Nutzung des Wissensmanagements im strategischen Management : zur interdisziplinären Verknüpfung durch den Einsatz von IKT 9783834914385, 383491438X [PDF]

Zitiervorschau

Ellen Bäppler Nutzung des Wissensmanagements im Strategischen Management

GABLER EDITION WISSENSCHAFT

Ellen Bäppler

Nutzung des Wissensmanagements im Strategischen Management Zur interdisziplinären Verknüpfung durch den Einsatz von IKT

Mit einem Geleitwort von Prof. Dr. Franz Schober

GABLER EDITION WISSENSCHAFT

Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über abrufbar.

Dissertation Universität Freiburg i.Br., 2008

1. Auflage 2008 Alle Rechte vorbehalten © Gabler | GWV Fachverlage GmbH, Wiesbaden 2008 Lektorat: Frauke Schindler / Sabine Schöller Gabler ist Teil der Fachverlagsgruppe Springer Science+Business Media. www.gabler.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: Regine Zimmer, Dipl.-Designerin, Frankfurt/Main Gedruckt auf säurefreiem und chlorfrei gebleichtem Papier Printed in Germany ISBN 978-3-8349-1438-5



 

*HOHLWZRUW 'LH 'HXWXQJ YRQ :LVVHQ DOV ZLFKWLJH 8QWHUQHKPHQVUHVVRXUFH LVW QLFKW QHX 'RFK HUVW LQ GHQ EHLGHQ OHW]WHQ -DKU]HKQWHQ ZLUG LP 5DKPHQ GHV UHVVRXUFHQRULHQWLHUWHQ 2UJDQLVDWLRQV XQG 6WUDWHJLHDQ VDW]HVGLH'LVNXVVLRQEHUGDV:LVVHQXQGGDVHUIROJUHLFKH0DQDJH PHQW YRQ :LVVHQ DOV ]HQWUDOH (UIROJVTXHOOH GHU 8QWHUQHKPXQJ ZLH GHUEHOHEWXQGLQWHQVLYLHUWQLFKW]XOHW]WDOV)ROJHGHU*OREDOLVLHUXQJ XQGGHUYHUEOHLEHQGHQ5ROOHGHU,QGXVWULHQDWLRQHQLQGLHVHU(QWZLFN OXQJ,PGHXWVFKVSUDFKLJHQ5DXPZLUGGLHVH:LHGHUEHOHEXQJKlXILJ GHU6W*DOOHU6FKXOH]XJHVFKULHEHQ'LHVH6FKXOHQLPPWHLQHGHXWOLFK RUJDQLVDWLRQVWKHRUHWLVFKH 6LFKW HLQ 'DQHEHQ ZLGPHW VLFK GLH :LUW VFKDIWVLQIRUPDWLN GHU :LVVHQVWKHPDWLN IUHLOLFK DXV HLQHU VWDUN WHFK QRORJLHRULHQWLHUWHQ 3HUVSHNWLYH %HLGH 6LFKWHQ VWHKHQ VLFK KHXWH QRFKZHLWJHKHQGLVROLHUWJHJHQEHUHLQHEHU]HXJHQGH,QWHJUDWLRQ IHKOW'DUEHUKLQDXVZHUGHQYRUDOOHPDXVGHU8QWHUQHKPHQVSUD[LV /|VXQJHQ ]XU ,QWHJUDWLRQ YRQ :LVVHQVPDQDJHPHQW XQG VWUDWHJL VFKHP0DQDJHPHQWDQJHPDKQW%HLGH,QWHJUDWLRQVDXIJDEHQVWHKHQ LP=HQWUXPGHV%XFKHVYRQ(OOHQ%lSSOHU +LHU]X NRQ]HQWULHUW VLFK GLH $XWRULQ ]XQlFKVW DXI GLH *UXQGOHJXQJ GHU %HJULIIH GHV :LVVHQVPDQDJHPHQWV XQG GHV VWUDWHJLVFKHQ 0DQD JHPHQWV VRZLH DXI GLH LQKDOWOLFKHQ XQG PHWKRGLVFKHQ 9HUNQS IXQJVSXQNWH]ZLVFKHQEHLGHQ'LV]LSOLQHQ'DEHLJHKWVLHDXFKGH]L GLHUW DXI GLH .ULWLNHQ GHU DNWXHOOHQ 0DQDJHPHQWIRUVFKXQJ ]X GHQ UHOHYDQWHQ 3DUDGLJPHQ GHV VWUDWHJLVFKHQ 0DQDJHPHQWV HLQ VRZHLW VLH GLH ,QWHJUDWLRQ PLW GHP :LVVHQVPDQDJHPHQW EHUKUHQ =XU V\V WHPDWLVFKHQ%HXUWHLOXQJGHU3RWHQ]LDOHGHU,QIRUPDWLRQVXQG.RP PXQLNDWLRQVWHFKQLNHQ ,.7  HQWZLFNHOW (OOHQ %lSSOHU HLQ 0HWDPR GHOO XP GDUDXV +DQGOXQJVIHOGHU XQG )XQNWLRQDOLWlWHQ IU GHQ (LQ VDW]GHU,.7LP(LQ]HOQHQ]XLGHQWLIL]LHUHQ'HVZHLWHUHQHUIROJWHLQH LQWHUHVVDQWH 9HUNQSIXQJ GHU ,.73RWHQ]LDOH PLW GHP EHNDQQWHQ 0RGHOO GHU :LVVHQVVFKDIIXQJ YRQ 1RQDND XQG 7DNHXFKL $EVFKOLH

9, *HOHLWZRUW  ‰HQG]HLJWGLH$XWRULQDP%HLVSLHOGHU&RPPXQLWLHVRI3UDFWLFHZLH :LVVHQVPDQDJHPHQWLQGHU3UD[LVXPJHVHW]WZHUGHQNDQQ 'DV %XFK YRQ (OOHQ %lSSOHU EHVWLFKW YRU DOOHP GXUFK GHQ LQKDOWOLFK ZHLWHQ%RJHQYRQ:LVVHQVPDQDJHPHQWVWUDWHJLVFKHP0DQDJHPHQW XQG,.7.QDSSDEHUSUl]LVHXQGYHUVWlQGOLFKZHUGHQGLHZLFKWLJHQ $VSHNWH WKHPDWLVLHUW 1HEHQ HLQHU VDXEHUHQ WKHRUHWLVFKHQ )XQGLH UXQJZHUGHQZHUWYROOH+LQZHLVHIUGLHXQPLWWHOEDUHSUDNWLVFKH,P SOHPHQWLHUXQJ JHJHEHQ 6RZRKO :LVVHQVFKDIW DOV DXFK 3UD[LV N|Q QHQYRQGHQ(UJHEQLVVHQSURILWLHUHQ'HVKDOELVWGHP%XFKHLQHEUHL WH/HVHUVFKDIWDXVEHLGHQ%HUHLFKHQ]XZQVFKHQ  )UHLEXUJLP%UHLVJDX      





3URIHVVRU'U)UDQ]6FKREHU



 

9RUZRUW 'HU(UIROJHLQHV3URPRWLRQVSURMHNWVKlQJWDX‰HUYRQGHULQKDOWOLFK DNDGHPLVFKHQ)XQGLHUXQJXQGGHPZLVVHQVFKDIWOLFKHQÄ+DQGZHUNV ]HXJ³ZHVHQWOLFKYRP9RUKDQGHQVHLQJQVWLJHUEHUXIOLFKHUXQGSHU V|QOLFKHU 5DKPHQEHGLQJXQJHQ DE 'LH 4XDOLWlW GHU $UEHLW ]X EHXU WHLOHQ KDW DQGHUHQ REOHJHQ E]Z ZLUG GHQ KRIIHQWOLFK NULWLVFK NRQVWUXNWLYHQ/HVHUQREOLHJHQGLHEHUXIOLFKHQ5DKPHQEHGLQJXQJHQ DOV YROO]HLWDUEHLWHQGH ÄH[WHUQH³ 'RNWRUDQGLQ ZDUHQ HKHU ]ZDQJV OlXILJ VXERSWLPDO ZDV JOFNOLFKHUZHLVH LP SHUV|QOLFKHQ 8PIHOG NRPSHQVLHUW ZXUGH 'HU ZLFKWLJVWH (UIROJVIDNWRU IU GDV *HOLQJHQ ZDUHQMHGRFKGLH0HQVFKHQGLHGDV3URMHNWEHJOHLWHWKDEHQLQRIIL ]LHOOHU)XQNWLRQRGHUÄLQRIIL]LHOO³ 0HLQ'RNWRUYDWHU+HUU3URI'U)UDQ]6FKREHU$EWHLOXQJIU:LUW VFKDIWVLQIRUPDWLN GHU :LUWVFKDIWV XQG 9HUKDOWHQVZLVVHQVFKDIWOLFKHQ )DNXOWlW GHU $OEHUW/XGZLJV8QLYHUVLWlW )UHLEXUJ GHU VFKRQ $QIDQJ GHU HU -DKUH PHLQH ZLUWVFKDIWVZLVVHQVFKDIWOLFKH 'LSORPDUEHLW EHWUHXW KDW KDW DXFK GLH YRUOLHJHQGH 'LVVHUWDWLRQ XQWHUVWW]W XQG DNWLY PLW EHJOHLWHW ZRIU LFK LKP ]X KHU]OLFKHP 'DQN YHUEXQGHQ ELQ 0HLQ 'DQN JHKW JOHLFKIDOOV DQ +HUUQ 3URI 'U %HUQG 6FKDXHQ EHUJ 'LUHNWRU GHV %HWULHEVZLUWVFKDIWOLFKHQ 6HPLQDUV ,,, 3HUVRQDO XQG2UJDQLVDWLRQV|NRQRPLH GHU8QLYHUVLWlW)UHLEXUJIUGLH%HUHLW VFKDIW ]XU hEHUQDKPH GHV =ZHLWJXWDFKWHQV XQG DQ +HUUQ 3URI 'U *QWHU .QLHSV 'LUHNWRU GHV ,QVWLWXWV IU 9HUNHKUVZLVVHQVFKDIW XQG 5HJLRQDOSROLWLNGHU8QLYHUVLWlW)UHLEXUJ *OHLFK]HLWLJGDQNHLFKXQWHUVFKLHGOLFKHQ*HVSUlFKVSDUWQHUQDXVGHP :LVVHQVFKDIWVSULYDWZLUWVFKDIWOLFKHQXQG|IIHQWOLFKHQ%HUHLFKVRZLH GHU 8QWHUQHKPHQVEHUDWXQJ IU LKUH RIW DXFK LQ DQGHUHQ 6DFK]X VDPPHQKlQJHQ JHJHEHQHQ  $QUHJXQJHQ 'HUHQ 9DULHWlW HUODXEW NHLQH=XRUGQXQJ]XHLQ]HOQHQ3HUVRQHQGHVKDOEGDQNH,KQHQE]Z (XFKDOOHQ

9,,, 9RUZRUW  (LQ EHVRQGHUHV 'DQNHVFK|Q JHKW DQ +HUUQ 'U )UDQ] )ULHGULFK %URVW IUKHU8QLYHUVLWlWHQ6WUDVERXUJ,,,, IUGLH0|JOLFKNHLWVHLQHEH WULHEVZLUWVFKDIWOLFKHQ XQG PHWKRGLVFKHQ Ä:LVVHQVVSHLFKHU³ LQWHQVLY QXW]HQ]XGUIHQ  %HUQXQG/DKU6FKZ 

  











(OOHQ%lSSOHU

 



,QKDOWVEHUVLFKW ,QKDOWVYHU]HLFKQLV;, $EELOGXQJVYHU]HLFKQLV;9 7DEHOOHQYHU]HLFKQLV;9,, $ENU]XQJVYHU]HLFKQLV;,; 

(LQIKUXQJ



7KHRUHWLVFKH*UXQGODJHQ]XP:LVVHQVPDQDJHPHQW



6WDQGXQG(QWZLFNOXQJVWHQGHQ]HQLP6WUDWHJLVFKHQ 0DQDJHPHQW



1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWVIUGDV 6WUDWHJLVFKH0DQDJHPHQW

 

,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ  3UDNWLVFKH8PVHW]XQJYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ DP%HLVSLHOYRQ&RPPXQLWLHVRI3UDFWLFH&R3V 



=XVDPPHQIDVVXQJXQG3HUVSHNWLYHQIUZHLWHUH )RUVFKXQJVDUEHLWHQ

/LWHUDWXUYHU]HLFKQLV 

 



,QKDOWVYHU]HLFKQLV $EELOGXQJVYHU]HLFKQLV;9 7DEHOOHQYHU]HLFKQLV;9,, $ENU]XQJVYHU]HLFKQLV;,; 

(LQIKUXQJ



$QIRUGHUXQJHQDQGDV0DQDJHPHQWYRQ2UJDQLVDWLRQHQ



=LHOVHW]XQJGHU$UEHLW



hEHUVLFKWEHUGLH$UEHLW



7KHRUHWLVFKH*UXQGODJHQ]XP:LVVHQVPDQDJHPHQW



'LIIHUHQ]LHUXQJYRQ'DWHQ,QIRUPDWLRQHQXQG:LVVHQ



=XP:LVVHQVEHJULII



:LVVHQVDUWHQ



,PSOL]LWHVXQGH[SOL]LWHV:LVVHQ



,QKDOWVZLVVHQXQG+DQGOXQJVZLVVHQ



:LVVHQVWUlJHU



2UJDQLVDWLRQDOHV:LVVHQXQGRUJDQLVDWLRQDOH:LVVHQVEDVLV



2UJDQLVDWLRQDOHV/HUQHQDOV]HQWUDOHU%HVWDQGWHLOGHV :LVVHQVPDQDJHPHQWV



'LH8QWHUVFKHLGXQJ]ZLVFKHQLQGLYLGXHOOHPXQG RUJDQLVDWLRQDOHP/HUQHQ



/HUQWKHRULHQ]XLQGLYLGXHOOHP/HUQHQ

 %HKDYLRULVPXV  .RJQLWLYLVPXV  .RQVWUXNWLYLVPXV  'LH/HUQVSLUDOHGHV,QGLYLGXXPV 

.ROOHNWLYHV/HUQHQLP6LQQHYRQ*UXSSHQOHUQHQ

;,, ,QKDOWVYHU]HLFKQLV    2UJDQLVDWLRQDOHV/HUQHQ  3HUVSHNWLYHQRUJDQLVDWLRQDOHQ/HUQHQVXQGGHUHQW\SLVFKH 9HUWUHWHU  'LH/HUQHEHQHQGHVRUJDQLVDWLRQDOHQ/HUQHQV  /HUQKLQGHUQLVVHXQGGHIHQVLYH5RXWLQHQ 

%HJULIIXQG3HUVSHNWLYHQGHV:LVVHQVPDQDJHPHQWV



$XVJHZlKOWH0RGHOOHGHV:LVVHQVPDQDJHPHQWVLQ 2UJDQLVDWLRQHQ

 

