)HLHUDEHQG
(OI$WWDFNHQJHJHQGLH$UEHLW 5REHUW.XU](UQVW/RKRII1RUEHUW7UHQNOH +J -H RIIHQVLFKWOLFKHU HV ZL...
24 downloads
554 Views
825KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
)HLHUDEHQG
(OI$WWDFNHQJHJHQGLH$UEHLW 5REHUW.XU](UQVW/RKRII1RUEHUW7UHQNOH +J -H RIIHQVLFKWOLFKHU HV ZLUG GD GLH 7DJH GHU 9ROOEHVFKlIWLJXQJ YRUEHLVLQGXQGGLH$UEHLWVJHVHOOVFKDIWDQLKUHKLVWRULVFKH*UHQ]H VW|WGHVWRODXWHUHUW|QWGHU5XIQDFKLKUHU5HWWXQJ6R]LDOGHPR NUDWHQ XQG 5HFKWVUDGLNDOH 8QWHUQHKPHUYHUElQGH XQG *HZHUN VFKDIWHQ 1HROLEHUDOH XQG GLH $SRORJHWHQ HLQHV -REZXQGHUV LP 'LHQVWOHLVWXQJVVHNWRUVLHDOOHVLQGVLFKHLQLJ 'LH$UEHLWGDUIQLFKW VWHUEHQ -HGHU KlOW 5H]HSWH EHUHLW 'RFK NHLQHV GDYRQ ZLUG GLH 9ROOEHVFKlIWLJXQJ]XUFNEULQJHQVLHDOOHODXIHQQXUDXIGLHZHLWHUH 6SDOWXQJGHV$UEHLWVPDUNWVLQ1RUPDOXQG%LOOJORKQMREVKLQDXV 'LHVHP QHXHQ )XQGDPHQWDOLVPXV VHW]HQ GLH $XWRU,QQHQ HLQH JUXQGVlW]OLFKH .ULWLN GHV %HJULIIV GHU $UEHLW HQWJHJHQ $UEHLW LVW IU VLH NHLQH EHUKLVWRULVFKH .DWHJRULH NHLQH %HGLQJXQJ IU GLH PHQVFKOLFKH([LVWHQ]6LHLVWHLQHJHVHOOVFKDIWOLFKH7lWLJNHLWXQWHU GHQ9HUKlOWQLVVHQPRGHUQHU:DUHQSURGXNWLRQHLQH7lWLJNHLWGLH KHXWH]XQHKPHQGREVROHWZLUG 'LHVH(UNHQQWQLVHU|IIQHWHLQHQQHXHQ$QVDW]GHU.ULWLNNDSLWDOLV WLVFKHU *HVHOOVFKDIWHQ GHU DXFK GHQ$UEHLWVIHWLVFKLVPXV GHV WUD GLWLRQHOOHQ0DU[LVPXVÄ'LH0LJJlQJHUVFKLHEWEHLVHLWH³EHU ZLQGHW(VJHKWQLFKWXPGLH5HWWXQJGHU$UEHLWVRQGHUQXPGHUHQ $XIKHEXQJ(UVFKLHQHQLP .21.5(7/,7(5$7859(5/$*
'$6%8&+,679(5*5,))(1'DUXPKDEHQZLUHV NRPSOHWWRQOLQHYHU|IIHQWOLFKW
,1+$/7 9RUZRUW 'LH'LNWDWXUGHUDEVWUDNWHQ=HLW$UEHLWDOVHLQH9HUKDOWHQVVW| UXQJGHU0RGHUQH5REHUW.XU] Ä:HUQLFKWDUEHLWHWVROODXFKQLFKWHVVHQ³=XU6XEXQGLQQH UHQ.RORQLDOJHVFKLFKWHGHU$UEHLWVJHVHOOVFKDIW*|W](LVHQEHUJ 9RP9HUZHVHQGHU$UEHLW)UDQ]6FKDQGO 'LH0LJJlQJHULQQHQVFKLHEWEHLVHLWH=XP9HUKlOWQLVYRQ *HVFKOHFKWXQG$UEHLWLP)HPLQLVPXV5RVZLWKD6FKRO] (V UHWWHW (XFK NHLQ %LOOLJORKQ 'LH ,OOXVLRQ YRP (OHQGV XQG 'LHQVWOHLVWXQJVNDSLWDOLVPXV1RUEHUW7UHQNOH +LOIH]XU=ZDQJVDUEHLW$XVGHQ$QQDOHQGHUEXQGHVGHXWVFKHQ 6R]LDOYHUZDOWXQJ0DUWLQ0DVVLS(UQVW/RKRII 'HU 0HQVFK DOV 8QWHUQHKPHU VHLQHU$UEHLWVNUDIW %LOGXQJV GLVNXVVLRQ]ZLVFKHQ/HLVWXQJVZDKQ6WDQGRUWNRQNXUUHQ]XQG,QGL YLGXDOLVLHUXQJ.DUO+HLQ]:HGHO $UEHLWVNXOWXQG:LUNOLFKNHLW6WUHLÀLFKWHUDXVGHUUHDOH[LVWLH UHQWKDEHQGHQ''5*HUG%HGV]HQW (LQ6FKULWWYRUZlUWV]ZHL6FKULWWHUFNZlUWV9RQGHUÄ1HXHQ $UEHLW³]XUFN]XUÄ$OWHQ$UEHLW³9RONHU+LOGHEUDQGW =XFNHUJXIUHLQHELWWHUH3LOOH=XU'LVNXVVLRQXPGDVJD UDQWLHUWH0LQGHVWHLQNRPPHQ(UQVW/RKRII 'LH$XIKHEXQJGHU$UEHLW(LQDQGHUHU%OLFNLQGDV-HQVHLWV GHV.DSLWDOLVPXV1RUEHUW7UHQNOHXQG5REHUW.XU]
9RUZRUW )DVWHLQH0LOOLDUGH0HQVFKHQKXQJHUQGLH0DVVHQDUPXWIULWVLFKYRQ GHU3HULSKHULHLQGLH=HQWUHQYRUDQ$EHUNHLQ0HWHRUKDWGLH(UGHJH WURIIHQDXFKGHU$WRPNULHJLVWDXVJHEOLHEHQGLH(UQWHQVLQGJXW:LVVHQ XQGWHFKQLVFKH+LOIVPLWWHOVWHKHQLQEHUUHLFKHP$XVPD]XU9HUIJXQJ :DVOHLGHUIHKOWVDJWPDQXQVKlQGHULQJHQGVHLHQJHQJHQGª$UEHLWV SOlW]H©:lKUHQGXQJHKHXUH5HVVRXUFHQYRUXQVHUHQ$XJHQEUDFKOLHJHQ XQGDQGHUHLQVRQGHUEDUHQ3\UDPLGHQSURMHNWHQYHUVFKZLQGHQ|GHQ3R OLWLNGDUVWHOOHU0HQVFKHQXQG.ULVHQYHUZDOWHU0DQDJHPHQW*XUXVXQG 4XHUGHQNHUGLHgIIHQWOLFKNHLWDXIDOOHQ.DQlOHQPLWHLQHP'DXHUGLVNXUV EHUGLHª6FKDIIXQJYRQ$UEHLWVSOlW]HQ©DQ'LH%HY|ONHUXQJJDQ]HU5H JLRQHQZLPPHUWQDFKGHPª,QYHVWRU©ZHLOVLHVRQVWLKUHHLJHQHQ.|SIH XQG+lQGHQLFKWPHKUªEHVFKlIWLJHQ©NDQQ:DVLVWGDVIUHLQHYHUUFNWH *HVHOOVFKDIWVRUGQXQJGLHGHUDUWLJH$EVXUGLWlWHQP|JOLFKPDFKW" 'HQZHQLJVWHQLVWKHXWHQRFKEHZXWGDGLHDEVWUDNWHª$UEHLW©LQGHQ =XFKWKlXVHUQ XQG VRJHQDQQWHQ ,UUHQDQVWDOWHQ GHV XQG -DKUKXQ GHUWVHUIXQGHQZXUGHDOVGLH0HQVFKHQYRQGHQIUKPRGHUQHQ'HVSRWLHQ ]XUª%HVFKlIWLJXQJ©IULKQHQIUHPGH=ZHFNHJH]ZXQJHQZXUGHQ'DV VWlQGLJH*HUHGHYRQª%HVFKlIWLJXQJVP|JOLFKNHLWHQ©HQWVWDPPWHLJHQW OLFKHLQHP$QVWDOWVMDUJRQ:DVHLQVWPDOVDOVlXHUHU=ZDQJEHJDQQKDW VLFKKHXWH]XHLQHPYHUVHOEVWlQGLJWHQ6\VWHPGHUDOOJHPHLQHQ(QWPQGL JXQJHQWZLFNHOWLQGHPGLH0HQVFKHQZLH*HLVWHVNUDQNH6WUlÀLQJHRGHU )QIMlKULJHLP.LQGHUJDUWHQªEHVFKlIWLJW©ZHUGHQVROOHQVWDWWJHPHLQ VDP6LQQXQG=ZHFNLKUHV7XQV]XEHVWLPPHQ'LHVHVLUUDWLRQDOH6\VWHP VW|WMHGRFK]XQHKPHQGDQ*UHQ]HQ'HQQZLHXQVGLH6SH]LDOLVWHQGHU ª%XQGHVDQVWDOWIU$UEHLW©VDJHQZLUGHVOHLGHUQLHPHKUª9ROOEHVFKlI WLJXQJ©JHEHQ :LUKDEHQHVPLW=XVWlQGHQ]XWXQGLHQDFKUDGLNDOHU.ULWLNJHUDGH]X VFKUHLHQ$EHUGLHELVKHULJH*HVHOOVFKDIWVNULWLN]HLJWVLFKSDUDO\VLHUWZHLO VLH VHOEVW WLHIHU LQ GLH /RJLN GHV KHUUVFKHQGHQ :DKQV\VWHPV YHUVWULFNW
LVWDOVVLHZDKUKDEHQZLOO$OOHVKlWWHQVLFK$UEHLWHUEHZHJXQJ*HZHUN VFKDIWHQVR]LDOLVWLVFKHXQGNRPPXQLVWLVFKH3DUWHLHQYRUVWHOOHQN|QQHQ QXU HLQHV QLFKW GD HLQPDO GHU ª6WDQGSXQNW GHU $UEHLW© VHOEVW KRII QXQJVORVREVROHWZHUGHQN|QQWH(UVWLQGHU:HOWNULVHDP(QGHGHV -DKUKXQGHUWVVWHOOWVLFKKHUDXVZLHVHKUGLHYHUPHLQWOLFKEHUKLVWRULVFKH .DWHJRULH ª$UEHLW© LQ:DKUKHLW GLH VSH]L¿VFKH YRQ DOOHQ %HGUIQLVVHQ ORVJHO|VWH 7lWLJNHLWVIRUP GHV PRGHUQHQ ZDUHQSURGX]LHUHQGHQ 6\VWHPV LVW:HQQGLHELWWHUQ|WLJHUDGLNDOH.DSLWDOLVPXVNULWLNMHPDOVZLHGHU)X IDVVHQZLOOPXVLHVLFKLQHLQHUNRSHUQLNDQLVFKHQ:HQGHJHJHQGLHª$U EHLW©VHOEVWULFKWHQ:LUEUDXFKHQNHLQHª%HVFKlIWLJXQJ©VRQGHUQHLQHQ YHUQQIWLJHQ(LQVDW]GHU3URGXNWLYNUlIWHGLHOlQJVWEHUª$UEHLWVJHVHOO VFKDIW©XQG:DUHQSURGXNWLRQKLQDXVJHZDFKVHQVLQG 'LHIROJHQGHQª$WWDFNHQJHJHQGLH$UEHLW©VLQG3URGXNWHHLQHV'LVNXU VHVGHUVHLW(QGHGHUHU-DKUHLP.RQWH[WGHU7KHRULH]HLWVFKULIWª.ULVLV %HLWUlJH ]XU .ULWLN GHU :DUHQJHVHOOVFKDIW© JHIKUW ZLUG :LU ZROOHQ GDPLWNHLQHHQGJOWLJHQ:DKUKHLWHQYHUNQGHQ(VJHKWYLHOPHKUGDUXP GDV)HOGHLQHU'HEDWWH]XHU|IIQHQYRUGHUGLH/LQNHELVKHU]XUFNVFKHXW ZHLOLKUHLQHDEJHOHEWH*HVFKLFKWHQRFKLQGHQ.QRFKHQVWHFNW3DUDOOHO ]XGLHVHP%XFKLVWHLQª0DQLIHVWJHJHQGLH$UEHLW©HUVFKLHQHQ
1UQEHUJLP$XJXVW 'LH+HUDXVJHEHU
5REHUW.XU]
'LH'LNWDWXUGHUDEVWUDNWHQ=HLW $UEHLWDOV9HUKDOWHQVVW|UXQJGHU0RGHUQH
,Q GHU *HVFKLFKWH GHV ZHVWOLFKHQ 'HQNHQV KDW VLFK GLH 6SUDFKH YRQ 3KLORVRSKLH XQG :LVVHQVFKDIW LPPHU ZHLWHU YRQ GHU 6SUDFKH GHU JH Z|KQOLFKHQ0HQVFKHQHQWIHUQWXQGLVW]XU*HKHLPVSUDFKHHLQHUHOLWlUHQ YRQ GHU EULJHQ *HVHOOVFKDIW JHWUHQQWHQ 3ULHVWHUNDVWH GHV EUJHUOLFKHQ :LVVHQV JHZRUGHQ (V JLEW ZHQLJ %HJULIIH GLH JOHLFK]HLWLJ GHU 6SKlUH GHUWKHRUHWLVFKHQ5HÀH[LRQXQGGHU6SKlUHGHVDOOWlJOLFKHQSUDNWLVFKHQ /HEHQVDQJHK|UHQ*HUDGHGDQQKDQGHOWHVVLFKPHLVWHQVXPEHVRQGHUV VFKUlJH*HJHQVWlQGHGLHXQIUHLZLOOLJDXIGLH$EVXUGLWlWGHUEUJHUOLFKHQ *HVHOOVFKDIW YHUZHLVHQ Ä$UEHLW³ LVW HLQ VROFKHU %HJULII GHU HLQHUVHLWV HLQHSKLORVRSKLVFKH|NRQRPLVFKHXQGVR]LRORJLVFKH.DWHJRULHGDUVWHOOW DQGHUHUVHLWVDEHUDXFKDXIHLQHYHUZLUUHQGYLHOIlOWLJH:HLVHLQGHU/HEHQ VSUD[LVDOOHU0HQVFKHQYHUZHQGHWZLUG'LHVHUEHVRQGHUH&KDUDNWHUGHU JHVHOOVFKDIWOLFKHQ%HGHXWXQJYRQ$UEHLWYHUZHLVWDXIHLQHQXQLYHUVHOOHQ =XVDPPHQKDQJLQGHUPRGHUQHQ:HOW.HLQ:RUWLVWDXIGHQHUVWHQ%OLFN NODUHUXQGNHLQHVDXIGHQ]ZHLWHQ%OLFNXQNODUHUDOVGLHVHV 'LH 'RSSHOGHXWLJNHLW GHU$UEHLWVNDWHJRULH HUZHLVW VLFK VFKRQ DOOHLQ GDUDQGDVLHVRZRKORSSRVLWLRQHOODOVDXFKDI¿UPDWLYYHUZHQGHWZLUG 'HU0DU[LVPXVKDWLPPHUYHUVXFKWGLH$UEHLWDOVSRVLWLYHV,GHDOIUVLFK ]XUHNODPLHUHQXQGYRQGHUDQJHEOLFKHQÄ1LFKWDUEHLW³GHUEUJHUOLFKHQ :HOWXQGLKUHU5HSUlVHQWDQWHQDE]XJUHQ]HQ'LHVR]LDOLVWLVFKH3UHVVHGHV -DKUKXQGHUWVVWHOOWHLQLKUHQ.DULNDWXUHQGLH.DSLWDOLVWHQPLW9RUOLHEH DOV IHWWOHLELJH 6FKPDURW]HU RGHU DOV 'DQG\V XQG )ODQHXUH GDU GLH VLFK DXI.RVWHQGHU$UEHLWHUNODVVHHLQDQJHQHKPHVXQGÄDUEHLWVORVHV³/HEHQ YHUVFKDIIHQ'HVKDOEZXUGHHVMDDXFK]XP]HQWUDOHQ$QOLHJHQVWDWWGHU $UEHLWVNDWHJRULHÄGLH0LJJlQJHU³EHLVHLWH]XVFKLHEHQ(VVLQGHLJHQW OLFKHKHUGLHDOWHQ)HXGDOKHUUHQXQGGLH5HQWLHUVJURHU*HOGYHUP|JHQ GLHLQGLHVHPJUREHQ)HLQGELOGVLFKWEDUZHUGHQXQGQLFKWGLHPRGHUQHQ 0DQDJHU'HQQGLHLQGXVWULHOOHQ7\FRRQVVLQGEHNDQQWOLFKVFKODQNMRJ
JHQWlJOLFKKDEHQZHQLJHU)UHL]HLWDOVHLQ3ODQWDJHQ6NODYHXQGPVVHQ VLFKLQ7KHUDSLHEHJHEHQZHLOVLHÄDUEHLWVVFKWLJ³JHZRUGHQVLQG ,Q:DKUKHLWLVWGLH$UEHLWVFKRQLPPHUHLQEUJHUOLFKNDSLWDOLVWLVFKHV ,GHDOJHZHVHQOlQJVWEHYRUGHU6R]LDOLVPXVGLHVHQ%HJULIIIUVLFKHQW GHFNWH,QVRIHUQVWHOOWGHUYHUPHLQWOLFKNDSLWDOLVPXVNULWLVFKHÄ6WDQGSXQNW GHU$UEHLW³VFKRQYRQKDXVDXVHLQH3DUDGR[LHGDU'DV/REGHU$UEHLW ZLUG DXFK YRQ GHU FKULVWOLFKHQ 6R]LDOOHKUH LQ GHQ K|FKVWHQ 7|QHQ JH VXQJHQ XQGGHU/LEHUDOLVPXVKDWGLH$UEHLWHEHQIDOOVKHLOLJJHVSURFKHQ XQGYHUVSULFKWJDQ]lKQOLFKZLHGHU0DU[LVPXVLKUHÄ%HIUHLXQJ³$XFK VlPWOLFKHNRQVHUYDWLYHQXQGJHUDGHDXFKGLHUHFKWVUDGLNDOHQ,GHRORJLHQ EHWHQ GLH$UEHLW JHUDGH]X DQ 2IIHQVLFKWOLFK LVW GLH 5HOLJLRQ GHU$UEHLW GDVJHPHLQVDPH%H]XJVV\VWHPDOOHUPRGHUQHQ7KHRULHQSROLWLVFKHQ6\V WHPHXQGVR]LDOHQ.ODVVHQ6LHNRQNXUULHUHQPLWHLQDQGHUZHULQGLHVHU 5HOLJLRQGLHJU|WH)U|PPLJNHLWDQGHQ7DJOHJWXQGGLHJU|WH/HLVWXQJ DXVGHQ0HQVFKHQKHUDXVNLW]HOW
