Leitlinien- Clearingbericht "Depression
|
|
|
- Hester Harvey
- 10 years ago
- Views:
Transcription
1 Schriftenreihe Band 12 Leitlinien- Clearingbericht "Depression Leitlinien-Clearingverfahren von Bundesärztekammer und Kassenärztlicher Bundesvereinigung in Kooperation mit Deutscher Krankenhausgesellschaft Spitzenverbänden der Krankenkassen und Gesetzlicher Rentenversicherung
2 ISBN ISSN by ÄZQ Aachener Straße Köln Verlag videel OHG, Niebüll Schmiedestr Niebüll Tel.: , Fax: [email protected] Gesamtherstellung: videel, Niebüll Geschützte Warennamen (Warenzeichen) werden nicht immer kenntlich gemacht. Aus dem Fehlen eines solchen Hinweises kann nicht geschlossen werden, dass es sich um einen freien Warennamen handelt. Alle Rechte, insbesondere das Recht zur Vervielfältigung und Verbreitung sowie der Übersetzung, vorbehalten. Kein Teil des Werkes darf in irgendeiner Form ohne schriftliche Genehmigung des Herausgebers oder des Verlages reproduziert werden. Der Herausgeber hat das Recht, Teile des Werkes oder das Gesamtwerk elektronisch zu publizieren. Bibliografische Information Der Deutschen Bibliothek Die Deutsche Bibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über abrufbar. Bibliographic information published by Die Deutsche Bibliothek Die Deutsche Bibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at
3
4 /HLWOLQLHQEHULFKW'HSUHVVLRQ,PSUHVVXP +HUDXVJHEHU 'DVbU]WOLFKH=HQWUXPI U =HQWUDOVWHOOHGHU'HXWVFKHQ 4XDOLWlWLQGHU0HGL]LQLVW bu]whvfkdiw]xu4xdolwlwvvlfkhuxqj *U QGXQJVPLWJOLHGYRP LQGHU0HGL]LQ*E5 *HPHLQVDPH(LQULFKWXQJGHU %XQGHVlU]WHNDPPHUXQGGHU.DVVHQlU]WOLFKHQ%XQGHVYHUHLQLJXQJ /(,7/,1,(1&/($5,1*67(//( LP$XIWUDJYRQ %XQGHVlU]WHNDPPHU.DVVHQlU]WOLFKHU%XQGHVYHUHLQLJXQJ 'HXWVFKHU.UDQNHQKDXVJHVHOOVFKDIW 6SLW]HQYHUElQGHQGHU.UDQNHQNDVVHQ *HVHW]OLFKHU5HQWHQYHUVLFKHUXQJ $XWRUHQ 'UPHG:ROIJDQJ%HFNHU)DFKDU]WI U3V\FKLDWULH/ UUDFK 3URI'UPHG'UUHUQDW(NNHKDUG+DHQ.OLQLNXQG3ROLNOLQLNI U3V\FKLDWULHXQG 3V\FKRWKHUDSLHGHU8QLYHUVLWlW5HJHQVEXUJ 3''UPHG'USKLO'LSO3V\FK0DUWLQ+lUWHU$EW3V\FKLDWULHXQG3V\FKRWKHUDSLHPLW 3ROLNOLQLNGHU8QLYHUVLWlWVNOLQLN)UHLEXUJ )UDX3URI'USKLO5HQDWHGH-RQJ0H\HU3V\FKRORJLVFKHV,QVWLWXW,GHU8QLYHUVLWlW 0 QVWHU 3URI'UPHG'LSO3V\FK0LFKDHO/LQGHQ5HKDELOLWDWLRQVNOLQLN6HHKRIGHU%I$7HOWRZ 'UPHG:LOKHOP1LHEOLQJ)DFKDU]WI