162 35 9MB
German Pages 459 Year 2008
Georg Maybaum | Petra Mieth | Wolfgang Oltmanns | Rainer Vahland Verfahrenstechnik und Baubetrieb im Grund- und Spezialtiefbau
Georg Maybaum | Petra Mieth | Wolfgang Oltmanns | Rainer Vahland
Verfahrenstechnik und Baubetrieb im Grundund Spezialtiefbau Baugrund – Baugruben – Baugrundverbesserung – Pfahlgründungen – Grundwasserhaltung Mit 192 Abbildungen und 176 Tabellen PRAXIS
Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über abrufbar.
Prof. Dr.-Ing. Georg Maybaum lehrt Geotechnik an der HAWK FH HHG in Holzminden und ist Ges.Geschäftsführer der Prof. Dr.-Ing. Walter Rodatz und Partner Beratende Ingenieure für Geotechnik GmbH in Braunschweig sowie öbv Sachverständiger für Baugrunduntersuchungen, Erd- und Grundbau. Email: [email protected] Dr.-Ing. Petra Mieth ist als Sachverständige zu baubetrieblichen, bauvertraglichen und baubetriebswirtschaftlichen Problemstellungen für die ClaimConsult Vahland, Franz und Partner GbR in Holzminden tätig und unterrichtet als Lehrbeauftragte insbesondere die Fächer Projektmanagement und Kostenrechnung an der HAWK FH HHG in Holzminden. Email: [email protected] Dipl.-Ing. Wolfgang Oltmanns ist Ges.-Geschäftsführer der Prof. Dr.-Ing. Walter Rodatz und Partner Beratende Ingenieure für Geotechnik GmbH in Braunschweig. Email: [email protected] Prof. Dr.-Ing. Rainer Vahland lehrt an der HAWK FH HHG in Holzminden das Fachgebiet Baubetrieb und ist Ges.-Geschäftsführer der Ingenieurgesellschaft ClaimConsult Vahland, Franz und Partner GbR in Holzminden sowie öbv Sachverständiger für Baubetrieb und Bauwirtschaft. Email: [email protected]
1. Auflage 2009 Alle Rechte vorbehalten © Vieweg +Teubner | GWV Fachverlage GmbH, Wiesbaden 2009 Lektorat: Dipl.-Ing. Ralf Harms | Sabine Koch Vieweg +Teubner ist Teil der Fachverlagsgruppe Springer Science+Business Media. www.viewegteubner.de Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlags unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Die Wiedergabe von Gebrauchsnamen, Handelsnamen, Warenbezeichnungen usw. in diesem Werk berechtigt auch ohne besondere Kennzeichnung nicht zu der Annahme, dass solche Namen im Sinne der Warenzeichen- und Markenschutz-Gesetzgebung als frei zu betrachten wären und daher von jedermann benutzt werden dürften. Umschlaggestaltung: KünkelLopka Medienentwicklung, Heidelberg Druck und buchbinderische Verarbeitung: MercedesDruck, Berlin Gedruckt auf säurefreiem und chlorfrei gebleichtem Papier. Printed in Germany ISBN 978-3-519-00389-2
9
9RUZRUW 'DV .RPSHQGLXP 9HUIDKUHQVWHFKQLN XQG %DXEHWULHE LP *UXQG XQG 6SH]LDOWLHIEDX LVW HLQH =XVDPPHQIDVVXQJ XQG $NWXDOLVLHUXQJ GHU YRQ GHQ 3URIHVVRUHQ 'LSO,QJ . 6LPRQV XQG 'U,QJ : 6FKQHOO LQLWLLHUWHQ XQG ]XOHW]W LP -DKU YRQ 3URI 'U,QJ 5 9DKODQG XQG 'LSO,QJ : 2OWPDQQV EHDUEHLWHWHQ 9HUIDKUHQVWHFKQLN GHU *UXQGZDVVHUKDOWXQJ VRZLH GHU %lQGH 9HUIDKUHQVWHFKQLN GHU %DXJUXQGYHUEHVVHUXQJHQ 9HUIDKUHQVWHFKQLN ]XU 6LFKHUXQJ YRQ %DXJUXEHQ XQG 9HUIDKUHQVWHFKQLN GHU 3IDKOJUQGXQJHQ ,Q $QEHWUDFKW GHU ]XQHKPHQGHQ |NRQRPLVFKHQ XQG |NRORJLVFKHQ %HGHXWXQJ GHV %DXHQV PLW XQG GHV %DXHQV LP %RGHQ EHGXUIWH HV ]XU %HUFNVLFKWLJXQJ QHXHU WHFKQLVFKHU (QWZLFNOXQJHQ XQG JHlQGHUWHU PRQHWlUHU 5DQGEHGLQJXQJHQ HLQHU 1HXJHVWDOWXQJ GHU ELVKHULJHQ 5HLKH 'DV QHXH .RPSHQGLXP VROO XQWHU %HUFNVLFKWLJXQJ ]ZLVFKHQ]HLWOLFKHU WHFKQLVFKHU XQG QRUPDWL YHU (QWZLFNOXQJHQ VRZLH DNWXHOOHU ZLUWVFKDIWOLFKHU XQG EHWULHEOLFKHU %HGLQJXQJHQ GDV :LV VHQ NRPSDNW XQG ]XVDPPHQKlQJHQG YHUPLWWHOQ %HL GHU MHW]W YRUJHOHJWHQ hEHUDUEHLWXQJ ZXUGHQ GLH JHRWHFKQLVFKHQ SODQHULVFKHQ XQG EDX ZLUWVFKDIWOLFKHQ *UXQGODJHQ HUJlQ]W XQG DNWXDOLVLHUW 'LHVH *UXQGODJHQ JHOWHQ OlQJHUIULVWLJ XQG VROOWHQ EHL NRQNUHWHQ 3URMHNWHQ XQWHU %HDFKWXQJ JHOWHQGHU QRUPDWLYHU 5DKPHQEHGLQJXQ JHQ LQJHQLHXUWHFKQLVFK DQJHPHVVHQ DQJHZDQGW ZHUGHQ 'LH H[HPSODULVFKHQ EDXZLUWVFKDIWOL FKHQ %HUHFKQXQJHQ HUIROJWHQ DQKDQG DNWXHOOHU YHUlQGHUOLFKHU XQG SURMHNWVSH]LILVFK YDULDEOHU (UIDKUXQJVZHUWH 8QEHVFKDGHW GHU 0HWKRGLN PVVHQ GLH JHQDQQWHQ .RVWHQ GHVKDOE NRQNUHW XQG ]HLWQDK ]XU 5HDOLVLHUXQJ HUPLWWHOW ZHUGHQ 'LH $XWRUHQ VWUHEWHQ DXI GHU *UXQGODJH LKUHU ODQJMlKULJHQ $UEHLW LQ )RUVFKXQJ XQG /HKUH VRZLH LKUHU EHUXIOLFKHQ (UIDKUXQJHQ JXW YHUVWlQGOLFKH IXQGLHUWH XQG SUD[LVUHOHYDQWH 'DUVWHO OXQJHQ DQ 'DV .RPSHQGLXP VROO LQVEHVRQGHUH 6WXGLHUHQGHQ HLQH +LOIH ]XP 9HUVWlQGQLV WHFKQLVFKZLUWVFKDIWOLFKHU =XVDPPHQKlQJH XQG %HUXIVWlWLJHQ HLQH 2ULHQWLHUXQJ IU RSWLPDOH /|VXQJHQ VHLQ )U GLHVEH]JOLFKH $QUHJXQJHQ GDQNHQ GLH $XWRUHQ PLW %OLFN DXI SODQPlL JH 1HXDXIODJHQ 'DQN VDJHQ P|FKWHQ ZLU +HUUQ +DUPV YRP 9LHZHJ7HXEQHU 9HUODJ IU VHLQH DXVJHSUlJWH *HGXOG PLW GHQ $XWRUHQ VHLQ /HNWRUDW GLH SURIHVVLRQHOOH $XIDUEHLWXQJ GHV %LOGPDWHULDOV VRZLH VHLQH NRQ]HSWLRQHOOHQ XQG YHUOHJHULVFKHQ $QUHJXQJHQ +RO]PLQGHQ%UDXQVFKZHLJ LP 0DL 3URI 'U,QJ *HRUJ 0D\EDXP +$:. +RFKVFKXOH IU DQJHZDQGWH :LVVHQVFKDIW XQG .XQVW LQ +RO]PLQGHQ 3URI 'U,QJ :DOWHU 5RGDW] XQG 3DUWQHU *PE+ %UDXQVFKZHLJ 'U,QJ 3HWUD 0LHWK &ODLP&RQVXOW 9DKODQG )UDQ] XQG 3DUWQHU *E5 +RO]PLQGHQ 'LSO,QJ :ROIJDQJ 2OWPDQQV 3URI 'U,QJ :DOWHU 5RGDW] XQG 3DUWQHU *PE+ %UDXQVFKZHLJ
9, 3URI 'U,QJ 5DLQHU 9DKODQG +$:. +RFKVFKXOH IU DQJHZDQGWH :LVVHQVFKDIW XQG .XQVW LQ +RO]PLQGHQ &ODLP&RQVXOW 9DKODQG )UDQ] XQG 3DUWQHU *E5 +RO]PLQGHQ
9RUZRUW
9,,
,QKDOWVYHU]HLFKQLV
(LQIKUXQJ
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
*HRWHFKQLVFKH *UXQGODJHQ
3KDVHQ ZlKUHQG GHU %DXZHUNVHQWVWHKXQJ %HJULIIH %DXDXIJDEH %DXOHLVWXQJ XQG 3UR]HVV %DXYHUIDKUHQ 9HUIDKUHQVWHFKQLN )HUWLJXQJVV\VWHP :HLWHUH EDXEHWULHEOLFKH %HJULIIH XQG $ENU]XQJHQ 'HU %DXYHUWUDJ XQG GLH /HLVWXQJVEHVFKUHLEXQJ 'DV =XVWDQGHNRPPHQ HLQHV %DXYHUWUDJHV 'LH 9HUGLQJXQJVXQWHUODJHQ $QIRUGHUXQJHQ DQ GLH /HLVWXQJVEHVFKUHLEXQJ $OOJHPHLQH *HVFKlIWVEHGLQJXQJHQ 6SH]LDOWLHIEDX $*%6SH]LDOWLHIEDX %HVWDQGWHLOH GHU /HLVWXQJVEHVFKUHLEXQJ 9HUIDKUHQVSODQXQJ (LQOHLWXQJ 6FKULWWH GHU 9HUIDKUHQVSODQXQJ
$OOJHPHLQHV (LQWHLOXQJ GHU *HVWHLQH XQG %|GHQ %DXJUXQGHUNXQGXQJ (LJHQVFKDIWHQ YRQ %|GHQ XQG LKUH %HVWLPPXQJ LP /DERU $OOJHPHLQHV .RUQYHUWHLOXQJ 'XUFKOlVVLJNHLW XQG )LOWHUHLJHQVFKDIWHQ )URVWHPSILQGOLFKNHLW %RGHQSK\VLNDOLVFKH .HQQZHUWH 'LFKWH XQG :LFKWH GHV %RGHQV /DJHUXQJVGLFKWH ',1 .RQVLVWHQ]JUHQ]HQ ',1 3URFWRUYHUVXFK ',1 :DVVHU LP %RGHQ =XVDPPHQGUFNEDUNHLW 3ODWWHQGUXFNYHUVXFK 6FKHUIHVWLJNHLW 8QWHUVXFKXQJ EHQDFKEDUWHU $QODJHQ
%DXJUXEHQVLFKHUXQJ
%DXJUXEHQVLFKHUXQJ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ (UNXQGXQJ YRQ %RGHQ XQG :DVVHUYHUKlOWQLVVHQ 8QWHUVXFKXQJ EHQDFKEDUWHU EDXOLFKHU $QODJHQ
9,,,
,QKDOWVYHU]HLFKQLV
:DKO HLQHU JHHLJQHWHQ 9HUEDXDUW *UXQGODJHQ GHU %HUHFKQXQJ $OOJHPHLQHV /DVWHQ $QVDW] GHV (UGGUXFNHV (UIRUGHUOLFKH 1DFKZHLVH *HE|VFKWH %DXJUXEHQ 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 7UlJHUERKOZDQG 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 6SXQGZlQGH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH %RKUSIDKOZlQGH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 6FKOLW]ZlQGH 'LH %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 'VHQVWUDKOVRKOHQ XQG ZlQGH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH
%DXJUXQGYHUEHVVHUXQJ
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ *HRWHFKQLVFKH *UXQGODJHQ $QZHQGXQJVEHUHLFKH XQG $EJUHQ]XQJ ]X DQGHUHQ %DXYHUIDKUHQ hEHUEOLFN EHU GLH 0HWKRGHQ GHU %DXJUXQGYHUEHVVHUXQJ
,QKDOWVYHU]HLFKQLV
%RGHQDXVKXE XQG %RGHQDXVWDXVFKYHUIDKUHQ $OOJHPHLQHV %RGHQPHFKDQLVFKH *UXQGODJHQ $QZHQGXQJVEHUHLFKH %HPHVVXQJVYHUIDKUHQ XQG (UIDKUXQJVZHUWH 9HUIDKUHQVEHVFKUHLEXQJ 2EHUIOlFKHQYHUGLFKWXQJ $OOJHPHLQHV 7HFKQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 7LHIHQUWWHOYHUIDKUHQ 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ $QZHQGXQJVEHUHLFKH %HPHVVXQJVYHUIDKUHQ XQG (UIDKUXQJVZHUWH 'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 5WWHOVWRSIYHUGLFKWXQJ $OOJHPHLQHV %RGHQPHFKDQLVFKH *UXQGODJHQ $QZHQGXQJVEHUHLFKH %HPHVVXQJVYHUIDKUHQ XQG (UIDKUXQJVZHUWH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH '\QDPLVFKH ,QWHQVLYYHUGLFKWXQJ $OOJHPHLQHV %RGHQPHFKDQLVFKH *UXQGODJHQ $QZHQGXQJVEHUHLFKH %HPHVVXQJVYHUIDKUHQ XQG (UIDKUXQJVZHUWH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 2EHUIOlFKHQYHUIHVWLJXQJ PLW %LQGHPLWWHOQ 'DV %DXYHUIDKUHQ LP hEHUEOLFN %RGHPHFKDQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 9HUIHVWLJXQJ GXUFK ,QMHNWLRQHQ 'DV %DXYHUIDKUHQ LP hEHUEOLFN %RGHQPHFKDQLVFKH *UXQGODJHQ
,;
;
,QKDOWVYHU]HLFKQLV
3IDKOJUQGXQJHQ
'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ YRQ 3IDKOJUQGXQJHQ $OOJHPHLQHV 9RUXQWHUVXFKXQJHQ :DKO HLQHU JHHLJQHWHQ 3IDKODUW 4XDOLWlWVVLFKHUXQJ XQG 4XDOLWlWVNRQWUROOH 7UDJIlKLJNHLW YRQ 3IlKOHQ )HUWLJUDPPSIlKOH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ %RKUSIlKOH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ 9ROOYHUGUlQJXQJVERKUSIlKOH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ 7HLOYHUGUlQJXQJVERKUSIlKOH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ 2UWEHWRQUDPPSIlKOH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 'DV %DXYHUIDKUHQ 3UIXQJ YRQ 3IlKOHQ $OOJHPHLQHV 6WDWLVFKH 3UREHEHODVWXQJHQ '\QDPLVFKH 3IDKOSUIXQJHQ
*UXQGZDVVHUKDOWXQJHQ
*UXQGODJHQ GHU 3ODQXQJ XQG $XVIKUXQJ (LQIKUXQJ (UNXQGXQJ GHU %RGHQ XQG *UXQGZDVVHUYHUKlOWQLVVH 9HUIDKUHQ GHU :DVVHUKDOWXQJ XQG :DVVHUDEVSHUUXQJ 3ODQXQJ GHU :DVVHUKDOWXQJ 3URMHNWLHUXQJ XQG hEHUZDFKXQJ GHU :DVVHUKDOWXQJ 7HFKQLVFKH %HJULIIH XQG $ENU]XQJHQ
,QKDOWVYHU]HLFKQLV
2IIHQH :DVVHUKDOWXQJ 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 1DFKZHLV XQG 'LPHQVLRQLHUXQJ 'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH *UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 6FKZHUNUDIWHQWZlVVHUXQJ $QZHQGXQJVEHUHLFKH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 1DFKZHLV XQG 'LPHQVLRQLHUXQJ 'DV %DXYHUIDKUHQ 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH *UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 9DNXXPHQWZlVVHUXQJ 'DV %DXYHUIDKUHQ LP hEHUEOLFN 7HFKQLVFKH *UXQGODJHQ 1DFKZHLV XQG 'LPHQVLRQLHUXQJ 'DV %DXYHUIDKUHQ 'HU 3HUVRQDOEHGDUI 4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH *UXQGZDVVHUDEVSHUUXQJ *UXQGZDVVHUPDQDJHPHQW XQG 4XDOLWlWVVLFKHUXQJ *UXQGZDVVHUPDQDJHPHQW %DXYRUEHUHLWHQGH XQG EDXEHJOHLWHQGH 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ /HFNDJHRUWXQJ
;,
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
6LWXDWLRQVEHVFKUHLEXQJ (UJHEQLVVH GHU 7UDJZHUNVSODQXQJ /HLVWXQJVYHU]HLFKQLV 0HQJHQHUPLWWOXQJ ]XP /HLVWXQJVYHU]HLFKQLV .DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ )HVWOHJXQJ GHU *UXQGODJHQ (LQ]HONRVWHQ GHU 7HLOOHLVWXQJ (LQKHLWVSUHLVELOGXQJ XQG $QJHERW %DXDEODXISODQXQJ 'DUVWHOOXQJ GHV %DXDEODXISODQHV
6DFKZRUWYHU]HLFKQLV
(LQIKUXQJ
+LQZHLVH ]XP $XIEDX 'DV %XFK EHJLQQW GHP ]HQWUDOHQ 7KHPHQEHUHLFK HQWVSUHFKHQG PLW GHQ Ä*HRWHFKQLVFKHQ *UXQGODJHQ³ (V ZHUGHQ KLHU GLH ZHVHQWOLFKHQ ERGHQPHFKDQLVFKHQ 9HUVXFKH ZLH VLH LP /DERU RGHU LQ VLWX DXV]XIKUHQ VLQG YRUJHVWHOOW XQG KLQVLFKWOLFK LKUHU $XVZHUWXQJ XQG %H GHXWXQJ IU GLH %DXSUD[LV HUOlXWHUW 'LH QDFKIROJHQGHQ YLHU .DSLWHO Ä%DXJUXEHQVLFKHUXQJHQ³ Ä%DXJUXQGYHUEHVVHUXQJHQ³ Ä3IDKOJUQGXQJHQ³ XQG Ä*UXQGZDVVHUKDOWXQJ³ XPIDVVHQ DOOH ZHVHQWOLFKHQ $XIJDEHQ GHV *UXQGEDXV 6LH VLQG GXUFKJlQJLJ XQG JOHLFKDUWLJ VWUXNWXULHUW (LQHP hEHUEOLFN IROJHQ MH ZHLOV GLH WHFKQLVFKHQ *UXQGODJHQ GLH GXUFK GLH YHUIDKUHQVWHFKQLVFKHQ 'HWDLOV HLQVFKOLHOLFK LKUHU EDXEHWULHEOLFKHQ XQG EDXZLUWVFKDIWOLFKHQ %HGHXWXQJ DEJHUXQGHW XQG HUJlQ]W ZHUGHQ 8P GHP /HVHU ]X HUP|JOLFKHQ VHOHNWLY .HQQWQLVVH ]X YHUWLHIHQ VLQG GLH HLQ]HOQHQ 9HUIDK UHQ VR YROOVWlQGLJ ZLH P|JOLFK EHVFKULHEHQ XQG 4XHUYHUZHLVH QXU EHJUHQ]W ]XU $QZHQGXQJ JHNRPPHQ $XI GLH (UOlXWHUXQJ HUGVWDWLVFKHU %HUHFKQXQJHQ ZXUGH NRQVHTXHQW YHU]LFKWHW 'LHV EHJUQ GHW VLFK HLQHUVHLWV DXV GHU ]XQHKPHQGHQ 9HUZLVVHQVFKDIWOLFKXQJ GHU 1RUPXQJ ZHOFKH GLH 1XW]XQJ GLHVEH]JOLFKHU /LWHUDWXU GLH LQ GHP HUZQVFKWHQ 0DH LQ]ZLVFKHQ DXFK IU GLH *HRWHFKQLN YHUIJEDU LVW HUIRUGHUOLFK PDFKW $QGHUHUVHLWV ZUGH GLH $NWXDOLWlW DQJHVLFKWV GHU QRFK QLFKW DEJHVFKORVVHQHQ )HVWOHJXQJ YRQ 7HLOVLFKHUKHLWVEHLZHUWHQ 6WUHX XQG )RUP IDNWRUHQ X D P QLFKW LQ GHU JHZQVFKWHQ 'DXHU JHJHEHQ VHLQ 'HU 6WRII ZLUG GXUFK ]DKOUHLFKH 7DEHOOHQ XQG %LOGHU HUJlQ]W 'LH /LWHUDWXUKLQZHLVH ZXUGHQ ]XU *HZlKUOHLVWXQJ ]JLJHQ =XJULIIV DP (QGH MHGHQ .DSLWHOV DXIJHQRPPHQ 'DV %XFK ZLUG DEJHVFKORVVHQ YRQ HLQHP %HUHFKQXQJVEHLVSLHO ZHOFKHV GLH LQ GHQ YRUDQJH JDQJHQHQ .DSLWHOQ YRUJHVWHOOWHQ 0HWKRGLNHQ XQG NDONXODWRULVFKHQ $QVlW]H DQKDQG GHU %H WUDFKWXQJ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH YHUGHXWOLFKW XQG NRQNUHWLVLHUW
%HJULIIH
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
3KDVHQ ZlKUHQG GHU %DXZHUNVHQWVWHKXQJ (LQ %DXYRUKDEHQ GXUFKOlXIW YRQ GHU ,GHH GHV %DXKHUUQ ELV ]XU $EQDKPH GHV %DXZHUNV IRO JHQGH 3KDVHQ %LOG
3URMHNWHQWZLFNOXQJ
3KDVH
3ODQXQJ .RQVWUXNWLRQ XQG *HQHKPLJXQJ
3KDVH
%DXYRUEHUHLWXQJ
3KDVH
%DXDXVIKUXQJ
$EQDKPH GHV %DXZHUNHV
%LOG
3KDVHQ GHV %DXDEODXIHV
,Q GLHVHP %XFK ZHUGHQ ,QIRUPDWLRQHQ ]XVDPPHQJHVWHOOW GLH GHU 3ODQHU LQ GHU 3KDVH EHQ| WLJW XP LQ $EKlQJLJNHLW YRP *UXQGZDVVHUVWDQG YRP %DXZHUN GHU *UQGXQJ GHU %DX ZHUNVXPJHEXQJ XQG GHU %RGHQDUW HLQ JHHLJQHWHV 9HUIDKUHQ ]X ZlKOHQ XQG ]X GLPHQVLRQLH UHQ =XVlW]OLFK VROOHQ IU GLH 3KDVH (PSIHKOXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ JHJHEHQ ZHUGHQ XP GLH JHVWHOOWHQ )RUGHUXQJHQ QDFK HLQHU HLQGHXWLJHQ XQG HUVFK|SIHQGHQ /HLVWXQJV EHVFKUHLEXQJ 92%$ 1U ]X HUIOOHQ
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
)U GLH $XIJDEHQ GHU EDXDXVIKUHQGHQ %HWULHEH LQQHUKDOE GHU 3KDVH $QJHERWVHUVWHOOXQJ XQG GHU 3KDVH %DXDXVIKUXQJ ZHUGHQ ,QIRUPDWLRQHQ ]XP %DXYHUIDKUHQ ]XU *HUlWHDXV ZDKO XQG ]XU /HLVWXQJV XQG .RVWHQEHUHFKQXQJ ]XVDPPHQJHVWHOOW
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lQGH 'HFNHQ 'DFK XQWHUJHJOLHGHUW 'DV $XIILQGHQ GHU HQGJOWLJHQ /| VXQJ VRZLH GLH (UVWHOOXQJ GHU HLQ]HOQHQ %DXZHUNVWHLOH ZHUGHQ LQ 7HLODXIJDEHQ XQWHUWHLOW %DXOHLVWXQJ 1DFKGHP GLH %DXZHUNVWHLOH XQG 0DWHULDOLHQ QDFK $UW XQG 8PIDQJ IHVWJHOHJW ZXUGHQ ZLUG GDV %DXZHUN GLH %DXOHLVWXQJ GXUFK HLQH /HLVWXQJVEHVFKUHLEXQJ LQ )RUP HLQHV /HLVWXQJV YHU]HLFKQLVVHV RGHU HLQHV /HLVWXQJVSURJUDPPV EHVFKULHEHQ $XI GLHVHU *UXQGODJH HUPLWWHOQ GLH EDXDXVIKUHQGHQ %HWULHEH HLQHQ 3UHLV 'LH /HLVWXQJVEHVFKUHLEXQJ PLW GHP GD]XJHK|UL JHQ 3UHLV LVW HLQ ZHVHQWOLFKHU %HVWDQGWHLO GHV %DXYHUWUDJHV ]ZLVFKHQ GHP $XIWUDJJHEHU %DXKHUU XQG GHP $XIWUDJQHKPHU %DXEHWULHE 7HLODXIJDEHQ GHU %DXOHLVWXQJ ZHUGHQ 7HLO OHLVWXQJHQ JHQDQQW 3UR]HVVH 'HU EDXDXVIKUHQGH %HWULHE PXVV ]XU 9HUZLUNOLFKXQJ GHU %DXOHLVWXQJ PHKUHUH )HUWLJXQJV SUR]HVVH GXUFKODXIHQ 'LH 3UR]HVVH ODVVHQ VLFK LQ PLWWHOEDU XQG XQPLWWHOEDU ]XU +HUVWHOOXQJ HLQHV %DXZHUNV GLHQHQGH 3UR]HVVH XQWHUWHLOHQ x +DXSWSUR]HVVH GLHQHQ XQPLWWHOEDU GHU 'XUFKIKUXQJ HLQHU 7HLODXIJDEH ] % +HUVWHOOHQ XQG (LQEDXHQ YRQ %HWRQ %RGHQYHUGLFKWXQJ 5DPPHQ GHU 6SXQGZDQG x 1HEHQSUR]HVVH GLHQHQ PLWWHOEDU GHU 'XUFKIKUXQJ HLQHU 7HLODXIJDEH ] % 6FKDOHQ x +LOIVSUR]HVVH VLQG 9RUDXVVHW]XQJ IU GLH 'XUFKIKUXQJ GHU +DXSW XQG 1HEHQSUR]HVVH ] % 7UDQVSRUW /DJHUXQJ 6FKXW]PDQDKPHQ %DXSUR]HVVH VLQG GXUFK LKUH LQVWDWLRQlUH $QZHQGXQJ JHNHQQ]HLFKQHW XQG LP $EODXI QLFKW YROOVWlQGLJ YRUKHUVHKEDU ,P (UG XQG 7LHIEDX ZLUG GLHV EHVRQGHUV GXUFK XQJHQDXH .HQQW QLVVH GHU %RGHQHLJHQVFKDIWHQ GHXWOLFK VLHKH 7DEHOOH
%HJULIIH
7DEHOOH
7\SLVFKH 3UR]HVVH GHV (UG XQG 7LHIEDXV >@
(UGEDX /|VHQ /DGHQ 7UDQVSRUWLHUHQ 9HUWHLOHQ (LQHEQHQ 9HUGLFKWHQ
6FKUIHQ 6FKQHLGHQ +DFNHQ 5HLHQ )UlVHQ *UHLIHQ
$XVKHEHQ $XVVWHLIHQ 5FNYHUDQNHUQ $EE|VFKHQ ,QML]LHUHQ 8PVFKOLHHQ 6LFKHUQ
*UDEHQ 5DPPHQ %RKUHQ 6FKOLW]HQ 9RUWUHLEHQ $EWHXIHQ $EVHQNHQ
(QWZlVVHUQ 9HUIHVWLJHQ 6LFKHUQ (QWQHKPHQ 'HSRQLHUHQ 6SOHQ 7LHIEDX 3XPSHQ (QWZlVVHUQ 'UXFNOXIW HU]HXJHQ .lOWH HU]HXJHQ )|UGHUQ +HEHQ 8PVHW]HQ (QWVWDXEHQ
%DXYHUIDKUHQ 9HUIDKUHQVWHFKQLN )HUWLJXQJVV\VWHP %DXYHUIDKUHQ 'DV %DXYHUIDKUHQ EHVFKUHLEW GLH 0HWKRGH E]Z GLH $UW XQG :HLVH ZLH HLQ %DXSUR]HVV GXUFKJHIKUW ZLUG (LQ %DXYHUIDKUHQ NHQQ]HLFKQHW GHQ ]HLWOLFKHQ $EODXI VRZLH GLH NDSD]LWD WLYH XQG UlXPOLFKH .RPELQDWLRQ YRQ 3URGXNWLRQVIDNWRUHQ 'LHVH )DNWRUHQ VLQG DXV EHWULHEV ZLUWVFKDIWOLFKHU 6LFKW LQ :HUNVWRIIH %HWULHEVPLWWHO 3HUVRQDOEHGDUI XQG OHLWHQGH $UEHLW JH JOLHGHUW x :HUNVWRIIH %DXVWRIIH HLQVFKOLHOLFK %RGHQ *UXQGZDVVHU %DXKLOIVVWRIIH %HWULHEV XQG 6FKPLHUVWRIIH x %HWULHEVPLWWHO*HUlWH
:HUN]HXJH IU GDV JHZHUEOLFKH 3HUVRQDO E]Z %DX 0DVFKL QHQ XQG *HUlWH
x 3HUVRQDOEHGDUI
7lWLJNHLW XQG $Q]DKO GHV JHZHUEOLFKHQ 3HUVRQDOV $.
x /HLWHQGH $UEHLW
7lWLJNHLW XQG $Q]DKO GHU $XIVLFKW 3ROLHU XQG GHU %DXVWHOOHQ OHLWXQJ %DXOHLWHU
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
9HUIDKUHQVWHFKQLN 'LH 9HUIDKUHQVWHFKQLN VWHOOW HLQH 0HWKRGH GDU HLQ %DXYHUIDKUHQ ]XU /|VXQJ HLQHV EDXWHFKQL VFKHQ 3UREOHPV ]X ILQGHQ 8UVSUQJOLFK NRPPW GLHVHU %HJULII DXV GHP %HUHLFK GHU &KHPLH ZR HLQ LP /DERU HQWZLFNHOWHV 9HUIDKUHQ LQ GHQ WHFKQLVFKHQ *UREHWULHE XPJHVHW]W ZLUG %HL GHU 9HUIDKUHQVWHFKQLN ZLUG LQ IROJHQGHQ 6FKULWWHQ YRUJHJDQJHQ x =HUOHJHQ HLQHV 9RUJDQJHV LQ 3UR]HVVH x 8QWHUVXFKHQ GHU 0HFKDQLN MHGHV HLQ]HOQHQ 3UR]HVVHV x %HVWLPPHQ GHU PDVFKLQHOOHQ (OHPHQWH GLH GLHVHQ 9RUJDQJ EHUQHKPHQ N|QQHQ x (QWZLFNHOQ E]Z $XVZlKOHQ GHU GD]XJHK|ULJHQ $QODJH %HL GHU hEHUWUDJXQJ GLHVHU 0HWKRGH DXI $XIJDEHQ GHV (UG XQG 7LHIEDXV HUJLEW VLFK IROJHQ GH 9RUJHKHQVZHLVH x =HUOHJHQ GHU 7HLODXIJDEHQ E]Z GHU 7HLOOHLVWXQJHQ LQ QRWZHQGLJH 3UR]HVVH JJI LQ 7HLO SUR]HVVH x $QDO\VH GHU 3UR]HVVH KLQVLFKWOLFK LKUHU P|JOLFKHQ ]HLWOLFKHQ NDSD]LWDWLYHQ XQG UlXPOL FKHQ $XVSUlJXQJ x $XVZDKO YRQ P|JOLFKHQ $UEHLWVJUXSSHQ *HUlWHQ XQGRGHU 0DVFKLQHQ DXI GHU *UXQGODJH GHU HUVWHQ EHLGHQ 3XQNWH x )HVWOHJXQJ GHU $UEHLWVJUXSSHQ *HUlWH XQGRGHU 0DVFKLQHQ XQWHU GHQ *HVLFKWVSXQNWHQ GHU TXDQWLWDWLYHQ TXDOLWDWLYHQ XQG ]HLWOLFKHQ 9HUWUDJVHUIOOXQJ :LUWVFKDIWOLFKNHLW 9HU IJEDUNHLW XQG VRQVWLJHU .ULWHULHQ )HUWLJXQJVV\VWHP :HQQ HLQ %DXYHUIDKUHQ ]XU 9HUZLUNOLFKXQJ HLQHU 7HLODXIJDEH JHIXQGHQ ZXUGH ZLUG GLHVHV 9HUIDKUHQ NRQNUHW IU GLH $QZHQGXQJ DXI GHU %DXVWHOOH DXVJHOHJW 'LHV EHGHXWHW GDVV MHGHU %HWULHEVSXQNW LQ GHP VLFK GLH YHUVFKLHGHQHQ )HUWLJXQJVSUR]HVVH YROO]LHKHQ VRZLH GDV 7HLO V\VWHP Ä7UDQVSRUW³ ]ZLVFKHQ GHQ HLQ]HOQHQ %HWULHEVSXQNWHQ NRQNUHW DXVJHELOGHW XQG KLQ VLFKWOLFK VHLQHU $XVVWDWWXQJ NRPSOHWWLHUW ZLUG
%HJULIIH
:HLWHUH EDXEHWULHEOLFKH %HJULIIH XQG $ENU]XQJHQ $*$1
$ENU]XQJHQ IU GLH LQ GHU 92% YHUZHQGHWHQ %HJULIIH GHV $XIWUDJJHEHUV E]Z GHV $XIWUDJQHKPHUV $OOJHPHLQH *HVFKlIWVNRVWHQ VLQG .RVWHQ IU GLH 9RUKDOWXQJ GHU /HLVWXQJVEHUHLWVFKDIW HLQHV 8QWHUQHKPHQV ] % .RVWHQ GHU NDXIPlQQLVFKHQ XQG WHFKQLVFKHQ $EWHLOXQJHQ *HElXGHNRVWHQ HWF 'LHVH .RVWHQ IOLHHQ DOV XPVDW]EH]RJHQH =XVFKOlJH LQ GLH 3UHLVELOGXQJ HLQ $XIZDQGVZHUW VLHKH /RKQDXIZDQGVZHUW $XVODVWXQJVJUDG HLQHV *HUlWHV EHVFKUHLEW GLH 5HODWLRQ LQ GHU HLQ *HUlW LQQHU KDOE GHU (LQVDW]]HLW XQWHU /DVW OlXIW RGHU VLFK LP 6WLOOVWDQG EHILQGHW 'HU $XVODVWXQJVJUDG LVW *UXQGODJH GHU (QHUJLHNRV WHQHUPLWWOXQJ DOV %HVWDQGWHLO GHU %HWULHEVNRVWHQ HLQHV *HUl WHV %DXJHUlWHOLVWH PLW GHU $ENU]XQJ %*/ EH]HLFKQHW LVW HLQH V\VWHPDWLVFKH (UIDVVXQJ GHU JlQJLJVWHQ %DXJHUlWH XQG LKUHU .HQQGDWHQ ] % 0RWRUOHLVWXQJ *HZLFKW $QVFKDIIXQJVSUHLV 1XW ]XQJVGDXHU 9RUKDOWHNRVWHQ HWF 'LH %*/ LVW *UXQGODJH GHU *HUlWHNRVWHQHUPLWWOXQJ IU GLH .DONXODWLRQ %DXKLOIVVWRIIH VLQG 6WRIIH GLH KLOIVZHLVH ]XU /HLVWXQJVHUEULQJXQJ HUIRUGHU OLFK VLQG XQG QLFKW LP %DXZHUN YHUEOHLEHQ ] % 6FKDOXQJ 5VWXQJ WHPSRUlU HLQJHVHW]WHU 9HUEDX HWF %DX]LQVHQ VLQG .RVWHQ GLH ]XU 9RUILQDQ]LHUXQJ GHU $XVJDEHQ HLQHU %DXVWHOOH GLHQHQ ELV ]XP (LQJDQJ GHU GXUFK GHQ %DXKHUUQ HUIROJWHQ =DKOXQJHQ %HVRQGHUH /HLVWXQJHQ PVVHQ LQ GHU /HLVWXQJVEHVFKUHLEXQJ DXVGUFNOLFK HUZlKQW ZHUGHQ IDOOV GHU $XIWUDJJHEHU GLHVH /HLVWXQJHQ IRUGHUW %HWULHEVNRVWHQ HLQHV *HUlWHV VLQG DOOH HLQHP *HUlW ]XJHRUGQHWHQ .RVWHQ EH]RJHQ DXI HLQH %HWULHEVVWXQGH %HWULHEVVWRIINRVWHQ 9RU KDOWHNRVWHQ XQG *HUlWHIKUHUNRVWHQ HWF %HWULHEVVWRIINRVWHQ HLQHV *HUlWHV VLQG 6WRIINRVWHQ IU (QHUJLH ] % 6WURP 'LH VHO *DV HWF 6FKPLHU XQG :DUWXQJVPLWWHO %HWULHEV]HLW HLQHV *HUlWHV LVW GLH =HLW GLH HLQ *HUlW LQQHUKDOE GHU (LQVDW]]HLW XQWHU /DVW OlXIW %*/ VLHKH %DXJHUlWHOLVWH (LQKHLWVSUHLV LVW GHU YHUWUDJOLFK IHVWJHOHJWH 3UHLV IU HLQH $EUHFKQXQJVHLQ KHLW HLQHU LQQHUKDOE HLQHU 3RVLWLRQ EHVFKULHEHQHQ 7HLOOHLVWXQJ (LQVDW]]HLW HLQHV *HUlWHV EHVFKUHLEW GLH =HLWGDXHU LQ GHU HLQ *HUlW IU HLQHQ $UEHLWVSUR]HVV HLQJHVHW]W ZLUG (LQ]HONRVWHQ GHU 7HLOOHLVWXQJHQ PLW GHU $ENU]XQJ (.7 VLQG .RVWHQ GLH LQ GHU .DONXODWLRQ GLUHNW HLQHU 7HLOOHLVWXQJ EHLP (LQKHLWVSUHLVYHUWUDJ HLQHU 3R VLWLRQ ]XJHRUGQHW ZHUGHQ N|QQHQ
(3 )UHPGOHLVWXQJVNRVWHQ *HUlWHNRVWHQ *HUlWHOHLVWXQJ
*HUlWHOLVWH
*HVDPWSUHLV *HZLQQ
*3 .RVWHQDUW
/HLVWXQJVYHU]HLFKQLV
/RKQDXIZDQGVZHUW /RKQNRVWHQ
/9 1HEHQOHLVWXQJHQ
3RVLWLRQ
6RQVWLJH .RVWHQ
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
VLHKH (LQKHLWVSUHLV VLQG .RVWHQ GLH GXUFK GHQ (LQVDW] HLQHV 1DFKXQWHUQHKPHUV DQIDOOHQ EHLQKDOWHQ GLH 9RUKDOWHNRVWHQ GHU *HUlWH LVW GLH GXUFKVFKQLWWOLFKH /HLVWXQJ HLQHV *HUlWHV ZlKUHQG HLQHV $UEHLWVSUR]HVVHV EH]RJHQ DXI HLQH %HWULHEVVWXQGH ] % GLH $XVKXEOHLVWXQJ HLQHV %DJJHUV PñK LVW HLQ +LOIVPLWWHO GHU .DONXODWLRQ XP GLH *HUlWHNRVWHQ IU GLH HLQ]HOQHQ 7HLOOHLVWXQJHQ RGHU IU GHQ =HLWUDXP GHU JH VDPWHQ %DXVWHOOH DOV 9RUEHUHLWXQJ GHU .DONXODWLRQ ]X HUIDV VHQ LVW GDV 3URGXNW DXV GHU HLQHU 3RVLWLRQ ]XJHK|UHQGHQ 0HQJH DXFK 9RUGHUVDW] JHQDQQW XQG GHP (LQKHLWVSUHLV LVW HLQH IU GLH 3UHLVELOGXQJ DQJHQRPPHQH =LHOJU|H GHV %DXVWHOOHQHUIROJHV 'HU *HZLQQ ZLUG DOV SUR]HQWXDOHU =X VFKODJ GHQ HUPLWWHOWHQ .RVWHQ ]XJHVFKODJHQ VLHKH *HVDPWSUHLV LVW HLQH IU GLH .DONXODWLRQ YRUJHQRPPHQH 8QWHUVFKHLGXQJ GHU .RVWHQ QDFK $UW LKUHU (QWVWHKXQJ ] % /RKQNRVWHQ *H UlWHNRVWHQ HWF LVW HLQH EHVWLPPWH )RUP GHU /HLVWXQJVEHVFKUHLEXQJ (V LVW GHU 6DPPHOEHJULII IU GLH 3RVLWLRQVWH[WH LQ GHQHQ GLH %DX OHLVWXQJ EHVFKULHEHQ ZLUG EHVFKUHLEW GHQ /RKQVWXQGHQYHUEUDXFK HLQHU 3UR]HVVHLQKHLW ] % 6FKDOHQ KPð LVW GLH LQ GHU .DONXODWLRQ YHUZHQGHWH .RVWHQDUW XQWHU GHU GLH /RKQNRVWHQ GHV JHZHUEOLFKHQ 3HUVRQDOV HUIDVVW ZHUGHQ 'LH VH HQWKDOWHQ DOOH /RKQEHVWDQGWHLOH GLH VLFK DXV GHQ JHVHW]OL FKHQ 9RUVFKULIWHQ XQG WDULIOLFKHQ 9HUHLQEDUXQJHQ HUJHEHQ $ENU]XQJ IU GDV /HLVWXQJVYHU]HLFKQLV JHK|UHQ DXFK RKQH EHVRQGHUH (UZlKQXQJ GHU /HLVWXQJVEH VFKUHLEXQJ ]XP YRP $XIWUDJQHKPHU JHVFKXOGHWHQ /HLV WXQJVXPIDQJ LVW GDV NOHLQVWH (OHPHQW HLQHV /HLVWXQJVYHU]HLFKQLVVHV (LQH 3RVLWLRQ HQWKlOW GHQ 3RVLWLRQVWH[W GHU GLH YRP $1 ]X HUEULQJHQGH 7HLOOHLVWXQJ EHVFKUHLEW GLH YRUDXVVLFKWOLFKH $E UHFKQXQJVPHQJH DXFK 9RUGHUVDW] JHQDQQW XQG GLH $EUHFK QXQJVHLQKHLW 'HU 8QWHUQHKPHU HUJlQ]W GLH 3RVLWLRQ PLW VHL QHP $QJHERW GXUFK =XRUGQXQJ HLQHV (LQKHLWVSUHLVHV XQG GHV *HVDPWSUHLVHV LVW HLQH .RVWHQDUW IU DOOH .RVWHQ GLH QLFKW GHQ DQGHUHQ LQ GHU .DONXODWLRQ YHUZHQGHWHQ .RVWHQDUWHQ ]X]XRUGQHQ VLQG ] % (LQEDXPDWHULDOLHQ 'HSRQLHJHEKUHQ HWF
'HU %DXYHUWUDJ XQG GLH /HLVWXQJVEHVFKUHLEXQJ
7RQQDJH 92% 9RUKDOWHNRVWHQ
9RUKDOWH]HLW
:DJQLV
LVW HLQH %H]HLFKQXQJ GHU EHL GHU %DXVWHOOHQHLQULFKWXQJ XQG 5lXPXQJ ]X WUDQVSRUWLHUHQGHQ *HZLFKWH LQ 7RQQHQ 9HUJDEH XQG 9HUWUDJVRUGQXQJ IU %DXOHLVWXQJHQ EHVWHKHQG DXV GHQ $EVFKQLWWHQ $ % XQG & DXFK DOV *HUlWHPLHWH EH]HLFKQHW VHW]HQ VLFK ]XVDPPHQ DXV GHQ .RVWHQEHVWDQGWHLOHQ $EVFKUHLEXQJ 9HU]LQVXQJ XQG 5H SDUDWXU EHVFKUHLEW LP 5HJHOIDOO GLH =HLWGDXHU YRP $QWUDQVSRUW ELV ]XP $EWUDQVSRUWWDJ HLQHV *HUlWHV 'LH 9RUKDOWH]HLW HQWKlOW QHEHQ GHU (LQVDW]]HLW QRFK =HLWDQWHLOH IU 5HSDUDWXU :DU WXQJ XQG 6WLOOVWDQG]HLWHQ DXI GHU %DXVWHOOH LVW GHU LQ GHU .DONXODWLRQ DQJHVHW]WH ZHUWPlLJH .RVWHQDQ VDW] ]XU $EGHFNXQJ QLFKW NRQNUHW HUIDVVEDUHU 5LVLNHQ GHU %DXVWHOOH
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lQ]W ,Q GHU 92%$ ZLUG JHUHJHOW ZLH HLQ 92%9HUWUDJ ]XVWDQGH NRPPW 'HU %DXKHUU HUVWHOOW QDFK 92%$ HLQH $XVVFKUHLEXQJ PLW GHQ IROJHQGHQ 9HUJDEHXQWHUOD JHQ x $QVFKUHLEHQ $EVDW]
$XIIRUGHUXQJ ]XU $QJHERWVDEJDEH 92%$ $EVFKQLWW 1U
x %HZHUEXQJVEHGLQJXQJHQ 92%$ $EVFKQLWW 1U x 9HUGLQJXQJVXQWHUODJHQ 92%$ $EVFKQLWW XQG 1U $EVDW] 1U 'HU DQELHWHQGH 8QWHUQHKPHU WUlJW IU GLH LQ GHU /HLVWXQJVEHVFKUHLEXQJ EHVFKULHEHQH %DXOHLVWXQJ HQWVSUHFKHQG GHP 9HUWUDJVW\S (LQKHLWVSUHLVYHUWUDJ E]Z 3DXVFKDOYHUWUDJ HLQHQ RGHU PHKUHUH 3UHLVH HLQ 'LH 3UHLVH VRZLH GLH $QHUNHQQXQJ GHU 7HLOH % XQG & GHU 9HUWUDJVRUGQXQJ ZHUGHQ GXUFK VHLQH 8QWHUVFKULIW EHVWlWLJW XQG DQ GHQ %DXKHUUQ EHUPLW WHOW 1DFK GHU $QQDKPH GHV $QJHERWHV =XVFKODJ GXUFK GHQ %DXKHUUQ ZLUG GLHVHV $QJHERW ]XP %DXYHUWUDJ ,Q GHU 92%% ZHUGHQ GLH 9HUWUDJVSDUWHLHQ DOV $XIWUDJJHEHU $* XQG $XIWUDJQHKPHU $1 EH]HLFKQHW $XV *UQGHQ GHU 1DFKZHLVEDUNHLW VROO GLH $XIWUDJVHU WHLOXQJ VFKULIWOLFK HUIROJHQ
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
'LH 9HUGLQJXQJVXQWHUODJHQ 5HJHOXQJHQ GHU 92% 'LH LQ GHU 92%$ $EVFKQLWW XQG EHVFKULHEHQHQ 9HUGLQJXQJVXQWHUODJHQ XQG VSlWH UHQ 9HUWUDJVXQWHUODJHQ JHOWHQ EHL :LGHUVSUFKHQ LQ GHU IROJHQGHQ 5HLKHQIROJH 92%% x /HLVWXQJVEHVFKUHLEXQJ /% x %HVRQGHUH 9HUWUDJVEHGLQJXQJHQ %9% x =XVlW]OLFKH 9HUWUDJVEHGLQJXQJHQ =9% x =XVlW]OLFKH 7HFKQLVFKH 9HUWUDJVEHGLQJXQJHQ =79 x $OOJHPHLQH 7HFKQLVFKH 9HUWUDJVEHGLQJXQJHQ $79 x $OOJHPHLQH 9HUWUDJVEHGLQJXQJHQ $9%
92%&
92%%
%HVWDQGWHLOH GHU 9HUGLQJXQJVXQWHUODJHQ /HLVWXQJVEHVFKUHLEXQJ 1DFK GHU 92%$ LVW HLQH /HLVWXQJVEHVFKUHLEXQJ LP $OOJHPHLQHQ PLW HLQHP /HLVWXQJV YHU]HLFKQLV /9 ]X HUVWHOOHQ $OWHUQDWLY NDQQ GLH /HLVWXQJVEHVFKUHLEXQJ DXFK PLW HLQHP /HLVWXQJVSURJUDPP HUIROJHQ
/HLVWXQJVEHVFKUHLEXQJ
7LWHOEODWW
%DXEHVFKUHLEXQJ
$QODJHQ ] % 3OlQH *XWDFKWHQ XVZ 7HFKQ 9RUEHPHUNXQJHQ /HLVWXQJVYHU]HLFKQLV 3RVLWLRQHQ
%LOG
*OLHGHUXQJ GHU /HLVWXQJVEHVFKUHLEXQJ /% QDFK 92%$ >@
'HU %DXYHUWUDJ XQG GLH /HLVWXQJVEHVFKUHLEXQJ
%HVRQGHUH 9HUWUDJVEHGLQJXQJHQ *HPl 92%$ $EVFKQLWW 1U $EVDW] VROOHQ %HVRQGHUH 9HUWUDJVEHGLQJXQJHQ QXU DQJHZDQGW ZHUGHQ ZHQQ HV GLH (LJHQDUW GHU /HLVWXQJ E]Z GLH $XVIKUXQJ HUIRUGHUQ 'LHVH %HGLQJXQJHQ ZHUGHQ GHPQDFK QXU EHL EHVRQGHUHQ 9HUKlOWQLVVHQ IU HLQ %DXZHUN JHUHJHOW XQG KDEHQ DXVVFKOLHOLFK IU GLHVHV %DXZHUN HLQH %HGHXWXQJ ] % =XIDKUWVZHJH 5HJHOXQJ EHU 9HU XQG (QWVRUJXQJVDQODJHQ $XVIKUXQJVIULVWHQ =XVlW]OLFKH 9HUWUDJVEHGLQJXQJHQ =XVlW]OLFKH 9HUWUDJVEHGLQJXQJHQ E]Z $OOJHPHLQH *HVFKlIWVEHGLQJXQJHQ ZHUGHQ L G 5 YRQ GHQ $XIWUDJJHEHUQ E]Z GHUHQ (UIOOXQJVJHKLOIHQ $UFKLWHNW ,QJHQLHXU DXIJHVWHOOW 'LH =XVlW]OLFKHQ 9HUWUDJVEHGLQJXQJHQ IRUPXOLHUHQ IU XQWHUVFKLHGOLFKH %DXYRUKDEHQ LPPHU ZLHGHUNHKUHQGH 9HUWUDJVUHJHOXQJHQ XQG ZHUGHQ LQ XQYHUlQGHUWHU )RUP EHL PHKUHUHQ 2EMHN WHQ DQJHZDQGW %HL GHU $XIVWHOOXQJ YRQ ]XVlW]OLFKHQ 9HUWUDJVEHGLQJXQJHQ PVVHQ GLH 5HJHOXQJHQ JHP %*% ]XU *HVWDOWXQJ UHFKWVJHVFKlIWOLFKHU 6FKXOGYHUKlOWQLVVH GXUFK $OOJHPHLQH *HVFKlIWVEHGLQJXQJHQ EHDFKWHW ZHUGHQ XP GLH ,QWHUHVVHQ GHU ]XNQIWLJHQ 9HUWUDJVSDUWQHU DQJHPHVVHQ ]X EHUFNVLFKWLJHQ :HUGHQ 9HUWUDJVNODXVHOQ YHUZHQGHW GLH QDFK GLHVHQ 5HJH OXQJHQ XQZLUNVDP VLQG EOHLEW GHU EULJH 9HUWUDJ GDYRQ XQEHUKUW $QVWDWW GHU XQZLUNVDPHQ .ODXVHO JLOW GLH HQWVSUHFKHQGH DOOJHPHLQH JHVHW]OLFKH 5HJHOXQJ E]Z GLH 5HJHOXQJ GHU 92%% =XVlW]OLFKH 7HFKQLVFKH 9HUWUDJVEHGLQJXQJHQ =XVlW]OLFKH 7HFKQLVFKH 9HUWUDJVEHGLQJXQJHQ ZHUGHQ QXU YHUHLQEDUW ZHQQ GLH 5HJHOXQJHQ GHU $OOJHPHLQHQ 7HFKQLVFKHQ 9HUWUDJVEHGLQJXQJHQ JHPl 92%& IU GLH /HLVWXQJVDQIRUGH UXQJHQ QLFKW DXVUHLFKHQ $OOJHPHLQH 7HFKQLVFKH 9HUWUDJVEHGLQJXQJHQ $OOJHPHLQH 9HUWUDJVEHGLQJXQJHQ 'LH $OOJHPHLQHQ 7HFKQLVFKHQ 9HUWUDJVEHGLQJXQJHQ XQG GLH $OOJHPHLQHQ 9HUWUDJVEHGLQ JXQJHQ VLQG LQ GHU 92%& E]Z 92%% JHUHJHOW 'HU =XVDPPHQKDQJ ]ZLVFKHQ 9HUGLQJXQJVXQWHUODJHQ XQG %DXYHUWUDJ LVW GHU IROJHQGHQ 'DU VWHOOXQJ ]X HQWQHKPHQ 'LH =LIIHUQ ELV HUJHEHQ GLH 5DQJIROJH GHU 9HUGLQJXQJVXQWHU ODJHQ QDFK 92%% 1U
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
%DXYHUWUDJ 9HUGLQJXQJVXQWHUODJHQ VR JHQDQQW ELV ]XP 9HUWUDJVDEVFKOXVV
$QJHERW
92%$ XQG 1U $EV XQG 1U ELV hEHUZLHJHQG WHFKQLVFKHU ,QKDOW
hEHUZLHJHQG UHFKWOLFKHU ,QKDOW
/HLVWXQJVEHVFKUHLEXQJ /%
%HVRQGHUHQ 9HUWUDJVEHGLQJXQJHQ %9%
=XVlW]OLFKH 7HFKQLVFKH
=XVlW]OLFKH 9HUWUDJVEHGLQJXQJHQ =9%
=XVFKODJ 92%$
9HUWUDJVEHGLQJXQJHQ =79 $OOJHPHLQH 7HFKQLVFKH
$OOJHPHLQH 9HUWUDJVEHGLQJXQJHQ 92%%
9HUWUDJVEHGLQJHQ $79 %LOG
%DXYHUWUDJ ELV LVW GLH 5DQJIROJH GHU 9HUGLQJXQJVXQWHUODJHQ QDFK 1U 92%% >@
$QIRUGHUXQJHQ DQ GLH /HLVWXQJVEHVFKUHLEXQJ 'LH /HLVWXQJVEHVFKUHLEXQJ HLQHV %DXZHUNHV ELOGHW GLH *UXQGODJH GHU 3UHLVELOGXQJ LQ GHU $QJHERWVSKDVH XQG EHVWLPPW QDFK GHU $XIWUDJVYHUJDEH GDV YRP 8QWHUQHKPHU ]X HUEULQJHQ GH /HLVWXQJVVROO 'DV /HLVWXQJVVROO OHJW GHQ /HLVWXQJVXPIDQJ XQG GLH 4XDOLWlW GHU /HLVWXQJ IHVW 'LH /HLVWXQJVEHVFKUHLEXQJ LVW GHPQDFK QHEHQ GHQ EULJHQ 9HUWUDJVEHGLQJXQJHQ GHU EHGHXWHQGVWH 9HUWUDJVEHVWDQGWHLO 1DFK 92%$ 1U ELV LVW GLH /HLVWXQJ HLQGHXWLJ XQG HUVFK|SIHQG ]X EHVFKUHLEHQ VR GDVV DOOH %HZHUEHU GLH %HVFKUHLEXQJ LP JOHLFKHQ 6LQQH YHUVWHKHQ XQG LKUH 3UHLVH VLFKHU XQG RKQH XPIDQJUHLFKH 9RUDUEHLWHQ EHUHFKQHQ N|QQHQ 'HP $XIWUDJQHKPHU GDUI NHLQ XQJH Z|KQOLFKHV :DJQLV DXIJHEUGHW ZHUGHQ IU QLFKW ]X EHHLQIOXVVHQGH 8PVWlQGH XQG (UHLJQLV VH GHUHQ (LQZLUNXQJ DXI GLH 3UHLVH XQG )ULVWHQ QLFKW LP 9RUDXV DEVFKlW]EDU VLQG =XGHP VLQG DOOH 8PVWlQGH GLH GLH /HLVWXQJHQ EHHLQIOXVVHQ IHVW]XVWHOOHQ XQG LQ GHQ 9HUJDEH XQG 9HUWUDJVRUGQXQJ DQ]XJHEHQ )U GDV $XIVWHOOHQ HLQHU /HLVWXQJVEHVFKUHLEXQJ JHOWHQ GLH $OO JHPHLQHQ 7HFKQLVFKHQ 9HUWUDJVEHGLQJXQJHQ IU %DXOHLVWXQJHQ GHU 92%& 'LHVH *UXQGVlW ]H ZHUGHQ LQ GHP IU |IIHQWOLFKH $XIWUDJJHEHU JHOWHQGHQ 9HUJDEH+DQGEXFK >@ ZLH IROJW HUZHLWHUW x 'LH /HLVWXQJ PXVV HLQGHXWLJ YROOVWlQGLJ WHFKQLVFK ULFKWLJ XQG RKQH XQJHZ|KQOLFKHV :DJQLV IU GLH %LHWHU EHVFKULHEHQ ZHUGHQ x (LQH /HLVWXQJVEHVFKUHLEXQJ LVW HLQGHXWLJ ZHQQ VLH $UW XQG 8PIDQJ GHU JHIRUGHUWHQ /HLV WXQJHQ PLW DOOHQ PDJHEHQGHQ %HGLQJXQJHQ ] % 4XDOLWlW %HDQVSUXFKXQJVJUDG WHFKQL VFKH XQG EDXSK\VLNDOLVFKH %HGLQJXQJHQ (UVFKZHUQLVVH EHVRQGHUH $XVIKUXQJVEHGLQ JXQJHQ 5HJHOQ ]XU (UPLWWOXQJ GHV /HLVWXQJVXPIDQJV ]ZHLIHOVIUHL HUNHQQHQ OlVVW XQG NHLQH :LGHUVSUFKH LQ VLFK ]X GHQ 3OlQHQ RGHU DQGHUHQ YHUWUDJOLFKHQ 5HJHOXQJHQ HQW KlOW
'HU %DXYHUWUDJ XQG GLH /HLVWXQJVEHVFKUHLEXQJ
x (LQH /HLVWXQJVEHVFKUHLEXQJ LVW YROOVWlQGLJ ZHQQ VLH $UW XQG =ZHFN GHV %DXZHUNV E]Z GHU /HLVWXQJ $UW XQG 8PIDQJ DOOHU HUIRUGHUOLFKHQ 7HLOOHLVWXQJHQ XQG DOOH VSH]LILVFKHQ %HGLQJXQJHQ XQG $QIRUGHUXQJHQ GDUVWHOOW x (LQH /HLVWXQJVEHVFKUHLEXQJ LVW WHFKQLVFK ULFKWLJ ZHQQ VLH $UW 4XDOLWlW XQG 0RGDOLWlWHQ GHU $XVIKUXQJ GHU JHIRUGHUWHQ /HLVWXQJHQ HQWVSUHFKHQG GHQ DQHUNDQQWHQ 5HJHOQ GHU 7HFKQLN GHQ $OOJHPHLQHQ 7HFKQLVFKHQ 9HUWUDJVEHGLQJXQJHQ RGHU HWZDLJHQ OHLVWXQJV XQG SURGXNWLRQVVSH]LILVFKHQ 9RUJDEHQ ]XWUHIIHQG IHVWOHJW x 'LH /HLVWXQJVEHVFKUHLEXQJ GDUI NHLQH XQJHZ|KQOLFKHQ 5LVLNHQ HQWKDOWHQ ,QVEHVRQGHUH GUIHQ GHP $XIWUDJQHKPHU NHLQH $XIJDEHQ GHU 3ODQXQJ XQG GHU %DXYRUEHUHLWXQJ GLH MH QDFK $UW GHU /HLVWXQJVEHVFKUHLEXQJ GHP $XIWUDJJHEHU REOLHJHQ EHUEUGHW XQG NHLQH *DUDQWLHQ IU GLH 9ROOVWlQGLJNHLW GHU /HLVWXQJVEHVFKUHLEXQJ DEYHUODQJW ZHUGHQ
$OOJHPHLQH *HVFKlIWVEHGLQJXQJHQ 6SH]LDOWLHIEDX $*%6SH]LDOWLHIEDX 'LH $QZHQGXQJ GHU $OOJHPHLQHQ 7HFKQLVFKHQ 9HUWUDJVEHGLQJXQJHQ 92%& XQG GHU $OO JHPHLQHQ 9HUWUDJVEHGLQJXQJHQ 92%% VLQG EHL 6SH]LDOWLHIEDXOHLVWXQJHQ QXU EHGLQJW JH HLJQHW 'HVKDOE ZXUGHQ YRP +DXSWYHUEDQG GHU 'HXWVFKHQ %DXLQGXVWULH GLH Ä$OOJHPHLQHQ *HVFKlIWVEHGLQJXQJHQ 6SH]LDOWLHIEDX $*%6SH]LDOWLHIEDX ³ HQWZLFNHOW 'LH $*% 6SH]LDOWLHIEDX VHW]HQ VLFK DXV IROJHQGHQ 7HLOHQ ]XVDPPHQ x $OOJHPHLQH %HGLQJXQJHQ IU GHQ 6SH]LDOWLHIEDX $% x $OOJHPHLQH 7HFKQLVFKH %HGLQJXQJHQ IU 6SH]LDOWLHIEDXDUEHLWHQ $7% x 6SH]LHOOH 7HFKQLVFKH %HGLQJXQJHQ IU 6SH]LDOWLHIEDXDUEHLWHQ 67% 'LH $*%6SH]LDOWLHIEDX VWHKHQ $UEHLWJHEHU XQG $UEHLWQHKPHU VHLW -DQXDU IU LQVJH VDPW 8QWHUVSDUWHQ ]XU 9HUIJXQJ x 67%6: 6FKOLW]ZDQGDUEHLWHQ x 67%':( 'LFKWZDQGDUEHLWHQ LP (LQPDVVHQYHUIDKUHQ x 67%%3
%RKU %RKUSIDKO XQG %RKUSIDKOZDQGDUEHLWHQ
x 67%2%5 2UWEHWRQUDPPSIlKOH x 67%)53
)HUWLJUDPPSIlKOH DXV 6WDKOEHWRQ
x 67%556
5DPP XQG 5WWHODUEHLWHQ PLW 6WDKOSURILOHQ
x 67%79' 7LHIHQYHUGLFKWXQJVDUEHLWHQ x 67%(
(LQSUHVVDUEHLWHQ ,QMHNWLRQVDUEHLWHQ
x 67%+',
+RFKGUXFNLQMHNWLRQVDUEHLWHQ
x 67%9$
9HUSUHVVDQNHUDUEHLWHQ
x 67%:+
:DVVHUKDOWXQJVDUEHLWHQ
x 67%9%$ 9HUEDXDUEHLWHQ PLW $XVIDFKXQJ :HQQ VLFK GHU $UEHLWJHEHU ]XU hEHUQDKPH GHU $*%6SH]LDOWLHIEDX HQWVFKHLGHW HUKDOWHQ GLHVH %HGLQJXQJHQ 9RUUDQJ YRU GHU 92%% XQG GHU 92%&
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
%HVWDQGWHLOH GHU /HLVWXQJVEHVFKUHLEXQJ 'HU .HUQ GHU /HLVWXQJVEHVFKUHLEXQJ ELOGHW HLQ QDFK 3RVLWLRQHQ XQG *HZHUNHQ JHJOLHGHUWHV /HLVWXQJVYHU]HLFKQLV /9 ,Q GHU 5HJHO ZLUG GDV /9 GXUFK HLQH %DXEHVFKUHLEXQJ PLW HLQHU DOOJHPHLQHQ ]XVDPPHQIDVVHQGHQ 'DUVWHOOXQJ GHU %DXDXIJDEH HUJlQ]W 8P GHP 8QWHUQHK PHU NHLQ XQJHZ|KQOLFKHV :DJQLV DXI]XEUGHQ 92%$ 1U ZHUGHQ ]XVlW]OLFK GLH ]X EHDFKWHQGHQ 5DQGEHGLQJXQJHQ EHVFKULHEHQ x =XIDKUWVP|JOLFKNHLW x (LQ]XKDOWHQGH *UHQ]ZHUWH IU 6FKDOO XQG 9LEUDWLRQ x (LQVFKUlQNXQJ GHU WlJOLFKHQ XQG Z|FKHQWOLFKHQ $UEHLWV]HLW x 6WDQGRUWH GHU %DXVWHOOHQHLQULFKWXQJ XQG /DJHUSOlW]H x *HIlKUGHWH 1DFKEDUEHEDXXQJ x $QJDEHQ ]XP %DXDEODXI x :DVVHUVWlQGH :HLWHUH ,QIRUPDWLRQHQ ]X GHQ ,QKDOWHQ GHU /HLVWXQJVEHVFKUHLEXQJ VLQG LQ GHQ ',11RUPHQ ELV XQG LQ GHU 92%& HQWKDOWHQ
9HUIDKUHQVSODQXQJ (LQOHLWXQJ %DXDXIJDEHQ E]Z EDXEHWULHEOLFKH 3UR]HVVH ODVVHQ VLFK LQ GHU 5HJHO QDFK PHKUHUHQ YHUVFKLH GHQDUWLJHQ WHFKQRORJLVFKHQ 9HUIDKUHQ DEZLFNHOQ :lKUHQG GHU (QWVWHKXQJVSKDVHQ HLQHV %DXZHUNHV LVW HV WHLOZHLVH QRWZHQGLJ (QWVFKHLGXQJHQ EH]JOLFK GHU 9HUZHQGXQJ HLQHV P|JOLFKHQ 9HUIDKUHQV ]X WUHIIHQ 'LHVHV $XIJDEHQIHOG VROO QDFKIROJHQG DP %HLVSLHO HLQHV *UQGXQJVSUREOHPV HUOlXWHUW ZHUGHQ x 'LH 3ODQXQJVSKDVH EHLQKDOWHW GLH $XVZDKO HLQHU *UQGXQJVDUW ZLH )OlFKHQJUQGXQJ (LQ]HO 6WUHLIHQIXQGDPHQWH RGHU 6RQGHUJUQGXQJHQ ZLH ] % 3IlKOH GLH XQWHUVFKLHGOL FKH 5HDNWLRQHQ KLQVLFKWOLFK GHV 6HW]XQJV XQG 9HUGUHKXQJVYHUKDOWHQV HUZDUWHQ OlVVW $XHUGHP GLIIHULHUW GLH 0HQJH DQ %HWRQ 6FKDOXQJ VRZLH %HZHKUXQJ ZHOFKH ]XU $XV IKUXQJ GHU YHUVFKLHGHQHQ *UQGXQJVDUWHQ EHQ|WLJW ZLUG 'HVKDOE VLQG GLH .RVWHQ HLQHV 9HUIDKUHQV VFKRQ LQ GLHVHU 3KDVH YRQ %HGHXWXQJ x ,Q GHU 9RUEHUHLWXQJVSKDVH JLOW HV GLH /HLVWXQJVEHVFKUHLEXQJ VR ]X JHVWDOWHQ GDVV DXI 8QWHUQHKPHUVHLWH HLQ P|JOLFKVW RSWLPLHUWHV WHFKQRORJLVFKHV 9HUIDKUHQ DQJHERWHQ ZHUGHQ NDQQ GDPLW GHU $QELHWHU LP 9HUJOHLFK ]X NRQNXUULHUHQGHQ %HWULHEHQ LQ %H]XJ DXI 4XDOL WlW XQG $QJHERWVSUHLV EHVWHKHQ NDQQ XQG GHU 1DFKIUDJHQGH HLQ JQVWLJHV $QJHERW HUKlOW x 1DFK $XIWUDJVHUWHLOXQJ EHVWHKW GLH $XIJDEH GHU %DXXQWHUQHKPXQJ XQWHU %HUFNVLFKWL JXQJ GHU LP %DXYHUWUDJ IHVWJHKDOWHQHQ 5DQGEHGLQJXQJHQ LQ GHU )LQGXQJ HLQHU GHU %DX DXIJDEH JHUHFKW ZHUGHQGHQ 9HUIDKUHQVO|VXQJ
9HUIDKUHQVSODQXQJ
-HGH (QWVFKHLGXQJ IU HLQ 9HUIDKUHQ ZlKUHQG GHU R J 3KDVHQ EHGDUI HLQHU 9RUEHUHLWXQJ +LHUEHL LVW IHVW]XKDOWHQ GDVV HLQH 9LHO]DKO YRQ JHWURIIHQHQ (QWVFKHLGXQJHQ DXI (UIDKUXQJV ZHUWHQ EDVLHUW 'LHVH 0HWKRGH NDQQ DOV KLQUHLFKHQG JHQDX DQJHVHKHQ ZHUGHQ ZHQQ GLH (QW VFKHLGXQJVWUlJHU EHU GLH QRWZHQGLJH (UIDKUXQJ YHUIJHQ RGHU GDV 3URMHNW DXIJUXQG VHLQHV JHULQJHQ %DXYROXPHQV NHLQH GHWDLOOLHUWH %HDUEHLWXQJ VLQQYROO HUVFKHLQHQ OlVVW $XFK XQWHU GHP *HVLFKWVSXQNW GHU DQJHVSDQQWHQ 3HUVRQDOVLWXDWLRQ YLHOHU %DXEHWULHEH VRZLH GHU RIWPDOV JHIRUGHUWHQ NXU]HQ =HLWHQ IU GLH %DXYRUEHUHLWXQJ JHOLQJW HLQH WHUPLQJHUHFKWH %HZlOWLJXQJ LQ GHU 0HKU]DKO GHU )lOOH QXU PLW +LOIH HLQIDFKHU (QWVFKHLGXQJVNULWHULHQ 1HEHQ GLHVHQ DOOWlJOLFK ZDKU]XQHKPHQGHQ $XIJDEHQ GUlQJHQ VLFK DOOHUGLQJV DXFK 0HWKRGHQ DXI GLH DXV GHP EOLFKHQ 5DKPHQ IDOOHQ XQG HLQHQ IHKOHQGHQ :LVVHQV E]Z (UIDKUXQJVVWDQG RIIHQ OHJHQ -HQH NRPSOLNDWLRQVEHKDIWHWHQ )lOOH JLOW HV HLQHU JHQDXHUHQ %HWUDFKWXQJVZHLVH ]X XQWHU]LHKHQ XP GLH 6XFKH QDFK GHP JHHLJQHWVWHQ 9HUIDKUHQ HUIROJUHLFK ]X JHVWDOWHQ ,P ZHL WHUHQ 9HUODXI VROO QXQ HLQ :HJ DXIJH]HLJW ZHUGHQ ZLH GLH (QWVFKHLGXQJVWUlJHU MH QDFK (U IDKUXQJ GXUFK V\VWHPDWLVFKH 9HUIDKUHQVSODQXQJ DXFK VHOWHQ YHUZHQGHWH XQG VFKZLHULJH .UL WHULHQ HLQEH]LHKHQ N|QQHQ
6FKULWWH GHU 9HUIDKUHQVSODQXQJ 9RUJHKHQVZHLVH EHL GHU 9HUIDKUHQVSODQXQJ =XU 'XUFKIKUXQJ GHU 9HUIDKUHQVSODQXQJ HUZHLVW VLFK HLQH 9RUJHKHQVZHLVH LQ GUHL 6FKULWWHQ DOV VLQQYROO VLHKH %LOG 6FKULWWH GHU 9HUIDKUHQVSODQXQJ
6FKULWW 9HUIDKUHQV DXVZDKO
6FKULWW
6FKULWW
%LOG
6FKULWWH GHU 9HUIDKUHQVSODQXQJ
9HUIDKUHQVYHUJOHLFK 3UIHQ GHU 9HUIDKUHQVHLJQXQJ
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
x 'DQDFK ZHUGHQ ]XQlFKVW DOOH WKHRUHWLVFK P|JOLFKHQ 9HUIDKUHQ GDKLQJHKHQG EHUSUIW RE VLH VlPWOLFKH .ULWHULHQ ]XU 9HUIDKUHQVHLJQXQJ HUIOOHQ x 'LH YHUEOLHEHQHQ 9HUIDKUHQ ZHUGHQ DQKDQG YRQ HLQKHLWOLFKHQ %HZHUWXQJVPDVWlEHQ IU HLQHQ 9HUJOHLFK EHZHUWHW x $EVFKOLHHQG HUIROJW GLH $XVZDKO GHV JHHLJQHWVWHQ 9HUIDKUHQV DXI GHU *UXQGODJH HLQHV 9HUIDKUHQVYHUJOHLFKHV 9HUIDKUHQVHLJQXQJ 'HU 3UR]HVV GHU )HVWVWHOOXQJ GHU 9HUIDKUHQVHLJQXQJ EHVFKUHLEW LP :HVHQWOLFKHQ HLQH WHFKQL VFKH $QDO\VH XP HLQ RGHU PHKUHUH 9HUIDKUHQ DXI LKUH 7DXJOLFKNHLW KLQVLFKWOLFK GHU /|VXQJ HLQHU %DXDXIJDEH E]Z HLQHU 7HLODXIJDEH ]X EHUSUIHQ (LQ 9HUIDKUHQ ZLUG IU GLH ZHLWHUH 3ODQXQJ HUVW GDQQ KHUDQJH]RJHQ ZHQQ DOOH DXV GHP %DXSURMHNW KHUUKUHQGHQ 5DQGEHGLQ JXQJHQ HUIOOW VLQG 'DV (UJHEQLV GLHVHU hEHUSUIXQJ VSLHJHOW DOOHUGLQJV QLFKW GLH )LQGXQJ GHV JHHLJQHWVWHQ 9HUIDKUHQV ZLHGHU VRQGHUQ IKUW ]X PHKUHUHQ WHFKQLVFK P|JOLFKHQ 'XUFK IKUXQJVYDULDQWHQ 8P GLH )UDJH EHDQWZRUWHQ ]X N|QQHQ RE HLQ 9HUIDKUHQ JHHLJQHW LVW HPS ILHKOW HV VLFK GLH 'XUFKIKUXQJ HLQHU 3UIXQJ DXI 9HUIDKUHQVHLJQXQJ ]ZHLVWXILJ DEODXIHQ ]X ODVVHQ 9HUIDKUHQVXQDEKlQJLJH 6WXIH x =XVDPPHQVWHOOXQJ VlPWOLFKHU .ULWHULHQ GLH YRQ DOOHQ 9HUIDKUHQ ]XU 8PVHW]XQJ GHU NRQ NUHWHQ %DXDXIJDEH HLQ]XKDOWHQ VLQG 9HUIDKUHQVDEKlQJLJH 6WXIH x %HQHQQXQJ GHV DXI (LJQXQJ ]X SUIHQGHQ 9HUIDKUHQV x hEHUVFKOlJLJH 'LPHQVLRQLHUXQJ GHU %DXSUR]HVVH GLH IU GLH 'XUFKIKUXQJ QRWZHQGLJ VLQG VRZLH JJI (UJlQ]XQJ GHU XQWHU HUZlKQWHQ .ULWHULHQ x hEHUVFKOlJLJH 'LPHQVLRQLHUXQJ GHV 9HUIDKUHQV x %HXUWHLOXQJ RE GLH DXIJHVWHOOWHQ .ULWHULHQ YRQ GHP XQWHUVXFKWHQ 9HUIDKUHQ HUIOOW ZHU GHQ x (QWVFKHLGXQJ EHU GHQ $XVVFKOXVV RGHU GLH (PSIHKOXQJ HLQHV 9HUIDKUHQV EH]JOLFK GHU =XODVVXQJ ]XP 9HUIDKUHQVYHUJOHLFK 1DFKIROJHQG ZHUGHQ P|JOLFKH DXV GHU %DXDXIJDEH HQWVWHKHQGH XQG DOOJHPHLQJOWLJH .ULWH ULHQ JHQDQQW $XV GHU %DXDXIJDEH KHUUKUHQGH .ULWHULHQ =XU )LQGXQJ GLHVHU .ULWHULHQ PXVV GLH %DXDXIJDEH GDKLQJHKHQG XQWHUVXFKW ZHUGHQ ZHOFKH (LQIOVVH GXUFK GDV %DXYRUKDEHQ VHOEVW RGHU GXUFK GDV UHDOH UHFKWOLFKH XQG YHUWUDJOLFKH 8PIHOG JHJHEHQ VLQG %HUHLFKH DXV GHQHQ VROFKH (LQIOVVH KHUUKUHQ N|QQHQ ] % VHLQ x 'DV %DXZHUN VRZLH VHLQH .RQVWUXNWLRQ HLQVFKOLHOLFK GHU *UQGXQJ XQG GHU %DXZHUNV QXW]XQJ
9HUIDKUHQVSODQXQJ
x 'DV %DXIHOG XQG VHLQH 8PJHEXQJ x 'HU %RGHQ XQG GDV *UXQGZDVVHU x *HVHW]OLFKH 5DKPHQEHGLQJXQJHQ x 9HUWUlJH )U GLHVH (LQIOXVVEHUHLFKH JLOW HV ]X XQWHUVXFKHQ RE KLHUDXV 5DQGEHGLQJXQJHQ ] % IU GLH %DXJUXQGYHUEHVVHUXQJ KHUUKUHQ GLH EHL GHU 9HUIDKUHQVDXVZDKO ]X EHUFNVLFKWLJHQ VLQG ([LVWLHUHQ VROFKH 5DQGEHGLQJXQJHQ VR VROOWHQ GDIU P|JOLFKVW NRQNUHWH EHZHUWEDUH GXUFK GDV %DXYHUIDKUHQ HLQ]XKDOWHQGH .ULWHULHQ JHVFKDIIHQ ZHUGHQ ,Q 7DEHOOH VLQG IU GLH R J (LQIOXVVEHUHLFKH P|JOLFKH 5DQGEHGLQJXQJHQ XQG .ULWHULHQ ]XVDPPHQJHVWHOOW 7DEHOOH
5DQGEHGLQJXQJHQ XQG .ULWHULHQ IU P|JOLFKH (LQIOXVVEHUHLFKH
0LW GHU %DXDXIJDEH LP =X VDPPHQKDQJ VWHKHQGH (LQ IOXVVEHUHLFKH
$XV GHQ (LQIOXVVEHUHLFKHQ KHUUKUHQGH 5DKPHQEHGLQ JXQJHQ
%DXZHUNVNRQVWUXNWLRQ HLQVFKO ,Q GHQ %RGHQ DE]XOHLWHQGH GHU YRUJHVHKHQHQ *UQGXQJV .UlIWH DUW VRZLH GHU %DXZHUNVQXW]XQJ 6HW]XQJHQ 9HUGUHKXQJHQ XQG 9HUIRUPXQJHQ %DXIHOG XQG |UWOLFKH *HJHEHQ *HOlQGHYHUKlOWQLVVH KHLWHQ 8QWHUJUXQG 9RUKDQGHQH 1DFKEDU EHEDXXQJ =XIDKUWVZHJH *U|H GHV %DXIHOGHV gIIHQWOLFKHU 9HUNHKU %RGHQ XQG *UXQGZDVVHU
%HVFKUHLEXQJ GHV DQ VWHKHQGHQ %RGHQV %HXUWHLOXQJ GHV %RGHQV LQ %H]XJ DXI %HDUEHLWXQJV P|JOLFKNHLWHQ *UXQGZDVVHU
9HUWUlJH
7HUPLQH :HUGHQ ]HLWJOHLFK PLW GHU %RGHQYHUEHVVHUXQJ DQGHUH %DXSUR]HVVH GXUFKJHIKUW :LUG GDV %DXIHOG GXUFK 9HUHLQEDUXQJHQ LP %DX YHUWUDJ HLQJHHQJW %HVFKUHLEXQJ GHU WlJOLFKHQ XQG Z|FKHQWOLFKHQ $UEHLWV]HLWHQ
*HVHW]OLFKH 5DKPHQEHGLQJXQ JHQ
)U GLH 9HUIDKUHQVDXVZDKO ]X EHDFK WHQGH .ULWHULHQ $XIQHKPEDUH %RGHQSUHVVXQJHQ )HVWOHJXQJ GHU PD[ ]XOlVVLJHQ 6HW]XQJHQ 9HUGUHKXQJHQ XQG 9HUIRUPXQJHQ 1HLJXQJHQ (EHQKHLW %HIDKUEDUNHLW 6FKDOOJUHQ]ZHUW RGHU 9LEUDWLRQVJUHQ]ZHUWH $UW XQG $EPHVVXQJHQ 9RUKDQGHQHU 3ODW] IU 0DWHULDO XQG *HUlWH (YHQWXHOOH %HKLQGHUXQJHQ ] % EHL $Q RGHU $EWUDQVSRUW %RGHQPHFKDQLVFKH .HQQZHUWH (LQWHLOXQJ LQ %HDUEHLWXQJVNODVVHQ ] % QDFK ',1 LQ GLH .ODVVHQ ELV *UXQGZDVVHUVWlQGH PD[ $EVHQNP|JOLFKNHLWHQ (QWQDKPHP|JOLFKNHLWHQ (LQ]XKDOWHQGH %DX]HLWHQ -DKUHV]HLW GHU %RGHQYHUEHVVHUXQJ 6LQG %HKLQGHUXQJHQ GDUDXV ]X HUZDUWHQ 6LQG %HKLQGHUXQJHQ GDUDXV ]X HUZDUWHQ (LQ RGHU 0HKUVFKLFKWEHWULHE :RFKHQ HQGDUEHLW hEHUVWXQGHQ P|JOLFK
$OOJHPHLQJOWLJH .ULWHULHQ 'LH DOOJHPHLQJOWLJHQ .ULWHULHQ VLQG DEKlQJLJ YRQ GHP MHZHLOLJHQ =LHOV\VWHP 'DEHL NDQQ HLQH RSWLPDOH $EZLFNOXQJ HLQHV %DXDXIWUDJHV DOV UHOHYDQWHV 2EHU]LHO DQJHVHKHQ ZHUGHQ
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
)U HLQH ZHLWHUH 8QWHUJOLHGHUXQJ N|QQHQ IROJHQGH 7HLO]LHOH XQG GDUDXV KHUJHOHLWHWH EHZHUW EDUH .ULWHULHQ IRUPXOLHUW ZHUGHQ 7HLO]LHOH x :LUWVFKDIWOLFKNHLW x /HLVWXQJVIlKLJNHLW x 2UJDQLVDWRULVFKH (LJQXQJ x 8QIDOOVLFKHUKHLW x 8PZHOWEHHLQWUlFKWLJXQJ
0|JOLFKH .ULWHULHQ .RVWHQ %DX]HLW /HLVWXQJVPHQJH=HLWHLQKHLW 9HUIJEDUNHLW YRQ 6SH]LDOJHUlWHQ 6LWXDWLRQVEHGLQJW 6LWXDWLRQVEHGLQJW
9HUIDKUHQVYHUJOHLFK XQG 9HUIDKUHQVDXVZDKO $OOJHPHLQHV 8QWHU 9HUIDKUHQVYHUJOHLFK ZLUG KLHU GLH (UPLWWOXQJ YRQ (QWVFKHLGXQJVKLOIHQ YHUVWDQGHQ DQKDQG GHUHU DXV PHKUHUHQ JHHLJQHWHQ 9HUIDKUHQ GDV JHHLJQHWVWH DXVJHZlKOW ZHUGHQ NDQQ 'LH 9HUIDKUHQVDXVZDKO EHGHXWHW GLH (QWVFKHLGXQJVILQGXQJ DXI GHU *UXQGODJH GHU LP 9HUIDK UHQVYHUJOHLFK HQWZLFNHOWHQ (QWVFKHLGXQJVKLOIH 'HU 8PIDQJ E]Z GLH 7LHIH GHV 9HUIDKUHQV YHUJOHLFKV ULFKWHW VLFK VLFKHUOLFK QDFK GHU %HGHXWXQJ GHU 9HUIDKUHQ DP *HVDPWREMHNW 6R ZLUG PDQ VLFK LP 5HJHOIDOO DXI (QWVFKHLGXQJVKLOIHQ EHVFKUlQNHQ GLH GLH =LHOJU|H Ä:LUW VFKDIWOLFKNHLW³ EHUFNVLFKWLJHQ 'DUEHU KLQDXV N|QQHQ DEHU DXFK GLH DQGHUHQ JHQDQQWHQ =LHOJU|HQ ZLH ] % /HLVWXQJVIlKLJNHLW RUJDQLVDWRULVFKH (LJQXQJ 8QIDOOVLFKHUKHLW XQG 8PZHOWEHHLQWUlFKWLJXQJ LQ GLH (QWVFKHLGXQJVILQGXQJ HLQIOLHHQ 'D GLH (UZHLWHUXQJ GHU =LHOJU|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|JOLFKH .ULWHULHQ GHU DXVIKUHQGHQ 8QWHUQHKPXQJ GHU .DSLWDOEHGDUI GLH 0|JOLFKNHLW GHU :HLWHUYHUZHQGXQJ XQG GLH .RVWHQ GHV 9HUIDKUHQV $XI GHU $XIWUDJJHEHUVHLWH YHUEOHLEHQ GLH .RVWHQ E]Z GHU 3UHLV GHU %DXOHLVWXQJ DOV .ULWHULXP 'HVKDOE ZLUG QXU GDV ]XOHW]W JHQDQQWH .ULWHULXP QlKHU EH WUDFKWHW +LHUIU HLJQHW VLFK GHU NDONXODWRULVFKH 9HUIDKUHQVYHUJOHLFK EHL GHP GLH EHLP (LQ VDW] HLQHV 9HUIDKUHQV ZDKUVFKHLQOLFK DXIWUHWHQGHQ .RVWHQ HUPLWWHOW ZHUGHQ (V ZHUGHQ GLH 0HWKRGHQ x $EVROXWHU NDONXODWRULVFKHU 9HUIDKUHQVYHUJOHLFK x *UHQ]NRVWHQEHVWLPPXQJ GXUFK HLQHQ NDONXODWRULVFKHQ 9HUJOHLFK
9HUIDKUHQVSODQXQJ
XQWHUVFKLHGHQ %LOG JLEW HLQHQ hEHUEOLFN EHU GHQ ZLUWVFKDIWOLFKHQ 9HUIDKUHQVYHUJOHLFK PLW HLQHU EHVRQGHUHQ %HWUDFKWXQJ GHV NDONXODWRULVFKHQ 9HUIDKUHQVYHUJOHLFKV :LUWVFKDIWOLFKHU 9HUIDKUHQVYHUJOHLFK
$UW GHV 9HUIDKUHQV YHUJOHLFKV
(QWVFKHLGXQJV NULWHULHQ
.DSLWDOEHGDUI
9HUIDKUHQVNRVWHQ
NDONXODWRULVFKHU 9HUIDKUHQVYHUJOHLFK
0HWKRGH ]XU (UPLWW OXQJ GHU (QWVFKHL GXQJVNULWHULHQ
DEVROXWHU NDONXODWRULVFKHU 9HUJOHLFK EHL YRUJHJHEHQHU 0HQJH XQG HLQHU EHVWLPPWHQ 9RUKDOWH]HLW
*HVDPWNRVWHQ . (85
%LOG
0|JOLFKNHLW GHU :HLWHUYHU ZHQGXQJ
.RVWHQ MH (LQKHLW N (85(
*UHQ]NRVWHQEHVWLPPXQJ GXUFK NDONXODWRULVFKHQ 9HUJOHLFK .RVWHQ LQ $EKlQJLJNHLW HLQHU (LQIOXVVJU|VVH P
:LUWVFKDIWOLFKNHLWVJUHQ]H
:LUWVFKDIWOLFKHU 9HUIDKUHQVYHUJOHLFK
%HLP DEVROXWHQ .RVWHQYHUJOHLFK ZHUGHQ GLH .RVWHQ GHU 9HUIDKUHQ IU HLQH EHVWLPPWH 0HQJH XQG HLQHQ IHVWJHOHJWHQ =HLWUDXP HUPLWWHOW XQG ]XHLQDQGHU LQ %H]LHKXQJ JHVHW]W 'DEHL N|Q QHQ GLH .RVWHQ DOV *HVDPWNRVWHQ . >(85@ RGHU DOV .RVWHQ MH (LQKHLW N >(85(LQK@ DQJHJH EHQ ZHUGHQ 9HUJOHLFK GHU *HVDPWNRVWHQ RGHU GHU .RVWHQ MH (LQKHLW
. 9HUIDKUHQ YHUJOLFKHQ PLW . 9HUIDKUHQ N 9HUIDKUHQ YHUJOLFKHQ PLW N 9HUIDKUHQ
%HL GHU (UPLWWOXQJ GHU :LUWVFKDIWOLFKNHLWVJUHQ]H ZHUGHQ GLH :LUWVFKDIWOLFKNHLWVEHUHLFKH ]ZHLHU 9HUIDKUHQ YRQHLQDQGHU JHWUHQQW 'D]X PVVHQ GLH .RVWHQ LQ $EKlQJLJNHLW YRQ HLQHU (LQIOXVVJU|H ] % 0HQJH %DX]HLW GDUJHVWHOOW ZHUGHQ +LHU]X LVW GLH %HUHFKQXQJ GHU IL[HQ XQG YDULDEOHQ .RVWHQDQWHLOH HLQHV 9HUIDKUHQV QRWZHQGLJ 'XUFK GLH 8QWHUVFKHLGXQJ LQ IL[H XQG YDULDEOH .RVWHQDQWHLOH HUUHFKQHQ VLFK GLH *HVDPWNRVWHQ HLQHV 9HUIDKUHQV ]X .JHV
.IL[ P Â NYDU
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
'LH .RVWHQ MH (LQKHLW HUUHFKQHQ VLFK ]X N
P Â .IL[ NYDU
PLW .IL[
IL[H .RVWHQDQWHLOH >(85@
NYDU
YDULDEOH .RVWHQDQWHLOH EH]RJHQ DXI GLH (LQKHLW >(85(@
P
(LQIOXVVJU|H ] % 0HQJH %DX]HLW
'LH :LUWVFKDIWOLFKNHLWVJUHQ]H PJU HUUHFKQHW VLFK DXV GHU *OHLFKVHW]XQJ GHU .RVWHQIXQNWLRQHQ ]ZHLHU 9HUIDKUHQ .IL[ P Â NYDU
.IL[ P Â NYDU
'LH VLFK DXV GLHVHU *OHLFKXQJ HUUHFKQHQGH *UHQ]PHQJH HQWVSULFKW GHU :LUWVFKDIWOLFKNHLWV JUHQ]H %LOG XQG %LOG .IL[ .IL[ NYDU NYDU
*HVDPWNRVWHQ . JHV >'0@
PJU
9HUIDKUHQ 9HUIDKUHQ
:LUWVFKDIWOLFKNHLWVJUHQ]H PJU
%LOG
*HVDPWNRVWHQ LQ $EKlQJLJNHLW YRQ HLQHU (LQIOXVVJU|H
(LQIOXJU|H P
(LQKHLWVNRVWHQ . >'0(LQKHLW@
9HUIDKUHQVSODQXQJ
9HUIDKUHQ 9HUIDKUHQ
PJU
%LOG
(LQIOXJU|H P
(LQKHLWVNRVWHQ LQ $EKlQJLJNHLW YRQ HLQHU (LQIOXVVJU|H
,Q GHU JUXQGVlW]OLFKHQ 9RUJHKHQVZHLVH XQWHUVFKHLGHW VLFK GHU NDONXODWRULVFKH 9HUIDKUHQV YHUJOHLFK QLFKW YRQ GHQ LP %DXZHVHQ EOLFKHQ 0HWKRGHQ GHU .RVWHQHUPLWWOXQJ MHGRFK VLQG HLQLJH %HVRQGHUKHLWHQ ]X EHDFKWHQ D 5LFKWLJH /HLVWXQJVNHQQZHUWH DQVHW]HQ 'DV 3UREOHP MHGHU .DONXODWLRQ LVW GLH 5LFKWLJNHLW GHU EHQXW]WHQ /HLVWXQJVNHQQZHUWH 8Q WHU /HLVWXQJVNHQQZHUWHQ LVW GHU $UEHLWV E]Z *HUlWHVWXQGHQEHGDUI MH /HLVWXQJVHLQKHLW ]X YHUVWHKHQ $XI GLH +|KH GHU .HQQZHUWH ZLUNHQ YLHOIlOWLJH (LQIOVVH HLQ ZLH ] % %DXVWHO OHQVLWXDWLRQ %DXYRUKDEHQ :LWWHUXQJ XQG GDV 9HUIDKUHQ GHU .HQQZHUWHUPLWWOXQJ VHOEVW (V JHK|UW (UIDKUXQJ XQG .ULWLNIlKLJNHLW GD]X VROFKH DQ XQWHUVFKLHGOLFKHQ 2UWHQ IU XQWHU VFKLHGOLFKH 9HUIDKUHQ HUPLWWHOWH .HQQZHUWH EHL HLQHP 9HUIDKUHQVYHUJOHLFK ]X EHQXW]HQ /HLVWXQJVDQVlW]H IU GLH $QJHERWVNDONXODWLRQ HUIOOHQ GLHVH $QIRUGHUXQJHQ LP 5HJHOIDOO QLFKW E 1XU YHUXUVDFKXQJVJHUHFKWH .RVWHQEHVWDQGWHLOH 8QWHUVFKLHGOLFKH 9HUIDKUHQ ZHUGHQ LQ XQWHUVFKLHGOLFKHP 0DH %DXVWHOOHQJHPHLQNRVWHQ $OOJHPHLQH *HVFKlIWVNRVWHQ XQG .RVWHQ IU 5LVLNHQ HU]HXJHQ :HQQ PDQ GLHVH .RVWHQ QLFKW YHUXUVDFKXQJVJHUHFKW HUIDVVHQ NDQQ LVW HV EHVVHU VLH QLFKW ]X EHUFNVLFKWLJHQ F 1XU XQWHUVFKLHGOLFKH .RVWHQ YHUIROJHQ =XU 9HUHLQIDFKXQJ VROOWH PDQ EHLP NDONXODWRULVFKHQ 9HUIDKUHQVYHUJOHLFK QXU GLH .RVWHQ YHUIROJHQ GLH WDWVlFKOLFK LQ XQWHUVFKLHGOLFKHU +|KH DQIDOOHQ 6R LVW HV ] % XQQ|WLJ EHLP 9HUJOHLFK YRQ ]ZHL XQWHUVFKLHGOLFKHQ *HUlWHQ EHL JOHLFKHU %DX]HLW GLH /RKQNRVWHQ IU GHQ *HUlWHIKUHU ]X EHUFNVLFKWLJHQ
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
G %HZHUWXQJ GHU /RKQNRVWHQ 'LH GHQ 9HUIDKUHQ ]X]XRUGQHQGHQ /RKQVWXQGHQ VLQG PLW GHP 0LWWHOORKQ $6/ ]X EHZHU WHQ *HKlOWHU IU GHQ 3ROLHU VLQG QXU EHL XQWHUVFKLHGOLFKHP 9HUKlOWQLV $Q]DKO GHU 3ROLHUH $Q]DKO GHU $. RGHU EHL XQWHUVFKLHGOLFKHQ %DX]HLWHQ HLQ]XEH]LHKHQ 4XDOLWDWLYHU 9HUIDKUHQVYHUJOHLFK XQG 9HUIDKUHQVDXVZDKO 'HU TXDOLWDWLYH 9HUIDKUHQVYHUJOHLFK HUP|JOLFKW HV QHEHQ GHQ ZLUWVFKDIWOLFKHQ *HVLFKWVSXQN WHQ QRFK ZHLWHUH =LHONRPSRQHQWHQ LQ GLH (QWVFKHLGXQJVILQGXQJ PLW HLQIOLHHQ ]X ODVVHQ 'LHVH 1RWZHQGLJNHLW NDQQ VLFK DXI GHU %DXKHUUHQVHLWH ] % (USUREXQJ QHXHU %DXYHUIDKUHQ RGHU DXI GHU DXVIKUHQGHQ 6HLWH ] % 9HUIJEDUNHLW XVZ HUJHEHQ 'HU 9HUJOHLFK HUIROJW LQ IROJHQGHQ YLHU 6FKULWWHQ )HVWOHJXQJ GHU IU GLH (QWVFKHLGXQJVILQGXQJ ZLFKWLJHQ =LHOJU|HQ XQG GHU ]XJHK|ULJHQ .ULWHULHQ *HZLFKWXQJ GHU =LHOJU|HQ *HZLFKWXQJ GHU .ULWHULHQ 4XDQWLIL]LHUXQJ GHU .ULWHULHQ 'D GHU HUVWJHQDQQWH 6FKULWW EHUHLWV ]XYRU EHKDQGHOW ZXUGH NRQ]HQWULHUHQ VLFK QDFKIROJHQGH (UOlXWHUXQJHQ DXI GLH GUHL YHUEOHLEHQGHQ :HUWXQJVSKDVHQ =X *HZLFKWXQJ GHU =LHOJU|HQ DP %HLVSLHO YRQ DOOJHPHLQJOWLJHQ 7HLO]LHOHQ %LOG
%LOG
=LHO
=LHO
=LHO
:LUWVFKDIW OLFKNHLW
/HLVWXQJV IlKLJNHLW
2UJDQLVDW (LJQXQJ
=LHO
=LHO
8PZHOWYHU WUlJOLFKNHLW
8QIDOO VLFKHUKHLW
$OOJHPHLQJOWLJH 7HLO]LHOH
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ÄHLQIDFKH³ VRZLH ÄXQWHUWHLOWH 5DQJ RUGQXQJVYHUIDKUHQ³ JHQDQQW ZHUGHQ
9HUIDKUHQVSODQXQJ
=X *HZLFKWXQJ GHU .ULWHULHQ :LH EHUHLWV HUZlKQW LVW HLQH =XRUGQXQJ GHU LP ]ZHLWHQ 6FKULWW DXIJHIKUWHQ 7HLO]LHOH LQ 8Q WHU]LHOH E]Z .ULWHULHQ VLQQYROO 'LHVHV JHVFKLHKW KLHU PLW *HZLFKWXQJVIDNWRUHQ ÄZ³ 1DFK GHU :LFKWXQJ GHU 7HLO]LHOH PVVHQ GLH GDUDXV UHVXOWLHUHQGHQ .ULWHULHQ JHZLFKWHW ZHUGHQ ] % IU GDV =LHO PLW GHU *HZLFKWXQJ 9 .ULWHULXP Z .ULWHULXP Z .ULWHULXP Z XVZ +LQVLFKWOLFK HLQHU PHWKRGLVFKHQ *HZLFKWXQJVILQGXQJ ZLUG DXI .HLO0DUWLQVHQ >@ YHUZLHVHQ 'LH hEHUSUIXQJ NDQQ HEHQIDOOV DXI GHU %DVLV GHV 5DQJRUGQXQJVYHUIDKUHQV YRUJHQRPPHQ ZHUGHQ =X 4XDQWLIL]LHUXQJ GHU .ULWHULHQ 'LH )UDJH QDFK GHU :LUNVDPNHLW GHU HLQ]HOQHQ .ULWHULHQ OlVVW VLFK LP *HJHQVDW] ]XU NRVWHQ UHOHYDQWHQ %HXUWHLOXQJ 5HLKHQIROJH QDFK .RVWHQK|KH XQG 5LVLNRVSDQQH LP +LQEOLFN DXI GLH YRUKDQGHQH =LHOVHW]XQJ ZHJHQ HLQHV IHKOHQGHQ JHHLJQHWHQ 0DVWDEHV QLFKW VR RKQH ZHLWHUHV EHDQWZRUWHQ (LQ P|JOLFKHV 3XQNWHV\VWHP ] % ELV NDQQ ]XU /|VXQJ GHV 3UREOHPV EHLWUDJHQ +LHUEHL SURILWLHUW GLH 'LIIHUHQ]LHUXQJVP|JOLFKNHLW YRQ HLQHU ]DKOHQPlLJ JU|HU DQJHOHJWHQ 3XQNWVSDQQH $XIJUXQG GHU XQWHUVFKLHGOLFKHQ $UW GHU ]X EHZHUWHQGHQ .ULWHULHQ PXVV YLHOIDFK GHU %HXUWHLOXQJVPDVWDE DOOJHPHLQ IRUPXOLHUW VHLQ $XV GLHVHP *UXQG ZlUH YRU GHP +LQWHUJUXQG GHV JHJHEHQHQ =LHOHV IROJHQGHU 0DVWDE GHQNEDU XQHLQJHVFKUlQNW SRVLWLY PLW HLQLJHQ (LQVFKUlQNXQJHQ SRVLWLY EHGLQJW SRVLWLY EHGLQJW QHJDWLY LQ UHFKW KRKHP 0DH QHJDWLY XQHLQJHVFKUlQNW QHJDWLY
3XQNWH 3XQNWH 3XQNWH 3XQNWH 3XQNWH 3XQNWH
'XUFK GLH 8QWHUWHLOXQJ LQ 6WXIHQ YRQ MHZHLOV =ZHLHUVSUQJHQ HUJLEW VLFK GLH 0|JOLFKNHLW HLQHU (LQIKUXQJ YRQ ZHLWHUHQ =ZLVFKHQVWXIHQ RKQH 'H]LPDOEUFKH DXIWUHWHQ ]X ODVVHQ 'LH =LHOHUIOOXQJ HLQHV %DXYHUIDKUHQV ZLUG GXUFK GLH HUUHLFKWH *HVDPWSXQNW]DKO DXVJHGUFNW 1
*HVDPWEHZHUWXQJ
6 9L Â ZLM Â 3XQNWH]DKO L
'LHVH IU DOOH LQ GHQ 9HUJOHLFK HLQEH]RJHQHQ 9HUIDKUHQ HUPLWWHOWHQ 3XQNW]DKOHQ ELOGHQ HLQH (QWVFKHLGXQJVKLOIH IU GLH 9HUIDKUHQVDXVZDKO
%DXEHWULHEOLFKH XQG YHUWUDJVUHFKWOLFKH *UXQGODJHQ
0RGHOO ]XU 9HUIDKUHQVSODQXQJ 'LH GUHL 6FKULWWH GHU 9HUIDKUHQVSODQXQJ ZHUGHQ LQ %LOG GDUJHVWHOOW 3UIHQ GHU 9HUIDKUHQVHLJQXQJ
6FKULWW
$QDO\VH GHU %DXDXIJDEH XQG )HVWOHJXQJ YRQ .ULWHULHQ DXV GHU %DXDXIJDEH JJI %HUFNVLFKWLJXQJ GHU XQWHUQHKPHULVFKHQ =LHOH 9RUDXVZDKO HLQHV WHFKQ P|JOLFKHQ 9HUIDKUHQV hEHUSUIXQJ GHU (UIOOXQJ REHQ JHQDQQWHU .ULWHULHQ XQG (QWVFKHLGXQJ EHU GLH =XODVVXQJ GHV 9HUIDKUHQV ]XP 9HUIDKUHQVYHUJOHLFK
6FKULWW
'XUFKIKUXQJ GHV 9HUIDKUHQVYHUJOHLFKHV (QWVFKHLGXQJ EHU GLH 7LHIH GHV 9HUIDKUHQVYHUJOHLFKHV TXDOLWDWLYHU NDONXODWRULVFKHU 9HUJOHLFK 9HUJOHLFK
DXIJUXQG GHU (UIDKUXQJ
JJI EHUVFKOlJLJH 'LPHQVLRQLHUXQJ GHU %DXDXIJDEH XQG GHV %DXYHUIDKUHQV
9HUIDKUHQVNRVWHQ DXV 9HUJOHLFKV REMHNWHQ
'HWDLOOLHUWH 'LPHQVLRQLHUXQJ GHU %DXDXIJDEH 'HWDLOOLHUWH 'LPHQVLRQLHUXQJ GHV %DXYHUIDKUHQV (QWVFKHLGXQJ EHU ZHLWHUH (UPLWWOXQJ GHU .RVWHQ .ULWHULHQ GLH DXV ZHLWHUHQ 7HLO]LHOHQ KHUJHOHLWHW ]XU (UIOOXQJ GHU ZHUGHQ 'LHVH 7HLO]LHOH %DXDXIJDEH N|QQHQ VHLQ /HLVWXQJV IlKLJNHLW 2UJDQLVDW (LJQXQJ
%HZHUWXQJ DXIJUXQG GHU (UIDKUXQJ
6FKULWW %LOG
8PZHOW YHUWUlJO 8QIDOO VLFKHUKHLW
%HZHUWXQJ GHU 9HUIDKUHQ PLW +LOIH HLQHV NDONXODWRULVFKHQ 9HUIDKUHQVYHUJOHLFKHV HYHQWXHOO LQ .RPELQDWLRQ PLW HLQHP TXDOLWDWLYHQ 9HUIDKUHQVYHUJOHLFK
9HUIDKUHQVDXVZDKO
0RGHOO ]XU 9HUIDKUHQVSODQXQJ
.KQ * +DQGEXFK %DXEHWULHE 9',9HUODJ 'VVHOGRUI .HLO0DUWLQVHQ9DKODQG)ULFNH .RVWHQUHFKQXQJ IU %DXLQJHQLHXUH :HUQHU 9HUODJ $XIO /DPSH+HOELJ * 3UD[LV GHU %DXYHUJDEH 9HUODJ &+ %HFN 0QFKHQ .HLO0DUWLQVHQ 0HWKRGLVFKH 9HUIDKUHQVDXVZDKO LP %DXEHWULHE %DXZLUWVFKDIW +HIW 0DL
$OOJHPHLQHV
*HRWHFKQLVFKH *UXQGODJHQ
$OOJHPHLQHV 1DFKIROJHQG ZHUGHQ GLH ZHVHQWOLFKHQ JHRWHFKQLVFKHQ *UXQGODJHQ IU GLH $XIJDEHQ GHV (UG *UXQG XQG 7LHIEDXV DXIJHIKUW (LQH YROOVWlQGLJH RGHU JDU GHWDLOOLHUWH %HVFKUHLEXQJ HLQ]HOQHU /DERU XQG )HOGYHUVXFKH ZDU QLFKW GDV =LHO GLHVHU =XVDPPHQVWHOOXQJ 9LHOPHKU VROOWH HLQ hEHUEOLFN JHVFKDIIHQ ZHUGHQ XQG GHP SUDNWLVFK WlWLJHP ,QJHQLHXU PLW +LOIH ]DKO UHLFKHU 7DEHOOHQ XQG =DKOHQZHUWH /|VXQJHQ GHU WlJOLFKHQ $XIJDEHQ DQ GLH +DQG JHJHEHQ ZHUGHQ
(LQWHLOXQJ GHU *HVWHLQH XQG %|GHQ %|GHQ N|QQHQ QDFK GHP *UDG GHU 9HUIHVWLJXQJ XQWHUVFKLHGHQ ZHUGHQ 'DEHL ZLUG )HOV DOV 6DPPHOEHJULII IU DOOH )HVWJHVWHLQH YHUZHQGHW 8QYHUZLWWHUWHU )HOV LVW HLQ DXVJH]HLFKQHWHU %DXJUXQG GHU VHLQH (LJHQVFKDIWHQ DXFK EHL )UHLOHJXQJ QLFKW lQGHUW /RFNHUJHVWHLQ LVW HQW ZHGHU JHZDFKVHQHU %RGHQ GHU GXUFK HLQHQ DEJHNOXQJHQHQ HUGJHVFKLFKWOLFKHQ 9RUJDQJ HQW VWDQGHQ LVW RGHU %RGHQ GHU GXUFK $XIVFKWWHQ RGHU $XIVSOHQ KHUJHVWHOOW ZXUGH +DXSWVlFKOLFKH 0HUNPDOH IU GLH (LQWHLOXQJ GHU %|GHQ QDFK ERGHQPHFKDQLVFKHQ XQG EDX WHFKQLVFKHQ *HVLFKWVSXQNWHQ VLQG .RUQJU|H XQG .RUQIRUP 0DQ XQWHUVFKHLGHW GDEHL 1LFKWELQGLJH %|GHQ ZLH 6DQG .LHV 6WHLQH XQG LKUH 0LVFKXQJHQ ZHQQ GHU *HZLFKWVDQWHLO GHU %HVWDQGWHLOH XQWHU PP ZHQLJHU DOV EHWUlJW ,P WURFNHQHQ =XVWDQG KDIWHQ GLH .|UQHU QLFKW DQHLQDQGHU IU 6DQGH XQG .LHVH LVW GDKHU GDV (LQ]HONRUQJHIJH FKDUDNWHULV WLVFK 'LH DQ]LHKHQGHQ .UlIWH ]ZLVFKHQ GHQ .|UQHUQ VLQG XQEHGHXWHQG 7RQH WRQLJH 6FKOXIIH 6FKOXIIH ZHUGHQ DOV ELQGLJH %|GHQ EH]HLFKQHW ZHQQ GHU *HZLFKWVDQ WHLO GHU ELQGLJHQ %HVWDQGWHLOH XQWHU PP .RUQGXUFKPHVVHU JU|HU DOV LVW 6LH ELOGHQ DXFK LP WURFNHQHQ =XVWDQG HLQH ]XVDPPHQKlQJHQGH 0DVVH 2UJDQLVFKH %|GHQ VLQG 7RUI )DXOVFKODPP 6FKOLFN .OHL +XPXV XQG DQRUJDQLVFKH %|GHQ ZHQQ GHU *HZLFKWVDQWHLO RUJDQLVFKHU %HLPHQJHQ WLHULVFKHU RGHU SIODQ]OLFKHU +HUNXQIW EHL QLFKWELQGLJHQ %|GHQ PHKU DOV RGHU EHL ELQGLJHQ %|GHQ PHKU DOV EHWUlJW
*HRWHFKQLVFKH *UXQGODJHQ
%HUHLFK%HQHQQXQJ
*URENRUQEHUHLFK 6LHENRUQ
)HLQNRUQEHUHLFK 6FKOlPPNRUQ
%LOG
.XU] ]HLFKHQ
.RUQJU|HQEHUHLFK PP
%O|FNH
@
%HL GHU %RGHQ XQG )HOVNODVVLIL]LHUXQJ QDFK ',1 92% 7HLO & ZHUGHQ GLH %RGHQ XQG )HOVDUWHQ HQWVSUHFKHQG LKUHV =XVWDQGHV EHLP /|VHQ LQ .ODVVHQ HLQJHVWXIW .ODVVH 2EHUERGHQ 0XWWHUERGHQ 2EHUERGHQ LVW GLH REHUVWH 6FKLFKW GHV %RGHQV GLH QHEHQ DQRUJDQLVFKHQ 6WRIIHQ ] % .LHV 6DQG 6FKOXII XQG 7RQJHPLVFKHQ DXFK +XPXV XQG %RGHQOHEHZHVHQ HQWKlOW .ODVVH )OLHHQGH %RGHQDUWHQ %RGHQDUWHQ GLH YRQ IOVVLJHU ELV EUHLLJHU %HVFKDIIHQKHLW VLQG XQG GLH GDV :DVVHU VFKZHU DEJHEHQ .ODVVH /HLFKW O|VEDUH %RGHQDUWHQ 1LFKWELQGLJH ELV VFKZDFKELQGLJH 6DQGH .LHVH XQG 6DQG.LHV*HPLVFKH PLW ELV ]X *HZ %HLPHQJXQJHQ DQ 6FKOXII XQG 7RQ .RUQJU|H NOHLQHU PP XQG PLW K|FKVWHQV *HZ 6WHLQHQ YRQ EHU PP .RUQJU|H ELV ]X P 5DXPLQKDOW 2UJDQLVFKH %R GHQDUWHQ PLW JHULQJHP :DVVHUJHKDOW ] % IHVWH 7RUIH .ODVVH 0LWWHOVFKZHU O|VEDUH %RGHQDUWHQ *HPLVFKH YRQ 6DQG .LHV 6FKOXII XQG 7RQ PLW HLQHP $QWHLO YRQ PHKU DOV *HZ .RUQ JU|H NOHLQHU DOV PP %LQGLJH %RGHQDUWHQ YRQ OHLFKWHU ELV PLWWOHUHU 3ODVWL]LWlW GLH MH QDFK :DVVHUJHKDOW ZHLFK ELV IHVW VLQG XQG GLH K|FKVWHQV *HZ 6WHLQH YRQ EHU PP .RUQJU|H ELV ]X P 5DXPLQKDOW HQWKDOWHQ
%DXJUXQGHUNXQGXQJ
.ODVVH 6FKZHU O|VEDUH %RGHQDUWHQ %RGHQDUWHQ QDFK GHQ .ODVVHQ XQG MHGRFK PLW PHKU DOV *HZ 6WHLQHQ YRQ EHU PP .RUQJU|H ELV ]X Pñ 5DXPLQKDOW 1LFKWELQGLJH XQG ELQGLJH %RGHQDUWHQ PLW K|FKVWHQV *HZ 6WHLQHQ YRQ EHU P ELV P 5DXPLQKDOW $XVJHSUlJW SODVWL VFKH 7RQH GLH MH QDFK :DVVHUJHKDOW ZHLFK ELV IHVW VLQG .ODVVH /HLFKW O|VEDUHU )HOV XQG YHUJOHLFKEDUH %RGHQDUWHQ
)HOVDUWHQ GLH HLQHQ LQQHUHQ PLQHUDOLVFK JHEXQGHQHQ =XVDPPHQKDOW KDEHQ MHGRFK VWDUN NOIWLJ EUFKLJ EU|FNHOLJ VFKLHIULJ ZHLFK RGHU YHUZLWWHUW VLQG VRZLH YHUJOHLFKEDUH YHUIHV WLJWH QLFKWELQGLJH XQG ELQGLJH %RGHQDUWHQ 1LFKWELQGLJH XQG ELQGLJH %RGHQDUWHQ PLW PHKU DOV *HZ 6WHLQHQ YRQ EHU Pñ ELV ]X Pñ 5DXPLQKDOW .ODVVH 6FKZHU O|VEDUHU )HOV )HOVDUWHQ GLH HLQHQ LQQHUHQ PLQHUDOLVFK JHEXQGHQHQ =XVDPPHQKDOW XQG KRKH *HIJHIHVWLJ NHLW KDEHQ XQG QXU ZHQLJ NOIWLJ RGHU YHUZLWWHUW VLQG )HVWJHODJHUWHU XQG XQYHUZLWWHUWHU 7RQ VFKLHIHU 1DJHOIOXKVFKLFKWHQ 6FKODFNHQKDOGHQ GHU +WWHQZHUNH XQG GHUJOHLFKHQ 6WHLQH YRQ EHU P 5DXPLQKDOW
%DXJUXQGHUNXQGXQJ 'LH 9RUDXVVHW]XQJ ]XU /|VXQJ HLQHU *UXQGEDXDXIJDEH LVW HLQH DXVUHLFKHQGH %DXJUXQGHU NXQGXQJ 8P GDV %DXJUXQGULVLNR LQ HQJHQ *UHQ]HQ ]X KDOWHQ ZHUGHQ DOOJHPHLQH 5LFKWOLQLHQ XQG 0LQGHVWDQIRUGHUXQJHQ DQ GLH %DXJUXQGHUNXQGXQJ JHVWHOOW ',1 XQG ',1 'DQDFK LVW MHGHU %DXKHUU ]X IUK]HLWLJHU XQG DXVUHLFKHQGHU %DXJUXQGHUNXQGXQJ YHUSIOLFKWHW 'LH GLHVEH]JOLFKHQ )HOGXQWHUVXFKXQJHQ GLHQHQ LQ HUVWHU /LQLH GHQ IROJHQGHQ =ZHFNHQ D
GHU (UPLWWOXQJ GHV 6FKLFKWHQYHUODXIHV HLQVFKOLHOLFK GHU *UXQGZDVVHUYHUKlOWQLVVH
E
GHU *HZLQQXQJ YRQ %RGHQ XQG :DVVHUSUREHQ ]XU 'XUFKIKUXQJ GHU /DERUYHUVXFKH ]ZHFNV %HVWLPPXQJ GHU %RGHQNHQQZHUWH
F
GHU XQPLWWHOEDUHQ )HVWVWHOOXQJ YRQ %RGHQHLJHQVFKDIWHQ GXUFK 6WDQGDUGYHUVXFKH
G
GRUW ZR GHU %RGHQ DOV %DXVWRII YHUZHQGHW ZLUG GHU *WHNRQWUROOH GHU HLQJHEDXWHQ %RGHQPDVVHQ
*HRWHFKQLVFKH *UXQGODJHQ
'LH (UNXQGXQJVYHUIDKUHQ VRZLH GHU HUIRUGHUOLFKH 8PIDQJ GHU 8QWHUVXFKXQJHQ VLQG LQ GHQ 1RUPHQ ',1
*HRWHFKQLVFKH 8QWHUVXFKXQJHQ IU EDXWHFKQLVFKH =ZHFNH
',1
$XIVFKOXVV GXUFK 6FKUIH XQG %RKUXQJHQ VRZLH (QWQDKPH YRQ 3UREHQ
',1
=XOlVVLJH %HODVWXQJ GHV %DXJUXQGHV
',1
%HXUWHLOXQJ EHWRQDQJUHLIHQGHU :lVVHU %|GHQ XQG *DVH
',1
(UNXQGXQJ GXUFK 6RQGLHUXQJHQ
',1
)OJHOVRQGLHUXQJ
EHVFKULHEHQ 'LH $QIRUGHUXQJHQ DQ GLH HUIRUGHUOLFKHQ $XIVFKOXVVWLHIHQ VLQG QDFKIROJHQG H[HPSODULVFK IU IODFKJHJUQGHWH ,QJHQLHXUEDXZHUNH EHQDQQW %LOG
+RFKEDXWHQ ,QJHQLHXUEDXWHQ ]D t  E) XQG ]D t P E) LVW GDV NOHLQHUH )XQGDPHQWPD %LOG
%HL 3ODWWHQJUQGXQJHQ XQG EHL %DXZHUNHQ PLW PHKUHUHQ *UQGXQJVN|USHUQ GHUHQ (LQ IOXVV VLFK LQ WLHIHUHQ 6FKLFKWHQ EHUODJHUW ]D t  E% E% LVW GDV NOHLQHUH %DXZHUNVPD
(UIRUGHUOLFKH $XIVFKOXVVWLHIHQ >@
$OV (UNXQGXQJVPHWKRGH NRPPHQ DOOJHPHLQ LQIUDJH 6FKUIJUXEHQ %RKUXQJHQ XQG 6RQGLH UXQJHQ 6FKUIJUXEHQ ZHUGHQ IU GLH REHUIOlFKHQQDKH (UNXQGXQJ REHUKDOE GHV *UXQGZDVVHUVSLHJHOV DQJHOHJW 6LH ILQGHQ KDXSWVlFKOLFK GRUW $QZHQGXQJ ZR GLH HUIRUGHUOLFKH (UNXQGXQJVWLHIH JHULQJ LVW ] % LP 6WUDHQ (LVHQEDKQ XQG )OXJSODW]EDX RGHU ZR HV DOOJHPHLQ QXU XP GLH 9HUEHVVHUXQJ REHUIOlFKHQQDKHU 6FKLFKWHQ JHKW 6LH GLHQHQ GHU XQPLWWHOEDUHQ (LQVLFKWQDKPH LQ GHQ 6FKLFKWHQDXIEDX XQG ]XU (QWQDKPH YRQ %RGHQSUREHQ 'LH %RGHQSUREHQ ZHUGHQ DXV GHU 6RKOH GHU $EWUHSSXQJ RGHU DXV GHU :DQGXQJ HQWZHGHU LQ JHVW|UWHU )RUP KHUDXVJHO|VW RGHU DOV 6RQGHUSUREHQ PLW +LOIH YRQ $XVVWHFK]\OLQGHUQ DXVJH VWRFKHQ XQG DXVJHJUDEHQ
%DXJUXQGHUNXQGXQJ
(LQH XPIDVVHQGH %DXJUXQGHUNXQGXQJ EHJLQQW L $ PLW GHU 'XUFKIKUXQJ YRQ 3UREHERKUXQ JHQ %LOG (V ZLUG ]ZLVFKHQ IROJHQGHQ 9HUIDKUHQ XQWHUVFKLHGHQ ± 'XUFKJHKHQGH *HZLQQXQJ YRQ JHNHUQWHQ %RGHQSUREHQ .HUQERKUXQJ 5DPPNHUQERK UXQJ 'UXFNNHUQERKUXQJ ± *HZLQQXQJ GXUFKJHKHQGHU QLFKW JHNHUQWHU 3UREHQ +DQGGUHKERKUXQJ 0DVFKLQHQ GUHKERKUXQJ 6FKODJERKUXQJ *UHLIHUERKUXQJ ± *HZLQQXQJ XQYROOVWlQGLJHU 3UREHQ 6SOERKUYHUIDKUHQ .HUQERKUXQJHQ LP /RFNHUJHVWHLQ ELHWHQ GHQ 9RUWHLO GDVV ]XVDPPHQKlQJHQGH %RGHQSURILOH DOV .HUQH HQWQRPPHQ ZHUGHQ N|QQHQ 'DEHL VLQG GLH HLQ]HOQHQ %RGHQVFKLFKWHQ ]ZDU PHLVW ]XVDPPHQJHGUFNW XQG LKUH /DJHUXQJ JHVW|UW DEHU HLQ 9HUPLVFKHQ XQG $XIZHLFKHQ ZLUG YHUKLQGHUW 'LH HQWQRPPHQHQ .HUQH ODVVHQ GHQ .RUQDXIEDX XQG GLH 6FKLFKWXQJ JXW HUNHQ QHQ =X MHGHU %RKUXQJ LVW HLQ 6FKLFKWHQYHU]HLFKQLV QDFK ',1 ]X IKUHQ :HJHQ GHV KRKHQ .RVWHQ XQG =HLWDXIZDQGHV GLH %DXJUXQGDXIVFKOXVVERKUXQJHQ YHUXUVD FKHQ ZHUGHQ IU HLQIDFKHUH $XIVFKOVVH 6RQGLHUXQJHQ %LOG DQJHZDQGW ZHOFKH $XI VFKOXVVERKUXQJHQ QLFKW HUVHW]HQ VRQGHUQ QXU HUJlQ]HQ N|QQHQ 'DEHL ZHUGHQ LQ GHQ %DX JUXQG ] % *HVWlQJH NOHLQHUHQ 'XUFKPHVVHUV PLW HLQHU 6RQGLHUVSLW]H HLQJHWULHEHQ XQG DXI JUXQG GHV (LQGULQJZLGHUVWDQGHV DXI GLH )HVWLJNHLW JHVFKORVVHQ 'LH (LQVDW]P|JOLFKNHLWHQ GLHVHU YHUVFKLHGHQHQ 9HUIDKUHQ VLQG LQ GHU ',1 JHOLVWHW %HL GHU 5DPPVRQGLHUXQJ QDFK ',1 ZLUG HLQ *HVWlQJH PLW HLQHU YHUGLFNWHQ 6SLW]H EHL JOHLFK EOHLEHQGHU )DOOHQHUJLH LQ GHQ %RGHQ JHUDPPW (V ZHUGHQ MHZHLOV GLH 6FKOlJH JH]lKOW GLH HUIRUGHUOLFK VLQG XP GDV *HVWlQJH XP MHZHLOV FP LQ GHQ %RGHQ HLQ]XWUHLEHQ 'LH YHU GLFNWH 6SLW]H VROO GLH 0DQWHOUHLEXQJ DP *HVWlQJH ZHLWJHKHQG DXVVFKOLHHQ 'LH 6FKODJ]DKO LVW HLQ 0D IU GHQ (LQGULQJZLGHUVWDQG GHV %RGHQV XQG OlVVW 5FNVFKOVVH DXI GLH /DJH UXQJVGLFKWH E]Z GLH .RQVLVWHQ] ]X %HL GHU 6RQGLHUXQJ LP %RKUORFK 6WDQGDUG±3HQHWUDWLRQ±7HVW 637 ZLUG HLQ PLW HLQHP 6FKQHLGULQJ YHUVHKHQHU DXINODSSEDUHU (QWQDKPHVWXW]HQ ,QQHQGXUFKPHVVHU PP FP WLHI LQ GLH %RKUORFKVRKOH JHUDPPW XQG GLH $Q]DKO GHU IU GLH OHW]WHQ FP HUIRUGHUOLFKHQ 6FKOlJH JH]lKOW 'HU 9RUWHLO EHVWHKW GDULQ GDVV JOHLFK]HLWLJ HLQH %RGHQSUREH HQWQRPPHQ ZHUGHQ NDQQ 'LH (UJHEQLVVH GHU 5DPPVRQGLHUXQJHQ ZHUGHQ GXUFK $XIWUDJHQ GHU 6FKODJ ]DKOHQ 1 E]Z 1 637 GHU 7LHIH JHJHQEHU GDUJHVWHOOW XQG ] % DQKDQG GHU 7DEHOOHQ GHU ',1 DXVJHZHUWHW %HL 'UXFNVRQGLHUXQJHQ ZHUGHQ GLH 6RQGHQVWlEH GXUFK HLQH VWDWLVFKH .UDIW PLW P|JOLFKVW JOHLFK EOHLEHQGHU *HVFKZLQGLJNHLW LQ GHQ %RGHQ HLQJHGUFNW XQG GHU :LGHUVWDQG DQ GHU 6SLW]H GLH |UWOLFKH 0DQWHOUHLEXQJ XQG GHU *HVDPWZLGHUVWDQG JHPHVVHQ %HL GHU $XVZHUWXQJ ZLUG GHU :LGHUVWDQG EHU GLH 7LHIH DXIJHWUDJHQ ZREHL QDFK 6SLW]HQ GUXFN XQG 0DQWHOUHLEXQJ JHWUHQQW ZLUG %LOG
6SDOWH
*HRWHFKQLVFKH *UXQGODJHQ
%RKUYHUIDKUHQ =HLOH
/|VHQ GHV %RGHQV
6SOKLOIH
*HUlW
)|UGHUQ GHU 3UREH
%HQHQQXQJ
%RKUZHUN]HXJ
EOLFKHU %RKU DXHQGXUFK PHVVHU
%RKUYHUIDKUHQ PLW GXUFKJHKHQGHU *HZLQQXQJ JHNHUQWHU %RGHQSUREHQ
GUHKHQG
ELV
+RKOERKUVFKQHFNH
ELV
5RWDWLRQV 7URFNHQNHUQERKUXQJ
PLW %RKU ZHUN]HXJ
5RWDWLRQVNHUQERKUXQJ
MD
PLW %RKU ZHUN]HXJ
5RWDWLRQVNHUQERKUXQJ
'RSSHONHUQURKU PLW 9RUVFKQHLGNURQH RGHU 9RUVDW]
ELV
QHLQ
PLW %RKU ZHUN]HXJ
5DPPNHUQERKUXQJ
5DPPNHUQURKU PLW 6FKQLWWNDQWH LQQHQ DXFK PLW +OVH RGHU 6FKODXFK DXFK +RKO ERKUVFKQHFNH
ELV
QHLQ
PLW %RKU ZHUN]HXJ
5DPPNHUQERKUXQJ
5DPPNHUQURKU PLW 6FKQLWWNDQWH DXHQ
ELV
MD
UDPPHQG
(LQIDFKNHUQURKU
PLW %RKU ZHUN]HXJ
QHLQ
(LQIDFKNHUQURKU
ELV
'RSSHONHUQURKU
UDPPHQG GUHKHQG
MD
PLW %RKU ZHUN]HXJ
5DPPURWDWLRQV .HUQERKUXQJ
(LQIDFK RGHU 'RSSHO NHUQURKU
ELV
GUFNHQG
QHLQ
PLW %RKU ZHUN]HXJ
'UXFNNHUQERKUXQJ
.HUQURKU PLW 6FKQLWW NDQWH LQQHQ DXFK +RKOERKUVFKQHFNH
ELV
%RKUYHUIDKUHQ PLW GXUFKJHKHQGHU *HZLQQXQJ QLFKW JHNHUQWHU %RGHQSUREHQ
GUHKHQG
QHLQ
PLW %RKU ZHUN]HXJ
'UHKERKUXQJ
*HVWlQJH PLW 6FKDSSH 6FKQHFNH
ELV
VFKODJHQG
QHLQ
PLW %RKU ZHUN]HXJ
6FKODJERKUXQJ
6HLO PLW 6FKODJ VFKDSSH
ELV
JUHLIHQG
QHLQ
PLW %RKU ZHUN]HXJ
*UHLIHUERKUXQJ
6HLO PLW %RKUORFKJUHLIHU ELV
%RKUYHUIDKUHQ PLW *HZLQQXQJ XQYROOVWlQGLJHU %RGHQSUREHQ MD
0LW GLUHNWHU 6SOXQJ
6SOERKUXQJ 5RWDU\ERKUXQJ
*HVWlQJH PLW 5ROOHQ PHLHO 'VHQPHLHO 6WXIHQPHLHO XD
ELV
MD
0LW 8PNHKU VSOXQJ
5RWDWLRQV6SOERKUXQJ
ZLH REHQ MHGRFK PLW +RKOPHLHO
ELV
QHLQ
PLW %RKU ZHUN]HXJ
6FKODJERKUXQJ
6HLO PLW 9HQWLOERKUHU
ELV
QHLQ
PLW %RKU ZHUN]HXJ +LOIVVSOXQJ
0HLHOERKUXQJ %RKU KLQGHUQLVEHVHLWLJXQJ
6HLO RGHU *HVWlQJH PLW 0HLHO
ELV
GUHKHQG
VFKODJHQG
'LHVH $QJDEHQ VLQG 5LFKWZHUWH %HLP Ä5DPPHQ³ ZLUG GDV %RKUZHUN]HXJ PLW HLQHU EHVRQGHUHQ 6FKODJYRUULFKWXQJ HLQJHWULHEHQ %HLP Ä6FKODJHQ³ ZLUG GDV %RKUZHUN]HXJ VHOEVW GXUFK ZLHGHUKROWHV $QKHEHQ XQG )DOOHQODVVHQ ]XP (LQWUHLEHQ EHQXW]W
%LOG
=XVDPPHQVWHOOXQJ YRQ %RKUYHUIDKUHQ >@
%DXJUXQGHUNXQGXQJ
%LOG
$UWHQ XQG (LQVDW]P|JOLFKNHLWHQ GHU 6RQGLHUJHUlWH >@
%LOG
(UJHEQLV HLQHU 'UXFNVRQGLHUXQJ
*HRWHFKQLVFKH *UXQGODJHQ
%RGHQ 6( *(
8
/DJHUXQJVGLFKWH '
3URFWRU '3U
/HLFKWH 5DPPVRQ GH 6FKOlJH FP 1
'UXFNVRQGH 6SLW]HQGUXFN TF >01P @
PLWWHOGLFKW
68 *8 *7
GLFKW
!
6( 6: 6,
PLWWHOGLFKW
GLFKW
!
*( *: *,
!
68 *8
%LOG
$EVFKlW]XQJ GHV 9HUGLFKWXQJV]XVWDQGHV NLHVLJ ± VDQGLJHU %|GHQ
%HL GHU )OJHOVRQGLHUXQJ ZLUG GHU :LGHUVWDQG GHV %RGHQV EHLP $EVFKHUHQ OlQJV HLQHV VHQN UHFKWHQ ]\OLQGULVFKHQ .|USHUV XQG GHU ]XJHK|ULJHQ .RSI XQG )XIOlFKH LQ YHUVFKLHGHQHQ 7LHIHQ GHV 8QWHUJUXQGHV EHVWLPPW XQG DXV GHP 0HVVZHUW GLH 6FKHUIHVWLJNHLW IU VFKQHOOH %HODVWXQJ HUPLWWHOW 'LH 8QWHUVXFKXQJ LVW JHHLJQHW IU ZDVVHUJHVlWWLJWH ELQGLJH XQG RUJDQL VFKH %|GHQ YRQ ZHLFKHU ELV VWHLIHU .RQVLVWHQ]
%LOG
)OJHOVRQGH *UlWHNRQILJXUDWLRQ XQG $XVZHUWXQJ YJO >@
=XU 8QWHUVXFKXQJ ZLUG HLQ 6RQGLHUJHVWlQJH YHUVHKHQ PLW YLHU )OJHOEOHFKHQ LQ GHQ %DX JUXQG JHGUFNW XQG ODQJVDP JHGUHKW 'DEHL ZLUG GDV 'UHKPRPHQW GDV DP 6RQGHQJHVWlQJH DXIWULWW JHPHVVHQ 8QWHU $QVDW] HLQHU JOHLFKPlLJHQ 6FKXEVSDQQXQJVYHUWHLOXQJ LQ GHU 6FKHUIOlFKH OlVVW VLFK GLH PLWWOHUH 6FKHUIHVWLJNHLW HUPLWWHOQ 6HLWHQGUXFNVRQGLHUXQJHQ VLQG 0HVVXQJHQ LP %RKUORFK ]XU %HVWLPPXQJ GHV 6WHLIHPRGXOV LQ JU|HUHQ 7LHIHQ 8QWHU GHU %H]HLFKQXQJ 3UHVVLRPHWHU ZXUGH GDV 9HUIDKUHQ YRQ 0pQDUG HLQ JHIKUW 'DV 3UHVVLRPHWHU EHVWHKW DXV HLQHU ]HQWUDOHQ 0HVV]HOOH /lQJH PP PP PLW 6FKXW]]HOOHQ GDUEHU XQG GDUXQWHU hEHU GLH 0HVV]HOOH ZLUG 'UXFN DXIJHEUDFKW XQG GLH 9ROXPHQlQGHUXQJ JHPHVVHQ
%DXJUXQGHUNXQGXQJ
%LOG
3UHVVLRPHWHU *HUlWHNRQILJXUDWLRQ XQG $UEHLWVOLQLH
%HL GHU $UEHLWVOLQLH 'UXFN9HUIRUPXQJVOLQLH N|QQHQ YLHU FKDUDNWHULVWLVFKH %HUHLFKH XQWHU VFKLHGHQ ZHUGHQ $QSDVVXQJ DQ GHQ 6SDQQXQJV]XVWDQG YRU GHU %RKUXQJ 3VHXGRHODVWLVFKHU %HUHLFK LQIROJH D[LDOV\PPHWULVFKHU 'UXFNEHODVWXQJ GHU %RKUORFKZDQ GXQJ 3ODVWLVFKHU %HUHLFK LQIROJH VWlUNHUHU 6FKHUYHUIRUPXQJHQ %UXFKEHUHLFK PLW YROOHU hEHUVFKUHLWXQJ GHU 6FKHUIHVWLJNHLW GHV %RGHQV 'XUFK JHRSK\VLNDOLVFKH 8QWHUVXFKXQJHQ 5HIUDNWLRQVVHLVPLN *HRHOHNWULN *HRPDJQHWLN *UDYLPHWULH XQG 5DGLRPHWULH N|QQHQ 8QVWHWLJNHLWHQ SK\VLNDOLVFKHU (LJHQVFKDIWHQ GHV 8Q WHUJUXQGV IHVWJHVWHOOW ZHUGHQ 0LW GLHVHQ 9HUIDKUHQ N|QQHQ GLH EULJHQ *HOlQGHXQWHUVX FKXQJHQ QLFKW HUVHW]W VRQGHUQ QXU HUJlQ]W ZHUGHQ ,QVEHVRQGHUH VLQG VLH IU IOlFKHQKDIWH 8QWHUVXFKXQJHQ GHV %DXJUXQGHV EHL OLQLHQ RGHU UDVWHUI|UPLJHQ 0HVVDQRUGQXQJHQ JHHLJQHW ,KUH $QZHQGXQJ XQG $XVZHUWXQJ VHW]W VSH]LHOOH .HQQWQLVVH GHU 9HUIDKUHQ ZLH DXFK GHV JHR ORJLVFKHQ $XIEDXV GHV ]X XQWHUVXFKHQGHQ %HUHLFKHV YRUDXV XQG VROOWH GDKHU QXU YRQ HUIDKUH QHQ )DFKOHXWHQ YRUJHQRPPHQ ZHUGHQ
*HRWHFKQLVFKH *UXQGODJHQ
(LJHQVFKDIWHQ YRQ %|GHQ XQG LKUH %HVWLPPXQJ LP /DERU $OOJHPHLQHV 'LH (LJHQVFKDIWHQ YRQ %|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lWH XQG DQ GDV 3UREHQPDWHULDO IHVWJHOHJW VLQG
.RUQYHUWHLOXQJ 'XUFKOlVVLJNHLW XQG )LOWHUHLJHQVFKDIWHQ 'LH .RUQYHUWHLOXQJ %LOG JLEW GHQ $QWHLO GHU HLQ]HOQHQ .RUQJU|HQ DXV GHQHQ VLFK GHU %RGHQ ]XVDPPHQVHW]W DOV 3UR]HQWVDW] GHV *HVDPWJHZLFKWHV GHU 3UREH DQ )U QLFKWELQGLJH %|GHQ PLW G ! PP ZHUGHQ GLH .|UQXQJVJUXSSHQ GXUFK 7URFNHQVLHEXQJ JHWUHQQW %HL ELQGLJHQ %|GHQ ZHUGHQ GLH $QWHLOH G PP GXUFK GLH 6FKOlPPDQDO\VH EHVWLPPW 0LVFKE|GHQ N|QQHQ GXUFK HLQH NRPELQLHUWH 6LHE XQG 6FKOlPPDQDO\VH DXIJHVFKORVVHQ ZHU GHQ $OV (UJHEQLVVH ZHUGHQ JHZRQQHQ GLH %HQHQQXQJ GHU %RGHQDUW GLH 8QJOHLFKI|UPLJ NHLWV]DKO 8 VRZLH GLH .UPPXQJV]DKO & 'DUDXV N|QQHQ 5FNVFKOVVH JH]RJHQ ZHUGHQ DXI GLH 'XUFKOlVVLJNHLW GLH )URVWHPSILQGOLFKNHLW GLH =XVDPPHQGUFNEDUNHLW GLH 6FKHUIHVWLJ NHLW VRZLH GLH (LJQXQJ DOV )LOWHUPDWHULDO
%LOG
%HLVSLHOH IU .|UQXQJVOLQLHQ
(LJHQVFKDIWHQ YRQ %|GHQ XQG LKUH %HVWLPPXQJ LP /DERU
'LH :DVVHUGXUFKOlVVLJNHLW HLQHV %RGHQV ZLUG GXUFK GHQ 'XUFKOlVVLJNHLWVEHLZHUW N DQJHJH EHQ (U ZLUG YHUZDQGW EHL GHU %HXUWHLOXQJ YRQ $EGLFKWXQJHQ DOV +LOIVZHUW IU GLH %HUHFK QXQJ YRQ *UXQGZDVVHUVWU|PXQJHQ XQG ±DEVHQNXQJHQ XQG EHL ,QMHNWLRQHQ ]XU %HXUWHLOXQJ GHU )URVWHPSILQGOLFKNHLW VRZLH DOV +LOIVZHUW ]XU (UPLWWOXQJ GHV =HLW±6HW]XQJV9HUKDOWHQV )U EDXSUDNWLVFKH =ZHFNH ZHUGHQ GLH %|GHQ LQ 'XUFKOlVVLJNHLWVEHUHLFKH HLQJHWHLOW %LOG N >PV@
%HUHLFK
XQWHU
VHKU VFKZDFK GXUFKOlVVLJ
VFKZDFK GXUFKOlVVLJ
GXUFKOlVVLJ
VWDUN GXUFKOlVVLJ
ELV ELV ELV EHU
VHKU VWDUN GXUFKOlVVLJ
%LOG 'XUFKOlVVLJNHLWVEHUHLFKH LQ $EKlQJLJNHLW YRP 'XUFKOlVVLJNHLWVEHLZHUW >@
%RGHQDUW
'XUFKOlVVLJNHLWVEHLZHUW N >PV@ *UHQ]EHUHLFKH
6WHLQH *HU|OO )HLQ ELV *URENLHV
EHUZLHJHQG
! ELV
ELV
*UREVDQG 0LWWHOVDQG )HLQVDQG
ELV ELV ELV
ELV ELV
/HKP 6FKOXII /|
ELV ELV ELV
ELV ELV
7RQ
ELV
VFKOXIILJ ELV IHWW
%LOG 'XUFKOlVVLJNHLWVEHLZHUWH N YHUVFKLHGHQHU %RGHQDUWHQ
=XU $XVZDKO HLQHV DEJHVWXIWHQ %RGHQV XP ] % 6LFNHUZDVVHU YRQ EDXOLFKHQ $QODJHQ VFKQHOO DE]XIKUHQ RKQH GDVV IHLQH 7HLOFKHQ DXV GHP ]X HQWZlVVHUQGHQ %RGHQ DXVJHVSOW ZHUGHQ LVW GLH %HVWLPPXQJ GHU )LOWHUHLJHQVFKDIW QRWZHQGLJ ',1 'DEHL NDQQ X D GLH )LOWHUUHJHO YRQ 7HU]KDJL ]XU $QZHQGXQJ NRPPHQ %LOG
*HRWHFKQLVFKH *UXQGODJHQ
%LOG *UDILVFKH $XVZHUWXQJ GHU )LOWHUUHJHO QDFK 7HU]KDJL
)URVWHPSILQGOLFKNHLW 'ULQJW )URVW LQ GHQ %RGHQ HLQ VR JHIULHUW GDV :DVVHU LQ LKP ZREHL GXUFK GLH (LVELOGXQJ HLQH 9ROXPHQYHUJU|HUXQJ DXIWULWW -H QDFK %RGHQDUW VLQG GLH )ROJHQ HLQHU )URVWHLQZLUNXQJ DOVR GHU *UDG GHU )URVWHPSILQGOLFKNHLW YHUVFKLHGHQ 0DQ XQWHUVFKHLGHW GHVKDOE ]ZLVFKHQ KRPRJHQHQ )URVWERGHQ VFKOXIIIUHLH 6DQGH XQG .LHVH XQG QLFKW KRPRJHQHQ )URVWE|GHQ %HL HUVWHUHP VLQG HLQH 9ROXPHQYHUJU|HUXQJ XQG QXU HLQH JHULQJH )URVWKHEXQJ P|JOLFK 'LH %RGHQKHEXQJHQ VLQG JOHLFKPlLJ XQG GLH 7UDJIlKLJNHLW GHV %RGHQV EOHLEW DXFK EHL 7DXZHW WHU EHVWHKHQ 6ROFKH %|GHQ ZHUGHQ DOV IURVWXQHPSILQGOLFK EH]HLFKQHW 'XUFK NDSLOODUHQ 1DFKVFKXE YRQ XQWHQ RGHU GXUFK YHUVLFNHUQGHV 2EHUIOlFKHQZDVVHU DXV ]ZL VFKHQ]HLWOLFK HLQJHWUHWHQHQ 7DXSHULRGHQ ELOGHQ VLFK EHL QLFKW KRPRJHQHQ )URVWE|GHQ (LVOLQ VHQ RGHU (LVVFKLFKWHQ (V HQWVWHKHQ EOlWWHUWHLJDUWLJ JHWUHQQWH 6FKLFKWHQ YRQ %RGHQ XQG (LV PLW XQWHUVFKLHGOLFKHQ +HEXQJHQ GHU *HOlQGHREHUIOlFKH ,Q 7DXSHULRGHQ VWHLJW ]XGHP GHU :DVVHUJHKDOW DQ GLH .RQVLVWHQ] YHUULQJHUW VLFK XQG GLH 7UDJIlKLJNHLW QLPPW DE 6ROFKH %| GHQ ZHUGHQ DOV IURVWHPSILQGOLFK EH]HLFKQHW 'LH =79( ± 6W% =XVlW]OLFKH 7HFKQLVFKH 9RUVFKULIWHQ XQG 5LFKWOLQLHQ IU (UGDUEHLWHQ LP 6WUDHQEDX WHLOW GLH %|GHQ LQ )URVWHPSILQGOLFKNHLWVNODVVHQ HLQ %LOG
(LJHQVFKDIWHQ YRQ %|GHQ XQG LKUH %HVWLPPXQJ LP /DERU
.ODVVLILNDWLRQ GHU )URVWHPSILQGOLFKNHLW YRQ %RGHQ DUWHQ QDFK =79(6W% (QWZXUI
)
)
)
)URVWHPSILQGOLFKNHLW
%RGHQDUW ',1
QLFKW IURVWHPSILQGOLFK
*: *, *( 6: 6, 6(
JHULQJ ELV PLWWHO IURVWHPSILQGOLFK
VHKU IURVWHPSILQGOLFK
7$ 27 2+ 2. 70 67 *7 68 *8
`
7/ 70 8/ 80 8$ 28 67 *7 68 *8
1XU ZHQQ *HZ EHL 8 RGHU *HZ EHL 8 VRQVW ]X ) JHK|UHQG )U 8 NDQQ OLQHDU LQWHUSR OLHUW ZHUGHQ
%LOG
,QWHUSRODWLRQVKLOIH
)URVWHPSILQGOLFKNHLWVNODVVHQ
%RGHQSK\VLNDOLVFKH .HQQZHUWH 'HU %RGHQ LVW HLQ 0HKUSKDVHQV\VWHP GDV VLFK DXV GHQ GUHL 3KDVHQ IHVW 0LQHUDOEHVWDQGWHLO IOVVLJ :DVVHU XQG JDVI|UPLJ /XIW ]XVDPPHQVHW]W
%LOG 9ROXPHQYHUKlOWQLVVH LQ HLQHU %RGHQSUREH
'LH IOVVLJH XQG GLH JDVI|UPLJH 3KDVH IOOHQ GHQ +RKOUDXP ]ZLVFKHQ GHQ HLQ]HOQHQ 0LQH UDOEHVWDQGWHLOHQ GHU IHVWHQ 3KDVH 'DV 9ROXPHQYHUKlOWQLV ]ZLVFKHQ GHQ 3KDVHQ ZLUG GXUFK GHQ 3RUHQDQWHLO RGHU GLH 3RUHQ]DKO EHVFKULHEHQ %LOG
*HRWHFKQLVFKH *UXQGODJHQ
%LOG 8QWHUVFKLHG GHV %H]XJVZHUWHV EHL 3RUHQDQWHLO XQG 3RUHQ]DKO
=XU %HVWLPPXQJ GHV :DVVHUJHKDOWHV ZLUG GLH 3UREH JHZRJHQ XQG DQVFKOLHHQG LP 7URFN QXQJVRIHQ EHL & ELV ]XU 0DVVHQNRQVWDQ] JHWURFNQHW 'LH 0DVVHQDEQDKPH GHU 3UREH HQWVSULFKW GHU 0DVVH GHV 3RUHQZDVVHUV 'LH 6lWWLJXQJV]DKO 6U JLEW DQ ZLH YLHOH GHU 3RUHQ PLW :DVVHU JHIOOW VLQG 6LQG VlPWOLFKH 3RUHQ GHV %RGHQV PLW )OVVLJNHLW JHIOOW OLHJW HLQ =ZHL SKDVHQV\VWHP YRU 6U ZDVVHUJHVlWWLJWHU %RGHQ
'LFKWH XQG :LFKWH GHV %RGHQV 8QWHU GHU RUWVXQDEKlQJLJHQ *U|H GHU 'LFKWH U GHV %RGHQV ZLUG GDV 9HUKlOWQLV GHU 0DVVH GHV IHXFKWHQ %RGHQV ]XP 9ROXPHQ GHV %RGHQV HLQVFKOLHOLFK GHU PLW :DVVHU XQG /XIW JH IOOWHQ 3RUHQ YHUVWDQGHQ 'HU %HJULII GHU RUWVDEKlQJLJHQ :LFKWH EH]HLFKQHW GDV 3URGXNW DXV 'LFKWH XQG (UGEHVFKOHXQLJXQJ )U HUGVWDWLVFKH %HUHFKQXQJHQ ZLUG ]ZLVFKHQ IROJHQGHQ :LFKWHQ XQWHUVFKLHGHQ
ȖĮ %RGHQ YROONRPPHQ WURFNHQ
JD
Ȗ
J J
%RGHQ IHXFKW WHLOJHVlWWLJW
Q JV
Q JV 6U Q JZ JG Z
ȖU %RGHQ ZDVVHUJHVlWWLJW
JU Q JV Q JZ JU JG Q JZ
Ȗ %RGHQ ZDVVHUJHVlWWLJW XQWHU $XIWULHE
J C Q JV JZ J C JU JZ
%LOG
%H]HLFKQXQJHQ GHU XQWHUVFKLHGOLFKHQ :LFKWHQ
%HL DOOHQ 9HUVXFKHQ ZLUG GLH 0DVVH GHU 3UREH P E]Z PG GXUFK :lJXQJ EHVWLPPW )U GLH (UPLWWOXQJ GHV 9ROXPHQV GHU IHXFKWHQ 3UREH LP )HOG VWHKHQ YHUVFKLHGHQ 0|JOLFKNHLWHQ ]XU $XVZDKO
(LJHQVFKDIWHQ YRQ %|GHQ XQG LKUH %HVWLPPXQJ LP /DERU
%HL GHP $XVVWHFK]\OLQGHU9HUIDKUHQ ZHUGHQ QDKWORVH 3Ul]LVLRQVVWDKOURKUH PLW LQQHQ OLHJHQ GHU 6FKQLWWNDQWH LQ GHQ %RGHQ HLQJHGUFNW RGHU HLQJHWULHEHQ XQG QDFK GHU 3UREHQHQWQDKPH OXIWGLFKW YHUVFKORVVHQ 'DV 9HUIDKUHQ LVW QXU IU IHLQN|UQLJH %|GHQ 6DQGH 6FKOXIIH 7RQH JHHLJQHW %HL GHP 6DQGHUVDW]YHUIDKUHQ %LOG ZLUG GHU HQWVWDQGHQH +RKOUDXP PLW WURFNHQHP 6DQG DXVJHIOOW 'HU YHUEUDXFKWH 6DQG ZLUG GXUFK :lJXQJ GHV 6FKWWWULFKWHUV YRU XQG QDFK GHP 9HUVXFK HUPLWWHOW 'LH HU]LHOWH 6FKWWGLFKWH GHV 3UIVDQGHV PXVV YRU GHP 9HUVXFK ]ZHFNV .DOLEULHUXQJ EHVWLPPW ZHUGHQ 'LH $QZHQGXQJ GHV %DOORQYHUIDKUHQV %LOG HPSILHKOW VLFK YRU DOOHP EHL IHLQN|UQLJHQ %|GHQ PLW HLQJHODJHUWHQ .LHVHQ XQG 6WHLQHQ VRZLH EHL JUREN|UQLJHQ %|GHQ 'HU 5DXP DXV GHP GLH 3UREH HQWQRPPHQ ZXUGH ZLUG KLHUEHL GXUFK HLQHQ PLW )OVVLJNHLW JHIOOWHQ %DOORQ DXVJHIOOW %HL %|GHQ PLW VFKDUINDQWLJHQ 6WHLQHQ KLQJHJHQ NDQQ GLH %DOORQKDXW EHVFKlGLJW ZHUGHQ
%LOG
6DQGHUVDW]YHUIDKUHQ
%DOORQYHUIDKUHQ 'HQVLWRPHWHU
'DV )OVVLJNHLWVHUVDW]YHUIDKUHQ %HQWRQLW±6XVSHQVLRQHQ 7DSHWHQNOHLVWHU R l ZLUG DQJH ZHQGHW EHL JUREN|UQLJHQ 6DQGHQ .LHVVDQG XQG EHL 0LVFKE|GHQ LQ GHQHQ VLFK VWDQGIHVWH *UXEHQ DXVKHEHQ ODVVHQ %HL GHP *LSVHUVDW]YHUIDKUHQ LVW GLH IHUWLJ JHVWHOOWH *UXEH ]XQlFKVW PLW LQ gO JHWUlQNWHQ =HOO VWRIIVWUHLIHQ IDOWHQORV DXV]XOHJHQ XP HLQ +DIWHQ GHV *LSVHV DP %RGHQ ]X YHUKLQGHUQ 'HU *LSVEUHL PXVV EODVHQIUHL HLQJHJRVVHQ XQG LQ +|KH HLQHU 6WDKOULQJSODWWH DEJH]RJHQ ZHUGHQ 1DFK GHU (UKlUWXQJ ZLUG GHU *LSVN|USHU IUHL JHJUDEHQ XQG VHLQ 9ROXPHQ GXUFK 7DXFKZl JXQJ EHVWLPPW
*HRWHFKQLVFKH *UXQGODJHQ
%HL GHP 6FKUIJUXEHQYHUIDKUHQ ZLUG HLQH UHFKWHFNLJH SURILOJHUHFKWH *UXEH YRQ FD ELV Pñ ,QKDOW DXVJHKREHQ 'DV 9ROXPHQ ZLUG GXUFK $XVPHVVHQ EHVWLPPW 'DV 9HUIDKUHQ NDQQ DQJHZHQGHW ZHUGHQ EHL JUREHP .LHV PLW 6WHLQHQ %O|FNHQ XQG )HOVEUXFKPDWHULDO 9HUIDKUHQ
%RGHQDUW JXW JHHLJQHW RKQH *URENRUQ
$XVVWHFK]\OLQGHU XQG DOOH DQGHUHQ 9HUIDKUHQ
NHLQH
PLW *URENRUQ
$OOH (UVDW]YHUIDKUHQ
$XVVWHFK]\OLQGHU9HUIDKUHQ
)HLQ ELV 0LWWHOVDQG
$XVVWHFK]\OLQGHU9HUIDKUHQ XQG (UVDW]YHUIDKUHQ
NHLQH
.LHV6DQG*HPLVFK
%DOORQ )OVVLJNHLWVHUVDW] *LSVHUVDW]9HUIDKUHQ
$XVVWHFK]\OLQGHU9HUIDKUHQ
6DQGDUPHU .LHV
%DOORQ :DVVHUHUVDW] *LSVHUVDW]9HUIDKUHQ
$XVVWHFK]\OLQGHU 6DQGHUVDW] 9HUIDKUHQ )OVVLJNHLWVHUVDW] 9HUIDKUHQ PLW %HQWRQLWVFKOlPPH XQG 7DSHWHQNOHLVWHU
6FKUIJUXEHQ9HUIDKUHQ
DOOH DQGHUHQ 9HUIDKUHQ
ELQGLJHU %RGHQ
QLFKWELQGLJHU %RGHQ
XQJHHLJQHW
6WHLQH XQG %O|FNH PLW JHULQJHQ %HL PHQJXQJHQ
$QPHUNXQJ 'LH $QZHQGEDUNHLW GHU 9HUIDKUHQ EHL ZHLFKHQ ELQGLJHQ %|GHQ XQG EHL ORFNHU JHODJHUWHQ QLFKW ELQGLJHQ %|GHQ NDQQ LQ )UDJH JHVWHOOW VHLQ
%LOG (LJQXQJ GHU 9HUIDKUHQ LQ $EKlQJLJNHLW YRQ GHU %RGHQDUW >@
/DJHUXQJVGLFKWH ',1 -HGHU %RGHQ EHVWHKW DXV +RKOUlXPHQ GLH PLW /XIW XQGRGHU :DVVHU JHIOOW VLQG VRZLH GHU )HVWVXEVWDQ] GHU %RGHQWHLOFKHQ -H JU|HU GHU +RKOUDXP LP 9HUKlOWQLV ]XP *HVDPWYROXPHQ LVW GHVWR ORFNHUHU LVW GLH /DJHUXQJ
%LOG 7KHRUHWLVFKH 'DUVWHOOXQJ GHU ORFNHUVWHQ XQG GLFKWHVWHQ /DJHUXQJ
'HU %HJULII GHU /DJHUXQJVGLFKWH LVW QXU DXI QLFKWELQGLJH %|GHQ DQZHQGEDU 'LH .HQQWQLV GHU /DJHUXQJVGLFKWH HUODXEW 5FNVFKOVVH DXI GLH 9HUGLFKWXQJ YRQ %|GHQ XQG GDPLW LKUH 7UDJ IlKLJNHLW XQG =XVDPPHQGUFNEDUNHLW $XHUGHP NDQQ VR GLH 9HUGLFKWXQJVIlKLJNHLW ] % GXUFK EDXEHWULHEOLFKH 0DQDKPHQ EHXUWHLOW ZHUGHQ
(LJHQVFKDIWHQ YRQ %|GHQ XQG LKUH %HVWLPPXQJ LP /DERU
' >±@
,' >±@
%H]HLFKQXQJ GHU /DJHUXQJ
± ± ± ± ±
± ± ± ±
VHKU ORFNHU ORFNHU PLWWHOGLFKW GLFKW VHKU GLFKW
%LOG (LQWHLOXQJ GHU /DJHUXQJVGLFKWH
.RQVLVWHQ]JUHQ]HQ ',1 %HLP ELQGLJHQ %RGHQ LVW GHU :DVVHUJHKDOW IU VHLQH =XVWDQGVIRUP DOVR VHLQH .RQVLVWHQ] GXUFK GLH VHLQH 7UDJIlKLJNHLW EHVWLPPW ZLUG YRQ DXVVFKODJJHEHQGHU %HGHXWXQJ 0LW DE QHKPHQGHP :DVVHUJHKDOW JHKW HLQ ELQGLJHU %RGHQ YRP IOVVLJHQ LQ GHQ ELOGVDPHQ SODVWL VFKHQ GDQQ KDOEIHVWHQ XQG VFKOLHOLFK LQ GHQ IHVWHQ =XVWDQG EHU 'LHVH hEHUJlQJH ZXUGHQ YRQ $WWHUEHUJ IROJHQGHUPDHQ GHILQLHUW x
'LH )OLHVVJUHQ]H :O
LVW GHU :DVVHUJHKDOW DP hEHUJDQJ YRQ GHU IOVVLJHQ ]XU ELOGVDPHQ SODVWLVFKHQ =XVWDQGVIRUP
x
'LH $XVUROOJUHQ]H :S
LVW GHU :DVVHUJHKDOW DP hEHUJDQJ YRQ GHU ELOGVDPHQ ]XU KDOEIHVWHQ =XVWDQGVIRUP
x
'LH 6FKUXPSIJUHQ]H :V
LVW GHU :DVVHUJHKDOW DP hEHUJDQJ YRQ GHU KDOEIHVWHQ ]XU IHVWHQ =XVWDQGVIRUP
'HU =ZHFN GHU %HVWLPPXQJ GHU =XVWDQGVJUHQ]HQ LVW $XIVFKOXVV EHU GLH EDXWHFKQLVFKHQ XQG ERGHQSK\VLNDOLVFKHQ (LJHQVFKDIWHQ ELQGLJHU %|GHQ ]X HUKDOWHQ 'LH =XVWDQGVJUHQ]HQ VLQG HLQ 0D IU GLH 3ODVWL]LWlW GHV %RGHQV XQG IU VHLQH (PSILQGOLFKNHLW JHJHQEHU bQGH UXQJHQ GHV :DVVHUJHKDOWHV 'HU 8PIDQJ GHV SODVWLVFKHQ %HUHLFKHV ]ZLVFKHQ :O XQG :S ZLUG GXUFK GLH 3ODVWL]LWlWV]DKO ,S EHVFKULHEHQ $QKDQG GHU 3ODVWL]LWlWV]DKO XQG GHU )OLHJUHQ]H OlVVW VLFK GHU %RGHQ PLW +LOIH GHV 3ODVWL]LWlWVGLDJUDPPV %LOG UDVFK HLQRUGQHQ 'LH =XVWDQGVIRUP HLQHV ELQGLJHQ %RGHQV ZLUG GXUFK GLH .RQVLVWHQ]]DKO DXVJHGUFNW 'LH *UXSSLHUXQJ GHU %|GHQ QDFK GHU .RQVLVWHQ] NDQQ QDFK GHP .RQVLVWHQ]EDQG YRQ $WWHUEHUJ HUIROJHQ %LOG
*HRWHFKQLVFKH *UXQGODJHQ
%LOG 3ODVWL]LWlWVGLDJUDPP QDFK &DVDJUDQGH
%LOG .RQVLVWHQ]EDQG YRQ $WWHUEHUJ
3URFWRUYHUVXFK ',1 (LQ %RGHQ OlVVW VLFK LQ GHP 0DH YHUGLFKWHQ LQ GHP HV JHOLQJW VHLQHQ 3RUHQDQWHLO Q ]X YHU ULQJHUQ XQG GDPLW VHLQH 'LFKWH ]X HUK|KHQ 'HU 3URFWRUYHUVXFK ]HLJW GLH %H]LHKXQJ ]ZLVFKHQ GHU 7URFNHQGLFKWH XQG YHUVFKLHGHQHQ :DVVHUJHKDOWHQ EHL NRQVWDQWHU 9HUGLFKWXQJVDUEHLW DXI 'LHVH 9HUGLFKWXQJVDUEHLW NDQQ PLW GHQ EOLFKHQ 9HUGLFKWXQJVJHUlWHQ DXI GHU %DXVWHOOH HU UHLFKW ZHUGHQ =XQlFKVW QHKPHQ PLW K|KHUHP :DVVHUJHKDOW GLH 5HLEXQJVNUlIWH DE VR GDVV GLH 9HUGLFKWEDU NHLW ZlFKVW $E GHP RSWLPDOHQ :DVVHUJHKDOW QLPPW MHGRFK GLH 9HUGLFKWEDUNHLW PLW ]XQHK PHQGHU 6lWWLJXQJ ZLHGHU DE ZHLO GDV 3RUHQZDVVHU GXUFK G\QDPLVFKH .UlIWH ZLH VLH IU 9HU GLFKWXQJVYRUJlQJH NHQQ]HLFKQHQG VLQG QLFKW YHUGUlQJW ZHUGHQ NDQQ %HL GHP RSWLPDOHQ :DVVHUJHKDOW LVW GLH 9HUGLFKWXQJ G K GLH HUUHLFKWH 7URFNHQGLFKWH DP JU|WHQ
:DVVHU LP %RGHQ
8P GHP (LQVDW] YRQ VFKZHUHP 9HUGLFKWXQJVJHUlW ]X HQWVSUHFKHQ ZLUG GHU YHUEHVVHUWH RGHU PRGLIL]LHUWH 3URFWRUYHUVXFK EHQXW]W ,Q GHU %DXSUD[LV ZHUGHQ MH QDFK $QIRUGHUXQJHQ DQ GDV %DXZHUN ELV GHU HLQIDFKHQ 3URFWRUGLFKWH YHUODQJW 9HUGLFKWXQJVJUDG '3U >@
9HUIRUPXQJVPRGXO (9 >01Pð@
9HUGLFKWXQJVJUDG '3U >@
9HUKlOWQLVZHUW (9 (9 >@
*: *,
t t t
t t t
t t t
d d d
*( 6( 6: 6,
t t t
t t t
%RGHQJUXSSHQ Q ',1
%LOG =XVDPPHQKDQJ 9HUGLFKWXQJVJUDG XQG 9HUIRUPXQJVPRGXO
:DVVHU LP %RGHQ 'DV :DVVHU LP %RGHQ ]X EHWUDFKWHQ LVW YRQ EHVRQGHUHU %HGHXWXQJ GD YLHOH %DXVFKlGHQ DXI GLH :LUNXQJ GHV :DVVHUV ]XUFNJHKHQ ,P %RGHQ WULWW :DVVHU DOV JHEXQGHQHV XQG IUHLHV :DVVHU DXI 0DQ XQWHUVFKHLGHW D $EVRUELHUWHV :DVVHU (V EHGHFNW GLH 2EHUIOlFKH GHU %RGHQN|UQHU PLW HLQHU VHKU GQQHQ 6FKLFKW XQG ZLUG GRUW YRQ GHQ 2EHUIOlFKHQNUlIWHQ IHVWJHKDOWHQ 'LHVH EHUWUHIIHQ GLH 0DV VHQNUlIWH XP HLQ 9LHOIDFKHV VR GDVV GLHVHV :DVVHU XQEHZHJOLFK LVW E JHEXQGHQHV :DVVHU (V VWHKW EHUHLWV XQWHU GHP (LQIOXVV GHU HOHNWULVFKHQ .UlIWH GHU ,RQHQ YHUELQGXQJHQ LVW DEHU QRFK IUHL EHZHJOLFK 'LFKWH XQG 9LVNRVLWlW VLQG JU|HU DOV GLH GHV IUHLHQ 3RUHQZDVVHUV F )UHLHV 3RUHQZDVVHU (V EHVLW]W GLH JOHLFKHQ (LJHQVFKDIWHQ ZLH GDV *UXQGZDVVHU XQG IROJW GHQ JHRK\GUDXOLVFKHQ *HVHW]HQ $XV EDXWHFKQLVFKHU 6LFKW LVW DXFK IROJHQGH 8QWHUWHLOXQJ VLQQYROO +DIWZDVVHU (V XPJLEW GLH %RGHQN|UQHU PLW HLQHU +DXW XQG KDIWHW DQ LKQHQ ZHJHQ GHU 2EHUIOlFKHQVSDQQXQJ .DSLOODUZDVVHU (V IOOW HLQ]HOQH RGHU *UXSSHQ YRQ 3RUHQ DXV LQ GHQHQ HV VLFK LQIRO JH GHU .DSLOODUNUlIWH KlOW ELOGHW MHGRFK NHLQH GXUFKJHKHQGH :DVVHU]RQH RIIHQHV .D SLOODUZDVVHU
*HRWHFKQLVFKH *UXQGODJHQ
%LOG .DSLOODUURKU XQG .DSLOODUNUlIWH
6LFNHUZDVVHU (V EHZHJW VLFK DXIJUXQG GHU 6FKZHUNUDIW GXUFK GLH %RGHQSRUHQ QDFK XQWHQ EHQHW]W WURFNHQH %RGHQN|UQHU XQG KLQWHUOlVVW LQ GHQ GXUFKVLFNHUWHQ =RQHQ +DIW XQG .DSLOODUZDVVHU (V JHODQJW ]XP 7HLO ELV ]XP .DSLOODUVDXP XQG HUJlQ]W GDV *UXQGZDVVHU *UXQGZDVVHU 'DV *UXQGZDVVHU IOOW GLH 3RUHQ GHV %RGHQV ]XVDPPHQKlQJHQG DXV (V XQWHUOLHJW QXU GHP (LQIOXVV GHU 6FKZHUNUDIW XQG IOLHW EHL *HIlOOH HQWVSUHFKHQG GHU 'XUFKOlVVLJNHLW GHV %RGHQV 'D XQWHUKDOE GHV *UXQGZDVVHUVSLHJHOV DOOH )HVWEH VWDQGWHLOH LQ GDV :DVVHU HLQWDXFKHQ VWHKHQ VLH XQWHU $XIWULHE ,KUH :LFKWH LVW GDKHU JHJHQEHU GHP IHXFKWHQ RGHU JHVlWWLJWHQ =XVWDQG JHULQJHU %RGHQVFKLFKWHQ GLH *UXQGZDVVHU IKUHQ EH]HLFKQHW PDQ DOV *UXQGZDVVHUOHLWHU 'XUFK ZHFKVHOQGH /DJH YRQ GXUFKOlVVLJHQ XQG XQGXUFKOlVVLJHQ 6FKLFKWHQ N|QQHQ VLFK PHKUHUH *UXQGZDVVHUVWRFNZHUNH HUJHEHQ
=XVDPPHQGUFNEDUNHLW 'LH =XVDPPHQGUFNEDUNHLW HLQHV %RGHQV EHVWLPPW VHLQ 9HUKDOWHQ XQWHU DXIJHEUDFKWHQ /DV WHQ :LUG HLQ %RGHQ LQ GHU 1DWXU RGHU LP /DERUYHUVXFK EHODVWHW VR YHUIRUPW HU VLFK HODVWLVFK XQG SODVWLVFK 'LH HODVWLVFKHQ 9HUIRUPXQJHQ HQWVWHKHQ LP :HVHQWOLFKHQ GXUFK 9ROXPHQlQ GHUXQJ GHU .|UQHU 6LH JHKHQ EHL (QWODVWXQJ ]XUFN 'LH SODVWLVFKHQ 9HUIRUPXQJHQ HQWVWH KHQ GXUFK 9ROXPHQlQGHUXQJHQ GHV 3RUHQUDXPHV EHL ZDVVHUJHVlWWLJWHQ %|GHQ YHUEXQGHQ PLW HLQHU $EQDKPH GHV :DVVHUJHKDOWHV 6LH JHKHQ EHL (QWODVWXQJ QLFKW ]XUFN 'LH EHL GHU %HODVWXQJ GHV %RGHQV DXIWUHWHQGHQ (UVFKHLQXQJHQ VLQG EHL ELQGLJHQ XQG QLFKW ELQGLJHQ %|GHQ YHUVFKLHGHQ 'LH (UVFKHLQXQJHQ ODVVHQ VLFK PLW GHP YRQ 7HU]DJKL HLQ JHIKUWHQ PHFKDQLVFKHQ 0RGHOO %LOG HUOlXWHUQ
=XVDPPHQGUFNEDUNHLW
%LOG 0HFKDQLVFKHV 0RGHOO YRQ 7HU]DJKL
%HLP QLFKWELQGLJHQ %RGHQ LVW GLH 'XUFKOlVVLJNHLW JUR XQG GDV :DVVHU VWU|PW QDKH]X XQJH KLQGHUW DXV GHQ 3RUHQ GHU %RGHQ VHW]W VLFK UDVFK E]Z ZLUG UDVFK ]XVDPPHQJHGUFNW 'LH /DVW ZLUG VRIRUW DXI GLH )HGHUQ .RUQJHUVW EHUWUDJHQ %HLP ELQGLJHQ %RGHQ LVW GLH 'XUFKOlVVLJNHLW NOHLQ XQG GHU %RGHQ VHW]W VLFK ODQJVDPHU GD GHU 3RUHQZDVVHUDEIOXVV ODQJVDPHU YRQVWDWWHQ JHKW =XP =HLWSXQNW W ZLUG GLH JHVDPWH /DVW YRP 3RUHQZDVVHU EHUQRPPHQ XQG HUVW QDFK XQG QDFK DQ GDV .RUQJHUVW DEJHJHEHQ (V VLQG IROJHQGH 6SDQQXQJHQ ]X XQWHUVFKHLGHQ 7RWDOH 6SDQQXQJ (IIHNWLYH 6SDQQXQJ 1HXWUDOH 6SDQQXQJ
ı S $XIODVWVSDQQXQJ ıC ıHII 6SDQQXQJ LP .RUQJHUVW (IIHNWLYH 6SDQQXQJ X 3RUHQZDVVHUEHU GUXFN 1HXWUDOH 6SDQQXQJ
(V JLOW VWHWV
V
V CX
'LH =XVDPPHQGUFNEDUNHLW LVW GLH IU GLH 6HW]XQJVEHUHFKQXQJ XQG GLH (UPLWWOXQJ GHV =HLW 6HW]XQJV9HUKDOWHQV PDJHEHQGH .HQQJU|H 8P HLQ 0D IU GLH =XVDPPHQGUFNEDUNHLW HLQHV %RGHQV LQ $EKlQJLJNHLW YRQ GHU DXIJHEUDFKWHQ 'UXFNVSDQQXQJ ]X HUKDOWHQ EHQXW]W PDQ PHLVW GHQ YRQ 7HU]DJKL HLQJHIKUWHQ .RPSUHVVLRQVDSSDUDW gGRPHWHU LQ GHQ HLQH XQ JHVW|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
*HRWHFKQLVFKH *UXQGODJHQ
$XV GHU =HLW6HW]XQJV/LQLH GLH ]XU $EVFKlW]XQJ GHV ]HLWOLFKHQ 9HUODXIV GHU 6HW]XQJHQ LQ GHU 1DWXU KHUDQJH]RJHQ ZLUG ODVVHQ VLFK GLH GUHL 6HW]XQJVDQWHLOH 6RIRUWVHW]XQJ YROXPHQ WUHXH *HVWDOWVlQGHUXQJ 3ULPlUVHW]XQJ .RQVROLGLHUXQJVVHW]XQJHQ LQIROJH $XVSUHVVHQV GHV 3RUHQZDVVHUV JHVWDOWWUHXH 9ROXPHQlQGHUXQJ XQG 6HNXQGlUVHW]XQJ .ULHFKHUVFKHLQXQJHQ LQIROJH SODVWLVFKHU 9HUIRUPXQJHQ XQWHUVFKHLGHQ %HL GHU 'UXFN6HW]XQJV/LQLH ZLUG GLH 'UXFNDFKVH L $ OLQHDU JHWHLOW XQG DXI GHU 6HW]XQJV DFKVH GLH DXI GLH $XVJDQJVK|KH EH]RJHQH 6HW]XQJ VC DXIJHWUDJHQ 7DEHOOH %RGHQDUW 6DQG
.LHV 7DEHOOH
6WHLIHPRGXOL QLFKWELQGLJHU %|GHQ /DJHUXQJVGLFKWH
.RUQIRUP
6WHLIHPRGXO (V >01P@
ORFNHU ORFNHU PLWWHOGLFKW
UXQG HFNLJ UXQG
PLWWHOGLFKW GLFKW
HFNLJ HFNLJ
PLWWHOGLFKW
6WHLIHPRGXOL ELQGLJHU %|GHQ
%RGHQDUW
.RQVLVWHQ]
6WHLIHPRGXO (V >01P@
7RQ
KDOEIHVW VWHLI ZHLFK
/HKP
KDOEIHVW ZHLFK
6FKOXII
3ODWWHQGUXFNYHUVXFK 8QWHU HLQHP 3ODWWHQGUXFNYHUVXFK YHUVWHKW PDQ GLH 'XUFKIKUXQJ YRQ 3UREHEHODVWXQJHQ GHV %DXJUXQGHV E]Z GHU IHUWLJJHVWHOOWHQ (UGEDXPDQDKPHQ ]XU %HXUWHLOXQJ LKUHU 7UDJIlKLJNHLW LQVEHVRQGHUH EHL VHKU JUREN|UQLJHQ (UGVWRIIHQ GLH HLQH (QWQDKPH YRQ XQJHVW|UWHQ 3UREHQ QLFKW ]XODVVHQ 'HU =ZHFN LVW GLH (UPLWWOXQJ GHV 9HUIRUPXQJVPRGXOV (Y XQG GHV %HWWXQJV PRGXOV NV ] % GHU EDXEHJOHLWHQGHQ 4XDOLWlWVNRQWUROOH GLHQHQG 'HU 9HUIRUPXQJVPRGXO (Y XQG GHU %HWWXQJVPRGXO NV VLQG .HQQ]DKOHQ IU GLH =XVDP PHQGUFNEDUNHLW GHV %RGHQV 6LH VLQG EHODVWXQJVDEKlQJLJ .ULWHULHQ IU GLH %HXUWHLOXQJ GHU 9HUGLFKWXQJ E]Z GHU 7UDJIlKLJNHLW VLQG GHU 9HUIRUPXQJVPRGXO (Y GHU =ZHLWEHODVWXQJ XQG ]XVlW]OLFK GHU 9HUKlOWQLVZHUW (Y(Y
6FKHUIHVWLJNHLW
6FKHUIHVWLJNHLW ,P %RGHQ VLQG XQWHU HQWVSUHFKHQGHQ 6SDQQXQJV]XVWlQGHQ %UXFKYRUJlQJH P|JOLFK $XVO| VHQG ZLUNW GDEHL GLH 6FKXE RGHU 6FKHUVSDQQXQJ UFNKDOWHQG GLH 1RUPDOVSDQQXQJ DXI GHU *OHLWIOlFKH 'LH 6FKHUIHVWLJNHLW KlQJW X D DE YRQ GHU /DJHUXQJVGLFKWH EHL QLFKWELQGLJHQ %|GHQ GHU .RQVLVWHQ] EHL ELQGLJHQ %|GHQ XQG JJI GHU =HLWGDXHU GHU %HDQVSUXFKXQJ 'HU *U|WZHUW GHV 6FKHUZLGHUVWDQGHV EHLP %UXFK ZLUG 6FKHUIHVWLJNHLW IJI JHQDQQW 1DFK GHP %UXFK QLPPW GHU 6FKZHUZLGHUVWDQG PLW ZDFKVHQGHP 9HUVFKLHEXQJVZHJ ELV ]XU *OHLWIHVWLJ NHLW IJU GHV %RGHQV DE 'LH 6FKHUIHVWLJNHLW VHW]W VLFK DXV ]ZHL $QWHLOHQ ]XVDPPHQ QlPOLFK 5HLEXQJ XQG .RKlVLRQ 1DFK GHP &RXORPEVFKHQ 5HLEXQJVJHVHW] EHVWHKW ]ZLVFKHQ GHU 5HLEXQJVNUDIW 5 XQG GHU 1RUPDONUDIW 1 ZHOFKH DXI GLH 7UHQQIOlFKH ZLUNW HLQ OLQHDUHU =XVDPPHQKDQJ 'LH 8UVDFKH GHU .RKlVLRQ VLQG GLH ]ZLVFKHQ GHQ WRQLJHQ %HVWDQGWHLOHQ ELQGLJHU %|GHQ ZLU NHQGHQ +DIWNUlIWH 'LH *U|H GLHVHU +DIWNUlIWH KlQJW YRQ GHU $UW GHV 7RQPLQHUDOV DE YRP 7RQDQWHLO GHV %RGHQV XQG VHLQHP :DVVHUJHKDOW 0LW ]XQHKPHQGHP :DVVHUJHKDOW XQG 6lWWL JXQJVJUDG QLPPW GLH .RKlVLRQ DE XQG ZLUG LQ EUHLLJHP %RGHQ SUDNWLVFK 1XOO 'LH 6FKHUIHVWLJNHLW IJI XQG GLH *OHLWIHVWLJNHLW IJU ODVVHQ VLFK PLW GHU 0RKU&RXORPEVFKHQ %UXFKEHGLQJXQJ IU GHQ LQWHUHVVLHUHQGHQ 6SDQQXQJVEHUHLFK DOV )XQNWLRQ GHU ZLUNVDPHQ 1RUPDOVSDQQXQJHQ DQJHEHQ WI
FCI VC Â WDQ MCI %UXFK]XVWDQG
WU
FCU VC Â WDQ MCU *OHLW]XVWDQG
PLW ıC
ZLUNVDPH 1RUPDOVSDQQXQJ LQ GHU 6FKHUIXJH
FC
ZLUNVDPH .RKlVLRQ
ijC
ZLUNVDPHU :LQNHO GHU LQQHUHQ 5HLEXQJ
%LOG 6FKHUGLDJUDPP IU D QLFKWELQGLJHQ UROOLJHQ %RGHQ XQG E ELQGLJHQ %RGHQ
*HRWHFKQLVFKH *UXQGODJHQ
'LH ZLUNVDPHQ 6FKHUSDUDPHWHU FC XQG ijC ZHUGHQ GXUFK 9HUVXFKH HUPLWWHOW 9RQ GHU $UW GHV %RGHQV VHLQHU %HODVWXQJVJHVFKLFKWH XQG YRQ GHQ EHDEVLFKWLJWHQ %HODVWXQJHQ KlQJW HV DE ZHOFKH 9HUVXFKVDQRUGQXQJ XQG ZHOFKH $XVIKUXQJVPHWKRGH NRQVROLGLHUW GUDLQLHUW HWF JHZlKOW ZLUG (V VLQG GDEHL ]X XQWHUVFKHLGHQ GHU .DVWHQVFKHUYHUVXFK 'LUHNWHU 6FKHUYHU VXFK XQG GHU 7ULD[LDOYHUVXFK V ',1 7DEHOOH 5LFKWZHUWH IU GHQ 5HLEXQJVZLQNHO M¶ LQ $EKlQJLJNHLW YRQ GHU /DJHUXQJVGLFKWH XQG GHU .RUQIRUP %RGHQDUW
/DJHUXQJVGLFKWH
6DQG
.LHV
7DEHOOH %RGHQDUW
7RQ
/HKP 6FKOXI
.RUQIRUP
5HLEXQJVZLQNHO M¶ ($8 >@
',1
ORFNHU ORFNHU PLWWHOGLFKW
UXQG HFNLJ UXQG
PLWWHOGLFKW GLFKW
HFNLJ UXQG
GLFKW
HFNLJ
PLWWHOGLFKW
6FKHUIHVWLJNHLWVSDUDPHWHU M¶ F¶ FX LQ $EKlQJLJNHLW YRQ GHU .RQVLVWHQ] .RQVLVWHQ]
.RKlVLRQ F¶
.RKlVLRQ GHV XQ GUlQLHUWHQ
>@
>N1P@
%RGHQV FX >N1P@
KDOEIHVW
VWHLI ZHLFK
KDOEIHVW ZHLFK
5HLEXQJVZLQNHO M¶
6FKHUIHVWLJNHLW
7DEHOOH
%RGHQSDUDPHWHU XQG LKUH %HVWLPPEDUNHLW LQ 9HUVXFKHQ
%RGHQSDUDPHWHU
)RUPHO]HLFKHQ
'LUHNW E]Z LQGLUHNW EHVWLPPEDU GXUFK
XQG (LQKHLW /DJHUXQJVGLFKWH
'>@
)HOGYHUVXFK
',1
/DERUYHUVXFK
',1
6SLW]HQGUXFN
/RFNHUVWH
VRQGH 5DPPVRQGH
/DJHUXQJ 'LFKWHVWH
6WDQGDUG 3HQHWUDWLRQWHVW .RQVLVWHQ]
,F > @
/DJHUXQJ 3RUHQDQWHLO
6SLW]HQGUXFN VRQGH
)OLHJUHQ]H $XVUROOJUHQ]H
5DPPVRQGH 6WDQGDUG
:DVVHUJHKDOW
.RPSUHVVLRQV
3HQHWUDWLRQ 7HVW 6WHLIHPRGXO
(V >01P@
6SLW]HQGUXFN VRQGH (V | ELV Â TF
YHUVXFK
6HLWHQGUXFN VRQGH 6FKHUIHVWLJNHLW
(QGIHVWLJNHLW M¶ >q@ F¶ >01P@ $QIDQJV IHVWLJNHLW MX >q@
'LUHNWHU 6HLWHQGUXFN VRQGH
)OJHOVRQGH
6FKHUYHUVXFK 'UHLD[LDO YHUVXFK
FX >01P @ 3URFWRUGLFKWH 9HUGLFKWEDUNHLW .RUQYHUWHLOXQJ
USU >WP@ ZSU > @
3URFWRU YHUVXFK
6LHEYHUVXFK 6FKOlPP DQDO\VH
*HRWHFKQLVFKH *UXQGODJHQ
7DEHOOH
8QJHIlKUH .RVWHQ YRQ )HOG XQG /DERUYHUVXFKHQ
)HOG E]Z /DERUYHUVXFK
8QJHIlKUH .RVWHQ
%RKUXQJHQ 6SOERKUXQJHQ 6FKQHFNHQERKUXQJHQ
¼P ¼P
.HUQERKUXQJHQ
¼P
6RQGLHUXQJHQ 5DPPVRQGLHUXQJHQ 'UXFNVRQGLHUXQJHQ
¼P ¼P
6HLWHQGUXFNVRQGLHUXQJHQ )OJHOVRQGLHUXQJHQ
¼9HUVXFK ¼9HUVXFK MH P HLQ 9HUVXFK
/DERUYHUVXFKH .RUQJU|HQYHUWHLOXQJ
.RVWHQ MH 9HUVXFK
6LHEXQJ UROOLJH %|GHQ 6FKOlPPDQDO\VH ELQGLJH %|GHQ .RPELQLHUWH 6LHE6FKOlPP$QDO\VH
¼ ¼ ¼
:DVVHUJHKDOWVEHVWLPPXQJ .RQVLVWHQ]
¼ ¼ ¼
/DJHUXQJVGLFKWH .RPSUHVVLRQVYHUVXFK 'LUHNWHU 6FKHUYHUVXFK 7ULD[LDOYHUVXFK 2UJDQLVFKH %HVWDQGWHLOH .DONJHKDOW
¼ ¼ ¼ ¼ ¼
8QWHUVXFKXQJ EHQDFKEDUWHU $QODJHQ *HUDGH LP LQQHUVWlGWLVFKHQ %HUHLFK KDW GLH 'XUFKIKUXQJ YRQ %DXPDQDKPHQ KlXILJ $XV ZLUNXQJHQ DXI EHQDFKEDUWH EDXOLFKH $QODJHQ 'DV LVW ] % EHL 9HUGLFKWXQJVYHUIDKUHQ GHU )DOO EHL GHQHQ 6FKZLQJXQJHQ LQ GHQ %RGHQ HLQJHOHLWHW ZHUGHQ GLH ]X .RUQXPODJHUXQJHQ IKUHQ 'DV NDQQ 6HW]XQJHQ YRQ EHQDFKEDUWHQ *HElXGHQ KHUYRUUXIHQ $QGHUHUVHLWV NDQQ ] % GDV (LQSUHVVHQ YRQ ,QMHNWLRQVPLWWHOQ RGHU GDV %RGHQJHIULHUHQ ]X +HEXQJHQ YRQ %DX ZHUNHQ IKUHQ %HL (QWZlVVHUXQJVYHUIDKUHQ KLQJHJHQ PXVV PLW JURUlXPLJHQ 6HW]XQJHQ JHUHFKQHW ZHUGHQ 'DKHU PXVV GHU =XVWDQG GHU 1DFKEDUEHEDXXQJ HUNXQGHW ZHUGHQ ZREHL LP :HVHQWOLFKHQ IROJHQGH 3XQNWH ]X XQWHUVXFKHQ VLQG x
*UQGXQJVWLHIH %HL QHXHUHQ *HElXGHQ OlVVW VLFK GLH *UQGXQJVWLHIH LP $OOJHPHLQHQ DQKDQG YRQ %DX SOlQHQ IHVWVWHOOHQ EHL lOWHUHQ *HElXGHQ VLQG %HJHKXQJHQ GHU .HOOHUUlXPH XQG JHJHEH QHQIDOOV 6FKUIJUXEHQ DQ GHQ $XHQZlQGHQ HUIRUGHUOLFK
8QWHUVXFKXQJ EHQDFKEDUWHU $QODJHQ
x
$UW XQG =XVWDQG GHU )XQGDPHQWH %DXSOlQH HQWKDOWHQ GD]X PHLVW DXVUHLFKHQGH ,QIRUPDWLRQHQ 6LQG GLHVH QLFKW RGHU QLFKW PHKU YRUKDQGHQ PXVV QDFK $QOHJHQ YRQ 6FKUIJUXEHQ YHUVXFKW ZHUGHQ GLH $UW GHU )XQGDPHQWH (LQ]HO 6WUHLIHQ RGHU 3ODWWHQIXQGDPHQWH ]X EHVWLPPHQ GLH $UW GHU YHU ZHQGHWHQ %DXVWRIIH %HWRQ 6WDKOEHWRQ 0DXHUZHUN %UXFKVWHLQH ]X HUNXQGHQ XQG GHQ =XVWDQG JHULVVHQ YHUVFKREHQ YHUNLSSW ]X HUPLWWHOQ
',1 %HQHQQHQ XQG %HVFKUHLEHQ YRQ %RGHQ XQG )HOV $XVJDEH 6HSWHPEHU ',1 ± *HRWHFKQLVFKH 8QWHUVXFKXQJHQ IU EDXWHFKQLVFKH =ZHFNH $XVJDEH 2NWREHU ',1 ± $XIVFKOX GXUFK 6FKUIH XQG %RKUXQJHQ $XVJDEH 2NWREHU ',1 )OJHOVRQGLHUXQJ ',1 ± %HVWLPPXQJ GHV :DVVHUGXUFKOlVVLJNHLWVEHLZHUWHV ',1 ± %HVWLPPXQJ GHU 'LFKWH GHV %RGHQV
%DXJUXEHQVLFKHUXQJ LP hEHUEOLFN
%DXJUXEHQVLFKHUXQJ
%DXJUXEHQVLFKHUXQJ LP hEHUEOLFN %DXJUXEHQ GLHQHQ GHU +HUVWHOOXQJ YRQ *UQGXQJVN|USHUQ 7LHIJHVFKRVVHQ XQWHULUGLVFKHQ 9HUNHKUVZHJHQ RGHU YRQ 9HU XQG (QWVRUJXQJVOHLWXQJHQ :HQQ %DXDUEHLWHQ XQWHU GHU *H OlQGHREHUIOlFKH DXVJHIKUW ZHUGHQ VROOHQ LVW ]XQlFKVW HLQH *UXEH DXV]XKHEHQ GLH JHE|VFKW RGHU PLW VHQNUHFKWHQ :lQGHQ KHUJHVWHOOW ZHUGHQ NDQQ %LOG
%LOG
$XVELOGXQJ YRQ %DXJUXEHQ
'LH $EPHVVXQJHQ XQG GLH $XVELOGXQJ HLQHU %DXJUXEH ZHUGHQ YRQ GHP JHSODQWHQ %DXZHUN XQG GHQ |UWOLFKHQ *HJHEHQKHLWHQ EHVWLPPW ZLH ] % )RUP XQG *U|H GHV *HElXGHJUXQGULVVHV ± ± ± ± ± ± ±
HUIRUGHUOLFKHU $UEHLWVUDXP 7LHIHQODJH GHU *UQGXQJVVRKOH YRUJHVHKHQH *UQGXQJVDUW 1XW]XQJ GHU DQJUHQ]HQGHQ )OlFKHQ ERGHQPHFKDQLVFKH (LJHQVFKDIWHQ GHV DQVWHKHQGHQ %DXJUXQGHV 7LHIHQODJH XQG =XVDPPHQVHW]XQJ GHV *UXQGZDVVHUV %HODVWXQJ DXV *HElXGHQ XQG 9HUNHKU
'LH $EPHVVXQJHQ YRQ %DXJUXEHQ KDEHQ LQ GHQ OHW]WHQ -DKUHQ LPPHU ZHLWHU ]XJHQRPPHQ ZREHL LQVEHVRQGHUH GLH JU|HUHQ 7LHIHQ HLQH 9LHO]DKO YRQ 3UREOHPHQ DXIZDUIHQ 'LH JU|H UHQ 7LHIHQ KDEHQ YHUVFKLHGHQH 8UVDFKHQ ± 'LH NQDSSH %DXODQGVLWXDWLRQ LQVEHVRQGHUH LQ GHQ ,QQHQVWlGWHQ ]ZLQJW GD]X *HElXGH PLW PHKUHUHQ .HOOHUJHVFKRVVHQ DXV]XIKUHQ ± 1HXHU 3DUNUDXP NDQQ KlXILJ QXU QRFK GXUFK 7LHIJDUDJHQ XQWHU 6WUDHQ 3OlW]HQ RGHU *HElXGHQ JHVFKDIIHQ ZHUGHQ ± 'LH 9HUNHKUVSUREOHPH YLHOHU 6WlGWH ODVVHQ VLFK QXU GXUFK GDV $QOHJHQ PHKUHUHU (EH QHQ ] % 8%DKQ7XQQHO 6%DKQ7XQQHO RGHU 6WUDHQWXQQHO O|VHQ
%DXJUXEHQVLFKHUXQJ
± ,QGXVWULHHOOH $QODJHQ ZHUGHQ DXV 6LFKHUKHLWVJUQGHQ LQ ]XQHKPHQGHP 0DH XQWHULU GLVFK JHEDXW 'LH 3ODQXQJ XQG +HUVWHOOXQJ YRQ %DXJUXEHQ LVW HLQH NRPSOH[H $XIJDEH GLH LP RUJDQLVDWRUL VFKHQ XQG WHFKQLVFKHQ %HUHLFK GDV HQJH =XVDPPHQZLUNHQ YRQ )DFKOHXWHQ YHUVFKLHGHQVWHU )DFKJHELHWH HUIRUGHUW 'D MHGH %DXJUXEH LKUH HLJHQHQ %HVRQGHUKHLWHQ XQG 3UREOHPH KDW OlVVW VLFK NHLQ DOOJHPHLQHV 5H]HSW ]XU %HKDQGOXQJ GLHVHU $XIJDEHQ DQJHEHQ 'LH ZHVHQWOLFKHQ )UDJHVWHOOXQJHQ GLH SUDNWLVFK EHL MHGHU %DXJUXEH DXIWUHWHQ VLQG LP IROJHQGHQ ]XVDPPHQJH VWHOOW x 8POHLWXQJ GHV 9HUNHKUV ,QVEHVRQGHUH LQ GHQ ,QQHQVWlGWHQ VLQG %DXJUXEHQ QLFKW RKQH %HHLQWUlFKWLJXQJ GHV UXKHQ GHQ XQG GHV IOLHHQGHQ 9HUNHKUV KHU]XVWHOOHQ %HL /LQLHQEDXVWHOOHQ ] % EHLP 8%DKQ %DX PXVV GLH 9HUNHKUVIKUXQJ RIW MH QDFK $UEHLWVIRUWVFKULWW PHKUIDFK JHlQGHUW ZHUGHQ 'HU %DX YRQ +LOIVEUFNHQ XQG )DKUEDKQDEGHFNXQJHQ NDQQ HUIRUGHUOLFK ZHUGHQ x /HLWXQJVYHUOHJXQJ %DXJUXEHQ OLHJHQ KlXILJ LQ GHU 7UDVVH YRQ 9HU RGHU (QWVRUJXQJVOHLWXQJHQ 'LH /HLWXQ JHQ PVVHQ GDQQ HQWZHGHU XPJHOHJW RGHU VLFKHU EHU GLH %DXJUXEH JHIKUW ZHUGHQ ZDV ] % GXUFK GDV $XIKlQJHQ DQ GHU $XVVWHLIXQJ RGHU PLW VSH]LHOOHQ /HLWXQJVEUFNHQ JH VFKHKHQ NDQQ x %DXVWHOOHQHLQULFKWXQJVIOlFKH ,P LQQHUVWlGWLVFKHQ %HUHLFK LVW HV PHLVW VFKZLHULJ GLH HUIRUGHUOLFKHQ )OlFKHQ IU GLH %DX VWHOOHQHLQULFKWXQJ /DJHUSOlW]H 0DJD]LQH :HUNVWDWW 3OlW]H IU *HUlWH %DXOHLWXQJ XVZ ]XU 9HUIJXQJ ]X VWHOOHQ VR GDVV LP 5HJHOIDOO XQWHU VHKU EHHQJWHQ 9HUKlOWQLVVHQ JHDUEHL WHW ZHUGHQ PXVV x 6LFKHUXQJ GHU 1DFKEDUEHEDXXQJ XQG VRQVWLJHU EDXOLFKHU (LQULFKWXQJHQ 'LH 6LFKHUXQJ EHQDFKEDUWHU EDXOLFKHU (LQULFKWXQJHQ LVW HQJ DQ GLH :DKO GHV 9HUEDXV JH NRSSHOW KlXILJ PVVHQ DEHU HLQ]HOQH )XQGDPHQWH JHWUHQQW XQWHUIDQJHQ RGHU *LHEHOZlQGH DEJHVWW]W ZHUGHQ x %RGHQ XQG :DVVHUYHUKlOWQLVVH 'LH %DXJUXQGYHUKlOWQLVVH EHHLQIOXVVHQ HQWVFKHLGHQG GLH :DKO GHV 9HUEDXV EHVWLPPHQ DEHU DXFK GHQ %DXIRUWVFKULWW GLH $XVKXEJHUlWH GLH $EGLFKWXQJVPDQDKPHQ DP %DXZHUN XQG GLH %HPHVVXQJ HYHQWXHOOHU *UXQGZDVVHUDEVHQNXQJVPDQDKPHQ x 0DQDKPHQ JHJHQ /lUP XQG (UVFKWWHUXQJ -HGH %DXPDQDKPH LP %DXJUXQG UXIW /lUP KHUYRU =LHO PXVV HV VHLQ GLH %HOlVWLJXQJ GHU $QZRKQHU XQG 3DVVDQWHQ DEHU DXFK GHU DXI GHU %DXVWHOOH 7lWLJHQ VR JHULQJ ZLH P|JOLFK ]X KDOWHQ XQG GLH EHVWHKHQGHQ 9RUVFKULIWHQ HLQ]XKDOWHQ (LQLJH %DXYHUIDKUHQ ] % (LQ UDPPHQ YRQ 6SXQGERKOHQ RGHU 7UlJHUQ UXIHQ (UVFKWWHUXQJHQ GHV %DXJUXQGHV KHUYRU GLH ]X )XQGDPHQWEHZHJXQJHQ IKUHQ N|QQHQ 'DKHU LVW LP (LQ]HOIDOO ]X EHUSUIHQ XQG JHJHEHQHQIDOOV ]X EHUZDFKHQ RE GLHVH (UVFKWWHUXQJHQ ]X 6FKlGHQ DQ EDXOLFKHQ (LQ ULFKWXQJHQ IKUHQ N|QQHQ
7HFKQLVFKH *UXQGODJHQ
7HFKQLVFKH *UXQGODJHQ (UNXQGXQJ YRQ %RGHQ XQG :DVVHUYHUKlOWQLVVHQ 'LH ZHVHQWOLFKVWH 9RUUDXVVHW]XQJ ]XU /|VXQJ HLQHU *UXQGEDXDXIJDEH LVW HLQH DXVUHLFKHQGH .HQQWQLV GHU %DXJUXQGHLJHQVFKDIWHQ 8P ZLUWVFKDIWOLFKH XQG VLFKHUH .RQVWUXNWLRQHQ HQW ZHUIHQ XQG DXVIKUHQ ]X N|QQHQ ZHUGHQ DOOJHPHLQH 0LQGHVWDQIRUGHUXQJHQ DQ GLH %DX JUXQGHUNXQGXQJ JHVWHOOW V .DS Ä*HRWHFKQLVFKH *UXQGODJHQ³ $XI HLQLJH %HVRQGHUKHLWHQ EH]JOLFK GHU /DJH GHU (UNXQGXQJVVWHOOHQ ZLUG LP IROJHQGHQ KLQ JHZLHVHQ 1DFK ',1 VLQG %RKUXQJHQ IU HLQ]HOQH %DXZHUNH LQQHUKDOE XQG LQ QlFKVWHU 8PJHEXQJ GHU *UXQGIOlFKH GHV JHSODQWHQ %DXZHUNV QLHGHU]XEULQJHQ 'DPLW VROO GHU %RGHQ DXIEDX XQWHUKDOE GHU *UQGXQJVVRKOH XQG LP /DVWDXVEUHLWXQJVEHUHLFK HUNXQGHW ZHUGHQ %LOG
%LOG
'XUFK HLQ )XQGDPHQW EHDQVSUXFKWHU %RGHQEHUHLFK
)U GLH %HPHVVXQJ GHU %DXJUXEHQXPVFKOLHXQJ PXVV DEHU GHU %DXJUXQG DXFK ZHLW DXHU KDOE GHU *UQGXQJVIOlFKH HUNXQGHW ZHUGHQ ZDV DXV IROJHQGHQ %HLVSLHOHQ KHUYRUJHKW )U GLH *U|H GHV (UGGUXFNHV DXI HLQH %DXJUXEHQZDQG VLQG LP ZHVHQWOLFKHQ GLH %RGHQHLJHQ VFKDIWHQ GHV %HUHLFKV PDJHEHQG GHU VLFK YHUHLQIDFKW QDFK %LOG EHVWLPPHQ OlVVW
%LOG
=X HUNXQGHQGH %RGHQEHUHLFKH EHL %DXJUXEHQ
%DXJUXEHQVLFKHUXQJ
%HL YHUDQNHUWHQ %DXJUXEHQ PXVV GHU %RGHQDXIEDX LP %HUHLFK GHU 9HUSUHVVVWUHFNH EHNDQQW VHLQ XP GLH DXIQHKPEDUHQ $QNHUNUlIWH DEVFKlW]HQ ]X N|QQHQ 8P GLH *HOlQGHEUXFKVLFKHU KHLW YRQ %DXJUXEHQZlQGHQ QDFKZHLVHQ ]X N|QQHQ PVVHQ GLH %RGHQNHQQZHUWH LP %HUHLFK P|JOLFKHU *OHLWIOlFKHQ HUNXQGHW ZHUGHQ %LOG
%LOG
/DJH HLQHU P|JOLFKHQ *OHLWIOlFKH
:lKUHQG HV EHL GHQ PHLVWHQ *UQGXQJVDXIJDEHQ DXVUHLFKW QHEHQ GHQ 6WDQGDUGNHQQZHUWHQ GHU %RGHQPHFKDQLN .RUQYHUWHLOXQJ :DVVHUJHKDOW .RQVLVWHQ] /DJHUXQJVGLFKWH GLH 6FKHU IHVWLJNHLW XQG GLH =XVDPPHQGUFNEDUNHLW GHV %DXJUXQGHV ]X HUPLWWHOQ PVVHQ EHL %DXJUX EHQ KlXILJ ZHLWHUJHKHQGH 8QWHUVXFKXQJHQ GXUFKJHIKUW ZHUGHQ 7DEHOOH =ZHL %HLVSLHOH VHLHQ HUOlXWHUW %HL HLQLJHQ %DXYHUIDKUHQ ] % 6SXQGZDQG 7UlJHUERKO ZDQG VSLHOW GLH 5DPPEDUNHLW GHV 8QWHUJUXQGHV HLQH HQWVFKHLGHQGH 5ROOH 'LH 5DPPEDUNHLW NDQQ DQKDQG GHU .RUQYHUWHLOXQJ XQG GHU (UJHEQLVVH YRQ 5DPP RGHU 'UXFNVRQGLHUXQJHQ EHXUWHLOW ZHUGHQ HQGJOWLJH $XVVDJHQ EHU /HLVWXQJ XQG .RVWHQ N|QQHQ KlXILJ DEHU HUVW QDFK HLQHU 3UREHUDPPXQJ JHPDFKW ZHUGHQ 7DEHOOH )U GLH %HUHFKQXQJ XQG +HUVWHOOXQJ YRQ %DXJUXEHQXPVFKOLHXQJHQ ZLFKWLJH %RGHQHLJHQVFKDIWHQ 9HUEDX
$OOJHPHLQ ]X HUPLWWHOQGH %RGHQHLJHQVFKDIWHQ
$OOH 9HUEDXDUWHQ
.RUQYHUWHLOXQJ :LFKWH 6FKHUIHVWLJNHLW =XVDPPHQGUFNEDUNHLW
7UlJHUERKOZDQG 6SXQGZDQG %RKUSIDKOZDQG VXVSHQVLRQVJHVWW]W 6FKOLW]ZDQG
5DPPEDUNHLW .XU]]HLWVWDQGIHVWLJNHLW /DJHUXQJVGLFKWH .RQVLVWHQ] 5DPPEDUNHLW 'XUFKOlVVLJNHLW GHV %RGHQV 2UJDQLVFKH %HVWDQGWHLOH 'XUFKOlVVLJNHLW GHV %RGHQV 2UJDQLVFKH %HVWDQGWHLOH 'XUFKOlVVLJNHLW GHV %RGHQV &KHPLVPXV GHV *UXQGZDVVHUV 3RUHQDQWHLO :DVVHUJHKDOW /DJHUXQJVGLFKWH :lUPHOHLW]DKO )OLHJHVFKZLQGLJNHLW GHV *UXQGZDVVHUV .XU]]HLWVWDQGIHVWLJNHLW /DJHUXQJVGLFKWH .RQVLVWHQ]
=XVlW]OLFK ]X HUPLWWHOQGH %RGHQHLJHQVFKDIWHQ
,QMHNWLRQVZDQG )URVWZDQG (OHPHQWZDQG
:DKO HLQHU JHHLJQHWHQ 9HUEDXDUW
)U GLH %HPHVVXQJ GHU $EGLFKWXQJHQ YRQ *HElXGHQ JHQJHQ LP DOOJHPHLQHQ .HQQWQLVVH EHU GHQ *UXQGZDVVHUVWDQG XQG GHQ &KHPLVPXV $JJUHVVLYLWlW 8P HLQH *UXQGZDVVHU $EVHQNXQJVDQODJH GLPHQVLRQLHUHQ ]X N|QQHQ RGHU HLQH ,QMHNWLRQVVRKOH ]X EHPHVVHQ VLQG DEHU DXFK $QJDEHQ EHU GLH )OLHULFKWXQJ XQG )OLHJHVFKZLQGLJNHLW HUIRUGHUOLFK
8QWHUVXFKXQJ EHQDFKEDUWHU EDXOLFKHU $QODJHQ ,P LQQHUVWlGWLVFKHQ %HUHLFK KDW GLH +HUVWHOOXQJ HLQHU %DXJUXEH RIW $XVZLUNXQJHQ DXI EH QDFKEDUWH EDXOLFKH $QODJHQ %HYRU 6LFKHUXQJVPDQDKPHQ JHSODQW XQG GXUFKJHIKUW ZHUGHQ N|QQHQ PXVV GHU =XVWDQG GHU 1DFKEDUEHEDXXQJ HUNXQGHW ZHUGHQ ZREHL LP ZHVHQWOLFKHQ IROJHQGH 3XQNWH XQWHUVXFKW ZHUGHQ PVVHQ %HL QHXHUHQ *HElXGHQ OlVVW VLFK GLH *UQGXQJVWLHIH L $ DQKDQG YRQ %DXSOlQHQ IHVWVWHOOHQ EHL lOWHUHQ *HElXGHQ VLQG %HJHKXQJHQ GHU .HOOHUUlXPH XQG JHJHEHQHQIDOOV 6FKUIJUXEHQ DQ GHQ $XHQZlQGHQ HUIRUGHUOLFK =X $UW XQG =XVWDQG GHU )XQGDPHQWH HQWKDOWHQ %DXSOlQH GD ]X PHLVWHQV DXVUHLFKHQGH ,QIRUPDWLRQHQ 6LQG GLHVH QLFKW RGHU QLFKW PHKU YRUKDQGHQ PXVV QDFK $QOHJHQ YRQ 6FKUIJUXEHQ YHUVXFKW ZHUGHQ GLH $UW GHU )XQGDPHQWH (LQ]HO 6WUHL IHQ 3ODWWHQIXQGDPHQWH ]X EHVWLPPHQ GLH $UW GHU YHUZHQGHWHQ %DXVWRIIH %HWRQ 6WDKOEH WRQ 0DXHUZHUN %UXFKVWHLQH ]X HUNXQGHQ XQG GHQ =XVWDQG JHULVVHQ YHUVFKREHQ YHUNLSSW ]X HUPLWWHOQ ,VW GLH VWDWLVFKH %HUHFKQXQJ GHV *HElXGHV QRFK YRUKDQGHQ VR ODVVHQ VLFK DXVUHLFKHQGH ,Q IRUPDWLRQHQ EHU GLH PLQLPDOH XQG PD[LPDOH %HDQVSUXFKXQJ GHU )XQGDPHQWH HQWQHKPHQ ,Q DOOHQ DQGHUHQ )lOOHQ PXVV GLH %HODVWXQJ DEJHVFKlW]W ZHUGHQ ZREHL GLH YRP %RGHQ DXI QHKPEDUHQ %RGHQSUHVVXQJHQ GLH 6SDQQULFKWXQJHQ GHU 'HFNHQ GLH 1XW]XQJ GHU *HElXGH GLH =DKO GHU *HVFKRVVH GLH $EPHVVXQJHQ GHU :lQGH XQG 'HFNHQ XVZ ]X EHUFNVLFKWLJHQ VLQG $XHU GLHVHQ IU GLH VWDWLVFKH %HUHFKQXQJ GHU %DXJUXEHQXPVFKOLHXQJ XQG NRQVWUXNWLYHQ 6LFKHUXQJVPDQDKPHQ XQHUOlVVOLFKHQ (UNXQGXQJHQ HPSILHKOW HV VLFK KlXILJ GHQ =XVWDQG GHU 1DFKEDUEHEDXXQJ GXUFK HLQ %HZHLVVLFKHUXQJVYHUIDKUHQ IHVWVWHOOHQ ]X ODVVHQ
:DKO HLQHU JHHLJQHWHQ 9HUEDXDUW 'LH :DKO GHU IU GDV %DXYRUKDEHQ JHHLJQHWHQ 9HUEDXDUW HUJLEW VLFK DXV GHQ 5DQGEHGLQJXQ JHQ
%RGHQYHUKlOWQLVVH
*UXQGZDVVHUYHUKlOWQLVVH
1DFKEDUEHEDXXQJ
9HUNHKUVODVWHQ
3ODW]YHUKlOWQLVVH
8PZHOWVFKXW]
%DXJUXEHQVLFKHUXQJ
