7; 3' '
)DUEIHUQVHKHU
%HGLHQXQJVDQOHLWXQJ
$
'HXWVFK |
3' ' |
74% ($ |
:LOONRPPHQ
6HKU JHHKUWHU 3DQDVRQLF .XQGH
:LU KRIIHQ GDVV ,KU QHXHU )HUQVHKHU ,KQHQ YLHOH -DKUH )UHXGH EHUHLWHQ ZLUG 0LW GHP $EVFKQLWW 6FKQHOOVWDUW ]X %HJLQQ GLHVHU $QOHLWXQJ NÐQQHQ 6LH ,KUHQ )HUQVHKHU VFKQHOO LQ %HWULHE QHKPHQ :LU HPSIHKOHQ ,KQHQ DQVFKOLH|HQG GLH JDQ]H $QOHLWXQJ ]X OHVHQ XQG VLH ]XU VSWHUHQ %H]XJQDKPH DXI]XEHZDKUHQ ZHQQ 6LH GLH YLHOHQ IRUWJHVFKULWWHQHQ (LQULFKWXQJHQ YHUZHQGHQ PÐFKWHQ
'LHVHU )HUQVHKHU KDW HLQHQ QLHGULJHQ 6WURPYHUEUDXFK XQG LVW GDPLW VHKU NRVWHQJÚQVWLJ LP %HWULHE 'DUÚEHU KLQDXV EHWUJW GHU 6WURPYHUEUDXFK LP 6WDQGE\ 0RGXV OHGLJOLFK :
'LH %HGLHQXQJVDQOHLWXQJ LVW DXV 5HF\FOLQJSDSLHU KHUJHVWHOOW DXV $OWSDSLHU 8QJHEOHLFKWHV 3DSLHU GHLQNW RKQH RSWLVFKH $XIKHOOHU 3URGXNW XQG 9HUSDFNXQJ UHF\FOHIKLJ XQG ELRORJLVFK DEEDXEDU
DXVJH]HLFKQHW PLW GHP kVNDQGLQDYLVFKHQ 6:$1l XQG GHP k%ODXHQ (QJHOl IÚU 8PZHOWIUHXQGOLFKNHLW
,QKDOW
=XEHKÐU
:DUQXQJHQ XQG 9RUVLFKWVPDVVQDKPHQ
6FKQHOOVWDUW
+DXSWEHGLHQWDVWHQ $P )HUQVHKJHUW XQG DXI GHU
)HUQEHGLHQXQJ |
|
%HGLHQXQJ ÛEHU GLH %LOGVFKLUP 0HQÚV 26' |
|
%LOGHLQVWHOOXQJ |
|
7RQHLQVWHOOXQJ |
|
+DXSWPHQÚ
79 6SHLFKHU 0HQÚ ÛEHUVLFKW
QGHUQ
(LQHQ 6HQGHU VSHUUHQ .LQGHUVLFKHUXQJ
$73
0DQXHOOHU 6XFKODXI
$VSHNWHLQVWHOOXQJHQ |
|
||
0HKUHUH %LOGHU |
|
|
|
6HQGHUVXFKODXI |
|
|
|
%LOG XQG 7H[W |
|
||
6WLOO |
|
||
4 /LQN |
|
||
9LGHRUHFRUGHU '9' %HGLHQXQJ |
|
|
|
9LGHRWH[W %HGLHQXQJ |
|
||
$XGLR 9LGHR $QVFKOÚVVH |
|
||
$QVFKOÚVVH YRUQH DP *HU W |
|
|
|
$QVFKOÚVVH KLQWHQ DP *HU W |
|
|
|
6WÐUXQJVVXFKH |
|
||
+LQZHLVH ]XU 6FDUW XQG 6 9LGHR %XFKVH |
|
||
7HFKQLVFKH 'DWHQ |
|
=XEHKÐU
+DEHQ 6LH DOOH =XEHKÐUWHLOH XQG VRQVWLJH KLHU DEJHELOGHWHQ 7HLOH" T
%HGLHQXQJVDQOHLWXQJ |
|
3DQ (XURSLVFKH *DUDQWLH
)HUQEHGLHQXQJ (85 $5
%DWWHULHQ IÚU GLH )HUQEHGLHQXQJ[ 5 80 VL]H
'LH )URQWEOHQGH GLHVHV )HUQVHKHUV LVW EHL $XVOLHIHUXQJ GHV *HUWV GXUFK HLQH )ROLH JHVFKÚW]W GLH QDFK GHP $XIVWHOOHQ GHV *HU
WV YRUVLFKWLJ DEJH]RJHQ ZHUGHQ NDQQ
:DUQXQJHQ XQG 9RUVLFKWVPDVVQDKPHQ
-'LHVHU )HUQVHKHU DUEHLWHW PLW :HFKVHOVWURP YRQ
9 +]
-,KU )HUQVHKJHUW GDUI QLH LP 5HJHQ RGHU LQ ÚEHUP
|LJ IHXFKWHQ 5
XPHQ EHWULHEHQ ZHUGHQ $QGHUQIDOOV NÐQQWHQ 6FK
GHQ DXIWUHWHQ GLH HOHNWULVFKH 6FKO
JH RGHU HLQHQ %UDQG YHUXUVDFKHQ 'LHVHU )HUQVHKHU GDUI QLFKW PLW 7URSI
RGHU 6SULW]ZDVVHU LQ %HUÚKUXQJ NRPPHQ 0LW :DVVHU JHIÚOOWH *HJHQVWQGH ZLH 9DVHQ GÚUIHQ QLFKW DXI RGHU ÚEHU GHP )HUQVHKHU DEJHVWHOOW ZHUGHQ
-'LHVHV )HUQVHKJHUW HQWVSULFKW GHQ $QIRUGHUXQJHQ GHU 5ÐQWJHQYHURUGQXQJ YRP -XQL 3DUDJUDSK $EVFKQLWW