U$OOJHPHLQPHGL]LQ7LWLVHH1HXVWDGW 3URI'UPHG/XGJHU3LHQWND0HG*HULDWULVFKH.OLQLN0DULHQKRVSLWDO+HUQH 8QLYHUVLWlWVNOLQLNGHU5XKU8QLYHUVLWlW 3URI'UPHG+DJHQ6DQGKRO]HU6HOEVWlQGLJH$EWHLOXQJI U$OOJHPHLQPHGL]LQGHU 8QLYHUVLWlW/HLS]LJ 0RGHUDWLRQ 3URI'UPHG- UJHQ:LQGHOHU0HGL]LQLVFKHU'LHQVWGHU6SLW]HQYHUElQGHGHU.UDQNHQNDVVHQH9(VVHQ 5HGDNWLRQ 2:HLQJDUW&OHDULQJVWHOOH/HLWOLQLHQGHVb=4 $QVFKULIWGHV+HUDXVJHEHUV bu]wolfkhv=hqwuxpi U4XDOLWlWLQGHU0HGL]LQb=4 $DFKHQHU6WUD H± '. OQ 7HOHIRQ 7HOHID[ HPDLO FOHDULQJVWHOOH#D]TGH,QWHUQHWKWWSZZZOHLWOLQLHQGH bu]wolfkhv=hqwuxpi U4XDOLWlWLQGHU0HGL]LQb=4
5 /HLWOLQLHQEHULFKW'HSUHVVLRQ :LFKWLJHU+LQZHLV 'LHVHU%HULFKWHQWKlOW%HLVSLHOHXQG=LWDWHDXVQDWLRQDOHQXQGLQWHUQDWLRQDOHQ/HLWOLQLHQXQG DQGHUHQ 4XHOOHQ LQ GHQHQ 9HUIDKUHQ ] % 'LDJQRVWLN 3UlSDUDWH XQG 'RVLHUXQJHQ RGHU DQGHUH 7KHUDSLHQ JHQDQQW ZHUGHQ GLH X 8 QLFKW I U GHQ GHXWVFKHQ 9HURUGQXQJVUDXP J OWLJRGHU]XJHODVVHQVLQG ) U $QJDEHQ ]X 9HUIDKUHQ XQG GHUHQ $QZHQGXQJ NDQQ YRP 9HUODJ RGHU GHQ$XWRUHQNHLQH*HZlKU EHUQRPPHQZHUGHQ -HGHU %HQXW]HU LVW DQJHKDOWHQ GXUFK VRUJIlOWLJH 3U IXQJ GHU 9HUIDKUHQ GLH ]XOlVVLJH,QGLNDWLRQ.RQWUDLQGLNDWLRQHQ RGHU $QZHQGXQJ IHVW]XVWHOOHQ LQVEHVRQGHUH RE GLHVH JHJHQ EHUGHU$QJDEHLQGLHVHP:HUNDEZHLFKHQ -HGH$QZHQGXQJRGHU'RVLHUXQJHUIROJWDXIHLJHQH*HIDKUGHV%HQXW]HUV *HVFK W]WH :DUHQQDPHQ :DUHQ]HLFKHQ ZHUGHQ QLFKW EHVRQGHUV NHQQWOLFK JHPDFKW $XV GHP)HKOHQHLQHVVROFKHQ+LQZHLVHVNDQQDOVRQLFKWJHVFKORVVHQZHUGHQGDVVHVVLFKXP HLQHQIUHLHQ:DUHQQDPHQKDQGHOW 'LH%HLVSLHOHLQGHQHLQ]HOQHQ.DSLWHOQVLQG]7UHGDNWLRQHOO EHUDUEHLWHWRGHUJHN U]W PD JHEOLFKVLQGGLH'DUVWHOOXQJHQGHU2ULJLQDO/HLWOLQLHQ
6 /HLWOLQLHQEHULFKW'HSUHVVLRQ,QKDOWVYHU]HLFKQLV hehuvlfkw%hzhuwhwh/hlwolqlhq hehuvlfkw%hlvslhoh hehuvlfkw7dehoohq hehuvlfkw9huzhqghwh$en U]XQJHQ $(LQI KUXQJ %=XVDPPHQIDVVXQJGHU9RUVFKOlJH([HFXWLYH6XPPDU\ % 9RUVFKOlJH]XGHQ,QKDOWHQHLQHUQDWLRQDOHQ/HLWOLQLHÄ'HSUHVVLRQ³ % 3UREOHPEHVFKUHLEXQJGHU/HLWOLQLH % $QZHQGXQJVEHUHLFK % (SLGHPLRORJLHbWLRSDWKRJHQHVHXQG5LVLNRIDNWRUHQ % 'HVNULSWLYH(SLGHPLRORJLH % bwlrsdwkrjhqhvhxqg5lvlnridnwruhq % 3URJQRVHIDNWRUHQ % 'LDJQRVWLNGHU'HSUHVVLRQ % 3V\FKRSDWKRORJLH7HFKQLFDOWHUPV % 6\QGURPDOH'LDJQRVWLN % 'LDJQRVWLNVSH]LHOOHU6\QGURPH % 0HKUD[LDOH'LDJQRVWLN % 1RVRORJLVFKH.DWHJRULDOH'LDJQRVHQ % 'LIIHUHQ]LDOGLDJQRVWLNXQG.RPRUELGLWlW=XVDW]GLDJQRVWLN % )XQNWLRQVHLQVFKUlQNXQJHQ % 