ/HKUHUQLFKWYLHOYRQPLUKDOWHQ 'HQPHLVWHQ/HKUHUQELQLFK]LHPOLFKJOHLFKJOWLJ 'LHPHLVWHQPHLQHU0LWVFKOHUKDEHQLPPHU$QJVWGDVVVLH VWUHQJJHSUIWZHUGHQ ,QXQVHUHU6FKXOHZLUGYLHOYHUODQJW 'LH/HKUHUVHW]HQKlXILJXQHUZDUWHWH3UIXQJHQDQ ,QXQVHUHU6FKXOHNDQQPDQHVVLFKNDXPOHLVWHQNUDQN]X ZHUGHQGDPDQVRQVWGHQ$QVFKOXVVYHUVlXPW :HQQZLUQLFKWDP:RFKHQHQGHOHUQHQVFKDIIHQZLUNDXP ZDVYRQXQVYHUODQJWZLUG :LUNRPPHQNDXPQDFKGLH+DXVDXIJDEHQ]XPDFKHQ :HQQDQGHUHLQGHQ3DXVHQHWZDV]XVDPPHQPDFKHQ ZHUGHLFKKlXILJQLFKWEHDFKWHW ,FKJODXEHGDVVLFK]XGHQEHOLHEWHVWHQ6FKOHUQLQGHU .ODVVHJHK|UH
$QKDQJ
,QVWUXPHQWH
VD
,QWHJUDWLRQ3HHUV
6NDOD
VD
NLUFKOLFKH$NWLYLWlW
6NDOD
VD
9HUHLQV]XJHK|ULJNHLWQHLQMD
,WHP
VD
7XUQXQG6SRUWYHUHLQQHLQMD ,WHP
VD P
0XVLNRGHU6LQJJUXSSHQHLQ MD /HLVWXQJVPRWLYDWLRQ
6NDOD
P
VFKXO/HLVWXQJVDQJVW
6NDOD
,WHP
,FKNDQQQRFKVRJXWH,GHHQKDEHQGLHDQGHUHQLQGHU.ODV VHK|UHQVRZLHVRQLFKWDXIPLFK ,FKIKOHPLFKLQGHU.ODVVHPDQFKPDOHLQELVVFKHQDOV$X HQVHLWHU ,FKNDQQPDFKHQZDVLFKZLOOLUJHQGZLHNRPPHLFKEHLPHL QHQ.ODVVHQNDPHUDGHQQLFKWDQ %HLPHLQHQ0LWVFKOHUQELQLFK]LHPOLFKDQJHVHKHQ 9RQZLHYLHOHQ-XQJHQZUGHVW'XVDJHQ(ULVWPHLQ )UHXQG" :LHYLHOHGDYRQJHKHQLQ'HLQH.ODVVH" :LHKlXILJWULIIVW'X'LFKPLW'HLQHQ)UHXQGHQDXHUKDOEGHU 6FKXOH" :HQQ'XDQHLQHPVFKXOIUHLHQ1DFKPLWWDJPLWHLQHP)UHXQG HWZDVXQWHUQHKPHQP|FKWHVWZLHZlUHGDVGDQQ" %LVW'XLQHLQHP.UHLVYRQ-XJHQGOLFKHQGHUVLFKUHJHOPlLJ RGHU|IWHUVWULIIWXQGVLFK]XVDPPHQJHK|ULJIKOW" :LUPHLQHQDEHUNHLQHQ9HUHLQRGHU9HUEDQG )KOVW'X'LFKPDQFKPDORGHUKl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« QHLQ MD QHLQ MD :LHVHKUVWUHQJVWGXGLFKIUGLH6FKXOHDQ" :HOFKH$XVGDXHUKDVWGXZHQQGXVFKXOLVFKH$XIJDEHQ HUOHGLJHQVROOVW" :LHHKUJHL]LJELVWGXEHLGHPZDVLQGHU6FKXOHJHPDFKW ZHUGHQVROO" $EHQGVLP%HWWPDFKHLFKPLURIW6RUJHQGDUEHUZLHLFKDP