/
,1+$/769(5=(,&+1,6
$ENU]XQJVYHU]HLFKQLV,,
(LQOHLWXQJ
=LHOVHW]XQJGHU$UEHLW
$XIEDXGHU$UEHLW
*UXQGVlW]OLFKHV]X,)56
(QWVWHKXQJXQG(QWZLFNOXQJ
$XIEDXXQG8PIDQJ
%LODQ]LHUXQJQDFK,)56
=LHOHXQG$QIRUGHUXQJHQ
$QVDW]XQG%HZHUWXQJVYRUVFKULIWHQ
%LODQ]LHUXQJDXVJHZlKOWHU$NWLYD
%LODQ]LHUXQJGHV(LJHQNDSLWDOV
%LODQ]LHUXQJDXVJHZlKOWHU3DVVLYD
*HZLQQXQG9HUOXVWUHFKQXQJQDFK,)56
%HGHXWXQJGHU*X9
'DUVWHOOXQJXQG$XIEDXGHU*X9
*HVDPWNRVWHQYHUIDKUHQXQG8PVDW]NRVWHQYHUIDKUHQ
)D]LWXQG$XVEOLFN
/LWHUDWXUYHU]HLFKQLV
// $%.h5=81*69(5=(,&+1,6 ) 3DUDJUDSKGHV)UDPHZRUNV5DKPHQNRQ]HSWV )LUVW,Q)LUVW2XW )LIR JHPl JHP *HVDPWNRVWHQYHUIDKUHQ *HZLQQXQG9HUOXVWUHFKQXQJ *X9 +DQGHOVJHVHW]EXFK LQGHU5HJHO LG5
,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUGV ,$6
,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUGV%RDUG ,$6%
,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUGV&RPPLWWHH ,$6& ,)5,& ,QWHUQDWLRQDO)LQDQFLDO5HSRUWLQJ,QWHUSUHWDWLRQV&RPPLWWHH ,QWHUQDWLRQDO)LQDQFLDO5HSRUWLQJ6WDQGDUGV ,)56 REHQJHQDQQWHQ RJ
6WDQGLQJ,QWHUSUHWDWLRQV&RPPLWWHH 6,& 8PVDW]NRVWHQYHUIDKUHQ 8.9
86*$$3 *HQHUDOO\$FFHSWHG$FFRXQWLQJ3ULQFLSOHVRIWKH8QLWHG6WDWHV
- (LQOHLWXQJ
=LHOVHW]XQJGHU$UEHLW
6HLW0LWWHGHUQHXQ]LJHU-DKUHLVWHLQH7HQGHQ]]XU9HUHLQKHLWOLFKXQJEHUHLWV
)UHLQHVWHLJHQGH$Q]DKOJOREDODJLHUHQGHU8QWHUQHKPHQLVWHV]XQHKPHQG ZLFKWLJHU(LJHQNDSLWDOEHUGLHLQWHUQDWLRQDOHQ.DSLWDOPlUNWH]XEHVFKDIIHQ ZREHL KLHU KlXILJ LQWHUQDWLRQDOH -DKUHVDEVFKOVVH DOV
=XJDQJVYRUDXVVHW]XQJ]XEHVWLPPWHQ%|UVHQVHJPHQWHQ]lKOHQ
'HU]HLW ZHUGHQ LQ 'HXWVFKODQG PHKUHUH 5HFKQXQJVOHJXQJVQRUPHQ SDUDOOHO DQJHZHQGHW QHEHQ GHP NODVVLVFKHQ +DQGHOVUHFKW QDFK +*% VLQG GLHV GLH ,QWHUQDWLRQDO )LQDQFLDO 5HSRUWLQJ 6WDQGDUGV ,)56 XQG DXFK GLH QRUGDPHULNDQLVFKHQ*HQHUDOO\$FFHSWHG$FFRXQWLQJ3ULQFLSOHV86*$$3 'D LQ GHQ OHW]WHQ -DKUHQ HLQH ]XQHKPHQGH %HGHXWXQJ GHU ,)56 5HFKQXQJVOHJXQJ ]X EHREDFKWHQ LVW YHUVXFKW GLH YRUOLHJHQGH $UEHLW GLH *UQGH IU GLHVHQ 7UHQG DXI]X]HLJHQ XQG EHIDVVW VLFK GDKHU QlKHU PLW HLQ]HOQHQ$VSHNWHQGHU%LODQ]LHUXQJXQG*HZLQQXQG9HUOXVWUHFKQXQJQDFK
$XIEDXGHU$UEHLW
1DFK HLQHP NXU]HQ ([NXUV ]X (QWVWHKXQJ XQG (QWZLFNOXQJ GHU ,)56 ZLUG QlKHUHLQJHJDQJHQDXIGHUHQJUXQGVlW]OLFKHQ$XIEDXXQG8PIDQJ'DQDFK ZHUGHQ GLH =LHOH XQG $QIRUGHUXQJHQ E]JO GHU %LODQ]LHUXQJ GDUJHVWHOOW XQG HLQ]HOQH$QVDW]XQG%HZHUWXQJVYRUVFKULIWHQQDFK,)56QlKHUHUOlXWHUW'HU HLJHQWOLFKH 6FKZHUSXQNW GHU YRUOLHJHQGHQ $UEHLW EHIDVVW VLFK DQVFKOLHHQG PLW (UOlXWHUXQJHQHLQ]HOQHU %LODQ]SRVLWLRQHQ DXI $NWLY XQG 3DVVLYVHLWHXQG LQHLQHPZHLWHUHQ6FKULWWHUIROJWHLQHGHWDLOOLHUWH'DUVWHOOXQJGHU*HZLQQXQG 9HUOXVWUHFKQXQJ +LHUEHL ZLUG IRUWZlKUHQG YHUVXFKW *HPHLQVDPNHLWHQ ]ZLVFKHQ +*% XQG ,)56 NXU] ]X QHQQHQ XP GDUDXIKLQ GLH 8QWHUVFKLHGH
YJO8KGH6
YJO.LUVFK6
-
]ZLVFKHQEHLGHQ1RUPHQQlKHU]XHUOlXWHUQ$EVFKOLHHQGHUIROJWQDFKHLQHU NXU]HQ =XVDPPHQIDVVXQJ QRFK HLQ $XVEOLFN DXI ]XNQIWLJH (QWZLFNOXQJHQ LP%HUHLFKGHUQDWLRQDOHQXQGLQWHUQDWLRQDOHQ5HFKQXQJVOHJXQJ *UXQGVlW]OLFKHV]X,)56 (QWVWHKXQJXQG(QWZLFNOXQJ
'DV ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV &RPPLWWHH ,$6& EHVWHKHQG DXV %HUXIVYHUElQGHQ GHU $FFRXQWDQF\ 3URIHVVLRQ DXV QHXQ /lQGHUQ XD 'HXWVFKODQG ZXUGH LP -XQL LQ /RQGRQ JHJUQGHW XQG LP =XJH HLQHU 8PVWUXNWXULHUXQJXQG(WDEOLHUXQJDOVJOREDOHU6WDQGDUGVHWWHULP0lU] GXUFK *UQGXQJ GHV ,QWHUQDWLRQDO $FFRXQWLQJ 6WDQGDUGV %RDUG ,$6% DOV XQDEKlQJLJH 'DFKRUJDQLVDWLRQ LQ 'HODZDUH 86$ DEJHO|VW 'LH 6FKZHU SXQNWDUEHLW OLHJW LQ GHU (QWZLFNOXQJ XQG (LQIKUXQJ HLQ]HOQHU 5HFKQXQJV OHJXQJVVWDQGDUGV
