7 6LQXV 5 'HU 5HSHDWHU 7 6LQXV 5 HUK|KW GLH 5HLFKZHLWH YRQ 6FKQXUORVWHOHIRQHQ V 'HXWVFKH 7HOHNRP
,QKDOWVYHU]HLFKQLV (LQOHLWXQJ 6LFKHUKHLWVKLQZHLVH 7 6LQXV 5 LQ %HWULHE QHKPHQ 7 6LQXV 5 DXVSDFNHQ
(LQOHLWXQJ 0LW GHP 7 6LQXV 5 N|QQHQ 6LH GLH 5HLFKZHLWH ,KUHU 7 6LQXV 7 6LQXV 6LQXV & XQG VFKQXUORVHQ 7 &RQFHSW %DVLVVWDWLRQHQ YHUJU|HUQ RGHU %HUHLFKH HUVFKOLHHQ LQ GHQHQ ELVKHU NHLQ (PSIDQJ P|JOLFK ZDU ] % LP )XQNVFKDWWHQ ,Q GHP HUZHLWHUWHQ 5HSHDWHU %HUHLFK VLQG DOOH )XQNWLRQHQ GHV 0RELOWHLOV ZLH DQ ,KUHU %DVLVVWDWLRQ QXW]EDU ,P %HUHLFK GHV 7 6LQXV 5 N|QQHQ ]ZHL DQ GHU %DVLVVWDWLRQ DQJHPHOGHWH 0RELOWHLOH JOHLFK]HLWLJ EHWULHEHQ ZHUGHQ %D
7 6LQXV 5 LQ %HWULHE QHKPHQ 7 6LQXV 5 DXVSDFNHQ $XVSDFNHQ ,Q GHU 9HUSDFNXQJ VLQG HQWKDOWHQ ■ 5HSHDWHU 7 6LQXV 5 ■ 6WHFNHUQHW]JHUlW 61* D ■ %HGLHQXQJVDQOHLWXQJ ■ 6FKUDXEHQ XQG 'EHO IU GLH :DQGEHIHVWLJXQJ 7 6LQXV 5 NRPSOHWWLHUHQ %HYRU 6LH PLW GHU $QPHOGXQJ EHJLQQHQ VWHOOHQ 6LH GHQ 7 6LQXV 5 LQ XQPLWWHOEDUHU 1lKH ]XU %DVLV VWDWLRQ XQG ]X HLQHP 6WURPDQVFKOXVV DXI 'DPLW 6L
/(' )XQNWLRQVDQ]HLJH $XI GHU 9RUGHUVHLWH ZHUGHQ GXUFK ]ZHL /HXFKWGLRGHQ GLH YHUVFKLHGHQHQ %HWULHEV]XVWlQGH DQJH]HLJW /HXFKWGLRGHQ /(' 'LH OLQNH /(' ]HLJW GHQ $QPHOGH]XVWDQG XQG GLH %HWULHEVEHUHLWVFKDIW DQ GLH UHFKWH /(' VLJQDOLVLHUW GLH 0RELOWHLO 9HUELQGXQJHQ EHU GHQ 5HSHDWHU /LQNH /(' 6LJQDOLVLHUXQJHQ 'XQNHO 6WURPYHUVRUJXQJ $86 %OLQNW NHLQH 9HUELQGXQJ ]XU %DVLVVWDWLRQ 'DXHUQGHV /HXFKWHQ QRUPDOH 9HUELQGXQJ ]XU %DVLVVWDWLRQ 8QWHUEURFKHQHV %OLQNHQ $QPHOGHEHUHL
%DVLVVWDWLRQHQ IU GHQ 5HSHDWHU %HWULHE YRUEHUHLWHQ 7 6LQXV ; 7 6LQXV ;$ )ROJHQGH 3UR]HGXU LVW DP 0RELOWHLO 7 6LQXV .
6LQXV $ )ROJHQGH 3UR]HGXU LVW DP 0RELOWHLO 7 6LQXV 6 GXUFK]XIKUHQ 0(18 0HQ |IIQHQ %$6,6 (,167 $XVZlKOHQ XQG EHVWlWLJHQ 621'(5 ).7 $XVZlKOHQ XQG EHVWlWLJHQ 5(3($7(5 $XVZlKOHQ XQG EHVWlWLJHQ ,P 'LVSOD\ HUVFKHLQW ª:,5./,&+"© 6LFKHUKHLWVDEIUDJH EHVWlWLJHQ 7 6LQXV .RPIRUW $ .RPIRUW XQG 7 6LQXV ; 0LFUR ;$ 0LFUR )ROJHQGH 3UR]HGXU LVW DP 0RELOWHLO 7 6LQXV .
