*9001145412*
Ø 0RQWDJHDQOHLWXQJ
Ù ̲͉͇͓͆́ͅ ͇͕͔͕͔͉͓͌̓̾̓ͅ Ú ,QVWDOODWLRQ LQVWUXFWLRQV Û ,QVWUXFFLRQHV GH PRQWDMH Þ 1RWLFH GH PRQWDJH
á 6]HUHOpVL ~WPXWDWy
â ,VWUX]LRQL SHU LO PRQWDJJLR
é ,QVWDOODWLHYRRUVFKULIW ë ,QVWUXNFMD PRQWDŰX
ì ,QVWUXo}HV GH PRQWDJHP í ,QVWUXFŘLXQL GH PRQWDM î Ημπροςιυηώ ξν λνμρίες ô 0RQWDM N×ODYX]X
|
|
PLQ |
PLQ |
|
|
|
|
|
¸ |
PLQ
PLQ
a ¸ a
PLQ
a
PLQ PLQ
|
|
|
|
|
|
|
|
PLQ PD[ |
|
PLQ |
|
|
PLQ |
PLQ |
|
|
|
PLQ |
|
|
[ |
|
[
D
|
|
/ |
|
|
||
|
|
9 9 a |
||||
|
|
|
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
||
|
|
|
|
|||
|
|
|
|
9 |
|
|
|
|
|
1 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
$ %
|
JDV |
PEDU |
|
4Q N: |
P K |
J K |
0 |
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
JDV |
PEDU |
|
4Q N: |
P K |
J K |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
||||||||
* * * |
(UGJDV $DUGJDV *D] QDWXUHO (UGJDV + (UJDV ( 1DWXUJDV *DV QDWXUDO 0DDNDDVX *D] QDWXUHO /DFT 1DWXUDO |
||||||||
|
|
JDV ̵͓͈͉͚͑ ̼̀͏͈͎ *DV QDWXUDOH *DV PHWDQR *iV 1DWXUDO =HPQì SO\Q =HPHOMVNL SOLQ |
|
||||||
|
|
|
|
|
|
||||
* |
|
$DUGJDV *D] QDWXUHO (UGJDV // *D] QDWXUHO *URQLQJXH |
|
|
|
||||
|
|
||||||||
* * * * |
)O VVLJJDV %XWDDQ 3URSDDQ %XWDQR 3URSDQR %XWDQ 3URSDQ )O VVLJJDV % 3 ) *DV %XWDDQL 3URSDDQL |
||||||||
|
|
%XWDQH 3URSDQH ̴͂͏̼̀͏͈͎ ͋̈́̾͂͋̀ ̰͏͎ ̻͈͎͌ *3/ %XWiQ 3URSiQ |
|
|
|||||
|
|
|
|
|
|
|
|
||
* |
|
%\JDV *DV PDQXIDFWXUDGR |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
de
6LFKHUKHLWVKLQZHLVH
/HVHQ 6LH GLH *HEUDXFKVDQZHLVXQJ I U GDV *HUlW EHYRU 6LH HV LQVWDOOLHUHQ XQG EHQXW]HQ
'LH LQ GLHVHU $QOHLWXQJ HQWKDOWHQHQ $EELOGXQJHQ VLQG RULHQWDWLY
'HU +HUVWHOOHU LVW MHJOLFKHU 9HUDQWZRUWXQJ HQWKREHQ ZHQQ GLH %HVWLPPXQJHQ GLHVHV +DQGEXFKV QLFKW HLQJHKDOWHQ ZHUGHQ
'LHVHV *HUlW GDUI QXU DQ HLQHP DXVUHLFKHQG EHO IWHWHQ 2UW JHQXW]W ZHUGHQ 'DV *HUlW GDUI QLFKW DQ HLQHQ 6FKRUQVWHLQ RGHU HLQH $EJDVDQODJH DQJHVFKORVVHQ ZHUGHQ
$OOH ,QVWDOODWLRQV $QVFKOXVV 5HJHOXQJV XQG 8PVWHOOXQJV DUEHLWHQ DXI HLQH DQGHUH *DVDUW P VVHQ YRQ HLQHP DXWRULVLHU WHQ )DFKPDQQ XQG XQWHU %HDFKWXQJ GHU MHZHLOV DQZHQGEDUHQ 5HJHOXQJHQ XQG JHVHW]OLFKHQ 9RUJDEHQ VRZLH GHU 9RUVFKULI WHQ GHU |UWOLFKHQ 6WURP XQG *DVYHUVRUJHU YRUJHQRPPHQ ZHUGHQ %HVRQGHUH $XIPHUNVDPNHLW LVW GHQ I U GLH %HO IWXQJ JHOWHQGHQ %HVWLPPXQJHQ XQG 5LFKWOLQLHQ ]X]XZHQGHQ