'LHVHOWVDPH.DUULHUHGHV$UEHLWVEHJULIIV %HLVROFKHQ*HGDQNHQZLUGYLHOOHLFKWGHUPRGHUQH1RUPDOPHQVFKlU JHUOLFK:DVVROOGDVGHQQ"Ä0DQPXGRFKDUEHLWHQ³+DEHQGLH0HQVFKHQ QLFKWVFKRQLPPHUJHDUEHLWHW"6RQVWJlEHHVMDNHLQH1DKUXQJVPLWWHONHL QH.OHLGXQJNHLQH:RKQXQJXQGNHLQH.XOWXU9RQQLFKWVNRPPWQLFKWV =ZHLIHOORVKDEHQGLH0HQVFKHQVFKRQLPPHU'LQJHXQG,GHHQSURGX]LHUW XP]XOHEHQ]XJHQLHHQ]XIRUVFKHQXQGVLFK]XXQWHUKDOWHQ$EHULVW Ä$UEHLW³GHUULFKWLJHEHUKLVWRULVFKHXQLYHUVHOOH%HJULIIGDIU"Ä$UEHLW³ LVWHLQH$EVWUDNWLRQHLQ:RUWYRQYLHOGHXWLJHU$OOJHPHLQKHLW.DUO0DU[ GHVVHQ9HUKlOWQLV]XPSRVLWLYHQ$UEHLWVEHJULIIGXUFKDXV]ZLHVSlOWLJLVW PHLQWH HLQHUVHLWV GLH$UEHLW HUVFKHLQH ÄLQ GLHVHU$EVWUDNWLRQ SUDNWLVFK ZDKU QXU DOV.DWHJRULHGHUPRGHUQVWHQ*HVHOOVFKDIW³ 0DU[ 'HQQRFKYHUWHLGLJWHHU]XJOHLFKGLHVHXQEHVWLPPWH$OOJHPHLQKHLWDOV HLQHEHUKLVWRULVFKHXQGPHLQWHHVKDQGOHVLFKJHZLVVHUPDHQXPHLQH ÄYHUQQIWLJH³$EVWUDNWLRQGLHÄHLQHXUDOWHXQGIUDOOH*HVHOOVFKDIWVIRU PHQ JOWLJH %H]LHKXQJ DXVGUFNW³ HEGD )ULHGULFK (QJHOV EHKDXSWHWH VRJDU GLH $UEHLW VHL PDJHEOLFK DQ GHU Ä0HQVFKZHUGXQJ GHV $IIHQ³ EHWHLOLJW JHZHVHQ ZRPLW VFKRQ XQVHUH ÄEHU XQG EHU EHKDDUWHQ³9RU
IDKUHQPLWÄ%lUWHQXQGVSLW]HQ2KUHQ³MHQHUVHJHQVUHLFKHQYHUQQIWLJHQ $EVWUDNWLRQWHLOKDIWLJJHZRUGHQVHLHQ (QJHOV II $EHU VWLPPW GDV ZLUNOLFK" (LQH YHUQQIWLJH $EVWUDNWLRQ ZlUH HLQ VLQQYROOHUDOOJHPHLQHU2EHUEHJULIIIUTXDOLWDWLYYHUVFKLHGHQHDEHUWURW] GHPDXIHLQHUEHVWLPPWHQ(EHQH]XVDPPHQJHK|ULJH'LQJH6RZHUGHQ ]XP%HLVSLHObSIHO%LUQHQ3¿UVLFKH2UDQJHQXVZ]XGHP2EHUEHJULII Ä2EVW³ ]XVDPPHQJHIDW $EHU LQ GLHVHP 6LQQH LVW Ä$UEHLW³ DOV 2EHU EHJULII PHQVFKOLFKHU 7lWLJNHLWHQ JHUDGH NHLQH YHUQQIWLJH$EVWUDNWLRQ $XFK6SD]LHUHQJHKHQ6FKDFKVSLHOHQRGHU5RPDQHOHVHQVLQGPHQVFKOL FKH7lWLJNHLWHQRKQHGDVLHQRUPDOHUZHLVH]XU$UEHLWJHUHFKQHWZHUGHQ :RVROOGDGLH*UHQ]HJH]RJHQZHUGHQRKQHHLQ0RPHQWYRQ:LOONU OLFKNHLWKLQHLQ]XEULQJHQ"8PKLHU.ODUKHLW]XVFKDIIHQLVWGHUEHVRQGHUH JHVHOOVFKDIWOLFKH &KDUDNWHU GHV DEVWUDNWHQ $UEHLWVEHJULIIV JHQDXHU ]X EHVWLPPHQ +LVWRULVFK LVW GLH JHVHOOVFKDIWOLFKH$OOJHPHLQKHLW GHV$UEHLWVEHJULIIV DOVDQJHEOLFKH6HOEVWYHUVWlQGOLFKNHLWPHKUDOV]ZHLIHOKDIW9LHOH-lJHU +LUWHQRGHU%DXHUQNXOWXUHQNDQQWHQEHUKDXSWNHLQHQDEVWUDNWHQJDQ] XQWHUVFKLHGOLFKH 7lWLJNHLWHQ EHUJUHLIHQGHQ %HJULII GHU $UEHLW $EHU QLFKWHWZDGHVZHJHQZHLOVLHNHLQ$EVWUDNWLRQVYHUP|JHQJHKDEWKlWWHQ (VZlUHLKQHQMHGRFKLPK|FKVWHQ*UDGHXQYHUQQIWLJXQGJHUDGH]XYHU UFNWHUVFKLHQHQ7lWLJNHLWHQZLH-DJHQXQG3ÀDQ]HQ.RFKHQXQG.LQ GHUHU]LHKHQ.UDQNHSÀHJHQXQGNXOWLVFKH+DQGOXQJHQDXVIKUHQXQWHU HLQHPHLQ]LJHQDEVWUDNWHQ2EHUEHJULIIYRQÄ7lWLJNHLWEHUKDXSW³]XVDP PHQ]XIDVVHQ2IWJDEHVLQGLHVHQDUFKDLVFKHQ*HVHOOVFKDIWHQ VRZHLWVLH UHNRQVWUXLHUEDU VLQG RGHU QRFK 5HVWH H[LVWLHUHQ IU GLH YHUVFKLHGHQHQ %HUHLFKH GHV /HEHQV IU 0lQQHU XQG )UDXHQ IU YHUVFKLHGHQH VR]LDOH *UXSSHQ RGHU )HUWLJNHLWHQ %DXHUQ .QVWOHU .ULHJHU XVZ DXFK YHU VFKLHGHQH2EHUEHJULIIHGHU7lWLJNHLWGLHLQNHLQHU:HLVHGHPPRGHUQHQ 8QLYHUVDOEHJULIIGHU$UEHLWHQWVSUHFKHQ :DQQXQGLQZHOFKHP.RQWH[WLVWDOVRKLVWRULVFKGLHVHUDEVWUDNWDOO JHPHLQH%HJULIIGHUVR]LDOHQXQG|NRQRPLVFKHQ$NWLYLWlWHQWVWDQGHQ",Q PHKUHUHQ.XOWXUVSUDFKHQJHKWGLH:XU]HOGHV:RUWHVÄ$UEHLW³DXIHLQH %HGHXWXQJ]XUFNGLHGHQXQPQGLJHQ0HQVFKHQGHQ$EKlQJLJHQRGHU 6NODYHQ EH]HLFKQHW Ä$UEHLW³ LVW DOVR XUVSUQJOLFK NHLQH QHXWUDOH XQG
YHUQQIWLJHVRQGHUQHLQHVR]LDOH$EVWUDNWLRQ HVLVWGLH7lWLJNHLWGHUMH QLJHQGLHLKUH)UHLKHLWYHUORUHQKDEHQ(JDOZDVGLHVH0HQVFKHQDXFK WXQP|JHQREVLHQXQLP%HUJZHUNRGHUDXIGHU3ODQWDJHVFKZLW]HQRE VLHDOV'RPHVWLNHQLP+DXVGDV(VVHQDXIWUDJHQGLH.LQGHU]XU6FKXOH EHJOHLWHQRGHUGHU+HUULQ/XIW]XIlFKHOQ HVLVWLPPHUGLH7lWLJNHLWHLQHV DOV.QHFKWGH¿QLHUWHQ0HQVFKHQ'DV'DVHLQDOV.QHFKWLVWGHU,QKDOWGHU $EVWUDNWLRQÄ$UEHLW³,QGLHVHP6LQQHDOVVR]LDOHLQJHJUHQ]WH$EVWUDN WLRQNRQQWHGHU$UEHLWVEHJULIIQDWUOLFKNHLQHVIDOOVGHQ&KDUDNWHUHLQHU JHVHOOVFKDIWOLFK DOOJHPHLQHQ 7lWLJNHLWVIRUP KDEHQ XQG VFKRQ JDU QLFKW SRVLWLYEHVWLPPWVHLQ 6R LVW HV NHLQ :XQGHU GD GHU %HJULII GHU$UEHLW LQ GHU$QWLNH GLH PHWDSKRULVFKH 1HEHQEHGHXWXQJ YRQ /HLG XQG 8QJOFN DQJHQRPPHQ KDW HWZD LP /DWHLQLVFKHQ (V LVW GDV /HLG GHV 0HQVFKHQ GHU LQ GHP QHJDWLYHQ6LQQHWlWLJLVWGDHUÄXQWHUHLQHU/DVWVFKZDQNW³ ODERUDUH 'LHVH/DVWNDQQDXFKXQVLFKWEDUVHLQZHLOVLHLQ:DKUKHLWGLHVR]LDOH/DVW GHU8QVHOEVWlQGLJNHLWLVW'DVLVWDXFKOHW]WHQ(QGHVJHPHLQWZHQQLP $OWHQ7HVWDPHQWGHU%LEHOGLH$UEHLWDOVHLQYRQ*RWWDXIHUOHJWHU)OXFK GHV0HQVFKHQJHGHXWHWZLUG'LH*OHLFKEHGHXWXQJYRQ/HLGXQG$UEHLW PHLQWQLFKWGLHEORH$QVWUHQJXQJ$XFKHLQIUHLHU0HQVFKNDQQVLFKEHL EHVWLPPWHQ*HOHJHQKHLWHQDQVWUHQJHQXQGVRJDU/XVWGDEHLHPS¿QGHQ 'HVZHJHQLVWHVJDQ]IDOVFKGLHÄ1LFKW$UEHLW³GHU)UHLHQXQG8QDE KlQJLJHQLQGHU$QWLNHDOVSXUHVÄGROFHIDUQLHQWH³XQGDOVEORH)DXOKHLW PL]XYHUVWHKHQZLHHVRIWLQGHUYXOJlUPDU[LVWLVFKHQ/LWHUDWXUHUVFKHLQW %HL +RPHU LVW GHU +HOG 2G\VVHXV VRJDU VWRO] GDUDXI GD HU VHLQ %HWW VHOEVWJH]LPPHUWKDW1LFKWGLH7lWLJNHLWDOVVROFKHZDUHKUORVDXFKQLFKW GLH+DQGDUEHLWVRQGHUQGLH6XEVXPWLRQGHV0HQVFKHQXQWHUDQGHUH0HQ VFKHQ RGHU XQWHU HLQHQ Ä%HUXI³ (LQ IUHLHU 0HQVFK NRQQWH JHOHJHQWOLFK HLQ%HWWRGHUHLQHQ6FKUDQNEDXHQDEHUHUGXUIWHQLFKWYRQ%HUXIVZHJHQ 6FKUHLQHUVHLQ HUNRQQWHJHOHJHQWOLFK+DQGHOWUHLEHQDEHUHUGXUIWHQLFKW +lQGOHU VHLQ HU NRQQWH JHOHJHQWOLFK *HGLFKWH VFKUHLEHQ DEHU HU GXUIWH QLFKW'LFKWHUVHLQ VFKRQJDUQLFKWDOV*HOGHUZHUE :HUIRUPDOIUHLZDU DEHUVLFKHLQHUOHEHQVODQJHQ(UZHUEVDUEHLWLQLUJHQGHLQHP=ZHLJGHU3UR GXNWLRQXQWHUZHUIHQPXWHZDUGLHVHU7lWLJNHLWJHJHQEHUÄXQPQGLJ³ JHZRUGHQXQGJDOWNDXPPHKUDOVHLQ6NODYH
'HVZHJHQ PXWH GLH 7lWLJNHLW GHV IUHLHQ $PDWHXUV DOOHUGLQJV NHL QHVZHJV XQJHVFKLFNWHU RGHU YRQ VFKOHFKWHUHU 4XDOLWlW VHLQ DOV GLH GHV XQIUHLHQ Ä%HUXIVPHQVFKHQ³ 6LFK LQ YHUVFKLHGHQHQ .QVWHQ ]X EHQ XQG .HQQWQLVVH ]X HUZHUEHQ JDOW GXUFKDXV DOV HKUHQKDIW XQG DXV GHQ 0lUFKHQYHUVFKLHGHQHU.XOWXUNUHLVHN|QQHQZLUHUIDKUHQGDLQGHQDO WHQ*HVHOOVFKDIWHQVRJDU.|QLJVV|KQHXQG3ULQ]HQPDQFKPDOQHEHQGHU .ULHJVNXQVWXQGJHLVWLJHP:LVVHQDXFKHLQ+DQGZHUNHUOHUQHQPXWHQ DEHU HEHQ QLFKW XP OHEHQVODQJ +DQGZHUNHU ]X ÄVHLQ³ XQG GDPLW GHP /HLG GHU$UEHLW XQWHUZRUIHQ ]X ZHUGHQ VRQGHUQ XP LQ YLHOHU +LQVLFKW ÄJHVFKLFNW³ ]X VHLQ XQG TXDOLWDWLY YHUVFKLHGHQH 7lWLJNHLWVIRUPHQ IUHL PLWHLQDQGHUNRPELQLHUHQ]XN|QQHQ (VZDUGDV&KULVWHQWXPGDV]XHUVWGLHQHJDWLYH%HGHXWXQJGHU$EV WUDNWLRQÄ$UEHLW³SRVLWLYXPGH¿QLHUWKDWXQG]ZDUSDUDGR[HUZHLVHJH UDGHDOV/HLGXQG8QJOFN:HLOQlPOLFKGDV/HLG&KULVWLDP.UHX]GLH 0HQVFKKHLW YRQ LKUHQ LUGLVFKHQ 6QGHQ HUO|VW KDW YHUODQJW GHU *ODXEH GDUDQ GLH Ä1DFKIROJH &KULVWL³ 8QG GDV EHGHXWHW GDV /HLG IUHXGLJ XQG IUHLZLOOLJDXIVLFK]XQHKPHQ,QHLQHU$UWYRQ0DVRFKLVPXVGHV*ODX EHQVDQGDVSRVLWLYH/HLGHQDGHOWHDOVRGDV&KULVWHQWXPDXFKGLH$UEHLW ]XPJHUDGH]XHUVWUHEHQVZHUWHQ=LHOHWZDLQGHPVHOEHQ6LQQZLHHVJH OHJHQWOLFKEOLFKZDUVLFKLQIURPPHU([WDVHVHOEHU]XJHLHOQ'LH0|Q FKHXQG1RQQHQLQGHQ.O|VWHUQXQWHUZDUIHQVLFKEHZXWXQGIUHLZLOOLJ GHU$EVWUDNWLRQÄ$UEHLW³XPDOVÄ.QHFKWH*RWWHV³HLQ/HEHQLP6LQQH GHV /HLGV YRQ &KULVWXV ]X IKUHQ 0HQWDOLWlWVJHVFKLFKWOLFK ZDUHQ XQG GDUDXILVWRIWKLQJHZLHVHQZRUGHQGLHNO|VWHUOLFKH=XFKWXQG2UGQXQJ DOVRGLHVWUHQJH(LQWHLOXQJGHV7DJHVDEODXIVXQGGLHP|QFKLVFKH$VNHVH 9RUOlXIHUGHUVSlWHUHQ)DEULNGLV]LSOLQXQGGHUDEVWUDNWHQÄEHWULHEVZLUW VFKDIWOLFKHQ³=HLWUHFKQXQJ$EHUGLHVHVSH]L¿VFKFKULVWOLFKH0LVVLRQGHU $UEHLWEH]RJVLFKQXUDXIGLHPHWDSKRULVFKH%HGHXWXQJGHV%HJULIIVDOV UHOLJL|VH$N]HSWDQ]GHV/HLGVPLW%OLFNDXIGDV-HQVHLWV HVZXUGHGDPLW QRFKNHLQSRVLWLYHULUGLVFKHU=ZHFNYHUIROJW (V ZDU HUVW GHU 3URWHVWDQWLVPXV EHVRQGHUV LQ VHLQHU FDOYLQLVWLVFKHQ )RUPGHUVHLWGHP-DKUKXQGHUWGHQFKULVWOLFKHQ0DVRFKLVPXVGHV$U EHLWV/HLGHQV]XPGLHVVHLWLJHQ*HJHQVWDQGPDFKWH 'HUJOlXELJH0HQVFK VROOWHGLH6FKPHU]HQ GHU$UEHLW DOV Ä.QHFKW*RWWHV³ QXQ QLFKW PHKU LQ NO|VWHUOLFKHU $EJHVFKLHGHQKHLW DXI VLFK QHKPHQ VRQGHUQ GDPLW LQ GHU
SURIDQHQLUGLVFKHQ:HOW(UIROJKDEHQXQG]ZDUJHUDGHXPVHLQH$XVHU ZlKOWKHLWGXUFK*RWW]XEHZHLVHQXQG]XGHPRQVWULHUHQ1DWUOLFKGXUIWH HUDEHUGLH)UFKWHGHV(UIROJVDXINHLQHQ)DOOJHQLHHQXPGLHJ|WWOLFKH *QDGH LQ GHU 1DFKIROJH &KULVWL QLFKW ]X YHUVSLHOHQ HU PXWH DOVR GDV (UJHEQLV GHU$UEHLW PLW VlXHUOLFKHU /HLGHQVPLHQH ]XP$XVJDQJVSXQNW LPPHUQHXHU$UEHLWPDFKHQXQGXQDXIK|UOLFKDEVWUDNWH5HLFKWPHURKQH *HQXDXIKlXIHQ,QGLHVHUVHOWVDPHQ9HUVFKUlQNXQJHLQHVWULVWHQMHQVHL WLJHQPLWHLQHPHEHQVRWULVWHQGLHVVHLWLJHQ=ZHFNHQWVWDQGGLHHUVWUHFKW WULVWHPRGHUQH$UEHLWVPHQWDOLWlW$UEHLWDOVHLQH$UW9HUKDOWHQVVW|UXQJ
