HR050_REF_Teil 3_4

+5 /HNWLRQ 3ODQXQJHQ LQ GHU 3HUVRQDOHQWZLFNOXQJ
hEXQJ 3ODQXQJHQ LQ GHU

3HUVRQDOHQWZLFNOXQJ
'DXHU GHU hEXQJ 0LQXWHQ
/HUQ]LHOH GHU hEXQJ

$P (QGH GLHVHU hEXQJ N|QQHQ 6LH
HLQHQ LQGLYLGXHOOHQ (QWZLFNOXQJVSODQ IU HLQHQ 0LWDUEHLWHU DQOHJHQ
DXVZHUWHQ ZHOFKH 0LWDUEHLWHU DQ HLQHP EHVWLPPWHQ (QWZLFNOXQJVSODQ
WHLOQHKPHQ
8QWHUQHKPHQVV]HQDULR
'LH EHUXIOLFKH (QWZLFNOXQJ HLQHV 0LWDUEHLWHUV ZLUG ZlKUHQG HLQHU %HVSUHFKXQJ
]ZLVFKHQ GHP EHWUHIIHQGHQ 0LWDUEHLWHU XQG VHLQHP 9RUJHVHW]HQ JHSODQW 'DV
(UJHEQLV ZLUG LQ )RUP HLQHV LQGLYLGXHOO DXI GLH %HGUIQLVVH HLQHV 0LWDUEHLWHUV
DQJHSDVVWHQ JHQHUHOOHQ (QWZLFNOXQJVSODQV LP 6\VWHP KLQWHUOHJW
+LQZHLV (UVHW]HQ 6LH ELWWH GXUFK ,KUH *UXSSHQQXPPHU
$XIJDEH
)KUHQ 6LH LP 6\VWHP IROJHQGH 6FKULWWH DXV
/HJHQ 6LH HLQHQ LQGLYLGXHOOHQ (QWZLFNOXQJVSODQ IU *HRUJH 9HJD
3HUVRQDOQXPPHU PLW GHU (QWZLFNOXQJVSODQYRUODJH
7UDLQHH3URJUDPP $GPLQLVWUDWLRQ DQ %HJLQQ LVW GHU (UVWH GHV ODXIHQGHQ
0RQDWV
hEHUQHKPHQ 6LH DOOH 6WDWLRQHQ DXV GHU (QWZLFNOXQJVSODQYRUODJH LQ GHQ
LQGLYLGXHOOHQ (QWZLFNOXQJVSODQ YRQ *HRUJH 9HJD XQG NHQQ]HLFKQHQ 6LH
GLHVH DOV JHSODQW .HQQ]HLFKQHQ 6LH HLQH 6WDWLRQ GLH HLQ 9HUDQVWDOWXQJVW\S
LVW DOV DNWXHOO ] % GHQ 7\S .RPPXQLNDWLRQVNXUV
6LFKHUQ 6LH GHQ (QWZLFNOXQJVSODQ XQG ODVVHQ 6LH VLFK GHQ 3ODQ DOV 7HLOSURILO
DQ]HLJHQ
:HUWHQ 6LH EHU GDV ,QIRV\VWHP DXV ZHOFKH 0LWDUEHLWHU DQ GHP
(QWZLFNOXQJVSODQ 7UDLQHH3URJUDPP $GPLQLVWUDWLRQ WHLOQHKPHQ E]Z
EHUHLWV WHLOJHQRPPHQ KDEHQ
4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

.DSLWHO $XV XQG :HLWHUELOGXQJ +5
/|VXQJ 3ODQXQJHQ LQ GHU

3HUVRQDOHQWZLFNOXQJ
$XIJDEH
)KUHQ 6LH LP 6\VWHP IROJHQGH 6FKULWWH DXV
/HJHQ 6LH HLQHQ LQGLYLGXHOOHQ (QWZLFNOXQJVSODQ IU *HRUJH 9HJD
3HUVRQDOQXPPHU PLW GHU (QWZLFNOXQJVSODQYRUODJH
7UDLQHH3URJUDPP $GPLQLVWUDWLRQ DQ %HJLQQ LVW GHU (UVWH GHV ODXIHQGHQ
0RQDWV
hEHUQHKPHQ 6LH DOOH 6WDWLRQHQ DXV GHU (QWZLFNOXQJVSODQYRUODJH LQ GHQ
LQGLYLGXHOOHQ (QWZLFNOXQJVSODQ YRQ *HRUJH 9HJD XQG NHQQ]HLFKQHQ 6LH
GLHVH DOV JHSODQW .HQQ]HLFKQHQ 6LH HLQH 6WDWLRQ GLH HLQ 9HUDQVWDOWXQJVW\S
LVW DOV DNWXHOO ] % GHQ 7\S .RPPXQLNDWLRQVNXUV
)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH
6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

+5 /HNWLRQ 3ODQXQJHQ LQ GHU 3HUVRQDOHQWZLFNOXQJ
6LFKHUQ 6LH GHQ (QWZLFNOXQJVSODQ XQG ODVVHQ 6LH VLFK GHQ 3ODQ DOV 7HLOSURILO
DQ]HLJHQ
D :lKOHQ 6LH LP 0HQ 3HUVRQDOHQWZLFNOXQJ ĺ 3ODQXQJ ĺ ,QGLYLGXHOOH
(QWZLFNOXQJ %HL %HGDUI N|QQHQ 6LH LP 'URSGRZQ0HQ GLH 2SWLRQ
3HUVRQ ZlKOHQ *HEHQ 6LH LP )HOG 3HUVRQ GLH 3HUVRQDOQXPPHU YRQ
*HRUJH 9HJD HLQ (500993##) ZlKOHQ 6LH EHU GLH 6WUXNWXUVXFKH GLH
(QWZLFNOXQJVSODQYRUODJH 7UDLQHH3URJUDPP $GPLQLVWUDWLRQ DXV XQG
JHEHQ 6LH LP )HOG 3ODQXQJVEHJLQQ GHQ (UVWHQ GHV ODXIHQGHQ 0RQDWV
HLQ :lKOHQ 6LH bQGHUQ
E hEHUQHKPHQ 6LH DOOH 6WDWLRQHQ DXV GHU (QWZLFNOXQJVSODQYRUODJH LQ GHQ
LQGLYLGXHOOHQ (QWZLFNOXQJVSODQ YRQ *HRUJH 9HJD XQG NHQQ]HLFKQHQ
6LH GLHVH DOV JHSODQW :lKOHQ 6LH $OOH EHUQHKPHQ
F 6HW]HQ 6LH GHQ =XVWDQG IU DOOH 6WDWLRQHQ PLW +LOIH GHV
'URSGRZQ0HQV XQWHU 7UDLQHH3URJUDPP $GPLQLVWUDWLRQ DXI JHSODQW
:lKOHQ 6LH LP DQJH]HLJWHQ 'LDORJIHQVWHU Ja XP GHQ 6WDWXV GHU
HLQ]HOQHQ 6WDWLRQHQ DQ]XSDVVHQ
G .HQQ]HLFKQHQ 6LH HLQH 6WDWLRQ GLH HLQ 9HUDQVWDOWXQJVW\S LVW ] %
GHQ 9HUDQVWDOWXQJVW\S .RPPXQLNDWLRQVNXUV PLW GHU 2EMHNW,'
DOV DNWXHOO 6HW]HQ 6LH KLHUIU LP )HOG =XVWDQG IU GLHVH
6WDWLRQ GHQ 6WDWXV DNWXHOO :lKOHQ 6LH LP 'LDORJIHQVWHU ,QGLYLGXHOOH
(QWZLFNOXQJVSODQXQJ Ja XP GLH 2SWLRQ 7HLOQDKPH EXFKHQ ZLUG
DXVJHIKUW ]X EHVWlWLJHQ :lKOHQ 6LH HLQ 'DWXP DXV XQG EXFKHQ 6LH
GHQ 0LWDUEHLWHU DXI GHQ .XUV ,VW NHLQ .XUV YHUIJEDU PHUNHQ 6LH
GHQ 7HLOQHKPHU IU GHQ 9HUDQVWDOWXQJVW\S YRU .HKUHQ 6LH ]XP %LOG
,QGLYLGXHOOH (QWZLFNOXQJVSODQXQJ ]XUFN 6LFKHUQ
H :lKOHQ 6LH 6SULQJHQ ĺ 3URILO XP LQ GLH 7HLOSURILOVLFKW GHU
3HUVRQDOHQWZLFNOXQJ ]X YHU]ZHLJHQ $XI GHU 5HJLVWHUNDUWH ,QGLYLGXHOOH
(QWZLFNOXQJ N|QQHQ 6LH GHQ 3ODQ IU *HRUJH 9HJD DQ]HLJHQ
I 6LH N|QQHQ EHOLHELJ ZHLWHUH bQGHUXQJHQ DQ GHQ 6WDWLRQHQ YRUQHKPHQ
XQG ] % HLQH 6WDWLRQ GHU $UW 7UDLQLQJVW\S O|VFKHQ RGHU HLQH QHXH
(QWZLFNOXQJVVWDWLRQ DXVZlKOHQ 6LFKHUQ 6LH DEVFKOLHHQG ,KUH
bQGHUXQJHQ
:HUWHQ 6LH EHU GDV ,QIRV\VWHP DXV ZHOFKH 0LWDUEHLWHU DQ GHP
(QWZLFNOXQJVSODQ 7UDLQHH3URJUDPP $GPLQLVWUDWLRQ WHLOQHKPHQ E]Z
EHUHLWV WHLOJHQRPPHQ KDEHQ
D :lKOHQ 6LH 3HUVRQDOHQWZLFNOXQJ ĺ ,QIRV\VWHP ĺ %HULFKWH ĺ 6XFKH
ĺ =X (QWZLFNOXQJVSODQ
E 9HUZHQGHQ 6LH HLQHQ 6XFKEHJULII XP QDFK GHP (QWZLFNOXQJVSODQ
7UDLQHH3URJUDPP $GPLQLVWUDWLRQ ]X VXFKHQ :lKOHQ 6LH GLHVHQ SHU
'RSSHONOLFN DXV 6LH HUKDOWHQ LQ GHU 6LFKW 6XFKH ]X (QWZLFNOXQJVSODQ
HLQH /LVWH GHU WHLOQHKPHQGHQ 0LWDUEHLWHU

=XVDPPHQIDVVXQJ GHU /HNWLRQ

1XQ N|QQHQ 6LH
/DXIEDKQ XQG 1DFKIROJHSODQXQJHQ GXUFKIKUHQ
(QWZLFNOXQJVSOlQH HLQVHW]HQ

+5 /HNWLRQ 3HUIRUPDQFH 0DQDJHPHQW
/HNWLRQ 3HUIRUPDQFH 0DQDJHPHQW

'DXHU GHU /HNWLRQ 0LQXWHQ
hEHUEOLFN EHU GLH /HNWLRQ

$P (QGH GLHVHU /HNWLRQ ZHUGHQ 6LH LQ GHU /DJH VHLQ GLH )XQNWLRQHQ GHV
3HUIRUPDQFH 0DQDJHPHQW ]X EHVFKUHLEHQ
/HUQ]LHOH GHU /HNWLRQ

$P (QGH GLHVHU /HNWLRQ N|QQHQ 6LH
GLH 6WUXNWXU YRQ %HXUWHLOXQJHQ XQG GHQ %HXUWHLOXQJVSUR]HVV EHVFKUHLEHQ
%HXUWHLOXQJHQ GXUFKIKUHQ
LP %HXUWHLOXQJVSUR]HVV =LHOYHUHLQEDUXQJHQ EHUFNVLFKWLJHQ
:HLWHUH ,QIRUPDWLRQHQ XQG 0DWHULDOLHQ ]XP 3HUIRUPDQFH 0DQDJHPHQW HUKDOWHQ

6LH XQWHU
KWWSZZZVDSFRPHUSKFP
VHUYLFHVDSFRPHUSKFP
XQG LQ GHU QHXHQ 6ROXWLRQ 0DS +&0 ĺ 7DOHQW 0DQDJHPHQWĺ 6XFKHQ
QDFK ĺ 3HUIRPDQFH 0DQ
5.7 KWWSLQWUDQHWVDSFRPUNWKU
6LH N|QQHQ 2IIOLQH'HPRV HLQVHKHQ KWWSLQWUDQHWVDSFRPKUGHPRV
6LH VXFKHQ LP 6WDQGDUG3HUIRUPDQFH0DQDJHPHQW QDFK 0|JOLFKNHLWHQ XP ] %
,KUH 0LWDUEHLWHUJHVSUlFKH DE]XELOGHQ

3HUIRUPDQFH 0DQDJHPHQW
$EELOGXQJ 3HUIRUPDQFH 0DQDJHPHQW
'DV 3HUIRUPDQFH 0DQDJHPHQW LVW HLQH PRGHUQH 0HWKRGH GHU 3HUVRQDOZLUWVFKDIW

'LH 9HUJWXQJ ULFKWHW VLFK KLHU GDQDFK LQZLHZHLW GLH 0LWDUEHLWHUOHLVWXQJ GHQ
YHUHLQEDUWHQ =LHOHQ HQWVSULFKW 'LHVH 0DQDJHPHQWPHWKRGH IKUW EHL YLHOHQ
0LWDUEHLWHUQ ]X HLQHU K|KHUHQ 0RWLYDWLRQ XQG HLQHU EHVVHUHQ /HLVWXQJ
P\6$3 (53 +&0 3HUIRUPDQFH 0DQDJHPHQW ELHWHW HLQ :HUN]HXJ PLW GHVVHQ
+LOIH 6LH GLH RSHUDWLYHQ =LHOH ,KUHU 0LWDUEHLWHU EHUZDFKHQ N|QQHQ 'DUEHU
KLQDXV N|QQHQ 6LH GDPLW GLH 8QWHUQHKPHQVVWUDWHJLH DXI 0LWDUEHLWHUHEHQH
KHUXQWHUEUHFKHQ LQGHP 6LH DXVIKUOLFKH =LHOH XQG ,QLWLDWLYHQ HLQIKUHQ XQG
3HUIRUPDQFH)HHGEDFN*HVSUlFKH %HXUWHLOXQJHQ XQG 9HUJWXQJVDQSDVVXQJHQ
YRUQHKPHQ

=LHOH PVVHQ ZLH IROJW IRUPXOLHUW VHLQ

6SH]LILVFK
'LH ]X HUUHLFKHQGHQ =LHOH PVVHQ VR NODU XQG GHXWOLFK ZLH P|JOLFK
XPVFKULHEHQ ZHUGHQ
0HVVEDU
'LH GHILQLHUWHQ =LHOH N|QQHQ TXDQWLWDWLY HUPLWWHOW XQG GDPLW JHPHVVHQ
ZHUGHQ
$XVIKUEDU
'DV (UUHLFKHQ GHU =LHOH OLHJW LQ GHU 9HUDQWZRUWXQJ GHV 0LWDUEHLWHUV XQG
NDQQ YRQ LKP EHHLQIOXVVW ZHUGHQ
5HDOLVWLVFK
)U GLH GHILQLHUWHQ =LHOH EHVWHKW HLQH UHDOLVWLVFKH $XVVLFKW GLHVH ]X HUUHLFKHQ
7HUPLQLHUW
(V JLEW HLQHQ NODUHQ =HLWUDKPHQ IU GLH (UUHLFKXQJ GHU =LHOH
'HU 5HIHUHQW VROOWH GDUDXI KLQZHLVHQ GDVV GDV 3HUIRUPDQFH 0DQDJHPHQW DOV 7HLO
YRQ P\ 6$3 (53 +&0 ]XHUVW PLW 5HOHDVH ([WHQVLRQ DXVJHOLHIHUW
ZXUGH (V ZXUGH PLW 5HOHDVH ([WHQVLRQ LP DNWXHOOHQ P\6$3 (53
HUZHLWHUW P\6$3 (53 ZLUG QHXH (UZHLWHUXQJHQ ELHWHQ 'LH 6WlUNHQ VLQG
QLHGULJHUH *HVDPWEHWULHEVNRVWHQ
GLH (53,QWHJUDWLRQ ]% PLW GHP 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW
(&0 XQG GHU %DODQFHG 6FRUHFDUG DOV 7HLO YRQ P\6$3 6(0
GLH ,QWHJUDWLRQ PLW 3RUWDODQZHQGXQJHQ XQG 6HOI6HUYLFHV (66 XQG 066

$EELOGXQJ bQGHUXQJHQ LQ GHU /HLVWXQJVEHXUWHLOXQJ
'HU %HXUWHLOXQJVSUR]HVV XPIDVVW

GLH 9HUHLQEDUXQJ YRQ =LHOHQ ]ZLVFKHQ 0DQDJHU XQG 0LWDUEHLWHU
0LWDUEHLWHUJHVSUlFK XQG GHQ $EVFKOXVV GHU /HLVWXQJVEHXUWHLOXQJ
GLH 8QWHUVWW]XQJ VWUDWHJLVFKHU =LHOH DXV GHU %DODQFHG 6FRUHFDUG LQ 6(0
XQG GLH hEHUQDKPH GHU %HXUWHLOXQJVGDWHQ LQ P\6$3 (53 +&0
8QWHUQHKPHQV $EWHLOXQJV XQG %HUHLFKV]LHOH VRZLH LQGLYLGXHOOH =LHOH IOLHHQ
KLHU HLQ
,QGLYLGXHOOH =LHOH ZHUGHQ HEHQIDOOV EHUFNVLFKWLJW
'HU 3HUIRUPDQFH0DQDJHPHQW3UR]HVV NDQQ GXUFK 0LWDUEHLWHUJHVSUlFKH
RSWLPLHUW ZHUGHQ
(V VWHKHQ YHUVFKLHGHQH %HXUWHLOXQJVYRUODJHQ ]XU 8QWHUVWW]XQJ XQWHUVFKLHGOLFKHU
%HXUWHLOXQJVDUWHQ ZLH ]% YRQ 7HLOEHXUWHLOXQJHQ XQG )HHGEDFN ]XU
9HUIJXQJ
'LH (UJHEQLVVH GLHVHV 3UR]HVVHV N|QQHQ EHU 9HUJWXQJVDQSDVVXQJHQ LQ GLH
9HUJWXQJ HLQJHKHQ

$EELOGXQJ 3HUIRUPDQFH 0DQDJHPHQW (QWZLFNOXQJVVFKZHUSXQNWH
'LH ,QWHJUDWLRQ PLW GHU 3HUVRQDOHQWZLFNOXQJ HUP|JOLFKW HV $QIRUGHUXQJVSURILOH

DXV 3ODQVWHOOHQ RGHU 4XDOLILNDWLRQHQ DXV GHP 4XDOLILNDWLRQVNDWDORJ GLUHNW
LQ GLH LQGLYLGXHOOHQ =LHOYHUHLQEDUXQJHQ GHV 0LWDUEHLWHUV ]X EHUIKUHQ 'LH
4XDOLILNDWLRQVSURILOH GHU EHUHLWV EHXUWHLOWHQ 0LWDUEHLWHU N|QQHQ QDFK $EVFKOXVV
GHV %HXUWHLOXQJVSUR]HVVHV DNWXDOLVLHUW ZHUGHQ
'LH ,QWHJUDWLRQ PLW GHP 9HUDQVWDOWXQJVPDQDJHPHQW HUP|JOLFKW
%HXUWHLOXQJVSUR]HVVH IU 9HUDQVWDOWXQJV XQG 7HLOQHKPHUEHXUWHLOXQJHQ
'DQN GHU ,QWHJUDWLRQ PLW GHP 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW
ZHUGHQ 9RUVFKOlJH IU 9HUJWXQJVDQSDVVXQJHQ VRIRUW QDFK $EVFKOXVV GHV
%HXUWHLOXQJVSUR]HVVHV EHUQRPPHQ
'XUFK GLH ,QWHJUDWLRQ PLW GHP 6WUDWHJLF (QWHUSULVH 0DQDJHPHQW 6(0
N|QQHQ GLH GHQ 8QWHUQHKPHQV]LHOHQ HQWQRPPHQHQ )DFKEHUHLFKV]LHOH LQ GHU
%DODQFHG 6FRUHFDUG DQJH]HLJW XQG GLH UHOHYDQWHQ VWUDWHJLVFKHQ =LHOH GLUHNW LQ GLH
=LHOYHUHLQEDUXQJHQ GHU 0LWDUEHLWHU EHUQRPPHQ ZHUGHQ
'LH ,QWHJUDWLRQ PLW GHP %XVLQHVV ,QIRUPDWLRQ :DUHKRXVH %: HUP|JOLFKW
NODUH XQG NRPSOH[H %HZHUWXQJHQ ]% 'XUFKVFKQLWWVEHUHFKQXQJHQ XQG
9HUJOHLFKH YRQ %HXUWHLOXQJHQ

$EELOGXQJ .RQWLQXLHUOLFKHU )HHGEDFN3UR]HVV
'DV 3HUIRUPDQFH 0DQDJHPHQW XQWHUVWW]W DOOH 3KDVHQ GHV NRQWLQXLHUOLFKHQ

3HUIRUPDQFH)HHGEDFN3UR]HVVHV
bKQOLFK ZLH GLH %HXUWHLOXQJHQ ILQGHQ DXFK GLH =LHOYHUHLQEDUXQJHQ HLQPDO SUR
-DKU VWDWW (LQPDO SUR -DKU KlOW GHU 0DQDJHU DOVR HLQ =LHOYHUHLQEDUXQJVJHVSUlFK
PLW MHGHP HLQ]HOQHQ 0LWDUEHLWHU DE 0DQDJHU XQG 0LWDUEHLWHU YHUHLQEDUHQ
NRQNUHWH =LHOH XQG (UJHEQLVVH GLH ]X HLQHP YHUHLQEDUWHQ 7HUPLQ HUUHLFKW VHLQ
PVVHQ 'LHVH =LHOH N|QQHQ TXDQWLWDWLYHU PHVVEDU RGHU TXDOLWDWLYHU 1DWXU VHLQ
'LH =LHOH ZHUGHQ LG5 VFKULIWOLFK IHVWJHKDOWHQ XQG JHKHQ LQ GLH 3HUVRQDODNWH GHV
0LWDUEHLWHUV HLQ
'LH 0LWDUEHLWHUOHLVWXQJ ZLUG DQ GHU =LHOYHUHLQEDUXQJ JHPHVVHQ XQG NDQQ
DOV *UXQGODJH IU GLH %HVWLPPXQJ YRQ 9HUJWXQJVEHVWDQGWHLOHQ ] %
6RQGHU]DKOXQJHQ GLHQHQ $XI GLHVH :HLVH LVW DOOHQ 0LWDUEHLWHUQ NODU ZDV
YRQ LKQHQ HUZDUWHW ZLUG XQG ZLH VLH LKU *HKDOW HUK|KHQ N|QQHQ 'DPLW GLH
=LHOH VWHWV LP 9RUGHUJUXQG EOHLEHQ ZHUGHQ LP /DXIH GHV -DKUHV LPPHU ZLHGHU
0LWDUEHLWHUJHVSUlFKH JHIKUW 'DEHL ZHUGHQ GLH =LHOH 6ROO PLW GHQ EHUHLWV
HUUHLFKWHQ (UJHEQLVVHQ ,VW YHUJOLFKHQ 'LH 8QWHUVFKLHGH ]ZLVFKHQ EHLGHQ ZHUGHQ
DXIJH]HLFKQHW XQG GLH =LHOH JJI DQJHSDVVW ]% $QSDVVXQJ RGHU 1HXIRUPXOLHUXQJ
YRQ EHVWHKHQGHQ =LHOYHUHLQEDUXQJHQ
$P (QGH GHV =\NOXV ZHUGHQ GLH =LHOYHUHLQEDUXQJHQ DXVJHZHUWHW XQG GLH
HQWVSUHFKHQGHQ %RQXV]DKOXQJHQ RGHU *HKDOWVDQSDVVXQJHQ JHWlWLJW *OHLFK]HLWLJ
ZHUGHQ DXFK GLH =LHOH IU GLH QlFKVWH 3HULRGH IHVWJHOHJW +LHU VFKOLHW VLFK GHU
.UHLV

$EELOGXQJ )XQNWLRQHQ ± hEHUVLFKW
(LQ %HXUWHLOXQJVSUR]HVV ZLUG LP %HXUWHLOXQJVNDWDORJ DXI *UXQGODJH HLQHU

%HXUWHLOXQJVNDWHJRULH XQG HLQHV %HXUWHLOXQJVIRUPXODUV IU GLHVH .DWHJRULH
GDUJHVWHOOW
'DV %HXUWHLOXQJVIRUPXODU GLHQW LP $QZHQGXQJVSUR]HVV DOV 0XVWHU ]XU
+HUVWHOOXQJ YRQ %HXUWHLOXQJVGRNXPHQWHQ
'DV /D\RXW GHV %HXUWHLOXQJVGRNXPHQWV ZLUG GXUFK GLH 'DWHQ LP )RUPXODUNRSI
EHVWLPPW :HQQ 6LH GLH HUIRUGHUOLFKHQ 'DWHQ HUIDVVW KDEHQ NDQQ GDV
P\6$3(536\VWHP GDV %HXUWHLOXQJVIRUPXODU YLVXDOLVLHUHQ
*HKHQ 6LH ZLH IROJW YRU
*HEHQ 6LH GLH HUIRUGHUOLFKHQ .RSIGDWHQ HLQ
:lKOHQ 6LH GDQQ 9RUEHUHLWXQJ DEVFKOLHHQ RGHU GHQ GDUDXI IROJHQGHQ
6FKULWW

$EELOGXQJ %HXUWHLOXQJVIRUPXODU =LHOH
'LHVH $EELOGXQJ VWHOOW HLQLJH )XQNWLRQHQ GHU =LHOYHUHLQEDUXQJ GDU

(LQJDEH EHQXW]HUGHILQLHUWHQ 7H[WV
7HLOEHXUWHLOXQJHQ
+LQ]XIJHQ EHOLHELJ YLHOHU =LHOH
/|VFKHQ YRQ =LHOHQ
(LQ]HOJHZLFKWXQJ
=LHOIRUPXOLHUXQJ
VWUDWHJLVFKH =LHOH DXV P\6$3 6(0
$Q]HLJH GHV 4XDOLILNDWLRQVSURILOV
(UVWHOOHQ YRQ $QODJHQ
=XVlW]OLFKH (UZHLWHUXQJHQ
$QIRUGHUXQJVSURILO GHU 6WHOOH
=XJULIIVUHFKWH %HLVSLHO 0DQDJHU NDQQ GLH 0LWDUEHLWHUVSDOWH QLFKW lQGHUQ
]XVlW]OLFKH 6SDOWHQ %HLVSLHO NRQNUHWH =LHOH 6ROO
1RWL] (V EHVWHKW HLQH 9HUNQSIXQJ PLW GHQ (QWZLFNOXQJVSOlQHQ GHU
0LWDUEHLWHU 'LHVH NDQQ LP %HXUWHLOXQJVNDWDORJ NRQILJXULHUW ZHUGHQ 'LH
9HUNQSIXQJ ,QGLYLGXHOOH (QWZLFNOXQJ DQ]HLJHQ |IIQHW HLQ 'LDORJIHQVWHU
GDV GHQ JHVDPWHQ LQGLYLGXHOOHQ (QWZLFNOXQJVSODQ HLQHV 0LWDUEHLWHUV PLW
6WDWXV %HJLQQ XQG (QGGDWXP DQ]HLJW
'LH 9HUNQSIXQJVIXQNWLRQ ZLUG LP %HXUWHLOXQJVIRUPXODU +57UDLQLQJ

NRQILJXULHUW GDV LP 'HPRV]HQDULR GHV 3HUIRUPDQFH 0DQDJHPHQW YHUZHQGHW ZLUG

$EELOGXQJ 6WDWXVEHDUEHLWXQJ
$QGHUH 6WDWXV
JHQHKPLJW
DEJHOHKQW
DEVFKOLHHQG JHQHKPLJW
DEVFKOLHHQG DEJHOHKQW
'LH :HLWHUEHDUEHLWXQJ NDQQ EHU GHQ :RUNIORZ DQJHVWRHQ ZHUGHQ XQG HLQHP
*HQHKPLJXQJVSUR]HVV XQWHUOLHJHQ EHL GHP ] % GHU 0LWDUEHLWHU RGHU HLQH
DQGHUH 5ROOH GLH HLJHQH %HXUWHLOXQJ JHQHKPLJW (LQH *HQHKPLJXQJ LQ GLHVHP
6]HQDULR EHZLUNW GLH (UZHLWHUXQJ YRQ 4XDOLILNDWLRQHQ XQG HLQH $QSDVVXQJ YRQ
9HUJWXQJVEHVWDQGWHLOHQ
'LH 9HUZHQGXQJ YRQ %$GOV HUP|JOLFKW NXQGHQVSH]LILVFKH 6WDWXVEHVFKUHLEXQJHQ

$EELOGXQJ 7HLOSURILOH IU %HXUWHLOXQJHQ
'LH %HXUWHLOXQJHQ GLH HLQH 3HUVRQ HUVWHOOW RGHU HUKDOWHQ KDW N|QQHQ XD EHU GDV
3URILO GHU 3HUVRQ DXIJHUXIHQ ZHUGHQ
'DV 7HLOSURILO (UKDOWHQH %HXUWHLOXQJHQ HQWKlOW %HXUWHLOXQJHQ LQ GHQHQ GLH 3HUVRQ
EHXUWHLOW ZXUGH 'DV 7HLOSURILO (UVWHOOWH %HXUWHLOXQJHQ HQWKlOW %HXUWHLOXQJHQ LQ
GHQHQ GLH 3HUVRQ %HXUWHLOXQJHQ DEJHJHEHQ KDW
hEHU GLHVH 7HLOSURILOH N|QQHQ %HXUWHLOXQJHQ DXFK QHX DQJHOHJW XQG EHDUEHLWHW
ZHUGHQ
'HPRQVWUDWLRQ 3HUIRUPDQFH 0DQDJHPHQW

=ZHFN
6\VWHPGDWHQ
6\VWHP 6WDQGDUG6FKXOXQJVV\VWHP HUIRUGHUOLFK
0DQGDQW ±
%HQXW]HU,' 6FKXOXQJ
.HQQZRUW PRQDWOLFK ZHFKVHOQGHV 3DVVZRUW GHV 5HIHUHQWHQ
6\VWHPHLQVWHOOXQJHQ GLHVHV 'HPR OlXIW DXI MHGHP 6WDQGDUG6$3
6FKXOXQJVV\VWHP
9HUZHQGHQ 6LH GLH hEXQJ DOV 'HPRV]HQDULR 'LH hEXQJ EHUXKW DXI GHP
%HXUWHLOXQJVIRUPXODU +57UDLQLQJ GDV GLH QHXH 9HUNQSIXQJVIXQNWLRQ IU
GLH ,QWHJUDWLRQ GHU (QWZLFNOXQJVSOlQH HQWKlOW

(LQ HUIDKUHQHU 5HIHUHQW NDQQ DOWHUQDWLY DXFK GDV %HXUWHLOXQJVIRUPXODU

3&<28 YHUZHQGHQ 'LHV HUP|JOLFKW GLH 9RUIKUXQJ ]XVlW]OLFKHU
'HPRV]HQDULHQ LQ GHU /HNWLRQ 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW GDV
VSlWHU EHKDQGHOW ZLUG
$EELOGXQJ 3HUIRUPDQFH 0DQDJHPHQW
9LHOH .XQGHQ IKUHQ HLQH .DOLEULHUXQJ GXUFK 'LHVHU 3UR]HVV GLHQW HLQHU JHUHFKWHQ
0LWDUEHLWHUEHZHUWXQJ LP GLUHNWHQ 9HUJOHLFK PLW .ROOHJHQ ,P 1RUPDOIDOO EHJLQQW
GLHVHU 3UR]HVV PLW GHU (UVWHOOXQJ HLQHU /LVWH YRQ ]X YHUJOHLFKHQGHQ 3HUVRQHQ
'LHV HUIROJW QDFKGHP GLH YHUDQWZRUWOLFKHQ )KUXQJVNUlIWH LKUH DEVFKOLHHQGHQ
%HXUWHLOXQJHQ RGHU HLQH XPIDVVHQGH 9RUEHXUWHLOXQJ LP 6\VWHP HUIDVVW KDEHQ GD
GLH .DOLEULHUXQJ DXI GLHVHP )DNWRU EHUXKW

