Inhaltsverzeichnis (LQOHLWXQJJ 6HLWH 'LHH&OHDYDJH7KHRULH 6HLWH

'LHHWHUULWRULDOHH6WUXNWXULHUXQJ(XURSDV 6HLWH

%HGLQJXQJHQGHU6WDDWVXQG1DWLRQHQELOGXQJ 6HLWHH

0RGHOO.RPELQDWRULNNYRQ3UR]HVVHQQGHV=XVDPPHQEUXFKV 6HLWHH =HQWUXPVELOGXQJ 6 H L W H

1DWLRQHQELOGXQJXQG6SUDFKH 6HLWHH

5RNNDQV7KHRULH±HLQ)RUVFKXQJVSURJUDPPP 6HLWH 7KHPDWLVFKHH6FKZHUSXQNWH 6HLWH 6WUXNWXUYHUJOHLFK 6HLWHH 6HLWHH

6WDDWVXQG1DWLRQHQELOGXQJLQQ(XURSD 6HLWHH

7HUULWRULDOLWlWXQG0LWJOLHGVFKDIW 6HLWHH

'LHHLQWHUQHH6WUXNWXULHUXQJSROLWLVFKHU6\VWHPH 6HLWHH

'LHHWHUULWRULDOH,GHQWLWlWW 6HLWH 'LHHHXURSlLVFKHH,GHQWLWlW 6HLWH

/ L W H U D W X U Y H U ] H L F K Q L V

6WDDW1DWLRQXQG'HPRNUDWLHHLQQ(XURSDD

(LQOHLWXQJJ

Ä'DVJHWHLOWHH(XURSDZLUGYHUHLQLJW³ ±GLHVH6FKODJ]HLOHQQVLQGDNWXHOO]XOHVHQGHQQQGLHH %UVVHOHUU.RPPLVVLRQKDWGLH$XIQDKPHHYRQQDFKW1DWLRQHQQLQ0LWWHOXQG2VWHXURSD VRZLHH0DOWDDXQGG=\SHUQYRUJHVFKODJHQ,P(83DUODPHQWVSUDFKK.RPPLVVLRQVSUlVLGHQW 5RPDQR3URGLYRQHLQHUÄKLVWRULVFKHQ(QWVFKHLGXQJ³GLHH]XUUÄ9HUHLQLJXQJXQVHUHV NQVWOLFKKJHWHLOWHQ.RQWLQHQWV³IKUH1DFKK0HLQXQJGHUU%UVVHOHUU.RPPLVVLRQZHUGHQ ]HKQ/lQGHUELVV]XP-DQXDUIUHLQHQ(8%HLWULWWWEHUHLWVHLQ(VWODQG/HWWODQG /LWDXHQ0DOWD3ROHQGLH6ORZDNHL6ORZHQLHQ7VFKHFKLHQ8QJDUQXQGG=\SHUQZUGHQ DOV'HPRNUDWLHQQXQGG5HFKWVVWDDWHQQVFKRQKHXWHGHQSROLWLVFKHQ%HGLQJXQJHQ(XURSDV JHUHFKW

:HQQQPDQQVLFKPLWGHU7KHRULH6WHLQ5RNNDQVEHVFKlIWLJWIlOOWDXIGDVVHUUVLFKKEHLL VHLQHQ6WXGLHQDXIGLHHSROLWLVFKHQ6\VWHPHH:HVWHXURSDVVNRQ]HQWULHUWKDW0DQN|QQWH LKPPYRUZHUIHQGHQ|VWOLFKHQ7HLO(XURSDVV]XVHKUUYHUQDFKOlVVLJWWXQGVLFK (QWZLFNOXQJVOLQLHQYHUVFKORVVHQQ]XKDEHQ(UUEHJUQGHWHVHLQH$XVZDKOGDPLWGHUU RVWHXURSlLVFKHH$VSHNWWZUGHVHLQH0RGHOOHLQKRKHPP0D‰NRPSOL]LHUHQ

