%UDQFKHQVLWXDWLRQ XQG :HWWEHZHUEVXPIHOG

:_[]dij_][;djm_Yabkd]Wk\Z[cZ[kjiY^[d7hX[_jicWhaj^_[bj_c8[h_Y^ji`W^hm[_j[hWd$DWY^
7d]WX[dZ[h8kdZ[iW][djkh\h7hX[_jiWdaZ_[PW^bZ[hh[]_ijh_[hj[d7hX[_jibei[d_c
@W^h[iZkhY^iY^d_jj(&'+kc'&*$&&&Wk\(".C_e$F[hied[d$:Wi[djifh_Y^j[_d[h7hX[_jibei[dgkej[led
,"*$
Fei_j_l[;djm_Yabkd]X[_
8[iY^\j_]kd]kdZ
;_daecc[d
8[iedZ[hi]dij_]Xb_[XZ[h7hX[_jicWhaj\h]kjWki][X_bZ[j[7hX[_jd[^c[h$Ieb_[]jZ_[
7hX[_jibei[dgkej[led7aWZ[c_a[hdc_j("+m[_j[h^_dWk\LebbX[iY^\j_]kd]id_l[Wk$
:_[]kj[I_jkWj_edWk\Z[c7hX[_jicWhaj\^hj[bWkj>[hXijfhe`[aj_edZ[h8kdZ[ih[]_[hkd]pk
Z[kjb_Y^[dBe^dij[_][hkd][d$:_[D[jjeb^d[kdZ#][^bj[hij_[][d(&'+kc(",1Z_[l[h\]XWh[d
;_daecc[dZ[hfh_lWj[d>Wki^Wbj[[h^^j[di_Y^[X[d\Wbbikc(",$:_[IfWhgkej[_d:[kjiY^bWdZ_ij
_cWX][bWk\[d[d=[iY^\ji`W^hb[_Y^jWd][ij_[][dkdZbW]X[_/"-$(&'*bW]i_[X[_/"*dWY^/"'_d
(&')$
M?HJI9>7<JI8;H?9>J
%UDQFKHQVLWXDWLRQXQG:HWWEHZHUEVXPIHOG
JhWZ_j_ed[bbijWccjZ[hX[hm_[][dZ[7dj[_bZ[hKciWjp[hbi[ledCBFWkiZ[dZh[_8[hWjkd]i\[bZ[hd
7bj[hilehieh]["AhWda[dl[hi_Y^[hkd]kdZL[hc][dicWdW][c[dj$?c=[iY^\ji`W^h(&'+X[jhk]
Z_[i[h7dj[_b.)$:_[Kcijp[_dZ[h7bj[hilehieh][kdZ_dZ[hAhWda[dl[hi_Y^[hkd][djij[^[d_c
I[]c[dj<_dWdpZ_[dijb[_ijkd][d$:_[Kcijp[_cL[hc][dicWdW][c[djijWcc[dieme^bWkiZ[c
I[]c[dj<;H?WbiWkY^WkiZ[cI[]c[dj<_dWdpZ_[dijb[_ijkd][d$?c<eb][dZ[dm_hZ[hbkj[hj"m[bY^[
;_d\bkii\Wajeh[d_c@W^h(&'+ZWiCWhajkc\[bZkdZZ_[;hjhW]ibW][_dZ[dZh[_][dWddj[d
8[hWjkd]i\[bZ[hdX[iedZ[hiX[[_d\bkiij^WX[d$
7agk_i_j_ediX[Z_d]j_ijZ[h7dj[_bZ[hIWY^l[hi_Y^[hkd]_c=[iY^\ji`W^h(&'+Wd][ij_[][dkdZX[jhk]
pkc;dZ[Z[i=[iY^\ji`W^hi''$7XZ[c=[iY^\ji`W^h(&',m_hZZkhY^Z_[7agk_i_j_edZ[h
:EC9KH7=hkff[Z_[IWY^l[hi_Y^[hkd]\hZWiI[]c[dj<_dWdpZ_[dijb[_ijkd][dkdZZWid[k[
I[]c[dj:EC9KH7deY^cWbiZ[kjb_Y^Wd8[Z[kjkd]][m_dd[d$:[i^WbXX[b[kY^j[dm_hZ_[i[i
8[hWjkd]i\[bZ_dj[di_l[h_cHW^c[dZ[hlehWkii_Y^jb_Y^[d=[iY^\ji[djm_Yabkd]$
7bj[hilehieh][
:_[Wd^Wbj[dZ[D_[Zh_]p_dif^Wi["Z_[d[]Wj_l[8[h_Y^j[hijWjjkd]X[hB[X[dil[hi_Y^[h[hkdZ_^h[
FheZkaj[iem_[Z_[PkhYa^Wbjkd]l_[b[hL[hXhWkY^[hX[_c7XiY^bkiibWd]bWk\[dZ[hL[hjh][^WX[d_c
8[h_Y^ji`W^h(&'+ZWiCWhajkc\[bZ_dZ[h7bj[hilehieh][_d:[kjiY^bWdZdWY^^Wbj_]X[bWij[j$
PkZ[cZcf\j[lehWbb[cZ[h][i[daj[>Y^ijh[Y^dkd]ip_di=WhWdj_[p_di"Z[hc_jZ[c
B[X[dil[hi_Y^[hkd]ih[\ehc][i[jpBLH=pkc'$@WdkWh(&'+_dAhW\jjhWj"ZWiD[k][iY^\j$:WhX[h
^_dWkiX[h[_j[ji_Y^Z_[L[hi_Y^[hkd]iXhWdY^[Wk\ZWid[k[[khef_iY^[7k\i_Y^jih[Y^jIebl[dYo??leh$
M[_j[h[?d\ehcWj_ed[dZWpkb[i[dI_[WkY^_cAWf_j[b ÉM[jjX[m[hXkdZH[]kb_[hkd]¹$
M_[^eY^Z[h8[hWjkd]iX[ZWh\_dZ[h7bj[hilehieh][]hkdZijpb_Y^_ij"p[_]jkdj[hWdZ[h[c[_d[
Kc\hW][Z[iCWhaj\ehiY^kd]i_dij_jkjiOek=el_c7k\jhW]ledCBF$:WdWY^^WX[dadWff*&Z[h
:[kjiY^[da[_d[aedah[j[dLehij[bbkd][dX[hZ_[>^[_^h[h][i[jpb_Y^[dH[dj["m[_j[h[)&^WX[d
b[Z_]b_Y^[_d[É]heX[?Z[[¹$KdZ\WijZ_[>b\j[*,aWddd_Y^jWXiY^jp[d"m_[l_[b[[_][d[
;_dad\j[Wkifh_lWj[hkdZX[jh_[Xb_Y^[hLehieh][i_[pk[hmWhj[d^WX[d$
ZUSAMMENGEFASSTER LAGEBERICHT
28
BWkjL[hc][diXWhec[j[h(&'+Z[i:[kjiY^[dIfWhaWii[d#kdZ=_hel[hXWdZi_ijZ[h7dj[_bZ[h
:[kjiY^[d"Z_[cedWjb_Y^d_Y^ji\hZ_[7bj[hilehieh][ifWh[d"_c8[h_Y^ji`W^hWk\*&][ij_[][d$Pm[_
@W^h[pkleh^Wjj[[hdeY^X[_)(][b[][d$:[h7dj[_b_ijkcie^^[h"`[][h_d][hZWi;_daecc[d_ij$
8[_Z[d`[d_][d"Z_[m[d_][hWbi'$&&&Á_cCedWjpkhL[h\]kd]^WX[d"ifWhj_dpm_iY^[dZ_[C[^h^[_j
,'d_Y^jc[^hcedWjb_Y^·_c@W^h(&')mWh[d[idkh*)$7X[hWkY^X[_Z[d8[ii[hl[hZ_[d[hd