$EELOGXQJ 8QWHUVWW]XQJ IU .DOLEULHUXQJ ± 9HUJOHLFK GHU EHXUWHLOWHQ

3HUVRQHQ
0LW GLHVHU /LVWH KDOWHQ YHUVFKLHGHQH )KUXQJVNUlIWH XQG HLQ 9HUDQWZRUWOLFKHU DXV
GHU 3HUVRQDOZLUWVFKDIW HLQ 0HHWLQJ DE XP GLH (UJHEQLVVH XQG GLH 9HUWHLOXQJ
VRZLH bQGHUXQJHQ ]X EHVSUHFKHQ GLH DQ GHQ DEVFKOLHHQGHQ (UJHEQLVVHQ
YRUJHQRPPHQ ZHUGHQ PVVHQ
'LH 9HUWHLOXQJ GHU DEVFKOLHHQGHQ %HXUWHLOXQJVHUJHEQLVVH XQWHU GHQ DXVJHZlKOWHQ
0LWDUEHLWHUQ NDQQ LQ HLQHP 7HLOELOG YLVXDOLVLHUW ZHUGHQ LQ GHP GLH 7HLOQHKPHU
GHV 0HHWLQJV HLQH EHVWLPPWH 3HUVRQ DXVZlKOHQ DXI GDV %HXUWHLOXQJVIRUPXODU
]XJUHLIHQ GDV (UJHEQLV EHDUEHLWHQ XQG ]XU DNWXDOLVLHUWHQ JUDILVFKHQ hEHUVLFKW
]XUFNNHKUHQ N|QQHQ

$EELOGXQJ 8QWHUVWW]XQJ IU .DOLEULHUXQJ ± 9HUJOHLFK GHU EHXUWHLOWHQ

3HUVRQHQ
6LH N|QQHQ DXI GHP *UDILNUHJLVWHU HLQGLPHQVLRQDOH RGHU ]ZHLGLPHQVLRQDOH

9HUJOHLFKH GXUFKIKUHQ
)U GLH 8QWHUVWW]XQJ GHU .DOLEULHUXQJ ZXUGH GLH %63$SSOLNDWLRQ

+$3B&$/,%5$7,21 HQWZLFNHOW )U SURGXNWLYHQ *HEUDXFK N|QQHQ 6LH GLH IU
GHQ $EUXI GXUFK GLH %HQXW]HU QRWZHQGLJH 85/ EHUHLWVWHOOHQ

$EELOGXQJ ,QWHJUDWLRQVRSWLRQHQ hEHUEOLFN
'LH ,QWHJUDWLRQ PLW GHU 3HUVRQDOHQWZLFNOXQJ HUP|JOLFKW HV $QIRUGHUXQJVSURILOH

DXV 3ODQVWHOOHQ RGHU 4XDOLILNDWLRQHQ DXV GHP 4XDOLILNDWLRQVNDWDORJ GLUHNW
LQ GLH LQGLYLGXHOOHQ =LHOYHUHLQEDUXQJHQ GHV 0LWDUEHLWHUV ]X EHUIKUHQ 'LH
4XDOLILNDWLRQVSURILOH GHU EHUHLWV EHXUWHLOWHQ 0LWDUEHLWHU N|QQHQ QDFK $EVFKOXVV
GHV %HXUWHLOXQJVSUR]HVVHV DNWXDOLVLHUW ZHUGHQ 6WDWLRQHQ GHV (QWZLFNOXQJVSODQV
N|QQHQ LQ SHUV|QOLFKH =LHOH GHU 0LWDUEHLWHU EHUIKUW ZHUGHQ
'LH ,QWHJUDWLRQ PLW GHU 6$3 /HDUQLQJ 6ROXWLRQ HUP|JOLFKW %HXUWHLOXQJVSUR]HVVH
IU 9HUDQVWDOWXQJV XQG 7HLOQHKPHUEHXUWHLOXQJHQ
$XI *UXQGODJH GHU ,QWHJUDWLRQ PLW GHP 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW
ZHUGHQ 9RUVFKOlJH IU 9HUJWXQJVDQSDVVXQJHQ VRIRUW QDFK $EVFKOXVV GHV
%HXUWHLOXQJVSUR]HVVHV EHUQRPPHQ
'XUFK GLH ,QWHJUDWLRQ PLW GHP 6WUDWHJLF (QWHUSULVH 0DQDJHPHQW 6(0
N|QQHQ GLH GHQ 8QWHUQHKPHQV]LHOHQ HQWQRPPHQHQ )DFKEHUHLFKV]LHOH LQ GHU
%DODQFHG 6FRUHFDUG DQJH]HLJW XQG GLH UHOHYDQWHQ VWUDWHJLVFKHQ =LHOH GLUHNW LQ GLH
=LHOYHUHLQEDUXQJHQ GHU 0LWDUEHLWHU EHUQRPPHQ ZHUGHQ
'LH ,QWHJUDWLRQ PLW GHP %XVLQHVV ,QIRUPDWLRQ :DUHKRXVH %: HUP|JOLFKW
NODUH XQG NRPSOH[H %HZHUWXQJHQ ]% 'XUFKVFKQLWWVEHUHFKQXQJHQ XQG
9HUJOHLFKH YRQ %HXUWHLOXQJHQ

$EELOGXQJ 1HXH )XQNWLRQHQ LP 3HUIRUPDQFH 0DQDJHPHQW ]X (53


hEXQJ 3HUIRUPDQFH 0DQDJHPHQW

/HUQ]LHOH GHU hEXQJ

GHQ ,QIRW\S .RPPXQLNDWLRQ ,7 SIOHJHQ
EHU GLH %HQXW]HUVSH]LILVFKHQ (LQVWHOOXQJHQ 9RUVFKODJVZHUWH KLQWHUOHJHQ
HLQH 0LWDUEHLWHUEHXUWHLOXQJ GXUFKIKUHQ
%HXUWHLOXQJHQ DXVZHUWHQ
,KU 8QWHUQHKPHQ YHUZHQGHW GDV 3HUIRUPDQFH 0DQDJHPHQW YRQ P\6$3 (53
+&0
:HQQ 6LH GLH hEXQJ Ä8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW³ LQ GHU JOHLFKHQ

/HNWLRQ GHV .DSLWHOV Ä8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW³ GXUFKIKUHQ
P|FKWHQ PVVHQ 6LH GDV )RUPXODU Ä3&<RX³ YHUZHQGHQ
%HXUWHLOW ZHUGHQ VROOHQ (ULF /HKPDQ XQG *HRUJH 9HJD ZREHL HLQHU HLQH VFKOHFKWH
HLQHU HLQH JXWH %HZHUWXQJ HUKDOWHQ VROO VR GDVV GLH $QZHQGXQJ GHU 5LFKWOLQLHQ
HUVLFKWOLFK ZLUG
'LH RSWLRQDOH hEXQJ LP .DSLWHO Ä8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW³
PDFKW QXU 6LQQ ZHQQ 6LH GHQ %HXUWHLOXQJVSUR]HVV PLW GHP DOWHUQDWLYHQ
Ä3&<28³%HXUWHLOXQJVIRUPXODU GXUFKIKUHQ (V LVW QDFK GHQ HQWVSUHFKHQGHQ
5LFKWOLQLHQ IU GLHVH 0LWDUEHLWHUEHWHLOLJXQJ %RQXV XQG /HLVWXQJV]XODJHQ
NRQILJXULHUW
0|JOLFKHUZHLVH YHUZHQGHW GHU 5HIHUHQW GLHVH RSWLRQDOH hEXQJ LP .DSLWHO
Ä8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW³ QXU DOV 'HPRV]HQDULR
$XIJDEH
1HKPHQ 6LH GLH IROJHQGHQ (LQVWHOOXQJHQ LP 6\VWHP YRU
3IOHJHQ 6LH LP 3HUVRQDOVWDPP IU GLH 0LWDUEHLWHULQ &DWKHULQH &DPLQR
3HUVRQDOQXPPHU GHQ ,QIRW\S .RPPXQLNDWLRQ ,7 PLW GHP
6XEW\S 6\VWHPEHQXW]HUQDPH *HEHQ 6LH GHQ 6$36\VWHPEHQXW]HU
DQ PLW GHP 6LH LP 6FKXOXQJVV\VWHP DQJHPHOGHW VLQG

+LQWHUOHJHQ 6LH LQ GHQ %HQXW]HUVSH]LILVFKHQ (LQVWHOOXQJHQ LP %HUHLFK

%HXUWHLOXQJHQ IROJHQGH 'DWHQ
%HXUWHLOHU 3HUVRQ
%HXUWHLOWH 3HUVRQ
&DWKHULQH &DPLQR 3HUVRQDOQXPPHU EHUHLWHW GLH %HXUWHLOXQJ
YRQ *HRUJH 9HJD 3HUVRQDOQXPPHU PLW +LOIH GHV
%HXUWHLOXQJVIRUPXODUV 3&<28 3HUIRUPDQFH 3ODQQLQJ LQ
GHU .DWHJRULH 1HXH )XQNWLRQHQ (53 RGHU HLQHU DQGHUHQ YRP
6FKXOXQJVOHLWHU YRUJHJHEHQHQ 9RUODJH YRU OHJW GLH =LHOYRUJDEHQ IHVW XQG
EHUDUEHLWHW GLHVH JHJHEHQHQIDOOV
+LQZHLV :HQQ GDV 6\VWHP ]XP 0HQ 6$3 (DV\ $FFHVV ]XUFN
NHKUW DQVWDWW GLH (LQJDEH YRQ =LHOYRUJDEHQ ]X HUP|JOLFKHQ VXFKHQ
6LH GLH %HXUWHLOXQJHQ EHU GLH )XQNWLRQ %HXUWHLOXQJHQ EHDUEHLWHQ
XP ]XP 6FKULWW IU GDV +LQ]XIJHQ YRQ =LHOYRUJDEHQ ]X JHODQJHQ
)KUHQ 6LH DOV &DWKHULQH &DPLQR GLH 0LWDUEHLWHUEHXUWHLOXQJ

IU *HRUJH 9HJD GXUFK
6FKOLHHQ 6LH GLH 0LWDUEHLWHUEHXUWHLOXQJ IU *HRUJH 9HJD 3HUVRQDOQXPPHU
DE
hEHUSUIHQ 6LH LP 0LWDUEHLWHUSURILO LQ GHU 3HUVRQDOHQWZLFNOXQJ GLH HUVWHOOWH
%HXUWHLOXQJ
:HUWHQ 6LH GLH %HXUWHLOXQJHQ DXV GLH PLW GHP %HXUWHLOXQJVIRUPXODU
3&<28 3HUIRUPDQFH 3ODQQLQJ RGHU HLQHU DQGHUHQ YRP
6FKXOXQJVOHLWHU YRUJHJHEHQHQ 9RUODJH EHUHLWV LP 6\VWHP DEJHELOGHW
ZXUGHQ

/|VXQJ 3HUIRUPDQFH 0DQDJHPHQW

$XIJDEH
3IOHJHQ 6LH LP 3HUVRQDOVWDPP IU GLH 0LWDUEHLWHULQ &DWKHULQH &DPLQR
3HUVRQDOQXPPHU GHQ ,QIRW\S .RPPXQLNDWLRQ ,7 PLW GHP
6XEW\S 6\VWHPEHQXW]HUQDPH *HEHQ 6LH GHQ 6$36\VWHPEHQXW]HU
DQ PLW GHP 6LH LP 6FKXOXQJVV\VWHP DQJHPHOGHW VLQG
D :lKOHQ 6LH 3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ 3HUVRQDOVWDPP
ĺ 3IOHJHQ
E *HEHQ 6LH GLH 3HUVRQDOQXPPHU HLQ XQG ZlKOHQ 6LH LP
%HUHLFK 'LUHNWH $XVZDKO GHQ ,QIRW\SHQ .RPPXQLNDWLRQ ,7
:lKOHQ 6LH GLH )XQNWLRQ $QOHJHQ ,P 'LDORJIHQVWHU 6XEW\SHQ ]XP
,QIRW\S .RPPXQLNDWLRQ EHUQHKPHQ 6LH SHU 'RSSHONOLFN GHQ 6XEW\S
6\VWHPEHQXW]HUQDPH
F ,Q GHU 6LFKW .RPPXQLNDWLRQ DQOHJHQ SIOHJHQ 6LH LP )HOG ,'1XPPHU
GHQ 6$36\VWHPEHQXW]HU PLW GHP 6LH DP 6FKXOXQJVV\VWHP
+5;; DQJHPHOGHW VLQG
G 6LFKHUQ 6LH GHQ ,QIRW\SHQ XQG NHKUHQ 6LH ]XP 0HQ 6$3 (DV\ $FFHVV
]XUFN
+LQWHUOHJHQ 6LH LQ GHQ %HQXW]HUVSH]LILVFKHQ (LQVWHOOXQJHQ LP %HUHLFK
%HXUWHLOXQJHQ IROJHQGH 'DWHQ
%HXUWHLOHU 3HUVRQ
%HXUWHLOWH 3HUVRQ
D :lKOHQ 6LH LP (DV\$FFHVV0HQ 3HUVRQDOHQWZLFNOXQJ ĺ
(LQVWHOOXQJHQ ĺ %HQXW]HUVSH]
E 3IOHJHQ 6LH LP %HUHLFK %HXUWHLOXQJHQ EHL %HXUWHLOHU XQG %HXUWHLOWH
MHZHLOV GLH 2SWLRQ 3HUVRQ :lKOHQ 6LH )HVW
&DWKHULQH &DPLQR 3HUVRQDOQXPPHU EHUHLWHW GLH %HXUWHLOXQJ
YRQ *HRUJH 9HJD 3HUVRQDOQXPPHU PLW +LOIH GHV
%HXUWHLOXQJVIRUPXODUV 3&<28 3HUIRUPDQFH 3ODQQLQJ LQ

GHU .DWHJRULH 1HXH )XQNWLRQHQ (53 RGHU HLQHU DQGHUHQ YRP
6FKXOXQJVOHLWHU YRUJHJHEHQHQ 9RUODJH YRU OHJW GLH =LHOYRUJDEHQ IHVW XQG
EHUDUEHLWHW GLHVH JHJHEHQHQIDOOV
+LQZHLV :HQQ GDV 6\VWHP ]XP 0HQ 6$3 (DV\ $FFHVV ]XUFN
NHKUW DQVWDWW GLH (LQJDEH YRQ =LHOYRUJDEHQ ]X HUP|JOLFKHQ VXFKHQ
6LH GLH %HXUWHLOXQJHQ EHU GLH )XQNWLRQ %HXUWHLOXQJHQ EHDUEHLWHQ
XP ]XP 6FKULWW IU GDV +LQ]XIJHQ YRQ =LHOYRUJDEHQ ]X JHODQJHQ
D :lKOHQ 6LH LP (DV\$FFHVV0HQ 3HUVRQDOHQWZLFNOXQJ ĺ

%HXUWHLOXQJ ĺ $QOHJHQ
E bQGHUQ 6LH LP )HOG 3HUIRUPDQFH 0DQDJHPHQW GHQ 1DPHQ GHU
%HXUWHLOXQJ LQGHP 6LH GDV -DKU LQ GDV DNWXHOOH -DKU lQGHUQ
F *HEHQ 6LH *HRUJH 9HJD 3HUVRQDOQXPPHU LQ GDV
)HOG 0LWDUEHLWHU HLQ hEHUQHKPHQ 6LH GHQ YRUJHVFKODJHQHQ
*OWLJNHLWV]HLWUDXP
G 'DQDFK ZlKOHQ 6LH GLH )XQNWLRQ =LHOH IHVWOHJHQ *HEHQ 6LH
=LHOH XQG =LHOYRUJDEHQ ,KUHU :DKO HLQ ]% )OXNWXDWLRQ XP
YHUULQJHUQ bQGHUQ 6LH PLW 3UIXQJ GHQ 6WDWXV 2SWLRQDO :lKUHQG
GHU hEHUSUIXQJ N|QQHQ 6LH GLH DQJHJHEHQHQ =LHOH EHL %HGDUI lQGHUQ
:lKOHQ 6LH GLH )XQNWLRQ 'XUFKIKUHQ
+LQZHLV :HQQ GDV 6\VWHP ]XP 0HQ 6$3 (DV\ $FFHVV

]XUFNJHKW DQVWDWW GLH (LQJDEH YRQ =LHOYRUJDEHQ ]X
HUP|JOLFKHQ VXFKHQ 6LH GLH %HXUWHLOXQJHQ EHU GLH )XQNWLRQ
%HXUWHLOXQJHQ EHDUEHLWHQ XP ]XP 6FKULWW IU GDV +LQ]XIJHQ
YRQ =LHOYRUJDEHQ ]X JHODQJHQ
)KUHQ 6LH DOV &DWKHULQH &DPLQR GLH 0LWDUEHLWHUEHXUWHLOXQJ

IU *HRUJH 9HJD GXUFK
D 7UDJHQ 6LH LQ GHU 6SDOWH $EVFKOLHHQGH %HXUWHLOXQJ (UJHEQLVVH ,KUHU
:DKO HLQ
6FKOLHHQ 6LH GLH 0LWDUEHLWHUEHXUWHLOXQJ IU *HRUJH 9HJD 3HUVRQDOQXPPHU
DE
D :lKOHQ 6LH $EVFKOLHHQ XQG NHKUHQ 6LH ]XP 6$3(DV\$FFHVV0HQ
]XUFN

hEHUSUIHQ 6LH LP 0LWDUEHLWHUSURILO LQ GHU 3HUVRQDOHQWZLFNOXQJ GLH HUVWHOOWH

%HXUWHLOXQJ
D :lKOHQ 6LH 3HUVRQDOHQWZLFNOXQJ ĺ 3URILO ĺ $Q]HLJHQ 6LH JHODQJHQ
LQ GLH 6LFKW 3HUVRQ 3URILO DQ]HLJHQ
E :lKOHQ 6LH GDV 5HJLVWHU IU =LHOYHUHLQEDUXQJHQ XQG %HXUWHLOXQJHQ
HUKDOWHQ XQG ]HLJHQ 6LH GLH %HXUWHLOXQJVHUJHEQLVVH DQ 'RSSHONOLFN
F .HKUHQ 6LH LQV 6$3(DV\$FFHVV0HQ ]XUFN
:HUWHQ 6LH GLH %HXUWHLOXQJHQ DXV GLH PLW GHP %HXUWHLOXQJVIRUPXODU
3&<28 3HUIRUPDQFH 3ODQQLQJ RGHU HLQHU DQGHUHQ YRP
6FKXOXQJVOHLWHU YRUJHJHEHQHQ 9RUODJH EHUHLWV LP 6\VWHP DEJHELOGHW ZXUGHQ
D :lKOHQ 6LH 3HUVRQDOHQWZLFNOXQJ ĺ ,QIRV\VWHP ĺ %HULFKWH ĺ
%HXUWHLOXQJ
E 6LH JHODQJHQ LQ GLH 6LFKW %HXUWHLOXQJHQ DXVZHUWHQ :lKOHQ 6LH EHU
GLH (LQJDEHKLOIH GDV %HXUWHLOXQJVIRUPXODU 3&<28 3HUIRUPDQFH
3ODQQLQJ RGHU HLQH DQGHUHQ YRP 6FKXOXQJVOHLWHU YRUJHJHEHQH
9RUODJH XQG VHW]HQ 6LH LQ GHQ 6HOHNWLRQVRSWLRQHQ EHL DOOHQ 6WDWXV HLQ
.HQQ]HLFKHQ :lKOHQ 6LH GLH )XQNWLRQ 'XUFKIKUHQ
F 6LH ]HLJHQ GLH %HXUWHLOXQJ GXUFK HLQHQ 'RSSHONOLFN DXI GDV
$XVZDKOHUJHEQLV DQ


1XQ N|QQHQ 6LH

+5 =XVDPPHQIDVVXQJ GHV .DSLWHOV
=XVDPPHQIDVVXQJ GHV .DSLWHOV

1XQ N|QQHQ 6LH
GLH ,QWHJUDWLRQVP|JOLFKNHLWHQ GHV 9HUDQVWDOWXQJVPDQDJHPHQWV EHVFKUHLEHQ
9HUDQVWDOWXQJVWHUPLQH DQOHJHQ
GDV 7DJHVJHVFKlIW GHV 9HUDQVWDOWXQJVPDQDJHPHQWV HUOlXWHUQ
GLH ZLHGHUNHKUHQGHQ $UEHLWHQ EHVFKUHLEHQ
GLH $XVZHUWXQJVP|JOLFKNHLWHQ GHV 9HUDQVWDOWXQJVPDQDJHPHQWV EHVFKUHLEHQ
GLH /HDUQLQJ 6ROXWLRQ HUOlXWHUQ
GLH *UXQGODJHQ GHV 6$3 7XWRU HUOlXWHUQ
/DXIEDKQ XQG 1DFKIROJHSODQXQJHQ GXUFKIKUHQ
(QWZLFNOXQJVSOlQH HLQVHW]HQ

=XVDPPHQIDVVXQJ GHV .DSLWHOV +5

+5 hEHUSUIHQ 6LH ,KU :LVVHQ

hEHUSUIHQ 6LH ,KU :LVVHQ
'LH G\QDPLVFKHQ 0HQV LP 9HUDQVWDOWXQJVPDQDJHPHQW JHEHQ ,KQHQ GLH
0|JOLFKNHLW GLUHNW EHU GLH 2EMHNWH GHU 9HUDQVWDOWXQJVKLHUDUFKLH LQ GLH
HLQ]HOQHQ )XQNWLRQHQ ]X YHU]ZHLJHQ
*HEHQ 6LH DQ RE GLHVH $XVVDJH ULFKWLJ RGHU IDOVFK LVW
Ƒ 5LFKWLJ
Ƒ )DOVFK
8QWHU %OHQGHG /HDUQLQJ YHUVWHKW PDQ DOOXPIDVVHQGHV /HUQHQ 6$3 ELHWHW

KLHU]X EHLVSLHOVZHLVH GHQ 6$3 7XWRU XQG GLH /HDUQLQJ 6ROXWLRQ DQ
Ƒ 5LFKWLJ
Ƒ )DOVFK
'LH %HJULIIH /DXIEDKQSODQ XQG (QWZLFNOXQJVSODQ VLQG 6\QRQ\PH

Ƒ 5LFKWLJ
Ƒ )DOVFK

Ƒ 5LFKWLJ
Ƒ )DOVFK

hEHUSUIHQ 6LH ,KU :LVVHQ +5
$QWZRUWHQ

'LH G\QDPLVFKHQ 0HQV LP 9HUDQVWDOWXQJVPDQDJHPHQW JHEHQ ,KQHQ GLH

0|JOLFKNHLW GLUHNW EHU GLH 2EMHNWH GHU 9HUDQVWDOWXQJVKLHUDUFKLH LQ GLH
HLQ]HOQHQ )XQNWLRQHQ ]X YHU]ZHLJHQ
$QWZRUW 5LFKWLJ
6LH KDEHQ GLHV GDUDQ HUNDQQW GDVV VLFK GLH )XQNWLRQVDXVZDKO GHU UHFKWHQ
0DXVWDVWH E]Z GLH )XQNWLRQHQ LP 0HQ LQ $EKlQJLJNHLW YRP MHZHLOLJHQ
G\QDPLVFKHQ 0HQ ] % 7HLOQDKPHPHQ RGHU 9HUDQVWDOWXQJVPHQ
YHUlQGHUQ
8QWHU %OHQGHG /HDUQLQJ YHUVWHKW PDQ DOOXPIDVVHQGHV /HUQHQ 6$3 ELHWHW

KLHU]X EHLVSLHOVZHLVH GHQ 6$3 7XWRU XQG GLH /HDUQLQJ 6ROXWLRQ DQ
$QWZRUW 5LFKWLJ
$OV PRGHUQH /HUQV\VWHPH HUP|JOLFKHQ VLH EHLVSLHOVZHLVH SHUVRQDOLVLHUWHV
/HUQHQ 'LH 6$3 /HDUQLQJ 6ROXWLRQ LVW PLW GHQ (53%DFNHQGV\VWHPHQ
LQWHJULHUW
'LH %HJULIIH /DXIEDKQSODQ XQG (QWZLFNOXQJVSODQ VLQG 6\QRQ\PH
$QWZRUW )DOVFK
%HLGHV VLQG ]ZDU .RQ]HSWH ]XU 'XUFKIKUXQJ GHU Ä/DXIEDKQSODQXQJ³
XQWHUVFKHLGHQ VLFK MHGRFK GDULQ GDVV
D (QWZLFNOXQJVSOlQH QHEHQ 6WHOOHQ XQG 3ODQVWHOOHQ ] % DXFK
2UJDQLVDWLRQVHLQKHLWHQ RGHU 7UDLQLQJVW\SHQ HQWKDOWHQ N|QQHQ XQG
E (QWZLFNOXQJVSOlQH DOV ÄLQGLYLGXHOOH (QWZLFNOXQJVSOlQH³
PLWDUEHLWHUEH]RJHQ KLQWHUOHJW ZHUGHQ N|QQHQ

$QWZRUW 5LFKWLJ
'DV 3HUIRUPDQFH 0DQDJPHQW XQWHUVWW]W GLH 3ODQXQJ GK GLH )RUPXOLHUXQJ
YRQ =LHOHQ GDV 0LWDUEHLWHUJHVSUlFK )HHGEDFN XQG GLH %HXUWHLOXQJ

.DSLWHO
8QWHUQHKPHQVYHUJWXQJVPDQDJH
PHQW
'DV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW LVW ZHOWZHLW HLQH 6WDQGDUGNRPSRQHQWH

GHU 3HUVRQDOZLUWVFKDIW LQ HLQLJHQ /lQGHUQ8QWHUQHKPHQ ZLH ] % LQ GHQ
GHXWVFKVSUDFKLJHQ /lQGHUQ EHVWHKW MHGRFK HLQ JHULQJHV ,QWHUHVVH DQ GLHVHQ
)XQNWLRQHQ -H QDFK ,QWHUHVVH GHU 7HLOQHKPHU NDQQ GHU 5HIHUHQW GLHVHV .DSLWHO
YHUNU]HQ
5HJHQ 6LH PLW GHQ 7HLOQHKPHUQ HLQH 'LVNXVVLRQ EHU GLH LKQHQ EHUHLWV
EHNDQQWHQ 0|JOLFKNHLWHQ IU *HKDOWVHUK|KXQJHQ DQ 6LH KDEHQ EHUHLWV PHKUHUH
0|JOLFKNHLWHQ NHQQHQ JHOHUQW ZLH ]% EHU GLH HLQIDFKH $QODJH HLQHV QHXHQ
%DVLVEH]JH,QIRW\SV RGHU EHU HLQH 3HUVRQDOPDQDKPH 6LH N|QQHQ GDUDXI
KLQZHLVHQ GDVV VLH LP 5DKPHQ YRQ ]XNQIWLJHQ 6FKXOXQJHQ ZLH ] %
+5 %HULFKWH NHQQHQ OHUQHQ ZHUGHQ GLH VLH EHL 0DVVHQlQGHUXQJHQ DQ
0LWDUEHLWHUYHUJWXQJHQ XQWHUVWW]HQ ZHQQ ] % GLH JHVDPWH 7DULIVWUXNWXU DXI
*UXQGODJH YRQ :HWWEHZHUEVLQIRUPDWLRQHQ RGHU GHU 7DULIVWUXNWXU HLQHV QHXHQ
-DKUHV DQJHKREHQ ZHUGHQ PXVV 'LH KLHU EHWUDFKWHWH 9HUJWXQJVNRPSRQHQWH
YHUOHLKW GHU 9HUJWXQJVSUD[LV ] % GXUFK 0LWDUEHLWHUEHWHLOLJXQJHQ HLQH 6WUXNWXU
9HUJWXQJVULFKWOLQLHQ XQG (QWVFKHLGXQJVILQGXQJVKLOIHQ
1RWL] ,P 6\VWHP ELHWHQ VLFK ]ZHL :HJH ]XU 9HUZDOWXQJ YRQ

9HUJWXQJHQ :LU ZHUGHQ DQ GLHVHU 6WHOOH GLH )XQNWLRQHQ GHV
8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQWV HU|UWHUQ 'LHVH ZHUGHQ EHU GDV
3RUWDO YHUZDOWHW 'D IU GLHVH 6FKXOXQJ NHLQ %DFNHQG3RUWDOV\VWHP ]XU
9HUIJXQJ VWHKW N|QQHQ 6LH NHLQH 9HUJWXQJHQ YHUZDOWHQ ,QQHUKDOE GHV
6$36\VWHPV IU 8QWHUQHKPHQVYHUJWXQJHQ N|QQHQ 6LH %XGJHWV DQOHJHQ
XQG GLH *HVDPWYHUJWXQJVEHUVLFKW DQ]HLJHQ 6LH N|QQHQ GDUEHU KLQDXV
GLH )XQNWLRQHQ GHV 8QWHUQHKPHQVYHUJWXQJVV\VWHPV EHU GDV 3RUWDO
GHPRQVWULHUHQ
9RQ 5HOHDVH ([WHQVLRQ DXI 5HOHDVH ([WHQVLRQ ZXUGH
GDV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW YRQ *UXQG DXI QHX JHVWDOWHW 'HU
)XQNWLRQVXPIDQJ ZXUGH DXI *UXQGODJH HLQHV QHXHQ 'DWHQPRGHOOV QHXHU 2EMHNWH
XQG QHXHU ,QIRW\SHQ HUZHLWHUW

.DSLWHO 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW +5
'HU .XQGH NDQQ QLFKW RKQH :HLWHUHV YRQ GHU DOWHQ DXI GLH QHXH .RPSRQHQWH
ZHFKVHOQ ,P 0HQ VRZLH LP &XVWRPL]LQJ N|QQHQ 6LH GLH DOWHQ XQG GLH QHXHQ
3UR]HVVH ILQGHQ
'LHVHV .DSLWHO EHVFKUHLEW DXVVFKOLHOLFK GDV QHXH 8QWHUQHKPHQVYHUJWXQJVPD
QDJHPHQW $XFK ZHQQ GDV DOWH 9HUJWXQJVPDQDJHPHQW ZHLWHUKLQ YHUZHQGHW
ZHUGHQ NDQQ HPSILHKOW 6$3 GLH 9HUZHQGXQJ GHV QHXHQ )XQNWLRQVXPIDQJV
6LH ILQGHQ GLH QHXH .RPSRQHQWH LP 0HQ GHV %LOGHV 6$3 ($6< $&&(66 0HQX
XQWHU ĺ 3HUVRQDOZLUWVFKDIW ĺ 3HUVRQDOPDQDJHPHQW ĺ 9HUJWXQJVPDQDJHPHQW
ĺ 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW
:HLWHUH ,QIRUPDWLRQHQ KLHU]X HQWKlOW GLH 6FKXOXQJ +5
hEHUEOLFN EHU GDV .DSLWHO

,Q GLHVHP .DSLWHO ZHUGHQ GLH .RPSRQHQWHQ GHU 9HUJWXQJVYHUZDOWXQJ EHOHXFKWHW
'LH PRQHWlUH 6WHOOHQEHZHUWXQJ HUP|JOLFKW 8QWHUQHKPHQ GLH (UPLWWOXQJ GHV
UHODWLYHQ :HUWV LKUHU 3ODQVWHOOHQ 'LH %XGJHWLHUXQJ ZLUG ]XU (UPLWWOXQJ GHU IU
9HUJWXQJHQ YHUIJEDUHQ 0LWWHO GXUFKJHIKUW (V N|QQHQ 9HUJWXQJVULFKWOLQLHQ
XQG =XOlVVLJNHLWVUHJHOQ GHILQLHUW ZHUGHQ )KUXQJVNUlIWH N|QQHQ GLHVH
)XQNWLRQHQ VRZLH 0LWDUEHLWHUGDWHQ ZLH ] % %HXUWHLOXQJVHUJHEQLVVH GD]X
YHUZHQGHQ GLH +|KH GHU 9HUJWXQJ MHGHV HLQ]HOQHQ 0LWDUEHLWHUV ]X EHVWLPPHQ
/HUQ]LHOH GHV .DSLWHOV

$P (QGH GLHVHV .DSLWHOV N|QQHQ 6LH
GLH .HUQIXQNWLRQHQ GHV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW EHVFKUHLEHQ

GLH )XQNWLRQ 0RQHWlUH 6WHOOHQEHZHUWXQJ DXIUXIHQ
IU GLH PRQHWlUH 6WHOOHQEHZHUWXQJ UHOHYDQWH ,QIRW\SHQ EHVFKUHLEHQ
GHQ ,QIRW\S 6ROOEH]DKOXQJ DQOHJHQ GHU GLH 9HUJWXQJVSROLWLN ZLGHUVSLHJHOW
HLQ %XGJHW DQ]HLJHQ
GLH 9HUNQSIXQJ ]X HLQHP %XGJHW XQG ]X HLQHU 2UJDQLVDWLRQVHLQKHLW
DQ]HLJHQ
GLH 3IOHJH DQ]HLJHQ XQG YRUKDQGHQH %XGJHWV lQGHUQ
GLH 9HUJWXQJVYHUZDOWXQJ HUOlXWHUQ
9HUJWXQJHQ DQ]HLJHQ
HLQH $NWLHQ]XWHLOXQJ HUOlXWHUQ
,QIRW\SHQ IU 8QWHUQHKPHQVEHWHLOLJXQJHQ DQ]HLJHQ
,QKDOW GHV .DSLWHOV

/HNWLRQ 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW
/HNWLRQ 0RQHWlUH 6WHOOHQEHZHUWXQJ

