socialnet Materialien: Case Management

Case Management
Zur intramuralen Inklusionsmöglichkeit
dieser Methode bei zu lebenslanger
Haft verurteilten Straftätern
Lars Rodowski
veröffentlicht unter den socialnet Materialien
Publikationsdatum: 05.11.2015
URL: http://www.socialnet.de/materialien/26581.php
/DUV5RGRZVNL0$
)DFKVR]LDODUEHLWHUIU.OLQLVFKH6R]LDODUEHLW
&OLQLFDO6RFLDO:RUNHU=.6
&DVH0DQDJHPHQW
=XULQWUDPXUDOHQ,QNOXVLRQVP|JOLFKNHLWGLHVHU0HWKRGH
EHL]XOHEHQVODQJHU+DIWYHUXUWHLOWHQ6WUDIWlWHUQ
$EVFKOXVVDUEHLW]XU(UODQJXQJGHV=HUWLILNDWV
Ä=HUWLIL]LHUWHU&DVH0DQDJHU´'*&&
(LQJHUHLFKWEHL
(LQJHUHLFKWLP
=HUWLIL]LHUXQJ )UDXHQ&RPSXWHU=HQWUXP%HUOLQH9)&=%H9
2NWREHU
Ä8QVHUH SUDNWLVFKH (UIDKUXQJ OHJW XQV QDKH GDVV MHGH 0LQXWH GLH PDQ ]X %HJLQQ HLQHU
7KHUDSLH GDUDXI YHUZHQGHW LKUHQ .RQWH[W ]X NOlUHQ VSlWHU PLQGHVWHQV HLQH 6WXQGH GHU
7KHUDSLH]HLWHUVSDUWZHQQQLFKWJDUÃ7DJH0RQDWHRGHU-DKUH³
)ULW]%6LPRQXQG*XQWKDUG:HEHU
]LWLHUWQDFK.OHYH6
9RUZRUW
'LHYRUOLHJHQGH$UEHLWZXUGHGXUFKGHQ9HUIDVVHUDOV&DVH0DQDJHPHQW$EVFKOXVVDUEHLWLP
3URMHNW Ä7UDQVLW ± 4XDOLIL]LHUXQJ XQG $UEHLW P YROO]XJOLFKHQ hEHUJDQJVPDQDJHPHQW³ LP
2NWREHU GHP )UDXHQ&RPSXWHU&HQWUXP%HUOLQ H9 ]HUWLIL]LHUWHV &DVH 0DQDJHPHQW
$XVELOGXQJVLQVWLWXWYRUJHOHJW0LWGHU$UEHLWZXUGHJOHLFK]HLWLJGDV=HUWLILNDWÄ&DVH0DQDJHU
'*&&³HUZRUEHQ'LHVHVZXUGHDPLQHLQHPIHLHUOLFKHQ5DKPHQGHUÄ7UDQVLW³
$EVFKOXVVYHUDQVWDOWXQJ
LP
3OHQDUVDDO
GHV
%HUOLQHU
.DPPHUJHULFKWV
DQ
DOOH
3URMHNWWHLOQHKPHQGHQEHUUHLFKWZHOFKHGLH:HLWHUELOGXQJ]XPÄ&DVH0DQDJHU³HUIROJUHLFK
EHVWDQGHQKDEHQ 'LH $UEHLW HUKHEW NHLQHQ $QVSUXFK DXI 9ROOVWlQGLJNHLW EH]JOLFK GHV 8PIDQJHQV GHU
$QZHQGXQJVP|JOLFKNHLWHQ GHU 0HWKRGH &DVH 0DQDJHPHQW $XFK ZXUGH QXU GLH
WKHPHQEH]RJHQH /LWHUDWXU KHUDQJH]RJHQ (V ZXUGH EHZXVVW DXI ZHLWHUIKUHQGH 7KHRULHQ
GHU 6R]LDOHQ $UEHLW YHU]LFKWHW GD GLHVH GDV .HUQWKHPD QLFKW EHUKUWHQ 6R ]XP %HLVSLHO
N|QQWH PLW +LOIH GHU ÄVWHOOYHUWUHWHQGHQ ,QNOXVLRQ³ VOHLVWXQJ QDFK 3DQWXFHN GXUFK GLH
6R]LDOH $UEHLW DNWLY YHUVXFKW ZHUGHQ GHP 5HVR]LDOLVLHUXQJVDQVSUXFK GHV *HVHW]JHEHUV
JHUHFKW ]X ZHUGHQ 1HXHUH 7KHRULHQ ZLH GHU Ä&DSDELOLW\$SSURDFK³ YRQ 6HQ XQG
1XVVEDXP VLQG QLFKW QXU SROLWLVFK HLQ KRFKEULVDQWHV 7KHPD VRQGHUQ DXFK LQQHUKDOE GHU
6R]LDOHQ $UEHLW YRQ JUR‰HU %HGHXWXQJ IDQGHQ LQ GHU $UEHLW MHGRFK DXFK NHLQH
%HUFNVLFKWLJXQJ
/HW]WOLFKOHLVWHW&DVH0DQDJHPHQWDEHUDXFKKLHUHLQHQ%HLWUDJZHLOHVGLH.OLHQWHQLQGHQ
0LWWHOSXQNWUFNWXQGPLWGHU5HVVRXUFHQRULHQWLHUXQJDXFKGLHÄ$XWRQRPLHEHVWUHEXQJHQ³GHU
.OLHQWHQ EHUFNVLFKWLJW E]Z GHUHQ 6HOEVWYHUZLUNOLFKXQJVP|JOLFKNHLWHQ LQ GHQ %OLFN QLPPW
ZHLO VLH GLH .OLHQWHQ DNWLY LQ GHQ %HKDQGOXQJVSUR]HVV PLWHLQEH]RJHQZHUGHQ ]XPLQGHVW
LQQHUKDOEHLQHVDXWRQRPLHI|UGHUQGHQ3DWHUQDOLVPXV
%HUOLQGHQ
/DUV5RGRZVNL
KWWSWUDQVLWEHUOLQHXDNWXHOOHV>@
,QKDOW
9RUZRUW
$EVWUDFW
&DVH0DQDJHPHQW
.OlUXQJVSKDVH
)DOOHLQVFKlW]XQJ
+LOIHSODQXQJ
,QWHUYHQWLRQ
0RQLWRULQJ
(YDOXDWLRQ
&DVH0DQDJHPHQWLP6WUDIYROO]XJ
'HVNULSWLRQGHUSUDNWLVFKHQ'XUFKIKUXQJ
.OLHQW
.OLHQW
(UNHQQWQLVVH
5HVPHH
$XVEOLFN
/LWHUDWXUYHU]HLFKQLV
$EVWUDFW
'LHYRUOLHJHQGH$UEHLWEHIDVVWVLFKPLWGHPZLVVHQVFKDIWOLFKWKHRUHWLVFKHQ+LQWHUJUXQG]XP
&DVH 0DQDJHPHQW GHU SUDNWLVFKHQ $QZHQGXQJ LQ )RUP HLQHU 'HVNULSWLRQ UHVSHNWLYH PLW
hEHUOHJXQJHQ IU GLH *UXQGODJH HLQHU JHOLQJHQGHQ ,PSOHPHQWLHUXQJ LQQHUKDOE GHV
6WUDIYROO]XJV EHL ]X OHEHQVODQJHU +DIW YHUXUWHLOWHQ 6WUDIWlWHUQ:lKUHQG LQ GHU 7KHRULH GDV
YHURUWHW LVW ZDV HLQ ÄJXWHV³ &DVH 0DQDJHPHQW DXVPDFKW ZLUG LP 3UD[LVWHLO GHU $UEHLW
GHXWOLFKZHOFKH+UGHQHVQRFK]XQHKPHQJLOW
(VZXUGHEHZXVVWGDUDXIYHU]LFKWHWGHQ$OOWDJGHU3UD[LVHLQULFKWXQJ-XVWL]YROO]XJVDQVWDOW]X
EHVFKUHLEHQ 9LHOPHKU ZXUGH DXI GLH WKHRUHWLVFKH 9HURUWXQJ GHV &DVH 0DQDJHPHQWV XQG
GHVVHQSUDNWLVFKHQ$QZHQGXQJZHUWJHOHJW
$P 6FKOXVV VROO GHXWOLFK ZHUGHQ LQ ZHOFKHQ %HUHLFKHQ &DVH 0DQDJHPHQW QRFK
9HUEHVVHUXQJVEHGDUI KDW XQG ZHOFKH JUR‰DUWLJH &KDQFH HV ELHWHQ N|QQWH 'DEHL NRPPW
DXFK ]XU 6SUDFKH GDVV HLQH VHKU KRKH )DFKOLFKNHLW QRWZHQGLJ LVW XQG =HLW
EH]LHKXQJVZHLVH )LQDQ]UHVVRXUFHQ GDIU ]XU 9HUIJXQJ VWHKHQ PVVHQ &DVH
0DQDJHPHQW DXV 6LFKW GHU 6R]LDOHQ $UEHLW LVW QLFKW GDIU GD ZLUWVFKDIWOLFKHU ]X DUEHLWHQ
DEHUHVYHUPDJYLHOOHLFKWLQHLQLJHQ%HUHLFKHQHIIHNWLYHUH(UJHEQLVVH]XHU]LHOHQ
'LHYRUOLHJHQGH$UEHLWEH]LHKWVLFKH[SOL]LWDXIGLH$UEHLWLQQHUKDOEHLQHV&DVH0DQDJHPHQW
3URMHNWVPLW]XOHEHQVODQJHU+DIWYHUXUWHLOWHU0lQQHULQHLQHU%HUOLQHU-XVWL]YROO]XJVDQVWDOW
(LQH GLIIHUHQ]LHUWH 'DUVWHOOXQJ DOOHU P|JOLFKHQ ,QVWUXPHQWH GLH LP &DVH 0DQDJHPHQW ]X
(LQVDW] NDPHQ VROO QLFKW QlKHU H[SOL]LHUW ZHUGHQ 'DIU ZLUG DEHU DXI GLH
6LWXDWLRQVHLQVFKlW]XQJ XQG GLH (YDOXDWLRQ EHVRQGHUV HLQJHJDQJHQ ]XPDO GLHVH EHLGHQ
,QVWUXPHQWH6FKZHUSXQNWHGDUVWHOOHQZHOFKHDXIHLQDQGHU%H]XJQHKPHQ'LH$XV]JHGHV
Ä$EVFKOXVVERJHQ IU .OLHQWHQ³ ZHOFKH LQ GLH $UEHLW PLW HLQIORVVHQ HEHQVR ZLH GHU
Ä(LQVFKlW]XQJVERJHQ³VLQG(UJHEQLVVHGHUYRP)UDXHQ&RPSXWHU=HQWUXP%HUOLQH9)&=%
GXUFKJHIKUWHQ 3URMHNWH Ä2$6,6 2SWLPLHUXQJ DUEHLWVPDUNWOLFKHU XQG VR]LDOHU
,QWHJUDWLRQ LP 6WUDIYROO]XJ³ XQG Ä7UDQVLW ± 4XDOLIL]LHUXQJ XQG $UEHLW LP YROO]XJOLFKHQ
hEHUJDQJVPDQDJHPHQW³ %HL QlKHUHP ,QWHUHVVH N|QQHQ GLHVH 0DWHULDOLHQ DXI GHU 7UDQVLW
3URMHNW:HEVLWHKHUXQWHUJHODGHQZHUGHQ
KWWSWUDQVLWEHUOLQHXZSFRQWHQWXSORDGVWUDQVLWBFDVHPDQDJHPHQWBGRZQORDGSGI
'LH EHL HQWVSUHFKHQGHU %HQXW]XQJ EOLFKHUZHLVH YHUZHQGHWHQ $ENU]XQJV XQG
$EELOGXQJVYHU]HLFKQLVVHZXUGHQKLHUEHZXVVWZHJJHODVVHQ'LHZHQLJHQ7DEHOOHQXQGGLH
HLQH *UDILN ZHUGHQ VRZRKO LP 7H[W DOV DXFK GLUHNW XQWHUKDOE LKUHU $EELOGXQJ HUNOlUW
EH]LHKXQJVZHLVHDXIGLHHQWVSUHFKHQGH/LWHUDWXUYHUZLHVHQ
&DVH0DQDJHPHQW
6R]LDOH $UEHLW KDW GLH $XIJDEH HLQH LQGLYLGXHOOH /HEHQVJHVWDOWXQJ EH]LHKXQJVZHLVH ±
/HEHQVIKUXQJ YRQ KLOIHEHGUIWLJHQ 0HQVFKHQ ]X HUP|JOLFKHQ Ä'DV GLH 7KHRULH OHLWHQGH
,QWHUHVVH DQ LKU JUQGHW LQ GHU DOOJHPHLQHQ $XIJDEHQVWHOOXQJ VR]LDOHU $UEHLW ]X GLHVHP
*HOLQJHQ EHL]XWUDJHQ EH]LHKXQJVZHLVH HLQHP 6FKHLWHUQ HQWJHJHQ]XZLUNHQ³ :HQGW D
6
(LQH 0|JOLFKNHLW GLH LQGLYLGXHOOH /HEHQVJHVWDOWXQJ EH]LHKXQJVZHLVH ± /HEHQVIKUXQJ ]X
XQWHUVWW]HQLVWGDV&DVH0DQDJHPHQW
&DVH0DQDJHPHQWKDWVHLQHQ8UVSUXQJLPDPHULNDQLVFKHQVRFLDOFDVHZRUNLQ$QOHKQXQJ
DQGHQPHGL]LQLVFKHQ'UHLVFKULWW$QDPQHVH'LDJQRVH7KHUDSLHPLWGHP=LHO0HQVFKHQ
PLW0XOWLSUREOHPEHODVWXQJHQLP.RQWH[WGHUGRUWLJHQ(QWKRVSLWDOLVLHUXQJVZHOOHLQGLYLGXHOO]X
XQWHUVWW]HQ'RUWOHEWHQELV0LWWHGHULJHU-DKUHGHVYHUJDQJHQHQ-DKUKXQGHUWVPHKUDOV
HLQH KDOEH 0LOOLRQ 0HQVFKHQ PLW %HKLQGHUXQJHQ RGHU SV\FKLDWULVFKHQ (UNUDQNXQJHQ LQ
LQVWLWXWLRQDOLVLHUWHU )RUP $QVWDOWHQ +HLPH &DVH 0DQDJHPHQW JDOW IRUWDQ DOV