i_dajZ_[IfWhX[h[_jiY^W\j0;_dL_[hj[bZ[hF[hied[dc_j[_d[ccedWjb_Y^[d;_daecc[dledc[^hWbi
($+&&Áb[]jcedWjb_Y^d_Y^jipkhYa(&')0.$
IfWhX[h[_jiY^W\jZ[h
:[kjiY^[d\hZ_[
7bj[hilehieh][b[_Z[jkdj[h
D_[Zh_]p_dif^Wi[
7dj[_bZ[hF[hied[d"Z_[(&'+cedWjb_Y^d_Y^ji\hZ_[7bj[hilehieh][ifWh[dWbb[7d]WX[d_d
*&
=[iWcj
;_daecc[d4($+&&Á
;_daecc[d($&&&#($*//Á
(+
(/
;_daecc[d'$+&&#'$///Á
)/
;_daecc[d'$&&&#'$*//Á
+'
Gk[bb[0?9EDM_hjiY^W\ji#kdZ<_dWdpcWhaj\ehiY^kd]_c7k\jhW]Z[i:[kjiY^[dIfWhaWii[d#kdZ=_hel[hXWdZi
:_[C[^h^[_jZ[h;hm[hXijj_][d_d:[kjiY^bWdZ+/iY^b_[j[_d[hIjkZ_[Z[h7N7L[hi_Y^[hkd]
pk\eb][m[][dZ[hD_[Zh_]p_di[da[_d[d[k[dLehieh][l[hjh][c[^hWX$KdZ`[Z[hPm[_j[*/
\hW]ji_Y^"eXfh_lWj[7bj[hilehieh][X[h^WkfjdeY^I_dd[h]_Xj$
:WiX[b_[Xj[ij[IfWhp_[bZ[h:[kjiY^[d_ijbWkj[_d[hKc\hW][Z[hDeh_iXWdaZ[hdY^ij[KhbWkX"\h
Z[dWajk[bb).Z[h8[\hW]j[d=[bZpkhYab[][d$:[kjb_Y^m[d_][hKc\hW][j[_bd[^c[h(*ifWh[d
ZW][][d\h_^h[7bj[hilehieh][$
KhbWkXb_[]jWbiIfWhp_[babWh
lehZ[h7bj[hilehieh][
:_[X[iY^h_[X[d[diY^m_[h_][dHW^c[dX[Z_d]kd][dif_[][bj[di_Y^_c8[h_Y^ji`W^hWkY^_dZ[h
CWhaj[djm_Yabkd]\hl[hiY^_[Z[d[7bj[hilehieh][#FheZkaj[m_Z[h$:WX[_X_[j[jZ[hIjWWjZ[d
8h][hdX[hIj[k[hlehj[_b[kdZPkiY^ii[l[hiY^_[Z[d[7dh[_p["kcpkijpb_Y^\hZWi7bj[h
lehpkieh][d$
CWii_l[PkhYa^Wbjkd]_d
Wbb[dZh[_IY^_Y^j[d
:_[ijWWjb_Y^[<hZ[hkd]_d:[kjiY^bWdZm_hZ_cie][dWddj[d)#IY^_Y^j[d#CeZ[bbZWh][ij[bbj0
'$IY^_Y^j8Wi_ilehieh][0=[i[jpb_Y^[H[dj[kdZ8Wi_i#H[dj[
($IY^_Y^jPkiWjplehieh][0H_[ij[h#H[dj[kdZX[jh_[Xb_Y^[7bj[hilehieh][
)$IY^_Y^jXh_][PkiWjplehieh][0H[dj[d#kdZB[X[dil[hi_Y^[hkd][d"AWf_jWbcWhajfheZkaj[
ZUSAMMENGEFASSTER LAGEBERICHT
29
Pkh8Wi_ilehieh][_dZ[h'$IY^_Y^j][^h[dd[X[dZ[h][i[jpb_Y^[dH[dj[dl[hi_Y^[hkd]WkY^Z_[8Wi_i#
eZ[hHhkf#H[dj["Z[h[d8[_jh][ij[k[hb_Y^][bj[dZ][cWY^jm[hZ[dadd[d$:_[8Wi_i#H[dj[ij[^j
d[X[d7d][ij[bbj[dWkY^I[bXijijdZ_][dkdZ<h[_X[hk\b[hde\\[d"Z_[d_Y^jZ[h][i[jpb_Y^[d
H[dj[dl[hi_Y^[hkd]if\b_Y^jkdj[hb_[][d$7X(&'+^WjZ_[8kdZ[ih[]_[hkd]Z[dX_i^[h_][d
<hZ[hhW^c[d\hZ_[8Wi_i#H[dj[Wk\][ijeYajkdZZodWc_i_[hj$:[hij[k[hb_Y^WXi[jpXWh[>Y^ijX[jhW]
\h[_d[d7bb[_dij[^[dZ[dmkhZ[led(&$&&&ÁWk\(($'-(ÁX[_PkiWcc[dl[hWdbW]kd]\h;^[]Wjj[d
led*&$&&&ÁWk\**$)**ÁWd][^eX[d$(&'+aeddj[dIj[k[hpW^b[hZWi_cBWk\[Z[i@W^h[i_d[_d[
8Wi_ilehieh][[_d][pW^bj[AWf_jWbX_ipkZ_[i[c>Y^ijX[jhW]pk.&WbiIedZ[hWki]WX[dledZ[h
;_daecc[dij[k[hWXi[jp[d$
JhejpX[ii[h[h<hZ[hkd]
m[d_][hd[k[8Wi_i#
H[dj[dl[hjh][
JhejpZ_[i[i[h^[Xb_Y^[dIj[k[hWdh[_p[imkhZ[ddWY^7d]WX[dZ[i=[iWcjl[hXWdZiZ[hZ[kjiY^[d
L[hi_Y^[hkd]im_hjiY^W\j=:LX_ipkcIj_Y^jW])'$:[p[cX[h(&'+b[Z_]b_Y^/+$,&&d[k[8Wi_i#
H[dj[dl[hjh][cWhajm[_jWX][iY^beii[d$:Wi[djifh_Y^j[_d[cHYa]Wd]led'*")$
:_[PkiWjplehieh][Z[h($IY^_Y^jX[ij[^j_cM[i[djb_Y^[dWkiZ[hX[jh_[Xb_Y^[dLehieh][kdZZ[h
H_[ij[h#H[dj[$8[_Z[dH_[ij[h#D[kl[hjh][di[jpj[i_Y^_c8[h_Y^ji`W^hZ[hXhWdY^[dm[_j[Jh[dZ
i_da[dZ[h7XiWjppW^b[dm[_j[h\ehj$8_i;dZ[Z[i)$GkWhjWbi(&'+mkhZ[dbWkj8kdZ[ic_d_ij[h_kc\h
7hX[_jkdZIep_Wb[i.*$&&&D[kl[hjh][WX][iY^beii[d=[iWcj`W^h(&'*0(/($&&&$:[h
=[iWcjX[ijWdZbW]ZWc_jX[_\Wij',"*C_bb_ed[dH_[ij[h#L[hjh][d·kdZZWc_jdkhb[_Y^jX[hZ[c
M[hjlec)'$:[p[cX[h(&'*$;_dabWh[hIY^m[hfkdajX[_Z[dD[kl[hjh][dbW]_c8[h_Y^ji`W^h·m_[
X[h[_ji_dZ[d@W^h[dpkleh·_c8[h[_Y^ÉMe^d#H_[ij[h¹"Z_[m[_j[h[dPkmWY^il[hp[_Y^d[j[d$:_[
PW^bZ[hL[hi_Y^[hkd]il[hjh][mWh^_d][][db[_Y^jhYabk\_]$
Me^dh_[ij[hdWY^m_[leh
X[b_[Xj
D[kWXiY^bii[H_[ij[h#H[dj[d#L[hjh][(&&+X_i(&'+
(&'+
(&'*
(&')
(&'(
(&''
(&'&
(&&/
(&&.