+5 .DSLWHO 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW
/HNWLRQ 9HUJWXQJVEXGJHWIXQNWLRQHQ

hEXQJ %XGJHW DQOHJHQ
/HNWLRQ 9HUJWXQJVYHUZDOWXQJ
hEXQJ 2SWLRQDO 9HUJWXQJHQ
hEXQJ 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW 5HSRUWLQJ
/HNWLRQ 8QWHUQHKPHQVEHWHLOLJXQJHQ

/HNWLRQ 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW

,Q GLHVHU /HNWLRQ OHUQHQ 6LH GLH )XQNWLRQHQ GHV 8QWHUQHKPHQVYHUJWXQJVPD
QDJHPHQW NHQQHQ

6LH N|QQHQ GHQ .XUVWHLOQHKPHUQ HUNOlUHQ GDVV HV ]ZHL /|VXQJHQ IU GDV
9HUJWXQJVPDQDJHPHQW JLEW :HQQ 6LH VLFK GDV 0HQ 6$3 (DV\ $FFHVV
DQVFKDXHQ VR ILQGHQ 6LH XQWHU 9HUJWXQJ ]ZHL (LQVWLHJVSXQNWH (LQ QHXHU 2UGQHU
IU GDV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW ZXUGH DQJHOHJW 'DV LVW GLH QHXH
)XQNWLRQ GLH ZLU KLHU EHVSUHFKHQ ZROOHQ ,Q GLHVHP .DSLWHO EHKDQGHOQ ZLU GLH
QHXHVWHQ )XQNWLRQHQ DE 5HOHDVH ([WHQVLRQ 6HW %LWWH EHDFKWHQ 6LH GDVV
GLHVH )XQNWLRQ ]XU 9HUZDOWXQJ EHU HLQ :HE3RUWDO EHVWLPPW LVW QLFKW EHU GDV
6$3%DFNHQG ZLH ZLU HV KLHU WXQ 6LH N|QQHQ GLH )XQNWLRQ WHLOZHLVH EHU GDV
P\6$3(536\VWHP YRUIKUHQ 'LH %HQXW]HUREHUIOlFKH HLQHV 3RUWDOV LVW MHGRFK
YLHO NRPIRUWDEOHU ,Q GHQ KLHU EHVFKULHEHQHQ 3UR]HVVHQ ZHUGHQ %63V DXIJHUXIHQ
GLH ]XU PRQHWlUHQ 6WHOOHQEHZHUWXQJ XQG %XGJHWLHUXQJ GLHQHQ hEHU GHQ QHXHQ
3UR]HVV ,7 ZHUGHQ ZLU 9HUJWXQJHQ YHUZDOWHQ ,P .DSLWHO 066 EHWUDFKWHQ
ZLU GLH GRUW HLQJHOHLWHWHQ 9HUJWXQJVSUR]HVVH $OOH GLHVH hEXQJHQ VLQG Y|OOLJ QHX
XQG VROOWHQ GHWDLOOLHUW YRUEHUHLWHW ZHUGHQ
)U ZHLWHUIKUHQGH ,QIRUPDWLRQHQ N|QQHQ .XUVOHLWHU DXI GLH 6FKXOXQJ +5
8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW ]XUFNJUHLIHQ
'HU 9RUVWDQG KDW EHVFKORVVHQ GDV %XGJHW IU *HKlOWHU LP QlFKVWHQ *HVFKlIWVMDKU
]X HUK|KHQ 'LH %XGJHWV ZHUGHQ DQJHOHJW 'LH $EWHLOXQJVOHLWHU EHVWLPPHQ QXQ
LQ GHU *HKDOWVUXQGH GLH (UK|KXQJ SUR .RSI GHU HLQ]HOQHQ 0LWDUEHLWHU 'LHVH
$NWLYLWlW NDQQ LP 0DQDJHU 6HOI 6HUYLFH HUIROJHQ

+5 /HNWLRQ 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW
*UXQGODJHQ GHV 8QWHUQHKPHQVYHUJWXQJVPDQDJH

PHQW
$EELOGXQJ %HUHLFKH GHV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW
'LH .RPSRQHQWH 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW GLHQW GHU 9HUZDOWXQJ

XQG 6WHXHUXQJ GHU (QWJHOWSROLWLN HLQHV 8QWHUQHKPHQV 6LH ELHWHW HLQHQ ]HQWUDOHQ
hEHUEOLFN EHU GLH (QWJHOWSROLWLN VRZLH HLQHQ 6WHXHUXQJVPHFKDQLVPXV XP
GLHVH 3ROLWLN XP]XVHW]HQ :HLWHUKLQ HUP|JOLFKW HV HLQH 9HUJWXQJVSODQXQJ XQG
EXGJHWLHUXQJ VRZLH HLQ GH]HQWUDOHV 9HUJWXQJVPDQDJHPHQW

'DV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW JOLHGHUW VLFK LQ YLHU %HUHLFKH

0RQHWlUH 6WHOOHQEHZHUWXQJ +LHU N|QQHQ 6LH GLH (UJHEQLVVH DXV H[WHUQHQ
6WHOOHQEHZHUWXQJVV\VWHPHQ XQG *HKDOWVXPIUDJHQ KLQWHUOHJHQ 0LW +LOIH
GLHVHU (UJHEQLVVH N|QQHQ 6LH *HKDOWVVWUXNWXUHQ JHQHULHUHQ GHQHQ GDQQ
6WHOOHQ XQG 3ODQVWHOOHQ LQ ,KUHP 8QWHUQHKPHQ ]XJHRUGQHW ZHUGHQ N|QQHQ
$XI GLHVH :HLVH N|QQHQ 6LH GHQ LQWHUQHQ :HUW GHU 6WHOOHQ XQG 3ODQVWHOOHQ LQ
,KUHP 8QWHUQHKPHQ VR IHVWOHJHQ GDVV 6LH ZHWWEHZHUEVIlKLJ EOHLEHQ
0LW GHU %XGJHWLHUXQJ OlW VLFK GLH +|KH GHU $XVJDEHQ IU
9HUJWXQJVDQSDVVXQJHQ SODQHQ XQG VWHXHUQ 6LH N|QQHQ %XGJHWV ]X
2UJDQLVDWLRQVHLQKHLWHQ ]XRUGQHQ 'HV ZHLWHUHQ N|QQHQ 6LH %XGJHWV ]HQWUDO
XQG GH]HQWUDO DQOHJHQ %XGJHWV ODVVHQ VLFK EHU 2UJDQLVDWLRQVHLQKHLWHQ
DXFK KRFKVXPPLHUHQ
'DV 9HUJWXQJVPDQDJHPHQW GLHQW GHU 9HUWHLOXQJ YRQ *HKDOWVHUK|KXQJHQ
$NWLHQ XVZ DQ 0LWDUEHLWHU HQWVSUHFKHQG GHU 9HUJWXQJVSROLWLN GHV
8QWHUQHKPHQV
6LH N|QQHQ 8QWHUQHKPHQVEHWHLOLJXQJHQ 0LWDUEHLWHUEHWHLOLJXQJHQ
YHUZDOWHQ
$EELOGXQJ ,QWHJUDWLRQ GHV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW
'DV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW YHUZHQGHW ,QIRUPDWLRQHQ DXV

YHUVFKLHGHQHQ .RPSRQHQWHQ GHU +XPDQ &DSLWDO 0DQDJHPHQW
'LH %XGJHWYHUWHLOXQJ XQG GDV 9HUJWXQJVPDQDJHPHQW ZHUGHQ IU
2UJDQLVDWLRQVHLQKHLWHQ E]Z 0LWDUEHLWHU YRUJHQRPPHQ +LHUIU VLQG GLH
2UJDQLVDWLRQVVWUXNWXU XQG 6WHOOHQ3ODQVWHOOHQGDWHQ DXV GHU .RPSRQHQWH
2UJDQLVDWLRQVPDQDJHPHQW ]ZLQJHQGH *UXQGODJH

'DV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW EHUQLPPW GLH 'DWHQ ]X GHQ

0LWDUEHLWHUEH]JHQ DXV GHU .RPSRQHQWH 3HUVRQDODGPLQLVWUDWLRQ 'LH
*HKDOWVGDWHQ ZHUGHQ DOV (UJHEQLV GHV 9HUJWXQJVPDQDJHPHQW JHlQGHUW 'DV
9HUJWXQJVPDQDJHPHQW NDQQ GLH ,QIRW\SHQ %DVLVEH]JH XQG (UJlQ]HQGH
=DKOXQJHQ DXV GHU 3HUVRQDODGPLQLVWUDWLRQ VRZLH ZHLWHUH ,QIRW\SHQ
DNWXDOLVLHUHQ hEHU HLQHQ 8VHU([LW N|QQHQ NXQGHQHLJHQH ,QIRW\SHQ HEHQIDOOV
DNWXDOLVLHUW ZHUGHQ
'LH bQGHUXQJHQ GHU *HKDOWVGDWHQ GHU 0LWDUEHLWHU IOLHHQ DXWRPDWLVFK LQ GLH
3HUVRQDODEUHFKQXQJ
'DV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW NDQQ DXI ,QIRUPDWLRQHQ ]XJUHLIHQ GLH
LP %HXUWHLOXQJVV\VWHP GHU 3HUVRQDOHQWZLFNOXQJ DEJHOHJW VLQG PLW RGHU RKQH
=LHOYHUHLQEDUXQJHQ
hEHU GHQ 0DQDJHUV 6HOI 6HUYLFH NDQQ HLQ /LQLHQYRUJHVHW]WHU JHKDOWVEH]RJHQH
$XIJDEHQ GXUFKIKUHQ ZLH ] % *HKDOWVHUK|KXQJHQ RGHU %RQXV]DKOXQJHQ
(V KDQGHOW VLFK KLHUEHL XP HLQ ZHEEDVLHUWHV 3ODQXQJVWRRO IU /LQLHQYRUJHVHW]H
]XU $Q]HLJH XQG 3IOHJH GHU LKUHP 9HUDQWZRUWXQJVEHUHLFK ]XJHRUGQHWHQ
0LWDUEHLWHUGDWHQ
'DV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW LVW PLW P\6$3 +&0
3HUVRQDODEUHFKQXQJ LQWHJULHUW
'XUFK GLH ,QWHJUDWLRQ PLW GHU 3HUVRQDONRVWHQSODQXQJ N|QQHQ 6LH LP
8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW %XGJHWV DXV 3HUVRQDONRVWHQSOlQHQ
HUVWHOOHQ 'DUEHU KLQDXV N|QQHQ 6LH 3ODQXQJVGDWHQ IU 3HUVRQDONRVWHQ DXV
9HUJWXQJVULFKWOLQLHQ LP 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW DEOHLWHQ
'LH ,QWHJUDWLRQ PLW P\6$3 (53 )LQDQ]ZHVHQ HUP|JOLFKW ]XGHP GLH *HZLQQXQJ
YRQ 3ODQGDWHQ IU 8QWHUQHKPHQVEHWHLOLJXQJHQ
$XFK PLW 6$3 %XVLQHVV ,QIRUPDWLRQ :DUHKRXVH LVW GDV 8QWHUQHKPHQVYHUJ
WXQJVPDQDJHPHQW LQWHJULHUW

0RGHULHUWH 'LVNXVVLRQ
9HUWLHIHQ 6LH GLH .RQ]HSWH
)UDJHQ ]XU 'LVNXVVLRQ

9HUZHQGHQ 6LH GLH IROJHQGHQ )UDJHQ XP GLH 7HLOQHKPHU DQ GHU 'LVNXVVLRQ ]X
EHWHLOLJHQ 6LH GUIHQ JHUQH HLJHQH ]XVlW]OLFKH )UDJHQ YHUZHQGHQ
$XV ZHOFKHQ +DXSWNRPSRQHQWHQ EHVWHKW GDV 8QWHUQHKPHQVYHUJWXQJVPDQDJH
PHQW"


1XQ N|QQHQ 6LH

/HNWLRQ 0RQHWlUH 6WHOOHQEHZHUWXQJ


'LHVH /HNWLRQ EHKDQGHOW GLH QHXH )XQNWLRQ 0RQHWlUH 6WHOOHQEHZHUWXQJ

:HLVHQ 6LH GDUDXI KLQ GDVV GLH QHXH 9HUJWXQJVIXQNWLRQ 7HLO GHV
8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW LVW 6LH ZLUG EHU HLQ 3RUWDO EHGLHQW
:LU GHPRQVWULHUHQ GLH 6WHOOHQEHZHUWXQJVIXQNWLRQHQ LP 6$3%DFNHQG DXI
HLQJHEHWWHWHQ %636HLWHQ
'HU 9RUVWDQG P|FKWH VLFK VLFKHU VHLQ GDVV GLH LP 8QWHUQHKPHQ JH]DKOWHQ *HKlOWHU
GHP LQ GHU %UDQFKH EOLFKHQ 1LYHDX HQWVSUHFKHQ $QKDQG YRQ 8PIUDJHGDWHQ
ZLUG GDV *HKDOWVQLYHDX GHV HLJHQHQ 8QWHUQHKPHQV PLW GHP 0DUNW YHUJOLFKHQ
XQG HQWVSUHFKHQG DQJHSDVVW
%LWWH EHDFKWHQ 6LH GDVV GLH PRQHWlUH 6WHOOHQEHZHUWXQJ DXV 6LFKW GHV
8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW QXU IU GLH NRQNUHWH 6WHOOH HUIROJW QLFKW
IU GLH 3ODQVWHOOH

+5 /HNWLRQ 0RQHWlUH 6WHOOHQEHZHUWXQJ
0RQHWlUH 6WHOOHQEHZHUWXQJ
$EELOGXQJ 0RQHWlUH 6WHOOHQEHZHUWXQJ
:lKOHQ 6LH LP 0HQ 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ

9HUJWXQJVPDQDJHPHQW ĺ 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW ĺ
0RQHWlUH 6WHOOHQEHZHUWXQJ ĺ 0RQHWlUH 6WHOOHQEHZHUWXQJ VWDUWHQ %HVSUHFKHQ
6LH GLH IQI 6FKULWWH XQG ]HLJHQ 6LH GHQ 7HLOQHKPHUQ HLQLJH %636HLWHQ ,Q GHU
(LQULFKWXQJVSKDVH N|QQHQ 6LH HLQHQ QHXHQ $QELHWHU DQOHJHQ
%LWWH YHUZHQGHQ 6LH ,KUHQ %HQXW]HUQDPHQ XQG GDV .HQQZRUW IU GDV P\6$3
(536\VWHP

'LH PRQHWlUH 6WHOOHQEHZHUWXQJ ELHWHW IROJHQGH 0|JOLFKNHLWHQ
$QELHWHUDQJDEHQ +LHU N|QQHQ 6LH 8PIUDJHDQELHWHU HLQULFKWHQ XQG

8PIUDJHGDWHQ SIOHJHQ 6LH N|QQHQ GHQ 6WHOOHQNDWDORJ GHV $QELHWHUV DQVHKHQ
XQG EHDUEHLWHQ 6LH N|QQHQ *HKDOWVGDWHQ GHV 0DUNWHV XQG LQGLYLGXHOOH
*HKDOWVXPIUDJHGDWHQ DEUXIHQ
8PIUDJHGDWHQ LPSRUWLHUHQ (LJQHW VLFK IU *HKDOWVXPIUDJHQ
6WHOOHQEHVFKUHLEXQJHQ XQG 6WHOOHQNDWDORJH
6WHOOHQ]XRUGQXQJ +LHU N|QQHQ 6LH LQWHUQH %HQFKPDUN6WHOOHQ GHQ
HQWVSUHFKHQGHQ 6WHOOHQ DXV 8PIUDJHQ ]XRUGQHQ
*HKDOWVHQWZLFNOXQJ 'DWHQ ]XU *HKDOWVHQWZLFNOXQJ DP 0DUNW GLH YRP
8PIUDJHDQELHWHU E]Z IU EHVWLPPWH 6WHOOHQ LPSRUWLHUW ZXUGHQ
.RPELQLHUWH (UJHEQLVVH QDFK LQWHUQHQ 6WHOOHQ +LHU N|QQHQ 6LH
NRPELQLHUWH *HKDOWVHUJHEQLVVH QDFK LQWHUQHQ 6WHOOHQ DXIJHVFKOVVHOW DQOHJHQ
XQG GLHVH PLW GHP LQWHUQHQ *HKDOWVQLYHDX QDFK 6WHOOH 3ODQVWHOOH RGHU 3HUVRQ
YHUJOHLFKHQ
.RPELQLHUWH 0DVVHQHUJHEQLVVH DQOHJHQ 0DVVHQHUJHEQLVVH IU 6WHOOHQ
DQOHJHQ
*HKDOWVVWUXNWXUDQSDVVXQJ+LHU YHUJOHLFKHQ 6LH GLH LQWHUQH *HKDOWVVWUXNWXU
DQKDQG NRPELQLHUWHU (UJHEQLVVH PLW GHU DP 0DUNW EOLFKHQ *HKDOWVVWUXNWXU
6LH N|QQHQ HLQH RGHU PHKUHUH JHSODQWH *HKDOWVVWUXNWXUDQSDVVXQJHQ DQOHJHQ
,KUH HLJHQH 9HUJWXQJVSROLWLN N|QQHQ 6LH ] % DEELOGHQ LQGHP 6LH ,KUH
6WHOOHQ XQG 3ODQVWHOOHQ EHU GHQ ,QIRW\S 6ROOEH]DKOXQJ PLW JHSODQWHU
9HUJWXQJ YHUVHKHQ
6LH N|QQHQ *HKDOWVVWUXNWXUHQ DEELOGHQ XQG JHQHULHUHQ
$EELOGXQJ 6WHOOHQEHZHUWXQJVHUJHEQLVVH

,Q GHQ DXV 8PIUDJHHUJHEQLVVHQ JHZRQQHQHQ 0DUNWGDWHQ N|QQHQ 6LH GLH

%HZHUWXQJ DOOHU 6WHOOHQ LP 5DKPHQ HLQHV EHVWLPPWHQ %HZHUWXQJVVFKHPDV
KLQWHUOHJHQ
6LH N|QQHQ 6WHOOHQEHZHUWXQJVGDWHQ EHVWLPPWHQ 6WHOOHQ ]XRUGQHQ
0LW +LOIH YRQ 6XEW\SHQ N|QQHQ 6LH 'DWHQ DXV XQWHUVFKLHGOLFKHQ
6WHOOHQEHZHUWXQJVPHWKRGHQ ] % H[WHUQH 6WHOOHQEHZHUWXQJVVFKHPDWD RGHU
KDXVLQWHUQH 6FKHPDWD LP P\6$3 (536\VWHP KLQWHUOHJHQ
6LH N|QQHQ GHQ UHODWLYHQ :HUW HLQHU 6WHOOH3ODQVWHOOH PLW +LOIH YRQ
%HZHUWXQJVSXQNWHQ DQJHEHQ
6LH N|QQHQ DQJHEHQ GDVV GLH 6WHOOH3ODQVWHOOH HLQH %HQFKPDUN6WHOOH LVW
,QWHJUDWLRQ PLW +D\ 3D\1HW
hEHU GHQ ,QIRW\S 6ROOEH]DKOXQJ N|QQHQ 6LH GLH *HKDOWVVWUXNWXU EHVWLPPWHQ
6WHOOHQ ]XRUGQHQ 'HU ,QIRW\S 6ROOEH]DKOXQJ OLHIHUW 9RUVFKODJVZHUWH IU GHQ
,QIRW\S .RQWLHUXQJVPHUNPDOH GHU 0LWDUEHLWHUVWDPPGDWHQ
'HU ,QIRW\S 8PIUDJHHUJHEQLVVH HUP|JOLFKW GLH =XRUGQXQJ HLQHU
LQWHUQHQ 6WHOOH ]X GHQ ,QIRUPDWLRQHQ HLQHU 6WHOOH DXV HLQHU *HKDOWVXPIUDJH
*HKDOWVXPIUDJHGDWHQ N|QQHQ KLOIUHLFK VHLQ XP GLH DOOJHPHLQH
:HWWEHZHUEVIlKLJNHLW GHU JH]DKOWHQ *HKlOWHU ]X HUPLWWHOQ
0LW +LOIH YRQ 6XEW\SHQ N|QQHQ GLH (UJHEQLVVH PHKUHUHU 8PIUDJHQ JHVSHLFKHUW
ZHUGHQ ] % 6WHOOHQEHZHUWXQJHQ YRQ XQWHUVFKLHGOLFKHQ 8PIUDJHDQELHWHUQ RGHU
6WHOOHQEHZHUWXQJHQ DXI QDWLRQDOHU RGHU LQWHUQDWLRQDOHU (EHQH

$EELOGXQJ 0RQHWlUH 6WHOOHQEHZHUWXQJ 6\VWHP
+LQZHLV 'LH .RPSRQHQWH 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW HQWKlOW

]ZHL 6WDQGDUG4XHULHV PLW GHQHQ 6LH DOOH JHKDOWVXPIUDJHUHOHYDQWHQ
'DWHQ DXV GHP 6$36\VWHP H[WUDKLHUHQ N|QQHQ 'LHVH 'DWHQ
N|QQHQ 6LH KHUXQWHUODGHQ 'LHVH 6WDQGDUG4XHULHV VLQG Ä'DWHQ
IU 8PIUDJHWHLOQDKPH H[WUDKLHUHQ³ XQG Ä+D\ 3D\1HW'DWHQ IU
8PIUDJHWHLOQDKPH H[WUDKLHUHQ³ 6LH N|QQHQ DXI EHLGH 4XHULHV DXV GHP
,QIRV\VWHP KHUDXV ]XJUHLIHQ 9HUJWXQJVPDQDJHPHQW ĺ ,QIRV\VWHP ĺ
%HULFKWH ĺ *HKDOWVXPIUDJHQ ĺ

$EELOGXQJ 6ROOEH]DKOXQJ
,P ,QIRW\S 6ROOEH]DKOXQJ N|QQHQ 6LH HLQH GHU GUHL $UWHQ YRQ 6ROOEH]DKOXQJ
YHUZHQGHQ
/RKQ*HKDOWVJUXSSH *HKDOW
+LHU N|QQHQ 6LH 'DWHQ DXV GHU *HKDOWVVWUXNWXU DEOHJHQ ] % *HKDOWVJUXSSH
VWXIH DUW XQG JHELHW %DVLHUHQG DXI ,KUHQ (LQJDEHQ ]HLJW GDV 6\VWHP
GHQ 0LQLPDO XQG GHQ 0D[LPDOEHWUDJ VRZLH GDV LQWHUQH 5HIHUHQ]JHKDOW IU
GLH 6WHOOH RGHU 3ODQVWHOOH DQ
7DULI
+LHU KLQWHUOHJHQ 6LH 'DWHQ DXV GHU 7DULIVWUXNWXU DXI 6WHOOHQ RGHU
3ODQVWHOOHQHEHQH +LHU]X JHK|UHQ 'DWHQ ZLH ] % 7DULIJUXSSH VWXIH DUW
XQG ±JHELHW
'DV 6\VWHP VFKOlJW GDQQ 0LQLPDO XQG 0D[LPDOJHKDOWORKQ IU GLHVH 6WHOOH
RGHU 3ODQVWHOOH YRU
'LUHNW
6LH YHUZHQGHQ GLHVHQ 6ROOEH]DKOXQJVW\S ZHQQ 6LH NHLQH *HKDOWV RGHU
7DULIVWUXNWXU KDEHQ +LHU JHEHQ 6LH OHGLJOLFK GHQ 0LQLPDO XQG GHQ
0D[LPDOEHWUDJ HLQ GHU IU GLH 6WHOOH RGHU 3ODQVWHOOH JH]DKOW ZHUGHQ VROO
6LH N|QQHQ SUR 3ODQVWHOOH QXU HLQHQ 6DW] GHV ,QIRW\SV 6ROOEH]DKOXQJ
DQOHJHQ $XI 6WHOOHQHEHQH N|QQHQ 6LH MHGRFK VR YLHOH 6ROOEH]DKOXQJVVlW]H ZLH
Q|WLJ DQOHJHQ

hEHU GDV ,QIRV\VWHP LQ GHU .RPSRQHQWH 9HUJWXQJVPDQDJHPHQW N|QQHQ 6LH HLQHQ

%HULFKW DXVIKUHQ PLW GHP 6LH GDV WDWVlFKOLFKH *UXQGJHKDOW HLQHV 0LWDUEHLWHUV G
K GDV *HKDOW DXV GHP ,QIRW\S .RQWLHUXQJVPHUNPDOH PLW GHQ 6ROOEH]JHQ
DXV GHP ,QIRW\S 6ROOEH]DKOXQJ YHUJOHLFKHQ
6LH N|QQHQ GLH 4XHU\ DXV GHP ,QIRV\VWHP KHUDXV VWDUWHQ
9HUJWXQJVPDQDJHPHQW ĺ ,QIRV\VWHP ĺ %HULFKWH ĺ 9HUJWXQJVGDWHQ GHU
0LWDUEHLWHU ĺ 9HUJOHLFK WDWVlFKOLFKHU *UXQGJHKlOWHU PLW 6ROOEH]DKOXQJ


)UDJHQ 6LH GLH 7HLOQHKPHU QDFK LKUHQ (UIDKUXQJHQ PLW 6WHOOHQXPIUDJHQ
,Q ZHOFKHP )DOO N|QQHQ 6LH VLFK YHUDQODVVW VHKHQ PHKU E]Z ZHQLJHU DOV
PDUNWEOLFK ]X ]DKOHQ"


1XQ N|QQHQ 6LH

+5 /HNWLRQ 9HUJWXQJVEXGJHWIXQNWLRQHQ
/HNWLRQ 9HUJWXQJVEXGJHWIXQNWLRQHQ

6LH ZHUGHQ HLQ 9HUJWXQJVEXGJHW DQOHJHQ

HLQ %XGJHW DQ]HLJHQ
DQ]HLJHQ
+LHUEHL KDQGHOW HV VLFK XP GLH QHXH %XGJHWIXQNWLRQ GLH EHU GLH %636HLWHQ
GDUJHVWHOOW ZLUG 6LH ZLUG EHU GDV 3RUWDO YHUZDOWHW 8P HLQ %XGJHW DQ]X]HLJHQ
UXIHQ 6LH 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ 9HUJWXQJVPDQDJHPHQW ĺ
8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW ĺ %XGJHWLHUXQJ ĺ %XGJHWYHUZDOWXQJ
VWDUWHQ DXI XQG NOLFNHQ 6LH DXI %XGJHWYHUZDOWXQJ
*HEHQ 6LH LQ GHU %XGJHWSIOHJH LP %HUHLFK GHU 6XFKNULWHULHQ GLH %XGJHWHLQKHLW XQG
LQ GDV )HOG 6XFKHQ QDFK HLQ HLQ XQG NOLFNHQ 6LH DXI /RV .OLFNHQ 6LH DXI HLQH
GHU %XGJHWHLQKHLWHQ ZLH ]% GDV %XGJHW +XPDQ 5HVRXUFHV 86 'LVFUHWLRQDU\
.OLFNHQ 6LH DXI GDV 5HJLVWHU IU GLH %XGJHWVWUXNWXU XQG HUZHLWHUQ 6LH GHQ
2UGQHU XP GLH %H]LHKXQJ ]ZLVFKHQ GHQ %XGJHWV XQG GHQ 2UJDQLVDWLRQVHLQKHLWHQ
DQ]X]HLJHQ
$NWLYLHUHQ 6LH GLH )XQNWLRQ 2UJDQLVDWLRQVHLQKHLW DQ
)KUXQJVNUlIWH PVVHQ MHGHU ,KUHU 0LWDUEHLWHUEHWHLOLJXQJ IU MHGHQ
EHVWLPPWHQ =HLWUDXP HLQ %XGJHW ]XRUGQHQ 'LH %XGJHWV PVVHQ IU MHGH
0LWDUEHLWHUEHWHLOLJXQJ 2UJDQLVDWLRQVHLQKHLWHQ ]XJHRUGQHW ZHUGHQ

%XGJHWLHUXQJ
$EELOGXQJ %XGJHWLHUXQJ
'LH %XGJHWLHUXQJ NDQQ GLH *UXQGODJH GHV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQWV

ELOGHQ GD GLH %XGJHWZHUWH GLH IU GLH HLQ]HOQHQ 2UJDQLVDWLRQVHLQKHLWHQ
DQJHOHJW ZHUGHQ LQ GHU 9HUJWXQJVYHUZDOWXQJ YHUZHQGHW ZHUGHQ 0LW +LOIH
GLHVHU :HUWH HUPLWWHOQ 6LH GLH 9HUJWXQJHQ *HKDOWVHUK|KXQJHQ %RQL XVZ IU
0LWDUEHLWHU GHUHQ 9HUJWXQJHQ DQJHSDVVW ZHUGHQ 6LH HUKDOWHQ YRP 6\VWHP HLQH
LQIRUPDWLYH :DUQ RGHU )HKOHUPHOGXQJ ZHQQ GLH 9HUJWXQJHQ GHQ %XGJHWEHWUDJ
EHUVFKUHLWHQ
(LQ %XGJHW GHILQLHUW GLH *HVDPWKHLW ILQDQ]LHOOHU 0LWWHO GLH GHU )LQDQ]LHUXQJ GHU
2UJDQLVDWLRQVHLQKHLWHQ GLHQHQ
%XGJHWV N|QQHQ LQ HLQHU KLHUDUFKLVFKHQ 6WUXNWXU DQJHOHJW ZHUGHQ 'DEHL
NDQQ GLHVH +LHUDUFKLH DXFK JHPl GHU +LHUDUFKLH LQ GHU DXVJHZlKOWHQ
2UJDQLVDWLRQVVWUXNWXU DXWRPDWLVFK JHQHULHUW XQG DEJHELOGHW ZHUGHQ
'XUFK GLH ,QWHJUDWLRQ PLW GHU QHXHQ 3HUVRQDONRVWHQSODQXQJ N|QQHQ IU EHUHLWV
DQJHOHJWH %XGJHWVWUXNWXUHQ GLH (UJHEQLVVH DXV GHP 3HUVRQDONRVWHQSODQ
.RVWHQEHVWDQGWHLOH IU GDV DXWRPDWLVFKH *HQHULHUHQ YRQ %XGJHWV
%XGJHWEHWUlJHQ JHQXW]W ZHUGHQ

$EELOGXQJ 'HU %XGJHWLHUXQJVSUR]HVV
=X GHQ 6FKULWWHQ LP %XGJHWLHUXQJVSUR]HVV ]lKOHQ

%XGJHWSIOHJH +LHU N|QQHQ 6LH %XGJHWV XQG %XGJHWZHUWH DQOHJHQ XQG
3HUVRQDONRVWHQSODQXQJVGDWHQ RGHU EHQXW]HUGHILQLHUWH :HUWH LPSRUWLHUHQ
'HV :HLWHUHQ N|QQHQ 6LH GLH %XGJHWVWUXNWXU GXUFK +LQ]XIJHQ XQG /|VFKHQ
YRQ %XGJHWHLQKHLWHQ SIOHJHQ XQG HLQH 2UJDQLVDWLRQVHLQKHLW ]X HLQHP %XGJHW
]XRUGQHQ
%XGJHWV SUIHQ XQG IUHLJHEHQ hEHUSUIHQ 6LH GLH %XGJHWZHUWH DXI
.RQVLVWHQ] *HEHQ 6LH %XGJHWV IUHL GDPLW VLH LQ 9HUJWXQJVUXQGHQ
YHUZHQGHW ZHUGHQ N|QQHQ 6WHOOHQ 6LH %XGJHWV ]XUFN LQ GLH 3ODQXQJ ZHQQ
VLH QLFKW HUVFK|SIW ZXUGHQ
1HX]XRUGQXQJ YRQ %XGJHWV 6R N|QQHQ 6LH %XGJHWZHUWH YRQ HLQHP
%XGJHW LQ HLQ DQGHUHV YHUVFKLHEHQ RGHU GLHVHP QHX ]XRUGQHQ ZHQQ VLFK HLQ
0LWDUEHLWHU RGHU HLQH 2UJDQLVDWLRQVHLQKHLW YHUVFKLHEW