0LW GHU 9HUDEVFKLHGXQJ GHU ,$6,)569HURUGQXQJ GXUFK GDV (83DUODPHQW LP -XOL (89HURUGQXQJ 1U GLH ]XU EHGHXWHQGVWHQ $XIZHUWXQJ GHU ,)565HFKQXQJVOHJXQJ IKUWH VLQG NDSLWDOPDUNWRULHQWLHUWH GHXWVFKH .RQ]HUQXQWHUQHKPHQ VHLW $QIDQJ JUXQGVlW]OLFK ]XP
+*% $OOH DQGHUHQ 8QWHUQHKPHQ KDEHQ GLH 2SWLRQ ]ZHFNV 7UDQVSDUHQ] ]XVlW]OLFK ]XP KDQGHOVUHFKWOLFKHQ +*%$EVFKOXVV HLQHQ ,)56 (LQ]HODEVFKOXVV DXI]XVWHOOHQ $OOHUGLQJV PXVV LQ EHLGHQ )lOOHQ ZHLWHUKLQ HLQH6WHXHUELODQ]QDFKGHXWVFKHP5HFKWDXIJHVWHOOWZHUGHQ
$XIEDXXQG8PIDQJ
%HL GHQ ,)56 KDQGHOW HV VLFK XP VHKU XPIDQJUHLFKH HLQ]HOIDOOEH]RJHQH 5HJHOQ GLH XQWHUHLQDQGHU NHLQHU V\VWHPDWLVFKHQ 2UGQXQJ IROJHQ XQG
YJO'LWJHV$UHQGW6 VLHKHDXFKKWWSHXUOH[HXURSDHXGH YJO+DXHU6FKQHLGHU6
-
]ZLVFKHQGHQHQDXFKRIWPDOV:LHGHUKROXQJHQDXIWUHWHQ'DV5HJHOZHUNGHU ,)56 LVW QHEHQ GHP 9RUZRUW LQ GUHL 6WXIHQ JHJOLHGHUW )UDPHZRUN 6WDQGDUGV ,$6,)56 VRZLH ,QWHUSUHWDWLRQHQ 6,&,)5,& 'DV )UDPHZRUN ZXUGHLP-XOLYHU|IIHQWOLFKWXQGELOGHWGLHWKHRUHWLVFKH%DVLVGHU,)56 (VHQWKlOWQHEHQDOOJHPHLQHQ$XVVDJHQEHU=LHOVHW]XQJ*UXQGDQQDKPHQ XQG $QIRUGHUXQJHQ GHV ,)56$EVFKOXVVHV DXFK 'HILQLWLRQHQ ]X HLQ]HOQHQ $EVFKOXVVEHVWDQGWHLOHQ ZLH ]% 9HUP|JHQVJHJHQVWDQG XQG 6FKXOG )D XQGE
'LH HLJHQWOLFKHQ %LODQ]LHUXQJV %HZHUWXQJVYRUVFKULIWHQ VLQG LQ GHQ 6WDQGDUGV HQWKDOWHQ 8UVSUQJOLFK JDE HV QXU ,$66WDQGDUGV VHLW ZHUGHQ QHXH 6WDQGDUGV DXVVFKOLHOLFK DOV ,)56 EH]HLFKQHW ZREHL GHU]HLW EHLGH 6\VWHPH LQWHJULHUW H[LVWLHUHQ XQG GLH ,$6 VXN]HVVLYH GXUFK ,)56 HUVHW]W ZHUGHQ 6FKOLHOLFK HUIROJW LQ GHQ ,QWHUSUHWDWLRQHQ 6,&,)5,& HLQH ZHLWHUH .RQNUHWLVLHUXQJ XQG HLQKHLWOLFKH $XVOHJXQJ GHU LQ GHQ 6WDQGDUGV IHVWJHOHJWHQ 5HJHOXQJHQ GLHVH ,QWHUSUHWDWLRQHQ JHOWHQ JHQHUHOO YRU 6WDQGDUGVXQG)UDPHZRUN
,P5HJHOIDOOUHLFKHQGLHGHXWVFKHQhEHUVHW]XQJHQGHU,)56DXVOHGLJOLFKLQ =ZHLIHOVIlOOHQ VROOWH DXI GLH MHZHLOLJH HQJOLVFKH 2ULJLQDOYHUVLRQ ]XUFN JHJULIIHQZHUGHQ=XGHQ$EVFKOXVVEHVWDQGWHLOHQQDFK,)56JHK|UHQ%LODQ] *HZLQQ XQG 9HUOXVWUHFKQXQJ *X9 .DSLWDOIOXVVUHFKQXQJ
(LJHQNDSLWDOYHUlQGHUXQJVUHFKQXQJ $QKDQJ 6HJPHQWEHULFKW (UJHEQLV MH $NWLH XQG /DJHEHULFKW 'LH IROJHQGHQ .DSLWHO EHIDVVHQ VLFK QlKHU PLW GHQ 3RVLWLRQHQGHU%LODQ]VRZLHGHU*X9QDFK,)56
YJO%XFKKRO]6 YJO.WLQJ:HEHU6 YJO.LUVFK6 YJO%XFKKRO]6
%LODQ]LHUXQJQDFK,)56
=LHOHXQG$QIRUGHUXQJHQ
'LH5HFKQXQJVOHJXQJHQQDFK+*%XQG,)56XQWHUVFKHLGHQVLFKKLQVLFKWOLFK LKUHU GRPLQLHUHQGHQ 3ULQ]LSLHQ XQG =LHOJUXSSHQ JUXQGOHJHQG YRQHLQDQGHU 6RVLQGGLHSULPlUHQ=LHOHGHU%LODQ]LHUXQJQDFK,)56GLH%HIULHGLJXQJGHU ,QIRUPDWLRQVEHGUIQLVVHGHUEHUHLWVYRUKDQGHQHQXQGSRWHQWLHOOHQ,QYHVWRUHQ VRZLH GLH 9HUPLWWOXQJ HQWVFKHLGXQJVQW]OLFKHU ,QIRUPDWLRQHQ ,P *HJHQVDW] ]XP KDQGHOVUHFKWOLFKHQ *OlXELJHUVFKXW] RULHQWLHUHQ VLFK GLH ,)56YRUUDQJLJDQGHQ,QWHUHVVHQGHU,QYHVWRUHQXQGVWHOOHQGHQ6FKXW]GHU 6WDNHKROGHU LQVEHVRQGHUH GHU 6KDUHKROGHU LQ LKUHQ 0LWWHOSXQNW 'HU *UXQG IU GLHVH )RNXVVLHUXQJ LVW GHU EUHLWH $GUHVVDWHQNUHLV GHU 5HFKQXQJVOHJXQJ JHPl 3DUDJUDSK GHV )UDPHZRUNV 'D ,QYHVWRUHQ GHP 8QWHUQHKPHQ LKU 5LVLNRNDSLWDO ]XU 9HUIJXQJ VWHOOHQ ZLUG DQJHQRPPHQ GDVV LKUH ,QIRUPDWLRQVEHGUIQLVVH DXFK GHQHQ GHU DQGHUHQ $GUHVVDWHQ HQWVSUHFKHQ ) ,P *HJHQVDW] ]X GHQ NRGLIL]LHUWHQ *UXQGVlW]HQ RUGQXQJVJHPlHU %XFKIKUXQJ GHV +*% HQWVWDPPHQ GLH =LHOH XQG *UXQGVlW]H GHV ,)56 $EVFKOXVVHV NHLQHU YHUJOHLFKEDUHQ 5HFKWVTXHOOH XQG VLQG LP )UDPHZRUN JHUHJHOW
'LH$QIRUGHUXQJHQDQGHQ,)56-DKUHVDEVFKOXVVVLQGLP*HJHQVDW]]XGHQ *UXQGSULQ]LSLHQ GHV +*% :HVHQWOLFKNHLW 6WHWLJNHLW 8QWHUQHKPHQV IRUWIKUXQJ XQG 3HULRGHQDEJUHQ]XQJ YLHO XPIDVVHQGHU XQG ZHVHQWOLFK GHWDLOOLHUWHU 'LHVH XPIDVVHQ QHEHQ %DVLVDQQDKPHQ DXFK TXDOLWDWLYH