NRRUGLQLHUHQGH DPEXODQWH 'LHQVWOHLVWXQJ PLW GHP =LHO GHQ EHWURIIHQHQ 0HQVFKHQ Ä>«@
VR]LDOHPHGL]LQLVFKHXQGHU]LHKHULVFKH8QWHUVWW]XQJ>«@³:HQGW]XNRPPHQ]X
ODVVHQ
&DVH 0DQDJHPHQW ZLUG RE DOV 0HWKRGH 3URJUDPP RGHU +DQGOXQJVNRQ]HSW ± VHLWKHU LQ
]DKOUHLFKHQ +DQGOXQJVIHOGHUQ GHU 6R]LDOHQ $UEHLW LP *HVXQGKHLWV XQG +XPDQGLHQVW
DQJHZHQGHW &DVH 0DQDJHPHQW ]HLFKQHW VLFK GXUFK VHLQHQ V\VWHPDWLVLHUHQGHQ XQG
NRRUGLQLHUHQGHQ &KDUDNWHU DXV ,Q ORJLVFK DXI HLQDQGHU IROJHQGHQ 6FKULWWHQ ILQGHW OHW]WOLFK
GDVVWDWWZDV$OLFH6DORPRQVFKRQLQLKUHPYHU|IIHQWOLFKHQ:HUNÄ6R]LDOH'LDJQRVH³
SRVWXOLHUWH 6DORPRQ EHUQDKP GDV NRQ]HSWLRQHOO DQ GHU 0HGL]LQ RULHQWLHUWH
'LDJQRVWLNYHUIDKUHQ YRQ 0DU\ 5LFKPRQG GLH HV EHUHLWV LQ LKU 9RUOlXIHUNRQ]HSW ]XP
KHXWLJHQ &DVH 0DQDJHPHQW GHP &DVH :RUN LPSOHPHQWLHUWH YJO %LHVHO 6I YJO
.OHYH6YJO.OLQJ.LUFKQHU6I
$XV $QDPQHVH 'LDJQRVWLN XQG 7KHUDSLH GLIIHUHQ]LHUWHQ VLFK VFKOLH‰OLFK GLH NRQNUHWHUHQ
6FKULWWH $VVHVVPHQW 3ODQQLQJ ,QWHUYHQWLRQ 0RQLWRULQJ XQG (YDOXDWLRQ YJO 0OOHU 6 'LHVHQ IQI 6FKULWWHQ VLQG QRFK GHU GHV ,QWDNH DP %HJLQQ XQG DP (QGH GHU GHV
5HFKHQVFKDIWVEHOHJV DQJHVFKORVVHQ 'DEHL LPSOL]LHUW GHU %HJULII GHV ,QWDNH DEHU QRFK GLH
5HLFKZHLWHRXWUHDFKGHV'LHQVWHVXQGGLH=XJDQJVJHVWDOWXQJDFVHVVYJO:HQGW
6
'LH'HILQLWLRQYRQ&DVH0DQDJHPHQWNDQQPLW.OHYH6ZLHIROJWDXVVHKHQÄ,P
&DVH 0DQDJHPHQW JHKW HV GDUXP GLH 0HQVFKHQ GDEHL ]X XQWHUVWW]HQ GLH HLJHQHQ
5HVVRXUFHQXQGOHEHQVZHOWOLFKHQ1HW]ZHUNHVRJXWZLHP|JOLFK]XQXW]HQXQG'HIL]LWHGLH
QLFKW VHOEVWVWlQGLJ RGHU GXUFK DQGHUH SULYDWOHEHQVZHOWOLFKH 0|JOLFKNHLWHQ NRPSHQVLHUW
ZHUGHQ N|QQHQ GXUFK GLIIHUHQ]LHUW XQG SODQYROO HLQJHVHW]WH SURIHVVLRQHOOH +LOIHQ ]X
NRPSHQVLHUHQ³
,Q GHU =HLW YRQ 0DU\ 5LFKPRQG XQG $OLFH 6DORPRQ DOVR LQ GHU 0RGHUQH ZDU GLH
*HVHOOVFKDIW QRFK GXUFK .ODVVHQ XQG 6WlQGH JHSUlJW HUJDE DEHU LQ JHZLVVHU :HLVH HLQ
*DQ]HV LQ GHP HV DXFK HLQ IXQNWLRQLHUHQGHV )UVRUJHV\VWHP JDE XQG %HVVHUJHVWHOOWH
ZHOFKH 6FKZlFKHUHQ +LOIH XQG 8QWHUVWW]XQJ JDEHQ 'HU HLQ]HOQH 0HQVFK ZDU LQ GLHVHV
Ä0HWDV\VWHP³LQNOXGLHUWJOHLFKZHOFKHU6FKLFKWHUDQJHK|UWH
'LH 3RVWPRGHUQH YJO KLHU]X DXFK .OHYH 6 I 6 SRVWLQGXVWULHOOH
*HVHOOVFKDIW KLQJHJHQ LVW LQ 7HLOV\VWHPH DXIJHVSDOWHW GLH IXQNWLRQDO XQG DXWRQRP VLQG
EH]LHKXQJVZHLVHHEHVRH[LVWLHUHQN|QQHQYJO6FKPLGW6'HUHLQ]HOQH0HQVFK
LVW DXFK KHXWH VHOEVW ZHQQ HU ]% ODQJ]HLWDUEHLWVORV LVW 7HLO GHU *HVHOOVFKDIW ZHLO HU ]%
GLHVHOEHQ
0HQVFKUHFKWH
RGHU
6WDDWVEUJHUVFKDIW
EHVLW]W
ZLH
GLH
EULJHQ
*HVHOOVFKDIWVPLWJOLHGHU XQG LVW GDPLW VR EHWUDFKWHW LQNOXGLHUW*OHLFK]HLWLJ LVW HU DEHU DXFK
YRQ $XVJUHQ]XQJ EHWURIIHQ DOVR H[NOXGLHUW ZHLO HU VLFK HLQH 0LWJOLHGVFKDIW LQ HLQHP GHU
]DKOUHLFKHQ 7HLOV\VWHPH JDU QLFKW ÄOHLVWHQ³ NDQQ 6FKPLG 6 I JLEW KLHUIU PLW
9HUZHLVDXIDQGHUH$XWRUHQDQGDVVVLFKVROFKH0HQVFKHQJHVHOOVFKDIWOLFKVRZRKOGULQQHQ
DOVDXFKGUDX‰HQ6FKPLGW6EHILQGHQ0LW9HUZHLVDXIÄ>«@/XKPDQQV9HUVLRQ
GHU 6\VWHPWKHRULH EHVWHKHQ VR]LDOH 6\VWHPH DXV .RPPXQLNDWLRQHQ XQG QXU EHU
NRPPXQLNDWLYH $QVFKOXVVIlKLJNHLW SDUWL]LSLHUHQ 3HUVRQHQ DQ GHQ 2SHUDWLRQHQ GHU
7HLOV\VWHPH³6FKPLG6
'HU 6R]LDOHQ $UEHLW NRPPW XQWHU 9HUZHQGXQJ GHU 0HWKRGH GHV &DVH 0DQDJHPHQWV GLH
$XIJDEH]XGLHVHNRPPXQLNDWLYH$QVFKOXVVIlKLJNHLWZLHGHUKHU]XVWHOOHQ
.OHYHVLHKWGDV&DVH0DQDJHPHQWJDQ]NODUDOVÄHLQH0HWKRGHGHU6R]LDOHQ$UEHLW³.OHYH
6 YJO DXFK 'RUIPDQ 6 ZREHL VLH &DVH 0DQDJHPHQW DOV HLQH
0HWKRGH GHU NOLQLVFKHQ 6R]LDODUEHLW YHUVWHKW ZREHL HU LQ HLQHU VHLQHU VSlWHUHQ
3XEOLNDWLRQHQ LPSOL]LW GDYRU ZDUQW GHQ XUVSUQJOLFK JHQHUDOLVWLVFKHQ $QVDW] GHU 6R]LDOHQ
$UEHLW PLW VHLQHP 6FKZHUSXQNW DXI .RPPXQLNDWLRQ GXUFK HLQ DXI (IIL]LHQ] XQG (IIHNWLYLWlW
DXVJHULFKWHWHV&DVH0DQDJHPHQW]XYHUODJHUQYJO.OHYH69LHOPHKUVLHKW
.OHYH GLH $XIJDEH GHV &DVH 0DQDJHPHQW GDULQ %UFNHQ ]X EDXHQ ]ZLVFKHQ GHQ
YHUVFKLHGHQHQVLFKKHUDXVJHELOGHWHQ6SH]LDOJHELHWHQGHQHQVLFK.OLHQWLQQHQXQG.OLHQWHQ
GHU6R]LDOHQ$UEHLWKHXWHJHJHQEHUVHKHQHEG
%LHVHO 6 JHKW VRJDU QRFK HLQHQ 6FKULWW ZHLWHU LQ GHP HU YRUHLQHU Ä'HPRQWDJH
VR]LDODUEHLWHULVFKHU VR]LDOSlGDJRJLVFKHU +DQGOXQJVSULQ]LSLHQ XQG >YRU GHU G 9@
9HUIHVWLJXQJ EHUWULHEHQHU EHWULHEVZLUWVFKDIWOLFKHU :LUNXQJVDQQDKPHQ >EH]LHKXQJVZHLVH
YRU@ DXWRULWlUHQ 6WHXHUXQJVSUDNWLNHQ >ZDUQW ZHOFKH G 9@ VFKOLPPVWHQIDOOV GHQ
JHVHOOVFKDIWOLFKHQ6WHOOHQZHUWXQGGHQ(UIROJ6R]LDOHU$UEHLWJHIlKUGHQ³
,QQHUKDOE GHU 6R]LDOHQ $UEHLW ELUJW &DVH 0DQDJHPHQW MHGRFK GLH JUR‰H &KDQFH GDIU
JHQXW]W ]X ZHUGHQ GLH ]DKOUHLFKHQ NRPPXQLNDWLYHQ 6FKQLWWVWHOOHQ GHV LQ 7HLOV\VWHPH XQG
(LQ]HORUJDQLVDWLRQHQ DXIJHEURFKHQHQ 0HWDV\VWHPV GHV 6R]LDOVWDDWHV 'HXWVFKODQG ZLHGHU
PLWHLQDQGHU]XYHUELQGHQYJO6FKPLGW6IZDVHWZDVKHUXQWHUJHEURFKHQDXFK
IU GLH YLHOVFKLFKWLJHQ =XVWlQGLJNHLWVEHUHLFKH LQQHUKDOE HLQHU -XVWL]YROO]XJVDQVWDOW JHOWHQ
N|QQWH
&DVH 0DQDJHPHQW VROOWH DOOHUGLQJV QLFKW SULPlU DQ (IIHNWLYLWlW XQG (IIL]LHQ] JHPHVVHQ
ZHUGHQ VRQGHUQ GDUDQ RE HV PLW &DVH 0DQDJHPHQW JHOLQJHQ NDQQ Ä>«@ GDIU 6RUJH ]X
WUDJHQ JHUDGH MHQHQ EHL]XVWHKHQ GLH DXI EHGLQJXQJVORVH +LOIH XQG 8QWHUVWW]XQJ ]XU
%HZlOWLJXQJLKUHUVR]LDOHQ3UREOHPHDQJHZLHVHQVLQG³%LHVHO6
,P)ROJHQGHQVROOHQDX‰HUGHP5HFKHQVFKDIWVEHOHJGLHVHUZLUGLPYRUOLHJHQGHQ)DOOGXUFK
GLHVH$EVFKOXVVDUEHLWYRUJHQRPPHQGLHHUVWHQVHFKV6FKULWWHGHV&DVH0DQDJHPHQWNXU]
QlKHUHUOlXWHUWZHUGHQ
.OlUXQJVSKDVH
,QGHU.OlUXQJVSKDVHRGHUDXFKLPVRJHQDQQWHQ,QWDNHILQGHQGLH,QIRUPDWLRQHQ]XP&DVH
0DQDJHPHQW IU GHQ EHWHLOLJWHQ .OLHQWHQ VWDWW :HVHQWOLFK LVW GDVV GHU .OLHQW EHL HLQHU
=XVDJH DQ GHU 7HLOQDKPH GHV &DVH 0DQDJHPHQW3URMHNWV HLQH %HUDWXQJVYHUHLQEDUXQJ
HLQJHKW=XVlW]OLFKLVWHUDXFKDQJHKDOWHQHLQH6FKZHLJHSIOLFKWHQWELQGXQJIUVHLQHQVHLQH
*UXSSHQOHLWHULQ6R]LDODUEHLWHULQ]XHUWHLOHQ'LHVKDWGHQ=ZHFNGDVVVLFKDOOHDP3URMHNW
7HLOQHKPHQGHQ EHVVHU EHU GLH (UIROJH XQG 6FKZLHULJNHLWHQ GHV 3URMHNWYHUODXIV
DXVWDXVFKHQ N|QQHQ &DVH 0DQDJHPHQW NRPPW DEHU QXU EHL GHQ .OLHQWHQ LQ %HWUDFKW EHL
GHQHQ HLQH NRPSOH[H %HGUIQLVVLWXDWLRQ YRUOLHJW HV HLQH KRKH $NWHXUVGLFKWH JLEW XQG VLH
EHU HLQHQ KRKHQ 0DQJHO DQ 5HVVRXUFHQ YHUIJHQ XQG GDKHU DXFK QLFKW YRQ HLQHU
5HJHOYHUVRUJXQJDOOHLQSURILWLHUHQN|QQHQYJO(KOHUV0OOHU6
:HQGW 6 6 ZHL‰W DEHU DXFK GHXWOLFK GDUDXI KLQ GDVV EHL GHU
$XVZDKOGHU.OLHQWLQQHQXQG.OLHQWHQDXIGHUHQ(LJHQHQJDJHPHQWXQG&RPSOLDQFHJHDFKWHW
ZHUGHQ PXVV 'LHV LVW LQVRIHUQ YRQ %HGHXWXQJ DOV GDVV QLFKW MHGHU .OLHQW PLW HLQHU
IDFHWWHQUHLFKHQ3UREOHPDWLNQXUDOOHLQGHVKDOEGXUFKHLQ&DVH0DQDJHPHQWEHWUHXWZHUGHQ
NDQQ ZHQQ HU R J %HGLQJXQJHQ HUIOOW YLHOPHKU JLEW HU DXFK GHQ +LQZHLV GDVV &DVH
0DQDJHPHQW HEHQVR EHL XQIUHLZLOOLJHQ .OLHQWLQQHQ XQG .OLHQWHQ HWZD LQ GHU
%HZlKUXQJVKLOIH ]XP (LQVDW] NRPPHQ NDQQ +DPSH*URVVHU NRPPW VRJDU ]X GHP
