:XUGH GHU %OLFN ELVKHU DXI GLH GHVNULSWLYH $QDO\VH GHU GHQ 6FKULIWVSUDFKHUZHUEEHHLQIOXVVHQGHQ9DULDEOHQJHULFKWHWVROOHQQXQPLW +LOIHELYDULDWHU$QDO\VHQP|JOLFKH=XVDPPHQKlQJH]ZLVFKHQHLQ]HOQHQ 9DULDEOHQ XQG GHU 5HFKWVFKUHLEOHLVWXQJ (QGH GHU ]ZHLWHQ .ODVVH DXIJH]HLJWZHUGHQ
$EELOGXQJ DXI 6HLWH VWHOOW MHQH EHUHLFKVVSH]LILVFKHQ XQG LQGLYLGXHOOHQ 9DULDEOHQ GDU GLH DXI LKUHQ (LQIOXVV DXI GLH 5HFKWVFKUHLEOHLVWXQJLQGLHVHU$UEHLWXQWHUVXFKWZHUGHQ
7DEHOOH ]HLJW GLH =XVDPPHQKlQJH ]ZLVFKHQ GHU 5HFKWVFKUHLEOHLVWXQJ DP (QGH GHU .ODVVH 7 ' XQG GHQ EHUHLFKVVSH]LILVFKHQ9DULDEOHQ]XGHQ7HVW]HLWSXQNWHQ7XQG7
7' 76 76 7% 7% 73 73 7$
7'
7'
76
76
7%
7%
73
73
7DEHOOH .RUUHODWLRQ EHUHLFKVVSH]LILVFKHU (LQIOXVVIDNWRUHQ DXI GLH 5HFKWVFKUHLEOHLVWXQJ (QGH GHU .ODVVHDXIGHP3UR]HQW1LYHDXVLJQLILNDQWGXQNHOURW ÄVWDUNH.RUUHODWLRQ³U ELVRUDQJH ÄPLWWOHUH.RUUHODWLRQ³U ELVJHOE ÄVFKZDFKH.RUUHODWLRQ³U ELV7ELV7 7HVW]HLWSXQNWH ZlKUHQG GHUHUVWHQEHLGHQ6FKXOMDKUH' '(5(76 6FKUHLEHQ% %XFKVWDEHQ3 3KRQHPH$
$QODXW/ /HVHQ
%HL GHU %HWUDFKWXQJ GHU 5HFKWVFKUHLEOHLVWXQJ DP (QGH GHU ]ZHLWHQ .ODVVH 7 ' ]HLJW VLFK HLQ =XVDPPHQKDQJ PLW DOOHQ HUKREHQHQ 7HLOIHUWLJNHLWHQ $P GHXWOLFKVWHQ XQG KRFK VLJQLILNDQW U LVW GHU
=XVDPPHQKDQJ PLW GHU HU]LHOWHQ 5HFKWVFKUHLEOHLVWXQJ DP (QGH GHU HUVWHQ.ODVVH7'
(LQ VHKU LQWHUHVVDQWHV (UJHEQLV GLHVHU EDVDOHQ $QDO\VHQ GHU 'DWHQVWUXNWXULVW]XGHPGDVVGLH.RUUHODWLRQHQGHU5HFKWVFKUHLEOHLVWXQJ DP(QGHGHU]ZHLWHQ.ODVVHPLWGHP7HVW6FKUHLEHQQDFK%LOGHUQ.RFK *HRUJ KLHU EHQDQQW DOV 7 6 XQG 7 6 ]X GHQ EHLGHQ 0HVV]HLWSXQNWHQ LP 9HUODXI GHU HUVWHQ EHLGHQ 6FKXOMDKUH ]XQLPPW :lKUHQG GLH .RUUHODWLRQ GHU 5HFKWVFKUHLEOHLVWXQJ 7 ' PLW GHP :|UWHUVFKUHLEHQ ]X 0HVV]HLWSXQNW 7 6 QRFK HLQH ÄPLWWOHUH .RUUHODWLRQ³EHWUlJWNRUUHOLHUWVLHPLWGHP:RUWVFKUHLEHQLPIQIWHQ 0HVV]HLWSXQNWPLWÄVWDUNH.RUUHODWLRQ³QLFKWLQ7DEHOOHGDUJHVWHOOW
'DVVGLH6FRUHVGHV7HVWV6FKUHLEHQQDFK%LOGHUQ7ELV76.RFK *HRUJ HQJ PLW GHU 5HFKWVFKUHLEOHLVWXQJ ]XVDPPHQKlQJHQ OHJHQ ]XGHP DXFK GLH .RUUHODWLRQ GHU 7 ELV 7 6 9DULDEOHQ PLW GHU 5HFKWVFKUHLEOHLVWXQJ (QGH GHU HUVWHQ .ODVVH 7 ' QDKH 'HQ GHXWOLFKVWHQ =XVDPPHQKDQJ PLW ILQGHW PDQ EH]JOLFK GHU 9HUELQGXQJGHV:|UWHUVFKUHLEHQV]XP]ZHLWHQ0HVV]HLWSXQNWXQGGHU 5HFKWVFKUHLEOHLVWXQJ DP (QGH GHV HUVWHQ 6FKXOMDKUHV ]XP GULWWHQ 0HVV]HLWSXQNW
'LH YHUEOHLEHQGHQ .RUUHODWLRQHQ GHU 5HFKWVFKUHLEOHLVWXQJ (QGH GHU ]ZHLWHQ .ODVVH 7 ' PLW GHQ 9DULDEOHQ ]XU %XFKVWDEHQ/DXW 9HUELQGXQJ 7 % XQG 7 % U7 XQG U7 ]XP 7HVW GHU
$QODXWLGHQWLILNDWLRQ7$U XQG]XP7HVWGHU3KRQHPV\QWKHVH ]XGHQ]ZHL0HVV]HLWSXQNWHQU7 XQGU7 VLQG]ZDUQLFKWVHKU KRFKMHGRFKDXIGHP3UR]HQW1LYHDXVLJQLILNDQW
(LQ HUZlKQHQVZHUWHU %HIXQG LVW GDVV GHU LQGLYLGXHOOH 6FRUH ]XP
%XFKVWDEHQZLVVHQ ]XP 0HVV]HLWSXQNW 7 % PLW GHP 6FRUH LP
6FKUHLEHQ QDFK %LOGHUQ .RFK *HRUJ 7 6 GHXWOLFK ]XVDPPHQ]XKlQJHQVFKHLQWU
7DEHOOH ]HLJW GLH .RUUHODWLRQHQ ]ZLVFKHQ GHU 5HFKWVFKUHLEOHLVWXQJ (QGHGHUXQG.ODVVHXQGGHQLQGLYLGXHOOHQ(LQIOXVVIDNWRUHQDXI
/RJLVFKHV 'HQNHQ
6FKQHOOHV
%HQHQQHQ
%LOGHU
6FKQHOOHV
%HQHQQHQ
%XFKVWDEHQ
9HUEDOHV
.XU]]HLWJHGlFKWQLV $UEHLWVJHGlFKWQLV
7'
7'
7DEHOOH .RUUHODWLRQ P|JOLFKHU LQGLYLGXHOOHU (LQIOXVVIDNWRUHQ DXI GLH 5HFKWVFKUHLEOHLVWXQJ (QGHGHU.ODVVHDXIGHP3UR]HQW1LYHDXVLJQLILNDQW
'XUFKJHKHQG ZLUG GHXWOLFK GDVV ]ZLVFKHQ DOOHQ 9DULDEOHQ XQG GHU 5HFKWVFKUHLEOHLVWXQJDP(QGHGHUEHLGHQ.ODVVHQVWXIHQVFKZDFKHDEHU VLJQLILNDQWH.RUUHODWLRQHQ]XEHREDFKWHQVLQG
,Q GHQ QXQ IROJHQGHQ .DSLWHOQ ZLUG DQKDQG ELYDULDWHU $QDO\VHQ GHU
=XVDPPHQKDQJ ]ZLVFKHQ GHU 5HFKWVFKUHLEOHLVWXQJ DP (QGH GHU ]ZHLWHQ.ODVVH'(5(7XQGMHZHLOVHLQHUZHLWHUHQ9DULDEOHDQDO\VLHUW
9HUJOHLFK'(5(7]X7XQG7
:LH GDUJHVWHOOW NRUUHOLHUW GLH 5HFKWVFKUHLEOHLVWXQJ LP '(5(7 ]XP 0HVV]HLWSXQNWDPK|FKVWHQU PLWGHU5HFKWVFKUHLEOHLVWXQJLP '(5(7 ]XP 0HVV]HLWSXQNW $XI GLHVHQ =XVDPPHQKDQJ VROO LP )ROJHQGHQQlKHUHLQJHJDQJHQZHUGHQ