3ROLWLVFKHgNRQRPLHGHU)HXHUZDIIHQ 1XQZlUHHVVLFKHUOLFKQLFKWDXVUHLFKHQGEHLGHUEORUHOLJLRQVXQG JHLVWHVJHVFKLFKWOLFKHQ.DUULHUHGHUDEVWUDNWHQ$UEHLWVNDWHJRULHYRPQH JDWLYHQ ]XP SRVLWLYHQ /HLG VWHKHQ]XEOHLEHQ 'DPLW GLH SURWHVWDQWLVFKH 9HUKDOWHQVVW|UXQJLKUHQZHOWOLFKHQ6LHJHV]XJDQWUHWHQNRQQWHEHGXUIWHHV GHU9HUPLWWOXQJPLWPlFKWLJHQPDWHULHOOHQ,QWHUHVVHQ%HNDQQWOLFKHQWZL FNHOWHVLFKVHLWGHU5HQDLVVDQFHVSUXQJKDIWGLH:DUHQSURGXNWLRQXQGEH JDQQGLHDJUDULVFKH1DWXUDOZLUWVFKDIWDXI]XVSUHQJHQ'LHSURWHVWDQWLVFKH 0HQWDOLWlWYHUEDQGVLFKPLWGLHVHP$XIVWLHJGHU0DUNWZLUWVFKDIWGHULQ GHQ PRGHUQHQ .DSLWDOLVPXV PQGHQ VROOWH 8QG GLH 3RVLWLYLHUXQJ GHU $UEHLWVNDWHJRULH ZDU QDWUOLFK LQ GLHVHQ =XVDPPHQKDQJ HLQJHEXQGHQ GHUKHXWHDOV%HJLQQGHUÄ0RGHUQLVLHUXQJ³XQGLKUHUVFKHLQEDUHQGORVHQ :HLWHUHQWZLFNOXQJ¿UPLHUW (VLVWEH]HLFKQHQGGDGLH0RGHUQLVLHUXQJJHQDXZLHGLH$UEHLWYRQ DOOHQ,GHRORJLHQWKHRUHWLVFKHQ5HÀH[LRQHQXQGSROLWLVFKHQ6WU|PXQJHQ GHU DXIVWHLJHQGHQ NDSLWDOLVWLVFKHQ *HVHOOVFKDIW KDXSWVlFKOLFK SRVLWLY EHVWLPPW ZXUGH 6R VSLQQHIHLQG VLH VRQVW DXFK VHLQ PRFKWHQ LP +HU DXIGlPPHUQLKUHUHLJHQHQ:HOWZROOWHQVLHGRFKLPZHVHQWOLFKHQHLQHQ JHVHOOVFKDIWOLFKHQ Ä)RUWVFKULWW³ HUNHQQHQ )U GLH EUJHUOLFKH ,GHRORJLH LVW GLH (QWIHVVHOXQJ YRQ :DUHQSURGXNWLRQ XQG .DSLWDOLVPXV VHOEVWYHU VWlQGOLFK JOHLFKEHGHXWHQG PLW VWlQGLJ HUK|KWHU 5HLFKWXPVSURGXNWLRQ $XFKGHU0DU[LVPXVVLHKWGHQEUJHUOLFKHQ)RUWVFKULWWZHQQJOHLFKQLFKW XQJHEURFKHQLQGHUÄ(QWZLFNOXQJGHU3URGXNWLYNUlIWH³-HGHQIDOOVZHU GHQVWHWVSRVLWLYH(UUXQJHQVFKDIWHQDOVGLHXUVSUQJOLFKH7ULHEIHGHUGHU
0RGHUQLVLHUXQJXQGGDPLWGHU$UEHLWDQJHQRPPHQ3URPLQHQWH*UQGH IUGHQÄWDNHRII³GHU0RGHUQHVROOHQZDKOZHLVHGLHNQVWOHULVFKHQXQG ZLVVHQVFKDIWOLFKHQ,QQRYDWLRQHQGHU5HQDLVVDQFHGLHJURHQJHRJUDSKL VFKHQ Ä(QWGHFNXQJHQ³ VHLW .ROXPEXV GLH SURWHVWDQWLVFKFDOYLQLVWLVFKH ,GHHYRQGHU6HOEVWYHUDQWZRUWXQJGHV,QGLYLGXXPVXQGGLHDOOPlKOLFKH %HIUHLXQJYRPÄPLWWHODOWHUOLFKHQ$EHUJODXEHQ³JHZHVHQVHLQ $QGHUHUVHLWVKDW0DU[LPEHUKPWHQ.DSLWHOEHUGLHÄXUVSUQJOLFKH $NNXPXODWLRQGHV.DSLWDOV³GHQEHLVSLHOORVHQWHUURULVWLVFKHQ&KDUDNWHU GHU 8U0RGHUQLVLHUXQJ EHVFKULHEHQ GLH JHZDOWVDPH 9HUWUHLEXQJ GHU 3lFKWHUYRQLKUHQ)HOGHUQGHQUHJHOUHFKWHQ.ULHJJHJHQGLHYHUDUPWHQ 0DVVHQ GLH (UULFKWXQJ YRQ =XFKWDQVWDOWHQ XQG$UEHLWVKlXVHUQ LP JUR HQ 0DVWDE:LH JHKW GDV ]XVDPPHQ PLW GHU YHUPHLQWOLFK IULHGOLFKHQ (UZHLWHUXQJGHU:DUHQSURGXNWLRQ"/RNDOHQ:DUHQWDXVFKKDWWHHVHEHQVR ZLH )HUQKDQGHO PLW VSH]LHOOHQ :DUHQ 6DO] 6HLGH (U]H :DIIHQ XVZ LQPHKURGHUPLQGHUJURHP8PIDQJVFKRQVHLWIUKHVWHQ=HLWHQLQGHQ Ä1LVFKHQ³ GHU DJUDULVFKHQ 1DWXUDOZLUWVFKDIW JHJHEHQ RKQH GD GDUDXV MHPDOV HLQ GLH JHVDPWH *HVHOOVFKDIW HUIDVVHQGHV ÄZDUHQSURGX]LHUHQGHV 6\VWHP³ DOLDV .DSLWDOLVPXV HQWVWDQGHQ ZlUH LQ GHP GDQQ GLH$UEHLW LKUH VHOWVDPH .DUULHUH DOV QXQPHKU VXEVWDQWLHOOH 5HDOLWlW IU DOOH 0HQ VFKHQIRUWVHW]HQXQGNU|QHQNRQQWH :DVDOVRZDULQGHUIUKHQ1HX]HLWMHQHVZLUNOLFKÄ1HXH³GDVLQGHU )ROJHXQDXVZHLFKOLFKGLH*HVFKLFKWHGHU0RGHUQLVLHUXQJKHUYRUJHEUDFKW KDW"0DQNDQQGHPKLVWRULVFKHQ0DWHULDOLVPXVGXUFKDXV]XJHVWHKHQGD NHLQHP EORHQ :DQGHO GHU ,GHHQ XQG 0HQWDOLWlWHQ VRQGHUQ HLQHU (QW ZLFNOXQJDXIGHU(EHQHGHUKDUWHQPDWHULHOOHQ7DWVDFKHQGLHJU|WHXQG ZLFKWLJVWH%HGHXWXQJ]XNDP(V ZDU MHGRFKNHLQH3URGXNWLYNUDIWVRQ GHUQLP*HJHQWHLOHLQHGXUFKVFKODJHQGH'HVWUXNWLYNUDIWGLHGHU0RGHU QLVLHUXQJGHQ:HJJHEDKQWKDW QlPOLFKGLH(U¿QGXQJGHU)HXHUZDIIHQ 2EZRKOGLHVHU=XVDPPHQKDQJVHLWODQJHPEHNDQQWLVWEOLHEHUGRFKLQ GHQEHUKPWHVWHQXQGIROJHQUHLFKVWHQ7KHRULHQGHU0RGHUQLVLHUXQJ GHQ 0DU[LVPXVHLQJHVFKORVVHQ Y|OOLJXQWHUEHOLFKWHW (V ZDU GHU GHXWVFKH :LUWVFKDIWVKLVWRULNHU :HUQHU 6RPEDUW GHU SL NDQWHUZHLVHNXU]YRUGHP(UVWHQ:HOWNULHJLQVHLQHU6WXGLHÄ.ULHJXQG .DSLWDOLVPXV³ DXVIKUOLFKHUDXIGLHVH)UDJHHLQJLQJ IUHLOLFKQXU
XPGDQQZLHVRYLHOHGHUGDPDOLJHQGHXWVFKHQ,QWHOOHNWXHOOHQVHOEHUGHU .ULHJVEHJHLVWHUXQJ]XYHUIDOOHQ(UVWLQGHQOHW]WHQ-DKUHQVLQGGLHUV WXQJVWHFKQLVFKHQ XQG NULHJV|NRQRPLVFKHQ 8UVSUQJH GHV .DSLWDOLVPXV ZLHGHU]XP7KHPDJHPDFKWZRUGHQVRYRQGHPGHXWVFKHQgNRQRPHQ .DUO *HRUJ =LQQ LQ VHLQHP %XFK Ä.DQRQHQ XQG 3HVW³ XQG YRQ GHP 86DPHULNDQLVFKHQ 1HXKLVWRULNHU *HRIIUH\ 3DUNHU LQ VHLQHU 8Q WHUVXFKXQJEHUÄ'LHPLOLWlULVFKH5HYROXWLRQ³ $EHUGLHVH$QD O\VHQ KDEHQ QLFKW GHQ JURHQ :LGHUKDOO JHIXQGHQ GHQ VLH YHUGLHQHQ 2IIHQVLFKWOLFK N|QQHQ GLH PRGHUQH ZHVWOLFKH :HOW XQG LKUH ,GHRORJHQ QXU VFKZHU GLH (LQVLFKW DN]HSWLHUHQ GD GHU OHW]WH KLVWRULVFKH *UXQG LKUHV 6\VWHPV LQ GHU (U¿QGXQJ YRQ SHUIHNWLRQLHUWHQ 0RUGLQVWUXPHQWHQ ]XVXFKHQLVW8QGGLHVHU=XVDPPHQKDQJJLOWQLFKWQXUIUGLHGXQNOHQ 8UVSUQJH VRQGHUQ DXFK QRFK IU GLH PRGHUQH 'HPRNUDWLH GHQQ GLH ÄPLOLWlULVFKH 5HYROXWLRQ³ LVW ELV KHXWH HLQ KHLPOLFKHU %HZHJJUXQG GHU 0RGHUQLVLHUXQJJHEOLHEHQ 'LH ,QQRYDWLRQ GHU )HXHUZDIIHQ KDW GLH YRUNDSLWDOLVWLVFKHQ )RUPHQ GHU+HUUVFKDIW]HUVW|UWGHQQVLHPDFKWHGDVIHXGDOH5LWWHUWXPPLOLWlULVFK OlFKHUOLFK6FKRQYRUGHQ)HXHUZDIIHQKDWWHPDQGLHJHVHOOVFKDIWOLFKHQ )ROJHQYRQZLUNVDPHQ'LVWDQ]ZDIIHQJHDKQWGHQQGDV=ZHLWH/DWHUDQL VFKH.RQ]LOYHUERWLP-DKU GHQ(LQVDW]GHU$UPEUXVWJHJHQ&KULV WHQ1LFKWXPVRQVWJDOWGLHYRQDXHUHXURSlLVFKHQ.XOWXUHQXPGDV-DKU QDFK(XURSDLPSRUWLHUWH$UPEUXVWDOVGLHVSH]LHOOH:DIIHGHU5lX EHU2XWODZVXQG5HEHOOHQ$OVGLHQRFKYLHOZLUNVDPHUHQ'LVWDQ]ZDIIHQ GHUÄ)HXHUURKUH³DXINDPHQEHVLHJHOWHQVLHGHQ8QWHUJDQJGHUJHSDQ]HU WHQXQGEHULWWHQHQ.ULHJVKHUUHQ $EHUGLH)HXHUZDIIHODJQLFKWPHKULQGHQ+lQGHQHLQHU2SSRVLWLRQ ÄYRQ XQWHQ³ JHJHQ GLH IHXGDOH +HUUVFKDIW VRQGHUQ VLH IKUWH ]X HLQHU Ä5HYROXWLRQYRQREHQ³GXUFKGLH)UVWHQXQG.|QLJH'HQQGLH3URGXN WLRQXQG0RELOLVLHUXQJGHUQHXHQ:DIIHQV\VWHPHZDUQLFKWDXIGHU(EHQH YRQORNDOHQXQGGH]HQWUDOHQ6WUXNWXUHQP|JOLFKZLHVLHELVGDKLQGLHJH VHOOVFKDIWOLFKH5HSURGXNWLRQJHSUlJWKDWWHQVRQGHUQHUIRUGHUWHHLQHY|O OLJQHXHVR]LDOH2UJDQLVDWLRQDXIPHKUHUHQ(EHQHQ'LH)HXHUZDIIHQYRU DOOHPGLHJURHQ.DQRQHQNRQQWHQQlPOLFKQLFKWPHKULQNOHLQHQ:HUN VWlWWHQSURGX]LHUWZHUGHQZLHGLHYRUPRGHUQHQ+LHEXQG6WLFKZDIIHQ 'HVKDOEELOGHWHVLFKHLQHEHVRQGHUH5VWXQJVLQGXVWULHKHUDXVGLHLQJUR
HQ)DEULNHQ.DQRQHQXQG0XVNHWHQSURGX]LHUWH*OHLFK]HLWLJHQWVWDQG HLQHQHXHPLOLWlULVFKH'HIHQVLY$UFKLWHNWXULQ*HVWDOWULHVLJHU%ROOZHUNH GLHGHQ.DQRQHQWURW]HQVROOWHQ(VNDP]XHLQHP,QQRYDWLRQV:HWWODXI ]ZLVFKHQ2IIHQVLYXQG'HIHQVLYZDIIHQXQG]XHLQHP5VWXQJVZHWWODXI ]ZLVFKHQGHQ6WDDWHQGHUELVKHXWHQLFKWDXIJHK|UWKDW 'XUFKGLH)HXHUZDIIHQYHUlQGHUWHVLFKDXFKGLH6WUXNWXUGHU$UPHHQ JUXQGVlW]OLFK'LH.ULHJHUNRQQWHQVLFKQLFKWPHKUVHOEVWDXVUVWHQVRQ GHUQPXWHQVLFKLKUH:DIIHQYRQHLQHUJHVHOOVFKDIWOLFKHQ=HQWUDOJHZDOW JHEHQODVVHQ'HVKDOEWUHQQWHVLFKGLHPLOLWlULVFKHYRQGHUEUJHUOLFKHQ 2UJDQLVDWLRQGHU*HVHOOVFKDIW$QGLH6WHOOHGHUYRQ)DOO]X)DOOIU)HOG ]JH PRELOLVLHUWHQ %UJHU RGHU ORNDOHQ +HUUHQ PLW LKUHQ EHZDIIQHWHQ )DPLOLHQWUDWHQÄVWHKHQGH+HHUH³ (VHQWVWDQGÄGDV0LOLWlU³DOVEHVRQGHUH VR]LDOH*UXSSHXQGGLH$UPHHZXUGH]XHLQHPVR]LDOHQ)UHPGN|USHULQ GHU*HVHOOVFKDIW'HU6WDWXVGHV2I¿]LHUVYHUZDQGHOWHVLFKDXVHLQHUSHU V|QOLFKHQ9HUSÀLFKWXQJGHUUHLFKHQ%UJHULQHLQHQPRGHUQHQÄ%HUXI³ ,P=XVDPPHQKDQJPLWGLHVHUQHXHQPLOLWlULVFKHQ2UJDQLVDWLRQXQGGHU QHXHQ .ULHJVWHFKQLN QDKP DXFK GLH *U|H GHU$UPHHQ VSUXQJKDIW ]X Ä'LHEHZDIIQHWHQ6WUHLWNUlIWHZXFKVHQ]ZLVFKHQXQGXPGDV =HKQIDFKH³ 3DUNHU 5VWXQJVLQGXVWULH5VWXQJVZHWWODXIXQGGLH(UKDOWXQJSHUPDQHQWRU JDQLVLHUWHUYRQGHUEUJHUOLFKHQ*HVHOOVFKDIWJHWUHQQWHUXQGJOHLFK]HLWLJ VWDUNYHUJU|HUWHU$UPHHQIKUWHQQRWZHQGLJ]XHLQHUUDGLNDOHQ8PZlO ]XQJ GHU gNRQRPLH XQG GHU JHVDPWHQ JHVHOOVFKDIWOLFKHQ 6WUXNWXU 'HU DXVGHU*HVHOOVFKDIWKHUDXVJHO|VWHPLOLWlULVFKH*URNRPSOH[HUIRUGHUWH HLQH ÄSHUPDQHQWH .ULHJVZLUWVFKDIW³ 'LHVH QHXH gNRQRPLH GHV 7RGHV OHJWHVLFKZLHHLQ/HLFKHQWXFKDXIGLHQDWXUDOZLUWVFKDIWOLFKHQ6WUXNWXUHQ GHUDOWHQ$JUDUJHVHOOVFKDIWHQ:HLO5VWXQJXQG0LOLWlUVLFKQLFKWPHKU DXIGLHORNDOHDJUDULVFKH)RUPGHU3URGXNWLRQVWW]HQNRQQWHQVRQGHUQ JURUlXPLJXQGLQDQRQ\PHQ=XVDPPHQKlQJHQPLW5HVVRXUFHQYHUVRUJW ZHUGHQ PXWHQ ZDUHQ VLH DXI GLH9HUPLWWOXQJ GHV *HOGHV DQJHZLHVHQ :DUHQSURGXNWLRQ XQG *HOGZLUWVFKDIW DOV *UXQGHOHPHQWH GHV .DSLWDOLV PXVHUKLHOWHQGDPLWLKUHQHQWVFKHLGHQGHQ$QVWRLQGHUIUKHQ1HX]HLW GXUFKGLH(QWIHVVHOXQJGHU0LOLWlUXQG5VWXQJV|NRQRPLH