-'LH PD[LPDO 2UWVGRVLVOHLVWXQJ LQ P YRQ GHU EHUÚKUEDUHQ 2EHUIOFKH EHWU
JW ZHQLJHU DOV
6Y K
-$&+781* +2&+3$1181*
1HKPHQ 6LH QLHPDOV GLH *HUWHUÚFNZDQG DE GD GDGXUFK VWURPIÚKUHQGH 7HLOH IUHLJHOHJW ZHUGHQ 'DV *HU
W HQWK
OW NHLQH YRP %HQXW]HU ]X ZDUWHQGHQ 7HLOH
-9LGHRVSLHOH XQG +HLPFRPSXWHU
:HQQ 6LH ,KU )HUQVHKJHUW O
QJHUH =HLW IÚU 9LGHRVSLHOH RGHU +HLPFRPSXWHU YHUZHQGHQ NÐQQHQ VLFK DXI GHP %LOGVFKLUP SHUPDQHQWH j6FKDWWHQ ELOGHQ 'LHVHU QLFKW EHKHEEDUH %LOGVFKLUPVFKDGHQ NDQQ YHUPLHGHQ ZHUGHQ ZHQQ 6LH IROJHQGH 3XQNWH EHDFKWHQ
- +HOOLJNHLWV XQG .RQWUDVWZHUWH DXI HLQ 0LQLPXP UHGX]LHUHQ
-'DV )HUQVHKJHUW QLFKW XQXQWHUEURFKHQ ÚEHU O
QJHUH =HLWU
XPH IÚU 9LGHRVSLHOH RGHU DOV &RPSXWHUPRQLWRU YHUZHQGHQ
-'LHVH $UW YRQ %LOGVFKLUPVFKDGHQ LVW NHLQ )XQNWLRQVGHIHNW XQG ZLUG GDKHU QLFKW YRQ GHU 3DQDVRQLF *DUDQWLH DEJHGHFNW
-6LFKHUQ 6LH VLFK HLQHQ HLQIDFKHQ =XWULWW ]XP 6WHFNHU GHV 9HUVRUJXQJVNDEHOV 'HU +DXSWVFKDOWHU (LQ $XV GLHVHV 0RGHOOV WUHQQW GHQ )HUQVHKHU QLFKW YÐOOLJ YRP 1HW]VWURP DE =LHKHQ 6LH GHQ 1HW]VWHFNHU DXV GHU 6WHFNGRVH EHYRU 6LH
.DEHO DP )HUQVHKHU DQVFKOLH|HQ RGHU YRQ LKP WUHQQHQ RGHU ZHQQ GDV *HUW O
QJHUH =HLW QLFKW EHQXW]W ZLUG
+LQZHLV
-:HQQ GDV *HUW EHL 6HQGHVFKOX| GHV HLQJHVFKDOWHWHQ 6HQGHUV QLFKW DEJHVFKDOWHW ZLUG JHKW GHU )HUQVHKHU QDFK 0LQXWHQ DXWRPDWLVFK LQ GHQ %HUHLWVFKDIWVPRGXV ÚEHU 'LHVH )XQNWLRQ LVW LP $9 0RGXV MHGRFK GHDNWLYLHUW
-3IOHJH YRQ *HKXVH XQG %LOGVFKLUP
=LHKHQ 6LH GHQ 1HW]VWHFNHU DXV GHU 6WHFNGRVH *HKXVH XQG %LOGVFKLUP NÐQQHQ 6LH PLW HLQHP ZHLFKHQ 7XFK DEZLVFKHQ GDV PLW HLQHP PLOGHQ 5HLQLJXQJVPLWWHO XQG :DVVHU DQJHIHXFKWHW ZLUG 9HUZHQGHQ 6LH NHLQH 3URGXNWH GLH %HQ]RO RGHU 3HWUROHXP HQWKDOWHQ )HUQVHKJHU
WH NÐQQHQ VWDWLVFKH (OHNWUL]LW
W HU]HXJHQ 6HLHQ 6LH GHVKDOE EHLP %HUÚKUHQ GHV %LOGVFKLUPV YRUVLFKWLJ
-$XVUHLFKHQGH /XIW]XIXKU LVW HUIRUGHUOLFK XP HLQHP 9HUVDJHQ HOHNWULVFKHU %DXWHLOH YRU]XEHXJHQ :LU HPSIHKOHQ
PLQGHVWHQV |
FP |
5XQGXPDEVWDQG |
DXFK |
LQ |
)HUQVHKVFKU QNHQ |
RGHU 5HJDOHQ 'LH |
%H |
XQG |
(QWOÚIWXQJVÐIIQXQJHQ GÚUIHQ XQWHU NHLQHQ 8PVWQGHQ GXUFK *HJHQVW
QGH MHGHU $UW ]XJHGHFNW ZHUGHQ
-'DV *HUW VROOWH NHLQHU GLUHNWHQ 6RQQHQHLQVWUDKOXQJ XQG DQGHUHQ +LW]HTXHOOHQ DXVJHVHW]W ZHUGHQ =XU 9HUKLQGHUXQJ YRQ %UDQGJHIDKU QLHPDOV .HU]HQ RGHU DQGHUH 4XHOOHQ YRQ RIIHQHQ )ODPPHQ DXI GDV )HUQVHKJHU
W RGHU LQ VHLQH 1
KH VWHOOHQ
%DWWHULHQ IÚU GLH )HUQEHGLHQXQJ
'HQ %DWWHULHIDFK 'HFNHO GHU |
%DWWHULHQ NRUUHNW HLQVHW]HQ GDEHL |
'HFNHO ZLHGHU HLQVHW]HQ |
)HUQEHGLHQXQJ DEQHKPHQ |
DXI GLH 3ROH XQG DFKWHQ |
|
-$FKWHQ 6LH GDUDXI GD| GLH 3ROH GHU %DWWHULHQ NRUUHNW DXVJHULFKWHW VLQG
