257 120 2MB
German Pages 258 [260] Year 2012
Martina Werner Genus, Derivation und Quantifikation
Studia Linguistica Germanica
Herausgegeben von Christa Dürscheid Andreas Gardt Oskar Reichmann Stefan Sonderegger
114
De Gruyter
Martina Werner
Genus, Derivation und Quantifikation Zur Funktion der Suffigierung und verwandter Phänomene im Deutschen
De Gruyter
ISBN 978-3-11-029175-9 e-ISBN 978-3-11-029190-2 ISSN 1861-5651
Library of Congress Cataloging-in-Publication Data A CIP catalog record for this book has been applied for at the Library of Congress.
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. © 2012 Walter de Gruyter GmbH & Co. KG, Berlin/Boston Druck: Hubert & Co. GmbH & Co. KG, Göttingen ∞ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com
9
9RUZRUW 'LH YRUOLHJHQGH $UEHLW JHKW DXI HLQH OHLFKW PRGLIL]LHUWH )DVVXQJ PHLQHU 'LVVHUWDWLRQ ]XUFN GLH LP 6RPPHUVHPHVWHU DQ GHU /XGZLJ 0D[LPLOLDQV8QLYHUVLWlW0QFKHQLP)DFK*HUPDQLVWLVFKH/LQJXLVWLN%H WUHXHU 3URI 'U (OLVDEHWK /HLVV LP 5DKPHQ GHV /,33 /LQJXLVWLN ² ,QWHUQDWLRQDOHV3URPRWLRQVSURJUDPP DQJHQRPPHQZXUGH =XP*HOLQJHQGLHVHU$UEHLWKDEHQHLQLJH3HUVRQHQEHLJHWUDJHQGHQHQLFK DQ GLHVHU 6WHOOH KHU]OLFK GDQNHQ P|FKWH 'U 6RQMD =HPDQ IU ,KUH JURDUWLJ H 8PVLFKW *HGXOG XQG GLH SHUVSHNWLYHQUHLFKHQ *HVSUl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² 7(,/%$5@ E]Z >² $'',7,9@ DXV]HLFKQHQ (LQ ]lKOEDUHV 6XEVWDQWLY LVW VRPLW HLQHV GDV KLQVLFKWOLFK VHLQHV 9RUVWHOOXQJVELOGHV PLW GHP 0HUNPDO >=b+/%$5@EHVFKULHEHQZHUGHQNDQQZLHHWZD+DXV 'LH7HFKQLNDXV EVSZ HLQHP ]lKOEDUHQ 6XEVWDQWLY HLQ QLFKW]lKOEDUHV ]X PDFKHQ E]Z XPJHNHKUWEH]HLFKQHWPDQDOVQRPLQDOH4XDQWLILNDWLRQE]Z4XDQWLIL]LH UXQJ1XUEHL]lKOEDUHQ6XEVWDQWLYHQLVWHLQH3OXUDOLVLHUXQJP|JOLFK+DXV ²+lXVHU %HLKHUN|PPOLFKHQ0DVVHQQRPLQDGDJHJHQLVWHLQH3OXUDOLVLH UXQJ QLFKW P|JOLFK ZDV PDQ LP 'HXWVFKHQ YRU]XJVZHLVH DQ VRJ 6WRII QRPLQDWHVWHQNDQQZLHHWZD6DQG²"6lQGH1XUJUHQ]EH]RJHQH]lKOEDUH (LQKHLWHQN|QQHQDOVRSOXUDOLVLHUWZHUGHQ:LUGHLQ0DVVHQQRPHQHQWJH JHQ VHLQHU JUDPPDWLVFKHQ *UXQGHLQVWHOOXQJ GHQQRFK SOXUDOLVLHUW NRPPW HLQH1HEHQOHVDUWGHV3OXUDOVGHUVRJ6RUWHQSOXUDODXFKVRUWDOHU3OXUDO ]XVWDQGH ZLH HWZD 6lQGH Ä6RUWHQ YRQ 6DQG¶ 'DV 0DVVHQQRPHQ ZLUG GDGXUFK KLQVLFKWOLFK VHLQHU .RQ]HSWXDOLVLHUXQJ VHNXQGlU Ä]lKOEDU¶ JH PDFKW ,QQHUKDOE GHU 0DVVHQQRPLQD NDQQ GXUFK GDV .ULWHULXP > +202*(1@]ZLVFKHQGHQEHUHLWVDQJHIKUWHQ6WRIIQRPLQDZLH:HLQ *ROG6DQG VRZLH.ROOHNWLYQRPLQDZLH]%9LHK6FKPXFN3ROL]HL XQWHU VFKHLGHQ .ROOHNWLYQRPLQD IDVVHQ XQPLWWHOEDU ]lKOEDUH XQG YRQHLQDQGHU
(LQOHLWXQJ
DEJUHQ]EDUH7HLOHPLWGHP.ULWHULXP>² +202*(1@]XVDPPHQEHLGHQ 6WRIIQRPLQD YHUKlOW HV VLFK GDJHJHQ XPJHNHKUW .ULWHULXP > +202*(1@ YJO .5,).$ 6ROO HLQ 6WRIIQRPHQ TXDQWLIL]LHUW ZHUGHQZLUGHLQVRJ4XDQWRUKLQ]XJH]RJHQ$XVGHUVRJQXPHUXVLQGLI IHUHQWHQ*UXQGIRUPGHV0DVVHQQRPHQVHQWVWHKWGDGXUFKHLQHGDYRQDE JHOHLWHWHNRPSOH[HUH)RUP]XU%H]HLFKQXQJHLQHUGLVNUHWHQ(LQKHLW]% HLQ6DFN6DQG]ZHL(LPHU:DVVHUHWF ,P 6SLHJHO QRPLQDOHU 4XDQWLILNDWLRQ EOLHE ELVODQJ RIIHQ DXI ZHOFKH $UW GLH .DWHJRULH *HQXV XQWHUVFKLHGOLFKH 3HUVSHNWLYLHUXQJVDOWHUQDWLYHQ EHUHLW]XVWHOOHQLPVWDQGHLVWGLH²MHQDFK*HQXVNODVVH²GLHJHUDGHVNL] ]LHUWH8QWHUVFKHLGXQJ]ZLVFKHQ]lKOEDUHQXQGQLFKW]lKOEDUHQ6XEVWDQWL YHQDEELOGHQ'HPVROO.DSLWHOQDFKJHKHQ =LHOXQG$XIEDXGHU$UEHLW 'D6SUDFKHVLFKLP%HUHLFKGHU*UDPPDWLNNHLQH5HGXQGDQ]OHLVWHWPXVV PDQ VLFK IUDJHQ ZHOFKH )XQNWLRQ KLQWHU GHU .DWHJRULH *HQXV HQWGHFNW ZHUGHQ NDQQ 1DFK HLQHU HUVWHQ Ä*UXQGVWHLQOHJXQJ¶ WKHRUHWLVFKHU 1DWXU VROO GLH 'LDFKURQLH GHU VXIIL[DOHQ :RUWELOGXQJ PLW GHU )UDJH QDFK HLQHU NDWHJRULDOHQ 6HPDQWLN GHV *HQXV LQ %H]LHKXQJ JHVHW]W ZHUGHQ 'LH YRU OLHJHQGH$UEHLWLVWGDKHU]ZHLJHWHLOW=XQlFKVWVROOGHUSULQ]LSLHOOH6WDWXV XQG GLH )XQNWLRQ GHV *HQXV LP JUDPPDWLVFKHQ 6\VWHP KHUDXVJHDUEHLWHW ZHUGHQ'D]XZHUGHQVSUDFKWKHRUHWLVFKHZLHVSUDFKW\SRORJLVFKH9HUJOHL FKHDQJHVWHOOW.DSLWHOXQG ,P]ZHLWHQ7HLOGHU$UEHLWVWHKWGHUGLD FKURQH$VSHNWXQGGDPLWGLH(QWZLFNOXQJGHV:RUWELOGXQJVW\SV6XIILJLH UXQJ LP 9RUGHUJUXQG 'LH 6XIIL[H VROOHQ ² DXVJHKHQG YRQ QKG =XVWlQGHQ²DXILKUH*UDPPDWLNDOLWlWKLQXQWHUVXFKWZHUGHQXPJHJHQ ZDUWVVSUDFKOLFKH9HUKlOWQLVVHWUDQVSDUHQW]XPDFKHQ'DPLWVLQGNRQNUHW IROJHQGH)UDJHQDXIJHZRUIHQ ² :DUXPHUIROJWGLH.RGLHUXQJPLW6XIIL[HQXQGNHLQHQDQGHUHQPRU SKRORJLVFKHQ0LWWHOQ " ² :LHNDPHV]XU(WDEOLHUXQJGHU6XIIL[H" ² /DVVHQVLFKVSH]LILVFKH(QWZLFNOXQJVORJLNHQIHVWVWHOOHQGLHDOOH6XIIL [H HLQ XQG GHUVHOEHQ *HQXVNODVVH JHPHLQVDP KDEHQ XQG ODVVHQ VLFK GDUDXV $XVVDJHQ ]X HLQHU VSH]LILVFKHQ *HQXVVHPDQWLN GHU MHZHLOLJHQ .ODVVHWUHIIHQ" ² /lVVWVLFKHLQHDOOHQ6XIIL[HQE]ZDOOHQ*HQHUDJHPHLQVDPH(QWZLFN OXQJVORJLN QDFKZHLVHQ KLQVLFKWOLFK HLQHU $EOHLWXQJVSUlIHUHQ] EH VWLPPWHU %DVHQ VR ]% HUVW 6XEVWDQWLYH GDQDFK 9HUEHQ HWF XQG ZHQQNDQQPDQ*UQGHIUHLQHVROFKH(QWZLFNOXQJVORJLNDQJHEHQ"
=LHOXQG$XIEDXGHU$UEHLW
² *LEW HV .RGLHUXQJVNRQNXUUHQ] GXUFK DQGHUH PRUSKRORJLVFKH 0LWWHO ZLH ] % GXUFK GLH =LUNXPILJLHUXQJ " :HQQ MD ZR XQG ZLH" :HQQ QHLQZDUXPQLFKW" ² :HOFKHQ *UDPPDWLNDOLVLHUXQJVVWDWXV KDW GDV 1KG" :HQQ HLQH *UDPPDWLNDOLVLHUXQJ WDWVlFKOLFK YRUOLHJW LVW GLHVH EHUHLWV DEJHVFKORV VHQ" ² :LUG HLQHV GHU *HQHUD EHYRU]XJWHU EHU 6XIIL[H NRGLHUW DOV DQGHUH" :HQQMDE]ZQHLQZDUXPE]ZZDUXPQLFKW" ² .DQQPDQZHLWHUHIRUPDOH6SH]LILNDIHVWVWHOOHQ":DUXPEHVLW]HQ]% 'HULYDWLRQVELOGXQJHQPLWVWDUNHU7HQGHQ]NHLQH)XJHQHOHPHQWHZlK UHQGDQGHUH:RUWELOGXQJVW\SHQZLHGLH.RPSRVLWLRQGLHVWXQ" 'HU%HDQWZRUWXQJGLHVHU)UDJHQZLGPHQVLFK.DSLWHOXQGYRQ7HLO,, GHU$UEHLW:lKUHQGLQ.DSLWHOGLHSULQ]LSLHOOP|JOLFKHPRUSKRORJLVFKH (WDEOLHUXQJ GHU 6XIIL[H LP 9RUGHUJUXQG VWHKW EHKDQGHOW .DSLWHO GLH 7KHPHQZLHGLH(WDEOLHUXQJGHU6XIIL[HKLQVLFKWOLFKGHU(UEULQJXQJHLQHU VSH]LILVFKHQÄ*HQXVVHPDQWLN¶GLDFKURQ]XVWDQGHNDPXQGZHOFKH.RQVH TXHQ]HQGLHVIRUPDOHUZLHLQKDOWOLFKHU1DWXUIUGLHEHWURIIHQHQ%LOGXQ JHQQDFKVLFK]LHKW=XQlFKVWUFNWMHGRFKGLH6HPDQWLNGHV*HQXVLQGHQ 9RUGHUJUXQGZDVLQ.DSLWHOEHKDQGHOWZHUGHQVROO'LH7DWVDFKHGDVV GDV)HPLQLQXPLP9HUJOHLFK]XGHQDQGHUHQ*HQHUDDPPHLVWHQ6XIIL[H EHKHUEHUJWGHXWHWGDUDXIKLQGDVVHLQHIXQNWLRQDOH*UXQGJHVHW]PlLJNHLW LP 6SUDFKV\VWHP GLHV HUIRUGHUOLFK PDFKW 'LHV LVW LPPHU GDQQ GHU )DOO ZHQQÅK|KHUH´NRPSOH[HUH)RUPHQYRQJUDPPDWLVFKHU.RGLHUXQJYRU OLHJHQGLHLPNDWHJRULDOHQ*UXQGNRQ]HSW]XQlFKVWQLFKWPLWKLQHLQNRGLHUW VLQG 1DWUOLFKNHLWVSULQ]LS 'HP JHKW .DSLWHO QDFK,QVEHVRQGHUH GDV *HQXVIHPLQLQXPVRZLHGDQHEHQGDV*HQXVQHXWUXPVWHKHQLQ9HUGDFKW LQGHQLGJ6SUDFKHQVRDXFKLP'HXWVFKHQ.ROOHNWLYDXQG$EVWUDNWDEH UHLW]XVWHOOHQ YJO ]% 3,1$8/7 'D]X PXVV ]XQlFKVW DXVJHIKUW ZHUGHQ ZDV XQWHU HLQHU $EVWUDNWLRQ E]Z $EVWUDNWKHLW ]X YHUVWHKHQ LVW ZLH VLH VLFK HQWZLFNHOW LQZLHZHLW XQG ZDUXP GHP )HPLQLQXP HLQH WUD JHQGH 5ROOH LQ GLHVHP 6\VWHP ]XNRPPW .DSLWHO JLEW HLQHQ hEHUEOLFN EHU DVVR]LLHUWH 3KlQRPHQH GHU VXIIL[DOHQ :RUWELOGXQJ 'LPLQXWLRQ $XJPHQWDWLRQ7D[DWLRQXQG)OH[LRQVRZLHGLH5ROOHGHV6H[XV XQGZLUIW GLH )UDJH DXI LQZLHZHLW GLHVH 3KlQRPHQH QLFKW HEHQIDOOV EHU QRPLQDOH 4XDQWLILNDWLRQEHVFKULHEHQZHUGHQN|QQWHQ =XQlFKVW VROO MHGRFK GLH )UDJH LP 9RUGHUJUXQG VWHKHQ ZDV HLQ *H QXVV\VWHP IXQNWLRQDO NRQVWLWXLHUW E]Z ZHOFKH .ULWHULHQ ]XU 'HILQLWLRQ GLHVHU.DWHJRULHYDOLGHVLQG ,QHLQHP]ZHLWHQ6FKULWWVROOGLHJUDP PDWLVFKH )XQNWLRQ GHV *HQXV DXV VSUDFKKLVWRULVFKHU 6LFKW WKHPDWLVLHUW ZHUGHQ =DKOUHLFKH$QVlW]HKHEHQZLHEHUHLWVDQJHGHXWHWGLH9HU ZDQGWVFKDIW GHU .DWHJRULHQ 1XPHUXV XQG *HQXV KHUYRU 'LH .DWHJRULH *HQXVHUZHLVWVLFKXQWHUHLQHPVROFKHQ$VSHNWQLFKWDOVÅ/X[XVGHU6SUD
(LQOHLWXQJ
FKH´ YJO HWZD ,%5$+,0 VRQGHUQ DOV IXQNWLRQDO QRWZHQGLJH 'LPHQVLRQ QRPLQDOHU 4XDQWLILNDWLRQ GLH ]XVDPPHQ PLW GHU .DWHJRULH 1XPHUXVGLH8QWHUVFKHLGXQJYRQ]lKOEDUHQXQGQLFKW]lKOEDUHQ6XEVWDQ WLYHQWUlJW
'LH.DWHJRULH*HQXV .HLQHDQGHUHJUDPPDWLVFKH.DWHJRULHZLUGYHUPXWOLFKVRNRQWURYHUVGLV NXWLHUWZLHGLH.DWHJRULH*HQXV$OV%HLVSLHOIUHLQHNRQWURYHUVHÄ*HQXV 'LVNXVVLRQ¶NDQQGDV5XPlQLVFKHDQJHIKUWZHUGHQ)UGDV5XPlQLVFKH VWDQG ODQJH =HLW E]Z VWHKW QDFK ZLH YRU GLH )UDJH LP 5DXP RE EHU KDXSW HLQH GULWWH *HQXVNODVVH LQ GLHVHP )DOO HLQ *HQXV QHXWUXP DQJH VHW]WZHUGHQGUIH0LWWOHUZHLOHJLOWGDV1HXWUXPPHKUKHLWOLFKDOVDN]HS WLHUWHVGULWWHV*HQXVGHV5XPl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lUWLJHQ)RUVFKXQJVVWDQGEH]JOLFKGHVNDWHJRULDOHQ,QKDOWVYRQ*H QXVZLHGHUJHEHQ(VZHUGHQ$UJXPHQWHDQJHIKUWGLHGLH.DWHJRULH*H QXV DOV 'LPHQVLRQ GHU 4XDQWLILNDWLRQ DXVZHLVHQ 'HU ]ZHLWH 7HLO GHV .DSLWHOV EHWUDFKWHW GDV 'HXWVFKH XQWHU GLDFKURQIXQNWLRQDOHU $EVFKQLWW ZLHVSUDFKYHUJOHLFKHQGHU3HUVSHNWLYHYJO$EVFKQLWW]XP$OWHQJ OLVFKHQ +LHUZLUGVLFK]HLJHQGDVV*HQXVLP1KG]XPLQGHVWHLQHWHLO PRWLYLHUWH.DWHJRULHLQ%H]XJDXILKUHWDWVlFKOLFKUHDOLVLHUWH3DUDGLJPDWL ]LWlW LVW 'LHVH hEHUOHJXQJ ZXUGH EHUHLWV LQ .DSLWHO DQJHVSURFKHQ 6XEVWDQWLYHZLH/DPSH)XRGHU%LOGEHVLW]HQHLQHQIHVWHQ*HQXVHLQWUDJ (LQH HFKWH 3DUDGLJPDWL]LWlW LVW EHL VROFKHQ 6XEVWDQWLYHQ GDKHU QLFKW ]X LGHQWLIL]LHUHQ(VJLOWLQVRIHUQQDFKHFKWHQ)lOOHQYRQ3DUDGLJPDWL]LWlW]X VXFKHQ 'LH 6FKZHUSXQNWVHW]XQJ DXI GDV .ULWHULXP GHU 3DUDGLJPDWL]LWlW PDJDXI]XQlFKVWHLQXQJHZ|KQOLFKHU=XJDQJ]XU&KDUDNWHULVLHUXQJHLQHU JUDPPDWLVFKHQ .DWHJRULH VHLQ (LQ %OLFN LQ GLH 6SUDFKJHVFKLFKWH XQG 6SUDFKW\SRORJLH ORKQW MHGRFK JHUDGH XQWHU VROFKHQ 8PVWlQGHQ 'LH VSUDFKJHVFKLFKWOLFKHQZLHVSUDFKW\SRORJLVFKHQ%HWUDFKWXQJHQVLQGVRDQ JHOHJWGDVVVLHDOV*UXQGODJHIUZHLWHUH)RUVFKXQJHQLQGRJHUPDQLVFKHU ZLH DXHULQGRJHUPDQLVFKHU 6SUDFKHQ GLHQHQ N|QQHQ 'HQQ ZHQQ VLFK BBBBBBBBBBBBB
=XP$VSHNWGHU*HQXVLQKlUHQ]GHV:HVWIULHVLVFKHQYJO9,66(5
'LH.DWHJRULH*HQXV
5HJXODULWlWHQDXVKHEHQODVVHQVRVROOWHQGLHVHQLFKWQXUIUGDV'HXWVFKH VRQGHUQ DXFK IU DOOH DQGHUHQ 6SUDFKHQ PLW *HQXV JHOWHQ ,GHDOHUZHLVH N|QQHQGDUEHUKLQDXV$XVVDJHQJHWURIIHQZHUGHQGHUHQ)XQNWLRQDOFKD UDNWHU GD]X JHHLJQHW LVW DXFK LQ 6SUDFKHQ RKQH *HQXV IXQNWLRQDO lKQOL FKHDEHUDXIDQGHUH$UWNRGLHUWH5HJXODULWlWHQHQWGHFNHQ]XODVVHQ=LHO GHU $UEHLW LVW HV GDKHU QLFKW DOOH 6SUDFKHQ PLW *HQXV ]X EHVFKUHLEHQ VRQGHUQDQKDQGGHV'HXWVFKHQXQGHLQHPVSUDFKW\SRORJLVFKHQ9HUJOHLFK HLQHXQLYHUVDOH(UIDVVXQJGHU.DWHJRULH*HQXVDXIGHU%DVLVHLQHUPHUHR ORJLVFKHQ 6\VWHPDWLN DE]XOHLWHQ 7UDGLWLRQHOO VSULFKW PDQ YRQ HLQHU JUDPPDWLVFKHQ .DWHJRULH ZHQQ IXQNWLRQDO HLQ 2SSRVLWLRQVYHUKlOWQLV KHUJHVWHOOWZLUGDOVR> %(67,007(6 0(5.0$/@'LHVH0HUNPDOHJLOWHV IUGLH.DWHJRULH*HQXVKHUDXV]XDUEHLWHQXQGGLHVHMHGHU*HQXVNODVVHLP (LQ]HOQHQ]X]XZHLVHQ'D]XORKQWHVVLFKEHVRQGHUVHLQH6SUDFKH]XEH WUDFKWHQGLH*HQXVYHUORUHQKDW+LHUELHWHWVLFKGDV(QJOLVFKHDOVQlKHU YHUZDQGWHZHVWJHUPDQLVFKH6SUDFKHDQ$XIJUXQGGHUKlXILJDQJHIKUWHQ bKQOLFKNHLW ]ZLVFKHQ $OWHQJOLVFK XQG $OWKRFKGHXWVFK VROO GHU )UDJH QDFKJHJDQJHQZHUGHQREHLQHVROFKH3DUDOOHOLVLHUXQJLQ%H]XJDXIGLH.D WHJRULH*HQXVWDWVl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lJWXQG ZHQQMDXPZHOFKHQHVVLFKKDQGHOW'HU%OLFNDXIGLHVH)UDJHQHUVFKHLQW HUQFKWHUQG PDFKW DEHU GLH 1RWZHQGLJNHLW HLQHU HLQJHKHQGHQ %HWUDFK WXQJXPVRHYLGHQWHU+LQVLFKWOLFKGHU(UIRUVFKXQJGHV,QKDOWVYRQ*HQXV ODVVHQ VLFK LQ GHU *HJHQZDUW ]ZHL )RUVFKXQJVWUDGLWLRQHQ XQWHUVFKHLGHQ GLH VRJ VHPDQWLVFKHQ YHUVXV GLH VRJ IRUPDOHQ $QVlW]H YJO KLHU]X :( %(5 :lKUHQGGLHHUVWH)RUVFKXQJVULFKWXQJYHUVXFKWHLQHVHPDQWL VFKH%DVLVGHV*HQXV]XHUPLWWHOQVWHKWEHLGHU]ZHLWHQ)RUVFKXQJVULFK
:DVLVW*HQXV"
WXQJ GHU IRUPDOH XQG GDPLW PRUSKRORJLVFK IL[LHUEDUH $VSHNW JUDPPDWL VFKHU6HPDQWLNLP9RUGHUJUXQG 'LH*HVFKLFKWHGHU(UIRUVFKXQJGHU.DWHJRULH*HQXVLVWHLQHLJHQHU )RUVFKXQJVEHUHLFK(VNDQQDOVRQXU]LHOJHULFKWHWXQG]ZDULQHLQHP0D HZLHHVIUGHQZHLWHUHQ9HUODXIGHU$UEHLWQRWZHQGLJHUVFKHLQWGDUDXI HLQJHJDQJHQ ZHUGHQ (LQHQ JXWHQ )RUVFKXQJVEHUEOLFN ELHWHW :(%(5 VRZLHIU3ULPlUWH[WHGLH$XIVDW]VDPPOXQJYRQ6,(%85* 'LH(UJHEQLVVHYRQ:(%(5 XQGGLHEHGHXWHQGVWHQ3XEOLNDWLRQHQ ]XGLHVHP%HUHLFKVROOHQLP)ROJHQGHQNXU]]XHLQHPhEHUEOLFN]XVDP PHQJHIDVVWZHUGHQ'LHVLVWQ|WLJGDGLHKLHUDXVJHKREHQHQ(UNHQQWQLVVH XQHUOlVVOLFK IU GLH ZHLWHUH %HWUDFKWXQJ VLQG =XQlFKVW VROOHQ GDEHL GLH VHPDQWLVFKHQ GDQDFK GLH IRUPDOHQ )RUVFKXQJVULFKWXQJHQ YRUJH VWHOOWZHUGHQ 'LHVHPDQWLVFKHQ$QVlW]HKDEHQ]XP=LHOGLH.DWHJRULH*HQXVDQ KDQG HLQHV JJI JUDPPDWLVFK VHPDQWLVFKHQ 0HUNPDOV ]X EHVFKUHLEHQ 'DV*HQXVYHUIJWGHPQDFKZLHMHGHJUDPPDWLVFKH.DWHJRULHEHUHLQH EHVWLPPWH *UXQGIXQNWLRQDOLWlW ,Q GHU SRSXOlUVWHQ GHU VH[XDOLVLHUHQGHQ )RUVFKXQJVULFKWXQJZLUG*HQXVDOVRGDVJUDPPDWLVFKH*HVFKOHFKWPLW 6H[XVGHPQDWUOLFKHQ*HVFKOHFKWYHUZHFKVHOWE]ZJOHLFKJHVHW]WVRHW ZD EHL :,(12/' 75267(58' 6&277 'LHVH )RU VFKXQJVULFKWXQJ KDW HLQH ODQJH7UDGLWLRQ XQG OlVVW VLFK ELV LQGLH$QWLNH ]XUFNYHUIROJHQ VR HWZD EHL 3URWDJRUDV :(%(5 'LH )RU VFKXQJVULFKWXQJ HUOHEWH LKUH %OWH DE HWZD 0LWWH GHV -DKUKXQGHUWV 'HUYHUPXWOLFKEHNDQQWHVWH9HUWUHWHUGLHVHU7UDGLWLRQZDU-DFRE*5,00 ,KP ]XIROJH HQWZLFNHOWH VLFK GDV JUDPPDWLVFKH *HVFKOHFKW DXV GHP QD WUOLFKHQ 0|JOLFK JHZHVHQ VHL GLHV LQGHP XQVHUH 9RUIDKUHQ GLH :HOW ÅVH[XDOLVLHUWHQ´ DOVR GLH ,GHH GHV ELRORJLVFKHQ *HVFKOHFKWV DXI DOOH ]XU 9HUIJXQJVWHKHQGHQ6XEVWDQWLYHEHUWUXJHQ'HP0DVNXOLQXPXQG)H PLQLQXPZHUGHQGDGXUFK$WWULEXWH]XJHVFKULHEHQGLH*HVFKOHFKWHUVWHUH RW\SLHQEHLQKDOWHQ6RVFKUHLEW*5,00I GDVPDVNXOLQXPVFKHLQWGDVIUKHUHJU|HUHIHVWHUHVSU|GHUHUDVFKHUHGDVWKlWLJHEHZHJOL FKH]HXJHQGHGDVIHPLQLQXPGDVVSlWHUHNOHLQHUHZHLFKHUHVWLOOHUHGDVOHLGHQGHHPSIDQJHQ GHGDVQHXWUXPGDVHU]HXJWHJHZLUNWHVWRIIDUWLJHJHQHUHOOXQWHUHQWZLFNHOWHFROOHFWLYH+HU YRUKL2ULJ
*HJQHUGLHVHU7KHRULHZDUHQEHUHLWVGDPDOV9HUWUHWHUYRQ)RUVFKXQJVDQ VlW]HQGLH*HQXVUHLQIRUPDODOV1RPLQDONODVVHYHUVWDQGHQ$OVZLFKWLJV WHU 9HUWUHWHU GLHVHU (SRFKH GUIWH .DUO %58*0$11 JHOWHQ (U XQWHU VFKLHG QLFKW QXU ]ZLVFKHQ *HQXV GHP JUDPPDWLVFKHQ *HVFKOHFKW XQG 6H[XVGHPQDWUOLFKHQVRQGHUQGUHKWH]XGHPGDVYRQ*5,00SRVWXOLHU BBBBBBBBBBBBB
'HU7HUPLQXVÅVH[XDOLVLHUHQG´QDFK:(%(5
'LH.DWHJRULH*HQXV
WH 6SUDFKHQWZLFNOXQJVVFKHPD XP $XV *HQXV N|QQH 6H[XV HQWVWHKHQ DEHUQLFKWXPJHNHKUW%58*0$11DUJXPHQWLHUWH
+DOWHQZLUXQVDQGLHNODUYRUOLHJHQGHQ7KDWVDFKHQGHU*HJHQZDUWXQGGHUMQ JHUQ9HUJDQJHQKHLWGHULQGRJHUPDQLVFKHQ6SUDFKHQVRPXEHKDXSWHWZHUGHQ GD0DVNXOLQXPXQG)HPLQLQXPDOVJUDPPDWLVFKH*HVFKOHFKWHUIUGLH6SUDFKH GHVJHZ|KQOLFKHQ/HEHQVHLQHQLFKWVVDJHQGH)RUPVLQGGDGLH9RUVWHOOXQJGHU 0lQQOLFKNHLWRGHUGLHGHU:HLEOLFKNHLWGXUFKVLHZHGHULPHLJHQWOLFKHQQRFKDXFK LPELOGOLFKHQ6LQQHDQJHUHJWZLUG%58*0$11]LWQ6,(%85*
'LH/HVDUWIUGDVQDWUOLFKH*HVFKOHFKWHUJLEWVLFKGHP=LWDW]XIROJHHUVW VHNXQGlU 'LHV JLOW QLFKW QXU IU GLH JHVDPWH (QWVWHKXQJ GHV *HQXV DOV JUDPPDWLVFKH .DWHJRULH VRQGHUQ DXFK V\QFKURQ IU GLH VHPDQWLVFKH (QWZLFNOXQJYRQ6XEVWDQWLYHQZDVVLFKEHZHLVHQOlVVW$XVHLQHPIRUPDO QDFK*HQXVPDUNLHUWHQ6XEVWDQWLYPLWXQEHOHEWHU5HIHUHQ]]XP%HLVSLHO HLQHPSURGXNWLYVXIILJLHUWHQ$EVWUDNWXPGHV1KG NDQQGXUFKV\QWDNWL VFKH5HDOLVDWLRQHLQH/HVDUWHQWVWHKHQGLH6H[XV5HIHUHQ]KHUVWHOOWQLFKW MHGRFK XPJHNHKUW (LQ 6DW] ZLH 'LH 6FK|QKHLW JHKW GLH 6WUDH HQWODQJ NDQQ DXIJUXQGVHLQHUVDW]VHPDQWLVFKHQ$XVVDJHNHLQHVIDOOVHLQ6XEMHNWXQEHOHE WHU 5HIHUHQ] LPSOL]LHUHQ 6RPLW NRPPW HLQH 1HEHQOHVDUW LQ GLHVHP )DOO GLH6H[XV/HVDUW]XP7UDJHQ6ROFKHV\QFKURQNRQVWUXLHUEDUHQVSUDFKOL FKHQ3UR]HVVHPVVHQDXV*UQGHQGHU.RQWLQXLWlWJUDPPDWLVFKHU)XQN WLRQHQ QLFKW .RGLHUXQJVPLWWHOQ DXFK GLDFKURQ ZLUNVDP JHZHVHQ VHLQ $EVFKQLWWEHKDQGHOWGLH)UDJHZLHXQGXQWHUZHOFKHQ8PVWlQGHQDXV *HQXV GLH /HVDUW GHV QDWUOLFKHQ *HVFKOHFKWV HQWVWHKHQ NDQQ XQG ZLH VLFK GLHV PLW %OLFN DXI GLH (WDEOLHUXQJ GHV 0RWLRQVPRUSKHPV LQ LQ GHU 6SUDFKJHVFKLFKWHGHV'HXWVFKHQYROO]RJ (LQHLQGHUVHOEHQ)RUVFKXQJVWUDGLWLRQKlXILJYHUIROJWH7KHRULHLVWGLH $QQDKPHGHP*HQXVOlJHDOV)XQNWLRQGDV0HUNPDOGHU%HOHEWKHLW]X JUXQGH YJO HWZD -26())621 /('2/(026 0$7$629,ü 6&+:,1&. 9HUZDQGW PLW GLHVHU 7KHRULH LVW GLH 7KHVH GDV *HQXVLQKlULHUHIXQNWLRQDOGLH2SSRVLWLRQ$JHQVYHUVXV3DWLHQV6RWULWW HLQ 6XEVWDQWLY W\SLVFKHUZHLVH LQ GLH $JHQV5ROOH ZHQQ HV EHOHEWH 5HIH UHQ] EHVLW]W %HLGHQ $QVlW]HQ NDQQ PDQ HQWJHJHQKDOWHQ GDVV GDV 'HXW VFKH ]ZDU EHU HLQ *HQXV YHUIJW QLFKW MHGRFK EHU HLQ HLJHQHV %H OHEWKHLWV3DUDGLJPD ZLH EVSZ GDV 5XVVLVFKH $XFK OlVVW GLHVH )XQNWLRQV]XVFKUHLEXQJ XQHUNOlUW ZDUXP /H[HPH XQEHOHEWHU 5HIHUHQ] ZLH HWZD 1RPLQD LQVWUXPHQWL ZLH QKG GHU %RKUHU GHU 0HLHO EHUKDXSW BBBBBBBBBBBBB
'DVV GLH .DWHJRULHQ .DVXV XQG *HQXV YRQHLQDQGHU XQDEKlQJLJ VLQG EHZHLVW DOOHLQ GLH 7DWVDFKHGDVVGHU.DVXVLQ6SUDFKHQRKQH*HQXVZLHGHP)LQQLVFKHQ XQGXPJHNHKUW GDV*HQXVLQ6SUDFKHQRKQH.DVXVZLHGHP)UDQ]|VLVFKHQ H[LVWLHUW,QWHUIHUHQ]HQ]ZL VFKHQGHQHLQ]HOQHQ.DWHJRULHQVLQGGDGXUFKQLFKWDXVJHVFKORVVHQ=XU)UDJHNDWHJRULDOHU =XVDPPHQKlQJHYJO.DSLWHO
:DVLVW*HQXV"
XQGVRJDUEHYRU]XJWLQ$JHQVSRVLWLRQWUHWHQN|QQHQ'HU7KHRULHDQVDW] PXVVGDPLWLQ)UDJHJHVWHOOWZHUGHQ(UZLUGVSlWHUQRFKHLQPDOWKHPDWL VLHUW ZHUGHQ ZHQQ GLH )UDJH ]X NOlUHQ VHLQ ZLUG ZHOFKHU VHPDQWLVFKHQ 1DWXUGLHHUVWHQPLW6XIIL[HQYHUVHKHQHQ0DVNXOLQDVLQG(LQLJHVGHXWHW QlPOLFKGDUDXIKLQGDVVHVVLFKEHLGHQHUVWHQVXIILJLHUWHQ0DVNXOLQD]X JURHQ7HLOHQXP%H]HLFKQXQJHQIU3HUVRQHQZLHHWZD6FKOHU*lUWQHU KDQGHOWH ,QZLHZHLW GLHV WDWVlFKOLFK GHU )DOO ZDU LQZLHZHLW GHU )XQNWLRQ GHU%HOHEWKHLWEHLGHU*UDPPDWLNDOLVLHUXQJYRQ*HQXVPDUNHUQWDWVlFKOLFK 5HOHYDQ]]XNRPPWXQGZRhEHUVFKQHLGXQJVEHUHLFKH]XDQGHUHQ*HQXV WKHRULHQEHVWHKHQGLHVHQ)UDJHQZLGPHWVLFK$EVFKQLWW ,Q GHU JHJHQZlUWLJHQ )RUVFKXQJ VWHKHQ IRUPDOH $QVlW]H LP 9RUGHU JUXQG 0DQ NDQQ MHGRFK HLQH 8QWHUGLIIHUHQ]LHUXQJ LQQHUKDOE GHU )RU VFKXQJ IHVWVWHOOHQ 'HU $QVDW] GHU *HQXV DOV UHLQH )RUPNODVVH RKQH 6HPDQWLN EHJUHLIW VWHKW GHU 3RVLWLRQ JHJHQEHU QDFK GHU GLH 6HPDQWLN YRQ*HQXVDXVGHUIRUPDOHQ6XEVWDQ]QDFKJHZLHVHQZHUGHQNDQQ,PHUV WHQ)DOOZLUGEHKDXSWHWGDV*HQXVDOVUHLQH)RUPNDWHJRULHVHLMHGHP6XE VWDQWLYLQKlUHQWJHJHEHQ'DJHJHQULFKWHWVLFK:(%(5 LQ%H]XJ DXIGLHDEJHOHLWHWHQ6XEVWDQWLYH
$XI GHU PRUSKRORJLVFKHQ (EHQH ILQGHQ VLFK >«@ VWDUNH +LQZHLVH GDUDXI GDVV GLH 'HULYDWLRQVVXIIL[H LP *HJHQZDUWVGHXWVFKHQ RIIHQVLFKWOLFK LQ HLQHP =ZL VFKHQEHUHLFK YRQ )OH[LRQVPRUSKRORJLH XQG :RUWELOGXQJ VWHKHQ 6LH YHUIJHQ EHU VWDUNH HLJHQH PRUSKRORJLVFKH ² XQG VHPDQWLVFKH ² 0HUNPDOH GHQHQ GLH :RUWELOGXQJVEDVLVXQWHUJHRUGQHWZLUG'DGXUFKZHUGHQVLH]XP.RSIGHU.RQ VWUXNWLRQXQGOHJHQGDV*HQXVHLQHV6XEVWDQWLYVIHVW'DV*HQXVLVWLP)DOOHHL QHU$EOHLWXQJDOVRQLFKWPHKUGHP1RPHQLQKlUHQW>«@
'DV.ULWHULXPGHU,QKlUHQ]JLOWDOVRQLFKWIUDOOH6XEVWDQWLYHJOHLFKHUPD HQVRQGHUQQXUEHLGHQMHQLJHQGLHEHUNHLQHPRUSKRORJLVFKH*HQXV 0DUNLHUXQJ YHUIJHQ 'LH =XVFKUHLEXQJ YRQ ,QKlUHQ] EHGHXWHW ]XGHP GDVVGLHJUDPPDWLVFKH,QIRUPDWLRQLP/H[LNRQHLQJHWUDJHQLVW$OOHUGLQJV HUJLEW VLFK LQ GLHVHP )DOO HLQ WKHRUHWLVFKHV 3UREOHP 6R HU]HXJW HLQH JUDPPDWLVFKH .DWHJRULH WUDGLWLRQHOO HLQ JUDPPDWLVFKHV 2SSRVLWLRQVYHU KlOWQLVZRUDXI/(,66D YHUZHLVW
'DV*HQXVGHV1RPHQVXQWHUVFKHLGHWVLFKQlPOLFKYRUDOOHQDQGHUHQJUDPPDWL VFKHQ .DWHJRULHQ ZLH ]% 7HPSXV XQG 1XPHUXV GDULQ GD HV XQV NHLQH :DKOP|JOLFKNHLWOlW-HGHDQGHUHJUDPPDWLVFKH.DWHJRULHHUP|JOLFKWGLH6HOHN WLRQDXVHLQHP3DUDGLJPD>«@'LHVH:DKOP|JOLFKNHLWLVWHLQHJHPHLQVDPHXQG GDPLWDXFKGHILQLHUHQGH(LJHQVFKDIWDOOHUJUDPPDWLVFKHQ.DWHJRULHQ
/(,66]XIROJHPVVWHGDPLWGHP*HQXVGHU6WDWXVDOVÄHFKWHU¶JUDPPDWL VFKHU .DWHJRULH DEJHVSURFKHQ ZHUGHQ (LQH :DKOP|JOLFKNHLW DXI JUDP BBBBBBBBBBBBB
(UVWHUHLQIRUPDOEDVLHUWH$QVlW]HILQGHQVLFKKLHU]XEHUHLWVLQGHU$QWLNHVREHL$ULVWRWH OHVYJO:(%(5
'LH.DWHJRULH*HQXV
PDWLVFKHU(EHQHLVWEHLGHU=XVFKUHLEXQJHLQHVIHVWHQLP/H[LNRQHLQWUDJ IL[LHUEDUHQ*HQXVVFKOLHOLFKQLFKWJHJHEHQ'HU%OLFNE]JOGHVSDUDGLJ PDWLVFKÄIXQNWLRQLHUHQGHQ¶*HQXVPXVVGDPLWDXIDQGHUH%HUHLFKHJHOHQNW ZHUGHQLQGHQHQGHU6WDWXVGHV*HQXVDOVÄHFKWH¶JUDPPDWLVFKH.DWHJRULH QRFK HQWGHFNW ZHUGHQ NDQQ 'DUDXV IROJW JOHLFK]HLWLJ GDVV 6XEVWDQWLYH GLHNHLQHSDUDGLJPDWLVFKH*HQXVRSSRVLWLRQDXVELOGHQDOVRHLQLQKlUHQWHV *HQXVEHVLW]HQXQGLQ%H]XJDXILKUH*HQXVLQIRUPDWLRQOH[LNDOLVLHUWVLQG IU GDV LQ GLHVHU $UEHLW YHUIROJWH =LHO GLH JUDPPDWLVFKH *UXQGIXQNWLRQ YRQ *HQXV KHUDXV]XDUEHLWHQ QLFKW YRQ %HODQJ VLQG 6LH ZHUGHQ LP )RO JHQGHQGDKHUQLFKWZHLWHULQGLH8QWHUVXFKXQJPLWHLQEH]RJHQ'LH.DWH JRULH*HQXVHUZHLVWVLFKIUGDV1KGYRUGLHVHP+LQWHUJUXQGDOVWHLOPR WLYLHUWH .DWHJRULH GHQQ GLH :DKOP|JOLFKNHLW KLQVLFKWOLFK YHUVFKLHGHQHU *HQHUDSUR/H[HPLVWQLFKWLPPHUJHJHEHQ'DMHGRFKGDV6SUDFKV\VWHP 5HGXQGDQ] SULQ]LSLHOO YHUPHLGHW VWHOOW VLFK GLH )UDJH ZHOFKH )XQNWLRQ KLQWHU GLHVHU .DWHJRULH VWHFNW 'DPLW JHUDWHQ GLH IXQNWLRQDOLVWLVFKHQ $Q VlW]HLQGHQ)RNXVGHU$XIPHUNVDPNHLW (LQHIRUPDORULHQWLHUWH7KHRULHVLHKWGLH)XQNWLRQYRQ*HQXVLQGHU .RQJUXHQ]HU]HXJXQJ YJO ] % &25%(77 *HJHQZlUWLJ LVW GLHVH )RUVFKXQJVULFKWXQJ JXW HWDEOLHUW 9RQ GHQ $QKlQJHUQ GHU .RQJUXHQ] +\SRWKHVHZLUGPHLVWDQJHIKUWGLH.RQJUXHQ]HU]HXJHK|KHUHNRJQLWLYH (LQIDFKKHLWVRN|QQH]%GDV(UNHQQHQYRQ3KUDVHQHUOHLFKWHUWZHUGHQ ZDVJOHLFK]HLWLJHLQHIUHLHUH6DW]VWHOOXQJHUP|JOLFKH6HLWHLQLJHU=HLWVLQG %HGHQNHQJHJHQGLH.RQJUXHQ]WKHRULHDQJHPHOGHWZRUGHQ6RZLUG]XP HLQHQ HLQJHZHQGHW GDVV QLFKW QXU GLH .DWHJRULH *HQXV .RQJUXHQ] HU ]HXJW VRQGHUQ DXFK GLH DQGHUHQ QRPLQDOHQ .DWHJRULHQ ZLH HWZD .DVXV XQG1XPHUXV YJO]%26752:6.,DII 3DUDGR[HUZHLVHZLUG YRQ GLHVHQ .DWHJRULHQ DEHU QXU GDV *HQXV LQ %H]XJ DXI GLH (U]HXJXQJ YRQ .RQJUXHQ] EHVFKULHEHQ ,P *UXQGH JHQRPPHQ PVVWH GLHV MHGRFK EHLDOOHQDQGHUHQ.DWHJRULHQXQWHUQRPPHQZHUGHQZHQQ.RQJUXHQ]WDW VlFKOLFKHLQHJUDPPDWLVFKH)XQNWLRQLPVWUHQJHQ6LQQHVHLQVROOWH7UDGL WLRQHOO JUDPPDWLVFKPRUSKRORJLVFK LVW GLHVHV %HVFKUHLEXQJVNULWHULXP LQ GLHVHP=XVDPPHQKDQJQLFKW (LQ ZHLWHUHV $UJXPHQW HUJLEW VLFK DXV GHU 7DWVDFKH GDVV 6SUDFKHQ PLW *HQXV QLFKW LPPHU .RQJUXHQ]SKlQRPHQH HUNHQQHQ ODVVHQ *5((1%(5* ]XIROJHVLQG*HQXVXQG.RQJUXHQ]YRQHLQDQGHU XQDEKlQJLJH )DNWRUHQ 6R N|QQHQ GXUFKDXV 6SUDFKHQ PLW *HQXV DEHU RKQH .RQJUXHQ]HU]HXJXQJ VRZLH DXFK 6SUDFKHQ PLW .RQJUXHQ]HU]HX BBBBBBBBBBBBB
6REHPHUNWHWZD5),6+(5 ´>«@DOWKRXJKDOOWKUHHJHQGHUVZHUHIXOO\GHYHO RSHGLQWKHSURWRODQJXDJHWKHV\VWHPRIFRQFRUGZDVQRWYHU\ROGRUZHOOHVWDEOLVKHGE\ ODWH,(>,QGR(XURSHDQ@µ
:DVLVW*HQXV"
JXQJ DEHU RKQH *HQXV H[LVWLHUHQ =XGHP PVVWH GLH .RQJUXHQ]WKHRULH XQWHUIXQNWLRQDOHP$VSHNWHUNOlUHQN|QQHQDXVZHOFKHP*UXQGXQGZLH DOOHQRPLQDOHQ)OH[LRQVSDUDGLJPHQGHV'HXWVFKHQVLFKLPPHUPHKUÅYHU HLQIDFKHQ´ PDQ YHUJOHLFKH HWZD GLH $SRNRSLHUXQJ GHV '$7 6* 0$6.175DXIHZLHLQLP%LOGH]XLP%LOG GDV*HQXVGHV'HXWVFKHQ GDYRQMHGRFKRIIHQEDUXQEHUKUWEOHLEW$QGHUHUVHLWVPVVWHGLH7KHRULH HUNOlUHQN|QQHQZDUXP)OH[LYHSRO\IXQNWLRQDOVHLQN|QQHQE]ZZDUXP PDQFKH)OH[LYHXQWHUVSH]LIL]LHUWKLQVLFKWOLFKHLQHVHLQGHXWLJHQ*HQXVHLQ WUDJVVLQG:(%(5
'LHVH.RQJUXHQ]LVWNHLQHVZHJVHLQGHXWLJGDGLHGHXWVFKHQ)OH[LYHXQHLQGHXWLJ VLQG)ULQVJHVDPWVHFK]HKQP|JOLFKH)XQNWLRQHQLQ*HQXV.DVXVXQG1XPH UXVVWHKHQQXUVHFKVYHUVFKLHGHQH)OH[LRQVHOHPHQWHE]ZGLH$UWLNHO]XU9HUI JXQJ%HVRQGHUVDXIIlOOLJLVWGDVY|OOLJH)HKOHQGHU*HQXVGLIIHUHQ]LHUXQJDP$U WLNHO LP 3OXUDO +LHU VWHKW LP 1RPLQDWLY XQG $NNXVDWLY DOOHU GUHL *HQHUD GLH $UWLNHOIRUPÄGLH¶GHV1RPLQDWLYVXQG$NNXVDWLY)HPLQLQXP6LQJXODU>«@:lUH HVGLHHLQ]LJH)XQNWLRQGHU.DWHJRULH*HQXV.RQJUXHQ]DQ]X]HLJHQVRZUGH HVGLHVH$XIJDEHQXUlXHUVWPDQJHOKDIWHUIOOHQ
8PDOVRHLQGHXWLJH.RQJUXHQ]HU]HXJHQ]XN|QQHQPVVWHQVRGLH$U JXPHQWDWLRQ ]XU 9HUPHLGXQJ YRQ $PELJXLWlW QRFK YLHO PHKU )OH[LRQV PRUSKHPHLQGHQMHZHLOLJHQ3DUDGLJPHQYRUKDQGHQVHLQ'LH)UDJHQDFK GHP :R YHUPHLQWOLFKHU $PELJXLWlW LVW V\QRQ\P PLW GHU )UDJH QDFK 1LFKW 6\QNUHWLVPXV XQG ZXUGH MQJVW YRQ %$(50$1 HW DO JH QDXHU XQWHUVXFKW 2EZRKO GLH $XWRUHQ JUXQGVlW]OLFK YRQ GHU $QQDKPH HLQHU.RQJUXHQ]IXQNWLRQGHV*HQXVDXVJHKHQVWHOOHQVLHIHVWGDVV*HQXV XQG1XPHUXVKlXILJÅV\QNUHWLVLHUHQ´%$(50$1HWDO
*HQGHUVKRZVDVSHFLDODIILQLW\IRUV\QFUHWLVPDFURVVQXPEHU,WLVSUREDEO\QR H[DJJHUDWLRQ WR VD\ WKDW ZKHUH JHQGHU PDUNLQJ LV PRUSKRORJLFDOO\ GLVWLQFW EH WZHHQVLQJXODUDQGQRQVLQJXODUJHQGHUV\QFUHWLVPLVPRUHWKHUXOHUDWKHUWKDQ WKHH[FHSWLRQ
:HQQ DOVR ]ZLVFKHQ *HQXV XQG 1XPHUXV 6\QNUHWLVPHQ EHVWHKHQ VWHOOW VLFK GLH )UDJH RE 6\QNUHWLVPXV KlXILJHU LP 6LQJXODUSDUDGLJPD RGHU LP 1LFKW6LQJXODU3DUDGLJPDDXIWULWW'HQ$XWRUHQ]XIROJHWULWW6\QNUHWLVPXV PLWVWDUNHU7HQGHQ]LP3OXUDODXI%$(50$1HWDO
&URVVOLQJXLVWLFDOO\JHQGHUV\QFUHWLVPVKRZVVRPHVWURQJWHQGHQFLHVZKHQFRQ VLGHUHGLQWKHFRQWH[WRIQXPEHU7KHW\SLFDOSDWWHUQLVWKHFRQVROLGDWLRQRIJHQ GHUVLQWKHQRQVLQJXODULQWRV\QFUHWLFFODVVHVZLWKDPRUHRUOHVVWUDQVSDUHQWVH
BBBBBBBBBBBBB
*5((1%(5* IKUWKLHU]XDXV´$QRXQJHQGHUV\VWHPPD\EHUHJDUGHGWKHQDV LQYROYLQJWKHLQWHUVHFWLRQRIWZREDVLFIDFWRUVFODVVLILFDWLRQDQGDJUHHPHQWWKHWZREHLQJ LQDUHODWLRQRIPXWXDOGHWHUPLQDWLRQWKHJHQGHUEHLQJGHILQHGE\WKHDJUHHPHQWVDQGWKH DJUHHPHQWV EHLQJ GHWHUPLQHG E\ WKH JHQGHUV 7KH PXWXDO GHWHUPLQDWLRQ KHUH GHILQHG DV FRQVWLWXWLYHRIJHQGHUV\VWHPVLVQRWKRZHYHUDORJLFDOUHTXLUHPHQW$JUHHPHQWLVSRVVLE OHZLWKRXWFODVVLILFDWLRQµ
'LH.DWHJRULH*HQXV
PDQWLFEDVLVRUDWDQ\UDWHPRUHWUDQVSDUHQWWKDQLQWKHVLQJXODU +RZHYHUWKLV LVRQO\DWHQGHQF\>«@
'LH$XWRUHQOLHIHUQ]DKOUHLFKHW\SRORJLVFKH%HWUDFKWXQJHQODVVHQHLQH,Q WHUSUHWDWLRQGLHVHV%HIXQGVMHGRFKRIIHQ'LHVH%HREDFKWXQJOlVVWVLFKDO OHUGLQJVPLW*5((1%(5*V8QLYHUVDOLHLQhEHUHLQVWLPPXQJEULQJHQ (LQH 6SUDFKH EHVLW]W GHPQDFK QLH PHKU *HQXV.DWHJRULHQ LP 1LFKW 6LQJXODU DOV LP 6LQJXODU *5((1%(5* -HGHU JUDPPDWLVFKHQ )XQNWLRQZRKQWHLQV\PEROLVLHUHQGHU=ZHFNLQQH.RQJUXHQ]NDQQGHP QDFKQLFKWGHU=ZHFNHLQHUJUDPPDWLVFKHQ.DWHJRULHVHLQZHLOLKUH)XQN WLRQVXQWHUVWHOOXQJDOOHQIDOOVNDXVDOHU1DWXULVW'DPLWPVVWHJHNOlUWZHU GHQ ZLH HV ]XP $XIEDX HLQHU VROFKHQ JHQXVLQGL]LHUWHQ .RQJUXHQ] NRPPHQ NDQQ 'LH )UDJH QDFK GHU )XQNWLRQ YRQ *HQXV LVW GDPLW DEHU QRFK QLFKW JHNOlUW 6R LVW GDV *HQXV HLQH GLH .RQJUXHQ] HLQH DQGHUH JUDPPDWLVFKH(UVFKHLQXQJ'LHVHEHLGHQJLOWHV]XQlFKVWHLQPDO]XWUHQ QHQ ,Q HLQHP ZHLWHUHQ 6FKULWW NDQQ HLQH 0RWLYDWLRQVEH]LHKXQJ EHLGHU 3KlQRPHQHEHUSUIWZHUGHQDOOHUGLQJVPXVVGLHVHQLFKWLQGHU*UXQG IXQNWLRQZHGHUGHVHLQHQQRFKGHVDQGHUHQ3KlQRPHQVOLHJHQ:RP|J OLFKOLHJWGLH)XQNWLRQGHU.RQJUXHQ]VRIHUQHVHLQH)XQNWLRQJLEWLQHL QHUJDQ]DQGHUHQELVKHUQRFKQLFKWHQWGHFNWHQ6\VWHPDWLN +lXILJZLUGDQJHIKUWGLH.RQJUXHQ]HUOHLFKWHUHGLH(UNHQQXQJV\Q WDNWLVFKHU=XVDPPHQKlQJH]XJXQVWHQGHU9HUPHLGXQJYRQ'HVDPELJXLH UXQJ&/$8', ]XIROJHLVWGLHVMHGRFKHLQEHUVFKlW]WHU)DNWRU
*HQXVNRQNRUGDQ] EH]HLFKQHW %H]JH ]ZLVFKHQ 1RPHQ XQG DQGHUHQ .RQVWL WXHQWHQ GLH 1RWZHQGLJNHLW GLHVHU .HQQ]HLFKQXQJ LP 6LQQH HLQHU 9HUPHLGXQJ DQVRQVWHQEHVWHKHQGHU$PELJXLWlWLVWMHGRFKQXULQEHJUHQ]WHP0DHJHJHEHQ
'LHVHQ 6WDQGSXQNW NDQQ %$.(5 EHVWlWLJHQ h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lFKWLJXQJVHLQHU)XQNWLRQDOLWlW1RFKLP)QKGEVSZ BBBBBBBBBBBBB
9JOKLHU]XDXFK&/$8', (LQ3KlQRPHQGHUIHKOHQGHQ.RQJUXHQ]VROOLPQlFKVWHQ$EVFKQLWW DP%HLVSLHOGHV $UDELVFKHQYRUJHVWHOOWZHUGHQ
:DVLVW*HQXV"
WUDWHQSUlQRPLQDOH$GMHNWLYDWWULEXWHIOH[LRQVORVDXIYRUDOOHPZHQQGDV 6XEVWDQWLYPDVNXOLQRGHUQHXWUDOZDU(UVWLP-DKUKXQGHUWVHW]WHVLFK GLHIOHNWLHUWH)RUPGXUFK3281'(5 :HQQ .RQJUXHQ] EHWUDFKWHW ZLUG VR GUIWH K|FKVWUHOHYDQWVHLQ ZLH .RQJUXHQ] HU]HXJHQGH (OHPHQWH DOVR JUDPPDWLVFKH 0RUSKHPH ]XHL QDQGHUIXQNWLRQDOKLHUDUFKLVLHUWZHUGHQN|QQWHQ&/$8', JHKWHV GDUXP]X]HLJHQGDVVVLFKXQWHUEHVWLPPWHQ%HGLQJXQJHQGLH*HQXVNRQ JUXHQ]HQWZLFNHOQNDQQ6REHWUDFKWHWVLHGLH(QWZLFNOXQJGHU3URQRPL QD:LFKWLJVLQGGLHVHYRUDOOHPGHVZHJHQZHLOHLQVHPDQWLVFKHV0RWLYD WLRQVYHUKlOWQLV ]ZLVFKHQ GHP *HQXV XQG 3URQRPHQ HLQHV :RUWHV GHU *HQXVJHQHVHEHVWHKHQPXVV&/$8',
)U GLH $XVELOGXQJ HLQHU YRP 3URQRPHQ DXVJHKHQGHQ .RQNRUGDQ] ZLUG QLFKW HLQ6 H J P H Q W GHV3URQRPHQVDOVRHWZDHLQ*HQXVDIIL[YHUDQWZRUWOLFKJHPDFKW VRQGHUQGDV3URQRPHQDOVVROFKHVZ L U G ]XP.RQNRUGDQ]HOHPHQW'LHVHU3XQNW LVWHQWVFKHLGHQGGHQQGLHVZUGHEHGHXWHQGDLQGLH.RQNRUGDQ]VHOEVWlQGLJH (OHPHQWHHLQJHKHQGLHLQSDUDGLJPDWLVFKHU%H]LHKXQJ]X1RPLQDVWHKHQ
&/$8', JHKW HV SULPlU GDUXP ]X ]HLJHQ ZLH HLQH *HQXVXQWHUVFKHLGXQJ GXUFKUHJHOKDIWH9HUZHQGXQJEHVWLPPWHUSKRULVFKHLQJHVHW]WHUQRPLQD OHU (UVDW]IRUPHQ Å3UR1RPHQ´ IXQNWLRQLHUW %HL GLHVHP )XQNWLRQLHUHQ VSLHOWJHUDGHGDV3URQRPHQGLHWUDJHQGH5ROOH-HGHDQGHUVDUWLJH.RQJUX HQ] LVW GHPQDFK HLQ 1HEHQHIIHNW 8QWHU %HUXIXQJ DXI *5((1%(5*V 8QLYHUVDOLHÅ,IDODQJXDJHKDVJHQGHUFDWHJRULHVLQWKHQRXQ LWKDVJHQGHUFDWHJRULHVLQWKHSURQRXQ´ ZLGPHW&/$8',GHQ3URQRPLQD XQG LKUHU (QWVWHKXQJ EHVRQGHUH %HDFKWXQJ :ROOWH PDQ GLH .RQJUX HQ]WKHRULHUHWWHQVRVROOWHQZHLWHUH)RUVFKXQJHQXQWHUIXQNWLRQDOHP$V SHNW DQ GLHVHU 6WHOOH DQVHW]HQ 'HP 3URQRPHQ ZLUG GDPLW ² ZHQQ GLH .RQJUXHQ]DXFKVHNXQGlULVW²HLQH]HQWUDOH5ROOHLQQHUKDOEGHV.RQJUX HQ]V\VWHPV]XJHZLHVHQ'LH5ROOHGHU3URQRPLQDN|QQWHXQWHUIRUPDOHP $VSHNWUHOHYDQWVHLQGDVLHLQVEHVRQGHUHLQQLFKWRGHUXQ]XUHLFKHQGEH VFKULHEHQHQ 6SUDFKHQ KHOIHQ N|QQHQ YHUVFKLHGHQH 'HNOLQDWLRQVNODVVHQ DOV]XHLQHP*HQXV]XJHK|ULJ]XLGHQWLIL]LHUHQ6RYHUIJWEVSZGDV/D WHLQLVFKH EHU ]DKOUHLFKH 'HNOLQDWLRQVNODVVHQ MHGRFK DXVVFKOLHOLFK EHU GUHL*HQHUD ,Q GHU *HUPDQLVWLN LVW GLH )UDJH QDFK GHP QLFKW VH[XVJHVWHXHUWHQ )OH[LRQVYHUKDOWHQGHU3URQRPLQDIUGDV'HXWVFKHQRFKQLFKWEHDQWZRU WHW ZRUGHQ XQG ZlUH HLQ LQ GLHVHU +LQVLFKW DXVVLFKWVUHLFKHV )RUVFKXQJV JHELHW(LQHQ$QVDW]SXQNWN|QQWHQLQVEHVRQGHUHGLH3HUVRQDOSURQRPLQD BBBBBBBBBBBBB
%HLVSLHOHKLHU]XVLQGXQVHUWlJOLFK%URWRGHUHLQWKHDWUDOLVFK'RQQHUZHWWHU%HL)HPLQLQDLVWGLH VHV3KlQRPHQVHKUYLHOVHOWHQHU3281'(5IGLHVHQDFK32/(1= (LQHQGLHVEH]JOLFKLQQRYDWLYHQ/|VXQJVYRUVFKODJ]XU+LHUDUFKLVLHUXQJYRQ3URQRPLQDO IOH[LYHQELHWHW%,771(5
'LH.DWHJRULH*HQXV
GHU36OLHIHUQGLHKLQVLFKWOLFKLKUHU(QWVWHKXQJHLQHQEHPHUNHQVZHU WHQ6\QNUHWLVPXVDXIZHLVHQGHUQLFKW]XIlOOLJVHLQNDQQ6RVLQGLQGHU 366*GLDFKURQJHVHKHQGLH3URQRPLQDHUXQGHVPLWHLQDQGHUYHUZDQGW QLFKW MHGRFK GDV 3URQRPHQ VLH =XGHP LVW GDV 3HUVRQDOSURQRPHQ 36 3/ VLH DXV GHP JOHLFKODXWHQGHQ 3URQRPHQ GHU .DWHJRULH )HPLQLQXP 6LQJXODUVLH VHNXQGlUHQWVWDQGHQ./8*( (LQHQHXHUH8QWHU VXFKXQJ]XU)XQNWLRQGHV*HQXVYRQ'2/(6&+$/ EHWUDFKWHWGDV *HQXVXQGGLH5ROOHVHLQHU3HUVRQDOSURQRPLQDJHQDXHUDXVWH[WOLQJXLVWL VFKHU3HUVSHNWLYH$XFKVLHJHKWGDYRQDXVGDVVGLH+DXSWIXQNWLRQYRQ *HQXVGLH.RQJUXHQ]HU]HXJXQJLVWZREHLVLHVLFKLQVEHVRQGHUHDXIVXE VWDQWLYLVFKH%HLVSLHOHPLWGHPOH[LNDOLVFKHQ .ULWHULXP>%(/(%7@VWW]W =XU (UPLWWOXQJ HLQHU NDWHJRULDOHQ )XQNWLRQDOLWlW YRQ *HQXV VFKUHLEW GLH $XWRULQ
,QGLHVHP6LQQHZUGH*HQXVDOVNODVVLILNDWRULVFKH.DWHJRULHHWZDVEHUGLH$UW GHV5HIHUHQ]REMHNWVDXVVDJHQXQGZlUHGHP1XPHUXVlKQOLFK>«@GHUGLH,GHQ WLILNDWLRQYRQ5HIHUHQ]REMHNWHQLQVRIHUQHUOHLFKWHUWDOVHUGLH$XVZDKO]ZLVFKHQ (LQ]DKOXQG0HKU]DKOEHVFKUlQNW
'DPLW VWHKW GLH 6\PEROLVLHUXQJVOHLVWXQJ LP )RNXV GHU $XIPHUNVDPNHLW XQGVRPLWGLHJUXQGOHJHQGH)XQNWLRQMHGHUJUDPPDWLVFKHQ.DWHJRULHGLH 3HUVSHNWLYHQHU]HXJXQJ YJO HWZD =(0$1 ]XU 3HUVSHNWLYLWlW GHV PKG 7HPSXVV\VWHPV '2/(6&+$/ UXIW GDPLW GLH *UXQGEHGHX WXQJYRQ*HQXVDXVODWJHQXVÄ$UW.ODVVH*HVFKOHFKW¶LP6LQQHYRQ=X JHK|ULJNHLW $EVWDPPXQJ LQV *HGlFKWQLV ]XUFN 'LHVHU $VSHNW VROO LP )ROJHQGHQQlKHUEHWUDFKWHWZHUGHQ (VZXUGHGHXWOLFKGDVVZHGHU6H[XVQRFKGDV.ULWHULXPGHU%HOHEW KHLWRGHU)RUPHQYRQ.RQJUXHQ]HU]HXJXQJDOVJHHLJQHWH.ULWHULHQIUHL QH )XQNWLRQVHUPLWWOXQJ GHU .DWHJRULH *HQXV GLHQHQ N|QQHQ 8QWHU IRU PDOHU %HWUDFKWXQJ ZXUGH EHUHLWV IHVWJHVWHOOW GDVV GDV *HQXV KHUN|PP OLFKHUZHLVHEHLGHQQLFKWPDUNLHUWHQ6XEVWDQWLYHQGHQ6LPSOL]LDLQKl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
:DVLVW*HQXV"
%HWUDFKWXQJHQGHVQlFKVWHQ$EVFKQLWWVVWHOOHQLQVRIHUQDXFKGLHWKHRUHWL VFKH*UXQGODJHIUGHQZHLWHUHQ9HUODXIGHU$UEHLWGDU *HQXVDOV'LPHQVLRQGHU4XDQWLILNDWLRQ 8QWHU ZXUGHQ GLH HLQ]HOQHQ %HVFKUHLEXQJVWUDGLWLRQHQ EH]JOLFK GHU .DWHJRULH*HQXVYRUJHVWHOOW(VZXUGHQ$UJXPHQWHDQJHIKUWGLH)XQN WLRQV]XVFKUHLEXQJHQYRQ%HOHEWKHLWE]Z$JHQV3DWLHQV.RGLHUXQJ6H [XVVRZLH.RQJUXHQ]HU]HXJXQJEHLGHU*HQXV&KDUDNWHULVLHUXQJDOVQLFKW JHHLJQHWHLQVWXIWHQ,QGLHVHP$EVFKQLWWVROOGHU)RUVFKXQJVDQVDW]DXVJH IKUWZHUGHQGHUGDV*HQXVLQ9HUELQGXQJPLWQRPLQDOHU4XDQWLILNDWLRQ EULQJW,QGLHVHPHUZHLVWVLFKGLH.DWHJRULH*HQXVYHUZDQGWPLWGHU.D WHJRULH1XPHUXV6REHPHUNWEVSZ&25%(77
7KHFDWHJRU\ZLWKZKLFKQXPEHUKDVFORVHVWUHODWLRQVLVJHQGHUDQGLWLVW\SLFDOO\ JHQGHUZKLFKLVGHSHQGHQWRQQXPEHU
)U GLH .DWHJRULH 1XPHUXV LVW GLH TXDQWLIL]LHUHQGH )XQNWLRQ XQEHVWULW WHQGDLQWXLWLY]XJlQJOLFKVFKHLQWZDVGHU8QWHUVFKLHG]ZLVFKHQ6LQJX ODU XQG 1LFKW6LQJXODU LVW 6R EH]HLFKQHW GHU 6LQJXODU Ä(LQ]DKOLJNHLW¶ GHU 1LFKW6LQJXODUZLHHWZDGHU3OXUDOÄ0HKU]DKOLJNHLW¶,P9HUODXIGHV.DSL WHOVZLUGMHGRFKGHXWOLFKZHUGHQGDVVÄ(LQ]DKOLJNHLW¶LQHLQHU*HQXVVSUD FKHZLHGHP'HXWVFKHQQLFKWLPPHUPLWÄHLQ]HOQHV9RUNRPPHQ¶JOHLFK ]XVHW]HQLVW(VJLOWIXQNWLRQDOQRFKJHQDXHU]XGLIIHUHQ]LHUHQ9RUDEVROO MHGRFK GLH %HREDFKWXQJ JHQJHQ GDVV ]lKOEDUH 6XEVWDQWLYH ZLH +DXV GXUFKGHQ6LQJXODUGDV.RQ]HSWGHUÄ(LQ]DKOLJNHLW¶DXIUXIHQZlKUHQGGHU 3OXUDOGDV.RQ]HSWGHUÄ0HKU]DKOLJNHLW¶ZLH+lXVHU NRGLHUW $XIHLQHQ=XVDPPHQKDQJ]ZLVFKHQ6LQJXODUXQG3OXUDOZHLVWEHUHLWV *5((1%(5* PLWGHU8QLYHUVDOLHKLQ'HPQDFKH[LVWLHUWGLH .DWHJRULH *HQXV QXU LQ 6SUDFKHQ PLW GHU .DWHJRULH 1XPHUXV QLFKW MH GRFKXPJHNHKUW'DVEHGHXWHWGDVVGLH.DWHJRULH*HQXVHLQH*UXQGSD UDPHWHUVHW]XQJEHQ|WLJWGLHDOOHLQHGXUFKGLH.DWHJRULH1XPHUXVEHUHLW BBBBBBBBBBBBB 'LHVHU )RUVFKXQJVDQVDW] VFKHLQW EHUHLWV GHU DOWDUDELVFKHQ *UDPPDWLNVFKUHLEXQJ EHNDQQW JHZHVHQ ]X VHLQ YJO $1*+(/(6&8 $XFK $QVlW]H ]XU 1DWUOLFKHQ 0RUSKRORJLH XQGGDV.RQ]HSWGHV1XOOPRUSKHPVVFKHLQHQVLFKLQGHUDOWDUDELVFKHQ*UDPPDWLNVFKUHL EXQJ]XILQGHQYJO'52='Ì. =XP =XVDPPHQKDQJ ]ZLVFKHQ *HQXV XQG 1XPHUXV YJO DXFK 6&+(,%/ XQG %52:1XQG)1 ,QGLHVHP=XVDPPHQKDQJZXUGHQDXVGHU6SUDFKW\ SRORJLH=ZHLIHODQJHPHOGHW]XU'LVNXVVLRQYJO%52:1 'LHYHUPHLQWOLFKHQ )lOOHPXWPDOLFKHUÄ*HJHQEHLVSLHOH¶LQ)RUPGHU6SUDFKHQ.DQQDGDXQG7DPLO VWDPPHQ MHGRFK DXV GHQ JHQXVORVHQ GUDYLGLVFKHQ 6SUDFKHQ ZHVKDOE KLHU HLQH 9HUZHFKVOXQJ YRQ *HQXVXQG6H[XVQDWUOLFKHP*HVFKOHFKW DWWHVWLHUWZHUGHQNDQQ
'LH.DWHJRULH*HQXV
JHVWHOOW ZLUG 'LHVH 3DUDPHWHUVHW]XQJ ZXUGH XQWHU $EVFKQLWW EHUHLWV DQJHVSURFKHQXQGVROOQRFKHLQPDO]XU9HUGHXWOLFKXQJDXIJHJULIIHQZHU GHQ(VKDQGHOWVLFKXPGLH%HUHLWVWHOOXQJGHV.RQ]HSWVGHU=lKOEDUNHLW YRQ 6XEVWDQWLYHQ 1XU ]lKOEDUH 6XEVWDQWLYH VLQG SOXUDOLVLHUEDU ZlKUHQG VLFKQLFKW]lKOEDUH0DVVHQQRPLQDGHP9HUVXFKGHU3OXUDOLVLHUXQJJUDP PDWLVFK ZLGHUVHW]HQ 6R ELOGHQ VLH GHQ 6RUWHQSOXUDO ZLH 6DQGH6lQGH Ä6RUWHQ YRQ 6DQG¶ 'HU 6RUWHQSOXUDO LVW GLH 1HEHQOHVDUW GHV ÄKHUN|PPOLFKHQ¶ VRJ GLVWULEXWLYHQ 3OXUDOV ZLH LQ +lXVHU XQG NRPPW ]XVWDQGH ZHQQ GXUFK 3OXUDOLVLHUXQJ HLQHV QLFKWSOXUDOLVLHUEDUHQ 0DV VHQQRPHQVHLQ9HUVWRJHJHQHLQHJUDPPDWLVFKH3UlVXSSRVLWLRQHU]HXJW ZLUG$EELOGXQJ]HLJWVFKHPDWLVFKGDVW\SLVFKH9HUKDOWHQHLQHV]lKOED UHQ6XEVWDQWLYVEHL3OXUDOLVLHUXQJ
+DXV
+DXV
+lXVHU
$EE.RQ]HSWXDOLVLHUXQJHLQHV]lKOEDUHQ6XEVWDQWLYV
=lKOEDUH 6XEVWDQWLYH VLQG NRJQLWLY YRUVWHOOEDU DOV JUHQ]EH]RJHQ HQJO ERXQGHG DOVRNRQ]HSWXHOOPLWHLQHU.RQWXUYHUVHKHQ6LH]HLFKQHQVLFKLQ GHU PHUHRORJLVFKHQ %HVFKUHLEXQJ GXUFK GLH 0HUNPDOVHLJHQVFKDIWHQ >² $'',7,9@ XQG >² 7(,/%$5@ DXV %HL 0DVVHQQRPLQD LVW JHQDX GDV *H JHQWHLO GHU )DOO VLH VLQG > $'',7,9@ XQG > 7(,/%$5@ 0DQ YHUJOHLFKH $EELOGXQJ
6DQG
6DQG
6DQG
$EE.RQ]HSWXDOLVLHUXQJHLQHV0DVVHQQRPHQV
0HUHRORJLVFK NDQQ GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ 0DVVHQQRPLQD XQG ]lKOEDUHQ 1RPLQD HQJO PDVVFRXQWGLVWLQFWLRQ DXFK PLW GHP .ULWHULXP > +202*(1@ ZLHGHUJHJHEHQ ZHUGHQ 6R EHVLW]HQ ]lKOEDUH 6XEVWDQWLYH GDV 0HUNPDO >² +202*(1@ QLFKW]lKOEDUH 6XEVWDQWLYH GDJHJHQ GDV 0HUNPDO > +202*(1@ .5,).$ 0DVVHQQRPLQD EHVLW]HQ DOVR
*HQXVDOV'LPHQVLRQGHU4XDQWLILNDWLRQ
KRPRJHQH 7HLOH GHQHQ HLQ 7HLO LKUHU VHOEVW KLQ]XJHIJW .ULWHULXP >$'',7,9@ RGHUVXEWUDKLHUW.ULWHULXP>7(,/%$5@ ZHUGHQNDQQRK QH GDVV HLQHU GLHVHU 9RUJlQJH JUDPPDWLVFK PDUNLHUW ZHUGHQ PVVWH %HL ]lKOEDUHQ6XEVWDQWLYHQLVWJHQDXGDV8PJHNHKUWHGHU)DOO'DGLH.DWHJR ULHGHV1XPHUXV]lKOEDUH6XEVWDQWLYH]XU4XDQWLILNDWLRQYRUDXVVHW]WEH VLW]HQ 6SUDFKHQ PLW 1XPHUXV EHUZLHJHQG ]lKOEDUH 6XEVWDQWLYH 6SUD FKHQ RKQH 1XPHUXV GLH VRJ WUDQVQXPHUDOHQ 6SUDFKHQ TXDQWLIL]LHUHQ PLWKLOIH VRJ .ODVVLILNDWRUHQ (LQ %HLVSLHO IU HLQH VROFKH .RQVWUXNWLRQ DXVGHP-DSDQLVFKHQ]HLJW%HLVSLHO DXV.85,7$
QL GDL QR 180Ä]ZHL¶ ./ *(13$57 Ä]ZHL7HOHIRQDSSDUDWH¶
GHQZD 68%67Ä7HOHIRQ¶
'LH)UDJHZHOFKH5ROOHGLH.DWHJRULH*HQXVLQGLHVHPTXDQWLIL]LHUHQGHQ 6\VWHP HLQQLPPW KDW HLQH ODQJH %HVFKUHLEXQJVWUDGLWLRQ %58*0$11 ZLHV (QGH GHV -DKUKXQGHUWV HUVWPDOV DXI GHQ =XVDPPHQKDQJ YRQ *HQXVIHPLQLQXPXQG.ROOHNWLYSOXUDOLWlWLP,QGRJHUPDQLVFKHQKLQHQW JHJHQ -DFRE *5,00 GHU GLH 6H[XV7KHRULH SURSDJLHUWH YJO $EVFKQLWW %58*0$11V 7KHRULH LVW EHVRQGHUV EHPHUNHQVZHUW GD HU HUVWPDOV IRUPDOHV 9RUJHKHQ XQG VHPDQWLVFKH )XQNWLRQDOLVLHUXQJ NRPELQLHUWH %58*0$11
,IRQHH[DPLQHVDOOWKHZRUGVRIWKH,QGR(XURSHDQODQJXDJHVZKLFKDUHIRUPHG ZLWKWKHVXIIL[HVkLHv KHFRPHVUHDGLO\WRWKHYLHZWKDWWKHRULJLQDOIXQFWLRQ RI WKHVH VXIIL[HV ZDV WR IRUP DEVWUDFWV DQG FROOHFWLYHV >«@ ,W UHPDLQV LQ /DWLQ IXJD¶IOLJKW·MXYHQWD¶\RXWK·>«@
)U GDV ,QGRJHUPDQLVFKH VLQG VHLW GLHVHU =HLW ]DKOUHLFKH ZHLWHUH (U NHQQWQLVVHJHZRQQHQZRUGHQ'DV0DVNXOLQXPNRGLHUWLQGLHVHP4XDQWL ILNDWLRQVV\VWHP GLH ÅHLQIDFKHQ´ ]lKOEDUHQ 6XEVWDQWLYH ZlKUHQG GDV 1HXWUXPGLHQLFKW]lKOEDUHQ0DVVHQQRPLQDEHKHUEHUJW'DV)HPLQLQXP LVW GLHVEH]JOLFK NRPSOH[HU XQG NRGLHUW QHEHQ .ROOHNWLYD DXFK $EVWUDN WD 'LH.RQ]HSWHGHUHLQ]HOQHQ*HQHUDN|QQHQIROJHQGHUPDHQYLVXDOL VLHUWZHUGHQ$EE BBBBBBBBBBBBB :HLWHUH /LWHUDWXU ]X GLHVHP $VSHNW YJO 6&+5,-1(1 .12%/2&+ - : 3 /(+0$11 6&+2(1 5 / ),6+(5 . 6&+0,'7 XQG 267 52:6.,E+$5è$56217,&+0DV NXOLQXPXQG)HPLQLQXP@EH]HXJWQHEHQJHQXVLQGLIIHUHQWHQ%HOHJHQ'LH9HUWHL
BBBBBBBBBBBBB 'LH$UEHLWYRQ),6+(5 EHKDQGHOW$OWLUDQLVFK9HGLVFK*ULHFKLVFK/DWHLQ*HUPD QLVFK 6ODYLVFK +HWKLWLVFK (LQ %HLVSLHO IU HLQHQ %HOHJ PLW 0HKUIDFKJHQXV LP /DWHLQL VFKHQZlUHFDHVXVÄHLQ]HOQHU .lVH¶QHEHQFDHVXPÄ.lVHPDVVH¶),6+(5 8PGHQ6DFKYHUKDOWOHW]HQGOLFKNOlUHQ]XN|QQHQZlUHHVQ|WLJGLHDQGHUHQLQGRJHUPDQL VFKHQ6SUDFKHQDXIGLHVH6\VWHPDWLN]XXQWHUVXFKHQ(UVWH$QVlW]HLQGLHVH5LFKWXQJIU GDV(QJOLVFKHOLHIHUW&85=$1 ]XPGLDFKURQHQ$VSHNWVRZLH6,(081' IU GDV(QJOLVFKHLQGHQ'LDOHNWHQIUGDV6FKZHGLVFKH-26()6621 =XGHQVODYLVFKHQ 6SUDFKHQYJO]%/2+0$11XQG)UGDV/DWHLQLVFKHXQGGLHURPDQLVFKHQ 6SUDFKHQ OLHJHQ HEHQIDOOV ]DKOUHLFKH $UEHLWHQ ]XU 7KHPDWLN YRU YJO HWZD +$// 6&+2(1+$$6( ,QVEHVRQGHUHGDV$OEDQLVFKHZHOFKHVELVLQGLH*HJHQZDUW XQG lKQOLFK GHP 5XPlQLVFKHQ 0XVWHU PRWLYLHUWHU *HQXVZHFKVHO EHVLW]W YJO ]% 1(:0$5.HWDO ZlUHEH]JOLFKQRPLQDOHU4XDQWLILNDWLRQDOVEHWUDFKWXQJVUH OHYDQWKHUYRU]XKHEHQ
'LH.DWHJRULH*HQXV
OXQJGHUJHQXVHLQGHXWLJHQ)RUPHQLVWTXHOOHQEH]RJHQ1XUEHLGHQHLQGHXWLJHQ 0DVNXOLQDILQGHWVLFKDXFKGLH%HGHXWXQJÄ3HUVRQ0HQVFK ¶(VNRQQWHDEVWUDNWH XQGNRQNUHWH%HGHXWXQJKDEHQGLHNRQNUHWHPHQVFKOLFKH3HUVRQ%HQHGLNWLQHU UHJHO GHUHQ 3HUV|QOLFKNHLW E]Z *HVWDOW 2WIULG 7DWLDQ GLH 3HUVRQ *RWWHV :HLHQEXUJHU.DWHFKLVPXV,VLGRU0RQVHHU)UDJPHQWH EH]HLFKQHQ)UGLH OHW]WJHQDQQWH%HGHXWXQJGLHQWHGHUNROOHNWLYH3OXUDOIUGLH%HGHXWXQJÄPHQVFK OLFKH3HUVRQ¶LVWKHLWLP6LQJXODUXQG3OXUDOEHOHJW>$QP0:@
$XV LQVJHVDPW XQWHUVXFKXQJVUHOHYDQWHQ %HOHJHQ YRQ 6XEVWDQ WLYVWlPPHQZXUGHQNQDSS/H[HPHHUPLWWHOWEHLGHQHQVLFKHLQGHXWLJ WH[WLPPDQHQW 0HKUIDFKJHQXV QDFKZHLVHQ OlVVW )526&+$8(5 XQGII (LQ%HLVSLHOIUHLQ/H[HPPLWDOOHQGUHL*HQHUDLVWDKGEXRK PLW GHQ %HGHXWXQJHQ Ä&RGH[¶ LP 0DVNXOLQXP Ä+HLOLJH 6FKULIW%LEHO:HUN¶ LP )HPLQLQXP XQG Ä$EVFKQLWW.DSLWHO¶ LP 1HXW UXP )UGDV0KGLVWGDV3KlQRPHQGHU*HQXVVFKZDQNXQJEHNDQQWDO OHUGLQJV QRFK QLFKW HPSLULVFK HUKREHQ )U GDV )UKQHXKRFKGHXWVFKH VWHOOHQ %5(1'(/ HW DO II VHOWHQH DEHU V\VWHPDWLVFKH *HQXV VFKZDQNXQJHQIHVWZLHGHUGDVHUEGHUVFKQLWW²GLHVFKQLWWHGHUVSLW]²GLHVSLW ]HGLHVSUDFK²GHUVSUXFK )UGDV1KGOlVVWVLFKGDJHJHQNHLQHSURGXNWLYH *HQXVVFKZDQNXQJPHKUHUPLWWHOQ7$/$1*$
(VEOLHEHQEORHLQLJH'XW]HQG6XEVWDQWLYHPLW*HQXVVFKZDQNXQJGLHDOOJHPHLQ EHNDQQWXQGGDPLWVSUDFKOLFKIUHTXHQWVLQG'DPLWOlWVLFKDQQHKPHQGD*H QXVVFKZDQNXQJGHU6XEVWDQWLYHLQGHUGHXWVFKHQ6SUDFKHUHODWLYVHOWHQLVW>«@MH IUHTXHQWHU HLQ 6XEVWDQWLY LQ GHU 6SUDFKH LVW XP GHVWR ZHQLJHU LVW GLH *HQXV VFKZDQNXQJGHVEHWUHIIHQGHQ6XEVWDQWLYVZDKUVFKHLQOLFK'LHVJLOWQXUIU6XE VWDQWLYHLP'HXWVFKHQGLHNHLQHHLQGHXWLJH*HQXVPDUNLHUXQJDXIZHLVHQ]%IU GLH GHXWVFKH 6SUDFKH XQJHZ|KQOLFKH RGHU VHOWHQ EHVHW]WH SKRQRWDNWLVFKH (OH PHQWH LP $XVODXW 1DWUOLFK GHU ZHLW JU|HUH 7HLO GHU ZHQLJ IUHTXHQWHQ 6XE VWDQWLYHHUIlKUWVHLQH*HQXVPDUNLHUXQJÄDXWRPDWLVFK¶PLW+LOIHYRQ*HQXVUHJHOQ *HQXV]XRUGQXQJVSULQ]LSLHQ GLHLP'HXWVFKHQJDQ]XQGJDULQWDNWVLQG
'DV 6\VWHP GHV DKG 0HKUIDFKJHQXV LVW DOVR XQWHUJHJDQJHQ %HUHLWV )526&+$8(5 PDFKWMHGRFKGDUDXIDXIPHUNVDPGDVVGLH$E OHLWXQJVPRUSKHPH LPPHU VWlUNHU LP 6SlWDKG 7HQGHQ]HQ ]XU IXQNWLRQD OHQ$XVGLIIHUHQ]LHUXQJHUNHQQHQODVVHQXQGGDPLWGLH6\VWHPDWLNGHV*H QXVVWW]HQ$XFK92*(/II XQGEHUHLWV%5,1.0$11 II ZHLVHQ GDUDXI KLQ GDVV ]ZLVFKHQ :RUWELOGXQJVSUR]HVVHQ XQG *HQXVHLQV\VWHPDWLVFKHU=XVDPPHQKDQJGHU4XDQWLILNDWLRQEHVWHKW,P :RUWVFKDW]GHV1KGVLQG]DKOUHLFKHLQVEHVRQGHUHPLW6XIIL[HQPDUNLHU WH1RPLQDOLVLHUXQJHQYRUKDQGHQGLHGDV4XDQWLILNDWLRQVVFKHPDIUMHGHV HLQ]HOQH*HQXVDEELOGHQ/(,66 YJOIROJHQGH%HLVSLHOH
*HQXVDOV'LPHQVLRQGHU4XDQWLILNDWLRQ
)HPLQLQXP GLH'UHKXQJ'UHKHUHL GLH6FKLHHUHL GLH+XVWHUHL GLH6FKOlJHUHL GLH:HUIHUHL
0DVNXOLQXP GHU'UHK GHU6FKXVV GHU+XVWHU GHU6FKODJ6FKOlJHU GHU:XUI
1HXWUXP GDV'UHKHQGDV*HGUHKH GDV6FKLHHQGDV*HVFKLHH GDV+XVWHQGDV*HKXVWH GDV6FKODJHQ GDV:HUIHQ
$EE*HQXVVSH]LIL]LHUWH1RPLQDOLVLHUXQJHQGHV1KG
$EOHLWXQJVPRUSKHPHVSLHOHQDXFKEHLP6SUDFKHUZHUEHLQHWUDJHQGH5RO OH GD VLH ]XYHUOlVVLJH *HQXVLQGLNDWRUHQ EHUHLWVWHOOHQ YJO +2+/)(/' ,QQHUKDOEGHU6XIIL[HJLEWHVMHGRFK8QWHUVFKLHGH6RJLEWHVKLQ VLFKWOLFK GHU EHUHLWJHVWHOOWHQ *HQXVLQGLNDWLRQ Ä]XYHUOlVVLJH¶ XQG ÄZHQLJHU ]XYHUOlVVLJH¶ 6XIIL[H (LQ %HLVSLHO IU HLQ ÄJHQXV]XYHUOlVVLJHV¶ 6XIIL[ LVW HWZD KHLW GD HV LP 1KG DXVVFKOLHOLFK )HPLQLQD NRGLHUW 'DJHJHQ ZlUH GDV 0RUSKHP H NHLQ ]XYHUOlVVLJHU *HQXVPDUNHU GD HV HLQPDO DOV 6XIIL[ GHU)HPLQLQ0DUNLHUXQJGLHQWZLHLQGLH.lOWHGLH/DFKH DQGHUHUVHLWVDOV 7HLO GHV OH[LNDOLVFKHQ 6WDPPV IXQJLHUW ZLH LQ.lVH $XJH *OHLFKHV JLOW IU6XIIL[HGLHPHKUHUH*HQHUDNRGLHUHQN|QQHQZLHHWZDQLVRGHUVDO VRZLHIUGDV3UlIL[*HGDVHQWZHGHUHLQPRUSKRORJLVFKHU%HVWDQGWHLOLQ QHXWUDOHQ=LUNXPILJLHUXQJHQLVWRGHUDEHUDOVUHLQHV3UlIL[PLWJHQXVRSD NHU.RGLHUXQJZLHGHU*HEUDXFKDEHUGDV*HElFN 8QWHUGHU$QQDKPHHL QHU *UDPPDWLNDOLVLHUXQJ VROOWH GDV 6SUDFKV\VWHP GD]X WHQGLHUHQ VROFKH Ä6RQGHUIlOOH¶ DE]XEDXHQ GHQQ HV PXVV HLQ IXQNWLRQDOHV 6\VWHP HWDEOLHUW ZHUGHQ'DLP1KGGLHSURGXNWLYHQ6XIIL[HYJO'5$(*(5 NHLQH *HQXVVFKZDQNXQJPHKUEHVLW]HQVLQGVLHGHU$XVJDQJVSXQNWIXQNWLRQD OHU ]XUFNYHUZHLVHQGHU (UNOlUXQJVYHUVXFKH 'LH OH[LNDOLVLHUWHQ Ä6RQGHU IlOOH¶VLQGGDKHUDXVQKG3HUVSHNWLYHJUDPPDWLVFKQLFKWPHKU UHOHYDQW 6XEVWDQWLYH ZLH HWZD 'LPLQXWLYD GLH HLQH JHQXVWUDQVSDUHQWH XQG ]XYHUOlVVLJH.RGLHUXQJDXIZHLVHQZHUGHQLP6SUDFKHUZHUEIUKHUZRU EHQ0,//6 'DGXUFKZLUGDXFKYHUVWlQGOLFKZDUXP'LPLQXWLYDLP %DE\WDON E]Z LQ GHU $PPHQVSUDFKH VR RIW YHUZHQGHW ZHUGHQ %LVODQJ ZXUGHDOVSUDJPDWLVFKHU*UXQGGLHÄ9HUQLHGOLFKXQJ¶VRJ+\SRNRULVPXV JHQDQQW(LQHIXQNWLRQDOJUDPPDWLVFKH(UNOlUXQJHUVFKHLQWGLHVEH]JOLFK MHGRFKSODXVLEOHU'XUFKGLH'LPLQXWLRQVPRUSKHPHN|QQHQVRQVWJHQXV LQKlUHQWH6XEVWDQWLYHDOVRVXEVWDQWLYLVFKH6LPSOL]LDPLWVRQVWRSDNHU*H BBBBBBBBBBBBB 'LH QHXWUDOH =LUNXPILJLHUXQJ GHU LQ GLHVHP 4XDQWLILNDWLRQVV\VWHP HLQH HLJHQH 5ROOH ]X NRPPWZLUGLPQlFKVWHQ.DSLWHO.DSLWHO HLQJHKHQGWKHPDWLVLHUW9RUZHJVHLGHU+LQ ZHLVJHJHEHQGDVVGDVYRQLKUNRGLHUWH4XDQWLILNDWLRQVNRQ]HSWPLWGHU.RQWLQXDWLYLWlWGHV 1HXWUXPVNRPSDWLEHOLVWGDEHLGHGDVSULPlUH0HUNPDO>²=b+/%$5@EHVLW]HQ'DVLVWGD UDQ]XHUNHQQHQGDVVZHGHUGLH=LUNXPILJLHUXQJQRFKGHUVXEVWDQWLYLHUWH,QILQLWLYSOXUDOL VLHUEDUVLQG GLH*HVFKLHH GLH6FKLHHQ
'LH.DWHJRULH*HQXV
QXVLQIRUPDWLRQ SDUDGLJPDWLVLHUW ZHUGHQ 'HP .LQG ZLUG GDGXUFK HLQH HUVWHWUDJIlKLJH6WUDWHJLH]XUV\VWHPDWLVFKHQ(UVFKOLHXQJVRQVWÄJHQXVDU ELWUlUHU¶6XEVWDQWLYHQJHOLHIHUW1(80$11I 'LHVH%HREDFK WXQJLVWHEHQIDOOVIUGDV5XVVLVFKHEHVWlWLJWZRUGHQ.(03( HWDO $QGHUH6XIIL[HZLHHWZDGLHMHQLJHQGLH]XU%LOGXQJYRQ$EVWUDNWDGLHQHQ ]%GDV6XIIL[KHLW ZlUHQIUGHQ(LQVWLHJLQGHQ6SUDFKHUZHUEGDJHJHQ QLFKWJHHLJQHWGD.LQGHUEHNDQQWOLFKYRQDOOHQ6XEVWDQWLYHQGLH$EVWUDN WD]XOHW]WHUZHUEHQ'LH8UVDFKHGDIUOLHJWGDULQGDVVGLH'HNRGLHUXQJ YRQ$EVWUDNWDHLQJHZLVVHV0DDQ:HOWZLVVHQYRUDXVVHW]WYJO 'DVV 6XIIL[H HLQHQ ZHVHQWOLFKHQ $QWHLO DQ GHU %HGHXWXQJ GHU EH WURIIHQHQ%LOGXQJDXVPDFKHQLVWQLFKWQHX%HUHLWV %5,1.0$11VDKGLH VH 4XDQWLILNDWLRQVYHUKlOWQLVVH EHL 6XIIL[HQ XQG *HQXV UHDOLVLHUW %5,1. 0$11
:LUN|QQHQGXUFK*HQXVXQG6XIIL[EHL9HUEDOEHJULIIHQYLHU0|JOLFKNHLWHQXQ WHUVFKHLGHQ 'DV 0DVNXOLQXP EHJUHQ]W HLQHQ 9RUJDQJ DXI HLQHQ EHVWLPPWHQ )DOO GDV )HPLQLQXP ]HUOHJW HLQ *HVFKHKHQ LQ ZLHGHUKROWH $NWLRQHQ GDV 1HXWUXPNDQQDOVVXEVWDQWLYLHUWHU,QILQLWLYGHQ9RUJDQJDOVXQEHVWLPPWHQ9HU ODXIJHEHQGHUNHLQHUlXPOLFKHQXQG]HLWOLFKHQ*UHQ]HQKDWGDV1HXWUXPIDW YHUVFKLHGHQH$NWLRQHQ]XHLQHP*HVDPWYRUJDQJ]XVDPPHQ
:lKUHQGGDV)HPLQLQXPGLH:LHGHUKROXQJHLQHU+DQGOXQJVRJ,WHUDWL YLWlW RGHU GHQ JHVDPWHQ +DQGOXQJVDEODXI E]Z GLH +DQGOXQJVVLWXDWLRQ NRQ]HSWXDOLVLHUWEHVFKUHLEWGDV0DVNXOLQXPSULPl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lWP|JOLFKVW NOHLQ]XKDOWHQ,Q%H]XJDXIGHQ$EEDXRSDNHU*HQXVLQKlUHQ]VHLHQDQGLHVHU6WHOOHGLH DQ 0QGOLFKNHLW XQG GDGXUFK DQ QDWUOLFKHU 6SUDFKYHUZHQGXQJ VWlUNHU RULHQWLHUWHQ 'LD OHNWH DQJHIKUW GLH EHNDQQWOLFK HKHPDOLJH 'LPLQXWLRQVPRUSKHPH YLHO IUHTXHQWHU EHVLW ]HQZLHHWZDEDLULVFK5DGOÄ5DG¶%XLGOÄ%LOG¶QLFKWÄ5lGFKHQ¶E]ZÄ%LOGFKHQ¶ $XFKKLHU KDQGHOW HV VLFK YHUPXWOLFK QLFKW XP +\SRNRULVPHQ VRQGHUQ YLHOPHKU XP V\VWHPDWLVFKH )XQNWLRQDOLVLHUXQJ DQVRQVWHQ JHQXVRSDNHU 6XEVWDQWLYH $XVJDQJVSXQNW IU HLQ VROFKHV GXUFK$QDORJLHJHOHLWHWHV0XVWHUN|QQWHGXUFKDXV]XQlFKVWGLH.RGLHUXQJYRQ'LPLQXWL RQJHZHVHQVHLQGHUHQVHPDQWLVFKH*UXQGIXQNWLRQGXUFKPRUSKRORJLVFKHhEHUJHQHUDOL VLHUXQJYHUORUHQJLQJ =%IUGDV$UDELVFKHYJO$/$47$6&+
*HQXVDOV'LPHQVLRQGHU4XDQWLILNDWLRQ
*HQXVPDUNHUQ KDQGHOW *UDPPDWLNHQWVWHKXQJ JHKW VWHWV PLW HLQHP$XI EDXYRQ.RPSOH[LWlWHLQKHU :LHLQ.DSLWHOHUZlKQWLVWGDV*HQXVIHPLQLQXPLP1KGGDV*H QXV PLW GHP UHLFKVWHQ 6XIIL[LQYHQWDU 2EJOHLFK GLH IUKHUHQ 6SUDFKHSR FKHQ GHV 'HXWVFKHQ HLQ lKQOLFKHV %LOG HUNHQQHQ ODVVHQ ZXUGH ELVODQJ GLH)UDJHRIIHQJHODVVHQZDUXPGLHVVRLVW'LHVVROOLQ.DSLWHODXVIKU OLFKHU]XEHKDQGHOQVHLQ2IIHQVLFKWOLFKKHUUVFKWLP'HXWVFKHQHQWJHJHQ GHQDQGHUHQ*HQHUDHLQHUKHEOLFKHUÅ0DUNLHUXQJVGUXFN´HVJLEWDOVRHLQH IXQNWLRQDOH 1RWZHQGLJNHLW ]XU 0DUNLHUXQJ 'LH *UQGH ZXUGHQ EHUHLWV DQVDW]ZHLVH GDUJHOHJW 6R LVW GDV W\SLVFKH 6XEVWDQWLY GHV 'HXWVFKHQ HLQ ]lKOEDUHV 6XEVWDQWLY (V NDQQ SOXUDOLVLHUW ZHUGHQ 'DV )HPLQLQXP LP 'HXWVFKHQLVW]ZDUSOXUDOLVLHUEDUZLH6FKOlJHUHLHQ'UHKXQJHQ+XVWHUHLHQ DO OHUGLQJV LVW GHU 3OXUDO PDUNLHUW 'LHVHV 3KlQRPHQ ZLUG LQ GHU /LWHUDWXU LQVEHVRQGHUH ]XP $UDELVFKHQ ]XZHLOHQ DOV $EXQGDQ]SOXUDO EH]HLFKQHW YJO]%35(03(5 'HU7HUPLQXV$EXQGDQ]ZXUGHGHVZHJHQJH SUlJWZHLO²VRGLH$UJXPHQWDWLRQ²GDVLQKlUHQWSOXUDOLVFKH)HPLQLQXP NHLQH ZHLWHUH 3OXUDOLVLHUXQJ EHQ|WLJW :LUG GHQQRFK SOXUDOLVLHUW OLHJW HLQ 9HUVWR JHJHQ HLQH JUDPPDWLVFKH 3UlVXSSRVLWLRQ YRU 'DGXUFK NRPPW GLH1HEHQOHVDUWGHV1XPHUXV]XP7UDJHQ'HP]XQlFKVWÅXQORJLVFKHQ´ 3OXUDOZLUGHLQHHLJHQHJUDPPDWLVFKH6HPDQWLN]XJHZLHVHQ'LHVHULQQHUW VWDUN DQ GDV 9HUKDOWHQ GHU 0DVVHQQRPLQD EHL GHU 3OXUDOLVLHUXQJ 6DQG ² "6lQGH $OOHUGLQJVJLOWGDVQLFKWLPPHUYJOGLH'UHKXQJ²GLH'UHKXQJHQ 'DVDXIIlOOLJH9HUKDOWHQGHV)HPLQLQXPVKLQVLFKWOLFKGHU)UDJHQDFK VHLQHU 3OXUDOLVLHUEDUNHLW KDW ]X ]ZHL XQWHUVFKLHGOLFKHQ .ODVVLILNDWLRQVDQ VlW]HQ LQQHUKDOE GHU )RUVFKXQJVOLWHUDWXU JHIKUW 6R ZLUG HV HLQHUVHLWV EVSZ YRQ/(,66 DOV> =b+/%$5@HLQJHRUGQHWZlKUHQGHVDQGH UHUVHLWVXDYRQ.5,).$ DOV>²=b+/%$5@HLQJHVWXIWZLUG,QGLHVHU $UEHLW ZLUG GHP )HPLQLQXP GDV 0HUNPDO GHU =lKOEDUNHLW DXIJUXQG GHU IRUPDO GXUFKIKUEDUHQ 3OXUDOLVLHUEDUNHLW IHPLQLQHU 6XEVWDQWLYHQ ]XJH VSURFKHQ ZLH HWZD GLH +XVWHUHL ² GLH +XVWHUHLHQ GLH EHLP NRQWLQXDWLYHQ 1HXWUXPEHUKDXSWQLFKWP|JOLFKLVWYJOGDV6SULQJHQ² GLH6SULQJHQGDV *HVSULQJH² GLH*HVSULQJH 'HU6WDWXVDOV.ROOHNWLYXPE]Z$EVWUDNWXPXQ WHUVFKHLGHWGDV)HPLQLQXPDEHULQMHGHP)DOOYRQGHQÅHLQIDFKHQ´]lKO BBBBBBBBBBBBB 0DQYHUJOHLFKHKLHU]XGLH(UJHEQLVVHYRQ:(*(5$62/06 ]XP0KG%5(1'(/ HW DO *5,00 026(5:2/) :(*(5$35(// ]XP )QKG VRZLH 675,&.(5 ]XP 1KG 3$9/29 ELHWHW HLQHQ9HUJOHLFKGHU GHYHUEDOHQ 1RPLQDOLVLHUXQJHQGHV)QKGXQG1KG :LHEHLGHP6XEVWDQWLY+XVWHUHLHQGLHQLFKWQXUKLQVLFKWOLFKLKUHU$UWÄ$UWHQYRQ+XVWH UHL¶ VRQGHUQ DXFK KLQVLFKWOLFK LKUHU VSDWLRWHPSRUDOHQ $XVGHKQXQJ GHU HLQ]HOQHQ +XVWHUHL 9RUJlQJHQ YRQHLQDQGHU XQWHUVFKLHGHQ YRUJHVWHOOW ZHUGHQ N|QQWHQ 9JO KLHU]X DXVIKUOLFKHU$EVFKQLWW
'LH.DWHJRULH*HQXV
EDUHQ1RPLQDXQGUFNWHVDXIVHPDQWLVFKHU(EHQHLQGLH1lKHGHU0DV VHQQRPLQD,QXQGZLUGGLH)UDJHDXIJHZRUIHQLQZLHZHLWGDV)H PLQLQXP GDV HLQ]LJH Å.ROOHNWLRQV$EVWUDNWLRQVJHQXV´ LVW GD LP 1KG DXFKQHXWUDOH=LUNXPILJLHUXQJHQZLH*HELUJH*HVFKUHLH H[LVWLHUHQGLHGHQ )HPLQLQD KLQVLFKWOLFK GHU NROOHNWLYHQ 6HPDQWLN VHKU lKQOLFK VLQG (V JLOW EHLGHIXQNWLRQDOZLHVHPDQWLVFK]XWUHQQHQ8PGLHVH)HLQKHLWHQKHUDXV DUEHLWHQ]XN|QQHQJLEW$EVFKQLWWZHLWHUHGHWDLOOLHUWHUH(LQEOLFNHLQ GLH QRPLQDOH 4XDQWLILNDWLRQ XQG NOlUW GLH )UDJH ZHOFKHU 6WDWXV LKU LP JUDPPDWLVFKHQ 6\VWHP ]XNRPPW 'HU IROJHQGH $EVFKQLWW ZLUG MHGRFK ]XQlFKVW ]X NOlUHQ LQZLHZHLW GDV DOWHQJOLVFKH *HQXV GHP DOWKRFKGHXW VFKHQ 6\VWHP lKQOLFK ZDU E]Z ZHOFKHU 6WDWXV KLQVLFKWOLFK VHLQHU 3DUD GLJPDWL]LWlWGHPDOWHQJOLVFKHQ*HQXV]XNRPPW ([NXUV*HQXVLP$OWHQJOLVFKHQ 'HU YRUOLHJHQGH $EVFKQLWW JHKW XQWHU 5FNJULII DXI EHUHLWV LQ $EVFKQLWW HQWZLFNHOWH *UXQGODJHQ GHU 0HUHRORJLH GHU )UDJH QDFK DXI ZHOFKH $UWGDV*HQXVGHV(QJOLVFKHQXQWHUJLQJ2EJOHLFKGLH/LWHUDWXU]X8UVD FKHQGHVHQJOLVFKHQ*HQXVVFKZXQGHVYLHOIlOWLJLVWVLQG$QVlW]HYRQQR PLQDOHU 4XDQWLILNDWLRQ IU GLHVHQ %HUHLFK WURW] GHU PLWWOHUZHLOH KRKHQ $N]HSWDQ]GHU4XDQWLILNDWLRQVWKHRULHIUGLHJHUPDQLVFKHQ6SUDFKHQELV ODQJQXUVSlUOLFK]XILQGHQ(LQH$XVQDKPHKLHU]XVWHOOWGHU%HLWUDJYRQ 9(==26, GDU 3DUDOOHO ]XP $OWKRFKGHXWVFKHQ ODVVHQ VLFK LP $OW HQJOLVFKHQ $H 6XEVWDQWLYH HLQHV OH[LNDOLVFKHQ 6WDPPV PLW PHKUHUHQ *HQHUDILQGHQYJOEHUHLWV)/(,6&++$&.(5 GHUHQ*HQXVZHFKVHO PLW V\VWHPDWLVFKHQ %HGHXWXQJVYHUlQGHUXQJHQ HLQKHUJHKW $OWHQJOLVFKH %HLVSLHOH KLHU]X ZlUHQ HWZD WXQJRO 0$6. LQ GHU LQGLYLGXDWLYHQ %HGHX WXQJÄ6WHUQ¶YVWXQJRO175 LQGHUNROOHNWLYHQ%HGHXWXQJÄ*HVWLUQ¶RGHUOLJ 0$6. LQ GHU LQGLYLGXDWLYHQ %HGHXWXQJ Ä)ODPPH¶ YV OLJHW 175 LQ GHU NRQWLQXDWLYHQ%HGHXWXQJÄ)HXHU¶YVOLJHWX)(0 Ä/HXFKWHQ%HOHXFKWXQJ¶ %HLVSLHOHDXV9(==26, bKQOLFKGHP'HXWVFKHQJLEWHVELVLQ GLHKHXWLJH=HLWEHL/H[HPHQLQGHQHLQ]HOQHQ'LDOHNWHQJURH9DULDQ]LQ %H]XJDXIGLH.DWHJRULH*HQXV.,7621 ,QGHUHQJOLVFKHQ6SUDFK JHVFKLFKWHLVWVHLWHWZDPLWWHOHQJOLVFKHU=HLWGLH.DWHJRULH*HQXVELVDXI HLQLJH 5HOLNWH ZLH QHXHQJO VKLS ORYH EHLGH IHPLQLQXP JHVFKZXQGHQ =HLWJOHLFK PLW GHP 8QWHUJDQJ GHV *HQXV ELOGHW VLFK LP (QJOLVFKHQ HLQ QRPLQDOHU$VSHNW7HUPLQXVQDFK5,-.+2)) GKPLWELQlUHU2S SRVLWLRQGHV.ULWHULXPV> =b+/%$5@KHUDXV'LHVHULVWLP*UXQGHJH BBBBBBBBBBBBB 9JOKLHU]XDXVIKUOLFK$EVFKQLWW
([NXUV*HQXVLP$OWHQJOLVFKHQ
QRPPHQ]ZDUDVSHNWXHOODEHUQLFKWQXUQRPLQDOGDEHWUHIIHQGH6XIIL[ LQJDXFK9HUEHQPDUNLHUWYJOHWZDWKHWXUQ²WKHWXUQLQJYV,WXUQ²,DP WXUQLQJ 'LHVHUZRUWDUWHQXQVSH]LILVFKH6\QNUHWLVPXVLVWHLQHUGHU*UQGH ZDUXPGLH:RUWDUWHQ1RPHQXQG9HUELP(QJOLVFKHQPRUSKRORJLVFKDOV QLFKWE]ZNDXPXQWHUVFKLHGHQJHOWHQ'DV(QJOLVFKHZLUGDXIJUXQGGHV VHQ LQ GHU W\SRORJLVFKHQ .ODVVLILNDWLRQ QLFKW PHKU DOV IOHNWLHUHQGH VRQ GHUQ DOV LVROLHUHQGH 6SUDFKH NODVVLIL]LHUW ,Q IUKHUHQ 6SUDFKVWXIHQ ² VR DXFKLP$OWHQJOLVFKHQ²ZDUGLHVMHGRFKQRFKDQGHUV *HPHLQKLQZLUGGDYRQDXVJHJDQJHQGDVVGDV*HQXVLP$OWHQJOLVFKHQ WURW]HLQLJHUQLFKWQlKHUFKDUDNWHULVLHUWHU$XIO|VXQJVHUVFKHLQXQJHQQRFK YHUJOHLFKEDULVW]XP$OWKRFKGHXWVFKHQXQGHUVW]XP0LWWHOHQJOLVFKHQKLQ VFKZDQGYJO&85=$13(,129,&+ )ROJHQGH.ULWHULHQ ZHUGHQ JHPHLQKLQ IU GHQ 9HUOXVW GHV *HQXV ]XP 0LWWHOHQJOLVFKHQ KLQ YHUDQWZRUWOLFKJHPDFKW&85=$1II ² (V NRPPW ]X HLQHP 9HUOXVW GHU )OH[LRQVPRUSKRORJLH ZDV LQ HLQHP $EEDXGHU.DWHJRULHQ*HQXVXQG.DVXVHQGHWFDDEGHP-DKU KXQGHUW ² 'DV HLQVWLJH 1HXWUXP ZLUG XPLQWHUSUHWLHUW XQG EHUJHQHUDOLVLHUW VR GDVV DOOH 6XEVWDQWLYH GHQHQ VLFK NHLQH 6H[XV%HGHXWXQJ ]XRUGQHQ OlVVWLQGLHVHU.ODVVH3ODW]ILQGHQ ² (SLFRHQDZLHPLWWHOHQJOLVFKKXQGÄ+XQG¶ HUKDOWHQLQ7KHPD3RVLWLRQ ]XQlFKVW KlXILJ LKU JUDPPDWLVFKHV *HVFKOHFKW EHL LG5 0DVNXOL QXP LQ5KHPD3RVLWLRQGDJHJHQQLFKW 'D *HQXV PLW 1XPHUXV YHUZDQGW LVW OLHJW GLH 9HUPXWXQJ QDKH GDVV IXQNWLRQDOH=ZlQJHGLH]XP6FKZXQGGHV1XPHUXVIKUHQGK9HUOXVW GHU 8QWHUVFKHLGXQJ ]ZLVFKHQ ]lKOEDUHQ XQG QLFKW]lKOEDUHQ 6XEVWDQWL YHQ DXFK IU GHQ 9HUOXVW GHV *HQXV JHOWHQ PVVHQ hEHUWUDJHQ DXI GLH .DWHJRULH *HQXV HQWVSULFKW GLHV GHU 1HXWUDOLVDWLRQ YRQ =lKOEDUNHLW XQG 1LFKW=lKOEDUNHLWEHLSDUDOOHOHP$XIEDXYRQ6H[XV,QHLQHPGUHLJOLHGUL JHQ*HQXVV\VWHPN|QQHQ0DVNXOLQXPXQG)HPLQLQXP]XHLQHP3ROPLW .ULWHULXP>=b+/%$5@]XVDPPHQIDOOHQRGHUDEHU)HPLQLQXPXQG1HXW UXP *HPHLQVDPNHLW LWHUDWLYH $EVWUDNWKHLW.ROOHNWLYLWlW GLH GDQQ GHP 3ROPLWGHP.ULWHULXP>²=b+/%$5@]X]XRUGQHQLVW 1LFKW]XVDPPHQIDO OHQ N|QQHQ XQWHU PHUHRORJLVFKHP $VSHNW MHGRFK GLH EHLGHQ QRPLQDOHQ $VSHNWSROHLH.RQWLQXDWLYLWlWXQG,QGLYLGXDWLYLWlWGDGDPLWGLHSULQ]LSL HOOH.RQVWLWXWLRQGHU.DWHJRULH*HQXVDXIJHKREHQZUGH 0LW$XVQDKPHYRQ9(==26, EHUFNVLFKWLJWHQELVKHULJH8QWHU VXFKXQJHQ ]XP *HQXVVFKZXQG GHV (QJOLVFKHQ OHGLJOLFK 6XEVWDQWLYH PLW BBBBBBBBBBBBB $XIGLH'LVNXVVLRQGHU)UDJHRELQGLHVHP)DOOHYRQ'HULYDWLRQRGHU)OH[LRQ]XVSUHFKHQ LVWVROODQGLHVHU6WHOOHYHU]LFKWHWZHUGHQ9JOKLHU]X.DSLWHO
'LH.DWHJRULH*HQXV
LQKlUHQWHPXQGGDPLWJU|WHQWHLOVOH[LNDOLVLHUWHQ*HQXVQLFKWDEHUSDUD GLJPDWLVFKHQ*HQXV'LH%HWUDFKWXQJGHU6XEVWDQWLYHPLWPDUNLHUWHPSD UDGLJPDWLVFKHQ *HQXV ² GLH ]XYRU IU GLH 6XFKH QDFKGHU )XQNWLRQYRQ *HQXV DOV ]HQWUDO KHUDXVJHVWHOOW ZRUGHQ ZDU ² IKUW MHGRFK ]X HLQHP JUXQGOHJHQG DQGHUHQ %LOG GHV $OWHQJOLVFKHQ ZLH HLQH HLJHQH 6WLFKSUREH YRQVXIILJLHUWHQ6XEVWDQWLYHQ]HLJW$OWHQJOLVFKH6XEVWDQWLYHDXIKĆGQKG KHLW VFLSH QKG VFKDIW XQG GŇP QKG WXP ZDUHQ HQWJHJHQ LKUHQ DOW KRFKGHXWVFKHQ(QWVSUHFKXQJHQDKGKHLWVFKDIWXRP IDVWDXVVFKOLHOLFK PDVNXOLQ'LHVDOOHLQHZlUHIRUPDONHLQ(LQZDQGJHJHQGLHELVKHUSRVWX OLHUWHQ 9HUKlOWQLVVH GD GLH GHQ VSlWHUHQ 6XIIL[HQ ]XJUXQGHOLHJHQGHQ 8U VSUXQJVOH[HPH VRZRKO LP $OWHQJOLVFKHQ DOV DXFK LP $OWKRFKGHXWVFKHQ PLW PHKUHUHQ *HQHUD EHOHJW VLQG (V ZlUH DOVR NHLQ :LGHUVSUXFK ZHQQ HLQ 0DUNLHUXQJVHOHPHQW ZHOFKHV LP 'HXWVFKHQ LP /DXIH GHU 6SUDFKJH VFKLFKWH IHPLQLQH 6XEVWDQWLYH PDUNLHUW LQ HLQHU DQGHUHQ JHUPDQLVFKHQ 6SUDFKH]XU0DUNLHUXQJHLQHVDQGHUHQ*HQXVJHQXW]WZRUGHQZlUH$OOHU GLQJV VWHOOHQ GLH VXIILJLHUWHQ 0DVNXOLQD ² SDUDGR[HUZHLVH ² GLH .RQ]HS WXDOLVLHUXQJGHU.ROOHNWLYLWlWXQGQLFKWDXVVFKOLHOLFK,QGLYLGXDWLYLWlWKHU 'DV GUIWH HLJHQWOLFK ² QDFK GHU DXV GHP ,GJ HUHUEWHQ 4XDQWLILNDWLRQV V\VWHPDWLNQLFKWGHU)DOOVHLQ (LQLJH%HLVSLHOHYRQ0DVNXOLQDPLW3HUVRQHQ NROOHNWLYHUE]ZDEV WUDNWHU6HPDQWLNHQWQRPPHQDXV&/$5.+$//0(55,77 VLQG
PLWKĆGLQGHU%HGHXWXQJÄ3HUVRQ5DQJ6WDQG$PW=XVWDQG)RUP$UW¶ D FLOGKĆGÄ.LQGKHLW¶ E FQLKWKĆGÄ-XJHQG3XEHUWlW¶ F GLVFLSXOKĆGÄ6FKOHUVFKDIW¶ PLWVFLSHLQGHU%HGHXWXQJÄ*HVFK|SI%HVFKDIIHQKHLW¶ D EUŇíRUVFLSHÄ%UGHUVFKDIW%UXGHUOLHEH/LHEH¶ E GU\KWVFLSHÄ7DSIHUNHLW+HOGHQPXW+HUUVFKDIW:UGH¶ F WēQVFLSHÄ(LQZRKQHUHLQHU6WDGW(LQZRKQHUVFKDIWHLQHU6WDGW¶ G HRUOVFLSHÄ$GOLJNHLW(GHOPXWKHURLVFKH7DW¶ PLWGŇPLQGHU%HGHXWXQJÄ8UWHLO%HVFKOXVV*HVHW]*HULFKW¶ D HRUOGŇPÄ(DUOWXP6WDQGYRQ(DUOV¶ E UēFFHQGŇPÄ+HUUVFKDIW5HJLHUXQJ¶ F F\QHGŇPÄN|QLJOLFKH+HUUVFKDIW5HJLHUXQJ¶
%HL GHU 6LFKWXQJ GHU %HOHJH IlOOW DXI GDVV GLH LP $OWHQJOLVFKHQ GXUFK PDVNXOLQH VXIILJLHUWH :RUWELOGXQJVSURGXNWH ZLHGHUJHJHEHQHQ .ROOHNWLYD E]Z$EVWUDNWDPHKUKHLWOLFKIHPLQLQHQ$EVWUDNWDGHUODWHLQLVFKHQ*ORVVHQ HQWVSUHFKHQ 'DV 0DVNXOLQXP VFKHLQW LP $OWHQJOLVFKHQ HLQH $UW Å6DP PHOEHFNHQ´ IU 6XEVWDQWLYH XQWHUVFKLHGOLFKVWHU DEHU PHUHRORJLVFK QLFKW ]XVDPPHQSDVVHQGHU%HGHXWXQJVNDWHJRULHQ]XVHLQ%HLVSLHOH ² IK UHQ%LOGXQJHQPLWKĆGDXIGLHQRFKLQHUHUEWHUhEHUHLQVWLPPXQJPLWGHU PDVNXOLQHQ*UXQGVHPDQWLNLVW
([NXUV*HQXVLP$OWHQJOLVFKHQ
DEERGKĆGÄlEWOLFKHU5DQJ¶ DUFHELVFRSKĆGÄ(U]ELVFKRIVDPW¶ SĆSDQKĆGÄJHLVWOLFKHV$PW6WDWXVDOV3DSVW¶