) U 8PVWHOOXQJVDUEHLWHQ DXI HLQH DQGHUH *DVDUW HPSIHKOHQ ZLU GHQ .XQGHQGLHQVW ]X UXIHQ
'LHVHV *HUlW ZXUGH DXVVFKOLH OLFK I U GLH 9HUZHQGXQJ LQ 3ULYDW KDXVKDOWHQ HQWZRUIHQ HLQH NRPPHU]LHOOH RGHU JHZHUEOLFKH 1XW ]XQJ LVW QLFKW JHVWDWWHW 'LHVHV *HUlW GDUI QLFKW DXI -DFKWHQ RGHU LQ :RKQZDJHQ HLQJHEDXW ZHUGHQ 'LH *DUDQWLH JLOW QXU GDQQ ZHQQ GDV *HUlW DXVVFKOLH OLFK I U VHLQHQ YRUJHVHKHQHQ =ZHFN JHQXW]W ZLUG
hEHUSU IHQ 6LH YRU GHU ,QVWDOODWLRQ GHV *HUlWV GDVV GLH |UWOLFKHQ 9RUDXVVHW]XQJHQ XQG GLH DXI GHP 7\SHQVFKLOG DQJHJHEHQHQ *HUlWHHLQVWHOOXQJHQ *DVDUWXQG GUXFN 1HQQOHLVWXQJ 6SDQQXQJ PLWHLQDQGHU NRPSDWLEHO VLQG
6WHOOHQ 6LH YRU GHU 'XUFKI KUXQJ MHJOLFKHU $UEHLWHQ GLH 6WURP XQG *DV]XIXKU DE
'DV 1HW]NDEHO PXVV DP (LQEDXP|EHO JXW EHIHVWLJW ZHUGHQ GDPLW HV QLFKW PLW KHL HQ 7HLOHQ GHV %DFNRIHQV RGHU GHV .RFKIHOGHV LQ %HU KUXQJ NRPPHQ NDQQ
(OHNWULVFKH *HUlWH P VVHQ LPPHU JHHUGHW ZHUGHQ
1HKPHQ 6LH NHLQH $UEHLWHQ LP *HUlWHLQQHUHQ YRU 5XIHQ 6LH JHJHEHQHQIDOOV XQVHUHQ .XQGHQGLHQVW DQ
9RU GHP (LQEDX
'LHVHV *HUlW HQWVSULFKW .ODVVH JHPl ',1 (1 I U *DV JHUlWH (LQEDXJHUlWH
'DV 0|EHO LQ ZHOFKHV GDV *HUlW HLQJHEDXW ZLUG PXVV DXVUHL FKHQG IL[LHUW XQG VWDELO VHLQ
'LH QHEHQ GHP *HUlW EHILQGOLFKHQ 0|EHO GHUHQ 6FKLFKWZHUNVWRIIH VRZLH GHU VLH ]XVDPPHQKDOWHQGH /HLP G UIHQ QLFKW DXV EUHQQED UHQ 0DWHULDOLHQ EHVWHKHQ XQG P VVHQ KLW]HEHVWlQGLJ VHLQ
'LHVHV *HUlW GDUI QLFKW EHU . KOVFKUlQNHQ :DVFKPDVFKLQHQ 6S OPDVFKLQHQ RGHU lKQOLFKHQ *HUlWHQ HLQJHEDXW ZHUGHQ
'DV .RFKIHOG GDUI QXU EHU HLQHP EHO IWHWHQ %DFNRIHQ HLQJHEDXW ZHUGHQ
:LUG XQWHU GHP .RFKIHOG HLQ %DFNRIHQ HLQJHEDXW NDQQ GLH 'LFNH GHU $UEHLWVSODWWH GLH PLQLPDO JHIRUGHUWH 'LFNH LQ GLHVHU $QOHLWXQJEHUVFKUHLWHQ %HDFKWHQ 6LHGLH +LQZHLVHLQ GHU 0RQWDJHDQOHLWXQJ GHV %DFNRIHQV
:HQQ HLQH 'XQVWDE]XJVKDXEHDQJHEUDFKWZLUG PXVVGLHV JHPl GHU 0RQWDJHDQOHLWXQJ XQG LPPHU XQWHU %HU FNVLFKWLJXQJ GHV YHUWL NDOHQ 0LQGHVWDEVWDQGV ]XP .RFKIHOG $EE JHVFKHKHQ