=X GHQ ,)56%DVLVDQQDKPHQ ]lKOHQ GLH 8QWHUQHKPHQVIRUWIKUXQJ ) ,$6 XQG GLH SHULRGHQJHUHFKWH *HZLQQHUPLWWOXQJ ) ,$6 'LH HUJHEQLVZLUNVDPH (UIDVVXQJ YRQ *HVFKlIWVYRUIlOOHQ XQG GHUHQ 3HULRGHQ]XRUGQXQJ VWHOOW GHQ GRPLQLHUHQGHQ 5HFKQXQJVOHJXQJVJUXQGVDW] GHU ,)56 GDU XQG HUIROJW KLHU EHU HLQ G\QDPLVFK JHSUlJWHV YJO)HGHUPDQQ6 YJO:LQNHOMRKDQQ6
$EJUHQ]XQJVNRQWR,P*HJHQVDW]GD]XLVWGDVGRPLQLHUHQGH3ULQ]LSLP+*% GDV 9RUVLFKWVSULQ]LS UHVXOWLHUHQG DXV GHP *UXQGVDW] GHV *OlXELJHUVFKXW]HV 'DV 9RUVLFKWVSULQ]LS LVW QDFK ,)56 GDJHJHQ QXU VFKZDFK DXVJHSUlJW XQG ELOGHW HLQHQ 8QWHUSXQNW GHU TXDOLWDWLYHQ $QIRUGHUXQJ GHU 9HUOlVVOLFKNHLW 'LH TXDOLWDWLYHQ $QIRUGHUXQJHQ DQ GHQ ,)56-DKUHVDEVFKOXVVXPIDVVHQGLH*UXQGVlW]HGHU − 9HUVWlQGOLFKNHLW)
− 5HOHYDQ]) TXDQWLWDWLYH:HVHQWOLFKNHLWVJUHQ]HLQ,)56QLFKW IHVWJHOHJW
− 9HUOlVVOLFKNHLW ) JODXEZUGLJH 'DUVWHOOXQJ ZLUWVFKDIWOLFKH %HWUDFKWXQJVZHLVH1HXWUDOLWlW9RUVLFKW9ROOVWlQGLJNHLWXQG
6FKOLHOLFK JLOW HV QRFK GLH 1HEHQEHGLQJXQJHQ GHU =HLWQlKH ) GHU $EZlJXQJ YRQ .RVWHQ XQG 1XW]HQ ) VRZLH GLH $EZlJXQJ GHU TXDOLWDWLYHQ$QIRUGHUXQJHQ)]XEHDFKWHQ
:HQQ DOOH RJ $QQDKPHQ $QIRUGHUXQJHQ XQG %HGLQJXQJHQ HUIOOW VLQG VR VSUHFKHQ GLH ,)56 YRQ HLQHU Ä7UXH )DLU 9LHZ³ E]Z Ä)DLU 3UHVHQWDWLRQ³ ) GHV 8QWHUQHKPHQV 'LHV EHGHXWHW GDVV GHU -DKUHVDEVFKOXVV LP *HJHQVDW] ]XP KDQGHOVUHFKWOLFK GXUFK 9RUVLFKWVPDQDKPHQ XQG 5LVLNRYRUEHXJXQJ YHUIlOVFKWHQ %LOG ,QIRUPDWLRQHQ E]JO GHU WDWVlFKOLFKHQ 9HUP|JHQV )LQDQ] XQG (UWUDJVODJH YHUPLWWHOW XQG 3URJQRVHQ IU ]XNQIWLJH(QWZLFNOXQJHQXQG9HUlQGHUXQJHQHUP|JOLFKW)
$QVDW]XQG%HZHUWXQJVYRUVFKULIWHQ
,P *HJHQVDW] ]XP +*% OHJHQ GLH ,)56 NHLQH GHWDLOOLHUWH %LODQ]JOLHGHUXQJ IHVW ,Q ,$6 LVW IHVWJHKDOWHQ ZHOFKH %LODQ]SRVWHQ PLQGHVWHQV DXVJHZLHVHQ ZHUGHQPVVHQ )HUQHUILQGHW QDFK ,)56 NHLQH7UHQQXQJ GHU $NWLYVHLWH LQ $QODJH XQG 8PODXIYHUP|JHQ VWDWW VRQGHUQ YLHOPHKU HLQH *OLHGHUXQJLQODQJXQGNXU]IULVWLJH9HUP|JHQVZHUWHVLHKH$EE*HPl GHQ ,$6 VLQG GLH %LODQ]SRVWHQ HQWZHGHU QDFK LKUHU /LTXLGLWlW RGHU LKUHU YJO:LQNHOMRKDQQ6 YJO/GHQEDFK+RIIPDQQ6
)lOOLJNHLWDXI]XVWHOOHQ/DXW,$6HUIROJWHLQH$XIVWHOOXQJQDFK)ULVWLJNHLW
'LH,$6HUJHEHQLQ9HUELQGXQJPLW,$6XQG,$6HLQKlXILJLQ GHU3UD[LVDQ]XWUHIIHQGHV%LODQ]JOLHGHUXQJVVFKHPDQDFK)ULVWLJNHLW
9RUDXVVHW]XQJHQIUGHQ$QVDW]LQGHU,)56%LODQ]VLQGGLHDEVWUDNWHVRZLH GLHNRQNUHWH%LODQ]LHUEDUNHLW'LHDEVWUDNWH%LODQ]LHUEDUNHLWLVWJUXQGVlW]OLFK
(LJHQNDSLWDO RGHU 6FKXOG JHP ) XQG GHVZHLWHUHQ DXFK GLH (UIDVVXQJVNULWHULHQ QDFK ) HUIOOW 'LHVH 'HILQLWLRQV XQG $QVDW]NULWHULHQ VLQGXDGHUHUZDUWHWH=XIOXVVZLUWVFKDIWOLFKHQ1XW]HQVXQGGLHYHUOlVVOLFKH %HZHUWEDUNHLW'LHGDQDFK]XSUIHQGHNRQNUHWH%LODQ]LHUEDUNHLWZLUGLQGHQ HLQ]HOQHQ6WDQGDUGVJHUHJHOWXQGXPIDVVW]%IUGLHELODQ]LHOOH%HKDQGOXQJ GHVLPPDWHULHOOHQ$QODJHYHUP|JHQVGDV.ULWHULXPGHU,GHQWLIL]LHUEDUNHLW,$6 I
$OOHUGLQJV JLEW HV LQ GHQ HLQ]HOQHQ 6WDQGDUGV $EZHLFKXQJHQ YRQ GLHVHQ DOOJHPHLQHQ 9RUVFKULIWHQ GLH GHP )UDPHZRUN ZLGHUVSUHFKHQ XQG YRU]X]LHKHQ VLQG ,P *HJHQVDW] ]X GHQ ,)56 ZLUG LP +*% QLFKW H[SOL]LW HUNOlUW ZDV XQWHU 9HUP|JHQVZHUWHQ XQG 6FKXOGHQ JHQDX ]X YHUVWHKHQ LVW 9LHOPHKU ZXUGHQ GHU $NWLYLHUXQJV XQG 3DVVLYLHUXQJVJUXQGVDW] IHVWJHOHJW XP DXFK IU GDV +*% GHQ %HJULII GHU 9HUP|JHQVZHUWH XQG GHU 6FKXOGHQ
$OOJHPHLQ EHWUDFKWHW HQWKDOWHQ GLH ,)56 GHPQDFK NDXP H[SOL]LWH :DKOUHFKWHZDVHLQHQZHLWHUHQ8QWHUVFKLHG]XP+DQGHOVUHFKWGDUVWHOOW'HU 9HU]LFKW DXI HLQH 9LHO]DKO YRQ %LODQ]LHUXQJVZDKOUHFKWHQ IKUW ]X PHKU 7UDQVSDUHQ]XQGIROJOLFK]XHLQHPK|KHUHQ,QIRUPDWLRQVJUDGIU,QYHVWRUHQ VRGDVVGDVREHUVWH=LHOGHU,)56UHDOLVLHUWZLUG
YJO5XKQNH6
YJO0OOHU6 YJO%XFKKRO]6
-