=XP9RUVFKODJGDV0DVNXOLQXPVWHOOHG\VIXQNWLRQDOHUZHLVHLP$OWHQJOL VFKHQ HLQH $UW Å$XIIDQJEHFNHQ´ GDU SDVVW DXFK GLH %HREDFKWXQJ GDVV GDV 0DVNXOLQXP LQ PLWWHOHQJOLVFKHU =HLW EHUJHQHUDOLVLHUW ZXUGH $86 %h77(/ 0256%$&+ $XFK GLH 6WXGLH YRQ :(á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² VLQGSOXUDOLVFKNROOHNWLY XQG VHPDQWLVFKNRQWLQXDWLYGDEHLMHGRFKPDVNXOLQ'DVVFKHLQWDXIGHQHUVWHQ %OLFN QLFKW ]XVDPPHQ]XSDVVHQ 8QWHU GHP (LQEH]XJ HLQHU PHUHRORJL VFKHQ %HVFKUHLEXQJVHEHQH ZLUG GDJHJHQ GHXWOLFK GDVV VLFK GLH 9HUKlOW QLVVH LP $OWHQJOLVFKHQ YRU GHQ ELVKHULJHQ +LQWHUJUXQG HUNOlUHQ ODVVHQ 'LHVHOEHQ8UVDFKHQGLHIUGHQ8QWHUJDQJGHU.DWHJRULH1XPHUXVYHU DQWZRUWOLFKJHPDFKWZHUGHQPVVHQXQWHUGHP$VSHNWQRPLQDOHU4XDQ WLILNDWLRQDXFKIUGHQ8QWHUJDQJGHU.DWHJRULH*HQXVJHOWHQ6RZLHHLQ 1XPHUXV6\VWHPXQWHUJHKWVREDOGGHU6LQJXODUGLH$XIJDEHQGHV3OXUDOV PLWEHUQLPPW XQG GDPLW GLH 2SSRVLWLRQ YRQ =lKOEDUNHLW XQG 1LFKW =lKOEDUNHLW QHXWUDOLVLHUW ZLUG VR EHUQLPPW GDV 0DVNXOLQXP GLH %HUHLW VWHOOXQJGHULWHUDWLYHQ4XDQWLILNDWLRQWHFKQLNYRQ.ROOHNWLYDE]Z$EVWUDN WD'DGXUFKZLUGGLH2SSRVLWLRQ]ZLVFKHQ,QGLYLGXDWLYLWlWXQG.ROOHNWLYL WlW QHXWUDOLVLHUW *HQDX GLHVHV 6]HQDULR OlVVW VLFK LP $OWHQJOLVFKHQ IHVWVWHOOHQYJO%HLVSLHOH²,PZHLWHUHQ9HUODXIGHUHQJOLVFKHQ6SUDFK JHVFKLFKWHVLQGGLH]DKOUHLFKHQIHPLQLQHQ9HUEDODEVWUDNWDQHXWUDOJHZRU GHQ LQGHP GLH HLQVW )HPLQLQD ELOGHQGHQ 6XIIL[H QėVV XQG XQJ LQJ BBBBBBBBBBBBB $Q]XPHUNHQ LVW GDVV GDV 6XIIL[ LQJ LP $H DXFK 0DVNXOLQD ELOGHWH ZLH HWZD DH VSĩFLQJ Ä6SLHNHU 1DJHO¶ 'DV VWHKW GHQ JHUDGH DQJHVWHOOWHQ hEHUOHJXQJHQ MHGRFK QLFKW HQWJHJHQ 'DV 6XIIL[ JHUP LQJDXQJD %27+ 0816.( .1$33(0$$6 ZDU LP $HEHUDXVSURGXNWLY:lKUHQGGDV6XIIL[LQJLP$HLQ]ZHL*HQHUDDXIWUDWWUDWV\QR
'LH.DWHJRULH*HQXV
QXQPHKU QHXWUDOH %LOGXQJHQ VFKXIHQ (V NDP GDPLW ]X HLQHU ,QIODWLRQ PDVNXOLQHU XQG QHXWUDOHU %LOGXQJVPXVWHU GHUHQ VHPDQWLVFKH $UFKLWHNWXU EHUHLWV]XYRUEUFKLJJHZRUGHQZDU'LHGXUFKGDV)HPLQLQXPDQJHOHJWH %LDVSHNWXDOLWlW IRUPDO > =b+/%$5@ GD SOXUDOLVLHUEDU VHPDQWLVFK >² =b+/%$5@ YJO JLQJ GDPLW ]XJXQVWHQ UHLQHU ,WHUDWLYLWlW EHL GHQ 9HUEDODEVWUDNWD YHUVXV GHQ PDVNXOLQHQ (LJHQVFKDIWVDEVWUDNWD YHUORUHQ 0|JOLFKHUZHLVH KlWWH VLFK GLHVHU =XVWDQG DXV JUDPPDWLVFKHU 6LFKW HUKDO WHQ N|QQHQ GHQQ HLQH IXQNWLRQDOH 2SSRVLWLRQ ZlUH ² ZHQQ DXFK GXUFK GDVRSDNJHZRUGHQH0DVNXOLQXPHLQJHVFKUlQNW²HUKDOWHQJHEOLHEHQ$XI GHU HLQHQ 6HLWH ZlUHQ GLH 9HUEDOVXEVWDQWLYH PLW GHQ DXV GHP *HUPDQL VFKHQHUHUEWHQ6XIIL[HQDHQHVVXQGXQJLQJ JHVWDQGHQDXIGHUDQGHUHQ 6HLWHGLH(LJHQVFKDIWVDEVWUDNWDLQ)RUPGHUMQJHUHQGDSURGXNWLYJHELO GHWHQ6XEVWDQWLYHDXIKĆGVFLSHXQGGŇP'DVSDVVW]XGHU%HREDFKWXQJ GDVVGDV(QJOLVFKHZLHDXFK]DKOUHLFKHDQGHUHJHUPDQLVFKH6SUDFKHQ]X QlFKVW HLQHQ $QVDW] ]XU $XVSUlJXQJ HLQHV ]ZHLJOLHGULJHQ *HQXVV\VWHPV 8WUXP YV 1HXWUXP ]HLJWH ZDV VLFK MHGRFK IU GDV (QJOLVFKH QLFKW GXUFKVHW]WH'XUFKGLH$XIWHLOXQJYRQ9HUEDOXQG(LJHQVFKDIWVDEVWUDNWD DXI XQWHUVFKLHGOLFKH *HQHUDZDU GDV )HPLQLQXP EHUHLWV VR ÄJHVFKZlFKW¶ GDVVHLQH5HGXNWLRQDXIGLH%HGHXWXQJVGLPHQVLRQGHV6H[XVHLQWUDW6H[XV HQWVWHKW LQ *HQXVVSUDFKHQ LPPHU ]XHUVW DP )HPLQLQXP QLH DP 0DVNXOLQXP YJO 6SUDFKHQ ZLH GDV *HJHQZDUWVUXVVLVFKH XQG LQ JHZLVVHP 0DH DXFK GDV 'HXWVFKH EHL GHQHQ GDV IHPLQLQH )OH[L RQVSDUDGLJPDVWDUNYRPIHPLQLQHQ6H[XVGXUFKGUXQJHQLVWQXW]HQGDKHU EHVRQGHUVGDV1HXWUXP]XU.RQ]HSWXDOLVLHUXQJYRQ.ROOHNWLYLWlW'LHVHU :HJZDULP(QJOLVFKHQMHGRFKEORFNLHUWGDGLH.ROOHNWLYLWlWVLFKGHPLQ GLYLGXDWLYHQ4XDQWLILNDWLRQVSRO]XVFKOXJ²GLHVYHUPXWOLFKLQGHPIXQNWL RQDOHQ%HVWUHEHQSOXUDOLVLHUEDUH6XEVWDQWLYNODVVHQ0DVNXOLQXP)HPLQL QXP LQ HLQHU .ODVVH 8WUXP ]XVDPPHQ]XIDVVHQ 'DV IRUPDOH PHUHR ORJLVFKH3UREOHPGHV6SUDFKV\VWHPVEHVWDQGDOVRLQGHU$XIVSOLWWXQJGHV )HPLQLQXPV LQ $EVWUDNWKHLW E]Z .ROOHNWLYLWlW UHDOLVLHUW LQ GHQRPLQDOHQ 'HULYDWLRQVELOGXQJHQ YHUVXV 7lWLJNHLWVDEVWUDNWKHLW UHDOLVLHUW LQ GHYHUED BBBBBBBBBBBBB Q\PHVXQJDXVVFKOLHOLFKDOV)HPLQLQDELOGHQGHV6XIIL[DXI'LH9HUWHLOXQJYRQIHPLQLQHP LQJXQGXQJLVWQDFK0HKUKHLWGHU)RUVFKXQJVOLWHUDWXUGLDOHNWDOPRWLYLHUW +LHU]XSDVVWDXFKGLH%HREDFKWXQJ+,1'25)V GHUDH9HUEDOVXEVWDQWLYHDXILQJ E]ZXQJGHQQHXHQJOLVFKHQJHJHQEHUVWHOOWXQGIHVWVWHOOWÅ>«@GDGDPDOVLP9HUEDOVXE VWDQWLYGDVYHUEDOH(OHPHQWGKGLH3UR]HGDUVWHOOXQJQLFKWVRVWDUNDXVJHSUlJWZDUZLH KHXWH 'HU ,QKDOW GHV :RUWHV ZDU VWDWLVFKHU >«@ 'D GDV DOWHQJOLVFKH 9HUEDOVXEVWDQWLY QLFKW QXU YLHU )lOOH LP 6LQJXODU VRQGHUQ DXFK YLHU 3OXUDOIlOOH NDQQWH XQWHUVWUHLFKW GLHVH )HVWVWHOOXQJGHQQGLH0|JOLFKNHLWGHV3OXUDOVLVWXQYHUHLQEDUPLWHLQHU3UR]HGDUVWHOOXQJ´ (LQ %HLVSLHO IU )OH[LRQ PLW 6H[XV IHPLQLQXP ZlUH UXVV DQD XPQDMD DQD 3(563521366*)(0 XPQDMD 35b',.$7,9 )(0 6* ÄVLH LVW NOXJ¶ VRZLH QKGGLH6FK|QHLP6LQQHYRQÄVFK|QH)UDX¶
([NXUV*HQXVLP$OWHQJOLVFKHQ
OHQ 'HULYDWLRQVELOGXQJHQ 'DV 0DVNXOLQXP ZXUGH VHPDQWLVFK ÄEHU GHKQW¶ LQGHP 0DVNXOLQD ]XQHKPHQG NROOHNWLYH %HGHXWXQJ EHUQDKPHQ +LHUGXUFKJHULHWGLHXUVSUQJOLFKHLQGLYLGXDWLYH*UXQGVHPDQWLNGHV0DV NXOLQXPVLQV:DQNHQ'LH0|JOLFKNHLW]XU.ROOHNWLYLWlWVNRGLHUXQJGDJH JHQZXUGHHUKDOWHQZDVPDQGDUDQHUNHQQHQNDQQGDGLHVHLP1HXHQJOL VFKHQPLWDGMHNWLYLVFKHU.RQYHUVLRQGKXQPDUNLHUWUHDOLVLHUWZLUGZLH WKHULFKWKHSRRU 'LHQRPLQDOH,WHUDWLYLWlWZXUGHQLFKWEHHLQWUlFKWLJWGDLP KHXWLJHQ (QJOLVFK SURGXNWLY (LJHQVFKDIWVDEVWUDNWD DXI QHVV LW\ 5,''/( VRZLH 9HUEDODEVWUDNWD DXI LQJ JHELOGHW ZHUGHQ N|QQHQ'LHV]HLJWGDVVJUDPPDWLVFKPHUHRORJLVFKH0HUNPDOHQLFKWYHU ORUHQJHKHQVRQGHUQLKUHNRQNUHWHQ5HDOLVDWLRQHQLP/DXIHGHU6SUDFKJH VFKLFKWH PRWLYLHUWHQ 6\QNUHWLVPHQ XQWHUOLHJHQ N|QQHQ 'HU OHW]WH 6FKULWW N|QQWH LQ GHU =XVDPPHQIKUXQJ DOOHU VXIILJLHUWHU 6XEVWDQWLYH GK DXFK VXIILJLHUWHUQLFKWSHUVRQDOHU,QGLYLGXDWLYDZLHHQJOVWHDPHUFXUOHUFRQGLWL RQHU ²XQJHDFKWHWLKUHUHLQVWLJHQ4XDQWLILNDWLRQ²]XHLQHU.ODVVHLP6LQ QHHLQHU1HXWUDOLVDWLRQVDQDORJLHEHVWDQGHQKDEHQ$XFKGLHVHU6FKULWWGHU $QDORJLVLHUXQJHUIROJWHRIIHQEDUPRWLYLHUW$XVJDQJVSXQNWIUGHQHUQHX WHQ:HFKVHOLQHLQHVH[XVIUHLH.DWHJRULHÅ1H8WUXP´ ZDUHQHUQHXW]X QlFKVW GLH $EVWUDNWD (V IROJWHQ GLH .RQNUHWD .g51(5 2IIHQ VLFKWOLFK JDE HV VRJDU EHUHLWV LQ DH =HLW 7HQGHQ]HQ GLH ÅXQSDUDGLJPDWLVFKHQ´PDVNXOLQHQ$EVWUDNWDPLWQHXWUDOHU.RQJUXHQ]]X YHUVHKHQ ZHQQ GDV DQDSKRULVFKH 3URQRPHQ YRP %H]XJVQRPHQ ZHLWHU HQWIHUQW ² ] % LQ HLQHP QHXHQ 6DW] ² VWDQG ZLH DH %HLVSLHO LOOXVWULHUW HQWQRPPHQDXV'(.(«@íHDWíXíRQHZLVGRPíHíH*RGVHDOGH WKDW\RXWKDWZLVGRPZKLFKWR\RX*RGJDYH Ä>«@WKDWZLVGRPZKLFK*RGJDYHWR\RX íHDUíHDUíXKLHQHEHIHVWDQPDHJHEHIDHVWH WKHUHZKHUH\RXKLP>0$6.@LPSODQWPD\LPSODQW ZKHUH\RXPD\LPSODQWLWWKHUHLPSODQWLW *HíHQFKZHOFZLWXXVíDEHFRPRQIRUíLVVHZRUXOGH WKLQNZKDWSXQLVKPHQWVWRXVWKHQFDPHIRUWKLVZRUOG 7KLQNZKDWSXQLVKPHQWVZRXOGFRPHWRXVIRUWKLVZRUOG íDíDZHKLWQRKZDHíHUQHVHOIHQHOXIRGRQ ZKHQZHLW>175@QHLWKHURXUVHOYHVORYHG LIZHGLGQRWORYHLW QHHDFRíUXPPRQQXPQHOHIGRQ>«@ QRURWKHUPHQDOORZHG>«@ QRUDOORZHGRWKHUVWRGRVR>«@¶ >DXVGHP9RUZRUWGHU&XUDSDVWRUDOLV+HUYRUKXQG$QP0:@
'LH.DWHJRULH*HQXV
'LH $QDORJLVLHUXQJ LP 6LQQH HLQHU =XVDPPHQIKUXQJ DOOHU QLFKW VH[XDOLVLHUWHQ6XEVWDQWLYHZDUMHGRFKHUVWP|JOLFKDOVGLH3DUDGLJPDWL]LWlW Y|OOLJ YHUORUHQ JHJDQJHQ ZDU 'HU *HQXVVFKZXQG GHU QLFKWPDUNLHUWHQ 6XEVWDQWLYH LVW HLQH )ROJH GHV 9HUOXVWV GHU SDUDGLJPDWLVFK RUJDQLVLHUWHQ 4XDQWLILNDWLRQVWHFKQLN 'LHVH 6XEVWDQWLYH IROJHQ DOVR HSLSKlQRPHQDO GXUFK $QDORJLH 'LHVH DXIIlOOLJH (QWZLFNOXQJ OlVVW VLFK LP 0LWWHOHQJOL VFKHQEHREDFKWHQ'HUÅHFKWH´*HQXVVFKZXQGLP6LQQHHLQHU$XIO|VXQJ HLQHVSDUDGLJPDWLVFKHQ6\VWHPVHUIROJWGDJHJHQ²ZLHGLH%HOHJH]HLJHQ² EHUHLWV LP 9RU $OWHQJOLVFKHQ (V NRPPW ]X )RUP]XVDPPHQIlOOHQ QDFKGHP GLH JUDPPDWLVFKHQ 2SSRVLWLRQHQ QRPLQDOHU 4XDQWLILNDWLRQ QHXWUDOLVLHUWZXUGHQ$XVO|VHUIUGHQ*HQXVVDEEDXGUIWHYHUPXWOLFKGLH $QODJHUXQJ GHV 6H[XV IHPLQLQXP DQ GDV *HQXV IHPLQLQXP VHLQ 'DPLW GUIWHDXFKGLH)UDJHEHDQWZRUWHWVHLQZDVGHQ=XVDPPHQKDQJYRQ*H QXVXQG6H[XVLP$OWHQJOLVFKHQDQEHODQJWYJO6,(081'
2QHRIWKHGLVSXWHGTXHVWLRQVLQ(QJOLVKKLVWRULFDOOLQJXLVWLFVLVZKHWKHUQDWXUDO JHQGHU GHYHORSHG DIWHU RU ZKLOH JUDPPDWLFDO JHQGHU ZDV EHLQJ ORVW RU ZKHWKHU JUDPPDWLFDODQGQDWXUDOJHQGHUFRH[LVWHGHYHQLQWKHWLPHVRI2OG(QJOLVK
'LHEHUHLQ]HOVSUDFKOLFKIU*HQXVVFKZXQGUHOHYDQWH)UDJHLVWGHPQDFK QLFKW RE GDV $XIWUHWHQ YRQ 6H[XV XQG *HQXV VLFK ]HLWOLFK DXVVFKOLHHQ PVVHQ ² GLHV LVW LP 'HXWVFKHQ XQG DXFK LP $OWHQJOLVFKHQ 6,(081' I VFKOLHOLFKHEHQIDOOVQLFKWGHU)DOO²VRQGHUQYLHOPHKUZLHXQG XQWHUZHOFKHQ%HGLQJXQJHQDXV*HQXV6H[XVHQWVWHKHQNDQQ'LHVHU)UD JHZLGPHWVLFKDQKDQGGHU%HWUDFKWXQJGHV'HXWVFKHQ$EVFKQLWW =XVDPPHQIDVVXQJ ,QVJHVDPWLVWLQGHQRELJHQ%HWUDFKWXQJHQGHXWOLFKJHZRUGHQGDVVELVKH ULJH 8QWHUVXFKXQJHQ GHV JUDPPDWLVFKHQ ,QKDOWV YRQ *HQXV YRQ XQWHU VFKLHGOLFKHQ*UXQGDQQDKPHQJHOHLWHWVLQG9RUDOOHPLQGHUlOWHUHQ/LWH UDWXU ZXUGH GLH )XQNWLRQ YRQ *HQXV LQ GHU .RGLHUXQJ GHV QDWUOLFKHQ *HVFKOHFKWHUXQWHUVFKLHGV6H[XV JHVHKHQ'LHVH)RUVFKXQJVULFKWXQJGLH DXIHLQH6H[XDOLVLHUXQJGHU*UDPPDWLNDE]LHOWJLOWLQGHU)RUVFKXQJPLWW OHUZHLOHDOVEHUKROW,QQHUKDOEGHU*HQXV)RUVFKXQJKDWVLFKVWDWWGHVVHQ GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ 6H[XV GHP QDWUOLFKHQ *HVFKOHFKW XQG *HQXVGHPJUDPPDWLVFKHQ*HVFKOHFKWGXUFKJHVHW]W'HU9HUVXFK*H QXVDXI6H[XV]XUFN]XIKUHQNDQQDOVJHVFKHLWHUWEHWUDFKWHWZHUGHQ,Q lKQOLFKHU )RUP JLOW GLHV IU GLH $QVlW]H GLH *HQXV EHU GLH .ULWHULHQ > %(/(%7@RGHU> $*(17,9,6&+@]XEHVFKUHLEHQYHUVXFKHQ6RJLEWHV LP 'HXWVFKHQ DQGHUV DOV EVSZ LP 5XVVLVFKHQ ZHGHU HLQ HLJHQHV )OH[L RQVSDUDGLJPDIUEHOHEWH6XEVWDQWLYHQRFKIUGLH.RGLHUXQJYRQ$JHQ WLYLWlW E]Z 3DWLHQWLYLWlW *HJHQZlUWLJ VWHKHQ IRUPDO RULHQWLHUWH )RU
=XVDPPHQIDVVXQJ.DSLWHO
VFKXQJVDQVlW]H LP 9RUGHUJUXQG ZREHL GLH DP KlXILJVWHQ YHUWUHWHQH )XQNWLRQV]XVFKUHLEXQJ LQ GHU %HKDXSWXQJ EHVWHKW *HQXV HU]HXJH .RQ JUXHQ]'HPNDQQHQWJHJHQJHKDOWHQZHUGHQGDVVGLH.RQJUXHQ]DXFKLQ 6SUDFKHQ RKQH *HQXV H[LVWLHUW XQG *HQXV QLFKW LPPHU .RQJUXHQ] KHU YRUUXIW =XGHP VLQG GLH )OH[LRQVSDUDGLJPHQ YLHO ]X XQGLIIHUHQ]LHUW XP HLQGHXWLJH .RQJUXHQ] LP (LQ]HOIDOO JHZlKUOHLVWHQ ]X N|QQHQ 'DQHEHQ VLQG DXFK DQGHUH JUDPPDWLVFKH .DWHJRULHQ LQ GHU /DJH .RQJUXHQ] KHU ]XVWHOOHQ9RUGLHVHP+LQWHUJUXQGZDUGDKHUSRVWXOLHUWZRUGHQGDVV*H QXVXQG.RQJUXHQ]DOV]ZHLYRQHLQDQGHUXQDEKlQJLJH3Kl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lQGHUXQJHQ LQ GHQ LQGRJHUPDQLVFKHQ 6SUDFKHQ DXI )U DQGHUH 6SUDFKHQ ZLH EVSZ GLH VH PLWLVFKHQ 6SUDFKHQ JLEW HV lKQOLFKH (YLGHQ]HQ ,P ,GJ LVW GLH 8QWHU VFKHLGXQJ]ZLVFKHQ]lKOEDUHQXQGQLFKW]lKOEDUHQ6XEVWDQWLYHQGHPQDFK PLWWHOV JUDPPDWLVFKHU .DWHJRULHQ 1XPHUXV *HQXV JUDPPDWLNDOLVLHUW 6R NRGLHUW GDV *HQXV PDVNXOLQXP ]lKOEDUH GDV 1HXWUXP SULPlU QLFKW ]lKOEDUH XQG GDV )HPLQLQXP NROOHNWLYH E]Z DEVWUDNWH 6XEVWDQWLYH 'LH SDUDGLJPDWLVFKH :DKOP|JOLFKNHLW HLQHV 0HKUIDFKJHQXV VWHOOW GDPLW HLQH XQWHUVFKLHGOLFKH3HUVSHNWLYLHUXQJGHU%HGHXWXQJEHUHLW,P$KGOlVVWVLFK GLHVHV6\VWHPHEHQIDOOV]XPHLQHQDQ/H[HPHQPLW0HKUIDFKJHQXVVHOEVW YJO)526&+$8(5]XP$KG9(==26,]XP$H ]XPDQGH UHQ EHUHLWV DQ H[SOL]LW PDUNLHUWHQ :|UWHUQ QDFKZHLVHQ ZLH VLH QRFK LP 1KGYRUKDQGHQVLQGYJOQKGGHU6FKUHL²GDV6FKUHLHQ²GLH6FKUHLHUHLYJO /(,66 :LH GHU ([NXUV ]XP $OWHQJOLVFKHQ HUJDE ZDU GDV GRUWLJH PLW 6XIIL[HQ PDUNLHUWH *HQXVV\VWHP GHP DOWKRFKGHXWVFKHQ NDWHJRULDO ZHQLJHU lKQOLFK DOV ELVODQJ DQJHQRPPHQ 'LHV ]HLJHQ NRQNUHW GLH GHUL YLHUWHQ .ROOHNWLYD$EVWUDNWD DXI KĆG QKG KHLW VFLSH QKG VFKDIW XQG GŇPQKGWXP GLHEHUZLHJHQGPDVNXOLQHV²XQGQLFKWZLHDXVGHPHU HUEWHQ4XDQWLILNDWLRQVYHUKlOWQLVGHV,QGRJHUPDQLVFKHQ]XHUZDUWHQ²IH PLQLQHV*HVFKOHFKWKDWWHQ'DV]HLJWGDVVGDV*HQXVV\VWHPGHV$OWHQJOL VFKHQZHLWDXVZHQLJHUIXQNWLRQDODOVELVODQJDQJHQRPPHQZDU 'DV YRUOLHJHQGH .DSLWHO VROOWH ]XP HLQHQ HLQ )RUVFKXQJVEHUEOLFN ]XP*HQXVELHWHQVRZLHGLHHLQ]HOQHQ*HQXVWKHRULHQJHJHQHLQDQGHUDE
'LH.DWHJRULH*HQXV
ZLHJHQ $EVFKQLWW 'DUDXV ZXUGHQ ]XP ]ZHLWHQ GLH PHUHRORJLVFKHQ *UXQGJHVHW]PlLJNHLWHQ DXV VSUDFKKLVWRULVFKHQ ZLH VSUDFKW\SRORJLVFKHQ (UNHQQWQLVVHQKHUJHOHLWHW$EVFKQLWW 'LHVHELOGHQZLHGHUXPGLH%D VLVIUGDVIROJHQGH.DSLWHOLQGHP]XNOlUHQVHLQZLUGZDVXQWHUHLQHP 6XEVWDQWLYNROOHNWLYHU6HPDQWLN.ROOHNWLYXP ]XYHUVWHKHQLVW'LH.ULWH ULHQ ]XU %HVWLPPXQJ VROOHQ GDEHL H[SOL]LHUW E]Z YHUIHLQHUW ZHUGHQ =X GHP VROO GLH )UDJH EHKDQGHOW ZHUGHQ LQZLHZHLW XQG DXI ZHOFKH $UW DXV HLQHPNROOHNWLYHQHLQDEVWUDNWHV6XEVWDQWLYHQWVWHKHQNDQQXQGZRULQGLH PHUHRORJLVFKHQ *HPHLQVDPNHLWHQ GHU EHLGHQ %HGHXWXQJVGLPHQVLRQHQ EHVWHKHQN|QQWHQ'LHVH)UDJHEHWULIIWZLHEHUHLWVGDUJHOHJWYDGDV*H QXVIHPLQLQXP:LHMHGRFKEHUHLWVDQJHVSURFKHQJLEWHVLQGHQLQGRJHU PDQLVFKHQ6SUDFKHQDXFK.ROOHNWLYDPLWQHXWUDOHP*HQXVZLHHWZD*H ODXIH*HVSULQJH*HODFKH 'LHIHPLQLQHQXQGQHXWUDOHQ.ROOHNWLYDVROOHQDOVR HLQDQGHU JHJHQEHU JHVWHOOW YHUJOLFKHQ XQG P|JOLFKH IXQNWLRQDOH 8QWHU VFKLHGHKHUDXVJHDUEHLWHWZHUGHQ'D]XVROO$EVFKQLWW]XQlFKVWZHLWHUH PHUHRORJLVFKH*UXQGODJHQEHUHLWVWHOOHQ$EVFKQLWWEHVFKlIWLJWVLFKPLW GHUJUXQGOHJHQGHQ'HILQLWLRQHLQHV.ROOHNWLYXPV$EVFKQLWWEHKDQGHOW YRU GHP +LQWHUJUXQG GHU 0HUHRORJLH HLQHQ P|JOLFKHQ =XVDPPHQKDQJ ]ZLVFKHQ .ROOHNWLYLWlW XQG $EVWUDNWKHLW 'D]X VROOHQ JUDPPDWLNWKHRUHWL VFKHZLHVSUDFKEHUJUHLIHQGH(UNHQQWQLVVHKLOIUHLFKH(YLGHQ]HQEHLVWHXHUQ
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lKOEDUHQ XQG QLFKW]lKOEDUHQ 6XEVWDQWLYHQ FRXQW QRXQVE]ZPDVVQRXQV EHUHLW(VORKQWHLQ%OLFNDXIDQGHUH:RUWDUWHQKLQ VLFKWOLFK GHU )UDJH RE GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ =lKOEDUNHLW XQG 1LFKW=lKOEDUNHLW DXFK GRUW DQ]XWUHIIHQ LVW XQG ZHOFKHU 6WDWXV GHP .RQ]HSWGHU1LFKW =lKOEDUNHLWEHUHLQ]HOVSUDFKOLFK]XNRPPW'LHVVROO LP HUVWHQ $EVFKQLWW GHV YRUOLHJHQGHQ .DSLWHOV EHKDQGHOW ZHUGHQ 'DEHL VROOWH GLH %HVFKUHLEXQJ YRQ *HQXV DOV 4XDQWLILNDWLRQVGLPHQVLRQ ]XP HLQHQ HUNOlUHQ ODVVHQ N|QQHQ ZHOFKH $XVSUlJXQJHQ YRQ *HQXV JUXQGVlW]OLFK P|JOLFK VLQG ]XP DQGHUHQ VROOWHQ VLH HUODXEHQ GLH HLQ]HO VSUDFKOLFKHQ9HUKlOWQLVVHGDYRQDE]XOHLWHQ:LHEHUHLWVLPYRULJHQ.DSL WHOGDUJHOHJWNRGLHUWGDV0DVNXOLQXP]lKOEDUH1RPLQDGDV1HXWUXPGD JHJHQ QLFKW]lKOEDUH 1RPLQD 'DV )HPLQLQXP ZXUGH ELVODQJ DOV *HQXV IU.ROOHNWLYDE]Z$EVWUDNWDFKDUDNWHULVLHUWQXQJLOWHVDXV]XIKUHQZDV GDUXQWHU JHQDX ]X YHUVWHKHQ LVW XQG RE EHL .ROOHNWLYSOXUDOLWlW HLQ W\SL VFKHU)DOOYRQ4XDQWLILNDWLRQYRUOLHJW6RVLQGLP%HUHLFKGHUQRPLQDOHQ 4XDQWLILNDWLRQ DXFK DQGHUH 4XDQWLILNDWLRQVOHLVWXQJHQ EHNDQQW ² VSH]LHOO EHLP 1XPHUXV ] % GHU 'XDO .DWHJRULH IU =ZHL]DKOLJNHLW RGHU 7ULDO .DWHJRULHIU'UHL]DKOLJNHLW (VLVWDOVRQLFKWVHOEVWYHUVWlQGOLFKGDVVHL QHHLJHQH.DWHJRULHVSH]LHOOIUGHQ.ROOHNWLYSOXUDOH[LVWLHUW$EVFKQLWW JHKWGLHVEH]JOLFKGHU)UDJHQDFKZDVHLQ.ROOHNWLYXPLVWXQGZDUXPHV LQ6SUDFKHQZLHGHP'HXWVFKHQNHLQ]XIlOOLJHVVRQGHUQYLHOPHKUHLQPR WLYLHUWHV 3KlQRPHQ QRPLQDOHU 4XDQWLILNDWLRQ GDUVWHOOW $Q GLHVHU 6WHOOH VROODXFKGLH)UDJHGLVNXWLHUWZHUGHQREHVYHUVFKLHGHQH$UWHQYRQ.RO OHNWLYLWlW JHEHQ NDQQ (V ZXUGH EHUHLWV DQJHVSURFKHQ GDVV QHEHQ GHP )HPLQLQXPDXFKGDV1HXWUXP.ROOHNWLYDELOGHQNDQQ'LHVJLOWHVJHQDX HU ]X XQWHUVXFKHQ XQG P|JOLFKH 8QWHUVFKLHGH GHU EHLGHQ .ROOHNWLYDUWHQ IHPLQLQH YV QHXWUDOH .ROOHNWLYD KHUDXV]XDUEHLWHQ $EVFKQLWW XQWHU VXFKWGHQP|JOLFKHQ=XVDPPHQKDQJYRQ.ROOHNWLRQXQG$EVWUDNWLRQLQ %H]XJDXIGLH.DWHJRULH*HQXV$EVFKQLWWIDVVWGDV.DSLWHO]XVDPPHQ
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
=XU)XQNWLRQGHU4XDQWLILNDWLRQ 'DVV GLH 6XEVWDQWLYH GHV 'HXWVFKHQ KLQVLFKWOLFK LKUHU )lKLJNHLW HLQHQ 3OXUDO]XELOGHQNODVVLIL]LHUWZHUGHQN|QQHQLVWHLQ)DNWXPGDVVQlKHUH %HWUDFKWXQJORKQW'LHVHV7HLONDSLWHOJHKWGDKHUGHU)UDJHQDFKZHOFKHU 6WDWXVGHUQRPLQDOHQ4XDQWLILNDWLRQLQGHU*UDPPDWLN]XNRPPW=XGLH VHP=ZHFNVROOHQVSUDFKW\SRORJLVFKH(UNHQQWQLVVHPLWJUDPPDWLNWKHRUH WLVFKHQ*UXQGDQQDKPHQNRPELQLHUWZHUGHQXPZHLWHUH*UXQGODJHQKLQ VLFKWOLFKGHU0HUHRORJLHYJO.DS EHUHLW]XVWHOOHQ'LH8QWHUVFKHLGXQJ ]ZLVFKHQ ]lKOEDUHQ XQG QLFKW]lKOEDUHQ 6XEVWDQWLYHQ LVW EHUHLWV LQ GHU $QWLNH EHOHJWXQGILQGHWVLFK EHUHLWV LQGHU 0HWDSK\VLNYRQ$ULVWRWHOHV 'LHVHUFKDUDNWHULVLHUWHULQ%XFKƅ$EVFKQLWWDHLQ]lKOEDUHV6XE VWDQWLYIROJHQGHUPDHQ
(OHPHQWKHLWGDVMHQLJHDXVGHPDOVGHP(UVWHQ,QQHZRKQHQGHQGHU$UWQDFK QLFKWPHKULQHLQHZHLWHUH$UW=HUWHLOEDUHQHWZDV]XVDPPHQJHVHW]WLVW
%HLGHQ0RGLVWHQGHQ*UDPPDWLNHUQGHUÄ6SHNXODWLYHQ*UDPPDWLN¶GHV 0LWWHODOWHUV ZHUGHQ GLH DQWLNHQ *UXQGEHUOHJXQJHQ ]XU 4XDQWLILNDWLRQ GXUFKGLH/HKUHGHU0HUHRORJLHZHLWHUHQWZLFNHOW'LH0RGLVWHQHUDFKWHWHQ GLH EHLGHQ (LJHQVFKDIWHQ GHU 7HLOEDUNHLW VRZLH GHU 1LFKW7HLOEDUNHLW DOV JUXQGOHJHQG IU MHGH ZHLWHUH )RUP GHU QRPLQDOHQ 4XDQWLILNDWLRQ ]XP %HJULII GHV QRPLQDOHU $VSHNWV´ YJO ]% 5,-.+2)) 0(,67(5)(/' $&48$9,9$ 'DV GHXWVFKH *HQXVV\VWHP ELOGHW GHQ QRPLQDOHQ$VSHNWGLUHNWDEGXUFKGLH2SSRVLWLRQ]ZLVFKHQGHPDOVNRQ WLQXDWLYFKDUDNWHULVLHUWHQ1HXWUXPXQGGHPDOVLQGLYLGXDWLYFKDUDNWHULVLHU WHQ 0DVNXOLQXP 'DV )HPLQLQXP EHILQGHW VLFK DXIJUXQG VHLQHV NRO OHNWLYHQ &KDUDNWHUV ]ZLVFKHQ GLHVHQ EHLGHQ ([WUHPSROHQ QRPLQDOHU 4XDQWLILNDWLRQ'HU7HUPLQXVÄ$VSHNW¶LVWWHUPLQRORJLVFKDXVGHPYHUED OHQ %HUHLFK HQWOHKQW XQG EH]HLFKQHW GRUW HLQH JUDPPDWLVFKH .DWHJRULH E]Z.DWHJRULVLHUXQJGHUGLHJOHLFKHPHUHRORJLVFKH2SSRVLWLRQ]XJUXQGH OLHJW'HU7HUPLQXVÄEHJUHQ]W¶LVWPLWGHP.ULWHULXP>²+202*(1@V\QR Q\P,QGHQDXIJH]HLJWHQ6FKHPDWDGHVYRUKHULJHQ.DSLWHOVYJO$EE XQG ZXUGHGLHNRQ]HSWXHOOH*UHQ]NRQWXUGLHGLH,QKRPRJHQLWlWDQ ]HLJW EHUHLWV YLVXDOLVLHUW (LQ *HJHQVWDQG NDQQ HQWZHGHU DOV NRQWXULHUW NRQ]HSWXDOLVLHUWZHUGHQ,QGLHVHP)DOOLVWHUNRQ]HSWXHOOYRUGHUJUXQGLHUW GK HU KHEW VLFK YRP +LQWHUJUXQG DE %HL GHU 1LFKW.RQWXULHUXQJ H[LV WLHUW GDJHJHQ NHLQH 9RUGHUJUXQGLHUXQJ 'DV 9RUVWHOOXQJVELOG LVW KRPR BBBBBBBBBBBBB
'HU7HUPLQXVÄVSHNXODWLY¶ODWVSHFXOXPÄ6SLHJHOEHGHXWHWLQGLHVHP)DOOGDVVGLH6SUDFKH HLQHQ$EELOGFKDUDNWHUE]JOGHUUHDOHQ:HOWEHVLW]W 9JO
=XU)XQNWLRQGHU4XDQWLILNDWLRQ
JHQ(LQZHLWHUHU7HUPLQXVIU9RUGHUJUXQGLHUXQJLVWGHUGHU$XHQSHU VSHNWLYH(LQ*HJHQVWDQGJLOWDOVNRQWXULHUWZHQQHUYRQDXHQEHWUDFKWHW ZLUG 'HU 7HUPLQXV ,QQHQSHUVSHNWLYH EH]LHKW VLFK GDJHJHQ DXI GDV 1LFKW .RQWXULHUWVHLQHLQHV*HJHQVWDQGHV0DVVHQQRPLQDUXIHQDOVRHLQH,QQHQ SHUVSHNWLYLHUXQJDXIZlKUHQG,QGLYLGXDWLYDDXHQSHUVSHNWLYLHUHQ,VWHLQH 9HUEDOKDQGOXQJ EHJUHQ]W KLQVLFKWOLFK LKUHV 9HUODXIV VR ZLUG VLH DOV SHU IHNWLYEH]HLFKQHWLVWVLHQLFKWEHJUHQ]WZLUGVLHDOVLPSHUIHNWLYEH]HLFK QHW 6R NDQQ ]XP %HLVSLHO GDV 9HUE DEVFKODJHQ DOV SHUIHNWLY DQJHVHKHQ ZHUGHQGDHVDOV9RUJDQJ>²$'',7,9@XQG>²7(,/%$5@LVW(LQ9HUELP SHUIHNWLYHU6HPDQWLNZlUHEVSZODFKHQGDVKLQVLFKWOLFKGHU6HPDQWLNGHU 9HUEDOKDQGOXQJ DOV XQDEJHVFKORVVHQ NRQ]HSWXDOLVLHUW ZLUG 'LH IROJHQGH hEHUVLFKWIDVVWGLH9HUWHLOXQJHQVSUDFKEHUJUHLIHQG]XVDPPHQ
>+RPRJHQLWlW@
>+202*(1@ >$'',7,9@ >7(,/%$5@ 10DVVHQQRPLQD 9LPSHUIHNWLYH9HUEHQ
>²+202*(1@ >²$'',7,9@ >²7(,/%$5@ 1]lKOEDUH1RPLQD 9SHUIHNWLYH9HUEHQ
$EE'LFKRWRPLHGHU:RUWDUWHQ6XEVWDQWLYXQG9HUE
4XDQWLILNDWLRQDXIJUDPPDWLVFKHU(EHQHH[LVWLHUWQLFKWQXUEHL6XEVWDQWL YHQ RGHU 9HUEHQ $XFK $GMHNWLYH ODVVHQ VLFK QDFK GHQ .ULWHULHQ> $' ',7,9@ E]Z > 7(,/%$5@ NODVVLIL]LHUHQ 'LH PHLVWHQ 9HUEHQ GHV 1HX KRFKGHXWVFKHQ VLQG LPSHUIHNWLY (V JLEW DOVR HLQH DXVJHSUlJWH 7HQGHQ] ]XU=ZHLSROLJNHLW]ZLVFKHQW\SLVFKHQ]lKOEDUHQ6XEVWDQWLYHQLP%HUHLFK GHU1RPLQDXQGDQJHOHJWHU,PSHUIHNWLYLWlWLP%HUHLFKGHU9HUEHQ0LWWHOV BBBBBBBBBBBBB
'LH )lKLJNHLW ]XU 8QWHUVFKHLGXQJ ]ZLVFKHQ .RQWXUXQG 1LFKW.RQWXU LVW QLFKW DUWVSH]L ILVFKIUGHQ0HQVFKHQVRQGHUQILQGHWVLFKDXFKEHLDQGHUHQ/HEHZHVHQVR]%EHL3UL PDWHQ YJO ] % +( %(/(%7@ LQ HLQHP DXI GHU QDWUOLFKHQ *HVFKOHFKWHUXQWHUVFKHL GXQJEDVLHUHQGHQ2SSRVLWLRQVYHUKlOWQLV]XHLQDQGHUXQGZUGHQGDUEHU KLQDXVDOV0LWWHO]XU7H[WNRKlUHQ]IXQJLHUHQ%856,//+$// %HLGHP0RGLVWHQ6LJHUGH&RXUWUDLOlVVWVLFKQXQHLQHIUXQVHUH%HODQJH EHPHUNHQVZHUWH)HVWVWHOOXQJILQGHQ,KP]XIROJHEHVLW]WHLQ'LQJXQWHU VFKLHGOLFKHPRGLHVVHQGLRGHU(LJHQVFKDIWHQGLHLQKl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
>«@ GXDH SURSULHWDWHV LQYHQLXQWXU VFLOLFHW SURSULHWDV LQGLYLVLELOLWDWLV « HW SUR SULHWDVGLYLVLELOLWDWLV7KRPDVYRQ(UIXUW'H0RGLV6LJQLILFDQGLVLYH*UDPDWLFD6SHFX ODWLYD]LWQ%856,//+$//)1$XVODVVXQJL2ULJ >«@ ]ZHL (LJHQVFKDIWHQ ZHUGHQ JHIXQGHQ QlPOLFK GLH (LJHQVFKDIW GHU 8QWHLO EDUNHLW>«@XQGGLH(LJHQVFKDIWGHU7HLOEDUNHLW>hEHUVHW]XQJ0:@
'LH.DWHJRULH1XPHUXVLVWEHLGHQ0RGLVWHQHLQHSHUVSHNWLYLHUHQGH.D WHJRULH GLH PHKUHUH ]lKOEDUH (LQKHLWHQ 7HLOH HQWZHGHU GXUFK GHQ GLH .DWHJRULH GHV GLVWULEXWLYHQ 3OXUDOV NRGLHUHQ NDQQ RGHU DEHU GXUFK GHQ 6LQJXODUDOV.ROOHNWLYSOXUDO ZRGXUFKPHKUHUH]lKOEDUH(LQKHLWHQ7HLOH SHUVSHNWLYLHUHQG]XHLQHUHLQ]LJHQ]XVDPPHQJHIDVVWZHUGHQ7KRPDVYRQ (UIXUWlXHUWGLHVEH]JOLFK
QXPHUXVLQUHEXVH[WUDDQLPDP>«@HVWPXOWLWXGRH[XQLWDWLEXVDJJUHJDWDHWSUR IXVD 7KRPDV YRQ (UIXUW 'H 0RGLV 6LJQLILFDQGL VLYH *UDPPDWLFD 6SHFXODWLYD ]LWQ%856,//+$//)1
:DVLVWHLQ.ROOHNWLYXP"
'HU1XPHUXVLQGHQ%HODQJHQDXHUKDOEGHU'HQNNUDIW>«@LVWHLQH0HQJHDXV (LQKHLWHQ]XVDPPHQJHKlXIW>GKNROOHNWLY@XQGDXVJHGHKQWVLFKDXVODVVHQG>G KGLVWULEXWLY@>$QPXQGhEHUVHW]XQJ0:@
'LVNUHWH(LQKHLWHQ7HLOH N|QQHQDOVR]XHLQHU0HQJH]XVDPPHQJHIDVVW ZHUGHQRGHUDXILUJHQGHLQH$UWYHUWHLOWDOVRQLFKW]XVDPPHQJHIDVVWDXI WUHWHQ'DVLVWHLQUHOHYDQWHU%HIXQGGDHULPSOL]LHUWGDVV.ROOHNWLYSOXUD OLWlW XQG 'LVWULEXWLYSOXUDOLWlW PHUHRORJLVFK JHVHKHQ JOHLFKEHUHFKWLJW VLQG XQG GDPLW LQ HLQHP 2SSRVLWLRQVYHUKlOWQLV ]XU ,QGLYLGXDWLYLWlW VWHKHQ $EELOGXQJYHUGHXWOLFKWGDV2SSRVLWLRQVYHUKlOWQLVJUDILVFK
'LVWULEXWLYSOXUDOLWlW
.ROOHNWLYSOXUDOLWlW
$EE'LVWULEXWLYYV.ROOHNWLYSOXUDOLWlW
$EELOGXQJ]HLJWGLHWKHRUHWLVFKP|JOLFKHQ2SSRVLWLRQVYHUKlOWQLVVHYJO KLHU]XDXFK/,1. 'LH2SSRVLWLRQ6LQJXODWLYXP².ROOHNWLYXPLVWVR PLW HLQ 7HLO QRPLQDOHU 4XDQWLILNDWLRQ ]XP 9HUJOHLFK ,56/,1*(5 0DQNDQQVLFKIUDJHQZRDQGHUH3OXUDODUWHQZLH'XDO7ULDORGHU3DXNDO LP 6FKDXELOG ]X ORNDOLVLHUHQ ZlUHQ +LHU NDQQ PDQ DXI 8QLYHUVDOLH *5((1%(5*V YHUZHLVHQGHU]XIROJH'XDOHXQG7ULDOHLQHLQHU 6SUDFKHQXUGDQQH[LVWLHUHQZHQQGLH6SUDFKHEHUHLQHQ1XPHUXVHLQH 6LQJXODU3OXUDO2SSRVLWLRQ YHUIJW &25%(77 lXHUW VLFK EHUGLHEHLGHQ3OXUDOLWlWHQ.ROOHNWLYLWlWXQG'LVWULEXWLYLWlWZLHIROJW
(DFKVSHFLILHVDZD\RIYLHZLQJPHPEHUVRIDJURXS'LVWULEXWLYHVLQGLFDWHWKDW WKH\VKRXOGEHLQGLYLGXDWHGFRQVLGHUHGVHSDUDWHO\ZKLOHFROOHFWLYHV>«@LQGLFDWH WKDWWKH\VKRXOGEHFRQVLGHUHGWRJHWKHUDVDXQLW
1LFKWMHGH6SUDFKHPXVVLQGHUVSUDFKOLFKHQ5HDOLWlWEHUEHLGH3OXUDODU WHQYHUIJHQ'LVWULEXWLYXPXQG.ROOHNWLYXPN|QQHQLQHLQHUXQWHUVSH]L IL]LHUWHQ 0DNURNDWHJRULH ]XVDPPHQIDOOHQ &25%(77 XQWHU 5FNJULIIDXI%2$6 ,QVROFKHQ6SUDFKHQZLHEVSZLQHLQLJHQ,Q GLDQHUVSUDFKHQLVWGLH8QWHUVFKHLGXQJ]ZLVFKHQNROOHNWLYHPXQGGLVWULEX BBBBBBBBBBBBB :HLWHUH=XVDPPHQKlQJH]ZLVFKHQGLHVHQVSH]LILVFKHQ3OXUDONDWHJRULHQXQGGHU.DWHJRULH *HQXVN|QQWHQLQWHUHVVDQWH)RUVFKXQJVHUJHEQLVVHEULQJHQYJOKLHU]XDXFK
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
WLYHP 3OXUDO DQGHUV DOV LP 'HXWVFKHQ QLFKW JUDPPDWLNDOLVLHUW )U &25%(77 VLQG.ROOHNWLYXQG'LVWULEXWLYSOXUDOLWlWGDKHUNHLQH JUXQGOHJHQGHQ Å1XPEHU 9DOXHV´ 'LHV LVW GDUDXI ]XUFN]XIKUHQ GDVV ]ZLVFKHQ3OXUDOLWlWEHL&25%(77JUDPPDWLVFKHU3HUVSHNWLYLHUXQJVIXQN WLRQ XQG3OXUDOJUDPPDWLVFKHU.DWHJRULH QLFKWGLIIHUHQ]LHUWZLUG
:HH[DPLQHGWKHGDWDPRUHFORVHO\DQGHVWDEOLVKHGWKDWWKHGLVWULEXWLYHDQGWKH FROOHFWLYHDUHQRWEDVLFQXPEHUYDOXHV7KHVWURQJHVWHYLGHQFHIRUWKLVFRQFOXVLRQ LVWKHIDFWWKDWGLVWULEXWLYHVDQGFROOHFWLYHVFDQFRRFFXULQVRPHODQJXDJHVZLWK WKHEDVLFQXPEHUYDOXHVXVXDOO\ZLWKWKHSOXUDOIRUWKHGLVWULEXWLYHDQGZLWKSOX UDODQGGXDOIRUWKHFROOHFWLYH
6HW]WPDQEHLGH3OXUDOLWlWHQGLHGLVWULEXWLYHXQGGLHNROOHNWLYH3OXUDOLWlW LQ5HODWLRQ]XHLQDQGHUXQGRUGQHWVLHMHZHLOVGHQ.DWHJRULHQ6LQJXODUYHU VXV3OXUDO]XVRPVVWHQWKHRUHWLVFKEHLGH3OXUDOLWlWHQLQEHLGHQ.DWHJR ULHQLQGHQ6SUDFKHQGHU:HOW]XILQGHQVHLQ(VPVVWHQVLFKGHPQDFK 6SUDFKHQILQGHQODVVHQGLHGLH.ROOHNWLYSOXUDOLWlWEHUGHQ6LQJXODURGHU EHUGHQ3OXUDONRGLHUHQ(EHQVRPVVWHHV6SUDFKHQJHEHQGLHGLH'LV WULEXWLYSOXUDOLWlWEHUGHQ6LQJXODURGHUGHQ3OXUDONRGLHUHQ/HW]WHUHVLVW QXQDEHUQLFKWGHU)DOO,QGHQYRQ&25%(77 EHVFKULHEHQHQ6SUD FKHQNDQQGLH.ROOHNWLYSOXUDOLWlWHQWZHGHUGXUFKGLH.DWHJRULHGHV6LQJX ODUVRGHUGXUFKGLHGHV3OXUDOVRGHUEHLGHNRGLHUWZHUGHQ'LH'LVWULEX WLYSOXUDOLWlW NDQQ MHGRFK QXU GXUFK GHQ 3OXUDO QLH GXUFK GHQ 6LQJXODU NRGLHUWZHUGHQ'LHVH5HVWULNWLRQLVWZRP|JOLFKGXUFKLNRQLVFKH.RGLH UXQJ HUNOlUEDU 6R LPSOL]LHUW GHU 6LQJXODU VWHWV HLQH (LQKHLW GLH MHGRFK QLFKWPLWHLQHUÅ(LQ]HOKHLW´JOHLFK]XVHW]HQLVW'HUGLVWULEXWLYH3OXUDOYHU IJWLP*HJHQVDW]]XPNROOHNWLYHQQLFKWEHUHLQHQVROFKHQÄ(LQKHLWVFKD UDNWHU¶'LHVHQHUEULQJHQOHGLJOLFK,QGLYLGXDWLYLWlWXQG.ROOHNWLYLWlW,QKDOW XQG)RUPVWHKHQLQHLQHPPRWLYLHUWHQ9HUKlOWQLV]XHLQDQGHU'LHV]LHKW HLQH ZHLWHUH ,PSOLNDWLRQ QDFK VLFK GLH *5((1%(5*V 8QLYHUVDOLH E]JOGHV=XVDPPHQKDQJVYRQ*HQXVXQG1XPHUXV*HQXV!1XPHUXV VWW]W6RNDQQHLQH6SUDFKHEHLGHU8QWHUVFKHLGXQJ]ZLVFKHQ(LQ]DKOLJ NHLW 6LQJXODU XQG 0HKU]DKOLJNHLW 3OXUDO GLH 3OXUDOLWlW XQWHUVSH]LIL]LHUW BBBBBBBBBBBBB $XFK EHL HLQHU JUDPPDWLNDOLVLHUWHQ 8QWHUVFKHLGXQJ YRQ .ROOHNWLYSOXUDOLWlW XQG 'LVWULEX WLYSOXUDOLWlWLVWGLH8QWHUVFKHLGXQJP(QLFKWLPPHUOHLFKW]XWUHIIHQ0DQGHQNHDQGHQ 3OXUDOGHVGHILQLWHQ$UWLNHOVLP'HXWVFKHQGLH GHUPLWGHU.DWHJRULH)HPLQLQXP6LQJXODU GLH KRPRQ\P LVW %HLP IHPLQLQHQ 3HUVRQDOSURQRPHQ 36 6* VLH OlVVW VLFK GDVVHOEH 3KlQRPHQEHREDFKWHQ,QWHUSUHWLHUWPDQGLHVHNDWHJRULDOHQ=XVDPPHQIlOOHDOVPRWLYLHUW NDQQ GHU 3OXUDO DOV YLHUWHV *HQXV LP 'HXWVFKHQ LP 6LQQH HLQHU YLHUWHQ 4XDQWLILNDWLRQV WHFKQLNQHEHQGHQGUHL*HQHUDYJO]%É*(/ DQJHVHKHQZHUGHQ(LQHDO WHUQDWLYH$QQDKPHZlUHGLHHLQHVSDUWLHOOHQ6\QNUHWLVPXVLQGHP6LQQHGDVVGDV)HPLQL QXP XQWHU EHVWLPPWHQ %HGLQJXQJHQ GLH $XIJDEHQ GHV 3OXUDO EHUQLPPW 'LHV LVW EVSZ LP$UDELVFKHQGHU)DOOYJO),6&+(5 'LH6SUDFKEHLVSLHOHYRQ%,(50$11 EHVWlWLJHQGLHKLHUJHWURIIHQH$XVVDJH
:DVLVWHLQ.ROOHNWLYXP"
ODVVHQ 'LHV LVW LQ GHQ HUZlKQWHQ ,QGLDQHUVSUDFKHQ GHU )DOO 6LQG MHGRFK EHLGH3OXUDOLWlWHQJUDPPDWLNDOLVLHUWVRNDQQGLH.ROOHNWLYLWlWLQHLQHPYRQ EHLGHQ1XPHULZLHLP'HXWVFKHQ RGHUEHLGHQ1XPHULNRGLHUWVHLQGLH 'LVWULEXWLYLWlWNDQQMHGRFKQLHLP6LQJXODUDXIWUHWHQ3ULQ]LSGHU,NRQL]L WlW =XP3KlQRPHQGHU,NRQL]LWlWSDVVWDXFKGLH7DWVDFKHGDVVGLH.RO OHNWLYSOXUDOLWlWPLWGHP'XDODOVRGHU.DWHJRULHIU=ZHL]DKOLJNHLWNRP SDWLEHO LVW ZlKUHQG GLH 'LVWULEXWLYSOXUDOLWlW ]X GLHVHU .RPSDWLELOLWlW HEHQIDOOVQLFKWLQGHU/DJHLVW&25%(77II 'LH*HPHLQVDP NHLW YRQ .ROOHNWLYLWlW XQG =ZHL]DKOLJNHLW EHVWHKW LQ GHU 7DWVDFKH GDVV EHLGH GLVNUHWH (LQKHLWHQ 7HLOH ]X HLQHU (LQKHLW ]XVDPPHQIDVVHQ 'DV OHLVWHWGLH 'LVWULEXWLYLWlWGDJHJHQQLFKW=XVDPPHQIDVVHQGNDQQPDQVD JHQ GDVV GLH .ROOHNWLYSOXUDOLWlW VLFK SHU VH GDGXUFK DXV]HLFKQHW GDVV VLH HLQH(LQKHLWNRGLHUWZlKUHQGKLQJHJHQGLH'LVWULEXWLYSOXUDOLWlWHLQHQLFKW JHRUGQHWH 0HKU]DKO YRQ (LQ]HOHOHPHQWHQ DQ]HLJW 'DV .ROOHNWLYXP YHU IJWGDUEHUKLQDXVEHUGLH)lKLJNHLWGLH]XVDPPHQJHIDVVWHQ7HLOH]XHL QDQGHULQVSDWLRWHPSRUDOH5HODWLRQ]XVHW]HQ&25%(77
7KH SULPDU\ IXQFWLRQ RI FROOHFWLYHV LV WR VSHFLI\ WKH F R K H V L R Q R I D J U R X S VRPHWLPHV PDQLIHVWHG LQ MRLQW DFWLYLW\ &RKHVLRQ SUHVXSSRVHV D PXOWLSOLFLW\ RI JURXSPHPEHUV7KXVDIOHHWRIFDQRHVFROOHFWLYH PXVWFRQWDLQPRUHWKDQRQH FDQRH>+HUYRUK0:@
(LQ.ROOHNWLYXPLVWUHODWLRQDOGDQNÄDEVROXWHU¶6XEVWDQWLYHGLHZLH9HUEHQ HLQH$UJXPHQWVWHOOHHU|IIQHQ HLQH+HUGHDEHUHLQH+HUGH6FKDIH 'LH=X VDPPHQIDVVXQJNDQQDXFKNDWHJRULDOHU]HXJWZHUGHQZLHLP'HXWVFKHQ ZDVHLQHJUXQGVl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lKOEDUHQ(LQKHLWHQEH UHLWVWHOOHQGLH]XVDPPHQJHIDVVWZHUGHQN|QQWHQ2EPDQGLHWUDQVQXPH BBBBBBBBBBBBB :LHLP$UDELVFKHQVLHKH%HLVSLHOH ² PLW(UOlXWHUXQJHQ 0,+$76&+ ZHLVW GDUDXI KLQ GDVV 6LPLODULWlW GHU ]XVDPPHQJHIDVVWHQ 7HLOH GLH .RKlVLRQYHUVWlUNHQNDQQ .ROOHNWLYPRUSKHPH N|QQHQ ]X 'LVWULEXWLY 3OXUDOPDUNHUQ ZHUGHQ (LQ 8QWHUODXIHQ GHU 1XPHUXV.RQJUXHQ]NRPPWEHLOH[LNDOLVFKHQZLHJUDPPDWLVFKHQGKVXIILJLHUWHQ .RO OHNWLYDHEHQIDOOVKlXILJYRUYJO3$8/II (UIKUW]DKOUHLFKH%HLVSLHOHDQGD UXQWHUHLQH*HVHOOVFKDIWGLHXQWHUVLFKHLQH.RQIHUHQ]KDOWHQ«GLH5HLWHUH\KDFNWHQYLHOHQGLH.|SIHDE 'LH.RQVWUXNWLRQHQHULQQHUQDQGLHGHV(QJOLVFKHQYJO%HLVSLHOH XQG
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
UDOHQ 6XEVWDQWLYH DOV 0DVVHQQRPLQD RGHU DEHU DOV QXPHUXVLQGLIIHUHQWH 6XEVWDQWLYHHLQRUGQHWVREOHLEWGRFKDOV*HPHLQVDPNHLWGLHVHU6XEVWDQWL YHEHVWHKHQGDVVVLHXQTXDQWLIL]LHUWVLQG'HUGLVWULEXWLYH3OXUDOXQGGLH 0DVVHQQRPLQD KDEHQ JHPHLQVDP GDVV EHLGH HLQH 1LFKW.RQWXULHUXQJ +RPRJHQLVLHUXQJ NRQ]HSWXDOLVLHUHQ 'LH QLFKWTXDQWLIL]LHUWHQ 7UDQVQX PHUDOLD N|QQHQ GXUFK VSH]LHOOH .RGLHUXQJVWHFKQLNHQ LQKRPRJHQLVLHUW ZHUGHQZRGXUFKHLQHNROOHNWLYH6HPDQWLN]XVWDQGHNRPPW,P&KLQHVL VFKHQEVSZN|QQHQPLWKLOIHGHV6XIIL[HVPHQ3HUVRQHQ]XVDPPHQJHIDVVW ZHUGHQZLHUHQPHQÄ0HQVFKHQJUXSSH¶ ,P-DSDQLVFKHQZLUGHLQH.ROOHN WLYLHUXQJGXUFKGLH5HGXSOLNDWLRQHLQLJHU6XEVWDQWLYHKHUYRUJHUXIHQ
\DPD\DPD Ä*HELUJH¶ %HUJ%HUJ NDZDJDZD Ä*HELHWPLW)OVVHQ¶ )OXVV)OXVV KLWRELWR Ä0HQVFKHQJUXSSH¶ 0HQVFK0HQVFK
'XUFK GLH 5HGXSOLNDWLRQ ZHUGHQ GLH 6XEVWDQWLYH LQKRPRJHQLVLHUW (V KDQGHOW VLFK XP GLH .RGLHUXQJ HLQHU Ä9LHOIlOWLJNHLW LQQHUKDOE HLQHU 9LHO KHLW¶ %,(50$11 'LH 5HGXSOLNDWLRQ LVW QDFK $XVNXQIW YRQ 0XWWHUVSUDFKOHUQ QXU P|JOLFK ZHQQ PHKUHUH 7HLOH EH]HLFKQHW ZHUGHQ VROOHQ GLH ]XHLQDQGHU lKQOLFK VLQG 'LH UHGXSOL]LHUWHQ 6XEVWDQWLYH VLQG QLFKW PLW HLQHP LQKRPRJHQLVLHUHQGHQ .ODVVLILNDWRU XQG QLFKW PLW =DKO Z|UWHUQ NRPELQLHUEDU 'DV EHGHXWHW DXFK GDVV HV VLFK XP HLQH GHILQLWH 3OXUDOLWlW KDQGHOQ PXVV ZLH VLH DOOHLQH GLH .ROOHNWLYSOXUDOLWlW OHLVWHW %HL BBBBBBBBBBBBB 'HU 7HUPLQXV GHU Ä,QKRPRJHQLVLHUXQJ¶ LPSOL]LHUW GDV 9RUKDQGHQVHLQ HLQHV KRPRJHQHQ 6XEVWDQWLYV8QWHUZXUGHGDUDXIKLQJHZLHVHQGDVVGHU6WDWXVGHU7UDQVQXPHUDOLDGLHV EH]JOLFKJHJHQZlUWLJLQ)UDJHJHVWHOOWZLUG9RQÄ,QKRPRJHQLVLHUXQJ¶NDQQLQGLHVHP=X VDPPHQKDQJGHQQRFKJHVSURFKHQZHUGHQGDGLH9RUGHUJUXQGLHUXQJHLQLJHU7HLOHJOHLFK ]HLWLJHLQH+LQWHUJUXQGLHUXQJYRQHWZDVLPSOL]LHUW9RUGHUXQG+LQWHUJUXQGLHUXQJODXIHQ DOVRDXFKJOHLFK]HLWLJDE %,(50$11EH]LHKWVLFKDXIGDV.RUHDQLVFKHXQG0DOD\LVFKHGLHZLHGDV-DSDQLVFKHWUDQV QXPHUDOH6SUDFKHQVLQGXQGPLWWHOV5HGXSOLNDWLRQYRQ6XEVWDQWLYHQSOXUDOLVLHUHQN|QQHQ $XFKGDV&KLQHVLVFKHKDWHLQVROFKHV6\VWHPLQ5HOLNWHQGDVLP$OWFKLQHVLVFKHQHLQHKHU N|PPOLFKH)RUPGHU3OXUDOLVLHUXQJGDUVWHOOWHYJO.$'(1 ,P 9LHWQDPHVLVFKHQ N|QQHQ ]ZHL ]XP VHOEHQ %HGHXWXQJVIHOG JHK|UHQGH 6XEVWDQWLYH GXUFK .RPSRVLWLRQ HLQ .ROOHNWLYXP ELOGHQ ZLH EVSZ EjQ JKr Ä0RELOLDU¶ Z|UWO Ä7LVFK 6LW]JHOHJHQKHLW¶%HLVSLHODXV.8+1E 6LHWUHWHQLQ5HODWLRQ]XHLQDQGHUXQGELO GHQHLQ]XPVHOEHQ:RUWIHOGJHK|UHQGHV+\SHURQ\P
:DVLVWHLQ.ROOHNWLYXP"
GHU5HGXSOLNDWLRQKDQGHOWHVVLFKXPHLQHLNRQLVFKH.RGLHUXQJYRQ3OXUD OLWlW 'DV LQGHILQLWH WUDQVQXPHUDOH 6XEVWDQWLY ZLUG DXI GLHVH $UW ÅLQYHUV SOXUDOLVLHUW´ 'DV .ROOHNWLYXP IDVVW GLH LQGHILQLWHQ (LQKHLWHQ ]XVDPPHQ ]X HLQHP GHILQLWHQ *DQ]HQ :HUGHQ GDJHJHQ ZLH LQ GHQ LQGRJHUPDQL VFKHQ6SUDFKHQ]lKOEDUH(LQKHLWHQPLWGHPÄKHUN|PPOLFKHQ3OXUDO¶SOXUD OLVLHUWZHUGHQVLHDXWRPDWLVFKLQGHILQLWXQGGDPLWRKQHV\QWDNWLVFKH(LQ EHWWXQJ VHNXQGlU KLQWHUJUXQGLHUW ,P *HJHQVDW] ]XP GLVWULEXWLYHQ VWHOOW GHUNROOHNWLYH3OXUDOHLQHNRQWXULHUWH$XIHLQDQGHUEH]RJHQKHLWYRQ7HLOHQ KHU92*(/
:lKUHQG GHU 3OXUDO LQGHILQLWH 7HLOH PLW LQGHILQLWHP *DQ]HQ YHUHLQLJW LVW GDV .ROOHNWLYHLQGHILQLWHV*DQ]HVPLWLQGHILQLWHQ7HLOHQ'LH0HUNPDOHOLHJHQLQ,Q YHUVLRQVIRUPYRU%HLGHQ.ROOHNWLYDGHV&KLQHVLVFKHQOLHJWGHU6FKZHUSXQNWDXI GHP'LVNUHWKHLWVPHUNPDOGHP*UXSSHQNRQ]HSWGDVGLHPHUNPDOORVHQ6XEVWDQ WLYHQLFKWEHVLW]HQ'DGXUFKZLUGGDV.ROOHNWLYXP]XP3OXUDOGHU7UDQVQXPHUDOLD
'LH .ROOHNWLRQ DOVR GLH =XVDPPHQIDVVXQJ YRQ 7HLOHQ LPSOL]LHUW QDFK ELVKHULJHU%HVFKUHLEXQJQLFKWQXUGLH$QQDKPHYRQ0HKU]DKOLJNHLWGDU EHU KLQDXV LVW GHU TXDQWLILNDWLYH Ä:HUW¶ GHV HLQ]HOQHQ ,QGLYLGXXPV ]X JXQVWHQHLQHU*HPHLQVDPNHLWGHUEHWHLOLJWHQ7HLOHKLQWHUJUXQGLHUW $Q GLHVHU 6WHOOH OLHH HLQHV GHU *HQXV]XZHLVXQJVSULQ]LSLHQ YRQ .g3&.(=8%,1LQWHJULHUHQGHP]XIROJH+\SHURQ\PHEHYRU]XJWQHXWUDO RGHUIHPLQLQVLQGYJOEVSZ.g3&.(=8%,1 +\SHUR Q\PHVLQGKlXILJHLQVWLJH .ROOHNWLYDRGHU$EVWUDNWD6REHGHXWHWHHWZD 2EVW LQ YRUDKG =HLW ÄGDV 'D]X(VVHQ =XNRVW %HLNRVW¶ ./8*( %HL%LOGXQJHQZLH*HElFNÄ%DFNZHUN¶RGHU6FKXOZHVHQLVWGLHNROOHNWL YH 6HPDQWLN V\QFKURQ VHPDQWLVFK QDFK]XYROO]LHKHQ XQG DXI IRUPDOHU (EHQHGLHMHZHLOLJH%LOGXQJVZHLVHPRUSKRORJLVFKWUDQVSDUHQW'LH,QKR PRJHQLVLHUXQJGHU6XEVWDQWLYHLVWQXUGDQQP|JOLFKZHQQGDV6XEVWDQWLY LQ XQTXDQWLIL]LHUWHU )RUP YRUOLHJW $XFK LP 'HXWVFKHQ NDQQ PDQ GLHVH Ä9LHOIlOWLJNHLW LQQHUKDOE HLQHU 9LHOKHLW¶ ILQGHQ XQG ]ZDU DOV 1HEHQOHVDUW GHV 1HXWUXPV 1HEHQOHVDUWHQ NRPPHQ LPPHU GDQQ ]XVWDQGH ZHQQ JH JHQHLQHJUDPPDWLVFKH3UlVXSSRVLWLRQYHUVWRHQZLUG'DVNRQWLQXDWLYH DOVRKRPRJHQLVLHUHQGH1HXWUXPLVWLP*HJHQVDW]]XGHQDQGHUHQEHLGHQ *HQHUDQLFKWSOXUDOIlKLJ'LH.RQWLQXDWLYLWlWEOHLEWEHVWHKHQZLUGMHGRFK VHNXQGlULQKRPRJHQLVLHUW'HU9HUVWRNDQQHLJHQWOLFKQXUGXUFK3OXUDOL VLHUXQJLP6LQQHHLQHU9RUGHUJUXQGLHUXQJHLQ]HOQHU7HLOH LQQHUKDOEGHU +RPRJHQLWlW]XVWDQGHNRPPHQ(VHQWVWHKWHLQH9LHOIlOWLJNHLWLQQHUKDOE HLQHU9LHOIDOW'LHVEH]JOLFKlKQHOWGDVQHXWUDOH.ROOHNWLYXPGHP.ROOHN WLYXP GHU WUDQVQXPHUDOHQ 6SUDFKHQ (LQ %HLVSLHO IU HLQ QHXWUDOHV BBBBBBBBBBBBB =XU.ULWLNGHUYRQ.g3&.(=8%,1 XQG0,//6 SRVWXOLHUWHQSKRQRORJLVFK PRWLYLHUWHQ*HQXV]XZHLVXQJYJO1(80$11II
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
.ROOHNWLYXPZlUHHWZDGWGDV6WXGHQWHQWXP]X6WXGHQW HLQ%HLVSLHOIUHLQ IHPLQLQHV.ROOHNWLYXPZlUHGWGLH6WXGHQWHQVFKDIW )HPLQLQH XQG QHXWUDOH .ROOHNWLYD ZHLVHQ KLQVLFKWOLFK LKUHU 4XDQWLILNDWLRQ 8QWHUVFKLHGH DXI +DXSWDUJXPHQW IU GLH $QQDKPH XQWHUVFKLHGOLFKHU.RQ]HSWXDOLVLHUXQJVYHUKlOWQLVVH]ZLVFKHQQHXWUDOHQXQG IHPLQLQHQ.ROOHNWLYDLVWGLH7DWVDFKHGDVV6SUDFKHVLFKNHLQH5HGXQGDQ] OHLVWHW:UGHHVVLFKEHLGHQEHLGHQ.RGLHUXQJVWHFKQLNHQXPIXQNWLRQDO Y|OOLJ lTXLYDOHQWH 6\VWHPH KDQGHOQ ZUGH GLH 6SUDFKH ODQJIULVWLJ GD]X WHQGLHUHQ HLQHV YRQ EHLGHQ 6\VWHPHQ DXI]XJHEHQ RGHU EHLGH DXV]X GLIIHUHQ]LHUHQ 0DQ ZUGH LQ MHGHP )DOO HLQH .RQNXUUHQ]VLWXDWLRQ HUZDUWHQ 'DV LVW MHGRFK QLFKW GHU )DOO ,P *HJHQWHLO %HLGH 6\VWHPH VFKHLQHQLP1KGUHODWLYNRQNXUUHQ]ORVQHEHQHLQDQGHU]XH[LVWLHUHQ'DV GHXWHWDXIHLQHVFKRQOlQJHUEHVWHKHQGHIXQNWLRQDOH'LIIHUHQ]LHUXQJKLQ 8P GLHVH $QQDKPH ]X VWW]HQ VLQG LP )ROJHQGHQ ZHLWHUH %HREDFKWXQ JHQ DXV GHU 6SUDFKW\SRORJLH KHUDQ]X]LHKHQ =XGHP NDQQ GXUFK GLH %H WUDFKWXQJ VSUDFKKLVWRULVFKHU $XVGLIIHUHQ]LHUXQJVPHFKDQLVPHQ GLH KLHU SRVWXOLHUWH7KHVHJHVWlUNWZHUGHQ ,Q$EVFKQLWWZXUGHGDV*HQXVDOV'LPHQVLRQGHU4XDQWLILNDWLRQ LGHQWLIL]LHUW ZREHL GDV 0DVNXOLQXP ,QGLYLGXDWLYD GDV )HPLQLQXP .ROOHNWLYD E]Z $EVWUDNWD XQG GDV 1HXWUXP .RQWLQXDWLYD EHUHLWVWHOOW :lKUHQG GDV )HPLQLQXP GLH LQKlULHUWHQ 7HLOH KLQWHUJUXQGLHUW XQG GLH Ä=XVDPPHQJHIDVVWKHLW¶ YRUGHUJUXQGLHUW LVW EHLP QHXWUDOHQ .ROOHNWLYXP JHQDX GDV *HJHQWHLO GHU )DOO +LHU VWHKHQ HLQ]HOQH 7HLOH GHU KRPRJHQHQ 0DVVH LP 9RUGHUJUXQG ZlKUHQG GLH Ä=XVDPPHQJHIDVVWKHLW¶ KLQWHU JUXQGLHUWLVW5HFKWIHUWLJHQOlVVWVLFKGLHVH=XRUGQXQJGXUFKGLHMHZHLOLJH 3OXUDOIlKLJNHLW GHV .ROOHNWLYXPV 6R VLQG IHPLQLQH .ROOHNWLYD SULQ]LSLHOO SOXUDOLVLHUEDUZLHGLH6WXGHQWHQVFKDIW²GLH6WXGHQWHQVFKDIWHQ]%DXVDOOHU:HOW GLH1HXWUDGDJHJHQQLFKWZLHGDV6WXGHQWHQWXP² GLH6WXGHQWHQWPHURGHUGDV *HElON² GLH*HElON'HQNRQWLQXDWLYHQ&KDUDNWHUGLHVHUQHXWUDOHQ.RO OHNWLYDFKDUDNWHULVLHUW:,/0$116 IROJHQGHUPDHQ
>«@EHLJLELUJLJLYLOGLJLOHQWLGHQNWPDQQLFKWDQHLQH9LHOKHLWHLQ]HOQHU%HUJH)HO GHU/lQGHUVRQGHUQDQ]XVDPPHQKlQJHQGH0DVVHQ
9RU GLHVHP +LQWHUJUXQG ORKQW HV VLFK ]XP 9HUJOHLFK HLQH 6SUDFKH KHUDQ]X]LHKHQ GLH IU LKUH .RGLHUXQJ YRQ .ROOHNWLYD EHNDQQW LVW +LHU ELHWHW VLFK GDV NODVVLVFKH $UDELVFK DQ GHVVHQ *HQXV6\VWHPDWLN LP BBBBBBBBBBBBB 'LH7DWVDFKHGDVVGDV1HXWUXP*HELUJHLP1KGSOXUDOLVLHUWZHUGHQNDQQGHXWHWPHUHROR JLVFKGDUDXIKLQGDVVHVVLFKXPHLQH/H[LNDOLVLHUXQJKDQGHOQPXVV'LHV]HLJWDXI(EHQH GHU3KRQRORJLHDXFKGHU8PODXWGHU%LOGXQJ)RUPDONDQQPDQGLHVGDUDQHUNHQQHQGDVV GLH 'HULYDWLRQVEDVLV VXEVWDQWLYLVFK LVW ,P 1KG LVW GDV %LOGXQJVPXVWHU IU GLH PLW GHP =LUNXPIL[PDUNLHUWHQ*HH.ROOHNWLYDGHYHUEDO
:DVLVWHLQ.ROOHNWLYXP"
)ROJHQGHQ NXU] VNL]]LHUW ZHUGHQ VROO GD VLH ]X ZHLWHUHQ (UNHQQWQLVVHQ KLQVLFKWOLFK GHU 'LIIHUHQ]LHUXQJ XQWHUVFKLHGOLFKHU .ROOHNWLYDUWHQ IKUHQ ZLUG'DV$UDELVFKHYHUIJWEHU]DKOUHLFKH0|JOLFKNHLWHQGHU.RGLHUXQJ YRQ.ROOHNWLYD(VEHVLW]W]ZHL*HQHUD0DVNXOLQXPXQG)HPLQLQXP'DV )HPLQLQXP LVW ² ZLH KLVWRULVFK EHWUDFKWHW DXFK LQ GHQ LGJ 6SUDFKHQ ² GDV SULPlUH *HQXV IU .ROOHNWLYD 'DV 0DVNXOLQXP HU]HXJW GDJHJHQ ]lKOEDUH 6XEVWDQWLYH GLH PLWWHOV 'LVWULEXWLYSOXUDO SOXUDOLVLHUW ZHUGHQ N|QQHQ $OOHUGLQJV LVW GLHVHU 3OXUDO VHOWHQ XQG ZLUG QXU EHL 3HUVRQHQEH]HLFKQXQJHQ YHUZHQGHW 35(03(5 'LHV SDVVW ]X GHU%HREDFKWXQJGDVV6XEVWDQWLYHEHOHEWHU5HIHUHQ]3HUVRQHQ7LHUH LQ GHQ6SUDFKHQGHU:HOWHLQHVWlUNHUH7HQGHQ]]XU,QGLYLGXDOLVLHUXQJXQG GDPLW 3OXUDOLVLHUXQJ KDEHQ DOV QLFKWEHOHEWH %,(50$11 :HQQ HLQH JHQHUHOOH 0HKU]DKO YRQ 5HIHUHQWHQ DXVJHGUFNW ZHUGHQ VROO ZLUGLP$UDELVFKHQLG5GDV)HPLQLQXPYHUZHQGHWXQDEKlQJLJGDYRQ RE*HJHQVWlQGHRGHU3HUVRQHQSOXUDOLVLHUWZHUGHQVROOHQ0LWGHP6XIIL[ DW NDQQ DXV HLQHP ,QGLYLGXDWLYXP HLQ .ROOHNWLYXP JHELOGHW ZHUGHQ 6(,/(5
D KDPPĆOXQ E KDPPĆODWXQ
Ä7UlJHU¶
ÄHLQH*UXSSHYRQ7UlJHUQ¶
+LQVLFKWOLFKGHU7HFKQLNGHU.ROOHNWLRQODVVHQVLFKDOV5HODWLRQVWHFKQLNHQ GLH $VVR]LDWLRQ XQG 'LVVR]LDWLRQ XQWHUVFKHLGHQ 6(,/(5 II :lKUHQGGLH$VVR]LDWLRQDXVHLQHU0HQJHHLQ.ROOHNWLYPDFKWOHLVWHWGLH 'LVVR]LDWLRQHLQH$XVVRQGHUXQJHLQHUGLVNUHWHQ(LQKHLWGKHLQHV7HLOV DXVGHP.ROOHNWLY'LH'LVVR]LDWLRQLVWDOVRLPVWDQGH,QGLYLGXDWLYDKHU ]XVWHOOHQGLH]XHLQHP.ROOHNWLYXPLQ2SSRVLWLRQVWHKHQ'LHVHVSH]LHOOH $UW YRQ ,QGLYLGXDWLYD EH]HLFKQHW PDQ DOV 6LQJXODWLYD $XV HLQHP *DWWXQJVNROOHNWLY NDQQ DXFK HLQ SOXUDOLVLHUEDUHV 6LQJXODWLYXP ZHUGHQ ,P $UDELVFKHQ N|QQHQ 'LVVR]LDWLRQ XQG $VVR]LDWLRQ PLW GHPVHOEHQ 0RUSKHP DW UHDOLVLHUW ZHUGHQ 'LHV LVW P|JOLFK ZHLO GLH .ROOHNWLRQ ÄLDQXVJHVLFKWLJ¶ KLQVLFKWOLFK GHU 7DWVDFKH ]X LQGLYLGXLHUHQ E]Z ]X JUXSSLHUHQLVWYJO6(,/(5 9JOGLHIROJHQGHQ%HLVSLHOH BBBBBBBBBBBBB ,P-DKUKXQGHUWJDEHV)RUVFKXQJVDQVlW]HGLHDXIJUXQGGHU3DUDOOHOLWlWGHU*HQXVV\V WHPHHLQHJHQHWLVFKH9HUZDQGWVFKDIW]ZLVFKHQGHP$UDELVFKHQXQGGHP,GJQDFKZHLVHQ ZROOWHQ'LH+\SRWKHVHJLOWPLWWOHUZHLOHDOVZLGHUOHJW%HUHLWV%58*0$11ZLHGHU JHJLQ6,(%85* ZLGHUVSULFKWHLQHUVROFKHQ$XIIDVVXQJ 'LHV JLOW DXFK IU DQGHUH DIURDVLDWLVFKH 6SUDFKHQ GLH )lKLJNHLW ZLH HWZD GDV 6RPDOL /( &$50( YJOHWZDGiDVPDVN Ä*HVFKlIW/DGHQ¶²GDDViVPDVN3/ Ä*HVFKlI WH/lGHQ¶²GDDV\RNROOHNWLYHV)(0 Ä*HVFKlIWH/lGHQ¶.ROOHNWLYSOXUDO
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
D KDPĆPXQ Ä7DXEHQDQVLFK¶ .ROOHNWLYJDWWXQJ 7DXEH1RP E KDPĆPDWXQ ÄHLQH7DXEH¶ 6LQJXODWLY 7DXEH6LQJXODWLY1RP F KDPĆPDWXQ ÄHLQ]HOQH7DXEHQ¶ 6LQJXODWLYSOXUDOLVLHUW 7DXEH6LQJXODWLY3/1RP
0|JOLFKZLUGGLHVH3HUVSHNWLYLHUXQJDOVRGXUFKGHQJHQHUDOLVLHUHQGHQXQG JOHLFK]HLWLJ LQGLYLGXLHUHQGHQ &KDUDNWHU GHU .ROOHNWLYLWlW 1XU .ROOHNWLYVXEVWDQWLYH ZLH LQ %HLVSLHO D N|QQHQ VHNXQGlU LQGLYLGXLHUW ZHUGHQ.237-(96.$-$7$00 $XFKN|QQHQPLWGHPVHOEHQ 6XIIL[3DUWLWLYNRQVWUXNWLRQHQJHELOGHWZHUGHQ),6&+(5
D KDGĩGXQ (LVHQ1RP E KDGĩGDWXQ (LVHQ3DUWLWLY1RP
Ä(LVHQ¶
ÄHLQ6WFN(LVHQ¶
'DV VFKHLQW RIIHQVLFKWOLFK P|JOLFK ]X VHLQ GD GDV 6XIIL[ DOV HLQH $UW Ä9RUGHUJUXQGLHUHU¶ IXQJLHUW (V JLEW LP $UDELVFKHQ HLQ PRWLYLHUWHV =XVDPPHQVSLHO GHU .DWHJRULHQ *HQXV XQG 1XPHUXV LP $UDELVFKHQ 6LQJXODU 3OXUDO XQG 'XDO VRZLH DXFK HLQ UHJHOJHOHLWHWHV =XVDPPHQVSLHO GHU *HQHUD VRZLH WHLOZHLVH DXFK LQ .RPELQDWLRQ PLW GHP 1XPHUXV XQWHUHLQDQGHU $QGHUV DOV LP 'HXWVFKHQ LVW HV LP $UDELVFKHQ P|JOLFK EHU1LFKW .RQJUXHQ]HLQHQ3HUVSHNWLYHQZHFKVHO]XHU]HXJHQ6RNDQQ HLQ ILQLWHV 9HUE ]X HLQHP .ROOHNWLYVXEVWDQWLY LP )HPLQLQXP 6LQJXODU QHEHQ IHPLQLQ IOHNWLHUHQGHU DXFK LQ PDVNXOLQ IOHNWLHUHQGHU .RQJUXHQ] VWHKHQ ,VW GDV 6XEMHNW HLQ 6XEVWDQWLY LP )HPLQLQXP 6LQJXODU XQG GDV ILQLWH9HUEHEHQIDOOVVWHKWGLH9LHOKHLWLP9RUGHUJUXQG7ULWW]XPVHOEHQ 6XEVWDQWLY HLQ ILQLWHV 9HUE GDV QDFK GHP 0DVNXOLQXP 6LQJXODU IOHNWLHUW VWHKW GLH *HVDPWKHLW LP 9RUGHUJUXQG $/$47$6&+ I (LQ BBBBBBBBBBBBB (LQlKQOLFKHU)DOOOLHJWLP5XVVLVFKHQEHLP6XIIL[LQDYRUGDVVRZRKO.ROOHNWLYDZLHLQ GUXæLQD Ä*HQRVVHQVFKDIW¶ ZLH 6LQJXODWLYD ZLHVROyPLQD Ä6WURKKDOP¶ ]X VROyPD Ä6WURK¶ ELO GHQNDQQ%HLVSLHOHDXV/2+0$11 )UDQGHUH3KlQRPHQHIHKOHQGHU.RQJUXHQ]LP$UDELVFKHQEHLP6XEVWDQWLYVLHKHHEHQ IDOOV $/$47$6&+ GDQHEHQ 35(03(5 %52&.(/0$11 VRZLH ),6&+(5
:DVLVWHLQ.ROOHNWLYXP"
%HLVSLHO KLHU]X ZlUH HWZD DUDE øXPKşUXQ Ä0HQVFKHQPHQJH¶ GDV V\QWDNWLVFK HLQPDO DOV 0DVNXOLQXP GK DOV (LQKHLW XQG HLQPDO DOV )HPLQLQXPGKDOV9LHOKHLW EHKDQGHOWZHUGHQNDQQ),6&+(5 35(03(5 FKDUDNWHULVLHUWGLHVHQ8QWHUVFKLHGIROJHQGHUPDHQ
(LQH $XVZHUWXQJ GHU $QJDEHQ GHU HLQVFKOlJLJHQ *UDPPDWLNHQ ]HLJW GD GLH .ROOHNWLYD>«@LQKRKHP0DH*HJHQVWDQGVFKDUDNWHUDXIZHLVHQLQVRIHUQVLHPLW 06*.RQJUXHQ] DXIWUHWHQ GLHVHU *HJHQVWDQGVFKDUDNWHU HUVFKHLQW LQ JHZLVVHU :HLVH DEJHVFKZlFKW LP )DOOH GHU )6*.RQJUXHQ] GD GLH 9HUZHQGXQJ GHV ) HKHU GHQ &KDUDNWHU HLQHU JHVWDOWORVHQ 0DVVH EHWRQW DOV GHQ HLQHU 9HUHLQLJXQJ HLQHUPHKURGHUZHQLJHUJURHQ$Q]DKOYRQ(LQ]HOHOHPHQWHQ
$P %HLVSLHO GHV $UDELVFKHQ NDQQ PDQ GDPLW HUNHQQHQ GDVV HLQ EHZXVVWHV 8QWHUODXIHQ YRQ .RQJUXHQ] JUDPPDWLVFK IXQNWLRQDO JHULFKWHW VHLQNDQQ'LHXQWHUVFKLHGOLFKHQ3HUVSHNWLYLHUXQJVP|JOLFKNHLWHQHULQQHUQ VWDUN DQ GLH EHLGHQ .ROOHNWLY$UWHQ LP 'HXWVFKHQ $OOHUGLQJV VLQG GLH )XQNWLRQDOLWlWHQ DXI )HPLQLQXP XQG 1HXWUXP YHUWHLOW ZDV QLFKW YHUZXQGHUW GD GDV 'HXWVFKH VFKOLHOLFK GUHL QLFKW ZLH GDV $UDELVFKH ]ZHL *HQHUD EHVLW]W YJO KLHU]X DXFK $/$47$6&+ $XFK LP 3URWR,GJZDUGDV3KlQRPHQGHU.RQJUXHQ]ZHLWDXVUHVWULQJLHUWHUDOVLQ VSlWHUHQ 6SUDFKVWXIHQ YJO ] % 0$7$629,ü (V ZUGH VLFK YRU GHP VNL]]LHUWHQ +LQWHUJUXQG LQVRIHUQ HLQH hEHUSUIXQJ KLQVLFKWOLFK GHU )UDJH ORKQHQ RE GDGXUFK QLFKW ZLH LP $UDELVFKHQ XQWHUVFKLHGOLFKH 3HUVSHNWLYLHUXQJHQYHUEXQGHQZDUHQ'D]XZUGHDXFKGLH7DWVDFKHSDV VHQ GDVV GHP 3URWR,GJ QXU ]ZHL *HQHUD ]XJHVFKULHEHQ ZHUGHQ 'DGXUFK N|QQWH HLQ JU|HUHU IXQNWLRQDOHU =ZDQJ ]XU 3HUVSHNWLYLHUXQJ DXIPLNUR V\QWDNWLVFKHU(EHQHEHVWDQGHQKDEHQGHUGXUFKGLH(WDEOLH UXQJ HLQHV GULWWHQ *HQXV DE LGJ =HLW JHO|VW ZRUGHQ VHLQ N|QQWH *H PHLQKLQZLUGGDYRQDXVJHJDQJHQGDVVGDV)HPLQLQXPXQG1HXWUXPDXV HLQHU JHPHLQVDPHQ *HQXVNODVVH KHUYRUJHJDQJHQ VLQG- 6&+0,'7 26752:6., E 'LHV PVVWH HLQH 8PRUJDQLVDWLRQ GHV EHVWHKHQGHQ 6\VWHPV QDFK VLFK JH]RJHQ KDEHQ ZDV GLH KHXWH REOLJDWRULVFKH .RQJUX HQ]HUNOlUHQN|QQWH 8QWHUVFKLHGOLFKH$UWHQYRQ.ROOHNWLYDLQHLQHU6SUDFKHVLQGZLHDP %HLVSLHO GHV $UDELVFKHQ VLFKWEDU ZXUGH QLFKWV $XHUJHZ|KQOLFKHV 'LH +LQWHUJUXQGLHUXQJ GHV ,QKDOWV PLW IHPLQLQHU .RQJUXHQ] HULQQHUW VWDUN DQ GDV IHPLQLQH .ROOHNWLYXP LP 'HXWVFKHQ ZlKUHQG GLH 9RUGHU JUXQGLHUXQJ GHU HLQ]HOQHQ (OHPHQWH VWDUN DQ HLQHQ 9HUJOHLFK PLW GHP QHXWUDOHQ.ROOHNWLYXPGHV'HXWVFKHQGHQNHQOlVVW35(03(5
BBBBBBBBBBBBB (LQHQ$QVDW]KLHU]XOLHIHUW26752:6.,DXQGE 9JO-6&+0,'7 Å,QGHUELOGXQJGHVSOQHXWUPXVVGHUJUXQGIUGHQVLQJGHV SUlGLFDWV OLHJHQ GK GHU QRP SO QHXWU PXVV HLQ FROOHFWLYHU VLQJXODU VHLQ ZlKUHQG GLH QRPSOPXQGIHFKWHIOH[LYLVFKHSOXUDOHVLQGµ
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
>«@GHU%HJULIIGHV.ROOHNWLYXPVEHLQKDOWHWGDHLQH'LVWLQNWLYLWlWGHU(OHPHQWH MHGHU]HLWYRUKDQGHQLVW>«@DOOHQIDOOVNDQQPDQVDJHQGDLQGHP0DHLQGHP HLQH.ROOHNWLRQ*HJHQVWDQGVFKDUDNWHUKDWGLHVHJHJHQEHUGHU'LVWLQNWKHLWRGHU ,QGLYLGXDOLWlW KHUYRUJHKREHQ LQ GHQ 9RUGHUJUXQG JHEUDFKW ZLUG 'LH (LQ]HOHOHPHQWH WUHWHQ VSUDFKOLFK LQ GHQ +LQWHUJUXQG ZHUGHQ DEHU QLFKW ÅDXIJHKREHQ´ GXUFK LUJHQGHLQHQ 9HUVFKPHO]XQJVSUR]HVV HV VHL GHQQ GLH $UW LKUHU =XVDPPHQJHK|ULJNHLW LQ GHU .ROOHNWLRQ 9HUHLQLJXQJVTXDOLWlW NDQQ VR YHUVWDQGHQZHUGHQFIGHXWVFK*HELUJH*HEVFK
bKQOLFK lXHUW VLFK .8+1 D 'HPQDFK VLQG GUHL %HGHXWXQJVNRPSRQHQWHQIU.ROOHNWLYDFKDUDNWHULVWLVFK D (OHPHQWTXDOLWlW E 9HUHLQLJXQJVTXDOLWlW F *HJHQVWDQGVFKDUDNHU 'LH (OHPHQWTXDOLWlW VSH]LIL]LHUW GLH (LJHQVFKDIW GLH MHGHP *HJHQVWDQG GHU DQ GHU .ROOHNWLRQ WHLOKDW XQDEKlQJLJ YRQ GHU .ROOHNWLRQ VHOEVW WHLOKDIWLJLVW'LH9HUHLQLJXQJVTXDOLWlWLVWGLHNRQVWLWXLHUHQGH(LJHQVFKDIW DXIJUXQG GHUHU GLH HLQ]HOQHQ (OHPHQWH ]XVDPPHQJHIDVVW ZHUGHQ 'HU *HJHQVWDQGVFKDUDNWHUEH]LHKWVLFKGDUDXIGDVVHLQ.ROOHNWLYXPVHOEVWDOV (LQKHLW HUIDVVW XQG EHKDQGHOW ZHUGHQ NDQQ $EKlQJLJ YRQ GHU XQWHU VFKLHGOLFKHQ *HZLFKWXQJ XQG $XVSUlJXQJ GHU GUHL %HGHXWXQJVNRPSR QHQWHQ ODVVHQ VLFK .8+1 ]XIROJH GLH .ROOHNWLYD HLQ]HOVSUDFKOLFK XQG EHUHLQ]HOVSUDFKOLFKEHVFKUHLEHQ,QGHU'LFKRWRPLH6FKUHLHUHLYV*HVFKUHLH ZlUH YD &KDUDNWHULVWLNXP F DXVVFKODJJHEHQG GD QXU HLQ .ROOHNWLYXP YRUGHUJUXQGLHUWHU 4XDOLWlW *HJHQVWDQGVFKDUDNWHU KDEHQ NDQQ 'LHV KDW .RQVHTXHQ]HQ DXI GLH 9HUHLQLJXQJVTXDOLWlW E (LQ .ROOHNWLYXP PLW *HJHQVWDQGVFKDUDNWHU LVW FKDUDNWHULVLHUW GXUFK VHLQH 3OXUDOIlKLJNHLW 'LHV WULIIW LP KHXWLJHQ 'HXWVFKHQ QXU DXI GDV IHPLQLQH .ROOHNWLYXP QLFKW MHGRFKDXIGDVQHXWUDOH.ROOHNWLYXP]X%HLGH.ROOHNWLYDUWHQZHUGHQDXI JUXQG GHU SDUDOOHOHQ ([LVWHQ] GHU 0HUNPDOH > =b+/%$5@ XQG >² =b+/%$5@ LP 1KG DXFK DOV VRJ ,WHUDWLYD EH]HLFKQHW .857+ E 'LHVLVWMHGRFK]XXQJHQDXIRUPXOLHUWGDDXFKGHUGLVWULEXWLYH3OXUDO GLH.RPELQDWLRQEHLGHU0HUNPDOHDXIZHLVWDOOHUGLQJVLP3OXUDOPLW'R PLQDQWVHW]XQJGHV0HUNPDOV>² =b+/%$5@,P6LQJXODUVROOWHGDKHUEHV VHU YRQ .ROOHNWLYLWlW JHVSURFKHQ ZHUGHQ GD GLHVH LP *HJHQVDW] ]XP ÄKHUN|PPOLFKHQ¶ 3OXUDO GLH GLVNUHWHQ 7HLOH ]XHLQDQGHU LQ 5HODWLRQ VHW]W XQGJUXSSLHUW'LHLWHUDWLYH6HPDQWLNGHV.ROOHNWLYXPVNRPPWGXUFKGLH 8QVSH]LIL]LHUWKHLW GHU 7HLOH LQ 5HODWLRQ ]X LKUHU =XVDPPHQIDV VXQJ]XVWDQGH'HU8QWHUVFKLHG]XPGLVWULEXWLYHQ3OXUDOEHVWHKWZLHEH UHLWVDP$QIDQJGHV$EVFKQLWWVGDUJHOHJWGDULQGDVVHV7HLOHLQ]XHLQDQ
:DVLVWHLQ.ROOHNWLYXP"
GHULQ%H]LHKXQJVHW]W²GDVOHLVWHWGHUGLVWULEXWLYH3OXUDOQLFKW%$+'(5 OLHIHUW KLQVLFKWOLFK GHU KHXWLJHQ =LUNXPILJLHUXQJHQ HLQH %HREDFK WXQJ GLH DXI GLH JUDPPDWLVFKHQ %HWUDFKWXQJHQ EHUWUDJHQ ZHUGHQ NDQQ %$+'(5
,QGHUlOWHUHQVFKLFKWGHUYRQXQV]XEHVSUHFKHQGHQELOGXQJHQLQZ|UWHUQZLH PKGJHEHUFJHZHUS ZHQLJVWHQVZLUGGXUFKGDVYRUWUHWHQGHVJDQXUGHUDXVVFKOXVV GHUHLQPDOLJHQKDQGOXQJEHVWLPPWKHUYRUJHKREHQZlKUHQGLQGHUMQJHUHQ]E LQJHUHGHJHVFKZlW] PHLVWGHUEHJULIIGHUZ L H G H U K R O W H Q K D Q G O X Q J D O V R H L Q H G H U X U V S U Q J O L F K H Q F R O O H F W L Y L V F K H Q >JHEHGHXWHWHLP*HUPDQLVFKHQÄ]X VDPPHQ¶@V H K U Q D K H V W H K H Q G H E H G H X W X Q J ]XPDXVGUXFNNRPPW>«@1XU KLHUEOHLEWGLHJUXQGEHGHXWXQJGLHVHOEHLQGHPDOOHUGLQJVDQGLHVWHOOHGHUPHKU KHLWLPUDXPHGLHGHUPHKUKHLWLQGHU]HLWWUDW>+HUYRUKXQG$QP0:@
'LH KHXWLJHQ =LUNXPILJLHUXQJHQ ZDUHQ KLQVLFKWOLFK LKUHU %DVLV ]XQlFKVW GHVXEVWDQWLYLVFKHUVWLP/DXIHGHV6SUDFKZDQGHOVZHUGHQVLHGHYHUEDO 'LH GHVXEVWDQWLYLVFKHQ %LOGXQJHQ VLQG KHXWH QLFKW PHKU SURGXNWLY 6LH VLQGOH[LNDOLVLHUWXQGODVVHQVLFKDXIJUXQGLKUHVRSDNJHZRUGHQHQ%H]XJV ]XU*UDPPDWLNLP1KGSOXUDOLVLHUHQGDV*HELUJH²GLH*HELUJH ZDVEHLGHQ KHXWLJHQ GHYHUEDOHQ %LOGXQJHQ GHVVHOEHQ 0XVWHUV QLFKW P|JOLFK LVW GDV *HODXIH ² GLH *HODXIHQ %LOGXQJHQ DXI *H ZDUHQ ]XQlFKVW UHLQH 3UlILJLH UXQJHQXQGN|QQWHQ]X%HJLQQLKUHU(QWVWHKXQJZLHHLQ3DUWLWLYIXQNWLR QLHUWKDEHQ $XFKGHU3DUWLWLYYRUGHUJUXQGLHUWHLQHQGHILQLWHQ7HLODXVHLQHULQGH ILQLWHQ 0DVVH 6HNXQGlU VLQG 6XIIL[H GD]XJHNRPPHQ ZRGXUFK VLFK GLH ÅLWHUDWLYH6HPDQWLN´HUNOlUHQOlVVW+(1=(1II 'DV3UlIL[JD GDVHLJHQWOLFKDXVGHPYHUEDOHQ%HUHLFKVWDPPWXQGGRUWDOV,QKRPRJHQL WlWVPDUNHUXUVSUQJOLFKJHUP JDÄ]XVDPPHQ¶ IXQJLHUWZXUGHDXIGHQ BBBBBBBBBBBBB 'DGLVWULEXWLYHUXQGNROOHNWLYHU3OXUDOVLFKGXUFKGDV0HUNPDO> ,7(5$7,9@DXV]HLFKQHQ N|QQHQEHLGHDXFKV\QNUHWLVLHUHQYJODXFK-6&+0,'7 Å3OXUDOXQGFROOHFWLYXP VLQG DOOHUGLQJV XUVSUQJOLFK QLFKW JOHLFKEHGHXWHQG (UVWHUHU EH]HLFKQHW PHKUHUH DOV JH WUHQQW YRUJHVWHOOWH HLQ]HOGLQJH OHW]WHUHV HLQH YHUHLQLJXQJ GHUVHOEHQ $EHU LQ YLHOHQ )lOOHQ NRPPWGLHDQZHQGXQJEHLGHUDXIGDVVHOEHKLQDXVÄ%HUJH¶XQGÄ*HELUJH¶VLQGYHUVFKLHGHQ JHGDFKWDEHUHVJLHEWYLHOHVWHOOHQGHUHUGREHUIOlFKHZHOFKHPDQVRZRKOGXUFKÄEHUJH¶DOV GXUFK ÄJHELUJH¶ EH]HLFKQHQ NDQQ XQG VR YHUZLVFKW VLFK OHLFKW GHU XQWHUVFKLHG ]ZLVFKHQ EHLGHQ´ +LQVLFKWOLFKGHV)RUPHQUHLFKWXPVGHU*H6XEVWDQWLYHZlUHHLQHGLDFKURQDQJHOHJWH8QWHU VXFKXQJLQWHUHVVDQWGLHVWULNWQDFKGHU6HPDQWLNGHV*HQXVXQWHUVFKHLGHW6RLVWQlPOLFK QLFKWDXV]XVFKOLHHQGDVVQLFKWQHXWUDOH%LOGXQJHQZLHGHU*HVDQJ $EOHLWXQJHQ]XSHUIHN WLYHQ9HUEHQDXIJHZDUHQGHUHQ%LOGXQJVPXVWHUQLFKWPHKUYROONRPPHQWUDQVSDUHQWZDU ,QGLHVHP)DOON|QQWHZLHGHUGDV*HQXVDXIVFKOXVVUHLFKIUGLHVHPDQWLVFKH,QWHUSUHWDWLRQ GHU%LOGXQJHQVHLQ(LQHGHUDUWLJH8QWHUVXFKXQJZlUHYRUDOOHPYRUHLQHPVSUDFKW\SRORJL VFKHQ +LQWHUJUXQG LQVEHVRQGHUH GXUFK HLQHQ 9HUJOHLFK GHU JHUPDQLVFKHQ 6SUDFKHQ JH ZLQQEULQJHQG 'LHXUVSUQJOLFKH%HGHXWXQJLVWEHLHLQLJHQHUKDOWHQHQ0DVNXOLQDZLHHWZD*HQRVVHDKG JLQŇ]]R]XQŇ]Ä1XW]YLHK¶DOVRZ|UWOÄ0LWKLUWH¶JHUP JDKODLEDÄ*HQRVVH¶Z|UWOÄGHUGHU
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
VXEVWDQWLYLVFKHQ%HUHLFKHUZHLWHUWXQGHUEUDFKWHGRUWGLH)XQNWLRQHLQHU SDUWLHOOHQ 9RUGHUJUXQGLHUXQJ ]X HLQHU KLQWHUJUXQGLHUWHQ 0DVVH 'LH VH NXQGlU GD]XJHNRPPHQHQ 6XIIL[H LP 1KG QXU HUKDOWHQ LQ =LUNXPILJLH UXQJHQ DXI GDV 0RUSK H ZLH HLQ GHU %LOGXQJ *HODFKH IJHQ GHU 9RUGHU JUXQGLHUXQJ LWHUDWLYH 6HPDQWLN KLQ]X 9RU GLHVHP +LQWHUJUXQG N|QQHQ GHYHUEDOH%LOGXQJHQZLHQKG*HODFKH*HVFKUHLH*HKSIHHUNOlUWZHUGHQ(V KDQGHOWVLFKXPHLQHXQVSH]LIL]LHUWH*UXSSLHUXQJYRQGLVNUHWHQ$EVFKQLW WHQ7HLOHQ LQQHUKDOEHLQHUNRQWLQXDWLYHQ0DVVH'LHHLQ]HOQHQ7HLOHVLQG ]XHLQDQGHUKHWHURJHQ'DVOLHJWGDUDQGDVVGHU3DUWLWLY]ZDULQGLYLGXDOL VLHUWDOOHUGLQJVLP*HJHQVDW]]XPÄHLQIDFKHQ¶,QGLYLGXDWLYXPGLH+LQWHU JUXQGLHUXQJ QLFKW Y|OOLJ DXIJLEW 'DGXUFK EOHLEW GHU Å0DVVHQFKDUDNWHU´ GHV1HXWUXPVHUKDOWHQ$EELOGXQJ]HLJWGLHYRUGHUJUXQGLHUHQGH4XDQWL ILNDWLRQVOHLVWXQJ GHV 3DUWLWLYV EHL KLQWHUJUXQGLHUWHQ 0DVVHQQRPLQD DP %HLVSLHOHWZDV0LOFK
HWZDV0LOFK
$EE.RQ]HSWXDOLVLHUXQJGHV3DUWLWLYVDP%VSHWZDV0LOFK
,P)LQQLVFKHQNDQQGHU3DUWLWLYDQPD[LPDOGHILQLWH6XEVWDQWLYHQlPOLFK (LJHQQDPHQ WUHWHQ (U ZLUG DOVR QLFKW QXU ]XU 4XDQWLILNDWLRQ VRQGHUQ DXFK]XU7\SLVLHUXQJJHQXW]W$XVHLQHP,QGLYLGXDWLYXPNDQQVRPLWHLQ 0DVVHQQRPHQZHUGHQ'HU3DUWLWLYEH]HLFKQHWGDEHLGLH*HVDPWKHLWGHU FKDUDNWHULVWLVFKHQ0HUNPDOHHLQHU3HUVRQ%$//(6I
D 6HRQ/LLVD1206* E 6HRQ/LLVDD3$576*
Ä'DVLVW/LVD¶ Ä'DVLVWW\SLVFKIU/LVD¶
E N|QQWHPDQLP'HXWVFKHQDXFKPLWHLQHPVWDWLYHQ$GMHNWLYZLHGHU JHEHQ'DVLVW OLVLVFK (LQHLQGLHVHU+LQVLFKWYHUJOHLFKEDUH.RQVWUXNWL RQ ZHOFKH DXV HLQHP ,QGLYLGXDWLYXP HLQ 0DVVHQQRPHQ PDFKW LVW GHU BBBBBBBBBBBBB GDVVHOEH%URWKDW¶ YHUJOHLFKEDUPLWGHPQKG3UlIL[RLGPLWZLHLQ0LWYHUIDVVHU$XVJHKHQG YRQ GHU hEHUOHJXQJ GDVV 3UlIL[H LQ GHQ LGJ 6SUDFKHQ QLH IXQNWLRQDOH .|SIH GDUVWHOOHQ ZlUHYDGDV*HQXVGLH%HGHXWXQJGHUHQWVSUHFKHQGHQ%LOGXQJIUGLHVHPDQWLVFKH,QWHU SUHWDWLRQLQ%HWUDFKW]X]LHKHQ $EEKDWGDKHUDXFKIUGDV)LQQLVFKH*OWLJNHLW
:DVLVWHLQ.ROOHNWLYXP"
(LQVDW]GHVUHSUlVHQWDWLYHQ6LQJXODUVZLHLQGHP6DW](ULVWHLQHFKWHU*RHWKH 0, =b+/%$5@XQG>² =b+/%$5@,PYRUOLHJHQGHQ)DOONDQQ LQhEHUHLQVWLPPXQJPLWGHU6HPDQWLNGHVMHZHLOV]XJUXQGHOLHJHQGHQ*H QXV MHZHLOV HLQ 0HUNPDO DOV GRPLQDQW EHU GDV DQGHUH JHVHW]W ZHUGHQ 'DPLWHUJLEWVLFKIROJHQGH=XRUGQXQJ
)HPLQLQHV.ROOHNWLYXP 1HXWUDOHV.ROOHNWLYXP
>=b+/%$5@XQGVHNXQGlU>²=b+/%$5@ >²=b+/%$5@XQGVHNXQGlU>=b+/%$5@
$EELOGXQJPDFKWGLH8QWHUVFKLHGHJUDILVFKGHXWOLFK .ROOHNWLYLWlWGHV)HPLQLQXPV +XVWHUHL3OXUDO+XVWHUHLHQ
.ROOHNWLYLWlWGHV1HXWUXPV GDV*HKXVWHNHLQ3OXUDO
$EE)HPLQLQHYVQHXWUDOH.ROOHNWLYLWlW
'DV)HPLQLQXPVWHOOWGHU6SUDFKHDOVRJUHQ]EH]RJHQHGKSOXUDOLVLHUEDUH .ROOHNWLYDEHUHLWZlKUHQGGDV1HXWUXPLP1KGNRQWLQXDWLYHDOVRQLFKW JUHQ]EH]RJHQH.ROOHNWLYDPLWWHOV=LUNXPILJLHUXQJNRGLHUW2GHUDQGHUV IRUPXOLHUW:lKUHQGGDV)HPLQLQXPSULPlUGLH*HJHQVWDQGVTXDOLWlWNRQ ]HSWXDOLVLHUWVWHOOWGDVQLFKWSOXUDOLVLHUEDUHQHXWUDOH.ROOHNWLYXPGLH(OH PHQWTXDOLWlW LQ GHQ 9RUGHUJUXQG $XFK IU GLH URPDQLVFKHQ 6SUDFKHQ VLQGEHLGH$UWHQYRQ.ROOHNWLYLWlWZLHLQ$EEGDUJHVWHOOW EHOHJW:LH DQGHQVSDQLVFKHQ%HLVSLHOHQ XQG HUVLFKWOLFKZLUGVWHOOW]ZDUGDV )HPLQLQXP GLH ÅNODVVLVFKHQ´ .ROOHNWLYD EHUHLW GDQHEHQ JLEW HV MH GRFK.RQVWUXNWLRQHQZLHLQ GLHVLFKIRUPDOZLH0DVNXOLQDYHUKDOWHQ BBBBBBBBBBBBB 'DVV EHLGH *HQHUD )HPLQLQXP XQG 1HXWUXP .ROOHNWLYD EHUHLWVWHOOHQ LVW EHUHLWV %58* 0$11 DXIJHIDOOHQ(UIKUWGLHVHQ*HGDQNHQMHGRFKQLFKWZHLWHUDXV
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
LQKDOWOLFK MHGRFK NRQWLQXDWLY ZLH HLQ 1HXWUXP VLQG %HLVSLHOH DXV 0,+$76&+I
XQDFXEHUWHUtDIHP ODPLWDGGHOSXEOLFRPDVN
ÄHLQ%HVWHFNVHW¶ ÄGLH+lOIWHGHU=XVFKDXHU¶
'LH 3UlSRVLWLRQDOSKUDVH LQ LVW DGGLWLY XQG WHLOEDUXQG EHVLW]W VR GLH 0HUNPDOHHLQHV0DVVHQQRPHQV,Q%H]XJDXIGLH)OH[LRQYHUKlOWVLHVLFK ZLHHLQ0DVNXOLQXPKLQVLFKWOLFKGHUV\QWDNWLVFKHQ.RQVWUXNWLRQGDJHJHQ ZLHHLQ1HXWUXP'DV*HQXVGHU33LQ LVWGDKHUIRUPDOLQ.ODPPHUQ JHVHW]WDXFKYRUGHP+LQWHUJUXQGGDVVIUGDV6SDQLVFKHXQG3RUWXJLH VLVFKH HLQ UHOLNWKDIW HUKDOWHQHV 1HXWUXP DQJHQRPPHQ ZLUG YJO HWZD 320,1267$5&. ZLH VSDQLVFK OR EXHQR ÄGDV *XWH¶ OR SpOR Ä+DDU¶ 0DVVHQQRPHQ GDJHJHQSLOXÄHLQ]HOQHV +DDU¶XQGGHUGLVWULEXWLYH3OXUDO SpORV Ä+DDUH¶ $XFK LP )UDQ]|VLVFKHQ VLQG 3DUWLWLYNRQVWUXNWLRQHQ VHKU ]DKOUHLFK'LHXQWHUJHWURIIHQH$XVVDJHGDVVGLH.ROOHNWLYLWlWLQGHQ URPDQLVFKHQ6SUDFKHQGXUFKGDV)HPLQLQXPNRGLHUWZLUGOlVVWVLFKDOVR DXFKKLHUEHVWlWLJHQREJOHLFKGHU$QWHLOYRQ/H[LNDOLVLHUXQJHQLHQLFKW PHKU JUDPPDWLVFK PRWLYLHUWHQ %LOGXQJHQ ZHLWDXV K|KHU DOV LP 'HXW VFKHQ VHLQ GUIWH YJO GDV 0DWHULDO LQ %$/',1*(5 ]XP )UDQ ]|VLVFKHQ 3$%67 ]XP 3RUWXJLHVLVFKHQ %581(7 ]XP ,WDOLH QLVFKHQ 'DV ODWHLQLVFKH 1HXWUXP LVW KDXSWVlFKOLFK ZHQQ DXFK QLFKW DXVVFKOLHOLFK LP )HPLQLQXP DXIJHJDQJHQ $XIJUXQG GHU (LJHQVFKDIW GHV1HXWUXPVVHNXQGlUH,WHUDWLYLWlWHU]HXJHQ]XN|QQHQNRQQWHGLHNRQ WLQXDWLYH 6HPDQWLN LQ .RQVWUXNWLRQHQ GLH DXWRPDWLVFK .RQWXULHUWKHLW HYR]LHUHQLQGDV0DVNXOLQXPHLQJHKHQ1HXWUXPXQG0DVNXOLQXPKDEHQ JHPHLQVDPGDVVEHLGHVWDWLYLVFKVLQG6WDWLYLWlWLPSOL]LHUWKRPRJHQH*H JHQVWDQGVTXDOLWlW'D*HJHQVWDQGVTXDOLWlWXQG,QGLYLGXDWLYLWlWVWDUNDIILQ VLQGNDQQGLHDQVLFKLPSHUIHNWLYH6WDWLYLWlW0HUNPDO>² =b+/%$5@ GLH HLJHQWOLFK HLQH $IILQLWlW ]X 1HXWUXP EHVLW]W EHL 6\QNUHWLVPXVGHP 0DV NXOLQXP ]XNRPPHQ $XI GHU DQGHUHQ 6HLWH EHVWHKW HLQH *HPHLQVDPNHLW ]ZLVFKHQ QHXWUDOHP .ROOHNWLYXP XQG QHXWUDOHP .RQWLQXDWLYXP LQ GHU %HUHLWVWHOOXQJYRQ+RPRJHQLWlW(LQH2SSRVLWLRQEHVWHKW]ZLVFKHQ0DV NXOLQXPXQG)HPLQLQXP'LH7HFKQLNHQGHU$VVR]LDWLRQ0HQJHQELOGXQJ YRQ ]lKOEDUHQ (LQKHLWHQ XQG 'LVVR]LDWLRQ ,QGLYLGXDWLYELOGXQJ DXV HL QHP .ROOHNWLY WUHWHQ ]ZLVFKHQ GHP 0DVNXOLQXP XQG )HPLQLQXP ZLH 6WXGHQW ² 6WXGHQWHQVFKDIW DXI 'DVV SHUVRQDOH .ROOHNWLYD SULPlU )HPLQLQD BBBBBBBBBBBBB =X'HWDLOVYJO6&+2(1
:DVLVWHLQ.ROOHNWLYXP"
VLQG OlVVW VLFK GDGXUFK HUNOlUHQ GDVV 3HUVRQHQNROOHNWLYH LQ 1XPHUXV VSUDFKHQQLFKWÅYHUPDVVW´ZHUGHQN|QQHQ0,+$76&+ 'DPLWLVWHVDXFKNHLQ=XIDOOGDVV3HUVRQHQZLHHWZD%lFNHU/HKUHU 6FKOHU LQ *HQXVVSUDFKHQ IRUPDO PDVNXOLQ VLQG 6LH VLQG GLH W\SLVFKHQ ,QGLYLGXDWLYDGLHVLFKFKDUDNWHULVWLVFKHUZHLVHGDGXUFKDXV]HLFKQHQLQ5H ODWLRQ]XHWZDV]XVWHKHQ(LQVRJÅJHQHULVFKHV0DVNXOLQXP´LVWGDVW\SL VFKH6XEMHNWGDHVGXUFKGLH]XJHK|ULJH3UlGLNDWLRQQlKHUFKDUDNWHULVLHUW LVW $XV GLHVHP *UXQG ZLUG GDV JHQHULVFKH 0DVNXOLQXP DXFK EHU GLH 'LPHQVLRQGHU%HOHEWKHLWFKDUDNWHULVLHUWYJOKLHU]X 'LH8PNHKUXQJ JLOW QLFKW 'DV LVW GDUDQ ]X HUNHQQHQ GDVV ² DEJHVHKHQ YRQ PDUNLHUWHQ .RQWH[WHQ²QLFKWMHGHV/H[HPPLWEHOHEWHU5HIHUHQ]PLW+DQGOXQJVYHU EHQYHUEXQGHQZHUGHQNDQQ,Q.DSLWHOXQGZHUGHQZLUVHKHQGDVV GLH EHLGHQ *HQHUD 0DVNXOLQXP XQG )HPLQLQXP LP 'HXWVFKHQ DXFK SULPlU GLHMHQLJHQ VLQG GLH PLW 6XIIL[HQ PDUNLHUW ZHUGHQ 'D]X N|QQHQ HEHQVRPHUNPDOORVH0DVNXOLQDJH]lKOWZHUGHQGDVLHDOV1XOODEOHLWXQJHQ LQ$QOHKQXQJDQ92*(/ NODVVLIL]LHUEDUVLQGXQGKLVWRULVFKKlXILJ LQ .RQNXUUHQ] PLW GHQ DXI HU DEJHOHLWHWHQ 0DVNXOLQD VWDQGHQ YJO $E VFKQLWW 'LH %HUHLWVWHOOXQJ YRQ .RQWLQXDWLYD HUEULQJW DXVVFKOLHOLFK GLHJUDPPDWLVFKH7UDQVSRVLWLRQ*HQXVQHXWUXP ZLHHWZDGLH6XEVWDQWL YLHUXQJYRQ,QILQLWLYHQ(LQ6RQGHUIDOOLVWGLH=LUNXPILJLHUXQJGLHMHGRFK LP'HXWVFKHQTXDQWLWDWLYVHKUVHOWHQYRUNRPPW&+$// ZDV GDPLW]XVDPPHQKlQJHQN|QQWHGDVVVLHPRUSKRORJLVFKHQ5HVWULNWLRQHQ XQWHUOLHJW'LHVHLVWEHLSUlILJLHUWHQ9HUEHQQLFKWP|JOLFKZLH 9HUJHVWHKH
*HYHUVWHKH EHL 3DUWLNHOYHUEHQ GDJHJHQ VFKRQ ZLH GDV +HUXPJHVWHKH GDV 8PKHUJHJHKH %HLGHU.ROOHNWLYDEVWUDNWELOGXQJSUlILJLHUWHU9HUEHQN|QQHQ VWDWWGHVVHQIHPLQLQH%LOGXQJHQDXIHUHLGLH$XIJDEHEHUQHKPHQ,QZLH ZHLW QHXWUDOH XQG IHPLQLQH .ROOHNWLYLWlW VRZLH IHPLQLQH 'HULYDWLRQ XQG VXEVWDQWLYLHUWHU ,QILQLWLY ZLH GLH 'UHKXQJ YV GDV 'UHKHQ HLQDQGHU lTXLYD OHQWVLQGVROOLQ.DSLWHOELVDXIGHU%DVLVYRQVSUDFKKLVWRUVLFKHQ %HWUDFKWXQJHQJHNOlUWZHUGHQ 'HUIROJHQGH$EVFKQLWWJHKWGHU)UDJHQDFKZLHGHU=XVDPPHQ KDQJ]ZLVFKHQ.ROOHNWLYLWlWXQG$EVWUDNWKHLWDXVWKHRUHWLVFKHU6LFKWQRFK JHQDXHU JHIDVVW ZHUGHQ NDQQ (V LVW EHNDQQW GDVV %LOGXQJVPXVWHU GLH GD]X GLHQHQ .ROOHNWLYD ]X NRGLHUHQ GLH 9RUODJH IU GLH %LOGXQJ YRQ $EVWUDNWD OLHIHUQ ZLH *HELUJH ! *HODXIH (LQH VROFKH =XQDKPH YRQ VHPDQWLVFKHU .RPSOH[LWlW NDQQ QXU P|JOLFK VHLQ ZHQQ ]ZLVFKHQ .ROOHNWLYLWlW XQG $EVWUDNWKHLW JHZLVVH *HPHLQVDPNHLWHQ EHVWHKHQ 'HV :HLWHUHQ VROO GLH )UDJH GLVNXWLHUW ZHUGHQ ZHOFKH 5ROOH GDV *HQXV EHL VROFKHQÄ$EVWUDNWLRQVSUR]HVVHQ¶VSLHOW,Q.DSLWHOZXUGHGDV)HPLQLQXP BBBBBBBBBBBBB =XU)UDJHQDFKGHP=XVDPPHQKDQJ]ZLVFKHQ*HQXVXQG6H[XVVLHKH
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