.*$&&&
(/($&&&
('.$&&&
),+$&&&
/+($&&&
'$&//$&&&
'$''.$&&&
'$)/'$&&&
(&&-
($-')$&&&
(&&,
(&&+
($*+&$&&&
'$)+-$&&&
IjWdZ0)&$I[fj[cX[h(&'+$Gk[bb[08kdZ[ic_d_ij[h_kc\h7hX[_jkdZIep_Wb[i
:_[8[Z[kjkd]Z[hX[jh_[Xb_Y^[dLehieh][Wbim[_j[h[h8[ijWdZj[_bZ[h($IY^_Y^j_ij]hkdZijpb_Y^]he$
IY^ed^[kj[^Wbj[dbWkjÉ?dl[ijc[djXWhec[j[h(&'+¹Z[i=\AL[h[_di*'Z[h:[kjiY^[dZ_[
X[jh_[Xb_Y^[7bj[hilehieh][X7L\hWjjhWaj_l1dkhZ_[[_][d[?cceX_b_[_ijc_j-+X[b_[Xj[h$Pk
^db_Y^fei_j_l[d;h][Xd_ii[daeccjWkY^[_d[IjkZ_[Z[hM_hjiY^W\jifh\kd]i][i[bbiY^W\j
Fh_Y[mWj[h^eki[9eef[hiFm90C_j*)_ijZ_[X7LZ_[X[b_[Xj[ij[<ehcZ[hLehieh]["][\eb]jled
H_[ij[h#H[dj[kdZZ[hfh_lWj[dB[X[dil[hi_Y^[hkd]$:[ddeY^l[h\]jZ[hp[_jdkhadWff`[Z[hZh_jj[
7hX[_jd[^c[h(/X[h[_d[lec7hX[_j][X[h\_dWdp_[hj[L[hieh]kd]ib[_ijkd]kdZ][dWkiem[d_][
dkjp[dLehieh][ceZ[bb[\h[_][d[8[_jh][;dj][bjkcmWdZbkd]$7bi>Wkfj]hdZ[\hZ_[][h_d][
DWY^\hW][d[ddjZ_[IjkZ_[kdpkh[_Y^[dZ[?d\ehcWj_ed[dZkhY^Z_[Kdj[hd[^c[dkdZ\[^b[dZ[
7d][Xej[$,'Z[h8[\hW]j[d"Z_[a[_d[;dj][bjkcmWdZbkd]dkjp[d"m_ii[dpkc8[_if_[bpkm[d_]led
Z_[i[hLehieh][c]b_Y^a[_j$
8[jh_[Xb_Y^[
7bj[hilehieh][0CWd][bdZ[
?d\ehcWj_edkdZ\[^b[dZ[
7d][Xej[
ZUSAMMENGEFASSTER LAGEBERICHT
30
:_[:khY^Zh_d]kd]igkej[X[_Z[dKdj[hd[^c[d"Z_[[_d[X[jh_[Xb_Y^[Lehieh][WdX_[j[d"b_[]jX[_+*
Z[h8[iY^\j_]j[d$IebWkj[jZWi;h][Xd_i[_d[hIjkZ_[Z[hPkh_Y^L[hi_Y^[hkd]$DWY^^ebX[ZWh\]_Xj[i
_diX[iedZ[h[X[_Z[dAb[_dkdj[hd[^c[d0C[^hWbi[_d:h_jj[b),X_[j[d_^h[dC_jWhX[_j[hd]Wha[_d[
X[jh_[Xb_Y^[Lehieh][Wd$LedZ[d]h[h[dKdj[hd[^c[dc_jc[^hWbi'&&8[iY^\j_]j[di_dZb[Z_]b_Y^
)e^d[8[jh_[Xih[dj[$<[^b[dZ[iC_jWhX[_j[h_dj[h[ii[kdZ[_d[pk][h_d][C_jWhX[_j[hpW^bd[dd[d
Z_[Ab[_dkdj[hd[^c[dWbi>Wkfj]hdZ[\hZ[dL[hp_Y^jWk\[_d[djifh[Y^[dZ[i7d][Xej$
DWY^^ebX[ZWh\X[_ab[_d[d
kdZc_jjb[h[d
Kdj[hd[^c[d
7kY^_dZ[h)$IY^_Y^jp[_]ji_Y^dWY^m_[leh[_d[l[h^Wbj[d[;djm_Yabkd]"Z_[d_Y^jpkb[jpjZkhY^Z_[
7Xi[dakd]Z[i=WhWdj_[p_di[i7d\Wd](&'+X[ij_ccjmkhZ[$PmWhX[i_jpjWajk[bb\Wij`[Z[hpm[_j[
:[kjiY^[*.c_dZ[ij[di[_d[fh_lWj[B[X[di#eZ[hH[dj[dl[hi_Y^[hkd]$7bb[hZ_d]i^WjZWi
D_[Zh_]p_dikc\[bZbWkjJDI?d\hWj[ijZWpk][\^hj"ZWiiZ_[D[kWXiY^bii[_dZ[dl[h]Wd][d[d\d\
@W^h[dkc))pkhYa][]Wd][di_dZ$8[_abWii_iY^[dB[X[di#kdZH[dj[dl[hi_Y^[hkd][dbW]Z_[PW^b
_c8[h_Y^ji`W^hbWkj=:Lc_j'$)'.$)-)d[k[dL[hjh][dZ[kjb_Y^kdj[hZ[cD_l[WkZ[i
l[h]b[_Y^im[_i[ijWha[dLeh`W^hi·'-")$
HYabk\_]^Wji_Y^(&'+·jhejpZ[hWajk[bb[d:_iakii_edkcZ_[mWY^i[dZ[PW^bWdF\b[][X[Zh\j_][d
_d:[kjiY^bWdZ·Z[h8[h[_Y^Z[hF\b[][WXi_Y^[hkd][djm_Ya[bj$DWY^7d]WX[dZ[i=:LbW]Z_[PW^bZ[h
D[kWXiY^bii[pkcIj_Y^jW])'$:[p[cX[h(&'+X[_Z[hF\b[][h[dj[dl[hi_Y^[hkd]X[_()$/+*·ZWi
[djifh_Y^j[_d[cHYa]Wd]][][dX[hZ[cLeh`W^hled(+"&$M[_j[h\^h[dZ[?d\ehcWj_ed[dpkc
J^[cWF\b[][WXi_Y^[hkd]ij[^[d_cdWY^\eb][dZ[dAWf_j[bÉAhWda[dl[hi_Y^[hkd]¹$
7k\]hkdZZ[iX[iY^h_[X[d[diY^m_[h_][dCWhajkc\[bZibW]Z_[l[hc_jj[bj[8[_jhW]iikcc[Z[i
D[k][iY^\jiX[_bWk\[dZ[d8[_jh][dbWkjlehbk\_][d7d]WX[dZ[i=:L_c8[h_Y^ji`W^hc_j''/"*ChZ$