9RUEHUHLWXQJ GHV . FKHQP|EHOV $EE
1HKPHQ 6LH LQ GHU $UEHLWVIOlFKH HLQHQ $XVVFKQLWW PLW GHQ EHQ|WLJ WHQ $EPHVVXQJHQ YRU
%HL $UEHLWVIOlFKHQ DXV +RO] ILUQLVVHQ 6LH GLH 6FKQLWWIOlFKHQ PLW 6SH]LDOOHLP XP VLH YRU )HXFKWLJNHLW ]X VFK W]HQ
%HILQGHW VLFK NHLQ %DFNRIHQ XQWHU GHP .RFKIHOG EULQJHQ 6LH HLQHQ =ZLVFKHQERGHQ DXV QLFKW EUHQQEDUHP 0DWHULDO ] % 0HWDOO RGHU 6SHUUKRO] PP XQWHU GHP %RGHQ GHV .RFKIHOGHV DQ 6R ZLUG HLQ =XJDQJ ]XP XQWHUHQ 7HLO GHV .RFKIHOGHV YHUKLQGHUW
'HU $EVWDQG GHV =ZLVFKHQERGHQV ]XP 1HW]DQVFKOXVV GHV *HUl WHV PXVV PLQGHVWHQV PP EHWUDJHQ
(LQEDX GHV *HUlWV $EE
+LQZHLV =XP (LQEDXHQ GHV .RFKIHOGHV 6FKXW]KDQGVFKXKH YHU ZHQGHQ
-H QDFK 0RGHOO NDQQ GLH .OHEHGLFKWXQJ EHUHLWV LP :HUN DQJH EUDFKW ZRUGHQ VHLQ 'LH .OHEHGLFKWXQJ GDQQ NHLQHVIDOOV HQWIHUQHQ VLH YHUKLQGHUW 'XUFKVLFNHUQ :HQQ GLH 'LFKWXQJ QLFKW ZHUNVHLWLJ DQJHEUDFKW ZXUGH NOHEHQ 6LH VLH DQ GHQ XQWHUHQ 5DQG GHV .RFK IHOGV
=XU %HIHVWLJXQJ GHV *HUlWV DP (LQEDXP|EHO
6FKUDXEHQ 6LH GLH .ODPPHUQ LQ GHU DQJHJHEHQHQ 3RVLWLRQ DQ VR GDVV VLH VLFK IUHL GUHKHQ
) JHQ 6LH GDV .RFKIHOG PLWWLJ HLQ
'U FNHQ 6LH GLH 5lQGHU VR ODQJH QDFK XQWHQ ELV GHU JHVDPWH 5DQG DXIOLHJW
'UHKHQ 6LH GLH .ODPPHUQ XQG ]LHKHQ 6LH GLHVH IHVW DQ
'LH 3RVLWLRQ GHU .ODPPHUQ KlQJW YRQ GHU 'LFNH GHU $UEHLWVREHU IOlFKH DE
'DV *HUlW GDUI QLFKW PLW 6LOLNRQ DXI GLH $UEHLWVSODWWH JHNOHEW ZHU GHQ
$XVEDX GHV .RFKIHOGHV
7UHQQHQ 6LH GDV *HUlW YRQ GHU 6WURP XQG *DVYHUVRUJXQJ
6FKUDXEHQ 6LH GLH .ODPPHUQ DXI XQG IROJHQ 6LH GHQ (LQEDXVFKULW WHQ LQ XPJHNHKUWHU 5HLKHQIROJH
*DVDQVFKOXVV $EE
'HU *DVDQVFKOXVV PXVV VR DQJHRUGQHW VHLQ GDVV GHU $EVSHUU KDKQ ]XJlQJOLFK LVW
$P (QGH GHV (LQJDQJVURKUV ]XP *DVNRFKIHOG EHILQGHW VLFK HLQµ *HZLQGH PP 'LHVHV *HZLQGH HUP|JOLFKW
■(LQHQ )HVWDQVFKOXVV
■(LQHQ $QVFKOXVV PLW HLQHP 0HWDOOVFKODXFK / PLQ P PD[ P
%ULQJHQ 6LH GLH PLWJHOLHIHUWH 'LFKWXQJ ]ZLVFKHQ GHP $XVODVV GHU 6DPPHOOHLWXQJ XQG GHP *DVDQVFKOXVV DQ
'HU 6FKODXFK VROOWH QLFKW LQ .RQWDNW ]X GHQ EHZHJOLFKHQ 7HLOHQ GHU (LQEDXHLQKHLW JHODQJHQ ] % HLQHU 6FKXEODGH RGHU GXUFK gII QXQJHQ YHUOHJW ZHUGHQ GLH YHUVFKORVVHQ ZHUGHQ N|QQWHQ