DOV GLHMHQLJH *HQXVNODVVH EHVFKULHEHQ GLH GHP 6SUDFKV\VWHP QHEHQ GHQ .ROOHNWLYDDXFKGLH$EVWUDNWDEHUHLWVWHOOW'DPLWZlUHGDV)HPLQLQXPHLQ VRJ Å$EVWUDNWLRQVJHQXV´ (V VWQGH QDFK ELVKHULJHQ %HREDFKWXQJHQ GDKHU ]X YHUPXWHQ GDVV GDV 1HXWUXP GHP )HPLQLQXP DXFK EHL GHU +HUVWHOOXQJ YRQ $EVWUDNWKHLW .RQNXUUHQ] PDFKW (LQ ZHLWHUHU %OLFN LVW ]XGHPDXIGDV0DVNXOLQXP]XZHUIHQGHVVHQUHLQDXIÄ.RQNUHWKHLW¶RGHU %HOHEWKHLW]XVXEVXPLHUHQGHU6WDWXVEHL%LOGXQJHQZLH%UXFK:XUI.QDOO IUDJZUGLJ HUVFKHLQHQ NDQQ 'DV .DSLWHO GLHQW GDPLW DXFK GHU .OlUXQJ GHU )UDJH RE HLQ =XVDPPHQKDQJ YRQ *HQXV XQG $EVWUDNWLRQ HUPLWWHOW ZHUGHQ NDQQ XQG RE YRU GLHVHP +LQWHUJUXQG DOOHQ *HQHUD DXI JOHLFKH $UW E]Z LQ JOHLFKHP 0DH GLH )lKLJNHLW ]XU $EVWUDNWLRQ ]XJHVSURFKHQ ZHUGHQNDQQ .ROOHNWLYLWlW$EVWUDNWKHLWXQG*HQXV :LH EHUHLWV LP YRUKHULJHQ $EVFKQLWW DQJHVSURFKHQ ZXUGH N|QQHQ %LOGXQJVPXVWHUGLH.ROOHNWLYDNRGLHUHQLP9HUODXIGHU6SUDFKJHVFKLFKWH ]XU .RGLHUXQJ YRQ $EVWUDNWD YHUZHQGHW ZHUGHQ ZLH *HELUJH ! *HODFKH 9RU GHP +LQWHUJUXQG GDVV ZLH EHUHLWV JH]HLJW ZRUGHQ LVW .ROOHNWLYD GXUFKPHUHRORJLVFKH0HUNPDOHGHU4XDQWLILNDWLRQEHVFKUHLEHQODVVHQLVW SDUDOOHOGD]X]XEHUSUIHQREHLQHGHUDUWLJH%HVFKUHLEXQJHEHQIDOOVIU GLH$EVWUDNWDP|JOLFKLVW'LHV]LHKWGLH)UDJHQDFKVLFKZLHVLFKGLHHLQ ]HOQHQ *HQHUD KLQVLFKWOLFK GHU %HUHLWVWHOOXQJ YRQ $EVWUDNWD YHUKDOWHQ /LHH VLFK HLQ *HQXV DXVPDFKHQ GDVV DXIJUXQG VHLQHU PHUHRORJLVFKHQ (LJHQVFKDIWHQ GHQ DQGHUHQ *HQHUD ÅEHUOHJHQ´ KLQVLFKWOLFK GHU %HUHLW VWHOOXQJ YRQ $EVWUDNWD LVW KlWWH GLHV ZHLWUHLFKHQGH .RQVHTXHQ]HQ KLQ VLFKWOLFK GHU $UFKLWHNWXU QRPLQDOHU *UDPPDWLN 'D]X PXVV JHNOlUW ZHU GHQREGHU=XVDPPHQKDQJYRQ.ROOHNWLYLWlWXQG$EVWUDNWKHLWGHUHLQ]LJ P|JOLFKH:HJ]XP$XIEDXYRQ$EVWUDNWKHLWLVWRGHUDEHUREVLFKDQGHUH .RGLHUXQJVP|JOLFKNHLWHQ ]XU %HUHLWVWHOOXQJYRQ $EVWUDNWD ILQGHQ ODVVHQ $XIHLQHUHLQOH[LNDOLVFKDUJXPHQWLHUHQGH'HILQLWLRQYRQ$EVWUDNWKHLWVROO GDKHUYHU]LFKWHWZHUGHQ6WDWWGHVVHQVROOHLQHGHUDUWLJH'HILQLWLRQYRQHL QHUIRUPDOHQ%HVFKUHLEXQJDEJHOHLWHWZHUGHQGHUHQWKHRUHWLVFKHV*UXQG SULQ]LSLP)ROJHQGHQNXU]GDUJHOHJWZHUGHQVROO (LQ.ROOHNWLYXPIDVVWHLQ]HOQH7HLOH]XHLQHU(LQKHLW]XVDPPHQZLH HWZD*HELUJHHLQ]HOQHNRQNUHWHÄ%HUJH¶]XVDPPHQIDVVWYJO $XFKHLQ $EVWUDNWXP ZLH 6FK|QKHLW IDVVW VR N|QQWH PDQ VLFK YRUVWHOOHQ HLQ]HOQH 9RUNRPPQLVVH YRQ ÄVFK|Q¶ ]XVDPPHQ 'LH .ROOHNWLYD ZHUGHQ GDKHU LG5]ZLVFKHQGHQ$EVWUDNWDXQGGHQ.RQNUHWDHLQJHRUGQHW(LQKlXIL JHV $UJXPHQW LVW .RQNUHWD OLHHQ VLFK GXUFK GLH 'LFKRWRPLH VLQQOLFK ZDKUQHKPEDU YV QLFKWVLQQOLFKZDKUQHKPEDU YRQ GHQ $EVWUDNWD XQWHU
.ROOHNWLYLWlW$EVWUDNWKHLWXQG*HQXV
VFKHLGHQYJO]%(:$/' %HUHLWV-DFRE*5,00 GHILQLHUWHGLH$EVWUDNWDDOV
HQWZHGHU XQOHLEOLFKH ZLHZRKO VLQQOLFK ZDKUQHKPEDUH RGHU JDQ] EHUVLQQOLFKH EHJULIIH«'HQVFKDOOGHQVFKUHLYHUQLPPW]ZDUGDVRKUDOOHLQHUELOGHWNHLQHQ N|USHUZLHGDVHOHPHQWGLHOXIWVHOEVWHULVWEORHWZDVLQGHPHOHPHQWYRUJH KHQGHV
%HWUDFKWHW PDQ GLH )RUVFKXQJVGLVNXVVLRQ EH]JOLFK GLHVHV .ULWHULXPV WUHWHQVHKUVFKQHOO3UREOHPHDXI6RZLUGEVSZGHU3ODQHWDOV.RQNUHWXP GHU+LPPHOVN|USHUDOV$EVWUDNWXPHLQJHRUGQHWHLQ3ODQHW]HLFKQHVLFKHWZD GDGXUFK DXV GDVV HU VLFK EHZHJW HWF HLQ +LPPHOVN|USHU VHL GDJHJHQ HLQ WKHRUHWLVFKHV .RQVWUXNW PLW YDJHQ (LJHQVFKDIWHQ 'LH %HLVSLHOH DXV +(03(/ PDFKHQGHXWOLFKGDVVHLQH$EJUHQ]XQJDXI%D VLVYRQ5HIHUHQ]VFKZLHULJLVWXQGOHW]WOLFKXQJHQDXXQGYDJHEOHLEW(LQH H[WUHPH3RVLWLRQLQ%H]XJDXI$EVWUDNWLRQYHUWUDWLQGLHVHU+LQVLFKW,P PDQXHO.DQW)U.DQWZDUHQDOOH:|UWHU$EVWUDNWDGDMHGHP/H[HPLP *UXQGH HLQH $EVWUDNWLRQ ]XJUXQGHOLHJW LQGHP EHVWLPPWH 0HUNPDOH ]XU .RQ]HSWELOGXQJVHOHJLHUWZHUGHQ6REH]HLFKQHWGDV/H[HP+XQGNHLQEH VWLPPWHV7LHUVRQGHUQLVWDQVLFKHLQ.ODVVHQEHJULIIGDGLHHLQLJH0HUN PDOH ZLH > .g53(5*5g(@ > )(//*(67$/781*@ RGHU > $8*(1 )$5%(@ LQ GDV .RQ]HSW +XQG QLFKW DXIJHQRPPHQ ZHUGHQ 1XU HLQLJH 0HUNPDOH DXV GHP 3HU]HSW ZHUGHQ DOVR VHOHJLHUW ZDV JOHLFK]HLWLJ HLQHQ $EVWUDNWLRQVSUR]HVVGDUVWHOOW 'DVRMHGHV/H[HPYRQ$EVWUDNWLRQEHWURIIHQLVWHUDFKWHWH.DQWDXFK MHGHV DOV ÅDEVWUDNW´ 'DJHJHQ OlVVW VLFK HLQZHQGHQ GDVV HLQ $EVWUDNWXP JHJHQEHU HLQHP .RQNUHWXP ZLH +XQG EHU VHKU ZHQLJ 0HUNPDOH YHU IJW 6HPDQWLVFKH 0HUNPDOH QHKPHQ ]X MH NRQNUHWHU XQG GDPLW GHILQL WHU HLQ6XEVWDQWLYZLUG(LQK\SRQ\PHV6XEVWDQWLYEHVLW]WPHKUVHPDQWL VFKH 0HUNPDOH DOV VHLQ +\SHURQ\P ,QWHQVLRQ XQG ([WHQVLRQ VLQG GLHVEH]JOLFK LQVRIHUQ DOV NRPSOHPHQWlU DQ]XVHKHQ 0LW GHU ]XQHKPHQ GHQ $Q]DKO YRQ 0HUNPDOHQ LVW HLQ =XZDFKV GHU ,QWHQVLRQ YHUEXQGHQ ZlKUHQG6XEVWDQWLYHPLWZHQLJHQ0HUNPDOHQHLQHK|KHUH([WHQVLRQDXI ZHLVHQ $EVWUDNWD EHVLW]HQ PD[LPDOH ([WHQVLRQ .DQWV hEHUOHJXQJ KDWWH ]XU)ROJHGDVVDOOH/H[HPHDOVPHKURGHUZHQLJHUDEVWUDNWJDOWHQ*OHLFK ]HLWLJ ZXUGH JUDPPDWLVFKH XQG OH[LNDOLVFKH 6HPDQWLN YHUPLVFKW 8P GLH $EVWUDNWD DXI %DVLV VHLQHU $UJXPHQWDWLRQ DQJHPHVVHQ EHVFKUHLEHQ ]X N|QQHQYHUVXFKWHPDQDXIHLQHUÅ$EVWUDNWLRQVOHLWHUKLQDXI]XNOHWWHUQ´ GKHLQH$EVWUDNWLRQVKLHUDUFKLHDXI]XVWHOOHQ0DQJLQJYRQHLQHP+\SR BBBBBBBBBBBBB =XU+LVWRULHGHU(UIRUVFKXQJYRQ$EVWUDNWDELHWHQ)5$1&. XQG0,..2/$ HLQHQ)RUVFKXQJVEHUEOLFN 7HUPLQXVQDFK0,..2/$
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
Q\P]XPQlFKVWHQ+\SHURQ\PXVZ+XQG!7LHU!6lXJHWLHU!/HEHZHVHQ !« 'DEHLNDPPDQ]ZDQJVOlXILJLQGLH9HUOHJHQKHLWGDVVPLW]XQHK PHQGHU ([WHQVLRQ LPPHU PHKU 0|JOLFKNHLWHQ ]XU Ä+\SHURQ\PLVLHUXQJ¶ RIIHQ VWDQGHQ 8P GLHVHV WKHRUHWLVFKH 3UREOHP ]X XPJHKHQ IROJHUWH PDQGDVVGLH$EVWUDNWLRQVSIDGHQLFKWVRZLFKWLJVHLHQVRQGHUQYLHOPHKU GLHVSUDFKOLFKH7DWVDFKHGDVV$EVWUDNWDDXI=XVWlQGHGHUUHDOHQ:HOWDQ JHZDQGWZHUGHQN|QQHQ1XUHQW]LHKHQGLH$EVWUDNWDVLFKGHUIRUFLHUWHQ 5HDOLWlWVDQELQGXQJ'HU:HJHLQ$EVWUDNWXPDQGLHUHDOH:HOWDQ]XELQ GHQ IXQNWLRQLHUW GHVZHJHQ QLFKW ZHLO GLH Å3IDGH´ ÅQDFK REHQ´ LPPHU IUDJZUGLJHU ZHUGHQ XQG LPPHU PHKU :HOWZLVVHQ YRUDXVVHW]HQ 9RU GHP+LQWHUJUXQGGHUVNL]]LHUWHQWKHRUHWLVFKHQ6FKZLHULJNHLWHQYHUVXFKWH PDQGDKHUGDV'HILQLWLRQVSUREOHPDXVGHUJHJHQVHLWLJHQ5LFKWXQJDQ]X JHKHQQlPOLFKYRQGHQ$EVWUDNWD]XGHQ.RQNUHWD]XJHKHQDOVR]XÄK\ SRQ\PLVLHUHQ¶ $XFK GLHVHU :HJ PXVVWH MHGRFK IHKOVFKODJHQ GD VLFK ]X MHGHP $EVWUDNWXP HLQH SRWHQWLHOO XQHQGOLFKH 0HQJH YRQ +\SHURQ\PHQ ILQGHQOlVVW$XFKDXVGLHVHU3HUVSHNWLYHEOHLEHQGLH'HILQLWLRQVYHUVXFKH GDPLW SUREOHPDWLVFK VR GDVV LQVJHVDPW GHXWOLFK ZLUG GDVV HLQH IRUPDOH %HVFKUHLEXQJLP)ROJHQGHQJHJHQEHURQWRORJLVFKHQ$QVlW]HQ]XSUlIH ULHUHQLVW $EVWUDNWDN|QQHQZLHDP$QIDQJGHV$EVFKQLWWVGDUJHOHJWlKQOLFKH (LJHQVFKDIWHQ ZLH .ROOHNWLYD DXIZHLVHQ LQ GHU +LQVLFKW GDVV EHLGH HLQH 6XPPDWLRQ YRQ HWZDV GDUVWHOOHQ ,P *HJHQVDW] ]XP $EVWUDNWXP LVW GDV .ROOHNWLYXPKLQVLFKWOLFKVHLQHV,QKDOWVWUDQVSDUHQW(LQ:RUWZLH6WXGHQ WHQVFKDIW IDVVW Ä6WXGHQWHQ¶ ]XVDPPHQ EHL HLQHP :RUW ZLH *HPHLQVFKDIW MH GRFKLVWRSDNZDVJHQDX]XVDPPHQJHIDVVWZLUG%HLGHU.ROOHNWLRQZHU GHQ VWUHQJ JHQRPPHQ GLH EHWURIIHQHQ 7HLOH QXU KLQVLFKWOLFK JHZLVVHU QLFKW KLQVLFKWOLFK DOOHU P|JOLFKHQ 0HUNPDOH ]XVDPPHQJHIDVVW 'LH .RO OHNWLRQLVWGDKHUP(DXFKHLQHJHZLVVH$EVWUDNWLRQ%,+/(5
'DV&KDUDNWHULVWLNXPHLQHV.ROOHNWLYXPVEHVWHKWLQGHU5HGXNWLRQDOOHU0HUNPD OHLKUHU0LWJOLHGHUDXIHLQLJHZHQLJH1LFKWPHKUDOOH(LJHQVFKDIWHQGHUHLQ]HOQHQ 0LWJOLHGHU VLQG ZLFKWLJ VRQGHUQ ZHQLJH JHPHLQVDPH $XI GLHVHU(EHQH KDQGHOW HVVLFKP(VFKRQXPHLQH$EVWUDNWLRQ
'LH .ROOHNWLRQ DQ VLFK EHLQKDOWHW DOVR EHUHLWV HLQH $EVWUDNWLRQVOHLVWXQJ LQGHP ]ZDU lKQOLFKH DEHU QLFKW LGHQWLVFKH DOV ]lKOEDU NRQ]HSWXDOLVLHUWH (LQKHLWHQNROOHNWLYLHUWZHUGHQPVVHQ'LHVH)RUPGHUbKQOLFKNHLWZXUGH LQ$EVFKQLWWDOVVRJ9HUHLQLJXQJVTXDOLWlWEH]HLFKQHW'LH]XVDPPHQ JHIDVVWHQ 7HLOH VWHKHQ ]XHLQDQGHU LQ HLQHP .RKlVLRQVYHUKlOWQLV ,Q GHU JUDILVFKHQ$EELOGXQJVWHOOWPDQGLH.ROOHNWLYDLP9HUJOHLFK]XGHQ$EV WUDNWDGDPLWPHLVWIROJHQGHUPDHQGDU
.ROOHNWLYLWlW$EVWUDNWKHLWXQG*HQXV
J DIRF GP K[WUM X\T
.ROOHNWLYD
$EVWUDNWD
$EE.ROOHNWLYDYV$EVWUDNWD
$EELOGXQJ YHUDQVFKDXOLFKW GDVV .ROOHNWLYD 7HLOH EHLQKDOWHQ GLH DXI %DVLVLKUHU9HUHLQLJXQJVTXDOLWlW]XVDPPHQJHIDVVWHLQHQ*HJHQVWDQGVFKD UDNWHU ELOGHQ $EVWUDNWD GDJHJHQ 7HLOH RKQH 9HUHLQLJXQJVTXDOLWlW ]XVDP PHQIDVVHQ (V LVW MHGRFK QLFKW HLQVLFKWLJ ZLH 7HLOH RKQH GLH %DVLV HLQHU 9HUHLQLJXQJVTXDOLWlWEHUKDXSW]XVDPPHQJHIDVVWZHUGHQN|QQHQ$XILU JHQGHLQH $UW PXVV LQQHUKDOE GHV $EVWUDNWXPV ]ZLVFKHQ GHQ 7HLOHQ HLQH 5HODWLRQDOLWlW EHVWHKHQ GLH HLQH =XVDPPHQIDVVXQJ JHZlKUOHLVWHW 'DKHU N|QQWH P( GDV 6FKDXELOG GHV .ROOHNWLYXPV DXFK IU GDV $EVWUDNWXP YHUZHQGHWZHUGHQREJOHLFKDXFKGHXWOLFKH8QWHUVFKLHGHEHVWHKHQ'LHVH VROOHQ LP )ROJHQGHQ XQWHU 5FNJULII DXI PHUHRORJLVFKH XQG ZHLWHUH VSUDFKWKHRUHWLVFKH *UXQGODJHQ GDUJHVWHOOW ZHUGHQ 8QWHU 0LWHLQEH]LH KXQJPRUSKRORJLVFKHU*HVHW]PlLJNHLWHQVROO]XGHPGLH)UDJHHLQHV=X VDPPHQKDQJVYRQ$EVWUDNWKHLWXQG*HQXVGLVNXWLHUWZHUGHQ 'HU EHNDQQWHVWH $QVDW] DXV GHU 0HUHRORJLH ]XU )UDJH GHU $EVWUDNWD VWDPPW YRQ (GPXQG +866(5/ ² 6HLQ $QVDW] LVW GHVZHJHQ EHVRQGHUVHUZlKQHQVZHUWGDHUEHLGHU'HILQLWLRQYRQÅ$EVWUDNWKHLW´HL QHQQHXHQELVGDKLQXQEHUFNVLFKWLJWJHEOLHEHQHQ$VSHNWLQGLH$EVWUDN WLRQVWKHRULH HLQEUDFKWH +866(5/ JHKW HV LQ GHU YRQ LKP HQWZLFNHOWHQ /HKUH GHU 3KlQRPHQRORJLH XP GLH )UDJH DXI ZHOFKH $UW 6SUDFKH XQG 3V\FKRORJLHGK.RJQLWLRQ LQ9HUELQGXQJVWHKHQ)U+866(5/VLQG$EV WUDNWD Å,GHHQ´ (LQ $EVWUDNWXP XPIDVVW DOOH SRWHQWLHOO P|JOLFKHQ %H ZXVVWVHLQVLQKDOWH'LH$EVWUDNWLRQLHGLH%LOGXQJYRQ$EVWUDNWDLVWQDFK +866(5/ HLQ$NW
>«@GXUFKZHOFKHQHLQDEVWUDNWHU,QKDOWÄXQWHUVFKLHGHQ¶GKGXUFKGHQHU]ZDU QLFKW ORVJHWUHQQW DEHU GRFK ]XP HLJHQHQ 2EMHNW HLQHV DXI LKQ JHULFKWHWHQ DQ VFKDXOLFKHQ9RUVWHOOHQVZLUG(UHUVFKHLQWLQXQGPLWGHPEHWUHIIHQGHQ.RQNUH WXPYRQGHPHUDEVWUDKLHUWLVWDEHUHULVWVSH]LHOOJHPHLQWXQGGDEHLGRFKQLFKW EORVVJHPHLQWZLHLQHLQHPÄLQGLUHNWHQ¶EORVVV\PEROLVFKHQ9RUVWHOOHQ VRQGHUQ DOVGDVDOVZDVHUJHPHLQWLVWDXFKDQVFKDXOLFKJHJHEHQ
=XU.RQ]HSWELOGXQJNDQQHLQEHVWLPPWHV0HUNPDOYRQHLQHPEHVWLPP WHQ *HJHQVWDQG RGHU 6DFKYHUKDOW KHUDXVJHJULIIHQ ZHUGHQ 'LHVHV 0HUN PDOPXVVQLFKWRQWRORJLVFKJHJHEHQVHLQHVJHQJWGDVVHVDOVP|JOLFKHV 0HUNPDO NRQ]HSWXDOLVLHUW ZLUG (LQH $EVWUDNWLRQ OLHJW GDQQ YRU ZHQQ
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
HLQ]HOQH :DKUQHKPXQJVPRPHQWH 7RNHQV ]XP 7\SH ]XVDPPHQJHIDVVW ZHUGHQ'HU$EVWUDNWLRQVSUR]HVVPHLQWMHGRFKQLFKWQXUGDVÅEHYRU]XJWH %HDFKWHQHLQHV,QKDOWV´LPSRVLWLYHQ$NW'DPLWEHUKDXSWHWZDVKHUYRU JHKREHQZHUGHQNDQQPVVHQDXFK3HU]HSW 7RNHQVGLVNULPLQLHUWZHU GHQ+LHUOLHJWHLQQHJDWLYHU$NWHLQQHJDWLYHU$NWLQ)RUPHLQHV6HOHNWL RQVSUR]HVVHVYRUÅ$EVHKHQYRQJOHLFK]HLWLJPLWJHJHEHQHQ,QKDOWHQ´YJO +866(5/ (VZLUGDEVWUDKLHUW YJOODWDEVWUDKHUHÄZHJ ]LHKHQ IRUWVFKOHSSHQ WUHQQHQ¶ ,Q HLQHU %LOGXQJ ZLH HWZD GW /DXIHUHL ZLUG VWHWV HLQH EHVWLPPWH 4XDOLWlW E]Z$UW DXV GHP9HUEDOVLWXDWLRQ H[ ]HUSLHUW
'HU8QWHUVFKLHGJHJHQEHUGHP.RQNUHWHQZLUGQLFKWLQGHUHLJHQHQ1DWXUGHU ,QKDOWHJHVXFKWVRQGHUQL Q G H U : H L V H G H V * H J H E H Q V H L Q V DEVWUDNWKHLVVW HLQ,QKDOWVRIHUQHUDEVWUDKLHUWNRQNUHWVRIHUQHUQLFKWDEVWUDKLHUWLVW+866(5/ >+HUYRUK0:@
(LQ.ROOHNWLYXPLVWHQWZHGHUUHODWLRQDOLQ%H]XJDXIÄDEVROXWH¶6XEVWDQWL YH GLH ZLH 9HUEHQ HLQH $UJXPHQWVWHOOH HU|IIQHQ HLQH +HUGH DEHU HLQH +HUGH 6FKDIH RGHU UHODWLRQDO E]JO GHV YRQ LKQHQ ]XVDPPHQJHIDVVWHQ ,Q KDOWV.ROOHNWLYDIDVVHQ7HLOH]XVDPPHQXQGN|QQHQJOHLFK]HLWLJRKQHGLH 7HLOHQLFKWH[LVWLHUHQ$EVWUDNWDVLQGHEHQIDOOVUHODWLRQDOLP*HJHQVDW]]X GHQ.ROOHNWLYD|IIQHQVLHMHGRFKQLFKWQXUHLQHVRQGHUQXQHQGOLFK YLHOH $UJXPHQWVWHOOHQ6LHWUHIIHQHLQH$XVVDJHEHUGLH:HOWXQGVLQGLQVRIHUQ SUlGLNDWLY (LQ $EVWUDNWXP ZLH 6FK|QKHLW OLHH VLFK SDUDSKUDVLHUHQ PLW Ä7DWVDFKHGDVVHWZDVVFK|QLVW¶,P*HJHQVDW]]XHLQHPILQLWHQ9HUENDQQ HLQHP $EVWUDNWXP MHGRFK NHLQ :DKUKHLWVZHUW ]XJHRUGQHW ZHUGHQ $EV WUDNWD VLQG PD[LPDO SUlGLNDWLY GD VLH ² XQWHU V\QWDNWLVFKHP $VSHNW EH WUDFKWHW ² SULQ]LSLHOO DOOH $UJXPHQWVWHOOHQ EHVHW]HQ ,7855,2= II $EVWUDNWD N|QQHQ GHVZHJHQ DXFK 7H[WHQ .RKlVLRQ YHUOHLKHQ XQG 6lW]HNRPSULPLHUHQ$XV+DQVOLHIHUW+HLGLGDV3DNHWZLUGEVSZGLH/LHIHUXQJ GHV3DNHWVDQ+HLGLYRQ+DQV $OOH,QIRUPDWLRQHQGLH]XQlFKVWGXUFK GDV ILQLWH 9HUE XQG VHLQH $UJXPHQWH NRGLHUW ZHUGHQ ZHUGHQ GXUFK GLH 1RPLQDOLVLHUXQJQHXWUDOLVLHUW(LQQRPLQDOLVLHUWHV3UlGLNDWLQ)RUPHLQHV 6XEVWDQWLYV RGHU HLQH 1RPLQDOSKUDVH KDW RKQH GLH =XZHLVXQJ YRQ ,Q 'HILQLWKHLWVZHUWHQ DEHU QRFK NHLQH 5HIHUHQ] (LQ 6XEVWDQWLY ZLH +XQG WULIIWNHLQH$XVVDJHEHUGLH:HOW'LHPD[LPDOH)OOXQJYRQ$UJXPHQW VWHOOHQXQGKRKHU,QWHQVLRQEHGHXWHWGHQK|FKVWHQ*UDGDQ,QGLNDWLYLWlW 'LHPLQLPDOH)OOXQJYRQ$UJXPHQWVWHOOHQEHGHXWHWPD[LPDOH*HQHUDOL VLHUXQJXQGGDPLWPD[LPDOH3UlGLNDWLYLWlW6(,/(5II 'DV$EV BBBBBBBBBBBBB $EVWUDNWDZHUGHQGDKHUDXFKRIWDOVÅ:|UWHUIU6DW]LQKDOWH´EH]HLFKQHWLQ$QOHKQXQJDQ 325=,* 'LHVHUKDW)5$1&.I ]XIROJHGLHGLHVEH]JOLFKH'HILQLWLRQYRQ /(,%1,= EHUQRPPHQ
.ROOHNWLYLWlW$EVWUDNWKHLWXQG*HQXV
WUDNWXPXQWHUVFKHLGHWVLFKYRP.ROOHNWLYXPGDULQGDVVGLH)DNWL]LWlWGHU bKQOLFKNHLWVEH]LHKXQJQXUYHUPXWHWUHDODEHUQLHEHZLHVHQZHUGHQNDQQ 'LHVHUNOlUWJOHLFK]HLWLJZDUXPDOOHDQ2QWRORJLHRULHQWLHUWHQ$QVlW]HGHU *UDPPDWRORJLHYHUVDJHQ'HU)DNWL]LWlWVJHKDOWGHU3UlGLNDWLRQLVWLP6LQ QHHLQHU3URSRVLWLRQGDKHUQLHLQWHUVXEMHNWLYEHOHJEDU'LH(OHPHQWHGLH ]XVDPPHQJHIDVVW ZHUGHQ EHVLW]HQ DXI LUJHQGHLQH $UW HLQH bKQOLFK NHLWVEH]LHKXQJ ]XHLQDQGHU 'LH =XVDPPHQIDVVXQJ LKUHU Ä7HLOH¶ HQW]LHKW VLFKMHGRFK²DQGHUVDOVEHLGHQ.ROOHNWLYD²HLQHUUHDOHQ)L[LHUXQJLQ=HLW XQG5DXP6LHEHVLW]HQGDPLW²ZLHPDQHVQHQQHQN|QQWH²LGHHOOH.RKl VLRQ3URSRVLWLRQDOLVWGDV$EVWUDNWXPLQGHU+LQVLFKWGDVVDXFKGLH)DN WL]LWlWVEH]LHKXQJ GHU 9HUHLQLJXQJVTXDOLWlW YHUPXWHW QLH EHZLHVHQ ZHU GHQ NDQQ 'DV $EVWUDNWXP ZLUG GHVZHJHQ YRP +|UHU YHUVWDQGHQ ZHLO GHU NRPSHWHQWH +|UHU NRJQLWLY EHU GDV JHHLJQHWH 'HNRGLHUXQJVLQVWUX PHQW YHUIJW XP GDV $EVWUDNWXP DOV VROFKHV ]X HUNHQQHQ ,P *UXQGH OLHJW EHL GHU 9HUZHQGXQJ HLQHV $EVWUDNWXPV DQVWHOOH HLQHV .RQNUHWXPV ZLHLQ6LH]HLJWHQGHP%HVXFKDXV%HUOLQGLH6WDGW6LH]HLJWHQGHQ%HUOLQHUQGLH 6WDGW HLQH hEHUVSH]LILNDWLRQ YRU 'DV $EVWUDNWXP ZLUG DXI GHQ MHZHLOL JHQ $NWXDOLVLHUXQJVNRQWH[W KLQVLFKWOLFK VHLQHU ([WHQVLRQ HLQJHVFKUlQNW )U VLFK JHQRPPHQ LVW HV QRUPDOHUZHLVH PD[LPDO H[WHQVLRQDO ,Q HLQHP $EVWUDNWXPZLH9HUOREXQJZLUGQLFKWNODUZDVÄ9HUOREXQJ¶JHQDXXPIDVVW 0LW GHP :RUW 9HUOREXQJ N|QQHQ SRWHQWLHOO XQHQGOLFK YLHOH H[WHQVLRQDOH UDXP]HLWOLFKORNDOLVLHUEDUH(UHLJQLVVHE]Z(LQKHLWHQEH]HLFKQHWZHUGHQ ,Q GHU 5HJHO EOHLEW GLH VHPDQWLVFKH ÄhEHUVSH]LILNDWLRQ¶ GHVZHJHQ XQEH PHUNWZHLO6SUHFKHUXQG+|UHUQLFKWJH]ZXQJHQVLQGGDV:RUW9HUOREXQJ RKQH6LWXDWLRQVNRQWH[W]XGHNRGLHUHQ'LHVH%HVFKUHLEXQJGHU$EVWUDNWD NDQQDXFKHUNOlUHQZDUXP$EVWUDNWDLPNLQGOLFKHQ(UVWVSUDFKHUZHUE]X OHW]WHUOHUQWZHUGHQYJO*(171(5 'LH)lKLJNHLWHLQHQ7\SH ]XH[]HUSLHUHQVHW]WGDVNRQ]HSWXHOOH9RUKDQGHQVHLQYRQ7RNHQVYRUDXV $EVWUDNWDVLQGEHL+866(5/GDKHUQLFKWQXUÅKHUYRUJHKREHQ´VLHHQWKDO WHQ]XGHPLQKlUHQWHLQHÅ4XDOLIL]LHUXQJ´GKGDVÄ(QWVWHKHQHLQHUJHQH UHOOHQ4XDOLWlW¶YRQVHLWHQGHV6SUHFKHUV
6RHUIDVVHQZLUGLHVSH]LILVFKH(LQKHLW5|WHGLUHNWÄVHOEVW¶DXI*UXQGHLQHUVLQJX OlUHQ$QVFKDXXQJYRQHWZDV5RWHP:LUEOLFNHQDXIGDV5RWPRPHQWKLQYROO ]LHKHQDEHUHLQHQHLJHQDUWLJHQ$NWGHVVHQ,QWHQWLRQDXIGLHÄ,GHH¶DXIGDVÄ$OO JHPHLQH¶ JHULFKWHW LVW 'LH $EVWUDNWLRQ LP 6LQQH GLHVHV $NWHV LVW GXUFKDXV YHUVFKLHGHQ YRQ GHU EORVVHQ %HDFKWXQJ RGHU +HUYRUKHEXQJ GHV 5RWPRPHQWHV >«@$XIGLHVHQ$NW]LHOWGLHWUDGLWLRQHOOH5HGHYRQGHU$EVWUDNWLRQQLFKWLQGLYL GXHOOH(LQ]HO]JHVRQGHUQ$OOJHPHLQEHJULIIHGLUHNWH9RUVWHOOXQJHQYRQ$WWULEX WHQ DOV 'HQNHLQKHLWHQ JHZLQQHQ ZLU LQ LKUHP 6LQQH GXUFK Å$EVWUDNWLRQ´ +866(5/I
+866(5/ YHUZHLVW GDPLW DXI GLH LQKlUHQWH *HQHUL]LWlW EHL $EVWUDNWD 1HEHQ GHQ $NW GHV +HUYRUKHEHQV HLQHV 7RNHQV WULWW DOVR GLH *HQHULVLHUXQJ GLH 4XDOLIL]LHUXQJ ]XP 7\SH 8QWHU GLHVHP $VSHNW ZLUG
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
DXFKHLQVLFKWLJZDUXP$EELOGXQJLQVHLQHU'DUVWHOOXQJEHVWHKHQEOHL EHQNDQQ:lKUHQG.ROOHNWLYDHWZDV]XVDPPHQIDVVHQGDVQDFKGHP.UL WHULXP GHU VSDWLRWHPSRUDOHQ .RKlVLRQ UlXPOLFK ]XVDPPHQVWHKW IDVVHQ $EVWUDNWD ,QKDOWH ZHOFKHU 1DWXU DXFK LPPHU ]XVDPPHQ GLH ZHGHU UlXPOLFK QRFK ]HLWOLFK VRQGHUQ DOOHLQH LGHHOO IDVVEDU VLQG (LQ $EVWUDN WXPLVWDOVRHLQH4XDOLWlWVH[]HUSWLRQ]XJXQVWHQHLQHV7\SHGHUXQHQGOLFK YLHOH 7RNHQV KDEHQ NDQQ (V HQW]LHKW VLFK GDPLW GHU RQWRORJLVFKHQ %H ZHLVEDUNHLWGDHVQXUSRWHQ]LHOOIDNWLVFKQLFKW]ZLQJHQGIDNWLVFKLVW(LQ $EVWUDNWXP ZLH 6FK|QKHLW EHGHXWHW DXFK LPPHU Ä6FK|QKHLW YRQ HWZDV¶ %220 $EVWUDNWDEH]LHKHQVLFKLPPHUDXIHWZDVXQGVLQGGD KHU XQVHOEVWlQGLJ 1XU VHOEVWlQGLJH ,QKDOWH N|QQHQ JHWUHQQW YRUJHVWHOOW ZHUGHQQLFKWDEHUXQVHOEVWlQGLJH
Ä$EVWUDNWH¶,QKDOWHVLQGXQVHOEVWlQGLJH,QKDOWHÄNRQNUHWH¶,QKDOWHVLQGVHOEVWlQGL JH:LUGHQNHQXQVGLHVHQ8QWHUVFKLHGREMHNWLYEHVWLPPWHWZDVRGDVVGLHNRQ NUHWHQ,QKDOWHLKUHUHLJHQHQ1DWXUQDFKDQXQGIUVLFKVHLQN|QQHQZlKUHQGGLH DEVWUDNWHQQXULQRGHUDQNRQNUHWHQ,QKDOWHQP|JOLFKVLQG>«@'HUSKlQRPHQD OH lXHUH *HJHQVWDQG >«@ LVW DOV *DQ]HV NRQNUHW GLH LKP LQQHZRKQHQGHQ %H VWLPPWKHLWHQ ZLH )DUEH )RUP XVZ XQG ]ZDU DOV NRQVWLWXWLYH 0RPHQWH YHU VWDQGHQVLQGDEVWUDNW+866(5/
$EVWUDKLHUHQ EHGHXWHW LPPHU GDV 6HOHJLHUHQ YRQ ,QKDOWHQ XQWHU HLQHP JHPHLQVDPHQ $VSHNW ]XJXQVWHQ GHV $XIEDXV HLQHU JHQHUHOOHQ 4XDOLWlW :lKUHQG GDV 6FK|QH DXVVFKOLHOLFK UHIHUHQ]LHOO LVW LVW 6FK|QKHLW LQKlUHQW SUlGLNDWLYZDVVLFKDQHLQHP%HLVSLHOVDW]ZLHLQ LOOXVWULHUHQOlVVW
+DQVKDWHWZDV 6FK|QHV"6FK|QKHLWJHNDXIW
'DV QHXWUDOH VXEVWDQWLYLHUWH $GMHNWLY LVW GXUFK VLFK VHOEVW YHUVWlQGOLFK ZlKUHQGGDV)HPLQLQXPDXIJUXQGVHLQHUY|OOLJHQ1LFKW%H]RJHQKHLWDXI HWZDVXQYHUVWlQGOLFKLVW(VNDQQGDKHUDOVÄ$EVWUDNWLYXP¶LP6LQQH92 *(/V EH]HLFKQHW ZHUGHQ 8P 9HUVWlQGOLFKNHLW ]X JHZlKUOHLVWHQ PVVWHPDQHLQHQHQWVSUHFKHQGHQ.RQWH[WNRQVWUXLHUHQ'DUDXIYHUZHLVW DXFK92*(/
$OOH .DWHJRULHQ YHUPLWWHOQ NHLQHQ 6DW]LQKDOW GHU %lFNHU NRUUHOLHUW QLFKW PLW GHU 7DWVDFKHÄGDHWZDVJHEDFNHQZLUG¶GDV6FK|QHQLFKWPLWGHU7DWVDFKHÄGDHWZDV VFK|QLVW¶'LHVH)XQNWLRQZLUGYRQ6FK|QKHLWZDKUJHQRPPHQHVLVWLPPHU6FK|Q KHLWYRQHWZDV'DV6FK|QHGDJHJHQLVWQLFKWVFK|QVHLQYRQHWZDVVRQGHUQHVLVWVHOEVW HWZDV6FK|QHV6FK|QKHLWZLUGGHVKDOEDOVXQVHOEVWlQGLJHUGDV6FK|QHDOVVHOEVWlQ GLJHU*HJHQVWDQGEH]HLFKQHW
$EVWUDNWDN|QQHQQXQDXFKQLFKWZLHHLQIDFKH]lKOEDUH,QGLYLGXDWLYDSOX UDOLVLHUW ZHUGHQ YJO 6FK|QKHLW ² 6FK|QKHLWHQ ,Q GLHVHP )DOO NRPPW HLQH 1HEHQOHVDUWGHVGLVWULEXWLYHQ3OXUDOVGHU6RUWHQSOXUDO]XP7UDJHQ6FK|Q KHLWHQÄ$UWHQYRQ6FK|QKHLW¶ $EVWUDNWDVLQGXQWHUGLHVHP*HVLFKWVSXQNW GHQ0DVVHQQRPLQDlKQOLFKZLH6DQG²6lQGHYJODXFK.DSLWHO :LUG
.ROOHNWLYLWlW$EVWUDNWKHLWXQG*HQXV
HLQ $EVWUDNWXP GHQQRFK SOXUDOLVLHUW ZLUG HLQH 9LHOKHLW YRQ (UHLJQLVVHQ LPSOL]LHUW,G5JHKWPDQGDYRQDXVGDVV(UHLJQLVVH]HLWNRQVWLWXLHUWVLQG GD]XUVHOEHQ=HLWE]Z*HOHJHQKHLWPHKUHUH(UHLJQLVVHVWDWWILQGHQN|Q QHQ ZlKUHQG GHU XPJHNHKUWH )DOO QLFKW JLOW (LQ $EVWUDNWXP LP 3OXUDO VSLHJHOWGDPLWGLH3OXUDOLWlWYHUVFKLHGHQHU$UJXPHQWVWHOOHQGHU]XJUXQGH OLHJHQGHQ 3UlGLNDWLRQZLGHU ,7855,2= 'DULQ OLHJW GHU 8QWHU VFKLHG]XGHQ0DVVHQQRPLQD0DQYHUJOHLFKHIROJHQGH%HLVSLHOHHEG
:LUKDWWHQMHW]WHLQLJH$QVFKDIIXQJHQ 'DV%XFKEHVFKUHLEW9HUPLVVWHQVFKLFNVDOHYRQ5HJLPHNULWLNHUQ ,QGLHVHP6SLHOKDWWHGLHGHXWVFKH0DQQVFKDIW+LQDXVVWHOOXQJHQ
,P *HJHQVDW] ]X 0DVVHQQRPLQD ULFKWHW VLFK HLQ $EVWUDNWXP DXI GLH P|JOLFKHQ $UJXPHQWH EHL GHU 3OXUDOLVLHUXQJ 'LH 5HGXNWLRQVIlKLJNHLW YRQ$EVWUDNWDLVWHLQJUXQGOHJHQGHV&KDUDNWHULVWLNXP'DJHJHQN|QQHQ PDQUHLQH7UDQVSRVLWLRQHQYRQDQGHUHQ:RUWDUWHQZLHGHDGYHUELHOOH%LO GXQJHQ]%GDV-HW]WGDV+LHU QLFKWUHGX]LHUWZHUGHQ6LHIXQNWLRQLHUHQ QDFK GHP 3ULQ]LS GHU 0HWDSKRULN GDV -HW]W LP 6LQQH YRQ Ä*HJHQZDUW¶ QLFKWQDFKGHP3ULQ]LSGHU0HWRQ\PLH$EVWUDNWDN|QQHQOHLFKWNRQNUHWL VLHUHQ LQGHP VLH HQWVSUHFKHQG GHU YRQ LKQHQ EHVHW]WHQ $UJXPHQWVWHOOH PRQRVHPLHUWZHUGHQN|QQHQZLHDQIROJHQGHQ%HLVSLHOHQJH]HLJWZHUGHQ NDQQDXV,7855,2=
'HUDQKDOWHQGH5HJHQKDWLQ[XQG\ ]XhEHUIOXWXQJHQJHIKUW 'HU%LVFKRIKDWGLHbXHUXQJHQGLHVHV3ROLWLNHUV]XUFNJHZLHVHQGDVVGLHNURDWL VFKH.LUFKHGLH/LQLHGHV3DSVWHVQLFKWEHIROJHQZLUG
'LH LQKlUHQWH *HQHUL]LWlW GHV $EVWUDNWXPV ZLUG GXUFK GLH 3OXUDOLVLHUXQJ DXIJHKREHQ(LQ$EVWUDNWXPNDQQQXUGDQQJHQHULVFKVHLQZHQQHVHLQ PDO XQG LQ HLQHU )RUP YRUKDQGHQ LVW *HQHUL]LWlW XQG $EVWUDNWD VLQG LQ 1XPHUXV6SUDFKHQGDKHUQXUPLWGHP6LQJXODUNRQ]HSWNRPSDWLEHO:lK UHQGGDV$EVWUDNWXPLQ GXUFKGDV2UWVDUJXPHQWEHVWLPPWLVWLVWGDV $EVWUDNWXP LQ GXUFK GDV =HLWDUJXPHQW NRQNUHWLVLHUW ,7855,2= ]XIROJHVLQG9HUZHQGXQJHQZLHLQ ² LQDQGHUHQ6SUD FKHQ KlXILJHU GHU )DOO DOV LP 1KG /,1*/ XQG &$55 BBBBBBBBBBBBB $XFK+(1=(1 YHUZHLVWDXIGLHLQGLYLGXDOLVLHUHQGH:LUNXQJYRQ$UWLNHO3OX UDOLVLHUXQJXQG'LPLQXWLYLHUXQJZLHHWZD7XJHQGFKHQ5XKFKHQEHL$EVWUDNWD
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
YHUZHLVHQ MHGRFK GDUDXI GDVV LP $KG XQG 0KG GLH 3OXUDOLVLHUXQJ GHV $EVWUDNWXPVQRFKVHKUKlXILJ]XEHREDFKWHQZDU(LQHPVLQJXODULVFKHP $EVWUDNWXP GHV /DWHLQLVFKHQ VWHKW KlXILJ HLQ SOXUDOLVLHUWHV $EVWUDNWXP GHV$KGJHJHQEHU'LH3OXUDOLVLHUXQJOlVVWJHZLVVHNDWHJRULDOH3UlIHUHQ ]HQHUNHQQHQ6RWUHWHQ$EVWUDNWDDXIDKGWXRPQKGWXP XQGVXEVWDQ WLYLHUWH $GMHNWLYH LP 1HXWUXP QLHPDOV SOXUDOLVLHUW DXI /,1*/ ZlKUHQG YD IHPLQLQH $EVWUDNWD ] % PLW 6XIIL[ KHLW YHUPHKUW SOXUDOL VLHUW ZHUGHQ /,1*/ %HVRQGHUV KlXILJ VLQG GLH SOXUDOLVLHUWHQ $EVWUDNWD LQ IRUPHOKDIWHQ DGYHUELHOOHQ 9HUZHQGXQJHQ LQ REOLTXHQ .D VXV,QGHQhEHUVHW]XQJHQDXVGHP$OWIUDQ]|VLVFKHQVWHKWHLQ6DW]WHLO GHV$OWIUDQ]|VLVFKHQHLQHPPKG$EVWUDNWXPJHJHQEHU'LH8QWHUVFKLH GHLQGHU4XDQWLILNDWLRQVOHLVWXQJGHU*HQHUD]LHKHQDOVRHUZDUWXQJVJHPl XQWHUVFKLHGOLFKH3UlIHUHQ]HQEHLGHU3OXUDOLVLHUXQJQDFKVLFK'LH3OXUDOL VLHUXQJ GHU $EVWUDNWD HUODXEW ,QVWDQ]LLHUXQJHQ LQQHUKDOE GHU DQVRQVWHQ IHKOHQGHQ=HLWNRQVWLWXWLRQGHV$EVWUDNWXPV $XIJUXQG LKUHU (LJHQVFKDIW VLFK VWHWV DXI HWZDV ]X EH]LHKHQ XQG ]X SUlGL]LHUHQN|QQHQ$EVWUDNWDXQWHUWHLOWZHUGHQ%58*0$11 VHW]WLQGLHVHU+LQVLFKW]ZHL.ODVVHQDQQlPOLFK(LJHQVFKDIWVXQG7lWLJ NHLWVDEVWUDNWD
6LH >GLH 6XEVWDQWLYH PLW DEVWUDNWHU %HGHXWXQJ@ ODVVHQ VLFK EHJULIIOLFK LQ ]ZHL .ODVVHQ]HUOHJHQGLHH L J H Q V F K D I W V E H ] H L F K Q H Q G H Q 6 X E VW D Q W L Y D RGHU$EV WUDNWDLPHQJHUHQ6LQQXQGGLHW K l W L J N H L W E H ] H L F K Q H Q G H Q 6 X E V W D Q WL Y D R GHU 9HUEDODEVWUDNWD 1RPLQD DFWLRQLV =ZLVFKHQ LKQHQ VLQG VFKDUIH *UHQ]HQ QLFKW]X]LHKHQ
'HP=LWDWLVW]XHQWQHKPHQGDVVLQHLQHP$EVWUDNWXPZLH6WXGHQWHQWXP FKDUDNWHULVWLVFKH (LJHQVFKDIWHQ ZLH 7lWLJNHLWHQ JOHLFKHUPDHQ XPIDVVW ZHUGHQ*HPHLQVDPLVWGHQ(LJHQVFKDIWVXQG7lWLJNHLWVDEVWUDNWDGLH6H OHNWLRQ YRQ FKDUDNWHULVWLVFKHQ 0HUNPDOHQ HLQHU EHVWLPPWHQ 3HUVRQHQ JUXSSH (V LVW LP (LQ]HOIDOO GDPLW QLFKW LPPHU ]X HQWVFKHLGHQ RE HLQH %LOGXQJGHQ(LJHQVFKDIWVDEVWUDNWDRGHUGHQ7lWLJNHLWVDEVWUDNWD]X]XRUG QHQ LVW %HL HLQLJHQ %LOGXQJHQ LVW GLHVEH]JOLFK HLQH 8QWHUVSH]LILNDWLRQ KLQVLFKWOLFK(LJHQVFKDIWVXQG7lWLJNHLWVDEVWUDNWXP]XYHUPXWHQ%HLVSLH OHGLHVHU$UWVLQGXDDXVGHPKHXWLJHQ6FKZHL]HUGHXWVFKHQEHNDQQWYJO 6=$'52:6.«@.OHLQRG>«@*HIlQJQLV>«@.OHLGXQJ>«@PQGēJHQKHLW *UXQGEHVLW]Xl>«@ VRQGHUQVLFK²ZLHEHUKDXSWGLH$EVWUDNWD²LQPDQQLJ IDFKHQ$EVFKDWWXQJHQ]ZLVFKHQGHQ3ROHQDEVWUDNWXQGNRQNUHWEHZHJHQ
(LQ$EVWUDNWVXIIL[NDQQVREDOGGDV$EVWUDNWXP]XHLQHP.RQNUHWXPOH [LNDOLVLHUW XQG GDV 6XIIL[ GDGXUFK G\VIXQNWLRQDO JHZRUGHQ LVWDXFKZHJ IDOOHQ 9JO IROJHQGH %HLVSLHOH DXV GHP (QJOLVFKHQ PLW 6XIIL[ LQJ XQG 'HXWVFKHQPLW6XIIL[XQJ&2//,1)1
HQJO
EHGGLQJ EHGEHGFORWKHV GDZQLQJ GDZQ HYHQLQJ HYHQ IORRULQJ IORRU PRUQLQJ PRUQ URRILQJ URRI
GW
)HXHUXQJ )HXHU )XWWHUXQJ )XWWHU *HZDQGXQJ *HZDQG 6WDOOXQJ 6WDOO :DOGXQJ :DOG 5DKPXQJ 5DKPHQ
'LH /H[LNDOLVLHUXQJ NRPPW PRWLYLHUWHUZHLVH GXUFK 0HWRQ\PLH ]XVWDQGH HEG 6R LVW HLQ 6DW] ZLH 'LH .lOEHU VFKUHLHQ QDFK )XWWHUXQJ )WWHUXQJ LQ Z|UWOLFKHP6LQQHXQORJLVFKGDGLH)XQNWLRQGHV6FKUHLHQVGDULQEHVWHKW )XWWHU]XHUKDOWHQQLFKW)XWWHUXQJ0DQN|QQWHVLFKVFKOLHOLFKHLQHLQV]H BBBBBBBBBBBBB 9JOKLHU]XDXFK$50%5867(5 ]XlKQOLFKHQ(QWZLFNOXQJHQLP)UDQ]|VLVFKHQ VRZLH(50(&.( ]XP%HGHXWXQJVZDQGHODEJHOHLWHUHU$EVWUDNWDLP5RPDQLVFKHQ 5,&( XQWHUQLPPWGHQ9HUVXFKOH[LNDOLVLHUWH'HULYDWLRQVLOGXQJHQXQG'HULYDWLRQV ELOGXQJHQV\QFKURQSURGXNWLYHU%LOGXQJVPXVWHUDXI%DVLVGHU2SWLPDOLWlWVWKHRULHKLQVLFKW OLFKLKUHU*HQXV]XZHLVXQJVSULQ]LSLHQ]XHUNOlUHQ)UZHLWHUH)RUVFKXQJVROOWHMHGRFKGLH 7UHQQXQJ ]ZLVFKHQ OH[LNDOLVLHUWHQ XQG JUDPPDWLVFKHQ %LOGXQJVPXVWHUQ YROO]RJHQ XQG GDPLW ]ZLVFKHQ V\QFKURQ PRWLYLHUWHQ XQG V\QFKURQ QLFKWPRWLYLHUWHQ %LOGXQJHQ XQWHU VFKLHGHQZHUGHQ
.ROOHNWLYLWlW$EVWUDNWKHLWXQG*HQXV
QLHUWH)WWHUXQJYRUVWHOOHQEHLGHUQLFKWVYHUIWWHUWZLUGGLH5DKPHQEH GLQJXQJHQ GHV )WWHUXQJVYRUJDQJHV DEHU EHLEHKDOWHQ EOLHEHQ ,Q GLHVHP 6LWXDWLRQVNRQWH[WZlUHGLHLP$EVWUDNWXPLQKlULHUWHSUlVXSSRQLHUWH$XV VDJH QlPOLFK GLH GDVV HWZDV ]X YHUIWWHUQ Zl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b+/%$5@ XQG >² =b+/%$5@ ZRUDXV VLFK ,WHUDWLYLWlW HUJLEW GLH HLJHQWOLFK ]XQlFKVW DXV GHP YHUEDOHQ %HUHLFKEHNDQQWLVW'LH,WHUDWLYLWlWYRQ9HUEHQZLHGWKVWHOQEHWWHOQQl VHOQ ZLUG XPJHNHKUW ZLHGHUXP DXFK DOV ÅYHUEDOH 3OXUDOLWlW´ EH]HLFKQHW 'HU GLVWULEXWLYH 3OXUDO ]HLFKQHW VLFK HEHQIDOOV GXUFK ,WHUDWLYLWlW DXV GHU 8QWHUVFKLHG]XP.ROOHNWLYXPOLHJWMHGRFKGDULQGDVVGLHGLVWULEXWLYSOX UDOLVLHUWHQ7HLOHQLFKWDXIHLQDQGHUEH]RJHQZHUGHQXQGGLH3OXUDOLVLHUXQJ SRWHQ]LHOO XQHQGOLFK LVW 'LH 5HODWLRQDOLVLHUXQJ HLQ]HOQHU 7HLOH DXI %DVLV HLQHU DOOHQ 7HLOHQ JHPHLQVDPHQ 9HUHLQLJXQJVTXDOLWlW OHLVWHW DOOHLQH GLH .ROOHNWLYSOXUDOLWlW-HQDFKNDWHJRULDOHU.RGLHUXQJNDQQGLH.ROOHNWLYSOX UDOLWlWZHLWHUDXVGLIIHUHQ]LHUWXQGGDQQHQWZHGHUYRUGHURGHUKLQWHUJUXQ GLHUW VHLQ ,VW GLH 9HUHLQLJXQJVTXDOLWlW KLQWHUJUXQGLHUW WULWW GLH *HJHQ VWDQGVTXDOLWlWGHV.ROOHNWLYXPVLQGHQ9RUGHUJUXQGLVWGLH9HUHLQLJXQJV TXDOLWlW YRUGHUJUXQGLHUW WUHWHQ GLH ]XVDPPHQJHIDVVWHQ 7HLOH LQ GHQ 9RUGHUJUXQG,P'HXWVFKHQH[LVWLHUHQEHLGH.ROOHNWLYDUWHQLQGHU$XVGLI IHUHQ]LHUXQJ ]ZLVFKHQ NROOHNWLYHP )HPLQLQXP XQG 1HXWUXP :lKUHQG GDV)HPLQLQXPGLH*HJHQVWDQGVTXDOLWlWYRUGHUJUXQGLHUWXQGGLH7HLOH]X HLQDQGHUDEJHJUHQ]W]XVDPPHQIDVVWLVWEHLP1HXWUXPGDV*HJHQWHLOGHU )DOO'LHHLQ]HOQHQ7HLOHVWHKHQDOV(OHPHQWTXDOLWlWLP9RUGHUJUXQGZlK UHQG GLH *HJHQVWDQGVTXDOLWlW KLQWHUJUXQGLHUW LVW (LQ QHXWUDOHV .ROOHNWL YXP LVW GHVZHJHQ SULPlU KRPRJHQ ² HQWVSUHFKHQG VHLQHU SULPlUHQ JUDPPDWLVFKHQ*UXQGHLQVWHOOXQJDOV0DVVHQQRPHQZlKUHQGGDVIHPLQL
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
QH.ROOHNWLYXPVRZLHGDV$EVWUDNWXPSULPlULQKRPRJHQE]Z]lKOEDULVW 1XU IHPLQLQH .ROOHNWLYD ODVVHQ VLFK GDKHU SOXUDOLVLHUHQ GLH +XVWHUHL ² GLH +XVWHUHLHQ QLFKW MHGRFK QHXWUDOH GDV *HKXVWH ² GLH *HKXVWH %HLGH $UWHQ YRQ.ROOHNWLYDODVVHQVLFKNRQ]HSWXHOODXFKLP.ODVVLVFKHQ$UDELVFKHQW GHFNHQ ZDV GLH EHUHLQ]HOVSUDFKOLFKH 9HUEUHLWXQJ GLHVHU GLIIHUHQ]LHUWHQ 4XDQWLIL]LHUXQJVWHFKQLN EHZHLVW ,P 'HXWVFKHQ LVW GDV %LOGXQJVPXVWHU GHUQHXWUDOHQ=LUNXPILJLHUXQJ]XU.ROOHNWLYLHUXQJYRQ6XEVWDQWLYHQQLFKW PHKUSURGXNWLY *HWLVFKH *HWUH *HZDOGH XQGGLHHUKDOWHQHQ%LOGXQJHQ VLQG DOOHVDPW OH[LNDOLVLHUW %HL OH[LNDOLVLHUWHQ %LOGXQJHQ LVW 3OXUDOLVLHUXQJ P|JOLFKGDGHUSDUDGLJPDWLVFKH%H]XJ]XUJUDPPDWLVFKHQ6HPDQWLNRSDN JHZRUGHQLVW,P1KGLVWGLHQHXWUDOH=LUNXPILJLHUXQJDOOHLQHGHYHUEDO .ROOHNWLYDXQG$EVWUDNWDVLQGEHLGHKLQVLFKWOLFKLKUHU(LJHQVFKDIWUH ODWLRQDO ]X VHLQ LQ JHZLVVHU :HLVH YHUJOHLFKEDU .ROOHNWLYD |IIQHQ ZLH $EVWUDNWD$UJXPHQWVWHOOHQGLHDXIGLH,QKlULHUXQJYRQ7HLOHQYHUZHLVHQ .ROOHNWLYDSUlGL]LHUHQKLQVLFKWOLFKLKUHU]XVDPPHQJHIDVVWHQ7HLOHGLHVLFK GXUFK LG5 VSDWLRWHPSRUDO IL[LHUEDUH .RKlVLRQ DXV]HLFKQHQ 'DGXUFK VWHKHQ GLH .ROOHNWLYD ]ZLVFKHQ GHQ .RQNUHWD XQG $EVWUDNWD $EVWUDNWD VLQGLP*HJHQVDW]]X.ROOHNWLYDZHLWUHLFKHQGHU SUlGLNDWLYGDVLHQLFKW QXU HLQH VRQGHUQ ]DKOUHLFKH $UJXPHQWVWHOOHQ HU|IIQHQ -H ZHQLJHU $EV WUDNWDEH]JOLFKLKUHU$UJXPHQWHJHVlWWLJWVLQGGHVWRK|KHULVWLKUH3UlGL NDWLYLWlW -H PD[LPDOHU GLH $UJXPHQWVWHOOHQ JHIOOW VLQG GHVWR VWlUNHU LVW LKUH,QGLNDWLYLWlWXQGGHVWRNRQNUHWLVLHUWHUVLQGVLH'LHYRQGHQ$EVWUDNWD LQKlULHUWHQ 7HLOH KlQJHQ DOOHLQH GXUFK LGHHOOH .RKlVLRQ ]XVDPPHQ 8P JHNHKUW N|QQHQ VLH DXI XQHQGOLFK YLHOH 7RNHQV LKUHU VHOEVW DQJHZHQGHW ZHUGHQ $UJXPHQWVlWWLJXQJ =X HLQHP 7\SH ]XVDPPHQJHIDVVWH 7RNHQV N|QQHQDOV$EVWUDNWLYDEH]HLFKQHWZHUGHQZLHHWZDGDV6FK|QHLP*HJHQ VDW] ]XP$EVWUDNWXP6FK|QKHLW ,P 8QWHUVFKLHG ]X GHQ$EVWUDNWD YHUI JHQ $EVWUDNWLYD MHGRFK EHU NHLQH ([]HUSWLRQ HLQHU JHQHUHOOHQ 4XDOLWlW DXV GHQ 7RNHQV 6LH VLQG PHUHRORJLVFK JHVHKHQ NRQWLQXDWLY $XI GLH JUDPPDWLVFKHQ .DWHJRULHQ DQJHZHQGHW ZHUGHQ $EVWUDNWLYD GDKHU DXV VFKOLHOLFKEHUGDV*HQXVQHXWUXPNRGLHUW6LHVLQGGRPLQDQW>² =b+/ %$5@ XQG GDPLW QLFKWJUHQ]EH]RJHQ ZLH GW GDV 6FK|QH 1HXWUDOH .RO OHNWLYDEVWUDNWD XQG $EVWUDNWLYD VLQG VWHWV GRPLQDQW KRPRJHQ NRQ]HSWXDOLVLHUW'DV)HPLQLQXPGDJHJHQIDVVWQLFKWQXU]XVDPPHQVRQ GHUQH[]HUSLHUWHLQHYRUGHUJUXQGLHUHQGH4XDOLWlW'LH]XJXQVWHQHLQHUJH QHUHOOHQ 4XDOLWlW ]XVDPPHQJHIDVVWHQ 9RUNRPPHQVHUVFKHLQXQJHQ EHVLW ]HQLGHHOOH.RKlVLRQ$EVWUDNWDVLQGGDKHUJUXQGVlW]OLFKXQVHOEVWlQGLJGD VLHVLFKLPPHUDXIHWZDVEH]LHKHQZLH6FK|QKHLWÄ$UWXQG:HLVHGHV6FK| QHQYRQHWZDV¶ 'DUDXVOlVVWVLFKHLQHZHLWHUH6FKOXVVIROJHUXQJ]LHKHQ$XIJUXQGLKUHV KRPRJHQHQ &KDUDNWHUV IXQJLHUHQ GLH $EVWUDNWLYD DOV 6DFKYHUKDOWVGDUVWHO OXQJHQDXIGHU%DVLVYRQ*HJHQVWDQGVTXDOLWlW6LHVLQGGDKHUÅNRQNUHWHU´
=XVDPPHQIDVVXQJ.DSLWHO
DOV GLH UHLQHQ $EVWUDNWDZDV GDUDQ ]X HUNHQQHQ LVW GDVV GLHVH NHLQH $U JXPHQWVWHOOHQLQKlULHUHQN|QQHQ'LHVKDW.RQVHTXHQ]HQKLQVLFKWOLFKLK UHU V\QWDNWLVFKHQ $QZHQGEDUNHLW 6R VLQG UHLQH $EVWUDNWD WHQGHQ]LHOO QLFKW LQ .RQWH[WHQ YHUZHQGEDU LQ GHQHQ VSDWLRWHPSRUDOH $EJHVFKORV VHQKHLW DXI %DVLV YRQ *HQHUL]LWlW LPSOL]LHUW LVW 'LH GDUJHOHJWHQ 9HUKlOW QLVVHVLQGLP1KGLQGHU0RUSKRORJLHDEJHELOGHW:lKUHQGDEJHJUHQ]WH 6XEVWDQWLYHZLHGLHGXUFK0DVNXOLQXPXQG)HPLQLQXPNRGLHUWHQGHYHU EDOHQ 6XEVWDQWLYH PLWWHOV ZRUWELOGHQGHU 'HULYDWLRQ UHDOLVLHUW ZHUGHQ ZHUGHQ $EVWUDNWLYD GXUFK GHDGMHNWLYLVFKH 7UDQVSRVLWLRQ GHP 6SUDFKV\V WHP EHUHLWJHVWHOOW (LQH $XVQDKPH ELOGHQ GLH VRJ ÄHFKWHQ 6XEVWDQWLYLH UXQJHQ¶ZLHGDV+RFKGDV*XWGDV7LHI GLHV\QFKURQOH[LNDOLVLHUWVLQGXQG ZLH GLH VRJ Å1RPLQD DJHQWLV´ 3HUVRQHQEH]HLFKQXQJHQ PLW SHUVRQDOHU XQG GLH 1RPLQD LQVWUXPHQWL PLW LQVWUXPHQWDOHU 6HPDQWLN ZLH GHU /HKUHU E]ZGHU%RKUHU SUlGL]LHUHQDEHUQLFKWLPVHOEHQ8PIDQJZLHGDV)HPLQL QXPUHGX]LHUWZHUGHQQRFKVHOEVWLQKlULHUHQN|QQHQ0DVNXOLQH1RPLQD DFWLZLH-RGOHU+RSVHU.QDOOHU ODVVHQVLFKGDKHUYRQGHQIHPLQLQHQ.ROOH NWLYDDXIJUXQGLKUHU(LQPDOLJNHLWGK6LQJXODWLYLWlW XQWHUVFKHLGHQ6XE VWDQWLYLHUWH ,QILQLWLYH N|QQHQ GDJHJHQ LQ %H]XJ DXI LKUH PHUHRORJLVFKHQ 0HUNPDOHGHQIHPLQLQHQ$EVWUDNWDlKQOLFKZHUGHQGDVLHVHNXQGlUH,WH UDWLYLHUXQJ DXVELOGHQ N|QQHQ ZLH HWZD LQ HLQ GDXHUQGHV /DFKHQ 6LH VLQG GLHVEH]JOLFKPLWGHQQHXWUDOHQ=LUNXPILJLHUXQJHQ]XSDUDOOHOLVLHUHQ 9RU GLHVHP +LQWHUJUXQG LVW ]XVDPPHQ]XIDVVHQ GDVV GLH 0XVWHUELO GXQJ LP %HUHLFK GHU 1RPLQDOPRUSKRORJLH PRWLYLHUW LVW XQG ]XU .RGLH UXQJ YRQ DXVGLIIHUHQ]LHUWHU QRPLQDOHU 4XDQWLILNDWLRQ GLHQW ,P %HUHLFK GHU'HULYDWLRQVELOGXQJHQPXVVPDQVLFKIUDJHQZLHHV]XGLHVHQ4XDQWL ILNDWLRQVHUVFKHLQXQJHQ NRPPHQ NRQQWH :LH EHUHLWV LQ .DSLWHO GDUJH OHJWZDUHQGLH4XDQWLILNDWLRQVYHUKl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lW :LH LQ $EVFKQLWW XQGDXVJHIKUWEHGHXWHWHLQ$XIEDXYRQ.RPSOH[LWlWLP%HUHLFK GHU 6HPDQWLN HLQH DOOPlKOLFKH (QWNRQNUHWLVLHUXQJ YRQ ,QKDOWHQ 'DPLW NRPPWHV]XP$XIEDXYRQGHLNWLVFKHQ4XDQWLILNDWLRQVPDUNHUQ(VODVVHQ VLFK%LOGXQJHQDXVPDFKHQGLHKLQVLFKWOLFKLKUHV$EOHLWXQJVPXVWHUVHLQVW $EVWUDNWDQXQMHGRFK.ROOHNWLYDVLQGZLHHWZDPKGULWWHUVFKDIWÄ$UWXQG :HLVH GHU 5LWWHU¶ $EVWUDNWXP DEHU QKG 6WXGHQWHQVFKDIW .ROOHNWLYXP $EHUDXFKGLHXPJHNHKUWHVHPDQWLVFKH(QWZLFNOXQJLVWQDFKJHZLHVHQZLH
0HUHRORJLHXQGQRPLQDOH4XDQWLILNDWLRQ
DQGHQQHXWUDOHQ=LUNXPILJLHUXQJHQHUVLFKWOLFKZXUGH'RUWZXUGHDXVHL QHP %LOGXQJVPXVWHU IU .ROOHNWLYLWlW HLQHV IU 7lWLJNHLWVDEVWUDNWD 9RU GHP3RVWXODWJHULFKWHWHQ6SUDFKZDQGHOVEHL*UDPPDWLNDOLVLHUXQJVSUR]HV VHQJLOWHVGHPQDFK]XNOlUHQREWURW]GLHVHUXQWHUVFKLHGOLFKHQVHPDQWL VFKHQ(QWZLFNOXQJHQHLQHJHPHLQVDPH(QWZLFNOXQJVORJLNIUHLJHOHJWZHU GHQ NDQQ 'LHV JLOW HV LP )ROJHQGHQ IU MHGHV *HQXV HLQ]HOQ ]X EHUSUIHQ
7HLO,, 'LH.RGLHUXQJYRQ*HQXVLQKDOWHQ *HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK ,Q.DSLWHOVROOGLHWKHRUHWLVFKH)UDJHQDFKGHUGLDFKURQHQ(WDEOLHUXQJ XQG(QWZLFNOXQJGHUVXEVWDQWLYLVFKHQ6XIIL[HLP9RUGHUJUXQGVWHKHQGLH DOVÄ4XDQWLIL]LHUHU¶LQQHUKDOEGHV*HQXVV\VWHPVLQ$EVFKQLWWFKDUDNWH ULVLHUWZXUGHQ'LH.ODVVLILNDWLRQGHU6XIIL[HDOV(U]HXJHUYRQ4XDQWLILND WLRQ LPSOL]LHUW GLH 7KHVH GDVV GLH 'HULYDWLRQVVXIIL[H LP 'HXWVFKHQ DOV *UDPPHPH GHU *HQXVIXQNWLRQ IXQJLHUHQ (V VWHOOW VLFK DOVR GLH )UDJH QDFKGHU*UDPPDWLNDOLVLHUXQJGHU6XIIL[H8QWHUZHUGHQGLHPHWKRGL VFKHQ*UXQGODJHQIUHLQHJUDPPDWLNWKHRUHWLVFKDXVJHULFKWHWH)RUVFKXQJ DQ6XIIL[HQHUDUEHLWHW,QZHUGHQGLH*UXQGDQQDKPHQGHU*UDPPDWL NDOLVLHUXQJVIRUVFKXQJPLWGHQ*HVHW]PlLJNHLWHQKLVWRULVFKHU0RUSKROR JLH LQVEHVRQGHUH LP +LQEOLFN DXI GLH (QWVWHKXQJ YRQ TXDQWLIL]LHUHQGHQ 6XIIL[HQLQ%H]LHKXQJJHVHW]W$EVFKQLWWEHVFKlIWLJWVLFKPLWGHU)UD JH ZDUXP ZLU HV LQ %H]XJ DXI GLH .RGLHUXQJ YRQ 4XDQWLILNDWLRQ EHU KDXSWPLWGHP:RUWELOGXQJVW\SGHU6XIILJLHUXQJXQGQLFKWHWZDDQGHUHU PRUSKRORJLVFKHU0LWWHOZLHHWZDGHU3UlILJLHUXQJ ]XWXQKDEHQXQGDXI ZHOFKH:HLVH6XIIL[HHQWVWHKHQ'DRKQH%HUFNVLFKWLJXQJYRQ'DWHQDXV GHU 6SUDFKJHVFKLFKWH QLFKW HUNOlUW ZHUGHQ NDQQ ZDUXP JHJHQZDUWV VSUDFKOLFKH=XVWlQGHVLFKVRGDUVWHOOHQZLHVLHVLFKGDUVWHOOHQLVWLQGLHVHU +LQVLFKW DXFK GLH )UDJH ]X EHDQWZRUWHQ ZHOFKH .RGLHUXQJVNRQNXUUHQ] GLDFKURQLP(LQ]HOIDOOEHVWDQGHQKDWXQGZHOFKHU6WDWXVGHP1KGXQWHU %HUFNVLFKWLJXQJ GLHVHU (UNHQQWQLVVH LP 6\VWHP HLQHV DQ 4XDQWLILNDWLRQ RULHQWLHUWHQ*UDPPDWLNDOLVLHUXQJVSUR]HVVHV]XNRPPW 'DVLFK*UDPPDWLNDOLVLHUXQJVSUR]HVVHVLFKLG5QXUEHUHLQHQOlQ JHUHQ =HLWUDXP EHREDFKWHQ ODVVHQ ]HLJW VLFK GLHVEH]JOLFK ZHGHU HLQH UHLQ V\QFKURQ QRFK HLQH UHLQ GLDFKURQ DXVJHULFKWHWH +HUDQJHKHQVZHLVH ]LHOIKUHQG(UVWLP9HUJOHLFKXQWHUVFKLHGOLFKHUV\QFKURQ]XHUIDVVHQGHU 6SUDFK]XVWlQGHZLUGGHXWOLFKZLHXQGDXIJUXQGZHOFKHUIXQNWLRQDOHQ/R JLN VLFK JUDPPDWLVFKH .RGLHUXQJVVWUDWHJLHQ DEO|VHQ %LVKHULJH 8QWHUVX FKXQJHQEHVFKlIWLJHQVLFKDXVVFKOLHOLFKPLWGHUGLDFKURQHQ1DFKYHUIRO JXQJHLQ]HOQHU6XIIL[HRGHUIXQNWLRQDOYHUZDQGWHU6XIIL[JUXSSHQ$QGHUH 8QWHUVXFKXQJHQ KDEHQ DOOHLQH GLH V\QFKURQH (UIDVVXQJ GHV 6XIIL[LQYHQ
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
WDUVXQGGHVVHQIXQNWLRQDOH7HLOJHVHW]PlLJNHLWHQ]XP*HJHQVWDQG:DV ELVODQJIHKOWLVWHLQHHSRFKHQEHUJUHLIHQGH%HWUDFKWXQJ]XGHU)UDJHLQ ZLHZHLW GLH *HVHW]PlLJNHLWHQ GHV MHZHLOLJHQ 6XIIL[LQYHQWDUV HLQHU 6SUDFKVWXIH XQG JJI DQGHUHU PRUSKRORJLVFKHU .RGLHUXQJVDOWHUQDWLYHQ IXQNWLRQDODXIHLQDQGHUEH]RJHQVLQG 'LH(QWZLFNOXQJVXEVWDQWLYLVFKHU6XIIL[HPLWTXDQWLIL]LHUHQGHU)XQN WLRQZXUGHEHUHLWVHLQJDQJVDOV*UDPPDWLNDOLVLHUXQJVSUR]HVVEHVFKULHEHQ 'LHVHELVKHULPSOL]LWJHVHW]WH$XIIDVVXQJLVWMHGRFKQXUDXIUHFKW]XHUKDO WHQZHQQGHU3UR]HVVDOVXQXPNHKUEDUEHVFKULHEHQZHUGHQNDQQXQG]X JOHLFKPLWHLQHP$XIEDXJUDPPDWLVFKHU.RPSOH[LWlWHLQKHUJHKW$XIGHU %DVLV GHU JUDPPDWLNWKHRUHWLVFKHQ *UXQGODJH LQ NDQQ DP (QGH GHV .DSLWHOV LQVRIHUQ QHEHQ GHU .OlUXQJ GHU ZHLWHUHQ 0HWKRGLN DXFK HLQ 5FNVFKOXVVDXIGLHEHUJHRUGQHWH)UDJHQDFKGHQDOOJHPHLQHQ3ULQ]LSLHQ YRQ6SUDFKZDQGHOSUR]HVVHQJH]RJHQZHUGHQ 0HWKRGLVFKH9RUDEEHPHUNXQJHQ]X7HLO,, 'DLPYRUOLHJHQGHQ)DOOHLQVLFKGLDFKURQYROO]LHKHQGHU3UR]HVVGHU+HU DXVELOGXQJ YRQ VXIIL[DOHU :RUWELOGXQJVV\VWHPDWL]LWlW EHWUDFKWHW ZHUGHQ VROOVWHOOWVLFKGLH)UDJHQDFKHLQHUGLHVEH]JOLFKLQVEHVRQGHUHXQWHU%H UFNVLFKWLJXQJ GLDFKURQHU =XVWlQGH JHHLJQHWHQ 6\VWHPDWLVLHUXQJ *HPHLQKLQODVVHQVLFK$EOHLWXQJVSUR]HVVHDXI]ZHL$UWHQV\VWHPDWLVLHUHQ QDFK GHU :RUWDUW E]Z GHU MHZHLOLJHQ JUDPPDWLVFKHQ .DWHJRULH GLH GXUFKVLHHU]HXJWZLUG'LHVHQWVSULFKWLQGLHVHP)DOOHLQHU$XIWHLOXQJ GHU6XIIL[HQDFKGHQHLQ]HOQHQ*HQHUD QDFKGHU:RUWDUWGHU'HULYDWLRQVEDVLV 'DGDV*HQXVLP=HQWUXPGHU%HWUDFKWXQJVWHKWNRPPWGLHHUVWH6\VWH PDWLVLHUXQJVP|JOLFKNHLW GHU GLHVHU $UEHLW ]XJUXQGHOLHJHQGHQ )UDJHVWHO OXQJQlKHU'LH]ZHLWH6\VWHPDWLVLHUXQJVP|JOLFKNHLWZLUGLQGLHVHU$UEHLW HUVWVHNXQGlUGXUFKJHIKUWXQG]ZDUDXVIROJHQGHQ*UQGHQ ² (UVWHQVNDQQHLQ6XIIL[ZLHHUVLFKWOLFKVHLQZLUGGLH'HULYDWLRQVEDVLV LP/DXIHGHU=HLWlQGHUQRGHUHUZHLWHUQ'LHbQGHUXQJE]Z(UZHLWH UXQJ HUIROJW GDEHL QLFKWZLOONUOLFK VRQGHUQ UHJHOJHOHLWHWZLH ]X ]HL JHQVHLQZLUGYJOELV ,QMHGHP)DOOYHUKlOWVLFKHLQ6XIIL[LQ QHUKDOEVHLQHUGLDFKURQHQ(QWZLFNOXQJLQ%H]XJDXIGLH:RUWDUWGHU $EOHLWXQJVEDVLVQLFKWQRWZHQGLJHUZHLVHNRQVWDQW ² =ZHLWHQVVHW]WGLH6\VWHPDWLVLHUXQJQDFK'HULYDWLRQVEDVHQHLQJOHLFK EOHLEHQGHV,QYHQWDUYRQ:RUWDUWHQEHUGLHHLQ]HOQHQ6SUDFKHSRFKHQ YRUDXV ZDV LP 'HXWVFKHQ VRZLH LQ DQGHUHQ 6SUDFKHQ QLFKW JHJHEHQ ZDU E]Z LVW (V LVW EHNDQQW GDVV :RUWDUWHQ GXUFK *UDPPDWLNDOLVLH UXQJHUVWHQWVWHKHQN|QQHQYJO&/(+0$11D 'LHVJLOWDXFK
0HWKRGLVFKH9RUDEEHPHUNXQJHQ]X7HLO,,
IU GDV 'HXWVFKH 'LH $Q]DKO GHU :RUWDUWHQ LVW LQ GHU 'LDFKURQLH QLFKW NRQVWDQW 'LH :RUWDUW $GMHNWLY ZDU EHLVSLHOVZHLVH EHNDQQWOLFK QRFKLQPKG=HLWQLFKWYRQGHUGHV6XEVWDQWLYVHLQGHXWLJ]XWUHQQHQ VRQGHUQ ZDU RIWPDOV ZLH LP $KG QRFK LQ HLQHU 0DNURZRUWDUW 1R PHQLPZHLWHQ6LQQHGHV7HUPLQXV ]XVDPPHQJHIDVVW(LQHPRUSKR ORJLVFK JHVWHXHUWH $XVGLIIHUHQ]LHUXQJ ]XJXQVWHQ ]ZHLHU JHWUHQQWHU :RUWDUWHQ6XEVWDQWLYXQG$GMHNWLYLVWDOVRHUVWLP/DXIHGHU6SUDFK JHVFKLFKWHHLQJHWUHWHQ'DVJLOWHV]XEHUFNVLFKWLJHQ ² 'ULWWHQV LPSOL]LHUW GLH 6\VWHPDWLVLHUXQJ QDFK 'HULYDWLRQVEDVHQ DXFK HLQH .RQWLQXLWlW SULQ]LSLHOOHU $EOHLWEDUNHLW (V ZlUH MHGRFK YRUVWHOO EDU GDVV :RUWDUWHQ JHUDGH GLHVH .RQWLQXLWlW HLQEHQ N|QQHQ (LQ %HLVSLHO IU GHQ 9HUOXVW GHU )lKLJNHLW ]XU VXIIL[DOHQ :RUWELOGXQJ LVW GLH :RUWDUW 9HUE LP 'HXWVFKHQ 6R NRQQWH HLQ YHUEDOHV 6LPSOH[ LQ YRU DKG=HLWGXUFK=XKLOIHQDKPHHLQHV6XIIL[HVVHNXQGlULWHUDWLYLHUW ZHUGHQ ZLH HWZD KXVWHQ ² KVWHOQ NUDQNHQ ² NUlQNHOQ ODFKHQ ² OlFKHOQ 'DV1KGEHVLW]WQXUQRFKHUHUEWHL6YDXVGHU6SUDFKJHVFKLFKWHHU KDOWHQH %LOGXQJHQ GLHVHV HLQVW SURGXNWLYHQ :RUWELOGXQJVPXVWHUV 'LHVJLOWQLFKWQXUIUGLH6XIILJLHUXQJ'LH0|JOLFKNHLW]XU3UlILJLH UXQJLVWEVSZEHLPHQJOLVFKHQ9HUEY|OOLJ]XP(UOLHJHQJHNRPPHQ 6XIIL[DOH :RUWELOGXQJ OlVVW VLFK PHLVW VFKZHU YRQ GHP YHUZDQGWHQ 3KlQRPHQGHU)OH[LRQWUHQQHQYJOHWZD GLH)RUPHQDXIHQJOLQJ (LQ %HLVSLHO IU HLQH :RUWDUW LP 'HXWVFKHQ EHL GHU V\QFKURQ VWDUN XPVWULWWHQ LVW RE VLH DOV IOHNWLHUEDU HLQJHRUGQHW ZHUGHQ GDUI LVW GLH GHV$GYHUEV6\QFKURQILQGHQVLFKDOOHQIDOOV$IILJLHUXQJVUHOLNWHZlK UHQGQRFKLQPKG=HLWGDV$GYHUEZLHLPKHXWLJHQ(QJOLVFKHQVXIIL JLHUWZHUGHQNRQQWHLQVEHVRQGHUHPLWOLQJVZLHQRFKLQEOLQGOLQJVUFN OLQJV ElXFKOLQJV 'LH ELVODQJ DXIJHVWHOOWHQ .ULWHULHQ ]XU $EJUHQ]XQJ YRQ'HULYDWLRQXQG)OH[LRQ6HOHNWLRQVUHVWULNWLRQHQ:RUWYV:RUW IRUPELOGXQJ 0RGLILNDWLRQ 7UDQVSRVLWLRQ VLQG QRFK ]X XQJHQDX ZHVKDOELQGLHVHU$UEHLWDXIHLQH'LVNXVVLRQZLHVLFK'HULYDWLRQYRQ )OH[LRQ XQWHUVFKHLGHQ OlVVW YHU]LFKWHW ZHUGHQ VROO (LQHQ )RU VFKXQJVEHUEOLFN KLHU]X ELHWHQ %22,- 1$80$1192*(/ VRZLH/$&$ $XIJUXQGHLQHUIHKOHQGHQ.RQWLQXLWlWYRQ JUDPPDWLNDOLVLHUWHQ :RUWNODVVHQZLHEVSZDQGHU:RUWDUWGHV$G MHNWLYV]XHUNHQQHQLVWHUVFKHLQWHLQH6RUWLHUXQJQDFK'HULYDWLRQVED VHQ GLH GDV .RQ]HSW GHU :RUWDUW LPSOL]LHUHQ ZUGHQ YRU GLHVHP +LQWHUJUXQGQLFKWVLQQYROO $XV GHQ DQJHIKUWHQ $UJXPHQWHQ ]HLFKQHW VLFK DE GDVV GLH YRUJHQRP PHQH6\VWHPDWLVLHUXQJZHOFKHGLHHLQ]HOQHQ6XIIL[HKLQVLFKWOLFKGHV*H QXVRUGQHWGHUKLHUYHUIROJWHQ6XFKULFKWXQJDPQlFKVWHQNRPPW'LHVHU $XIJDEHZLGPHWVLFK.DSLWHO'LHHQWVSUHFKHQGHQ$EVFKQLWWHGRUWVLQG QDFK GHQ *HQHUD JHRUGQHW 'DEHL ZHUGHQ GLH 6XIIL[H QDFK GHP *HQXV
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
GDVVLHLP1KGNRGLHUHQHLQJHRUGQHWEVSZGDV6XIIL[KHLWXQWHU)HPL QLQXP$EVFKQLWW 6XIIL[HGLHLP1KGQLFKWPHKUH[LVWLHUHQZHUGHQ HQWVSUHFKHQG GHU %HOHJODJH GHP MHZHLOLJHQ *HQXV E]Z GHQ MHZHLOLJHQ *HQHUDGHUHLQ]HOQHQ6SUDFKVWXIHHLQJHRUGQHW/lVVWVLFKHLQ6XIIL[LQGHU GLDFKURQHQ(QWZLFNOXQJPLWHLQHPYRP1KGDEZHLFKHQGHQ*HQXVEHOH JHQVRZLUGDQHQWVSUHFKHQGHU6WHOOHHLQ4XHUYHUZHLVDXIGHQEHWUHIIHQ GHQ DQGHUHQ *HQXV$EVFKQLWW JHJHEHQ (LQH HWZDLJH 0HKUIDFKQHQQXQJ HUVFKHLQWGDEHLLQVRIHUQEHUHFKWLJWDOVHVVLFK]ZDUXPGLHVHOEH)RUPGHV 6XIIL[HV QLFKW DEHU XP GLHVHOEH )XQNWLRQ KDQGHOW GD PLW GHP *HQXV ZHFKVHO HLQ :HFKVHO GHU )XQNWLRQ YHUEXQGHQ LVW 'HUDUWLJH 'RSSHOQHQ QXQJHQ EOHLEHQ MHGRFK LQVJHVDPW UHODWLY VHOWHQ GD GXUFK GLH EHL GHU *UDPPDWLNDOLVLHUXQJ]XHUZDUWHQGHQ$XVVRQGHUXQJVXQGYRUDOOHP5HN UXWLHUXQJVSULQ]LSLHQ GDV EHWHLOLJWH ,QYHQWDU GHU 6XIIL[H LQVJHVDPW UHODWLY EHJUHQ]WEOHLEW'LHEHL*UDPPDWLNDOLVLHUXQJVSUR]HVVHQEHWHLOLJWHQ3DUWL ]LSDQWHQ VLQG ]DKOUHLFK DEHU QLFKW HQGORV 8QWHU GHU $QQDKPH GDVV HV VLFKXPHLQHQ*UDPPDWLNDOLVLHUXQJVSUR]HVVXQGGDPLWXPHLQHQJHULFKWH WHQ6SUDFKZDQGHOKDQGHOWLVW]XHUZDUWHQGDVVGDVEHWHLOLJWH6XIIL[LQYHQ WDU]XP1KGKLQDEQLPPW'XUFKGLH+RUL]RQWDOXQG9HUWLNDOUDVWHUXQJ GHU6XIIL[HZLUGJHZlKUOHLVWHWGLH6XIIL[HEHVWP|JOLFKLQLKUHU*HVDPWKHLW QLFKWQXUTXDQWLWDWLYVRQGHUQYRUDOOHPTXDOLWDWLY²XQGGDPLWIUGHQ,VW 6WDQG GHU 6\QFKURQLH ² JHZLQQEULQJHQG ]X HUIDVVHQ 0|JOLFKH 6RQ GHUHQWZLFNOXQJHQ HLQ]HOQHU 6XIIL[H ZHUGHQ GDIU LP (LQ]HOIDOO LQQHUKDOE GHUHLQ]HOQHQ.DSLWHODEVFKQLWWH² GLVNXWLHUW'LHHLQ]HOQHQ6XIIL[H ZHUGHQ GDEHL LQ LKUHU (QWZLFNOXQJ YRP $KG EHU GDV 0KG XQG )QKG ELV]XP1KGHUIDVVW'DVPDJDXVHPSLULVFKHU3HUVSHNWLYHDOVVFKZLHULJ KLQVLFKWOLFK GHV XQJHKHXUHQ 'DWHQPDWHULDOV ]X OHLVWHQ HUVFKHLQHQ (LQH VROFKH HSRFKHQEHUJUHLIHQGH +HUDQJHKHQVZHLVH LVW MHGRFK DXIJUXQG GHU 7DWVDFKHGDVV6SUDFKZDQGHOSUR]HVVHHLQ]LJGLDFKURQEHREDFKWHWZHUGHQ N|QQHQ]ZLQJHQGHUIRUGHUOLFK,Q%H]XJDXIGDV=LHOGLH(QWVWHKXQJYRQ *UDPPDWLNGKLQXQVHUHP)DOOGLH(WDEOLHUXQJYRQ*HQXVPDUNHUQPLW WHOV6XIIL[H]XXQWHUVXFKHQLVWGLHVGHUHLQ]LJP|JOLFKH:HJGDVLFKDXV HLQHP V\QFKURQHQ Å4XHUVFKQLWW´ GLH (UJHEQLVVH QLFKW LQ GHU GXUFK GLH FKURQRORJLVFKH :HLWHUIDVVXQJ HUUHLFKWHQ 'HXWOLFKNHLW KHUDXVDUEHLWHQ OLH HQ,P1KGLVWGHU*UDPPDWLNDOLVLHUXQJVSUR]HVVQRFKQLFKWDEJHVFKORV VHQ'DVEHGHXWHWGDVVGLHYRUOLHJHQGH$UEHLWLP*UXQGH]XIUKEHJRQ QHQ ZXUGH :RP|JOLFK OLHHQ VLFK ² VRIHUQ PDQ HLQH IRUWVFKUHLWHQGH .RQWLQXLWlW GHV *UDPPDWLNDOLVLHUXQJVSUR]HVVHV DQQLPPW ² LQ HLQ SDDU KXQGHUW-DKUHQSUl]LVHUH$XVVDJHQWUHIIHQ1LFKWVGHVWRWURW]VLQGGLH8Q WHUVFKLHGH]ZLVFKHQGHQHLQ]HOQHQ6SUDFKVWXIHQLQZHLWHQ7HLOHQEHWUlFKW OLFKYJOKLHU]X.DSLWHO :LHEHUHLWVGHU(LQOHLWXQJ.DSLWHO ]XHQWQHKPHQZDUYHUIROJWGLH $UEHLW ]XP HLQHQ GDV =LHO PHUHRORJLVFKH *UXQGODJHQ LQ %H]XJ DXI GLH
0HWKRGLVFKH9RUDEEHPHUNXQJHQ]X7HLO,,
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²ZLHEHUHLWVHLQJDQJVDQJHGHXWHW²GLHHLQ]HOQHQ6XIIL[HLQLKUHUKLV WRULVFKHQ(QWZLFNOXQJXQGIXQNWLRQDOHU/HLVWXQJVHUEULQJXQJLQGHU/LWH UDWXUEHUHLWVVHKUJXWHUIDVVW+LHU]XVHLHQLQVEHVRQGHUHGLH$UEHLWHQYRQ )/(,6&+(5 g+0$11 *h57/(5 0$85(5 %h5*,66(5 ',770(5 0(,1(.( :2/) ]XP $KG ]XP 0KG GLH $UEHLWHQ YRQ ',770(5 :(*(5$62/06 XQG.521(1%(5*(5 HUZlKQW%HVRQGHUVKHUYRU]X KHEHQ LVW GLH PHWKRGLVFK VHKU GHWDLOOLHUW DXVJHDUEHLWHWH $UEHLW YRQ 5,1* (LQHHUQHXWH(UKHEXQJYRUGHP+LQWHUJUXQGGHULQGLHVHU$UEHLW KHUDXVJHDUEHLWHWHQ IXQNWLRQDOHQ 2UGQXQJVNULWHULHQ ZlUH GDKHU HPSLULVFK ZQVFKHQVZHUWLVWMHGRFKQLFKW=LHOGHUYRUOLHJHQGHQ$UEHLWGLHVWDWWGHV VHQGLH0|JOLFKNHLW]XU$XVZHUWXQJEHUHLWVNODVVLIL]LHUWHQ6SUDFKPDWHULDOV XQWHUGHP$VSHNWYRQ*UDPPDWLNDXIEDXELHWHW'LH(UKHEXQJGHVPKG ,QYHQWDUV LVW ELVKHU GHU DP VWlUNVWHQ YHUQDFKOlVVLJWH %HUHLFK GHU KLVWRUL VFKHQ:RUWELOGXQJ)UJHHLJQHWH%HLVSLHOHZXUGHQGLHPKG:|UWHUE FKHU YRQ /(;(5 VRZLH %(1(&.(0h//(5=$51&.( NRQVXOWLHUW )U GDV)QKGYHUKLHOWVLFKGLH6LWXDWLRQXQJOHLFKDQGHUVGDGLH:RUWELOGXQJ GHV )QKG ]X GHQ UHODWLY JXW XQWHUVXFKWHQ %HUHLFKHQ LQ GHU GLDFKURQHQ 6SUDFKZLVVHQVFKDIW JH]lKOW ZHUGHQ NDQQ $Q GLHVHU 6WHOOH PXVVWHQ LQIRO JHGHVVHQ NHLQH 6WLFKSUREHQ ]XU hEHUSUIXQJ KHUDQJH]RJHQ ZHUGHQ 6WDWWGHVVHQNRQQWHQGLHVHGLUHNWDXVGHP]XU9HUIJXQJVWHKHQGHQ0DWH ULDOE]Z(UJHEQLVVHGHU)RUVFKXQJVOLWHUDWXUEH]RJHQZHUGHQKLHUVLQGLP EHVRQGHUHQ GLH MQJHUHQ ELV MQJVWHQ $UEHLWHQ YRQ *5,00 02 6(5:2/) 026(5 30h//(5 '2(5)(57 %5(1'(/ HW DO :(*(5$35(// 3$9/29 VRZLH BBBBBBBBBBBBB
'LH DXI HLQ]HOQH 6WLFKSUREHQ NRQ]HQWULHUWH =XVDW]SUIXQJ GHU GXUFK GLH 0RQRJUDSKLHQ HUKREHQHQ'DWHQEHUFNVLFKWLJWHHEHQIDOOVGLHP|JOLFKHJUDSKHPDWLVFKH9DULDQ]GHVDKG XQGPKG6SUDFKPDWHULDOVJHPlGHQ:|UWHUEFKHUQYRQ63/(77 ]XP$KGVRZLH YRQ%(1(&.(0h//(5=$51&.(]XP0KG (LQHZHLWHUH$XVQDKPHKLHU]XVWHOOWGLHMQJVWHUVFKLHQHQH$UEHLWYRQ./(,1 62/06 :(*(5$ GDU =XGHU)UDJHGHU9HUZHQGXQJYRQ:|UWHUEFKHUQDOV.RUSXVYRQKLVWRULVFKHP6SUDFK PDWHULDOYJO'5b*(5
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
'(06.( XQG :$1=(&. ]X QHQQHQ =XU 6SUDFKVWXIH GHV 1KG H[LVWLHUHQ ]DKOUHLFKH 0RQRJUDSKLHQ XQWHU 5FNJULII DXI GLH 'LD FKURQLHVLQGMHGRFKVSH]LHOOGLH$UEHLWHQYRQ675,&.(5 ]XP -DKUKXQGHUWVRZLHV\QFKURQGLH$UEHLWYRQ'5$(*(5 ]XQHQ QHQ VRZLH GLH DOOJHPHLQH hEHUEOLFNV]XVDPPHQVWHOOXQJ YRQ )/(, 6&+(5%$5= GLHGLDFKURQ]XEHUSUIHQZDU'LHDXVGHULQVJH VDPWEH]JOLFKGHUKLHUYHUIROJWHQ)UDJHVWHOOXQJJHZRQQHQHQ(UJHEQLVVH GHU UHOHYDQWHQ /LWHUDWXU ]XU KLVWRULVFKHQ :RUWELOGXQJ VRZLH GLH DXV GHQ HLJHQV HUPLWWHOWHQ 6WLFKSUREHQ ZXUGHQ LQ HLQHP GULWWHQ 6FKULWW ]XVDP PHQJHIKUW $XI GLHVHU %DVLV ZXUGHQ LQ HLQHP QlFKVWHQ 6FKULWW GLH VLFK MHZHLOV HUJHEHQGHQ GLDFKURQHQ 9HUlQGHUXQJHQ JHRUGQHW QDFK 6XIIL[ YHUJOLFKHQ XQG GHU 7KHRULH GHU *UDPPDWLNDOLVLHUXQJ JHJHQEHUJHVWHOOW 'LHVHUIROJWHQDFKIROJHQGHQ*HVLFKWVSXQNWHQ %HUFNVLFKWLJXQJGHU'HULYDWLRQVEDVLV8PGLDFKURQH9HUlQGHUXQJHQ GHU 6XIIL[H KLQVLFKWOLFK 6WHLJHUXQJ RGHU 5FNJDQJ GHU 3URGXNWLYLWlW XQGHLQH(UZHLWHUXQJE]ZHLQHQ:HFKVHOGHU$EOHLWXQJVP|JOLFKNHLW ]XHQWGHFNHQZXUGHIUMHGHV6XIIL[XQGIUMHGH6SUDFKVWXIHJHSUIW ZHOFKH $EOHLWXQJVEDVLV 6XEVWDQWLY $GMHNWLY 9HUE GHQ %HOHJHQ ]X JUXQGHOLHJW 6RIHUQ VLFK bQGHUXQJHQ ZLH EVSZ LQ GHU (UZHLWHUXQJ GHU$EOHLWXQJVP|JOLFKNHLWYRQ6XEVWDQWLYHQDXI9HUEHQ HUJHEHQLVW GDPLWDXFKGLH)UDJHYHUEXQGHQZLHXQGXQWHUZHOFKHQ8PVWlQGHQ HLQH VROFKH (UZHLWHUXQJ E]Z HLQ VROFKHU :HFKVHO DXI PRUSKRORJL VFKHU (EHQH YROO]RJHQ ZHUGHQ NRQQWH 'DPLW NDQQ XQWHU IRUPDOHP $VSHNW HUPLWWHOW ZHUGHQ RE EHVWLPPWH :RUWDUWHQ IUKHU DEJHOHLWHW ZHUGHQDOVDQGHUHXQGZHOFKH.RQVHTXHQ]HQGLHVIUGLHNRJQLWLYH 2UJDQLVDWLRQXQGGHQ$XIEDXJUDPPDWLVFKHU0XVWHUKDW 6HPDQWLN'LH%HOHJHZXUGHQPLWKLOIHVSUDFKVWXIHQVSH]LILVFKHU/H[LND DOV DXFK ZR Q|WLJ DQKDQG GHV MHZHLOLJHQ .RQWH[WHV KLQVLFKWOLFK GHU MHZHLOLJHQHQWVSUHFKHQGGHUPHUHRORJLVFKHQ$[LRPDWLNVLFKHUJHEHQ GHQ JHQXVVSH]LILVFKHQ %HGHXWXQJ EHUSUIW )HPLQLQH 6XIIL[ELOGXQ JHQVROOWHQGHPQDFKNROOHNWLYHE]ZDEVWUDNWH%HGHXWXQJ]XU'HILQL WLRQ YJO EHVLW]HQ ZlKUHQG IU SURGXNWLY DEJHOHLWHWH 0DVNXOLQD LQGLYLGXDWLYH XQG SURGXNWLY DEJHOHLWHWH 1HXWUD NRQWLQXDWLYH %HGHX WXQJ]XHUZDUWHQLVW(VJLOWQRFKHLQPDO]XEHWRQHQGDVVKLHUEHLGLH 3URGXNWLYLWlWHLQHVVXIIL[DOHQ%LOGXQJVPXVWHUVPDJHEOLFKDQGHUV\Q FKURQGKSUR6SUDFKVWXIHHUPLWWHOEDUHQ)UHTXHQ]XQGGHUPRUSKR ORJLVFKHQ7UDQVSDUHQ]GHU%HOHJHKLQVLFKWOLFK$EOHLWXQJVEDVLV VRZLH DQGHUGLDFKURQHQIRUPDOHQZLHVHPDQWLVFKHQYJO.DSLWHO]XU8Q WHUVFKHLGXQJYRQ.RPSOH[LWlWVDXIEDXXQGDEEDXDXIPHUHRORJLVFKHU (EHQH (QWZLFNOXQJVORJLNLQVJHVDPWRULHQWLHUWLVW 0LWGHUXQWHUDQJHIKUWHQPHUHRORJLVFKHQ$[LRPDWLNLVWGLH)UDJH QDFK GHU SULQ]LSLHOOHQ 3OXUDOLVLHUEDUNHLW GHU MHZHLOLJHQ %HOHJH DQJH
0HWKRGLVFKH9RUDEEHPHUNXQJHQ]X7HLO,,
VSURFKHQ6RZlUHHQWVSUHFKHQGGHPLQGLHVHU$UEHLW]XJUXQGHJHOHJ WHQ (UNOlUXQJVDQVDW] ]X HUZDUWHQ GDVV VLFK SURGXNWLY DEJHOHLWHWH 1HXWUDDXIJUXQGLKUHUNRQWLQXDWLYHQ6HPDQWLNHLQHU3OXUDOLVLHUEDUNHLW HQW]LHKHQ8PJHNHKUWN|QQHQLQSURGXNWLYJHZRUGHQH1HXWUD(LQ]HO IDOOOH[LNDOLVLHUXQJHQ VRZLH JDQ]H 6XIIL[ELOGXQJVPXVWHU YRQ GLHVHP 6FKHPD DEZHLFKHQ (QWVSUHFKHQG GHU *UDPPDWLNDOLVLHUXQJ ZlUH ]X HUZDUWHQ GDVV LQ HLQHP VROFKHQ )DOO HLQ DOWHUQDWLYHV %LOGXQJVPXVWHU GLHVSH]LILVFKH4XDQWLILNDWLRQVIXQNWLRQEHUQRPPHQKDW 'LH6XIIL[PXVWHUGLHGHUVHOEHQ*HQXVNODVVHDQJHK|UHQPVVHQXQWHU GHP$VSHNW QRPLQDOHU4XDQWLILNDWLRQHLQDQGHUIXQNWLRQDOlTXLYDOHQW VHLQ 0LW =XQDKPH GHU LQ GHU $UEHLW DQJHQRPPHQHQ *UDPPDWLNDOL VLHUXQJ LVW GDEHL PLW HLQHU GLDFKURQHQ $EQDKPH GHV 6XIIL[EHVWDQGHV DQVLFKDOVDXFKPLW2SSRVLWLRQVELOGXQJGHU6XIIL[ELOGXQJVPXVWHUR GHU P|JOLFKHU DOWHUQDWLYHU PRUSKRORJLVFKHU .RGLHUXQJVPXVWHU ]XHL QDQGHU]XHUZDUWHQ $XI PRUSKRORJLVFKHU (EHQH LVW GDPLW ]X XQWHUVFKHLGHQ ]ZLVFKHQ 5HLQWHUSUHWDWLRQ JHULFKWHWHU 6SUDFKZDQGHO PLW .RPSOH[LWlWVDXIEDX XQG 5HDQDO\VH QLFKWJHULFKWHWHU 6SUDFKZDQGHO NHLQ .RPSOH[LWlWV DXIEDX 'LHVH8QWHUVFKHLGXQJZLUGLQGHU/LWHUDWXU]XU*UDPPDWLND OLVLHUXQJ KlXILJ QLFKW JHWURIIHQ )U GHQ YRUOLHJHQGHQ 7KHPHQNRP SOH[LVWVLHMHGRFKJUXQGOHJHQGGDQXUVRDXIPRUSKRORJLVFKHU(EHQH ]ZLVFKHQ QRWZHQGLJHP L6Y JHULFKWHWHP XQG QLFKWJHULFKWHWHP *UDPPDWLNDXIEDXJHWUHQQWZHUGHQNDQQ6RJ6XIIL[YHUVFKPHO]XQJHQ LP6LQQHHLQHU5HDQDO\VH VLQGGDPLWDOVQLFKWJHULFKWHWH6SUDFKZDQ GHOSUR]HVVH HLQ]XVWXIHQ XQG VROOWHQ NHLQHQ .RPSOH[LWlWVDXIEDX DXI JUDPPDWLVFKHU(EHQH%HUHLWVWHOOXQJYRQSDUDGLJPDWLVFKRUJDQLVLHUWHU 4XDQWLILNDWLRQ QDFKVLFK]LHKHQ 'LH )UDJH RE XQG LQZLHZHLW GLH :RUWDUWGHU]XJUXQGHOLHJHQGHQ'HULYDWLRQVEDVLVDOVVHPDQWLVFKHV.UL WHULXP5HOHYDQ]IUGLH*UDPPDWLNDOLVLHUXQJKDWNDQQDQGLHVHU6WHOOH YHUQDFKOlVVLJWZHUGHQGDGLHVHLQHV\QFKURQH)UDJHVWHOOXQJLPSOL]LHUW ,QZLHZHLW 9HUEDODEVWUDNWD NRJQLWLY ÄNRPSOH[HU¶ DOV $GMHNWLYDEVWUDNWD VLQG VROOWHQ QHXUROLQJXLVWLVFKH ([SHULPHQWH VRZLH (UJHEQLVVH DXV GHPNLQGOLFKHQ(UVWVSUDFKHUZHUEHUEULQJHQ$XV6LFKWGHU'LDFKURQLH LVWYDGLH)UDJHLQWHUHVVDQWREVLFKHLQH(QWZLFNOXQJVORJLNEHREDFK WHQ OLHH XQG RE VLFK ² MHQVHLWV GHU VSH]LILVFKHQ *HQXVNODVVHQ ² DOO JHPHLQH3ULQ]LSLHQGHU$EOHLWXQJVSUlIHUHQ]EHVWLPPWHU%DVHQHQWGH FNHQODVVHQ%HLGHU'HULYDWLRQVEDVLVVLQGGDKHUDOOHPRUSKRORJLVFKHQ $VSHNWHHLQIDFKH%DVLVYVNRPSOH[H%DVLVLQKlUHQWGXUFKGDV/H[HP HLQJHEUDFKWH4XDQWLILNDWLRQ7UDQVSDUHQ] ]XEHUFNVLFKWLJHQ 9RU GHP +LQWHUJUXQG GHU ELVKHULJHQ PHWKRGRORJLVFKHQ $XVIKUXQ JHQN|QQHQGLHLP1KGSURGXNWLYHQ6XIIL[HYJOGLH(UJHEQLVVHYRQ '5$(*(5 DOVHUIROJUHLFKJUDPPDWLNDOLVLHUWHE]ZVLFKDOVQRFK
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
JUDPPDWLNDOLVLHUHQGH 0RUSKHPH HLQJHVWXIW ZHUGHQ ,KQHQ NRPPW GDKHUEHLGHU8QWHUVXFKXQJLP6LQQHHLQHVJHULFKWHWHQ6SUDFKZDQGHO SUR]HVVHVGHU%HWUDFKWXQJVYRU]XJJHJHQEHUDQGHUHQP|JOLFKHUZHLVH LQ DQGHUHQ 6SUDFKHSRFKHQ TXDQWLWDWLY K|KHU IUHTXHQWHQ 6XIIL[HQ ]X 8QWHUVFKLHGHKLQVLFKWOLFKGHU$EOHLWXQJVXQWHUVFKLHGHLQ%H]XJDXIXQ WHUVFKLHGOLFKH:RUWDUWHQVLQGLQGHU'LDFKURQLHIUMHGHV6XIIL[]XHU KHEHQ XQG PLW GHQ DQGHUHQ 6XIIL[HQ LQ IRUPDOH LQ %H]XJ DXI HLQH P|JOLFKH .RQNXUUHQ] PLW DQGHUHQ 6XIIL[HQ XQG IXQNWLRQDOH XQWHU GHP$VSHNWGHU*HQXVTXDQWLILNDWLRQ %H]LHKXQJ]XVHW]HQ 'LHDXVGHQGLDFKURQHQPRUSKRORJLVFKHQ(QWZLFNOXQJHQGHUQDFK*HQXV JHRUGQHWHQ6XIIL[HJHZRQQHQHQ(UNHQQWQLVVHZXUGHQLQHLQ]HOQHWKHPD WLVFKH$EVFKQLWWHXQWHUGHP$VSHNWGHU*UDPPDWLNDOLVLHUXQJE]Z3DUD GLJPDWLVLHUXQJEHUIKUWGKLP+LQEOLFNDXIJUDPPDWLVFKVHPDQWLVFKHQ .RPSOH[LWlWV]XZDFKVVRZLHGHU$EQDKPHLQGLYLGXHOOHU6HOHNWLRQVUHVWULN WLRQHQ .DSLWHO 'LH VLFK PLW GHU *UDPPDWLNDOLVLHUXQJ GHU 6XIIL[H EH VFKlIWLJHQGHQ $EVFKQLWWH ² VLQG DOV JHQXVVSH]LILVFKH GLDFKURQH 4XHUVFKQLWWH]XYHUVWHKHQ6LHYHUIROJHQGLH6\VWHPDWLNHLQHV*UDPPDWL NDOLVLHUXQJVSIDGHV LQQHUKDOE GHU NRQNXUULHUHQGHQ 6XIIL[H GXUFK GLH HLQ ]HOQHQ 6SUDFKHSRFKHQ KLQGXUFK 'LH $QQDKPH HLQHU *UDPPDWLND OLVLHUXQJ PLWWHOV 6XIIL[H NDQQ QXU GDQQ %HVWDQG KDEHQ VRIHUQ GLH LQQHUKDOEHLQHU6SUDFKVWXIHSURGXNWLYHQ6XIIL[H]XHLQDQGHUHLQÄNOHLQVWHV JHPHLQVDPHV 9LHOIDFKHV¶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l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{UVFKDIWIHP Ä/LHEHVYHUKlOWQLV¶]XODWDPRUÄ/LHEH¶VRZLH VFKDIW (LQH K\EULGH %LOGXQJ PLW QDWLYHU %DVLV XQG QLFKWQDWLYHP 6XIIL[ ZLHHWZDGW7ROOLWlW6FKZXOLWlW%HLVSLHOHDXV./8*( LVWGHP QDFK DOV PDUNLHUW HLQ]XVWXIHQ 'DV EHGHXWHW GDVV QLFKWQDWLYH 6XIIL[H GDQQ ÅQDWLYLHUW´ ZHUGHQ E]Z DOV QDWLY HLQ]XRUGQHQ VLQG VREDOG VLH VLFK
0HWKRGLVFKH9RUDEEHPHUNXQJHQ]X7HLO,,
PLW QDWLYHQ %DVHQ NRPELQLHUHQ ODVVHQ (LQ VROFKHU 3UR]HVV LVW LQQHUKDOE GHUGHXWVFKHQ6SUDFKJHVFKLFKWHEVSZDP6XIIL[HULHHUHL]XEHREDFKWHQ 'DV 6XIIL[ GHVVHQ $XIWUHWHQ ZRKO DXI ODWHLQLVFKIUDQ]|VLVFKHQ (LQIOXVV ]XUFN]XIKUHQLVWNRPELQLHUWHVLFKQRFKLP$KGPLWQLFKWQDWLYHQ%D VHQ DE GHP -DKUKXQGHUW PLW QDWLYHQ %DVHQ 6&+5g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lQJHUH =HLW KLQZHJ ]X YHUIROJHQ 'LH IU GLH *UDPPDWLNDOLVLHUXQJ UHOH YDQWHVWHQGDIUHTXHQWHVWHQ6XIIL[HPVVHQLQLKUHUMHZHLOLJHQ6\VWHPDWLN XQG(QWZLFNOXQJVORJLNXQWHUVXFKWXQGLQHLQHPZHLWHUHQ6FKULWW]XHLQDQ GHULQ%H]LHKXQJJHVHW]WZHUGHQ8P*UDPPDWLNDOLVLHUXQJQDFKZHLVHQ]X N|QQHQ PVVHQ GLH HLQ]HOQHQ 6XIIL[KLVWRULHQ LQ LKUHU (QWZLFNOXQJVORJLN LQEHVWLPPWHU:HLVHlKQOLFKVHLQ'LHHQWVSUHFKHQGHbKQOLFKNHLWGDUIGD EHL QLFKW ZLOONUOLFK VHLQ VRQGHUQ PXVV VWUHQJ LQ GHU ]X NRGLHUHQGHQ JUDPPDWLVFKHQ )XQNWLRQ EHJUQGHW ZHUGHQ N|QQHQ XQG VLFK IRUPDO QDFKZHLVHQ ODVVHQ HWZD GXUFK PRUSKRORJLVFKH 0DUNLHUXQJHQ .RGLH UXQJVPXVWHURGHU'LVWULEXWLRQVHLJHQVFKDIWHQEHVWLPPWHU:RUWDUWHQ 'D EHL LVW QLFKW DXVJHVFKORVVHQ GDVV LP (LQ]HOQHQ ÅLQGLYLGXHOOH´ :HJH YRQ GHQ 6XIIL[HQ EHVFKULWWHQ ZHUGHQ 'LH 7KHRULH GHU *UDPPDWLNDOLVLHUXQJ EHVDJW QXU GDVV GLH DQ GHU *UDPPDWLNDOLVLHUXQJ EHWHLOLJWHQ (OHPHQWH LQ LKUHU JHVDPWHQ GLDFKURQHQ (QWZLFNOXQJ HLQH 9HUlQGHUXQJ PLW $XIEDX YRQJUDPPDWLVFKHU%HGHXWXQJGKJOHLFK]HLWLJPLWIUGLH*UDPPDWLNDOL VLHUXQJ W\SLVFKHQ XQG SURJQRVWL]LHUEDUHQ &KDUDNWHULVWLND GXUFKODXIHQ 'DV VFKOLHW LQGLYLGXHOOH 6RQGHUZHJH HLQ]HOQHU 6XIIL[H QLFKW DXV :HQQ HLQ6XIIL[LP(LQ]HOQHQHLQHQGHU*UDPPDWLNDOLVLHUXQJ]XZLGHUODXIHQGHQ E]Z HQWJHJHQJHVHW]WHQ :HJ HLQVFKOlJW LP 6LQQH HLQHU /H[LNDOLVLHUXQJ RGHU8VXDOLVLHUXQJ PXVVQLFKWGLHJHVDPWH(QWVWHKXQJGHVEHWUHIIHQGHQ 3DUDGLJPDV JHIlKUGHW VHLQ 'DV MHZHLOLJH JUDPPDWLVFKH 7HLOV\VWHP KDW VFKOLHOLFKGLH0|JOLFKNHLWDXIHLQHQDQGHUHQ*UDPPDWLNDOLVLHUXQJVSDUWL ]LSDQWHQÅDXV]XZHLFKHQ´,QGLYLGXDOLWlWLVWDOVRQLFKWVW|UHQGVRODQJHGLH VHQLFKWEHUKDQGQLPPWXQGGHU*UXQGV\VWHPDWLNGHU*UDPPDWLNDOLVLH UXQJ QLFKW ]XZLGHUOlXIW YJO 3XQNWH ELV 9RU GHP =LHO GLH *UDPPDWLNDOLVLHUXQJ GHU .DWHJRULH *HQXV QDFK]XZHLVHQ VROOWHQ IU GDV $XIGHFNHQ YRQ $QDORJLHQ HEHQIDOOV *HQXV6SUDFKHQ RGHU 6SUDFKHQ PLW
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
HLQHU LP MHZHLOLJHQ 3XQNW SDUDOOHOHQ 6SUDFKV\VWHPDWLN LQ GHQ GLDFKURQHQ 9HUJOHLFKPLWHLQEH]RJHQZHUGHQZRHVLP(LQ]HOIDOOQ|WLJHUVFKHLQWXP GXUFKVSUDFKW\SRORJLVFKH(UNHQQWQLVVHZHLWHUH(YLGHQ]EHUHLW]XVWHOOHQ,Q %H]XJ DXI PXWPDOLFKH Ä*HJHQEHLVSLHOH¶ ODVVHQ VLFKDXI GHQ HUVWHQ %OLFN UHLQ LQWXLWLY ]DKOUHLFKH 6XIIL[ELOGXQJHQ ILQGHQ GLH KLQVLFKWOLFK LKUHV JUDPPDWLVFKHQ *HKDOWV ]XQlFKVW VHKU IUDJZUGLJ HUVFKHLQHQ $OOHUGLQJV PXVVHLQ*HJHQEHLVSLHOVWHWVDXFKDOVHLQVROFKHVJHUHFKWIHUWLJWVHLQ/H[L NDOLVLHUXQJHQ VLQG LQ GLHVHU +LQVLFKW DOV $UJXPHQWDWLRQVEDVLV JUXQGVlW] OLFKXQJHHLJQHWGDVLHDOVLQGLYLGXHOOÅYHUIHKOWH´*UDPPDWLNDOLVLHUXQJEH ]HLFKQHWZHUGHQN|QQHQ 'HU %HJULII GHU /H[LNDOLVLHUXQJ EH]HLFKQHW JHPHLQKLQHLQHQ 9RUJDQJ HLQHUGLDFKURQHQ'HPRWLYLHUXQJ(LQ]HOQHDQDO\VLHUEDUH0RUSKHPHZHU GHQLP9HUODXIGHU6SUDFKJHVFKLFKWHQLFKWPHKUDOVVHJPHQWLHUEDUZDKU JHQRPPHQVRQGHUQ]XVDPPHQJHIDVVW]XHLQHUOH[LNDOLVFKHQ)RUPYJO] % QKG 1DFKEDU DXV DKG QĆKJLEşUR ÄQDKHU 0LWEHZRKQHU¶ ./8*( )UGHQNRQNUHWHQ)DOOEHGHXWHWGLHVGDVVGLH%LOGXQJHQLG5XVXD OLVLHUWVLQGGDKHU'LVWULEXWLRQVEHVFKUlQNXQJHQXQWHUOLHJHQXQGVRPLWDXV PHUHRORJLVFKHU 6LFKW JUDPPDWLVFK XQPRWLYLHUW VLQG (W\PRORJLVFKH (LQ ]HODQDO\VHQYRQ'HULYDWLRQVELOGXQJHQPVVHQGDKHUIUGDVKLHUYHUIROJWH =LHOHLQHU6\VWHPDWLVLHUXQJGHUHLQ]HOQHQ6XIIL[HRKQH:HUWEOHLEHQ'LHV VHLDQIROJHQGHP%HLVSLHOLOOXVWULHUW'DV:RUW:RKQXQJLVWQLFKWQXUKRFK IUHTXHQW LQ VHLQHU 9HUZHQGXQJ VRQGHUQ DXFK KLQVLFKWOLFK VHLQHV %LO GXQJVW\SVQRFK WUDQVSDUHQWQLFKWMHGRFKKLQVLFKWOLFKVHLQHU%HGHXWXQJ DOV.RQNUHWXP'DV6XIIL[XQJELOGHWVSlWHVWHQVVHLWQKG=HLWDXVVFKOLH OLFK$EVWUDNWD]XSUlILJLHUWHQ9HUEHQ'(06.( 'DVEHGHXWHW GDVVGLH%LOGXQJ:RKQXQJ]XP=HLWSXQNWLKUHU(QWVWHKXQJDEVWUDNWH%H GHXWXQJ LP 6LQQH YRQ ÄGDV :RKQHQ¶ EHVHVVHQ KDEHQ PXVV XQG GXUFK 9HUZHQGXQJ LQ VSH]LILVFKHQ $NWXDOLVLHUXQJVNRQWH[WHQ DOOPlKOLFK HLQH 0RQRVHPLHUXQJ ]XJXQVWHQ NRQNUHWHU 6HPDQWLN HUIXKU (V ODVVHQ VLFK ]ZDU ]DKOUHLFKH %LOGXQJHQ DXI XQJ ² VRZLH DXFK ]X DQGHUHQ 6XI IL[ELOGXQJ HQ²DQIKUHQGDEHLLVWDEHUJHJHQZDUWVVSUDFKOLFKXPVWULWWHQ RE GDV 6XIIL[ EHUKDXSW QRFK DQ GHU :RUWELOGXQJ SURGXNWLY WHLOQLPPW "&KDWWXQJ"4XDWVFKXQJ"7HOHIRQLHUXQJYJO 'DVDQJHIKUWH%HLVSLHOOlVVW LQVRIHUQNHLQH$XVVDJHEH]JOLFKGHUKLHUJHVWHOOWHQ)UDJH]X'DPLWZLUG JOHLFK]HLWLJGHXWOLFKGDVVOH[LNDOLVLHUWHGKV\QFKURQQLFKWPHKUWUDQVSD UHQWH %LOGXQJHQ JUXQGVlW]OLFK YRQ GHU 'LVNXVVLRQ KLQVLFKWOLFK GHU )UDJH QDFK HLQHP SDUDGLJPDWLVFKHQ 4XDQWLIL]LHUXQJVV\VWHP DXV]XVFKOLHHQ VLQG0DQGDUIQLFKWGDYRQDXVJHKHQGDVVV\QFKURQH*HJHQEHLVSLHOHDXFK BBBBBBBBBBBBB
0|JOLFKHUZHLVHOLHJWKLHUHLQH$QDORJLH]XU(QWZLFNOXQJVORJLNGHV6XIIL[HVQLVYJOGLH%H IXQGHLQ5,1* YRU
0HWKRGLVFKH9RUDEEHPHUNXQJHQ]X7HLO,,