Á*"&kdj[hZ[cLeh`W^h[im[hj'(*"*ChZ$Á$Kdj[h8[hYai_Y^j_]kd]Z[iD[k][iY^\ji][][d
;_dcWbX[_jh][iWdaZ_[_di][iWcjl[hc_jj[bj[8[_jhW]iikcc[Z[iD[k][iY^\jiWk\'*+"'ChZ$Á
'+(".ChZ$Á$
=[iWcjcWhajhYabk\_]"
l_[b\WY^;_dcWbX[_jh][
AhWda[dl[hi_Y^[hkd]
:_[AhWda[dl[hi_Y^[hkd]X[\WdZi_Y^_c8[h_Y^ji`W^hkdl[hdZ[hj_d[_d[ciY^m_[h_][dCWhajkc\[bZ·
_diX[iedZ[h[X[_Z[hfh_lWj[dLebbl[hi_Y^[hkd]$IY^edi[_j@W^h[d_ijZ_[PW^bZ[hLebbl[hi_Y^[hj[ddWY^
7d]WX[dZ[iL[hXWdZiZ[hfh_lWj[dAhWda[dl[hi_Y^[hkd]FAL#L[hXWdZb[_Y^jhYabk\_]0(&'*bW]ZWi
C_dkiX[_++$-&&L[hi_Y^[hj[deZ[h·&",$;dZ[(&'*mWh[dZWc_j.".)C_e$C[diY^[d_d:[kjiY^bWdZ
fh_lWjlebbl[hi_Y^[hj·'+&$&&&m[d_][hWbi;dZ[(&''$
:_[;nf[hj[dZ[hHWj_d]W][djkh7ii[akhWjW[hmWhj[d\hZWi8[h_Y^ji`W^h(&'+a[_d[Jh[dZkca[^h$
:_[i[;_diY^jpkd]m_hZ_dZ[h8hWdY^[][j[_bj$IeX[khj[_b[d_d[_d[hKc\hW][Z[h7ii[akhWjWIebkj_edi
=cX>c[^hWbiZ_[>b\j[+.",Z[hX[\hW]j[dCWab[hZ_[Wajk[bb[=[iY^\jibW][_dZ[h
AhWda[dlebbl[hi_Y^[hkd]WbiiY^b[Y^j$
:_[=hdZ[\hZ[dHYa]Wd]i_dZl_[biY^_Y^j_]$8[bWij[dZm_haj[lehWbb[cZ[hL[hjhWk[dil[hbkij_dZ_[
FAL"Z[hlehWbb[cZkhY^Z_[ah_j_iY^[8[h_Y^j[hijWjjkd]_dZ[dC[Z_[dpkcJ^[cW8[_jhW]i[djm_Yabkd]
kdZZ_[:_iakii_ed[d_cLeh\[bZZ[hb[jpj[d8kdZ[ijW]imW^bpkhc]b_Y^[d;_d\^hkd][_d[h
8h][hl[hi_Y^[hkd]^[hleh][hk\[dmkhZ[$DWY^Z[hKcij[bbkd]Wk\Z_[Kd_i[n#JWh_\[;dZ[(&'(
ij_[][dpkZ[c_dl_[b[d<bb[dZ_[8[_jh]["mWiZ_[PkhYa^Wbjkd]Wk\I[_j[dfej[dp_[bb[hD[kakdZ[d
deY^l[hijhaj[$8[_8[ijWdZiakdZ[d_ijZ_[Ij_cckd]ibW][ZW][][dfei_j_l0BWkj9edj_d[djWb[#IjkZ_[
i_dZ.'Z[hFAL#L[hi_Y^[hj[dc_jZ[dB[_ijkd][d_^h[hAhWda[dl[hi_Y^[hkd]pk\h_[Z[d$
HYa]Wd]X[_fh_lWj[h
Lebbi_Y^[hkd]^Wjc[^h[h[
KhiWY^[d
I[_jZ[c'$@WdkWh(&'+Zh\[dZ_[][i[jpb_Y^[dAhWda[daWii[dd[X[dZ[cWbb][c[_d]bj_][d
8[_jhW]iiWjpled'*",[_d[dPkiWjpX[_jhW][h^[X[d$B[Z_]b_Y^pm[_][i[jpb_Y^[AhWda[daWii[di_dZ
_c@W^h(&'+e^d[[_d[dPkiWjpX[_jhW]Wki][aecc[d$M[_j[h[?d\ehcWj_ed[d^_[hpkb[i[dI_[_c
AWf_j[b ÉM[jjX[m[hXkdZH[]kb_[hkd]¹$
M[Y^i[bX[h[_jiY^W\jZkhY^
PkiWjpX[_jh][][h_d]
ZUSAMMENGEFASSTER LAGEBERICHT
31
:_[PkiWjpX[_jh][ij[bb[dX_i^[ha[_d[d=hkdZZWh"Z_[AhWda[daWii[pkm[Y^i[bd$:_[i^Wj[_d[
Kc\hW][ledFm9^[hWki][\kdZ[d0DW^[pkWbb[C_j]b_[Z[h/-i_dZ_c[hij[dGkWhjWb(&'+_^h[h
][i[jpb_Y^[dAhWda[daWii[jh[k][Xb_[X[d$7bb[hZ_d]ip[_]jZ_[Kc\hW][WkY^"ZWii,&Z[h8[\hW]j[d
Z_[>^[Z[iPkiWjpX[_jhW]i"Z[dZ_[[_][d[AWii[l[hbWd]j"]Whd_Y^ja[dd[d$=[dWkiel_[b[][X[dWd"
led_^h[hAhWda[daWii[d_Y^jWkih[_Y^[dZX[hZWiJ^[cW_d\ehc_[hjmehZ[dpki[_d$
:[hJh[dZ"Z[dB[_ijkd]ikc\Wd]Z[h=ALZkhY^fh_lWj[Lehieh][Wk\pkijeYa[d"_iji[_jc[^h[h[d
@W^h[di_Y^jXWh0:_[PW^bZ[hPkiWjpl[hi_Y^[hkd][dij_[]dWY^7d]WX[dZ[iFAL#L[hXWdZi(&'*kc
'"/Wk\(*")*C_e$L[hjh][1ZWc_jbW]Z[hPkmWY^ib[_Y^jkdj[hLeh`W^h[id_l[Wk(&')0("&$<h
(&'+[hmWhj[jZ_[HWj_d]W][djkh7ii[akhWjW[X[d\WbbiPkmY^i["m[dd]b[_Y^c_j][h_d][h[h:odWc_a$
PkiWjpl[hi_Y^[hkd][d_c
Fbki
IY^ed^[kj[_ijZWiJ^[cWF\b[][c_jj[d_dZ[h=[i[bbiY^W\jWd][aecc[d$D[X[dZ[dhkdZ(",C_e$
F\b[][X[Zh\j_][d"Z_[[iWajk[bb_d:[kjiY^bWdZ]_Xj"i_dZWkY^\Wij)&C_e$C[diY^[dWkiZ[c[d][d