1DFKJHQDXHUHU$QDO\VHVHLQHV:HUNVVWHOOWVLFKGLHH)UDJHZRIUU6WHLQ5RNNDQQPLWVHLQHU 7KHRULHHDOVV6R]LDOZLVVHQVFKDIWOHUVWDQGXQGZHOFKHH%HGHXWXQJJGDVV.DSLWHOEHUGLH 7HUULWRULDORUGQXQJ(XURSDVLP*HVDPWZHUNHLQQLPPW 'LH&OHDYDJH7KHRULH

6WHLQ5RNNDQV(LQIOXVVDOVV.RPSDUDWLYLVWWLQGHQHUUXQGHU-DKUHQLVWWDXV VR]LDOZLVVHQVFKDIWOLFKHU6LFKWXQXPVWULWWHQQLFKWWQXUDXIJUXQGGVHLQHUZLVVHQVFKDIWOLFKHQQ 2ULJLQDOLWlWXQG3URGXNWLYLWlW

=XVDPPHQPLW0/LSVHWJLOW5RNNDQDOVVGHU%HJUQGHUGHU&OHDYDJH7KHRULH 'LHVHH ZXUGHHDOVVR]LDOZLVVHQVFKDIWOLFKHV,QVWUXPHQWDULXPHQWZLFNHOWXPKLVWRULVFKH (QWZLFNOXQJHQYHUJOHLFKHQXQGVR]LDOVWUXNWXUHOOH%H]JHLQQHUKDOEXQWHUVFKLHGOLFKHU QDWLRQDOHU3DUWHLHQV\VWHPHXQWHUVXFKHQQ]XN|QQHQ,QGLHVHP=XVDPPHQKDQJJZLUG

9JOKWWSZZZVXHGGHXWVFKHGHYRP

/LSVHW6H\PRXU05RNNDQ6WHLQ+UVJD3DUW\6\VWHPVDQGG9RWHU $OLJQPHQWV1HZZ

1

ÄFOHDYDJH³DOVHLQHSROLWLVFKZLUNVDPHH.RQIOLNWOLQLHLQVWLWXWLRQDOLVLHUWXQGLQQGLHH 6R]LDOVWUXNWXUYHUDQNHUW

5RNNDQXQWHUVFKHLGHWEHLVHLQHUZLVVHQVFKDIWOLFKHQ$UEHLWYLHUYHUVFKLHGHQH.DWHJRULHQ±±

6HLQHVWUXNWXUHOOHQ6WXGLHQQODVVHQLQ+LQEOLFNDXIHLQHHHXURSlLVFKHU'HPRNUDWLVLHUXQJJ YLHU]HQWUDOH.RQIOLNWIHOGHUHUNHQQHQ(UUQHQQWWHUVWHQVVGHQ.RQIOLNWW=HQWUXPYHUVXVV 3HULSKHULH]ZHLWHQVV.LUFKHJHJHQ6WDDWW+HUDXVELOGXQJ1DWLRQHQXQG6WDDWHQGULWWHQV GHQQ:LGHUVWUHLW]ZLVFKHQOlQGOLFKK±DJUDULVFKHQJHJHQQVWlGWLVFK±KDQGZHUNOLFKH ,QWHUHVVHQQXQGYLHUWHQV.DSLWDOOYHUVXV$UEHLWDOV)ROJHHGHUULQGXVWULHOOHQ5HYROXWLRQ :HLWHUKLQQVLHKWWHUHLQHQ.RQIOLNWWLQHQWZLFNHOWHQQ'HPRNUDWLHQGHQQQGHUUJHVHOOVFKDIWOLFKH XQGVR]LDOHH:DQGHOEHZLUNHQQ:HUWHZDQGHOSUR]HVVH0LWGLHVHP:DQGHOHQWVWHKWHLQH )URQWVWHOOXQJJGHVV0DWHULDOLVPXVJHJHQGHQQ3RVWPDWHULDOLVPXV