GLDFKURQXQPRWLYLHUWZDUHQ(VLVWHLQKlXILJ]XEHREDFKWHQGHVPHWKRGL VFKHV 9HUVlXPQLV GDV SODXVLEHO HUVFKHLQW ZHQQ GLH (EHQH GHU 6SUDFK NRPSHWHQ] GLH JHJHQZDUWVVSUDFKOLFK DXVJHULFKWHW LVW XQG GLH (EHQH GHV OLQJXLVWLVFK JHVFKXOWHQ PHWDVSUDFKOLFKHQ :LVVHQV JOHLFKJHVHW]W ZHUGHQ 'LHEHLGHQ(EHQHQJLOWHVMHGRFK]XWUHQQHQ'LHVHU$VSHNWLVWEHVRQGHUV KHUYRU]XKHEHQGDYHUPXWOLFKGHU$QWHLODQQLFKWHUNHQQEDUHQ/H[LNDOLVLH UXQJHQ GLH PHLVW QLFKWV DQGHUHV VLQG DOV ÅHUVWDUUWH *UDPPDWLN´ QLFKW KRFK JHQXJ YHUDQVFKODJW ZHUGHQ NDQQ (V N|QQHQ QXU VROFKH %LOGXQJHQ DOVÄHFKWH¶*HJHQEHLVSLHOHJHOWHQGLHGXUFKGDVVHOEH6XIIL[DEJHOHLWHWVLQG VRZLH DOOHVDPW GHU PHUHRORJLVFKHQ *UXQGVHPDQWLN GHV VSH]LILVFKHQ *H QXV GHU %LOGXQJ ZLGHUVSUHFKHQ VR HWZD IHPLQLQH 6XIIL[ELOGXQJHQ DXI EVSZKHLWPLWNRQNUHWHUQLFKWDEVWUDNWHU%HGHXWXQJ %HLGHU6XFKHQDFK PXWPDOLFKHQ Ä*HJHQEHLVSLHOHQ¶ GUIWH VLFK DOOHUGLQJV VFKQHOO KHUDXVVWHO OHQ GDVV VROFKH ÄVFKHLQEDU¶ XQPRWLYLHUWHQ 6XEVWDQWLYJUXSSHQ VXIILJLHUWHU 6XEVWDQWLYH YRU GHP +LQWHUJUXQG GHU *UDPPDWLNDOLVLHUXQJ KLVWRULVFK GXUFKDXVPRWLYLHUEDUVLQG 3ULQ]LSLHQGHU*UDPPDWLNDOLVLHUXQJ *UDPPDWLNDOLVLHUXQJ LVW HLQ JUDGXHOOHU 3UR]HVV EHL GHP VLFK =HLFKHQ LQ 3DUDGLJPHQRUGQHQ*UDPPDWLNDOLVLHUXQJYHUOlXIWJHPHLQKLQJUDGXHOOXQG LVW XQLGLUHNWLRQDO GK VLH LVW QLFKW XPNHKUEDU 'LH =HLFKHQ WUDJHQ ]X QlFKVWNHLQHJUDPPDWLVFKH)XQNWLRQE]ZQLFKWGLHVHOEHVSlWHUHJUDPPD WLVFKH)XQNWLRQ'DEHLEHWHLOLJWVLQGYRUDOOHPGLH3UR]HVVHGHU0HWDSKR ULVLHUXQJ HLQH =XQDKPH GHU JUDPPDWLVFKHQ %HGHXWXQJ VRZLH GHU 5HLQWHUSUHWDWLRQ%HLGHU5HLQWHUSUHWDWLRQZLUGGHPEHWUHIIHQGHQ=HLFKHQ HLQHQHXHJUDPPDWLVFKH)XQNWLRQ]XJHZLHVHQ5HLQWHUSUHWDWLRQNDQQQXU GRUW ]XVWDQGH NRPPHQ ZR GLH .RGLHUXQJVPXVWHU XQWHUVFKLHGOLFKHU JUDPPDWLVFKHU )XQNWLRQHQ VLFK IXQNWLRQDO EHUVFKQHLGHQ &KDUDNWHULV WLVFKIU*UDPPDWLNDOLVLHUXQJVSUR]HVVHLVWGDVVVLHPLWHLQHP9HUOXVWDQ OH[LNDOLVFKHU 6HPDQWLN HLQKHUJHKHQ 'LH OH[LNDOLVFKH 6HPDQWLN YHUEOHLFKW HQJO VHPDQWLF EOHDFKLQJ +233(575$8*277 GLH JUDPPDWLVFKH 6HPDQWLNQLPPWJOHLFK]HLWLJ]X$XV/H[LNNDQQDOVR*UDPPDWLNZHUGHQ ZLHLPIROJHQGHQ6FKDXELOGQ/(,66 LOOXVWULHUWZLUG
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
.HUQPHUNPDO
'HVHPDQWLVLHUXQJ
0HWDSKRULVLHUXQJ
$XIEDX JUDPPDWLVFKHU 0HUNPDOH
5HGXNWLRQ VHPDQWLVFKHU 0HUNPDOH
$EE6FKHPDWLVLHUXQJGHU*UDPPDWLNDOLVLHUXQJ
*HQDX JHQRPPHQ XPIDVVW GHU %HJULII GHU *UDPPDWLNDOLVLHUXQJ ]ZHL 'LQJH(QWZHGHUZLUGLP/DXIHGHU=HLWHLQNRPSOH[HUHU JUDPPDWLVFKHU ,QKDOW EHVWLPPWHQ GLHVEH]JOLFK XQWHU VSH]LIL]LHUWHQ 6SUDFK]HLFKHQ ]X JHZLHVHQ 'DGXUFK HQWVWHKW HLQ QHXHV *UDPPHP GDV HLQH EHVWLPPWH JUDPPDWLVFKH)XQNWLRQDOLWlWWUlJWGLH]XYRUYRQDQGHUHQJUDPPDWLVFKHQ 5HDOLVLHUXQJHQDXIDQGHUH$UWPLWUHDOLVLHUWZHUGHQPXVVWH0DQVSULFKWLQ GLHVHP)DOODXFKYRQÅ,QQRYDWLRQ´HLQHV3DUDGLJPDV(LQHDQGHUH0|J OLFKNHLWLVWHLQTXDQWLWDWLYHU=XZDFKVDQJUDPPDWLVFKHQ)RUPHQXPHLQ EHUHLWVEHVWHKHQGHVJUDPPDWLVFKHV3DUDGLJPD]XVWW]HQ'LH6\PEROL VLHUXQJVOHLVWXQJEHVWHKWLQGLHVHP)DOOHGDULQGDVVHLQHEHVWLPPWHJUDP PDWLVFKH )XQNWLRQVUHDOLVLHUXQJ DXIUHFKW]XHUKDOWHQ ,Q GLHVHP )DOO VSULFKWPDQYRQÅ5HQRYDWLRQ´HLQHV3DUDGLJPDV 'D GLH .DWHJRULH *HQXV LQQHUKDOE GHU 'LDFKURQLH GHV 'HXWVFKHQ QLFKW HQWVWDQG VRQGHUQ VLFK GXUFK GLH (WDEOLHUXQJ GHU 6XIILJLHUXQJ GLH .RGLHUXQJVIRUPÄHUQHXHUW¶KDWOLHJWLPYRUOLHJHQGHQ)DOOHLQ3UR]HVVGHU 5HQRYDWLRQ YRU 7HUPLQRORJLVFK ILQGHW VLFK GHU %HJULII ]XHUVW EHL $QWRLQH 0HLOOHW IU] ÅUHQRXYHOOHPHQW´ XQG ZXUGH GXUFK & /(+0$11 ZLHGHUEHOHEW1DFKZHOFKHQ3ULQ]LSLHQHWDEOLHUHQVLFKMHGRFK*UDPPDWL NDOLVLHUXQJVSUR]HVVH" *HPHLQKLQ OLHJHQ ]ZHL NRJQLWLYH 3UR]HVVH GHU *UDPPDWLNDOLVLHUXQJ ]XJUXQGH 0HWDSKHU XQG 0HWRQ\PLH =XHUVW VROOHQ ]XQlFKVW EHLGH 3ULQ]LSLHQ JHWUHQQW YRQHLQDQGHU EHVFKULHEHQ ZHUGHQ ,Q HLQHP]ZHLWHQ6FKULWWVROOHQGLH(UJHEQLVVHDXIGHQ%HUHLFKGHU*UDPPD WLNDOLVLHUXQJVWKHRULH EHUWUDJHQ ZHUGHQ GD XPVWULWWHQ LVW ZHOFKH 5ROOH LQVEHVRQGHUH GLH 0HWDSKHU EHLP $XIEDX YRQ *UDPPDWLN VSLHOW +HU
3ULQ]LSLHQGHU*UDPPDWLNDOLVLHUXQJ
N|PPOLFKHUZHLVHJHKWPDQYRQHLQHP=XVDPPHQVSLHOEHLGHU3ULQ]LSLHQ DXV EHL GHP GLH 0HWDSKHU DOV $XVJDQJVSXQNW HLQHV *UDPPDWLNDOLVLH UXQJVSUR]HVVHV DQJHVHKHQ ZLUG GLH 0HWRQ\PLH DOV )ROJHSKlQRPHQ (V PXVVMHGRFKJHNOlUWZHUGHQREGDVHLQH3ULQ]LSWDWVlFKOLFKGDVDQGHUH² ZLH LQ GHU *UDPPDWLNDOLVLHUXQJVIRUVFKXQJ DQJHQRPPHQ ² DEO|VHQ NDQQ ZRPLW DXFK GLH )UDJH QDFK GHU 0RWLYDWLRQ GLHVHV $EO|VHSUR]HVVHV DXI NRPPW RGHUREOHGLJOLFKHLQHVGHUEHLGHQ3ULQ]LSLHQHLQH 5ROOHEHLGHU *UDPPDWLNDOLVLHUXQJ VSLHOW *HKW PDQ YRQ GHU +\SRWKHVH DXV GDVV GLH 0HWRQ\PLHDXIGHU0HWDSKHURGHUXPJHNHKUW DXIEDXWVRPXVVPDQIUD JHQ LQ ZHOFKHU +LQVLFKW XQG DXI ZHOFKH $UW VLFK EHLGH 3ULQ]LSLHQ DQHL QDQGHU DQODJHUQ N|QQHQ ZLH VLFK DOVR HLQH 7UDQVIRUPDWLRQ YRP HLQHQ ]XPDQGHUHQ3ULQ]LSJHVWDOWHW*HKWPDQGDJHJHQYRQGHU+\SRWKHVHDXV GDVVQXUHLQHVGHUEHLGHQ3ULQ]LSLHQIUGLH*UDPPDWLNDOLVLHUXQJUHOHYDQW LVW PXVV PDQ MHGHP 3ULQ]LS XQWHUVFKLHGOLFKH )XQNWLRQVGRPlQHQ ² GK $QZHQGXQJVEHUHLFKH²]XZHLVHQ'LH.OlUXQJGLHVHU'LVNXVVLRQKDWUHOH YDQWH $XVZLUNXQJHQ DXI GHQ 1DFKZHLV HLQHV IXQNWLRQDO JHVWHXHUWHQ %H GHXWXQJVZDQGHOV 6R PVVWHQ GLH %HOHJH KLQVLFKWOLFK GHU YRQ LKQHQ EH UHLWJHVWHOOWHQ %HGHXWXQJ EHLP $XIEDX YRQ JUDPPDWLVFKHU .RPSOH[LWlW EHVWLPPWHFKDUDNWHULVWLVFKH%HGHXWXQJVYHUlQGHUXQJHQHUIDKUHQ,P)RO JHQGHQZLUGVLFK]HLJHQGDVVDXIGHU%DVLVGHU3ULQ]LSLHQGHU*UDPPDWL NDOLVLHUXQJHLQHVROFKH(QWZLFNOXQJVORJLNLQGLHVHP)DOOQDFKGHP3ULQ ]LSGHU0HWRQ\PLHHQWGHFNWZHUGHQNDQQ 1DFK',(:$/' EHVWHKWGLH*HPHLQVDPNHLWYRQ0HWDSKHUXQG 0HWRQ\PLHGDULQHLQH=HLFKHQIRUP$PLWGHUHLJHQWOLFKHQ%HGHXWXQJD DXI HLQHQ DQGHUHQ %HGHXWXQJVEHUHLFK DQ]XZHQGHQ XP HLQH ]ZHLWH %H GHXWXQJ DXV]XGUFNHQ QlPOLFK HLQH ÅEHUWUDJHQH´ %HGHXWXQJ 'HU %H JULII GHU ÅhEHUWUDJXQJ´ ILQGHW VHLQH WHUPLQRORJLVFKH (QWVSUHFKXQJ LP HUVWHQ 3ULQ]LS GHU *UDPPDWLNDOLVLHUXQJ GHU 0HWDSKHU JULHFK ƍƥƴơƶƯƱƜ ÄGDV :HJ XQG $QGHUVZRKLQWUDJHQ 7UDQVSRUWLHUHQ¶ %HL GHU 0HWDSKHU KDQGHOW HV VLFK XP GLH hEHUWUDJXQJ HLQHV EHVWLPPWHQ %HJULIIV ]XU +HU VWHOOXQJHLQHVDQGHUHQ'LH]ZLVFKHQGHQEHLGHQ%HJULIIHQKHUJHVWHOOWH5H ODWLRQEHUXKWDXIGHP3ULQ]LSGHUbKQOLFKNHLW6LPLODULWlW 6REH]HLFKQHW EVSZGDV/H[HP6FKUDQNKHUN|PPOLFKHLQ0|EHOVWFNLPEHUWUDJHQHQ 6LQQH DEHU DXFK HLQH 3HUVRQ GLH bKQOLFKNHLW PLW GHP .RQ]HSW HLQHV 6FKUDQNVKDW'LH]ZLVFKHQEHLGHQ%HJULIIHQKHUJHVWHOOWH%H]LHKXQJOLHH VLFK KLQVLFKWOLFK LKUHU bKQOLFKNHLW PLW GHQ VHPDQWLVFKHQ 0HUNPDOHQ >*52@>%5(,7@>6&+:(5@HWFEHVFKUHLEHQ (VNDQQPLWWOHUZHLOHDOVXPVWULWWHQJHOWHQZHOFKH5ROOHGLH0HWDSKHU EHLGHU*UDPPDWLNDOLVLHUXQJVSLHOW7UDGLWLRQHOOEHVFKUHLEWGHU%HJULIIGHU 0HWDSKHU HLQH bKQOLFKNHLWVEH]LHKXQJ GLH DXI UHLQ OH[LNDOLVFKHU (EHQH VWDWWILQGHW'DVEHGHXWHWVWUHQJJHQRPPHQGDVVGHU7HUPLQXVLP%HUHLFK GHU*UDPPDWLNNHLQH$QZHQGXQJILQGHQNDQQ,QGHU*UDPPDWLNDOLVLH
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
UXQJVIRUVFKXQJZLGHUIlKUWGHP%HJULIIQXQHLQHJHZLVVHWHUPLQRORJLVFKH 0RGLILNDWLRQ.RQNUHWHVVWHKWIU.RPSOH[HUHVE]Z²LQGHU7HUPLQROR JLHYRQ+233(575$8*277 ²KDQGHOWHVVLFKXPHLQHQ 7UDQVIHU YRQ NRQNUHWHU %HGHXWXQJ LPDJH VFKHPDWD DXV HLQHP 6SHQGHU EHUHLFKVRXUFHGRPDLQ ]XDEVWUDNWHUHU %HGHXWXQJLQGHQ$QZHQGXQJVEH UHLFK WDUJHW GRPDLQ 'HU 7UDQVIHU ZLUG GXUFK GDV 3ULQ]LS GHU $QDORJLH TXDQWLILNDWLY XQG GXUFK GDV GHU ,NRQL]LWlW TXDOLILNDWLY XPJHVHW]W 0HWD SKRULN EHGHXWHW HLQHQ 6XEVWLWXWLRQVDNW ]X HUEULQJHQ -$.2%621 'LHVH 6XEVWLWXWLRQ OlVVW VLFK ]HUOHJHQ LQ ]ZHL 7HLOEHUHLFKH GHQGHV7UDQVIHUVhEHUWUDJXQJ YRQHLQHP%HGHXWXQJVEHUHLFKHLQHV/H [HPVLQHLQHQDQGHUHQVRZLHGHQGHV0DSSLQJ$EELOGXQJHLQHVDEVWUDN WHQ %HUHLFKV LQ HLQHQ NRQNUHWHQ (LQ 7UDQVIHU WULWW DXI ZHQQ HLQ $XV GUXFN$PLWGHP,QKDOWDDXVGHUWDUJHWGRPDLQDXIGHQ,QKDOWEGHUWDUJHW GRPDLQ EHUWUDJHQ ZLUG 'DJHJHQ OLHJW GHU XPJHNHKUWH )DOO EHLP 0DS SLQJYRU'HU,QKDOWEGHUWDUJHWGRPDLQZLUGDEJHELOGHWDXIGHQ,QKDOWD GHV $XVGUXFNV $ GHU VRXUFH GRPDLQ 'DV $UJXPHQW KLQVLFKWOLFK GHV Å1XW]ZHUWHV´GHU0HWDSKHUIUGHQ$XIEDXYRQ*UDPPDWLNLVWGDVVDXV UHODWLYNRQNUHWHQHLQIDFKHQ*UXQGNDWHJRULHQNRPSOH[H,QKDOWHHQWVWHKHQ N|QQHQ0DQVSULFKWLQGLHVHP)DOOYRQÅNDWHJRULDOHQ0HWDSKHUQ´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lQGLJHV /H[HP NDQQ DOOPlKOLFK LQ VHLQHU %HGHXWXQJ HQWOHHUW XQG DXIHLQEHVWLPPWHVVHPDQWLVFKHV.HUQPHUNPDOUHGX]LHUWZHUGHQ*OHLFK ]HLWLJ ZLUG JUDPPDWLVFKH 6HPDQWLN DXIJHEDXW (LQ HLJHQVWlQGLJHV /H[HP DXV GHU VRXUFH GRPDLQ ZLUG KLQVLFKWOLFK VHLQHV ]X JUDPPDWLNDOLVLHUHQGHQ ,QKDOWVQLFKWEHUWUDJHQGDVZlUHMDGDVPHWDSKRULVFKH3ULQ]LS VRQGHUQ UHGX]LHUW ]XJXQVWHQ GHU %HUHLWVWHOOXQJ HLQHV EHVWLPPWHQ JUDPPDWLVFKHQ ,QKDOWV'LHVHVVHPDQWLVFKH.HUQPHUNPDOZLUGNRQWLQXLHUOLFKLP9HU ODXIGHU6SUDFKJHVFKLFKWH]XP,QKDOWGHUWDUJHWGRPDLQ(LQÅDVVR]LDWLYHU 6SUXQJ´ZLHHUW\SLVFKIU0HWDSKHUQLVWYJO7LVFKEHLQGDVNHLQÄ%HLQ¶LP KHUN|PPOLFKHQ OH[LNDOLVFKHQ 6LQQH GHV :RUWHV LVW OlVVW VLFK QLFKW IHVW VWHOOHQ 'DPLW LVW GHU IU GLH *UDPPDWLNDOLVLHUXQJ DQJHIKUWH 7HUPLQXV GHU0HWDSKHUDQ]X]ZHLIHOQ9RUDOOHPGDV3ULQ]LSGHUbKQOLFKNHLWEHUHLWHW YRUGLHVHP+LQWHUJUXQG6FKZLHULJNHLWHQZLH',(:$/'I WUHI IHQGDXVIKUW
3ULQ]LSLHQGHU*UDPPDWLNDOLVLHUXQJ
(LQ JUXQGVlW]OLFKHU 3XQNW EHL GHU 0HWDSKHU DOVR GHU 5HODWLRQ GHU bKQOLFKNHLW PX GLH )UDJH VHLQ ZLH PDQ bKQOLFKNHLW EHUKDXSW EHVWLPPHQ NDQQ >«@ 2E PDQ ]XP %HLVSLHO ]ZLVFKHQ HLQHU 3DOPH XQG HLQHP *lQVHEOPFKHQ HLQH bKQ OLFKNHLWIHVWVWHOOHQNDQQRGHUZLOOKlQJWYRQGHUMHZHLOLJHQ3HUVSHNWLYHXQG$E VLFKWDE>«@'DV.RQ]HSWGHUbKQOLFKNHLWLVWDOVRQLFKWREMHNWLYLHUEDUHVXQWHU OLHJWVSUHFKHUXQGNRQWH[WGHWHUPLQLHUHQGHQXQGGDPLWSUDJPDWLVFKHQ)DNWRUHQ
8P GHQ 7HUPLQXV GHU 0HWDSKHU GHQQRFK IU GLH *UDPPDWLNDOLVLHUXQJV WKHRULHYHUZHUWEDU]XPDFKHQZXUGHLQGHU*UDPPDWLNDOLVLHUXQJVWKHRULH GHU 7HUPLQXV GHU GLDJUDPPDWLVFKHQ E]Z UHODWLRQDOHQ 0HWDSKHU JHSUlJW 'DPLWZLUGHLQHVWUXNWXUHOOHbKQOLFKNHLWEH]HLFKQHWGLHQLFKWOH[LNDOLVFKHU 1DWXULVW²XQGGDPLWOH[LNDOLVFKQLFKWJUHLIEDULVW:lKUHQG*UDPPDWLN HQWVWHKW JHKHQ DOVR QXU VWUXNWXUHOO LUUHOHYDQWH %HGHXWXQJVNRPSRQHQWHQ YHUORUHQ ZDV EOHLEW LVW GDV IXQNWLRQDO QRWZHQGLJH 6NHOHWW 'LH 5HODWLRQ ]ZLVFKHQ 6SHQGHUEHUHLFK VRXUFH GRPDLQ XQG (PSIlQJHUEHUHLFK WDUJHW GR PDLQ LVWGLHGLDJUDPPDWLVFKH0HWDSKHU*HQDXGLHVH$UWYRQVWUXNWXUHOOHU bKQOLFKNHLWPHLQHQ+(,1( HWDO EHLGHU9HUZHQGXQJGHV7HUPL QXV 0HWDSKHU $XIJUXQG GHU WHUPLQRORJLVFKHQ 9DULDQ] LQ %H]XJ DXI GLH 9HUZHQGXQJGHV%HJULIIV0HWDSKHUVRZLHLP+LQEOLFNDXIGLHLQKDOWOLFKH 1lKH GHU WHUPLQRORJLVFKHQ 0RGLILNDWLRQ LQQHUKDOE GHU *UDPPDWLNDOLVLH UXQJVIRUVFKXQJ]XGHP%HJULIIGHU0HWRQ\PLHVROOLP)ROJHQGHQOHW]WHUHU LQ%H]XJDXIVHLQH5HOHYDQ]EHWUDFKWHWZHUGHQ 'DV]ZHLWHLQGHU/LWHUDWXU]XU*UDPPDWLNDOLVLHUXQJKlXILJDQJHIKU WH 3ULQ]LS GHU 0HWRQ\PLH EHUXKW DXI HLQHU 5HODWLRQ GHU .RQWLJXLWlW (LQ %HJULIIZLUGGXUFKHLQHQDQGHUHQHUVHW]WZREHL]ZLVFKHQGHQEHLGHQEH WHLOLJWHQ %HGHXWXQJHQ HLQH VDFKOLFKH UHDOH %H]LHKXQJ EHVWHKW .RQWLJXLWlW EHGHXWHW Z|UWOLFK Ä%HUKUXQJȧ DXV PLWWHOODW FRQWLJXLWDV Ä%HUKUXQJ 1lKHȧ XQG PHLQW HLQ 0LWHLQDQGHUDXIWUHWHQ YRQ =HLFKHQ LQ HLQHP EHVWLPPWHQ VSUDFKOLFKHQXQGQLFKWVSUDFKOLFKHQ .RQWH[W'LHPLWHLQDQGHUYRUNRP PHQGHQ=HLFKHQE]ZLKUH,QKDOWHVLQGPLWHLQDQGHUÅYHUNHWWHW´VLHEHILQ GHQVLFKDXIGHUV\QWDJPDWLVFKHQ(EHQH-$.2%621 %HLGHU 0HWRQ\PLHEHVWHKW]ZLVFKHQGHQEHWHLOLJWHQ=HLFKHQHLQHUHDOHVDFKOLFKH %H]LHKXQJ GLH YRP +|UHU QXU YHUVWDQGHQ ZHUGHQ NDQQ ZHQQ HU ZHL ZRUDXIGHUVSUDFKOLFKH%HJULIIYHUZHLVWZDVHUDOVRLPDXHUVSUDFKOLFKHQ .RQWH[W EHGHXWHW 'HU +|UHU PXVV DOVR GLH )lKLJNHLW ]XU ,QWHUSUHWDWLRQ EHVLW]HQ'LHVH,QWHUSUHWDWLRQVOHLVWXQJEH]HLFKQHWPDQDXFKDOVÅNRQYHU VDWLRQHOOH ,PSOLNDWXU´ 'HU +|UHU PXWPDW EHU GDV ZDV GHU 6SUHFKHU RKQH H[SOL]LWH bXHUXQJ JHPHLQW KDW 0HWRQ\PLVFKH 3UR]HVVH ZHUGHQ PHLVWDOV%HJLQQGHU*UDPPDWLNDOLVLHUXQJDQJHVHKHQ'HU8QWHUVFKLHG]XU 0HWDSKHU]HLJWVLFKLQVEHVRQGHUHGDULQGDVV*UDPPDWLNDOLVLHUXQJVSUR]HV VH NRQWLQXLHUOLFKH 3UR]HVVH VLQG ,KU $QIDQJ EHJLQQW GDEHL VWHWV LQ EH VWLPPWHQ .RQWH[WHQ XQG ZHLWHW VLFK GDQQ ]XQHKPHQG DXI DQGHUH .RQ WH[WH DXV 1HXH .RQVWLWXHQWHQVWUXNWXUHQ N|QQHQ QXU DXI GHU V\QWDJPDWLVFKHQ (EHQH HQWVWHKHQ 6LH HQWVWHKHQ GXUFK 5HLQWHUSUHWDWLRQ
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
%HVWHKHQGH PRUSKRV\QWDNWLVFKH *UHQ]HQ ZHUGHQ DXIJHO|VW 'LH 'DUVWHO OXQJ QHXHU DEVWUDNWHU ,QKDOWH HUIROJW GXUFK VHPDQWLVFKH hEHUWUDJXQJ GXUFK1DFKEDUVFKDIWDOVR.RQWH[W',(:$/' 'XUFK$XVZHL WXQJ DXI XUVSUQJOLFK ÄXQ]XOlVVLJHȧ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lW YHU NQSIWLVW-$.2%621 ,P*UXQGHZLUGYRUGLHVHP+LQ WHUJUXQG GDV VLFK JUDPPDWLNDOLVLHUHQGH (OHPHQW 6FKULWW IU 6FKULWW QDFK GHP3ULQ]LSGHU0HWRQ\PLHQHXHQ/HVDUWHQXQWHUZRUIHQELVHV²GXUFK DXVLQ.RQNXUUHQ]PLWDQGHUHQ0RUSKHPHQ²VHLQHQ3ODW]LP6\VWHPGHU *UDPPDWLN JHIXQGHQ KDW (V OlVVW GDQQ VHLQH .RQNXUUHQWHQ KLQWHU VLFK XQG WUlJW DOOHLQH GLH HQWVSUHFKHQGH JUDPPDWLVFKH )XQNWLRQ (LQH DQGHUH 0|JOLFKNHLWLVWGDVV]ZHL0RUSKHPHLQV*UDPPDWLNDOLVLHUXQJV]LHOHLQJH KHQXQGVLFKJHJHQHLQDQGHUIXQNWLRQDODXVGLIIHUHQ]LHUHQ 9RU GHQ ELVKHULJHQ %HWUDFKWXQJHQ OlVVW VLFK GDPLW ]XVDPPHQIDVVHQ GDVVJXWH$UJXPHQWHDQJHIKUWZHUGHQN|QQHQGLHGLH0HWRQ\PLHDQVWHO OHGHU0HWDSKHUDOVWUHLEHQGH.UDIWEHLP$XIEDXJUDPPDWLVFKHU.RPSOH [LWlWKHUYRUKHEHQ,Q$EVFKQLWWVROOGLHVH+\SRWKHVHKLQVLFKWOLFKGHU KLVWRULVFKHQ (QWZLFNOXQJ YRQ :RUWELOGXQJVPRUSKHPHQ E]Z GHU YRQ LKQHQ JHELOGHWHQ :RUWELOGXQJVSURGXNWH EHUSUIW ZHUGHQ %HL GHU 5HIH ULHUXQJ GHU 7KHRULH GHU *UDPPDWLNDOLVLHUXQJ ZXUGHQ GLH WUDGLWLRQHOOHQ 'HILQLWLRQHQ GHU EHLGHQ 7HUPLQL ]XJUXQGHJHOHJW QDFK -$.2%621 %HGHXWXQJVZDQGHOPVVWHVLFKGHPQDFKZHQQHUXQLGLUHNWL RQDO VRZLH XQXPNHKUEDU LVW XQG PLW HLQHP $XIEDX YRQ JUDPPDWLVFKHU .RPSOH[LWlWHLQKHUJHKWQDFKPHWRQ\PLVFKHQ*HVHW]PlLJNHLWHQYROO]LH KHQ HV GDUI DOVR NHLQ PHWDSKRULVFKHU 6SUXQJ ]X EHREDFKWHQ VHLQ 'LHVH (UNHQQWQLVVWHOOWNHLQHQNRPSOHWWHQ%UXFKPLWGHUELVKHULJHQ*UDPPDWL NDOLVLHUXQJVWKHRULH GDU GD GRUW GHU 7HUPLQXV GHU 0HWDSKHU QLFKW QDFK WUDGLWLRQHOOHP 9HUVWlQGQLV YHUZHQGHW ZLUG 8P WHUPLQRORJLVFK PLW GHU 7UDGLWLRQQLFKW]XEUHFKHQZXUGHHLQQHXHU7HUPLQXVÅNDWHJRULDOHU0H BBBBBBBBBBBBB
9JOKLHU]X-$.2%621 Å$XFK:|UWHUGLHYRQGHUVHOEHQ:XU]HODEJHOHL WHWVLQGZLH]%VFKUHLEHQ²6FKUHLEHU²6FKUHLEXQJVLQGLQGHU5HJHOGXUFK.RQWLJXLWlWVHPDQ WLVFKYHUZDQGW´
3ULQ]LSLHQGHU*UDPPDWLNDOLVLHUXQJ
WDSKHU´ HLQJHIKUW GHU MHGRFK JOHLFK]HLWLJ DOV ÅNDWHJRULDOH 0HWRQ\PLH´ EH]HLFKQHWZHUGHQN|QQWHGDGLH$QZHQGXQJVGRPlQHGHU0HWDSKHUGLH /H[LNXQGQLFKWZLHWUDGLWLRQHOOGHILQLHUWGLH*UDPPDWLNLVW.HQQ]HLFK QHQG IU GDV (QWVWHKHQ YRQ *UDPPDWLN LVW GDVV VLFK GLHVH XQWHU EH VWLPPWHQ%HGLQJXQJHQDQKDQGVSH]LILVFKHU&KDUDNWHULVWLNDXQG]XQlFKVW LQVSH]LILVFKHQ.RQWH[WHQHWDEOLHUW=LHOLVWDOVRGLH*UDPPDWLNDOLVLHUXQJ HLQHV RGHU JJI PHKUHU JUDPPDWLVFKHQ =HLFKHQV GDV E]Z GLH GLH JUDPPDWLVFKHQ (LJHQVFKDIWHQGHU$OOJHPHLQKHLWJHQHUDOLW\ XQG5HOHYDQ] UHOHYDQFH EHVLW]WE]ZEHVLW]HQ+LQ]XNRPPWGDVVVLFKGLHHUVWH6WXIHEHL GHU(QWVWHKXQJYRQ*UDPPDWLNDXIGHU%DVLVHLQHUNRQYHUVDWLRQHOOHQ,P SOLNDWXUYROO]LHKW'HU6SUHFKHULPSOL]LHUWHLQHQ,QKDOWYRQGHPHUJODXEW GDVVGHU+|UHULKQYHUVWHKW'LH,PSOLNDWXUPDQLIHVWLHUWVLFKNRQWH[WXHOO 'DVEHGHXWHWDXFKGDVV*UDPPDWLN]ZDUDXV'LVNXUVVWUXNWXUHQQLHDEHU DXVZLUNOLFKIUHLHQ'LVNXUVVWUXNWXUHQZLHJHPHLQKLQEHKDXSWHWYJOHWZD +233(575$8*277 HQWVWHKHQ NDQQ 'HQQ GHU +|UHU EHQ|WLJW ]XU 'HNRGLHUXQJ GHV QHXHQ JUDPPDWLVFKHQ ,QKDOWV JHZLVVH 'HWHUPLQLH UXQJVSULQ]LSLHQGLHEHVWLPPWH,QWHUSUHWDWLRQHQDXVVFKOLHHQ8PJHNHKUW NDQQ GHU 6SUHFKHU QXU XQWHU 5FNJULII DXI GLHVHOEHQ 'HWHUPLQLHUXQJV SULQ]LSLHQHLQHNRQYHUVDWLRQHOOH,PSOLNDWXUYROO]LHKHQGDGLH*HIDKUGHU IHKOHQGHQ 'HNRGLHUXQJVP|JOLFKNHLW DXIVHLWHQ GHV +|UHUV DXVJHVFKORVVHQ ZHUGHQVROO(VOlVVWVLFKGDPLWIHVWKDOWHQGDVVGLH(QWVWHKXQJLQQRYDWL YHU JUDPPDWLVFKHU 0XVWHU GXUFK GDV 9ROO]LHKHQ HLQHU NRQYHUVDWLRQHOOHQ ,PSOLNDWXUEHGLQJWLVWGDVZLHGHUXPLQQLFKWDUELWUlUHU)RUPDQ.RQWH[ WXDOLWlW JHEXQGHQ LVW :LFKWLJ LVW GDVV GLH 6FKULWWH ]XU (WDEOLHUXQJ HLQHU JUDPPDWLVFKHQ)RUPQLFKWZLOONUOLFKVLQG)ROJHQGH&KDUDNWHULVWLNDODV VHQ VLFK EHLP $EODXI HLQHV *UDPPDWLNDOLVLHUXQJVSUR]HVVHV EHREDFKWHQ +233(575$8*277 GLHLP)ROJHQGHQDQKDQGNRQNUHWHU%HLVSLH OHDXIGHQYRUOLHJHQGHQ8QWHUVXFKXQJVEHUHLFKEHUWUDJHQZHUGHQVROOHQ ² /D\HULQJ hEHUODJHUXQJ $OWH XQG QHXH 5HDOLVLHUXQJHQ N|QQHQ VLFK LQQHUKDOEHLQHU)XQNWLRQDOLWlWEHUODJHUQVR]XP%HLVSLHO]ZHLV\QR Q\PH %LOGXQJVPXVWHU YRQ 6XEVWDQWLYHQ PLW HKHPDOV SURGXNWLYHP YHUVXVQHXHPSURGXNWLYHQ6XIIL[ZLHHWZDQKG.lOWHYV6FK|QKHLW ² 6SOLWWLQJ'LYHUJHQFH $XIVSDOWXQJHLQHVJOHLFKODXWHQGHQVSUDFKOLFKHQ (OHPHQWVLQHLQHOH[LNDOLVFKHZLHDXFKLQHLQHJUDPPDWLVFKH)RUPVR ]XP%HLVSLHO0XWDEHU6XIIL[PXWZLHLQ$QPXW'HPXW 'HPVLFK JUDPPDWLNDOLVLHUHQGHQ (OHPHQW EOHLEW GDEHL HLQ 7HLO VHLQHU HLQVWLJHQ OH[LNDOLVFKHQ6HPDQWLNHUKDOWHQZDV]X'LVWULEXWLRQVEHVFKUlQNXQJHQ IKUWÅ3HUVLVWHQFH´QDFK+233(575$8*277 ² 6SH]LDOLVLHUXQJ $XV YLHOHQ YHUVFKLHGHQHQ PLWHLQDQGHU IXQNWLRQDO NRQNXUULHUHQGHQ )RUPHQ GLH MHZHLOV VSH]LILVFKH VHPDQWLVFKH 1XDQ FHQDXIZHLVHQZLUGPLWGHU=HLWHLQHSUlIHULHUW)UGHQYRUOLHJHQGHQ )DOOZlUHHLQ%HLVSLHOKLHUIUGDV0DVNXOLQDELOGHQGH6XIIL[HUDQ]X
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
IKUHQGDVLQIUKHUHQ6SUDFKVWXIHQPLWGHP6XIIL[OLQJLQIXQNWLRQD OHU.RQNXUUHQ]VWDQGYJO ² 'HNDWHJRULVLHUXQJ'LHXUVSUQJOLFKH:RUWDUWHQ]XJHK|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lQJLJ VLQG -H KlXILJHU HLQH EHVWLPPWH )RUP GHVWR ZDKUVFKHLQOLFKHU LVW LKUH 3UlIH ULHUXQJ LP JUDPPDWLVFKHQ 5HNUXWLHUXQJVSUR]HVV %HL QKG KHLW NDQQ PDQYHUPXWHQGDVVGLHPDVNXOLQHQ%HOHJHGLDFKURQGHXWOLFKQLHGULJHU IUHTXHQW ZDUHQ 7KHRUHWLVFK KlWWH DOVR KHLW GXUFKDXV DOV *UDPPHP IUGDV*HQXVPDVNXOLQXPHLQJHKHQN|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|QQHQ&/(+0$11 3DUDGLJPDWL]LWlW (LQJOLHGHUXQJ HLQHV =HLFKHQV LQ HLQ 3DUDGLJPD GDGXUFK 2SSRVLWLRQVKHUVWHOOXQJ -H K|KHU GLH 3DUDGLJPDWL]LWlW GHVWR VWlUNHULVWHLQ=HLFKHQJUDPPDWLNDOLVLHUW 2EOLJDWRULN*UDPPDWLVFKH.DWHJRULHQPVVHQREOLJDWRULVFKDQMHGHP LQ)UDJHNRPPHQGHQ:RUW]XUHDOLVLHUHQVHLQ .RQGHQVLHUXQJ'LHEHWHLOLJWHQ0RUSKHPHWHQGLHUHQ]XU9HUNU]XQJ
3ULQ]LSLHQGHU*UDPPDWLNDOLVLHUXQJ
)XVLRQ 6\QWDNWLVFK JHRUGQHWH IUHLH :|UWHU ZHUGHQ ]X JHEXQGHQHQ 0RUSKHPHQ )L[LHUXQJ'LHEHWHLOLJWHQ0RUSKHPHYHUIHVWLJHQVLFKLQLKUHU.RQVWL WXHQWHQVWUXNWXU ,PQlFKVWHQ$EVFKQLWW VROOEHUSUIWZHUGHQLQZLHZHLWVLFKGLHYRQ /(+0$11 EHREDFKWHWHQ*UDPPDWLNDOLVLHUXQJVSDUDPHWHUPLWVSH ]LILVFKHQ&KDUDNWHULVWLNDLQ%H]XJDXIGLH*UDPPDWLNDOLVLHUXQJGHUGHXW VFKHQ6XIIL[HDQZHQGHQODVVHQ$EVFKQLWWXQWHUVXFKWLQGLHVHP=X VDPPHQKDQJ ]XQlFKVW VWUXNWXUHOO GLH (QWZLFNOXQJ HLQHV /H[HPV XQWHU PRUSKRV\QWDNWLVFKHP$VSHNWGDVVLFK]XHLQHP*UDPPHP²KLHUHLQHP IXQNWLRQVWUDJHQGHQ 6XIIL[ ² HQWZLFNHOW ZlKUHQG $EVFKQLWW GLH LP %HUHLFKGHU0RUSKRORJLHDQJHVLHGHOWH)UDJHQDFKGHUIXQNWLRQDOJHVWHXHU WHQ5HLQWHUSUHWDWLRQYRQEHUHLWVH[LVWLHUHQGHQ$IIL[HQ]XP$XIEDXQHXHU JUDPPDWLVFKHU)XQNWLRQHQ EHDQWZRUWHQZLUG =XU(QWVWHKXQJYRQ6XIIL[HQ 'LH6XIILJLHUXQJLVWGHILQLHUWDOVHLQ3UR]HVVEHLGHPHLQ'HULYDWLRQVVXIIL[ DQHLQH'HULYDWLRQVEDVLVJHIJWZLUG1$80$1192*(/ $OV 6XIIL[JLOWJHPHLQKLQHLQOH[LNDOLVFKVHPDQWLVFKOHHUHV0RUSKHPGDVQLFKW VHOEVWlQGLJYRUNRPPWDOVRVWHWVJHEXQGHQDXIWULWWXQGUHLKHQELOGHQGLVW 5HLKHQELOGXQJ EHGHXWHW GDVV GDV 6XIIL[ HLQ 0XVWHU JHQHULHUW QDFK GHP SURGXNWLY QHXHVHOEVWlQGLJYRUNRPPHQGH:|UWHU²LQGLHVHP)DOO6XE VWDQWLYH²JHELOGHWZHUGHQN|QQHQ.RPPWGLH5HLKHQELOGXQJ]XP6WLOO VWDQGLVWGDV6XIIL[XQSURGXNWLYJHZRUGHQ,P6SUDFKYHUJOHLFKIlOOWDXI GDVVGDV3KlQRPHQGHU'HULYDWLRQKlXILJHUGXUFKGHQ(LQVDW]YRQ6XIIL [HQDOVGXUFKGHQYRQ3UlIL[HQUHDOLVLHUWZLUG,QGHU/LWHUDWXUZLUGGLHVHV 3KlQRPHQ DOV VRJ ´VXIIL[LQJ SUHIHUHQFHµ EH]HLFKQHW 7HUPLQXV QDFK &87/(5+$:.,16*,//,*$1 +$:.,16*,//,*$1 $OV ,QWHUSUHWDWLRQ GLHVHV 3KlQRPHQV ZLUG DQJHIKUW GDVV GDV (QGH HLQHV :RUWHV NRJQLWLY HLQIDFKHU ]X YHUDUEHLWHQ VHL XQG GDKHU HLQ $EOHLWXQJV PRUSKHP DQ GLHVHU 6WHOOH OHLFKWHU ]X DIILJLHUHQ VHL :HQQ GLHVH hEHUOH JXQJ ULFKWLJ ZlUH ZUGH GDV DOOHUGLQJV EHGHXWHQ GDVV ODQJIULVWLJ DOOH 6SUDFKHQ ]X HLQHU 5HFKWVN|SILJNHLW PLW VXIIL[DOHQ .RGLHUXQJVPXVWHUQ WHQGLHUHQPVVWHQ'HV:HLWHUHQGUIWHHVLUJHQGZDQQJDUNHLQH3UlILJLH UXQJJHEHQZHQQGLH6XIILJLHUXQJXPVRYLHONRJQLWLYÄHLQIDFKHU¶]XEH ZHUNVWHOOLJHQ ZlUH 'DV 3KlQRPHQ GHU ´VXIIL[LQJ SUHIHUHQFH´ N|QQWH DXFK DXI HLQHQ DQGHUHQ 8PVWDQG ]XUFNJHIKUW ZHUGHQ 0|JOLFKHUZHLVH VLQGELVODQJYRUQHKPOLFKUHFKWVN|SILJH6SUDFKHQEHVFKULHEHQ'LHhEHU OHJXQJZDUXP6XIIL[HLQGHQ6SUDFKHQGHU:HOWKlXILJHUDOV3UlIL[HVLQG HUVFKHLQW DXV TXDOLWDWLYHU 3HUVSHNWLYH ]XQlFKVW UHGXQGDQW GD HV VLFK XP
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
HLQHDXIHLQHUTXDQWLWDWLYHQ%HREDFKWXQJEHUXKHQGHQ,QWHUSUHWDWLRQKDQ GHOW GLH TXDOLWDWLY GXUFK GLH ([LVWHQ] HLQHU HLQ]LJHQ OLQNVN|SILJHQ 6SUD FKHZLHHWZDGHP6XDKHOLHQWNUlIWHWZHUGHQNDQQ'DV6XDKHOLPDUNLHUW 6XEVWDQWLYH PLW 3UlIL[HQ QLFKW PLW 6XIIL[HQ ZLH LP 'HXWVFKHQ YJO IRO JHQGHV%HLVSLHODXV+$$6( D PZDQDFKDPDÄ3DUWHLPLWJOLHG¶DXVFKDPDÄ3DUWHL¶ E PZDQDFKXRÄ6WXGHQW¶DXVFKXRÄ6FKXOH¶ F PZDQDVLDVDÄ3ROLWLNHU¶DXVVLDVDÄ3ROLWLN¶ G PZDQDQFKLÄ(LQZRKQHU¶DXVQFKLÄ/DQG¶ H PZDQD PNHÄ)UDX¶ I PZDQD PXPHÄ0DQQ¶
'DV0RUSKHPPZDQDEHGHXWHWVRYLHOZLHÄ,QGLYLGXXP¶Ä.LQG¶Ä6RKQ¶(V H[LVWLHUWDOVRDXFKDOVHLJHQVWlQGLJHV/H[HPGLH%HGHXWXQJLVWMHGRFKEH UHLWVYHUEODVVW'DHVUHLKHQELOGHQGLVWKDWHVYHUPXWOLFKGHQ6WDWXVHLQHV 3UlIL[RLGVYHUJOHLFKEDUHWZDPLWGWPDQQ,P6XDKHOLRGHUDXFKLP&LFL SXHLQHUZHLWHUHQ1LJHU.RQJR6SUDFKHZLUGGLH4XDQWLILNDWLRQVOHLVWXQJ GXUFK GDV 3UlIL[ HLQHV 6XEVWDQWLYV EHUHLWJHVWHOOW ZlKUHQG VLH LP 'HXW VFKHQ DP (QGH HLQHV 6XEVWDQWLYV DQJHVLHGHOW LVW ZRUWELOGHQGH 6XIILJLH UXQJ (VVWHOOWVLFKDOVRGLH)UDJHDXIZHOFKH$UWXQGXQWHUZHOFKHQ%H GLQJXQJHQ WDWVlFKOLFK 6XIIL[H HQWVWHKHQ XQG ZHOFKH EHQDFKEDUWHQ 3KlQRPHQH GLHV QDFK VLFK ]LHKHQ NDQQ ZLGPHW VLFK GHU IROJHQGH $E VFKQLWW5HLQIRUPDOZlUHQ²ZLHHEHQDXVJHIKUW²SULQ]LSLHOOEHLGH$IIL JLHUXQJVP|JOLFKNHLWHQ GHQNEDU 'LH 3UlILJLHUXQJ ]LHKW LP 'HXWVFKHQ MH GRFKNHLQHbQGHUXQJGHUPRUSKRV\QWDNWLVFKHQ(LJHQVFKDIWHQQDFKVLFK GLH6XIILJLHUXQJGDJHJHQVHKUZRKO8QHUZlKQWEOLHEELVODQJHLQDQGHUHU DQ GHQ MHZHLOLJHQ :RUWJUHQ]HQ RSHULHUHQGHU :RUWELOGXQJVSUR]HVV GHV 'HXWVFKHQQlPOLFKGLH=LUNXPILJLHUXQJhEHUHLQ]HOVSUDFKOLFKNRPPWGLH =LUNXPILJLHUXQJZHLWDXVZHQLJHUKlXILJDOVGLH6XIILJLHUXQJYRU&+$// :LHDP%HLVSLHOGHV'HXWVFKHQHUVLFKWOLFKNDQQGLH=LUNXPIL JLHUXQJ DXV GHU 3UlILJLHUXQJ HQWVWHKHQ 6R ZDUHQ SUlILJLHUWH 6XEVWDQWLYH BBBBBBBBBBBBB
'DV &LFLSX YHUIJW EHU GHYHUEDOH 1RPLQDOLVLHUXQJHQ GLH KLQVLFKWOLFK GHU NDWHJRULDOHQ 4XDQWLILNDWLRQVPXVWHUYHUJOHLFKEDUPLWGHP'HXWVFKHQVLQGYJOGLH'DWHQYRQ0&*,//
=XU(QWVWHKXQJYRQ6XIIL[HQ
ZLHQRFKLQ*HVDQJ ]XQlFKVWSULPlULP/DXIHGHU6SUDFKJHVFKLFKWHNDP GDV6XIIL[HDQGHUUHFKWHQ:RUWJUHQ]HKLQ]XZLHLQ*HVLQJHYJO:,/ 0$116II 'DPLWHUZHLVWVLFKGLH)RUPGHUH[SOL]LWHQ'HULYD WLRQZHOFKHHQWZHGHUYRUGHP/H[HPDQIDQJRGHUHQGHRSHULHUWDOVGLH SULPlUH)RUPGHU$IILJLHUXQJLP'HXWVFKHQ'LH=LUNXPILJLHUXQJGDJH JHQVWHOOWHLQ)ROJHSKlQRPHQGLHVHVDQGHQ/H[HPJUHQ]HQRSHULHUHQGHQ 9HUIDKUHQVGDU'HU8QWHUVFKLHG]ZLVFKHQ3UlILJLHUXQJXQG6XIILJLHUXQJ OLHJWLQGHU9HUlQGHUXQJGHUPRUSKRV\QWDNWLVFKHQ(LJHQVFKDIWHQGHV%D VLVOH[HPVZHOFKHEHNDQQWOLFKQXUEHLGHU6XIILJLHUXQJDXIWULWW'LHQRPL QDOH 3UlILJLHUXQJ PRGLIL]LHUW GHQ /H[HPVWDPP ZlKUHQG GLH QRPLQDOH 6XIILJLHUXQJPLWHLQHUbQGHUXQJGHUPRUSKRV\QWDNWLVFKHQ(LJHQVFKDIWHQ HLQKHUJHKW'RFKZLHNDPHV]XU(WDEOLHUXQJYRQQRPLQDOHQ6XIIL[HQLQ GHUGHXWVFKHQ6SUDFKJHVFKLFKWH"'LHVVROOXQWHUVWUXNWXUHOOHP$VSHNWPLW 5FNJULII DXI GLH 'LDFKURQLH HUKHOOW ZHUGHQ *OHLFK]HLWLJ VROO GLH )UDJH GLVNXWLHUWZHUGHQREXQGLQZLHZHLWGHU3UlIHUHQ]YRQ6XIIL[HQJHJHQEHU 3UlIL[HQVRJ´VXIIL[LQJSUHIHUHQFHµYJO&87/(5+$:.,16*,//,*$1 VRZLH +$:.,16*,//,*$1 JUDPPDWLNWKHRUHWLVFKH 9DOLGLWlW ]XNRPPW +LHU]X ILQGHQ H[WUDPRUSKRORJLVFKH GK V\QWDNWLVFKH %HWUDFK WXQJHQ%HUFNVLFKWXQJ +LQVLFKWOLFKGHU)UDJHQDFKGHU+HUNXQIWGHU6XIIL[HODVVHQVLFK]ZHL SULQ]LSLHOOH (QWVWHKXQJVZHJH IHVWVWHOOHQ =XP HLQHQ N|QQHQ 6XIIL[H DXV GHU /H[LN UHNUXWLHUW ZHUGHQ :HOFKH 6FKULWWH EHL HLQHU VROFKHQ (QWZLFN OXQJ QRWZHQGLJ VLQG EHKDQGHOW $EVFKQLWW 'LH DQGHUH 0|JOLFKNHLW LVWGLH5HLQWHUSUHWDWLRQHLQHV0RUSKHPVGDVEHUHLWVDOV6XIIL[IXQJLHUWMH GRFKHLQHPDQGHUHQ3DUDGLJPD]X]XRUGQHQLVW'HU$QZHQGXQJVEHUHLFK GHV6XIIL[HVNDQQVLFK]XQlFKVWDXIGHQ(LQVDW]GHU0DUNLHUXQJHLQHUDQ GHUHQ:RUWDUWRGHUJUDPPDWLVFKHQ.DWHJRULHEH]LHKHQXQGLP)ROJHQGHQ HUZHLWHUWZHUGHQ(LQHGDYRQXQDEKlQJLJH0|JOLFKNHLWLVWGDVVGDV6XIIL[ VHLQHQ $QZHQGXQJVEHUHLFK ]XJXQVWHQ GHU $EOHLWXQJ EHVWLPPWHU %DVHQ HUZHLWHUWZHOFKH]XYRUGXUFKEHVWLPPWH6HOHNWLRQVUHVWULNWLRQHQYRQHLQHU $EOHLWXQJPLWGLHVHP6XIIL[DXVJHVFKORVVHQZDUHQ1XUGXUFKHLQH(UZHL WHUXQJGHU$EOHLWXQJZHLWHUHU:RUWDUWHQLVWGLH0|JOLFKNHLWYRQ.RPSOH [LWlWV]XZlFKVHQ JUDPPDWLVFKHU 1DWXU JHJHEHQ GD GLH $EOHLWXQJ QHXHU :RUWDUWHQVSH]LILVFKH]XYRUQLFKWH[LVWHQWHPRUSKRV\QWDNWLVFKH&KDUDN WHULVWLNDQDFKVLFK]LHKW0DQNDQQDQGLHVHU6WHOOHEHUHLWVYHUPXWHQGDVV VROFKH $EOHLWXQJVHUZHLWHUXQJHQ QLFKW ZLOONUOLFK YHUODXIHQ VRQGHUQ JH ZLVVHQ(QWZLFNOXQJVORJLNHQXQWHUOLHJHQPVVHQGDGLH'HULYDWLRQVEDVHQ LQKlUHQWHLQH:RUWDUWNRGLHUXQJTXDQWLILNDWLYHU1DWXUPLWVLFKEULQJHQGLH HVDXV6LFKWGHV6XIIL[HVEHL(UZHLWHUXQJGHU$EOHLWXQJVP|JOLFKNHLW]XLQ WHJULHUHQE]ZQHXWUDOLVLHUHQJLOW*OHLFK]HLWLJPVVHQGLH$EOHLWXQJVHUZHL WHUXQJHQEHUKDXSWP|JOLFKVHLQ'LHVLVWQXUXQWHUEHVWLPPWHQ9RUDXV VHW]XQJHQPRUSKRV\QWDNWLVFKHU1DWXUGHU)DOOQlPOLFKGDQQZHQQ]ZHL
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
:RUWDUWHQ PRUSKRORJLVFKH hEHUVFKQHLGXQJVEHUHLFKH KDEHQ :HQQ HLQ 6XIIL[HUHUEWRGHUHQWOHKQWLVWE]ZGLH(W\PRORJLHGHV6XIIL[HVRSDNLVW OlVVW VLFK P( DXFK QLFKW EHVWLPPHQ RE XQG LQZLHZHLW GDV 6XIIL[ HLQH PRUSKRV\QWDNWLVFK NRQVWDQWH )XQNWLRQVGRPlQH DXIUHFKWHUKlOW +\SR WKHWLVFK NDQQ PDQ DQQHKPHQ GDVV NHLQH 5HLQWHUSUHWDWLRQ VWDWWJHIXQGHQ KDW(LQ%HLVSLHOIUHLQVROFKHV0RUSKHPZlUHGDV6XIIL[HU HLGDVLP /DXIHGHUGHXWVFKHQ6SUDFKJHVFKLFKWH]XKRKHU3URGXNWLYLWlWJHNRPPHQ LVW'DV6XIIL[GLHQWLP'HXWVFKHQGHU%LOGXQJYRQIHPLQLQHQ6XEVWDQWL YHQ 6HLQH PRUSKRV\QWDNWLVFKH )XQNWLRQ %LOGXQJYRQ 6XEVWDQWLYHQ %H UHLWVWHOOXQJ YRQ )HPLQLQD LVW DOV NRQVWDQW ]X EH]HLFKQHQ *OHLFKHV OlVVW VLFK GDJHJHQ ] % QLFKW IU GDV ODWHLQLVFKH $GMHNWLYPRUSKHP DOLV LP 1HXWUXP3OXUDODOLD EHKDXSWHQGDVLP/DXIHGHUVSlWODWHLQLVFKHQDOWIU] 6SUDFKJHVFKLFKWH ]X HLQHP 6XIIL[ GHU 6XEVWDQWLYELOGXQJ IU] DLOOH UHLQ WHUSUHWLHUW ZXUGH %($89$,6 'LH PRUSKRV\QWDNWLVFKH )XQNWLRQ EOLHELQGLHVHP)DOOQLFKWNRQVWDQW$EVFKQLWWSUIWHLQHVROFKHWKH RUHWLVFKP|JOLFKH(QWZLFNOXQJXQG([LVWHQ]IUGDV'HXWVFKH (LQHZHLWHUHKlXILJH0|JOLFKNHLWEHLGHU(QWVWHKXQJYRQ6XIIL[HQLVW GDUEHUKLQDXVGLH9HUVFKPHO]XQJYRQ]ZHL6XIIL[HQ6RJHKWGDV6XIIL[ OLQJEHLVSLHOVZHLVHDXIGLH.RPELQDWLRQGHU6XIIL[HDKGLOXQGLQJ]XUFN YJO 'DLQGLHVHP)DOONHLQ=XZDFKVRGHU$EEDXYRQ.RPSOH[LWlW ]X EHREDFKWHQ LVW ² GLH 6XIIL[YHUVFKPHO]XQJ JHKW PLW NHLQHU bQGHUXQJ PRUSKRV\QWDNWLVFKHU(LJHQVFKDIWHQHLQKHU²KDQGHOWHVVLFKEHLVROFKHQ )lOOHQ XP QLFKWJHULFKWHWH 6SUDFKZDQGHOSUR]HVVH 6XIIL[YHUVFKPHO]XQJ EHGHXWHW QLFKWV DQGHUHV DOV HLQH bQGHUXQJ GHU .RQVWLWXHQWHQVWUXNWXU ZRGXUFK GLH EHLGHQ HLQVW HLJHQVWlQGLJHQ 6XIIL[H DOV HLQH (LQKHLW DXIJH IDVVW ZHUGHQ 'DPLW OLHJW LQ PRUSKRORJLVFKHU 7HUPLQRORJLH HLQ )DOO YRQ 5HDQDO\VH YRU 6ROFKH 5HDQDO\VHSUR]HVVH YHUODXIHQ QLFKW ZLOONUOLFK 6R VLQG GLH HUVWHQ %LOGXQJHQ GHV 6XIIL[HVOLQJ GDGXUFK HQWVWDQGHQ GDVV GDV 6XIIL[ LQJ DQ DXI HO DXVODXWHQGH 6WlPPH WUDW ZLH ] % DKG HGLOLQJ ]XP $GMHNWLYHGLOLÄHGHOȧ'DVLP'HXWVFKHQDPZHLWHVWHQUHFKWVVWHKHQGH(OH PHQWYHUHUEWVHLQHPRUSKRV\QWDNWLVFKHQ(LJHQVFKDIWHQZLHHWZDGHU(L JHQVFKDIW0DVNXOLQD]XHU]HXJHQDXIGDVGXUFK5HDQDO\VHQHXHQWVWDQGH QH 6XIIL[ )8+5+23 $XV GHU 3HUVSHNWLYH GHU *UDPPDWLNDOLVLHUXQJJHVHKHQLVWHVDOOHUGLQJVXQHUKHEOLFKRE6XIIL[HYHU VFKPHO]HQ GD GDPLW ]XQlFKVW NHLQ JUDPPDWLVFKHU .RPSOH[LWlWVDXIEDX YHUEXQGHQLVW'DVEHGHXWHWMHGRFKQLFKWGDVVGXUFK5HDQDO\VHDXVJHO|VWH 3UR]HVVHQLFKWVHNXQGlUIXQNWLRQDOJHQXW]WZHUGHQN|QQHQ6RLVWEVSZ LP1KGGDV6XIIL[KHLWEHLJOHLFKHU(W\PRORJLHYRP6XIIL[NHLWGDGXUFK GLIIHUHQ]LHUWGDVVKHLW3DUWL]LSLD,,XQGQLFKWVXIILJLHUWH$GMHNWLYHDEOHLWHW ZLH HWZD $EJHVFKODJHQKHLW 6FK|QKHLW GDV 6XIIL[ NHLW GDJHJHQ VXIILJLHUWH
=XU(QWVWHKXQJYRQ6XIIL[HQ
XQGSVHXGRVXIILJLHUWH$GMHNWLYHZLHHWZD*UQOLFKNHLWE]Z/HFNHUNHLW 1LFKW PDUNLHUWH $GMHNWLYH XQG 3DUWL]LSLD ,, ODVVHQ VLFK QLFKW GXUFK GDV 6XIIL[ NHLW DEOHLWHQ 'LH GXUFK GLH 5HDQDO\VH DXVJHO|VWH 'LIIHUHQ]LHUXQJ GHU 0RUSKHPH KHLW XQG NHLW ZXUGH DOVR VHNXQGlU IXQNWLRQDO JHQXW]W 7URW]GHP VLQG 5HDQDO\VHSUR]HVVH DOV QLFKWJHULFKWHWH 6SUDFKZDQGHOSUR ]HVVHDXIJUXQGGHV)HKOHQVHLQHV.RPSOH[LWlWVDXIEDXVQLFKWDOVJHULFKWHWH *UDPPDWLNDOLVLHUXQJVDEOlXIH ]X YHUVWHKHQ ,QQHUKDOE GHU IROJHQGHQ $E VFKQLWWH ZHUGHQ QXQ GLH XQWHUVFKLHGOLFKHQ 0|JOLFKNHLWHQ GHU 6XIIL[HQW VWHKXQJHUOlXWHUWZREHLLQ$EVFKQLWWGLH(QWVWHKXQJHLQHV6XIIL[HV DXVHLQHP/H[HPWKHPDWLVLHUWZLUGZlKUHQG$EVFKQLWWGHQ3UR]HVV GHU5HDQDO\VHEHLGHU(QWVWHKXQJHLQHV6XIIL[HVXQWHUVXFKW (QWVWHKXQJDXV/H[HPHQ 'LH IROJHQGHQ 7HLODEVFKQLWWH IKUHQ DXV ZHOFKH 6WXIHQ HLQ OH[LNDOLVFKHV 0RUSKHPGXUFKOlXIWXP]XHLQHPZRUWELOGHQGHQ6XIIL[]XZHUGHQ-HGHU 7HLODEVFKQLWW UHSUlVHQWLHUW GDEHL HLQH VSH]LILVFKH PRUSKRORJLVFKH (QW ZLFNOXQJVVWXIH (V LVW HLQ KlXILJ ]X EHREDFKWHQGHV 3KlQRPHQ GDVV HLQ ]XQlFKVW HLJHQVWlQGLJHV /H[HP LQ GHU 'HWHUPLQDWLYNRPSRVLWLRQ DOV OH[L NDOLVFKHU .RSI IXQJLHUHQ NDQQ XP LP /DXIH GHU 6SUDFKJHVFKLFKWH EHU GHQ:HJGHU'HVHPDQWLVLHUXQJDOV6XIIL[RLGXQGVSlWHUDOVZRUWELOGHQGHV 6XIIL[]XOHW]WDOV)OH[LRQVVXIIL[DXI]XWUHWHQ'RFKZHOFKH9RUDXVVHW]XQ JHQV\QWDNWLVFKHUE]ZPRUSKRORJLVFKHU6WUXNWXUPVVHQHUIOOWVHLQGD PLWHLQVROFKHU3UR]HVVVWDWWILQGHQNDQQ"'LHHLQ]HOQHQ6FKULWWH]XGLHVHU (QWZLFNOXQJVLQGLP)ROJHQGHQGHWDLOOLHUWDXIJHIKUWXQGZHUGHQ]XU$E ELOGXQJ DXI GHQ YRUOLHJHQGHQ 8QWHUVXFKXQJVJHJHQVWDQG PLW GHQ (U NHQQWQLVVHQGHU*UDPPDWLNDOLVLHUXQJVWKHRULHYHUNQSIW 6WXIH9RP/H[HP]XP'HWHUPLQDWXP²)L[LHUXQJGHU.RQVWLWXHQWHQVWUXNWXU
=X%HJLQQGHU(QWZLFNOXQJWULWWGDV/H[HPLQIHVWHQ)JXQJHQDXIXQG ]ZDUDOV.HUQHLQHU13'DV$WWULEXWVWHKWYRUGHP.HUQGHU136\QWDN WLVFKKDQGHOWHVVLFKXPIUHLHV\QWDNWLVFKJHRUGQHWH:|UWHU(VKDQGHOW VLFKKLHUXPHLQ$WWULEXWGHV*HQLWLYXV3RVVHVVLYXVGDVYRUDQJHVWHOOWZDU BBBBBBBBBBBBB
/H[HPVWlPPHGLHLP:RUWDXVODXWHLQVROFKHV3VHXGR0RUSKHPWUDJHQYHUKDOWHQVLFKLP $OOJHPHLQHQDQGHUVDOVKHUN|PPOLFKH6WlPPHGDVLHVXEPRUSKHPDWLVFKUHDQDO\VLHUWZHU GHQ ZLH DQKDQG GHU 6LFKWXQJ GHV KLVWRULVFKHQ 6SUDFKPDWHULDOV HUVHKHQ NDQQ YJO KLHU]X +DQGHOWHVVLFKEHLGHPEHWUHIIHQGHQ/H[HPVWDPPXPHLQ6XEVWDQWLYXQGGDVHQW VSUHFKHQGH *HQXV ÅSDVVW´ QLFKW ]XP :RUWDXVODXW GD HLQ KRPRQ\PHV 6XIIL[ PLW HLQHP DQGHUHQ*HQXVH[LVWLHUWZLUGGLH6WDPPIRUPEHYRU]XJWGXUFKHLQ.RPSRVLWXPHUJlQ]W YJO6FKZLHJHUPXWWHUVWDWW6FKZLHJHUHEHQVR.LHVHOVWHLQVWDWW.LHVHORSDNH6XIILJLHUXQJ 9JOKLHU]XDXFKGLH$XVVDJH*,9Ð1V´7RGD\·VPRUSKRORJ\LV\HVWHUGD\·VV\QWD[µ
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
ZLHQRFKLQQHXHQJOWKHELUG·VQHVWRGHUQKG6WHIDQV%XFKDKG+HULEUDQWHV VXQXÄ+HULEUDQWV6RKQ¶,QVWUXNWXUHOOHU+LQVLFKWVLQGV\QWDNWLVFKH6HULDOL VLHUXQJHQIUPRUSKRORJLVFKH3UR]HVVHPXVWHUELOGHQG,PZHLWHUHQ9HU ODXI GHU GHXWVFKHQ 6SUDFKJHVFKLFKWH ELOGHWH VLFK DXV GHQ SUlQRPLQDOHQ $WWULEXWVVWUXNWXUHQ GHU :RUWELOGXQJVW\S GHU .RPSRVLWLRQ KHUDXV 'LHVH )RUP GHU SUlQRPLQDOHQ 0RGLILNDWLRQ KDW LQKlUHQW JHQHULVFKH 6HPDQWLN ZlKUHQGGLHVHLWIQKG=HLWSRVWQRPLQDOUHDOLVLHUWH6WHOOXQJGHV$WWULEXWV GLH)lKLJNHLW]XU5HIHUHQ]EHVLW]W'(06.( ,P$OOJHPHLQHQZLUG GLHXQHLQJHVFKUlQNWH3URGXNWLYLWlWGHV:RUWELOGXQJVW\SVGHU.RPSRVLWL RQDXIGLH=HLWGHV)QKGEHVWLPPWZREHL]XEHWRQHQLVWGDVVGLHVSlWHU ]X6XIIL[HQJHZRUGHQHQ/H[HPHGHV$KGKLHU]XHLQH$XVQDKPHGDUVWHO OHQ 'LHVH VLQG LQ IQKG =HLW DXIJUXQG YRQ 'HVHPDQWLVLHUXQJ EHUHLWV DOV 6XIIL[RLGHHLQ]XVWXIHQ,Q%H]XJDXIGLH*UDPPDWLNDOLVLHUXQJVWKHRULHOLHJW EHLGHU+HUDXVELOGXQJGHU.RPSRVLWDPLWQLFKWUHIHUHQ]LHOOHPPRGLIL]LH UHQGHP 'HWHUPLQDQV EHUHLWV GLH HUVWH (QWZLFNOXQJVVWXIH ]XP $XIEDX ZHLWHUHU .RPSOH[LWlW YRU (V KDQGHOW VLFK XP GLH )XVLRQ OH[LNDOLVFKHU (LQKHLWHQLP6LQQHHLQHU)L[LHUXQJGHU.RQVWLWXHQWHQVWUXNWXU 6WXIH9RP'HWHUPLQDWXP]XP6XIIL[RLG
'XUFK )L[LHUXQJ GHU .RQVWLWXHQWHQVWUXNWXU ELOGHW VLFK HLQ .RPSRVLWXP 6WUXNWXUHOOZLUGGHU.RSIGHU13GDGXUFK]XP'HWHUPLQDWXPGDV*HQL WLYDWWULEXW ]XP 'HWHUPLQDQV 'LH (WDEOLHUXQJ GHU .RPSRVLWLRQ NDQQ VWUXNWXUHOO DXFK DOV ,QNRUSRUDWLRQ DXIJHIDVVW ZHUGHQ ,QNRUSRULHUW ZLUG GDVSUlQRPLQDOH*HQLWLYDWWULEXW,QNRUSRUDWLRQEHGHXWHWGLH1HXWUDOLVDWL RQDOOHUVHPDQWLVFKHQ5ROOHQ%,(50$11 GLHVHPDQWLVFKH5HODWLRQ ]ZLVFKHQ 'HWHUPLQDQV XQG 'HWHUPLQDWXP LVW RSDN YJO %DXHUQRPHOHWW Ä2PHOHWWQDFK%DXHUQDUW¶ Ä2PHOHWWDXV%DXHU¶ %HLGHU(QWVWHKXQJGHV :RUWELOGXQJVW\SV .RPSRVLWLRQ LQ YRUDKG =HLW NRQQWHQ QXU $GMHNWLYH XQG 6XEVWDQWLYH DOV 'HWHUPLQDQV IXQJLHUHQ QLFKW GDJHJHQ 9HUEHQ E]Z 9HUEVWlPPH YJO &$55 1RFK LP 0LWWHOHQJOLVFKHQ VLQG ÄHFKWH¶ 9HUEVWlPPH LQ (UVWSRVLWLRQ lXHUVW VHOWHQ 6$8(5 'DV OlVVW VLFKHUNOlUHQZHQQPDQVLFKGLHVWUXNWXUHOOH+HUNXQIWGHV.RPSRVLWXPV YRU$XJHQIKUWGHVVHQ'HWHUPLQDQVDXIHLQHLQVWLJHVSUlQRPLQDOHV*H QLWLYDWWULEXW ]XUFNJHKW 'HU *HQLWLY VHOHJLHUW GLH :RUWDUW 1RPHQ LP ZHLWHQ6LQQHGHV7HUPLQXV XQGGDKHUNHLQH9HUEHQ$EJHOHLWHWHXQGXQ DEJHOHLWHWH $GMHNWLYH ZHUGHQ LP *HJHQZDUWVGHXWVFKHQ EHUZLHJHQG DQD O\WLVFK UHDOLVLHUW XQG PLW )OH[LRQ PDUNLHUW EODXH 6WXQGH URWHU0RQG 1XU BBBBBBBBBBBBB
8QWHU %HUFNVLFKWLJXQJ GHU VWUXNWXUHOOHQ 3DUDOOHOLWlW YRQ 93 XQG 13 YJO *5((1%(5* OlVVWVLFKGDVEHUHLQ]HOVSUDFKOLFKIHVWVWHOOEDUH3KlQRPHQGHUVXIIL[LQJSUHIHUHQFHGXUFK 6\QWD[ PRWLYLHUHQ LQ %H]XJ DXI GHQ :RUWELOGXQJVW\S GHU .RPSRVLWLRQ YJO KLHU]X *$(7$
=XU(QWVWHKXQJYRQ6XIIL[HQ
VHOWHQHQ )lOOHQ ODVVHQ VLFK .RPSRVLWD PLW DGMHNWLYLVFKHP 'HWHUPLQDQV IHVWVWHOOHQ%ODXWRQ*UQDQODJH GLHVWDUN]X/H[LNDOLVLHUXQJWHQGLHUHQ 6WXIH9RP6XIIL[RLG]XP6XIIL[
'XUFK5HLKHQELOGXQJXQG'HVHPDQWLVLHUXQJHQWZLFNHOWVLFKGDV'HWHUPL QDWXP]XPJHEXQGHQHQ0RUSKHP(VHQWVWHKWHLQ6XIIL[RLGLQGHU)ROJH ]XP :RUWELOGXQJVVXIIL[ YJO :HUN :HVHQ =HXJ 6DFKH E]Z ZHUN ZHVHQ ]HXJVDFKH ,QGHU7KHRULHGHU*UDPPDWLNDOLVLHUXQJZLUGGLHVHU3UR]HVV DOV)XVLRQEHVFKULHEHQ'DPLWHLQ.RPSRVLWXPVLFK]XHLQHPVXIIL[DOHQ :RUWELOGXQJVSURGXNW HQWZLFNHOQ NDQQ GUIHQ NHLQH )XJHQHOHPHQWH DXI WUHWHQ+$$6( 'LH:RUWDUW1RPHQLVWGHU$XVJDQJVSXQNW6R N|QQHQLP*HUPDQLVFKHQQXU6XEVWDQWLYHXQG$GMHNWLYHLQ(UVWSRVLWLRQ VWHKHQJOHLFKHVJLOWIUGLH6HOHNWLRQGHU:RUWDUWEHL6XIIL[RLG ELOGXQJHQ $XFKKLHUNDQQQXUGLH:RUWDUW1RPHQLPZHLWHQ6LQQ ]XQlFKVWDOV'H ULYDWLRQVEDVLVVHOHJLHUWZHUGHQHUVWLP$QVFKOXVVIROJW²QLFKWZLOONUOLFK VRQGHUQPRWLYLHUWYJO6WXIH GLH:RUWDUW9HUE%HPHUNHQVZHUWLVWGDVV LQQHUKDOEGHU0DNURZRUWDUW1RPHQLQYRUDKG=HLWEHUHLWV$EOHLWXQJVSUl IHUHQ]HQEHVWHKHQ6RIXQJLHUHQYD%H]HLFKQXQJHQYRQ3HUVRQHQDOV'H ULYDWLRQVEDVHQ 'DVVHOEH OlVVW VLFK DXFK LP *RWLVFKHQ EHREDFKWHQ YJO 3,0(129$ ]XP 6XIIL[ JHUP LíD ,Q DKG =HLW GLIIHUHQ]LHUW VLFK GLH0DNURZRUWDUW1RPHQ]XJXQVWHQGHU:RUWDUWHQ6XEVWDQWLYXQG$GMHN WLYDXV3DUDOOHO]XGHUKLHUEHVFKULHEHQHQVXEVWDQWLYLVFKHQ6XIILJLHUXQJ HQWVWHKWGLHDGMHNWLYLVFKH6XIILJLHUXQJYJOGLH6XIIL[HOLFKEDUVDPHWF 'HU8QWHUVFKLHG]ZLVFKHQGHQDGMHNWLYLVFKHQXQGVXEVWDQWLYLVFKHQ6XIIL [HQEHVWHKWDXVQKG6LFKWGDULQGDVVGLH$GMHNWLYVXIIL[HXUVSUQJOLFKDXI VWDWLYH 9HUEHQ ]XUFNJHKHQ *,9Ð1 ZDV EHL GHQ 6XEVWDQ WLYVXIIL[HQQLFKWGHU)DOOLVW'LHVHUNOlUWDXFKGHQPHUHRORJLVFKHQ6WDWXV GHU $GMHNWLYH PLW GHP LQKlUHQWHQ 0HUNPDO GHU 6WDWLYLWlW YJO 92*(/ $EVFKQ 8QWHUGHP$VSHNWGHU*UDPPDWLNDOLVLHUXQJOlVVWVLFK IHVWKDOWHQ:LUKDEHQHVLQQDFKDKG=HLWPLWGHP$XINRPPHQGHUH[SOL ]LWHQ'HULYDWLRQEHL$GMHNWLYXQG6XEVWDQWLYPLW]XQHKPHQGPRWLYLHUWHQ REOLJDWRULVFKHQ0DUNLHUXQJHQ]XWXQ*OHLFK]HLWLJZHUGHQSDUDGLJPDWLVFK RUJDQLVLHUWH 2SSRVLWLRQHQ KHUJHVWHOOW GLH QHEHQ GHU :RUWDUW DXFK GLH PRUSKRV\QWDNWLVFKHQ(LJHQVFKDIWHQGHUMHZHLOLJHQ%LOGXQJHQGHWHUPLQLH UHQ'LHKlXILJH&KDUDNWHULVLHUXQJHVKDQGOHVLFKEHLGHUH[SOL]LWHQ'HUL YDWLRQ IXQNWLRQDO JHVHKHQ OHGLJOLFK XP 7UDQVSRVLWLRQ E]Z 0RGLILNDWLRQ BBBBBBBBBBBBB =X'HWDLOVYJOGHQhEHUEOLFNVDUWLNHOYRQ(5%(1 *,9Ð1 EH]LHKW VLFK LQ GLHVHP =XVDPPHQKDQJ VSH]LHOO DXI GLH 6XIIL[H QKG OLFKORVYROOHVVSULFKWMHGRFKQLFKWVGDJHJHQDXFKGLHEULJHQ6XIIL[HKLHUXQWHU]XVXE VXPLHUHQ 6R LVW GDV 6XIIL[ VDP HW\PRORJLVFK YHUZDQGW PLW GHP 9HUE VDPPHOQ EDU PLW GHP PLWWOHUZHLOH DXVJHVWRUEHQHQ 9HUE EHUDQ ÄWUDJHQ¶ VRZLH GDV 6XIIL[ KDIW PLW KHEHQ YJO 526./8*(
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
LVWQLFKWEHU]HXJHQGGDGLH7UDQVSRVLWLRQ]XPHLQHQDXFKVXIIL[ORVGK GXUFKHLQHQXQPDUNLHUWHQ:RUWDUWZHFKVHOYROO]RJHQZHUGHQNDQQ=XP DQGHUHQZLUGGLH0RGLILNDWLRQLKUHUVHLWVGXUFKDQGHUH:RUWELOGXQJVPLWWHO ZLH HWZD GHU QRPLQDOHQ 3UlILJLHUXQJ HU]HXJW 'DUEHU KLQDXV JHQHULHUHQ GLH VXIIL[DOHQ :RUWELOGXQJVSURGXNWH HLQH DQGHUH %HGHXWXQJVTXDOLWlW LP *HJHQVDW] ]X GHQ DQGHUHQ QRPLQDOHQ:RUWELOGXQJVW\SHQ'LH HU]HXJWHQ :RUWELOGXQJVSURGXNWHVLQGQLFKWÄZLOONUOLFK¶DXVWDXVFKEDU(VJLEW5HVW ULNWLRQHQLQQHUKDOEGHUPRUSKRORJLVFKHQ6WUXNWXUGHU6XIIL[ELOGXQJHQLQ %H]XJDXIGLH'HULYDWLRQVEDVLV6HOHNWLRQXQGGLHVH5HVWULNWLRQHQVLQGPR WLYLHUW 8QWHU GHP $VSHNW GHU *UDPPDWLNDOLVLHUXQJVWKHRULH OLHJW PLW GLH VHP 6FKULWW GLH QlFKVWH (QWZLFNOXQJVVWXIH YRU 'LH EHWHLOLJWHQ )RUPHQ GHVHPDQWLVLHUHQXQGGHNDWHJRULVLHUHQ9HUOXVWGHV/H[HP6WDWXV *OHLFK ]HLWLJ NDQQ GDV /H[HP XQJHDFKWHW GHVVHQ DOV HLJHQVWlQGLJHV :RUW EHVWH KHQEOHLEHQZlKUHQGHVGXUFK'HVHPDQWLVLHUXQJ'HNDWHJRULVLHUXQJXQG 5HLKHQELOGXQJ]XP6XIIL[ZLUG,QGHU7HUPLQRORJLHGHU*UDPPDWLNDOLVLH UXQJ KDQGHOW HV VLFK XP VRJ 6SOLWWLQJ (LQ %HLVSLHO GDIU LVW EVSZ GDV 6XIIL[WXPGDVLP1KGQRFKLP6XEVWDQWLY8QJHWPVRZLHYHUGDPPHQYRU NRPPW REJOHLFK GHU VHPDQWLVFKH %H]XJ ]XP 6XIIL[ WXP QLFKW PHKU WUDQVSDUHQW LVW %HLP 6XIIL[ PXW GDV LQQHUKDOE VHLQHV *UDPPDWLNDOLVLHUXQJVSUR]HVVHV QXU VHKU HLQJHVFKUlQNW SURGXNWLY ZXUGH LVW GHU %H]XJ ]XP /H[HP 0XW JHJHQZlUWLJ QRFK WUDQVSDUHQW 'DVV GDV 6XIIL[VFKDIW]XP9HUEVFKDIIHQVRZLHKHLWPLWKHLWHUHW\PRORJLVFKYHUZDQGW LVW GUIWH 0XWWHUVSUDFKOHUQ RKQH OLQJXLVWLVFKH 9RUNHQQWQLVVH GDJHJHQ QLFKWPHKULQWXLWLY]XJlQJOLFKVHLQ =XP $XIEDX YRQ JUDPPDWLVFKHU $EVWUDNWKHLW ZLUG GDV 3ULQ]LS GHU 5HLQWHUSUHWDWLRQLP5DKPHQHLQHUNRQYHUVDWLRQHOOHQ,PSOLNDWXUYROO]RJHQ 'HU6SUHFKHUQLPPWDQGDVVGHU+|UHUGDV*HVDJWHYHUVWHKW8PGLHV]X YHUGHXWOLFKHQNDQQPDQHLQ*HGDQNHQH[SHULPHQWDQVWHOOHQ(LQ6XEVWDQ WLY ZLH EVSZ 0LHWVDFKH NDQQ QXU YRQ HLQHP +|UHU YHUVWDQGHQ ZHUGHQ ZHQQHVLQHLQHGHP6SUHFKHUZLH+|UHUJHPHLQVDPH.RQWH[WXDOLVLHUXQJ HLQJHEXQGHQLVW'DV0RUSKHPVDFKHIXQJLHUWLQGLHVHP)DOODOV$EVWUDN WLRQVPRUSKHP XQG IDVVW GLH UHOHYDQWHQ (LJHQVFKDIWHQ KLQVLFKWOLFK HLQHU EHVWLPPWHQ VDFKEH]RJHQHQ $UW ]XVDPPHQ 2KQH .RQWH[WXDOLVLHUXQJ Ol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lUHHWZDDKGEUXRGHUVFDIÄ9HUKDO
=XU(QWVWHKXQJYRQ6XIIL[HQ
WHQYRQ%UGHUQ¶=XP$XIEDXHLQHUJHQHULVFKHQ4XDOLWlWZHUGHQGLH%LO GXQJHQ]XHUVWLQVSH]LILVFKHQ.RQWH[WHQYHUZHQGHWLQGHU)ROJHZHUGHQ GLH %LOGXQJHQ GDQQ LQ ]XQHKPHQG PHKU .RQWH[WHQ HLQJHVHW]W Ä(FKWH¶ $EVWUDNWKHLWOLHJWYRUZHQQHVKLQVLFKWOLFKGHUSULQ]LSLHOOJUDPPDWLVFKHQ GKQLFKWNRQWH[WJHEXQGHQHQ9HUZHQGEDUNHLWNHLQH5HVWULNWLRQHQJLEW 6WXIH3URGXNWLYLWlWVHUZHLWHUXQJGXUFK(UZHLWHUXQJGHU$EOHLWXQJVEDVHQ
$EOHLWXQJVHUZHLWHUXQJ ]XJXQVWHQ GHU $EOHLWXQJ YRQ 9HUEHQ WULWW HLQ LQ GHPDXFKQXOOVXIILJLHUWH9HUEDOVXEVWDQWLYHLG50DVNXOLQDZLHGHU%UXFK GHU:XUIGHU7UXQN LQGDVGHVXEVWDQWLYLVFKH %LOGXQJVPXVWHUPLWHLQEH]R JHQZHUGHQ0LWXQWHUNRPPWHV]X0HKUIDFKVXIILJLHUXQJHQGDGLHZRUW ELOGHQGHQ6XIIL[H]XQlFKVWQXUGLH:RUWDUW1RPHQLPZHLWHQ6LQQ DE OHLWHQN|QQHQ6XIIL[ELOGXQJHQN|QQHQLKUHUVHLWVDXFKPHKUIDFKDEJHOHLWHW ZHUGHQ (LQ %HLVSLHO KLHUIU VWHOOW HWZD GLH %LOGXQJ DKG ELKDEDQQHVVLGD Ä$XIHQWKDOW =XUFNEHKDOWXQJ¶ GDU 'LHV GHFNW VLFK PLW GHU %HREDFKWXQJ ,$&2%,1,V GHU]XIROJH 'HULYDWLRQ DQ JDQ]HQ :|UWHUQ HQWVWHKW 0DQNDQQGLH$XVVDJHZHLWHUSUl]LVLHUHQ'HULYDWLRQHQWVWHKWPRUSKROR JLVFKGRUWZRHLQ/H[HPDOV$EOHLWXQJVEDVLVDXIJHIDVVWZHUGHQNDQQ'DV LVW QXU DQ XQIOHNWLHUWHQ /H[HPHQ E]Z 6XEVWDQWLYHQ PLW RSDNHU %LQQHQ VWUXNWXU P|JOLFK +LQVLFKWOLFK GHU 6HOHNWLRQVUHVWULNWLRQ GHU PDQJHOQGHQ $EOHLWEDUNHLWYRQ9HUEHQOLHJWDQGLHVHU6WHOOHHLQH$QDORJLH]XGHQJHU PDQLVFKHQ .RPSRVLWDELOGXQJHQ YRU GLH LQ (UVWSRVLWLRQ HEHQIDOOV NHLQH 9HUEHQ GXOGHWHQ YJO GD]X &$55 'LH 0|JOLFKNHLW ]XU $EOHLWXQJ XQG GDPLW GLH 3URGXNWLYLWlW HLQHV VXIIL[DOHQ :RUWELOGXQJVPXVWHUV HUZHL WHUWVLFKLQGHU)ROJHZLHEHLP:RUWELOGXQJVW\S.RPSRVLWLRQ,Q(UVWSR VLWLRQE]ZDOV'HULYDWLRQVEDVLVHUVFKHLQHQ]XQlFKVWGHYHUEDOHXQPDUNLHU WH 6XEVWDQWLYH %LOGXQJHQ DOVR GLH IRUPDO 6XEVWDQWLYH VLQG MHGRFK NHLQH H[SOL]LWH 0DUNLHUXQJ GLHVEH]JOLFK DXIZHLVHQ XQG VR GLH 0|JOLFKNHLW ]XU 5HLQWHUSUHWDWLRQDOV9HUEVWDPPEHUHLWVLQVLFKWUDJHQ(LQ%HLVSLHOIUHLQ .RPSRVLWXP ZlUH 6FKODI196WDPP ]LPPHU 'DV 'HWHUPLQDQV LVW XQ WHUVSH]LIL]LHUW KLQVLFKWOLFK VHLQHU :RUWDUWLQIRUPDWLRQ ,P 9HUODXI GHU 6SUDFKJHVFKLFKWHJHKWGLHJUDPPDWLVFKH9RUVWHOOXQJKLQVLFKWOLFKGHV6WD WXV DOV 9HUEDOVXEVWDQWLYH YHUORUHQ 6LH ZHUGHQ DOV 9HUEVWlPPH UHLQWHUSUH WLHUW (V N|QQHQ GDKHU GHYHUEDOH 6XIILJLHUXQJHQ HQWVWHKHQ =XU HPSLUL BBBBBBBBBBBBB 2EJOHLFK*UDPPDWLNIUGDV)HPLQLQXPNROOHNWLYH$EVWUDNWKHLW DXIJHEDXWZLUGODVVHQ VLFKLQ(LQ]HOIlOOHQ]XHLQ]HOQHQ6SUDFKVWXIHQVHPDQWLVFKH$XVGLIIHUHQ]LHUXQJHQHLQ]HOQHU 6XIIL[H]XHLQDQGHUHUNHQQHQ6ROFKH$XVGLIIHUHQ]LHUXQJHQVWHKHQGHU*UDPPDWLNDOLVLHUXQJ EHLP $XIEDX YRQ JUDPPDWLVFKHU .RPSOH[LWlW HQWJHJHQ XQG ZHUGHQ GDKHU LP /DXIH GHU 6SUDFKJHVFKLFKWH EHVHLWLJW VR HWZD%HUHLWVFKDIW Ä=XVWDQG GHV %HUHLWVHLQV¶ GDJHJHQ%HUHLWKHLW Ä%HUHLWZLOOLJNHLW¶RGHU0DQQVFKDIWZDVLP0KGQRFKLQGHU%HGHXWXQJÄGDVZDVHLQ0DQQ ]XOHLVWHQKDW¶YHUZHQGHWZLUGZlKUHQG0DQQKHLWÄ0lQQOLFKNHLW(LJHQVFKDIWYRQ0lQQHUQ¶ EHGHXWHWH:,/0$116
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
VFKHQ hEHUSUIXQJ GLHVHU (QWZLFNOXQJ ZXUGHQ ÅMQJHUH´ GK GLH LP )QKGQRFKDOV6XIIL[RLGHDXIJHIDVVWHQ0RUSKHPHZHUNZHVHQ]HXJGLH LP 0KG QRFK .RPSRVLWD ELOGHWHQ ELV LQV $KG ]XUFNYHUIROJW ,Q DOW XQG DXFK QRFK EHUZLHJHQG LQ PLWWHOKRFKGHXWVFKHU =HLW OlVVW VLFK NHLQ HLQ]LJHU ÅHFKWHU´ %HOHJ ILQGHQ EHL GHP HLQ YHUEDOHV 'HWHUPLQDQV E]Z LP)ROJHQGHQHLQHYHUEDOH'HULYDWLRQVEDVLVDQJHVHW]WZHUGHQN|QQWH%HL VSLHOH²LOOXVWULHUHQGLHVH6\VWHPDWLN DKGZĩKLZsUFQKGÄ:HLKZHUN¶]XDKGZĩKLÄ:HLKH¶ DKGVFUĩE]LXJQKGÄ6FKUHLE]HXJ¶]XDKGVFUĩEÄ6FKULHE¶ DKGPLHWDQHPRPLHWQHPRZ|UWOÄ0LHWQHKPHU¶Ä0LHWHU¶]XDKGPLHWD)HP Ä0LH WH¶YJODXFKDKGPLHWPDQÄ7DJHO|KQHU0LHWPDQQ¶VRZLHPKGPLHWHPDQPLWHPDQ Ä0LHWPDQQ7DJHO|KQHU¶]XPLHW)HP Ä0LHWH¶ PKGPDOZsUFÄ0DKOZHUN¶]XPKGPDOHÄ0DKOJDQJ9RUULFKWXQJ]XP0DKOHQ¶
+LQVLFKWOLFKGHU,QWHJUDWLRQYHUEDOHU%HVWDQGWHLOHYHUKDOWHQVLFKGLH:RUW ELOGXQJVW\SHQ GHU VXEVWDQWLYLVFKHQ .RPSRVLWLRQ KLHU 5ROOH GHV 'HWHU PLQDQV XQG6XIILJLHUXQJKLHU5ROOHGHU'HULYDWLRQVEDVLV DEVROXWDQDORJ ,QGHUJHJHQZlUWLJHQ/LWHUDWXU]XUKLVWRULVFKHQ:RUWELOGXQJVOHKUHILQGHW GLHVHU $VSHNW OHLGHU ELVODQJ ZHQLJ %HDFKWXQJ .DSLWHO JHKW XQWHU %H UFNVLFKWLJXQJ GHU HLQ]HOQHQ YRQ GHU *UDPPDWLNDOLVLHUXQJ EHWURIIHQHQ 6XIIL[H GHWDLOOLHUW DXI GLHVHV 3KlQRPHQ HLQ %HUHLWV DQ GLHVHU 6WHOOH NDQQ PDQ MHGRFK HUVHKHQ GDVV GLH $XVZHLWXQJ GHV $EOHLWXQJVVSHNWUXPV UHL KHQELOGHQGHU6XIIL[RLG HQLFKW]XIlOOLJDEOlXIWVRQGHUQHLQHUEHVWLPPWHQ (QWZLFNOXQJVORJLN QlPOLFK GHU YRQ GHQRPLQDO LP ZHLWHQ 6LQQH ]X GH YHUEDOIROJW $OV=ZLVFKHQID]LWOlVVWVLFKIHVWKDOWHQ'LH(QWVWHKXQJGHU'HULYDWLRQ NDQQ GXUFK GLH VXN]HVVLYH 8PZDQGOXQJ HLQHV HLQVW HLJHQVWlQGLJHQ /H [HPV LQ HLQ JHEXQGHQHV 0RUSKHP 6XIIL[ KHUYRUJHUXIHQ ZHUGHQ =DKO UHLFKHGHULP1KGVWHWVJHEXQGHQDXIWUHWHQGHQ6XIIL[HVLQGLP$KGDOV HLJHQH:|UWHUEHOHJW,P9HUODXIGHU6SUDFKJHVFKLFKWHWUHWHQGLHHQWVSUH FKHQGHQ/H[HPHDOVIXQNWLRQDOH.|SIHLQ'HWHUPLQDWLYNRPSRVLWDDXI6R EHGHXWHWHKHLWDOVHLJHQVWlQGLJHV/H[HPLP$KGÄ$UWXQG:HLVH¶XQGZDU HLQ)HPLQLQXP%HOHJWLVWHVDOOHUGLQJVDXFKDOV0DVNXOLQXPGRUWEHGHX WHWH HV Ä3HUVRQ¶ XQG LVW LQ GLHVHP *HQXV QRFK LP 0KG EHOHJW :(//6 1XU LQ GHU .RPSRVLWLRQ KDW VLFK GDV )HPLQLQXP HUKDOWHQ 3$8/ =XP 6XIIL[ ZXUGH DKG KHLW GDGXUFK GDVV HV VHPDQWLVFK YHU EODVVWH XQG VWDUN UHLKHQELOGHQG ZXUGH 'DPLW KDWWH HV ]ZLVFKHQ]HLWOLFK GHQ6WDWXVHLQHV6XIIL[RLGVODQJIULVWLJEHNDPHVGHQ6WDWXVDOV6XIIL[ZLH
=XU(QWVWHKXQJYRQ6XIIL[HQ
LP1KG,QGHU7HUPLQRORJLHGHU*UDPPDWLNDOLVLHUXQJJHVSURFKHQEHGHX WHWGLHVGDVVGLH2EOLJDWRULNXQG5HOHYDQ]]XQLPPW'LHPRUSKRORJLVFKH (QWZLFNOXQJVULFKWXQJYHUOlXIWDOVRIROJHQGHUPDHQ /H[HP!'HWHUPLQDWXPLP.RPSRVLWXP!6XIIL[RLG!6XIIL[
(LQ ZHLWHUHV 6XIIL[ GDV HEHQIDOOV HLQVW HLQHQ 6WDWXV DOV /H[HP KDWWH LVW GDV 6XIIL[ VFKDIW DKG VFDS GDV LQ GHU %HGHXWXQJ Ä%HVFKDIIHQKHLW¶ EHOHJW LVW./8*( 'DV6XIIL[LVWLP0KGQRFKLQ]ZHL*HQHUDQDFK JHZLHVHQ )HPLQLQXP XQG 1HXWUXP KLHU PLW GHU %HGHXWXQJ Ä*HVFK|SI¶ /(;(5 VLHKH 6WLFKZRUW VFKDI ,P $OWQRUGLVFKHQ LVW GDV 6XIIL[ DOV 0DVNXOLQXPEHOHJW:,/0$116 I $XFKGDV6XIIL[WXPLVWDOV /H[HP LQ GHU 'LDFKURQLH LGHQWLIL]LHUEDU XQG JHKW DXI DKG VRZLH PKG WXRP Ä6DW]XQJ 6LWWH +HUUVFKDIW 0DFKW¶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lKUHQG GLH (QWVWHKXQJ HLQHV 6XIIL[HV DXV HLQHP /H[HP KlXILJ ]X EH REDFKWHQLVWYJO LVWGLH5HLQWHUSUHWDWLRQHLQHVEHUHLWVEHVWHKHQGHQ 0RUSKHPV PLW DQGHUHU JUDPPDWLVFKHU %HGHXWXQJ ZHLWDXV VHOWHQHU E]Z VFKZLHULJ QDFK]XZHLVHQ GD VLFK GLH PHLVWHQ (QWZLFNOXQJHQ EHUHLWV LQ YRUDKG=HLWYROO]RJHQ$OV%HLVSLHOVHLKLHUGDV6XIIL[JHUP LQJDXQJD DQJHIKUW GHVVHQ (QWZLFNOXQJ 0816.( QDFK]HLFKQHW 6HLW DKG =HLWOlVVWVLFKOHGLJOLFKHLQHLQ]LJHU]XYHUOlVVLJHU)DOOHLQHV5HLQWHUSUHWDWL RQVSUR]HVVHV HLQHV VXEVWDQWLYLVFKHQ 6XIIL[HV GRNXPHQWLHUHQ (V KDQGHOW VLFKXPHLQ0RUSKHPGDVLP0DVNXOLQXPZLHLP1HXWUXPJOHLFKHUPD HQJHQXW]WZLUGQlPOLFKXPGHQDXVGHP*HQLWLYVWDPPHQGHQ0DUNHU
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,WKHRUHWLVFK
H V 'LHVHU GLHQW LP 1HXWUXP GHU .RQVWLWXLHUXQJ YRQ 6WRIIQRPLQD PLW SDUWLWLYHQ,QKDOWHQ ZLHLQ6FKZHLQHUQHV6O]HQHV*HIURUHQHV]XU(QWZLFNOXQJ XQG)XQNWLRQYJO%(+$*+(/ (VEHVWHKWDOOHUGLQJVDXFKHLQH ZHLWHUH TXDQWLILNDWLY DQGHUV JHQXW]WH )XQNWLRQ GHV 0RUSKHPV 6R IDQG GDV0RUSKHPZHQQDXFKPLW$OORPRUSKLHQlPOLFKHVXQGV HEHQIDOOV LP0DVNXOLQXP(LQJDQJXQG]ZDU]XQlFKVWGLDOHNWDOZLHLQGHU*ULSV]X QGGJUvSHQÄJUHLIHQ¶ .QLFNV]XNQLFNHQ6FKQDSV]XVFKQDSSHQ:HLWHUH%HL VSLHOHZlUHQGHU.ODSVRGHUGHU3LHSV,P6WDQGDUGGHXWVFKHQLVWGDV6XIIL[ WURW] HLQLJHU $QVlW]H QLFKW LQ YROOHP 8PIDQJ SURGXNWLY JHZRUGHQ YHU PXWOLFKDXIJUXQGGHU.RQNXUUHQ]]XP6XIIL[HUYJO $XIGHUHLQHQ 6HLWHNRGLHUWDOVRGDV0RUSKHPH VQHXWUDOH.RQWLQXDWLYDPLWSDUWLWLYHQ ,QKDOWHQ DXIGHUDQGHUHQ6HLWHPDVNXOLQH,QGLYLGXDWLYD0|JOLFKLVWGLHV GDGDV0RUSKHPDQVLFKHLQH,QKRPRJHQLVLHUXQJOHLVWHW'DVNDQQDXIGHU HLQHQ 6HLWH HLQH +LQWHUJUXQGLHUXQJ PLWLPSOL]LHUHQ GDQQ GLHQW GDV 0RU SKHPGHU.RGLHUXQJYRQ.RQWLQXDWLYDPLWSDUWLWLYHQDOVRWHLOZHLVHYRU GHUJUXQGLHUWHQ,QKDOWHQ RGHUDEHUHLQHUHLQH9RUGHUJUXQGLHUXQJKHUYRU UXIHQGDQQNRGLHUWGDV0RUSKHP]lKOEDUH0DVNXOLQD ,PYRUOLHJHQGHQ )DOOZLUGYRUGLHVHP+LQWHUJUXQGVLFKWEDUGDVVGLH8QWHUVFKHLGXQJ]ZL VFKHQ'HULYDWLRQXQG)OH[LRQQLFKWLPPHUOHLFKW]X]LHKHQLVW (LQH$UEHLWGLHGDV/DWHLQLVFKHGHP$OWIUDQ]|VLVFKHQKLQVLFKWOLFKGHU (QWZLFNOXQJ HLQHV HLQ]HOQHQ QRPLQDOHQ 6XIIL[HV JHJHQEHUVWHOOW LVW GLH YRQ%($89$,6 'HUYRQ%($89$,6EHKDQGHOWH8QWHUVXFKXQJVJH JHQVWDQG LVW GLH (QWZLFNOXQJ GHV GHDGMHNWLYLVFKHV 6XIIL[HV ODW DOLD 1753/ ]XP IU] GHVXEVWDQWLYLVFKHQ DLOOH )(06* 8P GLH )UDJH QDFK GHU SULQ]LSLHOOHQ 5HLQWHUSUHWDWLRQVP|JOLFKNHLW YRQ 6XIIL[HQ EHDQW ZRUWHQVRZLHGLH)UDJHNOlUHQ]XN|QQHQZDQQXQWHUZHOFKHQ%HGLQJXQ JHQXQGZLHVROFKH5HLQWHUSUHWDWLRQVPHFKDQLVPHQP|JOLFKVLQGZHUGHQ GLH%HREDFKWXQJHQYRQ%($89$,6 LP)ROJHQGHQNXU]]XVDPPHQ JHIDVVW*OHLFK]HLWLJHUIROJWGLHWKHRUHWLVFKH(LQJOLHGHUXQJLQGLH7KHRULH GHU*UDPPDWLNDOLVLHUXQJVRZLHGLHhEHUWUDJXQJDXIGHQYRUOLHJHQGHQ*H JHQVWDQGVEHUHLFKGHUKLVWRULVFKHQ0RUSKRORJLH 'DV6XIIL[DOLV1753/DOLD LVWXUVSUQJOLFKHLQ$GMHNWLYVXIIL['HU 1HXWUXP3OXUDOWUDW]XQlFKVWEHUZLHJHQGLQ)HVWEH]HLFKQXQJHQYRUZLH BBBBBBBBBBBBB 9JO:,/0$116 GLHVHUQDFK6h77(5/,1 =XU5ROOHGHV)XJHQHOHPHQWVVYJO $OV +DXSWXQWHUVFKHLGXQJVPHUNPDO ]ZLVFKHQ 'HULYDWLRQ XQG )OH[LRQ JLOW JHPHLQKLQ GLH 7DWVDFKHGDVV)OH[LYH:RUWIRUPHQ'HULYDWLYHGDJHJHQ:|UWHUNRGLHUHQ'LH'HULYDWLRQ XQGGLH)OH[LRQVLQGEHNDQQWOLFKYHUZDQGWH3KlQRPHQHYJOGD]XDXFK% 6(;86@ KDQGHOWH NDQQ DXFK %$(6.2: EHVWlWL JHQ GLH GLHV DP %HLVSLHO GHV 6XIIL[ OLQJ YHUGHXWOLFKW %$(6.2: XQWHU 9HUZHLVDXI$)0h//(5 LOOXVWULHUWGLHVDP%HLVSLHOGHV:RUWHV -QJOLQJGDVDXVVFKOLHOLFKLP1KGGLH%HGHXWXQJÄMXQJHU0DQQ¶WUlJW,Q IUKHUHQ 6SUDFKVWXIHQ GHV 'HXWVFKHQ VR QRFK LP 0KG PKG MXQJHOLQF OlVVWVLFKQDFKZHLVHQGDVVGHU%LOGXQJVW\SYROONRPPHQVH[XVQHXWUDOZDU ²GDV:RUWEHGHXWHWHVFKOLFKWÄMXQJH3HUVRQ¶XQGXPIDVVWHGDPLW)UDXHQ ZLH 0lQQHU LQ JOHLFKHU :HLVH 'DVV GHQQRFK LP /DXIH GHU 6SUDFKJH VFKLFKWHHLQH/HVDUWGHV6H[XVPDVNXOLQXPHQWVWDQGNDQQYHUPXWOLFKDXI VWLOLVWLVFKH XQG GDPLW DXHUVSUDFKOLFKNRQYHQWLRQHOOH )DNWRUHQ ]XUFNJH IKUW ZHUGHQ LQGHP QlPOLFK HLQ 6XEVWDQWLY ZLH -QJOLQJ ]XQHKPHQG DOV PlQQOLFKHV.RUUHODW]X-XQJIUDXYHUZHQGHWZLUG$)0h//(5 BBBBBBBBBBBBB
$OVZHLWHUHV%HLVSLHOIUHLQHVROFKH(QWZLFNOXQJLVWDXFKGDV6XIIL[H ULFK]XHUZlKQHQ GDV ]X %HJLQQ ]XQlFKVW 3HUVRQHQ :WHULFK )lKQULFK XQG 3IODQ]HQEH]HLFKQXQJHQ ZLH :HLGHULFK.Q|WHULFK EH]HLFKQHWH(UVWGDQDFKNDPLKP²ZLHYLHOHQDQGHUHQ6XIIL[HDXFK ZRKOGXUFKH[WHUQH6SUDFKZDQGHOIDNWRUHQ²GLH%HGHXWXQJVGLPHQVLRQGHV6H[XVPDVNXOL QXPZLHLQ(QWHULFKRGHU7lXEHULFKYJOKLHU]X./8*( ]X
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
I 6LFKWHWPDQDOOHLQ6H[XV9HUGDFKWVWHKHQGHQ6XIIL[H]XU.RGLHUXQJ YRQ 0DVNXOLQD GHU YHUJDQJHQHQ 6SUDFKVWXIHQ LQ GHQ HLQVFKOlJLJHQ *UDPPDWLNHQYJO %58*0$11 3$8/ :,/0$116 VR ]HLJW VLFK GDVV NHLQHV YRQ LKQHQ MHPDOV XUVSUQJOLFK GHU .RGLHUXQJ GHU %HGHXWXQJGHV6H[XVPDVNXOLQXPGLHQWH'DPLWNDQQ6H[XVDOVQRWZHQ GLJHU6SHQGHUEHUHLFKVRXUFHGRPDLQ IUGDV*HQXVPDVNXOLQXP DXVJH VFKORVVHQZHUGHQ (WZDVDQGHUVYHUKlOWHVVLFKKLQVLFKWOLFKGHU+\SRWKHVHGDV0DVNXOL QXPGLHQHGHP$XVGUXFNYRQ%HOHEWKHLW%LOGXQJHQZLH6WXGHQWRGHU5HIH UHQW VLQG QLFKW QXU ]lKOEDUH GD SOXUDOLVLHUEDUH ,QGLYLGXDWLYD VLH VLQG JOHLFK]HLWLJ DXFK EHOHEW 'LH ]XJHVFKULHEHQHQ .RQ]HSWXDOLVLHUXQJHQ ZL GHUVSUHFKHQ GDPLW HLQDQGHU QLFKW GRFK JLEW HV DXFK %HLVSLHOH IU QLFKW SOXUDOLVLHUEDUH6XEVWDQWLYHEHOHEWHU5HIHUHQ]ZLHEVSZGW9LHKRGHU*H IOJHO(QWVSUHFKHQGH*HJHQEHLVSLHOHPVVWHQDXVGHU3HUVSHNWLYHGHU%H OHEWKHLWVWKHRULH MHGRFK PRWLYLHUW ZHUGHQ 8P GLH %HOHEWKHLWVK\SRWKHVH ZHLWHU]XEHOHJHQZHUGHQLQGHU/LWHUDWXU]XZHLOHQ,QWHUURJDWLYSURQRPL QD VXEPRUSKHPDWLVFK DQDO\VLHUW 'HP]XIROJH OlVVW VLFK :HU LQ :HU ]X HU GDQHEHQ:DVLQ:DV]XHV VRZLH:LHLQ:LH]XVLH VXEPRUSKHPD WLVLHUHQ.5,).$ 'DV$UJXPHQWLVWGDVVQXUDJHQVIlKLJH3DUWL]L SDQWHQGXUFK:HU"HUIUDJEDUVLQG$JHQVIlKLJNDQQQDFK$XIIDVVXQJGLH VHU)RUVFKXQJVULFKWXQJQXUHWZDVVHLQGDVEHOHEWLVW'LH8PNHKUXQJJLOW QLFKW (V NDQQ DOVR DXFK HWZDV DOV 3DWLHQV IXQJLHUHQ GDV EHOHEW LVW $Q GLHVHU6WHOOHNDQQPDQHLQZHQGHQGDVV1RPLQDLQVWUXPHQWLREJOHLFKVLH XQEHOHEWVLQGJOHLFKIDOOVDOV$JHQVLP6LQQHEHOHEWHU5HIHUHQWHQ IXQJLH UHQN|QQHQZLHDQIROJHQGHQ%HLVSLHOHQHUVLFKWOLFK 'HU%RKUHUGUHKWHVLFK]XVFKQHOOXQGEHUKLW]WHVLFK 'HU1LWURYHUGQQHUO|VWHGLH)DUEHDE
BBBBBBBBBBBBB
6\QFKURQNDQQGDV%LOGXQJVPXVWHUQDFKYROO]RJHQZHUGHQPLWQHXHQJOLVFKGDUOLQJHLQHEH UHLWVLP$OWHQJOLVFKHQEHOHJWH$EOHLWXQJDOWHQJOLVFKGHRUOLQJ DXVGHRUÄOLHE¶QHXHQJOLVFKGHDU %$(6.2: GDVGLH(LJHQVFKDIW]XU6H[XV1HXWUDOLWlWEHZDKUWKDW :$1=(&. GLHGLH5ROOHGHU.RPSRVLWDLP)QKGJHQDXHUXQWHUVXFKWKDWIDQGQH EHQGHQ]DKOUHLFKHQYROOPRWLYLHUWHQ%LOGXQJHQHLQHHUKHEOLFKH$Q]DKOYRQWHLOPRWLYLHUWHQ .RPSRVLWD GHUHQ .|SIH HLQH VWDUNH 7HQGHQ] ]XU 'HVHPDQWLVLHUXQJ XQG 5HLKHQELOGXQJ DXIZLHVHQ ZLH QKG 9HUWUDXHQVPDQQ %HWWHOPDQQ 0OOPDQQ 6RZHLW PDQ DQ GLHVHU 6WHOOH EHUKDXSW YRQ YROOVWlQGLJ GXUFKJHIKUWHU *UDPPDWLNDOLWlW VSUHFKHQ GDUI VROOWH DXFK DQ GLHVHU 6WHOOH GLH *HQXVSDUDGLJPDWLN XQG GLH GDPLW HLQKHUJHKHQGHQ %HGHXWXQJVYHUlQGH UXQJHQ EHL 3VHXGRNRPSRVLWD LQ %H]XJ DXI GLH VSUDFKOLFKH %HUHLWVWHOOXQJ YRQ ]lKOEDUHQ 1RPLQDQlKHUHPSLULVFKEHWUDFKWHWZHUGHQYJO/(,66 9JOKLHU]XDXFK=,)2181 ]ZDUQLFKWLQ%H]XJDXI*HQXVVRQGHUQLQ%H]XJDXIGLHGDPLW]XVDPPHQKlQJHQ GH%HVFKUHLEXQJVGLPHQVLRQGHUQRPLQDOHQ$VSHNWXDOLWlWLP6LQQH5,-.+2))V
*UDPPDWLNDOLVLHUXQJGHV*HQXVPDVNXOLQXP
+LQ]X NRPPW GLH 7DWVDFKH GDVV $EOHLWXQJVEDVLV XQG 6XIIL[ IXQNWLRQDO QLFKW YHUZHFKVHOW ZHUGHQ GUIHQ 6R OLHJW GLH VHPDQWLVFKH ,QWHUSUHWDWLRQ ]XJXQVWHQGHV0HUNPDOV>%(/(%7@KlXILJQDKHDXIJUXQGGHU7DWVDFKH GDVVGDV'HXWVFKHPHKU+DQGOXQJVYHUEHQZLHHWZDNRFKHQODFKHQWULQNHQ DOV *HVFKHKHQVYHUEHQ ZLH HWZD WDJHQ GlPPHUQ VFKQHLHQ EHVLW]W :HUGHQ +DQGOXQJVYHUEHQ DOV %DVLV YRQ 'HULYDWLRQVELOGXQJHQ YHUZHQGHW OLHJW DXIJUXQGGHVVHQHLQH,QWHUSUHWDWLRQDOVEHOHEWHV$JHQVDXWRPDWLVFKQDKH ZLHLQGHU(VVHUGHU7ULQNHU 'DULQOLHJWDXFKGHU*UXQGZDUXPGLHEHU ZLHJHQGH =DKO GHU PDVNXOLQHQ 'HULYDWLRQHQ GHV 'HXWVFKHQ DOV 1RPLQD DJHQWLV NODVVLIL]LHUW ZLUG REJOHLFK GLH %LOGXQJHQ IRUPDO QLFKWV EHU GLH 9HUDQNHUXQJ LQ GHU UHDOHQ :HOW DXVVDJHQ 6R NDQQ %RKUHU QLFKW QXU HLQ 1RPHQLQVWUXPHQWLVRQGHUQJOHLFK]HLWLJHLQ1RPHQDJHQWLVÄ3HUVRQGLH ERKUW¶ EH]HLFKQHQ:HOFKH,QWHUSUHWDWLRQLP(LQ]HOIDOOGLHÄSDVVHQGH¶LVW JLEWGHUMHZHLOLJH$NWXDOLVLHUXQJVNRQWH[WYRU'DVVVLFKXQVEHLHLQHUEH VWLPPWHQ %LOGXQJ KlXILJ HLQH EHVWLPPWH VHPDQWLVFKH ,QWHUSUHWDWLRQ DXI GUlQJW OLHJW GDUDQ GDVV LQ VHKU YLHOHQ )lOOHQ 8VXDOLVLHUXQJ YRUOLHJW ZLH HWZD EHL %RKUHU ! Ä1RPHQ LQVWUXPHQWL¶ 8VXDOLVLHUXQJ LVW HLQH 9RUVWXIH GHU/H[LNDOLVLHUXQJGDGLH9HUZHQGXQJGHVMHZHLOLJHQ:RUWHVLQYHUVFKLH GHQHQ $QZHQGXQJVGRPlQHQ EHUHLWV YRUJHJHEHQ LVW /H[LNDOLVLHUXQJ OLHJW GDJHJHQYRUZHQQGLH%LOGXQJDXIHLQHEHVWLPPWHVHPDQWLVFKH,QWHUSUH WDWLRQGHWHUPLQLHUWLVW'DVLVWEVSZEHLHLQHP:RUWZLH%RKUHUQLFKWGHU )DOOGDGRUWGLH,QWHUSUHWDWLRQDOV1RPHQDJHQWLVQRFK QLFKWY|OOLJDXV JHVFKORVVHQ LVW 8VXDOLVLHUXQJ VRZLH DXFK /H[LNDOLVLHUXQJ WULWW KlXILJ DXI DEHUQLFKWLPPHU6RLVWRKQH.RQWH[WXDOLVLHUXQJQLFKW]XHQWVFKHLGHQRE PLW/lXIHUHLQ7HSSLFKRGHUHLQH3HUVRQJHPHLQWLVW(VKDQGHOWVLFKDOVR ÄOHGLJOLFK¶ XP VWDUNH 7HQGHQ]HQ GLH GHU *UDPPDWLNDOLVLHUXQJ HQWJHJHQ ZLUNHQ'RFKGLH)UDJHZHOFKH)XQNWLRQGHP0DVNXOLQXP]XJUXQGHOLHJW KDWHLQHODQJH7UDGLWLRQXQGZXUGHEHUHLWVLP-DKUKXQGHUW]XU)UDJH GHU )XQNWLRQ YRQ 'HNOLQDWLRQVNODVVHQ GLVNXWLHUW 6R LVW KlXILJ ]X OHVHQ GDVVHWZDGLHVFKZDFKH)OH[LRQGHU.RGLHUXQJYRQ6XEVWDQWLYHQEHOHEWHU 5HIHUHQ]GLHQW'RFKEHUHLWVIUKZXUGHQ=ZHLIHODQGLHVHU²PLWWOHUZHLOH UHFKW HUIROJUHLFK HWDEOLHUWHQ ² .ODVVLILNDWLRQ GHU VFKZDFKHQ )OH[LRQ ODXW YJO6h77(5/,1 ,QGHQ6HNXQGlUELOGXQJHQ]HLJWVLFKYRUDOOHPGHUL Q G L Y L G X D O L V L H U H Q G H &KD UDNWHUGHV6XIIL[HV/HW]WHUHVEH]HLFKQHWLQGHQ)lOOHQMDQLFKWHLJHQWOLFKGHQ7Kl WHUVRQGHUQQXUHLQH3HUVRQGLH]XHWZDVLQQlKHUHU%H]LHKXQJVWHKW´
(LQ %OLFN LQ GLH JHUPDQLVFKH 1RPLQDOPRUSKRORJLH OlVVW DQ GLHVHU 6WHOOH HLQHQZLFKWLJHQ$VSHNWLQGHQ9RUGHUJUXQGGHU%HWUDFKWXQJUFNHQ%HL XQHLQGHXWLJHU 5HIHUHQ] ZHQQ DOVR 3HUVRQHQ LP $OOJHPHLQHQ EH]HLFKQHW ZHUGHQVROOWHQZXUGHLQGLHVHU6SUDFKHSRFKHVWHWVGDV1HXWUXPYHUZHQ GHW3$8/ 'DV,VOlQGLVFKHEHNDQQWHUPDHQHLQH*HQXVVSUD FKHKDWGLHVHQ=XVWDQGHUKDOWHQ&25%(77 'DV.RQ]HSWGHU
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
3HUVRQ NDQQ LP 'HXWVFKHQ ]ZDU %HOHEWKHLW LPSOL]LHUHQ $OOHUGLQJV GDUI QLFKWEHUVHKHQZHUGHQGDVVDXFK(SLFRHQDDOVR7LHUEH]HLFKQXQJHQXQ WHUGDV.RQ]HSWGHU%HOHEWKHLWIDOOHQ'RFKN|QQWHDQGLHVHU6WHOOHHLQLQ WXLWLYHUYRQ:HOWZLVVHQJHOHLWHWHU)HKOVFKOXVVYRUOLHJHQZLHPDQDP%HL VSLHO GHV $UDELVFKHQ HUVHKHQ NDQQ 'RUW ZHUGHQ QlPOLFK (SLFRHQD DOV XQEHOHEW NODVVLIL]LHUW XQG PRUSKRORJLVFK HQWVSUHFKHQG NRGLHUW $/ $47$6&+ 'DUDQNDQQPDQHUVHKHQGDVV.ODVVLILNDWLRQDXI%D VLV YRQ :HOWZLVVHQ XQG JUDPPDWLVFKH .RQ]HSWXDOLVLHUXQJ ]ZDU GH FNXQJVJOHLFKVHLQN|QQHQDEHUQLFKWVHLQPVVHQ'LH%HREDFKWXQJ6h7 7(5/,1V LVW DXV HLQHP ZHLWHUHQ *UXQG DXIVFKOXVVUHLFK 6HLQH $XVVDJH EH]LHKW VLFK DXI GDV .RQ]HSW GHU 3HUVRQ 0|JOLFKHUZHLVH OLHJW KLHU GHU 6FKOVVHO IU GLH /|VXQJ GHV 3UREOHPV .RQNUHW EHGHXWHW GLHV GDVV GDV .RQ]HSWGHU3HUVRQXQGGDVGHU,QGLYLGXDWLYLWlWLQVRIHUQYHUHLQWZHUGHQ N|QQHQDOVGDVVGDV.RQ]HSWGHU3HUVRQEHVRQGHUVFKDUDNWHULVWLVFKH(L JHQVFKDIWHQ ]XP $XIEDX IU K|KHUH JUDPPDWLVFKH 6HPDQWLN EHUHLWVWHOOW 'DUDXV LVW ]X IROJHUQ GDVV GDV .RQ]HSW GHU ,QGLYLGXDOLWlW JUDPPDWLVFK DOOJHPHLQHUDOVGLH.RQ]HSWHGHU%HOHEWKHLWRGHU6H[XVVLQGVRGDVV/HW] WHUH LQ GDV GHU ,QGLYLGXDOLWlW LQWHJULHUW ZHUGHQ N|QQHQ YJO KLHU]X DXFK 9(==26, 'DV.RQ]HSWGHU3HUVRQVFKHLQWLQGLHVHP=XVDPPHQKDQJEHUHLQ ]HOVSUDFKOLFKHLQHVYRQEHVRQGHUVSUlGHVWLQLHUWHQ6SHQGHUEHUHLFKHQLQGHU *UDPPDWLNDOLVLHUXQJ+(,1(HWDO ,IWZRFDWHJRULHVGLIIHUIURPRQHDQRWKHURQO\E\WKHIDFWWKDWWKHRQHLVPRUH LQFOXVLYHWKDWLVPD\LQFOXGHWKHRWKHULQFHUWDLQFRQWH[WVWKHQWKHPRUHLQFOX VLYHLVWKHPRUHJUDPPDWLFDOL]HGRQH>«@)RUH[DPSOHWKHTXHVWLRQ:KDWLVWKLV" PD\ UHIHU WR DQ LWHP RI WKH 3(5621 HJ D ER\ RU WKH 2%-(&7FDWHJRU\ D FDU ZKLOHDTXHVWLRQOLNH:KRLVWKLV"PD\RQO\UHIHUWRWKH3(5621FDWHJRU\ D FDU 6LPLODUO\0$11(5LVDPRUHLQFOXVLYHDQGKHQFHPRUHJUDPPDWLFDOL]HG FDWHJRU\WKDQ,167580(17DVFDQEHVKRZQIRUH[DPSOHE\WKHIDFWWKDWWKH 0$11(5LQWHUURJDWLYHKRZ+RZGLGKHGRLW" LVXVHGWRUHIHUWRERWK0$11(5 FDUHOHVVO\ DQG ,167580(17 H[SUHVVLRQV ZLWK D JXQ ZKHUHDV WKH RSSRVLWH :KDWGLGKHGRLWZLWK" GRHVQRWDSSO\>«@
2IIHQEDUKDQGHOWHVVLFKXPHLQHVSH]LHOOH)RUPGHU1RPLQDOLWlW'DPLW VWHOOWVLFKLQGLHVHU6WULNWKHLWJDUQLFKWPHKUGLH)UDJHZDUXPP|JOLFKHU ZHLVHJHUDGHGLH'LPHQVLRQGHU3HUVRQ]XP$XIEDXNRPSOH[HUHU6HPDQ WLN JHQXW]W ZLUG 'HQQ GLH $XWRUHQ JHEHQ DQ GLHVHU 6WHOOH ]X EHGHQNHQ GDVV GLHVH 'LPHQVLRQ QXU HLQH YRQ YLHOHQ P|JOLFKHQ LVW 'DV EH GHXWHW GLH (QWZLFNOXQJ LVW QLFKW GHWHUPLQLHUW DXI GHQ *UDPPDWLNDOLVLH UXQJVEHJLQQ LP SHUVRQDOHQ .RQ]HSW (V N|QQHQ GHQ $XWRUHQ ]XIROJH NHLQHGHILQLWLYHQ.ULWHULHQDQJHJHEHQZHUGHQZLHPDQGDVIUGHQ$XI EDX YRQ .RPSOH[LWlW UHOHYDQWH 6SHQGHUNRQ]HSW EHVWLPPHQ NDQQ $OOHU GLQJVVRGLH$XWRUHQNRPPWGDIUQXUHLQEHJUHQ]WHV6HWYRQNRJQLWLYHQ 6WUXNWXUHQLQIUDJH'LH%HVFKUHLEXQJGHU(QWVWHKXQJYRQJUDPPDWLVFKHU
