IMMOBILIENMARKT BADEN-WÜRTTEMBERG 2021

dzhyp.de

IMMOBILIENMARKT

BADEN-WÜRTTEMBERG 2021

Wirtschaftsstarke Immobilien-

standorte mit wachsenden

Wohnungsmärkten

02 Grußwort

03 Immobilienmarkt Baden-Württemberg

03 Wirtschaftliches Umfeld für den baden-württembergischen Immobilienmarkt 05 Handelsimmobilien: Der City-Handel kämpft ums Überleben

10 Büroimmobilien: Droht durch Homeoffice ein Überangebot an Büroflächen?

15 Wohnimmobilien: Verschärfte Mietregulierung steht vor der Tür

20 Mietrenditen in Baden-Württemberg 21 Region Stuttgart

22 Stadt Stuttgart

26 Region Stuttgart: Immobilienmärkte der Landkreise 28 Büromarkt Landkreise

30 Einzelhandel Landkreise 31 Wohnungsmarkt Landkreise 34 Metropolregion Rhein-Neckar 36 Heidelberg

39 Mannheim 42 Ludwigshafen 44 Freiburg 47 Karlsruhe 50 Ulm

53 Standorte im Überblick 55 Glossar

56 Impressum

60 Anschriften der DZ HYP

INHALT

Sehr geehrte Damen und Herren,

als eine führende Immobilienbank in Deutschland analysieren wir regelmäßig die Märkte, in denen wir aktiv sind. Insbesondere an den regionalen Standorten abseits der sieben Metropolen sind Marktdaten häufig schwer verfügbar. Mit unseren Studien möchten wir zu einer höheren Transparenz beitragen.

In dem vorliegenden Marktbericht untersuchen wir zum vierten Mal die Segmente Einzelhandel, Büro und Wohnen in Baden-Württemberg. Neben dem Großraum Stuttgart werden die Städte Freiburg, Karlsruhe und Ulm sowie bundeslandüber- greifend die Metropolregion Rhein-Neckar mit den Städten Heidelberg, Mannheim und Ludwigshafen genauer betrachtet. Zusammenfassend lässt sich festhalten, dass die gewerblichen Immobilienmärkte an allen analysierten Standorten von der Corona-Pandemie beeinflusst wurden.

Im Einzelhandel zog der Lockdown insbesondere in Citylagen und kleineren Städten ein vergrößertes Überangebot an Verkaufsflächen nach sich. Dank sinkender Infektionszahlen und eines zunehmenden Impftempos nimmt der Konsum jedoch wieder zu, sodass zum Jahresende höhere Umsätze zu erwarten sind. Dennoch dürften die Spitzenmieten in den 1A-Lagen weiter sinken. Im Segment Büro hingegen blieben die Mieten 2020 trotz Homeoffice, flexibler Arbeit und zunehmender Digitalisierung stabil. Der Grund: Bürobeschäftigung wächst in Stuttgart, Freiburg, Heidelberg, Karlsruhe, Mannheim und Ulm immer noch deutlich schneller als die Büroflächen. Lediglich der Büroflächenumsatz ist zurückgegangen. Im Wohnimmobilienmarkt wiederum steigen die Kaufpreise und Mieten unverändert. Sogar in Stuttgart, Freiburg und Heidelberg geht es trotz schon hoher Preise und Mieten weiter bergauf. Allerdings stiegen die Kauf- preise im Jahresvergleich stärker an als 2019. Gleichzeitig verlangsamte sich der Mietanstieg.

Der vorliegende Marktbericht ist Bestandteil unserer Fachthemenreihe, im Rahmen derer wir im Frühjahr und Herbst die Märkte in den regionalen Immo bilien- zentren und an den sieben Top-Standorten untersuchen und in Marktberichten veröffentlichen. Hinzu kommen zweimal jährlich die Analysen der Märkte einzel- ner Bundesländer.

Alle aktuellen Studien stehen Ihnen auf unserer Website unter

https://dzhyp.de/de/ueber-uns/markt-research zum Download zur Verfügung.

Printexemplare können gern bei uns angefordert werden.

Mit freundlichen Grüßen Martin Merkel

DZ HYP Juli 2021

GRUSSWORT

Martin Merkel

,002%,/,(10$5.7%$'(1:h577(0%(5*

:LUWVFKDIWOLFKHV8PIHOGIUGHQEDGHQZUWWHPEHUJLVFKHQ,PPRELOLHQPDUNW

%DGHQ:UWWHPEHUJVWHKWLP%XQGHVOlQGHUYHUJOHLFKPHLVWJXWGDU'DVKRKH(LQ NRPPHQVQLYHDXGLHQLHGULJH$UEHLWVORVLJNHLWXQGGDVNUlIWLJHV%HY|ONHUXQJVZDFKV WXPVLQG]XJUR‰HQ7HLOHQGHQ(UIROJHQGHUDQVlVVLJHQ8QWHUQHKPHQJHVFKXOGHW 9LHOH0LWWHOVWlQGOHUXQG.RQ]HUQHVSLHOHQLQGHU&KDPSLRQV/HDJXH(LQH9LHO]DKO YRQ8QLYHUVLWlWHQXQG)RUVFKXQJVLQVWLWXWHOLHIHUQGDVQRWZHQGLJH.QRZKRZ$OOHU GLQJVVFKOlJWVLFKGLHDXVGHP:DFKVWXPUHVXOWLHUHQGH1DFKIUDJHQDFK*HZHUEH IOlFKHQXQG:RKQUDXPDP,PPRELOLHQPDUNWLQKRKHQ3UHLVHQXQG0LHWHQQLHGHU

%XQGHVZHLWH7UHQGVZLHHLQODQJVDPHUHV%HY|ONHUXQJVZDFKVWXP(&RPPHUFH +RPHRIILFHXQGGLH3DQGHPLHEHGLQJWHQ%HODVWXQJHQIU*HZHUEHLPPRELOLHQVLQG LQ%DGHQ:UWWHPEHUJDEHUJHQDXVRZLHLQDQGHUHQ5HJLRQHQVLFKWEDU

,PYRUOLHJHQGHQ0DUNWEHULFKWEHWUDFKWHQZLUGLH6HJPHQWH+DQGHO%URXQG:RK QHQ5HJLRQDOH6FKZHUSXQNWHELOGHQGHU%DOOXQJVUDXP6WXWWJDUWPLWGHU/DQGHV KDXSWVWDGWXQGIQIDQJUHQ]HQGHQ/DQGNUHLVHQVRZLHGLH5HJLRQ5KHLQ1HFNDUPLW GHQ6WlGWHQ+HLGHOEHUJXQG0DQQKHLP'DVUKHLQODQGSIlO]LVFKH/XGZLJVKDIHQ KDEHQZLUDOV7HLOGHU0HWURSROUHJLRQHEHQIDOOVHLQEH]RJHQ$OVZHLWHUH,PPRELOLHQ VWDQGRUWHEHWUDFKWHQZLUGLH2EHU]HQWUHQ)UHLEXUJ.DUOVUXKHXQG8OP,QWHUHVVDQW LVWGHU.RQWUDVWGHU6WDQGRUWH'HQVWlUNHULQGXVWULHOOJHSUlJWHQ6WlGWHQ0DQQKHLP XQG6WXWWJDUWVWHKHQ'LHQVWOHLVWXQJV]HQWUHQZLH)UHLEXUJXQG.DUOVUXKHJHJHQEHU ,QVJHVDPWOHEHQLQGHQDQDO\VLHUWHQ,PPRELOLHQVWDQGRUWHQUXQG0LR0HQVFKHQ UXQG3UR]HQWGHU0LR(LQZRKQHU%DGHQ:UWWHPEHUJV'LH3URILOHGHUHLQ ]HOQHQ6WDQGRUWHILQGHQVLFKDXIGHQ6HLWHQELV0DUNWGDWHQXQG3URJQRVHQ VLQGLQGHQ7DEHOOHQDXI6HLWHXQG]XVDPPHQJHIDVVW

'LH%HY|ONHUXQJ%DGHQ:UWWHPEHUJVLVWELQQHQ]HKQ-DKUHQXPHWZDVPHKUDOV 3UR]HQWJHZDFKVHQ8QWHUGHQ)OlFKHQOlQGHUQVWLHJGLH(LQZRKQHU]DKOOHGLJOLFKLQ

%D\HUQXQG+HVVHQQRFKHWZDVVWlUNHUDQ'DV:DFKVWXPIX‰WHDXVVFKOLH‰OLFKDXI GHP=XZDFKVGHV%HY|ONHUXQJVWHLOVPLWDXVOlQGLVFKHQ:XU]HOQ'DVXQWHUVWUHLFKW GLHKRKH%HGHXWXQJYRQ=XZDQGHUXQJIUGLHGHPRJUDILVFKH(QWZLFNOXQJ'LHYHU ODQJVDPWH0LJUDWLRQQDFK'HXWVFKODQGLVWDEHUDXFKLQ%DGHQ:UWWHPEHUJVLFKW EDUVWDJQLHUWHGDV%HY|ONHUXQJVZDFKVWXPDXFKLP6GZHVWHQ%OHLEWHVEHL HLQHP±YHUJOLFKHQPLWGHQ]XUFNOLHJHQGHQ-DKUHQ±YHUODQJVDPWHQ(LQZRKQHU]X ZDFKVZUGHVLFKGDVHQWVSUHFKHQGGlPSIHQGDXIGLH1DFKIUDJHDP,PPRELOLHQ PDUNWDXVZLUNHQ

'DVKRKH%UXWWRLQODQGVSURGXNWMH(LQZRKQHUYRQUXQG(XURLP-DKUVSLHJHOW GLHZLUWVFKDIWOLFKH6WlUNHGHV%XQGHVODQGHVZLGHU8QWHUGHQ)OlFKHQOlQGHUQZHLVW OHGLJOLFK%D\HUQHLQHQJHULQJIJLJK|KHUHQ:HUWDXI0LWHLQHU:LUWVFKDIWVOHLVWXQJ YRQUXQG0LOOLDUGHQ(XURWUlJW%DGHQ:UWWHPEHUJ±EHLHLQHP%HY|ONHUXQJVDQ WHLOYRQ3UR]HQW±3UR]HQW]XPGHXWVFKHQ%UXWWRLQODQGVSURGXNWEHL%HLP:LUW VFKDIWVZDFKVWXPOLHJW%DGHQ:UWWHPEHUJDEHUOHGLJOLFKLP0LWWHOIHOGGHU%XQGHV OlQGHU'LH$UEHLWVORVLJNHLWIlOOWGDJHJHQVHKUQLHGULJDXV'DVJLOWDXFKIUGLH

|IIHQWOLFKH9HUVFKXOGXQJ'HU%LOGXQJVEHUHLFKHUUHLFKWKHXWHNHLQHQ3ODW]PHKULP 6SLW]HQIHOG$OOHUGLQJVKDWVLFKGDV5DQNLQJLP,160%LOGXQJVPRQLWRUJHJHQ

EHUYRPVHFKVWHQDXIGHQIQIWHQ3ODW]YHUEHVVHUW

,P0DLKDWGLHQHXH/DQGHVUHJLHUXQJ±HUQHXW*UQ6FKZDU]XQWHUGHU)K UXQJYRQ:LQIULHG.UHWVFKPDQQ±LKUH$UEHLWDXIJHQRPPHQ'LH$XVJDQJVVLWXDWLRQ LVW]ZHLIHOVRKQHEHVVHUDOVLQYLHOHQDQGHUHQ%XQGHVOlQGHUQDQ$XIJDEHQPDQJHOW

