*HVDPW
UXQJ5ñbQGH bQGH
UXQJ) GI GI bQGH UXQJ)
6LJQ W:HUW VLJQ
*HVDPW
UXQJ5ñbQGH bQGH
UXQJ) GI GI bQGH UXQJ)
6LJQ W:HUW VLJQ
*HVDPW
%: SKRQRORJLVFKH %HZXVVWKHLW :( :7 :. :U]EXUJHU 7HVWEDWWHULH /DXWH (UVHW]HQ /DXWH 9HUWDXVFKHQ /DXWH .ODVVLIL]LHUHQ
/=*$EUXIDXVGHP/DQJ]HLWJHGlFKWQLV:)/:RUWIOVVLJNHLWVWHVW
5 ñ NRUU NRUULJLHUWH 9DULDQ]DXINOlUXQJ 6)H G 6FKlW]HUV 6WDQGDUGIHKOHU GHV 6FKlW]HUV bQGHUXQJ ) bQGHUXQJ GHV ):HUWV bQGHUXQJ)6LJQbQGHUXQJGHU6LJQLILNDQ]GHV):HUWV
(5*(%1,66(
5ñ5ñNRUU
%:
5ñ5ñNRUU 5ñ5ñNRUU 5ñ5ñNRUU
•
0202 ELV VLOELJH ,WHPV GHV 0RWWLHU 75, 7ULJUDPPH .1,, +DVVHOKRUQVFKHV .XQVWZRUW1DFKVSUHFKHQ WUDQVIRUPLHUWHU ,QWHUDNWLRQVZHUW
:(:7:.:U]EXUJHU7HVWEDWWHULH/DXWH(UVHW]HQ/DXWH9HUWDXVFKHQ/DXWH.ODVVLIL]LHUHQ :)/:RUWIOVVLJNHLWVWHVW
3+23HDNODWHQ]GHU001LQ3+*6HJPHQW%13)OlFKHGHU001LQ13'6HJPHQW%6,1)OlFKHGHU001LQ6,1'
(5*(%1,66(
'LH DXI GDV $UEHLWVJHGlFKWQLV ]XUFNJHKHQGH 5HFKWVFKUHLEYDULDQ] OLH VLFK GXUFK GLH (LQEH]LHKXQJ YRQ ((*9DULDEOHQ RIIHQEDU JDU QLFKW VLJQLILNDQW YHUJU|HUQ 'LHV EHGHXWHWH GDVV VLFK GLH 9DULDQ]EHUHLFKH GHU ((*9DULDEOHQ PLW GHQHQ GHV $UEHLWVJHGlFKWQLVVHV ZHLW JHKHQGGHFNWHQ
'LH 9RUKHUVDJHYHUEHVVHUXQJ GHU SKRQRORJLVFKHQ %HZXVVWKHLW XP HLQHQ 5HJUHVVLRQVZHUW YRQ GXUFKGLH9DULDEOH3+2HUNDQQWHGDV6WHSZLVH9HUIDKUHQGXUFKDXVDOVVLJQLILNDQWDQ'LH DQGHUHQEHLGHQ0019DULDEOHQEHZLUNWHQDOOHUGLQJVNHLQHQHQQHQVZHUWH9HUEHVVHUXQJ'LHV OHJWHGHQ6FKOXVVQDKHGDVVGLH9DULDEOHQ13XQG6,1]XLKUHQ+DXSWWHLOHQLQQHUKDOEHLQHV hEHUVFKQHLGXQJVEHUHLFKVGHUSKRQRORJLVFKHQ%HZXVVWKHLWXQGDOOHQIDOOVXQEHGHXWHQGH$QWHLOH DXHUKDOEGHVVHQ]XORNDOLVLHUHQZDUHQXQGGDVVIUGLH9DULDEOH3+2GDV*HJHQWHLOJHOWHQ PXVVWH
'LH DXI GHQ $EUXI DXV GHP /DQJ]HLWJHGlFKWQLV ]XUFNJHKHQGH 5HFKWVFKUHLEYDULDQ] ZDU NOHLQHUXQGOLHVLFKVFKRQDXVGLHVHP*UXQGHKHUDOVGLHDQGHUHQEHLGHQ.RQVWUXNWHGXUFK +LQ]XQDKPH ZHLWHUHU 9DULDEOHQ YHUJU|HUQ 'DVV DOOH ((*9DULDEOHQ GLH 9RUKHUVDJH VLJQL ILNDQWYHUEHVVHUWHQEHGHXWHWHDXHUGHPGDVVZHQQDXFK((*%HUHLFKHLQQHUKDOEGHU/DQJ ]HLWJHGlFKWQLV9DULDQ] OLHJHQ PRFKWHQ DXFK EHGHXWVDPH $QWHLOH DXHUKDOE YRUKDQGHQ VHLQ PXVVWHQ