$EELOGXQJ %XGJHW
6LH OHJHQ HLQH %XGJHWVWUXNWXU DQ GLH DXV HLQHU RGHU PHKUHUHQ %XGJHWHLQKHLWHQ
EHVWHKW :HQQ 6LH HLQH %XGJHWVWUXNWXU DQOHJHQ JHVFKLHKW GLHV LPPHU LP 6WDWXV
JHSODQW
6LH RUGQHQ %XGJHWHLQKHLWHQ 2UJDQLVDWLRQVHLQKHLWHQ ]X VR GDVV MHGH
2UJDQLVDWLRQVHLQKHLW GXUFK HLQH EHVWLPPWH %XGJHWHLQKHLW ILQDQ]LHUW ZLUG )DOOV
6LH ,KUH %XGJHWVWUXNWXU DXV GHU 2UJDQLVDWLRQVVWUXNWXU JHQHULHUHQ PVVHQ 6LH
GLHVHQ 6FKULWW QLFKW DXVIKUHQ
'LH 9HUNQSIXQJHQ ]ZLVFKHQ %XGJHWHLQKHLWHQ XQG 2UJDQLVDWLRQVHLQKHLWHQ
EHGHXWHQ GDVV HLQH %XGJHWHLQKHLW HLQH RGHU PHKUHUH 2UJDQLVDWLRQVHLQKHLWHQ
ILQDQ]LHUHQ NDQQ
(V LVW P|JOLFK %XGJHWVWUXNWXUHQ ]X NRSLHUHQ GK HV ZLUG HLQH QHXH 6WUXNWXU IU
GHQVHOEHQ *OWLJNHLWV]HLWUDXP DQJHOHJW
6LH WHLOHQ MHGHU %XGJHWHLQKHLW ILQDQ]LHOOH 0LWWHO ]X 'LHVH N|QQHQ DXFK DXV GHU
QHXHQ 3HUVRQDONRVWHQSODQXQJ JHQHULHUW XQG LQWHJULHUW ZHUGHQ
6LH SUIHQ RE ,KUH %XGJHWVWUXNWXU NRQVLVWHQW LVW
6LH EHDUEHLWHQ JJI GDV )HKOHUSURWRNROO
6LH JHEHQ ,KUH %XGJHWVWUXNWXU IUHL GDPLW GLHVH IU GLH 9HUJWXQJVYHUZDOWXQJ ]XU
9HUIJXQJ VWHKW
'LH 6WUXNWXU HUKlOW GDGXUFK GHQ 6WDWXV DNWLY
%XGJHWVWUXNWXUHQ GLH EHUHLWV IUHLJHJHEHQ VLQG N|QQHQ 6LH DXFK IRUWVFKUHLEHQ G
K GHU *OWLJNHLWV]HLWUDXP GLHVHU 6WUXNWXUHQ ZLUG YHUOlQJHUW

hEXQJ %XGJHW DQOHJHQ

/HUQ]LHOH GHU hEXQJ

HLQ %XGJHW IU 9HUJWXQJHQ DQOHJHQ
'LH 9HUJWXQJHQ PVVHQ YRU GHP =XWHLOHQ EXGJHWLHUW ZHUGHQ
$XIJDEH
,P NRPPHQGHQ -DKU ZLUG ]XU =XODJHQ XQG *HKDOWVDQSDVVXQJ HLQH %XGJHWVWUXNWXU
IU GLH 2UJDQLVDWLRQVHLQKHLWHQ )LQDQ]EXFKKDOWXQJ XQG GHUHQ XQWHUJHRUGQHWH
(LQKHLWHQ RGHU GLH (LQKHLWHQ YRQ .UHGLWRUHQ XQG 'HELWRUHQ HLQJHULFKWHW
-HGH 2UJDQLVDWLRQVHLQKHLW YHUIJW EHU 86' IU /HLVWXQJV]XODJHQ *HKDOW
XQG 86' IU %RQXV]DKOXQJHQ
/HJHQ 6LH ,KUH %XGJHWV IU 9HUJWXQJHQ DQ
9HUZHQGHQ 6LH %RQXVEXGJHW DOV %XGJHWW\S 'LH :lKUXQJ LVW 86'
+LQZHLV 1RWLHUHQ 6LH VLFK GLH ,' ,KUHU %XGJHWHLQKHLW 6LH

EHQ|WLJHQ GLHVH 2EMHNW,' VSlWHU
$XIJDEH
*HEHQ 6LH GLH EHLGHQ %XGJHWV IUHL
*HEHQ 6LH GLH %RQL XQG /HLVWXQJV]XODJHQ IUHL

/|VXQJ %XGJHW DQOHJHQ

$XIJDEH
,P NRPPHQGHQ -DKU ZLUG ]XU =XODJHQ XQG *HKDOWVDQSDVVXQJ HLQH %XGJHWVWUXNWXU
IU GLH 2UJDQLVDWLRQVHLQKHLWHQ )LQDQ]EXFKKDOWXQJ XQG GHUHQ XQWHUJHRUGQHWH
(LQKHLWHQ RGHU GLH (LQKHLWHQ YRQ .UHGLWRUHQ XQG 'HELWRUHQ HLQJHULFKWHW
-HGH 2UJDQLVDWLRQVHLQKHLW YHUIJW EHU 86' IU /HLVWXQJV]XODJHQ *HKDOW
XQG 86' IU %RQXV]DKOXQJHQ
/HJHQ 6LH ,KUH %XGJHWV IU 9HUJWXQJHQ DQ
9HUZHQGHQ 6LH %RQXVEXGJHW DOV %XGJHWW\S 'LH :lKUXQJ LVW 86'
+LQZHLV 1RWLHUHQ 6LH VLFK GLH ,' ,KUHU %XGJHWHLQKHLW 6LH

EHQ|WLJHQ GLHVH 2EMHNW,' VSlWHU
D :lKOHQ 6LH 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ

%XGJHWLHUXQJ ĺ %XGJHW DXV 2UJDQLVDWLRQVKLHUDUFKLH JHQHULHUHQ
E *HEHQ 6LH DOV %XGJHWW\S 49 Bonusbudget HLQ XQG JHEHQ 6LH GDV
NRPPHQGH -DKU ] % DOV %XGJHWSHULRGH DQ 6XFKHQ 6LH QDFK GHU
2UJDQLVDWLRQVHLQKHLW 5HFKQXQJVZHVHQ XQG ZlKOHQ 6LH $XVIKUHQ
F 1RWLHUHQ 6LH VLFK GLH %XGJHWQXPPHU GLH JHQHULHUW ZLUG
BBBBBBBBBBBBBBBBBBB .HKUHQ 6LH ]XP 6$3(DV\$FFHVV0HQ
]XUFN
G :lKOHQ 6LH 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ
%XGJHWLHUXQJ ĺ %XGJHWYHUZDOWXQJ VWDUWHQ
H :lKOHQ 6LH %XGJHWSIOHJH :HQQ 6LH GD]X DXIJHIRUGHUW ZHUGHQ
JHEHQ 6LH GHQ %HQXW]HUQDPHQ XQG GDV .HQQZRUW ,KUHU $QPHOGXQJ
+5 HLQ
I :lKOHQ 6LH LP )HOG 6XFKNULWHULHQ %XGJHWHLQKHLW,' *HEHQ 6LH GLH
,'1XPPHU IU ,KU )LQDQ]ZHVHQEXGJHW HLQ XQG ZlKOHQ 6LH /RV
$OWHUQDWLY N|QQHQ 6LH QDFK 1DPH GHU 2UJDQLVDWLRQVHLQKHLW VXFKHQ XQG
,KUH 2UJDQLVDWLRQVHLQKHLW VR DQKDQG GHV 1DPHQV VXFKHQ
J :lKOHQ 6LH SHU .OLFN DXI GDV $QNUHX]IHOG GLH =HLOH IU ,KUH
%XGJHWHLQKHLW DXVÄ³Ä³ 8QWHU ,KUHU 2UJDQLVDWLRQVHLQKHLW VROOWHQ ]ZHL
QHXH 5HJLVWHU DQJH]HLJW ZHUGHQ :lKOHQ 6LH GDV 5HJLVWHU IU GLH
%XGJHWGHWDLOV ([SDQGLHUHQ 6LH GXUFK .OLFNHQ DXI GHQ 3IHLO GLH
$QVLFKW XP DOOH ,KUH 2UJDQLVDWLRQVHLQKHLWHQ DQ]X]HLJHQ hEHUSUIHQ

6LH RE GLH 2UJDQLVDWLRQVHLQKHLW DNWLYLHUW LVW )DOOV QLFKW NOLFNHQ 6LH

DXI 2UJ(LQKHLW DXV 6R ZHFKVHOQ 6LH ]ZLVFKHQ GHQ 0RGL $Q XQG $XV
DNWLYLHUW E]Z GHDNWLYLHUW
K :lKOHQ 6LH SHU .OLFN DXI GDV $QNUHX]IHOG ,KUH REHUVWH
2UJDQLVDWLRQVHLQKHLW 5HFKQXQJVZHVHQ XQG JHEHQ 6LH LP )HOG
*HVDPWEXGJHW GLH 6XPPH 86' HLQÄ³
L :lKOHQ 6LH QXQ ,KUH QlFKVW QLHGULJHUH 2UJDQLVDWLRQVHLQKHLW
.UHGLWRUHQEXFKKDOWXQJ XQG JHEHQ 6LH 86' HLQ %HDFKWHQ 6LH
GDVV GLHVHU %HWUDJ GHU 2UJDQLVDWLRQ )LQDQ]ZHVHQ HQWQRPPHQ ZLUG
M :LHGHUKROHQ 6LH GLHVHQ OHW]WHQ 6FKULWW IU ,KUH 2UJDQLVDWLRQVHLQKHLW
'HELWRUHQEXFKKDOWXQJ XQG ZlKOHQ 6LH 6LFKHUQ
N /HJHQ 6LH HLQ ]ZHLWHV %XGJHW IU 9HUJWXQJHQ DQ LQGHP 6LH GLH
'UXFNWDVWH .RSLHUHQ ZlKOHQ XQG /HLVWXQJV]XODJH ZlKOHQ :lKOHQ
6LH GDQQ 6LFKHUQ
O .HKUHQ 6LH ]XP 6$3(DV\$FFHVV0HQ ]XUFN
$XIJDEH
*HEHQ 6LH GLH EHLGHQ %XGJHWV IUHL
*HEHQ 6LH GLH %RQL XQG /HLVWXQJV]XODJHQ IUHL
D :lKOHQ 6LH 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ
%XGJHWLHUXQJ ĺ %XGJHWV SUIHQ XQG IUHLJHEHQ
E :lKOHQ 6LH %XGJHWW\S %RQXVEXGJHW XQG JHEHQ 6LH GDV NRPPHQGH
-DKU DOV %XGJHW]HLWUDXP DQ
F *HEHQ 6LH GLH ,' ,KUHU %XGJHWHLQKHLW HLQ GLH 6LH VLFK ]X %HJLQQ
QRWLHUW KDEHQ
G :lKOHQ 6LH GHQ $XVZDKONQRSI IU %XGJHW IUHLJHEHQ XQG KHEHQ 6LH GLH
0DUNLHUXQJ IU GHQ 7HVWODXI DXI :lKOHQ 6LH $XVIKUHQ %HDFKWHQ 6LH
GDVV GHU 6WDWXV GDV %XGJHW DOV HUIROJUHLFK IUHLJHJHEHQ NHQQ]HLFKQHW
H :LHGHUKROHQ 6LH GLHVHQ 9RUJDQJ IU GLH /HLVWXQJV]XODJHQ


1XQ N|QQHQ 6LH
HLQ %XGJHW DQ]HLJHQ
DQ]HLJHQ

+5 /HNWLRQ 9HUJWXQJVYHUZDOWXQJ
/HNWLRQ 9HUJWXQJVYHUZDOWXQJ

9HUZDOWHQ XQG =XWHLOHQ YRQ 9HUJWXQJHQ

9HUJWXQJHQ DQ]HLJHQ
+LHUEHL KDQGHOW HV VLFK XP GLH QHXH )XQNWLRQ IU 8QWHUQHKPHQVYHUJWXQJHQ

6LH ZLUG EHU GDV 3RUWDO YRUJHIKUW 'D MHGRFK NHLQ 3RUWDO ]XJHRUGQHW LVW
N|QQHQ 6LH GLH 9HUZDOWXQJ GHU 9HUJWXQJHQ EHU GLH 9HUJWXQJV,QIRW\SHQ
GHPRQVWULHUHQ %HDFKWHQ 6LH GDVV HV VLFK EHL GHP ,KUHP .XUV ]XJHZLHVHQHQ
P\6$3(536\VWHP QLFKW XP HLQ %DFNHQG6\VWHP IU GLH 'HPR3RUWDOH KDQGHOW
6LH N|QQHQ GHQ .XUVWHLOQHKPHUQ GLH DOWH 9HUJWXQJVIXQNWLRQ GHPRQVWULHUHQ XQG
VR 9HUJWXQJHQ IU GLH EHNDQQWHQ 0LWDUEHLWHU YHUZDOWHQ +LHU]X PVVHQ 6LH PLW
GHQ 7HLOQHKPHUQ HLQLJH $GKRFhEXQJHQ GXUFKIKUHQ XP PLW +LOIH GHU DOWHQ
)XQNWLRQ HLQ %XGJHW XQG %HXUWHLOXQJHQ DQ]XOHJHQ
'HU 9RUVWDQG KDW EHVFKORVVHQ GDV %XGJHW IU *HKlOWHU LP QlFKVWHQ
*HVFKlIWVMDKU ]X HUK|KHQ 'LH $EWHLOXQJVOHLWHU EHVWLPPHQ QXQ LQ GHU
*HKDOWVUXQGH GLH (UK|KXQJHQ IU GLH HLQ]HOQHQ 0LWDUEHLWHU 'LHV NDQQ GLUHNW LP
P\6$3(536\VWHP RGHU PLW +LOIH GHV 0DQDJHU 6HOI 6HUYLFH HUIROJHQ

9HUJWXQJVYHUZDOWXQJ
$EELOGXQJ 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW .DWHJRULHQ XQG

,QIRW\SHQ
:HLVHQ 6LH QRFKPDOV GDUDXI KLQ GDVV HV VLFK KLHU XP GLH QHXHQ ,QIRW\SHQ ]XU 9HU
ZDOWXQJ YRQ 9HUJWXQJHQ GXUFK GDV QHXH 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW
KDQGHOW 'LH DOWHQ ,QIRW\SHQ XQG VLQG ZHLWHUKLQ YRUKDQGHQ IDOOV GLH
DOWH 9HUJWXQJVIXQNWLRQ YHUZHQGHW ZHUGHQ VROO
9HUJWXQJVEHVWDQGWHLOH ZHUGHQ DQJHOHJW XQG ]X 9HUJWXQJVNDWHJRULHQ ]XJHRUGQHW

'LH 9HUJWXQJVNDWHJRULH OHJW IHVW ZHOFKH ,QIRW\SVlW]H DQJHOHJW ZHUGHQ ZHQQ 6LH
HLQH $QSDVVXQJ DNWLYLHUHQ RGHU HLQH 9HUJWXQJ JHZlKUHQ 9RQ 6$3 ZHUGHQ DOV
6WDQGDUG GLH 9HUJWXQJVNDWHJRULHQ IHVW YDULDEHO VRZLH 8QWHUQHKPHQVEHWHLOLJXQJ
DXVJHOLHIHUW
)HVWH 9HUJWXQJVDQSDVVXQJHQ OHJHQ HLQHQ 6DW] GHV ,QIRW\SV 9HUJWXQJVSUR]HVV
DQ XQG GHU ,QIRW\S %DVLVEH]JH ZLUG DNWXDOLVLHUW
%DVLVEH]JH VWHOOHQ ]% IHVWH 9HUJWXQJVEHVWDQGWHLOH GDU
9DULDEOH 9HUJWXQJVDQSDVVXQJHQ OHJHQ HLQHQ 6DW] GHV ,QIRW\SV 9HUJWXQJVSUR]HVV
DQ -H QDFK GHP ZLH 6LH ,KUH YDULDEOHQ 9HUJWXQJVEHVWDQGWHLOH HLQJHULFKWHW
KDEHQ ZLUG HQWZHGHU GHU ,QIRW\S %DVLVEH]JH DNWXDOLVLHUW RGHU HLQ 6DW]
GHV ,QIRW\SV (UJlQ]HQGH =DKOXQJ DQJHOHJW
%RQXV]DKOXQJHQ VWHOOHQ ]% YDULDEOH 9HUJWXQJVEHVWDQGWHLOH GDU

=X GHQ 9HUJWXQJV,QIRW\SHQ ]lKOHQ

,7 9HUJWXQJVSURJUDPP +LHUEHL KDQGHOW HV VLFK XP HLQHQ
REOLJDWRULVFKHQ ,QIRW\S ]XU )HVWOHJXQJ GHV 9HUJWXQJVSURJUDPPV IU HLQHQ
0LWDUEHLWHU (V VWHKW HLQ 0DVVHQEHULFKW ]XU 9HUIJXQJ XP IU 0LWDUEHLWHU
PHKUHUH ,QIRW\SHQ DQ]XOHJHQ
,7 9HUJWXQJVSUR]HVV :HQQ 6LH 9HUJWXQJHQ EHU GDV
P\6$3(536\VWHP YHUZDOWHQ N|QQHQ 6LH GLH 9HUJWXQJHQ PLW GLHVHP
,QIRW\S YHUZDOWHQ XQG DQ]HLJHQ
,7 hEHUVWHXHUXQJ GHU 9HUJWXQJV]XOlVVLJNHLW 'LHVHU ,QIRW\S
HUP|JOLFKW HLQH hEHUVWHXHUXQJ GHU =XOlVVLJNHLWVNULWHULHQ
,7 /7,=XWHLOXQJ ,Q GLHVHP ,QIRW\S ZHUGHQ $NWLHQ]XWHLOXQJHQ
KLQWHUOHJW
,7 /7,$XVEXQJ +LHU N|QQHQ $NWLHQ]XWHLOXQJHQ DXVJHEW ZHUGHQ
,7 /7,7HLOQHKPHUGDWHQ +LHU ZLUG GLH %HUFNVLFKWLJXQJ GHV
0LWDUEHLWHUV EHL GHU *HZlKUXQJ HLQHU 8QWHUQHKPHQVEHWHLOLJXQJ DQJH]HLJW
$EELOGXQJ $QSDVVXQJVJUQGH
0LW +LOIH HLQHV $QSDVVXQJVJUXQGV N|QQHQ 6LH ,KU 9HUJWXQJVSURJUDPP LP

P\6$3(536\VWHP DEELOGHQ ] % HLQH MlKUOLFKH *HKDOWVUXQGH
(LQ $QSDVVXQJVJUXQG NDQQ HLQ RGHU PHKUHUH $QSDVVXQJVDUWHQ XPIDVVHQ 'LH
MlKUOLFKH *HKDOWVUXQGH N|QQWH ] % DXV HLQHU *HKDOWVHUK|KXQJ XQG HLQHP %RQXV
EHVWHKHQ
6LH N|QQHQ MHGHU $QSDVVXQJVDUW HLQHQ %XGJHWW\S ]XRUGQHQ 'HV :HLWHUHQ N|QQHQ
6LH IHVWOHJHQ ZLH GDV 6\VWHP UHDJLHUW ZHQQ 6LH GDV ]XU 9HUIJXQJ VWHKHQGH
%XGJHW LP 5DKPHQ GHU 9HUJWXQJVYHUZDOWXQJ EHUVWHLJHQ

$XI GHU (EHQH GHU $QSDVVXQJVDUWHQ RUGQHQ 6LH 5LFKWOLQLHQ XQG =XOlVVLJNHLWVUHJHOQ
]X
'DV 9HUJWXQJVUXQGHQHOHPHQW EHVWLPPW GLH 0LNUR XQG 0DNUR]XOlVVLJNHLW XQG
GHQ =HLWSXQNW DQ GHP 0LWDUEHLWHU LQ GHP 3ODQ DXIJHQRPPHQ ZHUGHQ
'LH 9HUJWXQJVNDWHJRULH ZLUG GHU $QSDVVXQJVDUW LQGLUHNW EHU GHQ GHILQLHUWHQ
9HUJWXQJVEHVWDQGWHLO ]XJHRUGQHW
$EELOGXQJ 9HUJWXQJVDQSDVVXQJ 5LFKWOLQLHQ XQG 5LFKWOLQLHQJUXSSHQ
0LW +LOIH YRQ 5LFKWOLQLHQ N|QQHQ 6LH IHVWOHJHQ ZLH YLHO DQ *HKDOWVHUK|KXQJ
%RQXV]DKOXQJ RGHU $NWLHQRSWLRQHQ ,KUH 0LWDUEHLWHU HUKDOWHQ VROOHQ

(V JLEW GUHL $UWHQ YRQ 5LFKWOLQLHQ )L[ 0DWUL[ XQG VHOEVW GHILQLHUW
)L[H 5LFKWOLQLHQ OHJHQ HLQHQ IU DOOH 0LWDUEHLWHU LGHQWLVFKHQ 9RUVFKODJVZHUW
IHVW +LHUEHL N|QQWH HV VLFK XP HLQHQ IHVWHQ %HWUDJ HLQHQ IHVWHQ 3UR]HQWVDW]
RGHU HLQH IHVWH $Q]DKO KDQGHOQ
'D GLHVH :HUWH QXU 5LFKWOLQLHQ GDUVWHOOHQ NDQQ GLH )KUXQJVNUDIW
RGHU GHU 9HUJWXQJVVDFKEHDUEHLWHU GLHVH EHLP 9HUZDOWHQ GHU
9HUJWXQJVDQSDVVXQJHQ lQGHUQ 'LH bQGHUXQJVP|JOLFKNHLWHQ N|QQHQ
6LH EHU GLH 6\VWHPHLQVWHOOXQJHQ GXUFK $QJDEH YRQ 0LQLPDO E]Z
0D[LPDOZHUWHQ HLQVFKUlQNHQ
0DWUL[ULFKWOLQLHQ YHUZHQGHQ ELV ]X GUHLGLPHQVLRQDOH 0DWUL]HQ XP
IHVW]XOHJHQ DXIJUXQG ZHOFKHU .ULWHULHQ GLH $QSDVVXQJ EHUHFKQHW ZHUGHQ
VROO (LQH /HLVWXQJV]XODJH N|QQWH ] % DXI ]ZHL .ULWHULHQ EDVLHUHQ GHP
(UJHEQLV GHU 0LWDUEHLWHUEHXUWHLOXQJ XQG GHU 5HODWLYODJH
%HQXW]HUGHILQLHUWH 5LFKWOLQLHQ HUP|JOLFKHQ GHQ (LQVDW] NXQGHQHLJHQHU
.ULWHULHQ DOV %HUHFKQXQJVJUXQGODJH IU GLH +|KH GHU $QSDVVXQJ 6R N|QQWH
GLH 9HUJWXQJVDQSDVVXQJ EHLVSLHOVZHLVH DXI 'DWHQ DXV H[WHUQHQ 6\VWHPHQ
EHUXKHQ
5LFKWOLQLHQ VLQG RSWLRQDO
5LFKWOLQLHQ N|QQHQ IU GLHVHOEH $QSDVVXQJVDUW MH QDFK 0LWDUEHLWHUJUXSSLHUXQJ
XQWHUVFKLHGOLFK DXVJHSUlJW VHLQ +LHUIU N|QQHQ 6LH 5LFKWOLQLHQJUXSSHQ
YHUZHQGHQ XQG EHU HLQ 0HUNPDO GLH =XRUGQXQJ VWHXHUQ
$EELOGXQJ 0DWUL[ULFKWOLQLHQ
0LW +LOIH YRQ 0DWUL[ULFKWOLQLHQ N|QQHQ 6LH EHVWLPPHQ ZLH YLHO DQ

*HKDOWVHUK|KXQJ %RQXV]DKOXQJ RGHU $NWLHQRSWLRQHQ ,KUH 0LWDUEHLWHU HUKDOWHQ
VROOHQ 6LH N|QQHQ LQ HLQHU 0DWUL[ K|FKVWHQV GUHL 'LPHQVLRQHQ GHILQLHUHQ
%HLVSLHO

(LQH *HKDOWVHUK|KXQJ EDVLHUW DXI QXU HLQHP .ULWHULXP GHP 'LHQVWDOWHU ZlKUHQG
GHU %RQXV DXI GUHL .ULWHULHQ EDVLHUW GHP (UJHEQLV GHU /HLVWXQJVEHXUWHLOXQJ GHP
'LHQVWDOWHU XQG GHU 5HODWLYODJH GHV 0LWDUEHLWHUV
'LH 6WDQGDUGDXVOLHIHUXQJ XPIDVVW IROJHQGH .ULWHULHQ
'LHQVWDOWHU
5HODWLYODJH
/HLVWXQJVYHUKDOWHQ
$OWHU
1DFKGHP DOOH 'LPHQVLRQVVHJPHQWH GHILQLHUW ZXUGHQ PXVV MHGHU P|JOLFKHQ
.RPELQDWLRQ YRQ 'LPHQVLRQHQ HLQ 9RUVFKODJVZHUW E]Z 3UR]HQWVDW] IU GLH
9HUJWXQJ ]XRUGQHW ZHUGHQ
'LH 9RUVFKODJVZHUWH VLQG EHUVFKUHLEEDU ,QWHUYDOOH VLQG HEHQIDOOV ]XOlVVLJ ,P
&XVWRPL]LQJ N|QQHQ 6LH 0LQLPDO XQG 0D[LPDOZHUWH EHVWLPPHQ XQG IHVWOHJHQ
ZLH GDV 6\VWHP EHL 8QWHU RGHU hEHUVFKUHLWXQJ GLHVHU :HUWH UHDJLHUHQ VROO
$EELOGXQJ .ULWHULHQ

$EELOGXQJ 9HUJWXQJV]XOlVVLJNHLWVNRQ]HSW
%HLP $QOHJHQ HLQHU 9HUJWXQJVDQSDVVXQJ RGHU HLQHU 9HUJWXQJ ZLH ] %

HLQHU (UK|KXQJ GHU /HLVWXQJV]XODJH N|QQHQ 6LH DQJHEHQ ZHU DQ GHU $QSDVVXQJ
WHLOQHKPHQ GDUI :HQQ GLH $QSDVVXQJ IU DOOH 0LWDUEHLWHU GHV 8QWHUQHKPHQV
JHOWHQ VROO PVVHQ NHLQH 5HJHOQ IHVWJHOHJW ZHUGHQ
6LQG EHL GHU 9HUJWXQJVDQSDVVXQJ 4XDOLILNDWLRQVNULWHULHQ ZLH HLQH GUHLPRQDWLJH
%HWULHEV]XJHK|ULJNHLW YRUJHVHKHQ PXVV HLQH HQWVSUHFKHQGH 5HJHO GHILQLHUW
ZHUGHQ
'LH .ULWHULHQ N|QQHQ ] % DXI GHU 'DXHU GHU %HWULHEV]XJHK|ULJNHLW GHU $Q]DKO
GHU $UEHLWVVWXQGHQ GHP 7DULIYHUWUDJ GHU *HKDOWVJUXSSH GHP *HKDOW RGHU GHU
/HLVWXQJ EDVLHUHQ
:HQQ IU HLQ]HOQH 0LWDUEHLWHU LQ %H]XJ DXI GLH .ULWHULHQ HLQH $XVQDKPH
JHPDFKW ZHUGHQ VROO N|QQHQ 6LH KLHU]X GHQ ,QIRW\S hEHUVWHXHUXQJ GHU
9HUJWXQJV]XOlVVLJNHLW YHUZHQGHQ 6R NDQQ ]XP %HLVSLHO GDV .ULWHULXP
GHU GUHLPRQDWLJHQ %HWULHEV]XJHK|ULJNHLW IU QHXH 0LWDUEHLWHU DXHU .UDIW JHVHW]W
ZHUGHQ
:HQQ 6LH IU YHUVFKLHGHQH 0LWDUEHLWHUJUXSSHQ XQWHUVFKLHGOLFKH .ULWHULHQ
YHUZHQGHQ N|QQHQ 6LH PLW =XOlVVLJNHLWVJUXSSHQ DUEHLWHQ 6R N|QQWHQ 6LH ] %
YRQ GHU $QQDKPH DXVJHKHQ GDVV HLQH ]Z|OIPRQDWLJH %HWULHEV]XJHK|ULJNHLW GLH
9RUDXVVHW]XQJ IU GHQ (UKDOW HLQHV %RQXV GDUVWHOOW )KUXQJVNUlIWH MHGRFK QXU
HLQH VHFKVPRQDWLJH =XJHK|ULJNHLW QDFKZHLVHQ PVVHQ ,Q GLHVHP )DOO JHEHQ 6LH
]ZHL 5HJHOQ DQ HLQH IU GLH *UXSSH GHU )KUXQJVNUlIWH XQG HLQH IU GLH DQGHUHQ
0LWDUEHLWHU
%HL GHU 'HILQLWLRQ HLQHU *UXSSH VWHOOHQ 6LH GLH 9HUELQGXQJ ]ZLVFKHQ *UXSSH
XQG 0LWDUEHLWHUQ EHU HLQ 0HUNPDO KHU +LHU]X N|QQHQ 6LH GLH 'HWDLOV GHU
RUJDQLVDWRULVFKHQ =XRUGQXQJ ZLH ] % GHQ 0LWDUEHLWHUNUHLV YHUZHQGHQ
hEHU HLQHQ 8VHU([LW N|QQHQ 6LH DXFK VHOEVW GHILQLHUWH .ULWHULHQ YHUZHQGHQ

9HUJWXQJVDQSDVVXQJ
:LUNVDPNHLWVGDWXP GHU $QSDVVXQJ
%HUHFKQXQJVJUXQGODJH
$QSDVVXQJVEHWUDJ DEKlQJLJ YRQ GHU 9HUJWXQJVDQSDVVXQJ
± %HUHFKQXQJVJUXQGODJH /RKQDUWHQ
± 5LFKWOLQLH RSWLRQDO
%HLP 'HILQLHUHQ HLQHU 9HUJWXQJVDQSDVVXQJ JHEHQ 6LH HLQH 5HLKH YRQ 'DWHQ
HLQ GDV :LUNVDPNHLWVGDWXP GHU $QSDVVXQJ GLH %HUHFKQXQJVJUXQGODJH GHU
9HUJWXQJVDQSDVVXQJ XQG GLH LQ GHU %HUHFKQXQJ YHUZHQGHWHQ /RKQDUWHQ XQG
5LFKWOLQLHQ
'DV :LUNVDPNHLWVGDWXP GHU 9HUJWXQJVDQSDVVXQJ NDQQ DXI HLQHP IL[HQ 'DWXP
] % GHP -DQXDU HLQHP -XELOlXPVGDWXP ] % GHP (LQVWHOOXQJVWDJ RGHU GHP
*HEXUWVWDJ RGHU HLQHP DQGHUHQ VHOEVW GHILQLHUWHQ 'DWXP EDVLHUHQ
%HL GHU $QJDEH GHU %HUHFKQXQJVJUXQGODJH IU GLH 9HUJWXQJVDQSDVVXQJ JHEHQ
6LH GLH /RKQDUW DQ GLH YRP 6WDQGDUG6$36\VWHP DOV %HUHFKQXQJVJUXQGODJH
YHUZHQGHW ZLUG
'LH DOV %HUHFKQXQJVJUXQGODJH YHUZHQGHWH /RKQDUW NDQQ DXV HLQHU RGHU PHKUHUHQ
/RKQDUWHQ EHVWHKHQ 6LH P|FKWHQ ] % ,KUHQ 0LWDUEHLWHUQ HLQH SUR]HQWXDOH
$QSDVVXQJ ]XNRPPHQ ODVVHQ GLH DXI GHU /RKQDUW *HKDOW EDVLHUW
6LH N|QQHQ ]XGHP DQJHEHQ RE EHL GHU %HUHFKQXQJ HLQH 5LFKWOLQLH EHUFNVLFKWLJW
ZHUGHQ VROO RSWLRQDO
$EELOGXQJ 9HUJWXQJVYHUZDOWXQJ

,P 9HUJWXQJVPDQDJHPHQW JLEW HV YHUVFKLHGHQH 0|JOLFKNHLWHQ ,KUHQ

0LWDUEHLWHUQ 9HUJWXQJVDQSDVVXQJHQ ]X JHZlKUHQ
(LQ]HOSIOHJH REHQ GDUJHVWHOOW
0LW GLHVHU 0HWKRGH JHZlKUHQ 6LH HLQ]HOQHQ 0LWDUEHLWHUQ
9HUJWXQJVDQSDVVXQJHQ
0DQDJHU 6HOI6HUYLFH
,P (QWHUSULVH 3RUWDO N|QQHQ /LQLHQYRUJHVHW]WH ,KUHQ 0LWDUEHLWHUQ GH]HQWUDO
9HUJWXQJVDQSDVVXQJHQ JHZlKUHQ
'HU )DOO HLQHV 9HUJWXQJVYHUIDKUHQV IU HLQHQ EHVWLPPWHQ 0LWDUEHLWHU ZLUG LP
QHXHQ ,QIRW\S 9HUJWXQJVSUR]HVV KLQWHUOHJW XQG YHUZDOWHW 6HLQ 6XEW\S LVW
GLH 9HUJWXQJVUXQGSRVLWLRQ GXUFK GLH GLH .RPELQDWLRQ YRQ 9HUJWXQJVSODQ XQG
UXQGH GHILQLHUW ZLUG
$EELOGXQJ 9HUJWXQJVYHUZDOWXQJ EHU ,7
'HU ,QIRW\S LVW HLQ 6WLFKWDJV,QIRW\S 6HLQ %HJLQQ XQG (QGGDWXP VLQG
LGHQWLVFK XQG HU GHILQLHUW GDV :LUNVDPNHLWVGDWXP GDV =XWHLOXQJVGDWXP IU
8QWHUQHKPHQVEHWHLOLJXQJHQ ,Q ZHLWHUHQ )HOGHUQ ZHUGHQ GHU 9HUJWXQJVVWDWXV
GLH %HUHFKQXQJVJUXQGODJH GHU 9HUJWXQJVEHWUDJ XQG GHVVHQ %H]XJVZlKUXQJ
VRZLH GHU 9HUJWXQJVSUR]HQWVDW] GLHVHV %HWUDJHV KLQWHUJHOHJW 'DUEHU KLQDXV
LVW HLQH 9HUJWXQJVQXPPHU XQG HLQ )HOG IU $NWLHQHLQKHLWHQ HQWKDOWHQ GDV IU
8QWHUQHKPHQVEHWHLOLJXQJVSOlQH YHUZHQGHW ZLUG
'HU ,QIRW\S KDW HLQH =HLWELQGXQJ YRQ GUHL VR GDVV LP )DOOH HLQHU
9HUJWXQJVUXQGH ]X HLQHP EHOLHELJHQ =HLWSXQNW DP VHOEHQ 7DJ ]ZHL
6lW]H GHVVHOEHQ 9HUJWXQJVUXQGHQHOHPHQWV YRUKDQGHQ VHLQ N|QQHQ 'HU