,Q GHQ 6WLFKSUREHQ ]X 7 XQG 7 LVW MHGRFK ]XQlFKVW HLQH QLFKW ]X YHUQDFKOlVVLJHQGH$Q]DKODQIHKOHQGHQ:HUWHQ]XEHUFNVLFKWLJHQ )HKOHQGH:HUWHVLQGLQVEHVRQGHUHEHLHLQIDFKHQ$QDO\VHQLQ6366HLQ 3UREOHPGDPLWGHPNDXP]XXPJHKHQGHQVRJÄIDOOZHLVHQ$XVVFKOXVV³ GLH=DKOGHULQGLH$QDO\VHHLQEH]RJHQHQ,QGLYLGXHQVFKQHOOVFKUXPSIHQ NDQQ'DKHUZLUGEHUSUIWZLHVLFKGLHIHKOHQGHQ:HUWHEH]JOLFKGHU EHLGHQ 9DULDEOHQ 7 ' XQG 7 ' LP OlQJVVFKQLWWOLFKHQ 'DWHQVDW]
YHUKDOWHQ 'D]X ZHUGHQ GLH YRUKDQGHQHQ YV GLH QLFKW YRUKDQGHQHQ
6FRUHV ]X GHQ EHLGHQ 0HVV]HLWSXQNWHQ 7 XQG 7 PLWHLQDQGHU NUHX]WDEHOOLHUW 'LH (UJHEQLVVH GHU .UHX]WDEHOOH VLQG LQ $EELOGXQJ YHUDQVFKDXOLFKW
$EELOGXQJ$XVIDOOGHU,QGLYLGXHQEHUGHQ/lQJVVFKQLWWKLQZHJE]JOGHU 5HFKWVFKUHLEOHLVWXQJ
(V ]HLJW VLFK GDVV 3UREDQGHQ EHL GHU $QDO\VH GHU EHLGHQ 5HFKWVFKUHLEOHLVWXQJVYDULDEOHQ7'XQG7'HLQEH]RJHQZHUGHQXQG GDVV DXV XQWHUVFKLHGOLFKHQ *UQGHQ ,QGLYLGXHQ IU GLHVH $QDO\VH QLFKW]XU9HUIJXQJVWHKHQ'DVVLQGLPPHUKLQDOOHU)lOOHGLHVLVW EHL GHU ZHLWHUHQ %HWUDFKWXQJ GHU 'DWHQ ]X EHUFNVLFKWLJHQ )HKOHQGH :HUWH N|QQHQ LP 9HUODXI GHU ]ZHL 6FKXOMDKUH DXV XQWHUVFKLHGOLFKVWHQ
*UQGHQ HQWVWHKHQ 8P]XJ HLQHV 6FKOHUV .ODVVHQZHFKVHO HLQHV 6FKOHUV.UDQNKHLWDP7DJHLQHURGHUPHKUHUHU'DWHQHUKHEXQJHQRGHU GHP 1LFKWDXVIOOHQ HLQHU RGHU PHKUHUHU $XIJDEHQVWHOOXQJHQ DXV YHUVFKLHGHQHQ *UQGHQ %HVRQGHUV GLH =XUFNVWXIXQJ VFKZDFKHU 6FKOHU LQ GLH HUVWH .ODVVH IKUWH ]X IHKOHQGHQ :HUWHQ LP ]ZHLWHQ 6FKXOMDKU9RQGLHVHQ6FKOHUQNRQQWHDXVRUJDQLVDWRULVFKHQ*UQGHQ NHLQ]ZHLWHU5HFKWVFKUHLEZHUWLP'(5(7HUKREHQZHUGHQ
=XU GLIIHUHQ]LHUWHQ %HWUDFKWXQJ GHV =XVDPPHQKDQJHV ELHWHW HV VLFK ]XQlFKVW DQ GHQ =XVDPPHQKDQJ LQ HLQHP 6WUHXGLDJUDPP ]X YHUDQVFKDXOLFKHQYJO$EELOGXQJ
ϭϵ ϭϭ
Ϯϳ
ϮϮϱ
DŝƐƐŝŶŐdϯнdϲ DŝƐƐŝŶŐdϯ DŝƐƐŝŶŐdϲ Ŷ
$EELOGXQJ6FDWWHUSORW]XP9HUJOHLFKGHU5HFKWVFKUHLEOHLVWXQJHQ]X7XQG7
$EELOGXQJ]HLJWHLQHVLFKQDKH]XGLDJRQDOHUVWUHFNHQGH3XQNWZRONH 9RUGLHVHP+LQWHUJUXQGHUVFKHLQWORKQHQVZHUWHLQHOLQHDUH5HJUHVVLRQ ]XEHUHFKQHQGLHHVÄVRPLWQLFKWQXU>HUODXEW@HLQH$XVVDJHGDUEHU>]X WUHIIHQ@REXQGLQZHOFKHP$XVPD]ZHL9DULDEOHQ]XVDPPHQKlQJHQ VRQGHUQDXFKGLHhEHUSUIXQJ>«@LQZLHZHLWHLQHXQDEKlQJLJH9DULDEOH
>«@ HLQHQ (LQIOXVV DXI HLQH DEKlQJLJH 9DULDEOH >«@ DXVEWH³ 6FKHQGHUD6
,P =XJH GHU %HUHFKQXQJ GHU OLQHDUHQ 5HJUHVVLRQ ZHUGHQ ]XQlFKVW HLQLJH 9RUDXVVHW]XQJHQ EHUSUIW =XVlW]OLFK ]X GHU LQ $EELOGXQJ DXIJH]HLJWHQ /LQHDULWlW GHV =XVDPPHQKDQJV LVW LQ $EELOGXQJ GLH hEHUSUIXQJDXI9DULDQ]KHWHURJHQLWlWYHUDQVFKDXOLFKW
$EELOGXQJ 7HVWV DXI 9DULDQ]XQJOHLFKKHLW +HWHURVNHGDVWL]LWlW /HJHQGH OLQNV 6WDQGDUGLVLHUWH 5HVLGXHQ GHU DEKlQJLJHQ 9DULDEOHQ YV GHU XQDEKlQJLJHQ 9DULDEOH UHFKWV 6WDQGDUGLVLHUWH 5HVLGXHQ GHU DEKlQJLJHQ 9DULDEOHQ YV JHVFKlW]WH YRUKHUJHVDJWH :HUWH GHU DEKlQJLJHQ9DULDEOHQ
,QGLHVHP=XVDPPHQKDQJLVWHVYRQ%HGHXWXQJGDVVGLH)HKOHUQLFKW PLWGHUXQDEKlQJLJHQ9DULDEOHNRUUHOLHUHQ$EELOGXQJOLQNVXQGGHU
=XVDPPHQKDQJ]ZLVFKHQGHQ)HKOHUQXQGGHQYRUKHUJHVDJWHQ:HUWHQ GHUDEKlQJLJHQ9DULDEOH]XIlOOLJLVW$EELOGXQJUHFKWV'LHVLVWKLHU ]XPLQGHVWDQQlKHUQGJHJHEHQ
5 54XDGUDW .RUULJLHUWHV5
4XDGUDW 6WDQGDUGIHKOHU
GHV6FKlW]HUV 'XUELQ:DWVRQ 6WDWLVWLN
7DEHOOH/LQHDUH5HJUHVVLRQ'(5(77DXI'(5(770RGHOO]XVDPPHQIDVVXQJ
'LH 'XUELQ:DWVRQ6WDWLVWLN VLHKH 7DEHOOH ZLUG PLW DXVJHJHEHQ'LHVOHJWGHQ6FKOXVVQDKHGDVV$XWRNRUUHODWLRQEHVWHKW 'D DXIJUXQG GHU YLVXHOOHQ 6LFKWXQJ GLH $XWRNRUUHODWLRQ DOV QLFKW VHKU JUR HLQJHVFKlW]W ZLUG XQG HV LQ YLHOHQ 'DUVWHOOXQJHQ OLEHUDOHUH (LQVFKlW]XQJHQ JLEW ]% %URVLXV Ä$OV )DXVWUHJHO OlVVW VLFK VDJHQGDVVDXFK:HUWH]ZLVFKHQXQGDN]HSWDEHOHUVFKHLQHQ (LQ:HUWXQWHURGHUEHUGHXWHWKLQJHJHQDXIVWDUNHDXWRNRUUHOLHUWH 5HVLGXHQ KLQ³ %URVLXV 6 ZLUG DQ GLHVHU 6WHOOH DXI GLH GLIIHUHQ]LHUWHXQGWLHIHUJHKHQGH%HWUDFKWXQJYHU]LFKWHW
*HKW PDQ QXQ GD]X EHU GDV (UJHEQLV GHU OLQHDUHQ 5HJUHVVLRQ ]X EHVFKUHLEHQVRIlOOWGHU%OLFN]XQlFKVWDXIGLH0RGHOO]XVDPPHQIDVVXQJ LQ 7DEHOOH 'HU 'HWHUPLQDWLRQVNRHIIL]LHQW 54XDGUDW E]Z NRUULJLHUWHV54XDGUDWZHLVWDXVGDVVGHU9DULDQ]GHUDEKlQJLJHQ 9DULDEOH'(5(7]X7GXUFKGLHXQDEKlQJLJH9DULDEOH'(5(7]X7 HUNOlUWZHUGHQNDQQ'LH(UNOlUXQJVNUDIWYRQ'(5(77LP+LQEOLFNDXI '(5(77LVWVRPLWVHKUJUR'LHVEHVWlWLJWDXFKGHU2XWSXWÄ$QRYD³ 'LHXQDEKlQJLJH9DULDEOHHUNOlUWGLH9DULDWLRQGHUDEKlQJLJHQ9DULDEOH JXW