*UDPPDWLNDOLVLHUXQJGHV*HQXVPDVNXOLQXP
6HPDQWLN LPSOL]LHUW GDV (QWGHFNHQ HLQHU JUDPPDWLVFKHQ )XQNWLRQ $XV 6LFKWGHU*UDPPDWLNDOLVLHUXQJVWKHRULHPXVVEHUHLWV]X%HJLQQGHU*UDP PDWLNDOLVLHUXQJ GLH JUDPPDWLVFKH .HUQIXQNWLRQ HUKDOWHQ VHLQ GLH MHGRFK QLFKWPLWGHU6HPDQWLNGHUHUVWHQUHDOLVLHUWHQ%LOGXQJHQJOHLFK]XVHW]HQLVW $XV GHU $XVVDJH GDVV GDV .RQ]HSW GHU 3HUVRQ HLQHV YRQ YLHOHQ P|JOL FKHQLVWLVWGHU5FNVFKOXVV]X]LHKHQGDVV]ZLVFKHQGHPE]ZGHQHUV WHQVHPDQWLVFKHQ.RQ]HSWHQXQGGHQLP/DXIHGHU*UDPPDWLNDOLVLHUXQJ ZHLWHUHQ .RQ]HSWHQ HLQH VDFKOLFKH %H]LHKXQJ EHVWHKHQ PXVV 'LH ,Q WHJUDWLRQVSlWHUHU%HGHXWXQJVGLPHQVLRQHQLQGDV.RQ]HSWGHU%HOHEWKHLW LVWMHGRFKSUREOHPDWLVFK%HLGHU(WDEOLHUXQJGHU6XIIL[HZHUGHQLP$Q IDQJVVWDGLXPEHVRQGHUVFKDUDNWHULVWLVFKHXQGGDGXUFKUHDOIDVVEDUH2EMHN WHEH]HLFKQHW+(,1( HWDO ZHLVHQGDUDXIKLQGDVVGLHVH4XDOL WlWVXN]HVVLYHDXIJHEDXWZLUG 8QGHUO\LQJWKHFKDLQRIPHWDSKRULFDOFDWHJRULHV>«@WKHUHDSSHDUVWREHDFRJQL WLYH DFWLYLW\ WKDW FDQ EH GHVFULEHG LQ WHUPV RI HJRFHQWULF GLVWDQFH SURFHHGLQJ IURPWKHFDWHJRU\WKDWLVFORVHVW3(5621 WRKXPDQH[SHULHQFHWRRQHWKDWLV PRVWUHPRWH48$/,7<
6LFKWHW PDQ GLH EHL )/(,6&+(5%$5= DXIJHOLVWHWHQ 6XIIL[H GLH 0DVNXOLQD ELOGHQ VR IlOOW DXI GDVV HLQ HUKHEOLFKHU $QWHLO YRQ LKQHQ GHU 5HDOLVDWLRQ YRQ /HVDUWHQ GHV UHIHUHQ]LHOOHQ .RQ]HSWV Ä1RPHQ DJHQWLV¶ ZLH6FKOHU3UIOLQJ GLHQW8QWHUGLHVHQVLQGYRUDOOHPQLFKWQDWLYH6XI IL[H ]X QHQQHQ ZLH .DVWHOODQ 'RNWRUDQG 'R]HQW 6LPXODQW )XQNWLRQlU *\PQDVLDVW .RQWUROOHXU XD YJO )/(,6&+(5%$5= $QGHUH %HGHXWXQJVVSHNWUHQN|QQHQGLH6XIIL[HQLFKWRGHUQXUHLQJHVFKUlQNWEH GLHQHQ $OOHQIDOOV 1RPLQD LQVWUXPHQWL ZLHGHU *HQHUDWRU GHU .DWDO\VDWRU QLFKW DEHU 1RPLQD DFWL ZLH HWZD+RSVHU $XVUXWVFKHU /DFKHU ]X %H]HLFK QXQJYRQ(LQ]HODNWLYLWlWHQODVVHQVLFKILQGHQ'DVOHJWGHQ6FKOXVVQDKH GDVV GHU $XIEDX YRQ *UDPPDWLN TXDQWLWDWLY PHKUKHLWOLFK EHL 1RPLQD DJHQWLVEHJLQQW,QZHUGHQZLUVHKHQGDVVGDVIUGLH0HKU]DKOGHU %LOGXQJHQ]XWULIIWDEHUDXFKGDVVHV²TXDOLWDWLYHUNOlUEDUH²$XVQDKPHQ YRQGLHVHU5HJHOJLEW ,P )ROJHQGHQ VROO GLH )UDJH EHDQWZRUWHW ZHUGHQ RE VLFK LQQHUKDOE GHU*UDPPDWLNDOLVLHUXQJGHV0DVNXOLQXPVJHPHLQVDPHIRUPDOH6WUDWHJLHQ HQWGHFNHQ ODVVHQ GLH HWZDV EHU GHQ $EODXI HLQHU IXQNWLRQDO JHVWW]WHQ 0DUNLHUXQJVHWDEOLHUXQJYHUUDWHQ'D]XVROOQLFKWQXUGLH(W\PRORJLHHLQHV MHZHLOLJHQ6XIIL[HVEHWUDFKWHWZHUGHQVRQGHUQDXFKGLH)UDJHJHNOlUWZHU GHQREEHVWLPPWH:RUWDUWHQVLFKDEOHLWXQJVRIIHQHUYHUKDOWHQDOVDQGHUH BBBBBBBBBBBBB
'DV6XIIL[WXPGDVPLW$XVQDKPHQZLH,UUWXPXQG5HLFKWXPNHLQHQ+LQZHLVPHKUDXIHLQH HLQVWLJH.RGLHUXQJYRQ0DVNXOLQDOLHIHUWZLUGXQWHUEHVSURFKHQXQGPLWGHQQHXWUDOHQ %LOGXQJHQ XQWHU GHP $VSHNW GHU 4XDQWLILNDWLRQ NRQWUDVWLHUW (V ]HLJW LQ QLFKW PRQRVHPLHUWHP=XVWDQGYRQ$QIDQJDQNHLQH$IILQLWlW]XP.RQ]HSWGHU3HUVRQ
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
XQG GDGXUFK DOV SULPlUH $EOHLWXQJVEDVHQ LGHQWLIL]LHUW ZHUGHQ N|QQHQ 'DPLWN|QQHQIXQNWLRQDOH5HVWULNWLRQHQDXVJHKREHQZHUGHQGLH²LQGHU $[LRPDWLNGHU*UDPPDWLNDOLVLHUXQJ²EHVHLWLJWZHUGHQPVVHQGDPLWGHU ]XNRGLHUHQGHJUDPPDWLVFKH,QKDOWZLUNVDPZHUGHQNDQQ )RUPDOH(QWZLFNOXQJ 'DEHUHLWVVHLWDKG=HLWDXVVFKOLHOLFK6XIIL[HDQGHU*UDPPDWLNDOLVLHUXQJ WHLOQHKPHQ NDQQ GLH DQGHUH 0|JOLFKNHLW ]XU 6XIIL[HQWVWHKXQJ QlPOLFK GLH*UDPPDWLNDOLVLHUXQJHLQHV0RUSKHPVDXVOH[LNDOLVFKHP0DWHULDOYHU QDFKOlVVLJW ZHUGHQ 'DV LP 1KG HLQ]LJ EULJJHEOLHEHQH XQG SURGXNWLYH 6XIIL[]XU%HUHLWVWHOOXQJYRQVH[XVORVHQ0DVNXOLQDLVWGDV6XIIL[HUZLHLQ /HKUHU%RKUHU-RGOHU 'RFKZLHNDPHV]XU$XVVRQGHUXQJDQGHUHU6XIIL[H XQGJHJHQZHOFKHVXIIL[DOHQ0LWNRQNXUUHQWHQKDWWHVLFKGDV6XIIL[HU]X HWDEOLHUHQ"'LHVVROOGHUIROJHQGH$EVFKQLWWXQWHU5FNJULIIDXIGLH7KHR ULH GHU *UDPPDWLNDOLVLHUXQJ NOlUHQ 'DEHL GDUI QLFKW EHUVHKHQ ZHUGHQ GDVV JUDPPDWLVFKH 0DUNLHUXQJHQ KlXILJ XQVLFKWEDU EOHLEHQ 6R ZHUGHQ DXFKGLH1XOOVXIILJLHUXQJHQLQGLH%HWUDFKWXQJPLWHLQEH]RJHQ 'LHJHQDXH+HUNXQIWGHV6XIIL[HVHULVWXPVWULWWHQ*HPHLQKLQZLUG HV DOV HLQ DXV GHP /DWHLQLVFKHQ HQWOHKQWHV 0RUSKHP HLQJHRUGQHW ODW DULXV XQGGLHQWEHUHLWVLP$OWLWDOLVFKHQGHU%LOGXQJYRQ1RPLQDDJHQWLV PHLVW LQ GHU 9HUZHQGXQJ YRQ %HUXIVEH]HLFKQXQJHQ ,Q GLHVHU )XQNWLRQ ILQGHWHVVLFKLP*RWLVFKHQE{NkUHLVÄ6FKULIWJHOHKUWHU¶ ZLHGHU$XFKLVWHV LP $OWKRFKGHXWVFKHQ OXJLQkUL Ä/JQHU¶ $OWQRUGLVFKHQ VNULIDUH Ä6FKUHL EHU¶ XQG$OWHQJOLVFKHQELQGHUHÄ%LQGHU¶ $OWVlFKVLVFKHQILVNDULÄ)LVFKHU¶ VRZLH$OWQRUGIUlQNLVFKHQKHOSHUHÄ+HOIHU¶ QDFKZHLVEDU)UGLH+HUNXQIW GHV6XIIL[HVELHWHQVLFKQDFKJHJHQZlUWLJHP)RUVFKXQJVVWDQGQDWLYHZLH QLFKWQDWLYH(W\PRORJLHQXQGGLHVEHUHLWVLQYRUDOWKRFKGHXWVFKHU=HLWDQ %,771(5 ,P$KGODVVHQVLFKIRUPDOEHUHLWVQHEHQGHQSULPlUHQGHVXEVWDQWLYL VFKHQZLH6FKOHU VHNXQGlUGHYHUEDOH%LOGXQJHQIHVWVWHOOHQZLHQKG%l FNHU :LHDXFKLP1KGLVWEHUHLWVLP$KGLVWEHLP6XIIL[HUQLFKW]XXQ WHUVFKHLGHQREGHU3UR]HVVGHU)OH[LRQRGHUGHU'HULYDWLRQYRUOLHJWHLQ GHP1KGlKQOLFKHU=XVWDQG$XFKLP1KGNRGLHUHQGHDGMHNWLYLVFKH%LO GXQJHQ GDV .RQ]HSW GHU ,QGLYLGXDWLYLWlW QLFKW GDV .RQ]HSW GHV 6H[XV YJOGLH)RUPHQLP.RPSDUDWLYZLHLQ'HU.OJHUHJLEWQDFK %HLP6XIIL[ OLQJ LVW LQ DKG =HLW GLH LP ZHLWHQ 6LQQ GHQRPLQDOH $EOHLWXQJVULFKWXQJ BBBBBBBBBBBBB
+LQVLFKWOLFK GHU 'LVNXVVLRQ RE HLQH QDWLYH RGHU QLFKWQDWLYH 4XHOOH DQ]XVHW]HQ LVW RGHU VRJDUHLQH0LVFKXQJDXVEHLGHQVLHKHDXFK:,/0$116II
*UDPPDWLNDOLVLHUXQJGHV*HQXVPDVNXOLQXP
GLHSULPlUHZLHQRFKHUKDOWHQLQ6FK|QOLQJ)lXVWOLQJ VHNXQGlUNRPPWGDV 9HUE DOV $EOHLWXQJVEDVLV GD]X ZHQQ DXFK QXU LQ VHKU EHJUHQ]WHP 8P IDQJ'LH$EOHLWXQJVULFKWXQJEHLGLHVHQXQGDOOHQDQGHUHQ6XIIL[HQVRVLH DP $XIEDX YRQ .RPSOH[LWlW WHLOQHKPHQ YHUOlXIW LQ MHGHP )DOO YRQ GHU $EOHLWXQJ YRQ 1RPLQD LP ZHLWHQ 6LQQ ]XU $EOHLWXQJ YRQ 9HUEHQ %H UHLWV LQ DKG =HLW NDQQ GDV XQVSH]LIL]LHUWH 0RUSKHP HU QLFKW PHKU YRP 6XIIL[HUXQWHUVFKLHGHQZHUGHQZHVKDOEHVVLFKHLQHUJHQDXHUHQ%HWUDFK WXQJ HQW]LHKW =XP 1KG KLQ ZLUG GDV $EOHLWXQJVPXVWHU GHV 6XIIL[HV HU LPPHU RIIHQHU KLQVLFKWOLFK HLQHV $EEDXV IRUPDOHU %DVLVEHVFKUlQNXQJHQ 6&+(5(5 VRGDVVVLFKDXFK$GMHNWLYHXQG3UlSRVLWLRQHQDE OHLWHQODVVHQZLH%DUIHUXQG*HJQHU%HLVSLHOHDXV6&+(5(5 $OOHU GLQJVLVW]XEHGHQNHQGDVVKlXILJPDUNLHUWH9HUZHQGXQJHQZLHEHL%DU IHU DQJHVHW]WZHUGHQPVVWHQ(LQHSULQ]LSLHOOH)lKLJNHLW]XU$EOHLWXQJ YRQ3UlSRVLWLRQHQXQG$GYHUELHQHUVFKHLQWIUDJOLFKYJOYRQ3UlSRVLWLR QHQ :lKUHQGHU *HJHQEHUHUVRZLHYRQ$GYHUELHQ 1DFKWVHU 7DJVEHUHU 'LHYRQ6&+(5(5 HUPLWWHOWHQ%HOHJHVLQGGHQQRFKQLFKWQXUDXI JUXQGGHUNRPSOH[DQJHOHJWHQ0HWKRGRORJLHVHKULQWHUHVVDQW+LQVLFKWOLFK GHU ]XJUXQGHJHOHJWHQ %DVLV OlVVW VLFK LQ GLHVHP =XVDPPHQKDQJ QlPOLFK HLQH =XQDKPH YRQ NRPSOH[HQ $EOHLWXQJVEDVHQ EHREDFKWHQ ZLH ] % :DUPGXVFKHU6FKDWWHQSDUNHU GHUHQ6\VWHPDWLNHLQHIRUPDOHZLHLQKDOWOLFKH 1lKH ]X GHQ =XVDPPHQELOGXQJHQ HUNHQQHQ OlVVW $XFK KLHUGXUFK ZLUG GLHJHUDGHGDUJHOHJWH6\VWHPDWLNÄGHVXEVWDQWLYLVFK!GHYHUEDO¶QLFKWDXHU .UDIW JHVHW]W ,P 1KG LVW GLH HU'HULYDWLRQ DXVVFKOLHOLFK GHYHUEDO ,P )QKGJHQDXHUXQG-DKUKXQGHUW KLHOWHQVLFKEHLP6XIIL[HUGHV XEVWDQWLYLVFKHXQGGHYHUEDOH$EOHLWXQJVPXVWHULQQHUKDOEGHU%HOHJHQRFK HWZDGLH:DDJH:(*(5$35(// REJOHLFKGDV6XIIL[HULQ PKG =HLW ]XU $EOHLWXQJ YRQ 6XEVWDQWLYHQ LQSURGXNWLY ZXUGH :,/ 0$116 'LHGHVXEVWDQWLYLVFKHQ$EOHLWXQJHQZHUGHQKHXWHYRQ GHQ9DULDQWHQOHUXQGQHUJHWUDJHQ*HQDXJHQRPPHQKDQGHOWHVVLFKGD EHLXP6LQJXODWLYDGLHLQ2SSRVLWLRQ]XHLQHP.ROOHNWLYXPZLH*HZHUN VFKDIW:LVVHQVFKDIW VWHKHQ'DV6XIIL[QHULVWDXVHLQHU$EOHLWXQJGXUFKHU YRQ QVWlPPLJHQ 6XEVWDQWLYHQ RGHU 9HUEHQ ZLH LQ 6FKXOGQHU 6|OGQHU *lUWQHU HQWVWDQGHQ (V KDQGHOW VLFK QDFK HLJHQHQ 6WLFKSUREHQ GXUFKZHJ XP3HUVRQHQEH]HLFKQXQJHQ'LH9HUVFKPHO]XQJHQIDQGHQEHUHLWVLQDKG =HLW VWDWW REJOHLFK VLFK ELV LQV 0KG %LOGXQJVDOWHUQLHUXQJHQ lOWHUHU XQG MQJHUHU 6XIILJLHUXQJVPXVWHU ]ZLVFKHQ OHU XQG HU EHREDFKWHQ ODVVHQ VR HWZDWHQ]HOHU²WDQ]HU²WHQ]HURGHUQKG.QVWOHUPKGNXQVWHU:,/0$116 BBBBBBBBBBBBB
'LH%HLVSLHOHVLQGP(HWZDVSUREOHPDWLVFK*HJQHULVWHLQH/HKQEHUVHW]XQJDXVODWDGYHU VDULXV %HL EDUIX ]X %DUIHU ZlUH LQ GLHVHP =XVDPPHQKDQJ IU GLH (LQRUGQXQJ LQ GLH :RUWDUW$GYHUE]XSOlGLHUHQ
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
(LQSDUDOOHOHU9HUVFKPHO]XQJVSUR]HVV]HLJWVLFKEHLP6XIIL[ LDQHUGDVDXVL DQZLHLQ*URELDQ XQGHUHQWVWDQGHQLVWZLHLQ/XWKHUDQHU &KRPVN\DQHU+HJHOLDQHU:,/0$116 (VLVWKHUYRU]XKHEHQGDVV ]lKOEDUH3HUVRQHQRGHU'LQJHEH]HLFKQHWZHUGHQGLHLQHLQHP=XJHK| ULJNHLWVYHUKlOWQLV]XHWZDVVWHKHQ8PJHNHKUWLVWQLFKWVHOEVWYHUVWlQGOLFK GDVVGLH%H]HLFKQXQJ]%HLQHU3HUVRQVWHWVPLWGHPVHOEHQ6XIIL[UHDOL VLHUWZLUG6RN|QQWHPDQLP1KGEVSZYRQ6WDVLW\S6WDVLPDQQXDVSUH FKHQ ,P $KG NRQQWHQ HEHQIDOOV PHKUHUH 6XIIL[H XP GLHVHOEH )XQNWLRQ NRQNXUULHUHQ0$85(5I =XQlFKVW HQWVWHKHQ 'RSSHOIRUPHQ GK HLQ 1RP>HQ@ DJ>HQWLV@ ]HLJW ]ZHL RGHU DXFK GUHL YHUVFKLHGHQH %LOGXQJVZHLVHQ ] % IROJR 1RP>HQ@ DJ>HQWLV@ DXIDQ 6XII>L[@ XQGIROJDUL1RP>HQ@DJ>HQWLV@PLWGHPVSlWHULPPHUKlXILJHUZHUGHQGHQ JHPHLQJHUPDQLVFKHQDUMR6XII>L[@ HEHQVRIUDJRIUDJDULJDUZRJDUZDULKDOWRKDOWDUL KsOIRKsOIDUL>«@$EHUGLHHLQ]HOQHQ)lOOH]HLJHQGDHLQVROFKHV1HEHQHLQDQGHU YHUVFKLHGHQHU)RUPHQQXUVHOWHQYRQODQJHU'DXHUVHLQNDQQGHQQ]ZHLRGHUJDU GUHL YHUVFKLHGHQH /DXWJUXSSHQ IU JHQDX GHQVHOEHQ =ZHFN PX GLH 6SUDFKH MD DOVXQQ|WLJHQ$XIZDQGHPSILQGHQXQGVRZLUGPLWGHU=HLWGLHHLQHGHU'RSSHO IRUPHQDXVJHVFKLHGHQ>«@
(VEHUODJHUQVLFKVRPLWDOWHXQGQHXH)RUPHQ,QGHU7HUPLQRORJLHGHU *UDPPDWLNDOLVLHUXQJVIRUVFKXQJEH]HLFKQHWPDQGLHVHV3KlQRPHQDOV/D\ HULQJ 'LH Å1DFKIROJHU´ GHU MHZHLOLJHQ lOWHUHQ 6XIIL[H EHJLQQHQ ]XQlFKVW PLW HLQJHVFKUlQNWHU $EOHLWXQJVP|JOLFKNHLW KLQVLFKWOLFK GHU :RUWDUWHQVH OHNWLRQZHOFKHDXIVXEVWDQWLYLVFKH%DVHQPLWVWDUNHU7HQGHQ]]XU.RGLH UXQJYRQ3HUVRQHQEH]HLFKQXQJHQEHVFKUlQNWLVW'LHDOWHQ)RUPHQZHU GHQDOOPlKOLFKYRQGHQQHXHQ%LOGXQJVPXVWHUQYHUGUlQJW'LHQRPLQDOHQ $EOHLWXQJHQ DXI JHUP MDQ DKG H R L R ZHUGHQ YRQ HU XQG OLQJ GLH YHUEDOHQ$EOHLWXQJHQDXIJHUPDQDKGR XQGHOZHUGHQYRQHUDEJH O|VW:(,15(,&+0$85(5./8*( ]%DKGIROJRXQG IROJDUL IUDJR IUDJDUL JDUZR JDUZDUL KDOWR KDOWDUL KsOIR KsOIDUL 'DV 6XIIL[ HU GLHQW LP $KG PDJHEOLFK GHU %LOGXQJ YRQ %HUXIVEH]HLFKQXQJHQ ZLH QKG %lFNHU /HKUHU 6FKUHLQHU 'LH GHVXEVWDQWLYLVFKHQ %LOGXQJHQ VLQG GLH SULPlUHQ 6FKXOH ! 6FKOHU HUVW LP $QVFKOXVV WUHWHQ GLH GHYHUEDOHQ %LO GXQJHQKLQ]X'DV$KGYHUIJWEHUHLWVSURGXNWLYEHUEHLGH$EOHLWXQJV PXVWHU'DVOLQJ6XIIL[WULWWEHUHLWVLP$KGDXIXQGLVWHQWVWDQGHQGXUFK 5HDQDO\VHGHUDXIHLQDQGHUWUHIIHQGHQ6XIIL[HH OXQGLQJYJO3$8/ 'DV 6XIIL[ LQJ LVW LP 'HXWVFKHQ QRFK DOV 1HXWUD ELOGHQGHV 6XIIL[ GXUFK2UWVEH]HLFKQXQJHQEHOHJWXQGNRGLHUWLP$OWHQJOLVFKHQ)HPLQLQD 'DV 6XIIL[ LQJ ELOGHW LP :HVWJHUPDQLVFKHQ (LQZRKQHUEH]HLFKQXQJHQ BBBBBBBBBBBBB
'LHlOWHUHQ)RUPHQYRQ2UWVQDPHQODXWHQDXILQJHQZLHLQ6LJPDULQJHQ ZREHLHQDXIHL QHQ'DWLY3OXUDO]XUFNJHKW,P%DLULVFKHQZXUGHGLH)RUP]XLQJDSRNRSLHUWYJO0DFKWO ILQJÄEHLGHQ/HXWHQGHV0DFKWROI¶./8*(
*UDPPDWLNDOLVLHUXQJGHV*HQXVPDVNXOLQXP
XQG NRQNXUULHUW GDPLW IXQNWLRQDO LQ GHU 'LDFKURQLH PLW GHP 6XIIL[ HU 0816.( (VOHLWHW²LQHUZHLWHUWHU)RUPOLQJ²1RPLQDLP ZHLWHQ 6LQQH GHV 7HUPLQXV DE ZLH QKG HUKDOWHQ LQ 3ILIIHUOLQJ ]X 3IHIIHU 6FK|QOLQJ]XVFK|Q 'LHEHLGHQ6XIIL[HGDV6XIIL[HUXQGGDVVSlWHUHUZHL WHUWHOLQJKDEHQDXFKVSlWHUVRHWZDLP$KGQRFKWHLOZHLVHPLWHLQDQGHU NRQNXUULHUWYJOKLHU]XGLH9DULDQ]EHL)LVFKRGHU3LO]EH]HLFKQXQJHQZLH 0LOFKQ HU²0LOFKOLQJXQG3ILIIHU²3ILIIHUOLQJDXFK3ILIIHU]X3IHIIHUYJO]% ./8*( XQWHU GHQ MHZHLOLJHQ 6WLFKZ|UWHUQ +LHU OLHJW HLQ ZHLWHUHV %HLVSLHO IU HLQH .RQNXUUHQ] GHU MHZHLOLJHQ *UDPPDWLNDOLVLHUXQJVSDUWL]L SDQWHQYRU'LH$EOHLWXQJYRQ9HUEHQLVWMHGRFKEHLOLQJQXULQ$QVlW]HQ GXUFKJHIKUW 'DV HLQ]LJH MHGRFK ]ZHLIHOKDIWH %HLVSLHO GHV 1KG LVW GDV :RUW%FNOLQJÄ9HUEHXJXQJ¶GDVQRFKLP)QKGDOV%FNLQJDXIWULWW$XIIlO OLJLVWGDVVVRZRKOEHLP6XIIL[HUZLHDXFKEHLP6XIIL[OLQJGDV9HUEDOV $EOHLWXQJVEDVLV GLH OHW]WH 6WXIH LQQHUKDOE GHU GHULYDWLYHQ 0|JOLFKNHLWHQ GDUVWHOOW8QWHUGHP$VSHNW GHU5HIHUHQ]LDOLWlWZLUGGHXWOLFKZDUXPGDV VRLVW6RODVVHQGLH0XVWHUELOGXQJHQGHUHLQ]HOQHQ6XIIL[HHLQH=XQDKPH GHU([WHQVLRQHUNHQQHQ'LH5LFKWXQJOlVVWVLFKDOV$EQDKPHGHULQWHQVL RQDOHQ 0HUNPDOH EHVFKUHLEHQ 'LH ]X EHREDFKWHQGH $EIROJH GHU %DVHQ GHU]XJUXQGHOLHJHQGHQ:RUWDUWHQ]HLJWLQGLHVHP=XVDPPHQKDQJDXIIlOOL JH *HPHLQVDPNHLWHQ ]XP (UZHUE GHU :RUWDUWHQ EHLP NLQGOLFKHQ (UVW VSUDFKHUZHUEYJO*(171(5HEHQVR0(,%$8(5]XU:RUWDU WHQVHOHNWLRQ EHL HU'HULYDWLRQHQ 'RUW ZHUGHQ 6XEVWDQWLYH YRU $GMHNWLYHQGDEHLDWWULEXWLYHYRUSUlGLNDWLYHQ YRU9HUEHQHUZRUEHQ'D UDXVOlVVWVLFKVFKOLHHQGDVV9HUDUEHLWXQJYRQ9HUEHQNRJQLWLYNRPSOH [HULVWDOVGLHYRQ1LFKW9HUEHQXQGGDVVGLHVH(QWZLFNOXQJGHP6SUDFK ZDQGHO HQWVSULFKW 8P HLQH P|JOLFKH 9DOLGLWlW GHU KLHU EHVFKULHEHQHQ (QWZLFNOXQJVULFKWXQJLQ%H]XJDXI*HQXVKHU]XVWHOOHQZlUHHLQHSDUDOOHOH 8QWHUVXFKXQJ]XP6SUDFKHUZHUEYRQIHPLQLQHQ $GMHNWLYE]Z9HUED ODEVWUDNWDHWZDDXIKHLW DXIVFKOXVVUHLFKGDGDPLWHLQHZHLWHUH $QDORJLH YRQ .LQGVSUDFKHUZHUE XQG *UDPPDWLNDOLVLHUXQJ DXIJHGHFNW ZHUGHQ N|QQWH ZDV ]XP 9HUVWlQGQLV JUDPPDWLVFKHU $UFKLWHNWXU LP %HUHLFK GHV 1RPHQVPDJHEOLFKEHLWUDJHQZUGH $XV GLDFKURQHU 6LFKW LVW QXU GDV 6XIIL[ HU LQ GDV *UDPPDWLNDOLVLH UXQJV]LHO 0DVNXOLQXP HLQJHJDQJHQ 'DVV GDV 6XIIL[ HU HLQH GRPLQDQWH 5ROOHLQQHUKDOEGHUPDVNXOLQHQ'HULYDWLRQHLQQHKPHQZUGHVFKLHQVLFK EHUHLWV OlQJHU DQ]XGHXWHQ 0$85(5 GHU GDV JHVDPWH PDVNXOLQH 6XIIL[,QYHQWDULP$KGHUIDVVWKDWNRPPWLQGLHVHP=XVDPPHQKDQJ]X IROJHQGHP(UJHEQLV0$85(5 'LHIUKHUYRUKDQGHQHQ]DKOUHLFKHUHQ*UXSSHQYRQ%LOGXQJVZHLVHQVLQGEHLGHQ 1RP>LQD@DJ>HQWLV@LP/DXIHGHU(QWZLFNOXQJHLQHUJHZLVVHQ8QLIRUPLHUXQJ]XP 2SIHU JHIDOOHQ HLQHP 6WUHEHQ QDFK (LQIDFKKHLW XQG *OHLFKKHLW LP ODXWOLFKHQ $XVGUXFN GHU 1RP>LQD@ DJ>HQWLV@>«@ (LQH %LOGXQJVZHLVH LP EHVRQGHUHQ YHU
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
PHKUW VLFK DXI .RVWHQ DOO GHU DQGHUHQ GLH GDGXUFK YHUGUlQJW ZHUGHQ 'LHVHV 6FKLFNVDO WHLOHQ DXFK VROFKH 6XIIL[H GLH IUKHU HLQH XQJHPHLQ KlXILJH 9HUZHQ GXQJIDQGHQZLHGDVDQ6XIIL['HU6LHJNDPVRGHPDUL6XIIL[]X
(VEOHLEWYRUGLHVHP+LQWHUJUXQGGLH)UDJH]XNOlUHQZHOFKHQ6WDWXVJH JHQZlUWLJ GLH 1XOOVXIILJLHUXQJHQ HLQQHKPHQ 2E %LOGXQJHQ ZLH GHU +DX GHU +LHE GHU .QDOO DOV UHLQH JUDPPDWLVFKH 7UDQVSRVLWLRQHQ RGHU DEHU DOV 1XOOVXIILJLHUXQJHQHLQJHRUGQHWZHUGHQHUIROJWLQGHUYRUOLHJHQGHQ$UEHLW LQ2ULHQWLHUXQJDQ92*(/ ZHOFKHHLQH.ODVVLILNDWLRQDOV1XOOVXI ILJLHUXQJHQ YRUQLPPW $OV %HJUQGXQJ ZLUG DQJHIKUW GDVV GLH UHLQH JUDPPDWLVFKH 7UDQVSRVLWLRQ XQG GLH 1XOOGHULYDWLRQ DOV 3KlQRPHQ GHU 'HULYDWLRQXQWHUVFKLHGOLFKH$QZHQGXQJVEHUHLFKHEHVLW]HQ1XOOGHULYDWLR QHQVLQGEHVRQGHUH.RQ]HSWHGHV6HNXQGlUZRUWVFKDW]HVLQ1RPHQ9HUE 6SUDFKHQ VR DOVR DXFK LP 'HXWVFKHQ :HQQ GDJHJHQ GHUVHOEH VHPDQWL VFKHXQGPHUNPDOORVH.RPSOH[]XU1RUPDOLWlWZLUGXQGXQWHUEHVWLPP WHQ 3UlPLVVHQ GHQ 3ULPlUZRUWVFKDW] DXIEDXW OLHJW JUDPPDWLVFKH 7UDQV SRVLWLRQYRU'LHV\QWDNWLVFKH8PNDWHJRULVLHUXQJRSHULHUWQXULP%HUHLFK GHU V\QWDNWLVFKHQ .DWHJRULHQ GHUHQ MHZHLOLJH ,QWHUSUHWDWLRQ VLFK DXV GHU 8QWHUVFKHLGXQJYRQ1RPLQDOLWlWYV9HUEDOLWlWQLFKWDEHUGXUFKGLH8Q WHUVFKHLGXQJ YRQ 1RPHQ XQG 9HUE GHQQ GDV LVW QLFKW JHJHEHQ HUJLEW 92*(/ II 'D]X SDVVW GLH %HREDFKWXQJ GDVV .LQGHU EHLP (UZHUE HLQHU *HQXV6SUDFKH EHL XQHLQGHXWLJHU 5HIHUHQ] EHYRU]XJW GDV PHUNPDOORVH0DVNXOLQXPYHUZHQGHQ0,//6 $XFKGLHLPSOL ]LWHQ'HULYDWLRQHQVLQGKLQVLFKWOLFKGHV$VSHNWVGHU0HUNPDOORVLJNHLWUHL QHQ7UDQVSRVLWLRQHQlKQOLFK6HPDQWLVFKVRZLHIXQNWLRQDOEHVWHKWMHGRFK HLQH 3DUDOOHOH ]X GHQ GXUFK 'HULYDWLRQ VHNXQGlU JHELOGHWHQ XQG GDPLW PHUNPDOKDIWHQ 6XEVWDQWLYHQ 6LH N|QQHQ GDKHU PLW GHQ 1XOOVXIILJLHUXQ JHQSDUDOOHOLVLHUWZHUGHQ92*(/ 'LH V\QFKURQH )UDJH RE QXQ GLH 1XOODEOHLWXQJHQ RGHU GLH HU 'HULYDWLRQHQGDV*UDPPDWLNDOLVLHUXQJV]LHOHUUHLFKHQLVWP(QLFKWOHLFKW ]XEHDQWZRUWHQ$EJHOHLWHWHZLHQXOODEJHOHLWHWH6XEVWDQWLYH]HLFKQHQVLFK ² V\QFKURQ ZLH GLDFKURQ ² GXUFK GDV 0HUNPDO > =b+/%$5@ DXV (LQH IRUPDOH $XVQDKPH VWHOOHQ DOOHUGLQJV GLH HU'HULYDWLRQHQ GD GLH LP *H JHQVDW] ]X DOOHQ DQGHUHQ LQ WKHPDWLVLHUWHQ 6XIIL[HQ HLQHQ1XOOSOXUDO GKNHLQH[SOL]LWVLFKWEDUHV3OXUDODIIL[IRUGHUQGHU/HKUHU²GLH/HKUHUGHU %RKUHU²GLH%RKUHUGHU+XVWHU²GLH+XVWHU %LVODQJWHQGLHUHQGLHH[SOL]LWDE JHOHLWHWHQ ZLH GLH QXOODEJHOHLWHWHQ %LOGXQJHQ EHL SDUDOOHOHP $XIWUHWHQ DQ HLQ XQG GHUVHOEHQ OH[LNDOLVFKHQ %DVLV GD]X +RPRQ\PLH ]X YHUPHLGHQ XQG VLQG EHUZLHJHQG IXQNWLRQDO GLIIHUHQ]LHUW .QDOO Ä9RUJDQJ GHV .QDO OHQV¶YV.QDOOHUÄ*HJHQVWDQGGHUNQDOOW¶(VOlVVWVLFKV\QFKURQQLFKWHLQ IDFK HQWVFKHLGHQ RE EHLGH %LOGXQJVW\SHQ DXI 'DXHU IXQNWLRQDO GLIIHUHQ ]LHUW ZHUGHQ E]Z VLQG RGHU RE HV VLFK QXU XP PLWHLQDQGHU NRQNXUULHUHQGH$OWHUQDWLYHQLPJUDPPDWLVFKHQ6\VWHPKDQGHOW(LQHUVHLWV
*UDPPDWLNDOLVLHUXQJGHV*HQXVPDVNXOLQXP
N|QQWHPDQV\QFKURQDXIWKHRUHWLVFKHU(EHQHHLQHIXQNWLRQDOH'LIIHUHQ ]LHUXQJ DQVHW]HQ :lKUHQG GLH LP 1KG GRPLQDQW YRUKHUUVFKHQGHQ HU 'HULYDWLRQHQ SRWHQWLHOOH ,WHUDWLYLHUEDUNHLW EHVLW]HQ %,771(5 YHU IJHQ GLH 1XOOGHULYDWLRQHQ ÅQXU´ EHU GDV 0HUNPDO > =b+/%$5@ VLH VLQGÅLQGHILQLWH:KROHV´92*(/ 'LH)UDJHREGLHVHV0HUN PDOJHQJWXPXQWHUIXQNWLRQDOHP$VSHNWODQJIULVWLJ%HVWDQG]XKDEHQ RGHU RE GLH HU'HULYDWLRQHQ GHUHQ +DXSWHLJHQVFKDIW LP 0HUNPDO > =b+/%$5@ XQG GHUHQ 1HEHQVHPDQWLN LP 0HUNPDO > ,7(5$7,9@ EH VWHKWGLH1XOOGHULYDWLRQHQDXIJUXQGYRQIXQNWLRQDOHU6\QRQ\PLHLPLQGL YLGXDWLY]HQWULHUWHQ %HUHLFK YHUGUlQJHQ NDQQ DXIJUXQG GHU PDQJHOQGHQ 3URJQRVWL]LHUEDUNHLWVSUDFKOLFKHQ:DQGHOVQXUYRUOlXILJEHDQWZRUWHWZHU GHQ(PSLULVFKH8QWHUVXFKXQJHQXQG$XVZHUWXQJHQYDYRQJHVSURFKH QHU6SUDFKHN|QQWHQV\QFKURQKHOIHQ/LFKWLQV'XQNHO]XEULQJHQ (LQH .RH[LVWHQ] EHLGHU 0XVWHU LVW GHQNEDU GLH LP )DOOH HLQHV =X VDPPHQEUXFKVYRQ0DUNLHUXQJVVWUDWHJLHQJHZlKUOHLVWHWGDVVPHUNPDOOR VHU:RUWDUWZHFKVHOQDFKZLHYRUP|JOLFKLVW]X'HWDLOVYJO92*(/ II 'LH .RH[LVWHQ] ZUGH GDPLW LP 0DVNXOLQXP JHJHQZlUWLJEHLGH .RGLHUXQJVP|JOLFKNHLWHQRIIHQKDOWHQ(LQ%OLFNLQGLH'LDFKURQLHJLEWMH GRFKHLQHQZLFKWLJHQ+LQZHLVKLQVLFKWOLFKHLQHU]XQHKPHQGHQ3UlIHUHQ] ]XJXQVWHQGHVP|JOLFKHQ]XQHKPHQGHQ$EEDXVGHU1XOOPDUNLHUXQJ6R NRQNXUULHUWHQZLHEHUHLWVHUZlKQWLP)QKGQRFKH[SOL]LWVXIILJLHUWHPLW QXOOVXIILJLHUWHQ %LOGXQJHQ (V ILQGHQ VLFK LP -DKUKXQGHUW ]DKO UHLFKH'RSSHOIRUPHQVRHWZD)XHUVSUHFK²)XHUVSUHFKHURGHU%HFN²% FNHU $XFK GHU 8PODXW NDQQ LQ GLHVHP =XVDPPHQKDQJ QLFKW DOV 8QWHUVFKHL GXQJVNULWHULXP GLHQHQ GD VHLQ (LQVDW] VWDUN YDULLHUW +$57 :(*:(*(5$ :HQQ GLH HU'HULYDWLRQ ² ZLH DQ GHQ DQJH IKUWHQ%HLVSLHOHQHUVLFKWOLFK²GLHLP1KGSUlIHULHUWH.RGLHUXQJVRSWLRQ LVWNDQQPDQDQQHKPHQGDVVGLH3URGXNWLYLWlWXQGGDPLWGLH$Q]DKOGHU HU'HULYDWLRQ LQ =XNXQIW ]XQLPPW 'DPLW NDQQ DOOHLQH GDV 6XIIL[ HU DOV DXVGHU'LDFKURQLHHUIROJUHLFKKHUYRUJHJDQJHQHUÄ6LHJHU¶GHU*UDPPDWLND OLVLHUXQJ XQG LQ GLHVHP 6LQQH DOV JUDPPDWLNDOLVLHUWHU Ä,QGLYLGXDWLYLWlWV PDUNHU¶EH]HLFKQHWZHUGHQ $XIEDXYRQJUDPPDWLVFKHU.RPSOH[LWlW 8QWHUGHP$VSHNWGHV6XIIL[LQYHQWDUVKDWJHJHQZlUWLJGDV6XIIL[HUTXDQ WLWDWLYZLHTXDOLWDWLYGLH9RUKHUUVFKDIWYJOHWZD%LOGXQJHQZLHGHU/HKUHU GHU6DXJHUGHU+RSVHU:LHXQWHUKHUDXVJHDUEHLWHWZXUGHZDUGLHVGLD FKURQ QLFKW VR ZDV PDQ DQ GHQ ]DKOUHLFKHQ QLFKW PHKU RGHU QXU QRFK HLQJHVFKUlQNW SURGXNWLYHQ 6XIIL[HQ XQG LKUHQ HUKDOWHQHQ %LOGXQJHQ ZLH HWZDGHU/HKUOLQJGHU6lXJOLQJGHU7DWWHULFKHUVHKHQNDQQ+LQ]XNRPPWGLH
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
)UDJH RE XQG ZHQQ DXI ZHOFKH $UW GLH %LOGXQJHQ ]XJXQVWHQ HLQHV 1DFKZHLVHV HLQHV JUDPPDWLVFKHQ .RPSOH[LWlWV]XZDFKVHV V\VWHPDWLVLHUW ZHUGHQN|QQHQ'LHHU6XIILJLHUXQJNRGLHUWVFKOLHOLFKLP1KGQLFKWQXU 1RPLQDDJHQWLVZLH/HKUHU VRQGHUQDXFK1RPLQDLQVWUXPHQWLZLH%RK UHU XQG ² ZHQQ DXFK VHOWHQHU ² 1RPLQD DFWL ZLH HWZD-RGOHU $XVUXWVFKHU 6HXI]HU'LHP|JOLFKHQ 9HUELQGXQJHQLQQHUKDOEGLHVHUP|JOLFKHQ%HGHX WXQJVNRQ]HSWH JLOW HV LP )ROJHQGHQ KHUDXV]XDUEHLWHQ $Q GLHVHU 6WHOOH ]HLFKQHW VLFK XQWHU PHUHRORJLVFKHP $VSHNW DE GDVV GHU 7HUPLQXV Ä1R PHQDFWL¶KLQVLFKWOLFKGHUMHZHLOVGXUFKGDV*HQXVNRGLHUWHQ4XDQWLILNDWL RQVVHPDQWLN]XXQJHQDXLVW(LQPDVNXOLQHV6XEVWDQWLYZLH+RSVHUXQWHU VFKHLGHWVLFKYRQHLQHPIHPLQLQHQ1RPHQDFWLRQLVZLH+RSVHUHLGDGXUFK GDVV HV SXQNWXHOO E]Z SHUIHNWLY LVW ZlKUHQG GLH +RSVHUHL LWHUDWLY XQG GDGXUFK LQKlUHQW SOXUDOLVFK LVW 0DVNXOLQH 1RPLQD DFWL VLQG QLFKW SOXUDOLVFKXQGSXQNWXHOO0HUHRORJLVFKVLQGVLHHUIROJUHLFKH5HSUlVHQWDQ WHQ HLQHV SXQNWXHOOHQ (UHLJQLVVHV GDVV VHLQHUVHLWV GXUFK GDV )HPLQLQXP ]XVDPPHQJHIDVVWZHUGHQNDQQYJO0(,1(.( (VKDQGHOWVLFKXP9RUJDQJVEH]HLFKQXQJHQXQG]ZDUPLWGHP6SH]LILNXPGHV (LQ]HOQHQ8PJUHQ]WHQ$EJHVFKORVVHQHQ6RNDQQGHU3DUDSKUDVHW\SXVJJÄXP JUHQ]WHU(LQ]HOYRUJDQJGHVLQGHU%>HGHXWXQJ@9 EHGHXWHWHQÄ7XQV¶¶IRUPXOLHUW ZHUGHQ
$XVGLHVHP*UXQGZLUGLQGHU$UEHLWGHU7HUPLQXVÄ1RPHQDFWL¶LP6LQ QHYRQÄ(LQ]HOYRUJDQJ¶E]ZÄDEJHVFKORVVHQH(LQ]HO $NWLYLWlW¶YHUZHQGHW 'D*UDPPDWLNDOLVLHUXQJPLWHLQHP$XIEDXYRQJUDPPDWLVFKHU.RP SOH[LWlW HLQKHUJHKW LVW DXFK GLH )UDJH DXIJHZRUIHQ RE GLH UHIHUHQ]LHOOHQ %HGHXWXQJVGLPHQVLRQHQ1RPHQDJHQWLVLQVWUXPHQWLDFWL IXQNWLRQDO KLHUDUFKLVLHUWZHUGHQN|QQHQ(VOLHJWGHU9HUGDFKWQDKHGDVVGLH6XIIL[H VLFK]XHUVWGRUW]XHWDEOLHUHQEHJDQQHQZRLQGHU'HULYDWLRQVEDVLVEHUHLWV EHVWLPPWH FKDUDNWHULVWLVFKH 0HUNPDOH KLQVLFKWOLFK (LJHQVFKDIW 9HUKDO WHQ UDXP]HLWOLFKH )L[LHUEDUNHLW XVZ YRUJHJHEHQ ZDUHQ 'D LP 6LQQH GHU4XDQWLILNDWLRQVWKHRULH,QGLYLGXDWLYDJHELOGHWZHUGHQPVVWHQGLHHUV WHQ 0DVNXOLQD %H]HLFKQXQJHQ IU EHVRQGHUV FKDUDNWHULVWLVFKH ]lKOEDUH 1RPLQDVHLQZLHHWZDQKG6FKOHU]X6FKXOH3ILIIHUOLQJ]X3IHIIHULP6LQQH YRQÄ[GDVSIHIIULJLVW¶ ,PZHLWHUHQ9HUODXIPVVHQNRPSOH[HUH)RUPHQ GHV,QGLYLGXDOLWlWVNRQ]HSWVGD]XJHNRPPHQVHLQ,P$KGILQGHWVLFKQDFK HLJHQHQ6WLFKSUREHQHLQ1HEHQHLQDQGHUYRQLQGLYLGXDWLYHQ(LJHQVFKDIWV EH]HLFKQXQJHQ ZLH HWZD VRXPĆUL Ä6lXPHU MPG GHU HWZDV HLQVlXPW¶ XQG JOHLFK]HLWLJHQ %H]HLFKQXQJHQ YRQ 7lWLJNHLWVHLJHQVFKDIWHQ ZLH SIODQ]ĆUL ÄMPGGHUSIODQ]W¶VRZLHÄ3IOlQ]OLQJHLQ[GDVJHSIODQ]WZLUG¶'DV6XIIL[ HUELOGHWJHJHQZlUWLJDOVHLQ]LJHV6XIIL[%H]HLFKQXQJHQHLQHU(LQ]HODNWLYL WlWZLHHWZD+XVWHU+RSVHU/DFKHU5lXVSHUHU'LHH[WHQVLRQDOH%HGHXWXQJV
*UDPPDWLNDOLVLHUXQJGHV*HQXVPDVNXOLQXP
]XQDKPHHQWVSUHFKHQGGHU(UZHLWHUXQJGHU'HULYDWLRQVEDVLVYRQ1RPHQ ]X9HUEVFKOlJWVLFKDOVRQLHGHULQIROJHQGHU(QWZLFNOXQJ (LJHQVFKDIWHLQHV[!7lWLJNHLWVHLJHQVFKDIW!7lWLJNHLWDQVLFK
'LHVHQWVSULFKWGHQWUDGLWLRQHOOHQJUDPPDWLVFKHQ%H]HLFKQXQJHQ 1RPHQDJHQWLV!1RPHQLQVWUXPHQWL!1RPHQDFWL(LQ]HODNWLYLWlW
(LQ%HLVSLHOKLHU]XZlUH 6FKOHU!%RKUHU!+RSVHU
'LH HLQ]HOQHQ 6WXIHQ GHU H[WHQVLRQDOHQ %HGHXWXQJV]XQDKPH ODVVHQ VLFK HUIUDJHQ6RO|VWGLH)RUPPLWHLQHP6FKOHUGLH)UDJHÅ0LWZHP"´XQGGD PLWHLQHDVVR]LDWLYNRPLWDWLYH,QWHUSUHWDWLRQGHU3KUDVHDXVZlKUHQGGLH )RUP PLW HLQHP %RKUHU GLH )UDJH Å:RPLW"´ XQG GDPLW HLQH LQVWUXPHQWDOH ,QWHUSUHWDWLRQ DXVO|VW 'LH )RUP PLW HLQHP +RSVHU O|VW GLH )UDJH Å:LH"´ XQG GDPLW TXDOLWDWLYH ,QWHUSUHWDWLRQ GHU 3KUDVH DXV 'LH 5HLKHQIROJH GHU %HGHXWXQJVYHUlQGHUXQJ LVW XQXPNHKUEDU XQG XQLGLUHNWLRQDO 'LH ZHLWHU UHFKWV VWHKHQGH %HGHXWXQJVGLPHQVLRQ PXVV JHPl GHU *UDPPDWLNDOLVLH UXQJVWKHRULHGLHZHLWHUOLQNVVWHKHQGHEHLQKDOWHQ'LHMHZHLOLJH+DXSWOHV DUW ZLUG ]XU 1HEHQOHVDUW (LQ +RSVHU EVSZ NDQQ DOV ÄZLHGHUKROEDUHU 9RUJDQJGHV+RSVHQV¶$NWLYLWlW DXIJHIDVVWZHUGHQHUNDQQDEHUHEHQVR JXWHLQ,QVWUXPHQWEH]HLFKQHQXQGGDPLWHLQÄ[GDVKRSVW¶YLHOOHLFKWHLQ .LQGHUVSLHO]HXJ VRZLHHLQ1RPHQLQVWUXPHQWLZLHGHUXPGLH%HGHXWXQJ HLQHV 1RPHQ DJHQWLV XPIDVVHQ NDQQ ÄMPG GHU KRSVW¶ 'LH DXIJHVWHOOWH 6NDOD ELOGHW GLH GLDFKURQH VHPDQWLVFKH (QWZLFNOXQJ GHV 6XIIL[HV HU VFKHPDWLVFK DE %HL GHQ DQGHUHQ 6XIIL[HQ ODVVHQ VLFK GDJHJHQ WHLOV QXU VFKZHUOLFK %HOHJH ILQGHQ GD GLH 6XIIL[H LP /DXIH GHU 6SUDFKJHVFKLFKWH DXVGHP*UDPPDWLNDOLVLHUXQJVSUR]HVVDXVJHVRQGHUWZXUGHQ$OV]%HL QHQ(LQ]HOYRUJDQJEH]HLFKQHQGHV6XEVWDQWLYIlOOWLQGHUJHVLFKWHWHQ/LWH UDWXU IU GDV 6XIIL[ OLQJ GDV :RUW %FNOLQJ Ä9HUEHXJXQJ¶ LQV $XJH EHLP 6XIIL[HULFKGLH%LOGXQJVW\SHQ7DWWHULFK=LWWHULFKÄ9RUJDQJGHV7DWWHUQV=LW WHUQV¶ ./8*( (EHQVR LVW 6FKOHQGULDQ HLQH 9RUJDQJVEH]HLFK QXQJ ]X VFKOHQGHUQ GLH QKG 6H[XV/HVDUW OlVVW VLFK HUVW VHNXQGlU EHOHJHQ 3$8/ 0|JOLFKHUZHLVHÄYHUDOWHWH¶%LOGXQJHQZLH7DWWHULFK=LWWH ULFK6FKOHQNH ULFKODVVHQVLFKV\QFKURQHKHUGXUFK7DWWHUHU=LWWHUHU6FKOHQ BBBBBBBBBBBBB
+(,1( HW DO OLHIHUQ DXV GHP %HUHLFK GHU *UDPPDWLNDOLVLHUXQJVIRUVFKXQJ HLQH JDQ] lKQOLFKH (QWZLFNOXQJVVNDOD QlPOLFK IROJHQGH 3(5621 ! 2%-(.7 ! $.7,9, 7b7 'DV OHJW QDKH GDVV GLH (QWZLFNOXQJ LP 'HXWVFKHQ HLQHP XQLYHUVDOHQ 3ULQ]LS GHU =XQDKPHYRQ([WHQVLRQIROJW 'DV HEHQIDOOV SURGXNWLYH 6XIIL[ HU ELOGHW LP (QJOLVFKHQ QXU QRPLQD DJHQWLV XQG LQVWUX PHQWLYJO7$87( 'LHPHUNPDOORVH7UDQVSRVLWLRQZLHWRKLW²DKLWWRFU\²DFU\WR FXW²DFXW HUEULQJWVWDWWGHVVHQGLHVH$XIJDEH92*(/
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
NHUHUÄHUVHW]HQ¶3$8/I +LQVLFKWOLFKGHV6XIIL[,QYHQWDUVSDU WL]LSLHUHQTXDQWLWDWLYJHVHKHQGLHZHQLJVWHQ6XIIL[HEHUHLWVDQGHU]ZHLWHQ 6WXIH 6WXIH 1RPHQ LQVWUXPHQWL QXQ QRFK ZHQLJHU DQ GHU GULWWHQ 6WXIH (LQ]HOYRUJDQJ 1XU OQ HU OLQJ VRZLH H ULFK N|QQHQ LQ GLHVHP =XVDP PHQKDQJ ZLH HLJHQH 6WLFKSUREHQ HUJDEHQ DQJHIKUW ZHUGHQ 'LH EH REDFKWEDUHQ 9HUlQGHUXQJHQ LP VSUDFKOLFKHQ 6\VWHP VLQG QLFKW VSUXQJ KDIWHU VRQGHUQ UHLQWHUSUHWDWLYHU 1DWXU 3ULQ]LS GHU .RQWLJXLWlW ILQGHQ DOVR LQQHUKDOE HLQHV )UDPHV HLQHU $UW NRJQLWLYHQ 6]HQHULH VWDWW 'DPLW KDQGHOW HV VLFK XP PHWRQ\PLVFKH hEHUJlQJH GLH DXFK LQ DQGHUHQ 6SUD FKHQJHIXQGHQZHUGHQN|QQHQ'5(66/(5 '(7*(6 OLHIHUW]X'UHVVOHUV%HREDFKWXQJ%HLVSLHOHDXV]DKOUHLFKHQLGJ6SUDFKHQ IU]GpIHQVHXUÄ9HUWHLGLJHU¶!FRQYHUWLVVHXUÄ7UDQVIRUPDWRU¶QGOVSHOHUÄ6SLHOHU¶ ! RSHQHU ÄgIIQHU¶ VHUERNURDW EUXVDÿ Ä6FKOHLIHU¶ %HUXIVEH]HLFKQXQJ ! EURMDÿÄ0HVVJHUlW=lKOHU¶,P'HXWVFKHQLVWRIIHQEDUGLH*UDPPDWLNDOLVLH UXQJ GLHVHU ,QGLYLGXDWLYD ZHLWHU YRUDQJHVFKULWWHQ ZDV PDQ GDUDQ HUNHQ QHQ NDQQ GDVV LP *HJHQVDW] ]X DQGHUHQ LGJ 6SUDFKHQ LQGLYLGXDWLYH (LQ]HOYRUJlQJH EH]HLFKQHW ZHUGHQ N|QQHQ (V KDQGHOW VLFK MHGRFK XP NHLQ ÄVSH]LILVFKHV¶ 3KlQRPHQ GHU LGJ 6SUDFKHQ ZDV PDQ GDUDQ HUVHKHQ NDQQ GDVV HEHQIDOOV GDV &LFLSX LQQHUKDOE HLQHU *HQXVNODVVH EHU VROFKH LQGLYLGXDWLYHQ (LQ]HOYRUJDQJVEH]HLFKQXQJHQ YHUIJW YJO GLH 'DWHQ YRQ 0&*,// 'LH )UDJH QDFK GHU ]HLWOLFKHQ (LQRUGQXQJ GHU %HGHXWXQJVYHUlQGH UXQJHQHUJLEWXQWHU6LFKWXQJGHUUHOHYDQWHQ)RUVFKXQJVOLWHUDWXUIROJHQGH (UJHEQLVVH ,P $KG H[LVWLHUWHQ YRUQHKPOLFK DEHU QLFKW QXU 1RPLQD DJHQWLVZLHVRXPĆULXQGSIODQ]ĆUL =XP)UKQHXKRFKGHXWVFKHQH[LVWLHUHQ GLH (UJHEQLVVH YRQ 026(5 %HL PHKU DOV ]ZHL 'ULWWHO GHU %HOHJH GHUVXIILJLHUWHQ 0DVNXOLQDKDQGHOWHV VLFKXP1RPLQDDJHQWLVLQQHUKDOE GHUÅHLQGHXWLJ´IL[LHUEDUHQHU'HULYDWLRQXQGGHUVXIIL[DOHQ9DULDQWHQOHU XQG QHU VLQG HV VRJDU EHU 'LH DQGHUHQ VHPDQWLVFKHQ 'LPHQVLR QHQ 1RPLQD LQVWUXPHQWL XQG 1RPHQ DFWL (LQ]HOYRUJDQJ VLQG LP 9HU JOHLFKGD]XPDUJLQDO)UGDV0KGVRNDQQPDQEHUHLWVDQGLHVHU6WHOOH BBBBBBBBBBBBB $XFKGLDOHNWDOH8QWHUVFKLHGHODVVHQVLFKIHVWVWHOOHQ6RLVWLP%DLULVFKHQEVSZ6FKOHQNHUHU QLFKWDEHU 6FKOHQNULFKHWDEOLHUW 8QWHUGHP$VSHNWGHU5HODWLRQDOLWlWZLUGLQGLHVHP=XVDPPHQKDQJYHUVWlQGOLFKZDUXP GDV DEJHOHLWHWH :RUW 7URPSHWHU GXUFK GDV QLFKWDEJHOHLWHWH /H[HP 7URPSHWH HLQVSULQJHQ NDQQ YJO IROJHQGH %HLVSLHOVlW]H 'LH 7URPSHWH VWDWW GHU 7URPSHWHU KDW JHVWHUQ JHKHLUDWHW 'DV 8PJHNHKUWH NDQQ MHGRFK QLFKW GHU )DOO VHLQ1DFK GHU 3ROLWXU JOlQ]WH GHU 7URPSHWHU VWDWWGLH 7URPSHWH ZLHGHU JROGHQ )RUP XQG ,QKDOW GUIHQ GDEHL QLFKW YHUZHFKVHOW ZHUGHQ 6R VWHKW 7URPSHWHU LQ HLQHU 7HLO*DQ]HV5HODWLRQ ]X 7URPSHWH DEHU QLFKW XPJHNHKUW 9JO KLHU]X MH GRFK5$,1(5 $XI*UXQGPDQJHOQGHU0HWRQ\PLHIlKLJNHLWLQEHLGH5LFKWXQJHQ NDQQVRPLWQLFKWEHZLHVHQZHUGHQGDVVDQVWHOOHYRQPHWRQ\PLVFKHQ9RUJlQJHQVWDWWGHV VHQ0HWDSKRULNYRUOlJH
*UDPPDWLNDOLVLHUXQJGHV*HQXVPDVNXOLQXP
YHUPXWHQ PVVHQ GLH 9HUKl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|UGHUWHQ DXFK ZHQQ GLH KHXWH HUKDOWHQHQ %HOHJH GLHHLQH(QWZLFNOXQJ]XJXQVWHQ1RPHQDJHQWLV!1RPHQLQVWUXPHQWL! 1RPHQ DFWL (LQ]HODNWLYLWlW DQ]HLJHQ KHXWH JU|WHQWHLOV GXUFK HU %LOGXQJHQHUVHW]WZXUGHQ$EHUHLQHVROFKH(QWZLFNOXQJLVWEHL*UDPPD WLNDOLVLHUXQJVSUR]HVVHQ]XHUZDUWHQ 9RUGHP+LQWHUJUXQGKLVWRULVFKHU0RUSKRORJLHOlVVWVLFKHLQHZHLWH UH DXIIlOOLJH )RUP YRQ GLDFKURQHP %HGHXWXQJVZDQGHO IHVWVWHOOHQ :LH EHUHLWVDXVJHIKUWLPSOL]LHUWGDV.RQ]HSWGHU=XJHK|ULJNHLWHLQHGHILQLH UHQGH&KDUDNWHULVLHUXQJGKGDV%H]HLFKQHWHLQGLHVHP)DOOHLQ,QGLYLGX DWLYXPVWHKWLQHLQHUQLFKWQlKHUEHVWLPPWHQDEHUEHVWlQGLJHQ5HODWLRQ ]X HLQHU 6DFKH (LQ 6FKOHU LVW GHP]XIROJH ÄMPG GHU ]XU 6FKXOH JHK|UW GHU LQ 5HODWLRQ ]X 6FKXOH VWHKW¶ (V IlOOW MHGRFK DXI GDVV SDUDOOHO GD]X ² DEHU YHUPXWOLFK QLFKW HW\PRORJLVFK JOHLFKHQ 8UVSUXQJV ² ]DKOUHLFKH 1D PHQVEH]HLFKQXQJHQ DXI HU ZLH HWZD GLH JHUPDQLVFKHQ 1DPHQ 'LHWHU +HLQHU H[LVWLHUHQ 'LHVH 6\VWHPDWLN ZlUH ZHQLJ DXVVDJHNUl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lOOLJGDVVGLHVHO BBBBBBBBBBBBB 0DQQLPPWDQGDVVGDV6XIIL[EROGDXIGHQ1RPLQDOVWDPPEDOG]XUFNJHKWGHPHQWVSUH FKHQG:LOOLEDOG$UFKLEDOG ,P0KGGLHQWGDV0RUSKHPEHUHLWVUHLKHQELOGHQG]XU3HUVR QHQEH]HLFKQXQJZLH:DQNHOEROG7UXQNHQEROGYJO./8*(
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
EHQ6XIIL[HVLFKVHKUIUKLQ1DPHQVEH]HLFKQXQJHQILQGHQ6LHEH]HLFK QHQDXVVFKOLHOLFK,QGLYLGXDWLYDE]Z6LQJXODWLYDGLH²ZLHHUZlKQW²LQ HLQHP =XJHK|ULJNHLWVYHUKlOWQLV ]XU DEJHOHLWHWHQ %DVLV VWHKHQ 0DQ NDQQ GLH +\SRWKHVH DXIVWHOOHQ GDVV GLH %HGHXWXQJVDOWHUQLHUXQJ V\VWHPDWLVFK QDFK GHP MHZHLOLJHQ *HQXV DXVJHULFKWHW ZDU ZLH )526&+$8(5 GLHVLP$KGIU/H[HPHQDFKZHLVHQNRQQWH'LH+\SRWKHVHHUODXEWGHQ 6FKOXVVGDVVDXVYRUDKG6SUDFKGHQNPlOHUQGLH3URGXNWLYLWlWGHULP1KG HLQVW XQG JHJHQZlUWLJ SURGXNWLYHQ 6XIIL[H ]X JURHQ 7HLOHQ VFKRQ YRU DKG=HLWDP*HQXVDEJHOHVHQZHUGHQNDQQ'LHHUVWHQEHOHJWHQPDVNXOL QHQ,QGLYLGXDWLYDZlUHQGDPLWEHU3HUVRQHQQDPHQEHUOLHIHUW'LHHUV WHQNROOHNWLYHQQHXWUDOHQ %HOHJHVLQGLQGHU)RUPYRQ7RSRQ\PHQEHU OLHIHUW$XVGHUDXIJHVWHOOWHQ+\SRWKHVHOlVVWVLFKMHGRFKQLFKWVFKOLHHQ GDVV GLH HUVWHQ .ROOHNWLYD %H]HLFKQXQJHQ IU 2UWH GDUVWHOOWHQ JHQDXVR ZHQLJZLHGLHHUVWHQ0DVNXOLQDELOGHQGHQ6XIIL[H1DPHQVEH]HLFKQXQJHQ NRGLHUWHQ0DQNDQQVWDWWGHVVHQDQQHKPHQGDVVGLHHUKDOWHQHQ%LOGXQJHQ OHGLJOLFKMHZHLOVHLQHIUHTXHQWHXQGP|JOLFKHUZHLVHDXVGLHVHP*UXQGHU KDOWHQH 9HUZHQGXQJVP|JOLFKNHLW GDUVWHOOHQ +LQVLFKWOLFK GHV *HQXV ZD UHQGLH6XIIL[HZLHDP%HLVSLHOGHV6XIIL[HVLQJHUNHQQEDU XQWHUVSH]LIL ]LHUW6LHNDPHQGDPLWQXUGXUFKGDVVHOHJLHUWH*HQXV]XLKUHUMHZHLOLJHQ %HGHXWXQJ 6RPLWOlVVWVLFK]XVDPPHQIDVVHQGDVVDOOHVXIILJLHUWHQ0DVNXOLQDXQ DEKlQJLJYRQLKUHU5HIHUHQ]YRQ$QIDQJDQ,QGLYLGXDWLYDPLWFKDUDNWHULV WLVFKHQ0HUNPDOHQZDUHQ(VKDQGHOWHVLFK²XQWHU%H]XJQDKPHDXIGLH LQ GHQ KLVWRULVFKHQ :|UWHUEFKHUQ DQJHJHEHQHQ UHIHUHQ]LHOOHQ %HGHX WXQJVGLPHQVLRQHQ²QLFKWQXUXP3HUVRQHQEH]HLFKQXQJHQVRQGHUQDXFK XP2EMHNWEH]HLFKQXQJHQZDVPDQDXFKDQLP1KGHUKDOWHQHQ%H]HLFK QXQJHQYRQ9|JHOQZLH6SHUOLQJ 3LO]HQRGHU3IODQ]HQZLH3ILIIHUOLQJ HU NHQQHQNDQQ0HUHRORJLVFKLVWGDUDQDXIIlOOLJGDVVDOOH%LOGXQJHQSOXUDOL VLHUEDU VLQG XQG HLQH FKDUDNWHULVWLVFKH (LQ]HOHUVFKHLQXQJ YRQ HWZDV NRGLHUHQ0LW$XVQDKPHGHV6XIIL[HVHUGDVGHQ1XOOSOXUDOVHOHJLHUWJH VWDWWHQ GLH DQGHUHQ SURGXNWLYHQ 6XIIL[H QlPOLFK OLQJ XQG HULFK GHQ H 3OXUDO :DUXP QXQ GDV 6XIIL[ HU DQGHUV DOV DOOH DQGHUHQ 6XIIL[HQ HLQHQ 1XOOSOXUDO DXIZHLVW NDQQ PDQ P|JOLFKHUZHLVH VR HUNOlUHQ GDVV GLH VLFK GDGXUFK DQELHWHQGH 5HDQDO\VH (EHQH QLFKWJHULFKWHWHU 6SUDFKZDQGHO RGHU 5HLQWHUSUHWDWLRQ (EHQH JHULFKWHWHU 6SUDFKZDQGHO YHUPLHGHQ ZHU GHQVROO%LVODQJJLEWHVQXU%HVFKUHLEXQJHQ]XVLFKYROO]LHKHQGHPE]Z YROO]RJHQHP 6SUDFKZDQGHO :DV MHGRFK IHKOW VLQG 8QWHUVXFKXQJHQ ]X GHU)UDJHZDUXPJHUDGHDQHLQLJHQ6WHOOHQGHU]XHUZDUWHQGH6SUDFKZDQ GHO QLFKW DXIWULWW 6LFKWHW PDQ GLH H[LVWLHUHQGHQ :RUWELOGXQJVSURGXNWH VR IlOOW DXI GDVV GXUFKZHJ DQ 0RUSKHPJUHQ]HQ 9HUVFKPHO]XQJHQ GK 5HDQDO\VHSUR]HVVHZLHHOLQJ]XOLQJ EHREDFKWHWZHUGHQN|QQHQ'LH IXVLRQLHUWHQ )RUPHQ WHQGLHUHQ ]XU 9HUNU]XQJ +LQVLFKWOLFK GHU )UDJH
*UDPPDWLNDOLVLHUXQJGHV*HQXVPDVNXOLQXP
QDFKHLQHU(UNOlUXQJIUGDVXQHUZDUWHWH$XIWUHWHQGHV1XOOSOXUDOVEHLGHU HU'HULYDWLRQN|QQWHPDQDOVRHLQH(UNOlUXQJPLWWHOV9HUPHLGXQJVVWUDWH JLH WHUPLQRORJLVFKHU 9RUVFKODJ IXQNWLRQDOH %ORFNLHUXQJ LQV )HOG IKUHQ 5HLQ IRUPDO EHWUDFKWHW H[LVWLHUW GDV 0RUSK HU QLFKW QXU DOV 'HULYDWLY VRQGHUQLQYLHOHQ)XQNWLRQDOLWlWHQYJO%,771(5 DOV)OH[LY.LQG² .LQGHU DOV 3UlIL[ EOKHQ ² HUEOKHQ DOV 3HUVRQDOSURQRPHQ 36 6* 0DVNXOLQXP LQ GHU JHVDPWHQ $GMHNWLYPRUSKRORJLH UHLQ IOH[LYLVFK HLQ VFK|QHU%DXPUHLQZRUWELOGHQGW|QHUQEOHFKHUQUHLQNRPSDUDWLYLVFKVFK|Q ²VFK|QHU VRZLHVXEPRUSKHPDWLVFKLP$UWLNHOGHU )UHLQHLQ]LJHVYD DXFK JUDPPDWLVFKYHUZHQGHWHV0RUSKHPLVWGDVV\QFKURQJHVHKHQHLQH HUVWDXQOLFKH%DQGEUHLWH0|JOLFKHUZHLVHOLHJWGDKHUHLQHEHQVROFKHV3ULQ ]LS ]XU 9HUPHLGXQJ YRQ 5HDQDO\VH YRU %VS GHU $XVUXWVFKHU ² GLH $XV UXWVFKHUH! HUH(VHQWVWQGHHLQQHXHV3OXUDOPRUSKHP %HNDQQWLVWHLQH VROFKH 9HUPHLGXQJVVWUDWHJLH EVSZ EHLP 6XIIL[ QLV :,/0$116 6RZXUGHQGLH]XQlFKVWIUKEHOHJWHQ%LOGXQJHQEHL)RUPHQVHOWHQ LQGHQHQGHP6XIIL[QLVHLQHDQGHUH3VHXGR $EOHLWXQJVVLOEHYRUDQJLQJ ZLHEVSZLQbUJHUQLV 2IIHQVLFKWOLFKVFKHLQHQJHZLVVH3ULQ]LSLHQZLUN VDP]XVHLQGLHYHUKLQGHUQGDVVGLHNDWHJRULDOH*UXQG IXQNWLRQDOLWlWJH VW|UWRGHUEHHLQWUlFKWLJWZLUG'DJHJHQVLQGEHL:DKUXQJGLHVHU)XQNWLR QDOLWlWHLQLJH0HKUIDFKDEOHLWXQJHQEHLP6XIIL[HUGXUFKDXVP|JOLFKYJO %LOGXQJHQZLH'LFKWHUOLQJ6FKUHLEHUOLQJ$)0h//(5 0HKUIDFK DEOHLWXQJHQVFKHLQHQHKHUGDQQP|JOLFK]XVHLQZHQQGDVHLQVWLJH]XHUVW DXIWUHWHQGH$IIL[LQ%H]XJDXIVHLQHXUVSUQJOLFKH%HGHXWXQJEHUHLWVRSDN JHZRUGHQ LVW RGHU 7HQGHQ]HQ ]XU 2SDNZHUGXQJ ]HLJW 0RUSKRORJLVFKH %ORFNDGHQZlUHQGDPLWQLFKWGDV$EELOGSKRQRORJLVFKHU*HVHW]PlLJNHL WHQVRQGHUQPRUSKRORJLVFKUHJHOKDIWHUIXQNWLRQDOHU6\VWHPNRQWLQXLWlW +LQVLFKWOLFKGHU(LQRUGQXQJDOV,QGLYLGXDWLYDVROOHQYRUGHP+LQWHU JUXQG GHU JHWURIIHQHQ $XVVDJHQ GLH 6LQJXODWLYD XQG GDPLW GLH 3DWURQ\ PLND LP JUDPPDWLVFKHQ 6\VWHP YHURUWHW ZHUGHQ 6LQJXODWLYD VLQG HLQH 6XEIRUP GHU ]lKOEDUHQ 6XEVWDQWLYH XQG WUDGLWLRQHOO GLH 6RQGHUIRUP LQ QHUKDOEGHU0DUNLHUWKHLWVYHUKlOWQLVVHGLHVLHQlPOLFKXPGUHKHQ6LQJXOD WLYDVLQGGLHPDUNLHUWHQ,QGLYLGXDWLYD]XHLQHPQLFKWPDUNLHUWHQ.ROOHNWLY %VS)UDQNIXUWHU²)UDQNIXUW ,P1KGLVWGLH2SSRVLWLRQ]ZLVFKHQ6LQJX ODWLYDXQG.ROOHNWLYDWHLOZHLVHQRFKHUNHQQEDU5DVLHUHU²5DVLHU]HXJ:D JHQ +HEHU²+HEH]HXJ%HLVSLHOHDXV:(//0$11E &KDUDNWHUL VLHUHQG IU GLH 3HUVRQHQEH]HLFKQXQJHQ ZDU GDV .ULWHULXP GHU +DELWXDOLWlW ZRUDXV VLFK EHUHLQ]HOVSUDFKOLFK EHYRU]XJW *HQHUL]LWlW HQW ZLFNHOW3HUVRQHQEH]HLFKQXQJHQ]HLFKQHQVLFKGXUFKHLQH,PPDQHQ]KLQ VLFKWOLFKLKUHU&KDUDNWHULVWLNDXVDOVRVLHEHVLW]HQDOVRJHZRKQKHLWVPlLJ HLQH EHVWLPPWH (LJHQVFKDIW ZLH 6FK|QOLQJ RGHU JHKHQ HLQHU EHVWLPPWHQ
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
7lWLJNHLWQDFKZLHHWZD/HKUHU /HW]WHUHZXUGHQGDKHULG5IU%HUXIEH ]HLFKQXQJHQHLQJHVHW]W(LQ6FKOHULVWÄMPGGHULPPHUXQGLPPHUZLH GHU LQGHU6FKXOHLVW¶+LHUNRPPWGDV0HUNPDOGHU,WHUDWLYLWlW]XP7UD JHQ,WHUDWLYLWlWEHGHXWHWHLQHPHUHRORJLVFKH0HUNPDOVNRPELQDWLRQDXV> 3(5)(.7,9@VRZLH> ,03(5)(.7,9@XQG]HLJWVLFKDQ9HUEHQZLHKVWHOQ Q|UJHOQNUlQNHOQhEHUWUDJHQDXIGHQVXEVWDQWLYLVFKHQ%HUHLFKPVVWHPDQ DOV 0HUNPDOH > =b+/%$5@ E]Z >² =b+/%$5@ DQVHW]HQ YJO %,771(5 ]X GHQ HU'HULYDWLRQVELOGXQJHQ 'DPLW HQWVWHKW MHGRFK ]XQlFKVW HLQ :LGHUVSUXFK GHQQ JHUDGH ZXUGH IHVWJHKDOWHQ GDVV GLH DEJHOHLWHWHQ 6XEVWDQWLYH²SHUVHDOV0DVNXOLQD²DOOHVDPW>=b+/%$5@VLQG'LHVOlVVW VLFK PLW GHP PHUHRORJLVFKHQ %HVFKUHLEXQJVLQYHQWDU IROJHQGHUPDHQ O| VHQ0DQNDQQGDYRQDXVJHKHQGDVVHLQHVGHUEHLGHQ0HUNPDOHGRPLQDQW EHUGDVDQGHUHLVW,QNRQNUHWHQ)DOOGHV0DVNXOLQXPVLVWHVGDV0HUNPDO GHU =lKOEDUNHLW GDV JHJHQEHU GHU 1LFKW]lKOEDUNHLW GRPLQDQW LQQHUKDOE GHU ,WHUDWLYLWlWVKLHUDUFKLH DQJHVLHGHOW LVW %HL 6XEVWDQWLYHQ PLW LWHUDWLYHU 6HPDQWLN NDQQ DOVR LPPHU HLQ 0HUNPDO DOV GRPLQDQW DQJHVHW]W ZHUGHQ ZLH EHUHLWV DQ GHQ IHPLQLQHQ E]Z QHXWUDOHQ .ROOHNWLYD LOOXVWULHUW ZXUGH YJO :HOFKHV 0HUNPDO GDEHL EHYRU]XJW ZLUG HQWVFKHLGHW GDV SDUD GLJPDWLVFKH *HQXV 'LHV HQWVSULFKW EHLP 0DVNXOLQXP GHP 0HUNPDO > =b+/%$5@ 'DV NDQQ PDQ GDUDQ HUVHKHQ GDVV GLH GXUFK GLH 6XIIL[H EH ]HLFKQHWHQ6XEVWDQWLYHDOOHVDPWSOXUDOLVLHUEDUVLQG'LHVJLOWQLFKWYJO ]XP 1HXWUXP E]Z QLFKW LQ VHOEHU )RUP YJO ]XP )HPLQLQXP IU GLHDQGHUHQEHLGHQ*HQHUD .XU]ID]LW +LQVLFKWOLFK UHIHUHQ]LHOOHU %HGHXWXQJVGLPHQVLRQHQ OlVVW VLFK IROJHQGH (QWZLFNOXQJ IHVWVWHOOHQ 'DV LP 1KG EHL GHU *UDPPDWLNDOLVLHUXQJ YRQ ,QGLYLGXDWLYD HLQ]LJ EULJJHEOLHEHQH 6XIIL[ HU OlVVW HLQHQ $XIEDX YRQ JUDPPDWLVFKHU.RPSOH[LWlWGXUFKEHVWLPPWHVHPDQWLVFKDXIHLQDQGHUDE IROJHQGH%HGHXWXQJVGLPHQVLRQHQHUNHQQHQZREHLGLHVSlWHUHNRPSOH[H UHGLHIUKHUHZHQLJHUNRPSOH[HHQWKDOWHQPXVV9RQ$QIDQJDQZHUGHQ EHVRQGHUV FKDUDNWHULVWLVFKH ,QGLYLGXDWLYD JHELOGHW ZDV YRU DOOHP DEHU QLFKWQXU1RPLQDDJHQWLVZLHHWZD6FKOHURGHU*lUWQHUVLQG'LH$QQDK PH GHU *UXQGIXQNWLRQ GHV 0DVNXOLQXPV %HOHEWKHLW GHP 6SUDFKV\VWHP EHUHLW]XVWHOOHQ NDQQ LQ $QEHWUDFKW GHU %HOHJODJH QLFKW DXIUHFKWHUKDOWHQ BBBBBBBBBBBBB 'LH$QZHQGXQJVGRPlQHGHU%HUXIVEH]HLFKQXQJHQNRPPWYHUPXWOLFKGXUFKLPSOL]LWNR GLHUWH PRGDOH /HVDUW ]XVWDQGH (LQ %lFNHU LVW QLFKW QXU ÄMPG GHU EDFNW¶ VRQGHUQ DXFK ÄMPGGHUEDFNHQNDQQ¶
*UDPPDWLNDOLVLHUXQJGHV*HQXVPDVNXOLQXP
ZHUGHQ'HQQ]XHUVWZHUGHQ]lKOEDUH(LQKHLWHQPLWKRKHPLQWHQVLRQDOHQ *HKDOW EH]HLFKQHW 3HUVRQHQ ]HLFKQHQ VLFK W\SLVFKHUZHLVH GXUFK KRKHQ LQWHQVLRQDOHQ *HKDOW L6Y FKDUDNWHULVWLVFKHQ VHPDQWLVFKHQ (LJHQVFKDI WHQDXV'RFKGLHVJLOWHEHQVRIUXQEHOHEWH]lKOEDUH6XEVWDQWLYHZLHYD 3LO] 3IODQ]HQ E]Z 9RJHOEH]HLFKQXQJHQ YJO HWZD:XOVWOLQJ ]X :XOVW Ä[ GDV GLH (LJHQVFKDIW EHVLW]W HLQHQ :XOVW ]X KDEHQ¶ HLQH %H]HLFKQXQJ IU HLQHQ 3LO] 'LH %LOGXQJ VDJW IRUPDO QLFKWV EHU GLH 9HUDQNHUXQJ LQ GHU UHDOHQ :HOW DXV 'LH %LOGXQJHQ VLQG LP 1KG GXUFKZHJ OH[LNDOLVLHUW 3UlIHULHUWGLH%LOGXQJOHGLJOLFKHLQHQEHVWLPPWHQ6LWXDWLRQVNRQWH[WZLH] %EHL%RKUHUZRSULPlUGLH/HVDUWÄ1RPHQLQVWUXPHQWL¶DXIJHUXIHQZLUG OLHJW8VXDOLVLHUXQJYRU'DVVSH]LILVFKH2EMHNWNRPPW]XVHLQHUMHZHLOLJHQ /HVDUW LQ GLHVHP )DOO GXUFK DXHUVSUDFKOLFKHQ (LQIOXVV ,P $KG ILQGHW VLFK HLQ 1HEHQHLQDQGHU YRQ LQGLYLGXDWLYHQ (LJHQVFKDIWVEH]HLFKQXQJHQ ZLH HWZD VRXPĆUL Ä6lXPHU MPG GHU HWZDV HLQVlXPW¶ RGHU SIODQ]ĆUL ÄMPG GHU SIODQ]W¶ VRZLH YRQ %H]HLFKQXQJHQ YRQ 7lWLJNHLWVHLJHQVFKDIWHQ ZLH QKG3IOlQ]OLQJHLQ[GDVJHSIODQ]WZLUG¶'LH(LJHQVFKDIWVEH]HLFKQXQJHQ VLQG GLH SULPlUHQ EHU GHQ 8PZHJ WlWLJNHLWVEH]HLFKQHQGHU (LJHQ VFKDIWVEH]HLFKQXQJHQ NRPPW HV ]X UHLQHQ 7lWLJNHLWVEH]HLFKQXQJHQ FKD UDNWHULVWLVFKHU (LQ]HODNWLYLWlWHQ ZLH HWZD QKG -RGOHU +RSVHU /DFKHU %HL GLHVHQ%LOGXQJHQKDQGHOWHVVLFKXP%HOHJHGLHHUVWDEGHP)QKG]XYHU ]HLFKQHQ VLQG 'LH %HGHXWXQJVHQWZLFNOXQJHQ VLQG XQLGLUHNWLRQDO XQXP NHKUEDUXQGJHKHQPLWHLQHP$XIEDXYRQVHPDQWLVFKHU.RPSOH[LWlWHLQ KHU (LQ +RSVHU EVSZ NDQQ DOV ÄZLHGHUKROEDUHU 9RUJDQJ GHV +RSVHQV¶ (LQ]HODNWLYLWlW DXIJHIDVVW ZHUGHQ HU NDQQ DEHU HEHQVR JXW HLQ ,QVWUX PHQWEH]HLFKQHQXQGGDPLWHLQÄ[GDVKRSVW¶YLHOOHLFKWHLQ.LQGHUVSLHO ]HXJ VRZLHGLH/HVDUWGHV1RPHQLQVWUXPHQWLZLHGHUXPHLQH3HUVRQXP IDVVHQ NDQQ ÄMPG GHU KRSVW¶ 'LH HQWVSUHFKHQGH %HGHXWXQJ NRPPW GXUFK0RQRVHPLHUXQJGHVMHZHLOLJHQ$NWXDOLVLHUXQJVNRQWH[WHV]XVWDQGH 'LHJUDPPDWLVFKVHPDQWLVFKH(QWZLFNOXQJVULFKWXQJYHUOlXIWYRQ+D ELWXDOLWlWKLQ]X*HQHUL]LWlW'LHHUVWHQ%LOGXQJHQXPIDVVHQ1RPLQDGH QHQ GLH LKQHQ ]XJUXQGH JHOHJWH &KDUDNWHULVWLN LPPDQHQW LVW GHQHQ DOVR JHZRKQKHLWVPlLJ HLQH EHVWLPPWH (LJHQVFKDIW ]XNRPPW ZLH 6FK|QOLQJ RGHU HLQHU KDELWXHOOHQ 7lWLJNHLW QDFKJHKHQ ZLH /HKUHU /HW]WHUH ZXUGHQ GDKHULG5]X%HUXIEH]HLFKQXQJHQHLQJHVHW]W &KDUDNWHULVLHUHQGH(LJHQ VFKDIWHQ LPSOL]LHUHQ ,PPDQHQ] LKUHV 9RUKDQGHQVHLQV ,PPDQHQW LVW QXU GDQQ HWZDV ZHQQ HV HQWZHGHU VWlQGLJ RGHU LPPHU ZLHGHUNHKUHQG YRU KDQGHQ LVW 0HUNPDO > ,7(5$7,9@ ,WHUDWLYLWlW EHGHXWHW HLQH PHUHRORJL VFKH0HUNPDOVNRPELQDWLRQDXV> 3(5)(.7,9@VRZLH> ,03(5)(.7,9@ GLHVLFK]%DQ9HUEHQZLHKVWHOQQ|UJHOQNUlQNHOQ]HLJWhEHUWUDJHQDXI GHQ VXEVWDQWLYLVFKHQ %HUHLFK NDQQ PDQ GDYRQ DXVJHKHQ GDVV HLQHV GHU EHLGHQ0HUNPDOHGRPLQDQWEHUGDVDQGHUHLVW(VNDQQQXUGDVVHLQGDV DOWHUQDWLYH E]Z NRQNXUULHUHQGH VHPDQWLVFKH 0HUNPDOH LQWHJULHUHQ NDQQ
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
YJO 9(==26, GD HLQ $XIEDX YRQ JUDPPDWLVFKHU .RPSOH[LWlW LP 6LQQHGHV3ULQ]LSVGHUUHOHYDQFHJHQHUDOLW\JHZlKUOHLVWHWVHLQPXVV)UGHQ )DOOGHV0DVNXOLQXPVLVWGDVGDV0HUNPDOGHU=lKOEDUNHLW,QVJHVDPWOlVVW VLFK IHVWKDOWHQ GDVV GHU *UDPPDWLNDOLVLHUXQJVSUR]HVV JHJHQZlUWLJ QRFK QLFKWDEJHVFKORVVHQLVW:HQQJOHLFKDXFKGDV6XIIL[HUPLW$XVQDKPHGHU IHKOHQGHQ $EOHLWEDUNHLW YRQ *HVFKHKHQVYHUEHQ 6FKQHLHU 5HJQHU
*HVFKHKHU NHLQHIRUPDOHQ6HOHNWLRQVEHVFKUlQNXQJHQDXIZHLVW]%NRP ELQLHUW HV VLFK DXFK PLW HQWOHKQWHQ /H[HPEDVHQ XQG YHUGlQJW GDEHL GDV XUVSUQJOLFKHQLFKWQDWLYH6XIIL[]%&KDWWHU0DVVLHUHUVWDWW0DVVHXU VR NDQQQLFKWSURJQRVWL]LHUWZHUGHQZLHGHU6SUDFKZDQGHOLQ=XNXQIWYHU ODXIHQ ZLUG (V LVW VFKOLHOLFK HEHQVR JXW GHQNEDU GDVV GXUFK H[WUHPH 6SUDFKZDQGHOIDNWRUHQ ZLH ] % GXUFK LQWHQVLYHQ 6SUDFKNRQWDNW DQGHUH Å*UDPPDWLNDOLVLHUXQJVDQZlUWHU´JHQHULHUWZHUGHQ *UDPPDWLNDOLVLHUXQJGHV*HQXVIHPLQLQXP =LHOGHVYRUOLHJHQGHQ$EVFKQLWWVLVWHVHLQH(QWZLFNOXQJVORJLN]XHQWGH FNHQGLHDXI]HLJWZLHVLFKGLH6XIIL[HLP)HPLQLQXPXQWHUGHU$QQDKPH HLQHV $XIEDXV YRQ JUDPPDWLVFKHU .RPSOH[LWlW HQWZLFNHOWHQ 'DVV GLH 6XIIL[HDQHLQHP*UDPPDWLNDOLVLHUXQJVSUR]HVVSDUWL]LSLHUHQLVWQLFKWQHX YJO HWZD /,*+7)227 ,Q GLHVHP =XVDPPHQKDQJ NDQQ GHU (LQ IOXVVGHV/DWHLQLVFKHQDXVJHVFKORVVHQZHUGHQGD:RUWELOGXQJVPXVWHULQ GLJHQHQ 6WUXNWXUHQ IROJHQ :2/) DQGHUV KLHU]X +(86,1*(5 )RUPDONDQQGLHVLQODWGWhEHUVHW]XQJHQGDUDQDEJHOHVHQZHUGHQ GDVV KlXILJ :RUWELOGXQJVW\SHQ HLQJHVHW]W ZHUGHQ GLH QLFKW GHU ODWHLQL VFKHQ9RUODJHHQWVSUHFKHQ6RZHUGHQLP$KGKlXILJVXIIL[DOH:RUWELO GXQJVSURGXNWH GHV /DWHLQLVFKHQ PLW DKG .RPSRVLWDELOGXQJHQ DXI GLH 0RUSKHPHKHLWVFKDIWRGHUWXPZLHGHUJHJHEHQ,QDKG=HLWILQGHQVLFK GLHIXQNWLRQDOHQ.|SIHGHU.RPSRVLWDELOGXQJHQGLHVLFKVSlWHU]X6XIIL [HQ HQWZLFNHOQ GDEHL QRFK LQ PHKUHUHQ *HQHUD EHOHJW YJO EVSZ )526&+$8(5
,QVJHVDPW VLQG PHKU IHPLQLQH 6XIIL[ELOGXQJHQ DOV PDVNXOLQH ]X YHU]HLFKQHQ ZREHLGLH6XIIL[H]XGHP3RO\VHPLHDXIZHLVHQ9HUVFKLHGHQH%LOGXQJHQN|QQHQ GDVVHOEH*HQXVXQG]XP7HLODXFKGLHVHOEH%HGHXWXQJKDEHQ(VH[LVWLHUHQSD
*UDPPDWLNDOLVLHUXQJGHV*HQXVIHPLQLQXP
UDOOHOlOWHUHQHEHQMQJHUHQ%LOGXQJHQ+LHUEHLVLQGLQGHQYHUVFKLHGHQHQ7H[WHQ ]X YHUVFKLHGHQHQ =HLWHQ EHVWLPPWH 6XIIL[H EHOLHEWHU DOV DQGHUH ZHUGHQ 6XIIL[H YRQDQGHUHQDEJHO|VW>«@
'LH )UDJH DXI ZHOFKH $UW JHQDX GLH GLDFKURQ EHREDFKWEDUH 6SH]LDOLVLH UXQJDXIHLQ*HQXVHUIROJWHXQGDXIZHOFKH$UWHV]XP$XIEDXYRQ$EV WUDNWKHLW E]Z .ROOHNWLYLWlW NRPPHQ NRQQWH LVW ELVODQJ XQEHDQWZRUWHW *HPHLQKLQLVWEHNDQQWGDVVGHU:RUWELOGXQJVW\SGHU'HULYDWLRQDXVGHP GHU.RPSRVLWLRQHQWVWHKW.RPSRVLWDVLQGEHNDQQWGDIU)XJHQHOHPHQWH DXIZHLVHQ ]X N|QQHQ ZDV EHL 'HULYDWLRQVELOGXQJHQ QLFKW GHU )DOO LVW +$$6( 'DVYRQ)526&+$8(5 EHVFKULHEHQH1HEHQ HLQDQGHU E]Z GLH WHLOV ]HLWOLFK EHUODSSHQGH $EIROJH GHU 6XIIL[H VROO LP )ROJHQGHQIUGLHGHP$KGQDFKIROJHQGHQ6SUDFKHSRFKHQV\VWHPDWLVFK XQWHUVXFKWZHUGHQ8PGHPQDFK]XNRPPHQKDWGHU$EVFKQLWWIROJHQGH *OLHGHUXQJ ZLGPHW VLFK ]XP hEHUEOLFN GHP )RUVFKXQJVVWDQG LQ %H]XJ DXI GDV )HPLQLQXP $EVFKQLWW EHJLEW VLFK QDFK GHU 6NL]]LH UXQJGHUJHJHQZDUWVVSUDFKOLFKHQ6\QFKURQLH3URGXNWLYLWlW)UHTXHQ]XQG P|JOLFKH IXQNWLRQDOH $XVGLIIHUHQ]LHUWKHLW GHU 6XIIL[H LQ GLH 'LDFKURQLH XQG HU|UWHUW GLH )UDJH LQZLHZHLW X8 DOOHQ 6XIIL[HQ HLQH JHPHLQVDPH IXQNWLRQDOJHULFKWHWH(QWZLFNOXQJVORJLNIRUPDOHU1DWXU]XJUXQGHOLHJW$Q GLHVHU6WHOOHVROOLQVEHVRQGHUHGLH)UDJHGHUP|JOLFKHQIXQNWLRQDOJHVWHX HUWHQ 6HOHNWLRQ YRQ 'HULYDWLRQVEDVHQ GLVNXWLHUW ZHUGHQ $EVFKQLWW WKHPDWLVLHUWZLHIRUPDOH(QWZLFNOXQJHQ]XP6WLOOVWDQGNRPPHQN|QQHQ XQGZHOFKH.RQVHTXHQ]HQHLQHVROFKH6WDJQDWLRQLQKDOWOLFKHUXQGIRUPD OHU 1DWXU KDEHQ NDQQ $EVFKQLWW IKUW GLH ]XYRU JHZRQQHQHQ (U JHEQLVVH ]X HLQHP *HVDPWELOG ]XVDPPHQ GDV LQ HLQHP QlFKVWHQ 6FKULWW LQ$EVFKQLWWXQGPLWGHQXQWHUJHZRQQHQHQ(UJHEQLVVHQ]XU *UDPPDWLNDOLVLHUXQJGHV1HXWUXPVNRQWUDVWLHUWZHUGHQVROO )RUVFKXQJVVWDQG ,P9HUJOHLFK]XP0DVNXOLQXP H[LVWLHUHQLQ%H]XJDXIGLH*UXQGVH PDQWLNXQGGDPLWGLH%DVLVIXQNWLRQGHV)HPLQLQXPVEHGHXWHQGZHQLJHU JHJHQHLQDQGHU DE]XJUHQ]HQGH )RUVFKXQJVPHLQXQJHQ $XFK 6H[XV IHPL BBBBBBBBBBBBB 7DWVlFKOLFKMHGRFKJLEWHV]DKOUHLFKH'HULYDWLRQVELOGXQJHQLP1KGGLH²SURGXNWLY²VRO FKHÄIXJHQHOHPHQWDUWLJHQ¶0RUSKHPHDXIZHLVHQ0DQYHUJOHLFKHHWZD%LOGXQJHQZLH%XU VFKHQVFKDIW bU]WHVFKDIW 6WXGHQWHQWXP 'LH WKHRUHWLVFKH )UDJHVWHOOXQJ ZDUXP VROFKH )X JHQHOHPHQWHDXIWUHWHQZXUGHELVODQJIUGLH'HULYDWLRQQLFKWEHDQWZRUWHW:HQQJOHLFKHV VLFKQXUXPHLQHQ5DQGEHUHLFKKDQGHOW²GHQQGDV*URVGHUVXIIL[DOHQ:RUWELOGXQJVSUR GXNWHYHUIJWQLFKWEHUVROFKH)XJHQHOHPHQWH²VRVROOWHVHLQ$XIWUHWHQGHQQRFKHUNOlU EDUE]ZIXQNWLRQDOPRWLYLHUEDUVHLQYJOKLHU]X
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
QLQXPHQWVWHKWLPPHUVHNXQGl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lUH]XHUZDUWHQGDVVVLFKÅJUHLIEDUH´%HGHXWXQJVYHUlQGH UXQJHQ G K IU *UDPPDWLNHQWVWHKXQJ W\SLVFKH .RPSOH[LWlWV]XZlFKVH EHREDFKWHQ ODVVHQ =XHUVW VROO GHU $VSHNW GHU 'HULYDWLRQVEDVHQVHOHNWLRQ EHWUDFKWHW ZHUGHQ XP ]X NOlUHQ RE XQG LQZLHZHLW GLH )HPLQLQD NRGLH UHQGHQ6XIIL[HHLQHJHPHLQVDPH(QWZLFNOXQJVORJLNKLQVLFKWOLFKGHUP|J OLFKHQ (UZHLWHUXQJ GHU :RUWDUWHQVHOHNWLRQ EHUHLWVWHOOHQ XQG GDPLW HLQH HQWVSUHFKHQGH=XQDKPHYRQJUDPPDWLVFKHU6HPDQWLN]XEHREDFKWHQLVW )RUPDOH(QWZLFNOXQJ +LQVLFKWOLFK GHU )UDJH QDFK HLQHU P|JOLFKHQ (QWZLFNOXQJVULFKWXQJ GHU 6XIIL[HLQ%H]XJDXILKUH'HULYDWLRQVEDVLVOlVVWVLFKIHVWVWHOOHQGDVVGLHLP 1KG)HPLQLQDELOGHQGHQ6XIIL[HXUVSUQJOLFKDOOHVDPW1RPLQDLPZHL WHQ6LQQHGHV7HUPLQXV DEOHLWHWHQYJOHWZD./8*(]XGHQHLQ]HO QHQ 6XIIL[HQ 'D GDV )HPLQLQXP VRZRKO .ROOHNWLYD DOV DXFK $EVWUDNWD EHUHLWVWHOOW PXVV PDQ VLFK DQ GLHVHU 6WHOOH IUDJHQ ZHOFKH %HGHXWXQJVGL PHQVLRQ SULPlU HQWVWHKW $P %HLVSLHO GHU QHXWUDOHQ =LUNXPILJLHUXQJHQ ZXUGH EHUHLWV DXIJH]HLJW GDVV DXV :RUWELOGXQJVPXVWHUQ IU .ROOHNWLYD ZLH*HELUJH :RUWELOGXQJVPXVWHUIU$EVWUDNWDZLH*HUXIH ZHUGHQN|Q QHQ,Q$QDORJLHZlUHGDKHUDQ]XQHKPHQGDVVIHPLQLQH%LOGXQJVPXVWHU GLHVHOEH (QWZLFNOXQJVORJLN EHVLW]HQ 'RFK ZLH ]X ]HLJHQ VHLQ ZLUG YHU OlXIW GLH (QWZLFNOXQJVULFKWXQJ DQ GLHVHU 6WHOOH NRQWUDLQWXLWLY $XV 0XV WHUQIU$EVWUDNWELOGXQJHQQRFKHUNHQQEDUDQQKG6FKZDQJHUVFKDIW N|Q QHQ 0XVWHU IU .ROOHNWLYELOGXQJHQ ZLH QKG 6WXGHQWHQVFKDIW ZHUGHQ 2IIHQEDUJLEWHVMHGRFKDXFKZHLWHUH0|JOLFKNHLWHQ6RZHUGHQDXV.R GLHUXQJVPXVWHUQYRQ(LJHQVFKDIWHQGLHDXIHLQ,QGLYLGXDWLYXPGHUUHDOHQ :HOWEH]RJHQVLQGZLHW\SLVFKHUZHLVH3HUVRQHQRGHU7LHUEH]HLFKQXQJHQ VRJ (SLFRHQD ZLH QKG (VHOHL %LOGXQJVPXVWHU IU JHQHUHOOH (LJHQ VFKDIWV RGHU 9HUEDODEVWUDNWD ZLH QKG &KULVWOLFKNHLW 'UHKHUHL 1XU LP ]ZHLWHQ )DOO DOVR EHL GHU (QWZLFNOXQJVULFKWXQJ YRQ $GMHNWLYDEVWUDNWXP HLQHV ,QGLYLGXDWLYXP ]X HLQHP JHQHUHOOHQ $GMHNWLY E]Z 9HUEDODEVWUDN WXPOLHJWHLQ$XIEDXYRQJUDPPDWLVFKHU.RPSOH[LWlWYRUQLFKWGDJHJHQ
*UDPPDWLNDOLVLHUXQJGHV*HQXVIHPLQLQXP
LPHUVWHQ)DOO'LH(QWZLFNOXQJVULFKWXQJYRQ$EVWUDNWKHLW]X.ROOHNWLYL WlW VWHOOW NHLQHQ )DOO YRQ *UDPPDWLNDXIEDX VRQGHUQ HLQHQ )DOO YRQ *UDPPDWLNDEEDXGDU ,P1KGKDWVLFKLQQHUKDOEGHU6XEVWDQWLYGHULYDWLRQHLQSDUDGLJPDWL VFKHV6\VWHPKHUDXVJHELOGHW6RZHUGHQ$GMHNWLYHXQG3DUWL]LSLD,,GXUFK GDV 6XIIL[ KHLW DEJHOHLWHW ZlKUHQG SVHXGR VXIILJLHUWH $GMHNWLYH GXUFK GDV6XIIL[NHLWDEJHOHLWHWZHUGHQ'DV6XIIL[KHLWZXUGHDOVHLQVWLJHV/H [HP]XHLQHPVXIIL[DOHQ)RUPPHUNPDOXQGYHUORUVHLQHQHLJHQVWlQGLJHQ 6WDWXV:(//6 'DV0HKUIDFKJHQXVXQGGLHGD]XJHK|ULJHQOH[LNDOL VFKHQ%HGHXWXQJHQYRQDKGKHLWLP0DVNXOLQXPÄ3HUVRQ¶LP)HPLQLQXP Ä$UW XQG :HLVH¶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lFKOLFK]XOHFNHQJHK|UWDEHUKLQVLFKWOLFKVHLQHU%LOGXQJVZHLVHV\QFKURQRSDNLVW6RO FKH /H[HPH YHUKDOWHQ VLFK PRUSKRORJLVFK VWHWV ZLH PRUSKRORJLVFK PDUNLHUWH %LOGXQJHQ XQGVHOHJLHUHQGHPHQWVSUHFKHQGH6XIIL[H(VJLEWZHQLJH$XVQDKPHQ]XGLHVHU5HJHOZLH ] % ORFNHU ! /RFNHUKHLW QLFKW DEHU /RFNHUNHLW 'LH ZHQLJHQ QRFK HUKDOWHQHQ )lOOH GLHVHU $UWVLQGJHJHQZDUWVVSUDFKOLFKVWDUNLP8QWHUJDQJEHJULIIHQXQGZHUGHQYRQGHPMQJHUHQ 0XVWHU]XQHKPHQGYHUGUlQJW 'HUVHOEH9RUJDQJLVWEHLP6XIIL[VFKDIWXQGWXP]XEHREDFKWHQ6RJHKWVFKDIWHLJHQWOLFK ]XUFN DXI DKG VFDS VFKDI Ä%HVFKDIIHQKHLW¶ DOV )HPLQLQXP Ä*HVFK|SI¶ DOV 1HXWUXP VRZLHWXPDXIDKGWXRPÄ*HULFKW*HVHW]8UWHLO¶0(66,1* $XFKGHPQKG6XIIL[VFKDIWGDVLP0KGQRFKKlXILJDOVVFKDIDXIWUDWLVWHLQ3UR]HVVGHU 9HUVFKPHO]XQJ ZLGHUIDKUHQ ZRGXUFK GLH PKG $OORPRUSKLH HUNOlUW ZHUGHQ NDQQ 0DQ QLPPW HLQH 9HUVFKPHO]XQJ GHV HLQVWLJHQ /H[HPV PLW GHP HUHUEWHQ 6XIIL[ WL DQ *(5&.(16 :,/0$116 6,(%85* =XU (LQRUGQXQJ GLHVHU 3UR]HVVHDOV5HDQDO\VHL6HLQHVQLFKWJHULFKWHWHQ6SUDFKZDQGHOSUR]HVVHVYJO.DSLWHO (LQH ZHLWHUH ELVODQJ LQ GHU /LWHUDWXU YHUQDFKOlVVLJWH WKHRUHWLVFKH 0|JOLFKNHLW ZLH NHLW HQWVWDQGHQVHLQN|QQWHXQGGLHHPSLULVFK]XEHUSUIHQZlUHLVWGLHV\QWDJPDWLVFKH9HU NHWWXQJGHV$GMHNWLYVXIIL[HVOLFKPLWKHLW5HDQDO\VHSUR]HVVHVROFKHU$UWODVVHQVLFKDXFK KRFKIUHTXHQWLP0KGLPDGMHNWLYLVFKHQ%HUHLFKEHREDFKWHQ'RUWZRGLH.RQVWLWXHQWHQ VWUXNWXURSDNZXUGHODVVHQVLFK0HKUIDFKVXIILJLHUXQJHQIHVWVWHOOHQGLHYRQGHQ6SUHFKHUQ QLFKWPHKUDOVVROFKHZDKUJHQRPPHQZXUGHQZLHHWZDPKGKHLOLFOLFKQHEHQKHLOLFKHOIHFOLFK QHEHQKHOIHFÄKLOIUHLFK¶'LHDGMHNWLYLVFKHQ]HLJHQHEHQVRZLHGLHVXEVWDQWLYLVFKHQ:RUWELO GXQJVVXIIL[H HLQ .RQNXUUHQ]YHUKDOWHQ XQWHUHLQDQGHU ZDV DXI HLQHQ ZHLWUHLFKHQGHQ *UDPPDWLNDOLVLHUXQJVSUR]HVVKLQGHXWHWGHUGLH0DNURZRUWDUW1RPHQLPZHLWHQ6LQQGHV 7HUPLQXV GHV$KGHQWVSUHFKHQGGHUV\QWDNWLVFKHQ9HUZHQGXQJVZHLVHQPRUSKRORJLVLHUWH XQGGDPLWLQ(LQ]HOZRUWDUWHQJUDPPDWLNDOLVLHUWH$XFKGLHLP1KGEHUZLHJHQGXQPDU
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
VHOEH3UR]HVVGHU5HDQDO\VHZLHEHLNHLWLVWEHLP6XIIL[LJNHLWJHVFKHKHQ GHVVHQ .RQVWLWXHQWHQ LJ XQG NHLW QRFK HUNHQQEDU VLQG 7HLOZHLVH ODVVHQ VLFK VHPDQWLVFKH $XVGLIIHUHQ]LHUXQJHQ YRQ 6XIIL[PXVWHUQ HUNHQQHQ ZLH 1HXKHLW YV 1HXLJNHLW Ä1HXH 1DFKULFKW¶ RGHU .OHLQKHLW YV .OHLQLJNHLW ÄHWZDV .OHLQHV¶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lPPH WUHWHQ ZlKUHQG QLFKWQDWLYH 6XIIL[H GDV 6XIIL[ KHLW EHLQDWLYHQ6WlPPHQQLFKWHUVHW]HQN|QQHQYJO 'DV6XIIL[KHLWXQ WHUOLHJW LP 9HUJOHLFK ]X QLFKWQDWLYHQ 6XIIL[HQ GDKHU NHLQHQ IRUPDOHQ 5HVWULNWLRQHQ 8P GHVXEVWDQWLYLVFKH (LJHQVFKDIWVDEVWUDNWD ]X HU]HXJHQ EHGLHQWVLFKGDV6SUDFKV\VWHPGHV1KGGDEHLPHKUHUHU6FKULWWH6RPXVV ]XQlFKVWHLQ$GMHNWLYJHELOGHWZHUGHQZHOFKHVVHLQHUVHLWVGXUFKGDV6XI IL[LJNHLWDEJHOHLWHWZLUG(LQ%HLVSLHOKLHU]XZlUHGDV:RUW6WXGHQWHQKDIW LJNHLW%HL3HUVRQHQEH]HLFKQXQJHQKDWGDV6XIIL[KDIWEHLGHU$GMHNWLYELO GXQJPDJHEOLFKHQ$QWHLO'LHVJHVFKLHKW]XQlFKVWGXUFKhEHUIKUXQJ LQHLQVWDWLYLVFKHV$GMHNWLYXPLQHLQHPQlFKVWHQ6FKULWWHLQ$EVWUDNWXP ]XELOGHQGDVDXVGHUDGMHNWLYLVFKHQ6WDWLYLWlWHLQHRGHUPHKUHUHUHOHYDQWH (LJHQVFKDIWHQH[WUDKLHUW8P.ROOHNWLYD]XELOGHQZLUGGDJHJHQGDV6XI IL[ VFKDIW YRP 6SUDFKV\VWHP EHUHLWJHVWHOOW 'DV 6XIIL[ LVW QXU HLQJH VFKUlQNWSURGXNWLYGDDXVVFKOLHOLFKSOXUDOLVLHUWH3HUVRQHQEH]HLFKQXQJHQ DEJHOHLWHWZHUGHQN|QQHQZLHLQ6WXGHQWHQVFKDIW 'LHVHV3KlQRPHQNDQQ PDQDXVV\QFKURQHU6LFKWPHUHRORJLVFKVRLQWHUSUHWLHUHQGDVV]XP$XI EDXYRQQHXWUDOHU(LJHQVFKDIWVDEVWUDNWKHLWPLWGHP6XIIL[WXPYJO E]Z IHPLQLQHU .ROOHNWLYLWlW PLW GHP 6XIIL[ VFKDIW GDV LQGLYLGXDWLYH 4XDQWLILNDWLRQVNRQ]HSW GHU 3HUVRQHQEH]HLFKQXQJ QHXWUDOLVLHUW ZHUGHQ PXVV(VPXVVDOVRÅYHUPDVVW´ZHUGHQ'DV6XIIL[VFKDIWVWHOOWVSUDFKKLV WRULVFKHLQHQ6RQGHUIDOOGDUGDHVLQGHU'LDFKURQLHHLQVW]XU%LOGXQJYRQ $EVWUDNWDSURGXNWLYZDUVHLQH3URGXNWLYLWlWMHGRFKLP/DXIHGHU6SUDFK JHVFKLFKWHHLQEWH8QWHUGHP$VSHNWGHU*UDPPDWLNDOLVLHUXQJKDQGHOW HVVLFKXPHLQHQ*UDPPDWLNDOLVLHUXQJVSDUWL]LSDQWHQGHUDXIJUXQGIRUPD BBBBBBBBBBBBB NLHUWH :RUWDUW $GYHUE KDW DQ GLHVHP 0RUSKRORJLVLHUXQJVSUR]HVV SDUWL]LSLHUW ]X 'HWDLOV GHU'LDFKURQLHYJO3281'(5 =XUIXQNWLRQDOHQ$XVGLIIHUHQ]LHUXQJGHU6XIIL[HKHLWNHLWXQGLJNHLWYJO2%(5/(
*UDPPDWLNDOLVLHUXQJGHV*HQXVIHPLQLQXP
OHU5HVWULNWLRQHQQLFKWPHKU LQV*UDPPDWLNDOLVLHUXQJ]LHOHLQJHKHQZLUG :LU NRPPHQ XQWHU EHL GHU 'LVNXVVLRQ GHV V\QFKURQHQ 6WDWXV GHU )XJHQHOHPHQWHDXIGLHVHQ$VSHNW]XUFN $XFK GLH %LOGXQJ IHPLQLQHU 9HUEDODEVWUDNWD ]HLJW HLQH NODUH IRUPDOH (LQWHLOXQJ'HYHUEDOH)HPLQLQDZHUGHQLP1KGPLWGHP6XIIL[HUHLJH ELOGHWZLHHWZD6FKOlJHUHL6FKUHLHUHL+XVWHUHL $XIJUXQGVHLQHUSHMRUDWLYHQ (LJHQVFKDIW LVW HV MHGRFK LQ VHLQHU $QZHQGXQJVIUHLKHLW DXI EHVWLPPWH .RQWH[WH UHVWULQJLHUW ZDV NHLQH NHUQJUDPPDWLVFKH 5HVWULNWLRQ LP VWUHQ JHQ6LQQHLVW3ULQ]LSLHOON|QQHQPLWHUHLVFKOLHOLFK9HUEDODEVWUDNWDJHELO GHW ZHUGHQ 'DV 6XIIL[ ZXUGH QDFK PHKUKHLWOLFKHU 0HLQXQJ DE GHP -KSURGXNWLYXQGLVWDXVGHP)U]HQWOHKQWDXFKLQGHU)RUPHLLHZLHLQ 0HORGHL 0HORGLH ./8*( ,Q GLHVHP =XVDPPHQKDQJ LVW ]X HUZlKQHQGDVVGLHSHMRUDWLYH.RQQRWDWLRQGHV6XIIL[HVRIIHQEDUDXVGHP )UDQ]|VLVFKHQPLWHQWOHKQWZXUGH67(,1 'DV6XIIL[ZLUGLQPKG =HLWSURGXNWLYXQGOHLWHW3HUVRQHQEH]HLFKQXQJHQKLQVLFKWOLFKFKDUDNWHULV WLVFKHU7lWLJNHLWVPHUNPDOHDOVRYRUZLHJHQG%HUXIVEH]HLFKQXQJHQDE6HLW GLHVHU=HLWHUVFKHLQWHVEHUZLHJHQGLQGHU)RUPHUHLHOHLWULWWDOVRLQHU ZHLWHUWHU)RUPHQWVWDQGHQDXVGHU5HDQDO\VHGHU6XIIL[HHUXQGHL DXI =DKOUHLFKH GLHVHU %LOGXQJHQ VLQG OH[LNDOLVLHUW LQ 2UWV E]Z .ROOHNWLYEH ]HLFKQXQJHQZLH%lFNHUHL'UXFNHUHL6FKQHLGHUHL (LQZHLWHUHV6XIIL[LVWGDV6XIIL[XQJGDVIUGDV*HJHQZDUWVGHXWVFKH LQGHQ9HUGDFKWGHU8QSURGXNWLYLWlWJHUDWHQLVW*UXQGIUGLHVH.ODVVLIL NDWLRQVWHOOHQ%LOGXQJHQZLH +XVWXQJ &KDWWXQJ"+HUXPIKUXQJGDUGHUHQ %LOGXQJVPXVWHU ]XQHKPHQG GXUFK GHQ VXEVWDQWLYLHUWHQ ,QILQLWLY HUVHW]W ZLUG ZLH GDV +XVWHQ GDV &KDWWHQ GDV +HUXPIKUHQ 0LW GHP :HFKVHO GHU .RGLHUXQJVWHFKQLN YRQ 'HULYDWLRQ ]X 7UDQVSRVLWLRQ LVW HEHQIDOOV HLQ :HFKVHO GHV *HQXV YHUEXQGHQ 'LHVHU $VSHNW ILQGHW LQ $EVFKQLWW XQGHLQJHKHQGH%HWUDFKWXQJ'LH3URGXNWLYLWlWGHV6XIIL[HVXQJLVW LQGHU)RUVFKXQJVOLWHUDWXUXPVWULWWHQ'HU*UXQGGDIULVWGDVV]ZLVFKHQ HUHUEWHQ XQG SURGXNWLY HU]HXJWHQ %LOGXQJHQ QLFKW XQWHUVFKLHGHQ ZLUG 8P GLH JHJHQZlUWLJH 3URGXNWLYLWlW GHV 6XIIL[HV ]X HUPLWWHOQ LVW HV DOVR Q|WLJGLHVSH]LILVFKH(QWZLFNOXQJVORJLNGHV6XIIL[HV]XEHWUDFKWHQ'LHVHU $VSHNWLVWLQVRIHUQUHOHYDQWGDGDV6XIIL[QRFKLP*HJHQZDUWVGHXWVFKHQ EHUDXV IUHTXHQW YHUWUHWHQ LVW XQG GDPLW DOV *UDPPHP UHOHYDQW VHLQ N|QQWH+LVWRULVFKHUHUEWH%LOGXQJHQGHV'HXWVFKHQEHOHJHQDXIIRUPDOHU (EHQHGHQHLQVWGHQRPLQDOHQ$EOHLWXQJVVWDWXVGHV6XIIL[HVRKQHMHGRFK $XVNQIWHEHUHLQHP|JOLFKHVHPDQWLVFKH'LPHQVLRQYRQ(LJHQVFKDIWV DEWUDNWKHLW]XJHEHQ'LHVLVWDQ%LOGXQJHQZLHQKG6WDOOXQJ]X6WDOORGHU :DOGXQJ]X:DOGQRFK]XHUNHQQHQ'LH)lKLJNHLWGHV6XIIL[HV$EVWUDNWD BBBBBBBBBBBBB =XHLQHUIUKHUHQ'DWLHUXQJGHV6XIIL[HVNRPPW6&+5g'(5
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
]XELOGHQLVWMHGRFKSULPlU:,/0$116 'LHLP1KGHUKDOWH QHQHQGHQRPLQDOHQ%LOGXQJHQEHVLW]HQGDPLWGHQ6WDWXVYRQ/H[LNDOLVLH UXQJHQ,P1KGKDQGHOWHVVLFKEHLGLHVHQ%LOGXQJHQXP.ROOHNWLYD:LH EHUHLWVKHUDXVJHVWHOOWZXUGHNRPPWIHPLQLQHQ.ROOHNWLYDQLFKWGHU6WDWXV YRQ*HJHQEHLVSLHOHQ]XGDDXVIHPLQLQHQ%LOGXQJVPXVWHUQIU.ROOHNWLYD VHPDQWLVFK JHVHKHQ QLHPDOV %LOGXQJVPXVWHUQ IU $EVWUDNWD ZHUGHQ N|Q QHQ'LH(QWZLFNOXQJVULFKWXQJYHUOlXIWXPJHNHKUWYJO 'LH$QQDK PHHLQHU(QWZLFNOXQJVULFKWXQJYRQ$EVWUDNWKHLWKLQ]X.ROOHNWLYLWlWXQG QLFKWXPJHNHKUWNDQQGDKHUDXIUHFKWHUKDOWHQZHUGHQ $XFKLP0KGILQGHQVLFKKLHU]X%HOHJH6RH[LVWLHUWGLH%LOGXQJPKG KHLVHUXQJH PLW IHPLQLQHP *HQXV LQ GHU %HGHXWXQJ Ä+HLVHUNHLW¶ %(1( &.(0h//(5=$51&.( 'RFK EHUHLWV LQ YRUDKG =HLW LVW GDV 6\VWHP GHU$EOHLWXQJVV\VWHPDWLNGHV6XIIL[HVXQJLP8PEUXFK'HQQGDV6XIIL[ GHULYLHUW EHUHLWV LP $KG EHUZLHJHQG 9HUEHQ ]XQlFKVW 6LPSOL]LD QRFK HUKDOWHQ LQ 'UHKXQJ VSlWHU QXU QRFK SUlILJLHUWH 9HUEHQ ZLH%HGUlQJXQJ VFKOLHOLFK 3DUWLNHOYHUEHQ ZLH HWZD 8POHLWXQJ '(06.( 'D ]XP JHJHQZlUWLJHQ =HLWSXQNW SURGXNWLY NHLQH 6LPSOL]LD +XVWXQJ /DFKXQJ
6FKQHLGXQJ NHLQH3UlIL[YHUEHQ 9HUOLHUXQJ %HJOFNZQVFKXQJ =HUWUHWXQJ XQGQXUQRFKHLQJHVFKUlQNW3DUWLNHOYHUEHQ (LQEUHFKXQJ"$EWUHWXQJ"+HU HLQWUDJXQJ DEJHOHLWHW ZHUGHQ N|QQHQ LVW DQ]XQHKPHQ GDVV GDV 6XIIL[ ² WURW] VHLQHU HLQVW KRKHQ 3URGXNWLYLWlW ² DOOPlKOLFK XQSURGXNWLY ZLUG 'DVV GLH $XIJDEH GHU 9HUEDODEVWUDNWELOGXQJ LP +LQEOLFN DXI GLH %HUHLW VWHOOXQJJUDPPDWLVFKPRWLYLHUWHUSURGXNWLYHU0RUSKRORJLHGHV1KGLP *HJHQVDW] ]X HUHUEWHU ZLH EVSZ $EODXWELOGXQJHQ ZLH HWZD %UXFK :XUI 6FKXVV ]XQHKPHQG YRP VXEVWDQWLYLHUWHQ ,QILQLWLY HUEUDFKW ZLUG YJO GLH +XVWXQJ!GDV+XVWHQ GLH/DFKXQJ!GDV/DFKHQ N|QQWHPDQDXIHLQHQHUV WHQ%OLFNDOV:HFKVHOGHU.RGLHUXQJVWHFKQLNLP6LQQHHLQHV*HQXVZHFK VHOV LQWHUSUHWLHUHQ 'D]X PVVWH VLFK GHU VXEVWDQWLYLHUWH ,QILQLWLY MHGRFK VHLQHUVHLWV KLQVLFKWOLFK VSH]LILVFKHU &KDUDNWHULVWLND YRQ VHLQHU XUVSUQJOL FKHQUHLQNRQWLQXDWLYHQ)XQNWLRQZLHGDV/DXIHQ5HFKQHQ6WHKHQ ZHLWHU HQWZLFNHOW KDEHQ 'LH :HLWHUHQWZLFNOXQJ PVVWH GLH GXUFK GDV )HPLQL QXP HUEUDFKWH )XQNWLRQ GHU YHUEDOHQ ,WHUDWLYLWlW EHWUHIIHQ 'DPLW GHU VXEVWDQWLYLHUWH,QILQLWLYGLHYRP)HPLQLQXPHLQVWEHUHLWJHVWHOOWH$EVWUDN WLRQVOHLVWXQJ HUEULQJHQ NDQQ PXVV VHLQH HLQVWLJH UHLQ NRQWLQXDWLYH *UXQGVHPDQWLN ]XJXQVWHQ GHU ,QKlULHUXQJ GHV 0HUNPDOV > =b+/%$5@ HUZHLWHUW ZHUGHQ 'D V\QFKURQ DOV HLQ]LJHV IRUPDO XQHLQJHVFKUlQNW SUR GXNWLYHV6XIIL[]XU%LOGXQJYRQ9HUEDODEVWUDNWDGDV6XIIL[HUHL]XU9HUI