-9HUZHQGHQ 6LH QLH DOWH XQG QHXH %DWWHULHQ ]XVDPPHQ $OWH YHUEUDXFKWH %DWWHULHQ VRIRUW HQWIHUQHQ
-9HUZHQGHQ 6LH QLH ]ZHL YHUVFKLHGHQH %DWWHULHW\SHQ ] % $ONDOL XQG 0DQJDQ 9HUZHQGHQ 6LH NHLQH DXIODGEDUHQ %DWWHULHQ 1L &G 1L 0+
6FKQHOOVWDUW
$QWHQQH HLQVWHFNHQ XQG =XEHKÐU DQVFKOLH|HQ
=XHUVW VLFKHUVWHOOHQ GDVV VLFK GDV $XI]HLFKQXQJVJHUW LP %HUHLWVFKDIWV]XVWDQG EHILQGHW
)HUQVHKHU DP 6WURPQHW] DQVFKOLH|HQ XQG HLQVFKDOWHQ
(QWVSUHFKHQGHV /DQG DXVZKOHQ
)ÚU 6FKZHL] XQG %HOJLHQ JHZÚQVFKWH 6SUDFKH DXVZKOHQ
6ROO GLH $EVWLPPXQJ PDQXHOO YRUJHQRPPHQ ZHUGHQ GLH JUÚQH 7DVWH GUÚFNHQ 6LHKH 6HLWH
|
'LH URWH 7DVWH ]XP 6WDUWHQ GHU |
|
DXWRPDWLVFKHQ 79 6SHLFKHUXQJ GUÚFNHQ |
|
1XQ EHJLQQW GLH DXWRPDWLVFKH 79 6SHLFKHUXQJ 'LH 6HQGHU |
|
ZHUGHQ LGHQWLIL]LHUW XQG JHVSHLFKHUW |
|
,VW DQ GHU ULFKWLJHQ 6&$57 %XFKVH HLQ NRPSDWLEOHV |
|
$XI]HLFKQXQJVJHU W DQJHVFKORVVHQ ZHUGHQ GLH |
|
3URJUDPPGDWHQ ÚEHU 4 /LQN DXI GDV *HU W KHUXQWHUJHODGHQ |
|
6LHKH 6HLWH |
|
+LQZHLV ,VW DQ $9 HLQ 4 /LQN I KLJHU '9' 5HFRUGHU |
|
DQJHVFKORVVHQ NÐQQHQ 3URJUDPPGDWHQ ZLH IROJW |
|
KHUXQWHUJHODGHQ ZHUGHQ |
|
4 /LQN DXI $9 XPVFKDOWHQ 6LHKH 6HLWH |
|
,P 79 6SHLFKHU 0HQÚ GLH )XQNWLRQ QGHUQ DXVZ KOHQ |
|
%ODXH 7DVWH 4/LQN GUÚFNHQ 3URJUDPPGDWHQ ZHUGHQ |
|
ÚEHUWUDJHQ |
|
79 $9 7DVWH GUÚFNHQ XP ]XP 79 3URJUDPP |
|
]XUÚFN]XNHKUHQ |
6FKQHOOVWDUW
1DFK GHU DXWRPDWLVFKHQ 79 6SHLFKHUXQJ NÐQQHQ 6LH ZHQQ 6LH HLQ QHXHV PLW 4 /LQN NRPSDWLEOHV $XI]HLFKQXQJVJHUW DQVFKOLH|HQ GLHVHV QXQ HLQVFKDOWHQ +HUXQWHUJHODGHQH 6HQGHUGDWHQ VWLPPHQ PLW GHQHQ GHV )HUQVHKJHU
WV ÚEHUHLQ 1LFKW DOOH *HU
WH XQWHUVWÚW]HQ GDV +HUXQWHUODGHQ YRQ 3URJUDPPLQIRUPDWLRQHQ LQ PDQFKHQ
)OOHQ LVW HLQH PDQXHOOH 'XUFKIÚKUXQJ HUIRUGHUOLFK :HLWHUH (LQ]HOKHLWHQ HQWQHKPHQ 6LH ELWWH GHU %HGLHQXQJVDQOHLWXQJ GHV *HU
WV
-6ROOWH GDV $XI]HLFKQXQJVJHUW GLH YRP )HUQVHKJHU
W KHUXQWHUJHODGHQHQ 'DWHQ QLFKW DN]HSWLHUHQ PÚVVHQ 6LH JJI GLH 2SWLRQ k+HUXQWHUODGHQl LP 0HQÚ GHV *HU
WHV DXVZ
KOHQ
-)DOOV 4 /LQN QLFKW RUGQXQJVJHP| IXQNWLRQLHUW VROOWHQ 6LH VLFKHUVWHOOHQ
GDVV GDV *HUW PLW GHU ULFKWLJHQ 6&$57 %XFKVH GHV )HUQVHKHUV YHUEXQGHQ LVW GDVV GDV 6&$57 .DEHO YROO YHUNDEHOW LVW XQG GDVV GDV *HU
W PLW 4 /LQN
1(;79,(:/,1. RGHU KQOLFKHQ 7HFKQRORJLHQ NRPSDWLEHO LVW
:HLWHUH (LQ]HOKHLWHQ HUIUDJHQ 6LH ELWWH YRQ ,KUHP )DFKKQGOHU
- 6LHKH 6HLWHQ XQG IÚU ZHLWHUH ,QIRUPDWLRQHQ ÚEHU 4 /LQN XQG $QVFKOÚVVH
(V NDQQ HLQH OHLFKWH .LSSVWHOOXQJ GHV %LOGHV DXIWUHWHQ GLH JJI PLWWHOV GHU *HRPDJQHWLVFKHQ
.RUUHNWXUIXQNWLRQ HOLPLQLHUW ZHUGHQ NDQQ
6WHOOHQ 6LH ]XQFKVW VLFKHU GDVV GLH 6SHLFKHUYHUIDKUHQ IÚU $73 XQG 4 /LQN DEJHVFKORVVHQ VLQG $XI GHP %LOGVFKLUP VROOWHQ NHLQH %LOGVFKLUP 0HQÚV ]X VHKHQ VHLQ