6WXIHQSODQGHU'LDJQRVWLN5HG)ODJV % 9HUODXIVXQG3URJQRVHGLDJQRVWLN9HUODXIVW\SRORJLHQ % 6FUHHQLQJ'LDJQRVWLN % 3ULPlUH3UlYHQWLRQ % 7KHUDSLH % 7KHUDSLH]LHOHSODQXQJPDQDJHPHQW %,QWHUDNWLRQGHU%HKDQGOHUXQG9HUVRUJXQJVHEHQHQ6WXIHQSOlQH % 3V\FKRHGXNDWLRQ3DWLHQWHQI KUXQJ % 3V\FKRWKHUDSLHYHUIDKUHQ % 3KDUPDNRWKHUDSLH % 1LFKWPHGLNDPHQW VHVRPDWLVFKH7KHUDSLHYHUIDKUHQ % 7KHUDSLHYRQ.RPRUELGLWlW % 'HSUHVVLRQLQVSH]LHOOHQ*UXSSHQ % 1RWIDOOPD QDKPHQ3UlYHQWLRQYRQ1RWIlOOHQ % 0DQDJHPHQWEHL6XL]LGJHIlKUGXQJ % &RPSOLDQFH % )DPLOLHQPHGL]LQ%HUDWXQJ$QJHK ULJHU % 6FKXOXQJYRQ3DWLHQWHQXQG$QJHK ULJHQ % $QIRUGHUXQJHQDQWKHUDSHXWLVFKHXQGQLFKWWKHUDSHXWLVFKH %HUDWXQJGXUFK'ULWWH % 5HKDELOLWDWLRQ % 2UJDQLVDWLRQ0HWKRGLNXQG)RUWHQWZLFNOXQJ % 5DKPHQEHGLQJXQJHQGHU/HLWOLQLHQDQZHQGXQJ %.RVWHQ1XW]HQ % 0D QDKPHQGHV4XDOLWlWVPDQDJHPHQWV % hehusu IXQJXQG(YDOXDWLRQGHU/HLWOLQLHQ$QZHQGXQJ,PSOHPHQWLHUXQJ & 0HWKRGLN & +LQWHUJUXQGXQG=LHOHGHV/HLWOLQLHQ&OHDULQJYHUIDKUHQV
7 /HLWOLQLHQEHULFKW'HSUHVVLRQ & 0HWKRGLNGHV/HLWOLQLHQ&OHDULQJYHUIDKUHQV & $UEHLWVVFKULWWHGHV&OHDULQJYHUIDKUHQV & 3ULRULVLHUXQJYRQ/HLWOLQLHQWKHPHQ &,QVWUXPHQWHGHV&OHDULQJYHUIDKUHQV &,QKDOWOLFKH$QJHPHVVHQKHLWYRQ/HLWOLQLHQ & 3UDNWLNDELOLWlWHLQHU/HLWOLQLH & 'DUOHJXQJGHU4XDOLWlWVSU IXQJ & %HJU QGXQJ]XU9RUJHKHQVZHLVHEHLGHU%HZHUWXQJYRQ/HLWOLQLHQ & 0HWKRGLNGHV&OHDULQJYHUIDKUHQV7KHPHQEHUHLFK'HSUHVVLRQ & 5HFKHUFKH & (UJHEQLVVHGHU/HLWOLQLHQUHFKHUFKH'HSUHVVLRQ & 'XUFKI KUXQJXQG'DUVWHOOXQJGHUPHWKRGLVFKHQ%HZHUWXQJ & (UJHEQLVVHGHUPHWKRGLVFKHQ%HZHUWXQJ & %HVFKUHLEXQJGHU)RNXVJUXSSHQ$UEHLW ' +DXSWGRNXPHQW ' 9RUVFKOlJH]XGHQ,QKDOWHQHLQHUQDWLRQDOHQ/HLWOLQLHÄ'HSUHVVLRQ³ ' 3UREOHPEHVFKUHLEXQJGHU/HLWOLQLH ' $QZHQGXQJVEHUHLFKGHV&OHDULQJEHULFKWHV'HSUHVVLRQ ' (SLGHPLRORJLHbWLRSDWKRJHQHVHXQG5LVLNRIDNWRUHQ ' 'HVNULSWLYH(SLGHPLRORJLH ' bwlrsdwkrjhqhvhxqg5lvlnridnwruhq ' 3URJQRVHIDNWRUHQ ' 'LDJQRVWLNGHU'HSUHVVLRQ ' 3V\FKRSDWKRORJLH7HFKQLFDOWHUPV ' 6\QGURPDOH'LDJQRVWLN ' 'LDJQRVWLNVSH]LHOOHU6\QGURPH ' 0HKUD[LDOH'LDJQRVWLN ' 1RVRORJLVFKH.DWHJRULDOH'LDJQRVHQ ' 'LIIHUHQ]LDOGLDJQRVWLNXQG.RPRUELGLWlW=XVDW]GLDJQRVWLN ' 'LDJQRVWLNGHU)XQNWLRQVHLQVFKUlQNXQJHQ ' 6WXIHQSODQGHU'LDJQRVWLN5HG)ODJV ' 9HUODXIVXQG3URJQRVHGLDJQRVWLN9HUODXIVW\SRORJLHQ ' 6FUHHQLQJ'LDJQRVWLN ' 3ULPlUH3UlYHQWLRQ ' 7KHUDSLH ' 7KHUDSLH]LHOHSODQXQJPDQDJHPHQW ',QWHUDNWLRQGHU%HKDQGOHUXQG9HUVRUJXQJVHEHQHQ6WXIHQSOlQH ' 3V\FKRHGXNDWLRQ3DWLHQWHQI KUXQJ ' 3V\FKRWKHUDSLHYHUIDKUHQ ' 3KDUPDNRWKHUDSLH ' 1LFKWPHGLNDPHQW VHVRPDWLVFKH7KHUDSLHYHUIDKUHQ ' 7KHUDSLHYRQ.RPRUELGLWlW ' 'HSUHVVLRQLQVSH]LHOOHQ*UXSSHQ ' 1RWIDOOPD QDKPHQ3UlYHQWLRQYRQ1RWIlOOHQ ' 0DQDJHPHQWEHL6XL]LGJHIlKUGXQJ ' &RPSOLDQFH ' )DPLOLHQPHGL]LQ%HUDWXQJ$QJHK ULJHU ' 6FKXOXQJYRQ3DWLHQWHQXQG$QJHK ULJHQ ' $QIRUGHUXQJHQDQWKHUDSHXWLVFKHXQGQLFKWWKHUDSHXWLVFKH ' 5HKDELOLWDWLRQ ' 2UJDQLVDWLRQ0HWKRGLNXQG)RUWHQWZLFNOXQJYRQ/HLWOLQLHQ
8 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 5DKPHQEHGLQJXQJHQGHU/HLWOLQLHQDQZHQGXQJ '.RVWHQ1XW]HQ ' 0D QDKPHQGHV4XDOLWlWVPDQDJHPHQWV ' hehusu IXQJXQG(YDOXDWLRQGHU/HLWOLQLHQ$QZHQGXQJ,PSOHPHQWLHUXQJ ( $QKDQJ ( &KHFNOLVWHÄ0HWKRGLVFKH4XDOLWlWYRQ/HLWOLQLHQ³ ( %HZHUWXQJGHUWHFKQLVFKHQ4XDOLWlWYRQ/HLWOLQLHQ ( 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWVGHUPHWKRGLVFKHQ%HZHUWXQJ ( $PHULFDQ%RDUGRI)DPLO\3UDFWLFH'HSUHVVLYH'LVRUGHUV ( $PHULFDQ&ROOHJHRI3K\VLFDQV$PHULFDQ6RFLHW\RI,QWHUQDO0HGLFLQH 3KDUPDFRORJLF7UHDWPHQWRI$FXWH0DMRU'HSUHVVLRQDQG'\VWK\PLD ( $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ3UDFWLFHJXLGHOLQHIRUWKHWUHDWPHQW RISDWLHQWVZLWKELSRODUGLVRUGHU ( $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ3UDFWLFHJXLGHOLQHIRUWKHWUHDWPHQW RISDWLHQWVZLWKPDMRUGHSUHVVLYHGLVRUGHU ( $U]QHLPLWWHONRPPLVVLRQGHUGHXWVFKHQb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bU]WOLFKH*HVHOOVFKDIWI U3V\FKRWKHUDSLH 3V\FKRWKHUDSLHGHU'HSUHVVLRQ ( 5HFKHUFKH'DWHQEDQNHQ
9 /HLWOLQLHQEHULFKW'HSUHVVLRQ hehuvlfkw%hzhuwhwh/hlwolqlhq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b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lW]OLFKEHU FNVLFKWLJW // 'HXWVFKH*HVHOOVFKDIWI U3V\FKRWKHUDSHXWLVFKH0HGL]LQ'HXWVFKH*HVHOOVFKDIWI U 3V\FKRDQDO\VH3V\FKRWKHUDSLH3V\FKRVRPDWLNXQG7LHIHQSV\FKRORJLH'HXWVFKHV.ROOHJLXP3V\FKRVRPDWLVFKH0HGL]LQ$OOJHPHLQHbU]WOLFKH*HVHOOVFKDIWI U 3V\FKRWKHUDSLH3V\FKRWKHUDSLHGHU'HSUHVVLRQ $YDLODEOHIURP85/ KWWSZZZXQLGXHVVHOGRUIGH:::$:0)OOSV\WPKWP 1LFKWEHZHUWHWHDEHULQ%HLVSLHOHQ]LWLHUWH/HLWOLQLHQ,QGHU%HZHUWXQJDXVPHWKRGLVFKHQ*U QGHQQLFKWEHU FNVLFKWLJWGDGLHVH/HLWOLQLHYRP +HUDXVJHEHURIIL]LHOODOVXQJ OWLJHUNOlUWZXUGHXQGQXUQRFKDOVKLVWRULVFKHV'RNXPHQW YHUI JEDULVW $+&35$JHQF\IRU+HDOWK&DUH3ROLF\DQG5HVHDUFK'HSUHVVLRQLQSULPDU\FDUH9ROXPH 7UHDWPHQWRIPDMRUGHSUHVVLRQ9ROXPH'HWHFWLRQDQGGLDJQRVLV 5HJLRQDOHORNDOH/HLWOLQLHQ 8QLYHUVLW\RI0LFKLJDQ+HDOWK6\VWHP'HSUHVVLRQ