f[hidb_Y^[dKc\[bZX[jhe\\[d$:_[i^Wj[_d[Kc\hW][Z[iFAL#L[hXWdZi[h][X[d$
F\b[][hYaj_cc[hijha[h
_di8[mkiiji[_d
:_[ip[_]ji_Y^WkY^_cPkmWY^iledF\b[][pkiWjpl[hi_Y^[hkd][d0:_[PW^bZ[hijWWjb_Y^][\hZ[hj[d
F\b[][pkiWjpl[hi_Y^[hkd][dÉF\b[][#8W^h¹ij_[](&'*bWkjFAL#L[hXWdZkc++")Wk\++.$,&&
L[hjh][$:_[i_ijjhejpZ[hijWha[dIj[_][hkd]_d[_d[hWXiebkj[d8[jhWY^jkd][_ddWY^m_[leh
d_[Zh_][iD_l[Wk$:_[PW^bZ[hkd][\hZ[hj[dPkiWjpfeb_Y[ddW^ckc*",Wk\("*.C_e$pk"ieZWii[i
;dZ[(&'*_di][iWcjX[h)C_e$L[hi_Y^[hkd][d_dZ_[i[c8[h[_Y^]WX(&')0("-C_e$$:_[
D[kWXiY^bii[_c8[h[_Y^F\b[][h[dj[dl[hi_Y^[hkd]"Z_[Z[dkc\Wd]h[_Y^ij[dIY^kjpZWhij[bbj"mWh[d
ZW][][dhYabk\_]i_[^[AWf_j[b É7bj[hilehieh][¹$
:_[HWj_d]W][djkh7ii[akhWjW][^jZWledWki"ZWiii_Y^ZWiMWY^ijkc_dZ[h][\hZ[hj[d
F\b[][lehieh][_c8[h_Y^ji`W^hZ[kjb_Y^l[hbWd]iWcj^WX[daddj[$:_[WXmWhj[dZ[>Wbjkd]Z[h
AkdZ[dkdZL[hc_jjb[hX[_Z[hF\b[][lehieh][X[]hdZ[dZ_[;nf[hj[dc_jZ[dX[lehij[^[dZ[d
][i[jpb_Y^[dL[hdZ[hkd][d_cHW^c[dZ[ipm[_j[dF\b[][ijhakd]i][i[jp[i"ZWi_cDel[cX[h(&'+
lec8kdZ[ijW]X[iY^beii[dmkhZ[$:Wid[k[=[i[jp_iji[_jZ[c'$@WdkWh(&',_dAhW\j$M[_j[h[
?d\ehcWj_ed[dZWpkb[i[dI_[_cAWf_j[b ÉM[jjX[m[hXkdZH[]kb_[hkd]¹$
L[hc][dicWdW][c[dj
:WiCWhajkc\[bZ_c8[h[_Y^L[hc][dicWdW][c[djmWh_c8[h_Y^ji`W^hlehWbb[cZkhY^Z_[Wd^Wbj[dZ
d_[Zh_][dP_di[dkdZ[_d[^e^[LebWj_b_jjWdZ[dAWf_jWbchaj[d][fh]j$?c<eakiZ[h7db[][h
ijWdZ[d_c>_dXb_YaWk\[_d[c]b_Y^[P_dim[dZ[X[iedZ[hiZ_[][bZfeb_j_iY^[d;djiY^[_Zkd][dZ[h
P[djhWbXWda[d"lehWbb[c_dZ[dKI7kdZ_d;khefW$7X[hWkY^Z_[aed`kdajkh[bb[;djm_Yabkd]_d9^_dW"
IjWWjiiY^kbZ[dah_i[dm_[_d=h_[Y^[dbWdZeZ[h][ij_[][d[J[hheh][\W^h[dX[[_d\bkiij[dZ_[Chaj[_c
WX][bWk\[d[d=[iY^\ji`W^h$
JhejpZ[hWajk[bb[dD_[Zh_]p_di[d_ijZWi]beXWb[Fh_lWjl[hc][d_d(&'*m[_j[hah\j_]][ij_[][d0bWkj
É=beXWbM[Wbj^H[fehj(&'+¹Z[i8[hWjkd]ikdj[hd[^c[di8eijed9edikbj_d]=hekf89=kc\Wij'(
Wk\',*8_bb_ed[d:ebbWh$?dM[ij[khefW\_[bZWiMWY^ijkcZ[ifh_lWj[d=[bZl[hc][diX[Z_d]jZkhY^
Z_[;kheah_i[c_j,",dkh[jmW^WbXie^eY^Wki$:[ddeY^mkY^i_d:[kjiY^bWdZZ_[7dpW^bZ[h
:ebbWh#C_bb_edh[(&'*kc&"/Wk\'"'*C_bb_ed[dF[hied[d$?c@W^h(&')X[jhk]ZWiMWY^ijkcdeY^
''"*$:WiZkhY^iY^d_jjb_Y^[D[jjel[hc][dZ[h8kdZ[iXh][hij_[]bWkjÉ=beXWbM[Wbj^H[fehj
(&'+¹Z[h7bb_Wdpdkhkc]kj'Wk\**$-,/Á1_cLeh`W^hX[jhk]Z[h7dij_[]c[^hWbi+$
M[bjm[_j[L[hc][d
mWY^i[d
DWY^Wajk[bb[dPW^b[dZ[h:[kjiY^[d8kdZ[iXWdai[jpj[i_Y^WkY^_c8[h_Y^ji`W^hZ[hJh[dZpk
b_gk_Z[dkdZh_i_aeWhc[d7dbW][d_d:[kjiY^bWdZ\ehj$?di][iWcjbW]ZWi=[bZl[hc][dfh_lWj[h
>Wki^Wbj[^_[hpkbWdZ[pkc;dZ[Z[i)$GkWhjWbi(&'+X[_+$('&ChZ$ÁkdZZWc_j]kj*^^[hWbi[_d
@W^hpkleh$?cM[i[djb_Y^[d]WX[i_c[hij[d>WbX`W^hZ[i8[h_Y^ji`W^hif[hIWbZeC_jj[bpk\bii[X[_
I_Y^j[_dbW][d[_diY^b_[b_Y^8Wh][bZ_d>^[led]kj.)ChZ$Á$
I_Y^[h[kdZb_gk_Z[
7dbW][dm[_j[h^_dX[b_[Xj
ZUSAMMENGEFASSTER LAGEBERICHT
32
Fh_lWj[i=[bZl[hc][dZ[h:[kjiY^[dWbb[7d]WX[d_dChZ$Á
8Wh][bZkdZ;_dbW][d
($&+*
L[hi_Y^[hkd]i#"7bj[hii_Y^[hkd]i#kdZIjWdZWhZ]WhWdj_[#Ioij[c[
'$//+
7aj_[d#kdZiedij_][7dj[_bih[Y^j[
+'.