9HUJWXQJVVWDWXV NHQQ]HLFKQHW GHQ 6WDWXV GHV 3UR]HVVHV JHSODQW EHDQWUDJW

JHQHKPLJW DEJHOHKQW RGHU DNWLY %HLP 6LFKHUQ YRQ 'DWHQ LQQHUKDOE HLQHV
3ODQXQJVSUR]HVVHV ZLUG HLQ 6DW] PLW GHP 6WDWXV *HSODQW DQJHOHJW %HL MHGHU
6WDWXVlQGHUXQJ ZLUG GHU 6DW] PLW GHP QHXHQ 6WDWXVZHUW DNWXDOLVLHUW 'LH +LVWRULH
GHU 6WDWXVZHUWH NDQQ EHL %HGDUI LP bQGHUXQJVSURWRNROO GHV ,QIRW\SV DXVJHZHUWHW
ZHUGHQ
'HU )DFKYRUJHVHW]WH IKUW W\SLVFKHUZHLVH 9HUJWXQJVUXQGHQ LQ 0DQDJHU
6HOI6HUYLFH GXUFK XQG GLH YRUJHVFKODJHQHQ bQGHUXQJHQ ZHUGHQ
VFKOLHOLFK LQ GLHVHQ ,QIRW\S PLW GHP 6WDWXV ,Q 3ODQXQJ DXIJHQRPPHQ
'LHVHU ,QIRW\S NDQQ MHGRFK DXFK PDQXHOO LP 3HUVRQDOVWDPP GXUFK GHQ
3HUVRQDOVDFKEHDUEHLWHU9HUJWXQJVYHUDQWZRUWOLFKHQ RGHU PLWKLOIH GHV %HULFKWV
9HUJWXQJVSUR]HVVVlW]H DQOHJHQ JHSIOHJW ZHUGHQ
1DFKGHP 6LH HLQH /LVWH YRQ 0LWDUEHLWHUQ JHQHULHUW KDEHQ N|QQHQ 6LH GLH
5LFKWOLQLHQ SUR $QSDVVXQJVDUW DQZHQGHQ RSWLRQDO
6LH N|QQHQ GDQQ GLH $QSDVVXQJVGDWHQ IU MHGHQ 0LWDUEHLWHU SIOHJHQ
$OV 8QWHUVWW]XQJ IU GHQ (QWVFKHLGXQJVSUR]HVV N|QQHQ 6LH ]XVlW]OLFKH
,QIRUPDWLRQHQ ZLH ] % 5LFKWOLQLHQLQIRUPDWLRQHQ )HKOHUSURWRNROOH RGHU
0LWDUEHLWHULQIRUPDWLRQHQ DQ]HLJHQ
1DFKIROJHQG LVW HLQ %HLVSLHO HLQHU *HQHKPLJXQJ LQ GHU 9HUJWXQJVYHUZDOWXQJ
DXIJHIKUW
'HU 3ODQXQJVYHUDQWZRUWOLFKH HLQHU 2UJDQLVDWLRQVHLQKHLW SODQW
9HUJWXQJVDQSDVVXQJHQ IU VHLQH 0LWDUEHLWHU 'LH $QSDVVXQJHQ KDEHQ GHQ
6WDWXV EHDQWUDJW
'HU *HQHKPLJHU HUKlOW GLH YRUJHVFKODJHQHQ $QSDVVXQJHQ XP VLH ]X
JHQHKPLJHQ :HQQ GHU $EWHLOXQJVOHLWHU GLH $QSDVVXQJHQ JHQHKPLJW
KDW 6WDWXV *HQHKPLJW DNWLYLHUW GHU 3HUVRQDOVDFKEHDUEHLWHU GLH
0LWDUEHLWHUEHWHLOLJXQJHQ
:HQQ GHU 3HUVRQDOVDFKEHDUEHLWHU GLH 9HUJWXQJVDQSDVVXQJ DNWLYLHUW OHJW
GDV 6\VWHP MHZHLOV HLQHQ QHXHQ 6DW] GHU ,QIRW\SHQ %DVLVEH]JH
XQG (UJlQ]HQGH =DKOXQJ RGHU DQGHUHU LQ GHU .RQILJXUDWLRQ IU GLH
HQWVSUHFKHQGHQ 0LWDUEHLWHU DQJHJHEHQHQ ,QIRW\SHQ DQ 'DV 6\VWHP OHJW SUR
0LWDUEHLWHU XQG $QSDVVXQJVDUW DXFK HLQHQ 6DW] GHV ,QIRW\SV 9HUJWXQJVDQSDVVXQJ
DOV +LVWRULH GHU 9HUJWXQJVDQSDVVXQJ DQ VR GDVV 6LH GLH 9HUJWXQJHQ GLH
HLQ 0LWDUEHLWHU HUKlOW ]XUFNYHUIROJHQ N|QQHQ
+LQZHLV 'LHVH +LVWRULH NDQQ DXFK EHU GHQ 0DQDJHU 6HOI 6HUYLFH
DQJH]HLJW ZHUGHQ

:HE$QZHQGXQJHQ
$EELOGXQJ 9HUJWXQJVSODQXQJ PLW GHP 066
6$3 ELHWHW HLQ QHXHV ZHEEDVLHUWHV 3ODQXQJVWRRO GDV VSH]LHOO DXI GLH %HGUIQLVVH
YRQ )KUXQJVNUlIWHQ PLW 3HUVRQDO XQG %XGJHWYHUDQWZRUWXQJ DEJHVWLPPW LVW
hEHU HLQH LQWXLWLYH 2EHUIOlFKH NDQQ GLH 3ODQXQJ GHU 9HUJWXQJ IU GLH ]XVWlQGLJHQ
0LWDUEHLWHU YRUJHQRPPHQ ZHUGHQ 'LH +&0$EWHLOXQJ IKUW GLH 3ODQXQJ QLFKW
]HQWUDO GXUFK 6WDWWGHVVHQ QHKPHQ GLH YHUDQWZRUWOLFKHQ 9RUJHVHW]WHQ GLH 3ODQXQJ
GH]HQWUDO YRU
%HLP (LQVWLHJ LQ GDV 7RRO ZHUGHQ GHP 9RUJHVHW]WHQ DXWRPDWLVFK DOOH
0LWDUEHLWHU DQJH]HLJW IU GLH HU GLH 9HUJWXQJVSODQXQJ GXUFKIKUHQ VROO =XU
8QWHUVWW]XQJ HLQHU RSWLPDOHQ 3ODQXQJ ZHUGHQ GHP 0DQDJHU HLQH 9LHO]DKO DQ
YHUJWXQJVUHOHYDQWHQ ,QIRUPDWLRQHQ DQJH]HLJW
%HL GHU 3ODQXQJ KDW GHU 0DQDJHU VWHWV VHLQ ]XU 9HUIJXQJ VWHKHQGHV %XGJHW LP
%OLFN (U KDW GDPLW GLH 0|JOLFKNHLW ]X NRQWUROOLHUHQ RE VHLQ %XGJHW VFKRQ
EHUVFKULWWHQ LVW RGHU ZLH YLHO %XGJHW LKP QRFK IU GLH 9HUWHLOXQJ ]XU 9HUIJXQJ
VWHKW

$EELOGXQJ 'HWDLOOLHUWH 9HUJWXQJVLQIRUPDWLRQ SUR 0LWDUEHLWHU
'XUFK $XVZDKO HLQHV 0LWDUEHLWHUQDPHQV ZHUGHQ VlPWOLFKH 'DWHQ DQJH]HLJW

GLH GHQ 0DQDJHU EHL VHLQHU (QWVFKHLGXQJVILQGXQJ XQWHUVWW]HQ 'D]X N|QQHQ
GLH 9HUWUDJVGDWHQ RUJDQLVDWRULVFKH =XRUGQXQJ *HKDOWVHQWZLFNOXQJ RGHU
9HUJWXQJVDQSDVVXQJHQ GHU 9HUJDQJHQKHLW VRZLH GLH =XWHLOXQJ YRQ %HWHLOLJXQJHQ
LP 5DKPHQ HLQHV $NWLHQRSWLRQVSODQV JHK|UHQ
1HEHQ DOO GHQ ,QIRUPDWLRQHQ ]XP 0LWDUEHLWHU ZHUGHQ DXFK 'DWHQ ZLH GLH
XQWHUQHKPHQVLQWHUQH 6ROOEH]DKOXQJ GHU MHZHLOLJHQ 6WHOOH E]Z 3ODQVWHOOH VRZLH
GLH 5HODWLYODJH XQG GLH /DJH LP *HKDOWVEDQG DQJH]HLJW
$EELOGXQJ 9HUJWXQJVLQIRUPDWLRQ SUR 0LWDUEHLWHU EHU GHQ 066

1LPPW GDV 8QWHUQHKPHQ DQ H[WHUQHQ *HKDOWVXPIUDJHQ WHLO ZLUG ]XVlW]OLFK HLQ

9HUJOHLFK GHU LQWHUQ IHVWJHOHJWHQ 6ROOEH]DKOXQJ IU GDV GHU]HLWLJH *HKDOW GHV
0LWDUEHLWHUV XQG GHU H[WHUQHQ *HKDOWVXPIUDJH LQ JUDILVFK DXIEHUHLWHWHU )RUP
DQJH]HLJW
'HU 0DQDJHU KDW GLH 0|JOLFKNHLW JH]LHOW GLH 9HUJWXQJVDQSDVVXQJHQ IU
DXVJHZlKOWH 0LWDUEHLWHU ]X YHUJOHLFKHQ 'HU 9HUJOHLFK NDQQ IU VlPWOLFKH RGHU
DXFK QXU IU EHVWLPPWH 9HUJWXQJVDQSDVVXQJHQ ] % %RQXV YRUJHQRPPHQ
ZHUGHQ
$XI *UXQGODJH GLHVHU (UJHEQLVVH N|QQHQ 6LH GLH (QWJHOWVWUDWHJLH ,KUHV
8QWHUQHKPHQV JHVWDOWHQ 6RPLW XQWHUVWW]W GLHVH )XQNWLRQ 6LH GDEHL LQ ,KUHU
(QWJHOWVWUDWHJLH LQIRUPLHUWH (QWVFKHLGXQJHQ ]X WUHIIHQ
'HU 9HUJWXQJVOHLWHU LQ ,KUHP 8QWHUQHKPHQ NDQQ *HKDOWVLQIRUPDWLRQHQ YRQ HLQHP
*HKDOWVXPIUDJHDQELHWHU HUKDOWHQ (U NDQQ DXVZlKOHQ ZHOFKH ,QIRUPDWLRQHQ
EHUHLWJHVWHOOW ZHUGHQ VROOHQ ] % *HKDOWVLQIRUPDWLRQHQ YRQ 8QWHUQHKPHQ HLQHU
EHVWLPPWHQ *U|H YRQ HLQHU EHVWLPPWHQ +|KH RGHU YRQ 0LWDUEHLWHUQ PLW HLQHU
EHVWLPPWHQ %HWULHEV]XJHK|ULJNHLWVGDXHU
'HU 9HUJWXQJVOHLWHU NDQQ GLH ,QIRUPDWLRQHQ YRP *HKDOWVXPIUDJHDQELHWHU PLW GHQ
6WHOOHQ XQG GHQ GLHVHQ 6WHOOHQ ]XJHRUGQHWHQ 0LWDUEHLWHUQ LQ ,KUHP 8QWHUQHKPHQ
YHUJOHLFKHQ $XI *UXQGODJH GLHVHV 9HUJOHLFKV NDQQ HU GLH *HKDOWVVWUXNWXU GDQQ
lQGHUQ
*HVDPWYHUJWXQJVEHUVLFKW
hEHUVLFKW EHU DOOH (OHPHQWH GHU 9HUJWXQJ XQG DQGHUH /HLVWXQJHQ ] %

DXFK 6FKXOXQJHQ GLH HLQ 0LWDUEHLWHU HUKDOWHQ KDW
%HQXW]HUGHILQLHUEDUHV )RUPXODU 6PDUW )RUPV ] % LP 6WDQGDUG PLW GHQ
.DWHJRULHQ
± %H]DKOXQJ $EUHFKQXQJVGDWHQ
*HKDOW %RQXV
± 6RQVWLJH 9HUJWXQJ
± $UEHLWJHEHUOHLVWXQJHQ
9HUVLFKHUXQJ )LUPHQZDJHQ
± 3HUVRQDOHQWZLFNOXQJVPDQDKPHQ
6FKXOXQJHQ (QWZLFNOXQJVSOlQH
6WDQGDUGEULHIH GUXFNHQ IU HLQ]HOQH 0LWDUEHLWHU RGHU SHU 0DVVHQGUXFN IU
JDQ]H $EWHLOXQJHQ
(666HUYLFH

$EELOGXQJ *HVDPWYHUJWXQJVEHUVLFKW
(LQ 3HUVRQDOVDFKEHDUEHLWHU NDQQ YHUVFKLHGHQH *HVDPWYHUJWXQJVEHUVLFKWHQ

JHQHULHUHQ XQG DXVGUXFNHQ 'HU 6DFKEHDUEHLWHU NDQQ GDQQ GLH hEHUVLFKWHQ DQ GLH
0LWDUEHLWHU VFKLFNHQ
'LH *HVDPWYHUJWXQJVEHUVLFKW ELHWHW GUHL P|JOLFKH )XQNWLRQHQ IU GLH
HQWVSUHFKHQGHQ %HQXW]HUJUXSSHQ LQ ,KUHP 8QWHUQHKPHQ
*HVDPWYHUJWXQJVEHUVLFKW DQ]HLJHQ
'LH $Q]HLJH GHU *HVDPWYHUJWXQJVEHUVLFKW LP 6$36\VWHP HQWVSULFKW
GHP QHXHQ 2EHUIOlFKHQGHVLJQ PLW YHUHLQIDFKWHU 6XFKH XQG $XVZDKO YRQ
0LWDUEHLWHUQ
*HVDPWYHUJWXQJVEHUVLFKW GUXFNHQ
'DV 'UXFNHQ GHU *HVDPWYHUJWXQJVEHUVLFKW NDQQ LP P\6$3(536\VWHP
IU HLQH 5HLKH YRQ 0LWDUEHLWHUQ LP 7HVWODXI GXUFKJHIKUW ZHUGHQ XP
VLFKHU]XVWHOOHQ GDVV NHLQH )HKOHU PHKU YRUOLHJHQ ZHQQ GLH hEHUVLFKWHQ
WDWVlFKOLFK DXVJHGUXFNW XQG DQ GLH 0LWDUEHLWHU YHUVFKLFNW ZHUGHQ
3HUV|QOLFKH *HVDPWYHUJWXQJVEHUVLFKW YLD ,QWUDQHW DQ]HLJHQ

$EELOGXQJ :HE$QZHQGXQJHQ IU 0LWDUEHLWHU *HVDPWYHUJWXQJV

EHUVLFKW


hEXQJ 2SWLRQDO 9HUJWXQJHQ

/HUQ]LHOH GHU hEXQJ

%RQL XQG /HLVWXQJV]XODJHQ YHUZDOWHQ
%HDFKWHQ 6LH GHQ 5HIHUHQWHQWLSS KLQVLFKWOLFK GHV %HXUWHLOXQJVIRUPXODUV LQ GHU

hEXQJ 3HUIRUPDQFH 0DQDJHPHQW LQ .DSLWHO 'LHVH %HXUWHLOXQJ PVVWH LQ GHU
RSWLRQDOHQ hEXQJ 3&<RX DQ (ULF XQG *HRUJH GXUFKJHIKUW ZRUGHQ VHLQ ZREHL
HLQHU HLQH VFKOHFKWH XQG HLQHU HLQH JXWH %HZHUWXQJ HUKDOWHQ VROOWH GDPLW GLH
$QZHQGXQJ GHU 5LFKWOLQLHQ HUVLFKWOLFK ZLUG
'LHVH RSWLRQDOH hEXQJ LVW QXU VLQQYROO ZHQQ 6LH GHQ %HXUWHLOXQJVSUR]HVV PLW GHP
DOWHUQDWLYHQ Ä3&<28³%HXUWHLOXQJVIRUPXODU GXUFKIKUHQ (V LVW GHQ 5LFKWOLQLHQ
IU GLHVH 0LWDUEHLWHUEHWHLOLJXQJ HQWVSUHFKHQG %RQL XQG /HLVWXQJV]XODJHQ
NRQILJXULHUW 6LH VROOWHQ GLH HQWVSUHFKHQGHQ (LQVWHOOXQJHQ LP &XVWRPL]LQJ SUIHQ
EHYRU 6LH GLH hEXQJ HLQVHW]HQ
0|JOLFKHUZHLVH P|FKWH GHU 5HIHUHQW GLHVH RSWLRQDOH hEXQJ QXU DOV 'HPRV]HQDULR
YHUZHQGHQ
,KUH 0LWDUEHLWHU HUKDOWHQ EHU 9HUJWXQJVDQSDVVXQJHQ /HLVWXQJV]XODJHQ XQG

%RQXV]DKOXQJHQ
$XIJDEH
6LH N|QQHQ %RQL XQG /HLVWXQJV]XODJHQ EHU ,7 9HUJWXQJVSURJUDPPH XQG
,7 9HUJWXQJVSUR]HVV YHUZDOWHQ
3IOHJHQ 6LH GLH ,QIRW\SHQ ,7 XQG ,7 IU (ULF /HKPDQ
XQG *HRUJH 9HJD
9HUZHQGHQ 6LH GHQ 9HUJWXQJVEHUHLFK 9HUZHQGHQ 6LH GHQ 6XEW\S %,
IU GHQ %RQXV XQG 0, IU GLH /HLVWXQJV]XODJH

/|VXQJ 2SWLRQDO 9HUJWXQJHQ

$XIJDEH
6LH N|QQHQ %RQL XQG /HLVWXQJV]XODJHQ EHU ,7 9HUJWXQJVSURJUDPPH XQG
,7 9HUJWXQJVSUR]HVV YHUZDOWHQ
3IOHJHQ 6LH GLH ,QIRW\SHQ ,7 XQG ,7 IU (ULF /HKPDQ
XQG *HRUJH 9HJD
9HUZHQGHQ 6LH GHQ 9HUJWXQJVEHUHLFK 9HUZHQGHQ 6LH GHQ 6XEW\S %,
IU GHQ %RQXV XQG 0, IU GLH /HLVWXQJV]XODJH
D /HJHQ 6LH GHQ ,QIRW\S 9HUJWXQJVSURJUDPP ,7 DQ
)ROJHQ 6LH LP (DV\$FFHVV0HQ GHP 0HQSIDG 3HUVRQDO ĺ
3HUVRQDOPDQDJHPHQW ĺ $GPLQLVWUDWLRQ ĺ 3HUVRQDOVWDPP ĺ 3IOHJHQ
E 6XFKHQ 6LH GHQ 0LWDUEHLWHU (ULF /HKPDQ RGHU ZlKOHQ 6LH
LKQ DXV GHU 0LWDUEHLWHUOLVWH DXV
F *HEHQ 6LH LP )HOG IU GLH GLUHNWH $XVZDKO GHV ,QIRW\SV GLH 1XPPHU
HLQ :lKOHQ 6LH (QWHU XQG DQVFKOLHHQG $QOHJHQ
G hEHUQHKPHQ 6LH GLH 9RUVFKODJVZHUWH LP ,QIRW\S XQG VLFKHUQ 6LH
GLHVH :HQQ LP )HOG 9HUJWXQJVEHUHLFK NHLQH :HUWH DQJH]HLJW ZHUGHQ
JHEHQ 6LH HLQ
H *HEHQ 6LH LP )HOG IU GLH HUVWH 3URJUDPPJUXSSLHUXQJ 3* XQG LP
]ZHLWHQ )HOG IU GLH 3URJUDPPJUXSSLHUXQJ SJ HLQ
I 6LFKHUQ 6LH GHQ ,QIRW\S XQG YHUEOHLEHQ 6LH LP %LOG 6WDPPGDWHQ
SIOHJHQ
D /HJHQ 6LH GHQ ,QIRW\S 9HUJWXQJVDQSDVVXQJ ,7 IU (ULF /HKPDQ
DQ
E *HEHQ 6LH LP %LOG 3HUVRQDOVWDPPGDWHQ SIOHJHQ LQ GDV )HOG IU GLH
GLUHNWH $XVZDKO GHV ,QIRW\SV GHQ ,QIRW\S HLQ
F :lKOHQ 6LH $QOHJHQ
G :lKOHQ 6LH DXV GHU /LVWH PLW 6XEW\SHQ %, ± %RQXVSODQ
H *HEHQ 6LH LP )HOG :lKUXQJ (85 DOV :lKUXQJ DQ :lKOHQ 6LH LP
,QIRW\S GLH 'UXFNWDVWH 5LFKWOLQLH DQZHQGHQ
I ,P %HWUDJVIHOG VROOWH GHU :HUW 86' HUVFKHLQHQ
J 6LFKHUQ 6LH GHQ ,QIRW\S
K :LHGHUKROHQ 6LH GLHVH 6FKULWWH IU GLH (UK|KXQJ GHU /HLVWXQJV]XODJH

L :lKOHQ 6LH ,7 XQG GDQQ $QOHJHQ

M :lKOHQ 6LH DXV GHQ ]XU 9HUIJXQJ VWHKHQGHQ 6XEW\SHQ 0,
/HLVWXQJV]XODJHQSODQ
N :lKOHQ 6LH HUQHXW 5LFKWOLQLH DQZHQGHQ
O
1RWL] 'HU HPSIRKOHQH SUR]HQWXDOH :HUW KlQJW YRQ GHQ
%HXUWHLOXQJVHUJHEQLVVHQ DE
'DUEHU KLQDXV NDQQ GLHVH 3HUVRQ DXFK MH QDFK GHU LP

%HXUWHLOXQJVIRUPXODU 3&<28 HUKDOWHQHQ %HZHUWXQJ ]XJHODVVHQ VHLQ
RGHU QLFKW
P /HJHQ 6LH GHQ ,QIRW\S 9HUJWXQJVDQSDVVXQJ ,7 IU *HRUJ 9HJD
DQ
Q *HEHQ 6LH LP %LOG 3HUVRQDOVWDPPGDWHQ SIOHJHQ LQ GDV )HOG IU GLH
GLUHNWH $XVZDKO GHV ,QIRW\SV GHQ ,QIRW\S HLQ
R :lKOHQ 6LH $QOHJHQ
S :lKOHQ 6LH DXV GHU /LVWH PLW 6XEW\SHQ %, ± %RQXVSODQ
T :lKOHQ 6LH LP ,QIRW\S GLH 'UXFNWDVWH 5LFKWOLQLH DQZHQGHQ
U ,P %HWUDJVIHOG VROOWH GHU :HUW 86' HUVFKHLQHQ *HEHQ 6LH LP
)HOG :lKUXQJ (85 DOV :lKUXQJ DQ
V 6LFKHUQ 6LH GHQ ,QIRW\S
W :LHGHUKROHQ 6LH GLHVH 6FKULWWH IU GLH (UK|KXQJ GHU /HLVWXQJV]XODJH
:lKOHQ 6LH ,7 XQG GDQQ $QOHJHQ :lKOHQ 6LH DXV GHQ ]XU
9HUIJXQJ VWHKHQGHQ 6XEW\SHQ 0, /HLVWXQJV]XODJHQSODQ
X :lKOHQ 6LH HUQHXW GLH 'UXFNWDVWH 5LFKWOLQLHQ DQZHQGHQ
Y
1RWL] 'HU HPSIRKOHQH SUR]HQWXDOH :HUW KlQJW YRQ GHQ
%HXUWHLOXQJVHUJHEQLVVHQ DE
'DUEHU KLQDXV NDQQ GLHVH 3HUVRQ DXFK MH QDFK GHU LP

%HXUWHLOXQJVIRUPXODU 3&<28 HUKDOWHQHQ %HZHUWXQJ ]XJHODVVHQ VHLQ
RGHU QLFKW


hEXQJ 8QWHUQHKPHQVYHUJWXQJVPD

QDJHPHQW 5HSRUWLQJ
/HUQ]LHOH GHU hEXQJ

GLH *HVDPWYHUJWXQJVEHUVLFKW IU HLQHQ 0LWDUEHLWHU DQ]HLJHQ ODVVHQ
,KUH 0LWDUEHLWHU HUKDOWHQ EHU 9HUJWXQJVDQSDVVXQJHQ %RQXV]DKOXQJHQ 0LWWHOV
GHU *HVDPWYHUJWXQJVEHUVLFKW N|QQHQ DOOH (QWJHOWEHVWDQGWHLOH HLQHV 0LWDUEHLWHUV
DXIJHOLVWHW ZHUGHQ
$XIJDEH
/DVVHQ 6LH VLFK GLH *HVDPWYHUJWXQJVEHUVLFKW IU GLH 0LWDUEHLWHULQ
&DWKHULQH &DPLQR 3HUVRQDOQXPPHU LP ,QIRV\VWHP GHV
9HUJWXQJVPDQDJHPHQWV DQ]HLJHQ :lKOHQ 6LH DOV %HJLQQGDWXP IU GHQ
$XVZDKO]HLWUDXP GHQ RGHU HLQ YRP 5HIHUHQWHQ YRUJHJHEHQHV
'DWXP

/|VXQJ 8QWHUQHKPHQVYHUJWXQJVPD

QDJHPHQW 5HSRUWLQJ
$XIJDEH
/DVVHQ 6LH VLFK GLH *HVDPWYHUJWXQJVEHUVLFKW IU GLH 0LWDUEHLWHULQ
&DWKHULQH &DPLQR 3HUVRQDOQXPPHU LP ,QIRV\VWHP GHV
9HUJWXQJVPDQDJHPHQWV DQ]HLJHQ :lKOHQ 6LH DOV %HJLQQGDWXP IU GHQ
$XVZDKO]HLWUDXP GHQ RGHU HLQ YRP 5HIHUHQWHQ YRUJHJHEHQHV
'DWXP
D )ROJHQ 6LH LP 6$3(DV\$FFHVV0HQ GHP 3IDG 3HUVRQDO
ĺ 3HUVRQDOPDQDJHPHQW ĺ 9HUJWXQJVPDQDJHPHQW ĺ
,QIRV\VWHP ĺ %HULFKWH ĺ 9HUJWXQJVGDWHQ GHU 0LWDUEHLWHU ĺ
*HVDPWYHUJWXQJVEHUVLFKW
E *HEHQ 6LH EHU GLH )XQNWLRQ 'DWXP XQG 9RUVFKDX]HLWUDXP
Ä.DOHQGHU³ GHQ DOV %HJLQQGDWXP VRZLH DOV
9RUVFKDX]HLWUDXP GUHL 0RQDWH HLQ :lKOHQ 6LH GLH )XQNWLRQ
$XVIKUHQ XP GLHVH 'DWHQ ]X EHVWlWLJHQ
F :lKOHQ 6LH LP 2EMHNWPDQDJHU IU GDV 2EMHNW 3HUVRQ GHQ 6XFKEHJULII
XQG JHEHQ 6LH LP )HOG PLW %H]HLFKQXQJ GLH 3HUVRQDOQXPPHU
&DWKHULQH &DPLQR HLQ 6LH HUKDOWHQ GDV $XVZDKOHUJHEQLV LP XQWHUHQ
OLQNHQ %HUHLFK DQJH]HLJW 3HU 'RSSHONOLFN DXI GLH 3HUVRQDOQXPPHU
UXIHQ 6LH GLH *HVDPWEHUVLFKW IU &DWKHULQH &DPLQR DXI
G 0LW =XUFN JHODQJHQ 6LH ]XP 6$3(DV\$FFHVV0HQ ]XUFN


1XQ N|QQHQ 6LH
9HUJWXQJHQ DQ]HLJHQ

/HNWLRQ 8QWHUQHKPHQVEHWHLOLJXQJHQ

'LHVH /HNWLRQ ELHWHW HLQH (LQIKUXQJ LQ GLH 9HUZDOWXQJ YRQ
8QWHUQHKPHQVEHWHLOLJXQJHQ

+LHUEHL KDQGHOW HV VLFK XP HLQHQ DOOJHPHLQHQ hEHUEOLFN EHU GLH 8%)XQNWLRQ
0LWDUEHLWHU ZHUGHQ PLW $NWLHQ EHORKQW 6LH P|FKWHQ $QJDEHQ EHU
$NWLHQ]XWHLOXQJHQ DEOHJHQ XQG QDFKYHUIROJHQ N|QQHQ
$EELOGXQJ 8QWHUQHKPHQVEHWHLOLJXQJHQ

+5 /HNWLRQ 8QWHUQHKPHQVEHWHLOLJXQJHQ
8QWHUQHKPHQVEHWHLOLJXQJVSOlQH OHJHQ IHVW ZLH YLHOH $NWLHQ IU HLQHQ EHVWLPPWHQ

3ODQ ]XU 9HUIJXQJ VWHKHQ ] % $NWLHQRSWLRQVSODQ ;; ;; VWHKW IU GDV
ODXIHQGH -DKU
'LH .RPSRQHQWH 9HUJWXQJVPDQDJHPHQW XQWHUVWW]W IQI YHUVFKLHGHQH $UWHQ YRQ
6WHXHUEHJQVWLJWH $NWLHQRSWLRQHQ
6WHXHUOLFK QLFKW EHJQVWLJWH $NWLHQRSWLRQHQ
(UIROJVDEKlQJLJH $NWLHQ
(UIROJVDEKlQJLJH %HWHLOLJXQJVHLQKHLWHQ
%HOHJVFKDIWVDNWLHQ
0LWWHOV 9HUIJEDUNHLWVUHJHOQ XQG ±]HLWSOlQHQ ZLUG EHVWLPPW ZDQQ HLQ 0LWDUEHLWHU
VHLQ 5HFKW HLQH 0LWDUEHLWHUEHWHLOLJXQJ ]X HUKDOWHQ DXVEHQ NDQQ XQG ZLHYLHO
YRQ GLHVHU 0LWDUEHLWHUEHWHLOLJXQJ HU DXVEHQ NDQQ
%HLVSLHO HLQHU *HVDPWYHUIJEDUNHLW 1DFK -DKUHQ ZHUGHQ DOOH 2SWLRQHQ
YHUIJEDU
bQGHUXQJVHUHLJQLVVH VLQG *UQGH IU bQGHUXQJHQ JH]HLFKQHWHU 2SWLRQHQ 6LH
ZLUNHQ VLFK DXI GHQ 2SWLRQVSUHLV DXV %HLVSLHO HLQ YRP 9RUVWDQG EHVFKORVVHQHU
$NWLHQVSOLW
/HEHQVHUHLJQLVVH ZHUGHQ HQWZHGHU GXUFK HLQ]HOQH 0LWDUEHLWHU RGHU GXUFK GDV
8QWHUQHKPHQ VHOEVW DXVJHO|VW
%HLVSLHOH 8QWHUQHKPHQV]XVDPPHQVFKOXVV (KHVFKOLHXQJ 7RG RGHU
3HQVLRQLHUXQJ
'XUFK /HEHQVHUHLJQLVVH YHUlQGHUW VLFK LQ GHU 5HJHO GHU 9HUIJEDUNHLWV]HLWSODQ
$EELOGXQJ 9HUZDOWXQJ GHU 8QWHUQHKPHQVEHWHLOLJXQJHQ