=XQlFKVW ZLUG XQWHUVXFKW RE GLH %DXJUXEHQZlQGH DEJHE|VFKW ZHUGHQ N|QQHQ %HL IODFKHQ %DXJUXEHQ LVW GLHV GLH ZLUWVFKDIWOLFKVWH /|VXQJ PLW ZDFKVHQGHU 7LHIH QHKPHQ GLH $XVKXEPDVVHQ XQG GDPLW GLH .RVWHQ IU 0HKUDXVKXE XQG :LHGHUYHUIOOXQJ HUKHEOLFK ]X VR GDVV HV VFKOLHOLFK ZLUWVFKDIWOLFKHU ZLUG QXU GLH YRUJHVHKHQH *UQGXQJVIOlFKH PLW GHP HUIRUGHUOLFKHQ $UEHLWVUDXP DXV]XKHEHQ XQG VHQNUHFKWH JHVWW]WH %DXJUXEHQZlQGH YRU]XVH KHQ ,P $OOJHPHLQHQ ZHUGHQ JHE|VFKWH %DXJUXEHQ QXU REHUKDOE GHV *UXQGZDVVHUVSLHJHOV DQJH RUGQHW .RPELQDWLRQHQ YRQ %|VFKXQJHQ XQG VHQNUHFKWHP 9HUEDX VLQG EOLFK ZREHL GHU JHE|VFKWH 7HLO VWHWV REHUKDOE GHV *UXQGZDVVHUVSLHJHOV OLHJW XQG GHU *UXQGZDVVHUEHUHLFK GXUFK HLQHQ VHQNUHFKWHQ 9HUEDX ] % HLQH 6SXQGZDQG DEJHVWW]W ZLUG %LOG
%LOG
.RPELQDWLRQ YRQ %|VFKXQJ XQG VHQNUHFKWHP 9HUEDX
'LH VHQNUHFKWHQ 9HUEDXZlQGH ZHUGHQ QDFK LKUHU 1DFKJLHELJNHLW XQWHUVFKLHGHQ (LQ QDFK JLHELJHU ELHJHZHLFKHU 9HUEDX NDQQ GRUW DQJHZHQGHW ZHUGHQ ZR XQPLWWHOEDU QHEHQ GHU %DXJUXEH JHULQJIJLJ DXIWUHWHQGH 9HUIRUPXQJHQ NHLQH 6FKlGHQ DQ EHQDFKEDUWHQ EDXOLFKHQ $QODJHQ KHUYRUUXIHQ N|QQHQ =X GLHVHQ QDFKJLHELJHQ 9HUEDXZlQGHQ ]lKOHQ 7UlJHUERKO 6SXQG XQG (OHPHQWZlQGH %LOG 'LH 1DFKJLHELJNHLW GHU :lQGH ZLUG DXFK GXUFK GHQ 9RUVSDQQJUDG GHU $QNHU E]Z 6WHLIHQ EHVWLPPW 1DFK ($% >@ ZHUGHQ %DXJUXEHQZlQGH GHUHQ $XIODJHUSXQNWH EHL /DVW]XQDKPH VWDUN QDFK JHEHQ N|QQHQ ] % EHL VWDUN JHQHLJWHU $EVWW]XQJ ]XU %DXJUXEHQVRKOH XQG EHL QLFKW YRUJH VSDQQWHQ $QNHUQ DOV ZHLWJHKHQG QDFKJLHELJ EH]HLFKQHW :HQLJ QDFKJLHELJ ZHUGHQ %DXJUX EHQZlQGH JHQDQQW ZHQQ GLH 6WHLIHQ ]XPLQGHVW JXW YHUNHLOW VLQG E]Z GLH $QNHU DXI PLQGHV WHQV GHU DXI]XQHKPHQGHQ /DVW YRUJHVSDQQW ZHUGHQ
:DKO HLQHU JHHLJQHWHQ 9HUEDXDUW
%DXJUXEHQZlQGH
6HQNUHFKW
*HE|VFKWH %DXJUXEHQ
:DDJHUHFKW
$EVWW]XQJ YRQ %DXJUXEHQZlQGHQ
6RKODEGLFKWXJHQ
,QMHNWLRQVVRKOHQ
8QWHUZDVVHUEHWRQVRKOHQ
7UlJHUERKOZlQGH 6SXQGZlQGH %RKUSIDKOZlQGH 6FKOLW]ZlQGH 'VHQVWUDKOVRKOH
%LOG
hEHUVLFKW EHU GLH 9HUEDXDUWHQ
%HL QDFKJLHELJHP 9HUEDX LVW GDPLW ]X UHFKQHQ GDVV HLQH ZDDJHUHFKWH %HZHJXQJ GHU %DX JUXEHQZDQG LQ GHU *U|HQRUGQXQJ YRQ PLQGHVWHQV GHU :DQGK|KH DXIWULWW 0LW GLHVHU :DQGEHZHJXQJ N|QQHQ 6HW]XQJHQ GHV %RGHQV YHUEXQGHQ VHLQ GLH XQPLWWHOEDU KLQWHU GHU %DXJUXEHQZDQG GRSSHOW VR JUR VLQG ZLH GLH ZDDJHUHFKWHQ :DQGEHZHJXQJHQ XQG HUVW LQ JU|HUHU (QWIHUQXQJ YRQ GHU %DXJUXEHQZDQG DENOLQJHQ :HQQ GXUFK GLHVH 6HW]XQJHQ %DXZHUNH EHHLQWUlFKWLJW ZHUGHQ N|QQHQ PXVV HLQ YHUIRU PXQJVDUPHU 9HUEDX JHZlKOW ZHUGHQ GHU DXV HLQHU ELHJHVWHLIHQ :DQG %RKUSIDKOZDQG 6FKOLW]ZDQG ,QMHNWLRQVZDQG )URVWZDQG XQG DQQlKHUQG XQQDFKJLHELJHQ $EVWW]XQJHQ DXI GHQ 9ROODXVKXE]XVWDQG YRUJHVSDQQWH 6WHLIHQ RGHU $QNHU EHVWHKW 8P GLH :LUNVDPNHLW GHU 6LFKHUXQJ YRUKDQGHQHU %HEDXXQJ ]X NRQWUROOLHUHQ HPSILHKOW HV VLFK 0HVVXQJHQ DXV]XIKUHQ PLW GHQHQ GLH %HZHJXQJHQ GHU %DXJUXEHQZDQG XQG GLH 6HW ]XQJHQ GHU *HOlQGHREHUIOlFKH E]Z GHU *HElXGH HUPLWWHOW ZHUGHQ 6LQG GLH 9HUIRUPXQJHQ JU|HU DOV GLH HUZDUWHWHQ PXVV JHJHEHQHQIDOOV GXUFK NRQVWUXNWLYH 0DQDKPHQ ] % 6HW]HQ ]XVlW]OLFKHU $QNHU E]Z 6WHLIHQ (UK|KXQJ GHU 9RUVSDQQXQJ bQGHUXQJ GHV $XVKXEDEODXIHV R l HLQ ZHLWHUHV $QVWHLJHQ GHU 9HUIRUPXQJHQ YHUKLQGHUW ZHUGHQ %HL GHU :DKO GHU %DXJUXEHQXPVFKOLHXQJ PXVV LQVEHVRQGHUH GLH /DJH GHV *UXQGZDVVHU VSLHJHOV EHUFNVLFKWLJW ZHUGHQ (LQLJH 9HUEDXDUWHQ %|VFKXQJHQ 7UlJHUERKOZlQGH (OH PHQWZlQGH WDQJLHUHQGH %RKUSIDKOZlQGH ODVVHQ VLFK QXU REHUKDOE GHV *UXQGZDVVHUVSLHJHOV E]Z QDFK GHVVHQ $EVHQNXQJ DQZHQGHQ DQGHUH VLQG IU GDV $EKDOWHQ GHV *UXQGZDVVHUV JHHLJQHW ] % 6SXQGZlQGH EHUVFKQLWWHQH %RKUSIDKOZlQGH 6FKOLW]ZlQGH ,QMHNWLRQVZlQ GH )URVWZlQGH ,P $OOJHPHLQHQ ZLUG DXV GHQ /|VXQJHQ GLH XQWHU %HDFKWXQJ GHU )RUGHUXQJHQ GHV 8PZHOW VFKXW]HV WHFKQLVFK GXUFKIKUEDU VLQG GLH NRVWHQJQVWLJVWH DXVJHZlKOW %LOG
%LOG
%DXJUXEHQVLFKHUXQJ
:DKO HLQHU JHHLJQHWHQ 9HUEDXDUW
*UXQGODJHQ GHU %HUHFKQXQJ
*UXQGODJHQ GHU %HUHFKQXQJ $OOJHPHLQHV *UXQGVlW]OLFK PXVV HLQH %DXJUXEHQVLFKHUXQJ ]ZHL %HGLQJXQJHQ HUIOOHQ (UVWHQV PXVV LQ MHGHP %DX]XVWDQG GLH 6WDQGVLFKHUKHLW GHV %RGHQN|USHUV XQG GDPLW DXFK GLH 6WDQGVLFKHUKHLW GHU LP (LQIOXVVEHUHLFK OLHJHQGHQ %DXZHUNH XQG 9HUNHKUVDQODJHQ JHZlKUOHLVWHW VHLQ =ZHL WHQV GUIHQ EHLP (LQEDX XQG ZlKUHQG GHU 6WDQG]HLW QXU VROFKH 9HUIRUPXQJHQ DXIWUHWHQ GLH IU GLH ]X VLFKHUQGHQ %DXZHUNH E]Z 9HUNHKUVDQODJHQ XQVFKlGOLFK VLQG =XP 1DFKZHLV GHU 6WDQGVLFKHUKHLW PXVV YRU DOOHP GLH *U|H XQG GLH 9HUWHLOXQJ GHV (UGGUXFNHV ULFKWLJ HUIDVVW ZHUGHQ 'HU (UGZLGHUVWDQG YRU GHP :DQGIX XQG GLH 7UDJIlKLJNHLW GHU $EVWW]XQJ GUIHQ GDEHL QXU VR ZHLW LQ $QVDW] JHEUDFKW ZHUGHQ ZLH GLH GDEHL DXIWUHWHQGHQ 9HUIRUPXQJHQ QRFK ]XOlVVLJ VLQG %HLP 1DFKZHLV GHU 6WDQGVLFKHUKHLW E]Z GHV 9HUEDXV\VWHPV ZHUGHQ GLH *UHQ]]XVWlQGH XQWHUVXFKW IU GLH HV LQ GHU (UGVWDWLN KLQUHLFKHQG JHVLFKHUWH %HUHFKQXQJVYHUIDKUHQ JLEW >@ 6FKZLHULJHU LVW GLH (UPLWWOXQJ GHU EHLP %RGHQDXVKXE DXIWUHWHQGHQ 9HUIRUPXQJ :HJHQ GHV NRPSOL]LHUWHQ VWDWLVFKHQ 6\VWHPV EHLP =XVDPPHQZLUNHQ YRQ %DXJUXEHQZDQG XQG %DXJUXQG N|QQHQ VlPWOLFKH %HUHFKQXQJVYHUIDKUHQ GLH WDWVlFKOLFKHQ *HJHEHQKHLWHQ QXU QlKHUXQJVZHL VH HUIDVVHQ 6R N|QQHQ ] % GLH 9HUIRUPXQJVDQWHLOH EHLP (LQ XQG $XVEDX YRQ 6WHLIHQ XQG $QNHUQ QXU DEJHVFKlW]W ZHUGHQ
/DVWHQ %DXJUXEHQZlQGH XQG LKUH $EVWW]XQJHQ ZHUGHQ GXUFK IROJHQGH /DVWHQ EHDQVSUXFKW ± ± ± ±
(LJHQJHZLFKW GHU %DXJUXEHQNRQVWUXNWLRQ (UGGUXFN DXV %RGHQHLJHQJHZLFKW .RKlVLRQ XQG 1DFKEDUEHEDXXQJ :DVVHUGUXFN /DVWHQ DXV )DKU]HXJYHUNHKU XQG %DXVWHOOHQEHWULHE
,Q 6RQGHUIlOOHQ PVVHQ X D QRFK IROJHQGH /DVWIlOOH XQWHUVXFKW ZHUGHQ ± 7HPSHUDWXUHLQZLUNXQJHQ ] % DXI 6WHLIHQ ± hEHUVSDQQHQ YRQ $QNHUQ XQG 6WHLIHQ ± =XVDW]ODVWHQ GXUFK GHQ $XVIDOO HLQ]HOQHU 7UDJJOLHGHU ] % 6WHLIHQ XQG $QNHU (PSIHKOXQJHQ ]XP $QVDW] GHU /DVWHQ VLQG LQ >@ JHJHEHQ
$QVDW] GHV (UGGUXFNHV :lKUHQG YLHOH /DVWHQ ] % (LJHQJHZLFKW XQG :DVVHUGUXFN LP $OOJHPHLQHQ JHQDX HUPLWWHOW ZHUGHQ N|QQHQ NDQQ GLH *U|H XQG 9HUWHLOXQJ GHV (UGGUXFNHV DXI GLH %DXJUXEHQZDQG QXU DQQlKHUQG HUPLWWHOW ZHUGHQ 'DIU JLEW HV PHKUHUH *UQGH
%DXJUXEHQVLFKHUXQJ
x 'LH EHL GHU %HUHFKQXQJ GHV (UGGUXFNHV HLQ]XVHW]HQGHQ 3DUDPHWHU ZLH :LFKWH 5HL EXQJVZLQNHO .RKlVLRQ XQG :DQGUHLEXQJVZLQNHO VLQG L $ DXV %RGHQSUREHQ JHZRQQHQ XQG PVVHQ QLFKW UHSUlVHQWDWLY IU HLQH JDQ]H %RGHQVFKLFKW VHLQ x 'LH 9HUWHLOXQJ GHV (UGGUXFNV KlQJW YRQ YLHOHQ (LQIOVVHQ DE ZLH ] % $UW XQG 6FKLFKWXQJ GHV DQVWHKHQGHQ %RGHQV $UW XQG (LQEULQJXQJ GHU %DXJUXEHQZDQG $Q]DKO XQG $QRUGQXQJ YRQ 6WHLIHQ XQG $QNHUQ 7LHIH GHV MHZHLOLJHQ $XVKXEDEVFKQLWWHV YRU GHP (LQEDX YRQ 6WHLIHQ XQG $QNHUQ 9RUVSDQQXQJ GHU 6WHLIHQ XQG $QNHU 'XUFK HLQH EHVWLPPWH $QRUGQXQJ XQG 9RUVSDQQXQJ GHU $EVWW]XQJ OlVVW VLFK SUDNWLVFK MHGH EHOLHELJH (UGGUXFNYHUWHLOXQJ HUUHLFKHQ 'DV KlQJW GDPLW ]XVDPPHQ GDVV *U|H XQG 9HUWHL OXQJ GHV (UGGUXFNHV YRQ GHQ 9HUIRUPXQJVP|JOLFKNHLWHQ GHU :DQG DEKlQJHQ 'LH NODVVLVFKH (UGGUXFNWKHRULH YRQ &RXORPE NHQQW GUHL *UHQ]]XVWlQGH GHV (UGGUXFNHV %LOG
%LOG
=XVDPPHQKDQJ ]ZLVFKHQ :DQGEHZHJXQJ XQG (UGGUXFN DXV >@
+LQWHU HLQHU XQYHUVFKLHEOLFKHQ :DQG KHUUVFKW GHU (UGUXKHGUXFN ( 9HUVFKLHEW VLFK GLH :DQG YRP %RGHQ ZHJ VR ZLUG GLHVHU (UGUXKHGUXFN DEJHEDXW 6FKRQ EHL :DQGYHUVFKLHEXQ JHQ YRQ FD ELV GHU :DQGK|KH EHL P WLHIHQ %DXJUXEHQ DOVR ELV FP ZLUG GHU 'UXFN DXI GHQ XQWHUHQ *UHQ]ZHUW GHQ DNWLYHQ (UGGUXFN (D DEJHEDXW 9HUVFKLHEW VLFK GLH :DQG ]XP %RGHQ KLQ ] % LP )XEHUHLFK ZLUG HLQ (UGZLGHUVWDQG (S SDVVLYHU (UGGUXFN JHZHFNW GHU JU|HU LVW DOV GHU (UGUXKHGUXFN XQG VHKU VWDUN YRQ GHU *U|H GHU 9HUVFKLHEXQJ DEKlQJW 'LH ]XU 0RELOLVLHUXQJ GHV YROOHQ (UGZLGHUVWDQGHV HUIRU GHUOLFKHQ :HJH OLHJHQ LQ GHU *U|HQRUGQXQJ YRQ FD ELV GHU (LQELQGHWLHIH G K EHL P (LQELQGHWLHIH VLQG FD ELV FP )XYHUVFKLHEXQJ Q|WLJ 'D GLHV YRQ GHU %DXJUXEHQ NRQVWUXNWLRQ QLFKW VFKDGORV DXIJHQRPPHQ ZHUGHQ NDQQ LVW HV QDFK GHQ (PSIHKOXQJHQ GHV $UEHLWVNUHLVHV %DXJUXEHQXPVFKOLHXQJ >@ EOLFK QXU %UXFKWHLOH GHV PD[LPDOHQ (UGZLGHU VWDQGHV DQ]XVHW]HQ 1DFK GHU NODVVLVFKHQ (UGGUXFNWKHRULH QHKPHQ DNWLYHU XQG SDVVLYHU (UGGUXFN OLQHDU PLW GHU 7LHIH ]X GHU (UGGUXFN NDQQ QDFK IROJHQGHQ )RUPHOQ EHUHFKQHW ZHUGHQ $NWLYHU (UGGUXFN HDK
J Â K Â .DK F¶.DK Â FRVGD
*UXQGODJHQ GHU %HUHFKQXQJ
3DVVLYHU (UGGUXFN HSK
J Â K Â .SK F¶ .SK Â FRV GS
HDK HSK J K F¶ NDK NSK
GD GS
KRUL]RQWDOHU (UGGUXFN >N1P@ KRUL]RQWDOHU (UGZLGHUVWDQG >N1Pð@ :LFKWH GHV %RGHQV >N1Pñ@ :DQGK|KH >P@ .RKlVLRQ GHV ELQGLJHQ %RGHQV >N1Pð@ (UGGUXFNEHLZHUWH DEKlQJLJ YRP 5HLEXQJVZLQNHO Mµ GHV %RGHQV GHU *HOlQGHQHLJXQJ E GHU :DQGQHLJXQJ D XQG GHP :DQGUHLEXQJVZLQNHO G 'LH (UGGUXFNEHLZHUWH VLQG GLPHQVLRQVORV XQG LQ GHU /LWHUDWXU IU DOOH SUDNWLVFK YRUNRPPHQGHQ )lOOH ]XVDPPHQJHVWHOOW :DQGUHLEXQJVZLQNHO DEKlQJLJ YRQ GHU 5DXKLJNHLW GHU :DQG XQG GHP 5HLEXQJVZLQNHO GHV %RGHQV V ',1
'LH VR EHUHFKQHWHQ (UGGUFNH JHOWHQ ZHQQ VLFK GLH :DQG IUHL XP LKUHQ )XSXQNW GUHKHQ NDQQ 'DV LVW QXU EHL DXVNUDJHQGHQ XQDEJHVWW]WHQ %DXJUXEHQZlQGHQ GHU )DOO ,Q DOOHQ DQ GHUHQ )lOOHQ QLPPW GHU (UGGUXFN QLFKW OLQHDU PLW GHU 7LHIH ]X VRQGHUQ ZLUG YRQ GHQ P|JOL FKHQ 9HUIRUPXQJHQ GHU :DQG EHVWLPPW %LOG
%LOG
$NWLYH (UGGUFNH DXV %RGHQHLJHQJHZLFKW EHL YHUVFKLHGHQHQ SRVLWLYHQ :DQGEHZHJXQJHQ DXV ',1
,Q GHQ ($% >@ ZLUG IU YLHOH )lOOH YRUJHVFKODJHQ EHL DEJHVWW]WHQ %DXJUXEHQXPVFKOLHXQ JHQ HLQH UHFKWHFNI|UPLJH 9HUWHLOXQJ GHV (UGGUXFNHV DQ]XVHW]HQ 'LHVH 1lKHUXQJ HQWVSULFKW EHL QLFKW ]X KRFK YRUJHVSDQQWHQ YHUDQNHUWHQ %DXJUXEHQ UHFKW JXW GHP WDWVlFKOLFKHQ (UG GUXFNYHUODXI %HL DXVJHVWHLIWHQ %DXJUXEHQ IKUW GHU $QVDW] L $OOJ ]X JHULQJHQ 6WHLIHQNUlI WHQ VR GDVV KLHU QDFK ($% UHFKQHULVFKH (UK|KXQJHQ HUIRUGHUOLFK VLQG *DQ] DOOJHPHLQ JLOW GDVV VLFK GHU (UGGUXFN DQ GHQ IHVWHQ $EVWW]XQJHQ NRQ]HQWULHUW XQG GRUW YHUULQJHUW ZR VLFK GLH :DQG IUHL EHZHJHQ XQG GDPLW GHU %HODVWXQJ HQW]LHKHQ NDQQ %LOG
%DXJUXEHQVLFKHUXQJ
%LOG (UGGUXFNYHUWHLOXQJ EHL 6SXQGZlQGHQ LQ HLQIDFKHQ )lOOHQ
$NWLYHU (UGGUXFN VWHOOW VLFK QXU HLQ ZHQQ GLH :DQG XQG GLH $EVWW]XQJHQ VLFK DXVUHLFKHQG YHUVFKLHEHQ N|QQHQ 'DV LVW L $OOJ EHL GHQ QDFKJLHELJHQ 9HUEDXDUWHQ 6SXQGZlQGH 7Ul JHUERKOZlQGH DXIJHO|VWH (OHPHQWZlQGH GHU )DOO %HL YHUIRUPXQJVDUPHQ :lQGHQ %RKU SIDKOZlQGH 6FKOLW]ZlQGH ,QMHNWLRQVZlQGH )URVWZlQGH JHVFKORVVHQH (OHPHQWZlQGH GH UHQ JHULQJH 9HUIRUPEDUNHLW GXUFK GLH KRKH 6WHLILJNHLW XQG PHKU QRFK GXUFK GLH KRKH 9RU VSDQQXQJ YRQ 6WHLIHQ XQG $QNHUQ HUUHLFKW ZLUG UHLFKHQ GLH 9HUIRUPXQJHQ QLFKW DXV XP GHQ (UGGUXFN DXI GHQ DNWLYHQ (UGGUXFN DEVLQNHQ ]X ODVVHQ 'HU (UGGUXFN OLHJW GDQQ ]ZLVFKHQ GHP DNWLYHQ (UGGUXFN XQG GHP (UGUXKHGUXFN )U GLH %HUHFKQXQJ ZLUG HLQ VRJHQDQQWHU ÄHUK|KWHU DNWLYHU (UGGUXFN³ DQJHVHW]W GHU LQ GHQ PHLVWHQ )lOOHQ DOV 0LWWHOZHUW (¶D (¶D (D (
PLW
(D ( HUK|KWH DNWLYH (UGGUXFNNUDIW DNWLYH (UGGUXFNNUDIW (UGUXKHGUXFNNUDIW
>N1P@ >N1P@ >N1P@
EHUHFKQHW ZLUG $XFK KLHUEHL WULWW HLQH 8PODJHUXQJ ]X GHQ $EVWW]XQJVSXQNWHQ KLQ DXI 7DEHOOH JLEW GLH EHL 6DQG HUIRUGHUOLFKHQ :DQGEHZHJXQJHQ LQ $EKlQJLJNHLW YRQ /DJH UXQJVGLFKWH XQG %HZHJXQJVP|JOLFKNHLWHQ DQ 7DEHOOH
(UIRUGHUOLFKH :DQGEHZHJXQJHQ
6DQG
:DQGEHZHJXQJ
/DJHUXQJVGLFKWH
.RSIYHU VFKLHEXQJ Å+ Å+ Å+
'LFKW PLWWHOGLFKW ORFNHU +
IUHLH :DQGK|KH
)XYHU VFKLHEXQJ Å+ Å+ Å+
9HUVFKLHEXQJ :DQGPLWWH Å+ Å+ Å+
3DUDOOHO YHUVFKLHEXQJ Å + Å+ Å+
*UXQGODJHQ GHU %HUHFKQXQJ
'LHVH %HZHJXQJHQ ZHUGHQ EHL QDFKJLHELJHQ 9HUEDXDUWHQ 6SXQGZlQGHQ 7UlJHUERKOZlQ GHQ DXIJHO|VWHQ (OHPHQWZlQGHQ SUDNWLVFK LPPHU HUUHLFKW
(UIRUGHUOLFKH 1DFKZHLVH %HL JHE|VFKWHQ %DXJUXEHQ LVW GLH 6WDQGVLFKHUKHLW QDFK ',1 QDFK]XZHLVHQ %| VFKXQJVEUXFK PLW NUHLVI|UPLJHU *OHLWOLQLH %HL VHQNUHFKWHQ %DXJUXEHQZlQGHQ PVVHQ IROJHQGH 1DFKZHLVH HUEUDFKW ZHUGHQ %HPHVVXQJ GHU 9HUEDXHOHPHQWH ] % 6WDKOWUlJHU QDFK ',1 +RO]YHUEDX QDFK ',1 %RKUSIDKOZlQGH QDFK ',1 XQG ',1 6FKOLW]ZlQGH QDFK ',1 XQG ',1 ± 1DFKZHLV GHU (LQELQGHWLHIH ± 1DFKZHLV GHV $EWUDJV GHU ORWUHFKWHQ .UlIWH ± *HOlQGHEUXFKVLFKHUKHLW ± %HPHVVXQJ GHU 6WHLIHQ *XUWH 9HUElQGH 0LWWHOVWW]HQ XQG DQGHUHU 7HLOH GHV $XVVWHL IXQJVV\VWHPV EHL DXVJHVWHLIWHQ %DXJUXEHQ ± %HPHVVXQJ GHU $QNHU XQG 1DFKZHLVH GHU 6WDQGVLFKHUKHLW LQ GHU WLHIHQ *OHLWIXJH ,Q EHVRQGHUHQ )lOOHQ LVW ]XVlW]OLFK QDFK]XZHLVHQ ± 6LFKHUKHLW JHJHQ $XIEUXFK GHU %DXJUXEHQVRKOH ± 6LFKHUKHLW JHJHQ K\GUDXOLVFKHQ *UXQGEUXFK ± 9HUIRUPXQJ YHUDQNHUWHU %DXJUXEHQ )DQJHGDPPPRGHOO %HL ,QMHNWLRQVZlQGHQ XQG )URVWZlQGHQ GLH PHLVWHQV DOV 6FKZHUJHZLFKWVPDXHUQ DXVJHELOGHW ZHUGHQ VLQG QRFK QDFK]XZHLVHQ ± *OHLWVLFKHUKHLW ± .LSSVLFKHUKHLW ± *UXQGEUXFKVLFKHUKHLW
%DXJUXEHQVLFKHUXQJ
*HE|VFKWH %DXJUXEHQ 'DV %DXYHUIDKUHQ LP hEHUEOLFN 'LH lXHUHQ 8PVWlQGH HLQHU %DXPDQDKPH EHVWLPPHQ GLH 9HUEDXPHWKRGHQ EHL GHU %DX JUXEHQVLFKHUXQJ E]Z GHU %DXJUXEHQXPVFKOLHXQJ 'LH |UWOLFKHQ WHFKQLVFKHQ XQG ZLUW VFKDIWOLFKHQ *HVLFKWVSXQNWH VLQG KLHU GLH JU|WHQ (QWVFKHLGXQJVIDNWRUHQ 'LH JQVWLJVWH 9D ULDQWH XP HLQH %DXJUXEH ]X VLFKHUQ RGHU ]X XPVFKOLHHQ LVW GLH $XVELOGXQJ YRQ JHE|VFKWHQ %DXJUXEHQ (QWVFKHLGHQG IU GLH :DKO GLHVHV 9HUIDKUHQV LVW GLH *U|H GHU %DXJUXEH GLH VLFK DXV GHP %DXZHUNVJUXQGULVV ]X]JOLFK $UEHLWVUDXP XQG GHP 3ODW]EHGDUI IU GLH %| VFKXQJHQ HUJLEW :HLWHUH *UXQGYRUDXVVHW]XQJHQ IU HLQH JHE|VFKWH %DXJUXEH ± NHLQH *HIlKUGXQJ GHU 1DFKEDUEHEDXXQJ ± NHLQH *HIlKUGXQJ YRQ 9HUNHKUVZHJHQ ± NHLQH *HIlKUGXQJ YRQ 9HUVRUJXQJV XQG DQGHUHQ /HLWXQJHQ
%LOG *HE|VFKWH %DXJUXEH PLW HQWVSUHFKHQGHQ 6LFKHUKHLWVDEVWlQGHQ >@
'HU 3ODW]EHGDUI GHU %|VFKXQJHQ HUUHFKQHW VLFK DXV GHQ %|VFKXQJVQHLJXQJHQ 'HUHQ *U|H ZLUG GXUFK GLH SK\VLNDOLVFKHQ (LJHQVFKDIWHQ GHU DQVWHKHQGHQ %RGHQDUWHQ :DVVHUYHUKlOWQLV VH GLH 1XW]XQJ GHU DQJUHQ]HQGHQ )OlFKHQ VRZLH GLH %HODVWXQJHQ LQ GHU QlKHUHQ 8PJHEXQJ GHU %DXJUXEH EHHLQIOXVVW 'LH +HUVWHOOXQJ JHE|VFKWHU %DXJUXEHQ LVW RKQH =XVDW]PDQDKPHQ QXU REHUKDOE GHV *UXQG ZDVVHUVSLHJHOV P|JOLFK 6WHKW GHQQRFK *UXQGZDVVHU LP %HUHLFK GHV $XVKXEHV DQ VR PXVV GLHVHV GXUFK HLQH *UXQGZDVVHUDEVHQNXQJ ] % HLQH %UXQQHQDQODJH DEJHOHLWHW ZHUGHQ :HL WHUH ]XVlW]OLFKH $EGLFKWXQJVPDQDKPHQ N|QQHQ HEHQIDOOV YHUKLQGHUQ GDVV :DVVHU DXV GHQ %|VFKXQJHQ DXVWULWW
*HE|VFKWH %DXJUXEHQ
0LW ]XQHKPHQGHU 7LHIH GHU %DXJUXEH QHKPHQ GLH $XVKXEPDVVH XQG GDPLW GLH .RVWHQ IU 0HKUDXVKXE XQG :LHGHUYHUIOOXQJ EHWUlFKWOLFK ]X $E HLQHU EHVWLPPWHQ 7LHIH LVW HV ZLUW VFKDIWOLFKHU VHQNUHFKW DEJHVWW]WH %DXJUXEHQZlQGH YRU]XVHKHQ 'LH 9RU XQG 1DFKWHLOH JHE|VFKWHU %DXJUXEHQ VLQG LQ IROJHQGHU 7DEHOOH ]XVDPPHQJHVWHOOW 7DEHOOH 9RU XQG 1DFKWHLOH JHE|VFKWHU %DXJUXEHQ 9RUWHLOH
1DFKWHLOH
(LQIDFKVWH +HUVWHOOXQJ
*URHU 3ODW]EHGDUI
.HLQ (LQVDW] YRQ 6SH]LDOJHUlWHQ HUIRUGHUOLFK
8QWHU *UXQGZDVVHU QXU PLW =XVDW]PDQDKPHQ P|JOLFK
.HLQ 9HUEDXPDWHULDO HUIRUGHUOLFK /lUPDUPH XQG HUVFKWWHUXQJVIUHLH %DXZHLVH
0LW JU|HUHU 7LHIH VWDUN ]XQHKPHQGH $XVKXE XQG 9HUIOOPDVVHQ
(LQVDW] YRQ *URJHUlWHQ VRZRKO EHLP $XVKXE DOV DXFK EHLP +HUVWHOOHQ GHV %DXZHUNV XQJHKLQGHUW 1LFKW QHEHQ YRUKDQGHQHU %HEDXXQJ DXVIKUEDU P|JOLFK GD NHLQH $XVVWHLIXQJHQ YRUKDQGHQ VLQG 'LH 0DWHULDO]XIXKU ]XU %DXJUXEH ZLUG VFKZLHULJHU
6RIRUWLJHU %DXEHJLQQ P|JOLFK GD NHLQH YRUEHUHL .UDQH VWHKHQ ZHJHQ GHU %|VFKXQJ ZHLWHU YRP ]X WHQGHQ $UEHLWHQ HUIRUGHUOLFK VLQG HUVWHOOHQGHQ %DXZHUN HQWIHUQW HV PVVHQ HQWZHGHU JU|HUH RGHU PHKU .UDQH HLQJHVHW]W ZHUGHQ
7HFKQLVFKH *UXQGODJHQ 'LH ',1 EHVDJW GDVV %DXJUXEHQ ELV ]X HLQHU 7LHIH YRQ P RKQH ]XVlW]OLFKH 6LFKH UXQJ VHQNUHFKW DXVJHVFKDFKWHW ZHUGHQ GUIHQ %DXJUXEHQ ELV ]X P 7LHIH GUIHQ VHQN UHFKW DXVJHVFKDFKWHW ZHUGHQ ZHQQ GHU DE P EHU GHU 6RKOH OLHJHQGH %HUHLFK DEJH E|VFKW ZLUG
%LOG *UDEHQ PLW DEJHE|VFKWHQ .DQWHQ >@
%HL GHU +HUVWHOOXQJ YRQ %DXJUXEHQ DE P 7LHIH VLQG GLH %DXJUXEHQZlQGH JUXQGVlW]OLFK DE]XE|VFKHQ =XVlW]OLFK VLQG %HUPHQ LQ 6WXIHQ YRQ E P PLW HQWVSUHFKHQGHQ %UHLWHQ DQ]XRUGQHQ 6LH GLHQHQ GHP %HJHKHQ GHU %|VFKXQJHQ GHP %HWULHE YRQ :DVVHUKDOWXQJV PDQDKPHQ XQG ]XP 6FKXW] JHJHQ KHUDEIDOOHQGH *HVWHLQVEURFNHQ RGHU (UGVFKROOHQ
%DXJUXEHQVLFKHUXQJ
%LOG %DXJUXEHQE|VFKXQJ PLW %HUPH QDFK ',1 >@
'LH %|VFKXQJVQHLJXQJ ULFKWHW VLFK QDFK GHQ ERGHQPHFKDQLVFKHQ (LJHQVFKDIWHQ GHU 'DXHU GLH VLH RIIHQ ]X KDOWHQ VLQG XQG QDFK GHQ lXHUHQ (LQIOVVHQ GLH DXI GLH %|VFKXQJ ZLUNHQ %|VFKXQJVZLQNHO GLH RKQH UHFKQHULVFKHQ 1DFKZHLV GHU 6WDQGVLFKHUKHLW QLFKW EHUVFKULWWHQ ZHUGHQ GUIHQ VLQG LQ %LOG DEJHELOGHW
%RGHQDUW
0D[LPDOHU %|VFKXQJVZLQNHO ȕ >@
QLFKWELQGLJH XQG ZHLFKH ELQGLJH %|GHQ
VWHLIH XQG KDOEIHVWH ELQGLJH %|GHQ
)HOV
'HILQLWLRQ GHV %|VFKXQJVZLQNHOV ȕ
%LOG =XOlVVLJH %|VFKXQJVZLQNHO QDFK ',1 >@
6ROO GLH 6WDQG]HLW HLQHU %|VFKXQJ EHU HLQHQ OlQJHUHQ =HLWUDXP DQGDXHUQ VR VLQG 0DQDK PHQ ]XU 6LFKHUXQJ JHJHQ 2EHUIOlFKHQDEWUDJ XQG %|VFKXQJVEUXFK ]X WUHIIHQ )ROJHQGH 6WRI IH XQG 0DWHULDOLHQ KDEHQ VLFK IU GLH 6LFKHUXQJ EHZlKUW ± *HRWH[WLOLHQ ± .XQVWVWRIIIROLHQ PLW 6WHLQHQ RGHU %RKOHQ EHVFKZHUW ± 6FKLOIPDWWHQ PLW 6WHLQHQ RGHU %RKOHQ EHVFKZHUW ± 6SULW]EHWRQVFKDOHQ EHZHKUW RGHU XQEHZHKUW YHUDQNHUW RGHU XQYHUDQNHUW ± %HZXFKV ] % /XSLQHQ *UDV ± *UlEHQ XP 1LHGHUVFKODJVZDVVHU YRQ GHU %|VFKXQJ IHUQ]XKDOWHQ
*HE|VFKWH %DXJUXEHQ
%LOG /LQNV EHZHKUWH 6SULW]EHWRQVFKDOH PLW NXU]HQ 1lJHOQ 5HFKWV 6SULW]EHWRQVFKDOH PLW .RSISODWWHQ XQG $QNHUQ >@
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'LH +HUVWHOOXQJ YRQ RIIHQHQ %DXJUXEHQ PLW JHE|VFKWHQ :lQGHQ HUIRUGHUW QXU ZHQLJH $U EHLWVSUR]HVVH ,P 5HJHOIDOO GDV $XVKHEHQ GHU %DXJUXEH HLQVFKOLHOLFK GHP +HUVWHOOHQ GHU %|VFKXQJ 6HOWHQHU LVW GHU (LQEDX YRQ %|VFKXQJVVLFKHUXQJHQ (V JLEW JUXQGVlW]OLFK ]ZHL 0|JOLFKNHLWHQ IU GHQ $XVKXE GHU %DXJUXEH D %DXJUXEHQDXVKXE YRQ GHU *HOlQGHREHUIOlFKH DOV 6WDQGHEHQH E $XVKXE DXV GHU %DXJUXEH PLW IRUWVFKUHLWHQGHU $XVKXEWLHIH ,Q EHLGHQ )lOOHQ HUIROJW GHU $EWUDQVSRUW GHU (UGPDVVHQ PLW /DVWNUDIWZDJHQ 'HU %DXJUXEHQDXVKXE YRQ GHU *HOlQGHREHUIOlFKH PLWWHOV HLQHV 7LHIO|IIHOEDJJHUV LVW KHXWH GDV DP KlXILJVWHQ DQ]XWUHIIHQGH %DXYHUIDKUHQ %HL VHKU WLHIHQ XQG HQJHQ %DXJUXEHQ HUIROJW GHU $XVKXE LQ XQWHUHQ (EHQHQ PLW HLQHP 6HLOEDJJHU 'HU $XVKXE YRQ GHU %DXJUXEHQVRKOH PLWWHOV HLQHV +RFKO|IIHOEDJJHU LVW VHKU VHOWHQ XQG ILQGHW LQ 5DQGEHUHLFKHQ GHV %DXHQV LQ 6WHLQEUFKHQ XQG LP 7DJHEDX $QZHQGXQJ %HL EHHQJWHQ XQG WLHIHQ %DXJUXEHQ NRPPW HLQ +\GUDXOLNEDJJHU RGHU HLQ 6HLOEDJJHU PLW *UHLIHUHLQULFKWXQJ ]XP (LQVDW] ,Q GHU ZHLWHUHQ %HDUEHLWXQJ GLHVHV 9HUIDKUHQV ZLUG GHVKDOE QXU GHU $XVKXE PLWWHOV HLQHV 7LHIO|IIHOEDJJHUV XQG GLH WHFKQLVFK DXIZHQGLJH %|VFKXQJVVLFKHUXQJ PLW 6SULW]EHWRQ XQG %RGHQQlJHOQ QlKHU HUOlXWHUW
%DXJUXEHQVLFKHUXQJ
%LOG %DXJUXEHQDXVKXE PLW *HOlQGHREHUIOlFKH DOV 6WDQGHEHQH >@ 7DEHOOH 3UR]HVVH ]XU +HUVWHOOXQJ JHE|VFKWHU %DXJUXEHQ PLW HLQHU %|VFKXQJVVLFKHUXQJ
,
3UR]HVV
7HLOSUR]HVV
*HUlW
9RUEHUHLWHQGH 0D QDKPHQ
)UHLUlXPHQ GHV %DXIHOGHV (LQPHVVHQ XQG $EVWHFNHQ GHU %DXJUXEH 2EHUERGHQ DEWUDJHQ $EVFKQLWWVZHLVHU $XVKXE /DGHQ XQG $EWUDQVSRUWLHUHQ 3URILOLHUHQ XQG +HUVWHOOHQ GHU %|VFKXQJ XQG %HUPHQ 9HUOHJHQ YRQ %HZHKUXQJVPDWWHQ $XIEULQJHQ GHU 6SULW]EHWRQVFKDOH FD ELV FP (LQEULQJHQ GHU %RGHQQlJHO 9HUSUHVVHQ GHU +RKOUlXPH
$XVKXE GHU %DXJUXEH
,, (LQEDX GHU 2EHUIOl FKHQVLFKHUXQJ
,,,
5DXSH %DJJHU 5DGODGHU KlXILJ GXUFK HLQHQ H[WHUQHQ 9HUPHVVHU %DJJHU 5DXSHQ E]Z 5DGODGHU 0XOGHQNLSSHU /.:CV 6HLOEDJJHU PLW 6FKOHSSVFKDXIHO %DJJHU PLW 7HOHVNRSDUP .OHLQZHUN]HXJH %HWRQVSULW]JHUlW PLW =XEHK|U 6LOR .RPSUHVVRU $QNHUERKUJHUlW 3XPSH
'LH *HUlWH +DXSWVlFKOLFK ZHUGHQ ]XP /|VHQ GHV %RGHQV VRZLH ]XP +HUVWHOOHQ XQG 3URILOLHUHQ GHU %| VFKXQJHQ +\GUDXOLNEDJJHU HLQJHVHW]W 1XU LQ (LQ]HOIlOOHQ ZHUGHQ IU GLH 3URILOLHUXQJ 6SH]L DOJHUlWH ZLH ] % 7HOHVNRSEDJJHU HLQJHVHW]W 'HVKDOE ZHUGHQ QDFKIROJHQG GLH +\GUDXOLN EDJJHU VRZLH GLH *HUlWH ]XU 2EHUIOlFKHQVLFKHUXQJ GXUFK 6SULW]EHWRQ XQG %RGHQQlJHO YRUJH VWHOOW
+\GUDXOLNEDJJHU +HXW]XWDJH ILQGHW GHU +\GUDXOLNEDJJHU PLW HQWVSUHFKHQGHU 7LHIO|IIHO *UHLIHUHLQULFKWXQJ GHQ KlXILJVWHQ (LQVDW] EHL GHU +HUVWHOOXQJ YRQ JHE|VFKWHQ %DXJUXEHQ 'XUFK GLH 9LHO]DKO YRQ +HUVWHOOHUQ XQG YHUVFKLHGHQHQ %DJJHUW\SHQ NDQQ MH QDFK 8PIDQJ GHU %DXPDQDKPH GLH $UW XQG *U|H GHV MHZHLOLJHQ +\GUDXOLNEDJJHUV LQGLYLGXHOO EHVWLPPW ZHUGHQ ,Q GHU 7DEHOOH LVW HLQ $XV]XJ DXV GHP /LHIHUSURJUDPP GHU )LUPD &$7=HSSHOLQ GDUJHVWHOOW
*HE|VFKWH %DXJUXEHQ 7DEHOOH
/LHIHUSURJUDPP .HWWHQEDJJHU PLW 7LHIO|IIHO >@
7\S
0RWRUOHLVWXQJ
PD[ *UDEWLHIH PD[ 5HLFKZHLWH
/|IIHO YROXPHQ
(LQVDW] JHZLFKW
&
N: 36
P P
« P
« W
& /
N: 36
P P
« P
« W
& /
N: 36
P P
« P
« W
& /
N: 36
P P
« P
« W
& /
N: 36
P P
« P
« W
& /1
N: 36
P P
« P
« W
& /1 0(
N: 36
P P
« P
« W
& /1 0(
N: 36
P P
« P
« W
%,, /
N: 36
P P
« P
« W
:LUWVFKDIWOLFKHV $UEHLWHQ LP (UGEDX YHUODQJW HLQH VRUJIlOWLJH XQG JHSODQWH $EVWLPPXQJ GHV *HUlWHHLQVDW]HV %HLP /DGHEHWULHE LVW HV ZLFKWLJ DXVJHKHQG YRQ GHU %DJJHUOHLVWXQJ GLH $Q]DKO XQG *U|H GHU )DKU]HXJH VR IHVW]XOHJHQ GDVV HLQ NRQWLQXLHUOLFKHU /DGHDEODXI JH ZlKUOHLVWHW LVW )U HLQH RSWLPDOH /DGHOHLVWXQJ LVW HV 9RUDXVVHW]XQJ GDVV GDV )DKU]HXJ EHLP %HODGHQ VR JQVWLJ ]XP %DJJHU VWHKW GDVV GLHVHU QXU JHULQJH +XE XQG 6FKZHQNEHZHJXQ JHQ DXVIKUHQ PXVV %LOG ]HLJW GLH 5HLFKZHLWHQ XQG *UDEWLHIHQ IU HLQHQ 5DXSHQEDJJHU PLW 0RQREORFNDXVOHJHU XQG HLQHQ 5DXSHQEDJJHU PLW .ODSSVFKDXIHODXVUVWXQJ YHUJOHLFKED UHU *U|H
%LOG /LQNV 5HLFKZHLWHQGLDJUDPPH IU +\GUDXOLNEDJJHU >@ 5HFKWV .HWWHQEDJJHU YRP 7\S &$7 EHLP (UGDXVKXE >@
%DXJUXEHQVLFKHUXQJ
5DG XQG 5DXSHQODGHU 5DG XQG 5DXSHQODGHU NRPPHQ LP ZHVHQWOLFKHQ EHLP $XVKXE YRQ %|GHQ GHU %RGHQNODVVH ELV QDFK ',1 ]XP (LQVDW] 'XUFK LKUHQ .HWWHQDQWULHE VLQG /DGHUDXSHQ LQ GHU /DJH GLFKWJHODJHUWH %|GHQ EHVVHU O|VHQ XQG ODGHQ ]X N|QQHQ DOV 5DGODGHU (LQHQ ZHLWHUHQ 9RUWHLO JHJHQEHU GHP 5DGODGHU KDW GLH /DGHUDXSH DXIJUXQG GHV QLHGULJHQ )OlFKHQGUXFNV GHU /DXI ZHUNH 6R NDQQ VLH DXFK DXI ZHQLJ WUDJIlKLJHQ %|GHQ HLQJHVHW]W ZHUGHQ 9RQ 1DFKWHLO LVW GHU JURH 3ODW]EHGDUI GHQ GLH 5DG E]Z 5DXSHQODGHU ]XP 5DQJLHUHQ EHQ|WLJHQ 6RPLW LVW GHU (LQVDW] GHU /DGHJHUlWH DEKlQJLJ YRQ GHU DQVWHKHQGHQ %RGHQDUW VRZLH GHQ 3ODW]YHUKlOW QLVVHQ YRU 2UW ,Q GHU IROJHQGHQ 7DEHOOH VLQG JHUlWHVSH]LILVFKH $QJDEHQ ]X /DGHUDXSHQ DXV GHP DNWXHOOHQ /LHIHUSURJUDPP GHU )LUPD /LHEKHUU DXIJHIKUW 7DEHOOH
*HUlWHVSH]LILVFKH $QJDEHQ YRQ /LHEKHUU /DGHUDXSHQ >@
7\S /5 /5 /LWURQLF /5 /LWURQLF /5
0RWRUOHLVWXQJ N: 36 N: 36 N: 36 N: 36
(LQVDW]JHZLFKW NJ NJ NJ NJ
6FKDXIHOLQKDOW Pñ Pñ Pñ Pñ
*HVFKZLQGLJNHLW ± NPK ± NPK ± NPK ± NPK
%LOG 5DXSHQODGHU YRP 7\S /LHEKHUU /5 /LWURQLF EHLP (UGDXVKXE >@
*HUlWH ]XU %|VFKXQJVVLFKHUXQJ PLWWHOV 6SULW]EHWRQ 'LH %DXJUXEHQE|VFKXQJ ZLUG GXUFK HLQH 6SULW]EHWRQVFKDOH XQG HLQH %RGHQYHUQDJHOXQJ JH VLFKHUW 'DIU VLQG GLH QDFKIROJHQGHQ *HUlWH XQDEGLQJEDU ± %HWRQVSULW]JHUlW PLW =XEHK|U ± +\GUDXOLVFKHV .LSSVLOR ± 'LHVHONRPSUHVVRU ± 0LVFKHU XQG ,QMHNWLRQVSXPSH ± .OHLQERKUJHUlW ,Q %LOG LVW HLQ .OHLQERKUJHUlW GHU )LUPD %DXHU DEJHELOGHW GDV ]XU +HUVWHOOXQJ GHU %RKU O|FKHU IU GLH %RGHQQlJHO GLHQW
*HE|VFKWH %DXJUXEHQ
=ZHL ZHLWHUH $EELOGXQJHQ PLW XQWHUVFKLHGOLFKHQ 9DULDQWHQ GLH +RKOUlXPH IU GLH %RGHQQl JHO KHU]XVWHOOHQ IROJHQ
%LOG .OHLQERKUJHUlW 8%: ( GHU )LUPD %DXHU >@
%LOG +HUVWHOOHQ GHV +RKOUDXPV IU GHQ 6WDKOQDJHO GXUFK %RKUHQ>@
%LOG +HUVWHOOHQ GHV +RKOUDXPV IU GHQ 6WDKOQDJHO GXUFK 5DPPERKUHQ >@
'LH ZLFKWLJVWHQ 6WRIIH ,Q GLHVHP $EVFKQLWW IROJW HLQH $XI]lKOXQJ GHU 6WRIIH XQG 0DWHULDOLHQ GLH EHL %|VFKXQJVVL FKHUXQJHQ KlXILJ $QZHQGXQJ ILQGHQ
%DXJUXEHQVLFKHUXQJ
$EGHFNHQ PLW *HRWH[WLOLHQ RGHU )ROLHQ 'LH $EGHFNXQJ ZLUG YRQ +DQG YHUOHJW XQG PLW IRUWVFKUHLWHQGHP $XVKXE HLQJHEDXW $XI DXV UHLFKHQGH hEHUODSSXQJ XQG DXI HLQHQ HEHQHQ 8QWHUJUXQG LVW ]X DFKWHQ 'LH $EGHFNHOHPHQWH VFKW]HQ LP :HVHQWOLFKHQ JHJHQ 2EHUIOlFKHQHURVLRQ GXUFK 1LHGHUVFKODJVZDVVHU VRZLH JH JHQ $XVWURFNQXQJ 6SULW]EHWRQVFKDOHQ PLW %RGHQYHUQDJHOXQJ 'LHVH 6LFKHUXQJ EHVWHKW DXV GHQ %RGHQQlJHOQ XQG GHU 6SULW]EHWRQVFKDOH 'DV 6WDKOWUDJJOLHG GHV %RGHQQDJHOV LVW DXV *(:,6WDKO %HWRQVWDEVWDKO 6 LQ GHP MHZHLOV VWDWLVFK HUIRUGHU OLFKHQ 'XUFKPHVVHU ]ZLVFKHQ XQG PP 8P HLQH NUDIWVFKOVVLJH 9HUELQGXQJ PLW GHP DQVWHKHQGHQ %RGHQ ]X HU]LHOHQ ZLUG GLH %RKUXQJ QDFK (LQEDX GHV %RGHQQDJHOV PLW HLQHP =HPHQWP|UWHO RGHU =XVFKODJVWRII YHUIOOW XQGRGHU YHUSUHVVW 'LH 6SULW]EHWRQVFKDOH VHW]W VLFK DXV HLQHU VWDWLVFK HUIRUGHUOLFKHQ %HZHKUXQJ DXV JHVFKZHL WHQ %HWRQVWDKOPDWWHQ %6W 0 XQG HLQHP 6SULW]EHWRQ PLW HLQHU )HVWLJNHLW GLH LP 5HJHOIDOO HLQHV %HWRQV & HQWVSULFKW ]XVDPPHQ %HL GHU (UPLWWOXQJ GHV %HZHKUXQJVDQWHLOV LVW ]X EHUFNVLFKWLJHQ GDVV IU GLH hEHUODSSXQJ FD KLQ]X]XUHFKQHQ VLQG %HL GHU %HUHFK QXQJ GHU %HWRQPHQJH ZLUG GHU 5FNSUDOO PLW XQG GHU 0HKUYHUEUDXFK IU GHQ $XV JOHLFK YRQ 8QHEHQKHLWHQ PLW DQJHQRPPHQ
%LOG %RGHQQDJHO PLW $EVWDQGVKDOWHU XQG 1DFKYHUSUHVVODQ]H >@
%HZXFKV 6ROO HLQH %DXJUXEHQE|VFKXQJ EHU HLQ -DKU RGHU OlQJHU JHVLFKHUW ZHUGHQ VR NRPPW %H ZXFKV LQ )UDJH GHU $XVVSOXQJHQ GXUFK 1LHGHUVFKODJVZDVVHU XQG $XVWURFNQXQJ YHUKLQGHUW )OHFKWZHUNH GLH LQ 6FKUlJVWUHLIHQ HLQJHSIODQ]W ZHUGHQ RGHU VFKQHOO ZDFKVHQGH 3IODQ]HQ ZLH /XSLQHQ GLH RKQH 0XWWHUERGHQVFKLFKW DXFK LQ 6DQG RGHU .LHVE|GHQ JHGHLKHQ ELHWHQ VLFK DQ
*HE|VFKWH %DXJUXEHQ
'HU 3HUVRQDOEHGDUI %DXJUXEHQVLFKHUXQJ 'HU 3HUVRQDOEHGDUI IU HLQH %DXJUXEHQVLFKHUXQJ GLHVHU $UW EHLQKDOWHW PLQGHVWHQV $UEHLWV NUlIWH
%LOG 'VHQIKUHU EHLP $XIEULQJHQ GHU 6SULW]EHWRQVFKDOH >@
(UGDUEHLWHQ 'LH $UEHLWVNUlIWHDQ]DKO HUJLEW VLFK ] % DXV GHU $UW XQG $Q]DKO GHU HLQJHVHW]WHQ *HUlWH XQG GHQ VRPLW HUIRUGHUOLFKHQ *HUlWHIKUHUQ )U XPIDQJUHLFKH 9HUPHVVXQJHQ XQG 1HEHQDUEHLWHQ N|QQHQ ZHLWHUH $UEHLWVNUlIWH QRWZHQGLJ VHLQ
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ *UXQGODJH GHU /HLVWXQJVEHUHFKQXQJ YRQ %DXPDVFKLQHQ LVW GDV %XFK YRQ 0DQIUHG +RIIPDQQ Ä=DKOHQWDIHOQ IU GHQ %DXEHWULHE³ >@ (LQVDW] XQG 1XW]OHLVWXQJVIDNWRUHQ ZHUGHQ JHUlWHVSH]LILVFK LQ GHP REHQ JHQDQQWHQ %XFK LP .DSLWHO ZLHGHUJHJHEHQ )U GLH +HUVWHOOXQJ YRQ JHE|VFKWHQ %DXJUXEHQ PLW RGHU RKQH %|VFKXQJVVLFKHUXQJ N|QQHQ NHLQH DOOJHPHLQJOWLJHQ /HLVWXQJVDQJDEHQ JHPDFKW ZHUGHQ 'LH IROJHQGH 7DEHOOH VROO KHO IHQ GLH QRWZHQGLJHQ *HUlWH ]X NODVVLIL]LHUHQ 0LW GHQ GRUW HQWKDOWHQHQ /HLVWXQJVZHUWHQ N|QQHQ GLH /HLVWXQJHQ GHU %DXPDVFKLQHQ DEJHVFKlW]W ZHUGHQ
%DXJUXEHQVLFKHUXQJ
7DEHOOH 3UR]HVV
%HWULHEVPLWWHOHLQVDW] 7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
+\GUDXOLNEDJJHU 0RQREORFNDXVOHJHU /|IIHOVWLHO 7LHIO|IIHO RGHU 5DXSHQODGHU 0XOGHQKLQWHUNLSSHU +HUVWHOOHQ HLQHU $XVVWDWWXQJ ZLH ,, 5DPSH LQ GLH %DXJUXEH 3URILOLHUHQ XQG 6HLOEDJJHU +HUVWHOOHQ GHU *UXQGDXVOHJHU %|VFKXQJ XQG 6FKUINEHO 6FKOHSS VFKDXIHO %HUPHQ 7HOHVNRSEDJJHU 7LHIO|IIHO $XIEULQJHQ GHU %HWRQVSULW]JHUlW PLW =XEHK|U 6SULW]EHWRQ VFKDOH FD ELV FP %RKUZDJHQ PLW 5DX %RKUHQ XQG 6WDKOQDJHO HLQ SHQIDKUZHUN K\GUDX OLVFK IKUHQ K\GU .UDIWGUHKNRSI %RKUKDPPHU K\GUDX OLVFK 9HUSUHVVHQ GHU 9HUSUHVVSXPSH 0LVFKJHUlW +RKOUlXPH $EVFKQLWWVZHL VHU $XVKXE /DGHQ XQG $E WUDQVSRUWLHUHQ
,,
,,,
$EKlQJLJ YRP HLQJHVHW]WHQ *HUlW
3HUVRQDO EHGDUI
' « ' « ' « ' « ' « ' «
0DVFKLQLVW
' « ' « ' «
0DVFKLQLVW
' « ' « % «
0DVFKLQLVW
. «
0DVFKLQLVW )DKUHU
ELV PñK
ELV PñK
+HOIHU
0DVFKLQLVW +HOIHU
. « . «
- « - «
.DONXODWRULVFKH /HLVWXQJVZHUWH
+HOIHU
KPð
*HE|VFKWH %DXJUXEHQ 7DEHOOH
$XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ MH QDFK *U|H GHU *HUlWH XQG *HZLFKW GHU *HRWH[WLOLHQ IU GDV +HUVWHOOHQ YRQ JHE|VFKWHQ %DXJUXEHQ
+HUVWHOOHQ GHU %|VFKXQJ
7lWLJNHLW
6RQVWLJHV
7lWLJNHLWV XQG 5VW]HLWHQ QDFK
3URILOLHUHQ GHU %|VFKXQJ PLW YHUVFKLHGHQHQ *HUlWHQ D 7HOHVNRSEDJJHU PðK ] % (:. E 6HLOEDJJHU PLW 6FKOHSS PðK VFKDXIHO F HYWO 5DXSH PðK (LQEDX YRQ %|VFKXQJVVLFKHUXQJHQ 2EHUIOlFKHQDEVLFKHUXQJ D *HRWH[WLOLHQ PðK EHL HLQHU ELV 0DQQ .RORQQH EHZHKUW XQG YHUDQNHUW XQEHZHKUW E 6SULW]EHWRQVFKDOHQ PðK PðK %DXVWHOOHQHLQULFKWXQJ 7DJ *HUlWHDXVIDOO E]Z ZDUWXQJ 6WXQGHQ DP 7DJ 5lXPHQ GHU %DXVWHOOH 7DJ
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ %HL GHU +HUVWHOOXQJ YRQ JHE|VFKWHQ %DXJUXEHQ VLQG .HQQWQLVVH EHU GLH QDFKVWHKHQGHQ 1RU PHQ XQG 9RUVFKULIWHQ YRQ JURHU %HGHXWXQJ 7DEHOOH
hEHUVLFKW EHU JHOWHQGH 1RUPHQ
',1
.XU]EH]HLFKQXQJ
',1
.XU]EH]HLFKQXQJ
%DXJUXEHQ XQG *UlEHQ
%DXJUXQG ]XO %HODVWXQJHQ
*HOlQGH XQG %|VFKXQJVEUXFKEHUHFK QXQJHQ
*HElXGHVLFKHUXQJ LP %HUHLFK YRQ $XVVFKDFKWXQJHQ *'$ Ä*HRWHFKQLN GHU 'HSRQLHQ XQG $OWODVWHQ³ ($% Ä(PSIHKOXQJHQ GHV $UEHLWVNUHLVHV %DXJUXEHQ³
+LQZHLVH IU GDV $XIVWHOOHQ GHU /HLVWXQJVEHVFKUHLEXQJ JLEW GLH $79 ',1 Ä(UGDUEHL WHQ³ 'LHVH +LQZHLVH HUJlQ]HQ GLH $79 ',1 Ä$OOJHPHLQH 5HJHOXQJHQ IU %DXDUEHL WHQ MHGHU $UW³ 6LH ZHUGHQ QLFKW %HVWDQGWHLO HLQHV 92%9HUWUDJHV EHLQKDOWHQ DEHU $QKDOWV SXQNWH ]X $QJDEHQ GLH LQ GHU /HLVWXQJVEHVFKUHLEXQJ HQWKDOWHQ VHLQ VROOWHQ 1DFKIROJHQG VHLHQ QXU GLH ZLFKWLJVWHQ DXIJHIKUW ± $UW XQG 8PIDQJ GHV YRUKDQGHQHQ %HZXFKVHV LQ GHP %DXIHOG VRZLH GHU $UW XQG %H VFKDIIHQKHLW GHU 8QWHUODJH ± %HVFKUHLEXQJ GHU DQVWHKHQGHQ )HOV XQG %RGHQNODVVHQ VRZLH GHU 6FKDGVWRIIEHODVWXQJ QDFK $UW XQG 8PIDQJ LP %RGHQ ± 9HUZHQGXQJ $XIEHUHLWXQJ XQG %HKDQGOXQJ GHV %RGHQV ± (LQEDX YRQ *HRNXQVWVWRIIHQ ± 6LFKHUXQJ YRQ %|VFKXQJHQ )OlFKHQ RGHU +DOGHQ ± %HVRQGHUH 0DQDKPHQ ]XP 6FKXW] YRQ EHQDFKEDUWHQ *UXQGVWFNHQ
%DXJUXEHQVLFKHUXQJ
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH bQGHUXQJHQ GHU :DQGK|KHQ XQG 5HJHOE|VFKXQJHQ QDFK ',1 %LOG ELV VLQG YRU]XVHKHQ ZHQQ EHVRQGHUH (LQIOVVH GLH 6WDQGVLFKHUKHLW JHIlKUGHQ 6ROFKH (LQIOVVH N|Q QHQ VHLQ >@ D 6W|UXQJHQ GHV %RGHQJHIJHV ZLH .OIWH RGHU 9HUZHUIXQJHQ E ]XU (LQVFKQLWWVRKOH KLQ HLQIDOOHQGH 6FKLFKWXQJ RGHU 6FKLHIHUXQJ F QLFKW RGHU QXU ZHQLJ YHUGLFKWHWH 9HUIOOXQJHQ RGHU $XIVFKWWXQJHQ G *UXQGZDVVHUDEVHQNXQJ GXUFK RIIHQH :DVVHUKDOWXQJHQ H =XIOXVV YRQ 6FKLFKWHQZDVVHU I QLFKW HQWZlVVHUWH )OLHVDQGE|GHQ J VWDUNH (UVFKWWHUXQJHQ DXV 9HUNHKU 5DPPDUEHLWHQ 9HUGLFKWXQJVDUEHLWHQ RGHU 6SUHQJXQJHQ 'LH 6WDQGVLFKHUKHLW EHL XQYHUEDXWHQ :lQGHQ PXVV UHFKQHULVFK QDFKJHZLHVHQ ZHUGHQ ZHQQ >@ D EHL VHQNUHFKWHQ :lQGHQ GLH YRUJHQDQQWHQ %HGLQJXQJHQ QLFKW HUIOOW VLQG E GLH %|VFKXQJ PHKU DOV P KRFK LVW RGHU EHL JHE|VFKWHQ :lQGHQ GLH REHQ DQJHJHEH QHQ %|VFKXQJVZLQNHO EHUVFKULWWHQ ZHUGHQ ZREHL HLQH %|VFKXQJVQHLJXQJ YRQ PHKU DOV LQ NHLQHP )DOO ]XOlVVLJ LVW F HLQHU GHU REHQ JHQDQQWHQ (LQIOVVH YRUOLHJW XQG GLH ]XOlVVLJH :DQGK|KH E]Z GLH %| VFKXQJVQHLJXQJ QLFKW QDFK YRUOLHJHQGHQ (UIDKUXQJHQ ]XYHUOlVVLJ IHVWJHOHJW ZHUGHQ NDQQ G YRUKDQGHQH /HLWXQJHQ RGHU DQGHUH EDXOLFKH $QODJHQ JHIlKUGHW ZHUGHQ N|QQHQ H GDV *HOlQGH QHEHQ GHU *UDEHQ E]Z %|VFKXQJVNDQWH VWlUNHU DOV DQVWHLJW RGHU XQPLWWHOEDU QHEHQ GHP 6FKXW]VWUHLIHQ YRQ P HLQH VWlUNHU DOV JHQHLJWH (UG DXIVFKWWXQJ E]Z 6WDSHOODVWHQ YRQ PHKU DOV N1Pð ]X HUZDUWHQ VLQG I GLH QDFK GHU 6WUDHQYHUNHKUV]XODVVXQJVRUGQXQJ YRP 6W9=2 DOOJHPHLQ ]XJHODVVHQHQ 6WUDHQIDKU]HXJH VRZLH %DJJHU RGHU +HEH]HXJH ELV ]X W *HVDPWJH ZLFKW QLFKW HLQHQ $EVWDQG YRQ PLQGHVWHQV O P ]ZLVFKHQ GHU $XHQNDQWH GHU $XI VWDQGVIOlFKH XQG GHU *UDEHQ E]Z %|VFKXQJVNDQWH HLQKDOWHQ J VFKZHUHUH )DKU]HXJH XQG )DKU]HXJH PLW K|KHUHQ $FKVODVWHQ ] % 6WUDHQUROOHU XQG DQGHUH 6FKZHUWUDQVSRUWIDKU]HXJH VRZLH %DJJHU RGHU +HEH]HXJH YRQ PHKU DOV W *H VDPWJHZLFKW QLFKW HLQHQ $EVWDQG YRQ PLQGHVWHQV P ]ZLVFKHQ GHU $XHQNDQWH GHU $XIVWDQGVIOlFKH XQG GHU *UDEHQ E]Z %|VFKXQJVNDQWH HLQKDOWHQ
7UlJHUERKOZDQG
8P 6FKlGHQ RGHU +HUVWHOOXQJVIHKOHU EHLP (LQEDX GHU %|VFKXQJVVLFKHUXQJ ]X YHUPHLGHQ VLQG IROJHQGH 3XQNWH ]X EHDFKWHQ 7DEHOOH $QJDEHQ ]XU 4XDOLWlWVVLFKHUXQJ EHL EHZHKUWHQ XQG YHUDQNHUWHQ 6SULW]EHWRQVFKDOHQ (LQPHVVHQ GHU 6SULW]EHWRQVFKDOH XQG %RKUDQVDW] SXQNWH %RKUJHQDXLJNHLW
6SULW]JXW
9HUSUHVVJXW
7UDJIlKLJNHLW 1RUPHQ $XVIKUXQJ$UEHLWVDEODXI
0DEDQG *UDGZDDJH 1LYHOOLHUJHUlW 7KHRGROLW +RUL]RQWDO XQG 9HUWLNDOODVHU *UDGZDDJH 1LYHOOLHUJHUlW (LJQXQJVSUIXQJ GHV YHUZHQGHWHQ 0DWHULDOV )UHPGEHUZDFKXQJ LP 5DKPHQ GHU % ,, %HWRQ EHUZDFKXQJ +HUVWHOOXQJ YRQ 3UREHN|USHUQ ]XU hEHUSUIXQJ GHU HUUHLFKWHQ %HWRQIHVWLJNHLW 0HVVXQJ XQG hEHUSUIXQJ GHV :=:HUWHV GHU VSH]LILVFKHQ 'LFKWH GHV =HPHQWP|UWHOV PLWWHOV =H PHQWZDDJH XQG $UlRPHWHU +HUVWHOOHQ YRQ 5FNVWHOOSUREHQ 3UREHEHODVWXQJHQ XQG (LJQXQJVSUIXQJHQ $XI]HLFKQXQJ GHU GXUFKIDKUHQHQ %RGHQVFKLFKWHQ $OOJHPHLQH EDXDXIVLFKWOLFKH =XODVVXQJ ',1 6SULW]EHWRQ +HUVWHOOXQJ XQG 3UIXQJ $UEHLWVDQZHLVXQJHQ JHPl 8QWHUQHKPHQVKDQGEXFK
7UlJHUERKOZDQG 'DV %DXYHUIDKUHQ LP hEHUEOLFN =XU +HUVWHOOXQJ YRQ VHQNUHFKWHQ %DXJUXEHQXPVFKOLHXQJHQ ZHUGHQ KlXILJ 7UlJHUERKOZlQ GH YHUZHQGHW 'LH 9RU]JH GHU 7UlJHUERKOZDQG HUJHEHQ VLFK DXV ± GHU $QSDVVXQJVIlKLJNHLW DQ +LQGHUQLVVH ZLH /HLWXQJHQ 6FKlFKWH DOWH )XQGDPHQWH X l ± GHU (LQVDW]P|JOLFKNHLW LQ QDKH]X DOOHQ %RGHQDUWHQ ± GHU :LHGHUJHZLQQEDUNHLW GHU %DXWHLOH ± GHU :LUWVFKDIWOLFKNHLW GHV JHVDPWHQ 9HUEDXV 'HU %RKOWUlJHUYHUEDX JHK|UW ]X GHQ ELHJHZHLFKHQ 9HUEDXV\VWHPHQ G K GDVV XQWHU 8PVWlQ GHQ 6HW]XQJHQ DQ EHQDFKEDUWHQ %DXZHUNHQ RGHU 9HUNHKUVZHJHQ ]X HUZDUWHQ VLQG $XHU GHP LVW HU QLFKW ZDVVHUGLFKW VR GDVV HU QXU REHUKDOE GHV JHJHEHQHQIDOOV DEJHVHQNWHQ *UXQG ZDVVHUVSLHJHOV HLQJHVHW]W ZHUGHQ NDQQ 7UlJHUERKOZlQGH EHVWHKHQ DXV VHQNUHFKWHQ 7UDJJOLHGHUQ L $OOJ 6WDKOWUlJHU XQG HLQHU $XV IDFKXQJ DXV +RO] 6WDKO 6WDKOEHWRQ RGHU 6SULW]EHWRQ %LOG 'DV (LQEULQJHQ GHU 6WDKO WUlJHU $EVWDQG FD ELV P 6WHJ MHZHLOV VHQNUHFKW ]XU %DXJUXEHQZDQG HUIROJW LP $OO JHPHLQHQ GXUFK 5DPPHQ (LQUWWHOQ RGHU GXUFK (LQVWHOOHQ LQ YRUJHERKUWH /|FKHU ,P 1RUPDOIDOO VLQG GLH 6WDKOWUlJHU ]ZLVFKHQ XQG P ODQJ LQ 6RQGHUIlOOHQ DXFK ELV P
%DXJUXEHQVLFKHUXQJ
'LH $XVIDFKXQJ PXVV IHVW DP (UGUHLFK DQOLHJHQ 'LHV NDQQ ] % GXUFK $QNHLOHQ GHU 9HUERK OXQJ HU]LHOW ZHUGHQ 1DFK GHU $UW GHU $XVIDFKXQJ XQWHUVFKHLGHW PDQ GHQ ZDDJHUHFKWHQ XQG GHQ VHQNUHFKWHQ 9HUEDX $OV $XVIDFKXQJ NRPPHQ LQ GHU 3UD[LV .DQWK|O]HU YRQ ELV FP 'LFNH ]XU $QZHQGXQJ 'DV EUHLW JHIlFKHUWH (LQVDW]JHELHW GHU 7UlJHUERKOZlQGH XQG GLH KHUYRUUDJHQGH $QSDVVXQJV IlKLJNHLW GLHVHV 9HUIDKUHQV DQ |UWOLFKH *HJHEHQKHLWHQ KDEHQ ELV ]XP KHXWLJHQ 7DJ HLQH 9LHO ]DKO YRQ $QZHQGXQJVP|JOLFKNHLWHQ XQG $EZDQGOXQJHQ HQWVWHKHQ ODVVHQ
%LOG 7UlJHUERKOZDQG LP 6FKQLWW >@
7HFKQLVFKH *UXQGODJHQ 'LH +HUVWHOOXQJ HLQHU 7UlJHUERKOZDQG EHVWHKW DXV IROJHQGHQ 6FKULWWHQ ± (LQEDX GHU 7UlJHU ± %HJLQQ GHV $XVKXEV PLW (LQEDX GHU $XVIDFKXQJ ± (LQEDX GHU $EVWW]XQJHQ $QNHU RGHU 6WHLIHQ VREDOG GHU $XVKXE HLQH 7LHIH YRQ FD P ± P XQWHU GHU JHSODQWHQ $EVWW]XQJ HUUHLFKW KDW ± )RUWVHW]XQJ GHV $XVKXEV ELV ]XU %DXJUXEHQVRKOH ± 6FKULWWZHLVHU 5FNEDX GHU $XVIDFKXQJ XQG GHU $EVWW]XQJHQ ZlKUHQG GHU +HUVWHOOXQJ GHV %DXZHUNV XQG GHU GDPLW YHUEXQGHQHQ :LHGHUYHUIOOXQJ GHU %DXJUXEH ± =LHKHQ GHU 7UlJHU QDFK :LHGHUYHUIOOXQJ GHU %DXJUXEH :LH HLQJDQJV EHVFKULHEHQ JLEW HV PHKUHUH 0|JOLFKNHLWHQ GLH 7UDJJOLHGHU LQ GHU 5HJHO 6WDKOWUlJHU LQ GHQ %DXJUXQG HLQ]XEULQJHQ (QWVFKHLGHQG IU GLH :DKO GHU (LQEULQJDUW VLQG GLH .RPSRQHQWHQ %DXJUXQG ]XOlVVLJH (UVFKWWHUXQJHQ XQG ]XOlVVLJH /lUPHQWZLFNOXQJ
7UlJHUERKOZDQG
'HU 7UlJHUHLQEDX NDQQ HUIROJHQ GXUFK 5DPPHQ HLQ VHKU ZLUWVFKDIWOLFKHV 9HUIDKUHQ VRIHUQ GHU %DXJUXQG DXV ELQGLJHP E]Z JURE N|UQLJHP %RGHQ 6DQG XQG .LHV EHVWHKW 1DFKWHLOLJ VLQG MHGRFK GLH HUKHEOLFKH /lUPEHOlVWL JXQJ XQG GLH P|JOLFKHQ (UVFKWWHUXQJHQ 5WWHOQ LVW EHL HQWVSUHFKHQGHP %DXJUXQG VLHKH 5DPPHQ HLQH HEHQIDOOV NRVWHQJQVWLJH 0H WKRGH 'LH (UVFKWWHUXQJHQ N|QQHQ EHL $QZHQGXQJ GHV 9RUERKUYHUIDKUHQV HUKHEOLFK UHGX ]LHUW ZHUGHQ (LQVWHOOHQ LQ %RKUO|FKHU HLQ 9HUIDKUHQ ZHOFKHV LQ DOOHQ %RGHQDUWHQ RKQH ZHVHQWOLFKH /lUPEHOlVWLJXQJ XQG (UVFKWWHUXQJ HLQJHVHW]W ZHUGHQ NDQQ +LHU]X NRPPW DXIJUXQG GHU KRKHQ %RKUOHLVWXQJ EHUZLHJHQG GDV 9G:9HUIDKUHQ ]XU $QZHQGXQJ 'HU 9HUIDKUHQVDEODXI VRZLH GLH ]XJHK|ULJHQ *HUlWH XQG 6WRIIH VLQG LP .DSLWHO %RKUSIlKOH HUOlXWHUW 1DFKGHP GDV %RKUORFK DXI GLH HQWVSUHFKHQGH 7LHIH DEJHWHXIW ZRUGHQ LVW ZLUG DQVFKOLHHQG GHU 7UlJHU LQ GDV /RFK HLQJHVWHOOW DXVJHULFKWHW XQG IL[LHUW 'HU YHUEOHLEHQGH +RKOUDXP ZLUG PLW 0D JHUEHWRQ .DONP|UWHO 6DQG R l YHUIOOW 8P HLQH JXWH /DVWEHUWUDJXQJ GHU 9HUWLNDONUlIWH DP 7UlJHUIX VLFKHU]XVWHOOHQ ZHUGHQ )X SODWWHQ DQ GLH 7UlJHU JHKHIWHW GLH EHLP VSlWHUHQ =LHKHQ GHU 7UlJHU LP %RGHQ YHUEOHLEHQ 'LH /DVWEHUWUDJXQJ NDQQ QRFK RSWLPLHUW ZHUGHQ LQGHP GLH )XSODWWHQ QLFKW DXI GLH %RKUORFK VRKOH VRQGHUQ DXI %HWRQSIURSIHQ VLHKH %LOG JHVWHOOW ZHUGHQ
%LOG )XDXVELOGXQJ HLQJHVWHOOWHU 9HUEDXWUlJHU >@
%DXJUXEHQVLFKHUXQJ
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 7DEHOOH 3UR]HVVH ]XU +HUVWHOOXQJ HLQHU 7UlJHUERKOZDQG 3UR]HVVH
7HLOSUR]HVVH
*HUlWH
9RUEHUHLWHQGH 0DQDKPHQ
)UHLUlXPHQ GHV %DXIHOGHV (LQPHVVHQ GHU 7UlJHUERKOZDQGDFKVH 7UlJHU ]XU (LQEDXVWHOOH WUDQV SRUWLHUHQ XQG DXVULFKWHQ (LQVFKODJHQ GHU 7UlJHU LQ GHQ %DXJUXQG %HJLQQ GHV %RGHQDXVKXEHV $XVIDFKXQJ LQ GLH %DXJUXEH WUDQVSRUWLHUHQ (LQEULQJHQ XQG 9HUNHLOHQ GHU $XVIDFKXQJ ] % +RO]ERKOHQ
5DXSH%DJJHU5DGODGHU 7KHRGROLW
5XQGK|O]HU E]Z %UHLWIODQVFK WUlJHU ]XU %DXJUXEH WUDQVSRUWLH UHQ (LQEDX GHU *XUWH XQG 6WHLIHQ 7UlJHU DQNOHPPHQ XQG DQO|VHQ 7UlJHU KHUDXV]LHKHQ DEOHJHQ XQG VlXEHUQ $XVEDX GHU $XVIDFKXQJ XQG GHU $XVVWHLIXQJ VlPWOLFKH 9HUEDXPDWHULDOLHQ ]XP $EWUDQVSRUW YHUODGHQ
+\GUDXOLNEDJJHU 5DGODGHU /.: +\GUDXOLNEDJJHU PLW 0lNOHU XQG 5DPPElU +\GUDXOLNEDJJHU PLW 7LHIO|I IHO 5DGODGHU /.: +\GUDXOLN EDJJHU .OHLQZHUN]HXJ 9RUVFKODJ KDPPHU %UHFKVWDQJH HWF 5DGODGHU /.: +\GUDXOLN EDJJHU
,
,,
,,,
,9
(LQEULQJHQ GHU VHQNUHFKWHQ 7UDJJOLHGHU
$XVKXE PLW JOHLFK]HLWLJHP (LQEULQJHQ GHU $XVIDFKXQJ DE W P YRQ *2.
(LQEDX GHU $EVWW]XQJHQ *XUWH PLW 6WHLIHQ
5FNEDX GHU 7UlJHUERKO ZDQG
9
6HLO E]Z +\GUDXOLNEDJJHU 6HLOEDJJHU PLW 3IDKO]LHKHU
%DJJHU
/.: 5DGODGHU
'LH *HUlWH 'LH *HUlWH ]XP (LQUDPPHQ (LQUWWHOQ XQG HYWO =LHKHQ GHU VHQNUHFKWHQ 7UDJJOLHGHU VLQG LGHQWLVFK PLW GHQHQ GLH EHL GHU 6SXQGZDQGKHUVWHOOXQJ LP .DSLWHO ]XP (LQVDW] NRP PHQ 'HVZHJHQ ZHUGHQ 7UlJHUJHUlWH 0lNOHU XQG 5DPPElUHQ VRZLH 9LEUDWLRQVElUHQ KLHU QLFKW ZHLWHU EHKDQGHOW
'LH ZLFKWLJVWHQ 6WRIIH 'LH 7UlJHUERKOZDQG VHW]W VLFK DXV GHQ GUHL IROJHQGHQ %HVWDQGWHLOHQ ]XVDPPHQ ± GLH %RKOWUlJHU ± GLH $XVIDFKXQJ ± GLH $EVWW]XQJ
7UlJHUERKOZDQG
%RKOWUlJHU $OV %RKOWUlJHU YHUZHQGHW PDQ IDVW DXVQDKPVORV %UHLWIODQVFKWUlJHU GHU +($ +(% XQG +(05HLKH 'LH :DKO GHV 3URILOV KlQJW YRP (LQEULQJYHUIDKUHQ YRP %DXJUXQG XQG YRQ GHQ VWDWLVFKHQ (UIRUGHUQLVVHQ DE %HL EOLFKHQ %DXJUXEHQWLHIHQ YRQ ELV P OLHJHQ GLH 3URILO JU|HQ LP %HUHLFK YRQ +(% ELV +(% :HUGHQ GLH 7UlJHU QLFKW JHUDPPW VRQGHUQ LQ YRUJHERKUWH /|FKHU JHVWHOOW VR NRPPHQ DXFK PLW %OHFKHQ YHUEXQGHQH @>3URILOH LQ )UDJH %LOG
%LOG %RKOWUlJHU DXV @>3URILOHQ
$XVIDFKXQJ %HVRQGHUV ]DKOUHLFK VLQG GLH 0|JOLFKNHLWHQ GLH :DQG ]ZLVFKHQ GHQ %RKOWUlJHUQ ]X YHUNOHL GHQ 'LH (LQ]HOWHLOH GHU $XVIDFKXQJ PVVHQ VR ODQJ VHLQ GDVV VLH DXI MHGHU 6HLWH PLQGHVWHQV DXI HLQHP )QIWHO GHU )ODQVFKEUHLWH DXIOLHJHQ ,P )ROJHQGHQ ZHUGHQ QXU GLH DP KlXILJVWHQ DQJHZDQGWHQ $XVIDFKXQJVHOHPHQWH GDUJHVWHOOW 'LH +RO]DXVIDFKXQJ NDQQ DXV .DQW RGHU 5XQGK|O]HUQ EHVWHKHQ 'D GLH 9HUDUEHLWXQJ YRQ 5XQGK|O]HUQ VHKU DXIZHQGLJ LVW NRPPHQ EHUZLHJHQG IHKONDQWLJH VlJHJHVWUHLIWH RGHU YROO NDQWLJH VLHKH %LOG +|O]HU GHU *WHNODVVH ,, QDFK ',1 ]XU $QZHQGXQJ
D IHKONDQWLJ
E VlJHJHVWUHLIW
%LOG +RO]6FKQLWWIRUPHQ > @
F YROONDQWLJ
%DXJUXEHQVLFKHUXQJ
'LH +RO]DXVIDFKXQJ KDW GHQ 9RUWHLO GDVV VLH NRVWHQJQVWLJ LVW XQG YRU 2UW GHQ lXHUHQ 8P VWDQGHQ DQJHSDVVW ZHUGHQ NDQQ :HQQ 6HW]XQJHQ LP %HUHLFK GHU %DXJUXEH DN]HSWDEHO VLQG EHOlVVW PDQ GLH +RO]DXVIDFKXQJ LP %RGHQ DQVRQVWHQ VROOWH GLH 9HUERKOXQJ EHL GHP 9HUIO OHQ GHU %DXJUXEH ZLHGHUJHZRQQHQ ZHUGHQ
%LOG 7UlJHUERKOZDQG PLW ZDDJHUHFKWHU +RO]DXVIDFKXQJ >@
6SXQGZDQG/HLFKWSURILOH XQGRGHU .DQDOGLHOHQ NRPPHQ KlXILJ EHL GHU VHQNUHFKWHQ $XVID FKXQJ ]XP (LQVDW] GD GLHVH (OHPHQWH GHP $XVKXE YRUHLOHQG LQ GHQ %RGHQ JHUDPPW RGHU JHGUFNW ZHUGHQ 6LH N|QQHQ HQWZHGHU KLQWHU RGHU ]ZLVFKHQ GHQ 7UlJHUQ DQJHRUGQHW ZHUGHQ ,Q MHGHP )DOO LVW HLQH *XUWXQJ GXUFK 6WDKOSURILOH RGHU .DQWK|O]HU HUIRUGHUOLFK 'D GHU %RGHQ QLFKW IUHLJHOHJW ZLUG NDQQ HU VLFK QLFKW DXIORFNHUQ ZDV GLH 6HW]XQJVJHIDKU EHQDFKEDUWHU %DXZHUNH YHUULQJHUW 'LH +DQGDUEHLW EHLP $EVFKDFKWHQ XQG )UHLOHJHQ GHV %R GHQV ZLH VLH EHLP +RO]YHUEDX HUIRUGHUOLFK LVW HQWIlOOW +DXSWHLQVDW]JHELHWH VLQG %|GHQ GLH ]XP )OLHHQ RGHU $XVULHVHOQ QHLJHQ 'D GLH 6SXQGZDQG/HLFKWSURILOH LP =XJH GHU 9HUIO OXQJ RKQH 3UREOHPH PLW GHQ 7UDJJOLHGHUQ JH]RJHQ ZHUGHQ N|QQHQ VLQG GLHVH OHLFKW ZLHGHU JHZLQQ XQG HUQHXW HLQVHW]EDU
7UlJHUERKOZDQG
%LOG %RKOWUlJHUYHUEDX PLW VHQNUHFKWHU $XVIDFKXQJ DXV .DQDOGLHOHQ >@
,Q GHU QDFKIROJHQGHQ *UDILN VLQG JlQJLJH /HLFKWSURILOH XQG .DQDOGLHOHQ YRQ IKUHQGHQ +HU VWHOOHUQ DEJHELOGHW :HLWHUH 4XHUVFKQLWWVZHUWH XQG $QJDEHQ VLQG LP $QKDQJ ]X ILQGHQ
%LOG 9HUVFKLHGHQH .DQDOGLHOHQ XQG /HLFKWSURILOH IU GLH %RKOWUlJHUDXVIDFKXQJ >@
6HOWHQ DQJHZHQGHW ZLUG GLH $XVIDFKXQJ PLW YRUJHIHUWLJWHQ 6WDKOEHWRQSODWWHQ RGHU ±EDONHQ *UXQG GDIU LVW GDV KRKH *HZLFKW GHU )HUWLJWHLOH GLH QLFKW PHKU YRQ +DQG YHUVHW]W ZHUGHQ N|QQHQ
%LOG $XVIDFKXQJ PLW 6WDKOEHWRQIHUWLJWHLOHQ >@
%DXJUXEHQVLFKHUXQJ
,KU 9RUWHLO OLHJW JHJHQEHU HLQHU 2UWEHWRQDXVIDFKXQJ GDULQ GDVV VLH VFKQHOOHU HLQJHEDXW ZHU GHQ N|QQHQ XQG VRIRUW EHODVWEDU VLQG $XHUGHP LVW HV P|JOLFK GLH )HUWLJWHLOH ZLHGHU ]X JHZLQQHQ 'D GLH %RKOHQ DXI HLQH IL[H /lQJH JHIHUWLJW ZHUGHQ PVVHQ GLH %RKOWUlJHU PD JHUHFKW HLQJHEUDFKW ZHUGHQ $XVIDFKXQJ PLW 2UWEHWRQ NDQQ EHL ELQGLJHP ]HLWZHLVH VWDQGIHVWHP %RGHQ ]XP (LQVDW] NRPPHQ -H QDFK %RGHQYHUKlOWQLVVHQ ZLUG GLH %DXJUXEH LP %HUHLFK GHU :DQG DEVFKQLWWV ZHLVH DXI FD P +|KH DXVJHVFKDFKWHW XQG DOV $XVIDFKXQJ PHLVW EHZHKUWHU 2UWEHWRQ HLQ JHEUDFKW 'HU %HWRQ NDQQ DXFK DOV 6SULW]EHWRQ LP 7URFNHQVSULW] RGHU LP 1DVVVSULW]YHUIDK UHQ DXIJHWUDJHQ ZHUGHQ 'HU 9HUEDX PLW 2UWEHWRQ OLHJW VDWW DP (UGUHLFK DQ 'LHVH 0HWKRGH LVW ZHQLJ ORKQLQWHQVLY XQG ZLUG GDKHU LQ JURHP 0DH DQJHZHQGHW %HL GLHVHP 9HUIDKUHQ EOHLEW GLH 2UWEHWRQDXVIDFKXQJ LP %DXJUXQG XQG QXU GLH 6WDKOWUlJHU N|QQHQ ZLHGHUJHZRQ QHQ ZHUGHQ
%LOG 7UlJHUERKOZDQG PLW 2UWEHWRQDXVIDFKXQJ >@
%LOG 6SULW]EHWRQDXVIDFKXQJ PLW %HZHKUXQJ >@
$EVWW]XQJHQ =XU $XVVWHLIXQJ JHJHQEHUOLHJHQGHU %RKOWUlJHU ZHUGHQ 6\VWHP6WDKOVWUHEHQ PLW 6SLQGHOHLQ ULFKWXQJHQ XQG WHLOZHLVH 5XQGKRO]VWHLIHQ YHUZHQGHW VRODQJH GHU $EVWDQG HWZD ELV P QLFKW EHUVFKUHLWHW 5XQGKRO]VWHLIHQ PVVHQ DQ LKUHQ (QGHQ DEJHIDVW VHLQ 6LH OLHJHQ LQ > *XUWHQ GLH DQ GLH %RKOWUlJHU DQJHVFKUDXEW RGHU DQJHVFKZHLW VLQG GXUFKODXIHQ GLH JHVDPWH %DXJUXEHQOlQJH XQG VLFKHUQ VRPLW GHQ VHLWOLFKHQ $EVWDQG GHU %RKOWUlJHU 1DFK GHU 9HUNHL OXQJ ]X GHU JUXQGVlW]OLFK +DUWKRO]NHLOH YHUZHQGHW ZHUGHQ VROOHQ VLQG GLH 6WHLIHQ GXUFK $QEULQJHQ YRQ :LQNHOVWFNHQ RGHU 6WDKOVWlEHQ JHJHQ 9HUVFKLHEHQ ]X VLFKHUQ 'DV $EKHEHQ YHUKLQGHUQ EHUHLWV GLH )ODQVFKH GHV >*XUWHV %HL %DXJUXEHQEUHLWHQ YRQ PHKU DOV P ZHUGHQ GLH $EPHVVXQJHQ YRQ +RO]VWHLIHQ LP $OOJHPHLQHQ ]X JUR 0DQ ZlKOW GDQQ 6WDKOVWHLIHQ DXV +(% RGHU 36S3URILOHQ =XU $XIODJHUXQJ GLHQHQ *XUWZLQNHO GHUHQ )ODQVFK ]XU $XIQDKPH GHU .HLOH XQG GHU .RSISODWWHQ EUHLW JHQXJ LVW XQG GDUEHU KLQDXV QRFK JHQJHQG 3ODW] IU GLH $QRUGQXQJ YRQ .QDJJHQ OlVVW 0LW +LOIH GHU .QDJJHQ ZLU GLH 6WHLIH JHJHQ $EKHEHQ 9HUVFKLHEHQ XQG 9HUGUHKHQ JHVLFKHUW
7UlJHUERKOZDQG
%LOG /LQNV $XIODJHUXQJ YRQ +RO]VWHLIHQ
5HFKWV $XIODJHUXQJ YRQ 6WDKOVWHLIHQ >@
(LQH ZHLWHUH 0|JOLFKNHLW GHU $EVWW]XQJ LVW GLH Ä5FNZlUWLJH 9HUDQNHUXQJ³ 6LH ZLUG DQJH RUGQHW ZHQQ GLH %DXJUXEH ]X EUHLW LVW RGHU ZHQQ GLH 6WHLIHQ GHQ %DXYRUJDQJ HUKHEOLFK EH KLQGHUQ %HL 3URILO%RKOWUlJHUQ VHW]W PDQ GLH $QNHU JHJHQ *XUWH GLH LKUHUVHLWV GLH %RKOWUl JHU VWW]HQ $QJHZHQGHW ZHUGHQ PHLVW 9HUSUHVVDQNHU QDFK ',1 DXI GLH KLHU QLFKW ZHL WHU HLQJHJDQJHQ ZLUG GD 9HUSUHVVDQNHU LP .DSLWHO 6SXQGZlQGH QRFK DXVIKUOLFK EH VFKULHEHQ ZHUGHQ
%LOG /LQNV $EVWW]XQJ PLW 6WHLIHQ XQG *XUWHQ DP %HLVSLHO HLQHU 6SXQGZDQG >@ 5HFKWV 5FNZlUWLJH 9HUDQNHUXQJ GXUFK 9HUSUHVVDQNHU >@
'HU 3HUVRQDOEHGDUI 'HU 3HUVRQDOEHGDUI ]XU 6LFKHUXQJ HLQHU %DXJUXEH GXUFK HLQH 7UlJHUERKOZDQG LVW VWDUN DE KlQJLJ YRQ GHU $XVIDFKXQJVDUW GLH HLQJHEDXW ZHUGHQ VROO $OV %HLVSLHO ZHUGHQ KLHU 3HUVR QDODQJDEHQ IU GLH $XVIDFKXQJ PLW .DQWK|O]HUQ DXFK %HUOLQHU 9HUEDX JHQDQQW GDUJHVWHOOW
%DXJUXEHQVLFKHUXQJ
(LQ HLQJHVSLHOWHV $UEHLWVWHDP EHVWHKW PHLVWHQV DXV 0DVFKLQLVWHQ IU GLH %HGLHQXQJ GHV 7UlJHUJHUlWHV ]XP (LQEULQJHQ GHU 7UDJJOLHGHU GHV +\GUDXOLNEDJJHU IU GHQ DQVWHKHQGHQ (UGDXVKXE +HOIHUQ GLH HLQHUVHLWV GHQ 0DVFKLQLVWHQ EHLP 5DPPHQ XQWHUVWW]HQ VRZLH VSlWHU GLH +RO ]DXVIDFKXQJ XQG GLH $EVWW]XQJHQ HLQEULQJHQ 5DPPPHLVWHU GHU IU GLH 9RUDUEHLWHQ VRUJW GLH 5DPPXQJ NRQWUROOLHUW XQG DOOH HLQJHVHW] WHQ *HUlWH EHWUHXW 'XUFK HLQ ]HLWOLFKHV (QW]HUUHQ GHU HLQ]HOQHQ 7lWLJNHLWHQ NDQQ VLFK GLH .RORQQHQVWlUNH DXFK UHGX]LHUHQ
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ $OOJHPHLQJOWLJH $QJDEHQ EHU GLH 7DJHVOHLVWXQJ ]XU +HUVWHOOXQJ YRQ 7UlJHUERKOZlQGHQ N|QQHQ KLHU QLFKW JHPDFKW ZHUGHQ GD GLHVH GXUFK ]DKOUHLFKH )DNWRUHQ ZLH %RGHQEHVFKDI IHQKHLW $XVIDFKXQJ XQG $EVWW]XQJ EHGLQJW VLQG ,Q GHU QDFKIROJHQGHQ 7DEHOOH ZLUG GDYRQ DXVJHJDQJHQ GDVV GLH 7UDJJOLHGHU JHUDPPW ZHU GHQ GLH $XVIDFKXQJ DXV .DQWK|O]HUQ EHVWHKW XQG GLH $EVWW]XQJ PLW 6WHLIHQ HUIROJW %HL GLHVHP 9HUIDKUHQ HUJLEW VLFK HLQH 7DJHVOHLVWXQJ YRQ ELV Pð 9HUEDX
7UlJHUERKOZDQG
7DEHOOH %HWULHEVPLWWHOHLQVDW] 3UR]HVV
7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
,,
7UlJHU ]XU (LQEDXVWHOOH WUDQVSRUWLHUHQ XQG DXVULFKWHQ (LQVFKODJHQ GHU 7UlJHU LQ GHQ %DXJUXQG
%HJLQQ GHV %RGHQDXV KXEHV ,,,
,9
9
$XVIDFKXQJ LQ GLH %DXJUXEH WUDQVSRUWLHUHQ 5XQGK|O]HU E]Z %UHLW IODQVFKWUlJHU ]XU %DXJUXEH WUDQVSRUWLHUHQ (LQEDX GHU *XUWH XQG 6WHL IHQ
7UlJHU DQ NOHPPHQ XQG DQO|VHQ 7UlJHU KHUDXV ]LHKHQ XQG DE OHJHQ XQG VlX EHUQ $XVEDX GHU $XVIDFKXQJ XQG GHU $XV VWHLIXQJ
+\GUDXOLNEDJJHU JJI PLW /DVWKDNHQ /.: 5DGODGHU +\GUDXOLNEDJJHU 5DPPHLQULFKWXQJ IU +\GUDXOLNEDJJHU 5DPPJHUlW 9LEUDWLRQVElU K\GUDXOLVFK +\GUDXOLNDJJUHJDW
3HUVRQDO EHGDUI
' « $&
0DVFKLQLVW
3 « ' «
)DKUHU +HOIHU 0DVFKLQLVW PLW ELV +HOIHUQ XQG 5DPPPHLVWHU
' « - «
.DONXODWRULVFKH $XIZDQGVZHUWH KW
KP
- «
+\GUDXOLNEDJJHU 0RQREORFNDXV OHJHU
- « ' « ' « ' «
7LHIO|IIHO /.: 5DGODGHU
3 « ' «
$XVVWDWWXQJ ZLH ,,,
0DVFKLQLVW PñK )DKUHU +HOIHU
KW
)DKUHU +HOIHU KW
0RELOVHLOEDJJHU *UXQGDXVOHJHU +DNHQIODVFKHQ +\GUDXOLNEDJJHU 0RQREORFNDXVOH JHU 7LHIO|IIHO %DJJHU ZLH ,, RGHU 0RELOVHLOEDJJHU *UXQGDXVOHJHU
' « ' « ' « ' « ' « ' «
' « ' « - «
SUR %DJJHU 0DVFKLQLVW XQG +HOIHU
KPð DEKlQJLJ YRQ GHU 7LHIH
0DVFKLQLVW IU %DJJHU XQG +HOIHU KP
3IDKO]LHKHU $XVVWDWWXQJ ,9
ZLH
0DVFKLQLVW XQG +HOIHU
KPð
%DXJUXEHQVLFKHUXQJ
7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ IU GDV +HUVWHOOHQ YRQ 7UlJHUERKOZlQGHQ
6RQVWL JHV
+HUVWHOOHQ 7UlJHUERKO ZDQG
7lWLJNHLW 5VW]HLWHQ SUR 6WDKOWUlJHU $XVULFKWHQ XQG 1DFKVWHOOHQ (LQEULQJHQ GHV 6WDKOWUlJHUV LGHQWLVFK PLW 6SXQGERKOHQ (LQEDX GHU 9HUERKOXQJ 8PVWHOOHQ GHV *HUlWHV (LQEDX $EVWHLIXQJ %DXVWHOOHQHLQULFKWXQJ *HUlWHDXVIDOO (FNSXQNWH DXVELOGHQ 5lXPHQ GHU %DXVWHOOH
7lWLJNHLWV XQG 5VW]HLWHQ QDFK ELV PLQ SUR 6WDKOWUlJHU ELV PLQ MH 6WDKOWUlJHU VHKU VWDUN DEKlQJLJ YRQ GHU 9HUIDKUHQVDUW XQG %RGHQEHVFKDIIHQKHLW 'LHVHOKDPPHU PP SUR +DPPHUVFKOlJH 9LEUDWLRQVElU ELV P SUR PLQ %RGHQ VWDQGIHVW QLFKW VWDQGIHVW KPð KPð PLQ SUR 6WDKOWUlJHU ± KPð ELV 7DJH ELV 6WXQGHQ LQ GHU :RFKH ELV 6WXQGHQ SUR (FNSXQNW ELV 7DJH
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ 'LH .RQVWUXNWLRQ %HPHVVXQJ XQG $XVIKUXQJ YRQ 9HUEDXPDQDKPHQ ZLUG GXUFK GLH ',1 %DXJUXEHQ XQG *UlEHQ %|VFKXQJHQ $UEHLWVUDXPEUHLWHQ 9HUEDX JHUHJHOW 0LW JHOWHQGH ',11RUPHQ XQG 9RUVFKULIWHQ VLQG X D ',1 .XU]EH]HLFKQXQJ ',1 %HWRQ XQG 6WDKOEHWRQ %DXJUXQG *HElXGHVLFKHUXQJ ($8 Ä(PSIHKOXQJHQ GHV $UEHLWVDXVVFKXVVHV 8IHUHLQIDVVXQJ³ ($% Ä(PSIHKOXQJHQ GHV $UEHLWVNUHLVHV %DXJUXEHQ³
.XU]EH]HLFKQXQJ *HOlQGH XQG %|VFKXQJVEUXFKEHUHFK QXQJHQ
1HEHQ GHQ LQ GHU 92%& ',1 XQG IHVWJHOHJWHQ %HGLQJXQJHQ ZXUGHQ VSH]LHO OH WHFKQLVFKH %HGLQJXQJHQ HQWZLFNHOW 'LHVH N|QQHQ ]XVlW]OLFK YHUHLQEDUW ZHUGHQ XQG VLQG QDFKIROJHQG GDUJHVWHOOW
6SH]LHOOH WHFKQLVFKH %HGLQJXQJHQ IU 5DPP XQG 5WWHODUEHLWHQ PLW 6WDKOSURIL OHQ 67% 556 >@ 1HEHQOHLVWXQJHQ +HUVWHOOHQ XQG %HVHLWLJHQ HUIRUGHUOLFKHU )KUXQJVNRQVWUXNWLRQHQ ] % 6FKDEORQHQ =DQJHQ (LQKDOWHQ GHU SODQJHPlHQ +|KH GHU 2EHUNDQWH GHU HLQJHEDXWHQ 3URILOH PLW HLQHU *HQDXLJNHLW YRQ r FP (LQKDOWHQ GHU SODQJHPlHQ $FKVH LP 5DPPDQVDW]SXQNW PLW HLQHU *HQDXLJNHLW YRQ r FP XQG GHU SODQJHPlHQ 1HLJXQJ PLW HLQHU *HQDXLJNHLW YRQ
7UlJHUERKOZDQG
%HVRQGHUH /HLVWXQJHQ (UGDUEHLWHQ ]XP $XVOHJHQ GHU )KUXQJVNRQVWUXNWLRQ /LHIHUQ XQG (LQEDXHQ YRQ (FN XQG $E]ZHLJERKOHQ $QEDXWHLOHQ VRZLH )RUPWHLOHQ 0DQDKPHQ ]XP 7LHIHUIKUHQ GHU 3URILOH ZLH ] % -XQJIHUQ RGHU $XIVWRFNHQ 5HLQLJHQ GHU IUHLJHOHJWHQ $QVLFKWVIOlFKHQ VRZLH %HVHLWLJHQ GHU DQIDOOHQGHQ 0DWHULD OLHQ *HVWHOOHQ YRQ 5DPPKDXEHQ EHL /LHIHUXQJ GHU 3URILOH GXUFK GHQ $XIWUDJJHEHU 6WDWLVFKH XQGRGHU G\QDPLVFKH 3UREHEHODVWXQJHQ VRZLH ,QWHJULWlWVSUIXQJHQ (UVFKWWHUXQJVPHVVXQJHQ $XIPDVV XQG $EUHFKQXQJ (V JLOW $79 ',1 $EVFKQLWW HQWVSUHFKHQG )HKOUDPPXQJHQ E]Z UWWOXQJ LQ IROJH YRQ +LQGHUQLVVHQ LP %DXJUXQG HQWVSUHFKHQG $EVFKQLWW
6SH]LHOOH 7HFKQLVFKH %HGLQJXQJHQ IU 9HUEDXDUEHLWHQ PLW $XVIDFKXQJ 67%9%$ >@ -H QDFK 9HUEDXDUW JHOWHQ IROJHQGH 6SH]LHOOH 7HFKQLVFKH %HGLQJXQJHQ ]XVlW]OLFK 67%%3 67%( 67%+', 67%9$
%RKU %RKUSIDKO XQG %RKUSIDKOZDQGDUEHLWHQ (LQSUHVVDUEHLWHQ ,QMHNWLRQVDUEHLWHQ +RFKGUXFNLQMHNWLRQVDUEHLWHQ 9HUSUHVVDQNHUDUEHLWHQ
1HEHQOHLVWXQJHQ (LQKDOWHQ HLQHU SODQJHPlHQ +|KH GHU 2EHUNDQWH GHU HLQJHEDXWHQ 3URILOH PLW HLQHU *H QDXLJNHLW YRQ r FP %HVRQGHUH /HLVWXQJHQ /LHIHUQ XQG (LQEDXHQ YRQ $QEDXWHLOHQ )RUPWHLOHQ 8QWHUVWW]XQJVNRQVWUXNWLRQ ] % IU .DEHO /HLWXQJHQ +HUVWHOOHQ XQG $EEUHFKHQ HUIRUGHUOLFKHU 6FKDEORQHQ VRZLH %HVHLWLJHQ GHU DQIDOOHQ GHQ 0DWHULDOLHQ (UGDUEHLWHQ ELV +LQWHUNDQWH $XVIDFKXQJ LP =XJH GHU 9HUEDXDUEHLWHQ VRZLH /DGHQ 7UDQVSRUWLHUHQ XQG 'HSRQLHUHQ GHU DQIDOOHQGHQ (UGPDVVHQ HLQVFKOLHOLFK P|JOLFKHU $XVEUFKH )DFKJHUHFKWHV 9HUIOOHQ YRQ $XVEUFKHQ HLQVFKOLHOLFK /LHIHUQ GHU GDIU HUIRUGHUOLFKHQ 0DWHULDOLHQ 6lXEHUQ GHU 3IlKOH XQG 3URILOH IU GDV (LQEDXHQ GHU $XVIDFKXQJ
%DXJUXEHQVLFKHUXQJ )DVVHQ XQG EHVHLWLJHQ YRQ :DVVHU 5FNEDX GHU $XVIDFKXQJ =LHKHQ GHU 9HUEDXWUlJHU XQG JJI 9HUIOOHQ GHU +RKOUlXPH
$XIPDVV XQG $EUHFKQXQJ *HPl REHQ DXIJHIKUWHQ 67% V (UJlQ]HQG GD]X $79 ',1 $EVFKQLWW
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 'LH DOOJHPHLQHQ +LQZHLVH ]XU 4XDOLWlWVVLFKHUXQJ KDEHQ DXFK EHL GHU 7UlJHUERKOZDQG LKUH *OWLJNHLW $XIJUXQG LKUHU KRKHQ )OH[LELOLWlW VLQG KLHU NHLQH (LQEULQJWROHUDQ]HQ DQJHJHEHQ 9RU GHU $XVIKUXQJ VROOWH DXI QDFKIROJHQGH (UJHEQLVVH JHDFKWHW ZHUGHQ GD HWZD DOOHU 6FKDGHQVIlOOH DXI 3ODQXQJVIHKOHU XQ]XUHLFKHQGH 9RUXQWHUVXFKXQJHQ ]XUFN]XIKUHQ VLQG /HW]WOLFK N|QQHQ GXUFK GLH 9RUXQWHUVXFKXQJHQ QDWUOLFK QLFKW DOOH 5LVLNHQ DEJHZDQGW ZHU GHQ 7DEHOOH %DXJUXQGYHUKlOWQLVVH DXI GHU %DXVWHOOH XQG HQWODQJ GHU 7UlJHUERKOZDQG
*HRWHFKQLVFKH (LJHQVFKDIWHQ DXIJUXQG 6FKLFKWXQJ GHV %DXJUXQGV GHV %DXJUXQGJXWDFKWHQV .RUQYHUWHLOXQJ :LFKWH .RQVLVWHQ] XVZ *UXQGZDVVHU YRUKDQGHQ" :DVVHUGXUFKOlVVLJNHLW GHV %RGHQV 6FKHUSDUDPHWHU .RKlVLRQ 5DPP XQG 'UXFNVRQGLHUXQJVHUJHEQLVVH
7RSRJUDSKLVFKH (LJHQVFKDIWHQ
UlXPOLFKH (LQVFKUlQNXQJHQ DXI GHU %DXVWHOOH (LQVFKOVVH YRQ +RO] 6WHLQEO|FNHQ *HElXGHUHVWHQ VHW]XQJVHPSILQGOLFKH 1DFKEDUEHEDXXQJ
(UGVWDWLVFKH %HUHFKQXQJHQ
DXI GHQ *UXQGODJHQ GHU REHQ JHQDQQWHQ $XI]lKOXQJ
'LH /DJH XQG 6WHOOXQJ GHU %RKOHQ ZLUG LP 5DPPSODQ DQJHJHEHQ $EZHLFKXQJHQ KLHUYRQ VLQG GXUFK GLH $UW GHU 5DPPXQJ XQG GLH YRUKDQGHQHQ %RGHQYHUKlOWQLVVH P|JOLFK -H SUl]L VHU GLH ORWUHFKWH 5DPPXQJ JHIKUW ZLUG XPVR HLQIDFKHU XQG VFKQHOOHU NDQQ GLH $XVIDFKXQJ HLQJHEDXW ZHUGHQ 0LW GHP (LQEDX GHU $XVIDFKXQJ LVW VSlWHVWHQV ]X EHJLQQHQ ZHQQ HLQH 7LHIH YRQ P HUUHLFKW LVW 'HU (LQEDX GHU ZHLWHUHQ $XVIDFKXQJ GDUI KLQWHU GHP $XVKXE EHL VWHLIHQ RGHU KDOEIHVWHQ ELQGLJHQ %|GHQ K|FKVWHQV XP P EHL YRUEHUJHKHQG VWDQGIHV WHQ QLFKWELQGLJHQ %|GHQ XP P ]XUFN VHLQ +RO]ERKOHQ PVVHQ DXI PLQGHVWHQV HLQHP )QIWHO GHU )ODQVFKEUHLWH DXIOLHJHQ 'HU (LQEDX YRQ $EVWW]XQJHQ $QNHU RGHU 6WHLIHQ PXVV HUIROJHQ ZHQQ GHU %RGHQDXVKXE HLQH 7LHIH YRQ FD P ELV P XQWHU GHU JHSODQWHQ $E VWW]XQJ HUUHLFKW KDW
6SXQGZlQGH
6SXQGZlQGH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 6SXQGZlQGH YHUZHQGHW PDQ DOV %DXJUXEHQYHUEDX VHLW EHU -DKUHQ :lKUHQG DQIDQJV +RO]ERKOHQ JHUDPPW ZXUGHQ XP *HOlQGHVSUQJH DXFK EHL DQVWHKHQGHP *UXQGZDVVHU ]X VLFKHUQ ZHUGHQ KHXWH DXVVFKOLHOLFK 6WDKOSURILOH HLQJHVHW]W +RO]ERKOHQ VLQG DE HLQHU JHZLVVHQ 7LHIH GHU %DXJUXEH QLFKW PHKU HLQVHW]EDU GD LKUH VWDWL VFKHQ XQG UDPPWHFKQLVFKHQ (LJHQVFKDIWHQ ZHVHQWOLFK VFKOHFKWHU VLQG DOV GLH GHU 6WDKO VSXQGZDQGSURILOH =XQlFKVW KDWWH PDQ YHUVXFKW WLHIH %DXJUXEHQ PLW (OHPHQWHQ DXV :HOO EOHFK XQG *XVVHLVHQ ]X XPVFKOLHHQ >@ 'HU %UHPHU 6WDDWVEDXPHLVWHU /DUVVHQ HUIDQG HLQ 8I|UPLJHV :DO]SURILO GDV EHU NOHLQH =I|UPLJH DQJHQLHWHWH 3URILOH PLW GHU 1DFKEDU ERKOH VFKORVVDUWLJ YHUEXQGHQ ZXUGH ,P -DKUH ZXUGH YRQ 2EHUEDXUDW /DPS HLQH :HO OHQVSXQGZDQG DXV =3URILOHQ HQWZLFNHOW ZREHL GLH +HUVWHOOXQJ GHV YHUZHQGHWHQ .ODXHQ XQG 5XQG]DSIHQYHUVFKOXVVHV 3UREOHPH EHUHLWHWH 'LH :HLWHUHQWZLFNOXQJ GHU =%RKOHQ IKUWH ]X GHP +2(6&+3URILO PLW /DE\ULQWK VFKORVV :lKUHQG LQ GHU $QIDQJV]HLW GHU 6WDKOSURILOH GLH %UHLWH MH %RKOH DXV ZDO]WHFKQLVFKHQ *UQGHQ EHJUHQ]W ZDU VLQG GLH 3URILOH KHXWH DXI ELV FP YHUEUHLWHUW ZRUGHQ ZREHL DXFK GLH 6FKO|VVHU ZHVHQWOLFK YHUEHVVHUW ZXUGHQ 'LH 6SXQGZDQG LVW DOV ZHLFKH 9HUEDXDUW DQ]XVHKHQ XQG NDQQ GDKHU QLFKW XQPLWWHOEDU QHEHQ EHVWHKHQGHU %HEDXXQJ HLQJHVHW]W ZHUGHQ 'LH 9RU XQG 1DFKWHLOH YRQ 6SXQGZlQGHQ DOV %DXJUXEHQYHUEDX VLQG LQ GHU QDFKIROJHQGHQ 7DEHOOH ]XVDPPHQJHVWHOOW 7DEHOOH
9RU XQG 1DFKWHLOH YRQ 6SXQGZlQGHQ
9RUWHLOH 6FKQHOOHU %DXIRUWVFKULWW $XVKXE JURUlXPLJ VRIRUW QDFK (LQEULQJHQ GHU %RKOHQ P|JOLFK (LQEDX SUDNWLVFK ZLWWHUXQJVXQ DEKlQJLJ %DXWHLOH ZLHGHUJHZLQQEDU $XFK LQ QLFKW VWDQGIHVWHQ %|GHQ DQZHQGEDU $XFK LP *UXQGZDVVHU DQZHQGEDU *HULQJHU 3HUVRQDODXIZDQG *XW EHUVFKDXEDUHU *HUlWHHLQVDW] $XIQDKPH YRQ 9HUWLNDONUlIWHQ
1DFKWHLOH %HLP (LQEULQJHQ GHU %RKOHQ VLQG /lUP XQG (UVFKWWHUXQJHQ XQYHUPHLGEDU :HLFKHU 9HUEDX 6HW]XQJVJHIDKU IU %HEDXXQJ :HJHQ EHVFKUlQNWHU 7UDQVSRUWOlQJHQ QLFKW IU EHOLHELJH 7LHIHQ DQZHQGEDU DOOHQIDOOV GXUFK 6FKZHLHQ YHUOlQJHUEDU +RKH ,QYHVWLWLRQVNRVWHQ (LQVDW]JUHQ]H GXUFK 5DPPEDUNHLW GHV %RGHQV :HQLJ IOH[LEHO ] % EHL /HLWXQJVNUHX ]XQJHQ %HLP =LHKHQ GHU %RKOHQ HQWVWHKHQ +RKOUlXPH 6HW]XQJVJHIDKU
%DXJUXEHQVLFKHUXQJ
6SXQGERKOHQ VLQG GDV NODVVLVFKH :DQGHOHPHQW GHV :DVVHUEDXHV GD VLH DOV ZHLWJHKHQG ZDV VHUGLFKW DQ]XVHKHQ VLQG ,KU (LQVDW] DOV %DXJUXEHQYHUEDX ELHWHW VLFK GDKHU EHUDOO GRUW DQ ZR LP *UXQGZDVVHU RGHU LP RIIHQHQ :DVVHU WURFNHQH %DXJUXEHQ KHUJHVWHOOW ZHUGHQ PVVHQ RGHU ZR %RGHQVFKLFKWHQ DQVWHKHQ GLH GHQ %DX HLQHU 7UlJHUERKOZDQG QLFKW ]XODVVHQ GD VLH DXFK NXU]]HLWLJ QLFKW DXVUHLFKHQG VWDQGIHVW VLQG ] % )OLHVDQGVFKLFKWHQ EUHLLJH ELV ZHLFKH ELQGLJH %|GHQ
7HFKQLVFKH *UXQGODJHQ 6SXQGZlQGH VLQG )OlFKHQWUDJZHUNH GLH GXUFK $QHLQDQGHUUHLKHQ YRQ HLQ]HOQHQ YHUWLNDO DQ JHRUGQHWHQ %RKOHQ HQWVWHKHQ 'XUFK GLH )RUP GHU %RKOHQ EHGLQJW HQWVWHKW HLQH LP *UXQGULVV ZHOOHQI|UPLJH :DQG %LOG 'LH :DKO GHU 6SXQGZDQGSURILOH ULFKWHW VLFK QLFKW QXU QDFK GHU %HDQVSUXFKXQJ DXV (UG XQG :DVVHUGUXFN LP (QG]XVWDQG VRQGHUQ DXFK QDFK UDPPWHFKQLVFKHQ *HVLFKWVSXQNWHQ XQG GHU 9HUIJEDUNHLW YRQ %RKOHQ 'LH %RKOHQ ZHUGHQ ZlKUHQG GHV (LQEULQJHQV YRUZLHJHQG LQ /lQJVULFKWXQJ DXI 'UXFN %HXOHQ .QLFNHQ XQG 7RUVLRQ EHDQVSUXFKW ZlKUHQG VLH IU GHQ HLQJHEDXWHQ =XVWDQG YRUZLHJHQG DXI %LHJXQJ EHPHVVHQ ZHUGHQ PVVHQ
%LOG
*UXQGULVV HLQHU 6SXQGZDQGEDXJUXEH
'LH ZHVHQWOLFKHQ 8QWHUVFKLHGH ]ZLVFKHQ GHQ HLQ]HOQHQ %RKOHQSURILOHQ OLHJHQ LQ GHU 4XHU VFKQLWWVIRUP VRZLH GHU )RUP XQG /DJH GHV 6FKORVVHV 'LH 6FKO|VVHU PVVHQ GHQ %RKOHQ HLQH JXWH )KUXQJ EHLP (LQEULQJHQ JHEHQ GLH %RKOHQ ]XJIHVW PLWHLQDQGHU YHUELQGHQ XQG P|J OLFKVW ZDVVHUGLFKW VHLQ 'LH 3URILOH ZHUGHQ DOV (LQ]HOERKOH VHOWHQ 'RSSHOERKOH KlXILJVWHU )DOO RGHU 'UHLIDFKERKOH LQ GHQ %DXJUXQG JHUDPPW JHUWWHOW JHSUHVVW RGHU HLQJHVWHOOW 'LH EOLFKHQ KRUL]RQWDOHQ )XDEZHLFKXQJHQ OLHJHQ LQ GHU *U|HQRUGQXQJ YRQ ELV GHU :DQGK|KH %HL %DXJUXEHQ LQ RIIHQHQ *HZlVVHUQ ZHUGHQ KlXILJ )DQJHGlPPH HLQJHVHW]W ZREHL ]ZLVFKHQ .DVWHQIDQJHGlPPHQ XQG =HOOHQIDQJHGlPPHQ XQWHUVFKLHGHQ ZLUG >@
6SXQGZlQGH
)DQJGlPPH .DVWHQIDQJHGlPPH %LOG EHVWHKHQ DXV ]ZHL JHJHQVHLWLJ YHUDQNHUWHQ SDUDOOHO DQJHRUG QHWHQ 6SXQGZlQGHQ PLW HLQHP GD]ZLVFKHQ OLHJHQGHQ QLFKWELQGLJHQ )OOPDWHULDO
%LOG
.DVWHQIDQJHGDPP
6WHKW GHU )DQJHGDPP DXI )HOV VR VLQG PLQGHVWHQV ]ZHL $QNHUODJHQ HLQ]XEDXHQ /DVVHQ VLFK GLH 6SXQGERKOHQ LQ GHQ %DXJUXQG HLQUDPPHQ VR UHLFKW HLQH $QNHUODJH %HL =HOOHQIDQJHGlPPHQ ZHUGHQ VSH]LHOOH )ODFKSURILOH PLW KRKHU 6FKORVV]XJIHVWLJNHLW YHU ZHQGHW ,P *HJHQVDW] ]X .DVWHQIDQJHGlPPHQ VLQG NHLQH *XUWXQJHQ XQG 9HUDQNHUXQJHQ HUIRUGHUOLFK 'LH GXUFK GDV QLFKWELQGLJH )OOPDWHULDO XQG GHQ HLQVHLWLJHQ :DVVHUGUXFN KHU YRUJHUXIHQHQ %HDQVSUXFKXQJHQ IKUHQ QXU ]X =XJNUlIWHQ LQ GHQ 3URILOHQ =HOOHQIDQJHGlPPH %LOG HLJQHQ VLFK EHVRQGHUV EHL HLQHU *UQGXQJ DXI )HOV GD DXV VWDWLVFKHQ *UQGHQ NHLQH (LQELQGHWLHIH HUIRUGHUOLFK LVW
%LOG
=HOOHQIDQJHGlPPH .UHLV]HOOHQIDQJHGDPP OLQNV XQG )ODFK]HOOHQIDQJHGDPP UHFKWV
%DXJUXEHQVLFKHUXQJ
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 6WDKOVSXQGZlQGH N|QQHQ HLQJHEUDFKW ZHUGHQ GXUFK ± 5DPPHQ ± 5WWHOQ ± (LQSUHVVHQ ± (LQVWHOOHQ 'LH :DKO GHU (LQEULQJPHWKRGH KlQJW LQ HUVWHU /LQLH YRQ GHU %DXJUXQGEHVFKDIIHQKHLW GHP 8PIHOG GHU %DXVWHOOH XQG GHP HUIRUGHUOLFKHQ 6SXQGZDQGSURILO DE 'LHVH 3DUDPHWHU EHVWLP PHQ GDV ]X YHUZHQGHQGH 9HUIDKUHQ 7DEHOOH ]HLJW GLH 5DPPHLJQXQJ GHU YHUVFKLHGHQHQ %RGHQDUWHQ :lKUHQG GDV VFKODJHQGH 5DPPHQ JUXQGVlW]OLFK LQ DOOHQ %RGHQDUWHQ DQZHQGEDU LVW NDQQ GDV 9LEUDWLRQV XQG (LQSUHVVYHUIDKUHQ QXU LQ EHVWLPPWHQ %|GHQ HLQJHVHW]W ZHUGHQ 'LH 7DEHOOH XQG GLH 7DEHOOH ]HLJHQ GLH (LQVDW]P|JOLFKNHLWHQ 7DEHOOH 5DPPHLJQXQJ GHU %|GHQ >@ /HLFKWH 5DPPXQJ 0RRU 7RUI 6FKOLFN .OHL ORFNHU JHODJHUWH XQG KLQGHUQLVIUHLH .LHVH XQG 6DQGH EUHLLJH ELV ZHL FKH 7RQH XQG 6FKOXIIH
0LWWHOVFKZHUH 5DPPXQJ 6WHLIH 7RQH XQG 6FKOXIIH PLWWHOGLFKW JHODJHUWH NLHVH XQG 6DQGH
6FKZHUH 5DPPXQJ GLFKW JHODJHUWH .LHVH KDOEIHVWH ELV IHVWH 7RQH XQG 6FKOXI IH *HVFKLHEHPHUJHO )HOV
7DEHOOH (LJQXQJ IU GDV 9LEUDWLRQVYHUIDKUHQ >@ *XW UXQGN|UQLJH .LHVH XQG 6DQGH ZHLFKH ELV EUHLLJH 7RQH 6FKOXIIH ZHLFKHU ELV EUHLLJHU /| XQG 6FKOLFN
%HGLQJW HFNLJH .LHVH XQG 6DQGH VWHLIH 7RQH 6FKOXIIH VWHLIHU /|
QLFKW JHHLJQHW .LHVH PLW ELQGLJHQ %HLPHQJXQJHQ VHKU IHVW JHODJHUWH WURFNHQH .LHVH XQG 6DQGH VWHLIHU ELV IHVWHU 7RQ XQG 0HUJHO
7DEHOOH (LJQXQJ IU GDV (LQSUHVVYHUIDKUHQ >@ *XW 0RRU 6FKOLFN .OHL ZHLFKH ELV VWHLIH 7RQH XQG 6FKOXI IH ORFNHU ELV PLWWHOGLFKW JHODJHUWH 6DQGH XQG .LHVH
%HGLQJW IHVWH 7RQH XQG 6FKOXIIH PLWWHOGLFKW ELV GLFKW JHODJHUWH .LH VH XQG 6DQGH
QLFKW JHHLJQHW VHKU IHVWH 7RQH XQG 6FKOXIIH VHKU GLFKW JHODJHUWH .LHVH XQG 6DQGH DOOH %|GHQ PLW 6WHLQHLQ VFKOVVHQ
'DV (LQEULQJHQ YRQ 6SXQGZlQGHQ OlVVW VLFK LQ IROJHQGH 3UR]HVVH ]HUOHJHQ
6SXQGZlQGH
7DEHOOH 3UR]HVVH GHU 6SXQGZDQGKHUVWHOOXQJ
,
3UR]HVV 9RUEHUHLWHQGH 0D QDKPHQ (LQEULQJHQ GHU 6SXQGERKOHQ
,,
(LQEDX GHU Ä5FN ZlUWLJHQ 9HUDQNH ,,, UXQJ³
=LHKHQ GHU 6SXQG ERKOHQ 1XU ZHQQ 6SXQGERKOHQ QLFKW ,9 %HVWDQGWHLO GHV IHUWL JHQ %DXWHLOV EOHLEHQ VROOHQ
7HLOSUR]HVV )UHLUlXPHQ GHV %DXIHOGHV (LQPHVVHQ GHU 6SXQGZDQGDFKVH %RKOH DXIQHKPHQ ]XU (LQEDXVWHOOH WUDQVSRUWLHUHQ XQG DXVULFKWHQ (LQUDPPHQ QDFK YHUVFKLHGHQHQ 0HWKRGHQ PLW YHUVFKLHGHQHQ (LQ EDXJHUlWHQ *JI 5DPPKLOIHQ YHUZHQGHQ 9HUVHW]HQ GHV 5DPPJHUlWHV $EVFKQLWWVZHLVHU $XVKXE GHV %R GHQV +HUVWHOOHQ HLQHV %RKUORFKHV (LQEDX GHV 6WDKO]XJJOLHGHV 9HUSUHVVHQ $QVSDQQHQ JJI (QWVSDQQHQ EHLP 5FNEDX %RKOH DQVHLOHQDQNHWWHQ %RKOH KHUDXV]LHKHQ %RKOH DEOHJHQ XQG VlXEHUQ 6SXQGZlQGH ]XP $EWUDQVSRUW YHU ODGHQ
*HUlW 5DXSH 5DGODGHU :DO]H HWF 7KHRGROLW 1LYHOOLHUJHUlW 6HLOEDJJHU PLW IUHLKlQJHQGHU 5DPPHLQULFKWXQJ 8QLYHUVDOJHUVW +\GUDXOLNEDJJHU PLW $QEDXPlNOHU 5DPPElU 6SXQGZDQGSUHVVH JJI 5DPPKLOIVPLWWHO +\GUDXOLNEDJJHU $QNHUERKUJHUlW 9HUSUHVVVWDWLRQ 0LVFKHU XQG ,QMHNWLRQVSXPSH 6SDQQSUHVVH
6HLOEDJJHU +\GUDXOLNEDJJHU $XWRNUDQ
%LOG /LQNV %DXJUXEHQVLFKHUXQJ GXUFK HLQH UFNZlUWLJ YHUDQNHUWH 6WDKOVSXQGZDQG >@ 5HFKWV 6FKQLWW GXUFK GLH XPODXIHQGH *XUWXQJ PLW $QNHU >@
%DXJUXEHQVLFKHUXQJ
*HUlWH 7UlJHUJHUlWH $OV 7UlJHUJHUlWH ZHUGHQ KHXWH IDVW DXVVFKOLHOLFK +\GUDXOLNEDJJHU %LOG JHQXW]W GD GLHVH DXIJUXQG GHU OHLFKW DXVWDXVFKEDUHQ $QEDXJHUlWH XQLYHUVHOO HLQVHW]EDU VLQG XQG VRPLW GHU )RUGHUXQJ QDFK JU|WP|JOLFKHU .DSD]LWlWVDXVQXW]XQJ HQWJHJHQNRPPHQ 'HU +\GUDXOLN EDJJHU PXVV DQ VHLQHP $XVOHJHU HLQ KRKHV *HZLFKW WUDJHQ N|QQHQ 'DV *HVDPWJHZLFKW YRQ 0lNOHU :LQGHQ XQG 5DPPJXW PLW 6FKODJKDXEH NDQQ HWZD ELV W EHWUDJHQ 6RPLW NRP PHQ LQ GHU 6SXQGZDQGEDXZHLVH YRUZLHJHQG %DJJHU PLW HLQHP 'LHQVWJHZLFKW YRQ ELV W LQ %HWUDFKW $OOH *HUlWH VLQG JUXQGVlW]OLFK RKQH RGHU QXU GXUFK XQZHVHQWOLFKH 8PEDXPDQDKPHQ VR ZRKO IU 5DPP DOV DXFK IU =LHKDUEHLWHQ HLQVHW]EDU 1XU EHL VHKU ODQJHP XQG VFKZHUHP 5DPPJXW ZHUGHQ 6HLOEDJJHU PLW *LWWHUDXVOHJHU DOV *HUl WHWUlJHU HLQJHVHW]W 'LHVH PVVHQ ZHJHQ GHU KRKHQ $QEDXODVWHQ PLW +' KHDY\GXW\ RGHU /& ORQJ FUDZOHU )DKUZHUN DXVJHUVWHW VHLQ XQG LQIROJHGHVVHQ HLQ 'LHQVWJHZLFKW YRQ E]Z W EHVLW]HQ *HJHQEHU GHQ LQ GHU 9HUJDQJHQKHLW KlXILJ HLQJHVHW]WHQ 5DPPYRUULFK WXQJHQ GLH DXI 6FKLHQHQ ODXIHQ ]HLFKQHQ VLFK GLH %DJJHU GXUFK YLHO JU|HUH %HZHJOLFKNHLW DXV
%LOG
+\GUDXOLNEDJJHU 5* $5 >@
%LOG
6HLOEDJJHU 6: 06 DOV 7Ul JHUJHUlW EHLP 5DPPHQ YRQ 'RSSHO VSXQGERKOHQ
,Q QDFKIROJHQGHU 7DEHOOH ZLUG GLH (LJQXQJ GHU 7UlJHUJHUlWH LQ $EKlQJLJNHLW YHUVFKLHGHQHU .ULWHULHQ EHVFKULHEHQ
6SXQGZlQGH
7DEHOOH (LJQXQJ GHU 7UlJHUJHUlWH >@ %DXVWHO OHQEH ZHJOLFK NHLW
5DPP 5DPPJXW JXW OlQJH QHLJEDU ! P
5DPPJHUVW
5DXSHQEDJJHU Ŷ PLW 5DPPJHUVW +\GUDXOLNEDJJHU Ŷ Ŷ PLW $QEDXPlNOHU 6HLOEDJJHU PLW YHUVFKLHGHQHQ Ŷ Ŷ 0lNOHUQ 6HLOEDJJHU PLW Ŷ KlQJHQGHP %lU +\GUDXOLNEDJJHU Ŷ P 6FKZDQHQKDOV Ŷ JHHLJQHW
WHLOZHLVH JHHLJQHW
P
5DPPJXW JHZLFKW
P W
Ŷ
6FKODJ UDPPHQ
W
OHLFKW E]Z PLWWHO
VFKZHU
Ŷ
Ŷ
Ŷ Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
9LEUD WLRQ
(LQ SUHVVHQ UHL WHQG
VFKUHL WHQG
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ Ŷ
Ŷ
Ŷ
%HL GHU 6SXQGZDQGKHUVWHOOXQJ NRPPW HLQH JURH $Q]DKO YRQ VSH]LHOOHP WHFKQLVFKHQ *HUlW ]XP (LQVDW] 1LFKW DXI DOOH VROO DQ GLHVHU 6WHOOH LP (LQ]HOQHQ HLQJHJDQJHQ ZHUGHQ )ROJHQGH YHUIDKUHQVVSH]LILVFKH *HUlWH ZHUGHQ LP $QVFKOXVV HUOlXWHUW ± 0lNOHU ± 5DPPElUHQ ± 6SXQGZDQGSUHVVHQ ± 5DPPKLOIVPLWWHO
$QEDXPlNOHU 'HU $QEDXPlNOHU VROOWH DQKHE GUHK DEVHQN XQG QHLJEDU VHLQ 'DGXUFK NDQQ GDV 5DPP JHUlW GLH 6SXQGERKOH DXVULFKWHQ VLH XQWHUKDOE RGHU REHUKDOE LKUHU $UEHLWVHEHQH HLQEULQJHQ XQG 6FKUlJSIlKOH VHW]HQ $OV $QEDXPlNOHU KDEHQ VLFK LQ GHQ OHW]WHQ -DKUHQ YRU DOOHP GLH 7HOHVNRSPlNOHU GXUFKJH VHW]W GLH GXUFK $QEULQJHQ GHU MHZHLOLJHQ $UEHLWVYRUULFKWXQJ IU GDV ± 5DPPHQ ± %RKUHQ XQG ± =LHKHQ YDULDEHO HLQVHW]EDU VLQG 'LH $XVIDKUK|KH HUUHLFKW ELV ]X P VR GDVV HLQ 5DPPJXW ELV HW ZD P /lQJH HLQJHEUDFKW ZHUGHQ NDQQ )U GHQ 7UDQVSRUW NDQQ GHU 7HOHVNRSPlNOHU YHU NU]W ZHUGHQ
%DXJUXEHQVLFKHUXQJ
5DPPElU 0LW +LOIH YRQ 5DPPElUHQ ZLUG GDV 5DPPJXW PLW KHUDEIDOOHQGHQ *HZLFKWHQ LQ GHQ %RGHQ JHVFKODJHQ 0DQ XQWHUVFKHLGHW ± ± ± ±
'LHVHOKlPPHU )DOOKlPPHU 'RSSHOWZLUNHQGH +\GUDXOLNKlPPHU 6FKQHOOVFKODJKlPPHU
,Q GHU IROJHQGHQ 7DEHOOH ZHUGHQ QDFK %RGHQDUW ]X XQWHUVXFKHQGH (LQVDW]EHUHLFKH 5DPP ElUJHUVWH 6FKODJ]DKOHQ XQG 5DPPJHVFKZLQGLJNHLWHQ GHU HLQ]HOQHQ 5DPPElUDUWHQ ]XVDP PHQJHVWHOOW 7DEHOOH
5DPPElUHQ >@ %RGHQDUW
9HUKlOWQLV .ROEHQJHZLFKW ]XU %RKOH
6FKODJ]DKOHQ XQG 5DPPJHVFKZLQGLJNHLW
'LHVHOKlPPHU
EHL ELQGLJHQ XQG VHKU GLFKWHQ %|GHQ
9HUKlOWQLV YRQ ELV ]ZLVFKHQ .ROEHQJH ZLFKW XQG *HZLFKW DXV %RK OH SOXV 5DPPKDXEH
ELV 6FKOlJH MH 0LQXWH +DPPHUVFKOlJH VLQG HLQH +LW]H PP
)DOOKlPPHU
-HGH %RGHQDUW EHU XQG XQWHU :DVVHUQLYHDX
9HUKlOWQLV YRQ ELV ]ZLVFKHQ .ROEHQJH ZLFKW XQG *HZLFKW DXV %RK OH SOXV 5DPPKDXEH
0D[ 6FKOlJH SUR 0LQXWH
'RSSHOWZLUNHQGH -HGH %RGHQDUW EHU XQG +\GUDXOLNKlPPHU XQWHU :DVVHUQLYHDX .DQQ DXFK ]XP =LHKHQ YHUZHQGHW ZHUGHQ
9HUKlOWQLV YRQ ELV ]ZLVFKHQ .ROEHQJHZLFKW XQG *HZLFKW DXV %RKOH SOXV 5DPPKDXEH
ELV 6FKOlJH SUR 0LQX WH N1P ELV N1P SUR 6FKODJ
9HUKlOWQLV YRQ ]ZL VFKHQ .ROEHQJHZLFKW XQG *HZLFKW DXV %RKOH SOXV 5DPPKDXEH
6FKOlJH SUR 0LQXWH EHL JU|HUHQ 0DVFKLQHQ XQG 6FKOlJH EHL NOHLQHUHQ 0D VFKLQHQ N1P SUR 6FKODJ 'DXHUUDPPEHWULHE QRUPD OHUZHLVH 5DPPJHVFKZLQ GLJNHLW YRQ PPPLQ
6FKQHOOVFKODJ KlPPHU
-HGH %RGHQDUW EHU XQG XQWHU :DVVHUQLYHDX .DQQ DXFK ]XP =LHKHQ YHUZHQGHW ZHUGHQ
9LEUDWLRQVElUHQ 0LW GHQ 9LEUDWLRQVElUHQ ZLUG DXI GLH 6SXQGERKOHQ HLQH 6FKZLQJXQJ EHUWUDJHQ ZRGXUFK VLFK GLH 5HLEXQJ ]ZLVFKHQ GHU 6SXQGERKOH XQG GHP XPJHEHQHQ %RGHQ DXI HWZD ELV GHV 5XKHZHUWHV YHUULQJHUW 'XUFK GDV (LJHQJHZLFKW GHU %RKOH GLH G\QDPLVFKH %HODVWXQJ XQG GDV *HZLFKW GHV 9LEUDWLRQVElUHQ ZLUG GDV 6SXQGZDQGHOHPHQW LQ GHQ %RGHQ JHWULHEHQ 9LEUDWRUHQ HU]HXJHQ LKUH 6FKZLQJXQJHQ GDGXUFK GDVV ([FHQWHUJHZLFKWH EHU HLQ *HWULHEH GXUFK HLQHQ RGHU PHKUHUH 0RWRUHQ DQJHWULHEHQ ZHUGHQ XQG GLHVH *HZLFKWH VLFK PLW JOHLFKHU )UHTXHQ] DEHU LQ HQWJHJHQ JHVHW]WHU 5LFKWXQJ GUHKHQ +LHUEHL KHEHQ VLFK GLH KRUL]RQWDOHQ $QWHLOH GHU .UlIWH DXI XQG QXU GHU YHUWLNDOH .UDIWDQWHLO EOHLEW ZLUNVDP
6SXQGZlQGH
9LEUDWRUHQ N|QQHQ GXUFK (OHNWURPRWRUHQ +\GUDXOLNPRWRUHQ RGHU HLQHQ NRPELQLHUWHQ $Q WULHE EHWlWLJW ZHUGHQ 'HU .UDQ DQ GHP GHU 9LEUDWRU KlQJW PXVV GXUFK *XPPLSROVWHU RGHU )HGHUHOHPHQWH JHJHQ GDV 9LEUDWLRQVJHKlXVH LVROLHUW VHLQ 'HU (LQVDW]EHUHLFK XQG GLH (LQGULQJJHVFKZLQGLJNHLW YRQ 9LEUDWLRQVElUHQ VLQG QDFKIROJHQG DXIJHIKUW 7DEHOOH 9LEUDWLRQVElUHQ >@ %RGHQDUW XQG %HGLQJXQJ 9LEUDWLRQVElUHQ
$P EHVWHQ EHL QLFKWELQGLJHQ %|GHQ .LHV RGHU 6DQG EHVRQGHUV ZHQQ VLH ZDVVHUJHVlWWLJW VLQG
(LQGULQJJHVFKZLQGLJNHLW HWZD YRQ FP SUR 0LQXWH DOV 8QWHU JUHQ]H
P|JOLFKH $EVFKlW]XQJ GHU HUIRUGHUOL FKHQ )OLHKNUDIW GHV 9LEUDWLRQVElUHQ HUI ) Â W * >N1@ W 5DPPWLHIH LQ P .QVWOLFK HQWZlVVHUWHU 6DQG LVW QLFKW * 0DVVH GHU %RKOH LQ NJ JHHLJQHW %HL JHPLVFKWHQ XQG ELQGLJHQ %|GHQ ZHQQ GHU :DVVHUJHKDOW VHKU KRFK LVW
6SXQGZDQGSUHVVHQ 0LW GHP =LHO GLH /lUPHPLVVLRQ ]X YHUULQJHUQ ZXUGHQ DOV $OWHUQDWLYH ]X GHQ NODVVLVFKHQ (LQEULQJPHWKRGHQ GLH 6SXQGZDQGSUHVVHQ HQWZLFNHOW 'LHVH 0DVFKLQHQ NRPPHQ KHXWH KDXSWVlFKOLFK ZHJHQ LKUHV HUVFKWWHUXQJVIUHLHQ %HWULHEHV ]XU $QZHQGXQJ 'LH 3UHVVHQ GLH IU GHQ (LQVDW] LQ NRKlVLYHQ %|GHQ EHVRQGHUV JHHLJQHW VLQG ZHUGHQ K\G UDXOLVFK EHWULHEHQ XQG EH]LHKHQ GHQ JU|HUHQ 7HLO LKUHU 5HDNWLRQVNUlIWH DXV GHU 5HLEXQJ GHU ]XYRU HLQJHEUDFKWHQ %RKOHQ 'HU (LQVDW]EHUHLFK XQG GLH (LQGULQJJHVFKZLQGLJNHLW GHU 6SXQGZDQGSUHVVH ZLUG LQ GHU IRO JHQGHQ 7DEHOOH GDUJHVWHOOW 7DEHOOH (LQVDW]EHUHLFKH GHV 3UHVVYHUIDKUHQV >@ %RGHQDUWHQ (LQSUHVVYHUIDKUHQ
(LQVDW] LQ NRKlVLYHQ %|GHQ
(LQGULQJJHVFKZLQGLJNHLW ELV P LQ GHU 0LQXWH
%HL JHVWHLQVDUWLJHQ XQG DQGHUHQ +LQ GHUQLVVHQ LVW (LQSUHVVHQ QLFKW P|JOLFK
5DPPKLOIVPLWWHO D 5DPPKDXEHQ %HL VFKODJHQGHQ %lUHQ EHVWHKW GLH *HIDKU GDVV GHU KHUDEIDOOHQGH %lU GHQ .RSI GHV 5DPPJXWHV EHVFKlGLJW =XP 6FKXW] GHV 5DPPJXWHV ZLUG GLHVHP HLQH +DXEH DXV 6WDKOJXVV DXIJHVHW]W GLH PLW +DUWKRO] RGHU .XQVWVWRII DXVJHIWWHUW LVW E .OHPPYRUULFKWXQJ IU 6SXQGERKOHQ 8P EHLP +HUDXV]LHKHQ GHU 6SXQGERKOHQ HLQ 0LWODX IHQ GHU EHQDFKEDUWHQ %RKOHQ ]X YHUKLQGHUQ ZHUGHQ GLHVHQ .OHPP]DQJHQ DXIJHVHW]W GLH VLH PLW GHQ EHQDFKEDUWHQ %RKOHQ YHUELQGHQ 'DGXUFK ZLUG GLH 0DQWHOUHLEXQJ PHKUHUHU %RKOHQ DNWLYLHUW XQG HLQ +HUDXV]LHKHQ GHU GLUHNW EHQDFKEDUWHQ %RKOHQ YHUKLQGHUW
%DXJUXEHQVLFKHUXQJ
F 3IDKOIKUXQJHQ 'LH 3IDKOIKUXQJ ZLUG PLW +LOIH HLQHU .HWWH RGHU HLQHP DXINODSSEDUHQ (OHPHQW HU]LHOW %HL 5DPPXQJHQ RKQH 0lNOHU ZLUG GDGXUFK GLH %RKOH JHIKUW XQG GHU %lU LVW VR LQ GHU /DJH ]HQWULVFKH 6FKOlJH DXV]XIKUHQ
6RQVWLJH *HUlWH )U GLH +HUVWHOOXQJ GHU 9HUDQNHUXQJ GXUFK WHPSRUlUH 9HUSUHVVDQNHU ZHUGHQ LP :HVHQWOL FKHQ QDFKVWHKHQGH *HUlWH EHQ|WLJW ± .OHLQERKUJHUlW ± 0LVFKHU ± 9HUSUHVVSXPSH 'LHVH *HUlWH ZHUGHQ KLHU QLFKW PHKU GHWDLOOLHUW EHKDQGHOW GD VLH VFKRQ LP .DSLWHO Ä*H E|VFKWH %DXJUXEHQ³ DXVIKUOLFK EHVFKULHEHQ VLQG
'LH ZLFKWLJVWHQ 6WRIIH 6SXQGZDQGSURILOH *OHLFK]HLWLJ PLW GHQ 9LEUDWLRQVUDPPJHUlWHQ ZXUGHQ GLH 6SXQGZDQGSURILOH ZHLWHU HQWZL FNHOW 6R ZHUGHQ KHXWH ZHLWJHKHQG 'RSSHOERKOHQ PLW P %UHLWH YHUZHQGHW -H QDFK 5DPPWLHIH HUIRUGHUOLFKHP :LGHUVWDQGVPRPHQW XQG $QZHQGXQJVEHUHLFK ZHUGHQ OHLFKWH XQG VFKZHUH 3URILOH LQ YHUVFKLHGHQHQ 6WDKOTXDOLWlWHQ DQJHERWHQ +DXSWDQZHQGXQJVJHELHW IU OHLFKWH 3URILOH LVW GHU .DQDOEDX XQG GDV 6SXQGHQ YRQ 6FKlFKWHQ EHL PD[ /lQJHQ YRQ FD P 6FKZHUH 3URILOH ZHUGHQ ELV P /lQJH DQJHERWHQ :HQQ HLQ 6SXQGZDQGYHUEDX EHLVSLHOVZHLVH JHJHQ GDV DXHUKDOE GHU %DXJUXEH KRFK DQVWHKHQGH *UXQGZDVVHU HUIRUGHUOLFK LVW VR ZLUG LQ GHU 5HJHO HLQH ZDVVHUGLFKWH $XVIKUXQJ YHUODQJW 'LHV JLOW LQVEHVRQGHUH IU YHUEOHLEHQGH 6SXQGZlQGH GLH 7HLO GHV VSlWHUHQ %DXZHUNV ZHU GHQ +DQGHOW HV VLFK XP HLQHQ YHUEOHLEHQGHQ 9HUEDX ZXUGHQ LQ GHU 9HUJDQJHQKHLW GLH 6FKO|VVHU YHUVFKZHLW 6HLW PHKUHUHQ -DKUHQ VWHKHQ HODVWLVFKH 6FKORVVGLFKWXQJHQ ]XU 9HUIJXQJ GLH VLFK EHL EOHLEHQGHQ %DXZHUNHQ JXW EHZlKUW KDEHQ 'DV 0DWHULDO GHU 'LFKWXQJHQ LVW HLQ GDX HUHODVWLVFKHV DOWHUXQJV XQG ZLWWHUXQJVEHVWlQGLJHV 3RO\XUHWKDQ (V LVW XPZHOWIUHXQGOLFK XQG UHVLVWHQW JHJHQ 6HHZDVVHU XQG QRUPDOH $EZlVVHU 'LH ZHUNVHLWLJ HLQJHEUDFKWH 'LFKWXQJ LQ GDV 6FKORVV ] % GHU 'RSSHOERKOH LVW QXU EHGLQJW DOV GLFKWHV 6FKORVV PHKUIDFK YHUZHQGEDU 'DV %DXVWHOOHQIlGHOVFKORVV DXV 3RO\XUHWKDQ LVW IU 0HKUIDFKYHUZHQGXQJHQ VRJDU DXVJHVFKORVVHQ %HL 0HKUIDFKHLQVlW]HQ ZHUGHQ DOV 'LFK WXQJVPDWHULDOHQ SKHQROIUHLH %LWXPHQNLWWH YHUZHQGHW
6SXQGZlQGH
*lQJLJH 6SXQGZDQGSURILOH LP hEHUEOLFN
%LOG 6SXQGZDQGSURILOH 6FKQLWWELOGHU >@
6WDKO]XJJOLHG XQG $QNHUNRSI )U GDV 6WDKO]XJJOLHG GUIHQ ]XJHODVVHQH 6SDQQVWlKOH SU (1 %DXVWlKOH QDFK ',1 (1 6WDKOEH]HLFKQXQJ KHXWHIUKHU 6 6W 6 6W 6 6W RGHU %HWRQVWlKOH QDFK ',1 SU (1 YHUZHQGHW ZHUGHQ 1LFKW JHQRUPWH %HWRQVWlKOH XQG QDFKEHKDQGHOWH %DXVWlKOH PVVHQ ]XJHODVVHQ VHLQ %HYRU]XJW ZHUGHQ KRFKIHVWH 6SDQQ VWlKOH GD PLW NOHLQHQ 6WDKOTXHUVFKQLWWVIOlFKHQ NOHLQH %RKUGXUFKPHVVHU JHZlKOW XQG GLH KR KHQ 7UDJIlKLJNHLWHQ GHU 9HUSUHVVN|USHU LP %DXJUXQG DXVJHQXW]W ZHUGHQ N|QQHQ 'LH $QNHUN|SIH ZHUGHQ VR DXVJHELOGHW GDVV QLFKW SODQPlLJH :LQNHODEZHLFKXQJHQ GHU $XI ODJHUIOlFKHQ DXVJHJOLFKHQ ZHUGHQ N|QQHQ ] % GXUFK .XJHONDORWWHQ RGHU .HLOVFKHLEHQ XQG HLQH .RQWUROOH GHU $QNHUNUDIW XQG JHJHEHQHQIDOOV HLQ 1DFKVSDQQHQ P|JOLFK LVW
%DXJUXEHQVLFKHUXQJ
%LOG 6FKQLWW GXUFK HLQHQ (LQVWDE7HPSRUlUDQNHU 7\S 9HUEXQGDQNHU >@
%LOG 6FKQLWW GXUFK HLQHQ 7HPSRUlU/LW]HQDQNHU 6\VWHP %UFNQHU >@
,Q 7DEHOOH VLQG ]XOlVVLJH $QNHUNUlIWH IU /LW]HQ7HPSRUlUDQNHU DXIJHIKUW 9RQ ZHQL JHQ $XVQDKPHQ DEJHVHKHQ JHOWHQ GLHVH :HUWH IU DOOH /LW]HQDQNHU6\VWHPH
9HUSUHVVN|USHU 'HU 9HUSUHVVN|USHU ZLUG LP $OOJHPHLQHQ DXV =HPHQWP|UWHO =HPHQWH QDFK ',1 E]Z SU (1 PLW :DVVHU]HPHQWZHUWHQ ]ZLVFKHQ XQG RKQH =XVFKODJVWRIIH KHUJH VWHOOW %HWRQ]XVDW]PLWWHO PLW JOWLJHP 3UIEHVFKHLG N|QQHQ ]XJHJHEHQ ZHUGHQ ,Q $XVQDK PHIlOOHQ ] % EHL JURHP 0|UWHOYHUEUDXFK LQ VWDUN GXUFKOlVVLJHQ %|GHQ ZLUG 6DQG DOV =X VFKODJVWRII EHLJHPLVFKW $OV =HPHQWH ZHUGHQ YRUZLHJHQG 3RUWODQG]HPHQWH &(0 , RGHU YHUZHQGHW VR GDVV GLH $QNHU QDFK ELV 7DJHQ EHODVWEDU VLQG %HL 9HUZHQGXQJ YRQ &(0 , 5 RGHU 5 NDQQ VFKRQ HLQH %HODVWEDUNHLW QDFK ELV 7DJHQ HUUHLFKW ZHUGHQ
6SXQGZlQGH
7DEHOOH =XOlVVLJH $QNHUNUlIWH IU /LW]HQ7HPSRUlUDQNHU >@ 6WDKOJWH
$Q]DKO GHU /LW]HQ
1HQQ
%UXFKODVW
]XO $QNHUNUDIW ]XO $QNHUNUDIW EHL DNWLYHP EHL (UGUXKH (UGGUXFN GUXFN
1PPð
6W
=ROO
N1
N1
N1
'HU 3HUVRQDOEHGDUI =X HLQHU DXIHLQDQGHU DEJHVWLPPWHQ $UEHLWVJUXSSH JHK|UHQ ± )DKUHU )U GDV 7UlJHUJHUlW 0DVFKLQLVW ± +HOIHU (U LVW ]XVWlQGLJ IU GDV 7UlJHUJHUlW XQG GLH +LOIVDUEHLWHQ ± 5DPPPHLVWHU (U VRUJW IU 9RUDUEHLWHQ XQG NRQWUROOLHUW GLH 5DPPXQJ EHWUHXW LQ GHU 5HJHO PHKUHUH $UEHLWVJUXSSHQ (LQ HUIDKUHQHU 5DPPPHLVWHU PLW HLQHU JXWHQ 0DQQVFKDIW LVW 9RUDXVVHW]XQJ IU HLQH NUDIW VFKOVVLJ JHUDPPWH 6SXQGZDQG HU NDQQ ELV ]X GUHL SDUDOOHO HLQJHVHW]WH $UEHLWVJUXSSHQ NRQ WUROOLHUHQ 'LH $XVIKUHQGHQ VLQG YHUDQWZRUWOLFK IU ± GLH JHVDPWH 5DPPDUEHLW HLQVFKOLHOLFK GHU %HREDFKWXQJ GHV 5DPPYRUJDQJV XQG GHU %HKHEXQJ YRQ 6FKZLHULJNHLWHQ ± GHQ ZLUWVFKDIWOLFKHQ (LQVDW] GHU 5DPPHLQULFKWXQJ XQG GHUHQ :DUWXQJ ± GHQ VLFKHUHQ 6WDQG GHU 5DPPHLQULFKWXQJ =XP (LQEULQJHQ GHU 9HUSUHVVDQNHU VRZLH ]XP $QEULQJHQ GHU XPODXIHQGHQ *XUWXQJ ZLUG LQ GHQ PHLVWHQ )lOOHQ HLQH ]ZHLWH .RORQQH HLQJHVHW]W
%DXJUXEHQVLFKHUXQJ
'LH 3HUVRQHQVWlUNH GLHVHU ]ZHLWHQ .RORQQH LVW DEKlQJLJ GDYRQ RE GLH 9HUSUHVVDQNHU VFKRQ HLQEDXIHUWLJ JHOLHIHUW ZHUGHQ RGHU GLHVH QRFK DXI GHU %DXVWHOOH JHIHUWLJW ZHUGHQ PVVHQ ,Q MHGHP )DOO EHVWHKW GLH .RORQQH PLQGHVWHQV DXV ± 0DVFKLQLVW IU GDV .OHLQERKUJHUlW VRZLH IU 0LVFKHU XQG 9HUSUHVVSXPSH ± ELV +HOIHU IU DQIDOOHQGH 1HEHQDUEHLWHQ ZLH (LQEDXHQ XQG 9HUSUHVVHQ GHU 6WDKO ]XJJOLHGHU
%LOG /LQNV )HUWLJXQJ GHU /LW]HQDQNHU DXI GHU %DXVWHOOH >@ 5HFKWV LP :HUN JHIHUWLJWH /LW]HQ.XU]]HLWDQNHU
%LOG /LQNV (LQEDX GHU /LW]HQDQNHU EHU HLQH .DEHOWURPPHO 5HFKWV +DQGHLQEDX >@
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ 'D GLH 5DPPOHLVWXQJ VWDUN YRQ GHP DQJHZDQGWHQ (LQEULQJYHUIDKUHQ XQG GHU MHZHLOLJHQ %R GHQDUW DEKlQJW ODVVHQ VLFK GDUEHU NHLQH DOOJHPHLQJOWLJHQ $QJDEHQ PDFKHQ 'LH 7DJHV UDPPOHLVWXQJ VFKZDQNW ]ZLVFKHQ Pð ELV Pð 6SXQGZDQG SUR 7DJ
6SXQGZlQGH
-H QDFK %DXJUXQG EHWUlJW GLH %RKUOHLVWXQJ ELV PK 'DV (LQVHW]HQ XQG 9HUSUHVVHQ GHU $QNHU N|QQHQ $UEHLWVNUlIWH /HLVWXQJ $QNHU K EHL HLQHU $QNHUOlQJH YRQ P DXVIK UHQ 1DFK GHP (UKlUWHQ GHV =HPHQWP|UWHOV ZHUGHQ YRQ ]ZHL $. GLH $QNHU DQJHVSDQQW 'LH /HLVWXQJ EHWUlJW KLHUEHL FD $QNHU SUR 6WXQGH 7DEHOOH %HWULHEVPLWWHOHLQVDW] 3UR]HVV
7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
,,
%RKOH DXI QHKPHQ ]XU (LQEDXVWHOOH WUDQVSRUWLHUHQ XQG DXVULFKWHQ (LQUDPPHQ QDFK YHUVFKLH GHQHQ 0HWKR GHQ PLW YHU VFKLHGHQHQ (LQEDXJHUlWHQ
+HUVWHOOHQ HLQHV %RKUOR FKHV
,,, 9HUSUHVVHQ
,9
+\GUDXOLNEDJJHU 0RQREORFNDXVOHJHU 6WLHO 7LHIO|IIHO /DVWKDNHQ 7UlJHUJHUlWH 5DXSHQVHLOEDJJHU +\GUDXOLNEDJJHU 5DPPHLQULFKWXQJ IU 6HLOEDJJHU 5DPPHLQULFKWXQJ IU +\GUDXOLNEDJJHU 5DPPJHUlW 6SXQGZDQGSUHVVH 9LEUDWLRQVElU K\GU 5DPPElU K\GU +\GUDXOLNDJJUHJDW %RKUZDJHQ PLW 5DX SHQIDKUZHUN K\GUDX OLVFK K\GU .UDIWGUHKNRSI K\GU .OHPP XQG %UHFKYRUULFKWXQJ %RKUKDPPHU K\GUDXOLVFK 0LVFKDQODJH .RP SDNWDQODJH )DKUZHUN $QWULHE 'LHVHOPRWRU 6SDQQSUHVVH $XVVWDWWXQJ ZLH ,,
$QVSDQQHQ %RKOH DQNHW WHQ %RKOH KH UDXV]LHKHQ DE OHJHQ XQG VlX EHUQ 6SXQGZlQGH $XVVWDWWXQJ ZLH ,, ]XP $EWUDQV SRUW YHUODGHQ
' « ' « ' « ' « ' « $& ' ' - - - - - $$ - . «
3HUVRQDO EHGDUI 0DVFKLQLVW +HOIHU
SUR 7UlJHUJH UlW 0DVFKLQLVW +HOIHU XQG 5DPPPHLV WHU
.DONXODWRULVFKH /HLVWXQJVZHUWH
KW
KPð
0DVFKLQLVW +HOIHU
. « ± KP
. « $( . « - « - «$% - «$( 6 «
$QODJHQ WHFKQLNHU
+HOIHU 0DVFKLQLVW +HOIHU
K6W K6W
KPð
0DVFKLQLVW +HOIHU
± KW
%DXJUXEHQVLFKHUXQJ
7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ IU GDV +HUVWHOOHQ HLQHU 6SXQGZDQG
6RQ VWLJHV
5DPPYRUJDQJ
7lWLJNHLW
7lWLJNHLWV XQG 5VW]HLWHQ QDFK
$QODXI]HLW DP 0RUJHQ E]Z $EEDX]HLW DP $EHQG 9RUNHKUXQJHQ JHJHQ 9RUHLOHQ 5VW]HLW MH 'RSSHOERKOH PLW 9RUEHUHLWXQJ GHU 'LFKWXQJV DUW (LQEULQJHQ GHU 'RSSHOERKOH 8PVWHOOHQ GHV *HUlWHV %DXVWHOOHQHLQULFKWXQJ *HUlWHDXVIDOO $XVELOGXQJ GHU (FNSXQNWH 5lXPHQ GHU %DXVWHOOH
PLQ SUR 7DJ PLQ MH 'RSSHOERKOH ¼ ELV ¼ SUR P VHKU VWDUN DEKlQJLJ YRQ GHU 9HUIDKUHQVDUW XQG %RGHQEHVFKDIIHQKHLW 'LHVHOKlPPHU PP SUR +DPPHUVFKOlJH 9LEUDWLRQVElU P SUR PLQ 3UHVVH P SUR PLQ PLQ MH 'RSSHOERKOH ELV 7DJH ELV 6WXQGHQ LQ GHU :RFKH ELV 6WXQGHQ MH (FNSXQNW 7DJ
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ )U GLH +HUVWHOOXQJ HLQHU 6SXQGZDQG JHOWHQ GLH IROJHQGHQ 1RUPHQ ',1
.XU]EH]HLFKQXQJ
',1
.XU]EH]HLFKQXQJ
=XO %HODVWXQJ GHV %DXJUXQGV
*HRWHFKQLVFKH 8QWHUVXFKXQJHQ
/DVWDQQDKPHQ IU %DXWHQ
%DXJUXQG XQG *UXQGZDVVHU
(1
:DUPJHZDO]WH 6WDKOVSXQGERKOHQ
%HUHFKQXQJ GHV (UGGUXFNV
(1
.DOWJHIRUPWH 6WDKOVSXQGERKOHQ
%DXJUXEHQ XQG *UlEHQ
9HUSUHVVDQNHU.XU]]HLWDQNHU XQG 'DX HUDQNHU
($8 Ä(PSIHKOXQJHQ GHV $UEHLWVDXVVFKXVVHV 8IHUHLQIDVVXQJ³ ($% Ä(PSIHKOXQJHQ GHV $UEHLWVNUHLVHV %DXJUXEHQ³
'HV :HLWHUHQ ILQGHW GHU $XVVFKUHLEHQGH LQ GHU 92%& 5DPP 5WWHO XQG 3UHVV DUEHLWHQ +LQZHLVH IU GDV $XIVWHOOHQ GHU /HLVWXQJVEHVFKUHLEXQJ 1DFKIROJHQG HLQLJH ZLFKWL JH LQ GHU /9 DXI]XQHKPHQGH $QJDEHQ ± *UQGXQJVDUWHQ XQG /DVWHQ EHQDFKEDUWHU %HEDXXQJ ± %RGHQNHQQZHUWH XQG .RUQJU|HQYHUWHLOXQJ ± 0DQDKPHQ ]XP 6FKXW] EHQDFKEDUWHU %HEDXXQJ ± (LQEULQJJHQDXLJNHLW E]Z 1HLJXQJ GHU %DXHOHPHQWH ± $QIRUGHUXQJHQ DQ GLH :DVVHUGLFKWLJNHLW YRQ 6SXQGZlQGHQ
6SXQGZlQGH
$XFK IU GLHVHV 9HUIDKUHQ JLEW HV ]XVlW]OLFK VSH]LHOOH 7HFKQLVFKH %HGLQJXQJHQ GLH QHEHQ GHQ )HVWOHJXQJHQ GHU 92%& YHUHLQEDUW ZHUGHQ N|QQHQ )U GHQ 6SXQGZDQGYHUEDX JHOWHQ GLH 67%556 XQG GLH 67%9%$ 6LH VLQG KLHU QLFKW PHKU DXIJHIKUW GD VLH VFKRQ LP .DSL WHO 7UlJHUERKOZDQG EHVFKULHEHQ ZHUGHQ 1DFKIROJHQG LVW GLH 67%9$ IU 9HUSUHVVDQ NHUDUEHLWHQ GDUJHVWHOOW
6SH]LHOOH 7HFKQLVFKH %HGLQJXQJHQ IU 9HUSUHVVDQNHUDUEHLWHQ 67%9$ >@ 1HEHQOHLVWXQJHQ /LHIHUQ XQG 6HW]HQ GHU $QNHUNRSINRQVWUXNWLRQ 'XUFKIKUHQ HLQHU $EQDKPHSUIXQJ JHPl 9RUVFKULIWHQ VRZLH )HVWOHJHQ GHU $QNHU DXI GLH YRUJHVHKHQH 9RUVSDQQODVW =HPHQWYHUEUDXFK ELV ]X HLQHU *HVDPWPHQJH YRQ NJ =HPHQW MH $QNHU %HVRQGHUH /HLVWXQJHQ =HPHQWPHKUYHUEUDXFK GHU GHQ REHQ XQWHU 1U =LII JHQDQQWHQ :HUW EHUVFKUHL WHW /LHIHUQ 0RQWLHUHQ XQG 9RUKDOWHQ GHU 9HUJXUWXQJVNRQVWUXNWLRQ HLQVFKOLHOLFK GHU $QNHUDXIODJHUSODWWHQ +HUVWHOOHQ YRQ $QNHUGXUFKIKUXQJHQ $QNHUNRSIDXVVSDUXQJHQ LQ 9HUEDXZlQGHQ E]Z 6SDQQZLGHUODJHUQ QDFK (UIRUGHUQLVVHQ GHV $XIWUDJQHKPHUV %HL 'DXHUDQNHUQ ] % IU +DQJVLFKHUXQJHQ 1DFKSUIHQ XQG 1DFKVSDQQHQ E]Z 1DFKODVVHQ GHU $QNHUODVWHQ QDFK GHP HUVWPDOLJHQ )HVWVHW]HQ $EGLFKWXQJVPDQDKPHQ JHJHQ GUFNHQGHV :DVVHU (QWVSDQQHQ GHU $QNHU XQWHU %HDFKWXQJ GHU HLQVFKOlJLJHQ 6LFKHUKHLWVEHVWLPPXQJHQ $XVEDX XQG %HUHLWVWHOOXQJ GHU $QNHUN|SIH ]XU $EKROXQJ GXUFK GHQ $XIWUDJQHKPHU (LJQXQJVSUIXQJHQ JHPl ',1 $XIPDVV XQG $EUHFKQXQJ (UJlQ]HQG ]X $79 ',1 $EVFKQ $QNHUOlQJH YRP HUGVHLWLJHQ $QNHUHQGH ELV 8QWHUIOlFKH $QNHUSODWWH
%DXJUXEHQVLFKHUXQJ
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 9RU %HJLQQ GHU $UEHLWHQ VROOWHQ IROJHQGH 3DUDPHWHU JHSUIW ZHUGHQ GHQQ HWZD HLQ 'ULWWHO DOOHU 6FKDGHQVIlOOH VLQG DXI 3ODQXQJVIHKOHU KLHU LQ HUVWHU /LQLH XQ]XUHLFKHQGH 9RUXQWHUVX FKXQJHQ ]XUFN]XIKUHQ 8P HLQH KRKH 6LFKHUKHLW XQG 4XDOLWlW ]X JHZlKUOHLVWHQ VLQG GLH LQ GHU 7DEHOOH DXIJHIKUWHQ 0DQDKPHQ ]X EHDFKWHQ 7DEHOOH 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ YRQ 6SXQGZlQGHQ >@
YRU GHU %DXPDQDKPH 8QWHUVXFKXQJ GHU JHR ORJLVFKHQ XQG WRSRJUD SKLVFKHQ (LJHQVFKDIWHQ (UGVWDWLVFKH %HUHFK QXQJHQ
ZlKUHQG GHU %DXPDQDKPH 9HUPHUNHQ XQG .RQWUROOLH UHQ GHU /DJH XQG 6WHOOXQJ GHU %RKOHQ LP 5DPPSODQ .RQWUROOH 9HUDQNHUXQJ ]ZL VFKHQ GHQ 6FKO|VVHUQ
QDFK GHU %DXPDQDKPH 'XUFKIKUHQ YRQ 1DFK NRQWUROOHQ %HVHLWLJXQJ YRQ HYWO 6FKlGHQ 6FKORVVVSUHQ JXQJ $XIUROOHQ GHU 6SXQGZDQG 6FKORVVXQ GLFKWLJNHLW
:lKUHQG GHU $XVIKUXQJ ZLUG GLH /DJH XQG 6WHOOXQJ GHU %RKOHQ LP 5DPPSODQ SURWRNROOLHUW +LHUYRQ VLQG $EZHLFKXQJHQ GXUFK /LHIHUWROHUDQ]HQ $UW GHU 5DPPXQJ XQG GHU %RGHQYHU KlOWQLVVH P|JOLFK =XU (UVWHOOXQJ HLQHU ORW XQG IOXFKWJHUHFKWHQ :DQG ZLUG PLW IROJHQGHQ 7ROHUDQ]HQ JHDUEHLWHW 7DEHOOH (LQEULQJWROHUDQ]HQ
$EZHLFKXQJ DXV GHU :DQGIOXFKW LQ +|KH GHU 5DPPHEHQH
r PP
$EZHLFKXQJ GHU %RKOHQ
r PP
2EHUNDQWH 8QWHUNDQWH
$EZHLFKXQJ YRQ GHU 9HUWLNDOHQ TXHU ]XU :DQGHEHQH LQ GHU (LQUDPPWLHIH LQ :DQGULFKWXQJ LQ GHU (LQUDPPWLHIH
r PP )RUWODXIHQGH 5DPPXQJ
6WDIIHOUDP PXQJ
r
r
r
r
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|GHQ RGHU )HOV YHUZHQGHW ZHUGHQ
6SXQGZlQGH
%HL .XU]]HLWDQNHUQ LVW GHU $QZHQGXQJVEHUHLFK GHU 1RUP DXI $QNHU EHJUHQ]W EHL GHQHQ GLH ]XOlVVLJHQ $QNHUNUlIWH EHL 0HKUVWDEDQNHUQ N1 XQG EHL (LQVWDEDQNHUQ N1 ± QLFKW EHUVFKULWWHQ ZHUGHQ 'DV 7UDJYHUKDOWHQ XQG GLH 9HUVFKLHEXQJHQ MHGHV HLQ]HOQHQ $QNHUV VLQG YRQ HLQHU 9LHO]DKO YRQ )DNWRUHQ DEKlQJLJ X D YRQ GHU /DJH XQG GHP $EVWDQG GHU 9HUSUHVVN|USHU ]XHLQDQGHU 8P GLHVH (LQIOVVH ]X EHUFNVLFKWLJHQ VLQG GLH QDFKIROJHQGHQ (QWZXUIVUHJHOQ ]X EHDFKWHQ 'LH IUHLH $QNHUOlQJH VROOWH PLQGHVWHQV P EHWUDJHQ XP VLFKHU]XVWHOOHQ GDVV GLH 9RU VSDQQNUDIW SODQPlLJ LQ GHQ UFNOLHJHQGHQ %RGHQ XQG QLFKW GXUFK .UDIWNXU]VFKOXVV YRQ GHU (UGVHLWH DXV LQ GLH :DQG HLQJHOHLWHW ZLUG 'LH .UDIWHLQWUDJXQJVOlQJH GHU 9HUSUHVVN|USHU HLQHV (LQ]HODQNHUV VROOWH DXI JDQ]HU /lQJH LQ HLQHU %RGHQDUW OLHJHQ LP ELQGLJHQ %RGHQ RGHU LP QLFKWELQGLJHQ %RGHQ RGHU LP )HOV $EZHLFKXQJHQ YRQ GHU WKHRUHWLVFKHQ $QNHUULFKWXQJ VLQG YRP %RKUYHUIDKUHQ XQG GHU %RGHQDUW DEKlQJLJ 6LH OLHJHQ LP 1RUPDOIDOO EHL 0LW JHHLJQHWHQ %RKUYHUIDKUHQ XQG HLQHU JXWHQ 0DQQVFKDIW VLQG *HQDXLJNHLWHQ XQWHU %RKUDEZHLFKXQJ P|JOLFK ,P $OOJHPHLQHQ VROOWH PDQ EHL ELV P ODQJHQ $QNHUQ HLQHQ SODQPlLJHQ 0LQGHVWDE VWDQG YRQ P HLQKDOWHQ 6LQG PHKU $QNHU LQ HLQHU 5HLKH HUIRUGHUOLFK VR VROOWH GXUFK 6WDIIHOXQJ RGHU GXUFK 6SUHL ]XQJ HLQ SODQPlLJHU 0LQGHVWDEVWDQG YRQ D # P HLQJHKDOWHQ ZHUGHQ ,VW GLHV QLFKW P|JOLFK VLQG DE D P $QNHUJUXSSHQSUIXQJHQ YRU]XQHKPHQ 'HU SODQPlLJH 0LQGHVWDEVWDQG ]ZLVFKHQ 9HUSUHVVN|USHU XQG EHVWHKHQGHQ *HElXGHWHL OHQ VROOWH PLQGHVWHQV P EHWUDJHQ 8P EHL HPSILQGOLFKHQ lOWHUHQ *HElXGHQ 6FKDGHQ ]X YHUPHLGHQ LVW HLQH 6WDIIHOXQJ GHU $QNHUOlQJHQ ]X HPSIHKOHQ ,Q 6RQGHUIlOOHQ NDQQ HV QRWZHQGLJ VHLQ $QNHU VR ODQJ DXV]XIKUHQ GDVV GLH 9HUSUHVVN|USHU QLFKW PHKU XQWHU EH VWHKHQGHQ *HElXGHQ OLHJHQ 'DV 9HUVDJHQ HLQHV $QNHUV GDUI GLH 6WDQGVLFKHUKHLW GHU YHUDQNHUWHQ .RQVWUXNWLRQ QLFKW JHIlKUGHQ 'XUFK VWHLIH .RQVWUXNWLRQHQ GXUFKODXIHQGH *XUWH XQG PHKUHUH $QNHU DQ 6WHO OH HLQHV HLQ]HOQHQ +RFKOHLVWXQJVDQNHUV NDQQ GHU VR JHQDQQWH 5HLYHUVFKOXVVHIIHNW YHUPLHGHQ ZHUGHQ $Q HLQVSULQJHQGHQ :DQGHFNHQ PVVHQ GLH VHQNUHFKW ]XHLQDQGHU YHUODXIHQGHQ $QNHU HLQHQ DXVUHLFKHQGHQ 6LFKHUKHLWVDEVWDQG KDEHQ 'LH 9HUSUHVVN|USHU GUIHQ QLFKW LP DNWL YHQ *OHLWNHLO GHU SDUDOOHO ]XP 9HUSUHVVN|USHU YHUODXIHQGHQ :DQG OLHJHQ ,VW GLHV QLFKW ]X YHUPHLGHQ PXVV PLW HLQHP HUK|KWHQ (UGGUXFNEHLZHUW JHUHFKQHW XQG GLH =XVDW]EHODVWXQJ GHU :DQG DXV GHU DP 9HUSUHVVN|USHU HLQJHOHLWHWHQ $QNHUNUDIW EHUFNVLFKWLJW ZHUGHQ 'LH :DQGHFNH VROOWH ]XJIHVW VHLQ ] % $XVELOGXQJ YRQ GXUFKODXIHQGHQ *XUWHQ
%DXJUXEHQVLFKHUXQJ
%RKUSIDKOZlQGH 'DV %DXYHUIDKUHQ LP hEHUEOLFN %RKUSIDKOZlQGH JHK|UHQ ]X GHQ ELHJHVWHLIHQ XQG LP %DXJUXQG YHUEOHLEHQGHQ 9HUEDXPD QDKPHQ XQG VWHOOHQ HLQH $OWHUQDWLYH ]X GHQ 6FKOLW]ZlQGHQ GDU 6LH N|QQHQ IUHLVWHKHQG RKQH 6WW]XQJ E]Z 5FNYHUDQNHUXQJ RGHU UFNYHUDQNHUW %LOG KHUJHVWHOOW ZHUGHQ 'D LKUH +HUVWHOOXQJ LP 9HUJOHLFK ]X 6SXQG XQG 7UlJHUERKOZlQGHQ VHKU WHXHU LVW YHUVXFKW PDQ PHLVW VLH LQ GDV ]X HUVWHOOHQGH %DXZHUN ]X LQWHJULHUHQ 1HEHQ GHU ',1 %DXJUXEHQ XQG *UlEHQ LVW EHL GHU +HUVWHOOXQJ YRQ %RKUSIDKOZlQGHQ GLH ',1 %RKUSIlKOH ]X EHDFKWHQ %HLGH VLQG HLQVFKOLHOLFK GHU PLW JHOWHQGHQ 1RUPHQ DXVVFKODJJHEHQG 'LH P|JOLFKHQ %RKUSIDKOZDQGW\SHQ ZHUGHQ QDFK GHU $QRUGQXQJ LKUHU 3IlKOH ZLH IROJW XQWHUVFKLHGHQ hEHUVFKQLWWHQH %RKUSIDKOZlQGH ZHUGHQ LP VR JHQDQQWHQ 3LOJHUVFKULWWYHUIDKUHQ KHUJHVWHOOW =XQlFKVW ZHUGHQ GLH 3ULPlUSIlKOH XQEHZHKUW EHWRQLHUW XQG DQVFKOLHHQG GLH 6HNXQGlUSIlKOH PLW %HZHKUXQJ KHUJHVWHOOW ZREHL GLH ]XHUVW EHWRQLHUWHQ 3IlKOH DQJHVFKQLWWHQ ZHUGHQ )U GLH 8PVFKOLHXQJ HLQHU %DXJUXEH HQWVWHKW VR HLQH QDKH]X ZDVVHUGLFKWH :DQG %HL HLQHU 5FNYHUDQNHUXQJ ZHUGHQ GLH $QNHU EHUZLHJHQG GXUFK GLH XQEHZHKUWHQ 3IlKOH JHIKUW 7DQJLHUHQGH %RKUSIDKOZlQGH KDEHQ HLQHQ OLFKWHQ 3IDKODEVWDQG YRQ ELV FP 6LH N|QQHQ QXU LQ %|GHQ RKQH *UXQGZDVVHU E]Z LQ .RPELQDWLRQ PLW HLQHU *UXQGZDVVHUDEVHQNXQJ KHU JHVWHOOW ZHUGHQ 6ROO GHQQRFK HLQ ZDVVHUGLFKWHU 9HUEDX HUUHLFKW ZHUGHQ VR VLQG GLH 3IDKO ]ZLFNHO LP 'VHQVWUDKOYHUIDKUHQ ]X YHUSUHVVHQ %HL WDQJLHUHQGHQ 3IDKOZlQGHQ ZHUGHQ DOOH (LQ]HOSIlKOH EHZHKUW DXVJHIKUW $XIJHO|VWH 3IDKOZlQGH EHVWHKHQ DXV %RKUSIlKOHQ LQ $EVWlQGHQ YRQ HWZD ELV P GHUHQ =ZLVFKHQUDXP EHL IRUWVFKUHLWHQGHP $XVKXE GXUFK HLQ 6SULW]EHWRQJHZ|OEH DEJHVWW]W ZLUG 'HP 7UDJYHUKDOWHQ QDFK VLQG GLHVH :lQGH ZLH 7UlJHUERKOZlQGH DQ]XVHKHQ (YHQWXHOO YRU KDQGHQHV 6LFNHUZDVVHU NDQQ GXUFK )LOWHUVWHLQH )LOWHUVFKLFKWHQ XQG )LOWHUEHWRQ KLQWHU GHP 6SULW]EHWRQ DEJHIKUW ZHUGHQ %HL DQVWHKHQGHQ )HOVVFKLFKWHQ NDQQ HLQH $XVIDFKXQJ ]ZL VFKHQ GHQ 3IlKOHQ HQWIDOOHQ 'HU 3IDKODEVWDQG LVW DEKlQJLJ YRP %RKUSIDKOGXUFKPHVVHU GHU 9HUEDXK|KH GHQ DQVWHKHQGHQ %DXJUXQGYHUKlOWQLVVHQ XQG GHQ %HODVWXQJHQ bKQOLFK GHQ WDQJLHUHQGHQ :lQGHQ ZHUGHQ DOOH %RKUSIlKOH EHZHKUW KHUJHVWHOOW 6RZHLW HLQH 5FNYHUDQNH UXQJ HUIRUGHUOLFK LVW ZLUG MHGHU 3IDKO UFNYHUDQNHUW
%LOG $XVIKUXQJVDUWHQ YRQ 3IDKOZlQGHQ >@
%RKUSIDKOZlQGH
%LOG /LQNV 9HUWLNDOVFKQLWW GXUFK HLQH UFNYHUDQNHUWH %RKUSIDKOZDQG >@ 5HFKWV *HVWDIIHOWH $XVIKUXQJ HLQHU EHUVFKQLWWHQHQ 3IDKOZDQG >@
'LH :DKO GHV JHHLJQHWHQ %DXJUXEHQYHUEDXV LVW YRQ YLHOHQ )DNWRUHQ XQG (LQIOVVHQ DEKlQ JLJ ,Q GHU QDFKIROJHQGHQ 7DEHOOH VLQG GLH FKDUDNWHULVWLVFKHQ 9RU XQG 1DFKWHLOH HLQHU %RKU SIDKOZDQG GDUJHVWHOOW 7DEHOOH 9RU XQG 1DFKWHLOH YRQ %RKUSIlKOHQ 9RUWHLOH
1DFKWHLOH
$OV EHUVFKQLWWHQH 9DULDQWH NDQQ GLH %RKUSIDKOZDQG QDKH]X ZDVVHUGLFKW KHUJHVWHOOW ZHUGHQ +HUVWHOOXQJ RKQH JURH /lUPEHOlVWLJXQJ XQG SUDN WLVFK HUVFKWWHUXQJVIUHL P|JOLFK $XVIKUXQJ DXFK LQ QLFKW RGHU QXU VFKZHU UDPPEDUHQ %|GHQ P|JOLFK 9HUIRUPXQJVDUP XQG GDKHU DXFK XQPLWWHOEDU QHEHQ EHVWHKHQGHU %HEDXXQJ DQZHQGEDU 0LQLPDOH %RGHQEHZHJXQJHQ KLQWHU GHU :DQG .HLQH %HJUHQ]XQJ LQ GHU 7LHIH 'XUFK HLQH 9HUURKUXQJ +HUVWHOOXQJ GLUHNW QHEHQ KRFKEHODVWHWHQ (LQ]HOIXQGDPHQWHQ P|JOLFK *OHLFKJHZLFKWV]XVWDQG GHV %RGHQV ZLUG NDXP JH VW|UW VR GDVV HV QLFKW ]X 6HW]XQJHQ LQ GHU 8PJHEXQJ GHV %RKUORFKHV NRPPW $XIQDKPH YRQ +RUL]RQWDOODVWHQ XQG KRKHQ 9HUWLNDO ODVWHQ *HQHLJWH +HUVWHOOXQJ P|JOLFK $QSDVVXQJ DQ GLH YRUKDQGHQHQ 3ODW]YHUKlOWQLVVH XQG %DXJUHQ]HQ P|JOLFK
:HVHQWOLFK K|KHUH .RVWHQ JHJHQEHU 6SXQG XQG 7UlJHUERKOZlQGHQ 1LFKW ZLHGHUJHZLQQEDU :LUWVFKDIWOLFK QXU YHUWUHWEDU ZHQQ GLH %RKUSIDKO ZDQG LQ GDV %DXZHUN HLQEH]RJHQ ZHUGHQ NDQQ 9LHOH )XJHQ VLQG 6FKZDFKVWHOOHQ IU GHQ P|JOLFKHQ :DVVHUGXUFKWULWW
%DXJUXEHQVLFKHUXQJ
7HFKQLVFKH *UXQGODJHQ 0DQ XQWHUVFKHLGHW GLH P|JOLFKHQ %RKUSIDKOZDQGW\SHQ QDFK GHU $QRUGQXQJ GHU 3IlKOH ZLH IROJW %LOG ± WDQJLHUHQGH %RKUSIDKOZDQG ± EHUVFKQLWWHQH %RKUSIDKOZDQG ± DXIJHO|VWH %RKUSIDKOZDQG
%LOG %HLVSLHOH IU *UXQGULVVH YRQ %RKUSIDKOZlQGHQ
'LH +HUVWHOOXQJ DOOHU :DQGW\SHQ EHVWHKW DXV IROJHQGHQ (LQ]HOVFKULWWHQ ± %HWRQLHUHQ HLQHU L $ XQEHZHKUWHQ %RKUVFKDEORQH GLH GLH /DJH GHU $QVDW]SXQNWH IU GDV 9RUWUHLEURKU YRUJLEW ± (LQWUHLEHQ HLQHV 0DQWHOURKUHV LQ GHVVHQ ,QQHUHP GHU %RGHQ DXVJHUlXPW ZLUG ± (LQVWHOOHQ GHV %HZHKUXQJVNRUEHV ± %HWRQLHUHQ GHV 3IDKOHV XQWHU JOHLFK]HLWLJHP =LHKHQ GHV 0DQWHOURKUHV 'LH HLQ]HOQHQ 9HUIDKUHQ XQWHUVFKHLGHQ VLFK QHEHQ GHU 3IDKODQRUGQXQJ LQ GHU $UW ZLH GDV 0DQWHOURKU QLHGHUJHEUDFKW XQG ZLH GHU %HWRQ HLQJHEDXW ZLUG
%RKUSIDKOZlQGH
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH =XP %RKUHQ GHU YHUVFKLHGHQHQ 3IDKOZDQGW\SHQ VLQG YRUDE %RKUVFKDEORQHQ DXV 6WDKOEHWRQ KHU]XVWHOOHQ 'LH %RKUVFKDEORQH KDW GHQ =ZHFN HLQ JHQDXHV $QVHW]HQ XQG )KUHQ GHU %RKU URKUH ZlKUHQG GHU HUVWHQ 0HWHU ]X HUP|JOLFKHQ 'LH HWZD FP KRKHQ EHZHKUWHQ 6FKDEOR QHQ ZHUGHQ DQ 2UW XQG 6WHOOH LQ +|KH GHV %RKUSODQXPV EHWRQLHUW $XHU GHU /lQJVEHZHK UXQJ VLQG LQ UHJHOPlLJHQ $EVWlQGHQ 4XHUEHZHKUXQJVVWlEH DQJHRUGQHW GLH GLH EHLGHQ 6FKDEORQHQKlOIWHQ ]XJIHVW PLWHLQDQGHU YHUELQGHQ $OWHUQDWLY N|QQHQ HEHQVR JXW )HUWLJWHLOH YHUZHQGHW ZHUGHQ
%LOG %RKUVFKDEORQHQ IU 3IDKOZlQGH
:lKUHQG HV EHL GHU +HUVWHOOXQJ YRQ WDQJLHUHQGHQ XQG DXIJHO|VWHQ 3IDKOZlQGHQ NHLQH EHVRQ GHUH 5HLKHQIROJH JLEW GDV KHLW GLH 3IlKOH ZHUGHQ HLQHU QDFK GHP DQGHUHQ JHERKUW EHZHKUW XQG EHWRQLHUW PXVV EHL GHU EHUVFKQLWWHQHQ 3IDKOZDQG HLQ EHVWLPPWHV +HUVWHOOXQJVVFKHPD HLQJHKDOWHQ ZHUGHQ =XQlFKVW ZHUGHQ QXU GLH VR JHQDQQWHQ 3ULPlUSIlKOH KHUJHVWHOOW 6LH ZHUGHQ XQEHZHKUW DXV JHIKUW GD VRQVW GLH 6HNXQGlUSIlKOH QLFKW HLQJHVFKQLWWHQ ZHUGHQ N|QQHQ 6RPLW HUJLEW VLFK IU GLH +HUVWHOOXQJ HLQHU EHUVFKQLWWHQHQ 3IDKOZDQG IROJHQGH 5HLKHQIROJH 3IDKO 3IDKO 3IDKO « XQG 3IDKO 3IDKO 3IDKO « XVZ 6LHKH %LOG 'LHVHU $EODXI ZLUG DOV GHU VR JHQDQQWH 3LOJHUVFKULWW EH]HLFKQHW
%DXJUXEHQVLFKHUXQJ
%LOG 'DUVWHOOXQJ HLQHU EHUVFKQLWWHQHQ 3IDKOZDQG >@
$EKlQJLJ YRQ 3IDKOOlQJH XQG 7DJHVOHLVWXQJ NDQQ VLFK DXFK HLQH DQGHUH $UEHLWVIROJH HUJH EHQ ,VW ]X HLQHP VSlWHUHQ =HLWSXQNW HLQ $QVFKOXVV DQ GHQ HUVWHQ 3IDKO JHSODQW ] % EHL HL QHU JHVFKORVVHQHQ :DQG RGHU LVW PLW HLQHU OlQJHUHQ $UEHLWVXQWHUEUHFKXQJ ]X UHFKQHQ ] % DP :RFKHQHQGH VR VLQG GHU HUVWH E]Z GHU OHW]WH 3IDKO DOV 6DQGSIlKOH DXV]XIKUHQ *UXQGVlW]OLFK VLQG DOOH LQ GLHVHP .DSLWHO EHVFKULHEHQHQ %RKUYHUIDKUHQ ]XU +HUVWHOOXQJ YRQ 3IDKOZlQGHQ DQZHQGEDU =XVlW]OLFK N|QQHQ GLH (LQ]HOSIlKOH DXFK DOV 9ROO RGHU 7HLOYHU GUlQJXQJVSIlKOH KHUJHVWHOOW ZHUGHQ +LHU]X NRPPW HLQ XQYHUURKUWHV %RKUYHUIDKUHQ PLW HQW VSUHFKHQGHU 9HUGUlQJHUVFKQHFNH ]XP (LQVDW] %HL /lQJHQ ELV FD P XQG JHHLJQHWHQ %R GHQYHUKlOWQLVVHQ ZLUG MHGRFK DXIJUXQG VHLQHU KRKHQ /HLVWXQJVIlKLJNHLW YRUZLHJHQG GDV 9':9HUIDKUHQ E]Z GDV 'RSSHONRSIV\VWHP YHUZHQGHW (V LVW VSH]LHOO IU GLH +HUVWHOOXQJ YRQ EHUVFKQLWWHQHQ 3IDKOZlQGHQ JHHLJQHW
%LOG +HUVWHOOXQJ HLQHU EHUVFKQLWWHQHQ %RKUSIDKOZDQG LP 'RSSHONRSIV\VWHP >@
'LH HLQ]HOQHQ 3UR]HVVH EHL GHU +HUVWHOOXQJ HLQHU EHUVFKQLWWHQHQ %RKUSIDKOZDQG VLQG LQ QDFKIROJHQGHU 7DEHOOH EHVFKULHEHQ
%RKUSIDKOZlQGH
7DEHOOH 3UR]HVVH EHL GHU +HUVWHOOXQJ HLQHU EHUVFKQLWWHQHQ %RKUSIDKOZDQG LP 9':9HUIDKUHQ
,
3UR]HVVH
7HLOSUR]HVVH
*HUlWH
9RUEHUHLWHQGH 0DQDKPHQ
(LQPHVVHQ XQG $EVWHFNHQ GHU :DQG DFKVHQ
7KHRGROLW
+HUVWHOOHQ GHU %RKUVFKDEORQH
$XVKXE GHV )UHLUDXPV IU GLH %RKU VFKDEORQHQ
+\GUDXOLNEDJJHU /NZ
6FKDOHQ %HZHKUHQ %HWRQLHUHQ GHU %RKUVFKDEORQH
/NZ 7UDQVSRUWEHWRQ
$OWHUQDWLYOHLVWXQJ 9HUOHJHQ YRQ )HUWLJWHLOHQ
+\GUDXOLNEDJJHU RGHU 0RELONUDQ
+\GUDXOLNEDJJHU $EEUXFKJHUlW
$EWHXIHQ GHU %RKUXQJ LP 9': 9HUIDKUHQ
'UHKERKUDQODJH PLW 'RSSHONRSIDQ WULHE %RKUZHUN]HXJ
%HWRQLHUHQ GXUFK GDV 6HHOHQURKU GHU %RKUVFKQHFNH XQWHU JOHLFK]HLWLJHP =LHKHQ YRQ 9HUURKUXQJ XQG 6FKQHFNH
'UHKERKUDQODJH PLW 'RSSHONRSIDQ WULHE %HWRQSXPSH /NZ 7UDQV SRUWEHWRQ
-H QDFK $UEHLWVIROJH 8PVHW]HQ GHU %RKUDQODJH XQG ,,, RGHU ,9
+\GUDXOLNEDJJHU RGHU 5DGODGHU /NZ
$EWHXIHQ GHU %RKUXQJ LP 9': 9HUIDKUHQ XQG =LHKHQ GHU %RKUVFKQH FNH
'UHKERKUDQODJH PLW 'RSSHONRSIDQ WULHE %RKUZHUN]HXJ
%RKUJXW ODGHQ XQG DEWUDQVSRUWLHUHQ
+\GUDXOLNEDJJHU RGHU 5DGODGHU /NZ
'UHKERKUDQODJH RGHU +\GUDXOLN EDJJHU
'UHKERKUDQODJH
-H QDFK $UEHLWVIROJH 8PVHW]HQ GHU %RKUDQODJH XQG ,,, RGHU ,9
'UHKERKUDQODJH %HWRQWULFKWHU 6FKWWURKUH %HWRQSXPSH /NZ 7UDQVSRUWEHWRQ
5HLQLJHQ GHU $XHQVFKDOH
+RFKGUXFNSXPSH
(YHQWXDOOHLVWXQJ )UHLOHJHQ XQG .DSSHQ GHU %RKUN|SIH
JJI +\GUDXOLNEDJJHU $EEUXFKJH UlW
,,
%HVHLWLJXQJ GHU 6FKDEORQH +HUVWHOOHQ HLQHV 3ULPlUSIDKOV
,,,
%RKUJXW ODGHQ XQG DEWUDQVSRUWLHUHQ
+HUVWHOOHQ HLQHV 6HNXQGlUSIDKOV
9RUIHUWLJHQ GHV %HZHKUXQJVNRUEV (LQEDX XQG $XVULFKWHQ GHU %HZHK UXQJ
,9
(LQODVVHQ GHU %HWRQVFKWWURKUH %HWRQLHUHQ XQWHU ODQJVDPHQ =LHKHQ GHU 6FKWW XQG %RKUURKUH
9
1DFKWUlJOLFKH E]Z ]XVlW]OLFKH $UEHLWHQ
%DXJUXEHQVLFKHUXQJ
'LH *HUlWH 'LH $XVUVWXQJ ]XU +HUVWHOOXQJ YRQ %RKUSIlKOHQ LVW VHKU YDULDQWHQUHLFK XQG ZLUG VWlQGLJ ZHLWHUHQWZLFNHOW $Q GLHVHU 6WHOOH ZLUG DXI GDV DP KlXILJVWHQ YHUZHQGHWH *HUlW XQG GHVVHQ (LQVDW]P|JOLFKNHLWHQ HLQJHJDQJHQ GLH 'UHKERKUDQODJH
.RPSDNWGUHKERKUDQODJHQ 'LH *UXQGHLQKHLW EHVWHKW DXV GHP 7UlJHUJHUlW XQG GHP DQJHEDXWHQ 0DVW GHP VR JHQDQQWHQ 0lNOHU 'LHVHU LVW EHU +\GUDXOLN]\OLQGHU DP 0DVWIX XQG DQ GHU K\GUDXOLVFKHQ $UPDEVWW ]XQJ ]XP $XVJOHLFK YRQ 1LYHDX8QHEHQKHLWHQ YHUVWHOOEDU =XVlW]OLFK VRUJW GLH 4XHUQHL JXQJVYHUVWHOOXQJ IU HLQHQ VHLWOLFKHQ $XVJOHLFK =XU 9HUVWHOOXQJ GHV 'UHKDQWULHEV HQWODQJ GHU 0DVWIKUXQJ GLHQHQ 6HLOYRUVFKXEV\VWHP XQG +LOIVZLQGH hEHU GDV 6HLOYRUVFKXEV\VWHP NDQQ ZlKUHQG GHV %RKUYRUJDQJHV YHUWLNDO 'UXFN DXI GLH %RKUVFKQHFNH HU]HXJW ZHUGHQ ZR GXUFK HLQH (UK|KXQJ GHU %RKUOHLVWXQJ HU]LHOW ZLUG 0LW GLHVHQ 'UHKERKUDQODJHQ N|QQHQ EHU GHQ 'UHKDQWULHE YHUVFKLHGHQH %RKUYHUIDKUHQ %LOG ]XU $QZHQGXQJ NRPPHQ
%LOG .RPSDNWGUHKERKUDQODJH PLW 9G:$XVUVWXQJ >@
%RKUSIDKOZlQGH .HOO\V\VWHP
62%6\VWHP
9G:6\VWHP
%LOG hEHUVLFKW EHU GLH *HUlWH YHUVFKLHGHQHU 'UHKERKUYHUIDKUHQ GHU )D %DXHU >@
'HU $QWULHE GHV %RKUZHUN]HXJV HUIROJW EHU GDV 'UHKJHWULHEH GHQ .UDIWGUHKNRSI E]Z EHLP 9G:6\VWHP EHU GHQ 'RSSHONRSIERKUDQWULHE 'LH 62% XQG 9G:9HUIDKUHQ ]HLFK QHQ VLFK GXUFK GHQ (LQVDW] YRQ (QGORVVFKQHFNHQ DXV %HL GLHVHQ EHLGHQ %RKUV\VWHPHQ ZLUG GDV %RKUZHUN]HXJ LQ VHLQHU JHVDPWHQ /lQJH XQWHU GHP $QWULHE PRQWLHUW XQG LQ HLQHP $U EHLWVJDQJ ELV ]XU JHZQVFKWHQ 7LHIH DEJHERKUW 'LH 7LHIH GHU %RKUXQJHQ LVW YRQ GHU 1XW] OlQJH GHV %RKUPDVWHV DEKlQJLJ
%DXJUXEHQVLFKHUXQJ
'LH ZLFKWLJVWHQ 6WRIIH %HWRQ %RKUSIlKOH EHVWHKHQ LQ GHU 5HJHO DXV EHZHKUWHP %HWRQ 6LH VLQG JHPl ',1 ]X EH PHVVHQ )U %RKUSIlKOH PLW RGHU RKQH )XYHUEUHLWHUXQJ PXVV PLQGHVWHQV HLQ %HWRQ GHU )HVWLJNHLWV NODVVH & YHUZHQGHW ZHUGHQ (LQH K|KHUH )HVWLJNHLWVNODVVH GDUI EHL GHU %HPHVVXQJ QLFKW LQ $QVDW] JHEUDFKW ZHUGHQ 'LH .RUQ]XVDPPHQVHW]XQJ GHV %HWRQ]XVFKODJV VROO LP JQVWLJHQ %HUHLFK QDFK ',1 OLHJHQ 'DV *U|WNRUQ GHV =XVFKODJHV GDUI IU EHZHKUWH %RKUSIlKOH XQWHU P 'XUFKPHV VHU PP QLFKW XQWHUVFKUHLWHQ 'HU =HPHQWJHKDOW PXVV EHL 9HUZHQGXQJ YRQ =XVFKODJJHPLVFKHQ ELV PP PLQGHVWHQV NJ SUR .XELNPHWHU %HWRQ XQG EHL 9HUZHQGXQJ YRQ =XVFKODJJHPLVFKHQ ELV PP PLQGHVWHQV NJ SUR .XELNPHWHU %HWRQ EHWUDJHQ 'HU :DVVHU=HPHQW:HUW PXVV NOHLQHU DOV VHLQ )U %RKUSIlKOH LVW HLQ %HWRQ YRQ IOLHIlKLJHU .RQVLVWHQ] G K PLW HLQHP $XV EUHLWPD YRQ ELV FP ]X YHUZHQGHQ MHGRFK DEZHLFKHQG YRQ ',1 RKQH =XJDEH HLQHV )OLHPLWWHOV )OLHIlKLJHU %HWRQ GHU .RQVLVWHQ] ) QDFK ',1 (1 LVW ]XOlVVLJ MHGRFK LVW KLHUEHL EHVRQGHUV GLH 9HUDUEHLWEDUNHLW GHV )ULVFKEHWRQV LP +LQEOLFN DXI GLH %HWR QLHU]HLW GHV %RKUSIDKOHV ]X EHDFKWHQ %HLP %HWRQLHUHQ LQ HLQHU 6WW]IOVVLJNHLW 7RQVXVSHQVLRQ LVW GDV $XVEUHLWPD ]ZLVFKHQ XQG FP ]X ZlKOHQ ,QQHQUWWHOXQJ LVW LQ GLHVHQ .RQVLVWHQ]EHUHLFKHQ QLFKW ]XOlVVLJ $E ZHLFKHQG YRQ ',1 GDUI DXFK GHU LP .RQWUDNWRUYHUIDKUHQ HLQJHEUDFKWH %HWRQ XQWHU GHQ %HGLQJXQJHQ IU GLH +HUVWHOOXQJ YRQ %HWRQ % , ]XVDPPHQJHVWHOOW ZHUGHQ 9RQ GHP %HWRQ GHU HUVWHQ ]HKQ 3Il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lKOHQ GLH PLW :DVVHU RGHU %RGHQ LQ %HUKUXQJ NRPPHQ ZHOFKH QDFK ',1 VFKZDFK ELV VWDUN EHWRQDQJUHLIHQG LVW LVW %HWRQ PLW KRKHP :LGHUVWDQG JHJHQ FKHPLVFKH $QJULIIH QDFK ',1 ]X YHUZHQGHQ 'LH %HWRQGHFNXQJ PXVV JHJHQEHU GHQ R D :HUWHQ QLFKW HUK|KW ZHUGHQ
%RKUSIDKOZlQGH
%HZHKUXQJ %HL EHZHKUWHQ %RKUSIlKOHQ EHWUlJW GHU 0LQGHVWGXUFKPHVVHU IU GLH /lQJVEHZHKUXQJ PP 'LH 4XHUEHZHKUXQJ LVW LQ )RUP YRQ %JHOQ RGHU :HQGHOQ DQ]XRUGQHQ GHUHQ 6WDEGXUFKPHV VHU XQG $EVWlQGH E]Z *DQJK|KHQ QDFK ',1 ]X ZlKOHQ VLQG 'LH 6WDEGXUFKPHVVHU GUIHQ QLFKW NOHLQHU DOV PP XQG GLH $EVWlQGH E]Z *DQJK|KHQ QLFKW JU|HU DOV FP VHLQ $XI HLQH %HZHKUXQJ GDUI EHL %RKUSIlKOHQ PLW HLQHP 'XUFKPHVVHU ' ! P YHU]LFKWHW ZHU GHQ ZHQQ VLH VWDWLVFK QLFKW HUIRUGHUOLFK LVW 6FKUlJSIlKOH VLQG VWHWV ]X EHZHKUHQ %HL =XJ SIlKOHQ LVW GLH =XJEHZHKUXQJ XQYHUPLQGHUW EHU GLH JDQ]H /lQJH GHV %RKUSIDKOHV ]X IKUHQ 'HU %HZHKUXQJVNRUE LVW VR DXV]XVWHLIHQ XQG DXI]XKlQJHQ GDVV HU EHL 7UDQVSRUW (LQEDX XQG %HWRQLHUHQ QLFKW EOHLEHQG YHUIRUPW ZLUG 'LH %HZHKUXQJ LVW YRU XQG QDFK GHP %HWRQLHUHQ DP 3IDKONRSI DXI $EZHLFKXQJHQ YRQ GHU 6ROOODJH ]X NRQWUROOLHUHQ 6RIHUQ HLQH %HWRQGHFNXQJ YRQ FP QLFKW EHUHLWV GXUFK GLH :DQGGLFNH GHU %RKUURKUH ]X VWDQGH NRPPW VLQG $EVWDQGKDOWHU DQ]XRUGQHQ %HL XQYHUURKUWHQ %RKUXQJHQ PVVHQ JURIOl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lOWLJHU $UEHLWVZHLVH YRQ HLQHU UDGLDOV\PPHWULVFKHQ $QRUGQXQJ GHU %HZHKUXQJ DEJHZLFKHQ ZHUGHQ
%LOG /LQNV 0|JOLFKH $XVVWHLIXQJ GXUFK JHVFKZHLWHQ 5LQJ DXV )ODFKVWDKO >@ 5HFKWV )HUWLJHU %HZHKUXQJVNRUE PLW )ODFKVWDKONUHX] DP XQWHUHQ (QGH >@
%HLP (LQEULQJHQ YRQ %HWRQ PLW HLQHP *U|WNRUQ YRQ PP 'XUFKPHVVHU LQ HLQH PLW HLQHU 7RQVXVSHQVLRQ JHVWW]WH %RKUXQJ LVW HLQ OLFKWHU 0LQGHVWDEVWDQG GHU /lQJVEHZHKUXQJVVWlEH YRQ PP EHL HLQHU G\QDPLVFKHQ )OLHJUHQ]H YRQ 1Pð E]Z HLQ $EVWDQG YRQ PP EHL 1Pð YRU]XVHKHQ :LUG %HWRQ PLW HLQHP *U|WNRUQ YRQ PP YHUZHQGHW GDUI GHU OLFKWH $EVWDQG DXI PP YHUULQJHUW ZHUGHQ (UJlQ]HQG ]XU $QIRUGHUXQJ QDFK ',1 LVW HLQ OLFKWHU 0LQGHVWDEVWDQG GHU %HZHKUXQJVVWlEH YRP ]ZHLIDFKHQ *U|WNRUQGXUFKPHVVHU GHU =XVFKODJVWRIIH HLQ]XKDOWHQ
%DXJUXEHQVLFKHUXQJ
6WW]IOVVLJNHLW :lKUHQG GHV %RKUYRUJDQJHV ZLUG GHU )OVVLJNHLWVVSLHJHO LP %RKUORFK VWlQGLJ K|KHU DOV GHU QDWUOLFKH *UXQGZDVVHUVSLHJHO LP %RGHQ JHKDOWHQ 'XUFK GHQ K|KHUHQ ,QQHQGUXFN ZLUG GLH %RKUXQJ VWDELOLVLHUW $OV 6WW]IOVVLJNHLW NDQQ ± :DVVHU ± 7RQVXVSHQVLRQHQ RGHU ± 3RO\PHUIOVVLJNHLWHQ YHUZHQGHW ZHUGHQ 0LW :DVVHU ZHUGHQ QLFKW VWDQGIHVWH )HLQVDQGH RGHU 6FKOXIIH EHL HLQHP :DVVHUEHUGUXFN YRQ PHKU DOV P VWDELOLVLHUW 'DV LP %RKUORFK XQWHU hEHUGUXFN VWHKHQGH :DVVHU IOLHW GXUFK GLH %RKUORFKZDQGXQJ LQ GLH 8PJHEXQJ DE 'HU 6WU|PXQJVGUXFN YHUKLQGHUW GDVV %RGHQPDWHULDO LQ GLH %RKUXQJ IlOOW XQG GDV %RKUORFK HLQVWU]W *UREN|UQLJH %|GHQ ZLH 6DQGH XQG .LHVVDQGH ZHUGHQ PLW +LOIH YRQ 7RQVXVSHQVLRQHQ VWDEL OLVLHUW 'LH XQWHU hEHUGUXFN VWHKHQGH 6XVSHQVLRQ GULQJW LQ GLH %RKUORFKZDQGXQJ HLQ ILOWHUW GRUW DXV XQG ELOGHW HLQH XQGXUFKOlVVLJH 0HPEUDQH GHQ )LOWHUNXFKHQ 'LHVH 0HPEUDQH VWW]W GLH %RKUORFKZDQGXQJ XQG YHUKLQGHUW GDV +LQHLQIDOOHQ YRQ %RGHQN|UQHUQ EHL JURHQ .|U QHUQ ZLH VDQGDUPHP *URENLHV IXQNWLRQLHUW GLHVHU 0HFKDQLVPXV QLFKW PHKU 9HUZHQGHW ZHUGHQ 7RQH GLH LQ 9HUELQGXQJ PLW :DVVHU HLQ VWDUNHV 4XHOOYHUKDOWHQ ]HLJHQ %HQWRQLWH 'DQHEHQ N|QQHQ GLHVH 6XVSHQVLRQHQ GXUFK LKU WKL[RWURSHV 9HUKDOWHQ 6FKHUNUlI WH DXIQHKPHQ GLH %RGHQSDUWLNHO ELV ]X .RUQJU|HQ YRQ PP LQ 6FKZHEH KDOWHQ
%LOG %LOGXQJ GHV )LOWHUNXFKHQV >@
3RO\PHUH )OVVLJNHLWHQ VLQG LQ :DVVHU JHO|VWH ODQJNHWWLJH 0ROHNOH GLH GXUFK LKUH QHW]DUWL JH 6WUXNWXU )HLQWHLOH LQ 6FKZHEH KDOWHQ XQG GDPLW GHQ (LJHQVFKDIWHQ YRQ %HQWRQLWVXVSHQVLR QHQ lKQHOQ ,KU 9RUWHLO OLHJW LQ GHU 8QHPSILQGOLFKNHLW JHJHQEHU =HPHQW XQG GHU HLQIDFKHUHQ 7UHQQXQJ YRQ %RGHQ XQG 6XVSHQVLRQ
%RKUSIDKOZlQGH
'HU 3HUVRQDOEHGDUI %HL GHU +HUVWHOOXQJ YRQ %RKUSIDKOZlQGHQ NRPPHQ LQ GHU 5HJHO YHUVFKLHGHQH $UEHLWVJUXS SHQ ]XP (LQVDW] 6R ZLUG ] % GLH %RKUVFKDEORQH YRQ HLQHU VHSDUDWHQ .RORQQH JHIHUWLJW 6LH LVW YRUZLHJHQG DXI 6FKDO XQG %HWRQDUEHLWHQ VSH]LDOLVLHUW XQG XPIDVVW L G 5 3HUVRQHQ )U MHGHQ YHUZHQGHWHQ %DJJHU LVW ]XVlW]OLFK HLQ 0DVFKLQLVW XQG JJI HLQ +HOIHU XQG SUR /NZ MH HLQ )DKUHU DQ]XVHW]HQ 'LH %HZHKUXQJ ZLUG KHXW]XWDJH EHUZLHJHQG YRUJHIHUWLJW DXI GLH %DXVWHOOH JHOLHIHUW 'LH HLJHQWOLFKH :DQGKHUVWHOOXQJ ZLUG YRQ GHU %RKUNRORQQH YROO]RJHQ 6LH KDW IROJHQGH =X VDPPHQVHW]XQJ ± %RKUPHLVWHU %HWUHXW L G 5 PHKUHUH $UEHLWVJUXSSHQ ± *HUlWHIKUHU ± %RKUKHOIHU 'HU %RKUPHLVWHU LVW QXU LQGLUHNW DP )HUWLJXQJVSUR]HVV EHWHLOLJW (U IKUW KDXSWVlFKOLFK NRRU GLQLHUHQGH XQG NRQWUROOLHUHQGH $XIJDEHQ GXUFK =XGHP IKUW HU GLH 'LVSRVLWLRQ YRQ 0DWHULD OLHQ XQG *HUlWHQ GXUFK
,QIRUPDWLRQHQ ]XU .DONXODWLRQ 1DFK IROJHQGH 7DEHOOH GHV %HWULHEVPLWWHOVDW]HV JLOW IU GLH +HUVWHOOXQJ HLQHU EHUVFKQLWWHQHQ %RKUSIDKOZDQG LP 9':9HUIDKUHQ %HWRQ & FP 7LHIH P %RGHQNODVVH /1 QDFK ',1 V X 7DEHOOH %HWULHEVPLWWHOHLQVDW] 3UR]HVV
7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
+\GUDXOLNEDJJHU $XVKXE GHV )UHL UDXPV IU GLH %RKU $XVOHJHUXQWHUWHLO VFKDEORQHQ $XVOHJHUREHUWHLO ,,
3HUVRQDO EHGDUI
'«
0DVFKLQLVW
'«
+HOIHU
.DONXODWRULVFKH /HLVWXQJVZHUWH
'«
/|IIHOVWLHO
'«
7LHIO|IIHO
' «
PñK
/DVWNUDIWZDJHQ [ MH )DKUHU 'UHLVHLWHQNLS SHLQU 6FKDOHQ %HZHKUHQ %HWRQLHUHQ GHU %RKUVFKDEORQH
3 « 3 $) +HOIHU
KP SUR .RORQQH
%DXJUXEHQVLFKHUXQJ
$OWHUQDWLYOHLVWXQJ 9HUOHJHQ YRQ )HU WLJWHLOHQ
%DJJHU ZLH ,,
%HVHLWLJHQ GHU %RKUVFKDEORQH
JJI %DJJHU ZLH ,, 6FKUDXEHQNRPSUHV VRU IDKUEDU $EEDX XQG 6SDWHQ KDPPHU +\GUDXOLNEDJJHU
$EWHXIHQ GHU 3UL PlUERKUXQJ LP 9':9HUIDKUHQ
,,,
0DVFKLQLVW +HOIHU
4 « 4 «
' «
0DVFKL QLVW +HOIHU
2KQH 7UDQVSRUW NRVWHQ KP E]Z PLW KP P SUR 7DJ
*HUlWHIK UHU
%RKU XQG 5DPP . « JHUlW +HOIHU . « 'RSSHONUDIWGUHK . « NRSI . « 'UXFNURKU . « $' )|UGHU . « %RKUVFKQHFNH %RKUNRSI ]ZHLVFKQ
KP 3IDKO
%RKUURKU $XVVWDWWXQJ ZLH %HWRQLHUHQ GXUFK GDV 6HHOHQURKU GHU ,,, %RKUVFKQHFNH XQWHU %HWRQLHUNRSI JOHLFK]HLWLJHP =LH KHQ YRQ 9HUURKUXQJ XQG 6FKQHFNH ,9
%RKUJXW ODGHQ XQG DEWUDQVSRUWLHUHQ
$XVVWDWWXQJ ZLH ,,
$EWHXIHQ GHU 6H NXQGlUERKUXQJ LP 9':9HUIDKUHQ XQG =LHKHQ GHU %RKUVFKQHFNH
+\GUDXOLNEDJJHU
9
.