7dj[_b[Wd?dl[ijc[dj\edZi
*,*
IY^kbZl[hiY^h[_Xkd][d
Iedij_][
'**
)+
Gk[bb[0:[kjiY^[8kdZ[iXWda"IjWdZ0)&$I[fj[cX[h(&'+
Fei_j_l[C_jj[bpk\bii[aeddj[d_c8[h_Y^ji`W^h?dl[ijc[dj\edZil[hp[_Y^d[d0:[c8kdZ[il[hXWdZ
?dl[ijc[djkdZ7ii[jCWdW][c[dj[$L$8L?pk\eb][bW]ZWiledZ[hZ[kjiY^[d?dl[ijc[djm_hjiY^W\j
l[hmWbj[j[L[hc][d_d:[kjiY^bWdZpkc@W^h[i[dZ[(&'+X[_($,&'ChZ$ÁkdZZWc_j/"'^^[hWbi
deY^(&'*$;_d[dm[i[djb_Y^[d8[_jhW]ZWpkb_[\[hj[d_dij_jkj_ed[bb[?dl[ijeh[d"ieZWiiZ_[7dbW][d_d
If[p_Wb\edZikc."-led'$()'ChZ$ÁWk\'$))/ChZ$Áij_[][d$:_[i[hCWhaj_ij\hZ[dCBFAedp[hd
ZkhY^ZWi7d][Xejled<;H?h[b[lWdj$FkXb_akci\edZil[hp[_Y^d[j[dpkcIj_Y^jW])'$:[p[cX[h(&'+
_di][iWcj[_d[d7dij_[]kc''"/Wk\..)ChZ$Á$:WX[_]WX[iX[_Z[dC_iY^\edZic_j).",ChZ$ÁZ_[
c_j7XijWdZ^Y^ij[dC_jj[bpk\bii["][\eb]jled7aj_[d\edZic_j('"'ChZ$ÁkdZH[dj[d\edZic_j,")
ChZ$Á$?cLeh`W^h^Wjj[d7db[][hWki7aj_[d\edZideY^cWii_l=[bZWX][pe][d$
C_iY^#kdZ7aj_[d\edZi
b[][dpk
Pk#kdZ7X\bii[_dkdj[hiY^_[Zb_Y^[FkXb_akci\edZiWhj[d_d:[kjiY^bWdZled@WdkWhX_i:[p[cX[h(&'+Wbb[7d]WX[d
_dChZ$Á
C_iY^\edZi
).",
7aj_[d\edZi
('"'
H[dj[d\edZi
,")
E\\[d[?cceX_b_[d\edZi
)")
=[bZcWhaj\edZi
M[hj][i_Y^[hj[<edZi
'",
#'"/
Gk[bb[08kdZ[il[hXWdZ?dl[ijc[djkdZ7ii[jCWdW][c[dj[$L$8L?
Fh_lWjWdb[][h_dl[ij_[h[diec_j[jmWie\\[di_l[hWbi_dZ[dLeh`W^h[d$=[c[ii[dWdZ[d
CWhajX[Z_d]kd][dij[^[di_[h_i_aeh[_Y^[h[d7dbW][\ehc[dWX[hdeY^_cc[hpkhYa^Wbj[dZ
][][dX[h$
:[hCWhaj\hZ_[8[hWjkd]kdZL[hmWbjkd]]he[hFh_lWjl[hc][d"_dZ[cm_hX[h<;H?Waj_li_dZ"_ij
i[_jZ[h<_dWdp#kdZM_hjiY^W\jiah_i[WdifhkY^ilebb[hkdZkcacf\j[h][mehZ[d$:Wi
M[jjX[m[hXikc\[bZm_hZX[ij_ccjZkhY^Z_[Wd^Wbj[dZ[Aedieb_Z_[hkd]_cFh_lWj[8Wda_d]kdZ
M[Wbj^CWdW][c[dj$
7d^Wbj[dZ[Aedieb_Z_[hkd]
_cFh_lWj[8Wda_d]kdZ
M[Wbj^CWdW][c[dj
ZUSAMMENGEFASSTER LAGEBERICHT
33
7k\AkdZ[di[_j[aeccj^_dpk"ZWiiZ_[;djiY^[_Zkd]ipoab[dZ[h7db[][hdWY^m_[lehbWd]i_dZkdZ
Z_[8[h[_jiY^W\j\hD[kcWdZWj_[hkd][dm[_j[h^_d][h_d]_ij$7d][i_Y^jiZ[iD_[Zh_]p_dikc\[bZi\hW][d
_diX[iedZ[h[_dij_jkj_ed[bb[?dl[ijeh[dl[hijhaj7bj[hdWj_l[?dl[ijc[djidWY^$
7d][i_Y^jiZ[hWd^Wbj[dZ[dD_[Zh_]p_dif^Wi[][m_dd[di[bXij#kdZ\h[cZ][dkjpj[?cceX_b_[d[_d[
_cc[h]h[h[8[Z[kjkd]X[_cbWd]\h_ij_][dL[hc][diWk\XWk$BWkjÉL[hc][diXWhec[j[h(&'+¹
^Wbj[d+)Z[h:[kjiY^[dZ_[i[bXij][dkjpj[?cceX_b_[\hZ_[i[dPm[YaWcX[ij[d][[_]d[j1(.
