,QKDOWVYHU]HLFKQLV
,QKDOWVYHU]HLFKQLV ,, (LQOHLWXQJ 3UREOHPVWHOOXQJ )RUVFKXQJVIUDJHQQXQGG9RUJHKHQVZHLVH 7KHRUHWLVFKHH*UXQGODJHQ 'LHH.ULVH
'HILQLWLRQQXQGG&KDUDNWHULVLHUXQJYRQQ.ULVHQ 7\SLVFKHH(UVFKHLQXQJVIRUPHQQXQGG9HUOlXIHHYRQQ.ULVHQ 6SRUWVSRQVRULQJ
'HILQLWLRQQXQGG(LQRUGQXQJGHVV6SRUWVSRQVRULQJV
.ULVHQPDQDJHPHQWWXQGG.ULVHQNRPPXQLNDWLRQQ .ULVHQPDQDJHPHQW .ULVHQNRPPXQLNDWLRQ (LQQ0RGHOOOGHUU.ULVHQNRPPXQLNDWLRQQ 6WUDWHJLHQQGHUU.ULVHQNRPPXQLNDWLRQ (UIROJVIDNWRUHQQLQGHU.ULVHQNRPPXQLNDWLRQ .ULVHQNRPPXQLNDWLRQQXQGG.ULVHQPDQDJHPHQWWYRQQ6SRUWVSRQVRUHQ .ULVHQLP6SRUW )ROJHQQGHUU.ULVHQQIUU6SRUWVSRQVRUHQ 5HDNWLRQHQYRQQ6SRUWVSRQVRUHQQEHLL.ULVHQQLP6SRUW hEHUWUDJEDUNHLWGHV0RGHOOVDXIIGHQQ6SRUWVSRQVRULQJNRQWH[W hEHUWUDJEDUNHLWGHU.ULVHQNRPPXQLNDWLRQVVWUDWHJLHQ )DOOVWXGLHH7HDP7HOHNRP 'HXWVFKHH7HOHNRP$**
'DVV6SRUWVSRQVRULQJGHUU'HXWVFKHQQ7HOHNRP$**LP=HLWDEODXI 'DVV7HDP7HOHNRPXQGGGLH'RSLQJNULVHQ
)DOOVWXGLHH.ULVHQPDQDJHPHQWWXQG.ULVHQNRPPXQLNDWLRQQEHLP7HDP7HOHNRP
///
(LQRUGQXQJGHU.ULVH
.ULVHQNRPPXQLNDWLRQQXQGG.ULVHQPDQDJHPHQWWEHLP7HDP7HOHNRP .ULVHQNRPPXQLNDWLRQQXQGG.ULVHQPDQDJHPHQWWEHLP7HDP70RELOHH ,VVXHH0DQDJHPHQWWXQGG3ODQQLQJ3UHYHQWLRQQ
$QKDQJ /LWHUDWXUYHU]HLFKQLV
////
(LQOHLWXQJ
'DVV YRUOLHJHQGH (LQOHLWXQJVNDSLWHOO GLHQWW GHPP =ZHFN GHP /HVHU HLQHQQ VWUXNWXULHUWHQQ hEHU EOLFNN EHU GLHH %DFKHORUDUEHLWW ]XX JHEHQ +LHUEHLL VROO ]XQlFKVWW DXIJH]HLJWW ZHUGHQ ZHOFKH 3UREOHPVWHOOXQJ VLFKK KLQWHUU GHPP 7KHPD YHUELUJWW XQGG ZHOFKH )RUVFKXQJVIUDJHQ VLFKK GDUDXV DEOHLWHQQ ODVVHQ 'DUDXIKLQQ ZLUGG DQVFKOLHHQG GLH 9RUJHKHQVZHLVHH ]XU /|VXQJ GLHVHU )RU VFKXQJVIUDJHQQ HUOlXWHUWW VRZLHH GHPP /HVHUU HLQHH VLFKK DQ GHQQ )UDJHQ RULHQWLHUHQGHH *OLHGHUXQJ GHUU$UEHLWDXIJH]HLJW 3UREOHPVWHOOXQJJ
.ULVHQPDQDJHPHQWWXQGG.ULVHQNRPPXQLNDWLRQQVLQGGLQQ)RUVFKXQJXQGG3UD[LVVKlXILJWKHPDWL VLHUWHH $VSHNWH 0HLVWW ZLUGG KLHUEHLL LQQ )RUPP YRQQ )DOOVWXGLHQQ HUDUEHLWHW ZHOFKHH +DQGOXQJHQ 8QWHUQHKPHQQ LQQ VSH]LILVFKHQQ .ULVHQ YRUJHQRPPHQQ KDEHQQ XPP OHW]WHQGOLFKK KHUDXV]XVWHOOHQ ZHOFKHH 6FKOXVVIROJHUXQJHQQ GDUDXVV JH]RJHQQ ZHUGHQQ N|QQHQQ (GZDUGV8VKHUU 6 $XFKK GDVV 6SRUWVSRQVRULQJ DOVV GLHH EHGHXWHQGVWHH )RUPP GHVV 6SRQVRULQJV XQGG 9RU]HLJHLQVWUX PHQWW GHUU .RPPXQLNDWLRQVSROLWLNN YRQQ 8QWHUQHKPHQQ LVWW LQQ )RUVFKXQJ XQGG 3UD[LVV HLQQ KlXILJJ WKHPDWLVLHUWHVV *HELHWW +HUPDQQV0DUZLW] 6 :HQLJ ELVV NDXP ZLVVHQVFKDIWOLFKH %HDFKWXQJILQGHWWKLQJHJHQQGDVV7KHPDDGHUU.ULVHQLPP6SRUWE]ZGHVV.ULVHQPDQDJHPHQWVVXQG GHUU .ULVHQNRPPXQLNDWLRQQ YRQQ 6SRUWVSRQVRUHQ 2EZRKOO VHLWW GHPP Ä%ODFNN 6R[[ 6FDQGDO³³ YRQQ EHLLZHOFKHPDFKW%DVHEDOOSURILVVGHUU&KLFDJRR:KLWHH6R[LQQ9HUELQGXQJPLWWSURIHVVLR QHOOHQQ*OFNVVSLHOHUQGDVVGDPDOLJH(UJHEQLVVGHU:RUOGG6HULHVVPDQLSXOLHUWKDEHQ(YHUVWLQHH R6EHUHLWVVEHUU KXQGHUWW-DKUHH.ULVHQQLP6SRUWWSUlVHQWWVLQGKDEHQVLFKKGDVV.ULVHQ PDQDJHPHQWW XQGG GLHH .ULVHQNRPPXQLNDWLRQQ LP 6SRUWW HUVWW YRUU NXU]HPP ]XEHGHXWVDPHQQ 7KH PHQQ HQWZLFNHOWW (GZDUGV 8VKHUU 6 (VV JLEWW EHUHLWVV /LWHUDWXU GLHH VLFKK PLW GHPP 7KHPDDGHV.ULVHQPDQDJHPHQWVVLQ6SRUWEHWULHEHQEHVFKlIWLJWW:DGVDFNHWDORGHUGLHH .ULVHQVWUDWHJLHQQIUU6SRUWYHUHLQHHXQGG6SRUWYHUElQGHDXIEHUHLWHWW5RKOPDQQ+LHUEHLLLVWW MHGRFKKGLHH]HQWUDOHH%HWUDFKWXQJVZHLVHHGLHH6LFKWZHLVHHGHUU9HUElQGH9HUHLQHHRGHUUGHUU6SRUW EHWULHEH(VVZLUGGNDXPPGDUJHVWHOOWZHOFKHH:LUNXQJHQ.ULVHQQDXII6SRUWVSRQVRUHQQKDEHQZLH GLHVHH GDPLWW XPJHKHQQ N|QQHQ LQZLHZHLWW GHUHQQ PLWW GHPP 6SRQVRULQJ YHUEXQGHQHQQ =LHOHH JH IlKUGHWVLQGGXQGGZHOFKH0|JOLFKNHLWHQHVVIUUVLHJLEW.ULVHQQ]XYHUPHLGHQRGHU]XPLQGHVWW]X VWHXHUQQXQGG]XNRQWUROOLHUHQ'LHH$XIJDEHHGLHVHUU$UEHLWWZLUGGGHVZHJHQQLPP)ROJHQGHQQVHLQ]X