,Q.DSLWHOZXUGHIUGHQ'(5(76FRUH]XP0HVV]HLWSXQNW7HLQH 6WDQGDUGDEZHLFKXQJ YRQ DQJHJHEHQ %HL GHU GHVNULSWLYHQ
%HWUDFKWXQJZDUHQDOOHUGLQJVDXFKJOWLJH)lOOHPLWHLQEH]RJHQ:LH LQ$EELOGXQJYHUGHXWOLFKWZHUGHQLQGHUOLQHDUHQ5HJUHVVLRQGDYRQ
/DXWGHU'XUELQ:DWVRQ7DEHOOHOLHJWGLHVHU:HUWXQWHUGHP,QGLIIHUHQ]EHUHLFK7 . GO G8
OHGLJOLFK)lOOHEHWUDFKWHW'LHLP5DKPHQGHUOLQHDUHQ5HJUHVVLRQ XQLYDULDW ]XJUXQGH JHOHJWH 6WDQGDUGDEZHLFKXQJ GHV '(5(76FRUHV OLHJWEHL'LH,QWHUSUHWDWLRQGHV6WDQGDUGIHKOHUVGHV6FKlW]HUVLVW QXQ ZLH IROJW Ä2KQH .HQQWQLV³ GHU XQDEKlQJLJHQ 9DULDEOHQ OLHJW GLH 6WDQGDUGDEZHLFKXQJYRQ'(5(77EHLYJOGLHGHVNULSWLYH6WDWLVWLN GHU3UR]HGXUGHUOLQHDUHQ5HJUHVVLRQ%H]LHKWPDQQXQGLHLQ'(5(7 7 HQWKDOWHQHQ ,QIRUPDWLRQHQ PLW HLQ VR UHGX]LHUW VLFK GHU )HKOHU GHU 6FKlW]XQJDXI
$XVGHU7DEHOOHN|QQHQGLHÄ.RHIIL]LHQWHQ³DEJHOHVHQZHUGHQ
1LFKWVWDQGDUGLVLHUWH .RHIIL]LHQWHQ
6WDQGDUGLVLHUWH
.RHIIL]LHQWHQ
.RQILGHQ]LQWHUYDOO
5HJUHVVLRQV
NRHIIL]LHQW%
6WDQGDUG
IHKOHU %HWD 7 6LJ 8QWHUH
*UHQ]H
2EHUH
*UHQ]H
.RQVWDQWH
'(5(77
7DEHOOH/LQHDUH5HJUHVVLRQ'(5(77DXI'(5(77.RHIIL]LHQWHQ
%HVRQGHUV ]X EHDFKWHQ LVW KLHU HLQHUVHLWV GHU QLFKW VWDQGDUGLVLHUWH 5HJUHVVLRQVNRHIIL]LHQW % GHU PLW DQJHJHEHQ LVW VRZLH DQGHUHUVHLWV GHU VWDQGDUGLVLHUWH %HWDNRHIIL]LHQW GHU PLW DQJHIKUWLVW+LHUDXVOlVVWVLFKIROJHQGHOLQHDUH5HJUHVVLRQVJOHLFKXQJ HUPLWWHOQ
'(5(77 ā'(5(77
,Q GHU OLQHDUHQ 5HJUHVVLRQVJOHLFKXQJ ]HLJW VLFK GDVV GHU
=XVDPPHQKDQJYRQ'(5(77XQG'(5(77VLFKJXWGXUFKHLQH
*HUDGH EHVFKUHLEHQ OlVVW 'LHVH *HUDGH QLPPW EHL GHP 3XQNW XPJDQJVVSUDFKOLFK DXVJHGUFNW ÄQXOO ULFKWLJH :|UWHU ]X 7 XQG ULFKWLJH :|UWHU ]X 7³ LKUHQ $XVJDQJVSXQNW 8QG PLW MHGHP ZHLWHUHQ :HUW]X7KDWHV]X7:|UWHUPHKUULFKWLJ'LHVHULQGHU)RUPHO GHXWOLFK ZHUGHQGH =XVDPPHQKDQJ LVW LQ $EELOGXQJ JUDSKLVFK LOOXVWULHUW
$EELOGXQJ9HUJOHLFKGHU5HFKWVFKUHLEOHLVWXQJ]X7XQG7PLW5HJUHVVLRQVJHUDGHXQG
$XVUHLHU/HJHQGHURWH/LQLH 5HJUHVVLRQVJHUDGHURWHU3XQNW $XVUHLHU
(UJlQ]HQG LVW LP =XJH GHU ÄIDOOZHLVHQ 'LDJQRVH³ 5HJUHVVLRQVRXWSXW RKQH 7DEHOOH HLQ )DOO LGHQWLIL]LHUW ZRUGHQ GHVVHQ VWDQGDUGLVLHUWHV 5HVLGXXP EHU GUHL 6WDQGDUGDEZHLFKXQJHQ OLHJW LQ $EELOGXQJ DOV URWHU 3XQNW PDUNLHUW 6RPLW LVW GLH $QQDKPH QDKHOLHJHQG GDVV GLH 9RUKHUVDJHNUDIWGHV0RGHOOVQRFKJHVWHLJHUWZHUGHQNDQQZHQQGLHVHU )DOODXVGHU$QDO\VHDXVJHVFKORVVHQZLUG'LHVH)RUPGHU%HXUWHLOXQJ GHXWHW MHGRFK QXU DXI HLQHQ $XVUHLHU KLQ GLHV ZLUG LP )ROJHQGHQ DOOHUGLQJVQLFKWZHLWHUDXIJHJULIIHQ
5HVPLHUHQG LVW ]X VDJHQ 'LH $QDO\VH GHV =XVDPPHQKDQJV GHU 5HFKWVFKUHLEOHLVWXQJHQ DP (QGH GHU HUVWHQ XQG GHU ]ZHLWHQ .ODVVH HUJLEWGDVVGHU'(5(76FRUH]X7HLQHQVHKUJXWHQ3UlGLNWRUIUGLH 5HFKWVFKUHLEIlKLJNHLWHQ]X7GDUVWHOOW
(LQ%OLFNDXIGLHVFKZDFKHQ6FKOHULQGHU5HFKWVFKUHLEXQJLP'(5(7 DP(QGHGHUHUVWHQ.ODVVHQVROOQlKHUH,QIRUPDWLRQHQEULQJHQ
7DEHOOH ]HLJW GLH 0LWWHOZHUWXQWHUVFKLHGH GHU $Q]DKO GHU NRUUHNW JHVFKULHEHQHQ :|UWHU LP '(5(7 7 LQ $EKlQJLJNHLW YRQ GHU 5HFKWVFKUHLEOHLVWXQJDP(QGHGHUHUVWHQ.ODVVHLP'(5(77
'(5(77
'(5(77 1 0 6'
8QWHUVWHQ
2EHUVWHQ
7DEHOOH 0LWWHOZHUWVXQWHUVFKLHG LQ GHU 5HFKWVFKUHLEOHLVWXQJ DP (QGH GHU .ODVVH LQ
$EKlQJLJNHLW]XU5HFKWVFKUHLEOHLVWXQJDP(QGHGHU.ODVVH0LWWHOZHUWGHU$Q]DKOGHUULFKWLJ JHVFKULHEHQHQ:|UWHU
,P0LWWHOVFKUHLEHQGLH6FKOHUGLHDP(QGHGHUHUVWHQ.ODVVH]XGHQ VFKZlFKVWHQ JHK|UWHQ DP (QGH GHU ]ZHLWHQ .ODVVH KRFK VLJQLILNDQWZHQLJHU:|UWHUNRUUHNWDOVGLHUHVWOLFKHQ6FKOHUS
'HU%OLFNDXIGLHHLQ]HOQHQVFKZDFKHQ3UREDQGHQVROOGHQYHUPXWHWHQ
=XVDPPHQKDQJ GHU YRUDXVJHKHQGHQ XQG GHU IROJHQGHQ 5HFKWVFKUHLEOHLVWXQJ ]XVlW]OLFK XQWHUVXFKHQ 9RQ GHQ VFKZlFKVWHQ 6FKOHUQ LP '(5(7 7 3UREDQGHQ OLHJHQ YRQ 6FKOHUQDXFK:HUWHLP'(5(77YRU
'(5(77 '(5(77 '(5(77 '(5(77
3UREDQG ) 35 ) 35 3UREDQG ) 35 ) 35
7DEHOOH (LQ]HOIDOODXVZHUWXQJ 7HVWOHLVWXQJHQ LP '(5(7 7 GHU VFKZlFKVWHQ 3UREDQGHQLP'(5(77) )HKOHUDQ]DKO35 3UR]HQWUDQJLQGHU1RUPVWLFKSUREHURW 35 XQWHULQ'(5(77XQG7JUQ 35XQWHULP'(5(77XQG35EHULP'(5(77