QlFKVWHQ7DJLQGHU6FKXOHDEVFKQHLGHQZHUGH 9RU3UIXQJHQRGHU.ODVVHQDUEHLWHQKDEHLFKRIW0DJHQ RGHU%DXFKVFKPHU]HQ :HQQGLH+HIWHIUHLQH$UEHLWYHUWHLOWZHUGHQVROOHQVSUH LFKRIWVWDUNHV+HU]NORSIHQ 0DQFKPDOGHQNHLFKEHUHLWV]X%HJLQQHLQHU.ODVVHQDUEHLW ZDVGDVDOOHV]XU)ROJHKDEHQNDQQZHQQLFKVLHQLFKWJXW VFKUHLEH :HQQLFKEHLHLQHU.ODVVHQDUEHLWPHUNHGDVVGLH=HLWNQDSS ZLUGYHUOLHUHLFKOHLFKWGLH1HUYHQ :HQQLFKEHLHLQHU.ODVVHQDUEHLWPHUNHGDVVLFK)HKOHUJH PDFKWKDEHIDQJHLFKRIWDQPLUVHOEVW9RUZUIH]XPDFKHQ XQGDQPHLQHQ)lKLJNHLWHQ]X]ZHLIHOQ :HQQLFKEHL.ODVVHQDUEHLWHQDXI6FKZLHULJNHLWHQVWRH YHUOLHUHLFKOHLFKWGHQ0XWXQGEHNRPPH$QJVWYRUHLQHU VFKOHFKWHQ1RWH
$QKDQJ
,QVWUXPHQWH
P
%HJDEXQJV]XVFKUHLEXQJ
P
6HOEVWZLUNVDPNHLWVEHU]HXJXQJ 6NDOD
P
VFKXOLVFKH1RUPYHUOHW]XQJ ,WHPV
6NDOD
P
5DXFKHQ
,WHP
P
(..RQVHQVZDVOHLVWHQ
,WHP
P
(..RQVHQVZDVJODXEHQ
,WHP
P
(..RQVHQVZLHEHQHKPHQ
,WHP
P
=XNXQIWVEHZlOWLJXQJ
6NDOD
P
%LOGXQJVRULHQWLHUXQJ
6NDOD
P
/HLVWXQJVPRWLYDWLRQ
6NDOD
6NDOD
:HQQLFKLQHLQHU0DWKH$UEHLWVLW]HXQGHLQH$XIJDEHQLFKW JOHLFKUDXVNULHJHIUFKWHLFKRIW-HW]WVFKDIIVW'XGLHDQGH UHQDXFKQLFKWPHKU ,FKZROOWHLFKZlUHVRLQWHOOLJHQWZLHGLHDQGHUHQ ,QGHU6FKXOHKDEHLFKRIWGDV*HIKOGDVVLFKZHQLJHU]X VWDQGHEULQJHDOVGLHDQGHUHQ +lXILJGHQNHLFKLFKELQQLFKWVRNOXJZLHGLHDQGHUHQ 'LHDQGHUHQ-XQJHQXQG0lGFKHQKDEHQRIWEHVVHUH(LQIlOOH DOVLFK 2IWNDQQLFKPLFKQRFKVRDQVWUHQJHQWURW]GHPVFKDIIHLFK QLFKWZDVDQGHUHRKQH0KHN|QQHQ 9HUJOLFKHQPLWGHQDQGHUHQELQLFKQLFKWVREHJDEW (VKDWIUPLFKZHQLJ6LQQGDVVLFKPLFKLQGHU6FKXOHDQ VWUHQJHGDLFKGRFKQLFKWYLHOHUUHLFKHQNDQQ ,PPHUZHQQLFKYHUVXFKHLQGHU6FKXOHYRUDQ]XNRPPHQ NRPPWPLUHWZDVGD]ZLVFKHQZDVPLFKKLQGHUW $XFKZHQQLFKPLFKQRFKVRDQVWUHQJH5LFKWLJ]XIULHGHQ VLQGGLH/HKUHUPLWPLUQLH (VORKQWVLFKHLJHQWOLFKNDXPGDVVLFKLQGHU6FKXOHHWZDV VDJHGLH/HKUHUKDOWHQGRFKQLFKWYLHOGDYRQ /HKUHUDEVLFKWOLFKlUJHUQ 