XQWHUVXFKHQ ZDV PDQ XQWHU .ULVHQ LP 6SRUW YHUVWHKW ZLH GLH 3UR]HVVH GHV .ULVHQPDQDJH PHQWVV XQGG GHUU .ULVHQNRPPXQLNDWLRQQ EHLL 6SRUWVSRQVRUHQ IXQNWLRQLHUHQQ N|QQHQQ XQGG ZDVV LP JHQDQQWHQ .RQWH[WW DOVV HUIROJYHUVSUHFKHQG JLOW ([HPSODULVFKK ZLUG GDEHLL LQQ HLQHU )DOOVWXGLH LQVEHVRQGHUHHDXIGLHH'RSLQJNULVHHEHLPP7HDPP7HOHNRPPHLQJHJDQJHQZHOFKHHHLQHUVHLWVV DXIEOLW]WHHXQGGLQQGHQQ-DKUHQQXQGGLKUHQQ+|KHSXQNWWIDQG )RUVFKXQJVIUDJHQQXQGG9RUJHKHQVZHLVH
,QQ HLQHPP HUVWHQQ WKHRUHWLVFKHQQ *UXQGODJHQWHLOO VWHOOWW VLFKK GLHH )UDJH ZDVV XQWHUU HLQHUU .ULVH ]XX YHUVWHKHQQ LVW ZLHH VLFKK .ULVHQ GHILQLHUHQQ XQGG FKDUDNWHULVLHUHQ ODVVHQQ XQGG ZHOFKHH W\SLVFKHQ .ULVHQDUWHQQHVV]XXXQWHUVFKHLGHQQJLEW'LHH$XVDUEHLWXQJXQGG(UNHQQWQLVVHHLPP%H]XJDXII.UL VHQGHUHQ9HUODXIXQG&KDUDNWHULVLHUXQJVROOHQQLPPVSlWHUHQ+DXSWWHLOOXQGGGHUU)DOOVWXGLHGD EHLLKHOIHQ.ULVHQQLPP6SRUWWFKDUDNWHULVLHUHQQXQGGHLQRUGQHQQ]XN|QQHQ$XHUGHPPVROOOHUOlX WHUW ZHUGHQ ZDV VLFK KLQWHU GHP 7KHPD GHV 6SRUWVSRQVRULQJVV YHUELUJW ZHOFKH =LHOH GDPLW YHUEXQGHQQ VLQGG XQGG ZHOFKHH $UWHQQ XQWHUVFKLHGHQ ZHUGHQ 'LHH %HWUDFKWXQJ GHVV 6SRUWVSRQVR ULQJVVGLHQWW]XPPHLQHQQGHUU(LQRUGQXQJLQQGDVV0DUNHWLQJLQVWUXPHQWDULXPPHLQHVV8QWHUQHKPHQV ]XPPDQGHUHQQVROOHQQGLH =LHOHHGDUJHVWHOOWWZHUGHQXPVSlWHUGLHSRWHQWLHOOH*HIlKUGXQJE]Z $XVZLUNXQJHQQYRQ.ULVHQQLPP%H]XJDXIGLHVH=LHOHHYRQQ6SRUWVSRQVRUHQXQWHUVXFKHQ]XXN|Q QHQ'HVZHLWHUHQQJLOWWHVGLHH%HJULIIHGHVV.ULVHQPDQDJHPHQWVVXQGGGHUU.ULVHQNRPPXQLNDWLRQ ]X GHILQLHUHQQ XQGG YRQHLQDQGHUU DE]XJUHQ]HQ (VV ZLUGG KLHUEHLL HLQQ LQQ GHQQ .RQWH[WW GHVV 6SRUWVV SDVVHQGHVV .ULVHQNRPPXQLNDWLRQVPRGHOOO YRUJHVWHOOW KHUDXVJHVWHOOWW ZHOFKH 6WUDWHJLHQQ GHUU .ULVHQNRPPXQLNDWLRQQYRUKDQGHQQVLQGGXQGGZHOFKHVVGLHH(UIROJVIDNWRUHQQHUIROJUHLFKHUU.ULVHQ NRPPXQLNDWLRQQVLQG'LHVHH*UXQGODJHQQGLHQHQQDOVV%DVLVVIUUGHQQ+DXSWWHLOXQGGGLHH)DOOVWXGLH LPP%H]XJJDXIGLHHhEHUSUIXQJJGHUhEHUWUDJEDUNHLWWDXII6SRUWVSRQVRUHQLPP$OOJHPHLQHQQE]Z NRQNUHWW LPP )DOOEHLVSLHOO 7HDPP 7HOHNRP 'LHH 0HWKRGLNN ]XUU %HDUEHLWXQJ GHVV WKHRUHWLVFKHQ *UXQGODJHQWHLOVVEHVFKUlQNWWVLFKKDXIIHLQHH/LWHUDWXUUHFKHUFKH
,Q HLQHPP DXII GLH LPP *UXQGODJHQWHLOO HUDUEHLWHWHQQ )RUVFKXQJVIUDJHQQ DXIEDXHQGHQQ +DXSWWHLOO VROOHQQGLHH)UDJHQQHU|UWHUWWZHUGHQZDQQQPDQYRQ.ULVHQLP6SRUWVSULFKWZLHGLHVH]XFKD UDNWHULVLHUHQQ VLQGG XQGG ZHOFKHH $XVZLUNXQJHQQ GLHVHH DXII 6SRUWVSRQVRUHQQ KDEHQQ N|QQHQ GK DXFKKLQZLHZHLWWGHUHQQ6SRQVRULQJ]LHOHHGXUFKK.ULVHQQLPP6SRUWW JHIlKUGHWWZHUGHQQN|QQHQ'LH %DVLVVKLHUIUUELHWHWGHUU$UWLNHOÄDDVSRUWWFULVLVVW\SRORJ\HVWDEOLVKLQJJDSDWKZD\\IRUUIXWXUHHUH
