HVPRQWDU HO DSDUDWR, LFKWLJH LQZHLVH, 9RUEHUHLWXQJ GHU 0 EHO EELOGXQJ



&RORFDUODSODFDGHFRFFLyQILJXUD
$MXVWDUODSODFDGHFRFFLyQHQODSDUWHGHODQWHUDGHOKXHFRGH

HQFDVWUH\HQFDMDUOD

1RDSULVLRQDUHOFDEOHGHDOLPHQWDFLyQQLSDVDUORSRUERUGHV

DILODGRV 6L KD\ XQ KRUQR PRQWDGR GHEDMR SDVDU HO FDEOH SRU ODV

HVTXLQDV WUDVHUDV GHO KRUQR 'HEH FRORFDUVH GH PDQHUD TXH QR

WRTXHSDUWHVFDOLHQWHVGHODSODFDGHFRFFLyQRGHOKRUQR

(Q HQFLPHUDV DOLFDWDGDV VHOODU ODV MXQWDV HQWUH ORV D]XOHMRV FRQ

FDXFKRGHVLOLFRQD

&RQHFWDUHODSDUDWRDODUHGHOpFWULFDILJXUD

7HQVLyQYHUSODFDGHFDUDFWHUtVWLFDV

&RQHFWDUH[FOXVLYDPHQWHVHJ~QHOHVTXHPDGHFRQH[LyQ
%10DUUyQ
%8$]XO
*1<(9HUGH\DPDULOOR
%.1HJUR
*<*ULV

6HJ~QHOWLSRGHFRQH[LyQSXHGHVHUQHFHVDULRPRGLILFDUOD

GLVSRVLFLyQGHORVWHUPLQDOHVVXPLQLVWUDGRVSRUIiEULFD3DUD

HOORVHUiQHFHVDULRFRUWDUORVWHUPLQDOHV\HOLPLQDUHODLVODQWH

QHFHVDULRSDUDFRORFDUXQWHUPLQDOTXHXQDGRVFDEOHV

1RWD &RPSUREDUHOIXQFLRQDPLHQWRVLHQHOSDQHOLQGLFDGRUGHO

DSDUDWRDSDUHFH

—…‹‹



“‹†‚„ 

y

VLJQLILFDTXHHVWiPDO

FRQHFWDGR'HVFRQHFWDUHODSDUDWRGHODUHG\FRPSUREDUOD

LQVWDODFLyQGHOFDEOHGHDOLPHQWDFLyQHQODFDMDGHFRQH[LyQ\HQ

ODUHGHOpFWULFD

'HVPRQWDUHODSDUDWR

'HVFRQHFWDUHODSDUDWRGHODUHGHOpFWULFD
: £5LHVJRGHGHVFDUJDHOpFWULFD
$OGHVFRQHFWDUHODSDUDWRGHODUHGHOpFWULFDHVWHSXHGHTXHGDU

FDUJDGRHQVXVERUQDV/DFRQH[LyQHOpFWULFDHVWiVRORSHUPLWLGD

SRUXQWpFQLFRHVSHFLDOLVWDDXWRUL]DGR
([WUDHUODSODFDGHFRFFLyQHMHUFLHQGRSUHVLyQGHVGHDEDMR
£$WHQFLyQ
£'DxRVHQHODSDUDWR1RLQWHQWHH[WUDHUHODSDUDWRKDFLHQGR