+RKH3UHLVHXQG0LHWHQSUlJHQ GHQ,PPRELOLHQPDUNWLPZLUWVFKDIWV VWDUNHQ6GZHVWHQ'HXWVFKODQGV

0DUNWEHULFKW%DGHQ:UWWHPEHUJ DQDO\VLHUWGLH6HJPHQWH+DQGHO

%URXQG:RKQHQ

,P%XQGHVODQGYHUJOHLFKVFKQHLGHW

%DGHQ:UWWHPEHUJPHLVWJXWDE

1HXH/DQGHVUHJLHUXQJVFKDIIW HLJHQHV0LQLVWHULXP%DXHQXQG :RKQHQ

+HLGHOEHUJ 0DQQKHLP

.DUOVUXKH

)UHLEXUJ

6WXWWJDUW

8OP

HVDEHUQLFKW6RN|QQWHGHU:DQGHOGHUZLFKWLJHQ$XWRLQGXVWULHLQ5LFKWXQJ(OHNWUR PRELOLWlWHLQHQHUKHEOLFKHQ$UEHLWVSODW]DEEDXQDFKVLFK]LHKHQ'DV5HJLHUXQJVSUR JUDPPÄ-HW]WIUPRUJHQ³UFNWGUHL6FKZHUSXQNWHLQGHQ9RUGHUJUXQG.OLPDXQG

$UWHQVFKXW]GLH6WlUNXQJGHV:LUWVFKDIWVVWDQGRUWVXQGGHQJHVHOOVFKDIWOLFKHQ

=XVDPPHQKDOW'HU:RKQXQJVPDUNWLVWHQJPLWGHPGULWWHQ3XQNWYHUEXQGHQ$QJH VLFKWVGHUKRKHQ0LHWHQLQ%DGHQ:UWWHPEHUJKDWKLHUGLH6FKDIIXQJHLQHVDXVUHL FKHQGHQ$QJHERWVDQEH]DKOEDUHP:RKQUDXPHLQHEHVRQGHUH%HGHXWXQJ:RKO DXFKGHVKDOEZXUGHHLJHQVHLQ0LQLVWHULXPIU%DXHQXQG:RKQHQJHELOGHW 'HPRJUDILVFKHXQGZLUWVFKDIWOLFKH(QWZLFNOXQJLQ%DGHQ:UWWHPEHUJ

%(9g/.(581*6(17:,&./81*921%,6 =8:$1'(581*(176&+(,'(7h%(5%(9g/.(581*6:$&+6780

4XHOOH6WDWLVWLVFKHV%XQGHVDPW 4XHOOH6WDWLVWLVFKHV/DQGHVDPW%DGHQ:UWWHPEHUJ

*(6$07:,576&+$)7/,&+(6:$&+6780921%,6 %58772,1/$1'6352'8.7-((,1:2+1(5

4XHOOH6WDWLVWLVFKHV%XQGHVDPW 4XHOOH6WDWLVWLVFKHV%XQGHVDPW'=%$1.

$5%(,76/26,*.(,7 g))(17/,&+(352.23)9(56&+8/'81*

4XHOOH6WDWLVWLVFKHV%XQGHVDPW 4XHOOH6WDWLVWLVFKHV%XQGHVDPW

6DFKVHQ$QKDOW 7KULQJHQ 6DDUODQG 0 HFNOHQEXUJ9RUSRPPHUQ 6DFKVHQ

%UDQGHQEXUJ 1RUGUKHLQ:HVWI DOHQ 1LHGHUVDFKVHQ 5KHLQODQG3I DO]

6FKOHVZ LJ+ROVWHLQ

%UHPHQ

%DGHQ:UW WHPEHUJ +HVVHQ +DPEXUJ

%D\HUQ

%HUOLQ

%HY|ONHUXQJVHQW Z LFNOXQJYRQELVLQ

$XVOlQGHULQ0 LROLQNV 'HXW VFKHLQ0 LROLQNV

%HY|ONHUXQJLQ JJ9RUMDKUUHFKW V

6DDUODQG

%UHPHQ 6DFKVHQ$QKDOW +HVVHQ 1RUGUKHLQ:HVWI DOHQ +DPEXUJ 5KHLQODQG3I DO]

7KULQJHQ

%DGHQ:UW WHPEHUJ 1LHGHUVDFKVHQ 6DFKVHQ

%UDQGHQEXUJ 0 HFNOHQEXUJ9RUSRPPHUQ 6FKOHVZ LJ+ROVWHLQ

%D\HUQ

%HUOLQ

1RPLQDOHV%UXW W RLQODQGVSURGXNW YRQELVLQ

6DFKVHQ$QKDOW 0 HFNOHQEXUJ9RUSRPPHUQ7KULQJHQ

%UDQGHQEXUJ6DFKVHQ 6FKOHVZ LJ+ROVWHLQ 6DDUODQG 5KHLQODQG3I DO]1LHGHUVDFKVHQ 1RUGUKHLQ:HVWI DOHQ+HVVHQ%HUOLQ

%DGHQ:UW WHPEHUJ%UHPHQ

%D\HUQ +DPEXUJ

1RPLQDOHV%UXW W RLQODQGVSURGXNW SUR.RSI LQ(XUR

%D\HUQ

%DGHQ:UW WHPEHUJ 5KHLQODQG3I DO]

+HVVHQ 1LHGHUVDFKVHQ 6FKOHVZ LJ+ROVWHLQ 7KULQJHQ 6DFKVHQ

%UDQGHQEXUJ 6DDUODQG 1RUGUKHLQ:HVWI DOHQ +DPEXUJ 6DFKVHQ$QKDOW 0 HFNOHQEXUJ9RUSRPPHUQ

%HUOLQ

%UHPHQ

$UEHLW VORVHQTXRW HLQ

6DFKVHQ

%D\HUQ

%DGHQ:UW WHPEHUJ 0 HFNOHQEXUJ9RUSRPPHUQ

%UDQGHQEXUJ 7KULQJHQ +HVVHQ 1LHGHUVDFKVHQ 5KHLQODQG3I DO]

6DFKVHQ$QKDOW 6FKOHVZ LJ+ROVWHLQ 1RUGUKHLQ:HVWI DOHQ

%HUOLQ 6DDUODQG +DPEXUJ

%UHPHQ

gI I HQW OLFKH 9HUVFKXOGXQJMH(LQZ RKQHULQ(XUR

+DQGHOVLPPRELOLHQ'HU&LW\+DQGHONlPSIWXPVhEHUOHEHQ

'LH&RURQD3DQGHPLHKDWGHQLQQHUVWlGWLVFKHQ+DQGHOYRQ%HJLQQDQHQRUPEHODV WHW1DFKGHP/RFNGRZQLPYHUJDQJHQHQ)UKMDKUKDWVLFKYRUDOOHPGLHODQJH

=ZDQJVVFKOLH‰XQJDE1RYHPEHUQHJDWLYDXVJHZLUNWGXUFKGLHDXFKGDV:HLK QDFKWVJHVFKlIW]XP*UR‰WHLOZHJILHO.RQ]HSWHZLH&OLFN &ROOHFWXQG&OLFN 0HHW HUP|JOLFKWHQ]ZDUHLQHQ*HVFKlIWVEHWULHEDXI6SDUIODPPHGRFKLQVJHVDPWLVWGHULQ GHUHUVWHQ-DKUHVKlOIWHHQWVWDQGHQH6FKDGHQJHZDOWLJ'LHYRQ/RFNGRZQ 0D‰QDKPHQEHWURIIHQHQ(LQ]HOKlQGOHUE‰WHQQDFK$QJDEHQGHV+'(YRQ-DQXDU ELV0DLUXQG0UG(XUR8PVDW]HLQ'DVHQWVSULFKWHLQHP0LQXVYRQ3UR ]HQWJHJHQEHU'LHVWDDWOLFKHQ+LOIVPD‰QDKPHQNRQQWHQGHQ6FKDGHQEH JUHQ]HQ$EHUJU|‰HUH+lQGOHUPLW)LOLDOHQEHUVFKUHLWHQPLWLKUHQ)L[NRVWHQOHLFKW GLHPRQDWOLFKH2EHUJUHQ]HYRQ0LR(XURGHUhEHUEUFNXQJVKLOIH,,,

'RFKGDV(QGHGHU%HODVWXQJHQLVWGDQNGHUDE0DLVLQNHQGHQ,QIHNWLRQV]DKOHQXQG GHVK|KHUHQ,PSIWHPSRVLQ6LFKW'DPLWN|QQWHGDV-DKUQRFKYHUV|KQOLFKHQGHQ 'LH0HQVFKHQZROOHQ]XUFNLQGLH,QQHQVWlGWHXQGZLHGHURKQH$XIODJHQ%XPPHOQ XQG6KRSSHQ'LHDXIJHVWDXWHQ.RQVXPZQVFKHNRQ]HQWULHUHQVLFKDXIHLQHQGHXW OLFKJHVFKUXPSIWHQ+DQGHOQDFKGHPLQGHQYHUJDQJHQHQ0RQDWHQEHUHLWVHLQH9LHO ]DKOYRQ)LOLDOHQXQG/lGHQVFKOLH‰HQPXVVWHQ=XGHPKDEHQGLH'HXWVFKHQYLHO PHKUDOVEOLFKJHVSDUWVRGDVVVLFKYLHOH+DXVKDOWHDXVJLHELJHV6KRSSLQJOHLVWHQ N|QQHQ'LHVRQVWDQIDOOHQGHQ$XVJDEHQIU5HVWDXUDQW)UHL]HLWRGHU8UODXEEOLH EHQDXIGHP.RQWR6RZHLWHWHVLFKLQGHU3DQGHPLHGDVMlKUOLFKH6LFKWHLQODJHQ 3OXVQLFKWXPGHQEOLFKHQ-DKUHV]XZDFKVYRQHWZD0UG(XURVRQGHUQXP 0UG(XURDXV'DPLW]HLFKQHWVLFKIUGLH]ZHLWH-DKUHVKlOIWHXQGGDV:HLK QDFKWVJHVFKlIWHLQJXWHV*HVFKlIWIUGHQLQQHUVWlGWLVFKHQ+DQGHODE

(5/,77(102'(+$1'(/81'.$8)+b86(5+2+(9(5/867(

120,1$/(5(,1=(/+$1'(/6806$7=**h925-$+5,1

:b+5(1''(53$1'(0,(6,1'',(%$1.*87+$%(1'(535,9$7(1 +$86+$/7(.5b)7,*$1*(:$&+6(1

4XHOOH6WDWLVWLVFKHV%XQGHVDPW 4XHOOH%XQGHVEDQN'DWHQELV$SULO

1DFKGHUHUZDUWHWHQ6RQGHUNRQMXQNWXUGHV,QQHQVWDGWKDQGHOVGXUFKGLH/RFNHUXQJ GHU/RFNGRZQ0D‰QDKPHQLVWHLQH5FNNHKU]XU+DQGHOVODQGVFKDIWYRQDOOHU GLQJVVRJXWZLHDXVJHVFKORVVHQ'LH6FKZLHULJNHLWHQGHV,QQHUVWDGWKDQGHOVVLQG YLHOPHKUHLQVWUXNWXUHOOHV3UREOHP'LH&RURQD.ULVHKDWGHQVWDWLRQlUHQ+DQGHO LQPLWWHQHLQHUXPIDVVHQGHQ1HXDXVULFKWXQJJHWURIIHQGLHODQJHYRUGHU3DQGHPLH EHJDQQXQGVLFKGDQDFKIRUWVHW]HQZLUG'LH'LJLWDOLVLHUXQJKDWGDV(LQNDXIVYHUKDO WHQJUXQGOHJHQGYHUlQGHUW9RUDOOHP3URGXNWHZLH0RGH6FKXKHXQG(OHNWURQLN GLHGDV.HUQVRUWLPHQWGHU,QQHQVWlGWHDXVPDFKHQZHUGHQLPPHUKlXILJHULP,QWHU QHWEHVWHOOW=XGHPLVWGDV9HUNDXIVIOlFKHQDQJHERWLQGHQ,QQHQVWlGWHQDXVJHZHLWHW ZRUGHQVRGDVVQXQ)OlFKHQDQJHERWXQGEHGDUIZHLWDXVHLQDQGHUNODIIHQ