'LHV LVW GHU DOOJHPHLQH 3UR]HVV GHU LQ 3HUVRQDODEWHLOXQJHQ DQJHZHQGHW ZLUG XP

0LWDUEHLWHUEHWHLOLJXQJHQ ]X]XWHLOHQ XQG ]X YHUZDOWHQ ,Q GLHVHP )DOO JHKHQ ZLU
GDYRQ DXV GDVV NHLQ bQGHUXQJVHUHLJQLV HLQWULWW
6LH KDEHQ ,KUHQ 8QWHUQHKPHQVEHWHLOLJXQJVSODQ HLQJHULFKWHW XQG GLH HUIRUGHUOLFKHQ
0LWDUEHLWHUEHWHLOLJXQJHQ IU GLH YHUVFKLHGHQHQ %HWHLOLJXQJVDUWHQ GHILQLHUW
=XHUVW WHLOHQ 6LH $NWLHQRSWLRQHQ ]X +LHU]X ZlKOHQ 6LH HLQH
8QWHUQHKPHQVEHWHLOLJXQJ DXV XQG EHVWLPPHQ GDQQ ZLH 6LH LKUH 0LWDUEHLWHU
DXVZlKOHQ ZROOHQ
6LH WHLOHQ GHQ ]XJHODVVHQHQ 0LWDUEHLWHUQ 2SWLRQHQ ]X
'LH $NWLHQRSWLRQ HLQHV 0LWDUEHLWHUV LVW YHUIJEDU JHZRUGHQ XQG GHU 0LWDUEHLWHU
PXVV ZDUWHQ ELV EHVWLPPWH (LQVFKUlQNXQJHQ ZHJIDOOHQ EHYRU HU GLH YHUIJEDU
JHZRUGHQHQ %HWHLOLJXQJHQ NDXIHQ NDQQ
=X GLHVHP =HLWSXQNW NDQQ GDV 8QWHUQHKPHQ EHVFKOLHHQ GLH
8QWHUQHKPHQVEHWHLOLJXQJHQ ]XUFN]XQHKPHQ ,Q GLHVHP )DOO ZHUGHQ GLHVH $NWLHQ
]X GHU *HVDPW]DKO GHU XQWHU GLHVHP 3ODQ YHUIJEDUHQ $NWLHQ DGGLHUW
=X GLHVHP =HLWSXQNW LVW HV DXFK P|JOLFK GDVV HLQ /HEHQVHUHLJQLV HLQWULWW 'HU
0LWDUEHLWHU N|QQWH ] % KHLUDWHQ
'LH 9HUIJEDUNHLWVHLQVFKUlQNXQJHQ VLQG ZHJJHIDOOHQ XQG GHU 0LWDUEHLWHU NDQQ
QXQ VHLQH 2SWLRQHQ DXVEHQ XQG GLH $NWLHQ EHKDOWHQ RGHU YHUNDXIHQ
6LH N|QQHQ GLH 9HUZDOWXQJ YRQ 8QWHUQHKPHQVEHWHLOLJXQJHQ LQ 9HUELQGXQJ PLW
GHU .RPSRQHQWH 3HUVRQDODEUHFKQXQJ DXVEHQ
$EELOGXQJ 8QWHUQHKPHQVEHWHLOLJXQJHQ =XWHLOHQ YRQ

8QWHUQHKPHQVEHWHLOLJXQJHQ SHU 066

'LH QHXH EHQXW]HUIUHXQGOLFKH 2EHUIOlFKH IU 066 ELHWHW 0DQDJHUQ HLQH HLQIDFK
]X EHGLHQHQGH 2EHUIOlFKH GLH VSH]LHOO DXI LKUH %HGUIQLVVH DEJHVWLPPW LVW XQG
LQ GHU VLH 8QWHUQHKPHQVEHWHLOLJXQJHQ ]XWHLOHQ N|QQHQ 'LH ,QIRUPDWLRQHQ XQG
)XQNWLRQHQ GLH GHQ 0DQDJHUQ ]XU 9HUIJXQJ VWHKHQ N|QQHQ DQJHSDVVW ZHUGHQ
,QIRW\SHQ IU 7HLOQHKPHUGDWHQ =XWHLOXQJ XQG $XVEXQJ VLQG HQWKDOWHQ XQG
N|QQHQ YRP 0DQDJHU JHSIOHJW ZHUGHQ
%XGJHWLHUXQJ IU 8QWHUQHKPHQVEHWHLOLJXQJHQ 1HEHQ GHQ PRQHWlUHQ
%XGJHWV N|QQHQ LP 6\VWHP MHW]W DXFK QLFKWPRQHWlUH %XGJHWV IU GHQ 3UR]HVV
GHU =XWHLOXQJ YRQ 8QWHUQHKPHQVEHWHLOLJXQJHQ HUVWHOOW ZHUGHQ 'LHVH %XGJHWV
ZHUGHQ LP 0666]HQDULR IU GLH 9HUJWXQJVSODQXQJ JHSUIW GLH =XWHLOXQJ YRQ
8QWHUQHKPHQVEHWHLOLJXQJHQ LVW GDULQ YROOVWlQGLJ LQWHJULHUW
*HQHKPLJXQJVSUR]HVV ,Q (&0 VWHOOHQ 8QWHUQHKPHQVEHWHLOLJXQJVSOlQH HLQH
EHVRQGHUH $UW YRQ 9HUJWXQJVSOlQHQ GDU 'DV 0666]HQDULR ]XU *HQHKPLJXQJ
NDQQ DOVR DXFK IU GLH =XWHLOXQJ YRQ 8QWHUQHKPHQVEHWHLOLJXQJHQ YHUZHQGHW
ZHUGHQ
:HUN]HXJH ]XU 9HUZDOWXQJ YRQ 8QWHUQHKPHQVEHWHLOLJXQJHQhEHU GHQ
$XVZHUWXQJVUHSRUW IU GLH =XWHLOXQJ HUKlOW GHU %HQXW]HU HLQHQ hEHUEOLFN
GDUEHU ZLH 8QWHUQHKPHQVEHWHLOLJXQJHQ ]XJHWHLOW YHUIJEDU JHPDFKW DXVJHEW
]XUFNJHQRPPHQ XQG YHUZLUNW ZHUGHQ /HEHQV XQG 8QWHUQHKPHQVHUHLJQLVVH GLH
VLFK DXI 8QWHUQHKPHQVEHWHLOLJXQJVSOlQH XQG LKUH %HGLQJXQJHQ DXVZLUNHQ ZLH
HWZD GLH 9HUIJEDUNHLW YRQ 3OlQHQ N|QQHQ EHU GHQ (UHLJQLVYHUDUEHLWXQJVEHULFKW
HLQIDFK YHUDUEHLWHW ZHUGHQ )U $NWLHQVSOLWV VWHKW GHU 8PUHFKQXQJVEHULFKW IU
$NWLHQHLQKHLWHQ ]XU 9HUIJXQJ
9HUVWHXHUXQJ LQ GHU 3HUVRQDODEUHFKQXQJ 'LH 'DWHQ DXV GHP ,QIRW\S
8QWHUQHKPHQVEHWHLOLJXQJVDXVEXQJ ZHUGHQ LP $EUHFKQXQJVVFKHPD DXVJHZHUWHW
XP GLH HQGJOWLJH 6WHXHUEHUHFKQXQJ GXUFK]XIKUHQ 'LHVH LQWHUQDWLRQDOH
$EUHFKQXQJVIXQNWLRQ ;/7, LVW GHU]HLW IU 'HXWVFKODQG XQG GLH 86$
LPSOHPHQWLHUW :HLWHUH /lQGHU ODVVHQ VLFK EHTXHP HUJlQ]HQ
$XVJHZlKOWH )XQNWLRQHQ EHL 8QWHUQHKPHQVEHWHLOLJXQJHQ
%HUHFKQXQJ GHV %DVLVSUHLVHV

± 6ROO GHU %DVLVSUHLV ]XP =XWHLOXQJV RGHU ]XP $XVEXQJVGDWXP JHOWHQ"
:LHGHUYHUWHLOEDUNHLW YRQ $QWHLOHQ
± 'UIHQ DQQXOOLHUWH 0LWDUEHLWHUEHWHLOLJXQJHQ HUQHXW ]XJHWHLOW ZHUGHQ"
(UZHLWHUXQJHQ ]X /HEHQVHUHLJQLVVHQ
± 1HXH 9HUIJEDUNHLWVUHJHOQ XQG /|VFKHQ P|JOLFK
9HUNDXI YRQ %HWHLOLJXQJHQ EHL $XVEXQJ
± :LH YLHOH $QWHLOH GUIHQ GXUFK GHQ 0LWDUEHLWHU YHUNDXIW XQG ZLH YLHOH
QXU DXVJHEW ZHUGHQ"

0LWDUEHLWHUEHWHLOLJXQJHQ XQG 8QWHUQHKPHQVEHWHLOLJXQJHQ VLQG VHLW

5HOHDVH YHUIJEDU )U NRPPHQGH 5HOHDVHV ZXUGHQ EHUHLWV ]DKOUHLFKH
:HLWHUHQWZLFNOXQJHQ YRUJHQRPPHQ
,Q HLQHP $UEHLWVNOLPD GDV KHXWH LQ YLHOHQ 8QWHUQHKPHQ YRQ VFKQHOOHQ
9HUlQGHUXQJHQ JHSUlJW LVW ZLUG HV LPPHU VFKZLHULJHU GLH .RQ]HQWUDWLRQ
0RWLYDWLRQ XQG (IIHNWLYLWlW GHU 0LWDUEHLWHU DXIUHFKW ]X HUKDOWHQ
8QWHUQHKPHQVEHWHLOLJXQJHQ ZLH ] % $NWLHQ VWHOOHQ QLFKW QXU HLQH $QHUNHQQXQJ
IU GLH /HLVWXQJ HLQHV 0LWDUEHLWHUV GDU VRQGHUQ NQSIHQ GLH /HLVWXQJ HLQHV
0LWDUEHLWHUV XQG VRPLW DXFK GHVVHQ 9HUJWXQJ DQ GHQ (UIROJ GHV 8QWHUQHKPHQV
'LH 9HUZDOWXQJ YRQ 8QWHUQHKPHQVEHWHLOLJXQJHQ XPIDVVW HLQH JDQ]H 5HLKH QHXHU
XQG YHUEHVVHUWHU )XQNWLRQHQ ]XU 8QWHUVWW]XQJ ,KUHU $EOlXIH

$EELOGXQJ =XWHLOXQJ YRQ 0LWDUEHLWHUEHWHLOLJXQJHQ LQ 066
%DVLVSUHLV IUKHU =XWHLOXQJVSUHLV ]XP =HLWSXQNW GHU $XVEXQJ

HUPLWWHOEDU
'HQ %DVLVSUHLV N|QQHQ 6LH QXU ZlKUHQG GHU =XWHLOXQJVSHULRGH HUPLWWHOQ
6LH N|QQHQ MHW]W ZlKOHQ RE GHU %DVLVSUHLV ]XP =XWHLOXQJV RGHU ]XP
$XVEXQJVGDWXP JHOWHQ VROO
:LHGHUYHUWHLOEDUNHLW YRQ 0LWDUEHLWHUEHWHLOLJXQJHQ
P\6$3 (53 +&0 EHKDQGHOW DQQXOOLHUWH QHXHU %HJULII G K YHUZLUNWH
YHUIDOOHQH RGHU ]XUFNJHQRPPHQH 0LWDUEHLWHUEHWHLOLJXQJHQ VR GDVV GLHVH
DXWRPDWLVFK HUQHXW ]XJHWHLOW ZHUGHQ GUIHQ 6LH N|QQHQ MHW]W ZlKOHQ RE
DQQXOOLHUWH 0LWDUEHLWHUEHWHLOLJXQJHQ HUQHXW ]XJHWHLOW ZHUGHQ GUIHQ RGHU
QLFKW
5FNQDKPHIXQNWLRQ IU /HEHQVHUHLJQLVVH
)DOVFK HLQJHJHEHQH /HEHQVHUHLJQLVVH N|QQHQ SUREOHPORV JHO|VFKW ZHUGHQ
9HUNDXI YRQ $NWLHQ EHL $XVEXQJ
6LH N|QQHQ MHW]W GXUFK GLH $XVEXQJVPHWKRGH IHVWOHJHQ RE HLQ 0LWDUEHLWHU
GLH GXUFK HLQH $XVEXQJ HUKDOWHQHQ $NWLHQ EHKDOWHQ E]Z XQPLWWHOEDU
QDFK GHU $XVEXQJ YHUNDXIHQ GDUI 6LH N|QQHQ QLFKW QXU IHVWKDOWHQ ZLH
YLHOH 0LWDUEHLWHUEHWHLOLJXQJHQ HLQ 0LWDUEHLWHU DXVEW VRQGHUQ MHW]W DXFK
IHVWKDOWHQ ZLH YLHOH GHU VR HUKDOWHQHQ $NWLHQ HU XQPLWWHOEDU QDFK GHU
$XVEXQJ YHUNDXIW

$XVJHZlKOWH )XQNWLRQHQ EHL 8QWHUQHKPHQVEHWHLOLJXQJHQ
$XVEXQJVIHQVWHU
± $XVEXQJHQ ZHUGHQ QXU ]X EHVWLPPWHQ =HLWHQ LQQHUKDOE HLQHV -DKUHV
]XJHODVVHQ
± 6FKQLWWVWHOOH ]X %DQNHQ XQG %URNHUQ
$NWLHQVSOLWV
± ,P )DOOH HLQHV $NWLHQVSOLWV PVVHQ YLHOH EHUHLWV HUIDVVWH 'DWHQ
DNWXDOLVLHUW ZHUGHQ ZLH EHLVSLHOVZHLVH GLH $Q]DKO DXVJHJHEHQHU
$QWHLOH
$EUHFKQXQJVLQWHJUDWLRQ
± :HQQ HLQ 0LWDUEHLWHU VHLQH 0LWDUEHLWHUEHWHLOLJXQJHQ DXVJHEW KDW
EHUHFKQHW GLH 3HUVRQDODEUHFKQXQJ GLH NRUUHNWH %HVWHXHUXQJ GHV
JHOGZHUWHQ 9RUWHLOV
6FKQLWWVWHOOH ]XP 5HFKQXQJVZHVHQ
± +LHU N|QQHQ 6LH 'DWHQ EHU ]XJHWHLOWH 0LWDUEHLWHUEHWHLOLJXQJHQ LQV
5HFKQXQJVZHVHQ EHUOHLWHQ GDPLW GRUW HQWVSUHFKHQGH 5FNVWHOOXQJHQ
JHELOGHW ZHUGHQ
$XVEXQJVIHQVWHU
6LH N|QQHQ IU GHQ =HLWSXQNW GHU $XVEXQJ VRJHQDQQWH $XVEXQJVIHQVWHU
IHVWOHJHQ 'DV VLQG =HLWUlXPH LQQHUKDOE GHUHU ,KUH 0LWDUEHLWHU ]XJHWHLOWH
XQG YHUIJEDU JHZRUGHQH 0LWDUEHLWHUEHWHLOLJXQJHQ DXVEHQ N|QQHQ ,Q GHU
$XVEXQJVWUDQVDNWLRQ XQG LP HQWVSUHFKHQGHQ (PSOR\HH 6HOI6HUYLFH SUIW
GDV P\6$3(536\VWHP GLH (LQKDOWXQJ GLHVHU $XVEXQJVIHQVWHU
$NWLHQVSOLW
6LH N|QQHQ HLQHQ $NWLHQVSOLW MHW]W PLW +LOIH GHV 5HSRUWV
5+&03/7,B672&.63/,7 $NWLHQVSOLW LQ ,KUHP 6\VWHP DEELOGHQ 'HU
5HSRUW DNWXDOLVLHUW DOOH HUIRUGHUOLFKHQ 'DWHQ
,QWHJUDWLRQ PLW GHU 3HUVRQDODEUHFKQXQJ
:HQQ HLQ 0LWDUEHLWHU VHLQH 0LWDUEHLWHUEHWHLOLJXQJHQ DXVJHEW KDW EHUHFKQHW
GLH 3HUVRQDODEUHFKQXQJ GLH NRUUHNWH %HVWHXHUXQJ GHV JHOGZHUWHQ 9RUWHLOV
$XHUGHP EHKlOW VLH LP 5DKPHQ GHU *HKDOWVDEUHFKQXQJ GHV 0LWDUEHLWHUV
GHQ 3UHLV DXVJHEWHU 0LWDUEHLWHUEHWHLOLJXQJHQ HLQ XQG ]DKOW GHQ (UO|V
XQPLWWHOEDU YHUNDXIWHU $NWLHQ DXV
'LHVH )XQNWLRQ LVW IU IROJHQGH /lQGHUYHUVLRQHQ YHUIJEDU 'HXWVFKODQG
XQG /lQGHUJUXSSLHUXQJ $QGHUH /lQGHU

hEHUOHLWXQJ LQ GDV 5HFKQXQJVZHVHQ

6LH N|QQHQ 'DWHQ EHU ]XJHWHLOWH 0LWDUEHLWHUEHWHLOLJXQJHQ LQV
5HFKQXQJVZHVHQ EHUOHLWHQ GDPLW GRUW HQWVSUHFKHQGH 5FNVWHOOXQJHQ
JHELOGHW ZHUGHQ N|QQHQ
:HLWHUH ,QIRUPDWLRQHQ ]X GHQ HQWVSUHFKHQGHQ )XQNWLRQHQ
LP 5HFKQXQJVZHVHQ ILQGHQ 6LH XQWHU 5FNVWHOOXQJHQ IU


:HOFKH GHU YHUVFKLHGHQHQ $UWHQ YRQ 8QWHUQHKPHQVEHWHLOLJXQJHQ VLQG IU ,KU
8QWHUQHKPHQ JHHLJQHW"


1XQ N|QQHQ 6LH


1XQ N|QQHQ 6LH
HLQ %XGJHW DQ]HLJHQ
DQ]HLJHQ
9HUJWXQJHQ DQ]HLJHQ


'DV 9HUJWXQJVPDQDJHPHQW GLHQW QXU ]X 3ODQXQJV]ZHFNHQ 'DV EHGHXWHW
HV KDW NHLQHUOHL $XVZLUNXQJHQ DXI GLH %H]DKOXQJ YRQ 0LWDUEHLWHUQ
Ƒ 5LFKWLJ
Ƒ )DOVFK
=X GHQ 6FKULWWHQ GHU 0RQHWlUHQ 6WHOOHQEHZHUWXQJ JHK|UHQ EHLVSLHOVZHLVH
9HUYROOVWlQGLJHQ 6LH GHQ 6DW] PLW GHP IHKOHQGHQ :RUW RGHU GHU IHKOHQGHQ
)RUPXOLHUXQJ
'HU ,QIRW\S IOOW GHQ

,QIRW\S PLW
9RUJDEHZHUWHQ DXV
)RUPXOLHUXQJ
'HU ,QIRW\S 6ROOEH]DKOXQJ NDQQ 9RUJDEHZHUWH DXI *UXQGODJH

YRQ RGHU
YHUJHEHQ
)RUPXOLHUXQJ
'LH 6FKULWWH LP %XGJHWSUR]HVV XPIDVVHQ

XQG

)RUPXOLHUXQJ
:HOFKH )XQNWLRQHQ XPIDVVW GLH 9HUJWXQJVYHUZDOWXQJ LQ P\6$3 (53

+&0"
:lKOHQ 6LH GLH ULFKWLJH Q $QWZRUW HQ
Ƒ $ 0RQHWlUH 6WHOOHQEHZHUWXQJ
Ƒ % 3ODQXQJ GHU 9HUJWXQJ IU 6WHOOHQ
Ƒ & 9HUZDOWXQJ GHV *HKDOWVUXQGHQSUR]HVVHV
Ƒ ' $OOH JHQDQQWHQ %HLVSLHOH
Ƒ ( $ XQG &
Ƒ ) % XQG &

$QWZRUWHQ

'DV 9HUJWXQJVPDQDJHPHQW GLHQW QXU ]X 3ODQXQJV]ZHFNHQ 'DV EHGHXWHW

HV KDW NHLQHUOHL $XVZLUNXQJHQ DXI GLH %H]DKOXQJ YRQ 0LWDUEHLWHUQ
$QWZRUW )DOVFK
,P (UJHEQLV ZHUGHQ EH]DKOXQJVUHOHYDQWH ,QIRW\SHQ ZLH ] % %DVLVEH]JH
HUJlQ]HQGH =DKOXQJHQ JHlQGHUW E]Z DQJHOHJW
=X GHQ 6FKULWWHQ GHU 0RQHWlUHQ 6WHOOHQEHZHUWXQJ JHK|UHQ

EHLVSLHOVZHLVH (LQULFKWXQJ 8PIDJHGDWHQ LPSRUWLHUHQ 6WHOOHQ]XRUGQXQJ
.RPELQLHUWH (UJHEQLVVH .RPELQLHUWH 0DVVHQHUJHEQLVVH DQOHJHQ VRZLH
*HKDOWVVWUXNWXUDQSDVVXQJ
$QWZRUW (LQULFKWXQJ 8PIDJHGDWHQ LPSRUWLHUHQ 6WHOOHQ]XRUGQXQJ

.RPELQLHUWH (UJHEQLVVH .RPELQLHUWH 0DVVHQHUJHEQLVVH DQOHJHQ VRZLH
*HKDOWVVWUXNWXUDQSDVVXQJ
'LHVH 6FKULWWH ILQGHQ 6LH DXI GHU %63 IU GLH 0RQHWlUH 6WHOOHQEHZHUWXQJ
'HU ,QIRW\S 6ROOEH]DKOXQJ IOOW GHQ ,QIRW\S

.RQWLHUXQJVPHUNPDOH PLW 9RUJDEHZHUWHQ DXV
$QWZRUW 6ROOEH]DKOXQJ .RQWLHUXQJVPHUNPDOH

0LW ,7 N|QQHQ 6LH GLH :HUWH IU HLQH 6WHOOH RGHU 3ODQVWHOOH DXI
9RUJDEHZHUWH VHW]HQ
'HU ,QIRW\S 6ROOEH]DKOXQJ NDQQ 9RUJDEHZHUWH DXI *UXQGODJH YRQ

/RKQ*HKDOWVJUXSSH 7DULI RGHU 'LUHNW YHUJHEHQ
$QWZRUW /RKQ*HKDOWVJUXSSH 7DULI 'LUHNW

'HU 9RUJDEHZHUW IU GLH /RKQ*HKDOWVJUXSSH LVW HLQ %HUHLFK ZRJHJHQ GHU
9RUJDEHZHUW IU GHQ 7DULI HLQHQ NRQNUHWHQ %HWUDJ GDUVWHOOW
'LH 6FKULWWH LP %XGJHWSUR]HVV XPIDVVHQ %XGJHWSIOHJH 3UIHQ XQG )UHLJHEHQ

XQG 1HX]XRUGQXQJ YRQ %XGJHWV
$QWZRUW %XGJHWSIOHJH 3UIHQ XQG )UHLJHEHQ 1HX]XRUGQXQJ YRQ %XGJHWV

:HOFKH )XQNWLRQHQ XPIDVVW GLH 9HUJWXQJVYHUZDOWXQJ LQ P\6$3 (53

+&0"
$QWZRUW '
$OOH JHQDQQWHQ )XQNWLRQHQ VWHKHQ LQ P\6$3 (53 +&0 ]XU 9HUIJXQJ
'LH PRQHWlUH 6WHOOHQEHZHUWXQJ (LQJDEH YRQ 6WHOOHQEHZHUWXQJV XQG
*HKDOWVXPIUDJHLQIRUPDWLRQHQ LVW MHGRFK RSWLRQDO


.DSLWHO
3HUVRQDONRVWHQSODQXQJ
'LH 3HUVRQDONRVWHQSODQXQJ ZXUGH PLW 5HOHDVH ([WHQVLRQ JHJHQEHU GHQ
9RUJlQJHUUHOHDVHV YROONRPPHQ JHlQGHUW
'HU 5HIHUHQW VROOWH HUZlKQHQ GDVV GLH QHXH .RVWHQSODQXQJ DXI HLQH QHXH
'DWHQEDVLV PLW QHXHQ 2EMHNWHQ XQG ,QIRW\SHQ ]XUFNJUHLIW
'HU .XQGH NDQQ QLFKW YRQ GHU DOWHQ DXI GLH QHXH 3HUVRQDONRVWHQSODQXQJ ZHFKVHOQ
1lKHUH ,QIRUPDWLRQHQ KLHU]X ILQGHQ VLFK LQ GHU 6FKXOXQJ +5
hEHUEOLFN EHU GDV .DSLWHO

'LH 3HUVRQDONRVWHQSODQXQJ ZXUGH JHJHQEHU IUKHUHQ 5HOHDVHV JUXQGOHJHQG
JHlQGHUW ,Q GLHVHP .DSLWHO ZHUGHQ ZLU GLHVH bQGHUXQJHQ EHOHXFKWHQ XQG HLQH
.RVWHQSODQXQJVVLPXODWLRQ DQOHJHQ :LU ZHUGHQ ]XGHP ,QWHJUDWLRQVSXQNWH XQG
%XFKXQJHQ EHKDQGHOQ
/HUQ]LHOH GHV .DSLWHOV

$P (QGH GLHVHV .DSLWHOV N|QQHQ 6LH
3ODQNRVWHQ IU 0LWDUEHLWHU XQG 3ODQVWHOOHQ HU]HXJHQ

.RVWHQSOlQH IU HLQHQ 7HLO RGHU GDV JHVDPWH 8QWHUQHKPHQ DQOHJHQ
'HWDLOSODQXQJ GXUFK /LQLHQYRUJHVHW]WH GXUFKIKUHQ
.RVWHQSOlQH IU QDFKJHODJHUWH 3UR]HVVH IUHLJHEHQ
3ODQGDWHQ DQV &RQWUROOLQJ EHUJHEHQ
%XGJHWV IU 9HUDQVWDOWXQJVPDQDJHPHQW RGHU 9HUJWXQJVPDQDJHPHQW
HU]HXJHQ
,QKDOW GHV .DSLWHOV

/HNWLRQ 3HUVRQDONRVWHQSODQXQJ
'HPRQVWUDWLRQ )UHLJDEH XQG %XFKXQJ GHV 3ODQV
'HPRQVWUDWLRQ hEHUQDKPH YRQ %XGJHWZHUWHQ DXV GHU

.DSLWHO 3HUVRQDONRVWHQSODQXQJ +5
hEXQJ 3HUVRQDONRVWHQSODQXQJ

+5 /HNWLRQ 3HUVRQDONRVWHQSODQXQJ
/HNWLRQ 3HUVRQDONRVWHQSODQXQJ

,Q GLHVHU /HNWLRQ OHUQHQ 6LH GLH QHXH .RPSRQHQWH 3HUVRQDONRVWHQSODQXQJ NHQQHQ

HU]HXJHQ
6RZRKO GHU 5HIHUHQW DOV DXFK GLH 7HLOQHKPHU ZHUGHQ GLH 'HPRV XQG hEXQJHQ
DQKDQG GHU 2UJDQLVDWLRQVHLQKHLW &RQWUROOLQJ LQQHUKDOE YRQ 7UDLQLQJ ,QWHUQDWLRQDO
DXVIKUHQ 'LH 2UJDQLVDWLRQVHLQKHLW &RQWUROOLQJ GLHQW DOV 'HPRHLQKHLW IU
GHQ 5HIHUHQWHQ
'LH 9HUZHQGXQJ YRQ &RQWUROOLQJ DOV 'HPR2UJDQLVDWLRQVHLQKHLW LVW ZLFKWLJ
GDPLW GHU 3ODQ IUHLJHJHEHQ XQG JHEXFKW ZHUGHQ NDQQ %LWWH EHDFKWHQ 6LH GDVV
KLHU 'DWHQ DXV GHU 6FKXOXQJ +5 YHUZHQGHW ZHUGHQ 6LH PVVHQ GDKHU GLH
'HPRV XQG hEXQJHQ YRU %HJLQQ GHU 6FKXOXQJ EHUSUIHQ
8P GLH .RVWHQ IU GDV QlFKVWH -DKU KRFKUHFKQHQ ]X N|QQHQ IKUHQ GLH
/LQLHQYRUJHVHW]WHQ IU LKUH $EWHLOXQJHQ HLQH 3HUVRQDONRVWHQSODQXQJ XQG
VLPXODWLRQ GXUFK

*UXQGODJHQ
6FKZHUSXQNWH GHU QHXHQ 3HUVRQDONRVWHQSODQXQJ XQG VLPXODWLRQ
9HUEHVVHUXQJ GHU 'DWHQEDVLV IU GLH 3ODQXQJ

± %H]DKOXQJVLQIRUPDWLRQHQ ]XP 0LWDUEHLWHU
± %H]DKOXQJVLQIRUPDWLRQHQ ]XU 3ODQVWHOOH
± :HUN]HXJH ]XU *HQHULHUXQJ XQG $EOHLWXQJ YRQ
%H]DKOXQJVLQIRUPDWLRQHQ
(UK|KXQJ GHU )XQNWLRQDOLWlW GHU .RVWHQEHVWDQGWHLOH
± $EOHLWXQJ ]XVlW]OLFKHU .RVWHQEHVWDQGWHLOH
± 3ODQEHWUlJH
± .DSSXQJVJUHQ]HQ
GH]HQWUDOH 3ODQXQJ
± HLQIDFKH 3ODQXQJVREHUIOlFKHQ IU /LQLHQYRUJHVHW]WH
RIIHQHV 6\VWHP
± 6FKQLWWVWHOOHQ IU .XQGHQ GLYHUVH %XVLQHVV $GG,QV
,QWHJUDWLRQ PLW &RQWUROOLQJ 9HUJWXQJVPDQDJHPHQW XQG
9HUDQVWDOWXQJVPDQDJHPHQW
$XIJUXQG LKUHU XPIDQJUHLFKHQ 'DWHQEDVLV HUUHLFKHQ 6LH PLW GHU QHXHQ
.RPSRQHQWH 3HUVRQDONRVWHQSODQXQJ HLQH KRKH 3ODQXQJVVLFKHUKHLW 'LH
'DWHQ XQWHUVWW]HQ GDV 3HUVRQDOPDQDJHPHQW XQG 6WUDWHJLHQ GLH GDV JHVDPWH
8QWHUQHKPHQ EHWUHIIHQ
6ROO,VW9HUJOHLFKH HUP|JOLFKHQ HLQH NRQWLQXLHUOLFKH 3ODQNRQWUROOH VRZLH
GDV (UNHQQHQ YRQ $EZHLFKXQJHQ XQG GDV UHFKW]HLWLJH (LQOHLWHQ YRQ
*HJHQPDQDKPHQ
$QZHQGXQJVIUHXQGOLFKH :HE,QWHUIDFHV HUK|KHQ GLH $N]HSWDQ] XQG HUP|JOLFKHQ
HLQH 'H]HQWUDOLVLHUXQJ YRQ 7HLOHQ GHV 3ODQXQJVSUR]HVVHV 'DGXUFK ZLUG HLQHUVHLWV
GLH 3HUVRQDODEWHLOXQJ HQWODVWHW DQGHUHUVHLWV GDV .RVWHQEHZXVVWVHLQ LQ DQGHUHQ
%HUHLFKHQ HUK|KW
'LH ,QWHJUDWLRQ PLW &RQWUROOLQJ 9HUJWXQJVPDQDJHPHQW XQG
9HUDQVWDOWXQJVPDQDJHPHQW XQWHUVWW]W *HVFKlIWVSUR]HVVH DXFK EHU
$EWHLOXQJVJUHQ]HQ KLQZHJ 'DGXUFK ZLUG GLH :LUNVDPNHLW YRQ 3UR]HVVHQ
LQQHUKDOE GHV 8QWHUQHKPHQV JHI|UGHUW

'LH QHXH .RPSRQHQWH 3HUVRQDONRVWHQSODQXQJ XQG VLPXODWLRQ O|VW GLH DOWH

.RPSRQHQWH 3HUVRQDONRVWHQSODQXQJ DE
,P 5DKPHQ XQVHUHU 6$3(53$XVOLHIHUXQJHQ XQWHUVWW]HQ ZLU
EHLGH .RPSRQHQWHQ 'LH .RPSRQHQWH 3HUVRQDONRVWHQSODQXQJ LVW
LQ GHU P\6$3(53&RUH$XVOLHIHUXQJ HQWKDOWHQ GLH .RPSRQHQWH
3HUVRQDONRVWHQSODQXQJ XQG VLPXODWLRQ LVW %HVWDQGWHLO GHU P\6$3 (53 +5
([WHQVLRQ
9HUIJEDUNHLW DE 5HOHDVH (QWHUSULVH ([WHQVLRQ ,P 6$3
(DV\$FFHVV0HQ N|QQHQ 6LH VRZRKO GLH DOWHQ DOV DXFK GLH QHXHQ 0HQSIDGH
DQ]HLJHQ :lKOHQ 6LH 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDONRVWHQSODQXQJ ĺ
QHX RGHU 3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDONRVWHQSODQXQJ ĺ 9HUZDOWXQJ DOWH
3ODQYHUVLRQHQ
+LQZHLV 'HQ QHXHQ 3HUVRQDONRVWHQSODQ ILQGHQ 6LH

LP 6$35HIHUHQ],0* XQWHU 3HUVRQDOPDQDJHPHQW ĺ
3HUVRQDONRVWHQSODQXQJ XQG VLPXODWLRQ hEHU HLQHQ 6WHXHUXQJVSDUDPHWHU
OHJHQ 6LH LP &XVWRPL]LQJ IHVW RE 6LH GLH DOWH .RPSRQHQWH
3HUVRQDONRVWHQSODQXQJ RGHU GLH QHXH .RPSRQHQWH 3HUVRQDONRVWHQSODQXQJ
XQG VLPXODWLRQ HLQVHW]HQ ,Q GHU P\6$3(536WDQGDUGDXVOLHIHUXQJ
LVW GHU 9RUVFKODJVZHUW Ä³ DQJHJHEHQ G K GLH DOWH .RPSRQHQWH
$EELOGXQJ 3HUVRQDONRVWHQSODQXQJ XQG VLPXODWLRQ