SDODQFDGHVGHDUULED

de

Ø

0RQWDJHDQOHLWXQJ

:LFKWLJH+LQZHLVH

6LFKHUKHLWVKLQZHLV'LH6LFKHUKHLWEHLP*HEUDXFKGHV*HUlWHV

LVWQXUJHZlKUOHLVWHWZHQQGHU(LQEDXWHFKQLVFKNRUUHNWXQG

JHPl‰GLHVHU0RQWDJHDQOHLWXQJYRUJHQRPPHQZXUGH)U6FKl

GHQGLHGXUFKHLQHQXQVDFKJHPl‰HQ(LQEDXHQWVWHKHQKDIWHW

GHU0RQWHXU
1DFK GHU ,QVWDOODWLRQ LVW VLFKHU]XVWHOOHQ GDVV GHU %HQXW]HU NHLQHQ

=XJDQJ]XGHQHOHNWULVFKHQ%DXWHLOHQKDW
'LHVHV*HUlWLVW]XU9HUZHQGXQJLQ+|KHQYRQELV]X

 0HWHUQ]XJHODVVHQ
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH

,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ

IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG

YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
(OHNWULVFKHU$QVFKOXVV(UPXVVYRQHLQHPNRQ]HVVLRQLHUWHQ

)DFKPDQQYRUJHQRPPHQZHUGHQ'DEHLJHOWHQGLH%HVWLPPXQ

JHQGHU|UWOLFKHQ6WURPYHUVRUJHU
'DV*HUlWPXVVDQHLQHUIHVWHQ,QVWDOODWLRQDQJHVFKORVVHQVHLQ

XQGJHPl‰GHQ,QVWDOODWLRQVYRUVFKULIWHQPVVHQHQWVSUHFKHQGH

7UHQQVFKDOWHUHLQJHULFKWHWZHUGHQ
$QVFKOXVVW\SHQ'DV*HUlWJHK|UW]XU6FKXW]NODVVH ,XQGGDUI

QXULQ.RPELQDWLRQPLWHLQHPJHHUGHWHQ$QVFKOXVVYHUZHQGHW

ZHUGHQ
'HU+HUVWHOOHUEHUQLPPWNHLQH9HUDQWZRUWXQJIU%HWULHEVVW|UXQ

JHQRGHUP|JOLFKH6FKlGHQGLHDXIHLQHIHKOHUKDIWHHOHNWULVFKH

,QVWDOODWLRQ]XUFN]XIKUHQVLQG
1HW]NDEHO(VLVWP|JOLFKHUZHLVHEHUHLWVDQGHU$QVFKOXVV

ER[GHV.RFKIHOGVDQJHVFKORVVHQRGHUZLUGPLWGHP*HUlW

JHOLHIHUW XQG GDUI QXU YRQ HLQHU ]XJHODVVHQHQ )DFKNUDIW E]Z TXD

OLIL]LHUWHP.XQGHQGLHQVW3HUVRQDOLQVWDOOLHUWZHUGHQ'LHHUIRUGHUOL

FKHQ$QVFKOXVVGDWHQVLQGDXIGHP7\SHQVFKLOGXQGLP

$QVFKOXVVELOGDQJHJHEHQ
1XUGDVPLWGHP*HUlWPLWJHOLHIHUWHRGHUYRPWHFKQLVFKHQ.XQ

GHQGLHQVWJHOLHIHUWH.DEHOYHUZHQGHQ

0RQWDJHXQWHUGHU$UEHLWVSODWWH'DV,QGXNWLRQVNRFKIHOGNDQQ

QXUEHU6FKXEODGHQRGHU%DFN|IHQPLW*HEOlVHOIWXQJLQVWDOOLHUW

ZHUGHQ 8QWHU GHP .RFKIHOG N|QQHQ NHLQH .KOVFKUlQNH 6SOPD

VFKLQHQ %DFN|IHQ RKQH /IWXQJ RGHU :DVFKPDVFKLQHQ HLQJHEDXW

ZHUGHQ
$E]XJVHVVH'HU$EVWDQG]ZLVFKHQGHU$E]XJVHVVHXQGGHP

.RFKIHOGPXVVPLQGHVWHQVGHPLQGHU0RQWDJHDQOHLWXQJIUGLH

$E]XJVHVVHDQJHJHEHQHQ$EVWDQGHQWVSUHFKHQ
$UEHLWVSODWWH6LHPXVVHEHQKRUL]RQWDOXQGVWDELOVHLQ'LH

$QZHLVXQJHQGHV$UEHLWVSODWWHQ+HUVWHOOHUVEHDFKWHQ
:HQQGLH'LFNHGHU$UEHLWVSODWWHLQGLHGDV.RFKIHOGHLQJHEDXW

ZLUGQLFKWGHQ9RUJDEHQHQWVSULFKWGLH$UEHLWVSODWWHPLWIHXHU

XQGZDVVHUIHVWHP0DWHULDOYHUVWlUNHQELVGLHHPSIRKOHQH0LQ

GHVWGLFNHHUUHLFKWLVW$QGHUQIDOOVLVWNHLQHDXVUHLFKHQGH6WDELOLWlW

JHJHEHQ

'LH$UEHLWVSODWWHLQGLHGDV.RFKIHOGHLQJHEDXWZLUGVROOWH

%HODVWXQJHQYRQFD NJVWDQGKDOWHQ

'LH (EHQKHLW GHV .RFKIHOGV HUVW EHUSUIHQ ZHQQ HV HLQJHEDXW

LVW

*DUDQWLH(LQXQVDFKJHPl‰HU(LQEDX$QVFKOXVVRGHUHLQHIHK

OHUKDIWH0RQWDJHIKUHQ]XP9HUOXVWGHU*DUDQWLH
+LQZHLV -HJOLFKH $UEHLWHQ DP *HUlWHLQQHUHQ HLQVFKOLH‰OLFK GHP

$XVWDXVFKGHV1HW]NDEHOVPVVHQYRPHLJHQVGDIUDXVJHELOGH

WHQ.XQGHQGLHQVWYRUJHQRPPHQZHUGHQ

9RUEHUHLWXQJGHU0|EHO$EELOGXQJ 

(LQEDXP|EHO6LHPVVHQELVPLQGHVWHQV ƒ&WHPSHUDWXUEH

VWlQGLJVHLQ
$XVVFKQLWW6SlQHQDFKGHQ$XVVFKQLWWDUEHLWHQHQWIHUQHQ
6FKQLWWIOlFKHQ0LWKLW]HEHVWlQGLJHP0DWHULDOYHUVLHJHOQ
(LQEDXEHUHLQHP6FKXEIDFK$EELOGXQJ D
$UEHLWVSODWWH6LHPXVVPLQGHVWHQV PPGLFNVHLQ
/IWXQJ'HU$EVWDQG]ZLVFKHQGHU2EHUIOlFKHGHU$UEHLWVSODWWH