VHDUFK´´DXVVGHP³LQWHUQDWLRQDOOMRXUQDOORIIVSRUWVVPDQDJHPHQWWDQGPDUNHWLQJ´´YRQQ:HVWEHUJ :LOVRQ XQGG 6WDYURVV DXV GHPP -DKUU 'DQHEHQ VROOO JH]HLJWW ZHUGHQ ZHOFKHH 6WUDWHJLHQ 6SRUWVSRQVRUHQQ]XUU9HUIJXQJKDEHQQXQGGZHOFKH5HOHYDQ]GDVVLP*UXQGODJHQWHLOOSUlVHQWLHU WHH 0RGHOOO XQGG GLHH 6WUDWHJLHQQ IU GHQQ .RQWH[WW GHVV 6SRUWVSRQVRULQJV EHVLW]HQ 'LHH 0HWKRGLNN GHVV+DXSWWHLOVVEHVWHKWW]XPHLQHQQDXVVHLQHUU$XVZHUWXQJGHUUUHOHYDQWHQQ/LWHUDWXUUXQGG]XPPDQ GHUHQQDXVVGHUU$QDO\VHHYHUJDQJHQHUU6SRUWNULVHQ
,QQGHUU)DOOVWXGLHH]XUU.ULVHHGHVV7HDPP7HOHNRPPVROOHQDEVFKOLHHQGGIROJHQGH)UDJHQQEHDQWZRU WHWWZHUGHQ,QHLQHUUHWURVSHNWLYHQQ%HWUDFKWXQJJVROOOJHNOlUWWZHUGHQQZLHHGDVV6SRUWVSRQVRULQJJ GHUU 'HXWVFKHQQ 7HOHNRPP LQQ GHUU 9HUJDQJHQKHLWW DXVVDKK XQGG ZHOFKH =LHOVHW]XQJHQ PDQ GDPLWW YHUIROJWH 'HVZHLWHUHQQ VROOO JH]HLJWW ZHUGHQ ZHOFKHH (QWZLFNOXQJ GDVV 7HDP 7HOHNRPP HUIXKU XQGGZLHHVLFKKGLHVVDXIIGDVV8QWHUQHKPHQDXVZLUNWHLQVEHVRQGHUHZLHGHUU$EODXIIGHVV'RSLQJ 6NDQGDOVVVLFKKGDUVWHOOWH$XIEDXHQGGDXIIGLHH.ODVVLIL]LHUXQJXQGG&KDUDNWHULVLHUXQJYRQQ.ULVHQ VROOOKLHUUGLHH.ULVHHGHVV7HDPP7HOHNRPVVHLQJHRUGQHWWXQGGLKUU$EODXIXQWHUVXFKWWZHUGHQ,QVEH VRQGHUHH LVWW HVV ZLFKWLJ KHUDXV]XILQGHQQ ZLHH VLFKK GDVV .ULVHQPDQDJHPHQWW XQGG GLHH .ULVHQNRP PXQLNDWLRQQGHUU7HOHNRPPLPP%H]XJDXIIGLHHJHZRQQHQQ(UNHQQWQLVVHHDXVVGHPPYRUKHULJHQQ7HLO GHUU $UEHLWW HLQRUGQHQQ ODVVHQQ XQGG ZHOFKH ,QWHQWLRQHQQ KLQWHUU GHQQ 6WUDWHJLHQQ E]Z 9RUJHKHQV ZHLVHQQGHUU7HOHNRPPVWHFNWHQ$OVV*UXQGODJHHIUUGLHH)DOOVWXGLHHGLHQWW]XPPHLQHQQ/LWHUDWXU]XP DQGHUHQQ3UHVVHPLWWHLOXQJHQQXQGG'DWHLHQQGHUULQWHUQHQ.RPPXQLNDWLRQQGHUU7HOHNRPVRZLHHHLQQ ,QWHUYLHZZ PLWW GHPP GDPDOLJHQQ /HLWHUU GHUU 6SRQVRULQJNRPPXQLNDWLRQQ EHLL 70RELOH +HUUQ &KULVWLDQQ)URPPHUW,PPDEVFKOLHHQGHQQ7HLOOVROOHQQQRFKGLHDXVVGHU$UEHLWWJHZRQQHQ,PSOL NDWLRQHQQLQHLQHP)D]LWZLHGHUJHEHQQZHUGHQ 7KHRUHWLVFKH*UXQGODJHQ
,PP IROJHQGHQ.DSLWHOVROOO]XQlFKVWWHLQQhEHUEOLFNNGDUEHUU JHJHEHQZHUGHQZHOFKHHWKHRUHWL VFKHQQ *UXQGODJHQQ IUU GDVV 9HUVWlQGQLVV XQGG GLHH (LQRUGQXQJ GHVV VSlWHUHQ +DXSWWHLOVV XQGG GHUU )DOOVWXGLHH YRQQ 5HOHYDQ] VLQGG XQGG ZLHH GLHH HLQ]HOQHQQ %HJULIIOLFKNHLWHQQ ]X GHILQLHUHQQ E]Z ]XX FKDUDNWHULVLHUHQQVLQG
'LHH.ULVH
=XQlFKVWWVROOOGHUU%HJULIIGHUU.ULVHHQlKHUUGDUJHVWHOOWWZHUGHQ+LHU]XXZHUGHQQ]XHUVWWDOOJHPHLQH 'HILQLWLRQHQQYRQQ.ULVHQXQGGFKDUDNWHULVWLVFKHH0HUNPDOHHGDUJHVWHOOW'DUDXIIDXIEDXHQGGZHU GHQQ YHUVFKLHGHQH $UWHQ YRQQ .ULVHQ DXIJH]HLJW VRZLH GHUHQQ W\SLVFKHU .ULVHQYHUODXI YRUJH VWHOOW
'HILQLWLRQQXQGG&KDUDNWHULVLHUXQJJYRQQ.ULVHQ
'HU%HJULIIGHU.ULVHLVWWHLQHULQQGHQXQWHUVFKLHGOLFKHQZLVVHQVFKDIWOLFKHQQ'LV]LSOLQHQGLIIH UHQ]LHUW GHILQLHUWHU %HJULII ZREHL NHLQHH DOOJHPHLQJOWLJH 'HILQLWLRQQ YRUKDQGHQQ LVWW .|KOHU 69RQQGHUU:RUWEHGHXWXQJOlVVWWHUUVLFKDXVVGHPJULHFKLVFKHQQÄNULVLV³DEOHLWHQQXQG NHQQ]HLFKQHWWGHQQ(LQVFKQLWWWLQQHLQHUELVVGDWRRNRQWLQXLHUOLFKHQQ(QWZLFNOXQJ)UKHUZXUGHHUU LQVEHVRQGHUHH LPP PLOLWlULVFKHQQ E]Z PHGL]LQLVFKHQQ .RQWH[W YHUZHQGHW ZREHLL GDPLWW MHZHLOVV HLQQ:HQGHSXQNWWHLQHUUEHVWLPPWHQQ6LWXDWLRQQFKDUDNWHULVLHUWWZXUGHH3ODQNHUW6$E]X JUHQ]HQQLVWWGHUU%HJULIIIGHUU.ULVHHYRQQGHUU.DWDVWURSKHGHPP5LVLNR.RQIOLNWWRGHUUGHUU6W|UXQJ GHUHQQ 'HILQLWLRQHQQVLFK DXIJUXQGGGHUhEHUVLFKWOLFKNHLWWLQQ$QODJHHLPP$QKDQJJDXII6HLWHH EHILQGHQ 1DFKK .U\VWHNVV 