'DV6(&,0RGHOOYRQ1RQDND 'LH%DXVWHLQHGHV:LVVHQVPDQDJHPHQWVYRQ 3UREVW5DXE5RPKDUGW



'DVLQWHJUDWLYH:LVVHQVPDQDJHPHQW0RGHOOYRQ 3DZORZVN\



6WDQGXQG(QWZLFNOXQJVWHQGHQ]HQLP6WUDWHJLVFKHQ 0DQDJHPHQW



9RQGHU/DQJIULVWSODQXQJEHUGLH6WUDWHJLVFKH$QDO\VH ]XVWUDWHJLVFKHQ0DQDJHPHQW .RQ]HSWHQ



6WUDWHJLVFKHV0DQDJHPHQWDOVZLVVHQVFKDIWOLFKH'LV]LSOLQ



=XP)RUVFKXQJV 6HOEVWYHUVWlQGQLVGHU)DFKGLV]LSOLQ 6WUDWHJLVFKHV0DQDJHPHQW



%HJULIIHXQG+DQGOXQJVUDKPHQGHV6WUDWHJLVFKHQ 0DQDJHPHQWV



'HU%HJULIIGHV6WUDWHJLVFKHQ0DQDJHPHQWV



(QWZLFNOXQJLQKDOWOLFKHU6FKZHUSXQNWHGHVKHXWLJHQ 6WUDWHJLVFKHQ0DQDJHPHQWV



6WUXNWXULHUXQJYRQ3UR]HVVHQGHV6WUDWHJLVFKHQ 0DQDJHPHQWV

 

,QKDOWVYHU]HLFKQLV ;,,, 7KHRUHWLVFKH*UXQGOHJXQJGHV6WUDWHJLVFKHQ 0DQDJHPHQWV



$QVlW]HXQG3DUDGLJPHQLP6WUDWHJLVFKHQ0DQDJHPHQW



.ULWLNDQGHQWKHRUHWLVFKHQ*UXQGODJHQGHV6WUDWHJLVFKHQ 0DQDJHPHQWV

 .ULWLNYRQ6\GRZ2UWPDQQDQKDQGGHUÄ9LHOIDOWDQ:HJHQ XQG0|JOLFKNHLWHQ³  .ULWLNYRQ:WKULFKDQKDQGVHLQHUÄSDUDGR[HQ$XVOHJH RUGQXQJ³  .ULWLNYRQ0XWKXVDP\3DODQLVDP\DPÄ.QRZOHGJH%DVHG 6WUDWHJ\3URFHVV´  .ULWLNYRQ/HLEROG3UREVW*LEEHUWDQÄ7UDGLWLRQDO6WUDWHJLF 0DQDJHPHQW$SSURDFKHVDQGWKHLU'HILFLHQFLHV³ 

1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWVIUGDV 6WUDWHJLVFKH0DQDJHPHQW



9HUELQGXQJYRQ6WUDWHJLVFKHP0DQDJHPHQWXQG :LVVHQVPDQDJHPHQW



$QVDW]SXQNWH]XU*HVWDOWXQJGHV:LVVHQVPDQDJHPHQWV LP6WUDWHJLVFKHQ0DQDJHPHQW



$QVlW]H]XU9HUNQSIXQJYRQ:LVVHQVPDQDJHPHQWXQG 6WUDWHJLVFKHP0DQDJHPHQW



5HIHUHQ]GLV]LSOLQHQGHV:LVVHQVPDQDJHPHQWV



3RWHQ]LHOOH&KDQFHQXQG+LQGHUQLVVHEHLGHU,PSOHPHQ WLHUXQJYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ DXV6LFKW GHU:LUWVFKDIWVLQIRUPDWLNXQGDXV6LFKWGHU$UEHLWVXQG 2UJDQLVDWLRQVSV\FKRORJLH



%HUHLWVFKDIW(LQ]HOQHU:LVVHQ]XWHLOHQXQGZHLWHU ]XJHEHQ



)lKLJNHLW(LQ]HOQHU:LVVHQ]XWHLOHQXQG]XWUDQVIHULHUHQ

;,9 ,QKDOWVYHU]HLFKQLV    4XDOLWlWVVLFKHUXQJLP:LVVHQVPDQDJHPHQW 

,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ 



:LVVHQVPDQDJHPHQWDOVHLQH]HQWUDOH$XIJDEHGHU :LUWVFKDIWVLQIRUPDWLN



,QIRUPDWLRQVV\VWHP0HWDPRGHOODOV*UXQGODJHYRQ :LVVHQVPDQDJHPHQWV\VWHPHQ



+DQGOXQJVIHOGHUXQG)XQNWLRQDOLWlWHQIU:LVVHQVPDQD JHPHQWV\VWHPH



9HUNQSIXQJYRQ:LVVHQVPDQDJHPHQWXQG,.7 )XQNWLRQDOLWlWHQYRUGHP+LQWHUJUXQGGHV6(&,0RGHOOV



,75HIHUHQ]DUFKLWHNWXUHQIU:LVVHQVPDQDJHPHQW V\VWHPH



:LVVHQVPDQDJHPHQW5HIHUHQ]DUFKLWHNWXUYRQ0DLHU



$UFKLWHNWXUHLQHVLQWHJULHUWHQ:LVVHQVPDQDJHPHQW V\VWHPV



0|JOLFKH6FKZLHULJNHLWHQEHL(LQIKUXQJXQG%HWULHE YRQ:LVVHQVPDQDJHPHQWV\VWHPHQLQGHU3UD[LV



3UDNWLVFKH8PVHW]XQJYRQ:LVVHQVPDQDJHPHQWV\V WHPHQDP%HLVSLHOYRQ&RPPXQLWLHVRI3UDFWLFH&R3V 



(QWVWHKXQJGHV.RQ]HSWVXQG'HILQLWLRQGHU&R3V



0RWLYDWLRQIU&R3V



0|JOLFKH3UREOHPHYRQ&R3V



5DKPHQEHGLQJXQJHQIUIXQNWLRQLHUHQGH&R3V



=XVDPPHQIDVVXQJXQG3HUVSHNWLYHQIUZHLWHUH )RUVFKXQJVDUEHLWHQ



=XVDPPHQIDVVXQJ



3HUVSHNWLYHQIUZHLWHUH)RUVFKXQJVDUEHLWHQ

/LWHUDWXUYHU]HLFKQLV

 



$EELOGXQJVYHU]HLFKQLV $EE0RGHOO]XU9HUELQGXQJYRQ6WUDWHJLVFKHP0DQDJHPHQW XQG:LVVHQVPDQDJHPHQW $EE:LVVHQVWUHSSHQDFK1RUWK««««««««««««« $EE6WUXNWXULHUXQJGHU.RPSHWHQ]HQSHUVRQHOOHU :LVVHQVWUlJHU $EE6FKLFKWHQPRGHOOGHURUJDQLVDWRULVFKHQ:LVVHQVEDVLV $EE%HKDYLRULVWLVFKH/HUQWKHRULH $EE/HUQVSLUDOHGHV,QGLYLGXXPV $EE/HUQHEHQHQQDFK$UJ\ULV6FK|Q $EE'LH6SLUDOHGHURUJDQLVDWLRQDOHQ:LVVHQVHU]HXJXQJ $EE'LH6(&,:LVVHQVVSLUDOH $EE%DXVWHLQHGHV:LVVHQVPDQDJHPHQWV $EE%DXVWHLQHRUJDQLVDWLRQDOHQ/HUQHQV $EE,QWHJUDWLYHV:LVVHQVPDQDJHPHQW0RGHOO $EEÄ$QGUHZV¶6WUDWHJ\)UDPHZRUN $EE³)RXU3KDVHVRI6WUDWHJ\´ $EE&ODVVLILFDWLRQ3RUWIROLRRI6WXGLHG0DQDJHPHQW &RQFHSWV $EE6FKULWWHLP6WUDWHJLHSUR]HVV $EE0DUNWRULHQWLHUWHUYVUHVVRXUFHQRULHQWLHUWHU$QVDW]LP 6WUDWHJLVFKHQ0DQDJHPHQW $EE'LH3HUVSHNWLYHQGHU%DODQFHG6FRUHFDUG $EE.RQWXUHQHLQHVÄDOWHUQDWLYHQ³6WUDWHJLVFKHQ 0DQDJHPHQWV $EE%H]LHKXQJ]ZLVFKHQ:LVVHQVPDQDJHPHQWXQG :HWWEHZHUEVYRUWHLOHQ $EE$NQRZOHGJHEDVHGPRGHOIRUVWUDWHJ\SURFHVV

;9, $EELOGXQJVYHU]HLFKQLV  $EE9HUJOHLFK]ZLVFKHQWUDGLWLRQHOOHPXQGZLVVHQVEDVLHUWHP 6WUDWHJLHSUR]HVV $EE9HUELQGXQJYRQ8QWHUQHKPHQVXQG :LVVHQVPDQDJHPHQWVWUDWHJLH $EE)RUPHQLQWULQVLVFKHU0RWLYDWLRQ $EEÄ2UJDQL]DWLRQDOGLYHUVLW\0RWLYDWLRQDO6\VWHPVDQG 7KHRUHWLFDO,QWHJUDWLRQ´ $EE0HWDPRGHOOGHV%XVLQHVV(QJLQHHULQJ $EE'HWDLOOLHUWHV0HWDPRGHOOGHU3UR]HVV(EHQH $EE(QWHUSULVH.QRZOHGJH,QIUDVWUXFWXUHV $EE$UFKLWHNWXUIUHLQLQWHJULHUWHV:LVVHQV PDQDJHPHQWV\VWHP $EE%H]XJVUDKPHQGHU(UIROJVIDNWRUHQGHV :LVVHQVPDQDJHPHQWV $EE'UHL6WXIHQGHV:LVVHQVYHUVWlQGQLVVHV



 



7DEHOOHQYHU]HLFKQLV 7DEhEHUEOLFN]X:LVVHQVGHILQLWLRQHQ 7DE0HUNPDOHLPSOL]LWHQXQGH[SOL]LWHQ:LVVHQV 7DE:LVVHQVDUWHQ 7DE%HLVSLHOHIU:LVVHQVWUlJHULQGHU/LWHUDWXU 7DE/HUQHQLQGHU*UXSSH 7DE=XRUGQXQJW\SLVFKHU9HUWUHWHU]XGHQ3HUVSHNWLYHQ RUJDQLVDWLRQDOHQ/HUQHQV 7DE'HILQLWLRQHQGHV%HJULIIV:LVVHQVPDQDJHPHQW 7DE9HUJOHLFKGHUKXPDQRULHQWLHUWHQXQGGHUWHFKQRORJLH RULHQWLHUWHQ6LFKWZHLVHDXIGDV:LVVHQVPDQDJHPHQW 7DE/HJHQGH]XP&ODVVLILFDWLRQ3RUWIROLRRIWKH6WXGLHG 0DQDJHPHQW&RQFHSWV 7DE(QWZLFNOXQJYRQ6WUDWHJLHXQG6WUDWHJLVFKHP 0DQDJHPHQW 7DE'LYHUJLHUHQGH0HLQXQJHQ]XU3DUDGLJPHQGLVNXVVLRQ 7DE9HUJOHLFKHQGH*HJHQEHUVWHOOXQJYRQUHVVRXUFHQ NRPSHWHQ]XQGZLVVHQVEDVLHUWHP$QVDW] 7DE%HVFKUHLEXQJHQ.ULWLNHQ]XGHQWUDGLWLRQHOOHQ $QVlW]HQGHV6WUDWHJLVFKHQ0DQDJHPHQWV 7DE6SHNWUXPGHU:LVVHQVPDQDJHPHQWVWUDWHJLHQ6WUDWH JLHW\SHQ E]Z:LVVHQVPDQDJHPHQW,QLWLDWLYHQ 7DEÄ5HIHUHQ]GLV]LSOLQHQGHV:LVVHQVPDQDJHPHQWV³ 7DE9HUJOHLFKYRQ3UR]HVV4XDOLWlWVXQG:LVVHQV PDQDJHPHQW 7DE+DQGOXQJVIHOGHUIU:LVVHQVPDQDJHPHQW 7DE)XQNWLRQDOLWlWHQYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ QDFK+DQGOXQJVIHOGHUQ

;9,,, 7DEHOOHQYHU]HLFKQLV  7DE9HUNQSIXQJYRQ:LVVHQVPDQDJHPHQWXQG,.7)XQN WLRQDOLWlWHQYRUGHP+LQWHUJUXQGGHV6(&,0RGHOOV 7DE/HUQEHGUIQLVVHYRQ([SHUWHQ   



 



$ENU]XQJVYHU]HLFKQLV DD2

DPDQJHJHEHQHQ2UW

$EE

$EELOGXQJ

$EV

$EVDW]

$%:/

$OOJHPHLQH%HWULHEVZLUWVFKDIWVOHKUH

$QP

$QPHUNXQJ

$XIO

$XIODJH

%G

%DQG

%,

%XVLQHVV,QWHOOLJHQFH

%0%)

%XQGHVPLQLVWHULXPIU%LOGXQJXQG)RUVFKXQJ%HUOLQ

%0:,

%XQGHVPLQLVWHULXPIU:LUWVFKDIWXQG7HFKQRORJLH%HUOLQ

%6&

%DODQFHG6FRUHFDUG

&(1,666

&RPLWp(XURSpHQGH1RUPDOLVDWLRQ,QIRUPDWLRQ6RFLHW\ 6WDQGDUGL]DWLRQ6\VWHP%UVVHO

&R3V 

&RPPXQLW\LHV RI3UDFWLFH

&50

&XVWRPHU5HODWLRQVKLS0DQDJHPHQW6\VWHP 

&6&/

&RPSXWHU6XSSRUWHG&ROODERUDWLYH/HDUQLQJ .RRSHUDWLYHV(/HDUQLQJ 

'&

'LVWULFWRI&RORPELD

'LVV

'LVVHUWDWLRQ

(«

(OHFWURQLF«

(%

(OOHQ%lSSOHU

HEG

HEHQGD

()40

(XURSHDQ)RXQGDWLRQIRU4XDOLW\0DQDJHPHQW%UVVHO

(1

(XURSlLVFKH1RUP

(UJ+HIW

(UJlQ]XQJVKHIW

(53

(QWHUSULVH5HVRXUFH3ODQQLQJ6\VWHP 

) (

)RUVFKXQJ (QWZLFNOXQJ

I

IROJHQG

II

IRUWIROJHQG

;; $ENU]XQJVYHU]HLFKQLV 



)Q

)XβQRWH

)8%HUOLQ

)UHLH8QLYHUVLWlW%HUOLQ

+DELO

+DELOLWDWLRQ

+0'