7DEHOOH]HLJWGLH/HLVWXQJVHQWZLFNOXQJGHUVFKZlFKVWHQ6FKOHU LQGHU5HFKWVFKUHLEXQJDP(QGHGHUHUVWHQ.ODVVH'LHVHVFKULHEHQ ELV :|UWHU LP '(5(7 7 IDOVFK IHWW JHGUXFNW *HPl GHU 1RUPVWLFKSUREHHUKLHOWHQVLHVRPLW3UR]HQWUlQJHYRQELV1XQOLHJW GLH 9HUPXWXQJ QDKH GDVV VLFK GLHVH YHUJOHLFKVZHLVH VFKZDFKHQ 5HFKWVFKUHLEOHLVWXQJHQLQGHU]ZHLWHQ.ODVVHZHLWHUKLQ]HLJHQZHUGHQ 'LH (LQ]HODXVZHUWXQJ LP '(5(7 ]X 7 GLHVHU ]X 7 VFKZDFKHQ 3UREDQGHQ ]HLJW IROJHQGHV (UJHEQLV ,P '(5(7 7 ZXUGHQ ELV :|UWHU YRQ GLHVHQ 6FKOHUQ IDOVFK JHVFKULHEHQ GLHV HQWVSULFKW 3UR]HQWUlQJHQ YRQ ELV 'LH 0HKU]DKO GHU 6FKOHU HUUHLFKWH MHGRFK QXU 3UR]HQWUlQJH YRQ RGHU NOHLQHU URWPDUNLHUW GHU 6FKOHU VRJDU QXU 3UR]HQWUlQJH XQWHU URW XQWHUVWULFKHQ
:HLWHUKLQ]HLJWVLFKGDVVQXUGHU3UREDQGHQLP'(5(7]X7PLW HLQHP 3UR]HQWUDQJ YRQ GXUFKVFKQLWWOLFKH 5HFKWVFKUHLEOHLVWXQJHQ ]HLJHQJUQPDUNLHUW
0LWQXU]ZHL$XVQDKPHQ]HLJHQGHPQDFKGLHVFKZlFKVWHQ6FKOHU LP'(5(77DXFKLP'(5(77XQWHUGXUFKVFKQLWWOLFKHELVVFKZDFKH 35XQWHU5HFKWVFKUHLEOHLVWXQJHQ
$QODXWLGHQWLILNDWLRQ
:LH GDUJHVWHOOW LVW GHU =XVDPPHQKDQJ ]ZLVFKHQ GHU 7HLOIHUWLJNHLW
$QODXWHUNHQQHQ7XQGGHU/HLVWXQJLP'(5(77]ZDUVLJQLILNDQW MHGRFKOLHJWPLWQXUHLQHVFKZDFKH.RUUHODWLRQYRU7DEHOOHDXI 6HLWH %HL GHU %HWUDFKWXQJ GLHVHV =XVDPPHQKDQJV LVW MHGRFK 9RUVLFKW JHERWHQ GD VLFK GLH 9HUWHLOXQJ GHU 9DULDEOH $QODXW LQ GLHVHU 6WLFKSUREH DOV VHKU OLQNVVFKLHI GDUVWHOOW 'DVV GHU =XVDPPHQKDQJ ]ZLVFKHQ GHP $QODXWHUNHQQHQ 7 XQG GHU 5HFKWVFKUHLEOHLVWXQJ LP 9HUODXI GHU EHLGHQ 6FKXOMDKUH DEQLPPW ]HLJW GLH VLFK YHUULQJHUQGH .RUUHODWLRQV7DEHOOH
7DEHOOH ]HLJW GLH SDUWLHOOH .RUUHODWLRQ GHU /HLVWXQJHQ LQ GHU
$QODXWLGHQWLILNDWLRQPLWGHQ5HFKWVFKUHLEOHLVWXQJHQLP'(5(77
.RUUHODWLRQ%LYDULDW $QODXW7ĺ U
Q ĸ'(5(77 .RUUHODWLRQ3DUWLHOO
'(5(77
KHUDXVJHUHFKQHW $QODXW7ĺ U
Q ĸ'(5(77 7DEHOOH %LYDULDWH XQG SDUWLHOOH .RUUHODWLRQ GHV 7HVWV $QODXWLGHQWLILNDWLRQ 7 PLW GHU 5HFKWVFKUHLEOHLVWXQJ(QGHGHU]ZHLWHQ.ODVVH'(5(77DXIGHP3UR]HQW1LYHDX VLJQLILNDQW
5HFKQHWPDQGHQ(LQIOXVVGHU5HFKWVFKUHLEOHLVWXQJDP(QGHGHUHUVWHQ .ODVVH KHUDXV YHUVFKZLQGHW GHU =XVDPPHQKDQJ YRQ $QODXW 7 ]X '(5(77 YROOVWlQGLJU
1HEHQ GHU NRUUHODWLYHQ $QDO\VH GHU *HVDPWVWLFKSUREH ELHWHW VLFK HLQH
$QDO\VH GHU (QWZLFNOXQJ GHU VFKZDFKHQ 6FKOHU DQ ,P )DOO GHU
$QODXWHUNHQQXQJ ZLUG GLH 6WLFKSUREH JHPl LKUHQ 7HVWOHLVWXQJHQ ]X
%HJLQQ GHU HUVWHQ .ODVVH LQ ]ZHL *UXSSHQ HLQJHWHLOW =LHO GLHVHU .ODVVLIL]LHUXQJ VROO HV VHLQ ]X XQWHUVXFKHQ LQZLHZHLW HLQH VFKZDFKH /HLVWXQJ 4XDUWLO LQ GHU $QODXWLGHQWLILNDWLRQ ]X %HJLQQ GHU HUVWHQ .ODVVH HLQH $XVZLUNXQJ DXI GLH 5HFKWVFKUHLEOHLVWXQJ DP (QGH GHU HUVWHQXQGDP(QGHGHU]ZHLWHQ.ODVVHKDW
'LH9HUPXWXQJOLHJWQDKHGDVVGLH)lKLJNHLWGHU$QODXWLGHQWLILNDWLRQGLH 5HFKWVFKUHLEOHLVWXQJ DP (QGH GHU HUVWHQ .ODVVH ]X EHHLQIOXVVHQ VFKHLQW7DEHOOH]HLJWGLH(UJHEQLVVH
'(5(77 '(5(77
$QODXWHUNHQQXQJ 1 0 6' 1 0 6'
8QWHUVWHQ
2EHUVWHQ
7DEHOOH0LWWHOZHUWVXQWHUVFKLHGHLQGHU5HFKWVFKUHLEOHLVWXQJDP(QGHGHUXQG.ODVVH LQ$EKlQJLJNHLW]XU$QODXWHUNHQQXQJ0LWWHOZHUWGHU$Q]DKOGHUULFKWLJJHVFKULHEHQHQ:|UWHU
'LH77HVW$QDO\VHQGHUYRUJHIXQGHQHQ0LWWHOZHUWXQWHUVFKLHGHHUJHEHQ GDVVVLFKGLHJHIXQGHQHQ8QWHUVFKLHGHVRZRKOIU7DOVDXFKIU7DOV KRFKVLJQLILNDQWHUZHLVHQS 6RPLWYHUIHVWLJWVLFKGLH9HUPXWXQJ ZHLWHUKLQ GDVV VFKZDFKH )lKLJNHLWHQ LQ GHU $QODXWLGHQWLILNDWLRQ ]X
%HJLQQ GHU HUVWHQ .ODVVH DP (QGH GHU HUVWHQ XQG ]ZHLWHQ .ODVVH ]X VFKZlFKHUHQ 5HFKWVFKUHLEOHLVWXQJHQ IKUHQ ,P )ROJHQGHQ VROO HLQH (LQ]HOIDOODQDO\VHNOlUHQZLHVFKZDFKGLHVH3UREDQGHQ4XDUWLOLQGHU
$QODXWLGHQWLILNDWLRQLP'(5(7XQGWDWVlFKOLFKVLQG
9RQ GHQ VFKZlFKVWHQ LQ GHU $QODXWLGHQWLILNDWLRQ 3UREDQGHQ OLHJHQ YROOVWlQGLJH 'DWHQVlW]H YRU 1DFKIROJHQGH 7DEHOOH ]HLJW GLH (UJHEQLVVHGHU(LQ]HOIDOODQDO\VH
'(5(7 '(5(7 '(5(7 '(5(7 3UREDQG ) 35 ) 35 3UREDQG ) 35 ) 35
7DEHOOH ± (LQ]HOIDOODXVZHUWXQJ 7HVWOHLVWXQJHQ LP '(5(7 XQG GHU VFKZlFKVWHQ 3UREDQGHQ LQ GHU $QODXWLGHQWLILNDWLRQ ) )HKOHUDQ]DKO 35 3UR]HQWUDQJ LQ GHU 1RUPVWLFKSUREHURW 35XQWHULP'(5(7JUQ 35EHULP'(5(7
7DEHOOHVWHOOWGLH5HFKWVFKUHLEOHLVWXQJHQLP'(5(77XQG7GHU .LQGHUGDUGLH]X%HJLQQGHUHUVWHQ.ODVVH]XGHQVFKZlFKVWHQ 6FKOHUQLQGHU$QODXWLGHQWLILNDWLRQJHK|UWHQ