'LH 8QWHUVFKLHGH GHU VLJQLILNDQWHQ *UXQGSULQ]LSLHQ QDFK +DQGHOVUHFKW XQG ,)56IKUHQDXFKEHLGHU%HZHUWXQJ]X'LIIHUHQ]HQ)UKHUJDOWHQQDFKGHQ ,)56 YRUUDQJLJ GLH KLVWRULVFKHQ $QVFKDIIXQJV XQG +HUVWHOOXQJVNRVWHQ DOV %HZHUWXQJVPDVWDE KHXWH ]HLFKQHW VLFK MHGRFK HLQ 7UHQG KLQ ]X HLQHU PDUNWZHUWRULHQWLHUWHQ %LODQ]LHUXQJ DE 'D GLHVH (QWZLFNOXQJ QRFK QLFKW DEJHVFKORVVHQ LVW XQG GLH MHZHLOLJHQ %LODQ]SRVLWLRQHQ HQWZHGHU PDUNWZHUWRULHQWLHUW RGHU ]X GHQ KLVWRULVFKHQ $QVFKDIIXQJV XQG +HUVWHOOXQJVNRVWHQ ELODQ]LHUW ZHUGHQ H[LVWLHUW NHLQ HLQKHLWOLFKHU %HZHUWXQJVPDVWDE )ROJOLFK VLQG JHP ) YLHU DOOJHPHLQH %HZHUWXQJVJUXQGVlW]H LQ GHQ ,)56 IHVWJHOHJW KLVWRULVFKH $QVFKDIIXQJV RGHU +HUVWHOOXQJVNRVWHQ 7DJHVZHUW 9HUlXHUXQJVZHUW E]Z
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
.RQNUHWLVLHUW ZHUGHQ GLHVH DOOJHPHLQHQ %HZHUWXQJVUHJHOQ LQ GHQ MHZHLOLJHQ 6WDQGDUGV IU VSH]LHOOH %HZHUWXQJVSUREOHPH 'DV IKUW DEHU DXFK GD]X GDVV ZHLWHUH :HUWPDVWlEH LQ GLHVHQ 6WDQGDUGV GHILQLHUW ZHUGHQ +LHU]X JHK|UHQ XD GHU EHL]XOHJHQGH :HUW ,$6 IRUWJHIKUWH KLVWRULVFKH $QVFKDIIXQJV RGHU +HUVWHOOXQJVNRVWHQ ,$6 XQG GHU IRUWJHIKUWH EHL]XOHJHQGH=HLWZHUW,$6
$XIJUXQG GHU 7DWVDFKH GDVV GLH LQ GHQ 6WDQGDUGV HQWKDOWHQHQ :HUWPDVWlEH NHLQHU GHU REHQ JHQDQQWHQ YLHU .DWHJRULHQ ]XJHRUGQHW ZHUGHQ N|QQHQ VWHOOW GDV )UDPHZRUN NHLQH DEVFKOLHHQGH =XVDPPHQ
YJO%DOOZLHVHU6 YJO$PPDQQ0OOHU6 YJO+DXHU6FKQHLGHU6
VWHOOXQJ GDU 'DV +*% GDJHJHQ JLEW HLQH HLQGHXWLJHUH $EJUHQ]XQJ YRU 'HPQDFK VLQG DOOH 9HUP|JHQVJHJHQVWlQGH K|FKVWHQV PLW LKUHQ $QVFKDIIXQJV E]Z +HUVWHOOXQJVNRVWHQ DOV :HUWREHUJUHQ]H DQ]XVHW]HQ ZHVKDOEGHUQDFK,)56]XOlVVLJH:HUWKlXILJGHQGHV+*%EHUVWHLJW
%LODQ]LHUXQJDXVJHZlKOWHU$NWLYD
%HL GHQ VHOEVWHUVWHOOWHQ LPPDWHULHOOHQ 9HUP|JHQVZHUWHQ ZLUG GHU (UVWHOOXQJVSUR]HVV LQ HLQH )RUVFKXQJV XQG HLQH (QWZLFNOXQJVSKDVH JHWUHQQW6RGUIHQGLH)RUVFKXQJVNRVWHQQLFKWDNWLYLHUWZHUGHQZRKLQJHJHQ GLH (QWZLFNOXQJVNRVWHQ DNWLYLHUW ZHUGHQ PVVHQ 'LHV VWHKW LP *HJHQVDW] ]XP+*%ZRGHU$QVDW]GHUVHOEVWHUVWHOOWHQ9HUP|JHQVZHUWHYHUERWHQLVW (VOLHJWQDFKGHQ,)56HLQ$NWLYLHUXQJVJHERWIUGHQGHULYDWLYHQ)LUPHQZHUW YRU GHUQXUEHLHLQHU:HUWPLQGHUXQJDE]XVFKUHLEHQLVW/DXW+*%GDUIGHU *RRGZLOO DNWLYLHUW ZHUGHQ PXVV GDQQ DEHU SODQPlLJ DEJHVFKULHEHQ ZHUGHQ
YJO0OOHU6 YJO5XKQNH6
-
6RZRKO QDFK +*% DOV DXFK QDFK ,)56 ZHUGHQ GLH $QVFKDIIXQJV XQG +HUVWHOOXQJVNRVWHQ GHV 6DFKDQODJHYHUP|JHQV GXUFK GLH $EVFKUHLEXQJ LQ GHU)ROJHEHZHUWHW1DFK,)56NDQQDEHUDOWHUQDWLYDXFKGLH1HXEHZHUWXQJ JHZlKOW ZHUGHQ ZDV KDQGHOVUHFKWOLFK YHUERWHQ LVW 2EZRKO LQ GHQ HLQ]HOQHQ 6WDQGDUGV GLH OLQHDUH GHJUHVVLYH XQG OHLVWXQJVDEKlQJLJH $EVFKUHLEXQJ JHQDQQW ZHUGHQ LVW NHLQH EHVWLPPWH $EVFKUHLEXQJVPHWKRGH YRUJHVFKULHEHQ 6LH HUIROJW QDFK GHU ZLUWVFKDIWOLFKHQ 1XW]XQJVGDXHU LVW OLQHDU XQG OlQJHU DOV QDFK +*% +DQGHOVUHFKWOLFK GDJHJHQ ZHUGHQ GLH $EVFKUHLEXQJVPHWKRGHQ GHU 9HUP|JHQVZHUWH PDJHEOLFK GXUFK GDV 6WHXHUJHVHW] EHVWLPPW (QWVSULFKW GHU 1XW]XQJVZHUW HLQHV %LODQ]SRVWHQV QLFKW PHKU GHP %XFKZHUW ZLUG JHP ,$6 HLQH :HUWPLQGHUXQJ YRUJHVFKULHEHQ XQDEKlQJLJ RE GLH :HUWPLQGHUXQJ YRQ 'DXHU RGHU QXU YRUEHUJHKHQGLVW%HVWHKWGLH:HUWPLQGHUXQJLQGHUQDFKIROJHQGHQ3HULRGH QLFKW PHKU PXVV GLHVHU :HUW ZLHGHU DXIJHKROW ZHUGHQ 6RZRKO GDV :HUWPLQGHUXQJVJHERW DOV DXFK GDV :HUWDXIKROXQJVJHERW VWHOOHQ HLQHQ *HJHQVDW] ]X GHU KDQGHOVUHFKWOLFKHQ %HVWLPPXQJ GDU $XHUGHP VLQG GLH ]XP 9HUNDXI EHVWLPPWHQ 9HUP|JHQVZHUWH GHV 6DFKDQODJHYHUP|JHQV VHSDUDWDXV]XZHLVHQXQGXQWHUOLHJHQVSH]LHOOHQ%HZHUWXQJVYRUVFKULIWHQ