+DQGEXFKGHUPDVFKLQHOOHQ'DWHQYHUDUEHLWXQJ

+UVJ

+HUDXVJHEHU

,.7

,QIRUPDWLRQVXQG.RPPXQLNDWLRQVWHFKQRORJLHQ

,/

,OOLQRLV86 

,0

,QIRUPDWLRQVPDQDJHPHQW

,6

,QIRUPDWLRQ6\VWHPV'LV]LSOLQE]Z)DFK,QIRUPDWLRQ6\V WHPV NRQWH[WDEKlQJLJNDQQÄ,6³DXFKIU,QIRUPDWLRQV V\VWHPH VWHKHQ

,62

,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ1HZJHPHLQW LVW :LVVHQVPDQD JHPHQW (%@ YHUZHQGHW XP DQ WUDGLWLRQHOOH 7KHPHQ GHU MHZHLOLJHQ 'LV]LSOLQDQ]XNQSIHQ'HQQRFKOlVVWVLFKHLQJHPHLQVDPHU)RFXVGHU YHUVFKLHGHQHQ%HPKXQJHQLGHQWLIL]LHUHQ'HUJH]LHOWH8PJDQJPLW 'DWHQ,QIRUPDWLRQHQXQG:LVVHQLQEHWULHEOLFKHQ8PJHEXQJHQGLH

 1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWV   ]XJHK|ULJHQ5DKPHQEHGLQJXQJHQXQG,QWHUYHQWLRQVP|JOLFKNHLWHQ³ 6FKDXHU)UDQN6  .RQNUHWHUEHVFKUHLEW/HKQHUGLHLQYROYLHUWHQZLVVHQVFKDIWOLFKHQ 'LV ]LSOLQHQ YJO /HKQHU  6   EHUVFKUHLEW GLHV PLW 5HIH UHQ]GLV]LSOLQHQ GHV :LVVHQVPDQDJHPHQWV XQG VXEVXPPLHUW GDUXQ WHU Ä5HIHUHQ]GLV]LSOLQHQ³  2UJDQLVDWLRQVZLVVHQVFKDIW

,QKDOWH 2UJDQLVDWRULVFKHV/HUQHQ 2UJDQLVDWRULVFKHV*HGlFKWQLV 2UJDQLVDWRULVFKHU:DQGHO 2UJDQLVDWRULVFKH,QWHOOLJHQ] 2UJDQLVDWLRQVHQWZLFNOXQJ 2UJDQLVDWLRQVNXOWXU

3HUVRQDOZLVVHQVFKDIW

3HUVRQDOHQWZLFNOXQJ 3HUVRQDOIKUXQJ

0DQDJHPHQWZLVVHQVFKDIW

6WUDWHJLVFKHV0DQDJHPHQW *HVFKlIWVSUR]HVVPDQDJHPHQW ,QIRUPDWLRQVPDQDJHPHQW

,QIRUPDWLN,7 ,QIRUPDWLRQVXQG.RP PXQLNDWLRQVWHFKQRORJLHQ,.7  3V\FKRORJLH

 $UEHLWV2UJDQLVDWLRQVSV\FKRORJLH .RJQLWLRQVSV\FKRORJLH .RPSHWHQ]XQG([SHUWLVHIRUVFKXQJ

6R]LRORJLH

2UJDQLVDWLRQVVR]LRORJLH :LVVHQVVR]LRORJLH

7DEÄ5HIHUHQ]GLV]LSOLQHQGHV:LVVHQVPDQDJHPHQWV³QDFK/HKQHU 6 

:DUXP/HKQHUÄ,QIRUPDWLRQVPDQDJHPHQW³QLFKWXQWHUÄ,QIRUPDWLN³ UXEULIL]LHUW VRQGHUQ XQWHU Ä0DQDJHPHQWZLVVHQVFKDIW³ LVW XQVHUHV (UDFKWHQV QDFK VHLQHU 'HILQLWLRQ YRQ ,QIRUPDWLN DOV Ä5HIHUHQ]GLV]L SOLQ³GHV:LVVHQVPDQDJHPHQWV]XYHUGDQNHQÄ'LH.RQ]HSWHGHU,Q IRUPDWLN EHWUDFKWHQ GDV :LVVHQVPDQDJHPHQW YRUUDQJLJ DXV HLQHU WHFKQLVFKHQ 6LFKW ZREHL LQVEHVRQGHUH GDV NRGLIL]LHUWH RGHU NRGLIL

1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWV   ]LHUEDUH :LVVHQ LP 0LWWHOSXQNW GHU %HWUDFKWXQJHQ VWHKW 'LH :XU ]HOQJHKHQGDEHLDXIGDV'DWHQPDQDJHPHQWDOV.RQ]HSW]XUSHUVLV WHQWHQ 6SHLFKHUXQJ 9HUNQSIXQJ XQG 6XFKH YRQ 'DWHQ VRZLH GLH $QVlW]H GHU NQVWOLFKHQ ,QWHOOLJHQ] ]XUFN PLW GHQHQ GDV =LHO YHU IROJWZLUGPHQVFKOLFKH,QWHOOLJHQ]QDFK]XELOGHQXQG]XU/|VXQJYRQ NRPSOH[HQ QLFKW ZHLWHU HUOlXWHUWHQ (%  3UREOHPHQ ]X QXW]HQ (LQHQ $UEHLWVVFKZHUSXQNW GHU NQVWOLFKHQ ,QWHOOLJHQ] VWHOOHQ GDEHL GLH ZLVVHQVEDVLHUWHQ 6\VWHPH GDU GLH LQ GHQ HU -DKUHQ HLQHQ HUVWHQ+|KHSXQNWKDWWHQ³/HKQHU6I  'LIIHUHQ]LHUWHUIKUWGHU$XWRUDQDQGHUHU6WHOOHDXVGDVVGLH)UDJH ZDV,QIRUPDWLRQVPDQDJHPHQWEHGHXWHÄRIWPLWHLQHUZHLWHUHQ)UD JH XPVFKULHEHQ ZHUGH  ¶:LH EULQJW PDQ GLH ULFKWLJHQ 'DWHQ ]XP ULFKWLJHQ =HLWSXQNW ]XU ULFKWLJHQ 3HUVRQ RGHU DQ GHQ ULFKWLJHQ $U EHLWVSODW]"¶³/HKQHU6 'LHVHZHLWHUH)UDJHLPSOL]LHUHGLH 6XFKHQDFKHIIHNWLYHQ2UJDQLVDWLRQVIRUPHQÄ%HLHLQHPVROFKHQV\V WHPLVFKHQ $QVDW] DXI GHU %DVLV HLQHV )OLH‰JOHLFKJHZLFKWV ZLUG GHXW OLFK GDVV ,QIRUPDWLRQVPDQDJHPHQW XQG 2UJDQLVDWLRQVHQWZLFNOXQJ QLFKW JHWUHQQW YRQHLQDQGHU EHWUDFKWHW ZHUGHQ N|QQHQ $XFK GLH 'RPLQDQ]HLQHVGHUEHLGHQ$QVlW]HLVWDXVKHXWLJHU6LFKWQLFKWPHKU JHUHFKWIHUWLJW ,P =XJH GHU *HVWDOWXQJ YRQ ,QIRUPDWLRQVVWUXNWXUHQ XQG,QIRUPDWLRQVIOVVHQVWHOOWVLFKDX‰HUGHPGLH)UDJHQDFK0DFKW VWUXNWXUHQXQGGHU8QWHUQHKPHQVNXOWXU:REHKLQGHUQ0DFKWVWUXN WXUHQ GHQ ,QIRUPDWLRQVIOXVV LQ HLQHP 8QWHUQHKPHQ" :R ZLUG GHU )OXVVYRQ,QIRUPDWLRQHQGXUFK.RPPXQLNDWLRQVVW|UXQJHQEORFNLHUW" *HQDX GLHVH *HVWDOWXQJVDVSHNWH VLQG HQWVFKHLGHQG EHL GHU (QWZLFN OXQJYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ(VJHKWDOVRXPGLHSHUPD QHQWH 8PZDQGOXQJ YRQ DEVWUDNWHP :LVVHQ XQG 'DWHQ LQ NRQNUHWH ,QIRUPDWLRQHQXQGLQ.QRZKRZ³/HKQHU6  =ZDU VLQG ZHQQ DXFK YRQ /HKQHU LP REHQVWHKHQGHQ =LWDW HKHU QH JDWLY IRUPXOLHUW 0DFKWVWUXNWXUHQ 8QWHUQHKPHQVNXOWXU XQG .RP PXQLNDWLRQVVW|UXQJHQE]ZSRWHQ]LHOOGHVWUXNWLYZLUNHQGH5DKPHQ EHGLQJXQJHQGHV,QIRUPDWLRQVPDQDJHPHQWVIHVW]XVWHOOHQGRFK]LHOW

 1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWV   GLHVLQHUVWHU/LQLHDXIHLQHRUJDQLVDWLRQVVR]LRORJLVFKH3HUVSHNWLYH,Q %H]XJ DXI GLH 1XW]EDUPDFKXQJ GHV :LVVHQVPDQDJHPHQWV I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l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

 

'D,70DQDJHPHQWLQGLHVHP6LQQQLFKW*HJHQVWDQGGHUYRUOLHJHQGHQ$UEHLW LVWZLUGDXI6WDQGDUGOLWHUDWXU]XP7KHPDYHUZLHVHQ]%6WDKONQHFKW+DVHQ NDPS.UFPDU+HLQULFK/HKQHU

1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWV   2UJDQLVDWLRQHQ KDEHQ VRZRKO IRUPHOOH 6WUXNWXUHQ ÄRIIL]LHOOH³ $XI EDXRUJDQLVDWLRQ  XD PLW GHU %HVFKUHLEXQJ YRQ )XQNWLRQHQ XQG 9HUDQWZRUWOLFKNHLWHQ DOV DXFK LQIRUPHOOH 6WUXNWXUHQ LP 6LQQH YRQ *HPHLQVFKDIWHQ GLH XQWHU JQVWLJHQ RUJDQLVDWLRQDOHQ XQG PRWLYD WLRQDOHQ 5DKPHQEHGLQJXQJHQ DXFK ÄTXDVL YRQ VHOEVW³ HQWVWHKHQ N|QQHQ YRQ ,QWHUHVVHQJUXSSHQ ELV KLQ ]X &RPPXQLWLHV RI 3UDFWLFH YJOR9$XWRUHQNROOHNWLY&(1,6666  6RHUJHEHQVLFKEHLGHU(LQIKUXQJHLQHVVWUDWHJLVFKHQ :LVVHQVPD QDJHPHQWV +HUDXVIRUGHUXQJHQ DQ GLH $XIEDX ZLH GLH $EODXIRUJD QLVDWLRQ GHQHQ HKHU WUDGLWLRQHOOH 2UJDQLVDWLRQVIRUPHQ KlXILJ QXU VFKZHU HQWVSUHFKHQ N|QQHQ 6R NDQQ GDYRQ DXVJHJDQJHQ ZHUGHQ GDVV LQ KLHUDUFKLVFKHQ 2UJDQLVDWLRQHQ PLW HLQHU KRKHQ *OLHGHUXQJV WLHIHGHU:LVVHQVWUDQVIHU(LQVFKUlQNXQJHQXQWHUOLHJW ³+LHUDUFKLHQ ZLUNHQ DOV 7UDQVIHUEDUULHUHQ GLH GHQ GLUHNWHQ $XV WDXVFKYRQ:LVVHQGXUFKYRUGHILQLHUWH,QIRUPDWLRQVXQG.RPPXQL NDWLRQVZHJH EHKLQGHUQ XQG GXUFK 0DFKWDVSHNWH EHHLQIOXVVHQ :LV VHQVRULHQWLHUWH 2UJDQLVDWLRQVVWUXNWXUHQ ]HLFKQHQ VLFK KLQJHJHQ GXUFKIODFKH+LHUDUFKLHQDXVGLHDXIHLQH9HUNU]XQJGHU,QIRUPDWL RQV XQG .RPPXQLNDWLRQVZHJH XQG HLQH JHQHUHOOH (UK|KXQJ GHU )OH[LELOLWlW]LHOHQ³YJO$O/DKDP6  )ROJWPDQGHUDOOJHPHLQHQ$XIIDVVXQJEH]JOLFKGHU.XU] 'HILQL WLRQYRQ:LVVHQVPDQDJHPHQWDOVGHU6XPPHDOOHURUJDQLVDWRULVFKHQ XQG WHFKQLVFKHQ 0D‰QDKPHQ ]XU (U]HXJXQJ :HLWHUJDEH 6SHLFKH UXQJXQG)LQGHQ1XW]EDUPDFKHQGHVLQGHU2UJDQLVDWLRQYRUKDQGH QHQ:LVVHQVYJO+DQVHQ1HXPDQQ6XQGLQGLHVHU$UEHLW GHQ'HILQLWLRQHQYRQ:LVVHQVPDQDJHPHQW VR]HLJHQ.HPSHU-DQNH DXVGHU6LFKWGHU:LUWVFKDIWVLQIRUPDWLNJUXQGVlW]OLFKH3UREOHPIHOGHU DXIYRUDOOHPLP9HUJOHLFKPLWGHPVFKRQODQJHIHVWHWDEOLHUWHQ%H UHLFKGHU$XVXQG:HLWHUELOGXQJYJO.HPSHU-DQNH6II  2KQH LP 5DKPHQ GLHVHU $UEHLW QlKHU DXI RUJDQLVDWLRQVSV\FKRORJL VFKH *UXQGODJHQ GHV :LVVHQVPDQDJHPHQWV HLQJHKHQ ]X N|QQHQ

 1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWV   ZHUGHQ GHQ ZLUWVFKDIWVLQIRUPDWLNRULHQWLHUWHQ $XVIKUXQJHQ YRQ .HPSHU-DQNH ]X GHQ EHLGHQ HUVWHQ 3UREOHPIHOGHUQ $QPHUNXQJHQ ]X RUJDQLVDWLRQVSV\FKRORJLVFKHQ %HGLQJXQJHQ GHV :LVVHQVPDQDJH PHQWV JHJHQEHUJHVWHOOW GLH (UIROJVIDNWRUHQ IU GLH ,PSOHPHQWLH UXQJ YRQ :LVVHQVPDQDJHPHQW XQG :LVVHQVPDQDJHPHQWV\VWHPHQ VLQG  YJO ]X GLHVHQ DOOJHPHLQ XD 2VWHUORK  6 II :UHGH 6   %HUHLWVFKDIW(LQ]HOQHU:LVVHQ]XWHLOHQXQGZHLWHU]XJHEHQ  =XP HUVWHQ RJ 3UREOHPIHOG GHU %HUHLWVFKDIW (LQ]HOQHU :LVVHQ ]X WHLOHQXQGZHLWHU]XJHEHQIKUHQ.HPSHU-DQNHLQGHXWOLFKHQHKHU HUQFKWHUQGHQ :RUWHQ DXV Ä6R OHEW :LVVHQVPDQDJHPHQW «  YRQ GHU %HUHLWVFKDIW GHU 0HQVFKHQ DQGHUH ,QGLYLGXHQ XQG *UXSSHQ DQ LKUHP LPSOL]LWHQ :LVVHQ SDUWL]LSLHUHQ ]X ODVVHQ 'LH %HDQWZRUWXQJ GLHVHU )UDJHVWHOOXQJ LVW 'UHK XQG $QJHOSXQNW HLQHV MHGHQ IXQNWLR QLHUHQGHQ EHWULHEOLFKHQ :LVVHQVPDQDJHPHQWV XQG GXUFKDXV QLFKW WULYLDO(LQHVDWLVIL]LHUHQGH/|VXQJOlVVWVLFKQXULP.RQWH[WGHULQGL YLGXHOOHQ 8QWHUQHKPHQVNXOWXU XQG YRU GHP +LQWHUJUXQG GHU HWDE OLHUWHQEHWULHEOLFKHQ$QUHL]V\VWHPHILQGHQ8QGKLHUOLHJWHVEHLGHQ PHLVWHQ8QWHUQHKPHQLP$UJHQ'LH0RWLYDWLRQ]XU([WHUQDOLVLHUXQJ ± DOVR GLH %HUHLWVFKDIW ]XU :LVVHQVZHLWHUJDEH ± LVW EHL GHQ PHLVWHQ 8QWHUQHKPHQ ZHGHU NXOWXUHOO QRFK DQUHL]RULHQWLHUW YHUDQNHUW 'DV *HJHQWHLOLVWVRJDUYLHOKlXILJHUGHU)DOO0LWDUEHLWHUSURILOLHUHQVLFK QlPOLFKPHLVWEHULKUH:LVVHQVYRUWHLOH'DVJHIOJHOWH:RUWÃ:LVVHQ LVW 0DFKW¶ NRPPW QLFKW YRQ XQJHIlKU XQG VLJQDOLVLHUW VHKU GHXWOLFK :LVVHQVYRUWHLOH]DKOHQVLFKLQXQVHUHU8QWHUQHKPHQVXPZHOWDXV6LH VLQG±DQJHOHKQWDQGLHGDUZLQLVWLVFKH/HKUH±GLH6HOHNWLRQVNULWHULHQ LP .DPSI XP GHQ EHUXIOLFKHQ (UIROJ :LVVHQGH VLQG   EHJHKUWH   