6LQXV LVGQ 6LQXV $% LVGQ )ROJHQGH 3UR]HGXU LVW DP 0RELOWHLO 6LQXV .
6LQXV 6LQXV $% )ROJHQGH 3UR]HGXU LVW DP 0RELOWHLO 6LQXV 6 GXUFK]XIKUHQ _ Ç Ã y D y Ì y 7DVWHQ QDFKHLQDQGHU GUFNHQ 6\VWHP 3,1 HLQJHEHQ 0LW :DKOZLHGHUKROXQJVWDVWH 2. EHVWlWLJHQ =LIIHUQWDVWH GUFNHQ 5HSHDWHUEHWULHE GHDNWLYLHUHQ =LIIHUQWDVWH 0LW :DKOZLHGHUKROXQJVWDVWH 2. EHVWlWLJHQ %DVLVVWDWLRQ LVW HLQJHVWHOOW 6LQXV .RPIRUW 6LQXV $% .RPIRUW )ROJHQGH 3UR]HGXU LVW DP 0RELOWHLO 6LQXV .
7 &RQFHSW &3 &3$ &3 &3$ )ROJHQGH 3UR]HGXU LVW DQ GHU HQWVSUHFKHQGHQ %DVLVVWDWLRQ GXUFK]XIKUHQ 0(1h P C Y 2. U C Y 2. U C Y 2. U C Y 2. U * 2.
7 &RQFHSW &; )ROJHQGH 3UR]HGXU LVW DP 0RELOWHLO 7 &RQFHSW &0 GXUFK]XIKUHQ 0(1h O A Y 2. U A Y 2. U A Y 2. U A Y 2. U A Y 2. U * 2.
7 6LQXV 5 DQ GHU %DVLVVWDWLRQ DQPHOGHQ 6LQG DQ ,KUHU %DVLVVWDWLRQ VFKRQ 7 6LQXV 5 RGHU 7 5HSHDWHU DQJHPHOGHW PVVHQ GLHVH HLQJH VFKDOWHW VHLQ 6WHFNHUQHW]JHUlW LVW HLQJHVWHFNW 'LH $QPHOGXQJ HLQHV ZHLWHUHQ 7 6LQXV 5 PXVV GDQQ LQ GHU 1lKH GHU EHWULHEVEHUHLWHQ %DVLVVWDWLRQ GXUFKJHIKUW ZHUGHQ 6LH VROOWHQ GHVKDOE DXFK GLH %HGLHQXQJVDQOHLWXQJ ,KUHU %DVLVVWDWLRQ JULIIEHUHLW KDEHQ $QPHOGXQJ 'HU 7 6LQXV 5 LVW DXVJHVFKDOWHW 1HW]VWHFNHU JH]RJHQ %
$XIVWHOOXQJVRUW =XP RSWLPDOHQ %HWULHE HLQHV 7 6LQXV 5 LVW HLQ 6WDQGRUW PLW JXWHP (PSIDQJ ]XU %DVLVVWDWLRQ HUIRUGHUOLFK =XU HUVWHQ hEHUSUIXQJ GHV JHZQVFKWHQ 6WDQGRUWHV N|QQHQ 6LH ,KU 0RELOWHLO EHQXW]HQ $P $XIVWHO OXQJVRUW GDUI GHU 5HLFKZHLWHQZDUQWRQ QLFKW HUW|QHQ E]Z GDV 5HLFKZHLWHQV\PERO QLFKW EOLQNHQ :HQQ GHU 7 6LQXV 5 DQJHPHOGHW LVW VWHFNHQ 6LH GDV 6WHFNHUQHW]JHUlW DP JHZQVFKWHQ 2UW LQ GLH 6WHFNGRVH /(' PXVV VWlQGLJ OHXFKWHQ XQG KDOWHQ GHQ 7 6LQXV
%HWULHE PLW GHP 7 6LQXV 5 :HFKVHOQ GHU )XQNEHUHLFKH ZlKUHQG HLQHV *HVSUlFKV -HGHV 0RELOWHLO GDV GHQ (PSIDQJVEHUHLFK ZHFKVHOQ ZLOO PXVV VLFK ]XHUVW LP )XQNEHUHLFK GHV 7 6LQXV 5 HLQEXFKHQ VLHKH 6HLWH .RQWUROOH %HL HLQJHVFKDOWHWHP .