*HUlWHIK UHU +HOIHU
3HUVRQDO ZLH ,, ' «
%RKU XQG 5DPP . « JHUlW . « 'RSSHONUDIWGUHK . « NRSI . « 'UXFNURKU . $' )|UGHU . « %RKUVFKQHFNH
*HUlWHIK UHU +HOIHU
KP 3IDKO
%RKUNRSI ]ZHLVFKQ %RKUURKU %RKUJXW ODGHQ XQG DEWUDQVSRUWLHUHQ
$XVVWDWWXQJ ZLH ,,
3HUVRQDO ZLH ,,
(LQEDX XQG $XV ULFKWHQ GHU %HZHK UXQJ
$XVVWDWWXQJ ZLH ,9
*HUlWHIK UHU +HOIHU
K.RUE
%RKUSIDKOZlQGH
(LQODVVHQ GHU 6FKWWURKUH
$XVVWDWWXQJ ZLH ,9
%HWRQLHUHQ XQWHU ODQJVDPHQ =LHKHQ GHU 6FKWW XQG %RKUURKUH
$XVVWDWWXQJ ZLH ,9
5HLQLJHQ GHU $X HQVFKDOH
+RFKGUXFN 6WUDKOZDVVHUDQODJH 6FKUDXEHQNRPSUHV VRU IDKUEDU $EEDX XQG 6SDWHQ KDPPHU
*HUlWHIK UHU +HOIHU
9,
(YHQWXDOOHLVWXQJ )UHLOHJHQ XQG .DS SHQ GHU %RKUN|SIH
]% 8QWHUZDVVHUEH WRQLHUHLQULFKWXQJ
« %*/ 7 «
4 «
,Q ,,, E]Z ,9 HQWKDOWHQ
*HUlWHIK UHU
:LH ,9
+HOIHU +HOIHU
¼ ELV ¼Pð
+HOIHU
K.RORQQH XQG 6WFN
4 «
7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ IU GDV +HUVWHOOHQ HLQHV %RKUSIDKOV 7lWLJNHLW
6RQVWLJHV
%RKUYRUJDQJ
$EWHXIHQ GHU %RKUXQJ PLW 7HLO YHUGUlQJHUVFKQHFNH XQYHUURKUW
$EWHXIHQ GHU %RKUXQJ LP *UHLIHU ERKUYHUIDKUHQ
7lWLJNHLWV XQG 5VW]HLWHQ QDFK 7DQJLHUHQGH 3IDKOZDQG FP P WLHI %RGHQNODVVH /1 KP *HUlWHOHLVWXQJ LQ HLQHU K6FKLFKW a Pð hEHUVFKQLWWHQH 3IDKOZDQG FP %RGHQNODVVH /1 =XVDW]NODVVH 6 =XODJH a KP KP *HUlWHOHLVWXQJ LQ HLQHU K6FKLFKW Pð
8PVHW]HQ XQG $XVULFKWHQ GHU %RKUDQODJH $QVFKQHLGHQ GHU 3ULPlUSIlKOH EHL HLQHU EHUVFKQLWWHQHQ 3IDKOZDQG %DXVWHOOHQHLQULFKWXQJ $QODXI]HLW DP 0RUJHQ E]Z $E EDX]HLW DP $EHQG *HUlWHDXVIDOO ZDUWXQJ 5lXPHQ GHU %DXVWHOOH
PLQ ZHQQ P|JOLFK QLFKW VSlWHU DOV ELV 6WXQGHQ QDFK GHP %HWRQLHUYRUJDQJ 7DJH PLQ SUR 7DJ 6WXQGHQ LQ GHU :RFKH 7DJ
$QPHUNXQJ ]XU /HLVWXQJVEHVFKUHLEXQJ 'HU JU|WH 7HLO GHU %RKUSIlKOH ZLUG QDFK ',1 KHUJHVWHOOW =XVlW]OLFK DXVVFKODJJHEHQGH 1RUPHQ VLQG
%DXJUXEHQVLFKHUXQJ
7DEHOOH hEHUVLFKW EHU JHOWHQGH 1RUPHQ ',1
.XU]EH]HLFKQXQJ
',1
.XU]EH]HLFKQXQJ
%HWRQ XQG 6WDKOEHWRQ
*HRWHFKQLVFKH 8QWHUVXFKXQJHQ
3UIYHUIDKUHQ IU %HWRQ
%DXJUXQG
=XO %HODVWXQJ GHV %DXJUXQGV
%DXJUXQG XQG *UXQGZDVVHU
/DVWDQQDKPHQ IU %DXWHQ
6FKOLW]ZlQGH
6RQGLHUXQJHQ
6WW]HQGH )OVVLJNHLWHQ
%HWRQDQJUHLIHQGH :lVVHU
%HUHFKQXQJ GHV (UGGUXFNV
*UXQGODJHQ ]XU PDQJHOIUHLHQ VDFK XQG YHUWUDJVJHUHFKWHQ $XVIKUXQJ YRQ %RKUSIlKOHQ VLQG LQ GHU 92%& ',1 %RKUDUEHLWHQ JHUHJHOW 6LH HQWKlOW XQWHU DQGHUHP +LQZHLVH IU GDV $XIVWHOOHQ GHU /HLVWXQJVEHVFKUHLEXQJ 'LHVH +LQZHLVH JHEHQ VLQQYROOH $QKDOWVSXQNWH ]XP ,QKDOW GHU /HLVWXQJVEHVFKUHLEXQJ 1DFKIROJHQG VHLHQ QXU GLH ZLFKWLJVWHQ DXIJHIKUW ± $QJDEHQ ]X %DXVWHOOHQEHJHEHQKHLWHQ XQG 8PZHOWHLQIOVVHQ ± %HODVWEDUNHLW GHU 9RUIOXWHU IU 6SOZDVVHU LQNOXVLYH $XIODJHQ XQG *HEKUHQ ± $QJDEHQ ]X 1DFKEDUEHEDXXQJHQ ± %HVFKUHLEXQJ YRQ %RGHQ XQG )HOV ± ,QIRUPDWLRQHQ ]X YRUKDQGHQHQ $XIVFKOXVVERKUXQJHQ ZLH %RGHQSURILOH XVZ ± $Q]DKO $UW VRZLH 9HUZHQGXQJ GHU %RKUO|FKHU *HP ',1 ZHUGHQ IU %RGHQDUEHLWHQ DOOH %|GHQ LQ IROJHQGH .ODVVHQ HLQJHVWXIW /RFNHUJHVWHLQH .ODVVH /1
1LFKWELQGLJH /RFNHUJHVWHLQH +DXSWEHVWDQGWHLOH 6DQG .LHV .RUQJU|H PP
.ODVVH /%
%LQGLJH /RFNHUJHVWHLQH +DXSWEHVWDQGWHLO 6FKOXII 7RQ E]Z 6DQG .LHV PLW KRKHQ 0DVVHQDQWHLOHQ YRQ 6FKOXII 7RQ .RUQJU|H PP
.ODVVH /2
2UJDQLVFKH %|GHQ
=XVDW]NODVVH 6 .RPPHQ LQ /RFNHUJHVWHLQHQ 6WHLQH .RUQJU|H EHU PP YRU VR ZLUG LQ $EKlQJLJNHLW YRQ *U|H XQG $QWHLO GHU 6WHLQH ELV PP ]XVlW]OLFK ]X GHQ R J .ODVVHQ NODVVLIL]LHUW 6WHLQH JU|HU DOV PP ZHUGHQ KLQVLFKWOLFK *U|H XQG $QWHLO JHVRQGHUW DQJHJHEHQ 0DVVHQDQWHLO GHU 6WHLQH
=XVDW]NODVVHQ IU 6WHLQJU|H ELV PP
ELV PP
ELV
6
6
EHU
6
6
%RKUSIDKOZlQGH
)HVWJHVWHLQH XQG YHUJOHLFKEDUH %RGHQDUWHQ .ODVVH )
)HVWJHVWHLQH .ODVVHQ GHU )HVWJHVWHLQH
(LQD[LDOH 'UXFNIHVWLJNHLW 01Pð ELV
7UHQQIOlFKHQDEVWDQG 'H]LPHWHUEHUHLFK
=HQWLPHWHUEHUHLFK
)'
)=
EHU ELV
)'
)=
EHU ELV
)'
)=
EHU
)'
)=
1HEHQ GHQ LQ GHU 92%& IHVWJHOHJWHQ %HGLQJXQJHQ ZXUGHQ VSH]LHOOH WHFKQLVFKH %HGLQJXQ JHQ HQWZLFNHOW 'LH 67%%3 IU %RKUDUEHLWHQ LVW QDFKIROJHQG DXIJHIKUW
6SH]LHOOH WHFKQLVFKH %HGLQJXQJHQ IU %RKU %RKUSIDKO XQG %RKUSIDKOZDQGDU EHLWHQ 67%%3 1HEHQOHLVWXQJHQ (LQKDOWHQ HLQHU SODQJHPlHQ +|KH GHU 3IDKOREHUNDQWH ELV ]X FP EHU 6ROOK|KH EHL HUIRUGHUOLFKHU /HHUERKUXQJ (LQEDXHQ GHU %HZHKUXQJVN|UEH RGHU 7UlJHU PLW HLQHU +|KHQWROHUDQ] YRQ FP E]Z GHU .RUE7UlJHUOlQJH 'HU JU|HUH :HUW LVW PDJHEHQG %HL VFKZLP PHQGHU %HZHKUXQJ YHUGRSSHOQ VLFK GLH 7ROHUDQ]HQ %HWRQ XQG JJI 6WW]IOVVLJNHLWVPHKUYHUEUDXFK ELV ]X GHV WKHRUHWLVFKHQ 3IDKO YROXPHQV %HVRQGHUH /HLVWXQJHQ /LHIHUQ XQG (LQEDXHQ YRQ $XVVSDUXQJHQ ] % IU 'HFNHQ XQG 6RKODQVFKOVVH XQG GHU KLHUIU QRWZHQGLJHQ $QVFKOXVVEHZHKUXQJ %RGHQEHGLQJWHU %HWRQ XQG JJI 6WW]IOVVLJNHLWVPHKUYHUEUDXFK EHL hEHUVFKUHLWHQ GHV REHQ XQWHU 1U O =LII JHQDQQWHQ :HUWHV $QSDVVHQ GHU 6WW]IOVVLJNHLW EHL YRP /HLVWXQJVYHU]HLFKQLV DEZHLFKHQGHQ %DX JUXQGYHUKlOWQLVVHQ $EVWHPPHQ GHV hEHUEHWRQV DP 3IDKONRSI ELV ]XU SODQJHPlHQ +|KH +HUULFKWHQ GHU $QVFKOXVVEHZHKUXQJ VRZLH %HVHLWLJHQ GHU DQIDOOHQGHQ 0DWHULDOLHQ %HVHLWLJHQ GHU XQEUDXFKEDUHQ 6WW]IOVVLJNHLW XQG GHV PLW 6WW]IOVVLJNHLW YHUPHQJ WHQ %RGHQV
%DXJUXEHQVLFKHUXQJ
+HUVWHOOHQ XQG $EEUHFKHQ GHU %RKUVFKDEORQH VRZLH %HVHLWLJHQ GHU DQIDOOHQGHQ 0DWH ULDOLHQ 5HLQLJHQ GHU IUHLJHOHJWHQ $QVLFKWVIOlFKHQ $EVWHPPHQ YRQ 9RUZFKVHQ VRZLH %H VHLWLJHQ GHU DQIDOOHQGHQ 0DWHULDOLHQ )UHLOHJHQ YRQ $XVVSDUXQJVN|USHUQ XQG $QVFKOXVVEHZHKUXQJHQ LQ GHQ 3IlKOHQ VRZLH %HVHLWLJHQ GHU DQIDOOHQGHQ 0DWHULDOLHQ 6WDWLVFKH XQG RGHU G\QDPLVFKH 3UREHEHODVWXQJHQ VRZLH ,QWHJULWlWVSUIXQJHQ $XIPD XQG $EUHFKQXQJ (UJlQ]HQG ]X $79 ',1 $EVFKQ 3IDKOOlQJH YRQ SODQJHPlHU 2EHUNDQWH ELV YRUJHVFKULHEHQHU 8QWHUNDQWH GHV 3IDKOHV /HHUERKUXQJ YRQ 2EHUNDQWH %RKUSODQXP %RKUVFKDEORQH ELV ]XU SODQJHPlHQ 2EHUNDQWH 3IDKONRSI 6WDKOJHZLFKW HUPLWWHOW XQWHU $QVDW] GHU VWDWLVFK HUIRUGHUOLFKHQ 3IDKOEHZHKUXQJ XQG GHU NRQ VWUXNWLYHQ (LQEDXWHLOH IU GLH %HZHKUXQJVN|UEH ZLH ] % $XVVWHLIXQJVULQJH $XIVWDQGV NUHX]H RGHU $EVWDQGVKDOWHU
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH %HL GHU +HUVWHOOXQJ YRQ %RKUSIDKOZlQGHQ ]XU *UXQGZDVVHUDEVSHUUXQJ VLQG IROJHQGH TXDOL WlWVVLFKHUQGH 0DQDKPHQ QRWZHQGLJ ± .RQWUROOH GHU 9HUWLNDOLWlW XQG hEHUVFKQHLGXQJ GHU %RKUXQJHQ H[DNWH )KUXQJ XQG 9HUPHVVXQJ GHU %RKUURKUH E]Z GHU %RKUVFKQHFNH QDFKWUlJOLFKH 9HUPHVVXQJ PLW 1HLJXQJVVRQGHQ ± 5HLQLJXQJ GHU %RKUORFKVRKOH ]XU 9HUPHLGXQJ YRQ 6HW]XQJHQ LQIROJH YRQ 9HUWLNDOODV WHQ gIIQHQ YRQ )XJHQ LQVEHVRQGHUH EHL IHLQN|UQLJHQ %|GHQ ± hEHUSUIXQJ GHU %HWRQHLJHQVFKDIWHQ ,Q PRGHUQHQ %RKUDQODJHQ LVW IU GHQ 4XDOLWlWVQDFKZHLV GHU KHUJHVWHOOWHQ 3IlKOH HLQH HOHNWUR QLVFKH 0HVVGDWHQHUIDVVXQJ ] % )D %DXHU 0('() %7URQLF LQVWDOOLHUW 'LHVH NDQQ 'DWHQ IU GLH %RKUWLHIH 8PGUHKXQJVUDWH =LHKJHVFKZLQGLJNHLW EHLP %HWRQLHUHQ %HWRQGUXFN VRZLH GLH %HWRQPHQJH RQOLQH LP *HUlW HUIDVVHQ GDUVWHOOHQ XQG VSHLFKHUQ %HL GHU YRQ GHU )LUPD %DXHU HLQJHVHW]WHQ %7URQLF LVW ]XVlW]OLFK HLQH '9HUWLNDOLWlWVNRQWUROOH P|JOLFK 6RPLW NDQQ GLH 4XDOLWlW PLW +LOIH GLHVHU 6\VWHPH QRFK ZlKUHQG GHU 3URGXNWLRQ EHUZDFKW ZHUGHQ
%RKUSIDKOZlQGH
'LH LQ 7DEHOOH GDUJHVWHOOWHQ $QJDEHQ EHU $EVWlQGH XQG 7ROHUDQ]HQ HLQHU EHUVFKQLWWH QHQ 3IDKOZDQG JHOWHQ IU GHQ 5HJHOIDOO 8QWHU GLIIHULHUHQGHQ 9RUDXVVHW]XQJHQ PVVHQ GLH :HUWH DQJHSDVVW ZHUGHQ 7DEHOOH $FKVDEVWlQGH GHU 3IlKOH EHL GHU EHUVFKQLWWHQHQ 3IDKOZDQG LP 5HJHOIDOO 3IDKOGXUFKPHVVHU ' FP
$FKVDEVWDQG D FP
7ROHUDQ]PD IU GLH $EZHLFKXQJ YRQ GHU /RWUHFKWHQ GHU /lQJH
ELV
%HL GHP LQ %LOG GDUJHVWHOOWHQ %HLVSLHO ZLUG GDYRQ DXVJHJDQJHQ GDVV GLH 3IlKOH XQG QXU LQ 5LFKWXQJ GHU :DQGDFKVH DXVZHLFKHQ 6HW]W PDQ ZHLWHU YRUDXV GDVV GLH 3IlKOH LQ GLH HQWJHJHQ JHVHW]WH 5LFKWXQJ DEZHLFKHQ VR ZUGHQ VLFK EHLGH 3IlKOH PLW HLQHU $EZHLFKXQJV WROHUDQ] YRQ LQ HLQHU 7LHIH YRQ P JHUDGH QRFK EHUKUHQ 6ROO HLQ ZDVVHUGLFKWHU 9HUEDX PLW HLQHU 7LHIH YRQ P HUVWHOOW ZHUGHQ GDUI GLH $EZHLFKXQJ QXU QRFK EHWUD JHQ =XVlW]OLFK PXVV GDV 7ROHUDQ]PD DEJHPLQGHUW ZHUGHQ XP HLQ $XVZHLFKHQ VHQNUHFKW ]XU :DQGDFKVH ]X EHUFNVLFKWLJHQ ,VW GLH YRUJHJHEHQH 7ROHUDQ] ]X NOHLQ XQG NDQQ QLFKW HLQJHKDOWHQ ZHUGHQ PXVV GHU $FKVDEVWDQG GHU 3IlKOH YHUULQJHUW ZHUGHQ
%LOG $XVZLUNXQJHQ YRQ $EZHLFKXQJHQ DXV GHU /RWUHFKWHQ
D O
P
E O
P
8QWHU %HUFNVLFKWLJXQJ GHU EHVFKULHEHQHQ 0DQDKPHQ OlVVW VLFK GLH IROJHQGH 7DEHOOH ]X VDPPHQVWHOOHQ
%DXJUXEHQVLFKHUXQJ
7DEHOOH 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ YRQ %RKUSIDKOZlQGHQ >@ YRU GHU %DXPDQDKPH
8QWHUVXFKXQJ GHU JHRORJL VFKHQ XQG WRSRJUDSKLVFKHQ (LJHQVFKDIWHQ )HVWOHJXQJ GHU $EWHXIXQJVWLH IH EDVLHUHQG DXI GHQ $XI VFKOXVVERKUXQJHQ (UVWHOOXQJ YRQ 7HVWODPHOOHQ $XVIKUXQJVEHVFKUHLEXQJ (LJQXQJVSUIXQJ DOOHU 0DWHUL DOLHQ XQG *HUlWH
ZlKUHQG GHU %DXPDQDKPH
.RQWUROOH GHU 9HUWLNDOLWlW XQG hEHUVFKQHLGXQJ GHU %RKUXQ JHQ 5HLQLJHQ GHU %RKUORFKVRKOH 6RUJIlOWLJHU 8PJDQJ PLW GHU %HZHKUXQJ hEHUSUIXQJ GHU %HWRQHLJHQ VFKDIWHQ
QDFK GHU %DXPDQDKPH
*WHEHUZDFKXQJ 8OWUD VFKDOOSUIXQJ .HUQERKUXQJ (QGYHUPHVVHQ GHU 3IDKOZDQG (UG XQG :DVVHUGUXFNPHV VXQJHQ 6HW]SXQNWH DXI *2. )XJHQNRQWUROOH hEHUSUIXQJ GHU 6\VWHPGLFK WLJNHLW EHU *URSXPSYHUVX FKH 9HUPHVVXQJ GHU 1DFKEDUEH EDXXQJ
6FKOLW]ZlQGH 'LH %DXYHUIDKUHQ LP hEHUEOLFN 6FKOLW]ZlQGH VLQG :lQGH DXV %HWRQ RGHU 6WDKOEHWRQ GLH LQ IOVVLJNHLWVJHVWW]WHQ (UGVFKOLW ]HQ HQWZHGHU QDFK GHP .RQWUDNWRUEHWRQYHUIDKUHQ 2UWEHWRQ6FKOLW]ZDQG PLW HLQHU 0LQ GHVWGLFNH YRQ FP HUVWHOOW RGHU GXUFK GDV (LQKlQJHQ YRQ %HWRQIHUWLJWHLOHQ )HUWLJWHLO 6FKOLW]ZDQG KHUJHVWHOOW ZHUGHQ 6FKOLW]ZlQGH N|QQHQ LQ IDVW DOOHQ %|GHQ DEJHWHXIW ZHUGHQ 3UREOHPH HUJHEHQ VLFK EHL VHKU GXUFKOlVVLJHQ $XIIOOXQJHQ ] % 7UPPHUVFKXWW GD GLH 6WW]IOVVLJNHLW DEIOLHW XQG GHU HUIRUGHUOLFKH 6WW]GUXFN QLFKW DXIJHEDXW ZHUGHQ NDQQ EHL )HVWJHVWHLQ GDV PLW )DOOPHLHO XQG *UHLIHU QLFKW RGHU QXU VHKU DXIZHQGLJ JHO|VW ZHUGHQ NDQQ XQG EHL RUJDQLVFKHQ 6lXUHQ LP *UXQGZDVVHU GLH HLQH 9HUlQGHUXQJ GHU SK\VLNDOLVFKHQ (LJHQVFKDIWHQ GHU 6XVSHQVLRQ EHZLUNHQ N|QQHQ 6FKOLW]ZlQGH N|QQHQ ZLH %RKUSIDKOZlQGH HLQHQ YRUEHUJHKHQGHQ =ZHFN %DXJUXEHQZlQ GH KDEHQ RGHU %HVWDQGWHLO HLQHU EOHLEHQGHQ .RQVWUXNWLRQ 8%DKQ 7LHIJDUDJH R l ZHUGHQ ,Q EHLGHQ )lOOHQ N|QQHQ VLH WUDJHQGH RGHU GLFKWHQGH E]Z WUDJHQGH XQG GLFKWHQGH )XQNWLRQ KDEHQ 'LH %DXZHLVH LVW YHUIRUPXQJVDUP XQG GDKHU DXFK ]XU 6LFKHUXQJ EHVWHKHQGHU *HElX GH DQZHQGEDU 6LH NRQNXUULHUW RIW PLW GHU %RKUSIDKOZDQG 'DV W\SLVFKH 9HUIDKUHQ ]XU +HUVWHOOXQJ HLQHU JHIUlVWHQ 6WDKOEHWRQ6FKOLW]ZDQG LP 3LOJHU VFKULWWYHUIDKUHQ LVW LP %LOG VNL]]LHUW
6FKOLW]ZlQGH
%LOG 3KDVHQ HLQHU 6FKOLW]ZDQGKHUVWHOOXQJ >@
'LH 5HLKHQIROJH GHU ]X HUVWHOOHQGHQ 6FKOLW]H NDQQ HQWZHGHU LP REHQ VNL]]LHUWHQ 3LOJHU VFKULWWYHUIDKUHQ RGHU NRQWLQXLHUOLFK HUIROJHQ %LOG ,Q $EKlQJLJNHLW YRQ GHU HLQJHVHW] WHQ 'LFKWPDVVH N|QQHQ GLH 3ULPlUVFKOLW]H QDFK FD ELV 7DJHQ DQJHVFKQLWWHQ ZHUGHQ
%LOG $UEHLWVIROJHQ ]XU +HUVWHOOXQJ HLQHU 6FKOLW]ZDQG >@
'LH $UEHLWVSUR]HVVH IU GDV %DXYHUIDKUHQ Ä6FKOLW]ZDQGKHUVWHOOXQJ³ VLQG LQ GHU 7DEHOOH LP hEHUEOLFN GDUJHVWHOOW
%DXJUXEHQVLFKHUXQJ
'LH 9RUWHLOH JHJHQEHU 7UlJHUERKOZlQGHQ XQG 6SXQGZlQGHQ VLQG GLH JOHLFKHQ ZLH EHL GHU %RKUSIDKOZDQG .DS *HJHQEHU GHU %RKUSIDKOZDQG ZHLVW GLH 6FKOLW]ZDQG IROJHQGH 9RUWHLOH DXI ± 'LH =DKO GHU )XJHQ LVW EHL 6FKOLW]ZlQGHQ ZHVHQWOLFK JHULQJHU )XJHQDEVWDQG MH QDFK /DPHOOHQOlQJH FD ELV P 'D GLH )XJHQ P|JOLFKH :DVVHUGXUFKWULWWVVWHOOHQ VLQG LVW GHU 5HVWZDVVHUDQIDOO EHL HLQHU 6FKOLW]ZDQG L $OOJ NOHLQHU DOV EHL HLQHU %RKUSIDKOZDQG ± 'XUFK +LQGHUQLVVH LP %RGHQ ZLUG GLH 9HUWLNDOLWlW HLQHU 6FKOLW]ZDQG XQG GHU VDXEHUH $QVFKOXVV GHU HLQ]HOQHQ /DPHOOHQ ZHQLJHU JHVW|UW DOV EHL 3IDKOZlQGHQ EHL GHQHQ HV ]X HLQHP $XVHLQDQGHUODXIHQ GHU 3IlKOH NRPPHQ NDQQ ± (V PXVV QLFKW ZLH EHL GHU %RKUSIDKOZDQG EHUHLWV HUKlUWHWHU %HWRQ DQJHVFKQLWWHQ ZHU GHQ ± 'LH 1DFKWHLOH GHU 6FKOLW]ZDQG JHJHQEHU GHU %RKUSIDKOZDQG VLQG LP .DS ]X VDPPHQJHVWHOOW 6LH VROOHQ KLHU QLFKW ZLHGHUKROW ZHUGHQ
7HFKQLVFKH *UXQGODJHQ 'LH +HUVWHOOXQJ HLQHU 6FKOLW]ZDQG EHVWHKW DXV IROJHQGHQ $UEHLWVJlQJHQ ± 9RUDXVKXE ELV FD ELV P XQWHU *HOlQGH ± (LQEDX YRQ /HLWZlQGHQ DXV %HWRQIHUWLJWHLOHQ 6WDKOIHUWLJWHLOHQ RGHU 2UWEHWRQ 'LH /HLW ZlQGH GLH KlXILJ JHJHQHLQDQGHU DXVJHVWHLIW ZHUGHQ QHKPHQ GHQ (UGGUXFN LP REHUHQ %HUHLFK DXI YHUKLQGHUQ GDV 1DFKIDOOHQ GHV %RGHQV XQG GLHQHQ GHP *UHLIHU DOV )K UXQJ 'HU 5DXP ]ZLVFKHQ GHQ /HLWZlQGHQ GLHQW DOV 9RUKDOWHUDXP IU GLH 6WW]IOVVLJ NHLW ± $XVKXE HLQHU /DPHOOH EOLFKH /DPHOOHQOlQJHQ ELV P $OV $XVKXEJHUlWH ZHUGHQ VSH]LHOOH 6FKOLW]ZDQGJUHLIHU PLW *HZLFKWHQ YRQ ELV W YHUZHQGHW 'DV 1DFKUXW VFKHQ GHV %RGHQV LQ GLH /DPHOOH ZLUG GXUFK GLH 6WW]IOVVLJNHLW L $ %HQWRQLW 6XVSHQVLRQ YHUKLQGHUW 'LH 5H]HSWXU GHU 6WW]IOVVLJNHLW ELV NJ %HQWRQLW P PXVV DXI GDV .RUQJHUVW GHU DQVWHKHQGHQ %RGHQDUW DEJHVWLPPW ZHUGHQ ± (LQEULQJHQ GHU $EVFKDOURKUH 6LH JDUDQWLHUHQ HLQH VHQNUHFKW YHUODXIHQGH KDOENUHLVI|U PLJ DXVJHELOGHWH 7UHQQIXJH ]ZLVFKHQ GHQ 3ULPlU XQG GHQ 6HNXQGlUODPHOOHQ ± (LQEULQJHQ GHV %HZHKUXQJVNRUEHV ± %HWRQLHUHQ GHU /DPHOOH LP .RQWUDNWRUYHUIDKUHQ EHL JOHLFK]HLWLJHP $ESXPSHQ GHU 6WW]IOVVLJNHLW GLH UHJHQHULHUW XQG PHKUIDFK ZLHGHU YHUZHQGHW ZHUGHQ NDQQ ± =LHKHQ GHU $EVFKDOURKUH QDFK GHP (UVWDUUHQ GHV %HWRQV 'LH 5RKUH ZHUGHQ PLW K\GUDXOLVFKHQ =LHKYRUULFKWXQJHQ ZLHGHU JHZRQQHQ ± $XVKXE GHU QlFKVWHQ 6FKOLW]ZDQGODPHOOH 'LH /lQJH HLQHU /DPHOOH ULFKWHW VLFK QDFK GHQ $EPHVVXQJHQ GHV *UHLIHUV GHP DQVWHKHQGHQ %DXJUXQG HLQVFKOLHOLFK GHU :DVVHUYHUKlOWQLVVH XQG GHU DQJUHQ]HQGHQ %HEDXXQJ
6FKOLW]ZlQGH
)U $XIJDEHQ LP LQQHUVWlGWLVFKHQ 7LHIEDX VLQG 6FKOLW]ZDQGWLHIHQ ELV FD P DXVUHLFKHQG $OOHUGLQJV VLQG DXFK VFKRQ 6FKOLW]ZlQGH ELV FD P 7LHIH HUVWHOOW ZRUGHQ 'LH +HUVWHOOXQJ GHU :DQG NDQQ DOWHUQLHUHQG RGHU NRQWLQXLHUOLFK HUIROJHQ %HL GHU DOWHUQLH UHQGHQ %DXZHLVH ZLUG QDFK )HUWLJVWHOOXQJ HLQHU 6FKOLW]ZDQGODPHOOH VWHWV HUVW GHU EHUQlFKV WH $EVFKQLWW EHWRQLHUW 3LOJHUVFKULWWYHUIDKUHQ +LHUEHL KDEHQ 3ULPlU XQG 6HNXQGlUODPHOOHQ VWHWV XQWHUVFKLHGOLFKH $EPHVVXQJHQ ZDV GXUFK GDV $EVFKDOURKU EHGLQJW LVW %HL GHU NRQWLQX LHUOLFKHQ +HUVWHOOXQJ KDEHQ ELV DXI GLH /DPHOOH DOOH /DPHOOHQ JOHLFKH $EPHVVXQJHQ ZDV IU GLH +HUVWHOOXQJ ] % $XVELOGXQJ GHU %HZHKUXQJVN|UEH $QRUGQXQJ YRQ $QNHUQ XQG 6WHLIHQ YRQ 9RUWHLO VHLQ NDQQ
%LOG
)RUP XQG $EPHVVXQJHQ YRQ /DPHOOHQ EHL HLQHU *UHLIHUEUHLWH YRQ P XQG HLQHU :DQGGLFNH YRQ P
0HKU QRFK DOV DQGHUH $UEHLWHQ GHV 6SH]LDOWLHIEDXHV YHUODQJW GLH +HUVWHOOXQJ YRQ 6FKOLW] ZlQGHQ XPIDQJUHLFKH (UIDKUXQJHQ ZREHL GHP *HUlWHIKUHU GHV 6FKOLW]ZDQGJUHLIHUV GLH JU|WH 9HUDQWZRUWXQJ ]XNRPPW 'LH 4XDOLWlW HLQHU 6FKOLW]ZDQG ZLUG LP :HVHQWOLFKHQ GXUFK IROJHQGH 0HUNPDOH EHVWLPPW ± JHVFKORVVHQH XQG GLFKWH :DQG ± VDXEHUH 2EHUIOlFKH GHU %HWRQZDQG GLH MH QDFK %RGHQEHVFKDIIHQKHLW JHZLVVH %HWRQDXVZFKVH DXIZHLVW ± 9HUWLNDOLWlW XQG (LQKDOWXQJ GHU )OXFKW %HL GHU $EGLFKWXQJVZLUNXQJ YRQ 6FKOLW]ZlQGHQ LVW ]ZLVFKHQ GHU 'LFKWKHLW GHV %HWRQV XQG GHU 'LFKWKHLW GHU )XJHQ ]X XQWHUVFKHLGHQ 'HU %HWRQ LVW PHLVWHQV DXVUHLFKHQG ZDVVHUGLFKW VR GDVV :DVVHUGXUFKWULWWH DXI GLH )XJHQ EHVFKUlQNW EOHLEHQ 'DKHU VLQG EHL GHU +HUVWHOOXQJ GHU )XJHQ EHVRQGHUH 0DQDKPHQ YRU]XVHKHQ ] % VROO GXUFK Ä3XW]HQ³ GHU )XJH ]ZLVFKHQ ]ZHL /DPHOOHQ YRU GHP %HWRQLHUHQ YHUKLQGHUW ZHUGHQ GDVV GRUW 6DQG RGHU .LHVQHVWHU YHUEOHLEHQ >@
%DXJUXEHQVLFKHUXQJ
'LH *WH GHU 6FKOLW]ZDQGREHUIOlFKH ZLUG GXUFK GLH DQVWHKHQGHQ %RGHQDUWHQ EHVWLPPW %HL JUREN|UQLJHQ %|GHQ VLQG HKHU %HWRQQDVHQ ]X HUZDUWHQ DOV EHL IHLQN|UQLJHQ GD EHL JUREN|U QLJHQ %|GHQ GLH 6WW]ZLUNXQJ GHU 6XVSHQVLRQ LQIROJH LKUHU JU|HUHQ (LQGULQJXQJ LQ GHQ DQVWHKHQGHQ %RGHQ DQ GHVVHQ 2EHUIOlFKH QLFKW YROO ZLUNVDP ZLUG 8QUHJHOPlLJNHLWHQ DQ GHU :DQGREHUIOlFKH VLQG LPPHU GDQQ ]X HUZDUWHQ ZHQQ EHLP 6FKOLW ]HQ +LQGHUQLVVH DXIWUHWHQ GLH ] % GXUFK 0HLHOQ EHVHLWLJW ZHUGHQ PVVHQ +LHUEHL N|QQHQ |UWOLFK JU|HUH %RGHQHLQEUFKH DXIWUHWHQ GLH QDFK GHP $XVIOOHQ PLW %HWRQ $XVZFKVH ELOGHQ 'LH ULFKWLJH /DJH GHU /DPHOOH LP *UXQGULVV ZLUG GXUFK GLH /HLWZlQGH GLH Q|WLJH 9HUWLNDOLWlW GXUFK GLH /HLWHLQULFKWXQJHQ XQG GXUFK GDV *HZLFKW GHU 6HLOJUHLIHU JHZlKUOHLVWHW 'XUFK /R WHQ XQG .RQWUROOH GHV $QVFKOXVVHV DQ EHUHLWV IHUWLJ JHVWHOOWH :DQGWHLOH NDQQ GLH 5LFKWXQJV WUHXH GHV (UGVFKOLW]HV KRUL]RQWDO XQG YHUWLNDO EHUSUIW ZHUGHQ >@
%LOG
=XOlVVLJH XQG XQ]XOlVVLJH (UVFKHLQXQJVIRUPHQ GHU EHWRQLHUWHQ 6FKOLW]ZDQG DXV >@
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'LH HLQ]HOQHQ 3UR]HVVH VLQG LQ GHP $EVFKQLWW EHVFKULHEHQ )U HLQH 6FKOLW]ZDQG LP =ZHLSKDVHQ9HUIDKUHQ ZHUGHQ GLH HQWVSUHFKHQGHQ 3UR]HVVH LQ GHU IROJHQGHQ 7DEHOOH JH OLVWHW
6FKOLW]ZlQGH
3UR]HVVH XQG ]XJHK|ULJH *HUlWH 7DEHOOH 3UR]HVVH GHU 6FKOLW]ZDQGKHUVWHOOXQJ =ZHLSKDVHQ9HUIDKUHQ >@ 3UR]HVV
,
,,
7HLOSUR]HVV
9RUEHUHLWHQGH 0DQDKPHQ )UHLUlXPHQ GHV %DXIHOGHV HYWO (UVWHOOHQ HLQHV $UEHLWVSODQXPV +HUVWHOOHQ GHU /HLWZDQG 9RUDXVKXE $XVKHEHQ /DGHQ $EWUDQVSRUWLHUHQ RGHU =ZL VFKHQODJHUQ 2UWEHWRQ 6FKDOHQ %HZHKUHQ %HWRQLHUHQ $OWHUQDWLYOHLVWXQJ )HUWLJWHLOH DOV /HLWZDQG QDFK DQHUNDQQWHQ 5HJHOQ GHU 7HFK QLN VHW]HQ $XVKXE GHV IOVVLJNHLWVJH $QWUDQVSRUW XQG /DJHUXQJ GHU VWW]WHQ 6FKOLW]HV .RPSRQHQWHQ IU GLH 6WW]IOV VLJNHLW $XIEHUHLWHQ XQG 7UDQVSRUWLHUHQ GHU 6WW]IOVVLJNHLW $XVKXE GHV 6FKOLW]HV
,,,
)XJHQDXVELOGXQJ
,9 +HUVWHOOHQ GHU 6FKOLW]ZDQG
9
(YHQWXDOOHLVWXQJ %HVHLWLJHQ YRQ +LQGHUQLVVHQ EHLP $XVKXE $EWUDQVSRUW GHV $XVKXEHV 6HSDULHUXQJ$XIEHUHLWXQJ GHU 6WW]IOVVLJNHLW 7UDQVSRUW XQG 'HSRQLHUXQJ EHUVFKVVLJHU 6XVSHQVLRQ $EVWHOOURKUH (LQVHW]HQ =LHKHQ (YHQWXDOOHLVWXQJ )XJHQElQGHU (LQEDXHQ (LQKlQJHQ XQG 3RVLWLRQLHUHQ GHV %HZHKUXQJVNRUEHV LQ GHQ 6FKOLW] %HWRQLHUHQ .RQWUDNWRU YHUIDKUHQ
*HUlW
5DXSH%DJJHU5DGODGHU :DO ]H +\GUDXOLNEDJJHU /.:5DGODGHU
%DJJHU .OHLQZHUN]HXJ
%DJJHU .OHLQZHUN]HXJ
/.: 6LORV
0LVFKDQODJH 3XPSHQ 6FKOlX FKH5RKUH 7UlJHUJHUlW PLW *UHLIHU RGHU 7LHIO|IIHO)UlVH
*UHLIHU RGHU 0HLHO
/.: 6LHEH =\NORQH 3XPSHQ $E VHW]EHFNHQ /.:
%DJJHU 3UHVVHQ
%DJJHU %DJJHU.UDQ
/.: 7UDQVSRUWEHWRQ %H WRQSXPSH %HWRQLHUURKUH %DJJHU
'LH *HUlWH 9HUIDKUHQVVSH]LILVFKH *HUlWH ,Q GHQ QDFKIROJHQGHQ $EVFKQLWWHQ ZHUGHQ GLH VSH]LHOOHQ *HUlWH XQG :HUN]HXJH GLH ]XU +HU VWHOOXQJ YRQ 6FKOLW] XQG 'LFKWXQJVVFKOLW]ZlQGHQ EHQ|WLJW ZHUGHQ EHVFKULHEHQ $OV HUVWHV ZLUG DXI GLH *UDEZHUN]HXJH ]XP /|VHQ GHV %RGHQV HLQJHJDQJHQ KLHU ± 6HLO XQG +\GUDXOLNJUHLIHU
%DXJUXEHQVLFKHUXQJ
± 7LHIO|IIHOHLQULFKWXQJHQ ± 6FKOLW]IUlVHQ ,P $QVFKOXVV IROJHQ $XVIKUXQJHQ ]X GHQ 7UlJHUJHUlWHQ XQG GHU $XIEHUHLWXQJVDQODJH
*UHLIHU 'LH DP KlXILJVWHQ JHQXW]WHQ $XVKXEZHUN]HXJH VLQG 6FKOLW]ZDQGJUHLIHU GLH LQ PHFKDQLVFKH XQG K\GUDXOLVFKH *UHLIHU XQWHUWHLOW ZHUGHQ 0HFKDQLVFKH *UHLIHU DXFK 6HLOJUHLIHU JHQDQQW EHVWHKHQ DXV HLQHP *UXQGN|USHU DXVZHFKVHOEDUHQ 6FKDXIHOQ XQG HLQHP 5ROOHQV\VWHP EHU GDV KRKH 6FKOLHNUlIWH HU]HXJW ZHUGHQ N|QQHQ 'LHVH 6FKOLW]ZDQGJUHLIHU ZHUGHQ IU $XV KXEWLHIHQ ELV ]X P YRUJHVHKHQ *HIKUWH +\GUDXOLNJUHLIHU GDJHJHQ N|QQHQ QXU ELV ]X HL QHU 7LHIH YRQ P HLQJHVHW]W ZHUGHQ ,Q GHU 5HJHO ZHUGHQ 6FKOLW]ZDQGJUHLIHU HLQJHVHW]W GD EHL GHUHQ (LQVDW] EHL JHULQJHQ .RVWHQ XQG HLQHU KRKHQ )OH[LELOLWlW HLQH YHUJOHLFKVZHLVH HLQIDFKH %HVHLWLJXQJ YRQ +LQGHUQLVVHQ P|JOLFK LVW :HQQ GLH 6FKOLHNUlIWH GHV *UHLIHUV ]XP /|VHQ GHV %RGHQV +LQGHUQLVVHV QLFKW DXVUHLFKHQ NDQQ MH QDFK 6FKDXIHODXVIKUXQJ RSWLRQDO HLQ 0HLHO LQVWDOOLHUW ZHUGHQ %HL 6HLO JUHLIHUQ NDQQ HLQH *UDEXQWHUVWW]XQJ QXU GXUFK GDV (LJHQJHZLFKW GHV *HUlWHV HUIROJHQ 8P ]XVlW]OLFKH 'UXFNNUlIWH ]X PRELOLVLHUHQ N|QQHQ DQ 6WDQJHQ JHIKUWH *UHLIHU .HOO\JUHLIHU HLQJHVHW]W ZHUGHQ (V EHVWHKW GLH 0|JOLFKNHLW GLH *UHLIHU PLW 1HLJXQJVPHVVHUQ XQG 6WHXHUNODSSHQ DXV]XUVWHQ PLW GHUHQ +LOIH HLQH 5LFKWXQJVNRUUHNWXU P|JOLFK LVW hEOLFKH *HZLFKWH YRQ 6FKOLW]ZDQGJUHL IHUQ OLHJHQ ]ZLVFKHQ XQG W IDOOV HUIRUGHUOLFK VLQG *UHLIHUJHZLFKWH ELV ]X W HLQVHW] EDU 'LH $XVKXEOHLVWXQJ EHWUlJW LQ JUREN|UQLJHQ %|GHQ HWZD PðG +\GUDXOLVFKH *UHLIHU EHQ|WLJHQ ]XVlW]OLFKH 6FKODXFKDXIUROOV\VWHPH 'DV EHGHXWHW MHGRFK HLQH (LQVFKUlQNXQJ GHU :HQGLJNHLW XQG HLQH (UK|KXQJ GHU $QVFKDIIXQJV XQG %HWULHEVNRVWHQ
6FKOLW]ZlQGH
%LOG /LQNV K\GUDXOLVFKHU 6FKOLW]ZDQGJUHLIHU UHFKWV PHFKDQLVFKHU 6HLOJUHLIHU >@
7LHIO|IIHOHLQULFKWXQJ 7LHIO|IIHOEDJJHU N|QQHQ EHLP 6FKOLW]ZDQGDXVKXE ELV LQ 7LHIHQ YRQ P HLQH KRKH /HLVWXQJ HUEULQJHQ 6LH VLQG KDQGHOVEOLFKH +\GUDXOLNEDJJHU GLH PLW HLQHP 7LHIO|IIHO DQ HLQHP EH VRQGHUV ODQJHQ *UHLIDUP DXVJHVWDWWHW VLQG 7LHIO|IIHOEDJJHU ZHUGHQ HLQJHVHW]W ZHQQ GLH 6WDQGIHVWLJNHLW GHV IOVVLJNHLWVJHVWW]WHQ 6FKOLW]HV GHQ $XVKXE YRQ DXVUHLFKHQG ODQJHQ /D PHOOHQ HUP|JOLFKW 'LH $UEHLWVVFKULWWH GLHVHV +\GUDXOLNEDJJHUV JHVFKHKHQ NRQWLQXLHUOLFK VR GDVV NHLQH $UEHLWVIXJHQ HQWVWHKHQ
%LOG
(LQVDW] HLQHV 7LHIO|IIHOEDJJHUV
%DXJUXEHQVLFKHUXQJ
)UlVHQ (LQH QHXH IRUWJHVFKULWWHQH 7HFKQLN ZXUGH PLW GHU (QWZLFNOXQJ YRQ 6FKOLW]ZDQGIUlVHQ HU ]LHOW ,P *HJHQVDW] ]XU NRQYHQWLRQHOOHQ *UHLIHUPHWKRGH ]HLFKQHW VLFK GLH )UlVWHFKQLN LQ ZLFKWLJHQ .RPSRQHQWHQ ZLH :LUWVFKDIWOLFKNHLW /HLVWXQJ *HQDXLJNHLW XQG =XYHUOlVVLJNHLW GXUFK HQWVFKHLGHQGH 9RUWHLOH DXV =ZHL JHJHQOlXILJH 6FKQHLGUlGHU O|VHQ GDV 0DWHULDO VLHKH %LOG YHUPLVFKHQ HV PLW GHU 6XVSHQVLRQ 6WW]IOVVLJNHLW XQG I|UGHUQ HV ]XU $QVDXJ |IIQXQJ GHU 3XPSH
%LOG
/LQNV $UEHLWVSULQ]LS GHU )UlVH >@
5HFKWV GLH )XQNWLRQ GHU 6FKQHLGUlGHU 'HWDLO >@
'DV )UlVJXW ZLUG GDEHL YRU (LQWULWW LQ GLH 3XPSH VR ]HUNOHLQHUW GDVV EHL GHU K\GUDXOLVFKHQ )|UGHUXQJ NHLQH 6FKODXFKVWRSIHU HQWVWHKHQ N|QQHQ 'LH PLW %RGHQPDWHULDO YHUVHW]WH 6XVSHQ VLRQ ZLUG GXUFK HLQH 5LQJOHLWXQJ ]XU $XIEHUHLWXQJVDQODJH JHSXPSW 'RUW ZLUG VLH JHUHLQLJW XQG GHP 6FKOLW] ZLHGHU ]XJHIKUW 'LH 6XVSHQVLRQ LVW )|UGHU XQG 6WW]PLWWHO ]XJOHLFK 'HU $XIEHUHLWXQJVDQODJH NRPPW GLH ZLFKWLJVWH $XIJDEH ]X GLH %RGHQWHLOH DXV GHU 6XVSHQVLRQ ]X O|VHQ XP VLH ZLHGHU ]X YHUZHQGHQ 'LH 7DEHOOH JLEW HLQHQ hEHUEOLFN EHU GLH (LQVDW]EHUHLFKH VRZLH GLH 9RU XQG 1DFKWHLOH GHU ]XYRU EHVFKULHEHQHQ $XVKXEZHUN]HXJH
6FKOLW]ZlQGH
7DEHOOH (LQVDW]EHUHLFKH XQG 0HUNPDOH YRQ 6FKOLW]ZDQGJHUlWHQ >@ 6HLOJUHLIHU
+\GUDXOLNJUHLIHU .HOO\VWDQJH
%UHLWH
P
P
/lQJH
P
P
%|GHQ
6DQGH .LHVH *HU|OOEO| 6DQGH .LHVH *HU|OOEO| 6DQGH .LHVH *HU|OOEO| 6DQGH .LHVH )HOV FNH IHLQN|UQLJH %|GHQ FNH IHLQN|UQLJH %|GHQ FNH IHLQN|UQLJH %|GHQ
7LHIH
ELV P
0HUNPDOH JHULQJH ELV PlLJH
ELV P
7LHIO|IIHO +\GUDXOLNEDJJHU
)UlVHQ PP
HQGORV
ELV P
PlLJH $XVKXEOHLVWXQJ KRKH $XVKXEOHLVWXQJ
P
ELV P KRKH $XVKXEOHLVWXQJ
$XVKXEOHLVWXQJ IOH[LEOH 7LHIHQDQSDV VXQJ
7LHIHQDQSDVVXQJ EH GLQJW P|JOLFK
7LHIHQDQSDVVXQJ NDXP 7LHIHQDQSDVVXQJ EHGLQJW P|JOLFK P|JOLFK
JHULQJH (UVFKWWHUXQJ
JHULQJH (UVFKWWHUXQJ
NDXP (UVFKWWHUXQJ
NHLQH (UVFKWWHUXQJ
JHULQJH .RVWHQ
JHULQJH .RVWHQ
JHULQJH .RVWHQ
KRKH .RVWHQ
NHLQH *UHLIHUIKUXQJ VWHLIH )KUXQJ PLWWOHUH JXWH 7LHIO|IIHOIKUXQJ DNWLYH *UHLIHUVWHXHUXQJ YHUJOHLFKVZHLVH JHULQJH ELV KRKH /DJHJHQDXLJ YHUJOHLFKVZHLVH PlLJH VHKU KRKH /DJHJHQDX /DJHJHQDXLJNHLW NHLW /DJHDXIPDVV /DJHJHQDXLJNHLW LJNHLW /DJHDXIPDVV JXWH +LQGHUQLVEHVHLWL JXWH +LQGHUQLVEHVHLWL JXQJ VFKQHOOHU :HFKVHO JXQJ KRKH /|VHNUDIW DXI 0HLHO VFKQHOOHU :HFKVHO DXI 0HLHO
PlLJH +LQGHUQLVEHVHL +LQGHUQLVEHVHLWLJXQJ WLJXQJ JHULQJH /|VHNUDIW GXUFK *HUlWH HUIRUGHU OLFK SRWHQW *HUlWHVFKl GHQ
NOHLQH $UEHLWVUlXPH P|JOLFK
JURH $UEHLWVUlXPH QRWZHQGLJ
NOHLQH $UEHLWVUlXPH P|JOLFK
ZHQLJ )XJHQ
$QVFKQLWW YRQ 3ULPlU /DPHOOHQ
JURH $UEHLWVUlXPH QRWZHQGLJ
7UlJHUJHUlWH $OV 7UlJHUJHUlWH NRPPHQ LQ GHU 5HJHO %DJJHU DXI 5DXSHQIDKUZHUNHQ PLW HLQHP *HZLFKW YRQ ELV W ]XP (LQVDW] $Q GLHVH *UXQGJHUlWH ZHUGHQ GLH $XVKXEZHUN]HXJH DQJHEDXW RGHU DQJHKlQJW )U K\GUDXOLVFK EHWULHEHQH 6FKOLW]ZDQGJUHLIHU VLQG GLH 7UlJHUJHUlWH PLW GHQ HUIRUGHUOLFKHQ 6FKODXFKUROOHQ DXVJHVWDWWHW ,QVEHVRQGHUH IU 6FKOLW]ZDQGIUlVHQ ZXUGHQ VSH]LHOOH .RPSDNWJHUlWH HQWZLFNHOW ] % GXUFK GLH )D %DXHU GLH GHQ EHVRQGHUHQ $QIRUGHUXQJHQ LQ GHU 6FKOLW]ZDQGWHFKQLN HQWVSUHFKHQ 'DV *UXQGJHUlW NDQQ KLHUEHL HLQ KDQGHOVEOLFKHU VFKZHUHU +\GUDXOLN RGHU 6HLOEDJJHU VHLQ .RPSDNWJHUlWH VLQG EHVRQGHUV IU HQJH %DXVWHOOHQYHUKlOWQLVVH JHHLJQHW 'LH IU GHQ )UlV YRUJDQJ EHQ|WLJWHQ 3XPSHQ VLQG LP *HUlW LQVWDOOLHUW ,P $OOJHPHLQHQ ZLUG GLH NRPSOHWWH $XVKXEDXVUVWXQJ YRQ GHQ 6\VWHPOLHIHUDQWHQ HLQ VFKOLHOLFK GHU GD]XJHK|ULJHQ *HUlWHWUlJHU PLW VlPWOLFK DXIHLQDQGHU DEJHVWLPPWHQ .RPSR QHQWHQ EH]RJHQ
%DXJUXEHQVLFKHUXQJ
$XIEHUHLWXQJVDQODJHQ 'LH $XIEHUHLWXQJVDQODJH ]XU :LHGHUYHUZHQGXQJ JHEUDXFKWHU 6WW]VXVSHQVLRQ LVW QHEHQ GHQ *UDEZHUN]HXJHQ GLH ZLFKWLJVWH .RPSRQHQWH GHU 6FKOLW]ZDQGEDXZHLVH 6LH PXVV GHU ]X HU ZDUWHQGHQ 6FKOLW]OHLVWXQJ HQWVSUHFKHQ XQG LP P|JOLFKHQ 'XUFKVDW] PLQGHVWHQV EHU GHU JHSODQWHQ $XVKXEOHLVWXQJ OLHJHQ =XU $XIEHUHLWXQJVDQODJH JHK|UHQ ± (QWVDQGXQJVDQODJH ± 6LORV ± )|UGHU XQG 8PZlO]SXPSHQ ± :DDJHQ ± 0LVFKHU ± GLY 5RKUH XQG 6FKOlXFKH ± DXVUHLFKHQGH 6WURP XQG :DVVHUYHUVRUJXQJ ± %DXVWHOOHQODERU 'DV 'XUFKODXIHQ GHU (QWVDQGXQJVDQODJH VWHOOW GHQ +DXSWEHVWDQGWHLO GHU $XIEHUHLWXQJ GDU 'DV 6\VWHP PXVV LQ GHU /DJH VHLQ DXV 6XVSHQVLRQHQ GLH %RGHQDQWHLOH ZLUWVFKDIWOLFK KHUDXV ]XO|VHQ 'LH $XIEHUHLWXQJVDQODJHQ N|QQHQ LP %DXNDVWHQV\VWHP ZLH YRQ GHU )D %DXHU DQJHERWHQ DQJHRUGQHW VHLQ 'XUFK 9HUlQGHUXQJHQ GHU %DXJUXSSHQ =\NORQH XQG 8PZlO]SXPSHQ NDQQ PDQ /HLVWXQJHQ GHU *UXQGPRGHOOH YRQ ELV PñK HUP|JOLFKHQ =XVlW]OLFK LVW HV P|J OLFK ]ZHL $QODJHQ ]X HLQHU *HVDPWDQODJH ]X NRSSHOQ XQG GDGXUFK GLH GRSSHOWH /HLVWXQJ YRQ ELV PñK ]X HU]LHOHQ
%LOG .UHLVODXI GHU 6XVSHQVLRQ LQ HLQHU %HQWRQLWPLVFK XQG 5HJHQHULHUXQJVDQODJH >@
6FKOLW]ZlQGH
'LH ZLFKWLJVWHQ 6WRIIH 6WW]IOVVLJNHLW 'LH 6WW]VXVSHQVLRQ DXV 7RQ %HQWRQLW XQG :DVVHU E]Z EHLP (LQSKDVHQ9HUIDKUHQ 7RQ :DVVHU XQG =HPHQW ZLUG QDFK GHU (LJQXQJVSUIXQJ LQ &KDUJHQPLVFKHUQ RGHU NRQWLQXLHUOL FKHQ 'XUFKODXIPLVFKHUQ ]XVDPPHQJHVWHOOW 6WDQGDUGUH]HSWXUHQ EHL (LQSKDVHQ9HUIDKUHQ EHVWHKHQ DXV >@
NJ NJ NJ
%HQWRQLW =HPHQW :DVVHU
)HUWLJPLVFKXQJHQ GLH YRU 2UW QXU QRFK PLW :DVVHU YHUPLVFKW ZHUGHQ PVVHQ VHW]HQ VLFK ZLH IROJW ]XVDPPHQ
NJ NJ
7URFNHQPLVFKXQJ >@ :DVVHU
%HWRQ 'HU %HWRQ IU GLH NRQVWUXNWLYH :DQG =ZHLSKDVHQ9HUIDKUHQ PXVV GHQ DOOJHPHLQHQ $QIRU GHUXQJHQ GHU ',1 E]Z (19 HQWVSUHFKHQ =XPHLVW ZLUG HLQ % E]Z & YHUZHQGHW GHVVHQ .RQVLVWHQ] ZHJHQ GHU EHVRQGHUHQ (LQEDXWHFKQLN DOOHUGLQJV YRQ GHU ',1 DEZHLFKW 6LHKH ',1 $OV %DXVWRII IU 'LFKWZlQGH ZLUG PHLVW HLQ VRJ (UGEHWRQ YHUZHQGHW 'LHVHU ZLUG DXV :DV VHU %HQWRQLW =HPHQW )OOHU 7RQPHKO *HVWHLQVPHKO 6DQG XQG .LHV KHUJHVWHOOW 6WDQGDUGUH]HSWXUHQ IU HLQHQ .XELNPHWHU VHW]HQ VLFK ]XVDPPHQ DXV >@
NJ NJ NJ NJ NJ NJ NJ
%HQWRQLW 7RQPHKO =HPHQW 6WHLQPHKO 6DQG .LHV :DVVHU
%HZHKUXQJ 'LH %HZHKUXQJ HLQHU 6FKOLW]ZDQGODPHOOH ZLUG LQ YRUJHIHUWLJWHQ .|UEHQ HLQJHEDXW 'LH .RUEDEPHVVXQJHQ HQWVSUHFKHQ GDEHL GHQ 6FKOLW]ZDQGDEPHVVXQJHQ VLQG DEHU DXFK YRQ GHQ ]XU 9HUIJXQJ VWHKHQGHQ +HEHJHUlWHQ DEKlQJLJ %HL EHVRQGHUV ODQJHQ 6FKOLW]HQ N|QQHQ DXFK ]ZHL RGHU PHKU .|UEH QHEHQHLQDQGHU JHEDXW ZHUGHQ $XV VWDWLVFKHQ *UQGHQ PXVV LQ GHQ PHLVWHQ )lOOHQ GLH 9HUWLNDOEHZHKUXQJ YRQ KRUL]RQWDOHQ %JHOQ XPVFKORVVHQ VHLQ
%DXJUXEHQVLFKHUXQJ
'HU 3HUVRQDOEHGDUI 'HU 3HUVRQDOEHGDUI LVW QDFK %DXYRUKDEHQ XQG *U|H XQWHUVFKLHGOLFK DEHU LP $OOJHPHLQHQ VHW]W VLFK GLH .RORQQH DXI GHU %DXVWHOOH ZLH IROJW ]XVDPPHQ ± 3ROLHU RGHU 6FKDFKWPHLVWHU ± %DJJHUIKUHU ± 0DVFKLQHQIKUHU ± +HOIHU 9HUVWlUNW ZLUG GLH .RORQQH JHJHEHQHQIDOOV GXUFK $UEHLWVNUlIWH LQ /DERUHLQULFKWXQJHQ VRZLH 0DVFKLQLVWHQ GLH IU GLH %HWUHLEXQJ GHU 0LVFKDQODJHQ VRZLH $XIEHUHLWXQJVDQODJHQ ]XVWlQ GLJ VLQG 'DV +HUVWHOOHQ GHU %HZHKUXQJ ZLUG LQ GHQ PHLVWHQ )lOOHQ YRQ HLQHU ]ZHLWHQ .RORQQH 0DQQ EHUQRPPHQ 'LH %HZHKUXQJ ZLUG PLW HLQHP ]ZHLWHQ %DJJHU HLQJHVHW]W XP HLQ JU|HUHV 8PUVWHQ ]X YHUPHLGHQ
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ $OV 7DJHVOHLVWXQJ IU GDV +HUVWHOOHQ GHU /HLWZlQGH N|QQHQ P$7 IU 2UWEHWRQ XQG P$7 IU )HUWLJWHLOOHLWZlQGH DQJHQRPPHQ ZHUGHQ hEHUZLHJHQG ZHUGHQ )HUWLJWHLOH JH JHQEHU GHU 2UWEHWRQKHUVWHOOXQJ EHYRU]XJW $XIZDQGVZHUWH IU GDV /|VHQ GHV %RGHQV PLWWHOV )UlVHQ VLQG MH QDFK *U|H VRZLH )DEULNDW GHV *HUlWHV XQG =XVDPPHQVHW]XQJ GHV %RGHQV XQWHUVFKLHGOLFK *HQDXH $XVNQIWH EHU GLH 1HWWRIUlVOHLVWXQJHQ HUKlOW PDQ EHL GHQ HLQ]HOQHQ +HUVWHOOHUQ ZLH ] % )D %DXHU RGHU GHU )D :LUWK 'LH +HUVWHOOXQJ HLQHU 6FKOLW]ZDQG LP *UHLIHUEHWULHE LVW RIW QXU LQ 6DQGHQ .LHVHQ EHL 7LHIHQ YRQ P XQG :DQGIOlFKHQ YRQ FD ELV Pð ZLUWVFKDIWOLFK 7DJHVOHLVWXQJHQ YRQ PLQGHVWHQV ELV Pð*HUlW ELV ]X Pð*HUlW VLQG GDEHL P|JOLFK 'LH NDONXODWRUL VFKHQ $XIZDQGVZHUWH ]XU %H XQG 9HUDUEHLWXQJ GHU %HZHKUXQJ EDVLHUHQ DXI GHU *UXQGODJH GDVV GLH %HZHKUXQJVN|UEH LQ HLQHU /lQJH YRQ ELV P DXI GLH %DXVWHOOH JHOLHIHUW ZHUGHQ
6FKOLW]ZlQGH
7DEHOOH %HWULHEVPLWWHOHLQVDW] 3UR]HVV
7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
9RUDXVKXE $XV KHEHQ /DGHQ $E WUDQVSRUWLHUHQ RGHU =ZLVFKHQODJHUQ
+\GUDXOLNEDJJHU 0RQREORFNDXVOHJHU /|IIHOVWLHO 7LHIO|IIHO /.: RGHU 5DGODGHU
)HUWLJWHLOH DOV /HLWZDQG QDFK DQ HUNDQQWHQ 5HJHOQ GHU 7HFKQLN VHW]HQ $XIEHUHLWHQ XQG 7UDQVSRUWLHUHQ GHU 6WW]IOVVLJNHLW
%DJJHU ZLH ,, .OHLQZHUN]HXJ
,,
$XVKXE GHV 6FKOLW]HV
,,,
,9
9
%HQWRQLWEHKlOWHU :DVVHUEHKlOWHU 0LVFKJHUlW 3XPSH 6FKOlXFKH5RKUH HWF 5DXSHQVHLOEDJJHU *UXQGDXVOHJHU 6FKOLW]ZDQGJUHLI N|USHU PHFK 6FKOLW]ZDQGJUHLI N|USHU K\GU 6FKOLW]ZDQGJUHLIHU VFKDOHQ 6FKOLW]ZDQGPHLHO )XJHQPHLHO
(YHQWXDOOHLVWXQJ %HVHLWLJHQ YRQ +LQGHUQLVVHQ EHLP $XVKXE 6HSDULHUXQJ $XI $XIEHUHLWXQJVDQODJH %UDXFKZDVVHUDXIEHUHL EHUHLWXQJ GHU WXQJVDQODJH 6WW]IOVVLJNHLW )|UGHUVFKQHFNH 5DXSHQVHLOEDJJHU $EVWHOOURKUH (LQVHW]HQ =LHKHQ $XVUVWXQJ IU .UDQ EHWULHE /lQJH a P $EVFKDOURKUH =LHKJHUlW IU $EVFKDO URKUH 5DXSHQVHLOEDJJHU (LQKlQJHQ XQG 3RVLWLRQLHUHQ GHV $XVUVWXQJ IU .UDQ EHWULHE %HZHKUXQJVNRU EHV LQ GHQ 6FKOLW] %HWRQLHUHQ .RQ %HWRQLHUHLQULFKWXQJ WUDNWRUYHUIDKUHQ
' « ' « ' « ' « 3 « ' «
3HUVRQDO EHGDUI
.DONXODWRULVFKH /HLVWXQJVZHUWH
0DVFKLQLVW )DKUHU 0DVFKLQLVW 0DVFKLQLVW +HOIHU
7 « 7 « - « - «
$QODJHQ WHFKQLNHU
' « ' « . «
0DVFKLQLVW JJI +HOIHU
PñK
P$7
PñK .RPSOHWW XQG
. « . « . « . «
% « % «
1DFK $XIZDQG $QODJHQ WHFKQLNHU
% « ' $6 0DVFKLQLVW +HOIHU K6WFN 6WFN a P
. « . « ' $6
0DVFKLQLVW +HOIHU
«
+HOIHU
%*/
3UR .RUE HLQH /lQJH YRQ P K.RUE PñK
%DXJUXEHQVLFKHUXQJ
7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ IU GDV +HUVWHOOHQ HLQHU 6FKOLW]ZDQG
6RQVWLJHV
$XVKXE GHV 6FKOLW]HV
7lWLJNHLW +HUVWHOOHQ GHV 6FKOLW]HV LP *UHL IHUYHUIDKUHQ 7LHIH ELV P 8PVHW]HQ XQG $XVULFKWHQ GHV 7UlJHUJHUlWHV $QVFKQHLGHQ GHU 3ULPlUODPHOOH %DXVWHOOHQHLQULFKWXQJ $XIEDX GHU $XIEHUHLWXQJVDQOD JHQ(QWVDQGXQJVDQODJHQ $QODXI]HLW DP 0RUJHQ E]Z $E EDX]HLW DP $EHQG *HUlWHDXVIDOO ZDUWXQJ 5lXPHQ GHU %DXVWHOOH
7lWLJNHLWV XQG 5VW]HLWHQ QDFK :DQGGLFNH FP %RGHQNODVVH QDFK ',1 $7 +HUVWHOOXQJ $7 %HZHKUXQJ XQG %HWRQ K (QWIHUQXQJVDEKlQJLJ K 7DJH 7DJ PLQ SUR 7DJ 6WXQGHQ LQ GHU :RFKH 7DJH
$QPHUNXQJ ]XU /HLVWXQJVEHVFKUHLEXQJ 'LH 3ODQXQJ 3UIXQJ XQG $XVIKUXQJ ZLUG LQ GHU ',1 2UWEHWRQ6FKOLW]ZlQGH .RQ VWUXNWLRQ XQG $XVIKUXQJ JHUHJHOW 'LH :HVHQWOLFKHQ PLW JHOWHQGHQ 1RUPHQ VLQG ',1
.XU]EH]HLFKQXQJ %HWRQ XQG 6WDKOEHWRQ 0DXHUZHUN =XO %HODVWXQJ GHV %DXJUXQGV
',1 ($8 Ä(PSIHKOXQJHQ GHV $UEHLWVDXVVFKXVVHV 8IHUHLQIDVVXQJ³ ($% Ä(PSIHKOXQJHQ GHV $UEHLWVNUHLVHV %DXJUXEHQ³
.XU]EH]HLFKQXQJ %HWRQDQJUHLIHQGH :lVVHU %HWRQDQJUHLIHQGH :lVVHU *HElXGHVLFKHUXQJ 6WW]HQGH )OVVLJNHLWHQ
*UXQGODJHQ ]XU PDQJHOIUHLHQ VDFK XQG YHUWUDJVJHUHFKWHQ $XVIKUXQJ YRQ 6FKOLW]ZlQGHQ VLQG LQ GHU 92%& ',1 6FKOLW]ZDQGDUEHLWHQ JHUHJHOW 6LH HQWKlOW XQWHU DQGHUHP +LQ ZHLVH IU GDV $XIVWHOOHQ GHU /HLVWXQJVEHVFKUHLEXQJ 'LHVH +LQZHLVH ZHUGHQ ]ZDU QLFKW %H VWDQGWHLO HLQHV 92%9HUWUDJHV JHEHQ DEHU $QKDOWVSXQNWH EHU $QJDEHQ GLH LQ GHU /HLV WXQJVEHVFKUHLEXQJ JHJHEHQ ZHUGHQ VROOWHQ 1DFKIROJHQG VHLHQ QXU GLH ZLFKWLJVWHQ DXIJH IKUW ± $QJDEHQ EHU GHQ %DXJUXQG LQVEHVRQGHUH .RUQJU|HQYHUWHLOXQJ 3RUHQDQWHLO 'LFKWH XQG 6FKHUSDUDPHWHU GHU DQVWHKHQGHQ %|GHQ ± QDWUOLFKH RGHU NQVWOLFKH +RKOUlXPH ] % VWLOOJHOHJWH .DQlOH LP %HUHLFK GHU :lQGH ± $QJDEHQ EHU /DJH XQG $UW GHU EHQDFKEDUWHQ %HEDXXQJ XQG GHUHQ *UQGXQJ %DX JUXQG %HODVWXQJ XQG 6WDQGVLFKHUKHLWVQDFKZHLVH ± 6WDQGVLFKHUKHLWVQDFKZHLVH XQWHU %HDFKWXQJ GHU %DX]XVWlQGH IU GLH HUKlUWHWH :DQG XQG GLH PLW VWW]HQGHU )OVVLJNHLW JHIOOWHQ 6FKOLW]H ± $QJDEHQ EHU GLH HUIRUGHUOLFKHQ (LJHQVFKDIWHQ GHU VWW]HQGHQ )OVVLJNHLW XQG GDV (U JHEQLV GHU (LJQXQJVSUIXQJ
6FKOLW]ZlQGH
1HEHQ GHQ LQ GHU 92%& ',1 IHVWJHOHJWHQ %HGLQJXQJHQ ZXUGHQ VSH]LHOOH WHFKQLVFKH %HGLQJXQJHQ HQWZLFNHOW QDFK GHQHQ ZHLWHUH 9HUHLQEDUXQJHQ JHWURIIHQ ZHUGHQ N|QQHQ 'LH VH HUJlQ]HQGHQ %HGLQJXQJHQ N|QQHQ ]XVlW]OLFK YHUHLQEDUW ZHUGHQ
6SH]LHOOH 7HFKQLVFKH %HGLQJXQJHQ IU 6FKOLW]ZDQGDUEHLWHQ 67%6: >@ 1HEHQOHLVWXQJHQ (LQKDOWHQ GHU SODQPlLJHQ +|KH GHU 6FKOLW]ZDQGREHUNDQWH ]XOlVVLJH 7ROHUDQ] ELV FP (LQEDXHQ GHU %HZHKUXQJVN|UEH PLW HLQHU +|KHQWROHUDQ] YRQ GHU .RUEOlQJH 6WW]IOVVLJNHLWV XQG %HWRQPHKUYHUEUDXFK ELV ]X GHV WKHRUHWLVFKHQ 6FKOLW]YR OXPHQV %HVRQGHUH /HLVWXQJHQ /LHIHUXQJ XQG (LQEDX YRQ $XVVSDUXQJHQ XQG GHU KLHUIU QRWZHQGLJHQ $QVFKOXVVEH ZHKUXQJ %RGHQEHGLQJWHU 6WW]IOVVLJNHLWV XQG %HWRQPHKUYHUEUDXFK EHL hEHUVFKUHLWHQ GHV 5LFKWZHUWHV QDFK ',1 $QSDVVXQJ GHU 6WW]IOVVLJNHLW EHL YRP /9 DEZHLFKHQGHQ %DXJUXQGYHUKlOWQLVVHQ $EVWHPPXQJ GHV hEHUEHWRQV DQ GHU 6FKOLW]ZDQGREHUNDQWH ELV ]XU SODQJHPlHQ +| KH (UVWHOOXQJ GHU $QVFKOXVVEHZHKUXQJ XQG %HVHLWLJXQJ GHU DQIDOOHQGHQ 0DWHULDOLHQ %HVHLWLJXQJ GHU XQEUDXFKEDUHQ 6WW]IOVVLJNHLW XQG GHV PLW 6WW]IOVVLJNHLW YHUPHQJ WHQ %RGHQV +HUVWHOOXQJ XQG $EEUHFKHQ GHU /HLWZlQGH VRZLH %HVHLWLJXQJ GHV DQIDOOHQGHQ 0DWHUL DOV 5HLQLJXQJ GHU IUHLJHOHJWHQ $QVLFKWVIOlFKHQ $EVWHPPXQJ YRQ 9RUZFKVHQ VRZLH %HVHLWLJXQJ GHV DQIDOOHQGHQ 0DWHULDOV )UHLOHJXQJ YRQ $XVVSDUXQJVN|USHUQ XQG $QVFKOXVVEHZHKUXQJHQ LQ GHU 6FKOLW]ZDQG VRZLH %HVHLWLJXQJ GHV DQIDOOHQGHQ 0DWHULDOV $XIPDVV XQG $EUHFKQXQJ (UJlQ]HQG ]X $79 ',1 $EVFKQLWW 6WDKOJHZLFKW HUPLWWHOW XQWHU $QVDW] GHU VWDWLVFK HUIRUGHUOLFKHQ XQG NRQVWUXNWLYHQ (LQEDXWHLOH
%DXJUXEHQVLFKHUXQJ
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 'LH 4XDOLWlWVEHUZDFKXQJ DQ 6FKOLW]ZlQGHQ YROO]LHKW VLFK ]XP JU|WHQ 7HLO LQ GHQ hEHUZD FKXQJVODERUV )HVWLJNHLWVSUIXQJHQ N|QQHQ XQWHU DQGHUHP GXUFK (QWQDKPH YRQ 3UREHN|U SHUQ YRUJHQRPPHQ ZHUGHQ 'LH 6WlUNHEHVWLPPXQJ GHU HLQJHEUDFKWHQ :lQGH NDQQ ] % PLW WHOV 8OWUDVFKDOO YRU 2UW HUIROJHQ 8P HLQH KRKH 6LFKHUKHLW XQG 4XDOLWlW ]X JHZlKUOHLVWHQ VLQG GLH LQ GHU 7DEHOOH DXIJH IKUWHQ 0DQDKPHQ ]X EHDFKWHQ 7DEHOOH 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ YRQ 6FKOLW]ZDQGEDXWHQ >@ YRU GHU %DXPDQDKPH
8QWHUVXFKXQJ GHU JHRORJL VFKHQ XQG WRSRJUDSKLVFKHQ (LJHQVFKDIWHQ )HVWOHJXQJ GHU 6FKOLW]ZDQGWLH IH EDVLHUHQG DXI GHQ $XI VFKOXVVERKUXQJHQ (UVWHOOXQJ YRQ 7HVWODPHOOHQ $XVIKUXQJVEHVFKUHLEXQJ DOOHU 0DWHULDOLHQ XQG *HUlWH
ZlKUHQG GHU %DXPDQDKPH
3UIXQJ GHV 6FKOLW]ZDQGDQ VDW]SXQNWHV QDFK /DJH XQG 5LFKWXQJ .RQWUROOH GHU %HQWRQLW 6XVSHQVLRQV %HWRQ )LOWUDW ZDVVHUHLJHQVFKDIWHQ %HZHKUXQJVDEQDKPH 9HUPHVVHQ GHVH RIIHQHQ 6FKOLW]HV ,QNOLQRPHWHUPHV VXQJ 6HLOORW 9HUPHVVXQJ GHU 1DFKEDUJH ElXGH 6HW]XQJHQ
QDFK GHU %DXPDQDKPH
*WHEHUZDFKXQJ 8OWUD VFKDOOSUIXQJ (QGYHUPHVVHQ GHV 6FKOLW]HV XQG GHU $QVFKOXVVEHZHKUXQJ (UG XQG :DVVHUGUXFNPHVV 6HW]SXQNWH DXI *2. )XJHQNRQWUROOH hEHUSUIXQJ GHU 6\VWHPGLFK WLJNHLW EHU *URSXPSYHUVX FKH 9HUPHVVXQJ GHU 1DFKEDUEH EDXXQJ
'VHQVWUDKOVRKOHQ XQG ZlQGH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 'VHQVWUDKOVRKOHQ XQG ZlQGH ZHUGHQ DXV HLQ]HOQHQ EHUVFKQLWWHQHQ VlXOHQDUWLJHQ 'VHQ VWUDKOHOHPHQWHQ KHUJHVWHOOW 'LH EDXDXIVLFKWOLFK ]XJHODVVHQHQ 'VHQVWUDKOYHUIDKUHQ ZHUGHQ ILUPHQVSH]LILVFK EHQDQQW -HW *URXWLQJ 6RLOFUHWH +RFKGUXFNLQMHNWLRQ +', +RFKGUXFNER GHQYHUP|UWHOXQJ 62,/-(7 X D P 'XUFK NRQYHQWLRQHOOH ,QMHNWLRQHQ ZLUG PLW 8QWHUVWW ]XQJ YRQ JHULQJHQ 'UFNHQ ELV EDU GHU YRUKDQGHQH 3RUHQUDXP GHV %RGHQV ]XU 9HUIHVWL JXQJ XQGRGHU $EGLFKWXQJ JHIOOW %HL $XIEUHFKLQMHNWLRQHQ 6RLOIUDF9HUIDKUHQ ZLUG GHU %RGHQ ]XQlFKVW IlFKHUDUWLJ DXIJHEURFKHQ XQG VHLQH 6SDOWHQ LP $QVFKOXVV YHUIOOW ,P 8QWHUVFKLHG ]X GLHVHQ ]ZHL 0HWKRGHQ ZLUG EHLP 'VHQVWUDKOYHUIDKUHQ GLH %RGHQVWUXNWXU GXUFK HLQHQ :DVVHU RGHU 6XVSHQVLRQVLQMHNWLRQVVWUDKO JJI XQWHUVWW]W GXUFK HLQH /XIWXP PDQWHOXQJ GHV 6WUDKOV PLW 'UFNHQ ELV EDU DEVFKQLWWVZHLVH JHO|VW 6R ZLUG HLQ 7HLO GHV %RGHQV LP 5FNODXI GXUFK GLH %RKUXQJ JHI|UGHUW XQG HLQ DQGHUHU 7HLO PLW GHU LQML]LHUWHQ =HPHQW6XVSHQVLRQ YHUPLVFKW 'HU LP %RGHQ YHUEOHLEHQGH $QWHLO HUKlUWHW XQG ELOGHW HLQ 'VHQVWUDKOHOHPHQW =XVDPPHQKlQJHQGH (OHPHQWH DXIHLQDQGHU IROJHQGHU +HUVWHOOXQJHQ ELOGHQ VFKOLHOLFK IOlFKHQKDIWH 6RKOHQ RGHU :lQGH
'VHQVWUDKOVRKOHQ XQG ZlQGH
'DV $UEHLWHQ PLW GHP 'VHQVWUDKOYHUIDKUHQ OlVVW VLFK VHKU IOH[LEHO JHVWDOWHQ P|JOLFK VLQG ] % $XVODVVXQJHQ ZLH VLH XQWHU NUHX]HQGHQ 5RKUOHLWXQJHQ EHL %DXJUXEHQVLFKHUXQJHQ PLW 6SXQGZlQGHQ QRWZHQGLJ ZHUGHQ
%LOG 9DULDQWHQ GHV 'VHQVWUDKOYHUIDKUHQV
+HXWH ODVVHQ VLFK GXUFK GLH YHUVFKLHGHQHQ 7HFKQLNHQ GLH JHQDXHQ 6WHXHUXQJVP|JOLFKNHLWHQ GLH 'UHK]DKOHQ XQG GDV =LHKHQ GHV *HVWlQJHV GLH YHUVFKLHGHQVWHQ 'VHQVWUDKON|USHU KHUVWHO OHQ 'LH YHUVFKLHGHQHQ +HUVWHOOYHUIDKUHQ ZHUGHQ QDFKIROJHQG HUOlXWHUW 7DEHOOH 3ULQ]LS XQG 0HUNPDOH GHU +HUVWHOOYHUIDKUHQ 9HUIDKUHQ (LQIDFK YHUIDKUHQ 6LPSOH[ =ZHLIDFK YHUIDKUHQ 'XSOH[
'UHLIDFK YHUIDKUHQ 7ULSOH[
3ULQ]LS
0DWHULDO XQG 3XPSHQ %RGHQ GUXFN (LQIDFKJHVWlQJH PLW 'VH +RFKGUXFN =HPHQW HURGLHUEDUHU EHL GHP GHU 6WUDKO JOHLFK 6XVSHQVLRQ PLW FD %RGHQ LP ]HLWLJ ]XP 6FKQHLGHQ XQG ELV EDU *UXQGZDVVHU 9HUP|UWHOQ JHQXW]W ZLUG DQZHQGEDU =ZHLNDQDO%RKUJHVWlQJH +RFKGUXFN =HPHQW VDQGLJHU XQG GDV DXV ]ZHL JHWUHQQWHQ 6XVSHQVLRQ PLW FD NLHVLJHU %RGHQ UDGLDO DQJHRUGQHWHQ =XOlX ELV EDU 5LQJGVH LP *UXQGZDV IHQ IU /XIW XQG 6XVSHQVL NRD[LDO PLW ELV EDU VHU DQZHQGEDU RQ EHVWHKW 'UXFNOXIW 'UHLNDQDO%RKUJHVWlQJH +RFKGUXFNZDVVHUVWUDKO VDQGLJHU ELV PLW JHWUHQQWHU =XIKUXQJ PLW 'UFNHQ YRQ ELV NLHVLJHU %RGHQ YRQ 6FKQHLGZDVVHU /XIW EDU 5LQJGVH NR LP *UXQGZDV XQG 6XVSHQVLRQ VR GDVV D[LDO GUXFNOXIWXPPDQ VHU DQZHQGEDU GLH 9RUJlQJH 6FKQHLGHQ WHOW =HPHQW XQG 9HUP|UWHOQ UlXPOLFK 6XVSHQVLRQV'VH YRQ JHWUHQQW VLQG DEHU LQ HL ELV EDU QHP $UEHLWVJDQJ DXVJH IKUW ZHUGHQ
(LQVDW]EHUHLFKH JHULQJH 7LHIH NOHLQH ELV PLWWOHUH 'XUFKPHV VHU /DPHOOHQZlQGH 'LFKWVRKOHQ *HElX GHXQWHUIDQJXQJHQ 'XUFKPHVVHU ELV P *HElXGHXQWHUIDQJXQ JHQ 'LFKWZlQGH 6RKOHQ 'XUFKPHVVHU YRQ P
%DXJUXEHQVLFKHUXQJ
=XVDPPHQJHVHW]WH 6RLOFUHWH.|USHU
/DPHOOHQZDQG PLW 'LFKWVRKOH
8QWHUIDQJXQJVN|USHU
%LOG $QZHQGXQJVEHLVSLHOH IU 'VHQVWUDKOVRKOHQ E]Z ZlQGH >@ 7DEHOOH 9RU XQG 1DFKWHLOH YRQ 'VHQVWUDKOVRKOHQ E]Z ZlQGHQ 9RUWHLOH
1DFKWHLOH
GLUHNWHU /DVWEHUWUDJ YRQ )XQGDPHQW DXI ,QMHNWLRQVN|USHU
hEHUZFKVH GLH YRP 6ROOTXHUVFKQLWW DEVWH KHQ PVVHQ HQWIHUQW ZHUGHQ
IXJHQORVHU $QVFKOXVV DQ GHQ )XQGDPHQWN|USHU
NRVWHQLQWHQVLY
HUVFKWWHUXQJV XQG EHZHJXQJVDUPH +HUVWHO OXQJ
QLFKW ELV LQ EHOLHELJH 7LHIHQ DQZHQGEDU
QLFKW LQ DOOHQ %|GHQ DQZHQGEDU
JHULQJH YHUWLNDOH XQG KRUL]RQWDOH 9HUIRUPXQJ
JHULQJH 6HW]XQJVJHIDKU
JHUlXVFKDUPHV 9HUIDKUHQ
WHPSRUlUH XQG GDXHUKDIWH $EGLFKWXQJ
(LQVDW] YRQ NOHLQHP *HUlW P|JOLFK
LP *UXQGZDVVHU HLQVHW]EDU
)HVWLJNHLWVHLJHQVFKDIWHQ YDULDEHO HLQVWHOOEDU
7HFKQLVFKH *UXQGODJHQ 'DV 'VHQVWUDKOYHUIDKUHQ ZLUG LP *UXQGEDX ]XU /|VXQJ IROJHQGHU %DXDXIJDEHQ HLQJHVHW]W ± 8QWHUIDQJXQJ YRQ *HElXGHQ ]XU +HUVWHOOXQJ YRQ %DXJUXEHQ ± +HUVWHOOXQJ YRQ $EGLFKWXQJVZlQGHQ XQG ZDVVHUGLFKWHQ %DXJUXEHQXPVFKOLHXQJHQ ± +HUVWHOOHQ YRQ KRUL]RQWDOHQ $EGLFKWXQJVVRKOHQ ± +HUVWHOOXQJ YRQ WLHI OLHJHQGHQ KRUL]RQWDOHQ $XVVWHLIXQJHQ YRQ %DXJUXEHQZlQGHQ ± *UQGXQJVVDQLHUXQJ YRQ KLVWRULVFKHQ RGHU PDQJHOKDIW JHJUQGHWHQ *HElXGHQ ± +HUVWHOOXQJ YRQ 6LFKHUXQJVVFKLUPHQ IU GHQ 7XQQHOYRUWULHE LP /RFNHUERGHQ ± 6DQLHUXQJ YRQ NRQWDPLQLHUWHQ %RGHQEHUHLFKHQ LQ VLWX EHL EHJUHQ]WHQ 3ODW]YHUKlOWQLV VHQ
'VHQVWUDKOVRKOHQ XQG ZlQGH
%LOG 8QWHUIDQJXQJ HLQHV *HElXGHV ]XU +HUVWHOOXQJ HLQHU %DXJUXEH >@
'VHQVWUDKOHOHPHQWH N|QQHQ LQ VlPWOLFKHQ /RFNHUJHVWHLQHQ LQ 7LHIHQ YRQ ELV P DXVJH IKUW ZHUGHQ $EKlQJLJ YRQ GHQ ERGHQSK\VLNDOLVFKHQ (LJHQVFKDIWHQ XQG GHU 9HUIDKUHQV WHFKQLN VWHOOHQ VLFK XQWHUVFKLHGOLFKH .XEDWXUHQ GHU (OHPHQWH LQ ZHFKVHOQGHQ %RGHQVFKLFK WHQ HLQ ,QVEHVRQGHUH EHL ,QMHNWLRQHQ IU %DXJUXEHQDEGLFKWXQJHQ PVVHQ GLH %RKUXQJHQ VR GLFKW DQJHRUGQHW VHLQ GDVV VLFK GLH 5HLFKZHLWHQ GHU ,QMHNWLRQHQ ]XYHUOlVVLJ EHUODSSHQ XQG HLQH ]XVDPPHQKlQJHQGH JHVFKORVVHQH %DUULHUH HQWVWHKW REZRKO JOHLFK]HLWLJ DXV .RVWHQ JUQGHQ DXFK LPPHU HLQ 0LQLPXP DQ %RKUDXIZDQG DQJHVWUHEW ZLUG =XVlW]OLFK EHVWHKW GLH *HIDKU GDVV EHL ]X QDK DQJHRUGQHWHQ %RKUXQJHQ VRJ 'VVFKDWWHQ XQG GDPLW )HKOVWHOOHQ EHLP 'XUFKWHXIHQ YRQ EHUHLWV HUKlUWHWHP 0DWHULDO HQWVWHKHQ N|QQHQ 'LH =DKO P|JOLFKHU )HKOVWHOOHQ VWHLJW EHL JHULQJHQ ,QMHNWLRQVUDGLHQ LQIROJH XQYHUPHLGEDUHU %RKUORFKDEZHLFKXQJHQ $EZHLFKXQJHQ LP %RKUDQVDW]SXQNW $UEHLWVIXJHQ HWF ,QVJHVDPW VHW]W GLH $QZHQGXQJ GHU 'VHQVWUDKOYHUIDKUHQ HLQH EHVRQGHUV VRUJIlOWLJH %DXJUXQGHUNXQ GXQJ XQG $XVIKUXQJVSODQXQJ VRZLH JXWH .HQQWQLVVH EHU GLH )OLHHLJHQVFKDIWHQ GHU ,QMHN WLRQVPLWWHO EHU GLH ]X LQML]LHUHQGHQ 6FKLFKWHQ XQG EHU GLH YHUIDKUHQVWHFKQLVFKHQ (LQVWHO OXQJHQ YRUDXV ,Q GHU 3UD[LV ZHUGHQ 5HLFKZHLWHQ 5DGLHQ YRQ ELV P DQJHVWUHEW (LQVFKUlQNXQJHQ GHU $QZHQGXQJVP|JOLFKNHLWHQ ]HLJHQ VLFK LQ IHVWHQ %|GHQ GD GHU (LQVDW] KLHU JJI QLFKW ZLUWVFKDIWOLFK LVW 8P GHQ HUIRUGHUOLFKHQ (LQZLUNXQJVUDGLXV ]X JHZlKUOHLVWHQ LVW LQ IHVWHQ %|GHQ HLQH JHULQJHUH =LHKJHVFKZLQGLJNHLW GHV *HVWlQJHV XQG GDPLW HLQH OlQJHUH %HDUEHLWXQJV]HLW QRWZHQGLJ ,Q GHU 3UD[LV ZXUGH GDV 9HUIDKUHQ ELVODQJ EHL 7RQHQ ELV ]X HL QHU KDOEIHVWHQ .RQVLVWHQ] HUIROJUHLFK HLQJHVHW]W ,Q 7DEHOOH VLQG GLH ZHVHQWOLFKHQ 9RU XQG 1DFKWHLOH DXIJHIKUW
%DXJUXEHQVLFKHUXQJ
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'DV 'VHQVWUDKOYHUIDKUHQ NDQQ LQ 3KDVHQ EHVFKULHEHQ ZHUGHQ 3KDVH $EERKUHQ GHV ,QMHNWLRQVJHVWlQ JHV
3KDVH %HJLQQ GHV 'VHQ VWUDKOYRUJDQJHV
3KDVH +HUVWHOOXQJ GHV 'VHQ VWUDKON|USHUV
%LOG 7HLOSUR]HVVH EHLP 'VHQVWUDKOYHUIDKUHQ >@
'DEHL N|QQHQ IROJHQGH 6lXOHQ XQG :lQGH KHUJHVWHOOW ZHUGHQ
%LOG /LQNV $XVIKUXQJVIRUPHQ YRQ 'VHQVWUDKON|USHUQ >@ 5HFKWV $QRUGQXQJ YRQ 6lXOHQ E]Z /DPHOOHQ
3KDVH :LHGHUKROXQJ PLW hEHUVFKQHL GXQJ
'VHQVWUDKOVRKOHQ XQG ZlQGH
%LOG hEHUVFKQHLGXQJ GHU ,QMHNWLRQVN|USHU XQG PD[LPDOHU $EVWDQG GHU %RKUXQJHQ
'LH (LJHQVFKDIWHQ GHU 'VHQVWUDKOHOHPHQWH ZHUGHQ YRQ GHU =XVDPPHQVHW]XQJ GHU 6XVSHQ VLRQ GHQ %DXJUXQGHLJHQVFKDIWHQ XQG GHU 9HUIDKUHQVWHFKQLN EHLP +HUVWHOOHQ JHSUlJW 7DEHOOH ]HLJW GLH 3UR]HVVH 7HLOSUR]HVVH XQG *HUlWH ]XU +HUVWHOOXQJ YRQ ,QMHNWLRQVN|U SHUQ GXUFK GDV 'VHQVWUDKOYHUIDKUHQ 7DEHOOH 3UR]HVVH GHU 'LFKWZDQGKHUVWHOOXQJ 3UR]HVV
7HLOSUR]HVV
*HUlW
9RUEHUHLWHQGH 0DQDK PHQ
)UHLUlXPHQ GHV %DXIHOGHV (LQPHVVHQ GHU 'LFKWZDQGDFKVH E]Z $EVWHFNHQ GHU %RKUSXQNWH (UVWHOOHQ HLQHU 3UREHNXEDWXU
5DGODGHU /.: :DO]H HWF 7KHRGROLW PHLVW DEHU GXUFK 9HUPHVVHU
$EWHXIHQ GHU %RKUXQJ
6SOIOVVLJNHLWVJHVWW]WHV %RKUHQ
+HUVWHOOHQ GHV ,QMHNWLRQV N|USHUV
6FKQHLGHQ XQG )UlVHQ GHV %RGHQV XQWHU URWLHUHQGHP +RFK]LHKHQ GHV %RKUJHVWlQJHV 0LVFKHQ $XIEHUHLWHQ XQG 3XP SHQ GHU 6XVSHQVLRQ LQ GHQ %RGHQ 'HSRQLHUHQ E]Z (QWVRUJHQ GHV EHUVFKVVLJHQ %RGHQ 6XVSHQVLRQV*HPLVFK -H QDFK $UEHLWVIROJH 8PVHW]HQ GHV %RKUJHUlWHV ZLH GHUKROHQ YRQ ,, XQG ,,,
VLHKH *HUlWH YRQ ,, XQG ,,, %RKUJHUlW +RFKGUXFNSXPSHQ 0LVFKDQODJH %RKUJHUlW +RFKGUXFNSXPSHQ
,
,,
,,,
.ROORLGPLVFKHU (QWVDQGXQJV DQODJH 3XPSHQ 0XOGHQIDKU]HXJ
'LH *HUlWH )U GLH 'XUFKIKUXQJ YRQ ,QMHNWLRQVDUEHLWHQ LVW HLQH XPIDQJUHLFKH WHFKQLVFK VHKU DQ VSUXFKVYROOH *HUlWHDXVVWDWWXQJ HUIRUGHUOLFK 1DFKIROJHQG ZHUGHQ GLH ZHVHQWOLFKHQ *HUlWH IU GLH +HUVWHOOXQJ HLQHU 'VHQVWUDKOVRKOH E]Z ZDQG EHVFKULHEHQ
%DXJUXEHQVLFKHUXQJ
%LOG %DXVWHOOHQHLQULFKWXQJ HLQHU W\SLVFKHQ 'VHQVWUDKO%DXVWHOOH >@
7UlJHUJHUlW $OV 7UlJHUJHUlW ZHUGHQ GLH JOHLFKHQ %RKUJHUlWH ZLH EHL GHU %RKUSIDKOKHUVWHOOXQJ JHZlKOW QXU IU NOHLQHUH %RKUGXUFKPHVVHU XQG PLW DQGHUHQ $QEDXJHUlWHQ %HL HLQLJHQ 7UlJHUJHUlWHQ NDQQ GLH %RKUHLQULFKWXQJ GXUFK HLQH *LWWHUPDVWYHUOlQJHUXQJ ]XU 9HUPHLGXQJ YRQ $UEHLWVXQ WHUEUHFKXQJHQ ELV EHU P YHUOlQJHUW ZHUGHQ ,Q 7DEHOOH VLQG .HQQGDWHQ HLQ]HOQHU %RKUJHUlWH YRQ ]ZHL +HUVWHOOHUQ ]XVDPPHQJHVWHOOW 7DEHOOH %|KUJHUlWH 7HFKQLVFKH 'DWHQ 6FKOLWWHQKXE >P@ 'UHKPRPHQW >N1P@ 0RWRUOHLVWXQJ >N:@ *HVDPWK|KH >P@ *HVWlQJHOlQJH >P@ *HZLFKW >W@
8%: 6
%DXHU 8%:
,%
.%
.OHPP .5 '+
.5
'VHQVWUDKOVRKOHQ XQG ZlQGH
%LOG /LQNV %RKUJHUlW GHU )LUPD %DXHU 7\S 8%: 6 >@ 5HFKWV %RKUJHUlW GHU )LUPD .OHPP 7\S .5 '+ >@
%RKU XQG ,QMHNWLRQVJHVWlQJH 'DV %RKU XQG ,QMHNWLRQVJHVWlQJH KDW HLQHQ 'XUFKPHVVHU YRQ ELV PP 'DV JHVDPWH *HVWlQJH EHVWHKW DXV PHKUHUHQ 5RKUDEVFKQLWWHQ GLH GLFKW PLWHLQDQGHU YHUVFKUDXEW VLQG 'D EHL LVW ]X EHDFKWHQ GDVV QXU LQ 6RQGHUIlOOHQ HLQH 'VXQWHUEUHFKXQJ ]XU 9HUOlQJHUXQJ GHV %RKUJHVWlQJHV WROHULHUEDU LVW 'LH 9HUVFKUDXEXQJ GHV *HVWlQJHV ELOGHW 6FKZDFKVWHOOHQ GLH HLQ .QLFNHQ XQG /RVVSOHQ GHU 5RKUH VRZLH 8QZXFKWXQJHQ EHJQVWLJHQ 'LHV NDQQ 'UXFN YHUOXVWH KHUYRUUXIHQ 8P GLH .UDIW RSWLPDO DXI GDV %RKUJHVWlQJH ]X EHUWUDJHQ ZLUG DP 7UlJHUJHUlW HLQ .OHPP NRSI PRQWLHUW GXUFK GHQ QLFKW QXU 'UHKPRPHQWH VRQGHUQ DXFK 'UXFNNUlIWH EHUWUDJEDU VLQG 'LH %RKUJHVWlQJH GHV (LQ =ZHL XQG 'UHLIDFKYHUIDKUHQV XQWHUVFKHLGHQ VLFK LP $XI EDX %HLP (LQIDFKYHUIDKUHQ VLQG QXU HLQH /HLWXQJ IU GLH 6XVSHQVLRQ XQG GDV :DVVHU HUIRU GHUOLFK 'DJHJHQ ZHUGHQ EHLP =ZHL E]Z 'UHLIDFKYHUIDKUHQ ]XVlW]OLFKH /HLWXQJHQ EHQ|WLJW XP GLH 6XVSHQVLRQ XQG GLH 'UXFNOXIW E]Z GDV :DVVHU ]X I|UGHUQ
%RKUNURQHQ XQG 'VHQWUlJHU 'LH %RKUNURQHQ VLQG GHQ KHUN|PPOLFKHQ %RKUN|SIHQ lKQOLFK =XVlW]OLFK ZHUGHQ UDGLDO ]XP *HVWlQJH $XVODVVGVHQ DQJHRUGQHW $Q HLQHP 'VHQWUlJHU VLQG K|FKVWHQV ]ZHL 6FKQHLGG VHQ PLW HLQHP 'XUFKPHVVHU YRQ PD[ PP DQ]XEULQJHQ %LOG %HL GHU 7UHQQXQJ GHV 6FKQHLG XQG ,QMHNWLRQVYRUJDQJHV ZHUGHQ ]ZHL ZHLWHUH 'VHQ IU GDV ,QML]LHUHQ YHUZHQGHW 'LH 'VHQ ZHUGHQ DXV 6RQGHUVWDKO KHUJHVWHOOW XQG PVVHQ DXIJUXQG GHV KRKHQ 9HUVFKOHLHV KlXILJ NRQWUROOLHUW ZHUGHQ 'LH $XVWULWWVJHVFKZLQGLJNHLW GHV 6FKQHLGPHGLXPV NDQQ ELV ]X PV EHWUDJHQ
%LOG
%DXJUXEHQVLFKHUXQJ
/LQNV 6FKHPDWLVFKH 'DUVWHOOXQJ HLQHV 'VHQWUlJHUV 5HFKWV +RFKGUXFNGVH >@
,QMHNWLRQVPLVFKHU XQG 5KUZHUNH $OV ,QMHNWLRQVPLVFKHU ZHUGHQ L G 5 KHUN|PPOLFKH KRFKWRXULJH 7XUERPLVFKHU .ROORLGPL VFKHU PLW 5KUZHUN XQG HLQHU HQWVSUHFKHQG OHLVWXQJVIlKLJHQ 'RVLHUHLQULFKWXQJ YHUZHQGHW $OWHUQDWLY N|QQHQ YROODXWRPDWLVFKH 0LVFKDQODJHQ PLW 6WHXHUSXOW HLQJHVHW]W ZHUGHQ %HL GHU %HUHFKQXQJ GHU HUIRUGHUOLFKHQ 0LVFKHUNDSD]LWlW NDQQ EHLP 'VHQVWUDKOYHUIDKUHQ XQJHIlKU YRQ GHU GRSSHOWHQ 6XVSHQVLRQVPHQJH DXVJHJDQJHQ ZHUGHQ ZLH EHL GHU KHUN|PPOL FKHQ +RKOUDXPLQMHNWLRQ 'DJHJHQ LVW GHU =HLWEHGDUI XP FD JHULQJHU 7DEHOOH 7DEHOOH 9HUJOHLFK ]ZLVFKHQ 'VHQVWUDKO XQG +RKOUDXPLQMHNWLRQ >@ 9HUIDKUHQ
%RGHQ
9HUKlOWQLV %R GHQ6XVSHQVLRQ
0DWHULDOEH GDUI
=LHKJHVFKZLQGLJ NHLW
'VHQVWUDKO LQMHNWLRQ
.LHV
ELV OPLQ
ELV FPPLQ
+RKOUDXP LQMHNWLRQ
.LHV
ELV
ELV OPLQ
ELV FPPLQ
%HGDUI EHL P 6lXOHQ DEVFKQLWW O XQG ELV PLQ O XQG PLQ
0LVFKHU XQG 0LVFKDQODJHQ =XU $XIEHUHLWXQJ GHU 6XVSHQVLRQ ZHUGHQ 0LVFKHU YHUZHQGHW GLH HLQH JOHLFKPlLJH =XVDP PHQVHW]XQJ XQG HLQHQ KRPRJHQHQ $XIVFKOXVV GHU 6XVSHQVLRQ JHZlKUOHLVWHQ ,Q GHU 7DEHOOH VLQG HLQLJH 0LVFKHU E]Z 0LVFKDQODJHQ PLW GHQ GD]XJHK|ULJHQ .HQQGDWHQ ]XVDPPHQ JHVWHOOW
'VHQVWUDKOVRKOHQ XQG ZlQGH
7DEHOOH 0LVFKHU XQG 0LVFKDQODJHQ 7HFKQLVFKH 'DWHQ 7\S PD[ /HLVWXQJ >PñK@ 0LVFKEHKlOWHU >O@
2EHUPDQQ
2EHUPDQQ
+lQ\
YROODXWRPDWLVFKH 0LVFKHU 05 035 035
0LVFKDQODJH 20 20
0LVFKHU
î
:DVVHUWDQN >O@
î
$QWULHEVOHLV WXQJ >N:@ >9@
O O 9RUUDWVEHKlO 9RUUDWVEHKlO WHU WHU
N $ 5KUZHUN
%LOG 0LVFKHU YRP +HUVWHOOHU )LUPD +lQ\
+RFKGUXFNSXPSHQ +RFKGUXFNSXPSHQ PVVHQ HLQH )|UGHUOHLVWXQJ YRQ ELV OPLQ XQG HLQHQ 'UXFN ELV EDU JHZlKUOHLVWHQ 'LH 3XPSHQ EHQ|WLJHQ HLQH 9RUULFKWXQJ ]XU 'UXFN XQG 0HQJHQUHJH OXQJ GD GLH EHL 3RUHQ E]Z 6lXOHQLQMHNWLRQHQ HUPLWWHOWHQ 3DUDPHWHU 6XVSHQVLRQVGUXFN XQG YROXPHQ =LHKJHVFKZLQGLJNHLW HLQJHKDOWHQ ZHUGHQ PVVHQ ,Q GHU VLFK DQVFKOLHHQGHQ 7D EHOOH VLQG YHUVFKLHGHQH +RFKGUXFNSXPSHQ XQG GHUHQ /HLVWXQJHQ ]XVDPPHQJHVWHOOW
%DXJUXEHQVLFKHUXQJ
7DEHOOH +RFKGUXFNSXPSHQ
+' $
+' $
+' '
+' %
+'03
9 3
*HR $VWUD 7 6'7
RGHU
î
î
9
'LHVHO
'LHVHO
'LHVHO
'LHVHO
N$
'LHVHO
'LHVHO
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
+HUVWHOOHU 7\S PD[ )|UGHUPHQ JH >OPLQ@ PD[ )|UGHUGUXFN >EDU@ $QWULHEVOHLVWXQJ >N:@ $QWULHE $QZHQGXQJ LQ DOOHQ %|GHQ $QZHQGXQJ LQ ORFNHU JHODJHUWHQ %|GHQ $OV )OOSXPSH IU GDV 7ULSOH[ 9HUIDKUHQ 9HUVRUJXQJ YRQ ]ZHL %RKUJHUlWHQ 8PUVWEDU DXI OPLQ XQG EDU 1XW]XQJ DOV 6SO SXPSH EHL %RKU XQG 5DPPDUEHL WHQ
2EHUPDQQ
:20$
+DOOL EXUWRQ + 7 6'
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
'LH ZLFKWLJVWHQ 6WRIIH ,P 3ULQ]LS LVW IU GDV 'VHQVWUDKOYHUIDKUHQ OHGLJOLFK HLQH :DVVHU=HPHQW6XVSHQVLRQ HUIRU GHUOLFK 'HU :DVVHU=HPHQW:HUW GHU 6XVSHQVLRQ EHWUlJW := ELV RIW := ELV 'HU =HPHQW PXVV PLQGHVWHQV HLQHU )HVWLJNHLWVNODVVH &(0 = QDFK ',1 HQWVSUHFKHQ 'LH =XVDPPHQVHW]XQJ GHU 6XVSHQVLRQ ULFKWHW VLFK QDFK IROJHQGHQ $QIRUGHUXQJHQ )HVWLJNHLW 'LFKWLJNHLW (URVLRQVEHVWlQGLJNHLW 9HUDUEHLWEDUNHLW
T ELV 01Pð N ! Â
'HU 9HUEUDXFK ZLUG YRQ GHQ R J 3DUDPHWHUQ EHVWLPPW 'LH 'RVLHUXQJ GHU 0LVFKXQJ ZLUG VWlQGLJ DQ GHU 0LVFKDQODJH EHUZDFKW ,Q EHVRQGHUHQ )lOOHQ ZLUG GLH 9HUWUlJOLFKNHLW PLW GHP DQVWHKHQGHQ %RGHQ *UXQGZDVVHU YRUKHU LP /DERU JHWHVWHW 'LH WDWVlFKOLFKH )HVWLJNHLW GHV 'VHQVWUDKOHOHPHQWHV ZLUG PLW +LOIH YRQ 5FNIOXVVSUREHQ RGHU %RKUNHUQHQ HUPLWWHOW
'VHQVWUDKOVRKOHQ XQG ZlQGH
+HXWH EHVWHKW GLH 0|JOLFKNHLW )HUWLJPLVFKXQJHQ ] % YRQ GHU )LUPD '\FNHUKRII GDV 3UR GXNW 62/,'85 6RUWH +', ]X EH]LHKHQ 'HU 9RUWHLO PLW )HUWLJPLVFKXQJHQ ]X DUEHLWHQ OLHJW GDULQ GDVV HLQ YHUPLQGHUWHU 3UIDXIZDQG HUIRUGHUOLFK LVW XQG VLFK LQIROJHGHVVHQ GHU *HUlWHDXIZDQG DXI GHU %DXVWHOOH UHGX]LHUW 'LH /DJHUIlKLJNHLW GHU 0LVFKXQJ EHWUlJW PLQGHV WHQV ]ZHL :RFKHQ 62/,'85 PXVV DXI GHU %DXVWHOOH MHGRFK QRFK PLW :DVVHU KRFKWRXULJ DXIJHVFKORVVHQ XQG GDQQ DOV 6XVSHQVLRQ ]XU (LQEDXVWHOOH JHSXPSW ZHUGHQ 'DV 0LVFKXQJV YHUKlOWQLV 62/,'85 ]X :DVVHU EHWUlJW ]ZLVFKHQ ELV ,P 9RUIHOG ZHUGHQ ]XU 5HFKWVJOWLJNHLW GHU $QQDKPHQ EHL GHU EDXVHLWLJHQ $XVIKUXQJVSOD QXQJ 3UREHVlXOHQ KHUJHVWHOOW :HUGHQ XPIDQJUHLFKH ,QMHNWLRQVYRUKDEHQ DQJHVWUHEW RGHU OLH JHQ NHLQH (UIDKUXQJHQ YRU VROOHQ EHUHLWV YRU GHU $XVVFKUHLEXQJ 3UREHVlXOHQ YRUJHVHKHQ ZHUGHQ XP HLQH JU|HUH 3ODQXQJVVLFKHUKHLW ]X HU]LHOHQ
'HU 3HUVRQDOEHGDUI 'LH DXI GHU %DXVWHOOH ]XP (LQVDW] NRPPHQGHQ $UEHLWVNUlIWH VHW]HQ VLFK ZLH IROJW ]XVDP PHQ %DXOHLWHU LVW EHL GHU +HUVWHOOXQJ YRQ 8QWHUIDQJXQJVN|USHUQ GXUFK +', QDFK ',1 YRUJHVFKULHEHQ $QODJHQWHFKQLNHU DQ GHU 0LVFKVWDWLRQ XQG GHU +RFKGUXFNSXPSH 0DVFKLQLVW GHU GDV %RKUJHUlW EHGLHQW +HOIHU ]XU 8QWHUVWW]XQJ XQG 'XUFKIKUXQJ GHU $UEHLWHQ
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ =XU $EVFKlW]XQJ GHU +HUVWHOONRVWHQ HLQHU 'VHQVWUDKOVRKOH E]Z ZDQG ZHUGHQ LP )ROJHQ GHQ JUREH $QKDOWVZHUWH JHJHEHQ %RGHQDUW
RSWLPDOH 9HUKlOWQLVVH VFKOHFKWH 9HUKlOWQLVVH
JUREN|UQLJHU %RGHQ
(85Pñ
(85Pñ
IHLQN|UQLJHU %RGHQ
(85Pñ
(85Pñ
'LH 7DJHVOHLVWXQJ HLQHU .RORQQH OLHJW ]ZLVFKHQ ELV Pñ .XEDWXU SUR 7DJ GDV HQWVSULFKW FD P 6lXOH SUR 7DJ E]Z ELV Pð /DPHOOHQ SUR 7DJ %HL PLWWOHUHQ XQG NOHLQHUHQ %DXVWHOOHQ YHUULQJHUW VLFK GLH /HLVWXQJ DXI PD[LPDO P 6lXOH MH 7DJ 'HU 3UHLV GHU =HPHQW6XVSHQVLRQ EHWUlJW ELV (85W 'XUFK GHQ (LQVDW] YRQ 'lPPHUQ ] % 6WHLQPHKO N|QQHQ GLH .RVWHQ DXI FD (85W JHVHQNW ZHUGHQ 'DV EHUVFKVVLJH %RGHQ6XVSHQVLRQV*HPLVFK NDQQ HQWZHGHU GXUFK 6DXJHQ DEJHSXPSW RGHU QDFK GHP (UKlU WHQ GXUFK 0XOGHQIDKU]HXJH DEWUDQVSRUWLHUW XQG VFKOLHOLFK HQWVRUJW ZHUGHQ 'LH *HEKUHQ EHWUDJHQ IU HLQHQ 6DXJZDJHQ ELV (85W XQG IU HLQ 0XOGHQIDKU]HXJ ELV (85W
%DXJUXEHQVLFKHUXQJ
7DEHOOH 7\SLVLHUXQJ GHU *HUlWH GLH ]XP (LQVDW] NRPPHQ 3UR]HVV
7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
6SOIOVVLJ NHLWVJHVWW] WHV %RKUHQ ,,
,,,
6FKQHLGHQ XQG )UlVHQ GHV %RGHQV XQWHU URWLH UHQGHP +RFK]LHKHQ GHV %RKUJH VWlQJHV 0LVFKHQ $XIEHUHLWHQ XQG 3XPSHQ GHU 6XVSHQVL RQ LQ GHQ %R GHQ
%RKUZDJHQ PLW 5DXSHQ IDKUZHUN K\GUDXOLVFK K\GU .UDIWGUHKNRSI K\GU .OHPP XQG %UHFKYRUULFKWXQJ 0HVVWHFKQLN IU +',9HUIDKUHQ %RKUKDPPHU K\GUDX OLVFK
3HUVRQDO EHGDUI
.DONXODWRULVFKH /HLVWXQJVZHUWH
3ROLHU RGHU 6FKDFKPHLV WHU 0DVFKLQLVW +HOIHU
a 6lXOHQ MH 7DJ
. « . « . $( . « $* . «
$XVVWDWWXQJ ZLH ,,
+RFKGXUFNLQMHNWL RQVSXPSH 0LVFKDQODJH IU 9HU SUHVV XQG ,QMHNWLRQV SXPSHQ 6LOR OLHJHQGH %DXDUW )|UGHUVFKQHFNH QRUPDO 'RVLHUJHUlW %HKlO WHUZDDJH PHFK 6FKUDXEHQNRPSUHV VRU 7DXFKN|USHUSXPSH 'HSRQLHUHQ E]Z (QWVRU $XIEHUHLWXQJVDQODJH JHQ GHV EHU /DVWNUDIWZDJHQ î 'UHLVHLWHQNLSSHLQU VFKVVLJHQ %RGHQ 6XVSHQVLRQV *HPLVFKHV
- « - « % « % « % « 4 «
7 « % « 3 « 3 $)
+HOIHU )DKUHU )UDFKW XQG (QWVRUJXQJV NRVWHQ
7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ IU GDV +HUVWHOOHQ YRQ ,QMHNWLRQVN|USHUQ
+HUVWHOOHQ GHV ,QMHNWL RQVN|USHUV
7lWLJNHLW
7lWLJNHLWV XQG 5VW]HLWHQ QDFK +HUVWHOOHQ HLQHU ,QMHNWLRQVVlXOH FP P WLHI %RGHQNODVVH /1
0LW 'VHQVWUDKOLQMHNWLRQ =LHKJHVFKZLQGLJNHLW 'VHQVWUDKOLQMHNWLRQ )L[]HLW IU GDV 8PVWHOOHQ YRQ %RKUHQ DXI 'VHQ 8PVHW]HQ GHV *HUlWHV
6WXQGHQ6lXOH ELV FP SUR PLQ PLQ SUR 8PVWHOOHQ PD[ PLQ SUR 3XQNW
'VHQVWUDKOVRKOHQ XQG ZlQGH
6RQVWLJHV
%DXVWHOOHQHLQULFKWXQJ $QIDKUHQ GHU 6XVSHQVLRQV PHQJH XQG 9RUDUEHLWHQ 5HLQLJHQ GHU *HUlWH
7DJ PLQ SUR 7DJ ELV PLQ SUR 7DJ
*HUlWHDXVIDOOZDUWXQJ
PLQ SUR 7DJ
5lXPHQ GHU %DXVWHOOH
7DJ
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ )U GLH +HUVWHOOXQJ YRQ 'VHQVWUDKOVRKOHQ E]Z ±ZlQGHQ JHOWHQ IROJHQGH 1RUPHQ 7DEHOOH hEHUVLFKW EHU JHOWHQGH 1RUPHQ ',1
.XU]EH]HLFKQXQJ
',1
.XU]EH]HLFKQXQJ
*HRWHFKQLVFKH 8QWHUVXFKXQJHQ
%DXJUXQG ]XO %HODVWXQJHQ
%HQHQQXQJ YRQ %RGHQDUWHQ XQG )HOV
*HElXGHVLFKHUXQJ LP %HUHLFK YRQ *UQGXQJHQ XQG 8QWHUIDQJXQJHQ
%DXJUXQG (LQSUHVVHQ LQ 8QWHUJUXQG XQG %DXZHUNH
'LH (LQVWXIXQJ GHV %RGHQV HUIROJW JHPl GHU 92%& ',1 (UGDUEHLWHQ ZREHL ]X EHDFKWHQ LVW GDVV IU %RKUDUEHLWHQ HLQH QHXH .ODVVLIL]LHUXQJ GHU %RGHQ XQG )HOVNODVVHQ LQ GHU ',1 %RKUDUEHLWHQ JHWURIIHQ ZRUGHQ LVW 'HV ZHLWHUHQ LVW QDFK GHU 92%& GLH ',1 (LQSUHVVDUEHLWHQ ]X EHDFKWHQ )ROJHQGH 3DUDPHWHU VROOWHQ XQEHGLQJW %HVWDQGWHLO GHU $XVVFKUHLEXQJ VHLQ ± 'LFKWH XQG /DJHUXQJVGLFKWH ± :DVVHUJHKDOW ± .RUQYHUWHLOXQJ ± =XVWDQGVIRUP ± 6FKHUSDUDPHWHU ± 'UXFNIHVWLJNHLW $XFK IU GLHVHV 9HUIDKUHQ H[LVWLHUHQ ]XVlW]OLFK VSH]LHOOH 7HFKQLVFKH %HGLQJXQJHQ GLH QHEHQ GHQ )HVWOHJXQJHQ GHU 92%& YHUHLQEDUW ZHUGHQ N|QQHQ (V JHOWHQ GLH 67%+', XQG GLH 67%9%$ /HW]WHUH ZLUG KLHU QLFKW PHKU DXIJHIKUW GD VLH VFKRQ LP .DSLWHO Ä7UlJHUERKOZDQG³ EHVFKULHEHQ LVW
6SH]LHOOH 7HFKQLVFKH %HGLQJXQJHQ IU +RFKGUXFNLQMHNWLRQHQ 67%+', 1HEHQOHLVWXQJHQ $XIVWHOOHQ GHU ,QMHNWLRQVSOlQH %HVRQGHUH /HLVWXQJHQ
%DXJUXEHQVLFKHUXQJ
$EVWHPPHQ GHV hEHUSURILOV VRZLH %HVHLWLJHQ GHV DQIDOOHQGHQ 0DWHULDOV +HUVWHOOHQ )UHLOHJHQ 3UIHQ XQG JJI %HVHLWLJHQ YRQ 3UREHVlXOHQ )U GLH $XVIK UXQJ YRQ +RFKGUXFNLQMHNWLRQHQ LVW GLH +HUVWHOOXQJ YRQ 3UREHVlXOHQ LQ DOOHQ DQVWH KHQGHQ %RGHQVFKLFKWHQ HUIRUGHUOLFK XP GHQ 'XUFKPHVVHU XQG GLH )HVWLJNHLW ]X EHUSUIHQ +LHUIU PXVV EDXVHLWV HLQ 3UREHIHOG ]XU 9HUIJXQJ VWHKHQ 6WDWLVFKH XQGRGHU G\QDPLVFKH 3UREHEHODVWXQJHQ VRZLH ,QWHJULWlWVSUIXQJHQ $XIPD XQG $EUHFKQXQJ (V JLOW $79 ',1 $EVFKQLWW
*UXQGZDVVHUDEVSHUUXQJ PLWWHOV +', =XVlW]OLFK VLQG IROJHQGH $QJDEHQ HUIRUGHUOLFK ± ± ± ± ±
'LFKWLJNHLW GHU :DQG $UW GHV (LQSUHVVPLWWHOV (LQEDXYHUIDKUHQ $UW XQG /DJH GHU (LQSUHVVO|FKHU 9HUIHVWLJXQJVJWH XQWHU $QJDEH GHU ,VW XQG 6ROOZHUWH
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH (LQH HUIROJUHLFKH 4XDOLWlWVEHUZDFKXQJ GDUI VLFK QLFKW DOOHLQ DXI GLH %DXDXVIKUXQJ EH VFKUlQNHQ VRQGHUQ PXVV VLFK EHU DOOH $NWLYLWlWHQ YRQ (QWZXUI 3ODQXQJ XQG *HQHKPLJXQJ EHU GLH $UEHLWVYRUEHUHLWXQJ ELV KLQ ]X GHQ HLJHQWOLFKHQ +HUVWHOODUEHLWHQ XQG GHU ,QWHJUL WlWVSUIXQJ GHV %DXZHUNHV HUVWUHFNHQ 1DFKIROJHQG ZHUGHQ ]ZHL hEHUZDFKXQJVYHUIDKUHQ GLH 5HLFKZHLWHQPHVVXQJ XQG GLH 9HUWL NDOLWlWVPHVVXQJ YRUJHVWHOOW ZHOFKH PDJHEHQG GHQ 4XDOLWlWVVWDQGDUG GHV 'VHQVWUDKOYHU IDKUHQV YHUEHVVHUQ
5HLFKZHLWHQPHVVXQJ 'D GHU +RFKGUXFNVWUDKO NHLQHQ IHVW GHILQLHUWHQ 'XUFKPHVVHU ZLH EHLVSLHOVZHLVH *UHLIHU RGHU %RKUVFKQHFNHQ HU]HXJW LVW GHU $XVIKUXQJVHUIROJ HLQHU 'VHQVWUDKOPDQDKPH KDXSWVlFK OLFK YRQ GHU $QSDVVXQJ GHU +HUVWHOOSDUDPHWHU DQ GLH *HRORJLH GHV DQVWHKHQGHQ %RGHQV DE KlQJLJ (LQH %HXUWHLOXQJ GLHVHV =XVDPPHQKDQJHV NDQQ PLWWHOV %HJXWDFKWXQJ YRU 2UW KHUJHVWHOOWHU DXVJHJUDEHQHU 3UREHVlXOHQ VWDWWILQGHQ 0LW ]XQHKPHQGHU 7LHIH XQG EHL (UUHLFKHQ GHV *UXQG ZDVVHUVSLHJHOV VWHKW GLHVH .RQWUROOPDQDKPH YRU HLQHP QLFKW ]X XQWHUVFKlW]HQGHP WHFKQL VFKHP 3UREOHP 'LHVH 7DWVDFKH IKUWH ]XU (QWZLFNOXQJ HLQHU HOHNWURQLVFKHQ 5HLFKZHLWHQ PHVVXQJ 0LW GHUHQ +LOIH NDQQ GHU K\GUDXOLVFKH 'VYRUJDQJ LQ EHOLHELJHU 7LHIH DQ 3UREHVlX OHQ XQG DXFK DQ 3URGXNWLRQVVlXOHQ EHXUWHLOW XQG EHUHLWV ZlKUHQG GHV 'VHQV DXI GLH %RGHQ YHUKlOWQLVVH DEJHVWLPPW ZHUGHQ
'VHQVWUDKOVRKOHQ XQG ZlQGH
,P $EVWDQG GHU ]X HUZDUWHQGHQ 5HLFKZHLWH GHV 6FKQHLGVWUDKOHV ZHUGHQ GQQZDQGLJH 6WDKO URKUH SDUDOOHO ]XP VSlWHUHQ 9HUODXI GHV ,QMHNWLRQVJHVWlQJHV LQ GHQ 8QWHUJUXQG HLQJHEUDFKW XQG PLW :DVVHU JHIOOW :lKUHQG GHV K\GUDXOLVFKHQ 'VHQYRUJDQJHV ZHUGHQ 6FKDOOGUXFN VRQGHQ VRJ +\GURSKRQH LQ GLHVHQ 3HJHOURKUHQ K|KHQJOHLFK ]XP 6FKQHLGVWUDKO JHIKUW 'LH ,QWHQVLWlW GHV GXUFK GHQ 6FKQHLGVWUDKO YHUXUVDFKWHQ 6FKDOOGUXFNHV GHU YRQ GHU 6RQGH DXIJH QRPPHQ ZLUG OlVVW DXI GLH 6FKQHLGVWUDKOHQHUJLH LP 5HJHOEHUHLFK XQG VRPLW DXI GLH 5HLFK ZHLWH GHV 6WUDKOHV VFKOLHHQ
9HUWLNDOLWlWVPHVVXQJ 'LH =XYHUOlVVLJNHLW VRZLH GLH JHIRUGHUWH )XQNWLRQDOLWlW YRQ 'VHQVWUDKOEDXZHUNHQ LQ JU|H UHQ 7LHIHQ ] % EHL 'LFKWVRKOHQ XQG EHU OlQJHUH ,QMHNWLRQVVWUHFNHQ ] % EHL 'LFKWZDQG VlXOHQ RGHU ODPHOOHQ VLQG QHEHQ GHU $XVZDKO GHU +HUVWHOOSDUDPHWHU VWDUN DEKlQJLJ YRQ GHU HU]LHOWHQ %RKUJHQDXLJNHLW ,QVEHVRQGHUH EHL GHU +HUVWHOOXQJ YRQ VLFK EHUVFKQHLGHQGHQ ' VHQVWUDKOHOHPHQWHQ EHL $EGLFKWXQJVPDQDKPHQ VSLHOW GLH %RKUJHQDXLJNHLW HLQH HQWVFKHL GHQGH 5ROOH 'LH .HQQWQLV JHRPHWULVFKHU )HKOVWHOOHQSRVLWLRQHQ DXIJUXQG IHKOHQGHU hEHU VFKQHLGXQJ GHU (OHPHQWH HUP|JOLFKW 6DQLHUXQJVPDQDKPHQ VFKRQ LQ GHU +HUVWHOOSKDVH DOV $OWHUQDWLYH ]XU 6DQLHUXQJ QDFK GHP $XVKXE 'LH ,QNOLQRPHWHU RGHU 9HUWLNDOLWlWVPHVVXQJ GHU %RKUXQJ HUIOOW GLH JHQDQQWHQ $QIRUGHUXQ JHQ XQG JHVWDWWHW VRPLW HLQH 9RUDENRQWUROOH GHU 3RVLWLRQLHUXQJ GHU 'VHQVWUDKONXEDWXU 1DFK (UUHLFKHQ GHU (QGWLHIH ZLUG HLQH ,QNOLQRPHWHUVRQGH LQ GDV ,QMHNWLRQVJHVWlQJH HLQJHIKUW GLH $EZHLFKXQJ GHV *HVWlQJHV YRQ GHU 9HUWLNDOHQ VFKULWWZHLVH HUPLWWHOW XQG DQVFKOLHHQG DOV 6XPPH GLHVHU (LQ]HOZHUWH GLH *HVDPWDEZHLFKXQJ GHV *HVWlQJHV GDUJHVWHOOW $XI GLHVH :HL VH OlVVW VLFK GLH WDWVlFKOLFKH /DJH GHV *HVWlQJHV XQG GDPLW DXFK GLH GHV VSlWHUHQ 'VHQ VWUDKOHOHPHQWHV IHVWVWHOOHQ XQG EHUHLWV YRU GHP HLJHQWOLFKHQ +HUVWHOOYRUJDQJ N|QQHQ 0D QDKPHQ ]XU 9HUPHLGXQJ YRQ )HKOVWHOOHQ HUJULIIHQ ZHUGHQ ] % 9DULDWLRQ GHU +HUVWHOOSDUD PHWHU HUQHXWHV $QVHW]HQ HLQHU %RKUXQJ >@
%DXJUXEHQVLFKHUXQJ
7DEHOOH 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ YRQ 'VHQVWUDKOVRKOHQZlQGHQ >@ YRU GHU %DXPDQDKPH
8QWHUVXFKXQJ GHU JHRORJL VFKHQ XQG WRSRJUDSKLVFKHQ (LJHQVFKDIWHQ
(LJQXQJVSUIXQJ DOOHU 0DWHUL DOLHQ
:DKO GHV 9HUIDKUHQV
.RQWUROOH XQG $XI]HLFKQXQJ GHU 3DUDPHWHU
GLH %RKUQHLJXQJ GDUI PD[LPDO ]XU 6HQNUHFKWHQ VHLQ $XVQDKPH REHUHU =ZLFNHO
EHL ELQGLJHQ %|GHQ PVVHQ GUHL 3UREHVlXOHQ YRUJHVHKHQ ZHUGHQ IDOOV NHLQH YHUJOHLFK EDUHQ (LJQXQJVSUIXQJHQ YRU OLHJHQ
ZlKUHQG GHU %DXPDQDKPH
+HEXQJ XQG 6HW]XQJVPHV VXQJHQ
hEHUZDFKXQJ GHU %DXVWRIIHL JHQVFKDIWHQ
QDFK GHU %DXPDQDKPH
6HW]XQJVPHVVXQJHQ
,QWHJULWlWVSUIXQJ GHV 'VHQ VWUDKOEDXZHUNHV 'UXFNIHV WLJNHLW 'XUFKOlVVLJNHLW
.RQWUROOH GHV 5FNIOXV VHV:LFKWH 0HQJH =XVDP PHQVHW]XQJ
.RQWUROOH GHU 'VHQVWUDKONX EDWXU $QVFKOXVV DQ GLH )XQ GDPHQWH 'LFKWLJNHLW
.RQWUROOH GHV 'VHQVWUDKON|U SHUV %RKUDQVDW]SXQNW $E PHVVXQJ 9HUWLNDOLWlW 5HLFK ZHLWH
GLH +HUVWHOOSDUDPHWHU XQG GLH %RKUWLHIH MHGHU 'VHQVWUDKO VlXOH VLQG ]X NRQWUROOLHUHQ XQG DXI]X]HLFKQHQ
.RQWUROOH XQG $XI]HLFKQXQJ GHU +HUVWHOOSDUDPHWHU
LQ QLFKW VWDQGIHVWHQ %RKUXQJHQ LVW GLH %RKUXQJ QDFK (UUHLFKHQ GHU (QGWLHIH ]X VLFKHUQ
($% (PSIHKOXQJHQ GHV $UEHLWVNUHLVHV %DXJUXEHQ (UQVW 6RKQ %HUXIVJHQRVVHQVFKDIW GHU %DXZLUWVFKDIW 7LHIEDXDUEHLWHQ .DS *HE|VFKWH %DXJUXEHQ 6FKPLGW ++ *UXQGODJHQ GHU *HRWHFKQLN %RGHQPHFKDQLN *UXQGEDX (UGEDX 7HXEQHU9HUODJ 6LPPHU . *UXQGEDX 7HLO $XIO 7HXEQHU9HUODJ 6WXWWJDUW 6FKQHOO : 9HUIDKUHQVWHFKQLNHQ ]XU 6LFKHUXQJ YRQ %DXJUXEHQ $XIO 7HXEQHU9HUODJ 6WXWWJDUW 9RWK % 7LHIEDXSUD[LV .RQVWUXNWLRQHQ 9HUIDKUHQ +HUVWHOOXQJVDEOlXIH LP ,QJHQLHXUWLHIEDX %DXYHUODJ *PE+ :LHVEDGHQ %HUOLQ &$7=HSSHOLQ /LHIHUSURJUDPP .HWWHQEDJJHU .|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lQGH .RQWDNW 6WXGLXP 6SH]LDOWLHIEDX %DXJUXEHQ DXV 6WDKOVSXQGERKOHQ 6FKQHOO : 9DKODQG 5 2OWPDQQV : 9HUIDKUHQVWHFKQLN GHU *UXQGZDVVHUKDOWXQJ 7HXEQHU9HUODJ $XIO
'VHQVWUDKOVRKOHQ XQG ZlQGH
6PROWF]\N 8 *UXQGEDX7DVFKHQEXFK 7HLO $XIO (UQVW 6RKQ %HUOLQ 6HLW] - 0 6FKPLGW +* %RKUSIlKOH 9HUODJ (UQVW 6RKQ )D %DXHU )LUPHQSURVSHNW 'RSSHONRSIV\VWHP )D /LHEKHUU )LUPHQSURVSHNW 'RSSHONRSI%RKUYHUIDKUHQ .|QLJ + 0DVFKLQHQ LP %DXEHWULHE )XQGLHUXQJVJHUlWH )D %DXHU 6SH]LDOWLHIEDX )LUPHQSURVSHNW 6FKOLW] XQG 'LFKWZlQGH .DUVWHGW - 6FKDGHQVXUVDFKHQ EHL 6FKOLW]ZDQGDUEHLWHQ 7LHIEDX ,QJHQLHXUEDX 6WUDHQEDX +HIW .DUVWHGW - 6WDQGVLFKHUKHLWVSUREOHPH EHL GHU 6FKOLW]ZDQGEDXZHLVH %DXPDVFKLQH XQG %DXWHFKQLN +HIW 6 )D %DXHU 6SH]LDOWLHIEDX )LUPHQSURVSHNW 6FKOLW] XQG 'LFKWZlQGH )LUPD .HOOHU )LUPHQSURVSHNW 'DV 6RLOFUHWH 9HUIDKUHQ )LUPD %DXHU )LUPHQSURVSHNW +',9HUIDKUHQ .RQWDNW 6WXGLXP 6SH]LDOWLHIEDX 'VHQVWUDKOYHUIDKUHQ )LUPD %DXHU )LUPHQKRPHSDJH 0DVFKLQHQWHFKQLN %RKUJHUlWH )LUPD .OHPP )LUPHQKRPHSDJH 0DVFKLQHQWHFKQLN %RKUJHUlWH .XW]QHU & ,QMHNWLRQHQ LP %DXJUXQG )HUGLQDQG (QNH 9HUODJ 0QFKHQ %HWRQNDOHQGHU 7HLO ,, (UQVW 6RKQ
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ
%DXJUXQGYHUEHVVHUXQJ
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ :HUGHQ %DXZHUNVODVWHQ XQPLWWHOEDU LQ GHU )XQGDPHQWVRKOH LQ GHQ %DXJUXQG EHUWUDJHQ VR LVW GDV *HElXGH IODFK JHJUQGHW 'DPLW HLQH VROFKH *UQGXQJ P|JOLFK LVW PXVV GHU %DX JUXQG JHZLVVH 9RUDXVVHW]XQJHQ HUIOOHQ (U PXVV VR EHVFKDIIHQ VHLQ GDVV HLQH DXVUHLFKHQGH 6LFKHUKHLW JHJHQ GDV $XIWUHWHQ YRQ %UXFK]XVWlQGHQ LP %RGHQ ] % *UXQGEUXFK YRUKDQGHQ LVW XQG GLH DXIWUHWHQGHQ 6HW]XQJHQ YRP *HElXGH VFKDGORV DXIJHQRPPHQ ZHUGHQ N|QQHQ :HQQ GLHVH 9RUDXVVHW]XQJHQ YRP YRUKDQGHQHQ %DXJUXQG QLFKW HUIOOW ZHUGHQ PVVHQ HQW ZHGHU GLH (LJHQVFKDIWHQ GHV DQVWHKHQGHQ %RGHQV YHUEHVVHUW ZHUGHQ RGHU HV NRPPW HLQH 7LHIJUQGXQJ ] % HLQH 3IDKOJUQGXQJ LQIUDJH
%LOG
*UQGXQJVDUWHQ >@
+lXILJ LVW GLH $QZHQGXQJ YRQ %DXJUXQGYHUEHVVHUXQJVPHWKRGHQ XQWHU %HLEHKDOWXQJ GHU )ODFKJUQGXQJ GLH NRVWHQJQVWLJHUH /|VXQJ JHJHQEHU HLQHU 3IDKOJUQGXQJ $QGHUHUVHLWV NDQQ GLH 3IDKOJUQGXQJ NRVWHQJQVWLJHU VHLQ ZHQQ GDGXUFK ] % JURH )XQGDPHQWPDVVHQ 8PVSXQGXQJHQ RGHU :DVVHUKDOWXQJHQ YHUPLHGHQ ZHUGHQ N|QQHQ 'LH :DKO GHU IU GLH MHZHLOLJH %DXDXIJDEH DP EHVWHQ JHHLJQHWHQ *UQGXQJVNRQ]HSWLRQ ZLUG LP :HVHQWOLFKHQ GXUFK IROJHQGH 3DUDPHWHU EHHLQIOXVVW ± .RQVWUXNWLRQ XQG 1XW]XQJ GHV %DXZHUNV ± %RGHQ XQG :DVVHUYHUKlOWQLVVH ± *HOlQGHYHUKlOWQLVVH ± 1DFKEDUEHEDXXQJ ± 7HUPLQ]ZlQJH ± .RVWHQ (QWVFKHLGHW PDQ VLFK IU HLQH %DXJUXQGYHUEHVVHUXQJ VR ULFKWHW VLFK GHU 8PIDQJ QDFK GHU $UW GHV %DXZHUNV XQG VHLQHU (LQZLUNXQJ DXI GHQ 8QWHUJUXQG 6R ZHUGHQ IU )ODFKJUQGXQ
%DXJUXQGYHUEHVVHUXQJ
JHQ YRQ 'lPPHQ GLH GHQ %DXJUXQG VSH]LILVFK K|KHU EHODVWHQ DQGHUH 0DQDKPHQ HUJULIIHQ ZHUGHQ PVVHQ DOV IU 9HUNHKUVEDXWHQ ZLH 6WUDHQ 5ROOEDKQHQ RGHU 6FKLHQHQYHUNHKUVZHJH GHUHQ (LQIOXVV VLFK QXU REHUIOlFKHQQDK DXVZLUNW 1DFK GHP =ZHFN GHU %DXJUXQGYHUEHVVHUXQJ XQWHUVFKHLGHW PDQ 0DQDKPHQ GLH GLH 7UDJIl KLJNHLW LP ZHLWHVWHQ 6LQQH YHUEHVVHUQ XQG 0DQDKPHQ GLH LP :HVHQWOLFKHQ GHU 9HUULQJH UXQJ GHU 'XUFKOlVVLJNHLW YRQ %|GHQ GLHQHQ ,Q GLHVHP %XFK ZLUG YRU]XJVZHLVH DXI GLH 9HU IDKUHQ ]XU (UK|KXQJ GHU 7UDJIlKLJNHLW HLQJHJDQJHQ PLW GHQHQ DOOHUGLQJV KlXILJ ] % EHL ,QMHNWLRQHQ HEHQIDOOV HLQH 9HUULQJHUXQJ GHU 'XUFKOlVVLJNHLW EHZLUNW ZLUG %HL GHU :DKO GHV MHZHLOLJHQ 9HUEHVVHUXQJVYHUIDKUHQV VLQG DXFK YRQ %HGHXWXQJ ± )OlFKH GHV ]X YHUEHVVHUQGHQ *HOlQGHV ± %DXZHUNVDUW *U|H XQG 9HUWHLOXQJ GHU /DVWHQ ± YHUIJEDUH 0DWHULDOLHQ ± YHUIJEDUH *HUlWH ± *UXQGZDVVHUVFKXW]EHVWLPPXQJHQ ± %HJUHQ]XQJ YRQ /lUP 6WDXE XQG (UVFKWWHUXQJHQ ± =XJlQJOLFKNHLW XQG %HIDKUEDUNHLW GHV *HOlQGHV
*HRWHFKQLVFKH *UXQGODJHQ $OOJHPHLQHV 'XUFK GLH %DXJUXQGYHUEHVVHUXQJ VROO LP :HVHQWOLFKHQ HUUHLFKW ZHUGHQ ± (UK|KXQJ GHU 7UDJIlKLJNHLW GHV %DXJUXQGHV ± 9HUULQJHUXQJ XQGRGHU %HVFKOHXQLJXQJ GHU 6HW]XQJHQ %DXJUXQGYHUEHVVHUXQJHQ GLH HLQH (UK|KXQJ GHU 7UDJIlKLJNHLW EHZLUNHQ VROOHQ PVVHQ GLH 9HUJU|HUXQJ GHU 6FKHUIHVWLJNHLW ]XP =LHO KDEHQ 'LH 6FKHUIHVWLJNHLW NDQQ DXI ] % IROJHQ GH :HLVH YHUJU|HUW ZHUGHQ D
9HUKLQGHUXQJ GHV $EJOHLWHQV GHU .|UQHU JHJHQHLQDQGHU
E
(UK|KXQJ GHU /DJHUXQJVGLFKWH
F
(QWZlVVHUXQJ
]X D 'DV $EJOHLWHQ YRQ .|UQHUQ JHJHQHLQDQGHU XQG GDPLW GLH $XVELOGXQJ YRQ *OHLW RGHU %UXFK IOlFKHQ ZLUG HUVFKZHUW ZHQQ GLH 9HUVFKLHEOLFKNHLW GHU .|UQHU JHJHQHLQDQGHU EORFNLHUW ZLUG %DXJUXQGYHUEHVVHUXQJVPHWKRGHQ ZHOFKH GLHV ]XP =LHO KDEHQ VLQG ] % GDV ,QML]LHUHQ *H IULHUHQ XQG 6WDELOLVLHUHQ PLW =HPHQW RGHU .DON
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ
+LHUEHL ZLUG GHU 3RUHQUDXP HQWZHGHU GXUFK HLQ ]XVlW]OLFKHV 0LWWHO ,QMHNWLRQVPLWWHO =H PHQW GDV HUVWDUUW RGHU DEELQGHW DXVJHIOOW RGHU GDV LQ GHQ 3RUHQ EHILQGOLFKH :DVVHU JH IULHUW XQG YHUKLQGHUW VRPLW GDV $EJOHLWHQ GHU .|UQHU ]X E 'HU 5HLEXQJVZLQNHO M¶ LVW EHL QLFKWELQGLJHQ %|GHQ LQ VWDUNHP 0DH YRQ GHU /DJHUXQJVGLFK WH XQG GDPLW YRP 3RUHQDQWHLO DEKlQJLJ 0LW ZDFKVHQGHU /DJHUXQJVGLFKWH QLPPW GLH 6FKHU IHVWLJNHLW EHUOLQHDU ]X VLHKH .DSLWHO 9HUIDKUHQ PLW GHQHQ GLH /DJHUXQJVGLFKWH DQVWH KHQGHU %|GHQ YHUEHVVHUW ZLUG VLQG ] % GLH 2EHUIOlFKHQ XQG 7LHIHQYHUGLFKWXQJ ]X F 'LH 6FKHUIHVWLJNHLW ELQGLJHU %|GHQ KlQJW QHEHQ GHU .RUQYHUWHLOXQJ XQG GHU hEHUNRQVROLGD WLRQ ZHVHQWOLFK YRQ GHU .RQVLVWHQ] XQG GDPLW YRP :DVVHUJHKDOW DE -H JHULQJHU GHU :DVVHU JHKDOW GHVWR K|KHU GLH 6FKHUIHVWLJNHLW 'LH 6FKHUIHVWLJNHLW NDQQ GDKHU ] % GXUFK (QWZlV VHUQ YHUEHVVHUW ZHUGHQ 'XUFK 9HUWLNDOGUlQV NDQQ LQVEHVRQGHUH EHL $XIEULQJHQ HLQHU 9RU EHODVWXQJ GLH .RQVLVWHQ] GHV DQVWHKHQGHQ %RGHQV GHXWOLFK HUK|KW ZHUGHQ $XFK GDV (LQ EULQJHQ YRQ 9DNXXPHQWZlVVHUXQJVDQODJHQ HUK|KW GLH )HVWLJNHLW GHV %RGHQV GHXWOLFK /HW] WHUH ZHUGHQ DOOHUGLQJV PHLVW QXU IU YRUEHUJHKHQGH =ZHFNH HLQJHVHW]W 9HUULQJHUXQJ XQGRGHU %HVFKOHXQLJXQJ GHU 6HW]XQJHQ :LUG HLQ %RGHQ GXUFK HLQ %DXZHUN EHODVWHW YHUIRUPW HU VLFK HODVWLVFK XQG SODVWLVFK ZREHL GLH HODVWLVFKHQ 9HUIRUPXQJHQ LP :HVHQWOLFKHQ GXUFK 9ROXPHQlQGHUXQJHQ GHU .|UQHU XQG GLH SODVWLVFKHQ GXUFK 9ROXPHQlQGHUXQJ GHV 3RUHQUDXPHV HQWVWHKHQ :lKUHQG EHL QLFKWELQ GLJHQ %|GHQ GLH 6HW]XQJHQ VRIRUW PLW GHU %HODVWXQJ DXIWUHWHQ HQWVWHKHQ GLH 6HW]XQJHQ ELQ GLJHU %|GHQ HUVW DOOPlKOLFK 8UVDFKH KLHUIU LVW GHU ZHJHQ GHU JHULQJHQ 'XUFKOlVVLJNHLW YHU ]|JHUWH 3RUHQZDVVHUDEIOXVV (LQ ZDVVHUJHVlWWLJWHU ELQGLJHU %RGHQ NDQQ VLFK QXU GDQQ QHQ QHQVZHUW VHW]HQ ZHQQ 3RUHQZDVVHU DXVJHSUHVVW ZLUG GHQQ GDV :DVVHU XQG GLH %RGHQWHLO FKHQ VLQG SUDNWLVFK NDXP ]XVDPPHQGUFNEDU (LQH 9HUEHVVHUXQJ GHV %RGHQV G K HLQH 9HUJU|HUXQJ GHV 6WHLIHPRGXOV XQG GDPLW HLQH 9HUULQJHUXQJ GHU =XVDPPHQGUFNEDUNHLW OlVVW VLFK EHL QLFKWELQGLJHQ %|GHQ PLW 9HUIDKUHQ HUUHLFKHQ EHL GHQHQ HQWZHGHU GLH 3RUHQ PLW =XJDEHPLWWHOQ DXVJHIOOW ZHUGHQ ,QMHNWLRQVYHU IDKUHQ %RGHQVWDELOLVLHUXQJ GDV 3RUHQZDVVHU JHIURUHQ ZLUG *HIULHUYHUIDKUHQ RGHU GHU 3R UHQDQWHLO GXUFK 9HUGLFKWHQ YHUULQJHUW ZLUG 2EHUIOlFKHQ RGHU 7LHIHQYHUGLFKWXQJ %HL ELQ GLJHQ %|GHQ KlQJW GLH =XVDPPHQGUFNEDUNHLW DXHU YRQ GHU YRUKDQGHQHQ %RGHQVSDQQXQJ YRQ GHU .RUQYHUWHLOXQJ GHP 3RUHQDQWHLO XQG GHP :DVVHUJHKDOW E]Z GHU .RQVLVWHQ] DE 9HUEHVVHUXQJVPHWKRGHQ GLH GLH =XVDPPHQGUFNEDUNHLW GHV %RGHQV KHUDEVHW]HQ VLQG YRU DOOHP (QWZlVVHUXQJVYHUIDKUHQ EHL GHQHQ PHLVW XQWHUVWW]W GXUFK HLQH 9RUEHODVWXQJ GHU %RGHQ NRQVROLGLHUW XQG LQ HLQH K|KHUH .RQVLVWHQ] EHUIKUW ZLUG *OHLFK]HLWLJ ZLUG GDEHL GHU 3RUHQDQWHLO YHUULQJHUW :lKUHQG ] % GXUFK 9HUWLNDOGUlQV EHL HQWVSUHFKHQGHU 9RUEHODVWXQJ VSlWHUH %DXZHUNVVHW ]XQJHQ YRUZHJJHQRPPHQ ZHUGHQ 6HW]XQJHQ WUHWHQ GDQQ QXU QRFK GXUFK %DXZHUNVODVWHQ DXI GLH K|KHU DOV GLH 9RUEHODVWXQJ VLQG IKUW GLH 'UlQDJH RKQH 9RUEHODVWXQJ QXU ]X HLQHU %HVFKOHXQLJXQJ GHU %DXZHUNVVHW]XQJHQ
%DXJUXQGYHUEHVVHUXQJ
9RUXQWHUVXFKXQJHQ %HL GHU $XVZDKO 3ODQXQJ XQG %HPHVVXQJ YRQ %DXJUXQGYHUEHVVHUXQJHQ LVW GLH .HQQWQLV GHU YRUKDQGHQHQ %RGHQ XQG :DVVHUYHUKlOWQLVVH YRQ HQWVFKHLGHQGHU %HGHXWXQJ 'DVV HLQH %DXJUXQGHUNXQGXQJ DXV .RVWHQ RGHU 7HUPLQJUQGHQ XQWHUEOLHE RGHU QXU XQ]XUHL FKHQG GXUFKJHIKUW ZXUGH KDW LQ YLHOHQ )lOOHQ VFKRQ ]X VFKZHUZLHJHQGHQ 6FKlGHQ DQ %DX ZHUNHQ RGHU ]X HLQHU Y|OOLJ XQZLUWVFKDIWOLFKHQ %HPHVVXQJ GHU *UQGXQJ JHIKUW +lXILJ ZHUGHQ $XIZDQG XQG .RVWHQ IU GLHVH 9RUDUEHLWHQ LQ GHU *U|H GHVKDOE IDOVFK HLQJHVFKlW]W ZHLO VLH HLQHUVHLWV QLFKW LQ 5HODWLRQ ]XP *HVDPWEDXYRUKDEHQ JHVHW]W ZHUGHQ XQG DQGHUHUVHLWV GLH P|JOLFKHQ )ROJHQ HLQHU VFKDGKDIWHQ *UQGXQJ QLFKW DXVUHLFKHQG EHUFNVLFKWLJW ZHUGHQ 'LH EHL SUREOHPDWLVFKHQ %RGHQYHUKlOWQLVVHQ EHL GHQHQ HLQH 9HUEHVVHUXQJ HUIRUGHUOLFK LVW RGHU ]XPLQGHVW LQ (UZlJXQJ JH]RJHQ ZLUG Q|WLJHQ %DXJUXQGHUNXQGXQJHQ VLQG L $ XP IDQJUHLFKHU DOV EHL HLQIDFKHQ 9HUKlOWQLVVHQ 'DV KlQJW YRU DOOHP PLW GHU (UPLWWOXQJ ]XVlW]OL FKHU %RGHQSDUDPHWHU :DVVHUJHKDOW 'XUFKOlVVLJNHLW .RUQYHUWHLOXQJ 3RUHQDQWHLO X D P ]XVDPPHQ GLH IU GLH :DKO GHU 9HUEHVVHUXQJVPHWKRGH XQG ] % IU GLH )HVWOHJXQJ HLQHV ,QMHNWLRQVPLWWHOV HUIRUGHUOLFK VLQG 'HU %DXJUXQG PXVV LQ HLQHP IUKHQ 6WDGLXP GHU 3ODQXQJVSKDVH HUNXQGHW ZHUGHQ GDPLW GLH (QWVFKHLGXQJ IU GDV *UQGXQJVNRQ]HSW VDFKJHUHFKW HUIROJHQ NDQQ 'LH $EVWlQGH GHU (U NXQGXQJVSXQNWH VLQG YRQ )DOO ]X )DOO QDFK GHQ JHRORJLVFKHQ *HJHEHQKHLWHQ GHQ %DXZHUNV DEPHVVXQJHQ XQG GHQ EDXWHFKQLVFKHQ )UDJHVWHOOXQJHQ ]X ZlKOHQ ZREHL GLH LQ ',1 DQJHJHEHQHQ 5LFKWZHUWH ]ZLVFKHQ XQG P OLHJHQ 'D %DXJUXQGYHUEHVVHUXQJHQ DEHU KlXILJ GD]X GLHQHQ NRQ]HQWULHUW )XQGDPHQWODVWHQ ] % EHU ,QMHNWLRQVN|USHU LQ GHQ %RGHQ HLQ]XOHLWHQ PXVV GHU $EVWDQG GHU (UNXQGXQJVSXQNWH KlXILJ ZHVHQWOLFK JHULQJHU JHZlKOW ZHUGHQ VR GDVV VLFK PLWXQWHU PHKUHUH $XIVFKOVVH MH )XQGDPHQW HUJHEHQ 'LH $XIVFKOXVV WLHIHQ ULFKWHQ VLFK LP $OOJHPHLQHQ QDFK GHU )XQGDPHQWEUHLWH 1HEHQ )HOGXQWHUVXFKXQJHQ VLQG LP 3ODQXQJVVWDGLXP IU HLQH %DXJUXQGYHUEHVVHUXQJ DXFK /DERUXQWHUVXFKXQJHQ LQVEHVRQGHUH EHL ELQGLJHQ %|GHQ GXUFK]XIKUHQ $XHU GHQ 6WDQ GDUGYHUVXFKHQ ZLH (UPLWWOXQJ GHU .RUQYHUWHLOXQJ GHV :DVVHUJHKDOWHV GHU .RQVLVWHQ] GHV .DONJHKDOWHV XQG GHU RUJDQLVFKHQ %HVWDQGWHLOH VLQG GLHV LQVEHVRQGHUH 9HUVXFKH ]XU (UPLWW OXQJ GHU 6FKHUIHVWLJNHLW XQG GHU =XVDPPHQGUFNEDUNHLW 0LWXQWHU OlVVW VLFK WURW] XPIDQJUHLFKHU %DXJUXQGHUNXQGXQJHQ QLFKW GLH )UDJH EHDQWZRUWHQ RE HLQ %RGHQ PLW HLQHP EHVWLPPWHQ 9HUIDKUHQ YHUEHVVHUEDU LVW ,Q GLHVHQ )lOOHQ VLQG (LJ QXQJVSUIXQJHQ HUIRUGHUOLFK LQ GHQHQ HUPLWWHOW ZLUG GXUFK =XPLVFKXQJ ZHOFKHQ 0LWWHOV GLH JHZQVFKWHQ %RGHQHLJHQVFKDIWHQ DP EHVWHQ HUUHLFKW ZHUGHQ N|QQHQ 2GHU DEHU HV VLQG 3UR EHLQMHNWLRQHQ GXUFK]XIKUHQ PLW GHQHQ XQWHUVXFKW ZLUG RE XQG ZLH VLFK GLH HUIRUGHUOLFKH )HVWLJNHLW GHV ,QMHNWLRQVN|USHUV HU]HXJHQ OlVVW 1HEHQ GHQ %RGHQHLJHQVFKDIWHQ XQG GHQ *UXQGZDVVHUVWlQGHQ E]Z :DVVHUVWlQGHQ LQ YHU VFKLHGHQHQ *UXQGZDVVHUVWRFNZHUNHQ VLQG DXFK ,QIRUPDWLRQHQ EHU GLH *UXQGZDVVHU]XVDP PHQVHW]XQJ HUIRUGHUOLFK 'LH FKHPLVFKH =XVDPPHQVHW]XQJ LVW LPPHU GDQQ ]X XQWHUVXFKHQ ZHQQ $QJULIIH DXI GDV HLQJHVHW]WH 9HUIHVWLJXQJVPLWWHO ]X EHIUFKWHQ VLQG
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ
1DFK ',1 VROO GLH :DVVHUDQDO\VH GDKHU LQVEHVRQGHUH IROJHQGH 8QWHUVXFKXQJHQ XPIDV VHQ *HUXFK S+:HUW .DOLXPSHUPDQJDQDWYHUEUDXFK +lUWH &KORULG 6XOILG .DONO|VHNDSD ]LWlW $PPRQLXP 0DJQHVLXP 6XOIDW (LQ EHVRQGHUHV FKHPLVFKHV $QDO\VHSURJUDPP LVW HU IRUGHUOLFK ZHQQ GLH %DXJUXQGYHUEHVVHUXQJ LQ NRQWDPLQLHUWHP %RGHQ KHUJHVWHOOW ZHUGHQ VROO 'LH .RVWHQ IU VROFKH FKHPLVFKHQ 8QWHUVXFKXQJHQ ODVVHQ VLFK QLFKW SDXVFKDO DQJHEHQ GD VLH VHKU VWDUN YRQ GHU =DKO GHU ]X XQWHUVXFKHQGHQ :DVVHU E]Z %RGHQSUREHQ XQG GHU =DKO GHU ]X HUPLWWHOQGHQ FKHPLVFKHQ 3DUDPHWHU DEKlQJHQ
$QZHQGXQJVEHUHLFKH XQG $EJUHQ]XQJ ]X DQGHUHQ %DXYHUIDKUHQ -HGHV %DXZHUN PXVV DXVUHLFKHQG VLFKHU JHJUQGHW ZHUGHQ GDKHU LVW LQ GHU 3ODQXQJVSKDVH HLQ *UQGXQJVNRQ]HSW ]X HUDUEHLWHQ 'D]X ZLUG ]XQlFKVW XQWHUVXFKW RE GHU %DXJUXQG LQ GHU YRUJHVHKHQHQ *UQGXQJVHEHQH DXVUHLFKHQG WUDJIlKLJ LVW 'LH ]XOlVVLJHQ %RGHQSUHVVXQJHQ ZHUGHQ KLHUEHL QDFK HLQHU %DXJUXQGHUNXQGXQJ HQWZHGHU DQKDQG GHU 7DIHOQ GHU ',1 RGHU GXUFK *UXQGEUXFK XQG 6HW]XQJVEHUHFKQXQJHQ HUPLWWHOW $QKDQG GHU ]XOlVVLJHQ %R GHQSUHVVXQJHQ ODVVHQ VLFK GDQQ GLH $EPHVVXQJHQ ] % GHU 6WUHLIHQ XQG (LQ]HOIXQGDPHQWH IHVWOHJHQ (UJHEHQ GLHVH %HUHFKQXQJHQ XQZLUWVFKDIWOLFKH RGHU WHFKQLVFK QLFKW DXVIKUEDUH )XQGDPHQWDEPHVVXQJHQ ZLUG JHSUIW RE PLW HLQHU )XQGDPHQWSODWWH HLQH DXVUHLFKHQG WUDJ IlKLJH XQG VHW]XQJVDUPH *UQGXQJ HUUHLFKW ZHUGHQ NDQQ =HLJW VLFK GDVV DXFK HLQH 3ODWWHQ JUQGXQJ DXI GHP DQVWHKHQGHQ %DXJUXQG NHLQH VLFKHUH E]Z ZLUWVFKDIWOLFKH *UQGXQJVNRQ ]HSWLRQ LVW NRPPHQ JUXQGVlW]OLFK ]ZHL 0|JOLFKNHLWHQ LQ %HWUDFKW %LOG
'HU DQVWHKHQGH %RGHQ ZLUG YHUEHVVHUW VR GDVV HU DXVUHLFKHQG WUDJIlKLJ ZLUG %DX JUXQGYHUEHVVHUXQJ
'DV %DXZHUN ZLUG QLFKW XQPLWWHOEDU DXI GHP DQVWHKHQGHQ ZHQLJ WUDJIlKLJHQ %RGHQ JHJUQGHW VRQGHUQ GLH %DXZHUNVODVWHQ ZHUGHQ DXI HLQHQ WLHIHU OLHJHQGHQ WUDJIlKLJHQ %RGHQ DEJHWUDJHQ 7LHIJUQGXQJ
%LOG
*UQGXQJVP|JOLFKNHLWHQ
%DXJUXQGYHUEHVVHUXQJ
:HOFKH GLHVHU 0|JOLFKNHLWHQ JHZlKOW ZLUG KlQJW LP :HVHQWOLFKHQ YRQ IROJHQGHQ )DNWRUHQ DE ± %RGHQYHUKlOWQLVVH ± :DVVHUYHUKlOWQLVVH ± $UW XQG %HODVWXQJ GHV %DXZHUNV ± 6HW]XQJVHPSILQGOLFKNHLW GHV %DXZHUNV ± 1DFKEDUEHEDXXQJ ± 3ODW]YHUKlOWQLVVH ± 8PZHOWYHUWUlJOLFKNHLW ± :LUWVFKDIWOLFKNHLW $QKDQG HLQLJHU %HLVSLHOH VROO HUOlXWHUW ZHUGHQ ZDUXP MHZHLOV GLH %DXJUXQGYHUEHVVHUXQJ E]Z GLH 7LHIJUQGXQJ GLH EHVVHUH /|VXQJ LVW ,P %HLVSLHO %LOG LVW GLH 9HUEHVVHUXQJ GHV %DXJUXQGHV GXUFK $XVWDXVFK XQG (UVDW] GHV QLFKW WUDJIlKLJHQ ZHLFKHQ 7RQV GXUFK QLFKWELQGLJHV JXW YHUGLFKWHWHV 0DWHULDO GLH ZLUW VFKDIWOLFKVWH 0HWKRGH 'LH 0lFKWLJNHLW GHU DXV]XWDXVFKHQGHQ 6FKLFKW LVW JHULQJ P HLQH 7LHIJUQGXQJ GLH HLQH DXVUHLFKHQGH (LQELQGXQJ YRQ 3IlKOHQ LQ GHQ GLFKW JHODJHUWHQ .LHV EHGLQJW LVW ]X DXIZHQGLJ
%LOG
%HLVSLHO 6WUHLIHQIXQGDPHQW DXI ZHLFKHP 7RQ
$XFK EHL GHP %HLVSLHO %LOG LVW GLH %DXJUXQGYHUEHVVHUXQJ GLH ZLUWVFKDIWOLFKHUH 0H WKRGH 'XUFK HLQH 9RUEHODVWXQJ GHV ZHLFKHQ 7RQV PLW HLQHU $XI E]Z hEHUVFKWWXQJ OlVVW VLFK GHU 7RQ WHLOZHLVH HQWZlVVHUQ XQG GDPLW VWDELOLVLHUHQ 'HU (QWZlVVHUXQJVYRUJDQJ NDQQ GXUFK GHQ (LQEDX YRQ 9HUWLNDOGUlQDJHQ ZHVHQWOLFK EHVFKOHXQLJW ZHUGHQ 1DFK GHU .RQVROL GDWLRQ NDQQ GHU 'DPP LQ VHLQHU HQGJOWLJHQ )RUP DXIJHVFKWWHW ZHUGHQ (V VLQG GDQQ QXU QRFK JHULQJH 6HW]XQJHQ ]X HUZDUWHQ
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ
%LOG
%HLVSLHO 6WUDHQGDPP DXI ZHLFKHP 7RQ
(LQH 3IDKOJUQGXQJ VFKHLGHW KLHU DXV ZLUWVFKDIWOLFKHQ hEHUOHJXQJHQ DXV +RKH .RVWHQ HQW VWQGHQ X D GDGXUFK GDVV GLH 3IDKON|SIH GXUFK HLQH )XQGDPHQWSODWWH DXV 6WDKOEHWRQ YHU EXQGHQ ZHUGHQ PVVWHQ GDPLW GLH )OlFKHQODVW GHV 'DPPHV SXQNWXHOO DXI GLH 3IlKOH EHUWUD JHQ ZLUG ,P %HLVSLHO %LOG LVW HLQH 3IDKOJUQGXQJ GLH ZLUWVFKDIWOLFKVWH XQG VLFKHUVWH 0HWKRGH 'LH /DVWHQ VLQG EHUHLWV DXI HLQH NOHLQH )OlFKH NRQ]HQWULHUW VR GDVV VLH RKQH JU|HUH NRQ VWUXNWLYH 0DQDKPHQ DXI 3IlKOH EHUWUDJHQ ZHUGHQ N|QQHQ :ROOWH PDQ HLQHQ %RGHQDXV WDXVFK GXUFKIKUHQ PVVWH HU LP 1DVVHQ XQG LP 6FKXW] HLQHU DXIZHQGLJHQ %DXJUXEHQXP VFKOLHXQJ HUIROJHQ
%LOG
%HLVSLHO %UFNHQSIHLOHU DXI ZHLFKHP 6FKOXII
$QGHUH %DXJUXQGYHUEHVVHUXQJVPHWKRGHQ 5WWHOVWRSIYHUGLFKWXQJ '\QDPLVFKH ,QWHQVLYYHU GLFKWXQJ ,QMHNWLRQ VFKHLGHQ DXV GD VLH IU GHQ DQVWHKHQGHQ %DXJUXQG XQJHHLJQHW VLQG *DQ] DOOJHPHLQ ODVVHQ VLFK GLH $QZHQGXQJVEHUHLFKH GHU %DXJUXQGYHUEHVVHUXQJVPHWKRGHQ XQG GHU 7LHIJUQGXQJ ZLH IROJW DEJUHQ]HQ 7DEHOOH
%DXJUXQGYHUEHVVHUXQJ
7DEHOOH
%HYRU]XJWH $QZHQGXQJVEHUHLFKH IU %DXJUXQGYHUEHVVHUXQJVYHUIDKUHQ XQG 3IDKOJUQGXQJHQ
%DXJUXQGYHUEHVVHUXQJVYHUIDKUHQ
3IDKOJUQGXQJHQ
%HVRQGHUV JHHLJQHW EHL )OlFKHQODVWHQ 9HUNHKUVZHJHEDX 'lPPH 3ODWWHQ JUQGXQJHQ
(LQ]HOODVWHQ 6WW]HQ 3IHLOHU
JHULQJHU 6FKLFKWPlFKWLJNHLW
JURHU 6FKLFKWPlFKWLJNHLW
WLHIHP *UXQGZDVVHUVSLHJHO
KRKHP *UXQGZDVVHUVSLHJHO
VHW]XQJVXQHPSILQGOLFKHQ %DXZHUNHQ
VHW]XQJVHPSILQGOLFKHQ %DXZHUNHQ
'LH DQVWHKHQGHQ %|GHQ JHEHQ DOOHLQ QRFK NHLQ (QWVFKHLGXQJVNULWHULXP IU GLH :DKO HLQHU %DXJUXQGYHUEHVVHUXQJ E]Z HLQHU 3IDKOJUQGXQJ %HLGH 0HWKRGHQ VLQG JUXQGVlW]OLFK LQ SUDNWLVFK DOOHQ %|GHQ DQZHQGEDU VR GDVV QLFKW JHVDJW ZHUGHQ NDQQ GDVV ] % EHL ELQGLJHQ %|GHQ 3IDKOJUQGXQJHQ ]X EHYRU]XJHQ VLQG 'DKHU VLQG LP (LQ]HOIDOO PHLVW EHLGH 0|JOLFK NHLWHQ ]X XQWHUVXFKHQ XQG GLH 9RU XQG 1DFKWHLOH LQ WHFKQLVFKHU XQG ZLUWVFKDIWOLFKHU +LQ VLFKW JHJHQEHU]XVWHOOHQ (UVFKZHUW ZLUG GLHVHU 9HUJOHLFK LQ GHU 3UD[LV QRFK GDGXUFK GDVV ]XQlFKVW XQWHU DOOHQ GHQNEDUHQ %DXJUXQGYHUEHVVHUXQJVPHWKRGHQ GLH IU GLH MHZHLOLJH %DX DXIJDEH RSWLPDOH KHUDXVJHIXQGHQ ZHUGHQ PXVV $QGHUHUVHLWV PXVV IU GHQ 9HUJOHLFK XQWHU GHQ YLHOHQ P|JOLFKHQ 3IDKOW\SHQ GHU JHHLJQHWH DXVJHZlKOW ZHUGHQ 7DEHOOH ]HLJW GLH $QZHQGEDUNHLW GHU %DXJUXQGYHUEHVVHUXQJ IU YHUVFKLHGHQH %DXZHUNH XQG %DXJUXQGDUWHQ
hEHUEOLFN EHU GLH 0HWKRGHQ GHU %DXJUXQGYHUEHVVHUXQJ *UXQGVlW]OLFK GLHQHQ GLH 0HWKRGHQ GHU %DXJUXQGYHUEHVVHUXQJ GD]X GLH 6FKHUIHVWLJNHLW GHU %|GHQ ]X HUK|KHQ XQGRGHU GLH =XVDPPHQGUFNEDUNHLW ]X YHUULQJHUQ 'LHV NDQQ MH QDFK %RGHQDUW XQG %DXDXIJDEH GXUFK 9HUGLFKWXQJ (QWZlVVHUXQJ 9HUIHVWLJXQJ RGHU %HZHKUXQJ HUUHLFKW ZHUGHQ 'D ] 7 GLHVH 9HUIDKUHQVJUXSSHQ QLFKW NODU DEJUHQ]EDU VLQG VR LVW ] % GLH (QWZlVVHUXQJ L $OOJ DXFK PLW HLQHU 9HUGLFKWXQJ YHUEXQGHQ VLQG YHUVFKLHGHQH (LQWHLOXQ JHQ GHQNEDU ,Q GLHVHP %XFK ZLUG GLH LQ 7DEHOOH GDUJHVWHOOWH (LQWHLOXQJ JHZlKOW
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ
7DEHOOH $QZHQGEDUNHLW GHU %DXJUXQGYHUEHVVHUXQJ IU YHUVFKLHGHQH %DXZHUNH XQG %DXJUXQGDUWHQ $UW GHV %DX ZHUNV
%URJHElXGH :RKQKlXVHU
%DXZHUN
=XOlVVLJH 6HW ]XQJHQ
(UIRUGHUOL :DKUVFKHLQOLFKNHLW GHV FKH ]XOlVVLJH (UIROJV GHU %DXJUXQGYHU %RGHQSUHV EHVVHUXQJ VXQJ
>PP@
>N1Pð@
ORFNHU JHOD JHUWH QLFKW ELQGLJH %| GHQ
ZHLFKH ELQ GLJH %|GHQ
+RFKKlXVHU PHKU DOV 6WRFNZHUNH
±
ELV
JUR
XQZDKU VFKHLQOLFK
+RFKEDXWHQ
±
JUR
NOHLQ
±
±
JUR
JUR
± 0DJHEHQG 6HW]XQJVXQWHU VFKLHGH
ELV
JUR
XQZDKU VFKHLQOLFK
5DKPHQDUWLJH /DJHUKDOOHQ ELV | XQG )DEULNHQ
±
JUR
JUR
/DJHUKDOOHQ XQG SOlW]H RIIHQH )DEULNDWLRQVDQOD JHQ
±
ELV
JUR
JUR
.OlUDQODJHQ
ELV | 0DJHEHQG 6HW]XQJVXQWHU VFKLHGH
ELV
JUR
JUR
7DQNV
ELV | 0DJHEHQG 6HW]XQJVXQWHU VFKLHGH
ELV
JUR
JUR
2IIHQH /DJHUSOlW]H
ELV |
ELV
JUR
JUR
'lPPH
ELV |
ELV
JUR
JUR
6WUDHQ %DKQVWUHFNHQ )OXJSOlW]H