'LHVH XQG ZHLWHUH (UIROJVIDNWRUHQ VLQG VHOEVWUHGHQG QLFKW QXU IU GLH ,PSOHPHQWLHUXQJ YRQ :LVVHQVPDQDJHPHQWV\VWHPHQ DXVVFKODJJHEHQG VRQ GHUQ IU DOOH $UWHQ YRQ QHXHQ  6\VWHPHQ VR ]% DXFK ,76\VWHPHQ YJO ]% %lSSOHU%URVW 

1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWV   3URMHNWSDUWQHU VWHLJHQ VFKQHOO LQ 8QWHUQHKPHQVKLHUDUFKLHQ DXI N|QQHQLKUH*HKDOWVYRUVWHOOXQJHQXPVHW]HQXVZ:LUEHORKQHQXQ VHUH0LWDUEHLWHUDOVRDXIJUXQGLKUHU.HQQWQLVVHGLHVLH]LHOJHULFKWHW XQGGLUHNWIUGLH8PVHW]XQJGHU8QWHUQHKPHQVDXIJDEHHLQVHW]HQ 'LH :HLWHUJDEH LKUHU .HQQWQLVVH DQ DQGHUH .ROOHJHQ LVW KLHUEHL LQ QDKH]XDOOHQ)lOOHQQLFKW*HJHQVWDQGGHU/HLVWXQJVEHXUWHLOXQJ9LHO HKHUZLUGVLHVRJDUQRFKGXUFKXQVHUHHWDEOLHUWHQ$QUHL]V\VWHPHEH VWUDIW %HLVSLHOVZHLVH ZLUG =HLW GLH YRQ DOWUXLVWLVFKHQ 0LWDUEHLWHUQ IU GLH :HLWHUJDEH GHV :LVVHQV DXIJHZHQGHW ZLUG LQ DOOHU 5HJHO QLFKW KRQRULHUW ,P *HJHQWHLO PHLVW IHKOW VLH VSlWHU GHQ HGOHQ :LV VHQVVSHQGHUQEHLGHU%HUHFKQXQJLKUHU(UIROJVDQWHLOHXQGEULQJWVLH VRPLWQRFKLQVFKOHFKWHUH3RVLWLRQHQ³.HPSHU-DQNH6I  'LH %HUHLWVFKDIW :LVVHQ ]X WHLOHQ GHU :LVVHQVWUDQVIHU LP HQJHUHQ 6LQQ ÄVHW]W 0LWDUEHLWHU YRUDXV GLH :LVVHQVPDQDJHPHQW UHDOLVLHUHQ XQG DX‰HU GHQ QRWZHQGLJHQ )lKLJNHLWHQ GLH 0RWLYDWLRQ EHVLW]HQ GLHVH DXFK JHPl‰ GHU 2UJDQLVDWLRQV]LHOH HLQ]XEULQJHQ YJO :UHGH  6   'LH (UJHEQLVVH GHU 0RWLYDWLRQVIRUVFKXQJ ]HLJHQ GDVV :LVVHQVJHQHULHUXQJ XQG EHUWUDJXQJ LQWULQVLVFKH 0RWLYDWLRQ YRU DXVVHW]HQ EHL GHU +DQGOXQJHQ VHOEVW ]X HLQHU XQPLWWHOEDUHQ %H GUIQLVEHIULHGLJXQJIKUHQQDPHQWOLFKGXUFKGLH)UHXGHDQGHU$U EHLW GXUFK hEHUHLQVWLPPXQJ YRQ $QIRUGHUXQJHQ GHU 7lWLJNHLW PLW SHUV|QOLFKHQ .RPSHWHQ]HQ  GDV (LQKDOWHQ YRQ 1RUPHQ XQG :HU WHQ%HUXIVNRGH[7HDPJHLVWHWF XQGGDV(UUHLFKHQVHOEVWJHVHW]WHU =LHOHYJO2VWHUORK6 $EEYHUGHXWOLFKWGLH)RUPHQLQ WULQVLVFKHU0RWLYDWLRQ





%HL )UHXGH DQ GHU $UEHLW GXUFK hEHUHLQVWLPPXQJ GHU $QIRUGHUXQJHQ GHU 7lWLJNHLW PLW GHQ SHUV|QOLFKHQ .RPSHWHQ]HQ EHL GHU GLH 7lWLJNHLW VHOEVW *HQXVVLVWNDQQHLQVRJHQDQQWHVÄ)ORZ(UOHEQLV³HLQWUHWHQGDVZHGHUGXUFK 8QWHU QRFK GXUFK hEHUIRUGHUXQJ JHNHQQ]HLFKQHW LVW YJO &VLNV]HQWPLKDO\L ]LWLHUWQDFK:UHGH6 

 1XW]EDUPDFK KXQJGHVV:LVVHQVVPDQDJHPHQWV 

$EE )RUPH HQLQWULQVLVVFKHU0RWLLYDWLRQ)UUH\2VWHUOR RK66 

0HKUK KHLWOLFK VLQG GLH DNWXHOOH HQ $QUH HL] XQG 3UlPLHQ QV\VWHPH QLFKW ]XU 6WWlUNXQJ LQWULQVLVFFKHU 0RWWLYDWLRQ JHHLJQH HW ZHLO LQ 2UJDQLVDWLR QHQ KlXILJ K DXI YRUGH HUJUQGLJ HLQIDFFKHU KDQ QGKDEEDUUH H[WULQ QVLVFKH $QUHL]]H DEJHVVWHOOW ZLUUG +LHU NDQQ DE EJHVHKHQ YRQ *HZ|KQXQJVHI IHNWHQ QHLQ9H HUGUlQJX XQJVHIIHN NWDXIWUH HWHQYJO2VWHUORK6 6  GHQ H[WULQVLVF H KH %HORK KQXQJHQ JHJHQ EHULQWULQVLVFKHUU0RWLYDWWLRQHQ KDEHQ Q Ä9HUVX XFKH 0LWDUEHLWHUU DOOHLQ PLWWHOV P Ã% %HORKQXQ QJHQ¶ I U HLQH $XIJD DEH]XJH HZLQQHQ QZHUGHQ QVFKHLWH HUQ6ROFK KH0LWDUE EHLWHUKD DQGHOQ QLFKW PHKU ZHLO Z VLH HV H IU VLQ QQYROO XQ QG LQWHUH HVVDQW KD DOWHQ VR RQGHUQ ZHLO GDV 6WUUHEHQ QDFK Q %H HORKQXQJ JHQ LP 9RUGHUUJUXQG VWHKW³ %URVWW9HQWRFLLOOD6  XHQXQG (LQZHLWHUHU$ $VSHNWLVWWGHU=XVVDPPHQK KDQJYRQ Q9HUWUDX G0RWL YDWLRQ QLQGLHVVHP)DOO GHU0RWLYDWLRQX XQGGHU% %HUHLWVFK KDIW:LVVVHQ]X WHLOHQhEHU]H HXJXQJHQ QXQG: :HUWHGHVV(LQ]HOQH HQEDXHQPHKUKHLWOLFK DXIIUKHQ . .LQGKHLWVVHULQQHUX XQJHQDX XIXQGHQ QWZLFNHOOQVLFKLQ Q.RP ELQDWLLRQ PLW GHQ G (UID DKUXQJHQ Q LP (UZ ZDFKVHQHQOHEHQ ]]X GHQ *HIK * OHQGLHGDV9H HUKDOWHQVWHXHUQ XQGGLH HLKUHUVHLWVZLHGH HUXP(UID DKUXQ JHQE EHHLQIOXVVHQ'DE EHLZHUGHQhEHU] ]HXJXQJ JHQXQG :HUWHP PRGLIL



1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWV   ]LHUW LQ GHU 5HJHO YHUVWlUNW GLH GLH LQ GHU 9HUJDQJHQKHLW PLW :LV VHQVYHUDUEHLWXQJ ,GHQWLIL]LHUHQ (U]HXJHQ 6SHLFKHUQ 7HLOHQ XQG 1XW]HQ  JHPDFKWHQ (UIDKUXQJHQ IRUPHQ 6R IKUHQ SRVLWLYH (UIDK UXQJHQ ]X SRVLWLYHP +DQGHOQ GXUFK DNWLYH 7HLOKDEH DP 3UR]HVV GHU :LVVHQVYHUDUEHLWXQJ bKQOLFKH :HUWYRUVWHOOXQJHQ VWHOOHQ HLQH JXWH *UXQGODJH GDU XP LQ :LVVHQVPDQDJHPHQW3URMHNWHQ GXUFK (LQLJXQJ DXI EHVWLPPWH JH PHLQVDPH *UXQGZHUWH LP 'LDORJ HLQ JHPHLQVDPHV 9HUVWlQGQLV HQW ZLFNHOQXQG0HLQXQJHQZLHDXFKhEHU]HXJXQJHQ$QGHUHUDN]HSWLH UHQ]XN|QQHQ (LQ VROFKHU 'LDORJ ZLHGHUXP NDQQ 9HUWUDXHQ VFKDIIHQ ZHOFKHV VHL QHUVHLWV DXI ZDKUJHQRPPHQHP 9HUKDOWHQ EDVLHUW Ä9HUWUDXHQ HQW VWHKWDXIGHU*UXQGODJHSRVLWLYHU(UIDKUXQJHQ9RUDXVVHW]XQJGDIU VLQG/HEHQV(UIDKUXQJVXQG$UEHLWVZHOWHQGLHGXUFKHLQJHZLVVHV 0DdzDQ9RUKHUVDJEDUNHLW(LQGHXWLJNHLWXQG.RQWUROOHJHNHQQ]HLFK QHWVLQG³6FKHUUHU:LHODQG6  =ZHL 9HUWUDXHQV.DWHJRULHQ N|QQHQ XQWHUVFKLHGHQ ZHUGHQ SHUV|Q OLFKHV9HUWUDXHQXQGDXI.RPSHWHQ]RGHU,GHQWLWlWEHUXKHQGHV9HU WUDXHQ ZREHL LP :LVVHQVPDQDJHPHQW GLH OHW]WJHQDQQWH 9HU WUDXHQVNDWHJRULH LP 9RUGHUJUXQG VWHKW 'DEHL NDQQ 9HUWUDXHQ YHU VFKLHGHQH$XVSUlJXQJHQKDEHQYJOR9$XWRUHQNROOHNWLY&(1,666 6II  • ,GHQWLWlWVEDVLHUHQGHV9HUWUDXHQDXI*UXQGYRQ5ROOHQ3RVLWLRQHQ RGHU)XQNWLRQHQ]%EHL0HGL]LQHUQ • 5H]LSUR]LWlWVEDVLHUHQGHV 9HUWUDXHQ GXUFK GLH $QQDKPH GHU $Q GHUHZHUGHVLFKDXFKYHUWUDXHQVYROOYHUKDOWHQ • *HZRQQHQHV9HUWUDXHQGXUFKGLH $QQDKPHGXUFK YHUWUDXHQVELO GHQGHV+DQGHOQGDV9HUWUDXHQ$QGHUHUJHZLQQHQ]XN|QQHQ • $XVJOHLFKHQGHV 9HUWUDXHQ 9RUOHEHQ YRQ YHUWUDXHQVELOGHQGHP 9HUKDOWHQ

 1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWV   • 0RUDOLVFKHV9HUWUDXHQLQGHPGHU(LQ]HOQHXQDEKlQJLJYRP9HU KDOWHQ $QGHUHU YHUWUDXHQVZUGLJ KDQGHOW Ä9HUWUDXHQVYRU VFKXVV³  (LQGXUFKJlQJLJUHVSHNWYROOHVXQGRIIHQHV9HUKDOWHQXQWHUGHQ0LW DUEHLWHUQ XQG LQ GHQ %H]LHKXQJHQ ]ZLVFKHQ )KUXQJ XQG 0LWDUEHL WHUQHLQHU2UJDQLVDWLRQWUlJW]X HLQHPKRKHQ*UDG]XU%LOGXQJJH JHQVHLWLJHQ 9HUWUDXHQV EHL HLQHU ]HQWUDOHQ 9RUDXVVHW]XQJ IU GLH %HUHLWVFKDIW(LQ]HOQHU:LVVHQ]XWHLOHQXQGZHLWHU]XJHEHQ 'XUFK GDV9RUKDQGHQVHLQYRQ9HUWUDXHQZHUGHQDXFK,QWHUDNWLRQHQLQWHQ VLYLHUW XQG YRU DOOHP GLH %HUHLWVFKDIW JHI|UGHUW VLFK PLW QHXHQ ]7 GXUFKDXV KHWHURJHQHQ :LVVHQVTXHOOHQ DXVHLQDQGHU]XVHW]HQ XQG HLJHQHV:LVVHQHLQ]XEULQJHQYJO+XUWHU6I   )lKLJNHLW(LQ]HOQHU:LVVHQ]XWHLOHQXQG]XWUDQVIHULHUHQ %HLP]ZHLWHQRJDQJHIKUWHQ3UREOHPIHOGGHU)lKLJNHLW(LQ]HOQHU :LVVHQ ]X WHLOHQ XQG ]X WUDQVIHULHUHQ KDQGHOW HV VLFK GDUXP GDVV :LVVHQ QXU GDQQ QXW]EULQJHQG XQG ]LHOJHUHFKW WUDQVIHULHUW ZHUGHQ NDQQ ÄZHQQ HV HQWVSUHFKHQG DXIEHUHLWHW XQG LQ GLGDNWLVFK DQJH PHVVHQHU)RUPYHUPLWWHOWZLUG³.HPSHU-DQNH6 %HLH[SOL ]LHUEDUHP :LVVHQ LVW GLH $XIEHUHLWXQJ ZHLWJHKHQG XQNULWLVFK GD GLHVHV :LVVHQ QDFK GHILQLHUWHQ 5HJHOQ JHQHULHUW XQG PLW ,70LWWHOQ JHVSHLFKHUW YHUDUEHLWHW XQG EHUWUDJHQ ZHUGHQ NDQQ ZRKLQJHJHQ :LVVHQDXVXQGLP8PIHOGGHU2UJDQLVDWLRQPHLVWNRPSOH[XQGXQ VWUXNWXULHUW LVW XQG VLFK VRPLW PHLVW QXU GXUFK SHUV|QOLFKHQ $XV WDXVFK WUDQVIHULHUHQ OlVVW ZDV HLQH RUJDQLVDWLRQVVSH]LILVFKH .RPEL QDWLRQDXVNRGLIL]LHUWHP:LVVHQXQGSHUVRQDOLVLHUWHQ7UDQVIHUSUR]HV 