%H]JOLFKGHU9RUUlWHJHEHQGLH,)56NHLQ:DKOUHFKWEHUGLH(LQEH]LHKXQJ GHU *HPHLQNRVWHQ LQ GLH +HUVWHOOXQJVNRVWHQ YRU ZDV LP *HJHQVDW] ]X GHU KDQGHOVUHFKWOLFKHQ %HVWLPPXQJ VWHKW (LQ ZHLWHUHU 8QWHUVFKLHG LVW GDV 1LHGHUVWZHUWSULQ]LS GDV QDFK ,)56 QXU DEVDW]PDUNWRULHQWLHUW QDFK GHP +*% ]XVlW]OLFK QRFK EHVFKDIIXQJVPDUNWRULHQWLHUW LVW $XHUGHP HQWKDOWHQ GLH ,)56 OHGLJOLFK GLH )LIR0HWKRGH DOV %HZHUWXQJVYHUHLQIDFKXQJV PHWKRGH *HPl GHP 5HDOLVDWLRQVSULQ]LS ZHUGHQ *HZLQQH HUVW DXVJHZLHVHQZHQQVLHUHDOLVLHUWZRUGHQVLQG,QGHQ,)56ODVVHQVLFKDXFK 9RUVFKULIWHQ ILQGHQ GLH HLQ $NWLYLHUXQJVJHERW IU QRFK QLFKW UHDOLVLHUWH *HZLQQHYRUVFKUHLEHQ]%LP%HUHLFKGHUODQJIULVWLJHQ$XIWUDJVIHUWLJXQJ
YJO/GHQEDFK+RIIPDQQ6 YJO0OOHU6 YJO%DHWJH.LUVFK7KLHOH6 YJO5XKQNH6
-
%LODQ]LHUXQJGHV(LJHQNDSLWDOV
$XIJUXQG HLQHU 9LHO]DKO YRQ (LJHQKHLWHQ GHV MHZHLOLJHQ QDWLRQDOHQ *HVHOOVFKDIWVUHFKWV 5HFKWVIRUP .DSLWDODXVVWDWWXQJ *HZLQQYHUWHLOXQJ XQG GDUDXV UHVXOWLHUHQGHQ 8QWHUVFKLHGHQ HQWKlOW ,$6 OHGLJOLFK 0LQGHVWYRU VFKULIWHQ ]XU *OLHGHUXQJ GHV (LJHQNDSLWDOV LP ,)56$EVFKOXVV ,QIROJH GHVVHQ LVW GLH %HGHXWXQJ GHU ELODQ]LHOOHQ *OLHGHUXQJ GHV (LJHQNDSLWDOV YHUJOHLFKVZHLVH JHULQJ MHGRFK ZLUG GLHVHU 0DQJHO GXUFK GLH (LJHQNDSLWDO 9HUlQGHUXQJVUHFKQXQJ PLW YLHOHQ 'HWDLOSRVLWLRQHQ DOV 3IOLFKWEHVWDQGWHLO GHV ,)56-DKUHVDEVFKOXVVHVZLHGHUDXVJHJOLFKHQ
*HPl )F ELOGHW GDV (LJHQNDSLWDO JHQDX ZLH LP +DQGHOVUHFKW GLH 5HVLGXDOJU|H DXV GHP 6DOGR YRQ 9HUP|JHQ 6FKXOGHQ $OOHUGLQJV PDFKHQ GLH ,$6 GLH 8QWHUVFKHLGXQJ LQ )UHPG XQG (LJHQNDSLWDO DOOHLQ DXIJUXQGYRQ5FN]DKOXQJVSIOLFKWHQDEKlQJLJXQGQLFKWZLHLP+*%YRQGHU 'DXHU GHU .DSLWDOEHUODVVXQJ YRP 5DQJ XQG YRQ GHU +DIWXQJ 6RPLW ZHUGHQ$QWHLOHDQ3HUVRQHQJHVHOOVFKDIWHQRGHU*HQRVVHQVFKDIWHQLG5DOV )UHPGNDSLWDO DXVJHZLHVHQ ZRGXUFK GLHVH *HVHOOVFKDIWHQ EHL $QZHQGXQJ YRQ ,)56%LODQ]LHUXQJVUHJHOQ QXU HLQ JHULQJHV (LJHQNDSLWDO DXVZHLVHQ 0H]]DQLQH )LQDQ]LHUXQJVLQVWUXPHQWH ]% VWLOOH %HWHLOLJXQJHQ
*HQXVVUHFKWHZHUGHQQDFK,)56HEHQIDOOVDOV)UHPGNDSLWDODXVJHZLHVHQ ZRKLQJHJHQ GDV +*% MH QDFK $XVJHVWDOWXQJ DXFK GHQ $XVZHLV DOV ELODQ]LHOOHV (LJHQNDSLWDO ]XOlVVW *HZLQQ XQG 9HUOXVWDQWHLOH VWLOOHU *HVHOOVFKDIWHU VLQG QDFK ,)56 JHQHUHOO HUWUDJVZLUNVDP DXV]XZHLVHQ 'HU :HFKVHO ]XU ,)56%LODQ]LHUXQJ NDQQ GXUFK GLH 5HGXNWLRQ VWLOOHU 5HVHUYHQ HLQHVWDUNH(UK|KXQJGHV(LJHQNDSLWDOVLP8PVWHOOXQJVMDKU]XU)ROJHKDEHQ 2EZRKO GLHVHU (IIHNW ]ZDU NXU]IULVWLJ ]X HLQHU 9HUEHVVHUXQJ JHZLVVHU %LODQ]NHQQ]DKOHQ XQG HYWO DXFK GHV 8QWHUQHKPHQVUDWLQJV IKUW EHVWHKW JOHLFK]HLWLJ GLH *HIDKU GHU VWlUNHUHQ %HODVWXQJ GHV 8QWHUQHKPHQVJHZLQQV GXUFKGLHK|KHUHQ$EVFKUHLEXQJHQGHUQXQJHVWHLJHUWHQ9HUP|JHQVZHUWH
YJO%XFKKRO]6 YJO%DOOZLHVHU6 YJO.LUVFK6 YJO+DXHU6FKQHLGHU6
%LODQ]LHUXQJDXVJHZlKOWHU3DVVLYD
,QQHUKDOE GHU 6FKXOGHQ LVW ]ZLVFKHQ NXU] XQG ODQJIULVWLJHQ 3RVWHQ ]X XQWHUJOLHGHUQ VLHKH $EE ZREHL ]ZLQJHQG JHIRUGHUW ZLUG DOOH 6FKXOGHQ PLWHLQHU/DXI]HLWYRQPHKUDOV0RQDWHQJHWUHQQWDXV]XZHLVHQ,$6 6RZHLW HLQH 6DOGLHUXQJ QLFKW GXUFK HLQHQ 6WDQGDUG HUODXEW RGHU JHIRUGHUW ZLUG ]% ,$6 RGHU ,$6 EHVWHKW IU 9HUP|JHQVZHUWH XQG 6FKXOGHQHLQJHQHUHOOHV6DOGLHUXQJVYHUERW,$6
,QGHU,)56%LODQ]VLQG9HUELQGOLFKNHLWHQLG5ILQDQ]LHOOH9HUELQGOLFKNHLWHQ JHJHQZlUWLJH 9HUSIOLFKWXQJHQ GLH LQ GHU 9HUJDQJHQKHLW EHJUQGHW ZXUGHQ XQG EHL GHUHQ (UIOOXQJ PLW HLQHP ZDKUVFKHLQOLFKHQ XQG YHUOlVVOLFKHQ $EIOXVV YRQ 5HVVRXUFHQ ]X UHFKQHQ LVW *HPl ,$6 LVW LKU %LODQ]DQVDW] QXU GDQQ ]XOlVVLJ ZHQQ GDV 8QWHUQHKPHQ VHOEVW 9HUWUDJVSDUWHLGHU5HJHOXQJHQGHV)LQDQ]LQVWUXPHQWVLVW'LH=XJDQJVXQG (UVWEHZHUWXQJ JHP ,$6 HUIROJW ]X GHQ $QVFKDIIXQJVNRVWHQ HQWVSUHFKHQG GHP =HLWZHUW IDLU YDOXH VRZLH HLQHU HUIROJVZLUNVDPHQ (UIDVVXQJ GHU GDUDXV UHVXOWLHUHQGHQ :HUWlQGHUXQJHQ 'LH )ROJHEHZHUWXQJ
YJO:LQNHOMRKDQQ6
JHP,$6HUIROJWGDQQLG5PLWGHQIRUWJHIKUWHQ$QVFKDIIXQJVNRVWHQ SHU(IIHNWLY]LQVPHWKRGH
5FNVWHOOXQJHQ VWHOOHQ JHP ,$6 HLQH 6FKXOG GDU GLH KLQVLFKWOLFK )lOOLJNHLW RGHU +|KH XQJHZLVV LVW DOOHUGLQJV HLQH VLFKHUH 9HUSIOLFKWXQJ