5XIHQ 6LH PLW +LOIH GHU DQJHJHEHQHQ )HUQEHGLHQXQJVWDVWHQ GLH 0HQÚRSWLRQ %LOGODJH DXI XQG IÚKUHQ 6LH IROJHQGH 6FKULWWH DXV IÚU HLQH XPIDVVHQGH (UOXWHUXQJ ]XP %LOGVFKLUP 0HQÚV\VWHP VLHKH 6HLWH
6(783 7DVWH GUÚFNHQ |
|
*HKHQ 6LH PLW +LOIH GHU 3IHLOWDVWHQ ]XU 0HQÚRSWLRQ
%LOGODJH
ÑIIQHQ 6LH GDV 0HQÚ %LOGODJH
3DVVHQ 6LH GLH %LOGQHLJXQJ QDFK %HGDUI DQ
79 $9
'UÚFNHQ 6LH ]XP 9HUODVVHQ GHV 0HQÚV 6(783 GLH 7DVWH 79 $9
6LH NÐQQHQ QXQ ZLHGHU IHUQVHKHQ
'LH &XUVRUWDVWHQ ELHWHQ GLHVH EHLGHQ *UXQGIXQNWLRQHQ
/DXWVWUNH 3URJUDPP UHJXOLHUHQ ZHFKVHOQ
+DXSWEHGLHQWDVWHQ $P )HUQVHKJHUW XQG DXI GHU )HUQEHGLHQXQJ
=XP ÑIIQHQ GHU .ODSSH KLHU GUÚFNHQ
+DXSWVFKDOWHU |
675 1RUPDOLVLHUXQJV |
|
|
|
|
|
|
|
|
|
|
|
|
(LQ $XV |
|
|
|
|
|
|
|
|
|
|
|
||
5RWHV .RQWUROOOLFKW |
VSHLFKHU ]XP 6SHLFKHUQ GHU |
|
|
|
.RSIKÐUHU %XFKVH |
5&$ $XGLR |
|||||||
%HUHLWVFKDIWV =XVWDQG |
$EVWLPPXQJ XQG VRQVWLJHU |
|
|
|
VLHKH 6HLWH |
9LGHR %XFKVHQ |
|||||||
=HLJW EHL %HQXW]XQJ GHU |
)XQNWLRQVHLQVWHOOXQJHQ |
|
|
|
|
|
|
|
|
|
|
VLHKH 6HLWH |
|
)HUQEHGLHQXQJ DQ GDVV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GHU )HUQVHKHU GHQ %HIHKO |
|
|
|
|
|
|
|
|
|
79 $9 6FKDOWHU |
6 9+6 %XFKVH |
||
HPSIDQJHQ KDW |
|
|
|
|
|
|
|
|
|
VLHKH 6HLWH |
VLHKH 6HLWH |
||
) )XQNWLRQVZ KOWDVWH |
|
|
:HFKVHOQ GHU 3URJUDPPSRVLWLRQHQ XP HLQHQ 6FKULWW YRU RGHU ]XUÚFN |
||||||||||
=HLJW GLH %LOGVFKLUP 0HQÚIXQNWLRQHQ |
|||||||||||||
'UÚFNHQ XP 6FKULWW IÚU 6FKULWW GLH YHUIÚJEDUHQ |
:HQQ HLQH )XQNWLRQ DQJH]HLJW ZLUG NDQQ GLHVH GXUFK 'UÚFNHQ GHU |
||||||||||||
)XQNWLRQHQ DXV]XZ KOHQ /DXWVW UNH |
7DVWHQ DQJHKREHQ RGHU DEJHVHQNW ZHUGHQ |
|
|
||||||||||
.RQWUDVW +HOOLJNHLW )DUEH %LOGVFK UIH |
,P %HUHLWVFKDIWVPRGXV ZLUG GDGXUFK GHU )HUQVHKHU HLQJHVFKDOWHW |
||||||||||||
176& )DUEWRQ LP 176& 0RGXV %DVV |
|
|
|
|
|
|
|
|
|
|
|
||
+ÐKHQ %DODQFH 6XFKODXI XQG %LOGODJH |
|
|
|
|
|
|
|
|
|
|
|
||
QGHUQ |
|
|
|
|
|
|
|
|
|
|
|
|
|
%HUHLWVFKDIWVVFKDOWHU (,1 $86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6FKDOWHW )HUQVHKHU HLQ RGHU DXV |
|
|
|
|
|
|
|
|
6WXPPVFKDOWXQJ (LQ $XV |
||||
DXI %HUHLWVFKDIW |
|
|
|
|
|
|
|
|
|
|
|||
0HQÚWDVWHQ |
|
|
|
|
|
|
|
|
|
|
|
|
|
=XP $XIUXIHQ GHU 0HQÚV IÚU %LOG |
|
|
|
|
|
|
|
|
&XUVRUWDVWHQ ]XP $XVZ KOHQ XQG |
||||
7RQ XQG (LQVWHOOXQJ VLHKH 6HLWH |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
QGHUQ VRZLH /DXWVW UNH (LQVWHOOXQJ |
|||||
|
|
|
|
|
|
|
|
|
|
|
|||
6WDWXVWDVWH |
|
|
|
|
|
|
|
|
|
|
8PVFKDOWXQJ ]ZLVFKHQ 79 XQG |
||