 

+lXILJ ZLUG GLHV LQ 6HOEVWGDUVWHOOXQJHQ YRQ 2UJDQLVDWLRQHQ VR XD DXFK LQ 6WHOOHQDQ]HLJHQPLWHKHUIRUPHOKDIWHQ8PVFKUHLEXQJHQZLH]%ÄRIIHQHXQG YRQ JHJHQVHLWLJHP 5HVSHNW JHWUDJHQH 8QWHUQHKPHQVNXOWXU³ EH]HLFKQHW EHL 8QWHUQHKPHQVNXOWXU³RIWQRFKPLWGHP=XVDW]ÄJHOHEWH³'LH:LHGHUKROXQJ VROFKHU RGHU VLQQJHPlVVHU $XVVDJHQ YRQ XQWHUVFKLHGOLFKVWHQ 2UJDQLVDWLRQHQ HUK|KW QLFKW GLH *ODXEZUGLJNHLW GHU $XVVDJHQ DXI GHQ %HREDFKWHU ZLUNHQ VLHJHUDGHQLFKWÄJHOHEW³

1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWV   VHQ HUIRUGHUW Ä'HPQDFK LVW MHGHU 0LWDUEHLWHU DXFK HLQ SRWHQ]LHOOHU /HKUHUGHVVHQGLGDNWLVFKHV*HVFKLFNGHQ(UIROJGHV:LVVHQVWUDQVIHUV HQWVFKHLGHQG EHHLQIOXVVW /HLGHU VLQG MHGRFK ± ZLH GLH 3UD[LV ]HLJW ± KHUYRUUDJHQGH )DFKVSH]LDOLVWHQ LQ GHQ ZHQLJVWHQ )lOOHQ DXFK EHJ QDGHWH 3lGDJRJHQ VR GDVV VHOEVW EHL KHUYRUUDJHQGHU ,7 8QWHUVWW ]XQJ GDV   :LVVHQVPDQDJHPHQW LPPHU DXIJUXQG GHV (QJSDVVIDN WRUVÃ0HQVFK¶OLPLWLHUWZLUG³HEG6  :LVVHQ LVW QLFKW ZLH HLQH ,QIRUPDWLRQ YRP 0LWDUEHLWHU ]X WUHQQHQ XQGÄYHUVFKLHEEDU³GDYRUDOOHPSUR]HGXUDOHVXQGLPSOL]LWHV:LVVHQ SHUVRQHQJHEXQGHQ LVW YJO .URJK YRQ,FKLMR1RQDND  6   ZRGXUFK HV GLH 2UJDQLVDWLRQ QXU LQ YLHO JHULQJHUHP 0D‰H QXW]HQ NDQQ DOV GRNXPHQWLHUWHV GHNODUDWLYHV :LVVHQ ,Q GHU 2SWLN GHU DU EHLWV XQG RUJDQLVDWLRQVSV\FKRORJLVFKHQ 5DKPHQEHGLQJXQJHQ EH GHXWHWGLHVGDVV:LVVHQYRQGHVVHQ(UVFKOLH‰XQJSRVLWLYH(IIHNWH]X HUZDUWHQ VLQG GH IDFWR QLFKW YRQ GHQ :LVVHQVWUlJHUQ DEVWUDKLHUW ZHUGHQNDQQXQGEH]JOLFKGHU)lKLJNHLW(LQ]HOQHU:LVVHQ]XWHLOHQ XQG]X WUDQVIHULHUHQQLFKWYRP$UEHLWHQLQHLQHPVR]LDOHQ.RQWH[W JHWUHQQWZHUGHQNDQQYJO:UHGH6  'LH )lKLJNHLW :LVVHQ ]X WHLOHQ XQG ]X WUDQVIHULHUHQ HUIRUGHUW IU GHQ(LQ]HOQHQ]XQlFKVWHLQPDOHLQHGH]LGLHUWH9HUWUDXHQVNXOWXUPLW HQWVSUHFKHQGHQ RUJDQLVDWRULVFKHQ 5DKPHQEHGLQJXQJHQ XQG )UHL UlXPHQ GD /HUQHQ JUXQGVlW]OLFK HLQ +LQWHUIUDJHQ EHVWHKHQGHU ,Q KDOWH XQG YRUKDQGHQHU QLFKW VHOWHQ ÄHLQJHIDKUHQHU³ (LQVWHOOXQJHQ LPSOL]LHUW 8P GLHVHV +LQWHUIUDJHQ GHV 6WDWXV TXR ]X I|UGHUQ VLQG JHPl‰+XUWHUYJO+XUWHU6II PLWQHXHP:LVVHQH[SHUL PHQWLHUHQGHXQGH[SHULPHQWLHUIUHXGLJH2UJDQLVDWLRQHQJHIUDJWGLH EHVWlQGLJQHXHV:LVVHQDXIQHKPHQXQG LQLKUHQ%LQQHQGLVNXUVHLQ EDXHQYJODXFK6FKUH\|JJ6  $XI GHU %DVLV HLQHU HPSLULVFKHQ 8QWHUVXFKXQJ YRQ  SURGX]LH UHQGHQIUDQ]|VLVFKHQ8QWHUQHKPHQ±GDYRQZLVVHQVLQWHQVLYHQ EHZXVVW :LVVHQVWHLOXQJ I|UGHUQGHQ 8QWHUQHKPHQ DOV ÄVKDUHG SRRO RINQRZOHGJH³EH]HLFKQHW ±NRPPW*DOLDYJO*DOLD ]XHLQHU

  1XW]EDUPDFK KXQJGHVV:LVVHQVVPDQDJHPHQWV   7\SROR RJLVLHUXQ QJGHU2 2UJDQLVDWWLRQVIRUP PHQJHP Pl‰GHUYYRQGHQ8 8QWHU VXFKXQJVWHLOQH HKPHUQ GHNODULH HUWHQ 0R RWLYDWLRQ QVV\VWHPH VLHKH H $EE  

$EE Ä2UJDQ QL]DWLRQDOGLYHUVLW\0RWLYDWLR RQDO6\VWHP PVDQG7K KHRUHWLFDO,QWH JUDWLRQ´ ´*DOLD 6 

'LH EHZXVVW E : :LVVHQVW WHLOXQJ XQWHUVWW X W]HQGHQ 8QWHUQH HKPHQ Ä/HDU QLQJIILUPV³1 1  I|UGHUWWHQ]X 7HDP PRGHU* *UXSSHQ QDUEHLW LP,QQ QRYDWLRQ QVSUR]HVVVJH HZlKUWHQ Q,QFHQWLYHVIUG GLH,GHHQ QJHQH ULHUXQ QJ XQG   IKUWHQ $VVHVVPHQWVV EH]JOLFK GHU 7 7HDPIlK KLJNHLW GHU0 0LWDUEHLWH HUGXUFK YJO*DOLD 6'HWDLOV]XU 8QWHUVXFKXQJ HEG   4XDOLWlWWVVLFKHUXQJLP: :LVVHQVPD DQDJHPH HQW (LQGUULWWHVYRQ Q.HPSH HU-DQNH EHQDQQWWHV3UREOHPLVWGLH1RWZH HQGLJ NHLW GLH G 4XDOOLWlW GHU :LVVHQVVEHVWlQGH XQG GHU :LVVH HQVYHUPLWWOXQJ

1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWV   ]X VLFKHUQ :lKUHQG ]% LQ $XV XQG :HLWHUELOGXQJ ]XPLQGHVW EHUZLHJHQG  DXVJHELOGHWH 3lGDJRJHQ WlWLJ VLQG XQG GLH 0DWHULD OLHQVRZLHGLHIDFKOLFKHQXQGSlGDJRJLVFKHQ)lKLJNHLWHQGHV3HUVR QDOVLP6LQQHHLQHV)HHGEDFNV\VWHPDWLVFKEHXUWHLOWZHUGHQZRGXUFK HLQH 4XDOLWlWVVLFKHUXQJ VLFKHUJHVWHOOW ZHUGHQ NDQQ  VWHOOW VLFK LP :LVVHQVPDQDJHPHQW LQ 2UJDQLVDWLRQHQ GLH )UDJH ZLH 4XDOLWlWVVL FKHUXQJVPD‰QDKPHQHWDEOLHUWZHUGHQN|QQHQÄ,P%HUHLFKGHVSHU VRQDOLVLHUWHQ :LVVHQVWUDQVIHUV LVW HV QDKH]X XQP|JOLFK H[DNWH 3HU IRUPDQFHEHXUWHLOXQJHQ ]X LPSOHPHQWLHUHQ /HLFKWHU VFKHLQW KLHU VFKRQ GLH 4XDOLWlWVVLFKHUXQJ GHV NRGLIL]LHUWHQ :LVVHQV  $XIJUXQG GHU)OOHXQG+HWHURJHQLWlWGHVEHWULHEOLFKHQ:LVVHQVLVWMHGRFKGLH %HXUWHLOXQJ GHU 5HOHYDQ]5LFKWLJNHLW XQG *WH GHU :LVVHQVEHLWUlJH HLQH lX‰HUVW DQVSUXFKVYROOH $XIJDEH³ .HPSHU-DQNH  6   +LHU JHKW HV LQ HUVWHU /LQLH XP $XIJDEHQ GLH HEHQ QLFKW DOOHLQ PLW GHQ ]ZDU QRWZHQGLJHQ DEHU QLFKW KLQUHLFKHQGHQ ,70LWWHOQ JHO|VW ZHUGHQ N|QQHQ VRQGHUQ ]ZLVFKHQPHQVFKOLFKH ,QWHUDNWLRQHQ EHQ| WLJHQ 'LHVHV 7KHPD JHK|UW ]ZDU SHU VH ]X GHQ ,QKDOWHQ GHU .RPPXQLND WLRQVZLVVHQVFKDIWHQ GRFK ZLUG GRUW GLH 3UREOHPDWLN GHU ,QIRUPDWL RQVTXDOLWlW IDVW DXVVFKOLH‰OLFK XQWHU JUXQGVlW]OLFKHQ LQWHUSHUVRQD OHQ .RPPXQLNDWLRQVDVSHNWHQ EHKDQGHOW YJO LQVEHVRQGHUH (SSOHU   (SSOHU0HQJLV   MHGRFK RKQH %H]XJ ]XP :LVVHQV PDQDJHPHQWZREHLMHGRFKKlXILJZHQQDXFK LQNRQNUHWXQGQLFKW RSHUDWLRQDOLVLHUWGLH%HJULIIHÄ:LVVHQ³E]ZÄ.QRZOHGJH³DXIVFKHL QHQ 'LH 3UREOHPDWLN GHU 4XDOLWlWVVLFKHUXQJ LP E]Z IU GDV :LV





6RPVVHQEHLVSLHOVZHLVHLQ'HXWVFKODQGJHPl‰GHUÄ$QHUNHQQXQJVXQG=X ODVVXQJVYHURUGQXQJ IU :HLWHUELOGXQJ³ VHLW  -XOL  %LOGXQJVWUlJHU GLH |IIHQWOLFK JHI|UGHUWH :HLWHUELOGXQJ DQELHWHQ HLQ ZLUNVDPHV 4XDOLWlWV PDQDJHPHQWV\VWHPZLH]%()40RGHU,62QDFKZHLVHQ6R]LDOJHVHW]EXFK,,, †I 

 1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWV   VHQVPDQDJHPHQWZLUGLQGHU/LWHUDWXU DXFKLQ3XEOLNDWLRQHQ]XP 4XDOLWlWVPDQDJHPHQW GLH H[SOL]LW DXI Ä:LVVHQ³ UHNXUULHUHQ ZHQQ EHUKDXSWQXUXQWHU6FKODJZRUWHQZLHÄ9RP4XDOLWlWVPDQDJHPHQW ]XP :LVVHQVPDQDJHPHQW³ RGHU Ä4XDOLWlWVVLFKHUXQJ GXUFK :LV VHQVPDQDJHPHQW³ DQJHVSURFKHQ ELV KLQ ]X XQVHUHV (UDFKWHQV IDO VFKHQ $XVVDJHQ ZLH Ä.0 LV D NLQG RI 40³ )LUHVWRQH  6   Ä'DWD 4XDOLW\ $SSURDFKHV³ YJO /RVKLQ   KDEHQ ]ZDU LKUH %H UHFKWLJXQJLQLQIRUPDWLRQVWHFKQLVFKHU6LFKWKLQVLFKWOLFKGHU1RWZHQ GLJNHLW YRQ 0HWDGDWHQPDQDJHPHQW 'DWHQEHUHLQLJXQJ XQG Ä'DWD (QULFKPHQW(QKDQFHPHQW³]HQWULHUHQDEHUPHLVWHQVDXI=ZHFNHGHU Ä%XVLQHVV,QWHOOLJHQFH³VRPLWOHGLJOLFKLQGLUHNWDXIHLQH1XW]XQJIU GDV:LVVHQVPDQDJHPHQW4XDOLWlWLVWYLUWXHOOXQGNDQQQXUPLWWHOEDU YRQ .HQQ]DKOHQ KHU EHXUWHLOW ZHUGHQ ZHVKDOE 4XDOLWlW PLW 6HOEVW HLQVFKlW]XQJHQ DOV DXFK PLW )UHPGEHXUWHLOXQJHQ JHPHVVHQ EHZHU WHWXQGJHJHEHQHQIDOOV]HUWLIL]LHUWZLUG]%JHPl‰(1,62 'LH.RQ]HSWHYRQ3UR]HVV4XDOLWlWVXQG:LVVHQVPDQDJHPHQWN|Q QHQZLHLQGHUIROJHQGHQ7DEHOOHJHJHQEHUJHVWHOOWZHUGHQ  