'LHVH(QWZLFNOXQJHU]HXJWHXQGEHJQVWLJWHGLHNDSLWDOLVWLVFKH6XE MHNWLYLWlW XQG LKUH 0HQWDOLWlW GHV DEVWUDNWHQ Ä3OXVPDFKHQV³ 'HU SHU PDQHQWH ¿QDQ]LHOOH %HGDUI GHU .ULHJVZLUWVFKDIW IKUWH LQ GHU ]LYLOHQ *HVHOOVFKDIW]XP$XIVWLHJGHU*HOGXQG+DQGHOVNDSLWDOLVWHQGHUJURHQ *HOGVDPPOHUXQG.ULHJV¿QDQ]LHUV$EHUDXFKGLHQHXH2UJDQLVDWLRQGHU $UPHHQ VHOEHU EUDFKWH GLH NDSLWDOLVWLVFKH 0HQWDOLWlW KHUYRU 'LH DOWHQ DJUDULVFKHQ.ULHJHUYHUZDQGHOWHQVLFKLQÄ6ROGDWHQ³GDVKHLWLQ(PS IlQJHUYRQÄ6ROG³6LHZDUHQGLHHUVWHQPRGHUQHQÄ/RKQDUEHLWHU³GLHLKU /HEHQYROOVWlQGLJGXUFK*HOGHLQNRPPHQXQG:DUHQNRQVXPUHSURGX]LH UHQPXWHQ8QGGHVKDOENlPSIWHQVLHQLFKWPHKUIULGHDOLVLHUWH=LHOH VRQGHUQQXUQRFKIU*HOG,KQHQZDUHVJOHLFKZHQVLHWRWVFKRVVHQZHQQ QXUGHU6ROGÄVWLPPWH³ XQGVRZXUGHQVLH]XGHQHUVWHQ5HSUlVHQWDQWHQ GHUÄDEVWUDNWHQ$UEHLW³ 0DU[ IUGDVPRGHUQHZDUHQSURGX]LHUHQGH6\V WHP6LHZDUHQEULJHQVDXFKGLHHUVWHQGLHÄDUEHLWVORV³ZHUGHQNRQQWHQ :HQQNHLQ*HOGPHKULQGHQ.DVVHQGHU.ULHJVKHUUHQZDUVFKPRO]HQGLH Ä$UEHLWVSOlW]H³ LQ GHQ$UPHHQ GDKLQ 9LHOH 0XVNHWLHUH XQG .DQRQLHUH ZXUGHQ 2SIHU YRQ 0DVVHQHQWODVVXQJHQ VLH VWDQGHQ GDQQ EXFKVWlEOLFK DXIGHU6WUDHXQGZDUHQJHIUFKWHWDOVKHUXPVWURPHUQGH%HWWOHU5lXEHU XQG*HOHJHQKHLWVWRWVFKOlJHU 'HQ+DXSWOHXWHQXQG)KUHUQGHUÄ6ROGDWHQ³NDPHVGDUDXIDQGXUFK 3OQGHUXQJHQ%HXWH]XPDFKHQXQGGLHVHLQ*HOG]XYHUZDQGHOQ'DEHL VROOWHGHURXWSXWGHU%HXWHJU|HUVHLQDOVGHULQSXWGHU.ULHJVNRVWHQ'DV ZDUHLQHQWVFKHLGHQGHU,PSXOVIUGLH*HEXUWGHUPRGHUQHQEHWULHEVZLUW VFKDIWOLFKHQ 5DWLRQDOLWlW 'LH PHLVWHQ *HQHUlOH XQG 6|OGQHUIKUHU GHU IUKHQ1HX]HLWOHJWHQLKU%HXWH*HOGJHZLQQEULQJHQGDQXQGZXUGHQ]X 7HLOKDEHUQGHV*HOGXQG+DQGHOVNDSLWDOV1LFKWGHUIULHGOLFKH.DXIPDQQ GHUÀHLLJH6SDUHUXQGGHULGHHQUHLFKH3URGX]HQWVWDQGDOVRDP$QIDQJ GHV .DSLWDOLVPXV JDQ] LP *HJHQWHLO :LH GLH Ä6ROGDWHQ³ DOV EOXWLJH +DQGZHUNHUGHU)HXHUZDIIHQGLH3URWRW\SHQGHUPRGHUQHQ/RKQDUEHLWHU ZDUHQVRGLHÄ*HOGPDFKHQGHQ³+HHUIKUHUXQG&RQGRWWLHULGLH3URWRW\ SHQGHVPRGHUQHQ8QWHUQHKPHUWXPVXQGVHLQHUÄ5LVLNREHUHLWVFKDIW³ $OVIUHLH8QWHUQHKPHUGHV7RGHVZDUHQGLH&RQGRWWLHULMHGRFKDQJH ZLHVHQDXIGLHJURHQ.ULHJHGHUVWDDWOLFKHQ=HQWUDOJHZDOWHQXQGGHUHQ )LQDQ]LHUXQJVIlKLJNHLW'DVZHFKVHOKDIWHPRGHUQH9HUKlOWQLVYRQ0DUNW XQG6WDDWKDWKLHUVHLQHQ8UVSUXQJ8PGLH5VWXQJVLQGXVWULHQXQG%ROO
ZHUNHGLHULHVLJHQ$UPHHQXQGGLH.ULHJH¿QDQ]LHUHQ]XN|QQHQPXWHQ VLFKGLHIUKPRGHUQHQ6WDDWHQLQ0LOLWlUGHVSRWLHQYHUZDQGHOQXQGLKUH %HY|ONHUXQJELVDXIV%OXWDXVSUHVVHQ'HU6DFKHHQWVSUHFKHQGJHVFKDK GLHVLQHLQHUHEHQIDOOVQHXHQ)RUP $QGLH6WHOOHGHUDOWHQ1DWXUDODEJDEHQ WUDWGLHPRQHWlUH%HVWHXHUXQJ 'LH 0HQVFKHQ ZXUGHQ DOVR JH]ZXQJHQ Ä*HOG]XYHUGLHQHQ³XPLKUH6WHXHUQDQGHQ6WDDWEH]DKOHQ]XN|QQHQ $XIGLHVH:HLVHIRUFLHUWHGLH.ULHJVZLUWVFKDIWQLFKWQXUGLUHNWVRQGHUQ DXFK LQGLUHNW GDV PDUNWZLUWVFKDIWOLFKH 6\VWHP =ZLVFKHQ GHP XQG GHP-DKUKXQGHUWVWLHJGLH PRQHWDULVLHUWH %HVWHXHUXQJGHU0DVVHQLQ GHQHXURSlLVFKHQ/lQGHUQXPELV]X3UR]HQW 'DVHU]ZXQJHQHÄ*HOGYHUGLHQHQ³QLFKWIUHLJHQHVRQGHUQIUIUHP GH=ZHFNHGLHXQJHKHXUHPLOLWlUGHVSRWLVFKH$XVSUHVVXQJOLHHUVWGLH $EVWUDNWLRQGHV*HOGHVXQGGLH$EVWUDNWLRQGHU$UEHLW]XVDPPHQÀLHHQ .HLQ :XQGHU GD VLFK GHU 3URWHVWDQWLVPXV&DOYLQLVPXV KHUYRUUDJHQG DOV ,GHRORJLH IU GLH DXINRPPHQGH IUKPRGHUQH 5VWXQJVgNRQRPLH HLJQHWH NRQQWH GRFK GHU JHQXORVH 6HOEVW]ZHFN&KDUDNWHU GHU DEV WUDNWHQ$QKlXIXQJ YRQ 5HLFKWPHUQ DXI GLHVH:HLVH QLFKW QXU GLH LKP DQJHPHVVHQH ÄHQWVLQQOLFKWH³ *HOGIRUP DQQHKPHQ VRQGHUQ DXFK GLH ZHQLJHUÄDXVHUZlKOWH³0HQVFKKHLWPLWGHUGD]XJHK|ULJHQDEVWUDNWHQ7l WLJNHLWVIRUPNXMRQLHUHQ'LH$EVWUDNWLRQÄ$UEHLW³ZXUGHQXQ]XP%HJULII GHU9HUDXVJDEXQJ YRQ /HEHQVHQHUJLH IU GHQ DXIJH]ZXQJHQHQ lXHUHQ =ZHFNXQGLKUHDOWH%HGHXWXQJYRQ8QPQGLJNHLWXQG8QVHOEVWlQGLJNHLW JHZDQQLQGLHVHP.RQWH[WQHXHV*HZLFKWZlKUHQGVLHLQGHUUHOLJL|VHQ hEHUK|KXQJJOHLFK]HLWLJVFKRQHLQHQJHVHOOVFKDIWOLFKDOOJHPHLQHQ&KD UDNWHUDQQDKP GHU.DWKROL]LVPXVPXWHLQGHU)ROJHGLHSURWHVWDQWLVFKH 6lNXODULVLHUXQJGHU$UEHLWZRKORGHUEHOQDFKYROO]LHKHQ 1DWUOLFKOLHHQVLFKGLH0HQVFKHQQLFKWIUHLZLOOLJLQGLH=XPXWXQJHQ GHUQHXHQ5VWXQJVXQG*HOGZLUWVFKDIWKLQHLQ]LHKHQ6LHNRQQWHQGD]X QXU GXUFK EOXWLJH 8QWHUGUFNXQJ JH]ZXQJHQ ZHUGHQ 'LH SHUPDQHQWH .ULHJVZLUWVFKDIW GHU )HXHUZDIIHQ HU]HXJWH IU HLQLJH -DKUKXQGHUWH GHQ SHUPDQHQWHQ9RONVDXIVWDQG XQG GDPLW GHQ SHUPDQHQWHQ .ULHJ QDFK LQ QHQ YRQGHQÄ%DXHUQNULHJHQ³GHUIUKHQ1HX]HLWELV]XGHQ$XIVWlQGHQ GHU Ä/XGGLWHQ³ GHU DQJHEOLFKHQ Ä0DVFKLQHQVWUPHU³ LP =HLWDOWHU GHU ,QGXVWULDOLVLHUXQJ 8P GLH XQJHKHXUHQ$EJDEHQ DXVSUHVVHQ ]X N|QQHQ PXWHQGLHVWDDWOLFKHQ=HQWUDOJHZDOWHQHLQHQHEHQVRXQJHKHXUHQ$SSDUDW
GHU 3ROL]HL XQG GHU 9HUZDOWXQJ DXIEDXHQ VLH ZXUGHQ ÄDEVROXWLVWLVFK³ $OOHPRGHUQHQ6WDDWVDSSDUDWHVWDPPHQDXVGLHVHU*HVFKLFKWHDE$QGLH 6WHOOHORNDOHU6HOEVWYHUZDOWXQJWUDWGLH]HQWUDOLVWLVFKHXQGKLHUDUFKLVFKH 9HUZDOWXQJGXUFKHLQH%URNUDWLHGHUHQ.HUQYRQGHQ$SSDUDWHQGHU%H VWHXHUXQJXQGGHULQQHUHQ8QWHUGUFNXQJJHELOGHWZXUGH $XFKGLHVSlWHUHWDWVlFKOLFKH(QWZLFNOXQJGHUÄLQGXVWULHOOHQ3URGXN WLYNUlIWH³WUXJLPPHUGDV%UDQGPDOGLHVHU8UVSUQJH'LH,QGXVWULDOLVLH UXQJGHV -DKUKXQGHUWVZDUVRZRKOWHFKQRORJLVFKDOVDXFKRUJDQLVDWL RQVXQGPHQWDOLWlWVJHVFKLFKWOLFKHLQ$EN|PPOLQJGHU)HXHUZDIIHQGHU IUKPRGHUQHQ5VWXQJVSURGXNWLRQXQGLKUHUJHVHOOVFKDIWOLFKHQ)ROJHSUR ]HVVH,QVRIHUQLVWHVNDXPEHUUDVFKHQGGDGLHUDVDQWHNDSLWDOLVWLVFKH (QWZLFNOXQJGHU3URGXNWLYNUlIWHVHLWGHUHUVWHQLQGXVWULHOOHQ5HYROXWLRQ QLHPDOV DQGHUV DOV LQ HLQHU GHVWUXNWLYHQ )RUP YRU VLFK JHKHQ NRQQWH VHOEVWQRFKEHLGHQVFKHLQEDUXQVFKXOGLJVWHQWHFKQLVFKHQ(UQHXHUXQJHQ 1LFKW QXU WHFKQRORJLVFK VRQGHUQ DXFK LQ LKUHU JHVHOOVFKDIWOLFKHQ 6WUXNWXU NDQQ GLH PRGHUQH ZHVWOLFKH 'HPRNUDWLH QLFKW YHUEHUJHQ GD VLHHLQ$EN|PPOLQJGHUIUKPRGHUQHQ5VWXQJVXQG0LOLWlUGLNWDWXULVW 8QWHUGHUGQQHQ2EHUÀlFKHGHUGHPRNUDWLVFKHQ$EVWLPPXQJV5LWXDOH XQGGHUSROLWLVFKHQ'LVNXUVH¿QGHQZLUGDV0RQVWUXPHLQHV$SSDUDWVGHU GLHVFKHLQEDUIUHLHQ6WDDWVEUJHUSHUPDQHQWYHUZDOWHWXQGGLV]LSOLQLHUWLP 1DPHQGHUWRWDOHQ*HOGZLUWVFKDIWXQGGHUGDPLWELVKHXWHYHUEXQGHQHQ .ULHJV|NRQRPLH'LHÄ$UEHLWVYHUZDOWXQJ³LVW]HQWUDOHU%HVWDQGWHLOGLHVHU 6WUXNWXU,QNHLQHU*HVHOOVFKDIWGHU*HVFKLFKWHJDEHVMHPDOVHLQHQGHUDUW KRKHQSUR]HQWXDOHQ$QWHLOYRQ6WDDWVEHDPWHQXQG0HQVFKHQYHUZDOWHUQ 6ROGDWHQXQG3ROL]LVWHQ NHLQHKDWMHPDOVHLQHQGHUDUWJURHQ7HLOLKUHU 5HVVRXUFHQIU5VWXQJXQG0LOLWlUYHUVFKOHXGHUW
'LHÄKHUDXVJHO|VWHgNRQRPLH³ 9HUVXFKWPDQGLHDOOJHPHLQHVR]LDOHXQG|NRQRPLVFKH/RJLNGHVVHQ ]X HUIDVVHQ ZDV GLH DEVROXWLVWLVFKHQ 0LOLWlUGHVSRWLHQ GHU )UKQHX]HLW JHVHOOVFKDIWOLFK DXI GHQ :HJ JHEUDFKW KDEHQ GDQQ OlW VLFK GLHVH /R JLN DOV VHOEVW]ZHFNKDIWH9HUVHOEVWlQGLJXQJ GHV *HOGHV XQG GDPLW DXFK GHU GD]XJHK|ULJHQ DEVWUDNWHQ 7lWLJNHLWVIRUP Ä$UEHLW³ EHVWLPPHQ 'HU
VSULFKZ|UWOLFKH *HOGKXQJHU GHV $EVROXWLVPXV KDWWH ]ZDU QRFK HLQHQ VSH]L¿VFKHQ XQG PDWHULHOOHQ DOOHUGLQJV DXFK VFKRQ YHUVHOEVWlQGLJWHQ =ZHFN QlPOLFK HEHQ GLH QHXH 3ROLWLVFKH gNRQRPLH GHU )HXHUZDIIHQ XQG LKUH (UIRUGHUQLVVH$EHU GLH HLQPDO LQ GLH:HOW JHVHW]WH /RJLN GHV Ä*HOGPDFKHQV³ EHJDQQ GLH EHVFKUlQNWHQ =LHOVHW]XQJHQ GHV $EVROXWLV PXV]XEHUVWHLJHQGHUVLFKVFKRQEDOGLQGHU5ROOHGHV=DXEHUOHKUOLQJV VDK'HQQGDVÄ3OXVPDFKHQ³LQGHU*HOGIRUPEHVFKUlQNWHVLFKQDFKGHP HVHLQPDOHQWIHVVHOWZDUQLFKWPHKUDXIHLQHlXHUOLFK HWZDLQGHU)RUP GHUPRQHWlUHQ%HVWHXHUXQJ DQGLHELVKHULJH3URGXNWLRQVZHLVHKHUDQJH WUDJHQH =XPXWXQJ VRQGHUQ HV ZXUGH ]XP LQQHUHQ$QWULHE HLQHU QHXHQ 3URGXNWLRQVZHLVHGLHGHQJHVDPWHQ*HVHOOVFKDIWVN|USHUHUIDWH 6FKRQGLHDEVROXWLVWLVFKHQ5HJLPHVVHOEVWZDUHQGD]XEHUJHJDQJHQ QHEHQGHUPRQHWlUHQ%HVWHXHUXQJHLJHQH3URGXNWLRQVXQWHUQHKPHQDXHU KDOEGHUWUDGLWLRQHOOHQ*LOGHQXQG=QIWH]XJUQGHQGHUHQ=ZHFNQLFKW PHKU%HGUIQLVEHIULHGLJXQJVRQGHUQHLQ]LJXQGDOOHLQ*HOGEHVFKDIIXQJ ZDU'LHVHVWDDWOLFKHQ0DQXIDNWXUHQXQG3ODQWDJHQSURGX]LHUWHQHUVWPDOV DXVVFKOLHOLFKIUJURUlXPLJHDQRQ\PH0lUNWHGLHVFKOLHOLFK]XU9R UDXVVHW]XQJGHUÄIUHLHQ³.RQNXUUHQ]ZHUGHQVROOWHQ'DV*HOGZXUGHVR DXVHLQHPEORPDUJLQDOHQ0HGLXP]XUDOOJHPHLQHQ9RUDXVVHW]XQJXQG JOHLFK]HLWLJ]XPDOOJHPHLQHQ(QG]ZHFNGHVJHVDPWHQJHVHOOVFKDIWOLFKHQ /HEHQV,P(QGUHVXOWDWNRQQWHNHLQ6WFN%URWPHKUSURGX]LHUWZHUGHQ ZHQQHVQLFKWGHUNDSLWDOLVWLVFKHQ7lWLJNHLWVIRUPXQWHUZRUIHQZXUGHGK GHU DEVWUDNWHQ $UEHLW DOV VHOEVW]ZHFNKDIWHU 9HUZDQGOXQJ PHQVFKOLFKHU (QHUJLHLQ*HOG.DUO0DU[ZDUGHUHUVWHGHUGLHVHQDEVXUGHQ|NRQRPL VFKHQ0HFKDQLVPXVXQGGLHGDULQHLQJHVFKORVVHQH9HUNHKUXQJYRQ0LW WHOXQG=ZHFNSUl]LVHDQDO\VLHUWKDW'DV*HOGZDUJHZLVVHUPDHQ]XP LUUDWLRQDOHQ Ä*UXQGQDKUXQJVPLWWHO³JHZRUGHQ(VZDUQXQQLFKWPHKU HLQ0HGLXPXPHLQHQ7HLOGHU%HGUIQLVVH]XYHUPLWWHOQVRQGHUQJHQDX XPJHNHKUWZDUHQGLH%HGUIQLVVHQXUQRFKHLQ0HGLXP XQGLKUH%HIULH GLJXQJHLQEORHV$EIDOOSURGXNW XPGLHDXIVLFKVHOEVWUFNJHNRSSHOWH Ä9HUZHUWXQJ³GHV*HOGHV]XYHUPLWWHOQ 'DPLWKDWWHVLFKGLH(QGORVEHZHJXQJHLQHU9HUZDQGOXQJYRQ$UEHLW LQ *HOG EHU DOOH XUVSUQJOLFKHQ =ZHFNH KLQDXV ]X HLQHP N\EHUQHWL VFKHQ Ä6\VWHP³ JHVFKORVVHQ 'LHVHU KHUPHWLVFKH 6\VWHPFKDUDNWHU IDQG QDFK GHP $EVROXWLVPXV VHLQH QHXHQ 5HSUlVHQWDQWHQ LQ MHQHP ÄIUHLHQ