ELV 0DJHEHQG 6HW]XQJVXQWHU VFKLHGH
ELV
JUR
JUR
± 6WRFNZHUNH )ODFKEDXWHQ ± 6WRFNZHUNH ,QGXVWULHDQODJHQ .UDIWZHUNH )DEULNDWLRQV DQODJHQ .UDQEDKQHQ 6FKZHUH 0DVFKLQHQ
6RQVWLJH
%DXJUXQGYHUEHVVHUXQJ
7DEHOOH
0HWKRGHQ GHU %DXJUXQGYHUEHVVHUXQJ
%RGHQDXVWDXVFK XQG DXVKXEYHUIDKUHQ
9HUGLFKWXQJVYHU IDKUHQ
9HUIHVWLJXQJVYHU IDKUHQ
(QWZlVVHUXQJVYHU IDKUHQ
%HZHKUXQJVYHU IDKUHQ
%RGHQDXVWDXVFK
2EHUIOlFKHQYHU GLFKWXQJ
9HUIHVWLJXQJ REHU IOlFKHQQDKHU %R GHQVFKLFKWHQ PLW %LQGHPLWWHOQ
9HUWLNDOGUlQDJH
%HZHKUXQJV ODJHQ
%RGHQDXVKXE
7LHIHQUWWHOYHU GLFKWXQJ
,QMHNWLRQHQ
9DNXXPNRQVROLGDWL RQ
=HOONRQVWUXNWLR QHQ
5WWHOVWRSIYHUGLFK 'VHQVWUDKOYHUIDK WXQJ UHQ '\QDPLVFKH
9RUEHODVWXQJ
%RGHQYHUHLVXQJ
,QWHQVLYYHUGLFKWXQJ
(LQHQ hEHUEOLFN EHU GLH ZHVHQWOLFKHQ .HQQ]HLFKHQ GHU 9HUIDKUHQ VRZLH LKUH 9RU XQG 1DFKWHLOH JLEW GLH 7DEHOOH 2E HLQH %DXJUXQGYHUEHVVHUXQJVPHWKRGH EHL HLQHP EHVWLPP WHQ %RGHQ JHHLJQHW LVW OlVVW VLFK 7DEHOOH HQWQHKPHQ
7DEHOOH
(LQVDW]P|JOLFKNHLWHQ GHU %DXJUXQGYHUEHVVHUXQJVPHWKRGHQ LQ $EKlQJLJNHLW YRQ GHU %RGHQDUW 7RQ
6FKOXII
6DQG
.LHV
%RGHQDXVWDXVFK 2EHUIOlFKHQYHUGLFKWXQJ 7LHIHQUWWHOYHUGLFKWXQJ 5WWHOVWRSIYHUGLFKWXQJ '\QDPLVFKH ,QWHQVLYYHUGLFKWXQJ 9HUIHVWLJXQJ REHUIOlFKHQQDKHU %|GHQ PLW %LQGHPLWWHOQ =HPHQWLQMHNWLRQ &KHPLNDOLHQLQMHNWLRQ 'VHQVWUDKOYHUIDKUHQ %RGHQYHUHLVXQJ (QWZlVVHUXQJVYHUIDKUHQ %HZHKUXQJVYHUIDKUHQ
.RUQJU|H >PP@
'\QDPLVFKH ,QWHQ ZLHGHUKROWH 6FKODJ VLYYHUGLFKWXQJ EHODVWXQJ PLW KRKHU (QHUJLH DQ GHU 2 EHUIOlFKH
DP EHVWHQ JH ELV P HLJQHW EHL JUREN|UQLJHQ %|GHQ DEHU YLHOH DQGHUH %|GHQ N|QQHQ HEHQIDOOV YHU EHVVHUW ZHUGHQ
P
JUREN|UQLJH P %|GHQ PLW ZHQLJHU DOV )HLQNRUQ DQWHLO
5WWHOVWRSIYHUGLFK YHUGLFKWHWH JUREN|U ZHLFKH ELV WXQJ QLJH 6lXOH LQ IHLQ VWHLIH ELQGLJH N|UQLJHQ %|GHQ %|GHQ
7LHIHQUWWHOYHUGLFK 9HUGLFKWXQJ GXUFK WXQJ 5WWHOXQJ XQG 9HU GLFKWXQJ GHV 9HU IOOPDWHULDOV
! Pð
! Pð
! Pð
EHOLHELJ
NOHLQ
*UHQ]HQ XQG 6WRIIH
EHVWH 0HWKRGH ]XU 9HU GLFKWXQJ GQQHU /DJHQ
(LQZLUNWLHIH EH JUHQ]W
NHLQH
.LHV RGHU 6FKRWWHU
HLQIDFKHV 9HUIDKUHQ DXFK QLFKW DQZHQGEDU LQ IU IHLQN|UQLJH %|GHQ GHU 1lKH YRQ *H EHU XQG XQWHU :DVVHU ElXGHQ +RKH 7RQ DQZHQGEDU DQWHLOH PLQGHUQ GLH (IIHNWLYLWlW
.LHV E]Z 6FKRWWHUVlXOHQ 7UDJIlKLJNHLW EH ZLUNHQ DOV ]XVlW]OLFKH JUHQ]W XQJHHLJQHW 9HUWLNDOGUlQDJH 6HW EHL EUHLLJHQ XQG ]XQJVEHVFKOHXQLJXQJ RUJDQLVFKHQ %|GHQ
JUREN|UQLJHV DQZHQGEDU LQ JUREN|UQL XQJHHLJQHW EHL RUJD 9HUIOOPDWHULDO JHQ %|GHQ EHU XQG XQWHU QLVFKHQ XQG IHLQN|U :DVVHU JOHLFKPlLJH QLJHQ %|GHQ 9HUGLFKWXQJ
NHLQH
QLFKWELQGLJHV %DXJUXQG PLW LQ ZHLWHQ JJI :DVVHUKDOWXQJ JXW YHUGLFKWED *UHQ]HQ HLQVWHOOEDUHQ HUIRUGHUOLFK UHV 0DWHULDO 7UDJIlKLJNHLWVHLJHQVFKDI WHQ
0D[ ZLUNVD ZLUWVFKDIWOLFKH HUIRUGHUOLFKH 9RUWHLOH PH YHUEHVVHU *U|H GHU )Ol 6WRIIH EDUH 7LHIH FKH
9HUGLFKWXQJ GXUFK DOOH %RGHQDUWHQ | P 5WWHOXQJ RGHU VWDWL VFKH %HODVWXQJ
9HUGLFKWXQJVYHUIDKUHQ
2EHUIOlFKHQYHU GLFKWXQJ
*HHLJQHWH %RGHQDUWHQ
%RGHQ ZLUG DXVJH DOOH %RGHQDUWHQ | P KREHQ XQG GXUFK WUDJIlKLJHV 0DWHULDO HUVHW]W GDV YHUGLFK WHW HLQJHEDXW ZLUG
:LUNXQJVZHLVH
7DEHOOH
%RGHQDXVWDXVFK
0HWKRGH
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ
%DXJUXQGYHUEHVVHUXQJVYHUIDKUHQ >@
:LUNXQJVZHLVH
*HHLJQHWH %RGHQDUWHQ
GHU DQVWHKHQGH SUDNWLVFK DOOH %RGHQ ZLUG GXUFK %RGHQDUWHQ HLQHQ 'VHQVWUDKO DXIJHVFKQLWWHQ XQG PLW =HPHQWVXVSHQ VLRQ YHUPLVFKW
*HIULHUHQ GHV :DV SUDNWLVFK DOOH VHUV LP %RGHQ %RGHQDUWHQ GDGXUFK )HVWLJ NHLWVHUK|KXQJ
'VHQVWUDKO YHUIDKUHQ
%RGHQYHUHLVXQJ
P
P
GLH +RKOUlXPH GHV MH QDFK ,QMHNWL XQEHJUHQ]W %RGHQV ZHUGHQ PLW RQVPLWWHO .LHV 9HUSUHVVPLWWHO ELV *UREVFKOXII =HPHQW &KHPLND OLHQ DXVJHIOOW
ª FP
NOHLQ
NOHLQ
NOHLQ
EHOLHELJ
*UHQ]HQ XQG 6WRIIH
VFKQHOOH XQG ZLUWVFKDIWOL 9HUEHVVHUXQJ QXU FKH %DXJUXQGYHUEHVVH GQQHU 6FKLFKWHQ UXQJ P|JOLFK 1LFKW HLQ VHW]EDU EHL RUJDQL VFKHQ %|GHQ 6FKOXII XQG 7RQ VWHLQHQ
9RUWHLOH
*HIULHUPLWWHO
YRUEHUJHKHQGH 0D QDKPH RKQH EOHLEHQGH 5FNVWlQGH
QLFKW JHHLJQHW EHL KRKHU *UXQGZDVVHU VWU|PXQJ +RKH .RVWHQ
=HPHQWVXVSHQ KRKH )HVWLJNHLWHQ HUUHLFK QLFKW HLQVHW]EDU EHL VLRQ :DVVHU EDU XPZHOWIUHXQGOLFK RUJDQLVFKHQ %|GHQ IOH[LEHO +RKH .RVWHQ (U UHLFKEDUH )HVWLJNHLW KlQJW YRQ GHU %R GHQDUW DE
(LQSUHVVPLWWHO KRKH )HVWLJNHLWHQ HUUHLFK =HPHQWLQMHNWLRQ LP :DVVHU EDU IOH[LEHO .LHV XQG *UREVDQG &KHPLNDOLQMHNWLRQ KRKH .RVWHQ 3URE OHP GHU 8PZHOWEH HLQWUlFKWLJXQJ
K\GUDXOLVFKH %LQGHPLWWHO
PD[ ZLUNVD ZLUWVFKDIWOLFKH HUIRUGHUOLFKH PH YHUEHVVHU *U|H GHU )Ol 6WRIIH EDUH 7LHIH FKH
,QMHNWLRQHQ
9HUIHVWLJXQJ REHU =XPLVFKHQ K\GUDX SUDNWLVFK DOOH IOlFKHQQDKHU %R OLVFKHU %LQGHPLWWHO %RGHQDUWHQ GHQVFKLFKWHQ PLW =HPHQW .DON %LQGHPLWWHOQ
0HWKRGH
%DXJUXQGYHUEHVVHUXQJ
)RUWVHW]XQJ 7DEHOOH
:LUNXQJVZHLVH
*HHLJQHWH %RGHQDUWHQ
9RUEHODVWXQJ %H (V ZLUG ] % %R ZHLFKH ELQGLJH | ELV P ZHKUXQJVYHUIDKUHQ GHQPDWHULDO DXIJH %|GHQ RUJDQL EUDFKW GDV GLH .RQ VFKH %|GHQ VROLGDWLRQ EHZLUNW =XYLHO DXIJHEUDFK WHU %RGHQ ZLUG YRU %HJLQQ GHU %DX PDQDKPH HQWIHUQW
ELQGLJH %|GHQ | P YRQ EUHLLJHU ELV VWHLIHU .RQVLV WHQ]
! Pð
! Pð
! Pð
*UHQ]HQ XQG 6WRIIH
$XIIOOERGHQ HLQIDFKHV 9HUIDKUHQ 6DQG RGHU .LHV 6HW]XQJVEHVFKOHXQLJXQJ ]XU 2EHUIOl GXUFK 9HUWLNDOGUlQV P|J FKHQHQWZlVVH OLFK XQG PHLVW VLQQYROO UXQJ
]HLWDXIZHQGLJ 0DWH ULDOEHVFKDIIXQJ IU (UNDXIODVW RIW VFKZLHULJ KRKH 7UDQVSRUWNRVWHQ EHL $Q XQG $EIXKU
9DNXXP ZlKUHQG GHU JHVDPWHQ .RQVR OLGDWLRQVSKDVH DXI UHFKW HUKDOWHQ
NRVWHQJQVWLJHV 9HUIDK ]HLWDXIZHQGLJ 9HU UHQ EHVVHUXQJVPDQDK PH PXVV ODQJH YRU %DXZHUNVHUULFKWXQJ GXUFKJHIKUW ZHU GHQ 1XU REHUKDOE YRQ *UXQGZDVVHU HLQVHW]EDU
9HUWLNDOGUlQV %HVFKOHXQLJXQJ GHV .RQ 39&)ROLH VROLGDWLRQVYRUJDQJV +RUL]RQ /XIWGUXFN WDOGUlQV
3DSS RGHU .XQVWVWRII GUlQV E]Z 6DQGGUlQV
0D[ ZLUNVD ZLUWVFKDIWOLFKH HUIRUGHUOLFKH 9RUWHLOH PH YHUEHVVHU *U|H GHU )Ol 6WRIIH EDUH 7LHIH FKH
'XUFK (LQEULQJHQ ELQGLJH %|GHQ | P YRQ 9HUWLNDOGUlQV YRQ EUHLLJHU ELV NDQQ GHU %RGHQ VWHLIHU .RQVLV VFKQHOOHU HQWZlVVHUQ WHQ] 6HW]XQJVEHVFKOHX QLJXQJ
9DNXXPNRQVROLGD ,P %RGHQ ZLUG HLQ WLRQ 9DNXXP HU]HXJW 'HU DWPRVSKlULVFKH /XIWGUXFN ZLUNW ZLH HLQH $XIODVW XQG EHVFKOHXQLJW GLH .RQVROLGDWLRQ
9HUWLNDOGUlQDJH
(QWZlVVHUXQJVYHUIDKUHQ
0HWKRGH
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ
)RUWVHW]XQJ 7DEHOOH
:LUNXQJVZHLVH
FD P
%HZHKUXQJ GXUFK (LQH DXV .XQVWVWRII DXI SUDNWLVFK =HOONRQVWUXNWLRQHQ JLWWHUQ HUVWHOOWH =HOO DOOHQ %RGHQ NRQVWUXNWLRQ ZLUG VFKLFKWHQ PLW JUREN|UQLJHP 6FKWWPDWHULDO YHU IOOW EHOLHELJ
NOHLQ
9RUWHLOH
9RUDXVKXE ODJHQ ZHLVHU (LQEDX XQG ODJHQZHLVH 9HUGLFK WXQJ HUIRUGHUOLFK
*UHQ]HQ XQG 6WRIIH
.XQVWVWRIIJLWWHU 'LH =HOONRQVWUXNWLRQ VRUJIlOWLJHV 9HUIO JUREN|UQLJHV YHUPHLGHW GHQ %RGHQDXV OHQ GHU =HOOHQ HUIRU 6FKWWPDWHULDO WDXVFK (V HQWVWHKW HLQH GHUOLFK ]XJIHVWH %DVLV ] % IU HLQHQ 'DPP 6LH ZLUNW ]XVlW]OLFK DOV 'UlQVFKLFKW
.XQVWVWRIIElQ (UK|KXQJ GHU 7UDJIlKLJ GHU RGHU NHLW HLQIDFKHV 9HUIDKUHQ JLWWHU E]Z JHZHEH
0D[ ZLUNVD ZLUWVFKDIWOLFKH HUIRUGHUOLFKH PH YHUEHVVHU *U|H GHU )Ol 6WRIIH EDUH 7LHIH FKH
ELV P
*HHLJQHWH %RGHQDUWHQ
%HZHKUXQJ GXUFK +RUL]RQWDOH ]XJIHV DOOH 6WUHLIHQ RGHU *LWWHU WH 6WUHLIHQ RGHU *LWWHU ZHUGHQ LP %RGHQ YHUOHJW GLH GLH 7UDJIlKLJNHLW HUK|KHQ E]Z 6HW ]XQJHQ YHUPLQGHUQ
%HZHKUXQJVYHUIDKUHQ
0HWKRGH
%DXJUXQGYHUEHVVHUXQJ
)RUWVHW]XQJ 7DEHOOH
%RGHQDXVKXE XQG %RGHQDXVWDXVFKYHUIDKUHQ
%RGHQDXVKXE XQG %RGHQDXVWDXVFKYHUIDKUHQ $OOJHPHLQHV 6WHKHQ LP %HUHLFK HLQHU JHSODQWHQ *UQGXQJ QLFKW DXVUHLFKHQG WUDJIlKLJH %RGHQVFKLFKWHQ DQ VR NRPPW KlXILJ GDV 9HUIDKUHQ GHV %RGHQDXVWDXVFKV ]XU $QZHQGXQJ EHL GHP GLH IU GLH *UQGXQJ XQJHHLJQHWHQ %RGHQVFKLFKWHQ DXVJHKREHQ XQG GXUFK JXW YHUGLFKWHW HLQJHEUDFKWHV WUDJIlKLJHUHV 0DWHULDO HUVHW]W ZHUGHQ %HL GHU (UPLWWOXQJ GHU DXV]XWDXVFKHQGHQ 0DVVHQ PXVV GLH 6SDQQXQJVDXVEUHLWXQJ XQWHU GHQ )XQGDPHQWHQ EHUFNVLFKWLJW ZHUGHQ %LOG
%LOG
%RGHQDXVWDXVFK
1HEHQ GHQ EOLFKHQ %RGHQXQWHUVXFKXQJHQ VLQG LQVEHVRQGHUH IROJHQGH 3XQNWH YRU %HJLQQ GHU %DXPDQDKPH ]X NOlUHQ ± :R GHU DXVJHKREHQH %RGHQ GHSRQLHUW ZHUGHQ NDQQ XQG ZHOFKH ERGHQPHFKDQLVFKHQ XQG JUQGXQJVWHFKQLVFKHQ hEHUOHJXQJHQ HUIRUGHUOLFK ZHUGHQ GDPLW GLH 'HSRQLHUXQJ VWDQGVLFKHU LVW" ± :HOFKHV 0DWHULDO DOV $XVWDXVFKERGHQ EHVFKDIIW ZHUGHQ NDQQ XQG ZRKHU HV JHKROW ZHUGHQ PXVV" ± :LH GDV )OOPDWHULDO HLQJHEDXW XQG YHUGLFKWHW ZHUGHQ NDQQ" ± 2E GLH $XVKXEJUXEH LQ OHHUHP XQG HYHQWXHOO DXFK LP WHLOYHUIOOWHQ =XVWDQG DXVUHL FKHQG VWDQGVLFKHU LVW" ± 2E HLQH :DVVHUKDOWXQJ P|JOLFK E]Z HUIRUGHUOLFK LVW IDOOV GHU $XVKXE LP 7URFNHQHQ HUIROJHQ VROO GLH *UXEH DEHU LQV *UXQGZDVVHU HLQVFKQHLGHW" ± 2E GLH JHVDPWH QLFKW WUDJIlKLJH 6FKLFKW DXVJHWDXVFKW ZHUGHQ PXVV %RGHQYROO DXVWDXVFK RGHU RE HV DXVUHLFKW QXU HLQHQ 7HLO GHV %RGHQV DXV]XKHEHQ %RGHQ WHLODXVWDXVFK 3ROVWHUJUQGXQJ " ,Q HLQLJHQ )lOOHQ ZLUG HLQH WUDJIlKLJH *UQGXQJ DXFK GDGXUFK HUUHLFKW GDVV GLH VWDUN ]X VDPPHQGUFNEDUHQ 6FKLFKWHQ DXVJHKREHQ XQG GLH )XQGDPHQWH LQ GHU GDUXQWHU DQVWHKHQGHQ %RGHQVFKLFKW JHJUQGHW ZHUGHQ %LOG
%LOG
%DXJUXQGYHUEHVVHUXQJ
*UQGXQJ DXI WLHIHU OLHJHQGHP WUDJIlKLJHQ +RUL]RQW
'HQ 0HKUNRVWHQ IU $XVKXE XQG 0DXHUZHUN E]Z 6WDKOEHWRQ VWHKW GDQQ GHU *HZLQQ ]XVlW] OLFKHQ .HOOHUUDXPV HQWJHJHQ
%RGHQPHFKDQLVFKH *UXQGODJHQ 'LH LP %HUHLFK GHU JHSODQWHQ *UQGXQJ DQVWHKHQGHQ %RGHQVFKLFKWHQ VLQG GDQQ DOV ZHQLJ WUDJIlKLJ DQ]XVHKHQ ZHQQ VLH VWDUN ]XVDPPHQGUFNEDU VLQG *HIDKU JURHU 6HW]XQJHQ XQGRGHU HLQH JHULQJH 6FKHUIHVWLJNHLW EHVLW]HQ *UXQGEUXFKJHIDKU 6ROFKH %|GHQ N|QQHQ QDWUOLFK HQWVWDQGHQH JHRORJLVFK MXQJH $EODJHUXQJHQ KlXILJ QRFK PLW RUJDQLVFKHQ 9HUXQ UHLQLJXQJHQ DEHU DXFK NQVWOLFKH $QVFKWWXQJHQ VHLQ %HL QLFKWELQGLJHQ %|GHQ LVW GLH /DJH UXQJVGLFKWH GDQQ PHLVW ORFNHU RGHU VHKU ORFNHU XQG EHL ELQGLJHQ %|GHQ GLH .RQVLVWHQ] ZHLFK RGHU EUHLLJ ,QVEHVRQGHUH EHL 6FKLFKWHQ JHULQJHU 0lFKWLJNHLW ELV FD RGHU P LVW GHU %RGHQDXVWDXVFK GDQQ GDV WHFKQLVFK HLQIDFKVWH VLFKHUVWH XQG LQ GHU 5HJHO DXFK ZLUWVFKDIWOLFKVWH %DXJUXQG YHUEHVVHUXQJVYHUIDKUHQ 'DV $XVWDXVFKPDWHULDO PXVV NHLQHVZHJV 6DQG RGHU .LHV VHLQ HV NDQQ DXFK 6LHEVFKXWW RGHU LQGXVWULHOO DQIDOOHQGHV $EUDXPSURGXNW VRZLH 0LVFKERGHQ VHLQ VRIHUQ HV VLFK DXVUHLFKHQG YHUGLFKWHQ OlVVW %HL GHU 3UIXQJ GHV )OOPDWHULDOV LVW GDKHU GLH (LQEDXIlKLJNHLW 9HUGLFKWEDUNHLW XQG 'DXHUKDIWLJNHLW LP +LQEOLFN DXI GHQ JHZQVFKWHQ =ZHFN ]X XQWHUVXFKHQ ZDV VRZRKO GXUFK /DERUYHUVXFKH ] % 3URFWRUYHUVXFK DOV DXFK GXUFK 3UREHVFKWWXQJHQ HUIROJHQ NDQQ (QWVFKHLGHQG LVW GDVV GDV )OOPDWHULDO QDFK GHP (LQEDX HLQH KRKH 6FKHUIHVWLJNHLW DEKlQJLJ YRQ GHU .RUQYHUWHLOXQJ XQG GHU /DJHUXQJVGLFK WH XQG HLQH JHULQJH =XVDPPHQGUFNEDUNHLW LP :HVHQWOLFKHQ DEKlQJLJ YRQ GHU /DJHUXQJV GLFKWH KDW ,Q YLHOHQ )lOOHQ LQVEHVRQGHUH EHL JURHU 6FKLFKWPlFKWLJNHLW GHV QLFKW WUDJIlKLJHQ %RGHQV ZLUG VLFK GHU $XVWDXVFK QXU DXI HLQHQ 7HLO GHV %RGHQV EHVFKUlQNHQ 'LHVH 3ROVWHU RGHU 3XI IHUVFKLFKWHQ YHUJOHLFKPlLJHQ XQG YHUULQJHUQ GLH 6HW]XQJHQ 'LH :LUNXQJ GLHVHU 6FKLFKWHQ LVW GHVKDOE EHVRQGHUV JUR ZHLO GLH JU|WHQ 6SDQQXQJHQ GLH GXUFK GDV %DXZHUN KHUYRUJHUX IHQ ZHUGHQ LP %HUHLFK XQPLWWHOEDU XQWHU GHP )XQGDPHQW HQWVWHKHQ XQG GRUW GHQ %RGHQ ]X VDPPHQGUFNHQ ,Q GHU 7LHIH W GLH GHU HLQ ELV ]ZHLIDFKHQ )XQGDPHQWEUHLWH HQWVSULFKW VLQG GLH =XVDW]VSDQQXQJHQ GXUFK GDV %DXZHUN SUDNWLVFK DEJHNOXQJHQ %LOG
%RGHQDXVKXE XQG %RGHQDXVWDXVFKYHUIDKUHQ
V]
%LOG
6SDQQXQJVYHUODXI XQWHU HLQHP )XQGDPHQW
%LOG ]HLJW DQKDQG HLQHV 5HFKHQEHLVSLHOV GHQ (LQIOXVV GHU 'LFNH HLQHU 3XIIHUVFKLFKW DXI GLH *U|H GHU 6HW]XQJHQ
%LOG
6HW]XQJVPLQGHUQGHU (LQIOXVV HLQHU 3XIIHUVFKLFKW >@
$QZHQGXQJVEHUHLFKH 'HU $QZHQGXQJVEHUHLFK GHV %RGHQDXVWDXVFKYHUIDKUHQV HUVWUHFNW VLFK YRU DOOHP DXI ZHLFKH ELV EUHLLJH ELQGLJH %|GHQ PLW HLQHU 6FKLFKWPlFKWLJNHLW ELV FD P $QVWHKHQGHV *UXQGZDV VHU HUVFKZHUW GHQ $XVKXE XQG GLH 9HUGLFKWXQJ GHV (UVDW]PDWHULDOV 'DKHU LVW HV HPSIHK OHQVZHUW ZHQQ HV WHFKQLVFK P|JOLFK XQG ZLUWVFKDIWOLFK YHUWUHWEDU LVW GHQ *UXQGZDVVHUVSLH JHO ZlKUHQG GHU %DXPDQDKPH DE]XVHQNHQ %HL )ODFKJUQGXQJHQ LQ )RUP YRQ (LQ]HO RGHU 6WUHLIHQJUQGXQJHQ LVW HV LP $OOJHPHLQHQ JQVWLJHU DQ 6WHOOH SULVPDWLVFKHU 9HUEHVVHUXQJV]RQHQ IU GDV HLQ]HOQH )XQGDPHQW GLH 6FKLFKW DXI GHU JHVDPWHQ )OlFKH ]X HQWIHUQHQ $XVKXE XQG 9HUGLFKWXQJ ODVVHQ VLFK VR OHLFK WHU GXUFKIKUHQ
%DXJUXQGYHUEHVVHUXQJ
%HL 8IHUHLQIDVVXQJHQ LVW LQ *HELHWHQ PLW PlFKWLJHQ ZHLFKHQ ELQGLJHQ %RGHQVFKLFKWHQ ± YRU DOOHP DEKlQJLJ YRQ GHU +|KH GHV *HOlQGHVSUXQJV YRQ GHU *U|H GHU *HOlQGHDXIK| KXQJ GHU *HOlQGHQXW]ODVW XQG GHQ :DVVHUVWDQGVVFKZDQNXQJHQ ± HLQ %RGHQDXVWDXVFK IU .DLDQODJHQ %|VFKXQJHQ XVZ IDOOZHLVH ZLUWVFKDIWOLFK ZHQQ GHU ]XP %RGHQHUVDW] HUIRUGHU OLFKH $XIIOOVDQG LQ JHQJHQGHU 4XDOLWlW XQG 0HQJH NRVWHQJQVWLJ ]XU 9HUIJXQJ VWHKW :HQQ GHU %RGHQDXVWDXVFK XQWHU :DVVHU HUIROJHQ PXVV ZLUG GDV 6SO RGHU 1DVVEDJJHUYHU IDKUHQ ]XP $XVKXE GHV %RGHQV DQJHZHQGHW +LHUEHL VLQG $XVKXEWLHIHQ ELV HWZD P P|J OLFK >@ 'DV 9HUIDKUHQ GHU 9HUGUlQJXQJ GHV QLFKW WUDJIlKLJHQ %RGHQV GXUFK WUDJIlKLJHQ ZLUG KDXSW VlFKOLFK EHLP 6WUDHQEDX LQ 0RRU XQG .OHLJHELHWHQ DQJHZHQGHW (V ZHUGHQ VR 'lPPH DXI ZHLFKHP 8QWHUJUXQG KHUJHVWHOOW RKQH GHQ JHVDPWHQ QLFKW WUDJIlKLJHQ %RGHQ DXVWDXVFKHQ ]X PVVHQ
%HPHVVXQJVYHUIDKUHQ XQG (UIDKUXQJVZHUWH %HL GHP 9HUIDKUHQ GHV %RGHQDXVWDXVFKV VLQG ]XQlFKVW GLH 0lFKWLJNHLW GHU DXV]XWDXVFKHQ GHQ 6FKLFKW XQG DQVFKOLHHQG GLH $QIRUGHUXQJHQ DQ GDV (UVDW]PDWHULDO IHVW]XOHJHQ 'LH 0lFKWLJNHLW GHU DXV]XWDXVFKHQGHQ 6FKLFKW ZLUG GXUFK HLQH 6HW]XQJVEHUHFKQXQJ IHVWJH OHJW VLHKH DXFK %LOG hEOLFKHUZHLVH UHLFKW EHL (LQ]HO XQG 6WUHLIHQIXQGDPHQWHQ HLQH $XVWDXVFKPlFKWLJNHLW GLH GHU HLQ ELV ]ZHLIDFKHQ )XQGDPHQWEUHLWH HQWVSULFKW 'LH $QIRUGH UXQJHQ DQ GDV (UVDW]PDWHULDO XQG GHQ 9HUGLFKWXQJVJUDG ULFKWHQ VLFK QDFK GHU MHZHLOLJHQ %DXDXIJDEH 'HU ]X HUUHLFKHQGH 9HUGLFKWXQJVJUDG NDQQ EHU GLH 3URFWRUGLFKWH EOLFK FD ELV GHV 3URFWRUZHUWHV GHQ (9:HUW GHV 3ODWWHQGUXFNYHUVXFKHV (9:HUWH YRQ ] % ELV 01Pð GLH 6FKODJ]DKOHQ GHU 5DPPVRQGH ] % ELV 6FKOlJH SUR FP EHL GHU /HLFKWHQ 5DPPVRQGH RGHU EHU GLH 6SLW]HQGUFNH EHL GHU 'UXFNVRQGH TF YRQ FD ELV 1Pð DQJHJHEHQ ZHUGHQ
9HUIDKUHQVEHVFKUHLEXQJ ,Q GHQ 9HUIDKUHQ VLQG LP $OOJHPHLQHQ GLH $UEHLWVYRUJlQJH Ä/|VHQ GHV DQVWHKHQGHQ %RGHQV³ XQG Ä(LQEDX GHV (UVDW]ERGHQV³ ]X XQWHUVFKHLGHQ $XHUGHP JLEW HV HLQLJH 9HUIDKUHQ EHL GHQHQ GHU DQVWHKHQGH %RGHQ QLFKW DXVJHKREHQ VRQGHUQ YHUGUlQJW ZLUG %RGHQDXVWDXVFK LP 7URFNHQHQ %HL 6FKLFKWGLFNHQ ELV FD P ZLUG GHU DQVWHKHQGH QLFKW WUDJIlKLJH %RGHQ GXUFK %DJJHU 5DGODGHU RGHU 6FKXEUDXSHQ DXVJHUlXPW XQG PLW /NZV DEWUDQVSRUWLHUW 'HU (LQEDX GHV $XV WDXVFKPDWHULDOV HUIROJW QDFK GHQ LQ .DS DQJHJHEHQHQ 9HUIDKUHQ +LHUEHL LVW LQVEHVRQ GHUH DXI ODJHQZHLVHQ (LQEDX ]X DFKWHQ ZREHL GLH /DJHQ HLQ]HOQ JXW YHUGLFKWHW ZHUGHQ PV VHQ
%RGHQDXVKXE XQG %RGHQDXVWDXVFKYHUIDKUHQ
%RGHQDXVWDXVFK LP 1DVVHQ 'HU %RGHQ ZLUG XQWHU :DVVHU PHFKDQLVFK ] % (LPHUNHWWHQEDJJHU RGHU LQ .RPELQDWLRQ PLW 6SOKLOIHQ JHO|VW 'DV JHO|VWH 0DWHULDO ZLUG LQ VFKZLPPHQGHQ %HKlOWHUQ RGHU ± VRZHLW HV VSOIlKLJ LVW ± LQ 5RKUOHLWXQJHQ DEWUDQVSRUWLHUW ,Q >@ ZLUG LQVEHVRQGHUH DXI GDV 3UREOHP GHV 6FKOLFNIDOOV HLQJHJDQJHQ GHU VLFK LQ GHP =HLWUDXP ]ZLVFKHQ GHP $XVKXE XQG GHP :LH GHUYHUIOOHQ HLQVWHOOW XQG GHU QXU GXUFK HLQHQ UDVFKHQ XQG JOHLFKPlLJHQ $UEHLWVDEODXI LQ *UHQ]HQ JHKDOWHQ ZHUGHQ NDQQ 'LH $XVKXEVRKOH LVW LP $OOJHPHLQHQ XQPLWWHOEDU YRU %HJLQQ GHV (LQIOOHQV ]X VlXEHUQ ZREHL VSH]LHOOH 6FKOLFNVDXJHU HLQJHVHW]W ZHUGHQ /LHJW MHGRFK HLQH OlQJHUH =HLW ]ZLVFKHQ GHP (QGH GHU %DJJHUDUEHLWHQ XQG GHP %HJLQQ GHV 6FKOLFNVDX JHQV NDQQ GHU 6FKOLFN EHUHLWV VR YHUNOHEW VHLQ GDVV HLQ QHXHUOLFKHU $XVKXE HUIRUGHUOLFK ZLUG 'DV $XVWDXVFKPDWHULDO ZLUG HQWZHGHU PLW 6FKXWHQ DQWUDQVSRUWLHUW RGHU DXIJHVSOW ,Q EHLGHQ )lOOHQ VLQG HLQ ODJHQPlLJHU (LQEDX XQG HLQH JH]LHOWH 9HUGLFKWXQJ EHLP (LQEDX QLFKW P|J OLFK 6ROOWH GDV YHUNODSSWH RGHU DXIJHVSOWH 0DWHULDO IU GLH YRUJHVHKHQH %DXDXIJDEH QLFKW DXVUHLFKHQG YHUGLFKWHW VHLQ NRPPW HLQH QDFKWUlJOLFKH 9HUGLFKWXQJ ] % GXUFK 7LHIHQUWW OHU LQ )UDJH +HUVWHOOXQJ YRQ JHRWH[WLOXPPDQWHOWHQ %RGHQVlXOHQ 'HP 9HUIDKUHQ OLHJW LP :HVHQWOLFKHQ GLH ,GHH ]XJUXQGH GDVV %RGHQVlXOHQ GLH PLW JHHLJQH WHQ 0DWHULDOLHQ XQG HLQHU KRFK]XJIHVWHQ 8PPDQWHOXQJ XPJHEHQ ZHUGHQ YHUWLNDOH /DVWHQ LQ GHQ %DXJUXQG DEWUDJHQ 'LH 6lXOHQ ZHUGHQ PLW HLQHU WHPSRUlUHQ 6FKDOXQJ 9HUURKUXQJ KHUJHVWHOOW ,P ,QQHUQ GLHVHU 9HUURKUXQJ ZLUG GHU QLFKW DXVUHLFKHQG WUDJIlKLJH %RGHQ DXVJH KREHQ ZDV GXUFK $XVJUHLIHQ $XVERKUHQ RGHU $XVVSOHQ HUIROJHQ NDQQ 'HU $XVKXE PXVV ELV LQ HLQH WUDJIlKLJH 6FKLFKW IRUWJHIKUW ZHUGHQ %HYRU LP ,QQHUQ GHU 9HUURKUXQJ DOV (UVDW]PDWHULDO .LHVVDQG R l HLQJHIOOW ZLUG ZLUG GLH 9HUVFKDOXQJ PLW HLQHP ]XJIHVWHQ *HRWH[WLO GDV LQ 5LQJ E]Z 6FKODXFKIRUP HLQJHEUDFKW ZLUG DXVJHNOHLGHW %LOG
%LOG +HUVWHOOXQJ HLQHU JHRWH[WLOXPPDQWHOWHQ %RGHQVlXOH >@ >@
%DXJUXQGYHUEHVVHUXQJ
'XUFK GDV (LQIOOHQ GHV 0DWHULDOV ZLUG GLH 8PPDQWHOXQJ YROOVWlQGLJ DXVJHIOOW :lKUHQG GHV =LHKHQV GHU 9HUURKUXQJ ZLUG GDV HLQJHIOOWH WUDJIlKLJH 0DWHULDO YHUGLFKWHW 8QWHU GHU :LUNXQJ GLHVHU 9HUGLFKWXQJ XQG GHV (LJHQJHZLFKWHV GHV HLQJHIOOWHQ 0DWHULDOV ZLUG HLQH ]XVlW]OLFKH (UZHLWHUXQJ GHU 6lXOH LQ GHQ XPJHEHQGHQ %RGHQ EHZLUNW (V HQWVWHKW LQ GHP QLFKW DXVUHLFKHQG WUDJIlKLJHQ %RGHQ HLQH 0DWHULDOVlXOH PLW JURHU 6WHLILJNHLW ZREHL GLH %DXZHUNV XQG 9HUNHKUVODVWHQ GLUHNW LQ GHQ WUDJIlKLJHQ %RGHQ EHUWUDJHQ ZHUGHQ 'LH 6lX OHQ ZHUGHQ LQ HLQHP 5DVWHU DQJHRUGQHW ZREHL VLFK GLH $QRUGQXQJ QDFK GHQ %DXJUXQGYHU KlOWQLVVHQ GHU %DXDXIJDEH XQG GHQ ]X EHUWUDJHQGHQ /DVWHQ ULFKWHW .DVWHQ%RGHQDXVWDXVFK9HUIDKUHQ %HLP %RGHQDXVWDXVFK LQ NRQYHQWLRQHOOHU %DXZHLVH ZLUG GHU XQJHHLJQHWH %RGHQ PLW (UGEDX JHUlWHQ DEJHWUDJHQ XQG DQVFKOLHHQG QHXHV %RGHQPDWHULDO HLQJHEDXW XQG YHUGLFKWHW 'LHV HUIRUGHUW HLQH JURIOlFKLJH %DXJUXEH %HL GHU 6DQLHUXQJ YRQ 6FKLHQHQZHJHQ EHL GHQHQ ZH JHQ GHU (UK|KXQJ GHU /DVWHQ XQGRGHU GHU *HVFKZLQGLJNHLWHQ HLQH 8QWHUJUXQGYHUEHVVHUXQJ HUIRUGHUOLFK LVW LVW RIWPDOV NHLQH 9HUOHJXQJ GHU *OHLVH P|JOLFK XQG VRPLW QXU HLQ VFKULWWZHL VHU KDOEVHLWLJHU $XVEDX GXUFKIKUEDU )U GLHVH $XIJDEH KDW GLH )LUPD 0|ELXV %DX *HVHOOVFKDIW GDV Ä.DVWHQ%RGHQDXVWDXVFK9HUIDKUHQ³ HQWZLFNHOW>@ 'LH HLQ]HOQHQ $UEHLWVVFKULWWH VLQG
(LQYLEULHUHQ HLQHV IRUWODXIHQGHQ .DVWHQV
$XVEDJJHUQ GHV QLFKW VWDQGIHVWHQ %RGHQV ELV ]XP :HFKVHO GHU %RGHQVFKLFKW
(LQIOOHQ YRQ QHXHP WUDJIlKLJHP %RGHQ
$QVFKOLHHQGHV 9HUGLFKWHQ LQQHUKDOE GHV .DVWHQV GXUFK 9LEUDWLRQ EHL PHKUPDOLJHP +H EHQ XQG 6HQNHQ GHV .DVWHQV
'LH .lVWHQ VLQG LQ LKUHU *U|H GHP %DXYRUKDEHQ DQJHSDVVW ] % P P P 'LH +|KH ZLUG VR IHVWJHOHJW GDVV GHU XQWHUH 7HLO LQ GLH WUDJIlKLJH %RGHQVFKLFKW HLQELQGHW GHUHQ $XVWDXVFK QLFKW PHKU HUIRUGHUOLFK LVW $XVWDXVFKWLHIHQ ELV FD P VLQG P|JOLFK :lKUHQG GHV %RGHQDXVWDXVFKV ZHUGHQ DOOH DXIWUHWHQGHQ %RGHQNUlIWH YRQ GHQ DOV ELHJHVWHLIHQ 5DKPHQ GLPHQVLRQLHUWHQ .lVWHQ VLFKHU DXIJHQRPPHQ =XP (LQVDW] NRPPHQ MHZHLOV PLQGHVWHQV GUHL .lVWHQ LQ GHU JHZlKOWHQ $UEHLWVULFKWXQJ %RGHQDXVWDXVFK PLW GHP 6HLWHQVFKLOGJHUlW >@ %HL GHU 6DQLHUXQJ YRQ 6FKLHQHQYHUNHKUVZHJHQ LVW KlXILJ HLQ %RGHQDXVWDXVFK HUIRUGHUOLFK 'LH )LUPD 0|ELXV %DX*HVHOOVFKDIW KDW HLQ 6HLWHQVFKLOGJHUlW HQWZLFNHOW PLW GHVVHQ +LOIH GHU $XVWDXVFK RKQH ]XVlW]OLFKHQ 9HUEDX XQG RKQH EHWULHEOLFKH (LQVFKUlQNXQJHQ DXI GHP 1DFKEDUJOHLV EHL VHKU VFKQHOOHP $UEHLWVIRUWVFKULWW XQG JURHU :LUWVFKDIWOLFKNHLW DXVJHIKUW ZHUGHQ NDQQ 'DV 6HLWHQVFKLOG ZLUG DXI HLQHU YRUJHJHEHQHQ 7UHQQOLQLH EHL %DKQVWUHFNHQ ] % LQ GHU 6WUH FNHQDFKVH JHIKUW 'HU YRUGHUH 7HLO GHV 6HLWHQVFKLOGHV LVW EHU HLQHQ +\GUDXOLN]\OLQGHU VFKZHQNEDU DQJHRUGQHW VR GDVV VRZRKO HLQH 5LFKWXQJVNRUUHNWXU DOV DXFK GDV 1DFKIDKUHQ HLQHU YRUJHJHEHQHQ 7UDVVLHUXQJ P|JOLFK LVW 'DV 6HLWHQVFKLOG GXUFKVFKQHLGHW GHQ %RGHQ ELV DXI GLH 8QWHUNDQWH GHU DXV]XEDXHQGHQ QLFKW WUDJIlKLJHQ %RGHQVFKLFKW
%RGHQDXVKXE XQG %RGHQDXVWDXVFKYHUIDKUHQ
'HU VR DEJHWUHQQWH %RGHQ ZLUG PLW +LOIH HLQHV 7LHIO|IIHOV DXVJHEDJJHUW XQG GXUFK QHXHQ WUDJIlKLJHQ %RGHQ HUVHW]W 'LH P|JOLFKH $XVWDXVFKWLHIH UHLFKW ELV FD P %RGHQDXVWDXVFK PLW GHP 9RUVFKXEJHUlW (EHQIDOOV IU GLH 6DQLHUXQJ YRQ (LVHQEDKQVWUHFNHQ ZXUGH YRQ GHU )LUPD 0|ELXV GHU %RGHQ DXVWDXVFK PLW GHP 9RUVFKXEJHUlW HQWZLFNHOW %LOG
%LOG 9RUVFKXEJHUlW LP %DKQN|USHUTXHUVFKQLWW >@
'DV 9RUVFKXEJHUlW PLW GHP GHU %RGHQ ELV LQ FD P 7LHIH DXVJHWDXVFKW ZHUGHQ NDQQ LVW HLQ 6FKDOXQJVNDVWHQ PLW HLJHQHP $QWULHE GHU WDNWZHLVH LQ $UEHLWVULFKWXQJ EHZHJW ZLUG ,P YRUGHUHQ %HUHLFK HUIROJW GHU %RGHQDXVEDX PLW HLQHP +\GUDXOLNEDJJHU ]ZLVFKHQ GHQ EHL GHQ 6HLWHQZlQGHQ XQG HLQHU IHVWVWHKHQGHQ 4XHUZDQG %LOG =XU JOHLFKHQ =HLW ZLUG LP KLQWHUHQ %HUHLFK QHXHU %RGHQ HLQJHEDXW XQG YHUGLFKWHW 1DFK $XV KXE XQG (LQEDX ZLUG GLH EHZHJOLFKH 'UXFNZDQG PLW +\GUDXOLN]\OLQGHUQ JHJHQ GLH 9HUIO OXQJ JHGUFNW XQG EHZLUNW VR GHQ 9RUVFKXE GHV *HUlWHV YRQ MHZHLOV ELV P :lKUHQG GHU $XVKXE EHJLQQW ZLUG GLH 'UXFNZDQG ]XUFNJHIDKUHQ XQG HV HQWVWHKW HLQ 5DXP IU GDV 9HUIOOHQ PLW JHHLJQHWHP %RGHQ GHU YRQ HLQHP +\GUDXOLNEDJJHU PLW DQJHEDXWHP 5WWHOYHU GLFKWHU YHUWHLOW XQG ODJHQZHLVH DXI GLH YRUJHVFKULHEHQHQ :HUWH YHUGLFKWHW ZLUG
%DXJUXQGYHUEHVVHUXQJ
%LOG $UEHLWVVFKULWWH EHLP 9RUVFKXEYHUIDKUHQ >@
%RGHQDXVWDXVFK GXUFK 9HUGUlQJHQ 'DV 9HUIDKUHQ GHU 9HUGUlQJXQJ GHV QLFKW WUDJIlKLJHQ GXUFK WUDJIlKLJHQ %RGHQ ZLUG KDXSW VlFKOLFK EHLP 6WUDHQEDX LQ 0RRU RGHU .OHLJHELHWHQ DQJHZHQGHW (V ZHUGHQ VR 'lPPH DXI ZHLFKHP 8QWHUJUXQG KHUJHVWHOOW RKQH GDVV GHU JHVDPWH QLFKW WUDJIlKLJH %RGHQ DXVJHWDXVFKW ZHUGHQ PXVV 'LH 9HUGUlQJXQJ ZLUG PLW HLQHP JHVWHXHUWHQ *UXQGEUXFK GXUFK GLH $XIODVW HUUHLFKW +LHU]X ZLUG OLQLHQKDIW HLQ %RGHQN|USHU DXV WUDJIlKLJHP %RGHQ DXIJHEUDFKW GHU GHQ QLFKW WUDJIlKLJHQ %RGHQ VHLWOLFK YHUGUlQJW 'DEHL LVW HV HUIRUGHUOLFK PLW GHP $EVLQNHQ GHU $XIODVW GDV 0DWHULDO VWlQGLJ XQG JOHLFKPlLJ QDFK]XJHEHQ VR GDVV GHU *OHLWSUR]HVV QLFKW XQWHUEURFKHQ ZLUG 'LH 9HUGUlQJXQJ GHV %RGHQV NDQQ GXUFK 6SUHQJKLOIHQ EHVFKOHXQLJW ZHUGHQ 'HU 'DPP ZLUG KLHUEHL PLW hEHUK|KXQJ JHVFKWWHW VR GDVV HLQ 7HLO GHV 0RRUHV RGHU GHV ZHLFKHQ %RGHQV EHUHLWV XQWHU GHU VWDWLVFKHQ $XIODVW VHLWOLFK YHUGUlQJW ZLUG
2EHUIOlFKHQYHUGLFKWXQJ
$QVFKOLHHQG ZHUGHQ GLH 6SUHQJODGXQJHQ HLQJHEUDFKW XQG ]ZDU VRZRKO VHLWOLFK DOV 9RU IHOGPLQHQ NOHLQHUH /DGXQJHQ DOV DXFK PLWWLJ XQWHU GHP 6FKWWYROXPHQ DOV +DXSWPLQHQ 'LH 9RUIHOGPLQHQ ZHUGHQ ]XHUVW JH]QGHW 'LH VLFK DXVGHKQHQGHQ 6SUHQJJDVH VFKDIIHQ HL QHQ +RKOUDXP GHU GLH 2EHUIOlFKH DXIZ|OEW (WZD HLQH 6HNXQGH QDFK GHQ 9RUIHOGPLQHQ ZHUGHQ GLH +DXSWPLQHQ JH]QGHW 'LH 6SUHQJJDVH KHEHQ GHQ 'DPP XP ]ZHL ELV GUHL 0HWHU DQ 'DQQ IlOOW GDV 'DPPPDWHULDO LQ GHQ YRQ GHQ +DXSWPLQHQ JHVFKDIIHQHQ +RKOUDXP KHUXQ WHU XQG YHUGUlQJW GDPLW GHQ ZHLFKHQ %RGHQ
2EHUIOlFKHQYHUGLFKWXQJ $OOJHPHLQHV ,Q GHU 3UD[LV WULIIW PDQ KlXILJ DXI %|GHQ GLH IU HLQH EHVWLPPWH %DXPDQDKPH QLFKW DXVUHL FKHQG GLFKW JHODJHUW VLQG 'DV NDQQ ] % GHU )DOO VHLQ ZHQQ GLH %DXJUXEHQVRKOH GXUFK )DKU ]HXJEHWULHE DXIJHORFNHUW ZXUGH ZHQQ GDV 0DWHULDO DXIJHIOOW ZXUGH RGHU ZHQQ HV VLFK XP JHRORJLVFK MXQJHV $EODJHUXQJVPDWHULDO KDQGHOW GDV ]XP %HLVSLHO YRP :LQG RGHU :DVVHU WUDQVSRUWLHUW ZXUGH ,Q GLHVHQ )lOOHQ LVW HV HUIRUGHUOLFK GHQ %RGHQ ]X YHUGLFKWHQ 9HUGLFK WXQJ EHGHXWHW KLHUEHL HLQH 9HUULQJHUXQJ GHV 3RUHQJHKDOWHV ZDV ]X HLQHP VWDELOHUHQ =XVWDQG GHV .RUQJHUVWHV IKUW 'DGXUFK HUK|KHQ VLFK 5HLEXQJVZLQNHO XQG 6WHLIHPRGXO VR GDVV GLH 7UDJIlKLJNHLW VWHLJW XQG GLH 9HUIRUPEDUNHLW DEQLPPW -H QDFKGHP RE GLH ]X YHUGLFKWHQGH 6FKLFKW DQ GHU 2EHUIOlFKH OLHJW XQG QXU HLQH JHULQJH 0lFKWLJNHLW DXIZHLVW RGHU RE WLHIHU OLHJHQGH GLFNHUH 6FKLFKWHQ ]X YHUGLFKWHQ VLQG XQWHUVFKHLGHW PDQ LQ 2EHUIOlFKHQYHUGLFKWXQJ XQG 7LHIHQYHUGLFKWXQJ %HL GHU 2EHUIOlFKHQYHUGLFKWXQJ LVW GLH 7LHIHQZLUNXQJ VR JHULQJ GDVV GLHVH $UW GHU 9HUGLFK WXQJ LP :HVHQWOLFKHQ LP (UG XQG 6WUDHQEDX IU ODJHQZHLVH HLQJHEDXWH 6FKWWXQJHQ DQJH ZHQGHW ZLUG 'LH %RGHQYHUGLFKWXQJ HUIROJW YRQ GHU 2EHUIOlFKH DXV PLW ] % )OlFKHQUWWOHUQ 9LEUDWLRQVZDO]HQ ([SORVLRQVVWDPSIHUQ RGHU )DOOSODWWHQ 'XUFK GLH %RGHQYHUGLFKWXQJ VROOHQ GLH EDXWHFKQLVFKHQ (LJHQVFKDIWHQ GHU %|GHQ YHUEHVVHUW ZHUGHQ 'LH $XIJDEH EHVWHKW GDULQ GHQ PLW :DVVHU XQG /XIW JHIOOWHQ 3RUHQUDXP HLQHV %R GHQV ]X YHUULQJHUQ 'XUFK GLH GLFKWHUH /DJHUXQJ GHU %RGHQWHLOFKHQ HUK|KW VLFK GLH 6FKHUIHV WLJNHLW XQG ]XGHP YHUPLQGHUW VLFK GLH =XVDPPHQGUFNEDUNHLW XQG 'XUFKOlVVLJNHLW GHV %R GHQV 'LH HUUHLFKEDUH 9HUGLFKWXQJ KlQJW HLQHUVHLWV YRP 9HUGLFKWXQJVJHUlW XQG YRP $UEHLWV YHUIDKUHQ DQGHUHUVHLWV YRQ GHU %RGHQDUW YRP :DVVHUJHKDOW GHV %RGHQV VRZLH YRP 9HUIRU PXQJVYHUKDOWHQ GHU 8QWHUODJH DE
%DXJUXQGYHUEHVVHUXQJ
7HFKQLVFKH *UXQGODJHQ 'LH 0lFKWLJNHLWHQ GHU ]X YHUGLFKWHQGHQ /DJHQ OLHJHQ LQ GHU 5HJHO ]ZLVFKHQ ELV FP 'LH 9HUGLFKWXQJ NDQQ ± MH QDFK GHP JHZlKOWHQ *HUlWHW\S ± GXUFK VWDWLVFKHQ 'UXFN .QHW ZLUNXQJ 6FKODJZLUNXQJ RGHU GLH (LQOHLWXQJ YRQ 6FKZLQJXQJHQ HUIROJHQ ZREHL GLH :LU NXQJHQ ] 7 NRPELQLHUW VLQG %HL GHQ VWDWLVFK ZLUNHQGHQ 9HUGLFKWXQJVJHUlWHQ ZLUG GHUHQ (LJHQJHZLFKW EHU YHUVFKLHGHQ DXVJHELOGHWH $XIVWDQGVIOlFKHQ ± XQG GDPLW EHU XQWHUVFKLHGOLFKH 'UFNH ± LP %RGHQ ZLUN VDP 'XUFK GLH VR HQWVWHKHQGH 9HUWHLOXQJ XQG $XVEUHLWXQJ YRQ 6SDQQXQJHQ LP %RGHQ ZLUG GHVVHQ 9HUGLFKWXQJ EHZLUNW 'LH 9HUGLFKWXQJVWLHIH LVW JHJHQEHU GHQ LP *HZLFKW YHUJOHLFK EDUHQ G\QDPLVFK ZLUNHQGHQ *HUlWHQ JHULQJ =X GHQ VWDWLVFK ZLUNHQGHQ *HUlWHQ JHK|UHQ 6FKDIIXZDO]HQ *XPPLUDGZDO]HQ *UWHOUDGZDO]HQ XQG *LWWHUZDO]HQ %HL GHQ G\QDPLVFK DUEHLWHQGHQ *HUlWHQ ZLUNW QHEHQ GHP VWDWLVFKHQ *HZLFKW HLQH :HFKVHO NUDIW DXI GHQ %RGHQ 0DQ XQWHUVFKHLGHW VWDPSIHQGH XQG ± PLW IOLHHQGHP hEHUJDQJ ± VSULQ JHQGH XQG YLEULHUHQGH *HUlWH %HL GHQ VWDPSIHQGHQ 9HUGLFKWXQJVJHUlWHQ KDQGHOW HV VLFK XP *HUlWH ZLH )DOOSODWWHQVWDPSIHU ([SORVLRQVVWDPSIHU XQG 6FKQHOOVFKODJVWDPSIHU =X GHQ VSULQJHQGHQ E]Z YLEULHUHQGHQ 9HUGLFKWXQJVJHUlWHQ ]lKOHQ :DO]HQ XQG 3ODWWHQ ZREHL VLFK XQWHU EOLFKHU $QZHQGXQJ EHL GHQ :DO]HQ PHKU HLQ VSULQJHQGHV %HZHJXQJVYHUKDOWHQ HLQ VWHOOW ,P +LQEOLFN DXI GLH XQWHUVFKLHGOLFKHQ 9HUGLFKWXQJVHLJHQVFKDIWHQ GHU %|GHQ VLQG GUHL $UWHQ ]X XQWHUVFKHLGHQ 7DEHOOH ]HLJW GLHVH (LJHQVFKDIWHQ 7DEHOOH
(QWVFKHLGHQGH )DNWRUHQ IU GLH 9HUGLFKWXQJ
*UREN|UQLJH QLFKWELQGLJH %|GHQ
)HLQN|UQLJH ELQGLJH %|GHQ
6DQGH .LHVH
6FKOXIIH 7RQH
.RUQ]XVDPPHQVHW]XQJ .RUQIRUP :DVVHUJHKDOW
:DVVHUJHKDOW 3ODVWL]LWlW .RUQ]XVDPPHQVHW]XQJ
)HLQ XQG JUREN|UQLJH 0LVFK E|GHQ ELQGLJ %LQGLJH 6DQGH XQG .LHVH 0LVFKXQJVYHUKlOWQLV YRQ )HLQ XQG *UREN|UQXQJ :DVVHUJHKDOW GHU )HLQ N|UQXQJ .RUQ]XVDPPHQVHW]XQJ XQG 3ODVWL]LWlW GHU )HLQ N|UQXQJ
'DV %DXYHUIDKUHQ
%HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'LH 2EHUIOlFKHQYHUGLFKWXQJ ZLUG EHUDOO GD DQJHZHQGHW ZR HV XP GHQ ODJHQZHLVHQ (LQEDX RGHU GLH 9HUEHVVHUXQJ REHUIOlFKHQQDKHU JHULQJPlFKWLJHU 6FKLFKWHQ JHKW +DXSWDQZHQ GXQJVJHELHW LVW GHU 6WUDHQ XQG 'DPPEDX EHL GHP GDV 6FKWWPDWHULDO LQ /DJHQ YRQ FD ELV FP 6WlUNH HLQJHEUDFKW XQG YHUGLFKWHW ZLUG
2EHUIOlFKHQYHUGLFKWXQJ
'LH HLQ]HOQHQ 3UR]HVVH GHU 2EHUIOlFKHQGLFKWXQJ VLQG GHU QDFKIROJHQGHQ 7DEHOOH ]X HQWQHK PHQ 7DEHOOH
3UR]HVVH GHU 2EHUIOlFKHQYHUGLFKWXQJ
3UR]HVV ,
*HUlW
9RUEHUHLWHQGH 0DQDKPHQ JJI %DXJHOlQGH IUHLPDFKHQ
9HUGLFKWHQ
5DXSH 5DGODGHU 5DGSODQLHUUDXSH *UDGHU *ODWWPDQWHOZDO]H 6WDPSIHU 3ODWWHQUWWOHU
5DGODGHU 5DXSH
,,
,,,
7HLOSUR]HVV
5lXPHQ GHU %DXVWHOOH
%RGHQ DXI GLH YRUJHVHKHQH )OlFKH ODJHQZHLVH HLQEULQJHQ $XVSODQLHUHQ XQG 3ODQXP HUVWHOOHQ ODJHQZHLVHV 9HUGLFKWHQ GHV %RGHQV JJI 3URILOLHUHQ JJI 0XWWHUERGHQ DQGHFNHQ 5HLQLJXQJ YRQ EHQXW]WHQ )Ol FKHQ
'LH *HUlWH *HUlWHW\SHQ ,P QDFKIROJHQGHQ ZHUGHQ QXU GLH *HUlWH IU GLH 9HUGLFKWXQJVOHLVWXQJHQ EHKDQGHOW 'D]X ]lKOHQ x
6WDPSIUDPPH
x
9LEUDWLRQVVWDPSIHU
x
9LEUDWLRQV E]Z 5WWHOSODWWH
x
:DO]H
6WDPSIUDPPH 'LH 6WDPSIUDPPH E]Z ([SORVLRQVUDPPH EHVLW]W HLQH PHLVW NUHLVI|UPLJH 6WDPSISODWWH XQG YHUGLFKWHW GHQ %RGHQ GXUFK GDV )DOOJHZLFKW EHL HLQHU 6SUXQJK|KH YRQ FD FP 'LHVH $UW YRQ 9HUGLFKWXQJVJHUlW ZLUG LQ 'HXWVFKODQG QXU YRQ GHU )LUPD 'HPDJ YHUWULHEHQ
%DXJUXQGYHUEHVVHUXQJ
%LOG 6WDPSIUDPPH XQG 9LEUDWLRQVVWDPSIHU >@
9LEUDWLRQVVWDPSIHU 9LEUDWLRQVVWDPSIHU EHVWHKHQ DXV HLQHP 8QWHUWHLO PLW 6WDPSIIX XQG HLQHP 2EHUWHLO GDV GHQ $QWULHEVPRWRU GDV *HWULHEHJHKlXVH XQG GHQ )KUXQJVEJHO PLW *DVKHEHOQ DXIQLPPW 'LH .UDIWEHUWUDJXQJ HUIROJW YRP $QWULHEVPRWRU EHU HLQH )OLHKNUDIWNXSSOXQJ HLQ HLQVWXILJHV 6WLUQUDGJHWULHEH XQG GHQ .XUEHOWULHE DXI GHQ ]ZLVFKHQ 'UXFNIHGHUQ HLQJHVSDQQWHQ .ROEHQ XQG EHU GLH ,QQHQIKUXQJ DXI GHP 6WDPSIIX 'LH 6WDPSIHUSODWWH EHVWHKW DXV +RO] RGHU .XQVWVWRII XQG LVW PLW HLQHP YHUVFKOHLDUPHQ 6WDKOEOHFK EHOHJW hEOLFKH %HWULHEJHZLFKWH OLHJHQ ]ZLVFKHQ XQG NJ 9LEUDWLRQV E]Z 5WWHOSODWWHQ 9LEUDWLRQVSODWWHQ EHVWHKHQ DXV GHU *UXQGSODWWH XQG GHU 0RWRUSODWWH GLH GXUFK VFKZLQJXQJV GlPSIHQGH *XPPLSXIIHU PLWHLQDQGHU YHUEXQGHQ VLQG (LQ NODSSEDUHU )KUXQJVIOJHO LVW HEHQIDOOV VFKZLQJXQJVIUHL DQ GHU 0RWRUSODWWH EHIHVWLJW XQG HUODXEW GLH )KUXQJ GHU 3ODWWH LQ EHLGH 5LFKWXQJHQ 'HU 0RWRU WUHLEW EHU HLQH )OLHKNUDIWNXSSOXQJ .HLOULHPHQ XQG HLQH *H OHQNZHOOH GHQ 6FKZLQJXQJVHUUHJHU LQ GHU *UXQGSODWWH DQ 9RUZlUWV ODXIHQGH 9LEUDWLRQVSODW WHQ EHVLW]HQ HLQHQ (LQZHOOHQNUHLVHUUHJHU PLW JHJHQOlXILJHQ 0DVVHQ 'LH PD[LPDOH $UEHLWV JHVFKZLQGLJNHLW YRQ 9LEUDWLRQVSODWWHQ KlQJW YRP *HUlWHW\S XQG GHQ %RGHQYHUKlOWQLVVHQ DE 0LW GHU DXIOLHJHQGHQ 3ODWWH ZHUGHQ GLHVH *HUlWH EHVRQGHUV ]XU 9HUGLFKWXQJ QLFKW RGHU VFKZDFK ELQGLJHU %|GHQ EHQXW]W .OHLQHUH 3ODWWHQ ZHUGHQ KLQ XQG KHUJH]RJHQ ZlKUHQG JU|HUH VHOEVW JHKHQG VLQG XQG PLWWHOV 'HLFKVHO JHOHQNW ZHUGHQ 9RU XQG 5FNZlUWVJDQJ *HVFKZLQGLJNHLW XQG 9LEUDWLRQ VLQG VWHXHUEDU 'XUFK ]XVDPPHQNRSSHOQ PHKUHUHU 3ODWWHQ OlVVW VLFK GLH $UEHLWVEUHLWH YHUJU|HUQ $XFK N|QQHQ PHKUHUH *HUlWH IURQW RGHU KHFNVHLWLJ DQ *HUlWH *UDGHU 8QLPRJ R l DQJHEDXW ZHUGHQ hEOLFKH %HWULHEVJHZLFKWH OLHJHQ ]ZL VFKHQ XQG NJ
2EHUIOlFKHQYHUGLFKWXQJ
:DO]HQ 'LH :DO]HQ ZHUGHQ QDFK LKUHU :LUNXQJVZHLVH LQ VWDWLVFK E]Z G\QDPLVFK ZLUNHQGH *HUlWH XQWHUVFKLHGHQ =XGHP ZHUGHQ VLH QDFK $UW E]Z *HVWDOWXQJ GHU :DO]HQ DOV *ODWWUDGZDO]HQ *LWWHUUDGZDO]HQ 6FKDIIXZDO]HQ 6WDPSIIXZDO]HQ XQG *XPPLUDGZDO]HQ EH]HLFKQHW 1DFK $UW GHU :DO]HQRUGQXQJ XQG GHV $QWULHEV ZHUGHQ (LQ]HO 7DQGHP XQG 'UHLUDGZDO]HQ VRZLH :DO]HQ]JH XQG $QKlQJHZDO]HQ XQWHUVFKLHGHQ 6WDWLVFK ZLUNHQGH :DO]HQ PLW *ODWWPDQWHO ZHUGHQ DOV 'UHLUDGZDO]HQ RGHU 7DQGHPZDO]HQ NRQVWUXLHUW 'UHLUDGZDO]HQ EHVLW]HQ ]ZHL JU| HUH DQJHWULHEHQH +LQWHUUlGHU XQG HLQ NOHLQHV QLFKW DQJHWULHEHQHV 9RUGHUUDG ,KUH %HWULHEV JHZLFKWH EHWUDJHQ ELV W 7DQGHPZDO]HQ KDEHQ ]ZHL DQQlKHUQG JOHLFK JURH %DQGDJHQ YRQ GHQHQ PHLVW QXU HLQH DQJHWULHEHQ LVW 'DV %HWULHEVJHZLFKW OLHJW ]ZLVFKHQ XQG W (L QH .HQQJU|H IU LKUH 9HUGLFKWXQJVOHLVWXQJ LVW GLH VWDWLVFKH /LQLHQODVW 6LH HUPLWWHOW VLFK ]X 6WDWLVFKH /LQLHQODVW
$FKVODVW NJ %DQGDJHQEUHLWH FP
%LOG 6WDWLVFKH /LQLHQODVW >@
'HU GXUFK GLH VWDWLVFKH /LQLHQODVW DXI GHQ %RGHQ DXVJHEWH )OlFKHQGUXFN VWHLJW PLW ]XQHK PHQGHU 9HUGLFKWXQJ GD GLH 6WDKOEDQGDJH LQ ORFNHUHQ %|GHQ ZHLWHU HLQVLQNW XQG VRPLW HLQH JU|HUH $XVVWDQGVIOlFKH EHVLW]W 'LH 7LHIHQZLUNXQJ GLHVHU :DO]HQ LVW UHODWLY JHULQJ XQG UHLFKW EHL GHU %RGHQYHUGLFKWXQJ XQWHU JQVWLJVWHQ 9HUKlOWQLVVHQ ELV PD[ FP ZREHL LQ GHU 3UD[LV :HUWH ELV ]X FP DQJHQRPPHQ ZHUGHQ VROOWHQ 6WDWLVFK ZLUNHQGH *XPPLUDGZDO]HQ KDEHQ ELV SURILOORVH PLW VHLWOLFKHP $EVWDQG DQJH EUDFKWH *XPPLUlGHU GLH SHQGHOQG RGHU WDXFKHQG DXIJHKlQJW VLQG ,KU %HWULHEVJHZLFKW OLHJW ]ZLVFKHQ XQG W 'LH 9HUGLFKWXQJVZLUNXQJ EHUXKW DXI GHP (LJHQJHZLFKW XQG KlQJW YRQ GHU 5DGODVW GHP 5HLIHQLQQHQGUXFN XQG GHU :DO]HQJHVFKZLQGLJNHLW DE )U GLH %RGHQYHU GLFKWXQJ KDW GLH *XPPLUDGZDO]H GXUFK GLH G\QDPLVFK ZLUNHQGHQ :DO]HQ DQ %HGHXWXQJ YHU ORUHQ 'LH G\QDPLVFK ZLUNHQGHQ :DO]HQ DXFK 9LEUDWLRQVZDO]HQ JHQDQQW VLQG EHL GHU %R GHQYHUGLFKWXQJ ZHVHQWOLFK OHLVWXQJVIlKLJHU DOV GLH VWDWLVFK ZLUNHQGHQ XQG VWHOOHQ KHXWH GLH DP ZHLWHVW YHUEUHLWHWHQ 9HUGLFKWXQJVJHUlWH GDU 'LH 9HUGLFKWXQJVOHLVWXQJ KlQJW QHEHQ GHU VWDWLVFKHQ /LQLHQODVW LP :HVHQWOLFKHQ YRQ GHU )UHTXHQ] XQG GHU $PSOLWXGH GHU VFKZLQJHQ GHQ 0DVVH DE 'LH 9LEUDWLRQHQ ZHUGHQ GDEHL PLW HLQHP URWLHUHQGHQ ([FHQWHU HU]HXJW GHVVHQ 'UHK]DKO GLH )UHTXHQ] GHU 9LEUDWLRQ EHVWLPPW 'LH )UHTXHQ] LVW GLH $Q]DKO GHU ([FHQWHUXP GUHKXQJHQ SUR 6HNXQGH XQG ZLUG PLW +HUW] >+]@ DQJHJHEHQ
%DXJUXQGYHUEHVVHUXQJ
'LH VFKZLQJHQGH 0DVFKLQHQPDVVH LVW YRP UHVWOLFKHQ *HUlWHWHLO VFKZLQJXQJVWHFKQLVFK GXUFK *XPPLSXIIHU JHWUHQQW 'LH WKHRUHWLVFKH $PSOLWXGH ZLUG GXUFK GDV *HZLFKW GHU VFKZLQJHQ GHQ 0DVFKLQHQPDVVH VRZLH GXUFK GLH *HRPHWULH XQG GDV *HZLFKW GHV ([FHQWHUV EHVWLPPW
%LOG .RPEL :DO]HQ]XJ 9RUGHUH $FKVH PLW *XPPLPDQWHOEDQGDJH KLQWHUH $FKVH PLW *XPPLUlGHUQ >@
'LH 9LEUDWLRQVZDO]HQ ZHUGHQ DQJHERWHQ DOV 7DQGHP9LEUDWLRQVZDO]HQ PLW %HWULHEVJHZLFK WHQ YRQ ELV W 6LH EHVLW]HQ ]ZHL JOHLFK JURH %DQGDJHQ XQG ZHUGHQ LP 9HUNHKUVEDX ]XU 9HUGLFKWXQJ YRQ $VSKDOWVFKLFKWHQ YRQ )URVWVFKXW] XQG XQJHEXQGHQHQ 7UDJVFKLFKWHQ HLQ JHVHW]W %HL :DO]HQ]JHQ LVW GLH LQ HLQHP 9RUGHUUDKPHQ VLW]HQGH %DQGDJH EHU HLQ ]HQWUDOHV 3HQGHONQLFNJHOHQN PLW GHP +LQWHUUDKPHQ YHUEXQGHQ ,P +LQWHUUDKPHQ VLW]HQ ]ZHL JXPPL EHUHLIWH $QWULHEVUlGHU 'HU 9LEUDWLRQVDQWULHE HUIROJW K\GUDXOLVFK 'DV %HWULHEVJHZLFKW OLHJW ]ZLVFKHQ XQG W 6LH ZHUGHQ ]XU %RGHQYHUGLFKWXQJ LP (UGEDX XQG ]XU 9HUGLFKWXQJ YRQ )URVWVFKXW]VFKLFKWHQ XQG XQJHEXQGHQHQ 7UDJVFKLFKWHQ LP 6WUDHQEDX HLQJHVHW]W *U|HUH 9LEUDWLRQVZDO]HQ VLQG PHLVW PLW ]ZHL $PSOLWXGHQ XQG ]ZHL )UHTXHQ]HQ DXVJHVWDW WHW %HL GQQHQ 6FKLFKWHQ XQG OHLFKW YHUGLFKWEDUHQ %|GHQ ZLUG HLQH NOHLQH $PSOLWXGH XQG HLQH KRKH )UHTXHQ] EHL GLFNHQ 6FKLFKWHQ XQG VFKZHU YHUGLFKWEDUHQ 0DWHULDOLHQ HLQH JURH $PSOLWXGH PLW QLHGULJHU )UHTXHQ] HPSIRKOHQ 'LH 7LHIHQZLUNXQJ LVW ZHVHQWOLFK K|KHU DOV EHL GHQ VWDWLVFKHQ :DO]HQ 6R ODVVHQ VLFK PLW VFKZHUHQ :DO]HQ]JHQ 6FKLFKWVWlUNHQ YRQ ELV ]X P EHDUEHLWHQ 'DEHL LVW MHGRFK ]X EHUFNVLFKWLJHQ GDVV GLH 9HUGLFKWXQJVZLUNXQJ PLW ]XQHKPHQGHU 6FKLFKWVWlUNH DEQLPPW XQG LQ GHU 3UD[LV EHL )RUGHUXQJHQ YRQ JOHLFKPlLJ KRKHQ 9HUGLFKWXQJVHUJHEQLVVHQ GLH PD[LPDO DQJHJHEHQH 6FKLFKWVWlUNH ]X UHGX]LHUHQ LVW 'LH :DO]HQJHVFKZLQGLJNHLWHQ OLHJHQ EHL ELQGLJHQ %|GHQ XQG )HOV EHL ]ZLVFKHQ XQG NPK XQG EHL .LHV 6DQG XQG 0LVFKE|GHQ EHL ELV NPK )U $QKlQJHZDO]HQ PLW %HWULHEVJHZLFKWHQ YRQ ELV W JLOW lKQOLFKHV )U GLH 2EHUIOlFKHQDXVELOGXQJ GHU 6WDKOEDQGDJHQ JLOW *ODWWPDQWHOEDQGDJHQ NRPPHQ EHL QLFKWELQGLJHQ %|GHQ EHL 0LVFKE|GHQ OHLFKW ELQGLJHQ %|GHQ XQG 6WHLQVFKWWXQJHQ ]XP (LQ VDW]
2EHUIOlFKHQYHUGLFKWXQJ
%DQGDJHQ PLW DXIJHVFKZHLWHQ 6WDPSIIX RGHU 6FKDIIXHOHPHQWHQ ZHUGHQ YRU]XJVZHLVH DXI VWDUN ELQGLJHQ %|GHQ XQG ELQGLJHQ %|GHQ PLW HUK|KWHP :DVVHUJHKDOW HLQJHVHW]W 6WDPSIIXHOHPHQWH HLJQHQ VLFK ]XGHP QRFK EHL 6FKWWXQJHQ DXV PUEHP *HVWHLQ %HL (LQVDW] YRQ G\QDPLVFK ZLUNHQGHQ :DO]HQ DXI QLFKWELQGLJHQ %|GHQ LQVEHVRQGHUH EHL JOHLFKI|UPLJHP %RGHQPDWHULDO RGHU %|GHQ PLW JHULQJHP )HLQNRUQDQWHLO LQ GHQ REHUHQ 6FKLFKWHQ EHVWHKW HLQH JHZLVVH $XIORFNHUXQJV XQG (QWPLVFKXQJVJHIDKU 'HVKDOE VROOWHQ GLH OHW]WHQ EHLGHQ hEHUJlQJH QXU PLW VWDWLVFKHU :LUNXQJ JHIDKUHQ ZHUGHQ
'LH (LQVDW]HLJQXQJ GHU *HUlWH LQ $EKlQJLJNHLW GHV %RGHQV :LUG GHU %RGHQ HLQHU 9HUGLFKWXQJ XQWHU]RJHQ LVW GLH 9HUGLFKWXQJVZLOOLJNHLW GHV %RGHQV JHIUDJW +LHU ZHUGHQ HPSLULVFK HUPLWWHOWH 'DWHQ DQJHZHQGHW E]Z GLH (UIDKUXQJ OHKUW RE GHU %RGHQ VLFK JHJHQ HLQH 9HUGLFKWXQJ VSHUUW RE HU DXI 9LEUDWLRQHQ DQVSULFKW RGHU JHGUFNW XQG JHNQHWHW ZHUGHQ PXVV 7DEHOOH
9HUGLFKWXQJVHLJQXQJ XQG ]ZHFNPlLJH 9HUGLFKWXQJVPHWKRGHQ >@ 5WWHOQ
5WWOHU 1LFKWELQGLJH %|GHQ 6WHLQH *HU|OO .LHV 6DQG %LQGLJH %|GHQ ZHLFK P 6WHLQJHUVW SODVWLVFK KDUW .UPHOLJH %|GHQ NUPHOLJ EU|FNHOLJ VFKROOLJ 3ODWWLJH .|UQXQJ VFKLHIHULJ SODWWLJ EDQNLJ 6FKRWWHU %O|FNH 6FKRWWHU PP 6FKRWWHU ! PP JHEURFKHQHV +DXIZHUN JUREH %O|FNH *HPLVFKWH %|GHQ YLHO .RUQ ZHQLJ %LQGHU YLHO %LQGHU ZHQLJ .RUQ
0DP PXW UWWOHU
5WWHOQ 'UXFN 9LEUD WLRQV ZDO]H
'UXFN *ODWW ZDO]H
6WDPSIHQ
*XPPL ([SOR UDG VLRQV ZDO]H VWDPSIHU
6WDPS EDJJHU
.QHWHQ 6FKDI IX ZDO]H
Ŷ Ŷ Ŷ Ŷ
Ŷ
Ŷ
Ŷ Ŷ
Ŷ Ŷ
Ŷ Ŷ
Ŷ Ŷ
Ŷ
Ŷ Ŷ Ŷ Ŷ Ŷ
Ŷ
Ŷ
Ŷ
Ŷ Ŷ Ŷ Ŷ Ŷ
%DXJUXQGYHUEHVVHUXQJ
'HU 3HUVRQDOEHGDUI =X HLQHU DXIHLQDQGHU HLQJHVSLHOWHQ $UEHLWVJUXSSH JHK|UHQ LP $OOJHPHLQHQ )DKUHU GHV /.: %RGHQ DQOLHIHUQ 0DVFKLQLVW IU GLH 3ODQLHUUDXSH +LOIVDUEHLWHU ]XVWlQGLJ IU GLH +LOIVDUEHLWHQ 0DVFKLQLVW IU GLH :DO]H 9LEUDWLRQVSODWWH RGHU 6WDPSIUDPPH
x x x x
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ 'LH 9HUGLFKWXQJ ZLUG EHHLQIOXVVW YRQ ± ± ± ± ±
GHP ]X YHUGLFKWHQGHQ 0DWHULDO GHQ (LQEDXEHGLQJXQJHQ GHV 0DWHULDOV GHQ %DXVWHOOHQEHGLQJXQJHQ GHQ *HUlWHPHUNPDOHQ VRQVWLJHQ (LQIOVVHQ ] % :LUWVFKDIWOLFKNHLW
=X MHGHP GLHVHU (LQIOVVH ODVVHQ VLFK HLQ]HOQH )DNWRUHQ QHQQHQ GLH LQ GHU QDFKIROJHQGHQ 7DEHOOH DXIJHIKUW ZHUGHQ 7DEHOOH
(LQIOXVVIDNWRUHQ DXI GLH 9HUGLFKWXQJVOHLVWXQJ >@ (LQEDX EHGLQJXQJHQ
0DWHULDO .RUQ]X
VDPPHQVHW]XQJ .RUQDEVWXIXQJ .RUQIRUP .RUQUDXKLJNHLW 3ODVWL]LWlW :DVVHUJHKDOW
%HVFKDIIHQKHLW GHU
8QWHUODJH 6FKWWK|KH :DO]HQJH VFKZLQGLJNHLW =DKO GHU hEHUJlQJH :DVVHU]XJDEH
%DXVWHOOHQ EHGLQJXQJHQ %DXVWHOOHQ
JHRPHWULH .XUYLJNHLW 1HLJXQJ =XJlQJOLFKNHLW *HUlWH DEVWLPPXQJ
:LUWVFKDIWOLFKNHLW 9HUIJEDUNHLW GHV
*HUlWHV /HLVWXQJVIlKLJNHLW GHV *HUlWHV %DXVWHOOHQJU|H
*HUlWHPHUNPDOH $UW GHV 9HUGLFK
WXQJVJHUlWHV *HZLFKW 6FKZLQJHQGH
0DVVH )UHTXHQ] $PSOLWXGH *HRPHWULH GHV
9HUGLFKWXQJV N|USHUV
'LH /HLVWXQJ HLQHV 9HUGLFKWXQJVJHUlWHV LP (UG RGHU 6WUDHQEDX ZLUG GDQDFK JHPHVVHQ ZHOFKHV 9ROXPHQ DQ YHUGLFKWHWHP 0DWHULDO MH =HLWHLQKHLW GXUFK GDV *HUlW HLQJHEDXW ZHUGHQ NDQQ $OV ZHVHQWOLFKH .HQQJU|HQ IU GLH (UPLWWOXQJ YRQ 9HUGLFKWXQJVOHLVWXQJHQ JHOWHQ ± ± ± ±
%RGHQDUW :LUNVDPH $UEHLWVEUHLWH 'LFNH GHU ]X YHUGLFKWHQGHQ 6FKLFKW 9HUGLFKWXQJVJHVFKZLQGLJNHLW XQG =DKO GHU 9HUGLFKWXQJVEHUJlQJH
2EHUIOlFKHQYHUGLFKWXQJ
1DFKIROJHQG ZHUGHQ GLH ]XJHK|ULJHQ *HUlWH %*/1U GHU 3HUVRQDOHLQVDW] XQG GLH NDONXOD WRULVFKHQ $XIZDQGVZHUWH DXIJHIKUW 7DEHOOH %HWULHEVPLWWHOHLQVDW] 3UR]HVV
,,
7HLOSUR]HVV %RGHQ DXI GLH YRUJHVHKHQHQ )OlFKHQ ODJHQ ZHLVH HLQEULQ JHQ $XVSODQLHUHQ XQG 3ODQXP HUVWHOOHQ ODJHQZHLVHV 9HUGLFKWHQ GHV %RGHQV JJI 0XWWHUER GHQ DQGHFNHQ
*HUlW /.:
%*/1U +DXSWJUXSSHQ 3 ÂÂÂÂ
3HUVRQDO EHGDUI
.DONXODWRULVFKH /HLVWXQJVDQVlW]H
0DVFKLQLVW ± Pñ7DJ
0DVFKLQLVW
± PK
5DGSODQLHUUDXSH
' ÂÂÂÂ
*UDGHU 6WDPSIHU 'UHLUDGZDO]H )OlFKHQUWWOHU
' ÂÂÂÂ ' ÂÂÂÂ ' ÂÂÂÂ ' ÂÂÂÂ
0DVFKLQLVW +HOIHU
± PK PPLQ ± PK PPLQ
5DGSODQLHUUDXSH
' ÂÂÂÂ
0DVFKLQLVW
± PK
6FKLFKWGLFNHFP
6FKLFKWGLFNH FP
'LH 7DEHOOH EHVFKlIWLJW VLFK PLW DXVJHZlKOWHQ 7lWLJNHLWV XQG 5VW]HLWHQ GHU DQJHZDQG WHQ 9HUIDKUHQ 'LH DQJHJHEHQHQ /HLVWXQJVZHUWH JHOWHQ EHL *UREDXVWHOOHQ %HL PLWWOHUHQ XQG NOHLQHUHQ %DXPDQDKPHQ VLQG GLH /HLVWXQJVZHUWH ]XP 7HLO ZHVHQWOLFK QLHGULJHU 7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ EHL GHU 2EHUIOlFKHQYHUGLFKWXQJ 7lWLJNHLW
$XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ
7UDQVSRUW SUR .PW XQG P *UREN|UQLJH QLFKWELQGLJH %|GHQ 6DQGH .LHVH *XPPLUDGZDO]H PK 9HUGLFKWXQJVOHLVWXQJ 6WDPSIHU PK 6FKLFKWGLFNH FP )OlFKHQUWWOHU PK )HLQ XQG JUREN|UQLJH 0LVFKE|GHQ ELQGLJ ELQGLJH 6DQGH XQG .LHVH *XPPLUDGZDO]H %LV PK 9HUGLFKWXQJVOHLVWXQJ 6WDPSIHU PK 6FKLFKWGLFNH FP )OlFKHQUWWOHU PK )HLQN|UQLJH ELQGLJH %|GHQ 6FKOXIIH 7RQH *XPPLUDGZDO]H PK 9HUGLFKWXQJVOHLVWXQJ 6WDPSIHU PK 6FKLFKWGLFNH FP )OlFKHQUWWOHU PK %DXVWHOOHQHLQULFKWXQJ 7DJ $QODXI]HLW DP 0RUJHQ PLQ SUR 7DJ E]Z$EEDX]HLW DP $EHQG *HUlWHDXVIDOO ± 6WXQGHQ LQ GHU :RFKH
6RQVWLJHV
9HUGLFKWXQJVYRUJDQJ
%RGHQ DQOLHIHUQ
5lXPHQ GHU %DXVWHOOH
7DJ
%DXJUXQGYHUEHVVHUXQJ
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ 7HLOOHLVWXQJHQ +LQVLFKWOLFK GHU EDXEHWULHEOLFKHQ 9HUIDKUHQVSODQXQJ IU HLQH 2EHUIOlFKHQYHUGLFKWXQJ VLQG EHL GHU /HLVWXQJVEHVFKUHLEXQJ IROJHQGH $UWHQ ]X XQWHUVFKHLGHQ D 2EHUIOlFKHQYHUGLFKWXQJ YRQ DQVWHKHQGHQ %RGHQVFKLFKWHQ E 2EHUIOlFKHQYHUGLFKWXQJ YRQ QHX HLQ]XEULQJHQGHQ %RGHQVFKLFKWHQ 'LH 8QWHUVFKHLGXQJ HUJLEW VLFK DXV GHU YRQ D ELV E ]X QHKPHQGHQ /HLVWXQJVWLHIH 6R PV VHQ EHL GHQ ]X D JHK|UHQGHQ /HLVWXQJHQ QXU 9HUGLFKWXQJVJHUlWH HLQJHVHW]W ZHUGHQ %HL E IDOOHQ ]XVlW]OLFKH %RGHQWUDQVSRUWH XQG %RGHQHLQEDX DQ ,QKDOWH ,Q GHU /HLVWXQJVEHVFKUHLEXQJ IU /HLVWXQJHQ GHU *UXSSH D VROOWHQ IROJHQGH ,QIRUPDWLRQHQ HQWKDOWHQ VHLQ ± $UW GHV %DXZHUNV 'lPPH 6WUDHQ 3OlW]H HWF E]Z GHV %DXWHLOV (LQ]HOIXQGDPHQWH 6RKOSODWWH HWF IU ZHOFKHV GLH %RGHQYHUEHVVHUXQJHQ EHQ|WLJW ZHUGHQ ± %HVFKDIIHQKHLW GHV YRUKDQGHQHQ %RGHQV ± %HL QLFKWELQGLJHQ %|GHQ %RGHQDUW XQG /DJHUXQJVGLFKWH ± %HL ELQGLJHQ %|GHQ %RGHQDUW :DVVHUJHKDOW XQG .RQVLVWHQ] ± 6FKLFKWVWlUNH GHV ]X YHUEHVVHUQGHQ %RGHQV ± *HIRUGHUWH %RGHQHLJHQVFKDIWHQ QDFK GHU 9HUGLFKWXQJ ± EHL QLFKWELQGLJHQ %|GHQ /DJHUXQJVGLFKWH 3URFWRUGLFKWH (9:HUW ± EHL ELQGLJHQ %|GHQ 3URFWRUGLFKWH (9:HUW ± $EPHVVXQJHQ XQG EHL PHKUHUHQ (LQ]HOIOlFKHQ GLH 9HUWHLOXQJ GHU ]X YHUEHVVHUQGHQ )OlFKHQ ,QIRUPDWLRQHQ EHU ]XVlW]OLFKH /HLVWXQJHQ GHU *UXSSH E ± $UW XQG 8PIDQJ GHV ]X OLHIHUQGHQ %RGHQPDWHULDOV ± 7UDQVSRUWHQWIHUQXQJ 2UW XQG $UW GHU /DJHUXQJ EHL YRP $XIWUDJJHEHU EHUHLWJHVWHOOWHQ %|GHQ ± *HVDPWH (LQEDXVWlUNH GHV DXI]XEULQJHQGHQ 0DWHULDOV
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 'LH 4XDOLWlW EHL GHU 9HUGLFKWXQJ YRQ GHU 2EHUIOlFKH DXV KlQJW ]XQlFKVW YRQ GHU :DKO GHV 9HUIOOPDWHULDOV DE DEHU QDWUOLFK DXFK YRQ GHU 0lFKWLJNHLW GHU HLQ]HOQHQ /DJHQ XQG GDYRQ ZHOFKHV 9HUGLFKWXQJVJHUlW JHZlKOW ZLUG
2EHUIOlFKHQYHUGLFKWXQJ
'LH .RQWUROOH GHU 9HUGLFKWXQJ HUIROJW PLW GHQ LP (UGEDX EOLFKHQ 9HUIDKUHQ ± )HVWVWHOOXQJ GHU 7URFNHQGLFKWH YRQ HQWQRPPHQHQ 3UREHQ XQG 9HUJOHLFK PLW GHP 3URF WRUZHUW QDFK ',1 (UPLWWHOQ GHV 9HUGLFKWXQJVJUDGHV 'SU ± 'XUFKIKUXQJ YRQ 3ODWWHQGUXFNYHUVXFKHQ ]XU )HVWVWHOOXQJ GHU 9HUIRUPXQJVPRGXOL (9 XQG (9 ± (UPLWWOXQJ YRQ 'LFKWH XQG :DVVHUJHKDOW PLW UDGLRPHWULVFKHQ 9HUIDKUHQ )U JUREN|UQLJH %|GHQ ODVVHQ VLFK QlKHUXQJVZHLVH =XRUGQXQJHQ ]ZLVFKHQ 'SU XQG (9 DQ JHEHQ 7DEHOOH 7DEHOOH 1lKHUXQJVZHLVH =XRUGQXQJ YRQ 9HUGLFKWXQJVJUDG XQG 9HUIRUPXQJVPRGXO >@ %RGHQDUW
'SU >@
*: *,
! ! ! ! ! !
*( 6( 6: 6,
(9 >01P@
! ! ! ! ! !
)U IHLQ XQG JHPLVFKWN|UQLJH %|GHQ LVW HLQH QlKHUXQJVZHLVH =XRUGQXQJ YRQ 3RUHQDQWHLO Q :DVVHUJHKDOW Z XQG (90RGXO P|JOLFK VRIHUQ VLH HLQHQ /XIWSRUHQDQWHLO QD DXIZHL VHQ 7DEHOOH 7DEHOOH 1lKHUXQJVZHLVH =XRUGQXQJ YRQ 3RUHQDQWHLO :DVVHUJHKDOW XQG 9HUIRUPXQJVPRGXO EHL IHLQ XQG JHPLVFKWN|UQLJHQ %|GHQ PLW /XIWSRUHQDQWHLO QD >@ 3RUHQDQWHLO Q >@
:DVVHUJHKDOW Z >@
(9 >01P@
Q !
Z Z !
! (9
:lKUHQG GLH EOLFKHQ .RQWUROOHQ GHV 9HUGLFKWXQJVJUDGHV XQG GHV 9HUIRUPXQJVPRGXOV ZH JHQ GHU .RVWHQ QXU VWLFKSUREHQDUWLJ XQG SXQNWXHOO GXUFKJHIKUW ZHUGHQ OlVVW VLFK GHU 9HU GLFKWXQJVHUIROJ DXFK IOlFKHQGHFNHQG GXUFK HLQH G\QDPLVFKH 9HUGLFKWXQJVNRQWUROOH GLH PLW GHP 9HUGLFKWXQJVJHUlW VHOEVW DXIJHIKUW ZLUG QDFKZHLVHQ 'DV )XQNWLRQVSULQ]LS GHV 0HVV V\VWHPV EHUXKW DXI GHU :HFKVHOZLUNXQJ ]ZLVFKHQ GHU EHVFKOHXQLJWHQ :DO]HQEDQGDJH XQG GHU VLFK PLW GHU 9HUGLFKWXQJ lQGHUQGHQ G\QDPLVFKHQ 6WHLILJNHLW GHV %RGHQV 0LW GHU IOlFKHQGHFNHQGHQ G\QDPLVFKHQ 9HUGLFKWXQJVNRQWUROOH ODVVHQ VLFK 8QWHUJUXQG XQG $XIVWDQGVIOlFKHQ YRQ 'DPPEDXWHQ 9HUNHKUVIOlFKHQEHIHVWLJXQJHQ %DXZHUNVJUQGXQJHQ XQG PLQHUDOLVFKHQ $EGLFKWXQJHQ EH]JOLFK LKUHV 9HUIRUPXQJ XQG 7UDJIlKLJNHLWVYHUKDOWHQV EHXUWHLOHQ 'DV 9HUIDKUHQ HUODXEW HV IHVW]XVWHOOHQ RE HLQ ZHLWHUHU (LQVDW] GHV 9HUGLFKWXQJV JHUlWHV VLQQYROO LVW XQG ZR %HUHLFKH VLQG GLH QDFKJHDUEHLWHW ZHUGHQ PVVHQ
%DXJUXQGYHUEHVVHUXQJ
7LHIHQUWWHOYHUIDKUHQ
'DV %DXYHUIDKUHQ LP hEHUEOLFN %HL GHU 9HUGLFKWXQJ PLW 5WWHOVFKZLQJXQJ ZLUG ]ZLVFKHQ ]ZHL 9HUIDKUHQ XQWHUVFKLHGHQ 7LHIHQYHUGLFKWXQJ PLW GHP 5WWHOGUXFNYHUIDKUHQ 7LHIHQUWWOXQJ PLW $XIVDW]UWWOHUQ 7LHIHQYHUGLFKWXQJ PLW GHP 5WWHOGUXFNYHUIDKUHQ 'DV KHXWH DQJHZHQGHWH 5WWHOGUXFNYHUIDKUHQ NRPELQLHUW GLH (LQOHLWXQJ YRQ 6FKZLQJXQJHQ PLW GHP $XIEULQJHQ GHU 9HUWLNDOODVW DXV GHP *HZLFKW GHV 5WWOHUV XQG GHU $XIVDW]URKUH 'LH (LQGULQJXQJ GHV 5WWOHUV ZLUG L $OOJ ]XVlW]OLFK GXUFK 6SOZDVVHU XQWHUVWW]W GDV DQ GHU 5WWOHUVSLW]H DXVWULWW %LOG 'LH 5WWHOVFKZLQJXQJHQ EHLP (LQIDKUHQ XQG 9HUGLFKWHQ ZHUGHQ GXUFK HLQH YRQ HLQHP (OHN WURPRWRU DQJHWULHEHQH 8QZXFKW HU]HXJW GLH NXU] EHU GHU 6SLW]H GHV 5WWOHUV VLW]W 'LH 5WW OHU KDEHQ HLQHQ 'XUFKPHVVHU YRQ ELV FP ,P 6DQG OlVVW VLFK GLH 9HUGLFKWXQJ DP EHVWHQ PLW QLHGULJHU 'UHK]DKO XQG JURHU $PSOLWXGH HUUHLFKHQ 'LH PLWWOHUH $EVHQNJHVFKZLQGLJNHLW OLHJW EHL ELV PPLQ ZREHL PD[LPDO ELV ]X PK DQ 6SOZDVVHU ]XJHJHEHQ ZHUGHQ 'HU 6SOGUXFN EHWUlJW PD[LPDO EDU 'HU %RGHQ LP 8PNUHLV GHV 5WWOHUV NDQQ QXU YHUGLFKWHW ZHUGHQ ZHQQ GHU 5WWOHU VWlQGLJHQ .RQWDNW ]XP %RGHQ KDW 'LHV HUIRUGHUW GLH =XJDEH YRQ 0DWHULDO GDV HQWZHGHU DQJHIDKUHQ RGHU DXI GHU %DXVWHOOH VHOEVW JHZRQQHQ ZLUG 'DV =XJDEHPDWHULDO NDQQ DXV GHU JOHLFKHQ .|U QXQJ EHVWHKHQ RGHU DEHU DXV VSH]LHOOHQ .RUQJU|HQJUXSSHQ GLH LP DQVWHKHQGHQ %RGHQ QLFKW YRUKDQGHQ VLQG 'XUFK GLH =XJDEH VROFKHU Ä)HKON|UQXQJHQ³ HQWVWHKW HLQ EHVRQGHUV GLFKWHV %RGHQJHIJH PLW HLQHU KRKHQ 7UDJIlKLJNHLW 'LH 9HUGLFKWXQJVZLUNXQJ HUVWUHFNW VLFK DXI HLQHQ %HUHLFK PLW HLQHP 5DGLXV YRQ FD ELV P XP GHQ 5WWOHU KHUXP *DQ] DOOJHPHLQ LVW GDUDXI KLQ]XZHL VHQ GDVV VLFK GXUFK GLH 9HUGLFKWXQJ GLH *HOlQGHREHUIOlFKH XP FD ELV GHU 0lFKWLJ NHLW GHU ]X YHUEHVVHUQGHQ 6FKLFKW VHW]W >@ 'D GLH :LUNXQJ GHV 5WWOHUV LP REHUIOlFKHQQDKHQ %HUHLFK VWDUN DEQLPPW LVW HLQH DEVFKOLH HQGH 9HUGLFKWXQJ GHU REHUHQ ELV P PLW 2EHUIOlFKHQUWWOHUQ .DS HUIRUGHUOLFK )DOOV GLHVHU %HUHLFK RKQHKLQ DXVJHKREHQ ZLUG ILQGHW HLQH 9HUGLFKWXQJ ]XVDPPHQ PLW GHP UHVWOLFKHQ 2EHUERGHQ VWDWW 7LHIHQUWWOXQJ PLW $XIVDW]UWWOHUQ $OV $OWHUQDWLYH ]XP 5WWHOGUXFNYHUIDKUHQ ZLUG GDV (LQEULQJHQ YRQ 5RKUHQ %RKOHQ R l PLW $XIVDW]UWWOHUQ DQJHERWHQ
7LHIHQUWWHOYHUIDKUHQ
+LHUEHL ZHUGHQ YRU]XJVZHLVH YHUWLNDOH 6FKZLQJXQJHQ LQ GHQ ]X YHUGLFKWHQGHQ %DXJUXQG HLQJHOHLWHW ZlKUHQG EHLP 5WWHOGUXFNYHUIDKUHQ GHU %RGHQ YRUZLHJHQG LQ KRUL]RQWDOH 6FKZLQJXQJHQ YHUVHW]W ZLUG ,Q GHQ 86$ ZXUGH HLQ 9HUIDKUHQ XQWHU GHP 1DPHQ Ä7HUUDSUR EH³ HQWZLFNHOW EHL GHP HLQ 5WWOHU DXI HLQHP XQWHQ RIIHQHQ 5RKU YRQ FP 'XUFKPHVVHU VLW]W 'HU 5WWOHU XQG GDV 5RKU ZLHJHQ ]XVDPPHQ HWZD W $P 5RKU VLQG 6SOOHLWXQJHQ EHIHVWLJW ZRGXUFK HLQ VFKQHOOHUHV $EVHQNHQ GHV 5RKUHV VRZLH GLH :DVVHUVlWWLJXQJ GHV %R GHQV REHUKDOE GHV *UXQGZDVVHUVSLHJHOV EHZLUNW ZHUGHQ NDQQ 9HUJOHLFKHQGH 8QWHUVXFKXQJHQ KDEHQ JH]HLJW GDVV GLH (LQGULQJJHVFKZLQGLJNHLW GHV 5RKUHV HWZD YLHUPDO VR JUR LVW ZLH EHL 7LHIHQUWWOHUQ 'D DEHU GLH HLQJHOHLWHWH 6FKZLQJXQJVHQHUJLH JHULQJHU LVW VLQG HWZD ELV PDO VR YLHOH 9HUGLFKWXQJVSXQNWH HUIRUGHUOLFK ,Q 6FKZHGHQ ZXUGH GLH Ä9LEUR:LQJ0HWKRGH³ HQWZLFNHOW >@ (LQ FD W VFKZHUHU 5WWOHU VLW]W DP REHUHQ (QGH HLQHU FD P ODQJHQ 6WDQJH LQ GHU LP $EVWDQG YRQ FD P )OJHO PLW HLQHU /lQJH YRQ P DQJHEUDFKW VLQG $OV 7UlJHUJHUlW IU GHQ 5WWOHU ZLUG HLQ 6HLOEDJ JHU EHQXW]W 'LH )UHTXHQ] GHV 5WWOHUV LVW DXI GLH MHZHLOLJHQ %RGHQYHUKlOWQLVVH HLQVWHOOEDU 'DV (LQWUHLEHQ GHU 6RQGH NDQQ GXUFK 6SOHQ LP XQWHUHQ 7HLO GHU )OJHOVWDQJH XQWHUVWW]W ZHUGHQ 'LH 9HUGLFKWXQJVSXQNWH KDEHQ LP $OOJHPHLQHQ $EVWlQGH YRQ ELV ]X P 'LH )LUPD )UDQNL KDW HLQ 9HUIDKUHQ HQWZLFNHOW EHL GHP HLQH DXV GUHL EHVRQGHUV NRQVWUXLHUWHQ 6WDKOSODWWHQ @
7HFKQLVFKH *UXQGODJHQ /RFNHU JHODJHUWH QLFKWELQGLJH %|GHQ KDEHQ HLQHQ JURHQ 3RUHQDQWHLO HLQH JHULQJH 'LFKWH XQG HLQHQ JHULQJHQ 6WHLIHPRGXO VR GDVV HV EHL %HODVWXQJ GXUFK %DXZHUNH ]X JURHQ 6HW]XQ JHQ NRPPW =LHO GHU %DXJUXQGYHUEHVVHUXQJ LVW GDKHU GHQ 3RUHQDQWHLO ]X YHUULQJHUQ XQG GD PLW GLH 6FKHUIHVWLJNHLW ]X YHUJU|HUQ XQG GLH =XVDPPHQGUFNEDUNHLW KHUDE]XVHW]HQ
7LHIHQUWWHOYHUIDKUHQ
%HL QLFKWELQGLJHQ %|GHQ OlVVW VLFK GDV ] % GXUFK GDV (LQOHLWHQ YRQ 6FKZLQJXQJHQ LQ GHQ %DXJUXQG HUUHLFKHQ ZREHL NXU]]HLWLJ GLH 5HLEXQJ ]ZLVFKHQ GHQ .|UQHUQ YHUULQJHUW E]Z QDKH]X DXIJHKREHQ ZLUG VR GDVV HLQH .RUQXPODJHUXQJ HLQWULWW GLH ]X HLQHU JU|HUHQ 'LFKWH IKUW 'LHVHU (IIHNW ZLUG QRFK GDGXUFK XQWHUVWW]W GDVV EHLP (LQEULQJHQ GHU 5WWHOVFKZLQ JXQJHQ GHU %RGHQ GXUFK :DVVHU]XJDEH JHVlWWLJW ZHUGHQ NDQQ ZDV ]X HLQHU ]HLWZHLVHQ 9HU IOVVLJXQJ GHV %RGHQV XQG GDPLW ]X HLQHU QRFK LQWHQVLYHUHQ 8PODJHUXQJ GHU %RGHQWHLOFKHQ IKUW
$QZHQGXQJVEHUHLFKH 'LH 7LHIHQUWWHOYHUGLFKWXQJ LVW DXI QLFKWELQGLJH %|GHQ 6DQGH XQG .LHVH PLW PD[LPDO FD )HLQDQWHLOHQ d PP EHJUHQ]W %LOG
%LOG $QZHQGXQJVEHUHLFKH GHU 7LHIHQUWWOXQJ >@
(LQH ZLUWVFKDIWOLFKH $QZHQGXQJ LVW EHL 9HUGLFKWXQJVWLHIHQ YRQ ELV P JHJHEHQ ,Q 6RQ GHUIlOOHQ ZXUGHQ DXFK VFKRQ 6FKLFKWHQ ELV P 0lFKWLJNHLW YHUEHVVHUW 'LH :LUNVDPNHLW GHV 9HUIDKUHQV QLPPW PLW ]XQHKPHQGHP )HLQDQWHLO DE GHU (LQGULQJYRUJDQJ GHV 5WWOHUV ZLUG GXUFK JU|HUH 6WHLQH DE FD FP .DQWHQOlQJH RGHU GXUFK YLHOH 6WHLQH PLW HLQHP 'XUFKPHVVHU YRQ PHKU DOV FP EHKLQGHUW >@ %HL GHU $QZHQGXQJ GHU 7LHIHQUWWOXQJ LVW VWHWV ]X SUIHQ RE VHW]XQJVJHIlKUGHWH 1DFKEDUEH EDXXQJ YRUKDQGHQ LVW GD GXUFK GLH HLQJHOHLWHWHQ 6FKZLQJXQJHQ GHU %DXJUXQG VLFK DXFK LQ HLQHP %HUHLFK XP GLH HLJHQWOLFK ]X YHUGLFKWHWH )OlFKH ]XVDPPHQGUFNHQ NDQQ (UIDKUXQJV JHPl LVW DOOHUGLQJV GLH 5FNZLUNXQJ DXI EHQDFKEDUWH %DXWHQ XQEHGHQNOLFK ZHQQ GHU %R GHQ QLFKW XQWHUKDOE GHV /DVWDXVEUHLWXQJVEHUHLFKHV GHU YRUKDQGHQHQ )XQGDPHQWH EHDQVSUXFKW ZLUG %LOG
%DXJUXQGYHUEHVVHUXQJ
%LOG (LQIOXVV GHU 7LHIHQYHUGLFKWXQJ DXI YRUKDQGHQH %HEDXXQJ
%HPHVVXQJVYHUIDKUHQ XQG (UIDKUXQJVZHUWH (LQH H[DNWH %HPHVVXQJ G K GLH )HVWOHJXQJ GHU $EVWlQGH GHU 9HUGLFKWXQJVSXQNWH DXI *UXQG WKHRUHWLVFKHU %HUHFKQXQJHQ OlVVW VLFK QLFKW GXUFKIKUHQ 'LH $EVWlQGH VLQG GDKHU DXI *UXQG YRQ (UIDKUXQJHQ IHVW]XOHJHQ $QKDOWVSXQNWH GDIU OLHIHUW %LOG GDV IU UHLQHQ 6DQG DXIJHVWHOOW ZXUGH
%LOG 5DVWHUPD D XQG HUUHLFKEDUH EH]RJHQH /DJHUXQJVGLFKWH ,' >@
7LHIHQUWWHOYHUIDKUHQ
'LH 9HUGLFKWXQJVSXQNWH ZHUGHQ PHLVW LQ HLQHQ 'UHLHFNVUDVWHU DQJHRUGQHW ZREHL GLH 6HLWHQ OlQJH YRQ GHU JHZQVFKWHQ =XQDKPH GHU /DJHUXQJVGLFKWH YRQ GHU .RUQYHUWHLOXQJ GHV DQ VWHKHQGHQ %RGHQV XQG YRQ GHQ .HQQGDWHQ GHV 5WWOHUV DEKlQJW 'LH $EVWlQGH OLHJHQ EOL FKHUZHLVH ]ZLVFKHQ XQG P VR GDVV MHGHP 9HUGLFKWXQJVSXQNW FD ELV Pð ]XJHRUGQHW ZHUGHQ =X %LOG LVW QRFK DQ]XPHUNHQ GDVV GLH .XUYH IU :HUWH D d P QLFKW ]XWUHI IHQG LVW GD HUIDKUXQJVJHPl EHL NOHLQHUHQ $EVWlQGHQ NDXP QRFK HLQH 6WHLJHUXQJ GHU /DJH UXQJVGLFKWH HUUHLFKW ZHUGHQ NDQQ VRQGHUQ GHU EHUHLWV HU]LHOWH 9HUGLFKWXQJVHUIROJ DP 1DFK EDUSXQNW HKHU ZLHGHU YHUULQJHUW ZLUG >@ )U EOLFKH %DXDXIJDEHQ JHQJW HLQH EH]RJHQH /DJHUXQJVGLFKWH YRQ FD VR GDVV GLH QDFK GHU 9HUGLFKWXQJ ]XOlVVLJHQ %RGHQSUHVVXQJHQ LQ GHU *U|HQRUGQXQJ YRQ ELV N1Pð DQJHVHW]W ZHUGHQ N|QQHQ >@ 'LH 6WHLIHPRGXOL OLHJHQ QDFK GHU 9HUGLFKWXQJ LQ GHU *U|HQRUGQXQJ YRQ ELV 01Pð EHL EHVRQGHUV JQVWLJHQ %RGHQSDUDPHWHUQ N|Q QHQ VLH DXFK ELV ]X 01Pð EHWUDJHQ >@ %HL JURIOlFKLJHQ 9HUGLFKWXQJVDUEHLWHQ VROOWHQ YRUZHJ 9HUVXFKH DXVJHIKUW ZHUGHQ XP HLQ ZLUWVFKDIWOLFKHV 9HUGLFKWXQJVUDVWHU VRZLH GLH RSWLPDOHQ *HUlWH DXV]XZlKOHQ
'DV %DXYHUIDKUHQ
%HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'LH HLQ]HOQHQ 9HUIDKUHQVVFKULWWH VLQG ± (LQIDKUHQ GHV 5WWOHUV ± 9HUGLFKWHQ EHLP VWXIHQZHLVHQ =LHKHQ ± 1DFKIOOHQ YRQ 0DWHULDO ± 9HUGLFKWHQ GHU 2EHUIOlFKH 'LH ]XJHK|ULJHQ 3UR]HVVH VLQG LQ GHU 7DEHOOH EHVFKULHEHQ
%DXJUXQGYHUEHVVHUXQJ
7DEHOOH 3UR]HVVH EHL GHU 7LHIHQUWWHOYHUGLFKWXQJ 3UR]HVV $UEHLWVHEHQH HUVWHOOHQ , 7LHIHQYHUGLFKWXQJ
,,
,,,
)HLQSODQXP HUVWHOOHQ
7HLOSUR]HVV *HUlW )ODFKEDJJHU JJI %DXJHOlQGH IUHLPDFKHQ 5DXSH 2EHUERGHQ DEWUDJHQ JJI ODVWYHUWHLOHQGH $XIVFKW 5DGODGHU WXQJ KHUVWHOOHQ 5DXSHQVHLOEDJJHU 5WWOHU ]JLJ LQ GHQ %RGHQ 7LHIHQUWWOHU HLQIKUHQ 5DGODGHU 6FKULWWZHLVH ]LHKHQ )OOHQ GHV $EVHQNWULFKWHUV :LHGHUKROXQJ GHU 7HLOSUR]HVVH XQG ELV $UEHLWVHEHQH HUUHLFKW LVW 5WWOHU QHX DXVULFKWHQ 3ODQLHUUDXSH 3ODQLHUHQ GHV $UEHLWVIHOGHV 2EHUIOlFKHQUWWOHU 2EHUIOlFKHQYHUGLFKWXQJ
'LH *HUlWH 7LHIHQUWWOHU +LHU]X JHK|UHQ DOOH 6\VWHPH GLH DP XQWHUHQ (QGH YRQ 9HUOl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lJHUJHUlW EHUWUDJHQ ZHUGHQ 'LH 6SLW]H VRZLH GDV 0DQWHOURKU VLQG PLW HLQHU 9HUVFKOHLSDQ]HUXQJ YHUVHKHQ GD GLH 5WWOHUVFKZLQJXQJHQ LP %RGHQ HLQHQ JURHQ $EULHE GHV 0HWDOOV YHUXUVDFKHQ 5RKUOHL WXQJHQ ]XU :DVVHU RGHU /XIWVSOXQJ IKUHQ ELV DQ GLH 5WWOHUVSLW]H 6HLWOLFK DQJHVFKZHLWH 9HUGUHKXQJVULSSHQ YHUKLQGHUQ HLQH 'UHKXQJ GHV 5WWOHUV EHLP (LQIDKUHQ LQ GHQ %RGHQ XQG HUK|KHQ JJI GHQ (LQIOXVVEHUHLFK 'LH 5WWOHU GHU )LUPD .HOOHU XQG 9LEURIORWDWLRQ VLQG PLW (OHNWURPRWRUHQ GLH GHU )LUPD %DX HU PLW +\GUDXOLNPRWRUHQ DQJHWULHEHQ 'HU $QWULHE PLWWHOV (OHNWURPRWRUHQ KDW GHQ 9RUWHLO HLQHU UHODWLY HLQIDFKHQ )KUXQJ XQG 9HUOlQJHUXQJ GHV 9HUVRUJXQJVNDEHOV VRZLH GHV KRKHQ 1XW]XQJVJUDGHV GHV (OHNWURPRWRUV %HL +\GUDXOLNDQWULHE PXVV DXI HLQH KHUPHWLVFKH $EVL FKHUXQJ JHJHQ gOYHUOXVW JHDFKWHW ZHUGHQ GD VRQVW HLQH *UXQGZDVVHUEHODVWXQJ GLH )ROJH ZlUH :HLWHUKLQ LVW HLQH 'XUFKIKUXQJ GHU +\GUDXOLNOHLWXQJHQ GXUFK GLH .XSSOXQJ NRPSOL ]LHUWHU GD HV VLFK XP ]ZHL /HLWXQJHQ HLQH +LQ XQG HLQH 5FNIOXVVOHLWXQJ KDQGHOW
7LHIHQUWWHOYHUIDKUHQ
(LQ 9RUWHLO GHV +\GUDXOLNDQWULHEHV LVW GDVV HLQH 9DULDWLRQ GHU $UEHLWVIUHTXHQ] XQG GDPLW HLQH JHZLVVH $QSDVVXQJ DQ GLH %RGHQYHUKlOWQLVVH HUP|JOLFKW ZLUG
%LOG 6FKHPDWLVFKH 'DUVWHOOXQJ HLQHV 5WWOHUV >@
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gOXPODXIVFKPLHUXQJ 'LH (LQVDW]]HLW LVW VWDUN YRQ GHQ %RGHQSDUDPHWHUQ DEKlQJLJ 6R NDQQ HLQ 5WWOHU VFKRQ QDFK %HWULHEVVWXQGHQ EHUKROXQJVUHLI VHLQ %HL %HWULHEVVWXQGHQ LVW GDV lXHUH 0DQWHO EOHFK LQ GHU 5HJHO GXUFK GLH 6FKZLQJXQJHQ VRZHLW HUPGHW GDVV GHU 5WWOHU NRPSOHWW HUQHX HUW ZHUGHQ PXVV 9HUVFKOHLEOHFKH XQG 5WWOHUVSLW]H N|QQHQ DXI GHU %DXVWHOOH JHZHFKVHOW ZHUGHQ 'HU $QWULHEVPRWRU ZLUG EHL JXWHU /DJHUXQJ ZHQLJ EHODVWHW %HL GHQ 5WWOHUQ LVW ]X EHUFNVLFKWLJHQ GDVV VLH HLQH HUKHEOLFKH :lUPHHQWZLFNOXQJ LQVEH VRQGHUH EHL KRKHU 9HUGLFKWXQJVDUEHLW LP %HUHLFK GHU 6SLW]H XQG GHV 0RWRUV HU]HXJHQ )U $UEHLWHQ XQWHUKDOE GHV *UXQGZDVVHUVSLHJHOV XQG EHL GHU 9HUZHQGXQJ GHU :DVVHUVSOXQJ LVW HLQH DXVUHLFKHQGH .KOXQJ YRUKDQGHQ 6ROOWH REHUKDOE GHV *UXQGZDVVHUV E]Z RKQH :DVVHU VSOXQJ JHDUEHLWHW ZHUGHQ LVW GLH :lUPHHQWZLFNOXQJ ]X EHREDFKWHQ XQG HYWO GRFK HLQH :DVVHUVSOXQJ YRU]XQHKPHQ
%DXJUXQGYHUEHVVHUXQJ
7DEHOOH 7HFKQLVFKH 'DWHQ YRQ 7LHIHQUWWOHUQ +HUVWHOOHU 5WWOHUW\S $QWULHEVDUW /HLVWXQJ >N:@ /lQJH >P@ 'XUFKPHVVHU >PP@ *HZLFKW >NJ@ )UHTXHQ] >8SP@ 6FKZLQJZHL WH >PP@ 6FKODJNUDIW >N1@
.HOOHU
9LEURIORWDWLRQ
%DXHU
7
0
6
$
/
9
9
9
75
75
75
H OHNWU
HOHNWU
HOHNWU
HOHNWU
HOHNWU
HOHNWU
HOHNWU
HOHNWU
K\GU
K\GU
K\GU
±
±
±
%HYRU]XJWH %|GHQ $QVFKWWXQ JHQ *HVFKLHEH OHKP 6WHLQH 6WHLQLJHU .LHV 6$1'(
Ŷ
Ŷ
Ŷ
Ŷ
0LWWHOVDQG *UREVDQG )HLQNLHV 0LWWHONLHV *URENLHV
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ Ŷ
Ŷ Ŷ
Ŷ Ŷ
Ŷ
)HLQVDQG
.,(6(
Ŷ
Ŷ Ŷ Ŷ
Ŷ Ŷ Ŷ
Ŷ Ŷ Ŷ
Ŷ Ŷ Ŷ
Ŷ
Ŷ Ŷ Ŷ
Ŷ Ŷ
Ŷ Ŷ Ŷ
Ŷ Ŷ Ŷ Ŷ Ŷ Ŷ Ŷ Ŷ
Ŷ Ŷ Ŷ Ŷ Ŷ Ŷ Ŷ Ŷ
Ŷ Ŷ Ŷ Ŷ Ŷ Ŷ Ŷ Ŷ
)HUQHU LVW ]X EHDFKWHQ GDVV HLQH VHKU KRKH 6WURPDXIQDKPH GHV 5WWOHUV QLFKW EHU HLQH OlQ JHUH =HLW P|JOLFK LVW GD GLH *HIDKU EHVWHKW GDVV GLH :LFNOXQJHQ LP 0RWRU GXUFKEUHQQHQ XQG GHU 5WWOHU VRPLW ]HUVW|UW ZLUG 6R VROOWH GLH PD[LPDOH 6WURPDXIQDKPH IU HLQHQ 9 GHU )LUPD 9LEURIORWDWLRQ EHLVSLHOVZHLVH EHL HWZD $PSHUH EHU QLFKW ODQJHU DOV 6HNXQ GHQ GDXHUQ 6RPLW ZLUG GLH (LQVDW]]HLW HLQHV 5WWOHUV QLFKW QXU YRQ GHU ,QWHQVLWlW GHU JHOHLVWH WHQ 9HUGLFKWXQJVDUEHLW VRQGHUQ DXFK YRQ GHP JHZLVVHQKDIWHQ 8PJDQJ VHLWHQV GHV *HUlWH IKUHUV EHHLQIOXVVW $OV 7UlJHUJHUlWH IU GLH 5WWOHU ZHUGHQ 6HLOEDJJHU LQ (LQ]HOIlOOHQ DXFK 0RELONUDQH XQG +\GUDXOLNEDJJHU RGHU DXI 5DXSHQIDKUZHUNH PRQWLHUWH *UXQGJHUlWH PLW HLQHP )KUXQJVPDVW HLQJHVHW]W 'LH 7LHIHQUWWOHU ]XU 5WWHOGUXFNYHUGLFKWXQJ KlQJHQ EOLFKHUZHLVH IUHL DQ HLQHP 6HLOEDJJHU DEHU LQ (LQ]HOIlOOHQ DXFK DQ 0RELONUDQHQ XQG +\GUDXOLNEDJJHUQ 'LH %HODVWXQJ GHU 7UlJHU JHUlWH LVW VHKU JHULQJ 'LH 6FKZLQJXQJHQ ZHUGHQ YRQ GHU 5WWOHUNXSSOXQJ NRPSHQVLHUW 'LH ]X HUEULQJHQGH 7UDJNUDIW ULFKWHW VLFK QDFK GHP 5WWOHUW\S XQG GHU HUIRUGHUOLFKHQ 7LHIH
7LHIHQUWWHOYHUIDKUHQ
'LH DXIWUHWHQGHQ /DVWPRPHQWH VLQG QLFKW DOO]X JUR GD GHU $XVOHJHU YHUKlOWQLVPlLJ VWHLO JHKDOWHQ ZLUG 'LH %HODVWXQJ GHV )DKUZHUNHV LVW VHKU JHULQJ GD LP WlJOLFKHQ %HWULHE NHLQH JURHQ )DKUOHLVWXQJHQ HUEUDFKW ZHUGHQ PVVHQ 'HU 5ROOHQNRSI LVW VR DXVJHELOGHW GDVV HU GLH :DVVHU XQG 6WURP]XIXKU EHLQKDOWHW %HL GHQ K\GUDXOLNJHWULHEHQHQ 5WWOHUQ ZHUGHQ GLH HQWVSUHFKHQGHQ +\GUDXOLNOHLWXQJHQ PLWJHIKUW %HL GHQ YRUDE JHQDQQWHQ 7UlJHUJHUlWHQ HUJLEW VLFK HLQH YHUWLNDOH .UDIWNRPSRQHQWH ]XU (U OHLFKWHUXQJ GHV (LQGULQJHQV GHV 5WWOHUV LQ GHQ %RGHQ DOOHLQ DXV GHP (LJHQJHZLFKW GHU JH VDPWHQ 5WWOHUHLQKHLW 'HU (LQVDW] YRQ 7UlJHUUDXSHQ PLW )KUXQJVPDVW EHL 7LHIHQUWWOHUQ ELHWHW GHQ 9RUWHLO GDVV VLH JHJHQEHU GHP 6HLOEDJJHU HLQ JHULQJHUHV *HZLFKW FD ELV W DXIZHLVHQ XQG VRPLW JHULQJHUH %RGHQSUHVVXQJHQ HU]HXJHQ =XGHP NDQQ GHU )KUXQJVPDVW VFKUlJ JHVWHOOW ZHUGHQ ZRGXUFK DXFK LQ EHJUHQ]WHP 8PIDQJ HLQH VFKUlJH 5WWHODFKVH LP %HUHLFK YRQ +LQGHUQLVVHQ P|JOLFK LVW 'LH 7UDJUDXSHQ KDEHQ IHUQHU GHQ 9RUWHLO GDVV VLH GXUFK :LQGHQ DP 0DVW DXI GHQ 5WWOHU HLQHQ ]XVlW]OLFKHQ DEZlUWVJHULFKWHWHQ 'UXFN DXVEHQ N|QQHQ 6RPLW N|QQHQ GLH %RGHQVFKLFKWHQ VFKQHOOHU GXUFKIDKUHQ ZHUGHQ 'HU HLJHQWOLFKH 9RUWHLO GLHVHU 7UlJHUJHUlWH ZLUNW VLFK HUVW EHLP VSlWHU EHVFKULHEHQHQ 5WWHOVWRSIYHUIDKUHQ DXV 'LH 7UDJUDXSHQ PVVHQ IU GDV 8PVHW]HQ GHV 5WWOHUV LP 5HJHOIDOO GHQ )KUXQJVPDVW HWZDV VFKUlJ QDFK KLQWHQ VWHOOHQ GDPLW GLH YRUKDQGHQH .RSIODVWLJNHLW EHLP 9HUIDKUHQ QLFKW ]X JUR LVW 'LH K\GUDXOLVFKHQ $ESUDW]XQJHQ PVVHQ VRZHLW YRUKDQGHQ DQJHKREHQ ZHUGHQ 'DQQ HUVW LVW HLQ 9HUIDKUHQ ]XP QHXHQ 5DVWHUSXQNW P|JOLFK 'DV $XVULFKWHQ DXI GLHVHQ 3XQNW PXVV GDQQ PLW GHP )DKUZHUN HUIROJHQ 'LH $ESUDW]XQJHQ PVVHQ HUQHXW KHUXQWHUJH IDKUHQ XQG GHU )KUXQJVPDVW PXVV ZLHGHU DXVJHULFKWHW ZHUGHQ 'HU $XVULFKWYRUJDQJ KDW ORWUHFKW LQ ]ZHL $FKVHQ ]X HUIROJHQ XP HLQH GHQ $QIRUGHUXQJHQ HQWVSUHFKHQGH ORWUHFKWH 6WRSIVlXOH ]X HUUHLFKHQ 'HVKDOE ZLUG LQ GHU 3UD[LV EHL HLQHU 5WWHOGUXFNYHUGLFKWXQJ LP 5H JHOIDOO GHU 6HLOEDJJHU DOV 7UlJHUJHUlW HLQJHVHW]W 'LH 6HLOEDJJHU XQG 7UDJUDXSHQ VLQG LP 5H JHOIDOO 0HKU]ZHFNJHUlWH GLH DXFK IU DQGHUH 7LHIEDXYHUIDKUHQ JHQXW]W ZHUGHQ N|QQHQ 'LH 1XW]XQJVGDXHU HLQHU 7UDJUDXSH NDQQ GXUFKDXV -DKUH XQG PHKU EHWUDJHQ 'LH 6HLOEDJJHU PVVHQ DOV JUXQGOHJHQGH 9RUDXVVHW]XQJ EHU HLQH )UHLIDOOZLQGH YHUIJHQ GDPLW GHU 5WWOHU IUHL YRQ 9HU]|JHUXQJHQ LQ GHQ %RGHQ HLQIDKUHQ NDQQ 'LH 6HLOEDJJHU ZHUGHQ QRFK ZHQLJHU EHODVWHW DOV GLH 7UDJUDXSHQ GD VLH JHULQJHUH )DKUOHLVWXQJHQ ]X HUEULQJHQ KDEHQ 'DKHU N|Q QHQ 6HLOEDJJHU GXUFKDXV EHU GLH LQ GHU %*/ JHQDQQWHQ 1XW]XQJVGDXHUQ KLQDXV HLQJHVHW]W ZHUGHQ 'LH HUIRUGHUOLFKH *HUlWHJU|H GHU 7UlJHUJHUlWH KlQJW LP :HVHQWOLFKHQ YRQ GHQ PLW ]XQHK PHQGHU 9HUGLFKWXQJVWLHIH VWHLJHQGHQ *HZLFKWHQ GHU 5WWOHU XQG $XIVDW]URKUH DE 6R ZHUGHQ EHL GHU 7LHIHQUWWOXQJ 6HLOEDJJHU DE HLQHP *HZLFKW YRQ W HLQJHVHW]W 'LH HUIRUGHUOLFKH *HUlWHJU|H ZLUG GHILQLHUW GXUFK GLH 0DVWOlQJH GLH 5ROOHQNRSIK|KH IU 6HLOEDJJHU XQG GDV *HUlWHJHZLFKW 'DV *HZLFKW LVW GDEHL HLQH PDJHEOLFKH .HQQJU|H GLH LP :HVHQWOLFKHQ YRQ GHU HUIRUGHUOLFKHQ 7LHIH GHU %RGHQYHUEHVVHUXQJ DEHU DXFK YRQ GHP 9HUIDKUHQ DEKlQJW 'HU (LQIOXVV GHU 7LHIH ZLUNW VLFK EHU GLH ]XQHKPHQGHQ *HZLFKWH GHU 5WWHOHLQKHLWHQ DXV .OHLQHUH IU GDV 5WWHOQ HLQJHVHW]WH *HUlWH ZHLVHQ HLQ *HVDPWJHZLFKW YRQ W DXI
%DXJUXQGYHUEHVVHUXQJ
)U JU|HUH 7LHIHQ ZHUGHQ *HUlWH ELV ]X W HLQJHVHW]W 'DUEHU KLQDXV ZHUGHQ IU ([ WUHPWLHIHQ 6HLOEDJJHU YRQ ELV W *HZLFKW HLQJHVHW]W 'LH HLQJHVHW]WHQ *HUlWH ]XP 9HUIOOHQ GHU $EVHQNWULFKWHU XQWHUOLHJHQ NHLQHQ EHVRQGHUHQ %HODVWXQJHQ $P KlXILJVWHQ ZHUGHQ KLHUIU 5DGODGHU YHUZHQGHW GD VLH VHKU EHZHJOLFK VLQG %HL VFKOHFKW EHIDKUEDUHQ %|GHQ ZHUGHQ 5DXSHQIDKUZHUNH HUIRUGHUOLFK 'HU 6FKDXIHOLQKDOW LVW VWDUN YRQ GHU ]X YHUGLFKWHQGHQ 0lFKWLJNHLW GHP $QWHLO DQ QDFK]XIO OHQGHQ 0DWHULDO VRZLH GHU $Q]DKO GHU YRQ HLQHP /DGHJHUlW ]X EHGLHQHQGHQ 5WWOHUHLQKHLWHQ DEKlQJLJ (V LVW QLFKW XQEOLFK DXFK JU|HUH /DGHJHUlWH PLW ELV ]X P 6FKDXIHOLQKDOW HLQ ]XVHW]HQ
'LH ZLFKWLJVWHQ 6WRIIH %HL GHP 7LHIHQUWWHOYHUIDKUHQ ZHUGHQ NHLQH EHVRQGHUHQ 6WRIIH XQG 0DWHULDOLHQ EHQ|WLJW
'HU 3HUVRQDOEHGDUI =X HLQHU EOLFKHQ $UEHLWVJUXSSH EHL GHU 7LHIHQUWWHOYHUGLFKWXQJ JHK|UHQ x
0DVFKLQLVW IU GDV 7UlJHUJHUlW
x
0DVFKLQLVW IU GDV /DGHJHUlW
x
$. IU GLH YRUDXVODXIHQGHQ 9HUPHVVXQJVDUEHLWHQ
x
$XIVLFKWVSHUVRQ NDQQ ELV ]X GUHL 5WWOHUHLQKHLWHQ EHWUHXHQ
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ (LQH H[DNWH %HPHVVXQJ IU GLH )HVWOHJXQJ GHU $EVWlQGH GHU 9HUGLFKWXQJVSXQNWH OlVVW VLFK DQKDQG YRQ WKHRUHWLVFKHQ %HUHFKQXQJHQ QLFKW GXUFKIKUHQ 'LH $EVWlQGH ZHUGHQ GDKHU DXI JUXQG YRQ (UIDKUXQJHQ IHVWJHOHJW 6RPLW LVW HV VHKU VFKZHU IU GLH 7LHIHQUWWHOYHUGLFKWXQJ EHUHLWV LP 9RUDXV GLH .RVWHQ ]X EHVWLPPHQ 'LH 7DEHOOH XQG 7DEHOOH ]HLJHQ GHQ %HWULHEVPLWWHOHLQVDW] XQG GLH $XIZDQGVZHUWH IU HLQH 7LHIHQUWWHOYHUGLFKWXQJ DXI 7DEHOOH %HWULHEVPLWWHOHLQVDW] 3UR]HVV
7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
,,
5WWOHU ]JLJ LQ GHQ %RGHQ HLQ IKUHQ 6FKULWWZHLVH ]LHKHQ
5DXSHQVHLOEDJJHU *UXQGDXVOHJHU +DNHQIODQVFK 7LHIHQUWWOHU
' ÂÂÂ ' ÂÂÂ ' ÂÂÂ
3HUVRQDO EHGDUI 0DVFKLQLVW
.DONXODWRULVFKH /HLVWXQJVDQVlW]H ± Pð SUR 7DJ MH K
7LHIHQUWWHOYHUIDKUHQ
)OOHQ GHV $E VHQNWULFKWHUV
,,,
:LHGHUKROXQJ GHU 7HLOSUR] XQG ELV $UEHLWVHEHQH HUUHLFKW LVW 3ODQLHUHQ GHV $UEHLWVIHOGHV 2EHUIOlFKHQ YHUGLFKWXQJ
5DGODGHU RGHU )URQWODGHU PLW 5DX SHQIDKUZHUN *HUlWH ZLH ,, XQG
' ÂÂÂ
3ODQLHUUDXSH 6FKLOG )RUP 8 )OlFKHQUWWOHU
' ÂÂÂ ' Â ' ÂÂÂ
' ÂÂÂ 0DVFKLQLVWHQ ± Pð SUR 7DJ MH K 0DVFKLQLVW
%LV PK
+HOIHU
%LV PK
7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ EHLP 7LHIHQUWWHOYHUIDKUHQ
9HUGLFKWXQJ
7lWLJNHLW 5WWOHU JHPl 5WWHOUDVWHU DXVULFKWHQ 9HUPHVVXQJVDUEHLWHQ 1XW]OHLVWXQJ
6RQVWLJHV
%DXVWHOOHQHLQULFKWXQJ $QODXI]HLW DP 0RUJHQ E]Z $EEDX]HLW DP $EHQG *HUlWHDXVIDOO 5lXPHQ GHU %DXVWHOOH
$XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ ± PLQ9RUJDQJ PLQ9RUJDQJ PK 7DJH PLQ SUR 7DJ 6WXQGHQ LQ GHU :RFKH 7DJ
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ (LQH VSH]LHOOH ',1 IU 7LHIHQUWWHODUEHLWHQ LVW LP 7HLO & GHU 92% QLFKW DXIJHIKUW 'HU ]X YHUEHVVHUQGH %DXJUXQG LVW KLQVLFKWOLFK VHLQHU 6FKLFKWXQJ XQG GHU ERGHQPHFKDQLVFKHQ .HQQZHUWH DXVUHLFKHQG ]X EHVFKUHLEHQ ] % GXUFK 'DUVWHOOXQJ GHU 6FKLFKWHQIROJH PLW GHQ K\GURORJLVFKHQ 9HUKlOWQLVVHQ $QJDEH GHU ERGHQPHFKDQLVFKHQ .HQQZHUWH LQVEHVRQGHUH GHU 6WHLIHPRGXOL GHU /DJHUXQJVGLFKWH XQG GHU 6FKHUSDUDPHWHU DEHU PLQGHVWHQV %RGHQDUW XQG .RQVLVWHQ] XQG JJI +LQZHLVH DXI ERGHQPHFKDQLVFKH *XWDFKWHQ 'LH HUIRUGHUOLFKH 9HU GLFKWXQJVWLHIH XQG HYHQWXHOO PLW GHP 5WWOHU ]X GXUFKIDKUHQGH /HHUVWUHFNHQ VLQG DQ]XJHEHQ 'LH IOlFKHQPlLJH $XVEUHLWXQJ GHU ]X YHUEHVVHUQGHQ %RGHQIOlFKH LVW LQ $EKlQJLJNHLW YRQ (LQ]HO 6WUHLIHQ E]Z )OlFKHQJUQGXQJ DQ]XJHEHQ XQG KLQVLFKWOLFK GHU MHZHLOV JHIRUGHUWHQ ERGHQPHFKDQLVFKHQ (LJHQVFKDIWHQ ] % HUI /DJHUXQJVGLFKWH HUI 6FKHUIHVWLJNHLW XQG HUI 6WHLIHPRGXO ]X EHVFKUHLEHQ 'DV /LHIHUQ (LQEDXHQ XQG 9HUGLFKWHQ GHV ]XP $XVIOOHQ GHU EHLP 9HUGLFKWHQ HQWVWHKHQGHQ +RKOUlXPH EHQ|WLJWHQ )OOPDWHULDOV LVW ]X EHDFKWHQ %HL *UQGXQJHQ PLW VWDUN ZHFKVHOQGHQ $QIRUGHUXQJHQ DQ GLH %RGHQYHUEHVVHUXQJ LVW HLQH ]HLFK QHULVFKH 'DUVWHOOXQJ GHU 9HUEHVVHUXQJVIOlFKHQ PLW GHQ JHIRUGHUWHQ ERGHQPHFKDQLVFKHQ 3D UDPHWHUQ ]X HPSIHKOHQ
%DXJUXQGYHUEHVVHUXQJ
'LH QDFK GHP 9HUGLFKWXQJVYRUJDQJ DXI]XEULQJHQGH $XVJOHLFKVVFKLFKW LVW KLQVLFKWOLFK GHU 0HQJH GHV HUIRUGHUOLFKHQ 0DWHULDOV GHV 9HUGLFKWXQJVJUDGHV VRZLH GHU 2EHUIOlFKHQEHVFKDI IHQKHLW DQ]XJHEHQ 'LH /HLVWXQJVEHVFKUHLEXQJ VROOWH DXHUGHP $QJDEHQ HQWKDOWHQ EHU ± %DXZHUNVNRQVWUXNWLRQ EHVRQGHUV KLQVLFKWOLFK GHU $QIRUGHUXQJHQ $UW GHU )XQGDPHQWH DXI]XQHKPHQGH /DVWHQ ]XOlVVLJH *HVDPWVHW]XQJ ]XOlVVLJH 6HW]XQJVXQWHUVFKLHGH VRQVWLJH GLH *UQGXQJ EHHLQIOXVVHQGH )HVWOHJXQJHQ ± 6RQVWLJH %DXVWHOOHQEHGLQJXQJHQ $UW XQG %HVFKDIIHQKHLW GHU =XIDKUWHQ 6WURP XQG :DVVHUDQVFKOXVV 9RUIOXWHUYHUKlOWQLVVH /DJH $UW =ZHFN XQG *UQGXQJ EHQDFKEDUWHU %DXZHUNH EHVRQGHUH 9RUVFKULIWHQ ] % 8PZHOWVFKXW] ± $UW XQG 8PIDQJ GHU 3UIYHUIDKUHQ ± 7HUPLQH =ZHFNPl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
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH %HL GHU 7LHIHQYHUGLFKWXQJ LVW HV HUIRUGHUOLFK .RQWUROOHQ ZlKUHQG XQG QDFK GHU 9HUGLFKWXQJ GXUFK]XIKUHQ .RQWUROOHQ ZlKUHQG GHU 9HUGLFKWXQJ VROOHQ GLH 4XDOLWlW GHU $UEHLW GRNXPHQ WLHUHQ ZlKUHQG GLH .RQWUROOHQ QDFK GHU 9HUGLFKWXQJ GHQ (UIROJ GHU $UEHLWHQ QDFKZHLVHQ :lKUHQG GHU 9HUGLFKWXQJ VLQG IHVW]XVWHOOHQ E]Z ]X GRNXPHQWLHUHQ ± $UW GHU +HUVWHOOXQJ WURFNHQ :DVVHUVSOXQJ /XIW]XIXKU $UW GHU 0DWHULDO]XJDEH ± 4XDOLWlW XQG $UW GHV =XJDEHPDWHULDOV ± 0D[LPXP XQG .RQWLQXLWlW GHU /HLVWXQJVDXIQDKPH GHV 5WWOHUV ZlKUHQG GHU +HUVWHO OXQJ ± +HUVWHOO]HLW MHGHV 9HUGLFKWSXQNWHV ± 0HQJH GHV =XJDEHPDWHULDOV
5WWHOVWRSIYHUGLFKWXQJ
± hEHUHLQVWLPPXQJ GHU DQJHWURIIHQHQ %RGHQDUWHQ XQG HLJHQVFKDIWHQ PLW GHQHQ GLH GHP (QWZXUI ]XJUXQGH ODJHQ ± $XIWUHWHQGH 6HW]XQJHQ (V LVW HLQ /DJHSODQ EHU GLH DXVJHIKUWHQ 9HUGLFKWXQJVSXQNWH DXI]XVWHOOHQ =XU hEHUSUIXQJ GHV 9HUGLFKWXQJVHUIROJHV ZHUGHQ LP :HVHQWOLFKHQ 5DPP XQG 'UXFNVRQGLHUXQJHQ QDFK ',1 VRZLH 6WDQGDUG3HQHWUDWLRQV7HVWV XQG 6HLWHQGUXFNVRQGLHUXQJHQ GXUFKJHIKUW 3ODWWHQGUXFNYHUVXFKH QDFK ',1 VLQG ZHQLJHU JHHLJQHW GD GDPLW QXU GHU REHUIOlFKHQ QDKH %HUHLFK JHSUIW ZLUG $XFK GLH 0HWKRGHQ ]XU 'LFKWHEHVWLPPXQJ QDFK ',1 VFKHLGHQ LP $OOJHPHLQHQ DXV
5WWHOVWRSIYHUGLFKWXQJ
$OOJHPHLQHV %|GHQ PLW PHKU DOV ELV )HLQNRUQDQWHLO PP ODVVHQ VLFK GXUFK 5WWHOVFKZLQ JXQJHQ QLFKW QHQQHQVZHUW YHUGLFKWHQ 'LHVH %|GHQ ZHUGHQ VHLW HWZD PLW GHP 5WWHO VWRSIYHUIDKUHQ YHUEHVVHUW EHL GHP ]XQlFKVW GHU 7LHIHQUWWOHU HLQHQ +RKOUDXP LP %RGHQ HU VWHOOW GHU DQVFKOLHHQG PLW .LHV RGHU 6FKRWWHU DXVJHIOOW ZLUG +LHUGXUFK HQWVWHKHQ .LHV E]Z 6FKRWWHUVlXOHQ ZHOFKH GLH =XVDPPHQGUFNEDUNHLW GHV %DXJUXQGHV YHUULQJHUQ XQG VHL QH 6FKHUIHVWLJNHLW HUK|KHQ
%RGHQPHFKDQLVFKH *UXQGODJHQ %LQGLJH XQG JHPLVFKWN|UQLJH %|GHQ ODVVHQ VLFK ZHJHQ GHU .RKlVLRQ GXUFK 6FKZLQJXQJVLP SXOVH QLFKW XPODJHUQ 'DV (LQEULQJHQ YRQ 6FKRWWHUVlXOHQ GLH ± ZLH GLH %HZHKUXQJ GHP 6WDKOEHWRQ ± GHP %RGHQ HLQH K|KHUH )HVWLJNHLW YHUOHLKHQ EHZLUNW HLQH 9HUEHVVHUXQJ GHU IROJHQGHQ ERGHQPHFKDQLVFKHQ 3DUDPHWHU ± 'LH =XVDPPHQGUFNEDUNHLW GHV PLW 6FKRWWHUVlXOHQ VWDELOLVLHUWHQ %RGHQV ZLUG JHULQJHU ± 'LH 6FKHUIHVWLJNHLW GHV %DXJUXQGHV ZLUG JU|HU ± 'LH 6FKRWWHUVlXOHQ ZLUNHQ IU GHQ ELQGLJHQ %DXJUXQG DOV 'UlQDJH VR GDVV GLH 6HW]XQ JHQ DXV %DXZHUNVODVWHQ UHODWLY UDVFK HLQWUHWHQ ± 'LH 7UDJIlKLJNHLW GHU 6FKRWWHUVlXOHQ LVW GD VLH VHOEVW QXU HLQH UHODWLY JHULQJH 6FKHUIHV WLJNHLW KDEHQ LP :HVHQWOLFKHQ YRQ GHU VHLWOLFKHQ 6WW]XQJ GXUFK GHQ %RGHQ DEKlQJLJ PLW GHP VLH ]XVDPPHQ LP 9HUEXQG ZLUNVDP ZHUGHQ %HL %|GHQ PLW RUJDQLVFKHQ =ZL VFKHQVFKLFKWHQ ] % 7RUI NDQQ GLH VHLWOLFKH 6WW]XQJ LP /DXIH GHU =HLW GXUFK GLH =HU VHW]XQJ GHU 6FKLFKWHQ EHHLQWUlFKWLJW ZHUGHQ
%DXJUXQGYHUEHVVHUXQJ
$QZHQGXQJVEHUHLFKH 'LH 5WWHOVWRSIYHUGLFKWXQJ LVW JUXQGVlW]OLFK JOHLFKHUPDHQ LQ ELQGLJHQ XQG QLFKWELQGLJHQ %|GHQ DQZHQGEDU %LOG ZREHL GLH EHUZLHJHQGH 0HKU]DKO GHU $QZHQGXQJVIlOOH VLFK DXI ELQGLJH %|GHQ HUVWUHFNW 'D GLH .LHV RGHU 6FKRWWHUVlXOH LQ LKUHU 7UDJZLUNXQJ DXI GHQ VHLWOLFKHQ :LGHUVWDQG GHV XPJHEHQGHQ %RGHQV DQJHZLHVHQ LVW WULWW HLQ 9HUVDJHQ HLQ ZHQQ GLHVHU %RGHQ DXVZHLFKW hEHUVFKUHLWHQ GHV (UGZLGHUVWDQGHV RGHU ZDV HKHU GHU )DOO LVW ZHQQ ELV ]XU :HFNXQJ GHV HUIRUGHUOLFKHQ :LGHUVWDQGHV HLQH ]X JURH 6WDXFKXQJ XQG GDPLW HLQH XQ]XOlVVLJH 6HW]XQJ GHU 6lXOH YHUXUVDFKW ZLUG (UIDKUXQJHQ KDEHQ JH]HLJW GDVV GLH 6FKHUIHVWLJNHLW GHV XPJHEHQGHQ XQGUlQLHUWHQ %RGHQV K|KHU DOV FX ELV N1Pð VHLQ VROO 'DV VFKOLHW GLH $QZHQGXQJ GHV 9HUIDKUHQV LQ %|GHQ DXV GHUHQ .RQVLVWHQ] IOVVLJ RGHU EUHLLJ LVW %HL PLQGHVWHQV KDOEIHVWHQ IHLQN|UQLJHQ %|GHQ LVW GLH 5WWHOVWRSIYHUGLFKWXQJ ZHQQ EHUKDXSW QXU PLW KRKHP $XIZDQG P|JOLFK 'DV JLOW DXFK QRFK IU HLQHQ 7HLO GHU VWHL IHQ %|GHQ ZREHL GHU (LQVDW] ZLHGHUXP DEKlQJLJ YRQ GHUHQ 6FKHUIHVWLJNHLW LVW 5WWHOVWRSI YHUGLFKWXQJHQ VLQG QXU VLQQYROO E]Z P|JOLFK VRODQJH GLH XQGUlQLHUWH 6FKHUIHVWLJNHLW FX XQ WHU N1Pð OLHJW >@ 'LH $QZHQGXQJVIlOOH LQ GHU %DXSUD[LV HUVWUHFNHQ VLFK DXI GLH $EWUDJXQJ YRQ (LQ]HO XQG )OlFKHQODVWHQ VRZLH GLH 6LFKHUXQJ YRQ %DXZHUNHQ RGHU %DXWHLOHQ JHJHQ *UXQG RGHU %| VFKXQJVEUXFK %LOG
%LOG $QZHQGXQJVIlOOH IU 6FKRWWHUVlXOHQ DXV >@
'LH /lQJH GHU 6WRSIVlXOHQ ULFKWHW VLFK QDFK GHU 0lFKWLJNHLW GHU ]X YHUEHVVHUQGHQ 6FKLFKW 'LH 6FKLFKWPlFKWLJNHLWHQ EHL GHQHQ GLHVHV 9HUIDKUHQ ZLUWVFKDIWOLFK HLQVHW]EDU LVW OLHJHQ L $OOJ ]ZLVFKHQ P XQG P $XVJHIKUW ZXUGHQ DXFK VFKRQ ELV ]X P ODQJH 6WRSIVlX OHQ 'DV 9HUIDKUHQ LVW LQVEHVRQGHUH JHHLJQHW IU %DXZHUNH PLW ZHQLJHQ *HVFKRVVHQ OHLFKWH +DO OHQEDXWHQ RGHU DXFK EHL JOHLFKPlLJ YHUWHLOWHQ /DVWHQ
5WWHOVWRSIYHUGLFKWXQJ
%HL VWDUN JHJOLHGHUWHQ %DXPDVVHQ RGHU YLHUJHVFKRVVLJHQ %DXZHUNHQ VROOWH GDV 9HUIDKUHQ QXU DQJHZHQGHW ZHUGHQ ZHQQ 6HW]XQJVXQWHUVFKLHGH IU GDV %DXZHUN XQVFKlGOLFK VLQG RGHU EH ZXVVW VWDWLVFK XQG NRQVWUXNWLY EHUFNVLFKWLJW ZHUGHQ
%HPHVVXQJVYHUIDKUHQ XQG (UIDKUXQJVZHUWH 'LH %DXJUXQGYHUEHVVHUXQJ GXUFK HLQH 5WWHOVWRSIYHUGLFKWXQJ KDW ]ZHL JUXQGVlW]OLFKH =LHOH QlPOLFK GHQ 6WHLIHPRGXO ]X YHUJU|HUQ XP GLH 6HW]XQJHQ ]X YHUPLQGHUQ XQG GLH 6FKHUIHV WLJNHLW ]X HUK|KHQ XP GLH 7UDJIlKLJNHLW ]X VWHLJHUQ 'D GDV 7UDJYHUKDOWHQ GHV 9HUEXQGPDWH ULDOV %RGHQ6WRSIVlXOH YRQ GHP EHKDQGHOWHQ %RGHQ GHU JHZlKOWHQ *HRPHWULH GHP =XJD EHPDWHULDO GHP HLQJHVHW]WHQ *HUlW XQG GHU 9HUIDKUHQVZHLVH DEKlQJW LVW HV VHKU VFKZLHULJ GXUFK HLQ %HPHVVXQJVYHUIDKUHQ GHQ HUIRUGHUOLFKHQ 6lXOHQDEVWDQG ]X HUPLWWHOQ ,Q GHU /LWHUD WXU ZHUGHQ PHKUHUH YHUHLQIDFKHQGH 9HUIDKUHQ DQJHJHEHQ GLH ] % DXI GHU )(0HWKRGH RGHU >@ DXI GHU $XVZHUWXQJ YRQ (UIDKUXQJHQ EHUXKHQ >@ $OV %HLVSLHO VHL GDV %HPHV VXQJVGLDJUDPP YRQ 3ULHEH DQJHJHEHQ %LOG DXV GHP ]X HUNHQQHQ LVW GDVV GLH 6WHL ILJNHLWVHUK|KXQJ 0D IU GLH HUUHLFKWH 9HUEHVVHUXQJ GHV %DXJUXQGHV LP $OOJHPHLQHQ ]ZLVFKHQ XQG OLHJW ZHQQ GDV 9HUKlOWQLV GHU *HVDPWIOlFKH ]X GHU )OlFKH GHU 6WRSIVlXOHQ HWZD ELV EHWUlJW
)6
6lXOHQTXHUVFKQLWW
M6
5HLEXQJVZLQNHO GHV 6lXOHQPDWHULDOV
)
5DVWHUIOlFKH
P
4XHUGHKQXQJV]DKO GHV %RGHQV
%LOG %HPHVVXQJVGLDJUDPP IU 5WWHOVWRSIYHUGLFKWXQJHQ DXV >@ 9HUEHVVHUXQJVIDNWRU Q LQ $EKlQJLJNHLW GHV 9HUKlOWQLVVHV YRQ 5DVWHUIOlFKH ]X 6lXOHQTXHUVFKQLWW
$OV ]XOlVVLJH %RGHQSUHVVXQJ N|QQHQ MH QDFK %DXJUXQGYHUKlOWQLVVHQ VRZLH )RUP XQG %HODV WXQJ GHV )XQGDPHQWV :HUWH ]ZLVFKHQ XQG N1Pð DQJHQRPPHQ ZHUGHQ :lKUHQG PDQ EHL )OlFKHQODVWHQ L $OOJ HLQ JOHLFKPlLJHV 5DVWHU GHU 6WRSIVlXOHQ ZlKOW EH VFKUlQNW PDQ VLFK EHL 6WUHLIHQ XQG (LQ]HOIXQGDPHQWHQ DXI GHUHQ (LQZLUNEHUHLFKH %LOG
%DXJUXQGYHUEHVVHUXQJ
%LOG $QRUGQXQJ YRQ 6FKRWWHUVlXOHQ DXV >@
8P 9HUNDQWXQJHQ GHU )XQGDPHQWH ]X YHUKLQGHUQ RUGQHW PDQ GLH 6lXOHQ YRU DOOHP XQWHU GHQ 5lQGHUQ GHU )XQGDPHQWH DQ $XFK XQWHU JHULQJ EHODVWHWHQ 6WUHLIHQIXQGDPHQWHQ VLQG 6WRSI VlXOHQ KHU]XVWHOOHQ XP XQJOHLFKPlLJH 6HW]XQJHQ ]X YHUPHLGHQ ,VW QXU HLQH 5HLKH 6WRSI VlXOHQ YRUJHVHKHQ ZHUGHQ VLH HWZDV JHJHQ GLH )XQGDPHQWDFKVH YHUVHW]W
'DV %DXYHUIDKUHQ LP hEHUEOLFN %HL GHU 5WWHOVWRSIYHUGLFKWXQJ ZHUGHQ PHKUHUH 9DULDQWHQ DQJHERWHQ ,Q GLHVHP .DSLWHO ZHU GHQ GLH 7HLOSUR]HVVH GHU Ä5WWHOVWRSIYHUGLFKWXQJ PLW 7LHIHQUWWOHUQ³ XQG Ä5WWHOVWRSI YHUGLFKWXQJ PLW 6FKOHXVHQUWWOHUQ³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
5WWHOVWRSIYHUGLFKWXQJ
%LOG 5WWHOVWRSIYHUGLFKWXQJ PLW 7LHIHQUWWOHUQ >@
9DULDQWH 5WWHOVWRSIYHUIDKUHQ PLW 6FKOHXVHQUWWOHU 5WWOHU JHPl 5DVWHU DXI $UEHLWVSODQXP DXIVHW]HQ XQG DXVULFKWHQ )OOHQ GHV 0DWHULDO URKUHV EHL JH|IIQHWHU 6FKOHXVH 6FKOLHHQ GHU 6FKOHXVH QDFK HUIROJWHU )OOXQJ XQG %HDXI VFKODJHQ PLW 'UXFNOXIW 9HUVHQNHQ GHV 5WWOHUV DXI GLH HUIRUGHUOLFKH 7LHIH XQWHU 'UXFNOXIW (LJHQJHZLFKW GHU 7UDJUDXSH EHU 0DVWZLQGHQ ]XP VFKQHOOHUHQ (LQIDKUHQ LQ GHQ %RGHQ QXW]HQ $NWLYLH UXQJV RGHU 9RUVFKXENUlIWH YRQ ELV N1 5WWOHU XP HLQLJH 'H]LPHWHU KRFK]LHKHQ =XJDEHPDWHULDO DQ GHU 6SLW]H DXVWUHWHQ ODVVHQ ZLHGHU $EVHQNHQ GHV 5WWOHUV HEHQIDOOV XQWHU 1XW]XQJ GHV (LJHQJHZLFKWV 'LHVHU 9RU JDQJ LVW ]X ZLHGHUKROHQ ELV GLH ]XYRU HUPLWWHOWH 0HQJH DQ =XVFKOlJHQ YHUVWRSIW E]Z GLH 6lWWLJXQJ GHV %RGHQV HUUHLFKW LVW ZREHL X 8 +HEXQJHQ GHU $UEHLWVHEHQH DXIWUHWHQ N|Q QHQ
%LOG 5WWHOVWRSIYHUGLFKWXQJ PLW 6FKOHXVHQUWWOHUQ >@
%LOG 5WWHOVWRSIYHUIDKUHQ PLW 6FKOHXVHQUWWOHU XQG $NWLYLHUXQJVUDXSH >@
%DXJUXQGYHUEHVVHUXQJ
5WWHOVWRSIYHUGLFKWXQJ
'DV %DXYHUIDKUHQ
%HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'DV 9HUIDKUHQ GHU 5WWHOVWRIIYHUGLFKWXQJ LVW LQ GHP .DSLWHO EHVFKULHEHQ 1DFKIROJHQG VLQG GLH HLQ]HOQHQ 3UR]HVVH XQG ]XJHK|ULJH *HUlWH WDEHOODULVFK JHOLVWHW 7DEHOOH 3UR]HVVH EHL GHU 5WWHOVWRSIYHUGLFKWXQJ PLW GHP 6FKOHXVHQUWWOHU 3UR]HVV $UEHLWVHEHQH HUVWHOOHQ
, 5WWHOVWRSIYHUGLFKWXQJ
,,
,,,
)HLQSODQXP HUVWHOOHQ
7HLOSUR]HVV *HUlW )ODFKEDJJHU 5DXSH 5DGODGHU JJI %DXJHOlQGH IUHLPDFKHQ HWF 2EHUERGHQ DEWUDJHQ JJI ODVWYHUWHLOHQGH $XIVFKW WXQJ KHUVWHOOHQ 5DGODGHU 5WWOHU JHPl 5WWHOUDVWHU 7UlJHUJHUlW DXVULFKWHQ 6FKOHXVHQUWWOHU )OOHQ GHV 0DWHULDOURKUHV 9HUVHQNHQ GHV 5WWOHUV 5WWOHU XP HLQLJH 'H]LPHWHU KRFK]LHKHQ =XJDEHPDWHULDO DQ GHU 6SLW]H DXVWUHWHQ ODVVHQ 5WWOHU ZLHGHU DEVHQNHQ XQG =XJDEHPDWHULDO YHUGLFKWHQ :LHGHUKROXQJ GHU 7HLOSUR]HVVH ELV ELV $UEHLWVHEHQH HU UHLFKW LVW 3ODQLHUUDXSH 3ODQLHUHQ GHV $UEHLWVIHOGHV 2EHUIOlFKHQUWWOHU 2EHUIOlFKHQYHUGLFKWXQJ
'LH *HUlWH 6FKOHXVHQUWWOHU %HVLW]W GHU %RGHQ PHKU DOV $QWHLO PLW .RUQJU|HQ XQWHU PP NDQQ GHU %RGHQ QLFKW QXU DXVVFKOLHOLFK GXUFK 5WWHOQ YHUGLFKWHW ZHUGHQ GD EHLP =LHKHQ GHV 5WWOHUV HLQ +RKOUDXP YHUEOHLEHQ ZUGH 'LHVHU +RKOUDXP PXVV QDFKWUlJOLFK ZLH DXV GHU YRUDXVJHJDQ JHQHQ %HVFKUHLEXQJ GHU 7HLOSUR]HVVH HUVLFKWOLFK PLW )OOPDWHULDO JHIOOW XQG YHUGLFKWHW ZHU GHQ 'DEHL N|QQHQ GLH LQ .DSLWHO EHVFKULHEHQHQ 7LHIHQUWWOHU RGHU DEHU 6FKOHXVHQUWWOHU HLQJHVHW]W ZHUGHQ 'DEHL KDQGHOW HV VLFK XP HLQHQ 7LHIHQUWWOHU PLW HLQHU 6FKOHXVH DP REH UHQ (QGH HLQHP 0DWHULDOI|UGHUURKU XQG HLQHU $XVODVV|IIQXQJ 'DV EHQ|WLJWH .LHV RGHU 6FKRWWHUPDWHULDO ZLUG LQ GLH 6FKOHXVH HLQJHIOOW PLW HWZD EDU /XIWGUXFN EHDXIVFKODJW XQG GXUFK GDV 0DWHULDOURKU ELV DQ GLH 5WWOHUVSLW]H ]X GHU 0DWHULDODXVODVV|IIQXQJ JHIKUW 'HU /XIWGUXFN GLHQW GHP EHVVHUHQ 0DWHULDOIOXVV YHUKLQGHUW GDV 9HUVWRSIHQ GHV 0DWHULDODXVODVVHV JOHLFKW GHQ EHLP =LHKHQ HQWVWHKHQGHQ 8QWHUGUXFN DXV XQG KlOW GHQ HQWVWDQGHQHQ +RKOUDXP EHLP VFKULWWZHLVHQ =LHKHQ YRQ %RGHQ IUHL 'LH 6FKOHXVHQUWWOHU VLQG VHLW HUIROJUHLFK LP (LQVDW]
%DXJUXQGYHUEHVVHUXQJ
0DVWJHIKUWH 5WWHOVWRSYHUGLFKWXQJ 0LW GHU (QWZLFNOXQJ GLHVHU 6FKOHXVHQUWWOHU PXVVWH IU HLQH NRQWUROOLHUWH 0DWHULDO]XJDEH HLQ ]XYHUOlVVLJHV %HIOOV\VWHP NRQ]LSLHUW ZHUGHQ 'LH )LUPHQ .HOOHU XQG %DXHU YHUIJHQ EHU VSH]LHOOH 5WWOHUWUDJUDXSHQ ZREHL GHU 5WWOHU VDPW 9HUOlQJHUXQJVURKUHQ DQ HLQHP 0lNOHU JHIKUW ZLUG 'LH 0DWHULDOVFKOHXVH ZLUG EHU HLQHQ FD P IDVVHQGHQ 0DWHULDONEHO EH VFKLFNW 'LH 0DWHULDO]XJDEH OlXIW ZLH IROJW DE ± 'HU 0DWHULDONEHO ZLUG DP 0DVW KHUDEJHODVVHQ ± (LQ /DGHJHUlW IOOW GHQ 0DWHULDONEHO ± 'HU 0DWHULDONEHO ZLUG ELV ]XU 2EHUNDQWH GHU DXI GHQ 5WWOHU DXIJHVHW]WHQ 9HUOlQJH UXQJVURKUH KRFKJHIDKUHQ ± 'DV 0DWHULDO ZLUG QXQ GRVLHUW LQ HLQH DXI GHP 9HUOlQJHUXQJVURKU DXIVLW]HQGH 0DWHULDO VFKOHXVH JHIOOW XQG YRQ GRUW PLW HLQHP /XIWGUXFN YRQ HWZD EDU GXUFK GLH 0DWHULDO URKUH DQ GHQ YRQ GHU 5WWOHUVSLW]H OLHJHQGHQ 0DWHULDODXVODVV WUDQVSRUWLHUW 'LH WUDJUDXSHQJHIKUWHQ 6FKOHXVHQUWWOHU N|QQHQ GXUFK GLH 9RUVFKXENUDIW VFKQHOOHU DEJH VHQNW XQG GLH 9HUGLFKWXQJ GHU 6lXOH GRVLHUWHU HUUHLFKW ZHUGHQ 6R NDQQ HLQH ]XVlW]OLFKH 'UXFNNUDIW YRQ ELV ]X N1 DNWLYLHUW ZHUGHQ -HGRFK EHGLQJHQ GLH (LQIDFKVFKOHXVHQ XQG GLH ]\NOLVFKH %HVFKLFNXQJ PLW HLQHP 0DWHULDONEHO :DUWH]HLWHQ XQG /XIWGUXFNYHUOXVWH ]XP %HIOOHQ GHU 9RUUDWVEHKlOWHU 'LHVH $NWLYLHUXQJ XQG GLH )KUXQJ GHV 5WWOHUV DQ HLQHP 0DVW KDEHQ GD]X EHLJHWUDJHQ GLH /HLVWXQJHQ EHLP 5WWHOVWRSIYHUIDKUHQ HUKHEOLFK ]X VWHLJHUQ $XV GLHVHP *UXQG ZHUGHQ GLH 7UlJHUUDXSHQ DXFK KlXILJ EHLP 5WWHOGUXFNYHUIDKUHQ DQJHZHQGHW 'LH $XVIKUXQJVWLHIH ZLUG MHGRFK YRQ GHU 0DVWK|KH EHJUHQ]W 'LH 0DVWHQ ODVVHQ VLFK ELV DXI FD P YHUOlQJHUQ %HL GHQ 7UlJHUUDXSHQ LVW HV P|JOLFK GDVV GDV HQWVSUHFKHQG GHU $QWULHEVDUW EHQ|WLJWH +\G UDXOLN E]Z 6WURPDJJUHJDW DP 7UlJHUJHUlW PRQWLHUW LVW 'LH 7UlJHUJHUlWH IU GDV 5WWHO VWRSIYHUIDKUHQ VLQG LP 5HJHOIDOO HWZDV VFKZHUHU DOV EHL GHU QRUPDOHQ 5WWHOYHUGLFKWXQJ GD GLH 5WWHOHLQKHLWHQ GXUFK GLH =XVDW]DXVUVWXQJHQ GHU 5WWOHU VFKZHUHU VLQG )U GLH 0DWHULDOEHVFKLFNXQJ EHLP 5WWHOVWRSIYHUIDKUHQ PLWWHOV PDVWJHIKUWHU 5WWHOHLQKHLW ZLUG ZLH EHLP 5WWHOGUXFNYHUIDKUHQ HLQ 5DGODGHU YHUZHQGHW -HGRFK UHLFKW KLHUEHL EHGLQJW GXUFK GLH *U|H GHV DP 0DVW JHIKUWHQ 0DWHULDONEHOV HLQ 9ROXPHQ GHU 6FKDXIHO YRQ P DXV )UHLUHLWHQGH 5WWHOVWRSIYHUGLFKWXQJ %HL GHQ 6FKOHXVHQUWWOHUQ GLH IUHLUHLWHQG DP 6HLOEDJJHU KlQJHQ LVW HLQ )OO XQG %HVFKL FNXQJVV\VWHP PLWWHOV /XIWVWURPI|UGHUXQJ LP (LQVDW] 'LHVHV 9HUIDKUHQ ZLUG EHL GHU )LUPD 9LEURIORWDWLRQ DOV '/*3 'RXEOH /RFN *UDYHO 3XPS V\VWHP EH]HLFKQHW 6HLQH )XQNWLRQVZHLVH OlVVW VLFK ZLH IROJW EHVFKUHLEHQ
5WWHOVWRSIYHUGLFKWXQJ
'DV .LHV RGHU 6FKRWWHUPDWHULDO ZLUG PLW HLQHP 5DGODGHU LQ HLQHQ QHEHQ GHP 6HLOEDJJHU VWHKHQGHQ 9RUUDWVEHKlOWHU JHIOOW XQG NDQQ NRQWLQXLHUOLFK EHU HLQHQ /XIWVWURP FD EDU GHP 5WWOHU ]XJHJHEHQ ZHUGHQ 'LHVHV 6\VWHP ]HLFKQHW VLFK ZHJHQ GHU NRQWLQXLHUOLFKHQ %H VFKLFNXQJVP|JOLFKNHLW GXUFK HLQH EHVRQGHUV KRKH )|UGHUOHLVWXQJ DXV %HL GHP IUHLHQ )KUHQ GHV 5WWOHUV DP 6HLOEDJJHU LVW GLH 9HUGLFKWXQJVOHLVWXQJ VWDUN DEKlQJLJ YRP (LJHQJHZLFKW GHU JHVDPWHQ 5WWHOHLQKHLW 6FKZHUURKUH N|QQHQ KLHU GDV (LJHQJHZLFKW HUKHEOLFK VWHLJHUQ 'LH ORWUHFKWH (UVWHOOXQJ YRQ 6WRSIVlXOHQ EHGLQJW GDVV EHLP (LQGULQJHQ QRFK HLQH JHZLVVH 5HVW]XJNUDIW LP 6HLO YHUEOHLEW XQG GHU 5WWOHU QLFKW PLW 6FKODIIVHLO YHUVHQNW ZLUG 'DV 6HLO PXVV PLW GHU 9HUVWHOOPHFKDQLN GHV $XVOHJHUV VR JHIKUW ZHUGHQ GDVV HV HLQ JHZLVVHV 5FN VWHOOPRPHQW HU]HXJW ZLUG ZRPLW GHU 5WWOHU ORWUHFKW JHKDOWHQ ZLUG 'LHVH %HGLQJXQJHQ YHU ODQJHQ YRP %DJJHUIKUHU HLQ JHZLVVHV 0D DQ )LQJHUVSLW]HQJHIKO 'LHVH IUHLUHLWHQGH 6WRSIYHUGLFKWXQJ LVW EHVRQGHUV EHL EHHQJWHQ 3ODW]YHUKlOWQLVVHQ YRUWHLOKDIW )HUQHU N|QQHQ 8QHEHQKHLWHQ XQG $UEHLWHQ DXI JHQHLJWHQ )OlFKHQ GXUFK GDV $XVSHQGHOQ GHV 5WWOHUV DP 6HLO OHLFKWHU DXVJHJOLFKHQ ZHUGHQ 'LH 8PVHW] XQG $XVULFKWYRUJlQJH VLQG VHKU YLHO NU]HU DOV EHL WUDJUDXSHQJHIKUWHQ 5WWOHUQ %HL GHU 5WWHOVWRSIYHUGLFKWXQJ PLWWHOV 6HLO EDJJHU VLQG ZHJHQ GHU KlXILJ HLQJHVHW]WHQ 6FKZHUURKUH *HUlWHJU|HQ DE W HUIRUGHUOLFK
'LH ZLFKWLJVWHQ 6WRIIH %HL GHU 5WWHOVWRSIYHUGLFKWXQJ ZLUG DOV 0DWHULDO QXU 6FKRWWHU RGHU .LHV EHQ|WLJW XP 6lXOHQ LP %DXJUXQG ]X HUVWHOOHQ 'LHVH VROOHQ GHP %DXJUXQG HLQH K|KHUH )HVWLJNHLW YHUOHLKHQ ZR GXUFK GLH =XVDPPHQGUFNEDUNHLW VLFK YHUULQJHUW XQG GLH 6FKHUIHVWLJNHLW VLFK HUK|KW 'LH 7DEHOOH ]HLJW (UIDKUXQJVZHUWH IU GHQ .LHVYHUEUDXFK 7DEHOOH (UIDKUXQJVZHUWH YRQ .LHVYHUEUDXFK XQG HU]LHOWHQ 4XHUVFKQLWWHQ PLW GHP 6FKOHXVHQUWWOHU >@
%RGHQJUXSSHQ 6DQG VFKOXIILJ 6( 68 *8 67 6FKOXII VWHLI 8/ 7/ 70 6FKOXII ZHLFK 80 28 .OHL 27 7RUI 0XGGHQ += ) .DONWXII 2.