3UR]HVVPDQDJHPHQW 

4XDOLWlWVPDQDJHPHQW

:LVVHQVPDQDJHPHQW

=LHO

+RUL]RQWDOH9HUQHW ]XQJIXQNWLRQDOHU2U JDQLVDWLRQVEHUHLFKH HQWODQJYRQ$EODXI SUR]HVVHQ

2SWLPLHUXQJGHU4XD OLWlWYRQ3URGXNWHQ 'LHQVWOHLVWXQJHQXQG $UEHLWVSUR]HVVHQ

2SWLPLHUXQJGHU:LV VHQVSUR]HVVH:LVVHQV HQWZLFNOXQJ:LVVHQV NRPPXQLNDWLRQ:LV VHQVVLFKHUXQJ LQDOOHQ $UEHLWVSUR]HVVHQ

)RNXV

(IIL]LHQWH$UEHLWVDE OlXIHXQG7UDQVSDUHQ] GXUFKLQIRUPDWLRQHOOH 9HUQHW]XQJ

8PIDVVHQGHV4XDOL WlWVGHQNHQEHLGHQ 0LWDUEHLWHQGHQ

%HZXVVWVHLQGHU2UJDQL VDWLRQXQGGHU0LWDUEHL WHQGHQIUGLHYLWDOH5H OHYDQ]GHU:LVVHQVDV SHNWHLQDOOHQ7lWLJNHL WHQ

 

/LWHUDWXUUHFKHUFKHQ ZLH EHLVSLHOKDIW DXI 6651 IU GLH -DKUH  ELV  XQWHU GHQ 6FKODJZRUWHQ Ä4XDOLW\ 0DQDJHPHQW IRU >E]Z ÄLQ³@ .QRZOHGJH 0DQDJHPHQW³ RGHU Ä4XDOLW\ ,PSURYHPHQW IRU .QRZOHGJH 0DQDJHPHQW³ HUJDEHQ QXU MH  7UHIIHU   LP 9HUJOHLFK ZXUGHQ PLW GHQ 6FKODJZRUWHQ Ä4XDOLW\ 0DQDJHPHQW´  XQG ³.QRZOHGJH 0DQDJHPHQW³  7UHIIHU HU]LHOW$EUXIGDWXP 

1XW]EDUPDFKXQJGHV:LVVHQVPDQDJHPHQWV 

 

3UR]HVVPDQDJHPHQW 

9HUNQSIXQJ

%HLGHU2SWLPLHUXQJXQG0RGHOOLHUXQJYRQ3UR ]HVVHQPVVHQÄWHFKQRNUDWLVFKH³.HQQ]DKOHQ ZLH'XUFKODXI]HLWHQXQG.RVWHQPLWGHP4XDOL WlWVDVSHNWYHUNQSIWZHUGHQ







'LH2SWLPLHUXQJGHU4XDOLWlWYRQ3URGXNWHQ'LHQVWOHLVWXQJHQXQG$UEHLWV SUR]HVVHQKlQJWYRQGHU0RWLYDWLRQGHU0LWDUEHLWHQGHQXQGLKUHU.RPPX QLNDWLRQDEZLHVLHLKU:LVVHQH[SOL]LHUHQXQGHQWVSUHFKHQGGHU$QIRUGH UXQJHQGHU$XIJDEHDXVWDXVFKHQVRZLHYRPULFKWLJHQ,QIRUPD WLRQVPDQDJHPHQW

4XDOLWlWVPDQDJHPHQW

:LVVHQVPDQDJHPHQW 

'LH2SWLPLHUXQJGHU4XDOLWlWEHL3URGXNWHQXQG 'LHQVWOHLVWXQJHQLVWLPPHUDQGDV:LVVHQXQGGLH .RPSHWHQ]HQGHU0LWDUEHLWHQGHQJHNQSIWXQG DQGDV9RUKDQGHQVHLQGHUIUGHQ$UEHLWVVFKULWW QRWZHQGLJHQ,QIRUPDWLRQHQ

7DE9HUJOHLFKYRQ3UR]HVV4XDOLWlWVXQG:LVVHQVPDQDJHPHQWYJO+DVOHU 5RXPRLV6 

4XDOLWlWVVLFKHUXQJ LP :LVVHQVPDQDJHPHQW LVW ELV GDWR HLQ QRFK ZHLWJHKHQG ZHQLJ EHDUEHLWHWHV *HELHW GDV ZHLWHUH )RUVFKXQJVDQV WUHQJXQJHQORKQWXQGHUIRUGHUWYRUDOOHPLQ5LFKWXQJVHPDQWLVFKHU 7HFKQRORJLHQGLHGHQ6FKULWWYRQ,QIRUPDWLRQHQ]X:LVVHQHUODXEHQ N|QQWHQDXVJHKHQGYRQGHU(UNHQQWQLVGDVV:LVVHQLPPHULQHLQHP VSH]LILVFKHQ +DQGOXQJVNRQWH[W VWHKW XQG VLFK DXV HLQHP VLWXDWLRQV VSH]LILVFKHQ 0XVWHU YRQ ,QIRUPDWLRQHQ HUJLEW GDV 0HQVFKHQ HUVW VLQQYROOHV +DQGHOQ HUP|JOLFKW YJO %HLHU  6  XQWHU ,7$VSHN WHQ]%GLH$UEHLWHQGHU)RUVFKXQJVJUXSSHXP0DGQLFNDP0,7YJO 0DGQLFN   

 



 ,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ  'HU(LQVDW]YRQ,QIRUPDWLRQVXQG.RPPXQLNDWLRQVWHFKQRORJLHQIU GDV :LVVHQVPDQDJHPHQW :LVVHQVPDQDJHPHQWV\VWHPH  GLHQW GHP 6SHLFKHUQ YRQ ,QIRUPDWLRQVREMHNWHQ ,QVRIHUQ XQWHUVFKHLGHQ VLFK :LVVHQVPDQDJHPHQWV\VWHPHYRQZLVVHQVEDVLHUWHQ6\VWHPHQGLHGDV 6SHLFKHUQYRQ:LVVHQDOVVROFKHP]XP=LHOKDEHQ]%GXUFK7HFKQL NHQXQG0HWKRGHQGHU.QVWOLFKHQ,QWHOOLJHQ]ZLHQHXURQDOHQ1HW ]HQYJO5LHPSS6   'LH0|JOLFKNHLWHQXQG%HJUHQ]XQJHQGHU7UDQVIRUPDWLRQYRQLPSOL ]LWHP LQ H[SOL]LWHV :LVVHQ ZXUGHQ LQ GLHVHU $UEHLW VFKRQ PHKUIDFK DQJHVSURFKHQ LQ GLHVHP .DSLWHO VWHKW GLH 8QWHUVWW]XQJ YRQ :LV VHQVPDQDJHPHQWV\VWHPHQ GXUFK ,QIRUPDWLNPLWWHO LP 9RUGHUJUXQG GLHHLQ]HQWUDOHV$QOLHJHQGHU:LUWVFKDIWVLQIRUPDWLNLVWYJO0DUZLFN  6   'D]X LVW HV QRWZHQGLJ ,QIRUPDWLRQVV\VWHPH DOV VROFKH XQG LQ 9HUELQGXQJ ]X 6WUDWHJLHSUR]HVVHQ ]X RSHUDWLRQDOLVLHUHQ XP GDUDXV QDFK GHU 'HILQLWLRQ YRQ +DQGOXQJVIHOGHUQ XQG )XQNWLRQDOL WlWHQ IU :LVVHQVPDQDJHPHQWV\VWHPH GDIU ,75HIHUHQ]DUFKLWHN WXUHQDE]XOHLWHQ1DFKGHU'LVNXVVLRQHLQHV9RUVFKODJVIUGLH$UFKL WHNWXUHLQHVLQWHJULHUWHQ:LVVHQVPDQDJHPHQWV\VWHPVZHUGHQLQ.D SLWHO  GLH $QVlW]H XQG %HGLQJXQJHQ IU &RPPXQLWLHV RI 3UDFWLFH YRUJHVWHOOW  :LVVHQVPDQDJHPHQWDOVHLQH]HQWUDOH$XIJDEHGHU :LUWVFKDIWVLQIRUPDWLN )UGDV:LVVHQVPDQDJHPHQWZLUGGHQ,QIRUPDWLRQVXQG.RPPXQL NDWLRQVWHFKQRORJLHQ IDVW GXUFKJlQJLJ HLQH ]HQWUDOH XQWHUVWW]HQGH 5ROOH ]XJHVSURFKHQ LQ GLHVHP =XVDPPHQKDQJ ZLUG YRP Ä:HUN ]HXJFKDUDNWHU³ GHU ,7 JHVSURFKHQ PLW GHUHQ +LOIH ÄVLFK XQWHUQHK PHQVVSH]LILVFKH.RQ]HSWHGHV:LVVHQVPDQDJHPHQWVXPVHW]HQ³ODV  

+LHUEHLKDQGHOWHVVLFKXPZLVVHQVEDVLHUWH6\VWHPHGHUHQ3UD[LVUHOHYDQ]]XP JHJHQZlUWLJHQ=HLWSXQNWQRFKJHULQJHUVFKHLQW

 ,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ    VHQ .HPSHU-DQNH  6   $XIJUXQG GLHVHV 7HFKQRORJLHEH]XJV KDXSWVlFKOLFKMHGRFKZHJHQGHUJUXQGOHJHQGHQ%HGHXWXQJYRQ:LV VHQ XQG ,QIRUPDWLRQHQ ZLUG :LVVHQVPDQDJHPHQW DOV HLQH ]HQWUDOH $XIJDEHGHU:LUWVFKDIWVLQIRUPDWLNJHVHKHQGHUÄGLH$XIJDEHHLQHV 9HUPLWWOHUV XQG hEHUVHW]HUV ]ZLVFKHQ YHUVFKLHGHQHQ 'LV]LSOLQHQ ]X IlOOW³ 6FKDXHU)UDQN  6   =ZDU KDEHQ VLFK VHLW GHQ HU -DKUHQ GLH LP :LVVHQVPDQDJHPHQW YHUZHQGHWHQ 7HUPLQRORJLHQ ]X QHKPHQG NRQVROLGLHUW HEHQVR ZLH WHQGHQ]LHOO DXFK GLH ]XJUXQGH JHOHJWHQ7KHRULHJHElXGHGRFKNDQQZLHVFKRQDQJHVSURFKHQQRFK QLFKW YRQ HLQHP HLQKHLWOLFKHQ 9HUVWlQGQLV GHU %HJULIIH :LVVHQ XQG :LVVHQVPDQDJHPHQW JHVSURFKHQ ZHUGHQ :LH DXVJHIKUW ZLUG LQ GHU /LWHUDWXU PHLVW VWDUN VFKHPDWLVLHUW ]ZLVFKHQ +XPDQ 2UJDQLVD WLRQVRGHU7HFKQRORJLHRULHQWLHUXQJXQWHUVFKLHGHQ +LQVLFKWOLFKGHUP|JOLFKHQ%HLWUlJHGHU:LUWVFKDIWV ,QIRUPDWLN]XU 8QWHUVWW]XQJGHV:LVVHQVPDQDJHPHQWVLVWXQVWULWWLJHLQ+DXSW]LHO RUJDQLVDWLRQVVSH]LILVFKH.RQ]HSWHDQ]XELHWHQXQG]XYHUIROJHQ :LVVHQVPDQDJHPHQWV\VWHPHVROOHQQLFKWQXUHLQ]HOQH$XIJDEHQXQ WHUVWW]HQVRQGHUQLQWHJULHUWVHLQXQG]ZDULQWHJULHUWLQGHP6LQQH GDVV GLH ,QKDOWH GHU RUJDQLVDWRULVFKHQ :LVVHQVEDVLV LQ LKUHU *HVDP WKHLW DEJHELOGHW ZHUGHQ Ä+DUWH³ ,QKDOWH )DNWHQ =DKOHQ 5HJHOQ XVZ XQGÄZHLFKH³,QKDOWHZLH1RWL]HQ$UWHIDNWHXQG3ODQVNL]]HQ /HKQHUGHILQLHUWHLQ:LVVHQVPDQDJHPHQWV\VWHPDOVÄVRIWZDUHWHFKQL VFKHV 6\VWHP GDV LGHDOHUZHLVH )XQNWLRQHQ ]XU 8QWHUVWW]XQJ GHU ,GHQWLILNDWLRQGHV(UZHUEVGHU(QWZLFNOXQJ9HUWHLOXQJ%HZDKUXQJ XQG %HZHUWXQJ YRQ :LVVHQ ,QIRUPDWLRQ  .RQWH[W  EHUHLWVWHOOHQ VROOWH³/HKQHU6  2KQH DXI P|JOLFKH 9HUVXFKH YRQ 6\VWHPDWLNHQ IU :LVVHQVPDQDJH PHQWV\VWHPH YJO XD 0DLHU  XQG /HKQHU   HLQJHKHQ ]X ZROOHQ GD GLH 6RIWZDUH)XQNWLRQDOLWlWHQ ]XQHKPHQG YLHOIlOWLJHU ZHUGHQXQG±LP6LQQHHLQHVLQWHJULHUWHQ:LVVHQVPDQDJHPHQWV±LQ HLQDQGHU EHUJHKHQ VLQG LP .HUQ IROJHQGH )XQNWLRQDOLWlWHQ HUIRU GHUOLFK

,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ    • :LVVHQVVXFKHSXOO  • :LVVHQV]XVWHOOXQJSXVK  • :LVVHQVUHSUlVHQWDWLRQXQGYLVXDOLVLHUXQJ • :LVVHQVVWUXNWXULHUXQJXQGSXEOLNDWLRQ • :LVVHQVNRPPXQLNDWLRQ • )XQNWLRQHQGHU6\VWHPDGPLQLVWUDWLRQ]%IUGLH9HUZDOWXQJGHU :LVVHQVEDVLV  • 8QWHUVW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• (LQ0RGHOOV\VWHPDOVÄ%DXSODQ³GHV,6GHUGDV,6DOV2EMHNWV\VWHP DEELOGHW • (LQ 0HWDPRGHOO DOV =XVDPPHQIDVVXQJ GHU .RQVWUXNWLRQVUHJHOQ IU GDV 0RGHOOV\VWHP ZREHL GDV 0HWDPRGHOO VHLQHUVHLWV DXV 0H WDREMHNWHQXQG0HWDEH]LHKXQJHQVRZLH.RQVLVWHQ]UHJHOQEH]J OLFK GHU 9HUZHQGXQJ YRQ 0HWDREMHNWHQ XQG 0HWDEH]LHKXQJHQ EHVWHKWÄ(LQ0RGHOOJLOWDOV0HWDPRGHOOEH]JOLFKHLQHVDQGHUHQ 0RGHOOV ZHQQ HV HLQ %HVFKUHLEXQJVPRGHOO GHU 6SUDFKH LQ GHU GLHVHV 0RGHOO IRUPXOLHUW LVW GDUVWHOOW   'DV 3ULQ]LS GHU 0HWD PRGHOOLHUXQJ OlVVW VLFK EHU PHKUHUH 0RGHOOLHUXQJVHEHQHQ KLQ ZHJ IRUWVHW]HQ (LQ 0HWDPHWDPRGHOO LVW IROJOLFK HLQ %HVFKUHL EXQJVPRGHOOHLQHU6SUDFKHLQGHUHLQ0HWDPRGHOOIRUPXOLHUWLVW