'HILQLWLRQQ EHUU 8QWHUQHKPHQVNULVHQQ VLQGG GLHVHH QDFKKDOWLJ DOVR QLFKWWQXUUYRUEHUJHKHQGGLHH([LVWHQ]HLQHVV8QWHUQHKPHQVVJHIlKUGHQGXQJHSODQWXQJHZROOWW XQGGPLWWDPELYDOHQWHPP$XVJDQJ.U\VWHNN6$XHUGHPPVLQGGFKDUDNWHULVWLVFKHH0HUN PDOHHYRQQ.ULVHQQVWDUNHVV,QIRUPDWLRQVLQWHUHVVHVHLWHQVVGHU0HGLHQGDD.ULVHQQGDVEHVRQGHUHHLQ GHU1DFKULFKWHQODQGVFKDIWWGDUVWHOOHQPHLVWWHLQHHLQVHLWLJQHJDWLYH:DKUQHKPXQJGHU6LWXDWL RQHLQHHKRKHH.RPSOH[LWlWWXQGGHLQQXQPLWWHOEDUHUVWDUNHUU(QWVFKHLGXQJVXQGG+DQGOXQJVGUXFN EHLLQXUUZHQLJHQQ+DQGOXQJVRSWLRQHQQ%DXPJlUWQHUU6'LHHJURHH6FKZLHULJNHLWWGHU .ULVHQYRUEHUHLWXQJ RGHU YRUKHUVDJHH OLHJW KLHUEHL LQQ GHUU 9LHOIDOWW GHUU .ULVHQXUVDFKHQQ XQGG ± DUWHQ PLWW LKUHU MHZHLOVV HLQ]LJDUWLJHQ '\QDPLNN XQGG LQQ LKUHU 1LFKW/LQHDULWlW GK GDVVV QLFKW LPPHUU HLQIDFKHH 8UVDFKH:LUNXQJV%H]LHKXQJHQ DXV]XPDFKHQQ VLQG EHJUQGHWW 5XLVLQJHU -RU]LNN 6 $QGHUHH $XWRUHQQ YHUWUHWHQ KLHUU GLHH 0HLQXQJ GDVVV .ULVHQQ HUVWW GDQQQ DOV ÄHFKWH³.ULVHQJHOWHQZHQQQHVLQQGHU.RPPXQLNDWLRQPLWWGHUgIIHQWOLFKNHLWWPDQJHOWWRGHUUGDVV 0DQDJHPHQWWVLFKKVRRYHUKlOWGDVVVGLHH0HGLHQQHLQ)HLQGELOGGDXIEDXHQQN|QQHQQXQGGGLHVHVVGHU gIIHQWOLFKNHLWWJHJHQEHUVWDUNNSRODULVLHUHQQ*DUWK6E]ZGDVVOHW]WHQGOLFKKGLHH0H GLHQQGHILQLHUHQZDQQQHVVVLFKKXPPHLQHH.ULVHHKDQGHOWW3ODQNHUWW6'LHVHUUOHW]WJHQDQQ
WH$VSHNWWVSLHOWWYDIUGLH.ULVHQEHWUDFKWXQJLPP6LQQHGLHVHU$UEHLWWHLQHHQWVFKHLGHQGH5RO OH$QDORJ]XXLKUHQQYLHOIlOWLJHQQ8UVDFKHQQN|QQHQ.ULVHQQDXFKKYHUVFKLHGHQVWHH)ROJHQQKDEHQ 6LHH N|QQHQQ LPP VFKOLPPVWHQQ )DOOO GLHH ,QVROYHQ] HLQHVV 8QWHUQHKPHQVV YHUXUVDFKHQ RGHUU EHL VSLHOVZHLVH 5HSXWDWLRQV *ODXEZUGLJNHLWV XQGG 9HUWUDXHQVYHUOXVWH VRZLH QHJDWLYH ,PDJH ZLUNXQJHQQQDFKKVLFKK]LHKHQQ2GHQEDFKK6SRWHQWLHOOODEHUUDXFKKJOLPSIOLFKKYHUODX IHQQRGHUVRJDUSRVLWLYH(IIHNWHEHZLUNHQ 7\SLVFKHH(UVFKHLQXQJVIRUPHQQXQGG9HUOlXIHYRQQ.ULVHQ
,PP%HUHLFKGHU.ULVHQIRUVFKXQJZHUGHQKlXILJJGUHLL$UWHQQYRQQ.ULVHQQXQWHUVFKLHGHQ'LHVHVV VLQGGGLHHVFKOHLFKHQGHGLHHHUXSWLYHHXQGGGLHHSHULRGLVFKHH.ULVHH7|SIHUU6=XUU,OOXVW UDWLRQQEHILQGHQVLFKK]XXGHQQYHUVFKLHGHQHQQ.ULVHQIRUPHQQ*UDILNHQLQQ$QODJHLPP$QKDQJDE 6HLWH(LQHHVFKOHLFKHQGHH.ULVHHNDQQQFKDUDNWHULVLHUWZHUGHQQGXUFKKHLQDQIlQJOLFKKQLHGULJHV |IIHQWOLFKHVV,QWHUHVVH+LHUEDXWWVLFKHLQQ7KHPDODQJVDPDXIELVVHVHLQHEUHLWH$XIPHUNVDP NHLWWHUODQJW:RKLQJHJHQ]XX$QIDQJGHUU.ULVHHGLH%HULFKWHUVWDWWXQJJQXUUYHUHLQ]HOWWEHREDFKW EDUULVWYHUGLFKWHWWVLHHVLFKGDQQQLPP+|KHSXQNWWE]ZGHPP3HDNNGHU.ULVH(LQQ%HLVSLHOOKLHUIU LVWW GLH +\SRWKHNHQNULVH ZHOFKH XQWHU ,QVLGHUQQ HLQQ EHUHLWVV ZHLWW LPP 9RUIHOGG GHU )LQDQ]NULVHH GLVNXWLHUWHV7KHPDZDUGDVLHHLQH*HIDKUIUGDVV)LQDQ]V\VWHPGDUVWHOOWHMHGRFKKHUVWWLQQLK UHPP +|KHSXQNWW GDVV EUHLWHH |IIHQWOLFKH ,QWHUHVVHH HUUHLFKWH XQGG HLQH XPIDVVHQGHH PHGLDOH %H ULFKWHUVWDWWXQJ DXVO|VWHH 5XLVLQJHU-RU]LNN 6 'LHH HUXSWLYHH .ULVHH NDQQQ FKDUDNWHUL VLHUWWZHUGHQQGXUFKKLKUSO|W]OLFKHVVXQGGPHLVWWEHUUDVFKHQGHV$XIWUHWHQ'HU0HGLHQXQGG$XV NOlUXQJVGUXFN VWHLJWW EHLL LKU XQPLWWHOEDU PLWW GHPP 6FKDGHQVHUHLJQLVV E]Z GHUU .ULVHQXUVDFKH VWDUNNDQ'LHVHUU'UXFNNNDQQQMHGRFKKDXFKKVFKQHOOZLHGHUUDEQHKPHQZDVVGDULQEHJUQGHWVHLQ NDQQGDVVVHVVVLFKQXUUXPPHLQQ*HUFKWWKDQGHOWHH RGHUGDVV 8QWHUQHKPHQQVLFKKGXUFKK