6DFKHQNDSXWWPDFKHQGLHGHU6FKXOHJHK|UHQ /HKUHUQIUHFKH$QWZRUWHQJHEHQ :LHRIWUDXFKVWGX" LFKKDEHQRFKQLHJHUDXFKWLFKKDEHHVPDOSURELHUWXQG GDQQZLHGHUDXIJHJHEHQLFKUDXFKHJHOHJHQWOLFKLFKUDXFKH WlJOLFKELV=LJDUHWWHQLFKUDXFKHWlJOLFKELV=LJDUHWWHQ LFKUDXFKHWlJOLFKELV=LJDUHWWHQLFKUDXFKHWlJOLFK PHKUDOV=LJDUHWWHQ %HLZHOFKHQ7KHPHQXQG3UREOHPHQVWLPPVWGXPLWGHLQHQ(OWHUQ EHUHLQXQGEHLZHOFKHQHKHUQLFKW" :DVLFKLQGHU6FKXOHOHLVWHQVROO VWLPPHPLWPHLQHQ(OWHUQHKHUQLFKWEHUHLQVWLPPHPLW PHLQHQ(OWHUQEHUHLQ «ZRUDQGHU0HQVFKJODXEHQVROO VWLPPHPLWPHLQHQ(OWHUQHKHUQLFKWEHUHLQVWLPPHPLW PHLQHQ(OWHUQEHUHLQ «ZLHPDQVLFKEHQHKPHQVROO VWLPPHPLWPHLQHQ(OWHUQHKHUQLFKWEHUHLQVWLPPHPLW PHLQHQ(OWHUQEHUHLQ ,FKKDEHGDV*HIKOPLUVWHKHQQRFKDOOH:HJHRIIHQ ,FKKDEH$QJVWGDYRUZDVVSlWHUDOOHVJHVFKHKHQZLUG ,FKVHKH]LHPOLFKVFKZDU]ZHQQLFKDQPHLQH=XNXQIWGHQNH :HQQLFKDQGLH=XNXQIWGHQNHVHKHLFKRIWJURH6FKZLH ULJNHLWHQDXIPLFK]XNRPPHQ :DVVSlWHUDOOHVPLWPLUSDVVLHUWOLHJWQLFKWLQPHLQHU+DQG 0LULVWIUVSlWHUVFKRQYLHOHVYHUEDXW ,FKWUDXHPLU]XVSlWHUHLQPDO]XHUUHLFKHQZDVLFKPLUYRU QHKPH ,FKP|FKWHJDUQLFKWGDUDQGHQNHQZDVVSlWHUDOOHVDXIPLFK ]XNRPPW %FKHUOHVHQ NODVVLVFKH0XVLNK|UHQ $XIHLQHP0XVLNLQVWUXPHQWEHQ :LHVHKUVWUHQJVWGXGLFKIUGLH6FKXOHDQ" :HOFKH$XVGDXHUKDVWGXZHQQGXVFKXOLVFKH$XIJDEHQ
$QKDQJ
,QVWUXPHQWH
P
DOOJ,QWHUHVVHGHV.LQGHV(
,WHP
%/0
%HUXIO/HLVWXQJVPRWLYDWLRQ
6NDOD
%:0
%HUXIO:HLWHUELOGXQJVPRWLYDWLRQ 6NDOD
%6:
%HUXIO6HOEVWZLUNVDPNHLWVEHU ]HXJXQJ
]IM
=XIUPLW-XJHQG]HLWUHWURVSHNWLY ,WHP
]IEP
=XIULPLW%H]]X0XWWHU
,WHP
]IEY
=XIULPLW%H]]X9DWHU
,WHP
]ID
=XIULPLW$UEHLWVVWHOOH
,WHP
]IE
=XIULPLW%HUXI
,WHP
]IIL
=XIUPLW)LQDQ]HQ
,WHP
]IIU
=XIULPLW)UHL]HLW
,WHP
]IOH
=XIULPLW/HEHQLQVJHVDPW
,WHP
6NDOD