=XVDPPHQIDVVHQGOlVVWVLFKQXQEHUGDV%LOGGDVGXUFKGLH(EHQHQ.RPELQDWLRQHQWVWDQG )ROJHQGHVIHVWKDOWHQ'LH$UEHLWVJHGlFKWQLVYDULDQ]VFKLHQZHLWJHKHQGDOOH((*9DULDQ]DE]X GHFNHQIUGLHSKRQRORJLVFKH%HZXVVWKHLWWUDIGLHVQXUIUGHQ3+2QLFKW]X%H]JOLFKGHV
$EUXIVDXVGHP/DQJ]HLWJHGlFKWQLVVFKLHQNHLQH((*9DULDQ]VRJHODJHUW]XVHLQGDVVGHUHQ +LQ]XQDKPHGLH$XVJDQJVYDULDQ]HUNOlUXQJQLFKWDQKHEHQZUGH
'LHVHV %LOG LVW DOOHUGLQJV QRFK UHODWLY XQSUl]LVH 'HU ,QKDOW GHV DEVFKOLHHQGHQ 6FKULWWHV EHVWDQG IROJOLFK LQ GHU 3Ul]LVLHUXQJ YRQ 7HLOEHUHLFKHQ ZDV JOHLFK]HLWLJ GHU $EVLFKHUXQJ GHU RELJHQhEHUOHJXQJHQGLHQWH
$OV9HUIDKUHQZXUGH]XGLHVHP=ZHFNZLHGHUGLH5HVLGXDOWHFKQLNDQJHZDQGW'LH'LIIHUHQ]
]ZLVFKHQ 5HJUHVVLRQVUHVLGXHQ GHU 9RUKHUVDJH YRQ ((*9DULDEOHQ DXI NRJQLWLRQVSV\FKR ORJLVFKH.RQVWUXNWHXQGGHU$XVJDQJVYDULDQ]GLHVHU.RQVWUXNWHVROOWH$XVNXQIWGDUEHUJHEHQ LQ ZHOFKHP 0DH HLQH ((*9DULDQ] LQQHUKDOE GHV $UHDOV HLQHV .RQVWUXNWV 5DXP EHDQ VSUXFKWH
'LH%HUHFKQXQJHQVLQGLQ7DEHOOHQDFK]XYROO]LHKHQ
(5*(%1,66(
'DV *HVDPWHUNOlUXQJVSRWHQ]LDO GHU 9DULDEOH 3+2 ZXUGH LQ 7DEHOOH DXI JHVFKlW]W
*HPl7DEHOOHZDUVLH]XU(UNOlUXQJHLQHUJURHQ5HJUHVVLRQDXHUKDOEGHVYRQGHQ NRJQLWLRQVSV\FKRORJLVFKHQ 9DULDEOHQ DEJHVWHFNWHQ %HUHLFKV LQ GHU /DJH 8P VDQN KLHU 7DEGLH$UEHLWVJHGlFKWQLVYDULDQ]QDFKGHU([WUDNWLRQGHV3+2'LHVH:HUWHSDVVHQUHFKW JXW]XHLQDQGHU(VVWHOOWHVLFKVRGDUDOVREGLHGHU([WUDNWLRQDXVGHU$UEHLWVJHGlFKWQLV YDULDQ] XQG GLH DXHUKDOE GDV YROOVWlQGLJH (UNOlUXQJVSRWHQ]LDO GHU 9DULDEOH 3+2 HUIDVVWHQGDLKUH$GGLWLRQGHQ*HVDPWZHUWGHV3+2EHUHLWVPHKUDOVHUUHLFKWH'LH9DULDQ]
HLQEXHQYRQGHUSKRQRORJLVFKHQ%HZXVVWKHLWXQGYRQGHV$EUXIVDXVGHP/DQJ]HLW JHGlFKWQLVZlUHQLQIROJHGHVVHQLQ%HUHLFKHQ]XVXFKHQZRGLHVHPLWGHP$UEHLWVJHGlFKWQLV
EHUODSSWHQ'DGHU$EUXIDXVGHP/DQJ]HLWJHGlFKWQLVQXUPLWGHUSKRQRORJLVFKHQ%HZXVVW KHLW EHUODSSWH ZDUHQ GLH GRUWLJHQ ZLHGHUXP DOV 7HLO GHU GHU SKRQRORJLVFKHQ