HUIROJUHL FKHVV .ULVHQPDQDJHPHQWW E]Z HUIROJUHLFKHH .ULVHQNRPPXQLNDWLRQQ DXV]HLFKQHQQ NRQQWHH 5XLVLQJHU-RU]LNN6'LHHSHULRGLVFKH.ULVHHLVWWJHNHQQ]HLFKQHWWYRQQPHGLDOHQQ'DX HUWKHPHQ ZHOFKHH UHJHOPlLJ LQQ GHUU %HULFKWHUVWDWWXQJ DXIWDXFKHQQ XQGG ZLHGHUU YHUVFKZLQGHQ 'LHVHHZHOOHQI|UPLJHQQ$XVVFKOlJHHLPP9HUODXIIN|QQHQQLKUHQQ8UVSUXQJLQQGHUU9HU|IIHQWOLFKXQJJ QHXHUU ,QIRUPDWLRQHQ +LQWHUJUQGHH RGHUU GHUU %HWHLOLJXQJ QHXHUU 3HUVRQHQ KDEHQ 'LHH *UQGH IUU GLHH YRUOLHJHQGHQ 6FKZDQNXQJHQQ LPP .ULVHQYHUODXIIXQGG HLQQ LPPHUU ZLHGHUNHKUHQGHVV $XI IODPPHQQGHUU.ULVHHN|QQHQQKLHUEHLLDEHUUDXFKKDXIIIHKOHQGHH/HUQHIIHNWHHRGHUUHLQQIHKOHQGHVVE]Z
VFKOHFKWHVV.ULVHQPDQDJHPHQWW]XUFN]XIKUHQVHLQQ7|SIHU61DFKGHPPQXQQHLQH HUVWHH'HILQLWLRQQYRQQ.ULVHQQHUIROJWHHVRZLHFKDUDNWHULVWLVFKHH0HUNPDOHXQGG9HUOlXIHGDUJHOHJW ZXUGHQ EH]LHKWW VLFKK GHU QlFKVWHH 3XQNWW GHUU $UEHLWW DXII GLHH WKHRUHWLVFKHQQ $VSHNWHH GHVV 6SRUW VSRQVRULQJV 6SRUWVSRQVRULQJ
,QQ GLHVHPP .DSLWHOO ZLUGG ]XQlFKVWW 6SRUWVSRQVRULQJ GHILQLHUWW XQGG GHVVHQQ (LQRUGQXQJ LQQ GHQ 0DUNHWLQJ0L[GHVV8QWHUQHKPHQVVYRUJHQRPPHQ'DQDFKKZHUGHQ=LHOHGHV6SRUWVSRQVRULQJV GDUJHVWHOOWWXQGGGLHHYHUVFKLHGHQHQQ$UWHQQGHVV6SRUWVSRQVRULQJVYRUJHVWHOOWZHOFKHHIUUGLHHZHL WHUIKUHQGHQQ$VSHNWHLPP+DXSWWHLOOGHU$UEHLWWHLQHZLFKWLJH5ROOHVSLHOHQ 'HILQLWLRQQXQGG(LQRUGQXQJJGHVV6SRUWVSRQVRULQJV
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l +HUPDQQV GHILQLHUW DOV ÄGLH EHZXVVWH *HVWDOWXQJJ YRQQ 3UR]HVVHQQ GHUU %HGHXWXQJVYHU PLWWOXQJJ QDFKK LQQHQQ XQG QDFKK DXHQQ ]XUU ]LHORULHQWLHUWHQQ *HVWDOWXQJJ XQGG 8QWHUVWW]XQJJ YRQ $XVWDXVFKSUR]HVVHQ³³ +HUPDQQV.LHQGOYDQQ 2YHUORRSS 6 'LH ,QVWUXPHQWH GHU .RPPXQLNDWLRQVSROLWLNODVVHQQVLFKLQQNODVVLVFKHVRJHQDQQWHDERYHWKHOLQH,QVWUXPHQWHZLHH :HUEXQJ 9HUNDXIVI|UGHUXQJ 0HVVHQQ XQGG 3XEOLF 5HODWLRQV VRZLHH QLFKWNODVVLVFKH VRJH QDQQWH EHORZWKHOLQHH ,QVWUXPHQWH ZLHH (YHQWV 3URGXFWW 3ODFHPHQW 3URGXFWW 3XEOLFLW\ .XQ
6SRQVRULQJEHUXKWWDXIIGHP3ULQ]LSSYRQQ/HLVWXQJXQGG*HJHQOHLVWXQJ$XIIGHUUHLQHQQ6HLWHHVWHKW GHUU6SRQVRUGHUUVHLQHUVHLWVV/HLVWXQJHQQLQQ)RUPPYRQQ*HOG6DFKPLWWHOQQRGHUU'LHQVWOHLVWXQJHQ
EHUHLWVWHOOW XPP DOVV *HJHQOHLVWXQJ YRPP *HVSRQVHUWHQ GLH *HZlKUXQJ YRQ 5HFKWHQQ ]XU PHLVW NRPPXQLNDWLYHQQ 1XW]XQJ HUZDUWHWW +HUPDQQV.LHQGOYDQ 2YHUORRSS 6 I 'LHH YHUVFKLHGHQHQQ 6SRQVRULQJDUWHQQ ODVVHQQ VLFKK GDEHL ZLHGHUXPP XQWHUWHLOHQ LQQ 6SRUW .XQVW gNR 6R]LR %LOGXQJV :LVVHQVFKDIWV VRZLH 0HGLHQVSRQVRULQJ +HUPDQQV.LHQGOYDQQ 2YHUORRSS6'LHHGRPLQDQWHH6WHOOXQJJEHUQLPPWWKLHUEHLLGDVV6SRUWVSRQVRULQJGD HV ]XPP HLQHQ GLH lOWHVWH DEHU DXFKK GLH EHGHXWHQGVWH 6SRQVRULQJDUW GDUVWHOOWW +HU PDQQV0DUZLW]6ZHOFKHHLPP-DKUUDOOHLQHHLQQ'HXWVFKODQGGHLQQ$XVJDEHQYROX PHQQYRQQ0LOOLDUGHQQ¼YHUXUVDFKWH)$6322R6(LQH,OOXVWUDWLRQQGHUKLHUEHVFKULH EHQHQQ(LQWHLOXQJILQGHWWVLFKKLQQ$QODJHHLPP$QKDQJDXI6HLWHH =LHOHHGHVV6SRUWVSRQVRULQJV