,QW HUQHW 9HUVDQGKDQGHO 0 |EHO%DXPlUNW H

$SRW KHNHQ.RVPHW LN 6RQVWLJ+DQGHO]%%FKHU :DUHQ.DXIKlXVHU 7H[W LOLHQ.OHLGXQJ6FKXKH/HGHU GDUXQW HU 1RQ)RRG /HEHQVPLW WHO*HW UlQNH7DEDN (LQ]HOKDQGHOLQVJHVDPW

6LFKW HLQODJHQSULYDWHU+DXVKDOWHMlKUOLFKHU=XZ DFKVLQ0 UG(XUR 'XUFKVFKQLW W YRQELV

'LH+lQJHSDUWLHGHV+DQGHOV KDWVLFKQDFKGHPDXVJHIDOOHQHQ :HLKQDFKWVJHVFKlIWIRUWJHVHW]W

$XIGHQ,QQHQVWDGWKDQGHOUROOWLQGHU ]ZHLWHQ-DKUHVKlOIWHHLQHNUlIWLJH .RQVXPZHOOH]X

'HU,QQHQVWDGWKDQGHONHKUWQDFK

&RURQDQLFKW]XPDOWHQ7URWW]XUFN

'LH)ROJHQGHV9HUNDXIVIOlFKHQEHUDQJHERWVVLQGVHOEVWLQ*UR‰VWlGWHQVLFKWEDU GLHGLH)ROJHQGHV(&RPPHUFH%RRPVGXUFKHLQHZDFKVHQGH(LQZRKQHU]DKOXQG HLQHQDXVJHSUlJWHQ7RXULVPXVDEIHGHUQNRQQWHQ,QYLHOHQNOHLQHUHQ6WlGWHQVLQG GLH%HODVWXQJHQMHGRFKVFKRQOlQJHUVLFKWEDUZLHHWZDDQGHQ6WDQGRUWHQLP6WXWW JDUWHU8PODQG+LHUKDWGLH7DOIDKUWGHU6SLW]HQPLHWHQLP+DQGHOEHUHLWVHLQJH VHW]W1RFKIUKHUVLQG6WDJQDWLRQXQG5FNJDQJGHU6SLW]HQPLHWHLP+DQGHOLQGHQ NOHLQHUHQ6WlGWHQGHU5HJLRQ5KHLQ1HFNDUHUNHQQEDU'RFKPLWGHUZlKUHQGGHU 3DQGHPLHHUIROJWHQIOlFKHQGHFNHQGHQ9HUNOHLQHUXQJGHU)LOLDOQHW]HKDWGHU6WUXNWXU ZDQGHODOOH(LQ]HOKDQGHOVVWDQGRUWHHUUHLFKW

0DUNWXPIHOGIUGHQ(LQ]HOKDQGHO

0LW%OLFNDXIGLH5H]HVVLRQXQGGLHJHVWLHJHQH$UEHLWVORVLJNHLWZlUHHLQ5FN JDQJGHV(LQ]HOKDQGHOVXPVDW]HV]XHUZDUWHQJHZHVHQ7DWVlFKOLFKLVWGDV*HJHQ WHLOHLQJHWUHWHQGHU(LQ]HOKDQGHONRQQWHLPYHUJDQJHQHQ-DKUHLQUHNRUGYHUGlFKWL JHV3OXVHU]LHOHQ1DFKGHQ=DKOHQGHV6WDWLVWLVFKHQ%XQGHVDPWVVWLHJGHU(LQ]HO KDQGHOVXPVDW]JHJHQEHUXP3UR]HQW,QGHQIQI-DKUHQGDYRUZDUHQHV LPMlKUOLFKHQ'XUFKVFKQLWWOHGLJOLFK3UR]HQWWURW]GHXWOLFKEHVVHUHU|NRQRPLVFKHU 9RUDXVVHW]XQJHQ'LH*UQGHVLQGGHU3DQGHPLHJHVFKXOGHW.RFKHQVWDWW.DQWLQH XQG5HVWDXUDQW$QVFKDIIXQJHQIU)UHL]HLWXQG+RPHRIILFHVRZLH,QYHVWLWLRQHQLQ +HLPXQG*DUWHQVWDWW6WUDQGXUODXE

'(50$5.7$17(,/921(&200(5&(,67'85&+',(&2521$

3$1'(0,(.5b)7,**(67,(*(1

.2117('(5(,1=(/+$1'(/6806$7=5(.25'9(5'b&+7,*

=8/(*(1*(*(1h%(5925-$+5,1

4XHOOH+'('=%$1. 4XHOOH6WDWLVWLVFKHV%XQGHVDPW

1DFK+'(=DKOHQVWLHJGHUJHVDPWH(LQ]HOKDQGHOVXPVDW]DXI0UG(XUR 0UG(XURPHKUDOV,PVWDWLRQlUHQ(LQ]HOKDQGHOSURILWLHUWHQYRUDOOHPGLH 6XSHUPlUNWHZlKUHQGGHU,QQHQVWDGWKDQGHOKHUEH9HUOXVWHLP]ZHLVWHOOLJHQ3UR ]HQWEHUHLFKHUOLWW'LH.lXIHYRQ0RGHXQG(OHNWURQLNHUIROJWHQYRUDOOHPSHU0DXV NOLFNZRGXUFKGHU2QOLQH+DQGHOVHLQHQ8PVDW]NUlIWLJYRQDXI0UG(XUR VWHLJHUQNRQQWH'DGXUFKVWLHJGHUJHVDPWH0DUNWDQWHLOGHV2QOLQH+DQGHOVJHJHQ

EHUYRQDXI3UR]HQW,P1RQ)RRG%HUHLFKLVWGHU$QWHLOVRJDUDXIEHU 3UR]HQWJHVWLHJHQ$EHUDXFKEHL/HEHQVPLWWHOQPDFKW(&RPPHUFH%RGHQJXW 'HU$QWHLOEHWUlJW]ZDUHUVW3UR]HQWZlFKVWGDIUDEHUNUlIWLJ,Q]ZLVFKHQKDEHQ DXFK5HVWDXUDQW/LHIHUGLHQVWHLKU6RUWLPHQWDXI6XSHUPDUNW3URGXNWHHUZHLWHUW ,PODXIHQGHQ-DKUGUIWHGHU(&RPPHUFH$QWHLOZHLWHU]XQHKPHQZlKUHQGGHUJH VDPWH(LQ]HOKDQGHOVXPVDW]QDFKGHPVWDUNHQ$QVWLHJLP9RUMDKUZRKOZHLWJHKHQG VWDJQLHUHQZLUG'LH9HUOXVWHGHVVWDWLRQlUHQ+DQGHOVGXUFKGLH5HVWULNWLRQHQLQGHU HUVWHQ-DKUHVKlOIWHNDPHQHUQHXWGHP2QOLQH+DQGHO]XJXWH'HVVHQ:DFKV WXPZLUGVLFKDEHUDXFKQDFKGHU3DQGHPLHIRUWVHW]HQZHLOGLH.lXIHUVLFKHUQLFKW

H

(&RPPHUFH8PVDW]LQ0 UG(XUROLQNV

8PVDW ]VW DW LRQlUHU(LQ]HOKDQGHOLQ0 UG(XUROLQNV (&RPPHUFHLQ GHV(LQ]HOKDQGHO8PVDW]HVUHFKW V

QRPLQDO SUHLVEHUHLQLJW

,QNOHLQHUHQ6WlGWHQLVWGLH 6FKZlFKHGHV+DQGHOVEHVRQGHUV GHXWOLFKVLFKWEDU

.RFKHQVWDWW.DQWLQH6XSHUPlUNWH VRUJHQIU5HNRUGXPVDW]LP (LQ]HOKDQGHO

,P1RQ)RRG%HUHLFKVWHLJWGHU 0DUNWDQWHLOYRQ(&RPPHUFHDXI

EHU3UR]HQW

'HU2QOLQH+DQGHOEOHLEWDXI :DFKVWXPVNXUV

02'(806$7=:b&+676(,7/$1*6$0(5$/6',(,1)/$7,21

806$7=(17:,&./81*7(;7,/(,1=(/+$1'(/

21/,1($17(,/,002'(+$1'(/+$712&+/8)71$&+2%(1 806$7=7(;7,/(,1=(/+$1'(/,10,//,$5'(1(852

4XHOOH.30*(+,6WXGLH)DVKLRQ(XURVWDW 4XHOOH.30*(+,6WXGLH)DVKLRQ

DXIGLH%HTXHPOLFKNHLWGHV6KRSSLQJVLPKHLPLVFKHQ:RKQ]LPPHUYHU]LFKWHQ ZROOHQ=XGHPLVWGHU.XQGHQNUHLVGHV2QOLQH+DQGHOVLQGHU3DQGHPLHQRFKJU|‰HU JHZRUGHQ'LH1DKYHUVRUJHUVLW]HQPLW%OLFNDXI(&RPPHUFH]ZDUQRFKIHVWLP 6DWWHOVLQGDEHUJHJHQEHUGHP(LQNDXIPLW0DXVXQG6PDUWSKRQHQLFKWLPPXQ )UGHQ)OlFKHQEHGDUIGHVLQQHUVWlGWLVFKHQ+DQGHOVVSLHOWGHU0RGHKDQGHODOV JU|‰WHU)OlFKHQQXW]HUHLQHEHVRQGHUH5ROOH'RFK/RFNGRZQXQG.RQWDNWEHVFKUlQ NXQJHQVHW]WHQGHPLQQHUVWlGWLVFKHQ0RGHKDQGHOVFKZHU]X=XGHPILHOHQW\SLVFKH

$QOlVVH]XP0RGHNDXIZLH5HLVHQ)DPLOLHQIHLHUQRGHU.RQ]HUWEHVXFKHZHJ'LH LP+RPHRIILFHEHYRU]XJWH)UHL]HLWNOHLGXQJDQVWHOOHYRQ$Q]XJXQG.RVWPEUHPVWH HEHQIDOOV$OOHUGLQJVKDWGLH6FKZlFKHGHVVWDWLRQlUHQ0RGHKDQGHOVVFKRQYRU

&RURQDHLQJHVHW]W'HU0RGHXPVDW]±ZXUGHQVWDWLRQlUXQGRQOLQHLQVJHVDPW 0UG(XURHU]LHOW±ZlFKVWNDXPQRFK=ZLVFKHQXQGODJGDVMlKUOLFKH QRPLQDOH8PVDW]ZDFKVWXPQXUEHLNQDSS3UR]HQWZlKUHQGGHUJHVDPWH(LQ]HO KDQGHOPHKUDOVGUHLPDOVRVFKQHOO]XOHJHQNRQQWH

'XUFKGDVJHULQJH8PVDW]ZDFKVWXPXQGGHQJOHLFK]HLWLJZDFKVHQGHQ2QOLQH$QWHLO JHKWGDV8PVDW]YROXPHQGHVVWDWLRQlUHQ0RGHKDQGHOV]XUFN'DWHQGHU6WXGLH Ä)DVKLRQ³YRQ.30*(+,XQGGHV7H[WLOKDQGHOVYHUEDQGV%7(]HLJHQGDVV GHU8PVDW]GHVVWDWLRQlUHQ0RGHKDQGHOVYRQELVYRQUXQGDXI 0UG(XURVDQNZlKUHQGGHU2QOLQH$QWHLOYRQDXI3UR]HQWZXFKV'LH6WXGLH JHKWGDYRQDXVGDVVGHU2QOLQH$QWHLOIU0RGHELVDXI3UR]HQWVWHLJW 'DGXUFKZUGHGHUVWDWLRQlUH0RGHXPVDW]DXIHWZD0UG(XUR]XUFNJHKHQ 1RFKYRUZHQLJHQ-DKUHQHQWILHOHQUXQG3UR]HQWGHU9HUNDXIVIOlFKHLQ$/DJHQ XQG6KRSSLQJ&HQWHUQDXIGDV0RGHVHJPHQW'XUFKGLHKRKH%HGHXWXQJGHV0R GHKDQGHOVIU+DQGHOVLPPRELOLHQVLQGGLHSURJQRVWL]LHUWHQ8PVDW]UFNJlQJHXQG GLHGDPLW]XVDPPHQKlQJHQGH9HUNOHLQHUXQJGHU9HUNDXIVIOlFKHQHQWVSUHFKHQG VFKPHU]OLFK$EHUDXFKLQDQGHUHQZLFKWLJHQ+DQGHOVVHJPHQWHQZLH.RVPHWLNRGHU (OHNWURQLNGUIWHGHU2QOLQH$QWHLOZHLWHU]XQHKPHQ:LHVWDUNGHU9HUNDXIVIOlFKHQ EHGDUILQGHU,QQHQVWDGWWDWVlFKOLFK]XUFNJHKWLVWDEHUNDXPYRUKHUVHKEDU 7URW]GHPQDKPGLH=DKOGHU6KRSSLQJ&HQWHUELV]XOHW]W]XZHQQJOHLFKVLFKGHU