6FKOXVVÄ8QIUHLZLOOLJNHLWLVWQRUPDO³+DPSH*URVVHU6
)DOOHLQVFKlW]XQJ
,Q GHU )DOOHLQVFKlW]XQJ GHP VRJQ $VVHVVPHQW ILQGHQ GLH .RQWH[WDQDO\VH
EH]LHKXQJVZHLVH GLH 3UREOHP XQG 5HVVRXUFHQDQDO\VH YJO :HQGW 6 +D\H .OHYH 6 YJO 1HXIIHU 6 EHU GHQ MHZHLOLJHQ .OLHQWHQ VWDWW 'LH
$QDO\VH GHV .RQWH[WHV HUIDVVW KLHUEHL GLH LQIRUPHOOHQ IRUPHOOHQ VR]LDOHQ XQG IDPLOLlUHQ
.RQWDNWH GHV .OLHQWHQ ,P %HUHLFK GHU 5HVVRXUFHQDQDO\VH ZHUGHQ JHPHLQVDP PLW GHP
.OLHQWHQGHVVHQSHUV|QOLFKHQUHVSHNWLYHPDWHULHOOHQ)lKLJNHLWHQXQG)HUWLJNHLWHQVRZLHGLH
DOV SRVLWLY ]X EHZHUWHQGHQ SULYDWHQ XQG SURIHVVLRQHOOHQ %H]LHKXQJHQ XQG GHUHQ 0XVWHU
HUIDVVW'LHVJHVFKLHKWLQHUVWHU/LQLHPLWWHOV9LVXDOLVLHUXQJGKHVZHUGHQPLWGHP.OLHQWHQ
HLQH 5HVVRXUFHQ XQG HLQH 1HW]ZHUNNDUWH HUVWHOOW 'HU 6LWXDWLRQVHLQVFKlW]XQJVERJHQ
EHLQKDOWHW .DUGLQDOEHUHLFKH GHV DOOWlJOLFKHQ /HEHQV XQG LP YRUOLHJHQGHQ )DOO LQNO HLQHV
%HUHLFKV GHU H[SOL]LW DXI GHQ 9ROO]XJ EH]RJHQ LVW 'LHVH VHFKV %HUHLFKH XQWHUWHLOHQ VLFK
ZLHGHUXP LQ 8QWHUEHUHLFKH =XP %HLVSLHO JLEW HV LP %HUHLFK ± 6HOEVWYHUVRUJXQJ
)UDJHQ ]XU :RKQVLWXDWLRQ RGHU +DXVKDOWVIKUXQJ XQG LQ HLQHP DQGHUHQ %HUHLFK ZLUG GHU
.OLHQW QDFK VHLQHU %H]LHKXQJ ]X VHLQHU )DPLOLH HWF EHIUDJW 'LH 6LWXDWLRQVHLQVFKlW]XQJ
HUIROJW DQKDQG HLQHU 6NDOD YRQ ZREHL GHU K|FKVWH ]X HUUHLFKHQGH =XVWDQG LVW
'LHVH /LVWH ZLUG LP 9HUODXI GHU %HKDQGOXQJ LPPHU ZLHGHU EHUSUIW XP 9HUlQGHUXQJHQ
VLFKWEDU]XPDFKHQ0RQLWRULQJ'LHKLHUJHQDQQWHQ,QVWUXPHQWHN|QQHQMHQDFK(UIRUGHUQLV
DXFK GXUFK DQGHUH HUJlQ]W ZHUGHQ YJO :HQGW 6 ZLH ]% GXUFK GLH
(UVWHOOXQJYRQ*HQRJUDPPHQHLQHU(FR0DSHLQHV=HLWVWUDKOVGLH9LVXDOLVLHUXQJGHUÄIQI
6lXOHQGHU,GHQWLWlW³XVZ
3UlJHQGLVWLQGLHVHU3KDVHGLH)RUPGHU*HVSUlFKVIKUXQJGLHQRQGLUHNWLYVHLQPXVVYJO
:HQGW 6 ZDV DOOHUGLQJV LP:LGHUVSUXFK ]XP DXFK P|JOLFKHQ =ZDQJVHLQVDW]
YRQ&DVH0DQDJHPHQWVWHKW
1HEHQ HLQHU ÄVWDQGDUGLVLHUWHQ³ 6LWXDWLRQVHLQVFKlW]XQJ ZLH VLH IU GDV KLHU EHVFKULHEHQH
3URMHNWYHUZHQGHWZXUGHLVWQDWUOLFKHDXFKHLQHLQGLYLGXHOOH%HGDUIVHUKHEXQJP|JOLFKYJO
:HQGW6
+LOIHSODQXQJ
%HL GHU +LOIHSODQXQJ ILQGHW GLH 3ODQXQJ GHU =LHOH VWDWW GLH DQKDQG GHU 3UREOHPH DXV GHU
6LWXDWLRQVHLQVFKlW]XQJ DEJHOHLWHW ZHUGHQ 'DEHL VROOHQ HLQH 3ULRULWlWHQVHW]XQJ XQG HLQH
'HWDLOSODQXQJ EHL GHU =LHOHUIDVVXQJ VWDWWILQGHQ (V VROOHQ LQVJHVDPW +DXSW]LHOH
HQWZLFNHOW ZHUGHQ ZREHL GLHVH PLWWHOV HLQHU QDFKJHVFKDOWHWHQ 'HWDLOSODQXQJ LQ MHZHLOV 8QWHU]LHOHDXIJHEURFKHQZHUGHQ'LH*HZLFKWXQJGLHVHU8QWHU]LHOHJHVWDOWHWVLFKDQDORJ]X
LKUHU$XI]lKOXQJZREHLGDQQGDV+DXSWXQWHU]LHOLVWGDUXQWHUGLH8QWHU]LHOHDXIJHOLVWHW
ZHUGH GDQQ GDV +DXSW]LHO EHQDQQW ZLUG XVZ %HL GHU JHQDXHQ %HVFKUHLEXQJ GHU =LHOH
ZLUGDXIGDVVPDUW0RGHOOYJO1HXIIHU6]XUFNJHJULIIHQ'LH$ENU]XQJVWHKW
IU GLH %HJULIIH VSH]LILVFK PHVVEDU DN]HSWDEHO UHDOLVWLVFK XQG WHUPLQLHUW $QKDQG GLHVHU
2ULHQWLHUXQJODVVHQVLFK=LHOHOHLFKWHUEHQHQQHQXQGVSlWHUDXFKDXVZHUWHQ
'LH +LOIHQ EH]LHKHQ VLFK QDWUOLFK DXI GLH %HKHEXQJ RGHU /LQGHUXQJ YRQ 'HIL]LWHQ XQG
3UREOHPHQ 8P GLHVH EHUKDXSW HUVW VLFKWEDU ]X PDFKHQ LVW HV YRQ JUR‰HU %HGHXWXQJ
JHPHLQVDPPLWGHP.OLHQWHQ+\SRWKHVHQYJO:HQGW6+D\H.OHYH6
EHU GHUHQ (QWVWHKXQJ ]X HQWZLFNHOQ (UVW KLHUQDFK LVW DXFK GLH NRQNUHWH =LHOSODQXQJ
P|JOLFK
,QWHUYHQWLRQ
%HL GHU DOV ,QWHUYHQWLRQ JHQDQQWHQ 3KDVH GHV &DVH 0DQDJHPHQW KDQGHOW HV VLFK LQ HUVWHU
/LQLHQLFKWXPHLQH%HKDQGOXQJVPD‰QDKPHGLHYRP&DVH0DQDJHPHQWVHOEVWGXUFKJHIKUW
ZLUG YJO :HQGW 6 YJO .OHYH 6 9LHOPHKU KDQGHOW HV VLFK XP HLQH
.RQWUROOH GHU 'XUFKIKUXQJ YRQ 8QWHUVWW]XQJVPD‰QDKPHQ GLH LQ GHU +LOIHSODQXQJ
IHVWJHOHJWZXUGHQ
*OHLFKZRKO ZHLVHQ +D\H .OHYH 6 VFKRQ IUK]HLWLJ GDUDXI KLQ GDVV HLQH
EHGLQJXQJVORVH :HUWVFKlW]XQJ XQG LQWHQVLYH %H]LHKXQJVDUEHLW GLH +LOIHVWHOOXQJ WUDJHQ
PXVVGDPLWGLHYHUHLQEDUWHQ=LHOHHUUHLFKWZHUGHQN|QQHQVRGDVVGLHKHOIHQGH%H]LHKXQJ
OHW]WOLFKDXFKZLHGHUEHHQGHWZHUGHQNDQQ/HW]WHUHVPXVVGHQ$XWRUHQQDFKIUK]HLWLJPLW
GHU.OLHQWHOYHUHLQEDUWZHUGHQ
&DVH 0DQDJHPHQW LVW MHGRFK QLFKW QXU HLQ VWUXNWXULHUWHV )DOOOHLWHQ LQ GHP GLH HLJHQWOLFKH
%HKDQGOXQJ GXUFK DQGHUH JHOHLVWHW ZLUG :HQGW EHPHUNW KLHU GHXWOLFK GDVV &DVH
0DQDJHPHQWLQHLQHULQWHQVLYHQ)RUPJHOHLVWHWVHKUZRKODXFKVHOEVW%HKDQGOXQJGDUVWHOOW
Ä$QGHUHUVHLWV IKUHQ GDV (QJDJHPHQW LQ HLQHP )DOO GLH .OlUXQJ GHU 6LWXDWLRQ XQG GLH
%HUDWXQJ QLFKW VHOWHQ GLUHNW ]X HLQHU .ULVHQEHZlOWLJXQJ XQG 3UREOHPO|VXQJ VR GDVV LQ
HLQHP VROFKHQ LQWHQVLYHQ &DVH 0DQDJHPHQW +HUYRUKHEXQJ LP 2ULJLQDO HLQH $EWUHQQXQJ
GHV $VVHVVPHQW XQG GHU $XVKDQGOXQJ YRQ GHU SUDNWLVFKHQ +LOIHVWHOOXQJ RGHU %HKDQGOXQJ
ZHGHUP|JOLFKQRFKVLQQYROOHUVFKHLQW³:HQGW6
'LH 'XUFKIKUXQJ LPSOL]LHUW MH QDFK /LWHUDWXUTXHOOH DXFK GDV /LQNLQJ XQG PDQFKPDO DXFK
GDV 0RQLWRULQJ /HW]WHUHV VROO LP $QVFKOXVV JHVRQGHUW EHWUDFKWHW ZHUGHQ VRGDVV KLHU QXU
QRFKDXIGDV/LQNLQJHLQJHJDQJHQZHUGHQVROO
%HLP/LQNLQJZLUGDQKDQGHLQHU'HWDLOOLVWHÄ&KHFNOLVWHUHJLRQDOHV+LOIHV\VWHP³GLHVLFKDXV
GHQ(UJHEQLVVHQGHU1HW]ZHUNNDUWHQVSHLVWHLQHJHQDXH+LOIHQ]XRUGQXQJHLQ1HW]ZHUNDQ
8QWHUVWW]XQJVSDUWQHUQDQVFKDXOLFKJHPDFKW'RUWZLUGJHQDXIHVWJHKDOWHQZHOFKH+LOIH]X
ZHOFKHP 3UREOHP GXUFK ZHQ EHDUEHLWHW XQG YHUDQWZRUWOLFK EHJOHLWHW ZLUG 'HU JHVDPWH
,QWHUYHQWLRQVSUR]HVVZLUGGDUEHUKLQDXVYRQHLQHUGHWDLOOLHUWHQ'RNXPHQWDWLRQEHJOHLWHW
0RQLWRULQJ
3DUDOOHO ]XP JHVDPWHQ &DVH 0DQDJHPHQW3UR]HVV ILQGHW LPPHU XQG ]ZDU LQ ]LUNXOlUHU
:HLVH HLQH ÄIRUPDWLYH (YDOXDWLRQ³ VWDWW 'DV KHL‰W GDVV GHU JHVDPWH 3UR]HVV LQ NOHLQHQ
6FKULWWHQ 0RQLWRULQJ HYDOXLHUW ZLUG +LHUEHL NDQQ ]% DXIIlOOLJ ZHUGHQ GDVV HV ]X
9HUlQGHUXQJHQLQGHU3UREOHPVWHOOXQJRGHU]XYHUlQGHUWHQ=LHOSODQXQJHQNRPPW$OOHVGDV
ZLUG LQ HQJHU =XVDPPHQDUEHLW PLW GHQ 3UR]HVVEHWHLOLJWHQ XQG GHP .OLHQWHQ EHUSUIW XQG
JJI PRGLIL]LHUW GK DQ GLH MHZHLOV QHXH /DJH QHXHV =LHO RGHU YHUlQGHUWHV =LHO LP 6LQQH
HLQHV5H$VVHVVPHQWDQJHSDVVW
(YDOXDWLRQ
$P (QGH GHV 3UR]HVVHV 5HJHONUHLV ILQGHW GDQQ HLQH VXPPDWLYH GK HLQH ELODQ]LHUHQGH
(YDOXDWLRQ VWDWW 0LW GHU (YDOXDWLRQ NDQQ HLQ JUR‰HU =HLWDEVFKQLWW ]ZLVFKHQ HYDOXLHUW
ZHUGHQ ]% QDFK HLQHP -DKU RGHU HLQ JHVDPWHV 3URMHNW ]XP %HLVSLHO QDFK PHKUHUHQ
-DKUHQ'LHVH(YDOXDWLRQVROOZLHGHUXPPLWGHP.OLHQWHQJHPHLQVDPGXUFKJHIKUWZHUGHQ
VRGDVV EHLGH .OLHQW XQG &DVH 0DQJHULQ HLQH %LODQ] ]LHKHQ N|QQHQ RE GLH =LHOH HUUHLFKW
ZXUGHQEH]LHKXQJVZHLVHLQZLHZHLWVLHHUUHLFKWZXUGHQ
$QVFKOLH‰HQG N|QQHQ QDWUOLFK QHXH 3UREOHPH VLFKWEDU ZHUGHQ XQG VLFK GDUDXV QHXH
+\SRWKHVHQXQG=LHOHDEOHLWHQ'HU3UR]HVVEHJLQQWGDPLWLQGHQHQWVSUHFKHQGHQ%HUHLFKHQ
YRQYRUQGKHVEHJLQQWHLQ5H$VVHVVPHQWVLHKHQDFKVWHKHQGH$EELOGXQJ
$EELOGXQJDXV+D\H.OHYH6
'LH VHFKV OLQHDUHQ 6FKULWWH GLH LP &DVH 0DQDJHPHQW 5HJHONUHLVH JHQDQQW ZHUGHQ