=XP $Q]HLJHQ YRQ 3URJUDPPSRVLWLRQ |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
$9 %HWULHE VLHKH 6HLWH |
|||||
3URJUDPPQDPH .DQDOQXPPHU =HLW |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||
6WHUHR 0RQR 0 0 6FDQ 0RGXV |
|
|
|
|
|
|
|
|
)DUELJH 7DVWHQ ]XP *HEUDXFK GHU |
||||
(PSIDQJVV\VWHP $VSHNWHLQVWHOOXQJ |
|
|
|
|
|
|
|
|
)XQNWLRQHQ 79 %LOGIRUPDW |
||||
VRZLH 3URJUDPPWDEHOOH |
|
|
|
|
|
|
|
|
|
|
VLHKH 6HLWH |
|
|
|
|
|
|
|
|
|
|
|
|
|
3URJUDPP QGHUXQJ VLHKH 6HLWH |
||
9LGHRWH[W 7DVWHQ VLHKH 6HLWH |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
9LGHRWH[W VLHKH 6HLWH |
|||||
|
|
|
|
|
|
|
|
|
|
|
$9 VLHKH 6HLWH |
|
|
7DVWH IÚU 79 'LUHNWDXIQDKPH |
|
|
|
|
|
|
|
|
|
|
0HKUIHQVWHUIXQNWLRQHQ VLHKH 6HLWH |
||
|
|
|
|
|
|
|
|
|
|
67,// 7DVWH 6WDQGELOG VLHKH 6LHWH |
|||
VLHKH 6HLWH |
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
'ROE\ 9LUWXDO (LQ $XV VLHKH VHLWH |
|
|
|
|
|
|
|
|
6HQGHUVXFKODXI 7DVWH 6LHKH VHLWH |
||||
|
|
|
|
|
|
|
|
||||||
$63(.7 7DVWH VLHKH VHLWH |
|
|
|
|
|
|
|
|
|
|
3URJUDPP .DQDOXPVFKDOWWDVWHQ |
||
|
|
|
|
|
|
|
|
|
|
|
|||
08/7, :,1'2: 7DVWH |
|
|
|
|
|
|
|
|
|
|
XQG 9LGHRWH[W 6HLWHQZDKOWDVWHQ |
||
|
|
|
|
|
|
|
|
|
|
VLHKH 6HLWH |
|
||
VLHKH VHLWH |
|
|
|
|
|
|
|
|
|
|
%HILQGHW VLFK GHU )HUQVHKHU LP |
||
|
|
|
|
|
|
|
|
|
|
|
6WDQGE\ 0RGXV ZLUG HU KLHUGXUFK |
||
.DQDO 'LUHNWHLQJDEH |
|
|
|
|
|
|
|
|
|
|
DQJHVFKDOWHW |
|
|
: KUHQG GHV QRUPDOHQ )HUQVHKEHWULHEV |
|
|
|
|
|
|
|
|
|
|
|
||
RGHU LQ GHQ 0HQÚV 79 6SHLFKHU QGHUQ |
|
|
|
|
|
|
|
|
3URJUDPPSRVLWLRQ ]XU $XVZDKO |
||||
RGHU 6XFKODXI GLHVH 7DVWH GUÚFNHQ XQG |
|
|
|
|
|
|
|
|
|||||
.DQDOQXPPHU PLW +LOIH GHU =DKOHQWDVWHQ |
|
|
|
|
|
|
|
|
]ZHLVWHOOLJHU 3URJUDPPQXPPHUQ |
||||
HLQJHEHQ |
|
|
|
|
|
|
|
|
|
|
PLW GHQ =DKOHQWDVWHQ |
|
|
1 7DVWH 1RUPDOLVLHUHQ |
|
|
|
|
|
|
|
|
|
|
|
|
|
=XP :LHGHUKHUVWHOOHQ DOOHU |
|
|
|
|
|
|
|
|
|
|
9&5 '9' '9' 5 7DVWHQ |
||
JHVSHLFKHUWHQ 9RUJDEHQ |
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
VLHKH 6HLWH |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
675 1RUPDOLVLHUXQJVVSHLFKHU |
|
|
|
|
|
|
|
|
|
|
|
||
6SHLFKHUW HLQLJH JHJHQZ UWLJH (LQVWHOOXQJHQ |
|
|
|
|
|
|
|
|
|
|
|
||
DOV QRUPLHUWH (LQVWHOOXQJHQ LQ GHQ 0HQÚV |
|
|
|
|
|
|
|
|
+LOIH 7DVWH IÚU GLH 'HPRQVWUDWLRQ |
||||
%LOGHLQVWHOOXQJ XQG 7RQHLQVWHOOXQJ VRZLH |
|
|
|
|
|
|
|
|
YRQ %LOGVFKLUP 0HQÚV |
|
|||
HLQLJH (LQVWHOOXQJHQ LP 79 6SHLFKHU 0HQÚ |
|
|
|
|
|
|
|
|
|
|
|
XQG LP 0HQÚ QGHUQ
%HGLHQXQJ ÚEHU GLH %LOGVFKLUP 0HQÚV 26'