XQGGHPREHUHQ%HUHLFKGHU6FKXEODGHPXVV PPEHWUDJHQ
+LQZHLV (LQHQ=ZLVFKHQERGHQDXV+RO]YHUZHQGHQZHQQVLFK

PHWDOOLVFKH*HJHQVWlQGHLQGHU6FKXEODGHDXIJUXQGGHU/XIWXP

ZlO]XQJEHLGHU%HOIWXQJGHV.RFKIHOGHVHUZlUPHQRGHUZHQQ

NOHLQH VSLW]H PHWDOOLVFKH *HJHQVWlQGH ZLH EHLVSLHOVZHLVH )OHLVFK

VSLH‰HLQGLHVHU6FKXEODGHDXIEHZDKUWZHUGHQ  $EELOGXQJ  
'DV.RFKIHOGLVWDQGHU8QWHUVHLWHPLWHLQHP9HQWLODWRUDXVJHVWDW

WHW2KQH=ZLVFKHQERGHQGUIHQLQGHU6FKXEODGHNHLQHNOHLQHQ

RGHU VSLW]HQ *HJHQVWlQGH 3DSLHU RGHU .FKHQWFKHU DXIEHZDKUW

ZHUGHQ(VN|QQWHGLH.KOXQJEHHLQWUlFKWLJWRGHUGDV*HEOlVH

GXUFK$QVDXJHQEHVFKlGLJWZHUGHQ=ZLVFKHQGHP,QKDOWGHU

6FKXEODGHXQGGHP*HEOlVH(LQJDQJPXVVHLQ0LQGHVWDEVWDQG

YRQ FPHLQJHKDOWHQZHUGHQ
0RQWDJHEHUHLQHP%DFNRIHQ$EELOGXQJE
$EODJH0XVVEHUHLQH0LQGHVWGLFNHYRQ  PPYHUIJHQ
+LQZHLV 6FKODJHQ 6LH LQ GHU 0RQWDJHDQOHLWXQJ IU GHQ %DFNRIHQ

QDFKIDOOVGHU$EVWDQG]ZLVFKHQ.RFKIHOGXQG%DFNRIHQYHUJU|

‰HUWZHUGHQPXVV
%HOIWXQJ'HU$EVWDQG]ZLVFKHQ%DFNRIHQXQG.RFKIHOGPXVV

PLQGHVWHQVPPEHWUDJHQ
+LQZHLV :LUGGDV.RFKIHOGEHUHLQHP%DFNRIHQHLQHUDQGHUHQ

0DUNHHLQJHEDXWLVWHLQ=ZLVFKHQERGHQDXV+RO]]XYHUZHQGHQ

$EELOGXQJ 
*HEOlVH$EELOGXQJ 
8PHLQHNRUUHNWH)XQNWLRQVZHLVHGHV*HUlWV]XJDUDQWLHUHQ

PXVVGDV.RFKIHOGDQJHPHVVHQEHOIWHWZHUGHQ
'DGLH/IWXQJLPXQWHUHQ%HUHLFKGHV*HUlWVHLQHDXVUHLFKHQGH

)ULVFKOXIW]XIXKUEHQ|WLJWPVVHQGLH0|EHOHQWVSUHFKHQGDXVJH

OHJWVHLQ+LHU]XZLUG)ROJHQGHVEHQ|WLJW

HLQ 0LQGHVWDEVWDQG ]ZLVFKHQ GHU 5FNVHLWH GHV 0|EHOV XQG GHU

.FKHQZDQG XQG ]ZLVFKHQ GHU 2EHUIOlFKH GHU $UEHLWVSODWWH XQG

GHPREHUHQ%HUHLFKGHU6FKXEODGH  $EELOGXQJ D 

HLQHgIIQXQJREHQDQGHU5FNVHLWHGHV0|EHOV

$EELOGXQJ E 

)DOOVGHU0LQGHVWDEVWDQGYRQ PPDQGHU5FNVHLWHGHV

0|EHOVQLFKWJHJHEHQLVWPXVVDQGHU8QWHUVHLWHHLQHgIIQXQJ

DQJHOHJWZHUGHQ  $EELOGXQJ F 

+LQZHLVH

:HQQGDV*HUlWLQHLQHU.RFKLQVHORGHUDQHLQHPDQGHUHQ

QLFKW EHVFKULHEHQHQ 3ODW] HLQJHEDXW ZLUG LVW HLQH DQJHPHVVHQH

%HOIWXQJGHV.RFKIHOGVVLFKHU]XVWHOOHQ

'HQXQWHUHQ6RFNHOQLFKWKHUPHWLVFKDEVFKOLH‰HQ