(LQHHVLFKKLPPHUUZLHGHUVWHOOHQGH)UDJHHLVWWGLHZLHVLFKKGHUDUWKRKHH$XVJDEHQQLPP%HUHLFKKGHV 6SRUWVSRQVRULQJVUHFKWIHUWLJHQODVVHQGKOHW]WHQGOLFKKDXFKZHOFKH=LHOHPLWWGHPP6SRUWVSRQ VRULQJ YHUIROJW ZHUGHQ 'LHVHH ODVVHQ VLFKK LQQ ]ZHLL EHUJHRUGQHWH .DWHJRULHQQ HLQWHLOHQ GLH |NRQRPLVFKHQQXQGGGLHSV\FKRORJLVFKHQQ6SRUWVSRQVRULQJ]LHOH%HLGHQQ|NRQRPLVFKHQQKDQGHOWW HVV VLFKK XP =LHOVHW]XQJHQQ ZLH *HZLQQVWHLJHUXQJ 8PVDW]VWHLJHUXQJ RGHUU .RVWHQVHQNXQJJ %UXKQ 6 'LHVHH VWHOOHQQ LPP 0DUNHWLQJ0L[ MHGRFKK (QG]LHOHH GDU ZHOFKHH IUU DOOH .RPPXQLNDWLRQVLQVWUXPHQWHH JOHLFKEHGHXWHQGG JHOWHQQ E]Z ZHOFKHH JOHLFKHUPDHQQ LQ DOOHQ IXQNWLRQDOHQQ7HLOEHUHLFKHQQYRQQ8QWHUQHKPHQQDOVVEHUJHRUGQHWGHILQLHUWWZHUGHQQ%UXKQQ 6
%HLL GHQQ SV\FKRORJLVFKHQ KDQGHOWW HVV VLFKK LQVEHVRQGHUH XPP GLHH 6WHLJHUXQJ GHVV %HNDQQWKHLWV JUDGHVVGHVV6SRQVRUVVVRZLHHGLHH,PDJHSURILOLHUXQJ%UXKQQ6'LHVVROOOHUUHLFKWWZHU GHQQEHUUHLQHQQSRVLWLYHQ,PDJHWUDQVIHU]ZLVFKHQQ*HVSRQVHUWHPPXQGGGHUUVSRQVHUQGHQQ0DUNH 'LHH =LHOH GLHVHV ,PDJHWUDQVIHUV LP %HUHLFKK GHUU 0DUNHWLQJ.RPPXQLNDWLRQQ VLQGG JHPl *ORJJHUGHU,PDJHDXIEDXEHLVSLHOVZHLVHIU0DUNHQQGLHHQRFKKNHLQQ,PDJHHEHVLW]HQQRGHUUQHX HQQ 0DUNHQ GLHH ,PDJHPRGLILNDWLRQ XPP HLQHH 9HUlQGHUXQJ HLQHVV IUU GLHH 0DUNHH FKDUDNWHULVWL VFKHQQ,PDJHVVKHUEHL]XIKUHQXQGGGLHH,PDJHVWDELOLVLHUXQJGKHLQHH9HUVWlUNXQJHLQHVVEHUHLWV YRUKHUUVFKHQGHQQ,PDJHVV*ORJJHUU6I'LHHSV\FKRORJLVFKHQ=LHOHHLPP6SRUWVSRQVR ULQJEHLQKDOWHQQGDEHLLGUHL.RPSRQHQWHQ'LHHNRJQLWLYHH.RPSRQHQWHZHOFKHHGHQQ(UZHUEEYRQ :LVVHQQ ]XX HLQHU 0DUNH EHLQKDOWHW GLH DIIHNWLYHH .RPSRQHQWH ZHOFKHH $XIPHUNVDPNHLW XQG
(PRWLRQDOLWlWWEHZLUNHQQVROOOXQGGGLHH9HUKDOWHQVNRPSRQHQWHZHOFKHHOHW]WHQGOLFKKHLQHH9HUlQ GHUXQJ GHVV 9HUKDOWHVV EHZLUNHQQ VROO ]% IU GLH .DXIHQWVFKHLGXQJ HLQHV 3URGXNWHVV /DJDH 6 $UWHQQGHVV6SRUWVSRQVRULQJV
$EVFKOLHHQGGZLUGGQXQQQRFKKDXIIGLHHXQWHUVFKLHGOLFKHQIUUGLHVHH$UEHLWWUHOHYDQWHQQ$UWHQQGHV 6SRUWVSRQVRULQJVHLQJHJDQJHQ
=XPPHLQHQQJLEWWHVVKLHUUGDVV6SRQVRULQJYRQQ(LQ]HOVSRUWOHUQ'LHVVNDQQQVLFKKGDKLQJHKHQGGNRQ NUHWLVLHUHQ GDVVV 6SRUWOHU DNWLYY 3UlVHQWHUU EHVWLPPWHUU 3URGXNWHH VLQGG RGHUU SDVVLYY :HUEHPD QDKPHQQLKUHVV6SRQVRUVVGXOGHQQ%UXKQQ6'LHHEHNDQQWHVWHQQ(UVFKHLQXQJVIRUPHQQGHU NRPPXQLNDWLYHQQ1XW]XQJVHLWHQVVGHUU8QWHUQHKPHQVLQGGKLHUUGLHH7ULNRWZHUEXQJDPPE]ZGLHH $XVVWDWWXQJPLWW$XVUVWXQJVJHJHQVWlQGHQQIUUGHQQ6SRUWOHUUXQGGGHVVHQQ,QWHJUDWLRQQLQQGLHH0H GLDZHUEXQJ%UXKQQ6I
=XPPDQGHUHQQLVWWKLHUQRFKKGDVV6SRQVRULQJYRQQ6SRUWPDQQVFKDIWHQ]XHUZlKQHQ+LHUEHLLZHU GHQQJUXQGVlW]OLFKKJDQ]HH7HDPVVJHVSRQVHUWW%UXKQ6$QDORJ]XPP6SRQVRULQJYRQQ (LQ]HOVSRUWOHUQQ LVWW KLHUU GLHH 7ULNRWZHUEXQJ HLQHH KlXILJ DQ]XWUHIIHQGHH .RPPXQLNDWLRQVPD QDKPH :HLWHUHH 0DQDKPHQQ VLQGG 6SRUWPDQQVFKDIWHQQ PLWW $XVUVWXQJVJHJHQVWlQGHQQ DXV]X VWDWWHQQXQGGGLHH0DQQVFKDIWWLPP5DKPHQQGHUU0HGLDZHUEXQJNRPPXQLNDWLY]XXQXW]HQQ%UXKQ 6
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lQGHQQ E]Z 6SRUWJHUlWHQ 7ULNRWZHUEXQJ NODVVLVFKHUU0HGLDZHUEXQJZlKUHQGGHVV(YHQWVGHUU1XW]XQJYRQQ7LWHOQQLPP.RQWH[WWGHUU9HU DQVWDOWXQJ XQGG GLHH :HUEXQJ DQQ *HElXGHQ 6WDGLHQ DXII (LQWULWWVNDUWHQ RGHUU )DKQHQQ %UXKQQ
6
.ULVHQPDQDJHPHQWXQGG.ULVHQNRPPXQLNDWLRQQ
,QQ GLHVHP OHW]WHQQ WKHRUHWLVFKHQQ 7HLOEHUHLFKK VROOHQQ ]XQlFKVW GLH %HJULIIHH GHVV .ULVHQPDQDJH PHQWVVXQGGGHUU.ULVHQNRPPXQLNDWLRQQGHILQLHUWWZHUGHQXPPGDUDXIIDXIEDXHQGGHLQQ.ULVHQNRP PXQLNDWLRQVPRGHOOO GDU]XVWHOOHQQ VRZLHH XQWHUVFKLHGOLFKHH 6WUDWHJLHQQ XQG (UIROJVIDNWRUHQQ GHUU .ULVHQNRPPXQLNDWLRQQDXI]X]HLJHQ .ULVHQPDQDJHPHQW