12 /HLWOLQLHQEHULFKW'HSUHVVLRQ 9HU]HLFKQLVGHU%HLVSLHOH %HLVSLHO0RGXODUH$QRUGQXQJHLQHU/HLWOLQLH %HLVSLHO(SLGHPLRORJLVFKH'DWHQ %HLVSLHO3UlYDOHQ]GDWHQ %HLVSLHO3UlYDOHQ]XQG6\PSWRPHUNHQQXQJLQYHUVFKLHGHQHQ$OWHUVJUXSSHQ %HLVSLHO6R]LDOHXQG6R]LDOPHGL]LQLVFKH%HGHXWXQJ %HLVSLHObWLRSDWKRJHQHVH %HLVSLHO,GHQWLIL]LHUWHXQGSV\FKRORJLVFKH5LVLNRIDNWRUHQ %HLVSLHO%LRORJLVFKH5LVLNRIDNWRUHQ %HLVSLHO1HXURELRORJLVFKHV5LVLNR %HLVSLHO. USHUOLFKH=XVWlQGHE]Z(UNUDQNXQJHQDOV5LVLNRIDNWRU %HLVSLHO$XVO VHUYRQ'HSUHVVLRQ %HLVSLHO,QGLNDWLRQHQEHLHUNDQQWHQ5LVLNRIDNWRUHQ %HLVSLHO)DNWRUHQGLHGLH5 FNIDOOZDKUVFKHLQOLFKNHLWHUK KHQ %HLVSLHO3URJQRVHQDFK6\PSWRPDWLNXQG(UNUDQNXQJVYHUODXI %HLVSLHO.RPRUELGLWlWHQXQG)ROJHHUNUDQNXQJHQ %HLVSLHO$QVSUHFKHQDXIELVKHULJH7KHUDSLHQ %HLVSLHO'HSUHVVLRQDOV.RPSOLNDWLRQVIDNWRU %HLVSLHO'HILQLWLRQGHU3V\FKRSDWKRORJLH %HLVSLHO'LDJQRVWLNGHU6XEV\QGURPV6XL]LGDOLWlW %HLVSLHO0HKUD[LDOH'LDJQRVWLN %HLVSLHO.DWHJRULDOH'LDJQRVWLN %HLVSLHO.RPRUELGLWlWHQ %HLVSLHO/DERUGLDJQRVWLN %HLVSLHO$VVHVVPHQWGHU)XQNWLRQVHLQVFKUlQNXQJ %HLVSLHO:DUQVLJQDOHÄ5HG)ODJV³ %HLVSLHO'LDJQRVH$OJRULWKPXV %HLVSLHO+LQZHLVH]XU9HUODXIVGLDJQRVWLN %HLVSLHO$QDPQHVHLQWHUYLHZ]XU6FUHHQLQJ'LDJQRVWLN %HLVSLHO6FUHHQLQJ'LDJQRVWLNQDFK6FKO VVHOV\PSWRPHQ %HLVSLHO+LQZHLVDXI6FUHHQLQJ7RROV %HLVSLHO7KHUDSLH]LHOH %HLVSLHO7KHUDSLH]LHOH %HLVSLHO%HKDQGOXQJVSKDVHQ %HLVSLHO,QGLNDWLRQ]XU7KHUDSLHDQSDVVXQJ %HLVSLHO,QGLNDWLRQHQI U3V\FKRWKHUDSLHDOV7HLOHLQHU.RPELQDWLRQVEHKDQGOXQJ %HLVSLHO6WXIHQSODQ]XUhEHUZHLVXQJ %HLVSLHOhEHUZHLVXQJVNULWHULHQ %HLVSLHO%HKDQGOXQJVLQVWLWXWLRQHQ %HLVSLHO.RQVXOWDWLRQVQRWZHQGLJNHLW %HLVSLHO6WDWLRQlUH(LQZHLVXQJ %HLVSLHO$EJUHQ]XQJGHU3DWLHQWHQI KUXQJ]XU3V\FKRWKHUDSLH %HLVSLHO,QIRUPDWLRQ]XU.UDQNKHLWVHLQVLFKW %HLVSLHO$OOJHPHLQHV%HUDWXQJV0RGXO %HLVSLHO6SH]LILVFKHV%HUDWXQJV0RGXO %HLVSLHO/HEHQVVWLOlQGHUXQJ %HLVSLHO(GXNDWLRQ]XU3UREOHPO VXQJ %HLVSLHOhEHUVLFKW EHU3V\FKRWKHUDSLHQXQGYHUJOHLFKHQGH'DUOHJXQJGHU(IIHNWLYLWlW %HLVSLHO&KDUDNWHULVLHUXQJGHU]HQWUDOHQ=LHOHXQGGHV9RUJHKHQVEHLNRJQLWLYHQ9HUKDOWHQVWKHUDSLHQ %HLVSLHO&KDUDNWHULVLHUXQJGHU]HQWUDOHQ=LHOHXQGGHV9RUJHKHQV,QWHUSHUVRQHOOHU3V\FKRWKHUDSLH %HLVSLHOh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