8QWHUQHKPHUWXP³ GDV LQ DXIVWHLJHQGHU /LQLH DXV GHQ IUKPRGHUQHQ 6|OGQHUIKUHUQ GHQ EOXWVDXJHULVFKHQ 6WHXHUSlFKWHUQ XQG GHQ 9HUZDO WHUQGHUDEVROXWLVWLVFKHQ6WUlÀLQJV0DQXIDNWXUHQXQG6NODYHQSODQWDJHQ KHUYRUJHJDQJHQZDU0DQNDQQVLFKGHQNHQZHOFKHQ%HJULIIYRQÄ)UHL KHLW³GLHVHLOOXVWUHQ+HUUVFKDIWHQLQLKUHU,GHRORJLHGHV |NRQRPLVFKHQ Ä/LEHUDOLVPXV³ NUHLHUWHQ XQG JHJHQ GLH DEVROXWLVWLVFKHQ 9lWHU NHKUWHQ QlPOLFKIUGLHHLQHQGLHÄ)UHLKHLW³LQGLHVHP6\VWHPÄXQWHUQHKPHULVFK³ WlWLJ]XVHLQ]ZHFNVJHQXORVHU*HOGDQKlXIXQJXQGIUGLHDQGHUHQGLH Ä)UHLKHLW³VLFKGHQDQJHEOLFKHQÄ1DWXUJHVHW]HQ³GLHVHVYHUVHOEVWlQGLJ WHQ 6\VWHPV YRQ JHVHOOVFKDIWOLFKHU =ZDQJVDUEHLW *HOGYHUZHUWXQJ XQG DQRQ\PHQ0lUNWHQEHGLQJXQJVORV]XXQWHUZHUIHQ 'LHDEVROXWLVWLVFKHQ5HJLPHVZDUHQIUGLH)RUWHQWZLFNOXQJGHV6\V WHPVG\VIXQNWLRQDOJHZRUGHQZHLOLKUHG\QDVWLVFKH5HJLHUXQJVIRUPGHQ KHUDXVJHELOGHWHQYHUVDFKOLFKWHQ6WUXNWXUHQQLFKWPHKUDQJHPHVVHQZDU :DVEOLHEZDUMHQHORVJHODVVHQH/RJLNGHUHQ$UFKHW\SXVGLH.DQRQHJH ZHVHQZDU GDVÄ:HUN]HXJ³GDVVHLQHQ6FK|SIHU]XEHKHUUVFKHQEHJLQQW 'DPLWKDWVLFKEHUKDXSWHUVWHLQHYRPEULJHQ/HEHQJHWUHQQWH6SKlUH GHU VRJHQDQQWHQ gNRQRPLH RGHU Ä9RONVZLUWVFKDIW³ LP PRGHUQHQ 6LQQH KHUDXVJHELOGHW 'LHVHQEHVRQGHUHQ$VSHNWKDWYRUDOOHPGHU6R]LDOXQG:LUWVFKDIWV KLVWRULNHU .DUO 3RODQ\L DQDO\VLHUW ,Q VHLQHP VFKRQ NODVVLVFKHQ :HUN Ä7KH*UHDW7UDQVIRUPDWLRQ³ 3RODQ\L EHVFKlIWLJWHUVLFKLP 8QWHUVFKLHG ]X 0DU[ ZHQLJHU PLW GHU LQQHUHQ 6HOEVW]ZHFN/RJLN GHU Ä9HUZHUWXQJ GHV:HUWV³ XQG LKUHQ *HVHW]PlLJNHLWHQ DOV YLHOPHKU PLW GHU7DWVDFKHGDVLFKGDEHLGLHgNRQRPLHGLHLPXUVSUQJOLFKHQDQWL NHQ 6LQQH JOHLFKEHGHXWHQG PLW +DXVZLUWVFKDIW IU GHQ %HGDUI JHZHVHQ ZDU LQ MHQH XQKHLPOLFK YHUVHOEVWlQGLJWH 6SKlUH YHUZDQGHOW KDW GLH LQ NHLQHEHUJUHLIHQGHVR]LDOH*HVHOOVFKDIWVRUGQXQJPHKUHLQJHEXQGHQLVW 0LW%OLFNDXIGLHVHVXQHUK|UW1HXHGDVYRQGHQOLEHUDOHQ,GHRORJHQ]XU ÄPHQVFKOLFKHQ1DWXU³XPJHGHXWHWZRUGHQLVWVDJW3RODQ\L Ä6LFKHUOLFK NDQQNHLQH*HVHOOVFKDIWRKQHLUJHQGHLQ6\VWHPDXVNRPPHQGDVGLH(U ]HXJXQJXQG9HUWHLOXQJYRQ*WHUQVLFKHUVWHOOW'DUDXVIROJWDEHUQLFKW GDHVVHSDUDWHZLUWVFKDIWOLFKH,QVWLWXWLRQHQJHEHQPX QRUPDOHUZHLVH LVWGLH:LUWVFKDIWVRUGQXQJEORHLQH)XQNWLRQGHU*HVHOOVFKDIWVRUGQXQJ LQ GHU VLH HLQJHVFKORVVHQ LVW'LH *HVHOOVFKDIW GHV -DKUKXQGHUWV LQ
GHU GLH ZLUWVFKDIWOLFKH 7lWLJNHLW KHUDXVJHO|VW XQG HLQHP VSH]L¿VFKHQ |NRQRPLVFKHQ 7ULHE ]XJHVFKULHEHQ ZXUGH ZDU LQ GHU 7DW HLQH EHPHU NHQVZHUWH $EZHLFKXQJ(LQH VROFKH LQVWLWXWLRQHOOH 6FKDEORQH NRQQWH QLFKW IXQNWLRQLHUHQ DXHU GLH *HVHOOVFKDIW ZXUGH LKUHQ (UIRUGHUQLVVHQ LUJHQGZLHXQWHUJHRUGQHW(LQH0DUNWZLUWVFKDIWNDQQQXULQHLQHU0DUNW JHVHOOVFKDIWH[LVWLHUHQ,P=XJHGLHVHU(QWZLFNOXQJZDUGLHPHQVFKOLFKH *HVHOOVFKDIW]XHLQHP%HLZHUNGHV:LUWVFKDIWVV\VWHPVKHUDEJHVXQNHQ³ 3RODQ\LDD2II :lKUHQGLQDOOHQDQGHUHQÄLQWHJULHUWHQ*HVHOOVFKDIWHQ³ZLH3RODQ\L VLHQHQQWGLHZLUWVFKDIWOLFKH7lWLJNHLWHLQHPNXOWXUHOOHQ=XVDPPHQKDQJ XQWHUJHRUGQHWEOLHEZLHLPPHUGLHVHU]XEHXUWHLOHQVHLQPDJVWHOOWGHU .DSLWDOLVPXV GDV 9HUKlOWQLV YRQ *HVHOOVFKDIW XQG :LUWVFKDIW DXI GHQ .RSI 'LH *HVHOOVFKDIWVRUGQXQJ LVW QXU QRFK HLQH )XQNWLRQ GHU :LUW VFKDIWVRUGQXQJGLHDOOHQVR]LDOHQ%HUHLFKHQXQG%HGUIQLVVHQJHJHQEHU DXWRQRPJHZRUGHQLVW,QGLHVHU9HUNHKUXQJLVWQLFKWQXUGDVVFKLHUH*H JHQWHLOYRQ6HOEVWlQGLJNHLWXQG6HOEVWYHUDQWZRUWXQJEHJUQGHWQlPOLFK GLHYROOVWlQGLJH6HOEVWDXVOLHIHUXQJDQGHQ6HOEVW]ZHFNGHV*HOGHVVRQ GHUQ DXFK GLH 0DORVLJNHLW HLQHV XQDXIK|UOLFKHQ 9HUPHKUXQJVGUDQJHV GD HV MD NHLQHUOHL 5FNNRSSHOXQJ DXI %HGUIQLVVH JHLVWLJH 5HÀH[LRQ XQGNXOWXUHOOH%HVWLPPXQJHQPHKUJLEWVRQGHUQHLQ]LJGLH5FNNRSSH OXQJGHVYHUVHOEVWlQGLJWHQ|NRQRPLVFKHQ0HGLXPVDXIVLFKVHOEVW'DV EHJDQQ DEHU QLFKW HUVW PLW GHP ÄKHUDXVJHO|VWHQ³ .DSLWDOLVPXV GHV -DKUKXQGHUWVVRQGHUQVFKRQPLWGHUÄKHUDXVJHO|VWHQ³)HXHUZDIIHQgNR QRPLH GHU IUKQHX]HLWOLFKHQ 5HJLPHV DXFK ZHQQ HV GLH NDSLWDOLVWLVFKH ,QGXVWULDOLVLHUXQJVHLW(QGHGHV-DKUKXQGHUWVZDUGLHGDQQGHQYROOHQ 'XUFKEUXFKGLHVHU/RJLNEUDFKWH $UEHLWLPPRGHUQHQ6LQQHLVWVRPLWJHQDXHUQDFKGHPKHUDXVJHELO GHWHQ XQSHUV|QOLFKHQ 6\VWHP]XVDPPHQKDQJ EHVWLPPW GLH VSH]L¿VFKH 7lWLJNHLWVIRUP GHU ÄKHUDXVJHO|VWHQ gNRQRPLH³ :LH HV EHL GHU DOV VR ]LDOH $EVWUDNWLRQ Ä$UEHLW³ EHVWLPPWHQ 7lWLJNHLW GHV DQWLNHQ 6NODYHQ JOHLFKJOWLJZDUZDVHUWDWZHLOHVHEHQLPPHUGLH9HUDXVJDEXQJYRQ Ä.QHFKWVHQHUJLH³ZDUVRLVWQXQGHU,QKDOWGHUJHVDPWHQJHVHOOVFKDIWOL FKHQ5HSURGXNWLRQJOHLFKJOWLJJHZRUGHQZHLOHVVLFKLPPHUXPGLHVHO EH9HUZDQGOXQJDEVWUDNWHUPHQVFKOLFKHU(QHUJLHLQ*HOGKDQGHOW,QGHP VLFK QDKH]X DOOH 7lWLJNHLW DXI GLH HQWIUHPGHWH ÄKHUDXVJHO|VWH³ 6HOEVW
]ZHFN6SKlUH GHU gNRQRPLH NRQ]HQWULHUW KDW VLFK GLH HLQVWPDOV VR]LDO HLQJHJUHQ]WH$EVWUDNWLRQÄ$UEHLW³DOV.QHFKWVWlWLJNHLW]XUJHVHOOVFKDIW OLFKDOOJHPHLQHQ7lWLJNHLWVIRUPJHPDXVHUW/HW]WHQ(QGHVKHLWGDVGD HVEHUKDXSWQXUQRFK.QHFKWVWlWLJNHLWHQJLEWDXFKZHQQGHUÄ+HUU³NHLQ SHUV|QOLFKHUPHKULVWVRQGHUQGHUDQRQ\PH6\VWHP]XVDPPHQKDQJ 'LH$UEHLW LVW VHOEHU DQ GLH 6WHOOH *RWWHV JHWUHWHQ XQG LQVRIHUQ VLQG MHW]WDOOH0HQVFKHQÄ.QHFKWH*RWWHV³GLHVLFKQXUQRFKGXUFKLKUHIXQN WLRQHOOH 6WHOOXQJ LQ GHU +LHUDUFKLH HLQHU DOOJHPHLQHQ Ä/HLGHQVWlWLJNHLW³ XQWHUVFKHLGHQGLHNHLQHQ6LQQKDWDOVVLFKVHOEVW$XFKGDV0DQDJHPHQW LVW7HLOGHU$UEHLWXQGQLPPWGLHVHVLUGLVFKH.UHX]DXIVLFKXPJHUDGH GDULQVHLQHPDVRFKLVWLVFKH0DFKW]X¿QGHQQXQPHKUJlQ]OLFKVlNXOD ULVLHUWVHOEVWQRFKYRQGHQSURWHVWDQWLVFKHQ0RWLYHQDEJHO|VWXQGVHLQHU 8UVSUQJHQLFKWPHKUEHZXW'HUKRPHULVFKH+HOG2G\VVHXVKlWWHGLH KHXWLJHQ VRJHQDQQWHQ +HUUVFKHQGHQ DOV DUPVHOLJH .QHFKWH YHUDFKWHW ZHLOVLHVLFKVHOEHUXQWHUGDV-RFKGHU$UEHLWEHXJHQXQGVLFKGDPLWLQ GLH)RUPGHU8QPQGLJNHLWEHJHEHQGLH]XUJHVHOOVFKDIWOLFKDOOJHPHL QHQJHZRUGHQLVW$UEHLWDOV9HUKDOWHQVVW|UXQJGHU0RGHUQHKDW]XHLQHU *HVHOOVFKDIWGHUDOOJHPHLQHQ8Q]XUHFKQXQJVIlKLJNHLWJHIKUW (V LVW PHUNZUGLJ ZLH GHU 0DU[LVPXV XQJHZROOW ]XP .RPSOL]HQ GLHVHU8Q]XUHFKQXQJVIlKLJNHLW XQGLQVRIHUQVHOEHU]XHLQHP7UHQGVHWWHU NDSLWDOLVWLVFKHU(QWZLFNOXQJ ZXUGHLQGHPHULPVSlWHUHQ -DKUKXQ GHUWDOV'LVVLGHQ]GHV/LEHUDOLVPXVGHVVHQSRVLWLYHQ$UEHLWVEHJULIIEHU QRPPHQ KDW:lKUHQG 0DU[ DOV HLQ IU GDV SRVLWLYLVWLVFKH %HZXWVHLQ ÄGXQNOHU³7KHRUHWLNHU]XVDPPHQPLWVHLQHUUDGLNDOHQ.ULWLNGHUYHUVHOE VWlQGLJWHQ|NRQRPLVFKHQ)RUPHQ GLHHUEHNDQQWOLFKDOVÄ)HWLVFKLVPXV³ EH]HLFKQHWH LPPHUKLQ DQ GLH .ULWLN GHU $UEHLW ZHQLJVWHQV KHUDQNDP RKQH VLH DOOHUGLQJV NRQVHTXHQW ]X YROOHQGHQ EOLHE GHU $UEHLWHUEHZH JXQJV0DU[LVPXV DXI GHU IlOVFKOLFK DOV EHUKLVWRULVFK EHVWLPPWHQ DE VWUDNWHQ$UEHLWVNDWHJRULHVLW]HQ'DUDQ]HLJWVLFKGDGLHXQVEHNDQQWH $UEHLWHUEHZHJXQJQLFKWHWZDGHU%HJLQQHLQHUK|KHUHQ5HÀH[LRQVVWXIH YRQ*HVHOOVFKDIWVNULWLNZDUVRQGHUQHKHUGDV5HVXOWDWHLQHUKLVWRULVFKHQ 1LHGHUODJHGHUDOWHQVR]LDOUHEHOOLVFKHQ%HZHJXQJHQJHJHQGLH$UEHLWVHLW GHP -DKUKXQGHUW ,Q 9HUNHQQXQJ GHV ZLUNOLFKHQ =XVDPPHQKDQJV PDFKWHQGLHÄ3DUWHLHQGHU$UEHLW³GHQYHUJHEOLFKHQ9HUVXFKGHQ.DSLWD OLVPXVPLWVHLQHPHLJHQHQ7lWLJNHLWVEHJULII]XNULWLVLHUHQ
Ä%HWULHEVZLUWVFKDIW³DOVDEVWUDNWH5DXP]HLW ,Q GHU ÄKHUDXVJHO|VWHQ gNRQRPLH³ JHZLQQW ]XVDPPHQ PLW GHU DE VWUDNWHQ 7lWLJNHLWVIRUP Ä$UEHLW³ DXFK GLH GDULQ HLQJHVFKORVVHQH =HLW HLQHK|FKVWHLJHQWPOLFKHJHUDGH]XJHVSHQVWLVFKH4XDOLWlW'LH=HLWGHU 3URGXNWLRQZLUGYRQDOOHQ%HGUIQLVVHQXQGVHOEVWJHVHW]WHQ=ZHFNHQGHU 3URGX]HQWHQ DEJHWUHQQW VLH ZLUG VHOEVW ]XU DXV]XEHXWHQGHQ 5HVVRXUFH =HLWLVWEHNDQQWOLFK*HOG XQGGHVZHJHQKDWGLH=HLWIUGHQ.DSLWDOLV PXV LPPHU VFKRQ HLQH HQWVFKHLGHQGH 5ROOH JHVSLHOW$EHU XQWHU VHLQHU YHUVHOEVWlQGLJWHQ=ZHFNVHW]XQJZLUGDXFKGLH=HLWDEVWUDNWPLWK|FKVW XQDQJHQHKPHQ)ROJHQIUGLH0HQVFKHQGLHGLHVHU=HLWIUGHQJU|WHQ 7HLOLKUHV/HEHQVDXVJHOLHIHUWVLQG 'LHHQWVFKHLGHQGHXQGELVKHXWHJOWLJHSKLORVRSKLVFKH5HÀH[LRQGHV PRGHUQHQ=HLWEHJULIIV¿QGHWVLFKEHL,PPDQXHO.DQW .DQW KDWHQWGHFNWGD5DXPXQG=HLWNHLQHLQKDOWOLFKHQ%HJULIIHGHVPHQVFK OLFKHQ'HQNHQVVLQGVRQGHUQGLHDSULRULVFKHQ)RUPHQXQVHUHV:DKUQHK PXQJVXQG'HQNYHUP|JHQV:LUN|QQHQGLH:HOWQXULQGHQ)RUPHQYRQ 5DXPXQG=HLWHUNHQQHQGLHXQVHUHU9HUQXQIWHLQJHVFKULHEHQVLQGXQG ]ZDUYRUMHGHU(UNHQQWQLV$EHU.DQWEHVWLPPWGLHVH)RUPHQYRQ5DXP XQG =HLW Y|OOLJ DEVWUDNW XQG XQKLVWRULVFK DOV IU DOOH (SRFKHQ *HVHOO VFKDIWVIRUPHQ XQG .XOWXUHQ JOHLFKHUPDHQ JOWLJ =HLW LVW IU LKQ ÄGDV =HLWOLFKH EHUKDXSW³ RKQH MHGH EHVWLPPWH 4XDOLWlW 'HPHQWVSUHFKHQG QHQQWHU5DXPXQG=HLWÄUHLQH)RUPHQGHU$QVFKDXXQJ³=HLWLVWDOVRIU .DQWHLQHDEVWUDNWHLQKDOWVORVHXQGLPPHUJOHLFKI|UPLJH)OLH]HLWGHUHQ (LQKHLWHQ DOOH LGHQWLVFK VLQG Ä9HUVFKLHGHQH =HLWHQ VLQG QXU7HLOH HEHQ GHUVHOEHQ=HLW³ .DQW 'LH NXOWXUKLVWRULVFKH )RUVFKXQJ KDW OlQJVW KHUDXVJHIXQGHQ GD GLH VH XQKLVWRULVFKH %HVWLPPXQJ GHV (UOHEHQV XQG GHU :DKUQHKPXQJ YRQ =HLWQLFKWKDOWEDULVW6RZXUGHYRUDOOHPHUNDQQWGDGLHYRUPRGHUQHQ DJUDULVFKHQ.XOWXUHQQLFKWLQHLQHUJOHLFKI|UPLJHQOLQHDUHQ=HLWGDFKWHQ VRQGHUQHKHULQHLQHU]\NOLVFKHQ=HLW JHZLVVHUPDHQLQZLHGHUNHKUHQGHQ =HLWUK\WKPHQ JHIRUPW QDFK MDKUHV]HLWOLFKHQ DJUDULVFKHQ XQG NRVPL VFKHQ=\NOHQ0DJDOVRDXFKGLH=HLWHLQHGHPPHQVFKOLFKHQ(UNHQQW QLVYHUP|JHQDSULRULVFKHLQJHVFKULHEHQH)RUPGHU:DKUQHKPXQJVHLQVR XQWHUOLHJW GLHVH )RUP GRFK HLQHP NXOWXUHOOHQ XQG KLVWRULVFKHQ:DQGHO