YHUODXIHQ LQ GHU 3UD[LV RIW QLFKW LQ HLQHU EHVWLPPWHQ 5HLKHQIROJH DE YJO DXFK (KOHUV 0OOHU69LHOPHKULVWGDV&DVH0DQDJHPHQWDQJHKDOWHQIOH[LEHOXQGNUHDWLYDXI
9HUlQGHUXQJHQ LP $EODXI ]X UHDJLHUHQ +D\H XQG .OHYH VFKUHLEHQ KLHU]X Ä8QVHU
PHWKRGLVFKHV 9RUJHKHQ LVW DOVR QLFKW OLQHDU VRQGHUQ YHUZREHQ UFNOlXILJ YRUOlXILJ
IUDJPHQWDULVFK KLQ XQG KHU JHKHQG NXU] UKL]RPDWLVFK³ +D\H .OHYH 6 'LH
$XWRUHQEHJUQGHQGLHVH$UEHLWVZHLVHPLWGHU7DWVDFKHÄGDVVVR]LDOH$UEHLWJUXQGVlW]OLFK
LP.RPPXQLNDWLRQDEOlXIW³HEHQGD3UREOHPHGHU.OLHQWHQN|QQHQVLFKlQGHUQXQGDXFK
*HZLFKWXQJHQ YHUVFKLHEHQ VRGDVV HLQH 1HXEHZHUWXQJ GHU 7KHPHQIHOGHU YRUJHQRPPHQ
ZHUGHQPXVV
/HW]WOLFK NDQQ GLH 0HWKRGH GHV &DVH 0DQDJHPHQWV DEHU QLFKW RKQH HLQHQ LQVWLWXWLRQHOOHQ
%H]XJ HLQJHVHW]W ZHUGHQ XQG DXFK QLFKW DOOHLQ PLW HLQHU VXPPDWLYHQ (YDOXDWLRQ EHHQGHW
ZHUGHQ 'DKHU LVW GHP 3UR]HVV ]ZLQJHQG YRUJHVFKDOWHW GDVV GDV &DVH 0DQDJHPHQW VLFK
LQQHUKDOE HLQHV 6\VWHPV EHNDQQW PDFKW XQG VHLQH 1RWZHQGLJNHLW DXI]HLJW 'LHV ILQGHW LP
VRJHQDQQWHQ 5HVHDUFK VWDWW ZLH ZHLWHU REHQ VFKRQ DQJHGHXWHW ZXUGH 'LH SRWHQWLHOOHQ
1XW]HULQQHQ XQG 1XW]HU DEHU DXFK GLH ,QVWLWXWLRQ VHOEVW PVVHQ ]XQlFKVW HLQPDO ZLVVHQ
GDVV HV GDV $QJHERW YRQ &DVH 0DQDJHPHQW EHUKDXSW JLEW +LHU]X LVW HLQ ODQJZLHULJHU
,QIRUPDWLRQV XQG $XINOlUXQJVSUR]HVV Q|WLJ ZHOFKHU YRQ DOOHQ (EHQHQ 0DNUR 0HVR
0LNURHEHQH PLW JHWUDJHQ ZHUGHQ PXVV ,P YRUOLHJHQGHQ )DOO EHWULIIW HV GLH
6HQDWVYHUZDOWXQJ IU -XVWL] XQG 9HUEUDXFKHUVFKXW] YRQ %HUOLQ GLH /HLWXQJ GHU
-XVWL]YROO]XJVDQVWDOW7HJHOXQGGLHSUDNWL]LHUHQGHQ&DVH0DQDJHULQQHQ
&DVH0DQDJHPHQWLP6WUDIYROO]XJ
6R]LDOH$UEHLW6WUDIYROO]XJXQGPLWLKUGDV&DVH0DQDJHPHQWKDWVLFKÄ>X@QDEKlQJLJYRQ
GHQLQVWLWXWLRQHOOHQ%HGLQJXQJHQXQGQDPHQWOLFKGHP=ZDQJVNRQWH[WGLHVHOEVWYHUVWlQGOLFK
DXI
GLH
$UW
GHU
$XIJDEHQZDKUQHKPXQJ
JUR‰HQ
(LQIOXVV
KDEHQ
>«@
GHU
0HQVFKHQUHFKWVRULHQWLHUXQJ XQG GHP 3ULQ]LS VR]LDOHU *HUHFKWLJNHLW >+HUYRUKHEXQJ LP
2ULJLQDO@>]XZLGPHQ6LHPXVVG9@VR]LDOHU%HQDFKWHLOLJXQJHQWJHJHQZLUNHQXQGVRZRKO
GLH SlGDJRJLVFKHQ DOV DXFK GLH VR]LDOSROLWLVFKH 'LPHQVLRQ VR]LDOHU $UEHLW DXIQHKPHQ³
&RUQHO6
&DVH 0DQDJHPHQW DOV 0HWKRGH IU GHQ GHXWVFKHQ 6WUDIYROO]XJ SRVWXOLHUWH LP
GHXWVFKVSUDFKLJHQ5DXP]XPHUVWHQ0DO:HQGWLQVHLQHPHUVFKLHQHQHQ:HUNÄ&DVH
0DQDJHPHQW LP 6R]LDO XQG *HVXQGKHLWVZHVHQ ± (LQH (LQIKUXQJ³ ,Q GHU PLWWOHUZHLOH EHUDUEHLWHWHQ$XIODJHYRQEHVFKUHLEW:HQGWNXU]GLH(QWZLFNOXQJHLQHVYROO]XJOLFKHQ
&DVH 0DQDJHPHQWVLQGHQ1LHGHUODQGHQXQG(QJODQGPLWGHPGHXWOLFKHQ+LQZHLVDXIGLH
:LFKWLJNHLW GHV (LQVDW]HV YRQ &DVH 0DQDJHPHQW DXFK LP GHXWVFKHQ 6WUDIYROO]XJ %HL
JHQDXHUHU %HWUDFKWXQJ VHW]W &DVH 0DQDJHPHQW LP 6WUDIYROO]XJ LQ GHQ JHQDQQWHQ /lQGHUQ
HUVW LP .RQWH[W GHU (QWODVVXQJ DQ +LHU]XODQGH LVW LQ GLHVHP =XVDPPHQKDQJ GHU %HJULII
hEHUJDQJVPDQDJHPHQW JHIXQGHQ ZRUGHQ YJO :LUWK 6 II 'LH ,GHH LVW DEHU
GLHVHOEH ZLH LQ DOOHQ %HKDQGOXQJVYHUIDKUHQ GHU 6R]LDOHQ $UEHLW DXFK 'DV 3UREOHP DOV
Ä(LQWULWWVNDUWH³YJO+D\H.OHYH6LQGDV+HOIHUV\VWHPZLUGPLWGHP.OLHQWHQLQ
GHQ 0LWWHOSXQNW JHUFNW GDQQ ZHUGHQ GLH 5HVVRXUFHQ HUPLWWHOW XQG OHW]WOLFK HUIROJW GLH
%HKDQGOXQJLP6LQQHHLQHUÄ+LOIH]XU6HOEVWKLOIH³YJO.OHYH6RGHULQ)RUPGHU
(UUHLFKXQJ YRQ Ä(PSRZHUPHQW³ HEHQGD 6 LQ GHP GHU .OLHQW YHUORUHQ JHJDQJHQH
5HVVRXUFHQZLHGHUIUVLFKQXW]EDUPDFKHQNDQQRGHUJDQ]QHXHHQWZLFNHOW
=LHO GHV &DVH 0DQDJHPHQWV LP 6WUDIYROO]XJ LVW HV 6WUDIWDWUFNIlOOH ]X YHUPHLGHQ GHQ
.OLHQWHQ ZLHGHU LQ GLH *HPHLQVFKDIW ]X LQWHJULHUHQ XQG GLH ÄJHOXQJHQH5HVR]LDOLVLHUXQJ³ LQ
)RUP YRQ ,QNOXVLRQ 'LHV PXVV GDQQ VRZRKO IU GHQ .OLHQWHQ DOV DXFK JHJHQEHU GHU
*HVHOOVFKDIW LQ )RUP YRQIRUPDWLYHU XQG VXPPDWLYHU (YDOXDWLRQ EHOHJWZHUGHQ 1XU VR LVW
>«@ GLH EHUXIOLFKH 5HFKHQVFKDIWVOHJXQJ XQG GLH 9HUKDOWHQVlQGHUXQJ GHV 6WUDIIlOOLJHQ ]X
JHZlKUOHLVWHQ 'DV (UUHLFKHQ GHU *UXQGDQOLHJHQ VHW]W YRUDXV GDVV GHU3UR]HVV GHV &DVH
0DQDJHPHQWV PLW 6WUDIIlOOLJHQ V\VWHPDWLVFK XQG LQWHJUDWLY YRU VLFK JHKW (QRV 6RXWKHUQ
]LWLHUWQDFK:HQGW6
:lKUHQGVLFKLQ(QJODQGGHU%HJULIIÄ2IIHQGHU0DQDJHU³GXUFKVHW]WHEOLHEHVLQ+ROODQGEHL
&DVH 0DQDJHPHQW 'HU 8QWHUVFKLHG ]ZLVFKHQ GHP &DVH 0DQDJHPHQW LQ +ROODQG XQG
'HXWVFKODQG OLHJW LQ GHU =HQWUDOLVLHUXQJ GHV $QJHERWV ,Q +ROODQG LVW HLQH MXVWL]QDKH 6WHOOH
PLW HLQHP &DVH 0DQDJHPHQW EHWUDXW ]XVDPPHQJHVHW]W DXV 6R]LDODUEHLWHULQQHQ GHU
6WUDIIlOOLJHQ XQG %HZlKUXQJVKLOIH EH]LHKXQJVZHLVH GHV 9ROO]XJV XQG EHUQLPPW DOOH
UHOHYDQWHQ .OLHQWHQ YRQ %HJLQQ DQ Ä'LH2UJDQLVDWLRQ VHW]W ÃVWlQGLJH %HJOHLWHUµ>«@ HLQ GLH
IUK]HLWLJGDV&DVH0DQDJHPHQWIUGLH3UREDQGHQEHUQHKPHQ:HQGW6³
)U HLQH JHOLQJHQGH 5HVR]LDOLVLHUXQJ GXUFK GLH 6R]LDOH $UEHLW LQ 'HXWVFKODQG ZUGH GLHV
EHGHXWHQ GDVV DXFK VLH LQ LKU 5HSHUWRLUH GLH 0HWKRGLN GHV &DVH 0DQDJHPHQWV
YROOXPIlQJOLFKPLWHLQVFKOLH‰HQPVVWHYJO&RUQHO6I
'HVNULSWLRQGHUSUDNWLVFKHQ'XUFKIKUXQJ
,Q GHU 9RUEHUHLWXQJ ]XU 'XUFKIKUXQJ GHV &DVH 0DQDJHPHQWV DXI GHU 6WDWLRQ IU ]X
OHEHQVODQJHU )UHLKHLWVVWUDIH YHUXUWHLOWHU 0lQQHU LQ GHU -9$7HJHOIU GLH GHU 9HUIDVVHU GHU
YRUOLHJHQGHQ$UEHLWYHUDQWZRUWOLFKZDUZXUGHQVXN]HVVLYH*HIDQJHQHDXVJHZlKOWGLHGHQ
REHQ JHQDQQWHQ %HGLQJXQJHQ YRQ (LJHQHQJDJHPHQW XQG &RPSOLDQFH HQWVSUDFKHQ 'D HV
VLFK XP HLQ 3URMHNW KDQGHOWH ZHOFKHP GHU 9HUIDVVHU LP -DQXDU EHLWUDW NDP LQ GHU
ODXIHQGHQ=HLWNHLQZHLWHUHU.OLHQWKLQ]X8QDEKlQJLJYRP&DVH0DQDJHPHQW3URMHNWZXUGH
GHU HUVWH GHU YLHU .OLHQWHQ LQ HLQHQ DQGHUHQ %HUHLFK YHUOHJW RKQH GDVV GDV &DVH
0DQDJHPHQWGRUWZHLWHUJHIKUWZXUGH'HU]ZHLWH.OLHQWZXUGH]ZDUHEHQIDOOVLQGLHVHU=HLW
YHUOHJWMHGRFKZDUGLHVHLQHVGHU=LHOHZHOFKHPLWLKPLQQHUKDOEGHV&DVH0DQDJHPHQWV
HUUHLFKWZHUGHQNRQQWHQ,PQHXHQ%HUHLFKDQJHNRPPHQZXUGHGDV&DVH0DQDJHPHQWPLW
GLHVHP.OLHQWHQDOOHUGLQJVDXFKQLFKWZHLWHUJHIKUW
([HPSODULVFK VROO GDKHU GHU 9HUODXI GHV &DVH 0DQDJHPHQWV DQKDQG GHU EHLGHQ DQGHUHQ
)lOOH GHVNULSWLY GDUJHVWHOOW ZHUGHQ ,FK QHQQH GLH EHLGHQ .OLHQWHQ LQ GHU )ROJH YROO
DQRQ\PLVLHUW .OLHQW XQG .OLHQW %HLGH .OLHQWHQ IOOWHQ DP (QGH GHV 3URMHNWV HLQHQ
(YDOXDWLRQVERJHQ DXV ZHOFKHU ]XP 0HWKRGHQUHSHUWRLUH DOOHU SURMHNWEHWHLOLJWHQ &DVH
0DQJHULQQHQXQG&DVH0DQDJHUJHK|UWH
.OLHQW
$XIGLH)UDJHZLHHV.OLHQWKHXWHLP9HUJOHLFK]XP%HJLQQGHV3URMHNWVJHKWDQWZRUWHWH
GLHVHUPLWHLQHP.UHX]EHLÄXQYHUlQGHUW³DOVRLQGHU0LWWHHLQHUYRUJHJHEHQHQ'UHLHUVNDOD
'LH]ZHLWH)UDJH]LHOWHDXIHLQHQ9HUJOHLFKGHVYRUKHUQDFKKHULP=XVDPPHQKDQJPLWGHU
6LWXDWLRQVHLQVFKlW]XQJ DE ZHOFKH 8QWHUSXQNWH HQWKLHOW XQG $QWZRUWP|JOLFKNHLWHQ LQ
HLQHU9LHUHUVNDODYRQÄ,QVJHVDPWEHVVHU³ELVÄ7ULIIWQLFKW]X³YRUJDE
,WHP
,QVJHVDPWEHVVHU
8QYHUlQGHUW
,QVJHVDPWVFKOHFKWHU
7ULIIWQLFKW]X
;
;
;
.|USHUOLFKH
9HUIDVVXQJ*HVXQGKHLW
3V\FKLVFKH9HUIDVVXQJ