HUOHGLJHQVROOVW" :LHHKUJHL]LJELVWGXEHLGHPZDVLQGHU6FKXOHJHPDFKW ZHUGHQVROO" :LHVHKHQ6LH,KU.LQG".HLQ.LQGJOHLFKWGHPDQGHUHQZHGHU lXHUOLFKQRFKLP+LQEOLFNDXIVHLQHW\SLVFKHQ(LJHQKHLWHQXQG )lKLJNHLWHQ0DQNDQQVDJHQMHGHV.LQGEHVLW]WHLQHHLQ]LJDUWLJH .RPELQDWLRQYRQ(LJHQVFKDIWHQ:LHVHKHQ6LH,KU.LQG" VHKULQWHUHVVLHUW]LHPOLFKLQWHUHVVLHUWPLWWHOPlLJLQWHUHV VLHUWQLFKWVRLQWHUHVVLHUWNDXPLQWHUHVVLHUW ,FKVHW]HPLFKLQPHLQHP%HUXILPPHUVWDUNHLQ :HQQLFKHLQHEHUXIOLFKH$XIJDEHHUOHGLJHQPXVVWXHLFKGDV LPPHUPLWJURHU$XVGDXHU (VLVWPLUVHKUZLFKWLJLP%HUXIHUIROJUHLFK]XVHLQ ,FKELOGHPLFKDXFKGDQQEHUXIOLFKZHLWHUZHQQLFKGDIUDXI )UHL]HLWYHU]LFKWHQPXVV ,FKVFKDIIHHVHLQIDFKQLFKWDP:RFKHQHQGHRGHUDP$EHQG QRFK]XVlW]OLFKIUGHQ%HUXI]XOHUQHQ :HQQLFKPLFKEHUXIOLFKZHLWHUELOGHQVROOVWUlXEWVLFKLQPLU HWZDV %HUXIOLFKHQ6FKZLHULJNHLWHQVHKHLFKJHODVVHQHQWJHJHQZHLO LFKPLFKLPPHUDXIPHLQH)lKLJNHLWHQYHUODVVHQNDQQ ,FKIKOHPLFKGHQPHLVWHQEHUXIOLFKHQ$QIRUGHUXQJHQJH ZDFKVHQ %HLPHLQHU$UEHLWJHOLQJWPLUDXFKGLH/|VXQJVHKUVFKZLHUL JHU$XIJDEHQ :HQQ6LHDQ,KUH-XJHQG]HLW]ZLVFKHQXQG-DKUHQ]XUFN GHQNHQ:LHKDEHQ6LHGLHVH=HLWHUOHEW" 6HKUSRVLWLY3RVLWLY(KHUSRVLWLY(KHUQHJDWLY1H JDWLY6HKUQHJDWLY :HQQ6LHVLFK,KUHGHU]HLWLJH/HEHQVVLWXDWLRQYRU$XJHQIKUHQ :LH]XIULHGHQVLQG6LHLQVJHVDPWPLWGHU%H]LHKXQJ]X,KUHU0XW WHU" bXHUVWXQ]XIULHGHQ«bXHUVW]XIULHGHQ :LH]XIULHGHQVLQG6LHLQVJHVDPWPLWGHU%H]LHKXQJ]X,KUHP 9DWHU" bXHUVWXQ]XIULHGHQ«bXHUVW]XIULHGHQ :LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHU$UEHLWVVWHOOH" bXHUVWXQ]XIULHGHQ«bXHUVW]XIULHGHQ :LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHP%HUXI" bXHUVWXQ]XIULHGHQ«bXHUVW]XIULHGHQ :LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHUILQDQ]LHOOHQ6LWXDWLRQ" bXHUVWXQ]XIULHGHQ«bXHUVW]XIULHGHQ :LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHU)UHL]HLWJHVWDOWXQJ" bXHUVWXQ]XIULHGHQ«bXHUVW]XIULHGHQ :LH]XIULHGHQVLQG6LHLQVJHVDPWPLW,KUHP/HEHQLQVJHVDPW" bXHUVWXQ]XIULHGHQ«bXHUVW]XIULHGHQ