,P]ZHLWHQ7HLOOGHUÄ&OHDYDJH7KHRULH³³EHVFKUHLEWWGHU6R]LDOZLVVHQVFKDIWOHUGLH 8UVDFKHQGDXHUKDIWLQVWLWXWLRQDOLVLHUWHU.RQIOLNWOLQLHQÄFOHDYDJHV³:HQQQ(OLWHQ JHVHOOVFKDIWOLFKHXQGVR]LDOH.RQIOLNWHHDXIJUHLIHQN|QQHQVLHGLHVHLQ3DUWHLSROLWLNMHQDFK 5DKPHQGHVSROLWLVFKHQ6\VWHPVXPVHW]HQ,PP+LQWHUJUXQGGGLHVHU3ROLWLNVWHKWGDVV 3DUWHLHQUHJHOPl‰LJ.RQIOLNWHDNWLYLHUHQXPPSROLWLVFKH,GHQWLWlWWXQG3DUWHLELQGXQJ]X DNWLYLHUHQXQG]XHUQHXHUQ'LHÄ&OHDYDJHH±7KHRULH³YHUNQSIW$XVZLUNXQJHQVR]LR |NRQRPLVFKHQXQGVR]LDOHQQ:DQGHOVPLWWGHPP+DQGHOQSROLWLVFKHU(OLWHQ'LHVHH)UDJH QDFKGHP9HUKlOWQLVYRQQJHVHOOVFKDIWOLFKHQ.RQIOLNWHQXQG3DUWHLHQV\VWHPHQQEHUKUW ]HQWUDOH)HOGHUGHUU'HPRNUDWLHWKHRULHGD3DUWHLHQQHLQHQQZLFKWLJHQ7HLOPRGHUQHU 0DVVHQGHPRNUDWLHQGDUVWHOOHQ6RUHSUlVHQWLHUHQGLH3DUWHLHQHLQHLQWHUPHGLlUHH 2UJDQLVDWLRQGLHH]ZLVFKHQ*HVHOOVFKDIWWXQG3ROLWLNYHUPLWWHOW=XGHPPZHUGHQ JHVHOOVFKDIWOLFKHH,QWHUHVVHQQ]XDOWHUQDWLYHQQ3URJUDPPDQJHERWHQ,PSDUWHLOLFKHQ'LVNXUV ILQGHWSROLWLVFKHH,QWHJUDWLRQXQWHUVFKLHGOLFKHU%HY|ONHUXQJVJUXSSHQVWDWW6LH PRELOLVLHUHQUHJHOPl‰LJJ$QKlQJHUXQG:lKOHUVWDELOLVLHUHQXQGOHJLWLPLHUHQQDXIGLHVH :HLVHHUHSUlVHQWDWLYH'HPRNUDWLHQ

.ULWLVFKHH6WLPPHQQDOV$QWZRUWDXI5RNNDQV7KHRULHHGHXWHQDQHUN|QQHJHVHOOVFKDIWOLFKH .RQIOLNWHXQGG3DUWHLHQV\VWHPHQLFKWYHUJOHLFKHQRKQHH/lQGHUVWXGLHQYRUDQ]XVWHOOHQ'LH Ä&OHDYDJH±±7KHRULH³ZXUGHDP%HLVSLHO:HVWHXURSDVHQWZLFNHOWZREHLXQWHUVFKLHGOLFKHH KLVWRULVFK±NXOWXUHOOHH.RQWH[WHXQGGHPRNUDWLVFKHH(QWZLFNOXQJVVWlQGHEHLVSLHOVZHLVHLQ 2VWHXURSD1RUGXQG/DWHLQDPHULND$IULNDXQG$VLHQQLFKWEHUFNVLFKWLJWVLQG,P KLVWRULVFKHQ9HUJOHLFKHQWVWHKWHLQ6SDQQXQJVIHOG]ZLVFKHQODQGHVNXQGOLFK±