3HUVRQDONRVWHQSODQXQJ XQG VLPXODWLRQ EDVLHUW DXI HLQHU XPIDQJUHLFKHQ

'DWHQEDVLV XQG LVW PLW DQGHUHQ $QZHQGXQJHQ LQWHJULHUW 'DGXUFK ZHUGHQ
*HVFKlIWSUR]HVVH DXFK EHU $EWHLOXQJVJUHQ]HQ KLQZHJ XQWHUVWW]W
6LH N|QQHQ GLH %H]DKOXQJVLQIRUPDWLRQHQ ]XU (UVWHOOXQJ YRQ 3HUVRQDONRVWHQSOlQHQ
DXV XQWHUVFKLHGOLFKHQ 4XHOOHQ DEUXIHQ 6ROFKH 4XHOOHQ VLQG ] % %DVLVEH]JH
$EUHFKQXQJVHUJHEQLVVH VLPXOLHUWH 5HNODVVLIL]LHUXQJHQ ZLHGHUNHKUHQGH
%H]JH$E]JH RGHU (LQPDO]DKOXQJHQ
6LH N|QQHQ ]XVlW]OLFK GLH 6ROOEH]DKOXQJVGDWHQ IU 3ODQVWHOOHQ6WHOOHQ ]XU 3ODQXQJ
YHUZHQGHQ :HLWHUKLQ N|QQHQ 'XUFKVFKQLWWVEHUHFKQXQJHQ YHUZHQGHW ZHUGHQ
)KUXQJVNUlIWH KDEHQ GLH 0|JOLFKNHLW ZHLWHUH $QSDVVXQJHQ DP 3ODQ
YRU]XQHKPHQ
'D]X ZLUG HLQ :HEEDVLHUWHV )URQWHQG ]XU 9HUIJXQJ JHVWHOOW
(UVWHOOWH .RVWHQSOlQH N|QQHQ ]XU $QDO\VH LQ GDV 6$3 %XVLQHVV ,QIRUPDWLRQ
:DUHKRXVH %: H[WUDKLHUW ZHUGHQ
1DFK GHU )UHLJDEH HLQHV 3ODQV N|QQHQ GLH 'DWHQ LQ P\6$3 (53 +&0 YHUZHQGHW
ZHUGHQ
XP *HKDOWVEXGJHWV IU GDV 9HUJWXQJVPDQDJHPHQW ]X HU]HXJHQ
XP 6FKXOXQJVEXGJHWV IU GDV 9HUDQVWDOWXQJVPDQDJHPHQW ]X HUVWHOOHQ
=XGHP N|QQHQ GLH 'DWHQ LQ GDV 5HFKQXQJVZHVHQ EHUWUDJHQ ZHUGHQ
$EELOGXQJ 'HU 3ODQXQJVSUR]HVV XQG GLH EHWHLOLJWHQ 5ROOHQ

(LQJHEHWWHW LQ HLQ VWUDWHJLVFKHV 3HUVRQDOPDQDJHPHQW.RQ]HSW N|QQHQ 6LH GLH

QHXH .RPSRQHQWH HLQIKUHQ XP GLH 3HUVRQDONRVWHQSODQXQJ DQ GLH VWUDWHJLVFKHQ
=LHOH ,KUHV 8QWHUQHKPHQV DQ]XSDVVHQ 'DV EHGHXWHW 6LH VLQG MHGHU]HLW LQ GHU
/DJH PLW JHHLJQHWHQ 0DQDKPHQ DXI HLQH bQGHUXQJ GHU 8QWHUQHKPHQVVWUDWHJLH
]X UHDJLHUHQ XQG ] % GLH 3ODQXQJ QHXHU 9HUJWXQJVPRGHOOH IOH[LEHO DQ
8QWHUQHKPHQV XQG 0DUNWDQIRUGHUXQJHQ DQ]XSDVVHQ
,P :HVHQWOLFKHQ VLQG DXI GHU SHUVRQDOZLUWVFKDIWOLFKHQ 6HLWH 3HUVRQDONRVWHQSODQHU
XQG 0DQDJHU DP 3HUVRQDONRVWHQSODQXQJVSUR]HVV EHWHLOLJW
3HUVRQDONRVWHQSODQHU EHUQHKPHQ GLH ]HQWUDOH 3ODQXQJ $XVIKUXQJ XQG .RQWUROOH
GHU 3HUVRQDONRVWHQSODQXQJ 0DQDJHU N|QQHQ GH]HQWUDO 'HWDLOSODQXQJHQ DXVIKUHQ
XQG GLH 3ODQXQJ GDPLW DQ GLH $QIRUGHUXQJHQ GHU MHZHLOLJHQ $EWHLOXQJ DQSDVVHQ
9HUZHQGHQ 6LH GLH hEXQJ VFKULWWZHLVH DOV 'HPRV]HQDULR

'HU 5HIHUHQW YHUZHQGHW 'HPRV]HQDULRV DXV GHU 6FKXOXQJ +5
6FKULWW 3ODQXQJVYRUEHUHLWXQJ
$EELOGXQJ 3ODQXQJVJUXQGODJH

,QQHUKDOE GHU 3HUVRQDONRVWHQSODQXQJ ZXUGH GLH 'DWHQEDVLV IU GLH 3ODQXQJ

HUKHEOLFK YHUEHVVHUW XQG XPIDVVW QXQ IROJHQGH %HVWDQGWHLOH
%H]DKOXQJVLQIRUPDWLRQHQ ]XP 0LWDUEHLWHU
%H]DKOXQJVLQIRUPDWLRQHQ ]XU 3ODQVWHOOH
:HUN]HXJH ]XU *HQHULHUXQJ XQG $EOHLWXQJ YRQ %H]DKOXQJVLQIRUPDWLRQHQ
$EELOGXQJ 3ODQXQJVYRUEHUHLWXQJ ± 6]HQDULRV
'HU 3ODQXQJVNRQWH[W ZLUG GHILQLHUW XP GHQ EHWULHEVZLUWVFKDIWOLFKHQ %H]XJ

HLQHU 3HUVRQDONRVWHQSODQXQJ ]X EHVFKUHLEHQ (V N|QQHQ HLQ RGHU PHKUHUH
3ODQXQJVNRQWH[WH GHILQLHUW ZHUGHQ
(LQ 3ODQXQJVNRQWH[W NDQQ PHKUHUH 3ODQXQJVV]HQDULRV XPIDVVHQ ] % HLQ
6WDQGDUG XQG HLQ :RUVW&DVH6]HQDULR
6]HQDULRV ZHUGHQ LP &XVWRPL]LQJ GHILQLHUW XP YHUVFKLHGHQH $QQDKPHQ DEELOGHQ
]X N|QQHQ
6]HQDULRV N|QQHQ OHGLJOLFK PRQHWlUH $QQDKPHQ GDUVWHOOHQ $QQDKPHQ EHU
RUJDQLVDWRULVFKH bQGHUXQJHQ ZHUGHQ EHU GLH 2UJDQLVDWLRQVVWUXNWXU GDUJHVWHOOW
$XI *UXQGODJH GHU 3ODQXQJVV]HQDULRV IKUHQ VLH 3ODQXQJVOlXIH GXUFK

$EELOGXQJ 3ODQXQJVYRUEHUHLWXQJ ± HLQ %HLVSLHO
=XHUVW PVVHQ GLH 2UJDQLVDWRULVFKHQ *UXSSLHUXQJHQ IU GLH .RVWHQREMHNWH

GHILQLHUW ZHUGHQ
,P 6]HQDULR ZHUGHQ GLH *UXSSLHUXQJHQ JHQXW]W XP YHUVFKLHGHQH :HUWH IU
YHUVFKLHGHQH 0LWDUEHLWHUJUXSSHQ IU HLQHQ EHVWLPPWHQ .RVWHQEHVWDQGWHLO ]X
XQWHUVFKHLGHQ
'DV 6]HQDULR XQWHUVFKHLGHW ]ZHL $UWHQ YRQ :HUWGHILQLWLRQHQ
:HUWH IU HLQHQ .RVWHQEHVWDQGWHLO 3UR]HQW]DKOHQ RGHU DEVROXWH %HWUlJH
*UHQ]HQ IU GLH %HZHUWXQJ +|FKVW XQG 1LHGULJVWZHUWH
'LH *UHQ]ZHUWH GHILQLHUHQ GLH REHUH XQG XQWHUH *UHQ]H GHU .RVWHQEHVWDQGWHLOH
'DGXUFK NDQQ GHU .RVWHQEHVWDQGWHLO NHLQH :HUWH REHUKDOE GHU REHUHQ RGHU
XQWHUKDOE GHU XQWHUHQ *UHQ]H HUKDOWHQ
'LH *UXSSLHUXQJHQ ZHUGHQ VSlWHU LQ GHQ 0HUNPDOHQ YHUZHQGHW
+&3 2UJDQLVDWRULVFKH *UXSSLHUXQJ GHU 0LWDUEHLWHU IU
.RVWHQEHVWDQGWHLOH XQG
+&3 2UJDQLVDWRULVFKH *UXSSLHUXQJ GHU RUJDQLVDWRULVFKHQ 2EMHNWH IU
.RVWHQEHVWDQGWHLOH

%HZHUWXQJ 3HUVRQDONRVWHQSODQXQJ XQG VLPXODWLRQ

=XRUGQXQJ HLQHV %HWUDJV ]X HLQHP .RVWHQEHVWDQGWHLO
'DV P\6$3(536\VWHP EHZHUWHW .RVWHQEHVWDQGWHLOH LPPHU LP
3ODQXQJVODXI
,P &XVWRPL]LQJ N|QQHQ 6LH IHVWOHJHQ RE GDV P\6$3(536\VWHP HLQHQ
.RVWHQEHVWDQGWHLO DEVROXW RGHU UHODWLY EHZHUWHQ VROO XQG GDPLW HLQHP
.RVWHQEHVWDQGWHLO LPPHU HLQHQ IHVWHQ RGHU HLQHQ SUR]HQWXDOHQ :HUW ]XZHLVW
6FKULWW 'DWHQVDPPOXQJ
$EELOGXQJ 'DWHQVDPPOXQJ
'LH 'DWHQVDPPOXQJ LVW GHU HUVWH 6FKULWW LQ GHU 3ODQXQJ 6LH PXVV YRU GHP
WDWVlFKOLFKHQ 3ODQXQJVODXI HUIROJHQ
%HYRU 6LH PLW GHU 'DWHQVDPPOXQJ EHJLQQHQ PVVHQ 6LH IHVWOHJHQ
ZHOFKH =DKOXQJVGDWHQ LQ GLH 3HUVRQDONRVWHQSODQXQJ HLQIOLHHQ VROOHQ 'LH
'DWHQVDPPOXQJ NDQQ IU 0LWDUEHLWHU 2UJDQLVDWLRQVHLQKHLWHQ 6WHOOHQ XQG
3ODQVWHOOHQ GXUFKJHIKUW ZHUGHQ
6LH N|QQHQ ,KUH 3HUVRQDONRVWHQSOlQH ] % DXI GDV 0LWDUEHLWHUJUXQGJHKDOW
ZLHGHUNHKUHQGH %H]JH XQG $E]JH XQG HUJlQ]HQGH =DKOXQJ JUQGHQ $XHUGHP
N|QQHQ 6LH HFKWH RGHU VLPXOLHUWH 3HUVRQDODEUHFKQXQJVHUJHEQLVVH ]XU %HUHFKQXQJ
GHU .RVWHQ IU ,KUH 0LWDUEHLWHU YHUZHQGHQ 6LH N|QQHQ GHQ .RVWHQSODQ DEHU
DXFK PLW =DKOXQJVLQIRUPDWLRQHQ ]X 6WHOOHQ XQG 3ODQVWHOOHQ HUVWHOOHQ 'DUEHU
KLQDXV N|QQHQ 6LH .RVWHQGDWHQ IU 2UJDQLVDWLRQVHLQKHLWHQ YHUZHQGHQ ] %
6FKXOXQJVNRVWHQ

hEHU GLH 'DWHQVDPPOXQJ HUKDOWHQ 6LH GLH IU GLH 3ODQXQJ HUIRUGHUOLFKHQ 'DWHQ
%HL GHU 'DWHQVDPPOXQJ VFKUHLEW GDV 6\VWHP GLH 'DWHQ LQ GLH ,QIRW\SHQ 3ODQXQJ
YRQ 3HUVRQDONRVWHQ
,P 6WDQGDUGV\VWHP VWHKHQ YHUVFKLHGHQH 'DWHQVDPPOXQJVYHUIDKUHQ ]XU
9HUIJXQJ EHU GLH 6LH ,QIRUPDWLRQHQ HUKDOWHQ N|QQHQ
8P IOH[LEOHU ]X VHLQ N|QQHQ 6LH DXFK HLJHQH 'DWHQVDPPOXQJVYHUIDKUHQ HUVWHOOHQ
ZHOFKH 'DWHQ DXV ,KUHQ HLJHQHQ ,QIRW\SHQ VDPPHOQ
)U GLH 'DWHQVDPPOXQJ VWHKHQ 'DWHQVDPPOXQJVUHSRUWV ]XU 9HUIJXQJ 6LH
N|QQHQ PLW GHQ 5HSRUWV 'DWHQ ]X 0LWDUEHLWHUQ XQG RUJDQLVDWRULVFKHQ 2EMHNWHQ
VDPPHOQ
'DV P\6$3(536\VWHP VLFKHUW GLH JHVDPPHOWHQ 'DWHQ LQ GHQ ,QIRW\SHQ
3ODQXQJ 3HUVRQDONRVWHQ ,7 E]Z ,7 'LH JHVDPPHOWHQ 'DWHQ
VWHKHQ GDPLW IU GLH .RVWHQSODQXQJVOlXIH ]XU 9HUIJXQJ 'LH ,QIRW\SHQ 3ODQXQJ
3HUVRQDONRVWHQ ,7 E]Z ,7 N|QQHQ 6LH DXFK PDQXHOO SIOHJHQ =LHO LVW
MHGRFK GDV DXWRPDWLVFKH $QOHJHQ YRQ ,QIRW\SHQ GXUFK GDV 6\VWHP
$EELOGXQJ 'DWHQVDPPOXQJ IU 0LWDUEHLWHU
'LH LP 6WDQGDUG DXVJHOLHIHUWHQ 'DWHQVDPPOXQJVYHUIDKUHQ N|QQHQ PLWWHOV HLQHV

%XVLQHVV $GG,Q NXQGHQVSH]LILVFK HUZHLWHUW ZHUGHQ
)U MHGHQ 0LWDUEHLWHU ZLUG PLW +LOIH GHV 'DWHQVDPPOXQJVUHSRUWV GHU ,QIRW\S
3ODQXQJ 3HUVRQDONRVWHQ DQJHOHJW

$EELOGXQJ 'DWHQVDPPOXQJ IU 0LWDUEHLWHU ± %HLVSLHO
'LH 'DWHQVDPPOXQJ GLHQW DOV %DVLV IU GLH 3ODQXQJVOlXIH

'DWHQVDPPOXQJHQ N|QQHQ SUR 0LWDUEHLWHU ,7 RGHU LQ %H]XJ DXI
RUJDQLVDWRULVFKH 2EMHNWH ,7 GXUFKJHIKUW ZHUGHQ
+LQZHLV 0LWWHOV HLQHV 5HSRUWV N|QQHQ GLH 'DWHQVDPPOXQJHQ ZLHGHU

JHO|VFKW ZHUGHQ

$EELOGXQJ 'DWHQEHVFKDIIXQJ IU RUJDQLVDWRULVFKH 2EMHNWH
'LH 'DWHQVDPPOXQJ NDQQ DXFK IU RUJDQLVDWRULVFKH 2EMHNWH HUIROJHQ

6LH N|QQHQ 'DWHQVDPPOXQJVUHSRUWV VRZRKO LP 3URGXNWLYEHWULHE DOV DXFK LQ
7HVWOlXIHQ YHUZHQGHQ =XGHP N|QQHQ 6LH YRP 6\VWHP HLQ HQWVSUHFKHQGHV
3URWRNROO HUVWHOOHQ ODVVHQ
$EELOGXQJ 'DWHQEHVFKDIIXQJ IU RUJDQLVDWRULVFKH 2EMHNWH ± %HLVSLHO

,P %HLVSLHO REHQ ZHUGHQ 0LWDUEHLWHUGDWHQ IU GLH %HUHFKQXQJ GHU

.RVWHQ IU HLQH EHVWLPPWH 6WHOOH (QWZLFNOHU YHUZHQGHW (V HUIROJW HLQH
'XUFKVFKQLWWVEHUHFKQXQJ
'LH .RVWHQGDWHQ ZHUGHQ DXV GLUHNW RGHU LQGLUHNW YHUNQSIWHQ 2EMHNWHQ DEJHOHLWHW
+LQZHLV (LQH *HZLFKWXQJ QDFK $UEHLWV]HLWDQWHLO LVW P|JOLFK
6FKULWW .RVWHQSODQXQJVODXI
$EELOGXQJ 'HU .RVWHQSODQXQJVODXI
$XVIKUXQJ XQG 9HUZDOWXQJ YRQ .RVWHQSODQXQJVOlXIHQ

6LH OHJHQ 3HUVRQDONRVWHQSOlQH PLW HQWVSUHFKHQGHQ (LJHQVFKDIWHQ DQ $XI
*UXQGODJH GLHVHU 3OlQH N|QQHQ 6LH VSH]LHOOH .RVWHQSODQXQJVOlXIH IU GLH
HLQ]HOQHQ 6]HQDULRV DXVIKUHQ 6R LVW HV ,KQHQ P|JOLFK GLH $XVZLUNXQJ
EHVWLPPWHU 3ODQXQJVDQQDKPHQ DXI ,KUH VSlWHUH .RVWHQVLWXDWLRQ ]X VLPXOLHUHQ
'XUFK GHQ 9HUJOHLFK GHU (UJHEQLVVH YHUVFKLHGHQHU 6]HQDULRV JHZLQQHQ 6LH
VFKQHOO HLQHQ hEHUEOLFN EHU HWZDLJH ]XNQIWLJH .RVWHQ GLH EHL GHU 5HDOLVLHUXQJ
HLQ]HOQHU 0DQDKPHQ DXI GDV 8QWHUQHKPHQ ]XNRPPHQ N|QQWHQ

8P GLH .RVWHQSODQXQJVOlXIH VR QDKH ZLH P|JOLFK DQ DNWXHOOHQ

8QWHUQHKPHQVYRUJDEHQ DXV]XULFKWHQ N|QQHQ 6LH V]HQDULHQVSH]LILVFKH
(LQVWHOOXQJHQ MHGHU]HLW EHU /DXIHQGH (LQVWHOOXQJHQ lQGHUQ
+LQZHLV 'LH 3ODQXQJVOlXIH GHU QHXHQ .RPSRQHQWH

3HUVRQDONRVWHQSODQXQJ XQG VLPXODWLRQ HQWVSUHFKHQ LQ HWZD GHQ
3ODQXQJVJUXSSHQ GHU DOWHQ .RPSRQHQWH 3HUVRQDONRVWHQSODQXQJ
$EELOGXQJ 3ODQXQJVPHWKRGHQ
'HU 6WDQGDUG XQWHUVWW]W ]ZHL XQWHUVFKLHGOLFKH 3ODQXQJVPHWKRGHQ GLH 3ODQXQJ

PLW RGHU RKQH 0LWDUEHLWHUGDWHQ
%HL GHU 3ODQXQJ PLW 0LWDUEHLWHUGDWHQ EHUFNVLFKWLJW GDV 6\VWHP EHL HLQHU
EHVHW]WHQ RGHU EHVHW]EDUHQ 3ODQVWHOOH GLH ,QKDEHUGDWHQ :HQQ GLH 3ODQVWHOOH QLFKW
EHVHW]W LVW ZLUG GLH %HZHUWXQJ IU YDNDQWH 3ODQVWHOOHQ DXVJHIKUW
:HQQ 0LWDUEHLWHUGDWHQ QLFKW EHUFNVLFKWLJW ZHUGHQ ZHUGHQ HQWZHGHU GLH
3ODQVWHOOHQGDWHQ EHUFNVLFKWLJW RGHU HLQ $XVZHUWXQJVZHJ HUP|JOLFKW HLQH
DOWHUQDWLYH 'DWHQVXFKH ] % 3ODQXQJVNRVWHQ YRQ 6WHOOHQ ,7

$EELOGXQJ 9HUZDOWXQJ YRQ 3HUVRQDONRVWHQSOlQHQ
'LH 'XUFKIKUXQJ HLQHV 3ODQXQJVODXIV EHVWHKW DXV ]ZHL 6FKULWWHQ

$QOHJHQ HLQHV 3ODQV DOOJHPHLQH (LJHQVFKDIWHQ ] % %H]HLFKQXQJ GHV
3ODQV 'DWHQTXHOOH )HVWOHJXQJ GHV 'HWDLOSODQXQJV]HLWUDXPV
$XVIKUHQ HLQHV 3HUVRQDONRVWHQSODQXQJVODXIV GHU GLH 3ODQXQJVGDWHQ HUVWHOOW
$EELOGXQJ 3HUVRQDONRVWHQSODQXQJVODXI ± HLQ %HLVSLHO

8P HLQHQ .RVWHQSODQXQJVODXI GXUFK]XIKUHQ ZlKOHQ 6LH LP

6$3(DV\$FFHVV0HQ 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQWĺ
3HUVRQDONRVWHQSODQXQJ ĺ .RVWHQSOlQH ĺ 9HUZDOWHQ
6FKULWW 'HWDLOSODQXQJ
$EELOGXQJ 'HWDLOSODQXQJ
1DFK GHP .RVWHQSODQXQJVODXI NDQQ HLQH 'HWDLOSODQXQJ GXUFK GLH YHUDQWZRUWOLFKHQ

/LQLHQYRUJHVHW]WHQ RGHU GXUFK GLH 6SH]LDOLVWHQ GHU )DFKDEWHLOXQJ HUIROJHQ
)U EHLGH 5ROOHQ NDQQ GLHVH 'HWDLOSODQXQJ EHU HLQH VSH]LHOOH :HE2EHUIOlFKH
GXUFKJHIKUW ZHUGHQ 'HU =XJULII DXI GLH 'HWDLOSODQXQJ NDQQ ZDKOZHLVH EHU
GDV 3RUWDO RGHU DXV GHP P\6$3(536\VWHP KHUDXV HUIROJHQ
,P (LQIKUXQJVOHLWIDGHQ ZLUG EHU HLQHQ 6WHXHUXQJVSDUDPHWHU GHU
$XVZHUWXQJVZHJ KLQWHUOHJW EHU GHQ GDV 6\VWHP GHQ IU GLH 'HWDLOSODQXQJ
YHUDQWZRUWOLFKHQ 0LWDUEHLWHU HLQHU 2UJDQLVDWLRQVHLQKHLW HUPLWWHOW

6FKULWW ,QWHJUDWLRQ XQG 5HSRUWLQJ
$EELOGXQJ ,QWHJUDWLRQ XQG 5HSRUWLQJ
6LH JHEHQ HQGJOWLJH 3HUVRQDONRVWHQSOlQH ]XU ZHLWHUHQ %HDUEHLWXQJ IUHL 'DGXUFK

VWHOOHQ 6LH GLH 'DWHQ IU DQGHUH $QZHQGXQJHQ EHUHLW
*HVDPWEXGJHWLHUXQJ LP &RQWUROOLQJ
+LHU N|QQHQ 6LH GLH 'DWHQEHUQDKPH VLPXOLHUHQ EHYRU 6LH WDWVlFKOLFK %XFKXQJHQ
LP &RQWUROOLQJ GXUFKIKUHQ hEHU 3UIDOJRULWKPHQ ZLUG JHZlKUOHLVWHW GDVV GLH
'DWHQ NRQVLVWHQW VLQG XQG EHUWUDJHQ ZHUGHQ N|QQHQ :HQQ 6LH ]X HLQHP VSlWHUHQ
=HLWSXQNW bQGHUXQJHQ DP .RVWHQSODQ YRUQHKPHQ N|QQHQ 6LH GLHVH DXFK LQV
&RQWUROOLQJ EHUWUDJHQ
:HLWHUH $QZHQGXQJHQ
%XGJHWV IU 9HUJWXQJVPDQDJHPHQW
%XGJHWV IU 9HUDQVWDOWXQJVPDQDJHPHQW

$EELOGXQJ 'DWHQEHUJDEH DQV &RQWUROOLQJ ± %HLVSLHO
'LH ,QWHJUDWLRQ PLW GHP &RQWUROOLQJ VHW]W HLQ &26\VWHP DE 5HOHDVH % YRUDXV
'LH )UHLJDEH GHU .RVWHQSOlQH LVW ]ZLQJHQG HUIRUGHUOLFK GDPLW GLH 'DWHQ DQV
&RQWUROOLQJ EHUJHEHQ ZHUGHQ N|QQHQ
%HL GHU 'DWHQEHUJDEH ZHUGHQ VRZRKO 8UVSUXQJVEHOHJH LQ +5 DOV DXFK
2ULJLQDOEHOHJH LQ &2 HU]HXJW
1DFK GHU 'DWHQEHUJDEH ZHUGHQ GLH (UJHEQLVVH LQ HLQHP 3ODQXQJVEHULFKW
DQJH]HLJW
'HPRQVWUDWLRQ )UHLJDEH XQG %XFKXQJ GHV 3ODQV

=ZHFN
)UHLJDEH XQG %XFKXQJ GHV 3ODQV 3&3
6\VWHPGDWHQ
6\VWHP 6$36FKXOXQJVV\VWHP HUIRUGHUOLFK
0DQGDQW ±
%HQXW]HU,' 6FKXOXQJ
.HQQZRUW PRQDWOLFK ZHFKVHOQGHV .HQQZRUW GHV 5HIHUHQWHQ
6\VWHPHLQVWHOOXQJHQ 'LHVHV 'HPR OlXIW DXI MHGHP 6$3
6WDQGDUGVFKXOXQJVV\VWHP
'LH 9HUZHQGXQJ YRQ &RQWUROOLQJ DOV 'HPR2UJDQLVDWLRQVHLQKHLW LVW ZLFKWLJ
GDPLW GHU 3ODQ IUHLJHJHEHQ XQG JHEXFKW ZHUGHQ NDQQ

:lKOHQ 6LH LQ GHU 6LFKW 9HUZDOWXQJ GHU 3HUVRQDONRVWHQSOlQH ,KUHQ 3ODQ

3&3 VRZLH GLH YRQ ,KQHQ DQJHOHJWHQ 3ODQGDWHQ DXV
:lKOHQ 6LH /DXI IUHLJHEHQ
:lKOHQ 6LH LQ GHU 6LFKW 9HUZDOWXQJ GHU 3HUVRQDONRVWHQSOlQH ,KUHQ 3ODQ
3&3 VRZLH GLH YRQ ,KQHQ DQJHOHJWHQ 3ODQGDWHQ DXV
:lKOHQ 6LH 3ODQ EXFKHQ
+LQZHLV 'LH HUIRUGHUOLFKHQ &RQWUROOLQJ(LQVWHOOXQJHQ ILQGHQ 6LH LP

6$35HIHUHQ],0* XQWHU &RQWUROOLQJ ĺ .RVWHQVWHOOHQUHFKQXQJ ĺ
3ODQXQJ ĺ 5 LQWHUQH 3ODQGDWHQEHUQDKPH ĺ 3HUVRQDONRVWHQ DXV
+5 EHUQHKPHQ
,P &RQWUROOLQJ GHILQLHUHQ 6LH EHLVSLHOVZHLVH HLQH 3ODQTXHOOH IU GLH
3HUVRQDONRVWHQSODQXQJ XQG SIOHJHQ $WWULEXWH IU MHGHQ YHUZHQGHWHQ
.RVWHQUHFKQXQJVNUHLV EHWURIIHQH *HVFKlIWVMDKUH %XFKXQJ HUODXEW
ELV YHUZHQGHWH &29HUVLRQ $GGLWLYH RGHU DEVROXWH %XFKXQJ 'LHVH
3ODQTXHOOH ZLUG LP +5&XVWRPL]LQJ KLQWHUOHJW
$EELOGXQJ %XGJHWEHUHLWVWHOOXQJ

:HQQ 6LH GDV 9HUJWXQJVPDQDJHPHQW HLQVHW]HQ N|QQHQ 6LH 3ODQXQJVGDWHQ LQ

GLHVH .RPSRQHQWH EHUOHLWHQ XP 9HUJWXQJVEXGJHWV ]X HU]HXJHQ
+LQZHLV (V N|QQHQ OHGLJOLFK DEVROXWH %XGJHWZHUWH EHUFNVLFKWLJW

ZHUGHQ
:HQQ 6LH GDV 9HUDQVWDOWXQJVPDQDJHPHQW HLQVHW]HQ N|QQHQ 6LH 3ODQXQJVGDWHQ LQ

GLHVH .RPSRQHQWH EHUOHLWHQ XP 6FKXOXQJVEXGJHWV ]X HU]HXJHQ
)U GLH %XGJHWEHUHLWVWHOOXQJ IU GDV 9HUJWXQJVPDQDJHPHQW E]Z
9HUDQVWDOWXQJVPDQDJHPHQW LVW GLH )UHLJDEH GHV .RVWHQSODQXQJVODXIV NHLQH
]ZLQJHQGH 9RUDXVVHW]XQJ
'HPRQVWUDWLRQ hEHUQDKPH YRQ %XGJHWZHUWHQ DXV

GHU 3HUVRQDONRVWHQSODQXQJ
=ZHFN
6\VWHPGDWHQ
6\VWHP 6$36FKXOXQJVV\VWHP HUIRUGHUOLFK
0DQGDQW ±
%HQXW]HU,' 6FKXOXQJ
.HQQZRUW PRQDWOLFK ZHFKVHOQGHV 3DVVZRUW GHV 5HIHUHQWHQ
6\VWHPHLQVWHOOXQJHQ 'LHVHV 'HPR OlXIW DXI MHGHP 6$3
6WDQGDUGVFKXOXQJVV\VWHP
=XU 9RUEHUHLWXQJ GLHVHV 'HPR PXVV GHU 5HIHUHQW IROJHQGH 'DWHQ
lQGHUQ :lKOHQ 6LH LP 6$35HIHUHQ],0* ĺ 3HUVRQDOPDQDJHPHQW ĺ
8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW ĺ %XGJHWLHUXQJ ĺ %H]XJVZlKUXQJ
IU %XGJHWLHUXQJ GHILQLHUHQ
3IOHJHQ 6LH IU GLH %XGJHWW\SJUXSSH Ä³ LP 9HUJWXQJVPDQDJHPHQW (85
DOV %H]XJVZlKUXQJ
+LQZHLV 'LHVHU 6FKULWW VROOWH DXVVFKOLHOLFK LQ GLHVHP 6FKXOXQJVV\VWHP
XQG QXU IU GLHVHV 'HPRV]HQDULR DXVJHIKUW ZHUGHQ 'LH LP
0DVWHUV\VWHP IU GLH 6FKXOXQJ HLQJHJHEHQH %H]XJVZlKUXQJ 867 ZLUG
IU GLH 6FKXOXQJ +5 EHQ|WLJW
=XU 9RUIKUXQJ GHV 3UR]HVVHV ZlKOHQ 6LH LP 6$3($6<$&&(660(1h
3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW
ĺ %XGJHWLHUXQJ ĺ %XGJHW DXV 2UJDQLVDWLRQVKLHUDUFKLH JHQHULHUHQ

:lKOHQ 6LH DOV %XGJHWW\S Ä *HKDOWVHUK|KXQJ³ DOV %XGJHWSHULRGH

Ä³ RGHU Ä³ DOV 2UJDQLVDWLRQVHLQKHLW GLH 2EMHNW,' Ä³
&RQWUROOLQJ XQG ZlKOHQ 6LH $XVIKUHQ
,P 0HOGXQJVELOG ZLUG GLH 2EMHNW,' GHU QHX DQJHOHJWHQ %XGJHWVWUXNWXU
DQJH]HLJW
'LHVH 2EMHNW,' EHQ|WLJHQ 6LH LP IROJHQGHQ 6FKULWW
:lKOHQ 6LH GHQ IROJHQGHQ 0HQSIDG LP 6$3($6<$&&(660(1h
3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW ĺ 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW
ĺ %XGJHWLHUXQJ ĺ %XGJHWZHUWH DXV 3HUVRQDONRVWHQSODQXQJ KRFKODGHQ
:lKOHQ 6LH DOV %XGJHWW\S Ä *HKDOWVHUK|KXQJ³ DOV %XGJHWSHULRGH
Ä³ RGHU Ä³ DOV 3ODQYDULDQWH Ä$NWXHOOHU 3ODQ³ VRZLH GLH
%XGJHWHLQKHLW GLH 6LH ]XYRU DQJHOHJW KDEHQ 0DUNLHUHQ 6LH 7HVWODXI XQG
ZlKOHQ 6LH DOV %XGJHWEHVWLPPXQJ +&3 :lKOHQ 6LH GLH 3DUDPHWHU +5
DOV 3HUVRQDONRVWHQSODQ XQG *HKDOWVHUK|KXQJ DOV .RVWHQHOHPHQW
:lKOHQ 6LH $XVIKUHQ XQG EHVWlWLJHQ 6LH GLH DQJH]HLJWH :DUQPHOGXQJ GLH
)UHLJDEH GHU 3ODQYHUVLRQ LVW QLFKW HUIRUGHUOLFK
:lKOHQ 6LH HUQHXW $XVIKUHQ
'DV *HKDOWVHUK|KXQJVEXGJHW IU GLH 2UJDQLVDWLRQVHLQKHLW &RQWUROOLQJ
ZLUG DQJH]HLJW
$EELOGXQJ 5HSRUWLQJ
'HU GHQ 6FKZHUSXQNW IU GDV %HULFKWVZHVHQ LVW 6$3 %XVLQHVV ,QWHOOLJHQFH