$QKDQJ
=XVlW]OLFKH6WUXNWXUJOHLFKXQJVPRGHOOH
=XVlW]OLFKH6WUXNWXUJOHLFKXQJVPRGHOOH
,P)ROJHQGHQVLQG]ZHL0RGHOOHDXIJHIKUWZHOFKHDOVXQJOWLJHUNOlUWZHUGHQ PVVHQZHLOVLHHQWZHGHUJHVDPWKDIWRGHUQXULQHLQ]HOQHQ3IDGHQXPNUHLVWH=LI IHUQ QLFKWVLJQLILNDQWVLQG
VLFKDQVWUHQJHQIU6FKXOH
D
D
/HLVWXQJV PRWLYDWLRQ PLW-
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
HKUJHL]LJVHLQ
D
W
/HLVWXQJV PRWLYDWLRQ PLW-
VLFKDQVWUHQJHQIU6FKXOH
R
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
R
HKUJHL]LJVHLQ
R
VWDUNHU(LQVDW]I%HUXI
%HUXIOLFKH /HLVWXQJV PRWLYDWLRQPLW-
0RGHOVSHILFDWLRQ FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH $EELOGXQJ
D
UHGHQZHQQHWZVFKLHIJHODXIHQLVW D
(UIROJLP%HUXILVWZLFKWLJ
YLHOYHUVWlQGQLV
*HIKOGDVV/HKUHUPLFKJHUQP|JHQ
U
JODXEHGDVV/3QLFKWYLHOYRQPLUKDOWHQU
%HLGHQPHLVWHQ/HKUHUVWHKHLFKJXWGD
/HLVWXQJV PRWLYDWLRQ PLW-
U
(OWHUQ.LQG %H]LHKXQJ PLW-
U
O
V
QHKPHQ5FNVLFKW HUZDUWHQGDVVHOEHYRQPLU
O
8QJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU$XINOlUXQJGHUEHUXIOLFKHQ/HLVWXQJVPRWLYDWLRQGXUFKGLH/HLVWXQJVPRWL YDWLRQPLWXQG-DKUHQEHUDOOH3UREDQGHQEHUHFKQHW
D
*URVVH$XVGDXHU
O
/HKUHU6FKOHU %H]LHKXQJ PLW-
UHO/HLVWXQJVSRVLWLRQLQ.O
0RGHOVSHILFDWLRQ FKLVTXDUH GI SYDOXH JIL DJIL DLF UPVHD SFORVH
W
R
$XVGDXHUEHLVFKXOLVFKHQ$XIJ
R
HKUJHL]LJVHLQ
R
%HUXIOLFKH :HLWHUELOGXQJV PRWLYDWLRQPLW-
VLFKDQVWUHQJHQIU6FKXOH
9HU]LFKWDXI)UHL]HLW
O
DP$EHQGOHUQHQ
O
6WUlXEHQJHJHQEHU:HLWHUELOGXQJU
O
V
$EELOGXQJ
8QJOWLJHV6WUXNWXUJOHLFKXQJVPRGHOO]XU%HVWLPPXQJGHUEHUXIOLFKHQ:HLWHUELOGXQJVPRWLYDWLRQGXUFKGLH(OWHUQ .LQG%H]LHKXQJXQGGLH/HKUHU6FKOHU%H]LHKXQJPLW9HUZHQGXQJGHU0RGHUDWRUYDULDEOH/HLVWXQJVPRWLYDWLRQ PLW-DKUHQEHL+DXSWVFKOHUQ