 ,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ    0RGHUQH 0RGHOOLHUXQJVVSUDFKHQ ZHUGHQ KHXWH KlXILJ DXI %DVLV YRQ0HWDPRGHOOHQVSH]LIL]LHUW(LQEHNDQQWHV%HLVSLHOLVWGLH8QL ILHG 0RGHOLQJ /DQJXDJH 80/ ³ R9 +0'*ORVVDU  LQ +0'±3UD[LVGHU:LUWVFKDIWVLQIRUPDWLN+HIW6  • 0RGHOOHEHQHQ]XU%HVFKUHLEXQJGHV,6DXVXQWHUVFKLHGOLFKHQ6LFK WHQ ]% $XIJDEHQ $XIJDEHQWUlJHU RGHU 6RIWZDUHWHFKQLN6LFKW  PLW GHP =LHO GHU .RPSOH[LWlWVUHGXNWLRQ PLW 6LFKWHQ LQQHUKDOE GHU 0RGHOOHEHQHQ ]XU %HVFKUHLEXQJ YRQ 7HLOEHUHLFKHQ GHV 0R GHOOV\VWHPV  • %HVFKUHLEXQJHQGHU%H]LHKXQJHQ]ZLVFKHQGHQ0RGHOOHEHQHQ 'HU %HJULII GHU Ä$UFKLWHNWXU³ YRQ ,QIRUPDWLRQVV\VWHPHQ ZXUGH DQ GHU 8QLYHUVLWlW 6W *DOOHQ +6*  VHLW %HJLQQ GHU HU -DKUH XQWHU GHU %H]HLFKQXQJ Ä.RQ]HSW GHV %XVLQHVV (QJLQHHULQJ³ LQVRIHUQ HU ZHLWHUW DOV DXI GHQ (EHQHQ YRQ 6WUDWHJLHQ XQG 3UR]HVVHQ DXFK H[ SOL]LW (OHPHQWH EHUFNVLFKWLJW ZHUGHQ GLH GDV ,QIRUPDWLRQVV\VWHP EHHLQIOXVVHQ DEHU QLFKW GLUHNW LQ LKP HQWKDOWHQ VLQG YJO gVWHU OH*XW]ZLOOHU   'LHV IKUWH ]XU 6NL]]LHUXQJ HLQHV 0HWDPRGHOOV GHV%XVLQHVV(QJLQHHULQJLQGHU1RWDWLRQVHPDQWLVFKHU1HW]HZLHLQ $EEZLHGHUJHJHEHQ



,. .7DOV*UUXQGODJH HYRQ:LVVHQVPD DQDJHPH HQWV\VWH HPHQ   

RGHOOGHV% %XVLQHVV( (QJLQHHULQ QJgVWHUOH H%OHVVLQJ6  $EE0HWDPR

'LH %HUHLFKH % *HVFKlIWVVWUDWHJLH 3UR R]HVV XQ QG ,QIRUP PDWLRQVVV\VWHP N|QQH HQ LQ LKUHQ .RP PSRQHQWHQ EHVFKULHEHQ ZHUGHQ 0LW GH HU *H VFKlIWWVVWUDWHJLH ZHUGH HQ .RPSRQHQWH HQ ZLH 0DUNW 0 * *HVFKlIWVVIHOGHU XQG 0DUNWOHLV 0 VWXQJHQ LP %HUUHLFK 3UR R]HVVH E]]Z 3UR]]HVVDUFKLWHNWXU GLH $EODXI $ X XQG $XIE EDXRUJDQ QLVDWLRQ XQG PLWW GHU ,QIRUPDWLR RQVV\V $UFKLWHNWWXU GLH OR RJLVFKH 6WUXNWXU GHU ,QIR RUPDWLRQ QVV\VWHPH GDU WHP$ JHVWHOOOW (QJLQHH 'DV 0HWDPRG 0 GHOO GHV %XVLQHVV % HULQJ Ä66W *DOOHUU $QVDW]´ ´  YHU ZHQGHW GXUFK KJlQJLJ GLH (EHQHQ 6WUD DWHJLH 3UR]HVV 3 X XQG ,QIR RUPDWL RQVV\VVWHPZLHZHLWHUUXQWHQJ JH]HLJWZ ZLUGIUU:LVVHQVVPDQDJH HPHQW SUR]H HVVH 6WUDWH HJLHQEHVVWLPPHQGLH3RVLWLRQLHUXQJHLQHUU2UJDQLVVDWLRQXQ QGGLH $UW XQG :HLVH H GHU /H HLVWXQJVH HUEULQJXQ QJ PLW GHQ G 3UR]]HVVHQ ZHUGHQ Z GLH6WWUDWHJLHQ QXPJHVH HW]WXQG,QIRUPD DWLRQVV\VWHPHXQ QWHUVWW]H HQGLH 3UR]HVVHYJOgVWHUOH% %OHVVLQJ6 

 ,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ    'DV 0HWDPRGHOO GHV %XVLQHVV (QJLQHHULQJ DXIJUHLIHQG VLHKH $EE  VLQGLQGHUYRUOLHJHQGHQ$UEHLWGLH:LVVHQVPDQDJHPHQWSUR]HVVH LP 6WUDWHJLVFKHQ 0DQDJHPHQW YRQ EHVRQGHUHU %HGHXWXQJ 'LHVH 3UR]HVVH GLH DXFK XQWHUVWW]HQGHQ &KDUDNWHU KDEHQ KDEHQ DOV JH PHLQVDPH 7lWLJNHLWHQ GDV /RNDOLVLHUHQ(UIDVVHQ GDV $XVWDXVFKHQ 9HUWHLOHQGDV(QWZLFNHOQXQGGDV1XW]HQYRQ:LVVHQ (LQH :LVVHQVPDQDJHPHQWVWUDWHJLH JLEW GLH 6WUXNWXUHQ XQG 0D‰ QDKPHQDOV7HLOGHU*HVDPWVWUDWHJLHYRU=XU'HILQLWLRQGHU6WUDWHJLH ZHUGHQ =LHOH XQG ,QGLNDWRUHQ ]XU =LHOHUUHLFKXQJ GHILQLHUW VRZLH 0D‰QDKPHQ]XU=LHOHUUHLFKXQJNRQNUHWLVLHUW %HL GHU 8PVHW]XQJ YRQ *HVFKlIWVSUR]HVVHQ XQG 8QWHUVWW]XQJVSUR ]HVVHQ +XPDQ 5HVRXUFHV ,7 )LQDQ]HQ HWF  ZHUGHQ :LVVHQVPDQD JHPHQWSUR]HVVH ÄDQJHVWR‰HQ³ GLH :LVVHQVPDQDJHPHQWOHLVWXQJHQ HU]HXJHQGLHZLHGHUXPYRQ$XIJDEHQNRQVXPLHUWZHUGHQ(LQ:LV VHQVPDQDJHPHQWSUR]HVVVHW]WVLFKDXV$XIJDEHQ]XVDPPHQGLH3HU VRQHQ LQ VSH]LILVFKHQ 5ROOHQ ZDKUQHKPHQ YJO 5LHPSS  6 I  'DV0HWDPRGHOOGHU3UR]HVVHEHQH]HLJWGLHQDFKVWHKHQGH$EE



,. .7DOV*UUXQGODJH HYRQ:LVVHQVPD DQDJHPH HQWV\VWH HPHQ   

6   $EE'HWDLOOOLHUWHV0HWDPRGHOOGHU3UR]HVVV(EHQH5LHPSS

+DQGOXQJ JVIHOGHUX XQG)XQN NWLRQDOLWl lWHQIU:LVVHQVV  + P PDQDJHP PHQWV\VWH HPH %HYRUUHLQ0HWWDPRGHOOIUGLH $UFKLWHN NWXUYRQ:LVVHQVVPDQDJH HPHQW V\VWHP PHQDEJH HOHLWHWZ ZHUGHQND DQQXPHLQLQWHJ JULHUWHVDOVRJDQ Q]KHLW OLFKHV XQG ZLUNXQJVY Z YROO HLQJ JHEHWWHWH HV :LVVH HQVPDQDJHPHQW HUUHL FKHQ]]XN|QQH HQYJO5 5LHPSS66PROQLN 6  VLQGG GLH)XQN NWLRQD OLWlWHQ Q VROFKHUU 6\VWHPH GDU]XVVWHOOHQ ZRIU Z 5LH HPSS HLQH *OLHG GHUXQJ QDFK +DQGOXQ QJVIHOGHUUQ GHV :LVVHQVP : PDQDJHP PHQWV YRUUVFKOlJW 'LHVH +DQGOOXQJVIHOG GHU ]LHOH HQ DXI GLH G 9HUEH HVVHUXQJ J GHV : :LVVHQVPD DQDJH PHQWVVDOV*UXQGIXQNWLLRQHQIUGLH%HUUHLFKH: :LVVHQVJH HQHULHUXQ QJRIW DXI GHU %DVLV YRQ ,QWH HUDNWLRQ  :LVVHQ QVDXVWDXVFK :LVVHQVYHUWHLOXQJ XQGG GHUJHPH HLQVDPHQ Q$QZHQG GXQJYRQ Q:LVVHQ Q

 ,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ    'LHLQKDOWOLFKHQ%HVFKUHLEXQJHQGHU+DQGOXQJVIHOGHUHQWKlOWGLHIRO JHQGH 7DE  YJO 5LHPSS  6 I 5LHPSS6PROQLN  6II  +DQGOXQJVIHOGHUIU :LVVHQVPDQDJHPHQW 

%HVFKUHLEXQJHQGHU+DQGOXQJVIHOGHU

.RPSHWHQ]

0HQVFKHQDOV7UlJHUYRQLQGLYLGXHOOHPXQGNROOHNWLYHP:LVVHQELO GHQGHQ$XVJDQJVXQG=LHOSXQNWDOOHU$QVWUHQJXQJHQIU:LV VHQVPDQDJHPHQW,KUH.RPSHWHQ]HQGKLKUH.HQQWQLVVHVRZLH LKUH+DQGOXQJVXQG(QWVFKHLGXQJVIlKLJNHLWHQVLQG9RUDXVVHW]XQJ IUGLH(UUHLFKXQJRUJDQLVDWLRQDOHU=LHOH

,QKDOWHXQG.RQWH[W

$OV7UDQVSRUWPLWWHONRPPWGHQ,QKDOWHQ $EELOGXQJVYHUVXFKHQ LQ ,QIRUPDWLRQVREMHNWHQEHLP:LVVHQVDXVWDXVFKHLQH]HQWUDOH%HGHX WXQJ]X(LQHUHLFKH$EELOGXQJVIlKLJNHLWGXUFK.RPELQDWLRQYRQ ([SOL]LHUXQJVYHUIDKUHQELOGHWGLH%DVLVGLH6FKDIIXQJYRQ.RQWH[W 'LHVHULVWZHVHQWOLFKH9RUDXVVHW]XQJIUGDV9HUVWHKHQGHU,QKDOWH EHLP(PSIlQJHU,QKDOWHXQG.RQWH[WZHUGHQ DXFKDOVFRQWHQW EH]HLFKQHW

=XVDPPHQDUEHLW

*HPHLQVDPH5lXPHIU=XVDPPHQDUEHLWVLQGGLH*UXQGODJHIU :LVVHQVDXVWDXVFK(LQHP|JOLFKVWI|UGHUOLFKH$XVVWDWWXQJYRQSK\ VLVFKHQXQGYLUWXHOOHQ5lXPHQPLW$XVWDXVFKNDQlOHQXQGZHUN ]HXJHQNDWDO\VLHUWGLHhEHUWUDJXQJYRQ:LVVHQ-HJU|‰HUXQGYHU WHLOWHU2UJDQLVDWLRQHQVLQGGHVWRK|KHULVWGDEHLGLH%HGHXWXQJ YLUWXHOOHU5lXPH

.XOWXU

(LQHVR]LDOXQGHPRWLRQDOI|UGHUOLFKJHVWDOWHWH.XOWXUHUPXWLJW 0HQVFKHQ]XP:LVVHQVDXVWDXVFKXQGOlVVWVLHGLHVHQEHIUXFKWHQG XQGEHUHLFKHUQGHUOHEHQ)HKOWMHGRFKHLQHVROFKH8PJHEXQJZHU GHQGLHEHWHLOLJWHQ0HQVFKHQGHQ]XU(UUHLFKXQJYRQRUJDQLVDWLR QDOHQ=LHOHQQRWZHQGLJHQ7UDQVIHUDEVFKZlFKHQEHKLQGHUQRGHU YROOVWlQGLJXQWHUODVVHQ

7DE+DQGOXQJVIHOGHUIU:LVVHQVPDQDJHPHQWYJO5LHPSS6I 5LHPSS6PROQLN6II 

0HQVFKHQ DOV 7UlJHU YRQ :LVVHQ VSHLFKHUQ GLHVHV DOV .RPSHWHQ] LQ LQGLYLGXHOOHQPHQWDOHQ0RGHOOHQ%HLGHU([SOLNDWLRQGLHVHV:LVVHQV ZHUGHQ ,QKDOWH LQ )RUP YRQ ,QIRUPDWLRQVREMHNWHQ JHVFKDIIHQ =XP (UUHLFKHQNROOHNWLYHU=LHOHDUEHLWHQ3HUVRQHQLQSK\VLVFKHQXQGRGHU YLUWXHOOHQ 5lXPHQ ]XVDPPHQ LQ GHQHQ .RPSHWHQ]HQ XQG ,QKDOWH LP .RQWH[W ]XU =XVDPPHQDUEHLW IKUHQ 'HQ XPIDVVHQGHQ 5DKPHQ ELOGHWGLH.XOWXUHLQHU2UJDQLVDWLRQ]XU9HUELQGXQJYRQ.RPSHWHQ ]HQ,QKDOWHQXQG=XVDPPHQDUEHLW

,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ    $XIEDXHQG DXI GHU EHVFKULHEHQHQ *OLHGHUXQJ QDFK +DQGOXQJVIHO GHUQN|QQHQIUGDV:LVVHQVPDQDJHPHQWUHOHYDQWH7lWLJNHLWHQXQG GLH NRUUHVSRQGLHUHQGHQ )XQNWLRQDOLWlWHQ HLQHV :LVVHQVPDQDJH PHQWV\VWHPVGDUJHVWHOOWZHUGHQ +DQGOXQJVIHOGHU 

:LVVHQVPDQDJHPHQW UHOHYDQWH7lWLJNHLWHQ 

)XQNWLRQDOLWlWHQYRQ:LV VHQVPDQDJHPHQWV\VWHPHQ



.RPSHWHQ]