9JO.QXWVHQ2GGEM¡UQ6FDUEURXJK(OLQRU&OHDYDJHH3ROLWLFV,Q 'HWK6FDUEURXJK

9JOKWWSZZZSROLWLNXQLIUHLEXUJGHSXEOLNDWSXEHLWKLKWPYRP

2

KLVWRULVFKHQ,QWHUHVVHQXQGVLQJXOlUHQQ(QWZLFNOXQJVOLQLHQ-HGRFKKOLHJWWGDVV VR]LDOZLVVHQVFKDIWOLFKHH,QWHUHVVHHGDULQ(QWZLFNOXQJVOLQLHQXQG±%HGLQJXQJHQ]XX JHQHUDOLVLHUHQ8PGLH&OHDYDJHH7KHRULHDXIIGHPRNUDWLVFKH6\VWHPHH:HVWHXURSDV EHUWUDJHQ]XXN|QQHQVROOWHQPHKUHUH3DUWHLHQDOVVLQWHUPHGLlUH,QVWLWXWLRQHQ]ZLVFKHQ *HVHOOVFKDIWXQG6WDDWWHLQHZLFKWLJH5ROOHHVSLHOHQ(LQ$VSHNWLVWWGLH7DWVDFKHGHU XQWHUVFKLHGOLFKHQQ=HLWKRUL]RQWH,QQ:HVWHXURSDHQWZLFNHOWHQQVLFKGLHH3DUWHLHQV\VWHPH HQWODQJJGHUU.RQIOLNWOLQLHQEHUHLQHQ=HLWUDXPPYRQIDVWW]ZHL-DKUKXQGHUWHQ=XPLQGHVWW HUVWUHFNWHQQVLFKGLHHHUVWHXQG]ZHLWHH'HPRNUDWLVLHUXQJVZHOOHHLQVJHVDPWEHUU-DKUH ,QGHQ/lQGHUQGHUGULWWHQ:HOOH DEXQGLQGHQQHXHQ'HPRNUDWLHQ2VWHXURSDVV JDEHVMHHQDFKJHVFKLFKWOLFKHPXQGNXOWXUHOOHQ+LQWHUJUXQGHLQHXQWHUVFKLHGOLFKHH $EIROJHZHQQPDQQGHQ'HPRNUDWLVLHUXQJVSUR]HVVEHWUDFKWHW'HQQRFKHUZHLVHQVLFKK )UDJHQQDFKGHUVWDDWOLFKHQ(LQKHLWÄQDWLRQ±EXLOGLQJ³QDFKGHPP8PJDQJJPLWW HWKQLVFKHQ0LQGHUKHLWHQQDFKKGHP9HUKlOWQLV.LUFKHXQGG6WDDWWXQGQDFKGHPP8PIDQJ ZRKOIDKUWVWDDWOLFKHU/HLVWXQJHQDOVHLQKRKHVSROLWLVFKHV.RQIOLNWSRWHQWLDO 1DFKGHP:HOWNULHJHQWZLFNHOWHQXQGHWDEOLHUWHQVLFKZHVWHXURSlLVFKH'HPRNUDWLHQQ XQWHUJQVWLJHQ|NRQRPLVFKHQ%HGLQJXQJHQZlKUHQGG6\VWHPDOWHUQDWLYHQGXUFK 1DWLRQDOVR]LDOLVPXVVXQG6R]LDOLVPXVLQ2VWHXURSDDGLVNUHGLWLHUWWZXUGHQ

'LHWHUULWRULDOHH6WUXNWXULHUXQJ(XURSDV

6WHLQ5RNNDQ]HLFKQHWPLWVHLQHP(QWZXUIHLQQ*HVDPWELOGYRQ:HVWHXURSD(UYHUVXFKW MHGHV/DQGGLQQHLQHQQEUHLWHUHQJHRHWKQLVFKHQJHR|NRQRPLVFKHQQRGHUJHRSROLWLVFKHQ .RQWH[WWHLQ]XRUGQHQ+LHUEHLRULHQWLHUWWHUVLFKKDQYHUVFKLHGHQHQSROLWLVFKHQ.RQIOLNWOLQLHQQ XQGHQWZLUIWGHQVRJHQDQQWHQ.RQIOLNWOLQLHQDQVDW]6HLQQ=LHOOLVWWHVGLH7HUULWRULDOV\VWHPH :HVWHXURSDVVQDFK=HQWUXP±3HULSKHULH±6WUXNWXUHQ]XDQDO\VLHUHQ