(YHQWXDOVFKXOGHQ GLH HLQH P|JOLFKH 9HUSIOLFKWXQJ JHJHQEHU 'ULWWHQ GDUVWHOOHQDXFKDXVYHUJDQJHQHQ(UHLJQLVVHQGHUHQ6WDWXVDOV6FKXOGHUVW QRFK EHVWlWLJW ZHUGHQ PXVV ,P *HJHQVDW] ]XU 5FNVWHOOXQJ KHUUVFKW KLHU ZHLWDXVPHKU8QVLFKHUKHLWE]JOLKUHV(LQWULWWV:DKUVFKHLQOLFKNHLW 3DVVLYLHUXQJVSIOLFKWLJ VLQG ZLHGHUXP DEJHJUHQ]WH 6FKXOGHQ GLH JHPl ,$6 9HUSIOLFKWXQJHQ JHJHQEHU 'ULWWHQ ,$6 GDUVWHOOHQ GHUHQ +|KH XQG )lOOLJNHLW VR JXW ZLH VLFKHU VLQG 'LH :DKUVFKHLQOLFKNHLW HLQHV 0LWWHODEIOXVVHV OLHJW KLHU EHL EHU XQG GHU (UIOOXQJVEHWUDJ GHU 6FKXOG OlVVWVLFK]XYHUOlVVLJVFKlW]HQ
%HUXKHQGDXIGHPELODQ]RULHQWLHUWHQOLDELOLW\.RQ]HSWGHU,)56JHP,$6 HUJLEW VLFK GHU .RUUHNWXUSRVWHQ Ä/DWHQWH 6WHXHUQ³ DOV 'LIIHUHQ] ]ZLVFKHQ VWHXHUOLFKHP XQG KDQGHOVUHFKWOLFKHP ILNWLYHP 6WHXHUDXIZDQG *UQGH KLHUIU VLQG LG5 WLPLQJ GLIIHUHQFHV ]% XQWHUVFKLHGOLFKH $EVFKUHLEXQJV GDXHUQ RGHU WHPSRUDU\ GLIIHUHQFHV ]% DXHUSODQPlLJH $EVFKUHLEXQJ *HQHUHOO ZLUG XQWHUVFKLHGHQ LQ QLFKW ODWHQWH 6WHXHUQ SHUPDQHQWH 'LIIHUHQ]HQ ]% VWHXHUOLFK QLFKW DE]XJVIlKLJH %HWULHEVDXVJDEHQ DNWLYH XQG SDVVLYH ODWHQWH 6WHXHUQ 6LH VLQG JUXQGVlW]OLFK HUJHEQLVZLUNVDP ]X HUIDVVHQ ,$6 ,KUH %HZHUWXQJ HUIROJW ]X GHP 6WHXHUVDW] GHU ]XP =HLWSXQNW GHU YRUDXVVLFKWOLFKHQ $XIO|VXQJ GHU 'LIIHUHQ]HQ ]X HUZDUWHQ LVW ,$6HYWOLVWDXFKHLQ'XUFKVFKQLWWVVDW]P|JOLFK,$6
YJO:LQNHOMRKDQQ6
YJO.LUVFK6 YJO$PPDQQ0OOHU6
*HZLQQXQG9HUOXVWUHFKQXQJQDFK,)56
%HGHXWXQJGHU*X9
'LH *HZLQQ XQG 9HUOXVWUHFKQXQJ LQFRPH VWDWHPHQW JHK|UW ]X GHQ 3IOLFKWEHVWDQGWHLOHQ GHV ,)56-DKUHVDEVFKOXVVHV XQG LVW ]XQlFKVW LP 5DKPHQNRQ]HSWJHUHJHOW)ELV)XQG)ELV),P:HVHQWOLFKHQ HQWVSULFKW VLH GHU KDQGHOVUHFKWOLFKHQ *X9 DOOHUGLQJV NRPPW LKU DXIJUXQG GHV 3ULQ]LSV GHV ÄWUXH DQG IDLU YLHZ³ VRZLH GHP *UXQGVDW] GHU 3HULRGHQ DEJUHQ]XQJ DFFUXDO SULQFLSOH HLQH YLHO JU|HUH %HGHXWXQJ ]X %HVRQGHUV IU GLH 6KDUHKROGHU JLOW VLH DOV ]HQWUDOHV ,QVWUXPHQW ]XU GHWDLOOLHUWHQ 'DUVWHOOXQJGHV-DKUHVHUJHEQLVVHVXQGGHU(UWUDJVODJHVRZLHGHU)lKLJNHLW ]XNQIWLJH &DVK )ORZV ]X HUZLUWVFKDIWHQ 6RZRKO GLH (UPLWWOXQJ GHV 3HULRGHQHUJHEQLVVHV DOV DXFK GLH 'HILQLWLRQHQ YRQ $XIZHQGXQJHQ XQG (UWUlJHQHQWVSUHFKHQGHQHQGHV+DQGHOVUHFKWV
'DUVWHOOXQJXQG$XIEDXGHU*X9
)UGLH'DUVWHOOXQJGHU*X9VFKUHLEW,$6NHLQHNRQNUHWH)RUPYRUXQGVLH NDQQVRZRKOLQ.RQWHQDOVDXFKLQ6WDIIHOIRUPDXIJHVWHOOWZHUGHQZREHLVLFK OHW]WHUH 9DULDQWH HQWVSUHFKHQG GHU DQJORDPHULNDQLVFKHQ 7UDGLWLRQ LQ GHU 3UD[LVGXUFKJHVHW]WKDW$XV*UQGHQGHU6WHWLJNHLWLVWDXFKKLHUHLQHHLQPDO JHZlKOWH 'DUVWHOOXQJVIRUP EHL]XEHKDOWHQ 'LHV VWHOOW HLQHQ ZHLWHUHQ 8QWHUVFKLHG]XGHQKDQGHOVUHFKWOLFKHQ%HVWLPPXQJHQGDUGDGLH)RUPGHU *X9LP+*%NRGLIL]LHUWLVW+*%'HU$XIEDXGHU*X9LVWLQGHQ,)56 QXU VHKU JURE JHUHJHOW IROJW NHLQHQ VWULNWHQ 6FKHPDWD LVW UHFKWVIRUP XQG JU|HQQHXWUDO XQG GHU $XVZHLV HLQ]HOQHU 3RVLWLRQHQ EHGDUI DXFK NHLQHU VWDQGDUGLVLHUWHQ%H]HLFKQXQJRGHUIHVWHQ5HLKHQIROJH 8QWHU=XKLOIHQDKPH GHU ,$6 ELV HUJLEW VLFK IROJHQGHV YHUELQGOLFKHV *X9 0LQGHVWJOLHGHUXQJVVFKHPD
YJO+XIQDJHO+ROGW6
YJO+DXHU6FKQHLGHU6 YJO%XFKKRO]6
- • 8PVDW]HUO|VH
• )LQDQ]LHUXQJVDXIZHQGXQJHQ
• *HZLQQ XQG 9HUOXVWDQWHLOH DQ DVVR]LLHUWHQ 8QWHUQHKPHQ XQG -RLQW 9HQWXUHVGLHQDFKGHU(TXLW\0HWKRGHELODQ]LHUWZHUGHQ
• 6WHXHUDXIZHQGXQJHQ
• HLQJHVRQGHUWHU%HWUDJZHOFKHUGHU6XPPHHQWVSULFKWDXV
• 3HULRGHQHUJHEQLV