'LH MQJVWHQ )RUVFKXQJHQ EHU YHUVFKLHGHQH =HLWNXOWXUHQ KDEHQ GLHVH (UNHQQWQLV EHVWlWLJW ,Q DOOHQ .XOWXUHQ DXHUKDOE GHU NDSLWDOLVWLVFKHQ 0RGHUQHÄYHUJHKW³GLH=HLWQLFKWQXUDQGHUVVRQGHUQHVJLEWVRJDUJDQ] YHUVFKLHGHQHSDUDOOHOYHUODXIHQGH)RUPHQGHU=HLW MHQDFKGHPDXIZHO FKHQ*HJHQVWDQGRGHU/HEHQVEHUHLFKGLH:DKUQHKPXQJGHU=HLWEH]RJHQ LVW Ä-HGHV'LQJKDWVHLQHHLJHQH=HLW³ ,QGHPGLHYHUVHOEVWlQGLJWHgNRQRPLHGHV.DSLWDOVGLH$EVWUDNWLRQHQ YRQ*HOGXQG$UEHLWLQMHQHQDXIVLFKVHOEVWUFNJHNRSSHOWHQ6HOEVW]ZHFN YHUZDQGHOWHYHUNHKUWHVLHEHUKDXSWGDV9HUKlOWQLVYRQ$EVWUDNWXPXQG .RQNUHWXP 'LH$EVWUDNWLRQ ]%$UEHLWRGHU=HLW LVWMHW]WQLFKWPHKU $XVGUXFNHLQHUNRQNUHWHQXQGVLQQOLFKHQ:HOWVRQGHUQXPJHNHKUWJHOWHQ DOOH NRQNUHWHQ =XVDPPHQKlQJH XQG VLQQOLFKHQ *HJHQVWlQGH QXU QRFK DOV$XVGUXFN GHU NDSLWDOLVWLVFKHQ$EVWUDNWLRQ GLH LQ GHU YHUGLQJOLFKWHQ *HVWDOWGHV*HOGHVGLH*HVHOOVFKDIWEHKHUUVFKW'DV0DGHU$UEHLWXQG GDPLW GHV *HOGHV DEHU LVW GLH =HLW$OOHUGLQJV LVW DXFK GLHVH =HLW QLFKW PHKUGLHNRQNUHWHXQGGDKHUMHQDFKLKUHP%H]XJTXDOLWDWLYYHUVFKLHGHQH =HLW VRQGHUQ GHP 6HOEVW]ZHFN GHU .DSLWDODNNXPXODWLRQ HQWVSUHFKHQG JHQDX MHQH DEVWUDNWH JOHLFKI|UPLJH XQG OLQHDUH )OLH]HLW ZLH VLH .DQW EHUHLWV EOLQG YRUDXVVHW]WH -HW]W KDW NHLQ 'LQJ PHKU VHLQH HLJHQH =HLW GHQMHZHLOLJHQ%HGUIQLVVHQXQGNXOWXUHOOHQ=XVDPPHQKlQJHQHQWVSUH FKHQGVRQGHUQDOOH'LQJHKDEHQGLHVHOEH=HLWGLHPLWLPPHUGHUVHOEHQ *HVFKZLQGLJNHLWLQLPPHUGLHVHOEH5LFKWXQJÀLHW 'LHVH'LNWDWXUGHUDEVWUDNWHQ=HLWH[HNXWLHUWGXUFKGHQ0HFKDQLVPXV GHU DQRQ\PHQ .RQNXUUHQ] VFKXI VLFK GHQ GD]XJHK|ULJHQ DEVWUDNWHQ 5DXPQlPOLFKGHQYRPEULJHQ/HEHQDEJHWUHQQWHQ)XQNWLRQVUDXPGHV .DSLWDOVGHUVHLQHUHLJHQHQEHWULHEVZLUWVFKDIWOLFKHQ5DWLRQDOLWlWJHKRUFKW (VHQWVWDQGVRJHZLVVHUPDHQHLQHOHEORVHNXOWXUHOOHQWTXDOL¿]LHUWHNDSL WDOLVWLVFKH5DXP]HLWGLHGHQVR]LDOHQ.|USHUDXI]XIUHVVHQEHJDQQ'LHLQ GLHVH5DXP]HLWHLQJHVSHUUWHDEVWUDNWH7lWLJNHLWVIRUPÄ$UEHLW³PXWHYRQ DOOHQG\VIXQNWLRQDOHQ/HEHQVHOHPHQWHQJHUHLQLJWZHUGHQXPGLHOLQHDUH )OLH]HLWQLFKW]XVW|UHQ $UEHLWXQG:RKQXQJ$UEHLWXQGSHUV|QOLFKHV /HEHQ$UEHLWXQG.XOWXUXVZ¿HOHQV\VWHPDWLVFKDXVHLQDQGHU(UVWDXI GLHVH:HLVHHQWVWDQGHQDXFKGLHPRGHUQH7UHQQXQJXQGGHU'XDOLVPXV YRQ$UEHLWV]HLWXQG)UHL]HLW(VIlOOWXQVQRUPDOHUZHLVHJDUQLFKWPHKU DXIDEHULPSOL]LWLVWGDPLWJHVDJWGDGLH$UEHLWV]HLWHLQHXQIUHLH=HLW
LVWHLQH XUVSUQJOLFKVRJDUJHZDOWVDP HU]ZXQJHQH=HLWIUHLQHQGHQ ,QGLYLGXHQlXHUOLFKHQ6HOEVW]ZHFNEHVWLPPWYRQGHU'LNWDWXUGHUDEV WUDNWHQJOHLFKI|UPLJHQ=HLWHLQKHLWHQNDSLWDOLVWLVFKHU3URGXNWLRQ
'DV/LFKWGHU$XINOlUXQJ 'LH DEVWUDNWH EHWULHEVZLUWVFKDIWOLFKH 5DXP]HLW LVW ]ZDQJVOlX¿J YRQ MHQHU0DORVLJNHLWEHVWLPPWZLHVLHGHQUDVWORVHQNDSLWDOLVWLVFKHQ'UDQJ ]XU*HOGDQKlXIXQJNHQQ]HLFKQHW'DPLWJHZLQQWHLQPHLVWHQVYHUNDQQ WHV 0RWLY GHU EUJHUOLFKHQ $XINOlUXQJ HLQH HEHQVR PHUNZUGLJH ZLH GHVWUXNWLYH%HGHXWXQJ%HNDQQWOLFKVFKZHOJWGLH*HVFKLFKWHGHU0RGHU QLVLHUXQJ LQ 0HWDSKHUQ GHV /LFKWV 'LH VWUDKOHQGH 6RQQH GHU 9HUQXQIW VROO GLH )LQVWHUQLV GHV $EHUJODXEHQV GXUFKGULQJHQ XQG GLH 8QRUGQXQJ GHU :HOW VLFKWEDU PDFKHQ XP GLH *HVHOOVFKDIW HQGOLFK QDFK UDWLRQDOHQ .ULWHULHQ]XJHVWDOWHQ$EHUGLHVHYHUPHLQWOLFKH9HUQXQIWLVWLQ:DKUKHLW GHUJHVHOOVFKDIWOLFKH,UUDWLRQDOLVPXVGHUÄKHUDXVJHO|VWHQgNRQRPLH³,Q GLHVHP.RQWH[WLVWGDVÄ/LFKWGHU$XINOlUXQJ³DEHUNHLQHVZHJVEORHLQ 6\PEROLP5HLFKGHV*HGDQNHQVVRQGHUQHVKDWHLQHKDUWHVR]LDO|NRQR PLVFKH%HGHXWXQJ *HUDGHLQGLHVHU+LQVLFKWLVWHVIDWDOGDGHU0DU[LVPXVXQGGLHKLV WRULVFKH$UEHLWHUEHZHJXQJVLFKDOVGLHZDKUHQ(UEHQGHU$XINOlUXQJXQG LKUHUJHVHOOVFKDIWOLFKHQ0HWDSKRULNGHV/LFKWVYHUVWDQGHQKDEHQ,QGHU Ä,QWHUQDWLRQDOH³GHU +\PQH GHV 0DU[LVPXV KHLW HV EHU GLH ZXQGHU EDUHVR]LDOLVWLVFKH=XNXQIW Ä'DQQVFKHLQWGLH6RQQµRKQµ8QWHUOD³(LQ GHXWVFKHU.DULNDWXULVWKDWGLHVH=HLOHZ|UWOLFKJHQRPPHQXQG]HLJWLP Ä5HLFK GHU )UHLKHLW³ VFKZLW]HQGH 0HQVFKHQ GLH ]XU JOKHQGHQ 6RQQH KLQDXIVWDUUHQ XQG VW|KQHQ Ä'UHL -DKUH VFKHLQW VLH MHW]W VFKRQ XQG JHKW QLFKWPHKUXQWHU³ 'DVLVWQLFKWEORHLQ:LW],QJHZLVVHU:HLVHKDWGLH0RGHUQLVLHUXQJ WDWVlFKOLFK ÄGLH 1DFKW ]XP7DJ JHPDFKW³ ,Q (QJODQG GDV EHNDQQWOLFK 6FKULWWPDFKHU GHU ,QGXVWULDOLVLHUXQJ ZDU ZXUGH GLH *DVEHOHXFKWXQJ VFKRQLPIUKHQ -DKUKXQGHUWHLQJHIKUWXQGYHUEUHLWHWHVLFKEDOGEHU JDQ] (XURSD (QGH GHV -DKUKXQGHUWV O|VWH GDV HOHNWULVFKH /LFKW GLH *DVODPSHQDE1DWUOLFKN|QQWHPDQVDJHQGDGDULQHLQH(UZHLWHUXQJ
GHUPHQVFKOLFKHQ0|JOLFKNHLWHQOLHJWZHQQGLHNQVWOLFKH%HOHXFKWXQJ IU VHOEVWEHVWLPPWH =ZHFNH YHUZHQGHW XQG DOVR MH QDFK %HGUIQLV XQG IUHLHUhEHUHLQNXQIWEHQXW]WRGHUQLFKWEHQXW]WZUGH$EHUJHQDXGDUXP JHKWHVGHUNDSLWDOLVWLVFKHQ7RWDOLVLHUXQJGHV/LFKWVQLFKW'LHÄ$XVVFKDO WXQJ³ GHU 1DFKW LVW HLQH ÀlFKHQGHFNHQGH XQG SHUPDQHQWH JHZRUGHQ REZRKOOlQJVWPHGL]LQLVFKQDFKJHZLHVHQZXUGHGDGDGXUFKSK\VLVFKH XQGSV\FKLVFKH6FKlGHQHQWVWHKHQ:DUXPGLHVHJHZDOWLJHSODQHWDULVFKH %HOHXFKWXQJGLHKHXWHGHQOHW]WHQ:LQNHOHUIDWKDW" 'HU PDORVH 'UDQJ GHU NDSLWDOLVWLVFKHQ 3URGXNWLRQVZHLVH NDQQ LP 3ULQ]LS NHLQH =HLW GXOGHQ GLH ÄGXQNHO³ EOHLEW 'HQQ GLH =HLW GHV 'XQ NHOV LVW DXFK GLH =HLW GHU 5XKH GHU 3DVVLYLWlW GHU .RQWHPSODWLRQ 'HU .DSLWDOLVPXV YHUODQJW GDJHJHQ GLH$XVGHKQXQJ VHLQHU$NWLYLWlW ELV DQ GLH lXHUVWHQ SK\VLNDOLVFKHQ XQG ELRORJLVFKHQ *UHQ]HQ =HLWOLFK VLQG GLHVH*UHQ]HQEHVWLPPWGXUFKGLH'UHKXQJGHU(UGHXPVLFKVHOEVWDOVR GXUFKGLHYROOHQ6WXQGHQGHVDVWURQRPLVFKHQ7DJHVGHUHLQHKHOOH GHU 6RQQH]XJHZDQGWH XQGHLQHGXQNOH YRQGHU6RQQHDEJHZDQGWH 6HLWH KDW'LH7HQGHQ]GHV.DSLWDOLVPXVLVWHVGLHDNWLYH6RQQHQVHLWHWRWDO]X PDFKHQXQGGHQJHVDPWHQDVWURQRPLVFKHQ7DJ]XEHVHW]HQ'LH1DFKW VHLWHVW|UWGLHVHQ'UDQJ'LH3URGXNWLRQ=LUNXODWLRQXQG'LVWULEXWLRQGHU :DUHQVROODOVRÄUXQGXPGLH8KU³ODXIHQ 'LHVHU9RUJDQJLVWDQDORJ]XU9HUlQGHUXQJGHU5DXPPDH'DVPH WULVFKH 6\VWHP ZXUGH YRP 5HJLPH GHU IUDQ]|VLVFKHQ 5HYROXWLRQ HLQJHIKUWXQGYHUEUHLWHWHVLFKlKQOLFKVFKQHOOZLHGLH*DVEHOHXFKWXQJ ,Q 'HXWVFKODQG IDQG GHU hEHUJDQJ ]X GLHVHP 6\VWHP DOOHUGLQJV HUVW VWDWW 'LH DP PHQVFKOLFKHQ .|USHU RULHQWLHUWHQ 5DXPPDH )X (OOH XVZ ZXUGHQ YRP DEVWUDNWHQ 0D GHV 0HWHUV DEJHO|VW GHU GHP YLHU]LJPLOOLRQVWHQ7HLOGHV(UGXPIDQJVHQWVSUHFKHQVROO'LHVHDEVWUDN WH 9HUHLQKHLWOLFKXQJ GHV 5DXPPDHV HQWVSUDFK GHP PHFKDQLVWLVFKHQ :HOWELOGGHU1HZWRQVFKHQ3K\VLNGDVZLHGHUXP9RUELOGZXUGHIUGLH PHFKDQLVWLVFKHgNRQRPLHGHUPRGHUQHQ0DUNWZLUWVFKDIWZLHVLH$GDP 6PLWK GHU%HJUQGHUGHUWKHRUHWLVFKHQ1DWLRQDO|NRQRPLH DQDO\VLHUWXQGSURSDJLHUWKDWWH'DV%LOGGHV:HOWDOOVXQGGHU1DWXUDOV HLQHUHLQ]LJHQJURHQ0DVFKLQHEHIDQGVLFKLQhEHUHLQVWLPPXQJPLWGHU |NRQRPLVFKHQ :HOWPDVFKLQH GHV .DSLWDOV XQG HLQH JHPHLQVDPH )RUP GHUSK\VLNDOLVFKHQXQGGHU|NRQRPLVFKHQ:HOWPDVFKLQHZXUGHQGLHDEV