BBBBBBBBBBBBB
6\QFKURQLVWGDV6XIIL[XQJQXUQRFKEHL9HUEHQDXILHUHQSURGXNWLYZLHHWZDLQ'UDQJVDOLH UXQJ *UDPPDWLNDOLVLHUXQJ RGHU 0RWLYLHUXQJ 'LHV LVW MHGRFK NHLQ *HJHQHLQZDQG JHJHQ GLH $XVVDJH ]XU ,QSURGXNWLYZHUGXQJ GHV 6XIIL[HV XQJ GD JHJHQZlUWLJ DXFK GLHVH %LOGXQJHQ EHJLQQHQGXUFKGHQVXEVWDQWLYLHUWHQ,QILQLWLYHUVHW]W]XZHUGHQ
*UDPPDWLNDOLVLHUXQJGHV*HQXVIHPLQLQXP
JXQJ VWHKW NDQQ PDQ QXU YHUPXWHQ GDVV GLHVHV 6XIIL[ HQWZHGHU VWDUN SURGXNWLY ZHUGHQ PVVWH RGHU DEHU HLQ QHXHV 0RUSKHP ]XU IHPLQLQHQ 9HUEDODEVWUDNWELOGXQJ JHQHULHUW ZHUGHQ PVVWH XP GDV )HPLQLQXP EHL GHU)XQNWLRQGHU9HUEDODEOHLWXQJ]XVWW]HQ%HLGH0|JOLFKNHLWHQODVVHQ VLFK V\QFKURQ MHGRFK QLFKW HUNHQQHQ 'DPLW NDQQ GLH $QQDKPH HLQHV ÄHFKWHQ¶*HQXVZHFKVHOVDQGLHVHU6WHOOHDXIUHFKWHUKDOWHQZHUGHQ)UZHL WHUH (YLGHQ] JHKHQ $EVFKQLWW XQG DXV GHU 3HUVSHNWLYH GHV 1HXWUXPVGLHVHU)UDJHQRFKHLQPDOGHWDLOOLHUWQDFK :DV VDJW GHU %HIXQG GHU ,QSURGXNWLYLWlW GHV GHYHUEDOHQ XQJ %LOGXQJVPXVWHUVLP+LQEOLFNDXIGLHDQGHUHQ6XIIL[HLQQHUKDOEGHV*HQXV IHPLQLQXPDXV"'HU9HUJOHLFK]ZLVFKHQGHP$KGXQGGHP1KG]HLJW GDVVQHXHQWVWHKHQGH6XIIL[HZLHQKGKHLWNHLWVFKDIWXQGGDVLP1KG 1HXWUD NRGLHUHQGH WXP GLH DOWHQ HWDEOLHUWHQ 6XIIL[H DEJHO|VW KDEHQ 3,/7= $XVGHU7KHRULHGHU*UDPPDWLNDOLVLHUXQJLVWEHNDQQWGDVV VLFKGLDFKURQDOWHXQGQHXH%LOGXQJVPXVWHUEHUODJHUQN|QQHQZLHQRFK DQHLQLJHQ%HLVSLHOHQGHV1KGVLFKWEDUbOWHUH%LOGXQJHQZLH*U|H.lOWH )HUQHVWHKHQMQJHUHQ%LOGXQJHQZLH.OXJKHLW6FK|QKHLW6DQIWKHLWJHJHQEHU =ZDUVLQGHLQLJH6XIIL[HHGH HUKDOWHQ'LHVHVLQGMHGRFKDOVOH[LNDOLVLHUW HLQ]XVWXIHQ'LDFKURQJHVHKHQVWDQGHQGLH6XIIL[HHXQGGHLQ.RQNXU UHQ]]XHLQDQGHU'LHVLVWEHUHLWVLP$KGGHU)DOO6RQLPPWGLH3URGXNWL YLWlWYRQDKGLGDQKGGH DE'DVGDPLWNRQNXUULHUHQGH0RUSKHPDKG ĩ QKG H ZLH LQ .lOWH LVW GDV KlXILJVWH 6XIIL[ LP $KG ,P 1KG LVW GDV 0RUSKHP H DXVVFKOLHOLFK SURGXNWLY EHL GHU 9HUEDODEVWUDNWELOGXQJ ZLH 6FKDOWHÄ6FKDOWXQJ¶/DFKH'HQNH DOOHUGLQJVDXIJUXQGYRQ3HMRUDWLRQHLQJH VFKUlQNW SURGXNWLY XQG LQVEHVRQGHUH GHU 8PJDQJVVSUDFKH YRUEHKDOWHQ 'DV0RUSKHPLVWGDUEHUKLQDXVLQGHU)OH[LRQSURGXNWLYLQVEHVRQGHUH EHL VXEVWDQWLYLHUWHQ $GMHNWLYHQ ZLH GHUGLH 6FK|QH $XIJUXQG GHU V\Q FKURQHQ+RPRQ\PLHPLWGHP0RUSKHPHIUGHQ'DWLY6LQJXODUVWDUNHU 0DVNXOLQDZLHGHP7DJH XQG1HXWUDZLHGHP.LQGH ]HLJWVRZLHPLWGHP 3OXUDOIOH[LYHZLHLQGLH+XQGH NDQQGDKHUQLFKWYRQHLQHUHLQ]LJHQ*H QXV)XQNWLRQGHV0RUSKHPVDXVJHJDQJHQZHUGHQ'DVGHYHUEDOH6XIIL[H LVW]XPJHJHQZlUWLJHQ=HLWSXQNWJHUDGHLP%HJULIIGHU8QSURGXNWLYZHU GXQJ'LHVEHZHLVWYRUDOOHPGLH7DWVDFKHGDVVGLHPLWGLHVHP6XIIL[DE JHOHLWHWHQ9HUEDODEVWUDNWDPLWWOHUZHLOHDXIJUXQGGHUSHMRUDWLYHQ.RQQRWD WLRQ LP *HJHQZDUWVGHXWVFKHQ DXI VSH]LILVFKH bXHUXQJVNRQWH[WH UHVWULQJLHUW VLQG 'HU 3UR]HVV GHU ,QSURGXNWLYZHUGXQJ EHJLQQW MHGRFK QLFKWHUVWLP1KG%HUHLWVLQPKG=HLWQLPPWGLH3URGXNWLYLWlWGHV0RU SKHPVDE5,1* 9RQHLQHUHLQGHXWLJHQ=XRUGQXQJYRQ)RUP BBBBBBBBBBBBB =XU 'LDFKURQLH XQG XQWHUVFKLHGOLFKHU .ODVVLILNDWLRQ YJO IU HLQH )RUVFKXQJVEHUVLFKW 5,1*II
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
XQG *HQXVLQKDOW NDQQ ZHGHU V\QFKURQ QRFK GLDFKURQ JHVSURFKHQ ZHU GHQ 'HQQ GDV 6XIIL[ QLV ILQGHW VLFK EHL 1RWNHU VHOWHQ REJOHLFK HV LP $KGQHEHQGHP6XIIL[LGDDQVRQVWHQGDV]ZHLWKlXILJVWH6XIIL[GHV$KG GDUVWHOOW)/(,6&+(5 $EGHP-DKUKXQGHUWQHKPHQDQGHUH6XIIL[H]XVRGDVVGDPLWDXFK GLHDEQHKPHQGH3URGXNWLYLWlWGHUlOWHUHQ6XIIL[HHUNOlUOLFKZLUG'LHMQ JHUHQ 6XIIL[H VLQG GLH GXUFK .RPSRVLWLRQ HQWVWHKHQGHQ 6XIIL[H WXP KHLW XQG VFKDIW ,P IUKHQ $KG LVW KHLW GDEHL QRFK UHODWLY VHOWHQ )526&+$8(5 I ,P 0KG NRPPW HV ]X 6SUDFKZDQGHO 'DV 6XIIL[KHLWZLUGDEGLHVHU=HLW]XQHKPHQGSURGXNWLY]XU%LOGXQJYRQ(L JHQVFKDIWVDEVWUDNWD HLQJHVHW]W :HVHQWOLFK KlXILJHU DOV LP 1KG ZDU ]X GLHVHU =HLW GDV IHPLQLQH *HQXV EHL QLV6XIILJLHUXQJHQ %HLVSLHOH KLHU]X ZlUHQEHGUIQLVEHJlQJQLVJOHLFKQLVEQGQLVHUIRUGHUQLVYHUKlQJQLVYHUO|EQLVXD 5(,&+0$11:(*(5$ ,P 1KG LVW GHU VHPDQWLVFKH 8QWHU VFKLHG ]ZLVFKHQ )HPLQLQXP XQG 1HXWUXP QXU EHL GHP :RUW (UNHQQWQLV HUKDOWHQGDVLP)HPLQLQXPÄ(LQVLFKW¶LP1HXWUXPGDJHJHQÄULFKWHUOLFKHV 8UWHLO¶ EHGHXWHW +(1=(1 $Q GHU 6HOWHQKHLW VROFKHU HUKDOWH QHQ%LOGXQJHQGLHEHLGHPVHOEHQ6XIIL[DXVVFKOLHOLFKGXUFKGDV*HQXV SHUVSHNWLYLHUHQNDQQPDQDEOHVHQZLHKlXILJVROFKH%LOGXQJHQGXUFKDQ GHUH MQJHUHQ 'DWXPV PLW JHQXVVSH]LILVFKHQ 6XIIL[HQ HUVHW]W ZXUGHQ 'LHVJLOWIUDOOHGUHL*HQHUD$XVGHQELVODQJJHWURIIHQHQ$XVVDJHQNDQQ PDQ HUVHKHQ GDVV GLH GHQ 'HULYDWLRQVEDVHQ ]XJUXQGHOLHJHQGH :RUWDUW PDJHEOLFKDP$XIEDXYRQJUDPPDWLVFKHU.RPSOH[LWlWEHWHLOLJWLVW=X HUVWZHUGHQQRPLQDOHLPZHLWHQ6LQQGHV:RUWHV %DVHQDEJHOHLWHW9HU EHQZHUGHQVWHWV]XOHW]WDEJHOHLWHW ,Q%H]XJDXIGLH(QWZLFNOXQJGHU'HULYDWLRQVEDVHQODVVHQVLFKGLHJH WURIIHQHQ $XVVDJHQ VRPLW ]XVDPPHQIDVVHQ ,P $KG DOV $GMHNWLY XQG 6XEVWDQWLYQRFKLQHLQHU0DNURZRUWDUWYHUHLQWZDUHQODVVHQVLFKQLFKWQXU %LOGXQJHQ]X3HUVRQHQEH]HLFKQXQJHQVRQGHUQDXFK]X²DXVQKG6LFKW² $GMHNWLYHQ ILQGHQ ZLH QKG 6FK|QKHLW :HLVKHLW .OXJKHLW 'D GLHVHU 8P VWDQG MHGRFK LP 0KG QLFKW PHKU LQ GLHVHU )RUP JHJHEHQ ZDU JLEW HV SODXVLEOH (YLGHQ] GDIU GDVV GLH ÄUHLQH¶ $GMHNWLYVXIILJLHUXQJ XQG GDPLW GLH$XVGLIIHUHQ]LHUXQJYRQ6XEVWDQWLYXQG$GMHNWLYDEVSlWDKG=HLWVWDWW IDQG,Q$EVFKQLWWGHUVLFKPLWGHU(WDEOLHUXQJGHU)XJHQHOHPHQWH DXVHLQDQGHUVHW]WVROOGLHVHU$VSHNWDXIJHJULIIHQZHUGHQGDXQWHUIXQNWL RQDOHP$VSHNWGLH)UDJHQDFKGHU'HULYDWLRQVEDVHQVHOHNWLRQDXIJHZRUIHQ ZLUGXQGGDPLWGLH)UDJHRE*UQGHIUGLH+HUDXVELOGXQJYRQQXUEHL GHVXEVWDQWLYLVFKHQ 'HULYDWLRQVEDVHQ DXIWUHWHQGHQ )XJHQHOHPHQWHQ DQJH JHEHQZHUGHQN|QQHQ +LQVLFKWOLFKGHU(UZHLWHUXQJGHU$EOHLWXQJVP|JOLFKNHLWHQODVVHQVLFK YRUGLHVHP+LQWHUJUXQGGLHELVODQJJHWURIIHQHQ$XVVDJHQZHLWHUSUl]LVLH UHQ'HU9HUJOHLFKPLWGHQDQGHUHQ6XIIL[HQUFNWGLH]X%HJLQQGHV$E
*UDPPDWLNDOLVLHUXQJGHV*HQXVIHPLQLQXP
VFKQLWWVGLVNXWLHUWHQ6XIIL[HHUHLXQGXQJHUQHXWLQV=HQWUXPGHU%HWUDFK WXQJ(VOlVVWVLFKIHVWVWHOOHQGDVVGLHVHDXVJHJHQZDUWVVSUDFKOLFKHU6LFKW ÄGHYHUEDOHQ¶ 6XIIL[H XUVSUQJOLFK GHQRPLQDO ZDUHQ 6LH HUZHLWHUWHQ YRQ DKG=HLWELV]XU*HJHQZDUWDOOPlKOLFKGLH'HULYDWLRQVIlKLJNHLWYRQ1R PLQD $GMHNWLYHQ 6XEVWDQWLYHQ ]X 9HUEHQ 'HU (UZHLWHUXQJVYRUJDQJ IDQG EHLP 6XIIL[ XQJ QDFK HLJHQHU HPSLULVFKHU hEHUSUIXQJ EHUHLWV LQ DKG =HLW VWDWW %HLP 6XIIL[ HUHL OlVVW HLQ VROFKHU VLFK HLQGHXWLJ HUVW DE PKG =HLW QDFKZHLVHQ ZLH HLJHQH HPSLULVFKH $XVZHUWXQJHQ HUJDEHQ 0|JOLFK ZXUGH GLH 'HULYDWLRQEDVHQVHUZHLWHUXQJ GDGXUFK GDVV ]XQlFKVW GHYHUEDOH 6XEVWDQWLYH PLW 1XOOPRUSKHP DEJHOHLWHW ZXUGHQ QDFK GHP 0XVWHU6FKODI! 6FKODIXQJ(LQHDQGHUH(QWZLFNOXQJ]HLJWGDV6XIIL[HUHL 0LW GHU 5HDQDO\VH YRQ HL ]X HUHL JLQJ HLQH %DVHQHUZHLWHUXQJ HLQKHU ZLH GDV %HLVSLHO 5HLWHUHL Ä(LJHQVFKDIW YRQ 5HLWHUQ¶ ! Ä7lWLJNHLW GHV 5HLWHQV¶ ]HLJW%HLEHLGHQ6XIIL[HQZXUGHQ]XQlFKVWYHUEDOH6LPSOL]LDGHULYLHUWLP ZHLWHUHQ 9HUODXI NDPHQ 3UlIL[ GDQDFK 3DUWLNHOYHUEHQ GD]X ZLH HLJHQH 6WLFKSUREHQ HUJDEHQ 'LH 3DUWL]LSLHQ ZXUGHQ VHLW LKUHU (QWVWHKXQJ ZLH $GMHNWLYHEHKDQGHOWXQGZHUGHQIROJOLFKLP1KGYRQGHPVHOEHQ6XIIL[ QlPOLFKGHP6XIIL[KHLWDEJHOHLWHW(UVWHVSlUOLFKH%HOHJHILQGHQVLFKLP $KG ZLH HWZD WUXQNHQKHLW IHUPH]]HQKHLW KlXILJH %HOHJH ILQGHQ VLFK LP 0KG ZLH HWZD YHUGUR]]HQKHLW YHUZRUUHQKHLW XQJH]RJHQKHLW YJO :,/0$116 'LH PRUSKRORJLVFKH *OHLFKEHKDQGOXQJ YRQ $GMHNWLYHQ XQG 3DUWL]LSLHQEHLGHUVXEVWDQWLYLVFKHQ'HULYDWLRQKDWVLFKVRNDQQPDQGDU DXVDEOHVHQHUVWLP/DXIHGHU6SUDFKJHVFKLFKWHHWDEOLHUW)UDOOH6XIIL[H OlVVW VLFK LQ %H]XJ DXI GLH $EOHLWXQJ YRQ 9HUEHQ IHVWVWHOOHQ GDVV ]XHUVW 6LPSOL]LDGDQQNRPSOH[HUH%DVHQ3UlIL[XQG3DUWLNHOYHUEHQ DEJHOHLWHW ZHUGHQ$XFKGLH9HUEVHPDQWLNKDW(LQIOXVVDXIGLH0|JOLFKNHLW]XU'H ULYDWLRQ =XQlFKVW ZHUGHQ +DQGOXQJVYHUEHQ VSlWHU *HVFKHKHQVYHUEHQ DEJHOHLWHW ZLH HLJHQH hEUSUIXQJHQ GHV KLVWRULVFKHQ 6SUDFKPDWHULDOV HUJDEHQ $OV *UXQG NDQQ PDQ DQ GLHVHU 6WHOOH DQIKUHQ GDVV ÄW\SLVFKH¶ 3DUWL]LSLHQGK3DUWL]LSLHQYRQ+DQGOXQJVYHUEHQLP*HJHQVDW]]X*H VFKHKHQVYHUEHQ XQG$GMHNWLYHVLFKEHLGHU$EOHLWXQJIRUPDOJOHLFKYHU KDOWHQ LQ GHP 6LQQH GDVV V\QFKURQ EHLGH GXUFK GDV 6XIIL[ KHLW DEJHOHLWHW ZHUGHQ *HVFKHKHQVYHUEHQ N|QQHQ PLWWHOV KHLW GDJHJHQ QLFKW ]XU %LOGXQJ YRQ VXEVWDQWLYLVFKHQ )HPLQLQD KHUDQJH]RJHQ ZHUGHQ *HVFKQHLWKHLW *HUHJQHWKHLW 3DVVLHUWKHLW 'LH GHDGMHNWLYLVFKHQ 6XEVWDQ WLYVXIIL[HN|QQHQEHUHLWVDEGHP$KGSURGXNWLYDXFK3DUWL]LSLD,,DEOHL WHQZREHLGLHXQHLQJHVFKUlQNWH3URGXNWLYLWlWHUVWLP0KG]XEHREDFKWHQ LVW(VILQGHWVLFKNHLQ6XIIL[LP1KGGDVVRZRKO$GMHNWLYHDOVDXFK9HU EHQDEOHLWHW'DPLWOlVVWVLFKDOV=ZLVFKHQID]LWIHVWKDOWHQGDVVGLH8QWHU VFKHLGXQJ ]ZLVFKHQ (LJHQVFKDIWV XQG 9HUEDODEVWUDNWD HUVW HLQ 3URGXNW GHUGLDFKURQHQ6SUDFKHQWZLFNOXQJLVW
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
'HUIROJHQGH$EVFKQLWWJHKW]XQlFKVWGHU(WDEOLHUXQJGHU)XJHQHOHPHQWH EHLVXIIL[DOHQ:RUWELOGXQJVPXVWHUQQDFK,P$QVFKOXVVGDUDQZLUGGLHLQ GLHVHP .DSLWHO DXIJHZRUIHQH )UDJH GLVNXWLHUW GHU]XIROJH GLH (QWZLFN OXQJVULFKWXQJNROOHNWLY!DEVWUDNWGLHEHLGHUQHXWUDOHQ=LUNXPILJLHUXQJ JUDPPDWLVFKH .RPSOH[LWlW DXIEDXW QDFK GHP 0XVWHU*HELUJH ! *HODFKH EHL GHU 6XIILJLHUXQJ 7HLO /H[LNDOLVLHUXQJ PLWVLFKEULQJW 'LHVH (QWZLFN OXQJZLUGDP%HLVSLHOGHV)HPLQLQDELOGHQGHQ6XIIL[HVQKGVFKDIWGDUJH VWHOOW YJO HWZD GLH .ROOHNWLYD %XUVFKHQVFKDIW bU]WHVFKDIW 'DV 6XIIL[ LP 1KG 1HXWUD ELOGHQGH WXP YJO LVW HEHQVR YRQ GLHVHU (QWZLFNOXQJ EHWURIIHQXQGVROODXIJUXQGGHU3DUDOOHOLWlWGHU(QWZLFNOXQJJOHLFKIDOOVLQ GLHVHP$EVFKQLWWEHKDQGHOWZHUGHQ $XIXQG$EEDXYRQJUDPPDWLVFKHU.RPSOH[LWlW 3ULQ]LSLHOOVWHKWGLH([LVWHQ]YRQ)XJHQHOHPHQWHQLQHLQHU6SUDFKHHLQHU (QWZLFNOXQJ YRQ .RPSRVLWLRQ ]X 6XIILJLHUXQJ HQWJHJHQ +$$6( (VJLEWMHGRFKVRJÄ$XVQDKPHQ¶GLHVLFKDXVGHU'LDFKURQLHHUNOlUHQ ODVVHQ %HLVSLHOH KLHUIU ZlUHQ HWZD 6WXGHQWHQVFKDIW RGHU bU]WHWXP %HL GHQ)XJHQHOHPHQWHQLQ'HULYDWLRQVELOGXQJHQKDQGHOWHVVLFKQLFKWXPHLQ DXVGHP*HUPDQLVFKHQÄHUHUEWHV¶3KlQRPHQZLHHLJHQH8QWHUVXFKXQJHQ GHV$KGHUJDEHQXQGLP)ROJHQGHQ]X]HLJHQVHLQZLUG$XFKLP1KG LVWGLH0XVWHUELOGXQJYRQ)XJHQHOHPHQWHQLQ'HULYDWLRQVELOGXQJHQVWDUN HLQJHVFKUlQNW6RZHUGHQQXU3HUVRQHQELOGXQJHQDXIVFKDIWXQGWXPPLW )XJHQHOHPHQWHQPDUNLHUW8QWHU5FNJULIIDXIHLJHQHHPSLULVFKH$XVZHU WXQJHQ DXV GHP 0KG XQG PHUHRORJLVFKH $[LRPDWLN OlVVW VLFK GDV 3Kl QRPHQ MHGRFK VSUDFKKLVWRULVFK PRWLYLHUHQ :LU NRPPHQ DXI GLHVHQ $V SHNWJOHLFK]XUFN=XYRULVWDQ]XPHUNHQGDVVGLHEHWURIIHQHQ%LOGXQJHQ DXIGHQHUVWHQ%OLFNKHWHURJHQVLQGGDLP(LQ]HOIDOODXVQKG6LFKWVFKZHU ]X HQWVFKHLGHQ LVW ZHOFKH :RUWDUW LQ (UVWSRVLWLRQ YRUOLHJW (LQ %HLVSLHO IU HLQ HLQGHXWLJ EHVWLPPEDUHV GHVXEVWDQWLYLVFKHV 'HWHUPLQDQV ZlUH PKG DSRVWHOQWXRP QWU Ä$PW GLH $SRVWHOQ EHWUHIIHQG¶ ]X DSRVWHO IHP Ä$SRVWHOVFKULIW¶GDLP0KGNHLQ$GMHNWLYGHVVHOEHQ/H[HPVWDPPVH[LV WLHUW(LQH%LOGXQJGDJHJHQZLHDIIHQKHLW]XDIIHPDVN Ä$IIH¶LVWLP0KG QRFKVHKUKlXILJXQWHUVSH]LIL]LHUWGDPRUSKRORJLVFKQLFKWHUNHQQEDULVW RE GDIU DOV QKG hEHUVHW]XQJ Ä$IILJNHLW 7ROOKHLW¶ (LJHQVFKDIWVDEVWUDN WXP RGHU DEHU Ä$IIHQKHLW¶ .ROOHNWLYXP DQ]XVHW]HQ LVW 'DV ]HLJW GDVV GXUFK GLH $XVGLIIHUHQ]LHUXQJ GHU :RUWDUWHQ 6XEVWDQWLY XQG $GMHNWLY LP 6SlWDKGZRUWDUWHQVSH]LILVFKH'LVWULEXWLRQHQKLQVLFKWOLFKGHU)lKLJNHLWLQ GHU)ROJHLQ(UVWSRVLWLRQYRQ.RPSRVLWDWUHWHQ]XN|QQHQHWDEOLHUWZXU GHQ'LHVHU$VSHNWHLQHUZRUWDUWJHVWHXHUWHQ'LVWULEXWLRQYRQ(UVWHOHPHQ WHQ VRZLH GHU GDPLW HLQKHUJHKHQGHQ PRUSKRORJLVFKHQ $PELJXLWlW DKG
*UDPPDWLNDOLVLHUXQJGHV*HQXVIHPLQLQXP
$EVWUDNWNRPSRVLWD LVW ELVODQJ LQ GHU )RUVFKXQJVOLWHUDWXU YHUQDFKOlVVLJW ZRUGHQ)UPKG.RPSRVLWDELOGXQJHQDXIKHLWVFKDIWXQGWXRPEHGHX WHWHGLHVXPJHNHKUWGDVV]XU%LOGXQJYRQQHXHQ(LJHQVFKDIWVDEVWUDNWDGLH 3URGXNWLYLWlW ]XJXQVWHQ HLQHU $EOHLWXQJ PDUNLHUWHU $GMHNWLYH PKG NLQW KHLW ! NLQGLVFKHLW Ä.LQGLVFKNHLW .LQGOLFKNHLW¶ HUZHLWHUW ZHUGHQ PXVVWH +RFKIUHTXHQWHQRPLQDOH/H[HPH]XU%H]HLFKQXQJSURWRW\SLVFKHU(LJHQ VFKDIWHQZLHVLHDXFKLQ6SUDFKHQH[LVWLHUHQGLHEHUNHLQH:RUWDUW$G MHNWLYYHUIJHQEOLHEHQLQ(LQ]HOIlOOHQ²YHUPXWOLFKKDQGHOWHVVLFKKLHU EHL XP /H[LNDOLVLHUXQJHQ ² XQPDUNLHUW ZLH HWZD VFK|Q RGHU JUR 'LH 0HKU]DKOGHUQRPLQDOHQ6WlPPHPLWDWWULEXWLYHU)XQNWLRQMHGRFKXQWHU ODJHQGHPIXQNWLRQDOHQ=ZDQJDOVQHXJUDPPDWLNDOLVLHUWH:RUWDUW$GMHN WLYPDUNLHUW]XZHUGHQ1XUVHOWHQH[LVWLHUWLP1KGHLQHY|OOLJH6\QRQ\ PLH ]ZLVFKHQ lOWHUHQ QLFKWVXIILJLHUWHQ XQG MQJHUHQ VXIILJLHUWHQ $GMHNWLYIRUPHQ ZLH HWZD QKG HWZDV JHPHLQ KDEHQ HWZDV JHPHLQVDP KDEHQ 'LH *UXSSH GHU )DUEDGMHNWLYH ELOGHW HLQH $XVQDKPH ]X GLHVHU (QWZLFN OXQJ'HU:RUWELOGXQJVW\SGHU6XIILJLHUXQJLQGLHVHP)DOOPLWGHP6XIIL[ OLFK O|VWVHLW%HJLQQGHV-K'LPLQXWLRQDXVZLHJUQ²JUQOLFKURW² U|WOLFK :LHNDPHVMHGRFK]XU(WDEOLHUXQJGHU)XJHQHOHPHQWHGHU%LOGXQJHQ DXIVFKDIWXQGWXP"(VLVWDQ]XQHKPHQGDVVVLFKDOOH.RPSRVLWDELOGXQ JHQGLHLP0KGEHUHLWVWHLO OH[LNDOLVLHUWZDUHQ²GLHVJDOWYDIUKRFK IUHTXHQWH%LOGXQJHQ²GHP6RJGHU$EOHLWXQJYRQ$GMHNWLYHQLQ(UVWSRVL WLRQ HQW]RJHQ 'LH )ROJH ZDU GDVV GHU HLQVW XQWHUVSH]LIL]LHUWH QRPLQDOH 6WDPPDOV6XEVWDQWLYXQGGLHJHVDPWH%LOGXQJDOV.ROOHNWLYXPDXIJHIDVVW ZXUGH(LQ%HLVSLHOKLHU]XZlUHDKGNULVWĆQKHLWLLQGHU%HGHXWXQJÄ&KULVW OLFKNHLW¶QLFKWÄ&KULVWHQKHLW¶ 'DV0RUSKHPĆQZDULP$KGXQWHUVSH]L IL]LHUWXQGELOGHWHDXVQKG6LFKW $GMHNWLYHZLHJROGHQ XQG6XEVWDQWLYH ZLH7URSIHQ DOVR1RPLQDLPZHLWHQ6LQQGHV7HUPLQXV'DKHUNDQQNULV WĆQKHLWL QLFKWQXUDXIHLQÄ6XEVWDQWLY¶VRQGHUQJOHLFKHUPDHQDXIHLQÄ$G MHNWLY¶ QlPOLFK NULVWĆQL ÄFKULVWOLFK¶ ]XUFNJHIKUW ZHUGHQ ,Q PKG =HLW PXVVWHQ %LOGXQJHQ ]XJXQVWHQ NROOHNWLYHU 6HPDQWLN NRQNUHWLVLHUHQ GLH DXIJUXQG YRQ 8VXDOLVLHUXQJ DQ GHU ZHLWHUHQ *UDPPDWLNDOLVLHUXQJ QLFKW BBBBBBBBBBBBB '(06.( XQG:$1=(&. VHW]HQGHQ:RUWELOGXQJVW\SGHU.RPSRVLWLRQHUVW DEIQKG=HLWDQ+RFKIUHTXHQWH$XVQDKPHQPVVHQMHGRFKGLHEHUHLWVLQYRUIQKG=HLW DXV/H[HPHQHQWVWDQGHQHQ6XIIL[HQKGKHLWLJ NHLWVFKDIWWXPJHZHVHQVHLQGDVLFKGH UHQGHVHPDQWLVLHUWHU6WDWXVLQIQKG=HLWVRQVWQLFKWHUNOlUHQOLHH$XIJUXQGGHUVWDUNHQ 'HVHPDQWLVLHUXQJE]Z*UDPPDWLNDOLVLHUXQJVWHOOHQGLHVHMHGRFKNHLQH*HJHQEHLVSLHOH]XU (QWVWHKXQJGHU.RPSRVLWDLP)QKGGDU =XU(UEULQJXQJGLHVHU)XQNWLRQVWHKWQXUGDV6XIIL[OLFKEHUHLW'DV6XIIL[H[LVWLHUWHYRQ $QIDQJ DQ LQ GLHVHU )XQNWLRQ DOV HLQ]LJHV ZDV DQ VLFK XQW\SLVFK IU *UDPPDWLNDOLVLH UXQJVSUR]HVVH LVW $OOHUGLQJV O|VW GDV 6XIIL[ HLQH lOWHUH 0RGLILNDWLRQVELOGXQJVIRUP DXI OLFKWGLHVHVDXVHQWVWDQGHQDXVHOXQGLFKW DE]X'HWDLOV3281'(5I
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
SDUWL]LSLHUHQ NRQQWHQ 'LH )ROJH ZDU GDVV GDV XQWHUVSH]LIL]LHUWH 1RPL QDOPRUSKHP DKG ĆQ DE PKG =HLW DOV 3OXUDODIIL[ XQG GDPLW GDV 'HWHU PLQDQVDOVSOXUDOLVLHUWHV6XEVWDQWLYDXIJHIDVVWZXUGHGDKHUQKG&KULVWHQ KHLWÄ0HQJHGHU&KULVWHQ¶ %LOGXQJHQGLHVHU$UWHUKLHOWHQGDGXUFKNROOHN WLYH6HPDQWLN'DVLVWHLQZLFKWLJHU$VSHNWGHQHVGDKHUEHVRQGHUVKHU YRU]XKHEHQJLOW'LHNROOHNWLYH6HPDQWLNEHL%LOGXQJHQDXIKHLWVFKDIWXQG WXPLVWVWHWVHUVWVHNXQGlUHQWVWDQGHQ(LQ%HLVSLHOGDVGHQYRUPKG=X VWDQGGHU8QWHUVSH]LIL]LHUWKHLWGHU1RPLQDLQ(UVWSRVLWLRQQRFKDEELOGHW ZlUH PKG SKDIKHLW ]X SKDIIH VZ 0DVN Ä3IDIIH¶ GHVVHQ %HGHXWXQJ PLW Ä*HLVWOLFKNHLW.OHUXV¶XQGHEHQQLFKWPLWGHUVSlWHUHQNROOHNWLYHQ6HPDQ WLNÄ3IDIIHQKHLW¶ZLHGHU]XJHEHQLVW5,1* 'DV6XIIL[KHLW]HLJW LQVJHVDPW QXU ZHQLJH /H[LNDOLVLHUXQJHQ GLHVHU $UW ZLH HLJHQH hEHUSU IXQJHQGHVKLVWRULVFKHQ6SUDFKPDWHULDOVHUJDEHQ'LHVHU%HIXQGNDQQDOV ,QGL]GDIUJHZHUWHWZHUGHQGDVVGDV0RUSKHPKHLWGLDFKURQRKQH(LQ VFKUlQNXQJDQGHU*UDPPDWLNDOLVLHUXQJSDUWL]LSLHUWH'LH(UJHEQLVVHYRQ .521(1%(5*(5 EHVWl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lQNW SURGXNWLY VLQG 'HP HQWJHJHQ VWDQG VHLW GHP 0KG GLH 5HDQDO\VH YRQ 0RUSKHPHQHQWJHJHQGLHLQDKG=HLWGHUQRPLQDOHQ6WDPPELOGXQJGLHQ WHQLQGHU)ROJHDOVSDUDGLJPDWLVFKHLHSOXUDOLVFKH )XJHQHOHPHQWHIXQ JLHUWHQXQGGXUFK$QDORJLHGHVVXIIL[DOHQ%LOGXQJVPXVWHUVQHXH6XEVWDQ WLYH HU]HXJHQ NRQQWHQ 'LHVH 5HDQDO\VH XQWHUODJ HLQHU VHPDQWLVFKHQ 5HVWULNWLRQ'LHHLQVWXQWHUVSH]LIL]LHUWHQRPLQDOH%DVLVPXVVWH3HUVRQHQ EH]HLFKQHQ 'LHV LVW HUNHQQEDU DQ GHQ 6XEVWDQWLYHQ GLH GXUFK VFKDIW XQG WXP LP 1KG DEJHOHLWHW ZHUGHQ N|QQHQ YJO HWZD %LOGXQJHQ ZLH bU]WHVFKDIW bU]WHWXP 6WXGHQWHQVFKDIW 6WXGHQWHQWXP 3URIHVVRUHQVFKDIW 3URIHVVRUHQWXP(LQLJHVHOWHQH%LOGXQJHQZLHHWZDQKG6FKZDQJHUVFKDIWVWHO OHQGDKHUNHLQÄ*HJHQEHLVSLHO¶]XQKG'HULYDWLRQVELOGXQJHQGLHVHUEHLGHQ 6XIIL[H GDU 6LH N|QQHQ LP *HJHQWHLO DOV OH[LNDOLVLHUW HUKDOWHQHV $EELOG HLQHV LQ YRUPKG =HLW YRUOLHJHQGHQ 'HULYDWLRQV]XVWDQGHV JHZHUWHW ZHU GHQ 'LH 0RUSKHPH VFKDIW XQG WXP ELOGHWHQ (LJHQVFKDIWVDEVWUDNWD QLFKW QXUPLW6WlPPHQYRQ3HUVRQHQEH]HLFKQXQJHQVRQGHUQPLWKRFKIUHTXHQ WHQW\SLVFKHQ1RPLQDOVWlPPHQ(VGUIWHVLFKXPHLQHQUHODWLYVHOWHQHQ DEHU OLQJXLVWLVFK VSDQQHQGHQ )DOO YRQ 7HLOOH[LNDOLVLHUXQJ KDQGHOQ ,P 0KGODVVHQVLFK]ZDUDXFK'HULYDWLRQVELOGXQJHQDXIVFKDIWXQGWXPEH
*UDPPDWLNDOLVLHUXQJGHV*HQXVIHPLQLQXP
OHJHQGHUHQ6XIIL[LP1KGREOLJDWRULVFKHLQ)XJHQHOHPHQWVHOHJLHUWZLH PKGDU]kWWXRPDU]HWXRPÄ+HLONXQGH+HLOPLWWHO¶'LH%LOGXQJLVWLQGLHVHP )DOO QRFK HLQGHXWLJ DOV DEVWUDNW ]X LQWHUSUHWLHUHQ GD VLH NHLQ )XJHQHOH PHQW DXIZHLVW XQG JOHLFK]HLWLJ NHLQ (LJHQVFKDIWVDEVWUDNWXP PLW HLQHP 1RPLQDOVWDPPSHUVRQDOHU6HPDQWLNYRUOLHJW'LHVHV%HLVSLHONDQQMHGRFK QLFKWDOV*HJHQEHLVSLHO]XGHUKLHUKHUDXVJHDUEHLWHWHQ6\VWHPDWL]LWlWYHU VWDQGHQZHUGHQGDHVEHUHLWVLP$KGEHOHJWLVWXQGGDPLWHLQHQIUPKG =HLWYHUDOWHWHQ6SUDFK]XVWDQGDEELOGHW(LQDQGHUHVQLFKWLP$KGEHOHJ WHV %HLVSLHO GDJHJHQ DQ GHP ]X HUNHQQHQ LVW GDVV GLH (WDEOLHUXQJ GHU :RUWDUWHQ$GMHNWLYXQG6XEVWDQWLYLP0KGQRFKQLFKWYROOVWlQGLJDEJH VFKORVVHQLVWZlUHHWZDDIIHQVSvOÄ6SLHOGHU$IIHQ¶DEHUDXFKÄlIILVFKHVW| ULFKWHV6SLHO*DXNHOVSLHO¶'LH%LOGXQJVHOEVWJLEWDXIJUXQGGHUPRUSKR ORJLVFKHQ8QWHUVSH]LILNDWLRQGHV(UVWHOHPHQWVNHLQHQ+LQZHLVGDUDXIZLH GHU%HOHJWDWVlFKOLFK]XLQWHUSUHWLHUHQLVW'XUFK0RQRVHPLHUXQJGHVMH ZHLOLJHQ$NWXDOLVLHUXQJVNRQWH[WHVZLUGGLHÄSDVVHQGH¶%HGHXWXQJVHOHJLHUW $QGHQPKG%HLVSLHOHQOlVVWVLFKHUVHKHQGDVVGLH8QWHUVXFKXQJGHUVXI IL[DOHQ$GMHNWLYZRUWELOGXQJ QRFK ]XHUEULQJHQ LVW XP DXFK GHWDLOOLHUWHUH $XVVDJHQ ]XU ,QWHUSUHWDWLRQ VROFKHU PRUSKRORJLVFKHU 6WUXNWXUHQ WUHIIHQ ]XN|QQHQ'LHVEH]JOLFKLVWGLHVH$UEHLWIUGLH6SUDFKHSRFKHGHV)QKG GXUFK7+20$6 EHUHLWVJHWDQ .XU]ID]LW %HLGHU(WDEOLHUXQJGHUVXIIL[DOHQ:RUWELOGXQJ]XU%LOGXQJYRQ)HPLQLQD ZHUGHQ LQ GHU 'LDFKURQLH ]XHUVW FKDUDNWHULVWLVFKH (LJHQVFKDIWVEH]HLFK QXQJHQZLHHWZDDKGNULVWĆQKHLWLÄ&KULVWOLFKNHLW¶QLFKWÄ&KULVWHQKHLW¶ JH ELOGHW(LQZHLWHUHV%HLVSLHOZlUHDKGJRWKHLWLQGHU%HGHXWXQJÄ*|WWOLFK NHLW¶ DOVR QLFKW HQWVSUHFKHQG QKG Ä*RWWKHLW¶ 'XUFK GDV %LOGXQJVPXVWHU ZHUGHQEHYRU]XJW&KDUDNWHULVWLNDPLWKRKHU,QWHQVLRQ]XVDPPHQJHIDVVW BBBBBBBBBBBBB $XFK IU GLH HQJOLVFKH6SUDFKJHVFKLFKWH ZLUG JHPHLQKLQ DQJHQRPPHQ GDVV $QVlW]H ]XU ,QWHUILJLHUXQJ EHVWDQGHQ %HLVSLHOH KRFKIUHTXHQWHU %LOGXQJHQ ZLH HWZD GHP 0RUSKHP KDGKHGHGWKHLW DXVGHP0LWWHOHQJOLVFKHQZlUHQ]%PDLGKDGYVPDLGHQKDGRGHUSULHVWKH GH YV SULHVWHVKHGH '$/72138))(5 9RU GHP +LQWHUJUXQG GHU %HIXQGH YRQ '(06.( XQG:$1=(&. GHQHQ]XIROJHGHU:RUWELOGXQJVW\SGHU.RPSRVL WLRQHUVWDEIQKG=HLWHLQGHXWLJQDFKZHLVEDULVWVROOWHLQ$QDORJLHHLQVROFKHUP|JOLFKHU 6DFKYHUKDOW IU GDV (QJOLVFKH JHSUIW ZHUGHQ 'DV 1HXHQJOLVFKH EHVLW]W EHUDXV VHOWHQH 5HOLNWH VROFKHU PRUSKRORJLVFKHU 6WUXNWXUHQ ZLH HWZD WHHWK ULGJH RGHU SHUPLVVRQV SROLF\ %HL VSLHOHDXV%$8(5 ,P1HXHQJOLVFKHQODVVHQVLFKJHPlGHVDOOJHPHLQHQ)OH[LRQV VFKZXQGVXQG)RUP]XVDPPHQIDOOVNHLQHSURGXNWLYHU]HXJWHQ)XJHQHOHPHQWHLQVXEVWDQ WLYLVFKHQ .RPSRVLWD XQG 6XIILJLHUXQJHQ PHKU ILQGHQ YJO %LOGXQJHQ ZLH HQJO YDFXXP FOHDQHUERRNVKRSGD\EHG
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
GLH 6LWXDWLRQHQ RGHU 3HUVRQHQ LQKlUHQW XQG LPPDQHQW ]XHLJHQ VLQG 'XUFKGLHVH,PPDQHQ]HQWVWHKW*HQHUL]LWlWGLHVSDWLRWHPSRUDOH/RVJH O|VWKHLWLPSOL]LHUW.ROOHNWLYLWlWNDQQGXUFK0RQRVHPLHUXQJLQHLQHPEH VWLPPWHQ$NWXDOLVLHUXQJVNRQWH[W PLWLPSOL]LHUWVHLQ6LHLVWMHGRFKQLHVH PDQWLVFKSULPlU'LHLP$KGQRFKYRUKHUUVFKHQGHQ6XIIL[HGHQLVXQG H DKG LGD QLVVDQLVVL ĩ ZHUGHQ YRQ GHQ 0RUSKHPHQ KHLW VFKDIW XQG WXPDKGKHLWVFDIWXRP DEJHO|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Ä(LJHQVFKDIWGHU5HLWHU¶ VSlWHUGXUFK5HDQDO\VH]XHUHLGLH%DVLVDOVYHU EDODXIJHIDVVW6RNRQQWHGLH$EOHLWXQJVP|JOLFKNHLWHUZHLWHUWZHUGHQ'LH (QWZLFNOXQJYHUOlXIWDOVRYRQ5HLWHUHL]X5HLWHUHLXQGGDPLWYRQÄ7lWLJNHLW GHU5HLWHU¶]XÄ7lWLJNHLWGHV5HLWHQV¶$XIGLHVH$UWZLUGGDV6XIIL[GHYHU EDO'LH6XIIL[HGLIIHUHQ]LHUHQVLFKGDGXUFK]XU%LOGXQJYRQ(LJHQVFKDIWV YV 7lWLJNHLWVDEVWUDNWD 'DV 6FKZHL]HUGHXWVFKH ELOGHW QRFK GHQ KLVWRUL VFKHQ=XVWDQGDE(LQH%LOGXQJZLHVFKZHL]HUGWOlPLPXVVLQV6WDQGDUG GHXWVFKHPLWÄ/lKPXQJ¶XQGPLWÄ/DKPKHLW*HOlKPWKHLW¶ZLHGHUJHJHEHQ ZHUGHQ'LHVFKZHL]HUGW)RUPLVWGLHVEH]JOLFKXQWHUVSH]LIL]LHUW:HOFKH %HGHXWXQJYRUOLHJWHQWVFKHLGHWGHUMHZHLOLJH$NWXDOLVLHUXQJVNRQWH[W 'HU IROJHQGH $EVFKQLWW ZLGPHW VLFK GHU )UDJH ZHOFKH GLDFKURQHQ (QWZLFNOXQJHQ VLFK LQQHUKDOE GHV 1HXWUXPV EHREDFKWHQ ODVVHQ ,Q $E VFKQLWWZHUGHQGLH(UJHEQLVVHXQWHUGHP$VSHNWGHU:RUDUWHQVHOHNWL RQEHL'HULYDWLRQVEDVHQ]XVDPPHQJHIKUW(EHQIDOOVLVWGDPLWGLH)UDJH QDFKHLQHP.RPSOH[LWlWV]XZDFKVJHVWHOOW *UDPPDWLNDOLVLHUXQJGHV*HQXVQHXWUXP ,P *HJHQVDW] ]X GHQ DQGHUHQ EHLGHQ *HQHUD 0DVNXOLQXP XQG )HPLQL QXP LVW GDV 1HXWUXP KLQVLFKWOLFK GHU 0|JOLFKNHLWHQ ]X VXIILJLHUHQGHU :RUWELOGXQJUHODWLYEHJUHQ]W'LHVJLOWQLFKWQXUV\QFKURQVRQGHUQDXFK GLDFKURQ *HJHQZlUWLJ LVW GLH VXIIL[DOH $EOHLWXQJ PLW GHQ 0RUSKHPHQ WXPZHUNZHVHQXQG]HXJP|JOLFKZREHLGHP6XIIL[WXPHLQlKQOLFKHV 6FKLFNVDOGHU7HLOOH[LNDOLVLHUXQJZLGHUIDKUHQLVWZLHGHPLP1KG)HPLQL QD NRGLHUHQGHQ 6XIIL[ VFKDIW VLHKH $EVFKQLWW 'LH DQGHUHQ GUHL 0RUSKHPH ZHUN ZHVHQ ]HXJ VLQG KLQVLFKWOLFK HLQHU .ODVVLILNDWLRQ DOV
*UDPPDWLNDOLVLHUXQJGHV*HQXVQHXWUXP
ÄHFKWH¶ 6XIIL[H SUREOHPDWLVFK GD VLH QLFKW YROOVWlQGLJGHVHPDQWLVLHUW UHL KHQELOGHQGVRZLH²QDFKZLHYRU²DOVHLJHQVWlQGLJH/H[HPHH[LVWHQWVLQG 6LHZHUGHQLQIROJHGHVVHQLQGHUYRUOLHJHQGHQ$UEHLWDOV6XIIL[RLGHHLQJH RUGQHW HQWJHJHQ )/(,6&+(5%$5= 'DV $OWHU GHU /H[HPH VSLHOW EHL5HNUXWLHUXQJVYRUJlQJHQYRQJUDPPDWLVFKHP0DWHULDONHLQH5ROOH$O OHGUHL6XIIL[RLGHVLQGEHUHLWVVHLWDKG=HLWEHOHJWYJODXFK.DSLWHO ,P 0KGIXQJLHUWHQVLH²ZHQQDXFKZHLWDXVJHULQJHUDOVGLH0RUSKHPHKHLW VFKDIW XQG WXP ² DOV IUKH GHVHPDQWLVLHUWH )RUPHQ YRQ IXQNWLRQDOHQ .|SIH LQ 'HWHUPLQDWLYNRPSRVLWD 'LH HUZlKQWHQ 6XIIL[RLGH VLQG MHGRFK HLQJXWHV%HLVSLHOGDIUGDVVQLFKWDOOHUHNUXWLHUWHQ3DUWL]LSDQWHQPLWJOHL FKHU *HVFKZLQGLJNHLW KLQVLFKWOLFK GHU (UUHLFKXQJ GHV *UDPPDWLNDOLVLH UXQJV]LHOVXQGJOHLFKHU,QWHQVLWlWGK3URGXNWLYLWlWDQHLQHP*UDPPDWL NDOLVLHUXQJVSUR]HVVWHLOQHKPHQ'LH]HLWOLFKH'DXHUDQHLQHU*UDPPDWLND OLVLHUXQJVWHLOQDKPHKDWGDKHURIIHQEDUNHLQHQTXDOLWDWLYHQ(LQIOXVVDXIGDV (UUHLFKHQGHV*UDPPDWLNDOLVLHUXQJV]LHOV 0RUSKRORJLVFK JHVHKHQ LVW GDV 1HXWUXP JHJHQZlUWLJ HLQ Ä0LVFKJH QXV¶ GHVVHQ :RUWELOGXQJ VLFK DXI PRUSKRV\QWDNWLVFKHU (EHQH DXV GHU JUDPPDWLVFKHQ7UDQVSRVLWLRQGHUVXIIL[DOHQVRZLHGHU]LUNXPILJLHUHQGHQ :RUWELOGXQJVSHLVW(VJLOWGDKHUGLHGUHL.RGLHUXQJVWHFKQLNHQDXIHLQDQ GHU ]X EH]LHKHQ P|JOLFKH hEHUVFKQHLGXQJVEHUHLFKH DXI]X]HLJHQ VRZLH JHJHQVHLWLJH $EJUHQ]XQJVP|JOLFKNHLWHQ KHUDXV]XDUEHLWHQ 'HU YRUOLHJHQ GH$EVFKQLWWEHVLW]WLQIROJHGHVVHQIROJHQGH*OLHGHUXQJZLGPHWVLFK GHP )RUVFKXQJVVWDQG XQG VWHOOW JOHLFK]HLWLJ GHQ PRUSKRORJLVFKHQ ,VW 6WDQG GHV 1HXWUXPV DXV JHJHQZDUWVVSUDFKOLFKHU 3HUVSHNWLYH GDU $E VFKQLWW EHJLEW VLFK LQ GLH 'LDFKURQLH GHU VXIIL[DOHQ :RUWELOGXQJ +LHUVROOQHEHQGHU'DUVWHOOXQJGHV*UDPPDWLNDOLVLHUXQJVSUR]HVVHVDXFK GLH )UDJH GHU P|JOLFKHQ IXQNWLRQDO JHVWHXHUWHQ 'HULYDWLRQVEDVHQ 6HOHNWLRQGLVNXWLHUWZHUGHQ:LHVLFKDXVGHQXQWHUKHUDXVJHDUEHLWH WHQ(UJHEQLVVHQ]X]HLJHQVHLQZLUGEHWULIIWGLH)UDJHGHUGLDFKURQQDFK YHUIROJEDUHQ:RUWDUWHQVHOHNWLRQEHL6XIIL[HQGLHGDV1HXWUXP]XJUDP PDWLNDOLVLHUHQEHJLQQHQDXVQKG6LFKWDOOHLQHGDV6XIIL[WXP$EVFKQLWW JHKWGHU)UDJHQDFK]XZHOFKHP=ZHFNXQGZLHVLFKVROFKHIRUPD OHQ (QWZLFNOXQJHQ LQKDOWOLFK QLHGHUVFKODJHQ (V LVW ]X YHUPXWHQ GDVV IRUPDOH*HVHW]PlLJNHLWHQGHU:RUWDUWHQVHOHNWLRQYRQ'HULYDWLRQVEDVHQ GLHELVODQJEHLP0DVNXOLQXPXQG)HPLQLQXPHUPLWWHOWZHUGHQNRQQWHQ DXFKIUGLH6\VWHPDWLNGHV1HXWUXPVJHOWHQ$QGLHVHU6WHOOHVROOHQDXFK GLDFKURQH(QWZLFNOXQJHQ]XGHQ.RQNXUUHQ]SKlQRPHQHQJUDPPDWLVFKH 7UDQVSRVLWLRQ XQG =LUNXPILJLHUXQJ LQ GLH %HWUDFKWXQJ PLWHLQEH]RJHQ ZHUGHQ XP P|JOLFKH IXQNWLRQDOH .RQNXUUHQ]HQ DXI PRUSKRV\QWDNWL BBBBBBBBBBBBB =XGHQ'LPLQXWLRQVPRUSKHPHQFKHQXQGOHLQYJO
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
VFKHU(EHQHLQQHUKDOEGHV1KGGLDFKURQ]XPRWLYLHUHQ$EVFKQLWW EHVFKlIWLJWVLFKGDPLWZHOFKHNHUQJUDPPDWLVFKH)XQNWLRQHQ DXVGLHVHQ (UNHQQWQLVVHQ ]X ]LHKHQ LVW E]Z VLQG XQG IDVVW GLH JHZRQQHQHQ (UJHE QLVVH]XVDPPHQ )RUVFKXQJVVWDQG $XIJUXQG GHU VHPDQWLVFKHQ 8QEHVWLPPWKHLW LQVEHVRQGHUH LQ %H]XJ DXI GLH .DWHJRULH 6H[XV ZHUGHQ GHP 1HXWUXP LQ GHU )RUVFKXQJVOLWHUDWXU LQ GHU 5HJHO NHLQH HLJHQHQ )XQNWLRQHQ ]XJHVSURFKHQ $XI GHQ HUVWHQ %OLFN VFKHLQWGLHVH*HQXVNODVVHDOVHLQH$UWYRQIXQNWLRQDOHPÄ$XIIDQJEHFNHQ¶ VRJ'HIDXOW IUDOOGLH6XEVWDQWLYHGLHGXUFKGLHDQGHUHQ7KHRULHQQLFKW DEJHGHFNWZHUGHQNRQQWHQ]XIXQJLHUHQ,QGLHVHUKlXILJLQGHU/LWHUDWXU ]X UH]LSLHUHQGHQ $QQDKPH OLHJW MHGRFK HLQ )HKOVFKOXVV GHQQ LQ HLQHP HFKWHQ2SSRVLWLRQVYHUKlOWQLVPXVVDXFKGDV1HXWUXPHLQHHLJHQH)XQNWL RQEHVLW]HQ(VNDQQGDKHUQLFKWIXQNWLRQVOHHUVHLQ'LHGLHVHU$UEHLW]X JUXQGHOLHJHQGH 7KHRULH GHU 4XDQWLILNDWLRQ ZLUG GLHVHU hEHUOHJXQJ LQVR IHUQ JHUHFKW DOV GDVV GHP 1HXWUXP GLH HLJHQVWlQGLJH )XQNWLRQ GHU .RQWLQXDWLYLWlW]XJHRUGQHWLVW,QQHUKDOEGHU.RQWLQXDWLYLWlWLVWQDFKGHQ LQ.DSLWHOXQGKHUDXVJHDUEHLWHWHQ(UJHEQLVVHQGLHQHXWUDOH.ROOHNWLYL WlW HLQJHEHWWHW GLH PLW GHU .RQWLQXDWLYLWlW GDV SULPlUH 0HUNPDO GHU 1LFKW=lKOEDUNHLWE]Z1LFKW3OXUDOLVLHUEDUNHLWWHLOW'LHQHXWUDOH.ROOHN WLYLWlWHLQHXQWHUJHRUGQHWH6RQGHUIRUPLQQHUKDOEGHV.RQ]HSWVGHU.RQ WLQXDWLYLWlW XQWHUVFKHLGHW VLFK YRQ GHU IHPLQLQHQ .ROOHNWLYLWlW GXUFK GLH *HZLFKWXQJGHU0HUNPDOH>=b+/%$5@E]Z>²=b+/%$5@YJO 'DV .RQ]HSWGHU.ROOHNWLYLWlWEHUXKWDXIGHU.RPELQDWLRQEHLGHU0HUNPDOH ZDV DOV ,WHUDWLYLWlW EH]HLFKQHW ZLUG 'LH QHXWUDOH .ROOHNWLYLWlW SULRULVLHUW GDV 0HUNPDO >² =b+/%$5@ ZlKUHQG IU GLH IHPLQLQH .ROOHNWLYLWlW GDV 0HUNPDO > =b+/%$5@ GLH %DVLV ELOGHW 1HXWUDOH .ROOHNWLYD VLQG GDKHU QLFKW SOXUDOLVLHUEDU GDV *HGUHKH ² GLH *HGUHKH ZlKUHQG IHPLQLQH 3OXUDOL VLHUXQJHUODXEHQGLH'UHKXQJ²GLH'UHKXQJHQ ,Q%H]XJDXIGLH%HUHLWVWHO OXQJ YRQ $EVWUDNWKHLW ZXUGH LQ $EVFKQLWW GDV )HPLQLQXP DQ HUVWHU 6WHOOH E]JO GHU %HUHLWVWHOOXQJ YRQ $EVWUDNWD XQG GDQHEHQ GDV 1HXWUXP FKDUDNWHULVLHUW'HU*UXQGIUGLHVH&KDUDNWHULVLHUXQJLVWGDULQ]XVXFKHQ GDVVÄW\SLVFKH¶$EVWUDNWD]XPHLQHQGLH)lKLJNHLW]XU5HGXNWLRQDXIHLQ ]HOQH $UJXPHQWVWHOOHQ EHVLW]HQ YD GXUFK 3OXUDOLVLHUXQJ ZLH LQ $QVFKDI IXQJHQ %HWUJHUHLHQ DOV DXFK LP SRVLWLYHQ 6LQQH Ä9RUNRPPHQV HUVFKHLQXQJHQ¶ 7HUPLQXV QDFK 2%(5/( ]XVDPPHQIDVVHQ GLH UHLQLGHHOOQLFKWDEHUVSDWLRWHPSRUDO]XVDPPHQKlQJHQ'DPLWVLQG$EV WUDNWDGHQ.ROOHNWLYDLQJHZLVVHU:HLVHlKQOLFK6RJ$EVWUDNWLYDZLHHW ZD GDV 6FK|QH GDV *XWH GDV %|VH HUEULQJHQ GDJHJHQ NHLQH LGHHOOH .RKlVL
*UDPPDWLNDOLVLHUXQJGHV*HQXVQHXWUXP
RQVOHLVWXQJGDVLHQXUGLH6XEVWDQ]HLQHUJHQHUHOOHQ(LJHQVFKDIWQLFKWMH GRFKGLH.RQ]HSWXDOLVLHUXQJHLQHU([WUDNWLRQYRQHLQHURGHUPHKUHUHUUH OHYDQWHU(LJHQVFKDIWHQHUEULQJHQ(LQHQ6SH]LDOIDOO]XUlTXLYDOHQWHQ$EV WUDNWLRQ VWHOOHQ QHXWUDOH 6XIILJLHUXQJHQ ZLH GDV 3ULHVWHUWXP GDV %DXHUQWXP GDV 6WXGHQWHQWXP GDU $XIJUXQG GHV HLQJHVFKUlQNWHQ %LOGXQJVPXVWHUV GDV DXVVFKOLHOLFKLQGHU$EOHLWXQJYRQ3HUVRQHQEH]HLFKQXQJHQEHVWHKWZHU GHQVLHLQGLHVHU$UEHLWDOV(LJHQVFKDIWVDEVWUDNWD]X3HUVRQHQEH]HLFKQXQ JHQHLQJHRUGQHW(LQ:RUWZLH3ULHVWHUWXPH[WUDKLHUWGLHGXUFKGLH'HULYD WLRQVEDVLV VXEVWDQ]LHOO EHUHLWJHVWHOOWHQ (LJHQVFKDIWHQ XQG IDVVW VLH LGHHOO DOVR ]XJXQVWHQ HLQHU JHQHUHOOHQ 4XDOLWlW ]XVDPPHQ 6ROFKH QHXWUDOHQ Ä3HUVRQHQDEVWUDNWD¶ VLQG MHGRFK QLFKW RGHU QXU VHKU EHJUHQ]W DXI $UJX PHQWVWHOOHQ UHGX]LHUEDU ZHVKDOE GHU 7HUPLQXV Ä$EVWUDNWXP¶ LQ UHODWLYHU 9HUZHQGXQJYHUVWDQGHQZHUGHQVROO'LHPDQJHOQGH5HGX]LHUEDUNHLWOHL WHW VLFK SULPlU DXV GHU PHUHRORJLVFKHQ %HREDFKWXQJ DE GDVV HQWVSUH FKHQGH %LOGXQJHQ QLFKW SOXUDOLVLHUEDU VLQG 3ULHVWHUWPHU 6WXGHQWHQWPHU
%DXHUQWPHU $OV YHUPHLQWOLFKHQ *HJHQHLQZDQG N|QQWH PDQ %LOGXQJHQ ZLH HWZD +HU]RJWPHU DQIKUHQ GLH RKQH :HLWHUHV SOXUDOLVLHUEDU VLQG (V PXVVMHGRFKGDUDXIKLQJHZLHVHQZHUGHQGDVVGHU]XGLHVHP=ZHFNVHOH JLHUWHHU3OXUDOGHUKHXWLJHQ)RUPHLQH(UVFKHLQXQJGHV)QKGLVW=XGLH VHU =HLW QlPOLFK EHJDQQ GDV HU3DUDGLJPD VHLQH 3URGXNWLYLWlW DXV]XZHL WHQ XQG ]ZDU DXVVFKOLHOLFK DXI 6XEVWDQWLYH PLW LQKlUHQWHP QLFKW SDUDGLJPDWLVFKHP*HQXVYJOGLH%HOHJHLQ5(,&+0$11:(*(5$ ZLH HWZD %DQG 5DQG XD =XP =ZHLWHQ NDQQ PLWKLOIH GHV 3OXUDOLVLH UXQJVWHVWVIUGDV1KGGLH)XQNWLRQVOHLVWXQJGHUQHXWUDOHQ6XIILJLHUXQJHQ GXUFK 3OXUDOLVLHUXQJ HYDOXLHUW ZHUGHQ 6R VLQG DOOH DOV OH[LNDOLVLHUW HLQ]X RUGQHQGHQ %LOGXQJHQ DXI WXP RKQH :HLWHUHV SOXUDOLVLHUEDU ZLH ,UUWPHU 5HLFKWPHU%HVLW]WPHU+HLOLJWPHU GLHVJLOWMHGRFKQLFKWZHQQGLH%LOGXQJ RNNDVLRQHOO LVW GK SURGXNWLY LP 1KG HU]HXJW ZLUG ZLH 6WXGHQWHQWPHU
8QWHUQHKPHUWPHU 6FKULIWVWHOOHUWPHU %HL DOOHQ QHXWUDOHQ 'HULYDWLRQVELO GXQJHQ GLH SOXUDOLVLHUEDU VLQG KDQGHOW HV VLFK LQIROJHGHVVHQ XP HUHUEWH %LOGXQJHQ 'LH )lKLJNHLW GHV 1HXWUXPV ]XU $EVWUDNWLRQ JLOW HV MHGRFK DXFKKLQVLFKWOLFKZHLWHUHU$VSHNWH]XEHUFNVLFKWLJHQ'LHPHUHRORJLVFKH 5HGX]LHUEDUNHLWJLOWDXFKZHQQJOHLFKLQJHULQJHUHP8PIDQJIUGLH=LU NXPILJLHUXQJHQ 6R LVW HLQH JHQHULVFKH ,QWHUSUHWDWLRQ GHV IRUPDOHQ 6XE MHNWVLQD DXVJHVFKORVVHQQLFKWDEHULQE
BBBBBBBBBBBBB $EVFKQLWW JUHLIW GLH )UDJH QDFK GHP =XVDPPHQKDQJ YRQ *HQXV XQG 3OXUDO QRFK HLQPDODXI6RVHLDQGLHVHU6WHOOHEHUHLWVDXIGLH]DKOUHLFKHQELVODQJÄXQJHNOlUWHQ¶)lOOHYRQ 'RSSHOSOXUDOLWlWKLQJHZLHVHQZLHGDV%ODWW²GLH%ODWW%OlWWHUGHU'RUQ²GLH'RUQHQ'RUQH GDV%DQG²GLH%lQGHU%DQGH
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
D "'DV*HPDOHPDFKWLKP)UHXGH E 'LH0DOHUHLPDFKWLKP)UHXGH
:LH DQ E HUNHQQEDU OlVVW GDV IHPLQLQH .ROOHNWLYXP GLH JHQHULVFKH /HVDUW]XZlKUHQGGLHGHVQHXWUDOHQ.ROOHNWLYXPVLQD GLHKDELWXHOOH /HVDUW]XOlVVW$XV+DELWXDOLWlWNDQQ]ZDU*HQHUL]LWlWHQWVWHKHQ%HLGHQ QHXWUDOHQ=LUNXPILJLHUXQJHQLVWGLHVMHGRFKQLFKWP|JOLFKHUZHLVHQRFK QLFKWGHU)DOO+LQGHUOLFKIUGLH(QWVWHKXQJYRQ*HQHUL]LWlWGUIWHVHLQ GDVVIRUPDOH5HVWULNWLRQHQGHV%LOGXQJVPXVWHUVYRUOLHJHQ6RLVWGLHQHXW UDOH=LUNXPILJLHUXQJQXUIU6LPSOL]LDXQG3DUWLNHOYHUEHQ]XOlVVLJZLHLQ GDVHZLJH +HUXPJHVWHKH$QJHUXIH+HUXPJHNODJH QLFKWMHGRFKIU3UlIL[YHU EHQ GDV 9HUVWHKH %HUXIH 9HUNODJH XQG $GMHNWLYHQ GDV *HKlVVOLFKH
*HJHKRUVDPH *HGXPPH $XFK GDV %LOGXQJVPXVWHU GHU 6XIILJLHUXQJ LVW UHVWULQJLHUW 'DV 6XIIL[ WXP OHLWHW DXVVFKOLHOLFK SHUVRQDOH GK QLFKW DOOH 6XEVWDQWLYDUWHQDE'DV6XIIL[RLGZHVHQLVWGHP6XIIL[WXPVHPDQWLVFKZLH IRUPDOVHKUlKQOLFKDXIV\QFKURQHU(EHQHbOWHUHOH[LNDOLVLHUWH$EVWUDNWL RQVELOGXQJHQ ZLH .UHGLWZHVHQ 0HOGHZHVHQ 6FKXOZHVHQ PLW QLFKWSHUVRQDOHU VXEVWDQWLYLVFKHU YHUEDOHU RGHU DGMHNWLYLVFKHU %DVLV VLQG QLFKW PHKU V\Q FKURQ QDFK]XELOGHQ %XFKZHVHQ /HUQZHVHQ 6FK|QZHVHQ 'DV 6XIIL[RLG ]HXJLVWQXUVHKUHLQJHVFKUlQNWSURGXNWLYXQGELOGHWJHJHQZlUWLJYD.RO OHNWLYD ZLH 6FKPLQN]HXJ %HWW]HXJ =DKQSXW]]HXJ 'HU $QWHLO OH[LNDOLVLHUWHU %LOGXQJHQ LVW DOV KRFK HLQ]XVWXIHQ ZLH GLH HLJHQHQ $XVZHUWXQJHQ HUJD EHQ (LQ %HLVSLHO KLHUIU ZlUH HWZD)DKU]HXJÄ'LQJ2EMHNW ]XP )DKUHQ¶ 'HVKDOEPDQNDQQYHUPXWHQGDVVGDV6XIIL[RLGVRIHUQNHLQH6WW]XQJV SUR]HVVHHLQVHW]HQGHU]HLWXQSURGXNWLYZLUG 9RUGLHVHP+LQWHUJUXQGZLUGGHXWOLFKGDVVGDV)HPLQLQXPLP'HXW VFKHQDXVJHJHQZDUWVVSUDFKOLFKHU3HUVSHNWLYHHLQHÅEHVVHUH´GDDXIPRU SKRORJLVFKHU(EHQHUHVWULNWLRQVORVHUH.RQ]HSWXDOLVLHUXQJVP|JOLFKNHLW]XU %LOGXQJ YRQ (LJHQVFKDIWVDEVWUDNWD DOV GDV 1HXWUXP LVW 8QWHU GHP $V SHNW GHU V\QFKURQHQ :RUWELOGXQJ YRQ 6XEVWDQWLYHQ IlOOW DXI GDVV GLH :RUWDUW $GMHNWLY PLW $XVQDKPH YRQ DGMHNWLYLVFKHQ $EVWUDNWLYD ZLH GDV *XWHHWZDV 6FK|QHV LP1HXWUXPDQVRQVWHQQLFKWHUVFKHLQW'LH6XIILJLH UXQJ XQG =LUNXPILJLHUXQJ GLH DOV ZRUWELOGHQGH 3UR]HVVH LQQHUKDOE GHV 1HXWUXPVDQ]XWUHIIHQVLQGXQWHUOLHJHQVWDUNHQ5HVWULNWLRQHQKLQVLFKWOLFK GHU 6HOHNWLRQ GHU 'HULYDWLRQVEDVHQ 1XU GHU VXEVWDQWLYLHUWH ,QILQLWLY QLPPW RIIHQEDU LQ VHLQHU 3URGXNWLYLWlW GHXWOLFK ]X 'DKHU NDQQ PDQ DQ GLHVHU6WHOOHGLH+\SRWKHVHDXIVWHOOHQGDVVVLFKJHJHQZlUWLJLQQHUKDOEGHV 1HXWUXPV DOWH XQG QHXH .RGLHUXQJVPXVWHU EHUODJHUQ 0DQ NDQQ VLFK IUDJHQ]XZHOFKHP=ZHFNGLHVSDVVLHUW8PHLQHPVROFKÄLQWHJUDOHQ¶9HU VWlQGQLV YRQ PRUSKRORJLVFKHU $UFKLWHNWXU DXI GLH 6SXU ]X NRPPHQ HU VFKHLQWHV]XQlFKVWQ|WLJGLHGLDFKURQH6HLWH]XHUKHOOHQ=X$QIDQJVWHKW
*UDPPDWLNDOLVLHUXQJGHV*HQXVQHXWUXP
GLH%HWUDFKWXQJGHUVXIIL[DOHQ:RUWELOGXQJXQG 8QWHU ZHUGHQGLHGDUDXVJHZRQQHQHQ(UJHEQLVVH]XVDPPHQJHIDVVWXQGPLWELV KHULJHQ$XVVDJHQ]XQHXWUDOHQ.RQNXUUHQ]ELOGXQJHQXQWHUGHU$QQDKPH YRQ*UDPPDWLNDOLVLHUXQJYHUEXQGHQ$EVFKQLWWHUKHEWGHQ$QVSUXFK GLH XQWHUVFKLHGOLFKHQ LQWUDNDWHJRULDOHQ ZLH LQWHUNDWHJRULDOHQ hEHUVFKQHL GXQJVEHUHLFKHIXQNWLRQDOHU1DWXU]XV\VWHPDWLVLHUHQ )RUPDOH(QWZLFNOXQJ 'LH'LVNXVVLRQGHU)UDJHZHOFKH6XIIL[HLQGHU'LDFKURQLHGLH*UDPPD WLNDOLVLHUXQJGHV1HXWUXPVPLWWUXJHQUHGX]LHUWVLFKV\QFKURQDXIGLH)UD JHQDFKGHU(QWZLFNOXQJGHV6XIIL[HVWXPGDVLP$KGDOVHLJHQVWlQGLJHV /H[HP EHOHJW ZDU YJO (LQ ]XQlFKVW HLJHQVWlQGLJHV /H[HP ZLUG ]XQlFKVW]XPIXQNWLRQDOHQ.RSIHLQHV'HWHUPLQDWLYNRPSRVLWXPVGXUFK 'HVHPDQWLVLHUXQJ XQG 5HLKHQELOGXQJ ]XP 6XIIL[RLG XQG GXUFK Y|OOLJH $XIJDEH OH[LNDOLVFKHU 6HPDQWLN VFKOLHOLFK ]XP 6XIIL[ +LQVLFKWOLFK GHU 6HOHNWLRQ GHU 'HULYDWLRQVEDVHQ OlVVW VLFK GLHVHOEH IRUPDOH (QWZLFNOXQJV ULFKWXQJZLHEHL6XIIL[HQGLHLP1KG)HPLQLQDXQG0DVNXOLQDNRGLHUHQ IHVWVWHOOHQ'DVVWHOOWLQVRIHUQNHLQHQEHUUDVFKHQGHQ%HIXQGGDUDOVGLH 6XIIL[HE]ZGLHEHWUHIIHQGHQIXQNWLRQDOHQ.|SIHGHU'HWHUPLQDWLYNRP SRVLWDELVLQIQKG=HLW*HQXVVFKZDQNXQJHQHUNHQQHQODVVHQ'DV6XIIL[ GLHQW LQ DKG =HLW QRFK LQ EHJUHQ]WHP 8PIDQJ GHU %LOGXQJ YRQ (LJHQ VFKDIWVDEVWUDNWDGLHLQ)RUPYRQ.RPSRVLWDUHSUlVHQWLHUWVLQG(LQH%LO GXQJ ZLH EVSZ DKG LUUDWXRP 0$6.175 LVW QLFKW JOHLFK]XVHW]HQ XQG ]X EHUVHW]HQ PLW QKG Ä,UUWXP¶ )RUPDO JHVHKHQ NDQQ GDV 'HWHUPLQDQV GHP DKG LUUD Ä,UUXQJ¶ DOVR NHLQHP 9HUEVWDPP ]XJHRUGQHW ZHUGHQ (LQ DQGHUHU%HOHJZlUHHWZDDKGLUULWXRP0$6.175 GDVDXIDKGLUULÄKHU XPLUUHQG XPKHUVFKZHLIHQG¶ ]XUFN]XIKUHQ LVW (V ZLUG GHQ lOWHUHQ .RPSRVLWD QLFKW JHUHFKW ]X GHQ lOWHUHQ .RPSRVLWD HLQH EHUJHRUGQHWH hEHUVHW]XQJLQV1KGDQ]XJHEHQZLHHVLP9RUDXVJHJDQJHQHQEHUHLWVDOV IU GHQ 0RQRVHPLQHUXQJVSUR]HVV LP $KG DOV W\SLVFK EHVFKULHEHQ ZRU GHQZDU$OVHLJHQVWlQGLJHV/H[HPEHGHXWHWHWXRPLP$KGVRYLHOZLHÄ8U WHLO*HULFKW5HFKW9HUJHKHQ¶(VWULWWDOV0DVNXOLQXPXQG1HXWUXPDXI XQG ]HLJW LQ GLHVHU =HLW DXIJUXQG VHLQHV %HGHXWXQJVVSHNWUXPV EHUHLWV GHXWOLFKH 7HQGHQ]HQ ]XU 'HVHPDQWLVLHUXQJ ,P $OWHQJOLVFKHQ ZDU GDV 6XIIL[LP9HUJOHLFK]XP$KGZHLWDXVZHQLJHUSURGXNWLYZLHGLHHLJHQHQ HPSLULVFKHQ$XVZHUWXQJHQ]HLJWHQ:LHLQDXVJHIKUWNRGLHUWHHVGRUW SULPlU0DVNXOLQD9RQÄSULPlU¶LVWGHVZHJHQ]XVSUHFKHQGDQHXWUDOHR GHU IHPLQLQH Ä$XVQDKPHQ¶ LQ GHU /LWHUDWXU ]XP $OWHQJOLVFKHQ ELVODQJ QLFKWEHOHJWVLQG(LQ)RUVFKXQJVGHVLGHUDW
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
,P$KGVHOEVWZDUHQGLH6XIIL[HQLVXQGVDOGDQHEHQHDKGĩ XQGGH DKG LGD KLQVLFKWOLFK GHU %HUHLWVWHOOXQJ YRQ QHXWUDOHQ XQG IHPLQLQHQ $EVWUDNWD QRFK YRUKHUUVFKHQG =XP 0KG KLQ ZLUG GDV 0RUSKHP WXP PKGWXRP QHEHQKHLWXQGVFKDIWSURGXNWLYXQGEHJLQQWGLHlOWHUHQVXI IL[DOHQ%LOGXQJVPXVWHUDE]XO|VHQ3,/7= =XGLHVHU=HLWWUHWHQEH UHLWV HUVWH )XJHQHOHPHQWH DXI %HUHLWV LQ PKG =HLW ]HLFKQHW VLFK HLQH JHZLVVH$EQDKPHGHU3URGXNWLYLWlWGHV6XIIL[HVWXPDE6R]HLJHQVLFKLP 0KGLP9HUJOHLFK]XP$KGZHQLJSURGXNWLYJHELOGHWH:|UWHUPLWHLJHQ VFKDIWVRGHUYHUEDODEVWUDNWHU%HGHXWXQJ3,/7=II %HUFNVLFK WLJWPDQGLH5ROOHGHU:RUWDUWHQVHOHNWLRQVR]HLJHQGLHPKG%LOGXQJHQ PLW WXRP DOV 'HWHUPLQDWXP NHLQH +LQZHLVH YRQ ÄHLQGHXWLJ¶ YHUEDOHQ (UVWHOHPHQWHQ(LQ%HLVSLHOKLHU]XZlUHPKGNODJHWXRPÄ.ODJH$QNODJH¶ GHVVHQ 'HWHUPLQDQV PRUSKRORJLVFK GHP )HPLQLQXP NODJH ÄbUJHU 6WUHLW¶ ]XJHRUGQHW ZHUGHQ NDQQ 'LH 3URGXNWLYLWlW GHV WXP'HULYDWLRQVPXVWHUV E]Z )lKLJNHLW ]XU 5HLKHQELOGXQJ EHJLQQW VLFK HLQ]XVFKUlQNHQ (LQH $XVZHUWXQJ QDFK 'HULYDWLRQVEDVHQ GHV 0RUSKHPV LQ GHU PKG 8UNXQ GHQVSUDFKH HUJDE GDVV VXEVWDQWLYLVFKHU VRZLH DGMHNWLYL VFKHU 1DWXU ZDUHQ 5,1* ,P -K XVXDOLVLHUW VLFK WXRP ZDVPDQPLWOH[LNDOLVFKHQ%HGHXWXQJHQÄ6WDQG$PW:UGH¶ZLHGHUJHEHQ NDQQ 3,/7= 'XUFK GHQ 8QWHUJDQJ DOV HLJHQVWlQGLJHV /H[HP PDJ GHU 6WDWXV DOV 6XIIL[ EHI|UGHUW ZRUGHQ VHLQ (LQH ZHLWHUH 6WW]XQJ GLHVHV6WDWXVNDPGHP6XIIL[GXUFKVHLQHHLQJHVFKUlQNWH3URGXNWLYLWlW]XU $EOHLWXQJ YRQ SOXUDOLVLHUWHQ 6XEVWDQWLYHQ YD SHUVRQDOHU %HGHXWXQJ ]X %LOGXQJHQZLH%HVLW]WXPRGHU%HZHLVWXPVLQGLP0KGQDFKHLJHQHQhEHU SUIXQJHQ QRFK QLFKW EHOHJW 6LH VLQG GDPLW VSlWHUHQ 8UVSUXQJV ZRUDXV PDQVFKOLHHQNDQQGDVVNHLQH]XHUVWGHYHUEDOHQVRQGHUQGHVXEVWDQWLYL VFKH %LOGXQJHQ YRUOLHJHQ %LV ]XP -DKUKXQGHUW NRPPW HV NDXP ]X SURGXNWLYHQ 1HXELOGXQJHQ GHVXEVWDQWLYLVFKHU 1DWXU 8QWHU 0LWHLQEH]LH KXQJGHU'LDFKURQLHZLUGHUVLFKWOLFKGDVVGDV6XIIL[JHJHQZlUWLJDOVWHLO OH[LNDOLVLHUW HLQ]XVWXIHQ LVW $OV ÄHFKWHV¶ *UDPPHP ]XU .RGLHUXQJ YRQ QHXWUDOHU$EVWUDNWKHLWZXUGHHVLQYROOHP8PIDQJQLHSURGXNWLYGDHVEH UHLWVIUKHLQHVWDUNH/H[LNDOLVLHUXQJHLQJLQJ3,/7= 'LH SHUVRQDOHQ KHLW%HJULIIH XQWHUVFKHLGHQ VLFK YRQ GHQHQ DXI WXP GXUFK LKUH 1HLJXQJ ]XU .DWHJRULH GHU (LJHQVFKDIW :lKUHQG 0HQVFKKHLW 0DQQKHLW :HLEKHLW HLQHU*UXQGWHQGHQ]GHVKHLW6XIIL[HVIROJHQGLP/DXIHLKUHU*HVFKLFKWHGLH(L JHQVFKDIWVEHGHXWXQJHQ Å0HQVFKOLFKNHLW 0HQVFKHQOLHEH 0HQVFKHQZUGH´
BBBBBBBBBBBBB *OHLFKHVJLOWIUGLH6XIIL[HPKGVFKDIW XQGKHLW 5,1* LQWHUSUHWLHUWGHQKRFKIUHTXHQWHQ%HOHJPKGLUUHWXRPDOVGHYHUEDOH$E OHLWXQJREJOHLFKDOWHUQDWLYH,QWHUSUHWDWLRQVP|JOLFKNHLWHQGHQNEDUZlUHQ3$8/ (LQHDOWHUQDWLYH,QWHUSUHWDWLRQVWlUNWGDJHJHQGDV%LOGYRQWXPDOVGHVXEVWDQWLYLVFKHV$E OHLWXQJVPLWWHO
*UDPPDWLNDOLVLHUXQJGHV*HQXVQHXWUXP
Å0DQQKDIWLJNHLW 7DSIHUNHLW´ ÅZHLEOLFKH 7XJHQG 6FKDPKDIWLJNHLW´ XDP DQ QHKPHQ >«@ JHEHQ 0HQVFKHQWXP 0DQQHVWXP :HLEWXP )UDXHQWXP VWHWV HLQHQ HL JHQVFKDIWVORVHQDOOHLQDXIGLH3HUVRQHQJDWWXQJGHV*UXQGZRUWHVJHULFKWHWHQ%H JULII GHV 0HQVFK 0DQQ XQG :HLEVHLQV DXHUGHP VLQG GLHVH WXP%LOGXQJHQ JHJHQEHU GHQHQ DXI KHLW GXUFK HLQHQ VWDUNHQ :HUWJHKDOW JHNHQQ]HLFKQHW >«@ $XFKLQ%HJULIIHQZLH1DUUHQWXPJHJHQEHUlOWHUHP1DUUKHLW.ULHJHUWXP+HOGHQWXP JHJHQEHUDKGPKGNQHKWKHLWGHJHQKHLW Å0DQQKDIWLJNHLW7DSIHUNHLW´EH]HLFK QHWWXPQLHPDOVHLQHHLQ]HOQHEHUWUDJEDUH(LJHQVFKDIWVRQGHUQLPPHUGDVUHL QH:HVHQGHULP*UXQGZRUWJHJHEHQHQ3HUVRQ
$XIJUXQGGHU7HLOOH[LNDOLVLHUXQJLVWGDV6XIIL[WXPGDKHULP*HJHQZDUWV GHXWVFKHQIXQNWLRQDOHUVHW]EDUGXUFKGDV6XIIL[RLGZHVHQ(LQH.RUUHODWL RQ]ZLVFKHQGHP6XIIL[WXPXQGGHP*HQXVQHXWUXPH[LVWLHUWGLDFKURQ QLFKW+LQVLFKWOLFKGHU)XQNWLRQDXVVFKOLHOLFKGDV*HQXVQHXWUXPÄ]XYHU OlVVLJ¶ ]X NRGLHUHQ ODVVHQ VLFK IROJHQGH %HREDFKWXQJHQ PDFKHQ ,P )QKGLVWGDV6XIIL[WXPQRFKDOV0DVNXOLQXPEHOHJWZLHLQEHZHLVWXPIUV WHQWXPVLHFKWXPZDFKVWXPZHLVWXP*OHLFKHVJLOWIUGLHVDO6XIILJLHUXQJZLH PKGLUUHVDOIQKGGHUVFKHXVDO VRZLHIUHLQLJHGHYHUEDOH1RPLQDOLVLHUXQ JHQ QlPOLFK HUGEHEHQ JHEUHFKHQ JHEHUVWHQ OHEHQ ZRO JHIDOOHQ %HLVSLHOH DXV 5,1* ]XP 0KG 5(,&+0$11:(*(5$ ]XP )QKG %HL /HW]WHUHQ KDQGHOW HV VLFK QLFKW XP VXEVWDQWLYLHUWH ,QILQLWLYH VRQGHUQ HQWJHJHQ GHU DXV GHU 3HUVSHNWLYH GHV 1KG LQWXLWLY JHOHLWHWHQ $QQDKPH XP OH[LNDOLVLHUWH )RUPHQ HLQHV *HUXQGLXPV GHUHQ %LOGXQJV PXVWHUQLFKWPHKUSDUDGLJPDWLVFKPRWLYLHUWGKLP$KGEHUHLWVLP8Q WHUJDQJEHJULIIHQZDUV %LOGXQJHQGLHLP1KGPLWIHPLQLQHP*HQXVDXIWUHWHQZDUHQJHOH JHQWOLFKLP)QKGQRFKQHXWUDOZLHHWZDGDVEHGUlQJQLVHPSIlQJQLVILQVWHUQLV WUEQLV WUEVDO YHUGDPPQLV XD 5(,&+0$11:(*(5$ *OHL FKHV JLOW IU GDV QKG 0DVNXOLQXP UHLFKWXP 'DQHEHQ H[LVWLHUWH GDV SDUD GLJPDWLVFKH )HPLQLQXP UvFKHLW Ä5HLFKVHLQ :RKOKDEHQKHLW¶ ,P )QKG PHLQWH 5HLFKKHLW QRFK ÄDEVWUDNWH 4XDOLWlW GHV 5HLFKHQ5HLFKVHLQV¶ 3,/7= 'LH %LOGXQJ NRQQWH VLFK MHGRFK DXIJUXQG YRQ OH[LNDOLVFKHU %ORFNLHUXQJLP6LQQH:85=(/V GXUFKQKG5HLFKWXPQLFKWGXUFK VHW]HQ ,P 0KG VWDQGHQ EHLGH %LOGXQJHQ QRFK EHGHXWXQJVGLIIHUHQ]LHUW QHEHQHLQDQGHU6REHGHXWHWHPKGUvFKH WXPDXJHQVFKHLQOLFKQXUDOV0DV NXOLQXPEHOHJW Ä%HVLW]¶GDQHEHQLVWEHUHLWVGLH%HGHXWXQJÄ5HLFKWXP¶XQG GDPLW GLH KHXWLJH 9HUZHQGXQJ GHV :RUWHV EHOHJW 3DUDOOHOHV JLOW IU GDV ]ZHLWHÄXQSDUDGLJPDWLVFK¶HUKDOWHQH0DVNXOLQXPGHV1KGPLW6XIIL[WXP QlPOLFK,UUWXPGDVLP0KGQHEHQGHP0DVNXOLQXPDXFKQRFKDOV)HPL QLQXP EHOHJW LVW (V EHGHXWHWH GRUW Ä,UUXQJ +LQGHUXQJ¶ =XU )UDJH GHU *HQXVDOWHUQDQ] GHV 0RUSKHPV WXP LP 0KG YJO 5,1* II ,QVJHVDPWOlVVWVLFKGDPLWIHVWVWHOOHQGDVVGLH*HQXV]XYHUOlVVLJNHLWQLFKW QXULQNRQNUHWHP%H]XJDXIGDV6XIIL[WXPVRQGHUQDXFKDXIGLHYDLP $KG XQG HWZDV ZHQLJHU LP 0KG SURGXNWLYHQ 6XIIL[H QLV XQG VDO HLQ
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
3KlQRPHQ GHV 1KG LVW (UVW DE GLHVHU =HLW ODVVHQ VLFK GLH GUHL 6XIIL[H ÄHLQGHXWLJ¶ GHU .RGLHUXQJ GHV 1HXWUXPV ]XRUGQHQ ,QQHUKDOE GHU GUHL 6XIIL[H JLEW HV 8QWHUVFKLHGH 6R LVW TXDQWLWDWLY JHVHKHQVDO JHULQJHU SUR GXNWLYDOVQLVXQGEHUHLWVLQIQKG=HLWQXUQRFKHLQJHVFKUlQNWSURGXNWLY 'DV6XIIL[QLV]HLJWHUVWDEHWZDGHP-DKUKXQGHUWHLQH3UlIHUHQ]]X JXQVWHQGHV*HQXVQHXWUXP)/(,6&+(5%$5= 'DVEHGHXWHW JOHLFK]HLWLJ GDVV GLH *UDPPDWLNDOLVLHUXQJ GXUFK 6XIIL[H TXDOLWDWLY ZLH TXDQWLWDWLYLQQHUKDOEGHV1HXWUXPVHLQJHVFKUlQNWZDUE]ZZXUGH =XVDPPHQIDVVHQG OlVVW VLFK YRU GHP +LQWHUJUXQG GHU DQJHVWHOOWHQ hEHUOHJXQJHQIHVWKDOWHQGDVVGLH0|JOLFKNHLWHQ]XUZRUWELOGHQGHQ6XIIL JLHUXQJEHUHLWVLQPKG=HLWVLFKHLQ]XVFKUlQNHQEHJLQQHQ'D]XSDVVWGLH $QQDKPH ./22&.(V GHU ]XIROJH GHU VXEVWDQWLYLHUWH ,QILQLWLY DE PKG =HLW VWDUN ]XQLPPW %LVODQJ IDQG VLFK NHLQH IXQNWLRQDOH (UNOlUXQJ ]XUÄ%OWH¶GHVVXEVWDQWLYLHUWHQ,QILQLWLYVDEPKG=HLW./22&.( VHOEVW QLPPW GHQ (LQIOXVV GHV )UDQ]|VLVFKHQ ]X GLHVHU =HLW DQ 6SUDFK ZDQGHOSKlQRPHQH PVVHQ MHGRFK ]XP HLQHQ DXV VLFK VHOEVW KHUDXV HU NOlUEDUVHLQ=XPDQGHUHQLVWGXUFKHLQHQVROFKHQ(UNOlUXQJVYHUVXFKGLH )UDJHQDFKGHU*HQXVVHOHNWLRQQLFKWKLQUHLFKHQGJHNOlUWGDGDV)UDQ]|VL VFKHQXU]ZHLQLFKWZLHGDV'HXWVFKHGUHL*HQHUDXQGYDNHLQ1HXWUXP EHVLW]W (LQH hEHUWUDJXQJ LVW LQ GLHVHP 6LQQH QLFKW P|JOLFK 'D GHU (LQIOXVV GHV )UDQ]|VLVFKHQ ZDV GLH 6HOHNWLRQ GHV *HQXV QHXWUXP DQEH ODQJWNHLQH5ROOHVSLHOHQNDQQPVVHQDQGHUHV\VWHPLPPDQHQWH%HZHJ JUQGH LQ GHQ )RNXV GHU %HWUDFKWXQJ JHUFNW ZHUGHQ 'LH 9HUPXWXQJ OLHJWQDKHGDVVLQPKG=HLWLQQHUKDOEGHV1HXWUXPVHLQHb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lVVW VLFK HLQ 8QWHUJDQJ GHU VXIIL[DOHQ $EOHLWXQJVP|JOLFKNHLWHQ IHVWVWHOOHQ ZlKUHQG GHU VXEVWDQWLYLHUWH ,QILQLWLY ]X GLHVHU =HLW SURGXNWLY ]X ZHUGHQ EHJLQQW (LQ LQ GLHVHP =XVDPPHQ KDQJ PRUSKRORJLVFK ZLFKWLJHU $VSHNW LVW GDUEHU KLQDXVZHOFKHQ 5DXP HLQHDQGHUHGHULYDWLYH.RGLHUXQJVWHFKQLNQlPOLFKGLHGHUQHXWUDOHQ=LU
*UDPPDWLNDOLVLHUXQJGHV*HQXVQHXWUXP
NXPILJLHUXQJZLHQKG*HODFKH*HVLQJH*HZHLQH LQGLHVHP.RGLHUXQJVV\V WHPHLQQLPPW6LHVROODQGHQ$QIDQJGHUhEHUOHJXQJHQJHVWHOOWZHUGHQ 6\QFKURQLVWGDV%LOGXQJVPXVWHUGHU=LUNXPILJLHUXQJUHVWULQJLHUWYJO ]XPHLQHQN|QQHQQXU6LPSOL]LDXQG3DUWLNHOYHUEHQQLFKWMHGRFK 3UlIL[YHUEHQDEJHOHLWHWZHUGHQ=XP=ZHLWHQHUJLEWVLFKHLQH5HVWULNWLRQ DXIVHPDQWLVFKHU(EHQHGXUFKGHQWD[DWLYHQ*HKDOWGHU%LOGXQJHQ'LHVH VLQG VWDUN SHMRUDWLY 8P DOV ÄYROOZHUWLJH¶ 3DUWL]LSDQWHQ ZHLWHU DP *UDP PDWLNDOLVLHUXQJVUHQQHQ WHLO]XQHKPHQ PVVWHQ GLHVH 5HVWULNWLRQHQ DOVR ]XDOOHUHUVW DEJHEDXW ZHUGHQ 'D 6XEVWDQWLY XQG $GMHNWLY ELV LQ GLH DKG =HLWQRFKLQHLQHU0DNURZRUWDUWÄ1RPHQ¶YHUVFKPRO]HQZDUHQLVWQLFKW EHUUDVFKHQGGDVVGDV3UlIL[JHHLQVWDXFK]XU$GMHNWLYELOGXQJHLQJHVHW]W ZXUGH ZLH QRFK LQ JHKHLP PKG JHUPH ÄJHUDXP¶ ]X UP Ä5DXP¶ $XFK GRUWOHLVWHWHV9RUGHUJUXQGLHUXQJGLHRIWPLWHLQHULQWHQVLYLHUHQGHQ)XQN WLRQHLQKHUJHKW'LHVHOEH)XQNWLRQGHV0RUSKHPV²LP6LQQHHLQHU,Q KRPRJHQLVLHUXQJ²ZLUGIUGHQYHUEDOHQ%HUHLFKDQJHQRPPHQYJO]% ./8*( ,P DXV QKG 6LFKW VXEVWDQWLYLVFKHQ %HUHLFK LVW GDV *HQXVQHXWUXPGHU%LOGXQJHQPLWGHP3UlIL[*HGDEHLQLFKWYRQ$QIDQJ DQREOLJDWRULVFKJHZHVHQ:,/0$116 ZDVPDQDQ%LOGXQJHQ ZLHQKGGHU*HVDQJQRFKHUVHKHQNDQQ1RFKLQIQKG=HLWZDUHQ%LOGXQ JHQ RKQH QHXWUDOHV *HQXV ZHLWDXV ]DKOUHLFKHU GLHV JLOW DXFK IU GLH VHLW GHP1KGREOLJDWRULVFKQHXWUDOHQ=LUNXPILJLHUXQJHQ6RZDUIQKGJHGLQJH QRFK DOV 0DVNXOLQXP EHOHJW 5(,&+0$11:(*(5$ $Q GLHVHP%HOHJOlVVWVLFKJOHLFK]HLWLJDEOHVHQGDVVGLHVWULNWH)HVWOHJXQJGHV :RUWELOGXQJVSUR]HVVHV=LUNXPILJLHUXQJDXIGDV*HQXVQHXWUXPEHUZLH JHQG HLQ 3KlQRPHQ GHV 1KG LVW (V ODVVHQ VLFK ZHLWHUH &KDUDNWHULVWLND IHVWKDOWHQ:DVGLH'HULYDWLRQVEDVHQDQEHODQJWZDUHQLP$KG$EOHLWXQ JHQYRQYHUEDOHQ%DVHQQRFKQLFKWP|JOLFK,QIQKG=HLWNRQQWHQQRFK VXEVWDQWLYLVFKH%DVHQ]XU%LOGXQJYRQ.ROOHNWLYDDEJHOHLWHWZHUGHQ/H[L NDOLVLHUWH XQG HUKDOWHQH %HLVSLHOH KLHU]X VLQG *HILHGHU ]X )HGHU RGHU HWZD *HKlXVH]X+DXVRGHU*HEOW]X%OXW:,/0$116 'LH=LUNXP ILJLHUXQJ VHOEVW HQWVWDQG DXV GHU 6XIILJLHUXQJ YRQ 'HULYDWLRQVEDVHQ GLH GDV 3UlIL[ *H YJO VHOEVW EHUHLWV DXIZLHVHQ 6HNXQGlU NDP DOVR HLQ 6XIIL[]XGHQEHUHLWVSUlILJLHUWHQ%DVHQKLQ]X+(1=(1II (V KDQGHOWHVLFKWDWVlFKOLFKXPLUJHQG HLQ6XIIL['HQQHVODVVHQVLFKQRFK JHJHQZlUWLJOH[LNDOLVLHUWH%LOGXQJHQIHVWVWHOOHQGHUHQ%LOGXQJVPXVWHUGHP KHXWLJHQ'HULYDWLRQVPXVWHU*H«HDOVPRUSKHPDWLVFKH9DULDQWHQZLH] %GDV'HULYDWLRQVPXVWHU*H«GHZLHLQ*HPHLQGH*HElUGH*HElXGHRGHU BBBBBBBBBBBBB 9JO+,1'(5/,1* Å,QVEHVRQGHUHEHL$GMHNWLYHQEULQJWGLHJD%LOGXQJGLH(L JHQVFKDIWVHKURIWHLQIDFKYHUVWlUNW]XP$XVGUXFN´ (EHQVRJHKHLVJHOHLWJHQJHJHVFKUHL5(,&+0$11:(*(5$
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
GDV'HULYDWLRQVPXVWHU*H«HUZLHLQPKGJHOLFKWHU]XU6HLWHVWHKHQ0DQ NDQQYHUPXWHQGDVVYHUVFKLHGHQH6XIIL[HXPGLHVHOEH)XQNWLRQGHU.RO OHNWLYHU]HXJXQJ NRQNXUULHUWHQ ,Q GLHVHP =XVDPPHQKDQJ VHL DEHUPDOV GDUDXIKLQJHZLHVHQGDVVEHLGLDFKURQHQ%HOHJHQP(KlXILJQLFKW]XHQW VFKHLGHQLVWREHLQPLWJHSUlILJLHUWHV9HUE]XU6XEVWDQWLYELOGXQJDEJHOHL WHW RGHU DEHU HLQ 6LPSOH[9HUE ]XU 6XEVWDQWLYELOGXQJ SUlILJLHUW ZXUGH 'LH 'HULYDWLRQVEDVHQHUZHLWHUXQJ YRP 1RPHQ ]XP 9HUE YROO]RJ VLFK ZLH EHL GHQ VXIIL[DOHQ :RUWELOGXQJVPXVWHUQ DXFK EHU GHYHUEDOH 6XE VWDQWLYLHUXQJHQ VR HWZD DKG JLURXEL ]X URXE GLHVHV ]X URXEŇQ JLVSHUUL ]X VSDUURGLHVHV]XVSHUUHQ%HLVSLHOHDXV:,/0$116 (UVWHÄHFKWH¶ GHYHUEDOH=LUNXPILJLHUXQJHQWUHWHQHUVWVHLWPKG=HLWDXI'LHVSDVVW]X GHUXQWHUJHWURIIHQHQ%HREDFKWXQJGDVVVLFKGLH0XVWHU]XU%LOGXQJ YRQ9HUEDODEVWUDNWDLP0KGXPNRGLHUWHQ'DV%LOGIJWVLFKDOVR²LQ %H]XJ DXI GLH %HUHLWVWHOOXQJ YRQ 9HUEDODEVWUDNWD LP 6SUDFKV\VWHP ² ]X VDPPHQ8QJHNOlUWEOLHEELVODQJGLH)UDJHQDFKGHUJHQDXHQ(QWVWHKXQJ GHVVXEVWDQWLYLHUWHQ,QILQLWLYV,KUVROOGHUIROJHQGH$EVDW]QDFKJHKHQ %HL GHU 3URGXNWLYZHUGXQJ GHV VXEVWDQWLYLHUWHQ ,QILQLWLYV VLQG GLD FKURQ]ZHL)RUPHQ]XVDPPHQJHIDOOHQ]X'HWDLOVYJO:,/0$116 II GDV*HUXQGLXPVRZLHGHUHLJHQWOLFKH,QILQLWLY,QVSlWPKG=HLW NDP HV GXUFK )RUP]XVDPPHQIDOO LP 1RPLQDWLY XQG $NNXVDWLY ]XP 6\QNUHWLVPXVYRQ*HUXQGLXPXQG,QILQLWLY'HUHLJHQWOLFKH,QILQLWLYHQW VWDQG LQ YRUDKG =HLW YHUPXWOLFK DXV GHP $NNXVDWLY HLQHV PLW Q6XIIL[ JHELOGHWHQ9HUEDODEVWUDNWXPV'DV*HUXQGLXPGDJHJHQZDUHLQPLWHLQHP M6XIIL[HUZHLWHUWHU6WDPPDKGDQQHV DXVJHUP DQLDV DQLD 'HUHL JHQWOLFKH,QILQLWLYXQWHUOLHJWLQYRU DKG=HLWGHXWOLFKHQ6HOHNWLRQVUHVWULN WLRQHQ PDQJHOQGH )OH[LRQVIlKLJNHLW NHLQH QRPLQDOH 6DW]JOLHGELQGXQJ NHLQH .RPSDWLELOLWlW PLW $UWLNHOQ $WWULEXWHQ ZDV GDV *RWLVFKH QDKH]X RKQH $XVQDKPH ]HLJW 'DV *HUXQGLXP YHUKlOW VLFK GLHVEH]JOLFK QLFKW UHVWULQJLHUW6RLVWELVLQPKG=HLWGLH.RPELQDWLRQPLW3URQRPLQDXQG $WWULEXWHQ VRZLH GLH 6HW]XQJ LQ GHQ 'DWLY GXUFKDXV P|JOLFK YJO PKG YRQLUVFKUvHQQHLFKHUVFKUDFÄYRQLKUHP6FKUHLHQHUVFKUDNLFK¶ ,P$KGNDQQ GHU,QILQLWLYVHKUVHOWHQLP1RPLQDWLYRGHU$NNXVDWLYDXIWUHWHQZDVPDQ GDUDQ HUVHKHQ NDQQ GDVV HU PLW 3URQRPLQD RGHU $WWULEXWHQ DXIWULWW ZLH HWZDEHL2WIULGWKD]ZHVDQPĩQVĩQHVEOXRWHVULQQDQ ,P0KGNDQQGHU,QIL QLWLY]XVlW]OLFKPLWGHPLQGHILQLWHQ$UWLNHODXIWUHWHQZLHLQHLQNVVHQXQG HLQXPEHIkKHQHLQODFKHQHLQOREHQHLQVFKHOWHQ ,QHLQLJHQ)lOOHQUHJLHUWHGHU BBBBBBBBBBBBB 'HU$QVFKOXVVHLQHV*HQLWLYDWWULEXWVDQ=LUNXPILJLHUXQJHQWUDQVLWLYHU9HUEHQO|VWVWHWVHL QH /HVDUW ]XJXQVWHQ GHV *HQLWLYXV VXEMHNWLYXV QLH REMHNWLYXV DXV .857+ D 0|J OLFKHUZHLVH LVW GDV 0XVWHU JHJHQZlUWLJ LP 8PEUXFK YJO GDV *HVWUHLFKHOH GHV +XQGHV Ä'HU +XQGZLUGJHVWUHLFKHOW¶"Ä'HU+XQGVWUHLFKHOW¶*OHLFKHVJLOWIUGHQVXEVWDQWLYLHUWHQ,Q ILQLWLY'DV/HVHQGHV%XFKHVÄ'DV%XFKZLUGJHOHVHQ¶
*UDPPDWLNDOLVLHUXQJGHV*HQXVQHXWUXP
VXEVWDQWLYLHUWH,QILQLWLY$WWULEXWHHQWVSUHFKHQGGHUXUVSUQJOLFKHQYHUED OHQ5HNWLRQZLHHWZDPKGGXUFKPvGHQHQZvSGXUFKEHKDOWHQGHQOvS%HLVSLH OH DXV .21,1* 'LHVH (LJHQVFKDIW KDW VLFK LP 1KG QRFK EHL DWWULEXWLYHQ 3UlSRVLWLRQDOSKUDVHQ GLH DXI HLQVWLJH $GYHUELDOHQ ]XUFNJH KHQHUKDOWHQZLHHWZD[VSULQJWYRP=XJDE!GDV$EVSULQJHQYRP=XJ0DQ NDQQ GLHVH hEHUOHJXQJ IXHQG DXI 92*(/ II ZHLWHUIKUHQ GDV$EVSULQJHQYRP=XJ!GDV$EVSULQJHQ'HUVXEVWDQWLYLHUWH,QILQLWLYNDQQ GDPLW LP 1KG SRWHQ]LHOOH $UJXPHQWVWHOOHQ LQ VLFK DXIQHKPHQ $UJX PHQWVWHOOHQ YHUDQNHUQ KHUN|PPOLFKHUZHLVH HLQ $EVWUDNWXP LQ GHU UHDOHQ E]Z LUUHDOHQ :HOW 'XUFK GLH ,QKlULHUXQJ SRWHQ]LHOO P|JOLFKHU $UJX PHQWVWHOOHQLP6LQQHHLQHUÄ'HUHODWLRQDOLVLHUXQJ¶7HUPLQXVQDFK,7855, 2= NDQQ GHU ,QILQLWLY ,WHUDWLYLWlW HQWZLFNHOQ 8PJHNHKUW NDQQ GHU ,QILQLWLYJOHLFK]HLWLJGLH5ROOHHLQHU$UJXPHQWVWHOOHEHNOHLGHQ 'DV/HVHQGHV%XFKHVPDFKWHYLHO6SD6XEMHNWPLW*HQLWLYDWWULEXW +DQVK|UWHGDV$XIODFKHQGHV.LQGHV2EMHNWPLW*HQLWLYDWWULEXW %HLP%DGHQVWDFKLKQHLQH%LHQHORNDOHWHPSRUDOH$GYHUELDOH 'XUFKGDV/HVHQGHV%XFKHVEHVWDQG+DQVGLH3UIXQJPRGDOH$GYHUELDOH
6WUHQJJHQRPPHQKDQGHOWHVVLFKEHLP$XIEDXGHU,WHUDWLYLWlWXPHLQHQ 9HUVWRJHJHQHLQHJUDPPDWLVFKH3UlVXSSRVLWLRQGDVXEVWDQWLYLHUWH,QIL QLWLYHVHOEVWNRQWLQXDWLYVLQG'LHHUVWHQ6XEVWDQWLYLHUXQJHQYHUEDOHU,QIL QLWLYH WUXJHQ QRFK DXVQDKPVORV GLHVH XUVSUQJOLFKH 6HPDQWLN $XFK GLH KHXWLJHQ,QILQLWLYHEHVLW]HQGLHVH(LJHQVFKDIWGRFKN|QQHQVLHVHNXQGlU LWHUDWLYH6HPDQWLNEHVLW]HQ0|JOLFKHUZHLVHKDEHQEHUHLWVLQPKG=HLWGLH 3URQRPLQDGLHVHVHNXQGlUH,WHUDWLYLHUXQJEHI|UGHUWGDVLFKHLQNRQWLQXD WLYHU ,QILQLWLY QLFKW PLW HLQHP Ä]lKOEDU PDFKHQGHQ¶ 3RVVHVVLYSURQRPHQ NRPELQLHUHQ GUIWH *OHLFKHV JLOW IU GLH .RPELQDWLRQ YRQ LQGHILQLWHP $UWLNHOXQG,QILQLWLY'LH*UXQGIXQNWLRQGHVLQGHILQLWHQ$UWLNHOVEHVWHKW ZDVPDQDQVHLQHU(QWVWHKXQJVJHVFKLFKWHDEOHVHQNDQQ]XHUVWLQGHU.R GLHUXQJYRQ3DUWLWLYLWlWZLHHWZDQRFKLP%DLULVFKHQHLQ.DDVÄHLQ6WFN .lVH¶ YJO .2/0(5 ,Q GHU )ROJH ZLUG HU UHLQWHUSUHWLHUW ]X GHU )XQNWLRQDXIHLQH*DWWXQJ]XYHUZHLVHQZLHHLQ7LVFKHLQ9RJHOXVZYJO 35(66/,&+ 'LH (QWZLFNOXQJ HLQHU VHNXQGlU LWHUDWLYHQ 6HPDQWLN BBBBBBBBBBBBB 2IIHQVLFKWOLFK VFKHLQW GLH 5HLQWHUSUHWDWLRQ YRQ 4XDQWLILNDWLRQVPDUNHUQ ]X 4XDOLILNDWL RQVPDUNHUQ QLFKW VR VHOWHQ YRU]XNRPPHQ 9JO - 6&+0,'7 ]XU (QWVWHKXQJ GHV GUHLJOLHGULQJHQ*HQXVV\VWHPVE]ZNDWHJRULDOHU,QWHUIHUHQ]HQ'LH)lKLJNHLWHLQHJHQHUHOOH
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
GHV VXEVWDQWLYLHUWHQ ,QILQLWLYV GUIWH GXUFK GHQ =XVDPPHQIDOO PLW GHP *HUXQGLXP LQ VSlWPKG =HLW JHVWlUNW ZRUGHQ VHLQ ./22&.( I JLEW]DKOUHLFKH%HLVSLHOHDXVGHP0KGGLHGLH7KHRULHHLQHUVHNXQGl UHQ,WHUDWLYLHUXQJVWW]HQVRHWZDDXVGHP1LEHOXQJHQOLHGZLHLQ%HLVSLHO RGHUDXVGHP(UHFZLHLQ%HLVSLHO ./22&.( I+HU YRUK0: G{ZDUWHLQPLFKHOGULQJHQXQGJU{]HUVZHUWHNODQF GDZDUHLQ$'-JUR'UlQJHQXQG$'-JUR6FKZHUWHU3/1.ODQJ ÄGDQQ JDE HV HLQH JHZDOWLJH 'UlQJHOHL XQG HLQHQ JURHQ ODXWHQ .ODQJ YRQ 6FKZHUWHUQ¶ KLHKXRSVLFKHLQVWUvWHQ KLHUHUKREVLFKHLQ.lPSIHQ ÄQXQHUKREVLFKHLQ.lPSIHQ¶
$XVGHQEHLGHQ%HLVSLHOHQ XQG LVW]XHUVHKHQGDVVGLH,QILQLWLYH LQ ]HLWLQVWDELOH 6LWXDWLRQVW\SHQ HLQJHJOLHGHUW ZHUGHQ ZDV KLQVLFKWOLFK GHU NRQWLQXDWLYHQ *UXQGVHPDQWLN GHV VXEVWDQWLYLHUWHQ ,QILQLWLYV VWUHQJ JH QRPPHQ HLQ 9HUVWR JHJHQ HLQH JUDPPDWLVFKH 3UlVXSSRVLWLRQ GDUVWHOOW 0DUNHUIUGLH6LJQDOLVLHUXQJGHU=HLWLQVWDELOLWlWVLQGLQ%HLVSLHO GHU (LQVDW]GHU3DUWLNHOG{ÄGDQQ¶GLHHLQH$EIROJHHLQ]HOQHU+DQGOXQJHQDQ ]HLJWVRZLHGLH.RRUGLQLHUXQJGHV,QILQLWLYV PLWHLQHPHLQHQ(LQ]HOYRU JDQJEH]HLFKQHQGHQPDVNXOLQHQ1RPHQDFWLNODQF ,Q%HLVSLHO OLHJW GHU(LQVDW]YRQKLHLQWHPSRUDOHU9HUZHQGXQJÄQXQ¶ LQ.RPELQDWLRQPLW GHU9HUEDOIRUPKXRSYRUGLH,QFKRDWLRQDQ]HLJW$XVGHQEHL./22&.( DQJHIKUWHQ%HOHJHQIlOOWGDUEHUKLQDXVDXIGDVVYDYHUEDOH6LP SOL]LD VXEVWDQWLYLHUW ZHUGHQ 'LH 3UlIL[ XQG 3DUWLNHOYHUEHQ WUHWHQ HUVW VSlWHULQGLHVHP=XVDPPHQKDQJDXIZDV]XGHUJHUDGHJHWURIIHQHQ%H REDFKWXQJSDVVWGDVVGLHHUVWHQVXEVWDQWLYLHUWHQ,QILQLWLYHVHPDQWLVFKUHL QH .RQWLQXDWLYD ZDUHQ 3UlILJLHUWH 9HUEHQ XQG DXFK 3DUWLNHOYHUEHQ VLQG KLQVLFKWOLFK LKUHV 9HUODXIV LQKRPRJHQ YJO VFKODJHQ YV ]HUVFKODJHQ DEVFKOD JHQ 'LH5HVWULNWLRQ]XU6XEVWDQWLYLHUXQJKLQVLFKWOLFKGHV+DQGOXQJVYHU ODXIV LQKRPRJHQHU 9HUEHQ PXVVWH GDKHU EHVHLWLJW ZHUGHQ ,P 1KG VLQG VLH SUREOHPORV VXEVWDQWLYLHUEDU ZLH GDV =HUVFKODJHQ GDV (QWNRPPHQ GDV (LQEUHFKHQ GDV $XVODXIHQ $XFK KLHU NRPPW ,WHUDWLYLWlW ]XVWDQGH 'XUFK GLH (WDEOLHUXQJ GLHVHV VHPDQWLVFKHQ .RQ]HSWHV ZLUG DXFK YHUVWlQGOLFK ZDUXPJHJHQZlUWLJXQJ1RPLQDOLVLHUXQJHQVFKZLQGHQ=XU%HUHLWVWHOOXQJ YRQ7lWLJNHLWVDEVWUDNWDHLJQHWVLFKGHUVXEVWDQWLYLHUWH,QILQLWLYPLWWOHUZHLOH BBBBBBBBBBBBB 4XDOLWlW NRQ]HSWXDOLVLHUHQ ]X N|QQHQ VHW]W 0HKUKHLWOLFKNHLWYRQHWZDV YRUDXV YJO DXFK ]XU(QWVWHKXQJVXEVWDQWLYLVFKHU$EVWUDNWD
*UDPPDWLNDOLVLHUXQJGHV*HQXVQHXWUXP
RKQH :HLWHUHV REJOHLFK V\QFKURQ QRFK HLQLJH 5HVWULNWLRQHQ YRUOLHJHQ 6RVWHKWGLHXQJ1RPLQDOLVLHUXQJEHYRU]XJWQRFKLQPRGDOHQ.RQWH[WHQ 'DV 0XVWHU VFKHLQW JHJHQZlUWLJ EHVRQGHUV EHL 6LPSOL]LD GLH VHLW IQKG =HLW NHLQH XQJ1RPLQDOLVLHUXQJ PHKU ELOGHQ N|QQHQ LP 8PEUXFK ]X VHLQYJOIROJHQGHV%HLVSLHO (UEHEWHYRU/DFKHQ /DFKXQJ
2IIHQEDU YHUPHLGHQ VXEVWDQWLYLHUWH ,QILQLWLYH GHU]HLW LQ JHZLVVHP 8P IDQJGLH%LOGXQJDXVUHIOH[LYHQ9HUEHQ=XGHU%HREDFKWXQJSDVVHQIRO JHQGH%HLVSLHOH² $XV 9HU]ZHLIHOQ9HU]ZHLIOXQJJLQJHULQV.ORVWHU Ä:HLOHUYHU]ZHLIHOWZDUJLQJHULQV.ORVWHU¶NDXVDOH,QWHUSUHWDWLRQ 'HU)XVFKPHU]WYRU$QVWUHQJXQJ"YRP$QVWUHQJHQ Ä'DGHU)XVLFKDQJHVWUHQJWKDWDQJHVWUHQJWZXUGHVFKPHU]WHU¶NDXVDOH,Q WHUSUHWDWLRQ
(LQVHPDQWLVFKHU8QWHUVFKLHGOLHJWDXFKLPIROJHQGHQ%HLVSLHOYRU D =XP(LQVFKXOHQEHNDPHU%URPDWHULDO [ VFKXOW MHPDQGHQ HLQ XQG EHNRPPW GD]X %URPDWHULDO 'DV %URPDWHULDO LVW QRWZHQGLJ]XP(LQVFKXOXQJVYRUJDQJ E =XU(LQVFKXOXQJEHNDPHU%URPDWHULDO [VFKXOWHLQZLUGHLQJHVFKXOWXQGEHNRPPWGD]X%URPDWHULDO'DV%URPDWH ULDONDQQPXVVDEHU]XP(LQVFKXOXQJVYRUJDQJQLFKWQRWZHQGLJVHLQ
$QGHQ%HLVSLHOHQ² OlVVWVLFK]HLJHQGDVVGDV0XVWHUGHVVXEVWDQ WLYLHUWHQ,QILQLWLYVQRFKQLFKWYROOVWlQGLJJUDPPDWLNDOLVLHUWLVW*OHLFK]HL WLJLVWHUNHQQEDUYJO GDVVGLH1HXWUDOLVDWLRQYRQ*HQXV9HUELE]Z 5HIOH[LYLWlW GLH ELVODQJ GDV )HPLQLQXP HUEULQJW E]Z HUEUDFKW KDW YRP 1HXWUXPELVODQJQLFKWJHPHLVWHUWZHUGHQNDQQ=XGHPLVWGLH5H]LSUR]L WlWHLQDQGHU5HODWLRQGHU7HLOH ZLHLQDXVJHIKUWDOOHLQHYRP)HPLQL QXP ]X HUEULQJHQ 'DPLW GHU VXEVWDQWLYLHUWH ,QILQLWLY XQHLQJHVFKUlQNW SURGXNWLYVHLQNDQQPXVVGDV6SUDFKV\VWHP5HVWULNWLRQHQVROFKHU$UWEH VHLWLJHQE]ZJJINRQ]HSWXHOOLQWHJULHUHQ BBBBBBBBBBBBB 9JODXFKGLH3DUDOOHOH]XGHQ=LUNXPILJLHUXQJHQKLHU]X.857+
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
.XU]ID]LW =XVDPPHQIDVVHQGLVWIHVW]XKDOWHQGDVVVLFKGDV1HXWUXPKLQVLFKWOLFKGHU %HUHLWVWHOOXQJYRQ*HQXVPDUNHUQPLWWHOV6XIILJLHUXQJ]ZLHVSlOWLJYHUKlOW =XPHLQHQJLEWHVHLQLJH0RUSKHPHGLHYDQLFKWSOXUDOLVLHUEDUH1HXWUD GHP6SUDFKV\VWHPEHUHLWVWHOOHQ(LQLJHYRQLKQHQ]HLJHQJHJHQZlUWLJEH UHLWVZLHGHU7HQGHQ]HQ]XU8QSURGXNWLYZHUGXQJ6RVLQGGLH6XIIL[RLGH ]HXJXQGZHUNJHJHQZlUWLJQLFKWPHKUIUGLH(WDEOLHUXQJGHYHUEDOHU%LO GXQJHQ HLQ]XVHW]HQ REJOHLFK OH[LNDOLVLHUWH %LOGXQJHQ ZLH HWZD )DKU]HXJ XQG)DKUZHUN LP1KGH[LVWLHUHQ 'DVVHLWEHUHLWVLQDKG=HLWSURGXNWLYH0RUSKHPWXPYHUOHJWVLFKVHLW PKG =HLW ]XQHKPHQG DXI GLH $EOHLWXQJ SOXUDOLVLHUWHU 3HUVRQHQEH]HLFK QXQJHQ ]XU %LOGXQJ YRQ (LJHQVFKDIWVDEVWUDNWD ,Q GLHVHU )XQNWLRQ LVW HV YHUJOHLFKEDU PLW GHP 6XIIL[RLGZHVHQ (EHQIDOOV LQ PKG=HLWZHUGHQQLV XQG VDO LQSURGXNWLY $XV GLHVHQ )DNWRUHQ LVW ]X VFKOLHHQ GDVV GDV 6SUDFKV\VWHP GHV 6WDQGDUGGHXWVFKHQ GLH .RGLHUXQJVIRUP GHU QHXWUDOHQ 6XIILJLHUXQJNRQWLQXLHUOLFKDXI]XJHEHQVFKHLQW=XU%LOGXQJYRQ9HUED ODEVWUDNWDVWHKHQGLH=LUNXPILJLHUXQJXQGGHUVXEVWDQWLYLHUWH,QILQLWLYEH UHLW'LH=LUNXPILJLHUXQJGLHVHLWQKG=HLW]XQHKPHQGDXVVFKOLHOLFKGH YHUEDO DXIWULWW KDW MHGRFK 5HVWULNWLRQHQ 6R NDQQ VLH QLFKW YRQ 3UlIL[ YHUEHQ JHELOGHW ZHUGHQ %HL 3DUWLNHOYHUEHQ H[LVWLHUW GLHVH IRUPDOH 5HVWULNWLRQ QLFKW (LQ MHGRFK ZHLWHUHU DOOH %LOGXQJHQ EHWUHIIHQGHU KHP PHQGHU )DNWRU LVW GLH SHMRUDWLYH 6HPDQWLN GHU %LOGXQJHQ 'LHVEH]JOLFK QHXWUDOLVWGHUVXEVWDQWLYLHUWH,QILQLWLYGHUDOV*HZLQQHUGHV5HQQHQVXP GLH (UKDOWXQJ GHU *HQXVIXQNWLRQ KHUYRUJHKW 6HLQH 3URGXNWLYLWlW QLPPW VHLWPKG=HLWVWHWLJ]X0|JOLFKZXUGHGLHVGXUFKGLH(UZHLWHUXQJVHLQHU SULPlUHQ *UXQGIXQNWLRQ ZHOFKH XUVSUQJOLFK LQ GHU %HUHLWVWHOOXQJ YRQ .RQWLQXDWLYLWlW EHVWDQG 6HLW PKG =HLW NDQQ GDV %LOGXQJVPXVWHU ]XQHK PHQG SRWHQ]LHOOH $UJXPHQWVWHOOHQ LQKlULHUHQ XQG HUZHLWHUW GDPLW VHLQH $EOHLWXQJVP|JOLFKNHLW'LH)ROJHLVWHLQH(WDEOLHUXQJYRQYHUEDOHU,WHUDWL YLWlW'D,WHUDWLYLWlWLPQRPLQDOHQ%HUHLFKGLH,QKlULHUXQJXQG6HOHNWLRQ SHUIHNWLYHU,QKDOWHXPIDVVWWUDJHQVROFKH%LOGXQJHQGLH)XQNWLRQGHU%H UHLWVWHOOXQJYRQ$EVWUDNWKHLW'DPLWNDQQDXFKHUNOlUWZHUGHQZDUXPJH JHQZlUWLJ²DXIGHU(EHQHGHUSURGXNWLYHQ0RUSKRORJLH²IHPLQLQHXQJ 1RPLQDOLVLHUXQJHQ GXUFK QHXWUDOH VXEVWDQWLYLHUWH ,QILQLWLYH HUVHW]W ZHU GHQ'HQ%HJLQQPDFKHQHUQHXWGLHYHUEDOHQ6LPSOL]LD(VIROJHQGLH3Ul IL[YHUEHQ VFKOLHOLFK GLH 3DUWLNHOYHUEHQ %HLGH 4XDQWLILNDWLRQVWHFKQLNHQ BBBBBBBBBBBBB