9LHOH GHU (LQULFKWXQJHQ GLHVHV )HUQVHKHUV ZHUGHQ ÚEHU GDV %LOGVFKLUP 0HQÚV\VWHP DXIJHUXIHQ 9HUZHQGHQ 6LH GLH )HUQEHGLHQXQJ ZLH XQWHQ GDUJHVWHOOW XP GLH JHZÚQVFKWHQ )XQNWLRQHQ DXI]XUXIHQ XQG HLQ]XVWHOOHQ
0LW GHQ 7DVWHQ 3,&785( %LOG 6281' 7RQ XQG 6(7 83,QVWDOODWLRQ NÐQQHQ 6LH GLH +DXSWPHQÚV ÐIIQHQ RGHU ]XP YRULJHQ 0HQÚ ]XUÚFNNHKUHQ
0LW GHQ &XUVRUWDVWHQ $XI XQG $E ZLUG GHU &XUVRU DXI GHQ 0HQÚV QDFK REHQ XQG XQWHQ EHZHJW
0LW GHQ &XUVRUWDVWHQ /LQNV XQG 5HFKWV ZHUGHQ 0HQÚV DXIJHUXIHQ 3HJHO HLQJHVWHOOW RGHU 2SWLRQHQ DXVJHZKOW
'LH 7DVWH 675 ZLUG LP =XVDPPHQKDQJ PLW YHUVFKLHGHQHQ )XQNWLRQHQ JHEUDXFKW ]XP 6SHLFKHUQ YRQ DQJHSDVVWHQ (LQVWHOOXQJHQ RGHU 2SWLRQHQ
0LW GHU 7DVWH 79 $9 NÐQQHQ 6LH GDV 0HQÚV\VWHP YHUODVVHQ XQG ]XP QRUPDOHQ %LOGVFKLUP ]XUÚFNNHKUHQ
:HQQ DXI GHP %LOGVFKLUP HLQ 0HQÚ DQJH]HLJW ZLUG HUVFKHLQW DXFK LPPHU HLQ $QOHLWXQJVIHOG XQG HUNOUW ZHOFKH 7DVWHQ GHU )HUQEHGLHQXQJ ]XP 1DYLJLHUHQ LP DQJH]HLJWHQ 0HQÚ GLHQHQ 6LHKH REHQ IÚU %HVFKUHLEXQJ GHU 7DVWHQIXQNWLRQHQ
+LQZHLV
-:HQQ 6LH EHL DQJH]HLJWHP 0HQÚ GLH +LOIH 7DVWH GUÚFNHQ YHUVFKZLQGHW GDV $QOHLWXQJVIHOG YRP %LOGVFKLUP 'UÚFNHQ 6LH HUQHXW GLH +LOIH 7DVWH XP GDV )HOG ZLHGHU HLQ]XEOHQGHQ 'DV $QOHLWXQJVIHOG ZLUG DXI GHQ 0HQÚELOGHUQ LQ GLHVHU $QOHLWXQJ DXV 3ODW]JUÚQGHQ QLFKW DEJHELOGHW
'LH +(/3 7DVWH VWDUWHW HLQH 'HPRQVWUDWLRQ GHU YHUIÚJEDUHQ 0HQÚV
+(/3 7DVWH GUÚFNHQ XQG HLQH GHU 2SWLRQHQ DXVZKOHQ
%,/'6&+,50 +,/)( $EJHELOGHW $QOHLWXQJVIHOG
"
%LOGHLQVWHOOXQJ
'LH 0HQÚWDVWH 3,&785( GUÚFNHQ =XU JHZÚQVFKWHQ 0HQÚRSWLRQ JHKHQ
*HZÚQVFKWH 2SWLRQ HLQVWHOOHQ E]Z JHZÚQVFKWHV 0HQÚ DXIUXIHQ
6LH NÐQQHQ MHGHU]HLW GLH 79 $9 |
7DVWH GUÚFNHQ XP ]XP QRUPDOHQ |
79 $9 |
|
)HUQVHKEHWULHE ]XUÚFN]XNHKUHQ
%LOGPRGXV
.RQWUDVW
+HOOLJNHLW
)DUEH %LOGVFKUIH
176&
)DUEWRQ
)DUEWRQ
3 15
6FDQ 0RGXV
,Q GLHVHP 0HQÚ ZLUG HLQH YRQ GUHL PÐJOLFKHQ
%LOGVFKLUPHLQVWHOOXQJHQ DXVJHZKOW '\QDPLN 1RUPDO RGHU .LQR
(V LVW PÐJOLFK GLH (LQVWHOOXQJHQ LQ MHGHU $Q]HLJHDUW .RQWUDVW +HOOLJNHLW
176& )DUEWRQ QXU LP 176& 0RGXV )DUEH %LOGVFKUIH XQG )DUEWRQ ZLH JHZÚQVFKW ]X
QGHUQ XQG ]X VSHLFKHUQ EHLVSLHOVZHLVH NÐQQWHQ XQWHUVFKLHGOLFKH (LQVWHOOXQJHQ IÚU 6SRUWVHQGXQJHQ 6SLHOILOPH
1DFKULFKWHQVHQGXQJHQ XVZ EHYRU]XJW ZHUGHQ 'HU %LOGPRGXV ELHWHW IÚU MHGH 6LJQDOTXHOOH ELV ]X GUHL VHSDUDWH (LQVWHOOXQJHQ 5) $9 $9 $9 $9 HLQVFKOLH|OLFK 5*% XQG $9
QGHUXQJHQ ZHUGHQ DXWRPDWLVFK JHVSHLFKHUW 'XUFK GLH $QDO\VH XQG 9HUDUEHLWXQJ GHU HPSIDQJHQHQ %LOGVLJQDOH ZHUGHQ DOOH GUHL %HWULHEVDUWHQ DXWRPDWLVFK RSWLPLHUW
5HJHOW GLH (LQVWHOOXQJHQ GLHVHU 2SWLRQHQ QDFK ,KUHP SHUVÐQOLFKHQ %HGDUI
:HQQ HLQH 176& 6LJQDOTXHOOH DP )HUQVHKJHUW DQJHVFKORVVHQ LVW NDQQ GHU )DUEWRQ QDFK :XQVFK HLQJHVWHOOW ZHUGHQ