7DE0XOWLSOH5HJUHVVLRQGHU((*EHUHLQLJWHQNRJQLWLRQVSV\FKRORJLVFKHQ.RQVWUXNWHDXIGLH5HFKW VFKUHLEOHLVWXQJ
G 5ñ 'LIIHUHQ] GHV (UNOlUXQJVSRWHQWLDO ]XP (UNOlUXQJVSRWHQWLDO GHU XQEHUHLQLJWHQ 9HUDUEHLWXQJVNRPSRQHQWH 5 ñ NRUU NRUULJLHUWH9DULDQ]DXINOlUXQJ6)HG6FKlW]HUV6WDQGDUGIHKOHUGHV6FKlW]HUVbQGHUXQJ)bQGHUXQJGHV):HUWVbQGHUXQJ)6LJQ bQGHUXQJGHU6LJQLILNDQ]GHV):HUWV
$*SKRQRORJLVFKHV$UEHLWVJHGlFKWQLV%:SKRQRORJLVFKH%HZXVVWKHLW/=*$EUXIDXVGHP/DQJ]HLWJHGlFKWQLV
3+23HDNODWHQ]GHU001LQ3+*6HJPHQW%13)OlFKHGHU001LQ13'6HJPHQW%6,1)OlFKHGHU001LQ6,1'
(5*(%1,66(
%HZXVVWKHLW ]X VHKHQ ILHOHQ GHP]XIROJH LQ HLQHQ hEHUVFKQHLGXQJVEHUHLFK DOOHU GUHL NRJQLWLRQVSV\FKRORJLVFKHQ(EHQHQ ZlUHQLQHLQHPhEHUVFKQHLGXQJVEHUHLFK YRQSKRQRORJLVFKHU%HZXVVWKHLWXQG$UEHLWVJHGlFKWQLV]XVXFKHQXQG OlJHQ LQHLQHPDOOHLQYRP$UEHLWVJHGlFKWQLVDEJHGHFNWHQ%HUHLFK:HLWHUKLQZUGHGLH9DULDQ]GHU ((*9DULDEOHGXUFKGLHEHUHLWVHUZlKQWHQDXHUKDOEGHU*HVDPWYDULDQ]GHUNRJQLWLRQV SV\FKRORJLVFKHQ.RQVWUXNWH]XHUJlQ]HQVHLQ
9RP JHVFKlW]WHQ (UNOlUXQJVJHVDPWSRWHQ]LDO YRQ FD 5ì GHU 9DULDEOH 13 ZDU EHUHLWVGDVYROOH0DLP$UEHLWVJHGlFKWQLV]XILQGHQ6RPLWJDOWDXFKIUGLHVH9DULDEOH GDVV GLH LQ GLH SKRQRORJLVFKH %HZXVVWKHLW E]Z LQ GHQ $EUXI DXV GHP /DQJ]HLWJHGlFKWQLV IDOOHQGHQ 9DULDQ]DQWHLOH LQ hEHUVFKQHLGXQJVEHUHLFKHQ GHV $UEHLWVJHGlFKWQLVVHV PLW GHQ DQGHUHQEHLGHQ.RQVWUXNWHQOLHJHQPXVVWHQZXUGHQDOV5HJUHVVLRQVYHUOXVWGHUSKRQROR JLVFKHQ %HZXVVWKHLW DOV 5HJUHVVLRQVYHUOXVW GHV $EUXIV DXV GHP /DQJ]HLWJHGlFKWQLV HUUHFKQHW ZDU IROJOLFK GLH *U|H GHVMHQLJHQ $QWHLOV GHU DOOHLQ PLW GHP
$UEHLWVJHGlFKWQLVhEHUVFKQHLGXQJHQDXIZLHV$XI NRQQWHLQHWZDGHU$QWHLO JHVFKlW]WZHUGHQGHULPhEHUODSSXQJVEHUHLFKYRQSKRQRORJLVFKHU%HZXVVWKHLW XQG $UEHLWV JHGlFKWQLVODJ,PGUHLIDFKNRJQLWLRQVSV\FKRORJLVFKHQhEHUVFKQHLGXQJVEHUHLFKYHUEOLHEHQGLH GLUHNWHUUHFKQHWHQ