=XZDFKVJHJHQEHUGHQHU-DKUHQHUKHEOLFKYHUODQJVDPWKDW'DPLWVLQGLQ 'HXWVFKODQGQXQIDVWJUR‰H6KRSSLQJ&HQWHULQ%HWULHE'LH1HXHU|IIQXQJHQ GHUYHUJDQJHQHQ-DKUHNRQ]HQWULHUWHQVLFKYRUQHKPOLFKDXIGLH,QQHQVWlGWH=XGHP ZXUGHQGLH9HUNDXIVIOlFKHQGXUFKNOHLQHUH3URMHNWHQWZLFNOXQJHQDXVJHZHLWHW

4.6 2.3 0.1 2.0 2.9 2.0 1.2 1.4 0.6 0.4

1.1 2.5 2.2 1.6 0.8 0.7 0.4 1.7 1.9 1.4

57.8 59.2 59.3 60.5 62.2 63.5 64.2 65.1 65.5 66.0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Umsatzveränderung gegenüber Vorjahr in Prozent Inflationsrate (HVPI) in Prozent

Textilumsatz (stationär/online) in Milliarden Euro

7H[W LOKDQGHOVW DW LRQlU 7H[W LOKDQGHORQOLQH

'HU0RGHKDQGHOOLWWVFKRQYRU

&RURQDXQWHUHLQHUKDUWQlFNLJHQ :DFKVWXPVVFKZlFKH

'HU8PVDW]LPVWDWLRQlUHQ 0RGHKDQGHON|QQWHQRFKNUlIWLJ VLQNHQ

'HULQQHUVWlGWLVFKH+DQGHOEUDXFKW ZHQLJHU)OlFKHGDV$XVPD‰GHV 5FNJDQJVLVWDEHURIIHQ

'HU+DQGHOVHW]WHDXIHQJPDVFKLJH )LOLDOQHW]H±GDUDXIKLQZXUGHGLH 9HUNDXIVIOlFKHYLHOHURUWVYHUJU|‰HUW

',(=$+/'(56+233,1*&(17(5+$7%,6=8/(7=7=8*(1200(1 .21680./,0$,1381.7(1)b//71$&+:,(9256&+:$&+$86

4XHOOH(+,5HWDLO,QVWLWXWH 4XHOOH*I.6WDQG-XQL

'DV)OlFKHQZDFKVWXPZDUHLQH5HDNWLRQDXIGLH6WUDWHJLHYLHOHU0RGHNHWWHQ QHEHQGHP2QOLQH$QJHERWDXFKGLH3UlVHQ]LQGHU&LW\DXV]XEDXHQ:LUWVFKDIWV ZDFKVWXPVWHLJHQGH(LQZRKQHU]DKOHQXQGGHUIORULHUHQGH7RXULVPXVYHUVSUDFKHQ JXWH8PVlW]H(LQHJDQ]H=HLWJLQJGDV.RQ]HSWDXIGLH6SLW]HQPLHWHQGHU DWWUDNWLYHQ6KRSSLQJ6WDQGRUWH]RJHQODQJH=HLWDQ

'RFKGLHKRKHQ.RVWHQGHUSDUDOOHOHQ9HUWULHEVNDQlOH]ZDQJHQGLH+DQGHOVNHWWHQ ]XP*HJHQVWHXHUQ6FKRQYRU&RURQDVHW]WHGLH$XVGQQXQJGHU)LOLDOVWUXNWXUHQ HLQZDVDQGHQUFNOlXILJHQ6SLW]HQPLHWHQVLFKWEDULVW*HPLOGHUWZXUGHGHU5FN ]XJGHV0RGHKDQGHOVZHLOIUHLZHUGHQGH6KRSVRIWYRQ6\VWHPJDVWURQRPHQRGHU 1DKYHUVRUJHUQZLH'URJHULHQEHUQRPPHQZXUGHQ,QGHU3DQGHPLHEOLHEGHQ+DQ GHOVNHWWHQDXIJUXQGGHUZHJEUHFKHQGHQ8PVlW]HMHGRFKNHLQH:DKO'LHEHVWHKHQ GHQ)LOLDOQHW]HPXVVWHQUDGLNDODXVJHGQQWZHUGHQVRGDVVLQGHQ6WlGWHQRKQH HLQHDOWHUQDWLYH1XW]XQJGHU+DQGHOVIOlFKHQGDXHUKDIWH/HHUVWlQGHGURKHQ 'HU6FKUXPSIXQJVSUR]HVVLQGHQ,QQHQVWDGWODJHQKlWWHVLFKDXFKRKQH&RURQD GXUFKGHQVWHLJHQGHQ2QOLQH$QWHLOIU0RGH6FKPXFNXQG(OHNWURQLNIRUWJHVHW]W

*HEUHPVWZLUGGHU,QQHQVWDGWKDQGHODEHUDXFKYRPHLQW|QLJHQ$QJHERWDOV)ROJH GHU]XQHKPHQGH)LOLDOLVLHUXQJ,QHLQLJHQ$/DJHQEHOHJHQ5HWDLONHWWHQPHKUDOV 3UR]HQWGHU*HVFKlIWH'HUORNDOH+DQGHOPLWLQKDEHUJHIKUWHQ)DFKJHVFKlIWHQ GLHIU9LHOIDOWLP$QJHERWVRUJHQVSLHOWYLHOHURUWVNDXPQRFKHLQH5ROOH

$XIGLH(LJHQWPHUYRQ+DQGHOVLPPRELOLHQKDWGLH.ULVHYROOGXUFKJHVFKODJHQ$OV )ROJHGHU8PVDW]YHUOXVWHJLQJHQGLH0LHWHLQQDKPHQHUKHEOLFK]XUFN'XUFKGHQ VLQNHQGHQ9HUNDXIVIOlFKHQEHGDUIPVVHQVLFKGLH9HUPLHWHUYRQ+DQGHOVIOlFKHQ]X GHPDXIGDXHUKDIWQLHGULJHUH0LHWHLQQDKPHQHLQVWHOOHQ1HEHQVLQNHQGHQ0DUNWPLH WHQWUDJHQGD]XQDFKYHUKDQGHOWH0LHWYHUWUlJHXQGVWHLJHQGH/HHUVWlQGHEHL$EHU QLFKWQXUGHU+DQGHOLVWDXIGHP5FN]XJ$OV)ROJHGHU'LJLWDOLVLHUXQJGQQHQ]XP

%HLVSLHODXFK%DQNHQXQG6SDUNDVVHQLKUH)LOLDOVWUXNWXUHQDXV

0DUNWHQWZLFNOXQJGHUEDGHQZUWWHPEHUJLVFKHQ+DQGHOVVWDQGRUWH

,P(LQ]HOKDQGHOLQ%DGHQ:UWWHPEHUJYROO]LHKWVLFKGLHEHVFKULHEHQH(QWZLFNOXQJ DQDORJ$XFKKLHUVLQGLQGHQ]XUFNOLHJHQGHQ-DKUHQGLH9HUNDXIVIOlFKHQDXVJH ZHLWHWZRUGHQ,Q6WXWWJDUWHU|IIQHWHQJOHLFK]ZHLJUR‰HLQQHUVWlGWLVFKH6KRSSLQJ

&HQWHU'DV*HUEHU0LODQHR,Q0DQQKHLPNDPGDV44LQ%|EOLQJHQGLH 0HUFDGHQKLQ]X,Q8OPHU|IIQHWHQMQJVWGLH6HGHOK|IH,Q*|SSLQJHQEHILQGHW VLFKGDV$JQHVLP%DX

$Q]DKOQHXHU6KRSSLQJ&HQWHUSUR-DKU

*I ..RQVXPNOLPD

3UlVHQ]LQGHU&LW\ZDUELVODQJ ZLFKWLJ

'LHK\EULGH9HUWULHEVVWUDWHJLH VFKHLWHUWDQGHQKRKHQ.RVWHQ

2KQHGLH3DQGHPLHKlWWHVLFKGHU 6FKUXPSISUR]HVVLP+DQGHOZRKO VXN]HVVLYHIRUWJHVHW]W

,PPRELOLHQHLJHQWPHUPVVHQ VLFKDXIGDXHUKDIWJHULQJHUH 0LHWHLQQDKPHQHLQVWHOOHQ

$XFKLQ%DGHQ:UWWHPEHUJVLQG HLQH5HLKHYRQ6KRSSLQJ&HQWHUQ HQWVWDQGHQ

',(63,7=(10,(7(1,0+$1'(/6$1.(16&+21925&2521$

,1(852-(0ð

',($%:b576'<1$0,.'(563,7=(10,(7(1,0+$1'(/)b//7

$%(5-(1$&+67$1'257817(56&+,('/,&+$86

4XHOOHEXOZLHQJHVD'=%$1. 4XHOOHEXOZLHQJHVD'=%$1.

)OlFKHQZDFKVWXPXQGGHUDXIVWUHEHQGH2QOLQH+DQGHOVHW]WHQDXFKLQ%DGHQ :UWWHPEHUJGLH+DQGHOVPLHWHQXQWHU'UXFN'HU0LHWUFNJDQJILHOMHQDFK6WDQGRUW XQWHUVFKLHGOLFKDXV%HVRQGHUVDXVJHSUlJWJLQJGLH6SLW]HQPLHWHLQ6WXWWJDUW]XUFN 'DJHJHQ]HLJWHVLFKGLH0LHWHQWZLFNOXQJLQ)UHLEXUJXQG+HLGHOEHUJYHUJOHLFKVZHLVH VWDELO:lKUHQGDOOH6WDQGRUWHYRQHLQHPNUlIWLJHQ(LQZRKQHUZDFKVWXPSURILWLHUHQ NRQQWHQZHUGHQGLH(LQ]HOKDQGHOVXPVlW]HLQ)UHLEXUJXQG+HLGHOEHUJYRPDXVJH SUlJWHQ7RXULVPXVXQWHUVWW]WUHLFKWHGLH%DQGEUHLWHGHU6SLW]HQPLHWHQLP +DQGHOYRQ(XURMH4XDGUDWPHWHULQ.DUOVUXKHELV]X(XURMH4XDGUDWPHWHU LQ)UHLEXUJ6WXWWJDUWZDUPLW(XURMH4XDGUDWPHWHUDPWHXHUVWHQ

'LH$XVVLFKWHQIUGHQLQQHUVWlGWLVFKHQ(LQ]HOKDQGHOKDEHQVLFKQLFKWQXUGXUFKGDV 2QOLQH6KRSSLQJYHUVFKOHFKWHUW'DV(LQZRKQHUZDFKVWXPGDVLQGHQ]XUFNOLHJHQ GHQ-DKUHQGDV.lXIHUSRWHQ]LDOZDFKVHQOLH‰KDWVLFKHUKHEOLFKYHUODQJVDPW

=XGHPGUIWHGDV7RXULVPXVJHVFKlIWQLFKWPHKUJDQ]VRNUlIWLJDXVIDOOHQZHLOYLHOH 8QWHUQHKPHQYHUPXWOLFKHLQHQ7HLOGHU*HVFKlIWVUHLVHQ]XNQIWLJGXUFK2QOLQH 0HHWLQJVHUVHW]HQ8QGGXUFK+RPHRIILFHGUIWHGLH=DKOGHU3HQGOHUGLHPLWWDJV RGHUQDFK)HLHUDEHQGLQGHU&LW\HLQNDXIHQJHULQJHUDXVIDOOHQ