WUDNWHQ0DHYRQ5DXPXQG=HLWIUGDV:HOWDOOZLHIUGLHÄKHUDXVJH O|VWH³:DUHQSURGXNWLRQ (UVW GLH DVWURQRPLVFKH )OLH]HLW PDFKWH HV P|JOLFK GHQ 7DJ GHU DEVWUDNWHQ$UEHLW LQ GLH 1DFKW KLQHLQ]XVFKLHEHQ XQG GLH =HLW GHU 5XKH DXI]XIUHVVHQ1XUVRNRQQWHGLHDEVWUDNWH=HLWYRQGHQNRQNUHWHQ'LQJHQ XQG9HUKlOWQLVVHQDEJHO|VWZHUGHQ'HU0DU[LVPXVKDWVLFKLQVHLQHU)L [LHUWKHLWDXIGLH$XINOlUXQJVYHUQXQIWZHQLJXPGLHVH'LQJHJHNPPHUW XQGVREOLHEHVNRQVHUYDWLYHQ,GHRORJHQZLH]%(UQVW-QJHULQVHLQHP Ä6DQGXKUEXFK³ YRUEHKDOWHQ GLH DEVWUDNWH =HLW GHU 0RGHUQH DXI LKUH :HLVHLQHLQHP.RQWH[WDXI]XJUHLIHQGHUVWHWVDOOHVDQGHUHDOVHPDQ]LSD WRULVFKZDU YJO-QJHU (VLVWDEHUJHUDGHLP,QWHUHVVHGHUVR]LDOHQ (PDQ]LSDWLRQ ZLFKWLJ GDV 3UREOHP GHU DEVWUDNWHQ DXV GHQ ZLUNOLFKHQ /HEHQV]XVDPPHQKlQJHQÄKHUDXVJHO|VWHQ³=HLW]XWKHPDWLVLHUHQXQGPLW DQGHUHQ XQV JDU QLFKW PHKU EHZXWHQ =HLWIRUPHQ ]X YHUJOHLFKHQ XP EHUKDXSWHLQHQ%HJULIIGHUNDSLWDOLVWLVFKHQ=HLW=XPXWXQJ]XJHZLQQHQ 'LHPHLVWHQDOWHQ=HLWPHVVHU]%6DQGRGHU:DVVHUXKUHQ]HLJWHQQLFKW DQÄZLHYLHO8KUHVLVW³VRQGHUQVLHZDUHQDXINRQNUHWH9RUJlQJHJHHLFKW XPGHUHQÄDQJHPHVVHQH=HLW³]X]HLJHQ0DQ N|QQWHVLHYLHOOHLFKWPLW HLQHU(LHUXKUYHUJOHLFKHQGLHGXUFKHLQHQVXPPHQGHQ7RQDQJLEWZDQQ HLQ(LKDUWRGHUZHLFKJHNRFKWLVW'LH4XDQWLWlWGHU=HLWLVWKLHUQLFKWDE VWUDNWVRQGHUQDXIHLQHEHVWLPPWH4XDOLWlWRULHQWLHUW'LHDVWURQRPLVFKH =HLW GHU DEVWUDNWHQ$UEHLW GDJHJHQ LVW ORVJHO|VW YRQ MHGHU 4XDOLWlW 6LH HUODXEWHV]XP%HLVSLHOXQDEKlQJLJYRQGHU-DKUHV]HLWXQGGHQN|USHUOL FKHQ5K\WKPHQHLQHQ$UEHLWVEHJLQQÄXP8KU³IHVW]XVHW]HQ 'HVZHJHQLVWGLH(SRFKHGHV.DSLWDOLVPXVDXFKGLH=HLWGHUÄ:HFNHU³ GHU8KUHQDOVRGLHPLWHLQHPVFKULOOHQ6LJQDOWRQGLH0HQVFKHQDXVGHP 6FKODI UHLHQ XP VLH DQ GLH NQVWOLFK HUOHXFKWHWHQ Ä$UEHLWVSOlW]H³ ]X WUHLEHQ8QGZDUHUVWHLQPDOGHU$UEHLWVEHJLQQLQGLH1DFKWYRUYHUOHJW GDQQ NRQQWH XPJHNHKUW DXFK GDV$UEHLWVHQGH QDFK KLQWHQ LQ GLH 1DFKW KLQHLQJHVFKREHQ ZHUGHQ 'LHVH 9HUlQGHUXQJ KDW DXFK HLQH lVWKHWLVFKH 6HLWH:LHGLH8PZHOWGXUFKGLHDEVWUDNWHEHWULHEVZLUWVFKDIWOLFKH5DWL RQDOLWlWJHZLVVHUPDHQÄHQWVWRIÀLFKW³ZLUGLQGHPGLH0DWHULHXQGLKUH =XVDPPHQKlQJHVLFKGHQ.ULWHULHQGHU5HQWDELOLWlWXQWHUZHUIHQPVVHQ VR ZLUG VLH GXUFK GLHVHOEH 5DWLRQDOLWlW DXFK HQWGLPHQVLRQLHUW XQG HQW SURSRUWLRQDOLVLHUW:HQQXQVDOWH*HElXGHPDQFKPDOLUJHQGZLHVFK|QHU
XQGEHKDJOLFKHUYRUNRPPHQDOVPRGHUQHXQGZHQQZLUGDQQIHVWVWHOOHQ GD VLH JOHLFK]HLWLJ LP9HUJOHLFK ]X GHQ KHXWLJHQ ÄIXQNWLRQDOLVWLVFKHQ³ *HElXGHQLUJHQGZLHXQUHJHOPlLJ]XVHLQVFKHLQHQGDQQLVWGDVGDUDXI ]XUFN]XIKUHQ GD LKUH 0DH .|USHUPDH XQG LKUH )RUPHQ RIW ODQG VFKDIWOLFK DQJHSDW VLQG 'LH PRGHUQH $UFKLWHNWXU GDJHJHQ YHUZHQGHW DVWURQRPLVFKH5DXPPDHXQGÄGHNRQWH[WXDOLVLHUWH³)RUPHQÄORVJHO|VW³ YRQGHU8PJHEXQJ'DVJLOWDEHUHEHQVRIUGLH=HLW$XFKGLHPRGHUQH $UFKLWHNWXUGHU=HLWLVWHQWSURSRUWLRQDOLVLHUWXQGGHNRQWH[WXDOLVLHUW1LFKW QXUGHU5DXPLVWKlOLFKJHZRUGHQVRQGHUQDXFKGLH=HLW ,PXQGIUKHQ -DKUKXQGHUWZXUGHGLH(LQIKUXQJGHUDEVWUDNWHQ DVWURQRPLVFKHQ)OLH]HLWLQGLH/HEHQVWlWLJNHLWQRFKDOV)ROWHUHPSIXQ GHQ/DQJH=HLWZHKUWHQVLFKGLH0HQVFKHQYHU]ZHLIHOWJHJHQGLHPLWGHU ,QGXVWULDOLVLHUXQJYHUEXQGHQH1DFKWDUEHLW9RU6RQQHQDXIJDQJXQGQDFK 6RQQHQXQWHUJDQJ ]X DUEHLWHQ JDOW JHUDGH]X DOV XQPRUDOLVFK :HQQ LP 0LWWHODOWHU+DQGZHUNHUDXV7HUPLQJUQGHQHLQPDOQDFKWVDUEHLWHQVROO WHQPXWHQVLHSSLJYHUSÀHJWXQGIUVWOLFKHQWORKQWZHUGHQ1DFKWDUEHLW ZDUHLQVHOWHQHU$XVQDKPHIDOO8QGHVJHK|UW]XGHQÄJURHQ³/HLVWXQJHQ GHV.DSLWDOLVPXVGDHVLKPJHOXQJHQLVWGLH=HLWIROWHU]XP1RUPDOPD GHUPHQVFKOLFKHQ7lWLJNHLW]XPDFKHQ 'DUDQKDWVLFKVHLWGHP)UKNDSLWDOLVPXVQLFKWVJHlQGHUW,P*HJHQ WHLOGLHVRJHQDQQWH6FKLFKWDUEHLWKDWVLFKLP-DKUKXQGHUWLPPHUPHKU DXVJHGHKQW'XUFKHLQHQ=ZHLRGHUVRJDU'UHLVFKLFKWEHWULHEVROOHQGLH 0DVFKLQHQP|JOLFKVWGXUFKJHKHQGODXIHQXQWHUEURFKHQQXUGXUFKNXU]H 3DXVHQIU(LQVWHOOXQJ:DUWXQJXQG5HLQLJXQJ$XFKGLHgIIQXQJV]HL WHQGHU/lGHQXQG.DXIKlXVHUVROOHQP|JOLFKVWGLFKWDQGLH6WXQGHQ *UHQ]H KHUDQJHVFKREHQ ZHUGHQ ZLH GLH $XVHLQDQGHUVHW]XQJ XP GLH /DGHQVFKOX]HLWLQGHU%5']HLJW,QYLHOHQ/lQGHUQJLEWHVZLHLQGHQ 86$EHUKDXSWNHLQHJHVHW]OLFKIHVWJHOHJWH/DGHQVFKOX]HLWXQGDQ]DKO UHLFKHQ*HVFKlIWHQSUDQJWWDWVlFKOLFKGDV6FKLOG Ä6WXQGHQGXUFKJH KHQGJH|IIQHW³6HLWGLHPLNURHOHNWURQLVFKH.RPPXQLNDWLRQVWHFKQRORJLH GHQ)OXGHV*HOGHVJOREDOLVLHUWKDWJHKWDXFKGHU)LQDQ]WDJGHUHLQHQ (UGKlOIWH QDKWORV LQ GHQ GHU DQGHUHQ EHU Ä'LH )LQDQ]PlUNWH VFKODIHQ QLH³VRGLH:HUEXQJHLQHUMDSDQLVFKHQ%DQN
'DV /LFKW GHU$XINOlUXQJV9HUQXQIW LVW GLH %HOHXFKWXQJ GHU 1DFKW VFKLFKW,QGHPVHOEHQ0DHZLHGLH.RQNXUUHQ]DXIDQRQ\PHQ0lUNWHQ WRWDOZLUGYHUZDQGHOWVLFKGHUlXHUHJHVHOOVFKDIWOLFKH,PSHUDWLYDXFK LQ HLQHQ LQQHUHQ =ZDQJ GHV ,QGLYLGXXPV 'HU 6FKODI ZLUG HEHQVR ]XP )HLQG ZLH GLH 1DFKW GHQQ VRODQJH PDQ VFKOlIW YHUSDW PDQ &KDQFHQ XQG LVW GHQ$QJULIIHQ GHU DQGHUHQ KLOÀRV SUHLVJHJHEHQ 'HU 6FKODI GHV PDUNWZLUWVFKDIWOLFKHQ0HQVFKHQZLUGGDKHUNXU]XQGÀDFKZLHGHUHLQHV ZLOGHQ7LHUHVXQG]ZDUXPVRPHKUMHÄHUIROJUHLFKHU³GLHVHU0HQVFKVHLQ ZLOO'LHIUHPGEHVWLPPWH$UEHLWVTXDOGHUPHFKDQLVFKHQ1DFKWVFKLFKWHU VFKHLQW DXI GHU (EHQH GHV 0DQDJHPHQWV DOV ÄIUHLZLOOLJHU³ 9HU]LFKW DXI 6FKODI(VJLEWVRJDUVFKRQ0DQDJHPHQW6HPLQDUHDXIGHQHQ7HFKQLNHQ GHU6FKODI0LQLPLHUXQJJHEWZHUGHQN|QQHQ$OOHQ(UQVWHVEHKDXSWHQ KHXWH6FKXOHQGHV6HOI0DQDJHPHQWV Ä'HULGHDOH%XVLQHVV0DQQVFKOlIW QLH³JHQDXZLHGLH)LQDQ]PlUNWH 'LH 8QWHUZHUIXQJ GHU 0HQVFKHQ XQWHU GLH DEVWUDNWH $UEHLW XQG LKU DVWURQRPLVFKHV =HLWPD LVW DEHU QLFKW P|JOLFK RKQH HLQH HEHQVR WRWDOH .RQWUROOH$OOVHLWLJH.RQWUROOHZLHGHUXPHUIRUGHUWHEHQVRDOOVHLWLJH%H REDFKWXQJXQG%HREDFKWXQJLVWQXULP/LFKWP|JOLFK XQJHIlKUVRZLH GLH3ROL]HLEHLP9HUK|UHLQHEOHQGHQGH/DPSHDXIGDV*HVLFKWGHV'HOLQ TXHQWHQULFKWHW1LFKWXPVRQVWKDWGDV:RUWÄ$XINOlUXQJ³LP'HXWVFKHQ HLQHPLOLWlULVFKH1HEHQEHGHXWXQJQlPOLFKÄ$XVNXQGVFKDIWHQGHV)HLQ GHV³8QGHLQH*HVHOOVFKDIWLQGHUMHGHUGHPDQGHUHQXQGVLFKVHOEVW]XP )HLQGZLUGZHLODOOHGHPJOHLFKHQVlNXODULVLHUWHQ*RWWGHU$UEHLWGLHQHQ PVVHQZLUGPLWORJLVFKHU1RWZHQGLJNHLW]XHLQHP6\VWHPGHUWRWDOHQ %HREDFKWXQJXQG6HOEVWEHREDFKWXQJ+LHUZLUGQLFKWIUHLGLVNXWLHUWEHU 6LQQXQG=ZHFNGHV HLJHQHQ7XQV VRQGHUQ JQDGHQORVÄDXVJHOHXFKWHW³ XPGHQ6HOEVW]ZHFNGHUÄKHUDXVJHO|VWHQgNRQRPLH³]XH[HNXWLHUHQ
'LH(QWHLJQXQJGHU=HLW 0LWGHU(QWHLJQXQJGHU0HQVFKHQYRQGHQ%HGLQJXQJHQLKUHUHLJHQHQ 5HSURGXNWLRQ LVW DOVR DXFK GLH V\VWHPDWLVFKH (QWHLJQXQJ GHU =HLW YHU EXQGHQ'DVJLOWQLFKWQXULQTXDOLWDWLYHUVRQGHUQDXFKLQTXDQWLWDWLYHU +LQVLFKW ZLH VLFK MD VFKRQ DP +LQDXVVFKLHEHQ GHU $UEHLWV]HLW LQ GHQ DVWURQRPLVFKHQ7DJDEOHVHQOlW2EZRKOVLHGHQJU|WHQ7HLOGHUDNWL
YHQWlJOLFKHQ=HLWYHUVFKOLQJWLVWGLH$UEHLWV]HLWIUGLHEHUZlOWLJHQGH 0HKUKHLWGHU3URGX]HQWHQNHLQHHLJHQH/HEHQV]HLWVRQGHUQWRWHXQGOHHUH =HLWGLHZLHLQHLQHP$OSWUDXPDXVGHP/HEHQKHUDXVJHVDXJWZLUG8P JHNHKUW LVW YRP 6WDQGSXQNW GHU NDSLWDOLVWLVFKHQ 5DXP]HLW DXV JHVHKHQ GLH )UHL]HLW GHU 3URGX]HQWHQ OHHUH XQG HLJHQWOLFK XQQW]H =HLW 6RPLW H[LVWLHUWLP.DSLWDOLVPXVHLQHVWDUNHREMHNWLYH7HQGHQ]GLH)UHL]HLW]X PLQLPLHUHQRGHUZHQLJVWHQVVWUHQJ]XUDWLRQLHUHQ1LFKWQXUGHUÄ%HWULHE³ VROOP|JOLFKVWUXQGXPGLH8KUODXIHQVRQGHUQDXFKGLH$XVSUHVVXQJGHU HLQ]HOQHQ $UEHLWV,QGLYLGXHQ P|JOLFKVW QDKH DQ GLHVH DEVROXWH *UHQ]H KHUDQJHVFKREHQZHUGHQ :LH0DU[LQGHQÄ*UXQGULVVHQ³IHVWVWHOOWHUHVXOWLHUWGDUDXVHLQH3DUD GR[LHGLHGHQEUJHUOLFKHQÄ)RUWVFKULWW³YROOVWlQGLJEODPLHUW Ä'LHHQWZL FNHOWVWH0DVFKLQHULH]ZLQJWGHQ$UEHLWHUGDKHUMHW]WOlQJHU]XDUEHLWHQDOV GHU:LOGHWXWRGHUDOVHUVHOEVWPLWGHQHLQIDFKVWHQURKVWHQ:HUN]HXJHQ WDW³ 0DU[ 'LHVHVNUDVVH0LYHUKlOWQLVUKUWGDKHUGD GLH3URGX]HQWHQMDQLFKWVHOEVWHQWVFKHLGHQN|QQHQZRIUVLHGLH6WHLJH UXQJGHU3URGXNWLYLWlWHLQVHW]HQZROOHQ:LHDOOHDQGHUHQ(QWVFKHLGXQJHQ LVWLKQHQDXFKGLHVHYRQGHUNDSLWDOLVWLVFKHQ)XQNWLRQVORJLNDEJHQRPPHQ ZRUGHQ ,Q GHQ DOWHQ$JUDUJHVHOOVFKDIWHQ HU]HXJWH GDV QLHGULJH 1LYHDX GHU3URGXNWLYNUlIWH]ZDUYLHOH%RUQLHUXQJHQ ]XP%HLVSLHOHQJH7UDGL WLRQHQXQGEOXWVYHUZDQGWVFKDIWOLFKH*HEXQGHQKHLW XQGPDQFKPDO3UR EOHPHLQGHU9HUVRUJXQJ ]XP%HLVSLHOEHL0LHUQWHQ $EHUGDV=LHOGHU 3URGXNWLRQDXFKPLWJHULQJHQ0LWWHOQZDUNHLQDEVWUDNWHU6HOEVW]ZHFN ZLH XQWHU GHP =ZDQJVYHUKlOWQLV GHV PRGHUQHQ ZDUHQSURGX]LHUHQGHQ 6\VWHPV VRQGHUQ *HQX XQG 0XH 'LHVHU DQWLNH XQG PLWWHODOWHUOLFKH %HJULIIGHU0XHGDUIQLFKWPLWGHPPRGHUQHQ%HJULIIGHU)UHL]HLWYHU ZHFKVHOWZHUGHQ'HQQGLH0XHZDUNHLQYRP3UR]HGHU7lWLJNHLWIU GHQ(UZHUEDEJHWUHQQWHU5HVWVRQGHUQHLQJDQ]HLJHQVWlQGLJHV0RPHQW GHV/HEHQV'HVKDOEZXUGHHLQH6WHLJHUXQJGHU3URGXNWLYLWlWLQGHU5HJHO HKHUIUHLQHJU|HUH0XHYHUZHQGHWDOVIUPHKU3URGXNWLRQ'LHEH WULHEVZLUWVFKDIWOLFKH5DWLRQDOLWlWGHU.RVWHQVHQNXQJGDJHJHQYHUZDQGHOW MHGHQWHFKQLVFKHQ)RUWVFKULWWDXVVFKOLHOLFKXQG]ZDQJKDIWLQEHUSURSRU WLRQDOH]XVlW]OLFKH3URGXNWLRQXQGGDPLWLQ]XVlW]OLFKH$UEHLWQLHPDOVLQ ]XVlW]OLFKH0XHIUGLH3URGX]HQWHQ