*HPl7DEHOOHZXUGHIUGLH6,19DULDEOHHLQHDXHUKDOEGHUNRJQLWLRQVSV\FKRORJLVFKHQ 5HFKWVFKUHLEYDULDQ] EHILQGOLFKH 9DULDQ] YRQ HUPLWWHOW *HPHLQVDP PLW GHU 9DULDQ]HLQ EXHGHV$UEHLWVJHGlFKWQLVVHVZXUGHEHUHLWVGDVYROOH4XDQWXPDQSRWHQWLHOOHU9DULDQ]
DXINOlUXQJHUUHLFKW$XFKKLHU LVW GHP]XIROJH ZLHGHU GDYRQ DXV]XJHKHQ GDVV MHJOLFKH LQQHUKDOE GHV NRJQLWLRQVSV\FKRORJLVFKHQ 5HJUHVVLRQVEHUHLFKV OLHJHQGH 9DULDQ] LQQHUKDOE GHV
$UEHLWVJHGlFKWQLVEHUHLFKV ODJ 'D GLH 9DULDEOHQ([WUDNWLRQ GLH 9DULDQ] GHU SKRQRORJLVFKHQ
%HZXVVWKHLWDOOHUGLQJVZLHGHUXPXPGHQVHOEHQ%HWUDJVHQNWHVFKLHQGLHLQQHUKDOEGHV NRJQLWLRQVSV\FKRORJLVFKHQ 5HJUHVVLRQVEHUHLFKV EHILQGOLFKH 6,19DULDQ] QXU LP hEHUVFKQHL GXQJVEHUHLFK YRQ $UEHLWVJHGlFKWQLV XQG SKRQRORJLVFKHU %HZXVVWKHLW ]X OLHJHQ ]X NRPPHQ 0LWZXUGHGHU$QWHLODQJHJHEHQGHUDXIGHQGUHLIDFKNRJQLWLRQVSV\FKRORJLVFKHQhEHU VFKQHLGXQJVEHUHLFKHQWILHO
,Q7DEHOOHZXUGHHLQhEHUVFKQHLGXQJVEHUHLFK]ZLVFKHQGHQ((*9DULDEOHQ13XQG6,1 DQJHGHXWHW'HVVHQHUZDUWHWH*U|HQRUGQXQJEHWUXJFDELV8PGLHVKLHU]XSUIHQ ZXUGHGHU.RPSOH[DXVDOOHQGUHLNRJQLWLRQVSV\FKRORJLVFKHQ.RQVWUXNWHQXPGHUHQJHPHLQ VDPH9DULDQ]EHUHLQLJW'HUUHVXOWLHUHQGH:HUWZDUXPNOHLQHUDOVGLH6XPPHGHU
(5*(%1,66(
GXUFKGLH([WUDNWLRQGHUEHLGHQHLQ]HOQHQ((*9DULDEOHQ136,1 EHGLQJWHQ 9DULDQ]HLQEXHQGHV$UEHLWVJHGlFKWQLVVHV'LHVHZUGHQVLFKJXWGXUFKhEHUVFKQHLGXQJ HUNOlUHQ ODVVHQ XQG VLQG KLQVLFKWOLFK GHU *U|HQRUGQXQJ PLW GHU HQWVSUHFKHQGHQ (UZDUWXQJ NRQVLVWHQW(LQHhEHUVFKQHLGXQJ]ZLVFKHQGHQEHLGHQQLFKWVSUDFKOLFKHQ((*9DULDEOHQZXUGH GHP]XIROJHDQJHQRPPHQ
,Q GHQ (UOlXWHUXQJHQ ]X 7DEHOOH ZXUGH EHKDXSWHW GDVV VlPWOLFKH LQQHUKDOE GHV 9DULDQ]
EHUHLFKV GHU NRJQLWLRQVSV\FKRORJLVFKHQ .RQVWUXNWH EHILQGOLFKH ((*9DULDQ] GXUFK GLH 9DULDQ] GHV $UEHLWVJHGlFKWQLVVHV DEJHGHFNW VHL 'LHV ZXUGH EHUSUIW LQGHP GLH GUHL ((*
9DULDEOHQ ]XP HLQHQ DXV GHP $UEHLWVJHGlFKWQLV XQG ]XP DQGHUHQ DXV GHP .RPSOH[ GHU NRJQLWLRQVSV\FKRORJLVFKHQ.RQVWUXNWHH[WUDKLHUWZXUGHQ%HLGH5HVLGXHQZDUHQXPGDVVHOEH 0D DQ 9DULDQ]DXINOlUXQJ KLQVLFKWOLFK GHU 5HFKWVFKUHLEYDULDQ] EHHLQWUlFKWLJW E]Z
'LHVEHVWlWLJWHDXFKGLH([WUDNWLRQGHUHLQ]HOQHQ((*9DULDEOHQ