'LH(LQ]HOIDOODQDO\VH]HLJW9RQGHQ6FKOHUQ]HLJHQLP'(5(7]X 7 6FKOHU 5HFKWVFKUHLEOHLVWXQJHQ YRQ HLQHP 3UR]HQWUDQJ YRQ RGHU NOHLQHU URW PDUNLHUW LP '(5(7 7 ]HLJWHQ QXU QRFK 3UREDQGHQ VFKZDFKH /HLVWXQJHQ YRQ HLQHP 3UR]HQWUDQJ YRQ RGHU NOHLQHUURWPDUNLHUW=XVlW]OLFKIlOOWDXIGDVVQXUVHKUZHQLJH 3UREDQGHQGLH]X%HJLQQGHUHUVWHQ.ODVVHVHKUVFKZDFKH.HQQWQLVVH
LQ GHU $QODXWLGHQWLILNDWLRQ ]HLJWHQ LP '(5(7 7 RGHU 7
EHUGXUFKVFKQLWWOLFKH/HLVWXQJHQ]HLJWHQJUQPDUNLHUW
=XVDPPHQIDVVHQG LVW KHUYRU]XKHEHQ GDVV DOOHU LQ GHU
$QODXWLGHQWLILNDWLRQ VFKZDFKHQ 3UREDQGHQ LP '(5(7 7 HLQHQ 3UR]HQWUDQJYRQRGHUNOHLQHU]HLJWHQ'LHVH6FKOHUYHUIJWHQQRFK QLFKW EHU GLH ]X HUZDUWHQGHQ 5HFKWVFKUHLEOHLVWXQJHQ =XVlW]OLFKH
$QDO\VHQ ZHUGHQ ]HLJHQ LQZLHZHLW GLH VFKZDFKHQ /HLVWXQJHQ LQ GHU
$QODXWLGHQWLILNDWLRQ DOV $XVO|VHU GLHVHU 5HFKWVFKUHLESUREOHPDWLN JHZHUWHWZHUGHQNDQQ(VLVWHKHU]XYHUPXWHQGDVVZHLWHUH$VSHNWH GLHVFKZDFKHQ5HFKWVFKUHLEOHLVWXQJHQEHJQVWLJHQ
%XFKVWDEHQNHQQWQLV
'DWHQ ]XU%XFKVWDEHQNHQQWQLV OLHJHQ ]X GHQ 0HVV]HLWSXQNWHQ 7 XQG 7 YRU 'D OlQJVVFKQLWWOLFKH 'DWHQ YHUKlOWQLVPlLJ VFKZLHULJ GDU]XVWHOOHQ VLQG GLHV JLOW DXFKE]Z LQVEHVRQGHUH IU OlQJVVFKQLWWOLFK PRGHOOLHUHQGH VWDWLVWLVFKH 0HWKRGHQ ZHUGHQ GLH LQGLYLGXHOOHQ (QWZLFNOXQJVYHUOlXIHMHQHU6FKOHUGDUJHVWHOOWGLHDP(QGHGHV]ZHLWHQ 6FKXOMDKUHV7]XGHU*UXSSHGHUQ VFKZlFKVWHQ6FKOHU LP5HFKWVFKHLEHQ'(5(7]lKOHQ(VZHUGHQGLHVFKZlFKVWHQ 6FKOHU DXVJHZlKOW XP GLH 'DUVWHOOXQJ GHU HLQ]HOQHQ 3UREDQGHQ
EHUVLFKWOLFKJHVWDOWHQ]XN|QQHQ
$EELOGXQJ YHUDQVFKDXOLFKW GLH ]VWDQGDUGLVLHUWHQ 6FRUHV $XIJUXQG IHKOHQGHU:HUWHEHLHLQHUGHU]ZHL'DWHQHUKHEXQJHQN|QQHQOHGLJOLFK GLH(UJHEQLVVHYRQ3UREDQGHQGDUJHVWHOOWZHUGHQ
$EELOGXQJ%XFKVWDEHQZLVVHQEHUGLH0HVV]HLWSXQNWH7XQG7GHUVFKZlFKVWHQLP'(5(77 /HJHQGHIUGLH'DUVWHOOXQJZXUGHQOHGLJOLFKGLHVFKZlFKVWHQ3UREDQGHQGHV'(5(777HVWV HLQEH]RJHQGDUJHVWHOOWVLQGGLH]VWDQGDUGLVLHUWHQ:|UWHUVFKUHLEHQ6FRUHVEHU]ZHL0HVV]HLWSXQNWH KLQZHJMHGH6WUHFNHVWHOOWHLQHQ3UREDQGHQGDU
(VZLUGGHXWOLFKGDVVGLH6FKOHUGLHDP(QGHGHU]ZHLWHQ.ODVVH]X GHQVFKOHFKWHVWHQ5HFKWVFKUHLEHUQ]lKOHQVRZRKO]X%HJLQQDOV DXFKDP(QGHGHUHUVWHQ.ODVVHLP'XUFKVFKQLWWXQWHUGXUFKVFKQLWWOLFKH /HLVWXQJHQEHLGHU%XFKVWDEHQNHQQWQLVJH]HLJWKDEHQ
:LHREHQGDUJHVWHOOWYJOGLHELYDULDWH.RUUHODWLRQDXV7DEHOOH6HLWH EHVWHKW HLQ VLJQLILNDQWHU =XVDPPHQKDQJ ]ZLVFKHQ GHU
%XFKVWDEHQNHQQWQLVXQGGHU5HFKWVFKUHLEOHLVWXQJ'(5(77GHUYRQ 7U ]X7U DQ6WlUNHJHZLQQW
Ͳϯ͕ϬϬ ͲϮ͕ϱϬ ͲϮ͕ϬϬ Ͳϭ͕ϱϬ Ͳϭ͕ϬϬ Ͳ͕ϱϬ
͕ϬϬ
͕ϱϬ ϭ͕ϬϬ ϭ͕ϱϬ
ƵĐŚƐƚĂďĞŶdϭͲtĞƌƚĞ ƵĐŚƐƚĂďĞŶdϯͲtĞƌƚĞ
7DEHOOH]HLJW]XVlW]OLFKGLHXQWHUVFKLHGOLFKH3URJQRVHNUDIWGHUEHLGHQ 9DULDEOHQKLQVLFKWOLFKGHU5HFKWVFKUHLEOHLVWXQJ]X7
6FKULWW 6FKULWW
%XFKVWDEHQ7
%XFKVWDEHQ7
.RUULJLHUWHV54XDGUDW
7DEHOOH 6FKULWWZHLVH 5HJUHVVLRQ GHU %XFKVWDEHQNHQQWQLV9DULDEOH ]X 7 XQG 7 PLW GHU '(5(779DULDEOH
+LHUZLUGHUQHXWGHXWOLFKGDVVGHP%XFKVWDEHQZLVVHQ]X7U HLQHHKHUJHULQJHDEHUVLJQLILNDQWH%HGHXWXQJEHLGHU9RUKHUVDJHGHU 5HFKWVFKUHLEOHLVWXQJ DP (QGH GHV ]ZHLWHQ 6FKXOMDKUHV ]XNRPPW 0LW +LQ]XQDKPH GHU )ROJHYDULDEOH ]X 7 IlOOW GLH 3URJQRVH GHU 5HFKWVFKUHLEOHLVWXQJ]X7GHPJHJHQEHUPLWU GHXWOLFKEHVVHU DXV -HGRFK ZLUG DXIJUXQG GHV JHULQJHQ NRUULJLHUWHQ 54XDGUDWHV GHXWOLFK GDVV DXI GLH %XFKVWDEHQNHQQWQLV QXU HLQ NOHLQHU 7HLO GHU JHVDPWHQ(UNOlUXQJVNUDIWHQWIlOOW
$EELOGXQJ]HLJWDXIGDVVGLHVFKZlFKVWHQ6FKOHULP'(5(7 LQGLHVHU6WLFKSUREHDXFKLP%XFKVWDEHQZLVVHQ]XPHUVWHQXQGGULWWHQ 0HVV]HLWSXQNW JU|WHQWHLOV VFKZDFKH /HLVWXQJHQ ]HLJWHQ -HGRFK VLQG YRQGHQ3UREDQGHQDXFKDXVUHLFKHQGH%XFKVWDEHQNHQQWQLVVH=:HUWH
EHU ]X YHU]HLFKQHQ (QWVSUHFKHQG ]HLJWHQ DXFK .LQGHU PLW GXUFKVFKQLWWOLFKHP%XFKVWDEHQZLVVHQ]X7XQG7LP'(5(7]XP VHFKVWHQ0HVV]HLWSXQNWVHKUVFKZDFKH/HLVWXQJHQ'LHOlQJVVFKQLWWOLFK HUKREHQH %XFKVWDEHQNHQQWQLV ]X GHQ ]ZHL 0HVV]HLWSXQNWHQ NOlUW YHUPXWOLFKGHU9DULDQ]LP'(5(7DP(QGHGHU]ZHLWHQ.ODVVH DXI)ROJOLFKPVVHQQRFKZHLWHUH)DNWRUHQLQ%HWUDFKWJH]RJHQZHUGHQ
$XI(LQ]HOIDOOHEHQHIlOOWDXIGDVVDFKW3UREDQGHQVRZRKO]X7DOVDXFK ]X7]XGHU*UXSSHGHUVFKZlFKVWHQLQGHU%XFKVWDEHQNHQQWQLV ]lKOHQ'DVKHLWGLHVH6FKOHU]HLJHQ]X%HJLQQGHUHUVWHQ.ODVVHQXU VHKU VFKZDFKH %XFKVWDEHQNHQQWQLVVH 6LH N|QQHQ YLHU :RFKHQ QDFK (LQVFKXOXQJQXUELV%XFKVWDEHQNRUUHNWVFKUHLEHQ'LHVHOEHQ.LQGHU KDEHQ DP (QGH GHU HUVWHQ .ODVVH ]ZDU %XFKVWDEHQNHQQWQLV