/HUQHQ

&RPSXWHUXQWHUVWW]WHV/HUQHQ (/HDUQLQJ 





:LVVHQDQZHQGHQ

:HUN]HXJH]XU(UJHEQLVHUVWHO OXQJDXIEHUHLWXQJ]XU:HL WHUJDEHDQJHVFKlIWVSUR]HVV EH]RJHQH6\VWHPH]%(53 &50XVZ 





(UIDKUXQJHQUHIOHN WLHUHQQHXHV:LVVHQ VFKDIIHQ

.UHDWLYLWlWVZHUN]HXJH0LQG 0DS%UDLQVWRUPLQJ7RROVHWF 





([SOL]LHUHQ

(LQELQGXQJYRQ%LOG7RQ XQG9LGHR$XIQDKPH9HUDU EHLWXQJVRZLH7H[W*UDSKLN YHUDUEHLWXQJ





.RPSHWHQ]GDUVWHOOHQ

.RPSHWHQ]0DQDJHPHQW .RPSHWHQ]SURILOH.RPSH WHQ]UDVWHUHWF 



,QKDOWHXQG .RQWH[W

,QIRUPDWLRQVREMHNWH  'RNXPHQWHQPDQDJHPHQW HUIDVVHQNODVVLIL]LH &RQWHQW0DQDJHPHQW UHQXQGVSHLFKHUQ

.XOWXU 

,QIRUPDWLRQVREMHNWH ]XNDXIHQXQGLQWHJ ULHUHQ

&RQWHQW6\QGLFDWLRQ





,QIRUPDWLRQVREMHNWH YHUWHLOHQ

5HSOLNDWLRQ 





,QIRUPDWLRQVREMHNWH EHUHLWVWHOOHQ

(QGJHUlWHVSH]LILVFKHV5HQGH ULQJ.RQWH[WELOGXQJ



=XVDPPHQDUEHLW

$XVWDXVFKSDUWQHUOR NDOLVLHUHQ

&RPPXQLW\0DQDJHPHQW &RPPXQLWLHVRI3UDFWLFH $ZDUHQHVV

  

,QIRUPDWLRQVREMHNWH Ä'XUFK 5HIOH[LRQ XQG DQVFKOLH‰HQGH ([SOLNDWLRQ YRQ $XVVFKQLWWHQ LKUHV :LVVHQV VFKDIIHQ 0HQVFKHQ IOFKWLJH RGHU SHUPDQHQWH ,QIRUPDWLRQVREMHNWHXQG.RQWH[WHGLHVLHDQDQGHUH0HQVFKHQEHUWUDJHQ³ 5LHPSS6 

 ,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ   +DQGOXQJVIHOGHU 

:LVVHQVPDQDJHPHQW UHOHYDQWH7lWLJNHLWHQ 

)XQNWLRQDOLWlWHQYRQ:LV VHQVPDQDJHPHQWV\VWHPHQ





5lXPHIU$XVWDXVFK DXIEDXHQXQGGDULQ LQWHUDJLHUHQ

(5RRPV(0DLO,QVWDQW 0HVVDJLQJ&KDW $XGLRXQG 9LGHR&RQIHUHQFLQJ'LVFXV VLRQ%RDUGV«





$XIJDEHQJHPHLQVDP EHDUEHLWHQ

6FUHHQ6KDULQJ$SSOLFDWLRQ 6KDULQJ-RLQW(GLWLQJ*URXS 6FKHGXOLQJ7DVN0DQDJHPHQW

 



$EOlXIHDXVIKUHQ

:RUNIORZ0DQDJHPHQW3UR MHNWPDQDJHPHQW

hEHUJUHLIHQGIUGLHGUHL RELJHQ+DQGOXQJVIHOGHU

.RPSHWHQ]WUlJHU ,QIRUPDWLRQVREMHNWH XQG'DWHQVXFKHQ

,QIRUPDWLRQ5HWULHYDO'DWD 0LQLQJ

2ULHQWLHUHQYLVXDOL VLHUHQ

1DYLJDWLRQVRSWLPLHUXQJ  3HUVRQDOLVLHUXQJ:LVVHQVODQG NDUWHQ



  



6WUXNWXUVFKDIIHQ

'DWHQPRGHOOLHUXQJ7D[RQR PLH0DQDJHPHQW





=XVDPPHQIKUHQ

,QIRUPDWLRQVXQG%HQXW]HU VFKQLWWVWHOOHQ,QWHJUDWLRQ]% 0LGGOHZDUH3RUWDOH 

7DE)XQNWLRQDOLWlWHQYRQ:LVVHQVPDQDJHPHQWV\VWHPHQQDFK+DQGOXQJV IHOGHUQQDFK5LHPSS6IHEGZHUGHQGLH:06 )XQNWLRQDOLWlWHQQlKHUHUOlXWHUW 

 9HUNQSIXQJYRQ:LVVHQVPDQDJHPHQWXQG,.7 )XQNWLRQDOLWlWHQYRUGHP+LQWHUJUXQGGHV6(&,0RGHOOV ,PYRUKHUJHKHQGHQ.DSLWHOZXUGHQ'HILQLWLRQHQIUGLH+DQGOXQJV IHOGHU GHU :LVVHQVDUEHLW JHJHEHQ XQG ]XP HLQHQ ZLVVHQVPDQDJH PHQWUHOHYDQWHQ7lWLJNHLWHQ]XPDQGHUHQ)XQNWLRQDOLWlWHQYRQ:LV VHQVPDQDJHPHQWV\VWHPHQ]XJHRUGQHW 8QEHVWULWWHQ LVW GDVV :LVVHQVPDQDJHPHQW GXUFK ,.7 XQWHUVWW]W ZHUGHQ VROOWH ZREHL GDV 6SHNWUXP DQ HQWVSUHFKHQGHQ WHFKQLVFKHQ 6\VWHPHQDXIJUXQGGHU'\QDPLNGHV*HELHWHVXQGGHUEHUDXVJUR ‰HQ =DKO YRQ $QELHWHUQ VHKU EUHLW LVW JHPHLQVDP LVW GHQ 6\VWHPHQ GDVV VLH EHUHLWV YRUKDQGHQH 7HFKQRORJLHQ DOV *UXQGEDXVWHLQH YRQ :LVVHQVPDQDJHPHQWV\VWHPHQEQGHOQ6ROFKHÄ7HFKQRORJLHEQGHO³ ZHUGHQ LP :LVVHQVPDQDJHPHQW PHKUKHLWOLFK DOV 3RUWDOH LP 6LQQH



,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ    YRQ]HQWUDOHQ=XJDQJVSXQNWHQ]XGHQLQXQWHUVFKLHGOLFKHQ6\VWHPHQ YRUKDQGHQHQ )XQNWLRQHQ XQG ,QIRUPDWLRQVREMHNWHQ NRQ]LSLHUW GH UHQ +DXWFKDUDNWHULVWLNXP PHLVW HLQKHLWOLFKH %HQXW]HUREHUIOlFKHQ VLQGYJO)XFKV.LWWRZVNL6II 6RJHQDQQWHLQWHJULHUWH:LV VHQVPDQDJHPHQWV\VWHPH GLH XQWHUVFKLHGOLFKH )XQNWLRQHQ XQG ,Q KDOWHLQWHJULHUHQVLQG*HJHQVWDQGYRQ.DSLWHO 8P GHQ (LQVDW] YRQ ,.77HFKQRORJLHQ LP :LVVHQVPDQDJHPHQW ]X VWUXNWXULHUHQ LVW HV KLOIUHLFK GLHVH 7HFKQRORJLHQ LQ %H]XJ DXI GLH %HJULIIH ÄLPSOL]LWHV³ XQG ÄH[SOL]LWHV³ :LVVHQ 3RODQ\L  1RQD ND7DNHXFKL ]XGLVNXWLHUHQXPLQVEHVRQGHUHDXIGLH7UDQVIRU PDWLRQ YRQ LPSOL]LWHP ]X H[SOL]LWHP :LVVHQ DEVWHOOHQ ]X N|QQHQ YJO0DUZLFN6 DOVR:LVVHQ]X H[SOL]LHUHQXQG]X H[WHU QDOLVLHUHQ 1RQDNDIROJHQGVLHKH.DSLWHO VHW]WVLFK:LVVHQVVFKDIIXQJDXV ]ZHL ÄLQWHUDJLHUHQGHQ 0HFKDQLVPHQ³ 6FKREHU  6   ]X VDPPHQ ZREHL GHU HUVWH 0HFKDQLVPXV DXI 7UDQVIRUPDWLRQHQ ]ZL VFKHQXQWHUVFKLHGOLFKHQ:LVVHQVDUWHQXQGÄGHU]ZHLWHDXIGLHGXUFK GHQ HUVWHQ 0HFKDQLVPXV LQGX]LHUWH $XVEUHLWXQJ YRQ :LVVHQ³ HEG DD2 ]LHOW 'LH WHFKQLVFKH 8QWHUVWW]XQJ GHV :LVVHQVPDQDJHPHQWV GXUFK HQW VSUHFKHQGH ,.76\VWHPH NDQQ QDFK LQIRUPDWLRQVRULHQWLHUWHQ RGHU NRPPXQLNDWLRQVRULHQWLHUWHQ $QVlW]HQ E]Z 0LVFKIRUPHQ HUIROJHQ Ä,QIRUPDWLRQVRULHQWLHUWH $QVlW]H IRNXVVLHUHQ DXI GDV H[SOL]LWH :LV VHQXQG EHWUDFKWHQ:LVVHQDOV2EMHNWGDVH[SOL]LHUWDUFKLYLHUWYHU WHLOW XQG JHWHLOW ZHUGHQ NDQQ³ )XFKV.LWWRZVNL  6   .RP PXQLNDWLRQVRULHQWLHUWH$QVlW]H]LHOHQDXISHUVRQHQJHEXQGHQHVXQG LPSOL]LWHV :LVVHQ GDV LQWHUDNWLY HQWVWHKW XQG YHUWHLOW ZHUGHQ NDQQ ]% PLW &RPPXQLW\0DQDJHPHQW6\VWHPHQ YJO )XFKV.LWWRZVNL )DXVW/RURII5HXWHU6  (UJlQ]HQG ]X GHQ ,QKDOWHQ LQIRUPDWLRQVRULHQWLHUWHU $QVlW]H ZLUG EHL NRPPXQLNDWLRQVRULHQWLHUWHQ $QVlW]HQ GDUDXI DEJHKREHQ GDVV

 ,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ    :LVVHQ LQ VR]LDOHQ .RQWH[WHQ JHQHULHUW ZLUG XQG GLHVHU 3UR]HVV XQ WHUVWW]WZHUGHQPXVVLQVRIHUQZLUGGLH5ROOHSHUVRQHQJHEXQGHQHQ LPSOL]LWHQ:LVVHQVKHUYRUJHKREHQ'HPJHJHQEHUN|QQHQ'HIL]LWH EH]JOLFK GHU %HDUEHLWXQJ NRQNUHWHU *HVFKlIWVSUR]HVVH XQG GHU 1XW]XQJ GHU :LVVHQV  5HVVRXUFHQ YRQ 2UJDQLVDWLRQHQ VWHKHQ YJO .DSLWHO  8P GLH 9HUELQGXQJ ]ZLVFKHQ GHP 6(&,0RGHOO XQG ,.77HFK QRORJLHQ GLH IU :LVVHQVPDQDJHPHQWV\VWHPH ]XU 9HUIJXQJ VWH KHQXQGGHUHQ3RWHQ]LDOHQIUGLH:LVVHQVDUEHLWKHU]XVWHOOHQZHU GHQ LP )ROJHQGHQ LQ HLQHP HUVWHQ 6FKULWW GHQ :LVVHQVHEHQHQ QDFK 1RQDND :LVVHQVPDQDJHPHQWVWUDWHJLHQ JHJHQEHUJHVWHOOW ,Q HLQHP ]ZHLWHQ 6FKULWW ZHUGHQ GLHVHQ :LVVHQVPDQDJHPHQWVWUDWHJLHQ ,.7 JHVWW]WH:LVVHQVPDQDJHPHQW)XQNWLRQDOLWlWHQ]XJHRUGQHW • %HL GHU 6R]LDOLVDWLRQ LPSOL]LW ]X LPSOL]LW  HQWVWHKW :LVVHQ GXUFK ,QWHUDNWLRQPHKUHUHU3HUVRQHQVRGDVV:LVVHQPHKUDOVGLH6XP PHGHVLQGLYLGXHOOHQ:LVVHQV]%YRQ([SHUWHQLVW'XUFK,QWHUDN WLRQHQ LQ :LVVHQV  *HPHLQVFKDIWHQ NDQQ EHVWHKHQGHV :LVVHQ ZHLWHUHQWZLFNHOW ZHUGHQ XQG QHXHV :LVVHQ HQWVWHKHQ ZRGXUFK LQQRYDWLYH/|VXQJHQHUDUEHLWHWZHUGHQN|QQHQ%HLVSLHOHIU,.7 $QZHQGXQJHQ

VLQG

HOHNWURQLVFKH

.RPPXQLNDWLRQVV\VWHPH

*URXSZDUH XQG ,7XQWHUVWW]WH &RPPXQLWLHV RI 3UDFWLFH YJO )XFKV.LWWRZVNL6III  *URXSZDUH PHLQW ,.7 GLH ]HLW XQG RUWVXQDEKlQJLJ V\QFKURQ RGHU DV\QFKURQ  *UXSSHQDUEHLW HUP|JOLFKHQ ]% GXUFK (0DLO HOHNWURQLVFKH)RUHQRGHU$XGLR9LGHR.RQIHUHQ]HQ • ,P)DOOGHU([WHUQDOLVDWLRQLPSOL]LW]XH[SOL]LW KDQGHOWHVVLFKXP HLQH3HUVRQLIL]LHUXQJVVWUDWHJLHEHLGHUGDYRQDXVJHJDQJHQZLUG GDVV :LVVHQ DQ 3HUVRQHQ JHEXQGHQ GDV (UJHEQLV YRQ 5HIOH[LRQ XQGQXUVFKZHUNRGLIL]LHUEDULVW'DVKHL‰WGDVVDXIGDVLQGLYLGX HOOH:LVVHQGHU0LWDUEHLWHU]XJHJULIIHQZHUGHQPXVVÄ$FFRUGLQJ WR1RQDNDWKHFRQYHUVLRQRIWDFLWWRH[SOLFLWNQRZOHGJHH[WHUQD



,.7DOV*UXQGODJHYRQ:LVVHQVPDQDJHPHQWV\VWHPHQ   OL]DWLRQ  LQYROYHV IRUPLQJ D VKDUHG PHQWDO PRGHO WKHQ DUWLFXODW LQJ WKURXJK GLDORJ &ROODERUDWLRQ V\VWHPV DQG RWKHU JURXSZDUH « FDQVXSSRUWWKLVNLQGRILQWHUDFWLRQWRVRPHH[WHQW´0DUZLFN  6   ,.76\VWHPH GLHQHQ EHL 3HUVRQLIL]LHUXQJVVWUDWHJLHQ GHU,GHQWLILNDWLRQYRQLQGHU2UJDQLVDWLRQYRUKDQGHQHP:LVVHQ

• 6NLOO0DQDJHPHQWE]Z6NLOO0DQDJHPHQW6\VWHPH([SHUWPDSV  GLHQHQ GHU 6SHLFKHUXQJ 9HUZDOWXQJ XQG 5HFKHUFKH YRQ 0HWD :LVVHQVLHVLQGGLH,78PVHW]XQJ]%YRQVRJHQDQQWHQÄ