:HQQ 6LH HLQH NRQLVFKH 9HUELQGXQJ KHUVWHOOHQ P|FKWHQ VHW]HQ 6LH GDV =XEHK|UWHLO PLW GHU 1XPPHU XQG GLH 'LFKWXQJ PLW GHU 1XPPHU JJI LP /LHIHUXPIDQJ HQWKDOWHQ RGHU EHLP
.XQGHQGLHQVW HUKlOWOLFK ]ZLVFKHQ GHP (LQJDQJVURKU GHV *DV NRFKIHOGHV XQG GHU *DV]XOHLWXQJ HLQ %LOG
:HQQ HLQ KRUL]RQWDOHU*DVDQVFKOXVVKHUJHVWHOOW ZHUGHQ VROO OLHIHUW ,KQHQ XQVHU WHFKQLVFKHU .XQGHQGLHQVW HLQHQ .U PPHU PLW GHU $UWLNHOQXPPHU VRZLH HLQH 'LFKWXQJ PLW GHU $UWLNHOQXP PHU $EE D
:*DVDXVWULWWVJHIDKU
1DFK $UEHLWHQ DQ HLQHU $QVFKOXVVVWHOOH GLHVH LPPHU DXI 'LFKWKHLW SU IHQ
'HU +HUVWHOOHU EHUQLPPW I U GHQ *DVDXVWULWW DQ HLQHU $QVFKOXVV VWHOOH DQ GHU ]XYRU KDQWLHUW ZXUGH NHLQH 9HUDQWZRUWXQJ
(OHNWULVFKHU $QVFKOXVV $EE
'DV *HUlW JHK|UW ]XP 7\S < 'DV =XOHLWXQJVNDEHO GDUI QLFKW YRP %HQXW]HU VRQGHUQ QXU YRP .XQGHQGLHQVW DXVJHWDXVFKW ZHUGHQ 6RZRKO .DEHOW\S DOV DXFK PLQLPDOHU 4XHUVFKQLWW P VVHQ EHU FN VLFKWLJW ZHUGHQ
'LH .RFKIHOGHU ZHUGHQ PLW 1HW]NDEHO PLW RGHU RKQH 6WHFNHU JHOLH IHUW
0LW 6WHFNHU DXVJHVWDWWHWH *HUlWH G UIHQ QXU LQ YRUVFKULIWVPl LJ DQJHEUDFKWH JHHUGHWH 6WHFNGRVHQ JHVWHFNW ZHUGHQ
(V PXVV HLQ DOOSROLJHU 7UHQQVFKDOWHU PLW PLQGHVWHQV PP .RQ WDNWDEVWDQG DQJHEUDFKW ZHUGHQ DX HU EHL $QVFKOXVV DQ HLQH IUHL ]XJlQJOLFKH 6WHFNGRVH
8PVWHOOXQJ DXI HLQH DQGHUH *DVDUW
:HQQ GLH HLQVFKOlJLJHQ %HVWLPPXQJHQ GHV MHZHLOLJHQ /DQGHV GLHV HUODXEHQ NDQQ GLHVHV *HUlW DXI DQGHUH *DVDUWHQ XPJHVWHOOW ZHUGHQ VLHKH 7\SHQVFKLOG 'LH KLHUI U QRWZHQGLJHQ 7HLOH EHILQ GHQ VLFK LP PLWJHOLHIHUWHQ 8PEDXNLW MH QDFK 0RGHOO RGHU N|QQHQEHU GHQ .XQGHQGLHQVW EH]RJHQ ZHUGHQ
:,&+7,* %ULQJHQ 6LH GHQ $XINOHEHU PLW GHU XPJHVWHOOWHQ *DVDUW LQ GHU 1lKH GHV 7\SHQVFKLOGHV DQ
(V P VVHQ IROJHQGH 6FKULWWH EHIROJW ZHUGHQ $ $XVWDXVFK GHU ' VHQ $EE
$OOH 5RVWH %UHQQHUGHFNHO XQG 9HUWHLOHU DEQHKPHQ
'LH ' VHQ PLW GHP 6FKO VVHO DXVWDXVFKHQ GHU EHU XQVHUHQ WHFKQLVFKHQ 6HUYLFH PLW GHP &RGH I U GRSSHOIODPPLJH %UHQQHU YHUI JEDU LVW 6LHKH 7DEHOOH $EE (V LVW EHVRQGHUV GDUDXI ]X DFKWHQ GDVV VLFK GLH ' VH EHL GHU $EQDKPH RGHU %HIHVWLJXQJ QLFKW DEO|VW 8P GLH 'LFKWLJNHLW ]X JHZlKUOHLVWHQ P VVHQ VLH IHVW DQJH]RJHQ VHLQ
%HL GLHVHQ %UHQQHUQ LVW NHLQH 5HJXOLHUXQJ GHU 3ULPlUOXIW HUIRU GHUOLFK