KLQ]XJHZRQQHQXQGVFKUHLEHQMHW]WELV%XFKVWDEHQNRUUHNWMHGRFK VLQG GLHVH /HLVWXQJHQ LP 9HUJOHLFK ]X GHQUHVWOLFKHQ 3UREDQGHQ DXFK QRFK DOV VFKZDFK ]X EHZHUWHQ 1XQ VWHOOW VLFK GLH )UDJH ZHOFKH /HLVWXQJHQ GLHVH .LQGHU PLW YHUJOHLFKVZHLVH JHULQJHU
%XFKVWDEHQNHQQWQLV DP (QGH GHU HUVWHQ XQG ]ZHLWHQ .ODVVH LP 5HFKWVFKUHLEHQ]HLJHQ$QDO\VHQ]HLJHQGDVVGLHVHDFKW3UREDQGHQDP (QGH GHU HUVWHQ .ODVVH QXU ± :|UWHU NRUUHNW VFKUHLEHQ GLHV HQWVSULFKWHLQHP3UR]HQWUDQJLP'(5(77YRQ±(LQ-DKUVSlWHU DP (QGH GHU ]ZHLWHQ .ODVVH KDEHQ GLHVH .LQGHU LKUH /HLVWXQJHQ GHXWOLFKJHVWHLJHUW'LH3UREDQGHQVFKUHLEHQQXQLP'(5(77±
:|UWHUULFKWLJZHOFKHVDOOHUGLQJVDXFKQXUHLQHP3UR]HQWUDQJYRQ±
HQWVSULFKW
3KRQHPH6\QWKHWLVLHUHQ6SH]LILVFKH'DUVWHOOXQJGHU OlQJVVFKQLWWOLFKHQ'DWHQODJH
'LH OlQJVVFKQLWWOLFK HUKREHQHQ 'DWHQ EH]JOLFK GHU /HLVWXQJHQ LP 6\QWKHWLVLHUHQ YRQ 3KRQHPHQ VROOHQ QXQ ]X GHQ 0HVV]HLWSXQNWHQ 7 XQG7KLQVLFKWOLFKLKUHU(LQIOXVVQDKPHDXIGLH5HFKWVFKUHLEOHLVWXQJDP (QGHGHU]ZHLWHQ.ODVVHEHWUDFKWHWZHUGHQ
(UQHXW LQWHUHVVLHUW ]XQlFKVW GLH (QWZLFNOXQJ GHU /HLVWXQJHQ LP 6\QWKHWLVLHUHQYRQ3KRQHPHQEHUGLH]ZHL0HVV]HLWSXQNWH7XQG7 KLQZHJ1RFKPDOVZHUGHQDXVVFKOLHOLFKGLHVFKZlFKVWHQ6FKOHU LP'(5(77GDUJHVWHOOWQ GXUFKIHKOHQGH:HUWHDXIGHQ9DULDEOHQ VLQG QXU Q DEJHELOGHW XP HLQH VWUXNWXULHUWH XQG YHUVWlQGOLFKH
$EELOGXQJ]XHUKDOWHQ
$EELOGXQJVWHOOWGLH(UJHEQLVVHGDU
$EELOGXQJ'LHLQGLYLGXHOOH(QWZLFNOXQJGHU7HVWOHLVWXQJHQLP3KRQHPV\QWKHWLVLHUHQEHUGLH 0HVV]HLWSXQNWH7XQG7EHLGHQ6FKOHFKWHVWHQLP'(5(775HFKWVFKUHLEOHLVWXQJ(QGHGHU ]ZHLWHQ.ODVVH/HJHQGHIUGLH'DUVWHOOXQJZXUGHQOHGLJOLFKGLHVFKOHFKWHVWHQ3UREDQGHQGHV '(5(777HVWVHLQEH]RJHQGDUJHVWHOOWVLQGGLH]VWDQGDUGLVLHUWHQ:|UWHUVFKUHLEHQ6FRUHVEHU]ZHL 0HVV]HLWSXQNWHKLQZHJMHGH6WUHFNHVWHOOWHLQHQ3UREDQGHQGDU
3UREDQGHQGLHDP(QGHGHU]ZHLWHQ.ODVVH]XGHQVFKOHFKWHVWHQ 5HFKWVFKUHLEHUQ GLHVHU 6WLFKSUREH JHK|UHQ ]HLJHQ DXFK LP 6\QWKHWLVLHUHQ YRQ 3KRQHPHQ VRZRKO $QIDQJ DOV DXFK (QGH GHU .ODVVH ]X HLQHP JURHQ 7HLO 7HVWOHLVWXQJHQ GLH XQWHU GHP DULWKPHWLVFKHQ0LWWHOJHVWULFKHOWH/LQLHOLHJHQ
'LH ELYDULDWHQ .RUUHODWLRQHQ DXV 7DEHOOH DXI 6 ZHLVHQ GHQ
=XVDPPHQKDQJ GHV 6\QWKHWLVLHUHQV YRQ 3KRQHPHQ XQG GHU 5HFKWVFKUHLEOHLVWXQJ(QGHGHU]ZHLWHQ.ODVVH]X7PLWU XQG]X 7 PLW U DXV 'LHVH VFKZDFKHQ DEHU VLJQLILNDQWHQ .RUUHODWLRQHQ ]HLJHQDQGDVVHLQJHULQJHUJOHLFKEOHLEHQGHU=XVDPPHQKDQJEHVWHKW
=XQlFKVWLVWGLHVHV(UJHEQLVDOV]XWUHIIHQGDQ]XQHKPHQ
0LWKLOIH HLQHU VFKULWWZHLVHQ 5HJUHVVLRQ ZLUG LQ 7DEHOOH GLH GLIIHULHUHQGH *HZLFKWXQJ GHU 7HVW]HLWSXQNWH XQG IU GLH 9RUKHUVDJHNUDIWGHU'(5(779DULDEOHDXIJH]HLJW
Ͳϰ͕ϬϬ Ͳϯ͕ϬϬ ͲϮ͕ϬϬ Ͳϭ͕ϬϬ
͕ϬϬ ϭ͕ϬϬ Ϯ͕ϬϬ
WŚŽŶĞŵĞdϭͲtĞƌƚĞ WŚŽŶĞŵĞdϯͲtĞƌƚĞ
6FKULWW 6FKULWW
3KRQHPH7
3KRQHPH7
.RUULJLHUWHV54XDGUDW
7DEHOOH6FKULWWZHLVH5HJUHVVLRQGHU9DULDEOH]XU3KRQHPV\QWKHVH]X7XQG7PLWGHU '(5(779DULDEOH
(VZLUGGHXWOLFKGDVVGHU3KRQHPV\QWKHVH]X7HLQHVFKZDFKHDEHU VLJQLILNDQWH9RUKHUVDJHNUDIW]XNRPPW(UJlQ]WPDQGDV0RGHOOPLWGHU )ROJHYDULDEOH]X7VRNDQQGLHDEKlQJLJH9DULDEOH'(5(77PLQLPDO EHVVHUHUNOlUWZHUGHQ'DVNRUULJLHUWH54XDGUDWVWHLJWYRQDXI
$OOHUGLQJVLVWHUVLFKWOLFKGDVVGHU3KRQHPV\QWKHVHDXIJUXQGGHVVHKU NOHLQHQ NRUULJLHUWHQ 54XDGUDW QXU HLQ EHVRQGHUV NOHLQHU 7HLO GHU JHVDPWHQ9RUKHUVDJHNUDIW]XNRPPW
8PGLH%HGHXWXQJGHU/HLVWXQJHQLQGHU3KRQHPV\QWKHVHDP$QIDQJ GHU HUVWHQ .ODVVH EH]JOLFK GHU 5HFKWVFKUHLEOHLVWXQJ DP (QGH GHU HUVWHQ.ODVVH]XDQDO\VLHUHQZHUGHQLP)ROJHQGHQDXI(LQ]HOIDOOHEHQH ZHLWHUH8QWHUVXFKXQJHQDQJHVWHOOW
(LQH $QDO\VH GHU VFKZDFKHQ 6FKOHU LQ GHU 3KRQHPV\QWKHVH 4XDUWLO ]XPHUVWHQ0HVV]HLWSXQNWVROOZHLWHUHQ$XIVFKOXVVEULQJHQ
7DEHOOH]HLJWGLH(UJHEQLVVHHLQHV0LWWHOZHUWYHUJOHLFKV'DV4XDUWLO OlVVWVLFKDXIJUXQGGHU+lXILJNHLWVYHUWHLOXQJQLFKWHUPLWWHOQGLH 6FKZlFKVWHQV\QWKHWLVLHUHQQXU:|UWHUNRUUHNWGLH6FKZlFKVWHQ V\QWKHWLVLHUHQ:|UWHUNRUUHNWDOV&XW2II3XQNWZXUGHQRGHUZHQLJHU ULFKWLJH $QWZRUWHQ JHQXW]W 9HUJOLFKHQ ZXUGHQ GLH PLWWOHUHQ 5HFKWVFKUHLEOHLVWXQJHQ LP '(5(7 DP (QGH GHU HUVWHQ XQG ]ZHLWHQ .ODVVHLQ$EKlQJLJNHLW]XU/HLVWXQJLQGHU3KRQHPV\QWKHVH]X%HJLQQ GHUHUVWHQ.ODVVH