%HGLQJXQJHQGHU6WDDWVXQG1DWLRQHQELOGXQJ

'HUU$XVJDQJVSXQNWWVHLQHU$QDO\VHLVWWYRQYHUVFKLHGHQHQ)DNWRUHQÄ9RUJHJHEHQKHLWHQ³ EHVWLPPW=XQlFKVWGDV(UEHHGHVU|PLVFKHQ5HLFKHVZHOFKHVHQJPLWGHPNDLVHUOLFKHQQ 6XSUHPDWV\VWHPDWLVFKHQ5HFKWVUHJHOQQXQGGHU,GHHHGHU6WDDWVEUJHUVFKDIWYHUEXQGHQ LVW:HLWHUKLQQHQQWHUGLHVXSUDWHUULWRULDOHH2UJDQLVDWLRQGHUNDWKROLVFKHQ.LUFKHGLH HWKQLVFKHH*UHQ]HQQEHUVFKUHLWHW'LH,QYDVLRQHQJHUPDQLVFKHU6WlPPHHLQGDV :HVWU|PLVFKH5HLFKXQGGGHUUVWDUNH+DQGHO]ZLVFKHQ2ULHQW0LWWHOPHHUXQG1RUGVHH QDFKGHU1LHGHUODJHHGHV,VODPZHUGHQQDOVZHLWHUH)DNWRUHQHUZlKQW'DGHU+DQGHO ]XQLPPWHQWZLFNHOWWVLFKHLQQ1HW]ZHUNYRQXQDEKlQJLJHQ6WlGWHQGXUFKGHQQ:HVWHQ

+XQWLQJWRQ6DPXHO37KHH7KLUG:DYH'HPRFUDWL]DWLRQLQQ/DWHH7ZHQWLHWK &HQWXU\1RUPDQ8QLYHUVLW\\RI2NODKRPD3UHVV

3

=XGHPZXUGHQGLHHIHXGDOHQXQGJXWVKHUUOLFKHQ6WUXNWXUHQJHIHVWLJW,QNXOWXUHOOHU

'LHH6WDDWVXQG1DWLRQHQELOGXQJEHWUHIIHQGJHKW5RNNDQQYRQQGUHL%HGLQJXQJHQDXVGLH GLH(QWZLFNOXQJEHHLQIOXVVHQ(UVWHQVEHVWHKWHLQH$EKlQJLJNHLWYRQGHUU6WlUNHGHV 6WlGWHQHW]HV=ZHLWHQVKDWGLH6WlUNHHGHU.HUQ]RQHQLP)DOOOGHUU6WDDWHQELOGXQJHLQHQQ JHZLVVHQ(LQIOXVVXQGGGULWWHQVILQGHWWVLFKKHLQHH)RUPYRQ:LGHUVWDQGGJHJHQQNXOWXUHOOH 9HUHLQKHLWOLFKXQJ