:HLWHUH 3RVWHQ hEHUVFKULIWHQ RGHU =ZLVFKHQVXPPHQ GUIHQ KLQ]XJHIJW ZHUGHQZHQQGLHV]XPEHVVHUHQ9HUVWlQGQLVGHU(UWUDJVODJHEHLWUlJW ,P *HJHQVDW] ]X GHQ KDQGHOVUHFKWOLFKHQ %HVWLPPXQJHQ VLQG GLH 9RUVFKULIWHQ IU ]XVlW]OLFKH *X9$QJDEHQ GHXWOLFK XPIDVVHQGHU 'HPQDFK PXVV MHGHU ZHVHQWOLFKH (UWUDJV XQG $XIZDQGVSRVWHQ JHVRQGHUW QDFK $UW XQG%HWUDJDXVJHZLHVHQZHUGHQ,$6+LHU]X]lKOHQJHPl,$6 DXHUSODQPlLJH$EVFKUHLEXQJHQYRQ9RUUlWHQRGHU6DFKDQODJHQVRZLHGLH :HUWDXIKROXQJ VROFKHU DXHUSODQPlLJHQ $EVFKUHLEXQJHQ 5HVWUXN WXULHUXQJVDXIZHQGXQJHQ $EJDQJ YRQ 6DFKDQODJHQ 9HUlXHUXQJ YRQ )LQDQ]DQODJHQ DXIJHJHEHQH *HVFKlIWVEHUHLFKH %HHQGLJXQJ YRQ 5HFKWV VWUHLWLJNHLWHQ VRZLH VRQVWLJH $XIO|VXQJHQ YRQ 5FNVWHOOXQJHQ (LQLJH $XIZHQGXQJHQ XQG (UWUlJH GUIHQ QLFKW HUIROJVZLUNVDP LQ GHU *X9 DEJHELOGHW ZHUGHQ XQG VLQG ]ZLQJHQG LQ GHU (LJHQNDSLWDOYHUlQ
XQG XQG EHVRQGHUH *HZLQQH XQG 9HUOXVWH DXV GHU :lKUXQJVXPUHFKQXQJGHV$EVFKOXVVHVHLQHVDXVOlQGLVFKHQ8QWHUQHKPHQV ,$6
YJO+DXHU6FKQHLGHU6 YJO%DOOZLHVHU6
-
*HVDPWNRVWHQYHUIDKUHQXQG8PVDW]NRVWHQYHUIDKUHQ
(QWVSUHFKHQG GHQ %HVWLPPXQJHQ GHV +*% NDQQ GLH *X9 QDFK ,)56 VRZRKOQDFKGHP*HVDPWNRVWHQYHUIDKUHQQDWXUHRIH[SHQVHPHWKRG*.9 DOV DXFK QDFK GHP 8PVDW]NRVWHQYHUIDKUHQ FRVW RI VDOHV PHWKRG 8.9 DXIJHVWHOOW ZHUGHQ $OOHUGLQJV OHJW ,$6 GLH $QZHQGXQJ GHV 8.9 DXIJUXQG VHLQHU K|KHUHQ $XVVDJHNUDIW QDKH VLHKH $EE 7URW] GHU WHLOV HUKHEOLFKHQ (UPHVVHQVSLHOUlXPH EHL GHU =XRUGQXQJ GHU $XIZHQGXQJHQ ]X )XQNWLRQHQ LVW HLQ 7UHQG ]XP 8.9 DXFK LQ GHU LQWHUQDWLRQDOHQ 5HFKQXQJVOHJXQJVSUD[LV]XEHREDFKWHQ
Abb. 3: Gewinn- und Verlustrechnung nach IFRS, aufgestellt anhand des Umsatzkostenverfahrens (in Anlehnung an Kirsch, 2006, S. 353)
YJO%XFKKRO]6
- )D]LWXQG$XVEOLFN
=XVDPPHQIDVVHQG ZLUG GHXWOLFK ZLH HUKHEOLFK GLH 8QWHUVFKLHGH GHU ,)56 5HFKQXQJVOHJXQJ ]XP KDQGHOVUHFKWOLFKHQ +*%$EVFKOXVV VLQG 'LH 8PVWHOOXQJ DXI LQWHUQDWLRQDOH 6WDQGDUGV LVW VRPLW KlXILJ PLW XPIDVVHQGHQ bQGHUXQJHQ YHUEXQGHQ XQG EHGHXWHW YRU DOOHP KRKH .RVWHQ IU GLH 6FKXOXQJGHV3HUVRQDOVE]ZGLH%HDQVSUXFKXQJGHU0LWDUEHLWHUXQGIUGLH ,76\VWHPNRVWHQ
%HVRQGHUV EHL NOHLQHQ XQG PLWWHOVWlQGLVFKHQ 8QWHUQHKPHQ GLH DXV VWHXHUOLFKHQ *UQGHQ QRFK QDWLRQDO ELODQ]LHUHQ LVW HV UDWVDP HLQH LQGLYLGXHOOH (LQ]HOIDOOHQWVFKHLGXQJ YRU]XQHKPHQ XQG GHQ ]XVlW]OLFKHQ 1XW]HQ GHV ,)56$EVFKOXVVHV (UK|KXQJ GHV (LJHQNDSLWDOV 9HUEHVVHUXQJ YRQ .HQQ]DKOHQ XQG 5DWLQJ 0|JOLFKNHLW YRQ JQVWLJHUHQ )UHPGNDSLWDO .RQGLWLRQHQGHQGDGXUFKJHQHULHUWHQ.RVWHQJHJHQEHU]XVWHOOHQ
(LQH HUVWH 9HUHLQIDFKXQJ LQ GLHVH 5LFKWXQJ VROO PLW GHP %LODQ]PRGHUQLVLHUXQJVJHVHW] HUIROJHQ ZHOFKHV ]XP LQ .UDIW WUHWHQ VROO XQG LP =XJH GHU $QJOHLFKXQJ GHV +*% DQ GLH ,)56 HLQH GHU XPIDVVHQGVWHQ 5HIRUPHQ GHV GHXWVFKHQ +DQGHOVUHFKWV VHLW -DKUHQ GDUVWHOOW 8QWHUVWW]W ZLUG GLHVH (QWZLFNOXQJ GXUFK HLQ DNWXHOOHV ,)56 'LVNXVVLRQVSDSLHU([SRVXUH'UDIWIRU6PDOODQG0HGLXPVL]HG(QWLWLHVGDV LQ $QOHKQXQJ DQ GLH GHU]HLWLJHQ ,)561RUPHQ IU .RQ]HUQELODQ]HQ HLQH HLJHQVWlQGLJH LQWHUQDWLRQDOH %LODQ]LHUXQJVQRUP IU GHUDUWLJH 8QWHUQHKPHQ YRUVLHKW
YJO3Z&'HXWVFKH5HYLVLRQ6 YJO7UDJHVHU6 YJO.LUVFK6
- /,7(5$7859(5=(,&+1,6
$PPDQQ+HOPXW0OOHU6WHIDQ,)56,QWHUQDWLRQDO)LQDQFLDO5HSRUWLQJ 6WDQGDUGV1:%9HUODJ+HUQHXD
%DHWJH-|UJ.LUVFK+DQV-UJHQ7KLHOH6WHIDQ%LODQ]HQ,':9HUODJ 'VVHOGRUI6
%DOOZLHVHU:ROIJDQJ,)565HFKQXQJVOHJXQJ.RQ]HSW5HJHOQXQG :LUNXQJHQ9HUODJ9DKOHQ0QFKHQ
%XFKKRO]5DLQHU*UXQG]JHGHV-DKUHVDEVFKOXVVHVQDFK+*%XQG,)56 $XIO9HUODJ9DKOHQ0QFKHQ
'LWJHV-RKDQQHV$UHQGW8ZH.RPSDNW7UDLQLQJ,QWHUQDWLRQDOH 5HFKQXQJVOHJXQJQDFK,)56.LHKO9HUODJ/XGZLJVKDIHQ6
)HGHUPDQQ5XGROI,$6,)56VWXG$XIO(ULFK6FKPLGW9HUODJ%HUOLQ 6
+DXHU*HRUJ6FKQHLGHU.ODXV6FKQHOOHLQVWLHJ,)56+DXIH9HUODJ 0QFKHQ
+XIQDJHO:ROIJDQJ+ROGW:ROIUDP(LQIKUXQJLQGLH%XFKIKUXQJXQG %LODQ]LHUXQJ$XIO1:%9HUODJ+HUQHXD6
.LUVFK+DQQR(LQIKUXQJLQGLHLQWHUQDWLRQDOH5HFKQXQJVOHJXQJQDFK,)56 $XIO1:%9HUODJ+HUQHXD
.LUVFK+DQQRhEHUJDQJ]XU('60(5HFKQXQJVOHJXQJLQ3L53UD[LVGHU LQWHUQDWLRQDOHQ5HFKQXQJVOHJXQJ-J6