13 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO0HGLNDWLRQV EHUVLFKW %HLVSLHO$U]QHLPLWWHOLQWHUDNWLRQHQ %HLVSLHO7KHUDSLHNRQWUROOH %HLVSLHO6WXIHQVFKHPDEHL1RQ5HVSRQGHUQ %HLVSLHO(UKDOWXQJVWKHUDSLH %HLVSLHO(PSIHKOXQJHQ]XP:HFKVHOGHU$QWLGHSUHVVLYD %HLVSLHO(UQlKUXQJVHPSIHKOXQJHQ %HLVSLHOhEHUVLFKW]XDQGHUHQVHOWHQHQ7KHUDSLHQ %HLVSLHO,QGLNDWLRQVVWHOOXQJ %HLVSLHO3V\FKLDWULVFKH.RPRUELGLWlW %HLVSLHO%HVRQGHUH3DWLHQWHQJUXSSHQ %HLVSLHO3UlYHQWLRQYRQ7KHUDSLHNRPSOLNDWLRQHQ %HLVSLHO0DQDJHPHQWGHU6XL]LGDOLWlW %HLVSLHO%HU FNVLFKWLJXQJGHU&RPSOLDQFH %HLVSLHO6FKXOXQJVLQKDOWH]LHOH %HLVSLHO5HKDELOLWDWLRQVNRRUGLQDWLRQ %HLVSLHO.RVWHQ1XW]HQ5HFKQXQJDP%HLVSLHOYRQ7KHUDSLHNRVWHQ %HLVSLHO0HVVXQJGHU/HLWOLQLHQDQZHQGXQJ %HLVSLHO0RQLWRULQJGHU/HLWOLQLHQ$QZHQGXQJ %HLVSLHO'RNXPHQWDWLRQVYHUIDKUHQ hehuvlfkw7dehoohq 7DEHOOH'XUFKI KUXQJGHV/HLWOLQLHQ&OHDULQJYHUIDKUHQV 7DEHOOH5DQNLQJGHUPHWKRGLVFKHQ%HZHUWXQJ 7DEHOOH=XVDPPHQVHW]XQJGHV([SHUWHQNUHLVHV'HSUHVVLRQ 7DEHOOHhEHUVLFKWGHUDXVJHZlKOWHQ%HLVSLHOH 7DEHOOH=XRUGQXQJGHU/HLWOLQLHQ]X)DFKEHUHLFKVJUXSSHQ 7DEHOOH.ODVVLIL]LHUXQJPHGL]LQLVFKHU/HLWOLQLHQQDFKGHU(IIHNWLYLWlW 7DEHOOH(YDOXLHUWH,PSOHPHQWLHUXQJVLQVWUXPHQWH
14 /HLWOLQLHQEHULFKW'HSUHVVLRQ 9HU]HLFKQLVGHUYHUZHQGHWHQ$EN U]XQJHQ $%)3 $PHULFDQ%RDUGRI)DPLO\3UDFWLFH $&3 $PHULFDQ&ROOHJHRI3K\VLFDQV $+&35 $JHQF\IRU+HDOWK&DUH3ROLF\DQG5HVHDUFK $0'3 $UEHLWVJHPHLQVFKDIWI U0HWKRGLNXQG'RNXPHQWDWLRQLQGHU3V\FKLDWULH $0* $U]QHLPLWWHOJHVHW] $3$ $PHULFDQ3V\FKLDWU\$VVRFLDWLRQ $6,0 $PHULFDQ6RFLHW\RI,QWHUQDO0HGLFLQH $NGb $U]QHLPLWWHONRPPLVVLRQGHUGHXWVFKHQbU]WHVFKDIW $:0) $UEHLWVJHPHLQVFKDIWGHU:LVVHQVFKDIWOLFKHQ0HGL]LQLVFKHQ)DFKJHVHOOVFKDIWHQ b=4 bu]wolfkhv=hqwuxpi U4XDOLWlWLQGHU0HGL]LQ %b. %XQGHVlU]WHNDPPHU %$3 %ULWLVK$VVRFLDWLRQIRU3V\FKRSKDUPDFRORJ\ %$5 %XQGHVDUEHLWVJHPHLQVFKDIWI U5HKDELOLWDWLRQ %*% % UJHUOLFKHV*HVHW]EXFK %0* %XQGHVPLQLVWHULXP*HVXQGKHLW EGG ELSRODUGHSUHVVLYHGLVRUGHU &$10$7 &DQGLDQ1HWZRUNIRU0RRGDQG$Q[LHW\7UHDWPHQWV &&* &DQDGLDQ&RQVHQVXV*URXS &3$ &DQDGLDQ3V\FKLDWU\$VVRFLDWLRQ &7)3+& &DQDGLDQ7DVN)RUFHRQ3UHYHQWLYH+HDOWK&DUH '*331 'HXWVFKH*HVHOOVFKDIWI U3V\FKLDWULH3V\FKRWKHUDSLHXQG1HUYHQKHLONXQGH '60 'LDJQRVWLVFKHVXQGVWDWLVWLVFKHV0DQXDOSV\FKLVFKHU6W UXQJHQ (E0 (YLGHQ]EDVLHUWH0HGL]LQ (%0 (LQKHLWOLFKHU%HZHUWXQJVPDVVVWDE )06 )LQLVK0HGLFDO6RFLHW\ ** *UXQGJHVHW],&',QWHUQDWLRQDO6WDWLVWLFDO&ODVVLILFDWLRQRI'LVHDVHVDQG5HODWHG+HDOWK3UREOHPV,&),QWHUQDWLRQDO&ODVVLILFDWLRQRI)XQFWLRQLQJ'LVDELOLW\DQG+HDOWK,&6,,QVWLWXWHIRU&OLQLFDO6\VWHPV,QWHJUDWLRQ,6%1,QWHUQDWLRQDO6WDQGDUG%RRN1XPEHU.