'URJHQNRQVXP
7ULQNYHUKDOWHQ
;
;
%H]LHKXQJ]X.LQGHUQ
;
%H]LHKXQJ]X)DPLOLH
;
%H]LHKXQJ ]XU ]XP
3DUWQHULQ
6R]LDOH.RQWDNWH
;
:RKQVLWXDWLRQ
;
$UEHLWV
;
$XVELOGXQJVVLWXDWLRQ
6FKXOGHQ
;
)UHL]HLWJHVWDOWXQJ
;
1XW]XQJ PHGL]LQLVFKHU
;
+LOIHQ
1XW]XQJVR]LDOHU+LOIHQ
;
UHFKWOLFKH6LWXDWLRQ
;
$EVFKOXVVERJHQIU.OLHQWHQ)&=%7UDQVLW4XDOLIL]LHUXQJXQG$UEHLWLPYROO]XJOLFKHQhEHUJDQJVPDQDJHPHQW
.OLHQW GRNXPHQWLHUWH GDPLW GDVV HU GXUFK GDV&DVH 0DQDJHPHQW LQ YRQ %HUHLFKHQ
LQVJHVDPWHLQH9HUEHVVHUXQJIUVLFKZDKUQLPPW*OHLFKZRKOKDWHUDXFKLQGUHL%HUHLFKHQ
HLQH 9HUVFKOHFKWHUXQJ DQJHJHEHQ ,QZLHZHLW GLHVH 9HUVFKOHFKWHUXQJHQ RGHU GLH $QJDEHQ
]XP XQYHUlQGHUWHQ 6WDWXV PLW GHP &DVH 0DQDJHPHQW LQ 9HUELQGXQJ ]X EULQJHQ VLQG KDW
GHU .OLHQW QLFKW DQJHJHEHQ (V JDE KLHUIU DOOHUGLQJV DXFK NHLQH 0|JOLFKNHLW VHLWHQV GHV
YRUJHJHEHQHQ)UDJHERJHQV
$OV.OLHQWLQGHUGULWWHQ)UDJHLQVJHVDPW]XVHLQHU=XIULHGHQKHLWLQGHU%HWUHXXQJLP&DVH
0DQDJHPHQW EHIUDJW ZXUGH VHW]WH HU VHLQ .UHX] DQ GLH YLHUWH 6WHOOH HLQHU VHFKVVNDOLJHQ
0XOWLSOH&KRLFH)UDJH EHL ÄHKHU XQ]XIULHGHQ³ $XFK KLHU KDWWH GHU .OLHQW NHLQHQ 3ODW] IU
HWZDLJH(UNOlUXQJHQ
'HU )UDJHEORFN GHV YRUJHJHEHQHQ (YDOXDWLRQVERJHQV ]LHOWH DXI HLQH UHWURVSHNWLYH
%HWUDFKWXQJGHU=LHOHGLHPLWGHPGHU&DVH0DQDJHULQHUUHLFKWZXUGHQEH]LHKXQJVZHLVH
DXIGDVDEZDVHLQH9HUEHVVHUXQJGHU6LWXDWLRQGHV.OLHQWHQKHUEHLIKUWH
'LH/HLVWXQJHQ,WHPVLQGHU)RUPYRQ(UZDUWXQJHQZDUHQGDEHLYRUJHJHEHQXQGGHU.OLHQW
NRQQWHVHLQ.UHX]DXIHLQHU)QIHUVNDOD]ZLVFKHQÄ6HKUZLFKWLJ³XQGÄ7ULIIWQLFKW]X³VHW]HQ
,WHP(UZDUWXQJHQ
6HKU
(KHU
(KHU
6HKU
7ULIIWQLFKW
ZLFKWLJ
ZLFKWLJ
XQZLFKWLJ
XQZLFKWLJ
]X
;
;
;
'DVVZLUDOOHV]XVDPPHQJHSODQWKDEHQZDU
;
'DVVGHU&DVH0DQDJHUPLFKPDQFKPDO]XbPWHUQHWF
;
;
;
;
;
;
;
;
;
;
;
;
;
;
;
'DVV LFK DXFK PDO RKQH YHUHLQEDUWHQ 7HUPLQ NRPPHQ
NRQQWHZDU«
'DVV GHU &DVH 0DQDJHU VLFKPHLQH JHVDPWH 6LWXDWLRQ
JHQDXDQJHVHKHQKDWZDU«
'DVV GHU &DVH 0DQDJHU PHLQH 6LWXDWLRQ LP 'HWDLOSODQ
EHUVLFKWOLFKDXIJHVFKULHEHQKDWZDU«
EHJOHLWHWKDWZDU«
'DVV GHU &DVH 0DQDJHU QXU WDW ZDV ZLU EHVSURFKHQ
KDWWHQZDU«
'DV GHU &DVH 0DQDJHU LPPHU ZLHGHU XQVHUH
JHPHLQVDPH $UEHLW NRQWUROOLHUWH XQG GLH 3ODQXQJ
DNWXDOLVLHUWHZDU
'DVV GHU &DVH 0DQDJHU DQGHUH +LOIHQ YHUPLWWHOW KDW
ZDU«
'DVVGHU&DVH0DQDJHUHLQ$XJHGDUDXIKDWWHGDVVLFK
PHLQH$XIJDEHQ7HUPLQHHWFHLQKLHOWZDU«
'DVGHU&DVH0DQDJHUPLUJHKROIHQKDWPHLQH5HFKWH
GXUFK]XVHW]HQ]%JHJHQEHUbPWHUQZDU«
'DVV GHU &DVH 0DQDJHU LPPHU PLW PLU EHUOHJW KDW
ZDVGHUQlFKVWH6FKULWWLVWZDU«
'DVVGHU&DVH0DQDJHUVLFKEHLDQGHUHQ(LQULFKWXQJHQ
EHUPHLQH6LWXDWLRQLQIRUPLHUWHUZDU«
'DVVGHU&DVH0DQDJHUEHUSUIWKDWREDQGHUH+HOIHU
LKUHQ 9HUSIOLFKWXQJHQ QDFKNDPHQ XQG PLFK JXW
YHUVRUJWHQZDU«
'DVVGHU&DVH0DQDJHUDXFKPLWPHLQHQ$QJHK|ULJHQ
RGHU)UHXQGHQ.RQWDNWDXIQDKPZDU«
'DVV GHU &DVH 0DQDJHU VLFK YRQ VLFK DXV NPPHUWH
ZHQQLFK]%7HUPLQHQLFKWHLQJHKDOWHQKDEHZDU«
'DVVLFK GHP &DVH 0DQDJHU DXFK ]X XQJHZ|KQOLFKHQ
=HLWHQWUHIIHQNRQQWHZDU«
'DVV GHU &DVH 0DQDJHU IU EHVWLPPWH $XIJDEHQ DXFK
DQGHUH+HOIHUJHZLQQHQNRQQWHZDU«
'DVV GHU &DVH 0DQDJHU QLFKW QXU PHLQH 3UREOHPH
VRQGHUQDXFKPHLQH)lKLJNHLWHQJHVHKHQKDWZDU
'DVV GHU &DVH 0DQDJHU DQGHUH +HOIHU EHU PHLQH
6LWXDWLRQXQG$EVSUDFKHQLQIRUPLHUWKDWZDU«
$EVFKOXVVERJHQIU.OLHQWHQ)&=%7UDQVLW4XDOLIL]LHUXQJXQG$UEHLWLPYROO]XJOLFKHQhEHUJDQJVPDQDJHPHQW
'LH XQG OHW]WH )UDJH GHV (YDOXDWLRQVERJHQV ODXWHWH Ä)lOOW ,KQHQ QRFK HWZDV ]XU
%HWUHXXQJGXUFKGHQGLH&DVH0DQDJHULQHLQZDV,KQHQJHKROIHQKDWRGHUDEHU,KQHQQLFKW
]XJHVDJW KDW" +DW ,KQHQ HWZDV JHIHKOW" 'DQQ VFKUHLEHQ 6LH HV ELWWH KLHU DXI³ .OLHQW DQWZRUWHWHDXIGLHVH)UDJHQZLHIROJW
Ä'LH =LHOH ZXUGHQ >EH]LHKXQJVZHLVH G 9@ VLQG LP $OOWDJ LQWHJULHUW ZRUGHQ XQG EHQ|WLJHQ
NDXP(YDOXDWLRQ'DV&DVH0DQDJHPHQWJLEWZHGHUHLQH/HLWOLQLHQRFK+LOIHVWHOOXQJYRU'LH
=LHOH EHVWDQGHQ DXV HLQHU /HEHQVHQWZLFNOXQJ GLH ZHQLJ (LQIOXVV DXI HLQH
:LHGHUHLQJOLHGHUXQJ KDEHQ 'LHVH ZXUGH GHPQDFK QLFKW IRNXVVLHUW 5HJHOPl‰LJH 7HUPLQH
I|UGHUQHLQHJHPHLQVDPH(UDUEHLWXQJGHU/HEHQVJHVFKLFKWHXQGVRPLWHLQ.HQQHQOHUQHQ³
'LH KLHU JHPDFKWHQ bX‰HUXQJHQ VWHOOWHQ ]ZHL ZHVHQWOLFKH $VSHNWH LQ GHU $UEHLW PLW GHP
.OLHQWHQ GHXWOLFK KHUDXV 'DV VLFK .PPHUQ XQG 'DVHLQ LQ )RUP YRQ UHJHOPl‰LJHQ
*HVSUlFKHQZXUGHQLFKWQXUYRQ.OLHQWSRVLWLYJHZUGLJW*OHLFK]HLWLJLVWDXFKGLH.ULWLN
DQ GHU PDQJHOQGHQ :LHGHUHLQJOLHGHUXQJVOHLVWXQJ GHV &DVH 0DQDJHPHQWV LP 6LQQH GHV
6WUDIYROO]XJVJHVHW]HVXQGGHU(UZDUWXQJHQGHU.OLHQWHQYRQ.OLHQWJHlX‰HUWZRUGHQ
,QGHP=XVDPPHQKDQJPXVVDOOHUGLQJVNODUJHVWHOOWZHUGHQGDVVLFKDOV6R]LDODUEHLWHUGHP
GRSSHOWHQ 0DQGDW HKHU DOOJHPHLQ YJO KLHU]X (UDWK XQG IU GLH %HZlKUXQJVKLOIH YJO
.OXJ 6FKDLWO YRQ Ä+LOIH XQG .RQWUROOH³ XQWHUOLHJH XQG PLW GHP &DVH 0DQDJHPHQW
HLQH GULWWH 5ROOH KLQ]XNDP /HW]WHUH ZXUGH YRQ GHQ .OLHQWHQ LP $OOJHPHLQHQ DEHU VHKU
JHVFKlW]WYRUDOOHPZHJHQGHVNRQNUHWYRQPLUEHDFKWHWHQQRQGLUHNWLYHQ$QVDW]HV
.OLHQW
'LH(YDOXDWLRQYRQ.OLHQWILHOVRJDUQRFKNULWLVFKHUDXVZHQQJOHLFKYRUDQJHVWHOOWZHUGHQ
NDQQ GDVV VLFK GLH $UEHLW PLW LKP VHKU NRQVWUXNWLY JHVWDOWHW KDW (U QXW]WH UHJHOPl‰LJ GLH
*HVSUlFKHLQQHUKDOEGHV&DVH0DQDJHPHQWV'LHYRP9HUIDVVHUYHUWUHWHQGH+DOWXQJ]XP
&DVH 0DQDJHPHQW ZDU DXFK LKP JHJHQEHU VHKU QDK DP V\VWHPLVFKHQ 9HUVWlQGQLV YRQ
.OHYH HW DO DD2 JHOHJHQ 8QG GHQQRFK JDE .OLHQW EHL GHU )UDJH GHV
(YDOXDWLRQVERJHQV DQ GDVV VLFK VHLQH DOOJHPHLQH 6LWXDWLRQ QDFK $EVFKOXVV GHV 3URMHNWHV
ÄLQVJHVDPW VFKOHFKWHU³ GDUVWHOOH :LH DXFK EHL .OLHQW KDWWH .OLHQW HEHQVR NHLQH
*HOHJHQKHLWGLH$QWZRUWDXIGHP)UDJHERJHQ]XNRPPHQWLHUHQ
'LH ]ZHLWH )UDJH ]LHOWH ZLHGHU GDUDXI DE GLH $QWZRUW ]X HUVWHQV ]X GLIIHUHQ]LHUHQ VLHKH
QDFKVWHKHQGH7DEHOOH
,WHP
,QVJHVDPWEHVVHU
8QYHUlQGHUW
,QVJHVDPWVFKOHFKWHU
7ULIIWQLFKW]X
;
3V\FKLVFKH9HUIDVVXQJ
;
'URJHQNRQVXP
;
7ULQNYHUKDOWHQ
;
%H]LHKXQJ ]XU ]XP
;
;
.|USHUOLFKH
9HUIDVVXQJ*HVXQGKHLW
3DUWQHULQ
%H]LHKXQJ]X.LQGHUQ
%H]LHKXQJ]X)DPLOLH
;
;
:RKQVLWXDWLRQ
;
$UEHLWV
;
6R]LDOH.RQWDNWH
$XVELOGXQJVVLWXDWLRQ
6FKXOGHQ
;
)UHL]HLWJHVWDOWXQJ
;
1XW]XQJ PHGL]LQLVFKHU
;
;
;
+LOIHQ
1XW]XQJVR]LDOHU+LOIHQ
UHFKWOLFKH6LWXDWLRQ
$EVFKOXVVERJHQIU.OLHQWHQ)&=%7UDQVLW4XDOLIL]LHUXQJXQG$UEHLWLPYROO]XJOLFKHQhEHUJDQJVPDQDJHPHQW
$XFK
ZHQQ
GHU
(YDOXDWLRQVERJHQ
NHLQH
RIIL]LHOOHQ
(UJlQ]XQJVP|JOLFKNHLWHQ
EH]LHKXQJVZHLVH (UNOlUXQJVP|JOLFKNHLWHQ ERW VR QXW]WH .OLHQW GHQ IUHLHQ 3ODW] IU
KDQGVFKULIWOLFKH %HPHUNXQJHQ 6WUHQJ JHQRPPHQ GUIWHQ GLHVH .RPPHQWDUH NHLQH
%HUFNVLFKWLJXQJILQGHQGDHVVLFKXPHLQTXDQWLWDWLYHV(UKHEXQJVLQVWUXPHQWKDQGHOWH'LH
%HPHUNXQJHQ ELHWHQ DEHU (LQEOLFN LQ GLH *HGDQNHQ GHV *HIDQJHQHQ XQG JOHLFK]HLWLJ GLH
&KDQFH GHQ (YDOXDWLRQVERJHQ XP GLHVH ELV GDKLQ IHKOHQGHQ $QWZRUWP|JOLFKNHLWHQ ]X