,QQHUKDOE GHV +&06\VWHPV N|QQHQ QXU HLQIDFKH 'DWHQDQDO\VHQ EHWULHEHQ

ZHUGHQ $OOH %HULFKWH EDVLHUHQ DXI GHU $%$3/LVW9LHZHU7HFKQLN 'DKHU
ZHUGHQ )XQNWLRQHQ ZLH )LOWHUQ 6RUWLHUHQ =ZLVFKHQVXPPHQ XQG ([SRUW GXUFK
H[WHUQH :HUN]HXJH XQWHUVWW]W
8QWHU 3HUVRQQHO &RVW 3ODQQLQJ ĺ ,QIRUPDWLRQ 6\VWHP YHUIJEDUH %HULFKWH
VLQG
3ODQGDWHQ 5HSRUWLQJ XQG $QDO\VH GHU .RVWHQSOlQH (V ZHUGHQ
YHUVFKLHGHQH 6LFKWHQ DXI GHQ 3ODQ XQWHUVWW]W
3ODQYHUJOHLFK 9HUJOHLFK ]ZHLHU 3HUVRQDONRVWHQSOlQH
2ULJLQDOEHOHJH /LVWHW DOOH 'DWHQ HLQHV 3ODQV DXI LP &2)RUPDW GLH LQV
5HFKQXQJVZHVHQ JHEXFKW ZHUGHQ N|QQHQ RGHU EHUHLWV JHEXFKW VLQG
:HUN]HXJH XQWHU 3HUVRQDONRVWHQSODQXQJ ĺ :HUN]HXJH
3URWRNROO DQ]HLJHQ =HLJW JHVSHLFKHUWH )HKOHUSURWRNROOH DQ GLH ZlKUHQG
GHU 9HUDUEHLWXQJ HU]HXJW ZXUGHQ ,Q GHU 5HJHO ZHUGHQ GLH 3URWRNROOH
7DJH JHVSHLFKHUW
'DWHQEDVLV O|VFKHQ /|VFKHQ GHU .RVWHQSODQXQJVLQIRW\SHQ
'DWHQ DXV 3HUVRQDODEUHFKQXQJ YHUZDOWHQ $Q]HLJHQ XQG /|VFKHQ GHU
$EUHFKQXQJVHUJHEQLVVH GLH ZlKUHQG GHU $EUHFKQXQJVEHUOHLWXQJ IU GLH
3HUVRQDONRVWHQSODQXQJ EHUHLWJHVWHOOW ZXUGHQ
3ODQGDWHQ DQ]HLJHQ 7HFKQLVFKH $QDO\VH GHU 'DWHQ HLQHV .RVWHQSODQV
+LHU ZLUG KDXSWVlFKOLFK GHU 'DWHQEDQN9LHZ DQJH]HLJW
2ULJLQDOEHOHJH DQ]HLJHQ 7HFKQLVFKH $QDO\VH GHU 'DWHQ GHU
&RQWUROOLQJUHOHYDQWHQ 'DWHQ HLQHV 3HUVRQDONRVWHQSODQV +LHU ZLUG
KDXSWVlFKOLFK GHU 'DWHQEDQN9LHZ DQJH]HLJW
+LQZHLV (LQH 9LHO]DKO GHU DXIJHIKUWHQ %HULFKWH NDQQ DXFK EHU GLH
7UDQVDNWLRQ 9HUZDOWXQJ GHU 3HUVRQDONRVWHQSOlQH DEJHUXIHQ ZHUGHQ


hEXQJ 3HUVRQDONRVWHQSODQXQJ

/HUQ]LHOH GHU hEXQJ

GLH LP 6WDQGDUG YHUIJEDUHQ 'DWHQVDPPOXQJVPHWKRGHQ EHVFKUHLEHQ
3HUVRQDONRVWHQSODQXQJVGDWHQ IU 0LWDUEHLWHU XQG 2UJDQLVDWLRQVREMHNWH
VDPPHOQ XQG lQGHUQ
3HUVRQDONRVWHQSOlQH DQOHJHQ
,KUH $XIJDEH LVW GLH 3HUVRQDONRVWHQSODQXQJ IU ,KUH 2UJDQLVDWLRQVHLQKHLW
&RQWUROOLQJ IU GDV YRP 5HIHUHQWHQ DQJHJHEHQH -DKU GXUFK]XIKUHQ
3HUVRQDONRVWHQSODQXQJ IU GDV QlFKVWH -DKU
'HU GDIU QRWZHQGLJH HUVWH 6FKULWW GLH 'DWHQVDPPOXQJ ZXUGH EHUHLWV
GXUFKJHIKUW
+LQZHLV HUVHW]HQ 6LH ELWWH GXUFK ,KUH *UXSSHQQXPPHU
$XIJDEH 'DWHQVDPPOXQJ
)KUHQ 6LH )ROJHQGHV LP 6\VWHP DXV
5XIHQ 6LH GHQ 'DWHQVDPPOXQJVEHULFKW IU 0LWDUEHLWHU DXI XQG YHUVFKDIIHQ
6LH VLFK HLQHQ hEHUEOLFN EHU GLH YHUIJEDUHQ 'DWHQVDPPOXQJVPHWKRGHQ
:HOFKH 'DWHQVDPPOXQJVPHWKRGHQ VWHKHQ IU 0LWDUEHLWHU ]XU 9HUIJXQJ"
0DUNLHUHQ 6LH GLH 'DWHQVDPPOXQJVPHWKRGHQ ,QIRW\S %DVLVEH]JH
XQG ,QIRW\S :LHGHUNHKUHQGH %H XQG $E]JH XQG ZlKOHQ 6LH :HLWHU
6WDUWHQ 6LH GLH 'DWHQVDPPOXQJ PLW HLQHP 3URWRNROO GHV 'DWHQVDW]HV IU 9HUD
6FKQHLG DOV 7HVWODXI :HOFKH .RVWHQEHVWDQGWHLOH ZHUGHQ IU
9HUD 6FKQHLG JHVDPPHOW"
2SWLRQDO

5XIHQ 6LH GLH 'DWHQSIOHJH IU 9HUD 6FKQHLG DXI :HOFKH
.RVWHQEHVWDQGWHLOH ZXUGHQ IU 9HUD 6FKQHLG IU GDV -DKU EHUHLWV
JHVDPPHOW" 3ODQXQJVNRQWH[W +5 3HUVRQDONRVWHQSODQXQJ 'DWHQEDVLV
5HIHUHQ]'HPRGDWHQ
+LQZHLV )U GLHVH 0LWDUEHLWHULQ ZXUGHQ EHUHLWV 'DWHQ JHVDPPHOW ±

]HLJHQ 6LH GLH 'DWHQ DQ
$XIJDEH 3ODQ DQOHJHQ

'LH 'DWHQEDVLV IU GLH .RVWHQREMHNWH ZXUGH LQ GHU 'DWHQVDPPOXQJ IU
GLH 2UJDQLVDWLRQVHLQKHLW &RQWUROOLQJ DQJHOHJW 'LH GDIU YHUZHQGHWH
'DWHQEDVLV KHLW 5HIHUHQ]'HPRGDWHQ /HJHQ 6LH GHQ 3ODQ 3&3 IU GLH
2UJDQLVDWLRQVHLQKHLW &RQWUROOLQJ DQ 9HUZHQGHQ 6LH GLH %H]HLFKQXQJ
3ODQ IU *UXSSH
:lKOHQ 6LH GLH 6LFKW 2UJDQLVDWLRQVHLQKHLWHQ 9HUZHQGHQ 6LH DOV
3ODQXQJV]HLWUDXP ; ELV ; QlFKVWHV -DKU
%HUFNVLFKWLJHQ 6LH GLH 0LWDUEHLWHUGDWHQ
)U GLH 3ODQXQJVDUW .RQWLQJHQWSODQXQJ YHUZHQGHQ 6LH 3ODQXQJ ;
(LQ (QGGDWXP GHU 'HWDLOSODQXQJ EUDXFKHQ 6LH QLFKW DQ]XJHEHQ
$XIJDEH 3ODQXQJVODXI GXUFKIKUHQ

9HUZHQGHQ 6LH GHQ 3ODQ GHQ 6LH DQJHOHJW KDEHQ :lKOHQ 6LH &RQWUROOLQJ
DOV 2UJDQLVDWLRQVHLQKHLW 9HUZHQGHQ 6LH (85 DOV 3ODQZlKUXQJ )KUHQ
6LH GHQ 3ODQXQJVODXI GXUFK

/|VXQJ 3HUVRQDONRVWHQSODQXQJ

$XIJDEH 'DWHQVDPPOXQJ
5XIHQ 6LH GHQ 'DWHQVDPPOXQJVEHULFKW IU 0LWDUEHLWHU DXI XQG YHUVFKDIIHQ
6LH VLFK HLQHQ hEHUEOLFN EHU GLH YHUIJEDUHQ 'DWHQVDPPOXQJVPHWKRGHQ
:HOFKH 'DWHQVDPPOXQJVPHWKRGHQ VWHKHQ IU 0LWDUEHLWHU ]XU 9HUIJXQJ"
D 8P GHQ 'DWHQVDPPOXQJVEHULFKW IU 0LWDUEHLWHU DXI]XUXIHQ ZlKOHQ
6LH LP 6$3 (DV\ $FFHVV 0HQ 3HUVRQDO ĺ 3HUVRQDOPDQDJHPHQW
ĺ 3HUVRQDONRVWHQSODQXQJ ĺ 'DWHQVDPPOXQJ ĺ 0LWDUEHLWHU 6LH
JHODQJHQ LQ GLH 6LFKW 6DPPOXQJ GHU 3HUVRQDONRVWHQSODQXQJVGDWHQ
IU 0LWDUEHLWHU ,Q GHU 'DWHQEDVLV 6XEW\S ZlKOHQ 6LH
5HIHUHQ]'HPRGDWHQ
8P GLH 'DWHQVDPPOXQJVPHWKRGHQ DQ]X]HLJHQ ZlKOHQ 6LH LP %ORFN
'DWHQTXHOOH 'DWHQVDPPOXQJVPHWKRGHQ
E )U 0LWDUEHLWHU VWHKHQ GLH IROJHQGHQ 'DWHQVDPPOXQJVPHWKRGHQ ]XU
9HUIJXQJ
,QIRW\S %DVLVEH]JH
,QIRW\S 9HUP|JHQVELOGXQJ
,QIRW\S :LHGHUNHKUHQGH %H XQG $E]JH
,QIRW\S (UJlQ]HQGH =DKOXQJHQ
,QIRW\S (UJlQ]HQGH =DKOXQJ 2II&\FOH
,QIRW\S $OWHUVWHLO]HLW '
'LIIHUHQ]EHWUDJ YRQ ,VW ]X 6ROOYHUJWXQJ
9HUJWXQJVULFKWOLQLHQ
9HUJWXQJVULFKWOLQLHQ (QWHUSULVH
'DWHQ DXV GHU 3HUVRQDODEUHFKQXQJ
6LPXOLHUWH WDULIOLFKH 8PVWXIXQJ
'DWHQ DXV GHP 9HUDQVWDOWXQJVPDQDJHPHQW

0DUNLHUHQ 6LH GLH 'DWHQVDPPOXQJVPHWKRGHQ ,QIRW\S %DVLVEH]JH

XQG ,QIRW\S :LHGHUNHKUHQGH %H XQG $E]JH XQG ZlKOHQ 6LH :HLWHU
6WDUWHQ 6LH GLH 'DWHQVDPPOXQJ PLW HLQHP 3URWRNROO GHV 'DWHQVDW]HV IU 9HUD
6FKQHLG DOV 7HVWODXI :HOFKH .RVWHQEHVWDQGWHLOH ZHUGHQ IU
9HUD 6FKQHLG JHVDPPHOW"
D 0DUNLHUHQ 6LH GLH 'DWHQVDPPOXQJVPHWKRGHQ ,QIRW\S %DVLVEH]JH
XQG ,QIRW\S :LHGHUNHKUHQGH %H XQG $E]JH XQG
ZlKOHQ 6LH :HLWHU
E ,Q GHU 6LFKW 6DPPOXQJ GHU 3HUVRQDONRVWHQSODQXQJVGDWHQ IU
0LWDUEHLWHU JHEHQ 6LH LP )HOG 3HUVRQDOQXPPHU
9HUD 6FKQHLG HLQ *HEHQ 6LH LP %HUHLFK 'DWHQDEODJH GHQ
'DWHQVDPPHO]HLWUDXP ; ELV ; HLQ XQG ZlKOHQ 6LH
DOV 'DWHQEDVLV 6XEW\S :LFKWLJ :lKOHQ 6LH 7HVWODXI XQG
3URWRNROO GHU 'DWHQVlW]H
:lKOHQ 6LH GDQQ $XVIKUHQ GHV %HULFKWV
F (V ZHUGHQ GLH .RVWHQEHVWDQGWHLOH /|KQH XQG *HKlOWHU VRZLH VRQVWLJH
/|KQH XQG *HKlOWHU JHVDPPHOW
G .HKUHQ 6LH LQV 6$3 (DV\ $FFHVV 0HQ ]XUFN
2SWLRQDO

5XIHQ 6LH GLH 'DWHQSIOHJH IU 9HUD 6FKQHLG DXI :HOFKH
.RVWHQEHVWDQGWHLOH ZXUGHQ IU 9HUD 6FKQHLG IU GDV -DKU EHUHLWV
JHVDPPHOW" 3ODQXQJVNRQWH[W +5 3HUVRQDONRVWHQSODQXQJ 'DWHQEDVLV
5HIHUHQ]'HPRGDWHQ
+LQZHLV )U GLHVH 0LWDUEHLWHULQ ZXUGHQ EHUHLWV 'DWHQ JHVDPPHOW ±

]HLJHQ 6LH GLH 'DWHQ DQ
D ,P 6$3 (DV\ $FFHVV 0HQ ZlKOHQ 6LH 3HUVRQDO ĺ

3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDONRVWHQSODQXQJ ĺ 'DWHQVDPPOXQJ
ĺ 'DWHQEHDUEHLWXQJ
E 6LH JHODQJHQ LQ GLH 6LFKW 'DWHQEDVLV 3HUVRQDONRVWHQSODQXQJ DQ]HLJHQ
6WDUWHQ 6LH LP 2EMHNWPDQDJHU GLH 6XFKH QDFK HLQHU 3HUVRQ PLW GHU
6XFKKLOIH 6XFKEHJULII *HEHQ 6LH LP )HOG PLW %H]HLFKQXQJ 6FKQHLG
HLQ XQG ZlKOHQ 6LH 6XFKHQ
F ,Q GHU 0LWDUEHLWHUOLVWH ZLUG 9HUD 6FKQHLG DQJH]HLJW 3HU
'RSSHONOLFN DXI GLHVHV 2EMHNW ZHUGHQ ,KQHQ LP UHFKWHQ $UEHLWVEHUHLFK
'HWDLOLQIRUPDWLRQHQ YRQ 9HUD 6FKQHLG DQJH]HLJW
G ,P )HOG *OWLJ DE JHEHQ 6LH HLQ :lKOHQ
6LH 5HIHUHQ]'HPRGDWHQ DOV 'DWHQEDVLV XQG +5
3HUVRQDONRVWHQSODQXQJ DOV 3ODQXQJVNRQWH[W
$XIJDEH 3ODQ DQOHJHQ

'LH 'DWHQEDVLV IU GLH .RVWHQREMHNWH ZXUGH LQ GHU 'DWHQVDPPOXQJ IU
GLH 2UJDQLVDWLRQVHLQKHLW &RQWUROOLQJ DQJHOHJW 'LH GDIU YHUZHQGHWH
'DWHQEDVLV KHLW 5HIHUHQ]'HPRGDWHQ /HJHQ 6LH GHQ 3ODQ 3&3 IU GLH
2UJDQLVDWLRQVHLQKHLW &RQWUROOLQJ DQ 9HUZHQGHQ 6LH GLH %H]HLFKQXQJ
3ODQ IU *UXSSH
:lKOHQ 6LH GLH 6LFKW 2UJDQLVDWLRQVHLQKHLWHQ 9HUZHQGHQ 6LH DOV
3ODQXQJV]HLWUDXP ; ELV ; QlFKVWHV -DKU
%HUFNVLFKWLJHQ 6LH GLH 0LWDUEHLWHUGDWHQ

)U GLH 3ODQXQJVDUW .RQWLQJHQWSODQXQJ YHUZHQGHQ 6LH 3ODQXQJ ;

(LQ (QGGDWXP GHU 'HWDLOSODQXQJ EUDXFKHQ 6LH QLFKW DQ]XJHEHQ
3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDONRVWHQSODQXQJ ĺ .RVWHQSOlQH ĺ
9HUZDOWHQ ,Q GHU 6LFKW 9HUZDOWXQJ GHU 3HUVRQDONRVWHQSOlQH ZlKOHQ
6LH 3ODQGDWHQ ĺ 3HUVRQDONRVWHQSODQ ĺ 3ODQ DQOHJHQ
E ,P 'LDORJIHQVWHU 3ODQ DQOHJHQ ZHUGHQ IROJHQGH 3ODQDWWULEXWH JHSIOHJW
F :lKOHQ 6LH GLH 3ODQYDULDQWH $NWXHOOHU 3ODQ *HEHQ 6LH 3&3 DOV
.RVWHQSODQ XQG 3ODQ IU *UXSSH DOV %H]HLFKQXQJ HLQ :lKOHQ 6LH
GHQ 3ODQXQJVNRQWH[W +5 3HUVRQDONRVWHQSODQXQJ 'DWHQEDVLV
5HIHUHQ]'HPRGDWHQ
G :lKOHQ 6LH GLH 6LFKW 2UJDQLVDWLRQVHLQKHLW 9HUZHQGHQ 6LH DOV
3ODQXQJV]HLWUDXP ; QlFKVWHV -DKU ELV ;
%HUFNVLFKWLJHQ 6LH GLH 0LWDUEHLWHUGDWHQ 9HUZHQGHQ 6LH DOV
'DWHQEDVLV MHZHLOV 5HIHUHQ]'HPRGDWHQ
H *HEHQ 6LH GHQ 31.03.200X XQWHU 'HWDLOSODQXQJ P|JOLFK ELV
HLQ 'LHVHV 'DWXP PVVHQ 6LH VHW]HQ GDPLW HLQH 'HWDLOSODQXQJ
GXUFKJHIKUW ZHUGHQ NDQQ :lKOHQ 6LH 6LFKHUQ
$XIJDEH 3ODQXQJVODXI GXUFKIKUHQ

9HUZHQGHQ 6LH GHQ 3ODQ GHQ 6LH DQJHOHJW KDEHQ :lKOHQ 6LH &RQWUROOLQJ
DOV 2UJDQLVDWLRQVHLQKHLW 9HUZHQGHQ 6LH (85 DOV 3ODQZlKUXQJ )KUHQ
6LH GHQ 3ODQXQJVODXI GXUFK
3HUVRQDOPDQDJHPHQW ĺ 3HUVRQDONRVWHQSODQXQJ ĺ .RVWHQSOlQH ĺ
9HUZDOWHQ
E ,Q GHU 9HUZDOWXQJ GHU 3HUVRQDONRVWHQSOlQH PDUNLHUHQ 6LH GHQ 3ODQ
GHQ 6LH LQ GHU $XIJDEH DQJHOHJW KDEHQ :lKOHQ 6LH 3ODQGDWHQ ĺ
3ODQXQJVODXI DXVIKUHQ 6XFKHQ 6LH ,KUH 2UJDQLVDWLRQVHLQKHLW
&RQWUROOLQJ 6LH N|QQHQ GLH 6WUXNWXUVXFKH XQG GHQ 0HQSIDG ĺ 2UJ
(LQKHLWHQ 6FKXOXQJVJUXSSH ĺ 7UDLQLQJ ,QWHUQDWLRQDO ĺ &RQWUROOLQJ
ĺ &RQWUROOLQJ *HEHQ 6LH EUR DOV 3ODQZlKUXQJ HLQ
F :lKOHQ 6LH $XVIKUHQ XQG EHUSUIHQ 6LH GLH (UJHEQLVVH


1XQ N|QQHQ 6LH
HU]HXJHQ


1XQ N|QQHQ 6LH
HU]HXJHQ


'HU 6FKZHUSXQNW GHU QHXHQ 3HUVRQDONRVWHQSODQXQJ OLHJW DXI HLQHU
2SWLPLHUXQJ GHU 'DWHQEDVLV IU GLH 3ODQXQJ G K DXI GHU %HUHLWVWHOOXQJ
YRQ JHHLJQHWHQ :HUN]HXJHQ IU GLH (UVWHOOXQJ XQG $EOHLWXQJ YRQ
Ƒ 5LFKWLJ
Ƒ )DOVFK

$QWZRUWHQ

'HU 6FKZHUSXQNW GHU QHXHQ 3HUVRQDONRVWHQSODQXQJ OLHJW DXI HLQHU

2SWLPLHUXQJ GHU 'DWHQEDVLV IU GLH 3ODQXQJ G K DXI GHU %HUHLWVWHOOXQJ
YRQ JHHLJQHWHQ :HUN]HXJHQ IU GLH (UVWHOOXQJ XQG $EOHLWXQJ YRQ
$QWZRUW 5LFKWLJ
(LQ ZHLWHUHU 6FKZHUSXQNW LVW GLH 8QWHUVWW]XQJ HLQHU GH]HQWUDOHQ 3ODQXQJ
GXUFK HLQH HLQIDFKH 3ODQXQJVREHUIOlFKH IU /LQLHQYRUJHVHW]WH

HR050_REF_Teil 3_4

Uploaded by

Copyright:

Available Formats

You might also like

HR050_REF_Teil 3_4

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

HR050_REF_Teil 3_4

Uploaded by

Copyright:

Available Formats

+5 /HNWLRQ 3ODQXQJHQ LQ GHU 3HUVRQDOHQWZLFNOXQJ

 hEXQJ  3ODQXQJHQ LQ GHU

/HUQ]LHOH GHU hEXQJ

+LQZHLV (UVHW]HQ 6LH  ELWWH GXUFK ,KUH *UXSSHQQXPPHU

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

/|VXQJ  3ODQXQJHQ LQ GHU

)RUWVHW]XQJ DXI GHU QlFKVWHQ 6HLWH

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

=XVDPPHQIDVVXQJ GHU /HNWLRQ

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

/HNWLRQ 3HUIRUPDQFH 0DQDJHPHQW

hEHUEOLFN EHU GLH /HNWLRQ

/HUQ]LHOH GHU /HNWLRQ

:HLWHUH ,QIRUPDWLRQHQ XQG 0DWHULDOLHQ ]XP 3HUIRUPDQFH 0DQDJHPHQW HUKDOWHQ

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

$EELOGXQJ  3HUIRUPDQFH 0DQDJHPHQW

'DV 3HUIRUPDQFH 0DQDJHPHQW LVW HLQH PRGHUQH 0HWKRGH GHU 3HUVRQDOZLUWVFKDIW

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

=LHOH PVVHQ ZLH IROJW IRUPXOLHUW VHLQ

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

$EELOGXQJ  bQGHUXQJHQ LQ GHU /HLVWXQJVEHXUWHLOXQJ

'HU %HXUWHLOXQJVSUR]HVV XPIDVVW

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ  3HUIRUPDQFH 0DQDJHPHQW (QWZLFNOXQJVVFKZHUSXQNWH

'LH ,QWHJUDWLRQ PLW GHU 3HUVRQDOHQWZLFNOXQJ HUP|JOLFKW HV $QIRUGHUXQJVSURILOH

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

$EELOGXQJ  .RQWLQXLHUOLFKHU )HHGEDFN3UR]HVV

'DV 3HUIRUPDQFH 0DQDJHPHQW XQWHUVWW]W DOOH 3KDVHQ GHV NRQWLQXLHUOLFKHQ

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ  )XQNWLRQHQ ± hEHUVLFKW

(LQ %HXUWHLOXQJVSUR]HVV ZLUG LP %HXUWHLOXQJVNDWDORJ DXI *UXQGODJH HLQHU

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

$EELOGXQJ  %HXUWHLOXQJVIRUPXODU =LHOH

'LHVH $EELOGXQJ VWHOOW HLQLJH )XQNWLRQHQ GHU =LHOYHUHLQEDUXQJ GDU

'LH 9HUNQSIXQJVIXQNWLRQ ZLUG LP %HXUWHLOXQJVIRUPXODU +57UDLQLQJ

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ  6WDWXVEHDUEHLWXQJ

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

$EELOGXQJ  7HLOSURILOH IU %HXUWHLOXQJHQ

'HPRQVWUDWLRQ 3HUIRUPDQFH 0DQDJHPHQW

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

(LQ HUIDKUHQHU 5HIHUHQW NDQQ DOWHUQDWLY DXFK GDV %HXUWHLOXQJVIRUPXODU

$EELOGXQJ  3HUIRUPDQFH 0DQDJHPHQW

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

$EELOGXQJ  8QWHUVWW]XQJ IU .DOLEULHUXQJ ± 9HUJOHLFK GHU EHXUWHLOWHQ

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ  8QWHUVWW]XQJ IU .DOLEULHUXQJ ± 9HUJOHLFK GHU EHXUWHLOWHQ

6LH N|QQHQ DXI GHP *UDILNUHJLVWHU HLQGLPHQVLRQDOH RGHU ]ZHLGLPHQVLRQDOH

)U GLH 8QWHUVWW]XQJ GHU .DOLEULHUXQJ ZXUGH GLH %63$SSOLNDWLRQ

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

$EELOGXQJ  ,QWHJUDWLRQVRSWLRQHQ hEHUEOLFN

'LH ,QWHJUDWLRQ PLW GHU 3HUVRQDOHQWZLFNOXQJ HUP|JOLFKW HV $QIRUGHUXQJVSURILOH

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ  1HXH )XQNWLRQHQ LP 3HUIRUPDQFH 0DQDJHPHQW ]X (53 

4   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 

   6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

 hEXQJ  3HUIRUPDQFH 0DQDJHPHQW

/HUQ]LHOH GHU hEXQJ

+5 /HNWLRQ 3ODQXQJHQ LQ GHU 3HUVRQDOHQWZLFNOXQJ

hEXQJ 3ODQXQJHQ LQ GHU

+LQZHLV (UVHW]HQ 6LH ELWWH GXUFK ,KUH *UXSSHQQXPPHU

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

/|VXQJ 3ODQXQJHQ LQ GHU

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

/HNWLRQ 3HUIRUPDQFH 0DQDJHPHQW

hEHUEOLFN EHU GLH /HNWLRQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

$EELOGXQJ 3HUIRUPDQFH 0DQDJHPHQW

'DV 3HUIRUPDQFH 0DQDJHPHQW LVW HLQH PRGHUQH 0HWKRGH GHU 3HUVRQDOZLUWVFKDIW

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

=LHOH PVVHQ ZLH IROJW IRUPXOLHUW VHLQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

$EELOGXQJ bQGHUXQJHQ LQ GHU /HLVWXQJVEHXUWHLOXQJ

'HU %HXUWHLOXQJVSUR]HVV XPIDVVW

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ 3HUIRUPDQFH 0DQDJHPHQW (QWZLFNOXQJVVFKZHUSXQNWH

'LH ,QWHJUDWLRQ PLW GHU 3HUVRQDOHQWZLFNOXQJ HUP|JOLFKW HV $QIRUGHUXQJVSURILOH

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

$EELOGXQJ .RQWLQXLHUOLFKHU )HHGEDFN3UR]HVV

'DV 3HUIRUPDQFH 0DQDJHPHQW XQWHUVWW]W DOOH 3KDVHQ GHV NRQWLQXLHUOLFKHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ )XQNWLRQHQ ± hEHUVLFKW

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

$EELOGXQJ %HXUWHLOXQJVIRUPXODU =LHOH

'LHVH $EELOGXQJ VWHOOW HLQLJH )XQNWLRQHQ GHU =LHOYHUHLQEDUXQJ GDU

'LH 9HUNQSIXQJVIXQNWLRQ ZLUG LP %HXUWHLOXQJVIRUPXODU +57UDLQLQJ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ 6WDWXVEHDUEHLWXQJ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

$EELOGXQJ 7HLOSURILOH IU %HXUWHLOXQJHQ

'HPRQVWUDWLRQ 3HUIRUPDQFH 0DQDJHPHQW

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ 3HUIRUPDQFH 0DQDJHPHQW

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

$EELOGXQJ 8QWHUVWW]XQJ IU .DOLEULHUXQJ ± 9HUJOHLFK GHU EHXUWHLOWHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ 8QWHUVWW]XQJ IU .DOLEULHUXQJ ± 9HUJOHLFK GHU EHXUWHLOWHQ

)U GLH 8QWHUVWW]XQJ GHU .DOLEULHUXQJ ZXUGH GLH %63$SSOLNDWLRQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

$EELOGXQJ ,QWHJUDWLRQVRSWLRQHQ hEHUEOLFN

'LH ,QWHJUDWLRQ PLW GHU 3HUVRQDOHQWZLFNOXQJ HUP|JOLFKW HV $QIRUGHUXQJVSURILOH

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

$EELOGXQJ 1HXH )XQNWLRQHQ LP 3HUIRUPDQFH 0DQDJHPHQW ]X (53

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

hEXQJ 3HUIRUPDQFH 0DQDJHPHQW

+LQZHLV (UVHW]HQ 6LH ELWWH GXUFK ,KUH *UXSSHQQXPPHU

:HQQ 6LH GLH hEXQJ Ä8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW³ LQ GHU JOHLFKHQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

+LQWHUOHJHQ 6LH LQ GHQ %HQXW]HUVSH]LILVFKHQ (LQVWHOOXQJHQ LP %HUHLFK

)KUHQ 6LH DOV &DWKHULQH &DPLQR GLH 0LWDUEHLWHUEHXUWHLOXQJ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

/|VXQJ 3HUIRUPDQFH 0DQDJHPHQW

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

D :lKOHQ 6LH LP (DV\$FFHVV0HQ 3HUVRQDOHQWZLFNOXQJ ĺ

+LQZHLV :HQQ GDV 6\VWHP ]XP 0HQ 6$3 (DV\ $FFHVV

)KUHQ 6LH DOV &DWKHULQH &DPLQR GLH 0LWDUEHLWHUEHXUWHLOXQJ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

hEHUSUIHQ 6LH LP 0LWDUEHLWHUSURILO LQ GHU 3HUVRQDOHQWZLFNOXQJ GLH HUVWHOOWH

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

8QWHU %OHQGHG /HDUQLQJ YHUVWHKW PDQ DOOXPIDVVHQGHV /HUQHQ 6$3 ELHWHW

'LH %HJULIIH /DXIEDKQSODQ XQG (QWZLFNOXQJVSODQ VLQG 6\QRQ\PH

'DV 3HUIRUPDQFH 0DQDJHPHQW XQWHUVWW]W DOOH 3KDVHQ GHV NRQWLQXLHUOLFKHQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

'LH G\QDPLVFKHQ 0HQV LP 9HUDQVWDOWXQJVPDQDJHPHQW JHEHQ ,KQHQ GLH

8QWHU %OHQGHG /HDUQLQJ YHUVWHKW PDQ DOOXPIDVVHQGHV /HUQHQ 6$3 ELHWHW

'LH %HJULIIH /DXIEDKQSODQ XQG (QWZLFNOXQJVSODQ VLQG 6\QRQ\PH

'DV 3HUIRUPDQFH 0DQDJHPHQW XQWHUVWW]W DOOH 3KDVHQ GHV NRQWLQXLHUOLFKHQ

6$3 $* $OOH 5HFKWH YRUEHKDOWHQ 4

'DV 8QWHUQHKPHQVYHUJWXQJVPDQDJHPHQW LVW ZHOWZHLW HLQH 6WDQGDUGNRPSRQHQWH

1RWL] ,P 6\VWHP ELHWHQ VLFK ]ZHL :HJH ]XU 9HUZDOWXQJ YRQ

4 6$3 $* $OOH 5HFKWH YRUEHKDOWHQ

hEHUEOLFN EHU GDV .DSLWHO