'DJHJHQVLQGGLHZLUWVFKDIWOLFKH6WlUNHXQGGLHJHULQJH$UEHLWVORVLJNHLWVWDELOLVLH UHQGH)DNWRUHQIUGLHEDGHQZUWWHPEHUJLVFKHQ(LQ]HOKDQGHOVVWDQGRUWH*QVWLJ LVWDXFKGLHKRKHELVVHKUKRKH=HQWUDOLWlWGHU6WDQGRUWH'LH.DXINUDIWIlOOWMHGRFK

.$8).5$)781'=(175$/,7b7 ,1381.7(1

9,(/(7285,67(1817(567h7=(1',(5(*,21$/(.$8).5$)7 h%(51$&+781*(1-((,1:2+1(5

4XHOOHEXOZLHQJHVD 4XHOOHEXOZLHQJHVD

H

%DGHQ:UW W2EHU]HQW UHQ %XQGHVZ HLW H2EHU]HQWUHQ 6W XWW JDUW 7RS6W DQGRUW H

6W XWW JDUW

)UHL EXUJ

+HLGHO EHUJ

.DUOV UXKH

0 DQQ KHLP

8OP

H

)UHL EXUJ

+HLGHO EHUJ

.DUOV UXKH

0 DQQ KHLP

8OP 6W XWW JDUW .DXI NUDI W NHQQ]LI I HU =HQW UDOLWlW VNHQQ]LII HU

%XQGHVZ HLW HU'XUFKVFKQLW W

)UHL EXUJ

+HLGHO EHUJ

.DUOV UXKH

0 DQQ KHLP

8OP %XQGHVZ 2EHU ]HQW UHQ

6W XWW JDUW

7RS 6W DQG

RUW H

'HU0LHWUFNJDQJILHOMHQDFK 6WDQGRUWXQWHUVFKLHGOLFKDXV

'LH9RUDXVVHW]XQJHQIUGHQ,QQHQ VWDGWKDQGHOVLQGKHXWHQLFKWPHKU VRJQVWLJZLHYRUHLQLJHQ-DKUHQ

'LHEDGHQZUWWHPEHUJLVFKHQ 6WDQGRUWHELHWHQZHLWHUKLQVROLGH 5DKPHQEHGLQJXQJHQIUGHQ+DQGHO

WHLOZHLVHQXUGXUFKVFKQLWWOLFKDXVZDVDQJHVLFKWVGHUKRKHQ(LQNRPPHQLP6G ZHVWHQ]XQlFKVWEHUUDVFKW'LH8UVDFKHGUIWHLQGHUKRKHQ=DKOGHU6WXGLHUHQGHQ LQGHQ8QLYHUVLWlWVVWlGWHQEHJUQGHWVHLQ)UHLEXUJXQG+HLGHOEHUJZHUGHQ

]XGHPZHLWHUKLQYRQHLQHPDXVJHSUlJWHQ7RXULVPXVSURILWLHUHQ,QEHLGHQ6WlGWHQ HUUHLFKHQGLHhEHUQDFKWXQJHQMH(LQZRKQHUHQRUPKRKH:HUWH

)D]LW(LQ]HOKDQGHOVLPPRELOLHQ

6HLW0DLVLQGGLH&RURQDEHGLQJWHQ(LQVFKUlQNXQJHQDXIGHP5FN]XJ'LH1RUPD OLVLHUXQJGHVJHZRKQWHQ|IIHQWOLFKHQ/HEHQVZLUGJUHLIEDU'DKHUGUIWHQGLH8P VlW]HLPVWDWLRQlUHQ+DQGHOLQGHU]ZHLWHQ-DKUHVKlOIWHLQGLH+|KHVFKLH‰HQ ZHQQGLH.lXIHULQJUR‰HU=DKOLQGLH,QQHQVWlGWH]XUFNNHKUHQ'DQNGHU1DFKKRO HIIHNWHXQGHLQHVJXWHQ:HLKQDFKWVJHVFKlIWVJHVSHLVWYRQGHQKRKHQ(UVSDUQLVVHQ GHU&RURQD=HLWN|QQWHIUGHQ&LW\+DQGHOHUIUHXOLFKHQGHQ'LH+HUDXVIRUGH UXQJHQIUGHQ,QQHUVWDGWKDQGHOZHUGHQDEHUGDV(QGHGHU3DQGHPLHEHUGDXHUQ 'DPLWGHUYRP(&RPPHUFHYHUXUVDFKWH7HLOUFN]XJGHV+DQGHOVQLFKW]XGDXHU KDIWHQ/HHUVWlQGHQXQGYHU|GHWHQ,QQHQVWlGWHQIKUWPVVHQVLFK6WlGWH,PPRELOL HQHLJHQWPHUXQG5HWDLOHUDXI.RQ]HSWHIUOHEHQGLJH,QQHQVWDGWTXDUWLHUHYHUVWlQGL JHQ'DIUNRPPHQYLHOH1XW]XQJVIRUPHQ±:RKQHQ.XOWXU%LOGXQJ%URRGHU /RJLVWLN±LQIUDJH:HOFKH,QQHQVWDGW.RQ]HSWHGLH2EHUKDQGJHZLQQHQZLUGVLFK DEHUHUVWLP=HLWDEODXIKHUDXVNULVWDOOLVLHUHQ%DGHQ:UWWHPEHUJV6WlGWHKDEHQHLQH LQVJHVDPWJXWH$XVJDQJVVLWXDWLRQRIWVLQGGLH,QQHQVWlGWHZLHLQ)UHLEXUJ+HLGHO EHUJRGHU8OPEHVRQGHUVDWWUDNWLY8QGLQ0DQQKHLPXQGSHUVSHNWLYLVFKDXFKLQ .DUOVUXKHHUVWUDKOHQGLH,QQHQVWlGWHLQQHXHP*ODQ]

ZHUGHQGLH0LHWHQLQGHQ$/DJHQWURW]GHUgIIQXQJVSHUVSHNWLYHDOV)ROJH GHV)OlFKHQEHUDQJHERWVQDFKJHEHQ)UGLH,PPRELOLHQLQGHQ$/DJHQXQG 6KRSSLQJ&HQWHUZHUGHQVLFKDEHU0LHWHUILQGHQODVVHQ'LH)UDJHLVWMHGRFK ZHOFKH0LHWHQQDFKKDOWLJHU]LHOEDUVLQG,QGHQ$/DJHQZHUGHQGLH6SLW]HQPLHWHQ GHV+DQGHOVZRKOZHLWHUVLQNHQ=XGHPGUIWHHVDQGHQ5lQGHUQGHU$/DJHQ]X /DJHQ$EZHUWXQJHQNRPPHQ$X‰HUGHPOLHJHQGLH0LHWHQDOWHUQDWLYHU1XW]XQJVIRU PHQGXUFKZHJXQWHUGHQHQGHV+DQGHOV'DPLWVWHOOWVLFKIU,PPRELOLHQHLJHQWPHU GLH)UDJHRE6LHZHLWHUDXIGHQ+DQGHOPLWVHLQHQK|KHUHQ0LHWHQVHW]HQXQG/HHU VWlQGHLQ.DXIQHKPHQRGHUDOWHUQDWLYH1XW]XQJHQLQV$XJHIDVVHQGLHDEHUPLW ,QYHVWLWLRQHQXQGZDKUVFKHLQOLFKQLHGULJHUHQ0LHWHQHLQKHUJHKHQZHUGHQ

%URLPPRELOLHQ'URKWGXUFK+RPHRIILFHHLQhEHUDQJHERWDQ%URIOlFKHQ"

:lKUHQGGHU0DQJHODQ:RKQUDXPLQYLHOHQ*UR‰VWlGWHQPLWHLQHPEUHLWHQ0HGLHQ LQWHUHVVHHLQKHUJHKWNRQ]HQWULHUWHQVLFK%HULFKWHEHUNQDSSH%URIOlFKHQDXIGLH )DFKSUHVVH(LQHUEUHLWHUHQgIIHQWOLFKNHLWGUIWHHVZHLWJHKHQGXQEHNDQQWVHLQ GDVVLQYLHOHQ6WlGWHQNDXPQRFK%URIOlFKHQYHUIJEDUVLQG9LHOPHKUN|QQWHGHU (LQGUXFNHQWVWHKHQGDVVGXUFK+RPHRIILFHEDOGVRJXWZLHJDUNHLQH%URVPHKU EHQ|WLJWZHUGHQ:lKUHQGGHU3DQGHPLHZXUGHLQWHQVLYEHUGLH9RUXQG1DFKWHLOH GHV$UEHLWHQVYRQ]XKDXVHDXVGLVNXWLHUW%UREHVFKlIWLJWHXQG$UEHLWJHEHUNRQQWHQ (UIDKUXQJHQVDPPHOQ:LUZROOHQGDV)UXQG:LGHUKLHUQLFKWHUQHXWDXIJUHLIHQ :LUJHKHQGDYRQDXVGDVVVLFK+RPHRIILFH±RGHUYLHOPHKUIOH[LEOHVPRELOHV

$UEHLWHQ±IHVWLQGHU$UEHLWVZHOWLQWHJULHUHQZLUG9LHOH8QWHUQHKPHQDUEHLWHQGDUDQ LKUHQ0LWDUEHLWHUQPHKU:DKOIUHLKHLWKLQVLFKWOLFKLKUHU$UEHLWVXPJHEXQJ]XHUP|JOL FKHQ'LH$XIWHLOXQJN|QQWHLQHWZDVRDXVVHKHQ.RQ]HQWULHUWHV$UEHLWHQHUIROJW GDKHLPGDV%URZLUGIU0HHWLQJVIU3URMHNWXQG7HDPDUEHLWRGHU]XP Ä1HWZRUNHQ³DXIJHVXFKW'LH$QSDVVXQJGHU%URHWDJHQDQGLHGDPLWYHUEXQGHQHQ

$QIRUGHUXQJHQLVWEHUHLWVLP*DQJH'DVNODVVLVFKH6DFKEHDUEHLWHUEURPLW

+RKHU1DFKKROEHGDUIGUIWH IUGHQ&LW\+DQGHOHUIUHXOLFKHQGHQ

:LHJHKWHVPLWGHQ(LQ]HOKDQGHOV ODJHQLQGHU&LW\ZHLWHU"