.LHVYHUEUDXFK >WP@
4XHUVFKQLWWVIOlFKH ). >P@
0LWWO 'XUFKPHVVHU >FP@
±
±
±
±
±
±
±
±
±
±
±
±
±
±
±
±
±
±
%DXJUXQGYHUEHVVHUXQJ
'HU 3HUVRQDOEHGDUI (LQH .RORQQH IU GLH 5WWHOVWRSIYHUGLFKWXQJ VHW]W VLFK QHEHQ HLQHP 3ROLHU DOV $XIVLFKWVSHU VRQ LP $OOJHPHLQHQ ZLH IROJW ]XVDPPHQ x
0DVFKLQLVW IU GDV 7UlJHUJHUlW ] % 6HLOEDJJHU
x
0DVFKLQLVW IU GHQ 5DGODGHU
x
+HOIHU IU GDV 7UlJHUJHUlW
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ (LQH H[DNWH %HPHVVXQJ OlVVW VLFK EHL GHU 5WWHOVWRSIYHUGLFKWXQJ JHQDXVR VFKZHU GXUFKIK UHQ ZLH EHL GHU 7LHIHQUWWHOYHUGLFKWXQJ 'LH $EVWlQGH ZHUGHQ GDKHU DXFK KLHU DXIJUXQG YRQ (UIDKUXQJHQ IHVWJHOHJW 6RPLW LVW HV VHKU VFKZHU IU GLH 5WWHOVWRSIYHUGLFKWXQJ EHUHLWV LP 9RUDXV GLH .RVWHQ ]X EHVWLPPHQ 7DEHOOH XQG 7DEHOOH ]HLJHQ GLH $XIZDQGVZHUWH IU HLQH 7LHIHQUWWHOYHUGLFKWXQJ DXI 7DEHOOH %HWULHEVPLWWHOHLQVDW] 3UR]HVV
7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
)OOHQ GHV 0D WHULDOURKUHV
,,
9HUVHQNHQ GHV 5WWOHUV 5WWOHU HLQLJH 'H]LPHWHU KRFK ]LHKHQ =XJDEHPDWHULDO DQ GHU 6SLW]H DXV WUHWHQ ODVVHQ 5WWOHU ZLHGHU DEVHQNHQ XQG =XJDEHPDWHULDO YHUGLFKWHQ :LHGHUKROXQJ GHU 7HLOSUR]HVVH ELV ELV $UEHLWVHEHQH HU UHLFKW LVW 3ODQLHUHQ GHV $UEHLWVIHOGHV
,,, 2EHUIOlFKHQ YHUGLFKWXQJ
5DGODGHU RGHU )URQWODGHU PLW 5DXSHQIDKUZHUN 5DXSHQVHLOEDJJHU *UXQGDXVOHJHU +DNHQIODQVFK
' ÂÂÂÂ
6FKOHXVHQUWWOHU
3HUVRQDO EHGDUI
.DONXODWRULVFKH $XIZDQGVZHUWH
0DVFKLQLVW
' ÂÂÂÂ ' ÂÂÂ ' ÂÂÂ ' ÂÂÂ
0DVFKLQLVW +HOIHU
± Pð SUR 7DJ
*HUlWH ZLH ,, ELV
3ODQLHUUDXSH 6FKLOG )RUP 8 )OlFKHQUWWOHU
' ÂÂÂ ' Â
0DVFKLQLVW
' ÂÂÂÂ
+HOIHU
± PK PK
5WWHOVWRSIYHUGLFKWXQJ
7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ EHL GHU 5WWHOVWRSIYHUGLFKWXQJ
6RQVWLJHV
9HUGLFKWXQJ
7lWLJNHLW
$XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ
5WWOHU JHPl 5WWHOUDVWHU DXVULFKWHQ
PLQ9RUJDQJ
9HUPHVVXQJVDUEHLWHQ
PLQ9RUJDQJ
%DXVWHOOHQHLQULFKWXQJ $QODXI]HLW DP 0RUJHQ E]Z $EEDX]HLW DP $EHQG *HUlWHDXVIDOO 5lXPHQ GHU %DXVWHOOH
7DJ PLQ SUR 7DJ 6WXQGHQ LQ GHU :RFKH 7DJ
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ )U GLH /HLVWXQJVEHVFKUHLEXQJ JLOW GDV JOHLFKH ZLH LQ .DSLWHO IU GLH 7LHIHQUWWHOYHUGLFK WXQJ +LHUEHL LVW QXU ]X EHDFKWHQ GDVV HV VLFK KLHU DQVWHOOH GHU EHLP 7LHIHQUWWHOQ YRUKDQGH QHQ QLFKWELQGLJHQ %|GHQ XP ELQGLJH %|GHQ KDQGHOW XQG VRPLW GLH ERGHQPHFKDQLVFKHQ .HQQZHUWH ]XU %HVFKUHLEXQJ GHV ]X YHUEHVVHUQGHQ %RGHQV E]Z GHU ]X HU]LHOHGHQ (LJHQ VFKDIWHQ DQGHUH VLQG
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH %HL 5WWHOVWRSIYHUGLFKWXQJHQ VLQG .RQWUROOHQ VRZRKO ZlKUHQG DOV DXFK QDFK GHU +HUVWHOOXQJ HUIRUGHUOLFK :lKUHQG GHU 'XUFKIKUXQJ VROOHQ NRQWUROOLHUW E]Z GRNXPHQWLHUW ZHUGHQ >@ ± $UW GHU +HUVWHOOXQJ WURFNHQ :DVVHUVSOXQJ /XIW]XIXKU $UW GHU 0DWHULDO]XJDEH ± 4XDOLWlW XQG $UW GHV =XJDEHPDWHULDOV ± 9HUVHQN XQG 9HUGLFKWXQJVWLHIH ± 0D[LPXP XQG .RQWLQXLWlW GHU /HLVWXQJVDXIQDKPH GHV 5WWOHUV ZlKUHQG GHU +HUVWHO OXQJ ± +HUVWHOO]HLW MHGHV 9HUGLFKWXQJVSXQNWHV ± 0HQJH GHV =XJDEHPDWHULDOV ± hEHUHLQVWLPPXQJ GHU DQJHWURIIHQHQ %RGHQDUWHQ XQG HLJHQVFKDIWHQ PLW GHQ GHP (QW ZXUI ]XJUXQGH JHOHJWHQ 1DFK )HUWLJVWHOOXQJ GHU 6lXOHQ N|QQHQ IROJHQGH 3UIXQJHQ GXUFKJHIKUW ZHUGHQ x
3ODWWHQGUXFNYHUVXFK QDFK ',1 ]XU %HVWLPPXQJ GHV 9HUIRUPXQJVPRGXOV GHU 6lX OH
%HL 9HUZHQGXQJ HLQHU JURHQ 3ODWWH FP XQG HQWVSUHFKHQGHP *HJHQJHZLFKW ] % /.: %DJJHU R l NDQQ HLQ VROFKHU 9HUVXFK HLQH 3UREHEHODVWXQJ IU HLQH (LQ]HOVlXOH GDU VWHOOHQ >@
x
%DXJUXQGYHUEHVVHUXQJ
3UREHEHODVWXQJ YRQ (LQ]HOVlXOHQ RGHU 6lXOHQJUXSSHQ
'HU %HODVWXQJVYHUVXFK DQ HLQHU (LQ]HOVlXOH JLEW $XIVFKOXVV EHU LKUH 7UDJIlKLJNHLW XQG GD PLW DXFK EHU GHQ 6LFKHUKHLWVIDNWRU PLW GHP GLH *HEUDXFKVODVW LP (LQ]HOIDOO IHVWJHOHJW ZRU GHQ LVW 9HUOlVVOLFKH $XVVDJHQ EHU GDV 6HW]XQJVYHUKDOWHQ JU|HUHU *UXSSHQ YRQ 6FKRWWHU VlXOHQ N|QQHQ DEHU DXI GLHVH :HLVH QLFKW RKQH ZHLWHUHV JHWlWLJW ZHUGHQ >@ $OOHQIDOOV N|Q QHQ KLHU]X %HODVWXQJVYHUVXFKH DXI HLQHU *UXSSH YRQ GUHL RGHU YLHU 6lXOHQ $XIVFKOXVV JHEHQ 'HUDUWLJH 9HUVXFKH VLQG DOOHUGLQJV WHXHU XQG ZHUGHQ GDKHU QXU LQ EHVRQGHUHQ )lOOHQ GXUFK JHIKUW x
6HW]XQJVPHVVXQJHQ DP IHUWLJHQ %DXZHUN
'LHVH JHVWDWWHQ HLQH %HXUWHLOXQJ GHU 4XDOLWlW GHU 6WRSIYHUGLFKWXQJ XQG ODVVHQ YRU DOOHP IU ]XNQIWLJH %DXWHQ ZLFKWLJH 5FNVFKOVVH ]X 'LH .RQWUROOH YRQ 6WRSIYHUGLFKWXQJHQ GXUFK 5DPP RGHU 'UXFNVRQGLHUXQJHQ IKUW PHLVW QLFKW ]X EHIULHGLJHQGHQ (UJHEQLVVHQ 'LH 6RQGHQ ODVVHQ VLFK ZHJHQ GHU 9HU]DKQXQJ GHV 6FKRWWHU E]Z .LHVPDWHULDOV KlXILJ QLFKW DXVUHLFKHQG WLHI LQ GLH 6lXOHQ HLQEULQJHQ XQG GHU %RGHQ ]ZLVFKHQ GHQ 6WRSIVlXOHQ ZHLVW KlXILJ NHLQH VLJQLILNDQWHQ 9HUEHVVHUXQJHQ GHU .RQ VLVWHQ] DXI
'\QDPLVFKH ,QWHQVLYYHUGLFKWXQJ
$OOJHPHLQHV 'LH Ä'\QDPLVFKH ,QWHQVLYYHUGLFKWXQJ³ '@
(LQH PHKUPDOLJH %HKDQGOXQJ QDFK HLQHU 5XKHSDXVH YRQ MH QDFK %RGHQDUW HLQ ELV YLHU :R FKHQ YHUEHVVHUW GDV (UJHEQLV
%DXJUXQGYHUEHVVHUXQJ
$QZHQGXQJVEHUHLFKH 'LH $QZHQGEDUNHLW GHV 9HUIDKUHQV ZLUG GXUFK ± GLH DQVWHKHQGHQ %RGHQVFKLFKWHQ ± GLH $UW XQG %HODVWXQJ GHV ]X JUQGHQGHQ %DXZHUNV ± GLH (QWIHUQXQJ ]XU 1DFKEDUEHEDXXQJ ± GLH :LUWVFKDIWOLFKNHLW EHVWLPPW )U HLQH 9HUGLFKWXQJ PLW )DOOJHZLFKWHQ VLQG JHHLJQHW ± ORFNHU JHODJHUWH 6DQGH XQG .LHVH EHU XQG XQWHU :DVVHU ± IHLQN|UQLJH %|GHQ PLW KRKHP 6FKOXIIJHKDOW EHL :DVVHUJHKDOWHQ ELV DQ GLH )OLHJUHQ]H ± LQKRPRJHQH %|GHQ PLW JHULQJHP 7RQDQWHLO ± RUJDQLVFKH %|GHQ 7RUIH ± 6WHLQVFKWWXQJHQ ± +DXV XQG ,QGXVWULHPOO 0LW ]XQHKPHQGHP 7RQJHKDOW QLPPW GLH (IIHNWLYLWlW GHV 9HUIDKUHQV ZHJHQ GHU JHULQJHQ 'XUFKOlVVLJNHLW GHV %RGHQV DE 9HUWLNDOH 'UlQV ] % .XQVWVWRIIGUlQV HUZHLWHUQ GLH $Q ZHQGXQJVJUHQ]HQ 'LH 9HUGLFKWXQJVZLUNXQJ UHLFKW ELV LQ HWZD ELV P 7LHIH 'DV 9HU IDKUHQ LVW LQVEHVRQGHUH JHHLJQHW IU GLH 9HUEHVVHUXQJ GHV %DXJUXQGHV XQWHU IOlFKHQKDIW DXI JHEUDFKWHQ /DVWHQ VR GDVV ] % IROJHQGH %DXZHUNH GDUDXI JHJUQGHW ZHUGHQ ± ,QGXVWULH XQG :HUNDQODJHQ ± :RKQDQODJHQ ± 6WUDHQ ± *OHLVDQODJHQ ± )OXJSOlW]H ±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|HU DOV ELV P VHLQ VROOWH >@
'\QDPLVFKH ,QWHQVLYYHUGLFKWXQJ
'LH :LUWVFKDIWOLFKNHLW GHV 9HUIDKUHQV KlQJW YRQ GHU $UW XQG 0lFKWLJNHLW GHU DQVWHKHQGHQ %RGHQDUWHQ GHQ HUIRUGHUOLFKHQ )DOOK|KHQ XQG )DOOJHZLFKWHQ VRZLH YRQ GHU *U|H GHU ]X YHUEHVVHUQGHQ )OlFKH DE 'D GLH %DXVWHOOHQHLQULFKWXQJ ZHJHQ GHV 7UDQVSRUWHV XQG GHV $XI EDXV GHU VFKZHUHQ *HUlWH VHKU WHXHU LVW ORKQW VLFK GHU (LQVDW] GHV 9HUIDKUHQV HUVW DE HLQHU )OlFKH YRQ FD ELV Pð
%HPHVVXQJVYHUIDKUHQ XQG (UIDKUXQJVZHUWH 'LH %HPHVVXQJVSDUDPHWHU )DOOPDVVH )DOOK|KH 6FKODJ]DKO XQG $EVWDQG GHU 9HUGLFKWXQJV SXQNWH VLQG VR DXI GHQ MHZHLOLJHQ %DXJUXQG DE]XVWLPPHQ GDVV HLQHUVHLWV GLH JHZQVFKWH +RUL]RQWDOYHUVSDQQXQJ E]Z 9HUIOVVLJXQJ ELV LQ GLH YRUJHJHEHQH 7LHIH HU]HXJW ZLUG DQGH UHUVHLWV GLH .RQVROLGDWLRQ QLFKW EHKLQGHUW ZLUG 'LH %HGLQJXQJHQ IU HLQH .RQVROLGDWLRQ ZHUGHQ GXUFK HLQH ]X JURH )DOOPDVVH YHUVFKOHFK WHUW ZlKUHQG HLQH ]X NOHLQH 9HUGLFKWXQJVHQHUJLH GLH (LQZLUNWLHIH YHUULQJHUW 'LH RSWLPDOHQ %HDUEHLWXQJVSDUDPHWHU VROOWHQ YRU %HJLQQ GHU $UEHLWHQ GXUFK /DERUYHUVXFKH XQG EHVRQGHUV GXUFK HLQH 3UREHYHUGLFKWXQJ DXI GHU %DXVWHOOH HUPLWWHOW ZHUGHQ
'DV %DXYHUIDKUHQ LP hEHUEOLFN %HL GLHVHP 9HUIDKUHQ ZHUGHQ )DOOJHZLFKWH DQ HLQHP IDKUEDUHQ *HUVW RGHU PLW HLQHP .UDQ DXI 5DXSHQIDKUZHUN KRFKJH]RJHQ ZR VLH DXI 5DVWHUSXQNWH XQJHEUHPVW KHUDEIDOOHQ 'LHVH 7HFKQLN PLW (LQOHLWXQJ HLQHV VWRDUWLJHQ 6FKRFNV EHZLUNW HLQH ELV LQ JURH 7LHIH UHLFKHQGH 9HUIOVVLJXQJ GHV %RGHQV PLW $XVWULWW YRQ 3RUHQZDVVHU XQG /XIW QDFK PHKUHUHQ hEHUJlQ JHQ ZLUG HLQH HUKHEOLFKH 9HUGLFKWXQJ HU]LHOW $OV 7UlJHUJHUlWH IU 9HUGLFKWXQJHQ DQ /DQG NRPPHQ IROJHQGH *HUlWH ]XU $QZHQGXQJ ± %DJJHU XQG 5DXSHQNUDQH IU )DOOJHZLFKWH ELV ]X W XQG )DOOK|KHQ ELV ]X P ± 'UHLE|FNH IU )DOOJHZLFKWH ELV ]X W XQG )DOOK|KHQ ELV ]X P ± 6SH]LDOJHUlWH IU )DOOJHZLFKWH ELV ]X W XQG )DOOK|KHQ ELV ]X P $OV 7UlJHUJHUlWH IU 9HUGLFKWXQJHQ XQWHU :DVVHU N|QQHQ 3RQWRQV XQG +XE RGHU 6FKUHLWLQ VHOQ YHUZHQGHW ZHUGHQ >@ 'LH *HZLFKWH IU $XIJDEHQ DQ /DQG VLQG NRPSDNWH TXDGUDWLVFKH RGHU ZDV YHUGUlQJXQJVWHFKQLVFK JQVWLJHU LVW ± DFKWHFNLJH 6WDKO± E]Z 6WDKO%HWRQ.|USHU -H QDFK $UW GHU %DXDXIJDEH PXVV GDV *HZLFKW JHlQGHUW RGHU GDV 9HUKlOWQLV *HZLFKW ]X $XI SUDOOIOlFKH YDULLHUW ZHUGHQ 'LH *HZLFKWH IU GLH 9HUGLFKWXQJ XQWHU :DVVHU VLQG 6SH]LDOJHZLFKWH PLW YHUWLNDOHQ .DQl OHQ GDPLW :DVVHU GXUFKVWU|PHQ NDQQ 6LH PVVHQ VR JHIRUPW VHLQ GDVV VLH DXFK EHLP VHLWOL FKHQ $QVWU|PHQ LKUH ORWUHFKWH )DOOOLQLH EHLEHKDOWHQ 1DFKGHP GDV )DOOJHZLFKW DXI GLH HQW VSUHFKHQGH +|KH JHEUDFKW ZRUGHQ LVW IlOOW HV XQJHEUHPVW DXI GLH %RGHQREHUIOlFKH
%DXJUXQGYHUEHVVHUXQJ
'LH EHLP $XISUDOO HQWVWHKHQGHQ 6FKRFNZHOOHQ YHUGLFKWHQ GHQ %RGHQ %HL VWDUN ]XVDP PHQGUFNEDUHQ 6FKLFKWHQ HQWVWHKHQ DQ GHU *HOlQGHREHUIOlFKH 7ULFKWHU GLH HQWZHGHU PLW )UHPGPDWHULDO RGHU GHP DQVWHKHQGHQ %RGHQPDWHULDO YHUIOOW ZHUGHQ 'XUFK ZLHGHUKROWH hEHUJlQJH XQG ZHLWHUHV 9HUIOOHQ N|QQHQ 6lXOHQ DXV )OOPDWHULDO ELV LQ JU|HUH 7LHIHQ JH WULHEHQ ZHUGHQ >@ 'LH LP 5DVWHU KHUJHVWHOOWHQ 6lXOHQ ELOGHQ LQ 9HUELQGXQJ PLW HLQHU DEVFKOLHHQGHQ 2EHUIOl FKHQYHUGLFKWXQJ HLQH 7UDJNRQVWUXNWLRQ lKQOLFK HLQHU 3LO]GHFNH 9HUZHQGHW PDQ EHL ELQGLJHQ %|GHQ IU GLH 6lXOHQ GUlQIlKLJHV 0DWHULDO ZLH ] % .LHV 6DQG RGHU 6FKRWWHUJHPLVFKH VR ZLUG ]XJOHLFK HLQH EHVVHUH (QWZlVVHUXQJVP|JOLFKNHLW XQG HLQH GDPLW YHUEXQGHQH EHVVHUH .RQVROLGLHUXQJ GHV DQVWHKHQGHQ %RGHQV EHZLUNW 'HU $E VWDQG GHU 9HUGLFKWXQJVSXQNWH OLHJW ]ZLVFKHQ XQG P -HGHU 3XQNW ZLUG SUR hEHUJDQJ PLW ELV ]X 6FKOlJHQ EHDQVSUXFKW ZREHL PLW DEQHKPHQGHU 'XUFKOlVVLJNHLW GHV %RGHQV GLH :DUWH]HLWHQ ]ZLVFKHQ GHQ 6FKOlJHQ JU|HU ZHUGHQ PVVHQ XP HLQHQ .RQVROLGDWLRQVHIIHNW ]X HUUHLFKHQ -H IHLQN|UQLJHU HLQ %RGHQ LVW GHVWR PHKU hEHUJlQJH VLQG HUIRUGHUOLFK 'D GLH ELVKHULJHQ (UIDKUXQJHQ QLFKW DXVUHLFKHQ XP IU HLQH EHVWLPPWH %RGHQDUW GHQ HUIRUGHUOLFKHQ 9HUGLFK WXQJVDXIZDQG ]X EHUHFKQHQ HPSILHKOW HV VLFK HLQH 3UREHYHUGLFKWXQJ YRU]XQHKPHQ (LQ VSH]LHOOHV 9HUIDKUHQ LVW GLH .RPELQDWLRQ GHU 9HUGLFKWXQJVWHFKQLN PLW HLQHP 'UlQDJH V\VWHP GDV DXV LQ HQJHP 5DVWHU DQJHRUGQHWHQ 9HUWLNDOGUlQV EHVWHKW 'LHVHV 9HUIDKUHQ LVW EHVRQGHUV IU GLH VFKQHOOH XQG JH]LHOWH 9HUGLFKWXQJ ZHLFKHU %|GHQ JHHLJQHW 'DV GXUFK GLH 6FKODJHQHUJLH XQWHU KRKHP 'UXFN VWHKHQGH 3RUHQZDVVHU ZLUG EHU GLH 9HUWLNDOGUlQV DQ GLH 2EHUIOlFKH JHSUHVVW XQG EHU HLQHQ JHHLJQHWHQ .LHVIOlFKHQILOWHU DEJHOHLWHW ,P %RGHQ ZLUG GHU 3RUHQZDVVHUEHUGUXFN DXFK EHL ZHQLJ ZDVVHUGXUFKOlVVLJHQ %|GHQ VR UDVFK DEJHEDXW GDVV GLH VRQVW EOLFKHQ 5XKHSKDVHQ ]ZLVFKHQ GHQ HLQ]HOQHQ hEHUJlQJHQ HQWIDOOHQ XQG GLH 9HUGLFKWXQJVEHUJlQJH NRQWLQXLHUOLFK GXUFKJHIKUW ZHUGHQ N|QQHQ 'LH PLW HLQHP 6WRSIJH UlW HLQJHEDXWHQ 5XQGGUlQV DXV JHORFKWHP .XQVWVWRIIURKU PLW )LOWHUNLHV JHZlKUOHLVWHQ EHL KRKHU 6WDELOLWlW HLQH VFKQHOOH :DVVHUI|UGHUXQJ >@
%LOG 6\VWHP GHU G\QDPLVFKHQ ,QWHQVLYYHUGLFKWXQJ >@
'\QDPLVFKH ,QWHQVLYYHUGLFKWXQJ
%HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'LH 7HLOSUR]HVVH GHU '\QDPLVFKHQ ,QWHQVLYYHUGLFKWXQJ VLQG LQ GHP .DSLWHO EHVFKULH EHQ 3UR]HVVH XQG ]XJHK|ULJH *HUlWH 7DEHOOH 3UR]HVVH GHU '\QDPLVFKHQ ,QWHQVLYYHUGLFKWXQJ 3UR]HVV
7HLOSUR]HVV
*HUlW
$UEHLWVHEHQH HUVWHOOHQ
%DXJHOlQGH IUHLPDFKHQ 2EHUERGHQ DEWUDJHQ /DVWYHUWHLOHQGH $XIVFKWWXQJ KHUVWHOOHQ JJI $QOLHIHUXQJ )DOOSODWWH JHPl 9HUGLFK WXQJVUDVWHU DXVULFKWHQ (UVWH 9HUGLFKWXQJVSKDVH DXV PHKUHUHQ 6FKOlJHQ 5XKHSKDVH 9HUGLFKWXQJ DQGH UHU 3XQNWH hEHUZDFKXQJVPHVVXQJHQ 9HUIOOHQ GHU 6FKODJWULFKWHU (UQHXWH 9HUGLFKWXQJVSKDVHQ $EVFKOXVVYHUGLFKWXQJ Ä6FKODJ DQ 6FKODJ³ 3ODQLHUHQ GHU $UEHLWVIOlFKH 9HUGLFKWHQ PLW 2EHUIOlFKHQ YHUGLFKWHUQ
3ODQLHUUDXSH
7UlJHUJHUlW )DOOSODWWH 5DGODGHU
3ODQLHUJHUlWH
, '\QDPLVFKH ,QWHQVLYYHU GLFKWXQJ
,,
,,,
(UVWHOOHQ GHU *UQGXQJV HEHQH
'LH *HUlWH )DOON|USHU bOWHUH )DOON|USHU VLQG TXDGUDWLVFKH PLW 6WDKOULSSHQ DXVJHVWHLIWH 6WDKOKRKON|USHU GLH PLW 6DQG %HWRQ XQG 6WDKOVSlQHQ JHIOOW VLQG 'LHVH $UW GHU )DOOSODWWHQ ZHLVW QXU HLQH UHODWLY NXU]H 1XW]XQJV]HLW DXI GD HV GXUFK GLH KRKHQ VFKODJDUWLJHQ %HODVWXQJHQ ]X VWDUNHQ %HDQ VSUXFKXQJHQ DQ GHQ %HIHVWLJXQJVVWHOOHQ GHU 6WDKOULSSHQ XQG .DVWHQZDQGXQJHQ NRPPW GLH VFKQHOO ]X 0DWHULDOEHUODVWXQJHQ IKUHQ 'LH *HZLFKWH GLHVHU PHLVW TXDGUDWLVFKHQ )DOON|USHU EHWUDJHQ ELV ]X W )DOON|USHU GHU QHX HUHQ *HQHUDWLRQ EHVWHKHQ DXV PHKUHUHQ PDVVLYHQ PLW %RO]HQ YRUJHVSDQQWHQ XQG YHUVFKUDXE WHQ 6WDKOSODWWHQ 'LHVH .RQVWUXNWLRQVZHLVH IKUW ]X ZHVHQWOLFK OlQJHUHQ 1XW]XQJV]HLWHQ JH JHQEHU GHQ +RKONlVWHQ GD EHVFKlGLJWH 6WDKOSODWWHQ DXVJHZHFKVHOW ZHUGHQ N|QQHQ =XGHP ODVVHQ VLFK GLH )DOOJHZLFKWH GXUFK ]XVlW]OLFKH E]Z GXUFK GLH (QWIHUQXQJ YRQ 6WDKO SODWWHQ YDULLHUHQ 'LH *UXQGIOlFKHQ GHU )DOON|USHU N|QQHQ TXDGUDWLVFK UXQG RGHU PHKUHFNLJ VHLQ ,KUH *UXQGIOlFKH EHWUlJW ELV P %HL TXDGUDWLVFKHQ *UXQGIRUPHQ KDEHQ GLH .DQWHQ HLQH /lQJH YRQ ELV P 'LH 6WDKOSODWWHQJHZLFKWH EHVWHKHQ GDEHL DXV LQ LKUHU 6WlUNH XQWHUVFKLHGOLFKHQ 6WDKOSODWWHQ (QWVSUHFKHQG XQWHUVFKLHGOLFK VLQG DXFK GLH *HVDPWK|KHQ GHU *HZLFKWH
%DXJUXQGYHUEHVVHUXQJ
'LH EOLFKHQ )DOON|USHUJHZLFKWH OLHJHQ ]ZLVFKHQ XQG W )U 6RQGHUIlOOH ZXUGHQ VFKRQ *HZLFKWH ELV ]X W HLQJHVHW]W ,Q %LOG LVW HLQ TXDGUDWLVFKHU )DOON|USHU GDUJHVWHOOW (U EHVWHKW DXV YLHU HLQ]HOQHQ 6WDKOSODWWHQ i FP 6WlUNH XQG ZLHJW FD W /LHJW GLH 9HUGLFK WXQJVREHUIOlFKH E]Z GLH 6RKOH GHU 6FKODJWULFKWHU XQWHUKDOE GHV *UXQGZDVVHUVSLHJHOV RGHU ZLUG GHU 0HHUHVERGHQ YHUGLFKWHW VR ZHUGHQ VSH]LHOO PLW 'XUFKVWU|PXQJV|IIQXQJHQ XQG 6WD ELOLVLHUXQJVULSSHQ YHUVHKHQH )DOON|USHU YHUZHQGHW
%LOG 'DUVWHOOXQJ HLQHV )DOOJHZLFKWHV PLW $XIKlQJXQJ
7UlJHUJHUlWH $OV 7UlJHUJHUlWH NRPPHQ YRU DOOHP IROJHQGH *HUlWH ]XP (LQVDW] ± 6HLOEDJJHU XQG 5DXSHQNUDQH ± 9HUIDKUEDUH *LWWHUGUHLE|FNH 7ULSRGHQ ± 6RQGHUJHUlWH GLH IU VSH]LHOOH $QIRUGHUXQJHQ DXVJHOHJW VLQG )U QLHGULJH ELV PLWWOHUH (QHUJLHHLQWUDJXQJHQ LQ GHQ %RGHQ ZHUGHQ KHUN|PPOLFKH 5DXSHQ 6HLOEDJJHU DXV GHP KDQGHOVEOLFKHQ $QJHERW PLW NOHLQHUHQ NRQVWUXNWLYHQ 9HUlQGHUXQJHQ DXVJHZlKOW 'LH 6HLOEDJJHU EHQ|WLJHQ IU HLQH DXVUHLFKHQGH 6WDQGVLFKHUKHLW HLQ JHHLJQHWHV 5DXSHQIDKUZHUN 'HU 8QWHUZDJHQ EHVLW]W KlXILJ HLQH 6SXUYHUVWHOOXQJ GHU EHLGHQ 5DXSHQ VR GDVV ]XP 7UDQVSRUW GLH )DKUZHUNEUHLWH YHUNOHLQHUW XQG IU GHQ %DXVWHOOHQHLQVDW] HLQH 9HU EUHLWHUXQJ GHU )DKUZHUNEUHLWH ]XU (UK|KXQJ GHU 6WDQGVLFKHUKHLW P|JOLFK LVW :HLWHUH EHVRQ GHUH .RQVWUXNWLRQVPHUNPDOH HUJHEHQ VLFK DXV GHQ H[WUHPHQ %HODVWXQJHQ GHQHQ GLHVH *HUlWH EHLP (LQVDW] DXVJHVHW]W VLQG 'DV $QKHEHQ GHV )DOOJHZLFKWHV HUIRUGHUW NHLQH EHVRQGHUH %H DFKWXQJ :LUG MHGRFK GLH 6HLOZLQGH DXVJHNOLQNW XQG GDV )DOOJHZLFKW IlOOW LP IUHLHQ )DOO ]X %RGHQ VR HQWVSDQQW VLFK LP 0RPHQW GHV $XVNOLQNHQV GHU JHVDPWH $XVOHJHU VDPW VHLQHU +DOWHPHFKD QLN 'LHVH SO|W]OLFKH (QWVSDQQXQJ VWHOOW HLQH KRKH $QIRUGHUXQJ DQ GHQ $XVOHJHU 'HU SO|W]OL FKH 5XFN EHUWUlJW VLFK MHGRFK DXFK DXI GDV *UXQGJHUlW VR GDVV GHU 2EHU XQG 8QWHUZDJHQ LQVEHVRQGHUH GHU 'UHKNUDQ] HEHQVR GLHVHQ ([WUHPEHODVWXQJHQ DXVJHVHW]W ZHUGHQ
'\QDPLVFKH ,QWHQVLYYHUGLFKWXQJ
)U GHQ 8QWHUZDJHQ PLW VHLQHP 5DXSHQIDKUZHUN NRPPHQ GLH %HODVWXQJHQ DXV GHP YHUKlOW QLVPlLJ KlXILJHQ 9HUIDKUHQ GHU *HUlWH KLQ]X GD HLQ 9HUGLFKWXQJVSXQNW QLFKW QXU LQ HLQHU VRQGHUQ LQ PHKUHUHQ 3KDVHQ YHUGLFKWHW ZLUG 6RPLW PVVHQ EHL GLHVHP 9HUIDKUHQ LP 9HU JOHLFK ]X DQGHUHQ 5DXSHQNUDQHLQVlW]HQ EHDFKWOLFKH )DKUZHJH ]XUFNJHOHJW ZHUGHQ (LQHQ JURHQ 9HUVFKOHL HUOHLGHQ GLH 6HLOH XQG $QVFKODJPLWWHO (EHQIDOOV GXUFK GLH VFKQHOOH (QWVSDQQXQJ XQG GDV VFKQHOOH $EVSXOHQ ZlKUHQG GHV )UHLIDOOHV ZHUGHQ VLH VFKQHOO EUFKLJ XQG PVVHQ UHODWLY KlXILJ JHZHFKVHOW ZHUGHQ 'LH 6HLOEUHPVH ZLUG GXUFK GDV VFKQHOOH $E EUHPVHQ QDFK MHGHP )DOOVFKODJ lKQOLFK VWDUN EHDQVSUXFKW 'LH %UHPVEHOlJH PVVHQ GDKHU RIW HUQHXHUW ZHUGHQ 9HUVFKLHGHQH *HUlWHW\SHQ HUUHLFKHQ GXUFK 6RQGHUDXVIKUXQJHQ JU|HUH )DOOK|KHQ )DOOPDV VHQ XQG GDGXUFK HLQH JU|HUH (LQIOXVVWLHIH 'LH 7DEHOOH XQWHUVFKHLGHW HLQLJH KDQGHOVE OLFKH *HUlWH XQG 6RQGHUJHUlWH 7DEHOOH (LQVDW]EHUHLFKH YRQ *HUlWHQ ]XU '\QDPLVFKHQ ,QWHQVLYYHUGLFKWXQJ %H]HLFKQXQJ
)DOOK|KH K
)DOOPDVVH 0
0D[LPDOH (QHUJLH ( 0ÂK
(LQIOXVVWLHIH W
>P@
>W@
>WP@
>P@
+DQGHOVEOLFKH *HUlWH 5DXSHQNUDQ W
6HLOEDJJHU /LHEKHUU +6
ELV
ELV
6HLOEDJJHU /LHEKHUU +6
ELV
ELV
0HJD0DVFKLQH
ELV
ELV
0HJD0DVFKLQH
ELV
ELV
7ULSRGH
ELV
ELV
6RQGHUJHUlWH
*LJD0DVFKLQH
'LH =DKO GHU P|JOLFKHQ 9HUGLFKWXQJVVFKOlJH KlQJW MHGRFK YRQ XQWHUVFKLHGOLFKHQ *HUlWH XQG 6FKODJSDUDPHWHUQ DE 6R NDQQ HLQ *HUlW PLW HLQHU JURHQ 0RWRUOHLVWXQJ GLH )DOOSODWWH YHUKlOWQLVPlLJ VFKQHOO DXI GLH HUIRUGHUOLFKH )DOOK|KH EHI|UGHUQ GLH HEHQVR OHLVWXQJVEH VWLPPHQG ZLH GDV *HZLFKW GHU )DOOSODWWH LVW
'LH ZLFKWLJVWHQ 6WRIIH $OV 0DWHULDO EHL GHU '\QDPLVFKHQ ,QWHQVLYYHUGLFKWXQJ ZLUG OHGLJOLFK 6FKWWJXW EHQ|WLJW 'LHVHV 6FKWWJXW ZLUG PHLVWHQV EHUHLWV YRUKHU DXI GHQ QLFKW DXVUHLFKHQG WUDJIlKLJHQ 8QWHU JUXQG DXIJHEUDFKW (V GLHQW GDQQ QHEHQ GHU /DVWYHUWHLOXQJ DOV VDXEHUHV $UEHLWVSODQXP XQG 6FKODJSROVWHU ]XU 0LQGHUXQJ GHU $XIORFNHUXQJ 1DFK GHU 9HUGLFKWXQJ ZHUGHQ GDPLW DXFK GLH HQWVWDQGHQHQ 9HUGLFKWXQJVWULFKWHU QRFKPDOV YHUIOOW ZHOFKH GDQQ PLWWHOV VFKZHUHU )DOO SODWWHQ RGHU DQGHUHU 9HUIDKUHQ YHUGLFKWHW ZHUGHQ
%DXJUXQGYHUEHVVHUXQJ
'HU 3HUVRQDOEHGDUI (LQH .RORQQH VHW]W VLFK ZLH IROJW ]XVDPPHQ 0DVFKLQLVW SUR 7UlJHUJHUlW +HOIHU 0LWKLOIH EHLP (LQPHVVHQ XQG 0DUNLHUHQ 6FKORVVHU 5HSDUDWXU XQG :DUWXQJ
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ 7DEHOOH 7\SLVLHUXQJ GHU *HUlWH GLH LQ GHQ +DXSWSUR]HVVHQ ]XP (LQVDW] NRPPHQ 3UR]HVV
7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
,
,,
,,,
2EHUERGHQ DEWUD JHQ /DVWYHUWHLOHQGH $XIVFKWWXQJ KHU VWHOOHQ (UVWH 9HUGLFK WXQJVSKDVH DXV PHKUHUHQ 6FKOlJHQ 5XKHSKDVH 9HU GLFKWXQJ DQGHUHU 3XQNWH 9HUIOOHQ GHU 6FKODJWULFKWHU (UQHXWH 9HUGLFK WXQJVSKDVHQ $EVFKOXVVYHU GLFKWXQJ Ä6FKODJ DQ 6FKODJ³ 3ODQLHUHQ GHU $U EHLWVIOlFKH 9HUGLFKWHQ PLW 2EHUIOlFKHQ YHUGLFKWHUQ
3HUVRQDO EHGDUI
3ODQLHUUDXSH
' ÂÂÂÂ
0DVFKLQLVW
5DGODGHU /.:
' ÂÂÂÂ 3 ÂÂÂÂ
0DVFKLQLVW 0DVFKLQLVW
7UlJHUJHUlW 6HLOEDJJHU 5DXSHQNUDQ
' ÂÂÂÂ & ÂÂÂÂ
.DONXODWRULVFKH /HLVWXQJVZHUWH ± PK ± PK
0DVFKLQLVW ± PLQ6FKODJ
)DOOPDVVH )DOOSODWWH )DOOELUQH 5DGODGHU 3ODQLHUUDXSH *HUlWH ZLH ,, XQG
' ÂÂÂÂ ' ÂÂÂÂ ' ÂÂÂÂ
0DVFKLQLVW 0DVFKLQLVW
± PK
± PLQ6FKODJ
3ODQLHUUDXSH
' ÂÂÂÂ
0DVFKLQLVW
± PK
'UHLUDGZDO]H )OlFKHQUWWOHU
' ÂÂÂÂ ' ÂÂÂÂ
0DVFKLQLVW +HOIHU
± PK PK
'\QDPLVFKH ,QWHQVLYYHUGLFKWXQJ
7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ EHL GHU '\QDPLVFKHQ ,QWHQVLYYHUGLFKWXQJ
6RQVWLJHV
'\QDPLVFKH ,QWHQVLYYHU GLFKWXQJ
7lWLJNHLW
$XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ
)DOOSODWWH JHPl 9HUGLFK WXQJVUDVWHU DXVULFKWHQ hEHUZDFKXQJVPHVVXQJHQ 5XKHSDXVHQ ]ZLVFKHQ GHQ 9HUGLFKWXQJVSKDVHQ
PLQ9RUJDQJ PLQ9RUJDQJ 7DJH ELV :RFKHQ
=LHKHQ GHU 3ODWWH DXI P )DOOHQ $XIVFKODJHQ $QKHEHQ $XVSHQGHOQ %DXVWHOOHQHLQULFKWXQJ $QODXI]HLW DP 0RUJHQ E]Z $EEDX]HLW DP $EHQG *HUlWHDXVIDOO 5lXPHQ GHU %DXVWHOOH
PLQ9RUJDQJ ± 7DJH PLQ SUR 7DJ 6WXQGHQ LQ GHU :RFKH ± 7DJH
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ (LQH VSH]LHOOH ',1 IU GLH '\QDPLVFKH ,QWHQVLYYHUGLFKWXQJ LVW LP 7HLO & GHU 92% QLFKW DXI JHIKUW )U GLH (UVFKWWHUXQJVHLQZLUNXQJHQ GLH EHL GLHVHP 9HUIDKUHQ DXIWUHWHQ JLOW GLH ',1 7HLO ± (UVFKWWHUXQJHQ LP %DXZHVHQ 'LH 1RUP LVW IU %DXZHUNH KHUDQ]X]LH KHQ GLH QLFKW IU G\QDPLVFKH (LQZLUNXQJHQ DXVJHOHJW VLQG 'LH /HLVWXQJVEHVFKUHLEXQJ VROO WH IROJHQGH ,QIRUPDWLRQHQ HQWKDOWHQ ± $QJDEHQ ]XP 5DVWHU GHU 6FKODJWULFKWHU ± $QJDEHQ ]XU )DOOHQHUJLH ± $QJDEHQ ]XU $Q]DKO GHU hEHUJlQJH ± $UW XQG 0HQJH GHV ]XP $XIIOOHQ GHU 6FKODJWULFKWHU EHQ|WLJWHQ )OOPDWHULDOV 'DUEHU KLQDXV VROOWHQ DXFK ,QIRUPDWLRQHQ ]XU +HUVWHOOXQJ GHU $UEHLWVHEHQH GHU 3UREHYHU GLFKWXQJ XQG GHU (UVWHOOXQJ GHU *UQGXQJVHEHQH JHPDFKW ZHUGHQ
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH =XU HUIROJUHLFKHQ 'XUFKIKUXQJ GHU 0HWKRGH VLQG XPIDQJUHLFKH VRUJIlOWLJH .RQWUROOPHV VXQJHQ YRU ZlKUHQG XQG QDFK GHU 9HUGLFKWXQJ HUIRUGHUOLFK =XU 9RUHUNXQGXQJ XQG hEHU ZDFKXQJ ZHUGHQ LQVEHVRQGHUH IROJHQGH 0HVVYHUIDKUHQ HLQJHVHW]W ± 3UHVVLRPHWHUPHVVXQJHQ 6HLWHQGUXFNVRQGLHUXQJHQ ± .RPSUHVVLRQVYHUVXFKH LP '\QDPLVFKHQ gGRPHWHU ± 3RUHQZDVVHUGUXFNPHVVXQJHQ ± 6HW]XQJVNRQWUROOPHVVXQJHQ DQ GHU 2EHUIOlFKH XQG LP %RGHQ
%DXJUXQGYHUEHVVHUXQJ
$XFK DQGHUH 9HUIDKUHQ ZLH 5DPP RGHU 'UXFNVRQGLHUXQJHQ QDFK ',1 VLQG ]XU .RQ WUROOH JHHLJQHW 0LW GHQ 0HVVHUJHEQLVVHQ ZlKUHQG GHU 9HUGLFKWXQJ OlVVW VLFK GHU 9HUGLFK WXQJVHUIROJ NRQWUROOLHUHQ E]Z IHVWOHJHQ RE XQG ZLH YLHOH ZHLWHUH hEHUJlQJH HUIRUGHUOLFK VLQG
2EHUIOlFKHQYHUIHVWLJXQJ PLW %LQGHPLWWHOQ 'DV %DXYHUIDKUHQ LP hEHUEOLFN %RGHQYHUIHVWLJXQJHQ VLQG 9HUIDKUHQ EHL GHQHQ GLH :LGHUVWDQGIlKLJNHLW YRQ %|GHQ JHJHQ %HDQVSUXFKXQJ GXUFK 9HUNHKU XQG .OLPD GDXHUKDIW HUK|KW ZLUG 'HU %RGHQ ZLUG WUDJIlKLJ ZDVVHUXQHPSILQGOLFK XQG IURVWEHVWlQGLJ -H QDFK %RGHQDUW XQG .OLPD ZHUGHQ GHP %RGHQ K\GUDXOLVFKH %LQGHPLWWHO .DON .DONK\GUDW K\GUDXOLVFKHU .DON =HPHQW EHLJHPLVFKW %HL GHU 2EHUIOlFKHQYHUIHVWLJXQJ XQWHUVFKHLGHW PDQ GDV %DXPLVFKYHUIDKUHQ PL[HGLQSODFH XQG GDV =HQWUDOPLVFKYHUIDKUHQ PL[HGLQSODQW %HLP %DXPLVFKYHUIDKUHQ ZLUG GHU %RGHQ DXIJHULVVHQ ]HUNOHLQHUW VRZHLW HUIRUGHUOLFK DQJHIHXFKWHW XQG QDFK (UUHLFKHQ HLQHU JOHLFKPl LJHQ 'XUFKIHXFKWXQJ XQG =HUNOHLQHUXQJ PLW GHP %LQGHPLWWHO YHUPLVFKW 'DV %LQGHPLWWHO ZLUG PDVFKLQHOO JOHLFKPlLJ YHUWHLOW XQG HLQJHPLVFKW $QVFKOLHHQG ZLUG GDV %RGHQ %LQGHPLWWHO*HPLVFK YHUGLFKWHW %HLP =HQWUDOPLVFKYHUIDKUHQ ZLUG GHU ]X YHUIHVWLJHQGH %R GHQ PLW GHQ %LQGHPLWWHOQ LQ HLQHU 0LVFKDQODJH JHPLVFKW XQG DQVFKOLHHQG ]XU (LQEDXVWHOOH WUDQVSRUWLHUW 1DFKIROJHQG ZLUG GDV %DXPLVFKYHUIDKUHQ HUOlXWHUW 'LHVHV ZLUG ZHLW KlXILJHU DQJHZHQGHW XQG XQWHUVFKHLGHW VLFK YRP =HQWUDOPLVFKYHUIDKUHQ QXU GDULQ GDVV GHU %RGHQ QLFKW YRU 2UW VRQGHUQ LQ HLQHU 0LVFKDQODJH PLW GHQ HUIRUGHUOLFKHQ %LQGHPLWWHOQ YHUPLVFKW ZLUG 'LH 9HUWHLOXQJ XQG GDV (LQPLVFKHQ GHV =HPHQWHV GUIHQ QLFKW XQPLWWHOEDU QDFK GHP (LQIUl VHQ GHV .DONHV HUIROJHQ GD GLH 5HDNWLRQHQ YRQ .DON XQG %RGHQ HLQH UHODWLY ODQJH =HLW LQ $QVSUXFK QHKPHQ =ZLVFKHQ GHU %RGHQYHUEHVVHUXQJ PLW .DON XQG GHU K\GUDXOLVFKHQ 9HUIHV WLJXQJ PLW =HPHQW VROOWH PLQGHVWHQV HLQ 7DJ $UEHLWVXQWHUEUHFKXQJ OLHJHQ ,VW GHU %RGHQ ]X WURFNHQ ZLH GLHV EHL JOHLFKN|UQLJHQ 6DQGHQ VFKRQ QDFK NXU]HQ 7URFNHQSH ULRGHQ KlXILJ GHU )DOO LVW PXVV HU YRU GHP 9HUWHLOHQ GHV =HPHQWHV YRUJHQlVVW ZHUGHQ %HL VWDUNHQ 1LHGHUVFKOlJHQ PXVV DXI GDV 9HUWHLOHQ YRQ %LQGHPLWWHOQ YHU]LFKWHW ZHUGHQ XP HLQ $XVVFKZHPPHQ GHV %LQGHPLWWHOV ]X YHUPHLGHQ :LUG GXUFK GLH 1LHGHUVFKOlJH GHU IU GLH DXVUHLFKHQGH 9HUGLFKWXQJ IHVWJHOHJWH :DVVHUJHKDOW GHV %RGHQV EHUVFKULWWHQ PVVHQ GLH $UEHLWHQ VR ODQJH XQWHUEURFKHQ ZHUGHQ ELV GHU %RGHQ DXVUHLFKHQG DEJHWURFNQHW LVW %HL VWDU NHQ :LQGHQ LVW GDV 9HUWHLOHQ GHV %LQGHPLWWHOV HLQ]XVWHOOHQ *HIURUHQHU %RGHQ GDUI QLFKW YHU IHVWLJW ZHUGHQ 'LH 9HUWHLOXQJ GHV %LQGHPLWWHOV HUIROJW PLW 6WUHXJHUlWHQ %HL GHP QDFKIROJHQGHQ (LQVDW] GHU 9HUIHVWLJXQJVJHUlWH LVW JHJHEHQHQIDOOV ZlKUHQG GHV 0LVFKYRUJDQJHV VR YLHO :DVVHU ]X]XJHEHQ GDVV GHU IU GLH 9HUGLFKWXQJ QRWZHQGLJH :DV
2EHUIOlFKHQYHUIHVWLJXQJ PLW %LQGHPLWWHOQ
VHUJHKDOW GHV %RGHQ%LQGHPLWWHO*HPLVFKHV HUUHLFKW ZLUG 'DV 9HUWHLOHQ XQG GDV (LQIUlVHQ GHV %LQGHPLWWHOV VROOWHQ JUXQGVlW]OLFK XQPLWWHOEDU KLQWHUHLQDQGHU HUIROJHQ %HL GHU 9HUIHVWLJXQJ LVW ]X EHDFKWHQ GDVV ]ZHL EHQDFKEDUWH 0LVFKVSXUHQ EHUODSSHQG KHUJH VWHOOW ZHUGHQ XQG NHLQH XQEHKDQGHOWHQ %RGHQVWUHLIHQ YHUEOHLEHQ 8QPLWWHOEDU QDFK %HHQGL JXQJ GHV 'XUFKPLVFKHQV ZLUG PLW GHU 9HUGLFKWXQJ EHJRQQHQ 8P HLQH HLQZDQGIUHLH 9HUELQGXQJ YRQ GQQHQ /DJHQ HLQHV %RGHQ%LQGHPLWWHO*HPLVFKHV PLW HLQHU GDUXQWHU OLHJHQGHQ EHUHLWV YHUGLFKWHWHQ %RGHQYHUIHVWLJXQJ KHU]XVWHOOHQ PXVV GLH .RQWDNWIOlFKH DXIJHUDXW ZHUGHQ 'HU 9HUDUEHLWXQJV]HLWUDXP IU GDV %RGHQ%LQGHPLWWHO *HPLVFK EHWUlJW ELV ]X GUHL 6WXQGHQ QDFK GHP $XVVWUHXHQ EHL K\GURSKRELHUWHQ =HPHQWHQ GUHL 6WXQGHQ QDFK %HJLQQ GHV 0LVFKYRUJDQJV
%RGHPHFKDQLVFKH *UXQGODJHQ 'D GXUFK GLH %HLPLVFKXQJ YRQ K\GUDXOLVFKHQ %LQGHPLWWHOQ XQG GLH KLHUDQ DQVFKOLHHQGH FKHPLVFKH 5HDNWLRQ XQG $XVNULVWDOOLVDWLRQ QHXH PLQHUDOLVFKH %LQGXQJHQ HQWVWHKHQ ZLUG GLH .RKlVLRQ XQG GDPLW GLH 6FKHUIHVWLJNHLW LP %RGHQ HUK|KW 'LH ERGHQYHUIHVWLJHQGH :LUNXQJ GHU %RGHQEHKDQGOXQJ WULWW QDFK GHP 9HUGLFKWHQ GHV %RGHQV HLQ 'HU DQVWHKHQGH ]X YHUIHVWLJHQGH %RGHQ PXVV EHL GHU 2EHUIOlFKHQYHUIHVWLJXQJ JOHLFKPlLJ YRUYHUGLFKWHW XQG HLQ SURILOJHUHFKWHV 3ODQXP KHUJHVWHOOW ZHUGHQ (QWKlOW GHU ]X YHUIHVWLJHQGH %RGHQ 6WHLQH YRQ PHKU DOV PP 'XUFKPHVVHU VR VLQG GLHVH XP GLH *HUlWH ]X VFKRQHQ XQG $UEHLWVXQWHUEUHFKXQJHQ ]X YHUPHLGHQ ] % PLW (JJHQ ]X HQWIHUQHQ hEHUVWHLJW GHU :DVVHUJHKDOW GHV ]X YHUIHVWLJHQGHQ %RGHQV GHQ IU GLH 9HUGLFKWXQJ RSWLPD OHQ :HUW XQG LVW HV QLFKW ]X HUZDUWHQ GDVV GHU :DVVHUJHKDOW GXUFK QDWUOLFKH 9HUGXQVWXQJ DEQLPPW NDQQ GHU %RGHQ GXUFK $XIORFNHUXQJ EHOIWHW ZHUGHQ XP GDV 9HUGXQVWHQ ]X EH VFKOHXQLJHQ 9HUVSULFKW GLHVH 0DQDKPH ZHQLJ (UIROJ NDQQ )HLQNDON DXI GLH ]X EHKDQGHOQ GHQ )OlFKHQ JOHLFKPlLJ DXIJHEUDFKW XQG PLQGHVWHQV LQ GHU 0lFKWLJNHLW GHU ]XNQIWLJHQ %RGHQYHUIHVWLJXQJ HLQJHIUlVW ZHUGHQ
'DV %DXYHUIDKUHQ
%HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'DV %DXPLVFKYHUIDKUHQ ZLUG VHLQHUVHLWV LQ ]ZHL 9HUIDKUHQ XQWHUVFKLHGHQ ± %RGHQVWDELOLVLHUHQ PLW .DONHQ ± %RGHQVWDELOLVLHUHQ PLW =HPHQWHQ
%DXJUXQGYHUEHVVHUXQJ
7HLOSUR]HVVH EHLP 6WDELOLVLHUHQ PLW .DONHQ 'HU .DON ZLUG PLW HLQHP 6WUHXJHUlW JHQDX GRVLHUW YRUJHVWUHXW $XI HLQH ]XVlW]OLFKH %H ZlVVHUXQJ GHV %RGHQV ZLUG YHU]LFKWHW GD GLH ]X YHUEHVVHUQGHQ %|GHQ HLQHQ EHUVFKV VLJHQ :DVVHUJHKDOW DXIZHLVHQ GHU JHEXQGHQ ZHUGHQ VROO $XIIUlVHQ XQG (LQPLVFKHQ GHU .DONH LQ GHQ %RGHQ 'HU $UEHLWVIRUWVFKULWW ULFKWHW VLFK QDFK GHU 9HUDUEHLWEDUNHLW GHV %RGHQV XQG GHU /HLVWXQJVIlKLJNHLW GHU HLQJHVHW]WHQ %RGHQ VWDELOLVLHUXQJVJHUlWH (V HQWVWHKW HLQ NUPHOLJHV *HPLVFK PLW UHGX]LHUWHP :DVVHUJHKDOW 3ODQLHUHQ XQG 3URILOLHUHQ GHV DXIEHUHLWHWHQ %RGHQ.DON*HPLVFKHV PLW JHHLJQHWHQ (UG EDXPDVFKLQHQ %HYRU]XJW ZHUGHQ KLHU *UDGHU HLQJHVHW]W MHGRFK QXU ZHQQ VLFK NHLQH 9HUGUFNXQJHQ GXUFK GDV 5DGIDKUZHUN HLQVWHOOHQ $QVRQVWHQ VLQG 3ODQLHUUDXSHQ HLQ]X VHW]HQ 9HUGLFKWHQ GHV SURILOLHUWHQ %RGHQV PLW HQWVSUHFKHQGHP 9HUGLFKWXQJVJHUlW 'D HV VLFK LP 5HJHOIDOO XP JU|HUH )OlFKHQ KDQGHOW ZHUGHQ KLHU 7DQGHPZDO]HQ RGHU :DO]HQ]JH EH YRU]XJW HLQJHVHW]W :DO]HQ]JH PLW 6FKDIIX RGHU 6WDPSIIXEDQGDJHQ N|QQHQ ]XU 9RU YHUGLFKWXQJ HLQJHVHW]W ZHUGHQ 'LH 6FKOXVVYHUGLFKWXQJ LVW GDQQ PLW HLQHU *ODWWPDQWHO EDQGDJHQZDO]H GXUFK]XIKUHQ 7HLOSUR]HVVH EHLP 6WDELOLVLHUHQ PLW =HPHQWHQ %HL GLHVHU 9DULDQWH JLEW HV GUHL YHUVFKLHGHQH 0|JOLFKNHLWHQ GHQ =HPHQW XQG GDV =XJDEH ZDVVHU ]X YHUPLVFKHQ 'DV =XJDEHZDVVHU ZLUG PLW HLQHP 6SUHQJZDJHQ DXI GLH ]X EHDUEHLWHQGH )OlFKH YHU VSUKW 'HU =HPHQW ZLUG PLW HLQHP 6WUHXZDJHQ HQWVSUHFKHQG GRVLHUW YRUJHVWUHXW 'HU =HPHQW ZLUG PLW HLQHP 6WUHXZDJHQ GRVLHUW YRUJHVWUHXW XQG GDV =XJDEHZDVVHU ZLUG JHQDX GRVLHUW LQ $EKlQJLJNHLW YRQ GHU 9RUWULHEVJHVFKZLQGLJNHLW LQ GHQ 0LVFKUDXP EHU HLQH (LQVSUKDQODJH HLQJHVSUKW 'DV :DVVHU ZLUG EHU HLQH 6FKODXFKOHLWXQJ YRP :DV VHUZDJHQ ]XJHOHLWHW RGHU EHU HQWVSUHFKHQGH 7DQNV GHU %RGHQVWDELOLVLHUHU PLWJHIKUW =HPHQW XQG =XJDEHZDVVHU ZHUGHQ LQ HLQHU VSH]LHOOHQ 6XVSHQVLRQVPLVFKDQODJH PLF URSUR]HVVRUJHUHJHOW GRVLHUW XQG DQJHPLVFKW 'LH IHUWLJH =HPHQWVXVSHQVLRQ ZLUG EHU HLQH 6FKODXFKOHLWXQJ GHP %RGHQVWDELOLVLHUHU ]XJHIKUW XQG JHQDX GRVLHUW LQ GHQ 0LVFKUDXP HLQJHVSUKW
2EHUIOlFKHQYHUIHVWLJXQJ PLW %LQGHPLWWHOQ
3UR]HVVH XQG ]XJHK|ULJH *HUlWH 7DEHOOH 3UR]HVVH GHU 2EHUIOlFKHQYHUIHVWLJXQJ PLW %LQGHPLWWHOQ 3UR]HVV
7HLOSUR]HVV
$UEHLWVHEHQH HUVWHOOHQ ,
,,
,,,
*HUlW
%DXJHOlQGH IUHLPDFKHQ JJI 2EHUERGHQ HQWIHUQHQ *U|HUH 6WHLQH XQG :XU]HO ZHUN HQWIHUQHQ 9HUPLVFKHQ JJI :DVVHU YRUVSUKHQ JJI %RGHQ DXIUHLHQ XQG ]HUNOHLQHUQ %LQGHPLWWHO YHUWHLOHQ 9HUPLVFKHQ GXUFK $XIQHK PHQ =HUNOHLQHUQ XQG 9HUPL VFKHQ GHV %RGHQV 3URILOLHUHQ XQG 9HUGLFKWHQ 3ODQLHUHQ XQG 3URILOLHUHQ GHV %RGHQ%LQGHPLWWHO *HPLVFKHV 9HUGLFKWHQ
5DXSH 5DGODGHU
%RGHQVWDELOLVDWRU 6WUHXZDJHQ :DVVHUVSUHQJZDJHQ 6XVSHQVLRQVPLVFKZDJHQ
1DFKEHKDQGHOQ
5DGSODQLHUUDXSH *UDGHU *ODWWPDQWHOZDO]H 6WDPSIHU 3ODWWHQUWWOHU 6SUKZDJHQ
,9
JJI )HXFKWKDOWHQ GXUFK %H VSUKHQ PLW :DVVHU
'LH *HUlWH %RGHQVWDELOLVLHUHU 'LH *HUlWH GLH GHQ %RGHQ DXIUHLHQ ]HUNOHLQHUQ XQG GLH =XVFKODJVWRIIH HLQPLVFKHQ ZHUGHQ DOV %RGHQVWDELOLVLHUHU DXFK %RGHQYHUP|UWHOXQJVPDVFKLQHQ RGHU %RGHQIUlVHQ EH]HLFKQHW 6LH VLQG KHXWH ZHLWJHKHQG DOV VHOEVW IDKUHQGH 0DVFKLQHQ DXVJHELOGHW 'D PDQ VLH DXFK ]XP 5HF\FHOQ YRQ $VSKDOWEHOlJHQ HLQVHW]HQ NDQQ ZHUGHQ VLH KlXILJ DOV 5HF\FOHU EH]HLFKQHW )UKHUH *HUlWH ZDUHQ DOV $QEDXJHUlWH KLQWHU HLQHP 6FKOHSSHU RGHU 8QLPRJ NRQ]LSLHUW 'LH KHXWLJHQ *HUlWH KLQJHJHQ VLQG VSH]LHOO HQWZLFNHOWH +RFKOHLVWXQJVJHUlWH -H QDFK +HUVWHO OHU JLEW HV YHUVFKLHGHQH .RQVWUXNWLRQVPHUNPDOH 6R EHVWHKHQ HLQLJH DXV HLQHP 9RUGHU XQG +LQWHUUDKPHQ XQG HLQHU .QLFN RGHU 5DGOHQNXQJ (LQ $OOUDGDQWULHE XQG HLQH EUHLWH %HUHL IXQJ HUP|JOLFKHQ GDV $UEHLWHQ LQ VHKU ZHLFKHP XQG VWHLOHP *HOlQGH 'LH HLJHQWOLFKH $UEHLWVDXVUVWXQJ LVW GHU )UlVURWRU 'LHVHU LVW EHL DOOHQ *HUlWHQ ]ZLVFKHQ GHU 9RUGHU XQG +LQWHUDFKVH DQJHRUGQHW 'HU )UlVURWRU KDW LP 5HJHOIDOO HLQH JURH 0DVVH VR GDVV GHU 6FKZXQJUDGHIIHNW JHQXW]W ZLUG 'LH 0HLHO KDEHQ MH QDFK $UEHLWVHLQVDW] XQWHU VFKLHGOLFKH )RUPHQ 6LH VLQG DXI DXIVFKUDXEEDUHQ :HUN]HXJKDOWHUQ DQJHRUGQHW XP HLQ VFKQHOOHV XQG HLQIDFKHV :HFKVHOQ DXI GHU %DXVWHOOH ]X HUP|JOLFKHQ 'LH )LUPD &DWHUSLOODU ELHWHW IU LKUH *HUlWH YHUVFKLHGHQH 5RWRUHQ DQ 6R VLQG IU ELQGLJH XQG VFKZDFK ELQGLJH %|GHQ IU QLFKWELQGLJH %|GHQ RGHU IU DOOH %|GHQ NRQ]LSLHUWH 5RWRUHQ PLW VSH]LHOOHQ 0HLHOQ HUKlOWOLFK 'LH )LUPD :LUWJHQ GDJHJHQ VHW]W DXI HLQHQ 5RWRU GHU PLW HL QHP 5XQGVFKDIWPHLHO DOOH JHVWHOOWHQ $XIJDEHQ HUIOOW
%DXJUXQGYHUEHVVHUXQJ
%LOG %RGHQVWDELOLVLHUHU GHU )LUPD %RPDJ >>
'HU 5DXP ]ZLVFKHQ GHP 5RWRU XQG GHU $EGHFNKDXEH LVW GHU 0LVFKUDXP 'LHVHU PXVV GHU )UlVWLHIH HQWVSUHFKHQG DQJHSDVVW ZHUGHQ GD EHL JU|HUHQ 7LHIHQ PHKU %RGHQPDWHULDO JH PLVFKW ZHUGHQ PXVV XQG GHPHQWVSUHFKHQG DXFK PHKU 0LVFKUDXP EHQ|WLJW ZLUG 'DV $E VWUHLIVFKLOG VROOWH YHUVWHOOEDU DXVJHELOGHW VHLQ GD VR HLQ 9RUSODQLHUHQ HUUHLFKW ZHUGHQ NDQQ 6LQG EHLGH 6HLWHQ YHUVWHOOEDU DXVJHELOGHW NDQQ VRZRKO PLW DOV DXFK JHJHQ GLH $UEHLWVULFK WXQJ JHIUlW ZHUGHQ (LQ JHJHQOlXILJHV )UlVHQ DOVR GHU 5RWRU GUHKW VLFK HQWJHJHQ GHU $UEHLWVULFKWXQJ HU]LHOW LP $OOJHPHLQHQ HLQH EHVVHUH 'XUFKPLVFKXQJ DOV *OHLFKODXIIUlVHQ $OOH *HUlWH YHUIJHQ EHU GLH 0|JOLFKNHLW GDV =XJDEHZDVVHU EHU HLQH 6SUKDQODJH YRU RGHU LQ GHQ 0LVFKUDXP HLQ]X VSHLVHQ
%LOG 'DUVWHOOXQJ GHU 0LVFKUlXPH LQ $EKlQJLJNHLW GHU )UlVWLHIHQ >@ OLQNV NOHLQHUHU 0LVFKUDXP EHL JHULQJHQ $UEHLWVWLHIHQ UHFKWV JU|HUHU 0LVFKUDXP EHL JURHQ $UEHLWVWLHIHQ
6WUHXZDJHQ 'LH HLQJHVHW]WHQ 6WUHXZDJHQ VLQG DOV 6HOEVWIDKUHU $XIVDW]JHUlWH IU /.: RGHU DOV $QKlQ JHVWUHXJHUlW DXVJHELOGHW 6LH EHVWHKHQ LP :HVHQWOLFKHQ DXV HLQHP JHVFKORVVHQHQ VLORlKQOL FKHQ 9RUUDWVEHKlOWHU XQWHUVFKLHGOLFKHQ )DVVXQJVYHUP|JHQV HLQHP 9HUWHLOPHFKDQLVPXV XQG HLQHU 'RVLHUHLQULFKWXQJ 'DV )DVVXQJVYHUP|JHQ VROOWH QLFKW ]X NOHLQ VHLQ GD VRQVW HLQ KlXIL JHV 1DFKIOOHQ HUIRUGHUOLFK LVW ZDV HLQH 6LORDQODJH DXI GHU %DXVWHOOH HUIRUGHUQ ZUGH
2EHUIOlFKHQYHUIHVWLJXQJ PLW %LQGHPLWWHOQ
'HU 9HUWHLOEDONHQ VROOWH QLFKW VHKU KRFK EHU GHP %RGHQ DQJHEUDFKW VHLQ XP VR HLQ 9HUZH KHQ GHV =HPHQWHV XQG GLH 6WDXEHQWZLFNOXQJ ]X EHJUHQ]HQ 'LH %HUHLIXQJ E]Z GLH :DKO GHV 7UlJHUJHUlWHV VROOWH GHU %HVFKDIIHQKHLW GHV 8QWHUJUXQGHV DQJHSDVVW ZHUGHQ XP ]X WLHIH )DKUVSXUHQ E]Z HLQ )HVWIDKUHQ ]X YHUKLQGHUQ :DVVHUVSUHQJZDJHQ $XFK GLHVH *HUlWH N|QQHQ DOV 6HOEVWIDKUHU $XIVDW]JHUlWH IU /.: RGHU DOV $QKlQJHJHUlWH NRQ]LSLHUW VHLQ 6LH EHVWHKHQ DXV HLQHP JHVFKORVVHQHQ :DVVHUWDQN XQG HLQHU 9HUVSUKDQODJH +LQVLFKWOLFK GHU *HOlQGHWDXJOLFKNHLW JLOW JOHLFKHV ZLH EHL GHQ 6WUHXZDJHQ :LUG GHU :DVVHU VSUHQJZDJHQ ]XP )HXFKWKDOWHQ GHU DXIEHUHLWHWHQ 6FKLFKW HLQJHVHW]W LVW GDUDXI ]X DFKWHQ GDVV VLFK NHLQH 9HUGUFNXQJHQ RGHU VRQVWLJHQ %HVFKlGLJXQJHQ GXUFK GDV %HIDKUHQ HLQVWHO OHQ (LQH 9HUZHQGXQJ YRQ 6DQG RGHU %DOORQUHLIHQ PLW EHVRQGHUV JURHU $XIVWDQGVIOlFKH NDQQ GHP HQWJHJHQZLUNHQ 6XVSHQVLRQVPLVFKDQODJHQ 6XVSHQVLRQVPLVFKDQODJHQ YHUHLQLJHQ 6WUHXZDJHQ XQG 6SUHQJZDJHQ (LQH VROFKH LVW ] % GLH :0 GHU )LUPD :LUWJHQ 6LH EHVWHKW DXV HLQHP P JURHQ :DVVHUWDQN HLQHP P IDVVHQGHQ =HPHQWEHKlOWHU )|UGHU 'RVLHU XQG 0LVFKHLQULFKWXQJ XQG HLQHP HLJHQHQ $Q WULHEVPRWRU 'LH $QODJH LVW DXI HLQHP PLW HLQHU +LOIVOHQNXQJ YHUVHKHQHQ 6FKZHUODVWHQKlQJHU PRQWLHUW XQG NDQQ VRPLW YRQ HLQHP 5HF\FOHU DXV JHOHQNW ZHUGHQ 'LH 9RUWHLOH VROFKHU .RPSDNWDQOD JHQ VLQG HLQ JHULQJHU 3HUVRQDOEHGDUI GD ZHGHU 6WUHXZDJHQ QRFK :DVVHUZDJHQ HUIRUGHUOLFK VLQG XQG GLH $QODJH NRPSOHWW YRP 5HF\FOHU JHVWHXHUW ZLUG +LQ]X NRPPW GDV JURH )DV VXQJVYHUP|JHQ GHV =HPHQWEHKlOWHUV GHU HV HUP|JOLFKW GDVV JDQ]H 6DWWHO]JH HQWODGHQ ZHU GHQ N|QQHQ XQG VRPLW NHLQ %DXVWHOOHQVLOR HUIRUGHUOLFK ZLUG ZHOFKHV HLQ NRQWLQXLHUOLFKHV $UEHLWHQ HUP|JOLFKW 'LH 'RVLHUXQJ NDQQ VHKU JHQDX HUIROJHQ XQG GRNXPHQWLHUW ZHUGHQ 9HUGLFKWXQJVJHUlWH 'LH 9HUGLFKWXQJVJHUlWH HQWVSUHFKHQ GHQ LP .DSLWHO EHKDQGHOWHQ 0DVFKLQHQ
'LH ZLFKWLJVWHQ 6WRIIH 0DQ XQWHUVFKHLGHW EHL GHU %RGHQYHUIHVWLJXQJ GLH 9HUIHVWLJXQJ PLW =HPHQW .DON XQG 0LWWHO DXI %LWXPHQEDVLV 'LH %RGHQYHUIHVWLJXQJ PLW =HPHQW )U GLH 9HUIHVWLJXQJ PLW =HPHQW VLQG JHHLJQHW ± *UREN|UQLJH %|GHQ QDFK ',1 PLW HLQHP *U|WNRUQ YRQ ELV ]X PP ± *HULQJ ELV PLWWHO IURVWHPSILQGOLFKH JHPLVFKWN|UQLJH %|GHQ GHU *UXSSH 68 67 *8 *7 QDFK ',1 ± 6HKU IURVWHPSILQGOLFKH JHPLVFKWN|UQLJH %|GHQ GHU *UXSSHQ 68 67 *8 XQG *7 XQG IHLQN|UQLJH %|GHQ GHU *UXSSHQ 8/ 80 XQG 7/
%DXJUXQGYHUEHVVHUXQJ
%HGLQJW JHHLJQHW VLQG IROJHQGH %RGHQDUWHQ ZREHL GLH (LJQXQJ LQ VSH]LHOOHQ 3UIYHUIDKUHQ XQGRGHU GXUFK HLQH 3UREHQYHUGLFKWXQJ QDFKJHZLHVHQ ZHUGHQ PXVV ± 0LWWHO XQG DXVJHSUlJW SODVWLVFKH 7RQH 70 XQG 7$ QDFK ',1 ± *URE XQG JHPLVFKWN|UQLJH %|GHQ PLW .RUQDQWHLOHQ EHU PP 'LHVH $QWHLOH PV VHQ JHJHEHQHQIDOOV YRU GHP (LQPLVFKHQ GHV %LQGHPLWWHOV HQWIHUQW ZHUGHQ VRZHLW GLHV IU HLQH DQIRUGHUXQJVJHUHFKWH 9HUIHVWLJXQJ HUIRUGHUOLFK LVW (EHQKHLW 6FKlGHQ DP 0LVFKJHUlW HWF ± %|GHQ PLW RUJDQLVFKHQ %HLPHQJXQJHQ 8QJHHLJQHW VLQG ± 6FKOXII XQG 7RQVWHLQH ± 8QYROOVWlQGLJ YHUZLWWHUWH )HOVE|GHQ ± 2UJDQLVFKH %|GHQ ± 6HKU KHWHURJHQH %|GHQ %RGHQYHUIHVWLJXQJ PLW .DON 'LH %RGHQYHUIHVWLJXQJ PLW .DON LVW HLQ 9HUIDKUHQ EHL GHP GLH :LGHUVWDQGVIlKLJNHLW GHV %RGHQV JHJHQ %HDQVSUXFKXQJ GXUFK 9HUNHKU XQG .OLPD ODQJIULVWLJ HUK|KW ZLUG 'HU %RGHQ ZLUG KLHUGXUFK GDXHUKDIW WUDJIlKLJ ZDVVHUXQHPSILQGOLFK XQG IURVWEHVWlQGLJ %RGHQYHUIHVWL JXQJHQ PLW .DON ZHUGHQ EHLP %DX YRQ 6WUDHQ XQG :HJHQ DOOHU $UW VRZLH YRQ DQGHUHQ 9HU NHKUVIOlFKHQ DQJHZHQGHW :LUG GLH %RGHQYHUIHVWLJXQJ PLW .DON LQ GHU REHUHQ =RQH GHV 8Q WHUEDXV E]Z GHV 8QWHUJUXQGHV DXVJHIKUW NDQQ GLH 6FKLFKW DOV )URVWVFKXW]VFKLFKW DQJHVHW]W ZHUGHQ )U GLH 9HUIHVWLJXQJ JHHLJQHW ± )HLQNDON :HLIHLQNDON :DVVHUIHLQNDON ± .DONK\GUDW :HLNDONK\GUDW 'RORPLWNDONK\GUDW :DVVHUNDONK\GUDW ± +RFKK\GUDXOLVFKHU .DON (LQHQ hEHUEOLFN EHU GLH (LJQXQJ GHU %|GHQ IU GLH %RGHQYHUIHVWLJXQJ PLW .DON JLEW 7DEHOOH %RGHQYHUIHVWLJXQJ PLW ELWXPLQ|VHQ %LQGHPLWWHOQ 'DV (LQPLVFKHQ YRQ ELWXPLQ|VHQ %LQGHPLWWHOQ XQG GLH DQVFKOLHHQGH 9HUGLFKWXQJ GHV %R GHQV YHUNLWWHW GLH %RGHQWHLOFKHQ %HL ELQGLJHQ %|GHQ WULWW DXHUGHP GHU (IIHNW HLQ GDVV GLH %RGHQWHLOFKHQ GXUFK GLH 8PKOOXQJ PLW GHP %LQGPLWWHO JHJHQ :DVVHUDXIQDKPH ZHLWJHKHQG DEJHVSHUUW ZHUGHQ ZRGXUFK ELWXPLQ|V YHUIHVWLJWH ELQGLJH %|GHQ HLQH ZHWWHUXQDEKlQJLJH JOHLFK EOHLEHQGH 7UDJIlKLJNHLW KDEHQ )U GLH 9HUIHVWLJXQJ PLW ELWXPLQ|VHQ %LQGHPLWWHOQ HLJQHQ VLFK DOOH JUREN|UQLJHQ %|GHQ VRZLH GLH JHPLVFKWHQ %|GHQ GHU *UXSSH 68 *8 67 XQG *7
2EHUIOlFKHQYHUIHVWLJXQJ PLW %LQGHPLWWHOQ
%LOG .|UQXQJVEHUHLFKH IU GLH 9HUIHVWLJXQJ YRQ %|GHQ PLW YHUVFKLHGHQHQ %LQGHPLWWHOQ 7DEHOOH )U GLH %RGHQYHUIHVWLJXQJ PLW .DON JHHLJQHWH %RGHQDUWHQ PLW +LQZHLVHQ DXI GLH .DONDUW >@ .RUQJU|HQDQWHLOH LQ *HZ +DXSW JUXSSHQ QDFK ',1
PP
! PP
)HLQN|UQLJH %|GHQ
!
*5833(1 3ODVWL]LWlWV ]DKO ,3 XQG /DJH ]XU $ /LQLH
)OLH JUHQ]H Z/ LQ *HZ
.XU] ]HLFKHQ QDFK ',1
OHLFKW SODVWLVFKH
8/
PLWWHO SODVWLVFKH
ELV
80
OHLFKW SODVWLVFKH
7/
PLWWHO SODVWLVFKH
ELV
70
DXVJHSUlJW SODVWLVFKH
!
7$
%H]HLFKQXQJ
,3 *HZ RGHU XQWHU KDOE GHU $/LQLH
6FKOXIIH
,3 *HZ XQG REHU KDOE GHU $/LQLH
7RQH
)URVW HPSILQG OLFK NHLWVNODVVHQ QDFK =79(
*HHLJQHW IU IROJHQGH .DONDUWHQ QDFK ',1
) )HLQNDON
.DONK\ GUDW
+RFKK\GUDX OLVFKHU .DON )
*HPLVFKW N|UQLJH %|GHQ
!
.LHV6FKOXII*HPLVFKH .LHV7RQ*HPLVFKH
*8 *7
6DQG6FKOXII*HPLVFKH 6DQG7RQ*HPLVFKH
68 67
!
.LHV6FKOXII*HPLVFKH .LHV7RQ*HPLVFKH
*8 *7
6DQG6FKOXII*HPLVFKH 6DQG7RQ*HPLVFKH
68 67
ELV
)
ELV
)HLQNDON
.DONK\ GUDW
+RFKK\GUDX OLVFKHU .DON )
%DXJUXQGYHUEHVVHUXQJ
*URE N|UQLJH %|GHQ
%|GHQ PLW RUJDQLVFKHQ %HLPHQJXQ JHQ XQG RUJDQRJHQH %|GHQ
!
.LHVH ZHLWJHVWXIWH .LHVH LQWHUPLWWLHUHQG JHVWXIWH
*: *,
6DQGH HQJHVWXIWH 6DQGH ZHLWJHVWXIWH 6DQGH LQWHUPLWWLHUHQG JHVWXIWH
6( 6: 6,
!
,3 ! *HZ XQG XQWHU KDOE GHU $/LQLH
6FKOXIIH
7RQH
0LW RUJDQ %HLPHQJ RGHU RUJDQR JHQH
ELV
28
!
27
)
)
+RFKK\GUDX OLVFKHU .DON
)HLQNDON
.DONK\GUDW
)
*URE ELV JHPLVFKWN|UQLJH %|GHQ PLW NDONLJHQ NLHVHOLJHQ %LOGXQJHQ
2.
+RFKK\GUDX OLVFKHU .DON
) QLFKW IURVWHPSILQGOLFK ) JHULQJ ELV PLWWHO IURVWHPSILQGOLFK ) VHKU IURVWHPSILQGOLFK
QXU LQ $XVQDKPHIlOOHQ IU HLQH %RGHQYHUEHVVHUXQJ JHHLJQHW
)HLQNDON %HL hEHUVFKUHLWXQJ GHV %HUHLFKHV PLW RSWLPDOHP :DVVHUJHKDOW .DONK\GUDW ,P %HUHLFK GHV RSWLPDOHQ :DVVHUJHKDOWHV
QXU ZHQQ .|UQXQJVNULWHULHQ QDFK =79( $EVFKQLWW HUIOOW VLQG VRQVW ]X ) JHK|ULJ
'HU 3HUVRQDOEHGDUI (LQH .RORQQH VHW]W VLFK ZLH IROJW ]XVDPPHQ 6FKDFKWPHLVWHU %HDXIVLFKWLJXQJ XQG 'RNXPHQWDWLRQ *HUlWHIKUHU :DVVHUVSUHQJ6WUHXZDJHQ %RGHQVWDELOLVLHUHU :DO]H
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ 7DEHOOH 7\SLVLHUXQJ GHU *HUlWH GLH LQ GHQ +DXSWSUR]HVVHQ ]XP (LQVDW] NRPPHQ 3UR]HVV
7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
JJI :DVVHU YRU VSUKHQ
,,
,,,
JJI %RGHQ DXIUHL HQ XQG ]HUNOHL QHUQ %LQGHPLWWHO YHUWHL OHQ 9HUPLVFKHQ GHV %RGHQV 3ODQLHUHQ XQG 3UR ILOLHUHQ GHV %RGHQ %LQGHPLWWHO *HPLVFKHV 9HU GLFKWHQ
3HUVRQDO EHGDUI
/.: :DVVHUZDJHQ DXIEDX 3ODQLHUUDXSH +HFNDXIUHLHU
3 ÂÂÂ 3 Â$/
0DVFKLQLVW
' ÂÂÂ ' Â
0DVFKLQLVW
6WUHXZDJHQ
( ÂÂÂ
0DVFKLQLVW
5DGODGHU %RGHQVWDELOL VLHUHU
' ÂÂÂ ( ÂÂÂ
0DVFKLQLVW
6LHKH .DSLWHO
.DONXODWRULVFKH /HLVWXQJVZHUWH PK PK PK PK
2EHUIOlFKHQYHUIHVWLJXQJ PLW %LQGHPLWWHOQ
7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ EHL GHU 2EHUIOlFKHQYHUIHVWLJXQJ PLW %LQGHPLWWHOQ
6RQVWLJHV
2EHUIOlFKHQ YHUIHVWLJXQJ
7lWLJNHLW
$XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ
*JI ]X JURH 6WHLQH YRP $UEHLWVIHOG HQWIHUQHQ
PLQP
*JI .DON HLQIUlVHQ XP GHQ %RGHQ ]X WURFNQHQ
PLQP
9HUIHVWLJXQJVOHLVWXQJ
FD PK
.RQWUROOSUIXQJHQ
%DXVWHOOHQHLQULFKWXQJ $QODXI]HLW DP 0RUJHQ E]Z $EEDX]HLW DP $EHQG *HUlWHDXVIDOO
7DJH PLQ SUR 7DJ 6WXQGHQ LQ GHU :RFKH
5lXPHQ GHU %DXVWHOOH
7DJH
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ )U GLH %RGHQYHUIHVWLJXQJ XQG YHUEHVVHUXQJ PLW %LQGHPLWWHOQ JHOWHQ HQWVSUHFKHQG GLH =7996W% XQG GLH 799/: 'LH =7996W% LVW GDUDXI DEJHVWHOOW GDVV GLH 92% 7HLO & LQVEHVRQGHUH GLH $79 ',1 XQG $79 ',1 %HVWDQGWHLO GHV %DXYHUWUD JHV VLQG 'LH /HLVWXQJVEHVFKUHLEXQJ VROOWH IROJHQGH ,QIRUPDWLRQHQ HQWKDOWHQ ± %DXPLVFKYHUIDKUHQ RGHU =HQWUDOPLVFKYHUIDKUHQ ± %LQGHPLWWHODUW XQG %LQGHPLWWHOJHKDOW ± (LQEDXGLFNH ± 9HUGLFKWXQJVJUDG ± 9HUDUEHLWXQJV]HLW (V VROOWHQ DXFK ,QIRUPDWLRQHQ ]XU +HUVWHOOXQJ GHU $UEHLWVHEHQH JHJHEHQ ZHUGHQ ZHQQ GLHVH ]XU %HIHXFKWXQJ YRUKHU PLW :DVVHU EHVSUKW RGHU EHL ]X IHXFKWHQ %|GHQ PLW .DON JHWURFN QHW ZHUGHQ PXVV $XFK ZHQQ GHU 2EHUERGHQ SIODQ]OLFKH %HVWDQGWHLOH RGHU 6WHLQH ]X HQWIHUQHQ VLQG LVW GLHV PLW LQ GLH /HLVWXQJVEHVFKUHLEXQJ DXI]XQHKPHQ 'D]X JHK|UW DXFK GDV P|JOLFKH 1DFKYHU GLFKWHQ XQG DQGHUH 0DQDKPHQ GLH ]X 9RUEHUHLWXQJ GHU 8QWHUODJH GLHQHQ 'LH IU GLH $XVIKUXQJ LQ $EKlQJLJNHLW YRP =ZHFN PDJHEHQGHQ $QIRUGHUXQJHQ VLQG H EHQIDOOV LP /9 DQ]XJHEHQ 'LH %LQGHPLWWHO ZHUGHQ JHUHJW LQ IROJHQGHQ 1RUPHQ ± ',1 =HPHQW ± 7HLO ± ',1 %DXNDON ± 7HLO ± ',1 +\GUDXOLVFKH %LQGHPLWWHO IU 7UDJVFKLFKWHQ
%DXJUXQGYHUEHVVHUXQJ
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 'LH $QIRUGHUXQJHQ DQ GLH 4XDOLWlW HUVWUHFNHQ VLFK DXI GLH ]XU 9HUIHVWLJXQJ YRUJHVHKHQH 6FKLFKW XQG GLH YHUIHVWLJWH 6FKLFKW %HL GHU ]XU 9HUIHVWLJXQJ YRUJHVHKHQHQ 6FKLFKW PXVV GHU 9HUGLFKWXQJVJUDG 'SU PLQGHVWHQV EHWUDJHQ IDOOV GLH 6FKLFKW ]XP 2EHUEDX JHK|UW RGHU GLH REHUH /DJH HLQHV IURVWVLFKHUHQ 8QWHUJUXQGHV RGHU 8QWHUEDXV LVW ,Q DOOHQ )lOOHQ LVW GHU %RGHQ VR ]X YHUGLFKWHQ GDV PLQGHVWHQV GHU LQ GHU =79(6W% IU GLH YHUVFKLHGHQHQ %R GHQDUWHQ YRUJHVFKULHEHQH 9HUGLFKWXQJVJUDG 'SU HUUHLFKW ZLUG %HL GHU ]X YHUIHVWLJHQGHQ 6FKLFKW GDUI XQPLWWHOEDU QDFK $EVFKOXVV GHU 9HUGLFKWXQJ EHL %R GHQ=HPHQW E]Z %RGHQ.DON*HPLVFKHQ GHU 9HUGLFKWXQJVJUDG GHU 3URFWRUGLFKWH QLFKW XQWHUVFKULWWHQ ZHUGHQ %HL *HPLVFKHQ DXV %RGHQ XQG ELWXPLQ|VHQ %LQGHPLWWHOQ PXVV GLH YHUIHVWLJWH 6FKLFKW PLQ GHVWHQV GHU 'LFKWH GHV QDFK GHP 9HUIDKUHQ YRQ 0DUVKDOO KHUJHVWHOOWHQ 3UREHN|USHUV DXIZHLVHQ :HLWHUH $QIRUGHUXQJHQ EH]LHKHQ VLFK DXI GLH SURILOJHUHFKWH /DJH (EHQKHLW (LQ EDXGLFNH XQG YHUZHQGHWH %LQGHPLWWHOPHQJH 'LH 4XDOLWlWVDQIRUGHUXQJHQ ZHUGHQ GXUFK .RQWUROOHQ YRU ZlKUHQG XQG QDFK GHU %DXDXVIK UXQJ EHUSUIW =XP 1DFKZHLV GHU (LJQXQJ GHU %DXVWRIIH XQG GHU %RGHQ%LQGHPLWWHO *HPLVFKH IU GHQ YRUJHVHKHQHQ 9HUZHQGXQJV]ZHFN VLQG UHFKW]HLWLJ YRU %DXEHJLQQ (LJ QXQJVSUIXQJHQ GXUFK]XIKUHQ 'HU KLHUIU HUIRUGHUOLFKH =HLWDXIZDQG EHWUlJW FD :RFKHQ 'LH 3UIXQJHQ HUVWUHFNHQ VLFK EHLP ]X YHUIHVWLJHQGHQ %RGHQ ] % DXI GHQ :DVVHUJHKDOW GLH 3URFWRUGLFKWH XQG RSWLPDOHQ :DVVHUJHKDOW HLQD[LDOH 'UXFNIHVWLJNHLW XQG )URVWEHVWlQGLJNHLW 'LH 3UIXQJHQ YRU %DXEHJLQQ HQWVFKHLGHQ EHU GLH %UDXFKEDUNHLW GHV DQVWHKHQGHQ %RGHQV VRZLH EHU GLH $QZHQGEDUNHLW GHV YRUJHVHKHQHQ 9HUIDKUHQV ]XU %RGHQYHUIHVWLJXQJ 'LH 3UIXQJHQ ZlKUHQG GHU %DXDXVIKUXQJ VROOHQ VLFKHUVWHOOHQ GDVV GLH *WHHLJHQVFKDIWHQ GHU %DXVWRIIH GHU %RGHQ%LQGHPLWWHO*HPLVFKH XQG GHU IHUWLJHQ /HLVWXQJ GHQ YHUWUDJOLFKHQ $QIRUGHUXQJHQ HQWVSUHFKHQ 6LH ZHUGHQ DOV (LJHQEHUZDFKXQJVSUIXQJHQ XQG DOV .RQWUROO SUIXQJHQ GXUFKJHIKUW
9HUIHVWLJXQJ GXUFK ,QMHNWLRQHQ 'DV %DXYHUIDKUHQ LP hEHUEOLFN ,QMHNWLRQHQ DXI GHU %DVLV YRQ =HPHQW 7RQ 6LOLNDWJHO XQG .XQVWKDU] LQ )RUP YRQ /|VXQJHQ 6XVSHQVLRQHQ 3DVWHQ XQG (PXOVLRQHQ HUIROJHQ LQ +RKOUlXPH 5LVVH .OIWH XQG 3RUHQ GHV 8QWHUJUXQGHV RGHU LQ VFKDGKDIWH )XQGDPHQWH XQG %DXZHUNH DXV 0DXHUZHUN XQG %HWRQ RGHU DXFK 'lPPH DXV (UG XQG 6WHLQVFKWWXQJHQ ,VW GLH 9HUELQGXQJ ]ZLVFKHQ GHQ PLW :DVVHU RGHU /XIW JHIOOWHQ +RKOUlXPHQ IU GDV (LQ SUHVVPLWWHO GXUFKJlQJLJ VR N|QQHQ GLHVH PLW +LOIH HLQHV 5DVWHUV YRQ %RKUXQJHQ XQG (LQ SUHVVODQ]HQ PLW JHULQJHP (LQSUHVVGUXFN DXIJHIOOW ZHUGHQ RKQH GLH YRUKDQGHQH 6WUXNWXU GHU .OXIW XQG 3RUHQV\VWHPH ]X lQGHUQ
9HUIHVWLJXQJ GXUFK ,QMHNWLRQHQ
%HL HLQHP JHULQJ GXUFKOlVVLJHQ 8QWHUJUXQG N|QQHQ PLW K|KHUHP K\GUDXOLVFKHQ 'UXFN LQ GHQ )OLHZHJHQ GHV (LQSUHVVPLWWHOV ]XVlW]OLFK ]X GHQ YRUKDQGHQHQ .OIWHQ XQG 3RUHQ QHXH RGHU HUZHLWHUWH )OLHZHJH DXIJHEURFKHQ XQG JHIOOW ZHUGHQ ,P *HJHQVDW] ]XP 'VHQVWUDKOYHUIDKUHQ HUIROJW DXFK EHL GHU $XIEUHFKHLQSUHVVXQJ NHLQH 9HUPLVFKXQJ GHV (LQSUHVVPLWWHOV PLW GXUFK GHQ (LQSUHVVYRUJDQJ JHORFNHUWHP XQG ORVJHO|V WHP %RGHQ
%LOG $UEHLWVVFKULWWH EHLP ,QMHNWLRQVYHUIDKUHQ >@
%RGHQPHFKDQLVFKH *UXQGODJHQ 0LW GHU $XIIOOXQJ YRQ +RKOUlXPHQ PLW HLQHP (LQSUHVVPLWWHO GDVV QDFK HLQHU IOVVLJHQ SXPSIlKLJHQ 3KDVH HUKlUWHW LVW HLQH $EGLFKWXQJ XQG HLQH 9HUIHVWLJXQJ YHUEXQGHQ 'XUFK GLH :DKO GHV (LQSUHVVPLWWHOV NDQQ GLH HLQH RGHU DQGHUH :LUNXQJ YHUVWlUNW ZHUGHQ 'LH 5HLFKZHLWH GHU (LQSUHVVXQJ ZLUG EHHLQIOXVVW YRQ GHP (LQSUHVVGUXFN XQG GHP =HLWSXQNW DQ GHP GDV (LQSUHVVPLWWHO HUKlUWHW RGHU GLH )HVWVWRIIWHLOFKHQ VHGLPHQWLHUHQ XQG GLH )OLHZH JH YHUVWRSIHQ =X KRKHU 'UXFN DXI JU|HUH (LQSUHVVEHUHLFKH NDQQ DXFK ]X XQHUZQVFKWHU +HEXQJ YRQ %DXZHUNHQ RGHU GHU *HOlQGHREHUIOlFKH IKUHQ 'XUFK HLQH KRKH 9LVNRVLWlW XQG HLQH JHULQJH (LQSUHVVJHVFKZLQGLJNHLW NDQQ GLH 9HUPLVFKXQJ GHV (LQSUHVVPLWWHOV PLW GHP *UXQGZDVVHU HLQJHVFKUlQNW ZHUGHQ 'DV *UXQGZDVVHU VROO DXV GHQ +RKOUlXPHQ ZHLWJHKHQG YHUGUlQJW ZHUGHQ >@
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 1DFKIROJHQG ZHUGHQ GLH 7HLOSUR]HVVH GHU ,QMHNWLRQVDUEHLWHQ ]XU +HUVWHOOXQJ HLQHV 8QWHUIDQ JXQJVN|USHUV EHVFKULHEHQ
%DXJUXQGYHUEHVVHUXQJ
+HUVWHOOHQ HLQHU YHUURKUWHQ RGHU XQYHUURKUWHQ ZDVVHU RGHU OXIWJHVSOWHQ %RKUXQJ EHL JH HLJQHWHQ %|GHQ NDQQ GDV ,QMHNWLRQVORFK DXFK JHUDPPW RGHU JHUWWHOW ZHUGHQ %HL ELQGLJHQ %|GHQ LVW HLQH XQYHUURKUWH LQ QLFKWELQGLJHQ %|GHQ HLQH YHUURKUWH XQG VXVSHQVLRQVJHVWW]WH %RKUXQJ P|JOLFK 'LH 6XVSHQVLRQ EHUQLPPW GDEHL GLH .KOXQJ GHV %RKUNRSIHV XQG GHQ %RKUJXWWUDQVSRUW %HL ZHLFKHQ 8QWHUJUQGHQ NDQQ DXFK HLQ (LQUWWHOQ GHV 0DQWHOV HUIROJHQ 'XUFK GDV (LQIOOHQ GHU 6SHUUIOVVLJNHLW ZLUG GLH %RKUVXVSHQVLRQ E]Z GDV 6SOZDVVHU YHU GUlQJW +lXILJ ZLUG GLH 6SHUUIOVVLJNHLW VFKRQ YRUKHU DOV %RKUVXVSHQVLRQ YHUZHQGHW VR GDVV GLH 9HQWLOURKUH JOHLFK QDFK GHP %RKUHQ HLQJHVWHOOW XQG IL[LHUW ZHUGHQ 'LH 6SHUUIOVVLJNHLW YHUKLQGHUW GDV $XIVWHLJHQ GHV ,QMHNWLRQVJXWHV LP 5LQJUDXP 1DFK GHP $XVKlUWHQ GHV 6SHUUPLWWHOV ZHUGHQ GLH 3DFNHU JHVHW]W XQG GDV 9HQWLOURKU DEJH GLFKWHW 'XUFK HLQHQ ]XQlFKVW JU|HUHQ 'UXFN ZLUG GDV 6SHUUPLWWHO DXIJHVSUHQJW 'DQDFK ZLUG GHU 'UXFN DXI :HUWH ]ZLVFKHQ XQG EDU JHVHQNW 'LH HUIRUGHUOLFKH (LQSUHVVPHQJH ZLUG YRUKHU HUPLWWHOW 'LH (LQSUHVVUDWH OLHJW EHL ELV OPLQ 'DQDFK ZHUGHQ GLH 3DFNHU JHO|VW HWZDV JH]RJHQ QHX DEJHGLFKWHW XQG HUQHXW YHU SUHVVW 'LHVH 9RUJlQJH ZHUGHQ ZLHGHUKROW ELV DXFK GDV OHW]WH 9HQWLO YHUSUHVVW ZXUGH 3UR]HVVH XQG ]XJHK|ULJH *HUlWH 7DEHOOH 3UR]HVVH GHV ,QMHNWLRQVYHUIDKUHQ
,
3UR]HVV 9RUEHUHLWHQGH 0D QDKPHQ ,QMHNWLRQ PLW 0DQ VFKHWWHQURKUHQ
,,
5lXPHQ XQG 5HLQL JHQ GHV %DXIHOGHV ,,,
7HLOSUR]HVV )UHLUlXPHQ GHV %DXIHOGHV 9RUODXIJUDEHQ DQOHJHQ QXU EHL 1DVVERKUXQJ +HUVWHOOHQ GHV %RKUORFKHV (LQEDX GHV 0DQVFKHWWHQURKUHV 3DFNHU VHW]HQ XQG VWXIHQZHLVH 9HUSUHVVHQ JJI HUQHXWHV 9HUSUHVVHQ GHU HLQ ]HOQHQ 6WXIHQ (QWVRUJXQJ YRQ DQIDOOHQGHQ 5HVW VWRIIHQ 9HUIOOHQ GHV 9RUODXIJUDEHQV JJI 5HLQLJXQJ YRQ EHQXW]WHQ )OlFKHQ
*HUlWH 5DXSH 5DGODGHU :DO]H HWF
%RKUJHUlW 6SOSXPSH 0LVFKDQODJH 9HUSUHVVSXPSH 0LVFK XQG 9HUSUHVVHLQKHLW 5FNIOXVVSXPSH (QWVDQGXQJVDQODJH
5DGODGHU
'LH *HUlWH %RKUJHUlWH 'LH PHLVWHQ %RKUPDVFKLQHQ IU ,QMHNWLRQVERKUXQJHQ VLQG KHXWH VHOEVW IDKUHQG 1XU VFKZHUH %RKUPDVFKLQHQ RGHU VROFKH ]XP %RKUHQ LQ VHKU EHHQJWHQ 5lXPHQ VLQG DXI 6FKOLWWHQ RGHU 6WDKOJHVWHOOHQ PRQWLHUW GLH JHJHQ :lQGH XQG 'HFNHQ YHUVSDQQW ZHUGHQ N|QQHQ (V ZHUGHQ QHEHQ GHQ QDFKIROJHQG EHVFKULHEHQHQ %RKUJHUlWHQ DXFK JU|HUH 0DVFKLQHQ ZLH ] % 7UDJ UDXSHQ IU GDV 5WWHOVWRSIYHUIDKUHQ HLQJHVHW]W
9HUIHVWLJXQJ GXUFK ,QMHNWLRQHQ
%LOG 5DXSHQIDKUEDUH %RKUPDVFKLQH >@
'LH %RKUZDJHQ XQG VFKOLWWHQ WUDJHQ LQ GHU 5HJHO GDV $QWULHEVDJJUHJDW IU GLH )RUWEHZH JXQJ XQG GLH %RKUPDVFKLQH VRZLH +\GUDXOLNSXPSHQ IU GHQ 9RUVFKXE XQG DQGHUH %HZH JXQJHQ (LQ 6WHXHUSXOW LVW DXI GHP %RKUZDJHQ EHIHVWLJW XQG PHLVW PLW HLQHU )HUQEHGLHQXQJ ]X NRPELQLHUHQ 9LHOH %RKUDQODJHQ VLQG VR DXVJHOHJW GDVV VLH PLW 'UHKERKUPDVFKLQH XQG 6FKODJKDPPHU DXVJHUVWHW ZHUGHQ N|QQHQ 'DV *HVWlQJH LVW DQ PLQGHVWHQV ]ZHL 6WHOOHQ ]X IKUHQ XP VR GLH $EZHLFKXQJHQ ]X EHJUHQ]HQ 'LH 6SOSXPSH E]Z GHU .RPSUHVVRU IU GLH 6SOXQJ VLQG LP $OOJHPHLQHQ JHWUHQQW PLW]XIKUHQ (LQH EHLVSLHOKDIWH =XVDPPHQVWHOOXQJ YRQ %RKUPDVFKLQHQ LVW 7DEHOOH ]X HQWQHKPHQ 'LH 'UHKEHZHJXQJ GHU %RKUPDVFKLQH XQG GHU HUIRUGHUOLFKH $QGUXFN ZHUGHQ GXUFK GDV %RKUJHVWlQJH XQG GLH %RKUNURQHQ EHUWUDJHQ ,P 5HJHOIDOO EHVWHKHQ GLH *HVWlQJH DXV JODW WHQ XQG QDKWORVHQ 6WDKOURKUHQ GLH PLW ,QQHQ$XHQJHZLQGHQ GLUHNW RGHU LQGLUHNW PLWWHOV 1LSSHO PLWHLQDQGHU YHUEXQGHQ ZHUGHQ 'LH (LQ]HOOlQJHQ OLHJHQ EOLFKHUZHLVH LP %HUHLFK YRQ ELV P 'LH 1XW]XQJVGDXHU GHV %RKUJHVWlQJHV EHWUlJW HWZD ELV %RKUPHWHU 'XUFK GHQ ,QQHQUDXP GHV %RKUJH VWlQJHV ZLUG GDV 6SOPHGLXP ]XU %RKUNURQH JHI|UGHUW 'LH %RKUNURQHQ ZHUGHQ DP XQWHUHQ (QGH GHV %RKUJHVWlQJHV DXIJHVFKUDXEW RGHU DXIJHVWHFNW 6LH ]HUVFKQHLGHQ ]HUUHLEHQ RGHU ]HUWUPPHUQ GHQ DQVWHKHQGHQ %RGHQ 'LH $UW GHU %RKUNURQH KlQJW LP :HVHQWOLFKHQ YRQ GHQ ]X GXUFKERKUHQGHQ %RGHQVFKLFKWHQ DE )U /RFNHUJHVWHLQH ZHUGHQ LP 5HJHOIDOO QXU +DUWPHWDOOERKUN|SIH HLQJHVHW]W
%DXJUXQGYHUEHVVHUXQJ
7DEHOOH =XVDPPHQVWHOOXQJ YRQ %RKUPDVFKLQHQ )DEULNDW %H]HLFKQXQJ *HZLFKW $QWULHE )DKUZHUN 8QWHUEDX )DKUJHVFKZLQGLJNHLW )DKUZHUNVEUHLWH )DKUZHUNVOlQJH 6WHLJIlKLJNHLW /lQJH GHU /DIHWWH 9RUVFKXEOlQJH =LHKJHVFKZLQGLJNHLW (LOJDQJ 9RUVFKXENUDIW 5FN]XJNUDIW +\GUDXOLVFKH )|UGHU OHLVWXQJ 'UHK]DKO 'UHKPRPHQW
>NJ@
'%&
:LUWK
+DXVKHUU
+WWH
'%&
'LDPHF
%
&5 +'
+%5 0
'
(OHNWU N:
>@
5RKUJHVWHOO
(OHNWU N: 'LHVHO N: 5DXSHQ
>NPK@
>PP@ >PP@ >@
'LHVHO N: 5DXSHQ
'LHVHO N: 5DXSHQ
>PP@
>PP@ >PPLQ@
>PPLQ@
>.1@ >.1@
>OPLQ@
[
>8PLQ@
±
±
±
DQ]XSDVVHQ DQ %RKUYHUIDKUHQ
>1P@
'LHVHO N: 5DXSHQ
%RKUWXUP ELV :LQGH ELV
± ±
%HLP (LQVDW] GHU (QGORVVFKQHFNH HUVHW]W GLH 6FKQHFNH GDV QRUPDOH %RKUJHVWlQJH $OOH %RKUNURQHQ KDEHQ /|FKHU XQG .DQlOH ]XU =LUNXODWLRQ GHU %RKUVSOXQJ GHUHQ )RUP XQG $Q RUGQXQJ GLH %RKUJHVFKZLQGLJNHLW XQG GLH /HEHQVGDXHU GHU .URQH EHHLQIOXVVHQ 'LHVH KlQJW QRFK LP :HVHQWOLFKHQ YRQ GHU %RGHQDUW GHU :HUN]HXJKlUWH GHU 'UHKJHVFKZLQGLJNHLW XQG GHP %RKUGUXFN DE 'LH 9LHO]DKO GLHVHU (LQIOVVH OlVVW VFKRQ HUNHQQHQ GDVV GLH 1XW]XQJV GDXHU VLFK LQ ZHLWHQ *UHQ]HQ EHZHJW ,Q /RFNHUJHVWHLQ OLHJW GLHVH EHL ± %RKUPHWHUQ 'LH HUIRUGHUOLFKHQ 'XUFKPHVVHU ULFKWHQ VLFK QDFK GHP 'XUFKPHVVHU GHU 0DQVFKHWWHQURKUH (U EHWUlJW EOLFKHUZHLVH PLQG PP 6SOSXPSHQ 'HU 7UDQVSRUW GHV %RKUJXWHV DXV GHP %RKUORFK JHVFKLHKW PLW +LOIH HLQHU (QGORVVFKQHFNH RGHU PLW HLQHP 6SOPLWWHO $OV 6SOPLWWHO ZHUGHQ :DVVHU /XIW :DVVHU/XIW*HPLVFKH XQG 6XVSHQVLRQHQ PLW %HQWRQLW RGHU =HPHQW YHUZHQGHW 'LH *HVFKZLQGLJNHLW GHV 6SOVWURPHV PXVV GDEHL DXVUHLFKHQG JUR VHLQ XP GLH JHO|VWHQ )HVWVWRIIH QDFK REHQ ]X I|UGHUQ G K VLH PXVV JU|HU VHLQ DOV GLH $EVLQNJHVFKZLQGLJNHLW GHU 7HLOFKHQ LP 6SOPLWWHO *HEUlXFKOLFKH 6SOJHVFKZLQGLJNHLWHQ VLQG QDFK $QJDEH GHU )LUPD :LUK EHL )OVVLJNHLWHQ ELV PV XQG EHL /XIW ELV PV 'LH 6SOVWURPJHVFKZLQGLJNHLW ZLUG GXUFK GLH )|UGHUOHLVWXQJ GHU 6SOSXPSHQ EHVWLPPW G K MH PHKU 6SOPLWWHO HLQIOLHW GHVWR JU|HU ZLUG GLH 6SOVWURPJHVFKZLQGLJNHLW 'LH )|U GHUOHLVWXQJ GHU 3XPSHQ LVW GHP 6SOPHGLXP GHQ 'XUFKPHVVHUQ GHU %RKUJXWWHLOFKHQ XQG GHP 9HUKlOWQLV GHV %RKUORFKGXUFKPHVVHUV ]XP %RKUJHVWlQJH DQ]XSDVVHQ
9HUIHVWLJXQJ GXUFK ,QMHNWLRQHQ
:HUGHQ %RKUO|FKHU LQ QLFKWELQGLJHQ %|GHQ DEJHWHXIW ZHUGHQ KlXILJ )XWWHU RGHU 0DQWHOURK UH QRWZHQGLJ XP GDV %RKUORFK YRU VHLWOLFKHQ (LQEUFKHQ ]X VFKW]HQ 'LH )XWWHUURKUH VLQG LQQHQ XQG DXHQ JODWWH QDKWORVH 5RKUH GLH RKQH 9HUELQGHU PLWHLQDQGHU YHUVFKUDXEW ZHUGHQ 'LH 'XUFKPHVVHU GHV %RKUORFKHV GHU )XWWHUURKUH XQG GHU %RKUNURQH PVVHQ VRUJIlOWLJ DXI HLQDQGHU DEJHVWLPPW VHLQ 7DEHOOH 7HFKQLVFKH 'DWHQ YRQ 6SOSXPSHQ )DEUL NDW '%&
%H]HLFKQXQJ
7ULGR
)|UGHUPHQJH 'UXFN /lQJH >OPLQ@ >01P@ >PP@
%UHLWH >PP@
+|KH >PP@
*H ZLFKW >NJ@
'LHVHO
±
(OHNWU
'LHVHO
±
(OHNWU
±
/.( ô´[´ (OHNWU
±
/.( ò´[´
±
7ULGR
:LUWK
$QWULHE >N:@
(OHNWU
)U GHQ 7HLOEHWULHE Ä,QML]LHUHQ³ VLQG IROJHQGH +LOIVPLWWHO E]Z *HUlWH HUIRUGHUOLFK ± 0DQVFKHWWHQURKUH ± 0LVFKHU XQG 5KUZHUNH ± ,QMHNWLRQVSXPSHQ ± 9RUUDWVEHKlOWHU GHU (LQ]HONRPSRQHQWHQ ± 'RVLHU XQG 5HJLVWULHUJHUlWH 0DQVFKHWWHQURKUH 'LH YHUZHQGHWHQ 0DQVFKHWWHQURKUH VLQG DXV .XQVWVWRII RGHU 0HWDOO ZREHL LP $OOJHPHLQHQ .XQVWVWRIIURKUH DQJHZHQGHW ZHUGHQ ,Q JHZLVVHQ $EVWlQGHQ VLQG GLHVH JHORFKW 'LH gIIQXQ JHQ VLQG PLW *XPPLVFKOlXFKHQ EHUGHFNW GLH VLFK XQWHU GHP ,QMHNWLRQVGUXFN DXIEOlKHQ GDV ,QMHNWLRQVJXW DXVWUHWHQ ODVVHQ XQG VLFK DQVFKOLHHQG QDFK $EQDKPH GHV 'UXFNV ZLHGHU YHU VFKOLHHQ 'HU 9RUJDQJ NDQQ EHOLHELJ RIW ZLHGHUKROW ZHUGHQ 'HU $EVWDQG GHU 9HQWLOH EHWUlW VWDQGDUGPlLJ FP 'LH ,QQHQGXUFKPHVVHU GHU 0DQVFKHWWHQURKUH EHWUDJHQ ELV PP 'LH +HUVWHOOOlQJHQ UHLFKHQ YRQ FP ELV ]X PHKUHUHQ 0HWHUQ GLH (LQ]HOOlQJHQ ZHUGHQ PLW HLQDQGHU ]X GHQ HUIRUGHUOLFKHQ /lQJHQ GLFKW YHUVFKUDXEW 'LH $EGLFKWXQJ REHUKDOE XQG XQ WHUKDOE HLQHV 9HQWLOV JHVFKLHKW PLWWHOV 'RSSHOSDFNHUQ
%DXJUXQGYHUEHVVHUXQJ
%RKUORFK
9HQWLOURKU
6SHUUPLWWHO
3DFNHU
3DFNHUJHVWlQJH RGHU VFKODXFK
(UKlUWHWHV ,QMHNWLRQVJXW
9HUGLFKWHWHU %DXJUXQG %LOG =HPHQWVNHOHWW HLQHU $XIEUXFKLQMHNWLRQ >@
0LVFKHU XQG 5KUZHUNH 'LH ]XP 9HUSUHVVHQ QRWZHQGLJHQ ,QMHNWLRQVPLWWHO ZHUGHQ LQ 0LVFKVWDWLRQHQ HQWVSUHFKHQG KHUJHVWHOOW DXIEHUHLWHW XQG PLWWHOV 9HUSUHVVVWDWLRQ LQ GHQ 8QWHUJUXQG YHUSUHVVW 'LH 9HU SUHVV XQG 0LVFKVWDWLRQHQ ZHUGHQ KlXILJ DOV &RQWDLQHUHLQKHLW ]XVDPPHQJHIDVVW 'LHVH &RQ WDLQHU VLQG PLW $XIIDQJZDQQHQ IU 6SO XQG :DVFKZDVVHU DXVJHUVWHW 1HEHQ YHUVFKLHGH QHQ 'RVLHUHLQULFKWXQJHQ XQG 5HJLVWULHUJHUlWHQ VLQG GLH ZHVHQWOLFKHQ %HVWDQGWHLOH GLH 0L VFKHU XQG 5KUZHUNH VRZLH GLH ,QMHNWLRQVSXPSHQ (V ZHUGHQ GDEHL 9HUSUHVV XQG 0LVFKVWD WLRQ JHPHLQVDP RGHU IU JU|HUH ,QMHNWLRQVPDQDKPHQ DXFK LQ YHUVFKLHGHQHQ %HWULHEVFRQ WDLQHUQ JHWUHQQW LQVWDOOLHUW 'LH (LQ]HONRPSRQHQWHQ GHU %RKUIOVVLJNHLWHQ XQG GHV ,QMHNWLRQV JXWHV ZHUGHQ DXHUKDOE GHU %HWULHEFRQWDLQHU LQ 6LORV EHYRUUDWHW XQG EHU )|UGHUVFKQHFNHQ E]Z 5RKUOHLWXQJHQ GHQ 0LVFKHUQ ]XJHIKUW 'LH ,QMHNWLRQVJWHU PVVHQ LQ EHVRQGHUHQ 0LVFKHUQ KHUJHVWHOOW XQG DXIEHUHLWHW ZHUGHQ (V LVW HUIRUGHUOLFK HLQ]HOQH )OVVLJNHLWHQ YROOVWlQGLJ ]X YHUPHQJHQ GLH 2EHUIOlFKHQ DOOHU )HVW VWRIISDUWLNHO PLW )OVVLJNHLWHQ ]X EHQHW]HQ VRZLH /XIWEODVHQ DXV GHQ 6XVSHQVLRQHQ XQG ( PXOVLRQHQ ]X YHUGUlQJHQ )U 6XVSHQVLRQHQ ZHUGHQ .ROORLGPLVFKHU HLQJHVHW]W %HL VHKU KR KHQ *HVFKZLQGLJNHLWHQ HLQHU :LUEHOUDGVFKHLEH HWZD 8PLQ ZHUGHQ GLH )HVWVWRIISDUWL NHO JURHQ 6FKHUNUlIWHQ XQG 7XUEXOHQ]HQ DXVJHVHW]W )U XQWHUVFKLHGOLFKH )HVWVWRIIH ZLH =HPHQW )HLQ]HPHQW 6DQG XQG %HQWRQLW N|QQHQ VSH]LHOOH :LUEHOUDGVFKHLEHQ YHUZHQGHW ZHUGHQ %HL HLQLJHQ 6XVSHQVLRQHQ ZLUG ] % IU GDV %HLPLVFKHQ YRQ 6DQG HLQ ]XVlW]OLFKHU 0LVFKHU EHQ|WLJW
9HUIHVWLJXQJ GXUFK ,QMHNWLRQHQ
$XFK IU GLH $XIEHUHLWXQJ YRQ FKHPLVFKHQ ,QMHNWLRQVPLWWHOQ N|QQHQ .ROORLGPLVFKHU HLQJH VHW]W ZHUGHQ (V UHLFKHQ KLHU]X DEHU HLQIDFKHUH PLW URWLHUHQGHQ )OJHOQ DXVJHUVWHWH 0L VFKHU 'LH $JJUHVVLYLWlW YHUVFKLHGHQHU .RPSRQHQWHQ YHUODQJW MHGRFK EHVRQGHUHQ .RUURVL RQVVFKXW] =ZLVFKHQ GHQ 0LVFKHUQ XQG GHU ,QMHNWLRQVSXPSH LVW EOLFKHUZHLVH HLQ 9RUUDWVEH KlOWHU HUIRUGHUOLFK 'DV ,QMHNWLRQVJXW LVW LQ %HZHJXQJ ]X KDOWHQ XP HLQ (QWPLVFKHQ XQG 6H GLPHQWLHUHQ ]X YHUPHLGHQ 'DKHU ZHUGHQ 5KUZHUNH HLQJHVHW]W (V VLQG DXFK .RPSDNWDQODJHQ HQWZLFNHOW ZRUGHQ EHL GHQHQ 0LVFKZHUN 9RUUDWVWDQN PLW 5KUZHUN XQG GLH ,QMHNWLRQVSXPSH DXI HLQHP JHPHLQVDPHQ 5DKPHQ PRQWLHUW VLQG 'LH ,Q VWDOODWLRQV]HLW DXI GHU %DXVWHOOH XQG GHU 3HUVRQDOEHGDUI ODVVHQ VLFK VR PLQLPLHUHQ (LQVlW]H DXI NOHLQHUHQ %DXVWHOOHQ XQG HLQ VFKQHOOHV 8PVHW]HQ VLQG PLW GLHVHQ $QODJHQ P|JOLFK 1DFK IROJHQG VLQG WHFKQLVFKH 'DWHQ HLQ]HOQHU 0LVFKHU 5KUZHUNH XQG .RPSDNWDQODJHQ ]XVDP PHQJHVWHOOW 7DEHOOH 7HFKQLVFKH $QJDEHQ YRQ .ROORLGPLVFKHUQ 5KUZHUNHQ XQG HLQHU .RPSDNWDQODJH )DEULNDW XQG %H ]HLFKQXQJ
0LVFKHU
5KUZHU NH .RPSDNW DQODJHQ
+lQ\ +lQ\ *.1 *.1 *.1 &ROFUHWH '' '%& '%& +lQ\ '%& +lQ\ ,QMHFWR &RPSDFW
1XW] YROXPHQ
/HLVWXQJ
($QWULHE
>O@
>PK@
>N:@
*HZLFKW
/lQJH
%UHLWH
+|KH
>NJ@
>PP@
>PP@
>PP@
,QMHNWLRQVSXPSHQ 'LH ,QMHNWLRQVSXPSHQ PVVHQ LQ GHU /DJH VHLQ GHQ 'UXFN XQG GLH )|UGHUPHQJH ZHLWJHKHQG XQDEKlQJLJ YRQHLQDQGHU ]X VWHXHUQ 'LHV KHLW LP HLQ]HOQHQ GDVV GLH 3XPSH LQ GHU /DJH VHLQ PXVV EHL NRQVWDQWHQ 'UFNHQ LKUHU /HLVWXQJVIlKLJNHLW HQWVSUHFKHQG JURH 0HQJHQ XQG DXFK IDVW JHJHQ 1XOO JHKHQGH NOHLQVWH 0HQJHQ ]X SXPSHQ 9RUJHJHEHQH 'UFNH GUIHQ QLFKW EHUVFKULWWHQ ZHUGHQ +\GUDXOLVFK JHVWHXHUWH .ROEHQSXPSHQ %LOG HUIOOHQ GLH $QIRUGHUXQJHQ XQG KDEHQ VLFK ZHLWJHKHQG GXUFKJHVHW]W ,Q GHU 7DEHOOH VLQG HLQLJH JlQJLJH ,QMHNWLRQVSXPSHQ DXI JHIKUW
%DXJUXQGYHUEHVVHUXQJ
.XJHOYHQWLOH $QWULHE 6WXIHQORVH 5HJHOXQJ GHV )|UGHUGUXFNV 6WXIHQORVH 5HJHOXQJ GHU )|UGHUPHQJH
$QWULHEVWHLO 'UXFNDQVFKOXVV )|UGHUWHLO 6DXJDQVFKOXVV
%LOG :LUNVFKHPD HLQHU HOHNWURK\GUDXOLVFKHQ ,QMHNWLRQVSXPSH >@ 7DEHOOH 7HFKQLVFKH 'DWHQ HOHNWURK\GUDXOLVFKHU ,QMHNWLRQVSXPSHQ )DEULNDW %H]HLFKQXQJ
/HLVWXQJ
'UXFN
*HZLFKW
+lQ\
*.1 &ROFUHWH
3XPSH
=03
0RFRO
$QWULHE
+38
:LWK
'%&
:+3
:+3
´[´[
[´[ ´
=%(
3XPSH
>OPLQ@
$QWULHE
>N:@
3XPSH
>01P@
$QWULHE
>01P@
3XPSH
>NJ@
$QWULHE
>NJ@
OHHU
3OXQJHQGXUFKPHVVHU PP
9RUUDWVEHKlOWHU 'RVLHU XQG 5HJLVWULHUJHUlWH 'HU ,QMHNWLRQVGUXFN OLHJW EOLFKHUZHLVH LP %HUHLFK YRQ ELV EDU IU VSH]LHOOH $QZHQ GXQJHQ DXFK GHXWOLFK K|KHU 'DV )|UGHUYROXPHQ OLHJW GDEHL ]ZLVFKHQ XQG OPLQ 'LH 6LORV ]XU /DJHUXQJ YRQ =HPHQWHQ %HQWRQLW RGHU DQGHUHQ SXOYHUI|UPLJHQ =XVFKOlJHQ VLQG PLW HLQHP (QWVWDXEXQJVGRP DXVJHVWDWWHW XP VR 6WDXEHPLVVLRQ ]X YHUKLQGHUQ :HUGHQ FKH PLVFKH ,QMHNWLRQVJWHU DQJHPLVFKW VR VLQG VSH]LHOOH GRSSHOZDQGLJH 6LORV HUIRUGHUOLFK 'LH (QWQDKPHOHLWXQJHQ VLQG HEHQIDOOV GRSSHOZDQGLJ DXV]XIKUHQ )HUQHU VLQG HQWVSUHFKHQGH )OO 7HPSHUDWXU XQG 'UXFNPHVVHU VRZLH hEHUGUXFNYHQWLOH ]X LQVWDOOLHUHQ (LQH /HFNVLFKH UXQJVDQ]HLJH LVW HEHQIDOOV QRWZHQGLJ 'LH 'RVLHUXQJVHLQULFKWXQJHQ EHVWHKHQ DXV :DDJHQ IU GLH SXOYHUI|UPLJHQ %HVWDQGWHLOH XQG 'XUFKODVVPHVVHUQ IU )OVVLJNHLWHQ 0LW GHQ 5HJLVWULHU JHUlWHQ ZHUGHQ GLH ,QMHNWLRQVPHQJHQ GLH 'UFNH XQG GLH 9HUSUHVV]HLWHQ DXIJH]HLFKQHW
9HUIHVWLJXQJ GXUFK ,QMHNWLRQHQ
'LH ZLFKWLJVWHQ 6WRIIH %HL GHQ ,QMHNWLRQVPLWWHO VROOWH LPPHU GDV JU|EVWH 0LWWHO DQJHZDQGHW ZHUGHQ ZHOFKHV VLFK LQ GLH YRUKDQGHQHQ .OIWH XQG 3RUHQ HLQSUHVVHQ OlVVW 'DV HUJLEW VLFK DXV ZLUWVFKDIWOLFKHQ XQG WHFKQLVFKHQ hEHUOHJXQJHQ (LQH ZLUWVFKDIWOLFKH hEHUOHJXQJ LVW :HQQ IU HLQ EHVWLPPWHV .OXIW RGHU 3RUHQV\VWHP HLQ ]X GQQHV ,QMHNWLRQVPLWWHO JHZlKOW ZLUG ZUGH HV ELV ]X XQHU ZQVFKW JURHQ 5HLFKZHLWHQ YRUGULQJHQ (LQ WHFKQLVFKHU *UXQG 'LH 'LFKWKHLW XQG )HVWLJ NHLW GHU DXVJHKlUWHWHQ ,QMHNWLRQVPLWWHO VWHLJW LQ GHU 5HJHO PLW GHP =XVDW] JUREHU %HVWDQGWHLOH >@ 7DEHOOH ,QMHNWLRQVPLWWHO
,QMHNWLRQVPLWWHO IU GLH $EGLFKWXQJ XQG 9HUIHVWLJXQJ YRQ )HOV XQG /RFNHUJHVWHLQ 6XVSHQVLRQHQ
(PXOVLRQHQ
/|VXQJHQ
0LVFKXQJHQ DXV
0LVFKXQJHQ DXV
0LVFKXQJHQ DXV
D
D
D
:DVVHU :DVVHUJODV XQG ZDVVHUO|VOLFKHQ +lUWHUQ
E
:DVVHU 5HVRUFLQ )RUPDOGH K\G XQG HLQHP .DWDO\VDWRU
:DVVHU XQG =HPHQW
:DVVHU :DVVHUJODV XQG ZDV VHUXQO|VOLFKHQ +lUWHUQ
E :DVVHU =HPHQW XQG =XVlW]HQ F
:DVVHU 7RQ XQG =HPHQW
E :DVVHU %LWXPHQ (PXOJDWRU XQG .RDJXODWLRQVPLWWHO
$QZHQGXQJVEHLVSLHOH 'LFKWXQJVVFKOHLHU LP 7XQQHO XQG 7DOVSHUUHQEDX ,QMHNWLRQVEHWRQ 8QWHUZDVVHUEH WRQ &ROFUHWH
,QMHNWLRQHQ LQ 6DQG XQG .LHV
,QMHNWLRQHQ LP 6DQG
)XQGDPHQWYHUVWlUNXQJHQ XQG 9HU WLHIXQJHQ
)XQGDPHQWYHUVWlUNXQJHQ XQG 9HUWLHIXQJHQ
6RKOHQDEGLFKWXQJHQ
6RKOHQDEGLFKWXQJHQ
,QMHNWLRQHQ LP .LHV
'HU 3HUVRQDOEHGDUI =X HLQHU DXIHLQDQGHU HLQJHVSLHOWHQ $UEHLWVJUXSSH JHK|UHQ LP $OOJHPHLQHQ ± %RKUJHUlWHIKUHU ± 0DQQ DQ GHU 0LVFKVWDWLRQ ± $UEHLWVNUDIW IU GLH %HGLHQXQJ GHV *HVWlQJHV E]Z GHU 3DFNHU %DXOHLWHU RGHU 9HUWUHWHU EHL ,QMHNWLRQHQ YRQ 8QWHUIDQJXQJVN|USHUQ QDFK ',1 YRUJH VFKULHEHQ
%DXJUXQGYHUEHVVHUXQJ
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ 7DEHOOH 3HUVRQDOHLQVDW] XQG $XIZDQGVZHUWH 3UR]HVV
7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
9RUODXIJUDEHQ DQOHJHQ XQG VSlWHU YHUIOOHQ +HUVWHOOXQJ GHV %RKUORFKHV
,,
,,,
5DGODGHU 0LQLEDJJHU
%RKUZDJHQ ,PORFKKDPPHU :DVVHUVSOXQJ 5DGODGHU (LQEDX GHV 0DQVFKHWWHQ RGHU URKUHV YRQ +DQG 9HUSUHVVSXPSH 3DFNHU VHW]HQ XQG VWXIHQZHLVH 0LVFKJHUlW 9HUSUHVVHQ (QWVRUJXQJ YRQ DQIDOOHQGHQ 5HVWVWRIIHQ
' ÂÂÂ
3HUVRQDO EHGDUI
.DONXODWRULVFKH /HLVWXQJVZHUWH
0DVFKLQLVW PK
. ÂÂÂ . ÂÂÂ . Â$$ ' ÂÂÂ
- ÂÂÂ - ÂÂÂ
0DVFKLQLVW P SUR 7DJ
0DVFKLQLVW +HOIHU 0DVFKLQLVW +HOIHU
PK EHL GUHL 3XPSHQ SUR 7DJ
+HOIHU
7DEHOOH 5LFKWZHUWH XQG 5VW]HLWHQ
6RQVWLJHV
,QMHNWLRQVYRUJDQJ
7lWLJNHLW
$XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ
(LQULFKWHQ GHU $QODJH
7DJH
%DXVWHOOHQHLQULFKWXQJ
7DJ
8PVHW]HQ GHU $QODJH
7DJ
$QPLVFKHQ GHV 9HUSUHVVPLWWHOV $XVEHVVHUQ YRQ )HKOVWHOOHQ $EVWHPPHQ GHV hEHUSURILOV (LJQXQJV XQG 0DWHULDOSUIXQJ HLQVFKO (QWQHKPHQ YRQ 3UREHN|USHUQ *HVDPWOHLVWXQJ $QODXI]HLW DP 0RUJHQ E]Z $EEDX]HLW DP $EHQG *HUlWHDXVIDOO 5lXPHQ GHU %DXVWHOOH
3DUDOOHO ]XP $UEHLWVDEODXI P7DJ $. FD ¼ MH 3UREH 6LHKH 2EHQ PLQ SUR 7DJ 6WG SUR :RFKH 7DJ
9HUIHVWLJXQJ GXUFK ,QMHNWLRQHQ
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ 6SH]LHOOH 7HFKQLVFKH %HGLQJXQJHQ IU (LQSUHVVDUEHLWHQ ,QMHNWLRQVDUE 67%( >@ 1HEHQOHLVWXQJHQ $XIVWHOOHQ GHU ,QMHNWLRQVSOlQH %HVRQGHUH /HLVWXQJHQ $XVEHVVHUXQJ YRQ )HKOVWHOOHQ GLH DXIJUXQG GHV IU GLH ,QMHNWLRQ QLFKW JHHLJQHWHQ %DX JUXQGHV HQWVWHKHQ $EVWHPPHQ GHV hEHUSURILOV VRZLH %HVHLWLJHQ GHU DQIDOOHQGHQ 0DWHULDOLHQ 5FNEDX XQG %HVHLWLJHQ GHU LP %DXJUXQG EHODVVHQHQ ,QMHNWLRQVURKUH (LJQXQJV XQG 0DWHULDOSUIXQJHQ HLQVFKOLHOLFK (QWQHKPHQ YRQ 3UREHN|USHUQ 'XUFKOlVVLJNHLWVSUIXQJHQ ] % 3XPSYHUVXFKH $XIPD XQG $EUHFKQXQJ (V JLOW $79 ',1 $EVFKQ $79 ',1 $EVFKQLWW ILQGHW NHLQH $QZHQGXQJ
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 'LH .RQWUROOH GHU $XVJDQJVVWRIIH KlQJW QDWUOLFK LP :HVHQWOLFKHQ YRP ,QMHNWLRQVJXW DE 'LH $QIRUGHUXQJHQ DQ GLH 9HUSUHVVPLWWHO XQG GLH 7HFKQLN GHV (LQSUHVVHQV VLQG LQ GHU ',1 EHVFKULHEHQ %HL =HPHQWVXVSHQVLRQHQ HUVWUHFNW VLFK GLH .RQWUROOH GHU $XVJDQJVVWRIIH DXI ± 'DV $QPDFKZDVVHU ± 'LH =XVFKOlJH XQG =XVDW]VWRIIH ± 'LH )OLHHLJHQVFKDIWHQ ± 'LH 6HGLPHQWDWLRQVHLJHQVFKDIWHQ ± 'LH 'LFKWH GHU 6XVSHQVLRQ ± 'LH )HVWLJNHLWVHQWZLFNOXQJ ± 'DV 4XHOOYHUKDOWHQ ± 'LH (URVLRQVEHVWlQGLJNHLW XQG %HVWlQGLJNHLW GHV HUKlUWHWHQ (LQSUHVVJXWHV %HL FKHPLVFKHQ ,QMHNWLRQHQ EHVFKUlQNW VLFK GLH .RQWUROOH DXI ± 'DV $QPDFKZDVVHU ± 'LH 'LFKWH XQG GHQ $ONDOLJHKDOW GHV :DVVHUV
%DXJUXQGYHUEHVVHUXQJ
± 'LH 'LFKWH XQG GLH :LUNVDPNHLW GHV +lUWHUV ± 'DV 0LVFKXQJVYHUKlOWQLV ± 'LH 9LVNRVLWlW GHU 0LVFKXQJ ± 'LH .LSS]HLW GHU 0LVFKXQJ ± 'LH 9ROXPHQlQGHUXQJ GHU 0LVFKXQJ ± 'LH %HVWlQGLJNHLW GHV HUKlUWHWHQ (LQSUHVVJXWHV EHL :DVVHUODJHUXQJ %HL .XQVWKDU]LQMHNWLRQHQ VROOWH YRP (LQSUHVVJXW IROJHQGHV EHNDQQW VHLQ ± 'DV 0LVFKXQJVYHUKlOWQLV ± 'LH 9LVNRVLWlW XQG .LSS]HLW LQ $EKlQJLJNHLW YRQ GHU 7HPSHUDWXU ± 'LH 9ROXPHQlQGHUXQJ GHU 0LVFKXQJ ± 'LH 9HUWUlJOLFKNHLW GHU 0LVFKXQJ PLW GHP 3RUHQZDVVHU ± 'LH %HVWlQGLJNHLW GHV HUKlUWHWHQ (LQSUHVVJXWHV EHL :DVVHUODJHUXQJ ± 'LH +DIWXQJ GHU HUKlUWHWHQ 0LVFKXQJ DXI PLQHUDOLVFKH )OlFKHQ 'LH $EPHVVXQJHQ XQG GLH 4XDOLWlW GHV (LQSUHVVN|USHUV VLQG GXUFK .RQWUROOERKUXQJHQ 6RQ GLHUXQJHQ RGHU DQGHUH JHHLJQHWH $XIVFKOXVVYHUIDKUHQ RGHU )HOGYHUVXFKH ]X EHUSUIHQ 'DU EHU KLQDXV NDQQ HLQH YLVXHOOH %HXUWHLOXQJ GHV (LQSUHVVN|USHUV GXUFK .RQWUROOVFKlFKWH 6FKOLW]H 6FKUIH 6WROOHQ XQG lKQOLFKHV PLW 3UREHHQWQDKPH QRWZHQGLJ VHLQ =XU .RQWUROOH YRQ YHUWLNDOHQ XQG KRUL]RQWDOHQ 9HUVFKLHEXQJHQ N|QQHQ YRU ZlKUHQG XQG QDFK GHQ (LQ SUHVVDUEHLWHQ 0HVVXQJHQ HUIRUGHUOLFK VHLQ (V ZHUGHQ )HVWLJNHLWVSUREHQ DXV GHP (LQSUHVVN|USHU HQWQRPPHQ ZHOFKH LP /DERU JHSUIW ZHUGHQ 'DEHL ZHUGHQ HQWZHGHU GLH 'UXFNIHVWLJNHLW QDFK ',1 DQ =\OLQGHUQ RGHU :U IHOQ HUPLWWHOW RGHU ZHQQ HV VLFK XP 7RQ=HPHQW6XVSHQVLRQHQ KDQGHOW GLH HLQD[LDOH 'UXFN IHVWLJNHLW QDFK ',1 (LQD[LDOH .ULHFKYHUVXFKH VLQG HUIRUGHUOLFK ZHQQ GLH ]X HUZDU WHQGHQ .ULHFKYHUIRUPXQJHQ YRQ QDFKWHLOLJHP (LQIOXVV IU GLH 6LFKHUKHLW RGHU DEHU DXFK IU GLH 6WDQGVLFKHUKHLW YRQ 1DFKEDUEHEDXXQJHQ VHLQ N|QQHQ
6FKQHOO : 9HUIDKUHQVWHFKQLN GHU 3IDKOJUQGXQJHQ 7HXEQHU9HUODJ 6WXWWJDUW +LOPHU . 0HWKRGHQ ]XU hEHUSUIXQJ HLQHU 6WRSIYHUGLFKWXQJ %DXWHFKQLN +HIW 6
6PROWF]\N 8 +LOPHU . %DXJUXQGYHUEHVVHUXQJ LQ *UXQGEDXWDVFKHQEXFK 7HLO $XIODJH (UQVW 6RKQ %HUOLQ $U] 3 6FKPLGW +* 6HLW] - 6HPSULFK 6 *UXQGEDX LQ %HWRQNDOHQGHU 7HLO ,, (UQVW 6RKQ %HU OLQ (PSIHKOXQJHQ GHV $UEHLWVDXVVFKXVVHV 8IHUHLQIDVVXQJHQ ($8 (UQVW 6RKQ %HUOLQ )D 0|ELXV )LUPHQSURVSHNW 9HUIDKUHQ ]XU 6WDELOLVLHUXQJ GHV 8QWHUJUXQGHV XQG ]XU $EWUDJXQJ YRQ %DX ZHUNV XQG 9HUNHKUVODVWHQ LQ VWDQGIHVWH %HUHLFKH .XW]QHU & ,QMHNWLRQHQ LP %DXJUXQG )HUGLQDQG (QNH 9HUODJ 6WXWWJDUW )D 0|ELXV )LUPHQSURVSHNW .DVWHQ%RGHQDXVWDXVFK9HUIDKUHQ
)D 0|ELXV )LUPHQSURVSHNW %RGHQDXVWDXVFKYHUIDKUHQ PLW GHP 6HLWHQVFKLOG*HUlW
9HUIHVWLJXQJ GXUFK ,QMHNWLRQHQ
&KLOLDQ * 6DQLHUXQJ YRQ (UGEDXZHUNHQ GXUFK %RGHQDXVWDXVFK PLW GHP 9RUVFKXEJHUl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± %DODDP 13 3RXORV +* 6HWWOHPHQW $QDO\VLV RI 6RIW &OD\V 5HLQIRUFHG ZLWK *UDQXODU 3LOHV 7KH 8QLYHU VLW\ 6\GQH\ 6FKRRO RI (QJLQHHULQJ )D %DXHU 6SH]LDOWLHIEDX )LUPHQSURVSHNW %DXJUXQGYHUGLFKWXQJVV\VWHPH
)LUPD %DXHU )LUPHQSURVSHNW 7LHIHQUWWHOYHUIDKUHQ )RUVFKXQJVJHVHOOVFKDIW IU GDV 6WUDHQZHVHQ 0HUNEODWW IU GLH 8QWHUJUXQGYHUEHVVHUXQJ GXUFK 7LHIHQUWWOHU .|OQ %UDXQV - 8QWHUJUXQGYHUEHVVHUXQJ PLWWHOV 6DQGSIlKOHQ RGHU 6FKRWWHUVlXOHQ 7LHIEDX ,QJHQLHXUEDX 6WUDHQ EDX +HIW 6 ± 3ULHEH + =XU $EVFKlW]XQJ GHV 6HW]XQJVYHUKDOWHQV HLQHV GXUFK 6WRSIYHUGLFKWXQJ YHUEHVVHUWHQ %DXJUXQGHV %DXWHFKQLN +HIW 6 ± 3ULHEH + %HPHVVXQJ YRQ 5WWHOVWRSIYHUGLFKWXQJHQ &KULVWLDQ 9HGHU .ROORTXLXP *UD] )LUPD 6ROHWDQFKH )LUPHQSURVSHNW *URXQG 7UHDWPHQW -HEH %DUWHOV (QWZLFNOXQJ GHU 9HUGLFKWXQJVYHUIDKUHQ YRQ ELV +LOPHU . 0HWKRGHQ ]XU hEHUSUIXQJ HLQHU 6WRSIYHUGLFKWXQJ %DXWHFKQLN +HIW 6 ± .LUVFK . (UIDKUXQJHQ PLW GHU %DXJUXQGYHUEHVVHUXQJ GXUFK 7LHIHQUWWOHU *HRWHFKQLN +HIW 0pQDUG / /D FRQVROLGDWLRQ G\QDPLTXH GHV VROV GH IRQGDWLRQ$QQDOHV GH /¶,QVWLWXW 7HFKQLTXH GX %kWLPHQW HW GH7UDYDX[ 3XEOLFV 6XSSO1U 6± 9DUDNVLQ 6 6FKHUN + %RGHQYHUEHVVHUXQJ GXUFK '\QDPLVFKH ,QWHQVLYYHUGLFKWXQJ 7LHIEDX %HUXIVJHQRVVHQVFKDIW +HIW 6 ± *|GHFNH +- .OLQJ . 'HU JH]LHOWH (LQVDW] GHU '\QDPLVFKHQ .RQVROLGDWLRQ ]XU %DXJUXQGYHUGLFKWXQJ %DXWHFKQLN +HIW 6 ± )D '\QLY )LUPHQSURVSHNW '\QDPLVFKH ,QWHQVLYYHUGLFKWXQJ $U] 3 6FKPLGW +* 6HLW] - 6HPSULFK 6 *UXQGEDX LQ %HWRQNDOHQGHU 7HLO ,, (UQVW 6RKQ %HUOLQ )UDQN 9DUDNVLQ 9HUGLFKWXQJ YRQ %|GHQ PLW VFKZHUHQ )DOOJHZLFKWHQ )LUPD %UFNQHU )LUPHQSURVSHNW '79 9DUDNVLQ 6 6FKHUN + '\QDPLVFKH ,QWHQVLYYHUGLFKWXQJ %DXHQ DXI 0OO$OWODVWHQ 'HSRQLHEDX (LJHQYHU ODJ GHU )D '@ ,VW DXV ZLUWVFKDIWOLFKHQ XQGRGHU WHFKQLVFKHQ *UQGHQ GLH :DKO DXI HLQH 3IDKOJUQGXQJ JH IDOOHQ PXVV GHU HQWVSUHFKHQGH 3IDKOW\S XQG GDV JHHLJQHWH (LQEULQJ E]Z +HUVWHOOXQJVYHU IDKUHQ DXVJHZlKOW ZHUGHQ 1HEHQ ILQDQ]LHOOHQ hEHUOHJXQJHQ VSLHOHQ KLHUEHL GLH DQVWHKHQGHQ %RGHQ XQG :DVVHUYHUKlOWQLVVH GLH $UW XQG *U|H GHU DE]XWUDJHQGHQ %DXZHUNVODVWHQ XQG P|JOLFKH 8PZHOWEHHLQWUlFKWLJXQJHQ ZLH ] % /lUP XQG (UVFKWWHUXQJ HLQH HQWVFKHLGHQGH 5ROOH
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ YRQ 3IDKOJUQGXQJHQ
%LOG D ELV F %HLVSLHOH IU 3IDKOJUQGXQJHQ
9RUXQWHUVXFKXQJHQ (UNXQGXQJ GHU %RGHQ XQG :DVVHUYHUKlOWQLVVH %HL GHU 3ODQXQJ XQG %HPHVVXQJ YRQ )ODFK XQG 7LHIJUQGXQJHQ LVW GLH .HQQWQLV GHU YRU KDQGHQHQ %DXJUXQGYHUKlOWQLVVH YRQ JURHU %HGHXWXQJ 'DVV HLQH %DXJUXQGHUNXQGXQJ DXV .RVWHQ RGHU 7HUPLQJUQGHQ XQWHUEOHLEW RGHU QXU XQ]XUHLFKHQG GXUFKJHIKUW ZLUG KDW LQ YLHOHQ )lOOHQ VFKRQ ]X VFKZHUZLHJHQGHQ 6FKlGHQ DQ %DXZHUNHQ RGHU ]X HLQHU Y|OOLJ XQZLUW VFKDIWOLFKHQ %HPHVVXQJ GHU *UQGXQJ JHIKUW +lXILJ ZHUGHQ $XIZDQG XQG .RVWHQ IU GLH VH 9RUDUEHLWHQ LQ GHU *U|H GHVKDOE IDOVFK HLQJHVFKlW]W ZHLO VLH HLQHUVHLWV QLFKW LQ GLH 5HOD WLRQ ]XP *HVDPWEDXYRUKDEHQ JHVHW]W ZHUGHQ DQGHUHUVHLWV GLH P|JOLFKHQ )ROJHQ HLQHU VFKDGKDIWHQ *UQGXQJ QLFKW DXVUHLFKHQG EHUFNVLFKWLJW ZHUGHQ 'LH IU 3IDKOJUQGXQJHQ GXUFK]XIKUHQGHQ %DXJUXQGHUNXQGXQJHQ VLQG L $OOJ XPIDQJUHL FKHU DOV EHL )ODFKJUQGXQJHQ 'DV KlQJW ]XP HLQHQ PLW GHU HUIRUGHUOLFKHQ $XIVFKOXVVWLHIH ]XP DQGHUHQ PLW GHU (UPLWWOXQJ ]XVlW]OLFKHU %RGHQSDUDPHWHU ]XVDPPHQ GLH ] % IU GLH $EVFKlW]XQJ GHU 7UDJIlKLJNHLW GHU 3IlKOH RGHU ]XU %HXUWHLOXQJ GHU 5DPPEDUNHLW GHV 8QWHU JUXQGHV HUIRUGHUOLFK VLQG +LQ]X NRPPHQ LQ ]XQHKPHQGHP 0DH 8QWHUVXFKXQJHQ EHU GHQ &KHPLVPXV GHV *UXQGZDVVHUV GHU DJJUHVVLY DXI GLH 3IDKOEDXVWRIIH ZLUNHQ NDQQ 'LH JHQHUHOOHQ (UNXQGXQJVYHUIDKUHQ VRZLH GHU HUIRUGHUOLFKH 8PIDQJ GHU 8QWHUVXFKXQJHQ VLQG LQ GHQ 1RUPHQ XQG LP $EVFKQLWW Ã%DXJUXQGHUNXQGXQJ¶ XPIDVVHQG EHVFKULHEHQ 'D EHU 3IDKOJUQGXQJHQ KlXILJ VHKU NRQ]HQWULHUW )XQGDPHQWODVWHQ YRQ 6RQGHUEDXZHUNHQ ZLH %UFNHQ 6FKRUQVWHLQHQ RGHU 0DVFKLQHQIXQGDPHQWHQ LQ GHQ %RGHQ HLQJHOHLWHW ZHUGHQ PXVV GHU $EVWDQG GHU (UNXQGXQJVSXQNWH KlXILJ ZHVHQWOLFK JHULQJHU DOV EOLFK UHVS 1DFK ',1 JHIRUGHUW ± GRUW ELV P JHZlKOW ZHUGHQ VR GDVV VLFK ]ZHL ELV YLHU $XI VFKOVVH MH )XQGDPHQW HUJHEHQ 'LH $XIVFKOXVVWLHIH ULFKWHW VLFK EHL (LQ]HOSIlKOHQ QDFK GHP 3IDKOIXGXUFKPHVVHU E]Z GHU *HVDPWIOlFKH GHU 3ODWWHQJUQGXQJ EHL 3IDKOJUXSSHQ %LOG
3IDKOJUQGXQJHQ
%LOG (UIRUGHUOLFKH $XIVFKOXVVWLHIHQ QDFK ',1
-H QDFK |UWOLFKHU 6LWXDWLRQ %DXZHUN XQG $XVELOGXQJ GHU 3IDKOJUQGXQJ N|QQHQ GLHVH 5LFKW ZHUWH EHU RGHU XQWHUVFKULWWHQ ZHUGHQ %HVRQGHUH %HODVWXQJVYHUKlOWQLVVH XQG GDV 9RUKDQGHQVHLQ YRQ JHULQJ WUDJIlKLJHQ %RGHQ VFKLFKWHQ N|QQHQ ]X JU|HUHQ (UNXQGXQJVWLHIHQ IKUHQ $XFK UHFKWIHUWLJW HLQ LQ HWZDV JU|H UHU 7LHIH ]X HUZDUWHQGHU )HOVKRUL]RQW HLQ 7LHIHUERKUHQ 6R HUJHEHQ VLFK RIW EHL XQZHVHQWOLFK JU|HUHQ (LQ]HOSIDKOOlQJHQ YLHO K|KHUH ]XOlVVLJH 7UDJIlKLJNHLWHQ GLH ]X HLQHU LQVJHVDPW JHULQJHUHQ 3IDKODQ]DKO XQG GDPLW VRJDU ]X HLQHU NOHLQHUHQ *HVDPWSIDKOOlQJH IKUHQ N|QQHQ >@ $QGHUHUVHLWV N|QQHQ DEHU DXFK EHNDQQWH JOHLFKPlLJH XQG JQVWLJH 8QWHUJUXQGYHUKlOWQLVVH HLQH $EPLQGHUXQJ GHU %RKUWLHIHQ XQG HLQH 9HUJU|HUXQJ GHU %RKUORFKDEVWlQGH HUJHEHQ ZDV ]X .RVWHQHLQVSDUXQJHQ IKUW 1DFK 9RUXQWHUVXFKXQJHQ LQ GHQHQ JHRORJLVFKH .DUWHQ XQG %DXJUXQGNDUWHQ DXVJHZHUWHW ZHUGHQ VRZLH QDFK HLQHU %HJHKXQJ GHV *HOlQGHV ZHUGHQ =DKO $UW XQG 7LHIH GHU $XIVFKOV VH IHVWJHOHJW $OV (UNXQGXQJVPHWKRGHQ NRPPHQ IU 3IDKOJUQGXQJHQ DOOJHPHLQ LQ )UDJH ± %RKUXQJHQ ± 6RQGLHUXQJHQ 'HQ XPIDQJUHLFKVWHQ $XIVFKOXVV EHU GHQ %DXJUXQG OLHIHUQ %RKUXQJHQ 0LW LKQHQ ODVVHQ VLFK GLH )ROJH GLH 0lFKWLJNHLW XQG GLH UlXPOLFKH /DJH GHU HLQ]HOQHQ 6FKLFKWHQ VRZLH GLH /DJH GHV *UXQGZDVVHUVSLHJHOV IHVWVWHOOHQ $XHUGHP ZHUGHQ %RGHQ XQG :DVVHUSUREHQ IU ZHLWHUH 8QWHUVXFKXQJHQ LP /DERU JHZRQQHQ 'D %RKUXQJHQ WHXHU VLQG XQG ]XGHP NHLQHQ GLUHNWHQ 5FNVFKOXVV DXI ] % GLH 7UDJIlKLJNHLW GHV %RGHQV ]XODVVHQ ZHUGHQ ]XVlW]OLFK 6RQGLHUXQJHQ GXUFKJHIKUW YJO $EVFKQLWW
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ YRQ 3IDKOJUQGXQJHQ
,Q GHU 7DEHOOH VLQG GLH IU GLH %HVWLPPXQJ GHV 7UDJ XQG 9HUIRUPXQJVYHUKDOWHQV YRQ 3IlKOHQ ZHVHQWOLFKHQ %RGHQSDUDPHWHU ]XVDPPHQJHVWHOOW XQG HV LVW DQJHJHEHQ PLW ZHOFKHQ 9HUVXFKHQ LP )HOG XQG /DERU GLHVH 3DUDPHWHU GLUHNW RGHU LQGLUHNW EHVWLPPW ZHUGHQ N|QQHQ 7DEHOOH %RGHQSDUDPHWHU XQG LKUH %HVWLPPEDUNHLW LQ 9HUVXFKHQ
%RGHQSDUDPHWHU
6SLW]HQGUXFN
6FKHUIHVWLJNHLW $QIDQJVIHVWLJ NHLW
)RUPHO]HLFKHQ 'LUHNW E]Z LQGLUHNW EHVWLPPEDU GXUFK )HOGYHUVXFK 1RUP /DERUYHU VXFK TF >01Pð@ 6SLW]HQGUXFN ',1 VRQGH 5DPPVRQGH ',1 (1 ,62 TF | 1 FX >01Pð@ )OJHOVRQGH ',1 7ULD[LDOYHU VXFK /DERUIOJHO VRQGH
1RUP
',1
,Q YLHOHQ )lOOHQ OlVVW VLFK WURW] XPIDQJUHLFKHU %DXJUXQGHUNXQGXQJHQ ] % QLFKW GLH )UDJH EHDQWZRUWHQ RE GHU %RGHQ UDPPEDU LVW E]Z PLW ZHOFKHQ 9HUIDKUHQ DP VFKRQHQGVWHQ XQG RGHU ZLUWVFKDIWOLFKVWHQ )HUWLJSIlKOH LQ GHQ %DXJUXQG HLQJHEUDFKW ZHUGHQ N|QQHQ +LHU HPSILHKOW VLFK GDQQ HLQH 3UREHUDPPXQJ GLH IUK]HLWLJ HUIROJHQ VROOWH GDPLW JHJHEHQHQIDOOV DXI HLQ DQGHUHV 9HUIDKUHQ HLQHQ DQGHUHQ 3IDKOW\S RGHU HYHQWXHOO HLQ Y|OOLJ DQGHUHV *UQ GXQJVNRQ]HSW EHUJHJDQJHQ ZHUGHQ NDQQ 1HEHQ GHU (UPLWWOXQJ GHU %RGHQHLJHQVFKDIWHQ LVW GLH 8QWHUVXFKXQJ GHU :DVVHUYHUKlOWQLVVH EHL 3IDKOJUQGXQJHQ XQEHGLQJW HUIRUGHUOLFK =XP HLQHQ PVVHQ GLH *UXQGZDVVHUVWlQGH E]Z :DVVHUVWlQGH LQ YHUVFKLHGHQHQ *UXQGZDVVHUVWRFNZHUNHQ EHNDQQW VHLQ 'LH *UXQGZDVVHU YHUKlOWQLVVH EHHLQIOXVVHQ ] % GLH :DKO HLQHV %RKUYHUIDKUHQV GLH )HVWOHJXQJ YRQ :DVVHU VSLHJHOQ LP %RKUURKU RGHU GLH 0DWHULDOZDKO YRQ 5DPPSIlKOHQ =XP DQGHUHQ LVW GLH &KHPLH GHV *UXQGZDVVHUV ]X XQWHUVXFKHQ XP GLH $QJULIIH DXI GDV 3IDKOPDWHULDO EHXUWHLOHQ ]X N|Q QHQ 1DFK ',1 VROO GLH :DVVHUDQDO\VH LQVEHVRQGHUH IROJHQGH 8QWHUVXFKXQJHQ XPIDVVHQ *HUXFK S+:HUW .DOLXPSHUPDQJDQDWYHUEUDXFK +lUWH &KORULG 6XOILG .DONO|VHNDSD]LWlW $PPRQLXP 0DJQHVLXP 6XOIDW ,P +LQEOLFN GDUDXI GDVV ] % +XPLQVlXUHQ GLH 6WDELOLWlW YRQ 6WW]IOVVLJNHLWHQ %HQWRQLW VXVSHQVLRQHQ EHHLQWUlFKWLJHQ N|QQHQ VLQG MH QDFK GHP JHZlKOWHQ 9HUIDKUHQ ]XU 3IDKOKHU VWHOOXQJ E]Z GHP JHZlKOWHQ 3IDKOW\S ZHLWHUH 8QWHUVXFKXQJHQ QRWZHQGLJ (LQ EHVRQGHUHV FKHPLVFKHV $QDO\VHSURJUDPP LVW HUIRUGHUOLFK ZHQQ GLH 3IDKOJUQGXQJ LQ NRQWDPLQLHUWHP %RGHQ KHUJHVWHOOW ZHUGHQ VROO 'LH .RVWHQ IU VROFKH FKHPLVFKHQ 8QWHUVXFKXQJHQ ODVVHQ VLFK QLFKW SDXVFKDO DQJHEHQ GD VLH VHKU VWDUN YRQ GHU =DKO GHU ]X XQWHUVXFKHQGHQ :DVVHU E]Z %RGHQSUREHQ XQG GHU =DKO GHU ]X HUPLWWHOQGHQ FKHPLVFKHQ 3DUDPHWHU DEKlQJHQ
3IDKOJUQGXQJHQ
8QWHUVXFKXQJ EHQDFKEDUWHU EDXOLFKHU $QODJHQ /LHJW GHU %DXEHUHLFK LQ GHU 1lKH YRQ 1DFKEDUEHEDXXQJHQ /HLWXQJHQ RGHU VRQVWLJHU %DXWHL OH VR LVW ]X SUIHQ LQZLHZHLW GLH 3IDKOJUQGXQJ GDUDXI (LQIOXVV KDW 'DQDFK ULFKWHW VLFK GDQQ ] % GLH :DKO GHU 3IDKODUW E]Z GHV +HUVWHOOYHUIDKUHQV %HYRU ]XVlW]OLFKH 6LFKHUXQJVPDQDKPHQ JHSODQW XQG GXUFKJHIKUW ZHUGHQ N|QQHQ PXVV GHU =XVWDQG GHU 1DFKEDUEHEDXXQJ HUNXQGHW ZHUGHQ ZREHL LP :HVHQWOLFKHQ GLH *UQGXQJVWLHIH XQG GLH $UW XQG GHU =XVWDQG GHU )XQGDPHQWH XQWHUVXFKW ZHUGHQ PVVHQ YJO $EVFKQ %HVWHKW GLH *HIDKU GDVV %DXZHUNH LQ LUJHQGHLQHU :HLVH GXUFK GLH JHSODQWH 3IDKOJUQGXQJ EHHLQWUlFKWLJW ZHUGHQ HPSILHKOW HV VLFK KlXILJ GHQ =XVWDQG GHU 1DFKEDUEHEDXXQJ GXUFK HLQ %HZHLVVLFKHUXQJVYHUIDKUHQ IHVWVWHOOHQ ]X ODVVHQ
:DKO HLQHU JHHLJQHWHQ 3IDKODUW 'LH :DKO GHU IU GDV MHZHLOLJH %DXYRUKDEHQ JHHLJQHWHQ 3IDKODUW ULFKWHW VLFK QDFK GHQ 5DQG EHGLQJXQJHQ ± %RGHQYHUKlOWQLVVH ± *UXQGZDVVHUYHUKlOWQLVVH ± %DXZHUNVODVWHQ ± 1DFKEDUEHEDXXQJ ± 3ODW]YHUKlOWQLVVH ± 6HW]XQJVHPSILQGOLFKNHLW GHV %DXZHUNHV VRZLH GHQ )RUGHUXQJHQ QDFK 8PZHOWYHUWUlJOLFKNHLW XQG :LUWVFKDIWOLFKNHLW 1HEHQ GHP 3IDKOEDXVWRII LVW LQVEHVRQGHUH GDV RSWLPDOH +HUVWHOOYHUIDKUHQ DXV]XZlKOHQ *UXQGVlW]OLFK ZLUG EHL GHQ 3IDKOV\VWHPHQ ]ZLVFKHQ 9HUGUlQJXQJVSIlKOHQ Q ',1 (1 %RKUSIlK OHQ Q ',1 (1 XQG 0LNURSIlKOHQ QDFK ',1 (1 XQWHUVFKLHGHQ =X GHQ 9HUGUlQJXQJVSIlKOHQ JHK|UHQ X D GLH )HUWLJSIlKOH GLH DXV +RO] 6WDKO 6WDKOEHWRQ RGHU 6SDQQEHWRQ EHVWHKHQ N|QQHQ ,Q GLHVH *UXSSH IDOOHQ ]XGHP GLH 2UWEHWRQUDPPSIlKOH VRZLH 6FKUDXESIlKOH XQG GLH YHUSUHVVWHQ 9HUGUlQJXQJVSIlKOH %HL GHQ %RKUSIlKOHQ XQWHUVFKHLGHW PDQ ]ZLVFKHQ YHUURKUWHQ XQG XQYHUURKUWHQ 2UWEHWRQSIlK OHQ (LQH HLJHQH *UXSSH ELOGHQ GLH LQ ',1 (1 EHKDQGHOWHQ 0LNURSIlKOH DXV 2UWEHWRQ SIlKOHQ NOHLQHQ 'XUFKPHVVHUV RGHU 9HUEXQGSIlKOHQ 'LH ZHVHQWOLFKHQ 3IDKOW\SHQ VLQG LQ 7DEHOOH GDUJHVWHOOW
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ YRQ 3IDKOJUQGXQJHQ
7DEHOOH hEHUVLFKW EHU GLH JHQRUPWHQ 3IDKOV\VWHPH >@
'LH ZHVHQWOLFKHQ 9RUWHLOH GHU )HUWLJUDPPSIlKOH OLHJHQ GDULQ GDVV GLH 3IlKOH LQ NRQWUROOLHU EDUHU *WH DXI GHP %DXSODW] RGHU LQ HLQHP :HUN YRUJHIHUWLJW ZHUGHQ XQG GDVV VLH VRIRUW QDFK GHP (LQUWWHOQ (LQUDPPHQ RGHU (LQSUHVVHQ EHODVWEDU VLQG (LQ 1DFKWHLO LVW GDULQ ]X VHKHQ GDVV GLH 3IlKOH YRU GHP (LQEULQJHQ LQ IHVWHQ /lQJHQ KHUJH VWHOOW ZHUGHQ PVVHQ XQG GDKHU MH QDFK DQJHWURIIHQHQ %DXJUXQGYHUKlOWQLVVHQ PDQFKPDO ]X ODQJ RGHU ]X NXU] VHLQ N|QQHQ 'XUFK HQWVSUHFKHQGH .XSSOXQJHQ DQ GHQ 3IlKOHQ NDQQ GLH VHP 8PVWDQG MHGRFK YRUJHEHXJW ZHUGHQ %HL %RKUSIlKOHQ XQG JJI EHL 2UWEHWRQUDPPSIlKOHQ KLQJHJHQ NDQQ GLH HUIRUGHUOLFKH /lQJH GHP %DXJUXQGDXIEDX XQG GHU 7UDJIlKLJNHLW GHU 6FKLFKWHQ DQJHSDVVW ZHUGHQ 'LH 4XDOLWlW GHU 3IlKOH LVW DOOHUGLQJV VWDUN YRP +HUVWHOOYHUIDKUHQ DEKlQJLJ ,Q 7DEHOOH VLQG GLH ZH VHQWOLFKHQ 9RU XQG 1DFKWHLOH GHU HLQ]HOQHQ 3IDKOW\SHQ DXIJHOLVWHW
3IDKOJUQGXQJHQ
7DEHOOH 9RU XQG 1DFKWHLOH GHU HLQ]HOQHQ 3IDKOW\SHQ
3IDKODUW 9RUWHLOH 9HUGUlQJXQJVSIlKOH Q ',1 (1 +RO]SIlKOH *XWH 5DPPIlKLJNHLW KRKH (ODVWL]LWlW UHODWLY XQHPSILQGOLFK JHJHQ DJJUHVVL YHV *UXQGZDVVHU OHLFKW ]X EHKDQGHOQ XQG DE]XVFKQHLGHQ KRKH /HEHQVGDXHU XQWHU :DVVHU UHODWLY SUHLVZHUW 6WDKOSIlKOH +RKH 0DWHULDOIHVWLJNHLW XQG (ODVWL]LWlW JURH $XVZDKO DQ YHUVFK 3URILOHQ JXWH $QSDVVXQJ DQ GLH MHZHLOLJH $XI JDEH 8QHPSILQGOLFK EHLP 7UDQVSRUW 9HUOlQJHUXQJ XQG )XYHUVWlUNXQJ GXUFK )OJHO P|JOLFK *XWH 5DPPHL JHQVFKDIWHQ JHULQJH 5DPPHUVFKWWH UXQJHQ JXWH 9HUELQGXQJVP|JOLFKNHLW 6WDKOEHWRQSIlKOH +HUVWHOOXQJ LQ MHGHU HUIRUGHUOLFKHQ /lQJH XQG 6WlUNH 9HUNU]XQJHQ X 9HUOlQJHUXQJHQ VLQG P|JOLFK :LGHU VWDQGVIlKLJ DXFK LP 6HHZDVVHU *XWH %RGHQYHUGLFKWXQJ EHLP 5DPPHQ *XWH 9HUELQGXQJVP|JOLFKNHLWHQ PLW GHP %DXZHUN +RKH LQQHUH 7UDJIlKLJNHLW XQG %HWRQTXDOLWlW 4XDOLWlWVNRQWUROOH VFKRQ YRU GHP (LQEDX P|JOLFK 6RIRUW QDFK GHP (LQEDX EHODVWEDU 9HUZHQ GXQJ DXFK LQ NRQWDPLQLHUWHQ %|GHQ P|JOLFK 1HLJXQJHQ ELV DXVIKUEDU 6SDQQEHWRQSIlKOH :LH EHL 6WDKOEHWRQSIlKOHQ *URH .QLFN XQG %LHJHVWHLILJNHLW KRKH LQQH UH 7UDJIlKLJNHLW 2UWEHWRQUDPP *XWH 9HUGLFKWXQJ GHV XPOLHJHQGHQ SIlKOH %RGHQV XQG GDPLW KRKH lXHUH 7UDJIl KLJNHLW JHULQJH 6HW]XQJHQ 9HUEUHLWH UXQJ GHV 3IDKOIXHV P|JOLFK /lQJH NDQQ DQ (UIRUGHUQLVVH DQJHSDVVW ZHU GHQ 9ROOYHUGUlQJXQJV +RKH 7UDJIlKLJNHLW GXUFK 9HUGUlQJXQJ %RKUSIlKOH XQG 9HUGLFKWXQJ GHV XPJHEHQGHQ %R GHQV +RKH 0DQWHOUHLEXQJ GXUFK UDX KHQ RGHU VSLUDOI|UPLJHQ 3IDKOVFKDIW .HLQH %RGHQI|UGHUXQJ /lUP XQG HUVFKWWHUXQJVIUHLH +HUVWHOOXQJ
1DFKWHLOH 6FKQHOOH =HUVW|UXQJ GXUFK )lXOQLV EHL /XIW]XWULWW LQ VFKZHUHP %RGHQ QLFKW UDPPEDU 7UDJIlKLJNHLW XQG /lQJH EHJUHQ]W +RKH 0DWHULDONRVWHQ *HIDKU YRQ .RUURVLRQ EHVRQGHUV LP 6HHZDVVHU *HIDKU YRQ 6DQGVFKOLII ,3URILOH N|QQHQ EHLP 5DPPHQ DXV GHU $FKVH ODXIHQ E]Z VLFK YHUGUHKHQ
6FKZHU XQG XQKDQGOLFK HPSILQGOLFK JHJHQ %LHJXQJ ] % EHL 7UDQVSRUW $XIQHKPHQ XQG (LQEDX *HIDKU YRQ 5LVVHQ 6FKZHUHV 5DPPJHUlW HUIRU GHUOLFK 6WDUNH (UVFKWWHUXQJHQ XQG /lUPEHOlVWLJXQJ EHLP 5DPPHQ
:LH EHL 6WDKOEHWRQSIlKOHQ 3UDNWLVFK QLFKW YHUOlQJHUEDU RGHU ]X NU]HQ /lUP XQG (UVFKWWHUXQJ EHLP 5DP PHQ *HIDKU GHU %HVFKlGLJXQJ IUL VFKHU 1DFKEDUSIlKOH ZHQQ 0LQGHVW DEVWlQGH QDFK ',1 (1 QLFKW HLQJHKDOWHQ ZHUGHQ +RKHV 'UHKPRPHQW HUIRUGHUOLFK 3UREOHPH EHL %RKUKLQGHUQLVVHQ NHLQ 0HLHOQ P|JOLFK
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ YRQ 3IDKOJUQGXQJHQ
)RUWVHW]XQJ 7DEHOOH
3IDKODUW 9RUWHLOH %RKUSIlKOH Q ',1 (1 %RKUSIlKOH (UVFKWWHUXQJV XQG OlUPDUPH +HUVWHO OXQJ %HLP %RKUHQ HUKlOW PDQ HLQ %LOG GHU GXUFKIDKUHQHQ %RGHQVFKLFKWHQ 'LH 3IDKOOlQJH NDQQ JHPl GHP DQJHWURI IHQHQ %DXJUXQGSURILO IHVWJHOHJW ZHU GHQ %RKUSIlKOH N|QQHQ DXFK EHL JH ULQJHU $UEHLWVK|KH ] % XQWHU %UFNHQ RGHU 'HFNHQ DXFK LQ JHVFKORVVHQHQ 5lXPHQ KHUJHVWHOOW ZHUGHQ %RKUZL GHUVWDQG LVW L $OOJ JHULQJ GDKHU +HU VWHOOXQJ ELV LQ JURH 7LHIHQ XQG PLW JURHQ 'XUFKPHVVHUQ P|JOLFK %RKUSIlKOH
%RKUKLQGHUQLVVH N|QQHQ ] % GXUFK 0HLHOQ EHUZXQGHQ ZHUGHQ +RKH 7UDJIlKLJNHLW )XYHUEUHLWHUXQJ P|J OLFK
7HLOYHUGUlQJXQJV ERKUSIlKOH
.HLQH 9HUURKUXQJ HUIRUGHUOLFK KRKH (LQEDXOHLVWXQJ KRKH %RKUJHQDXLJNHLW NHLQH (UVFKWWHUXQJ
0LNURSIlKOH Q ',1 (1 0LNURSIlKOH .OHLQH KDQGOLFKH *HUlWH GLH GXUFK ' P LKUH QLHGULJH $UEHLWVK|KH GDV %RKUHQ ]% DXV .HOOHUUlXPHQ KHUDXV HUP|JOL FKHQ /lUP XQG HUVFKWWHUXQJVDUP $XFK EHL VFKZHUHQ %RKUKLQGHUQLVVHQ %HWRQ 6WHLQH KHUVWHOOEDU VHW]XQJV DUPH *UQGXQJVDUW
1DFKWHLOH 'XUFKIDKUHQH %RGHQVFKLFKWHQ ZHUGHQ HYWO DXIJHORFNHUW 4XDOLWlW VHKU YRQ +HUVWHOOXQJVYHUIDKUHQ XQG 0DQQ VFKDIW DEKlQJLJ 0|JOLFKH 3UREOHPH E]Z *HIDKUHQ 8QWHUZDVVHUEHWRQLHUHQ .RQWUDNWRUYHUIDKUHQ LQVEHVRQGHUH NOHLQHU 4XHU VFKQLWWH LVW VFKZLHULJ 9RUWUHLEURKU NDQQ EHLP +RFK]LHKHQ GLH IULVFKH %HWRQ VlXOH PLWUHLHQ XQWHUEUHFKHQ RGHU %HZHKUXQJ KRFK]LHKHQ +\GUDXOLVFKHU *UXQGEUXFK P|JOLFK IDOOV $XHQZDVVHU VSLHJHO K|KHU DOV LP %RKUURKU %HLP %RKUHQ RKQH 9HUURKUXQJ LQ QLFKW VWDQGIHVWHP %RGHQ PLW %HQWRQLWVWW]XQJ *HIDKU GHV $XVEUXFKV GHU %RKUORFK ZDQG 6FKUlJQHLJXQJ EHJUHQ]W DXI FD R 4XDOLWlW VHKU VWDUN YRQ 9HUIDKUHQ XQG 0DQQVFKDIW DEKlQJLJ 3UREOHPH EHL %RKUKLQGHUQLVVHQ NHLQ 0HLHOQ P|J OLFK 3IlKOH PVVHQ L G 5 HWZDV OlQJHU VHLQ DOV EHL 9ROOYHUGUlQJXQJV ERKUSIlKOHQ 7UDJIlKLJNHLW EHJUHQ]W 4XDOLWlW VWDUN YRQ 9HUIDKUHQ XQG 0DQQVFKDIW DE KlQJLJ
3IDKOJUQGXQJHQ
'LH $XVZDKO GHV IU GLH MHZHLOLJH %DXDXIJDEH RSWLPDOHQ 3IDKOV\VWHPV RULHQWLHUW VLFK KDXSW VlFKOLFK DQ GHQ $QIRUGHUXQJHQ GLH VLFK DXV GHP ]X JUQGHQGHQ %DXZHUN HUJHEHQ XQG GLH VLFK LP :HVHQWOLFKHQ DXI GLH (LQKDOWXQJ EHVWLPPWHU 6HW]XQJHQ RGHU YHUWUlJOLFKHU 6HW]XQJV XQWHUVFKLHGH EH]LHKHQ 'LH 9LHO]DKO GHU DXI GHP 0DUNW EHILQGOLFKHQ 6\VWHPH IKUW DEHU GD ]X GDVV HV L $OOJ VWHWV PHKUHUH 3IDKODUWHQ JLEW PLW GHQHQ VLFK GLHVH $QIRUGHUXQJHQ HUIOOHQ ODVVHQ VR GDVV OHW]WOLFK GLH .RVWHQ GHQ $XVVFKODJ IU GLH :DKO HLQHV EHVWLPPWHQ 3IDKOW\SV JHEHQ VRZHLW GLH +HUVWHOOXQJ GLH )RUGHUXQJHQ GHV 8PZHOWVFKXW]HV HUIOOW
4XDOLWlWVVLFKHUXQJ XQG 4XDOLWlWVNRQWUROOH %HUHLWV ZlKUHQG GHU 3ODQXQJ YRQ 3IDKOJUQGXQJHQ PXVV VLFK GLH ,QJHQLHXULQ RGHU GHU ,QJH QLHXU PLW GHU 4XDOLWlWVVLFKHUXQJ XQG GHU 4XDOLWlWVNRQWUROOH GHU 7UDJHOHPHQWH EHIDVVHQ 'HU JHVDPWH %DXDEODXI 3ODQXQJ 9HUJDEH +HUVWHOOXQJ PXVV GXUFK HLQ 4XDOLWlWVVLFKHUXQJVV\V WHP EHUZDFKW ZHUGHQ ,Q GHU 9HUJDQJHQKHLW ZXUGH GLH 4XDOLWlW GHU *UQGXQJ WZ GDGXUFK VLFKHUJHVWHOOW GDVV EHUGLPHQVLRQLHUW JHSODQW XQG JHEDXW ZXUGH 'LHVH hEHUGLPHQVLRQLHUXQJ LVW DEHU ZLUWVFKDIWOLFK QLFKW ]X UHFKWIHUWLJHQ XQG NDQQ GDKHU ]XNQIWLJ JHUDGH EHL KlUWHU ZHU GHQGHP LQWHUQDWLRQDOHQ :HWWEHZHUE QLFKW EHLEHKDOWHQ ZHUGHQ >@ 8QWHU 4XDOLWlWVVLFKHUXQJ ZLUG GLH 6LFKHUXQJ YHUHLQEDUWHU (LJHQVFKDIWHQ YHUVWDQGHQ 4XDOL WlWVVLFKHUXQJVV\VWHPH XPIDVVHQ DOOH WHFKQLVFKHQ XQG RUJDQLVDWRULVFKHQ 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ G K XP YRUEHXJHQG )HKOHU ]X YHUPHLGHQ %HGLQJW GXUFK GDV VWlQGLJ ZDFKVHQGH 8PZHOWEHZXVVWVHLQ ZHUGHQ QLFKW QXU GLH .RVWHQ VRQGHUQ DXFK GLH %HHLQWUlFKWL JXQJ GHU 8PZHOW GXUFK GHQ +HUVWHOOXQJVSUR]HVV /lUP (UVFKWWHUXQJHQ $UEHLWHQ DXI XQG LQ NRQWDPLQLHUWHQ %|GHQ XQG GLH %HHLQWUlFKWLJXQJ YRQ 1DFKEDUEDXWHQ HLQHQ HUKHEOLFKHQ (LQIOXVV KDEHQ )LUPHQ GLH DXFK GLHVH )DNWRUHQ GXUFK HLQ DXVJHUHLIWHV 4XDOLWlWVVLFKHUXQJV V\VWHP XQWHU .RQWUROOH KDEHQ ZHUGHQ LP HXURSlLVFKHQ 9HUJDEHV\VWHP HLQHQ :HWWEHZHUEV YRUWHLO KDEHQ 'D XQWHU 4XDOLWlWVVLFKHUXQJ GDV *HZlKUOHLVWHQ YHUHLQEDUWHU (LJHQVFKDIWHQ ]X YHUVWHKHQ LVW PVVHQ ]XQlFKVW GLH $QIRUGHUXQJHQ DQ 3IDKOJUQGXQJHQ IRUPXOLHUW ZHUGHQ ,P :HVHQWOL FKHQ VLQG GLHV GLH *HEUDXFKVWDXJOLFKNHLW GLH 6LFKHUKHLW XQG GLH 8PZHOWYHUWUlJOLFKNHLW $QGHUV DOV EHL DQGHUHQ %DXZHUNHQ ZLUG GLH 4XDOLWlW HLQHU 3IDKOJUQGXQJ LQ HUVWHU /LQLH QLFKW DQKDQG GHU YHUZHQGHWHQ %DXVWRIIH RGHU .RQVWUXNWLRQHQ VRQGHUQ DQ LKUHQ $XVZLUNXQ JHQ DXI GLH 8PJHEXQJ EHXUWHLOW 'LHV VLQG GLH 6HW]XQJHQ GHV JHJUQGHWHQ *HElXGHV GLH 6HW]XQJHQ GHU 1DFKEDUJHElXGH /lUP XQG (UVFKWWHUXQJHQ VRZLH GLH 9HUXQUHLQLJXQJ GHV *UXQGZDVVHUV ,P *UXQGEDX VSH]LHOO EHL GHU 3IDKOKHUVWHOOXQJ LVW GDV 3URGXNW QDFK GHU )HUWLJVWHOOXQJ QLFKW ]X VHKHQ 'DGXUFK ZHUGHQ DXFK P|JOLFKH )HKOHU YHUGHFNW 1HEHQ GHQ ZLUWVFKDIWOLFKHQ XQG XPZHOWUHOHYDQWHQ *UQGHQ VROOWHQ DEHU DXFK GLH UHFKWOLFKHQ (UZlJXQJHQ MHGHQ 8QWHUQHKPHU GDULQ EHVWlUNHQ HLQ ZLUNVDPHV 4XDOLWlWVVLFKHUXQJVV\VWHP DXI]XEDXHQ 8P HLQH TXDOLWDWLY KRFKZHUWLJH *UQGXQJ KHU]XVWHOOHQ VROOWH DXFK GHU %DXKHUU RGHU GLH LKQ EHUDWHQGHQ ,QJHQL HXUH EHU HQWVSUHFKHQGH 4XDOLILNDWLRQHQ YHUIJHQ 'HQQ NRQ]HSWLRQHOOH 3ODQXQJVIHKOHU N|Q QHQ DXFK GXUFK EHVWH PDWHULHOOH XQG YHUIDKUHQVWHFKQLVFKH 4XDOLWlW QLFKW NRPSHQVLHUW ZHUGHQ
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ YRQ 3IDKOJUQGXQJHQ
'LH 4XDOLWlWVPlQJHO GLH DXIWUHWHQ N|QQHQ VLQG YRQ GHU 3IDKODUW XQG GHU +HUVWHOOXQJ DEKlQ JLJ )HUWLJUDPPSIlKOH N|QQHQ ] % GXUFK GDV (LQEULQJHQ EHVFKlGLJW ZHUGHQ 'LHV JLOW EH VRQGHUV IU 6WDKOEHWRQIHUWLJSIlKOH EHL GHQHQ HV ]X 5LVVHQ XQG %HWRQDESODW]XQJHQ NRPPHQ NDQQ 2UWSIlKOH N|QQHQ EHL GHU +HUVWHOOXQJ VHOEVW VFKRQ GXUFK NOHLQH )HKOHU ] % ]X VFKQHO OHV =LHKHQ GHU 9HUURKUXQJ VWDUN EHVFKlGLJW ZHUGHQ %HL QLFKW IDFKJHUHFKWHP %HWRQLHUHQ N|QQHQ VLFK GXUFK (QWPLVFKXQJ .LHVQHVWHU DXVELOGHQ GXUFK HLQH IDOVFKH .RQVLVWHQ] ZLUG GLH %HZHKUXQJ QLFKW ULFKWLJ XPIORVVHQ $XV GLHVHQ *UQGHQ LVW EHL 3IlKOHQ HLQH 4XDOLWlWVNRQWUROOH DOV HLQ (OHPHQW GHU 4XDOLWlWVVL FKHUXQJ XQYHU]LFKWEDU :lKUHQG )HKOHU EHL )HUWLJSIlKOHQ ] % GXUFK G\QDPLVFKH 3IDKOWHVWV ]XU 7UDJIlKLJNHLWVEHVWLPPXQJ ,QWHJULWlWVWHVWV EHUHLWV EHL GHU +HUVWHOOXQJ IHVWJHVWHOOW ZHU GHQ N|QQHQ PXVV EHL 2UWSIlKOHQ ELV ]XP $EELQGHQ GHV %HWRQV JHZDUWHW ZHUGHQ 6WDWLVFKH 3UREHEHODVWXQJHQ GLH $XIVFKOVVH EHU LQQHUH XQG lXHUH 7UDJIlKLJNHLW HUODXEHQ VLQG VHKU DXIZHQGLJ XQG ZHUGHQ GDKHU LPPHU QXU DQ HLQLJHQ ZHQLJHQ 3IlKOHQ GXUFKJHIKUW %HVRQGHUV IU 2UWEHWRQSIlKOH VLQG GHVKDOE YHUVFKLHGHQH 9HUIDKUHQ HQWZLFNHOW ZRUGHQ XP GLH 3IlKOH KLQVLFKWOLFK LKUHU ,QWHJULWlW G K GHU 4XDOLWlW XQG GDPLW GHU LQQHUHQ 7UDJIlKLJNHLW ]X XQWHUVXFKHQ >@ :HQQ ,PSHUIHNWLRQHQ LQ GHU 1lKH GHV .RSIHV YHUPXWHW ZHUGHQ VR NDQQ GLHVHU IUHLJHOHJW ZHUGHQ 'LH 3IDKOJHRPHWULH NDQQ YLVXHOO GLH %HWRQTXDOLWlW GXUFK JH]LHOWHV =LHKHQ YRQ %RKU NHUQHQ EHUSUIW ZHUGHQ 0LW ]XQHKPHQGHU 7LHIH ZLUG GLHVHV 9HUIDKUHQ MHGRFK VHKU WHXHU 6LQG %HWRQTXDOLWlW XQG 3IDKOOlQJH ]X EHUSUIHQ N|QQHQ .HUQERKUXQJHQ LP 3IDKO QLHGHUJH EUDFKW ZHUGHQ (V LVW KLHUEHL P|JOLFK GXUFKJHKHQGH %RKUNHUQH ]X HUKDOWHQ 'DV 3UREOHP LVW KLHUEHL GDVV )HKOVWHOOHQ GLH DXHUKDOE GHU .HUQERKUXQJ OLHJHQ QLFKW HUNDQQW ZHUGHQ $X HUGHP LVW GDV 9HUIDKUHQ VHKU WHXHU 'LH KRKHQ .RVWHQ IKUWHQ ]XU (QWZLFNOXQJ YRQ 3UIYHU IDKUHQ GLH UHODWLY SUHLVJQVWLJ YRQ GHU 3IDKOREHUIOlFKH DXV GXUFKIKUEDU VLQG XQG PLW GHQHQ GLH %HWRQTXDOLWlW GLH 3IDKOOlQJH XQG GLH 3IDKOJHRPHWULH JHSUIW ZHUGHQ NDQQ 9RQ GLHVHQ 9HUIDKUHQ VLQG EHQDQQW GLH 6FKZLQJSUIXQJ GLH 8OWUDVFKDOOSUIXQJ XQG GLH GLH +DPPHUVFKODJPHWKRGH (LQ]HOKHLWHQ KLHU]X VLQG GHU 6SH]LDOOLWHUDWXU >@ >@ >@ XQG .DSLWHO ]X HQWQHKPHQ
7UDJIlKLJNHLW YRQ 3IlKOHQ $Q GDV 7UDJYHUKDOWHQ HLQHV 3IDKOHV ZHUGHQ ]ZHL $QIRUGHUXQJHQ JHVWHOOW D 'LH %DXVWRIIHLJHQVFKDIWHQ XQG GLH $EPHVVXQJHQ VLQG VR ]X ZlKOHQ GDVV GHU 3IDKO RKQH 6FKDGHQ LQ GHQ %RGHQ HLQJHEUDFKW ZHUGHQ NDQQ XQG GLH LKP EHUWUDJHQHQ %HDQVSUX FKXQJHQ RKQH 0DWHULDOYHUVDJHQ EHUQRPPHQ ZHUGHQ ,QQHUH 7UDJIlKLJNHLW E 'LH )HVWLJNHLW GHV %RGHQV LP %HUHLFK GHV 0DQWHOV XQG GHV 3IDKOIXHV PXVV DXVUHLFKHQ XP GLH 3IDKOEHODVWXQJHQ RKQH XQ]XOlVVLJ JURH 6HW]XQJHQ DXIQHKPHQ ]X N|QQHQ bXHUH 7UDJIlKLJNHLW 'LH ,QQHUH 7UDJIlKLJNHLW ZLUG QDFK GHQ %HPHVVXQJVUHJHOQ IU +RO] 6WDKO 6WDKOEHWRQ RGHU 6SDQQEHWRQ DXIJUXQG GHU YRUKDQGHQHQ %HDQVSUXFKXQJ QDFKJHZLHVHQ
3IDKOJUQGXQJHQ
$XI VLH ZLUG KLHU QLFKW ZHLWHU HLQJHJDQJHQ )U GLH (UPLWWOXQJ GHU bXHUHQ 7UDJIlKLJNHLW JLEW HV NHLQ DOOJHPHLQJOWLJHV %HPHVVXQJVYHUIDKUHQ GD GDV 7UDJYHUKDOWHQ HLQHV 3IDKOHV QLFKW QXU YRP %RGHQ XQG GHU %HODVWXQJ VRQGHUQ DXFK YRP 3IDKOW\S XQG GHP +HUVWHOOYHUIDK UHQ DEKlQJW 'LH YHUWLNDOH 3IDKOEHODVWXQJ ZLUG YRP 6SLW]HQZLGHUVWDQG XQG YRQ GHU 0DQWHOUHLEXQJ DEJH WUDJHQ 'LH $XIWHLOXQJ HUIROJW MH QDFK 3IDKOW\S XQG %RGHQDUW GXUFK GLH XQWHUVFKLHGOLFKHQ $NWLYLHUXQJVZHJH :lKUHQG GLH 0DQWHOUHLEXQJ LP $OOJHPHLQHQ VFKRQ QDFK UHODWLY NXU]HQ 9HUIRUPXQJVZHJHQ DE FD PP YROO DNWLYLHUW ZLUG VLQG ]XP (UUHLFKHQ GHV PD[LPDO P|J OLFKHQ 6SLW]HQZLGHUVWDQGHV MH QDFK 3IDKOW\S XQWHUVFKLHGOLFK JURH 9HUIRUPXQJVZHJH QRW ZHQGLJ GLH ]XP %HLVSLHO EHL 5DPPSIlKOHQ ZHQLJH 0LOOLPHWHU XQG EHL %RKUSIlKOHQ HLQLJH =HQWLPHWHU EHWUDJHQ N|QQHQ :HQQ GLH %DXZHUNH GLH ]XU :HFNXQJ GHV YROOHQ 6SLW]HQZLGHU VWDQGHV HUIRUGHUOLFKHQ 3IDKOYHUVFKLHEXQJHQ QLFKW VFKDGHQVIUHL DXIQHKPHQ N|QQHQ ZHUGHQ ] % GLH 3IDKOIH YRQ %RKUSIlKOHQ QDFKYHUSUHVVW XP JU|HUH 6HW]XQJHQ ]X YHUKLQGHUQ 'LH +DXSWHLQIOVVH DXI GLH 0DQWHOUHLEXQJ VLQG ± 6FKHUIHVWLJNHLW GHV %RGHQV ± 5DXKLJNHLW GHU 3IDKOREHUIOlFKH ± *U|H GHU 5DGLDOVSDQQXQJ ,Q YLHOHQ )lOOHQ ZLUNHQ GLHVH )DNWRUHQ QLFKW HLQ]HOQ 6R ZLUG ]XP %HLVSLHO HLQH 0DQWHOYHU SUHVVXQJ GHV 3IDKOHV GLH 5DXKLJNHLW GHU 2EHUIOlFKH GLH *U|H GHU 5DGLDOVSDQQXQJ XQG GHQ 3IDKOGXUFKPHVVHU HUK|KHQ (LQHQ (LQIOXVV DXI GLH $NWLYLHUXQJVZHJH XQG GDPLW DXI GLH *U|H GHU 0DQWHOUHLEXQJ KDW DXFK GDV +HUVWHOOYHUIDKUHQ %HL HLQHP 2UWEHWRQSIDKO JHKW GHU )ULVFKEHWRQ ]XP 7HLO HLQH LQ QLJH 9HUELQGXQJ PLW GHP XPJHEHQGHQ %RGHQ HLQ VR GDVV GHU 6FKHUYHUEXQG ]ZLVFKHQ GHP DXVJHKlUWHWHQ UDXKHUHQ 3IDKOEHWRQ XQG GHP %RGHQ HLQHQ JU|HUHQ (LQIOXVV KDW DOV EHL HLQHP )HUWLJSIDKO 'LH ]XOlVVLJH 7UDJIlKLJNHLW YRQ 3IlKOHQ ZLUG LQ GHU 3UD[LV QDFK HLQHP GHU IROJHQGHQ 9HUIDK UHQ IHVWJHOHJW D E F G H I
1DFK ',1(1,629RUVFKULIWHQ 'XUFK 3UREHEHODVWXQJHQ 'XUFK HPSLULVFK JHZRQQHQH (UIDKUXQJVZHUWH 'XUFK G\QDPLVFKH 5DPPIRUPHOQ QXU EHL 5DPPSIlKOHQ 'XUFK G\QDPLVFKH 3IDKOWHVWV $XIJUXQG YRQ 6RQGLHUHUJHEQLVVHQ
]X D ,Q GHU ',1 VLQG LP $QKDQJ & 7DEHOOHQ IU GLH ]XOlVVLJH 'UXFNEHODVWXQJ YRQ 5DPPSIlKOHQ DXV +RO] 6WDKO XQG 6WDKO E]Z 6SDQQEHWRQ DQJHJHEHQ 'LH $QZHQGXQJ GHU 7DEHOOHQ VHW]W YRUDXV GDVV DXVUHLFKHQG WUDJIlKLJH %|GHQ DQVWHKHQ XQG JHZLVVH JHRPHW ULVFKH 5DQGEHGLQJXQJHQ (LQELQGHWLHIH 0LQGHVWDEVWlQGH 3IDKOGXUFKPHVVHU HLQJHKDOWHQ VLQG )U %RKUSIlKOH JLEW GLH ',1 LP $QKDQJ % HLQ 9HUIDKUHQ DQ PLW GHP LQ HLQIDFKHQ )lOOHQ GLH 3IDKOWUDJIlKLJNHLW DEJHVFKlW]W ZHUGHQ NDQQ
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ YRQ 3IDKOJUQGXQJHQ
'DV 9HUIDKUHQ EHUXKW DXI GHU UHFKQHULVFKHQ (UPLWWOXQJ HLQHU :LGHUVWDQGVVHW]XQJVOLQLH DXI JUXQG YRQ 7DEHOOHQZHUWHQ GLH LQ $EKlQJLJNHLW GHU PDJHEHQGHQ %DXJUXQGSDUDPHWHU 6RQ GLHUZLGHUVWDQG TF E]Z $QIDQJVIHVWLJNHLW FXN JHVWDIIHOW VLQG ]X E :HLFKHQ GLH 3IlKOH LQ LKUHQ $EPHVVXQJHQ RGHU GLH DQJHWURIIHQHQ %RGHQHLJHQVFKDIWHQ YRQ GHQ LQ GHQ ',1(1,621RUPHQ YRUJHJHEHQHQ 9RUDXVVHW]XQJHQ DE RGHU VROOHQ DXV .RVWHQJUQGHQ GLH LQ GHQ 1RUPHQ DQJHJHEHQHQ %HODVWXQJHQ EHUVFKULWWHQ ZHUGHQ PVVHQ GLH ]XOlVVLJHQ *HEUDXFKVODVWHQ GXUFK 3UREHEHODVWXQJHQ HUPLWWHOW ZHUGHQ 0DJHEHQG LVW GHU *UHQ]ZHUW GHU VLFK DXV GHU :LGHUVWDQGV6HW]XQJV/LQLH GHU 3UREHEHODVWXQJ HUJLEW $XV GHQ (LQ]HOZHUWHQ GHU 3IDKOSUREHEHODVWXQJVHUJHEQLVVH LVW GHU FKDUDNWHULVWLVFKH 3IDKOZLGHUVWDQG 5N GXUFK 'LYLVLRQ PLW HLQHP 6WUHXXQJVIDNWRU [ ]X HUPLWWHOQ
%LOG
([HPSODULVFKH 'DUVWHOOXQJ GHU :LGHUVWDQGV6HW]XQJV/LQLH >@
$OV *UHQ]ZHUW JLOW MHQH /DVW EHL GHU GHU 3IDKO PHUNEDU ]X YHUVLQNHQ E]Z EHL =XJSIlKOHQ VLFK ]X KHEHQ EHJLQQW ,Q GHU :LGHUVWDQGV6HW]XQJV/LQLH %LOG EH]HLFKQHW VLH MHQH 6WHOOH EHL ZHOFKHU GHU IODFKH $VW QDFK HLQHP hEHUJDQJVEHUHLFK PLW ]XQHKPHQG JU|HU ZHU GHQGHQ 6HW]XQJHQ LQ GHQ VWHLO DEIDOOHQGHQ $VW EHUJHKW *LEW GHU 9HUODXI GHU :LGHUVWDQGV6HW]XQJV/LQLH NHLQHQ JHQJHQGHQ $QKDOW IU GLHVH 6WHOOH VR JLOW DOV *UHQ]ZHUW MHQH /DVW GLH HLQH EOHLEHQGH 6HW]XQJ E]Z +HEXQJ GHV 3IDKOHV YRQ 'E 'E 'XUFKPHVVHU GHV 3IDKOIXHV KHUYRUUXIW .DQQ EHL HLQHP 9HUVXFK GLH *UHQ] ODVW QLFKW HUUHLFKW ZHUGHQ VR JLOW GLH K|FKVWH DXIJHEUDFKWH /DVW DOV VROFKH :HLWHUH +LQZHLVH ]X 3UREHEHODVWXQJHQ ZHUGHQ LQ .DSLWHO JHJHEHQ ]X F ,QVEHVRQGHUH ]XU 9RUEHPHVVXQJ YRQ 3IlKOHQ XQG GDPLW ]XU $EVFKlW]XQJ GHU HUIRU GHUOLFKHQ 3IDKODQ]DKO ZLUG KlXILJ DXI (UIDKUXQJVZHUWH ]XUFNJHJULIIHQ (UIDKUXQJVZHUWH EHU 3IDKOWUDJIlKLJNHLWHQ OLHJHQ EHL GHQ DXVIKUHQGHQ )LUPHQ RGHU %DX JUXQGJXWDFKWHUQ YRU 'LH (UIDKUXQJVZHUWH VLQG DEHU LPPHU QXU MHZHLOV DQ HLQHQ EHVWLPPWHQ 3IDKOW\S XQG EHVWLPPWH %RGHQYHUKlOWQLVVH JHEXQGHQ 6LH VLQG QLFKW RKQH ZHLWHUHV DXI DQGHUH +HUVWHOOYHUIDKUHQ 3IDKODEPHVVXQJHQ 3IDKOEDXVWRIIH RGHU %DXJUXQGYHUKlOWQLVVH EHUWUDJEDU
3IDKOJUQGXQJHQ
$XV HLQHU 9LHO]DKO YRQ 3UREHEHODVWXQJHQ DQ 5DPPSIlKOHQ ZXUGH GLH XQWHQVWHKHQGH 7DEHOOH ]XVDPPHQJHVWHOOW GLH VHKU KlXILJ DOV $QKDOWVSXQNW IU 9RUEHPHVVXQJHQ YHUZHQGHW ZLUG 7DEHOOH 7DEHOOH
&KDUDNWHULVWLVFKH 3IDKOPDQWHOUHLEXQJ TEN XQG 3IDKOVSLW]HQZLGHUVWDQG TVN YRQ 9HUGUlQJXQJV SIlKOHQ IU GHQ *UHQ]]XVWDQG *= % >@
%RGHQDUW
%HUHLFK XQ WHU 2. GHU WUDJIlKLJHQ 6FKLFKW >P@
PLWWOHUH 0DQWHOUHLEXQJ IU DEJHZLFNHOWHQ 8PIDQJ TVN >N1P@ +RO]SIlKOH
QLFKWELQGLJH %|GHQ ,F ,F *HVFKLHEH PHUJHO KDOE IHVW ELV IHVW QLFKWELQGLJH %|GHQ ,F ,F *HVFKLHEH PHUJHO KDOE IHVW ELV IHVW
ELV !
ELV ! ELV !
6WDKOEHWRQ SIlKOH
6WDKOURKUSIlKOH .DVWHQSIlKOH RIIHQ
,3URILOH
ELV !