=XHUVWWVROOODXIEHUHLWHWWZHUGHQZDVVVLFKKLQWHUGHPP%HJULIIGHVV.ULVHQPDQDJHPHQWVVYHUELUJW %HJUQGHW ZXUGHH GHUU %HJULII GHVV .ULVHQPDQDJHPHQWV LP SROLWLVFKHQQ %HUHLFK ZREHL LQ GHU /LWHUDWXUUGLHHHUVWHH9HUZHQGXQJGHVV%HJULIIVVPHLVWW-RKQQ).HQQHG\LPP=XJHGHUU.XED.ULVH ]XJHVFKULHEHQZLUGYDQQGH.HUNKRI6,QQGHUU%HWULHEVZLUWVFKDIWVOHKUHLVWWHU HUVWWVHLWWGHQQHUQQHLQQJlQJLJHUU%HJULIII%UXKQ6.ULVHQPDQDJHPHQWWZLUGGGHIL QLHUWWDOVV0DQDJHPHQWDXIJDEHGLHDOOH3UR]HVVHYHUPHLGHQQRGHUEHZlOWLJHQQVROOGLHGDV:HL WHUOHEHQQ RGHU GLHH 5HSXWDWLRQQ HLQHUU 2UJDQLVDWLRQQ QDFKKDOWLJ JHIlKUGHQQ N|QQHQ (VV VHW]WW VLFK GHPQDFKK DQDORJ ]XPP NODVVLVFKHQQ 0DQDJHPHQWSUR]HVVV DXVV GHQ 7HLODXIJDEHQQ GHUU $QDO\VH 3ODQXQJ8PVHW]XQJXQG.RQWUROOHHYRQQ0DQDKPHQQGHUU9RUEHXJXQJ9RUEHUHLWXQJ%HZlO WLJXQJ XQGG 1DFKEHUHLWXQJ HLQHUU .ULVHH ]XVDPPHQQ 'LWJHV+|EHO+RIPDQQQ 6 I 'DVV .ULVHQPDQDJHPHQWW VROOO GHPQDFKK QLFKW HUVW HLQVHW]HQ ZHQQQ GLHH .ULVHHEHUHLWVVEHJRQQHQ KDWVRQGHUQPXVVVEHUHLWVVLPP9RUIHOGGEHJLQQHQXPPHLQHH.ULVHH]XXYHUKLQGHUQQRGHUU]XPLQGHVWW IUUGHQQ)DOOOGHVV(LQWUHWHQVVHLQHU.ULVHHJXWWYRUEHUHLWHWW]XVHLQXPPHLQHH.ULVHHVWHXHUQQXQGGVR ZHLWWP|JOLFKKNRQWUROOLHUHQQRGHUUHLQGlPPHQQ]XN|QQHQ'LWJHV+|EHO+RIPDQQQ6 'HUZLFKWLJVWHH%HVWDQGWHLOOGHVV.ULVHQPDQDJHPHQWVVLVWWGLHH.ULVHQNRPPXQLNDWLRQGDDEHUUVLH GLHH YHUVFKLHGHQHQQ 6WDNHKROGHUU VLFKK EHUU GLHH +LQWHUJUQGH %HGURKXQJHQQ XQGG $XVZLUNXQJHQ YRQQ .ULVHQ LQIRUPLHUHQQ N|QQHQ3ODQNHUWW 6 'LH 6WDNHKROGHU HLQHVV 8QWHUQHKPHQV E]Z GHVV 6SRQVRUV GLHH LPP /DXIHH GHUU $UEHLWW GHVV KlXILJHUHQQ HUZlKQWW ZHUGHQ VLQGG LQQ GLHVHP =XVDPPHQKDQJDOOJHPHLQQGLHH+DXSWDNWHXUHE]Z$QVSUXFKVJUXSSHQHLQHV8QWHUQHKPHQVGLH GHILQLHUWW ZHUGHQQ DOVV *UXSSHQ GLHH GXUFKK GLHH 7lWLJNHLWW GHUU 8QWHUQHKPHQQ GLUHNWW RGHUU LQGLUHNW EHWURIIHQ VLQG 'LHVH VLQGG QHEHQQ .DSLWDOJHEHUQ .XQGHQ :HWWEHZHUEHUQ XQGG 0LWDUEHLWHUQ YDGLHHgIIHQWOLFKNHLWWXQGG0HGLHQ(LQHHEHVRQGHUH6WHOOXQJLPP.RQWH[WWGLHVHUU$UEHLWWQHKPHQ GLHHgIIHQWOLFKNHLWWXQGGGLHH0HGLHQQHLQ:DVVHLQH.ULVHHLVWWXQGGDEZDQQPDQQYRQQHLQHUU.ULVH
VSULFKW ZLUGG OHW]WHQGOLFKK HUVW GXUFK VLHH GHILQLHUW 3ODQNHUW 6 'LHH gIIHQWOLFKNHLW VWHKWW $NWLRQHQQ YRQQ 8QWHUQHKPHQQ LPPHU VNHSWLVFKK JHJHQEHUU XQGG EHXUWHLOWW GLHVHH NULWLVFK :LFKWLJ LVWW KLHUEHL GDVV HLQQ 8QWHUQHKPHQ GLHVH UHOHYDQWHQQ $QVSUXFKVJUXSSHQ LGHQWLIL]LHUW XQGG LQQ HLQHQQ 'LDORJ PLWW LKQHQQ WULWWW 3ODQNHUWW 6 =XPP $QGHUHQ LGHQWLIL]LHUHQQ VLFKK LQVEHVRQGHUHHLPPHUUGLHH0HGLHQQDOVVUHOHYDQWHH$QVSUXFKVJUXSSHHGHU8QWHUQHKPHQ6LHHN|QQHQ GXUFK LKUH %HULFKWHUVWDWWXQJ .ULVHQQ HUVWPDOVV LQQ GLH gIIHQWOLFKNHLWW EULQJHQQ DEHU DXFKK .ULVHQ YHUVWlUNHQ6LHHN|QQHQQDOVV.DWDO\VDWRUULQQ.ULVHQVLWXDWLRQHQQJHVHKHQQZHUGHQGDDVLHHGXUFKKLKUHH XQWHUVFKLHGOLFKHQQ$UWHQQGHUU%HULFKWHUVWDWWXQJ.ULVHQQEHZHJHQEHVFKOHXQLJHQQRGHUUDXFKKYHU ODQJVDPHQQN|QQHQQ1ROWLQJ7KLHHQQ6)DNWHQQVSLHOHQQGDEHLLLQQGHU0HGLHQEHULFKWHU VWDWWXQJ NHLQH EHUJHRUGQHWHH 5ROOH VRQGHUQQ HV ZLUGG VHLWHQVV GHUU 0HGLHQ YHUVXFKW EHU HLQH (PRWLRQDOLVLHUXQJ LQQ GHUU %HULFKWHUVWDWWXQJ SV\FKRORJLVFKHH .RPSRQHQWHQ ]XX EHHLQIOXVVHQ ZRGXUFKK$GUHVVDWHQQEHVVHUUDQVSUHFKEDUVLQGGXQGGGDPLWWHLQHHHUK|KWHH$XIPHUNVDPNHLWWHUUHLFKW ZHUGHQQNDQQGLHHVLFKKOHW]WHQGOLFKKLQQK|KHUHQQ(LQVFKDOWTXRWHQQRGHUUGHUU(UK|KXQJYRQQ$XIOD JHQQZLHGHUVSLHJHOWW3ODQNHUWW69RUUDOOHPPYRUUGHPP+LQWHUJUXQGGGHVV6SRUWNRQWH[WHVV LVWWKLHU]XXEHDFKWHQGDVVHVVLFKKLPP6SRUWMRXUQDOLVPXVVLPPHUUXPP(PRWLRQHQQGUHKWGKPDQQ LPP6SRUWWLPPHUUPLW(PRWLRQHQQ]XWXQKDWZDVVLP:LUWVFKDIWVMRXUQDOLVPXVGKGHU%HULFKW HUVWDWWXQJLPPZLUWVFKDIWOLFKHQQ.RQWH[WWQLFKWWLPPHUUGHUU)DOOOLVWW)URPPHUWW6 .ULVHQNRPPXQLNDWLRQ