(UPÐJOLFKW GLH (LQVWHOOXQJ GHV *HVDPWIDUEWRQV GHV %LOGHV =XU :DKO VWHKHQ
.ÚKO 1RUPDO XQG :DUP
5HGX]LHUW DXWRPDWLVFK XQHUZÚQVFKWHV %LOGUDXVFKHQ
'DGXUFK NÐQQHQ 6LH GLH %LOGZLHGHUKROPHWKRGH
ZKOHQ
0LW $FXLW\ ZKOW GLH 6RIWZDUH GHV )HUQVHKHUV GHQ EHVWHQ 0RGXV IÚU GDV MHZHLOV DQJH]HLJWH 6LJQDO +] HUJLEW EHL GHQ PHLVWHQ 6LJQDOÚEHUWUDJXQJHQ HLQ VWDELOHV %LOG
:LU HPSIHKOHQ ,KQHQ EHL HLQHU 3$/ RGHU 176& ÛEHUWUDJXQJ GHQ 6FDQ 0RGXV DXI 3URJUHVVLY HLQ]XVWHOOHQ
+LQZHLV
%HL HLQHU 3$/ ÛEHUWUDJXQJ DX|HU 3$/ ZLUG GHU %LOGVFKLUP HWZDV IOLPPHUQ ZHQQ 6FDQ 0RGXV DXI 3URJUHVVLY HLQJHVWHOOW LVW 'LHV LVW NHLQ *HUWHIHKOHU
7RQHLQVWHOOXQJ
'LH 0HQÚWDVWH 6281' GUÚFNHQ
=XU JHZÚQVFKWHQ 0HQÚRSWLRQ JHKHQ
*HZÚQVFKWH 2SWLRQ HLQVWHOOHQ E]Z JHZÚQVFKWHV 0HQÚ DXIUXIHQ
6LH NÐQQHQ MHGHU]HLW GLH 79 $9 7DVWH GUÚFNHQ XP ]XP QRUPDOHQ )HUQVHKEHWULHE ]XUÚFN]XNHKUHQ
'XUFK 'UÚFNHQ GHU 675 7DVWH QDFK GHP (LQVWHOOHQ HLQHU )XQNWLRQ ZLUG GLHVH (LQVWHOOXQJ DOV 9RUJDEH JHVSHLFKHUW XQG HUVHW]W GLH :HUNVHLQVWHOOXQJ
/DXWVW UNH |
=XP (LQVWHOOHQ GHU DOOJHPHLQHQ /DXWVW UNH |
%DVV |
.DQQ VW UNHU RGHU VFKZ FKHU HLQJHVWHOOW ZHUGHQ |
|
XP GLH XQWHUHQ WLHIHUHQ )UHTXHQ]HQ ]X VWHLJHUQ |
|
RGHU ]X PLQLPLHUHQ |
+ÐKHQ
%DODQFH
.RSIKÐUHUODXW
.DQQ VWUNHU RGHU VFKZ
FKHU HLQJHVWHOOW ZHUGHQ XP GLH KÐKHUHQ )UHTXHQ]HQ ]X VWHLJHUQ RGHU ]X PLQLPLHUHQ
/DXWVWUNHUHJXOLHUXQJ GHU OLQNHQ XQG UHFKWHQ /DXWVSUHFKHU XP GHQ 3HJHO JHQDX ,KUHU +ÐUSRVLWLRQ DQ]XSDVVHQ
/VVW VLFK XQDEK
QJLJ YRQ GHQ /DXWVSUHFKHUQ GHV )HUQVHKHUV HLQVWHOOHQ VR GDVV DOOH %HQXW]HU HLQH DQJHQHKPH /DXWVWDUNH Z
KOHQ NÐQQHQ ,Q %LOG XQG %LOGPRGXV ÚEHUWUDJHQ GLH .RSIKÐUHU GHQ 7RQ IÚU GDV 3URJUDPP LP OLQNHQ $Q]HLJHIHQVWHU GLH JHJHQZ
UWLJH 3URJUDPPSRVLWLRQ %HL %HQXW]XQJ GHU DQGHUHQ 'RSSHOIHQVWHUIXQNWLRQHQ ZLUG GHU 7RQ IÚU GDV 3URJUDPP LP +DXSWIHQVWHU XQG QLFKW LP NOHLQHUHQ )HQVWHU ÚEHUWUDJHQ
6XSHU ' %DVV 5HJHOQ GHU /DXWVWUNH GHV 6XEZRRIHUV XQG VRPLW 9HUVW
UNXQJ E]Z $EVFKZ
FKXQJ GHU 7LHIWÐQH
$XGLR |
1RUPDOHUZHLVH IÚU EHVWH :LHGHUJDEH DXI 6WHUHR |
(PSIDQJ |
HLQJHVWHOOW NDQQ DEHU DXI 0RQR XPJHVFKDOWHW |
|
ZHUGHQ ZHQQ GHU (PSIDQJ VFKOHFKW LVW RGHU NHLQ |
|
6WHUHR JHVHQGHW ZLUG :HQQ HLQ .DQDO 6LJQDO |
|
JHVHQGHW ZLUG VWHKHQ DXFK 0RQR 0 XQG 0 |
|
]XU :DKO |
'ROE\ 9LUWXDO |
%HL GHU (LQVWHOOXQJ DXI (LQ HQWVWHKW GDV *HIÚKO YRQ |
|
]XV W]OLFKHQ /DXWVSUHFKHUQ XPJHEHQ ]X VHLQ |
|
'ROE\ 9LUWXDO VHW]W ]ZHL /DXWVSUHFKHU HLQ XP GHQ |
|
6XUURXQG .ODQJ ]X HU]HXJHQ GHU VRQVW GXUFK HLQ |
|
0HKUNDQDOV\VWHP HQWVWHKW 'ROE\ 9LUWXDO NDQQ QXU |
|
LP =XVDPPHQVSLHO PLW HLQHP 'ROE\ 6LJQDO |
|
HLQJHVHW]W ZHUGHQ |