3URJQRVHGUIWHVLFKGHU 0LHWUFNJDQJXQJHEUHPVWIRUWVHW]HQ

$UEHLWJHEHUXQG%HVFKlIWLJH KDEHQEHUHLQ-DKU(UIDKUXQJHQPLW IOH[LEOHP$UEHLWHQVDPPHOQN|QQHQ

+\EULGH$UEHLWVZHOWDOVÄ1HZ 1RUPDO³%URXQG+RPHRIILFH ZHUGHQVLFK]XNQIWLJHUJlQ]HQ

HLJHQHP6FKUHLEWLVFKKDWDXVJHGLHQWVWDWWGHVVHQZHUGHQQHEHQ%HUHLFKHQPLW

$UEHLWVSOlW]HQ]XUIOH[LEOHQ1XW]XQJ.RPPXQLNDWLRQVXQG5FN]XJV]RQHQJHVFKDI IHQ8QWHUGHP6WULFKGUIWHGHU)OlFKHQEHGDUIQXUOHLFKWVLQNHQZHLOGLHVH)OlFKHQ HLQHQHUKHEOLFKHQ7HLOGHU(LQVSDUXQJGXUFKZHQLJHU6FKUHLEWLVFKHEHOHJHQZHUGHQ 'DV%URXPIHOGZDQGHOWVLFKDEHUQLFKWQXUGXUFK+RPHRIILFH'DV$UEHLWVNUlIWHDQ JHERWGUIWHLQGHQNRPPHQGHQ-DKUHQPHUNOLFKGXUFKGHQ5XKHVWDQGGHUJHEXUWHQ VWDUNHQ%DE\ERRPHU-DKUJlQJHVLQNHQ'LH$OWHUVJUXSSHGHUELVMlKULJHQ ZLUGYRUDXVVLFKWOLFKELVYRQDNWXHOO0LRDXIHWZD0LR0HQVFKHQ VFKUXPSIHQ:LUVFKlW]HQGDVVDOV)ROJHGLH=DKOGHU%UREHVFKlIWLJWHQ±KHXWH UXQG0LR±DOOHLQGXUFKGLHVHQ(IIHNWXPUXQG0LRDEQLPPW'DPLWJHKW]X JOHLFKHLQ*HQHUDWLRQVZHFKVHOHLQKHUGHU$QWHLOGHUÄ'LJLWDO1DWLYHV³DQGHQ(UZHUE VWlWLJHQZLUGVSUEDUJU|‰HU=XGHPlQGHUWVLFKGDV$XIJDEHQVSHNWUXP$OJRULWK PHQEHUQHKPHQPHKUXQGPHKU5RXWLQHDUEHLWHQVRGDVVVLFKGLH%HVFKlIWLJWHQ VWlUNHUDXI(QWZLFNOXQJVDUEHLWXQG.XQGHQEHWUHXXQJNRQ]HQWULHUHQN|QQHQ'DKHU YHUlQGHUQVLFKRKQHKLQGLH$QIRUGHUXQJHQDQ%URVVRZLHGHU%URIOlFKHQEHGDUI ,PZHOFKHQ8PIDQJGHU%UREHGDUIVLQNHQN|QQWHOlVVWVLFKNDXPTXDQWLIL]LHUHQ (UVWGLHZDFKVHQGH(UIDKUXQJPLWIOH[LEOHU$UEHLWLP$OOWDJZLUGKLHU.ODUKHLWEULQJHQ 'LHJHPLHWHWH%URIOlFKHNDQQVLFK]XGHPQXUODQJVDPYHUlQGHUQVFKOLH‰OLFKODX IHQGLHPHLVWHQ0LHWYHUWUlJHQRFKYLHOH-DKUH'DKHUGUIWHGDV$QJHERWDQXQWHU YHUPLHWHWHQ%URIOlFKHQ]XQHKPHQ%LVODQJLVWDP%URPDUNWYRQGHQ9HUlQGHUXQ JHQGHU%URDUEHLWNDXPHWZDV]XVSUHQ'LH%URPLHWHQEHHQGHWHQLKUHQ

$QVWLHJNRQQWHQLKU1LYHDXDEHUKDOWHQ/HHUVWlQGHOHJWHQQXUPRGHUDW]XXQGVLQG GDPLWZHLWHUKLQQLHGULJ'HUOHLFKWH$QVWLHJGHU/HHUVWDQGVTXRWHQGUIWHVRZRKOGHU 5H]HVVLRQDOVDXFKGHP+RPHRIILFH(IIHNWJHVFKXOGHWVHLQ

0DUNWXPIHOGIUGHQ%URPDUNW

'DVZLUWVFKDIWOLFKH8PIHOGYHUVFKOHFKWHUWHVLFKEHUHLWVGXUFKHLQHDEJHNKOWH .RQMXQNWXU$QVWHOOHGHVYRQXQV(QGHIUHUZDUWHWHQPRGHUDWHQJHVDPW ZLUWVFKDIWOLFKHQ:DFKVWXPVNDPHV]XU&RURQDEHGLQJWHQVFKZHUHQ5H]HVVLRQ ,P]ZHLWHQ4XDUWDOVWDQGGLH:LUWVFKDIW]XJUR‰HQ7HLOHQVWLOOZDV]XHLQHP SUR]HQWLJHQ5FNJDQJGHV%UXWWRLQODQGVSURGXNWVLP*HVDPWMDKUIKUWH 'DVEHODVWHWHDXFKGHQ$UEHLWVPDUNW*HJHQEHU-DQXDUVDQNGLH=DKOGHU (UZHUEVWlWLJHQPRGHUDWXPUXQGDXI0LR'LH$UEHLWVORVHQTXRWHVWLHJ YRQ3UR]HQWDXI3UR]HQWLP0DLXQGLVWLPPHUQRFKUHODWLYQLHGULJ

.85=$5%(,7+$7(,1(167b5.(5(1$167,(*'(5$5%(,76 /26,*.(,79(5+,1'(57

(5670,7(,1(0)2576&+5(,7(1'(1,03)(5)2/*.$11',(

:,576&+$)7/,&+((5+2/81*0,792//(5.5$)7(,16(7=(1

4XHOOH%XQGHVDJHQWXUIU$UEHLW 4XHOOH(XURVWDW3URJQRVH'=%$1.6WDQG-XQL

-DQ )HE 0U] $SU 0DL -XQ -XO $XJ 6HS 2NW 1RY 'H] -DQ )HE 0U] $SU 0DL

%HVFKlIW LJW HLQ.XU]DUEHLW LQ7DXVHQG $UEHLW VORVHQTXRW HLQ3UR]HQW

H H

%UXW WRLQODQGVSURGXNW JJ9RUMDKULQ

3URJ QRVH

'HPRJUDILH*HQHUDWLRQVZHFKVHO

$OJRULWKPHQ'LH$UEHLWVZHOWlQGHUW VLFKQLFKWQXUGXUFK+RPHRIILFH

'LH%URPLHWHQEOLHEHQWURW]

+RPHRIILFHXQG&RURQD3DQGHPLH VWDELO

6WDWWHLQHVPRGHUDWHQ:DFKVWXPV VWU]WH&RURQDGLHGHXWVFKH:LUW VFKDIWLQHLQHVFKZHUH5H]HVVLRQ

.XU]DUEHLWYHUKLQGHUWVWlUNHUHQ

$QVWLHJGHU$UEHLWVORVLJNHLW

(LQHQVWlUNHUHQ$QVWLHJKDWGLHDXVJHZHLWHWH.XU]DUEHLWYHUKLQGHUW,P0lU]

]lKOWHGLH%XQGHVDJHQWXUIU$UEHLWQRFKUXQG0LR.XU]DUEHLWHU'XUFKGLH /RFNGRZQ0D‰QDKPHQDE1RYHPEHUQDKPGLH=DKO]ZLVFKHQ]HLWOLFKVLFKWEDU]X QDFKGHPGLH.XU]DUEHLW]XYRUELV2NWREHUGHXWOLFKUFNOlXILJZDU

,QGHU]ZHLWHQ-DKUHVKlOIWHGUIWHVLFKGLHZLUWVFKDIWOLFKH(UKROXQJVSUEDU EHVFKOHXQLJHQ'DV]HLFKQHWVLFKGXUFKGDVVHLW0DLQDFKKDOWLJUFNOlXILJH,QIHNWL RQVJHVFKHKHQVRZLHGHQ,PSIIRUWVFKULWWDE%LV0LWWH-XQLZDUEHUHLWVJXWGLH+lOIWH GHU%HY|ONHUXQJ]XPLQGHVWHLQPDOJHJHQ&RYLGJHLPSIW'DPLWGUIWHQDFKGHU ,QGXVWULHDXFKGHUYRQGHQ3DQGHPLHIROJHQVWDUNEHWURIIHQH'LHQVWOHLVWXQJVEHUHLFK

±+DQGHO*DVWURQRPLH)UHL]HLWXQG.XOWXUVRZLH+RWHOV±ZLHGHU)DKUWDXIQHKPHQ ,QVJHVDPWHUZDUWHQZLUIUHLQJHVDPWZLUWVFKDIWOLFKHV:DFKVWXPYRQQLFKW JDQ]3UR]HQWVROOWHVLFKHLQ3OXVYRQJXW3UR]HQWDQVFKOLH‰HQ

'$6920,)2,167,787(50,77(/7(*(6&+b)76./,0$/b667',(

&2521$.5,6(+,17(56,&+81'635,1*7$8)=:(,-$+5(6+2&+

',(920=(:%()5$*7(1.21-81.785(;3(57(16&+b7=(1',(

:,576&+$)7/,&+(1$866,&+7(163h5%$5%(66(5(,1

4XHOOHLIR,QVWLWXW6WDQG0DL 4XHOOH=(:6WDQG-XQL

'URKWDP%URPDUNWHLQhEHUDQJHERWGXUFK+RPHRIILFHXQGGHQGHPRJUDILVFKHQ :DQGHO"'DVLVWXQZDKUVFKHLQOLFKGHU%URIOlFKHQEHGDUIGUIWHQXUVXN]HVVLYH]X UFNJHKHQ=XGHPVLQGGLH%URVLQKRKHP0D‰HDXVJHODVWHWZlKUHQGGHU%UR EDXVFKRQOlQJHUHKHUVFKZDFKDXVIlOOW'DV%DXYROXPHQN|QQWHPLW%OLFNDXIGLH

%DXJHQHKPLJXQJHQDEHU]XQHKPHQ$QJHVLFKWVGHVKRKHQ$OWHUVYLHOHU%URJH ElXGHLVWHLQH9HUMQJXQJRKQHKLQZQVFKHQVZHUW5XQG3UR]HQWGHU%URJH ElXGHVLQGlOWHUDOV-DKUHOHGLJOLFK3UR]HQWGHU%URVHQWVWDQGHQDE

',(%81'(6:(,7(1%$8*(1(+0,*81*(1)h5%h52*(%b8'(

6,1''(1)(57,*67(//81*(1'$921*((,/7

%81'(6:(,7(187=)/b&+(,10ð

0(+5$/6',(+b/)7('(5'(876&+(1%h52*(%b8'(6,1' 6&+21h%(5-$+5($/7

%h52%(67$1'1$&+%$8-$+5,1

4XHOOH6WDWLVWLVFKHV%XQGHVDPW3URJQRVH'=%$1. 4XHOOHEXOZLHQJHVD

(UZ DUW XQJHQ LI R*HVFKlI WVNOLPD /DJH

.RQMXQNW XUHOOH(UZ DUW XQJHQ .RQMXQNW XUHOOH/DJH

H

%DXJHQHKPLJXQJHQ )HUW LJVWHOOXQJHQ

ELV

DE

$6WlGW H %6W lGW H

(UVWGUIWHGLH:LUWVFKDIW ZLHGHUNUlIWLJGXUFKVWDUWHQ

(LQJU|‰HUHVhEHUDQJHERWDP

%URPDUNWLVWHKHUXQZDKUVFKHLQOLFK

0DUNWHQWZLFNOXQJGHUEDGHQZUWWHPEHUJLVFKHQ%URVWDQGRUWH

+RPHRIILFHJHULQJH/HHUVWlQGHXQGVWDELOHKRKH%URPLHWHQ'LH(QWZLFNOXQJGHU EDGHQZUWWHPEHUJLVFKHQ%URPlUNWHXQWHUVFKHLGHWVLFKQLFKWZHVHQWOLFKYRP GHXWVFKODQGZHLWHQ7UHQG$XFKLQ%DGHQ:UWWHPEHUJVWDJQLHUWHQGLH%URPLHWHQ ZlKUHQGVLFKGLH/HHUVWlQGHDXIQLHGULJHP1LYHDXOHLFKWDXVZHLWHWHQ,P8Q WHUVFKLHG]XIUKHUHQ-DKUHQVLQGGLH/HHUVWlQGHLQ'HXWVFKODQGV6GZHVWHQDEHU QLFKWPHKUVLFKWEDUQLHGULJHUDOVLPEXQGHVZHLWHQ9HUJOHLFK'LH%URPLHWHQGHU EDGHQZUWWHPEHUJLVFKHQ2EHU]HQWUHQIDOOHQHWZDVEHUGXUFKVFKQLWWOLFKDXVZlK UHQG6WXWWJDUWV%URPLHWHGHXWOLFKXQWHUGHP5HIHUHQ]ZHUWGHU7RS6WDQGRUWHOLHJW

',(%h5263,7=(10,(7(167$*1,(57(1'85&+:(*

,1(852-(0ð

,1'(12%(5=(175(1,06h':(67(1:(5'(10(,67+2+(%h52 63,7=(10,(7(19(5/$1*7,1(852-(0ð

4XHOOHEXOZLHQJHVD'=%$1. 4XHOOHEXOZLHQJHVD'=%$1.