'(5(77 '(5(77
3KRQHPV\QWKHVH7 1 0 6' 1 0 6'
8QWHUVWHQ
2EHUVWHQ
7DEHOOH0LWWHOZHUWVXQWHUVFKLHGHLQGHU5HFKWVFKUHLEOHLVWXQJDP(QGHGHUXQG.ODVVH LQ $EKlQJLJNHLW ]XU 3KRQHPV\QWKHVH ]X 7 0LWWHOZHUW GHU $Q]DKO GHU ULFKWLJ JHVFKULHEHQHQ :|UWHU
(UVLFKWOLFK ZLUG GDVV VLFK IU EHLGH 0HVV]HLWSXQNWH 0LWWHOZHUWXQWHUVFKLHGHHUJHEHQ:HLWHUH77HVW$QDO\VHQEHVWlWLJHQGLH KRKH6LJQLILNDQ]EHLGHU0LWWHOZHUWXQWHUVFKLHGHS IU7XQGS IU7
9RQ GHQ 6FKZlFKVWHQ LQ GHU 3KRQHPV\QWKHVH ]X 7 3UREDQGHQVLQGYROOVWlQGLJH'DWHQVlW]HYRUKDQGHQ
$XI(LQ]HOIDOOHEHQHODVVHQVLFKIROJHQGH(UJHEQLVVHEHULFKWHQ
'(5(77 '(5(77 '(5(77 '(5(77 3UREDQG ) 35 ) 35 3UREDQG ) 35 ) 35 7DEHOOH (LQ]HOIDOODXVZHUWXQJ 7HVWOHLVWXQJHQ LP '(5(7 XQG GHU VFKZlFKVWHQ 3UREDQGHQ LQ GHU 3KRQHPV\QWKHVH 7 ) )HKOHUDQ]DKO 35 3UR]HQWUDQJ LQ GHU 1RUPVWLFKSUREHURW 35XQWHULP'(5(77XQG7JUQ 35EHULP'(5(77XQG 7
7DEHOOH ]HLJW GLH5HFKWVFKUHLEOHLVWXQJHQ GHU 3UREDQGHQ GLH LQ GHU 3KRQHPV\QWKHVH]X%HJLQQGHUHUVWHQ.ODVVH]XGHQVFKZlFKVWHQ GHU *HVDPWVWLFKSUREH JHK|UWHQ 9RQ GLHVHQ ]HLJWHQ VFKZDFKH /HLVWXQJHQ LP '(5(7 7 35 RGHU NOHLQHU XQG ]HLJWHQ LP '(5(7 7 VFKZDFKH 5HFKWVFKUHLEOHLVWXQJHQ URW PDUNLHUW +LQJHJHQ ]HLJWHQQXUGHU3UREDQGHQEHUGXUFKVFKQLWWOLFKH/HLVWXQJHQLP '(5(77XQGLP'(5(7735EHUJUQPDUNLHUW
'LH 3KRQHPV\QWKHVH ZXUGH DOV OlQJVVFKQLWWOLFKH 9DULDEOH ]X GHQ GUHL 0HVV]HLWSXQNWHQ 7 7 XQG 7 HUKREHQ ,P )ROJHQGHQ VROO GLH
/HLVWXQJVHQWZLFNOXQJ LQ GHU 3KRQHPV\QWKHVH DQDO\VLHUW ZHUGHQ
%HVRQGHUV LQWHUHVVLHUW GDEHL GLH /HLVWXQJ GHU 3UREDQGHQ GLH ]X 7 GHXWOLFKH5FNVWlQGHLQGHU3KRQHPV\QWKHVHDXI]HLJWHQ
'HILQLHUW PDQ ÄGHXWOLFKH 5FNVWlQGH³ DOV GLH VFKZlFKVWHQ GHU 3UREDQGHQ LQ GHU 3KRQHPV\QWKHVH ]X %HJLQQ GHU HUVWHQ .ODVVH VR EHWUDFKWHWPDQ GLH 3UREDQGHQ GLH ]X %HJLQQ GHU HUVWHQ .ODVVH QXU RGHUZHQLJHU$XIJDEHQGHU3KRQHPV\QWKHVHNRUUHNWJHO|VWKDEHQ:LH LQ$EELOGXQJYHUGHXWOLFKWO|VWHQDP(QGHGHUHUVWHQ.ODVVH GHU 3UREDQGHQ ELV GHU $XIJDEHQ GHU 3KRQHPV\QWKHVH NRUUHNW /|VWHHLQ.LQGQXURGHUZHQLJHU$XIJDEHQVRJHK|UWHVEHUHLWV]XGHQ 6FKZlFKVWHQEHLZHQLJHUDOVULFKWLJJHO|VWHQ$XIJDEHQGDQQ]X GHQ6FKZlFKVWHQLQGHUJHVDPWHQ6WLFKSUREH
9RQGHQ3UREDQGHQGLH]X7XQWHUGHQ6FKZlFKVWHQODJHQ OLHJHQ]X7YRQ3UREDQGHQ'DWHQYRU
)ROJHQGH7DEHOOH]HLJWGLH/HLVWXQJHQGHUVFKZlFKVWHQ6FKOHULQ GHU3KRQHPV\QWKHVH]X7LQGHU3KRQHPV\QWKHVH]X7
%HVWHQ 6FKZlFKVWHQ
3XQNWH
$Q]DKOGHU3UREDQGHQ
3UREDQGHQLQ3UR]HQW
7DEHOOH/HLVWXQJVHQWZLFNOXQJLQGHU3KRQHPV\QWKHVH]X7GHU6FKZlFKVWHQLQGHU 3KRQHPV\QWKHVH]X71
,QGHURELJHQ7DEHOOHZLUGGHXWOLFKGHULQ7QRFKVHKUVFKZDFKHQ 3UREDQGHQLQGHU3KRQHPV\QWKHVHJHK|UHQDP(QGHGHUHUVWHQ.ODVVH ]XGHQ%HVWHQXQGO|VHQRGHUVRJDUDOOH$XIJDEHQVWHOOXQJHQ NRUUHNW :HLWHUH GHU DQIDQJV VHKU VFKZDFKHQ 3UREDQGHQ VLQG MHGRFK DP (QGH GHU HUVWHQ .ODVVH LPPHU QRFK VFKZlFKHU LQ GHU 3KRQHPV\QWKHVH DOV LKUH 0LWVFKOHU =ZDU O|VHQ VLH MHW]W ELV
$XIJDEHQNRUUHNW$QIDQJGHUHUVWHQ.ODVVHZDUHQHVQRFKZHQLJHUDOV
$XIJDEHQWURW]GHP]HLJHQVLHYHUJOHLFKVZHLVHVFKZDFKH/HLVWXQJHQ 1XUFLUFDGLH+lOIWHGHU6FKZlFKVWHQ]X7KDWHVJHVFKDIIWLKUH /HLVWXQJHQLQGHU3KRQHPV\QWKHVHDQGLHGXUFKVFKQLWWOLFKHQ/HLVWXQJHQ
GHUDQGHUHQ0LWVFKOHUDQ]XSDVVHQ-HGRFKLVWKLHU]XEHGHQNHQGDVV GHU 7HVW ]XU 3KRQHPV\QWKHVH (QGH GHU HUVWHQ .ODVVH GHXWOLFKH 'HFNHQHIIHNWH ]HLJW XQG GDKHU MHGH ,QWHUSUHWDWLRQ GHU /HLVWXQJHQ GHU 3UREDQGHQQXUYRUVLFKWLJJHVWHOOWZHUGHQGDUI
6FKUHLEHQQDFK%LOGHUQ6SH]LILVFKH'DUVWHOOXQJGHU OlQJVVFKQLWWOLFKHQ'DWHQODJH
'HU 7HVW 6FKUHLEHQ QDFK %LOGHUQ .RFK *HRUJ WHVWHW GLH /HLVWXQJHQDOOHU3UREDQGHQLP:|UWHUVFKUHLEHQ'LH$XVZHUWXQJQDFK
*UDSKHPWUHIIHUQ ZHUGHQ OlQJVVFKQLWWOLFK EHU PHKUHUH 9DULDEOH DEJHELOGHW XQG LQ GLHVHP .DSLWHO LQ +LQEOLFN DXI GLH 9RUKHUVDJHNUDIW EH]JOLFK GHU '(5(7 7HVWOHLVWXQJ ]XP (QGH GHU ]ZHLWHQ .ODVVH EHWUDFKWHW
9RQ EHVRQGHUHP ,QWHUHVVH LVW ZLH VLFK GLH /HLVWXQJHQ LP :|UWHUVFKUHLEHQ EHU GLH =HLW KLQZHJ EH]JOLFK GHU ,QGLYLGXHQ HQWZLFNHOW$EELOGXQJJLEWDQVFKDXOLFKHUVWH,QIRUPDWLRQHQEH]JOLFK GLHVHU )UDJHVWHOOXQJ 'LH ]VWDQGDUGLVLHUWHQ /HLVWXQJVVFRUHV VLQG EHU GLH ]ZHL 0HVV]HLWSXQNWH 7 XQG 7 DEJHWUDJHQ 8P HLQH