,P+RFKDOHPDQQLVFKHQLVWGHU:RUWELOGXQJVW\SGHUQHXWUDOHQ6XIILJLHUXQJLQGHU*HVWDOW GHV:RUWELOGXQJVVXIIL[HVDWD]XPJHJHQZlUWLJHQ=HLWSXQNWQRFKSURGXNWLY(VELOGHWLQ GHU0RQWDIRQHU0XQGDUWQHXWUDOHQLFKWSOXUDOLVLHUEDUH9HUEDODEVWUDNWDZLHHWZDGDV 3RW] DWDÄGDV*HSXW]H¶D 6FKUHLDWDÄGDV*HVFKUHLH¶$%5$+$0
*UDPPDWLNDOLVLHUXQJGHV*HQXVQHXWUXP
GLH NROOHNWLYDEVWUDNWH 'HULYDWLRQ YD GHV )HPLQLQXPV XQG QXU QRFK LQ 5HOLNWHQGHV1HXWUXPVVRZLHGHUXP,WHUDWLYLWl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lVVWGLHXQLGLUHNWLRQDOXQXP NHKUEDU LVW XQG PLW HLQHP $XIEDX YRQ JUDPPDWLVFKHU .RPSOH[LWlW HLQ KHUJHKW:LHEHUHLWVLQ.DSLWHOWKHPDWLVLHUW]HLJHQGLH6XIIL[H]XP1KG VWHWLJ ZHQLJHU *HQXVVFKZDQNXQJ 'HU 8PVWDQG GDVV HLQ SURGXNWLYHV 6XIIL[ZLHHWZDQLVXQGVDO PHKUHUH*HQHUDJOHLFK]HLWLJNRGLHUHQNDQQ ZXUGH]XP1KGKLQDEJHEDXW$OOHSURGXNWLYHQ6XIIL[HGHV1KGGLHDP *UDPPDWLNDOLVLHUXQJVYRUJDQJ WHLOJHQRPPHQ KDEHQ XQG HLQHQ $XIEDX YRQJUDPPDWLVFKHU.RPSOH[LWlWEHREDFKWHQODVVHQKDEHQVLFKLP/DXIH GHU 6SUDFKJHVFKLFKWH DXI HLQ *HQXV IHVWJHOHJW $EELOGXQJ LOOXVWULHUW GHQ$EODXIGHV6SUDFKZDQGHOVJUDILVFKXQG]XVDPPHQIDVVHQG 6XIIL[HPLW0HKUIDFKJHQXV
JHQXVVSH]LIL]LHUWH6XIIL[H
$EE'DV=XVDPPHQVSLHOYRQ*HQXVXQG6XIILJLHUXQJ
,QGHU7HUPLQRORJLHGHU*UDPPDWLNDOLVLHUXQJEH]HLFKQHWPDQGLHVHQ8P VWDQGDOV6SH]LDOLVLHUXQJ*HQXVÅ0LWNRQNXUUHQWHQ´ZXUGHQXQGZHUGHQ GD GHU *UDPPDWLNDOLVLHUXQJVSUR]HVV QRFK QLFKW DEJHVFKORVVHQ LVW ]X QHKPHQGDXVJHVFKLHGHQ4XDQWLWDWLYHU+|KHSXQNWGHU%HUHLWVWHOOXQJYRQ 6XIIL[HQGUIWHYHUPXWOLFKGDV-DKUKXQGHUWJHZHVHQVHLQYJOGLH%H OHJHLQ675,&.(5 =XGLHVHU=HLWODVVHQVLFKGLHPHLVWHQ6XIIL[HILQ GHQ 'DVV GHU *UDPPDWLNDOLVLHUXQJVSUR]HVV WDWVlFKOLFK QRFK QLFKW DEJH VFKORVVHQ LVW EHZHLVW LQVEHVRQGHUH GDV 1HXWUXP GDV HUKHEOLFKH
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
8PVWUXNWXULHUXQJHQ DXI PRUSKRORJLVFKHU (EHQH HUNHQQHQ OlVVW 'DV 0DVNXOLQXP ]HLJW GXUFK GLH $XVVFKHLGXQJ HLQVWLJHU VWDUN SURGXNWLYHU 6XIIL[HZLHEVSZOLQJHULFKEROG EHLJOHLFK]HLWLJHP$XIEDXYRQ.RP SOH[LWlW XQG 3URGXNWLYZHUGXQJ GHV 6XIIL[HV HU DP GHXWOLFKVWHQ GDVV GLH *UDPPDWLNDOLVLHUXQJ EHUHLWV UHODWLY ZHLW YRUDQJHVFKULWWHQ LVW 'LH EHLGHQ DQGHUHQ*HQHUD)HPLQLQXPXQG1HXWUXPEHILQGHQVLFKP|JOLFKHUZHLVH QRFKHWZDVVWlUNHULPÅ6RJ´GHU*UDPPDWLNDOLVLHUXQJGDGLH)XQNWLRQDOL VLHUXQJ HLQ]HOQHU .RGLHUXQJVPLWWHO QRFK QLFKW DEJHVFKORVVHQ LVW ,QQHU KDOEGHV)HPLQLQXPVOlVVWVLFKHLQH(LQVFKUlQNXQJGHUEHWHLOLJWHQ6XIIL[H ]XJXQVWHQ GHU .RGLHUXQJ YRQ (LJHQVFKDIWVDEVWUDNWD XQG QLFKW PHKU LQ YROOHP 8PIDQJ YRQ 9HUEDODEVWUDNWD HUNHQQHQ EHL GHU PDQ YHUPXWHQ NDQQ GDVV VLH GXUFK HLQH IXQNWLRQDOH 0RWLYDWLRQ JHVWW]W ZLUG 6R OHLWHW GDV 6XIIL[ KHLW 3DUWL]LSLD ,, XQG XQPDUNLHUWH $GMHNWLYH DE ZlKUHQG GDV 6XIIL[NHLWDXVVFKOLHOLFKVXIILJLHUWHXQGSVHXGRVXIILJLHUWH$GMHNWLYHZLH HWZDOHFNHU DEOHLWHW'DV6XIIL[VFKDIWLVWV\QFKURQDOVWHLOOH[LNDOLVLHUWHLQ]X VWXIHQ GD HV QXU QRFK .ROOHNWLYD ]X ]XYRU SOXUDOLVLHUWHQ 3HUVRQHQEH ]HLFKQXQJHQELOGHQNDQQ6HLQH3URGXNWLYLWlWZXUGHLP/DXIHGHU6SUDFK JHVFKLFKWH HLQJHVFKUlQNW 'DVVHOEH JLOW IU GDV V\QFKURQ 1HXWUD NRGLHUHQGH 6XIIL[ WXP =ZLVFKHQ )HPLQLQXP XQG 1HXWUXP JLEW HV JH JHQZlUWLJ DXIHLQDQGHU EH]RJHQH IXQNWLRQDOH .RGLHUXQJVNRQNXUUHQ] LP %HUHLFK GHU %HUHLWVWHOOXQJ YRQ 9HUEDODEVWUDNWD GLH EHL %HLEHKDOWXQJ JH JHQZDUWVVSUDFKOLFKHU (QWZLFNOXQJHQ ]XJXQVWHQ GHV 1HXWUXPV HQWVFKLH GHQZHUGHQZLUG'LH5HGHLVWYRQGHU,QSURGXNWLYZHUGXQJGHV6XIIL[HV XQJ GHVVHQ )XQNWLRQ ]XQHKPHQG YRP VXEVWDQWLYLHUWHQ ,QILQLWLY EHU QRPPHQZLUG:LHNDQQHV]XUhEHUQDKPHHLQHUJUDPPDWLVFKHQ)XQNWL RQNRPPHQ" $XVGHQLQ.DSLWHOXQGJHWURIIHQHQ$XVVDJHQHUJDEVLFKGDVVHLQH $EJUHQ]XQJKLQVLFKWOLFKGHU)UDJHZHOFKHV*HQXVGHU%HUHLWVWHOOXQJYRQ $EVWUDNWDXQG.ROOHNWLYDGLHQWQLFKWSDXVFKDO]XEHDQWZRUWHQLVW,QVEH VRQGHUH EHLP .ROOHNWLYXP VWHKHQ GDEHL ]ZHL IXQNWLRQDO GLIIHUHQ]LHUWH .ROOHNWLYDUWHQ QHEHQHLQDQGHU :lKUHQG GDV )HPLQLQXP GLH 9HUHLQL JXQJVTXDOLWlW EHWRQW XQG GDPLW DOV > =b+/%$5@ HLQ]XVWXIHQ LVW VWHKW EHLP QHXWUDOHQ .ROOHNWLYXP HKHU GDV =XVDPPHQJHIDVVWH DOVR GDV ,QKl ULHUWHLP9RUGHUJUXQGYJO ZHVKDOEHVDOV>²=b+/%$5@]XNODVVLIL]LH UHQLVW'LHVH'LFKRWRPLHLVWGLDFKURQGXUFKGLHIRUPDOH2SSRVLWLRQ]ZL VFKHQ IHPLQLQHU 6XIILJLHUXQJ XQG QHXWUDOHU =LUNXPILJLHUXQJ DEJHELOGHW ZLUG MHGRFK ]XQHKPHQG GXUFK GLH 7DWVDFKH XQWHUEXQGHQ GDVV GLH =LU NXPILJLHUXQJNHLQH6XEVWDQWLYHDOV$EOHLWXQJVEDVLVPHKUVHOHJLHUHQNDQQ $OVQHXHV.RGLHUXQJVPXVWHUVLQGGDJHJHQQHXWUDOH6XIIL[RLG HZLHHWZD ZHUN]HXJZLHLQ/DXEZHUN:DVFK]HXJ SURGXNWLYJHZRUGHQ$XVGHU*H JHQEHUVWHOOXQJ YRQ IHPLQLQHU XQG QHXWUDOHU $EVWUDNWKHLW OlVVW VLFK IRO JHUQGDVVVLFKGDV6SUDFKV\VWHPJHJHQZlUWLJXPVWUXNWXULHUW'HU3UR]HVV
=XVDPPHQIDVVXQJ.DSLWHO
GHU8PVWUXNWXULHUXQJKDWMHGRFKQLFKWJHUDGHHUVWEHJRQQHQVRQGHUQLVW LP *HJHQZDUWVGHXWVFKHQ EHUHLWV ZHLW IRUWJHVFKULWWHQ 'LH 8PVWUXNWXULH UXQJEHJDQQLP0KG=XGLHVHU=HLWHWZDZHUGHQGLH1HXWUDNRGLHUHQGHQ 6XIIL[H]XQHKPHQGLQSURGXNWLY'LHYHUEDOH=LUNXPILJLHUXQJHQWVWHKWDXV GHUQRPLQDOHQXQGGDV%LOGXQJVPXVWHU]XU%HUHLWVWHOOXQJYRQ.RQWLQXD WLYLWlWHUZHLWHUWHVLFKXPGLH)XQNWLRQGHU%HUHLWVWHOOXQJYRQ,WHUDWLYLWlW 'LHVH (QWZLFNOXQJ PDFKW DXV V\QFKURQHU 6LFKW GLHXQJ1RPLQDOLVLHUXQJ EHUIOVVLJ ,KU 8QWHUJDQJ XQG GDV SDUDOOHOH $XINRPPHQ GHV VXEVWDQWL YLHUWHQ ,QILQLWLYV LVW DOV ÄHFKWHU¶ *HQXVZHFKVHO LP 6LQQH HLQHV :HFKVHOV GHU .RGLHUXQJVWHFKQLN ]X LQWHUSUHWLHUHQ 'LH VXEVWDQWLYLHUWHQ ,QILQLWLYH EHVLW]HQ LQ )ROJH LKUHU GRPLQDQWHQ XQG XUVSUQJOLFK ]XHUVW HWDEOLHUWHQ *UXQGIXQNWLRQGHU.RQWLQXDWLYLWlWQLFKWGLH)lKLJNHLW]XU3OXUDOLVLHUXQJ 8P HV QRFK HLQPDO ]X EHWRQHQ 'DV *HJHQZDUWVGHXWVFKH EHILQGHW VLFKLQHLQHP8PEUXFKSUR]HVVVHLWGHP9HUEDODEVWUDNWDQLFKWPHKUSUR GXNWLYPLWGHP$EOHLWXQJVPXVWHUGHV6XIIL[HVXQJJHELOGHWZHUGHQN|Q QHQ 'DV )HPLQLQXP GLHQW MHGRFK SURGXNWLY ]XU .RGLHUXQJ YRQ 9HUED ODEVWUDNWDQlPOLFKLQ)RUPGHV6XIIL[HVHUHL'HU]HLWLVWHVHLQJHVFKUlQNW SURGXNWLY DXIJUXQG VHLQHU SHMRUDWLYHQ 6HPDQWLN (V N|QQWH MHGRFK VHLQ GDVVVLFKGLHEHVWHKHQGHQ5HVWULNWLRQHQDXIO|VHQ*HJHQZlUWLJNRPPWHV ]XU (WDEOLHUXQJ GHV 1HXWUXPV KLQVLFKWOLFK GHU %HUHLWVWHOOXQJ YRQ 7lWLJ NHLWVDEVWUDNWD 'DV )HPLQLQXP QLPPW GDJHJHQ EHL GHU %LOGXQJ YRQ (L JHQVFKDIWVDEVWUDNWD HLQH YRUKHUUVFKHQGH 3RVLWLRQ HLQ ZREHL HLQH 6XEND WHJRULVLHUXQJ ]X YHU]HLFKQHQ LVW $XI GHU HLQHQ 6HLWH EHILQGHQ VLFK GLH GHSDUWL]LSLDOHQXQGPLWGHP6XIIL[KHLWDEJHOHLWHWHQ(LJHQVFKDIWVDEVWUDNWD ZLHHWZD$EJHVFKODJHQKHLW=HUIDKUHQKHLW=HUULVVHQKHLW GLHVWDWLYVLQGXQGHLQ LQKlUHQW SUlGLNDWLYHV YJO *HVFKHKHQ EH]HLFKQHQ (LQH %LOGXQJ ZLH 9HUJHVVHQKHLWEH]HLFKQHWGLHÄ7DWVDFKHGDVVHWZDVYHUJHVVHQLVW¶,KQHQVWH KHQGLH%LOGXQJHQGHV6XIIL[HVNHLWJHJHQEHUGLHHLQH(LJHQVFKDIWVSUl GLNDWLRQ LPSOL]LHUHQ ZLH HWZD 9HUJHVVOLFKNHLW Ä7DWVDFKH GDVV MPG HWZDV YHUJLVVWYHUJHVVHQKDW¶$OOHUGLQJVLVW]XYHUPXWHQGDVVDXFKKLHUEHUHLWV GHUVXEVWDQWLYLHUWH,QILQLWLYHLQGULQJWYJOHWZDGLH%LOGXQJHQ *HPDOWKHLW
*HWUXQNHQKHLW *HODFKWKHLWDEHU"GDV*HPDOWVHLQ"GDV*HWUXQNHQVHLQ"GDV*HO DFKWVHLQ 6ROOWH GLH 3URGXNWLYLWlW GHV VXEVWDQWLYLHUWHQ ,QILQLWLYV DQ GLHVHU 6WHOOH]XQHKPHQXQGLP6LQQHHLQHU$QDORJLHGHU,QILQLWLYHEHQIDOOV,WHUD WLYLWlW]XNRQ]HSWXDOLVLHUHQLPVWDQGHVHLQLVWDQ]XQHKPHQGDVVDXFKGLH $GMHNWLYH GLHVHU /RJLN IROJHQ 'LH .RQVHTXHQ] ZlUH HLQ 8QWHUJDQJ GHV *HQXV IHPLQLQXP VRIHUQ NHLQH VSH]LHOOHQ 5HQRYDWLRQVVWUDWHJLHQ YRP 6SUDFKV\VWHP DQ GLHVHU 6WHOOH QHX EHUHLWJHVWHOOW ZHUGHQ :LH GHU 6SUDFK ZDQGHO LQ =XNXQIW IU GDV 'HXWVFKH YHUODXIHQ ZLUG OlVVW VLFK VHOEVWYHU VWlQGOLFKQLFKWSURJQRVWL]LHUHQ*HJHQZlUWLJLVWGDV)HPLQLQXPYROOZHUWL JHV 0LWJOLHG LP *HQXVSDUDGLJPD XQG GLHQW GHU %HUHLWVWHOOXQJ YRQ (LJHQVFKDIWVDEVWUDNWD XQG ² ZHQQ DXFK HLQJHVFKUlQNWHU SURGXNWLY DOV LQ
*HQXVXQG*UDPPDWLNDOLVLHUXQJ,,HPSLULVFK
IUKHUHQ6SUDFKVWXIHQ²GHU%HUHLWVWHOOXQJYRQ9HUEDODEVWUDNWD'DV0DV NXOLQXPVWHOOW,QGLYLGXDWLYDEHUHLWXQG]ZDUGXUFKGLHLP1KGVHKUSUR GXNWLYHHU'HULYDWLRQVRZLHGLH1XOOGHULYDWLRQ'DGLHHU'HULYDWLRQ]XP 1KG KLQ XQG DXFK JHJHQZlUWLJ NRQWLQXLHUOLFK SURGXNWLYHU ZLUG LVW ]X YHUPXWHQ GDVV LQ GHU =XNXQIW GLH 1XOOGHULYDWLRQ YRQ GHU HU'HULYDWLRQ YHUGUlQJWZLUG 'LH 0DVNXOLQD ELOGHQGHQ 6XIIL[H GLHQHQ GD]X ]lKOEDUH 6XEVWDQWLYH DOVR6XEVWDQWLYHPLWGHP0HUNPDO> =b+/%$5@]XNRGLHUHQ$XVJDQJV SXQNWZDUHQGDEHL%H]HLFKQXQJHQYRQ,QGLYLGXDWLYDGLHLQHLQHPFKDUDN WHULVWLVFKHQ9HUKlOWQLV]XHWZDVVWDQGHQ'LHHUVWHQ%LOGXQJHQVLQG(LJHQ VFKDIWVLQGLYLGXDWLYD 7\SLVFKH (LJHQVFKDIWVLQGLYLGXDWLYD VLQG 1RPLQD DJHQWLV(LQ6FKOHULVWÄHLQ[GDVLQHLQHUEHVRQGHUVFKDUDNWHULVWLVFKHQ%H ]LHKXQJ ]XU 6FKXOH VWHKW¶ 'DV LVW DEHU QLFKW GLH HLQ]LJH ,QWHUSUHWDWLRQV P|JOLFKNHLWGHV%LOGXQJVPXVWHUV(LQ6LOEHUOLQJEVSZLVWÄHLQ[GDVGLH(L JHQVFKDIW EHVLW]W VLOEHUQ ]X VHLQ¶ (V ZLUG DOVR HLQ ,QGLYLGXDWLY XP NRGLHUW GDV HLQH FKDUDNWHULVWLVFKH (LJHQVFKDIW EHVLW]W 'DV $EOHLWXQJV PXVWHUZHLWHWHVLFKLQGHU'LDFKURQLHDXIYHUEDOH%DVHQDXV'LHGDGXUFK HQWVWHKHQGH 6HPDQWLN YHUHLQW GDV (LJHQVFKDIWV XQG GDV 7lWLJNHLWVNRQ ]HSW (V KDQGHOW VLFK GDPLW XP HLQHQ $XIEDX YRQ JUDPPDWLVFKHU .RP SOH[LWlW (LQ %RKUHU LVW ÄHLQ [ GDV ERKUHQ NDQQ¶ 9RU]XJVZHLVH N|QQHQ EVSZ3HUVRQHQ1RPLQDDJHQWLV RGHU2EMHNWH1RPLQDLQVWUXPHQWL GLH HLQHU FKDUDNWHULVWLVFKHQ 7lWLJNHLW QDFKJHKHQ GDPLW EH]HLFKQHW ZHUGHQ 'LHQlFKVWH6WXIHLVWGLH(WDEOLHUXQJYRQFKDUDNWHULVWLVFKHQ7lWLJNHLWVYRU JlQJHQGLHDEJHVFKORVVHQVLQGZLH+RSVHU-RGOHU$XVUXWVFKHU %HL GHU *UDPPDWLNDOLVLHUXQJ GHV )HPLQLQXPV VRZLH 1HXWUXPV OlVVW VLFK KLQVLFKWOLFK GHU 6HOHNWLRQ YRQ 'HULYDWLRQVEDVHQ HLQH SDUDOOHOH (QW ZLFNOXQJHUNHQQHQ=XQlFKVWZHUGHQ(LJHQVFKDIWVDEVWUDNWD]XEHVRQGHUV FKDUDNWHULVWLVFKHQ ,QGLYLGXDWLYD JHELOGHW 'D EHVRQGHUV FKDUDNWHULVWLVFKH ,QGLYLGXDWLYD GLH (LJHQVFKDIWHQ EHVLW]HQ YD ]X 3HUVRQHQ JHELOGHW ZHU GHQVLQGGLHHUVWHQEHOHJEDUHQIHPLQLQHQZLHQHXWUDOHQ(LJHQVFKDIWVDEV WUDNWD YRUQHKPOLFK GLH 3HUVRQHQDEVWUDNWD ZLH HWZD QKG &KULVWOLFKNHLW DKG QRFK NULVWĆQKHLWL E]Z (LJHQVFKDIWVDEVWUDNWD GLH LPSOL]LW DXI 3HUVR QHQRGHUEHVWLPPWHFKDUDNWHULVWLVFKH2EMHNWHGLHDXIHLQHEHVWLPPWH$UW XQG :HLVH ]XHLQDQGHU lKQOLFK VLQG EH]RJHQ ZHUGHQ ZLH QKG 6FK|QKHLW *UQOLFKNHLW 6FKQHOOLJNHLW 'XUFK (UZHLWHUXQJ GHU $EOHLWXQJ YRQ YHUEDOHQ %DVHQNRPPWHV]XU$XVGLIIHUHQ]LHUXQJGHU6XIIL[HLQ(LJHQVFKDIWVXQG 7lWLJNHLWVDEVWUDNWD 'LHVH $XVGLIIHUHQ]LHUXQJ EHWULIIW MHGRFK DOOHLQH GDV )HPLQLQXPGDGDV1HXWUXPEHUHLWVLQPKG=HLWVLFKDXIGLH(WDEOLHUXQJ GHV VXEVWDQWLYLHUWHQ ,QILQLWLYV YHUOHJW XQG GLH VXIIL[DOH :RUWELOGXQJ PLW $XVQDKPHGHU'LPLQXWLRQYJO DXIJLEW'LH=LUNXPILJLHUXQJQLPPW MHGRFK LQ IQKG =HLW DQ GLHVHU (QWZLFNOXQJ WHLO (V NRPPW ]XU %LOGXQJ YRQ9HUEDODEVWUDNWDGLHHLQHFKDUDNWHULVWLVFKH7lWLJNHLWPHLVWYRQ3HUVR
=XVDPPHQIDVVXQJ.DSLWHO
QHQ EH]HLFKQHQZLHHWZDQKG5HLWHUHL.QDOOHUHLE]Z*HUHLWH*HNQDOOH'LH HUVWHQGHYHUEDOHQ%LOGXQJHQVLQG%LOGXQJHQ]X+DQGOXQJVYHUEHQGLH*H VFKHKHQVYHUEHQNRPPHQVHNXQGlUGD]XZLHGLH5HJQHUHLGDV*HVFKQHLH )RUPDOOlVVWVLFKGDPLWHLQHVWULQJHQWH(QWZLFNOXQJVORJLNGHU6XIIL[H HUVHKHQ6RZHUGHQEHLDOOHQ*HQHUD]XHUVWGLH:RUWDUWÄ1RPHQ¶LPZHL WHQ6LQQ DEJHOHLWHWVHNXQGlUHUVW9HUEHQ'DV$KGYHUIJWEHUHLQZH VHQWOLFKJHULQJHUHV,QYHQWDUDQ6XIIL[HQGLH4XDQWLWlWGHU6XIIL[HQLPPW DOVR LP /DXI GHU 6SUDFKJHVFKLFKWH ]X 'DEHL VLQG GLH HLQ]HOQHQ 6XIIL[H QLFKW YRQ YRUQKHUHLQ DXI HLQ EHVWLPPWHV *HQXV IHVWJHOHJW ZLH LP 1KG EOLFKVRQGHUQ]HLJHQLP(LQ]HOIDOOQRFK*HQXVVFKZDQNXQJGLHHLQHV\V WHPDWLVFKH %HGHXWXQJVGLIIHUHQ]LHUXQJ QDFK VLFK ]LHKW YJO GDV 6XIIL[ JHUP LQJ GDV IU GDV 0DVNXOLQXP (LJHQQDPHQ ZLH HWZD +HQQLQJ IU GDV 1HXWUXP NROOHNWLYH 2UWVQDPHQ ZLH LQ ,VPDQLQJ ELOGHW 'LH 6XIIL[H HUZHLWHUQ GDEHL LP /DXIH GHU 6SUDFKJHVFKLFKWH LKUH )lKLJNHLW GHU $EOHL WXQJGKVLHN|QQHQ]XQHKPHQGNRPSOH[HUH,QKDOWHNRGLHUHQ(VJHKHQ NHLQH DOWHQ %HGHXWXQJVGLPHQVLRQHQ YHUORUHQ HV NRPPHQ OHGLJOLFK QHXH KLQ]X=LHOLVWGHU$XIEDXYRQ0DUNLHUXQJHQIUQRPLQDOH4XDQWLILNDWLRQ DXI%DVLVYRQ*HQXV'LHVJLOWIUDOOH*HQHUDJOHLFKHUPDHQ'LH*HQHUD XQWHUVFKHLGHQ VLFK DEHU LQ GHU MHZHLOLJHQ 4XDQWLILNDWLRQVOHLVWXQJ 'DV )HPLQLQXP IDVVW ]XVDPPHQ GDV 0DVNXOLQXP SXQNWXDOLVLHUW XQG GDV 1HXWUXPLWHUDWLYLHUWZHQQHVQLFKWÅYHUPDVVW´ 'DVIROJHQGH.DSLWHOZLGPHWVLFKHLQHP6RQGHUSKlQRPHQHQGHV*H QXVXQGVWHOOWGLH)UDJHQDFKHLQHPPRWLYLHUWHQ=XVDPPHQKDQJYRQ*H QXVXQG0RUSKRORJLH'DEHLZHUGHQELVODQJDXVJHNODPPHUWH3KlQRPHQH EHKDQGHOW 'LHVH ZXUGHQ DXVJHNODPPHUW GD HV VLFK EHL LKQHQ HQWZHGHU XP NHLQH NHUQJUDPPDWLVFKHQ (UVFKHLQXQJHQ LP VWUHQJHQ 6LQQH KDQGHOW ZLH 'LPLQXWLRQ $XJPHQWDWLRQ 7D[DWLRQ XQG 6H[XV E]Z ZHLO VLH VLFK LQQHUKDOEGHV6SUDFKV\VWHPVDQGHU6FKQLWWVWHOOHYRQ*HQXVXQGDQGHUHQ JUDPPDWLVFKHQ )XQNWLRQDOLWlWHQ JUDPPDWLVFKHQ .DWHJRULHQ )OH[LRQV PRUSKRORJLH EHILQGHQ
$VVR]LLHUWH3Kl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lKOEDUHQ 6XEVWDQWLYH GDV VXIILJLHUWH)HPLQLQXPGLH.ROOHNWLYDE]Z$EVWUDNWDXQGGDV1HXWUXPLQ )RUP GHU =LUNXPILJLHUXQJ XQG GHV VXEVWDQWLYLHUWHQ ,QILQLWLYV QLFKW ]lKOEDUH6XEVWDQWLYHEHUHLW%LVODQJZXUGHQHLQLJH%HUHLFKHGHU0RGLILND WLRQDXVJHNODPPHUWGLHEHLGHU%HKDQGOXQJGHV:RUWELOGXQJVW\SV6XIIL JLHUXQJ MHGRFK QLFKW XQHUZlKQW EOHLEHQ GUIHQ (V KDQGHOW VLFK XP GLH 3KlQRPHQH GHU 'LPLQXWLRQ $XJPHQWDWLRQ 7D[DWLRQ VRZLH GHU 0RWLRQ 6H[XV *HPl GHU ELVKHULJHQ $UJXPHQWDWLRQ GLH GHQ 6XIIL[HQ HLQH TXDQWLIL]LHUHQGH/HLVWXQJ]XZHLVWPVVWHQVLFKGLHHUZlKQWHQ3KlQRPH QH HEHQIDOOV PLWWHOV PHUHRORJLVFKHQ %HVFKUHLEXQJVLQYHQWDUV EHVWLPPHQ ODVVHQ'LHVVROOHQGLHEHLGHQIROJHQGHQ$EVFKQLWWHOHLVWHQ$EVFKQLWW EHKDQGHOWGLH'LPLQXWLRQ$XJPHQWDWLRQXQG7D[DWLRQ3HMRUDWLRQ0HOL RUDWLRQ+\SRNRULVPXV 6LHZHUGHQLQHLQHP$EVFKQLWW]XVDPPHQJHIDVVW GD VLH XQWHU GHP $VSHNW GHU ,QWHQVLYLHUXQJ HLQDQGHU EHGLQJHQ N|QQHQ XQGVRPLWVFKZHUYRQHLQDQGHU]XWUHQQHQVLQG$EVFKQLWWZLGPHWVLFK GHP =XVDPPHQKDQJ YRQ *HQXV XQG 6H[XV $EVFKQLWW EHKDQGHOW HL QHQ DQGHUHQ ELVODQJ DXVJHNODPPHUWHQ %HUHLFK XQG VWHOOW GLH )UDJH QDFK HLQHPPRWLYLHUWHQ=XVDPPHQKDQJYRQ*HQXVXQG)OH[LRQ'DVVGLH'L PLQXWLRQXQG$XJPHQWDWLRQHWZDVPLW4XDQWLILNDWLRQ]XWXQKDEHQN|QQ WHQ LVW QLFKW QXU WHUPLQRORJLVFK QDKHOLHJHQG (LQH %LOGXQJ ZLH EVSZ BBBBBBBBBBBBB
0RGLILNDWLRQVELOGXQJHQ ZLH HWZD 6XSHUOHLFKWJHZLFKW .OHLQZDJHQ *HQHUDODEUHFKQXQJ VLQG QLFKW QXU IRUPDO GXUFK 0DUNLHUXQJ PLWWHOV 3UlIL[RLG H YRQ GHQ VXIILJLHUWHQ 0RGLILNDWLRQVELO GXQJHQ XQWHUVFKLHGHQ VRQGHUQ DXFK VHPDQWLVFK 6R EHVLW]HQ GLH EHWHLOLJWHQ 3UlIL[RLG H YROORGHU]XPLQGHVWWHLOPRWLYLHUWHOH[LNDOLVFKH6HPDQWLN6LH]LHKHQEHNDQQWOLFKNHLQHbQ GHUXQJGHUPRUSKRV\QWDNWLVFKHQ(LJHQVFKDIWHQQDFKVLFKGKVLHVLQGNHLQHQIXQNWLRQD OHQ.|SIH
'LPLQXWLRQ$XJPHQWDWLRQXQG7D[DWLRQ
%DQNHWWWLVFK HWZD ZlUH QLFKW DOV 7LVFKFKHQ ]X EH]HLFKQHQ DXHU ZHQQ GLH bXHUXQJLURQLVFKXQGGDPLWLQV*HJHQWHLOYHUNHKUWZlUH'DVVVLFKQLFKW QXU GLH 'LPLQXWLRQ VRQGHUQ DXFK GLH $XJPHQWDWLRQ VRZLH GLH 7D[DWLRQ DXI%DVLVYRQ0HUHRORJLHEHVFKUHLEHQODVVHQVROOLPIROJHQGHQ$EVFKQLWW MHGRFKJHQDXHU]XEHXQGHUJUQGHQVHLQ,PPHUKLQVLQGGLH'LPLQXWLYD LP 'HXWVFKHQ QHXWUDO QLFKW PDVNXOLQ ZLH HV DXV SDUDGLJPDWLVFKHU 6LFKW EHL ]lKOEDUHQ GD SOXUDOLVLHUEDUHQ 6XEVWDQWLYHQ ZLH HWZD GW GDV +DXV ² GDVGLH+lXVFKHQHLJHQWOLFK]XHUZDUWHQZlUH6SUDFKYHUJOHLFKHQG]HLJWVLFK ]XQlFKVW NHLQH .RUUHODWLRQ ]ZLVFKHQ 'LPLQXWLRQ XQG *HQXV (LQLJH 6SUDFKHQ ZLH HWZD GDV /DWHLQLVFKH EHKDOWHQ HQWJHJHQ GHP 6\VWHP GHV 'HXWVFKHQ GDV *HQXV GHV %DVLVOH[HPV .|QQHQ GLHVH EHLGHQ *HQXV 6\VWHPDWLNHQ GLH GHV *HQXVZHFKVHOV ZLH LP 'HXWVFKHQ GHU +XQG ² GDV +QGFKHQ XQG GLH GHU *HQXV.RQVWDQ] ZLH ODW PDVNSRUFXOXV Ä6FKZHLQ FKHQ¶]XPDVNSRUFXVÄ6FKZHLQ¶ YHUV|KQWZHUGHQ":HQQMDOLHHVLFKGLH HLQH DXV GHU DQGHUHQ DEOHLWHQ RGHU KDQGHOW HV VLFK XP ]ZHL YRQHLQDQGHU XQDEKlQJLJH6\VWHPH"8QWHUGHU'LPLQXWLRQZLUGDXFKGLH$XJPHQWDWLRQ EHKDQGHOWGD$XJPHQWDWLRQQXULQ6SUDFKHQYRUNRPPWGLH'LPLQXWLRQ EHVLW]HQ%$.(0$*(55$(576 'LH'LPLQXWLRQVFKHLQWGD KHUGLHJUXQGOHJHQGHUH0RGLILNDWLRQVDUW]XVHLQZRIUHVJOHLFKIDOOVQDFK *UQGHQ]XVXFKHQJLOW %HL6H[XVZHOFKHUDOV.DWHJRULHGHVQDWUOLFKHQ*HVFKOHFKWVVWULNW]X WUHQQHQLVWYRPJUDPPDWLVFKHQ*HQXVLVWGLH6DFKODJHXQJOHLFKNRPSOH [HU'DVVHLQLJH6XEVWDQWLYHZLHHWZDGHU+HUU GLH6H[XV/HVDUWDXIOH[L NDOLVFKHU(EHQHEHUHLWVWHOOHQN|QQHQLVWXQVWULWWLJ(LQ6XEVWDQWLYGDJHJHQ ZLHGW6WXGHQWNDQQ²MHQDFKNRQ WH[WXHOOHU(LQEHWWXQJVRZRKOPlQQOL FKHZLHZHLEOLFKH6WXGHQWHQJOHLFKHUPDHQXPIDVVHQZLHHWZDLQ6WXGHQ WHQGHPRQVWUDWLRQ RGHUDEHUDXVVFKOLHOLFKPlQQOLFKH6WXGHQWHQZLHHWZDLQ GHP6DW]$XV6WXGHQWHQZHUGHQ9lWHU]XP)RUVFKXQJVVWDQGYJO%(&.(5 ,QGHUYRUOLHJHQGHQ$UEHLWVROODUJXPHQWLHUWZHUGHQGDVVGLH/HV DUWGHV6H[XVPDVNXOLQXPLQQHUKDOEGHU.DWHJRULH6H[XVVWHWVHLQVHNXQ GlUHV3KlQRPHQLVW(VJLOW]XQlFKVWQDFKIRUPDOHQ.ULWHULHQ]XVXFKHQ 'DEHL UFNW GDV )HPLQLQXP LQV =HQWUXP GHV ,QWHUHVVHV GDV GHQ 6H[XV H[SOL]LWPLWWHOVGHV6XIIL[HVLQNRGLHUW:DVMHGRFK.ROOHNWLYLWlWXQG6H [XV IHPLQLQXP DXI PRWLYLHUWH $UW XQG :HLVH PLWHLQDQGHU ]X WXQ KDEHQ N|QQWHQVFKHLQWHLQXQGXUFKVFKDXEDUHV3DUDGR[RQ]XVHLQ$EVFKQLWW VWHOOWGLHVHV3DUDGR[RQDXIGLH3UREH:HQQ.ROOHNWLYLWlWXQG6H[XVIHPL QLQXPLQGHU'LDFKURQLHDXIHLQDQGHUEH]RJHQVLQGE]ZZDUHQLVWGDPLW DOOHUGLQJV DXFK GLH )UDJH DXIJHZRUIHQ RE QLFKW GLH (QWVWHKXQJ YRQ 6H [XV.RGLHUXQJHQVHOEVWHLQHQ)DOOYRQVSUDFKOLFKHU'LVNULPLQLHUXQJGDU VWHOOW 'DUEHU KLQDXV ZLUG HLQ /|VXQJVYRUVFKODJ ]XJXQVWHQ HLQHU GXUFK 0RWLRQVPDUNLHUXQJEHUHLWJHVWHOOWHQ*HVFKOHFKWHUJHUHFKWLJNHLWYRUJHVWHOOW
$VVR]LLHUWH3KlQRPHQH
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|IOLFKNHLW]XWXQ(WZDVGDVDOVÄNOHLQJHULQJ¶NR GLHUWLVWKDWZHQLJHUÅ*HJHQVWDQGVFKDUDNWHU´XQGNDQQGDKHUIUWD[DWLYH %HODQJHJHQXW]WZHUGHQ,QGHU/LWHUDWXU]XU'LPLQXWLRQLVWKlXILJ]XOH VHQ GDVV HWZDV GDV NOHLQ LVW E]Z JHPDFKW ZXUGH DOV DQJHQHKPHU HPS IXQGHQZLUG0DQN|QQWHDXFKGDV*HJHQWHLODQQHKPHQ(WZDVGDVNOHLQ LVWE]ZJHPDFKWZXUGHNDQQDXFKHLQH$EZHUWXQJLPSOL]LHUHQ8PHLQH VSH]LILVFKH9HUZHQGXQJHLQHVGLPLQXWLYLHUWHQ/H[HPVKLQVLFKWOLFKGHVWD [DWLYHQ *HKDOWV ULFKWLJ ]X LQWHUSUHWLHUHQ EHQ|WLJW HV :LVVHQ EHU GHQ .RQWH[WLQGHQGLHHQWVSUHFKHQGHbXHUXQJHLQJHEHWWHWLVW9RUGHU%H REDFKWXQJGDVV]DKOUHLFKHbXHUXQJHQLQVEHVRQGHUHVROFKHGLHPLWGHU $QUHGHIRUP YRQ 3HUVRQHQ ]X WXQ KDEHQ NRQYHQWLRQHOO JHSUlJW VLQG VFKHLQWHUNOlUEDUZDUXP(LJHQQDPHQLQVEHVRQGHUHLQGHUPKG/LWHUDWXU PLW 'LPLQXWLRQVPDUNHUQ YHUVHKHQ VLQG 'XUFK 'LPLQXWLYLHUXQJ HLQHU DQJHVSURFKHQHQ 3HUVRQ NDQQ GHU 6SUHFKHU VHLQH 6\PSDWKLH ]XP $XV GUXFN EULQJHQ +\SRNRULVPXV 'LH $QWLSDWKLH NDQQ HEHQIDOOV GXUFK 'L PLQXWLRQVPDUNHU NRGLHUW ZHUGHQ YHUVW|W DEHU KHUN|PPOLFKHUZHLVH JH JHQ 5HJHOQ GHU VSUDFKOLFKHQ .RQYHQWLRQ GD 5HJHOQ GHU .RQYHQWLRQ EOLFKHUZHLVHGLH)XQNWLRQGHUVR]LDOHQ.RRSHUDWLRQXQGSRVLWLYHQ,QWHU DNWLRQGHU6SUDFKWHLOQHKPHUHUIOOHQ'HU(LQVDW]YRQ'LPLQXWLRQLQQH JDWLYHQ .RQWH[WHQ GDJHJHQ HQWVSUlFKH HLQHU QLFKWNRQYHQWLRQHOOHQ 9HU ZHQGXQJ YRQ 'LPLQXWLRQ 'LH ,OORNXWLRQ HQWVSULFKW LQ GLHVHP )DOO HLQHU %HOHLGLJXQJ'LPLQXWLRQ$XJPHQWDWLRQXQG7D[DWLRQN|QQHQDOVRVLWXD WLRQVVSH]LILVFK HLQDQGHU EHGLQJHQ XQG ZHUGHQ GDKHU LQ GLHVHU $UEHLW LQ HLQHP$EVFKQLWW]XVDPPHQJHIDVVW *UXQGLGHH GHV IROJHQGHQ $EVFKQLWWV VWHOOW GLH hEHUOHJXQJ GDU GDVV MHGH.DWHJRULHQHEHQHLQHU+DXSWOHVDUWPLQGHVWHQVHLQH1HEHQOHVDUWDXI UXIHQNDQQ$XVGHPVSUDFKW\SRORJLVFKHQ9HUJOHLFKLVWEHNDQQWGDVVGLH BBBBBBBBBBBBB
'LHVHUJDEHQHLJHQHHPSLULVFKHhEHUSUIXQJHQDP1LEHOXQJHQOLHG'HQ$QODVV]XU6WLFK SUREH HUJDEHQ GLH %HREDFKWXQJHQ YRQ :5('( VRZLH +$67(13)/8* GLH EHVWlWLJWZHUGHQNRQQWHQ
'LPLQXWLRQ$XJPHQWDWLRQXQG7D[DWLRQ
'LPLQXWLRQ HLQH 7HQGHQ] ]XJXQVWHQ GHV *HQXV IHPLQLQXP KDW &25 %(77 XQG I %$.(0$*((5$(576 'LHV LVW
QLFKWXQEHGLQJWVHOEVWYHUVWlQGOLFKZHQQPDQGLHMHQLJHQLGJ6SUDFKHQEH WUDFKWHW GLH GLH .DWHJRULH *HQXV HUKDOWHQ KDEHQ 'RUW ODVVHQ VLFK ]ZHL 6\VWHPDWLNHQIHVWVWHOOHQ D *HQXVZHFKVHOEHLGHU'LPLQXWLRQZLHGWGHU+XQG²GDV+QGFKHQ E *HQXV]XZHLVXQJ QDFK ]XJUXQGHOLHJHQGHP %DVLVOH[HP ZLH ODW KRUWXV Ä*DUWHQ¶²KRUWXOXVÄ*lUWFKHQ¶EHLGHPDVNXOLQXP 'DV'HXWVFKHLVW7\SD ]X]XUHFKQHQZlKUHQGHWZDGLHURPDQLVFKHQXQG VODYLVFKHQ6SUDFKHQ7\SE ]X]XRUGQHQVLQG'LH*HQXV]XZHLVXQJVSULQ ]LSLHQ]XLGJ=HLWZDUHQRIIHQEDUPRUSKRORJLVFKJHVWHXHUW%58*0$11 'DV *HQXV ZDU XUVSUQJOLFK QDWXUJHPlVV LP DOOJHPHLQHQ GDV 1>HXWUXP@ >«@ 6FKRQVHLWXULGJ=HLWEUDFKWHPDQDEHURIWDXFKGDV*HQXVPLWGHP*HQXVGHV 6WDPPQRPHQVLQhEHUHLQVWLPPXQJ'LHVJLQJYHUPXWOLFKYRQ:|UWHUQIU/H EHZHVHQDXVYRQ)lOOHQZLHODWIĩOLRODXQGHVJHVFKDKXPVROHLFKWHUZHQQGDV GHPLQXWLYLVFKH)RUPDQVQLFKW]XJOHLFKOHEHQGLJHVDGMHNWLYLHUHQGHV)RUPDQVJH EOLHEHQ ZDU $P PHLVWHQ YHUEUHLWHW LVW GLHVH $UW LP $L >$OWLQGLVFKHQ@ +RFK ODW>HLQLVFKHQ@XQG6ODY>LVFKHQ@
'LH $QVlW]H YRQ &25%(77 XQG I %$.(0$*((5$(576 XQG%58*0$11 ODVVHQVLFKPHUHRORJLVFKEHWUDFKWHW LQ(LQNODQJEULQJHQZHQQPDQEHGHQNWGDVVGDVNROOHNWLYH1HXWUXPXQG )HPLQLQXPGLH=XVDPPHQIDVVXQJYRQ7HLOHQGKGDV$EVHKHQYRQ,Q KDOWHQJHPHLQVDPYJO KDEHQ'DVVGDV*HQXVGHV%DVLVOH[HPVZLH HWZDLP/DWHLQLVFKHQEHLGHU'LPLQXWLRQHUKDOWHQEOHLEHQNRQQWHVFKHLQW RIIHQEDU EHOHEWHQ 6XEVWDQWLYHQ JHVFKXOGHW ]X VHLQ YJO RELJHV =LWDW 9RQGLHVHQDXVJHKHQGNRQQWHVLFKGDV0XVWHUDXIGLHDQGHUHQ6XEVWDQWLYH LQ$QDORJLHHUZHLWHUQ 'DGLH.ROOHNWLYLWlWDOVSULPlUH)XQNWLRQDOLWlWIUGDV*HQXVIHPLQL QXPLGHQWLIL]LHUWZHUGHQNRQQWHNDQQGLH'LPLQXWLRQQXUHLQH1HEHQOHV BBBBBBBBBBBBB
*OHLFKZRKO NRQQWHQ EHL GHU 'LPLQXWLRQ LP ,GJ EHLGH *HQXV]XZHLVXQJVV\VWHPH GK D XQGE QHEHQHLQDQGHUH[LVWLHUHQZDVDEKlQJLJYRQGHUMHZHLOV]XJUXQGHOLHJHQGHQ:RUWDUW ZDU%58*0$11I Å1HXWUDZDUHQQXUGLHMHQLJHQVXEVWDQWLYLVFKHQ'HPLQXWL YD GLH PLW HLQHP DGMHNWLYLVFKHQ )RUPDQV JHELOGHW XQG VXEVWDQWLYLHUWH $GMHNWLYD ZDUHQ >«@ 'DJHJHQ VWLPPWH YRQ +DXV DXV GDV *HQXV GHU PLW OR XQG NR JR JKR JHELOGHWHQ 'HPLQXWLYD]XP*HQXVGHV*UXQGQRPHQV>«@ZHLOGLHVH)RUPDQWLHQJHJHQGHQ8QWHU VFKLHGYRQ6XEVWDQWLYXQG$GMHNWLYLQGLIIHUHQWZDUHQ>«@'HU%HZHLVLVWGDGXUFKJHOLH IHUWGDGLH]ZHLWH.ODVVHYRQ)RUPDQWLHQXQGQXUGLHVHDXFK]XU'HPLQXLHUXQJYRQ$G MHNWLYDGLHQWH>«@´ 'LH $XVVDJH YRQ %58*0$11 OLHH VLFK DXFK GDKLQJHKHQG LQWHUSUHWLHUHQ GDVV )HPLQLQD PLW 6H[XVEHGHXWXQJ GHQ :DQGHO DXVO|VWHQ YJO GDV %HLVSLHO ODW IĩOLROD 'DV 0XVWHU GDV *HQXV GHV GLPLQXWLYLHUWHQ 6XEVWDQWLYV PLW GHP GHV 6LPSOL]LXPV LQ hEHUHLQVWLPPXQJ ]X EULQJHQZlUHLQMHGHP)DOODOVHLQ3KlQRPHQGHU$QDORJLH]XNODVVLIL]LHUHQ
$VVR]LLHUWH3KlQRPHQH
DUW GHU .ROOHNWLYLWlW VHLQ 8QLYHUVDO LVW GLH 'LPLQXWLRQ QLFKW 6(,'(/ 0$11 6R YHUIJW GDV (QJOLVFKH EVSZ LP 9HUJOHLFK ]XP
'HXWVFKHQ DOOHQIDOOV EHU LQ 5HOLNWHQ HUKDOWHQH %HLVSLHOH YJO %LOGXQJHQ ZLHVWUHDPOHWÄ%lFKOHLQ¶YVVWUHDPERRNOHWYVERRN *HPHLQKLQZLUGEHLGHU hEHUVHW]XQJYRQ'LPLQXWLYDLQ6SUDFKHQRKQH'LPLQXWLRQHLQH3HULSKUD VHPLWHQWVSUHFKHQGHPGLPLQXWLYLHUHQGHP$WWULEXWJHZlKOWZLHHWZDEHL GW+lXVFKHQJHJHQEHUHQJOOLWWOHKRXVH8QWHUGLHVHP$VSHNWN|QQWHDXFK GDV3UlIL[RLGNOHLQLP'HXWVFKHQDOV'LPLQXWLRQVPRUSKHPGXUFKJHKHQ (LQ.OHLQNLQGLVWMHGRFKQLFKWPLWHLQHU%LOGXQJZLH.LQGFKHQDXIGLHVHOEH $UW YHUJOHLFKEDU GD LP HUVWHQ )DOO OH[LNDOLVFKH 0LWWHO LP ]ZHLWHQ )DOO JUDPPDWLVFKH 0LWWHO HLQJHVHW]W ZHUGHQ (V VROOWH GDKHU WHUPLQRORJLVFK ]ZLVFKHQ JUDPPDWLVFKHU XQG OH[LNDOLVFKHU 'LPLQXWLRQ JHWUHQQW ZHUGHQ *UDPPDWLVFKH'LPLQXWLRQVPRUSKHPH]HLFKQHQVLFKLP*HJHQVDW]]XLK UHQ OH[LNDOLVFKHQ Ä3HQGDQWV¶ GXUFK VHPDQWLF EOHDFKLQJ DXV GK LKUH %HGHX WXQJLVWOH[LNDOLVFKQLFKWIHVWVWHOOEDUVHPDQWLVFKYHUEOLFKHQ =XGHPVLQG VLH²ZLHEHL'HULYDWLRQVPRUSKHPHQ]XHUZDUWHQ²UHLKHQELOGHQGZDVIU GLH QRFK ÄOH[LNDOLVFKHQ¶ 3UlIL[H GHV 'HXWVFKHQ QXU EHGLQJW ]XWULIIW .OHLQWLVFK .OHLQKDXV .OHLQODPSH ,P -DSDQLVFKHQ GLHQW GDV 0RUSKHP NREVSZ]XU'LPLQXWLRQ'DV0RUSKHPLVWJOHLFK]HLWLJHLQHLJHQVWlQGL JHV /H[HP XQG EHGHXWHW VRYLHO ZLH ÄNOHLQ¶ RGHU Ä.LQG¶ 'DV -DSDQLVFKH N|QQWH GDKHU DOV %HLVSLHO IU HLQH 6SUDFKH PLW OH[LNDOLVFKHU 'LPLQXWLRQ GLHQHQ'LHLGJ6SUDFKHQZlUHQVWDWWGHVVHQ6SUDFKHQPLWJUDPPDWLVFKHU 'LPLQXWLRQ GD GLHVH KLHUIU HLQ JUDPPDWLVFKHV 0RUSKHP YHUZHQGHQ 'LHVH8QWHUVFKHLGXQJVFKHLQWDXFKYRUGHP+LQWHUJUXQGGHV6SUDFKYHU JOHLFKVSUDNWLNDEHOYJOEVSZGLH'DWHQJUXQGODJHYRQ$/ 6$//$:, ]XPGWDUDELVFKHQ6SUDFKYHUJOHLFK 'LPLQXWLRQVVXIIL[H N|QQHQ VLFK GDUEHU KLQDXV LQ HLQLJHQ 6SUDFKHQ PLWHLQDQGHUNRPELQLHUHQ)UGLHURPDQLVFKHQ6SUDFKHQLVWGLHVEHNDQQW YJOHWZDLWDOFRUWLQRLQRLQRÄVHKUVHKUNXU]¶]XFRUWRÄNXU]¶%HLVSLHODXV%$ .(0$*((5$(576 $EHU DXFK LP 'HXWVFKHQ ODVVHQ VLFK VROFKH 7HQGHQ]HQ EHREDFKWHQ ZLH HWZD)UlXOHLQFKHQ 3QNWHOHLQFKHQ 9|JH OHLQFKHQ 6ROFKH )RUPHQ VLQG DOOHUGLQJV PDUNLHUW 'LH 'LPLQXWLRQVPRU SKHPHYHUELQGHQVLFK]ZDUXQWHUHLQDQGHUVHOWHQDEHUPLWDQGHUHQ'HUL YDWLRQVPRUSKHPHQYJOHWZD 6FK|QKHLWFKHQ bU]WHVFKlIWFKHQ 6FKLFNVDOFKHQ 'LH IHKOHQGH .RPELQDWLRQVIlKLJNHLW GHU 6XIIL[H XQWHUHLQDQGHU VWW]W GLH $QQDKPHHLQHV=XVDPPHQKDQJV]ZLVFKHQ'LPLQXWLRQXQG4XDQWLILNDWL RQ(LQHZHLWHUH%HREDFKWXQJLVWGDVVLP'HXWVFKHQRIIHQEDUQXU]lKOED BBBBBBBBBBBBB
:LHDQGLHVHP%HLVSLHO]XHUNHQQHQLVWGLH'LPLQXWLRQVHOEVWQLFKWDOOHLQDXIGLH:RUWDUW 6XEVWDQWLYEHVFKUlQNWVRQGHUQLVWDXFKEHL9HUEHQXQG$GMHNWLYHQXQGZHLWHUHQ:RUWDU WHQZLHEHL3UlSRVLWLRQHQVREVSZ),6&+(5IUGDV$UDELVFKH EHOHJW
'LPLQXWLRQ$XJPHQWDWLRQXQG7D[DWLRQ
UH 6XEVWDQWLYH GLPLQXWLYLHUW ZHUGHQ N|QQHQ ZlKUHQG GLHV EHL 0DV VHQQRPLQDQLFKWP|JOLFKLVW 6lQGFKHQ 0LOFKFKHQ 'LHVJLOWDXFKIUGHQ VXEVWDQWLYLHUWHQ ,QILQLWLY YJO GDV /DXIHQ ² GDV /lXIFKHQ GDV /DXIHQFKHQ ,QWHUHVVDQWZlUHDQGLHVHU6WHOOHGLH)UDJHREGLHVH)HVWVWHOOXQJXQLYHUVDOH *OWLJNHLW EHVLW]W GK NRQNUHW DXFK RE GLH EHUHLQ]HOVSUDFKOLFKH 7HQ GHQ]GHU'LPLQXWLRQGXUFKGDV)HPLQLQXPNRGLHUW]XZHUGHQPRWLYLHUW ZHUGHQNDQQ'LHJHQHUHOOHIXQNWLRQDOH*HPHLQVDPNHLW]ZLVFKHQ.ROOHN WLRQ XQG 'LPLQXWLRQ EHVWHKW LQ MHGHP )DOO LP $EVHKHQ YRQ EHVWLPPWHQ ,QKDOWHQ (V ILQGHW DOVR HLQ 6HOHNWLRQVSUR]HVV VWDWW 'LH .ROOHNWLRQ VHOH JLHUW EHVWLPPWH DEHU QLFKW DOOH 0HUNPDOH ]XU *UXSSHQELOGXQJ ,P 9HU JOHLFK]XU,QGLYLGXDWLYLWlWGLHDEVROXWHQ*HJHQVWDQGVFKDUDNWHUEHVLW]WKDW GLH .ROOHNWLRQ VWHWV ]XVDPPHQIDVVHQGHQ &KDUDNWHU .RQNUHW N|QQHQ GDGXUFK$XVSUlJXQJHQYRQ.OHLQKHLWZLHDUDEäXPD\VDWXQÄNOHLQH6RQQH¶ ]XäDPVXQÄ6RQQH¶ 3HMRUDWLRQ0LQGHUZHUWLJNHLWXQG6FKZlFKHHQWVWHKHQ ÅPLW ZHQLJHU :HUW´ 35(03(5 9RU GLHVHP +LQWHUJUXQG ZLUG DXFKYHUVWlQGOLFKZDUXPHLQLJH*HQXVNODVVHQ²ZLHLP,GJHWZDGLH.D WHJRULH GHV NROOHNWLYHQ 1HXWUXPV ² VHNXQGlU GD]X JHQXW]W ZHUGHQ N|Q QHQ*U|HQYHUKlOWQLVVH]XNRQ]HSWXDOLVLHUHQ(VKDQGHOWVLFKXPGLHVH NXQGlUH /HVDUWHQ GHU 4XDQWLILNDWLRQ (LQH 6SUDFKH GLH ]DKOUHLFKH %HLVSLHOH VROFKHU 6XEVWDQWLYGXEOHWWHQ DXIZHLVW LVW GDV 3RUWXJLHVLVFKH 3$%67 KDWGLHVEH]JOLFKEHWURIIHQH6XEVWDQWLYH]XVDPPHQJHVWHOOW %HL5H]LSLHUXQJGHV'DWHQPDWHULDOVOlVVWVLFKNHLQH5HJHODXIVWHOOHQZHO FKH 6HPH GDV )HPLQLQXP LP 9HUJOHLFK ]XP 0DVNXOLQXP EHLVWHXHUW GD GDV*HQXVDOVJUDPPDWLVFKH.DWHJRULHGLHVEH]JOLFKNHLQH$XVNXQIWJLEW 'HU*HQXVZHFKVHOLQQHUKDOEHLQHU2SSRVLWLRQEHVDJWLQMHGHP(LQ]HOIDOO QXU GDVV HLQH bQGHUXQJ LQ GHU 3HUVSHNWLYLHUXQJ HUIROJW %LOGXQJHQ VRO FKHU$UWVLQGDXIJUXQGYRQPDQJHOQGHU6\VWHPDWL]LWlWDOV/H[LNDOLVLHUXQ JHQ HLQ]XRUGQHQ %$.(0$*((5$(576 VR EHGHXWHW HWZD LWDOFDVDÄ+DXV¶GDJHJHQFDVHWWDÄ.lVWFKHQ¶Z|UWOLFKÄNOHLQHV*HKlXVH¶'LH ,QWHUSUHWDWLRQDOV/H[LNDOLVLHUXQJHUNOlUWGHQ]XQlFKVWÄXQHUNOlUOLFKHQ¶=X VDPPHQKDQJ YRQ *HQXV XQG Ä*U|HQYHUKlOWQLVVHQ¶ LQ GHQ URPDQLVFKHQ BBBBBBBBBBBBB
$OV(LQZDQGN|QQHQDXFKQLFKW)lOOHZLHHWZD:DVIUHLQ:HLQFKHQDQJHIKUWZHUGHQ,Q GLHVHP)DOOIXQJLHUWGHULQGHILQLWH$UWLNHODOV4XDQWRU,QHLQLJHQ0XQGDUWHQLVWGLHVHU=X VWDQGQRFK JUDPPDWLNDOLVLHUWYJOEVSZ.2/0(5 ]XP%DLULVFKHQ$XFKGHUGHIL QLWH$UWLNHOEHVLW]WLQGLHVHP=XVDPPHQKDQJGLH0|JOLFKNHLW]XU4XDQWLILNDWLRQYJOIRO JHQGHbXHUXQJ+DVW'XGDV:lVVHUFKHQ",QGLHVHP)DOOLVW:lVVHUFKHQGHP6SUHFKHUXQG +|UHU EHUHLWV GXUFK YRUKHULJH .RQWH[WXDOLVLHUXQJ EHNDQQW LP 6LQQH YRQ 6SH]LILNDWLRQ XQGGDPLW]XLGHQWLIL]LHUHQ'DVV0DVVHQQRPLQDSULQ]LSLHOOQLFKWPLWGHU'LPLQXWLRQYHU HLQEDUVLQGOlVVWVLFKDXFKDQGHU7DWVDFKHHUVHKHQGDVVVLHDXFKLQGHU.RPELQDWLRQPLW 4XDQWRUHQQLFKWGLPLQXWLYLHUWZHUGHQN|QQHQYJO HLQ*ODV:lVVHUFKHQ HLQH7DVVH0LOFK FKHQ HLQH)ODVFKH%LHUFKHQ'LH4XDQWRUHQGDJHJHQGLHLQGLYLGXDOLVLHUWVLQGN|QQHQGLPLQX WLYLHUWZHUGHQHLQ*OlVFKHQ:DVVHUHLQ7lVVFKHQ0LOFKHLQ)OlVFKFKHQ%LHU
$VVR]LLHUWH3KlQRPHQH
6SUDFKHQ'DGLH%LOGXQJHQOH[LNDOLVLHUWVLQGJHEHQVLHQXUQRFKVHKUEH GLQJW E]Z NHLQHQ $XIVFKOXVV PHKU EHU HLQH HLQVWLJH 0RWLYDWLRQVEH]LH KXQJLQQHUKDOEGHU*HQHUD:HLWHUH)RUVFKXQJHQN|QQWHQDQGLHVHU6WHOOH KHOIHQP|JOLFKHUHOLNWKDIWHUKDOWHQH7HLOV\VWHPHÄIXQNWLRQLHUHQGHU¶4XDQ WLILNDWLRQ DXI %DVLV GHV *HQXV DXI]XGHFNHQ %H]JOLFK GHU EHUHLQ]HO VSUDFKOLFKHQ.ODVVLILNDWLRQGLPLQXWLYLHUWHU6XEVWDQWLYHN|QQHQDXIVHPDQ WLVFKHU (EHQH ZHLWHUH $XVVDJHQ JHWURIIHQ ZHUGHQ (LQ 6XEVWDQWLY ZLH HWZD +lXVFKHQ EHNRPPW PLWWHOV GHV 6XIIL[HV ]XU %HGHXWXQJ Ä+DXV¶ HLQH RGHUPHKUHUH(LJHQVFKDIWHQ KLQ]XJHIJWÄ$UWHLQHV+DXVHV¶!Ä+DXVDXI HLQHEHVWLPPWH$UW¶'DPLWUFNHQGLH]lKOEDUHQ6XEVWDQWLYHLQGLH1lKH GHUJUDGXLHUEDUHQ$GMHNWLYH92*(/ 'HU HLQ]LJH 8QWHUVFKLHG >]ZLVFKHQ 6XEVWDQWLY XQG $GMHNWLY@ EHVWHKW GDULQ GD $GMHNWLYH ]XVlW]OLFK HLQ IOH[LEOHV *HQXV XQG GLH .DWHJRULH GHU *UDGLHUXQJ DXI ZHLVHQ 'LHV HUJLEW VLFK DXIJUXQG LKUHU (LJHQVFKDIW DOV VHPDQWLVFKH 3ULPLWLYD ( L Q H (LJHQVFKDIWLVWOHLFKWYDULLHUEDU(LQ&OXVWHUYRQ0HUNPDOHQZLHEHL9HU EHQ RGHU 6XEVWDQWLYHQ EULQJW GLH 6FKZLHULJNHLW PLW VLFK GD IHVWJHOHJW ZHUGHQ PXZHOFKHVGHU0HUNPDOHYRQGHU*UDGLHUXQJEHWURIIHQLVW6REHLQKDOWHWGDV $XJPHQWDWLYVXIIL[ LP ,WDOLHQLVFKHQ LQ LUJHQGHLQHU )RUP HLQH 9HUJU|HUXQJ GHV GXUFKGDV6XEVWDQWLYDXVJHGUFNWHQ*HJHQVWDQGHV:HOFKHQ%HUHLFKGDVEHWULIIW LVWMHGRFKNRQYHQWLRQDOLVLHUWLWDOQDVRQHÄJURH1DVH¶OLEURQHÄGLFNHV%XFK¶>+HU YRUKLP2ULJLQDO@
'LHVH %HREDFKWXQJ HUNOlUW DXFK ZDUXP GLH 'LPLQXWLRQQLFKW DOOHLQH DXI GLH :RUWDUW 6XEVWDQWLY EHVFKUlQNW VHLQ PXVV ,P 'HXWVFKHQ XQG 6SDQL VFKHQ ILQGHW VLFK GLHVH ]% DXFK EHL HLQLJHQ $GMHNWLYHQ ZLH ]% JUQ ² JUQOLFK URW ² U|WOLFK UXQG ² UXQGOLFK RGHU VSDQ HQIHUPR ÄNUDQN¶ ² HQIHUPL]R ÄNUlQNOLFK¶ TXHEUDGR Ä]HUEURFKHQ¶ ² TXHEUDGL]R Ä]HUEUHFKOLFK¶ :lKUHQG LP 6SDQLVFKHQ GLH 9HUEDODGMHNWLYH $EJHVFKORVVHQKHLW 0HUNPDO > =b+/%$5@ NRGLHUHQUHDOLVLHUHQGLH$EOHLWXQJHQGDYRQGLH%HGHXWXQJ HLQHUDQGDXHUQGHQ(LJHQVFKDIW8QDEJHVFKORVVHQKHLW0HUNPDO>² =b+/ %$5@ :HQQHLQH(LJHQVFKDIWPRGLIL]LHUWLVWEHGHXWHWGDVQLFKWGDVVGHU 3UR]HVVGHU(LJHQVFKDIWVYDULDWLRQGDPLWDEJHVFKORVVHQVHLQPXVV6RNDQQ DXFKGLH(LJHQVFKDIWGHU(LJHQVFKDIWYDULLHUWZHUGHQZLHHWZD7LVFKHOHLQ FKHQ .LQGHOHLQFKHQ +QGHOFKHQ %HVRQGHUV LQ GHQ URPDQLVFKHQ XQG VODYL VFKHQ6SUDFKHQLVWGLHVHV3ULQ]LSGXUFKÅ6XIIL[NHWWHQ´DXVJHEDXWYJOHW ZD VSDQ FKLFD Ä0lGFKHQ¶ ² FKLTXLWD ÄNOHLQHV 0lGFKHQ ² FKLTXLWLWD ÄVHKU NOHLQHV0lGFKHQ¶$XJPHQWDWLYVXIIL[HHQWVWHKHQRIIHQEDUGXUFK8PGHX WXQJ HLQHV 'LPLQXWLYPRUSKHPV GDV ]X HLQHP DQGHUHQ 'LPLQXWLYVXIIL[ GDPLW LQ 2SSRVLWLRQ WULWW (LQ XQG GDVVHOEH 6XIIL[ NDQQ GHPQDFK QLH JOHLFK]HLWLJ HLQH 'LPLQXWLRQV XQG $XJPHQWDWLRQVOHLVWXQJ HUEULQJHQ *$0,//6&+(* I $XV GHP RELJHQ =LWDW ZLUG GDPLW DXFK GLH (W\PRORJLH GHU GHXWVFKHQ VXEVWDQWLYLVFKHQ 'LPLQXWLYVXIIL[H HUNOlUOLFK GLHDXVGHPDGMHNWLYLVFKHQ%HUHLFKNDPHQ
'LPLQXWLRQ$XJPHQWDWLRQXQG7D[DWLRQ
,P 'HXWVFKHQ VWHKHQ VLFK LQQHUKDOE GHU 6SUDFKJHVFKLFKWH EHNDQQWOLFK ]ZHL 'LPLQXWLRQVPRUSKHPH JHJHQEHU :lKUHQG FKHQ VSUDFKKLVWRULVFK XUVSUQJOLFK LP Q|UGOLFKHQ 6SUDFKJHELHW GHV 'HXWVFKHQ ORNDOLVLHUW ZDU ZXUGH HOOHLQ GHP 6GHQ ]XJHRUGQHW 'LH GLDFKURQH %HYRU]XJXQJ YRQ FKHQJHJHQEHUOHLQNDPGXUFKGHQ(LQIOXVVYRQ/XWKHU]XVWDQGH./8*( 2EJOHLFKGLHPRUSKRORJLVFKH*HVWDOWGHU6XIIL[HXQWHU VFKLHGOLFKLVWLVWLKUH(W\PRORJLHGXUFKDXVlKQOLFK%HLGHQQKGFKHQXQG OHLQ JHPHLQVDPLVWHLQH9HUVFKPHO]XQJYRQ]ZHL)RUPHQ6ROLHJWQKG FKHQ VRZLH OHLQ GDV JHUPDQLVFKH 6XIIL[ ĩQ ]XJUXQGH 'DV QRPLQDOH LP ZHLWHUHQ 6LQQ 6XIIL[ GUFNWH Ä=XJHK|ULJNHLW ]X HWZDV¶ VRZLH ÄHWZDV -XQ JHV.OHLQHV¶DXV6R]%JHUP VXHLQÄ6FKZHLQ¶HLJHQWOLFKÄGDV6DXDUWLJH ]XU6DX*HK|ULJH¶ HQWVSUHFKHQG]XDKGVşÄ6DX¶RGHUDKGILQJHUĩQÄ)LQJHU ULQJ¶ HLJHQWOLFK ÄGDV ]XP )LQJHU *HK|UHQGH¶ ]X ILQJDU Ä)LQJHU¶ :,/ 0$116 -H QDFK NRQWH[WXHOOHU 0RQRVHPLHUXQJ NDP E]Z NRPPWDXFKKHXWHQRFKLQGLPLQXWLYLHUWHQ6XEVWDQWLYHQHLQHVSH]LILVFKH ,QWHUSUHWDWLRQGHU%LOGXQJ]XVWDQGH'DVHUNOlUWZDUXPGDV6XIIL[JHUP
ĩQHLQPDODOV$GMHNWLYVXIIL[ZLHQRFKLQJROGHQ HLQPDODOV.ROOHNWLYVXI IL[ PLW QHXWUDOHP *HQXV ZLH LQ LGJ =HLW HLQJHRUGQHW ZHUGHQ NRQQWH +LHUKHUJHK|UWDXFKGDVLP1KG]XU0RWLRQHLQJHVHW]WH6XIIL[LQGDVXU VSUQJOLFK .ROOHNWLYEHGHXWXQJ NRQ]HSWXDOLVLHUWH YJO 'LH 0RU SKHPEHVWDQGWHLOHFKXQGOJ NE]Z O ODVVHQVLFKELVLQGDV,GJ ]XUFNYHUIROJHQ'LHMHZHLOLJH9HUVFKPHO]XQJLVWLP6LQQHHLQHU5HDQDO\ VH]XLQWHUSUHWLHUHQZHVKDOEVLFKNHLQHNDWHJRULDOHQXQGGDPLWIXQNWLRQD OHQ bQGHUXQJHQ HUJHEHQ 'XUFK /DXWZDQGHO VRZLH EHL GHU 'LPLQXWLRQ 6XIIL[YHUVFKPHO]XQJGXUFK5HDQDO\VH GLIIHUHQ]LHUWHVLFKGDV6XIIL[LQGLH QKG6XIIL[HFKHQE]ZOHLQDXVZHVKDOEGLHJHPHLQVDPH(W\PRORJLHKHX WH QLFKW PHKU WUDQVSDUHQW LVW 'LH QRPLQDOHQ 0RUSKHPH DQ VLFK ZDUHQ VWDUNXQWHUVSH]LIL]LHUW=XZHLOHQOlVVWVLFKEHUHLWVEHLGHP6XIIL[JHUP LQ HLQHGLPLQXWLYH6HPDQWLNIHVWVWHOOHQGRFKZDUGLHVHHUVWHQVQLFKWSULPlU XQG ]ZHLWHQV QLFKW GXUFKJlQJLJ :,/0$116 ,P /DXIH GHU =HLWHQWVWHKWDXVGHU.ROOHNWLRQVNDWHJRULHHLQHPRGLIL]LHUHQGH/HVDUWGLH GXUFKGHQYRQLKUDQJHVWRHQHQ6HOHNWLRQVSUR]HVV]XVWDQGHNRPPWYJO -6&+0,'7 6LQJXODULVFKHVHFXQGlUHDEVWUDFWDRGHUFROOHFWLYDVLQGQlPOLFKQLFKWQXUDXIHLQH PHKUKHLW YRQ JHJHQVWlQGHQ VRQGHUQ DXI MHGHQ HLQ]HOQHQ GHUVHOEHQ DQZHQGEDU ZHLO VLH XUVSUQJOLFK QXU GDV ZHVHQ GLH JHVDPWKHLW GHU HLJHQVFKDIWHQ GHV VWDPPZRUWHVEH]HLFKQHQXQGGLHVHLPLQGLYLGXXPHEHQVRZRKOZLHLQGHUJDQ ]HQJDWWXQJ]XUHUVFKHLQXQJNRPPW
BBBBBBBBBBBBB
.RQWDNWSKlQRPHQHVRZLHGLH]XP1KGVWlUNHUH%HYRU]XJXQJYRQFKHQDQVWHOOHYRQOHLQ ODVVHQ VLFK QDFKZHLVHQ VLQG MHGRFK PHUHRORJLVFK DXIJUXQG YRQ IXQNWLRQDOHU 6\QRQ\PLH EHLGHU0RUSKHPHDQGLHVHU6WHOOHQLFKWYRQ%HODQJ
$VVR]LLHUWH3KlQRPHQH
$XFKLP%HUHLFKGHU0XQGDUWHQGHV'HXWVFKHQOlVVWVLFKGLHVH(QWZLFN OXQJQRFKLQ(LQ]HOIlOOHQQDFKYHUIROJHQYJOEVSZGLH'DWHQYRQ+2) 0$11 :LHLPOHW]WHQ$EVFKQLWWJH]HLJWZXUGHZLUGHLQHPTXDQWLIL]LHUHQGHQ .ROOHNWLYVXIIL[ GLH VHPDQWLVFKH 6SH]LIL]LHUXQJ DXI HLQH /HVDUW Ä'LPLQXWL RQ¶ HUVW LP /DXIH GHU =HLW ]XWHLO (WZDV 9HUJOHLFKEDUHV KLQVLFKWOLFK GHU VHPDQWLVFKHQ8QWHUVSH]LIL]LHUWKHLWHLQHU.DWHJRULHOlVVWVLFKDXFKLP$UD ELVFKHQHQWGHFNHQ'RUWN|QQHQNROOHNWLYH)HPLQLQD²ZLHLP'HXWVFKHQ ² SOXUDOLVLHUW ZHUGHQ ,Q GLHVHP )DOO VSULFKW PDQ ZLH EHUHLWV DQJHVSUR FKHQXQWHU.DSLWHOYRPVRJ$EXQGDQ]SOXUDO'HU7HUPLQXV$EXQGDQ] HLJHQWOLFKODWDEXQGDQWLDÄhEHUIOXVV¶ ZLUGYHUZHQGHWGDHLQLQKlUHQWSOX UDOLVFKHVGDNROOHNWLYHV)HPLQLQXPDQVLFKNHLQH3OXUDOLVLHUXQJÄEHQ|WLJW¶ 'HU 3OXUDO HUVFKHLQW GDKHU NHUQJUDPPDWLVFK JHVHKHQ ÅDEXQGDQW´ 'HU 7HUPLQXV LVW LQ %H]XJ DXI HLQH JUDPPDWLVFKH .DWHJRULH X8 SUREOHPD WLVFK GD *UDPPDWLN HLJHQWOLFK NHLQH $EXQGDQ] HU]HXJW 0HLVW ZLUG PLW GLHVHU 3OXUDONDWHJRULH HLQH JURH $Q]DKO YRQ 5HIHUHQWHQ EH]HLFKQHW ,7855,2=/(=$6.23(7($6 'DGXUFK NDQQ DXFK HLQH DXJPHQWDWLYH/HVDUWLPSOL]LHUWVHLQGLHVHLVWDEHUQLFKWSULPlU'LHDUDEL VFKH3OXUDOIRUPGHUNROOHNWLYHQ)HPLQLQDLVWUHODWLYXQWHUVSH]LIL]LHUWKLQ VLFKWOLFKLKUHU6HPDQWLN6LHNDQQGDKHUDXFKVRUWDOH/HVDUWV\PEROLVLHUHQ XQGJOHLFK]HLWLJ3OXUDOLWlWDQ]HLJHQ(VKDQGHOWVLFKGDPLWVWUHQJJHQRP PHQXPHLQHQHXH3OXUDOIRUPGLHGDV*UXQGNRQ]HSWGHU.ROOHNWLYLWlWPLW GHPGHU'LVWULEXWLYLWlWNRPELQLHUW'DGLHVHMHZHLOVDXVGHU.RPELQDWLRQ GHU0HUNPDOH> +202*(1@XQG>² +202*(1@]XVWDQGHNRPPHQYJO '5(66/(5 ZLUG GDV PHUHRORJLVFKH %DVLVPHUNPDO > +202*(1@ EHLGHU(U]HXJXQJGLHVHUQHXHQNDWHJRULHOOHQ6HPDQWLNQLFKWQXUNRPEL QLHUW ZLH EHL GHU ,WHUDWLYLWlW VRQGHUQ VR N|QQWH PDQ VLFK YRUVWHOOHQ PHKUIDFKLP6LQQHHLQHU0DWUL[YHUZHQGHWZREHLGLHMHZHLOLJHQ0HUNPD OH]XHLQDQGHUKLHUDUFKLVLHUWZHUGHQ'LH0DWUL[GHU0HUNPDOHLVWIUMHGH *HQXVNODVVHDQGHUVZDVHUNOlUHQN|QQWHZDUXPPDQFKH6SUDFKHQPHKU DOV GUHL *HQHUD EHVLW]HQ N|QQHQ -HGHV *HQXV ZUGH GDPLW HLQH HLJHQH 0HUNPDOVPDWUL[EHVLW]HQ,PNRQNUHWHQ)DOOVWHKHQGLHEH]HLFKQHWHQ.RO OHNWLYDDXIHLQH]XQlFKVWUHLQNRQWH[WXHOOHUVFKOLHEDUH$UWLPNROOHNWLYHQ 9HUEDQG ]XHLQDQGHU 'DV LPSOL]LHUW VSDWLRWHPSRUDOH E]Z VRUWDOH 7UHQ QXQJGHUHLQ]HOQHQ*UXSSHQYRQHLQDQGHU(VLPSOL]LHUWJOHLFK]HLWLJGDVV GLHHLQ]HOQHQ7HLOHLQ%H]XJDXILKUH9RUGHUE]Z+LQWHUJUXQGLHUXQJXQG GDPLWLQ%H]XJDXIGDV.ROOHNWLYXPDXVGLIIHUHQ]LHUWZHUGHQ'LHVH$XV BBBBBBBBBBBBB
6RNDQQHVGD]XNRPPHQGDVVVLFKHLQHJDQ]H*HQXVNODVVHIUHLQHVSH]LHOOH$UWYRQ0R GLILNDWLRQKHUDXVELOGHW,P)XOHLQHUDIULNDQLVFKHQ6SUDFKHPLW*HQXVH[LVWLHUWHLQHHLJHQH .ODVVHVSH]LHOOIUGLH'LPLQXWLRQ./,1*(1+(%(1
'LPLQXWLRQ$XJPHQWDWLRQXQG7D[DWLRQ
GLIIHUHQ]LHUXQJ HQWVSULFKW LQ GHU 0HUHRORJLH GHU +LHUDUFKLVLHUXQJ GHU 0HUNPDOHVRZLHGHUHQSULQ]LSLHOOH$XIQDKPHLQGLH0DWUL[)UGLHNRQN UHWHQWVWHKHQGH.ODVVHGHV$EXQGDQ]SOXUDOVN|QQWHGLHVHWZDIROJHQGHU PDHQYLVXDOLVLHUWZHUGHQ $EXQGDQ]SOXUDOLWlW
'LVWULEXWLYSOXUDOLWlW
$EE$EXQGDQ]YV'LVWULEXWLYSOXUDOLWlW
,P*HJHQVDW]]XP'LVWULEXWLYSOXUDOWULWWGHU$EXQGDQ]SOXUDOQXULQVSH ]LHOOHQPDUNLHUWHQ.RQWH[WHQDXI-HQDFK.RQWH[WNDQQGHP3OXUDOHLQH VSH]LILVFKH6HPDQWLN]XJHZLHVHQZHUGHQ'DVNDQQPDQGDUDQHUNHQQHQ GDVV GHU 3OXUDO HLQH GLPLQXWLYH VRUWDOH XQG DXJPHQWDWLYH %HGHXWXQJ DQ QHKPHQ NDQQ $XI GLHVH $UW XQG :HLVH N|QQHQ DXFK WD[DWLYH ,QKDOWH PLWWUDQVSRUWLHUWZHUGHQ )DVVHQ ZLU ]ZLVFKHQ]HLWOLFK ]XVDPPHQ 'LH VRJ 'LPLQXWLRQVVXIIL[H VLQGHLJHQWOLFKGXUFK5HDQDO\VHHQWVWDQGHQHHLQVWLJH.ROOHNWLYPRUSKHPH GLHHLQHEHVWLPPWH(LJHQDUWGHV]XJUXQGHOLHJHQGHQ%DVLVOH[HPVNRQ]HS WXDOLVLHUHQ 'XUFK GDV Å$EVHKHQ YRQ ,QKDOWHQ´ ZDV GXUFK HLQ .ROOHNWL RQVJHQXV YRUJHJHEHQ LVW NDQQ OHLFKW HLQH DQ 4XDQWLILNDWLRQ RULHQWLHUWH GLPLQXWLYH/HVDUW]XVWDQGHNRPPHQ$XIVFKOXVVUHLFKZlUHGLH)UDJHKLQ VLFKWOLFKHLQHV=XVDPPHQKDQJV]ZLVFKHQ'LPLQXWLRQXQG6SUDFKHQRKQH *HQXV1RFKHUNHQQWQLVUHLFKHUZlUHLQGLHVHP=XVDPPHQKDQJGLH)UDJH REXQGZHQQZLHJUDPPDWLVFKH'LPLQXWLRQEHLWUDQVQXPHUDOHQ6SUDFKHQ IXQNWLRQLHUW(VOLHJWGHU9HUGDFKWQDKHGDVVGLHJUDPPDWLVFKGKNDWH JRULDOJHVWHXHUWH'LPLQXWLRQEHLWUDQVQXPHUDOHQ6XEVWDQWLYHQ,QKRPRJH QLVLHUXQJLP6LQQHHLQHULQYHUVHQ,WHUDWLYLWlW DXVO|VW:HLWHUH)RUVFKXQ JHQZlUHQDQGLHVHU6WHOOHZQVFKHQVZHUW
BBBBBBBBBBBBB
0DQNDQQGLHVH3OXUDOIRUPLP'HXWVFKHQYHUJOHLFKVZHLVHQDFKELOGHQ(UEHVFKlIWLJWVLFK PLW %HWUJHQ %HWUXJVIlOOHQ %HWUJHUHLHQ 'DV SOXUDOLVLHUWH )HPLQLQXP ]LHKW LP 9HUJOHLFK ]XPSOXUDOLVLHUWHQ0DVNXOLQXPHLQH'HLQVWDQ]LHUXQJGHUHLQ]HOQHQ9RUNRPPQLVVHYRQ%H WUXJQDFKVLFK'LH,QVWDQ]HQÅYHUPDVVHQ´DXIHLQHEHVWLPPWHXQVSH]LIL]LHUWH$UW
$VVR]LLHUWH3KlQRPHQH
'LH SULQ]LSLHOOH 1XW]XQJ YRQ SOXUDOLVFKHQ 0RUSKHPHQ LQ PDUNLHUWHQ .RQWH[WHQ]LHKWGLHhEHUOHJXQJQDFKVLFKLQZLHZHLW6SUDFKHQLQGHU/DJH VLQG QRPLQDOH 4XDQWLILNDWLRQ ]XJXQVWHQ YRQ VHNXQGlUHQ QLFKW SULPlU NHUQJUDPPDWLVFKHQ (IIHNWHQ ]X QXW]HQ $XFK 6SUDFKHQ RKQH *HQXV N|QQHQ EVSZ LQ .RQWH[WHQ LQ GHQHQ HLQGHXWLJ (LQ]DKOLJNHLW LPSOL]LHUW VHLQ PXVV GXUFK 3OXUDOLVLHUXQJ GHV EHWURIIHQHQ 6XEVWDQWLYV JHJHQ HLQH JUDPPDWLVFKH 3UlVXSSRVLWLRQ YHUVWRHQ ZRGXUFK JUDPPDWLVFKHQ 0RU SKHPHQ HLQH 5HLQWHUSUHWDWLRQ ZLGHUIlKUW ,P 7UNLVFKHQ EVSZ NDQQ GLH 3OXUDOLWlW JHQXW]W ZHUGHQ XP HLQHQ DXJPHQWDWLYHQ 6LQQ DXV]XGUFNHQ %HLVSLHODXV(56(15$6&+ %DûÖPDJ|NOHU\ÖNÖOGÖ 3URQ13/93UlW ÄhEHUPLUEUDFKGHU+LPPHO]XVDPPHQ¶Z|UWOÄGLH+LPPHO>PDVVHQ@¶
1DFK$XVNXQIWYRQ0XWWHUVSUDFKOHUQGHV7UNLVFKHQZLUGGLH$XJPHQWD WLRQ GDGXUFK DXVJHGUFNW GDVV HWZDV (LQ]HOQHV LQ GLHVHP )DOO GDV 8QL NXP +LPPHO DOV PHKUIDFK YRUKDQGHQ DXVJHJHEHQ ZLUG 'DV *OHLFKH VFKHLQWIUGLH7D[DWLRQ]XJHOWHQYJO.2:$/6.,]XP+\SRNRULV PXVLP7UNLVFKHQ 'HPYHUPHLQWOLFKUHGXQGDQWHQ3OXUDOZLUGHLQQHXHU 6LQQ]XJHZLHVHQ(VKDQGHOWVLFKXPGDV9ROO]LHKHQHLQHUNRQYHUVDWLRQHO OHQ,PSOLNDWXUZRGXUFKHLQHQHXHJUDPPDWLVFKH%HGHXWXQJHQWVWHKW'HU WUNLVFKH3OXUDOPLWOlUODULP7UNLVFKHQLVWKHXWHHLQ'LVWULEXWLYSOXUDO ZlKUHQG HU LQ IUKHUHQ 6SUDFKVWXIHQ QRFK NROOHNWLYH 6HPDQWLN KDWWH %$//(6 )1 GLHVH QDFK %,(50$11 +lXILJ ZHUGHQ DXV .ROOHNWLYSOXUDOHQ 'LVWULEXWLYSOXUDOH *HPHLQVDP KDEHQ EHLGH 3OXUDO DUWHQGLH,WHUDWLYLHUXQJYRQ,QGLYLGXDWLYD:LUGGDJHJHQHWZDV8QSOXUDOL VLHUEDUHV ZLH HLQ QLFKW TXDQWLIL]LHUEDUHV 6XEVWDQWLY SOXUDOLVLHUW O|VW GLHV 0RGLILNDWLRQ(LQ%HLVSLHOIUGLH(QWVWHKXQJHLQHUVRUWDOHQ/HVDUWEHLGHU 3OXUDOLVLHUXQJHLQHV0DVVHQQRPHQVJLEWGDVQlFKVWH%HLVSLHODXV(56(1 5$6&+ DQ 6XODUNHVLN 13/93DUW Ä'DV:DVVHU3/ LVWDEJHVWHOOW¶
'HU 3OXUDO HU]ZLQJW EHL GHP QLFKWSOXUDOLVLHUEDUHQ6WRIIQRPHQ VX QLFKW QXU HLQH ,QGLYLGXDWLRQVOHVDUW GDUEHU KLQDXV ZLUG HLQH 9HUVFKLHGHQKHLW ,QKRPRJHQLWlW GHUHU]HXJWHQ7HLOHGHVKRPRJHQHQ0DVVHQQRPHQVLP SOL]LHUW %HLVSLHO OLHH VLFK GDKHU DP EHVWHQ PLW Ä'LH :DVVHUVWHOOHQ VLQG DEJHVWHOOW¶ EHUVHW]HQ ,QGLYLGXDWLYD XQG 0DVVHQQRPLQD YHUKDOWHQ VLFKGDPLWEHLGHU3OXUDOLVLHUXQJGLDPHWUDO:lKUHQGGLHLQKlUHQWLQKRPR JHQHQ ,QGLYLGXDWLYD EHL GHU 3OXUDOLVLHUXQJ HLQHQ +RPRJHQLVLHUXQJVSUR
'LPLQXWLRQ$XJPHQWDWLRQXQG7D[DWLRQ
]HVVGXUFKODXIHQ(UJHEQLV,WHUDWLYLWlWZLHLQGHU.DWHJRULH3OXUDO ZHU GHQGLHKRPRJHQHQ0DVVHQQRPLQDGXUFK3OXUDOLVLHUXQJLQKRPRJHQLVLHUW 'HU8QWHUVFKLHG]ZLVFKHQEHLGHQ3UR]HVVHQEHVWHKWGDULQGDVVGHUVRUWD OH 3OXUDO GLH KRPRJHQH .RQVWLWXWLRQ GHV 0DVVHQQRPHQV DXIKHEW (U HU ]HXJWGDPLW6XETXDOLWlWHQ'HUGLVWULEXWLYHE]ZNROOHNWLYH3OXUDOGHU,Q GLYLGXDWLYD KLQJHJHQ VWHOOW GLH LQKlUHQW LQKRPRJHQH .RQVWLWXWLRQ GHU ,QGLYLGXDWLYLWlWQLFKWLQ)UDJHVRQGHUQTXDQWLIL]LHUWLP6LQQHHLQHU,WHUD WLYLHUXQJ'LHKHUN|PPOLFKH3OXUDOLWlWGLVWULEXWLYNROOHNWLY RSHULHUWDOVR DXIUHLQTXDQWLWDWLYHU(EHQHZlKUHQGGLHVRUWDOH3OXUDOLWlWDXITXDOLWDWLYHU (EHQH WlWLJ LVW 'DV 7UNLVFKH VHOEVW NRPPW RIIHQEDU LQ HLQLJHQ )lOOHQ DXFK RKQH GLHVH ÄKHUN|PPOLFKH¶ 3OXUDOLWlW DXV XQG VHW]W GHQ 3OXUDO ]XU .HQQ]HLFKQXQJ YRQ VRUWDOHU ,QKRPRJHQLWlW HLQ ZLH IROJHQGHU 'LDORJ D²I ]HLJWDXV(56(15$6&+ D dRFXøXQX]YDUPÖ" 16* E dRFXøXPYDU 16* F .DooRFXøXQX]YDU" 16* G hFoRFXøXPYDU 16* H dRFXNODUÖQÖ]NÖ]PÖHUNHNPL" 13/ I dRFXNODUÖPNÖ] 13/
Ä+DEHQ6LH.LQGHU"¶
Ä,FKKDEH.LQGHU¶
Ä:LHYLHOH.LQGHUKDEHQ6LH"¶
Ä,FKKDEHGUHL.LQGHU¶
Ä6LQG,KUH.LQGHU0lGFKHQRGHU-XQJHQ"¶
Ä0HLQH.LQGHUVLQG0lGFKHQ¶
'LH ,QWHUSUHWDWLRQ ]XJXQVWHQ YRQ 3OXUDOLWlW HUIROJW VR NDQQ PDQ DXV D²G VFKOLHHQ ZLH EHL WUDQVQXPHUDOHQ 6SUDFKHQ LQIHUHQ]LHOO $Q H²I NDQQ PDQ GDUEHU KLQDXV HUNHQQHQ GDVV HLQH 3OXUDOPDUNLHUXQJ RIIHQEDUQXUGDQQHLQJHVHW]WZLUGZHQQGLH5HIHUHQWHQZHLWHUVSH]LIL]LHUW ZHUGHQVROOHQ ,QH[LVWHQ]LHOOHQE]ZJHQHULVFKHQ6lW]HQZLHLQD²G LVW GHU (LQVDW] YRQ 3OXUDOLWlW RIIHQEDU EHUIOVVLJ 3DUDOOHO GD]X PVVHQ 6XEVWDQWLYH LPPHU GDQQ SOXUDOLVLHUW ZHUGHQ ZHQQ VLH PLW HLQHP 'H PRQVWUDWLYSURQRPHQDXIWUHWHQZLHLQ
$VVR]LLHUWH3KlQRPHQH
%X NLWDEODU EHQLP '(03521 13/ 9 Ä'LHVH%FKHUJHK|UHQPLU¶
,P7UNLVFKHQEHVWHKWHLQH$IILQLWlW]ZLVFKHQ3OXUDOLWlWXQG%HNDQQWKHLW (56(15$6&+ 'D]XSDVVWGLH7DWVDFKHGDVVGXUFK:HOWZLVVHQ LQKlUHQWEHNDQQWH5HIHUHQWHQQlPOLFK(LJHQQDPHQLPPHUGDQQSOXUDOL VLHUW ZHUGHQ PVVHQ ZHQQ YRQ LKUHU 0HKU]DKO GLH 5HGH LVW ZLH HWZD LQ +RIIPDQQODUJHOGLÄ+RIIPDQQVVLQGJHNRPPHQ¶$QHLQHQ(LJHQQDPHQZLUG GDV 0RUSKHP ODUOHU DQJHIJW ZHQQ HLQ .ROOHNWLYXP PLW 9HUJOHLFKV FKDUDNWHU]XHLQHP(LJHQQDPHQNRGLHUWZHUGHQVROO'LHVZLUGLP7UNL VFKHQJUDSKHPDWLVFKPLW$SRVWURSKDQJH]HLJWZLHLQ*RHWKH·OHUÄ/HXWHZLH *RHWKHJRHWKHDUWLJH/HXWH¶(56(15$6&+I (LQ7RNHQZLH *RHWKH ZLUG ]XP W\SLVLHUHQGHQ .ROOHNWLYXP $XI GHU DQGHUHQ 6HLWH ZHU GHQ6XEVWDQWLYHVHOEVWGDQQQLFKWSOXUDOLVLHUWZHQQVLHLQQHUKDOEHLQHU13 PLW HLQHP 1XPHUDOH DXIWUHWHQ '8508ú 'LHV GUIWH DOV HLQ VWDUNHV,QGL]IU7UDQVQXPHUDOLWlWJHZHUWHWZHUGHQ2EQXQYRUGLHVHP +LQWHUJUXQG GDV 7UNLVFKH WDWVlFKOLFK DOV 1XPHUXV6SUDFKH RGHU DOV WUDQVQXPHUDOH 6SUDFKH HLQ]XRUGQHQ LVW ]X GLHVHU )UDJH YJO '8508ú VROORIIHQJHODVVHQZHUGHQ:LFKWLJHUDXVW\SRORJLVFKHU3HUVSHNWLYH LVW GLH 7DWVDFKH ² ZLH DQ GLHVHP ([NXUV LOOXVWULHUW ZHUGHQ VROOWH ² GDVV QRPLQDOH4XDQWLILNDWLRQQHEHQVHLQHUKHUN|PPOLFKHQ)XQNWLRQDXFKDQ GHUH NHUQJUDPPDWLVFKH ZLH DP %HLVSLHO GHV 7UNLVFKHQ LQ %H]XJ DXI 6RUWDOLWlWDXVJHIKUW VRZLHQLFKWNHUQJUDPPDWLVFKHZLHDP%HLVSLHOGHV $UDELVFKHQDXIJH]HLJW )XQNWLRQHQ]XHUEULQJHQLPVWDQGHLVW'HU(LQVDW] YRQ 1XPHUXV NDQQ LQ VHOWHQHQ VWLOLVWLVFK EHGLQJWHQ )lOOHQ GDKHU DXFK NRQYHQWLRQHOOPDQLIHVWLHUWVHLQ(LQ%HLVSLHOIUHLQHVROFKH1XW]XQJGHV 1XPHUXV LP 'HXWVFKHQ ZlUH HWZD GHU 3OXUDOLV PDLHVWDWLV RGHU GLH 6LH $QUHGHIRUP LP 'HXWVFKHQ 3OXUDOLVLHUXQJ EHGHXWHW EHL ÄKHUN|PPOLFKHQ¶ BBBBBBBBBBBBB 'LHEHLGHQ9DULDQWHQVLQG$OORPRUSKHDXVJHO|VWGXUFK9RNDOKDUPRQLH'HWDLOVKLHU]XYJO -2+$1621 $OV*HJHQDUJXPHQWN|QQWHPDQDQIKUHQGDVVGLHSOXUDOLVFKH,QWHUSUHWDWLRQEHUHLWVGXUFK GDV1XPHUDOHLQQHUKDOEGHU13]XVWDQGHNRPPWYJOWUNLNLWRQÄ]ZHL7RQQHQ¶%HLVSLHO DXV'8508ú (LQH]XVlW]OLFKH1XPHUXV0DUNLHUXQJDP6XEVWDQWLYZlUHGDPLW NHUQJUDPPDWLVFKJHVHKHQUHGXQGDQW(VGUIWHYRQlXHUVWHP%HODQJVHLQZHOFKH]XVlW] OLFKHQ /HVDUWHQ EHL SOXUDOLVFKHU 0DUNLHUXQJ GHV 6XEVWDQWLYV PLWWUDQVSRUWLHUW ZHUGHQ XQG LQZLHZHLWGLHVHPLWGHQ/HVDUWHQÅNODVVLVFKHU´1XPHUXVVSUDFKHQZLHGHP'HXWVFKHQR GHU )UDQ]|VLVFKHQ GLYHUJLHUHQ $XV VSUDFKW\SRORJLVFKHU 6LFKW VLJQLILNDQW GUIWH GHU %H IXQG VHLQ GDVV GLH .RGLHUXQJ YRQ 3OXUDOLWlW LP 7UNLVFKHQ HLQH $IILQLWlW ]X 'HILQLWKHLW %HNDQQWKHLW EHVLW]W ,Q ÄKHUN|PPOLFKHQ¶ 1XPHUXV6SUDFKHQ GDJHJHQ LVW 3OXUDOLWlW DIILQ ]X,QGHILQLWKHLW'LHVLVWDQÄW\SLVFKHQ¶,QGHILQLWKHLWVNRQVWUXNWLRQHQZLHHWZDJHQHULVFKHQ $XVVDJHQ]XHUNHQQHQYJOGW+XQGHVLQG6lXJHWLHUH(LQ+XQGLVWHLQ6lXJHWLHU
'LPLQXWLRQ$XJPHQWDWLRQXQG7D[DWLRQ
1XPHUXVVSUDFKHQZLHGHP5XVVLVFKHQ'HXWVFKHQRGHU$UDELVFKHQGDV (LQQHKPHQ HLQHU KLQWHUJUXQGLHUHQGHQ E]Z ÄYHUPDVVHQGHQ¶ 3HUVSHNWLYH 'HU6LQJXODUGDJHJHQVWHOOWGLH(LQKHLWLQGHQ9RUGHUJUXQG%HL,QGLYLGXD WLYDLVWHUDEVROXWXQGZLUGKlXILJYHUPLHGHQZHQQ'LVWDQ]HU]HXJWZHU GHQVROO'DPLWLVWGHUQlFKVWH1XW]XQJVEHUHLFKYRQ3OXUDOLWlWDQJHVSUR FKHQGLH7D[DWLRQ 'LH 7D[DWLRQ NRGLHUW GLH (LQVWHOOXQJ GHV 6SUHFKHUV 'HNRGLHUW ZLUG VLHYRP+|UHUGXUFKGDVHQWVSUHFKHQGH.RQWH[WZLVVHQ'LHSRVLWLYH%H ZHUWXQJHQWVSULFKWGHU0HOLRUDWLRQE]ZGHP+\SRNRULVPXVGLHQHJDWLYH %HZHUWXQJ GHU 3HMRUDWLRQ 'LH 3HMRUDWLRQ ]HLJW GDEHL GLH 'LVWDQ] GHV 6SUHFKHUV ZlKUHQG GLH 0HOLRUDWLRQ E]Z GHU +\SRNRULVPXV GLH 1lKH ]XP*HVFKHKHQDQ]HLJW(WZDVGDVNOHLQJHPDFKWZLUGNDQQDXFKDOVDQ JHQHKP 1l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lU]XVWDQGHJHNRPPHQVLQG'DVHUHL6XIIL[LVWEVSZQLFKW GXUFKJlQJLJSHMRUDWLYYJOHWZD%lFNHUHL6FKUHLQHUHL+DXVPHLVWHUHL )UHLQL JH6XIIL[HZLUGLQGHU)RUVFKXQJVOLWHUDWXUDQJHQRPPHQGDVVGHULQGLH VHP )DOO SHMRUDWLYH :HUW XUVSUQJOLFK DXI GHU %DVLV ODJ (V ZXUGHQ DOVR PLW GHP HQWVSUHFKHQGHQ 6XIIL[ ]XQlFKVW SHMRUDWLY NRQQRWLHUWH /H[HPH DEJHOHLWHW%$/',1*(5%($89$,6 'LHVJLOWDXFKIU GLHDGMHNWLYLVFKHQ6XIIL[H526 >(V@NRQQWH>«@QDFKJHZLHVHQZHUGHQGDGLH3HMRUDWLRQQLFKWDXVGHUVHPDQWL VFKHQ/HLVWXQJGHV6XIIL[HVDEJHOHLWHWZHUGHQNDQQGDLVFKVHOEVWDOVRNHLQSH MRUDWLYHV (OHPHQW HQWKlOW VRQGHUQ OHGLJOLFK GDV 6HP Ä9HUJOHLFK¶ GDV LQ 9HUELQ GXQJ PLW HLQHU HQWVSUHFKHQGHQ EHUHLWV VHOEVW QHJDWLY ZHUWHQGHQ %DVLV QLFKWV DQGHUHVWXWDOVGLH0HUNPDOVEH]HLFKQXQJXQGGHQ9HUJOHLFKPLWGHU%DVLV]XDN WXDOLVLHUHQ>«@+lXILJEHZLUNHQIHLQVWH%HGHXWXQJVQXDQFLHUXQJHQGLH'LIIHUHQ ]LHUXQJGHU6\QRQ\PHGLHIUGLH6WHXHUXQJGHUDGlTXDWHQVWLOLVWLVFKHQ$XVZDKO YRQHUKHEOLFKHU%HGHXWXQJVHLQN|QQHQ
,P9HUODXIGHU6SUDFKJHVFKLFKWHVRGLHHLQKHOOLJH3RVLWLRQLQGHU/LWHUD WXU ZLUG GLH VHNXQGlU ]XVWDQGHJHNRPPHQH 3HMRUDWLRQ YRP 6SUHFKHU GDQQDOVLQKlUHQWHV0HUNPDOGHV6XIIL[HVDXIJHIDVVW$OOHUGLQJVNDQQPDQ IUDJHQ LQZLHZHLW JUDPPDWLVFKH 0DUNLHUXQJHQ YRP OH[LNDOLVFKHQ 6WDPP VHPDQWLVFKPLWEHHLQIOXVVWGKLP+LQEOLFNDXIGLHTXDQWLILNDWLYH/HLVWXQJ PRGLIL]LHUW ZHUGHQ N|QQHQ 9LHOPHKU N|QQWH HV HEHQVRJXW XPJHNHKUW VHLQLQGHP6LQQHGDVVGLH7D[DWLRQGLHP|JOLFKH1HEHQOHVDUWGHU4XDQ WLILNDWLRQGDUVWHOOW'DVZUGHEHGHXWHQGDVVQLFKWQXUGLH(EHQHGHU'H
$VVR]LLHUWH3KlQRPHQH
QRWDWLRQ VRQGHUQ DXFK GLH GHU .RQQRWDWLRQ EHU GLH 4XDQWLILNDWLRQ ]X EHVFKUHLEHQZlUHQ,QZLHZHLWVLFKGLHVEH]JOLFK'HQRWDWLRQXQG.RQQR WDWLRQSDUDOOHOLVLHUHQODVVHQEOHLEWDQGLHVHU6WHOOHHLQHZLFKWLJH)UDJHIU ]XNQIWLJH)RUVFKXQJHQ 'DPLWLVWIHVW]XKDOWHQ'LH'LPLQXWLRQLVWHLQH1HEHQOHVDUWGHU.RO OHNWLRQ GLH DXIJUXQG GHU LWHUDWLYHQ 6HPDQWLN ]XVWDQGH NRPPW XQG LP 'HXWVFKHQ QXU EHL ]lKOEDUHQ 6XEVWDQWLYHQ RSHULHUW %HLGH 'LPLQXWLRQ XQG .ROOHNWLRQ EHVWHKHQ LQ HLQHP Å$EVHKHQ YRQ JHPHLQVDPHQ ,QKDO WHQ´ :lKUHQG GLH .ROOHNWLRQ PHKUHUH (LQ]HOWHLOH XQWHU GHP $VSHNW JH PHLQVDPHU0HUNPDOHJUXSSLHUWE]ZNRQ]HSWXDOLVLHUWIDVVWGLH'LPLQXWL RQ HLQ]HOQH 0HUNPDOH HLQHV HLQ]HOQHQ /H[HPV ]XVDPPHQ 'LH 'LPLQXWLRQNDQQQXUYRQ,QGLYLGXDWLYDJHELOGHWZHUGHQVHOWHQYRQ.RO OHNWLYD$EVWUDNWDXQGJDUQLFKWLP'HXWVFKHQYRQ0DVVHQQRPLQD"6WX GHQWHQVFKlIWFKHQ "6FK|QKHLWFKHQ HWZDV 0LOFKFKHQ (LQ +lXVFKHQ LVW LP *UXQGH QLFKWVDQGHUHVDOVÄHLQH$UWYRQ+DXV¶ÄDXIHLQH$UWHLQ+DXV¶$XIZHO FKH$UWLP(LQ]HOIDOOUHIHULHUWZLUGLVWDXVGHPMHZHLOLJHQ.RQWH[W]XHU VFKOLHHQ 6R N|QQHQ DXFK WD[DWLYH %HGHXWXQJVNRPSRQHQWHQ ]XVWDQGH NRPPHQGLHQLFKWVDQGHUHVDOVHLQH*HVFKHKHQVEHZHUWXQJGHV6SUHFKHUV GDUVWHOOHQ9RUGHP+LQWHUJUXQGGHUJHWURIIHQHQ$XVVDJHQZLUGVRPLWHU NOlUOLFK ZDUXP .ROOHNWLRQVJHQHUD )HPLQLQXP 1HXWUXP IU GLH (QW ZLFNOXQJ YRQ 'LPLQXWLRQ $XJPHQWDWLRQ XQG 7D[DWLRQ EHVRQGHUV JUDP PDWLNDOLVLHUXQJVDIILQ VLQG 'XUFK GLH .ROOHNWLRQ ZLUG HLQ +RPRJHQL VLHUXQJVSUR]HVV HLQHV LQKRPRJHQHQ 6XEVWDQWLYV DQJHVWRHQ GHU NHUQ JUDPPDWLVFK UHGXQGDQW DEHU PHUHRORJLVFK IXQNWLRQDO YJO 'LPLQXWLRQ $XJPHQWDWLRQ JHVWW]WLVWE]ZEHLGHU7D[DWLRQ]XJXQVWHQGHU3HUVSHN WLYLHUXQJGHU6SUHFKHUVHLWHIXQNWLRQDOJHQXW]WZHUGHQNDQQ =XP9HUKlOWQLVYRQ*HQXVXQG6H[XV %HUHLWV LQ .DSLWHO ZXUGH DXVJHIKUW GDVV 6H[XV GDV QDWUOLFKH *H VFKOHFKWYRQGHUIRUPDOHQ.ODVVHQHLQWHLOXQJYRQ6XEVWDQWLYHQDOVR*H QXV]XWUHQQHQLVW2EJOHLFKGLH)RUVFKXQJVDQVlW]HGHUÄVH[XDOLVLHUHQGHQ¶ *UDPPDWLNVFKUHLEXQJYJO KHXW]XWDJHPHKUKHLWOLFKDOVZLGHUOHJWJHO WHQ GUIWHQ VR EOHLEW GRFK GLH 7DWVDFKH EHVWHKHQ GDVV HLQ IXQNWLRQDOHU =XVDPPHQKDQJ ]ZLVFKHQ GHQ EHLGHQ %HGHXWXQJVNDWHJRULHQ JUDPPDWL VFKHP XQG QDWUOLFKHP *HVFKOHFKW EHVWHKHQ PXVV XQG ]ZDU DXIJUXQG GHU7DWVDFKHGDVVVLFKEHLGH.DWHJRULVLHUXQJHQYJOGLH7HUPLQLÅ)HPL QLQXP´ YV Å0DVNXOLQXP´ GHUVHOEHQ PRUSKRORJLVFKHQ 3DUDGLJPHQ EH GLHQHQ =ZDU LVW EHNDQQW GDVV 6H[XV DXV *HQXV DEHU QLFKW XPJHNHKUW *HQXV DXV 6H[XV HQWVWHKHQ NDQQYJO EVSZ HLQH %LOGXQJZLH)UDXHQ]LP PHUGLH]XQlFKVWÄ:RKQJHPlFKHUGHU)UVWLQ¶LQGHU)ROJHÄ*HIROJHGHU
=XP9HUKlOWQLVYRQ*HQXVXQG6H[XV
)UVWLQ¶XQGVSlWHUÄ)UDX¶PLWSHMRUDWLYHU.RQQRWDWLRQ EHGHXWHWH./8 *( -HGRFK LVW QLFKW JHNOlUW DXV ZHOFKHP *UXQG GLHV JH
VFKLHKW(VVROOGHU9HUVXFKXQWHUQRPPHQZHUGHQDXI%DVLVGHUELVODQJ JHWURIIHQHQ $XVVDJHQ VRZLH ZHLWHUHU PHUHRORJLVFKHU %HWUDFKWXQJHQ HLQH P|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lQQOLFK JHSUlJW )UDXHQ ZHUGHQ LQ JHULQJHUHP 0DH JHGDQNOLFK HLQEH]RJHQ E]ZUHSUlVHQWLHUWZDVVLFKLQYLHOIlOWLJHQSV\FKRORJLVFKHQ0DHQZLHGHU+lX ILJNHLW JHVFKOHFKWVEH]RJHQHU 6DW]HUJlQ]XQJHQ E]Z *HVFKLFKWHQIRUWIKUXQJHQ >«@GHU*HQDXLJNHLWXQG6FKQHOOLJNHLWJHVFKOHFKWVEH]RJHQHU(ULQQHUXQJHQ>«@ GHU +lXILJNHLW YRQ =XRUGQXQJHQ YRQ 3HUVRQHQ ]X *HVFKOHFKWVNDWHJRULHQ >«@ VRZLHGHU*HVFKZLQGLJNHLWVROFKHU=XRUGQXQJHQ>«@]HLJW>«@$QJHVLFKWVGHU EUHLWHQ HPSLULVFKHQ %HIXQGODJH NDQQ GDV JHQHULVFKH 0DVNXOLQXP ZHGHU DOV VSUDFK|NRQRPLVFKH .RQYHQWLRQ YHUVWDQGHQ ZHUGHQ GLH NRQVLVWHQW DXI EHLGH *HVFKOHFKWHUYHUZHLVWQRFKDOVHLQUHLQJUDPPDWLNDOLVFKHVYRQ'HQNVWUXNWXUHQ Y|OOLJORVJHO|VWHV3KlQRPHQ
$QVDW]IUGLH.ULWLNLVWVRPLWGLH%HKDXSWXQJGDVVGLHGXUFKGDVJHQHUL VFKH 0DVNXOLQXP EH]HLFKQHWHQ 3HUVRQHQ YRQ 6SUHFKHUQ DOV PlQQOLFK LQWHUSUHWLHUW ZHUGHQ (V ODVVHQ VLFK DOOHUGLQJV =ZHLIHO DQ GHQ HPSLULVFKHQ 8QWHUVXFKXQJVPHWKRGHQ DQPHOGHQ 6DW]HUJlQ]XQJHQ *HVFKLFKWHQIRUW IKUXQJHQ +lXILJNHLW XQG *HVFKZLQGLJNHLW JHVFKOHFKWVEH]RJHQHU =X RUGQXQJHQSUIHQQLFKWVSUDFKOLFKHVRQGHUQ=XVWlQGHGHUDXHUVSUDFKOL FKHQ 5HDOLWlW DE 'LH (UKHEXQJ YRQ 'DWHQ ]X DXHUVSUDFKOLFKHQ *HJHEHQKHLWHQGLHQDWUOLFKPLW6SUDFKHNRGLHUEDUVLQGLVWMHGRFKQLFKW $XIJDEH GHU /LQJXLVWLN 'LH .ULWLN GHU $XWRULQQHQ GHU]XIROJH GLH VSUDFKZLVVHQVFKDIWOLFKH 7KHRULHELOGXQJ HLQH 7HQGHQ] GHU 5H]LSLHQWHQ *HQXV DOV ,QGL] IU 6H[XV ]X YHUZHQGHQ ,50(167(,*(5 XQEHUFNVLFKWLJW OlVVW NDQQ PLW 9HUZHLV DXI GLH LQ GHU /LQJXLVWLN KLQUHL FKHQGEHUFNVLFKWLJWH5ROOHGHU3UDJPDWLNXQGGHUGXUFK.RQWH[WXDOLVLH UXQJHQWVWHKHQGHQP|JOLFKHQLQIHUHQ]LHOOHQ/HVDUWHQDXVJHUlXPWZHUGHQ BBBBBBBBBBBBB 'LH HQWVSUHFKHQGHQ 6WXGLHQ ]X GLHVHU 7KHPDWLN VLQG ZLHGHUJHJHEHQ LQ ,50(167(,*(5 'LH $XWRULQQHQ ,50(167(,*(5 EH]LHKHQ VLFK YHUPXWOLFK DXI 5H]LSLHQW,Q QHQ GK DXI PlQQOLFKH ZLH ZHLEOLFKH 6SUDFKEHQXW]HU JOHLFKHUPDHQ LP JUDPPDWLVFKHQ 6LQQHGHVJHQHULVFKHQ0DVNXOLQXPVYJOKLHU]X%(&.(5
$VVR]LLHUWH3KlQRPHQH
'DUDXVHUJLEWVLFKHLQHUVHLWVGDVVGDVHQWVSUHFKHQGH6SUDFK]HLFKHQKLHU GLH .DWHJRULH GHV 0DVNXOLQXPV GXUFK NRQ WH[WXHOOH (LQEHWWXQJDXI DX HUVSUDFKOLFKH=XVWlQGHUHIHULHUWGLHVHV=HLFKHQE]ZGLHHQWVSUHFKHQGH .DWHJRULH VHOEVW MHGRFK DQGHUHUVHLWV RKQH .RQWH[WXDOLVLHUXQJ ZHVHQWOLFK ÅDEVWUDNWHU´VHLQPXVVDOVHLQ=HLFKHQPLW6H[XVVHPDQWLNHVMHVHLQN|QQ WH XQG ]ZDU DXV GHP *UXQG GD HV DOV 6\PEROLVLHUXQJVNDWHJRULH GDV JUDPPDWLVFK Q|WLJH $XVPD DQ JUDPPDWLVFKHU $EVWUDNWKHLW ]XP =ZHFN GHU 'HQRWDWLRQ EHUHLWVWHOOHQ PXVV YJO DXFK :RIU GLH /LQJXLVWLN GDKHUHLQWULWWLVWGLHV\VWHPLVFKH9HUZHQGXQJHLQHV=HLFKHQVLP6SUDFK V\VWHPHLQHUVHLWVDQGHUHUVHLWVGLH7UHQQXQJYRQ6SUDFK]HLFKHQXQGPHQ WDOHU 5HSUlVHQWDWLRQ XQG VFKOLHOLFK GLH %H]XJQDKPH DXI GLH :HOW GXUFK GDV 6SUDFK]HLFKHQ VHPLRWLVFKHV 'UHLHFN 8P GLH LQ GLHVHU $UEHLW ]X JUXQGHJHOHJWH $[LRPDWLN GHU 0HUHRORJLH E]Z QRPLQDOHQ 4XDQWLILNDWL RQVNDWHJRULH LQ GLH NRJQLWLRQVZLVVHQVFKDIWOLFK RULHQWLHUWH 7HUPLQRORJLH GHU3V\FKRORJLH]XÄEHUVHW]HQ¶'DVJHQHULVFKH0DVNXOLQXPUHSUlVHQWLHUW QLFKWV DQGHUHV DOV ILJXUH 9RUGHUJUXQGLHUXQJ LQGLYLGXLHUW LP .RQWUDVW ]XP KLQWHUJUXQGLHUWHQ JURXQG KLHU +LQWHUJUXQGLHUXQJ NRQWLQXDWLY 'LH GXUFKJUDPPDWLVFKH.DWHJRULVLHUXQJNRGLHUWH'HQNVWUXNWXULVWSHUVSHNWL YLVFK LP 6LQQH QRPLQDOHU 4XDQWLILNDWLRQ 'LHV LVW QLFKW ]X YHUZHFKVHOQ PLWQRPLQDOHU5HIHUHQ]Ä%H]XJQDKPHDXIGLH:HOW¶ GLHGXUFK4XDQWLIL NDWLRQGLHGHU(EHQHGHU13]X]XUHFKQHQLVWQLFKWHUEUDFKWZLUG5HIH UHQ] HQWVWHKW LP QRPLQDOHQ %HUHLFK GXUFK GLH .DWHJRULH GHU 'HILQLWKHLW E]Z GXUFK VWDUNH 'HLNWLND ZLH EVSZ 'HPRQVWUDWLYSURQRPLQD GK DXI GHU(EHQHGHU'37HUPLQXVÅVWDUNH'HL[LV´QDFK',(:$/' (QWVSUHFKHQG GHU ]X %HJLQQ GHV $EVFKQLWWV GDUJHVWHOOWHQ (QWZLFN OXQJVORJLNÄ6H[XVDXV*HQXV¶VROOWHJHOWHQGDVVGLHVSUDFKOLFKH.RGLHUXQJ GHV ZHLEOLFKHQ *HVFKOHFKWV DXV GHP *HQXV IHPLQLQXP HQWVWHKHQ NDQQ VRZLH GLH VSUDFKOLFKH .RGLHUXQJ GHV PlQQOLFKHQ *HVFKOHFKWV DXV GHP *HQXV PDVNXOLQXP HUIROJHQ NDQQ 'DV *HQXV QHXWUXP EOHLEW RIIHQEDU GDYRQXQEHUKUW$OOHUGLQJVNDQQHV.RQWH[WHJHEHQLQGHQHQDXFKGDV 1HXWUXP HLQH 6H[XV/HVDUW DQQHKPHQ NDQQ 'DPLW VLQG )lOOH DQJHVSUR FKHQ LQ GHQHQ EHZXVVWHU Å$VH[XV´ WHUPLQRORJLVFKHU 9RUVFKODJ 0: DOVR GLH 1HXWUDOLVDWLRQ GHV ELRORJLVFKHQ *HVFKOHFKWV EHWRQW ZHUGHQ VROO XQG]ZDUPLWLQWHQGLHUWHUVWDUNHU3HMRUDWLRQZLHLQ:HGHUHLQ(UQRFKHLQH 6LHVRQGHUQHLQ(V (LQHVROFKH.RGLHUXQJYRQ$VH[XDOLWlWHQWVWHKWMHGRFK VWHWVLQIHUHQ]LHOOGKLPGLUHNWHQ.RQWUDVWPLWHLQHUGXUFKGHQ.RQ WH[W YRUJHJHEHQHQ 6H[XV,QIRUPDWLRQ 'HU $VH[XV VWHOOW NHLQ VSH]LILVFKHV 3KlQRPHQYRQ*HQXV6SUDFKHQGDUXQGLVWHLQNDWHJRULDOGHWHUPLQLHUWHV 3KlQRPHQ'DV3KlQRPHQGHV$VH[XVLVWHEHQIDOOVEHNDQQWDXVGHPJH QXVORVHQ(QJOLVFKHQ&85=$1
=XP9HUKlOWQLVYRQ*HQXVXQG6H[XV
'LH 8QIlKLJNHLW GHV GHXWVFKHQ 1HXWUXPV XQG GHU HQJOLVFKHQ 1LFKW 3HUVRQHQ.DWHJULHLW]XVH[XDOLVLHUHQZLUGNRQWUDVWLYIXQNWLRQDO]XU$VH [XDOLVLHUXQJJHQXW]W6ROFKH)lOOHVLQGMHGRFKVHKUVHOWHQXQGVWDUNPDU NLHUW)RUPDOP|JOLFKL6YÄIRUPDOQXW]EDU¶LVWGLH.RGLHUXQJYRQ6H[XV GXUFKGLHDQGHUHQEHLGHQ*HQHUD(VVWHOOWVLFKGLH)UDJHREEHLGH*HQH UDGHV'HXWVFKHQ)HPLQLQXPXQG0DVNXOLQXPLQMHZHLOVJOHLFKHU:HLVH EH]JOLFKGHU6H[XV/HVDUWDIILQVLQGRGHUREQXUHLQHVGHUEHLGHQ*HQH UDVH[XDOLVLHUWXQGGDGXUFKEHLP$QGHUHQGLH1HEHQOHVDUW]XU6H[XDOLVLH UXQJ IRUFLHUW 'DVV EHLGH *HQHUD QLFKW LQ JOHLFKHU :HLVH VH[XDOLVLHUHQ EHZHLVWGLH7DWVDFKHGDVVGDV)HPLQLQXPHLQHH[SOL]LWH6H[XV0DUNLHUXQJ DXIZHLVW GDV 0DVNXOLQXP MHGRFK QLFKW ² ]XPLQGHVW LQ VHKU PDUNLHUWHQ .RQWH[WHQYJO6WXGHQWLQ²"6WXGHQWHULFK +HUN|PPOLFKHUZHLVHZLUGGLHXQPDUNLHUWH)RUPEHYRU]XJWZLH6WX GHQW GLH 0lQQHU XQG )UDXHQ JOHLFKHUPDHQ XPIDVVW ZLH LQ 6WXGHQWHQGH PRQVWUDWLRQ 'LH/HVDUWGHV6H[XVPDVNXOLQXPNRPPWDOVRLQIHUHQ]LHOO]X VWDQGH 1XU GDV )HPLQLQXP PDUNLHUW GHQ 6H[XV DOVR H[SOL]LW 8P GLH 6H[XV/HVDUW DXI]XEDXHQ ÄEHQ|WLJW¶ GDV )HPLQLQXP GDV 0DVNXOLQXP 6WXGLQ DEHU 6WXGHQWLQ 'LH IHPLQLVWLVFKH /LQJXLVWLN LQWHUSUHWLHUWH GDV *HQXV PDVNXOLQXP DOV 6H[XV PDVNXOLQXP XQG VHW]WH 6SUDFKGLVNULPLQLH UXQJ DQ XQG YHUZHFKVHOWH GDEHL DEHU GLH ]ZHL (EHQHQ GHU IRUPDOHQ YV VHPDQWLVFKHQ 6HLWH ,P )ROJHQGHQ VROO YHUVXFKW ZHUGHQ ]X ]HLJHQ GDVV VWUHQJ JHQRPPHQ GDV *HQXV PDVNXOLQXP HLJHQWOLFK GDV JHVFKOHFKWOLFK ÅGLVNULPLQLHUWH´*HQXVLVWQLFKWGDV)HPLQLQXP'DEHLVROODUJXPHQWLHUW ZHUGHQ GDVV DOOHLQH GDV )HPLQLQXP VH[XDOLVLHUW XQG GDVV GLH %HGHX WXQJVGLPHQVLRQGHV6H[XVPDVNXOLQXPHLQ(SLSKlQRPHQGHV6H[XVIHPL QLQXP GDUVWHOOW +LHUDXI YHUZHLVW EHUHLWV %58*0$11 ]LW Q 6,(%85* 'HQQGDRQLFKWYRQ$QIDQJDQ$XVGUXFNGHVPlQQOLFKHQ:HVHQVZDUGDHV VLFKJHJHQGHQ6H[XVXUVSUQJOLFKJOHLFKJLOWLJYHUKLHOW]HLJWVHLQ*HEUDXFKLQGHQ VRJHQDQQWHQ 1HXWUD ZLH DOWLQG \XJiP JU ƦƵƣƼƭ ODW MXJXP Ä-RFK¶ ( U V W L P V S H ] L H O O H Q * H J H Q V D W ] ]XP>IHPLQLQHQ@ĆQDKPHVGHQ6LQQGHVPlQQOLFKHQ :HVHQVDQEHUDOODEHUEOHLEHQGLH0HQVFKRGHU7LHUEH]HLFKQHQGHQ:|UWHUDXI RVDXFK]XU%H]HLFKQXQJGHVEHWUHIIHQGHQ/HEHZHVHQVEHUKDXSWRKQH5FN VLFKWQDKPH DXI GLH 9HUVFKLHGHQKHLW GHV QDWUOLFKHQ *HVFKOHFKWV LP *HEUDXFK ]%JUƺưưƯƲODWHTXRVÄ3IHUG¶>+HUYRUK0:@