'HU*UXQGIUGDVWHLOZHLVHVHKUNQDSSH%URIOlFKHQDQJHERWDQGHQEHWUDFKWHWHQ 6WDQGRUWHQLVWGHUNUlIWLJH$QVWLHJGHU%UREHVFKlIWLJXQJLQGHQ]XUFNOLHJHQGHQ -DKUHQGHUGHXWOLFKDXVJHSUlJWHUDOVGHU=XZDFKVGHU%URIOlFKHDXVILHO,QVJHVDPW ZXFKVGLH=DKOGHU%UREHVFKlIWLJWHQLQGHU5HJLRQ6WXWWJDUWSOXVGHQIQI2EHU]HQ WUHQ)UHLEXUJ+HLGHOEHUJ.DUOVUXKH0DQQKHLPXQG8OPYRQELVXPIDVW 0HQVFKHQSOXV3UR]HQW'LH%URIOlFKHQDKPGDJHJHQOHGLJOLFKXP 3UR]HQWRGHU0LR4XDGUDWPHWHUDXILQVJHVDPW0LR4XDGUDWPHWHU]X

$OV)ROJHGHUDQJHVSDQQWHQ%URPDUNWVLWXDWLRQXQGGHVDQKDOWHQGKRKHQ%URIOl FKHQEHGDUIVKDWMHGRFKGHU%UREDXDQDOOHQ6WDQGRUWHQ]XOHJHQN|QQHQ'DV]HLJW GHUYHUJOHLFKVZHLVHKRKH%URIOlFKHQQHX]XJDQJLP]XUFNOLHJHQGHQ-DKUGHULQ

%h52/((567$1'1$+07527=5(=(66,2181'+20(2)),&(

.$80=8/((567$1'64827(,1

9210$11+(,0$%*(6(+(1,67'(5%h52/((567$1'1,('5,*

/((567$1'64827(,1

4XHOOHEXOZLHQJHVD'=%$1. 4XHOOHEXOZLHQJHVD'=%$1.

H

%DGHQ:UW W2EHU]HQW UHQ %XQGHVZ HLW H2EHU]HQWUHQ 6W XWW JDUW 7RS6W DQGRUW H

6W XWW JDUW

)UHL EXUJ

+HLGHO EHUJ

.DUOV UXKH

0 DQQ KHLP

8OP

H

H

%DGHQ:UW W2EHU]HQW UHQ %XQGHVZ HLW H2EHU]HQWUHQ 6W XWW JDUW 7RS6W DQGRUW H

6W XWW JDUW

)UHL EXUJ

+HLGHO EHUJ

.DUOV UXKH

0 DQQ KHLP

8OP

H

%DGHQ:UWWHPEHUJLVFKH

%URPlUNWHIROJHQEXQGHVZHLWHP 7UHQG

'LH%UREHVFKlIWLJXQJZXFKV GHXWOLFKVFKQHOOHUDOVGLH%URIOlFKH

%URIOlFKHQQHX]XJDQJLVW GHXWOLFKNUlIWLJHUDOVLQGHQ 9RUMDKUHQDXVJHIDOOHQ

$8&+,1%$'(1:h577(0%(5*,67',(%h52%(6&+b)7,*81*

/$1*(=(,76&+1(//(5$/6',(%h52)/b&+(*(:$&+6(1

'(5%h52%$8+$7(7:$6)$+57$8)*(1200(1

%h52)/b&+(11(8=8*$1*,1'(6%h52)/b&+(1%(67$1'6

4XHOOHEXOZLHQJHVD6FRSH

%DVLV5HJLRQ6WXWWJDUW)UHLEXUJ+HLGHOEHUJ.DUOVUXKH0DQQKHLP8OP

4XHOOHEXOZLHQJHVD

9HUELQGXQJPLWGHQ%HODVWXQJHQGHU&RURQD.ULVH]XHLQHUOHLFKWHQ$XVZHLWXQJGHU OHHUVWHKHQGHQ%URIOlFKHQJHIKUWKDW6RNDPHQLQGHU6WDGW6WXWWJDUWVRZLHGHQ IQI2EHU]HQWUHQ]XVDPPHQUXQG4XDGUDWPHWHU)OlFKH]XP%UR PDUNWKLQ]X,QGHQ]HKQ-DKUHQELVZDUHQHVGDJHJHQLP-DKUHVGXUFK VFKQLWWOHGLJOLFKJXW4XDGUDWPHWHU

'LHEHWUDFKWHWHQEDGHQZUWWHPEHUJLVFKHQ%URPlUNWHYRQ6WXWWJDUWVRZLHGHQIQI 2EHU]HQWUHQZHLVHQHUKHEOLFKH*U|‰HQXQWHUVFKLHGHDXI'LH%DQGEUHLWHUHLFKWYRQ QLFKWJDQ]0LR4XDGUDWPHWHULQ8OPELV]X0LR4XDGUDWPHWHUQLQ6WXWWJDUW'LH

%URPDUNWDNWLYLWlWJHPHVVHQDP%URIOlFKHQXPVDW]VSLHJHOWGLH*U|‰HQXQWHU VFKLHGHDEHUQXUWHLOZHLVHZLHGHU6RHUUHLFKWGHU%URIOlFKHQXPVDW]±LQ3UR]HQW GHV)OlFKHQEHVWDQGV±LQ+HLGHOEHUJK|KHUH:HUWHDOVDQGHQGHXWOLFKJU|‰HUHQ%

URPlUNWHQ.DUOVUXKH0DQQKHLPXQG6WXWWJDUW,P'XUFKVFKQLWWZHUGHQLQGHQ2EHU ]HQWUHQSUR-DKUHWZDVPHKUDOV3UR]HQWGHV)OlFKHQEHVWDQGV±GDVHQWVSULFKW GHPEXQGHVZHLWHQ'XUFKVFKQLWWIU2EHU]HQWUHQ±QHXYHUPLHWHW,Q6WXWWJDUWVLQGHV JXW3UR]HQWUXQG3UR]HQWSXQNWZHQLJHUDOVLP'XUFKVFKQLWWGHU7RS6WDQGRUWH ,QVJHVDPWKDWGLH%URPDUNWDNWLYLWlWLQGHQYHUJDQJHQHQ-DKUHQDEHU]XJHQRPPHQ REZRKOVLFKGDV%URIOlFKHQDQJHERWLPPHUZHLWHUYHUNQDSSWKDW$OOHUGLQJVQLPPW GHU$QWHLODQ9HUPLHWXQJHQLQQHXHQ%URSURMHNWHQLQ]ZLVFKHQHLQHQKRKHQ6WHOOHQ ZHUWHLQ'DGXUFKGLHPHLVWJHULQJHQ/HHUVWlQGHNDXPQRFKJU|‰HUH]XVDPPHQ

%$'(1:h577(0%(5*,6&+(%h5267$1'257(1$&+*5g66(

%h52)/b&+(,176'0ð

'(5%h52)/b&+(1806$7=,1'(6)/b&+(1%(67$1'6 63,(*(/7',(0$5.7*5g66(1857(,/:(,6(:,('(5

4XHOOHEXOZLHQJHVD 4XHOOHEXOZLHQJHVD

%URIOlFKHLQ0 LR4XDGUDWPHWHUQOLQNV

%UREHVFKlI W LJWHLQ7DXVHQGUHFKW V

6W XWW JDUW

)UHL EXUJ

+HLGHO EHUJ

.DUOV UXKH

0 DQQ KHLP

8OP

8OP /.

*|S SLQ JHQ

+HLGHO EHUJ

)UHL EXUJ

5HPV 0 XUU .UHLV

/.

%|E OLQ JHQ

/.

/XG Z LJV EXUJ

0 DQQ KHLP

.DUOV UXKH

/.

(VV OLQ JHQ

6W XWW JDUW

6W XWW JDUW

7RS 6W DQG

RUW H )UHL EXUJ

+HLGHO EHUJ

.DUOV UXKH

0 DQQ KHLP

8OP %XQGHVZ 2EHU ]HQW UHQ

'LHJUR‰H6SDQQZHLWHEHLGHU

%URPDUNWJU|‰HVSLHJHOWVLFKLP

%URIOlFKHQXPVDW]QLFKWZLGHU

0LHWYHUWUlJHEHUJUR‰H )OlFKHQEHWUHIIHQPHLVW 3URMHNWHQWZLFNOXQJHQ

KlQJHQGH%URIOlFKHQYHUIJEDUVLQGHQWIlOOWGLH0HKU]DKOGHU0LHWYHUWUlJHEHU JUR‰H)OlFKHQDXI1HXEDXYRUKDEHQVRGDVVGLH)OlFKHQRIWHUVWPLW9HU]|JHUXQJ JHQXW]WZHUGHQN|QQHQ'XUFKGLH&RURQD.ULVHLVWGHU%URIOlFKHQXPVDW]

GHXWOLFK]XUFNJHJDQJHQ'LH6WDQGRUWHZDUHQGDYRQDEHUVHKUXQWHUVFKLHGOLFKEH WURIIHQ9RUDOOHPLQ+HLGHOEHUJXQG6WXWWJDUWVLQGGLH%URIOlFKHQXPVlW]H VLFKWEDUJHULQJHUDOVLQGHQ9RUMDKUHQDXVJHIDOOHQ

)D]LW%URPDUNW

,QGHU]XUFNOLHJHQGHQ'HNDGHVWLHJGXUFKGLH]XQHKPHQGH%UREHVFKlIWLJXQJGHU

%URIOlFKHQEHGDUI'LHVHU7UHQGZLUGVLFKGXUFK+RPHRIILFHQLFKWIRUWVHW]HQ9LHOH

$UEHLWJHEHUXQG%UREHVFKlIWLJWHSUlIHULHUHQHLQHQGHXWOLFKK|KHUHQ$QWHLODQIOH[LE OHU$UEHLWDOVYRUGHU&RURQD.ULVH'DPLWZHUGHQ%URJHElXGHPLWLKUHQ9RU]JHQ EHL.RPPXQLNDWLRQXQG7HDPDUEHLWDEHUQLFKWEHUIOVVLJ±JDQ]LP*HJHQWHLO 'DVVYLHOH%URVVHLW0lU]GXUFK+RPHRIILFHOHHUVWHKHQVSLHJHOQGLH%UR PDUNWGDWHQQLFKWZLGHU6SLW]HQPLHWHQXQG0LHWUHQGLWHQEOLHEHQVWDELOGLH/HHU VWlQGHZHLWHWHQVLFKQXUZHQLJDXV'RFKGLH=DKOGHU6FKUHLEWLVFKHXQGGDPLWGLH

%URIOlFKHN|QQWHDXFKGDXHUKDIWVLQNHQ'DV$XVPD‰GUIWHVLFKDEHULQ*UHQ]HQ KDOWHQGHQQQHXH.RPPXQLNDWLRQVXQG5FN]XJVIOlFKHQYHUEUDXFKHQHLQHQ7HLO GHUGXUFKZHQLJHU6FKUHLEWLVFKHJHVSDUWHQ)OlFKH$EHUDXFKGLHGHPRJUDILVFKH (QWZLFNOXQJGUIWHGHQ%URIOlFKHQEHGDUIGlPSIHQ'LH(IIHNWHZLUNHQVLFKDEHU

EHUHLQHQODQJHQ=HLWUDXPJHVWUHFNWDXV=XGHPNDQQGHU)OlFKHQEHGDUIGXUFK ODXIHQGH0LHWYHUWUlJHQLFKWVRIRUWDQJHSDVVWZHUGHQ

'DV,QWHUHVVHDQDWWUDNWLYHQ%URVZLUGZRKOQLFKWYHUVLHJHQ'LH)ROJHQHLQHVPR GHUDWVLQNHQGHQ%URIOlFKHQEHGDUIVGUIWHQYRUDOOHP%URREMHNWHEHWUHIIHQGLHGLH ]XNQIWLJHQ$QIRUGHUXQJHQGHU%URDUEHLWQXUXQ]XUHLFKHQGHUIOOHQRGHUGLHHLQH XQJQVWLJH/DJHDXIZHLVHQ$EHUZLHVLQGGLH$XVVLFKWHQIUGDVODXIHQGH-DKU"