.ULVHQNRPPXQLNDWLRQ RGHUU Kl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lYHQWLYDUEHLWW 'LWJHV+|EHO+RIPDQQ 6 'DVV IROJHQGH 0RGHOOO VROOO GHQQNRQ]HSWLRQHOOHQQ5DKPHQQGHUU$UEHLWWGHWHUPLQLHUHQGKZHOFKHH3KDVHQQDOVVHUDFKWHQVZHUWW EHWUDFKWHWWZHUGHQQLPP%H]XJDXIIGLHH.ULVHQNRPPXQLNDWLRQLQQZHOFKHQQVLHHYRQQ%HGHXWXQJLVWW XQGGZHOFKHH$XIJDEHQQVLHMHZHLOVVKDW
Arbeit zitieren:
Thomas Kerkhoff, 2011, Krisenmanagement und Krisenkommunikation von Sportsponsoren – am Beispiel Team Telekom, München, GRIN Verlag GmbH
Dieser Text kann über folgende URL aufgerufen und zitiert werden:
Einbetten
DOI
Formatvorlage (Microsoft Word) für eine Diplomarbeit, Masterarbeit, Ha...
Für MS Word 2003 - Update 2010
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 25 Seiten
Formatvorlage (OpenOffice) für eine Diplomarbeit, Masterarbeit, Hausar...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 35 Seiten
Formatvorlage / Vorlage zur Erstellung einer Diplomarbeit, Bachelorarb...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 15 Seiten
Formatvorlage / Vorlage für eine Diplomarbeit / Hausarbeit
Für MS Word 2007 - dotx
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 25 Seiten
Anleitung zum Erstellen schriftlicher Arbeiten: Der Aufbau einer wisse...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 20 Seiten
Erstellen einer schriftlichen Hausarbeit
Vorlagen, Muster, Formulare, Infobroschüren
Hausarbeit, 14 Seiten
Grundtechniken wissenschaftlichen Arbeitens
Bibliografieren - Reden - Schr...
Vorlagen, Muster, Formulare, Infobroschüren
Skript, 46 Seiten
Ratgeber zur Erstellung wissenschaftlicher Arbeiten. Diplomarbeiten - ...
Vorlagen, Muster, Formulare, Infobroschüren
Ausarbeitung, 39 Seiten
Medien / Kommunikation - Public Relations, Werbung, Marketing: Krisenmanagement und Krisenkommunikation von Sportsponsoren – am Beispiel Team Telekom ist nun auf dem Buchmarkt erhältlich
Medien / Kommunikation - Public Relations, Werbung, Marketing: neuer Titel erschienen: Krisenmanagement und Krisenkommunikation von Sportsponsoren – am Beispiel Team Telekom
Thomas Kerkhoff hat einen neuen Text hochgeladen
Krisenpräventives Kommunikationsmanagement am Flughafen
Ein Modell der Public Relation...
Gabriela Maria Biesiadecka
Wirksame Krisenkommunikation - Theorie und Praxis der Public Relations...
Theorie und Praxis der Public ...
S Homuth
Krisenkommunikation im professionellen Fußball
Analyse und Vergleich der Medi...
Björn Remmel
Die Auswirkungen der Krisenkommunikation auf das Image des Finanzplatz...
Anhand der aktuellen "Steueraf...
Wilfried Nocker
0 Kommentare