]X G 'LH 7UDJIlKLJNHLW YRQ 'UXFNSIlKOHQ GDUI DXV 5DPPIRUPHOQ QXU EHL QLFKWELQGLJHQ %|GHQ XQG QXU GDQQ HUPLWWHOW ZHUGHQ ZHQQ GLH EHWUHIIHQGH 5DPPIRUPHO DXIJUXQG |UWOLFKHU (UIDKUXQJHQ XQWHU JHQDX IHVWJHOHJWHQ 9RUDXVVHW]XQJHQ DQHUNDQQW LVW RGHU LP (LQ]HOIDOO DXI JUXQG YRQ 3UREHEHODVWXQJHQ DOV ]XYHUOlVVLJ QDFKJHZLHVHQ ZLUG =XP )HVWVWHOOHQ GHU 5DPP HQHUJLH ZLUG ] % EHL GHP 6\VWHP )UDQNL HLQ 5DPPElU PLW IUHLIDOOHQGHP %lUN|USHU YHUZHQ GHW *HPHVVHQ ZLUG GLH NLQHWLVFKH (QHUJLH GHV )DOOElUHQ %lUJHZLFKW Â )DOOK|KH VRZLH GLH (LQGULQJXQJ GHV 3IDKOHV MH 6FKODJ =XU (UPLWWOXQJ GHU 7UDJIlKLJNHLW N|QQHQ ZHLWHUKLQ GLH 3IDKONHQQJU|HQ /lQJH 4XHUVFKQLWW XQG (0RGXO VRZLH GHU :LUNXQJVJUDG GHV 5DPPVFKOD JHV HUIRUGHUOLFK ZHUGHQ ]X H 'D 3UREHEHODVWXQJHQ WHXHU XQG GDKHU QXU DQ ZHQLJHQ 3IlKOHQ DXVIKUEDU VLQG ZXU GHQ 9HUIDKUHQ HQWZLFNHOW PLW GHQHQ 3IlKOH ZLUWVFKDIWOLFKHU DXI LKUH 7UDJIlKLJNHLW KLQ XQWHU VXFKW ZHUGHQ N|QQHQ
*UXQGODJHQ GHU 3ODQXQJ XQG +HUVWHOOXQJ YRQ 3IDKOJUQGXQJHQ
'LHVH G\QDPLVFKHQ 3UIYHUIDKUHQ EHUXKHQ GDUDXI GDVV DXI GLH 3IlKOH HLQH KRKH G\QDPLVFKH %HODVWXQJ DXIJHEUDFKW ZLUG 5DPPVFKODJ GLH GLH *U|HQRUGQXQJ GHU VSlWHUHQ 1XW]ODVW VLPXOLHUW 1HEHQ GHU NLQHWLVFKHQ (QHUJLH GHV 5DPPVFKODJHV ZLUG GHU ]HLWOLFKH 9HUODXI GHU 'HKQXQJ XQG GHU %HVFKOHXQLJXQJ DP 3IDKONRSI JHPHVVHQ +LHUDXV ZHUGHQ PLW %HUHFK QXQJVSURJUDPPHQ GLH 0DQWHOUHLEXQJ GHU 6SLW]HQZLGHUVWDQG XQG GLH /DVW6HW]XQJV.XUYH HUPLWWHOW *HQDXHUH $QJDEHQ KLHU]X ILQGHQ VLFK LQ .DSLWHO ]X I 'LH 7UDJIlKLJNHLW HLQHV (LQ]HOSIDKOHV NDQQ DXV GHQ (UJHEQLVVHQ YRQ %DXJUXQGVRQ GLHUXQJHQ LP 9RUDXV DEJHVFKlW]W ZHUGHQ 9RUWHLOKDIW LVW GDEHL GLH 0|JOLFKNHLW GHU IUK]HLWL JHQ $XVIKUXQJ GHU 6RQGLHUXQJHQ GLH IOlFKHQKDIWH (UIDVVXQJ GHV %DXJHOlQGHV VRZLH GLH VFKQHOOH XQG ELOOLJH $XVIKUXQJ $OV 6RQGLHUXQJHQ NRPPHQ LP :HVHQWOLFKHQ LQ )UDJH ± 'UXFNVRQGLHUXQJHQ ± 5DPPVRQGLHUXQJHQ )U GLH hEHUWUDJXQJ GHU PLW GHU 'UXFNVRQGH JHPHVVHQHQ 0DQWHOUHLEXQJ IV E]Z GHV 6SLW ]HQGUXFNV TF DXI GLH 3IDKOPDQWHOUHLEXQJ TVN E]Z GHQ 3IDKOVSLW]HQZLGHUVWDQG TEN EHL 3IlK OHQ JLEW HV LQ GHU /LWHUDWXU DXVUHLFKHQGH (UIDKUXQJVZHUWH >@ 8PIDQJUHLFKH 8QWHUVXFKXQJHQ ]XU $EVFKlW]XQJ GHU 7UDJIlKLJNHLW YRQ 3IlKOHQ DXV 6RQGLHU HUJHEQLVVHQ VLQG X D LQ >@ EHVFKULHEHQ +LHUEHL ZHUGHQ GLH %UXFKNUDIW XQG GLH .UDIW 6HW]XQJV/LQLH DXV (UJHEQLVVHQ YRQ 'UXFN XQG 5DPPVRQGLHUXQJHQ HUPLWWHOW 'D L $OOJ ]ZLVFKHQ EHUHFKQHWHQ XQG JHPHVVHQHQ :HUWHQ HLQH JXWH hEHUHLQVWLPPXQJ EHVWHKW HUVFKHLQW HV GXUFKDXV EHUHFKWLJW ]XU %HVWLPPXQJ GHU 7UDJIlKLJNHLW YRQ 3IlKOHQ VWlUNHU DOV ELVKHU 6RQGLHUXQJHQ KHUDQ]X]LHKHQ %HL GHU %HKDQGOXQJ GHU 7UDJIlKLJNHLW YRQ 3IlKOHQ VHL QRFK DXI ]ZHL %HVRQGHUKHLWHQ KLQJH ZLHVHQ 6HW]W VLFK GHU XPJHEHQGH %RGHQ PHKU DOV GHU HLQJHEUDFKWH 3IDKO ] % .RQVROLGDWLRQVVHW ]XQJHQ DXV (LJHQJHZLFKW RGHU $XIODVW EHL ZHLFKHQ ELQGLJHQ 6FKLFKWHQ VR KlQJW VLFK GHU %RGHQ DP 3IDKO DXI XQG EHODVWHW GLHVHQ ]XVlW]OLFK %LOG 3IlKOH ZHUGHQ QLFKW QXU D[LDO EHODVWHW ,QVEHVRQGHUH *URERKUSIlKOH ZHUGHQ DXFK GXUFK 0RPHQWH XQG +RUL]RQWDOODVWHQ EHDQVSUXFKW ZREHL GLH %HODVWXQJ EHU GLH VHLWOLFKH %HW WXQJ LQ GHQ %DXJUXQG DEJHOHLWHW ZLUG =XU %HUHFKQXQJ GHV 6\VWHPV 3IDKO%RGHQ KDW VLFK KLHUEHL GDV %HWWXQJVPRGXO9HUIDKUHQ GXUFKJHVHW]W
%LOG
3IDKOJUQGXQJHQ
(QWVWHKXQJ QHJDWLYHU 0DQWHOUHLEXQJ
,Q GHQ QDFKIROJHQGHQ .DSLWHOQ ZHUGHQ GHWDLOOLHUWH ,QIRUPDWLRQHQ ]X DXVJHZlKOWHQ $UWHQ GHU 3IDKOJUQGXQJ ]XVDPPHQIDVVHQG GDUJHVWHOOW
)HUWLJUDPPSIlKOH 'DV %DXYHUIDKUHQ LP hEHUEOLFN )HUWLJSIlKOH DXV +RO] VLQG GHU lOWHVWH 3IDKOW\S EHUKDXSW 3IDKOEDXWHQ DXV GHU =HLW XP Y &KU ILQGHQ VLFK LP JHVDPWHQ $OSHQJHELHW >@ 'LH 3IHLOHU YLHOHU U|PLVFKHU %UFNHQ VWH KHQ DXI 3IDKOURVWHQ >@ ,P 0LWWHODOWHU ZDUHQ GLH (UIDKUXQJHQ PLW 3IlKOHQ XQG 3IDKOURVWHQ VR XPIDQJUHLFK GDVV EHUHLWV DXV GHP (LQGULQJYHUKDOWHQ DXI GLH 7UDJIlKLJNHLW JHVFKORVVHQ ZHU GHQ XQG GHWDLOOLHUWH $QJDEHQ EHU GLH HUIRUGHUOLFKHQ $EPHVVXQJHQ YRQ 3IDKOURVWHQ JHPDFKW ZHUGHQ NRQQWHQ +HXWH ZHUGHQ )HUWLJUDPPSIlKOH DXV +RO] 6WDKO 6WDKOEHWRQ XQG 6SDQQEHWRQ HLQJHVHW]W 6LH ZHUGHQ GXUFK 5DPPHQ 5WWHOQ RGHU 3UHVVHQ LQ GHQ %DXJUXQG JHWULHEHQ ,KUH 9RUWHLOH OLHJHQ GDULQ GDVV VLH LQ NRQWUROOLHUEDUHU *WH DXI GHU %DXVWHOOH RGHU LP :HUN SURGX]LHUW ZHUGHQ N|QQHQ XQG QDFK GHP (LQEULQJHQ VRIRUW EHODVWEDU VLQG ,KU 1DFKWHLO EHVWHKW YRU DOOHP GDULQ GDVV VLH LQ IHVWHQ /lQJHQ KHUJHVWHOOW ZHUGHQ PVVHQ XQG VLFK GDQQ MH QDFK %DXJUXQGYHUKlOW QLVVHQ PDQFKPDO DOV ]X ODQJ RGHU ]X NXU] HUZHLVHQ VR GDVV VLH HQWZHGHU JHNDSSW RGHU VRZHLW EHUKDXSW P|JOLFK YHUOlQJHUW ZHUGHQ PVVHQ %HL 6WDKOEHWRQIHUWLJSIlKOHQ VROOWHQ GDKHU SODQPlLJ .XSSOXQJHQ PLW EDXWHFKQLVFKHU =XODVVXQJ YRUJHVHKHQ ZHUGHQ
7HFKQLVFKH *UXQGODJHQ *UXQGVlW]OLFK ODVVHQ VLFK GLH )DNWRUHQ GLH GDV 7UDJYHUKDOWHQ GHU 3IlKOH ZHVHQWOLFK EHHLQ IOXVVHQ LQ YLHU .DWHJRULHQ HLQWHLOHQ %RGHQ 3IDKO +HUVWHOOXQJ XQG %HODVWXQJ 7DEHOOH
)HUWLJUDPPSIlKOH 7DEHOOH
(LQIOVVH DXI GDV 7UDJYHUKDOWHQ YRQ )HUWLJSIlKOHQ >@
5DPPSIDKO )DOOK|KH 5DPPJHZLFKW 5DPPIXWWHU 6FKODJIUHTXHQ] $UW GHV %lUHQ )UHLIDOO 'LHVHO +\GUDXOLN
+HUVWHOOXQJ 9LEUDWLRQVSIDKO 9LEUDWRUJHZLFKW )OLHKNUDIW GHV 9LEUDWRUV $PSOLWXGH )UHTXHQ] %HVFKOHXQLJXQJ
%RGHQ %RGHQDUW 6FKLFKWXQJ 6FKHUIHVWLJNHLW /DJHUXQJVGLFKWH 6SDQQXQJV]XVWDQG .RUQIRUPJU|HYHUWHLOXQJ .RPSUHVVLELOLWlW :DVVHUJHKDOW &KHPLVFKH ,QKDOWVVWRIIH
%HODVWXQJ
3IDKO
9HUWLNDO+RUL]RQWDO 'UXFN=XJ 6WDWLVFK=\NOLVFK 6WDQG]HLW ELV ]XU %HODVWXQJ
*HRPHWULH 4XHUVFKQLWWVIRUP 6FKODQNKHLW 0DWHULDO :DQGUDXKLJNHLW 9RUVSDQQXQJ )XDXVELOGXQJ
+LHUDXV LVW HUNHQQEDU ZLH NRPSOH[ GDV 7UDJYHUKDOWHQ LVW XQG ZLH VFKZLHULJ GDPLW GLH 'L PHQVLRQLHUXQJ YRQ 3IlKOHQ ZLUG 'LH 3DUDPHWHU +HUVWHOOXQJ %HODVWXQJ XQG 3IDKO VLQG IUHL ZlKOEDUH (LQIOXVVIDNWRUHQ ZRKLQJHJHQ GLH .DWHJRULH %RGHQ HLQH YRQ GHU 1DWXU YRUJHJHEHQH *U|H LVW GLH QXU EHGLQJW YHUlQGHUEDU LVW 'LH 6FKZLHULJNHLW EHVWHKW JHQHUHOO LQ GHU JHQDXHQ %HVWLPPXQJ GHU %RGHQSDUDPHWHU GXUFK )HOG XQG /DERUYHUVXFKH YRU %DXEHJLQQ +LHUEHL LVW EHVRQGHUV ]X EHGHQNHQ GDVV QLFKW QXU GLH YRU GHU 3IDKOKHUVWHOOXQJ HUPLWWHOWHQ %RGHQSDUDPHWHU VRQGHUQ LQVEHVRQGHUH GLH %RGHQSD UDPHWHU GLH QDFK GHU 3IDKOKHUVWHOOXQJ YRUKDQGHQ VLQG GDV 7UDJYHUKDOWHQ EHVWLPPHQ -HGH $UW GHU 3IDKOKHUVWHOOXQJ VWHOOW HLQH 9HUlQGHUXQJ GHV =XVWDQGHV GHV %DXJUXQGHV YRU +HU VWHOOXQJVEHJLQQ 3ULPlU]XVWDQG GDU 'LH 9HUlQGHUXQJHQ ZlKUHQG GHU +HUVWHOOXQJ 6HNXQ GlU]XVWlQGH KDEHQ ]ZHL ZHVHQWOLFKH 8UVDFKHQ QlPOLFK GLH G\QDPLVFKH %HDQVSUXFKXQJ GHV %DXJUXQGHV GXUFK GLH +HUVWHOOXQJVDUW ] % 5DPPHQ 9LEULHUHQ VRZLH GLH %RGHQYHUGUlQ JXQJ %LOG
%LOG
3IDKOJUQGXQJHQ
=XVWlQGH EHLP (LQEULQJHQ HLQHV )HUWLJSIDKOHV >@
(LQHQ ZHLWHUHQ ZHVHQWOLFKHQ (LQIOXVV KDEHQ JH]LHOWH 0DQDKPHQ ]XU 7UDJIlKLJNHLWVHUK| KXQJ ZLH ] % 0DQWHO RGHU )XYHUSUHVVXQJHQ 1DFK GHU +HUVWHOOXQJ HLQHV 3IDKOHV 7HUWLlU ]XVWDQG WUHWHQ ZHLWHUH =XVWDQGVlQGHUXQJHQ LP %DXJUXQG GXUFK GLH DQZDFKVHQGH %HODVWXQJ DXV GHP *HElXGH DXI ,QVEHVRQGHUH LQ ELQGLJHQ %|GHQ LVW QRFK OlQJHUH =HLW QDFK GHU +HU VWHOOXQJ XQG QDFK GHU %HODVWXQJ GHV 3IDKOHV PLW 9HUlQGHUXQJHQ GHU ERGHQPHFKDQLVFKHQ (L JHQVFKDIWHQ XQG GHU :DVVHUGUXFNYHUKlOWQLVVH ]X UHFKQHQ )HUWLJSIlKOH VLQG 9HUGUlQJXQJVSIlKOH EHL GHQHQ EHLP (LQEULQJHQ GHU %RGHQ LP GLUHNWHQ 8PIHOG GHV 3IDKOIXHV ]XU 6HLWH XQG DXFK ]XU 7LHIH KLQ YHUVFKREHQ ZLUG 1DFK $EVFKOXVV GHU 5DPPDUEHLWHQ LVW GRUW GXUFK GLH %RGHQYHUGUlQJXQJ HLQ HUKHEOLFK JHVW|UWHU =XVWDQG YRU KDQGHQ GHVVHQ ERGHQPHFKDQLVFKH (LJHQVFKDIWHQ QXU VHKU VFKZHU DEJHVFKlW]W ZHUGHQ N|Q QHQ =XU (UPLWWOXQJ GHU 0DQWHOUHLEXQJ ZlUH HLQH JHQDXH .HQQWQLV GHU 6SDQQXQJV 9HUIRUPXQJVHLJHQVFKDIWHQ HUIRUGHUOLFK XP EHUHFKQHQ ]X N|QQHQ ZLH JUR GHU GXUFK GLH %RGHQYHUGUlQJXQJ KHUYRUJHUXIHQH YHUEOHLEHQGH 6SDQQXQJV]XVWDQG LQ KRUL]RQWDOHU 5LFKWXQJ LVW (V LVW GXUFKDXV ]X HUZDUWHQ GDVV DP 3IDKOPDQWHO LQIROJH GHU 9HUGUlQJXQJ DXIJHEDXWH KRUL]RQWDOH 6SDQQXQJV]XVWlQGH GXUFK GLH 5DPPHUVFKWWHUXQJHQ EHLP (LQEULQJHQ GHV 3IDK OHV DXI GLH HUIRUGHUOLFKH 7LHIH ZLHGHU GXUFK 9HUGLFKWXQJ GHV %RGHQV DEJHEDXW ZHUGHQ %HL ELQGLJHQ ZDVVHUJHVlWWLJWHQ %|GHQ VLQG .HQQWQLVVH EHU GLH (QWZLFNOXQJ GHV HIIHNWLYHQ 6SDQQXQJV]XVWDQGHV QRWZHQGLJ +LHU VSLHOW GHU VLFK HQWZLFNHOQGH 3RUHQZDVVHUGUXFN VRZLH VHLQ VSlWHUHU $EEDX GHU YRQ GHU :DVVHUGXUFKOlVVLJNHLW GHV %RGHQV DEKlQJW HLQH HQWVFKHL GHQGH 5ROOH $XV GLHVHQ $XVIKUXQJHQ IROJW GDVV HV NHLQHQ EHIULHGLJHQGHQ UHFKQHULVFKHQ $QVDW] ]XU %H UHFKQXQJ GHU 7UDJIlKLJNHLW YRQ )HUWLJSIlKOHQ JLEW 'LH 3IDKOWUDJIlKLJNHLWHQ N|QQHQ GDKHU DOOHQIDOOV DXI *UXQG YRQ (UIDKUXQJHQ YRQ 3UREHEHODVWXQJHQ RGHU GXUFK %HREDFKWXQJHQ E]Z 0HVVXQJHQ ZlKUHQG RGHU QDFK GHP (LQEULQJYRUJDQJ HUPLWWHOW ZHUGHQ
)HUWLJUDPPSIlKOH
'LH )HUWLJSIlKOH ZHUGHQ LQ GHQ %RGHQ ZDKOZHLVH ± HLQJHUDPPW ± HLQJHUWWHOW ± HLQJHSUHVVW 'LH 9HUIDKUHQ VLQG LQ GHQ IROJHQGHQ $EVFKQLWWHQ DXVIKUOLFK EHVFKULHEHQ 'DKHU VROO KLHU QXU DXI HLQLJH %HVRQGHUKHLWHQ KLQJHZLHVHQ ZHUGHQ D (UK|KXQJ GHU 7UDJIlKLJNHLW GXUFK 9HUSUHVVHQ %HL JHQJHQG ODQJHQ 3IlKOHQ GLH HLQHQ ZHVHQWOLFKHQ 7HLO LKUHU %HODVWXQJ EHU 0DQWHOUHL EXQJ LQ GHQ %RGHQ DEOHLWHQ LVW HV VLQQYROO GLH 3IDKOIXIOlFKH JHJHQ GHQ %RGHQ YRU]XVSDQ QHQ =X GLHVHP =ZHFN NDQQ LP )XEHUHLFK =HPHQWP|UWHO LQML]LHUW ZHUGHQ 'DGXUFK ZLUG GHU %RGHQ YRUEHODVWHW G K HU ZLUG VWHLIHU XQG GLH KRKHQ 3IDKONUlIWH ZHUGHQ EHL JHULQJHUHQ 6HW ]XQJHQ DEJHWUDJHQ E (LQVWHOOHQ YRQ 3IlKOHQ LQ YRUJHERKUWH /|FKHU (LQH .RPELQDWLRQ YRQ )HUWLJSIDKO XQG 2UWSIDKO VWHOOHQ ] % 6WDKOEHWRQSIlKOH GDU GLH LQ YRU JHERKUWH /|FKHU JHVWHOOW ZHUGHQ 'LHVHV 9HUIDKUHQ ZLUG PLWXQWHU GDQQ YHUZHQGHW ZHQQ GLH WUDJIlKLJHQ IHVWHQ %RGHQVFKLFKWHQ VHKU WLHI OLHJHQ XQG GDKHU PLW 5DPPXQJ QXU VFKZHU HU UHLFKEDU VLQG RGHU ZHQQ GLH 6FKLFKWHQ JDQ] DOOJHPHLQ VFKZHU UDPPEDU VLQG ,Q GLHVHQ )lOOHQ ZLUG GHU 6SDOW ]ZLVFKHQ %RKUORFKZDQGXQJ XQG )HUWLJSIDKO PLW =HPHQWP|UWHO YHUSUHVVW VR EDOG GLH ]XU +HUVWHOOXQJ GHV %RKUORFKV HUIRUGHUOLFKH 9HUURKUXQJ JH]RJHQ LVW F %HPHVVHQ GHU 3IlKOH IU 7UDQVSRUW /DJHUXQJ XQG $XIQHKPHQ DQ GHU 5DPPH 'LH PHLVWHQ 5DPPSIlKOH ZHUGHQ GXUFK GLH %DXZHUNVODVWHQ YRUZLHJHQG D[LDO EHDQVSUXFKW XQG VLQG GDKHU IU GLHVHQ /DVWIDOO EHPHVVHQ %HLP 7UDQVSRUW GHU /DJHUXQJ XQG GHP $XI QHKPHQ DQ GHU 5DPPH ZHUGHQ GLH 3IlKOH DEHU YRUZLHJHQG DXI %LHJXQJ EHDQVSUXFKW $XFK IU GLHVH /DVWIlOOH PXVV DXVUHLFKHQG 6LFKHUKHLW JHJHQ 9HUVDJHQ JHZlKUOHLVWHW VHLQ .ULWLVFK VLQG KLHU LQVEHVRQGHUH GLH 6WDKOEHWRQSIlKOH GLH EHL %LHJHPRPHQWHQEHDQVSUXFKXQJ =XJULVVH EHNRPPHQ N|QQHQ 'LH %HZHKUXQJ PXVV GDKHU DXFK HQWVSUHFKHQG GLHVHU /DVWIlOOH GLPHQVLRQLHUW ZHUGHQ %HLP $XIWUHWHQ YRQ 5LVVHQ NDQQ :DVVHU ELV ]XU %HZHKUXQJ YRUGULQ JHQ XQG GLH .RUURVLRQ GHU %HZHKUXQJ IKUW ]XU =HUVW|UXQJ GHV 3IDKOHV 8P GLH %LHJHPRPHQWH P|JOLFKVW JHULQJ ]X KDOWHQ HPSIHKOHQ VLFK GLH LQ %LOG DQJHJH EHQHQ /DJHQ GHU $QVFKODJSXQNWH IU 7UDQVSRUW XQG $XIQHKPHQ 6LQQYROOHUZHLVH ZHUGHQ GLHVH $QVFKODJSXQNWH HQWZHGHU PDUNLHUW RGHU PLW HLQEHWRQLHUWHQ 5XQGVWDKOVFKODXIHQ YHUVH KHQ
%LOG
3IDKOJUQGXQJHQ
$QVFKODJSXQNWH IU 7UDQVSRUW XQG $XIQHKPHQ DQ GHU 5DPPH
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH %HLP (LQEULQJHQ YRQ )HUWLJSIlKOHQ ODVVHQ VLFK 9HUIDKUHQ XQWHUVFKHLGHQ ± 5DPPHQ ± 5WWHOQ 9LEULHUHQ ± (LQSUHVVHQ 'LH :DKO GHV JHHLJQHWHQ (LQEULQJYHUIDKUHQV KlQJW DE YRQ GHU %DXJUXQGEHVFKDIIHQKHLW GHU 1DFKEDUEHEDXXQJ GHQ 3IDKODEPHVVXQJHQ GHQ 3IDKOPDWHULDOLHQ XQG GHQ $QIRUGHUXQJHQ GHV 8PZHOWVFKXW]HV 'LH 7DEHOOH ]HLJW GLH 5DPPHLJQXQJ YHUVFKLHGHQHU %RGHQDUWHQ 7DEHOOH GLH (LJQXQJ IU 9LEUDWLRQVYHUIDKUHQ XQG 7DEHOOH GLH (LJQXQJ IU GDV (LQSUHVVYHUIDK UHQ 7DEHOOH
5DPPHLJQXQJ YHUVFKLHGHQHU %RGHQDUWHQ >@
/HLFKWH 5DPPXQJ 0RRU 7RUI 6FKOLFN XQG .OHL
0LWWHOVFKZHUH 5DPPXQJ 0LWWHOVDQG XQG *UREVDQG PLWWHOGLFKW JHODJHUW
6FKZHUH 5DPPXQJ 0LWWHONLHV *URENLHV XQG )HLQNLHV GLFKW JHODJHUW
0LWWHOVDQG XQG *UREVDQG ORFNHU JHODJHUW
)HLQNLHV
)HLQVDQG
7RQ VWHLI
6FKOXII /HKP XQG 7RQ KDOEIHVW ELV IHVW
.LHV RKQH 6WHLQH /HKP
*HVFKLHEHPHUJHO XQG )HOV
)HUWLJUDPPSIlKOH 7DEHOOH
(LJQXQJ YHUVFKLHGHQHU %|GHQ IU 9LEUDWLRQVYHUIDKUHQ >@
(LJQXQJ ]XP 9LEULHUHQ (LQUWWHOQ EHGLQJW QLFKW JHHLJQHW .LHV UXQG .LHV HFNLJ .LHV PLW ELQGLJHQ %HLPHQ 6DQG UXQG 6DQG HFNLJ JXQJHQ /HKP EUHLLJ ELV ZHLFK /HKP VWHLI 6DQG HFNLJ WURFNHQ /|VV EUHLLJ ELV ZHLFK /|VV VWHLI 0HUJHO VWHLI 6FKOLFN EUHLLJ ELV VWHLI 7RQ VWHLI ELV IHVW JXW
7DEHOOH
(LJQXQJ YHUVFKLHGHQHU %|GHQ IU GDV (LQSUHVVYHUIDKUHQ DXV >@
(LJQXQJ IU GDV (LQSUHVVYHUIDKUHQ JXW EHGLQJW QLFKW JHHLJQHW 7RQ ZHLFK ELV KDOEIHVW 7RQ IHVW .LHV VHKU GLFKW 6FKOXII ZHLFK ELV KDOEIHVW 6FKOXII IHVW 6DQG VHKU GLFKW .LHV ORFNHU ELV PLWWHOGLFKW .LHV PLWWHOGLFKW ELV GLFKW GLFKW JHODJHUWH %|GHQ PLW 6DQG ORFNHU ELV PLWWHOGLFKW 6DQG PLWWHOGLFKW ELV GLFKW 6WHLQHLQVFKOVVHQ
HYWO 9RUERKUHQ ]XU $XIORFNHUXQJ
*DQ] DOOJHPHLQ JLOW GDVV LQ QLFKWELQGLJHQ %|GHQ GDV 5DPPHQ PLW VFKQHOOHU 6FKODJIROJH RGHU GDV (LQYLEULHUHQ GLH VFKQHOOVWH XQG ZLUWVFKDIWOLFKVWH 0HWKRGH LVW GD KLHUEHL GLH %RGHQ N|UQHU VFKZHEHQ XQG VRPLW GLH ]X EHUZLQGHQGH 0DQWHOUHLEXQJ VWDUN YHUPLQGHUW ZLUG ,Q ELQGLJHQ %|GHQ KLQJHJHQ VLQG ODQJVDP VFKODJHQGH 5DPPElUH PLW KRKHU 6FKODJHQHUJLH RGHU (LQSUHVVYHUIDKUHQ YRQ 9RUWHLO %HLP 5DPPVFKODJ EDXHQ VLFK GXUFK GHQ 9HUGUlQJXQJV YRUJDQJ KRKH 3RUHQZDVVHUGUFNH DXI GLH GHQ (LQGULQJZLGHUVWDQG YHUJU|HUQ %HL ODQJVDPHU 6FKODJIROJH N|QQHQ VLFK GLHVH 3RUHQZDVVHUGUFNH ]ZLVFKHQ GHQ HLQ]HOQHQ 6FKOlJHQ ZHLWJH KHQG DEEDXHQ 'LH ZLFKWLJVWHQ (LQIOVVH DXI GHQ 5DPPIRUWVFKULWW VLQG ± GLH %RGHQHLJHQVFKDIWHQ ± GDV *HZLFKW XQG GLH )DOOK|KH E]Z $PSOLWXGH GHV %lUHQ ± GLH 6FKODJ]DKO E]Z 6FKZLQJXQJV]DKO GHV %lUHQ ± GLH 'lPSIXQJ GHU 6FKODJZLUNXQJ GXUFK $XVELOGXQJ GHU 5DPPKDXEH VRZLH 6FKODQN KHLW XQG (ODVWL]LWlW GHV 5DPPHOHPHQWHV ± GDV *HZLFKW GHV 5DPPHOHPHQWHV ± GLH 4XHUVFKQLWWVIRUP XQG GLH 9HUIRUPXQJHQ GHV 5DPPHOHPHQWHV 6HOEVW ZHQQ GLH LQ GHU %RGHQPHFKDQLN JHEUlXFKOLFKHQ 3DUDPHWHU GHV %RGHQV EHNDQQW VLQG OlVVW VLFK GDV 9HUKDOWHQ GHV %DXJUXQGHV EHL HLQHU G\QDPLVFKHQ %HDQVSUXFKXQJ ZLH VLH EHLP 5DPPHQ DXIWULWW QXU XQ]XOlQJOLFK EHVFKUHLEHQ $OV VLFKHUVWHV 9HUIDKUHQ ]XU 3URJQRVH GHV 5DPPIRUWVFKULWWHV JHOWHQ GDKHU GLH 3UREHUDPPXQJ XQG HYHQWXHOO GLH 5DPP RGHU 'UXFNVRQ GLHUXQJ QDFK ',1 (1 ,62 E]Z ',1
3IDKOJUQGXQJHQ
/LHJHQ GDJHJHQ QXU SDXVFKDOH $QJDEHQ EHU GLH ]X GXUFKVFKODJHQGHQ %RGHQDUWHQ YRU ZLH GLHV RIW GHU )DOO LVW PXVV GLH 9RUKHUVDJH GHV 5DPPIRUWVFKULWWHV DXI GHU *UXQGODJH YRQ (U IDKUXQJVZHUWHQ HUIROJHQ ,Q GHU IROJHQGHQ 7DEHOOH ZHUGHQ GLH 7HLOSUR]HVVH XQG *HUlWH GHV $UEHLWVSUR]HVVHV ]XU (LQ EULQJXQJ HLQHV )HUWLJUDPPSIDKOHV DXV 6WDKOEHWRQ EHLVSLHOKDIW GDUJHVWHOOW 7DEHOOH
3UR]HVV GHU 5DPPXQJ YRQ 6WDKOEHWRQIHUWLJSIlKOHQ 3UR]HVVH
,
9RUEHUHLWHQGH 0DQDKPHQ
7HLOSUR]HVVH
*HUlWH
D JJI %DXJHOlQGH IUHLPDFKHQ
5DXSH
E (LQPHVVHQ XQG $EVWHFNHQ GHV 3IDKODQVDW]SXQNWHV 6LFKHUXQJ GHU 3IDKODFKVHQ GXUFK )HVW SXQNWH
5DGODGHU
F 3IDKODQOLHIHUXQJ
/NZ $XWRNUDQ
*36 7KHRGROLW
G (QWODGHQ GHU 3IlKOH ,, $EWHXIHQ GHV 3IDKOHV
,,, 1DFK E]Z ]XVlW]OLFKH $UEHLWHQ
D $QVHW]HQ XQG $XVULFKWHQ GHU 5DPPH
7UlJHUJHUlW
E 5DPPXQJ GHV 3IDKOHV DXI HU IRUGHUOLFKH 7LHIH
5DPPElU
D )UHLOHJHQ XQG .DSSHQ GHV 3IDKONRSIHV
6FKUDXEHQNRPSUHVVRU IDKUEDU $EEDX XQG 6SD WHQKDPPHU
E 9HUIDKUHQ GHV 5DPPJHUlWHV ]XP QlFKVWHQ $QVDW]SXQNW XQG $XIQDKPH GHV 3IDKOHV
5DPPJHUlW
7UlJHUJHUlW 5DPPJHUlW 5DPPElU
,9 5lXPHQ GHU %DXVWHOOH
D 5HLQLJXQJ YRQ EHQXW]WHQ )Ol FKHQ
5DGODGHU 5DXSH
'LH *HUlWH XQG 9HUIDKUHQ 5DPPHQ 'LH 5DPPJHUlWH VHW]HQ VLFK ]XVDPPHQ DXV ± *HUlWHWUlJHU ± 0lNOHU PLW )KUXQJVHLQULFKWXQJ IU 5DPPElU XQG 5DPPJXW ± 5DPPElU ± 5DPPKDXEH ]XP 6FKXW] GHV 5DPPJXWHV ± :LQGHQ ]XP +RFK]LHKHQ GHV 5DPPJXWHV
)HUWLJUDPPSIlKOH
)U DOOH 9HUIDKUHQ JHOWHQ JUXQGOHJHQGH *HPHLQVDPNHLWHQ ,Q MHGHP )DOO LVW YRUKDQGHQ >@ ± HLQH 0DVVH GLH VFKOlJW ± HLQ :HJ GHU ]XU 6FKODJHQHUJLH EHLWUlJW EHL VFKODJHQGHQ %lUHQ GLH )DOOK|KH EHL YLE ULHUHQGHQ %lUHQ GLH $PSOLWXGH ± HLQH 6FKODJ]DKO EHL ODQJVDP VFKODJHQGHQ %lUHQ ELV 6FKOlJHPLQ EHL VFKQHOO VFKODJHQGHQ %lUHQ ELV 6FKOlJHPLQ EHL YLEULHUHQGHQ %lUHQ ELV 6FKZLQJXQJHQPLQ 'LH lOWHVWH 0HWKRGH 3IlKOH LQ GHQ %DXJUXQG HLQ]XWUHLEHQ LVW GDV VFKODJHQGH 5DPPHQ +LHU EHL ZLUNW HLQ 6FKODJ E]Z )DOOJHZLFKW DXI GHQ .RSI GHV 3IDKOHV 'DV 6FKODJJHZLFKW ZLUG HQWZHGHU EHU HLQHQ 6HLO]XJ )UHLIDOOUDPPH RGHU GXUFK 'DPSI 'UXFNOXIW +\GUDXOLN RGHU H[SORVLRQVDUWLJH 9HUEUHQQXQJ HLQHV HLQJHVSULW]WHQ 7UHLEVWRIIV 'LHVHO DQJHKREHQ 'DPSI RGHU 'UXFNOXIWElUH YHUIJHQ EHU HLQH JHWUHQQWH (QHUJLHHU]HXJXQJ ZlKUHQG 'LHVHO ElUH IUHL YRQ (QHUJLH]XIKUXQJVOHLWXQJHQ VLQG 'LH 6FKODJEHZHJXQJ NRPPW HQWZHGHU GXUFK GLH %HZHJXQJ HLQHV .ROEHQV LP =\OLQGHU RGHU GXUFK GLH %HZHJXQJ HLQHV =\OLQGHUV EHU HLQHP IHVWVWHKHQGHQ .ROEHQ ]XVWDQGH $OV 6FKODJJHZLFKW ZLUNW GHPQDFK HQWZHGHU GHU .RO EHQ RGHU GHU =\OLQGHU ZRQDFK =\OLQGHUElUH XQG .ROEHQElUH XQWHUVFKLHGHQ ZHUGHQ %HLP =\OLQGHUElU VLW]W GHU .ROEHQ DXI GHP 5DPPJXW ZlKUHQG GHU =\OLQGHU GLH 6FKODJDUEHLW OHLVWHW 0DQ XQWHUVFKHLGHW KLHUEHL 'LHVHOElUH GDPSI XQG GUXFNOXIWJHWULHEHQH =\OLQGHUElUH 'LH 6FKODJ]DKOHQ OLHJHQ EHL HWZD 6FKOlJHQ SUR 0LQXWH %HL GHQ .ROEHQElUHQ LVW ]X XQWHUVFKHLGHQ ]ZLVFKHQ ODQJVDP VFKODJHQGHQ 'LHVHOElUHQ 6FKODJ]DKO ELV SUR 0LQXWH XQG 6FKQHOOVFKODJElUHQ PLW 6FKODJ]DKOHQ YRQ ELV SUR 0LQXWH %HL GHQ 6FKQHOOVFKODJElUHQ ZLUG GHU 6FKODJNROEHQ GXUFK 'DPSI RGHU 'UXFNOXIW QLFKW QXU JHKREHQ VRQGHUQ DXFK QDFK XQWHQ EHVFKOHXQLJW 'D GLH =DKO GHU 6FKOlJH JU|HU LVW NDQQ EHL JOHLFKHU 6FKODJOHLVWXQJ GDV %lUJHZLFKW YHUPLQGHUW ZHUGHQ ZDV ]X HLQHU 6FKRQXQJ GHU 3IlKOH XQG GHU JHVDPWHQ 5DPPHLQULFKWXQJ EHLWUlJW $XHU GXUFK 'DPSI RGHU 'UXFNOXIW NDQQ EHL VFKQHOO VFKODJHQGHQ %lUHQ GHU .ROEHQ DXFK GXUFK gOGUXFN EHZHJW ZHUGHQ 0DQ VSULFKW GDQQ YRQ +\GUDXOLNElUHQ RGHU +\GUDXOLNKlP PHUQ 'DWHQ YRQ 5DPPElUHQ XQG 6FKQHOOVFKODJKlPPHUQ N|QQHQ GHU /LWHUDWXU ] % >@ >@ RGHU )LUPHQLQIRUPDWLRQHQ HQWQRPPHQ ZHUGHQ 'LH 0DVVH GHV %lUHQ PXVV DXI GLH 0DVVH GHV 5DPPHOHPHQWHV DEJHVWLPPW VHLQ :lKUHQG EHL ODQJVDP VFKODJHQGHQ %lUHQ HLQ 9HUKlOWQLV YRQ %lUJHZLFKW ]XP *HZLFKW GHV 5DPPHOHPHQ WHV HLQVFKOLHOLFK 5DPPKDXEH YRQ ELV EHVRQGHUV JQVWLJ LVW OLHJHQ GLH JQVWLJV WHQ 9HUKlOWQLVVH EHL 6FKQHOOVFKODJElUHQ LP %HUHLFK YRQ ELV >@ +LQVLFKWOLFK GHU 6FKODJIROJH VLQG IROJHQGH %HGLQJXQJHQ ]X EHDFKWHQ ,Q QLFKWELQGLJHQ %| GHQ VLQG OHLFKWH 5DPPVFKOlJH PLW KRKHU 6FKODJIROJH ZLUNXQJVYROO ,Q ELQGLJHP %RGHQ PXVV PLW ODQJVDPHQ ZXFKWLJHQ 6FKOlJHQ JHUDPPW ZHUGHQ )UHLIDOO 'DPSI 'UXFNOXIW XQG ([SORVLRQVElUH VLQG IU DOOH 5DPPDUEHLWHQ YHUZHQGEDU 5DPPKlPPHU VLQG YRU DOOHP IU GDV 5DPPHQ YRQ 6WDKOSIlKOHQ LQ %|GHQ PLW QXU JHULQJHU %LQGLJNHLW JHHLJQHW
3IDKOJUQGXQJHQ
%HL GHU $XVZDKO GHU 5DPPHLQULFKWXQJ IU 6WDKOEHWRQSIlKOH LVW EHVRQGHUV ZLFKWLJ GLH 5DPPEHDQVSUXFKXQJ VR JHULQJ ZLH P|JOLFK ]X KDOWHQ 'HU 5DPPVFKODJ O|VW LP 3IDKO /lQJVZHOOHQ DXV GLH YRP .RSI ]XP )X ODXIHQ GRUW UHIOHNWLHUW ZHUGHQ XQG VLFK PLW GHQ YRP QlFKVWHQ 5DPPVFKODJ HU]HXJWHQ /lQJVZHOOHQ EHUODJHUQ N|QQHQ 'LH GDEHL HQWVWHKHQ GHQ =XJVSDQQXQJHQ VLQG ]ZDU NOHLQHU DOV GLH 'UXFNVSDQQXQJHQ N|QQHQ DEHU EHVRQGHUV ZHQQ GHU 3IDKO VHKU UDVFK HLQGULQJW =XJULVVH KHUYRUUXIHQ 'DPLW GLH 5DPPVSDQQXQJHQ QLHGULJ EOHLEHQ VROO EHLP 5DPPHQ YRQ 6WDKOEHWRQSIlKOHQ GLH )DOOK|KH GHV %lUHQ PD[LPDO EHL P OLHJHQ >@ .HLQHVIDOOV GDUI PDQJHOQGH %lUJU|H GXUFK HLQH JU|HUH )DOOK|KH DXVJH JOLFKHQ ZHUGHQ :HQQ GHU 3IDKO VFKOHFKW ]LHKW ZHLO HU DXI HLQ +LQGHUQLV JHWURIIHQ LVW VROO QLFKW GXUFK KDUWHV 5DPPHQ YHUVXFKW ZHUGHQ GLHVHV ]X GXUFKUDPPHQ GD GHU 3IDKOVFKDIW GD EHL ]HUVW|UW ZHUGHQ NDQQ 'HU 5DPPVFKODJ VROO GHQ 3IDKO ]HQWULVFK XQG LQ D[LDOHU 5LFKWXQJ WUHIIHQ 'D]X VLQG X D HLQ IHVWHU 6WDQGRUW GHU 5DPPH XQG HLQ JHQDXHV $XVULFKWHQ GHV 5DPPHOHPHQWHV HUIRUGHUOLFK 'HU :HJ GHU 5DPPH EHLP 6FKODJHQ GHU 3IlKOH ZLUG LQ HLQHP 5DPPSODQ IHVWJHOHJW ,Q 3IDKO JUXSSHQ PXVV PLW GHP 5DPPHQ GHU LQQHUHQ 3IlKOH EHJRQQHQ ZHUGHQ %HLP XPJHNHKUWHQ 9RUJHKHQ EHVWHKW GLH *HIDKU GDVV GHU %RGHQ LP ,QQHUQ GXUFK GLH VFKRQ JHVFKODJHQHQ $X HQSIlKOH VR YHUGLFKWHW LVW GDVV GLH LQQHUHQ 3IlKOH QLFKW PHKU KHUXQWHU]XEULQJHQ VLQG RGHU GLH lXHUHQ 3IlKOH YHUGUFNW ZHUGHQ 5WWHOQ 9LEULHUHQ %HLP (LQUWWHOQ ZLUG GLH 5HLEXQJ ]ZLVFKHQ GHP 3IDKOPDQWHO XQG GHP XPJHEHQGHQ %RGHQ DXI HWZD ELV GHV 5XKHZHUWHV YHUPLQGHUW $XI GDV 5DPPJXW ZLUNW DXHU GHU G\QDPL VFKHQ DXFK GLH VWDWLVFKH %HODVWXQJ GXUFK GDV *HZLFKW GHV 9LEUDWLRQVElUHQ XQG GHV 3IDKOHV 'LH 9RUWHLOH GLHVHV 9HUIDKUHQV GDV LQ GHQ OHW]WHQ -DKUHQ ]XQHKPHQG DQ %HGHXWXQJ JHZRQ QHQ KDW OLHJHQ LQ GHU JHULQJHQ /lUPHQWZLFNOXQJ XQG LQ GHU VFKRQHQGHQ %HKDQGOXQJ GHV 5DPPJXWHV %LOG ]HLJW GHQ W\SLVFKHQ $XIEDX HLQHU 9LEUDWLRQVHLQKHLW
%LOG 7\SLVFKHU $XIEDX HLQHV 9LEUDWLRQVHLQKHLW >@
)HUWLJUDPPSIlKOH
'LH 5WWHOVFKZLQJXQJHQ ZHUGHQ GXUFK JHJHQVLQQLJ GUHKHQGH 8QZXFKWHQ HU]HXJW 'LH KRUL ]RQWDOHQ .RPSRQHQWHQ GHU )OLHKNUlIWH KHEHQ VLFK GDEHL DXI HV ZHUGHQ QXU GLH YHUWLNDOHQ .RPSRQHQWHQ ZLUNVDP 9LEUDWLRQVElUH N|QQHQ HOHNWULVFK RGHU K\GUDXOLVFK DQJHWULHEHQ ZHUGHQ 9RUWHLOH GHU HOHNW ULVFK EHWULHEHQHQ 9LEUDWLRQVElUH VLQG GLH UREXVWH .RQVWUXNWLRQ GLH SUHLVJQVWLJH (QHUJLHYHU VRUJXQJ VRZLH GHU HLQIDFKH (QHUJLHWUDQVSRUW YRQ GHU (QHUJLHTXHOOH ]XP 9LEUDWRU +\GUDXOLVFK EHWULHEHQH 9LEUDWLRQVElUH HUP|JOLFKHQ HLQH VWXIHQORVH 5HJHOEDUNHLW GHU 6FKZLQ JXQJVIUHTXHQ] XQG GDPLW HLQH $QSDVVXQJ DQ GLH YHUVFKLHGHQHQ %RGHQDUWHQ E]Z GLH 5HVR QDQ]IUHTXHQ] YRUKDQGHQHU %HEDXXQJ ,KQHQ LVW GDKHU L $OOJ GHU 9RU]XJ ]X JHEHQ 'LH 9LEUDWLRQVElUH ZHUGHQ EHU 6SDQQYRUULFKWXQJHQ PLW GHP 5DPPJXW YHUEXQGHQ ZREHL GLHVH 9HUELQGXQJ VFKZLQJXQJVIHVW VHLQ PXVV 'LH 5DPPXQJ PLW 9LEUDWLRQVElUHQ LVW LQ YLHOHQ %|GHQ 7DEHOOH HLQ ZLUWVFKDIWOLFKHV 9HU IDKUHQ GD GLH (LQEULQJ]HLWHQ JHJHQEHU VFKODJHQGHQ *HUlWHQ L $OOJ ZHVHQWOLFK JHULQJHU VLQG (LQSUHVVHQ ,QVEHVRQGHUH GRUW ZR 3IlKOH HUVFKWWHUXQJVIUHL XQG OlUPDUP LQ GHQ %DXJUXQG HLQJHEUDFKW ZHUGHQ PVVHQ LVW GDV (LQSUHVVYHUIDKUHQ KlXILJ GLH HLQ]LJ P|JOLFKH 0HWKRGH 0LW GLHVHP 9HUIDKUHQ N|QQHQ 3IlKOH RKQH XQ]XPXWEDUH %HOlVWLJXQJ YRQ $QOLHJHUQ LQVEHVRQGHUH DEHU XQPLWWHOEDU QHEHQ RGHU XQWHU HUVFKWWHUXQJVHPSILQGOLFKHQ )XQGDPHQWHQ QLHGHUJHEUDFKW ZHU GHQ %LOG
%LOG %HLVSLHOH IU 3UHVVSIlKOH >@
3IDKOJUQGXQJHQ
3UHVVSIlKOH ILQGHQ EHUZLHJHQG $QZHQGXQJ EHL GHU 1DFKJUQGXQJ YRQ EHVWHKHQGHQ XQG HUKDOWXQJVZUGLJHQ VHW]XQJVHPSILQGOLFKHQ %DXZHUNHQ +LHUEHL ODVVHQ VLFK %DXZHUNH RGHU %DXWHLOH VWDELOLVLHUHQ XQG EHUHLWV HLQJHWUHWHQH 6HW]XQJHQ GXUFK JH]LHOWH +HEXQJHQ DXVJOHL FKHQ (LQ ZHLWHUHV $QZHQGXQJVJHELHW VLQG 1DFKJUQGXQJHQ DQ %DXZHUNHQ EHL GHQHQ ZH JHQ 8PSODQXQJHQ XQG 8PEDXWHQ GLH YRUKDQGHQH *UQGXQJ QLFKW PHKU DXVUHLFKW 3UHVVSIlKOH ZHUGHQ EHL YROOVWlQGLJHU %RGHQYHUGUlQJXQJ HUVFKWWHUXQJVIUHL XQG RKQH %RGHQ DXIORFNHUXQJ VFKXVVZHLVH LQ GHQ %RGHQ JHSUHVVW (QWVSUHFKHQG GHU ]XU 9HUIJXQJ VWHKHQGHQ %DXK|KH ZHUGHQ GLH 3IDKOVHJPHQWH VWDWLVFK XQG OlQJHQPlLJ GLPHQVLRQLHUW 'LH 3IDKOVHJ PHQWH N|QQHQ DXV 6WDKOEHWRQ RGHU DOV 6WDKOURKUH JHIHUWLJW XQG HLQJHSUHVVW ZHUGHQ $OV :L GHUODJHU ]XU $EWUDJXQJ GHU 3UHVVHQGUFNH ZHUGHQ *HElXGHWHLOH JHQXW]W ZHQQ GLHV WHFKQLVFK P|JOLFK LVW 5DPPKLOIVPLWWHO 'LH 5DPPHLQULFKWXQJ XPIDVVW QHEHQ GHP 5DPPElU GLH 5DPPKDXEH GDV 7UlJHUJHUlW XQG )KUXQJHQ %HLP VFKODJHQGHQ 5DPPHQ EHVWHKW GLH *HIDKU GDVV GXUFK GHQ KHUDEIDOOHQGHQ %lU GHU .RSI GHV 5DPPJXWHV EHVFKlGLJW ZLUG ,VW GHU LQ GHQ 3IDKO HLQJHOHLWHWH ,PSXOV QLFKW JUR JHQXJ ZLUG QXU GHU 3IDKONRSI ]HUVW|UW RKQH GDVV GHU 3IDKO EHZHJW ZLUG =XP 6FKXW] GHV 5DPPJXWHV ZLUG HLQH +DXEH DXIJHVHW]W GLH DXV 6WDKOJXVV EHVWHKW XQG REHQ PLW +DUWKRO] RGHU .XQVWVWRII DXVJHIWWHUW LVW 'XUFK GLH 6FKODJKDXEH ZLUG GLH HLQJHOHLWHWH .UDIW DXI GDV 5DPPJXW JOHLFKPlLJ YHUWHLOW $XHUGHP ELOGHW GDV )XWWHU HLQH $UW (QHUJLH VSHLFKHU XQG YHUOlQJHUW VRPLW GLH (LQOHLWXQJVGDXHU VR GDVV HLQ EHVVHUHV 5DPPHUJHEQLV HU ]LHOW ZLUG %HL HPSILQGOLFKHP 5DPPJXW ZLH ] % %HWRQ RGHU +RO]SIlKOHQ PXVV ]XVlW]OLFK HLQ )XWWHU ]ZLVFKHQ 5DPPKDXEH XQG 5DPPJXW HLQJHOHJW ZHUGHQ >@ +LHUGXUFK ZHUGHQ GLH 8QHEHQ KHLWHQ GHV 6FKODJKDXEHQERGHQV XQG GHV 3IDKONRSIHV DXVJHJOLFKHQ XQG VRPLW GLH 6FKODJNUDIW JOHLFKPlLJ EHU GHQ 3IDKONRSI YHUWHLOW VR GDVV GLHVHU JHVFKRQW XQG QLFKW ]HUVW|UW ZLUG $OV 7UlJHUJHUlW NRPPHQ LQ GHQ PHLVWHQ )lOOHQ +\GUDXOLNEDJJHU %LOG ]XP (LQVDW] GD VLH ZHJHQ GHU OHLFKW DXVWDXVFKEDUHQ $QEDXJHUlWH XQLYHUVHOO YHUZHQGEDU VLQG 'D GHU +\G UDXOLNEDJJHU DQ VHLQHP $XVOHJHU HLQ KRKHV *HZLFKW WUDJHQ PXVV EHVWHKHQG DXV ± 0lNOHU PLW )KUXQJ IU %lU XQG 3IDKO ± 5DPPElU ± 3IDKO PLW 6FKODJKDXEH NRPPHQ YRUZLHJHQG %DJJHU PLW 'LHQVWJHZLFKWHQ YRQ ELV W LQ %HWUDFKW
)HUWLJUDPPSIlKOH
%LOG
+\GUDXOLNEDJJHU DOV 7UlJHUJHUlW DXV >@
/DQJVDP VFKODJHQGH )UHLIDOOUDPPHQ ZHUGHQ PHLVW DQ 0lNOHUQ JHIKUW ZREHL PLW 0lNOHU HLQH PDVWDUWLJH )KUXQJVNRQVWUXNWLRQ DXV 5RKUHQ 3URILOVWDKO RGHU *LWWHUWUlJHUQ EH]HLFKQHW ZLUG GLH DP $XVOHJHUNRSI GHV %DJJHUV NDUGDQLVFK DXIJHKlQJW XQG JHJHQ GHQ $XVOHJHUIX DEJHVWW]W ZLUG 'LH 0lNOHU JHEHQ GHP 5DPPElUHQ XQG GHP 5DPPSIDKO GLH QRWZHQGLJH )KUXQJ (LQH $XVQDKPH VWHOOW )UDQNLSIDKO GDU +LHU ZLUG GDV 9RWULHEVURKU PLWWHOV )UHLIDOO UDPPXQJ LP 5RKU ,QQHQURKUUDPPQJ LQ GHQ %RGHQ JHWULHEHQ 6FKQHOOVFKODJUDPPHQ N|QQHQ IUHLUHLWHQG DP .UDQVHLO KlQJHQG RGHU PLW 0lNOHUIKUXQJ DU EHLWHQ 5HLWHW GLH 5DPPH IUHL RGHU KlQJW VLH DP .UDQVHLO VR PVVHQ GLH 3IlKOH DQ PLQGHV WHQV ]ZHL 3XQNWHQ JHKDOWHQ ZHUGHQ ZDV GXUFK VSH]LHOOH +RO] RGHU 6WDKOUDKPHQ JHVFKHKHQ NDQQ 9LEUDWLRQVUDPPHQ N|QQHQ HEHQIDOOV IUHLUHLWHQG DP .UDQVHLO KlQJHQG RGHU DP 0lNOHU JH IKUW HLQJHVHW]W ZHUGHQ %HLP 9LEUDWLRQVUDPPHQ ZHUGHQ KlXILJ 7HOHVNRSPlNOHU HLQJHVHW]W GLH DQ +\GUDXOLNEDJJHU DQJHEDXW ZHUGHQ %LOG 'XUFK GHQ YHUPHKUWHQ (LQVDW] YRQ 9LEUDWLRQVElUHQ KDEHQ GLH hEHUOHJXQJHQ ]XP VFKDOODU PHQ 5DPPHQ PLW ([SORVLRQV )UHLIDOO XQG 6FKQHOOVFKODJElUHQ ZHLWJHKHQG DQ %HGHXWXQJ YHUORUHQ 'HQQRFK ZHUGHQ LQ HLQLJHQ )lOOHQ LQVEHVRQGHUH LP LQQHUVWlGWLVFKHQ %HUHLFK OlUPPLQGHUQGH 0DQDKPHQ EHL 5DPPHLQULFKWXQJHQ HUIRUGHUOLFK 'HU /lUP HQWVWHKW KDXSW VlFKOLFK GXUFK GDV 6FKODJJHUlXVFK XQG VHLQH $EVWUDKOXQJ EHU GDV 5DPPJXW DEHU DXFK GXUFK .ODSSHUJHUlXVFKH ]ZLVFKHQ GHQ *HUlWHWHLOHQ %DJJHU0lNOHU5DPPElU XQG GXUFK GHQ 0RWRU 'XUFK GDV 8PVFKOLHHQ YRQ 5DPPJXW 5DPPKDXEH 5DPPElU XQG 0lNOHU PLW HL QHP 6FKDOOVFKXW]NDPLQ OlVVW VLFK GHU 5DPPOlUP XP FD ELV G% $ VHQNHQ 'HU (LQ VDW] HLQHV 6FKDOOVFKXW]NDPLQV YHUPLQGHUW DOOHUGLQJV GLH /HLVWXQJ GHU 5DPPNRORQQH XP FD XQG HUIRUGHUW HLQ ZHLWHUHV +XEJHUlW ] % %DJJHU RGHU $XWRNUDQ
3IDKOJUQGXQJHQ
$XI GLH IROJHQGHQ ZHLWHUHQ 3UREOHPH VHL QRFK YHUZLHVHQ ± GLH EHLP 5DPPHQ HQWVWHKHQGH :lUPH PXVV DEJHOHLWHW ZHUGHQ ± GLH ] % EHL 'LHVHOElUHQ HQWVWHKHQGHQ $XVSXIIJDVH XQG gOUFNVWlQGH GUIHQ GLH $XV NOHLGXQJ GHV .DPLQV QLFKW LQ %UDQG VHW]HQ ± EHL 'LHVHOElUHQ PXVV HYHQWXHOO )ULVFKOXIW LQ GHQ .DPLQ ]XJHIKUW ZHUGHQ ± GHU %OLFN DXI 5DPPElU XQG 5DPPSIDKO LVW YHUVSHUUW %HL ZHQLJ YHUGLFKWXQJVIlKLJHQ UROOLJHQ %|GHQ NDQQ GDV 5DPPHQ RGHU (LQUWWHOQ GXUFK 6SOKLOIH HUP|JOLFKW RGHU HUOHLFKWHUW ZHUGHQ 'DV 6SOHQ LVW DEHU VR UHFKW]HLWLJ YRU (UUHLFKHQ GHU 6ROOWLHIH HLQ]XVWHOOHQ GDPLW NHLQH $XIORFNHUXQJHQ LP %HUHLFK GHU WUDJHQGHQ %RGHQ VFKLFKWHQ YHUEOHLEHQ 'DV 6SOHQ NDQQ DOV +RFK RGHU 1LHGHUGUXFNVSOHQ DXVJHIKUW ZHUGHQ 'HU (LQGULQJZLGHU VWDQG DP 3IDKOIX ZLUG YHUULQJHUW GD GHU %RGHQ DXIJHORFNHUW XQG XPJHODJHUW ZLUG %HLP 1LHGHUGUXFNVSOHQ EHWUlJW GHU 'UXFN DP /DQ]HQDXVWULWW HWZD ELV EDU 'LH 6SOODQ]HQ KDEHQ HLQHQ 'XUFKPHVVHU YRQ HWZD PP ELV PP GHU :DVVHUYHUEUDXFK OLHJW EHL FD ELV OPLQ $XFK :DVVHU ZLUG EHLP +RFKGUXFNVSOYHUIDKUHQ DOV 6SOPLWWHO HLQJHVHW]W 'LHVHV 9HUIDKUHQ DUEHLWHW PLW ZHVHQWOLFK K|KHUHQ 'UFNHQ ELV EDU DEHU JHULQJHUHQ :DVVHUPHQJHQ FD ELV OPLQ 'HU $XVWULWWVGXUFKPHVVHU LVW PLW FD PP ELV PP ZHVHQWOLFK JHULQJHU DOV EHLP 1LHGHUGUXFNVSOHQ 'HU +RFKGUXFNZDVVHUVWUDKO VFKQHLGHW GHQ %RGHQ DXI XQG YHUPLQ GHUW GHQ (LQGULQJZLGHUVWDQG 'LHVHV 9HUIDKUHQ LVW DXFK EHL IHVWHP ELQGLJHQ %RGHQ ZLU NXQJVYROO
'LH ZLFKWLJVWHQ 6WRIIH XQG 0DWHULDOLHQ +RO]SIlKOH +RO]SIlKOH VLQG GLH lOWHVWH 3IDKODUW GLH DEHU KHXWH ZHLWJHKHQG GXUFK 6WDKO RGHU 6WDKOEHWRQ SIlKOH YHUGUlQJW ZRUGHQ VLQG 6LH ZHUGHQ KHXWH PHLVW QXU QRFK IU YRUEHUJHKHQGH %DXWHQ ZLH ] % %DXEUFNHQ RGHU *HUVWH HLQJHVHW]W %HL 'DXHUEDXZHUNHQ NRPPHQ VLH L $OOJ QXU LQ %HWUDFKW ZHQQ VLH VWlQGLJ XQWHU GHP :DVVHUVSLHJHO VWHKHQ XQG GDPLW QLFKW ZHFKVHOZHLVH GHP /XIWVDXHUVWRII DXVJHVHW]W VLQG :HJHQ LKUHU :LGHUVWDQGVIlKLJNHLW JHJHQ 6lXUHQ ZHUGHQ VLH DXFK EHYRU]XJW EHL DJJUHVVLYHQ :lVVHUQ ] % LQ 0RRUHQ HLQJHVHW]W ,Q XQVHUHQ %UHLWHQ ZLUG IDVW DXVQDKPVORV 1DGHOKRO] YRQ .LHIHUQ )LFKWHQ 7DQQHQ /lUFKHQ XQG 'RXJODVLHQ YHUZHQGHW 'LH PD[LPDOHQ 3IDKOOlQJHQ OLHJHQ EHL HWZD P GLH PD[LPDOHQ 'XUFKPHVVHU EHL FD FP 6WDKOSIlKOH 1DFK LKUHP 4XHUVFKQLWW XQWHUVFKHLGHW PDQ .DVWHQ 5RKU XQG 7UlJHUSIlKOH %LOG 5RKUSIlKOH EHVWHKHQ DXV QDKWORVHQ RGHU JHVFKZHLWHQ 6WDKOURKUHQ .DVWHQSIlKOH ZHUGHQ L $OOJ DXV HLJHQV GDIU JHZDO]WHQ 6SXQGZDQGSURILOHQ ]XVDPPHQJHVHW]W $OV 7UlJHUSIlKOH YHUZHQGHW PDQ PHLVW JHZDO]WH %UHLWIODQVFKWUlJHU DXV GHU EOLFKHQ 3URGXNWLRQ
)HUWLJUDPPSIlKOH
%LOG
6WDKOSIDKOW\SHQ
)U 5DPPSIlKOH DXV 6WDKO JHQJW LP DOOJHPHLQHQ 6 QDFK ',1 (1 E]Z 6SXQG ZDQGVWDKO GHU %H]HLFKQXQJ 6 *3 QDFK ',1 (1 /HGLJOLFK LQ EHVRQGHUHQ )lOOHQ ] % EHL VFKZHUHQ 5DPPXQJHQ VLQG K|KHUZHUWLJH 6WDKOVRUWHQ ]X HPSIHKOHQ 'LH 6WDKOSIlKOH ZHUGHQ L $OOJ RKQH 3IDKOVSLW]HQ JHUDPPW %HL 5RKU XQG .DVWHQSIlKOHQ PLW HLQHP 'XUFKPHVVHU XQWHU FP ELOGHW VLFK LQ N|UQLJHQ %|GHQ GXUFK 9HUVSDQQHQ HLQ %R GHQSURSIHQ GHU ZLH HLQH 6SLW]H ZLUNW :HJHQ GHU ]XOlVVLJHQ $EPHVVXQJHQ EHLP %DKQ RGHU 6WUDHQWUDQVSRUW VLQG GLH 3IDKOOlQJHQ DXI FD P EHJUHQ]W ,P :DVVHUEDX ZR GHU 7UDQVSRUW ] % GXUFK 6FKLIIH HUIROJHQ NDQQ VLQG JU|HUH /lQJHQ P|JOLFK 6WDKOSIlKOH KDEHQ HLQH KRKH 0DWHULDOIHVWLJNHLW XQG HLQH JURH (ODVWL]LWlW VR GDVV VLH VHKU XQHPSILQGOLFK JHJHQEHU %LHJHEHDQVSUXFKXQJHQ EHLP 7UDQVSRUW XQG GHU %HODVWXQJ EHLP 5DPPHQ VLQG 6LH ODVVHQ VLFK LQ MHGHU 1HLJXQJ UDPPHQ XQG ]HLJHQ VLFK DQ .RSI XQG 6SLW]H VHKU ZLGHUVWDQGVIlKLJ JHJHQ 'HIRUPDWLRQHQ VR GDVV DXFK +LQGHUQLVVH XQG VFKZHUH %|GHQ GXUFKUDPPW ZHUGHQ N|QQHQ ,P *HJHQVDW] ]X +RO] RGHU 6WDKOEHWRQSIlKOHQ ODVVHQ VLFK 6WDKOSIlKOH ] % ]XP (UUHLFKHQ GHU QRWZHQGLJHQ (LQELQGHWLHIH EHOLHELJ YHUOlQJHUQ 'LH 6W|H ZHUGHQ KHXWH EOLFKHUZHLVH YHUVFKZHLW XQG PVVHQ GLH JOHLFKH 'UXFN =XJ XQG %LHJHIHVWLJNHLW ZLH GHU 3IDKOTXHU VFKQLWW VHOEVW KDEHQ 8P GLH 7UDJIlKLJNHLW YRQ 6WDKOSIlKOHQ ]X HUK|KHQ N|QQHQ LP )XEHUHLFK 7UlJHUWHLOH )O JHO V\PPHWULVFK DQJHVFKZHLW ZHUGHQ %LOG 'LH 5DPPIlKLJNHLW ZLUG GXUFK GLH )OJHO NDXP EHHLQWUlFKWLJW GD VLH GHQ %RGHQ L $OOJ OHLFKW GXUFKVFKQHLGHQ 1XU EHLP 'XUFKUDPPHQ IHVWHUHU %RGHQVFKLFKWHQ ZHUGHQ VLH KRFK EHDQVSUXFKW XQG N|QQHQ DEJHVSUHQJW ZHUGHQ 8P GLHV ]X YHUKLQGHUQ VROOWHQ GLH )OJHO HLQH /lQJH GLH HWZD GHU IDFKHQ )OJHOWUlJHUK|KH HQWVSULFKW PLQGHVWHQV DEHU YRQ ELV P KDEHQ 'LH 0RQWDJH PXVV LQ MHGHP )DOO DFKVHQSDUDOOHO HUIROJHQ XP HLQ 9HUGUHKHQ GHV 3IDK OHV EHLP 5DPPHQ ]X YHUKLQGHUQ
%LOG
3IDKOJUQGXQJHQ
)XYHUVWlUNXQJHQ EHL 6WDKOIOJHOSIlKOHQ
,P %RGHQ XQG LP :DVVHU KLHUEHL EHVRQGHUV LP 6HHZDVVHU VLQG 6WDKOSIlKOH GXUFK .RUURVLRQ JHIlKUGHW ,P 6ZDVVHU KDEHQ VLFK 6WDKOSIlKOH VHLW -DKU]HKQWHQ EHZlKUW VRIHUQ VLH ZHGHU 6DQGVFKOLII QRFK FKHPLVFKHQ $QJULIIHQ DXVJHVHW]W VLQG (LQ EHVRQGHUHU 6FKXW] LVW GDQQ LP 6ZDVVHU QLFKW Q|WLJ GD ] % EHL 8QWHUVXFKXQJHQ LQ 'HXWVFKODQG QXU HLQH PLWWOHUH 6FKZl FKXQJ XP PP LP -DKU DP 8PIDQJ IHVWJHVWHOOW ZXUGH >@ 'LH 6FKZlFKXQJ LP %RGHQ LVW VR JHULQJ GDVV VLH YHUQDFKOlVVLJW ZHUGHQ NDQQ 6WlUNHUH .RUURVLRQ WULWW QXU LQ IDXOLJHP DJJUHVVLYHP :DVVHU XQG LQ 6HHZDVVHU GRUW YRU DOOHP XQWHU %HZXFKVGHFNHQ ] % YRQ 0LHVPXVFKHOQ XQG 6HHSRFNHQ DXI $XHUGHP I|UGHUW GLH :DO]KDXW GLH DOV .DWKRGH ZLUNW HOHNWURO\WLVFKH 9RUJlQJH EHL GHQHQ GLH YRQ GHU :DO] KDXW IUHLHQ 2EHUIOlFKHQ DOV $QRGH ZLUNHQ XQG GDPLW GHU $XVJDQJVSXQNW YRQ /RFKIUD ZHU GHQ %HL VWDUNHU .RUURVLRQ LQ 6HHZDVVHU NDQQ LQ ZlUPHUHQ *HELHWHQ PLW HLQHU MlKUOLFKHQ 6FKZl FKXQJ GHV 3IDKOXPIDQJHV YRQ FD PP JHUHFKQHW ZHUGHQ >@ 'LH +DXSWDQJULIIV]RQHQ OLHJHQ KLHUEHL LP %HUHLFK GHV 0LWWHOZDVVHUV E]Z HWZDV XQWHUKDOE GHV PLWWOHUHQ 7LGHQLHGULJ ZDVVHUV %HL VWDUNHP :HOOHQVFKODJ LVW DXFK GLH 6SULW]ZDVVHU]RQH JHIlKUGHW 6FKXW]DQVWULFKH XQG GHUJOHLFKHQ N|QQHQ GHQ .RUURVLRQVEHJLQQ XP IQI ELV ]HKQ -DKUH YHU ]|JHUQ XQG GLH .RUURVLRQ LQVJHVDPW KHUDEVHW]HQ 6LH PVVHQ DXI GLH PHWDOOLVFK UHLQH 2EHU IOlFKH DXIJHEUDFKW ZHUGHQ ZLH VLH ] % GXUFK 6DQGVWUDKOHQ XQWHU Y|OOLJHU %HVHLWLJXQJ GHU :DO]KDXW HU]LHOW ZLUG 'HU .RUURVLRQVVFKXW] ZLUG GDGXUFK WHXHU (V LVW GDKHU KlXILJ ]ZHFN PlLJHU +RKOSIlKOH PLW %HWRQ DXV]XIOOHQ RGHU JU|HUH :DQGVWlUNHQ ]X ZlKOHQ DOV VWDWLVFK HUIRUGHUOLFK VLQG XP 5HVHUYHQ JHJHQ $EURVWHQ ]X KDEHQ 'LH .RUURVLRQ XQWHU GHU :DVVHUOLQLH NDQQ DXI HOHNWURO\WLVFKHP :HJH GXUFK (LQEDX HLQHU NDWKRGLVFKHQ 6FKXW]DQODJH PLW )UHPGVWURP RGHU PLW 2SIHUDQRGHQ ZHLWJHKHQG DXVJHVFKDOWHW ZHUGHQ
)HUWLJUDPPSIlKOH
6WDKOEHWRQSIlKOH )HUWLJSIlKOH DXV 6WDKOEHWRQ KDEHQ EOLFKHUZHLVH TXDGUDWLVFKH $EPHVVXQJHQ YRQ Â FP Â FP Â FP Â FP ELV Â FP 5XQGSIlKOH PLW +RKOTXHUVFKQLWW LQ lKQOL FKHQ 'LPHQVLRQHQ NRPPHQ VHOWHQHU YRU 9RUJHIHUWLJWH 6WDKOEHWRQSIlKOH ZHUGHQ IU 6WDQGDUGWUDQVSRUWH LQ /lQJHQ ]ZLVFKHQ XQG P SURGX]LHUW %HL $QZHQGXQJ YRQ 6SH]LDOWUDQVSRUWHQ VLQG DXFK /lQJHQ ELV P P|JOLFK %HL 3IDKOOlQJHQ EHU P LVW HV MHGRFK VLQQYROOHU 7HLOVWFNH GXUFK JHSUIWH ]XJHODVVHQH 6WDKONXSSOXQJHQ PLWHLQDQGHU ]X YHUELQGHQ
%LOG
%HLVSLHO IU HLQH 3IDKONXSSOXQJ
'LH 3IlKOH VLQG VWDQGDUGPlLJ EHZHKUW RGHU YRUJHVSDQQW IU GLH %HDQVSUXFKXQJHQ EHL 7UDQVSRUW XQG 5DPPXQJ VRZLH GXUFK GLH EDXVHLWLJHQ 6FKQLWWNUlIWH 'UXFN =XJ %LHJXQJ %HL GHU %HPHVVXQJ LVW GDUDXI ]X DFKWHQ GDVV VLH EHLP 7UDQVSRUW XQG $XIQHKPHQ XQWHU GHU 5DPPH NHLQHQ 6FKDGHQ HUOHLGHQ 'LH +HUVWHOOXQJ GHU 0DVVLYSIlKOH HUIROJW L $OOJ OLHJHQG LQ HLQHP )HUWLJWHLOZHUN RGHU EHL JU|HUHQ %DXVWHOOHQ LQVEHVRQGHUH LP $XVODQG LQ HLQHU )HOGIDEULN 'LH *WHDQIRUGHUXQJHQ PVVHQ GXUFK HQWVSUHFKHQGH )HUWLJXQJVDQODJHQ XQG ODXIHQGH hEHUZDFKXQJ VLFKHUJHVWHOOW VHLQ +RKOSIlKOH PLW NUHLVI|UPLJHP 4XHUVFKQLWW N|QQHQ DXFK LP 6FKOHXGHUYHUIDKUHQ KHUJH VWHOOW ZHUGHQ 6FKOHXGHUEHWRQ5DPPSIlKOH :HUGHQ GLH 3IlKOH YRUJHVSDQQW VROOWH GLH 9RUVSDQQXQJ PLQGHVWHQV 01Pð EHWUDJHQ ZREHL EOLFKHUZHLVH QRFK HLQH VFKODIIH =XVDW]EHZHKUXQJ HLQJHOHJW ZLUG 'LH 6SDQQJOLHGHU OLHJHQ L $OOJ ]HQWUDO 'LH 9RUVSDQQXQJ NDQQ VRZRKO LP 6SDQQEHWW DOV DXFK QDFK GHP (UKlU WHQ GHV %HWRQV PLW QDFKWUlJOLFKHP 9HUEXQG DXVJHIKUW ZHUGHQ 'DV JHZlKOWH 9RUVSDQQV\V WHP PXVV GLH G\QDPLVFKHQ %HDQVSUXFKXQJHQ DXV GHP 5DPPVWR RKQH 6FKDGHQ DXIQHKPHQ N|QQHQ
%LOG
3IDKOJUQGXQJHQ
%HZHKUXQJ HLQHV 6WDKOEHWRQ5DPPSIDKOHV DXV >@
'LH /lQJVEHZHKUXQJ VFKODII EHZHKUWHU 6WDKOEHWRQSIlKOH VROO EHL /lQJHQ EHU P PLQGHV WHQV GHV 3IDKOTXHUVFKQLWWHV EHWUDJHQ %HL PDVVLYHQ 5HFKWHFNSIlKOHQ VLQG PLQGHVWHQV /lQJVVWlEH PP LQ GHQ (FNHQ GHV 3IDKOTXHUVFKQLWWHV EHL UXQGHQ 3IlKOHQ PLQGHVWHQV /lQJVVWlEH PP JOHLFKPlLJ YHUWHLOW DQ]XRUGQHQ (QGKDNHQ VLQG QLFKW YRU]XVHKHQ 'HU 'XUFKPHVVHU GHU 4XHUEHZHKUXQJ VROO PLQGHVWHQV PP EHWUDJHQ 'HU $EVWDQG GHU %JHO RGHU GLH *DQJK|KH HLQHU :HQGHO GDUI FP QLFKW EHUVWHLJHQ :HJHQ GHU G\QDPLVFKHQ 'UXFNEHDQVSUXFKXQJ GHV 3IDKOHV EHLP 5DPPHQ PXVV GLH 4XHUEHZHKUXQJ GLH /lQJVEHZHK UXQJ VWUDII XPVFKOLHHQ $P .RSI XQG )X GHV 3IDKOHV PXVV DXI MH P /lQJH GLH *DQJK|KH E]Z GHU $EVWDQG GHU 4XHUEHZHKUXQJ DXI FD FP YHUULQJHUW ZHUGHQ %LOG 'LH %H WRQEHUGHFNXQJ PXVV PLQGHVWHQV PP EHWUDJHQ )U 3IlKOH GLH GHP (LQIOXVV EHWRQVFKlG OLFKHU :lVVHU XQG %|GHQ DXVJHVHW]W VLQG VRZLH LP 6HHZDVVHUEDX LVW GLH hEHUGHFNXQJ ]X HUK|KHQ (EHQVR ZLH 6WDKOIOJHOSIlKOH N|QQHQ DXFK 6WDKOEHWRQSIlKOH PLW YHUGLFNWHP )X RGHU PLW D[LDOV\PPHWULVFK DQJHRUGQHWHQ )OJHOQ YHUVHKHQ ZHUGHQ ZRGXUFK VLFK GLH $XIVWDQGVIOlFKH YHUJU|HUW 'LH )XDEPHVVXQJHQ EHWUDJHQ GDEHL FD GDV ELV IDFKH GHU 6FKDIWDEPHVVXQ JHQ $QZHQGXQJVJHELHW VLQG YRUZLHJHQG %|GHQ EHL GHQHQ HLQH WUDJIlKLJH 6FKLFKW XQWHU PlFKWLJHQ ZHLFKHQ 'HFNVFKLFKWHQ OLHJW
)HUWLJUDPPSIlKOH
(LQH %HVRQGHUKHLW EHL GHQ 6WDKOEHWRQSIlKOHQ VLQG GLH .XSSOXQJVSIlKOH PLW GHQHQ GLH 3IDKO OlQJHQ GHQ |UWOLFKHQ *HJHEHQKHLWHQ EHVVHU DQJHSDVVW ZHUGHQ N|QQHQ +LHUEHL N|QQHQ HLQ ]HOQH 3IDKOVFKVVH YRQ ELV P /lQJH GXUFK VSH]LHOOH .XSSOXQJVV\VWHPH PLWHLQDQGHU YHUEXQGHQ ZHUGHQ 'LH .XSSOXQJ VWHOOW HLQH GUXFN ]XJ XQG ELHJHVWHLIH 9HUELQGXQJ GDU ZREHL QXU .XSSOXQJHQ HLQJHVHW]W ZHUGHQ GUIHQ GLH HLQH =XODVVXQJ QDFK ',I% EHVLW]HQ %LOG 'LH 3IlKOH HLJQHQ VLFK LQVEHVRQGHUH IU GLH )lOOH ZR VLFK GLH 3IDKOOlQJHQ ZH JHQ VWDUN ZHFKVHOQGHU %DXJUXQGYHUKlOWQLVVH QLFKW JHQDX YRUKHUEHVWLPPHQ ODVVHQ XQG ZR ODQJH 3IlKOH WURW] EHVFKUlQNWHU $UEHLWVK|KH ] % LP ,QQHUQ YRQ *HElXGHQ HLQJHEUDFKW ZHUGHQ PVVHQ
'HU 3HUVRQDOEHGDUI 'LH .RORQQH ]XU )HUWLJXQJ YRQ ] % 6WDKOEHWRQIHUWLJSIlKOHQ VHW]W VLFK LQ GHU 5HJHO ]XVDP PHQ DXV
3ROLHU PLWDUEHLWHQG
*HUlWHIKUHU
5DPPKHOIHU
'HU %DXOHLWHU LVW QXU EHL VHKU NRPSOH[HQ %DXVWHOOHQ SHUPDQHQW YRU 2UW $QVRQVWHQ EHWUHXW HU PHLVW ELV %DXVWHOOHQ JOHLFK]HLWLJ 'HU 3ROLHU DUEHLWHW PLW XQG XQWHUVWW]W GHQ %DXOHLWHU HU NRRUGLQLHUW GLH $UEHLWVDEOlXIH GHU %DXVWHOOH XQG ZLFNHOW GLH VFKULIWOLFKHQ 9HUZDOWXQJVDUEHL WHQ DE (U KDW PHLVW GHQ NODVVLVFKHQ %HUXIVZHJ GXUFKODXIHQ XQG YHUIJW EHU IDFKOLFKH .RP SHWHQ] XQG GLH Q|WLJH (UIDKUXQJ 'LH *HUlWHIKUHU EHQ|WLJHQ NHLQH VSH]LHOOH %HUXIDXVELO GXQJ 6LH N|QQHQ YRQ )DFKSHUVRQDO DQJHOHUQW ZHUGHQ PVVHQ DEHU DXI GHU %DXVWHOOH EHVWH KHQ XQG GLH HUIRUGHUOLFK WHFKQLVFKH )LQJHUIHUWLJNHLW LP 8PJDQJ PLW GHQ RIW WHXUHQ 6SH]LDOJH UlWHQ DXIZHLVHQ %HL JU|HUHQ 3URMHNWHQ LVW PHLVW QRFK HLQ 6FKORVVHU YRU 2UW $QVRQVWHQ ZHU GHQ GLH 5HSDUDWXUDUEHLWHQ DQ GHQ *HUlWHQ DXI GHP %DXKRI HUOHGLJW
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ 'LH 5DPPXQJ ZLUG X D EHHLQIOXVVW YRQ GHU 5DPPHLJHQVFKDIW GHV 8QWHUJUXQGHV GHU /HLV WXQJ GHU 5DPPElUH G K DXFK GHP 9HUKlOWQLV YRQ 5DPPJHZLFKW ]X 3IDKOJHZLFKW XQG GHU 2EHUIOlFKHQUDXKLJNHLW GHV )HUWLJSIDKOHV 'LH /HLVWXQJVDQVlW]H LQ GHU QDFKIROJHQGHQ 7DEHOOH KLHU EHLVSLHOKDIW IU HLQHQ 6WDKOEHWRQIHUWLJSIDKO VLQG GDKHU OHGLJOLFK DOV 5LFKWZHUWH DQ]XVH KHQ
3IDKOJUQGXQJHQ
7DEHOOH %HWULHEVPLWWHOHLQVDW] EHL GHU 5DPPXQJ YRQ 6WDKOEHWRQIHUWLJSIlKOHQ 7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
3HUVRQDOHLQ VDW]
.DONXODWRUL VFKH /HLV WXQJVZHUWH 3UD[LV
7UlJHUJHUlW D $QVHW]HQ XQG $XVULFKWHQ 5DPPH 5DPPJHUlW ,,
''
*HUlWHIKUHU
-
5DPPKHOIHU
5DPPElU
-
E 5DPPXQJ GHV 3IDKOHV DXI HUIRU GHUOLFKH 7LHIH
7UlJHUJHUlW
''
*HUlWHIKUHU
5DPPJHUlW
-
5DPPKHOIHU
5DPPElU
-
D )UHLOHJHQ XQG .DSSHQ GHV 3IDKO NRSIHV
6FKUDXEHQNRP SUHVVRU IDKUEDU
4 «
$EEDX XQG 6SD WHQKDPPHU
4 «
E 9HUIDKUHQ GHV 5DPPJHUlWHV ]XP QlFKVWHQ $QVDW] SXQNW XQG $XI QDKPH GHV 3IDKOHV
7UlJHUJHUlW
''
*HUlWHIKUHU
5DPPJHUlW
-
5DPPKHOIHU
5DPPElU
-
PLQ
PK
+HOIHU PLQ
,,,
PLQ
$QPHUNXQJ ]XU /HLVWXQJVEHVFKUHLEXQJ )HUWLJSIlKOH VLQG YRUJHIHUWLJWH 3IDKOHOHPHQWH QDFK ',1 (1 ,Q GHQ $OOJHPHLQHQ 7HFKQLVFKHQ 9HUWUDJVEHGLQJXQJHQ IU %DXOHLVWXQJHQ $79 5DPP 5WWHO XQG 3UHVVDUEHL WHQ ± ',1 ZHUGHQ *UXQGODJHQ IU HLQH PDQJHOIUHLH VDFK XQG YHUWUDJVJHUHFKWH $XV IKUXQJ YRQ 5DPPXQJHQ EHQDQQW 'HV :HLWHUHQ ZHUGHQ KLHU +LQZHLVH IU GDV $XIVWHOOHQ GHU /HLVWXQJVEHVFKUHLEXQJ JHJHEHQ (LQLJH DXVJHZlKOWH +LQZHLVH ZHUGHQ LQ GHU )ROJH DXIJH IKUW ± $QJDEHQ ]X %DXVWHOOHQEHJHEHQKHLWHQ XQG 8PZHOWHLQIOVVHQ ± %HQHQQXQJ GHU %RGHQNHQQZHUWH ± $QJDEHQ ]X 1DFKEDUEHEDXXQJHQ ± $UW XQG $Q]DKO GHU JHIRUGHUWHQ 3UREHHLQEULQJXQJHQ XQG 3UREHEHODVWXQJHQ ± /lQJHQ 4XHUVFKQLWWVPDH VRZLH 0DWHULDOJWH GHU %DXHOHPHQWH ± *UQGXQJVWLHIH ± $XVELOGXQJ GHU $QVFKOVVH DQ %DXZHUNH
%RKUSIlKOH
%RKUSIlKOH 'DV %DXYHUIDKUHQ LP hEHUEOLFN %RKUSIlKOH VLQG 2UWEHWRQSIlKOH GLH LQ HLQHP LQ GHQ %DXJUXQG JHERKUWHQ +RKOUDXP GXUFK (LQEULQJHQ YRQ %HWRQ EOLFKHUZHLVH PLW %HZHKUXQJ KHUJHVWHOOW ZHUGHQ 'HU +RKOUDXP ZLUG KLHUEHL HQWZHGHU YHUURKUW RGHU XQYHUURKUW KHUJHVWHOOW %HL XQYHUURKUWHQ %RKUO|FKHUQ NDQQ GLH %RKUORFKZDQGXQJ GXUFK HLQH %HQWRQLWVXVSHQVLRQ JHVWW]W ZHUGHQ 'XUFK GHQ 'UXFN GHV IOVVLJHQ %HWRQV HQWVWHKW EHL GHQ PHLVWHQ %RGHQDUWHQ HLQH JXWH 9HU]DKQXQJ PLW GHP %DXJUXQG ,Q EHVRQGHUHQ )lOOHQ NDQQ GLH /DVWEHUWUDJXQJ GXUFK HLQH QDFKWUlJOLFKH 9HUSUHVVXQJ GHU )X XQG 0DQWHOIOlFKH QRFK YHUEHVVHUW ZHUGHQ %RKUSIlKOH KDEHQ EOLFKHUZHLVH 'XUFKPHVVHU YRQ ELV P 6LH VLQG QLFKW IODFKHU JH QHLJW DOV GDV HQWVSULFKW HLQHP :LQNHO YRQ XQJHIlKU q JHJHQ GLH 9HUWLNDOH 'LH 9RU WHLOH GHU %RKUSIlKOH OLHJHQ LQ GHU JURHQ %DQGEUHLWH GHU $EPHVVXQJHQ XQG GHU GHQ MHZHLOL JHQ %DXJUXQGYHUKlOWQLVVHQ DQSDVVEDUHQ +HUVWHOOYHUIDKUHQ 'D EHLP %RKUHQ GHU DQVWHKHQGH %RGHQ JHI|UGHUW ZLUG LVW HLQ JXWHU (LQEOLFN LQ GLH WDWVlFKOL FKHQ %DXJUXQGYHUKlOWQLVVH JHJHEHQ 'HPQDFK NDQQ QRFK ZlKUHQG GHU $XVIKUXQJ GLH HU IRUGHUOLFKH 3IDKOOlQJH IHVWJHOHJW ZHUGHQ 'LH 3IlKOH VLQG JXW ]XU $XIQDKPH YRQ +RUL]RQWDONUlIWHQ XQG %LHJHPRPHQWHQ JHHLJQHW EHL GHU $XVIKUXQJ HQWVWHKHQ NDXP /lUP XQG (UVFKWWHUXQJHQ ,Q GLHVHP .DSLWHO ZHUGHQ QXU GLH %RKUSIlKOH EHKDQGHOW EHL GHQHQ LP ,QQHUHQ GHV %RKUOR FKHV HLQ YROOVWlQGLJHU %RGHQDXVKXE VWDWWILQGHW :HLWHUH %RKUSIDKOW\SHQ ZLH ]XP %HLVSLHO 9HUGUlQJXQJVERKUSIlKOH .DSLWHO XQG 7HLOYHUGUlQJXQJVERKUSIlKOH .DSLWHO ZHU GHQ VSlWHU HUOlXWHUW
7HFKQLVFKH *UXQGODJHQ 'LH 7UDJIlKLJNHLW YRQ %RKUSIlKOHQ VHW]W VLFK DXV GHP 3IDKOVSLW]HQZLGHUVWDQG XQG GHU 0DQ WHOUHLEXQJ ]XVDPPHQ %HLGH $QWHLOH VLQG QLFKW QXU YRQ GHQ ERGHQPHFKDQLVFKHQ (LJHQVFKDI WHQ VRQGHUQ DXFK ZHVHQWOLFK YRP +HUVWHOOYHUIDKUHQ DEKlQJLJ 7DEHOOH (V KDW VLFK LQVEHVRQGHUH EHL 3UREHEHODVWXQJHQ JH]HLJW GDVV GLH 7UDJIlKLJNHLWHQ YRQ 3IlKOHQ WURW] JOHLFKHU %DXJUXQGYHUKlOWQLVVH VHKU XQWHUVFKLHGOLFK ZDUHQ $OV P|JOLFKH 8UVDFKHQ NRPPHQ KLHUIU X D HLQH DXIJHORFNHUWH %RKUORFKVRKOH XQG GDV $EVHW]HQ YRQ 6FKZHEVWRIIHQ DXI GHU %RKUORFKVRKOH LQ )UDJH
3IDKOJUQGXQJHQ
7DEHOOH (LQIOVVH DXI GDV 7UDJYHUKDOWHQ YRQ %RKUSIlKOHQ >@
(LQIOVVH DXI GDV 7UDJYHUKDOWHQ +HUVWHOOXQJ 9RUHLOXQJ GHU 9HUURKUXQJ 0DWHULDOGLFNH GHU 9HUURKUXQJ hEHUVWDQG GHV 6FKQHLGNUDQ]HV :DVVHUEHUGUXFN (LJHQVFKDIWHQ HLQHU HYWO YHUZHQGHWHQ 6WW]VXVSHQVLRQ 'XUFKIOXVVIOlFKH %HWRQGUXFN %HWRQNRQVLVWHQ] %HWRQWHPSHUDWXU =LHKJHVFKZLQGLJNHLW GHU 9HUURKUXQJ %HODVWXQJ 9HUWLNDO+RUL]RQWDO 'UXFN=XJ 6WDWLVFK=\NOLVFK 6WDQG]HLW ELV ]XU %HODVWXQJ
%RGHQ %RGHQDUW 6FKLFKWXQJ 6FKHUIHVWLJNHLW /DJHUXQJVGLFKWH 6SDQQXQJV]XVWDQG .RUQIRUP JU|H YHUWHLOXQJ .RPSUHVVLELOLWlW :DVVHUJHKDOW &KHPLVFKH ,QKDOWVVWRIIH
3IDKO *HRPHWULH 0DWHULDO )XDXVELOGXQJ 1DFKYHUSUHVVXQJHQ
'LH +HUVWHOOXQJ YHUURKUWHU %RKUSIlKOH EHVWHKW DXV IROJHQGHQ (LQ]HOVFKULWWHQ %LOG ± (LQWUHLEHQ HLQHV 0DQWHOURKUHV LQ GHVVHQ ,QQHUHQ GHU %RGHQ DXVJHUlXPW ZLUG ± (LQVWHOOHQ HLQHV %HZHKUXQJVNRUEHV ± %HWRQLHUHQ GHV 3IDKOHV XQWHU JOHLFK]HLWLJHP =LHKHQ GHV 0DQWHOURKUHV
%RKUSIlKOH
%LOG
+HUVWHOOXQJ HLQHV YHUURKUWHQ %RKUSIDKOHV >@
%HL QLFKW VWDQGIHVWHQ ZDVVHUIKUHQGHQ %|GHQ PXVV HLQH 9HUURKUXQJ ]XU %RKUORFKVLFKHUXQJ XQG ]XU )KUXQJ GHU %RKUZHUN]HXJH PLWJHIKUW ZHUGHQ 'LH 9HUURKUXQJ ZLUG DP KlXILJVWHQ GXUFK HLQH RV]LOOLHUHQGH K\GUDXOLVFK DQJHWULHEHQH 9HUURKUXQJVPDVFKLQH DEJHWHXIW :LFKWLJ LVW GLH VWlQGLJH %HZHJXQJ GHU JHVDPWHQ 9HUURKUXQJ GD GDQQ GLH 0DQWHOUHLEXQJ QXU FD ELV GHU 0DQWHOUHLEXQJ ZlKUHQG GHU 5XKH EHWUlJW *HO|VW XQG DXVJHKREHQ ZLUG GHU LQQHUKDOE GHU 9HUURKUXQJ EHILQGOLFKH %RGHQ GXUFK %RKUHL PHU %RKUJUHLIHU RGHU %RKUVFKQHFNHQ 'DEHL LVW XQEHGLQJW GDUDXI ]X DFKWHQ GDVV GLH 8QWHU NDQWH GHU 9HUURKUXQJ LPPHU PLQGHVWHQV HLQHQ KDOEHQ 3IDKOGXUFKPHVVHU WLHIHU LVW DOV GDV MH ZHLOLJH $XVKXEQLYHDX XP $XIORFNHUXQJHQ LP )XEHUHLFK ]X YHUPHLGHQ %LOG $XIORFNHUXQJHQ LP )XEHUHLFK N|QQHQ DXFK GDGXUFK HQWVWHKHQ GDVV HLQH LQQHUKDOE GHU 9HU URKUXQJ DXIZlUWVJHULFKWHWH :DVVHUVWU|PXQJ YRUKDQGHQ LVW +HUYRUJHUXIHQ ZHUGHQ NDQQ GLHVH :DVVHUVWU|PXQJ GXUFK HLQHQ UHODWLYHQ :DVVHUXQWHUGUXFN LQQHUKDOE GHU 9HUURKUXQJ GHU GXUFK GDV +RFK]LHKHQ GHV %RKUZHUN]HXJHV .ROEHQZLUNXQJ VRZLH GXUFK :DVVHUVSLHJHODE IDOO EHLP +HUDXV]LHKHQ GHV %RKUZHUN]HXJHV HQWVWHKW 8P GLHV ]X YHUPHLGHQ PXVV GHU :DV VHUVSLHJHO LQ GHU 9HUURKUXQJ VWHWV K|KHU PLQGHVWHQV P JHKDOWHQ ZHUGHQ DOV GHU $XHQ ZDVVHUVSLHJHO %LOG
%LOG
3IDKOJUQGXQJHQ
0DQDKPHQ ]XU 9HUKLQGHUXQJ YRQ $XIORFNHUXQJHQ EHLP $XVKXE
%RKUSIlKOH VLQG 2UWEHWRQSIlKOH IU GLH GDV LQ GHQ %RGHQ DEJHWHXIWH 6WDKOURKU HLQH WHPSRUl UH 6FKDOXQJ GDUVWHOOW -H QDFK (LQEULQJPHWKRGH NDQQ GHU DXHQOLHJHQGH %RGHQ YHUGLFKWHW RGHU DXIJHORFNHUW ZHUGHQ ,P 5HJHOIDOO ZLUG GHU %RGHQ MHGRFK QLFKW LQ VHLQHU /DJHUXQJ YHU lQGHUW 1DFK GHP (LQVWHOOHQ GHV %HZHKUXQJVNRUEHV LQ GLH 9HUURKUXQJ ZLUG %HWRQ HLQJHIOOW 'DV JHVFKLHKW EOLFKHUZHLVH LP .RQWUDNWRUYHUIDKUHQ EHL GHP GDV %HWRQLHUURKU VWHWV XQWHUKDOE GHV %HWRQVSLHJHOV HLQWDXFKW XP (QWPLVFKXQJHQ ]X YHUPHLGHQ 'LH 9HUURKUXQJ ZLUG KLHUEHL IRUWODXIHQG PLW GHP $QVWLHJ GHV %HWRQVSLHJHOV JH]RJHQ :lKUHQG GHV =LHKHQV NDQQ GLUHNW DQ GHU 8QWHUNDQWH GHU 9HUURKUXQJ IU NXU]H =HLW HLQ +RKOUDXP LQ GHU 'LFNH GHU 6WDKOURKUZDQ GXQJ HQWVWHKHQ %LOG 'XUFK HLQH HQWVSUHFKHQGH .RQVLVWHQ] GHV %HWRQV NDQQ GLHVHU (IIHNW YHUKLQGHUW ZHUGHQ
%LOG
.XU]]HLWLJHU +RKOUDXP XQWHUKDOE GHU 9HUURKUXQJ ZlKUHQG GHV =LHKHQV >@
%RKUSIlKOH
-H QDFK 6SDQQXQJV]XVWDQG GHV XPOLHJHQGHQ %RGHQV XQG GHV %HWRQV EHZHJW VLFK GHU %RGHQ ]XP %HWRQ (QWVSDQQXQJ RGHU GHU %HWRQ IOLHW ]XP %RGHQ 9HUVSDQQXQJ RGHU HV HUIROJW HLQH .RPELQDWLRQ YRQ EHLGHQ 9RUJlQJHQ *HUDGH EHL NOHLQHUHQ 'XUFKPHVVHUQ GHU 3IlKOH XQG YLHOHQ %HZHKUXQJVVWlEHQ HQWVWHKW GHU VR JHQDQQWH Ä6LORHIIHNW³ GHU HLQHQ VWDUNHQ (LQIOXVV DXI GHQ HQWVWHKHQGHQ +RUL]RQWDOVSDQQXQJV ]XVWDQG KDW 'HU 6LORHIIHNW IKUW GD]X GDVV GLH KRUL]RQWDOH )ULVFKEHWRQVSDQQXQJ JHULQJHU LVW DOV GDV (UJHEQLV GHU 0XOWLSOLNDWLRQ DXV :LFKWH GHV %HWRQV XQG +|KH GHU %HWRQVlXOH %LOG
%LOG
6LORHIIHNW GHV )ULVFKEHWRQV >@
.DQQ GHU 6LORHIIHNW YHUULQJHUW ] % GXUFK IOLHIlKLJHUHQ %HWRQ RGHU GXUFK 'UXFNOXIW GLH $XIODVW DXI GHU %HWRQVlXOH YHUJU|HUW ZHUGHQ KlWWH GLHV HLQH EHVVHUH 9HU]DKQXQJ ]ZLVFKHQ %RGHQ XQG %HWRQ VRZLH HLQHQ K|KHUHQ KRUL]RQWDOHQ 6SDQQXQJV]XVWDQG LP %RGHQ ]XU )ROJH GHU VLFK YRUWHLOKDIW DXI GDV 7UDJYHUKDOWHQ DXVZLUNHQ ZUGH 'LH (UKlUWXQJ GHV %HWRQV EHJLQQW VRIRUW QDFK GHP (LQEDX 'HU GDPLW HLQVHW]HQGH 6FKUXPS IXQJVSUR]HVV YHUXUVDFKW HLQH 9ROXPHQYHUPLQGHUXQJ GLH HLQH (QWVSDQQXQJ GHV %RGHQV LQ 5LFKWXQJ GHV 6SDQQXQJV]XVWDQGHV YRU GHP %HWRQLHUHQ KHUYRUUXIW 'LH VHKU NXU]H =HLWGDXHU HLQ SDDU 6WXQGHQ GHV KRKHQ %HWRQGUXFNV VFKHLQW GDPLW QLFKW ]X HLQHU GDXHUKDIWHQ (UK|KXQJ GHU %RGHQVSDQQXQJ ]X IKUHQ >@ :HUGHQ 3IlKOH LQ ELQGLJHQ %|GHQ XQYHUURKUW KHUJHVWHOOW NDQQ HV GDEHL ]X 9HUIRUPXQJHQ GHU %RKUORFKZDQG XQG GDPLW ]X HLQHU 9HUlQGHUXQJ GHU ERGHQPHFKDQLVFKHQ (LJHQVFKDIWHQ NRPPHQ GLH VLFK XQJQVWLJ DXI GDV 7UDJYHUKDOWHQ DXVZLUNHQ N|QQHQ 'HU )ULVFKEHWRQGUXFN LVW QLFKW LQ GHU /DJH GLHVH (IIHNWH UFNJlQJLJ ]X PDFKHQ %HL 9HUZHQGXQJ HLQHU 6WW]IOVVLJNHLW NDQQ GHU 6XVSHQVLRQVGUXFN GXUFKDXV JU|HU VHLQ DOV GLH LP XUVSUQJOLFKHQ =XVWDQG YRUKDQGHQH +RUL]RQWDOVSDQQXQJ VR GDVV PLW $XIORFNHUXQJV HUVFKHLQXQJHQ LQ GLHVHP )DOO QLFKW ]X UHFKQHQ LVW
3IDKOJUQGXQJHQ
%HL 3IDKOKHUVWHOOXQJVYHUIDKUHQ EHL GHQHQ GDV %RKUURKU LQ GHQ %RGHQ HLQJHUWWHOW ZLUG ZLUG HLQ YHUGLFKWXQJVIlKLJHU %RGHQ GXUFK GLH HLQJHWUDJHQH (QHUJLH YHUGLFKWHW ZDV ]X HLQHU 9HU EHVVHUXQJ GHU 7UDJIlKLJNHLW GHV 3IDKOHV IKUHQ NDQQ
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'LH DXI GHP 0DUNW EHILQGOLFKHQ +HUVWHOOXQJVYHUIDKUHQ XQWHUVFKHLGHQ VLFK LP :HVHQWOLFKHQ ± QDFK GHU $UW GHU %HDQVSUXFKXQJ GHU %RKUORFKVRKOH LQ GUHKHQGHV VFKODJHQGHV XQG GUHKVFKODJHQGHV %RKUHQ ± QDFK GHU $UW GHU 0DWHULDOI|UGHUXQJ LQ NRQWLQXLHUOLFK DEODXIHQGH %RKUXQJHQ ZREHL GDV %RKUNOHLQ PLWWHOV HLQHU )OVVLJNHLW DXVJHVSOW 6SOERKUYHUIDKUHQ RGHU PLW /XIW DXV JHEODVHQ ZLUG /XIWKHEHERKUYHUIDKUHQ XQG LQ GLVNRQWLQXLHUOLFK DEODXIHQGH %RKUXQ JHQ ZREHL GDV 0DWHULDO LQ %HKlOWHUQ *UHLIHUQ (LPHUQ DXV GHP %RKUORFK DXVJHWUDJHQ ZLUG ± QDFK GHU $UW GHU %RKUORFKVLFKHUXQJ LQ YHUURKUWH XQG XQYHUURKUWH %RKUXQJHQ XQG LQ VROFKH PLW HLQHU 6LFKHUXQJ GXUFK HLQH 6WW]IOVVLJNHLW ± QDFK GHP %HWRQLHUYRUJDQJ 6FKWWYHUIDKUHQ .RQWUDNWRUYHUIDKUHQ 3UHVVEHWRQYHUIDK UHQ ± QDFK GHU $XVELOGXQJ GHV 3IDKOIXHV PLW RGHU RKQH )XYHUEUHLWHUXQJ 'LH :DKO GHV 9HUIDKUHQV ULFKWHW VLFK QDFK GHP DQVWHKHQGHQ %DXJUXQG XQG GHQ WHFKQLVFKHQ %HGLQJXQJHQ GHU MHZHLOLJHQ %DXVWHOOH 'LH $UEHLWVSUR]HVVH IU GLH +HUVWHOOXQJ YRQ %RKUSIlKOHQ ZHUGHQ LQ GHU QDFKIROJHQGHQ 7D EHOOH ]XVDPPHQIDVVHQG GDUJHVWHOOW
%RKUSIlKOH
7DEHOOH 3UR]HVVH GHU %RKUSIDKOKHUVWHOOXQJ LP *UHLIHUERKUYHUIDKUHQ PLW K\GUDXOLVFKHU 9HUURKUXQJVPDVFKLQH
,
3UR]HVVH
7HLOSUR]HVVH
9RUEHUHLWHQGH 0DQDKPHQ
D (LQPHVVHQ XQG $EVWHFNHQ GHU %RKUXQJ 6LFKHUXQJ GHU 3IDKO DFKVHQ GXUFK )HVWSXQNWH
7KHRGROLW
D $QVHW]HQ XQG $XVULFKWHQ GHU 9HUURKUXQJVPDVFKLQH (LQVHW ]HQ GHV %RKUURKUHV
7UlJHUJHUlW
,, $EWHXIHQ GHU %RKUXQJ
E %RGHQDXVKXE LP *UHLIHUERKU YHUIDKUHQ XQG JOHLFK]HLWLJHV 1DFKVHW]HQ GHU %RKUURKUH F (YHQWXDOOHLVWXQJ %HVHLWLJHQ YRQ +LQGHUQLVVHQ EHLP $XVKXE G (YHQWXDOOHLVWXQJ ,P *UXQGZDVVHUEHUHLFK VWlQGL JHV +DOWHQ GHV :DVVHUGUXFNV
*HUlWH
'UHKERKUDQODJH 5DXSHQIDKU]HXJ .UDIWGUHKNRSI 9HUURKUXQJVPDVFKLQH %RKUURKU GRSSHOZ %RKUVFKQHFNH %RKUPHLHO
H %RKUJXW DEIDKUHQHQWVRUJHQ I 6lXEHUQ GHU %RKUORFKVRKOH JJI 1DFKDUEHLWHQ YRUQHKPHQ ,,, (LQEDXHQ GHU %HZHKUXQJ
D 9RUIHUWLJHQ GHV %HZHKUXQJV NRUEHV LQNOXVLYH Q|WLJHU $E VWDQGVKDOWHU
7UlJHUJHUlW 'UHKERKUDQODJH
E (LQEDX GHU %HZHKUXQJ ,9 %HWRQLHUHQ GHV %RKUSIDKOV
9 1DFK E]Z ]XVlW]OLFKH $UEHL WHQ
D (LQODVVHQ GHU %HWRQVFKWWURKUH
7UlJHUJHUlW
E %HWRQLHUHQ EHL *UXQGZDVVHU LP .RQWUDNWRUYHUIDKUHQ XQWHU JOHLFK]HLWLJHP RV]LOOLHUHQGHP =LHKHQ GHU %RKUURKUH
'UHKERKUDQODJH
D )UHLOHJHQ XQG .DSSHQ GHV 3IDKONRSIHV
6FKUDXEHQNRPSUHVVRU IDKUEDU
E 8PVHW]HQ GHU %RKUHLQKHLW
7UlJHUJHUlW
9HUURKUXQJVPDVFKLQH 8QWHUZDVVHUEHWRQLHUHLQULFKWXQJ
$EEDX XQG 6SDWHQKDPPHU 'UHKERKUDQODJH 5DXSHQIDKU]HXJ .UDIWGUHKNRSI 9HUURKUXQJVPDVFKLQH
3IDKOJUQGXQJHQ
'LH *HUlWH XQG 9HUIDKUHQ 6LFKHUXQJ GHU %RKUORFKZDQGXQJ D 9HUURKUWHV %RKUHQ %LOG 'LH 9HUURKUXQJ GHU %RKUXQJ VROO $XIORFNHUXQJHQ LQ GHU 8PJHEXQJ GHV %RKUSIDKOHV EHLP %RKUHQ HLQVFKUlQNHQ 6LH LVW ]ZLQJHQG HUIRUGHUOLFK ZHQQ GHU GXUFK|UWHUWH %RGHQ DXFK EHL 9HUZHQGXQJ YRQ VWW]HQGHU )OVVLJNHLW QLFKW VWDQGIHVW LVW XQG PLW $XVEUFKHQ DXV GHU %RK UXQJVZDQG JHUHFKQHW ZHUGHQ PXVV 'LH YHUZHQGHWHQ 9RUWUHLEURKUH KDEHQ :DQGGLFNHQ YRQ FD FP XQG (LQ]HOOlQJHQ YRQ ELV P $P XQWHUHQ 5DQG GHV ]XHUVW QLHGHUJHEUDFKWHQ 5RK UHV EHILQGHW VLFK HLQH %RKUNURQH DXV JHKlUWHWHP 6RQGHUVWDKO ,VW GLH 0DQWHOUHLEXQJ DP 9RUWUHLEURKU ZHJHQ GHU EHVRQGHUHQ %DXJUXQGYHUKlOWQLVVH RGHU HLQHV JURHQ +RUL]RQWDOVSDQQXQJV]XVWDQGHV DOV VHKU JUR ]X HUZDUWHQ VR GDVV KRKH 'UFNH HUIRUGHUOLFK VLQG XP GLH 5RKUH HLQ]XWUHLEHQ LVW HV ]ZHFNPlLJ PLW HLQHP 6FKQHLGNUDQ] EHUVWDQG DP XQWHUHQ (QGH GHU 9HUURKUXQJ ]X DUEHLWHQ 'LHVHU EHZLUNW GDVV HLQ 5LQJUDXP XP GDV 9RUWUHLEURKU HQWVWHKW GHU EHL ELQGLJHQ %|GHQ ZHLWJHKHQG RIIHQ VWHKHQ EOHLEW %HL UROOLJHP %RGHQ ZLUG HU VLFK PLW ORFNHUHP 0DWHULDO IOOHQ ,Q EHLGHQ )lOOHQ IKUW GHU 5LQJ UDXP ]X HLQHU $EPLQGHUXQJ GHU XUVSUQJOLFK LP %RGHQ YRUKDQGHQHQ +RUL]RQWDOVSDQQXQJ XQG ]X HLQHU $XIORFNHUXQJ GHV XPJHEHQGHQ %RGHQV 'LHV NDQQ ]XU 9HUPLQGHUXQJ GHU 7UDJ IlKLJNHLW GHV 3IDKOHV IKUHQ 'LH 0DQWHOUHLEXQJ ]ZLVFKHQ %RKUURKU XQG %RGHQ ZLUG GXUFK HLQH 'UHKEHZHJXQJ GHV %RKU URKUHV YHUPLQGHUW 'LH 'UHKEHZHJXQJ ZLUG GXUFK ]ZHL +\GUDXOLN]\OLQGHU EHZLUNW GLH LKUH +LQ XQG +HUEHZHJXQJ EHU HLQH .OHPPVFKHOOH DXI GDV %RKUURKU EHUWUDJHQ =XU hEHUZLQGXQJ GHU YHUEOHLEHQGHQ 0DQWHOUHLEXQJ XQG GHV 6SLW]HQZLGHUVWDQGHV DP %RKU URKUVFKXK GLHQHQ QHEHQ GHP *HZLFKW GHU 5RKUH GLH 9RUVFKXENUlIWH YRQ ]ZHL YHUWLNDO VWH KHQGHQ +\GUDXOLN]\OLQGHUQ GLH HEHQIDOOV EHU HLQH .OHPPVFKHOOH ZLUNHQ 'LH 5HDNWLRQV NUlIWH ZHUGHQ YRQ GHU 9HUURKUXQJVDQODJH DXIJHQRPPHQ 1HEHQ .RPSDNWERKUDQODJHQ KDEHQ VLFK KLHUEHL %DJJHU PLW VSH]LHOOHQ $QEDXJHUlWHQ RGHU VHSDUDWH 9HUURKUXQJVPDVFKLQHQ EH ZlKUW 1HEHQ GHP PHLVW NRPELQLHUWHQ (LQGUHKHQ XQG (LQGUFNHQ YRQ 9HUURKUXQJHQ NRPPW LQVEH VRQGHUH LQ QLFKWELQGLJHQ %|GHQ GDV (LQUWWHOQ ]XU $QZHQGXQJ 'LH 9RUWHLOH OLHJHQ LQ GHP JQVWLJHQ 7UDJYHUKDOWHQ GHV 3IDKOHV GDV GXUFK GLH 9HUGLFKWXQJ GHV XPOLHJHQGHQ %RGHQV EHZLUNW ZLUG VRZLH LQ GHU KRKHQ %HWRQTXDOLWlW $OV ZHLWHUH %HVRQGHUKHLW VHL GDV (LQGUHKHQ GHU 9HUURKUXQJ EHL VR JHQDQQWHQ 9RUGHU:DQG 3IlKOHQ 9': JHQDQQW %LOG
%RKUSIlKOH
%LOG
9RUGHU:DQG3IlKOH >@
+LHUEHL HU]HXJHQ ]ZHL JHWUHQQWH %RKUDQWULHEH HLQH HQWJHJHQ JHVHW]WH 'UHKULFKWXQJ YRQ %RKUZHUN]HXJ XQG 9HUURKUXQJ E 8QJHVWW]WHV %RKUHQ ,Q VWDQGIHVWHP %DXJUXQG GDUI JHPl ',1 (1 DXFK JHVWW]W JHERKUW ZHUGHQ 'DEHL LVW DEHU GHU REHUH 7HLO GHU %RKUXQJ ]XU )KUXQJ GHV %RKUZHUN]HXJHV XQG ZHJHQ GHV (LQIOXVVHV GHV %DXEHWULHEV GXUFK HLQ 6FKXW]URKU ]X VLFKHUQ F 6LFKHUXQJ GHU %RKUORFKZDQGXQJ GXUFK HLQH 6WW]IOVVLJNHLW *HJHQEHU GHP NODVVLVFKHQ 9HUIDKUHQ GLH %RKUORFKZDQGXQJ ZlKUHQG GHU +HUVWHOOXQJ PLW HLQHP 6WDKOURKU ]X VWW]HQ JHZLQQW GDV +HUVWHOOXQJVYHUIDKUHQ ]XQHKPHQG DQ %HGHXWXQJ HLQH VWW]HQGH )OVVLJNHLW ]XU 6LFKHUXQJ GHU :DQGXQJ EHL JURHQ 'XUFKPHVVHUQ RGHU EHL YRQ GHU .UHLVIRUP DEZHLFKHQGHQ 4XHUVFKQLWWHQ 5HFKWHFNHOHPHQWH ]X YHUZHQGHQ %LOG
%LOG
3IDKOJUQGXQJHQ
0LW )OVVLJNHLW JHVWW]WHV %RKUORFK 6FKOLW]ZDQGYHUIDKUHQ >@
)U GHQ $XVKXE NRPPHQ KLHUEHL YHUVFKLHGHQH :HUN]HXJH E]Z 9HUIDKUHQ ]XP (LQVDW] ZLH %RKUVFKQHFNHQ %RKUHLPHU %RKUJUHLIHU RGHU 6DXJ XQG /XIWKHEHERKUYHUIDKUHQ PLW 5ROOHQ RGHU )OJHOPHLHOQ 'LH HLQ]HOQHQ $UEHLWVDEOlXIH VLQG ± 6HW]HQ HLQHV $QIlQJHUURKUHV DOV )KUXQJ IU GDV %RKUZHUN]HXJ XQG ]XU 9HUKLQGHUXQJ YRQ %RGHQHLQEUFKHQ LP REHUIOlFKHQQDKHQ %HUHLFK ± %RGHQDXVKXE XQWHU 9HUZHQGXQJ HLQHU 6WW]IOVVLJNHLW %HQWRQLW6XVSHQVLRQ ± $XVWDXVFK E]Z +RPRJHQLVLHUXQJ GHU 6WW]IOVVLJNHLW ± (LQEDX GHU %HZHKUXQJ ± (LQEULQJHQ GHV 3IDKOEHWRQV LP .RQWUDNWRUYHUIDKUHQ 6WHKW GLH %RKUXQJ YRU GHP %HWRQLHUHQ OlQJHU DOV 6WXQGHQ QXU PLW 7RQVXVSHQVLRQ JHIOOW PXVV GHU )LOWHUNXFKHQ LP %HUHLFK GHU .UDIWHLQWUDJXQJVOlQJH HQWIHUQW ZHUGHQ )DOOV GDV QLFKW P|JOLFK LVW PXVV GLH 0DQWHOUHLEXQJ DXI GHV VRQVW JOWLJHQ :HUWHV DEJHPLQGHUW ZHUGHQ ,Q MHGHP )DOO LVW GLH %RKUORFKVRKOH GXUFK $EORWHQ ]X SUIHQ XQG VLFKHU]XVWHOOHQ GDVV NHLQHU OHL 9HUlQGHUXQJHQ GXUFK 1DFKEUXFK 6RKOHLQWULHE RGHU $EVHW]XQJVHUVFKHLQXQJHQ HLQWUHWHQ 'LH %RKUXQJ LVW LPPHU GDQQ GXUFK HLQHQ )OVVLJNHLWVEHUGUXFN ]X VWW]HQ ZHQQ QLFKW VWDQG IHVWH %|GHQ DQVWHKHQ :lKUHQG GHV JHVDPWHQ %RKU XQG %HWRQLHUYRUJDQJHV GDUI GHU 6SLHJHO GHU 6WW]IOVVLJNHLW ]X NHLQHP =HLWSXQNW ELV ]XU 8QWHUNDQWH GHU 6FKXW]YHUURKUXQJ E]Z ELV ]X HLQHU 7LHIH YRQ P EHU GHP *UXQGZDVVHUVSLHJHO VLQNHQ 'DKHU LVW HLQ DXVUHLFKHQGHU 9RUUDW DQ 6WW]IOVVLJNHLW YRU]XKDOWHQ
%RKUSIlKOH
%RKUHQ %HLP +HUVWHOOHQ GHU %RKUO|FKHU ZHUGHQ IROJHQGH 9HUIDKUHQ XQWHUVFKLHGHQ D 7URFNHQERKUYHUIDKUHQ 6FKODJERKUHQ 'UHKERKUHQ E 6SOERKUYHUIDKUHQ 6DXJERKUYHUIDKUHQ /XIWKHEHERKUYHUIDKUHQ ]X D 7URFNHQERKUYHUIDKUHQ 'LH 7URFNHQERKUYHUIDKUHQ VLQG GDGXUFK JHNHQQ]HLFKQHW GDVV NHLQ =XVDW] YRQ :DVVHU RGHU 6SOXQJ LQ GDV %RKUORFK HUIROJW %HLP 6FKODJERKUHQ ZLUG GHU %RGHQ PLW HLQHP (LQ RGHU =ZHLVHLOJUHLIHU DXFK 6FKODJJUHLIHU JHQDQQW JHO|VW XQG JHI|UGHUW %LOG
%LOG
6FKODJERKUYHUIDKUHQ >@
'LH EOLFKHQ %RKUGXUFKPHVVHU OLHJHQ EHL PP ELV PP ZREHL 'XUFKPHVVHU ELV PP P|JOLFK VLQG 'LH HUUHLFKEDUH %RKUWLHIH EHWUlJW FD P 'LH %RKUXQJHQ N|QQHQ ELV FD JHQHLJW VHLQ >@ *HHLJQHW LVW GDV 9HUIDKUHQ IU DOOH /RFNHUJHVWHLQH VRIHUQ VLH QLFKW PLW JUREHP *HU|OO 6WHL QHQ RGHU )HOV GXUFKVHW]W VLQG *HULQJPlFKWLJH )HOVVFKLFKWHQ RGHU HLQ]HOQH 6WHLQH N|QQHQ JHJHEHQHQIDOOV PLW )DOOPHLHOQ GXUFK|UWHUW ZHUGHQ (LQH ZHVHQWOLFK K|KHUH %RKUOHLVWXQJ ZLUG PLW 'UHKERKUJHUlWHQ HUUHLFKW *HERKUW ZLUG KLHU EHL PLW HLQHU NXU]HQ %LOG RGHU HLQHU ODQJHQ 6FKQHFNH %LOG %HL HLQLJHQ *HUlWHQ N|QQHQ PLW HLQHP 'UHKDQWULHE %RKUVFKQHFNH XQG 9HUURKUXQJ HLQJHWULH EHQ ZHUGHQ ,QVEHVRQGHUH EHL JURHQ 'XUFKPHVVHUQ XQGRGHU JURHQ 7LHIHQ ZHUGHQ ]XP (LQWUHLEHQ GHU 9HUURKUXQJ VSH]LHOOH 9HUURKUXQJVPDVFKLQHQ HUIRUGHUOLFK
%LOG
3IDKOJUQGXQJHQ
*URGUHKERKUJHUlW PLW NXU]HU 6FKQHFNH >@ >@
)U GLH +HUVWHOOXQJ VRJHQDQQWHU 9RUGHU:DQG3IlKOH 9':3IlKOH EHL GHQHQ GLH +HUVWHO OXQJ GHU 3IlKOH RKQH $EVWDQG ]X +DXVZlQGHQ HUIROJHQ NDQQ ZXUGHQ *HUlWH PLW ]ZHL JH WUHQQWHQ %RKUDQWULHEHQ MH HLQHU IU GLH %RKUVFKQHFNH XQG GLH 9HUURKUXQJ HQWZLFNHOW ]X E 6SOERKUYHUIDKUHQ %HL GHQ 6SOERKUYHUIDKUHQ ZLUG GDV %RKUJXW GXUFK HLQHQ )OVVLJNHLWVVWURP JHI|UGHUW $OV )OVVLJNHLW ZLUG :DVVHU GHP L $OOJ 7RQPHKO EHLJHPLVFKW ZLUG RGHU HLQ /XIW:DVVHU *HPLVFK YHUZHQGHW %HL GHU )OVVLJNHLWVVSOXQJ PXVV EHDFKWHW ZHUGHQ GDVV GLH 6SOXQJ ]ZHL $XIJDEHQ KDW 6LH LVW )|UGHUPLWWHO IU GDV %RKUJXW XQG 6WW]IOVVLJNHLW IU GDV %RKUORFK 6SOERKUYHUIDKUHQ ZHUGHQ HUVW DE 7LHIHQ YRQ FD P ZLUWVFKDIWOLFK XQG ZHUGHQ GHVKDOE EHL GHU 3IDKOKHUVWHOOXQJ QXU GDQQ YHUZHQGHW ZHQQ EHL JURHQ 7LHIHQ GLH *UHQ]HQ GHU YHUURKUWHQ %RKUYHUIDKUHQ HUUHLFKW VLQG
%RKUSIlKOH
%LOG
*URGUHKERKUJHUlW PLW ODQJHU 6FKQHFNH >@
%HLP 6SOERKUYHUIDKUHQ ZLUG HLQH 6SOIOVVLJNHLW LQ GDV %RKUORFK KLQHLQJHSXPSW %HLP /XIWKHEHERKUYHUIDKUHQ ZLUG GHU )|UGHUVWURP GXUFK (LQEODVHQ YRQ /XIW EHZLUNW %LOG ,Q EHLGHQ )lOOHQ ZLUG GDV *HPLVFK DXV 6SOIOVVLJNHLW XQG %RKUJXW LQ HLQHQ 6SOWHLFK HLQJH OHLWHW ZR VLFK GDV %RKUJXW DEVHW]W 'LH 6SOIOVVLJNHLW NDQQ QDFK GHU 5HJHQHUDWLRQ PHKU PDOV HLQJHVHW]W ZHUGHQ 'DV /|VHQ GHV %RGHQV HUIROJW GXUFK 5ROOHQPHLHO
%LOG
6SOERKU XQG /XIWKHEHERKUYHUIDKUHQ >@
3IDKOJUQGXQJHQ
$OV EHVRQGHUHU )DOO EHL GHU +HUVWHOOXQJ YRQ %RKUO|FKHUQ VHL GLH )XYHUEUHLWHUXQJ ] % EHLP )UDQNL*URERKUSIDKO HUZlKQW +LHUEHL ZLUG GDV %RKUURKU PLW HLQHP *UHLIHU DXVJHUlXPW XQG GXUFK 3HQGHOQ XQG JOHLFK]HLWL JHV 'UFNHQ LQ GHQ %DXJUXQG HLQJHWULHEHQ %LOG 'XUFK GHQ 6SH]LDOJUHLIHU NDQQ GHU )X DQJHVFKQLWWHQ ZHUGHQ 'LH EOLFKHQ 3IDKOGXUFKPHVVHU EHWUDJHQ ELV P GLH )X YHUJU|HUXQJ NDQQ ELV ]X HLQHP 'XUFKPHVVHU YRQ P DXVJHIKUW ZHUGHQ
%LOG
)UDQNL*URERKUSIDKO >@
6ROFKH )XHUZHLWHUXQJHQ N|QQHQ L $OOJ QXU LQ VWDQGIHVWHP %RGHQ KHUJHVWHOOW ZHUGHQ 'LH *UHQ]HQ GHV 9HUKlOWQLVVHV YRQ 3IDKOIX ]X 3IDKOVFKDIWGXUFKPHVVHU VLQG LQ ',1 (1 IHVWJHOHJW >@ 'HPQDFK VLQG )XDXIZHLWXQJHQ LQ QLFKWELQGLJHQ %|GHQ ELV PD[LPDO ]XP ]ZHLIDFKHQ EHL ELQGLJHQ %|GHQ ELV PD[LPDO ]XP GUHLIDFKHQ 6FKDIWGXUFKPHVVHU P|JOLFK 6FKDIWDXIZHLWXQJHQ VLQG EHL DOOHQ %RGHQDUWHQ ELV PD[LPDO ]XP GRSSHOWHQ 6FKDIWGXUFKPHV VHU ]XOlVVLJ %HZHKUHQ 'HU %HZHKUXQJVNRUE LVW VR DXV]XVWHLIHQ GDVV HU EHLP 7UDQVSRUW EHLP (LQEDX XQG EHLP %H WRQLHUHQ QLFKW EOHLEHQG YHUIRUPW ZLUG 'LH %HZHKUXQJ PXVV YRU XQG QDFK GHP %HWRQLHUHQ DP 3IDKONRSI DXI $EZHLFKXQJHQ YRQ GHU 6ROOODJH NRQWUROOLHUW ZHUGHQ )DOOV GLH HUIRUGHUOLFKH %HWRQGHFNXQJ YRQ E]Z PP QLFKW EHUHLWV GXUFK GLH :DQGGLFNH GHU %RKUURKUH ]XVWDQ GH NRPPW VLQG $EVWDQGKDOWHU DQ]XRUGQHQ %HL XQYHUURKUWHQ %RKUXQJHQ PVVHQ JURIOlFKLJH $EVWDQGKDOWHU YHUZHQGHW ZHUGHQ GHUHQ )RUP VLFKHUVWHOOW GDVV EHLP (LQKlQJHQ GHU %HZHK UXQJ LQ GLH %RKUXQJ NHLQ 1DFKEUXFK DXV GHU %RKUORFKZDQG YHUXUVDFKW ZLUG
%RKUSIlKOH
$P XQWHUHQ (QGH GHV %HZHKUXQJVNRUEHV LVW GHU (LQEDX HLQHV .UHX]HV DXV )ODFKVWDKO HUIRU GHUOLFK XP VLFKHU]XVWHOOHQ GDVV GHU %HZHKUXQJVNRUE EHLP %HWRQLHUHQ XQG EHLP =LHKHQ GHV %RKUURKUHV LQ VHLQHU SODQPlLJHQ /DJH YHUEOHLEW XQG YRU DOOHP QLFKW DQJHKREHQ ZLUG %HL HLQLJHQ 9HUIDKUHQ GHU %RKUSIDKOKHUVWHOOXQJ ZLUG GHU %HZHKUXQJVNRUE HUVW QDFKWUlJOLFK G K XQPLWWHOEDU QDFK GHP %HWRQLHUHQ LQ GHQ IHUWLJHQ %HWRQ HLQJHEUDFKW ZREHL HLQH OHLFKWH 8QWHUVWW]XQJ GXUFK 9LEUDWLRQ P|JOLFK LVW +LHUEHL PXVV DOOHUGLQJV GLH %HWRQEHUGHFNXQJ XQG GLH SODQPlLJH /DJH GHU %HZHKUXQJ JDUDQWLHUW VHLQ %HWRQLHUHQ 'LH 3IlKOH VLQG XQPLWWHOEDU QDFK $EVFKOXVV GHV %RKUYRUJDQJHV 6lXEHUQ GHU %RKUORFKVRKOH XQG GHP (LQVHW]HQ GHV %HZHKUXQJVNRUEHV ]X EHWRQLHUHQ %HLP %HWRQLHUYRUJDQJ PXVV EH DFKWHW ZHUGHQ GDVV ± GHU %HWRQ LQ GHU YRUJHVHKHQHQ =XVDPPHQVHW]XQJ XQG .RQVLVWHQ] ELV ]XU %RKUORFKVRK OH JHODQJW ± GHU %HWRQ VLFK QLFKW HQWPLVFKW RGHU YHUXQUHLQLJW ZLUG ± GLH %HWRQVlXOH ZHGHU XQWHUEURFKHQ QRFK HLQJHVFKQUW ZLUG ,P $OOJHPHLQHQ ZLUG PLW 6FKWWURKUHQ 3XPSURKUHQ RGHU 6FKOlXFKHQ EHWRQLHUW GLH ]X %H JLQQ ELV ]XU %RKUORFKVRKOH UHLFKHQ XQG ZlKUHQG GHV %HWRQLHUHQV VWHWV LQ GHQ )ULVFKEHWRQ HLQWDXFKHQ PVVHQ ,P *UXQGZDVVHU E]Z LQ HLQHU 7RQVXVSHQVLRQ PXVV GHU %HWRQ LP .RQWUDNWRUYHUIDKUHQ HLQJH EUDFKW ZHUGHQ ZREHL GDV .RQWUDNWRUURKUH PLQGHVWHQV P EHL %RKUSIlKOHQ PLW 'XUFKPHV VHUQ t P PLQGHVWHQV P LQ GHQ %HWRQ HLQWDXFKHQ VROO 'DV =LHKHQ GHU 9HUURKUXQJ GDUI HUVW EHJRQQHQ ZHUGHQ ZHQQ GLH %HWRQVlXOH LQ GHU 9HUURKUXQJ DXVUHLFKHQG KRFK XQG JHQ JHQG hEHUGUXFN YRUKDQGHQ LVW GDPLW GLH %HWRQVlXOH QLFKW DEUHLW XQG JHJHEHQHQIDOOV NHLQH 6WW]IOVVLJNHLW LQ GDV %HWRQLHUURKU HLQGULQJW ,Q ZHLFKHQ %|GHQ FX N1Pð NDQQ HV Q|WLJ VHLQ GHQ IULVFKHQ %HWRQ LQ HLQHP 7HLOEH UHLFK RGHU DXI JDQ]HU 3IDKOOlQJH GXUFK YHUORUHQH +OVHQ RGHU YHUEOHLEHQGH 8PPDQWHOXQJ RGHU 9HUURKUXQJHQ HLQ]XIDVVHQ +OVHQ LQ GHU 5HJHO GQQH %OHFKURKUH GLH LQ GDV %RKUORFK HLQJHVHW]W ZHUGHQ ZHUGHQ DXFK ]XP 6FKXW] GHV IULVFKHQ %HWRQV JHJHQ EHWRQVFKlGOLFKH :lVVHU VRZLH ]XU 9HUPLQGHUXQJ HL QHU HYHQWXHOO YRUKDQGHQHQ QHJDWLYHQ 0DQWHOUHLEXQJ YHUZHQGHW %RKUSIlKOH VLQG ]JLJ RKQH 8QWHUEUHFKXQJ ]X EHWRQLHUHQ 8P EHL NU]HUHQ ] 7 QLFKW YRU KHUVHKEDUHQ 8QWHUEUHFKXQJHQ QDFKWHLOLJH (LQZLUNXQJHQ DXV]XVFKOLHHQ VROOHQ (UVWDUUXQJV YHU]|JHUHU DOV =XVDW]PLWWHO HLQJHVHW]W ZHUGHQ %HL %RKUSIlKOHQ PLW )XYHUEUHLWHUXQJ PXVV LPPHU DXVUHLFKHQG )ULVFKEHWRQ YRUKDQGHQ VHLQ VR GDVV GHU )X ELV LQ GHQ 6FKDIW KLQHLQ RKQH $UEHLWVSDXVH EHWRQLHUW ZHUGHQ NDQQ
3IDKOJUQGXQJHQ
=LHKHQ GHU %RKUURKUH ,P $OOJHPHLQHQ HUIROJW GDV =LHKHQ GHU %RKUURKUH PLW GHQ JOHLFKHQ *HUlWHQ PLW GHQHQ GLH 5RKUH DXFK DEJHWHXIW ZXUGHQ (V LVW VWHWV GDUDXI ]X DFKWHQ GDVV GLH %HWRQVlXOH ZHGHU DEUHLW QRFK HLQJHVFKQUW ZLUG 'LH )ULVFKEHWRQVlXOH PXVV VR KRFK LQ GDV %RKUURKU KLQDXIUHLFKHQ GDVV HLQ DXVUHLFKHQGHU hEHUGUXFN GHV %HWRQV JHJHQ GDV *UXQGZDVVHU XQG GHQ VHLWOLFK QDFKGUFNHQGHQ %RGHQ YRU KDQGHQ LVW (LQH %HVRQGHUKHLW LVW GDV =LHKHQ GHU %RKUURKUH PLW 'UXFNOXIWXQWHUVWW]XQJ 6R NDQQ EHL PDQFKHQ 9HUIDKUHQ GDV =LHKHQ QLFKW PHFKDQLVFK DXVJHIKUW ZHUGHQ GD HQWVSUHFKHQGH *HUl WH QLFKW YRUKDQGHQ VLQG (V ZLUG GDQQ GDV 3UHVVEHWRQYHUIDKUHQ DQJHZHQGHW 0DQWHO XQG )XYHUSUHVVXQJ 'LH PHLVWHQ 3IDKOJUQGXQJHQ ZHUGHQ QLFKW QDFK GHP *UHQ]]XVWDQG GHU 7UDJIlKLJNHLW VRQ GHUQ QDFK GHQ IU GDV %DXZHUN YHUWUlJOLFKHQ 6HW]XQJHQ EHPHVVHQ 'LH *HEUDXFKVODVWHQ GHU 3IlKOH N|QQHQ GDKHU YHUJU|HUW ZHUGHQ ZHQQ HV JHOLQJW GLH 6HW]XQJHQ ]X UHGX]LHUHQ 'LHVHV =LHO NDQQ DXI ]ZHL :HJHQ HUUHLFKW ZHUGHQ GLH HQWZHGHU HLQ]HOQ EHVFKULWWHQ RGHU PLW HLQDQGHU NRPELQLHUW ZHUGHQ N|QQHQ D (LQH 9RUEHODVWXQJ GHV 8QWHUJUXQGHV LP 3IDKOIXEHUHLFK 'LHVH 9RUEHODVWXQJHQ N|QQHQ PLW GHKQEDUHQ 'UXFNEODVHQ RGHU PLW VWDUUHQ =\OLQGHUQ LQ GH QHQ .ROEHQ EHZHJW ZHUGHQ VR JHQDQQWH 'UXFNW|SIH HU]HXJW ZHUGHQ 'LH 'UXFNEODVHQ ZHU GHQ ]XVDPPHQ PLW GHP %HZHKUXQJVNRUE LQ GLH %RKUXQJ HLQJHEDXW XQG QDFK GHP %HWRQLHUHQ GHU 3IlKOH GXUFK (LQSXPSHQ YRQ =HPHQWVXVSHQVLRQ DXVHLQDQGHU JHSUHVVW 'LH )XXQWHUSUHVVXQJ ZLUG VSlWHVWHQV GDQQ DEJHEURFKHQ ZHQQ GHU 3IDKONRSI +HEXQJHQ LP 0LOOLPHWHUEHUHLFK DXIZHLVW $QVWDWW 'UXFNEODVHQ RGHU 'UXFNW|SIH ZHUGHQ DXFK 0DQVFKHWWHQ 5RKUH ]XP 9HUSUHVVHQ YRQ =HPHQWVXVSHQVLRQ LP )XEHUHLFK HLQJHVHW]W %LOG E (UK|KXQJ GHU 0DQWHOUHLEXQJ DP 3IDKOVFKDIW 'D GLH *U|H GHU DP 3IDKOVFKDIW DNWLYLHUEDUHQ 5HLEXQJVNUlIWH YRP $QSUHVVGUXFN ]ZLVFKHQ %HWRQ XQG %RGHQ VRZLH GHU 5DXKLJNHLW GHV 3IDKOPDQWHOV DEKlQJW N|QQHQ GXUFK JH]LHOWHV 1DFKYHUSUHVVHQ K|KHUH 0DQWHOUHLEXQJVNUlIWH HU]HXJW ZHUGHQ +LHUEHL ZHUGHQ 1DFKYHUSUHVV V\VWHPH RKQH XQG PLW 6SOP|JOLFKNHLW XQWHUVFKLHGHQ 'DV HLQIDFKVWH 1DFKYHUSUHVVV\VWHP RKQH 6SOP|JOLFKNHLW HUP|JOLFKW QXU HLQH HLQPDOLJH 1DFKYHUSUHVVXQJ (V EHVWHKW DXV GQQHQ .XQVWVWRII RGHU 6WDKOURKUHQ PLW HLQHP RGHU PHKUH UHQ 1DFKSUHVVYHQWLOHQ %LOG
%RKUSIlKOH
%LOG
%HLVSLHOH IU 6FKDIW XQG )XYHUSUHVVXQJ >@
'HU ZHVHQWOLFKH 1DFKWHLO GHV 6\VWHPV EHVWHKW GDULQ GDVV EHLP 9HUSUHVVHQ DOOH 9HQWLOH JOHLFK]HLWLJ PLW GHPVHOEHQ 'UXFN EHDQVSUXFKW ZHUGHQ XQG VLFK GDEHL KlXILJ QXU ZHQLJH 9HQWLOH |IIQHQ 'LH 1DFKYHUSUHVVXQJ LVW QLFKW JH]LHOW NRQWUROOLHUEDU ,VW HLQH JH]LHOWH 1DFKYHUSUHVVXQJ HUIRUGHUOLFK ZHUGHQ 9HUSUHVVV\VWHPH PLW 6SOP|JOLFKNHLW HLQJHVHW]W +LHU]X ZHUGHQ 0DQVFKHWWHQURKUH PLW HLQHP RGHU PHKUHUHQ 1DFKYHUSUHVVYHQWLOHQ YHUZHQGHW %HLP (LQVDW] YRQ 9HUSUHVVURKUHQ PLW QXU HLQHP 1DFKYHUSUHVVYHQWLO VLQG ]XU JH]LHOWHQ 1DFK YHUSUHVVXQJ XQWHUVFKLHGOLFK ODQJH PLW GHU 7LHIH JHVWDIIHOWH 5RKUH HUIRUGHUOLFK 'LH .XQVWVWRIIURKUH KDEHQ 'XUFKPHVVHU YRQ PP ELV PP XQG N|QQHQ PLW QRFK GQQH UHQ 6SOVFKOl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
3IDKOJUQGXQJHQ
'HU ,QMHNWLRQVGUXFN OLHJW EHL ELV EDU :LUG GHU JHZQVFKWH 'UXFNDXIEDX QLFKW EHLP HUVWHQ 9HUSUHVVYRUJDQJ HUUHLFKW VLQG ZHLWHUH 9HUSUHVVYRUJlQJH HUIRUGHUOLFK 'LH JH]LHOWH 0DQWHOYHUSUHVVXQJ LVW VWlQGLJ ]X EHUZDFKHQ =X NRQWUROOLHUHQ VLQG LQVEHVRQGH UH GLH 0LVFKXQJ GHV ,QMHNWLRQVJXWHV GHU 9HUSUHVVGUXFN XQG GLH 9HUSUHVVPHQJHQ
'LH ZLFKWLJVWHQ 6WRIIH XQG 0DWHULDOLHQ 'LH ZLFKWLJVWHQ (LJHQVFKDIWHQ XQG (PSIHKOXQJHQ ]X %HWRQ XQG %HZHKUXQJVPDWHULDOLHQ VLQG GHP $EVFKQLWW ]X HQWQHKPHQ :HUGHQ %RKUSIlKOH XQYHUURKUW KHUJHVWHOOW ZLUG HLQH HYHQWXHOO HUIRUGHUOLFKH 6WW]XQJ GHU %RKUORFKZDQGXQJ GXUFK HLQH 7RQ6XVSHQVLRQ HUUHLFKW 'LH $QIRUGHUXQJHQ DQ 6WW]VXVSHQ VLRQHQ VLQG LQ ',1 (1 XQG ',1 (1 IHVWJHOHJW $OV 7RQ ZLUG PHLVWHQV %HQWRQLW YHUZHQGHW GHU VHLQHQ 1DPHQ QDFK VHLQHP HUVWHQ )XQGRUW LQ GHU 1lKH YRQ )RUW %HQWRQ LP 866WDDW :\RPLQJ KDW +DXSWEHVWDQGWHLO XQG PDJHEHQG IU GLH PHFKDQLVFKHQ (LJHQVFKDIWHQ LVW GDV 'UHLVFKLFKWHQ PLQHUDO 0RQWPRULOORQLW GDV QDFK HLQHU /DJHUVWlWWH 0RQWPRULOORQ LQ 6GIUDQNUHLFK EHQDQQW ZXUGH 1HEHQ 0RQWPRULOORQLW GDV VWDUN TXHOOIlKLJ LVW HQWKlOW %HQWRQLW QRFK 4XDU] *OLPPHU )HOG VSDW .DROLQLW XQG ,OOLW DOV %HJOHLWPLQHUDOH $OOH %HQWRQLWH NRPPHQ IHLQJHPDKOHQ DOV %HQWRQLWPHKO LQ GHQ +DQGHO %HQWRQLWH NRVWHQ MH QDFK 4XDOLWlW XQG 7UDQVSRUWZHJ ]XU %DXVWHOOH ELV ¼W %HL GHQ EOLFKHQ .RQ]HQWUDWL RQHQ YRQ FD ELV NJ %HQWRQLW MH P 6WW]IOVVLJNHLW PVVHQ GHPQDFK FD ELV ¼ 0D WHULDONRVWHQ SUR .XELNPHWHU 6XVSHQVLRQ IU GHQ %HQWRQLW DXIJHZHQGHW ZHUGHQ %HL GHU +HUVWHOOXQJ VXVSHQVLRQVJHVWW]WHU %RKUSIlKOH VLQG IROJHQGH (LJHQVFKDIWHQ VWW]HQGHU )OVVLJNHLWHQ YRQ %HGHXWXQJ ± 6FKHUIHVWLJNHLW 6WW]IOVVLJNHLWHQ XQWHUVFKHLGHQ VLFK GXUFK LKUH 6FKHUIHVWLJNHLW YRQ HFKWHQ QHZWRQ VFKHQ )OVVLJNHLWHQ 'LH 6FKHUIHVWLJNHLW YRQ %HQWRQLW6XVSHQVLRQHQ OLHJW ]ZLVFKHQ XQG 1P XQG EHVWLPPW GLH 6WW]ZLUNXQJ XQG GDV (LQGULQJYHUKDOWHQ ± )OLHYHUKDOWHQ 'DV )OLHYHUKDOWHQ GHU 6XVSHQVLRQ EHHLQIOXVVW GLH 9HUDUEHLWEDUNHLW GLH 9HUGUlQJEDU NHLW GXUFK GHQ %HWRQ GLH 3XPSEDUNHLW XQG GDV (LQGULQJYHUKDOWHQ :lKUHQG DXV *UQ GHQ GHU 6WDQGVLFKHUKHLW GHU %RKUORFKZDQGXQJ P|JOLFKVW KRKH 6FKHUIHVWLJNHLWHQ JHIRU GHUW ZHUGHQ VROOHQ GLH 6XVSHQVLRQHQ DXV *UQGHQ GHU 9HUDUEHLWEDUNHLW P|JOLFKVW GQQIOVVLJ VHLQ ± )LOWUDWLRQVYHUKDOWHQ 'DV )LOWUDWLRQVYHUKDOWHQ EHHLQIOXVVW GLH 6WDELOLWlW GHU 6XVSHQVLRQ XQG GDV (LQGULQJYHU KDOWHQ
%RKUSIlKOH
± 'LFKWH 'LH 'LFKWH EHVWLPPW GLH *U|H GHV K\GURVWDWLVFKHQ 'UXFNV XQG GLH 9HUGUlQJEDUNHLW GXUFK GHQ %HWRQ 'LH 'LFKWHQ EOLFKHU 6XVSHQVLRQHQ OLHJHQ EHL ELV WPñ 'XUFK 9HUXQUHLQLJXQJ ZlKUHQG GHV $XVKXEV NDQQ GLH 'LFKWH ELV DXI FD WPñ DQ VWHLJHQ 'LH 6WW]ZLUNXQJ GHU 6XVSHQVLRQ OlVVW VLFK IU IHLQN|UQLJH XQG JUREN|UQLJH %|GHQ ZLH IROJW HUNOlUHQ %HL IHLQN|UQLJHQ %|GHQ G PP NDQQ GDYRQ DXVJHJDQJHQ ZHUGHQ GDVV NHLQH %HQWR QLW6XVSHQVLRQ LQ GHQ %RGHQ HLQGULQJW $Q GHU *UHQ]IOlFKH %RGHQ6XVSHQVLRQ NRPPW HV GXUFK GHQ 'UXFNXQWHUVFKLHG ]ZLVFKHQ GHU 6XVSHQVLRQ XQG GHP 3RUHQUDXP GHV %RGHQV ]XU WHLOZHLVHQ 7UHQQXQJ GHU IHVWHQ XQG GHU IOVVLJHQ 6XVSHQVLRQVSKDVHQ )LOWUDWLRQ 'LH 7RQ SDUWLNHO ZHUGHQ DQ GHU (UGZDQG DEJHILOWHUW 'DV )LOWUDW IOLHW LQ GHQ %RGHQ DE 'HU VLFK ELO GHQGH ÄlXHUH³ )LOWHUNXFKHQ ZLUNW DOV 0HPEUDQ DXI GLH GHU K\GURVWDWLVFKH 6WW]GUXFN GHU 6XVSHQVLRQ ZLUNW (U ZLUG GXUFK GLH 0HPEUDQ YROO DXI GLH ]X VWW]HQGH (UGZDQG EHUWUDJHQ %HL JUREN|UQLJHQ %|GHQ VLQG GLH 7RQWHLOFKHQ GHU 6XVSHQVLRQ ZHJHQ GHU *U|H GHU 3RUHQ GHV %RGHQV QLFKW LQ GHU /DJH GLH 3RUHQ GXUFK %UFNHQELOGXQJ ]X VFKOLHHQ 'LH 6XVSHQVLRQ GULQJW LQ GHQ %RGHQ HLQ ZREHL GLHVHU (LQGULQJYRUJDQJ QDFK HLQHU EHVWLPPWHQ 6WUHFNH ]XU 5XKH NRPPW (U VWDJQLHUW ZHQQ GHU 6XVSHQVLRQVGUXFN DXI GDV .RUQJHUVW EHUWUDJHQ LVW %LOG 'LHVHU 9RUJDQJ EHUXKW DXI GHU )lKLJNHLW GHU %HQWRQLW6XVSHQVLRQ 6FKXEVSDQQXQJHQ EHU QHKPHQ ]X N|QQHQ 'HU K\GURVWDWLVFKH 6WW]GUXFN ZLUG KLHUEHL LQQHUKDOE GHV ]X VWW]HQGHQ (UGN|USHUV XQG LQ GHP VLFK ELOGHQGHQ Ä)LOWHUNXFKHQ³ DEJHEDXW 'LH 0HPEUDQZLUNXQJ GHV )LOWHUNXFKHQV ZLUG EHL GHU %HUHFKQXQJ GHU 6WW]ZLUNXQJ YHUQDFKOlVVLJW GD VLH EHLP $Q VFKQHLGHQ GHV %RGHQV QRFK QLFKW YRUKDQGHQ LVW VRQGHUQ VLFK HUVW PLW GHP (LQGULQJHQ GHU 6XVSHQVLRQ DXIEDXW 'LH (LJHQVFKDIWHQ GHU %HQWRQLW6XVSHQVLRQ ZHUGHQ LP :HVHQWOLFKHQ YRQ 7HPSHUDWXU XQG &KHPLVPXV GHV :DVVHUV $UW GHV %HQWRQLWV (QHUJLH XQG 'DXHU GHV 0LVFKYHUIDKUHQV VRZLH YRQ SK\VLNDOLVFKHQ (LJHQVFKDIWHQ GHU 6XVSHQVLRQ XQG FKHPLVFKHQ $GGLWLYHQ EHHLQIOXVVW 'LH 6WW]IOVVLJNHLW ZLUG DXI GHU %DXVWHOOH DXV %HQWRQLWPHKO XQG /HLWXQJVZDVVHU KHUJHVWHOOW 'HU 0LVFKYRUJDQJ ZLUG HQWZHGHU LQ HLQHP &KDUJHQPLVFKHU GLVNRQWLQXLHUOLFK RGHU LQ HLQHU 0LVFKDQODJH NRQWLQXLHUOLFK DXVJHIKUW 'LH $UW GHV 0LVFKHQV EHHLQIOXVVW GHQ DQVFKOLHHQG DEODXIHQGHQ 4XHOOYRUJDQJ 'LH EOLFKHQ 4XHOO]HLWHQ EHWUDJHQ ]ZLVFKHQ ]ZHL XQG YLHU 6WXQ GHQ %HLP (LQVDW] LP %RKUORFK ZLUG GLH %HQWRQLW6XVSHQVLRQ GXUFK GDV $XVKXEPDWHULDO YHU XQUHLQLJW :lKUHQG GHV %HWRQLHUHQV ZLUG GLH YHUXQUHLQLJWH 6XVSHQVLRQ DEJHSXPSW 'D GLH %HVHLWLJXQJ GHU JHEUDXFKWHQ 6XVSHQVLRQ KlXILJ 6FKZLHULJNHLWHQ EHUHLWHW ZLUG HLQH P|JOLFKVW KlXILJH :LHGHUYHUZHQGXQJ GHU 6XVSHQVLRQ DQJHVWUHEW +LHU]X VLQG VSH]LHOOH 5HJHQHULH UXQJVDQODJHQ HUIRUGHUOLFK =ZDU LVW %HQWRQLW HLQ 1DWXUSURGXNW VR GDVV EHLP $EODJHUQ GHU 6XVSHQVLRQ NHLQH %HHLQWUlFK WLJXQJ GHV *UXQGZDVVHUV EHIUFKWHW ZHUGHQ PXVV DEHU GDV 0DWHULDO YHUEOHLEW DXI GHQ 'HSR QLHQ IU ODQJH =HLW LQ IOVVLJHU ELV EUHLLJHU .RQVLVWHQ] ZRGXUFK GLH 6WDQGIHVWLJNHLW GHV 'H SRQLHN|USHUV EHHLQWUlFKWLJW ZLUG
3IDKOJUQGXQJHQ
1HEHQ JUXQGVlW]OLFKHQ (LJQXQJVYHUVXFKHQ GHU YHUZHQGHWHQ 7RQH VLQG VWlQGLJ %DXVWHOOHQ NRQWUROOHQ hEHUVLFKW LQ ',1 (1 ]XU hEHUSUIXQJ ± GHU )OLHJUHQ]H PLW GHP 3HQGHOJHUlW ± GHU 6HGLPHQWDWLRQ PLW GHP 6WDQG]\OLQGHU ± GHU )LOWUDWZDVVHUDEJDEH PLW GHP )LOWHUDESUHVVYHUVXFK ± GHU :LFKWH GHU 6XVSHQVLRQ PLW GHU 6SOXQJVZDDJH ± GHU UHODWLYHQ 9LVNRVLWlW PLW GHP 0DUVKWULFKWHU HUIRUGHUOLFK
'HU 3HUVRQDOEHGDUI (LQH %RKUPDQQVFKDIW VHW]W VLFK PHLVW DXV HLQHP PLWDUEHLWHQGHQ 3ROLHU XQG ZHLWHUHQ $U EHLWVNUlIWHQ ]XVDPPHQ ± %RKUPHLVWHU 3ROLHU ± *HUlWHIKUHU ± %RKUKHOIHU 'HU %DXOHLWHU LVW QXU EHL VHKU NRPSOH[HQ %DXVWHOOHQ SHUPDQHQW YRU 2UW $QVRQVWHQ EHWUHXW HU PHLVW ELV %DXVWHOOHQ JOHLFK]HLWLJ 'HU 3ROLHU DUEHLWHW PLW XQG XQWHUVWW]W GHQ %DXOHLWHU (U NRRUGLQLHUW GLH $UEHLWVDEOlXIH GHU %DXVWHOOH XQG ZLFNHOW GLH VFKULIWOLFKHQ 9HUZDOWXQJVDUEHL WHQ DE (U KDW PHLVW GHQ NODVVLVFKHQ %HUXIVZHJ GXUFKODXIHQ XQG YHUIJW EHU IDFKOLFKH .RP SHWHQ] XQG GLH Q|WLJH (UIDKUXQJ 'LH *HUlWHIKUHU EHQ|WLJHQ NHLQH VSH]LHOOH %HUXIDXVELO GXQJ 6LH N|QQHQ YRQ )DFKSHUVRQDO DQJHOHUQW ZHUGHQ PVVHQ DEHU DXI GHU %DXVWHOOH EHVWH KHQ XQG GLH HUIRUGHUOLFK WHFKQLVFKH )LQJHUIHUWLJNHLW LP 8PJDQJ PLW GHQ RIW WHXUHQ 6SH]LDOJH UlWHQ DXIZHLVHQ %HL JU|HUHQ 3URMHNWHQ LVW PHLVW QRFK HLQ 6FKORVVHU YRU 2UW $QVRQVWHQ ZHU GHQ GLH 5HSDUDWXUDUEHLWHQ DQ GHQ *HUlWHQ DXI GHP %DXKRI HUOHGLJW
,QIRUPDWLRQHQ ]XU .DONXODWLRQ )U GLH +HUVWHOOXQJ YRQ %RKUSIlKOHQ N|QQHQ NHLQH JHQHUHOOHQ $XIZDQGVZHUWH JHQDQQW ZHU GHQ ]X YDULDQWHQUHLFK VLQG GLH HLQ]HOQHQ $XVIKUXQJHQ XQG ]X XQWHUVFKLHGOLFK VLQG GLH ]X WUHIIHQGHQ %RGHQYHUKlOWQLVVH 'LH LQ GHU QDFKIROJHQGHQ 7DEHOOH DQJHJHEHQHQ =HLWDQVlW]H JHOWHQ IU HLQHQ *URERKUSIDKO & FP %RGHQNODVVH /1 ',1 YHUURKUW KHUVWHOOHQ XQG 3IDKON|SIH DEVWHPPHQ
%RKUSIlKOH
7DEHOOH %HWULHEVPLWWHOHLQVDW] 7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
3HUVRQDOHLQ VDW]
.DONXODWRUL VFKH /HLV WXQJVZHUWH 3UD[LV
D $QVHW]HQ XQG $XVULFKWHQ GHU 9HUURKUXQJV PDVFKLQH (LQ VHW]HQ GHV %RKUURKUHV
,,
9
''
*HUlWHIKUHU
'UHKERKUDQODJH
. «
%RKUKHOIHU
5DXSHQIDKU]HXJ
. « $$
.UDIWGUHKNRSI
. «
9HUURKUXQJVPDVFKLQH
. «
%RKUURKU GRSSHOZ
. «
PLQ
*HUlWHIKUHU
E %RGHQDXVKXE LP *UHLIHU ERKUYHUIDKUHQ XQG JOHLFK]HL WLJHV 1DFKVHW ]HQ GHU %RKU URKUH
$XVVWDWWXQJ ZLH ,,D
F (YHQWXDOOHLV WXQJ %HVHLWLJHQ YRQ +LQGHUQLVVHQ EHLP $XVKXE
$XVVWDWWXQJ ZLH ,,D
G 5HLQLJXQJ GHU %RKUORFKVRKOH
5DXSHQIDKU]HXJ
. « $$
*HUlWHIKUHU
D (LQEDX GHU %HZHKUXQJ
7UlJHUJHUlW
''
*HUlWHIKUHU
,,,
,9
7UlJHUJHUlW
%RKUVFKQHFNH
. «
%RKUKHOIHU ± PK
%RKUPHLHO
*HUlWHIKUHU . «
%RKUKHOIHU
. «
'UHKERKUDQODJH
%RKUKHOIHU . «
KP
PLQ ± PLQ EHL 6W|HQ ! K
D (LQODVVHQ GHV %HWRQVFKWW URKUHV
7UlJHUJHUlW
''
*HUlWHIKUHU
'UHKERKUDQODJH
. «
%RKUKHOIHU
E %HWRQLHUHQ EHL *UXQGZDVVHU LP .RQWUDNWRU YHUIDKUHQ XQ WHU RV]LOOLHUHQ GHP =LHKHQ GHU %RKUURKUH
7UlJHUJHUDW
''
*HUlWHIKUHU
'UHKERKUDQODJH
. «
%RKUKHOIHU
.UDIWGUHKNRSI
. «
9HUURKUXQJVPDVFKLQH
. «
8QWHUZDVVHUEHWRQLHUHLQ ULFKWXQJ
« %*/
D )UHLOHJHQ XQG .DSSHQ GHV 3IDKONRSIHV
6FKUDXEHQNRPSUHVVRU IDKUEDU
4 «
$EEDX XQG 6SDWHQKDP PHU
4 «
± PLQ
PK
+HOIHU PLQ
3IDKOJUQGXQJHQ
7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ IU GDV +HUVWHOOHQ HLQHV %RKUSIDKOV LP *UHLIHUYHUIDKUHQ 7lWLJNHLW
7lWLJNHLWV XQG 5VW]HLWHQ 'UHKERKUDQODJH ± PLQ
%RKUYRUJDQJ
8PVHW]HQ XQG $XVULFKWHQ GHU %RKUDQODJH
%RKUIRUWVFKULWW %RKUORFK IU 3IlKOH FP %RGHQNODVVH /1 ',1
PK
)HOVNODVVH )= ',1
PK %RKUIRUWVFKULWW %RKUORFK IU 3IlKOH FP
%RGHQNODVVH /1 ',1
PK
)HOVNODVVH )= ',1
PK
6RQVWLJHV
%DXVWHOOHQHLQULFKWXQJ
7DJH
$QODXI]HLW DP 0RUJHQ E]Z $EEDX]HLW DP $EHQG
PLQ SUR 7DJ
*HUlWHDXVIDOO ZDUWXQJ
± 6WXQGHQ LQ GHU :RFKH
5lXPHQ GHU %DXVWHOOH
± 7DJH
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ 'HU JU|WH 7HLO GHU %RKUSIlKOH ZLUG QDFK ',1 (1 KHUJHVWHOOW =XVlW]OLFK DXVVFKODJJH EHQGH 1RUPHQ VLQG 7DEHOOH hEHUVLFKW EHU JHOWHQGH 1RUPHQ ',1
.XU]EH]HLFKQXQJ
',1
.XU]EH]HLFKQXQJ
%HWRQ XQG 6WDKOEHWRQ 3UIYHUIDKUHQ IU %HWRQ =XO %HODVWXQJ GHV %DXJUXQGV /DVWDQQDKPHQ IU %DXWHQ 6RQGLHUXQJHQ %HWRQDQJUHLIHQGH :lVVHU
*HRWHFKQLVFKH 8QWHUVXFKXQJHQ %DXJUXQG %DXJUXQG XQG *UXQGZDVVHU 6FKOLW]ZlQGH 6WW]HQGH )OVVLJNHLWHQ %HUHFKQXQJ GHV (UGGUXFNV
*UXQGODJHQ ]XU PDQJHOIUHLHQ VDFK XQG YHUWUDJVJHUHFKWHQ $XVIKUXQJ YRQ %RKUSIlKOHQ VLQG LQ GHU 92%& ',1 %RKUDUEHLWHQ JHUHJHOW 6LH HQWKlOW XQWHU DQGHUHP +LQZHLVH IU GDV $XIVWHOOHQ GHU /HLVWXQJVEHVFKUHLEXQJ 'LHVH +LQZHLVH ZHUGHQ ]ZDU QLFKW %HVWDQGWHLO HLQHV 92%9HUWUDJHV JHEHQ DEHU VLQQYROOH $QKDOWVSXQNWH ]XP ,QKDOW GHU /HLVWXQJVEH VFKUHLEXQJ 1DFKIROJHQG VHLHQ QXU GLH ZLFKWLJVWHQ DXIJHIKUW ± $QJDEHQ ]X %DXVWHOOHQEHJHEHQKHLWHQ XQG 8PZHOWHLQIOVVHQ ± %HODVWEDUNHLW GHU 9RUIOXWHU IU 6SOZDVVHU LQNOXVLYH $XIODJHQ XQG *HEKUHQ ± $QJDEHQ ]X 1DFKEDUEHEDXXQJHQ ± %HVFKUHLEXQJ YRQ %RGHQ XQG )HOV
9ROOYHUGUlQJXQJVERKUSIlKOH
± ,QIRUPDWLRQHQ ]X YRUKDQGHQHQ $XIVFKOXVVERKUXQJHQ ZLH %RGHQSURILOH XVZ ± $Q]DKO $UW VRZLH 9HUZHQGXQJ GHU %RKUO|FKHU
9ROOYHUGUlQJXQJVERKUSIlKOH 'DV %DXYHUIDKUHQ LP hEHUEOLFN %HL GHU +HUVWHOOXQJ YHUVFKLHGHQHU 3IDKOW\SHQ ZLUG %RGHQ YHUGUlQJW 6R ZLUG ] % EHLP (LQ UDPPHQ HLQHV )HUWLJSIDKOHV GHU %RGHQ LQ XQPLWWHOEDUHU 8PJHEXQJ GHU 3IDKOVSLW]H ]XU 6HLWH XQG DXFK ]XU 7LHIH KLQ YHUVFKREHQ 1DFK $EVFKOXVV GHU 5DPPDUEHLWHQ LVW GXUFK GLH %RGHQ YHUGUlQJXQJ HLQ HUKHEOLFK JHVW|UWHU =XVWDQG YRUKDQGHQ GHU ERGHQPHFKDQLVFK QXU VFKZHU HUIDVVW ZHUGHQ NDQQ %HLP 2UWEHWRQUDPPSIDKO $EVFKQ ZHUGHQ ZlKUHQG GHU 5DPPDUEHLW lKQOLFKH =XVWlQGH DXIWUHWHQ %HLP =LHKHQ GHV 9RUWUHLEURKUHV ZLUG GHU +RUL]RQWDOVSDQQXQJV]XVWDQG DP 0DQWHO MHGRFK YRP )ULVFKEHWRQGUXFN JHSUlJW %HL GHU $XVELOGXQJ HLQHV 3IDKOIXHV GXUFK $XVUDP PHQ GHV 3IURSIHQEHWRQV ZLUG GHU %RGHQ LQ GHU 8PJHEXQJ LQVEHVRQGHUH XQWHU GHP )X YHU GLFKWHW 'D EHLP 7HLOYHUGUlQJXQJVERKUSIDKO $EVFKQ ZLH DXFK EHLP 9ROOYHUGUlQ JXQJVERKUSIDKO GLH G\QDPLVFKH %HDQVSUXFKXQJ GHV 8QWHUJUXQGHV GXUFK GDV %RKUHQ HUKHE OLFK JHULQJHU LVW DOV EHL HLQHP JHUDPPWHQ 3IDKO ZLUG GLH 9HUGLFKWXQJ GHV %RGHQV LP %HUHLFK GHV 3IDKOVFKDIWHV JHULQJHU VHLQ XQG QLFKW VR ZHLW LQ GLH 8PJHEXQJ UHLFKHQ 'HU +RUL]RQWDO VSDQQXQJV]XVWDQG ZLUG DXFK EHL GLHVHQ 3IDKOV\VWHPHQ GXUFK GHQ )ULVFKEHWRQGUXFN JHSUlJW >@ *HPHLQVDP LVW DOOHQ 9HUGUlQJXQJVSIlKOHQ GDVV HV EHLP (LQEULQJHQ GHU 3IlKOH E]Z GHU %RKUVFKQHFNH RGHU GHV 6FKQHLGNRSIHV ]X HLQHU 9HUGLFKWXQJ GHV DQVWHKHQGHQ %RGHQV NRPPW GLH GLH 0DQWHOUHLEXQJ HUK|KW 'D GLH +HUVWHOOXQJ YRQ 9HUGUlQJXQJVSIlKOHQ DOV 5DPPSIlKOH LQ EHEDXWHQ *HELHWHQ ZHJHQ GHU GDPLW YHUEXQGHQHQ *HUlXVFKH XQG (UVFKWWHUXQJHQ LPPHU VHOWHQHU ]XJHODVVHQ ZLUG IKUWH GLHV ]XP YHUPHKUWHQ (LQVDW] YRQ NODVVLVFKHQ %RKUSIlKOHQ XQG 7HLOYHUGUlQJXQJVERKU SIlKOHQ PLW GXUFKJHKHQGHU %RKUVFKQHFNH 'D EHLP 7HLOYHUGUlQJXQJVYHUIDKUHQ YHUJOHLFKV ZHLVH YLHO %RKUJXW JHI|UGHUW ZLUG ZXUGHQ GLH VR JHQDQQWHQ 9ROOYHUGUlQJXQJVSIlKOH HQWZL FNHOW
7HFKQLVFKH *UXQGODJHQ %HL 9ROOYHUGUlQJXQJVERKUSIlKOHQ ZLUG HLQ XQWHQ YHUVFKORVVHQHV 5RKU LQ GHQ %RGHQ HLQJH GUHKW $P )X GHV 5RKUHV EHILQGHW VLFK HLQ 6FKQHLGNRSI E]Z HLQH %RKUVFKQHFNH GLH HLQH ZXOVWI|UPLJH 2EHUIOlFKH GHV IHUWLJHQ 3IDKOHV EHZLUNW 'DV VHLWOLFK YHUGUlQJWH 0DWHULDO EW HLQHQ 'UXFN DXI GHQ XPJHEHQGHQ %RGHQ DXV VR GDVV GRUW HLQH 6SDQQXQJVHUK|KXQJ LQ KRUL ]RQWDOHU 5LFKWXQJ HLQWULWW %HL QLFKWELQGLJHQ %|GHQ IKUW GLH 6SDQQXQJVHUK|KXQJ ]X HLQHU 9HUGLFKWXQJ
3IDKOJUQGXQJHQ
%HL QLFKW ZDVVHUJHVlWWLJWHQ ELQGLJHQ %|GHQ LVW ]X HUZDUWHQ GDVV HEHQIDOOV HLQH 9HUGLFKWXQJ HLQWULWW %HL ZDVVHUJHVlWWLJWHQ ELQGLJHQ %|GHQ ZLUG LQVEHVRQGHUH GHU 3RUHQZDVVHUGUXFN DQ VWHLJHQ XQG GDV %RGHQPDWHULDO LQ HLQHP JU|HUHQ 8PIHOG XQWHU HLQHP HUK|KWHQ 6SDQQXQJV ]XVWDQG VWHKHQ 1DFK GHP (UUHLFKHQ GHU HUIRUGHUOLFKHQ %RKUWLHIH ZLUG GHU %HZHKUXQJVNRUE HLQJHVHW]W XQG GDV %RKUURKU PLW SODVWLVFKHP %HWRQ JHIOOW %HLP +HUDXVVFKUDXEHQ E]Z =LHKHQ GHV %RKUURKUHV IOLHW GHU %HWRQ LQ GLH YRQ GHU %RKU VFKQHFNH IUHLJHJHEHQHQ :LQGXQJHQ VR GDVV HLQH ZXOVWI|UPLJH 2EHUIOlFKH HQWVWHKW
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'LH +HUVWHOOXQJ HLQHV 9ROOYHUGUlQJXQJVERKUSIDKOHV EHVWHKW DXV YHUVFKLHGHQHQ 3UR]HVVHQ E]Z 7HLOSUR]HVVHQ ,Q GHU QDFKIROJHQGHQ 7DEHOOH ZLUG GHU $UEHLWVSUR]HVV ]XU +HUVWHOOXQJ HLQHV 9ROOYHUGUlQJXQJVERKUSIDKOHV DP %HLVSLHO GHV $WODV3IDKOHV GDUJHVWHOOW
9ROOYHUGUlQJXQJVERKUSIlKOH
7DEHOOH 3UR]HVVH GHU +HUVWHOOXQJ YRQ 9ROOYHUGUlQJXQJVERKUSIlKOHQ 7\S $WODV 3UR]HVVH ,
9RUEHUHLWHQGH 0DQDKPHQ
,, $EWHXIHQ GHU %RKUXQJ
7HLOSUR]HVVH D JJI %DXJHOlQGH IUHLPDFKHQ
5DXSH
E (LQPHVVHQ XQG $EVWHFNHQ GHU %RKUXQJ 6LFKHUXQJ GHU 3IDKO DFKVHQ GXUFK )HVWSXQNWH
5DGODGHU
D $QVHW]HQ XQG $XVULFKWHQ GHV $WODV*HUlWHV
7UlJHUJHUlW
E 8QWHUOHJHQ GHU YHUORUHQHQ %RKUVSLW]H
.UDIWGUHKNRSI
F (LQERKUHQ GHV 6FKHLGNRSIHV DXI HUIRUGHUOLFKH 7LHIH ,,, (LQEDXHQ GHU %HZHKUXQJ
D 9RUIHUWLJHQ GHV %HZHKUXQJV NRUEHV LQNOXVLYH Q|WLJHU $E VWDQGVKDOWHU E (LQEDX GHU %HZHKUXQJ
,9 %HWRQLHUHQ GHV 3IDKOHV
9 1DFK E]Z ]XVlW]OLFKH $UEHL WHQ
*HUlWH
*36 7KHRGROLW
$WODV*HUlW 9ROOYHUGUlQJHU%RKUVFKQHFNH
7UlJHUJHUlW $WODV*HUlW
D $XIIOOHQ GHV %RKUURKUHV PLW %HWRQ
7UlJHUJHUlW
E +HUDXVVFKUDXEHQ XQG =LHKHQ GHV %RKUURKUHV
.UDIWGUHKNRSI
D )UHLOHJHQ XQG .DSSHQ GHV 3IDKONRSIHV
6FKUDXEHQNRPSUHVVRU IDKUEDU
E 8PVHW]HQ GHU %RKUHLQKHLW
7UlJHUJHUlW
$WODV*HUlW 9ROOYHUGUlQJHU%RKUVFKQHFNH
$EEDX XQG 6SDWHQKDPPHU $WODV*HUlW .UDIWGUHKNRSI 9ROOYHUGUlQJHU%RKUVFKQHFNH
9, 5lXPHQ GHU %DXVWHOOH
5DGODGHU 5DXSH D 5HLQLJXQJ YRQ EHQXW]WHQ )Ol FKHQ (QWVRUJXQJ YRQ 9HUGUlQ JXQJVPDWHULDO LP %HUHLFK GHV 3IDKONRSIHV
'LH *HUlWH XQG 9HUIDKUHQ 'LH DXI GHP 0DUNW EHILQGOLFKHQ 6\VWHPH XQWHUVFKHLGHQ VLFK LP :HVHQWOLFKHQ ± LQ GHU $XVELOGXQJ GHV 6FKQHLGZHUN]HXJHV ± LP 3IDKOGXUFKPHVVHU ± LQ GHU 'UHKULFKWXQJ EHL %RKUHQ XQG =LHKHQ GHV 5RKUHV
3IDKOJUQGXQJHQ
([HPSODULVFK VLQG LP )ROJHQGHQ ]ZHL 9HUIDKUHQ QlKHU HUOlXWHUW D $WODVSIDKO )D )UDQNL 'HU $WODVSIDKO %LOG ZLUG GXUFK VHLWOLFKH 9HUGUl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lJHUJHUlWHV HUUHLFKW $QSUHVVGUXFN XQG 'UHKPRPHQW N|QQHQ EHLP %RKUHQ JHPHVVHQ ZHUGHQ %HLGH *U|HQ N|Q QHQ ]XU .RQWUROOH GHU %RGHQDXIVFKOVVH XQG ]XU hEHUSUIXQJ GHU 7UDJIlKLJNHLW GHU GXUFK IDKUHQHQ %RGHQVFKLFKWHQ KHUDQJH]RJHQ ZHUGHQ ZLH HV EHLP 5DPPSIDKO lKQOLFK PLW GHP (LQGULQJPD E]Z GHU $Q]DKO GHU 6FKOlJH SUR EHVWLPPWHU (LQGULQJXQJ HUIROJW 1DFK (UUHL FKHQ GHU (QGWLHIH ZLUG HLQ %HZHKUXQJVNRUE HLQJHVHW]W GDV 5RKU XQG GHU 9RUUDWVEHKlOWHU PLW IOLHIlKLJHP %HWRQ JHIOOW GLH )XVSLW]H GXUFK UFNZlUWLJHV 'UHKHQ GHV 5RKUHV YRP 6FKQHLGNRSI JHO|VW XQG GDV 5RKU HEHQIDOOV UFNZlUWV KHUDXVJHGUHKW
%LOG
+HUVWHOOXQJ HLQHV $WODVSIDKOHV >@
9ROOYHUGUlQJXQJVERKUSIlKOH
'HU %HWRQ IOOW KLHUEHL GHQ YRQ GHP 6FKQHLGNRSI JHVFKDIIHQHQ +RKOUDXP GXUFK GHQ KRKHQ VWDWLVFKHQ 'UXFN GHU %HWRQVlXOH LP 5RKU XQG %HKlOWHU YROO DXV VR GDVV LP %RGHQ HLQ ZHQ GHOI|UPLJHU FD FP VWDUNHU %HWRQZXOVW XP GHQ 3IDKOVFKDIW KHUXP YHUEOHLEW 'LH 9RUWHLOH GHV 9HUIDKUHQV OLHJHQ LQ GHU HUVFKWWHUXQJV XQG OlUPDUPHQ +HUVWHOOXQJ 'HU 3IDKO LVW GDKHU EHVRQGHUV JXW JHHLJQHW IU *UQGXQJHQ LQ :RKQJHELHWHQ .XURUWHQ LQ GHU 1lKH YRQ .UDQNHQKlXVHUQ XQG QHEHQ JHJHQ (UVFKWWHUXQJHQ HPSILQGOLFKHQ *HElXGHQ 'HU 0LQGHVWDEVWDQG GHU 3IDKODFKVH ]X HLQHU YRUKDQGHQHQ %HEDXXQJ EHWUlJW FP 'HU JHULQJH =HLWDXIZDQG IU $XI XQG $EEDX GHU 0DVFKLQH GLH VFKQHOOH 3IDKOKHUVWHOOXQJ XQG GLH KRKH 7UDJIlKLJNHLW PDFKHQ GLH 3IlKOH ZLUWVFKDIWOLFK 'LH 3IDKOOlQJHQ N|QQHQ SUREOHPORV GHQ DQ JHWURIIHQHQ %DXJUXQGYHUKlOWQLVVHQ DQJHSDVVW ZHUGHQ E )XQGH[SIlKOH )XQGH[SIlKOH ZHUGHQ PLW 'XUFKPHVVHUQ YRQ XQG FP DXVJHIKUW %LOG
%LOG
+HUVWHOOXQJ HLQHV )XQGH[SIDKOHV >@
6LH VLQG 2UWEHWRQSIlKOH GLH PLW ZLHGHUJHZLQQEDUHP %RKUURKU XQG YHUORUHQHU 3IDKOVSLW]H HUVFKWWHUXQJV XQG OlUPDUP QLHGHUJHEUDFKW ZHUGHQ 'DV 5RKU ZLUG PLW HLQHU VFKUDXEHQI|U PLJ DXVJHELOGHWHQ JXVVHLVHUQHQ 3IDKOVSLW]H HLQJHERKUW XQG YHUGUlQJW EHLP $EWHXIHQ GHQ %RGHQ 1DFK (UUHLFKHQ GHU (QGWLHIH ZLUG GDV 5RKU JH]RJHQ 'DV )XQGH[%RKUJHUlW LVW ZLH GDV %RKUJHUlW IU GHQ $WODV3IDKO DXFK DXI HLQHP 5DXSHQ IDKU]HXJ PRQWLHUW XQG DUEHLWHW VRPLW DOV .RPSDNWDQODJH 6LH IDVVW )DKUZHUN 0lNOHU GHQ K\GUDXOLVFK ]X EHWlWLJHQGHQ %RKUWLVFK XQG GLH VFKDOOJHGlPSIWHQ $QWULHEVDJJUHJDWH ]X HLQHU (LQKHLW ]XVDPPHQ 'LH ZHVHQWOLFKHQ (OHPHQWH IU GLH 3IDKOKHUVWHOOXQJ VLQG ± 9HUORUHQH 6FKUDXEVSLW]H (V KDQGHOW VLFK KLHUEHL XP HLQH DXV *XVVHLVHQ KHUJHVWHOOWH %RKUVSLW]H GLH JHJHQEHU GHP QDFKODXIHQGHQ ZLHGHUJHZLQQEDUHQ %RKUURKU HLQHQ hEHUVWDQG MH QDFK 3IDKO GXUFKPHVVHU ELV FP KDW 'LH 6SLW]H HUOHLFKWHUW GDV (LQGULQJHQ XQG 9HUGUlQJHQ GHV %RGHQV
3IDKOJUQGXQJHQ
± /HLVWXQJVIlKLJHU %RKUWLVFK 'HU %RKUWLVFK EHVRUJW GDV (LQGUHKHQ GHV 5RKUHV hEHU GHQ %RKUWLVFK ZLUG GDV %RKU URKU DUUHWLHUW XQG PLW HLQHP +XE YRQ FD P VFKXEZHLVH XQWHU $NWLYLHUXQJ GHV (L JHQJHZLFKWHV GHV 7UlJHUJHUlWHV HLQJHGUHKW 'LH 9RUWHLOH VLQG PLW GHQHQ GHU $WODV3IlKOH YHUJOHLFKEDU
'LH ZLFKWLJVWHQ 6WRIIH XQG 0DWHULDOLHQ 9ROOYHUGUlQJXQJVERKUSIlKOH EHVWHKHQ DXV EHZHKUWHP %HWRQ 'LH $QIRUGHUXQJHQ HUJHEHQ VLFK GHU]HLW DXV GHU ',1 (1 $EVFKQ LQ ZHOFKHP ZLHGHUXP EH]JOLFK GHU %DX VWRIIH DXI GLH ',1 (1 %H]XJ JHQRPPHQ ZLUG 6R LVW DOV %HWRQ PLQGHVWHQV HLQ & ]X YHUZHQGHQ .RUQ]XVDPPHQVHW]XQJ :DVVHUJHKDOW XQG )OLHIlKLJNHLW PVVHQ ZLH EHL NRQ YHQWLRQHOOHQ %RKUSIlKOHQ VHLQ VLHKH .DSLWHO $XFK DQ GLH %HZHKUXQJ XQG GLH $XV ELOGXQJ GHV %HZHKUXQJVNRUEHV VLQG YHUJOHLFKEDUH $QIRUGHUXQJHQ ZLH EHL %RKUSIlKOHQ ]X VWHOOHQ VLHKH .DSLWHO 'LH QDFKIROJHQGHQ .DSLWHO ]XP 9ROOYHUGUlQJXQJVERKUSIDKO EH]LHKHQ VLFK EHLVSLHOKDIW DXI GHQ R J $WODVSIDKO
'HU 3HUVRQDOEHGDUI 'DV 3HUVRQDO ]XU +HUVWHOOXQJ YRQ 9ROOYHUGUlQJXQJVERKUSIlKOHQ EHVWHKW KHXWH LQ GHU 5HJHO DXV ± %RKUPHLVWHU E]Z 3ROLHU PLWDUEHLWHQG ± *HUlWHIKUHU ± %RKUKHOIHU 'HU %DXOHLWHU LVW QXU EHL VHKU NRPSOH[HQ %DXVWHOOHQ SHUPDQHQW YRU 2UW $QVRQVWHQ EHWUHXW HU PHLVW ELV %DXVWHOOHQ JOHLFK]HLWLJ
,QIRUPDWLRQHQ ]XU .DONXODWLRQ )U GLH +HUVWHOOXQJ YRQ 9ROOYHUGUlQJXQJVERKUSIlKOHQ N|QQHQ NHLQH DOOJHPHLQJOWLJHQ $XI ZDQGVZHUWH JHQDQQW ZHUGHQ 'LH LQ GHU QDFKIROJHQGHQ 7DEHOOH DQJHJHEHQHQ =HLWDQVlW]H JHOWHQ IU HLQHQ $WODV3IDKO 'XUFKPHVVHU FP &
9ROOYHUGUlQJXQJVERKUSIlKOH
7DEHOOH %HWULHEVPLWWHOHLQVDW] 7HLOSUR]HVVH ,,
*HUlWH
D $QVHW]HQ XQG 7UlJHUJHUlW $XVULFKWHQ GHV $WODV*HUlW $WODV*HUlWHV .UDIWGUHKNRSI E 8QWHUOHJHQ GHU 9ROOYHUGUlQJHU YHUORUHQHQ %RKUVFKQHFNH %RKUVSLW]H
%*/1U +DXSWJUXSSHQ
3HUVRQDOHLQVDW]
3UD[LV
''
*HUlWHIKUHU
.
%RKUKHOIHU
,9
E (LQEDX GHU YRUJHIHUWLJWHQ %HZHKUXQJ
PLQ
. .
PLQ
F (LQERKUHQ GHV 6FKHLGNRSIHV DXI HUIRUGHUOL FKH 7LHIH ,,,
.DONXODWRULVFKH /HLVWXQJVZHUWH
KP
7UlJHUJHUlW
''
*HUlWHIKUHU
$WODV*HUlW
.
%RKUKHOIHU
''
*HUlWHIKUHU
.
%RKUKHOIHU
D $XIIOOHQ GHV 7UlJHUJHUlW %RKUURKUHV PLW $WODV*HUlW %HWRQ .UDIWGUHKNRSI E +HUDXVVFKUDX 9ROOYHUGUlQJHU EHQ XQG =LH KHQ GHV %RKU %RKUVFKQHFNH
.
PLQ
KP
.
URKUHV 9
D )UHLOHJHQ XQG .DSSHQ GHV 3IDKONRSIHV E 8PVHW]HQ GHU %RKUHLQKHLW
6FKUDXEHQNRP SUHVVRU IDKUEDU
4 «
$EEDX XQG 6SD WHQKDPPHU
4 «
7UlJHUJHUlW
''
$WODV*HUlW
.
.UDIWGUHKNRSI
.
9ROOYHUGUlQJHU %RKUVFKQHFNH
.
+HOIHU
PLQ
*HUlWHIKUHU
PLQ
%RKUKHOIHU
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ 'HU 9ROOYHUGUlQJXQJVERKUSIDKO ] % $WODV3IDKO ZLUG DXI GHU %DVLV GHU ',1 XQG ',1 (1 EHPHVVHQ XQG KHUJHVWHOOW *UXQGODJHQ IU HLQH PDQJHOIUHLH VDFK XQG YHUWUDJVJHUHFKWH $XVIKUXQJ YRQ %RKUSIlKOHQ VLQG LQ GHU 92%& ',1 %RKUDUEHLWHQ DXIJHIKUW 'LH ',1 HQWKlOW XQWHU DQGHUHP +LQZHLVH IU GDV $XIVWHOOHQ GHU /HLVWXQJVEHVFKUHLEXQJ ZLH ] % ± $QJDEHQ ]X %DXVWHOOHQEHJHEHQKHLWHQ XQG 8PZHOWHLQIOVVHQ
3IDKOJUQGXQJHQ
± %HODVWEDUNHLW GHU 9RUIOXWHU IU 6SOZDVVHU LQNOXVLYH $XIODJHQ XQG *HEKUHQ ± $QJDEHQ ]X 1DFKEDUEHEDXXQJHQ ± %HVFKUHLEXQJ YRQ %RGHQ XQG )HOV ± ,QIRUPDWLRQHQ ]X YRUKDQGHQHQ $XIVFKOXVVERKUXQJHQ ZLH %RGHQSURILOH XVZ ± $Q]DKO $UW VRZLH 9HUZHQGXQJ GHU %RKUO|FKHU
7HLOYHUGUlQJXQJVERKUSIlKOH 'DV %DXYHUIDKUHQ LP hEHUEOLFN %HUHLWV LQ GHQ VHFK]LJHU -DKUHQ ZXUGHQ LQ +ROODQG XQG %HOJLHQ VR JHQDQQWH 6FKQHFNHQERKU SIlKOH KHUJHVWHOOW ,Q 'HXWVFKODQG ZXUGHQ ]XP HUVWHQ 0DO %DXZHUNH DXI 7HLOYHUGUlQ JXQJVERKUSIlKOHQ JHJUQGHW 9RUDXVVHW]XQJ IU GLHVH (QWZLFNOXQJ ZDU GLH .RQVWUXNWLRQ YRQ %RKUJHUlWHQ PLW K\GUDXOLVFKHQ 'UHKN|SIHQ GLH HLQ 'UHKPRPHQW JU|HU FD N1P HU]HX JHQ N|QQHQ 7HLOYHUGUlQJXQJVERKUSIlKOH VLQG YRQ PHKUHUHQ )LUPHQ XQWHU GHQ %H]HLFKQXQJHQ 6FKQH FNHQ2UWEHWRQ3IDKO 62%3IDKO 6FKUDXEERKUSIDKO 6FKQHFNHQERKUSIDKO 9HUGUlQJXQJV 6FKUDXE%RKUSIDKO RGHU 9HUGUlQJXQJVERKUSIDKO 9%3IDKO DXI GHP 0DUNW HLQJHIKUW ZRU GHQ XQG QXQPHKU LQ GHU ',1 DOV XQYHUURKUWH %RKUSIlKOH PLW NOHLQHP RGHU JURHP 6HH OHQURKU DXIJHIKUW
7HFKQLVFKH *UXQGODJHQ 7HLOYHUGUlQJXQJVERKUSIlKOH ZHUGHQ PLW HLQHU GXUFKJHKHQGHQ +RKOERKUVFKQHFNH KHUJHVWHOOW 'LH PD[LPDOH 7LHIH EHWUlJW FD P GHU PD[LPDOH 'XUFKPHVVHU FD P (LQ]HOQH 9HUIDK UHQ HUODXEHQ 1HLJXQJHQ ELV FD GDV HQWVSULFKW HWZD HLQHU 1HLJXQJ YRQ q JHJHQ GLH /RWUHFKWH ,Q GHU ',1 (1 LQ GHU GHU 3IDKOW\S XQWHU GHU %H]HLFKQXQJ Ä%RKUHQ PLW GXUFKJHKHQGHU %RKUVFKQHFNH³ HUOlXWHUW LVW ZLUG GLH 1HLJXQJ DXI FD q HQWVSULFKW HWZD EHJUHQ]W $OOH +HUVWHOOYHUIDKUHQ KDEHQ IROJHQGH (LJHQVFKDIWHQ JHPHLQVDP ± (V ZLUG XQYHUURKUW JHERKUW 'LH 6WW]XQJ GHU %RKUORFKZDQGXQJ HUIROJW GXUFK GLH PLW %RKUJXW JHIOOWH 6FKQHFNH ± 9RUVFKXE XQG 'UHK]DKO GHV %RKUJHUlWHV VLQG VR DXI GLH %DXJUXQGYHUKlOWQLVVH DE]X VWLPPHQ GDVV GLH %RGHQI|UGHUXQJ PLQLPLHUW ZLUG 'LH %RKUVFKQHFNH PXVV EHLP =LH KHQ LP JOHLFKHQ 6LQQ ZLH EHLP %RKUHQ JHGUHKW RGHU RKQH 'UHKXQJ JH]RJHQ ZHUGHQ ± 'LH +HUVWHOO]HLWHQ HLQHV 3IDKOHV VLQG NXU] FD GHU +HUVWHOO]HLWHQ HLQHV NRQYHQWLR QHOOHQ %RKUSIDKOV
7HLOYHUGUlQJXQJVERKUSIlKOH
± 'LH 9HUIDKUHQ VLQG QDKH]X HUVFKWWHUXQJVIUHL 6LH VLQG GDKHU EHVRQGHUV JHHLJQHW IU GLH $QZHQGXQJ LQ GLFKW EHVLHGHOWHQ *HELHWHQ XQG LQ =RQHQ PLW EHVRQGHUHP 5XKHEH GUIQLV ZLH ] % LQ .XURUWHQ RGHU LQ GHU 1lKH YRQ .UDQNHQKlXVHUQ VRZLH EHL VHW ]XQJVHPSILQGOLFKHU 1DFKEDUEHEDXXQJ ± 'LH 7UDJIlKLJNHLW GHU 3IlKOH LVW GXUFK GLH WHLOZHLVH 9HUGUlQJXQJ GHV %RGHQV ELV FD GHV 9ROXPHQV GHV %RKUORFKHV GLH HLQH 9HUGLFKWXQJ EHZLUNW K|KHU DOV EHL YHU URKUWHQ 3IlKOHQ +LQ]X NRPPW GDVV GHU %HWRQ XQWHU 'UXFN HLQJHEUDFKW ZLUG VR GDVV HLQ LQQLJHU .RQWDNW ]ZLVFKHQ %RGHQ XQG 3IDKOEHWRQ HQWVWHKW ± 'HU %HWRQPHKUYHUEUDXFK EH]RJHQ DXI GDV 9ROXPHQ GHV DXVJHERKUWHQ +RKOUDXPHV NDQQ EHL ELV ]X OLHJHQ XQG LVW LP :HVHQWOLFKHQ DXI GDV (LQEULQJHQ GHV %HWRQV XQ WHU 'UXFN ]XUFN]XIKUHQ ± 'LH %HWRQUH]HSWXU PXVV VRUJIlOWLJ DXVJHZlKOW ZHUGHQ GDPLW GHU %HWRQ SXPSIlKLJ LVW %HL DOOHQ 9HUIDKUHQ PXVV JHZlKUOHLVWHW VHLQ GDVV LQ GDV ,QQHQURKU GHU %RKUVFKQHFNH EHLP %RKUHQ ZHGHU :DVVHU QRFK %RGHQ HLQGULQJHQ NDQQ 'LH 0DFKEDUNHLW GHV +HUVWHOOXQJVYHUIDKUHQV LVW LQ JOHLFKI|UPLJHQ QLFKWELQGLJHQ %|GHQ PLW HLQHU 8QJOHLFKI|UPLJNHLWV]DKO 8 d XQWHU GHP *UXQGZDVVHUVSLHJHO LQ ORFNHUHQ QLFKWELQ GLJHQ %|GHQ PLW HLQHU /DJHUXQJVGLFKWH ' EHL 7RQHQ KRKHU (PSILQGOLFKNHLWHQ XQG LQ ELQGLJHQ %|GHQ PLW HLQHU .RKlVLRQ LP XQGUlQLHUWHQ =XVWDQG FX d N1Pð JHPl ',1 (1 QDFK]XZHLVHQ
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'LH +HUVWHOOXQJ HLQHV 7HLOYHUGUlQJXQJVERKUSIDKOHV JOLHGHUW VLFK LQ YHUVFKLHGHQH $UEHLWVSUR ]HVVH E]Z 7HLOSUR]HVVH ,Q GHU QDFKIROJHQGHQ 7DEHOOH ZLUG GHU $UEHLWVSUR]HVV ]XU +HUVWHO OXQJ HLQHV 7HLOYHUGUlQJXQJVERKUSIDKOHV ]XVDPPHQIDVVHQG GDUJHVWHOOW
3IDKOJUQGXQJHQ
7DEHOOH 3UR]HVVH GHU +HUVWHOOXQJ YRQ 7HLOYHUGUlQJXQJVERKUSIlKOHQ 3UR]HVVH ,
9RUEHUHLWHQGH 0DQDKPHQ
,, $EWHXIHQ GHU %RKUXQJ
7HLOSUR]HVVH D JJI %DXJHOlQGH IUHLPDFKHQ
5DXSH
E (LQPHVVHQ XQG $EVWHFNHQ GHU %RKUXQJ 6LFKHUXQJ GHU 3IDKO DFKVHQ GXUFK )HVWSXQNWH
5DGODGHU
D $QVHW]HQ XQG $XVULFKWHQ GHV %RKUJHUlWHV
7UlJHUJHUlW
E 8QWHUOHJHQ GHU YHUORUHQHQ )XSODWWH
.UDIWGUHKNRSI
F $EWHXIHQ GHV %RKUURKUHV ,,, (LQEDXHQ GHU %HZHKUXQJ
*HUlWH
D 9RUIHUWLJHQ GHV %HZHKUXQJV NRUEHV LQNOXVLYH Q|WLJHU $E VWDQGVKDOWHU
*36 7KHRGROLW
%RKUJHUlW 7HLOYHUGUlQJHU%RKUVFKQHFNH 7UlJHUJHUlW %RKUJHUlW
E (LQEDX GHU %HZHKUXQJ ,9 %HWRQLHUHQ GHV 3IDKOHV
D $XIIOOHQ GHV %RKUURKUHV PLW %HWRQ
7UlJHUJHUlW
E =LHKHQ GHV %RKUURKUHV
.UDIWGUHKNRSI
%RKUJHUlW 7HLOYHUGUlQJHU%RKUVFKQHFNH %HWRQLHUNRSI
9 1DFK E]Z ]XVlW]OLFKH $UEHL WHQ
D )UHLOHJHQ XQG .DSSHQ GHV 3IDKONRSIHV
6FKUDXEHQNRPSUHVVRU IDKUEDU $EEDX XQG 6SDWHQKDPPHU
E 8PVHW]HQ GHU %RKUHLQKHLW
7UlJHUJHUlW %RKUJHUlW .UDIWGUHKNRSI 7HLOYHUGUlQJHU%RKUVFKQHFNH
9, 5lXPHQ GHU %DXVWHOOH
D 5HLQLJXQJ YRQ EHQXW]WHQ )Ol FKHQ
5DGODGHU 5DXSH
'LH *HUlWH XQG 9HUIDKUHQ *UXQGVlW]OLFK VLQG ]ZHL 9HUIDKUHQ EHL GHU +HUVWHOOXQJ YRQ 7HLOYHUGUlQJXQJVERKUSIlKOHQ ]X XQWHUVFKHLGHQ 9HUIDKUHQ 'LH 3IlKOH ZHUGHQ PLW HLQHU 'XUFKODXIVFKQHFNH 'XUFKPHVVHU PP ELV PP GLH HLQ =HQWUDOURKU 6HHOHQURKU YRQ PP ELV PP EHLQKDOWHW KHUJHVWHOOW %LOG +LHUEHL LVW GDV 9HUKlOWQLV 'L 'D HLQ]XKDOWHQ 'L =HQWUDOURKUGXUFKPHVVHU 'D %RKUVFKQHFNHQGXUFKPHVVHU
7HLOYHUGUlQJXQJVERKUSIlKOH
'DV =HQWUDOURKU LVW DP )X PLW HLQHU YHUORUHQHQ 6SLW]H YHUVFKORVVHQ 1DFK (UUHLFKHQ GHU (QGWLHIH GLH MH QDFK %DXJUXQGDXIEDX XQG HLQJHVHW]WHP *HUlW ELV FD P EHWUDJHQ NDQQ ZLUG GXUFK GDV =HQWUDOURKU EHLP =LHKHQ GHU 6FKQHFNH %HWRQ EHU HLQH %HWRQSXPSH HLQJH EUDFKW 'HU DP )X GHU %RKUVFKQHFNH DXVWUHWHQGH %HWRQ PXVV GDEHL XQWHU HLQHP hEHUGUXFN VWHKHQ GHU JU|HU LVW DOV GHU VWDWLVFKH 'UXFN GHU %HWRQVlXOH XQG GHU VLFKHUVWHOOW GDVV GHU EHLP =LH KHQ GHU %RKUVFKQHFNH IUHLJHJHEHQH 5DXP VRIRUW PLW )ULVFKEHWRQ JHIOOW ZLUG 'LHV LVW GHV KDOE EHVRQGHUV ZLFKWLJ ZHLO HV VRQVW ]X %RGHQHLQEUFKHQ RGHU +RKOUlXPHQ NRPPHQ N|QQ WH
%LOG
+HUVWHOOHQ HLQHV 7HLOYHUGUlQJXQJVERKUSIDKOHV PLW NOHLQHP 6HHOHQURKU >@
'LH =LHKJHVFKZLQGLJNHLW GHU %RKUVFKQHFNH PXVV JHULQJ JHKDOWHQ ZHUGHQ GDPLW XQWHU GHU %RKUVFKQHFNH QLFKW ZLH EHLP .RUNHQ]LHKHQ HLQ 6RJ HQWVWHKW XQG GLH %RKUXQJ ORNDO HLQVWU]W >@
3IDKOJUQGXQJHQ
+lXILJ HUKDOWHQ GLH 3IlKOH QXU HLQH .RSIEHZHKUXQJ RGHU EOHLEHQ XQEHZHKUW ,VW DXV VWDWL VFKHQ *UQGHQ HLQH GXUFKJHKHQGH %HZHKUXQJ HUIRUGHUOLFK VR ZLUG GHU %HZHKUXQJVNRUE GHU HQWVSUHFKHQG VWHLI DXVJHELOGHW VHLQ PXVV PLW 8QWHUVWW]XQJ GXUFK OHLFKWH 9LEUDWLRQ XQPLW WHOEDU QDFK GHP %HWRQLHUHQ LQ GHQ )ULVFKEHWRQ HLQJHEUDFKW 'DEHL PVVHQ GLH SODQPlLJH /DJH GHU %HZHKUXQJ XQG LQVEHVRQGHUH GLH HUIRUGHUOLFKH %HWRQEHUGHFNXQJ VLFKHUJHVWHOOW VHLQ 9HUIDKUHQ $XFK EHL GLHVHP 9HUIDKUHQ ZLUG HLQH 'XUFKODXIVFKQHFNH YHUZHQGHW 'XUFKPHVVHU PP ELV PP 'DV =HQWUDOURKU KDW DEHU PLQGHVWHQV HLQHQ 'XUFKPHVVHU YRQ PP XQG HU P|JOLFKW VRPLW GDV (LQVWHOOHQ HLQHV %HZHKUXQJVNRUEHV YRU GHP %HWRQLHUHQ %LOG %HL GLHVHP 9HUIDKUHQ LVW GDV 9HUKlOWQLV 'L 'D ! 'LH 6SLW]H NDQQ HQWZHGHU ZLH EHL 9HUIDKUHQ YHUORUHQ RGHU GXUFK GDV =HQWUDOURKU ZLGHUJH ZLQQEDU VHLQ $XFK EHL GLHVHP 9HUIDKUHQ ZLUG QDFK GHP (UUHLFKHQ GHU (QGWLHIH XQG GHP (LQVWHOOHQ GHV %HZHKUXQJVNRUEHV LQ GDV WURFNHQH =HQWUDOURKU GHU %HWRQ EHU HLQH %HWRQ SXPSH HLQJHEUDFKW ZREHL VWHWV HLQ %HWRQEHUGUXFN YRUKDQGHQ VHLQ PXVV GHU GXUFK 0HV VXQJHQ ]X NRQWUROOLHUHQ LVW
%LOG
+HUVWHOOHQ HLQHV 7HLOYHUGUlQJXQJVERKUSIDKOHV PLW JURHP 6HHOHQURKU >@
7HLOYHUGUlQJXQJVERKUSIlKOH
,P )ROJHQGHQ VHL DXI HLQLJH %HVRQGHUKHLWHQ KLQJHZLHVHQ GLH EHL HLQLJHQ 3IDKOW\SHQ ]XU $QZHQGXQJ NRPPHQ ± 0DQWHO XQG )XYHUSUHVVXQJ 'XUFK JH]LHOWH HLQ RGHU PHKUPDOLJH 0DQWHOYHUSUHVVXQJ NDQQ GLH 3IDKOPDQWHOUHLEXQJ HUKHEOLFK JHVWHLJHUW ZHUGHQ 'XUFK GDV %RKUHQ PLW GHU %RKUVFKQHFNH ZLUG GHU XPOLHJHQGH %RGHQ EHUHLWV YRUYHUGLFKWHW ± 'XUFK GDV (LQSUHVVHQ YRQ 9HUSUHVVJXW ZLUG ]XVlW]OLFK HLQ LQQLJHU NUDIWVFKOVVLJHU 9HU EXQG ]ZLVFKHQ 3IDKO XQG %RGHQ HU]LHOW %HL QDFK]XYHUSUHVVHQGHQ 3IlKOHQ ZLUG GDV NRPSOHWWH 1DFKYHUSUHVVV\VWHP DP %HZHKUXQJVNRUE EHIHVWLJW ± 'LH VRUJIlOWLJH $XVZDKO XQG $EVWLPPXQJ GHU HLQ]HOQHQ .RPSRQHQWHQ GHV 9HUSUHVV JXWHV GLH $XIEHUHLWXQJ GHU 0LVFKXQJ XQG GLH 6WHXHUXQJ GHV 9HUSUHVVYRUJDQJHV VLQG YRQ HQWVFKHLGHQGHU %HGHXWXQJ IU GHQ (UIROJ GHU 1DFKYHUSUHVVXQJ ± :LUG GLH 3IDKOODVW EHUZLHJHQG EHU GLH 6SLW]H DEJHWUDJHQ VR NDQQ GXUFK HLQH 3IDKO IXYHUSUHVVXQJ GLH *HEUDXFKVODVW JHVWHLJHUW RGHU IU HLQH EHVWLPPWH *HEUDXFKVODVW GLH 6HW]XQJ YHUULQJHUW ZHUGHQ ± (LQLJH +HUVWHOOYHUIDKUHQ HUODXEHQ GLH +HUVWHOOXQJ HLQHV YHUEUHLWHUWHQ )XHV
'LH ZLFKWLJVWHQ 6WRIIH XQG 0DWHULDOLHQ 7HLOYHUGUlQJXQJVERKUSIlKOH VLQG %HWRQSIlKOH GLH LQ EHUZLHJHQGHP 0DH HLQH %HZHKUXQJ HUKDOWHQ 6LH VLQG DXI GHU %DVLV GHU ',1 ]X EHPHVVHQ ZREHL GLH $QIRUGHUXQJHQ GHU ',1 (1 ]X EHDFKWHQ VLQG VLHKH $EVFKQ
'HU 3HUVRQDOEHGDUI 'DV 3HUVRQDO ]XU +HUVWHOOXQJ YRQ 7HLOYHUGUlQJXQJVERKUSIlKOHQ VHW]W VLFK LQ GHU 5HJHO ]X VDPPHQ DXV ± %RKUPHLVWHU E]Z 3ROLHU PLWDUEHLWHQG ± *HUlWHIKUHU ± %RKUKHOIHU 'HU %DXOHLWHU LVW QXU EHL VHKU NRPSOH[HQ %DXVWHOOHQ SHUPDQHQW YRU 2UW $QVRQVWHQ EHWUHXW HU PHLVW ELV %DXVWHOOHQ JOHLFK]HLWLJ
,QIRUPDWLRQHQ ]XU .DONXODWLRQ )U GLH +HUVWHOOXQJ YRQ 7HLOYHUGUlQJXQJVERKUSIlKOHQ N|QQHQ NHLQH DOOJHPHLQJOWLJHQ $XI ZDQGV E]Z /HLVWXQJVZHUWH JHQDQQW ZHUGHQ 'LH LQ GHU QDFKIROJHQGHQ 7DEHOOH DQJHJHEH QHQ =HLWDQVlW]H VLQG 'XUFKVFKQLWWVZHUWH
3IDKOJUQGXQJHQ
7DEHOOH %HWULHEVPLWWHOHLQVDW] 7HLOSUR]HVVH ,,
D $QVHW]HQ XQG $XVULFKWHQ GHV *URERKUJHUlWHV E 8QWHUOHJHQ GHU YHUORUHQHQ )X SODWWH
,,,
,9
*HUlWH
3HUVRQDOHLQVDW]
.DONXODWRULVFKH /HLVWXQJVZHUWH 3UD[LV
7UlJHUJHUlW
''
*HUlWHIKUHU
%RKUJHUlW
.
%RKUKHOIHU
.UDIWGUHKNRSI
. «
7HLOYHUGUlQJHU %RKUVFKQHFNH
.
PLQ
PLQ
F $EWHXIHQ GHV %RKUURKUHV
D (LQEDX GHU %H ZHKUXQJ
7UlJHUJHUlW
''
*HUlWHIKUHU
%RKUJHUlW
.
%RKUKHOIHU
D $XIIOOHQ GHV %RKUURKUHV PLW %HWRQ
7UlJHUJHUlW
''
*HUlWHIKUHU
%RKUJHUlW
.
%RKUKHOIHU
.UDIWGUHKNRSI
. «
KP
E =LHKHQ GHV %RKU 7HLOYHUGUlQJHU URKUHV %RKUVFKQHFNH
9
%*/1U +DXSWJUXS SHQ
.
D )UHLOHJHQ XQG .DSSHQ GHV 3IDKONRSIHV
6FKUDXEHQNRPSUHV VRU IDKUEDU $EEDX XQG 6SDWHQKDPPHU
4 «
E 8PVHW]HQ GHU %RKUHLQKHLW
7UlJHUJHUlW .UDIWGUHKNRSI 7HLOYHUGUlQJHU %RKUVFKQHFNH
KP
.
%HWRQLHUNRSI
%RKUJHUlW
PLQ
+HOIHU
PLQ
''
*HUlWHIKUHU
PLQ
.
%RKUKHOIHU
4 «
. « .
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ 'HU 7HLOYHUGUlQJXQJVERKUSIDKO ZLUG QDFK ',1 EHPHVVHQ XQG QDFK ',1 (1 KHU JHVWHOOW *UXQGODJHQ IU HLQH PDQJHOIUHLH VDFK XQG YHUWUDJVJHUHFKWH $XVIKUXQJ YRQ %RKUSIlKOHQ VLQG LQ GHU 92%& ',1 %RKUDUEHLWHQ DXIJHIKUW 'LH ',1 HQWKlOW XQWHU DQGHUHP +LQZHLVH IU GDV $XIVWHOOHQ GHU /HLVWXQJVEHVFKUHLEXQJ ZLH ] % ± $QJDEHQ ]X %DXVWHOOHQEHJHEHQKHLWHQ XQG 8PZHOWHLQIOVVHQ ± %HODVWEDUNHLW GHU 9RUIOXWHU IU 6SOZDVVHU LQNOXVLYH $XIODJHQ XQG *HEKUHQ
2UWEHWRQUDPPSIlKOH
± $QJDEHQ ]X 1DFKEDUEHEDXXQJHQ ± %HVFKUHLEXQJ YRQ %RGHQ XQG )HOV ± ,QIRUPDWLRQHQ ]X YRUKDQGHQHQ $XIVFKOXVVERKUXQJHQ ZLH %RGHQSURILOH XVZ ± $Q]DKO $UW VRZLH 9HUZHQGXQJ GHU %RKUO|FKHU
2UWEHWRQUDPPSIlKOH 'DV %DXYHUIDKUHQ LP hEHUEOLFN 2UWEHWRQUDPPSIlKOH IUKHU 2UWEHWRQYHUGUlQJXQJVSIlKOH JHK|UHQ JHPl ',1 (1 ]X GHQ 6SH]LDOSIlKOHQ LQQHUKDOE GHU *UXSSH GHU 9HUGUlQJXQJVSIlKOH 6LH ZHUGHQ PLW +LOIH HLQHV XQWHQ YHUVFKORVVHQHQ 9RUWUHLEURKUHV KHUJHVWHOOW =X GHQ EHNDQQWHVWHQ 3IDKOW\SHQ ]lKOHQ GHU 6LPSOH[3IDKO GHU HUVWPDOV LQ 'HXWVFKODQG KHUJHVWHOOW ZXUGH QDFKGHP HU EHUHLWV HLQ 863DWHQW HUKDOWHQ KDWWH >@ XQG GHU )UDQNL 3IDKO GHU LQ %HOJLHQ ]XP 3DWHQW DQJHPHOGHW XQG VHLW LQ 'HXWVFKODQG HLQJHIKUW ZXUGH
7HFKQLVFKH *UXQGODJHQ %HL GHU +HUVWHOOXQJ YRQ 2UWEHWRQUDPPSIlKOHQ ZLUG HLQ YHUVFKORVVHQHV 9RUWUHLEURKU HLQJH UDPPW -H QDFK 9HUIDKUHQ HUIROJW GLH 5DPPXQJ DXI GHP .RSI RGHU LP ,QQHUQ GHV 5RKUHV %HLP $EWHXIHQ GHV 9RUWUHLEURKUHV ZLUG GHU %RGHQ YHUGUlQJW XQG HV EDXW VLFK LP 0DQWHOEH UHLFK HLQ HUK|KWHU +RUL]RQWDOVSDQQXQJV]XVWDQG DXI GHU GLH 0DQWHOUHLEXQJ YHUJU|HUW =XP 7HLO ZLUG GLHVHU HUK|KWH +RUL]RQWDOVSDQQXQJV]XVWDQG DOOHUGLQJV EHLP =LHKHQ GHU 9HUURKUXQJ ZLHGHU DEJHEDXW >@ 1DFK (UUHLFKHQ GHU (QGWLHIH ZHUGHQ EHL GHQ PHLVWHQ 9HUIDKUHQ HLQH %RGHQYHUGLFKWXQJ LP )XEHUHLFK XQG HLQH )XYHUEUHLWHUXQJ DXVJHIKUW XP GLH 7UDJIlKLJNHLW GHU 3IlKOH ]X HUK| KHQ XQG GLH 6HW]XQJHQ ]X YHUPLQGHUQ 'LH 3IDKOWUDJIlKLJNHLWHQ N|QQHQ KLHUGXUFK XP ELV ]X YHUJU|HUW ZHUGHQ
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'LH 3UR]HVVH ]XU +HUVWHOOXQJ YRQ 2UWEHWRQUDPPSIlKOHQ ZHUGHQ LQ GHU QDFKIROJHQGHQ 7DEHO OH DP %HLVSLHO GHV )UDQNLSIDKOHV ]XVDPPHQIDVVHQG GDUJHVWHOOW
3IDKOJUQGXQJHQ
7DEHOOH 3UR]HVVH GHU +HUVWHOOXQJ YRQ 2UWEHWRQYHUGUlQJXQJVSIlKOHQ 7\S )UDQNL 3UR]HVVH ,
9RUEHUHLWHQGH 0DQDKPHQ
,, $EWHXIHQ GHV 3IDKOHV
7HLOSUR]HVVH
*HUlWH
D JJI %DXJHOlQGH IUHLPDFKHQ
5DXSH
E (LQPHVVHQ XQG $EVWHFNHQ GHV 3IDKODQVDW]SXQNWHV 6LFKHUXQJ GHU 3IDKODFKVHQ GXUFK )HVW SXQNWH
5DGODGHU
D $QVHW]HQ XQG $XVULFKWHQ GHU )UDQNL5DPPH
7UlJHUJHUlW
E 3IURSIHQEHWRQ HLQIOOHQ XQG DQVWDPSIHQ
)UHLIDOOElU
*36 7KHRGROLW
)UDQNL5DPPH
F $EWHXIHQ GHV 5DPPURKUHV PLW ,QQHQURKUUDPPXQJ XQG )UHL IDOOElU G +HUVWHOOHQ GHV 3IDKOIXHV GXUFK $XVUDPPHQ GHV 3IURSIHQEHWRQV ,,, (LQEDXHQ GHU %HZHKUXQJ
D 9RUIHUWLJHQ GHV %HZHKUXQJV NRUEHV LQNOXVLYH Q|WLJHU $E VWDQGVKDOWHU
7UlJHUJHUlW )UDQNL5DPPH
E (LQEDX GHU %HZHKUXQJ ,9 %HWRQLHUHQ GHV 3IDKOHV
D $XIIOOHQ GHV 9RUWUHLEURKUHV PLW %HWRQ
7UlJHUJHUlW )UDQNL5DPPH
E =LHKHQ GHV 9RUWUHLEURKUHV 9 1DFK E]Z ]XVlW]OLFKH $UEHL WHQ
D )UHLOHJHQ XQG .DSSHQ GHV 3IDKONRSIHV
6FKUDXEHQNRPSUHVVRU IDKUEDU
E 8PVHW]HQ GHU 5DPPHLQKHLW
7UlJHUJHUlW
$EEDX XQG 6SDWHQKDPPHU )UDQNL5DPPH )UHLIDOOElU
9, 5lXPHQ GHU %DXVWHOOH
D 5HLQLJXQJ YRQ EHQXW]WHQ )Ol FKHQ
5DGODGHU 5DXSH
'LH *HUlWH XQG 9HUIDKUHQ 9HUGUlQJXQJVSIlKOH ZHUGHQ LQ GHU %DXSUD[LV QDFK YHUVFKLHGHQHQ 9HUIDKUHQ KHUJHVWHOOW ,P )ROJHQGHQ VHLHQ H[HPSODULVFK GUHL 9HUIDKUHQ QlKHU HUOlXWHUW D )UDQNL3IDKO %HLP )UDQNL3IDKO ZLUG GDV VWlKOHUQH 9RUWUHLEURKU GXUFK HLQH ,QQHQUDPPXQJ DEJHWHXIW ZR EHL GDV 5RKU XQWHQ GXUFK HLQHQ %HWRQSIURSIHQ ZDVVHUGLFKW YHUVFKORVVHQ LVW %LOG 'HU 'XUFKPHVVHU GHU 9RUWUHLEURKUH OLHJW ]ZLVFKHQ PP XQG PP 'LH )DOOK|KH GHV FD ELV W VFKZHUHQ )DOOElUHQ EHWUlJW FD ELV P
2UWEHWRQUDPPSIlKOH
%HLP $EWHXIHQ GHV 9RUWUHLEURKUHV IlOOW GHU 5DPPlU VWHWV IUHL DXI GHQ 3IURSIHQEHWRQ GHU VLFK LP 9RUWUHLEURKU YHUVSDQQW XQG GLHVHV PLW KLQXQWHU]LHKW 1DFK (UUHLFKHQ GHU (QGWLHIH ZLUG GDV 9RUWUHLEURKU IHVWJHKDOWHQ XQG GHU )X DXVJHVWDPSIW 1DFK (LQVWHOOHQ GHV %HZHKUXQJV NRUEHV ZLUG IOLHIlKLJHU %HWRQ HLQJHIOOW 'D GDV 9RUWUHLEURKU GXUFK GLH YHUVFKORVVHQH 6SLW]H RGHU GHQ %HWRQSIURSIHQ LPPHU WURFNHQ LVW LVW HV JlQJLJH 3UD[LV RKQH 6FKWWURKU ]X EHWRQLH UHQ >@ :lKUHQG GHV %HWRQLHUHQV ZLUG GDV 9RUWUHLEURKU JH]RJHQ VR GDVV HLQ UDXKHU 3IDKO VFKDIW HQWVWHKW $OWHUQDWLY NDQQ DQVWHOOH GHV %HWRQSIURSIHQV DXFK HLQH +HUVWHOOXQJ PLW HLQHU .LHVYRUYHUGLFK WXQJ HUIROJHQ 'LH 3IlKOH N|QQHQ DXFK ELV ]X JHQHLJW KHUJHVWHOOW ZHUGHQ )UDQNL5DPPHQ VLQG LQ HLJHQHQ :HUNVWlWWHQ HQWZLFNHOWH 6SH]LDO*HUlWH YRQ EHVRQGHUV UR EXVWHU %DXDUW GLH GXUFK (OHNWURPRWRUH 6WDKOURKUSIlKOH RGHU VFKDOOJHVFKW]WH 'LHVHOPRWRUH )UDQNLSIlKOH DQJHWULHEHQ ZHUGHQ 'LH )RUWEHZHJXQJ HUIROJW L G 5 GXUFK HLQ K\GUDXOLVFK DQJHWULHEHQHV 6FKUHLWZHUN GDGXUFK JLEW HV NHLQH %HVFKlGLJXQJHQ GHV $UEHLWSODQXPV 0LW 0lNOHUNRQVWUXNWLRQHQ GLH HLQH 1XW]K|KH ELV ]X P KDEHQ N|QQHQ ODVVHQ VLFK 3IlKOH ELV ]X P /lQJH KHUVWHOOHQ 'LH %HPHVVXQJ XQG GLH +HUVWHOOXQJ YRQ )UDQNLSIlKOHQ HUIROJW QDFK ',1 XQG ',1 (1
%LOG
+HUVWHOOXQJ HLQHV )UDQNL3IDKOHV >@
3IDKOJUQGXQJHQ
$OV %HVRQGHUKHLW VHL KLHU HUZlKQW GDVV QDFK GHP JOHLFKHQ 9HUIDKUHQ 6WDKOURKUSIlKOH KHUJH VWHOOW ZHUGHQ N|QQHQ ZREHL GHU 6WDKOURKUSIDKO LQ 5RKUVFKVVHQ YRUZLHJHQG GXUFK ,QQHQ UDPPXQJ PLW HLQHP )UHLIDOOElU JHULQJHU $EPHVVXQJ HPLVVLRQVDUP LQ GHQ %DXJUXQG JHWULH EHQ ZLUG %LOG
%LOG
+HUVWHOOXQJ HLQHV 6WDKOURKUSIDKOHV >@
6WDKOURKUSIlKOH N|QQHQ PLW NOHLQHQ 6SH]LDOJHUlWHQ KHUJHVWHOOW ZHUGHQ GLH GHQ (LQVDW] XQWHU EHVFKUlQNWHQ 3ODW]YHUKlOWQLVVHQ HUP|JOLFKHQ %HL EHVFKUlQNWHU $UEHLWVK|KH ZLUG GHU 3IDKO DXV PHKUHUHQ DXIHLQDQGHU JHVFKZHLWHQ 5RKU VFKVVHQ KHUJHVWHOOW 1DFK (UUHLFKHQ GHU HUIRUGHUOLFKHQ 7LHIH NDQQ GHU 3IDKO VRIRUW EHODVWHW ZHUGHQ GD GLH 5RKUH LP %RGHQ YHUEOHLEHQ )DOOV HV VWDWLVFK HUIRUGHUOLFK LVW NDQQ GDV 5RKU DXFK DXVEHWRQLHUW ZHUGHQ E 6LPSOH[3IDKO %HLP 6LPSOH[3IDKO ZLUG GDV GLFNZDQGLJH VWlKOHUQH 9RUWUHLEURKU GXUFK .RSIUDPPXQJ LQ GHQ %RGHQ JHVFKODJHQ %LOG 'DV 5RKU LVW XQWHQ GXUFK HLQH O|VEDUH 6WDKOVSLW]H )X SODWWH ZDVVHUGLFKW YHUVFKORVVHQ 1DFK GHP (UUHLFKHQ GHU HUIRUGHUOLFKHQ 5DPPWLHIH ZLUG GHU YRUJHIHUWLJWH %HZHKUXQJVNRUE HLQJHKlQJW XQG GHU %HWRQ LQ GDV WURFNHQH 5RKU HLQJHEUDFKW 'DV 5RKU ZLUG HQWZHGHU GXUFK $XHQUWWOHU DXI GHU K\GUDXOLVFKHQ =LHKYRUULFKWXQJ RGHU PLW +LOIH YRQ 9LEUDWLRQVUWWOHUQ JH]RJHQ ZlKUHQG JOHLFK]HLWLJ GHU %HWRQ HLQJHEUDFKW XQG YHU GLFKWHW ZLUG 'LH )XSODWWH GLH DOV 3IDKOIX GLHQW YHUEOHLEW LP %RGHQ 'LH 5DPPURKUH KD EHQ 'XUFKPHVVHU YRQ ELV FP
2UWEHWRQUDPPSIlKOH
%LOG
+HUVWHOOXQJ HLQHV 6LPSOH[3IDKOHV >@
$XFK EHLP 6LPSOH[3IDKO VLQG )XDXVUDPPXQJHQ P|JOLFK 6LPSOH[3IlKOH N|QQHQ HEHQ IDOOV JHQHLJW KHUJHVWHOOW ZHUGHQ F 2UWEHWRQUDPPSIDKO =HLVVO0DVW 'DV +HUVWHOOXQJVYHUIDKUHQ LVW GDGXUFK JHNHQQ]HLFKQHW GDVV GDV 9RUWUHLEURKU PLW HLQHU .ODS SH YHUVFKORVVHQ LVW 1DFKGHP GDV 5RKU GXUFK .RSIUDPPXQJ ELV ]XU YRUJHVHKHQHQ 7LHIH HLQ JHVFKODJHQ ZXUGH ZLUG %HWRQ HLQJHIOOW 'DV 5RKU ZLUG DQVFKOLHHQG DQJH]RJHQ ZREHL VLFK GLH .ODSSH |IIQHW XQG GHU %HWRQ DXVWULWW 0LW GHU GDQDFK ZLHGHU JHVFKORVVHQHQ .ODSSH ZLUG GHU )X DXVJHVWDPSIW 1DFK (LQVWHOOHQ GHV %HZHKUXQJVNRUEHV ZLUG GHU 6FKDIWEHWRQ HLQJHEUDFKW GHU GXUFK 9LEULH UHQ GHV 5RKUHV GXUFK OHLFKWH 5DPPVFKOlJH RGHU GXUFK ,QQHQUWWOHU YHUGLFKWHW ZLUG 'DEHL ZLUG JOHLFK]HLWLJ GDV 5RKU JH]RJHQ 'LH 6FKDIWGXUFKPHVVHU OLHJHQ ]ZLVFKHQ XQG FP 3IlKOH ODVVHQ VLFK PLW GLHVHP 9HUIDKUHQ ELV ]X HWZD HLQHU /lQJH YRQ P XQG HLQHU 1HLJXQJ ELV ]X KHUVWHOOHQ
'LH ZLFKWLJVWHQ 6WRIIH XQG 0DWHULDOLHQ 2UWEHWRQUDPPSIlKOH ZHUGHQ GXUFK $XVEHWRQLHUHQ GHV +RKOUDXPHV KHUJHVWHOOW GHU ]XYRU GXUFK GDV 9RUWUHLEURKU HU]HXJW ZXUGH 'LH 9RUWUHLEURKUH KDEHQ MH QDFK 9HUIDKUHQ 'XUFK PHVVHU YRQ FD FP ELV FD FP 'LH 3IlKOH VLQG LP $OOJHPHLQHQ EHZHKUW
3IDKOJUQGXQJHQ
'HU 3IDKOIXEHWRQ ]HLFKQHW VLFK GXUFK HLQHQ QLHGULJHQ :DVVHU]HPHQWZHUW DXV ÄHUGIHXFKW³ %HL GHQ PHLVWHQ 9HUIDKUHQ ZLUG GHU %HWRQ ]XPLQGHVW LP )XEHUHLFK GXUFK )DOOJHZLFKWH E]Z 6WHPSHO JHVWDPSIW ZRGXUFK HLQH KRKH )HVWLJNHLW XQG HLQH JURH 'LFKWH HQWVWHKHQ 0LW HLQHP JXW DEJHVWXIWHQ %HWRQ]XVFKODJJHPLVFK XQG HQWVSUHFKHQGHU =XJDEH GHV =HPHQWV PHLVW +RFKRIHQ]HPHQW ZHUGHQ GXUFK GLH 6WDPSIYHUGLFKWXQJ GLH )HVWLJNHLWHQ HLQHV %HWRQV % ,, XQG HLQH JURH :DVVHUGLFKWLJNHLW HUUHLFKW >@ 'HU %HWRQ PXVV DXVUHLFKHQG IOLHIlKLJ VHLQ 'HU %HZHKUXQJVNRUE DXV /lQJVVWlEHQ XQG :HQGHOXPVFKQUXQJ LVW JHPl GHQ $QJDEHQ GHU ',1 QDFK VWDWLVFKHQ XQG NRQVWUXNWLYHQ (UIRUGHUQLVVHQ ]X EHPHVVHQ 'LH +LQZHLVH LQ ',1 (1 VLQG ]X EHUFNVLFKWLJHQ
'HU 3HUVRQDOEHGDUI 'HU 3HUVRQDOEHGDUI ]XU +HUVWHOOXQJ YRQ 2UWEHWRQYHUGUlQJXQJVSIlKOHQ NDQQ LQ GHU 5HJHO ZLH IROJW GHILQLHUW ZHUGHQ ± 3ROLHU PLWDUEHLWHQG ± *HUlWHIKUHU ± 5DPPKHOIHU 'HU %DXOHLWHU LVW QXU EHL VHKU NRPSOH[HQ %DXVWHOOHQ SHUPDQHQW YRU 2UW $QVRQVWHQ EHWUHXW HU PHLVW ELV %DXVWHOOHQ JOHLFK]HLWLJ
,QIRUPDWLRQHQ ]XU .DONXODWLRQ )U GLH +HUVWHOOXQJ YRQ 2UWEHWRQUDPPSIlKOHQ N|QQHQ ZLH EHL DOOHQ DQGHUHQ 3IDKODUWHQ NHL QH DOOJHPHLQJOWLJHQ $XIZDQGVZHUWH JHQDQQW ZHUGHQ 'LH LQ GHU QDFKIROJHQGHQ 7DEHOOH DQ JHJHEHQHQ =HLWDQVlW]H VLQG GDKHU DOV 5LFKWZHUWH IU GLH +HUVWHOOXQJ HLQHV )UDQNLSIDKOHV DQ ]XVHKHQ
2UWEHWRQUDPPSIlKOH
7DEHOOH %HWULHEVPLWWHOHLQVDW] 7HLOSUR]HVVH ,,
D $QVHW]HQ XQG $XVULFKWHQ GHU )UDQNL5DPPH E 3IURSIHQEHWRQ HLQIOOHQ XQG DQ VWDPSIHQ
*HUlWH
%*/1U +DXSWJUXSSHQ
3HUVRQDOHLQVDW]
3UD[LV
7UlJHUJHUlW
''
*HUlWHIKUHU
)UDQNL5DPPH
.
5DPPKHOIHU
)UHLIDOOElU
-
KP
PLQ
G +HUVWHOOHQ GHV 3IDKOIXHV GXUFK $XVUDPPHQ GHV 3IURSIHQEHWRQV
,9
D (LQEDX GHU %H ZHKUXQJ
7UlJHUJHUlW
''
*HUlWHIKUHU
)UDQNL5DPPH
.
5DPPKHOIHU
D $XIIOOHQ GHV 9RUWUHLEURKUHV PLW %HWRQ
7UlJHUJHUlW
''
*HUlWHIKUHU
)UDQNL5DPPH
.
5DPPKHOIHU
PLQ
KP
E =LHKHQ GHV 9RU WUHLEURKUHV 9
PLQ
PLQ
F $EWHXIHQ GHV 5DPPURKUHV PLW ,QQHQURKUUDP PXQJ XQG )UHL IDOOElU
,,,
.DONXODWRULVFKH /HLVWXQJVZHUWH
D )UHLOHJHQ XQG .DSSHQ GHV 3IDKONRSIHV
6FKUDXEHQNRPSUHV 4 « VRU IDKUEDU $EEDX 4 « XQG 6SDWHQKDPPHU
E 8PVHW]HQ GHU 5DPPHLQKHLW
7UlJHUJHUlW )UDQNL5DPPH )UHLIDOOElU
+HOIHU
PLQ
''
*HUlWHIKUHU
PLQ
.