0RGHOO.RPELQDWRULNYRQQ3UR]HVVHQGHV=XVDPPHQEUXFKV

5RNNDQHQWZLUIWHLQ0RGHOOO]XU3HULSKHUDOLVLHUXQJZHOFKHVGLHH7HLOSUR]HVVHLQGHQ PLOLWlULVFKDGPLQLVWUDWLYHQ|NRQRPLVFKHQQXQGNXOWXUHOOHQQ%HUHLFKKJOLHGHUW'LHVH 7HLOSUR]HVVHVLQGGGXUFK]XQHKPHQGGZLFKWLJHUH)HUQNRPPXQLNDWLRQVXQG .RQWUROOV\VWHPHHQWVWDQGHQ,P)DOO(XURSDVVVLQGGLHVHGUHL3UR]HVVHGHU 3HULSKHUDOLVLHUXQJJSKDVHQYHUVFKREHQGDVKHL‰WHVJLEW8QWHUVFKLHGHLQQGHUU]HLWOLFKHQ $EIROJH6WDDWHQELOGHQVLFKLQXQWHUVFKLHGOLFKHQ.RQILJXUDWLRQHQYRQ6GQDFK1RUGXQG YRQ:HVWHQQDFK2VWHQ'LH*HVFKLFKWHH(XURSDVZLUGYRQYHUVFKLHGHQHQ3UR]HVVHQQGHV =XVDPPHQEUXFKVEHVWLPPW,QGLHVHP)DOOLVWGLHH'HVLQWHJUDWLRQGHVV:HVWU|PLVFKHQQ 5HLFKVGXUFKGUHLXQWHUVFKLHGOLFKH$UWHQQYRQ'HVLQWHJUDWLRQQlKHUEHVFKULHEHQ )HXGDOLVLHUXQJ'XUFKVHW]XQJYRQ9RONVVSUDFKHQXQG%LOGXQJJYRQ=HQWUHQQDQQGHU 3HULSKHULHGHV]XVDPPHQJHEURFKHQHQ5HLFKV6WHLQ5RNNDQQWHLOWWGLHH3HULSKHUDOLVLHUXQJJLQ GUHL7HLOSUR]HVVHPLOLWlULVFKDGPLQLVWUDWLY|NRQRPLVFKXQGGNXOWXUHOO 'DVV0RGHOOEHKDQGHOWHLQHQ3UR]HVVVGHVV=XVDPPHQEUXFKVLQQGLHVHP)DOOGLH 'HVLQWHJUDWLRQGHV:HVWU|PLVFKHQ5HLFKHV'DLP)DOO(XURSDVGLHVHHGUHL3UR]HVVHH SKDVHQYHUVFKREHQVLQGHQWVWHKHQXQWHUVFKLHGOLFKH.RQILJXUDWLRQHQYRQQ6GQDFK1RUG XQG:HVWQDFK2VW'LHH(QWVWHKXQJGHV6WlGWHJUWHOVYRQ6GHQQLQGHQ1RUGHQ(XURSDV PXVVKHUYRUJHKREHQQZHUGHQGDVLHLP0LWWHOSXQNWGHV0RGHOOVVWHKW0LWGLHVHU (QWZLFNOXQJHQGHWGLHHIHXGDOHH)UDJPHQWLHUXQJZlKUHQG)HUQNRPPXQLNDWLRQXQG *UHQ]EHUVFKUHLWXQJEHJLQQHQ$OVYRONVVSUDFKOLFKHH.XOWXUHQXQGWHUULWRULDOHH=HQWUHQDQ %HGHXWXQJJHZDQQHQZLUGGHUU=XVDPPHQEUXFKGHVDOWHQ6\VWHPVEHVFKOHXQLJW,QGHU )ROJHELOGHQVLFKQHXH*UHQ]HQVRRGDVVSROLWLVFKHH6\VWHPHLQQHUKDOE:HVWHXURSDVVNODUHU DEJHJUHQ]WZHUGHQ:HLWHUKLQHQWVWHKHQVWDUNH1DWLRQDOVWDDWHQXQGHLQH)RUPP PHUNDQWLOLVWLVFKHQ.DSLWDOLVPXV(VVHQWVWHKWHLQQZHOWZHLWHV1HW]ZHUNZLUWVFKDIWOLFKHQQ +DQGHOVLQQHUKDOEGHVVHQQWHUULWRULDOHH,GHQWLWlWXQG6WDDWVEUJHUVFKDIW]XQHKPHQG EHWRQWZHUGHQ'LH9|ONHUZDQGHUXQJVZHOOHQZHLVHQDXIGLH'HVLQWHJUDWLRQQ:HVWHXURSDV XQG9HUVXFKHGHU7HUULWRULDOELOGXQJJQDFK1RUGHQ:HVWHQXQGG2VWHQQKLQGLHVWDUNYRQ

5RNNDQ6WHLQ6WDDW1DWLRQQXQG'HPRNUDWLHLQQ(XURSD'LHH7KHRULHH6WHLQ5RNNDQV )UDQNIXUWWDP0DLQ6XKUNDPS6

4