mhZ[dX[_cL[hc][diWk\XWkWk\[_d[\h[cZ][dkjpj[?cceX_b_[i[jp[d$
?cceX_b_[dm[_j[h_d<eaki
M[jjX[m[hXkdZH[]kb_[hkd]
:_[M[jjX[m[hXii_jkWj_edWk\Z[cZ[kjiY^[dCWhaj\h<_dWdpZ_[dijb[_ijkd][d^Wji_Y^\hZ_[CBF
=hkff[(&'+_cL[h]b[_Y^pkcLeh`W^hd_Y^jm[i[djb_Y^l[hdZ[hj$:_[8hWdY^[_ijdWY^m_[lehi[^h
^[j[he][dkdZled]he[cM[jjX[m[hXiZhkYakdZAedieb_Z_[hkd]ij[dZ[dp[d][a[ddp[_Y^d[j$Pk
Z[d7dX_[j[hdp^b[dpW^bh[_Y^[8Wda[d"L[hi_Y^[hkd][dkdZ\h[_[<_dWdpl[hc_jjb[h"Z_[[_di[^h
kdj[hiY^_[Zb_Y^[iGkWb_jjid_l[Wk_dZ[h8[hWjkd]X_[j[d$:WhX[h^_dWkimY^ijZ[h
M[jjX[m[hXiZhkYaWk\Z_[][iWcj[8hWdY^[ZkhY^d[k["_ddelWj_l[CWhajj[_bd[^c[hie][dWddj[
<_dJ[Y^i$
KcZ_[JhWdifWh[dpkdZZ_[8[hWjkd]igkWb_jj_cCWhajdWY^^Wbj_]pk[h^^[d"^WjZ[h=[i[jp][X[h
X[h[_ji_dZ[dl[h]Wd][d[d@W^h[dl[hiY^_[Z[d[h[]kbWjeh_iY^[udZ[hkd][dWk\Z[dM[]][XhWY^j"Z_[
WkY^_cWX][bWk\[d[d=[iY^\ji`W^hdWY^^Wbj_]Z_[HW^c[dX[Z_d]kd][dX[[_d\bkiij^WX[dkdZZ[h[d
Kci[jpkd]Z_[Aedieb_Z_[hkd]_cCWhajm[_j[hlehWdjh[_X[dm_hZ$CBF^WjpW^bh[_Y^[7d\ehZ[hkd][d"
Z_[Z[h=[i[jp][X[hdkdc_jH[][bm[ha[dleh]_Xj"_dZ[hL[h]Wd][d^[_jX[h[_ji\h^p[_j_]kc][i[jpj$
:Wh_di[^[dm_h[_d[dM[jjX[m[hXilehifhkd]$
L[hdZ[hj[
HW^c[dX[Z_d]kd][d
jh[_X[dAedieb_Z_[hkd]
lehWd
Pkc'$@WdkWh(&'+i_dZm_Y^j_][udZ[hkd][d_cHW^c[dZ[iBLH=_dAhW\j][jh[j[d"Z_[_dJ[_b[dWkY^
dWY^^Wbj_][7kim_hakd][dWk\Z_[M[jjX[m[hXii_jkWj_ed_c=[iWcjcWhajpkh<eb][^WX[dm[hZ[d0
BLH=m_haji_Y^dWY^^Wbj_]
Wki
:_[7Xi[dakd]Z[i>Y^ijh[Y^dkd]ip_di=WhWdj_[p_diled'"-+Wk\'"(+^Wj_c8[h_Y^ji`W^hm_[
[hmWhj[jZWpkX[_][jhW][d"ZWiii_Y^Z_[PkhYa^Wbjkd]Z[h8h][hX[_c7XiY^bkiibWd]\h_ij_][h
7bj[hilehieh][#L[hjh][\ehj][i[jpj^Wj$:khY^Z_[7Xi[dakd]Z[i>Y^ijp_bbc[hiWjp[iled*Wk\
("+^WjpkZ[cZ[hCWh][dZhkYa_cCWhajpk][decc[d"m_[[_d[8[\hW]kd]Z[i
C[_dkd]i\ehiY^kd]i_dij_jkjiOek=elkdj[hkdWX^d]_][dL[hc_jjb[hd[h][X[d^Wj0:WdWY^\hY^j[d
]kjZh[_L_[hj[bZ[hCWab[h--[_d[cWii_l[Aedieb_Z_[hkd]im[bb[X[_L[hc_jjb[hdZkhY^ZWiBLH=$
:_[C[^h^[_j+/ij[bbjX[h[_ji\[ij"ZWiiZWiL[hc_jjbkd]i][iY^\jWXd_ccjkdZ[ipk
L[hiY^b[Y^j[hkd][dX[_L[h]jkd].+kdZIjehde^W\jkd]-.aeccj$
M_[[hmWhj[j^WjZ_[I[dakd]Z[i>Y^ijp_bbc[hiWjp[ipkL[hdZ[hkd][d_dZ[hL[h]jkd]iioij[cWj_a
][\^hj"ie[_dm[_j[h[i;h][Xd_iZ[hOek=el#8[\hW]kd]0AdWffpm[_:h_jj[bZ[h=[i[bbiY^W\j[d,*
^jj[dZ_[7XiY^bkiifhel_i_ed[dX[h[_ji][i[daj1c[^hWbi*&^jj[d_c:khY^iY^d_jjWk\Z[hWdZ[h[d
I[_j[Z_[8[ijWdZifhel_i_ed[dWd][^eX[d$7k\]hkdZZ[hL[hdZ[hkd][dZ[hFhel_i_ediceZ[bb[h[Y^d[j
Z_[C[^h^[_j+.Z[hCWab[hbWd]\h_ij_]c_jc_jjb[h[dX_ii[^h^e^[d;_daecc[di[_dXk[d$
<hZWi=[iY^\ji`W^h(&'+^WjCBFWbiGkWb_jjiWdX_[j[hc_j[_d[c]he[d"^eY^m[hj_][d
AkdZ[dX[ijWdZl[h]b[_Y^im[_i[][h_d][7kim_hakd][dWk\ZWi[_][d[=[iY^\jX[eXWY^j[j$:[h
CWh][dZhkYaWk\ab[_d[h[kdZZ[kjb_Y^m[d_][hgkWb_jjieh_[dj_[hj[J[_b[Z[iCWhaji^Wj`[ZeY^
Z[kjb_Y^pk][decc[d"mWiX[ij[^[dZ[Aedp[djhWj_edifhep[ii[Wkikdi[h[hI_Y^jm[_j[hWdjh[_X[d
m_hZ$
ZUSAMMENGEFASSTER LAGEBERICHT
34
M_[X[h[_ji_dZ[dLeh`W^h[d^WjWkY^_c8[h_Y^ji`W^hZ_[Aedah[j_i_[hkd]Z[hKci[jpkd]led8Wi[b???
_dZ[h;khef_iY^[dKd_ed;KZ_[8Wda[dm[bj_d;khefWm[_j[hX[iY^\j_]j$Pkc'$EajeX[h(&'+jhWj
Z_[_cH[][bm[ha[dj^Wbj[d[B_gk_Z_jjia[ddpW^bB_gk_Z_jo9el[hW][HWj_ed"B9HWbiX_dZ[dZ[
C_dZ[ij]h[_dZ[h;K_dAhW\j$:_[B_gk_Z_jjiZ[Yakd]iWd\ehZ[hkd]^WjpkcP_[b"Z[d
B_gk_Z_jjiX[ZWh\Z[hdY^ij[d)&JW][ZkhY^Z_[I_Y^[hij[bbkd]ledWkih[_Y^[dZ^eY^m[hj_][d"
akhp\h_ij_]b_gk_Z_[hXWh[d7aj_lWpkZ[Ya[d$KcZ[d?dij_jkj[d[_d[Wbbc^b_Y^[7dfWiikd]WdZ_[d[k[
C_dZ[ijWd\ehZ[hkd]pk[hbWkX[d"_ij[_dijk\[dm[_i[i7dij[_][dZ[i;h\bbkd]i]hWZiX_i'&&_c@W^h
(&'.leh][i[^[d$7bi?dij_jkjc_j8Wdab_p[dp][bj[dZ_[i[H[][bkd][dWkY^\hZ_[CBF
<_dWdpZ_[dijb[_ijkd][d7=kdZZWc_j\hZ[dCBFAedp[hd$CBF[h\bbjWbb[7d\ehZ[hkd][d$
Ijha[h[
8Wda[dh[]kb_[hkd]_d
;khefW
:_[;khef_iY^[8Wda[dWk\i_Y^jiX[^hZ[;87^WjWc'/$:[p[cX[h(&'*_^h[[dZ]bj_][dB[_jb_d_[d
pkcWk\i_Y^jb_Y^[d{X[hfh\kd]i#kdZ8[m[hjkd]ifhep[iiIkf[hl_iehoH[l_[mWdZ;lWbkWj_ed
FheY[ii"IH;Fl[h\\[djb_Y^j$:Wc_jmkhZ[\hZ_[pkijdZ_][d7k\i_Y^jiX[^hZ[d_dd[h^WbXZ[h;K
[hijcWbi[_d^Whced_i_[hj[hHW^c[d\hZ[d{X[hmWY^kd]i#kdZ8[m[hjkd]ifhep[iidWY^8Wi[b???