5DPPKHOIHU
-
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ 2UWEHWRQUDPPSIlKOH ZHUGHQ DXI GHU %DVLV GHU ',1 EHPHVVHQ XQG GHU ',1 (1 KHUJHVWHOOW ,Q GHQ $OOJHPHLQHQ 7HFKQLVFKHQ 9HUWUDJVEHGLQJXQJHQ IU %DXOHLVWXQJHQ $79 5DPP 5WWHO XQG 3UHVVDUEHLWHQ ± ',1 ZHUGHQ *UXQGODJHQ IU HLQH PDQJHOIUHLH VDFK XQG YHUWUDJVJHUHFKWH $XVIKUXQJ YRQ 5DPPXQJHQ EHQDQQW 'HV :HLWHUHQ ZHUGHQ KLHU +LQZHLVH IU GDV $XIVWHOOHQ GHU /HLVWXQJVEHVFKUHLEXQJ JHJHEHQ (LQLJH DXVJHZlKOWH +LQ ZHLVH ZHUGHQ LP )ROJHQGHQ DXIJHIKUW ± $QJDEHQ ]X %DXVWHOOHQEHJHEHQKHLWHQ XQG 8PZHOWHLQIOVVHQ
3IDKOJUQGXQJHQ
± %HQHQQXQJ GHU %RGHQNHQQZHUWH ± $QJDEHQ ]X 1DFKEDUEHEDXXQJHQ ± $UW XQG $Q]DKO GHU JHIRUGHUWHQ 3UREHHLQEULQJXQJHQ XQG 3UREHEHODVWXQJHQ ± /lQJHQ 4XHUVFKQLWWVPDH VRZLH 0DWHULDOJWH GHU %DXHOHPHQWH ± *UQGXQJVWLHIH ± $XVELOGXQJ GHU $QVFKOVVH DQ %DXZHUNH
3UIXQJ YRQ 3IlKOHQ $OOJHPHLQHV ,P *UHQ]]XVWDQG GHU 7UDJIlKLJNHLW NDQQ HLQ 9HUVDJHQ HQWZHGHU GXUFK 7UDJIlKLJNHLWVYHUOXVW GHV %RGHQV LQ GHU 3IDKOXPJHEXQJ RGHU GXUFK 7UDJIlKLJNHLWVYHUOXVW %DXWHLOYHUVDJHQ GHV 3IDKOPDWHULDOV HLQWUHWHQ %HL GHU 3UIXQJ YRQ 3IlKOHQ LVW ]X XQWHUVFKHLGHQ ]ZLVFKHQ 3UIXQ JHQ GLH VLFK DXI GDV lXHUH 7UDJYHUKDOWHQ EH]LHKHQ XQG VROFKHQ GLH GLH 4XDOLWlW GHV KHUJH VWHOOWHQ 3IDKOHV WHVWHQ ,P 5HJHOIDOO VLQG 3IDKOSUREHEHODVWXQJHQ QDFK ',1 GXUFK]XIKUHQ /LHJHQ LP +LQEOLFN DXI 3IDKOW\S XQG %DXJUXQGYHUKlOWQLVVH YHUJOHLFKEDUH 3UREHEHODVWXQJHQ YRU VR GUIHQ GLHVH ZLH DP 6WDQGRUW DXVJHIKUWH 3UREHEHODVWXQJHQ YHUZHQGHW ZHUGHQ 'HU FKDUDNWHULVWLVFKH D[L DOH 3IDKOZLGHUVWDQG GHV (LQ]HOSIDKOV GDUI DXV (UIDKUXQJVZHUWHQ EHVWLPPW ZHUGHQ VRIHUQ GLH 3IlKOH PLQGHVWHQV P RGHU PLW GHP IQIIDFKHQ 3IDKOGXUFKPHVVHU LQ GHQ %DXJUXQG HLQELQ GHQ ZREHL GHU JU|HUH :HUW PDJHEHQG LVW )U GLH (QWVFKHLGXQJ EHU GHQ 9HU]LFKW DXI 3IDKOSUREHEHODVWXQJHQ IU =XJSIlKOH LVW 6DFK NXQGH XQG (UIDKUXQJ DXI GHP *HELHW GHU *HRWHFKQLN HUIRUGHUOLFK
6WDWLVFKH 3UREHEHODVWXQJHQ 9HUWLNDOH 3UREHEHODVWXQJHQ 9HUWLNDOH 3UREHEHODVWXQJHQ GLHQHQ GD]X GLH 7UDJIlKLJNHLW GHU 3IlKOH LQ D[LDOHU 5LFKWXQJ ]X HUPLWWHOQ %HL GHU %HODVWXQJ ZLUG GLH 3IDKONRSIVHW]XQJ LQ $EKlQJLJNHLW YRQ GHU DXIJHEUDFK WHQ /DVW JHPHVVHQ XQG LQ HLQHP /DVW6HW]XQJV'LDJUDPP GDUJHVWHOOW %LOG 'HU FKDUDNWHULVWLVFKH 3IDKOZLGHUVWDQG XQWHU GHP GHU 'UXFNSIDKO EHL HLQHU 3UREHEHODVWXQJ PHUNEDU YHUVLQNW ZLUG DOV 5P EH]HLFKQHW :HQQ EHL HLQHP 9HUVXFK GHU *UHQ]ZHUW QLFKW HUUHLFKW ZHUGHQ NDQQ GDQQ ZLUG GLH DXIJHEUDFKWH K|FKVWH /DVW DOV 5P EH]HLFKQHW 'HU FKD UDNWHULVWLVFKH 3IDKOZLGHUVWDQG 5N ZLUG DXV GHQ JHPHVVHQHQ :HUWHQ XQWHU 9HUZHQGXQJ HLQHV 6WUHXXQJVIDNWRUV [ ]XU %HUFNVLFKWLJXQJ GHU P|JOLFKHQ 9HUlQGHUXQJHQ GHV %DXJUXQGHV XQG GHU P|JOLFKHQ 8QUHJHOPlLJNHLWHQ EHL GHU +HUVWHOOXQJ HUPLWWHOW V ',1
3UIXQJ YRQ 3IlKOHQ
'HU 6WUHXXQJVIDNWRU EHUFNVLFKWLJW GDEHL GLH $Q]DKO DXVJHIKUWHU 3UREHEHODVWXQJHQ VRZLH GLH 6FKZDQNXQJHQ GHU (UJHEQLVVH )U GLH 3UREHEHODVWXQJ ZHUGHQ HQWZHGHU HLJHQV IU GLHVHQ =ZHFN KHUJHVWHOOWH 3IlKOH RGHU %DXZHUNVSIlKOH EHQXW]W 'HU 3IDKO ZLUG GDEHL L $OOJ EHU K\GUDXOLVFKH 3UHVVHQ EHODVWHW GLH JHJHQ HLQ :LGHUODJHU DXV *HJHQJHZLFKWHQ 7RWODVW RGHU 5HDNWLRQVSIlKOHQ E]Z DQNHUQ DEJHVWW]W ZHUGHQ %LOG
%LOG
%HODVWXQJVHLQULFKWXQJHQ IU VWDWLVFKH 3UREHEHODVWXQJHQ >@
%DOODVWLHUXQJHQ HUUHLFKHQ LQ GHU 5HJHO EHL ELV 01 LKUH *UHQ]H ZHQQ DXFK LQ 6RQGHUIlO OHQ 7RWODVWHQ ELV ]X 01 DXIJHEUDFKW ZRUGHQ VLQG %HL GLHVHP %HODVWXQJVV\VWHP OLHJHQ GLH 3UREOHPH LQ GHU %HHLQIOXVVXQJ GHV 3IDKOHV GXUFK GLH ]XVlW]OLFKH %HODVWXQJ GHU *HOlQGH REHUIOlFKH XQG LQ GHU =HQWULHUXQJ GHU /DVWHQ hEOLFKH %HODVWXQJVHLQULFKWXQJHQ EHVWHKHQ DXV 6WDKOWUlJHUQ GLH DQ 5HDNWLRQVSIlKOHQ YHUDQ NHUW VLQG $OV 5HDNWLRQVSIlKOH ZHUGHQ KlXILJ %DXZHUNVSIlKOH YHUZHQGHW /DVWHQ ELV ]XU *U|HQRUGQXQJ YRQ FD 01 N|QQHQ DXI GLHVH :HLVH DXIJHEUDFKW ZHUGHQ ZREHL HLQH EH VRQGHUH 3UREOHPDWLN LQ GHU JHJHQVHLWLJHQ %HHLQIOXVVXQJ YRQ 3UREHSIDKO XQG 5HDNWLRQVSIlK OHQ OLHJW ZHVZHJHQ EHVWLPPWH 0LQGHVWDEVWlQGH HLQ]XKDOWHQ VLQG /DVWHQ YRQ PHKU DOV 01 ZLH VLH EHL *URERKUSIlKOHQ DXIWUHWHQ ZHUGHQ L $OOJ ULQJI|UPLJ ] % GXUFK %HODV WXQJVNURQHQ EHU (UGDQNHU RGHU PLW UlXPOLFKHQ )DFKZHUNNRQVWUXNWLRQHQ EHU JHHLJQHWH =XJSIlKOH LQ GHQ %RGHQ HLQJHOHLWHW 'LH 3UIODVW ZLUG EHU K\GUDXOLVFKH 3UHVVHQ DXIJHEUDFKW ZREHL GLH .UDIW PLW HLQHP 0DQRPHWHU E]Z HLQHU .UDIWPHVVGRVH JHPHVVHQ ZLUG 'LH 6HW]XQJHQ ZHUGHQ EHU YHUVHW]W DP 3IDKO DQJHRUGQHWH 0HVVXKUHQ PLW PP 0HVVJH QDXLJNHLW HUPLWWHOW 'LH 7UlJHU GHU 0HVVXKUHQ VLQG DXVUHLFKHQG ZHLW YRP 3IDKO HQWIHUQW DXI ]XVWHOOHQ XQG JHJHQ 7HPSHUDWXUHLQIOVVH ]X VFKW]HQ $OV .RQWUROOPHVVXQJ VROOWHQ ]XVlW] OLFK 3Ul]LVLRQV1LYHOOHPHQWV GXUFKJHIKUW ZHUGHQ $XHUGHP VLQG GLH +RUL]RQWDOEHZHJXQ JHQ GHV 3IDKONRSIHV ]X EHREDFKWHQ )U GLH 'XUFKIKUXQJ YRQ VWDWLVFKHQ 3UREHEHODVWXQJHQ N|QQHQ LP :HVHQWOLFKHQ GUHL %HODV WXQJVYHUIDKUHQ XQWHUVFKLHGHQ ZHUGHQ ± 9HUVXFKH PLW VWXIHQZHLVHU 6WHLJHUXQJ GHU %HODVWXQJ XQG %HREDFKWXQJ GHU 9HUIRUPXQ JHQ 'LH /DVWHQ ZHUGHQ HUVW QDFK GHP YROOVWlQGLJHQ $ENOLQJHQ GHU 9HUIRUPXQJHQ JH VWHLJHUW 0DLQWDLQHG /RDG 7HVW
3IDKOJUQGXQJHQ
± 9HUVXFKH PLW VWXIHQZHLVHU 6WHLJHUXQJ GHU %HODVWXQJ LQ JOHLFKHQ =HLWHLQKHLWHQ RKQH %H UFNVLFKWLJXQJ GHU 9HUIRUPXQJHQ 4XLFN /RDG 7HVW ± 9HUVXFKH PLW JOHLFKEOHLEHQGHU 9HUIRUPXQJVJHVFKZLQGLJNHLW %HREDFKWHW ZHUGHQ GLH 3IDKONUlIWH &RQVWDQW 5DWH RI 3HQHWUDWLRQ 7HVW 'LH EHLGHQ HUVWHQ 9HUIDKUHQ VLQG ODVWJHVWHXHUWH 9HUVXFKH ZlKUHQG GDV GULWWH 9HUIDKUHQ ZHJ JHVWHXHUW LVW 'LH %HODVWXQJ LVW P|JOLFKVW VRZHLW ]X VWHLJHUQ ELV GLH *UHQ]ODVW HUUHLFKW E]Z VRJDU EHUVFKULWWHQ LVW 8P GLH EOHLEHQGHQ 6HW]XQJHQ GHV 3UREHSIDKOHV ]X HUIDVVHQ VLQG HLQLJH =ZLVFKHQHQWODVWXQ JHQ YRU]XQHKPHQ 6ROFKH =ZLVFKHQHQWODVWXQJHQ VLQG EHVRQGHUV QDFK (UUHLFKHQ GHU DP %DX ZHUN YRUJHVHKHQHQ JU|WHQ 3IDKOODVW *HEUDXFKVODVW VRZLH QDFK hEHUVFKUHLWHQ GHU *UHQ] ODVW YRU]XQHKPHQ 'LH (UJHEQLVVH HLQHU VWDWLVFKHQ 3UREHEHODVWXQJ VROOHQ LQ HLQHP 3URWRNROO ]XVDPPHQJHVWHOOW XQG DOV /DVW6HW]XQJV'LDJUDPP GDUJHVWHOOW ZHUGHQ %LOG
%LOG (PSIHKOXQJ IU GLH :DKO GHU %HODVWXQJVVWXIHQ XQG (UJHEQLV GHU %HODVWXQJ LQ )RUP HLQHU :LGHU VWDQGV6HW]XQJV/LQLH >@
+RUL]RQWDOH 3UREHEHODVWXQJHQ %HL KRUL]RQWDOHQ 3UREHEHODVWXQJHQ ZHUGHQ L $OOJ GLH .|SIH ]ZHLHU EHQDFKEDUWHU 3UREHSIlK OH ]XVDPPHQJHVSDQQW RGHU DXVHLQDQGHUJHGUFNW (V JHQJW PHLVW GLH 3IDKONRSIYHUVFKLHEXQJ XQG YHUGUHKXQJ ]X PHVVHQ VR GDVV GLH 9HUVXFKVHLQULFKWXQJ VHKU HLQIDFK LVW 'LH JHVDPWH %LHJHOLQLH HLQHV 3IDKOHV NDQQ GXUFK HLQHQ 1HLJXQJVPHVVHU ,QNOLQRPHWHU HUIDVVW ZHUGHQ ZHQQ LQ GHQ 3IDKOVFKDIW HLQ HQWVSUHFKHQGHV )KUXQJVURKU HLQEHWRQLHUW LVW 0LW ] % DP %HZHKUXQJVNRUE YRQ %RKUSIlKOHQ EHIHVWLJWHQ 'HKQXQJVPHVVVWUHLIHQ NDQQ DXFK GHU 9HUODXI GHU %LHJHPRPHQWH HUPLWWHOW ZHUGHQ
3UIXQJ YRQ 3IlKOHQ
'\QDPLVFKH 3IDKOSUIXQJHQ 'D VWDWLVFKH 3UREHEHODVWXQJHQ DXIZHQGLJ XQG WHXHU VLQG VLQG G\QDPLVFKH 3UIYHUIDKUHQ HQWZLFNHOW ZRUGHQ PLW GHQHQ GLH 7UDJIlKLJNHLW GHU 3IlKOH HUPLWWHOW E]Z GLH 3IDKOOlQJH XQG 4XHUVFKQLWWVIRUP EHUSUIW ZHUGHQ NDQQ '\QDPLVFKH 3IDKOSUIXQJHQ VLQG DXIJUXQG LKUHU VFKQHOOHQ 'XUFKIKUEDUNHLW XQG GHU VRPLW KRKHQ $Q]DKO SUIEDUHU 3IlKOH HLQ VHKU ZLUWVFKDIWOLFKHV 9HUIDKUHQ *UXQGODJHQ XQG 'XUFK IKUXQJ GHU G\QDPLVFKHQ 3IDKOSUIXQJHQ VLQG LQ >@ EHVFKULHEHQ %HL G\QDPLVFKHQ 3IDKOSUIXQJHQ ZLUG XQWHUVFKLHGHQ LQ ,QWHJULWlWVSUIXQJHQ 3UIXQJ GHU 8QYHUVHKUWKHLW GHU 3IlKOH XQG GHU 3IDKOOlQJH XQG GHQ G\QDPLVFKHQ 3IDKOWHVWV (UPLWWOXQJ GHU 7UDJIlKLJNHLW
,QWHJULWlWVSUIXQJHQ /RZ6WUDLQ0HWKRG %HL GHQ ,QWHJULWlWVPHVVXQJHQ QDFK GHU +DPPHUVFKODJPHWKRGH ZLUG PLW HLQHP +DQGKDPPHU HLQH 6WRZHOOH LQ GHQ 3IDKO HLQJHOHLWHW $P 3IDKOIX XQG DQ ,PSHGDQ]VSUQJHQ bQGHUXQJHQ GHU 3IDKOJHRPHWULH XQG GHV 3IDKOPDWHULDOV ZLUG GLH HLQJHOHLWHWH 6WRZHOOH UHIOHNWLHUW XQG DP 3IDKONRSI GXUFK GHQ DXIJHVHW]WHQ %HVFKOHXQLJXQJVDXIQHKPHU DXIJH]HLFKQHW %LOG
%LOG
%HLVSLHO HLQHU ,QWHJULWlWVPHVVXQJ >@
,QWHJULWlWVSUIXQJHQ ZHUGHQ KHXWH DOV %HVWDQGWHLO GHU 4XDOLWlWVNRQWUROOH YHUZHQGHW 6LH GLH QHQ YRU DOOHP GD]X ] % EHL %RKUSIlKOHQ 8QUHJHOPlLJNHLWHQ GHV 3IDKOVFKDIWHV ZLH (LQ VFKQUXQJHQ RGHU 9HUGLFNXQJHQ IHVW]XVWHOOHQ 'DEHL VROOWHQ GHP $XVIKUHQGHQ GHU ,QWHJUL WlWVSUIXQJHQ DOOH UHOHYDQWHQ 8QWHUODJHQ ZLH ] % %RKUSURWRNROOH XQG %DXJUXQGJXWDFKWHQ ]XU 9HUIJXQJ JHVWHOOW ZHUGHQ XP VHLQH 0HVVHUJHEQLVVH EHVVHU LQWHUSUHWLHUHQ ]X N|QQHQ
3IDKOJUQGXQJHQ
'HV :HLWHUHQ VROOWH QLFKW QXU HLQ VR JHQDQQWHU Ä3UREOHPSIDKO³ JHWHVWHW ZHUGHQ VRQGHUQ PHK UHUH 3IlKOH XP HLQ Ä1RUPVLJQDO³ IU GLH %DXVWHOOH ]X HUKDOWHQ 'DEHL ODVVHQ VLFK ] % GLH (LQIOVVH DXV 6FKLFKWJUHQ]HQ HUPLWWHOQ >@
8OWUDVFKDOOSUIYHUIDKUHQ 'XUFK 8OWUDVFKDOOSUIYHUIDKUHQ &URVVKROH VRQLF ORJJLQJ NDQQ GLH %HWRQTXDOLWlW YRQ 3IlK OHQ EHUSUIW ZHUGHQ 'D]X ZHUGHQ MH HLQ 8OWUDVFKDOOJHEHU XQG ±HPSIlQJHU SDUDOOHO LQ YRUDE DP %HZHKUXQJVNRUE LQVWDOOLHUWHQ 6WDKOURKUHQ PLW NRQVWDQWHU *HVFKZLQGLJNHLW HQWODQJ GHV 3IDKOVFKDIWHV EHZHJW $XV GHU :HOOHQODXI]HLW XQG GHU (QHUJLH GHV HPSIDQJHQHQ 6LJQDOV ZHU GHQ ,PSHGDQ]lQGHUXQJHQ XQG GDPLW +RKOUlXPH .LHVQHVWHU HWF LP %HWRQ HUPLWWHOW >@
7UDJIlKLJNHLWVPHVVXQJHQ +LJK6WUDLQ0HWKRG %HL GHU 7UDJIlKLJNHLWVPHVVXQJ ZHUGHQ DP 3IDKONRSI 'HKQXQJHQ XQG %HVFKOHXQLJXQJHQ ZlKUHQG GHV 5DPPVFKODJHV JHPHVVHQ 'LH GDPLW HUPLWWHOWHQ .XUYHQ ZHUGHQ ] % QDFK GHP GLUHNWHQ &DVH9HUIDKUHQ DXVJHZHUWHW >@ 'LH %HUHFKQXQJ GHU 7UDJIlKLJNHLW DXV GHQ JHPHVVHQHQ :HUWHQ QDFK GHP &DVH9HUIDKUHQ HUIROJW DXI GHU *UXQGODJH GHU :HOOHQPHFKDQLN 'HU 3IDKO ZLUNW ZLH HLQ HODVWLVFKHU 6WDE GHP GXUFK HLQHQ ,PSXOV HLQH 6WRZHOOH HLQJHSUlJW ZLUG 'LH 6WRZHOOH GXUFKOlXIW GHQ 3IDKO PLW HLQHU :HOOHQJHVFKZLQGLJNHLW GLH YRP (ODVWL]LWlWVPRGXO XQG GHU 'LFKWH GHV 3IDKOPDWHULDOV DEKlQJW %HL 4XHUVFKQLWWVlQGHUXQJHQ GHV 3IDKOV DP 3IDKOIX XQG GXUFK DXIWUHWHQGH 0DQWHOUHLEXQJ ZHUGHQ 7HLOH GHU 6WRZHOOH UHIOHNWLHUW 6RPLW ZLUG DP 0HVVTXHUVFKQLWW DP 3IDKONRSI VWlQGLJ GLH 6XPPH GHU $XVJDQJVZHOOH XQG GHUHQ 5HIOHNWLRQHQ JHPHVVHQ +LHUDXV OlVVW VLFK EHL .HQQWQLV GHV 'lPSIXQJVEHLZHUWHV GHV %RGHQV GLH VWDWLVFKH 7UDJIlKLJNHLW GHV 3IDKOHV HUPLW WHOQ 'HU 'lPSIXQJVEHLZHUW NDQQ HQWZHGHU DOV (UIDKUXQJVZHUW HLQJHVHW]W RGHU EHU HLQH .DOLEULHUXQJ DQ HLQHU VWDWLVFKHQ 3UREHEHODVWXQJ EHVWLPPW ZHUGHQ :HUGHQ ZHLWHUH $XVVDJHQ EHU GDV 7UDJYHUKDOWHQ HLQHV 3IDKOHV ] % GLH /DVW6HW]XQJV /LQLH EHQ|WLJW LVW HLQH $XVZHUWXQJ QDFK GHP &DSZDS9HUIDKUHQ HUIRUGHUOLFK
6WUDXE + 'LH *HVFKLFKWH GHU %DXLQJHQLHXUNXQVW $XIO %LUNKlXVHU 9HUODJ %DVHO $U] 3 6FKPLGW +* 6HLW] - 6HPSULFK 6 *UXQGEDX ,Q %HWRQ.DOHQGHU 7HLO ,, (UQVW 6RKQ %HUOLQ %HFNHU + %DXJUXQGHUNXQGXQJHQ IU 3IDKOJUQGXQJHQ ,Q 9RUWUDJVEDQG ]XP 6\PSRVLXP Ä6WDQG YRQ 1RU PXQJ %HPHVVXQJ XQG $XVIKUXQJ YRQ 3IlKOHQ XQG 3IDKOZlQGHQ³ 0QFKHQ +HUDXVJHJHEHQ YRQ GHU 'HXWVFKHQ *HVHOOVFKDIW IU *HRWHFKQLN '**7 (VVHQ (PSIHKOXQJHQ GHV $UEHLWVNUHLVHV 3IlKOH +HUDXVJHJHEHQ YRQ GHU '**7 (UQVW 6RKQ %HUOLQ +DUWXQJ 0 4XDOLWlWVVLFKHUXQJ EHL GHU 3IDKOKHUVWHOOXQJ ,Q 3IDKO6\PSRVLXP 0LWWHLOXQJ GHV ,QVWLWXWV IU *UXQGEDX XQG %RGHQPHFKDQLN GHU 78 %UDXQVFKZHLJ ,*%Â78%6 +HIW (LJHQYHUODJ %UDXQVFKZHLJ
3UIXQJ YRQ 3IlKOHQ
0HLHU . '\QDPLVFKH 3IDKOWHVWV DQ 6SXQGERKOHQ ,Q 6RQGHUKHIW ]XP MlKULJHQ %HVWHKHQ GHV ,QVWLWXWV 0LWWHLOXQJ GHV ,*%Â78%6 +HIW (LJHQYHUODJ %UDXQVFKZHLJ .OLQJPOOHU 2 6FKDOOHUW 0 *RWWO|EHU % 0D\HU &K 8OWUDVFKDOOSUIXQJ XQG +DPPHUVFKODJSUIXQJ ,Q 3IDKO6\PSRVLXP 0LWWHLOXQJ GHV ,*%Â78%6 +HIW 1U (LJHQYHUODJ %UDXQVFKZHLJ (PSIHKOXQJHQ IU VWDWLVFKH XQG G\QDPLVFKH 3IDKOSUIXQJHQ $UEHLWVNUHLV GHU '**7 0HVHFN + ,QWHJULWlWVSUIXQJHQ DQ PDQWHO XQG IXYHUSUHVVWHQ %RKUSIlKOHQ ,Q '\QDPLVFKH 3IDKOWHVWV 0LWWHLOXQJ GHV ,*%Â78%6 +HIW (LJHQYHUODJ %UDXQVFKZHLJ )UDQNL *UXQGEDX )LUPHQLQIRUPDWLRQ $WODVSIDKO .HPSIHUW +* 6PROWF]\N 8 3IlKOH ,Q *UXQGEDXWDVFKHQEXFK 7HLO $XIODJH (UQVW 6RKQ %HUOLQ +DUWXQJ 0 (LQIOVVH GHU +HUVWHOOXQJ DXI GLH 3IDKOWUDJIlKLJNHLW LQ 6DQG 0LWWHLOXQJ GHV ,*%Â78%6 +HIW (LJHQYHUODJ %UDXQVFKZHLJ .RO\PEDV ' 3IDKOJUQGXQJHQ 6SULQJHU9HUODJ %HUOLQ 5RGDW] : hEHUEOLFN EHU GLH 3IDKOV\VWHPH ± 8QWHUVXFKXQJVEHGDUI ,Q 3IDKO6\PSRVLXP 0LWWHLOXQJ GHV ,*%Â78%6 +HIW (LJHQYHUODJ %UDXQVFKZHLJ 6FKQHOO : 9HUIDKUHQVWHFKQLN ]XU 6LFKHUXQJ YRQ %DXJUXEHQ $XIO 7HXEQHU9HUODJ 6WXWWJDUW .KQ * $EKlQJLJNHLW GHU 5DPP XQG =LHKYHUIDKUHQ YRQ GHU %RGHQEHVFKDIIHQKHLW ,Q %DXPDVFKLQH XQG %DXWHFKQLN +HIW 6 7KHLQHU - 5DPPHQ XQG =LHKHQ *HUlWH XQG +LOIVPLWWHO ,Q 7LHIEDX ,QJHQLHXUEDX 6WUDHQEDX +HIW 6 YDQ /XLSHQ 3 (QWZLFNOXQJ YRQ 5DPPJHUlWHQ ,Q 3IDKO6\PSRVLXP 0LWWHLOXQJ GHV ,*%Â78%6 +HIW (LJHQYHUODJ %UDXQVFKZHLJ %UKO : &K 'DV NODVVLVFKH 5DPPHQ DXV GHU 6LFKW YRQ ,Q 7LHIEDX ,QJHQLHXUEDX 6WUDHQEDX +HIW 6 )D .UXSS )LUPHQSURVSHNW Ä0OOHU9LEUDWRUHQ³ )D )UDQNL *UXQGEDX )LUPHQLQIRUPDWLRQ 3UHVVSIDKO 'UHHV * 5DPPHQ XQG =LHKHQ ,Q *UXQGEDXWDVFKHQEXFK 7HLO $XIODJH (UQVW 6RKQ %HUOLQ )D .UXSS )LUPHQSURVSHNW 0OOHU 7HOHVNRSPlNOHU (PSIHKOXQJHQ GHV $UEHLWVDXVVFKXVVHV Ä8IHUHLQIDVVXQJHQ +lIHQ XQG :DVVHUVWUDHQ ($8 $XIOD JH (UQVW 6RKQ &HQWUXP3IlKOH 7\SHQSUIEHULFKW IU 6WDKOEHWRQUDPPSIlKOH )D %DXHU 6SH]LDOWLHIEDX )LUPHQLQIRUPDWLRQ %RKUSIlKOH 6HLW] -0 6FKPLGW +* %RKUSIlKOH (UQVW 6RKQ %HUOLQ )D %DXHU 6SH]LDOWLHIEDX )LUPHQLQIRUPDWLRQ *URGUHKERKUJHUlW %* )D %DXHU 6SH]LDOWLHIEDX )LUPHQLQIRUPDWLRQ *HUlWHWHFKQLN *URGUHKERKUJHUlW %* ',1 (1 %RKUSIlKOH $XVJDEH -XQL )D )UDQNL *UXQGEDX )LUPHQLQIRUPDWLRQ *URERKUSIlKOH %XMD + 2 +DQGEXFK GHV 6SH]LDOWLHIEDXV % %RKUSIlKOH )D )UDQNL *UXQGEDX )LUPHQLQIRUPDWLRQ $WODVSIDKO )D .|QLJ 3IDKOJUQGXQJ )LUPHQLQIRUPDWLRQ )XQGH[SIDKO )D )UDQNL *UXQGEDX )LUPHQLQIRUPDWLRQ 9%3IDKO )D %UFNQHU *UXQGEDX )LUPHQLQIRUPDWLRQ 6FKUDXEERKUSIlKOH )D %UFNQHU *UXQGEDX )LUPHQLQIRUPDWLRQ 2UWEHWRQ5DPPSIlKOH )D )UDQNL *UXQGEDX )LUPHQLQIRUPDWLRQ 6WDKOURKUSIlKOH )D )UDQNL *UXQGEDX )LUPHQLQIRUPDWLRQ )UDQNLSIDKO
3IDKOJUQGXQJHQ
5RGDW] : *UXQGEDX XQG %RGHQPHFKDQLN ,9 6WXGLHQXQWHUODJHQ ]XP 9HUWLHIXQJVVWXGLXP ,*%Â78%6 (LJHQYHUODJ %UDXQVFKZHLJ +DUWXQJ 0 ,QWHJULWlWVWHVWV DQ 0RGHOO XQG %DXZHUNVSIlKOHQ ,Q '\QDPLVFKH 3IDKOWHVWV 0LWWHLOXQJ GHV ,*%Â78%6 +HIW (LJHQYHUODJ %UDXQVFKZHLJ :LHQKRO] % $QZHQGXQJVP|JOLFKNHLWHQ IU GLH 0HVVDXVUVWXQJ GHU 3IDKOG\QDPLN ,Q 0HVVHQ LQ GHU *HR WHFKQLN 0LWWHLOXQJ GHV ,*%Â78%6 +HIW (LJHQYHUODJ %UDXQVFKZHLJ
*UXQGODJHQ GHU 3ODQXQJ XQG $XVIKUXQJ
*UXQGZDVVHUKDOWXQJHQ
*UXQGODJHQ GHU 3ODQXQJ XQG $XVIKUXQJ (LQIKUXQJ :DVVHU EHHLQIOXVVW DOV *UXQG 2EHUIOlFKHQ XQG 1LHGHUVFKODJVZDVVHU ZHVHQWOLFK GLH 3OD QXQJ XQG $XVIKUXQJ YRQ %DXYRUKDEHQ GHV (UG XQG *UXQGEDXV =X EHUFNVLFKWLJHQ VLQG GDEHL LQVEHVRQGHUH $XVZLUNXQJHQ DXI GLH JHZlKOWH .RQVWUXNWLRQ XQG GLH 'LPHQVLRQLHUXQJ GHU %DXJUXEHQVLFKHUXQJ *UQGXQJ %|VFKXQJVVLFKHUXQJ HWF =XGHP SUlJW HV LQVEHVRQGHUH EHL IHLQ XQG JHPLVFKWN|UQLJHQ %|GHQ PDJHEOLFK GLH %RGHQSDUDPHWHU )HVWLJNHLW XQG 6WHL ILJNHLW )U ]DKOUHLFKH 6FKlGHQ EHL %DXYRUKDEHQ LVW :DVVHU XUVlFKOLFK 'LH VRUJIlOWLJH 9RUHUNXQ GXQJ 3ODQXQJ XQG $XVIKUXQJ VRZLH GLH hEHUZDFKXQJ LP 6LQQH HLQHU 4XDOLWlWV XQG JJI %HZHLVVLFKHUXQJ EHL :DVVHUKDOWXQJHQ XQG GHU GD]X HUIRUGHUOLFKHQ (LQULFKWXQJHQ LVW GHVKDOE XQXPJlQJOLFK 0DQDKPHQ ]XU :DVVHUKDOWXQJ VLQG LQ GHU %DXSKDVH HUIRUGHUOLFK ZHQQ GDV *UQGXQJVQL YHDX HLQHU )OlFKHQJUQGXQJ XQWHUKDOE GHV *UXQGZDVVHUVSLHJHOV OLHJW 1DFK SURMHNWVSH]LIL VFKHQ (UIRUGHUQLVVHQ ZLUG GDV :DVVHU DEJHOHLWHW *UlEHQ DEJHVHQNW %UXQQHQ XQGRGHU DEJHVSHUUW YHUWLNDOH XQGRGHU KRUL]RQWDOH %DUULHUHQ *UXQGZDVVHUDEVSHUUXQJHQ %DUULHUHQ ZHUGHQ KlXILJ DOV %DXJUXEHQVLFKHUXQJHQ DXVJHIKUW 'LH WHFKQLVFKH ZLUWVFKDIWOLFKH XQG |NRORJLVFKH %HGHXWXQJ YRQ :DVVHUKDOWXQJVPDQDKPHQ LVW GXUFK GLH IROJHQGHQ $VSHNWH JHNHQQ]HLFKQHW ± :LUWVFKDIWOLFKH 1XW]XQJ GHV 8QWHUJUXQGHV XQWHUKDOE GHV *UXQGZDVVHUVSLHJHOV EHL 9HU NQDSSXQJ XQG 9HUWHXHUXQJ EHVRQGHUV GHV LQQHUVWlGWLVFKHQ %DXJUXQGHV ± 2SWLPLHUWH 7UDVVLHUXQJHQ*UDGLHQWHQ XQG NXU]H :HJH DQ 9HUNQSIXQJHQ VRZLH ODQG VFKDIWVlVWKHWLVFKH *HVWDOWXQJHQ LP 9HUNHKUVZHJHEDX HUIRUGHUQ WHFKQLVFK XQG ZLUW VFKDIWOLFK DXIZHQGLJH :DVVHUKDOWXQJHQ EHL GHU %DXDXVIKUXQJ ± %HHLQIOXVVXQJ YRQ $QUDLQHUQ GXUFK :DVVHUVSLHJHOlQGHUXQJHQ ± 6FKRQXQJ GHU :DVVHUUHVVRXUFHQ GXUFK PLQLPDOH (LQJULIIH G K NHLQH $EVHQNXQJ 5FNEDX YRQ %DUULHUHQ (QWZLFNOXQJ LQQRYDWLYHU %DXVWRIIH HWF ± $EOHLWXQJ GHV JHI|UGHUWHQ :DVVHUV QDFK 4XDQWLWlW XQG 4XDOLWlW EHLVSLHOVZHLVH EHL DQWKURSRJHQHQ .RQWDPLQDWLRQHQ RGHU QDWUOLFKHQ ,QKDOWVVWRIIHQ ± ,QJHQLHXUWHFKQLVFKHV 1LYHDX GHU 0DQDKPH ± 3ODQ XQG .DONXOLHUEDUNHLW VRZLH %HKHUUVFKEDUNHLW GHU MHZHLOLJHQ 0DQDKPH
*UXQGZDVVHUKDOWXQJHQ
(UNXQGXQJ GHU %RGHQ XQG *UXQGZDVVHUYHUKlOWQLVVH 'LH VRUJIlOWLJH (UNXQGXQJ GHU %RGHQ XQG *UXQGZDVVHUYHUKlOWQLVVH VRZLH GHUHQ UHDOLVWLVFKH LQJHQLHXUWHFKQLVFKH E]Z JHRORJLVFKH ,QWHUSUHWDWLRQ VLQG QRWZHQGLJH 9RUDXVVHW]XQJHQ IU HLQH IDFKJHUHFKWH XQG HUIROJUHLFKH $XVIKUXQJ HLQHU :DVVHUKDOWXQJVPDQDKPH 'LH 8QWHU VXFKXQJ GHU %RGHQ XQG *UXQGZDVVHUYHUKlOWQLVVH REOLHJW GHP %DXKHUUQ 'HU 8PIDQJ GHU HUIRUGHUOLFKHQ )HOG XQG /DERUXQWHUVXFKXQJ VRZLH GHU ,QJHQLHXUOHLVWXQJHQ ZLUG LQGLYLGXHOO XQG SURMHNWVSH]LILVFK GXUFK GHQ 6DFKYHUVWlQGLJHQ IU *HRWHFKQLN GHU EOLFKHUZHLVH YRP (QWZXUIVYHUIDVVHU HLQJHVFKDOWHW ZLUG IHVWJHOHJW 'HU JHRWHFKQLVFKH %HULFKW E]Z EHL XQWHU JHRUGQHWHQ 0DQDKPHQ DGlTXDWH $QJDEHQ GHV (QWZXUIYHUIDVVHUV PVVHQ HQWZHGHU GHU $XV VFKUHLEXQJ EHLOLHJHQ VHOWHQ RGHU GLH :DVVHUKDOWXQJ ZLUG HLQULFKWXQJVWHFKQLVFK XQG EDXEH WULHEOLFK LP 'HWDLO DXVJHVFKULHEHQ *UXQGYRUDXVVHW]XQJ IU HLQH ]LHOJHULFKWHWH (UNXQGXQJ GHU %RGHQ XQG *UXQGZDVVHUYHUKlOW QLVVH VLQG GHWDLOOLHUWH 8QWHUODJHQ ]X GHP SURMHNWLHUWHQ 9RUKDEHQ VRZLH $QJDEHQ ]X EHQDFK EDUWHQ EDXOLFKHQ $QODJHQ YJO .DSLWHO ± /DJHSOlQH GHV 3URMHNWHV *UXQGULVVH XQG 6FKQLWWH PLW +|KHQDQJDEHQ LQ P 11 .DWDV WHUDXV]XJ 9HU XQG (QWVRUJXQJVLQIUDVWUXNWXU .DPSIPLWWHO HWF 'LHVH ,QIRUPDWLRQHQ PXVV GHU (QWZXUIVYHUIDVVHU ]XVDPPHQVWHOOHQ ± %RKUSURILOH *UXQGZDVVHUYHUKlOWQLVVH JHRORJLVFKH hEHUVLFKWV XQG %DXJUXQGNDUWHQ OR NDOH %HVRQGHUKHLWHQ YRQ %RGHQ XQG )HOV )OXVV XQG /DQGHVNXOWXUEDXPDQDKPHQ 'LHVH ,QIRUPDWLRQHQ N|QQHQ EHL *HRORJLVFKHQ /DQGHVlPWHUQ %HUJlPWHUQ /DQGHVYHUPHV VXQJVlPWHUQ :DVVHUZLUWVFKDIWVYHUZDOWXQJHQ *HRWHFKQLVFKHQ ,QVWLWXWHQ XQG 9HUVRU JXQJVXQWHUQHKPHQ DEJHIUDJW ZHUGHQ $XI GLHVHU *UXQGODJH ZHUGHQ GLH JHRWHFKQLVFKHQ XQG K\GURJHRORJLVFKHQ 8QWHUVXFKXQJHQ LQVEHVRQGHUH IU GLH :DVVHUKDOWXQJ JHSODQW XQG XQWHU IDFKWHFKQLVFKHU %HJOHLWXQJ DXVJH IKUW ,QKDOWH GLHVHU 8QWHUVXFKXQJHQ N|QQHQ VHLQ ± 2UWVEHJHKXQJ /XIWDXIQDKPHQ RUJDQROHSWLVFKH %HXUWHLOXQJ YRQ $XIVFKOVVHQ ± $XIVFKOXVVERKUXQJHQ XQG 3HJHOHLQULFKWXQJHQ %RGHQSURILOH :DVVHUVWlQGH ± .OHLQVWERKUXQJHQ XQG 6RQGLHUXQJHQ DOV (UJlQ]XQJ GHU 6FKOVVHOERKUXQJHQ ± 'XUFKOlVVLJNHLWVYHUVXFKH LQ VLWX XQG JHRSK\VLNDOLVFKH 8QWHUVXFKXQJHQ ± %RGHQPHFKDQLVFKH /DERUXQWHUVXFKXQJHQ VRZLH :DVVHU XQG JJI %RGHQDQDO\WLN %HL GHU 2UWVEHJHKXQJ N|QQHQ XQPLWWHOEDU JHRORJLVFKH K\GURORJLVFKH XQG ]LYLOLVDWRULVFKH *HJHEHQKHLWHQ *HOlQGHIRUP 4XHOOHQ )HXFKWVWHOOHQ :DVVHUOlXIH %DXZHUNH HWF IHVWJH VWHOOW XQG JH]LHOW XQWHUVXFKW ZHUGHQ 'LH HUIRUGHUOLFKH 4XDOLWlW XQG 4XDQWLWlW JHRWHFKQLVFKHU 8QWHUVXFKXQJHQ ZLUG LQ GHU ',1 *HRWHFKQLVFKH 8QWHUVXFKXQJHQ IU EDXWHFKQLVFKH =ZHFNH EHKDQGHOW
*UXQGODJHQ GHU 3ODQXQJ XQG $XVIKUXQJ
'LH %RKUYHUIDKUHQ VLQG VR ]X ZlKOHQ GDVV HLQH GXUFKJHKHQGH *HZLQQXQJ YRQ %RGHQSUREHQ ]XPLQGHVW GHV $TXLIHUV JHZlKUOHLVWHW LVW 'LH ',1 $XIVFKOXVV GXUFK 6FKUIH XQG %RKUXQJHQ VRZLH (QWQDKPH YRQ 3UREHQ JLEW HLQHQ hEHUEOLFN EHU GLH (LJQXQJ YHUVFKLHGH QHU %RKUYHUIDKUHQ LP %RGHQ XQG )HOV 'LH ',1 HUOlXWHUW X D 8QWHUVXFKXQJHQ GHU *UXQGZDVVHUYHUKlOWQLVVH 'LH $EVWlQGH GHU %RKUXQJHQ VROOHQ EHL KRPRJHQHP %DXJUXQG EHL +RFKEDXWHQ HWZD ELV P XQG EHL /LQLHQEDXZHUNHQ ELV P EHWUDJHQ %HL (LQ]HOIXQGDPHQWHQ YRQ 6RQGHU EDXZHUNHQ 6FKRUQVWHLQH %UFNHQ HWF VROOHQ HWZD ELV $XIVFKOVVH GXUFKJHIKUW ZHU GHQ ,P KHWHURJHQHQ %DXJUXQG LVW GDV $XIVFKOXVVUDVWHU HQWVSUHFKHQG ]X YHUGLFKWHQ 'HU %HUHLFK GHU XP GLH %DXJUXEH KHUXP DXIJHVFKORVVHQ ZHUGHQ PXVV ZLUG YRQ GHU $E VHQNWLHIH XQG GHU ]XQlFKVW JHVFKlW]WHQ 'XUFKOlVVLJNHLW GHV 8QWHUJUXQGHV EHVWLPPW 1lKH UXQJVZHLVH NDQQ HLQ %HUHLFK XQWHUVXFKW ZHUGHQ GHU GHP IDFKHQ GHU $EVHQNWLHIH V HQW VSULFKW )U HLQH JHQDXHUH %HWUDFKWXQJ PXVV GLH 5HLFKZHLWH 5 GHU $EVHQNXQJ EHUHFKQHW ZHUGHQ 'LHVH OlVVW VLFK QDFK GHU )RUPHO YRQ 6LFKDUGW QLFKW GLPHQVLRQVWUHX DEVFKlW]HQ
5 | V N PLW
5 5HLFKZHLWH GHU $EVHQNXQJ >P@ V $EVHQNWLHIH >P@ N 'XUFKOlVVLJNHLWVEHLZHUW GHV %RGHQV >PV@
'LH 'XUFKOlVVLJNHLWHQ GHU %|GHQ ZHUGHQ QDFK ',1 %HVWLPPXQJ GHV :DVVHUGXUFK OlVVLJNHLWVEHLZHUWHV XQWHUVFKLHGHQ 7DEHOOH ± VHKU VFKZDFK GXUFKOlVVLJ
N PV
± VFKZDFK GXUFKOlVVLJ
PV d N d PV
± GXUFKOlVVLJ
PV N d PV
± VWDUN GXUFKOlVVLJ
PV N d PV
± VHKU VWDUN GXUFKOlVVLJ
PV ! N
7DEHOOH
*U|HQRUGQXQJ GHU 'XUFKOlVVLJNHLW YRQ %|GHQ (UIDKUXQJVZHUWH %RGHQDUW
'XUFKOlVVLJNHLWVEHLZHUW N >PV@ *UHQ]EHUHLFKH hEHUZLHJHQG
6WHLQH *HU|OO )HLQ ELV *URENLHV
! ELV
ELV
*UREVDQG 0LWWHOVDQG )HLQVDQG
ELV ELV ELV
ELV ELV
/HKP 6FKOXII /|
ELV ELV ELV
ELV ELV
7RQ
ELV
VFKOXIILJ ELV IHWW
*UXQGZDVVHUKDOWXQJHQ
'LH (QGWHXIH GHU %RKUXQJHQ LVW YRQ GHU $EVHQNWLHIH VRZLH YRQ GHU 'XUFKOlVVLJNHLW XQG GHU 6WUXNWXU GHV 8QWHUJUXQGHV DEKl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lUHQ *UXQGZDVVHUPHVVVWHOOHQ 3HJHOQ XQG JJI %UXQQHQ DXV]XEDXHQ XQG GRUW GLH 6SLHJHOK|KH VRZLH JJI GLH )OLHJHVFKZLQGLJNHLW ]X EHREDFKWHQ 'HU *UXQGZDV VHUVWDQG GLH )OLHULFKWXQJ XQG GLH )OLHJHVFKZLQGLJNHLW VLQG MDKUHV]HLWOLFKHQ 6FKZDQNXQ JHQ XQWHUZRUIHQ 'HVKDOE LVW HV IU GLH )HVWOHJXQJ GHU %HPHVVXQJVZDVVHUVWlQGH HUIRUGHUOLFK GLH %HREDFKWXQJHQ IUK]HLWLJ YRU GHU 0DQDKPH XQG LQ UHJHOPlLJHQ $EVWlQGHQ GXUFK]X IKUHQ :lKUHQG GHU %DXPDQDKPH N|QQHQ GLHVH 3HJHO ]XU .RQWUROOH GHU :LUNVDPNHLW GHU :DVVHUKDOWXQJ E]Z GHU :DVVHUDEVSHUUXQJ JHQXW]W ZHUGHQ 'HU WHPSRUlUH 6FKXW] XQG GHU DQVFKOLHHQGH 5FNEDX GHU 3HJHO LVW ]X EHDFKWHQ 9RU GHU %DXJUXQGHUNXQGXQJ LVW GLH 'XUFKOlVVLJNHLW XQG GLH 6WUXNWXU GHV %RGHQV VRZLH GLH $UW XQG 7LHIH GHU %DXJUXEHQXPVFKOLHXQJ XQEHNDQQW 'DKHU ZLUG HPSIRKOHQ GLH (QGWHXIH GHU %RKUXQJHQ JUR]JLJ ]X ZlKOHQ $XV GHP 3UREHPDWHULDO GHU %RKUXQJHQ ZHUGHQ QDFK RUJDQROHSWLVFKHU $QVSUDFKH UHSUlVHQWDWLYH 3UREHQ DXVJHZlKOW XQG ODERUWHFKQLVFK XQWHUVXFKW $XI GHU *UXQGODJH GHU 8QWHUVXFKXQJVHUJHEQLVVH ZHUGHQ 6FKLFKWHQYHU]HLFKQLVVH HUVWHOOW XQG ERGHQPHFKDQLVFKH .ODVVLILNDWLRQHQ GXUFKJHIKUW 'DUDXI DXIEDXHQG ZLUG GHU 8QWHUJUXQG DOV JHQHUDOLVLHUWHV ,QJHQLHXUPRGHOO LQ 6FKLFKWHQ PLW UHOHYDQWHQ %RGHQSDUDPHWHUQ XQG %HPHV VXQJVZDVVHUVWlQGHQ DEJHELOGHW 'LHVHV 0RGHOO GLHQW DOV *UXQGODJH IU GLH EDXWHFKQLVFKH 3ODQXQJ )U GHQ (QWZXUI GHU :DVVHUKDOWXQJ VLQG ]XVlW]OLFKH $QJDEHQ EHU HWZDLJH )HLQVFKLFKWXQ JHQ XQWHUVFKLHGOLFKH 'XUFKOlVVLJNHLWHQ MDKUHV]HLWOLFKH 6SLHJHOK|KHQlQGHUXQJHQ LQ P 11 XQG :DVVHUDQDO\VHQ ]XU %HXUWHLOXQJ GHU .RUURVLRQV XQG 9HURFNHUXQJVJHIDKU HWF QRWZHQ GLJ 'LH %RGHQGXUFKOlVVLJNHLW ZLUG QDFK ',1 XQWHUVXFKW )U EDXWHFKQLVFKH =ZHFNH LVW HV LP $OOJHPHLQHQ DXVUHLFKHQG GLH 'XUFKOlVVLJNHLW JUREN|UQLJHU %|GHQ QDFK GHU .RUQYHUWHL OXQJ ]X HUPLWWHOQ ',1 %HVWLPPXQJ GHU .RUQJU|HQYHUWHLOXQJ 1DFK +D]HQ EH WUlJW GLH 'XUFKOlVVLJNHLW IU UHLQHQ 6DQG
N PLW
G N 'XUFKOlVVLJNHLWVEHLZHUW GHV %RGHQV >PV@ G .RUQGXUFKPHVVHU EHL 6LHEGXUFKJDQJ >PP@
'XUFK GLH YHUEHVVHUWH )RUPHO YRQ %H\HU ZLUG ]XVlW]OLFK GLH 8QJOHLFKI|UPLJNHLW 8 XQG GLH /DJHUXQJVGLFKWH GHV %RGHQV EHUFNVLFKWLJW
N
F G
GG
*UXQGODJHQ GHU 3ODQXQJ XQG $XVIKUXQJ PLW
N 'XUFKOlVVLJNHLWVEHLZHUW GHV %RGHQV >PV@ F %HLZHUW QDFK %(PP@
'LH 'XUFKOlVVLJNHLW HLQHV %RGHQV ZLUG IU HLQH :DVVHUWHPSHUDWXU YRQ & DQJHJHEHQ %HL QLHGULJHUHQ 7HPSHUDWXUHQ YHUNOHLQHUW XQG EHL K|KHUHQ 7HPSHUDWXUHQ YHUJU|HUW VLFK GHU N :HUW %HLVSLHOVZHLVH EHWUlJW GLH 'XUFKOlVVLJNHLW EHL & N XQG EHL & N 'HV :HLWHUHQ ZLUG GLH 'XUFKOlVVLJNHLW GXUFK *DVHLQVFKOVVH ] % EHL :LHGHUYHUVLFNHUXQJHQ GHXWOLFK UHGX]LHUW =XYHUOlVVLJHU DOV /DERUXQWHUVXFKXQJHQ VLQG 'XUFKOlVVLJNHLWVYHUVXFKH LP *HOlQGH 'DKHU VLQG 3UREHDEVHQNXQJHQ EHL XPIDQJUHLFKHQ :DVVHUKDOWXQJHQ ]X HPSIHKOHQ XQG EHL KHWHURJH QHP %DXJUXQG VRJDU HUIRUGHUOLFK %HL HLQHU 3UREHDEVHQNXQJ ZHUGHQ GLH LQ HLQHP %UXQQHQ HQWQRPPHQH :DVVHUPHQJH T VRZLH PLQGHVWHQ ]ZHL 3HJHOVWlQGH GHV $EVHQNWULFKWHUV LP VWDWLRQlUHQ =XVWDQG JHPHVVHQ %LOG $XV GLHVHQ :HUWHQ NDQQ GLH 'XUFKOlVVLJNHLW GHV %RGHQV HUPLWWHOW ZHUGHQ N
PLW
T OQ [ OQ [ S \ \
N T [ \
%LOG
'XUFKOlVVLJNHLWVEHLZHUW GHV %RGHQV >PV@ )|UGHUUDWH GHV %UXQQHQV >PV@ $EVWDQG GHV 3HJHOV YRP %UXQQHQ >P@ 6SLHJHOK|KH LP 3HJHO >P@
3HJHODQRUGQXQJ IU HLQH 3UREHDEVHQNXQJ
*UXQGZDVVHUKDOWXQJHQ
:HLWHUH 0|JOLFKNHLWHQ ]XU %HVWLPPXQJ GHU 'XUFKOlVVLJNHLW VLQG 9HUVLFNHUXQJVYHUVXFKH (LQVFKZLQJYHUVXFKH N ! PV 3DFNHUYHUVXFKH )HVWJHVWHLQ 6OXJ%DLO7HVWV NXU]H 6SLHJHOlQGHUXQJHQ LP 3HJHO%UXQQHQ EHL N PV VRZLH 0DUNLHUXQJVYHUVXFKH 7UDFHU YHUVXFKH XQG )ORZPHWHU7HVWV )OLHJHVFKZLQGLJNHLWVPHVVXQJHQ 'LH 3ODQXQJ 'XUFKIK UXQJ XQG $XVZHUWXQJ GLHVHU 8QWHUVXFKXQJHQ HUIRUGHUW EHVRQGHUH )DFKNHQQWQLVVH 'DIU VLQG JHHLJQHWH )DFKOHXWH HLQ]XVFKDOWHQ %HL OlQJHUIULVWLJHQ :DVVHUKDOWXQJHQ LQVEHVRQGHUH EHL HLQHU :LHGHUYHUVLFNHUXQJ GHV *UXQG ZDVVHUV XQG EHL SRWHQWLHOOHQ .RQWDPLQDWLRQHQ PVVHQ :DVVHUDQDO\VHQ GXUFKJHIKUW ZHU GHQ 'LH $QDO\VHQ VROOHQ GHQ RULJLQlUHQ =XVWDQG LP +LQEOLFN DXI GLH :DVVHUKDOWXQJ .RUUR VLRQV 9HURFNHUXQJV 9HUVLQWHUXQJV 9HUVWRSIXQJVJHIDKU EHVFKUHLEHQ =XVlW]OLFK VROOHQ 3URJQRVHQ EHU P|JOLFKH 9HUlQGHUXQJHQ GHV :DVVHUV DXV GHU :HFKVHOZLUNXQJ ]ZLVFKHQ GHP %DXYHUIDKUHQ XQG GHP :DVVHU E]Z %RGHQ HUP|JOLFKW ZHUGHQ 'DUEHU KLQDXV VLQG $QDO\VHQ YRU XQG ZlKUHQGQDFK GHU 0DQDKPH EHL GHU %HZHUWXQJ GHV (LQJULIIV LQ GHQ *UXQGZDVVHUKDXVKDOW KLOIUHLFK %DXFKHPLVFKH 8QWHUVXFKXQJHQ ]XU %DXVWRIIDJJUHVVLYLWlW VLQG QXU EHGLQJW EUDXFKEDU )U GLH $QDO\WLN XQG %HZHUWXQJ GHU :DVVHUDQDO\VHQ HPSILHKOW VLFK DXFK LQ |NRFKHPLVFKHU +LQVLFKW GLH (LQVFKDOWXQJ HQWVSUHFKHQGHU )DFKOHXWH
9HUIDKUHQ GHU :DVVHUKDOWXQJ XQG :DVVHUDEVSHUUXQJ (LQ %DXZHUN ZLUG EHYRU]XJW LQ HLQHU WURFNHQHQ %DXJUXEH KHUJHVWHOOW (LQH :DVVHUKDOWXQJ E]Z DEVSHUUXQJ LVW HUIRUGHUOLFK ZHQQ REHUKDOE GHU JHSODQWHQ %DXJUXEHQVRKOH *UXQGZDVVHU DQVWHKW +LHUIU ZHUGHQ SULQ]LSLHOO GUHL YHUVFKLHGHQH 9HUIDKUHQ DQJHZDQGW ± *UXQGZDVVHUDEVHQNXQJ ± *UXQGZDVVHUDEVSHUUXQJ ± *UXQGZDVVHUYHUGUlQJXQJ %HL HLQHU *UXQGZDVVHUDEVHQNXQJ ZLUG GHU *UXQGZDVVHUVSLHJHO GXUFK HLQH RIIHQH :DVVHUKDO WXQJ YJO .DSLWHO RGHU GXUFK %UXQQHQ PLW 6FKZHUNUDIW RGHU 9DNXXPHQWZlVVHUXQJ YJO .DSLWHO ELV XQWHU GLH %DXJUXEHQVRKOH DEJHVHQNW (LQH *UXQGZDVVHUDEVSHUUXQJ PLWWHOV 6SXQG %RKUSIDKO 6FKOLW] RGHU 'VHQVWUDKOZlQGH YJO .DSLWHO ELV .DSLWHO XQWHUELQGHW GHQ VHLWOLFKHQ :DVVHU]XVWURP ]XU %DXJUXEH 8P ]X YHUKLQGHUQ GDVV :DVVHU YRQ XQWHQ LQ GLH %DXJUXEH HLQGULQJW PVVHQ GLH 9HUEDX ZlQGH LQ HLQH ZDVVHUXQGXUFKOlVVLJH 6FKLFKW HLQELQGHQ :HQQ NHLQH XQGXUFKOlVVLJH %RGHQ VFKLFKW LQ WHFKQLVFK XQG ZLUWVFKDIWOLFK HUUHLFKEDUHU 7LHIH DQVWHKW PXVV GHU %DXJUXQG ] % GXUFK HLQH ,QMHNWLRQV RGHU 8QWHUZDVVHUEHWRQVRKOH YJO .DSLWHO XQG .DSLWHO DE JHGLFKWHW ZHUGHQ %HL *UXQGZDVVHUDEVSHUUXQJHQ ZLUG YRQ HLQHU JHVFKORVVHQHQ *UXQGZDV VHUKDOWXQJ JHVSURFKHQ (LQH ZHLWHUH 0|JOLFKNHLW %DXJUXEHQVRKOHQ RGHU )HKOVWHOOHQ LQ 6FKOLW] %RKUSIDKO XQG 6SXQGZlQGHQ DE]XGLFKWHQ LVW GDV 9HUIDKUHQ GHU %RGHQYHUHLVXQJ $XIJUXQG GHU KRKHQ ( QHUJLHNRVWHQ ZLUG GLHVH 0HWKRGH MHGRFK QXU LQ 6RQGHUIlOOHQ DQJHZDQGW
*UXQGODJHQ GHU 3ODQXQJ XQG $XVIKUXQJ
%HL GHU *UXQGZDVVHUYHUGUlQJXQJ ZLUG GDV :DVVHU GXUFK 'UXFNOXIW DXV GHP $UEHLWVUDXP IHUQJHKDOWHQ 'LHV ZLUG ] % PLW GHP (LQVDW] YRQ 6HQNNlVWHQ HUP|JOLFKW 'LHVHV %DXYHUIDK UHQ LVW DXI 6RQGHUIlOOH ZLH ] % EHLP 7XQQHOEDX EHL GHU *UQGXQJ YRQ %UFNHQSIHLOHUQ RGHU 6HHVFKLIIVNDMHQ EHVFKUlQNW 'LH :DKO HLQHV JHHLJQHWHQ 9HUIDKUHQV ULFKWHW VLFK LP :HVHQWOLFKHQ QDFK GHQ IROJHQGHQ 5DQGEHGLQJXQJHQ ± *U|H XQG )RUP GHU %DXJUXEH ± $EVHQNWLHIH GHV *UXQGZDVVHUVSLHJHOV ± %DXJUXQGYHUKlOWQLVVH %RGHQDUW 6FKLFKWXQJ 'XUFKOlVVLJNHLW ± :DVVHUYHUKlOWQLVVH JHVSDQQWHVQLFKW JHVSDQQWHV *UXQGZDVVHU *UXQGZDVVHUVWRFNZHUNH ± *HIlKUGXQJ GHU 1DFKEDUEHEDXXQJ 9HUNHKUVZHJH XQG /HLWXQJHQ ± 3ODW]YHUKlOWQLVVH ± YRUJHVHKHQH %DXJUXEHQVLFKHUXQJ 'LH JHQHUHOOHQ 9RU XQG 1DFKWHLOH GHU GUHL 9HUIDKUHQ ]XU :DVVHUKDOWXQJ VLQG LQ GHU 7DEHOOH ]XVDPPHQJHVWHOOW 7DEHOOH 9RU XQG 1DFKWHLOH GHU :DVVHUKDOWXQJVYHUIDKUHQ :DVVHUKDOWXQJV YHUIDKUHQ *UXQGZDVVHU DEVHQNXQJ
*UXQGZDVVHU DEVSHUUXQJ
*UXQGZDVVHU YHUGUlQJXQJ GXUFK 'UXFNOXIW
9RUWHLO
1DFKWHLO
NRVWHQJQVWLJ LQ YLHOHQ %|GHQ DQZHQGEDU WHFKQLVFK HLQIDFK GXUFKIKUEDU PLW MHGHU 9HUEDXDUW NRPELQLHUEDU NHLQH :DVVHUGUXFNEHODVWXQJ GHU 9HUEDXZlQGH
9RUODXI]HLW YRU $XVKXEEHJLQQ HUIRUGHUOLFK 3ODW]EHGDUI IU %UXQQHQ JURHU (LQ]XJVEHUHLFK ZDVVHUKDXVKDOWVUHFKWOLFKH 3UREOHPH 6HW]XQJVJHIDKU IU EHQDFKEDUWH %DXZHUNH LQ .LHVHQ ZHJHQ GHV VWDUNHQ :DVVHUDQGUDQJHV KlXILJ QLFKW DQZHQGEDU 9HUEDXZlQGH PVVHQ ZDVVHUGLFKW VHLQ XQG DXI :DVVHUGUXFN EHPHVVHQ ZHUGHQ KlXILJ QXU ZLUWVFKDIWOLFK EHL HLQHU ZDVVHU XQGXUFKOlVVLJHQ %RGHQVFKLFKW LQ JHULQJHU 7LHIH QLFKW ]XUFNJHEDXWH YHUWLNDOH $EGLFKWXQJHQ 6FKOLW] %RKUSIDKOZDQG N|QQHQ GDXHUKDIW GLH *UXQGZDVVHUVWU|PXQJ EHHLQIOXVVHQ
LQ DOOHQ %|GHQ DQZHQGEDU NHLQH NRQWLQXLHUOLFKH (QWQDKPH YRQ *UXQGZDVVHU HUIRUGHUOLFK NHLQH 6HW]XQJVJHIDKU IU EHQDFK EDUWH %DXZHUNH LQIROJH HLQHU :DVVHUKDOWXQJ %UXQQHQ VLQG QXU IU GLH (QWZlV VHUXQJ GHU %DXJUXEH HUIRUGHUOLFK LQ SUDNWLVFK DOOHQ %|GHQ DQZHQG EDU NHLQH *UXQGZDVVHUHQWQDKPH HUIRUGHUOLFK
KRKH .RVWHQ DXIJUXQG GHU $UEHLWHQ XQWHU 'UXFNOXIW $QZHQGXQJ JHQHUHOO DXI P XQWHUKDOE GHV *UXQGZDVVHUVSLHJHOV EHJUHQ]W QXU IU NRPSDNWH %DXZHUNH ] % %UFNHQSIHL OHU (LQ]HOEO|FNH YRQ 7XQQHOQ JHHLJQHW GD GDV %DXZHUN DOV *DQ]HV DEJHVHQNW ZLUG UHJHOPlLJHU %DXZHUNVJUXQGULVV HUIRUGHUOLFK ] % NUHLVI|UPLJ RGHU UHFKWHFNLJ
*UXQGZDVVHUKDOWXQJHQ
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lLJNHLW GHU $QODJH 'HU 8QWHUQHKPHU LVW IU HLQH WHFKQLVFK HLQ ZDQGIUHLH +HUVWHOOXQJ XQG %HWUHLEXQJ ]XVWlQGLJ ,P ]ZHLWHQ )DOO LVW GHU 8QWHUQHKPHU IU GLH 3ODQXQJ GHU *UXQGZDVVHUDEVHQNXQJ YHUDQWZRUWOLFK $OOHUGLQJV EOHLEW GLH *HZlKUOHLVWXQJ IU GLH 5LFKWLJNHLW GHU IU GLH $XVVFKUHLEXQJ QRWZHQGLJHQ $QJDEHQ JUXQGVlW]OLFK EHLP %DX KHUUQ 'LHVHU PXVV GLH $QJHERWH KLQVLFKWOLFK GHU 3UHLVH XQG GHU WHFKQLVFKHQ (LJQXQJ EHU SUIHQ 'DPLW GHU 8QWHUQHKPHU HLQ $QJHERW HUVWHOOHQ NDQQ VLQG IDOOZHLVH GLH IROJHQGHQ $Q JDEHQ LQ GHQ $XVVFKUHLEXQJVXQWHUODJHQ HUIRUGHUOLFK ± =ZHFN 8PIDQJ $EVHQNXQJV]LHO XQG XQJHIlKUH 'DXHU GHU *UXQGZDVVHUDEVHQNXQJ ± %RGHQVFKLFKWXQJ XQG 'XUFKOlVVLJNHLW ± +|KH GHV XQEHHLQIOXVVWHQ *UXQGZDVVHUVSLHJHOV XQG GHVVHQ 6FKZDQNXQJHQ ± $QJDEHQ EHU *HZlVVHU RGHU :DVVHUHQWQDKPHQ GLH GLH *UXQGZDVVHUDEVHQNXQJ EHHLQ IOXVVHQ N|QQHQ HLQVFKO :DVVHUDQDO\VHQ ± (LQEH]LHKHQ YRQ 2EHUIOlFKHQ 6LFNHU RGHU 6FKLFKWHQZDVVHU REHUKDOE GHV XQEHHLQIOXVV WHQ *UXQGZDVVHUVSLHJHOV HLQVFKO %HPHVVXQJVQLHGHUVFKODJ ± %DXJUXEHQDEPHVVXQJHQ *UQGXQJVWLHIHQ *UQGXQJVDUWHQ XQG /DVWHQ EHQDFKEDUWHU %H EDXXQJ ± =XVWDQG GHU YRQ GHU $EVHQNXQJ EHWURIIHQHQ EDXOLFKHQ $QODJHQ YRU %HJLQQ GHU *UXQG ZDVVHUDEVHQNXQJ XQG 9HUWHLOXQJ GHU +DIWXQJ EHL HLQWUHWHQGHQ 6FKlGHQ ± %HVRQGHUH 0DQDKPHQ ]XP 6FKXW] EHQDFKEDUWHU *UXQGVWFNH XQG %DXZHUNH ± )OlFKH XQG JHIRUGHUWHU *UXQGZDVVHUVWDQG IU 2EMHNWH GLH GXUFK HLQH :LHGHUYHUVLFNHUXQJ ]X VFKW]HQ VLQG ± 0D[LPDO P|JOLFKH (UK|KXQJ GHV *UXQGZDVVHUVWDQGHV EHL HLQHU :LHGHUYHUVLFNHUXQJ EHL IHKOHQGHP 9RUIOXWHU ± %DXDEODXI XQG %DX]HLWHQSOlQH VRZHLW QLFKW GXUFK GHQ 8QWHUQHKPHU EHVWLPPW ± %HWULHEVGDXHU %UXQQHQEHWULHEVWDJH GHU $QODJH DOV $EUHFKQXQJVEDVLV ± 9RUKDOWHGDXHU %UXQQHQYRUKDOWHWDJH GHU $QODJH DOV $EUHFKQXQJVEDVLV ± :DUWXQJVGDXHU GHU $QODJH LQ .DOHQGHUWDJHQ DOV $EUHFKQXQJVEDVLV
*UXQGODJHQ GHU 3ODQXQJ XQG $XVIKUXQJ
± /DJH XQG $XIQDKPHIlKLJNHLW GHV 9RUIOXWHUV $EOHLWXQJ LQ *HULQQHQ RGHU JHVFKORVVHQHQ /HLWXQJHQ JJI EHU EHVRQGHUH %DXZHUNH ] % 5RKUEUFNHQ ± $QJDEHQ EHU GLH 6WURPYHUVRUJXQJ ± $Q]DKO XQG %HVFKUHLEXQJ GHU (QWQDKPHEUXQQHQ HLQVFKOLHOLFK $EGLFKWXQJHQ DOOHU HU IRUGHUOLFKHQ $UPDWXUHQ XQG *HUlWH ]XU %UXQQHQVlXEHUXQJUHJHQHULHUXQJ ± /HLVWXQJVDQJDEHQ IU GLH HLQ]HOQHQ 3XPSHQ ± 'XUFKPHVVHU XQG /lQJH GHU 5RKUOHLWXQJHQ ± $UW XQG 6WlUNH GHU 1RWVWURPYHUVRUJXQJ ± (UIRUGHUOLFKH 6LFKHUKHLWVHLQULFKWXQJHQ ± $UW XQG 8PIDQJ YRU]XVHKHQGHU 5HVHUYHDQODJHQ ± 8PVWHOOXQJHQ GHU :DVVHUDEVHQNXQJVDQODJH EHLP )RUWVFKUHLWHQ GHU %DXDUEHLWHQ ± 9HUVFKOLHHQ YRQ %UXQQHQ ] % DXIJUXQG EHK|UGOLFKHU $XIODJHQ ± (LQEDX YRQ :DVVHUPHVVYRUULFKWXQJHQ ± $Q]DKO XQG $UW GHU 0HVVSHJHO ± $UW XQG 8PIDQJ GHU 3UIXQJHQ XQG JJI %HKDQGOXQJ GHV JHI|UGHUWHQ :DVVHUV DXIJUXQG EHK|UGOLFKHU $XIODJHQ ± (LQEDX GHU $QODJH LQQHUKDOE RGHU DXHUKDOE GHU %DXJUXEH ± %RKUHEHQH IU GLH +HUVWHOOXQJ GHU $EVHQNXQJV XQG 9HUVLFNHUXQJVEUXQQHQ ± 0DQDKPHQ ]XP 6FKXW] GHV %DXZHUNV JHJHQ $XIVFKZLPPHQ EHL XQEHDEVLFKWLJWHP YRU ]HLWLJHP $QVWHLJHQ GHV :DVVHUV ± 9RUNHKUXQJHQ IU (UZHLWHUXQJVP|JOLFKNHLWHQ GHU *UXQGZDVVHUDEVHQNXQJVDQODJH
*UXQGZDVVHUDEVSHUUXQJ %HL HLQHU *UXQGZDVVHUDEVSHUUXQJ VLQG IU HLQH RUGQXQJVJHPlH /HLVWXQJVEHVFKUHLEXQJ YRP %DXKHUUQ LQVEHVRQGHUH IROJHQGH $QJDEHQ DXI]XIKUHQ ± *UQGXQJVWLHIHQ *UQGXQJVDUWHQ XQG /DVWHQ EHQDFKEDUWHU %HEDXXQJ ± =XVlW]OLFKH %HODVWXQJ GHV 9HUEDXV ± %DXJUXEHQDEPHVVXQJ +|KHQODJH GHU 2EHUNDQWH GHV 9HUEDXV ± %HVRQGHUH $QIRUGHUXQJHQ DQ GLH 'LFKWLJNHLW ± 9HUERW YRQ $EVWHLIXQJHQ GHV 9HUEDXV JHJHQ HLQ %DXZHUN ] % ZHJHQ $EGLFKWXQJVDU EHLWHQ ± $XVELOGXQJ GHU $QVFKOVVH DQ GDV %DXZHUN ± 9RUKDOWHQ RGHU /LHIHUQ YRQ %DXWHLOHQ XQG VWRIIHQ ± /DJH XQG $UW GHU IU GHQ 9HUNHKU YRU]XVHKHQGHQ hEHUIDKUWHQ XQG hEHUJlQJH
*UXQGZDVVHUKDOWXQJHQ
3URMHNWLHUXQJ XQG hEHUZDFKXQJ GHU :DVVHUKDOWXQJ %HL GHP (QWZXUI XQG GHU 3ODQXQJ HLQHU :DVVHUKDOWXQJVPDQDKPH PVVHQ LP (LQ]HOQHQ EHL GHQ LP .DSLWHO HUOlXWHUWHQ $VSHNWHQ ZHLWHUH (LQIOVVH EHUFNVLFKWLJW ZHUGHQ =XP %HL VSLHO VLQG EHL HLQHU *UXQGZDVVHUKDOWXQJ PLW %UXQQHQ GLH $XVZLUNXQJHQ HLQHU *UXQGZDVVHU DEVHQNXQJ ]X XQWHUVXFKHQ 0|JOLFKH 3UREOHPH OLHJHQ EHLVSLHOVZHLVH LQ GHU 6HW]XQJVJHIDKU GHV XPOLHJHQGHQ %RGHQV GHU %HHLQIOXVVXQJ GHV :DVVHUKDXVKDOWHV XQG GHU 6FKlGLJXQJ GHU )ORUD 'LHVH )DNWRUHQ ZHUGHQ LP )ROJHQGHQ QlKHU HUOlXWHUW
%HHLQIOXVVXQJ GHU 1DFKEDUEHEDXXQJ GXUFK 6HW]XQJHQ $Q EHQDFKEDUWHQ EDXOLFKHQ $QODJHQ N|QQHQ DXIJUXQG YRQ *UXQGZDVVHUDEVHQNXQJHQ 6HW ]XQJVVFKlGHQ DXIWUHWHQ 'LH 6FKlGHQ ZHUGHQ GXUFK HLQH bQGHUXQJ GHU 6SDQQXQJVYHUKlOWQLV VH LP %RGHQ YHUXUVDFKW 'HU GXUFK GLH $EVHQNXQJ HQWIDOOHQGH $XIWULHE EHZLUNW HLQH (UK| KXQJ GHU ZLUNVDPHQ 6SDQQXQJHQ LP .RUQJHUVW 'LHVH ]XVlW]OLFKHQ 6SDQQXQJHQ IKUHQ ]X HLQHU =XVDPPHQGUFNXQJ E]Z HLQHU 6HW]XQJ GHV %DXJUXQGHV 'D GHU $EVHQNWULFKWHU GHV *UXQGZDVVHUV MH QDFK %RGHQGXUFKOlVVLJNHLW VWDUN JHNUPPW VHLQ NDQQ N|QQHQ JJI JURH 6HW]XQJVGLIIHUHQ]HQ DXIWUHWHQ %HL HLQHU :LHGHUYHUVLFNHUXQJ VLQG 6HW]XQJHQ LQIROJH 6HQ NXQJHQ6DFNXQJHQ EHL :DVVHUVlWWLJXQJ YRUPDOV WHLOJHVlWWLJWHU 6FKLFKWHQ P|JOLFK 9RU %HJLQQ HLQHU :DVVHUKDOWXQJVPDQDKPH LVW HLQH 8QWHUVXFKXQJ GHU *UQGXQJVDUW XQG WLHIH GHU 1DFKEDUEHEDXXQJ HUIRUGHUOLFK 'HU =XVWDQG GHU %HEDXXQJ VROO LQ HLQHP %HZHLVVL FKHUXQJVYHUIDKUHQ GRNXPHQWLHUW ZHUGHQ :lKUHQG GHU :DVVHUKDOWXQJ VLQG HYHQWXHOO DXIWUH WHQGH 6HW]XQJHQ GHU 1DFKEDUJHElXGH ] % GXUFK 1LYHOOHPHQWV ]X EHUZDFKHQ XQG LQJHQL HXUWHFKQLVFK ]X EHZHUWHQ )DOOV GLH *UXQGZDVVHUDEVHQNXQJ EHQDFKEDUWH 9HUVRUJXQJVEUXQQHQ ] % YRQ ,QGXVWULHEHWULH EHQ EHHLQIOXVVW VLQG ]XVlW]OLFKH 8QWHUVXFKXQJHQ0DQDKPHQ HUIRUGHUOLFK
%HHLQIOXVVXQJ GHV :DVVHUKDXVKDOWHV %HL HLQHU *UXQGZDVVHUDEVHQNXQJ ZLUG HQWZHGHU :DVVHU HQWQRPPHQ XQG LQ HLQHQ $EZDVVHU NDQDO E]Z 9RUIOXWHU DEJHOHLWHW RGHU GDV :DVVHU ZLUG WHLOZHLVH RGHU YROOVWlQGLJ ZLHGHUYHUVL FNHUW 'LH (QWQDKPH GHV :DVVHUV EHHLQWUlFKWLJW GHQ QDWUOLFKHQ *UXQGZDVVHUKDXVKDOW HUKHEOLFK 'LH $EOHLWXQJ GHV :DVVHUV NDQQ SUREOHPDWLVFK VHLQ =XP %HLVSLHO N|QQHQ ]XVlW]OLFKH VWDUNH 5HJHQIlOOHQ ]XU hEHUODVWXQJ YRQ $EZDVVHUV\VWHPHQ IKUHQ (LQH :LHGHUYHUVLFNHUXQJ GHV :DVVHUV NDQQ VLQQYROO VHLQ 'LH 9HUVLFNHUXQJVIOlFKH PXVV ZHLW JHQXJ YRP $EVHQNWULFKWHU HQWIHUQW OLHJHQ GDPLW GDV DEJHIKUWH :DVVHU QLFKW VRIRUW GHU %UXQQHQDQODJH ]XIOLHW (LQH :LHGHUYHUVLFNHUXQJ LVW DXV EDXWHFKQLVFKHQ $VSHNWHQ LQVEHVRQGHUH EHL *UXQGZDVVHUDEVSHU UXQJHQ EHL GHQHQ QXU GDV GXUFK GLH %DXJUXEHQVRKOH HLQWUHWHQGH :DVVHU DEJHSXPSW ZLUG 5HVWZDVVHUKDOWXQJ VLQQYROO
*UXQGODJHQ GHU 3ODQXQJ XQG $XVIKUXQJ
'DV $ESXPSHQ XQG GLH :LHGHUYHUVLFNHUXQJ GHV *UXQGZDVVHUV ELUJW MHGRFK |NRORJLVFKH 3UREOHPH ZHQQ GDV :DVVHU GXUFK GLH %DXPDQDKPH ] % GXUFK =HPHQW gO HWF YHUXQUHL QLJW LVW %HL GHU :LHGHUYHUVLFNHUXQJ ZLUG GDV NRQWDPLQLHUWH :DVVHU GLUHNW GHP *UXQGZDVVHU ]XJHIKUW =XGHP N|QQHQ GXUFK GLH bQGHUXQJ GHU *UXQGZDVVHUK\GUDXOLN ELVODQJ XQEHNDQQWH $OWODVWHQ PRELOLVLHUW XQG YHUVFKOHSSW ZHUGHQ )HUQHU NDQQ GHU :DVVHUKDXVKDOW QDFK %HHQGLJXQJ GHU $EVHQNXQJ GXUFK LP %RGHQ YHUEOHL EHQGH %UXQQHQ JHVW|UW ZHUGHQ :HQQ HLQ $EVHQNXQJVEUXQQHQ YHUVFKLHGHQH :DVVHUKRUL]RQWH HUIDVVW N|QQHQ GLHVH PLWHLQDQGHU LQ 9HUELQGXQJ WUHWHQ ZHQQ EHL GHU %UXQQHQKHUVWHOOXQJ NHLQH $EGLFKWXQJ LP %HUHLFK GHU 6SHUUVFKLFKW DQJHEUDFKW ZXUGH 'LHV LVW EHVRQGHUV SUREOH PDWLVFK ZHQQ GDGXUFK HLQ :DVVHUKRUL]RQW GHU ]XU :DVVHUYHUVRUJXQJ JHQXW]W ZLUG YHUXQ UHLQLJW ZLUG
%HHLQIOXVVXQJ GHU )ORUD %HL GHU 'XUFKIKUXQJ HLQHU *UXQGZDVVHUDEVHQNXQJ PXVV GLH EHQDFKEDUWH )ORUD EHREDFKWHW ZHUGHQ GD GXUFK GLH $EVHQNXQJ GHQ 3IODQ]HQ GDV :DVVHU HQW]RJHQ ZLUG ZDV ]X LUUHSDUDE OHQ 6FKlGHQ IKUHQ NDQQ ,Q GHQ $XVVFKUHLEXQJVXQWHUODJHQ E]Z VSlWHVWHQV LP %DXYHUWUDJ PXVV GDV $EVHQN]LHO IU GDV MHZHLOLJH %DXYHUIDKUHQ IHVWJHOHJW ZHUGHQ )HUQHU VROO EHL GHU 3URMHNWLHUXQJ GHU %DXPDQDK PH GHU %HPHVVXQJVZDVVHUVWDQG VRZLH GLH ]XOlVVLJH $EVHQNXQJ DXHUKDOE GHU %DXJUXEH KLQ VLFKWOLFK GHU *HIlKUGXQJ GHU 1DFKEDUEHEDXXQJ)ORUD GHILQLHUW ZHUGHQ 'LH PD[LPDOH )|U GHUUDWH EHL GHU :DVVHUYHUEULQJXQJ E]Z GLH :DVVHUDXIQDKPHIlKLJNHLW GHV 9RUIOXWHUV PXVV IHVWJHVHW]W ZHUGHQ %HL *UXQGZDVVHUDEVSHUUXQJHQ LVW HLQ *UHQ]ZHUW IU GLH ]XOlVVLJH 5HVW ZDVVHUPHQJH YRU]XJHEHQ 'LHVHU *UHQ]ZHUW UHJHOW GLH 0HQJH GHV LQ GLH %DXJUXEH HLQWUHWHQGHQ 5HVWZDVVHUV JOREDO G K EH]RJHQ DXI GLH JHVDPWH %DXJUXEHQEHJUHQ]XQJ XQG ORNDO G K SUR :DVVHUHLQWULWWVWHOOH =XU hEHUZDFKXQJ HLQHU :DVVHUKDOWXQJ JHK|UW QHEHQ GHQ YRUDE EHVFKULHEHQHQ )DNWRUHQ GLH $XIVWHOOXQJ XQG 'XUFKIKUXQJ HLQHU 4XDOLWlWVVLFKHUXQJ )HUQHU LVW HV $XIJDEH GHU %DXEHUZDFKXQJ GLH 0HQJH E]Z 9RUKDOWH]HLW GHV 0DWHULDOV XQG GHU *HUlWH VRZLH GLH %HWULHEV]HLW GHU $QODJH XQG GLH $UEHLWV]HLW GHU %HGLHQXQJVPDQQVFKDIW DOV $EUHFKQXQJVJUXQGODJH ]X SUIHQ 'LH $EUHFKQXQJVHLQKHLWHQ VLQG LQ GHU ',1 :DVVHUKDOWXQJVDUEHLWHQ JHUHJHOW
7HFKQLVFKH %HJULIIH XQG $ENU]XQJHQ =XP EHVVHUHQ 9HUVWlQGQLV GHU 9HUIDKUHQVWHFKQLN GHU *UXQGZDVVHUKDOWXQJ ZHUGHQ GLH YHU ZHQGHWHQ )DFKEHJULIIH GHU *UXQGZDVVHUDEVHQNXQJ LQ $QOHKQXQJ DQ GLH ',1 ± +\GURORJLH XQG GHU *UXQGZDVVHUDEVSHUUXQJ HUOlXWHUW
$EVHQNWLHIH $EVHQNWULFKWHU $EVHQN]LHO $QUDLQHU $TXLIHU $UWHVLVFKHV *UXQGZDVVHU $XIVFKOXVVERKUXQJ %HPHVVXQJVZDVVHUVWDQG %RGHQDQDO\WLN 'XUFKOlVVLJNHLWVEHLZHUW ($% )LOWHUVWDELOLWlW )|UGHUK|KH *HNHUQWH %RKUXQJ *HVSDQQWHV *UXQGZDVVHU *UXQGZDVVHU *UXQGZDVVHUDEVHQNXQJ *UXQGZDVVHUGUXFNIOlFKH *UXQGZDVVHUHQWVSDQQXQJ *UXQGZDVVHUKHPPHU *UXQGZDVVHUKRUL]RQW *UXQGZDVVHUOHLWHU *UXQGZDVVHUQLFKWOHLWHU *UXQGZDVVHUREHUIOlFKH
*UXQGZDVVHUVRKOH
*UXQGZDVVHUKDOWXQJHQ JLEW GLH 7LHIH DQ ELV ]X GHU GDV *UXQGZDVVHU LQ HLQHP %UXQQHQ DEJHVHQNW ZHUGHQ NDQQ E]Z ZLUG EHVFKUHLEW GHQ 9HUODXI GHV DEJHVHQNWHQ *UXQGZDVVHUVSLH JHOV EHVFKUHLEW GLH HUIRUGHUOLFKH $EVHQNWLHIH LVW HLQ EHQDFKEDUWHV *HZlVVHU %DXZHUN HWF LVW HLQH JUXQGZDVVHUIKUHQGH %RGHQVFKLFKW KDW HLQH 'UXFNIOlFKH EHU GHU *UXQGZDVVHU XQG (UGREHU IOlFKH LVW HLQH %RKUXQJ GLH ]XU 8QWHUVXFKXQJ%HVWLPPXQJ GHV DQVWHKHQGHQ %RGHQV GLHQW LVW GHU :DVVHUVWDQG GHU IU GLH %HPHVVXQJ ]XJUXQGH JHOHJW ZLUG XPIDVVW GLH %RGHQDQDO\VH ]XU %HVFKUHLEXQJ GHV RULJLQlUHQ =XVWDQGHV GHV %RGHQV EHVFKUHLEW GLH :DVVHUGXUFKOlVVLJNHLW HLQHV %RGHQV N :HUW (PSIHKOXQJHQ GHV $UEHLWVDXVVFKXVVHV Ä8IHUHLQIDVVXQJHQ³ +lIHQ XQG :DVVHUVWUDHQ EHVFKUHLEW GHQ :LGHUVWDQG JHJHQ $XVZDVFKHQ YRQ %RGHQ SDUWLNHOQ EHL HLQHU 'XUFKVWU|PXQJ PLW :DVVHU LVW GLH +|KH ELV ]X GHU HLQH 3XPSH :DVVHU I|UGHUQ NDQQ LVW HLQH %RKUXQJ EHL GHU GHU YROOVWlQGLJH %RKUNHUQ JH NHUQWH %RGHQSUREH HQWQRPPHQ ZLUG KDW HLQH 'UXFNIOlFKH REHUKDOE GHU *UXQGZDVVHUREHUIOlFKH IOOW +RKOUlXPH GHV 8QWHUJUXQGHV ]XVDPPHQKlQJHQG DXV LVW GLH 'LIIHUHQ] ]ZLVFKHQ GHP :DVVHUVSLHJHO DXHUKDOE GHU :DVVHUKDOWXQJ XQG GHV %UXQQHQV LVW GHU 2UW GHU 6WDQGURKUVSLHJHOK|KHQ LVW GLH 5HGX]LHUXQJ GHU *UXQGZDVVHUGUXFNIOlFKH LVW HLQH LP 9HUJOHLFK ]X GHQ EULJHQ %RGHQVFKLFKWHQ JHULQJ GXUFKOlVVLJH 6FKLFKW LVW GHU %HUHLFK LQ GHP *UXQGZDVVHU DQVWHKW VLQG JHHLJQHW :DVVHU ZHLWHU]XOHLWHQ $TXLIHU VLQG EDXSUDNWLVFK XQGXUFKOlVVLJH %RGHQVFKLFKWHQ LVW GLH REHUH *UHQ]IOlFKH GHV *UXQGZDVVHUV HLQH IUHLH *UXQGZDVVHUREHUIOlFKH HQWVSULFKW GHU *UXQGZDVVHUGUXFN IOlFKH LVW GLH XQWHUH *UHQ]IOlFKH HLQHV *UXQGZDVVHUOHLWHUV
*UXQGODJHQ GHU 3ODQXQJ XQG $XVIKUXQJ *UXQGZDVVHUVSLHJHO *UXQGZDVVHUVWDXHU *UXQGZDVVHUVWRFNZHUN LQ VLWX 1DWUOLFKH %DUULHUH 2UJDQROHSWLVFKH $QVSUDFKH 3HJHO
3UREHDEVHQNXQJ
4XHOOH 5HLFKZHLWH 5HVWZDVVHUKDOWXQJ
6LFNHUZDVVHU 7HXIH 7KL[RWURSLH XQYROONRPPHQH %UXQQHQ 9RUIOXWHU 9HURFNHUXQJ :DVVHUDQDO\WLN :+* :LHGHUYHUVLFNHUXQJ
LVW GLH JHJHQ GLH $WPRVSKlUH DXVJHJOLFKHQH )OlFKH GHV *UXQGZDVVHUV LVW HLQH ZDVVHUXQGXUFKOlVVLJH 6FKLFKW LVW HLQ $TXLIHU HLQVFKOLHOLFK GHU REHUHQ XQG XQWHUHQ %H JUHQ]XQJ LQ QDWUOLFKHU /DJH YRU 2UW LVW HLQH EDXSUDNWLVFK XQGXUFKOlVVLJH %RGHQVFKLFKW LVW HLQH 8QWHUVXFKXQJ GHV %RGHQV E]Z :DVVHUV RKQH +LOIVPLWWHO ]ZHFNV .ODVVLIL]LHUXQJ%HXUWHLOXQJ LVW HLQH *UXQGZDVVHUPHVVVWHOOH GLH ]XU hEHUZDFKXQJ GHU 6SLHJHOK|KH JJI GHU )OLHJHVFKZLQGLJNHLW XQG ]XU 3UREH HQWQDKPH DXVJHEDXW LVW LVW HLQH 0HWKRGH ]XU %HVWLPPXQJ GHV 'XUFKOlVVLJNHLWVEHL ZHUWHV GHV %RGHQV LQ HLQHP EHVWLPPWHQ %HUHLFK HLQHV *UXQGZDVVHUKRUL]RQWHV LVW HLQ |UWOLFK EHJUHQ]WHU *UXQGZDVVHUDXVWULWW HLQHV %UXQQHQV LVW GLH 6WUHFNH DXI GHU GHU *UXQGZDVVHU VSLHJHO DEJHVHQNW ZLUG EHLQKDOWHW GDV $ESXPSHQ GHV GXUFK GLH %DXJUXEHQVRKOH HLQJHWUHWHQHQ :DVVHUV VRZLH GHV 2EHUIOlFKHQ E]Z 5H JHQZDVVHUV EHL HLQHU *UXQGZDVVHUDEVSHUUXQJ LVW XQWHULUGLVFKHV JUDYLPHWULVFK EHZHJWHV :DVVHU EH]HLFKQHW GLH 7LHIH HLQHU %RKUXQJ LVW GLH 1HLJXQJ HLQHV 6WRIIHV VLFK XQWHU (LQZLUNXQJ HLQHU G\QDPLVFKHQ %HODVWXQJ ]X YHUIOVVLJHQ ELQGHQ QLFKW E]Z ELQGHQ LQ HLQH ZDVVHUXQGXUFKOlVVLJH 6FKLFKW HLQ LVW HLQ *HZlVVHU GDV REHU E]Z XQWHULUGLVFK ]XIOLHHQGHV :DVVHU DXIQLPPW XQG DEIKUW LVW HLQH .UXVWHQELOGXQJ GXUFK $XVIlOOXQJ YRQ LP :DVVHU JHO|VWHQ (LVHQYHUELQGXQJHQ XPIDVVW GLH :DVVHUDQDO\VH ]XU %HVFKUHLEXQJ GHV RULJLQlUHQ *UXQGZDVVHU]XVWDQGHV :DVVHUKDXVKDOWVJHVHW] LVW GDV :LHGHUHLQOHLWHQ GHV LP %UXQQHQ HQWQRPPHQHQ *UXQGZDVVHUV
*UXQGZDVVHUKDOWXQJHQ
2IIHQH :DVVHUKDOWXQJ 'DV %DXYHUIDKUHQ LP hEHUEOLFN %HL RIIHQHQ :DVVHUKDOWXQJHQ ZLUG GDV HLQHU %DXJUXEH GXUFK GLH 6RKOH XQG DXV GHQ %| VFKXQJHQ ]XIOLHHQGH :DVVHU REHUIOlFKOLFK EHU *UlEHQ XQG 5LQQHQ LQ 3XPSHQVPSIHQ JH VDPPHOW XQG YRQ GRUW VWlQGLJ RGHU ]HLWZHLVH DEJHSXPSW $XI GLHVH :HLVH ZLUG DXFK 5HJHQ ZDVVHU DEJHIKUW ,KUH $QZHQGXQJ HUIRUGHUW HLQHQ VWDQGIHVWHQ 8QWHUJUXQG ZLH ]XP %HLVSLHO ELQGLJH %|GHQ )HOV PLW .OIWHQ XQG JUREHP .LHV EHL GHP NHLQH $XIWULHEVJHIDKU EHVWHKW ,Q VDQGLJHQ XQG NLHVLJHQ %|GHQ GDJHJHQ LVW GLHVHV 9HUIDKUHQ QXU P|JOLFK ZHQQ PDQ GLH 6FKOHSSNUDIW GHV :DVVHUV EHKHUUVFKW 'LHV LVW YRU DOOHP LQ )HLQVDQGHQ VFKZLHULJ
7HFKQLVFKH *UXQGODJHQ 2IIHQH :DVVHUKDOWXQJHQ VLQG ZHJHQ GHU *UXQGEUXFKJHIDKU QXU ELV LQ JHULQJH 7LHIHQ P|J OLFK 0LW ]XQHKPHQGHU 7LHIH ZlFKVW DXIJUXQG YRQ VWlUNHUHP :DVVHUDQGUDQJ GLH *HIDKU YRQ %RGHQDXIORFNHUXQJHQ 'LH 6WDQGIHVWLJNHLW XQG 7UDJIlKLJNHLW GHV %RGHQV ZLUG JHIlKUGHW $XHUGHP VLQG IODFKH %|VFKXQJHQ YRU]XVHKHQ :HLWHU LVW ]X EHDFKWHQ GDVV GLH %DXJUXEHQ VRKOH QLH JDQ] WURFNHQ ZLUG ZRGXUFK $EGLFKWXQJVDUEHLWHQ HUVFKZHUW RGHU JDU XQP|JOLFK ZHUGHQ (LQH YROONRPPHQ WURFNHQH %DXJUXEH LVW QXU PLW JURHP $XIZDQG P|JOLFK (V PXVV GDQQ QDFK WLHIHUHP $XVKXE HLQH DXVUHLFKHQG VWDUNH 6DXEHUNHLWVVFKLFKW DXV JXW GXUFKOlVVLJHP 0DWHULDO ]ZLVFKHQ 'UlQXQJHQ DXI GHU %DXJUXEHQVRKOH HLQJHEDXW ZHUGHQ 2IIHQH :DVVHUKDOWXQJHQ ZHUGHQ KlXILJ WURW] ODXIHQGHU *UXQGZDVVHUDEVHQNXQJ SDUDOOHO ]X (UGDUEHLWHQ IU GHQ $XVKXE HLQHU %DXJUXEH QRWZHQGLJ ZHQQ ELQGLJHU RGHU JHVFKLFKWHWHU 8QWHUJUXQG JHUlXPW ZLUG 8P $XIZHLFKXQJHQ LQ GHQ MHZHLOLJHQ $XVKXEHEHQHQ ]X YHUPHL GHQ GLH GLH (UGDUEHLWHQ ZHVHQWOLFK HUVFKZHUHQ N|QQHQ PVVHQ ODXIHQG *UlEHQ XQG 3XP SHQVPSIH DQJHOHJW ZHUGHQ *OHLFK]HLWLJ PXVV GHU (UGDXVKXE LQ JHQHLJWHQ )OlFKHQ VR HUIRO JHQ GDVV GDV :DVVHU DXFK ]X GHQ *UlEHQ IOLHHQ NDQQ 'LH RIIHQH :DVVHUKDOWXQJ VWHOOW KLHU VRPLW HLQHQ 7HLO GHU (UGDUEHLWHQ GDU $XV GHQ %|VFKXQJHQ DXVWUHWHQGHV :DVVHU ZLUG GXUFK 'UlQXQJHQ *UlEHQ .LHVULJROHQ XQG %HODVWXQJVILOWHU HUIDVVW XQG GHU RIIHQHQ :DVVHUKDOWXQJ ]XJHIKUW %HVVHU NDQQ :DVVHU GXUFK 6SOILOWHUDQODJHQ GLH ORWUHFKW RGHU VFKUlJ HLQJHEDXW ZHUGHQ N|QQHQ VFKRQ YRU VHLQHP $XV WULWW DXV GHQ %|VFKXQJHQ HUIDVVW ZHUGHQ 'LH 3UD[LV KDW JH]HLJW GDVV GDGXUFK GLH 3UREOHPH QLFKW QXU WHFKQLVFK VRQGHUQ RIW DXFK ZLUWVFKDIWOLFK EHVVHU JHO|VW ZHUGHQ %HL GHU RIIHQHQ :DVVHUKDOWXQJ LVW VLFKHU]XVWHOOHQ GDVV GLH JHVDPWH DQVWU|PHQGH :DVVHU PHQJH DXIJHQRPPHQ XQG DEJHIKUW ZHUGHQ NDQQ 'LH DQIDOOHQGH :DVVHUPHQJH KlQJW YRP *UXQGZDVVHUVSLHJHOXQWHUVFKLHG XQG YRP 'XUFKOlVVLJNHLWVEHLZHUW N GHV %RGHQV DE
2IIHQH :DVVHUKDOWXQJ
=XP %HLVSLHO NDQQ GLH RIIHQH :DVVHUKDOWXQJ LQ IHLQN|UQLJHQ %|GHQ N ELV PV EHL GHQHQ GHU :DVVHUDQIDOO DXIJUXQG GHV N:HUWHV JHULQJ LVW XQG EHL HLQHP :DVVHUVSLHJHO XQWHUVFKLHG ELV P ZLUWVFKDIWOLFK HLQJHVHW]W ZHUGHQ 'DJHJHQ LVW GLHVHV 9HUIDKUHQ LQ JURE N|UQLJHQ %|GHQ N ELV PV QXU ELV ]X 6SLHJHOWLHIHQ YRQ ELV P DQZHQGEDU 9HUIDKUHQ EHL GHQHQ GLH 6FKZHUNUDIW ]XU (QWZlVVHUXQJ QLFKW DXVUHLFKW ] % LP )HLQ VDQG6FKOXII PLW PP E]Z N PV ZHUGHQ LP .DSLWHO D 9DNXXPHQWZlVVH UXQJ EHKDQGHOW %HL JU|HUHQ 'LIIHUHQ]HQ ]ZLVFKHQ :DVVHUVSLHJHO XQG %DXJUXEHQVRKOH VRZLH GXUFKOlVVLJH UHP %RGHQ LVW HLQH VHLWOLFKH 8PVSXQGXQJ HUIRUGHUOLFK 'LH 8PVSXQGXQJ HU]ZLQJW HLQHQ JU| HUHQ )OLHZHJ GHV :DVVHUV XP GHQ :DQGIX KHUXP XQG GLHVHV WULWW QXU DXV GHU *UXQGIOl FKH GHU %DXJUXEH DXV
%LOG
2IIHQH :DVVHUKDOWXQJ 3URILO XQG VFKHPDWLVFKHU *UXQGULVV HLQHU %DXJUXEH >@
1DFKZHLV XQG 'LPHQVLRQLHUXQJ
'LPHQVLRQLHUXQJ GHV )LOWHUPDWHULDOV
%HL HLQHU RIIHQHQ :DVVHUKDOWXQJ GLH PLW +LOIH YRQ 6LFNHUJUlEHQ DXVJHIKUW ZLUG PXVV GDV )LOWHUPDWHULDO 6DQG RGHU .LHV DXI GHQ %DXJUXQG DEJHVWLPPW ZHUGHQ 'DGXUFK ZLUG YHUKLQ GHUW GDVV %RGHQPDWHULDO HLQJHVFKOlPPW XQG GLH 'XUFKOlVVLJNHLW KHUDEJHVHW]W ZLUG ,P $OO JHPHLQHQ NRPPHQ IU GLH %HUHFKQXQJ GHU )LOWHUVWDELOLWlW GLH )LOWHUNULWHULHQ YRQ 7HU]DJKL ]XU $QZHQGXQJ
*UXQGZDVVHUKDOWXQJHQ
' G
PLW
' ! G
' G G
%LOG
.RUQGXUFKPHVVHU GHV )LOWHUPDWHULDOV EHL 6LHEGXUFKJDQJ >PP@ .RUQGXUFKPHVVHU GHV DE]XILOWHUQGHQ %RGHQV EHL 6LHEGXUFKJDQJ >PP@ .RUQGXUFKPHVVHU GHV DE]XILOWHUQGHQ %RGHQV EHL 6LHEGXUFKJDQJ >PP@
)LOWHUUHJHO QDFK 7HU]DJKL XQG $XIEDX HLQHV .LHVILOWHUV
,QWHUQDWLRQDO VLQG GLH )LOWHUUHJHOQ GHV 86 &RUSV RI (QJLQHHUV JHEUlXFKOLFK 'LHVH 5HJHOQ IKUHQ ]X HLQHP lKQOLFKHQ )LOWHUDXIEDX ZLH GLH )LOWHUNULWHULHQ YRQ 7HU]DJKL ' G
' ! G
' G
%HUHFKQXQJ GHV :DVVHU]XIOXVVHV EHL HLQHU RIIHQHQ :DVVHUKDOWXQJ
'HU :DVVHU]XIOXVV LQ HLQH %DXJUXEH EHL HLQHU RIIHQHQ :DVVHUKDOWXQJ OlVVW VLFK QDFK GHP 9HUIDKUHQ YRQ 'DYLGHQNRII EHUHFKQHQ T
PLW
/ § ª§ W · W ·º N + «¨ ¸ P ¨ Q ¸» + 5 + ¹ © ¹¼ ¬©
T N / / 5 +
%DXJUXEHQ]XIOXVV >PV@ 'XUFKOlVVLJNHLWVEHLZHUW GHV %RGHQV >PV@ /lQJH GHU %DXJUXEH %UHLWH GHU %DXJUXEH 5HLFKZHLWH GHU :DVVHUKDOWXQJ >P@ $EVWDQG ]ZLVFKHQ *UXQGZDVVHUVSLHJHO XQG %DXJUXEHQVRKOH >P@
2IIHQH :DVVHUKDOWXQJ W 7 P Q
%LOG
$EVWDQG ]ZLVFKHQ %DXJUXEHQVRKOH XQG 2EHUNDQWH :DVVHUVWDXHU >P@ W + EHL 7 ! + W 7 EHL 7 + W EHL 7 $EVWDQG ]ZLVFKHQ %DXJUXEHQVRKOH XQG 2EHUNDQWH :DVVHUVWDXHU >P@ %HLZHUWH >@ YJO %LOG
%HUHFKQXQJ GHV %DXJUXEHQ]XIOXVVHV QDFK 'DYLGHQNRII
)U IHLQN|UQLJH %|GHQ LQ GHQHQ HLQ]HOQH ZDVVHUIKUHQGH 6FKLFKWHQ HLQJHODJHUW VLQG N|QQHQ NHLQH DOOJHPHLQ JOWLJHQ 5HJHOQ ]XU %HUHFKQXQJ GHV :DVVHU]XIOXVVHV DQJHJHEHQ ZHUGHQ 'LH DQIDOOHQGH :DVVHUPHQJH LVW LP $OOJHPHLQHQ MHGRFK JHULQJ XQG VRPLW XQSUREOHPDWLVFK (V EHVWHKW MHGRFK GLH *HIDKU GHV $XVIOLHHQV ZDVVHUIKUHQGHU 6FKLFKWHQ 8P HLQH JHQDXHUH %HWUDFKWXQJ GXUFK]XIKUHQ LVW HLQ PLWWOHUHU 'XUFKOlVVLJNHLWVEHLZHUW N GHU ZDVVHUIKUHQGHQ 6FKLFKWHQ ]X VFKlW]HQ $XI GHU *UXQGODJH GLHVHV N:HUWHV ZLUG GHU :DV VHU]XIOXVV IU HLQH RIIHQH :DVVHUKDOWXQJ HUPLWWHOW 'DQDFK NDQQ MH QDFK 6WlUNH GHU ZDVVHU IKUHQGHQ 6FKLFKW HLQ HQWVSUHFKHQGHU 3UR]HQWVDW] IU GHQ :DVVHU]XIOXVV DQJHQRPPHQ ZHU GHQ
'DV %DXYHUIDKUHQ
%HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH +lXILJ ZLUG GLH RIIHQH :DVVHUKDOWXQJ LQ .RPELQDWLRQ PLW JHE|VFKWHQ %DXJUXEHQ HLQJHVHW]W XP GDV DQVWHKHQGH *UXQGZDVVHU ZlKUHQG $XVVFKDFKWXQJVDUEHLWHQ SURYLVRULVFK RGHU QDFK %HHQGLJXQJ GDXHUKDIW DXI]XIDQJHQ XQG DE]XOHLWHQ ,P )ROJHQGHQ ZLUG QXU DXI GLH GDXHUKDIWH (LQULFKWXQJ HLQHU RIIHQHQ :DVVHUKDOWXQJ QDFK %HHQGLJXQJ GHV %DXJUXEHQDXVKXEV HLQJHJDQJHQ GK QDFK )HUWLJVWHOOXQJ GHV )HLQSODQXPV (LQULFKWHQ XQG %HWUHLEHQ HLQHU SURYLVRULVFKHQ :DVVHUKDOWXQJ ZlKUHQG GHV $XVKXEV YHUODX IHQ lKQOLFK 'HU $EODXI EHVWHKW LP :HVHQWOLFKHQ DXV HLQHU $QHLQDQGHUUHLKXQJ YRQ (UG XQG 'UlQDUEHLWHQ XQG OlVVW VLFK GXUFK IROJHQGH 9RUJlQJH EHVFKUHLEHQ ± $XVKXE GHU 6LFNHUJUlEHQ PLW HLQHP /lQJVJHIlOOH YRQ PLQGHVWHQV 7LHIH ELV P %UHLWH E]Z 'LPHQVLRQLHUXQJ QDFK DQIDOOHQGHU :DVVHUPHQJH ± JJI /DGHQ XQG 7UDQVSRUWLHUHQ GHV *UDEHQDXVKXEV DXV GHU %DXJUXEH
*UXQGZDVVHUKDOWXQJHQ
± 9HUIOOHQ GHU XQWHUHQ *UDEHQKlOIWH PLW )LOWHUPDWHULDO RGHU DOWHUQDWLY $XVOHJHQ YRQ *HR WH[WLOLHQ XQG (LQEULQJHQ YRQ JUREN|UQLJHP %RGHQPDWHULDO 6DQG RGHU .LHV ± 9HUOHJHQ GHU 'UlQOHLWXQJHQ ± 9HUIOOHQ XQG 9HUGLFKWHQ GHU REHUHQ *UDEHQKlOIWH JJI NDQQ GHU DXVJHKREHQH %RGHQ YHUZHQGHW ZHUGHQ ± $XVKXE GHV 3XPSHQVXPSIHV $QRUGQXQJ DQ GHU WLHIVWHQ 6WHOOH GHU %DXJUXEH JJI PHKUH UH 7LHIH PLQGHVWHQV ELV P XQWHU %DXJUXEHQVRKOH 'XUFKPHVVHU FD P ± (LQVHW]HQ GHU 9HUNOHLGXQJ %UXQQHQULQJH JHORFKWH %HWRQURKUH SHUIRULHUWH )lVVHU R l ± 9HUIOOHQ GHV )UHLUDXPV ]ZLVFKHQ 9HUNOHLGXQJ XQG (UGUHLFK PLW )LOWHUPDWHULDO JJI 9HU ZHQGXQJ YRQ *HRWH[WLOLHQ ± (LQVHW]HQ GHU 3XPSHQ 8QWHUZDVVHUSXPSHQ E]Z $XIEDX GHU 3XPSHQ XQG 9HUOHJHQ GHU 6DXJOHLWXQJHQ 9DNXXPSXPSHQ ± 9HUOHJHQ GHU 'UXFNOHLWXQJHQ ]XP 9RUIOXWHU XQG 0RQWLHUHQ GHU $QVFKOVVH HLQVFKO DOOHU )RUP XQG 3DVVVWFNH ± 1DFK %HHQGLJXQJ GHU %DXPDQDKPH PXVV GLH $QODJH ]XUFNJHEDXW ZHUGHQ ± $XVEDX GHU 3XPSHQ ± 5FNEDX DOOHU /HLWXQJHQ ± 5FNEDX XQG 9HUIOOHQ GHV 3XPSHQVXPSIHV XQG JJI GHU 'UlQOHLWXQJHQ 7DEHOOH 3UR]HVVH ]XU (LQULFKWXQJ HLQHU RIIHQHQ :DVVHUKDOWXQJ +RUL]RQWDODEVHQNXQJ 3UR]HVVH
7HLOSUR]HVVH
*HUlWH
$XVKXE GHU 6LFNHUJUlEHQ
$XVKHEHQ GHU *UlEHQ XQG $Q VFKOXVV DQ GHQ 3XPSHQVXPSI 7UDQVSRUW GHV %RGHQDXVKXEV
+\GUDXOLNEDJJHU RGHU %DJJHU ODGHU
/NZ 5DGODGHU RGHU %DJJHUODGHU
,
9HUOHJHQ GHU 'UlQDJHOHLWXQ JHQ
9HUIOOHQ GHU XQWHUHQ *UDEHQ KlOIWH PLW )LOWHUPDWHULDO 9HUOHJHQ GHU 'UlQDJHOHLWXQJHQ ,, 9HUIOOHQ XQG 9HUGLFKWHQ GHU REHUHQ *UDEHQKlOIWH +HUVWHOOHQ GHV 3XPSHQVXPS $XVKXE GHV 3XPSHQVXPSIHV 9HUOHJHQ GHU %UXQQHQULQJH ,,, IHV 9HUIOOHQ PLW )LOWHUNLHV (LQEDX GHU 3XPSHQ (LQVHW]HQ GHU 3XPSHQ 9HUOHJHQ GHU 'UXFNOHLWXQJHQ ]XP 9RUIOXWHU ,9 0RQWLHUHQ DOOHU $QVFKOVVH HLQVFKO DOOHU )RUP XQG 3DVV VWFNH %HWULHE XQG 5FNEDX GHU 9RUKDOWHQ GHU /HLWXQJHQ GHU $QODJH 3XPSHQ XQG GHV 3XPSHQVXPS IHV 9 $XVEDX GHU 3XPSHQ 5FNEDX GHU 'UXFNOHLWXQJHQ
5DGODGHU RGHU %DJJHUODGHU 9HUGLFKWXQJVJHUlW
+\GUDXOLNEDJJHU RGHU %DJJHU ODGHU 9HUGLFKWXQJVJHUlW
7DXFKSXPSHQ XQG .OHLQJHUl WH JJI +\GUDXOLNEDJJHU RGHU %DJJHUODGHU
JJI 6WURPDJJUHJDW
JJI +\GUDXOLNEDJJHU RGHU %DJJHUODGHU
2IIHQH :DVVHUKDOWXQJ
'LH *HUlWH %DJJHUODGHU
%DJJHUODGHU VLQG HLQH .RPELQDWLRQ DXV 5DGODGHUQ XQG %DJJHUQ =ZDU LVW LKUH /HLVWXQJ VR ZRKO DOV /DGHU ZLH DXFK EHVRQGHUV DOV %DJJHU QLHGULJHU DOV EHL GHQ HQWVSUHFKHQGHQ 6RORJH UlWHQ GHQQRFK VWHOOHQ VLH VSH]LHOO EHL NOHLQHUHQ %DXYRUKDEHQ HLQH HFKWH $OWHUQDWLYH GDU 'XUFK LKUH XQLYHUVHOOHQ (LQVDW]P|JOLFKNHLWHQ N|QQHQ 7UDQVSRUW XQG 9RUKDOWHNRVWHQ HLQJH VSDUW ZHUGHQ
%LOG
%DJJHUODGHU -&% &; >@
3XPSHQ
,Q GLHVHP $EVFKQLWW ZHUGHQ GLH YHUVFKLHGHQHQ 3XPSHQW\SHQ GLH EHL RIIHQHQ :DVVHUKDOWXQ JHQ HLQJHVHW]W ZHUGHQ XQG GHUHQ )XQNWLRQVZHLVH HUOlXWHUW 'LH 3XPSHQ ZHUGHQ QDFK LKUHP 6WDQGRUW XQWHUVFKLHGHQ =XP (LQVDW] NRPPHQ 9DNXXPSXPSHQ DQ GHU *HOlQGHREHUIOlFKH XQG 7DXFKSXPSHQ GLH LQ GHQ 3XPSHQVXPSI HLQJHKlQJW ZHUGHQ :LFKWLJ LVW GDVV GLH 3XP SHQ WURFNHQODXIVLFKHU XQG VFKPXW]XQHPSILQGOLFK VLQG ,P %DXZHVHQ XQG VSH]LHOO ]XU :DVVHUKDOWXQJ NRPPHQ KHXW]XWDJH EHUZLHJHQG 7DXFKN|U SHU XQG 7DXFKPRWRUSXPSHQ ]XP (LQVDW] 'LHVH 3XPSHQ VLQG LQ GHU /DJH QHEHQ UHLQHP :DVVHU DXFK 6FKPXW]ZDVVHU RGHU 6FKOlPPH ]X I|UGHUQ 7DXFKPRWRUSXPSHQ N|QQHQ JDQ] LQ GDV ]X I|UGHUQGH :DVVHU HLQJHWDXFKW ZHUGHQ GD GHU (OHNWURPRWRU YROONRPPHQ ZDVVHUGLFKW LQ GHU 3XPSH HLQJHEDXW LVW 6LH ZHUGHQ XQWHU DQGHUHP DOV 6FKPXW]ZDVVHU XQG DOV 6FKODPP DXVIKUXQJHQ DQJHERWHQ :lKUHQG 6FKPXW]ZDVVHUSXPSHQ DXVVFKOLHOLFK ]XU )|UGHUXQJ YRQ :DVVHU DXFK PLW JHULQJHQ $QWHLOHQ DQ DXVJHVSOWHQ 6DQGHQ XQG )HLQPDWHULDOLHQ JHHLJQHW VLQG N|QQHQ PLW 6FKODPPSXPSHQ VRJDU )OVVLJNHLWHQ PLW HLQHU 'LFKWH ELV ]X NJGPñ JHI|UGHUW ZHUGHQ $OOH 7DXFKPRWRUSXPSHQ VLQG QDFK GHP JOHLFKHQ *UXQGSULQ]LS DXIJHEDXW 6LH JHK|UHQ ]XU *UXSSH GHU .UHLVHOSXPSHQ XQG NHQQ]HLFKQHQ VLFK GXUFK GLH YHUWLNDOH $Q RUGQXQJ LKUHU 0RWRU XQG /DXIUDGZHOOH %LOG ]HLJW EHLVSLHOKDIW GHQ $XIEDX YRQ 7DXFK PRWRUSXPSHQ 6LH VLQG ODXW %*/ PLW 0RWRUOHLVWXQJHQ ELV ]X N: XQG )|UGHUK|KHQ ELV ]X P HUKlOWOLFK 'LH :DKO GHU HQWVSUHFKHQGHQ 3XPSH LVW LP :HVHQWOLFKHQ DEKlQJLJ YRQ GHU )|UGHUPHQJH XQG GHU HUIRUGHUOLFKHQ $EVHQNWLHIH %HL GHU 9HUZHQGXQJ LQ $EVHQN EUXQQHQ PXVV ]XVlW]OLFK GHU 3XPSHQGXUFKPHVVHU LQ $EKlQJLJNHLW ]XP %UXQQHQGXUFKPHVVHU EHDFKWHW ZHUGHQ
*UXQGZDVVHUKDOWXQJHQ
$XIVFKOXVV EHU GDV /HLVWXQJVYHUP|JHQ HLQHU MHGHQ 3XPSH JLEW GLH 3XPSHQNHQQOLQLH ,KU NDQQ LQ 9HUELQGXQJ PLW GHU )|UGHUK|KH GLH HQWVSUHFKHQGH )|UGHUPHQJH 4 OV HQWQRPPHQ ZHUGHQ 'LH 7DXFKSXPSHQ ZHUGHQ LQ GLH 3XPSHQVPSIH RGHU DXFK LQ GLH )ODFKEUXQQHQ HLQJHKlQJW XQG GUFNHQ GDV :DVVHU EHU 'UXFNOHLWXQJHQ DXV GHU %DXJUXEH (V HQWVWHKW HLQ VR JHQDQQWHU 'UXFNEUXQQHQ VLHKH %LOG
(OHNWURPRWRU *OHLWULQJGLFKWXQJ /DXIUDG 'LIIXVRU $XHQPDQWHO 'UXFNVWXW]HQ (OHNWURDQVFKOXVV 6LHE $QKlQJHEJHO
(OHNWURPRWRU *OHLWULQJGLFKWXQJ (LQNDQDOODXIUDG 3XPSHQJHKlXVH $QVDXJ|IIQXQJ 'UXFNVWXW]HQ (OHNWURDQVFKOXVV $QKlQJHEJHO
%LOG
/LQNV 6FKPXW]ZDVVHUSXPSHQ DOV 1RUPDODXVIKUXQJ 5HFKWV 6FKODPPSXPSH PLW (LQNDQDOODXIUDG >@
%LOG
6FKPXW]ZDVVHUSXPSH 0DVWHU )D *ULQGH[ PLW ]XJHK|ULJHU 3XPSHQNHQQOLQLH >@ 9DULDQWHQ 1 1RUPDOGUXFN + +RFKGUXFN / K|FKVWH 'XUFKIOXVVPHQJH
(EHQIDOOV ZHUGHQ EHLP %HWULHE YRQ )ODFKEUXQQHQ RGHU KLHU RIIHQHQ :DVVHUKDOWXQJHQ KlXILJ VR JHQDQQWH 9DNXXPSXPSHQ HLQJHVHW]W 6LH ZHUGHQ DQ GHU *HOlQGHREHUIOlFKH SRVLWLRQLHUW XQG VDXJHQ GDV :DVVHU PLWWHOV 'UXFNXQWHUVFKLHG DXV GHQ 3XPSHQVPSIHQ -H QDFK %DXDUW XQWHUVFKHLGHW PDQ 9HUGUlQJHU RGHU .UHLVHOSXPSHQ hEHUZLHJHQG ZHUGHQ MHGRFK VHOEVWDQ VDXJHQGH .UHLVHOSXPSHQ YHUZHQGHW EHL GHQHQ HLQH 9DNXXPSXPSH XQG HLQH :DVVHUSXPSH ]X HLQHU (LQKHLW JHNRSSHOW VLQG XQG GLH YROODXWRPDWLVFK DUEHLWHQ 'XUFK GLH 9DNXXPSXPSH ZLUG LQ GHU 6DXJOHLWXQJ HLQ 8QWHUGUXFN HU]HXJW GXUFK GHQ GDV :DVVHU QDFK REHQ JHVDXJW XQG YRQ GHU )|UGHUSXPSH DEJHSXPSW ZLUG 'LH LP :DVVHU HQWKDOWHQH /XIW ZLUG LQ HLQHP 7UHQQEHKlOWHU VHSDULHUW XQG DEJHIKUW ,KU $Q WULHE NDQQ GXUFK (OHNWUR %HQ]LQ RGHU 'LHVHOPRWRUHQ HUIROJHQ
2IIHQH :DVVHUKDOWXQJ
'LH WKHRUHWLVFKH 6DXJK|KH GLHVHU 3XPSHQ EHWUlJW FD P -HGRFK N|QQHQ NOHLQH 8QGLFKWLJ NHLWHQ EHL 3XPSH RGHU 6DXJOHLWXQJ HLQH GUDVWLVFKH 0LQGHUXQJ GHV :LUNXQJVJUDGHV KHUYRUUX IHQ $XV GLHVHP *UXQG OLHJW GLH SUDNWLVFKH 6DXJK|KH GLHVHU $QODJHQ EHL FD P
%LOG
'UXFNEUXQQHQ VFKHPDWLVFK >@
%LOG
6DXJEUXQQHQ VFKHPDWLVFK >@
)|UGHUOHLWXQJHQ
$OV )|UGHUOHLWXQJHQ GLHQHQ DXI %DXVWHOOHQ IU 7DXFKSXPSHQ 6FKOlXFKH XQG 6FKQHOONXSS OXQJVURKUH (V KDQGHOW VLFK GDEHL XP 6\QWKHWLN RGHU *XPPLVFKOlXFKH PLW *HZHEH RGHU 6SLUDOHLQODJHQ XQG 6FKQHOONXSSOXQJHQ 6FKQHOONXSSOXQJVURKUH ZHUGHQ DXV YHU]LQNWHQ 6WDKO EOHFKURKUHQ KHUJHVWHOOW XQG VRZRKO LQ GLFNZDQGLJHU ZLH GQQZDQGLJHU $XVIKUXQJ DQJHER WHQ (QWVSUHFKHQGH .XSSOXQJVWHLOH HUP|JOLFKHQ HLQHQ UDVFKHQ $XI XQG 5FNEDX
*UXQGZDVVHUKDOWXQJHQ
,Q GHU 5HJHO ZHUGHQ IU GLH 'UXFN XQG 6DXJOHLWXQJHQ PHLVW 5RKUH RGHU 6FKOlXFKH JOHLFKHQ 7\SV YHUZHQGHW %HL GHU )HVWOHJXQJ GHU )|UGHUK|KH HLQHU 3XPSH VLQG DXHU GHU JHRGlWLVFKHQ )|UGHUK|KH 5HL EXQJVYHUOXVWH GHU )|UGHUOHLWXQJHQ ]X EHUFNVLFKWLJHQ 'DV 1RPRJUDPP %LOG ]HLJW EHLVSLHOKDIW GLH 'UXFNYHUOXVWH KY LQ P IU 6FKOlXFKH DEKlQJLJ YRQ GHU )|UGHUPHQJH XQG GHP 'XUFKPHVVHU GHU )|UGHUOHLWXQJ IU MHZHLOV P /lQJH
%LOG 'UXFNYHUOXVWH EHL JODWWHQ LQQHQ JXPPLHUWHQ 6FKOlXFKHQ IU P /lQJH
'LH ZLFKWLJVWHQ 6WRIIH %HL GHU RIIHQHQ :DVVHUKDOWXQJ ZHUGHQ NHLQH 6WRIIH RGHU 0DWHULDOLHQ EHQ|WLJW
'HU 3HUVRQDOEHGDUI 'HU 3HUVRQDOEHGDUI ]XP %DXHQ XQG %HWUHLEHQ HLQHU RIIHQHQ :DVVHUKDOWXQJ QDFK GHP +HU VWHOOHQ GHU %DXJUXEH VHW]W VLFK DXV IROJHQGHQ 3HUVRQHQ ]XVDPPHQ ± 0DVFKLQLVW GHU GHQ %DJJHUODGHU E]Z +\GUDXOLNEDJJHU EHGLHQW ± +HOIHU GLH GHQ %RGHQDXVKXE PLW +DQGDUEHLW XQWHUVWW]HQ VRZLH IU GDV $XI $EEDXHQ XQG %HWUHLEHQ GHU JHVDPWHQ :DVVHUKDOWXQJVDQODJH ]XVWlQGLJ VLQG
2IIHQH :DVVHUKDOWXQJ
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ 'D HV VLFK EHL GHU +HUVWHOOXQJ HLQHU RIIHQHQ :DVVHUKDOWXQJ QLFKW XP HLQH 6SH]LDOWLHIEDX PDQDKPH KDQGHOW VLQG GLH NDONXODWRULVFKHQ $XIZDQGV XQG /HLVWXQJVZHUWH DXV GHU /LWHUD WXU LQ 7DEHOOH VHKU SUD[LVQDK 6RQVWLJH .RVWHQ 'LH 0DWHULDONRVWHQ IU %UXQQHQULQJH EHWUDJHQ LQ HWZD ELV (853XPSHQVXPSI XQG IU )LOWHUNLHV PP .|UQXQJ (85Pñ MH 2UWVODJH
'LH (LQOHLWXQJVJHEKUHQ LQ GHQ 9RUIOXWHU OLHJHQ ]ZLVFKHQ XQG (85Pñ 'LH .RV WHQ IU GHQ 3XPSHQEHWULHE OLHJHQ MH QDFK 5HJLRQ ] % :HVHUWDO +RO]PLQGHQ EHL (85N:K 1DFKIROJHQG DXIJHIKUWH )RUPHOQ VROOHQ EHL GHU 'LPHQVLRQLHUXQJ GHU 3XP SHQ XQG (OHNWURPRWRUHQ KLOIUHLFK VHLQ >@ /HLVWXQJVEHGDUI GHU 3XPSH 33 PLW 4 K
>N:@ )|UGHUVWURP >OV@ :LUNXQJVJUDG GHU 3XPSH IU .UHLVHOSXPSHQ
ELV
IU .ROEHQSXPSHQ
ELV
U
'LFKWH GHV )|UGHUJXWHV >NJGPñ@ IU :DVVHU
NJGPñ
J
)DOOEHVFKOHXQLJXQJ PVð
K
)|UGHUK|KH LQ P
%HPHVVXQJ GHV (0RWRUV 30 Dî >N:@ PLW :LUNXQJVJUDG GHV 0R K WRUV D
ELV
=XVFKODJ ]XP EHUHFKQHWHQ /HLVWXQJVEHGDUI ELV N:
|
ELV N:
|
! N:
|
*UXQGZDVVHUKDOWXQJHQ
7DEHOOH 3UR]HVV
7\SLVLHUXQJ GHU *HUlWH GLH LQ GHQ +DXSWSUR]HVVHQ ]XP (LQVDW] NRPPHQ 7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
$XVKHEHQ GHU *UlEHQ XQG $QVFKOXVV DQ GHQ 3XPSHQ VXPSI ,
,,
%DJJHUODGHU RGHU
' «
0DVFKLQLVW
+\GUDXOLNEDJJHU
'«
+HOIHU
$XVOHJHUXQWHUWHLO
'«
$XVOHJHUREHUWHLO
'«
/|IIHOVWLHO
'«
7LHIO|IIHO
' « 3 «
9HUIOOHQ GHU %DJJHUODGHU RGHU XQWHUHQ *UD 5DGODGHU EHQKlOIWH PLW )LOWHU PDWHULDO
' «
0DVFKLQLVW
' «
+HOIHU
JJI %DJJHUODGHU
' «
0DVFKLQLVW
9HUOHJHQ GHU 'UlQDJHOHL WXQJHQ
$XVVWDWWXQJ ZLH ,
9HUOHJHQ GHU %UXQQHQ ULQJH
$XVVWDWWXQJ ZLH ,
' «
0DVFKLQLVW
' «
+HOIHU
ELV KP
PñK
0DVFKLQLVW +HOIHU 0DVFKLQLVW +HOIHU
K6W
0DVFKLQLVW +HOIHU
(LQVHW]HQ GHU JJI %DJJHUODGHU 3XPSHQ 7DXFKN|USHUSXPSH IU 6FKPXW]ZDVVHU
' «
0DVFKLQLVW
7 «
+HOIHU
9HUOHJHQ GHU JJI %DJJHUODGHU 'UXFNOHLWXQ JHQ ]XP 9RU IOXWHU
' «
0DVFKLQLVW
$XVEDX GHU 3XPSHQ
JJI %DJJHUODGHU
' «
0DVFKLQLVW
7DXFKN|USHUSXPSH IU 6FKPXW]ZDVVHU
7 «
+HOIHU
5FNEDX GHU 'UXFNOHLWXQ JHQ
JJI %DJJHUODGHU
9
ELV PñK
' «
9HUIOOHQ PLW $XVVWDWWXQJ ZLH , )LOWHUNLHV
,9
MH )DKUHU
3 $)
+HOIHU
$XVKXE GHV 3XPSHQ VXPSIHV
.DONXODWRULVFKH /HLVWXQJVDQVlW]H
ELV PñK
7UDQVSRUW GHV /DVWNUDIWZDJHQ [ %RGHQ 'UHLVHLWHQNLSSHLQU DXVKXEV
9HUIOOHQ XQG %DJJHUODGHU RGHU 9HUGLFKWHQ 5DGODGHU GHU REHUHQ *UDEHQKlOIWH )OlFKHQUWWOHU
,,,
3HUVRQDO EHGDUI
+HOIHU
ELV K6W
ELV KP
ELV K6W
0DVFKLQLVW +HOIHU
ELV KP
2IIHQH :DVVHUKDOWXQJ 7DEHOOH
$XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ IU GDV (LQULFKWHQ HLQHU RIIHQHQ :DVVHUKDOWXQJ
7lWLJNHLW %DXVWHOOHQHLQULFKWXQJ 9RUKDOWHQ XQG %HWUHLEHQ GHU :DVVHUKDOWXQJ YRUQHKPOLFK .RQWUROOH XQG :DUWXQJ 5lXPHQ GHU %DXVWHOOH
6RQVWLJHV
7lWLJNHLWV XQG 5VW]HLWHQ QDFK -H QDFK 8PIDQJ GHU %DXVWHOOH K $7 -H QDFK 8PIDQJ GHU %DXVWHOOH
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ 6SH]LHOOH ',11RUPHQ IU GDV (QWZlVVHUXQJVYHUIDKUHQ JLEW HV LQ GHU 92%& QLFKW 'LH $OO JHPHLQHQ 7HFKQLVFKHQ 9HUWUDJVEHGLQJXQJHQ GHU LP )ROJHQGHQ DXIJHIKUWHQ 1RUPHQ VLQG IU GLH %DXDXVIKUXQJ PDJHEHQG 7DEHOOH
hEHUVLFKW EHU JHOWHQGH 1RUPHQ
',1
.XU]EH]HLFKQXQJ
',1
.XU]EH]HLFKQXQJ
%DXJUXEHQ XQG *UlEHQ $OOJHPHLQH 5HJHOXQJHQ IU %DXDUEHL WHQ MHGHU $UW
(UGDUEHLWHQ :DVVHUKDOWXQJVDUEHLWHQ 'UlQDUEHLWHQ
)U :DVVHUKDOWXQJVDUEHLWHQ ZXUGHQ HEHQIDOOV VSH]LHOOH WHFKQLVFKH %HGLQJXQJHQ HQWZLFNHOW QDFK GHQHQ ZHLWHUH 9HUHLQEDUXQJHQ JHWURIIHQ ZHUGHQ N|QQHQ 6SH]LHOOH 7HFKQLVFKH %HGLQJXQJHQ IU :DVVHUKDOWXQJVDUEHLWHQ 67%:+ >@
1HEHQOHLVWXQJHQ (UVWHOOHQ GHV ZDVVHUUHFKWOLFKHQ $QWUDJHV %HVRQGHUH /HLVWXQJHQ (LQKROHQ GHU ZDVVHUUHFKWOLFKHQ *HQHKPLJXQJ YRU %HJLQQ GHU $UEHLW +HUVWHOOXQJ 8QWHUKDOWXQJ XQG 5FNEDX YRQ 5RKUEUFNHQ XQG *UlEHQ ]XU 9HUOHJXQJ YRQ /HLWXQJHQ $XIPDVV XQG $EUHFKQXQJ (UJlQ]HQG ]X $79 ',1 $EVFKQLWW JLOW IU %UXQQHQ $79 ',1 $EVFKQLWW
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH 8P GLH HUIRUGHUOLFKH 4XDOLWlW XQG 6LFKHUKHLW HLQHU RIIHQHQ :DVVHUKDOWXQJ ]X JHZlKUOHLVWHQ VLQG GLH QDFKIROJHQG DXIJHIKUWHQ EDXYRUEHUHLWHQGHQ XQG EDXEHJOHLWHQGHQ VRZLH )ROJHPD QDKPHQ HUIRUGHUOLFK
*UXQGZDVVHUKDOWXQJHQ
7DEHOOH
0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ EHL GHU RIIHQHQ :DVVHUKDOWXQJ >@
YRU GHU %DXPDQDKPH
ZlKUHQG GHU %DXPDQDKPH
(LQKROHQ DOOHU ZDVVHUUHFKWOLFKHQ *HQHKPLJXQJHQ (UPLWWOXQJ GHV *UXQGZDVVHUVWDQ GHV %HVWLPPXQJ GHU %RGHQNHQQZHUWH ] % N:HUW 'XUFKIKUXQJ HLQHU *UXQGZDVVHU DQDO\VH (LQKROHQ YRQ $QJDEHQ EHU 1DFK EDUJHElXGH *UQGXQJ 6WDWLN HWF (UNXQGXQJ GHU :DVVHUVWlQGH EH QDFKEDUWHU *HZlVVHU
0HVVXQJ GHU JHI|UGHUWHQ :DVVHU PHQJH WlJOLFK .RQWUROOH GHU 3XPSHQ EH]JOLFK 6DQGIUHLKHLW .RQWUROOH GHV *UXQGZDVVHUVWDQGHV 3UIHQ GHU 'LFKWLJNHLW GHV /HL WXQJVV\VWHPV *HZlKUOHLVWXQJ GHU 6WURPYHUVRU JXQJ
QDFK GHU %DXPDQDKPH 9HUPHVVXQJ GHU 1DFKEDUJHElXGH 6HW]XQJHQ .RQWUROOH GHU *HElXGHDEGLFKWXQJ (UPLWWOXQJ GHV *UXQGZDVVHUVWDQ GHV hEHUSUIXQJ DOOHU 3XPSHQ XQG /HLWXQJHQ DXI 'LFKWLJNHLW QDFK GHP 5FNEDX GHU $QODJH
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 6FKZHUNUDIWHQWZlVVHUXQJ $QZHQGXQJVEHUHLFKH :HQQ HLQH RIIHQH :DVVHUKDOWXQJ EHLVSLHOVZHLVH ZHJHQ GHV HUIRUGHUOLFKHQ $EVHQN]LHOHV QLFKW PHKU LQ )UDJH NRPPW ZLUG HLQH *UXQGZDVVHUKDOWXQJ PLW %UXQQHQ YRUJHQRPPHQ %HL HLQHU *UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ ZHUGHQ YRU %HJLQQ GHV %DXJUXEHQDXVKXEV %UXQ QHQ HLQJHULFKWHW 5RKUOHLWXQJHQ YHUOHJW XQG 3XPSHQ LQVWDOOLHUW 'DQDFK ZLUG GDV *UXQGZDV VHU PLW HLQHP ]HLWOLFKHQ 9RUODXI ]XP (UGDXVKXE DEJHVHQNW 'DPLW GHU $XVKXE XQG GLH VSlWH UHQ $UEHLWHQ LQ GHU %DXJUXEH QLFKW EHKLQGHUW ZHUGHQ ZLUG GLH $QODJH EHYRU]XJW DXHUKDOE GHU %DXJUXEH DQJHRUGQHW %HL VHKU JURHQ %DXPDQDKPHQ NDQQ HV HUIRUGHUOLFK VHLQ GLH %UXQQHQ LQQHUKDOE GHU %DX JUXEH DQ]XRUGQHQ XP GDV JHZQVFKWH $EVHQN]LHO ]X HUUHLFKHQ ,Q GLHVHP )DOO PVVHQ EHL GHU $EGLFKWXQJ GHV %DXZHUNHV =XVDW]PDQDKPHQ ZLH ] % GLFKW HLQELQGHQGH VWlKOHUQH %UXQQHQW|SIH JHWURIIHQ ZHUGHQ %HL GHU $QRUGQXQJ GHU %UXQQHQ XQG EH]JOLFK GHU 6WDQGVL FKHUKHLW GHU %DXJUXEHQVLFKHUXQJ VLQG =ZLVFKHQ]XVWlQGH ]X EHUFNVLFKWLJHQ %HL GHU *UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ ZLUG GLH *U|H GHV =XIOXVVHV LQ GHQ %UXQQHQ ZHVHQWOLFK YRQ GHP 'XUFKOlVVLJNHLWVEHLZHUW N GHV DQVWHKHQGHQ %RGHQV EHVWLPPW ZHOFKHU VRPLW GLH :DKO GHV $EVHQNYHUIDKUHQV PDJHEOLFK SUlJW ,P %LOG ZHUGHQ $QKDOWVZHUWH IU GLH $QZHQGXQJVJHELHWH GHU YHUVFKLHGHQHQ $EVHQNXQJVYHUIDKUHQ LQ $EKlQJLJNHLW YRQ GHU %RGHQDUW E]Z GHP N:HUW XQG GHU $EVHQNXQJVWLHIH DQJHJHEHQ 'LH %HUHLFKH ZXUGHQ DXIJUXQG YRQ SUDNWLVFKHU (UIDKUXQJ HUPLWWHOW %HL GHU 6FKZHUNUDIW GHU 9DNXXP XQG 2VPR VHHQWZlVVHUXQJ VLQG GLH MHZHLOV JQVWLJVWHQ %HUHLFKH EHVRQGHUV KHUYRUJHKREHQ ,Q GHQ IROJHQGHQ .DSLWHOQ ZHUGHQ GLH :DVVHUKDOWXQJVYHUIDKUHQ GHU 6FKZHUNUDIW XQG GHU 9DNXXPHQWZlVVHUXQJ HUOlXWHUW
2IIHQH : DVVHU KDOWXQJ
7RQ
7LHIEUXQQHQ 6FKZHUNUDIW
7LHIEUXQQHQ 9DNXXP
)ODFKEUXQQHQ 6FKZHUNUDIW
)ODFKEUXQQHQ 9DNXXP
6FKOXII
*UXQGZDVVHUDEVSHUUXQJHQ
$EVHQN]LHO $EVSHUUWLHIH >P@
*UXQGZDVVHUDEVSHUUXQJHQ
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 6FKZHUNUDIWHQWZlVVHUXQJ
6DQG
.LHV
%LOG $QZHQGXQJVEHUHLFKH GHU :DVVHUKDOWXQJVYHUIDKUHQ
'DV %DXYHUIDKUHQ LP hEHUEOLFN %HL GHU 6FKZHUNUDIWHQWZlVVHUXQJ IOLHW GDV :DVVHU DXIJUXQG VHLQHU 6FKZHUNUDIW GHP %UXQ QHQ ]X =LHO LVW HV GDV *UXQGZDVVHU GXUFK $ESXPSHQ FD ELV P XQWHU GLH YRUJHVHKHQH *UQGXQJVVRKOH DE]XVHQNHQ (V ZLUG DOVR HLQ +|KHQXQWHUVFKLHG ]ZLVFKHQ GHP XUVSUQJOL FKHQ *UXQGZDVVHUVSLHJHO XQG GHP :DVVHUVWDQG LP %UXQQHQ KHUEHLJHIKUW (LQH ZLUWVFKDIWOL FKH $QZHQGXQJ GHU 6FKZHUNUDIWHQWZlVVHUXQJ LVW EHL %|GHQ PLW HLQHP N:HUW YRQ N ELV ]X HUZDUWHQ -H QDFK %DXJUXQGYHUKlOWQLVVHQ ZHUGHQ YROONRPPHQH RGHU XQYROONRPPHQH %UXQQHQ XQWHU VFKLHGHQ %LOG 9ROONRPPHQH %UXQQHQ ELQGHQ LQ HLQH SUDNWLVFK ZDVVHUXQGXUFKOlVVLJH 6FKLFKW HLQ XQG ZHUGHQ QXU KRUL]RQWDO DQJHVWU|PW 8QYROONRPPHQH %UXQQHQ HQGHQ LQ HLQHU ZDVVHUIKUHQGHQ 6FKLFKW %HL GLHVHQ %UXQQHQ PXVV ]XVlW]OLFK GHU :DVVHU]XIOXVV YRQ XQWHQ EHUFNVLFKWLJW ZHUGHQ
%LOG :DVVHU]XIOXVV ]X YROONRPPHQHQ XQG XQYROONRPPHQHQ %UXQQHQ
*UXQGZDVVHUKDOWXQJHQ
%HL ODQJIULVWLJHQ $EVHQNXQJHQ PXVV GLH FKHPLVFKH =XVDPPHQVHW]XQJ GHV *UXQGZDVVHUV EHNDQQW VHLQ GD QDFK HLQLJHU =HLW HLQH .RUURVLRQV XQG 9HURFNHUXQJVJHIDKU GHU )LOWHUURKUH EHVWHKW (LQH 9HURFNHUXQJ GHU )LOWHUURKUH HQWVWHKW GXUFK $XVIlOOXQJHQ YRQ LP :DVVHU JHO|V WHQ (LVHQYHUELQGXQJHQ 'LHVH $XVIlOOXQJHQ IKUHQ ]X .UXVWHQELOGXQJHQ LQ GHQ )LOWHU|IIQXQ JHQ ,Q (LQ]HOIlOOHQ ODVVHQ VLFK 9HUNUXVWXQJHQ GXUFK 5FNVSOHQ EHVHLWLJHQ +HUUVFKW *UXQGZDVVHU YRU GDV ]XU 9HURFNHUXQJ QHLJW HPSIHKOHQ VLFK HLQH hEHUEHPHVVXQJ GHV )LOWHUV XQG HLQ ODQJVDPHU $EVHQNYRUJDQJ
7HFKQLVFKH *UXQGODJHQ %HL GHU 6FKZHUNUDIWHQWZlVVHUXQJ XQWHUVFKHLGHW PDQ ± )ODFKEUXQQHQDQODJHQ 6DXJEUXQQHQ ± 7LHIEUXQQHQDQODJHQ 'UXFNEUXQQHQ ± :HOOSRLQW$QODJHQ 3XQNWEUXQQHQ )ODFKEUXQQHQDQODJH
'LH :DVVHUI|UGHUXQJ DXV )ODFKEUXQQHQ HUIROJW GXUFK VHOEVWVDXJHQGH .UHLVHOSXPSHQ GLH DQ GHU *HOlQGHREHUIOlFKH DXIJHVWHOOW ZHUGHQ 'LH 3XPSHQ HU]HXJHQ LQ GHQ 6DXJURKUHQ HLQHQ 8QWHUGUXFN GXUFK GHQ GDV *UXQGZDVVHU DQJHVDXJW ZLUG 'DQDFK ZLUG GDV :DVVHU GXUFK GLH 3XPSHQ GHU HLQ]HOQHQ %UXQQHQ ]X 6WLFK XQG 6DPPHOOHLWXQJHQ GLH ]XP 9RUIOXWHU IKUHQ EHI|UGHUW *HERKUWH )ODFKEUXQQHQ KDEHQ MH QDFK %RGHQDUW XQG ]X I|UGHUQGHU :DVVHUPHQJH HLQHQ %RKU GXUFKPHVVHU YRQ FD ELV PP ,Q GLH %RKUO|FKHU ZLUG HLQ )LOWHUURKU PLW HLQHP 'XUFK PHVVHU YRQ ELV PP HLQJHVWHOOW 'DV 6DXJURKU ZLUG ]HQWULVFK LQ GLH )LOWHUURKUH HLQJH KlQJW XQG HQGHW HWZD P REHUKDOE GHV )LOWHUURKUHV 'DQDFK ZLUG GHU 5LQJUDXP ]ZLVFKHQ GHP )LOWHUURKU XQG GHP %RKUURKU PLW )LOWHUNLHV DXVJH IOOW XQG GLH 9HUURKUXQJ JH]RJHQ 8P 8QGLFKWLJNHLWHQ ]X YHUPHLGHQ VROOHQ GLH 6DXJURKUH DXV HLQHP 6WFN EHVWHKHQ $P XQWHUHQ (QGH KDEHQ GLHVH 5RKUH HLQH 5FNVFKODJNODSSH GLH HLQ /HHUODXIHQ GHU 6DXJOHLWXQJ XQG GHU .UHLVHOSXPSH YHUKLQGHUW 'LH 6DXJK|KH HLQHU .UHLVHOSXPSH LVW DXV SK\VLNDOLVFKHQ *UQGHQ DXI FD P XQG EDXSUDN WLVFK DXI FD P EHJUHQ]W 'D GHU :DVVHUVSLHJHO LP %UXQQHQ WLHIHU OLHJW DOV LP %HUHLFK GHU %DXJUXEHQVRKOH NDQQ PLW )ODFKEUXQQHQ HLQH $EVHQNWLHIH YRQ PD[LPDO P HUUHLFKW ZHUGHQ 6LQG JU|HUH $EVHQNWLHIHQ HUIRUGHUOLFK VR PXVV PDQ HLQH RGHU ]ZHL ZHLWHUH 6WDIIHOQ³ YRQ 6DXJEUXQQHQ DQRUGQHQ VLHKH %LOG OLQNV 'DV HUIRUGHUW HLQHQ HUKHEOLFKHQ 3ODW]EHGDUI HLQH 9LHO]DKO %UXQQHQ XQG HQWVSUHFKHQGH /HLWXQJVOlQJHQ 'DV $EVHQNHQ LQ PHKUHUHQ 6WDI IHOQ LVW DOVR VHKU NRVWVSLHOLJ
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 6FKZHUNUDIWHQWZlVVHUXQJ 7DEHOOH
%HZHUWXQJ YRQ )ODFKEUXQQHQDQODJHQ 9RUWHLO
1DFKWHLO
VFKQHOOHU $XIEDX XQG $UEHLWVEHJLQQ P|JOLFK JHULQ EHJUHQ]WH $EVHQNWLHIH JHU 'XUFKPHVVHU JHULQJH 7LHIH 1RUPXQJ DOOHU $QOD HPSILQGOLFKH 6DXJOHLWXQJ ZDV EHL %HVFKlGLJXQJ JHQWHLOH RGHU 8QGLFKWLJNHLWHQ ]XP $XVIDOO GHU JHVDPWHQ $Q KRKH $QSDVVXQJVIlKLJNHLW EHL 3URMHNWlQGHUXQJ RGHU ODJH IKUHQ NDQQ XQYRUKHUJHVHKHQHQ %RGHQYHUKlOWQLVVHQ 9HUOlQJHUXQJ GHU %DX]HLW GXUFK +HUVWHOOXQJ XQG :LUWVFKDIWOLFKNHLW
,QEHWULHEQDKPH GHU ]ZHLWHQ %UXQQHQVWDIIHO 3ODW]EHGDUI XQG $XVKXEPDVVHQ YHUJU|HUQ VLFK GXUFK GLH IU GDV $XIVWHOOHQ GHU 3XPSHQ XQG 6DXJOHLWXQJHQ HUIRUGHUOLFKHQ %HUPHQ GLH HQJPDVFKLJH XQG XPIDQJUHLFKH $EVHQNXQJVDQOD JH EHKLQGHUW GHQ %DXEHWULHE
'LHVHV $EVHQNYHUIDKUHQ LVW ]XJXQVWHQ GHU )LOWHU7LHIEUXQQHQ VWDUN ]XUFNJHJDQJHQ LQVEH VRQGHUH GLH $QZHQGXQJ YRQ 0HKUVWDIIHODQODJHQ $XV GLHVHP *UXQG ZHUGHQ GLH )ODFKEUXQ QHQDQODJHQ LP ZHLWHUHQ 9HUODXI GLHVHV .DSLWHOV QLFKW ZHLWHU EHVFKULHEHQ 7LHIEUXQQHQDQODJHQ
%HL 7LHIEUXQQHQDQODJHQ ZLUG LQ MHGHQ %UXQQHQ HLQH 3XPSH HLQJHEDXW GLH GDV :DVVHU QLFKW KRFKVDXJW VRQGHUQ GUFNW (V VWHKW DOVR QLFKW GDV JHVDPWH /HLWXQJVV\VWHP XQWHU 8QWHUGUXFN %HVFKlGLJXQJHQ IKUHQ QLFKW ]XP $XVIDOO GHU JHVDPWHQ :DVVHUKDOWXQJ ,P $OOJHPHLQHQ ZHUGHQ HOHNWULVFK EHWULHEHQH 8QWHUZDVVHUSXPSHQ YHUZHQGHW 0LW 7LHIEUXQQHQDQODJHQ LVW MHGH JHZQVFKWH $EVHQNWLHIH HUUHLFKEDU 'LH %UXQQHQ VLQG .LHVVFKWWXQJVEUXQQHQ PLW %RKUGXUFKPHVVHUQ YRQ ELV PP XQG )LOWHUGXUFKPHVVHUQ YRQ ELV PP 6LH VROOWHQ P|JOLFKVW DXHUKDOE GHU %DXJUXEH OLH JHQ GD VLH GDQQ ZHGHU GHQ $XVKXE QRFK GLH VSlWHUHQ $UEHLWHQ LQ GHU %DXJUXEH EHKLQGHUQ VLHKH %LOG UHFKWV 'LH %RKUXQJ ZLUG VR WLHI DEJHWHXIW ZLH GLH (UJLHELJNHLWVEHUHFKQXQJ HV HUIRUGHUW E]Z ELV ]XU 8QWHUNDQWH GHU ZDVVHUIKUHQGHQ 6FKLFKW 9RQ GRUW DXV ERKUW PDQ ZHJHQ GHU %DXK|KH GHU 7DXFKSXPSHQ QRFK FD P ZHLWHU $XI GHP XQWHQ JHVFKORVVHQHQ 6XPSIURKU VLW]HQ GDV PLW 6FKOLW]HQ YHUVHKHQH )LOWHUURKU XQG GDUEHU GLH $XIVDW]URKUH 'DV )LOWHUURKU PXVV YRQ )LOWHUPDWHULDO XPKOOW VHLQ GDPLW 7HLOH GHV DQVWHKHQGHQ %RGHQV QLFKW LQ GDV )LOWHUURKU JHVFKZHPPW ZHUGHQ 'DV )LOWHUPDWHULDO PXVV VR EHVFKDIIHQ VHLQ GDVV HLQHUVHLWV NHLQH )HLQWHLOH XQG DQGHUHUVHLWV QLFKW GDV 0DWHULDO VHOEVW LQ GDV )LOWHUURKU HLQGULQ JHQ 0HLVW JHQJW HLQH HLQ]HOQH )LOWHUVFKLFKW )LOWHUNLHV PP EHL %|GHQ PLW KRKHP )HLQ VDQGDQWHLO ZHUGHQ 6FKLFKWHQ DXHQ PP JHVFKWWHW (LQ ZHLWHUHU 9RUWHLO GHU 7LHIEUXQQHQDQODJH EHVWHKW GDULQ GDVV GLHVH QDFKWUlJOLFK GXUFK EH OLHELJ YLHOH %UXQQHQ HUJlQ]W ZHUGHQ N|QQHQ IDOOV VLFK KHUDXVVWHOOW GDVV PLW GHQ ]XQlFKVW LQVWDOOLHUWHQ %UXQQHQ GDV $EVHQN]LHO QLFKW HUUHLFKW ZLUG
7DEHOOH
*UXQGZDVVHUKDOWXQJHQ %HZHUWXQJ YRQ 7LHIEUXQQHQDQODJHQ 9RUWHLO
1DFKWHLO
*HULQJH $QIlOOLJNHLW JHJHQ 8QGLFKWLJNHLWHQ LP /HL ]HLWDXIZHQGLJHU $XIEDX ZHJHQ JURHU 'XUFKPHVVHU WXQJVV\VWHP JURHU 7LHIH QDFKWUlJOLFKH (UK|KXQJ GHU %UXQQHQDQ]DKO P|JOLFK MHGH JHZQVFKWH $EVHQNWLHIH LVW HUUHLFKEDU
%LOG 6FKQLWW GXUFK HLQH *UXQGZDVVHUDEVHQNXQJ OLQNV 6WDIIHODEVHQNXQJ 6DXJEUXQQHQ UHFKWV 7LHIDEVHQNXQJ 'UXFNEUXQQHQ
:HOOSRLQW$QODJH 3XQNWEUXQQHQDQODJH
$OV :HOOSRLQW EH]HLFKQHW PDQ )ODFKEUXQQHQ HLQIDFKVWHU $UW EHL GHQHQ GDV )LOWHUURKU GHU %UXQQHQ JOHLFK]HLWLJ DOV 6DXJURKU GLHQW XQG GLUHNW PLW GHU 6DXJOHLWXQJ YHUEXQGHQ LVW 'HU 'XUFKPHVVHU GHU FD P ODQJHQ %UXQQHQURKUH EHWUlJW =ROO 'D GDV XQWHUH 5RKUHQ GH DXI P /lQJH DOV )LOWHU DXVJHELOGHW ZLUG LVW HLQH .LHVVFKWWXQJ QLFKW HUIRUGHUOLFK 'LH %UXQQHQ ZHUGHQ QLFKW JHERKUW VRQGHUQ LQ GHQ %RGHQ HLQJHVSOW ,P %UXQQHQURKU KHUUVFKW ZlKUHQG GHV %HWULHEHV 8QWHUGUXFN GHU QXU ]XP +HEHQ GHV :DVVHUV EHQ|WLJW ZLUG (U ZLUNW QLFKW DXI GHQ %RGHQ 'DV :DVVHU IOLHW GHP %UXQQHQ QXU GXUFK GLH 6FKZHUNUDIW ]X
1DFKZHLV XQG 'LPHQVLRQLHUXQJ 'LH 'LPHQVLRQLHUXQJ HLQHU *UXQGZDVVHUDEVHQNXQJ OLHIHUW GLH )HVWOHJXQJ GHU %UXQQHQDQ]DKO GHV ±GXUFKPHVVHUV XQG GHU ±WLHIH DXI GHU *UXQGODJH GHV HUPLWWHOWHQ =XVWURPHV E]Z GHV $E VHQN]LHOV %HL GHQ %HUHFKQXQJVDQVlW]HQ ZLUG LQ YROONRPPHQH XQG XQYROONRPPHQH (LQ]HO RGHU 0HKUEUXQQHQDQODJHQ XQWHUVFKLHGHQ
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 6FKZHUNUDIWHQWZlVVHUXQJ
9ROONRPPHQH (LQ]HOEUXQQHQ
)U GLH 'LPHQVLRQLHUXQJ YRQ (LQ]HOEUXQQHQ N|QQHQ GLH 'XSXLW7KLHPVFKHQ %UXQQHQIRU PHOQ XQWHU IROJHQGHQ 9RUDXVVHW]XQJHQ DQJHZDQGW ZHUGHQ
'LH 6LFNHUVWU|PXQJ ELOGHW HLQHQ VWDWLRQlUHQ =XVWDQG GHQ %HKDUUXQJV]XVWDQG 'DV VWU|PHQGH :DVVHU LVW KRPRJHQ XQG LVRWURS $OOH %RGHQSRUHQ VLQG PLW :DVVHU JHIOOW HV EHILQGHW VLFK NHLQ *DV LP %RGHQ 'LH :DVVHUPHQJH LP (LQ]XJVEHUHLFK LVW NRQVWDQW XQG ZLUG ZHGHU GXUFK 9HUGXQVWXQJ QRFK GXUFK REHULUGLVFKH =XIOVVH YHUlQGHUW 'HU %RGHQ LVW KRPRJHQ 'LH 'XUFKOlVVLJNHLW GHV %RGHQV LVW LQ ORW XQG ZDDJHUHFKWHU 5LFKWXQJ JOHLFK JUR 'LH %UXQQHQ HUIDVVHQ GLH JHVDPWH 0lFKWLJNHLW GHV *UXQGZDVVHUOHLWHUV 'DV OLQHDUH 6WU|PXQJVJHVHW] YRQ 'DUF\ LVW JOWLJ 'HU *UXQGZDVVHUKRUL]RQW XQG GLH 0lFKWLJNHLW GHV $TXLIHUV LVW NRQVWDQW 'HU .DSLOODUUDXP EOHLEW XQEHUFNVLFKWLJW 'DV :DVVHU WULWW LQ GHQ %UXQQHQ LP %HUHLFK GHU JHVDPWHQ EHQHW]WHQ )LOWHUIOlFKH PLW JOHLFKHU ZDDJHUHFKWHU *HVFKZLQGLJNHLW HLQ
2EZRKO GLHVH 9RUDXVVHW]XQJHQ LQ GHU 1DWXU QLFKW RGHU QXU WHLOZHLVH ]XWUHIIHQ JHEHQ GLH 'XSXLW7KLHPVFKHQ %UXQQHQIRUPHOQ IU GLH 3UD[LV DXVUHLFKHQG JHQDXH :HUWH 8QWHU GLHVHQ 9RUDXVVHW]XQJHQ IOLHW HLQHP (LQ]HOEUXQQHQ GDV *UXQGZDVVHU YRQ DOOHQ 6HLWHQ JOHLFKPlLJ ]X 'DEHL ELOGHW VLFK XP GHQ %UXQQHQ HLQ SDUDEHOI|UPLJHU $EVHQNWULFKWHU 'HU 7ULFKWHU VWHLJW YRP DEJHVHQNWHQ %UXQQHQZDVVHUVSLHJHO ]XQlFKVW VWHLO XQG GDQQ DOOPlKOLFK IODFKHU DQ ,Q GHU (QWIHUQXQJ 5 5HLFKZHLWH GHV %UXQQHQV OHJW VLFK GLH 6SLHJHOOLQLH DQ GHQ XQJHVHQNWHQ :DV VHUVSLHJHO DV\PSWRWLVFK DQ )U GLH %HUHFKQXQJ GHV :DVVHU]XIOXVVHV ]XP %UXQQHQ ZHUGHQ YHUVFKLHGHQH $UWHQ YRQ *UXQGZDVVHUOHLWHUQ XQWHUVFKLHGHQ %LOG
%LOG 9HUVFKLHGHQH $UWHQ YRQ *UXQGZDVVHUOHLWHUQ >@
*UXQGZDVVHUKDOWXQJHQ
D
*UXQGZDVVHUOHLWHU PLW IUHLHU 2EHUIOlFKH (LQ *UXQGZDVVHUOHLWHU PLW IUHLHU 2EHUIOlFKH LVW HLQH ZDVVHUJHIOOWH GXUFKOlVVLJH %RGHQVFKLFKW GLH EHU HLQHU UHODWLY XQGXUFKOlV VLJHQ 6RKOVFKLFKW :DVVHUVWDXHU OLHJW
E
*UXQGZDVVHUOHLWHU PLW JHVSDQQWHU 2EHUIOlFKH %HL HLQHP *UXQGZDVVHUOHLWHU PLW JH VSDQQWHU 2EHUIOlFKH LVW HLQH ZDVVHUJHIOOWH GXUFKOlVVLJH %RGHQVFKLFKW REHU XQG XQ WHUKDOE GXUFK UHODWLY XQGXUFKOlVVLJH 6FKLFKWHQ EHJUHQ]W 'HU 'UXFN GHV *UXQGZDVVHUV OLHJW EHU GHP DWPRVSKlULVFKHQ 'UXFN
F
*UXQGZDVVHUOHLWHU PLW KDOEJHVSDQQWHU 2EHUIOlFKH (LQ *UXQGZDVVHUOHLWHU PLW KDOEJH VSDQQWHU 2EHUIOlFKH LVW HLQH hEHUJDQJVIRUP ]ZLVFKHQ HLQHP /HLWHU PLW IUHLHU XQG JH VSDQQWHU 2EHUIOlFKH :HQQ GLH REHUH %HJUHQ]XQJVVFKLFKW HLQHV *UXQGZDVVHUOHLWHUV PLW JHVSDQQWHU 2EHUIOlFKH KDOE GXUFKOlVVLJ LVW HQWVWHKW HLQH VHQNUHFKWH )OLHEHZH JXQJ QDFK XQWHQ ]XP *UXQGZDVVHUOHLWHU KLQ VREDOG LQ GLHVHP GHU 'UXFN YHUPLQGHUW ZLUG (LQH 'UXFNPLQGHUXQJ WULWW DXI VREDOG GHP %UXQQHQ :DVVHU HQWQRPPHQ ZLUG 'LH +RUL]RQWDONRPSRQHQWH GHU )OLHEHZHJXQJ LQ GHU REHUHQ %HJUHQ]XQJVVFKLFKW NDQQ ZHJHQ GHU JHULQJHQ 'XUFKOlVVLJNHLW YHUQDFKOlVVLJW ZHUGHQ
G
*UXQGZDVVHUOHLWHU PLW KDOEIUHLHU 2EHUIOlFKH (LQ *UXQGZDVVHUOHLWHU PLW KDOEIUHLHU 2EHUIOlFKH OLHJW YRU ZHQQ GLH 'XUFKOlVVLJNHLW GHU %HJUHQ]XQJVVFKLFKW VR JUR LVW GDVV GLH +RUL]RQWDONRPSRQHQWH GHU )OLHEHZHJXQJ LQ GHU REHUHQ %HJUHQ]XQJVVFKLFKW QLFKW YHUQDFKOlVVLJW ZHUGHQ NDQQ
,P )ROJHQGHQ ZHUGHQ GLH NODVVLVFKHQ %HUHFKQXQJVDQVlW]H IU IUHLHV XQG JHVSDQQWHV *UXQG ZDVVHU YRQ 'XSXLW XQG 7KLHP YRUJHVWHOOW )U GLH )RUPHOQ YRQ 9HUUXLMW XQG +XLVPDQQ ]XU %HUHFKQXQJ YRQ %UXQQHQ EHL *UXQGZDVVHUOHLWHUQ PLW KDOEJHVSDQQWHU E]Z KDOEIUHLHU 2EHU IOlFKH ZLUG DXI GLH ZHLWHUIKUHQGH /LWHUDWXU YHUZLHVHQ
%LOG :DVVHU]XIOXVV EHL IUHLHP *UXQGZDVVHUVSLHJHO >@
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 6FKZHUNUDIWHQWZlVVHUXQJ
'LH 'XSXLW7KLHPVFKH %UXQQHQIRUPHO EHVFKUHLEW GLH 6SLHJHOIOlFKH GHV $EVHQNWULFKWHUV HL QHV YROONRPPHQHQ %UXQQHQV PLW IUHLHP :DVVHUVSLHJHO %LOG + K PLW
4
OQ 5 OQ U
S N
+
$EVWDQG ]ZLVFKHQ GHP DEJHVHQNWHQ *UXQGZDVVHUVSLHJHO XQG GHP XQGXUFKOlVVLJHQ +RUL]RQW >P@ $EVWDQG ]ZLVFKHQ GHP $EVHQN]LHO XQG GHP XQGXUFKOlVVLJHQ +RUL]RQW >P@ :DVVHU]XIOXVV ]XP %UXQQHQ >PV@ 5HLFKZHLWH GHV %UXQQHQV >P@ %UXQQHQUDGLXV >P@ 'XUFKOlVVLJNHLWVEHLZHUW GHV %RGHQV >PV@
K 4 5 U N GHU DOOJHPHLQ \ \ PLW
4
S N
[ \
OQ [ OQ [
$EVWDQG ]ZLVFKHQ GHU %UXQQHQDFKVH XQG HLQHU EHOLHELJHQ 6WHOOH GHU 6SLHJHOOLQLH >P@ $EVWDQG ]ZLVFKHQ GHP DEJHVHQNWHQ *UXQGZDVVHUVSLHJHO XQG GHP XQGXUFKOlVVLJHQ +RUL]RQW DQ HLQHU EHOLHELJHQ 6WHOOH GHU 6SLHJHOOLQLH >P@
'XUFK 8PIRUPXQJ HUJLEW VLFK GHU :DVVHU]XIOXVV ]X HLQHP YROONRPPHQHQ %UXQQHQ PLW IUHL HP :DVVHUVSLHJHO ]X 4
S N + K OQ 5 OQ U
'LH 5HLFKZHLWH 5 GHV %UXQQHQV EHWUlJW EHUVFKOlJLJ 5 PLW
V N V N
$EVHQN]LHO >P@ 'XUFKOlVVLJNHLWVEHLZHUW GHV %RGHQV >PV@
1DFK GHU (UPLWWOXQJ GHV :DVVHU]XIOXVVHV 4 PXVV EHUSUIW ZHUGHQ RE GLH ]XIOLHHQGH :DV VHUPHQJH YRP %UXQQHQ DXIJHQRPPHQ ZHUGHQ NDQQ G K RE GDV )DVVXQJVYHUP|JHQ GHV %UXQQHQV DXVUHLFKW 6LFKDUGW GHILQLHUW GDV )DVVXQJVYHUP|JHQ HLQHV %UXQQHQV DOV GLH :DVVHUPHQJH GLH GHU %UXQ QHQ MH =HLWHLQKHLW GXUFK VHLQH )LOWHUIOlFKH DXIQHKPHQ NDQQ 'DEHL JLOW GLH 9RUDXVVHW]XQJ GDVV DP %UXQQHQPDQWHO GDV LP %RGHQ JU|WP|JOLFKH *HIlOOH L DXIWULWW 'XUFK 9HUVXFKH HU PLWWHOWH 6LFKDUGW IROJHQGHQ =XVDPPHQKDQJ QLFKW GLPHQVLRQVWUHX ]ZLVFKHQ GHP *UHQ]JH IlOOH L XQG GHP 'XUFKOlVVLJNHLWVEHLZHUW N
L
*UXQGZDVVHUKDOWXQJHQ
N
'DPLW HUJLEW VLFK IU GDV )DVVXQJVYHUP|JHQV HLQHV (LQ]HOEUXQQHQV S U K N L
4 $ Y PLW
4 $ Y U K N L
S U K
N
)DVVXQJVYHUP|JHQV HLQHV (LQ]HOEUXQQHQV >PV@ )LOWHUIOlFKH GHV %UXQQHQV >P@ ZDDJHUHFKWH )OLHJHVFKZLQGLJNHLW ]XP %UXQQHQ >PV@ %UXQQHQUDGLXV >P@ $EVWDQG ]ZLVFKHQ GHP $EVHQN]LHO XQG GHP XQGXUFKOlVVLJHQ +RUL]RQW >P@ 'XUFKOlVVLJNHLWVEHLZHUW GHV %RGHQV >PV@ K\GUDXOLVFKHV *UHQ]JHIlOOH >@
%LOG :DVVHU]XIOXVV EHL HLQHP *UXQGZDVVHUVSLHJHO PLW JHVSDQQWHU 2EHUIOlFKH >@
'LH HQWVSUHFKHQGH *OHLFKXQJ IU GLH 6SLHJHOIOlFKH GHV $EVHQNWULFKWHUV HLQHV YROONRPPHQHQ %UXQQHQV PLW JHVSDQQWHP *UXQGZDVVHUVSLHJHO ODXWHW %LOG + K PLW
4 OQ 5 OQ U S N P P
0lFKWLJNHLW GHV *UXQGZDVVHUOHLWHUV >P@
RGHU DOOJHPHLQ
\ \
4 OQ [ OQ [ S N P
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 6FKZHUNUDIWHQWZlVVHUXQJ
6RPLW EHUHFKQHW VLFK GHU :DVVHU]XIOXVV ]XP %UXQQHQ IROJHQGHUPDHQ 4
S N P + K OQ 5 OQ U
8QYROONRPPHQH (LQ]HOEUXQQHQ
%HL GHU +HUOHLWXQJ GHU 'XSXLW7KLHPVFKHQ %UXQQHQIRUPHOQ ZXUGH YRUDXVJHVHW]W GDVV GHU %UXQQHQ YROOVWlQGLJ LQ GHQ $TXLIHU HLQWDXFKW XQG GLH %UXQQHQVRKOH DXI HLQHU XQGXUFKOlVVL JHQ 6FKLFKW VWHKW 'DKHU HUKlOW GHU %UXQQHQ NHLQHQ =XIOXVV YRQ XQWHQ 'LHVH 9RUDXVVHW]XQJ WULIIW DEHU LP $OOJHPHLQHQ QLFKW ]X 'LH LQ 'HXWVFKODQG EOLFKHQ %HUHFKQXQJVYHUIDKUHQ IU XQYROONRPPHQH %UXQQHQ EHUFNVLFK WLJHQ GHQ =XVWURP YRQ XQWHQ PLW HLQHP =XVFKODJ YRQ ELV DXI GLH ]XYRU HUPLWWHOWH :DVVHUPHQJH GHV VHLWOLFKHQ =XIOXVVHV YROONRPPHQH %UXQQHQ
%LOG (UK|KXQJ GHV :DVVHU]XIOXVVHV EHL XQYROONRPPHQHQ %UXQQHQ
D + 4X
4
+ D +
4X
4
D ! +
4X
4
PLW
:DVVHU]XIOXVV EHL HLQHP XQYROONRPPHQHQ %UXQQHQ :DVVHU]XIOXVV EHL HLQHP YROONRPPHQHQ %UXQQHQ $EVWDQG ]ZLVFKHQ GHP QLFKW DEJHVHQNWHQ *UXQGZDVVHUVSLHJHO XQG HLQHP ILNWLYHQ XQGXUFKOlVVLJHQ +RUL]RQW $EVWDQG ]ZLVFKHQ GHP ILNWLYHQ +RUL]RQW XQG GHP WDWVlFKOLFK XQGXUFKOlVVLJHQ +RUL]RQW
4X 4 + D
0HKUEUXQQHQDQODJHQ
%HL HLQHU *UXQGZDVVHUDEVHQNXQJ VLQG L G 5 PHKUHUH %UXQQHQ QRWZHQGLJ 'LH )RUFKKHL PHUVFKH 0HKUEUXQQHQIRUPHO IU GLH %HUHFKQXQJ GHU JOHLFK]HLWLJHQ $EVHQNZLUNXQJ PHKUH UHU %UXQQHQ HQWVSULFKW LP $XIEDX GHU HLQHV (LQ]HOEUXQQHQV
*UXQGZDVVHUKDOWXQJHQ
%HL GHU +HUOHLWXQJ GHU )RUPHO ZXUGH YRUDXVJHVHW]W GDVV DOOH %UXQQHQ GLH JOHLFKH 7LHIH KD EHQ XQG HV VLFK XP YROONRPPHQH %UXQQHQ KDQGHOW %HL JOHLFKHU )|UGHUPHQJH 4 GHU (LQ]HO EUXQQHQ EHUODJHUQ VLFK ]ZDU GLH $EVHQNWULFKWHU DEHU GLH 5HLFKZHLWHQ EHHLQIOXVVHQ VLFK QLFKW JHJHQVHLWLJ 'DPLW HUJLEW VLFK GLH *OHLFKXQJ IU GLH 6SLHJHOIOlFKH $EVHQNWULFKWHU HLQHV YROONRPPHQHQ %UXQQHQV EHL IUHLHP *UXQGZDVVHUVSLHJHO ]X + \ PLW
+ \ [L 5 4 Q N
Q4 § · ¨ OQ 5 6 OQ [L ¸ S N © Q ¹ $EVWDQG ]ZLVFKHQ GHP DEJHVHQNWHQ *UXQGZDVVHUVSLHJHO XQG GHP XQGXUFKOlVVLJHQ +RUL]RQW >P@ :DVVHUVWDQG LQ GHP EHWUDFKWHWHQ 3XQNW >P@ $EVWlQGH GHU HLQ]HOQHQ %UXQQHQ ]X GHP EHWUDFKWHWHQ 3XQNW >P@ 5HLFKZHLWH GHU %UXQQHQ >P@ :DVVHU]XIOXVV ]X HLQHP (LQ]HOEUXQQHQ >PñV@ $Q]DKO GHU %UXQQHQ 'XUFKOlVVLJNHLWVEHLZHUW GHV %RGHQV >PV@
RGHU DOOJHPHLQ \ \
QT § · ¨ OQ [ 6 OQ [ ¸ Q ¹
S N © Q
'XUFK 8PIRUPXQJ HUJLEW VLFK GHU :DVVHU]XIOXVV ]X 4
S N + K
OQ 5 OQ $5(
$5( NHQQ]HLFKQHW GHQ 5DGLXV HLQHV (UVDW]EUXQQHQV GHU IOlFKHQJOHLFK ]X GHU YRQ GHQ %UXQ QHQ XPVFKORVVHQHQ %DXJUXEH LVW %LOG
%LOG 0HKUEUXQQHQDQODJH XQG (UVDW]EUXQQHQ D NUHLVI|UPLJH %DXJUXEH E UHFKWHFNLJH %DXJUXEH >@
)U HLQH DOOVHLWLJ YRP %UXQQHQ XPVFKORVVHQH UHFKWHFNI|UPLJH %DXJUXEH NDQQ GHU (UVDW]UD GLXV ZHQQ GLH 6HLWHQOlQJHQ GHU %DXJUXEH QLFKW ]X VHKU YRQHLQDQGHU DEZHLFKHQ QDFK IRO JHQGHU *OHLFKXQJ EHUHFKQHW ZHUGHQ
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 6FKZHUNUDIWHQWZlVVHUXQJ
$5(
PLW
D E
S $5( D E
5DGLXV HLQHV (UVDW]EUXQQHQV >P@ OlQJHUH %DXJUXEHQVHLWH >P@ NU]HUH %DXJUXEHQVHLWH >P@
%HL UHFKWHFNLJHQ %DXJUXEHQ PLW YRQHLQDQGHU DEZHLFKHQGHQ 6HLWHQOlQJHQ NDQQ QDFK :HEHU GHU (UVDW]UDGLXV PLW GHU *OHLFKXQJ $5(
K E
HUPLWWHOW ZHUGHQ K ZLUG LQ $EKlQJLJNHLW YRP 6HLWHQYHUKlOWQLV P OHVHQ
D E DXV %LOG DEJH
%LOG (UPLWWOXQJ YRQ $5( EHL UHFKWHFNLJHQ %DXJUXEHQ>@
'LH *OHLFKXQJ IU GLH 6SLHJHOIOlFKH IU HLQHQ YROONRPPHQHQ %UXQQHQ PLW JHVSDQQWHP *UXQGZDVVHUVSLHJHO ODXWHW +\
QT § · ¨ OQ 5 6 OQ [L ¸ S N P © Q ¹
RGHU DOOJHPHLQ \ \
QT § · ¨ 6 OQ [ 6 OQ [ ¸ S N P © Q Q ¹
*UXQGZDVVHUKDOWXQJHQ
'XUFK 8PIRUPXQJ HUJLEW VLFK GHU :DVVHU]XIOXVV ]X 4
S P N + K
OQ 5 OQ $5(
'LH 9RUJHKHQVZHLVH GHU %HPHVVXQJ HLQHU 0HKUEUXQQHQDQODJH ZLUG LP )ROJHQGHQ ]XVDP PHQJHIDVVW ± )HVWOHJXQJ GHU $EVHQNWLHIH XQWHU %HUFNVLFKWLJXQJ HLQHV 6LFKHUKHLWV]XVFKODJHV YRQ ELV P ± (UPLWWOXQJ GHV (UVDW]UDGLXV $5( ± $EVFKlW]HQ GHU 5HLFKZHLWH 5
5
V N
± $EVFKlW]HQ GHU *HVDPWZDVVHUPHQJH 4
4
QT
± :DKO GHU $Q]DKO Q GHU $QRUGQXQJ XQG GHU 'XUFKPHVVHU GHU %UXQQHQ ,Q HUVWHU 1lKH UXQJ ZLUG GHU %UXQQHQDEVWDQG HQWVSUHFKHQG GHU %DXJUXEHQEUHLWH E JHZlKOW %HL JURHU 0lFKWLJNHLW GHV $TXLIHUV LVW GLH %UXQQHQWLHIH GXUFK HLQHQ ILNWLYHQ XQGXUFKOlVVLJHQ +R UL]RQW ]X EHJUHQ]HQ ± 1DFKZHLV GDVV GLH 6SLHJHOOLQLH DXI GDV JHZQVFKWH 0D DEJHVHQNW ZHUGHQ NDQQ 'HU 1DFKZHLV LVW LQ %DXJUXEHQPLWWH JHPl GHV $EVHQN]LHOHV DQ JJI XQJQVWLJHQ 6WHOOHQ GLH LP 9HUJOHLFK ]XP (UVDW]EUXQQHQ H[SRQLHUW OLHJHQ ] % (FNHQ HLQHU WURFNHQ]XKDOWHQGHQ %DXJUXEH XQG DQ HLQHP %UXQQHQUDQG ]XU EHUVFKOlJLJHQ hEHUSUIXQJ GHU JHZlKOWHQ %UXQQHQJU|H ]X IKUHQ
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH 'HU ZHVHQWOLFKH $EODXI ]XP %HWULHE HLQHU 6FKZHUNUDIWHQWZlVVHUXQJ PLW )ODFK E]Z 7LHI EUXQQHQ OlVVW VLFK GXUFK IROJHQGH 9RUJlQJH NRQNUHWLVLHUHQ ± %RKUHQ GHU %UXQQHQO|FKHU HYWO PLW 9HUURKUXQJ ± (LQEULQJHQ GHU %UXQQHQURKUH EHVWHKHQG DXV 6XPSI )LOWHU XQG $XIVDW]URKU ± 9HUIOOHQ GHV 5LQJUDXPHV PLW )LOWHUNLHV ± (LQVHW]HQ XQG $QVFKOLHHQ GHU 7DXFKSXPSHQ ± +HUVWHOOHQ YRQ )|UGHU 6WLFK XQG 6DPPHOOHLWXQJHQ YRQ GHU 3XPSH ]XP 9RUIOXWHU ± %HWUHLEHQ :DUWHQ XQG hEHUZDFKHQ GHU $QODJH ± QDFK %HHQGLJXQJ GHU HLJHQWOLFKHQ %DXPDQDKPH 5FNEDX DOOHU $QODJHQWHLOH XQG 9HUIO OHQ GHU %UXQQHQO|FKHU $EVFKOLHHQG ZHUGHQ LQ 7DEHOOH GLH REHQ JHQDQQWHQ $UEHLWVSUR]HVVH HLQVFKOLHOLFK GHU GDIU HUIRUGHUOLFKHQ *HUlWH ]XVDPPHQJHIDVVW
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 6FKZHUNUDIWHQWZlVVHUXQJ 7DEHOOH
3UR]HVVH ]X JHERKUWHQ )ODFK E]Z 7LHIEUXQQHQDQODJHQ
3UR]HVVH ,
,,
7HLOSUR]HVVH
%RKUHQ GHU %UXQQHQO|FKHU
%UXQQHQ ERKUHQ LQNO 9HUURK UXQJ %RKUDXVKXE EHVHLWLJHQ +HUVWHOOHQ GHU $EVHQNEUXQ %UXQQHQURKU DXV 6XPSI )LOWHU QHQ XQG $XIVDW]URKU HLQEULQJHQ 9HUIOOHQ GHV 5LQJUDXPV PLW )LOWHUNLHV =LHKHQ GHU 9HUURKUXQJ
*HUlWH
'UHKERKUDQODJH
+\GUDXOLNEDJJHU +\GUDXOLNEDJJHU PLW /DVWKD NHQ RGHU 'UHKERKUDQODJH
,,,
(LQEDX GHU 3XPSHQ
,9
9HUOHJHQ GHU /HLWXQJHQ
9
%HWUHLEHQ GHU $QODJH
9,
5FNEDX GHU $QODJH
$XIVWHOOHQ XQG $QVFKOLHHQ GHU .UHLVHOSXPSHQ RGHU (LQEDXHQ GHU 7DXFKSXPSHQ 9HUOHJHQ XQG $QVFKOLHHQ GHU 6WHLJOHLWXQJHQ DQ GLH 7DXFK SXPSHQ 9HUOHJHQ GHU $EIOXVVOHLWXQJ ]XP 9RUIOXWHU 9RUKDOWHQ hEHUZDFKHQ :DUWHQ 5FNEDX DOOHU /HLWXQJHQ $XVEDX GHU 3XPSHQ XQG ]XJH K|ULJHQ 5RKUH 9HUIOOHQ GHU %UXQQHQO|FKHU
5DGODGHU RGHU +\GUDXOLNEDJ JHU 9HUURKUXQJVPDVFKLQH JJI +\GUDXOLNEDJJHU PLW /DVW KDNHQ
JJI +\GUDXOLNEDJJHU PLW /DVW KDNHQ
=HQWUDOH 6FKDOWVWDWLRQ 1RW VWURPDJJUHJDW
JJI +\GUDXOLNEDJJHU PLW /DVW KDNHQ
'LH *HUlWH ,P GLHVHP $EVFKQLWW HUIROJW GLH %HVFKUHLEXQJ GHU *HUlWH GLH ]XU +HUVWHOOXQJ XQG ]XP %HWUHLEHQ HLQHU 7LHIEUXQQHQDQODJH Q|WLJ VLQG 'LH *HUlWH IU GLH )ODFKEUXQQHQDQODJH VLQG LGHQWLVFK PLW GHQHQ GHU RIIHQHQ :DVVHUKDOWXQJ DXV .DSLWHO 'UHKERKUJHUlWH
%HL GHU +HUVWHOOXQJ YRQ 7LHIEUXQQHQDQODJHQ ZHUGHQ GLH %UXQQHQO|FKHU JHERKUW -H QDFK $EWHXIWLHIH XQG %UXQQHQGXUFKPHVVHU ZHUGHQ YHUVFKLHGHQH %RKUYHUIDKUHQ DQJHZDQGW ,Q $EKlQJLJNHLW YRQ GHQ %RGHQYHUKlOWQLVVHQ ZLUG PLW RGHU RKQH 9HUURKUXQJ JHDUEHLWHW ,Q GHU 5HJHO ZHUGHQ YHUURKUWH %RKUXQJHQ DXVJHIKUW 1lKHUH $QJDEHQ ]X YHUVFKLHGHQHQ %RKUYHUIDKUHQ XQG %RKUJHUlWHQ ZHUGHQ LP .DSLWHO Ä%RKUSIDKOZlQGH³ JHPDFKW 7DXFKSXPSHQ
$OV 3XPSHQ NRPPHQ EHUZLHJHQG 6FKPXW]ZDVVHUWDXFKSXPSHQ ]XP (LQVDW] 'LHVH N|QQHQ LQ QRUPDOHU $XVIKUXQJ ZLH LP .DSLWHO Ä2IIHQH :DVVHUKDOWXQJ³ EHUHLWV HUOlXWHUW RGHU VSH]LHOO DOV %UXQQHQYHUVLRQ IU 7LHIEUXQQHQDQODJHQ DQJHZDQGW ZHUGHQ VLHKH %LOG
*UXQGZDVVHUKDOWXQJHQ
%LOG 6FKPXW]ZDVVHUWDXFKSXPSH %UXQQHQYHUVLRQ 7\S 0DVWHU 1%+% +HUVWHOOHU )D *ULQGH[ >@ 7DEHOOH :HLWHUH 6FKPXW]ZDVVHUWDXFKSXPSHQ GHU )LUPD *ULQGH[ DOV %UXQQHQYHUVLRQ >@ 7\S
0LQRU 1
0LQRU +
0DMRU 1
0DMRU +
0DVWHU 1
0DVWHU +
0RWRU 6SDQQXQJ
9
)UHTXHQ]
+]
0RWRUOHLVWXQJ
N:
1HQQVWURP
$
)
)
)
)
)
)
3KDVHQ
/HLVWXQJVDXIQDKPH N: 'UHK]DKO
PLQ
,VRODWLRQVNODVVH 3XPSH )|UGHUVWURP PD[
PñK
)|UGHUK|KH PD[
P
5 s
5 s
5 s
5 s
5 s
5 s
6WXIHQ]DKO 'UXFNVWXW]HQ
$
'LH ZLFKWLJVWHQ 6WRIIH 5RKUOHLWXQJHQ
'LH 6WHLJOHLWXQJHQ ELV PP ZHUGHQ EHU .UPPHU DQ GLH 6DPPHOOHLWXQJ DQJH VFKORVVHQ ZHOFKH ]XP 9RUIOXWHU 6LFNHUEUXQQHQ RGHU ]XU 6LFNHUIOlFKH IKUW
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 6FKZHUNUDIWHQWZlVVHUXQJ
'LH 6DPPHOOHLWXQJHQ KDEHQ EHL NOHLQHUHQ XQG NXU]HQ %DXVWHOOHQ 6FKQHOOYHUVFKOVVH 'LHVH PVVHQ JXW JHVLFKHUW VHLQ GDPLW VLH VLFK QLFKW XQEHDEVLFKWLJW O|VHQ N|QQHQ 'LH 'XUFKPHV VHU EHWUDJHQ O ELV PP 9RUIOXWHUOHLWXQJHQ PLW HLQHP 'XUFKPHVVHU YRQ ELV PP VLQG EHUZLHJHQG PLW )ODQVFKYHUELQGXQJHQ YHUVHKHQ ,P 5RKUOHLWXQJVV\VWHP VLQG ]XVlW]OLFKH $QVFKOXVVVWHOOHQ IU HLQH HYWO RIIHQH :DVVHUKDOWXQJ XQG ]XVlW]OLFKH %UXQQHQ YRU]XVHKHQ GD VLFK GLHVH VRQVW QXU VFKZHU ZlKUHQG GHV %HWULHEHV DQEULQJHQ ODVVHQ $XHUGHP VLQG =DSIVWHOOHQ HLQ]XEDXHQ XP GLH 6DQGIUHLKHLW GHU %UXQQHQ EHUSUIHQ ]X N|QQHQ :HLWHUH $QJDEHQ ]X 5RKUOHLWXQJVV\VWHPHQ VLQG LP .DSLWHO Ä2I IHQH :DVVHUKDOWXQJHQ³ EHVFKULHEHQ
'HU 3HUVRQDOEHGDUI 'HU 3HUVRQDOHLQVDW] IU GLH +HUVWHOOXQJ HLQHU 7LHIEUXQQHQDQODJH VHW]W VLFK ZLH IROJW ]XVDP PHQ ± 0DVFKLQLVW GHU GDV %RKUJHUlW EHGLHQW ± ELV +HOIHU GLH VlPWOLFKH DQIDOOHQGH $UEHLWHQ DXVIKUHQ ZLH ] % 9HUOHJHQ GHU 5RKU OHLWXQJHQ XQG (LQVHW]HQ GHU 3XPSHQ 'DV %HGLHQ XQG :DUWXQJVSHUVRQDO EHL JU|HUHQ $QODJHQ VLQG PDQFKPDO PHKUHUH 3HUVRQHQ HUIRUGHUOLFK PXVV LQ GHU /DJH VHLQ GLH $QODJH IDFKNXQGLJ LQ %HWULHE ]X KDOWHQ XQG ]X EHUZDFKHQ 'LH %HGLHQVWHWHQ PVVHQ )HKOHU LQ LKU VRIRUW EHVHLWLJHQ DOVR DXFK NOHLQHUH 5HSD UDWXUHQ DXVIKUHQ XQG VFKDGKDIWH 7HLOH DXVZHFKVHOQ VRZLH GLH 1RWVWURPDQODJH E]Z GHQ 5HVHUYHDQWULHE HLQ XQG DEVFKDOWHQ N|QQHQ )HUQHU PVVHQ VLH GLH 6DQGIUHLKHLW GHU %UXQQHQ ODXIHQG EHUSUIHQ XQG VFKDGKDIWH %UXQQHQ VRIRUW VWLOOOHJHQ 'XUFK WlJOLFKH 0HVVXQJHQ VLQG GLH :DVVHUVWlQGH LQ GHQ %UXQQHQ XQG 0HVVSHJHOQ ]X HUPLWWHOQ XQG LQ %HULFKWHQ IHVW]XKDOWHQ
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ
'LH 7DEHOOH JHKW HUJlQ]HQG DXI GLH 3UR]HVVH ]XU +HUVWHOOXQJ HLQHU 7LHIEUXQQHQDQODJH HLQ 6LH ZXUGH LQ $QOHKQXQJ DQ 7DEHOOH HUVWHOOW XQG ]HLJW EHLVSLHOKDIW GLH ]X YHUZHQGHQ GHQ *HUlWH 'LH (LQULFKWXQJ HLQHU )ODFKEUXQQHQDQODJH YHUOlXIW lKQOLFK XQWHUVFKHLGHW VLFK DEHU GXUFK $UW XQG (LQEDX GHU 3XPSHQ VRZLH GXUFK GLH 'LPHQVLRQLHUXQJ GHU %RKUJHUlWH 'LH DQJHJHEHQHQ 5LFKWZHUWH JHOWHQ IU HLQHQ 7LHIEUXQQHQ PLW 6FKZHUNUDIWHQWZlVVHUXQJ LQ QLFKW RGHU VFKZDFKELQGLJHP %RGHQ RKQH JU|HUH 6WHLQH HQWVSULFKW %RGHQNODVVH /1 QDFK ',1 $XV NRQVWUXNWLYHQ *UQGHQ LVW HLQ %RKUGXUFKPHVVHU YRQ PP ]XJUXQGH JHOHJW 'LH %HVHLWLJXQJ GHV %RKUJXWHV NDQQ DXFK QDFK GHP DQVFKOLHHQG GXUFK]XIKUHQGHQ $XVKXE JHPHLQVDP HUIROJHQ
*UXQGZDVVHUKDOWXQJHQ
7DEHOOH 7\SLVLHUXQJ GHU *HUlWH GLH LQ GHQ +DXSWSUR]HVVHQ GHU 6FKZHUNUDIWHQWZlVVHUXQJ ]XP (LQVDW] NRPPHQ 7LHIEUXQQHQDQODJH 3UR]HVV
7HLOSUR]HVV
*HUlW
%*/1U +DXSWJUXSSHQ
%UXQQHQ ERK UHQ LQNO 9HU URKUXQJ
+\GUDXOLNEDJJHU %RKU XQG 5DPP JHUlW .UDIWGUHKNRSI 7HOHVNRS.HOO\VWDQJH
3HUVRQDO EHGDUI
' « . « . « . « . « . «
*HUlWHIKUHU +HOIHU
'« '« '« '« ' « 3 « 3 $)
0DVFKLQLVW
.DONXODWRULVFKH /HLVWXQJVDQVlW]H
KP ELV KP
%RKUVFKQHFNH ,
%RKUDXVKXE EHVHLWLJHQ
%RKUURKUH +\GUDXOLNEDJJHU $XVOHJHUXQWHUWHLO $XVOHJHUREHUWHLO 6WLHO
%UXQQHQURKU DXV 6XPSI )LOWHU XQG $XIVDW]URKU HLQEULQJHQ ,,
9HUIOOHQ GHV 5LQJUDXPV PLW )LOWHUNLHV
7LHIO|IIHO /DVWNUDIWZDJHQ [ 'UHLVHLWHQNLSSHLQU 'UHKERKUDQODJH ZLH , RGHU +\GUDXOLNEDJJHU ZLH , /DVWKDNHQ DP 7LHIO|I ' $& IHO %DJJHU ZLH , RGHU ' « 5DGODGHU
=LHKHQ GHU 9HUURKUXQJ
'UHKERKUDQODJH ZLH , 7DXFKPRWRUSXPSH JJI %DJJHU ZLH ,,
,,,
(LQVHW]HQ GHU 7DXFKSXPSH HLQVFKO 6WHLJ URKU XQG %UXQ QHQGHFNHO
,9
9HUOHJHQ GHU $EIOXVVOHLWXQJ ]XP 9RUIOXWHU
)ODQVFKHQURKUH LQNO =XEHK|U JJI %DJJHU ZLH ,,
5FNEDX GHU $EIOXVVOHLWXQJ $XVEDX GHU 3XPSHQ
9
MH )DKUHU
7UDQVSRUWNRVWHQ HYHQWXHOO (QWVRUJXQJVNRVWHQ
*HUlWHIKUHU +HOIHU
0DVFKLQLVW +HOIHU
KP
*HUlWHIKUHU +HOIHU 7 «
0DVFKLQLVW +HOIHU K6W
7 «
0DVFKLQLVW +HOIHU
ELV KP
JJI %DJJHU ZLH ,,
0DVFKLQLVW +HOIHU
ELV KP
JJI %DJJHU ZLH ,,
0DVFKLQLVW +HOIHU
K6W
%HVHLWLJXQJ GHU JJI %DJJHU ZLH ,, $EVHQNEUXQQHQ
0DVFKLQLVW +HOIHU
7UDQVSRUW XQG (QWVRUJXQJV NRVWHQ
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 6FKZHUNUDIWHQWZlVVHUXQJ
7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ ]XU (LQULFKWXQJ YRQ %UXQQHQDQODJHQ
7LHIEUXQQHQDQODJH
7lWLJNHLW
7lWLJNHLWV XQG 5VW]HLWHQ QDFK
%DXVWHOOHQHLQULFKWXQJ
7DJ
$XI XQG $EEDX GHU %RKUDQODJH
K
%RKUEUXQQHQ ELV P KHUVWHOOHQ XQG UFNEDXHQ
ELV K6W
.RQWUROO XQG :DUWXQJVDUEHLWHQ ZlK UHQG GHU %HWULHEV]HLW
K7DJ
5lXPHQ GHU %DXVWHOOH
7DJ
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ 9RU %HJLQQ GHU %DXPDQDKPH VROOWHQ HLQ %RGHQJXWDFKWHQ KLQ]XJH]RJHQ VRZLH $QJDEHQ EHU EHQDFKEDUWH *HZlVVHU XQG *UQGXQJHQ DQJUHQ]HQGHU *HElXGH LQ (UIDKUXQJ JHEUDFKW ZHUGHQ GHQQ GLHVH )DNWRUHQ EHHLQIOXVVHQ GLH $UW XQG $Q]DKO GHU $EVHQNEUXQQHQ :HQQ NHLQ %RGHQJXWDFKWHQ YRUOLHJW LVW HLQH %RGHQXQWHUVXFKXQJ GXUFK]XIKUHQ 'LHVH VROOWH IROJHQGH JHRORJLVFKH ERGHQPHFKDQLVFKH XQG K\GUDXOLVFKH 9HUKlOWQLVVH HUIDV VHQ ± 6FKLFKWXQJ GHV %DXJUXQGHV ± *UXQGZDVVHUYHUKlOWQLVVH IUHLHV E]Z JHVSDQQWHV :DVVHU ± :DVVHUGXUFKOlVVLJNHLW N:HUW GHV DQVWHKHQGHQ %RGHQV ± &KHPLVFKH =XVDPPHQVHW]XQJ GHV *UXQGZDVVHUV 1DFKIROJHQG ZHUGHQ GLH ]X EHDFKWHQGHQ ',11RUPHQ VRZLH VRQVWLJH %HGLQJXQJHQ ]XP +HUVWHOOHQ XQG %HWUHLEHQ HLQHU 6FKZHUNUDIW E]Z 9DNXXPHQWZlVVHUXQJVDQODJH DXIJHIKUW 7DEHOOH hEHUVLFKW EHU JHOWHQGH 1RUPHQ ',1
.XU]EH]HLFKQXQJ
',1
.XU]EH]HLFKQXQJ
(UGDUEHLWHQ %RKUDUEHLWHQ
%UXQQHQEDXDUEHLWHQ :DVVHUKDOWXQJVDUEHLWHQ
:HLWHUKLQ JHOWHQ IROJHQGH 6SH]LHOOH 7HFKQLVFKH %HGLQJXQJHQ GLH DOV (UJlQ]XQJ ]X GHQ REHQ JHQDQQWHQ 1RUPHQ KHUDQJH]RJHQ ZHUGHQ N|QQHQ ± 67%%3 VLHKH .DSLWHO Ä%RKUSIlKOH³ ± 67%:+ VLHKH .DSLWHO Ä2IIHQH :DVVHUKDOWXQJ³
*UXQGZDVVHUKDOWXQJHQ
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH %DXYRUEHUHLWHQGH XQG EDXEHJOHLWHQGH 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ VLQG EHL DOOHQ :DVVHUKDOWXQJVPDQDKPHQ HUIRUGHUOLFK 8P HLQH KRKH 6LFKHUKHLW XQG 4XDOLWlW EHL GHU *UXQGZDVVHUDEVHQNXQJ ]X JHZlKUOHLVWHQ VLQG GLH LQ GHU QDFKIROJHQGHQ 7DEHOOH DXIJHIKUWHQ 0DQDKPHQ ]X EHDFKWHQ 'D PDQFKH 0DQDKPHQ LGHQWLVFK PLW GHQHQ GHU RIIHQHQ :DVVHUKDOWXQJ VLQG ZLUG LQ GHU 7DEHOOH DXI GDV .DSLWHO YHUZLHVHQ 7DEHOOH 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ EHL *UXQGZDVVHUDEVHQNXQJVYHUIDKUHQ YRU GHU %DXPDQDKPH YJO .DSLWHO Ä2IIHQH :DV VHUKDOWXQJ³
ZlKUHQG GHU %DXPDQDKPH YJO .DSLWHO Ä2IIHQH :DV VHUKDOWXQJ³
'XUFKIKUXQJ YRQ 3UREHERKUXQ JHQ
6HW]XQJVPHVVXQJHQ DQ GHU 1DFK EDUEHEDXXQJ
QDFK GHU %DXPDQDKPH YJO .DSLWHO Ä2IIHQH :DV VHUKDOWXQJ³
6FKZHUNUDIWDQODJH
%HUHLWVWHOOHQ YRQ ]ZHL XQDEKlQ JLJHQ (QHUJLHTXHOOHQ ,QVWDOODWLRQ YRQ RSWLVFKHQ XQG DNXVWLVFKHQ :DUQDQODJHQ ,QVWDOODWLRQ HLQHU 6FKDOWHLQULFK WXQJ ]XU 6WURPYHUVRUJXQJ GHU 3XPSHQ ,QVWDOODWLRQ HLQHU DXWRPDWLVFKHQ 8PVFKDOWYRUULFKWXQJ EHL $XVIDOO HLQHU 3XPSH .RQWUROOH DXI 9HUVLQWHUXQJ 9HURFNHUXQJ .RUURVLRQ .RQWUROOH GHU 3XPSHQOHLVWXQJ .RQWUROOH GHV *UXQGZDVVHUVWDQ GHV XQWHU GHU %DXJUXEHQVRKOH
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 9DNXXPHQWZlVVHUXQJ 'DV %DXYHUIDKUHQ LP hEHUEOLFN %HL %RGHQDUWHQ EHL GHQHQ GLH 6FKZHUNUDIW QLFKW DXVUHLFKW XP GDV :DVVHU GHP %UXQQHQ ]XIOLHHQ ]X ODVVHQ LVW IU HLQH *UXQGZDVVHUDEVHQNXQJ GHU $XIEDX HLQHV 9DNXXPV LP %RGHQ HUIRUGHUOLFK GXUFK GDV GDV :DVVHU DQJHVDXJW ZLUG %HL HLQHU 9DNXXPDQODJH ZLUG GHU 8QWHU GUXFN LP %UXQQHQ DXI GHQ ]X HQWZlVVHUQGHQ %RGHQ EHUWUDJHQ 'DEHL LVW ]X EHDFKWHQ GDVV QXU GHU 7HLO GHV 9DNXXPV LP %RGHQ ZLUNVDP ZHUGHQ NDQQ GHU QLFKW ]XU +HEXQJ GHV :DV VHUV LP %UXQQHQ GLHQW 'LH 9DNXXPHQWZlVVHUXQJ ZLUG EHL )HLQVDQGHQ XQG 6FKOXIIHQ PLW 'XUFKOlVVLJNHLWVEHLZHUWHQ YRQ N ELV O PV DQJHZDQGW
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 9DNXXPHQWZlVVHUXQJ
'LH 6FKZHUNUDIWHQWZlVVHUXQJ DOOHLQ NDQQ QLFKW ]XU *UXQGZDVVHUDEVHQNXQJ GLHQHQ 8P GDV :DVVHU DXV GHP %RGHQ ]X I|UGHUQ PXVV HLQ 9DNXXP HU]HXJW ZHUGHQ 'XUFK GLH 6RJZLUNXQJ GLHVHV 9DNXXPV ZLUG GDV :DVVHU LQ GHQ 6SOEUXQQHQ JHVRJHQ 'D %|VFKXQJHQ EHLP $XVIDOO GHV 6RJHV ] % GXUFK GHQ 'HIHNW HLQHU 3XPSH EHUHLWV QDFK NXU]HU =HLW DXVIOLHHQ N|QQHQ VLQG EHL GHU $QZHQGXQJ GHV 9DNXXPYHUIDKUHQV (UVDW]SXPSHQ ]ZLQJHQG HUIRUGHUOLFK
7HFKQLVFKH *UXQGODJHQ )U GLH 9DNXXPHQWZlVVHUXQJ NRPPHQ 9DNXXPWLHIEUXQQHQ XQG 6SOILOWHUDQODJHQ LQ )UD JH 9DNXXPWLHIEUXQQHQ
9DNXXPEUXQQHQ VLQG LQ )HLQE|GHQ EHL $EVHQNK|KHQ ! P HUIRUGHUOLFK ZHQQ GLH 3ODW]YHU KlOWQLVVH HLQH 6WDIIHODEVHQNXQJ QLFKW ]XODVVHQ 'DV :DVVHU ZLUG GXUFK 7LHIEUXQQHQ JHIDVVW 6LH XQWHUVFKHLGHQ VLFK YRQ GHQ 7LHIEUXQQHQ LQ $EVFKQLWW QXU GXUFK GHQ REHUHQ OXIW GLFKWHQ $EVFKOXVV GHV .LHVILOWHUV 8PPDQWHOXQJ GXUFK IHXFKWHQ /HKP RGHU 7RQ XQG GHQ YDNXXPGLFKWHQ $EVFKOXVVGHFNHO DXI GHP )LOWHUURKU %LOG $OOH 'XUFKIKUXQJHQ 6WHLJ URKU 6WURP]XIKUXQJ 6WHXHUOHLWXQJHQ XQG 9DNXXPOHLWXQJHQ PVVHQ HEHQIDOOV YDNXXPGLFKW VHLQ
%LOG 9DNXXPWLHIEUXQQHQ >@
D
)LOWHUNLHVSDFNXQJ
E
7RQDEGLFKWXQJ
F
6WURP]XIKUXQJ
G
)|UGHUOHLWXQJ
H
6WHXHUOHLWXQJHQ
I
9DNXXPOHLWXQJ
*UXQGZDVVHUKDOWXQJHQ
6SOILOWHUDQODJHQ
6SOILOWHUDQODJHQ VLQG GLH HLQIDFKVWH )RUP GHU 8QWHUGUXFNHQWZlVVHUXQJ 'LH $QODJHQ JOHL FKHQ LP $XIEDX XQG LQ GHU $XVVWDWWXQJ LP :HVHQWOLFKHQ GHQ :HOOSRLQW$QODJHQ GHU 6FKZHUNUDIWHQWZlVVHUXQJ 'HU 8QWHUVFKLHG OLHJW GDULQ GDVV LQIROJH GHU JHULQJHQ 'XUFKOlV VLJNHLW GHV DQVWHKHQGHQ %RGHQV DXFK DXHUKDOE GHV %UXQQHQV HLQ 8QWHUGUXFN DXI GHQ %RGHQ ZLUNW 'LH $EVHQNK|KH GHU 9DNXXPIODFKEUXQQHQDQODJHQ LVW DXI ELV P EHVFKUlQNW 8P JU|HUH $EVHQNK|KHQ ]X HUUHLFKHQ PXVV GLH $QODJH JHVWDIIHOW ZHUGHQ $OV 9DNXXPEUXQQHQ GLHQHQ 5RKUH PLW ELV PP 'XUFKPHVVHU DQ GHUHP XQWHUHQ (QGH HLQH 6SOVSLW]H DQJHRUGQHW LVW %HLP $EVHQNHQ GHV %UXQQHQURKUHV WULWW GXUFK GLH 6SOVSLW]H :DVVHU XQWHU KRKHP 'UXFN LQ GHQ 8QWHUJUXQG DXV 'DGXUFK ZLUG GHU %RGHQ XP GHQ %UXQQHQ KHUXP DXIJHORFNHUW XQG GXUFK GHQ 6SOVWURP DXHQ DP %UXQQHQURKU QDFK REHQ JHI|UGHUW 'XUFK GLHVHQ 9RUJDQJ ZHUGHQ GLH %UXQQHQURKUH DXI GLH JHZQVFKWH 7LHIH DEJHWHXIW 'DV 5RKU VROOWH QLFKW PLW *HZDOW DEJHWHXIW ZHUGHQ GD GLHV ]XU 9HUGLFKWXQJ GHV DQVWHKHQGHQ %R GHQV IKUW XQG GDGXUFK HLQ IUHLHU :DVVHU]XIOXVV ]XP %UXQQHQ YHUKLQGHUW ZLUG 1DFK GHP (UUHLFKHQ GHU JHZQVFKWHQ $EVHQNWLHIH VROOWH GHU 6SOYRUJDQJ QRFK HLQLJH 6H NXQGHQ ZHLWHUODXIHQ 'LHV EHZLUNW GDVV GLH VFKZHUHQ %RGHQSDUWLNHO ]XUFNIDOOHQ XQG HLQ .RUQEHWW ELOGHQ ZlKUHQG GLH )HLQWHLOH ZHLWHU DXIWUHLEHQ 'HU GDGXUFK HQWVWDQGHQH +RKOUDXP ]ZLVFKHQ GHP 5RKU XQG GHU /RFKZDQGXQJ PXVV PLW )HLQVDQG DXIJHIOOW ZHUGHQ +LHUIU EHVWHKHQ YHUVFKLHGHQH 0|JOLFKNHLWHQ ± 9HUZHQGXQJ YRQ )LOWHUURKUHQ PLW DXIJHEUDFKWHU )HLQVDQGXPPDQWHOXQJ ± (LQEULQJHQ YRQ )LOWHUVDQG ]ZLVFKHQ 5RKU XQG %RGHQ ZlKUHQG GHV (LQVSOHQV .RUQ GXUFKPHVVHU ELV PP ± (LQVSOHQ HLQHV lXHUHQ 0DQWHOURKUHV ]XVDPPHQ PLW GHP %UXQQHQURKU 1DFK GHP 9HU IOOHQ GHV +RKOUDXPHV ]ZLVFKHQ GHQ EHLGHQ 5RKUHQ ZLUG GDV 0DQWHOURKU ZLHGHU JH]RJHQ ± $XVVSOXQJ HLQHV /RFKHV YRQ FD PP 'XUFKPHVVHU 1DFK GHP 9HUIOOHQ GHV /RFKHV PLW )OOVDQG ZLUG GDV %UXQQHQURKU LQ GHQ )HLQVDQG HLQJHVSOW ,P $EVFKOXVV PVVHQ GLH %UXQQHQURKUH YRQ REHQ JHJHQ HLQWUHWHQGH /XIW YHUVFKORVVHQ ZHU GHQ 'LHVH $EGLFKWXQJ EHVWHKW LP $OOJHPHLQHQ DXV HLQHP 7RQ RGHU /HKPSIURSIHQ GHU XQ JHIlKU DXI GHU +|KH GHV QLFKW DEJHVHQNWHQ *UXQGZDVVHUVSLHJHOV OLHJHQ VROOWH ,P %| VFKXQJVEHUHLFK ZLUG GXUFK .XQVWVWRIIIROLH RGHU 6SULW]EHWRQ YHUKLQGHUW GDVV /XIW VHLWOLFK LQ GLH $QODJH HLQGULQJW %LOG 1DFK GHP $XIEDX XQG GHU ,QEHWULHEQDKPH GHU $QODJH ZLUG GHU 8QWHUGUXFN QXU ODQJVDP DXI JHEDXW XP ]X YHUKLQGHUQ GDVV GLH )HLQWHLOH LP %RGHQ VRIRUW ]XP %UXQQHQ KLQZDQGHUQ XQG GLH )LOWHUVFKOLW]H YHUVFKOLHHQ 'LHVH 5HJXOLHUXQJ HUIROJW EHU HLQ DP 9DNXXPDJJUHJDW EH ILQGOLFKHV %HOIWXQJVYHQWLO 'HU 8QWHUGUXFN ZLUG EOLFKHUZHLVH LP +DOEVWXQGHQWDNW XP HW ZD EDU HUK|KW $XI *UXQG GHU JHULQJHQ 5HLFKZHLWH GHU 9DNXXPEUXQQHQ N|QQHQ GLH $E VWlQGH ]ZLVFKHQ GHQ HLQ]HOQHQ %UXQQHQ QLFKW PHKU DOV ELV P EHWUDJHQ 'LH %UXQQHQ ZHUGHQ ]X 6WUlQJHQ YRQ FD P /lQJH ]XVDPPHQJHIDVVW $Q MHGHP 6WUDQJ VRUJW HLQ VHSDUD WHV 9DNXXPJHUlW IU GHQ HUIRUGHUOLFKHQ 8QWHUGUXFN
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 9DNXXPHQWZlVVHUXQJ
%HL 9DNXXPDQODJHQ LVW HV WURW] GHU PLQLPDOHQ DQIDOOHQGHQ :DVVHUPHQJH 9RUVFKULIW GDVV MHGHU HLQ]HOQH %UXQQHQ HLQJHUHJHOW XQG DEJHVWHOOW ZHUGHQ NDQQ 'DV $EVSHUUYHQWLO ZLUG ]ZL VFKHQ GHU 6WLFK XQG GHU 6DPPHOOHLWXQJ DQJHRUGQHW 'LH 6WLFKOHLWXQJHQ EHVWHKHQ DXV HLQHP GXUFKVLFKWLJHQ .XQVWVWRIIVFKODXFK XP NRQWUROOLHUHQ ]X N|QQHQ RE 6DQGSDUWLNHO LP :DVVHU PLWJHIKUW ZHUGHQ 'LHVH N|QQHQ ]X 9HUVWRSIXQJHQ XQG ]XP $XVIDOO GHU JHVDPWHQ $QODJH IKUHQ ZHQQ GHU HQWVSUHFKHQGH %UXQQHQ QLFKW UHFKW ]HLWLJ DEJHVWHOOW ZLUG =XVlW]OLFK VLQG LQ GHQ KRUL]RQWDOHQ 6DXJOHLWXQJHQ DOOH P 6FKLHEHU YRU]XVHKHQ
%LOG 6SOILOWHUDQODJH PLW 6WU|PXQJV XQG 'UXFNYHUKlOWQLVVHQ
1DFKZHLV XQG 'LPHQVLRQLHUXQJ 9DNXXPDQODJHQ ZHUGHQ L G 5 DXI GHU *UXQGODJH YRQ (UIDKUXQJVZHUWHQ GLPHQVLRQLHUW 'D EHL ZLUG ]ZLVFKHQ )ODFKEUXQQHQ XQG 7LHIEUXQQHQDQODJHQ XQWHUVFKLHGHQ )ODFKEUXQQHQDQODJH 'LH 'LPHQVLRQLHUXQJ HLQHU 9DNXXPIODFKEUXQQHQDQODJH HUIROJW LQ GHU 3UD[LV PLW +LOIH YRQ HPSLULVFK HQWZLFNHOWHQ 7DEHOOHQ XQG 'LDJUDPPHQ 'HU :DVVHU]XIOXVV ]XP %UXQQHQ NDQQ LQ $EKlQJLJNHLW YRQ GHU %RGHQDUW XQG GHU $EVHQNWLH IH QDFK 7DEHOOH DEJHVFKlW]W ZHUGHQ 0LW +LOIH GHV 'LDJUDPPV LP %LOG ZLUG GHU HUIRUGHUOLFKH )LOWHUDEVWDQG LQ $EKlQJLJNHLW YRP 'XUFKOlVVLJNHLWVEHLZHUW EHVWLPPW
*UXQGZDVVHUKDOWXQJHQ
7DEHOOH :DVVHU]XIOXVV >PK@ LQ $EKlQJLJNHLW YRQ GHU 'XUFKOlVVLJNHLW XQG GHU $EVHQNWLHIH >@ %RGHQDUWHQ
7RQ
.RUQJU|H >PP@
XQWHU
'XUFKOlVVLJNHLWVEHLZHUW N >PV@
ELV
:DVVHUDQIDOO MH OIG P $E VHQNWLHIH LP .DQDOEDX EHL %DXJUXEHQ
%LOG
7LHIH >P@
ELV
IHLQ ELV
6FKOXII PLWWHO ELV
JURE ELV
IHLQ ELV
6DQG PLWWHO ELV
JURE ELV
$EVHQNNXUYHQ LQ $EKlQJLJNHLW YRQ YHUVFKLHGHQHQ 'XUFKOlVVLJNHLWVEHLZHUWHQ >@
'LH .XUYHQ LP %LOG VLQG IU HLQHQ )LOWHUGXUFKPHVVHU YRQ =ROO XQG HLQHU OlQJH YRQ P JOWLJ :HQQ GHU )LOWHUDEVWDQG IU HLQHQ )LOWHU PLW DQGHUHQ 'LPHQVLRQHQ HUPLWWHOW ZHU GHQ VROO VLQG HQWVSUHFKHQGH .RUUHNWXUHQ YRU]XQHKPHQ
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 9DNXXPHQWZlVVHUXQJ
'LH HUIRUGHUOLFKH )LOWHUEHUGHFNXQJ ZLUG QDFK 7DEHOOH LQ $EKlQJLJNHLW GHV 'XUFKOlVVLJ NHLWVEHLZHUWHV RGHU GHU =XIOXVVPHQJH ]XP %UXQQHQ EHVWLPPW 7DEHOOH (UPLWWOXQJ GHU HUIRUGHUOLFKHQ )LOWHUEHUGHFNXQJ >@ +|KH GHV DE]XVHQNHQGHQ :DVVHUVSLHJHOV P ELV P ELV P ! P
N >PV@
± P P P P
P P P P
P P P P
:DVVHUDQIDOO >PK@ P P P P
! P P P P
7LHIEUXQQHQDQODJH
)U GLH %HUHFKQXQJ GHV :DVVHU]XIOXVVHV EHL 7LHIEUXQQHQDQODJHQ ZLUG LP $OOJHPHLQHQ GLH HPSLULVFK HUPLWWHOWH )RUPHO YRQ .RYDF] DQJHZDQGW 4
PLW
S N + K V P' OQ 5 OQ $5(
V
S S
P' V
JZ + K
4 + K N 5 $5( P' S S JZ V
:DVVHU]XIOXVV ]XP %UXQQHQ >PV@ $EVWDQG ]ZLVFKHQ GHP DEJHVHQNWHQ *UXQGZDVVHUVSLHJHO XQG GHP XQGXUFKOlVVLJHQ +RUL]RQW >P@ $EVWDQG ]ZLVFKHQ GHP $EVHQN]LHO XQG GHP XQGXUFKOlVVLJHQ +RUL]RQW >P@ 'XUFKOlVVLJNHLWVEHLZHUW GHV %RGHQV >PV@ 5HLFKZHLWH GHV %UXQQHQV >P@ 5DGLXV HLQHV (UVDW]EUXQQHQV >P@ YJO .DSLWHO /XIWGUXFNXQWHUVFKLHG >EDU@ DWPRVSKlULVFKHU /XIWGUXFN >EDU@ 9DNXXPGUXFN >EDU@ :LFKWH GHV :DVVHUV >N1P@ $EVHQN]LHO >P@
'LH )RUPHO ZXUGH YRQ GHU 'XSXLW7KLHPVFKHQ %UXQQHQIRUPHO DEJHOHLWHW YJO .DSLWHO )U GHQ (LQIOXVV GHV 9DNXXPV ZLUG GHU .RUUHNWXUIDNWRU V P' V HLQJHIKUW )U $EVHQN WLHIHQ YRQ ELV P OLHIHUW GLH )RUPHO JXWH (UJHEQLVVH %HL JHULQJHUHQ $EVHQNWLHIHQ OLHJHQ GLH HUUHFKQHWHQ :HUWH MHGRFK GHXWOLFK EHU XQG EHL JU|HUHQ $EVHQNXQJHQ HUKHEOLFK XQWHU GHQ WDWVlFKOLFKHQ :HUWHQ )HUQHU PXVV GLH GHP %UXQQHQ ]XIOLHHQGH :DVVHUPHQJH 4 PLW GHP )DVVXQJVYHUP|JHQ 4
GHV %UXQQHQV YHUJOLFKHQ ZHUGHQ YJO .DSLWHO %HL HLQHP 9DNXXPEUXQQHQ VHW]W VLFK GDV K\GUDXOLVFKH *HIlOOH DXV ]ZHL .RPSRQHQWHQ ]XVDPPHQ
*UXQGZDVVHUKDOWXQJHQ
1HEHQ GHP K\GUDXOLVFKHQ *HIlOOH GHU $EVHQNNXUYH GDV GXUFK GLH 6FKZHUNUDIW HQWVWHKW PXVV GDV *HIlOOH DXV GHU MHZHLOLJHQ 'UXFNK|KH EHUFNVLFKWLJW ZHUGHQ +LHUIU ZLUG YRQ .UDPHU GHU IROJHQGH HPSLULVFKH $QVDW] YRUJHVFKODJHQ 4 Y
PLW
4 4 S
4 Y 4 S - X
X
)DVVXQJVYHUP|JHQ HLQHV 9DNXXPEUXQQHQV >PV@ )DVVXQJVYHUP|JHQ HLQHV 6FKZHUNUDIWEUXQQHQV >PV@ 9DNXXPGUXFN >EDU@ HPSLULVFK HUPLWWHOWHU (LQIOXVVIDNWRU - | G G
'DV %DXYHUIDKUHQ %HVFKUHLEXQJ GHU $UEHLWVSUR]HVVH
%LOG +HUVWHOOHQ GHU $EVHQNEUXQQHQ GXUFK (LQVSOHQ GHU )LOWHUURKUH
,Q %LOG ZHUGHQ GLH $UEHLWVVFKULWWH ]XP 1LHGHUEULQJHQ GHU )LOWHUURKUH GDUJHVWHOOW $OOH ZHLWHUHQ $UEHLWV XQG 7HLOSUR]HVVH ]XP +HUVWHOOHQ XQG %HWUHLEHQ HLQHU 6SOILOWHUDQODJH VLQG LQ 7DEHOOH ]XVDPPHQJHIDVVW hEHUVFKOlJLJ VLQG GLH HUIRUGHUOLFKHQ *HUlWH GHQ 3UR]HVVHQ ]XJHRUGQHW ZRUGHQ
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 9DNXXPHQWZlVVHUXQJ
7DEHOOH 3UR]HVVH ]X 6SOILOWHUDQODJHQ :HOOSRLQW$QODJHQ 3UR]HVVH
7HLOSUR]HVVH
*HUlWH
,
$XIEDX GHU 9DNXXPDQODJH
9DNXXPDJJUHJDW JJI +\GUDX OLNEDJJHU PLW /DVWKDNHQ
,,
(LQVSOHQ GHV 6SOILOWHUV
6SOILOWHUDXVIKUXQJ VHOEVW VSOHQG 6SOSXPSH
,,,
9HUOHJHQ GHU /HLWXQJHQ
JJI +\GUDXOLNEDJJHU PLW /DVW KDNHQ
,9
%HWUHLEHQ GHU $QODJH
=HQWUDOH 6FKDOWVWDWLRQ 1RW VWURPDJJUHJDW
9
5FNEDX GHU $QODJH
$XIEDX GHU 9DNXXPSXPSHQ $QVFKOXVV GHU 3XPSH DQ 6WURP XQG :DVVHU +HUVWHOOHQ GHU $EVHQNEUXQQHQ GXUFK (LQVSOHQ GHU )LOWHUURKUH 6SOILOWHU DQ 6DPPHOOHLWXQJ DQVFKOLHHQ (LQEDX GHU 7RQDEGLFKWXQJ 9HUOHJHQ XQG $QVFKOLHHQ GHU 6WLFK XQG 6DPPHOOHLWXQJHQ DQ GLH 3XPSHQ 9HUOHJHQ GHU $EIOXVVOHLWXQJ ]XP 9RUIOXWHU 9RUKDOWHQ hEHUZDFKHQ :DUWHQ 5FNEDX DOOHU /HLWXQJHQ =LHKHQ GHU 9DNXXPODQ]HQ %HVHLWLJXQJ GHU $EVHQNEUXQ QHQ 5FNEDX GHU 3XPSHQ
JJI +\GUDXOLNEDJJHU PLW /DVW KDNHQ
'LH *HUlWH ,P GLHVHP $EVFKQLWW HUIROJW GLH %HVFKUHLEXQJ GHU *HUlWH GLH ]XU +HUVWHOOXQJ XQG ]XP %HWUHLEHQ HLQHU 6SOILOWHUDQODJH EHQ|WLJW ZHUGHQ 6SOSXPSH
'LH 6SOSXPSH LVW HLQH PHKUVWXILJH +RFKGUXFN:DVVHUSXPSH GLH EHL GHU *UXQGZDVVHUDE VHQNXQJ ]XP (LQVSOHQ GHU )LOWHU LKUH $QZHQGXQJ ILQGHW 'LH 3XPSH LVW DXI HLQHP (LQDFKV IDKUJHVWHOO DXIJHEDXW XQG ZLUG GXUFK HLQHQ 'LHVHOPRWRU DQJHWULHEHQ
%LOG 6SOSXPSH 7\S +& GHU )LUPD +GLJ
$XV GHP /LHIHUSURJUDPP GHU )LUPD +GLJ VLQG IROJHQGH $QJDEHQ ]X /HLVWXQJHQ XQG 'UXFNJU|HQ HUVLFKWOLFK
*UXQGZDVVHUKDOWXQJHQ
± )|UGHUOHLVWXQJ
ELV PñK
± )|UGHUGUXFN
ELV EDU
± 0RWRUOHLVWXQJ
ELV N:
'HU $EVHQNHUIROJ HLQHU :HOOSRLQW E]Z 6SOILOWHUDQODJH KlQJW LP :HVHQWOLFKHQ YRP ULFKWL JHQ (LQVSOHQ GHU )LOWHU DE 7DEHOOH JLEW HLQHQ hEHUEOLFN EHU GLH HUIRUGHUOLFKHQ :DV VHUPHQJHQ XQG 'UFNH GHU 6SOSXPSHQ EHL YHUVFKLHGHQHQ %|GHQ 7DEHOOH hEHUVLFKW GHU :DVVHUPHQJHQ XQG GUFNH YRQ 6SOSXPSHQ
1HEHQEHVWDQGWHLO
7RQ
.RUQJU|H )HLQVDQG 0LWWHOVDQG *UREVDQG )HLQNLHV 0LWWHONLHV *URENLHV %URFNHQ
IHLQ
IHVWH .RQVLVWHQ] ZHLFKH .RQVLVWHQ] GLFKW JHODJHUW ORFNHU JHODJHUW
(UIRUGHUOLFKH :DVVHUPHQJH ]XP (LQVSOHQ >PñK@ +DXSWEHVWDQGWHLO GHV %RGHQV 6FKOXII 6DQG PLWWHO JURE IHLQ PLWWHO JURE IHLQ (UIRUGHUOLFKHU 'UXFN ]XP (LQVSOHQ >EDU@
.LHV PLWWHO
JURE
9DNXXPDJJUHJDWH
)U GLH 9DNXXPHQWZlVVHUXQJ EHQ|WLJW PDQ HLQ 9DNXXPDJJUHJDW ZHOFKHV LP JHVDPWHQ )LO WHU XQG 5RKUV\VWHP HLQHQ 8QWHUGUXFN HU]HXJW GXUFK GHQ GDV :DVVHU DXV GHP %RGHQ LQ GHQ %UXQQHQ JHVRJHQ ZLUG 6DPPHOOHLWXQJ 9DNXXPNHVVHO :DVVHUSXPSH /XIWSXPSH 6FKZLPPVFKDOWHU $XVWULWW /XIW:DVVHUJHPLVFK :DVVHUDEODXI %LOG )XQNWLRQVSULQ]LS HLQHV 9DNXXPDJJUHJDWHV >@
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 9DNXXPHQWZlVVHUXQJ
'LH 3XPSHQ GHV 9DNXXPDJJUHJDWHV N|QQHQ GXUFK HLQHQ (OHNWUR E]Z HLQHQ 'LHVHOPRWRU DQJHWULHEHQ ZHUGHQ 'LH $UEHLWVZHLVH GHV (OHNWURPRWRUV LVW JHJHQEHU GHP 'LHVHOPRWRU ZLUWVFKDIWOLFKHU GD GHU 3XPSHQEHWULHE HQWVSUHFKHQG GHU DQIDOOHQGHQ /XIW E]Z :DVVHUPHQ JH UHJXOLHUW ZHUGHQ NDQQ 0LW HLQHP 'LHVHOPRWRU DQJHWULHEHQ DUEHLWHQ GLH 3XPSHQ XQDE KlQJLJ YRP /XIW E]Z :DVVHUDQIDOO NRQWLQXLHUOLFK GXUFK
%LOG (OHNWUR9DNXXPDJJUHJDW 7\S +& )LUPD +GLJ >@
,Q GHU QDFKIROJHQGHQ 7DEHOOH VLQG /HLVWXQJVGDWHQ DXV GHU 3URGXNWSDOHWWH GHU )LUPD +GLJ GDUJHVWHOOW :HLWHUH $QJDEHQ VLQG EHL GHQ YHUVFKLHGHQHQ +HUVWHOOHUQ ]X HUIUDJHQ 7DEHOOH 7HFKQLVFKH $QJDEHQ ]XU 6HULH +& .HQQ OLQLH
7\S
:DVVHUSXPSH 9ROXPHQ VWURP
)|U GHUK| KH
9PD[
+PD[
PñK
$Q VFKOXVV
9DNXXPSXPSH
0RWRU
*H ZLFKW
.RUQ JU|H PD[
9ROX PHQ VWURP
9DNX XP
/HLVWXQJV DXIQDKPH
'16 '1'
9PD[
SXPD[
31
3PD[
P
PP
PP
PñK
EDU
N:
N:
NJ
+&
î9 î9
+&
î9 î9
+&
î9 î9
'LH ZLFKWLJVWHQ 6WRIIH 5RKUOHLWXQJHQ
%HL 8QWHUGUXFNOHLWXQJHQ VLQG GLH 6DXJOHLWXQJHQ QLFKW QXU DQ GHQ )LOWHUQ E]Z DQ GHQ %UXQ QHQ VRQGHUQ DXFK ]ZLVFKHQ GHU 6DXJOHLWXQJ XQG GHU 9DNXXPSXPSH DE]XVFKLHEHUQ GDPLW EHL )HKOHUQ LP 8QWHUGUXFNV\VWHP GLH 9DNXXPDJJUHJDWH 5RKUOHLWXQJHQ XQG )LOWHU JHWUHQQW DXI 8QGLFKWLJNHLWHQ NRQWUROOLHUW ZHUGHQ N|QQHQ
*UXQGZDVVHUKDOWXQJHQ
:HLWHUH $QJDEHQ ]X 5RKUOHLWXQJVV\VWHPHQ VLQG LP .DSLWHO Ä2IIHQH :DVVHUKDOWXQJHQ³ EHVFKULHEHQ
%LOG $QVFKOXVV GHU 6SOILOWHU DQ GLH 6DPPHOOHLWXQJ >@
)LOWHUURKUH
)LOWHUURKUH PLW 'XUFKPHVVHUQ YRQ ELV =ROO ZHUGHQ PLW HLQHP HQWVSUHFKHQG ODQJHQ $XI VDW]URKU GXUFK HLQH 6SOSXPSH PLWWHOV 'UXFNZDVVHU ELV DXI GLH JHZQVFKWH 7LHIH HLQJHVSOW ,P $OOJHPHLQHQ ZHUGHQ .XQVWVWRII RGHU 6WDKOURKUILOWHU PLW HLQHU 6FKOLW]ORFKXQJ YRQ ELV PP YHUZHQGHW %HL GHQ PHLVWHQ $XVIKUXQJHQ LVW NHLQH 6SOODQ]H HUIRUGHUOLFK ,Q GHU 3UD[LV KDEHQ VLFK VHOEVWVSOHQGH )LOWHU HWDEOLHUW VLHKH 7DEHOOH 'LHVH 6SOILOWHU ZHUGHQ IU GLH *UXQGZDVVHUDEVHQNXQJVYHUIDKUHQ 6FKZHUNUDIW XQG 9DNXXPHQWZlVVHUXQJ HLQJHVHW]W 'LH /lQJH GHU $XIVDW]URKUH ULFKWHW VLFK QDFK GHU %DXJUXEHQWLHIH 'LH 6WLFKOHLWXQJHQ GLH GLH %UXQQHQ PLW GHU 6DPPHOOHLWXQJ YHUELQGHQ VHW]HQ VLFK DXV ELV P ODQJHQ 9DNXXP VFKOlXFKHQ EHVWHKHQG DXV *XPPL RGHU GXUFKVLFKWLJHP .XQVWVWRII ]XVDPPHQ
*UXQGZDVVHUDEVHQNXQJ PLW %UXQQHQ 9DNXXPHQWZlVVHUXQJ
7DEHOOH 6SOILOWHUDXVIKUXQJHQ VHOEVWVSOHQG >@ %HQHQQXQJ 8PPDQWHOXQJ DXV /lQJH 6FKOLW]XQJ 6SLW]H PLW 9HQWLO gII QXQJ *U|H
.XQVWVWRII)LOWHU
8QLYHUVDO)LOWHU
8QLYHUVDO)LOWHU
.XQVWVWRII RGHU 6WDKO P PP
.XQVWVWRII RGHU 6WDKO P PP
6WDKO P PP
PP
PP
PP
s
s
s
s
s
PD[ PñK
PD[ PñK
PD[ PñK
PD[ PñK
PD[ PñK
'HU )LOWHU LP 6FKQLWW
=XPXWEDUH $EVDXJOHLV WXQJ EHL HLQHP :LGHU VWDQG YRQ PD[LPDO P :6 *HHLJQHW IU
)HLQE|GHQ XQG ORFNHUH 6DQGE|GHQ
)HLQE|GHQ DOOH 6DQGE|GHQ DXFK PLW 6FKLFKWHQ XQG NLHVLJHQ $QWHLOHQ
'HU 3HUVRQDOEHGDUI 'HU 3HUVRQDOHLQVDW] EHL GHU +HUVWHOOXQJ YRQ 6SOILOWHUDQODJHQ LVW PLW GHP GHU 6FKZHUNUDIW HQWZlVVHUXQJ LGHQWLVFK YHUJOHLFKH .DSLWHO
,QIRUPDWLRQHQ ]XU .DONXODWLRQ /HLVWXQJ XQG .RVWHQ
,Q 7DEHOOH ZLUG ZHLWHUIKUHQG DXI GLH 3UR]HVVH ]XU +HUVWHOOXQJ HLQHU 7LHIEUXQQHQDQODJH HLQJHJDQJHQ 6LH ZXUGH LQ $QOHKQXQJ DQ 7DEHOOH HUVWHOOW XQG ]HLJW EHLVSLHOKDIW GLH ]X YHUZHQGHQGHQ *HUlWH
*UXQGZDVVHUKDOWXQJHQ
7DEHOOH 7\SLVLHUXQJ GHU *HUlWH GLH LQ GHQ +DXSWSUR]HVVHQ ]XP (LQVDW] NRPPHQ 3UR]HVV
,
,,
,,, ,9
9
7HLOSUR]HVV
*HUlW
9DNXXPDQODJH +\GUDXOLNEDJJHU $XVOHJHUXQWHUWHLO $XVOHJHUREHUWHLO 6WLHO 7LHIO|IIHO +HUVWHOOHQ GHU 6SOILOWHU $EVHQNEUXQ 6SOSXPSH QHQ GXUFK JJI %DJJHU ZLH , (LQVSOHQ GHU )LOWHUURKUH 9HUOHJHQ GHU 6FKQHOONXSSOXQJVURK UH LQNO =XEHK|U $EIOXVVOHL WXQJ ]XP 9RUIOXWHU 6WURPDJJUHJDW 9RUKDOWHQ 5FNEDX DOOHU JJI %DJJHU ZLH , /HLWXQJHQ =LHKHQ GHU JJI %DJJHU ZLH , 9DNXXPODQ ]HQ 5FNEDX GHU JJI %DJJHU ZLH , 3XPSHQ $XIEDX GHU 9DNXXP DQODJH
3HUVRQDOEH GDUI
%*/1U +DXSWJUXSSHQ
7 « ' « ' « ' « ' « ' «
.DONXODWRULVFKH /HLVWXQJVDQVlW]H
+HOIHU 0DVFKLQLVW K6W
+HOIHU 0DVFKLQLVW
7
ELV K6W
+HOIHU KP
5 « 0DVFKLQLVW +HOIHU 0DVFKLQLVW +HOIHU
ELV KP
0DVFKLQLVW +HOIHU
K6W K6W
7DEHOOH $XVJHZlKOWH 7lWLJNHLWV XQG 5VW]HLWHQ ]XU (LQULFKWXQJ YRQ %UXQQHQDQODJHQ
6SOILOWHUDQODJHQ :HOOSRLQW$QODJHQ
7lWLJNHLW %DXVWHOOHQHLQULFKWXQJ 3XQNWEUXQQHQ HLQVSOHQ XQG UFNEDXHQ $XIEDX ,QEHWULHEQDKPH XQG $EEDX GHV 9DNXXPDJJUHJDWHV .RQWUROO XQG :DUWXQJVDUEHLWHQ ZlK UHQG GHU 9RUKDOWH]HLW *HUlWHDXVIDOO ZDUWXQJ 5lXPHQ GHU %DXVWHOOH
7lWLJNHLWV XQG 5VW]HLWHQ QDFK -H QDFK *U|H GHU %DXVWHOOH $7 ELV K K7DJ GHU 3XPSVWG ELV K MH QDFK *U|H GHU %DXVWHOOH
$QPHUNXQJHQ ]XU /HLVWXQJVEHVFKUHLEXQJ )U GLH $XVIKUXQJ GHU 9DNXXPHQWZlVVHUXQJ JHOWHQ HEHQIDOOV GLH $QPHUNXQJHQ IU GLH 6FKZHUNUDIWHQWZlVVHUXQJHQ GLH LP .DSLWHO EHVFKULHEHQ ZHUGHQ
*UXQGZDVVHUDEVSHUUXQJ
4XDOLWlWVVLFKHUXQJ XQG .HQQZHUWH %DXYRUEHUHLWHQGH XQG EDXEHJOHLWHQGH 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ VLQG EHL DOOHQ :DVVHUKDOWXQJVPDQDKPHQ HUIRUGHUOLFK 8P HLQH KRKH 6LFKHUKHLW XQG 4XDOLWlW EHL GHU *UXQGZDVVHUDEVHQNXQJ ]X JHZlKUOHLVWHQ VLQG GLH LQ GHU QDFKIROJHQGHQ 7DEHOOH DXIJHIKUWHQ 0DQDKPHQ ]X EHDFKWHQ 'D PDQFKH 0DQDKPHQ LGHQWLVFK PLW GHQHQ GHU RIIHQHQ :DVVHU KDOWXQJ VLQG ZLUG LQ GHU 7DEHOOH HEHQIDOOV DXI GDV .DSLWHO YHUZLHVHQ 7DEHOOH 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ EHL 9DNXXPYHUIDKUHQ YRU GHU %DXPDQDKPH YJO .DSLWHO Ä2IIHQH :DVVHUKDOWXQJ³
ZlKUHQG GHU %DXPDQDKPH YJO .DSLWHO Ä2IIHQH :DVVHUKDOWXQJ XQG 6FKZHUNUDIWDQODJH³
QDFK GHU %DXPDQ YJO .DSLWHO Ä2IIHQH :DVVHUKDOWXQJ³
'XUFKIKUXQJ YRQ 3UREHERK 9HUPHLGXQJ YRQ WXUEXOHQWHQ 6WU|PXQJVYHUKlOW UXQJHQ QLVVHQ 9HUZHQGXQJ YRQ )LOWHUQ PLW JODWWHU 2EHUIOlFKH (QWVDQGXQJ GHU %UXQQHQ 9HUPHLGXQJ GHU 6DXHUVWRIIDXIQDKPH GXUFK 'LI IXVLRQ %HNlPSIXQJ YRQ 0DQJDQ XQG (LVHQEDNWHULHQ GXUFK NHLPW|WHQGH 0LWWHO $XIUHFKWHUKDOWHQ GHV 9DNXXPV (LQUHJHOXQJ XQG $EVWHOOHQ GHU %UXQQHQ PXVV HLQ]HOQ HUIROJHQ
*UXQGZDVVHUDEVSHUUXQJ =XU 9HUPHLGXQJ HLQHU *UXQGZDVVHUDEVHQNXQJ ZHUGHQ %DXJUXEHQ LP 6FKXW] HLQHU YHUWLNDOHQ XQG JJI HLQHU ]XVlW]OLFKHQ KRUL]RQWDOHQ *UXQGZDVVHUDEVSHUUXQJ KHUJHVWHOOW 'LHV LVW GHU )DOO ZHQQ ] % ZDVVHUUHFKWOLFKH 9RUEHKDOWH JHJHQ HLQH $EVHQNXQJ YRUOLHJHQ RGHU HLQH 6HW ]XQJVJHIDKU IU GLH 1DFKEDUEHEDXXQJ EHVWHKW =XGHP LVW EHL VHKU GXUFKOlVVLJHQ %|GHQ ] % .LHV HLQH $EVHQNXQJ RIW XQZLUWVFKDIWOLFK 8P GLH GHU %DXJUXEH YRQ XQWHQ ]XIOLHHQGH :DVVHUPHQJH JHULQJ ]X KDOWHQ PXVV GRUW HQW ZHGHU HLQH QDWUOLFKH VHKU JHULQJ GXUFKOlVVLJH %RGHQVFKLFKW YRUKDQGHQ VHLQ LQ GLH GLH YHU WLNDOH $EVSHUUXQJ 9HUEDXZDQG HLQELQGHW RGHU GLH 'XUFKOlVVLJNHLW GHV DQVWHKHQGHQ %RGHQV PXVV EHLVSLHOVZHLVH GXUFK ,QMHNWLRQHQ YHUULQJHUW ZHUGHQ 'HV :HLWHUHQ NDQQ HLQH 'VHQ VWUDKOVRKOH RGHU GLH 8QWHUZDVVHUEHWRQ%DXZHLVH YRUJHVHKHQ ZHUGHQ $EJHVHKHQ YRQ NXU]]HLWLJHQ JHULQJIJLJHQ $EVHQNXQJHQ PLWWHOV %UXQQHQ RGHU RIIHQHU :DV VHUKDOWXQJ RKQH 6FKDGHQVSRWHQ]LDO IU GDV %DXJUXEHQXPIHOG VROOWHQ *UXQGZDVVHUDEVSHU UXQJHQ JUXQGVlW]OLFK LQ (UZlJXQJ JH]RJHQ ZHUGHQ 8QEHVFKDGHW GHV DQIlQJOLFK K|KHUHQ $XIZDQGHV VLQG $EVSHUUXQJHQ HUIDKUXQJVJHPl WHFKQLVFK XQG ZLUWVFKDIWOLFK YRUWHLOKDIW ZHLO X D GLH JHRWHFKQLVFKHQ XQG JHRK\GUDXOLVFKHQ 8QZlJEDUNHLWHQ HLQHU :DVVHUKDOWXQJ UHGX]LHUW GHU %DXJUXEHQDXVKXE PLQLPLHUW XQG OHW]WHQGOLFK GLH $XVIKUXQJVVLFKHUKHLW GHU %DXPDQDKPH JHVWHLJHUW ZHUGHQ
*UXQGZDVVHUKDOWXQJHQ
)HUQHU N|QQHQ 9HUEDXZlQGH JJI LQ GDV VSlWHUH %DXZHUN LQWHJULHUW ZHUGHQ %HL WLHIHQ %DX JUXEHQ LP *UXQGZDVVHU QHEHQ YRUKDQGHQHQ %DXZHUNHQ PVVHQ %DXJUXEHQVLFKHUXQJHQ JH QHUHOO DOV *UXQGZDVVHUDEVSHUUXQJHQ DXVJHELOGHW ZHUGHQ 'LH *UXQGZDVVHUDEVSHUUXQJ NDQQ PLW YHUVFKLHGHQHQ 9HUIDKUHQ HUUHLFKW ZHUGHQ 9HUULQJHUXQJ GHU 'XUFKOlVVLJNHLW GHV DQVWHKHQGHQ %RGHQV GXUFK 9HUPLQGHUXQJ RGHU )OOXQJ GHV 3RUHQDQWHLOV 9HUGUlQJXQJ GHV DQVWHKHQGHQ %RGHQV XQG (LQEDX HLQHV 'LFKWXQJVPDWHULDOV $XVKXE GHV DQVWHKHQGHQ %RGHQV XQG (LQEDX HLQHV 'LFKWXQJVPDWHULDOV =XU *UXQGZDVVHUDEVSHUUXQJ ZHUGHQ LP $OOJHPHLQHQ GXUFKJlQJLJH IOlFKHQKDIWH %DXWHLOH PLW GHP =LHO HLQHU KLQUHLFKHQG WHFKQLVFK GLFKWHQ G K VHKU JHULQJ GXUFKOlVVLJHQ :DQG E]Z 6RKOH KHUJHVWHOOW 'D EHUHLWV VHKU ZHQLJH )HKOVWHOOHQ GLH 'XUFKOlVVLJNHLW GHU YRUJHVHKHQHQ $EVSHUUXQJ ZHVHQW OLFK HUK|KHQ XQG ]XVlW]OLFK GLH %DXJUXEHQVLFKHUXQJ EHLVSLHOVZHLVH GXUFK K\GUDXOLVFKH *UXQGEUFKH JHIlKUGHQ N|QQHQ PXVV GLH $XVIKUXQJ VHKU VRUJIlOWLJ HUIROJHQ =XGHP VLQG GLH )HKOVWHOOHQ VSlWHU QXU PLW JURHP $XIZDQG GHWHNWLHUEDU XQG QDFKEHDUEHLWEDU 'LHVEH]J OLFK ZLUG DXI GLH MHZHLOLJHQ $QPHUNXQJHQ ]XU 4XDOLWlWVVLFKHUXQJ H[SOL]LW KLQJHZLHVHQ ,Q GHU 7DEHOOH VLQG YHUVFKLHGHQH 9HUIDKUHQ ]XU +HUVWHOOXQJ YRQ YHUWLNDOHQ *UXQGZDVVHU DEVSHUUXQJHQ ]XVDPPHQJHVWHOOW 7DEHOOH hEHUEOLFN EHU 9HUIDKUHQ ]XU +HUVWHOOXQJ YRQ YHUWLNDOHQ *UXQGZDVVHUDEVSHUUXQJHQ 3ULQ]LS
9HUULQJHUXQJ GHU 'XUFKOlVVLJ NHLW GHV DQVWHKHQGHQ %RGHQV
9HU IDKUHQ
9HUGLFKWXQJVZDQG ,QMHNWLRQVZDQG *HIULHUZDQG
9HUGUlQJXQJ GHV DQVWHKHQGHQ %RGHQV XQG (LQEDX HLQHV 'LFKWXQJVPDWHULDOV 6SXQGZDQG 6FKPDOZDQG 'VHQVWUDKOZDQG
$XVKXE GHV DQVWHKHQGHQ %R GHQV XQG (LQEDX HLQHV 'LFKWXQJVPDWHULDOV %RKUSIDKOZDQG 6FKOLW]ZDQG
'LH 7DEHOOH ELV 7DEHOOH JHEHQ ]ZHFNV %HXUWHLOXQJ GHU 9HUZHQGEDUNHLW HLQHQ h EHUEOLFN EHU GLH +HUVWHOOXQJ XQG $QZHQGXQJ GHU HLQ]HOQHQ 9HUIDKUHQ 6\VWHPH ]XU *UXQG ZDVVHUDEVSHUUXQJ 7DEHOOH 9HUIDKUHQ ]XU 9HUULQJHUXQJ GHU 'XUFKOlVVLJNHLW GHV DQVWHKHQGHQ %RGHQV 6\VWHP
+HUVWHOOXQJVYHUIDKUHQ
'LFKWXQJVPD WHULDO
EOLFKH %RGHQDUWHQ
EOLFKH $EPHVVXQJHQ 'LFNH >P@
7LHIH >P@
9HUGLFK WXQJVZDQG
6lXOHQZHLVH 9HUGLFKWXQJ GHV DQVWHKHQGHQ %RGHQV ] % PLW 7LHIHQUWWOHUQ XQWHU =XJDEH YRQ )UHPGPDWHULDO
NRQGLWLRQLHUWH 6DQGH.LHVH
6DQG .LHV *HU|OO
±
±
,QMHNWLRQV
(LQEDX YRQ ,QMHNWLRQVODQ]HQ $XVSUHVVHQ GHV 3RUHQUDXPHV LP %RGHQ PLW ,QMHNWLRQVPLWWHO ZR EHL VLFK XP GLH ,QMHNWLRQVODQ]HQ EHUVFKQHLGHQGH ,QMHNWLRQVN|U SHU ELOGHQ
=HPHQW RGHU 7RQ=HPHQW 6XVSHQVLRQ :DVVHUJODV .XQVWKDU]
6DQG .LHV
±
±
$EWHXIHQ YRQ %RKUXQJHQ (LQ
JHIURUHQHV
DOOH %|GHQ
±
ZDQG
*HIULHUZDQG
*UXQGZDVVHUDEVSHUUXQJ
'VHQVWUDKO ZDQG +RFKGUXFN LQMHNWLRQV ZDQG
VWHOOHQ YRQ *HIULHUURKUHQ *H 3RUHQZDVVHU IULHUHQ GHV 3RUHQZDVVHUV GXUFK .lOWH ] % 6WLFNVWRIIYHUHLVXQJ GLH GXUFK GLH 5RKUH ]XJHIKUW ZLUG
PLW :DVVHU JHKDOWHQ JU|HU ELV
$EWHXIHQ YRQ %RKUXQJHQ (LQ SUHVVHU HLQHU 6XVSHQVLRQ PLW KRKHP 'UXFN ]ZHFNV 9HUPL VFKXQJ PLW GHP DQVWHKHQGHQ %RGHQ XQWHU JOHLFK]HLWLJHP =LH KHQ GHV %RKUJHVWlQJHV ZRGXUFK EHUVFKQLWWHQH 6lXOHQ:lQGH HQWVWHKHQ
DOOH %|GHQ
=HPHQW 6XVSHQVLRQ HYWO PLW )OO VWRIIHQ
±
7DEHOOH 9HUIDKUHQ PLW 9HUGUlQJXQJ GHV %RGHQV XQG (LQEDX HLQHV 'LFKWXQJVPDWHULDOV 6\VWHP
+HUVWHOOXQJVYHUIDKUHQ
'LFKWXQJVPD WHULDO
6SXQGZDQG
(LQUDPPHQ RGHU (LQUWWHOQ HYWO 6WDKO (LQKlQJHQ LQ 6FKOLW]H PLW %HQ WRQLW=HPHQW6XVSV
6FKPDOZDQG
(LQUWWHOQ YRQ 6WDKOWUl %HQWRQLW JHUQ6SXQGERKOHQ XQG $XVSUHV =HPHQW VHQ GHV 9HUGUlQJXQJVUDXPHV PLW 6XVSHQVLRQ 'LFKWXQJVPDWHULDO EHLP =LHKHQ
EOLFKH %R GHQ DUWHQ DOOH %|GHQ JJI PLW 5DPPKLOIHQ ORFNHU ELV PLWWHOGLFKW JHODJHUWH JUREN|UQLJH %|GHQ
EOLFKH $EPHVVXQJHQ 'LFNH >P@
7LHIH >P@
±
±
7DEHOOH 9HUIDKUHQ PLW $XVKXE GHV DQVWHKHQGHQ %RGHQV XQG (LQEDX HLQHV 'LFKWXQJVPDWHULDOV 6\VWHP
+HUVWHOOXQJVYHUIDKUHQ
'LFKWXQJVPD WHULDO
±
EOLFKH $EPHVVXQJHQ 'LFNH >P@
7LHIH >P@
%RKUSIDKO ZDQG EHU VFKQLWWHQ
$XVKXE GHV %RGHQV LP 6FKXW] HLQHU 9HUURKUXQJ (LQEDX YRQ %HWRQ
6FKOLW]ZDQG
$XVKXE YRQ /DPHOOHQ LP 6FKXW] %HWRQ HLQHU %HQWRQLW6XVSHQVLRQ (LQ EDX YRQ %HWRQ LP .RQWUDNWRUYHU IDKUHQ
DOOH
±
'LFKWZDQG
$XVKXE YRQ /DPHOOHQ LP 6FKXW] %HQWRQLW HLQHU %HQWRQLW=HPHQW =HPHQW 6XVSHQVLRQ GLH LP 6FKOLW] YHU 6XVSHQVLRQ EOHLEW
DOOH
±
$XVKXE YRQ /DPHOOHQ LP 6FKXW] HLQHU %HQWRQLW6XVSHQVLRQ $XV WDXVFK GHU 6WW]IOVVLJNHLW GXUFK VSH] 'LFKWXQJVPDWHULDO
DOOH
±
±
(LQSKDVHQ YHUIDKUHQ 'LFKWZDQG =ZHLSKD VHQYHUIDK UHQ
%HWRQ
JHHLJQHWH %RGHQ DUWHQ DOOH
%HQWRQLW =HPHQW 6XVSHQVLRQ =XVDW]VWRIIH
)U HLQH ]XYHUOlVVLJH ZLUWVFKDIWOLFKH 'LPHQVLRQLHUXQJ XQG HLQH SODQPlLJH $XVIKUXQJ YRQ *UXQGZDVVHUDEVSHUUXQJHQ VLQG QHEHQ YHUIDKUHQVVSH]LILVFKHQ JHRWHFKQLVFKHQ 9RUXQWHUVX FKXQJHQ K\GURJHRORJLVFKH 8QWHUVXFKXQJHQ XQG 1DFKZHLVH XQDEGLQJEDU
*UXQGZDVVHUKDOWXQJHQ
8QDEKlQJLJ YRQ P|JOLFKHQ )HKOVWHOOHQ LVW DXFK EHL WHFKQLVFK GLFKWHQ *UXQGZDVVHUDEVSHU UXQJHQ 5HVWZDVVHU QDFK 1LHGHUVFKOlJHQ XQG LQIROJH YRQ :DVVHU]XWULWWHQ GXUFK )XJHQ ] % EHL 6FKOLW] XQG %RKUSIDKOZlQGHQ RGHU GXUFK 6FKO|VVHU EHL 6SXQGZlQGHQ XQYHUPHLGOLFK 'LHVHV 5HVWZDVVHU ZLUG L G 5 GXUFK HLQH RIIHQH :DVVHUKDOWXQJ JJI XQWHUVWW]W GXUFK IOD FKH %UXQQHQ JHIDVVW XQG DEJHOHLWHW 'LH 5HVWZDVVHUKDOWXQJ LVW EHL GHU .DONXODWLRQ XQG EHL GHU 3ODQXQJ GHV %DXDEODXIHV KLHU IU GHQ %HWULHE GHU :DVVHUKDOWXQJ EHL GHP DXIJHKHQGHQ %DXZHUN ]X EHUFNVLFKWLJHQ 'LH KlXILJ DQJHZDQGWHQ %DXYHUIDKUHQ IU *UXQGZDVVHUDEVSHUUXQJHQ GLH GDQQ HLQH GLFKWHQ GH XQG HLQH VWDWLVFKH )XQNWLRQ HUIOOHQ VLQG LP $EVFKQLWW %DXJUXEHQVLFKHUXQJHQ GHWDLO OLHUW EHVFKULHEHQ
*UXQGZDVVHUPDQDJHPHQW XQG 4XDOLWlWVVLFKHUXQJ *UXQGZDVVHUPDQDJHPHQW *URSURMHNWH PLW XPIDQJUHLFKHQ (LQJULIIHQ LQ GHQ QDWUOLFKHQ :DVVHUKDXVKDOW HUIRUGHUQ HLQ RSWLPDOHV *UXQGZDVVHUPDQDJHPHQW XQG DEJHVWLPPWH 0DQDKPHQ ]XP 6FKXW] |NRORJLVFK ZHUWYROOHU %HUHLFKH XQG YRUKDQGHQHU %DXVXEVWDQ] 'HU %DXKHUU PXVV QHEHQ GHU 9HUEULQJXQJ GHV YRQ LKP JHI|UGHUWHQ *UXQGZDVVHUV GLH ZDVVHUEHK|UGOLFKHQ $XIODJHQ RUJDQLVLHUHQ XQG VLFKHUVWHOOHQ +LHU]X ]lKOW LQVEHVRQGHUH HLQH XPIDVVHQGH %HZHLVVLFKHUXQJ ,P $OOJHPHLQHQ EHLQKDOWHQ GLH ZDVVHUEHK|UGOLFKHQ *HQHKPLJXQJHQ GDVV GHU *UXQGZDVVHUVSLHJHO LQIROJH GHU %DXPDQDKPH QXU LQ HLQHP HQJ EHJUHQ]WHQ %HUHLFK VFKZDQNHQ GDUI +LHUIU ZHUGHQ GXUFK GLH :DVVHUEHK|UGH *UXQGZDVVHUVWlQGH GHILQLHUW GLH QLFKW XQWHU E]Z EHUVFKULWWHQ ZHUGHQ VROOHQ *UXQGODJH IU GLH )HVWOHJXQJ VLQG GLH XQEHHLQIOXVVWHQ *UXQGZDVVHUVWlQGH GHU OHW]WHQ -DKUH FD -DKUH VRZLH |NRORJLVFKH XQG SIODQ]HQSK\VLRORJLVFKH hEHUOHJXQJHQ +LHUDXV HUJLEW VLFK GLH 1RWZHQGLJNHLW IU DOOH 7HLOSURMHNWH HLQ JHPHLQVDPHV *UXQGZDVVHUPDQDJH PHQW HLQ]XULFKWHQ 'DV *UXQGZDVVHUPDQDJHPHQW NDQQ LQ HLQH *UXQGZDVVHUPDQDJHPHQW2UJDQLVDWLRQ XQG HLQH *UXQGZDVVHUYHUEULQJXQJ XQWHUWHLOW ZHUGHQ 'LH $XIJDEHQ GHU *UXQGZDVVHUPDQDJHPHQW 2UJDQLVDWLRQ XPIDVVHQ LP (LQ]HOQHQ 3ODQXQJ XQG (UULFKWXQJ HLQHV *UXQGZDVVHU0HVVVWHOOHQQHW]HV ('9JHVWW]WH hEHUZDFKXQJ GHU *UXQGZDVVHUVWlQGH LQ ]XJHRUGQHWHQ *UQIOlFKHQ PLW JUXQGZDVVHUDEKlQJLJHU 9HJHWDWLRQ XQG LQ GHU 8PJHEXQJ YRQ %DXZHUNHQ GLH YRU *UXQGZDVVHUDEVHQNXQJ ]X VFKW]HQ VLQG ('9JHVWW]WH hEHUZDFKXQJ GHU *UXQGZDVVHUI|UGHUXQJ XQG 'RNXPHQWDWLRQ GHU HQW QRPPHQHQ *UXQGZDVVHUYROXPLQDYROXPHQVWU|PH VRZLH GHUHQ 9HUEOHLE 6WHXHUXQJ GHU 9HUWHLOXQJ GHV JHI|UGHUWHQ *UXQGZDVVHUV ]ZLVFKHQ ZLHGHU ]X YHUVLFNHUQ GHQ XQG DE]XVFKODJHQGHQ 0HQJHQ ]XU (UIOOXQJ GHU ZDVVHUEHK|UGOLFKHQ $XIODJHQ EH ]JOLFK GHU (LQKDOWXQJ YRQ *UXQGZDVVHUVWlQGHQ LQ GHQ ]X VFKW]HQGHQ $UHDOHQ 'XUFKIKUXQJ YRQ *UXQGZDVVHUPRGHOOUHFKQXQJHQ DOV (QWVFKHLGXQJVKLOIH
*UXQGZDVVHUPDQDJHPHQW XQG 4XDOLWlWVVLFKHUXQJ
4XDOLWlWVEHUZDFKXQJ GHV ZLHGHU ]X YHUVLFNHUQGHQ E]Z DE]XVFKODJHQGHQ *UXQGZDV VHUV %HZHLVVLFKHUXQJ ]XU hEHUSUIXQJ %HZHUWXQJ XQG JJI $EZHKU YRQ JHOWHQG JHPDFKWHQ $QVSUFKHQ 'ULWWHU HLQVFKOLHOLFK HLQHV YLHUWHOMlKUOLFKHQ %HZHLVVLFKHUXQJVEHULFKWHV %HWULHEVZLUWVFKDIWOLFKH $EZLFNOXQJ GHV *UXQGZDVVHUPDQDJHPHQWV JHJHQEHU GHQ %DX KHUUHQ HLQVFKOLHOLFK HLQHU 1DFKZHLVIKUXQJ 'DV YRQ GHU 2UJDQLVDWLRQ EHWULHEHQH *UXQGZDVVHU0HVVVWHOOHQQHW] GLHQW ]XU OFNHQORVHQ (UIDVVXQJ GHU MHZHLOV DNWXHOOHQ *UXQGZDVVHUVLWXDWLRQ 'LHV LVW IU HLQH JH]LHOWH XQG HUIROJ UHLFKH 6WHXHUXQJ GHU *UXQGZDVVHUYHUEULQJXQJ XQG GHU %HZHLVVLFKHUXQJ HUIRUGHUOLFK 'LH 9HUWHLOXQJ GHU *UXQGZDVVHU0HVVVWHOOHQ ULFKWHW VLFK QDFK GHU +|KH GHU ]X HUZDUWHQGHQ *UXQGZDVVHUVWDQGVlQGHUXQJ XQG QDFK GHU 6FKXW]EHGUIWLJNHLW GHU EHQDFKEDUWHQ %HEDXXQJ ,Q XQPLWWHOEDUHU %DXJUXEHQXPJHEXQJ DQ GHQ :LHGHUYHUVLFNHUXQJVDUHDOHQ XQG DQ ]X VFKW ]HQGHQ *HElXGHQ XQG *UQEHUHLFKHQ LVW HLQH .RQ]HQWUDWLRQ GHU 0HVVVWHOOHQ HUIRUGHUOLFK 'LH 0HVVDQODJHQ ZHUGHQ VR DXVJHOHJW GDVV GDV 6\VWHP EHL HLQHU hEHU E]Z 8QWHUVFKUHLWXQ JHQ GHU IHVWJHVHW]WHQ *UHQ]ZHUWH HLQHQ $ODUP DXVO|VW VR GDVV *HJHQPDQDKPHQ HLQJHOHLWHW ZHUGHQ N|QQHQ 'LH DQ GHQ HLQ]HOQHQ 0HVVVWHOOHQ JHZRQQHQHQ 'DWHQ XQG GLH GDUDXV DEJHOHL WHWHQ *UXQGZDVVHUJOHLFKHQ /LQLHQ JOHLFKHQ *UXQGZDVVHUVWDQGHV ELOGHQ GLH *UXQGODJH IU GLH 6WHXHUXQJ GHU 9HUEULQJXQJ GHV JHI|UGHUWHQ *UXQGZDVVHUV XQG IU GLH %HZHLVVLFKHUXQJ 'LH $XIJDEHQ GHU *UXQGZDVVHUYHUEULQJXQJ EHLQKDOWHQ $XIEDX 9RUKDOWXQJ 8QWHUKDOWXQJ %HWULHE XQG 5FNEDX HLQHV /HLWXQJVQHW]HV YRQ GHQ hEHUJDEHVWDWLRQHQ GHU (LQ]HOEDXJUXEHQ ELV ]X GHQ (LQOHLWH E]Z :LHGHUYHUVLFNHUXQJV VWHOOHQ HLQVFKOLHOLFK GHU %HVFKDIIXQJ GHU HUIRUGHUOLFKHQ *HQHKPLJXQJHQ XQG GHU $XV IKUXQJVSODQXQJ $XIEDX 9RUKDOWXQJ 8QWHUKDOWXQJ %HWULHE XQG 5FNEDX GHU 3XPSHQDQODJHQ XQG GHU ]XJHK|ULJHQ $UPDWXUHQ HLQVFKOLHOLFK GHU $XVIKUXQJVSODQXQJ /LHIHUXQJ $XIEDX 9RUKDOWXQJ 8QWHUKDOWXQJ %HWULHE XQG 5FNEDX YRQ :LHGHUYHUVL FNHUXQJVEUXQQHQ HLQVFKOLHOLFK GHU $XVIKUXQJVSODQXQJ $XIEDX 9RUKDOWXQJ 8QWHUKDOWXQJ %HWULHE XQG 5FNEDX GHU (QWHLVXQJV XQG (QWPDQ JDQXQJVDQODJH IU GLH :LHGHUYHUVLFNHUXQJ GHV JHI|UGHUWHQ *UXQGZDVVHUV HLQVFKOLHOLFK GHU $XVIKUXQJVSODQXQJ 'LH DXIJHIKUWHQ /HLVWXQJHQ ZHUGHQ MH QDFK %DXIRUWVFKULWW E]Z QDFK %HGDUI DQ /HQ] XQG 5HVWJUXQGZDVVHU9HUEULQJXQJ VWXIHQZHLVH UHDOLVLHUW =XU (LQKDOWXQJ GHU LQ GHQ ZDVVHUEH K|UGOLFKHQ $XIODJHQ IHVWJHOHJWHQ +|FKVW XQG 1LHGULJJUXQGZDVVHUVWlQGH LVW HLQH YROOVWlQGL JH E]Z WHLOZHLVH :LHGHUYHUVLFNHUXQJ GHV HQWQRPPHQHQ *UXQGZDVVHUV HUIRUGHUOLFK ,QVEH VRQGHUH DQ ]X VFKW]HQGHQ *HElXGHQ XQG *UQDQODJHQ VLQG XPIDQJUHLFKH 9HUVLFNHUXQJV PDQDKPHQ QRWZHQGLJ 'HU QLFKW IU GLH :LHGHUYHUVLFNHUXQJ EHQ|WLJWH $QWHLO GHV HQWQRP PHQHQ :DVVHUV ZLUG LQ HLQHQ 9RUIOXWHU JHOHLWHW *HJHEHQHQIDOOV ZLUG HLQ 7HLO GHV *UXQGZDV VHUV LQ %DXJUXEHQ GLH VLFK ] % LQ GHU 3KDVH GHV 8QWHUZDVVHUDXVKXEHV EHILQGHQ ]XU 6WW ]XQJ GHV :DVVHUVWDQGHV LQ GHU %DXJUXEH XQG GDPLW ]XU 9HUPLQGHUXQJ GHU $EVHQNXQJ LP *UXQGZDVVHUOHLWHU HLQJHOHLWHW
*UXQGZDVVHUKDOWXQJHQ
'DV ]X YHUEULQJHQGH :DVVHU /HQ] E]Z 5HVWJUXQGZDVVHU ZLUG DQ GHQ hEHUJDEHVWDWLRQHQ GLH L G 5 DP %DXJUXEHQUDQG VWHKHQ DQ GLH 9HUEULQJXQJ EHUJHEHQ 'HU +HUVWHOOHU GHU %DX JUXEH LVW GDIU YHUDQWZRUWOLFK GDVV GDV :DVVHU GLH YRQ GHU :DVVHUEHK|UGH YRUJHVFKULHEHQH 4XDOLWlW EHVLW]W 'DIU LVW JJI HLQ (LQVDW] YRQ GH]HQWUDOHQ 'HNRQWDPLQDWLRQVDQODJHQ HUIRU GHUOLFK 'DV :DVVHUYROXPHQ XQG GLH ±TXDOLWlW ZHUGHQ YRU GHU hEHUJDEH LQ GDV 9HUEULQ JXQJVV\VWHP YRQ GHU 2UJDQLVDWLRQ JHPHVVHQ XQG JHSUIW 'XUFK GDV :DVVHUKDXVKDOWVJHVHW] :+* ZLUG DOOJHPHLQ GLH %HKDQGOXQJ ZDVVHUUHFKWOLFKHU )UDJHQ JHUHJHOW (LQLJH %XQGHVOlQGHU KDEHQ ]XVlW]OLFK /DQGHVJHVHW]H HUODVVHQ 'LHVH HQWKDO WHQ LQVEHVRQGHUH 9HUIDKUHQVYRUVFKULIWHQ GLH )HVWOHJXQJ GHV %HK|UGHQDXIEDXV XQG GLH 9HU WHLOXQJ YRQ =XVWlQGLJNHLWHQ 9RU GHU (LQOHLWXQJ HLQHV *HQHKPLJXQJVYHUIDKUHQV ]XU *UXQG ZDVVHUDEVHQNXQJ ZLUG HPSIRKOHQ GDV MHZHLOLJH /DQGHVJHVHW] HLQ]XVHKHQ XP GXUFK GLH 6WHOOXQJ IRUPHOO ULFKWLJHU $QWUlJH =HLWYHU]|JHUXQJHQ ]X YHUPHLGHQ 6RZRKO GLH *UXQGZDVVHUDEVHQNXQJ DOV DXFK GLH $EOHLWXQJ GHV DQIDOOHQGHQ :DVVHUV VLQG JHQHKPLJXQJVSIOLFKWLJH 9RUJlQJH :+* =X EHDFKWHQ LVW GDVV HLQH %DXJHQHKPL JXQJ ] % IU GLH %DXJUXEH XQG GLH :DVVHUKDOWXQJVDQODJH NHLQH %HZLOOLJXQJ QDFK GHQ 9RUVFKULIWHQ GHV :+* GDUVWHOOW 2E HLQH %HZLOOLJXQJVSIOLFKW IU GLH *UXQGZDVVHUDEVHQNXQJ YRUOLHJW ZLUG YRQ GHU MHZHLOLJHQ *HQHKPLJXQJVEHK|UGH HQWVFKLHGHQ *HQHUHOO LVW HV VLQQ YROO EHUHLWV LQ GHU 3ODQXQJVSKDVH GLH )UDJH GHU (UODXEQLV ]X SUIHQ E]Z GXUFK GHQ %DXKHUUQ SUIHQ ]X ODVVHQ 'DV :DVVHU GDV LQ GLH |UWOLFKH .DQDOLVDWLRQ DEJHOHLWHW ZLUG LVW NHLQ 9RUJDQJ GHU GHP :+* XQWHUOLHJW 'HQQRFK EHVWHKW HLQH *HQHKPLJXQJVSIOLFKW 'LH %HWUHLEHU GHU $EZDVVHUV\VWHPH *HPHLQGHQ RGHU 9HUElQGH HUKHEHQ (LQOHLWXQJVJHEKUHQ GLH YRP 8QWHUQHKPHU ]X WUDJHQ VLQG
%DXYRUEHUHLWHQGH XQG EDXEHJOHLWHQGH 0DQDKPHQ ]XU 4XDOLWlWVVL FKHUXQJ %DXYRUEHUHLWHQGH XQG EDXEHJOHLWHQGH 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ VLQG EHL DOOHQ :DVVHUKDOWXQJVPDQDKPHQ HUIRUGHUOLFK 8P HLQH KRKH 6LFKHUKHLW XQG 4XDOLWlW EHL HLQHU *UXQGZDVVHUDEVHQNXQJ RIIHQH :DVVHUKDOWXQJ E]Z $EVHQNXQJ PLW %UXQQHQ ]X JHZlKU OHLVWHQ VLQG GLH LQ GHU 7DEHOOH DXIJHIKUWHQ 0DQDKPHQ ]X EHDFKWHQ ,Q GHU 7DEHOOH VLQG GLH EDXYRUEHUHLWHQGHQ XQG EDXEHJOHLWHQGHQ 0DQDKPHQ ]XU 4XDOL WlWVVLFKHUXQJ EHL *UXQGZDVVHUDEVSHUUXQJVYHUIDKUHQ ]XVDPPHQJHVWHOOW
*UXQGZDVVHUPDQDJHPHQW XQG 4XDOLWlWVVLFKHUXQJ
7DEHOOH 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ EHL *UXQGZDVVHUDEVHQNXQJVYHUIDKUHQ
2IIHQH :DVVHUKDOWXQJ
YRU GHU %DXPDQDKPH
ZlKUHQG GHU %DXPDQDKPH
(LQKROHQ DOOHU ZDVVHUUHFKWOL FKHQ *HQHKPLJXQJHQ
0HVVXQJ GHU JHI|UGHUWHQ :DVVHUPHQJH WlJOLFK
(UPLWWOXQJ GHV *UXQGZDVVHU VWDQGHV
.RQWUROOH GHU 3XPSHQ E]JO 6DQGIUHLKHLW
%HVWLPPXQJ GHU %RGHQNHQQ ZHUWH ] % N:HUW
3UIHQ GHU 'LFKWLJNHLW GHV /HLWXQJVV\VWHPV
'XUFKIKUXQJ HLQHU *UXQG ZDVVHUDQDO\VH
.RQWUROOH GHV *UXQGZDVVHUVWDQGHV *HZlKUOHLVWXQJ GHU 6WURPYHUVRUJXQJ
QDFK GHU %DXPDQ 9HUPHVVXQJ GHU 1DFK EDUJHElXGH 6HW]XQ JHQ .RQWUROOH GHU *HElX GHDEGLFKWXQJ (UPLWWOXQJ GHV *UXQG ZDVVHUVWDQGHV hEHUSUIXQJ DOOHU 3XPSHQ XQG /HLWXQJHQ DXI 'LFKWLJNHLW QDFK GHP 5FNEDX GHU $Q ODJH
(LQKROHQ YRQ $QJDEHQ EHU 1DFKEDUJHElXGH *UQGXQJ 6WDWLN HWF (UNXQGXQJ GHU :DVVHUVWlQGH EHQDFKEDUWHU *HZlVVHU YJO RIIHQH :DVVHUKDOWXQJ
YJO RIIHQH :DVVHUKDOWXQJ
'XUFKIKUXQJ YRQ 3UREHERK UXQJHQ
6HW]XQJVPHVVXQJHQ DQ GHU 1DFKEDUEHEDX XQJ
YJO RIIHQH :DVVHUKDO WXQJ
6FKZHUNUDIWDQODJH
%HUHLWVWHOOHQ YRQ ]ZHL XQDEKlQJLJHQ (QHU JLHTXHOOHQ ,QVWDOODWLRQ YRQ RSWLVFKHQ XQG DNXVWLVFKHQ :DUQDQODJHQ ,QVWDOODWLRQ HLQHU 6FKDOWHLQULFKWXQJ ]XU 6WURPYHUVRUJXQJ GHU 3XPSHQ ,QVWDOODWLRQ HLQHU DXWRPDWLVFKHQ 8PVFKDOW YRUULFKWXQJ EHL $XVIDOO HLQHU 3XPSH .RQWUROOH DXI 9HUVLQWHUXQJ 9HURFNHUXQJ .RUURVLRQ .RQWUROOH GHU 3XPSHQOHLVWXQJ .RQWUROOH GHV *UXQGZDVVHUVWDQGHV XQWHU GHU %DXJUXEHQVRKOH YJO RIIHQH :DVVHUKDOWXQJ
9DNXXPDQODJH
'XUFKIKUXQJ YRQ 3UREHERK UXQJHQ
YJO RIIHQH :DVVHUKDOWXQJ XQG 6FKZHUNUDIW YJO RIIHQH :DVVHUKDO HQWZlVVHUXQJ WXQJ 9HUPHLGXQJ YRQ WXUEXOHQWHQ 6WU|PXQJVYHU KlOWQLVVHQ 9HUZHQGXQJ YRQ )LOWHUQ PLW JODWWHU 2EHU IOlFKH (QWVDQGXQJ GHU %UXQQHQ 9HUPHLGXQJ GHU 6DXHUVWRIIDXIQDKPH GXUFK 'LIIXVLRQ %HNlPSIXQJ YRQ 0DQJDQ XQG (LVHQEDNWH ULHQ GXUFK NHLPW|WHQGH 0LWWHO $XIUHFKWHUKDOWHQ GHV 9DNXXPV (LQUHJHOXQJ XQG $EVWHOOXQJ GHU %UXQQHQ PXVV HLQ]HOQ HUIROJHQ
*UXQGZDVVHUKDOWXQJHQ
7DEHOOH 0DQDKPHQ ]XU 4XDOLWlWVVLFKHUXQJ EHL *UXQGZDVVHUDEVSHUUXQJVYHUIDKUHQ YRU GHU %DXPDQDKPH
6FKOLW]ZDQG
8QWHUVXFKXQJ GHU JHRORJLVFKHQ XQG WRSRJUDSKLVFKHQ (LJHQ VFKDIWHQ
ZlKUHQG GHU %DXPDQDKPH
QDFK GHU %DXPDQDKPH
3UIXQJ GHV 6FKOLW]ZDQGDQVDW] *WHEHUZDFKXQJ 8OWUDVFKDOO SXQNWHV QDFK /DJH XQG 5LFKWXQJ SUIXQJ .RQWUROOH GHU %HQWRQLW 6XVSHQVLRQV %HWRQ )LOWUDW ZDVVHUHLJHQVFKDIWHQ
.HUQERKUXQJ
%HZHKUXQJVDEQDKPH
(UG XQG :DVVHUGUXFNPHVVXQJ
$XVIKUXQJVEHVFKUHLEXQJ
9HUPHVVHQ GHV RIIHQ 6FKOLW]HV ,QNOLQRPHWHUPHVVXQJ 6HLOORW
6HW]SXQNWH DXI *2.