%9.DVVHQlU]WOLFKH%XQGHVYHUHLQLJXQJ // /HLWOLQLH PGG PDMRUGHSUHVVLYHGLVRUGHU 0G( 0LQGHUXQJGHU(UZHUEVIlKLJNHLW 1$& 1DWLRQDO$GYLVRU\&RPPLWWHHRQ+HDOWKDQG'LVDELOLW\ 1,+ 1DWLRQDO,QVWLWXWRI+HDOWK 117 1XPEHUQHHGHGWRWUHDW 1R(QJ 1RUWKRI(QJODQG(YLGHQFH%DVHG*XLGHOLQH'HYHORSPHQW3URMHFW 1=** 1HZ=HDODQG*XLGHOLQHV*URXS 40 4XDOLWlWVPDQDJHPHQW 46 4XDOLWlWVVLFKHUXQJ VDG VHDVRQDODIIHFWLYHGLVRUGHU 6*% 6R]LDOJHVHW]EXFK 6,*1 6FRWWLVK,QWHUFROOHJLDWH*XLGHOLQHV1HWZRUN 6W*% 6WUDIJHVHW]EXFK 8$: 8QHUZ QVFKWH$U]QHLPLWWHOZLUNXQJ 9+$ 9HWHUDQV+HDOWK$GPLQLVWUDWLRQ :+2 :RUOG+HDOWK2UJDQL]DWLRQ
15 /HLWOLQLHQEHULFKW'HSUHVVLRQ $ (LQI KUXQJ +LQWHUJUXQG =XU4XDOLWlWVI UGHUXQJGHU*HVXQGKHLWVYHUVRUJXQJYRQ0HQVFKHQPLW'HSUHVVLRQHQ YHUDEUHGHWHQGLH6SLW]HQYHUElQGHGHU6HOEVWYHUZDOWXQJVN USHUVFKDIWHQLP *HVXQGKHLWVZHVHQLP-DKUGLH'XUFKI KUXQJHLQHV/HLWOLQLHQ&OHDULQJYHUIDKUHQV]X GHXWVFKXQGHQJOLVFKVSUDFKLJHQ'HSUHVVLRQV/HLWOLQLHQ =LHOVHW]XQJ 5HFKHUFKHIRUPDOHXQGLQKDOWOLFKH%HZHUWXQJGHU/HLWOLQLHQQDFKGHQ0HWKRGHQGHU HYLGHQ]EDVLHUWHQ0HGL]LQPLWGHP=LHOGHU4XDOLWlWVGDUOHJXQJI U/HLWOLQLHQGLHGHQ LQWHUQDWLRQDOHQ6WDQGDUGVHQWVSUHFKHQ)RUPXOLHUXQJYRQ(PSIHKOXQJHQI UHLQHQDWLRQDOH HYLGHQ]EDVLHUWH/HLWOLQLH'HSUHVVLRQ 0HWKRGH /HLWOLQLHQUHFKHUFKHXQGIRUPDOH%HZHUWXQJLP&OHDULQJYHUIDKUHQ'HSUHVVLRQ 6\VWHPDWLVFKH'DWHQEDQNUHFKHUFKHQDFKGHXWVFKXQGHQJOLVFKVSUDFKLJHQ/HLWOLQLHQDXVGHP $QJHERWGHV/HLWOLQLHQ,QIRUPDWLRQVV\VWHPVGHVb=4XQWHUKWWSZZZOHLWOLQLHQGHXQG /LWHUDWXUGDWHQEDQNHQ;0HGI UGHQ=HLWUDXP-DQXDU 9RQ7UHIIHUQLQ/LWHUDWXUXQG/HLWOLQLHQGDWHQEDQNHQZXUGHQ=LWDWHLP9ROOWH[W JHVLFKWHW/HLWOLQLHQHUI OOWHQSULPlUGLH(LQVFKOXVVNULWHULHQ 1DFK$EVFKOXVVGHU5HFKHUFKHHUVFKLHQLP-DKUGLH/HLWOLQLHÄ3V\FKRWKHUDSLHGHU 'HSUHVVLRQ³'LHVHZXUGH]XVlW]OLFKLQGLH%HZHUWXQJDXIJHQRPPHQ,QKDOWOLFKH%HZHUWXQJ,QKDOWOLFKH%HZHUWXQJYRQ/HLWOLQLHQPLWIROJHQGHQ(LQVFKOXVVNULWHULHQlU]WOLFKH 7KHUDSLHOHLWOLQLH]XÄ'HSUHVVLRQ³PDMRUGHSUHVVLRQELSRODUGHSUHVVLRQGHXWVFKXQG HQJOLVFKVSUDFKLJH9HUVLRQHQ EHUUHJLRQDOHU/HLWOLQLHQDNWXHOOVWHJ OWLJH9HUVLRQEHLPHKUHUHQ /HLWOLQLHQHLQHV+HUDXVJHEHUVRKQH(LQVFKUlQNXQJGHV*HOWXQJVEHUHLFKHV,QKDOWOLFKH %HZHUWXQJGXUFKHLQH)RNXVJUXSSHYRQ/HLWOLQLHQDQZHQGHUQDXVDPEXODQWHUXQGVWDWLRQlUHU 