EHUVLFKWOLFKHUH $EELOGXQJ ]X JHVWDOWHQ ZXUGHQ OHGLJOLFK GLH FD 6FKOHFKWHVWHQ LP '(5(77HVW DP (QGH GHU ]ZHLWHQ .ODVVH PLW HLQEH]RJHQ Q GXUFK IHKOHQGH :HUWH DXI GHQ 9DULDEOHQ VLQG OHGLJOLFKQ LQGHU$EELOGXQJGDUJHVWHOOW
$EELOGXQJ'LHLQGLYLGXHOOH(QWZLFNOXQJGHV:|UWHUVFKUHLEHQVEHUGLH0HVV]HLWSXQNWH7XQG7EHL GHQ6FKOHFKWHVWHQLP'(5(775HFKWVFKUHLEOHLVWXQJDP(QGHGHU]ZHLWHQ.ODVVH/HJHQGHIU GLH'DUVWHOOXQJZXUGHQOHGLJOLFKGLHVFKOHFKWHVWHQ3UREDQGHQGHV'(5(777HVWVHLQEH]RJHQ GDUJHVWHOOWVLQGGLH]VWDQGDUGLVLHUWHQ:|UWHUVFKUHLEHQ6FRUHVEHU]ZHL0HVV]HLWSXQNWHKLQZHJMHGH 6WUHFNHVWHOOWHLQHQ3UREDQGHQGDU
'LH$EELOGXQJ]HLJWGLHMHQLJHQ3UREDQGHQGLH]XP(QGHGHU]ZHLWHQ .ODVVH JURH 3UREOHPH PLW GHU 5HFKWVFKUHLEXQJ KDEHQ XQG LQ GLHVHU 6WLFKSUREH]XGHQ6FKOHFKWHVWHQGHU6FKUHLEHUJHK|UHQEHILQGHQ VLFKEHUHLWV]X%HJLQQGHUHUVWHQ.ODVVH7XQGDP(QGHGHUHUVWHQ .ODVVH 7 ZHLWJHKHQG XQWHUKDOE GHV DULWKPHWLVFKHQ 0LWWHOV JHVWULFKHOWHVFKZDU]H/LQLHDOOHU:|UWHUVFKUHLEHQ6FRUHV
7DEHOOHDXI6HLWH]HLJWGDVVGDV:|UWHUVFKUHLEHQ]X7HVW]HLWSXQNW U XQG]X0HVV]HLWSXQNWU PLWGHU5HFKWVFKUHLEOHLVWXQJ (QGHGHV]ZHLWHQ6FKXOMDKUHV]XVDPPHQKlQJW0LWHLQHUVFKULWWZHLVHQ 5HJUHVVLRQVROOGLHVHV(UJHEQLVZHLWHUXQWHUVXFKWZHUGHQ
)ROJHQGH7DEHOOH]HLJWGLH(UJHEQLVVH
6FKULWW 6FKULWW :|UWHUVFKUHLEHQ7 :|UWHUVFKUHLEHQ7 .RUULJLHUWHV54XDGUDW
7DEHOOH6FKULWWZHLVH5HJUHVVLRQGHU:|UWHUVFKUHLEHQ9DULDEOHQ]X7XQG7PLWGHU'(5(7 79DULDEOHQ
Ͳϱ͕ϬϬ Ͳϰ͕ϬϬ Ͳϯ͕ϬϬ ͲϮ͕ϬϬ Ͳϭ͕ϬϬ
͕ϬϬ ϭ͕ϬϬ Ϯ͕ϬϬ
dϭtƂƌƚĞƌƐĐŚƌĞŝďĞŶͲtĞƌƚĞ dϯtƂƌƚĞƌƐĐŚƌĞŝďĞŶͲtĞƌƚĞ
,Q 7DEHOOH ZLUG GHXWOLFK LP +LQEOLFN DXI GLH (UNOlUXQJVNUDIW IU GLH /HLVWXQJHQ LP '(5(7 7 VLQG GLH HLQ]HOQHQ 0HVV]HLWSXQNWH XQWHUVFKLHGOLFK JXW JHHLJQHW :HUGHQ EHLGH 0HVV]HLWSXQNWH GHV :|UWHUVFKUHLEHQVLQGLH$QDO\VHPLWHLQEH]RJHQVR]HLJWVLFKGDVVGLH :|UWHUVFKUHLEHQ.RPSHWHQ] ]X 7 JXW ]XU 9RUKHUVDJH GHU 5HFKWVFKUHLEOHLVWXQJ ]X 7 JHHLJQHW LVW ,QWHUHVVDQWHUZHLVH VDJW DXFK GLH.RPSHWHQ]LP:|UWHUVFKUHLEHQ]X%HJLQQGHUHUVWHQ.ODVVH7GLH 5HFKWVFKUHLEOHLVWXQJ DP (QGH GHV ]ZHLWHQ 6FKXOMDKUHV ]XPLQGHVW DQVDW]ZHLVHYRUDXV
(LQ]HOIDOODQDO\VHQ GHU VFKZlFKVWHQ 3UREDQGHQ LP :|UWHUVFKUHLEHQ ]XP HUVWHQ 0HVV]HLWSXQNW VROOHQ LP )ROJHQGHQ HLQ JHQDXHUHV%LOGGHU/HLVWXQJVHQWZLFNOXQJGHU3UREDQGHQ]HLJHQ
7DEHOOH]HLJWGLH(UJHEQLVVHGHU0LWWHOZHUWYHUJOHLFKH
'(5(77 '(5(77
:|UWHUVFKUHLEHQ7 1 0 6' 1 0 6'
8QWHUVWHQ
2EHUVWHQ
7DEHOOH0LWWHOZHUWXQWHUVFKLHGHLQGHU5HFKWVFKUHLEOHLVWXQJDP(QGHGHUXQG.ODVVHLQ
$EKlQJLJNHLW]XP:|UWHUVFKUHLEHQ]X70LWWHOZHUWGHU$Q]DKOGHUULFKWLJJHVFKULHEHQHQ:|UWHU
'HXWOLFK ZLUG GDVV GLH 6FKOHU GLH ]XP HUVWHQ 0HVV]HLWSXQNW YLHU :RFKHQ QDFK (LQVFKXOXQJ XQWHU GHQ 6FKZlFKVWHQ LP :|UWHUVFKUHLEHQZDUHQDXFK]XP(QGHGHUHUVWHQXQGVRJDUQRFK]XP (QGHGHU]ZHLWHQ.ODVVHVLJQLILNDQWVFKZlFKHUH5HFKWVFKUHLEOHLVWXQJHQ ]HLJHQS
)ROJHQGH (LQ]HOIDOODQDO\VHQ VROOHQ QlKHUH (UNHQQWQLVVH EULQJHQ 9RQ GHQ 6FKZlFKVWHQ LP :|UWHUVFKUHLEHQ 3UREDQGHQ OLHJHQ YROOVWlQGLJH'DWHQVlW]HYRU
'(5(77 '(5(77 '(5(77 '(5(77 3UREDQG ) 35 ) 35 3UREDQG ) 35 ) 35 7DEHOOH (LQ]HOIDOODXVZHUWXQJ 7HVWOHLVWXQJHQ LP '(5(7 XQG GHU VFKZlFKVWHQ 3UREDQGHQLP:|UWHUVFKUHLEHQ7) )HKOHUDQ]DKO35 3UR]HQWUDQJLQGHU1RUPVWLFKSUREH URW 35XQWHULP'(5(77XQG7JUQ 35EHULP'(5(77XQG7
7DEHOOH ]HLJW GLH /HLVWXQJVHQWZLFNOXQJ GHU 3UREDQGHQ GLH LP :|UWHUVFKUHLEHQ]X7]XGHQ6FKZlFKVWHQGHU*HVDPWVWLFKSUREH JHK|UHQ,QGHU(LQ]HOIDOODXVZHUWXQJZLUGGHXWOLFKGDVVYRQGLHVHQ 3UREDQGHQ 6FKOHU LP '(5(7 7 QXU 3UR]HQWUlQJH YRQ RGHU NOHLQHU HUUHLFKWHQ URWPDUNLHUW,P '(5(7 7 VLQG HV GDQQ QXU QRFK6FKOHUGLH3UR]HQWUlQJHYRQRGHUNOHLQHUHUUHLFKWHQ (EHQVR IlOOW DXI GDVV QXU ZHQLJH .LQGHU EHUGXUFKVFKQLWWOLFKH /HLVWXQJHQLQGHU5HFKWVFKUHLEXQJHU]LHOWHQ3UR]HQWUlQJHEHUJUQ PDUNLHUW,P'(5(77VLQGHVQXU6FKOHULP'(5(77VLQG HVEHUHLWV6FKOHU6RPLWLVWIHVW]XVWHOOHQGDVVGLH0HKU]DKOGHU .LQGHUGLHEHUHLWVLP:|UWHUVFKUHLEHQ]X%HJLQQGHUHUVWHQ.ODVVHVHKU VFKZDFKH /HLVWXQJHQ JH]HLJW KDEHQ DXFK DP (QGH GHU HUVWHQ XQG ]ZHLWHQ.ODVVHXQWHUGXUFKVFKQLWWOLFKH5HFKWVFKUHLEOHLVWXQJHQ]HLJHQ