][iY^W\\[d$C_j>_b\[Z_[i[hB[_jb_d_[iebb[dZ_[H_i_a[dZ[h8Wda[djhWdifWh[dj[hkdZl[h]b[_Y^XWh[h
][cWY^jm[hZ[d$B[jpjb_Y^\^hjZ_[IH;F#B[_jb_d_[c_jj[b\h_ij_]pk[_d[hm[_j[h[d>Whced_i_[hkd]Z[i
7k\i_Y^jih[Y^jikdZZ[h7k\i_Y^jifhWn_i_dd[h^WbXZ[h;K$:[hp[_jWhX[_j[jZ_[8kdZ[iWdijWbj\h
<_dWdpZ_[dijb[_ijkd]iWk\i_Y^j8W<_dZWhX[h^_dWkiWd[_d[hDel[bb[Z[hC_dZ[ijWd\ehZ[hkd][dWdZWi
H_i_aecWdW][c[djCWH_ia"Z_[lehWkii_Y^jb_Y^m[_j[h[d7dfWiikd]iX[ZWh\\hZ_[?dij_jkj[c_ji_Y^
Xh_d][dm_hZ$
8Wda[dWk\i_Y^j
^Whced_i_[hj
:[h:[kjiY^[8kdZ[ijW]^WjWc()$7fh_b(&'+ZWiAb[_dWdb[][hiY^kjp][i[jpX[iY^beii[d$C_jZ[d
d[k[dH[][bkd][dm[hZ[dL[hXhWkY^[hX[ii[hlehh_iaWdj[dkdZ_djhWdifWh[dj[d<_dWdpfheZkaj[d
][iY^jpj$:Wi=[i[jpi_[^jc[^hkdZWajk[bb[h[?d\ehcWj_ed[d\h7db[][hiem_[
L[hjh_[XiX[iY^hdakd][d\h7dX_[j[hledL[hc][diWdbW][dlehkdZijhajZ_[7k\i_Y^jX[hZ[d
<_dWdpcWhaj$
C[^hIY^kjp\h
Ab[_dWdb[][h
Pkc'$@WdkWh(&'+_ijZWi=AL#<_dWdpijhkajkh#kdZGkWb_jji#M[_j[h[djm_Yabkd]i][i[jp<GM=_d
AhW\j][jh[j[d$:Wc_jmkhZ[Z[hWbb][c[_d[8[_jhW]iiWjppkh][i[jpb_Y^[dAhWda[dl[hi_Y^[hkd]led
'+"+Wk\'*",][i[daj$:_[i[hm_hZ`[m[_bi^b\j_]led7hX[_jd[^c[hkdZ7hX[_j][X[h][jhW][d$
PkZ[c]_Xj[i[_d[dPkiWjpX[_jhW]"Z[dZ_[][i[jpb_Y^[dAhWda[daWii[dWk\8Wi_i_^h[h<_dWdpbW][
h[][bc_]d[kX[ij_cc[d$(&'+bW][h_c:khY^iY^d_jjX[_&"/$;hm_hZWbb[_dledZ[d
7hX[_jd[^c[hdWk\][XhWY^jkdZ_dZ_l_Zk[bbledZ[dAWii[d\[ij][b[]j$
D[k[8[_jh][pkh
=[i[jpb_Y^[d
AhWda[dl[hi_Y^[hkd]
7k\]hkdZ^e^[hHYabW][daeddj[Z_[H[dj[daWii[Z[d8[_jhW]iiWjp\hZ_[H[dj[dl[hi_Y^[hkd]\h
ZWi@W^h(&'+kc&"(Fhep[djfkdaj[Wk\'."-i[da[d$?dZ[hH[dj[d#kdZAhWda[dl[hi_Y^[hkd]
ij_[][d]b[_Y^p[_j_]Z_[8[c[iikd]i]h[dp[d0_dZ[hWbb][c[_d[dH[dj[dl[hi_Y^[hkd]M[ijled+$/+&
ÁWk\,$&+&Á"_dEijZ[kjiY^bWdZled+$&&&ÁWk\+$(&&Á_cCedWj$:_[8[_jhW]iX[c[iikd]i]h[dp[_d
Z[h][i[jpb_Y^[dAhWda[dl[hi_Y^[hkd]ij_[](&'+Wk\*/$+&&ÁdWY^*.$,&&Á_cLeh`W^h$:_[
L[hi_Y^[hkd]if\b_Y^j]h[dp[[h^^j[i_Y^led+)$++&ÁWk\+*$/&&Á$
H[dj[dX[_jhW]][ikda[d"
8[_jhW]iX[c[iikd]i]h[dp[d
][ij_[][d
7kY^dWY^`d]ij[dKdj[hikY^kd][dmWh[dkdWX^d]_][7dX_[j[hm_[CBF"WbieL[hc_jjb[he^d[
[_][d[FheZkaj["X[_Z[hL[hc_jjbkd]led7bj[hilehieh][fheZkaj[d_d:[kjiY^bWdZled]he[h
8[Z[kjkd]$BWkjWajk[bb[cL[hjh_[Xim[][#Ikhl[o(&'+Z[hKdj[hd[^c[diX[hWjkd]Jem[hiMWjied
mWh[dZ_[i[_c7XiWjpledB[X[dil[hi_Y^[hkd]ifheZkaj[dZ[hZh_jjm_Y^j_]ij[8[hWjkd]ipm[_]_dZ[h
8hWdY^[$?^hCWhajWdj[_bWcl[hc_jj[bj[dD[k][iY^\jbW]X[_(,"+$7kiiY^b_[b_Y^a[_jil[hjh[j[h"Z_[
dkh[_d[[_dp_][=[i[bbiY^W\jl[hjh[j[d"[hh[_Y^j[dc_j(."-FbWjppm[_"adWff^_dj[hZ[d8Wda[d
(/"+$
KdWX^d]_][8[hWjkd]
m[_j[h][\hW]j
7kY^X[_Z[hL[hc_jjbkd]ledfh_lWj[dAhWda[dl[hi_Y^[hkd][dif_[b[dkdWX^d]_][8[hWj[hbWkjZ[d
`d]ij[dPW^b[dledJem[hiMWjieddWY^m_[leh[_d[m_Y^j_][Hebb[0C_j[_d[cCWhajWdj[_bled
)*")i_dZi_[dWY^Z[d7kiiY^b_[b_Y^a[_jil[hjh[j[hdZ_[pm[_jm_Y^j_]ij[8[hWj[h]hkff[$
ZUSAMMENGEFASSTER LAGEBERICHT
35

Download Report