EHUDUEHLWHQ 'DV ,WHP Ä%H]LHKXQJ ]XU ]XP 3DUWQHULQ³ NRPPHQWLHUWH .OLHQW Ä,FK KDEH
NHLQHQ³=XUÄUHFKWOLFKHQ6LWXDWLRQ³VFKULHEHUÄ,FKELQLPUHFKWVIUHLHQ5DXP 6WD]YRP
$XJXVW6³
$XIGLH)UDJHZLH.OLHQWGLH%HWUHXXQJLQQHUKDOEGHV&DVH0DQDJHPHQWVEHXUWHLOWJDEHU
DQGDVVHUÄHKHU]XIULHGHQ³VHL,QHLQHPKDQGVFKULIWOLFKHQ9HUPHUNNRPPHQWLHUWH.OLHQW
ÄDEHU3UREOHPIHOGHUZXUGHQQLFKWYHUEHVVHUW³
'LHVH $XVVDJH ZXUGH YRQ GHU 3V\FKLDWHULQ XQG 6DFKYHUVWlQGLJHQ )UDX +DQQD =LHJHUW LP )DOO 0ROODWK JHJHQEHU GHU WD]
]XP $XVGUXFN JHEUDFKW 9ROOVWlQGLJ ODXWHW GDV =LWDW Ä'HU 0D‰UHJHOYROO]XJ LVW HLQ UHFKWVIUHLHU 5DXP³
KWWSZZZWD]GH>@
'LHYLHUWH)UDJHEHDQWZRUWHWH.OLHQWZLHGHUQDFKVWHKHQGHQ7DEHOOH]XHQWQHKPHQLVW
,WHP
6HKU
(KHU
(KHU
6HKU
7ULIIW
ZLFKWLJ
ZLFKWLJ
XQZLFKWLJ
XQZLFKWLJ
QLFKW]X
;
;
;
'DVVZLUDOOHV]XVDPPHQJHSODQWKDEHQZDU
;
'DVV GHU &DVH 0DQDJHU PLFK PDQFKPDO ]X bPWHUQ HWF
;
;
;
'DVV LFK DXFK PDO RKQH YHUHLQEDUWHQ 7HUPLQ NRPPHQ
NRQQWHZDU«
'DVVGHU&DVH0DQDJHUVLFKPHLQHJHVDPWH6LWXDWLRQJHQDX
DQJHVHKHQKDWZDU«
'DVV GHU &DVH 0DQDJHU PHLQH 6LWXDWLRQ LP 'HWDLOSODQ
EHUVLFKWOLFKDXIJHVFKULHEHQKDWZDU«
EHJOHLWHWKDWZDU«
'DVVGHU&DVH0DQDJHUQXUWDWZDVZLUEHVSURFKHQKDWWHQ
ZDU«
'DV GHU &DVH 0DQDJHU LPPHU ZLHGHU XQVHUH JHPHLQVDPH
$UEHLWNRQWUROOLHUWHXQGGLH3ODQXQJDNWXDOLVLHUWHZDU
'DVVGHU&DVH0DQDJHUDQGHUH+LOIHQYHUPLWWHOWKDWZDU«
;
'DVV GHU &DVH 0DQDJHU HLQ $XJH GDUDXI KDWWH GDVV LFK
;
;
;
;
;
;
;
;
;
;
;
PHLQH$XIJDEHQ7HUPLQHHWFHLQKLHOWZDU«
'DV GHU &DVH 0DQDJHU PLU JHKROIHQ KDW PHLQH 5HFKWH
GXUFK]XVHW]HQ]%JHJHQEHUbPWHUQZDU«
'DVVGHU&DVH0DQDJHULPPHUPLWPLUEHUOHJWKDWZDVGHU
QlFKVWH6FKULWWLVWZDU«
'DVVGHU&DVH0DQDJHUVLFKEHLDQGHUHQ(LQULFKWXQJHQEHU
PHLQH6LWXDWLRQLQIRUPLHUWHUZDU«
'DVVGHU&DVH0DQDJHUEHUSUIWKDWREDQGHUH+HOIHULKUHQ
9HUSIOLFKWXQJHQQDFKNDPHQXQGPLFKJXWYHUVRUJWHQZDU«
'DVVGHU&DVH0DQDJHUDXFKPLWPHLQHQ$QJHK|ULJHQRGHU
)UHXQGHQ.RQWDNWDXIQDKPZDU«
'DVV GHU &DVH 0DQDJHU VLFK YRQ VLFK DXVNPPHUWH ZHQQ
LFK]%7HUPLQHQLFKWHLQJHKDOWHQKDEHZDU«
'DVVLFKGHP&DVH0DQDJHUDXFK]XXQJHZ|KQOLFKHQ=HLWHQ
WUHIIHQNRQQWHZDU«
'DVV GHU &DVH 0DQDJHU IU EHVWLPPWH $XIJDEHQ DXFK
DQGHUH+HOIHUJHZLQQHQNRQQWHZDU«
'DVVGHU&DVH0DQDJHUQLFKWQXUPHLQH3UREOHPHVRQGHUQ
DXFKPHLQH)lKLJNHLWHQJHVHKHQKDWZDU«
'DVVGHU&DVH0DQDJHUDQGHUH +HOIHUEHUPHLQH6LWXDWLRQ
XQG$EVSUDFKHQLQIRUPLHUWKDWZDU«
$EVFKOXVVERJHQIU.OLHQWHQ)&=%7UDQVLW4XDOLIL]LHUXQJXQG$UEHLWLPYROO]XJOLFKHQhEHUJDQJVPDQDJHPHQW
'LH $QWZRUWHQ DXV GHU 7DEHOOH XQWHUVWUHLFKHQ GDVV HV .OLHQW ZLFKWLJ ZDU LP GLUHNWHQ
.RQWDNW ]XP GXUFKIKUHQGHQ &DVH 0DQJHU GHP 9HUIDVVHU ]X VWHKHQ *HK|U ]X ILQGHQ
MHPDQGHQ ]X KDEHQ GHU VLFK ÄNPPHUW³ 'LH ÄVHKU XQZLFKWLJHQ³ XQG ÄWULIIW QLFKW ]X³
%HPHUNXQJHQ HUNOlUHQ VLFK P|JOLFKHUZHLVH GDPLW GDVV GLHVH 7KHPHQ QRFK ]X ZHLW YRQ
HLQHU UHDOLVWLVFKHQ 3ODQXQJ IU GHQ %HIUDJWHQ HQWIHUQW ZDUHQ ZLH ]XP %HLVSLHO Ä'DVV GHU
&DVH0DQDJHUPLFKPDQFKPDO]XbPWHUQHWFEHJOHLWHWKDW³
'LH )UDJH ERW DXFK .OLHQW RIIL]LHOO GLH 0|JOLFKNHLW GDV &DVH 0DQDJHPHQW ]X
NRPPHQWLHUHQ.OLHQWlX‰HUWHÄ'DV&DVHPDQDJHQWVLFYRQVHLQHU*UXQGLGHHKDWPLUJXW
JHIDOOHQ 'RNXPHQWLHUHQ QDFKYROO]LHKEDU YHUJOHLFKEDU 6XSHU /HLGHU ELQ LFK LQ GHQ 3UREOHPIHOGHUQ $XVELOGXQJ PHGL]LQ 3UREOHPDWLN /HEHQVSDUWQHUVFKDIW HKHU JHJHQ ’
JHODQJWZDVQLFKWDOOHVDP&DVHPDQDJHUVLFODJDEHUGHILQLWLYDXFKQLFKWDQPLU³
(UNHQQWQLVVH
%HLGH .OLHQWHQ KDEHQ VRZRKO 9HUVFKOHFKWHUXQJHQ DOV DXFK 9HUEHVVHUXQJHQ LQQHUKDOE GHV
&DVH0DQDJHPHQWVIUVLFKZDKUJHQRPPHQ%HLGH%HIUDJWHJDEHQVRZRKOLPSOL]LWDOVDXFK
H[SOL]LW]XP$XVGUXFNGDVVVLHLQIUKHUHQ.RQWDNWHQ]X9HUWUHUWHULQQHQGHU6R]LDOHQ$UEHLW
HWZDVYHUPLVVWKlWWHQ2IIHQEDUKDQGHOWHVVLFKXPGLH$UWGHU$QVSUDFKH-HGHQIDOOVZUGH
GDV HUNOlUHQ ZHVKDOE EHLGH %HIUDJWHQ ]X GHU HUVWHQ )UDJH DQJDEHQ LKUH /HEHQVVLWXDWLRQ
KlWWH VLFK GXUFK GDV &DVH 0DQDJHPHQW XQYHUlQGHUW RGHU YHUVFKOHFKWHUW JH]HLJW ,Q HLQHP
1DFKJHVSUlFK DP 7DJ GHU $EJDEH GHV (YDOXDWLRQVERJHQV JDE .OLHQW DQ ZDV LKQ DP
PHLVWHQLQWHUHVVLHUWHZHQQHUPLWHLQHP6R]LDODUEHLWHUHLQHU6R]LDODUEHLWHULQLQGHQ.RQWDNW
JHKW (U HUZDUWH GDVV PDQ LKP ]XK|UH XQG NRPPHQWLHUWH HV GDPLW GDVV GDV ÄGLH KDOEH
0LHWH³ VHL $X‰HUGHP VHL LKP DXI GLH $OOJHPHLQKHLW GHU DQGHUHQ ,QKDIWLHUWHQ EH]RJHQ GLH
+UGHIUGHQ(LQVWLJLQV&DVH0DQDJHPHQW]XKRFKJHZHVHQ(UOREWHGLHGXUFKGDV&DVH
0DQDJHPHQWP|JOLFKJHZRUGHQH3HUVSHNWLYHQWZLFNOXQJXQGGDVVHLQ(UJHEQLVJHPHVVHQ
EH]LHKXQJVZHLVH HYDOXLHUW ZUGH 'LH +DXSWDXIJDEH GHV 6R]LDOGLHQVWHV OLHJH LQ GHU
9RUVWHOOXQJYRQ.OLHQWGDULQGLH.OLHQWHQ]XPRWLYLHUHQXQGVLFKXPGLHVH]XNPPHUQ
%LVODQJIHKOWHVLQ'HXWVFKODQGDQZLVVHQVFKDIWOLFKJHVLFKHUWHQHPSLULVFKHQ(UNHQQWQLVVHQ
ZDV GLH Ä6WUXNWXU 3UR]HVV XQG (UJHEQLVTXDOLWlW³ +HUYRUKHEXQJ LP 2ULJLQDO 0DHOLFNH
6YRQLQWHJULHUWHU5HVR]LDOLVLHUXQJEHWULIIW
0DHOLFNH PHUNW LQ GHP =XVDPPHQKDQJ VFKRQ IUK DQ GDVV Ä>«@ 3UDNWLNHU LPPHU KlXILJHU
EHNODJHQ GDVV VLH PLW LKUHQ ,QVWUXPHQWHQ XQG 0HWKRGHQ ZHQLJ HUUHLFKHQ N|QQHQ >XP YRU
DOOHPG9@NULPLQRORJLVFKHQ=LHOVHW]XQJHQXQG3ULRULWlWHQXQGGHPZDFKVHQ.RVWHQXQG
(IIL]LHQ]GUXFNZLUNVDP]XEHJHJQHQ³0DHOLFNH6
$Q DQGHUHU 6WHOOH PDFKW HU GHVKDOE DXI GLH %HGHXWXQJ GHV &DVH 0DQDJHPHQWV
DXIPHUNVDP ZHOFKHV VRZRKO HLQ]HOIDOOEH]RJHQ DOV DXFK HLQ]HOIDOOEHUJUHLIHQG VHLQ NDQQ
DD26
5HVPHH
'DV &DVH 0DQDJHPHQW LVW VHKU JXW LQQHUKDOE GHV 6WUDIYROO]XJHV HLQVHW]EDU ZHQQ HV
JDQ]KHLWOLFKDQJHOHJWXQGLQGHU.RQWDNWJHVWDOWXQJQRQGLUHNWLYJHVWDOWHWZLUG'LHP|JOLFKH
,GHHPLWGHP&DVH0DQDJHPHQW=HLWXQG*HOG]XVSDUHQZHLOPDQQXUDQ(IIHNWLYLWlWXQG
(IIL]LHQ] GHQNW LVW ZRKO GHU IDOVFKH:HJ (V JHKW QLFKW XP GDV DEDUEHLWHQ HLQHV ÄOLQHDUHQ
5HJHONUHLVHV³ VRQGHUQ XP GLH %HDFKWXQJ GDVV 9HUKDOWHQ LP .RQWH[W ]X VHKHQ XQG ]X
YHUVWHKHQLVWXQGPLWWHOV.RPPXQLNDWLRQJHVWHXHUWZHUGHQNDQQ
+D\HXQG.OHYHNRQVWDWLHUHQKLHU]XÄ>«@GDVVGLHELRSV\FKRVR]LDOHQ3UREOHPH
GHU .OLHQW,QQHQ QXU YHUVWDQGHQ XQG HUIROJUHLFK JHO|VW ZHUGHQ N|QQHQ ZHQQ VLH LQ GHP
.RQWH[WEHWUDFKWHWZHUGHQLQGHPVLHJH]HLJWZHUGHQ³
:HQGW PDFKW DQ GLHVHU 6WHOOH GDUDXI DXIPHUNVDP GDVV GHU GLH &DVH 0DQDJHULQ
Ä.OLQLVFKH9HUIDKUHQHEHQGD6³QXW]HQDOVREHU%HKDQGOXQJVZLVVHQYHUIJHQPXVV
XPGHQELRSV\FKRVR]LDOHQ7KHPHQGHU.OLHQWHOJHUHFKWZHUGHQ]XN|QQHQ
+LHUIU LVW MHGRFK =HLW XQG QRFK YLHO ZLFKWLJHU HLQH JUXQGOHJHQGH XQG VSH]LDOLVLHUWH
$XVELOGXQJ YRQ 1|WHQ GLH ZHLW EHU GLH 4XDOLILNDWLRQ HLQHV &DVH 0DQDJHUV HLQHU &DVH
0DQDJHULQKLQDXVJHKW
&DVH 0DQDJHPHQW LVW PLW 'RUIPDQ DOV HLQH 5ROOH QHEHQ ZHLWHUHQ ]X YHUVWHKHQ YJO
'RUIPDQ 6 GLH YRQ NOLQLVFKHQ 6R]LDODUEHLWHULQQHQ XQG 6R]LDODUEHLWHUQ
EHKHUUVFKWZHUGHQVROOWH
&DVH 0DQDJHULQQHQ PVVHQ EHL LKUHU $UEHLW PLW GHU .OLHQWHO VWHWV EHDFKWHQ GDVV GDV
Ä3URGXNW³ YRQ VR]LDOHU $UEHLW LPPHU HUVW LP .RQWDNW PLW GHU .OLHQWHO HQWVWHKW 2E GLHVH