'LHZLUWVFKDIWOLFKH(QWZLFNOXQJHUUHLFKWGHQ%URPDUNWLQGHU5HJHOPLWHLQLJHQ 4XDUWDOHQ9HU]|JHUXQJ=XGHPGUIWHVLFKGLH8PVWHOOXQJDXIIOH[LEOH$UEHLWQDFK IUDJHGlPSIHQGDXVZLUNHQ'DKHUZHUGHQGLH/HHUVWlQGHLPODXIHQGHQ-DKUQRFK PRGHUDW]XQHKPHQ(VLVW]XGHPZDKUVFKHLQOLFKGDVVGLH6SLW]HQPLHWHQOHLFKW±

YRUDXVVLFKWOLFKXPZHQLJHUDOV3UR]HQWJHJHQEHU±QDFKJHEHQ :RKQLPPRELOLHQ9HUVFKlUIWH0LHWUHJXOLHUXQJVWHKWYRUGHU7U

:lKUHQGGLH3DQGHPLH*HZHUEHLPPRELOLHQEHODVWHW]HLJWVLFKGHU:RKQXQJVPDUNW ZHLWJHKHQGXQEHHLQGUXFNW/DQGHVZHLWVWHLJHQ.DXISUHLVHXQG0LHWHQIU:RKQLP PRELOLHQZHLWHU6HOEVWLQGHQ7RS6WDQGRUWHQJHKWHVWURW]VFKRQKRKHU3UHLVHXQG 0LHWHQEHUJDXI6FKOLH‰OLFKLVWGHU:RKQUDXPEHGDUIGXUFK&RURQDQLFKW]XUFNJH JDQJHQVRQGHUQKDWHKHUQRFK]XJHOHJW,QGHU3DQGHPLHZXUGHYLHO=HLW]XKDXVH YHUEUDFKWDXFKGXUFK+RPHRIILFH'DVKDWGHQ:XQVFKQDFKVFK|QHQXQGJHUlXPL JHQ:RKQXQJHQYHUVWlUNW'HPJHJHQEHULVWGDV:RKQXQJVDQJHERWYLHOHURUWVQRFK NQDSSDXFKZHQQGLH)HUWLJVWHOOXQJHQLQYLHOHQ6WlGWHQ]XOHJHQNRQQWHQ

$OOHUGLQJVNODIIWGLH(QWZLFNOXQJYRQ.DXISUHLVHQXQG0LHWHQVLFKWEDUDXVHLQDQGHU 'LH.DXISUHLVH]RJHQLPYHUJDQJHQHQ-DKUQRFKVWlUNHUDOVDQ,PHUVWHQ 4XDUWDOKDWVLFKGHU7UHQGQRFKIRUWJHVHW]W'HU*UXQGVLQGGLH]XP-DKUHV HQGHDXIHLQKLVWRULVFKHV7LHIJHIDOOHQHQ+\SRWKHNHQ]LQVHQGXUFKGLHGHU.DXI HLQHV(LJHQKHLPVWURW]KRKHU3UHLVHDWWUDNWLYLVW$XIGHU$QOHJHUVHLWHXQWHUVWW]WGHU IRUWZlKUHQGH$QODJHGUXFNGDV,QWHUHVVHDQ:RKQLQYHVWPHQWV'LHK|KHUHQ5LVLNHQ EHL*HZHUEHLPPRELOLHQKDEHQGHQ)RNXVDXIGLHVWDELOHUH:RKQXQJVYHUPLHWXQJ QRFKYHUVWlUNW'HUEHIUFKWHWH$QVWLHJYRQ0LHWDXVIlOOHQEOLHEDXFKGDQNVWDDWOLFKHU +LOIVSDNHWHDXVXQGKDWGDV%LOGHLQHUULVLNRDUPHQ$QODJHQRFKJHIHVWLJW

%URPDUNWLP8PEUXFK

)OH[LEOHV$UEHLWHQXQG'HPRJUDILH GlPSIHQ%URIOlFKHQEHGDUI(IIHNWH ZHUGHQDEHUQXUVXN]HVVLYHVSUEDU

3URJQRVH6SLW]HQPLHWHQ N|QQWHQJHULQJIJLJQDFKJHEHQ

'LH3DQGHPLHKDWGHQ:XQVFK QDFKHLQHUVFK|QHQ:RKQXQJ QRFKYHUVWlUNW

3UHLVDQVWLHJEHL(LJHQKHLPHQ XQG0HKUIDPLOLHQKlXVHUQKDWVLFK ZlKUHQGGHU3DQGHPLHEHVFKOHXQLJW

0,(7(1+,1.(1.$8)35(,6(1+,17(5+(5,1',=(6 &2521$%(6&+/(81,*7$167,(*'(5+$8635(,6(,1**h9-

4XHOOH9HUEDQGGHXWVFKHU3IDQGEULHIEDQNHQYGS'=%$1.

0)+ 0HKUIDPLOLHQKlXVHU7RS JU|‰WHGHXWVFKH6WlGWH

4XHOOH9HUEDQGGHXWVFKHU3IDQGEULHIEDQNHQYGS'=%$1.

0)+ 0HKUIDPLOLHQKlXVHU7RS JU|‰WHGHXWVFKH6WlGWH

'LHEHUHLWVVLFKWEDUH9HUODQJVDPXQJGHV0LHWDQVWLHJVKDWVLFKGDJHJHQLQGHU 3DQGHPLHIRUWJHVHW]W'DVEHWULIIWLQVEHVRQGHUHGLHWHXUHQ7RS6WDQGRUWH+LHULVW GLH$XVZHLFKUHDNWLRQDXIGDV8PODQGPLWGHXWOLFKQLHGULJHQ0LHWHQRIIHQEDUDXVJH SUlJWHU$XFK(LQNRPPHQVHLQEX‰HQYLHOHU3ULYDWKDXVKDOWHGUIWHQVLFKDXVJHZLUNW KDEHQ=XGHPKDWVLFKGDV(LQZRKQHUZDFKVWXPYHUODQJVDPW1DFKGHQ,PPRELOLHQ PDUNWGDWHQGHV9HUEDQGVGHXWVFKHU3IDQGEULHIHQVLQGGLHGHXWVFKODQGZHLWHQ:RK QXQJVPLHWHQ]XOHW]WODQJVDPHUDOVLPHUVWHQ4XDUWDOJHVWLHJHQ%HLGHQ 7RS6WDQGRUWHQPXVVPDQIUHLQJHULQJHUHV0LHWSOXVELV]XUFNEOLFNHQ

%XQGHVWDJVZDKO:RKQXQJVPDUNWLP)RNXVGHU3ROLWLN

$XFKZHQQGLH0LHWHQVLFKWEDUODQJVDPHUVWHLJHQ'DV0LHWQLYHDXLQGHQ*UR‰

VWlGWHQLVWVRKRFKGDVVVHOEVWJXWYHUGLHQHQGH)DPLOLHQDQLKUH%HODVWXQJVJUHQ]H JHUDWHQN|QQHQ6RLVWGHU:RKQXQJVPDUNW]XP'DXHUWKHPDGHU0HGLHQJHZRUGHQ 'DVJLOWDXFKIUGLH3ROLWLN'HU9HUVXFKGHV%HUOLQHU6HQDWVGHQ:RKQXQJVPDUNW PLWGHP0LHWHQGHFNHO]XElQGLJHQVFKHLWHUWHMHGRFKYRUGHP%XQGHVYHUIDVVXQJV JHULFKW'HU*UXQGLVWHLQH)RUPDOLH'DV0LHWUHFKWKDWGHU%XQGDEVFKOLH‰HQGJHUH JHOWVRGDVVGLH%XQGHVOlQGHUNHLQHQ*HVHW]JHEXQJVVSLHOUDXPKDEHQ'RFKGDV 8UWHLONDPDP0lU]SDVVJHQDXDOVÄ$XIKlQJHU³IUGHQ:DKONDPSIGHU

%XQGHVWDJVZDKO'LH(QGH0DLDQJHNQGLJWH)XVLRQYRQ9RQRYLD'HXWVFKH:RK QHQN|QQWH]XGHP8QPXWEHUGLH(QWZLFNOXQJDP:RKQXQJVPDUNWDXIVLFK]LHKHQ 1DFK8PIUDJHQEHIUZRUWHWGLH0HKU]DKOGHU'HXWVFKHQHLQHQ0LHWHQGHFNHO63' XQG/LQNHPDFKHQVLFKDXFKEXQGHVZHLWIUGDV,QVWUXPHQWVWDUN'LH3OlQHGHU

*UQHQ6WDQG(QGH0DLGLHJXWH&KDQFHQDXIHLQH5HJLHUXQJVEHWHLOLJXQJ RGHUVRJDUDXIGHQ&KHIVHVVHOLP.DQ]OHUDPWKDEHQVLQGPRGHUDWHU,KUH0D‰QDK PHQKlWWHQDEHUHEHQVRZHLWUHLFKHQGH)ROJHQ6LHVWUHEHQHLQHYHUVFKlUIWHXQEH IULVWHWH0LHWSUHLVEUHPVHVRZLH0LHWREHUJUHQ]HQLP%HVWDQGDQ0LHWHUK|KXQJHQ VROOHQDXI3UR]HQWLP5DKPHQGHU0LHWVSLHJHOOLPLWLHUWZHUGHQ'HU0LHWVSLHJHO ]HLWUDXPVROOYRQDNWXHOODXI-DKUHYHUOlQJHUWZHUGHQ'LHVRYHUXUVDFKWH 6HQNXQJGHURUWVEOLFKHQ9HUJOHLFKVPLHWHZUGH0LHWHUK|KXQJHQDXI-DKUH HUVFKZHUHQ6WHLJHQGH0LHWHQVLQGDEHUQLFKWQXUDXV5HQGLWHJUQGHQQRWZHQGLJ

$XFKJHQRVVHQVFKDIWOLFKHXQGNRPPXQDOH:RKQXQJVJHVHOOVFKDIWHQEUDXFKHQVLH IUGHQ1HXEDXXQG]XU0RGHUQLVLHUXQJGHV:RKQXQJVEHVWDQGV

)UDJORVVLQGGLH0LHWHQLQJHIUDJWHQ,QQHQVWDGWODJHQPLWRIW(XURXQGPHKUMH 4XDGUDWPHWHUKRFK$EHUUHLFKWGDVDOV$UJXPHQWIUHLQHXPIDVVHQGH0LHWUHJXOLH UXQJ"'HU0LHWDQVWLHJLQGHQWHXUHQ6WlGWHQKDWVLFKYHUODQJVDPWZHLOPHKUJHEDXW

(LJHQKHLPSUHLVH (LJHQKHLPSUHLVH7RS 0)+3UHLVH 0)+3UHLVH7RS

0LHWHQ 0LHWHQ7RS

4

4 4 4 4

4 4 4 4

4 4 4 4 (LJHQKHLPSUHLVH (LJHQKHLPSUHLVH7RS 0)+3UHLVH 0)+3UHLVH7RS

0LHWHQ 0LHWHQ7RS

&RURQD 3DQGHPLH

'DV0LHWZDFKVWXPLQ'HXWVFKODQG KDWVLFKVSUEDUYHUODQJVDPW

'HU:RKQXQJVPDUNWLVWHLQJUR‰HV 7KHPDLP:DKONDPSI

'HU0HKUKHLWGHU'HXWVFKHQ EHIUZRUWHWHLQHQ0LHWHQGHFNHO

+RKH0LHWHQHKHUGLH$XVQDKPHDOV GLH5HJHOÄ%XQGHVPLHWHQGHFNHO³LVW XQQ|WLJ