.WLQJ.DUOKHLQ]:HEHU&ODXV3HWHU'HU.RQ]HUQDEVFKOXVV3UD[LVGHU .RQ]HUQUHFKQXQJVOHJXQJQDFK+*%XQG,)56$XIODJH6FKlIIHU 3RHVFKHO9HUODJ6WXWWJDUW6
/GHQEDFK1RUEHUW+RIIPDQQ:ROI'LHWHU+DXIH,)56.RPPHQWDU $XIODJH+DXIH9HUODJ)UHLEXUJXD
0OOHU6WHIDQ,)56*UXQGODJHQXQG(UVWDQZHQGXQJ(ULFK6FKPLGW 9HUODJ%HUOLQ
3Z&'HXWVFKH5HYLVLRQ,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUGVLQ(XURSD RGHUKHXWH")UDQNIXUWDP0DLQ6
5XKQNH.ODXV5HFKQXQJVOHJXQJQDFK,)56XQG+*%6FKlIIHU3RHVFKHO 9HUODJ6WXWWJDUW
7UDJHVHU&KULVWRSK,)56LP0LWWHOVWDQG"LQ3L53UD[LVGHULQWHUQDWLRQDOHQ 5HFKQXQJVOHJXQJ-J6
8KGH0DUNXV+DUPRQLVLHUXQJGHU5HFKQXQJVOHJXQJQDFKGHQ9RUVFKULIWHQ GHV,$6&"$QZHQGXQJLPLQWHUQDWLRQDOHQ%HUHLFK'LVV0QFKHQ6
:LQNHOMRKDQQ1RUEHUW5HFKQXQJVOHJXQJQDFK,)56(LQ+DQGEXFKIU PLWWHOVWlQGLVFKH8QWHUQHKPHQ$XIO1:%9HUODJ+HUQHXD
Arbeit zitieren:
B.A. Maximilian Vogt, 2008, Bilanz und GuV nach IFRS, München, GRIN Verlag GmbH
Dieser Text kann über folgende URL aufgerufen und zitiert werden:
Einbetten
DOI
Die Währungsumrechnung im Konzernabschluss nach IFRS
Analyse und kritische Würdigun...
BWL - Rechnungswesen, Bilanzierung, Steuern
Seminararbeit, 19 Seiten
Interkulturelle Aspekte und potenzielle Problemfelder in multinational...
BWL - Personal und Organisation
Referat (Ausarbeitung), 16 Seiten
Branding, Positioning and Segmentation at Volkswagen
BWL - Marketing, Unternehmenskommunikation, CRM, Marktforschung
Hausarbeit, 20 Seiten
International Marketing Mix of Kelloggs Cornflakes
BWL - Marketing, Unternehmenskommunikation, CRM, Marktforschung
Ausarbeitung, 7 Seiten
Erstellung wissenschaftlicher Arbeiten
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 25 Seiten
Fremdwährungumrechnung nach nationalen und internationalen Rechnungsle...
BWL - Rechnungswesen, Bilanzierung, Steuern
Hausarbeit, 37 Seiten
U. K.-Limited vs. GmbH - Reformierung der GmbH zur Beschränkung des Gr...
Seminararbeit, 23 Seiten
Internationale Rechnungslegung nach dem IFRS-Jahresabschluss
Vergleich zwischen dem IFRS- u...
BWL - Rechnungswesen, Bilanzierung, Steuern
Studienarbeit, 17 Seiten
E-Recruiting: Grundlagen, Instrumente und Prozesse
BWL - Personal und Organisation
Studienarbeit, 29 Seiten
Grundlagen der Rechnungslegung nach HGB
Aktuelles Bilanzrecht mit Verw...
BWL - Rechnungswesen, Bilanzierung, Steuern
Fachbuch, 194 Seiten
Der Jahresabschluss von Kapitalgesellschaften - Inhalte und Ziele
Studienarbeit, 31 Seiten
Erfolgsfaktoren interkulturell zusammengesetzter Teams
BWL - Unternehmensführung, Management, Organisation
Seminararbeit, 29 Seiten
Maximilian Vogt's Text Bilanz und GuV nach IFRS ist nun auf dem Buchmarkt erhältlich
Maximilian Vogt hat den Text Bilanz und GuV nach IFRS veröffentlicht
Maximilian Vogt hat einen neuen Text hochgeladen
IFRS - International Financial Reporting Standards
Bilanzierungs -, Steuerungs- u...
Helmut Ammann, Stefan Müller
IFRS - International Financial Reporting Standards
Grundlagen für Aufsichtsrat un...
Matthias Müller
Bilanzierung nach International Financial Reporting Standards (IFRS)
Henning Zülch, Matthias Hendler
Die Neuregelung des Firmenwerts nach International Financial Reporting...
Bilanzpolitische Möglichkeiten...
Robert Braun
Company Valuation Under IFRS: Interpreting and Forecasting Accounts Us...
Nick Antill, Kenneth Lee
Practical Implementation of International Financial Reporting Standard...
United Nations Conference On Trade and D
International Financial Reporting Standards: Critical Perspectives on ...
Alexandre David, David Alexander, Christopher Nobes
0 Kommentare