(UZDUWXQJDEHUKDOWEDULVWPXVVGLH3UD[LV]HLJHQ
$XI*UXQGGHUXQWHUVFKLHGOLFKHQ&XUULFXODGHUIUKHUHQ)DFKKRFKVFKXOHQGHU6R]LDOHQ$UEHLW
LVWGHU$XVELOGXQJVVWDQGEHLYLHOHQ$EVROYHQWLQQHQXQG$EVROYHQWHQGHU6R]LDOHQ$UEHLWVHKU
GLIIHUHQW
'LH
6FKZHUSXQNWVHW]XQJ
ZDU
VHKU
XQWHUVFKLHGOLFK
VRGDVV
PDQFKH
)DFKKRFKVFKXOHQ DXI 7KHPHQ VHW]WHQ GLH ZHQLJHU PLW 6R]LDOHU $UEHLW ]X WXQ KDWWHQ XQG
DQGHUH ZLHGHUXP OHKUWHQ GDV Ä.HUQJHVFKlIW³ GHU 6R]LDOHQ $UEHLW GLH .RPPXQLNDWLRQ GLH
0HWKRGHQ GHU 6R]LDOHQ $UEHLW XQG GLH PLW GHU 6R]LDOHQ $UEHLW YHUEXQGHQHQ
%HKDQGOXQJVDQVlW]H
(LQDOWHVVHKUNULWLVFKHV=LWDWYRQ6WXGHQWLQQHQGHU6R]LDOHQ$UEHLWDXVGHQLJHU-DKUHQ
GHVYHUJDQJHQHQ-DKUKXQGHUWVKDW(QJHONHLQGLHVHP=XVDPPHQKDQJZLHGHUJHJHEHQ'LH
)DFKKRFKVFKXOHQ YHUPLWWHOQ LQ ]XVDPPHQKDQJVORV QHEHQHLQDQGHU VWHKHQGHQ )lFKHUQ QXU
+DOEZLVVHQ 4XDQWLWlW DXI .RVWHQ GHU 4XDOLWlW 'HU 6R]LDODUEHLWHU KDW 3lGDJRJLN LVW DEHU
NHLQ3lGDJRJHHUKDW5HFKWLVWDEHUNHLQ-XULVWXVZ(UKDWYRQDOOHPJHK|UWDEHUQXUHLQ
ELVVFKHQXQGQLFKWVRJUQGOLFK*ROOXQGDQGHUH]LWLHUWQDFK(QJHONH6
6HLWGHU8PVHW]XQJGHV%RORJQD3UR]HVVHVLP-DKUEHVWHKWDOOHUGLQJV+RIIQXQJGDVV
GLHVH /FNH KLQ ]X HLQHU HLQKHLWOLFKHQ $XVELOGXQJ YRQ 6R]LDODUEHLWHULQQHQ XQG
6R]LDODUEHLWHUQ IKUW LQ GHQHQ &DVH 0DQDJHPHQW DOV HLQH 0HWKRGH GHU VR]LDOHQ $UEHLW
LQWHJUDOHU%HVWDQGWHLOGHV6WXGLXPVLVW
$EVFKOLH‰HQG VROO QRFK DXI HLQH 3UDNWLNHULQ GHV 9ROO]XJV HLQJHJDQJHQ ZHUGHQ GLH EHUHLWV
0LWWH GHU LJHU -DKUH GHV YHUJDQJHQHQ -DKUKXQGHUWV LPSOL]LW IU GHQ (LQVDW] GHV &DVH
0DQDJHPHQWLP9ROO]XJVSUDFK.X[VFKOXJYRUVLFKLQGHU%HKDQGOXQJYRQLQLKUHP
)DOOHYHUXUWHLOWHQ6WUDIWlWHULQQHQDXIIROJHQGH6FKZHUSXQNWH]XNRQ]HQWULHUHQZHOFKHQDFK
KHXWLJHP ZLVVHQVFKDIWOLFKHQ 6WDQG GLH NOLQLVFKH 5HOHYDQ] YRQ 6R]LDOHU $UEHLW H[SOL]LHUHQ
XQGJHJHQZlUWLJLQQHUKDOEGHV&DVH0DQDJHPHQWVV\VWHPDWLVLHUW]XP(LQVDW]NRPPHQ'LH
Ä>«@6FKZHUSXQNWHVR]LDOSlGDJRJLVFKHU,QWHUYHQWLRQLQGHU%DQGOXQJXQG%HWUHXXQJVDUEHLW
>VLQGG9@DXIIROJHQGH,QKDOWHDXVJHULFKWHW
%HZX‰WPDFKXQJVLFGHUSHUV|QOLFKHQ3UREOHPDWLN
+LOIH]XU,GHQWLIL]LHUXQJXQG9HUPLWWOXQJYRQ0|JOLFKNHLWHQ]XU(UODQJXQJYRQVR]LDOHU
+DQGOXQJVNRPSHWHQ]6HOEVWEHZX‰WVHLQVLF6HOEVWZHUWJHIKO'XUFKVHW]XQJV
YHUP|JHQ(LJHQVWlQGLJNHLW
+LOIH]XU*HZLQQXQJVFKXOLVFKHUXQGEHUXIOLFKHU.RPSHWHQ]
6HQVLELOLVLHUXQJIUGLH3UREOHPDWLNGLHVLFKDXVGHPVR]LDOHQ8PIHOGHUJLEW
$XI]HLJHQYRQOHJDOHQ.RQIOLNWO|VXQJVP|JOLFKNHLWHQ]%LQ$QJHERWHQGHVVR]LDOHQ
7UDLQLQJVLP%HUHLFK]ZLVFKHQPHQVFKOLFKHU.RQIOLNWH
$UEHLWLPXQGDPVR]LDOHQ8PIHOG)DPLOLHQDUEHLW(QWODVVXQJVKLOIHXD
)|UGHUXQJSRVLWLYHUVR]LDOHU%LQGXQJHQ
9HUPLWWOXQJYRQIDFKVSH]LILVFKHQ+LOIHQ]%LP+LQEOLFNDXIYRUKDQGHQH
6XFKWSUREOHPDWLNHQRGHUSV\FKLVFKH(UNUDQNXQJHQ³.X[6
*OHLFK]HLWLJ PDFKW .X[ GHXWOLFK GDVV EHYRU HLQ Ä>«@ HIIL]LHQWHV %HKDQGOXQJV XQG
%HWUHXXQJVDQJHERW >P|JOLFK ZHUGHQ NDQQ G 9@ HLQH DQGHUH $WPRVSKlUH DOV ELVKHU
JHVFKDIIHQZHUGHQ>PXVVG9@³HEHQGD6$QDQGHUHU6WHOOH]HLJW.X[DXIZLHGLHVH
$WPRVSKlUH GLH VLH GRUW DXFK .OLPD QHQQW HUUHLFKW ZHUGHQ N|QQWH 6LH HPSIDKO Ä>«@ GHQ
$EEDX KLHUDUFKLVFKHU 6WUXNWXUHQ KHPPHQGHU EURNUDWLVFKHU 9RUVFKULIWHQ XQG YRQ
9HUZDOWXQJVVR]LDODUEHLW >QXU VR N|QQH G 9@ PHKU 5DXP IU WDWVlFKOLFKHQ
]ZLVFKHQPHQVFKOLFKHQ.RQWDNWJHVFKDIIHQZHUGHQ>«@³.X[66LHSOlGLHUWHIU
LKUHQ%HUHLFKVRJDUIUHLQHJDQ]DQGHUH9ROO]XJVIRUPXQGHLQHLJHQHV6WUDIYROO]XJVJHVHW]
IU)UDXHQ
,P )DOOH GHV YRUOLHJHQG EHDUEHLWHWHQ 7KHPDV ZUGH HV JHQJHQ ZHQQ GLH 1RWZHQGLJNHLW
YRQ &DVH 0DQDJHPHQW IOlFKHQGHFNHQG LQQHUKDOE GHV %HUOLQHU 6WUDIYROO]XJV XQG GHU
*HULFKWV XQG %HZlKUXQJVKLOIH HUNDQQW ZHUGHQ ZUGH XQG DXFK GDXHUKDIW XPJHVHW]W XQG
YRQDOOHQDP3UR]HVVGHU5HVR]LDOLVLHUXQJ%HWHLOLJWHQHLQHEUHLWH$N]HSWDQ]ILQGHQZUGH
$XVEOLFN
:HQQPDQLQGHU3UD[LV&DVH0DQDJHPHQWVROHEWZLHHV.OHYH%LHVHODEHUDXFK.X[XQG
YLHOH DQGHUH $XWRUHQ HPSIHKOHQ GDQQ LVW GLH .RPPXQLNDWLRQ XQG GDPLW GDV .HUQHOHPHQW
GHU6R]LDOHQ$UEHLWGHUSUDNWLVFKH6FKOVVHOIUHLQHJHOLQJHQGH%HKDQGOXQJDXFKYRQGHU
KLHUEHWUDFKWHWHQ.OLHQWHO
(VJHQJWLQGHP)DOOHQLFKWQXUYRQ%HUDWXQJ]XUHGHQRGHU ]XVDJHQGDVVPDQGLHVHV
RGHU MHQHV PDO LP 6WXGLXP JHOHUQW KDW XQG QXU ZLVVHQ PVVH ZR HV VWHKW 1HLQ &DVH
0DQDJHPHQW ZLUG GDQQ ]X HLQHU 0HWKRGH PLW HLQHU &KDQFH IU HLQH JHOLQJHQGH ,QNOXVLRQ
ZHQQ PDQ EHU HLQH WLHIJUHLIHQGH ([SHUWLVH YHUIJW ZHOFKH VLFK DXV :LVVHQ .|QQHQ XQG
+DOWXQJVSHLVW
Ä%HUDWXQJ XQWHU EHVRQGHUV VFKZLHULJHQ 8PVWlQGHQ XQG HLJHQVWlQGLJH %HKDQGOXQJ
+HUYRUKHEXQJHQ LP 2ULJLQDO VHW]HQ HLQH )DFKNRPSHWHQ] YRUDXV GLH QXU DXI GHU %DVLV
NOLQLVFKHU 3UD[LV XQG HLQVFKOlJLJHU :HLWHUELOGXQJ HUZRUEHQ ZHUGHQ NDQQ 6LH JHKW LQ
:LVVHQ .|QQHQ XQG +DOWXQJ EHU GDV KLQDXV ZDV HLQH JUXQGVWlQGLJH $XVELOGXQJ OHLVWHW
XQGPXVVVLFKDQIDFKOLFKTXDOLWDWLYHQ6WDQGDUGVPHVVHQXQGEHZlKUHQ³*HL‰OHU3LOW]HWDO
6
&DVH 0DQDJHPHQW LP 6WUDIYROO]XJ LQ 'HXWVFKODQG LVW ]ZDU ZHQLJVWHQV VHLW HLQH
SRVWXOLHUWH 0HWKRGH ]XU 5HVR]LDOLVLHUXQJ LKU (LQVDW] DOOHUGLQJV ZLUG VLFK HQWVFKHLGHQG
GDUDQ PHVVHQ PVVHQ RE GDV 9ROO]XJV]LHO JHPl‰ † 6WUDIYROO]XJVJHVHW] PLW LKU HUUHLFKW
ZHUGHQ NDQQ LQGHP GLH KLHU EHQDQQWHQ 7KHPHQ EHKHU]LJW ZHUGHQ 'LH ,QNOXVLRQ YRQ
PHKUIDFKH[NOXGLHUWHQ*HIDQJHQHQZLUGZRKODOOHLQGXUFKGHQHQJDJLHUWHQ(LQVDW]YRQ&DVH
0DQDJHULQQHQDOOHLQNDXPHUUHLFKWZHUGHQN|QQHQ6WDWWGHVVHQLVWHVHUIRUGHUOLFKGDVVHV
YRPJHVDPWHQ6\VWHP-XVWL]JHWUDJHQZLUG
$XI VLFK DOOHLQ JHVWHOOW ZHUGHQ &DVH 0DQDJHULQQHQ HLQHQ ZLUNOLFK HIIHNWLYHQ XQG
P|JOLFKHUZHLVH VRJDU HIIL]LHQWHQ %HLWUDJ EHVWHQIDOOV LP %HUHLFK GHV hEHUJDQJHV GHU
YHUVFKLHGHQHQ9ROO]XJVIRUPHQELVKLQLQGLH)UHLKHLWOHLVWHQN|QQHQ
'LH*UXQGVlW]OLFKNHLWHLQHV&DVH0DQDJHPHQWVLPKLHUEHWUDFKWHWHQ.RQWH[WYRQ%HJLQQDQ
ZLHLQGHQ1LHGHUODQGHQZlUHVHKUZQVFKHQVZHUWLVWLQ%HUOLQDEHUK|FKVWZDKUVFKHLQOLFK
DXVILVNDOLVFKHQ*UQGHQQLFKWXPVHW]EDU
,QQHUKDOE HLQHU (LQZHLVXQJVDEWHLOXQJ EH]LHKXQJVZHLVH GHU 8QWHUVXFKXQJVKDIW LVW &DVH
0DQDJHPHQW DXV GHQ KLHU GDUJHOHJWHQ (UNHQQWQLVVHQ LP *UXQGH XQDEGLQJEDU XQG DXFK
PDFKEDU ZHQQ PDQ GDV 3UREOHP DOVR GLH 6WUDIWDW DOV Ä(LQWULWWVNDUWH³ LQ GDV +HOIHUV\VWHP
YJO .OHYH HW DO DD2 YHUVWHKW XQG GLHVHV DOV ]X UHVR]LDOLVLHUHQGHV 7KHPD
VR]LDODUEHLWHULVFK LQ GHQ 0LWWHOSXQNW VWHOOW 'LH DQGHUHQ %HUHLFKH VROOWHQ PLQGHVWHQV GHQ
hEHUJDQJLQQHUKDOEGHV-XVWL]V\VWHPVLP%OLFNKDEHQGHQ*HIDQJHQHEHZlOWLJHQPVVHQ
+LHUZlUHHLQ&DVH 0DQDJHPHQWQDFKGHQ9RUVWHOOXQJHQYRQ:LUWKDD2DX‰HURUGHQWOLFK
]ZHFNGLHQOLFKRKQHGDEHLDQGHUH3URIHVVLRQHQLQLKUHU'DVHLQVEHUHFKWLJXQJ]XJHIlKUGHQ
1DFK $QVLFKW GHV 9HUIDVVHUV LVW QXU HLQ EHKDQGOXQJVRULHQWLHUWHV &DVH 0DQDJHPHQW GDV
V\VWHPLVFK XQGNOLQLVFKJDQ]KHLWOLFK G KPLW GHP ELRSV\FKRVR]LDOHQ )RNXV DQJHOHJW LVW
LQGHU/DJHGDVVREHQJHQDQQWH9ROO]XJV]LHO]XHUUHLFKHQZHQQGDV*HVDPWV\VWHP-XVWL]