'LH ([WUDNWLRQ GHV 3+2 XQG GHV 13 NRVWHWH GHQ .RPSOH[ GHU NRJQLWLRQVSV\FKRORJLVFKHQ 9DULDEOHQ EHLQDKH H[DNW GHQVHOEHQ %HWUDJ DQ 9DULDQ]HUNOlUXQJ GHQ HV DXFK GDV $UEHLWV JHGlFKWQLV DOOHLQ JHNRVWHW KDWWH XQG EHVWlWLJWH VRPLW DXHUGHP GHUHQ *U|HQVFKlW]XQJHQ 'HUHQWVSUHFKHQGH:HUWIUGHQ6,1GLIIHULHUWHMHGRFKYRQGHPZDVVLFKDXVGHU([WUDNWLRQ DXV GHP $UEHLWVJHGlFKWQLV HUJHEHQ KDWWH 'DIU NRQQWH NHLQH SODXVLEOH (UNOlUXQJ JHIXQGHQ ZHUGHQ'LH]XWUHIIHQGH$XVVDJHQlPOLFKGDVVDOOH((*9DULDQ]GLHLQQHUKDOEGHV%HUHLFKV GHU NRJQLWLRQVSV\FKRORJLVFKHQ .RQVWUXNWH ODJ DXFK LQQHUKDOE GHU $UEHLWVJHGlFKWQLV9DULDQ]
ODJ NRQQWH GHQQRFK JHKDOWHQ ZHUGHQ GD GHU 9DULDQ]UDXP GHQ GHU 6,1 LP JHVDPWHQ NRJQLWLRQVSV\FKRORJLVFKHQ9DULDQ]NRPSOH[EHDQVSUXFKWHQLFKWK|KHUDOVGHU5DXPODJGHQ GLH((*9DULDEOHLQQHUKDOEGHV$UEHLWVJHGlFKWQLVVHVEHDQVSUXFKWH
$OV*U|HQDQQDKPHIUGLH6,19DULDQ]ZXUGHQWURW]GHVDEZHLFKHQGHQ%HIXQGHVZHLWHUKLQ GLHDQJHQRPPHQGDGLHVHU:HUWPHKUIDFKGDV5HVXOWDWYRQ%HUHFKQXQJHQZDUXQGGDKHU UHOLDEOHUDOVHLQHHLQPDOLJH$EZHLFKXQJHUVFKLHQ=XGHPLVWLQ%HWUDFKW]X]LHKHQGDVVHVVLFK EHL GHU $EZHLFKXQJ XP HLQH *U|HQRUGQXQJ YRQ GDV KHLW OHGLJOLFK HLQHP 3UR]HQW KDQGHOWH
'LHRELJHQ$XVIKUXQJHQPQGHQLQIROJHQGHDEVFKOLHHQGH6FKHPDDEELOGXQJ
(5*(%1,66(
%
(857(,/81* '(5 (03,5,6&+(19
25+(56$*( $ 81'=
86$00(1)$6681*'(58
17(568&+81*(1=80(
5./b581*6327(1=,$/'(5
.
216758.7((
%(1(1'HQ 1DFKZHLV JHPHLQVDPHU 9DULDQ]DQWHLOH SKRQRORJLVFKHU XQG DXGLWLY VHQVRULVFKHU 9HUDU EHLWXQJ LP +LQEOLFN DXI GLH (UNOlUXQJ GHU 5HFKWVFKUHLEOHLVWXQJ HUEUDFKWH GHU YRUDQJHKHQGH
$EVFKQLWW PLW KRKHU (LQGHXWLJNHLW 'LH HPSLULVFKH 9RUKHUVDJH D NRQQWH GDPLW
a
$EE0|JOLFKH 9DULDQ]VWUXNWXU GHU NRJQLWLRQVSV\FKRORJLVFKHQ .RQVWUXNWH XQG GHU (EHQH GHU QHXURSK\VLROR JLVFKHQ9HUDUEHLWXQJLP9DULDQ]UDXPGHU5HFKWVFKUHLEOHLVWXQJ
$QPHUNXQJ 9DULDQ]DQWHLOH GHU .RQVWUXNWH E]Z 9DULDEOHQ GLH QLFKW PLW GHU 5HFKWVFKUHLEOHLVWXQJ LQ
=XVDPPHQKDQJVWHKHQVLQGKLHUQLFKWDEJHELOGHW