6FKRQ GLH UHLQ lXHUOLFKH 4XDQWLWlW GHU 3URGXNWLRQV]HLW ZDU GDKHU WURW]GHVQLHGULJHUHQWHFKQLVFKHQ1LYHDXVLQGHU$QWLNHXQGLP0LWWHODO WHUZHLWDXVNOHLQHUEHPHVVHQDOVLP.DSLWDOLVPXV$XVGHQ.ORVWHUUHJHOQ GHVIUKHVWHQ0LWWHODOWHUVGLHMDDOV9RUOlXIHUGHUPRGHUQHQ$UEHLWVGLV ]LSOLQLHUXQJEHUHLWV(OHPHQWHGHUDEVWUDNWHQ=HLWHQWKLHOWHQJHKWEHUUD VFKHQGHUZHLVHKHUYRUGDIUGLH/HLGHQVSDVVLRQGHU$UEHLWIDVWQLHPHKU DOVRGHU6WXQGHQWlJOLFKYRUJHVHKHQZDUHQGDPDOVDOVRKLHOWHQGLH 0HQVFKHQ RIIHQEDU EHUHLWV IU HLQH IURPPH .DVWHLXQJ XQG 6HOEVWEHU ZLQGXQJ ZDV KHXWH GLH *HZHUNVFKDIWHQ QXU LQ ZHQLJHQ %UDQFKHQ XQG *HZLQQHUOlQGHUQGHV:HOWPDUNWVDOVJU|WH(UUXQJHQVFKDIWGHUÄ$UEHLWV ]HLWYHUNU]XQJ³IHLHUQ 'LHH[SORVLYH$XVGHKQXQJGHUÄ$UEHLWV]HLW³NDPHEHQHUVWPLWGHU$U EHLWVHOEVW(UVWDXQWPVVHQPRGHUQHÄ)UHL]HLWIRUVFKHU³IHVWVWHOOHQ Ä8Q WHUGHQSULPLWLYHQ$JUDUY|ONHUQXQGLQGHU$QWLNHPDFKWHQGLH5XKHWDJH RIWGLH+lOIWHGHV-DKUHVDXV $XFK GLH/RKQDUEHLWOHLVWHQGHQ6NODYHQ XQG %DQDXVHQ ZDUHQ QLFKW VR LQWHQVLY LQ GDV$UEHLWVOHEHQ HLQJHVSDQQW ZLHPDQGLHVDXVQHX]HLWOLFKHU6LFKWDQQHKPHQN|QQWH,QGHU0LWWHGHV YLHUWHQ-DKUKXQGHUWV]lKOWHPDQLQGHUU|PLVFKHQ5HSXEOLNQLFKWZHQLJHU DOV5XKHWDJH³ 2SDVFKRZVNL I (UVWLQGHUJORUUHLFKHQ 0RGHUQHZXUGHQGLH)HVW]HLWHQLPPHUZHLWHUPLQLPLHUWXPGLH5DXP ]HLWGHU$UEHLWDXV]XGHKQHQ $EHUQRFKDXVHLQHPDQGHUHQ*UXQGODJGLH-DKUHVOHLVWXQJGHU3URGX ]HQWHQVHOEVWZRVLHKHUUVFKDIWOLFKDEJHGUXQJHQZDUHUKHEOLFKQLHGULJHU DOV LP .DSLWDOLVPXV 'HQQ LQ GHQ DJUDULVFKHQ *HVHOOVFKDIWHQ GHV DOWHQ (XURSDJDEHVDXFKJURHVDLVRQDOH8QWHUVFKLHGHLP8PIDQJGHU7lWLJ NHLW,QGHUZDUPHQ-DKUHV]HLW HWZDEHLGHU(UQWH ¿HOHQPHKU$XIJDEHQ DQ DOV LP :LQWHU GHU IU GLH ElXHUOLFKH %HY|ONHUXQJ UHODWLY JHUXKVDP ZDUXQGKlX¿JIUGDV)HLHUQSULYDWHU)HVWHJHQXW]WZXUGHZLHPDQFK PDO QRFK DXV GHP EHUOLHIHUWHQ /LHGJXW KHUYRUJHKW 'LHVH %HJUHQ]XQJ GHV MlKUOLFKHQ /HLVWXQJVTXDQWXPV GXUFK GHQ :HFKVHO GHU -DKUHV]HLWHQ ¿HO QDWUOLFK HEHQIDOOV HUVDW]ORV ZHJ DOV GHU /HLVWXQJV]ZDQJ PLW GHU DVWURQRPLVFKHQ )OLH]HLW GHV EHWULHEVZLUWVFKDIWOLFKHQ )XQNWLRQVUDXPHV V\VWHPDWLVFKHQWJUHQ]WZXUGH
1LFKW ]XOHW]W ZDU LQ GHQ YRUNDSLWDOLVWLVFKHQ *HVHOOVFKDIWHQ GDV ZDV IU XQV IRUPDO ZLH HLQ Ä$UEHLWVWDJ³ DXVVLHKW NHLQHVZHJV GXUFKJlQJLJ YRQDQJHVSDQQWHU7lWLJNHLWXQWHUGHU.RQWUROOHHLQHUREMHNWLYLHUWHQ|NR QRPLVFKHQ 0DFKW JHNHQQ]HLFKQHW (V JDE ]XP %HLVSLHO DXV PRGHUQHU 6LFKW H[WUHPODQJH3DXVHQZLHVLHGDVEHWULHEVZLUWVFKDIWOLFKH5HJLPH QLHPDOV]XODVVHQN|QQWH YRUDOOHPVWXQGHQODQJH0LWWDJVSDXVHQPLWJH VHOOLJHP(VVHQHLQH6LWWHGLHVLFKLQGHQPHGLWHUUDQHQXQGEHUKDXSW VGOLFKHQ/lQGHUQQRFKOlQJHUH=HLWDOVLP1RUGHQHUKDOWHQKDWELVVLH GXUFKGLHNDSLWDOLVWLVFKH,QGXVWULDOLVLHUXQJDXFKGRUWGHP7DNWGHUDEV WUDNWHQ)OLH]HLWZHLFKHQPXWH 'LH YRUNDSLWDOLVWLVFKH SURGXNWLYH7lWLJNHLW ZDU DEHU DXFK DOV VROFKH ZHQLJYHUGLFKWHWDOVRYRQKHXWHDXVJHVHKHQVHKUODQJVDPXQGZHQLJ LQWHQVLY%HLHLQHUVHOEVWEHVWLPPWHQ7lWLJNHLWRKQHGHQ'UXFNGHU.RQ NXUUHQ]LVWGLHVHUJHPlLJWH=HLWWDNWGHV3URGX]LHUHQVRIIHQEDUGLHÄQD WUOLFKH³$UWZLH0HQVFKHQVLFKLQLKUHUDNWLYHQ7lWLJNHLWYHUKDOWHQ:LU NHQQHQGLHVH(UIDKUXQJJDUQLFKWPHKU'HQQXQWHUGHPVWXPPHQ=ZDQJ GHU.RQNXUUHQ]DXIDQRQ\PHQ0lUNWHQZXUGHGLHÄKHUDXVJHO|VWH³=HLW GHU$UEHLWLPPHUPHKUYHUGLFKWHW 'LH5DI¿QHVVHLQGHU$EVDXJXQJYRQ /HEHQVHQHUJLHVWHLJHUWHVLFKPLW+LOIHGHUVRJHQDQQWHQÄ5DWLRQDOLVLHUXQJ GHU=HLW³GLHELVKHXWHDQKlOW,P/DXIHGHV-DKUKXQGHUWVKDWVLFKGLH VHQHXURWLVFKH/RJLNGHVÄ=HLWVSDUHQV³]XURIIHQHQ3DUDQRLDJHVWHLJHUW 8PGHPDQVLFKVFKRQYHUUFNWHQNDSLWDOLVWLVFKHQ6HOEVW]ZHFNWURW]DE VROXWHU%HJUHQ]XQJGHVDVWURQRPLVFKHQ7DJHVSHUPDQHQWPHKU/HLVWXQJ ]XIKUHQ]XN|QQHQVROOLPPHUPHKU5DXPLQGLHLGHQWLVFKHQ(LQKHLWHQ GHUDEVWUDNWHQDVWURQRPLVFKHQ)OLH]HLWÄKLQHLQJHSDFNW³ZHUGHQ 'LHVHU DEVXUGH 'UDQJ P|FKWH JHZDOWVDP DXFK QRFK GHQ DVWURQRPL VFKHQ 7DJ VSUHQJHQ GHU NDSLWDOLVWLVFKHQ /RJLN GHU $UEHLW LVW QLFKWV XQP|JOLFKZDVGLH3URGX]HQWHQGHV.DSLWDOVQRFKPHKUGXUFKGLH=HLW KHW]HQ N|QQWH 6R EDVWHOW PDQ LQ -DSDQ DQVFKHLQHQG DOOHQ (UQVWHV DP 6WXQGHQ7DJZLHGLH3UHVVHEHULFKWHW Ä0HKU=HLWKDWVLFKVFKRQVR PDQFKHU JHZQVFKWQRFK LPPHU KDW GHU 7DJ QXU 6WXQGHQ XQG IU DOOHVZDVHV]XWXQJLEWUHLFKHQGLHVHQLFKWDXV'RFKZLHVRHLJHQWOLFK 6WXQGHQ":HLOGLH(UGURWDWLRQ6WXQGHQGDXHUWODXWHWGLHJlQJLJH$QW ZRUW'DQDFKEHVWLPPWVLFKGHU5K\WKPXVYRQ7DJXQG1DFKW$EHUZLH UHOHYDQWLVWGDVGHQQZLUNOLFKIUXQVHUKHXWLJHV/HEHQ":lUHHLQHGHP
PHQVFKOLFKHQ/HEHQVUK\WKPXVJXWDQJHSDWH8KUQLFKWHLQHVROFKHGLH XQVHUHP+HU]VFKODJIROJW"3UR6WXQGHHUJLEWVLFKHLQhEHUVFKXYRQ 6HNXQGHQDQHLQHP6WXQGHQ7DJ6HNXQGHQ'DVVLQGJHQDX YLHU6WXQGHQ,VWDOVRNXU]JHVDJWGHU6WXQGHQ7DJQLFKWGDVXQVHUHU *DWWXQJDQJHPHVVHQH0DGHU=HLW"1RFKELVLQV -DKUKXQGHUWKDWWHQ YLHOH8KUHQQXUHLQHQ6WXQGHQ]HLJHU,Q-DSDQJDEHVQRFKLQGHQVLHE ]LJHU-DKUHQGHVYRULJHQ-DKUKXQGHUWVNHLQ:RUWIU6HNXQGH+HXWHDEHU LVWPDQGDUDQJHZ|KQWGHQ6HNXQGHQ]HLJHUYRUUFNHQ]XVHKHQZHQQHV =HLWIUGLH)HUQVHKQDFKULFKWHQLVW6RUlVRQLHUWMHGHQIDOOV6SRUWV7UDLQ HLQHMDSDQLVFKH)LUPDGLHNU]OLFK!0RQWX DXIGHQ0DUNWEUDFKWHGLH HUVWH6WXQGHQ7DJ8KU'LH$UEHLWJHEHUZUGHQDXFKQRFKHLQHQJX WHQ6FKQLWWPDFKHQZUGHQVLHPLW6WXQGHQ7DJHQGRFKHLQHQJDQ]HQ 7DJSUR:RFKHHLQVSDUHQ,QGHU7DWVLHKW!0RQWX GLH6HFKVWDJHZRFKH YRU³ &RXOPDV (VLVWYHUVWlQGOLFKGDVLFKLQGHQ(UIDKUXQJHQGHV-DKUKXQGHUWV ]XVDPPHQPLWGHUDOWHQ$UEHLWHUEHZHJXQJDXFKGLHVR]LDOLVWLVFKH8WRSLH GHU$UEHLWDOOPlKOLFKYHUÀFKWLJWKDW$XFKZHQQNDXPMHPDQGHLQHQNUL WLVFKHQ%HJULIIGDYRQKDWVRZLVVHQGRFKKHXWHDOOHLQVWLQNWLYGDGHP .DSLWDOLVPXV PLW HLQHU 9HUNOlUXQJ VHLQHU HLJHQHQ 7lWLJNHLWVIRUP QLFKW EHL]XNRPPHQ LVW 'DUDXV ZLUG HEHQVR LQVWLQNWLY GHU 6FKOX JH]RJHQ GDNHLQH.DSLWDOLVPXVNULWLNPHKUP|JOLFKVHL:lKUHQGGHUDOOJHPHLQH $UEHLWV]ZDQJZHLWHUEHVWHKWVLQGGLHVR]LDOHQ%HZHJXQJHQLQVJHVDPWHU VFKODIIW'LHNDSLWDOLVWLVFKHQ0HQVFKHQYHUVXFKHQVLFK]XQHKPHQGLQHLQH LQGLYLGXDOLVLHUWH 8WRSLH GHU )UHL]HLW ]X ÀFKWHQ$EHU DXFK GRUW ZDUWHW VFKRQJULQVHQGGHUVHOEH.DSLWDOLVPXVGHUGLH]XU$UEHLWV]HLWEORNRP SOHPHQWlUH)UHL]HLWOlQJVWNRORQLVLHUWKDW'HQQZHLOGLH$UEHLWDSULRULHLQ 9HUKlOWQLVGHU(QWPQGLJXQJLVWPXWHHVDXFKGLH)UHL]HLWZHUGHQ 'LH )UHL]HLW LVW NHLQH EHIUHLWH =HLW VRQGHUQ HLQ VHNXQGlUHU )XQNWL RQVUDXPGHV.DSLWDOV(VKDQGHOWVLFKQLFKWXPIUHLH0XHVRQGHUQXP HLQHVHOEHUIUGHQSHUPDQHQWHQ XQGK|FKVWDQJHVWUHQJWHQ .RQVXPYRQ :DUHQIXQNWLRQDOLVLHUWH=HLW$XIGLHVH:HLVHELOGHQHLQHUVHLWVGLH.XO WXUXQG)UHL]HLWLQGXVWULHQHXH6SKlUHQGHU$UEHLWDXVDQGHUHUVHLWVZLUG DXFKGLH)UHL]HLWDOVVROFKHGHU$UEHLWV]HLWDQJHJOLFKHQ1LFKWQXUGDQQ ZHQQHU*HOGÄYHUGLHQW³VRQGHUQDXFKZHQQHU*HOGDXVJLEWLVWGHUND SLWDOLVWLVFKH0HQVFKKHXWHHLQ$UEHLWHU'LHVHU6DFKYHUKDOWVSLHJHOWQXU
GLH DOOJHPHLQH7HQGHQ] GD GLH ÄKHUDXVJHO|VWH gNRQRPLH³ LP9HUODXI GHU NDSLWDOLVWLVFKHQ (QWZLFNOXQJ GLH DEJHVSDOWHQHQ XQG ]HUVSOLWWHUWHQ /HEHQVEHUHLFKHDOOPlKOLFKPLW LKUHU HLJHQHQ/RJLN GXUFKGULQJW XQG VLH JHZLVVHUPDHQ ÄHLQNDVVLHUW³ 'DV /HEHQ ZLUG ZLHGHU HLQ *DQ]HV DEHU HEHQHLQ]XU*lQ]HNDSLWDOLVWLVFKLQWHJULHUWHV 'LH:LGHUVSUFKOLFKNHLWGLHVHUDEVXUGHQ3URGXNWLRQVXQG/HEHQVZHL VH GLH VLFK LQ GHU9HUJDQJHQKHLW DXFK DOV VXEMHNWLYHU:LGHUVSUXFK DOV (LQVSUXFKJHJHQGLH=XPXWXQJHQJHOWHQGPDFKWHKDWVLFKHEHQIDOOVIDVW JDQ]YHUREMHNWLYLHUWXQGHUVFKHLQWQXUQRFKDOVGLH5HDOLWlWGHU$UEHLWVOR VLJNHLW'LHVHDOOHUGLQJVVWHLJWLPJOREDOHQ0DVWDEGUDPDWLVFKDQ1XU LP QHJDWLYHQ 6LQQH ZLUG VR GHU XQWUDJEDUH :LGHUVSUXFK QRFK VLFKWEDU $UEHLWVORVLJNHLWLP.DSLWDOLVPXVLVWDEHUQLFKWHLQPDOPHKU)UHL]HLWVRQ GHUQQXUQRFK$UPXWV]HLW'LH$UEHLWVORVHQZHUGHQQLFKWLQIUHLGLVSRQLE OH=HLWHQWODVVHQVRQGHUQLQGLHhEHUÀVVLJNHLWLKUHU3HUVRQ1LFKWGDV 3ULQ]LSGHU$UEHLWZLUGXQJOWLJVRQGHUQGLH([LVWHQ]GHU$UEHLWVORVHQ 'LH )RUWVHW]XQJ GHU $UEHLW EHNRPPW HLQH DQGHUH 4XDOLWlW 'LH $UEHLW GHU$UEHLWVORVHQEHVWHKWGDULQMDPPHUYROOQDFKQHXHU$UEHLWVXFKHQ]X PVVHQJHKHW]WXQGJHGHPWLJWYRQGHUEURNUDWLVFKHQ$UEHLWVXQG$U PXWVYHUZDOWXQJ 1DFKGHPGLH8WRSLHGHU)UHL]HLWHEHQVREODPDEHOJHVFKHLWHUWLVWZLH GLH8WRSLHGHU$UEHLWN|QQWHGHUHUO|VHQGH(LQVSUXFKMHW]WQXUQRFKGD ULQEHVWHKHQGDVJHVDPWH%H]XJVV\VWHP]XYHUZHUIHQXQGVLFKDXVGHP *HIlQJQLVGHUNDSLWDOLVWLVFKHQ.DWHJRULHQ]XEHIUHLHQ(LQ=XUFNLQGLH YRUPRGHUQH $JUDUJHVHOOVFKDIW LVW ZHGHU P|JOLFK QRFK ZQVFKHQVZHUW 'LHKLVWRULVFKH$QDO\VHNDQQQXUGHQ6LQQKDEHQGDVJURWHVNH0LYHU KlOWQLVDXI]XGHFNHQGDGLHJDQ]HXQJHKHXUH(QWZLFNOXQJGHU3URGXN WLYNUlIWH LQ GHU 0RGHUQH QXU GD]X JHGLHQW KDW GLH IUHLH 0XH QDKH]X YROOVWlQGLJ]XYHUQLFKWHQ'HP.DSLWDOLVPXVNDQQQXUQRFKGHU3UR]H JHPDFKWZHUGHQZHQQGHU$UEHLWVHOEHUGHU3UR]HJHPDFKWZLUG8P GLH %HIDQJHQKHLW GHU XQWHUJHJDQJHQHQ $UEHLWHUEHZHJXQJ LP SRVLWLYHQ NDSLWDOLVWLVFKHQ$UEHLWVEHJULII]XEHUZLQGHQLVWGXUFKDXVQRFKHLQPDO EHL0DU[QDFK]XVFKODJHQDOOHUGLQJVEHLMHQHPÄGXQNOHQ³0DU[GHQGLH $UEHLWVPDU[LVWHQ LPPHU YHUOHJHQ EHUEOlWWHUW KDEHQ Ä'LH !$UEHLW LVW LKUHP:HVHQQDFKGLHXQIUHLHXQPHQVFKOLFKHXQJHVHOOVFKDIWOLFKHYRP 3ULYDWHLJHQWXP EHGLQJWH XQG GDV 3ULYDWHLJHQWXP VFKDIIHQGH 7lWLJNHLW
'LH$XIKHEXQJGHV3ULYDWHLJHQWXPVZLUGDOVRHUVW]XHLQHU:LUNOLFKNHLW ZHQQVLHDOV$XIKHEXQJGHU!$UEHLW JHIDWZLUG³ 0DU[ /LWHUDWXU &RXOPDV )ORULDQ 0RQWX ELV 6DWVXQ LQ :LUWVFKDIWVZRFKH 'VVHOGRUI (QJHOV )ULHGULFK ]XHUVW $QWHLO GHU $UEHLW DQ GHU 0HQVFKZHUGXQJGHV$IIHQ%HUOLQ -QJHU(UQVW 'DV6DQGXKUEXFK)UDQNIXUW0DLQ .DQW ,PPDQXHO ]XHUVW .ULWLN GHU UHLQHQ 9HUQXQIW /HLS]LJ 0DU[.DUO JHVFKULHEHQ *UXQGULVVHGHU.ULWLNGHUSR OLWLVFKHQgNRQRPLH%HUOLQ 2SDVFKRZVNL +RUVW : (LQIKUXQJ LQ GLH )UHL]HLWZLVVHQ VFKDIW2SODGHQ 3DUNHU *HRIIUH\ 'LH PLOLWlULVFKH 5HYROXWLRQ )UDQNIXUW 0DLQ1HZ