$QKDQJ 6HOEVWKLOIH EHL 6W|UXQJHQ 9HUKlOW VLFK ,KU 7 6LQXV 5 HLQPDO QLFKW VR ZLH 6LH HV ZQVFKHQ YHUVXFKHQ 6LH ]XQlFKVW VLFK PLW GHU IROJHQGHQ /LVWH VHOEVW ]X KHOIHQ :HQQ 6LH GHQ )HKOHU QLFKW VHOEVW EHKHEHQ N|QQHQ VWHKW ,KQHQ GHU 7 6HUYLFH XQWHU GHQ DXI 6HLWH DQJHJHEHQHQ 5XIQXPPHUQ JHUQH ]XU 9HUIJXQJ 6W|UXQJ 8UVDFKH $EKLOIH /LQNH /(' EOLQNW VWlQGLJ QDFK .
*HZlKUOHLVWXQJ +DEHQ 6LH GDV 3URGXNW EHL HLQHP )DFKKlQGOHU RGHU LQ HLQHP )DFKPDUNW JHNDXIW JLOW IROJHQGH *HZlKUOHLVWXQJ ,KUH $QVSUHFKVWHOOH IU /HLVWXQJHQ DXV *HZlKUOHLVWXQJVYHUSIOLFKWXQJHQ LVW GHU )DFKKlQGOHU EHL GHP 6LH GDV *HUlW HUZRUEHQ KDEHQ 'HU )DFKKlQGOHU OHLVWHW IU 0DWHULDO XQG +HUVWHOOXQJ GHV 7HOHNRPPXQLNDWLRQVJHUlWHV HLQH *HZlKU OHLVWXQJ YRQ -DKUHQ DE GHU hEHUJDEH 'HU .
6HUYLFH %HL WHFKQLVFKHQ 3UREOHPHQ PLW ,KUHP 7 6LQXV 5 N|QQHQ 6LH VLFK ZlKUHQG GHU EOLFKHQ *HVFKlIWV]HLWHQ DQ GLH 7 6HUYLFH +RWOLQH ZHQGHQ 'HU 9HUELQGXQJVSUHLV EHWUlJW (85 SUR DQJHIDQJHQH 6HNXQGHQ EHL HLQHP $QUXI DXV GHP )HVWQHW] GHU 'HXWVFKHQ 7HOHNRP (UIDKUHQH 7HFKQLNHU EHUDWHQ 6LH DXFK ]XU %HGLHQXQJ ,KUHV 7HOHNRPJHUlWHV 9HUPXWHQ 6LH HLQH 6W|UXQJ ,KUHV $QVFKOXVVHV VR ZHQGHQ 6LH VLFK ELWWH DQ GHQ 6HUYLFH ,KUHV 1HW]DQ ELHWHUV )U GLH 7HOHNR
7HFKQLVFKH 'DWHQ ■ 6WDQGDUG '(&7 *$3 ■ .DQDO]DKO 'XSOH[NDQlOH ■ )UHTXHQ]HQ 0+] ELV 0+] ■ 'XSOH[YHUIDKUHQ =HLWPXOWLSOH[ PV 5DKPHQOlQJH ■ .DQDOUDVWHU N+] ■ %LWUDWH NELW V ■ 0RGXODWLRQ *)6. ■ 6SUDFKNRGLHUXQJ NELW V ■ 6HQGHOHLVWXQJ P: PLWWOHUH /HLVWXQJ SUR .
6WLFKZRUWYHU]HLFKQLV $ / $EKLOIH $QKDQJ $XIVWHOOXQJVRUW $XVSDFNHQ /(' )XQNWLRQVDQ]HLJH /|VHQ GHU 6FKQXU % %DVLVVWDWLRQHQ YRUEHUHLWHQ %HWULHE PLW GHP 7 6LQXV 5 & &( =HLFKHQ * *HZlKUOHLVWXQJ , ,Q %HWULHE QHKPHQ . .RPSOHWWLHUHQ .
+HUDXVJHEHU 'HXWVFKH 7HOHNRP $* %RQQ bQGHUXQJHQ YRUEHKDOWHQ 6WDQG -XOL