:HQQ6H[XVIHPLQLQXP]XHUVWXQG6H[XVPDVNXOLQXPVHNXQGlUHQWVWHKW VRPXVVJHPlGHU$[LRPDWLNEHUHLWVLQGHQ.ROOHNWLYVXIIL[HQVHOEVWGLH BBBBBBBBBBBBB ,P*HUPDQLVFKHQZXUGHGDJHJHQGDV1HXWUXPEHQXW]WZHQQPlQQOLFKHVRZLHZHLEOLFKH /HEHZHVHQ JOHLFKHUPDHQ EH]HLFKQHW ZHUGHQ VROOWHQ 3$8/ 'DV 3KlQRPHQ KDWVLFKLP'HXWVFKHQDXIJUXQGGHV*HQXVV\QNUHWLVPXVLP3OXUDOQLFKWKDOWHQN|QQHQ,P ,VOlQGLVFKHQLVWHVGDJHJHQQDFKZLHYRUSURGXNWLY&25%(77
$VVR]LLHUWH3KlQRPHQH
0|JOLFKNHLW]XU6H[XDOLVLHUXQJEHVWHKHQ7DWVlFKOLFKLVWGLHVJHJHEHQ6R KDQGHOWHVVLFKEHLPQKG0RYLHUXQJVVXIIL[LQXUVSUQJOLFKXPHLQDOWHV =XJHK|ULJNHLWVVXIIL[ GDV LP /DXIH GHU 6SUDFKJHVFKLFKWH XQG HWZD LQ IQKG =HLW GXUFK DXHUVSUDFKOLFKHQ (LQIOXVV PRQRVHPLHUW ZXUGH DXI GLH %HGHXWXQJÄ)UDX¶320h//(5)526&+$8(5)1 6HOEVWQRFKLP)QKGEHGHXWHWHEVSZHLQH%LOGXQJZLHGUHULQÄHW ZDV GDV PLW GHU 3HUVRQ 'UHU LQ 9HUELQGXQJ VWHKW 6LSSVFKDIW GHV 'UHU¶320h//(5 %HLGHP0RWLRQVVXIIL[JHUP LQKDQ GHOW HV VLFK XP GDVVHOEH DXV GHP *HUPDQLVFKHQ HUHUEWH 0RUSKHP GDV DXFK²ZHQQJOHLFKGXUFK9HUVFKPHO]XQJPLWDQGHUHQ0RUSKHPHQ²IU GLH 'LPLQXWLRQ JHQXW]W ZLUG YJO 'LH 'LPLQXWLRQ LVW MHGRFK LP 'HXWVFKHQDXIGDV1HXWUXPIHVWJHOHJW'DVEHZHLVWHUQHXWGHQXQWHUVSH ]LIL]LHUWHQ &KDUDNWHU GHU JHUPDQLVFKHQ 1RPLQDOPRUSKRORJLH 'LH HLQ]LJ ]XYHUOlVVLJHQ ,QGLNDWRUHQ ]XU )HVWVWHOOXQJ HLQHU EHVWLPPWHQ JUDPPDWL VFKHQ6HPDQWLNVLQGGDKHUGLHMHZHLOVEHWHLOLJWHQJUDPPDWLVFKHQ.DWHJR ULHQGHVHQWVSUHFKHQGHQ%HOHJV%HLGH1HXWUXPXQG)HPLQLQXPN|QQHQ .ROOHNWLYDELOGHQYJO $XFK]DKOUHLFKHGHULP1KGHLQGHXWLJVH[XD OLVLHUWHQ)HPLQLQDZDUHQHLQVW.ROOHNWLYD6REHGHXWHWH6WXWHXUVSUQJOLFK Ä3IHUGHKHUGH¶ ./8*( 'D GLHVH MHGRFK LG5 LQ GHU DXHU VSUDFKOLFKHQ5HDOLWlWDXVZHLEOLFKHQ7LHUHQEHVWDQGNDPHV]XHLQHPPH WRQ\PLVFKHQ %HGHXWXQJVZDQGHO LP 6LQQH HLQHU 0RQRVHPLHUXQJ DXI GLH %HGHXWXQJÄZHLEOLFKHV3IHUG¶6RJDUGDVQHXWUDOH*HQXVGHV/H[HPV:HLE OlVVWVLFKGXUFKHLQHHLQVWNROOHNWLYH6HPDQWLNGHV%HJULIIVLP6LQQHYRQ Ä)UDXHQVFKDIW )UDXHQVFKDU¶ PRWLYLHUHQ 67857(9$17 'DVV HVVLFKXPDXHUVSUDFKOLFKHQ(LQIOXVVKDQGHOWEHZHLVWGLH7DWVDFKHGDVV DXFKLPJHQXVORVHQ.RUHDQLVFKHQHLQ.ROOHNWLYPRUSKHP]XHLQHP0RU SKHP]XJXQVWHQE]Z]XXQJXQVWHQGHV6H[XVIHPLQLQXPXPLQWHUSUHWLHUW ZXUGH92*(/ 6H[XVIHPLQLQXPHQWVWHKWLP*HQXVIHPLQLQXP)UGLH(QWVWHKXQJ GHV 6H[XV LP )HPLQLQXP QLFKW LP 0DVNXOLQXP ODVVHQ VLFK ZHLWHUH $U JXPHQWH DQIKUHQ$XFKLP %HUHLFKGHUDGMHNWLYLVFKHQ7UDQVSRVLWLRQLVW BBBBBBBBBBBBB (LQHDXIIlOOLJH3DUDOOHOHVWHOOWGLH7DWVDFKHGDUGDVVHV]XUVHOEHQ=HLWQlPOLFKLQGHU(SR FKHGHV)QKGDXIGHUHLQHQ6HLWH]XU(WDEOLHUXQJGHV6H[XVIHPLQLQXP0RWLRQVPDUNLH UXQJLQ NRPPWXQGDXIGHUDQGHUHQ6HLWHGDVHLQ]LJHUHVWULNWLRQVORVH6XIIL[]XUIHPLQL QHQ 9HUEDODEVWUDNWELOGXQJ QlPOLFK GDV 6XIIL[ XQJ LQSURGXNWLY ]X ZHUGHQ EHJLQQW YJO '(06.( (VJlOWHLQZHLWHUHU)RUVFKXQJ]XEHUSUIHQREXQGLQZLHZHLWGHUVXN ]HVVLYH$EEDXGLHVHU*HQXVPDUNLHUXQJE]ZGHU$XVEDXQHXWUDOHU.RGLHUXQJVPXVWHUXQG GHU$XVEDXYRQ6H[XV0DUNLHUXQJHQDXIHLQDQGHUEH]RJHQZHUGHQN|QQHQ'LH3OXUDOLVLH UXQJ GHV )HPLQLQXPV XQG 5HLQWHUSUHWDWLRQ ]XJXQVWHQ GHV 6H[XV IHPLQLQXP KDW QDFK /2+0$11 ]XP 6FKZXQG GHV *HQXVV\VWHPV LP $UPHQLVFKHQ JHIKUW YJO /2+ 0$11GRUW.DSLWHO 'DPLWOlJHHLQHSDUWLHOOH $QDORJLH]XGHULQEHVFKULHEH QHQ3DUDOOHOLWlWYRQ*HQXVVFKZXQGEHLSDUDOOHOHP6H[XVDXIEDXDQGHUHULGJ6SUDFKHQYRU
=XP9HUKlOWQLVYRQ*HQXVXQG6H[XV
6H[XV QXU LP )HPLQLQXP QLFKW LP 0DVNXOLQXP HQWVWDQGHQ 6R PHLQW QKGGLH6FK|QHDXVVFKOLHOLFKÄVFK|QH)UDX¶,P$KGZDUHQ%LOGXQJHQGLH VHU $UW LP 1KG UHOLNWKDIW HUKDOWHQZLH LQ+|KH :HLWH 7LHIH *U|H $EV WUDNWD%HLP0DVNXOLQXPEHGHXWHWGHU.OXJHDEHUQLFKWDXVVFKOLHOLFKÄNOX JHU0DQQ¶VRQGHUQXPIDVVWEHLGHUOHL*HVFKOHFKWYJOHWZDGLH:HQGXQJ 'HU .OJHUH JLEW QDFK HLQH bXHUXQJ LQ GHU 0lQQHU XQG )UDXHQ JOHLFKHU PDHQXPIDVVWZHUGHQ92*(/ 'LHGHDGMHNWLYLVFKHQ0DVNX OLQDGHV'HXWVFKHQVLQGDOVRUHLQJHQHULVFKHGKVH[XVIUHLH0DVNXOLQDLP 6LQQHYRQ,QGLYLGXDWLYD'HUHUHUEWH VXIIL[DOH%HVWDQGGHV*HQXVPDV NXOLQXPVHOEVW)/(,6&+(5%$5=GRUW.DSLWHO EHVLW]WQXUHLQ 6XIIL[GDV]XYHUOlVVLJGHQ6H[XVPDVNXOLQXPNRGLHUW(VKDQGHOWVLFKXP GDV6XIIL[HULFKZLHLQ(QWHULFK0lXVHULFK*lQVHULFK9RQGHU*UXQGEHGHX WXQJKHUZDUGDV6XIIL[HLQVWHLQVH[XVIUHLHU,QGLYLGXDOLVLHUHUZLHQRFKDQ %LOGXQJHQ ZLH HWZD .Q|WHULFK VLFKWEDU YJO 8UVSUQJOLFK KDQGHOWH HV VLFKEHLGHP6XIIL[HULFKXPHLQHLQVWLJHV6LQJXODWLYVXIIL[=XU(QWZLFN OXQJGHU6H[XV/HVDUWNDPHVGDGXUFKGDVVGDVXQPDUNLHUWH)HPLQLQXP YHUWUHWHQ GXUFK VH[XVQHXWUDOH (SLFRHQD ZLH EVSZ (QWH 0DXV *DQV VH NXQGlUVH[XDOLVLHUWZXUGH9HUPXWOLFKKDQGHOWHHVVLFKEHLGHQ(SLFRHQD HEHQIDOOV XP HLQVWLJH .ROOHNWLYD GLH DXI GLH %HGHXWXQJ HLQHV HLQ]HOQHQ 7LHUV UHGX]LHUW ZXUGHQ 6HNXQGlU ZXUGHQ GLHVH %LOGXQJHQ DOV ÄZHLEOLFK¶ GXUFKHLQHYRQ:HOWZLVVHQJHOHLWHWH)HKODQQDKPHKLQVLFKWOLFKGHU)XQNWL RQ YRQ *HQXV DOV VH[XVZHLEOLFK YHUVWDQGHQ $OV PDUNLHUWHV *HJHQVWFN HQWVWDQGHQGLHVH[XDOLVLHUWHQ0DVNXOLQD )RUPDOJHVHKHQEHQ|WLJWGLH.DWHJRULHGHV6H[XVIHPLQLQXPGDV*H QXV PDVNXOLQXP GD LP 'HXWVFKHQ QXU HWZDV VH[XDOLVLHUW ZHUGHQ NDQQ ZHQQHVLQGLYLGXLHUWLVW$XVHLQHP.ROOHNWLYXPNDQQNHLQH%H]HLFKQXQJ IUHLQH)UDXZHUGHQ *HELUJLQ 6FKOlJHUHLLQ HEHQVRZHQLJZLHGDV0R WLRQVVXIIL[ VLFK DQ QLFKWLQGLYLGXDOLVLHUWH 'HULYDWLRQVVWlPPH IJHQ NDQQ GDKHU/HKUHULQ6FKQHLGHULQ)ULVHXULQVWDWW /HKULQ 6FKQHLGLQ )ULVLQ 0DQ EHQ|WLJW GHQ Å8PZHJ´ EHU GDV *HQXV PDVNXOLQXP 'DV *HQXV PDVNXOLQXPVWHOOWGXUFKVHLQH6HPDQWLN,QGLYLGXDWLYDEHUHLWGLH]XQlFKVW NHLQH6H[XV/HVDUWEHVLW]HQ6LHVLQGVH[XVQHXWUDOZLHGHU6WXGHQWGHU'H PRQVWUDQW GLH LP 'HXWVFKHQ MHZHLOV 0lQQHU ZLH )UDXHQ JOHLFKHUPDHQ XPIDVVHQ %LOGXQJHQZLH6WXGHQWHQGHPRQVWUDWLRQbU]WHVWUHLNVLQGGDKHUNHL QH)lOOHYRQ6SUDFKGLVNULPLQLHUXQJ'LHVJLOWIU*HQXVVSUDFKHQLP$OO JHPHLQHQ *UDPPDWLN GLVNULPLQLHUW QLFKW $XFK LP $UDELVFKHQ EVSZ BBBBBBBBBBBBB 6WUHQJ JHQRPPHQ ² N|QQWH PDQ GDKHU IRUPDO DUJXPHQWLHUHQ ² VLQG GLH JUDPPDWLVFKHQ %HVWUHEXQJHQGHUIHPLQLVWLVFKHQ/LQJXLVWLND[LRPDWLVFKSUREOHPDWLVFKGDHUQHXWGDV*H QXVPDVNXOLQXPZLHLQ/HKUHU DOV$XVJDQJVEDVLVIUGLH6H[XVPDUNLHUWHQ)HPLQLQDZLH LQ /HKUHULQ YHUZHQGHW ZLUG :ROOWH PDQ GDV *HQXV PDVNXOLQXP YHUPHLGHQ ZlUHQ GLH RELJHQ%LOGXQJHQZLH /HKULQ ]XYHUZHQGHQ
$VVR]LLHUWH3KlQRPHQH
ZHUGHQZHLEOLFKHZLHPlQQOLFKH3HUVRQHQPLWGHPLQGLYLGXLHUHQGHQ*H QXVPDVNXOLQXPEH]HLFKQHW$/$47$6&+I (V PXVV GDUDXI KLQJHZLHVHQ ZHUGHQ GDVV LP NODVVLVFKHQ $UDELVFK GDV >VH[XV@ IHPLQLQH/H[LNRQJHULQJLVW6RVSULFKWGHU'LFKWHUEHUVHLQH*HOLHEWH6WXWHR GHU.DPHOLQVRDOVREVLH>JHQXV@PDVNXOLQZlUHQ>+LQ]XIJXQJ0:@
0|JOLFKLVWGLHVGDGDV0DVNXOLQXPLQGLYLGXDOLVLHUW0RWLRQ]XU%H]HLFK QXQJGHVZHLEOLFKHQ*HVFKOHFKWVLVW]ZDUPLWWHOV*HQXVIHPLQLQXPP|J OLFKMHGRFKQXUZHQQGDV]XJUXQGHOLHJHQGH6XEVWDQWLYEHUHLWVHLQ,QGLYL GXDWLYXPLVW%HLVSLHODXV35(03(5 D PXVOLPşQD Ä0RVOHP¶03/1RP E PXVOLPĆWXQ Ä0RVOHP¶)3/1RP
VĆOLKXQD ÄIURPPH0RVOHPV¶ ÄIURPP¶03/1RP VĆOLKĆWXQ ÄIURPPH0XVOLPLQQHQ¶ ÄIURPP¶)3/1RP
'LH 0RYLHUXQJ LQ %HLVSLHO E LVW P|JOLFK GD PXVOLP Ä0RVOHP¶ EHUHLWV HLQ,QGLYLGXDWLYXPLVW(VLVWGLHVHP)DOOQXUQLFKWH[SOL]LWPDUNLHUW(LQ KLQVLFKWOLFKTXDQWLILNDWLYHU/HLVWXQJXQG0RUSKRORJLHYHUJOHLFKEDUHV%HL VSLHO GHV 'HXWVFKHQ ZlUH HWZD .RFK PDVNXOLQHV ,QGLYLGXDWLYXP VH[XV QHXWUDO YHUVXV .|FKLQ PRYLHUWHV ,QGLYLGXDWLYXP PLW 6H[XV IHPLQLQXP /HVDUW 'DV*HQXVIHPLQLQXPNDQQLQGLYLGXLHUWH(LQKHLWHQNROOHNWLYLHUHQ 6WXGHQWHQVFKDIW 6WXGHQWHQWXP 6H[XVPDUNLHUWH 6XEVWDQWLYH N|QQHQ DEHU LG5QLFKWRKQH:HLWHUHVNROOHNWLYLHUWZHUGHQ"6WXGHQWLQQHQVFKDIW"6WXGHQ WLQQHQWXP 0HUHRORJLVFKP|JOLFKZlUHHVMHGRFKGDGLHVH[XDOLVLHUWHQ)H PLQLQDZLHGHUXPGXUFKGDVXQPDUNLHUWH*HQXVPDVNXOLQXPEHUHLWVLQGL YLGXLHUWVLQG6WXGHQW!6WXGHQWLQ!"6WXGHQWLQQHQVFKDIW $OOHUGLQJVEHILQGHQ VLFK VROFKH %LOGXQJHQ EHUHLWV DP 5DQGH GHU $N]HSWDELOLWlW 'HU XPJH NHKUWH )DOO ZRQDFK JUDPPDWLVFK VH[XDOLVLHUWH 0DVNXOLQD ]XVDPPHQJH IDVVW ZHUGHQ N|QQHQ LVW QRFK PHUNZUGLJHU "(QWHULFKVFKDIW "0lXVHULFK WXP YHUPXWOLFKGHVZHJHQGDGDVVXIIL[DOH%LOGXQJVPXVWHUGHU.ROOHNWLYD UHVWULQJLHUW LVW GK LP 1KG QXU HLQLJH 3HUVRQHQEH]HLFKQXQJHQ DEOHLWHQ NDQQ,QWHUSUHWLHUWPDQGHQ6H[XVDOVGLHJUDPPDWLVFKH1HEHQOHVDUWYRQ *HQXVSDVVW3/$1.V $QQDKPHZRQDFKPRYLHUHQGH 6XIIL[H SUL BBBBBBBBBBBBB ,QGLHVHP=XVDPPHQKDQJVHLHUQHXWGDUDXIKLQJHZLHVHQGDVVEHLGHU$XVZDKOUHSUlVHQWD WLYHU6XIIL[HE]ZHQWVSUHFKHQGHUIUGDV1KGJOWLJHU%HLVSLHOHGDV.ULWHULXPGHUPRU SKRORJLVFKHQ3URGXNWLYLWlW%HUFNVLFKWLJXQJILQGHQPXVV0|JOLFKHPRUSKRORJLVFKH5HVW ULNWLRQHQZLHEVSZGLHYRQ3/$1. IHVWJHVWHOOWHV\QFKURQH1LFKWNRPELQLHUEDUNHLW YRQ OLQJ XQG LQ ]X OLQJLQ N|QQHQ VRPLW GXUFK 5FNJULII DXI GLH IHKOGHQGH 5HLKHQELO GXQJGHV6XIIL[HVOLQJLP1KGZLHEVSZ )DKUOLQJ &KDWOLQJ DOVXQPRWLYLHUWHLQJHVWXIW XQGYRQGHUZHLWHUHQ%HWUDFKWXQJDXVJHVFKORVVHQZHUGHQ
=XP9HUKlOWQLVYRQ*HQXVXQG6H[XV
YDWLYH2SSRVLWLRQHQGHULYDWLYH6XIIL[HKLQJHJHQlTXLSROOHQWH2SSRVLWLR QHQKHUVWHOOHQ3/$1. 'DEHLVFKHLQWPLUGHUHQWVFKHLGHQGH)DNWRU]XVHLQGDSULYDWLYH2SSRVLWLRQHQ GLH *UXQGODJH IU GLH $QQDKPH NRQ]HSWXHOOHU 0DUNLHUWKHLWVYHUKlOWQLVVH IU GLH .DWHJRULHQVHKUYLHOZHQLJHUFKDUDNWHULVWLVFKVLQGGLHGHPZRUWELOGXQJVPRUSKR ORJLVFKHQ$XVGUXFNVV\VWHPHLQHU6SUDFKH]XJHWHLOWZHUGHQ
$XV 6LFKW GHU 'HULYDWLRQ NRGLHUW GDV *HQXV PDVNXOLQXP QXU VH[XV QHXWUDOH ,QGLYLGXDWLYD GLH EHLGHUOHL *HVFKOHFKWHU XPIDVVHQ lTXLSROOHQWH 2SSRVLWLRQ =XP $XIEDX YRQ 6H[XV EHQ|WLJW GDV PRYLHUHQGH )HPLQL QXPGDVLQGLYLGXLHUHQGH0DVNXOLQXPSULYDWLYH2SSRVLWLRQ XQGDXINRQ WH[WXHOOHU(EHQHGDVPRYLHUHQGHDEHUGD]XQLFKWH[SOL]LWNRGLHUWH0DVNX OLQXPGDVH[SOL]LWPRYLHUHQGH)HPLQLQXP/HW]WHUHVJLOWQXUGDQQZHQQ NHLQH DQGHUZHLWLJ LQIHUHQ]LHOOH .RQWH[WXDOLVLHUXQJ ]XP 7UDJHQ NRPPW 0DVNXOLQXPXQG1HXWUXPYJOÄ$VH[XV¶VR VLQGVRPLWLQGLHVHP3XQNW ]XSDUDOOHOLVLHUHQ (V EOHLEW DOVR IHVW]XKDOWHQ (UVW GDV )HPLQLQXP OLHIHUW GLH 6H[XV /HVDUW6H[XVPDVNXOLQXPVRZLHHEHQIDOOVGHUQHXWUDOHÄ$VH[XV¶SHMRUDWLYH (QWVH[XDOLVLHUXQJYRQ3HUVRQHQ LVWHLQ)ROJHSKlQRPHQXQGHWDEOLHUWVLFK MHZHLOVLG5NRQ WH[WXHOO6H[XVIHPLQLQXPEHQ|WLJWGDV*HQXVPDVNXOL QXPDXVUHLQPHUHRORJLVFKHQQLFKWDXHUVSUDFKOLFKHQ*UQGHQ'DVEH GHXWHW DXFK GDVV DXVVFKOLHOLFK GHU =XVDPPHQKDQJ YRQ *HQXV IHPLQL QXP XQG 6H[XV IHPLQLQXP GLDFKURQ QDFKZHLVOLFK PRWLYLHUW LVW QLFKW MHGRFKGHU]ZLVFKHQ*HQXVPDVNXOLQXPXQG6H[XVPDVNXOLQXP'LH.D WHJRULH GHV 6H[XV PDVNXOLQXP HUJLEW VLFK ZHQQ NRQ WH[WXHOOH )DNWRUHQ DXVJHVFKORVVHQ ZHUGHQ N|QQHQ DXVVFKOLHOLFK GXUFK GLH .DWHJRULH GHV 6H[XV IHPLQLQXP ]XU .RGLHUXQJ QLFKW 5HIHUHQ] HLQHV 2SSRVLWLRQVYHU KlOWQLVVHV GHU DXHUVSUDFKOLFKHQ 5HDOLWlW ,Q DOOHQ )lOOHQ OlVVW VLFK NHLQH 'LVNULPLQLHUXQJGXUFKGDVJUDPPDWLVFKH6\VWHPEHREDFKWHQ *HQXVXQG)OH[LRQ %HUHLWVLQ.DSLWHOZXUGHDXVJHIKUWGDVVGDV0HKUIDFKJHQXVGHV,QGR JHUPDQLVFKHQ EHU GLH 1RPLQDOIOH[LRQ JHVWHXHUW ZXUGH ZRYRQ VLFK LP $OWKRFKGHXWVFKHQ]DKOUHLFKH6SXUHQILQGHQODVVHQ(LQNXU]HU%OLFNLQGDV 0KGOlVVWYHUPXWHQGDVVDXFKGRUWQRFK]DKOUHLFKH6SXUHQGHVHLQVWLJHQ 4XDQWLILNDWLRQVV\VWHPV DXIJHGHFNW ZHUGHQ N|QQWHQ (V ZlUH HLQH VSDQ QHQGH XQG EHUDXV ZLFKWLJH $UEHLW GLHVH %HOHJH HPSLULVFK ]X HUPLWWHOQ ]XPDOGLH%HOHJODJHGHV0KGZHVHQWOLFKEHVVHUDOVGLHGHV$KGLVW,QGHU IUKQHXKRFKGHXWVFKHQ *UDPPDWLN VLQG GHU *HQXVVFKZDQNXQJ HLQLJH $EVFKQLWWHJHZLGPHW5(,&+0$11:(*(5$² ZDVGDUDXI KLQGHXWHW GDVV DXFK LQ GLHVHU 6SUDFKVWXIH LQ 5HOLNWHQ HLQH 3HUVSHNWLYLH
$VVR]LLHUWH3KlQRPHQH
UXQJ PLWWHOV *HQXV P|JOLFK ZDU XQG HLQH HPSLULVFKH hEHUSUIXQJ GHU =XVWlQGH DXFK GRUW VHKU ORKQHQVZHUW ZlUH :HQQ QRPLQDOH .DWHJRULHQ QLFKWQXUVHOEVWlQGLJJUDPPDWLVFKH,QKDOWHNRGLHUHQVRQGHUQDXFKSDUD GLJPDWLVFK ]XVDPPHQVSLHOHQ N|QQHQ XP HLQH ]XVlW]OLFKH JUDPPDWLVFKH )XQNWLRQ]XNRGLHUHQZLH%,771(5 GLHVIUGLH3URQRPLQDOIOH[LRQ GHV 'HXWVFKHQ LOOXVWULHUW VR OLHJW GLH hEHUOHJXQJ QDKH GDVV GLH JHVDPWH 6XEVWDQWLYIOH[LRQ GHV 'HXWVFKHQ GXUFK GHQ 8QWHUJDQJ GHV 0HKUIDFKJH QXVVLFKQLFKWQXULQWUDNDWHJRULDO*HQXVLQWHUQ VRQGHUQDXFKLQWHUNDWH JRULDODOOHQRPLQDOHQ.DWHJRULHQEHWUHIIHQG UHRUJDQLVLHUWKDEHQN|QQWH 'LHV JLOW LQVEHVRQGHUH GD NDWHJRULDOH ,QNOXVLRQVYHUKlOWQLVVH ]ZLVFKHQ *HQXVXQG1XPHUXVYRUOLHJHQYJO$EVFKQLWW 2EVLFK]ZLVFKHQ*HQXVXQG.DVXVJOHLFKIDOOVIXQNWLRQDOH$XIHLQDQ GHUEH]RJHQKHLWHQ LP %HUHLFK GHU 6XEVWDQWLYTXDQWLILNDWLRQ HUPLWWHOQ ODV VHQZXUGHELVODQJYHUQDFKOlVVLJW'DVVGLH.DWHJRULH.DVXVLQ6SUDFKHQ RKQH *HQXV VHKU SURGXNWLY ]XU 4XDQWLILNDWLRQ YRQ 1RPLQD HLQJHVHW]W ZLUG LVW EHNDQQW GRFK VLQG GLH 9HUKlOWQLVVH QLFKW RKQH :HLWHUHV EHU WUDJEDU =ZDU VWHOOW GLH ([LVWHQ] GHU .DWHJRULH 1XPHUXV SULQ]LSLHOO GLH 8QWHUVFKHLGXQJYRQ]lKOEDUHQYVQLFKW]lKOEDUHQ1RPLQDEHUHLWMHGRFK N|QQHQGLH=XRUGQXQJHQHWZDVDQGHUVJHUHJHOWVHLQZLHDP%HLVSLHOGHV )LQQLVFKHQ GHXWOLFK ZXUGH 'RUW NDQQ GHU 3DUWLWLY DXFK EHL (LJHQQDPHQ YHUZHQGHWZHUGHQZDVLP'HXWVFKHQQLFKWP|JOLFKLVWYJO )UGDV 'HXWVFKH6FKZHGLVFKH'lQLVFKHXQG1LHGHUOlQGLVFKHOLHJWLQ%H]XJDXI GHQ:DQGHOYRQ'HNOLQDWLRQVNODVVHQGLH$UEHLWYRQ.h56&+1(5 YRU (LQ (UJHEQLV GHU $UEHLW LVW GDVV DOOH YLHU 6SUDFKHQ LP GLDFKURQHQ 9HUODXIGD]XWHQGLHUHQGLHEHLGHQ.DWHJRULHQ1XPHUXVXQG.DVXVIXQN WLRQDO ]X VHSDULHUHQ .h56&+1(5 II ,QQHUKDOE GHU .DVXV PDUNLHUXQJHQ NRPPW HV ]X 6\QNUHWLVPHQ GLH LQ DOOHQ YLHU 6SUDFKHQ DXI HLQHQ$EEDXGHUVXEVWDQWLYLVFKHQ.DVXVPDUNLHUXQJHQKLQDXVODXIHQ 'D²ZLHEHUHLWVDP%HLVSLHOGHV6FKZXQGVGHV0HKUIDFKJHQXVGHXW OLFKZXUGH²GHU6SUDFKZDQGHOGLHDQVRQVWHQV\VWHPLPPDQHQWH6WDELOLWlW WRUSHGLHUW PVVHQ VLFK .RGLHUXQJVPXVWHU SDUDOOHO GD]X lQGHUQ 6LQG JUDPPDWLVFKH .DWHJRULHQ DXIHLQDQGHU DXIEDXHQG YJO *HQXV ! 1XPH UXV VROLHJWHVDXIJUXQGGHUJHPHLQVDPHQIXQNWLRQDOHQ%DVLVQDKHDXFK LQQHUKDOE GHV 1XPHUXVSDUDGLJPDV QDFK .RGLHUXQJVWHFKQLNHQ ]XJXQVWHQ YRQ 4XDQWLILNDWLRQ ]X VXFKHQ 'D]X PXVV PDQ EHUOHJHQ DQ ZHOFKHQ 6WHOOHQ1XPHUXVIOH[LRQDXIWULWW6LHWXWGLHVQLFKWDOOHLQEHLGHQQRPLQDOHQ 6LPSOL]LDVRQGHUQDXFK²LQ*HVWDOWGHU)XJHQHOHPHQWH²LQQHUKDOEYRQ 'HWHUPLQDWLYNRPSRVLWDXQG'HULYDWLRQVELOGXQJHQZHQQDXFKEHL/HW]WH UHQ VHKU EHJUHQ]W 'HQ )XJHQHOHPHQWHQ XQG HLQHP P|JOLFKHQ =XVDP PHQKDQJ PLW 4XDQWLILNDWLRQ LVW GDKHU GHU IROJHQGH $EVFKQLWW JHZLGPHW ,P $QVFKOXVV VROO GLH )UDJH GLVNXWLHUW ZHUGHQ ZLH 1XPHUXVPRU
*HQXVXQG)OH[LRQ
SKHPHGDV*HQXVP|JOLFKHUZHLVHLP6LQQHHLQHUWUDQVNDWHJRULDOHQ5HQR YDWLRQVWW]HQN|QQWHQ *HQXVXQG)XJHQHOHPHQWH =ZLVFKHQ6XIIL[HQXQG)XJHQHOHPHQWHQJLEWHVHLQHPRWLYLHUWH5HODWLRQ GDLP1KGNHLQDEJHOHLWHWHV6XEVWDQWLYDXIKHLWNHLWLJNHLWVRZLHGDQH EHQGLH6XIIL[HVFKDIWXQJXQGWXPRKQHVRJÅXQSDUDGLJPDWLVFKHV´)X JHQHOHPHQW V LQ (UVWSRVLWLRQ VWHKHQ NDQQ ZLH EVSZ 6FK|QKHLWVPDNHO *OHLFK]HLWLJ VHOHJLHUHQ GLH 6XIIL[H VFKDIW XQG WXP LP 1KG REOLJDWR ULVFKHUZHLVH SDUDGLJPDWLVFKH )XJHQHOHPHQWH ZLH bU]WHVFKDIW 6WXGHQWHQ WXP 'HPZDUQLFKWLPPHUVR'DSDUDGLJPDWLVFKH)XJHQHOHPHQWHGHNOL QDWLRQV XQG GDGXUFK JHQXVDEKlQJLJ XQG QLFKWSDUDGLJPDWLVFKH )XJHQ DXV 6LFKW GHU *HQXVSDUDGLJPDWLN HLQH ]XQlFKVW SDUDGR[H +HUDXVIRUGH UXQJ VLQG PXVV PDQ VLFK IUDJHQ ZLH HV ]XU +HUDXVELOGXQJ YRQ )XJHQ HOHPHQWHQNRPPHQNRQQWH²XQGREGLH(LQRUGQXQJDOVÅXQSDUDGLJPD WLVFK´IUGLHLP1KGSURGXNWLYHQ6XIIL[HE]ZLKUHUHU]HXJWHQ%LOGXQJHQ WDWVlFKOLFKVLQQYROOVHLQNDQQ'DPLWLVWJOHLFK]HLWLJGLH6XFKHQDFKHLQHP P|JOLFKHQ =XVDPPHQKDQJ ]ZLVFKHQ GHQ :RUWELOGXQJVW\SHQ 6XIILJLH UXQJDOV'HWHUPLQDQV XQG.RPSRVLWLRQHLQJHOHLWHW 'LH %HVWLPPXQJ ÄHFKWHU¶ )XJHQHOHPHQWH LVW LQ GLHVHP =XVDPPHQ KDQJ DOOHUGLQJV SUREOHPDWLVFK XQG XPVWULWWHQ ]XP )RUVFKXQJVEHUEOLFN ]XU'LDFKURQLHGHU.RPSRVLWLRQYJO6&+/h&.(5 GDGHU:RUWELO GXQJVW\SGHU.RPSRVLWLRQKLQVLFKWOLFKGHU(WDEOLHUXQJDXVV\QWDNWLVFKHQ 6WUXNWXUHQ ]XYHUOlVVLJ HUVW DE IQKG =HLW DQ]XVHW]HQ LVW '(06.( :$1=(&. 'LH LP 9RUDKG W\SLVFKHUZHLVH DXIWUHWHQGHQ )OH[LRQV PRUSKHPHZHUGHQLQGHU/LWHUDWXUDXFKDOVVRJ)XJHQYRNDOHEH]HLFKQHW 6LH JHKHQ DXI VWDPPELOGHQGH 0RUSKHPH GHV 'HWHUPLQDQV ]XUFN ZLH HWZD DKG WDJDOŇQ Ä7DJHVORKQ¶ XQG ZHUGHQ EHUHLWV LP IUKHQ $KG DEJH EDXW$EGHP)QKGWUHWHQÄHFKWH¶)XJHQHOHPHQWHDXIGLHGXUFKZHJSDUD GLJPDWLVFK VLQG :$1=(&. 8QSDUDGLJPDWLVFKH )OH[LYH GHV (UVWHOHPHQWVE]ZLQ%H]XJDXIGDV0KG]XEH]HLFKQHQGHQ SUlQRPLQD OHQ 0RGLILNDWRUV ZLH QKG /LHEHVEULHI VLQG LP 0KG XQEHNDQQW 0KG SDUDGLJPDWLVFKPLWGHP6XIIL[HUPDUNLHUWH0DVNXOLQDWUHWHQDOVSUlQRPL BBBBBBBBBBBBB 7URW]GHUDEGHP)QKGDQJHVHW]WHQ3URGXNWLYLWlWGHV:RUWELOGXQJVW\SVGHU.RPSRVLWLRQ ZDU GHU :RUWELOGXQJVW\S EHL KRFKIUHTXHQWHQ 6XEVWDQWLYHQ P|JOLFKHUZHLVH EHUHLWV IUKHU LQ$QVlW]HQYRUKDQGHQ'LHVLVWLQGHQEHUHLWVLP)QKGDOV6XIIL[RLGHHLQ]XVWXIHQGHQXQG LP1KGSURGXNWLYHQ6XIIL[HQKHLWPLWQKG9DULDQWHNHLWXQGLJNHLW VFKDIWXQGWXP]X HUVHKHQ
$VVR]LLHUWH3KlQRPHQH
QDOHU0RGLILNDWRUIOH[LRQVORVE]ZDOV(UVWHOHPHQWLQWHUIL[ORV DXI'LH 6XIIL[RLG ELOGXQJHQLQ(UVWSRVLWLRQVHOHJLHUHQLP0KGGDVXQSDUDGLJPD WLVFKH)XJHQVGHV1KGQLFKWZLHHPSLULVFKHhEHUSUIXQJHQHUJDEHQ,Q GHU ,QWHUILJLHUXQJVIRUVFKXQJ ]XP 1KG JHOWHQ DEJHOHLWHWH 6XEVWDQWLYH DOV LQWHUILJLHUXQJVDIILQ YJO ]% .h56&+1(5 1h% /,1*6=&=(3$1,$& (LQ )XJHQHOHPHQW DQ HLQ DEJHOHLWHWHV LQVEHVRQGHUH IHPLQLQHV 6XEVWDQWLY YJO:(51(5L(UVFK ]X VHW]HQ LVW DOVR HLQH VSlWHUH (QWZLFNOXQJ :LH N|QQHQ 6\QFKURQLH XQG 'LDFKURQLH GHU ,QWHUILJLHUXQJ GHU 'HULYDWLRQ XQG GHV *HQXV DXIHLQDQGHU EH]RJHQ ZHUGHQ" (LQH6FKZLHULJNHLWKLQVLFKWOLFKGHU,QWHUSUHWDWLRQGHUPKG%HOHJHGHU )XJHQHOHPHQWHHUJLEWVLFKDXVGHU7DWVDFKHGDVVGDV*HQXVGHV]XJUXQ GHOLHJHQGHQ 6XEVWDQWLYV LQ (UVWSRVLWLRQ QRFK VFKZDQNHQ NDQQ ZLH HWZD LQ DUEHLWPDQ Ä$UEHLWHU¶ ]X DUEHLW 0$6.)(0175 Ä$UEHLW :HUN 0KH¶ RGHU kPHL]VWRF Ä$PHLVHQVWRFN¶ ]X kPHL]H )(00$6. Ä$PHLVH¶ )RUPDO OlVVW VLFK DEHU YLHOOHLFKW JHUDGH GDGXUFK HUNOlUHQ ZLH HV ]XU (WDEOLHUXQJ XQSDUDGLJPDWLVFKHU )XJHQHOHPHQWH ZLH QKG HWZD 6FK|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lUHQ]]XVWDQGHNDPZLHHWZDQKGGDV%XFKDEHUQLFKW
GLH%XFK GHU%XFK (LQ%HLVSLHOHLQHU%LOGXQJPLWÄXQSDUDGLJPDWLVFKHU¶ )XJH ZlUH HWZD QKG $VFKHUPLWWZRFK ./8*( YHUZHLVW KLHUEHL GDUDXIGDVVGLHLP6WDQGDUGGHXWVFKHQXQSDUDGLJPDWLVFKH)XJHVLFKUHJL RQDO GXUFKDXV SDUDGLJPDWLVFK LP 6LQQH SOXUDOLVFKHU )OH[LRQ PRWLYLHUHQ OlVVW1RFKLP0KGZDUEVSZDVFKHÄ$VFKH6WDXE¶LQ]ZHL*HQHUDPDV NXOLQXP XQG IHPLQLQXP EHOHJW 'LH 8QWHUVXFKXQJ YRQ *HQXVYDULDQ] ZlUHVRPLWZLHDQKDQGGHV%HLVSLHOVJH]HLJWZXUGHDXFKIUGLH,QWHUIL JLHUXQJVIRUVFKXQJHLQDXVVLFKWVUHLFKHV)RUVFKXQJVJHELHW =XGHU$QQDKPHGDVVGLHHLQ]HOQHQ0XQGDUWHQXQGGLHGRUWKlXILJ PLW ]XP 6WDQGDUGGHXWVFKHQ YDULLHUHQGHQ *HQHUD DXIWUHWHQGHQ /H[HPH BBBBBBBBBBBBB (LQ HLQ]HOQHU %HOHJ GHU GLHVHU 5HJHO HQWJHJHQVWQGH ZlUH PKG ULWWHUVPDQ Ä5LWWHUVPDQQ¶ QHEHQIXJHQORVHPULWWHUPDQ'LHMHZHLOLJH6FKUHLEXQJGHVPKG%HOHJVLVWDQGHU6FKUHLEXQJ GHUNRQVXOWLHUWHQ:|UWHUEFKHURULHQWLHUW %]JO GHU =XZHLVXQJVSULQ]LSLHQ EHL (QWOHKQXQJHQ YJO 3(7.29 ]XP $KG VRZLH &+$1 ]XP1KG
*HQXVXQG)OH[LRQ
ZLHHWZDEDLULVFKGHU%XWWHUGHU5DW]Ä5DWWH¶ HUKHEOLFKHQ(LQIOXVVDXIGLH 2SDNZHUGXQJHLQHVHLQVWDQVLFKSDUDGLJPDWLVFKHQ)XJHQV\VWHPVKDWWHQ SDVVW DXFK GLH %HREDFKWXQJ YRQ :,/0$116 ]XP (LQIOXVV GHV 1LHGHUGHXWVFKHQDXIGLH(WDEOLHUXQJGHUQKGXQSDUDGLJPDWLVFKHQV)XJH EHL )HPLQLQD ,P 0LWWHOQLHGHUGHXWVFKHQ WUHWHQ )HPLQLQD LQ (UVWSRVLWLRQ PLW XQSDUDGLJPDWLVFKHQ )XJHQ GXUFKDXV KlXILJ DXI ZLH HWZD UHGHVPDQ VFKHLGXQJVGDJ RGHU KDQGHVZLOH :,/0$116 ,P 0KG ODVVHQ VLFK QDFKHLJHQHQ5HFKHUFKHQNDXP%HOHJHGLHVHU$UWILQGHQDXFKGDV)QKG NHQQWGLHVH(UVFKHLQXQJNDXP:,/0$116I (UVWDEGHP -DKUKXQGHUW HQWZLFNHOQ VLFK GRUW )HPLQLQD PLW GHP ÄQLFKW SDUDGLJPDWLVFKHP¶)XJHQV0DQQLPPWDQGDVVVLFKGLHHLQ]HOQHQ6XIIL [HQLFKWJOHLFK]HLWLJVRQGHUQHUVWDOOPlKOLFKGHP0XVWHUGHUV)XJH|II QHWHQ 'DV HUVWH )HPLQLQD ELOGHQGH 6XIIL[ GDV GHQ $QIDQJ ]XU XQSDUD GLJPDWLVFKHQ )XJHQELOGXQJ PDFKW LVW GDV 6XIIL[ W ZLH HWZD LQ IDVWQDFKWVODUYHYRUVFKULIIWVEULHIOHLE]XFKWVEULHI (VIROJHQHUVWVSlWHUXQJXQG VFKDIWVRZLHGDVDXFKLP1KGDXIGLH$EOHLWXQJHQWOHKQWHU%DVHQUHVWULQ JLHUWH 6XIIL[ WlW GDV LP -DKUKXQGHUW GHUDUWLJH %HOHJH DXIZHLVW :,/ 0$116 $OV 8UVDFKH NDQQ PDQ DQQHKPHQ GDVV GLH )XJH LQ %LOGXQJHQZLHIDVWQDFKWVODUYHQRFKDOVSDUDGLJPDWLVFKJHOWHQNRQQWHGDGDV 6XEVWDQWLY1DFKWQRFKLQGHUDGYHUELHOOHQ9HUZHQGXQJGHV1DFKWVPLWHL QHP DQGHUHQ *HQXV XQG GDPLW DQGHUHP )OH[LRQVYHUKDOWHQ DXIWUDW )U GLH (QWZLFNOXQJ GHU XQSDUDGLJPDWLVFKHQ )XJH EHL GHULYLHUWHQ )HPLQLQD N|QQWH PDQ LQ $QDORJLH HLQ VWDQGDUGVSUDFKOLFKRULHQWLHUW V\VWHPLPPD QHQWHV $UJXPHQW DXV GHP %HUHLFK GHV 0HKUIDFKJHQXV ]XODVVHQ %HL GHQ PKG %HOHJHQ OLHH VLFK DQIKUHQ GDVV DXFK GDV 0RUSKHP VFKDIW QLFKW QXUHLQGHXWLJ)HPLQLQDVRQGHUQSURGXNWLYDXFK0DVNXOLQDELOGHQNRQQWH XQGGDPLWLQ%H]XJDXIGLH*HQXVVFKZDQNXQJYHUJOHLFKEDUPLWJHQXVLQ KlUHQWHQ /H[HPHQ HWZD PKG JHZHUIW RGHU GLHQH VW 5,1* ZDU BBBBBBBBBBBBB (LJHQH hEHUSUIXQJHQ HUJDEHQ HLQHQ HLQ]LJHQ ÄHFKWHQ¶ %HOHJ HLQHV VXIILJLHUWHQ )HPLQL QXPVLQ(UVWSRVLWLRQPLWXQSDUDGLJPDWLVFKHU)XJHV EHLGHU3URSKHWHQEHUVHW]XQJGHV &ODXV &UDQN ² QlPOLFK ZLUWVFKDIWVKV Ä+DXV PLW %HZLUWVFKDIWXQJ +DXV LQ GHP HLQ*HODJHDEJHKDOWHQZLUG¶(LQZHLWHUHVVHOWHQHV%HLVSLHOIUHLQH²QDFKQKG0DVWlEHQ ² XQSDUDGLJPDWLVFKH )XJH ZlUH PKG QDKWHVVWXQGH Ä1DFKWVWXQGH 1DFKW]HLW¶ REJOHLFK GLH DGYHUELHOOH:HQGXQJGHV1DFKWVDPLQKlUHQWIHPLQLQHQ*HQXVGHV/H[HPV1DFKW]ZHLIHOQ OlVVW 3DUDGLJPDWLVFKH )OH[LYH ! IQKG )XJHQHOHPHQWH ]X 6XEVWDQWLYHQ PLW LQKlUHQWHP IHPLQLQHQ*HQXVZlUHQGDJHJHQ]%PKGOLQGHQEODWWÄ/LQGHQEODWW¶RGHUOLQGHQORXSÄ/LQGHQ ODXE¶ 6RIHUQ NHLQH *HQXVVFKZDQNXQJ YRUOLHJW VLQG QDFK HLJHQHU hEHUSUIXQJ EHUZLH JHQG MHGRFK PDVNXOLQH XQG QHXWUDOH 6XEVWDQWLYH LQ (UVWSRVLWLRQDQ]XWUHIIHQ :HLWHUH GH WDLOOLHUWHUH8QWHUVXFKXQJHQZlUHQDQGLHVHU6WHOOHZQVFKHQVZHUW %HLVSLHOHDXV:,/0$116 'LH 5ROOH XQG GHU P|JOLFKH (LQIOXVV GHU DGYHUELHOOHQ :RUWELOGXQJ ZlUH LQ GLHVHP )DOOH HEHQIDOOV ]X EHUSUIHQ 6XEVWDQWLYLVFKHV 'HWHUPLQDQV XQG $GYHUE KDEHQ JHPHLQVDP GDVVEHLGHV\QWDNWLVFKJHVHKHQDOV0RGLILNDWRUIXQJLHUHQ
$VVR]LLHUWH3KlQRPHQH
'LH0|JOLFKNHLWHLQVGHV*HQLWLY6LQJXODU]XVHOHJLHUHQZDUDOVR²HQW JHJHQQKG=XVWlQGHQ²]XGLHVHU=HLWQRFKJDUQLFKWDXVJHVFKORVVHQ'LH hEHUOHJXQJ ZLUG JHVWW]W GXUFK GLH PKG Wĩ$EVWUDNWD GHUHQ %LOGXQJV PXVWHU ]XU .RGLHUXQJ YRQ )HPLQLQD ZLH QKG GLH )DKUW 7DW 6FKODFKW LQ PKG=HLWEHUHLWVRSDNZDUZLHIQKG VFKULIIWXQG ]XFKW %LOGXQJHQZLH YRUVFKULIIWVEULHI E]Z OHLE]XFKWVEULHI N|QQWHQ DOVR LQ %H]XJ DXI GLH 6HOHNWLRQ YRQ)XJHQHOHPHQWHQDOVSDUDGLJPDWLVFKNODVVLIL]LHUWZHUGHQ'DV6XIIL[Wĩ ZDUVFKOLHOLFKEHUHLWVLQPKG=HLWQLFKWPHKUSURGXNWLYXQGDOV7HLOGHV 6WDPPVUHDQDO\VLHUW,P-DKUKXQGHUWDOVGDV0XVWHUVLFKLQ$QDORJLH DXIHLQGHXWLJHXQGDOVVROFKHPDUNLHUWH )HPLQLQDDXVJHGHKQWKDWWHXQG GLH0HKUIDFKJHQHUDGHU6XIIL[HE]ZLKUHUHU]HXJWHQ%LOGXQJHQEHUZLH JHQGJHVFKZXQGHQZDUHQZXUGHQLQHLQLJHQ6WLOOHKUHQ9HUVXFKHJHVWDUWHW GDVQXQDOVXQSDUDGLJPDWLVFKZDKUJHQRPPHQH)XJHQV]XHOLPLQLHUHQ )UZHLWHUH'HWDLOVVRZLH]XU)UDJHGHUÄSDUDGLJPDWLVFKHQ¶,QWHUILJLHUXQJ SURGXNWLY DEJHOHLWHWHU 6XEVWDQWLYH LQ (UVWSRVLWLRQ YRQ .RPSRVLWD YJO :(51(5L(UVFK :LHEHUHLWVDQJHVSURFKHQLVWGLHIUGDV1KGVRVWULQJHQWH.ODVVLILND WLRQYRQSDUDGLJPDWLVFKHQYHUVXVXQSDUDGLJPDWLVFKHQ)XJHQHOHPHQWHQLQ GHU'LDFKURQLHSUREOHPDWLVFK(VODVVHQVLFKHLQLJH(YLGHQ]HQILQGHQGLH GDUDXI KLQGHXWHQ GDVV GLH KHXWH DOV XQSDUDGLJPDWLVFK NODVVLIL]LHUWHQ )X JHQZHQQQLFKWV\QFKURQVR]XPLQGHVWGLDFKURQLQHLQLJHQ)lOOHQSDUD GLJPDWLVFK JHZHVHQ VHLQ N|QQWHQ 8P HLQH P|JOLFKH 6\VWHPDWLN QKG )XJHQHOHPHQWHDXV]XKHEHQPVVHQVWULNWSURGXNWLYJHELOGHWHYRQQLFKW SURGXNWLY JHELOGHWHQ XQG GDPLW OH[LNDOLVLHUWHQ %LOGXQJHQ JHWUHQQW ZHU GHQ,PIROJHQGHQ$EVFKQLWWVROOHLQHGLHVEH]JOLFKH$[LRPDWLNE]JOGHV *HJHQZDUWVGHXWVFKHQDQJHZDQGWZHUGHQ'D]XJLOWHV]XQlFKVWGDV*H QXV GHU EHWHLOLJWHQ 6XEVWDQWLYH LQ (UVWSRVLWLRQ ]X EHUFNVLFKWLJHQ XQG P|JOLFKH /H[LNDOLVLHUXQJHQ DXV]XVFKOLHHQ 1XU VR NDQQ HLQH P|JOLFKH 3DUDGLJPDWL]LWlW HUPLWWHOW ZHUGHQ 'HU )RUVFKXQJVDQVDW] JHQXVSDUDGLJ PDWLVFKH YRQ QLFKWSDUDGLJPDWLVFKHQ DOVR JHQXVLQKlUHQWHQ 6XEVWDQWLYHQ XQWHU GHP $VSHNW PRUSKRORJLVFKHU 3URGXNWLYLWlW ]X WUHQQHQ LVW ELVODQJ IUGDV1KGQRFKQLFKWXQWHUQRPPHQZRUGHQ0|JOLFKHGLVWULEXWLRQHOOH 8QWHUVFKLHGHE]ZHYHQWXHOOHPRUSKRORJLVFKH6HOHNWLRQVUHVWULNWLRQHQVRO OHQHUPLWWHOWXQG]XUJJIZHLWHUHQ 7KHRULHELOGXQJE]Z]XP9HUVWlQGQLV GHU,QWHUILJLHUXQJJHQXW]WZHUGHQ $EJHOHLWHWH GHYHUEDOH ZLH GHDGMHNWLYLVFKH )HPLQLQD LQ (UVWSRVLWLRQ YRQ'HWHUPLQDWLYNRPSRVLWDYHUELQGHQVLFKDXVVFKOLHOLFKPLWGHPXQSD BBBBBBBBBBBBB 'LHVHU$VSHNWILQGHWVLFKSHUVLIOLHUWGDUJHVWHOOWEHL-HDQ3DXO Å9RUVFKXOHGHUbVWKH WLN´ GDULQ Å.OHLQH 1DFKVFKXOH ]XU lVWKHWLVFKHQ 9RUVFKXOH ;9 3URJUDPP )UDJPHQW EHUGLHGHXWVFKH6SUDFKHÅhEHUGLH$XVURWWXQJGHV0LWRQ6LQ'RSSHOZ|UWHUQ´
*HQXVXQG)OH[LRQ
UDGLJPDWLVFKHQ ÄJHQLWLYLVFKHQ¶ V ZLH LQ 6FK|QKHLWVIOHFN 8POHLWXQJVYHUVXFK XQG ]ZDU EHNDQQWOLFK XQJHDFKWHW GHV *HQXV GHV 'HWHUPLQDWXP 6FK|Q KHLWVRSHUDWLRQ /LHEHVEHZHLV 6FKODQNKHLWVZDKQ 6FK|QKHLWVKXQJHUQ *HVHOOLJNHLWV WUHIIHUHUHLHQ :HOFKH$UWGHU%H]LHKXQJ]ZLVFKHQ'HWHUPLQDQVXQG 'HWHUPLQDWXPEHVWHKWLVWIRUPDOQLFKWDEOHVEDUXQGHQWVFKHLGHWVRPLWGHU .RQWH[W 6XIILJLHUWH )HPLQLQD XQG 1HXWUD DOVR .ROOHNWLYD HUKDOWHQ LP 1KGGDVHLQVWJHQLWLYLVFKHV$XFKKLHUJLOWHVEHVRQGHUVEHLGHQ1HXWUD QDFK SURGXNWLYHQ %LOGXQJHQ ]X VXFKHQ XQG OH[LNDOLVLHUWH GLH $QDORJLHQ QDFK VLFK ]LHKHQ YRQ GHU $QDO\VH DXV]XVFKOLHHQ YJO HWZD 6WXGHQWHQ WXPV DWWLWGHbU]WHWXPV DWWLWGHYJO]XU)UDJHGHU]XQHKPHQGHQ,Q SURGXNWLYZHUGXQJGHV6XIIL[HVWXP $XI GHU 6XFKH QDFK PRUSKRORJLVFKHQ 5HVWULNWLRQHQ ]HLJW VLFK GDVV VXEVWDQWLYLHUWH,QILQLWLYHXQGQHXWUDOH=LUNXPILJLHUXQJHQHVYHUPHLGHQLQ (UVWSRVLWLRQ]XVWHKHQ6WDWWGHVVHQZHUGHQ9HUEDOVWlPPHEHYRU]XJWZLH HWZD 7XUQZHWWNDPSI QLFKW HWZD 7XUQHQZHWWNDPSI *HWXUQH ZHWWNDPSI RE JOHLFKGLH3DUDSKUDVHZLHHWZDÄ:HWWNDPSIGHV7XUQHQV¶H[SOL]LWDXIGHQ VXEVWDQWLYLHUWHQ,QILQLWLYYHUZHLVW:LUNRPPHQDXIGLHVHQZLFKWLJHQ$V SHNW JOHLFK ]XUFN 'D GHYHUEDOH 0DVNXOLQD PLW $NWLYLWlWVVHPDQWLN ZLH -RGOHU6HXI]HU/DFKHU+XVWHU EHL6HW]XQJLQGLH(UVWSRVLWLRQYRQ'HWHUPL QDWLYNRPSRVLWD EHYRU]XJW ]XJXQVWHQ GHU SHUVRQDOHQ /HVDUW NRQNUHWLVLH UHQYJOHWZD"/DFKHUDWWDFNHÄ$WWDFNHGXUFKHLQHODFKHQGH3HUVRQ¶GDJHJHQ "Ä$WWDFNHGXUFKHLQHQ/DFKYRUJDQJ¶1RPHQDFWL OLHJWGHU9HUGDFKWQD KH GDVV GLH YRQ 1HXWUXP XQG 0DVNXOLQXP HUEUDFKWH 4XDQWLILNDWLRQV WHFKQLN GHV QRPLQDOHQ $VSHNWV EHL GHYHUEDOHQ 6XEVWDQWLYHQ ZLH GDV /D FKHQ 6FKUHLHQ +XVWHQ YV GHU /DFKHU 6FKUHL +XVWHU LQ (UVWSRVLWLRQ JHJHQZlUWLJYHUPLHGHQZLUG1RPLQDDFWLVLQGLQ(UVWSRVLWLRQYRQ.RP SRVLWD ZLH HWZD 6HXI]HUZRJH +RSVHUODXI QLHGULJIUHTXHQW 6WDWWGHVVHQ ZLUG GHU UHLQH 9HUEVWDPP EHYRU]XJW GDKHU /DFKDWWDFNH QLFKW /DFKHUDWWDFNH 'LHVJLOWQLFKWIUGLHPDVNXOLQHQ3HUVRQHQXQG,QVWUXPHQWEH]HLFKQXQ JHQYJO6FKQHLGHUNUHLGHÄ.UHLGHGHV6FKQHLGHUV¶%RKUHUVHWÄ6HWPLWE]ZYRQ %RKUHUQ¶ %HL %LOGXQJHQ VROFKHU $UW LVW GDV VXIILJLHUWH 'HWHUPLQDQV MH GRFK DXIJUXQG GHU VHPDQWLVFKHQ (LQJHVFKUlQNWKHLW EHUHLWV DOV XVXDOLVLHUW E]ZOH[LNDOLVLHUWHLQ]XVWXIHQYJO ,Q%H]XJDXIGLHPDVNXOLQHQXQG QHXWUDOHQ'HYHUEDOLDLVWGDPLWIHVW]XKDOWHQGDVVVWDWWGLHVHU]XUXQVSH]LIL ]LHUWHQ .RGLHUXQJ YRQ YHUEDOHU 0RGLILNDWLRQ GHU 9HUEVWDPP VHOHJLHUW ZLUGZLHLQ6FKZLPPEDG+|UVDDO%UDWSIDQQH 'LHV JLOW DXFK IU GLH GHYHUEDOHQ %LOGXQJHQ GHV 6XIIL[HV HUHL 'LHVH YHUZDKUHQVLFKJHJHQGLH6HW]XQJLQ(UVWSRVLWLRQXQGGDPLWJHJHQGLH,Q WHUILJLHUXQJ $XFK GLH 6XIILJLHUXQJHQ PLW XQJ VLQG JHJHQZlUWLJ VWDUN LP ,QSURGXNWLYZHUGHQ EHJULIIHQ YJO &KDWWXQJ +HUXPVXUIXQJ $EKXVWXQJ YJO $XFK KLHU EHUQLPPW ]XQHKPHQG GHU UHLQH 9HUEDOVWDPP GLH $XIJDEH GHV GHU]HLW QRFK YRUKDQGHQHQ GHYHUEDOHQ )HPLQLQXPV LQ (UVW
$VVR]LLHUWH3KlQRPHQH
SRVLWLRQ YJO HWZD$QPLHWXQJVYHUHLQEDUXQJ ! $QPLHWYHUHLQEDUXQJ ,QKDOLHUXQJV VSUD\ ,QKDODWLRQVVSUD\ ! ,QKDOLHUVSUD\ XYP 'D GDVVHOEH QLFKW LP %H UHLFKGHV$GMHNWLYVGHQNEDULVW 6FK|QRSHUDWLRQVWDWW6FK|QKHLWVRSHUDWLRQ KD EHQVLFKGLHSURGXNWLYÄXQSDUDGLJPDWLVFKHQ¶)XJHQHOHPHQWHLP/DXIHGHU 6SUDFKJHVFKLFKWHDOOHLQHDXIGHVXEVWDQWLYLVFKH'HWHUPLQDQWHQYRQ$GMHN WLYDEVWUDNWDYHUOHJW'DGLHQHXWUDOH6XIILJLHUXQJLP1KGXQSURGXNWLYLVW XQGGLHSURGXNWLYHPDVNXOLQH6XIILJLHUXQJNHLQH,QWHUIL[HVHOHJLHUWLVWGLH XQSDUDGLJPDWLVFKH V,QWHUILJLHUXQJ DEJHOHLWHWHU 6XEVWDQWLYH VRPLW DOOHLQH DXI SURGXNWLY GHULYLHUWH )HPLQLQD EHVFKUlQNW XQG GDPLW SDUDGLJPDWLVFK LP6LQQHYRQRSSRVLWLRQVELOGHQG 'LH GLFKRWRPH (QWZLFNOXQJ N|QQWH JHJHQZlUWLJ HLQH K\SRWKHWLVFKH '\QDPLN HQWZLFNHOQ LQGHP GHU VXEVWDQWLYLHUWH ,QILQLWLY GRFK QRFK LQ (UVWSRVLWLRQWULWW'D]XJLEWHVJHJHQZlUWLJMHGRFKNHLQHÄHFKWHQ¶%HLVSLH OHHLQÄ6FKXK]XP/DXIHQ¶LVWHLQ/DXIVFKXKQLFKWEHOHJEDULVWMHGRFKHLQ
/DXIHQV VFKXKGLHÄ/DXWVWlUNHEHLP6LQJHQ¶LVWGLH6LQJODXWVWlUNHQLFKWMH GRFK GLH 6LQJHQV ODXWVWlUNH 9HUPHLQWOLFKH *HJHQEHLVSLHOH ZLH HWZD (V VHQVDXVJDEH]X(VVHQ RGHU:LVVHQVGXUVW]X:LVVHQ H[LVWLHUHQQXUYRQVXE VWDQWLYLHUWHQ ,QILQLWLYHQ E]Z %LOGXQJHQ GLH EHUHLWV LQ YRUPKG =HLW XQG GDKHU ]XP HLQHQ E]JO HLQHV YDOLGHQ 6WDWXV DOV VXEVWDQWLYLHUWHU ,QILQLWLY YJO GLH (QWVWHKXQJ DE QLFKW YRU PKG =HLW YJO ]ZHLIHOQ ODVVHQ YJO GDJHJHQ GLH .ODVVLILNDWLRQ LQ 1h%/,1*6=&=(3$1,$. XQG GDKHUV\QFKURQDOVQLFKWUHSUlVHQWDWLYLP6LQQHYRQPRUSKRORJLVFKE]Z VHPDQWLVFK PRWLYLHUW HLQ]XVWXIHQ VLQG 6RPLW OlVVW VLFK DOVR ]XVDPPHQ IDVVHQGDVVGLHXQSDUDGLJPDWLVFKHV,QWHUILJLHUXQJDEJHOHLWHWHU6XEVWDQWL YH DXVQDKPVORV DXI SURGXNWLY DEJHOHLWHWH )HPLQLQD GHV 1KG EHVFKUlQNW LVW1RFKHLQPDOVHLGDUDXIKLQJHZLHVHQGDVVGLHKLHUEHVFKULHEHQHQ(QW ZLFNOXQJHQIUGLHJHQXVSDUDGLJPDWLVFKPDUNLHUWHQ6XEVWDQWLYHGHV1KG JHOWHQ 6R NDQQ HV DOVR SDUDOOHO GD]X VHLQ GDVV DEJHOHLWHWH OH[LNDOLVLHUWH 6XEVWDQWLYHVLFKGLHVHU6\VWHPDWLNZLGHUVHW]HQ'LHPDVNXOLQHQ'HULYDWL RQVELOGXQJHQDXIHUVHOHJLHUHQLP1KGHEHQIDOOVNHLQ)XJHQHOHPHQWRE JOHLFKGLHV)XJHP|JOLFKZlUHYJO/HKUHU]LPPHU"/HKUHUV]LPPHU6FKOHU RUGQHU"6FKOHUVRUGQHU 0DQNDQQDQQHKPHQGDVVGLHVHU3UR]HVVPLWGHP 6FKZXQGGHV*HQLWLYXVSRVVHVVLYXV]XVDPPHQKlQJWGHULQGHUGHXWVFKHQ 8PJDQJVVSUDFKHYHUPHKUWGXUFKHLQH3UlSRVLWLRQDOSKUDVHRGHUGHQ3RV VHVVRYHQ'DWLYHUVHW]WZLUGZLHEVSZ+DXVGHV9DWHUV!+DXVYRP9DWHU GHP9DWHUVHLQ+DXVYJO.g1,* ,P1KGJLEWDOVRHVEHLSDUDGLJPDWLVFKPDUNLHUWHQ6XEVWDQWLYHQJH QXVJHVWHXHUWH GDV EHGHXWHW GXUFK 4XDQWLILNDWLRQ PRWLYLHUWH ,QWHUILJLH UXQJVSULQ]LSLHQ 3URGXNWLY WULWW GDV )XJHQHOHPHQW V DQ SDUDGLJPDWLVFK JHQXVPDUNLHUWH )HPLQLQD LQ (UVWSRVLWLRQ 0DUNLHUWH 0DVNXOLQD VHOHJLHUHQ
*HQXVXQG)OH[LRQ
LQ GHU 6WDQGDUGVSUDFKH NHLQ )XJHQHOHPHQW 1HXWUD LQ )RUP GHU =LU NXPILJLHUXQJ XQG GHV VXEVWDQWLYLHUWHQ ,QILQLWLYV N|QQHQ GDJHJHQ EHU KDXSWQLFKWLQ(UVWSRVLWLRQWUHWHQ'HYHUEDOH6XEVWDQWLYHLQ(UVWSRVLWLRQ WHQGLHUHQJHQHUHOOGKJHQXVXQDEKlQJLJ]XU9HUNU]XQJDXIGHQ9HUEDO VWDPP ZLH %HWUHWXQJVYHUERW ! %HWUHWYHUERW ,QKDOLHUXQJVVSUD\ ! ,QKDOLHUVSUD\ 0|JOLFKHUZHLVHLVWGDV0XVWHUQLFKWDXIGLH:RUWDUW9HUEEHVFKUlQNW6R WHQGLHUHQ DXFK OH[LNDOLVLHUWH PDVNXOLQH 1RPLQD DJHQWLV XQG LQVWUXPHQWL GD]X LQ (UVWSRVLWLRQ GDV 6XIIL[ DXI]XJHEHQ ZLH LQ 6FKOHUPlSSFKHQ ! 6FKXOPlSSFKHQÄ0lSSFKHQGDVPLWGHU6FKXOH]XWXQKDW¶ 'XUFKGLH1HXW UDOLVDWLRQGHUVHPDQWLVFKHQ5ROOHQGLHFKDUDNWHULVWLVFKLVWIUGLH(UVWSRVL WLRQLVWHLQHVROFKH(QWZLFNOXQJGHQNEDUDXFKZHQQVLFKGLH$PELJXLWlW GHU MHZHLOLJHQ %LOGXQJ GDGXUFK HUK|KW XQG HQWVSUHFKHQG PHKU :HOWZLV VHQGHV6SUDFKEHQXW]HUVEHLGHU'HNRGLHUXQJYRUDXVVHW]WYJO%DXHUQRPH OHWWÄ2PHOHWWQDFK%DXHUQDUW¶YV"Ä2PHOHWWDXV%DXHUQ¶ ,Q %H]XJ DXI QRPLQDOH 6LPSOL]LD ZLUG GLH .RPSRVLWLRQ JHJHQZlUWLJ ODXW '8'(1*UDPPDWLN LQ HLQLJHQ P|JOLFKHUZHLVH YD VWLOLVWLVFK PRWLYLHUWHQ )lOOHQ EHUHLWV GXUFK DQDO\WLVFKH .RQVWUXNWLRQHQ HUVHW]W YJO HWZD $GYHQWVVWXQGH ² DGYHQWOLFKH 6WXQGH $EHQGNRQ]HUW ² DEHQGOLFKHV .RQ]HUW .ULHJVHLQZLUNXQJHQ ² NULHJHULVFKH (LQZLUNXQJHQ *HJHQZlUWLJ EHVWHKHQ QRFK HLQLJH6HOHNWLRQVUHVWULNWLRQHQPDQNDQQMHGRFKYHUPXWHQGDVVGLHVH]X QHKPHQG DXIJHJHEHQ ZHUGHQ ,Q GHU MQJVWHQ $XIODJH GHU '8'(1 *UDPPDWLN ZLUGGLHVH%HREDFKWXQJHQWJHJHQGHUYRUKHULJHQ$XI ODJHQXULPSOL]LWYHUPLWWHOW'8'(1*UDPPDWLNI ,QKXPRUVSUKHQGHU$XWRUKXPRUYROOH%HPHUNXQJJHKWHVQLFKWSULPlUXPHLQH6SH]L IL]LHUXQJYRQVSUKHQGE]ZYROOVRQGHUQXPGLH%H]HLFKQXQJHLQHU5HODWLRQ]ZL VFKHQ+XPRUXQG$XWRUE]Z%HPHUNXQJZLHGDVDXFKIUGDV'HULYDWKXPRULJLQ
BBBBBBBBBBBBB )UHLQLJH5HJLROHNWHE]Z'LDOHNWHPDJHVKLHU]XHLQ]HOQH $XVQDKPHQJHEHQYJOEVSZ %LOGXQJHQZLH3IDUUHUVN|FKLQRGHU/HKUHUVIDPLOLH'LHMHGRFKKLHUIHVWVWHOOEDUHXQGKLVWRULVFK IUKHUHSRVVHVVLYH5HODWLRQ]ZLVFKHQ'HWHUPLQDQVXQG'HWHUPLQDWXPYJO ]XU(QW VWHKXQJYRQ.RPSRVLWD GHXWHWMHGRFKGDUDXIKLQGDVVDXFKLQGLHVHQ)lOOHQ/H[LNDOLVLH UXQJHQYRUOLHJHQZHVKDOEGLHVHQNHLQ6WDWXVDOV*HJHQEHLVSLHO]XNRPPW.RUSXVOLQJXLVWL VFKH 8QWHUVXFKXQJHQ VROOWHQ DQ GLHVHU 6WHOOH MHGRFK ]XU (UKHOOXQJ JJI ZHLWHUHU UHJLRQDOVSUDFKOLFKHU8QWHUVFKLHGHE]Z'HWDLOVGXUFKJHIKUWZHUGHQ 'LHVHOEH3DUDOOHOH]HLJWVLFKVWUXNWXUHOOLQGHUIXQNWLRQDOHQbTXLYDOHQ]]ZLVFKHQ$GYHUELHQ XQGDGYHUELHOOYHUZHQGHWHQ3UlSRVLWLRQDOSKUDVHQZLHHWZDIOHLLJDUEHLWHQPLW)OHLDUEHLWHQ XQJHGXOGLJZDUWHQPLW8QJHGXOGZDUWHQDXIPHUNVDP]XK|UHQPLW$XIPHUNVDPNHLW]XK|UHQ:,/ 0$116 'LH3DUDOOHOH]ZLVFKHQEHLGHQ.RQVWUXNWLRQHQ]HLJWVLFKEHVRQGHUVLQ GHQ URPDQLVFKHQ 6SUDFKHQ ZR $GYHUELHQ PLW HLQHP DXV HLQHP 6XEVWDQWLY VWDPPHQGHQ 6XIIL[PDUNLHUWZHUGHQZLHHWZDIU]PHQW!ODW)HPLQLQXPPHQVÄ*HLVW¶ ZLHLQOHQWHPHQW JHQWLOOHPHQW'LH]XJUXQGHOLHJHQGHQ$GMHNWLYHGHV)UDQ]|VLVFKHQ]HLJHQIHPLQLQH)OH[LRQ 'DV.RQ]HSWGHUGXUFKGDV)HPLQLQXPEHUHLWJHVWHOOWHQÄ4XDOLWlW$UW0DFKXQJ¶NDQQDOVR DXFKIUGHQYHUEDOHQ%HUHLFKQXW]EDUJHPDFKWZHUGHQ9JODXFKGDVGHXWVFKH6XIIL[RLG ZHLVH!:HLVH ]XU.RGLHUXQJYRQ6DW]DGYHUELHQ
$VVR]LLHUWH3KlQRPHQH
KXPRULJH%HPHUNXQJJLOW,QVRIHUQODVVHQVLFKGLHKLHUJHQDQQWHQ.RPSRVLWDGXUFK DXV PLW 'HULYDWHQ YHUJOHLFKHQ ,Q EHLGHQ )lOOHQ OLHJW GHU VHPDQWLVFKH .HUQ GHV NRPSOH[HQ:RUWHVLP(UVWJOLHG'HUHQWVFKHLGHQGH8QWHUVFKLHGHUJLEWVLFKDXV GHU)XQNWLRQGHV=ZHLWJOLHGHV:lKUHQGGLH.RPSRVLWDJOLHGHUGLHJHPHLQWH5H ODWLRQEHJULIIOLFKJHQDXHUIHVWOHJHQEOHLEWGDV6XIIL[VHPDQWLVFKUHODWLYDOOJHPHLQ
'DPLWZUGHVLFKGDV'HXWVFKHLQGLHVHP3XQNWGHP5XVVLVFKHQQlKHUQ GDV LP %HUHLFK GHU VXEVWDQWLYLVFKHQ :RUWELOGXQJ NDXP 'HWHUPLQDWLY NRPSRVLWD ELOGHW VRQGHUQ VWDWW V\QWKHWLVFKHU GLH DQDO\WLVFKH 5HDOLVLHUXQJ PLWWHOV GHVXEVWDQWLYLVFKHU $GMHNWLYDWWULEXWH SUlIHULHUW ZLH HWZD UXVV SWLÿ·H SHQLH Z|UWOLFK ÄY|JHOLVFKHU *HVDQJ¶ GW Ä9RJHOJHVDQJ¶ 'LH %HWUDFK WXQJGHU %HLVSLHOHDXV'8'(1 OlVVWGHQ5FNVFKOXVV]XGDVVGLH (WDEOLHUXQJGHUDQDO\WLVFKHQ.RQVWUXNWLRQ]XHUVWEHLQRPLQDOHQ6LPSOL]LD GK XQPDUNLHUWHQ JHQXVLQKlUHQWHQ 6XEVWDQWLYHQ EHJLQQW 6HW]W VLFK GLH (QWZLFNOXQJNRQVHTXHQWIRUWIROJHQVRN|QQWHPDQLP6LQQHGHU$QDOR JLHDQQHKPHQLPZHLWHUHQ9HUODXIGLHJHQXVPDUNLHUWHQ6XEVWDQWLYH%LV ODQJOlVVWVLFKQLFKWHUVHKHQREGLHELVKHULJHQ7HQGHQ]HQHLQPDOHLQGDX HUKDIWHV 0XVWHU IU GLH 6WUXNWXU GHU JHVDPWHQ 1RPLQDOSKUDVH KHUDXVELOGHQZHUGHQ 9RU GHP %HWUDFKWXQJVKLQWHUJUXQG VWUXNWXUHOOHU 8P 2UJDQLVDWLRQHQ E]Z 0DUNLHUXQJVXPRUJDQLVDWLRQHQ XQG GHU 3DUDOOHOLWlW VXEVWDQWLYLVFKHU XQG DGMHNWLYLVFKHU ,QWHUILJLHUXQJVSULQ]LSLHQ IlOOW JOHLFK]HLWLJ DXI GDVV QLFKWQXUVXIIL[DOH6XEVWDQWLYPDUNLHUXQJHQVRQGHUQDXFKVXIIL[DOH$GMHN WLYPDUNLHUXQJHQPLWHLQDQGHUNRQNXUULHUHQ(LQLJHYRQLKQHQVLQGGDJHJHQ EHUHLWVDXVJHVWRUEHQXQGQXUQRFKLQ/H[LNDOLVLHUXQJHQHUKDOWHQZLHHWZD IDFKVDPHQ $XFK6XIIL[RLGHZLHXJVPlLJWHFKQLVFK VLQGLQV5HQQHQ XPGLH.RGLHUXQJGHUDGMHNWLYLVFKHQ6WDWLYLWlWJHVFKLFNW0DQNDQQGDKHU DQQHKPHQ GDVV GHU $EVFKOXVV GHV *UDPPDWLNDOLVLHUXQJVUHQQHQV SDUDOOHO ]X GHU $XVZHLWXQJ GHU $EOHLWXQJVP|JOLFKNHLW EHVWLPPWHU %DVHQ JHQXV XQPDUNLHUWH6XEVWDQWLYH!JHQXVPDUNLHUWH6XEVWDQWLYH YHUOlXIW,Q%H]XJ DXIGLH,QWHUILJLHUXQJVIRUVFKXQJVLQGDQGLHVHU6WHOOHGLDFKURQHXQGV\Q FKURQHHPSLULVFKH6WXGLHQV\QFKURQHWZDGXUFKSV\FKROLQJXLVWLVFKH([ SHULPHQWHYJOKLHU]XEVSZ1(()%25*:$/'7 XQHUOlVVOLFKXP GHU '\QDPLN GHU ,QWHUILJLHUXQJ ]X HUPLWWHOQ XQG ]X HUKHOOHQ ZLH EVSZ GDV ,QWHUILJLHUXQJVSULQ]LS GHU $QDORJLH YJO '5(66/(5 HW DO .5277HWDO DXIGDVKLHUGDUJHVWHOOWHIXQNWLRQDOH3ULQ]LSGHU4XDQ WLILNDWLRQ ]X EH]LHKHQ ZlUH 8QWHU GHU $QQDKPH GDVV HQWVSUHFKHQGH 3ULQ]LSLHQDXFKVSH]LILVFKH)XQNWLRQVGRPlQHQLP6SUDFKV\VWHPEHVLW]HQ ZlUHQ DXFK YRU GHP +LQWHUJUXQG GHV (LQIOXVVHV VSH]LILVFKHU NRQ WH[WXHOOHU5HDOLVLHUXQJYJOKLHU]XEVSZ'5(66/(50g57+ LQVEHVRQGHUH GLDFKURQ DQJHOHJWH NRUSXVOLQJXLVWLVFKH 6WXGLHQ DQ KLVWRUL VFKHQ7H[WHQZQVFKHQVZHUW
*HQXVXQG)OH[LRQ
*HQXVXQG'HNOLQDWLRQ 'HU $EVFKQLWW GLHQW GHU 'LVNXVVLRQ GHU )UDJH QDFK HLQHP P|JOLFKHQ =XVDPPHQKDQJ ]ZLVFKHQ 'HNOLQDWLRQVSDUDGLJPHQ XQG 4XDQWLILNDWLRQ 'LH+\SRWKHVHGDVVGDVLP,GJQRFKYROODXVJHEDXWH0HKUIDFKJHQXVV\V WHPLP/DXIHGHVNRQWLQXLHUOLFKHQ=XVDPPHQEUXFKVGXUFK5HVWUXNWXULH UXQJVSUR]HVVH ÄUHQRYLHUW¶ ZHUGHQ PXVVWH lXHUQ LQ lKQOLFKHU )RUP EH UHLWV =877.(51 GLH GLH *HVFKLFKWH GHV GHXWVFKHQ )OH[LRQV V\VWHPV]XP*HJHQVWDQGQHKPHQ :lKUHQG LP 9J >9RUJHUPDQLVFKHQ@ GLH .ODVVHQHLQWHLOXQJ QDFK GHP VWE6 >VWDPPELOGHQGHQ6XIIL[@HUIROJWLP*HUPQXUQRFK*UXSSHQYRQ6XEVWDQWLYHQ PLWGHPJOHLFKHQ)6>)OH[LYVDW]@XQWHUVFKLHGHQZHUGHQN|QQHQILQGHWLP$KG HLQHJHZLVVH1HXRUGQXQJVWDWW'DV*HQXVHWDEOLHUWVLFKDOVNODVVHQELOGHQGHV.UL WHULXP=877.(51+LQ]XIJXQJHQ0:
'LH$XWRUHQNRQQWHQGDPDOVQRFKQLFKWDEVHKHQZHOFKH(QWGHFNXQJVLH JHPDFKWKDWWHQ9RUGHP+LQWHUJUXQGGHVVHLWLGJ=HLWNRQWLQXLHUOLFKJH VFKZXQGHQHQ 0HKUIDFKJHQXVV\VWHPV LVW LKUH $XVIKUXQJ IU GHQ KLHU YRUOLHJHQGHQ 7KHPHQVFKZHUSXQNW EHVRQGHUV ZHUWYROO (U ]LHKW QlPOLFK GLH hEHUOHJXQJ QDFK VLFK GDVV GLH GHP *HQXV YHUZDQGWH .DWHJRULH GHV 1XPHUXV DQ GHU 5HVWUXNWXULHUXQJ QRPLQDOHU 4XDQWLILNDWLRQVPXVWHU PLW EHWHLOLJWLVW0DQNDQQGLHVHhEHUOHJXQJHEHQIDOOVDXIGHQ.DVXVEHUWUD JHQ6RLVWEHNDQQWGDVVLP3DUDGLJPDGHV0DVNXOLQXPVGHU*HQLWLY6LQ JXODUEHUDXVKlXILJPLWGHP1RPLQDWLY3OXUDOEHUHLQVWLPPWYJOHWZD ODWHTXXV Ä3IHUG¶ ²HTXXL ÄGHV 3IHUGHV *(1 6* E]Z ÄGLH 3IHUGH 120 3/ HEHQVRGW2SDYV2SDV*HQ6JE]Z120 3/'LH/LVWHOLHHVLFK ZHLWHUIRUWVHW]HQ+DWPDQHVPLW]XIlOOLJHU+RPRQ\PLH]XWXQRGHUOLHH VLFK6\QNUHWLVPXVQDFKZHLVHQLQGHP)RUP]XVDPPHQIlOOHQLFKWZLOONU OLFKVRQGHUQPRWLYLHUWVLQG"$XFKVWHOOWVLFKYRUGLHVHP+LQWHUJUXQGGLH )UDJH QDFK GHP 9HUKlOWQLV YRQ *HQXV XQG ZHLWHUHQ .DVXV GLH MHGRFK ELVKHUXQWHUIXQNWLRQDOHP$VSHNWNDXP%HUFNVLFKWLJXQJJHIXQGHQKDW ,QMHGHP)DOONDQQMHGRFKGDV*HQXVQLFKWLVROLHUWYRP1XPHUXVEHWUDFK WHW ZHUGHQ 'DVV ]ZLVFKHQ GHQ QRPLQDOHQ .DWHJRULHQ ,QWHUIHUHQ]HQ EH VWHKHQ N|QQHQ LVW VHLW /lQJHUHP EHNDQQW YJO ]% VR lXHUW 0,&+(/6 E]JO*HQXV1XPHUXV6\QNUHWLVPXV
'HU3OXUDOLV]HLJWVLFKLP0LWWHOXQGEHVRQGHUVLP1HXKRFKGHXWVFKHQDXFKDXV VHUKDOE GHU VFKZDFKHQ 'HNOLQDWLRQ LQ 6DFKHQ GHV *HQXVZHFKVHOV YRQ %HGHX WXQJ'HU1RPLQDWLY$FFXVDWLY3OXUDOLV]XHUVWGHV1HXWUXPVGLXRUJHOGLXP UH
BBBBBBBBBBBBB (LQHQ9HUVXFKLQGLHVH5LFKWXQJXQWHUQLPPWEVSZ%,771(5
$VVR]LLHUWH3KlQRPHQH
GDQQ DXFK GHV 0DVNXOLQXPV VLQG IRUPDO VRJDU HLQVFKOLHVVOLFK GHV $UWLNHOV GHP 1RPLQDWLY$FFXVDWLY HLQHV )HPLQLQXPV JOHLFK JHZRUGHQ $XI GLHVH :HLVH HQW VWHKWEHLHLQHU$Q]DKOXUVSUQJOLFKHU0DVNXOLQDXQG1HXWUDGLH0|JOLFKNHLWGHQ 3OXUDODOVNROOHNWLYLVFKJHEUDXFKWHQ6LQJXODUXQGGDV:RUWDOVZHLELVFKDXI]XIDVVHQ
(V ZlUH HLQH PRUSKRORJLVFK DXIVFKOXVVUHLFKH $XIJDEH ]X XQWHUVXFKHQ ZHOFKHVHNXQGlUHQ9HUVFKLHEXQJHQVLFKEHLJHQXVLQKlUHQWHQ6XEVWDQWLYHQ LQQHUKDOEYRQ'HNOLQDWLRQVNODVVHQDXVPDFKHQODVVHQXQGREGDUDXVIXQN WLRQDOH6FKOVVHJH]RJHQZHUGHQN|QQHQGLHGLHTXDQWLIL]LHUHQGH)XQNWL RQDOLWlWGHV*HQXVVWW]HQ(VZUGHVLFKGDPLWXP5HRUJDQLVDWLRQVSULQ ]LSLHQ KDQGHOQ 8P GLHV QDFK]XZHLVHQ PVVWHQ 1XPHUXV *HQXV XQG .DVXV]XQlFKVWYRQHLQDQGHUJHWUHQQWEHWUDFKWHWZHUGHQ9HUVFKLHEXQJHQ YRQ6XEVWDQWLYJUXSS HQHUPLWWHOWNDWHJRULDOH=XVDPPHQKlQJHPRWLYLHUW XQG]XEHREDFKWHQGH6SUDFKZDQGHOSUR]HVVHHUNOlUWZHUGHQ (LQZHLWHUHV3KlQRPHQGDVLQGLHVHP=XVDPPHQKDQJELVODQJZHQLJ $XIPHUNVDPNHLWJHIXQGHQKDWLVWGDVGHUGRSSHOWHQ3OXUDOIRUPHQHLQXQG GHVVHOEHQ6XEVWDQWLYVGLHVLFKHEHQIDOOVVHPDQWLVFKPRWLYLHUHQODVVHQ2I IHQEDU NRPPW EHL 'RSSHOSOXUDOLWlW GLH MHZHLOV VSH]LILVFKH 6HPDQWLN GHV )OH[LRQVSDUDGLJPDV]XP7UDJHQ6RVFKHLQWGHUVFKZDFKH3OXUDOLP*H JHQVDW] ]XP VWDUNHQ LP 1KG DXI DQGHUH $UW ]X TXDQWLIL]LHUHQ YJO ]% GHU6WDFKHO²GLH6WDFKHOQYVGLH6WDFKHO:RKLQJHJHQGLH6WDFKHOQHKHUGDV%LOG HLQHUXQVSH]LILVFKHQ3OXUDOLWlWDXIUXIWVFKHLQHQEHLGHU)RUPGLH6WDFKHOGLH HLQ]HOQHQ7HLOH]XVDPPHQJHIDVVW]XVHLQLP6LQQHHLQHUKRPRJHQLVLHUHQ GHQ3OXUDOLWlWbKQOLFKHVJLOWIUGHU0DQQ²GLH0lQQHUYVGLH0DQQHQYVGLH 0DQQ :lKUHQG GLH )RUP 0lQQHU GLVWULEXLHUW NROOHNWLYLHUW GHU HQ3OXUDO 'HU1XOOSOXUDOUXIWGDJHJHQHUQHXWGDV9RUVWHOOXQJVELOGHLQHUKRPRJHQHQ 0HQJHDXI+lXILJLVWHLQHUGLHVHUSDUDOOHOHQ3OXUDOHJUXSSHQVSUDFKOLFKZLH HWZD GHU 'RUQ ² GLH 'RUQH IDFKVSUDFKOLFK ZLH HWZD GLH '|UQHU GLDOHNWDO 2IIHQVLFKWOLFKZLUNHQEHVWLPPWHYRQ4XDQWLILNDWLRQJHVWHXHUWH(LQIOXVV IDNWRUHQ KLQVLFKWOLFK GHU ,QWHUSUHWDWLRQ HLQLJHU 6XEVWDQWLYH PLW VR DXFK 63,(:2. 6LFKHU LVW GD 1XPHUXVGXEOHWWHQ EHL OH[LNDOLVFKVHPDQWLVFKHQ 9DULDQWHQ QLFKW VHOWHQ VHPDQWLVFKH 'LIIHUHQ]LHUXQJHQ ]ZLVFKHQ Ä9LHOKHLW DOOJHPHLQ¶ XQG Ä$UW6RUWH LQQHUKDOE GHU 9LHOKHLW¶ HUNHQQHQ ODVVHQ VR HWZD LP 1HEHQHLQDQGHU YRQ7XFKH7FKHU.|UQHU.RUQH:DVVHU:lVVHU%HL+RPRQ\PHQDXIO|VXQJGHXWHW VLFK DXFK GDV 9HUKlOWQLV Ä6WRII¶ XQG Ä6WRIIYHUZHQGXQJ¶ DQ VR HWZD EHL +RU QH+|UQHU%lQGHU%DQGH6HOEVWYHUVWlQGOLFKJLEWHVDXFKKLHUHW\PRORJLVFKHPH WDSKRULVFKH XQG PHWRQ\PLVFKH %H]JH 6FKLOGH6FKLOGHU *HLVWHU*HLVWH 'RU QHQ'RUQH
=XlKQOLFKHQ)HVWVWHOOXQJHQJHODQJWDXFK7,&+ *52@ ² XQG GDPLW GLH $XJPHQWDWLRQ ² NDQQ QXU GXUFK 2SSRVLWLRQ ]XU'LPLQXWLRQ]XVWDQGHNRPPHQhEHUHLQ]HOVSUDFKOLFKLVWEHNDQQWGDVV GLH $XJPHQWDWLRQ QXU LQ 6SUDFKHQ YRUNRPPW GLH DXFK GLH 'LPLQXWLRQ EHVLW]HQ $XJPHQWDWLRQVVXIIL[H HQWVWHKHQ DXV 'LPLQXWLRQVVXIIL[HQ GLH ]XHUVWNRQWH[WXHOOÄXPJHSROW¶XQGGDQQGXUFK$QDORJLHYHUEUHLWHWZHUGHQ 7D[DWLRQ EHL 'HULYDWLYHQ HWDEOLHUW VLFK HEHQIDOOV NRQ WH[WXHOO LQGHP GHU 6SUHFKHU GXUFK GHQ (LQVDW] HLQHV DXV JUDPPDWLVFKHU 6LFKW UHGXQGDQWHQ 0DUNHUVKLHUHLQHP'LPLQXWLRQVPRUSKHP 1lKH!+\SRNRULVPXV XQG GDPLW6\PSDWKLHRGHUDEHU)HUQHXQGGDPLW'LVWDQ]XQGGDPLW$QWLSD WKLH ]XP$XVGUXFNEULQJW'DPLWLVWDXFKGLHSULQ]LSLHOOH)UDJHHLQHU%H VFKUHLEEDUNHLW GHU .RQQRWDWLRQ DXI %DVLV YRQ 4XDQWLILNDWLRQ IU ZHLWHUH )RUVFKXQJJHVWHOOW (W\PRORJLVFKZHQQDXFKQLFKWIXQNWLRQDOYHUZDQGWPLWGHU'LPLQX WLRQ LVW GLH .DWHJRULH GHV 6H[XV IHPLQLQXP Ä(FKWHU¶ 6H[XV LVW LP 'HXW VFKHQ IHPLQLQ QLFKW PDVNXOLQ GD GDV 0DVNXOLQXP GD]X NHLQH XQHLQJH VFKUlQNW SURGXNWLYHQ 0RUSKHPH ZLH GDV WD[DWLYH 6XIIL[ HULFK HWZD LQ
$VVR]LLHUWH3KlQRPHQH
6WXGHQWHULFK EHUHLWVWHOOW 6H[XV HQWVWHKW VSUDFKKLVWRULVFK GXUFK DXHU VSUDFKOLFKHQ (LQIOXVV 'DV QKG 0RWLRQVPRUSKHP LQ OlVVW VLFK DXI GDV JHUPDQLVFKH 1RPLQDOPRUSKHP ĩQ ]XUFNIKUHQ XQG H[LVWLHUWH HKHPDOV DOV)HPLQLQDNRGLHUHQGHV(OHPHQW]XU.RQ]HSWXDOLVLHUXQJYRQIHPLQLQHU .ROOHNWLYLWlW'LH6H[XVOHVDUWNDPGXUFK0RQRVHPLHUXQJGHV0RUSKHPV LQ HLQHP EHVWLPPWHQ $NWXDOLVLHUXQJVNRQWH[W ]XVWDQGH LQGHP QLFKW DXI GLHNROOHNWLYH*UXSSHVRQGHUQDXIGHQQDFK:HOWZLVVHQFKDUDNWHULVWLVFKV WHQ 7HLO GDYRQ UHIHULHUW ZXUGH ZLH HWZD IQKG GUHULQ ÄHWZDV GDV DQ GHU 3HUVRQ 'UHU GUDQKlQJW¶ )DPLOLH XVZ ! Ä)UDX YRP 'UHU¶ 6WUHQJ JH QRPPHQOLHJWLP6H[XVIHPLQLQXPHLQ)DOOYRQ'LVNULPLQLHUXQJYRUGD KLVWRULVFKH DXHUVSUDFKOLFKH =XVWlQGH DXI GDV 6SUDFKV\VWHP (LQIOXVV QDKPHQ=XP$XIEDXHLQHU/HVDUWGHV6H[XVIHPLQLQXPZLUGNRQ]HSWXHOO =lKOEDUNHLWEHQ|WLJW'DKHUÄEHQ|WLJW¶6H[XVIHPLQLQXPGDV*HQXVPDV NXOLQXP 'LH 8PNHKUXQJ JLOW QLFKW GD *HQXV PDVNXOLQXP KLQVLFKWOLFK GHV 6H[XV XQWHUVSH]LIL]LHUW LVW 6H[XV PDVNXOLQXP NRPPW NRQWH[WXHOO LG5LP*HJHQVDW]]XP6H[XVIHPLQLQXP]XVWDQGH 'HUGULWWHPLWGHP*HQXVDVVR]LLHUWH%HUHLFKLVWGHUGHV=XVDPPHQ KDQJV]ZLVFKHQ*HQXVXQG)OH[LRQGHUELVODQJQXUWHLOZHLVHHUIRUVFKWLVW %HNDQQWLVWGLH([LVWHQ]YRQ'RSSHOSOXUDOHQZLH:|UWHUYV:RUWH GLHHL QH HLQVW SURGXNWLY DXVJHEDXWH 3HUVSHNWLYLHUXQJVV\VWHPDWLN QRFK HUDKQHQ ODVVHQ (LQ VSH]LHOOHU %HUHLFK LVW GHU =XVDPPHQKDQJ YRQ *HQXV XQG 1XPHUXV'DEHLGH.DWHJRULHQIXQNWLRQDOYHUZDQGWVLQGZlUHDOVRDXFK GLHZHLWHUIKUHQGH)UDJHLQWHUHVVDQWYJO LQZLHZHLWGHU3OXUDOGDV GXUFKGHQ8QWHUJDQJGHV0HKUIDFKJHQXVHQWVWDQGHQHIXQNWLRQDOHÅ'HIL ]LW´ DQ 4XDQWLILNDWLRQ PLWVWW]WH LP 6LQQH HLQHU V\VWHPLVFKHQ 5HQRYDWL RQ :HQQ*HQXVXQG)OH[LRQXQWHUVXFKWZHUGHQVR]LHKWGLHVDXFKGLH )UDJHQDFKHLQHU0RWLYDWLRQGHU)XJHQHOHPHQWHYDLQGHU.RPSRVLWLRQ QDFK VLFK $EVFKQLWW VWHOOWH GDKHU HLQHQ /|VXQJVYRUVFKODJ ]XU 6\V WHPDWLVLHUXQJ GHU ELVODQJ DOV LP 1KG ÄXQSDUDGLJPDWLVFK¶ GHNODULHUWHQ V )XJHEHLSDUDGLJPDWLVFKHQ)HPLQLQDLQ(UVWSRVLWLRQYRUXQGGLHQWHGHP DXFK IU ZHLWHUH 6WXGLHQ LQ %H]XJ DXI QRPLQDOH 6LPSOL]LD DOV IUXFKWEDU HLQ]XVWXIHQGHQ 1DFKZHLV HLQHV =XVDPPHQKDQJV YRQ ,QWHUILJLHUXQJ XQG 4XDQWLILNDWLRQ
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lWVLQG,QGLHVHP6LQQHOlVVWVLFKGLDFKURQHLQH 6SH]LDOLVLHUXQJ MHGHV LP 1KG SURGXNWLYHQ 6XIIL[HV DXI HLQ EHVWLPPWHV *HQXVIHVWVWHOOHQ8PJHNHKUWEHGHXWHWGLHVGDVVHLQ=XVDPPHQKDQJ]ZL VFKHQ :RUWELOGXQJVSUR]HVVHQ VSH]LHOO GHU H[SOL]LWHQ 'HULYDWLRQ XQG HQWVSUHFKHQGHU6XIIL[HXQGGHU.DWHJRULH*HQXVLQIUKHUHQ6SUDFKHSR FKHQ QLFKW E]Z QLFKW LP VHOEHQ $XVPD EHVWDQGHQ KDW 'LH REOLJDWRUL VFKH )HVWOHJXQJ HLQHV 6XIIL[HV DXI HLQ *HQXV LVW GDPLW HLQ KLVWRULVFK JH ZDFKVHQHV XQG PRWLYLHUWHV 3KlQRPHQ GHV 1KG =XVDPPHQIDVVHQG OlVVW VLFKHLQ6SUDFKZDQGHOSUR]HVVLP6LQQHHLQHU*UDPPDWLNDOLVLHUXQJGHU.D WHJRULH *HQXV PLWWHOV 'HULYDWLRQVVXIIL[H IHVWVWHOOHQ GHU MHGRFK DQ EH VWLPPWH 3DUDPHWHU JHNQSIW LVW 'LHVH PDFKHQ GLH 0XVWHU HLQGHXWLJHU *UDPPDWLNDOLVLHUXQJWHLOZHLVHVFKZHUHUNHQQEDUPVVHQDEHUJOHLFK]HLWLJ EHLGHU*HZLQQXQJUHSUlVHQWDWLYHU%HLVSLHOHDXVKLVWRULVFKHP6SUDFKPD WHULDO]XU9HUPHLGXQJYRQPRUSKRORJLVFKHP$QDFKURQLVPXVEHUFNVLFK WLJW ZHUGHQ 'LHVH 3DUDPHWHU ZHUGHQ LP )ROJHQGHQ ]XVDPPHQIDVVHQG DXIJHIKUW .HQQ]HLFKHQ IU *UDPPDWLNDOLVLHUXQJVSUR]HVVH LVW HLQ Ä.RQNXUUHQ] ODXIHQ¶HLQ]HOQHU*UDPPDWLNDOLVLHUXQJVSDUWL]LSDQWHQLQGLHVHP)DOO6XIIL [H )U GLH (UNHQQEDUNHLW YRQ *UDPPDWLNDOLVLHUXQJVSUR]HVVHQ XQG IU GLHPRUSKRORJLVFKH'LVNXVVLRQHLQ]HOQHUPXWPDOLFKHU*HJHQ %HLVSLH OHKDWGLHVIROJHQGH.RQVHTXHQ]HQ
=XVDPPHQIDVVXQJXQG$XVEOLFN
² 1LFKWDOOHGHU3DUWL]LSDQWHQQHKPHQDQGHU*UDPPDWLNDOLVLHUXQJYRQ $QIDQJDQRGHUDEHUELV]XLKUHP(QGHWHLO(LQLJH6XIIL[HNRPPHQ VSlWHUKLQ]XHLQLJHKLQJHJHQZHUGHQIUKHULQSURGXNWLY'LHVHEHLGHQ )DNWRUHQ VLQG YRQHLQDQGHU XQDEKlQJLJ GK VLH N|QQHQ DXFK LQ HLQ XQGGHPVHOEHQ6XIIL[]XVDPPHQIDOOHQ ² 1LFKW MHGHU *UDPPDWLNDOLVLHUXQJVSDUWL]LSDQW LVW LP JOHLFKHQ 0DH SURGXNWLY6XIIL[HKDOWHQ²RIWEHUUDVFKHQGODQJH²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|JHUQGHU 1DWXU GHQQ ]XU ,QWHJUDWLRQ GHV 6XIIL[HV PVVHQ VROFKH 5HVWULNWLRQHQ LQ HLQ JUDPPDWLVFKHV 3DUDGLJPD DEJHEDXW ZHU GHQ ² (LQZHLWHUHU*UXQGZDUXP3DUDGLJPHQZlKUHQGLKUHU*UDPPDWLNDOL VLHUXQJVRVFKZHU]XHQWGHFNHQVLQGLVWGHU]XU*UDPPDWLNDOLVLHUXQJ JHJHQOlXILJH3UR]HVVGHU/H[LNDOLVLHUXQJ(VJLEW]ZHL$UWHQZLHHLQH /H[LNDOLVLHUXQJVWDWWILQGHQNDQQ(QWZHGHUYHUIHVWLJWVLFKHLQHHLQ]HO QH %LOGXQJ DXI HLQH EHVWLPPWH /HVDUW VR ]XP %HLVSLHO )UDXHQ]LPPHU Ä5DXPIUGLH)UDX¶!ÄZHLEOLFKH3HUVRQ¶ 'LHDQGHUH0|JOLFKNHLWLVW GDVV HLQ EHVWLPPWHU %LOGXQJVW\S NRQNUHW HLQH $EOHLWXQJ PLW HLQHP EHVWLPPWHQ6XIIL[ XQGGDPLWDOOHPLWGLHVHP6XIIL[DVVR]LLHUWHQ'H ULYDWLRQHQ OH[LNDOLVLHUW ZLUG 6R VLQG HUHUEWH Wĩ$EVWUDNWD QLFKW PHKU DOVHLQVWLJH'HULYDWLRQVELOGXQJHQHUNHQQEDUGDGDV6XIIL[QLFKWPHKU DOV VROFKHV HUNDQQW ZLUG XQG GDPLW DOV 7HLO GHV OH[LNDOLVFKHQ 6WDPP UHDQDO\VLHUWLVW 'LH KLHU DXIJHIKUWHQ 3DUDPHWHU JLOW HV EHLP 8PJDQJ PLW KLVWRULVFKHP 6SUDFKPDWHULDOVWHWV]XEHUFNVLFKWLJHQVLQGLQYDlOWHUHU)RUVFKXQJVOLWH UDWXU ]XU KLVWRULVFKHQ :RUWELOGXQJ MHGRFK KlXILJ YHUQDFKOlVVLJW ZRUGHQ (LQ*UXQGGDIUN|QQWHGLHELVODQJVWULNWH7UHQQXQJYRQ6\QFKURQLHXQG 'LDFKURQLH GDUVWHOOHQ GHUHQ Ä,QHLQDQGHUYHU]DKQXQJ¶ LQ GHU )RUVFKXQJ RIWPDOVKLQWHUJUXQGLHUWZXUGH -HGH 6SUDFKVWXIH EHVLW]W V\QFKURQH /HEHQGLJNHLW DXFK ZHQQ GLH 6SUDFKVWXIHOlQJVWQLFKWPHKUH[LVWLHUWXQGVFKHLQEDUGDPLWHLQHQÄWRWHQ¶ (LQGUXFN YHUPLWWHOW 'LH HLQ]HOQHQ /HEHQGLJNHLWHQ ]XVDPPHQJHQRPPHQ HUJHEHQ GDV NRQWLQXLHUOLFKH RUJDQLVFKH (LJHQ /HEHQ HLQHU (LQ]HOVSUD
=XVDPPHQIDVVXQJXQG$XVEOLFN
FKHZHOFKHVIXQNWLRQDOHUNOlUEDUXQGGDPLWXQLYHUVDOLHUEDULVW,P9HUODXI GHU $UEHLW ZXUGHQ LQ GLHVHP =XVDPPHQKDQJ XQWHUVFKLHGOLFKH 7KHRULHQ EHUGLHJUDPPDWLVFKH)XQNWLRQYRQ*HQXVYRUJHVWHOOW'LH7KHRULHQODV VHQVLFKDQKDQGYRQ]ZHL&KDUDNWHULVWLNDIDVVHQ'HU1LFKW 7UHQQXQJ YRQOH[LNDOLVFKHUXQGJUDPPDWLVFKHU6HPDQWLNVRZLHGHU1LFKW %HUFN VLFKWLJXQJGHU5HIHUHQ]VX 'LHYRUOLHJHQGH$UEHLWKDWYRUGLHVHP+LQ WHUJUXQG GHQ 8QWHUVFKLHG ]ZLVFKHQ ]lKOEDUHQ 6XEVWDQWLYHQ FRXQW QRXQV XQGQLFKW]lKOEDUHQ6XEVWDQWLYHQPDVVQRXQV LOOXVWULHUWXQGGLHXQLYHUVDOH 5HOHYDQ]GLHVHURQWRORJLVFKXQDEKl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Ä5HIHUHQ]GLPHQVLRQHQ¶]XU OLQJXLVWLVFKHQ %HVFKUHLEXQJ YRQ *HQXV DOV IU GLH *UDPPDWLNDOLVLHUXQJ QXUEHGLQJWKLQUHLFKHQGLGHQWLIL]LHUWGDGLHVHGHPEHLGHU*UDPPDWLNDOL VLHUXQJGLDFKURQEHREDFKWEDUHQ.RPSOH[LWlWVDXIEDXQLFKW5HFKQXQJWUD JHQN|QQHQYJODXFK *HQXVTXDQWLILNDWLRQLVWZLHLQVEHVRQGHUHEHLGHU'LVNXVVLRQKLQVLFKW OLFK $EVWUDNWKHLW YJO GHXWOLFK ZXUGH ]ZDU NRQWH[WXHOO IDVVEDU GD $EVWUDNWD PRQRVHPLHUEDU VLQG HV ODVVHQ VLFK DXIJUXQG YRQ SRWHQ]LHOOHU 8QHQGOLFKNHLWGHU0RQRVHPLHUXQJGDUDXVMHGRFKNHLQH*HQHUDOLVLHUXQJHQ JUDPPDWLVFKHU1DWXUWUHIIHQ*HQXVVHPDQWLNGK4XDQWLILNDWLRQLVWHLQH YRQ .RQWH[WXDOLVLHUXQJ XQDEKlQJLJH XQG QLFKW EHU 5HIHUHQ] IDVVEDUH .DWHJRULHZLHDXFKDP%HLVSLHOGHV7UNLVFKHQGHXWOLFKZXUGHYJO 'DKHU VLQG PLW DXHUVSUDFKOLFKHP %HVFKUHLEXQJVLQYHQWDU RSHULHUHQGH *HQXVWKHRULHQ ZLH %HOHEWKHLW 6H[XV DXFK DXV VSUDFKSKLORVRSKLVFKHU 3HUVSHNWLYH PLW GHU QLFKWUHIHUHQ]LHOOHQ *HQXVWKHRULH GHU QRPLQDOHQ 4XDQWLILNDWLRQ D[LRPDWLVFK LQNRPSDWLEHO $XV GLHVHP *UXQG XQG DXI JUXQG GHU NRQVHTXHQWHQ 7UHQQXQJ YRQ OH[LNDOLVFKHU XQG JUDPPDWLVFKHU 6HPDQWLNEOLHEHQGLHVEH]JOLFKK\EULGH$QVlW]HLQGHUYRUOLHJHQGHQ8Q WHUVXFKXQJYRQGHU'LVNXVVLRQXQEHUFNVLFKWLJW'HUIROJHQGH$EVFKQLWW SUlVHQWLHUW HLQHQ ]XVDPPHQIDVVHQGHQ hEHUEOLFN EHU GLH (LQ]HOHU JHEQLVVHGHUYRUOLHJHQGHQ$UEHLWEHYRU$EVFKQLWW9RUVFKOlJH]XZHL WHUHU)RUVFKXQJXQWHUEUHLWHW
=XVDPPHQIDVVXQJXQG$XVEOLFN
7HLOHUJHEQLVVH =XVDPPHQIDVVHQGOlVVWVLFKXQWHU0LWHLQEH]LHKXQJGHU6SUDFKJHVFKLFKWH IUGDVPLWWHOV6XIILJLHUXQJNRGLHUWHXQGGRUWSDUDGLJPDWLVFKH*HQXVGHV 'HXWVFKHQ)ROJHQGHVIHVWKDOWHQ'LHHLQ]HOQHQ*HQHUDODVVHQVLFKLP9HU ODXI GHU 6SUDFKJHVFKLFKWH PRUSKRORJLVFK ]XQHKPHQG DQKDQG GHU VXIIL [DOHQ0DUNLHUXQJXQWHUVFKHLGHQPLWGHUHLQHMHZHLOLJH4XDQWLILNDWLRQVOHLV WXQJ'LPHQVLRQGHU=lKOEDUNHLW YHUEXQGHQLVW'LHVHOlVVWVLFKZLHIROJW FKDUDNWHULVLHUHQ'DV)HPLQLQXPIDVVW]XVDPPHQGDV0DVNXOLQXPSXQN WXDOLVLHUW XQG GDV 1HXWUXP LWHUDWLYLHUW ZHQQ HV QLFKW ÅYHUPDVVW´ ,P *UXQGHLVWGLH.DWHJRULH*HQXVGDPLWQLFKWVDQGHUHVDOVHLQDXVGLIIHUHQ ]LHUWHV 1XPHUXV6\VWHP 'DIU VSULFKW DXV W\SRORJLVFKHU 3HUVSHNWLYH DXFK GDVV 6SUDFKHQ PLW *HQXV VWHWV GLH .DWHJRULH 1XPHUXV EHVLW]HQ QLFKWDEHUXPJHNHKUW$XFKZHLVHQQLFKWOH[LNDOLVLHUWH6XEVWDQWLYHGHV,Q GRJHUPDQLVFKHQGLHKLQVLFKWOLFKLKUHU*HQXVVHOHNWLRQYDULDEHODEHUQLFKW ZLOONUOLFKZDUHQV\VWHPDWLVFKH%HGHXWXQJVYHUlQGHUXQJHQDXI,P,QGR JHUPDQLVFKHQ ZDU GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ ]lKOEDUHQ XQG QLFKW ]lKOEDUHQ6XEVWDQWLYHQIOH[LRQVPRUSKRORJLVFKJHVWHXHUW .DSLWHONRQQWHGLH)XQNWLRQGHU.DWHJRULH*HQXVDOVLQPHUHRORJL VFKHU$[LRPDWLNXQLYHUVDOPRGHOOLHUEDUXQGEHVFKUHLEEDUDXVZHLVHQ'DV *HQXV PDVNXOLQXP VWHOOW GHP 6SUDFKV\VWHP ]lKOEDUH 6XEVWDQWLYH EHUHLW ZlKUHQG GDV 1HXWUXP SULPlU QLFKW]lKOEDUH VRZLH VHNXQGlU QLFKW ]lKOEDUH NROOHNWLYH 6XEVWDQWLYH NRGLHUW 'DV )HPLQLQXP VWHOOW NROOHNWLYH E]ZDEVWUDNWH6XEVWDQWLYHEHUHLW'LH*HQXVEHGHXWXQJNDQQLQGLHVHU%H VFKUHLEXQJVZHLVHDOVRPLWPHUHRORJLVFKHP%HVFKUHLEXQJVLQYHQWDUDOVHLQH )RUPJUDPPDWLVFKHU3HUVSHNWLYLHUXQJEHVFKULHEHQZHUGHQ,P$KGOlVVW VLFK GLHVHV 6\VWHP HEHQIDOOV QDFKZHLVHQ ]XP HLQHQ DQ /H[HPHQ PLW 0HKUIDFKJHQXVVHOEVW]XPDQGHUHQEHUHLWVLQJHZLVVHP8PIDQJDQH[SOL ]LWPDUNLHUWHQ:|UWHUQZDVLP1KGDEJHELOGHWLVWZLHEVSZLQGHU6FKUHL ²GDV6FKUHLHQ²GLH6FKUHLHUHLYJO/(,66 :LHGHU([NXUVLQGDV$OW HQJOLVFKH HUJDE ZDU GRUW GDV *HQXVV\VWHP GHP DOWKRFKGHXWVFKHQ GHXW OLFK XQlKQOLFKHU DOV ELVODQJ DQJHQRPPHQ 'LHV ]HLJHQ LP %HUHLFK GHU ZRUWELOGHQGHQ 'HULYDWLRQ YJO KLHU]X DXFK 9(==26, ]X GHQ VXE VWDQWLYLVFKHQ 6LPSOL]LD GLH GHULYLHUWHQ .ROOHNWLYD$EVWUDNWD DXI DH KĆG QKGKHLW VFLSHQKGVFKDIW XQGGŇPQKGWXP GLHEHUZLHJHQGPDV NXOLQHV ² XQG QLFKW ZLH DXV GHP HUHUEWHQ 4XDQWLILNDWLRQVYHUKlOWQLV GHV ,GJ]XHUZDUWHQ²IHPLQLQHV*HVFKOHFKWEHVDHQ'DVGHXWHWGDUDXIKLQ GDVV GDV *HQXVV\VWHP GHV $OWHQJOLVFKHQ ZHLWDXV ZHQLJHU IXQNWLRQDO ZDU DOV ELVODQJ DQJHQRPPHQ :HLWHUH YD NRUSXVOLQJXLVWLVFKH 8QWHUVXFKXQ JHQ]XP*HQXVV\VWHPGHV$OWXQG0LWWHOHQJOLVFKHQE]ZGHVVHQ8QWHU JDQJZlUHQIUZHLWHUH'HWDLOVVHKUJHZLQQEULQJHQG
7HLOHUJHEQLVVH
'DVQRPLQDOJUDPPDWLVFKH6\VWHPGHV'HXWVFKHQELOGHWEH]JOLFKGHU.D WHJRULH*HQXVLP%HUHLFKGHU6XIILJLHUXQJHLQGXUFK*UDPPDWLNDOLVLHUXQJ EHVFKUHLEEDUHVHUHUEWHV4XDQWLILNDWLRQVV\VWHPDEZLHLQ.DSLWHODXVJH IKUW 6R VLQG 0DVNXOLQD ]lKOEDUH 6XEVWDQWLYH ZlKUHQG 1HXWUD 0DV VHQQRPLQD VLQG 'LH )HPLQLQD VWHKHQ KLQVLFKWOLFK GHU PHUHRORJLVFKHQ .RQ]HSWXDOLVLHUXQJGD]ZLVFKHQXQGVWHOOHQGHP6SUDFKV\VWHPSOXUDOLVLHU EDUH .ROOHNWLYD EHUHLW $XFK GDV NRQWLQXDWLYH 1HXWUXP NDQQ VHNXQGlU .ROOHNWLYLWlWHU]HXJHQDOOHUGLQJVJLEWHV]ZLVFKHQEHLGHQ.ROOHNWLY$UWHQ PHUHRORJLVFKH 8QWHUVFKLHGH 1HXWUDOH XQG IHPLQLQH .ROOHNWLYD VLQG VLFK lKQOLFKLQLKUHU(LJHQVFKDIWGLHGDULQEHVWHKWGLH0HUNPDOH>=b+/%$5@ XQG>² =b+/%$5@]XJXQVWHQYRQQRPLQDOHU,WHUDWLYLWlW]XYHUHLQHQDOOHU GLQJV N|QQHQ VLH GXUFK GLH MHZHLOLJH 6FKZHUSXQNWVHW]XQJ XQWHUVFKLHGHQ ZHUGHQ )HPLQLQH .ROOHNWLYD VLQG SULPlU KLQVLFKWOLFK GHV 0HUNPDOV > =b+/%$5@]XFKDUDNWHULVLHUHQGDVLHSULQ]LSLHOOSOXUDOLVLHUEDUVLQGYJO LP1KGGLH+XVWHUHL²GLH+XVWHUHLHQ 1HXWUDOH.ROOHNWLYDZLHGDV*HKXVWH VLQGGDJHJHQGRPLQDQW>² =b+/%$5@GDVLHQLFKWSOXUDOLVLHUEDUVLQGYJO HWZD GLH*HKXVWH :lKUHQGEHLIHPLQLQHQ.ROOHNWLYDGHU*HJHQVWDQGVFKD UDNWHU GRPLQLHUW VWHKW EHL QHXWUDOHQ .ROOHNWLYD GLH 9HUHLQLJXQJVTXDOLWl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lW6RVLQGGLVWULEXWLYHU3OXUDOXQGNROOHNWLYHU3OXUDOIXQN WLRQDOJOHLFKUDQJLJ(VH[LVWLHUHQDXFK6SUDFKHQGLHDOVHLQ]LJHQ3OXUDOGHQ NROOHNWLYHQ HLQVHW]HQ 'LH .ROOHNWLRQ LVW HLQH 4XDQWLILNDWLRQVWHFKQLN GLH LQGHU.DWHJRULHGHV1XPHUXVVRZRKOGXUFKGHQ6LQJXODUZLHLP'HXW VFKHQ DOV DXFK GXUFK GHQ 3OXUDO ZLH LQ HLQLJHQ ,QGLDQHUVSUDFKHQ UHDOL VLHUWZHUGHQNDQQ%HUHLWV72%/(5I YHUZLHVLP-DKUKXQ GHUWGDUDXIGDVV6LQJXODULWlWQLFKWPLW(LQ]DKOLJNHLW]XYHUZHFKVHOQLVW :HQQZLUXQVMHGHV6XEVWDQWLYEHLVHLQHU%LOGXQJXQZLOONUOLFKDOV6LQJXODUGHQ NHQVRLVWGLHVHVHEHQGDPLWQLFKW]XJOHLFKLP*HJHQVDW]]XP3OXUDOJHGDFKWXQG HV HUJLEW VLFK ]XQlFKVW QXU GD GHU LQ GLHVHP 1DPHQ DXVJHGUFNWH *HJHQVDW] QLFKWXUVSUQJOLFKEHUGLHVGHU1DPH6LQJXODULVQLFKWJOFNOLFKJHZlKOWLVW>«@ .XU] GHU VRJ 6LQJXODU LVW XUVSUQJOLFK (LQKHLW GHV % H J U L I I V QLFKW GHU =DKO XQGNDQQGHQ3OXUDOEHUHLWVLPSOLFLUWHQWKDOWHQ
=XVDPPHQIDVVXQJXQG$XVEOLFN
'DPLWNDQQDXFK0HKU]DKOLJNHLWGXUFKGHQ6LQJXODUNRGLHUWZHUGHQZLH HWZD 6WXGHQWHQVFKDIW $OOHUGLQJV LVW GLHV LQ 1XPHUXV6SUDFKHQ EHL ÄW\SL VFKHQ 6XEVWDQWLYHQ¶ ]lKOEDUHQ 6XEVWDQWLYH QXU GDQQ P|JOLFK ZHQQ GLH 0HKU]DKOLJNHLWHLQH]XVDPPHQIDVVHQGH0HKU]DKOLJNHLWPLW9HUHLQLJXQJV TXDOLWlWLVWZLHEHLGHQ.ROOHNWLYD .DSLWHO GLHQWH GHU WKHRUHWLVFKHQ ZLH W\SRORJLVFKHQ 9HURUWXQJ GHU $UEHLW.ROOHNWLYDXQG$EVWUDNWDVLQGVLFKEHLGHVRZXUGHKHUDXVJHDUEHL WHW KLQVLFKWOLFK LKUHU (LJHQVFKDIW UHODWLRQDO ]X VHLQ LQ JHZLVVHU :HLVH lKQOLFK.ROOHNWLYDVLQGVSDWLRWHPSRUDONRKlVLY$EVWUDNWDVLQGLGHHOONR KlVLY VLH IDVVHQ DOVR VSDWLRWHPSRUDO QLFKW ]XVDPPHQKlQJHQGHVRQGHUQ QXU LGHHOO ]XVDPPHQKlQJHQGH 9RUNRPPHQVHUVFKHLQXQJHQ ]XVDPPHQ ZlKUHQG .ROOHNWLYD ÄUHDO EHZHLVEDUH¶ RIW DXFK DOV ÄSK\VLVFK IDVVEDU ZDKUQHKPEDU¶EH]HLFKQHWH 7HLOHZLH3HUVRQHQ7LHUH%HUJH ]XVDPPHQ IDVVHQ 'LH HLJHQWOLFKH $EVWUDNWLRQ EHVWHKW LQ GHU =XVDPPHQIDVVXQJ LP 6LQQH HLQHU 7\SLVLHUXQJ EHVWLPPWHU ,QKDOWH 9RU DOOHP GDV )HPLQLQXP NDQQQHEHQGHP1HXWUXPLP1KGDOVGDVVXIILJLHUHQGH$EVWUDNWLRQVJH QXVEH]HLFKQHWZHUGHQGDHVGLH)lKLJNHLW]XU5HGXNWLRQXQG'HUHODWLR QDOLVLHUXQJ GK ,QKlULHUXQJ SRWHQ]LHOOHU $UJXPHQWVWHOOHQ EHVLW]W $XI JUXQGGHU(LJHQVFKDIWLQKlUHQW]XSUlGL]LHUHQVLQG$EVWUDNWDKLQVLFKWOLFK LKUHUOH[LNDOLVFKHQ%DVLVYRUQHKPOLFKGHYHUEDOZLHLQ'UHKXQJ RGHUGHDG MHNWLYLVFKZLHLQ6FK|QKHLW VHOWHQDEHUGHVXEVWDQWLYLVFKZLHHWZDLQ"/LW IDVlXOHQKDIWLJNHLW %LOGXQJHQZLHGLHOHW]WHN|QQHQDOVPDUNLHUWEH]HLFKQHW ZHUGHQ 'HU *UXQG GDIU OLHJW GDULQ GDVV HLQ UHDO H[LVWLHUHQGHU 72.(1 ZLHHWZD/LWIDVlXOH KHUN|PPOLFKHUZHLVHQLFKW]XHLQHPSUlGL]LHUHQGHQ 7