79 $9
,QVWDOODWLRQ
'LH 0HQÚWDVWH 6(783 GUÚFNHQ
=XU JHZÚQVFKWHQ 0HQÚRSWLRQ JHKHQ
*HZÚQVFKWH 2SWLRQ HLQVWHOOHQ E]Z JHZÚQVFKWHV 0HQÚ DXIUXIHQ
6LH NÐQQHQ MHGHU]HLW GLH 79 $9 7DVWH GUÚFNHQ XP ]XP QRUPDOHQ )HUQVHKEHWULHE ]XUÚFN]XNHKUHQ
4 /LQN |
0LW GLHVHU )XQNWLRQ |
ZLUG |
DXVJHZ KOW ZHOFKH |
|
|
$9 %XFKVH ]XU 'DWHQNRPPXQLNDWLRQ ]ZLVFKHQ |
|||
|
GLHVHP |
)HUQVHKHU |
XQG |
HLQHP NRPSDWLEOHQ |
|
$XI]HLFKQXQJVJHU W YHUZHQGHW ZLUG =XU $XVZDKO |
|||
|
VWHKHQ $86 $9 9&5 XQG $9 '9' UHNRUGHU |
|||
$9 $XVJDQJ %LHWHW |
HLQH $XVZDKO |
YRQ 6LJQDOHQ ]XU |
||
|
6&$57 %XFKVH GLH LQ GHU 4 /LQN 2SWLRQ |
|||
|
DXVJHZ KOW ZLUG =XU $XVZDKO VWHKHQ GLH DNWXHOOH |
|||
|
3URJUDPPSRVLWLRQ GDV HLQJHKHQGH 6LJQDO YRQ |
|||
|
$9 $9 $9 $9 $9 RGHU 0RQLWRU GDV DXI |
|||
|
GHP %LOGVFKLUP DQJH]HLJWH %LOG |
|||
9LGHRWH[W |
%LHWHW GLH :DKO ]ZLVFKHQ GHQ 0RGL 723 )/2) |
|||
|
RGHU /,67 6LHKH 6HLWH |
|
||
$EVFKDOW 8KU |
6FKDOWHW GHQ )HUQVHKHU ]X HLQHU YRUJHJHEHQHQ |
|||
|
=HLW DXV (LQVWHOOXQJ YRQ ELV 0LQXWHQ LP |
0LQXWHQ $EVWQGHQ
=HLOHQIOLPPHUQ
' &RPE
*HVWDWWHW GLH 6WHXHUXQJ YRQ %LOGEHZHJXQJHQ LP
+] 6FDQPRGXV 6WHOOHQ 6LH GLHVH )XQNWLRQ HLQ XP JHULQJIÚJLJH %LOGEHZHJXQJHQ ]X NRUULJLHUHQ
6WHOOHQ 6LH GLHVH )XQNWLRQ DXI $XV XP GLH )OLPPHUUHGXNWLRQ ]X GHDNWLYLHUHQ 'LHVH (LQVWHOOXQJ LVW IÚU EHVWLPPWH 6HQGXQJHQ JHHLJQHW
*HOHJHQWOLFK WUHWHQ EHL GHU $Q]HLJH YRQ 6WDQG
RGHU =HLWOXSHQELOGHUQ )DUEPXVWHU DXI 6WHOOHQ 6LH' &RPE HLQ XP HLQ VFKUIHUHV %LOG XQG HLQH QDWÚUOLFKHUH )DUEZLHGHUJDEH ]X HU]LHOHQ
7H[W 6SUDFKH
79 6SHLFKHU
0HQÚ
26' 6SUDFKH
%LOGODJH
:DKO GHV %XFKVWDEHQVDW]HV VR GDVV DOOH HUIRUGHUOLFKHQ %XFKVWDEHQ IÚU GLH 9LGHRWH[WVHLWHQ ]XU 9HUIÚJXQJ VWHKHQ ] % N\ULOOLVFKH =HLFKHQ XVZ
0RGXV |
6SUDFKH |
|
|
:HVW |
(QJOLVFK |
)UDQ]ÐVLVFK |
'HXWVFK |
|
*ULHFKLVFK |
8QJDULVFK |
,WDOLHQLVFK |
|
3RUWXJLHVLVFK 6SDQLVFK 6FKZHGLVFK |
||
2VW |
6XRPL 7ÚUNLVFK |
|
|
:HL|UXVVLVFK |
7VFKHFKLVFK (QJOLVFK |
||
|
(VWO QGLVFK |
/HWWLVFK |
/LWDXLVFK |
|
5XP QLVFK |
5XVVLVFK |
6ORZDNLVFK |
2VW |
8NUDLQLVFK |
|
|
7VFKHFKLVFK |
(QJOLVFK |
8QJDULVFK |
|
|
/LWDXLVFK /HWWLVFK 3ROQLVFK 6ORZDNLVFK |
6XRPL 6FKZHGLVFK 5XPQLVFK
%LHWHW =XJULII DXI YLHOH ZHLWHUH )XQNWLRQHQ GDUXQWHU QGHUQ XQG $73 6LHKH 6HLWH
%HL GHU HUVWPDOLJHQ ,QVWDOODWLRQ ,KUHV )HUQVHKHUV ZLUG GLH 6SUDFKH IÚU %LOGVFKLUPDQ]HLJHQ JHP| GHP YRQ ,KQHQ JHZ
KOWHQ /DQG HLQJHVWHOOW 0LW 26' 6SUDFKH NÐQQHQ 6LH GLH IÚU %LOGVFKLUPDQ]HLJHQ YHUZHQGHWH 6SUDFKH
QGHUQ
:HQQ GDV %LOG OHLFKW VFKUJ HUVFKHLQW NÐQQHQ GLH 6WÐUXQJHQ PLW GLHVHU )XQNWLRQ EHVHLWLJW ZHUGHQ 6LHKH 6FKULWW 6HLWH 6FKQHOOVWDUW
79 $9