(LJQXQJVSUIXQJ DOOHU 0DWHULD OLHQ XQG *HUlWH
9HUPHVVXQJ GHU 1DFKEDUJHElX GH 6HW]XQJHQ
)HVWOHJXQJ GHU 6FKOLW]ZDQGWLHIH EDVLHUHQG DXI GHQ $XIVFKOXVV ERKUXQJHQ (UVWHOOXQJ YRQ 7HVWODPHOOHQ
(QGYHUPHVVHQ GHV 6FKOLW]HV XQG GHU $QVFKOXVVEHZHKUXQJ
)XJHQNRQWUROOH hEHUSUIXQJ GHU 6\VWHPGLFK WLJNHLW EHU *URSXPSYHUVXFKH
'VHQVWUDKOVRKOHZDQG
%RKUSIDKOZDQG
6SXQGZDQG
9HUPHVVXQJ GHU 1DFKEDUEHEDX XQJ 8QWHUVXFKXQJ GHU JHRORJLVFKHQ XQG WRSRJUDSKLVFKHQ (LJHQ VFKDIWHQ
9HUPHUNHQ XQG .RQWUROOLHUHQ GHU /DJH XQG 6WHOOXQJ GHU %RK OHQ LP 5DPPSODQ
(UGVWDWLVFKH %HUHFKQXQJ
.RQWUROOH GHU 9HUDQNHUXQJ ]ZL VFKHQ GHQ 6FKO|VVHUQ
8QWHUVXFKXQJ GHU JHRORJLVFKHQ XQG WRSRJUDSKLVFKHQ (LJHQ VFKDIWHQ
.RQWUROOH GHU 9HUWLNDOLWlW XQG hEHUVFKQHLGXQJ GHU %RKUXQJHQ
'XUFKIKUXQJ YRQ 1DFKNRQWURO OHQ %HVHLWLJXQJ YRQ HYWO 6FKlGHQ 6FKORVVVSUHQJXQJ $XIUROOHQ GHU 6SXQGZDQG 6FKORVVXQGLFK WLJNHLW YJO 6FKOLW]ZDQG
5HLQLJXQJ GHU %RKUORFKVRKOH )HVWOHJXQJ GHU 8. EDVLHUHQG DXI 6RUJIlOWLJHU 8PJDQJ PLW GHU GHQ $XIVFKOXVVERKUXQJHQ %HZHKUXQJ $XVIKUXQJVEHVFKUHLEXQJ hEHUSUIXQJ GHU %HWRQHLJHQ (LJQXQJVSUIXQJ DOOHU 0DWHULD OLHQ XQG *HUlWH 8QWHUVXFKXQJ GHU JHRORJLVFKHQ XQG WRSRJUDSKLVFKHQ (LJHQ VFKDIWHQ (LJQXQJVSUIXQJ DOOHU 0DWHULD OLHQ
VFKDIWHQ +HEXQJV XQG 6HW]XQJVPHVVXQ JHQ hEHUZDFKXQJ GHU %DXVWRIIHL JHQVFKDIWHQ
.RQWUROOH GHV 5FNIOXVVHV :LFKWH 0HQJH =XVDPPHQVHW .RQWUROOH XQG $XI]HLFKQXQJ GHU ]XQJ +HUVWHOOSDUDPHWHU .RQWUROOH GHV 'VHQVWUDKON|U SHUV %RKUDQVDW]SXQNW $EPHV VXQJ 9HUWLNDOLWlW 5HLFKZHLWH :DKO GHV 9HUIDKUHQV
.RQWUROOH XQG $XI]HLFKQXQJ GHU +HUVWHOOSDUDPHWHU
6HW]XQJVPHVVXQJ ,QWHJULWlWVSUIXQJ GHV 'VHQ VWUDKOEDXZHUNHV 'UXFNIHVWLJ NHLW 'XUFKOlVVLJNHLW .RQWUROOH GHU 'VHQVWUDKONXED WXU $QVFKOXVV DQ GLH )XQGD PHQWH 'LFKWLJNHLW
*UXQGZDVVHUPDQDJHPHQW XQG 4XDOLWlWVVLFKHUXQJ
8QWHUVXFKXQJ GHU JHRORJLVFKHQ XQG WRSRJUDSKLVFKHQ (LJHQ VFKDIWHQ
.RQWUROOH GHU (LQWDXFKWLHIH GHV 3XPSHQVFKODXFKHV
0HVVXQJ GHU +HEXQJ QDFK GHP /HQ]HQ GHU %DXJUXEH
+|KHQPHVVXQJHQ
(LJQXQJVSUIXQJ GHV %HWRQV
.RQWUROOH GHU %HWRQIOOXQJ LQ GHQ 7ULFKWHUQ
hEHUZDFKXQJ GHU )HVWLJNHLWV HQWZLFNOXQJ PLWWHOV 7HPSHUD WXUPHVVXQJ
/RJLVWLNSODQ EHL PHKUHUHQ %HWR QLHUDEVFKQLWWHQ %HUHFKQXQJ GHU HUIRUGHUOLFKHQ 3XPSHQOHLVWXQJ $QJDEHQ ]XU 1DFKEDUEHEDXXQJ
hEHUZDFKXQJ GHV %HWRQV QDFK % 6HW]XQJVNRQWUROOH GHU 1DFKEDU EHEDXXQJ ,,5LFKWOLQLHQ .RQWUROOH GHU 'LFKWLJNHLW .RQWUROOH GHV $XVEUHLWPDHV ELV FP 2SWLVFKH .RQVLVWHQ]NRQWUROOH GHV %HWRQV SUR /LHIHUXQJ
%HL 9HUEDXZlQGHQ GLH HLQH GLFKWHQGH XQG HLQH VWDWLVFKH )XQNWLRQ KDEHQ LVW EHL GHU 4XDOL WlWVVLFKHUXQJ LQVEHVRQGHUH DXI HLQH DXVUHLFKHQGH %HVWlQGLJNHLW ]X DFKWHQ +LHUIU VLQG X D HLQH JHULQJH :DVVHUGXUFKOlVVLJNHLW HLQH KRKH :LGHUVWDQGVIlKLJNHLW JHJHQ DJJUHVVLYH 6WRIIH HLQH JXWH 9HUIRUPEDUNHLW XQG HLQH KRKH (URVLRQVVWDELOLWlW HUIRUGHUOLFK ,P (LQ]HOQHQ ZLUG GDUDXI KLQJHZLHVHQ GDVV QHEHQ GHU 8QWHUVXFKXQJ GHU JHRORJLVFKHQ XQG WRSRJUDSKLVFKHQ %DXJUXQGHLJHQVFKDIWHQ YJO .DSLWHO HLQH (UPLWWOXQJ GHU :DVVHUTXD OLWlW YRU MHGHU :DVVHUKDOWXQJVPDQDKPH RIIHQH :DVVHUKDOWXQJ *UXQGZDVVHUDEVHQNXQJ 5HVWZDVVHUKDOWXQJ HUIRUGHUOLFK LVW :DVVHUDQDO\VHQ GLHQHQ HLQHUVHLWV IU GLH %HXUWHLOXQJ YRQ .RUURVLRQV 9HURFNHUXQJV 9HUVLQWHUXQJV RGHU 9HUVWRSIXQJVHUVFKHLQXQJHQ $QGHUHUVHLWV LVW VLFKHU]XVWHOOHQ GDVV VLFK GLH :DVVHU]XVDPPHQVHW]XQJ YRQ GHU (LQWULWWVVWHOOH LP %UXQQHQ ELV ]XU (LQOHLWXQJVVWHOOH LQ GHQ %RGHQ QLFKW QDFKWHLOLJ YHUlQGHUW *HJHEHQHQIDOOV N|QQHQ GLH (UJHEQLVVH GHU :DVVHUDQDO\VH IU HLQ %HZHLVVLFKHUXQJVYHUIDKUHQ KHUDQJH]RJHQ ZHUGHQ
/HFNDJHRUWXQJ ,Q GHU 3UD[LV HUZHLVHQ VLFK %DXJUXEHQXPVFKOLHXQJHQ ]XU *UXQGZDVVHUDEVSHUUXQJ KlXILJ ZHQLJHU GLFKW DOV JHSODQW 'LHV IKUW ]X HLQHU GHXWOLFK JU|HUHQ )|UGHUUDWH IU GLH 5HVWZDV VHUKDOWXQJ E]Z ]X ZHLWUHLFKHQGHQ $EVHQNXQJHQ ZDV 6HW]XQJHQ LQ GHU XQPLWWHOEDUHQ 8P JHEXQJ GHU %DXJUXEH QDFK VLFK ]LHKHQ NDQQ 8P GLHV ]X YHUPHLGHQ PVVHQ GLH :DVVHU]X WULWWVVWHOOHQ LQ GHU %DXJUXEHQZDQG ORNDOLVLHUW ZHUGHQ :HQQ ORNDOH )HKOVWHOOHQ HLQ 6FKDGHQVSRWHQWLDO GDUVWHOOHQ XQG GXUFK VXPPDULVFKH %HREDFK WXQJHQ 3XPSYHUVXFKH QLFKW GHWHNWLHUEDU VLQG VROOHQ /HFNDJHRUWXQJHQ DXVJHVFKULHEHQ ZHU GHQ ,P )ROJHQGHQ ZHUGHQ HLQLJH 0HVVYHUIDKUHQ LP hEHUEOLFN YRUJHVWHOOW 'LH JHHLJQHWH 0HWKRGH PXVV MHGRFK SURMHNWVSH]LILVFK JHZlKOW ZHUGHQ 7KHUPLVFKH 9HUIDKUHQ
%HLP $EELQGHQ GHU ]HPHQWKDOWLJHQ 'LFKWXQJVHOHPHQWH ] % EHL 6FKOLW] 'VHQVWUDKOZlQ GHQVRKOHQ 8QWHUZDVVHUEHWRQVRKOHQ ZLUG :lUPH IUHLJHVHW]W ZDV ]XU (UK|KXQJ GHU %RGHQ WHPSHUDWXU XQG GHV :DVVHUV IKUW :HQQ EHLP /HQ]HQ GHU %DXJUXEH DXIJUXQG HLQHU /HFNDJH *UXQGZDVVHU GXUFK GLH 9HUEDXZlQGH WULWW IKUW GLHV ORNDO ]X HLQHU GHXWOLFKHQ $XVNKOXQJ
*UXQGZDVVHUKDOWXQJHQ
'XUFK 7HPSHUDWXUPHVVYHUIDKUHQ NDQQ GLH 7HPSHUDWXUYHUWHLOXQJ LQQHUKDOE GHU %DXJUXEH HUIDVVW ZHUGHQ 'LHVHV 9HUIDKUHQ HUP|JOLFKW HLQH ZLUWVFKDIWOLFKH XQG ]XYHUOlVVLJH /HFNDJH RUWXQJ ELV LQ FD P 7LHIH =XP (LQEULQJHQ GHU 0HVVVHQVRUHQ ZLUG HLQ YHUVFKUDXEEDUHV +RKOJHVWlQJH PP ELV LQ GLH JHZQVFKWH 7LHIH JHUDPPW 'DQDFK ZLUG HLQH 0HVVNHWWH EHVWHKHQG DXV HLQHU HOHNWUL VFKHQ =XOHLWXQJ XQG PHKUHUHQ 7HPSHUDWXUVHQVRUHQ LQ GDV +RKOJHVWlQJH HLQJHEUDFKW 'LH 0HVVXQJ ZLUG PLW HLQHP 3Ul]LVLRQVWHPSHUDWXUPHVVJHUlW GXUFKJHIKUW XQG GLH 'DWHQ EHU HLQHQ 'DWHQORJJHU DXWRPDWLVFK DXIJH]HLFKQHW $XIJUXQG GHU HLQIDFKHQ +DQGKDEXQJ N|QQHQ 7HPSHUDWXUPHVVXQJHQ PLW JURIOlFKLJ DXVJH OHJWHP 5DVWHU JHQHUHOO DOV 4XDOLWlWVVLFKHUXQJVPDQDKPH HLQJHVHW]W ZHUGHQ %HL 2UWXQJ HL QHU )HKOVWHOOH NDQQ GXUFK HLQH UlXPOLFKH 9HUGLFKWXQJ GHV 0HVVUDVWHUV EHUHLWV ZlKUHQG GHU $EVHQNXQJ HLQH JH]LHOWH /RNDOLVLHUXQJ GHU /HFNDJH HUIROJHQ >@ +\GUDXOLVFKH 9HUIDKUHQ
+\GUDXOLVFKH 9HUIDKUHQ ZLH ] % $EVHQN XQG 3XPSYHUVXFKH HUP|JOLFKHQ HLQH 0HQJHQDE VFKlW]XQJ GHV :DVVHU]XWULWWV LQ GLH %DXJUXEH XQG HLQH 8QWHUVFKHLGXQJ ]ZLVFKHQ HLQHU DOO JHPHLQ HUK|KWHQ 6\VWHPGXUFKOlVVLJNHLW XQG HLQHU GXUFK )HKOVWHOOHQ YHUXUVDFKWHQ /HFNDJH 0DUNLHUXQJVYHUVXFKH PLW )DUEVWRIIHQ ,VRWRSHQ HWF N|QQHQ GLH /HFNDJHRUWXQJ XQWHUVWW]HQ ,Q ZDVVHUJHIOOWHQ %DXJUXEHQ N|QQHQ ]XGHP GXUFK )OLHJHVFKZLQGLJNHLWVPHVVXQJHQ WKHU PLVFK PHFKDQLVFK )HKOVWHOOHQ JHRUWHW ZHUGHQ 'LHVH 9HUIDKUHQ ELHWHQ VLFK IU GLH $EVFKlW ]XQJ GHU 'LFKWLJNHLW GHU 9HUEDXZlQGH DQ GD LP $OOJHPHLQHQ HLQ *URWHLO GHV $XIZDQGHV IU GDV K\GUDXOLVFKH 9HUIDKUHQ %UXQQHQ 0HVVSHJHO IU GLH 5HVWZDVVHUKDOWXQJ VRZLHVR JHOHLVWHW ZLUG (LQH JHQDXH /RNDOLVLHUXQJ GHU /HFNDJH LVW PLW HLQHP K\GUDXOLVFKHQ 9HUIDKUHQ QXU VHOWHQ P|JOLFK >@ 6HLVPLVFKH 9HUIDKUHQ
6HLVPLVFKH 9HUIDKUHQ ZLH ] % 8OWUDVFKDOOPHVVXQJHQ ZHUGHQ YRU DOOHP IU 'HWDLOXQWHUVX FKXQJHQ KHUDQJH]RJHQ 0LW GLHVHQ 9HUIDKUHQ N|QQHQ )HKOVWHOOHQ LQ $EVSHUUXQJVZlQGHQ JHRUWHW XQG ORNDOLVLHUW ZHUGHQ 8OWUDVFKDOOPHVVXQJHQ VLQG MHGRFK QXU IU YHUWLNDOH %DXWHLOH QLFKW IU %DXJUXEHQVRKOHQ ± HLQVHW]EDU >@ *HRSK\VLNDOLVFKH 9HUIDKUHQ
=X GHQ JHRSK\VLNDOLVFKHQ 9HUIDKUHQ ]lKOW GLH 0HVVXQJ K\GURJHRORJLVFKHU 3RWHQWLDOH PLW UDVWHUI|UPLJ LQVWUXPHQWLHUWHQ 6HQGHUQ DXI GHU *HOlQGHREHUIOlFKH RGHU LQ %RKUXQJHQ
1HXPDQQ ' :HLQEUHQQHU 8 %DXNRQVWUXNWLRQVOHKUH 7HLO $XIO 7HXEQHU9HUODJ )D -&% )LUPHQKRPHSDJH .|QLJ + 0DVFKLQHQ LP %DXEHWULHE *UXQGODJHQ XQG (LQVDW]EHUHLFKH %DXYHUODJ *PE+ :LHVEDGHQ XQG %HUOLQ )D +GLJ 'DWHQEODWW 0DVWHU 3UROLQH *5,1'(; 9RWK % 7LHIEDXSUD[LV .RQVWUXNWLRQHQ 9HUIDKUHQ +HUVWHOOXQJVDEOlXIH LP ,QJHQLHXUWLHIEDX %DXYHUODJ *PE+ :LHVEDGHQ XQG %HUOLQ
*UXQGZDVVHUPDQDJHPHQW XQG 4XDOLWlWVVLFKHUXQJ
9RWK % 7LHIEDXSUD[LV .RQVWUXNWLRQHQ 9HUIDKUHQ +HUVWHOOXQJVDEOlXIH LP ,QJHQLHXUWLHIEDX %DXYHUODJ *PE+ :LHVEDGHQ XQG %HUOLQ +RIIPDQQ 0 =DKOHQWDIHOQ IU GHQ %DXEHWULHE 7HXEQHU9HUODJ $XIO (QJOHUW . *UDXYRJHO - 0DXUHU 0 +DQGEXFK GHV %DXJUXQG XQG 7LHIEDXUHFKWV $XIO :HUQHU 9HUODJ 6FKQHOO : 9DKODQG 5 2OWPDQQV : 9HUIDKUHQVWHFKQLN GHU *UXQGZDVVHUKDOWXQJ 7HXEQHU9HUODJ $XIO +HUWK : $UQGWV ( 7KHRULH XQG 3UD[LV GHU *UXQGZDVVHUKDOWXQJ 6PROWF\N 8 *UXQGEDX7DVFKHQEXFK 7HLO $XIO (UQVW 6RKQ %HUOLQ )D +GLJ )LUPHQKRPHSDJH 6FKPXW]ZDVVHUWDXFKSXPSHQ )LUPD +GLJ )LUPHQSURVSHNW 6FKPXW]ZDVVHUWDXFKSXPSHQ 6LPPHU . *UXQGEDX 7HLO $XIO 7HXEQHU9HUODJ 6WXWWJDUW )D +GLJ )LUPHQKRPHSDJH (OHNWUR9DNXXPJHUlWH .KQ * 'HU PDVFKLQHOOH 7LHIEDX 7HXEQHU9HUODJ 6WXWWJDUW )D *7& .DSSHOPH\HU )LUPHQSURVSHNW /HFNDJHRUWXQJ
6LWXDWLRQVEHVFKUHLEXQJ
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWL VFKHQ %DXJUXEH
6LWXDWLRQVEHVFKUHLEXQJ
(V LVW HLQH %DXJUXEH IU HLQ PHKUJHVFKRVVLJHV %URJHElXGH ]X HUVWHOOHQ V %LOG 'DV ]X EHEDXHQGH *UXQGVWFN OLHJW LQ VWlGWLVFKHU 8PJHEXQJ XQG LVW DQ GUHL 6HLWHQ GXUFK 6WUDVVHQ EHJUHQ]W 'LH YLHUWH 6HLWH GHU %DXJUXEH JUHQ]W XQPLWWHOEDU DQ EHVWHKHQGH 1DFKEDUEHEDXXQJ EHL GHU HV VLFK XP ELV ]X IQIVW|FNLJH :RKQKlXVHU KDQGHOW 'LHVH VLQG GXUFK HLQH 8QWHUIDQ JXQJ ]X VLFKHUQ 'LH JHSODQWH %DXJUXEHQVRKOH OLHJW P XQWHU GHU *HOlQGHREHUNDQWH 'D DXI HLQHP 1LYHDX YRQ P XQWHU *2. *UXQGZDVVHU DQVWHKW LVW GHU 9HUEDX ZDVVHUGLFKW KHU]XVWHOOHQ $XV UlXPOLFKHQ XQG DXV NRQVWUXNWLYHQ *UQGHQ LVW IU GLH 1DFKEDUEHEDXXQJ HLQH 8QWHUIDQJXQJ GXUFK ,QMHNWLRQVZlQGH HUIRUGHUOLFK 'LH DQGHUHQ %HUHLFKH GHU *UXEH ZHUGHQ DXIJUXQG GHV EHJUHQ]WHQ 5DXPHV GXUFK 6SXQGZlQGH JHVLFKHUW 'HU DQVWHKHQGH %RGHQ LVW LP %LOG EHVFKULHEHQ (V KDQGHOW HV VLFK XP HLQ 6DQG.LHV *HPLVFK (WZD FP XQWHU GHU %DXJUXEH VWHKW HLQH ZDVVHUXQGXUFKOlVVLJH 7RQVFKLFKW DQ 'D GLHVH DOV VWDQGIHVW DQJHVHKHQ ZHUGHQ NDQQ ZLUG HLQH .RKlVLRQ YRQ F¶ N1Pð DQJH QRPPHQ 'HU DXV]XKHEHQGH %RGHQ OlVVW VLFK JHPl 92%& ',1 LQ GLH .ODVVH /HLFKW O|VEDUH %RGHQDUWHQ HLQVWXIHQ 'HU 'XUFKOlVVLJNHLWVEHLZHUW NDQQ PLW N PV DQJHQRPPHQ ZHUGHQ
*2. P 11
6:
4XDUWlU 6DQG .LHV
*: P11 7RQVFKLFKW P11 7/
%LOG
%RGHQSURILO GHU $XIVFKOXVVERKUXQJ
7RQ
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
*UXQGULVV
)OlFKH Pð 8PIDQJ P
1DFKEDUEHEDXXQJ
6FKQLWW $$
*2.
P 11
6SXQGZDQG 6SXQGZDQG
%DXJUXEHQVRKOH
8QWHUIDQJXQJ
6SXQGZDQG
6FKQLWW %%
6SXQGZDQG
%LOG
%DXJUXEHQVRKOH
8QWHUIDQJXQJ
*UXQGULVV XQG 6FKQLWWH GHU %DXJUXEH LQNOXVLYH 1DFKEDUEHEDXXQJ
6LWXDWLRQVEHVFKUHLEXQJ
*2.
6DQG
P
O
'\ ZLG DJ 6WDE PP DQNHU P D : P 5
P
%*6 P P
7RQ
P
%LOG
6FKQLWW GXUFK GLH %DXJUXEHQVLFKHUXQJ
%*6 P
)XQGDPHQWXQWHUNDQWH 1DFKEDUEHEDXXQJ P P11
P
%LOG
'HWDLO 8QWHUIDQJXQJ GHU 1DFKEDUEHEDXXQJ
8P XQQ|WLJH $XIZHLFKXQJHQ GHV %DXJUXQGHV ]X YHUPHLGHQ LVW ]XU $EOHLWXQJ GHV 1LHGHU VFKODJVZDVVHUV HLQH RIIHQH :DVVHUKDOWXQJ YRUJHVHKHQ 'DV DQIDOOHQGH :DVVHU ZLUG LQ ULQJ I|UPLJ DQJHRUGQHWHQ 6LFNHUJUlEHQ JHVDPPHOW XQG GHQ 3XPSHQVPSIHQ ]XJHIKUW 'LHVH ZHUGHQ MHZHLOV LQ GHQ (FNHQ GHU %DXJUXEH HLQJHULFKWHW =XU 9HUPHLGXQJ HLQHV K\GUDXOLVFKHQ *UXQGEUXFKHV ZHUGHQ IUK]HLWLJ YRU GHP (UUHLFKHQ GHU *UQGXQJVVRKOH (QWVSDQQXQJVEUXQQHQ DQJHOHJW 2EZRKO GLHV HLQH %HKLQGHUXQJ GHV %DX DEODXIHV GDUVWHOOW ZLUG LQ GLHVHP %HLVSLHO QLFKW QlKHU GDUDXI HLQJHJDQJHQ (EHQVR ZLUG QXU EHLVSLHOKDIW DXI GLH 9HUDQNHUXQJ GHU 6SXQGZlQGH HLQJHJDQJHQ 'LH $QNHU GHU 8QWHUIDQJXQJHQ ZHUGHQ HEHQIDOOV QLFKW ZHLWHU EHUFNVLFKWLJW
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
(UJHEQLVVH GHU 7UDJZHUNVSODQXQJ
%DXJUXEHQVLFKHUXQJ PLWWHOV 6SXQGZDQG 6SXQGZDQGSURILO
'LH /lQJH GHU 6SXQGZDQG GLH VLFK DXV GHU (LQ ELQGHWLHIH %DXJUXEHQWLHIH XQG GHP hEHUVWDQG EHU GHP *HOlQGH HUJLEW ZXUGH PLW P EH UHFKQHW
'LH VWDWLVFKH %HUHFKQXQJ HUJDE HLQ HUIRUGHUOLFKHV :\ YRQ FPñP VR GDVV HLQ 6SXQGZDQGSURILO GHU )LUPD +RHVFK /DUVVHQ / PLW HLQHP YRUK :\ FPñP DXVJHZlKOW ZXUGH
'DV JHZlKOWH 6SXQGZDQGSURILO KDW HLQH 3URILOEUHLWH YRQ E PP HLQH :DQGK|KH YRQ K PP HLQH 5FNHQGLFNH YRQ W PP VRZLH HLQH 6WHJGLFNH YRQ V PP
*XUWXQJ
'LH *XUWXQJ ZLUG ]XU 9HUHLQIDFKXQJ GHV %HLVSLHOV DXV GHP JOHLFKHQ 3URILO ZLH GLH 6SXQGZDQG VHOEVW KHUJHVWHOOW
$QNHU
'LH DQJUHLIHQGHQ .UlIWH LQ GHU *XUWXQJ ZHUGHQ EHU 6WDKO]XJJOLHGHU XQG 6WDEDQNHU LQ GHQ XPJHEHQGHQ %DXJUXQG HLQJHOHLWHW
=XU 9HUDQNHUXQJ GHU 6SXQGZDQG V R ZLUG HLQ '\ZLGDJ 6WDEDQNHU PP :5 PLW HLQHU $QNHUOlQJH YRQ /$ P HLQJHVHW]W
'HU 1HLJXQJVZLQNHO GHV $QNHUV ZLUG ]X Į
0LW GHU JHRPHWULVFKHQ $QRUGQXQJ YRQ $QNHUOlQJH XQG :LQNHO LVW VLFKHUJHVHOOW GDVV GHU 9HUSUHVVN|USHU PLW VHLQHU JHVDPWHQ /lQJH LQ GHU REHUHQ 6FKLFKW 6DQG .LHV OLHJW
'LH /lQJH GHV 9HUSUHVVN|USHUV EHWUlJW P 6RPLW EHWUlJW GLH /lQJH YRP $QJULIIVSXQNW GHV $QNHUV ELV ]XP 6FKZHUSXQNW GHV 9HUSUHVVN|USHUV O P
'HU $EVWDQG GHU $QNHU XQWHUHLQDQGHU ZXUGH PLW D
JHZlKOW
P EHUHFKQHW
8QWHUIDQJXQJ GHU 1DFKEDUEHEDXXQJ
:LH DXV GHU 6LWXDWLRQVEHVFKUHLEXQJ $EVFKQ KHUYRUJHKW LVW HLQH 8QWHUIDQJXQJ GHU 1DFKEDUEHEDXXQJ HUIRUGHUOLFK
'LH 8QWHUIDQJXQJ ZLUG GXUFK HLQHQ ,QMHNWLRQVN|USHU XQWHUKDOE GHU $XHQZlQGH LQ GHQ $EPHVVXQJHQ JHPl %LOG KHUJHVWHOOW
/HLVWXQJVYHU]HLFKQLV
/HLVWXQJVYHU]HLFKQLV
7DEHOOH /HLVWXQJVYHU]HLFKQLV 3RV 1U
/HLVWXQJVEHVFKUHLEXQJ
%DXVWHOOHQHLQU HLQULFKWHQ YRUKDOWHQ UlXPHQ %DXVWHOOHQHLQULFKWXQJ IU VlPWOLFKH LQ GHU /HLVWXQJV EHVFKUHLEXQJ DXIJHIKUWHQ /HLVWXQJHQ HLQULFKWHQ YRUKDOWHQ XQG UlXPHQ 6DQLWlUH (LQULFKWXQJHQ 7DJHVXQWHUNQIWH :DVVHU XQG 6WURPDQVFKOXVV ZHUGHQ YRP *8 JHVWHOOW
%RGHQ %DXJUXEH $XVKXE ELV P %RGHQNODVVH
0HQJH SVFK
Pñ
%RGHQ IU %DXJUXEHQ SURILOJHUHFKW O|VHQ ODGHQ XQG ]XU .LSSVWHOOH GHU $* I|UGHUQ 9HUEDX ZLUG JHVRQGHUW YHUJWHW $XVKXE DE *HOlQGHREHUIOlFKH %HKLQGHUXQJ GXUFK *UXQGZDVVHUDEVHQNXQJVHLQULFKWXQJHQ 0DH GHU %DXJUXEH P $XVKXEWLHIH ELV P %RGHQNODVVH )|UGHUZHJ NP
6SXQGERKOHQ OLHI 6W 6S / P 6WDKOVSXQGERKOHQ OLHIHUQ HLQVFKO (FN XQG 3DVVERK OHQ DOV 'RSSHOERKOHQ 6FKO|VVHU DEJHGLFKWHW GXUFK ELWXPLQ|VH DXVUHLFKHQG SODVWLVFKH 'LFKWXQJVPLWWHO 6WDKOVRUWH 6W 6S :LGHUVWDQGVPRPHQW FPñP :DQG (U]HXJQLV /DUVVHQ RGHU JOHLFKZHUWLJHU $UW /lQJH P
%RKOHQHLQEDX 6SXQGZDQG .ODVVH 7 P
%RKOHQ HLQEDXHQ DOV 6SXQGZDQG LQ (LQKHLWHQ DXV 'RSSHOERKOHQ DE *HOlQGHREHUIOlFKH (LQEDXYHUIDKUHQ 5WWHOQ VHQNUHFKW %RGHQNODVVH ELV ',1 (LQEDXWLHIH P $XVVWHLIXQJ 6SXQGSURILOH $XVVWHLIXQJ GHV 9HUEDXV DOV *XUWH DXV 6SXQGZDQG 6WDKOSURILOHQ 6WDKOVRUWH 6 ',1 (1 6W 3URILO /DUVVHQ 9HUELQGXQJVHOHPHQWH ZLH .RSISODWWHQ .QRWHQEOHFKH 9HUVFKUDXEXQJHQ .OHLQWHLOH ZHUGHQ QLFKW JHVRQGHUW YHUJWHW (LQ]HOOlQJH EHU ELV P OLHIHUQ XQG HLQEDXHQ (LQVFKOLHOLFK $QVSDQQHQ GHU $QNHU D P .XU]]HLWDQNHU .ODVVH /1 N1 / P 9HUSUHVVDQNHU ',1 DOV .XU]]HLWDQNHU PLW 1HLJXQJ YRQ OLHIHUQ XQG HLQEDXHQ HLQVFKO %RKUORFK XQG 9HUSUHVVN|USHU KHUVWHOOHQ %RGHQNODVVH /1 ',1 $QNHUJHEUDXFKVODVW N1 /lQJH YRQ 9RUGHUNDQWH 9HUEDX ELV )XSXQNW P $QNHUNRSI QDFKVSDQQEDU hEHUWUDJ
W
Pð
P
6W
(3
*3
>(85@
>(85@
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
3RV 1U
/HLVWXQJVEHVFKUHLEXQJ
0HQJH
hEHUWUDJ
%RGHQYHUIHVWLJXQJ 01Pð DOV 8QWHUIDQJXQJ GHU 1DFKEDUEHEDXXQJ ,QMHNWLRQVWLHIH ELV P ,QMHN WLRQVVFKLFKW P %RGHQ YHUIHVWLJHQ YRQ HLQHP $UEHLWVSODQXP ± P LQQHUKDOE GHU %DXJUXEH GXUFK ,QML]LHUHQ YRQ (LQSUHVV JXW HLQVFKO %RKUO|FKHU KHUVWHOOHQ (LQSUHVVJXW )HLQVWELQGHPLWWHOVXVSHQVLRQHQ XQWHU )XQGDPHQWHQ %RKUWLHIH ELV P XQWHU $UEHLWVSODQXP %RGHQJXW DFKWHQ OLHJW EHL %RGHQYHUIHVWLJXQJ PLQG 01Pð $XVIKUXQJ JHPl =HLFKQXQJ 1U 'LFNH GHU YHUIHVWLJWHQ %RGHQVFKLFKW PLQG P 3XPSHQVXPSI KHUVWHOOHQ EHVHLWLJHQ 7 P 3XPSHQVXPSI LQQHUKDOE YRQ %DXJUXEHQ KHUVWHOOHQ XQG EHVHLWLJHQ DXV %HWRQEUXQQHQULQJHQ PLW )LOWHUNLHVSDFNXQJ HLQVFKO GHV HUIRUGHUOLFKHQ (UGDXVKXEV XQG GHU :LHGHUYHUIOOXQJ $EWHXIWLHIH P OLFKWHU 6RKOTXHUVFKQLWW ELV Pð DQIDOOHQGHQ $XVKXE GHU %RGHQNODVVH ODGHQ XQG ]XU .LSSVWHOOH GHV $* I|UGHUQ )|UGHUZHJ NP
Pñ
6LFNHUJUDEHQ .XQVWVW)LOWHUU 7 ELV P 6LFNHUJUDEHQ LQQHUKDOE YRQ %DXJUXEHQ PLW $QVFKOXVV DQ 3XPSHQVXPSI KHUVWHOOHQ DXV JHVFKOLW]WHQ .XQVWVWRII)LOWHUURKUHQ :DVVHUHLQWULWWVIOlFKH PLQGHVWHQV FPðP HLQVFKO GHV HUIRUGHUOLFKHQ (UGDXVKXEV *UDEHQWLHIH EHU ELV P 6RKOHQEUHLWH P )LOWHUXPPDQWHOXQJ GHP DQVWHKHQGHQ %RGHQ DQSDVVHQ $QIDOOHQGHQ $XVKXE GHU %RGHQNODVVH ODGHQ XQG ]XU .LSSVWHOOH GHV $* I|U GHUQ )|UGHUZHJ NP
P
3XPSH (OHNWURPRW 3XPSHQVXPSI ELV PñK )|UGHUK P
6W
6W
3XPSH PLW (OHNWURPRWRU HLQ XQG DXVEDXHQ IU 7DJH YRUKDOWHQ XQG EHWUHLEHQ LQ 3XPSHQVPSIH )|UGHUPHQJH EHU ELV PñK JHRGlWLVFKH )|U GHUK|KH P 5RKUOHLWXQJHQ XQG /HLWXQJHQ DXV 6FKOlXFKHQ ZHUGHQ JHVRQGHUW YHUJWHW
5RKUOHLWXQJ QDFK :DKO $1 HLQ X DXVEDXHQ 5RKUOHLWXQJ QDFK :DKO GHV $1 EHU '1 ELV HLQ DXVEDXHQ XQG YRUKDOWHQ HLQVFKO DOOHU $UPDWXUHQ )RUP XQG 3DVWFNH PLW $QVFKOXVV DQ :DVVHUI|UGHU DQODJHQ LQ 3XPSHQVPSIHQ
P
6XPPH 1HWWR 0Z6W $QJHERWVVXPPH
(3
*3
>(85@
>(85@
0HQJHQHUPLWWOXQJ ]XP /HLVWXQJVYHU]HLFKQLV
0HQJHQHUPLWWOXQJ ]XP /HLVWXQJVYHU]HLFKQLV
3RV
'HU %RGHQDXVKXE HUUHFKQHW VLFK DXV GHU *UXQGIOlFKH GHU %DXJUXEH XQG GHU $XV KXEWLHIH ]X Pð î P Pñ
3RV
$XI *UXQGODJH GHU HUGVWDWLVFKHQ %HUHFKQXQJHQ ZXUGH HLQ 3URILO /DUVVHQ PLW HLQHP :LGHUVWDQGVPRPHQW YRQ FPñ JHZlKOW 'DV HQWVSUHFKHQGH 3URILO KDW HL QH (LJHQODVW YRQ NJ MH 4XDGUDWPHWHU 9HUEDX 0LW +LOIH GHU LQ 3RV HUPLWWHO WHQ :DQGIOlFKH OlVVW VLFK GDV *HZLFKW EHUHFKQHQ ]X WPð î Pð W
3RV
'LH 6SXQGZDQG VROO DQ GUHL 6HLWHQ GHU %DXJUXEH HLQJHEUDFKW ZHUGHQ ,QVJHVDPW ZHUGHQ P GHU %DXJUXEH PLWWHOV HLQHU 6SXQGZDQG JHVLFKHUW VLHKH 3RV %HL HLQHU (LQEULQJWLHIH YRQ P DE *HOlQGHREHUNDQWH HUJLEW GLHV HLQH ]X HUVWHOOHQGH 6SXQGZDQGIOlFKH YRQ P î P Pð
3RV
=XU $XVVWHLIXQJ GHV 6SXQGZDQGYHUEDXV LVW HLQH *XUWXQJ GHVVHOEHQ 3URILOV YRUJH VHKHQ 'LH /lQJH HUPLWWHOW VLFK ]X î P P P
3RV
$XIJUXQG GHU JHZlKOWHQ $XVVWHLIXQJ HUJLEW VLFK HLQ $QNHUDEVWDQG YRQ D 'DUDXV HUJLEW VLFK IROJHQGH $QNHU]DKO P P6W 6W
3RV
%HL $EGLFKWXQJV XQG 9HUIHVWLJXQJVDUEHLWHQ HUIROJW GLH $EUHFKQXQJ QDFK 6ROO PHQJH Pñ GHV ]X YHUIHVWLJHQGHQ /RFNHUJHVWHLQV $QKDQG GHV %LOGHV OlVVW VLFK IU GHQ 9HUSUHVVN|USHU HLQH )OlFKH YRQ FD Pð EHVWLPPHQ 0LW GHU /lQJH GHV 9HUSUHVVN|USHUV YRQ P HUJLEW VLFK IROJHQGHV 9ROXPHQ Pð î P Pñ § Pñ
3RV
%HGLQJW GXUFK GLH 'LPHQVLRQ GHU %DXJUXEH ZHUGHQ ]XU $EOHLWXQJ GHV 2EHUIOl FKHQZDVVHUV YLHU 3XPSHQVPSIH EHQ|WLJW 6LH VROOHQ PLW GHU $EPHVVXQJ YRQ D î E P î P XQG HLQHU 7LHIH YRQ P KHUJHVWHOOW ZHUGHQ
3RV
'LH 6LFNHUJUlEHQ ZHUGHQ ULQJI|UPLJ XP GLH %DXJUXEH DQJHRUGQHW 6RPLW LVW LKUH /lQJH JOHLFK GHP 8PIDQJ GHU %DXJUXEH 8 P 6LH VROOHQ GDV DQIDOOHQGH :DVVHU VDPPHOQ XQG HV XQWHU HLQHP *HIlOOH YRQ GHQ 3XPSHQVPSIHQ ]XOHL WHQ 'LH JHULQJVWH 7LHIH VRZLH GLH %UHLWH EHWUDJHQ P
3RV
8QWHU $QVDW] HLQHU 5HJHQVSHQGH YRQ U OV î KD LQIROJH 6FKODJUHJHQV PXVV PLW HLQHP WKHRUHWLVFKHQ =XIOXVV YRQ 4 § OV JHUHFKQHW ZHUGHQ $XI YLHU 3XP SHQVPSIH YHUWHLOW PXVV MHGH 3XPSH HLQH )|UGHUOHLVWXQJ YRQ FD OV HQWVSULFKW PñK EHL HLQHU JHRGlWLVFKHQ )|UGHUK|KH YRQ P HUEULQJHQ
3RV
0LW GHU $QQDKPH GDVV GLH (QWIHUQXQJHQ ]ZLVFKHQ 3XPSH XQG MHZHLOLJHP (LQOHL WXQJVSXQNW FD P EHWUlJW HUJLEW VLFK HLQH HUIRUGHUOLFKH )|UGHUOHLWXQJVOlQJH YRQ î P P
P
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
.DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ
)HVWOHJXQJ GHU *UXQGODJHQ .DONXODWLRQVPLWWHOORKQ )U GLH .DONXODWLRQ ZXUGH IROJHQGH GXUFKVFKQLWWOLFKH %HOHJVFKDIW ]X *UXQGH JHOHJW x 3ROLHU $XIVLFKW x :HUNSROLHU x 9RUDUEHLWHU x 6SH]LDOIDFKDUEHLWHU x )DFKDUEHLWHU x )DFKZHUNHU 'HU 0LWWHOORKQ ZXUGH PLW GHQ HQWVSUHFKHQGHQ 7DULIO|KQHQ ]X (85 HUPLWWHOW
9RUDXVEHVWLPPWH =XVFKOlJH =XU %LOGXQJ GHU (LQKHLWVSUHLVH ZXUGHQ QDFKVWHKHQGH =XVFKOlJH YHUZHQGHW .RVWHQDUWHQJUXSSH /RKQ 6RQVWLJH .RVWHQ *HUlWHNRVWHQ )UHPGOHLVWXQJHQ
=XVFKODJVlW]H
(LQ]HONRVWHQ GHU 7HLOOHLVWXQJ )U DOOH 3RVLWLRQHQ 3RVLWLRQVXQDEKlQJLJ ZHUGHQ IU GLH (UPLWWOXQJ GHU (LQ]HONRVWHQ IROJHQGH $QQDKPHQ JHWURI IHQ x 'HU .UDIWVWRIIYHUEUDXFK GHU HLQJHVHW]WHQ *HUlWH EHWUlJW GXUFKVFKQLWWOLFK ON:K x 'HU .UDIWVWRIISUHLV OLHJW EHL (85O RKQH 0Z6W x 'LH IU (OHNWURJHUlWH DQIDOOHQGHQ 6WURPNRVWHQ ZHUGHQ ]X (85N:K DQJHVHW]W x 6FKPLHUVWRIINRVWHQ EHWUDJHQ GHV 7UHLEVWRIIYHUEUDXFKHV
3RV %DXVWHOOHQHLQULFKWXQJ ,P 5DKPHQ GHU %DXVWHOOHQHLQULFKWXQJ ZLUG HLQ 5DGODGHU PLW HLQHU /HLVWXQJ YRQ N: IU GHQ JHVDPWHQ %DXDEODXI YRUJHKDOWHQ (U LVW PLW 6FKDXIHO /DGHJDEHO XQG .HKUEHVHQ DXVJH UVWHW XQG ZLUG SRVLWLRQVEHUJUHLIHQG HLQJHVHW]W ] % ]XU 8QWHUVWW]XQJ GHV (UGDXVKXEV 'LH %HGLHQXQJ HUIROJW GXUFK GDV 3HUVRQDO GHU HLQ]HOQHQ .RORQQHQ (V ZLUG HLQH GXUFK VFKQLWWOLFKH (LQVDW]GDXHU YRQ K$7 EHL $XVODVWXQJ DQJHQRPPHQ
.DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ
/lVW VLFK VHLQH $UEHLW HLQGHXWLJ HLQHU 7HLOOHLVWXQJ ]XRUGQHQ HUIROJW GLH $EUHFKQXQJ GHU %H WULHEVVWRIIH LQ GHU HQWVSUHFKHQGHQ 3RVLWLRQ $XIJUXQG GHU 9LHO]DKO DQ SDUDOOHO GXUFKJHIKUWHQ )HUWLJXQJVSUR]HVVHQ VLQG GUHL 0DWHULDOFRQ WDLQHU HUIRUGHUOLFK $OV /RKQDXIZDQG IU $XI XQG $EEDX ZHUGHQ K MH &RQWDLQHU DQJHVHW]W 'LH 7UDQVSRUWNRVWHQ GHU 7RQQDJH EHWUDJHQ XQDEKlQJLJ YRQ GHU *U|H (85W $OV =HLWDQ VlW]H IU %H XQG (QWODGHWlWLJNHLWHQ DXI GHU %DXVWHOOH PVVHQ IU .OHLQJHUlWH KW XQG IU NRPSDNWH *URPDVFKLQHQ RGHU VSHUULJH *WHU KW HLQNDONXOLHUW ZHUGHQ 'LH /DGHNRVWHQ DXI GHP %DXKRI HUJHEHQ VLFK ]X (85W IU .OHLQ E]Z ]X (85W IU *URJHUlWH 7DEHOOH =XVDPPHQVWHOOXQJ GHU 7RQQDJHQ XQG PRQDWOLFKHQ 9RUKDOWH XQG %HWULHEVVWRIINRVWHQ 3RV 1U
%H]HLFKQXQJ
%*/1U
*HUlWH /HLV $Q $XVODV WXQJ NOHLQ JUR WXQJ ]DKO W
0DJD]LQFRQ WDLQHU
;
W
N:
5DGODGHU PLW ' LQ 6FKDX IHO /DGHJDEHO XQG .HKUEHVHQ
.OHLQJHUlWH /RW5RWDWLRQV ODVHU
7DEHOOH =XVDPPHQVWHOOXQJ GHU *HVDPWWRQQDJH
3RVLWLRQ
6XPPH 3RV 6XPPH 3RV 6XPPH 3RV 6XPPH 3RV 6XPPH 3RV 6XPPH 3RV 6XPPH 3RV D 6XPPH 3RV E 6XPPH 3RV 6XPPH 3RV 6XPPH 3RV 6XPPH 3RV *HVDPWWRQQDJH
*HUlWH NRVWHQ
(85K
(850RQ
@ >@
'LH 7RQQDJH GHU 6SXQGERKOHQ ZLUG QLFKW EHUFNVLFKWLJW GD LKU 7UDQVSRUW EHU GLH HQWVSUHFKHQGHQ 3RVLWLRQHQ DEJH UHFKQHW ZLUG
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
%HUHFKQXQJ GHU %HWULHEVVWRIINRVWHQ .UDIWVWRII O.ZK .Z (85O
(85O
6FKPLHUVWRIIH (85O
(85O
%HWULHEVVWRIINRVWHQ (85O (85O
(85K
7DEHOOH (LQ]HONRVWHQ GHU 7HLOOHLVWXQJHQ 3RV 1U
7HLOOHLVWXQJ XQG .RVWHQHQWZLFNOXQJ
SVFK %DXVWHOOHQHLQULFKWXQJ /RKQDXIZDQG 0DWHULDOFRQWDLQHU DXI XQG DEEDXHQ 6W î K6W 7UDQVSRUW î W W î (85W /DGHQ DXI GHU %DXVWHOOH î W î KW î W î KW /DGHQ DXI GHP %DXKRI î W î (85W î W î (85W *HUlWHYRUKDOWXQJ (850RQ $70RQ î $7 %HWULHEVVWRIIH (85K î K$7 î $7
6XPPH 3RV
/RKQ
6RQVWLJH .RVWHQ
*HUlWH NRVWHQ
)UHPG OHLVWXQJ
>6WG@
>(85@
>(85@
>(85@
3RV $XVKXE GHU %DXJUXEH *HUlWHDXVZDKO )U GHQ %RGHQDXVKXE GHU 3RVLWLRQ ZLUG QDFKIROJHQG GLH 7DJHVOHLVWXQJ HLQHV %DJJHUV XQG GHU 7UDQVSRUWNHWWH %DJJHU /NZ EHUHFKQHW )U GLH $XVIKUXQJ GHU /HLVWXQJ ZLUG IROJHQGHV *HUlW JHZlKOW x +\GUDXOLNEDJJHU 7\S &$7 & /1 x 0RWRUOHLVWXQJ
N:
x 7LHIO|IIHOLQKDOW
Pñ
.DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ
7DEHOOH /HLVWXQJVEHUHFKQXQJ HLQHV +\GUDXOLNEDJJHUV >@
/HLVWXQJVEHUHFKQXQJ QDFK %0/ +\GUDXOLN8QLYHUVDOEDJJHU +HUVWHOOHU7\S
&$7 & /1
.HQQJU|H
N:
)DKUZHUN
5DXSHQ
:HUN]HXJ
7LHIO|IIHO
$UW GHU $UEHLW
%RGHQDXVKXE %DXJUXEH 9HUODGHQ DXI /NZ
%RGHQDUW%RGHQNODVVH
',1
%*/1U ' )OOXQJ 95
Pñ
6DQG.LHV*HPLVFK .ODVVH
$XIORFNHUXQJVIDNWRU
I6 DXV 7DIHO
/DJHUXQJ PLWWHOGLFKW
)OOXQJVIDNWRU
I) DXV 7DIHO
6DQG.LHV*HPLVFK .ODVVH
/DGHIDNWRU
I/ I) I6
6SLHO]DKO
Q DXV 7DIHO
7LHIO|IIHO
K
6FKZHQNZLQNHO
I DXV 7DIHO
6FKZHQNZLQNHO *UDG 6NL]]H
*UDEWLHIH K|KH
I DXV 7DIHO
95 !Pñ P
$UW GHU (QWOHHUXQJ
I DXV 7DIHO
9ROXPHQYHUKlOWQLV /NZ/|IIHO !
(LQVDW]DUW
I DXV 7DIHO
EHKLQGHUXQJVIUHLHV $UEHLWHQ
PñK I0
JHZlKOW
PñK I0
PñK I0
)DNWRUHQ IU
*UXQGOHLVWXQJ
4% 95 [ I/ [ Q [ II
1XW]XQJVIDNWRU
I( DXV 7DIHO
1XW]OHLVWXQJ
4$ 4% I (
JQVW %HUHLFK
%DXVW%HWUEHGJJ JXWJXW
%HL GHU 3UHLVELOGXQJ RGHU %DXDEODXISODQXQJ LVW ]X EHDFKWHQ GDVV XQYRUKHUVHKEDUH (LQIOVVH ] % 7UDQVSRUWVFKZLHULJNHLWHQ $UEHLWHUDXVIDOO VRZLH :LWWHUXQJVHLQIOVVH XQG EHHQJWH %DXVWHOOHQYHUKlOWQLVVH QLFKW EHUFNVLFKWLJW VLQG
$QPHUNXQJ
%HL /DGHQ DXI 7UDQVSRUWIDKU]HXJH LVW GLH /HLVWXQJ GHU $UEHLWVNHWWH /DGHJHUlW 7UDQVSRUWIDKU]HXJ PDJHEHQG V $EVFKQLWW
(V LVW JHSODQW GHQ 7UDQVSRUW GHV $XVKXEHV YRQ HLQHP 6XEXQWHUQHKPHU GXUFKIKUHQ ]X ODV VHQ 'HU 6XEXQWHUQHKPHU SODQW GHQ (LQVDW] PLW IROJHQGHP /NZ x $FKV$OOUDG/NZ 7\S 0HUFHGHV %HQ] x 0RWRUOHLVWXQJ
N:
x ]XO *HVDPWJHZLFKW
W
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
7DEHOOH /HLVWXQJVEHUHFKQXQJ GHU 7UDQVSRUWNHWWH %DJJHU ± /NZ >@
*HUlWHOHLVWXQJ QDFK %0/ 7UDQVSRUWEHWULHE /DGHJHUlW /NZ 7UDQVSRUWJHUlW
/NZ 0% $.
.HQQJU|H
W
)DKUZHUN
$FKV$OOUDG
$XIEDX
.LSSHU
/HLVWXQJ
%*/1U 3
N:
/DGHJHUlW
5%DJJHU PLW 7/
$UW GHU $UEHLW
%RGHQDXVKXE %DXJUXEH 9HUODGHQ DXI /NZ
7UDQVSRUWHQWIHUQXQJ )DKUJHVFKZLQGLJNHLWHQ
.HQQJU|H
',1
6DQG.LHV*HPLVFK .ODVVH
Pñ
1XW]ODVW
W
)OOXQJ 95
Pñ
NP NPK
/ OHHU Y/
NPK
EHODGHQ Y9
%RGHQDUW%RGHQNODVVH
N:
)OOYRXPHQ
/DJHUXQJVGLFKWH
U DXV 7DIHO
PLWWHOGLFKW
WPñ
$XIORFNHUXQJVIDNWRU
I6 DXV 7DIHO
PLWWHOGLFKW
)OOXQJVIDNWRU /NZ
I) DXV 7DIHO
HUGIHXFKW
/DGHIDNWRU
I / I) I6
1HQQLQKDOW GHU 0XOGH JHKlXIW QDFK 6$( RGHU ,QKDOW DXV 1XW]ODVW
Pñ 95
1XW]ODVW W U I/
Pñ NOHLQHUHU :HUW PDJHEHQG
'DXHU GHU /DVWIDKUW
WY / [ Y9
'DXHU GHU /HHUIDKUW
W/ / [ Y/
%HODGH]HLW
W% 95 [ I/ [ 4%/
Pñ
PLQ
PLQ
PLQ
.LSS]HLW
W. ELV PLQ
PLQ
:DJHQZHFKVHO]HLW
W: ELV PLQ
PLQ
PLQ
8PODXI]HLW
W
PñK
4%/ /DGHJHUlW
WYW/W%W.W:
*UXQGOHLVWXQJ MH /NZ
4% 95 [ I/ [ W
%HODGXQJVUDWH
WW%
1XW]XQJVIDNWRU
I( DXV 7DIHO
$Q]DKO /NZ
]
7UDQVSRUWEHWUIDNWRU 1XW]OHLVWXQJ GHV 7UDQVSRUWEHWULHEV
8PODXI]HLW %HODGH]HLW
PñK I0
V XQWHQ
/NZ
/NZ
/NZ
JHZlKOW
I7 DXV 7DIHO
V XQWHQ
4$ 4% [ I7 [ I( [ W W%
PñK I0
$XVZDKO
%DXVWX%HWULHEVEHG JXWJXW
%HL GHU 3UHLVELOGXQJ RGHU %DXDEODXISODQXQJ LVW ]X EHDFKWHQ GDVV XQYRUKHUVHKEDUH (LQIOVVH ] % 7UDQVSRUWVFKZLHULJNHLWHQ $UEHLWHUDXVIDOO VRZLH :LWWHUXQJVHLQIOVVH XQG EHHQJWH %DXVWHOOHQYHUKlOWQLVVH QLFKW EHUFNVLFKWLJW VLQG
JHZlKOW
PñK I0
'LH ZLUWVFKDIWOLFKVWH *HUlWHNRPELQDWLRQ HUJLEW VLFK PHLVWHQV EHL HLQHU /NZ=DKO XQWHU GHU %HODGXQJVUDWH
'HU 6XEXQWHUQHKPHU VHW]W IU GHQ 7UDQVSRUW GHU %RGHQPDVVHQ /.: HLQ VRPLW HUJLEW VLFK HLQH 7UDQVSRUWOHLVWXQJ YRQ PñK $XI GHQ 7DJ XPJHOHJW HUJLEW VLFK EHL HLQHU $UEHLWV]HLW YRQ K HLQ 7UDQVSRUWYROXPHQ YRQ Pñ
.DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ
)U GHQ 7UDQVSRUW GHU DXVJHKREHQHQ (UGPDVVHQ ZLUG HLQ 6XEXQWHUQHKPHU EHDXIWUDJW 'LH YRQ LKP HLQJHVHW]WHQ )DKU]HXJH KDEHQ HLQHQ 0XOGHQ1HQQLQKDOW YRQ Pñ =HLWDXIZDQG 'LH 'DXHU GHV (UGDXVKXEV EHWUlJW $7 =XVlW]OLFK ZLUG $7 DOV 3XIIHU]HLW GD]X EHUHFKQHW VR GDVV VLFK HLQH *HVDPWGDXHU YRQ $7 HUJLEW 3HUVRQDODXIZDQG 'LH HLQJHVHW]WH .RORQQH VHW]W VLFK ZLH IROJW ]XVDPPHQ %DJJHUIKUHU +LOIVNUDIW +DQGDUEHLWHQ XQG JJI 5DGODGHU 6RQVWLJH .RVWHQ $XIJUXQG GHU LQQHUVWlGWLVFKHQ 9HUNHKUVODJH HUIROJW GLH 9HUJWXQJ GHV 7UDQVSRUWXQWHUQHKPHUV VWXQGHQZHLVH 'LH .RVWHQ EHWUDJHQ HLQVFKOLHOLFK 3HUVRQDO (85 SUR 6WXQGH XQG /NZ 7DEHOOH =XVDPPHQVWHOOXQJ GHU 7RQQDJHQ XQG PRQDWOLFKHQ 9RUKDOWH XQG %HWULHEVVWRIINRVWHQ 3RV 1U
%H]HLFKQXQJ
%*/1U
*HUlWH /HLV $Q $XVODV WXQJ NOHLQ JUR WXQJ ]DKO W
%HWULHEV VWRIIH
*HUlWH NRVWHQ (850RQ
W
N:
6W
(85K
'
0RQREORFNDXV ' OHJHU PLW +\GUR ]\OLQGHUQ /|IIHOVWLHO PLW ' +\GUR]\OLQGHUQ
+\GUDXOLNEDJ JHU PLW 5DX SHQIDKUZHUN
7LHIO|IIHO Pñ 6XPPH 3RV
'
7DEHOOH (LQ]HONRVWHQ GHU 7HLOOHLVWXQJHQ 3RV 1U
7HLOOHLVWXQJ XQG .RVWHQHQWZLFNOXQJ
Pñ %RGHQDXVKXE /RKQDXIZDQG $7 î K$7 î $. î Pñ *HUlWHDXIZDQG (850RQ $70RQ î $7 î Pñ %HWULHEVVWRIIH (85K î K$7 î $7 î Pñ 7UDQVSRUW GHV %RGHQDXVKXEV $7 î /NZ î (85K î K$7 î Pñ
6XPPH 3RV
/RKQ
6RQVWLJH .RVWHQ
*HUlWH NRVWHQ
)UHPG OHLVWXQJ
>6WGPñ@
>(85Pñ@
>(85Pñ@
>(85Pñ@
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
3RV /LHIHUQ GHU 6SXQGERKOHQ DOV 'RSSHOERKOHQ 'HU 7UDQVSRUW GHU 6SXQGERKOHQ NDQQ GXUFK HLJHQH .DSD]LWlWHQ VLFKHUJHVWHOOW ZHUGHQ =HLWDXIZDQG )U GDV (QWODGHQ DXI GHU %DXVWHOOH ZHUGHQ DQDORJ ]XU %DXVWHOOHQHLQULFKWXQJ KW DQJHVHW]W 6RQVWLJH .RVWHQ 'HU 3UHLV GHU 6SXQGERKOHQ ZLUG LQNOXVLYH 'RSSHOERKOHQ]XVFKODJ PLW (85W DQJHQRPPHQ =XVlW]OLFK PVVHQ (85 SUR P IU GLH 6FKORVVGLFKWXQJHQ 6LUR EHUFNVLFKWLJW ZHUGHQ 'LH /LHIHUXQJ GHU $EGLFKWXQJHQ LVW LP 3UHLV LQEHJULIIHQ %HL HLQHU 6SXQGZDQGOlQJH YRQ P XQG P EUHLWHQ 'RSSHOERKOHQ HUJLEW VLFK HLQH HU IRUGHUOLFKH %RKOHQDQ]DKO YRQ 'RSSHOERKOHQ P P (FNERKOHQ
6W 6W 6W
'DPLW VLQG IU GLH $EVSHUUXQJ 6FKORVVGLFKWXQJHQ HUIRUGHUOLFK %HL HLQHU 5DPPWLHIH YRQ P EHGHXWHW GLHV GDVV DXI HLQHU /lQJH YRQ P 6FKORVVGLFKWXQJHQ DQ]XEULQJHQ VLQG 7DEHOOH =XVDPPHQVWHOOXQJ GHU 7RQQDJHQ XQG PRQDWOLFKHQ 9RUKDOWH XQG %HWULHEVVWRIINRVWHQ 3RV 1U %H]HLFKQXQJ
'RSSHOERKOHQ /DUVVHQ 6XPPH 3RV
%*/1U
*HUlWH /HLV $Q NOHLQ JUR WXQJ ]DKO W W N: 6W
$XVODV WXQJ
%HWULHEV VWRIIH
*HUlWH NRVWHQ
(85K
(850RQ
7DEHOOH (LQ]HONRVWHQ GHU 7HLOOHLVWXQJHQ 3RV 1U
7HLOOHLVWXQJ XQG .RVWHQHQWZLFNOXQJ
W 6SXQGERKOHQ OLHIHUQ 6XQGZDQGNRVWHQ (85W 6FKORVVGLFKWXQJHQ P î (85P î W 7UDQVSRUWNRVWHQ (85W (QWODGHQ DXI GHU %DXVWHOOH KW
6XPPH 3RV
/RKQ
6RQVWLJH .RVWHQ
*HUlWH NRVWHQ
)UHPG OHLVWXQJ
>6WGW@
>(85W@
>(85W@
>(85W@
.DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ
3RV (LQEULQJHQ GHU 6SXQGERKOHQ (LQH $XIVFKWWXQJ ]XU EHVVHUHQ %HIDKUEDUNHLW XQG ]XU /DVWYHUWHLOXQJ LVW QLFKW QRWZHQGLJ GD GLH 7UDJIlKLJNHLW GHV %RGHQV DXVUHLFKW (LQ (LQYLEULHUHQ GHU %RKOHQ LVW DXIJUXQG GHU DQVWH KHQGHQ 7RQVFKLFKW NHLQH RSWLPDOH /|VXQJ 'HQQRFK ZLUG EHGLQJW GXUFK GLH LQQHUVWlGWLVFKH /DJH HLQ 9LEUDWLRQVElU HLQJHVHW]W XP GLH /lUPEHOlVWLJXQJ ]X UHGX]LHUHQ %HLP (UUHLFKHQ GHU 7RQVFKLFKW ZLUG GLH 9LEUDWLRQVHQHUJLH HQWVSUHFKHQG XPJHVWHOOW *HUlWHDXVZDKO )U GLH 6SXQGZDQGKHUVWHOOXQJ NRPPHQ IROJHQGH *HUlWH ]XP (LQVDW] x 6HLOEDJJHU PLW 5DPPHLQULFKWXQJ N: x 9LEUDWLRQVElU x +\GUDXOLNDJJUHJDW N: =XP 7UDQVSRUW GHU 6SXQGERKOHQ ZLUG GHU 5DGODGHU KHUDQJH]RJHQ 'LH $EUHFKQXQJ GHU %H WULHEVVWRIIH HUIROJW EHU GLH %( =HLWDXIZDQG $XIJUXQG GHU DQVWHKHQGHQ %RGHQYHUKlOWQLVVH XQG GHU 5DPPWLHIH YRQ P ZLUG PLW GHU YRUKDQGHQHQ $XVUVWXQJ HLQH /HLVWXQJ Pð SUR $UEHLWVWDJ HUUHLFKW ,Q GLHVHP /HLVWXQJVDQVDW] VLQG DOOH 5VW]HLWHQ XQG HYHQWXHOOH 8QWHUEUHFKXQJHQ EHUFNVLFKWLJW (LQJDQJVZHUWH x 5DPPWLHIH P x %RGHQYHUKlOWQLVVH OHLFKWHU 5DPPERGHQ
%LOG
$QKDOWVZHUWH IU GLH /HLVWXQJ YRQ 6FKODJUDPPHQ EHL 6SXQGERKOHQ >@
$XV GHP 'LDJUDPP OlVVW VLFK HLQH 7DJHVOHLVWXQJ YRQ FD Pð 6SXQGZDQG DEOHVHQ (V HUJHEHQ VLFK IROJHQGH =HLWVSDQQHQ :DQGIOlFKH
(FNDXVELOGXQJ
Pð î K$7 Pð $7 K (FNH î (FNHQ
K K K
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
'DXHU GHU 6SXQGZDQGUDPPXQJ
K K$7
$7
=XU %HUFNVLFKWLJXQJ YRQ 6W|UXQJHQ RGHU $XVIlOOHQ ZHUGHQ LQVJHVDPW $7 DQJHVHW]W 3HUVRQDODXIZDQG (V ZLUG HLQ 7UXSS YRQ $. HLQJHVHW]W 'LHVHU EHVWHKW DXV
5DPPPHLVWHU 0DVFKLQHQIKUHU +LOIVNUDIW 7DEHOOH =XVDPPHQVWHOOXQJ GHU 7RQQDJHQ XQG PRQDWOLFKHQ 9RUKDOWH XQG %HWULHEVVWRIINRVWHQ 3RV 1U
%H]HLFKQXQJ
%*/1U
*HUlWH /HLV $Q $XVODV WXQJ NOHLQ JUR WXQJ ]DKO W
%HWULHEV VWRIIH
*HUlWH NRV WHQ
W
N:
6W
(85K
(850RQ
5DXSHQVHLO EDJJHU
'
5DPPHLQULFK WXQJ
-
9LEUDWLRQVElU K\GUDXOLVFK
-
+\GUDXOLN DJJUHJDW
-
6XPPH 3RV
7DEHOOH (LQ]HONRVWHQ GHU 7HLOOHLVWXQJHQ 3RV 1U
7HLOOHLVWXQJ XQG .RVWHQHQWZLFNOXQJ
Pð (LQEULQJHQ GHU 6SXQGERKOHQ /RKQDXIZDQG $7 î K$7 î $. î Pð *HUlWHDXIZDQG (850RQ $70RQ î $7 î Pð %HWULHEVVWRIIH (85K î K$7 î $7 î Pð
6XPPH 3RV
/RKQ
6RQVWLJH .RVWHQ
*HUlWH NRVWHQ
)UHPG OHLVWXQJ
>6WGPð@
>(85Pð@
>(85Pð@
>(85Pð@
3RV $XVVWHLIHQ GHU 6SXQGZDQG GXUFK *XUWXQJ 1HEHQ GHP $QEULQJHQ GHU *XUWH VROOHQ LP 5DKPHQ GLHVHU 3RVLWLRQ DXFK GLH EHUHLWV YHUSUHVV WHQ $QNHU DQJHVSDQQW ZHUGHQ 8P HLQH OFNHQORVH *XUWXQJ ]X HUKDOWHQ ZHUGHQ GLH P ODQJHQ %RKOHQ PLW $QNHUQ DEJHIDQJHQ =HLW XQG 3HUVRQDODXIZDQG )U GHQ (LQ XQG $XVEDX GHU *XUWXQJHQ NDQQ PDQ K MH 7RQ QH 0DWHULDO DQVHW]HQ 8P HLQHQ $QKDOWVZHUW IU GHQ (LQEDX ]X HUKDOWHQ ZLUG GLHVHU :HUW KDOELHUW 'DV ]X YHUEDXHQGH 3URILO /DUVVHQ KDW HLQ *HZLFKW YRQ NJP
.DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ
6RPLW HUJHEHQ VLFK IROJHQGH $QVlW]H MH P *XUWXQJ K W î WP § KP 'LH 7lWLJNHLWHQ ZHUGHQ YRQ $. DXVJHIKUW (QWVSUHFKHQG HUJLEW VLFK QDFKIROJHQGHU .DONX ODWLRQVZHUW *XUWXQJ
K P $.
KP
=ZHL $UEHLWVNUlIWH VLQG LQ GHU /DJH SUR 6WXQGH $QNHU DQ]XVSDQQHQ (V ZHUGHQ ]ZHL 6SDQQSUHVVHQ HLQJHVHW]W ZRGXUFK VLFK GLH $Q]DKO GHU $QNHU MH 6WXQGH YHUGRSSHOW 'HU $Q NHUDQWHLO SUR ODXIHQGHQ 0HWHU *XUWXQJ EHWUlJW $QNHUP $QNHU
î $QNHUP $Q NHU K
KP
*HVDPWDXIZDQG KP KP
KP
'LH *HVDPWGDXHU GHU $XVIKUXQJ EHWUlJW P î KP
K
K $7 3XIIHU]HLW § $7 K $7 6RQVWLJH .RVWHQ )U GLH +DXSWJXUWXQJ WUHWHQ .RVWHQ LQ +|KH YRQ (85P DXI =XVFKOlJH IU /RFKXQJHQ XQG $XIVFKZHLXQJHQ VLQG LP 3UHLV HQWKDOWHQ 7DEHOOH =XVDPPHQVWHOOXQJ GHU 7RQQDJHQ XQG PRQDWOLFKHQ 9RUKDOWH XQG %HWULHEVVWRIINRVWHQ 3RV 1U
%H]HLFKQXQJ
%*/1U
*HUlWH
/HLV $Q $XVODV WXQJ NOHLQ JUR WXQJ ]DKO W
6SXQGERKOHQ /DUUVHQ 5DGODGHU PLW /DGHJDEHO 6SDQQSUHVVH
6XPPH 3RV
W
N:
' 6
>@ >@
6W
%HWULHEV VWRIIH
*HUlWH NRVWHQ
(85K
(850RQ
> @ 7RQQDJHQ ZHUGHQ QLFKW EHUFNVLFKWLJW GD LKU 7UDQVSRUW EHUHLWV GXUFK HLQH DQGHUH 3RVLWLRQ DEJHGHFNW LVW
*HUlWHNRVWHQ V 3RV
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
7DEHOOH (LQ]HONRVWHQ GHU 7HLOOHLVWXQJHQ 3RV 1U
7HLOOHLVWXQJ XQG .RVWHQHQWZLFNOXQJ
P *XUWXQJ HLQEDXHQ /RKQDXIZDQG $7 î K$7 î $. î P *HUlWHDXIZDQG (850RQ $70RQ î $7 î P %HWULHEVVWRIIH (85K î K$7 î $7 î Pñ .RVWHQ GHU *XUWXQJ (85P 6XPPH 3RV
/RKQ
6RQVWLJH .RVWHQ
*HUlWH NRVWHQ
)UHPG OHLVWXQJ
>6WGP@
>(85P@
>(85P@
>(85P@
3RV 9HUDQNHUQ GHU 6SXQGZDQG $XIZDQGVZHUWH =XU +HUVWHOOXQJ GHU 9HUSUHVVDQNHU VLQG GLH 9RUJlQJH %RKUHQ XQG 9HUSUHV VHQ HUIRUGHUOLFK 0LW +LOIH GHV %RKUZDJHQV ZLUG DXIJUXQG GHU JXWHQ %RGHQYHUKlOWQLVVH HLQH /HLVWXQJ YRQ PK HUUHLFKW =XP (LQVHW]HQ XQG 9HUSUHVVHQ GHU $QNHU EHQ|WLJW HLQH HLQJH VSLHOWH %HVDW]XQJ PLW ]ZHL $UEHLWVNUlIWHQ K$QNHU 0LW GLHVHQ 9RUJDEHQ OlVVW VLFK IU GLH P ODQJHQ $QNHU IROJHQGHU =HLWDQVDW] HUPLWWHOQ
P$QNHU K$QNHU P K
K$QNHU
6RPLW EHQ|WLJW GLH .RORQQH ]XU +HUVWHOOXQJ GHU $QNHU FD $7 )U GLH ZHLWHUH %H UHFKQXQJ ZLUG HLQ 3XIIHU YRQ $7 DXIJHVFKODJHQ 3HUVRQDODXIZDQG 'LH .RORQQH XPIDVVW $. XQG VHW]W VLFK IROJHQGHUPDHQ ]XVDPPHQ
0DVFKLQLVW +HOIHU 6RQVWLJH .RVWHQ 'LH VWDWLVFK HUIRUGHUOLFKH /lQJH GHU 9HUSUHVVN|SHU PLVVW P %HL HLQHP 'XUFKPHVVHU YRQ PP EHWUlJW GDV ]X YHUSUHVVHQGH 9ROXPHQ
ð PðS P
Pñ$QNHU
8P GLH 1HLJXQJ GHV $QNHUV XQG P|JOLFKH 9HUSUHVVYHUOXVWH ]X EHUFNVLFKWLJHQ ZLUG GDV )OOYROXPHQ XP HUK|KW =XU 9HUSUHVVXQJ HLQHV $QNHUV ZHUGHQ FD Pñ 0|UWHO EH Q|WLJW 'LH 0DWHULDONRVWHQ IU GLH =HPHQWVXVSHQVLRQ EHODXIHQ VLFK DXI (85Pñ 'HU $QNHUVWDKO NRVWHW PLW $EVWDQGVKDOWHUQ (85P 2EZRKO GDV 6SDQQHQ GHU $QNHU EH GLQJW GXUFK GHQ ]HLWOLFKHQ $EODXI LQ 3RVLWLRQ HUIDVVW LVW ZHUGHQ GLH 0DWHULDONRVWHQ DQ GLH VHU 6WHOOH HUIDVVW 6LH EHWUDJHQ SUR $QNHUNRSINRQVWUXNWLRQ (85
.DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ
7DEHOOH =XVDPPHQVWHOOXQJ GHU 7RQQDJHQ XQG PRQDWOLFKHQ 9RUKDOWH XQG %HWULHEVVWRIINRVWHQ 3RV 1U
%H]HLFKQXQJ
%*/1U
*HUlWH /HLV $Q $XVODV WXQJ NOHLQ JUR WXQJ ]DKO W
N:
6W
(85K
(850RQ
.
%RKUKDPPHU K\GUDXOLVFK
.
0LVFKDQODJH .RPSDNWDQODJH PLW )HUQVWHXHU UXQJ )DKUZHUN XQG $QWULHE 'LHVHOPRWRU
-
*HUlWH NRV WHQ
W
%RKUZDJHQ PLW 5DXSHQIDKU ZHUN
6XPPH 3RV
%HWULHEV VWRIIH
7DEHOOH (LQ]HONRVWHQ GHU 7HLOOHLVWXQJHQ 3RV 1U
7HLOOHLVWXQJ XQG .RVWHQHQWZLFNOXQJ
6W 9HUSUHVVDQNHU KHUVWHOOHQ /RKQDXIZDQG $7 î K$7 î $. î 6W *HUlWHDXIZDQG (850RQ $70RQ î $7 î 6W %HWULHEVVWRIIH (85K î K$7 î $7 î 6W 0DWHULDONRVWHQ GHV 9HUSUHVVN|USHUV Pñ6W î (85Pñ $QNHUVWDKO PLW $QNHUNRSI (85P î P6W (856W
6XPPH 3RV
/RKQ
6RQVWLJH .RVWHQ
*HUlWH NRVWHQ
)UHPG OHLVWXQJ
>6WG6W@
>(856W@
>(856W@
>(856W@
3RV 8QWHUIDQJXQJ GXUFK ,QMHNWLRQHQ 'LH +HUVWHOOXQJ GHV ,QMHNWLRQVN|USHUV JOLHGHUW VLFK lKQOLFK GHU YRUDQJHJDQJHQHQ 3RVLWLRQ 8P GHQ ]XU 7UDJIlKLJNHLW QRWZHQGLJHQ 9HUSUHVVN|USHU ]X VFKDIIHQ ZLUG GLH $QRUGQXQJ GHU /DPHOOHQ JHPl %LOG JHWURIIHQ
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
$UEHLWVHEHQH
VWDWLVFK HUIRUGHUOLFKHU ,QMHNWLRQVN|USHU
$
*: P11 /
%*6 P11
/
)HKOVWHOOHQ GLH VLFK DXV GHU *HRPHWULH HUJHEHQ
P %
P
$
7RQVFKLFKW P11 %
6FKQLWW $$
%LOG
6FKQLWW %%
$QRUGQXQJ GHU /DPHOOHQ
'LH /DPHOOHQ VLQG DQKDQG GHU =HLFKQXQJ LQ HLQHP $EVWDQG YRQ P DQJHRUGQHW %HL HLQHU *HVDPWOlQJH YRQ P VLQG ]XU +HUVWHOOXQJ GHV 8QWHUIDQJXQJVN|USHUV /DPHOOHQ HUIRU GHUOLFK -HGHU /DPHOOHQIlFKHU EHVWHKW DXV ]ZHL (LQ]HON|USHUQ IU GLH HLQH %RKUXQJ KHUJH VWHOOW ZHUGHQ PXVV 'LH /lQJHQ GHU %RKUXQJHQ EHWUDJHQ P E]Z P %RGHQNHQQZHUWH
(V LVW HLQ JHPLVFKWN|UQLJHU ZHLWJHVWXIWHU NLHVLJHU 6DQG DOV %DXJUXQG YRUKDQGHQ GHU GXUFK HLQH 7RQVFKLFKW FD FP XQWHU GHU %DXJUXEHQVRKOH DEJHO|VW ZLUG 7DEHOOH (UPLWWOXQJ GHV ]X YHUIOOHQGHQ 3RUHQYROXPHQV %RGHQ 6FKOXII
FD
6DQG IHLQ
FD
6DQG PLWWHO
FD
6DQG JURE
FD
.LHV IHLQ
FD
.LHV IHLQ
FD
.LHV JURE
FD
]X YHUIOOHQGHV 3RUHQYROXPHQ
'LH 6FKOXII$QWHLO N|QQHQ GXUFK GDV 1LHGHUGUXFNYHUIDKUHQ QLFKW YHUSUHVVW ZHUGHQ GHU 0DVVHQDQWHLO ZLUG GHP 6DQG ]XJHVFKODJHQ 'LH 3RUHQYROXPHQ VLQG JHVFKlW]W XQG ZHU GHQ QXU ZDKUVFKHLQOLFK YHUIOOW 6LH ZHUGHQ YRQ GHP =XVFKODJ IU DEIOLHHQGHV ,QMHNWLRQV PLWWHO LQ +RKOUlXPH DXHUKDOE GHV 9HUIHVWLJXQJVN|USHUV DXIJHIDQJHQ ,P :HLWHUHQ ZLUG DOVR PLW 6DQGERGHQ XQG .LHV JHUHFKQHW
.DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ
0HQJHQHUPLWWOXQJ )OlFKH GHV 8QWHUIDQJXQJVN|USHUV
%LOG
0DH GHV ,QMHNWLRQVN|USHUV
Pð Pð Pð Pð
$JHV
Pð § Pð
*HVDPWOlQJH GHU 8QWHUIDQJXQJVN|USHU OJHV
P
9ROXPHQ GHU 8QWHUIDQJXQJ 98
Pð P
Pñ § Pñ
%RGHQYHUWHLOXQJ 6DQG 0
Pñ
.LHV 0
Pñ
,QMHNWLRQVPLWWHOPHQJH 6DQG 0,
.LHV 0,
Pñ Pñ
'HQ ,QMHNWLRQVPLWWHOPHQJHQ ZHUGHQ IU DEIOLHHQGHV ,QMHNWLRQVPLWWHO LQ +RKOUlXPH DXHUKDOE GHV 9HUIHVWLJXQJVN|USHUV XQG 5HVWH LQ 6FKOlXFKHQ ]XJHVFKODJHQ 6DQG 0,
Pñ
.LHV 0,
Pñ
'DUDXV HUJLEW VLFK HLQ *HVDPWLQMHNWLRQVPLWWHOPHQJH YRQ 0,JHV
0, 0,
Pñ
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
=HLWDXIZDQG )U %RKUHQ XQG (LQVHW]HQ GHU 0DQVFKHWWHQURKUH ZLUG HLQ /HLVWXQJVDQVDW] YRQ PK IHVWJHOHJW =XU (LQEH]LHKXQJ GLHVHV $QVDW]HV PXVV HU DXI Pñ GHU ,QMHNWLRQVNXEDWXU XPJHUHFKQHW ZHUGHQ *HVDPWERKUOlQJH
/DPHOOHQ î P P
%RKUOlQJHPñ
P Pñ
P
PPñ
6RPLW NDQQ IU GDV %RKUHQ IROJHQGHU $XIZDQGVZHUW HUUHFKQHW ZHUGHQ P P ñ P K
KPñ
'LH *HVDPWGDXHU GHV %RKUYRUJDQJV HUJLEW VLFK ]X KPñ î Pñ
K
HQWVSULFKW $7
'LH /HLVWXQJ GHU 9HUSUHVVHLQKHLW LVW DEKlQJLJ YRQ GHU $Q]DKO GHU HLQJHVHW]WHQ 3XPSHQ (LQH 3XPSH NDQQ ELV ]X Pñ ,QMHNWLRQVPLWWHO SUR K YHUSUHVVHQ 'LH HUIRUGHUOLFKH ,QMHNWLRQV PHQJH MH Pñ %RGHQ HUJLEW VLFK DXV GHP 3RUHQDQWHLO GHV %RGHQ KLHU Q =XU %HUFN VLFKWLJXQJ YRQ 9HUSUHVVYHUOXVWHQ ZLUG GLH ,QMHNWLRQVPHQJH XP HUK|KW XQG EHWUlJW VR PLW PñPñ %RGHQ î
PñPñ %RGHQ
'XUFK GHQ (LQVDW] YRQ ]ZHL 3XPSHQ OlVVW VLFK GHU PDJHEHQGH $QVDW] HUPLWWHOQ ]X P ñ P ñ %RGHQ 3XPSHQ u P ñ K
KPñ
'LH *HVDPWGDXHU GHV ,QMHNWLRQVYRUJDQJV HUJLEW VLFK ]X KPñ î Pñ
K
HQWVSULFKW $7
,Q GHU .DONXODWLRQ ZLUG VRZRKO GLH *HVDPWGDXHU GHV %RKUYRUJDQJV DOV DXFK GLH GHV ,QMHNWL RQVYRUJDQJHV PLW HLQHP 3XIIHU YRQ MH $7 EHDXIVFKODJW 6RPLW HUJLEW VLFK IU GLH $EODXI SODQXQJ HLQH 'DXHU YRQ $7 3HUVRQDODXIZDQG 'LH EHLGHQ 9RUJlQJH ZHUGHQ HQWNRSSHOW G K HV ZHUGHQ MHZHLOV IU %RK UHQ XQG ,QML]LHUHQ VHSDUDWH .RORQQHQ HLQJHVHW]W %RKUNRORQQH $.
%RKUJHUlWHIKUHU +HOIHU 6SOSXPSH XQG %RKUJHVWlQJH
,QMHNWLRQVNRORQQH $.
0DQQ DP 0LVFKHU 0DQQ DQ GHQ 3DFNHUQ
6RQVWLJH .RVWHQ :lKUHQG GHV %RKUYRUJDQJV IDOOHQ QDFKVWHKHQGH 0DWHULDONRVWHQ DQ 0DQVFKHWWHQURKU
(85P
%HQWRQLW 6WW]IOVVLJNHLW
(85P
=XVlW]OLFK PVVHQ ]XU (QWVRUJXQJ GHU 6SOIOVVLJNHLW FD (85P HLQNDONXOLHUW ZHUGHQ 6RPLW HUJHEHQ VLFK GLH 0DWHULDONRVWHQ MH 0HWHU %RKUXQJ ]X (85P (85P (85P
(85P
'LH .RVWHQ GHV ,QMHNWLRQVPLWWHOV )HLQVWELQGHPLWWHO OLHJHQ FD EHL (85Pñ
.DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ
7DEHOOH =XVDPPHQVWHOOXQJ GHU 7RQQDJHQ XQG PRQDWOLFKHQ 9RUKDOWH XQG %HWULHEVVWRIINRVWHQ 3RV 1U
%H]HLFKQXQJ
%*/1U
*HUlWH /HLV $Q $XVODV NOHLQ JUR WXQJ ]DKO WXQJ W
D
6W
(85K
%RKUKDPPHU K\GUDXOLVFK
.
9ROODXWRPD WLVFKH 0LVFKDQ ODJH IU 9HU SUHVV XQG ,QMHNWLRQV SXPSHQ DXV JHOHJW IU PHKU DOV HLQH )HVW VWRII XQG HLQH )OVVLJ NRPSRQHQWH
-
5KUZHUN IU 9HUSUHVV XQG ,QMHNWLRQV SXPSHQ
-
+RFKVLOR
%
)|UGHU VFKQHFNH
%
6XPPH 3RV E
/HLVWXQJVZHUWH LQ .ODPPHUQ NHQQ]HLFKQHQ (OHNWURJHUlWH
(850RQ
N:
.
-
*HUlWH NRVWHQ
W
%RKUZDJHQ PLW 5DXSHQIDKU ZHUN
6XPPH 3RV D E 9HUSUHVVSXPSH PLW $QWULHE 'LHVHOPRWRU DOV .RPSDNW HLQKHLW DXI *UXQGUDKPHQ PLW 'XUFKIOXVV PHVVHU XQG $XI]HLFKQXQJV JHUlW
%HWULHEV VWRIIH
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
7DEHOOH (LQ]HONRVWHQ GHU 7HLOOHLVWXQJHQ 3RV 1U
7HLOOHLVWXQJ XQG .RVWHQHQWZLFNOXQJ
Pñ 8QWHUIDQJXQJ GXUFK ,QMHNWLRQHQ /RKQDXIZDQG %RKUHQ $7 î K$7 î $. î Pñ *HUlWHDXIZDQG %RKUHQ (850RQ $70RQ î $7 î Pñ %HWULHEVVWRIIH %RKUHQ (85K î K$7 î $7 î Pñ 0DWHULDONRVWHQ %RKUHQ (85P î P î Pñ /RKQDXIZDQG ,QML]LHUHQ $7 î K$7 î $. î Pñ *HUlWHDXIZDQG ,QML]LHUHQ (850RQ $70RQ î $7 î Pñ %HWULHEVVWRIIH ,QML]LHUHQ (85K î K$7 î $7 î Pñ 0DWHULDONRVWHQ ,QMHNWLRQVPLWWHO PñPñ î (85Pñ
6XPPH 3RV
/RKQ
6RQVWLJH .RVWHQ
*HUlWH NRVWHQ
)UHPG OHLVWXQJ
>6WGPñ@
>(85Pñ@
>(85Pñ@
>(85Pñ@
3RV +HUVWHOOHQ GHU 3XPSHQVPSIH *HUlWHDXVZDKO =XP +HUVWHOOHQ GHU 3XPSHQVPSIH ZHUGHQ IROJHQGH *HUlWH JHZlKOW x N: +\GUDXOLNEDJJHU PLW HLQHP 7LHIO|IIHOYROXPHQ YRQ Pñ 'D GLH (LQULFKWXQJ GHU :DVVHUKDOWXQJ XQPLWWHOEDU DQ GHQ %RGHQDXVKXE DQVFKOLHW XQG VRPLW GLH OHW]WH 7HLOOHLVWXQJ GHU $XVVFKUHLEXQJ GDUVWHOOW NDQQ GHU 5DGODGHU IU GLH JHVDPWH 'DXHU GHU :DVVHUKDOWXQJVDUEHLWHQ YROO HLQJHVHW]W ZHUGHQ =HLW XQG 3HUVRQDODXIZDQG 'LH JHVDPWH (LQULFKWXQJ GHU :DVVHUKDOWXQJ ZLU GXUFK HLQH .R ORQQH JHOHLVWHW ,KUH 6WlUNH EHWUlJW $. %DJJHUIKUHU +LOIVNUDIW 'DUDXV HUJHEHQ VLFK IU GHQ (LQ XQG $XVEDX MH 3XPSHQVXPSI QDFKVWHKHQGH /RKQDXIZDQGVZHUWH $XVKXE
K
$.
(LQEDX %HWRQULQJH
K
$.
(LQEDX )LOWHUNLHVSDFNXQJ
K
$.
$XVEDX %HWRQULQJH
K
$.
9HUIOOHQ GHV 6XPSIHV
K
$.
.DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ
$XV GHQ JHJHEHQHQ $XIZDQGVZHUWHQ NDQQ GLH *HVDPWGDXHU ]XU (LQULFKWXQJ XQG %HVHLWLJXQJ GHU YLHU 3XPSHQVPSIH HUPLWWHOW ZHUGHQ K K K K K $.
K6W
*HVDPWGDXHU 6W î K6W
K
K K$7
$7
$7 $7 3XIIHU
$7
6RQVWLJH .RVWHQ %HL HLQHU /HLVWXQJ YRQ PñK LVW GHU +\GUDXOLNEDJJHU HIIHNWLY K DP +HUVWHOOXQJVSUR]HVV EHWHLOLJW $XVKXE YRQ P î P î P § Pñ )U 5DGODGHU XQG %DJJHU ZHUGHQ ]XVDPPHQ K HIIHNWLYH $UEHLWV]HLW EHL HLQHU *HUlWHDXVODVWXQJHQ YRQ E]Z DQJHVHW]W
)U GLH 0DWHULDONRVWHQ N|QQHQ QDFKVWHKHQGH 3UHLVH DQJHQRPPHQ ZHUGHQ 6FKDFKWULQJH
P
)LOWHUNLHV
(856W (85Pñ
'LH EHQ|WLJWH 0HQJH )LOWHUNLHV SUR 3XPSHQVXPSI HUJLEW VLFK ]X Pñ Pð î S î P
Pñ Pñ
Pñ
'HU %RGHQDXVKXE ZLUG YRUHUVW VHLWOLFK JHODJHUW XQG DQVFKOLHHQG ZLH LQ 3RV %DXJUXEHQ DXVKXE ]XU .LSSVWHOOH GHV $* WUDQVSRUWLHUW 'HU DQIDOOHQGH %RGHQDXVKXE EHWUlJW Pñ6W î 6W
Pñ
6RPLW NDQQ GHU JHVDPWH $XVKXE GXUFK HLQHQ /NZ DEJHIDKUHQ ZHUGHQ 'HU =HLWDXIZDQG GHV /NZV ZLUG PLW K DQJHVHW]W
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
7DEHOOH =XVDPPHQVWHOOXQJ GHU 7RQQDJHQ XQG PRQDWOLFKHQ 9RUKDOWH XQG %HWULHEVVWRIINRVWHQ 3RV 1U
%H]HLFKQXQJ
%*/1U
*HUlWH /HLV $Q $XVODV WXQJ NOHLQ JUR WXQJ ]DKO W
%HWULHEV VWRIIH
*HUlWH NRV WHQ
W
N:
6W
(85K
(850RQ
+\GUDXOLNEDJ JHU PLW 5DX SHQIDKUZHUN
'
$XVOHJHUXQWHU WHLO PLW +\GUR ]\OLQGHUQ
'
$XVOHJHUREHU WHLO PLW +\GUR ]\OLQGHUQ
'
/|IIHOVWLHO PLW ' +\GUR]\OLQGHUQ
7LHIO|IIHO ' Pñ PLW /DVWKDNHQ 6FKQLWWE FP 5DGODGHU PLW ' LQ 6FKDXIHO 6XPPH 3RV
>@
> @ 7RQQDJHQ LQ .ODPPHUQ ZHUGHQ QLFKW EHUFNVLFKWLJW GD LKU 7UDQVSRUW EHUHLWV GXUFK HLQH DQGHUH 3RVLWLRQ DEJHGHFNW LVW
*HUlWHNRVWHQ V 3RV
7DEHOOH (LQ]HONRVWHQ GHU 7HLOOHLWXQJHQ 3RV 1U
7HLOOHLVWXQJ XQG .RVWHQHQWZLFNOXQJ
6W 3XPSHPVXPSI KHUVW XQG EHVHLW /RKQDXIZDQG $7 î K$7 î $. î 6W *HUlWHDXIZDQG (850RQ $70RQ î $7 î 6W %HWULHEVVWRIIH (85K î K6W 0DWHULDONRVWHQ 6FKDFKWULQJH XQG )LOWHUNLHV (856W Pñ6W î (85Pñ 7UDQVSRUW GHV %RGHQDXVKXEV /NZ î (85K î K î 6W
6XPPH 3RV
/RKQ
6RQVWLJH .RVWHQ
*HUlWH NRVWHQ
)UHPG OHLVWXQJ
>6WG6W@
>(856W@
>(856W@
>(856W@
.DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ
3RV +HUVWHOOHQ GHU 6LFNHUJUlEHQ =HLWDXIZDQG 'LH +HUVWHOOXQJ GHU 6LFNHUJUlEHQ HUIROJW GXUFK GLH JOHLFKH 3HUVRQDO XQG *HUl WHEHVDW]XQJ ZLH LQ 3RV 'LH Q|WLJH $UEHLW VHW]W VLFK DXV GHQ 7HLOSUR]HVVHQ $XVKXE XQG 9HUIOOXQJ GHV *UDEHQV ]XVDPPHQ
'LH 6LFNHUJUlEHQ KDEHQ HLQH %UHLWH YRQ P XQG HLQH 7LHIH YRQ P 'LHV HQWVSULFKW HLQHP $XVKXEYROXPHQ YRQ Pñ MH OIGP *UDEHQ 'XUFK KlXILJHV 8PVHW]HQ GHV %DJJHUV OLHJW GLH /HLVWXQJ EHL FD PñK 6RPLW EHWUlJW GLH $XVKXEOHLVWXQJ PñK PñP 'DXHU GHV *UDEHQDXVKXEV P PK
PK
K
)U 9HUIOOHQ GHV *UDEHQV XQG 9HUOHJHQ GHU )LOWHUURKUH PVVHQ IROJHQGH $XIZDQGVZHUWH LQ $QVDW] JHEUDFKW ZHUGHQ (LQEULQJHQ YRQ )LOWHUNLHV LQ GLH XQWHUH *UDEHQKlOIWH
KP
$.
9HUOHJHQ GHU )LOWHUURKUH PLW *HIlOOH
KP
$.
9HUIOOHQ GHU REHUHQ *UDEHQKlOIWH
KP
$.
+LHUDXV HUJLEW VLFK HLQ /HLVWXQJVDQVDW] YRQ K P $.
KP
ĺ
'DXHU GHV 9HUIOOHQV P PK *HVDPWGDXHU
K P
K
K K
K
K K$7
$7
3XIIHU
PK
$7
6RQVWLJH .RVWHQ $OV 0DWHULDONRVWHQ IDOOHQ (85 IU MHGHQ 0HWHU .XQVWVWRII)LOWHURKU XQG (85 MH Pñ )LOWHUNLHV DQ
%HGLQJW GXUFK GHQ XQWHUVFKLHGOLFKHQ $UEHLWVDXIZDQG GHU EHLGHQ 7HLOOHLVWXQJHQ PVVHQ GLH %HWULHEVVWRIINRVWHQ IU %DJJHU XQG 5DGODGHU JHVRQGHUW HUPLWWHOW ZHUGHQ -H 0HWHU 6LFNHUJUD EHQ VLQG GHU %DJJHU XQG GHU 5DGODGHU 6WXQGHQ LP (LQVDW] %DJJHU
PK
KP
5DGODGHU
K P K P $.
KP
=XU )|UGHUXQJ GHV $XVKXEV ZLUG DQDORJ ]X YRUJHKHQGHQ 3RVLWLRQHQ HLQ 6XEXQWHUQHKPHU EHDXIWUDJW 'DV ]X I|UGHUQGH 9ROXPHQ EHWUlJW Pñ P î PñP %HL HLQHP 0XO GHQYROXPHQ YRQ Pñ VLQG XQWHU %HUFNVLFKWLJXQJ GHV $XIORFNHUXQJVIDNWRUV 7UDQVSRUWH MH K 'DXHU Q|WLJ
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
7DEHOOH =XVDPPHQVWHOOXQJ GHU 7RQQDJHQ XQG PRQDWOLFKHQ 9RUKDOWH XQG %HWULHEVVWRIINRVWHQ 3RV 1U
%H]HLFKQXQJ
%*/1U
*HUlWH /HLV $Q $XVODV NOHLQ JUR WXQJ ]DKO WXQJ W
%HWULHEV VWRIIH
*HUlWH NRV WHQ (850RQ
W
N:
6W
(85K
+\GUDXOLNEDJ JHU PLW 5DX SHQIDKUZHUN
'
>@
$XVOHJHUXQWHU WHLO PLW +\GUR ]\OLQGHUQ
'
>@
$XVOHJHUREHU WHLO PLW +\GUR ]\OLQGHUQ
'
>@
/|IIHOVWLHO PLW ' +\GUR]\OLQGHUQ
>@
7LHIO|IIHO ' Pñ PLW /DVWKDNHQ 6FKQLWWE FP )OlFKHQUWWOHU ' PLW 'LHVHOPR WRU 5DGODGHU PLW ' LQ 6FKDXIHO
>@
6XPPH 3RV
>@
> @ 7RQQDJHQ LQ .ODPPHUQ ZHUGHQ QLFKW EHUFNVLFKWLJW GD LKU 7UDQVSRUW EHUHLWV GXUFK HLQH DQGHUH 3RVLWLRQ DEJHGHFNW LVW
*HUlWHNRVWHQ V 3RV
7DEHOOH (LQ]HONRVWHQ GHU 7HLOOHLVWXQJHQ 3RV 1U
7HLOOHLVWXQJ XQG .RVWHQHQWZLFNOXQJ
P 6LFNHUJUlEHQ /RKQDXIZDQG $7 î K$7 î $. î P *HUlWHDXIZDQG (850RQ $70RQ î $7 î P %HWULHEVVWRIIH (85K î KP %DJJHU (85K î KP 5/ )5 0DWHULDONRVWHQ )LOWHUURKU XQG )LOWHUNLHV (85P PñP î (85W 7UDQVSRUW GHV %RGHQDXVKXEV /NZ î (85K î K î P
6XPPH 3RV
/RKQ
6RQVWLJH .RVWHQ
*HUlWH NRVWHQ
)UHPG OHLVWXQJ
>6WGP@
>(85P@
>(85P@
>(85P@
.DONXODWLRQ PLW YRUEHVWLPPWHQ =XVFKOlJHQ
3RV (LQEDX GHU 7DXFKSXPSHQ =HLWDXIZDQG )U GLH YRUKHUJHKHQG EHVFKULHEHQH 0DQQVFKDIW PVVHQ IROJHQGH $XIZDQGV ZHUWH DQJHVHW]W ZHUGHQ
(LQEDX GHU 3XPSH HLQVFKO DOOHU )RUP XQG 3DVVVWFNH
K
$.
$XVEDX GHU 3XPSH HLQVFKO DOOHU )RUP XQG 3DVVVWFNH
K
$.
K +LHUDXV OlVVW VLFK IU GLH 3ODQXQJ GHV %DXDEODXIV HLQH *HVDPWGDXHU HUUHFKQHQ YRQ K $.
6WG6W
6WG6W î 6W
$7
6RQVWLJH .RVWHQ /DXW /HLVWXQJVYHU]HLFKQLV PXVV IU GLH 3XPSHQ HLQH 9RUKDOWH]HLW YRQ $7 HLQNDONXOLHUW ZHUGHQ $QIDOOHQGH (LQOHLWXQJVJHEKUHQ ZHUGHQ YROOVWlQGLJ YRP $* EHUQRPPHQ
'D VLFK GHU =XIOXVV DXV 6SXQGZDQG XQG 8QWHUIDQJXQJVN|USHU QLFKW H[DNW EHVWLPPHQ OlVVW ZLUG GLH %HWULHEV]HLW GHU 3XPSHQ PLW GXUFKVFKQLWWOLFK K$7 DQJHQRPPHQ )U :DUWXQJV DUEHLWHQ DQ GHU $QODJH ZHUGHQ K$7 HLQJHSODQW 7DEHOOH =XVDPPHQVWHOOXQJ GHU 7RQQDJHQ XQG PRQDWOLFKHQ 9RUKDOWH XQG %HWULHEVVWRIINRVWHQ 3RV 1U
%H]HLFKQXQJ
%*/1U
7DXFKSXPSHQ IU 6FKPXW] ZDVVHU
7
*HUlWH /HLV $Q $XVODV WXQJ NOHLQ JUR WXQJ ]DKO W
6XPPH 3RV
W
%HWULHEV VWRIIH
*HUlWH NRV WHQ (850RQ
N:
6W
(85K
/HLVWXQJVZHUWH LQ .ODPPHUQ NHQQ]HLFKQHQ (OHNWURJHUlWH
7DEHOOH (LQ]HONRVWHQ GHU 7HLOOHLVWXQJHQ 3RV 1U
7HLOOHLVWXQJ XQG .RVWHQHQWZLFNOXQJ
6W 3XPSHQ HLQ XQG DXVEDXHQ YRUKDOWHQ XQG EHWUHLEHQ /RKQDXIZDQG K6W *HUlWHDXIZDQG 9RUKDOWXQJ (850RQ $70RQ î $7 î 6W %HWULHEVVWRIIH (85K î K$7 î $7 î 6W :DUWXQJ GHU $QODJH K$7 î $7 î 6W
6XPPH 3RV
/RKQ
6RQVWLJH .RVWHQ
*HUlWH NRVWHQ
)UHPG OHLVWXQJ
>6WG6W@
>(856W@
>(856W@
>(856W@
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
3RV 9HUOHJHQ GHU )|UGHUOHLWXQJHQ =HLWDXIZDQG 9HUOHJXQJ XQG 5FNEDX GHU 6DPPHO XQG )|UGHUOHLWXQJHQ '1 HUIROJW XQWHU =XKLOIHQDKPH GHV 5DGODGHUV GXUFK ]ZHL $UEHLWVNUlIWH =XU (UPLWWOXQJ GHU /RKQNRVWHQ ZHUGHQ QDFKIROJHQG DXIJHIKUWH :HUWH YHUZHQGHW
9HUOHJXQJ
KP
$.
5FNEDX
KP
$.
'DXHU
KP KP
KP
KP $. | KP P î KP
K
'LH 'DXHU EHWUlJW LQNO HLQHV HLQJHSODQWHQ 3XIIHUV $7 6RQVWLJH .RVWHQ =XU %HVWLPPXQJ GHU %HWULHEVVWRIINRVWHQ ZLUG IU GHQ 5DGODGHU HLQH 6WXQ GHQOHLVWXQJ YRQ P KP DQJHUHFKQHW 7DEHOOH =XVDPPHQVWHOOXQJ GHU 7RQQDJHQ XQG PRQDWOLFKHQ 9RUKDOWH XQG %HWULHEVVWRIINRVWHQ 3RV 1U
%H]HLFKQXQJ
%*/1U
*HUlWH /HLV $Q $XVODV %HWULHEV VWRIIH NOHLQ JUR WXQJ ]DKO WXQJ W
*HUlWH NRVWHQ
W
N:
6W
(85K
(850RQ
>@
5DGODGHU PLW LQ 6FKDXIHO 6FKQHOONXSSOXQJVURKU OHLFKWH %DXDUW
' 7
.UPPHU IU 6FKQHOO NXSSOXQJVURKUH
7
6XPPH 3RV
> @ 7RQQDJHQ LQ .ODPPHUQ ZHUGHQ QLFKW EHUFNVLFKWLJW GD LKU 7UDQVSRUW EHUHLWV GXUFK HLQH DQGHUH 3RVLWLRQ DEJHGHFNW LVW
7DEHOOH (LQ]HONRVWHQ GHU 7HLOOHLVWXQJHQ 3RV 1U
7HLOOHLVWXQJ XQG .RVWHQHQWZLFNOXQJ
P 6DPPHOOHLWXQJHQ ]XP 9RUIOXWHU /RKQDXIZDQG $7 î K$7 î $. î P *HUlWHDXIZDQG 9RUKDOWXQJ (850RQ $70RQ î $7 î P %HWULHEVVWRIIH (85K î PK
6XPPH 3RV
/RKQ
6RQVWLJH .RVWHQ
*HUlWH NRVWHQ
)UHPG OHLVWXQJ
>6WGP@
>(85P@
>(85P@
>(85P@
(LQKHLWVSUHLVELOGXQJ XQG $QJHERW
(LQKHLWVSUHLVELOGXQJ XQG $QJHERW
7DEHOOH (LQKHLWVSUHLVELOGXQJ /RKQ >K@ î >(85K@ >(85K@ >(85(@ 3RVLWLRQ 3RV SVFK %DXVWHOOHQHLQULFKWXQJ
î
6RQVWLJH .RVWHQ
*HUlWH NRVWHQ
(LQKHLWV SUHLV
>(85(@
>(85(@
>(85(@
>(85(@
6
î
î
î
î
î
3RV Pñ %RGHQDXVKXE
î
3RV W 6SXQGERKOHQ OLHIHUQ
î
î
3RV Pð (LQEULQJHQ GHU 6SXQGERKOHQ
î
î
3RV P *XUWXQJ HLQEDXHQ
î
î
î
î
î
î
3RV 6W 9HUSUHVVDQNHU KHUVWHOOHQ
)UHQG OHLVWXQJ
î
3RV Pñ 8QWHUIDQJXQJ GXUFK ,QMHNWLRQHQ
î
î
î
3RV 6W 3XPSHPVXPSI KHUVW XQG EHVHLW
î
î
î
î
3RV P 6LFNHUJUlEHQ
î
î
î
î
3RV 6W 3XPSHQ HLQ XQG DXVEDX HQ YRUKDOWHQ XQG EHWUHLEHQ
î
î
î
3RV P 6DPPHOOHLWXQJHQ ]XP 9RUIOXWHU
î
î
î
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
7DEHOOH $QJHERW 3RV 1U
/HLVWXQJVEHVFKUHLEXQJ
%DXVWHOOHQHLQU HLQULFKWHQ YRUKDOWHQ UlXPHQ %DXVWHOOHQHLQULFKWXQJ IU VlPWOLFKH LQ GHU /HLV WXQJVEHVFKUHLEXQJ DXIJHIKUWHQ /HLVWXQJHQ HLQULFK WHQ YRUKDOWHQ XQG UlXPHQ 6DQLWlUH (LQULFKWXQJHQ :RKQXQWHUNQIWH :DVVHU XQG 6WURPDQVFKOXVV ZHUGHQ YRP *8 JHVWHOOW
%RGHQ %DXJUXEH $XVKXE ELV P %RGHQNODVVH
0HQJH
(3
*3
>(85@
>(85@
SVFK
Pñ
W
Pð
%RGHQ IU %DXJUXEHQ SURILOJHUFKW O|VHQ ODGHQ XQG ]XU .LSVWHOOH GHU $* I|UGHUQ 9HUEDX ZLUG JHVRQ GHUW YHUJWHW $XVKXE DE *HOlQGHREHUIOlFKH %H KLQGHUXQJ GXUFK *UXQGZDVVHUDEVHQNXQJVHLQ ULFKWXQJHQ 0DH GHU %DXJUXEH [ P $XVKXEWLHIH ELV P %RGHQNODVVH )|UGHUZHJ NP
6SXQGERKOHQ OLHI 6W 6S / P 6WDKOVSXQGERKOHQ OLHIHUQ HLQVFKO (FN XQG 3DVV ERKOHQ DOV 'RSSHOERKOHQ 6FKO|VVHU DEJHGLFKWHW GXUFK ELWXPLQ|VH DXVUHLFKHQG SODVWLVFKH 'LFK WXQJVPLWWHO 6WDKOVRUWH 6W 6S :LGHUVWDQGVPR PHQW FPñP :DQG (U]HXJQLV /DUVVHQ RGHU JOHLFKZHUWLJHU $UW /lQJH P
%RKOHQHLQEDX 6SXQGZDQG .ODVVH 7 P %RKOHQ HLQEDXHQ DOV 6SXQGZDQG LQ (LQKHLWHQ DXV 'RSSHOERKOHQ DE *HOlQGHREHUIOlFKH (LQEDXYHUIDK UHQ 5WWHOQ VHQNUHFKW %RGHQNODVVH ELV ',1 (LQEDXWLHIH P
$XVVWHLIXQJ 6SXQGSURILOH $XVVWHLIXQJ GHV 9HUEDXV DOV *XUWH DXV 6SXQGZDQG 6WDKOSURILOHQ 6WDKOVRUWH 6 ',1 (1 6W 3URILO /DUVVHQ 9HUELQGXQJVHOHPHQWH ZLH .RSISODWWHQ .QRWHQEOHFKH 9HUVFKUDXEXQJHQ .OHLQWHLOH ZHUGHQ QLFKW JHVRQGHUW YHUJWHW (LQ]HOOlQJH EHU ELV P OLHIHUQ XQG HLQEDXHQ (LQVFKOLHOLFK $QVSDQQHQ GHU $QNHU D P
P
.XU]]HLWDQNHU .ODVVH /1 N1 / P 9HUSUHVVDQNHU ',1 DOV .XU]]HLWDQNHU PLW 1HLJXQJ YRQ OLHIHUQ XQG HLQEDXHQ HLQVFKO %RKUORFK XQG 9HUSUHVVN|USHU KHUVWHOOHQ %RGHQNODVVH /1 ',1 $QNHUJHEUDXFKVODVW N1 /lQJH YRQ 9RUGHUNDQWH 9HUEDX ELV )XSXQNW P $QNHUNRSI QDFKVSDQQEDU
6W
hEHUWUDJ
(85
(LQKHLWVSUHLVELOGXQJ XQG $QJHERW
3RV 1U
/HLVWXQJVEHVFKUHLEXQJ
0HQJH
hEHUWUDJ
(3
*3
>(85@
>(85@
(85
%RGYHUIHVW,QMHN 7 ELV P 01Pð P %RGHQ YHUIHVWLJHQ GXUFK ,QML]LHUHQ YRQ (LQSUHVVJXW HLQVFKO %RKUO|FKHU KHUVWHOOHQ (LQSUHVVJXW )HLQVWELQGHPLWWHOVSHQVLRQHQ XQWHU )XQGDPHQWHQ %RKUWLHIH ELV P XQWHU $UEHLWVSODQXP %RGHQJXWDFKWHQ OLHJW EHL %RGHQYHUIHVWLJXQJ PLQG 01Pð $XVIKUXQJ JHPl =HLFKQXQJ 1U 'LFNH GHU YHUIHVWLJWHQ %RGHQVFKLFKW PLQG P
3XPSHQVXPSI KHUVWHOOHQ EHVHLWLJHQ 7 P 3XPSHQVXPSI LQQHUKDOE YRQ %DXJUXEHQ KHUVWHOOHQ XQG EHVHLWLJHQ DXV %HWRQEUXQQHQULQJHQ PLW )LOWHUNLHVSDFNXQJ HLQVFKO GHV HUIRUGHUOLFKHQ (UGDXVKXEV XQG GHU :LHGHUIHUIOOXQJ $EWHXIWLHIH P OLFKWHU 6RKOTXHUVFKQLWW ELV Pð DQIDOOHQGHQ $XVKXE GHU %RGHQNODVVH ODGHQ XQG ]XU .LSVWHOOH ]XU $* I|UGHUQ )|UGHUZHJ NP
6LFNHUJUDEHQ .XQVWVW)LOWHUU 7 ELV P 6LFNHUJUDEHQ LQQHUKDOE YRQ %DXJUXEHQ PLW $QVFKOXVV DQ 3XPSHQVXPSI KHUVWHOOHQ DXV JHVFKOLW]WHQ .XQVWVWRII)LOWHUURKUHQ :DVVHUHLQWULWWVIOlFKH PLQGHVWHQV FPðP HLQVFKO GHV HUIRUGHUOLFKHQ (UGDXVKXEV *UDEHQWLHIH EHU ELV P 6RKOHQEUHLWH P )LOWHUXPPDQWHOXQJ GHP DQVWHKHQGHQ %RGHQ DQSDVVHQ $QIDOOHQGHQ $XVKXE GHU %RGHQNODVVH ODGHQ XQG ]XU .LSVWHOOH GHV $* I|UGHUQ )|U GHUZHJ NP
3XPSH (OHNWURPRW 3XPSHQVXPSI ELV PñK )|UGHUK P
Pñ
6W
P
6W
3XPSH PLW (OHNWURPRWRU HLQ XQG DXVEDXHQ IU 7DJH YRUKDOWHQ XQG EHWUHLEHQ LQ 3XPSHQVPSIH )|UGHUPHQJH EHU ELV PñK JHRGlWLVFKH )|UGHUK|KH P 5RKU OHLWXQJHQ XQG /HLWXQJHQ DXV 6FKOlXFKHQ ZHUGHQ JHVRQGHUW YHUJWHW
5RKUOHLWXQJ QDFK :DKO $1 HLQ X DXVEDXHQ 5RKUOHLWXQJ QDFK :DKO GHV $1 EHU '1 ELV HLQ DXVEDXHQ XQG YRUKDOWHQ HLQVFKO DOOHU $UPDWXUHQ )RUP XQG 3DVWFNH PLW $QVFKOX DQ :DVVHUI|UGHUDQODJHQ LQ 3XP SHQVPSIHQ
P
6XPPH 1HWWR 0Z6W $QJHERWVVXPPH
(85 (85 (85
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
%DXDEODXISODQXQJ
$OOJHPHLQHV =LHO MHGHU $UEHLWVYRUEHUHLWXQJ LVW HV HLQHQ NRVWHQJQVWLJHQ XQG ZLUWVFKDIWOLFKHQ %DXDEODXI ]X SODQHQ 'LH 3URGXNWLRQVPLWWHO 3HUVRQDO *HUlW XQG 0DWHULDO HLQHU %DXXQWHUQHKPXQJ PVVHQ x ]XU ULFKWLJHQ =HLW x LQ GHU QRWZHQGLJHQ $Q]DKO XQG $UW E]Z 4XDOLILNDWLRQ x DP ULFKWLJHQ 2UW
YHUIJEDU VHLQ ,P YRUOLHJHQGHQ %HLVSLHO VROO GHU %DXDEODXI LQ )RUP HLQHV %DONHQSODQHV EHVFKULHEHQ ZHUGHQ =XGHP VROOHQ GLH HUIRUGHUOLFKHQ .DSD]LWlWHQ GHU $UEHLWVNUlIWH XQG *HUlWH LQ $EKlQJLJNHLW GHV %DXDEODXIHV GDUJHVWHOOW ZHUGHQ =XP EHVVHUHQ 9HUVWlQGQLV GHV %DXDEODXIHV ZHUGHQ GLH HLQ]HOQHQ $EODXISKDVHQ JUDILVFK GDUJHVWHOOW
/HLVWXQJVDQVlW]H 3RV
(LQH 7DJHVOHLVWXQJ GHU 7UDQVSRUWNHWWH HUUHFKQHW VLFK DXV GHU 0DVVH GHV %RGHQDXV KXEV XQG GHU NDONXOLHUWHQ 'DXHU ]X Pñ $7 Pñ$7
3RV
'LH *HVDPWOlQJH GHU HLQ]XEULQJHQGHQ 6SXQGZDQG EHWUlJW P %HL HLQHU (LQ EULQJGDXHU YRQ $7 HUJLEW VLFK IROJHQGH /HLVWXQJ P $7 P$7 o KLHU JHZlKOW P$7
3RV
'LH 7DJHVOHLVWXQJ ]XP $XVVWHLIHQ GHU 6SXQGZDQG EHWUlJW P $7 P$7
3RV
'LH 7DJHVOHLVWXQJ GHU .RORQQH ]XP (LQEULQJHQ GHU .XU]]HLWDQNHU HUPLWWHOW VLFK ZLH IROJW P $7 P$7
3RV
'LH %RKUPDQQVFKDIW ]XP +HUVWHOOHQ GHU 8QWHUIDQJXQJVN|USHU VFKDIIW DP 7DJ P GLHV HUUHFKQHW VLFK DXV P $7 P$7 'DV ,QML]LHUHQ GHU )HLQVWELQGHPLWWHO EHQ|WLJW HLQHQ XP HLQHQ 7DJ OlQJHUHQ =HLW UDXP 'DUDXV HUJLEW VLFK HLQH DEJHPLQGHUWH 7DJHVOHLWXQJ P $7 P$7
3RV
=XP +HUVWHOOHQ GHU YLHU 3XPSHQVPSIH EHQ|WLJHQ $UEHLWVNUlIWH $7
3RV
'LH 6LFNHUJUlEHQ KDEHQ HLQH *HVDPWOlQJH YRQ O P %HL HLQHU NDONXOLHUWHQ 'DXHU YRQ $7 HUJLEW VLFK HLQH WKHRUHWLVFKH /HLVWXQJ YRQ P $7 P$7
3RV
'DV (LQEDXHQ GHU YLHU 3XPSHQ QLPPW $7 LQ $QVSUXFK
%DXDEODXISODQXQJ 3RV
$. EHQ|WLJHQ ]XP 9HUOHJHQ XQG $QVFKOLHHQ GHU 6WLFK XQG 6DPPHOOHLWXQJHQ IU GLH (QWZlVVHUXQJ $7 'DUDXV HUJLEW VLFK IROJHQGH 7DJHVOHLVWXQJ P $7 P$7
$EODXISKDVHQ 7DJ ±
$P HUVWHQ 7DJ ZHUGHQ P 6SXQGERKOHQ DP VGOL FKHQ (QGH GHU %DXJUXEH HLQJHUDPPW 'DPLW ZLUG JHZlKUOHLVWHW GDVV GLH VSlWHU IROJHQGHQ ,QMHNWLRQV DUEHLWHQ DQ GHU 1DFKEDUEHEDXXQJ QLFKW EHKLQGHUW ZHUGHQ $QVFKOLHHQG ZLUG GDV 5DPPJHUlW DXI GLH JHJHQEHUOLHJHQGH %DXJUXEHQVHLWH XPJHVHW]W XP PLW GHP ]ZHLWHQ 7HLO GHV 6SXQGZDQGYHUEDXV EHJLQ QHQ ]X N|QQHQ
7DJ ±
'LH 5DPPPDQQVFKDIW DUEHLWHW NRQWLQXLHUOLFK LQ $U EHLWVULFKWXQJ ZHLWHU $P YLHUWHQ 7DJ ZLUG IU GHQ $XVKXE GHU .HWWHQEDJJHU DXI GHU %DXVWHOOH EHQ|WLJW (U EHUHLWHW PLW HLQHU 7DJHVOHLVWXQJ YRQ Pñ GLH (EHQHQ P IU GDV $QNHUERKUJHUlW YRU 'D QDFK EHJLQQW GHU %DJJHU PLW GHP %RGHQDXVKXE GHU ]ZHLWH (EHQH P DQ GHU 1DFKEDUEHEDXXQJ $Q 7DJ XQG ZLUG GLH 6SXQGZDQG UFNYHUDQNHUW +LHU LVW GLH $UEHLWVUHLKHQIROJH PLW GHU LP REHUHQ %LOG LGHQWLVFK
7DJ ±
:lKUHQG GLH 5DPPNRORQQH GLH ]ZHLWH %DXJUXEHQ ZDQG VSXQGHW KHEW GHU .HWWHQEDJJHU GLH $UEHLWV HEHQH EHL P IU GLH $QNHUNRORQQH ZHLWHU DXV 'DPLW LVW JHZlKUOHLVWHW GDVV GLH 9HUDQNHUXQJVDUEHL WHQ XQJHVW|UW DXVJHIKUW ZHUGHQ N|QQHQ 'LH .XU] ]HLWDQNHU ZHUGHQ PLW HLQHU NRQVWDQWHQ 7DJHVOHLVWXQJ YRQ P GHU 6SXQGZDQG QDFKODXIHQG HLQJH EDXW $P QHXQWHQ 7DJ NRPPW HLQH ZHLWHUH .RORQQH DXI GLH %DXVWHOOH 'LHVH IKUW GLH 9HUJXUWXQJ GHU 6SXQGZDQG XQG GDV $QVSDQQHQ GHU .XU]]HLWDQNHU DXV %HJRQQHQ ZLUG PLW GHP HUVWHQ 7HLO GHU 6SXQG ZDQG GHU DQ 7DJ JHUDPPW ZRUGHQ LVW
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
7DJ ±
1DFKGHP GLH 5DPPPDQQVFKDIW EH JRQQHQ KDW DXFK GLH GULWWH %DXJUX EHQVHLWH ]X VSXQGHQ XQG GLH $QNHU NRORQQH IRUWODXIHQG QDFKDUEHLWHW EH JLQQW GLH QHXH .RORQQH DP REHUHQ (QGH GHU %DXJUXEH PLW GHU 9HUJXU WXQJ XQG GHP $QVSDQQHQ GHU $QNHU 0LW HLQHU /HLVWXQJ YRQ P DP 7DJ DUEHLWHW GLHVH .RORQQH GHP $Q NHUERKUJHUlW KLQWHUKHU 'HU .HWWHQ EDJJHU OlGW DP 7DJ %RGHQ DXV GHU %DXJUXEHQPLWWH DXI HLQH 3ODQXPVK| KH YRQ ± P $Q GHQ DQGHUHQ EHL GHQ 7DJHQ ZLUG GHU %DJJHU YDULDEHO HLQJHVHW]W (U PXVV ]XP HLQHQ GLH %RKUHEHQH P IU GDV $QNHU ERKUJHUlW KHUVWHOOHQ XQG ]XP DQGHUHQ HLQH $UEHLWVIOlFKH P DP REH UHQ (QGH GHU %DXJUXEH IU GLH 8QWHU IDQJXQJVDUEHLWHQ DXVKHEHQ 7DJ ±
1DFK $7 LVW GLH %DXJUXEH DQ GUHL 6HLWHQ NRPSOHWW PLW 6SXQGZlQGHQ YHUEDXW $OOH DQGHUHQ .RORQQHQ DUEHL WHQ XQDEKlQJLJ YRQHLQDQGHU LQ LKUHQ MHZHLOLJHQ $UEHLWVULFKWXQJHQ ZHLWHU 'HU %DJJHU EULQJW GDV OHW]WH *HOlQGH VWFN DXI HLQ 1LYHDX YRQ P XQG EHJLQQW DQVFKOLHHQG PLW GHP $XVKXE DXI HLQH +|KH YRQ P RKQH GDEHL GLH DQGHUHQ $UEHLWVYRUJlQJH ]X EH KLQGHUQ $P $7 QDFK (UUHLFKHQ GHV $U EHLWVQLYHDXV IU GLH 8QWHUIDQJXQJVDU EHLWHQ GHU 1DFKEDUEHEDXXQJ NDQQ IUKHVWHQV PLW GHQ %RKUXQJHQ XQG ,QMHNWLRQHQ IU GLH 8QWHUIDQJXQJVN|U SHU EHJRQQHQ ZHUGHQ 0LW 7DJHVOHLV WXQJHQ YRQ P IU GDV %RKUHQ XQG P IU GDV ,QML]LHUHQ GHU )HLQVWELQGHPLWWHO ZLUG KLHU NRQWLQXLHU OLFK LQ GHU EHUHLWV EHVFKULHEHQHQ $U EHLWVULFKWXQJ JHDUEHLWHW
%DXDEODXISODQXQJ
7DJ ±
'HU %RGHQ ZLUG IRUWVFKUHLWHQG DXI HLQH (EHQH YRQ ± P DXVJHKREHQ
7DJ ±
0LWWH GHV 7DJHV VLQG DOOH .XU]]HLWDQNHU LQ GHQ %DXJUXQG HLQJHEUDFKW XQG VRPLW GHU NRP SOHWWH 6SXQGZDQGYHUEDX UFNYHUDQNHUW (QGH GHV $7 VLQG DXFK GLH ,QMHNWLRQVDUEHLWHQ DQ GHU 1DFKEDUEHEDXXQJ DEJHVFKORVVHQ 0LW $E VFKOXVV GHV $7 VLQG GLH $UEHLWHQ DQ GHU 9HUJXUWXQJ XQG GHQ $QNHUQ HEHQIDOOV IHUWLJ JHVWHOOW 'HU .HWWHQEDJJHU KHEW LQ GLHVHP =HLW UDXP HLQHQ 7HLO GHU %DXJUXEH DXI GLH (QGWLHIH YRQ ± P DXV $P (QGH GHV 7DJHV VLQG GLH %RKUXQJHQ XQG ,QMHNWLRQHQ IU GLH 8QWHU IDQJXQJVN|USHU GHU 1DFKEDUEHEDXXQJ IHUWLJ JHVWHOOW 7DJ ±
,Q GLHVHP =HLWUDXP JHVFKLHKW GHU UHVWOLFKH %RGHQDXVKXE VR GDVV PLW %HHQGLJXQJ GHV $UEHLWVWDJHV GLH JHVDPWH %DXJUXEH PLW HLQHU 7LHIH YRQ ± P KHUJHVWHOOW LVW 7DJ ±
1DFKGHP GLH %DXJUXEH DXI (QGWLHIH DXVJHKREHQ ZRUGHQ LVW XQG GHU %DJJHU VHLQH $UEHLWHQ DEJHVFKORVVHQ KDW EHJLQQW HLQH .RORQQH PLW GHU +HUVWHOOXQJ GHU RIIHQHQ :DVVHUKDOWXQJ $UEHLWHQ ZLH GDV +HUVWHOOHQ GHU 3XPSHQVPSIH XQG GDV $XVVFKDFKWHQ YRQ 6LFNHUJUlEHQ ZLH DXFK GDV 9HUOHJHQ YRQ 6WLFK XQG 6DPPHOOHLWXQJHQ IDOOHQ LQ GLHVHQ =HLWUDXP 'LH $XVIK UXQJHQ GHU HLQ]HOQHQ $UEHLWHQ ZHUGHQ KLHU QLFKW PHKU LP 'HWDLO HUNOlUW )U GLH $EODXISODQXQJ GHV %DXYRUKDEHQV ZLUG GLH HUVWH %DXVWHOOHQHLQULFKWXQJ GLH YRP *H QHUDOXQWHUQHKPHU *8 EHUQRPPHQ ZLUG PLW GDUJHVWHOOW ,Q GLHVHU %DXVWHOOHQHLQULFKWXQJ VLQG 8QWHUNQIWH VRZLH VDQLWlUH (LQULFKWXQJHQ HQWKDOWHQ 'LH :DVVHU XQG 6WURPYHUVRUJXQJ ZLUG HEHQIDOOV YRQ GHP *8 KHUJHVWHOOW )U GLHVH $UEHLWHQ LVW HLQ =HLWUDXP YRQ $UEHLWVWDJHQ $7 YHUDQVFKODJW ZRUGHQ
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
'DUVWHOOXQJ GHV %DXDEODXISODQHV
)HVWOHJXQJ GHU GDU]XVWHOOHQGHQ 9RUJlQJH
$XIJUXQG GHU LP /HLVWXQJVYHU]HLFKQLV EHVFKULHEHQHQ %DXOHLVWXQJHQ XQG GHQ LP $E VFKQLWW GDUJHVWHOOWHQ $EODXISKDVHQ HUVFKHLQW HV ]ZHFNPlLJ IROJHQGH 9RUJlQJH HLQ]HOQ LP $EODXISODQ GDU]XVWHOOHQ 9RUJDQJ
%DXVWHOOHQHLQULFKWXQJ
=X %HJLQQ GHU HLJHQWOLFKHQ $XVIKUXQJ ZLUG GHU 8QWHUQHKPHU GLH %DXVWHOOH HLQULFKWHQ 'D HV QLFKW VLQQYROO LVW GLHVH /HLVWXQJ LP $EODXISODQ PLW DQGHUHQ /HLVWXQJHQ ]XVDPPHQ]XIDVVHQ ZLUG KLHIU HLQ HLJHQHU 9RUJDQJ JHZlKOW 9RUJDQJ
6SXQGZDQG
'DV (UVWHOOHQ GHU 6SXQGZDQG ZLUG GXUFK HLQHQ HLJHQHQ 9RUJDQJ GDUJHVWHOOW :HLWHUH 9RUJlQJH VLQG ]HLWOLFK DQ GLHVHQ 9RUJDQJ JHEXQGHQ 'LHV LVW HLQ 6FKOVVHOYRUJDQJ ZHLO RKQH LKQ NHLQH GHU DQGHUHQ $UEHLWHQ EHJLQQHQ NDQQ 9RUJDQJ
%RGHQDXVKXE
'HU %RGHQDXVKXE LVW PLW $7 GHU OlQJVWH 9RUJDQJ HU EHJLQQW $7 QDFK %HJLQQ GHU 6SXQGZDQGUDPPXQJ 'LHVHU 9RUJDQJ OLHJW DXI GHP NULWLVFKHQ :HJ XQG LVW VRPLW PDJHEHQG IU GDV (QGH GHU %DXJUXEHQKHUVWHOOXQJ 'HV KDOE LVW HV ]ZHFNPlLJ GLHVHQ 9RUJDQJ JHVRQGHUW GDU]XVWHOOHQ 9RUJDQJ
(LQEDX .XU]]HLWDQNHU
'HU (LQEDX GHU .XU]]HLWDQNHU VROOWH LQ HLQHP JHVRQGHUWHQ 9RUJDQJ EHVFKULH EHQ ZHUGHQ 'LHV EHJUQGHW VLFK ]XP HLQHQ PLW GHU $EKlQJLJNHLW GHV )RUW VFKULWWV GHV %DXJUXEHQDXVKXEHV YRP %HJLQQ GLHVHV 9RUJDQJV VRZLH ]XP DQ GHUHQ PLW GHU $EKlQJLJNHLW GHV (QGHV GHV 9RUJDQJHV Ä(LQEDX 9HUJXUWXQJ³ YRP (QGH GHV 9RUJDQJHV Ä(LQEDX .XU]]HLWDQNHU³ ,P 9RUJDQJ HQWKDOWHQ VLQG GLH 7lWLJNHLWHQ %RKUHQ 6HW]HQ GHU $QNHU XQG ,QML]LHUHQ GHV $QNHUN|USHUV 9RUJDQJ
(LQEDX 9HUJXUWXQJ
)U GLH JHWUHQQWH 'DUVWHOOXQJ GHV 9RUJDQJV Ä(LQEDX 9HUJXUWXQJ³ JHOWHQ JOHL FKH *UQGH ZLH IU GHQ 9RUJDQJ Ä(LQEDX .XU]]HLWDQNHU³ ,Q GLHVHP 9RUJDQJ HQWKDOWHQ VLQG GLH 7lWLJNHLWHQ Ä0RQWDJH GHU 9HUJXUWXQJ³ VRZLH Ä6SDQQHQ GHU $QNHUVSDQQJOLHGHU³ 9RUJDQJ
%RKUHQ 8QWHUIDQJXQJ ,QML]LHUHQ )HLQVWELQGHPLWWHO
'LH 8QWHUIDQJXQJ GHV 1DFKEDUJHElXGHV LVW IU GLH 1DFKEDUQ HLQ ZLFKWLJHV $QOLHJHQ GD VLH GLH 6WDQGVLFKHUKHLW LKUHU *HElXGH JHZlKUOHLVWHW $OOHLQ DXV GLHVHP *UXQGH HPSILHKOW VLFK GLH JHVRQGHUWH 'DUVWHOOXQJ GLHVHV 9RUJDQJV 9RUJDQJ
2IIHQH :DVVHUKDOWXQJ
'HU 9RUJDQJ Ä:DVVHUKDOWXQJ³ EHVWLPPW GDV (QGH GHU %DXJUXEHQKHUVWHOOXQJ XQG GHQ %HJLQQ GHU 6WDKOEHWRQDUEHLWHQ 'HVKDOE LVW HLQ HLJHQHU 9RUJDQJ ]ZHFNPlLJ $XI GHU )ROJHVHLWH LVW GHU $EODXISODQ IU GLH %DXJUXEHQHUVWHOOXQJ DQJHIJW %LOG
'DUVWHOOXQJ GHV %DXDEODXISODQHV
%HLVSLHO %HUHFKQXQJ XQG .DONXODWLRQ HLQHU LQQHUVWlGWLVFKHQ %DXJUXEH
+RIIPDQQ 0 =DKOHQWDIHOQ IU GHQ %DXEHWULHE 7HXEQHU9HUODJ $XIO +VWHU ) /HLVWXQJVEHUHFKQXQJ GHU %DXPDVFKLQHQ :HUQHU 9HUODJ $XIO 'VVHOGRUI
6DFKZRUWYHU]HLFKQLV
6DFKZRUWYHU]HLFKQLV $ $EODXISKDVH $EVHQNWLHIH $EVHQNWULFKWHU $EVHQN]LHO $EVWW]XQJ $*%6SH]LDOWLHIEDX $OOJHPHLQH *HVFKlIWVNRVWHQ $QEDXPlNOHU $QJHERW $QNHU $QUDLQHU $QVSUDFKH ± RUJDQROHSWLVFKH $TXLIHU $UEHLWVSUR]HVV $WODVSIDKO $XIEUXFKLQMHNWLRQ $XIVDW]UWWOHU $XIVFKOXVVERKUXQJ $XIZDQGVZHUW $XVIDFKXQJ
% %DOORQYHUIDKUHQ %DUULHUH ± QDWUOLFKH %DXDEODXISODQ %DXDEODXISODQXQJ %DXDXIJDEH %DXJHUlWHOLVWH %DXJUXEHQVLFKHUXQJ %DXJUXEHQVRKOH %DXJUXQGHUNXQGXQJ
%DXJUXQGYHUEHVVHUXQJ %DXKLOIVVWRIIH %DXYHUIDKUHQ %DXYHUWUDJ %DXZHUNVHQWVWHKXQJ %DX]LQVHQ %HPHVVXQJVZDVVHUVWDQG %HVRQGHUH /HLVWXQJHQ %HWRQ %HWRQLHUHQ %HWULHEVNRVWHQ %HWULHEVPLWWHO %HWULHEVVWRIINRVWHQ %HWULHEV]HLW %HZHKUHQ %HZHKUXQJ %*/ %RGHQ %RGHQDQDO\WLN %RGHQDXVKXEYHUIDKUHQ %RGHQDXVWDXVFKYHUIDKUHQ %RGHQNHQQZHUW %RKOWUlJHU %RKUJHVWlQJH %RKUNURQH %RKUORFKZDQGXQJ %RKUSIDKO %RKUSIDKOZDQG %RKUXQJ ± JHNHUQWH %RKUYHUIDKUHQ
' 'LFKWH 'RVLHUJHUlW
'UHKERKUJHUlW 'UXFNVRQGLHUXQJ 'XUFKOlVVLJNHLW 'XUFKOlVVLJNHLWVEHLZHUW 'VHQVWUDKOYHUIDKUHQ 'VHQWUlJHU
( ($% (LQKHLWVSUHLV (LQKHLWVSUHLVELOGXQJ (LQVDW]]HLW (LQ]HONRVWHQ ± GHU 7HLOOHLVWXQJHQ ± GHU 7HLOOOHLVWXQJ (UGGUXFN
) )DQJGDPP )HUWLJUDPPSIDKO )HUWLJXQJVV\VWHP )LOWHUHLJHQVFKDIWHQ )LOWHUURKU )LOWHUVWDELOLWlW )ODFKEUXQQHQDQODJH )ODFKJUQGXQJ )ORUD )OJHOVRQGH )|UGHUK|KH )|UGHUOHLWXQJ )UDQNL3IDKO )UlVH )UHPGOHLVWXQJVNRVWHQ )URVWHPSILQGOLFKNHLW )XQGH[SIDKO )XYHUSUHVVXQJ
6DFKZRUWYHU]HLFKQLV
* *HElXGHJUQGXQJ *HOlQGHREHUNDQWH *HUlWHNRVWHQ *HUlWHOHLVWXQJ *HUlWHOLVWH *HVDPWSUHLV *HVWHLQ *HZLQQ *UXQGODJHQ ± JHRWHFKQLVFKH *UXQGZDVVHU ± DUWHVLVFKHV ± JHVSDQQWHV *UXQGZDVVHUDEVHQNXQJ *UXQGZDVVHUDEVSHUUXQJ *UXQGZDVVHUGUXFNIOlFKH *UXQGZDVVHUHQWVSDQQXQJ *UXQGZDVVHUKDOWXQJ *UXQGZDVVHUKHPPHU *UXQGZDVVHUKRUL]RQW *UXQGZDVVHUOHLWHU *UXQGZDVVHUQLFKWOHLWHU *UXQGZDVVHUREHUIOlFKH *UXQGZDVVHUVRKOH *UXQGZDVVHUVSLHJHO *UXQGZDVVHUVWDXHU *UXQGZDVVHUVWRFNZHUN *UXQGZDVVHUYHUGUlQJXQJ *XUWXQJ
+ +DXSWSUR]HVV +LJK6WUDLQ0HWKRG +LOIVSUR]HVV +RFKGUXFNSXPSH
6DFKZRUWYHU]HLFKQLV +RO]SIDKO +\GUDXOLNEDJJHU
, ,QMHNWLRQ ,QMHNWLRQVJHVWlQJH ,QMHNWLRQVN|USHU ,QMHNWLRQVPLVFKHU
0 0DQVFKHWWHQURKU 0DQWHOUHLEXQJVSIDKO 0DQWHOYHUSUHVVXQJ 0HKUEUXQQHQDQODJH 0HQJHQHUPLWWOXQJ 0LNURSIDKO
1 . .DONXODWLRQ ± PLW YRUEHVWLPPWHQ =XVFKOlJHQ .DONXODWLRQVPLWWHOORKQ .DVWHQ%RGHQDXVWDXVFK9HUIDKUHQ .OHLQERKUJHUlW .RQVLVWHQ]JUHQ]HQ .RUQJU|HQEHUHLFK .RUQYHUWHLOXQJ .RVWHQDUW
/ /DJHUXQJVGLFKWH /DPHOOH /DVW /HFNDJHRUWXQJ /HLVWXQJVDQVDW] /HLVWXQJVEHUHFKQXQJ /HLVWXQJVEHVFKUHLEXQJ /HLVWXQJVYHU]HLFKQLV /RKQDXIZDQGVZHUW /RKQNRVWHQ /RZ6WUDLQ0HWKRG
0LVFKDQODJH 1HEHQOHLVWXQJHQ 1HEHQSUR]HVV
2 2EHUIOlFKHQYHUGLFKWXQJ 2UWEHWRQUDPPSIDKO 2UWEHWRQUDPPSIDKO =HLVVO0DVW
3 3HJHO 3HUVRQDOEHGDUI 3IDKOJUQGXQJ 3IDKONXSSOXQJ 3IDKOURVWJUQGXQJ 3ODWWHQGUXFNYHUVXFK 3RVLWLRQ 3UHVVLRPHWHU 3UREHDEVHQNXQJ 3URFWRUYHUVXFK 3URMHNWHQWZLFNOXQJ 3UR]HVV 3XPSHQVPSIH
4 4XHOOH
5 5DGODGHU 5DPPElU 5DPPKLOIVPLWWHO 5DPPSIDKO 5DXSHQODGHU 5HJLVWULHUJHUlW 5HLFKZHLWH 5HVWZDVVHUKDOWXQJ 5RKUOHLWXQJ 5KUZHUN 5WWHOQ 5WWHOSODWWH 5WWHOVWRSIYHUGLFKWXQJ 5WWHOVWRSYHUGLFKWXQJ
6 6DQGHUVDW]YHUIDKUHQ 6FKHUIHVWLJNHLW 6FKOHXVHQUWWOHU 6FKOLW]ZDQG 6FKPXW]ZDVVHUSXPSH 6HLWHQVFKLOGJHUlW 6LFNHUJUDEHQ 6LFNHUZDVVHU 6LPSOH[3IDKO 6RQGLHUJHUlW 6SDQQEHWRQSIDKO 6SLW]HQGUXFNSIDKO 6SULW]EHWRQ 6SOERKUYHUIDKUHQ 6SOILOWHUDQODJH 6SOSXPSH
6DFKZRUWYHU]HLFKQLV 6SXQGZDQG 6SXQGZDQGSUHVVH 6SXQGZDQGSURILO 6WDKOEHWRQSIDKO 6WDKOEHWRQ5DPPSIDKO 6WDKOIOJHOSIDKO 6WDKOSIDKO 6WDKOSIDKOW\S 6WUHXZDJHQ 6WW]IOVVLJNHLW 6XVSHQVLRQVPLVFKDQODJH
7 7DXFKSXPSH 7HLOYHUGUlQJXQJVERKUSIDKO 7HXIH 7KL[RWURSLH 7LHIEUXQQHQDQODJH 7LHIHQUWWHOYHUIDKUHQ 7LHIHQUWWOXQJ 7LHIO|IIHOHLQULFKWXQJ 7RQQDJH 7UlJHUERKOZDQG 7UlJHUJHUlW 7UDJZHUNVSODQXQJ 7UDQVSRUWNHWWH 7URFNHQERKUYHUIDKUHQ
8 8OWUDVFKDOOSUIYHUIDKUHQ 8QWHUIDQJXQJ 8QWHUIDQJXQJVN|USHU
9 9DNXXPDJJUHJDW 9DNXXPWLHIEUXQQHQ
6DFKZRUWYHU]HLFKQLV 9HUEDXDUW 9HUGLFKWXQJVJHUlW 9HUGLQJXQJVXQWHUODJHQ 9HUIDKUHQVHLJQXQJ 9HUIDKUHQVSODQXQJ 9HUIDKUHQVWHFKQLN 9HURFNHUXQJ 9HUSUHVVN|USHU 9LEUDWLRQVElU 9LEUDWLRQVSIDKO 9LEUDWLRQVSODWWH 9LEUDWLRQVVWDPSIHU 92% 9ROOYHUGUlQJXQJVERKUSIDKO 9ROOYHUGUlQJXQJV%RKUSIDKO 9RUIOXWHU 9RUKDOWHNRVWHQ 9RUKDOWH]HLW 9RUUDWVEHKlOWHU
: :DJQLV :DO]H :DVVHUDQDO\WLN :DVVHUKDOWXQJ ± RIIHQH :DVVHUVSUHQJZDJHQ :HOOSRLQW$QODJH :HUNVWRII :+* :LFKWH :LHGHUYHUVLFNHUXQJ
= =XVDPPHQGUFNEDUNHLW ± GHV %RGHQV =XVFKODJ ± YRUDXVEHVWLPPWHU