GLHVH+DOWXQJPLWWUlJW9RUUDXVVHW]XQJKLHUIUZlUHDOOHUGLQJVHLQH.RPPXQLNDWLRQVIRUPGLH
.OHYHHWDODD2HPSIRKOHQKDEHQ
'LH :HLWHUELOGXQJ ]XP &DVH 0DQDJHU ZDU EH]LHKXQJVZHLVH LVW IU GHQ 9HUIDVVHU
UHWURVSHNWLY EHWUDFKWHW HLQH JUR‰H %HUHLFKHUXQJ &DVH 0DQDJHPHQW LVW 2UJDQLVDWLRQ
.RRUGLQDWLRQ /HLWXQJ XQG %HKDQGOXQJVPD‰QDKPH LQ HLQHP 'DPLW VFKOLH‰W GLHVH
$XVELOGXQJ HLQH ZHLWYHUEUHLWHWH /FNH ]ZLVFKHQ 7KHRULH XQG 3UD[LV (V EOHLEW MHGRFK
DE]XZDUWHQREGLH%HIUZRUWHUYRQJHVWHUQGKGLHGLHGDV3URMHNWLQQHUKDOEGHU%HUOLQHU
-XVWL] P|JOLFK PDFKWHQ GDV &DVH 0DQDJHPHQW DXFK PRUJHQ QRFK ZROOHQ 8QJHDFKWHW
GHVVHQ ZLUG GDV &DVH 0DQDJHPHQW DXFK LQ GHU =XNXQIW ]XP 0HWKRGHQUHSHUWRLUH GHV
9HUIDVVHUV JHK|UHQ %HKDQGHOQGH 6R]LDODUEHLW XQG QLFKW Ä9HUZDOWXQJVVR]LDODUEHLW³ VFKHLQW
PHKU GHQQ MH GHU ULFKWLJHUH $QVDW] ]X VHLQ XP HLQH JHOLQJHQGH ,QNOXVLRQ GHU KLHU
EHWUDFKWHWHQ .OLHQWHO ]X HUUHLFKHQ 'DPLW LVW DXFK GLH )UDJH GHU 0|JOLFKNHLW HLQHU
,PSOHPHQWLHUXQJ GLHVHU 0HWKRGH LP :LUNXQJVEHUHLFK GHV 9HUIDVVHUV DXV HLJHQHU
%HWUDFKWXQJHUIROJUHLFKDEJHVFKORVVHQ
/LWHUDWXUYHU]HLFKQLV
%LHVHO.&DVH0DQDJHPHQW0\WKHQXQGLKUH%HGHXWXQJIUGLH6R]LDOH$UEHLW]XU
,GHRORJLH HLQHV VHOEVWYHUVWlQGOLFKHQ $UEHLWVSULQ]LSV ,Q (KOHUV & %URHU : +UVJ &DVH
0DQDJHPHQW LQ GHU 6R]LDOHQ $UEHLW 7KHRULH )RUVFKXQJ XQG 3UD[LV GHU 6R]LDOHQ $UEHLW
%DQG9HUODJ%DUEDUD%XGULFK2SODGHQ%HUOLQ7RURQWR6
&RUQHO+6WUDIYROO]XJ,Q&RUQHO+.DZDPXUD5HLQGO*0DHOLFNH%6RQQHQ
%5>+UVJ@5HVR]LDOLVLHUXQJ+DQGEXFK$XIODJH1RPRV%DGHQ%DGHQ6
'RUIPDQ 5DFKHO $ &OLQLFDO 6RFLDO :RUN 'HILQLWLRQ 3UDFWLFH DQG 9LVLRQ %UXQQHU
0D]HO1HZ<RUN
(KOHUV & 0OOHU 0 ,PSOHPHQWLHUXQJ YRQ &DVH 0DQDJHPHQW &0 LQ
2UJDQLVDWLRQHQGHV6R]LDOXQG*HVXQGKHLWVZHVHQV,Q(KOHUV&%URHU:+UVJ&DVH
0DQDJHPHQW LQ GHU 6R]LDOHQ $UEHLW 7KHRULH )RUVFKXQJ XQG 3UD[LV GHU 6R]LDOHQ $UEHLW
%DQG9HUODJ%DUEDUD%XGULFK2SODGHQ%HUOLQ7RURQWR6
(QJHONH ( 6R]LDOH $UEHLW DOV :LVVHQVFKDIW (LQH 2ULHQWLHUXQJ ,Q 0KOXP $
>+UVJ@ 6R]LDODUEHLWVZLVVHQVFKDIW :LVVHQVFKDIW GHU VR]LDOHQ $UEHLW /DPEHUWXV9HUODJ
)UHLEXUJLP%UHLVJDX6
(UDWK36R]LDODUEHLWVZLVVHQVFKDIW(LQH(LQIKUXQJ.RKOKDPPHU6WXWWJDUW
*HL‰OHU3LOW]%ULJLWWH0KOXP$OEHUW3DXOV+HOPXW>[email protected]]LDODUEHLW
(UQVW5HLQKDUGW9HUODJ:HLQKHLP%DVHO
+DPSH*URVVHU $ 6\VWHPLVFKHV &DVH 0DQDJHPHQW PLW 0XOWLSUREOHPIDPLOLHQ ,Q
.OHYH + +D\H % +DPSH*URVVHU $ 0OOHU 0 6\VWHPLVFKHV &DVH 0DQDJHPHQW
)DOOHLQVFKlW]XQJXQG+LOIHSODQXQJLQGHUVR]LDOHQ$UEHLWEHUDUEHLWHWH$XIODJH&DUO$XHU
9HUODJ+HLGHOEHUJ6
+D\H%.OHYH+'LHVHFKV6FKULWWHKHOIHQGH.RPPXQLNDWLRQDOVHLQHPHWKRGLVFKH
*UXQGODJH.OLQLVFKHU6R]LDODUEHLW,Q*HL‰OHU3LO]%ULJLWWH>+UVJ@3V\FKRVR]LDOH'LDJQRVHQ
XQG%HKDQGOXQJHQLQGHQ$UEHLWVIHOGHUQGHU.OLQLVFKHQ6R]LDODUEHLW/LW9HUODJ0QVWHU6
±
+D\H%.OHYH+6\VWHPLVFKH6FKULWWHKHOIHQGHU.RPPXQLNDWLRQ6HFKV3KDVHQ
0RGHOO IU GLH )DOOHLQVFKlW]XQJ XQG GLH +LOIHSODQXQJ ,Q .OHYH + +D\H % +DPSH
*URVVHU$0OOHU06\VWHPLVFKHV&DVH0DQDJHPHQW)DOOHLQVFKlW]XQJXQG+LOIHSODQXQJ
LQGHUVR]LDOHQ$UEHLWEHUDUEHLWHWH$XIODJH&DUO$XHU9HUODJ+HLGHOEHUJ6
.OHYH + 6\VWHPLVFKHV &DVH 0DQDJHPHQW )DOOHLQVFKlW]XQJ XQG +LOIHSODQXQJ LQ
GHU 6R]LDOHQ $UEHLW hEHUVLFKWHQ XQG $UEHLWVEOlWWHU hEHUDUEHLWHWHV 6NULSW 9HU|IIHQWOLFKW
LP
,QWHUQHW
XQWHU
KWWSZZZLQGHHG
QHWHXWH[WNOHYHBV\VWHPLVFKHVBFDVHBPDQDJHPHQWSGI>@
.OHYH+0HWKRGLVFKH*UXQGODJHQ6R]LDOHU$UEHLW(LQHIUDJPHQWDULVFKH6NL]]H,Q
.OHYH + +D\H % +DPSH*URVVHU $ 0OOHU 0 6\VWHPLVFKHV &DVH 0DQDJHPHQW
)DOOHLQVFKlW]XQJXQG+LOIHSODQXQJLQGHUVR]LDOHQ$UEHLWEHUDUEHLWHWH$XIODJH&DUO$XHU
9HUODJ+HLGHOEHUJ6
.OHYH + &DVH 0DQDJHPHQW (LQH PHWKRGLVFKH 3HUVSHNWLYH ]ZLVFKHQ
/HEHQVZHOWRULHQWLHUXQJXQGgNRQRPLVLHUXQJ6R]LDOHU$UEHLW,Q.OHYH++D\H%+DPSH
*URVVHU$0OOHU06\VWHPLVFKHV&DVH0DQDJHPHQW)DOOHLQVFKlW]XQJXQG+LOIHSODQXQJ
LQGHUVR]LDOHQ$UEHLWEHUDUEHLWHWH$XIODJH&DUO$XHU9HUODJ+HLGHOEHUJ6
.OHYH + 6\VWHPLVFKH .RQWH[WNOlUXQJ )UDJHVWHOOXQJHQ IU GLH .RQWH[WXDOLVLHUXQJ
ZlKUHQG GHU )DOOHLQVFKlW]XQJ ,Q .OHYH + +D\H % +DPSH*URVVHU $ 0OOHU 0
6\VWHPLVFKHV&DVH0DQDJHPHQW)DOOHLQVFKlW]XQJXQG+LOIHSODQXQJLQGHUVR]LDOHQ$UEHLW
EHUDUEHLWHWH$XIODJH&DUO$XHU9HUODJ+HLGHOEHUJ6
.OHYH + 3RVWKHURLVFKHV &DVH 0DQDJHPHQW LQ GHU QlFKVWHQ *HVHOOVFKDIW
,UULWDWLRQHQ DXV HLQHU V\VWHP XQG JHVHOOVFKDIWVWKHRUHWLVFKHQ 3HUVSHNWLYH ,Q (KOHUV &
%URHU:+UVJ&DVH0DQDJHPHQWLQGHU6R]LDOHQ$UEHLW7KHRULH)RUVFKXQJXQG3UD[LV
GHU6R]LDOHQ$UEHLW%DQG9HUODJ%DUEDUD%XGULFK2SODGHQ%HUOLQ7RURQWR6
.OLQJ.LUFKQHU & $VSHNWH NOLQLVFKVR]LDODUEHLWHULVFKHU 'LDJQRVWLN ,Q *HL‰OHU 3LO]
%ULJLWWH >+UVJ@ 3V\FKRVR]LDOH 'LDJQRVHQ XQG %HKDQGOXQJHQ LQ GHQ $UEHLWVIHOGHUQ GHU
.OLQLVFKHQ6R]LDODUEHLW/LW9HUODJ0QVWHU6
.OXJ:6FKDLWO+6R]LDOH'LHQVWHGHU-XVWL]3HUVSHNWLYHQDXV:LVVHQVFKDIWXQG
3UD[LV '%+ )DFKYHUEDQG IU 6R]LDOH $UEHLW 6WUDIUHFKW XQG .ULPLQDOSROLWLN >+UVJ@ '%+
6FKULIWHQUHLKH%DQG9HUODJ*RGHVEHUJ0|QFKHQJODGEDFK
.X[ * 0|JOLFKNHLWHQ 6R]LDOSlGDJRJLVFKHU ,QWHUYHQWLRQ LP )UDXHQVWUDIYROO]XJ DP
%HLVSLHOGHU-9$IU)UDXHQ%HUOLQ8QYHU|IIHQWOLFKWH'LSORPDUEHLW]XU(UODQJXQJGHV*UDGHV
HLQHU 'LSORP6R]LDODUEHLWHULQ6R]LDOSlGDJRJLQ DQ GHU )DFKKRFKVFKXOH IU 6R]LDODUEHLW XQG
6R]LDOSlGDJRJLNÄ$OLFH6DORPRQ³%HUOLQ6RPPHUVHPHVWHU
0DHOLFNH % 3HUVSHNWLYHQ HLQHU ,QWHJULHUWHQ 5HVR]LDOLVLHUXQJ ,Q &RUQHO +
.DZDPXUD5HLQGO*0DHOLFNH % 6RQQHQ % 5 >+UVJ@ 5HVR]LDOLVLHUXQJ +DQGEXFK
$XIODJH1RPRV%DGHQ%DGHQ
0OOHU 0 9HUIDKUHQ 7HFKQLNHQ XQG 6WUXNWXU LP &DVH 0DQDJHPHQW 3UR]HVV
7KHRULH 3UD[LV+DQGUHLFKXQJHQ ,Q .OHYH + +D\H % +DPSH*URVVHU $ 0OOHU 0
6\VWHPLVFKHV&DVH0DQDJHPHQW)DOOHLQVFKlW]XQJXQG+LOIHSODQXQJLQGHUVR]LDOHQ$UEHLW
EHUDUEHLWHWH$XIODJH&DUO$XHU9HUODJ+HLGHOEHUJ6
1HXIIHU 0 &DVH 0DQDJHPHQW 6R]LDOH $UEHLW PLW (LQ]HOQHQ XQG )DPLOLHQ EHUDUEHLWHWHXQGHUJlQ]WH$XIODJH-XYHQWD9HUODJ:HLQKHLP
6FKPLG0&DVH 0DQDJHPHQWDOV$QWZRUWDXI3UREOHPHGHU,QNOXVLRQ([NOXVLRQLQ
PRGHUQHQ6R]LDOVWDDWHQ,Q(KOHUV&%URHU:>+UVJ@&DVH0DQDJHPHQWLQGHU6R]LDOHQ
$UEHLW7KHRULH)RUVFKXQJXQG3UD[LVGHU6R]LDOHQ$UEHLW%DQG9HUODJ%DUEDUD%XGULFK
2SODGHQ%HUOLQ7RURQWR6
:HQGW:5gNRVR]LDOGHQNHQXQGKDQGHOQ*UXQGODJHQXQG$QZHQGXQJHQLQGHU
6R]LDODUEHLW/DPEHUWXV9HUODJ)UHLEXUJL%
:HQGW : 5 &DVH 0DQDJHPHQW LP 6R]LDO XQG *HVXQGKHLWVZHVHQ (LQH
(LQIKUXQJEHUDUEHLWHWH$XIODJH$XIODJH/DPEHUWXV9HUODJ)UHLEXUJL%U
:HQGW : 5 D 'DV |NRVR]LDOH 3ULQ]LS 6R]LDOH $UEHLW |NRORJLVFK YHUVWDQGHQ
/DPEHUWXV9HUODJ)UHLEXUJL%U
:LUWK : 6lXOHQVWUDWHJLH ]XU EHUXIOLFKHQ 5HLQWHJUDWLRQ YRQ *HIDQJHQHQ
(UIDKUXQJHQ PLW HLQHP V\VWHPDWLVFKHQ hEHUJDQJVPDQDJHPHQW ,Q *HVHOOVFKDIW IU
)RUWELOGXQJ GHU 6WUDIYROO]XJVEHGLHQVWHWHQ >+UVJ@ )RUXP 6WUDIYROO]XJ =HLWVFKULIW IU
6WUDIYROO]XJXQG6WUDIIlOOLJHQKLOIH+HIW-DKUJDQJ6