9HUVRUJXQJVRZLH0HWKRGLNHUQ([SHUWHQNUHLV'HSUHVVLRQGHVbU]WOLFKHQ=HQWUXPVI U 4XDOLWlWLQGHU0HGL]LQ %HULFKWVYHUIDKUHQ 6FKULIWOLFKH'DUOHJXQJGHU(UJHEQLVVHGHUIRUPDOHQ%HZHUWXQJPLWWHOVVWUXNWXULHUWHU $EVWUDFWV)RUPXOLHUXQJYRQ(FNSXQNWHQHLQHUQDWLRQDOHQ0XVWHUOHLWOLQLHÄ'HSUHVVLRQ³XQG 'DUOHJXQJEHLVSLHOKDIWHU7H[WEDXVWHLQHDXIGHU*UXQGODJHGHU5HFKHUFKHXQG %HZHUWXQJVHUJHEQLVVH (UJHEQLVVH /HLWOLQLHQZXUGHQIRUPDOPLWGHU&KHFNOLVWHÄ0HWKRGLVFKH4XDOLWlWYRQ/HLWOLQLHQ³GHV /HLWOLQLHQ&OHDULQJYHUIDKUHQVEHZHUWHW'HXWOLFKH8QWHUVFKLHGHLQGHU4XDOLWlWIDQGHQVLFK EH] JOLFKGHV(QWZLFNOXQJVSUR]HVVHVGHU9HUNQ SIXQJGHU(PSIHKOXQJHQPLWGHU(YLGHQ] XQG(PSIHKOXQJHQ]XU,PSOHPHQWLHUXQJ
16 /HLWOLQLHQEHULFKW'HSUHVVLRQ,QKDOWOLFKH%HZHUWXQJ.HLQHGHUEHZHUWHWHQ/HLWOLQLHQHQWVSULFKWYROOVWlQGLJGHQIROJHQGHQLQKDOWOLFKHQ(FNSXQNWHQ GLHGLH)RNXVJUXSSHI UHLQH EHUUHJLRQDOHGHXWVFKH'HSUHVVLRQV/HLWOLQLHHPSILHKOW $QZHQGXQJVEHUHLFK %HUHLFK(SLGHPLRORJLHbWLRSDWKRJHQHVHXQG5LVLNRIDNWRUHQ 'HVNULSWLYH(SLGHPLRORJLHbWLRSDWKRJHQHVHXQG5LVLNRIDNWRUHQ3URJQRVHIDNWRUHQ %HUHLFK'LDJQRVWLN 3V\FKRSDWKRORJLHWHFKQLFDOWHUPV6\QGURPDOH'LDJQRVWLN'LDJQRVWLNVSH]LHOOHU 6\PSWRPH0HKUD[LDOH'LDJQRVWLN1RVRORJLVFKH.DWHJRULDOH'LDJQRVHQ 'LIIHUHQ]LDOGLDJQRVWLNXQG.RPRUELGLWlW=XVDW]GLDJQRVWLN)XQNWLRQVHLQVFKUlQNXQJHQ 6WXIHQSODQGHU'LDJQRVWLN5HG)ODJV9HUODXIV3URJQRVHGLDJQRVWLN 9HUODXIVW\SRORJLHQ6FUHHQLQJ'LDJQRVWLN 3ULPlUH3UlYHQWLRQ %HUHLFK7KHUDSLH %HKDQGOXQJV]LHOHSODQXQJPDQDJHPHQW,QWHUDNWLRQGHU%HKDQGOHUXQG 9HUVRUJXQJVHEHQHQ6WXIHQSOlQH3V\FKRHGXNDWLRQ3DWLHQWHQI KUXQJ 3V\FKRWKHUDSLHYHUIDKUHQ3KDUPDNRWKHUDSLH1LFKWPHGLNDPHQW VHVRPDWLVFKH 7KHUDSLHYHUIDKUHQ7KHUDSLHYRQ.RPRUELGLWlW'HSUHVVLRQLQVSH]LHOOHQ*UXSSHQ 1RWIDOOPD QDKPHQ3UlYHQWLRQYRQ1RWIlOOHQ0DQDJHPHQWEHL6XL]LGJHIlKUGXQJ &RPSOLDQFH)DPLOLHQPHGL]LQ%HUDWXQJ$QJHK ULJHU$QIRUGHUXQJHQDQWKHUDSHXWLVFKH XQGQLFKWWKHUDSHXWLVFKH%HUDWXQJGXUFK'ULWWH5HKDELOLWDWLRQ %HUHLFK2UJDQLVDWLRQ0HWKRGLN 5DKPHQEHGLQJXQJHQGHU/HLWOLQLHQDQZHQGXQJ.RVWHQ1XW]HQ0D QDKPHQGHV 4XDOLWlWVPDQDJHPHQWVhEHUSU IXQJGHU/HLWOLQLHQ$QZHQGXQJ,PSOHPHQWLHUXQJ (PSIHKOXQJHQ. QIWLJHQGHXWVFKHQ'HSUHVVLRQV/HLWOLQLHQSURJUDPPHQZLUGGLH%HU FNVLFKWLJXQJIROJHQGHU.ULWHULHQHPSIRKOHQ ¾%HU FNVLFKWLJXQJGHU9RUVFKOlJH]XPPHWKRGLVFKHQ9RUJHKHQXQG%HJU QGXQJYRQ $EZHLFKXQJHQLPHPSIRKOHQHQPHWKRGLVFKHQ9RUJHKHQ ¾'LH*UXQGODJHVlPWOLFKHU(PSIHKOXQJHQZLVVHQVFKDIWOLFK.RQVHQV(UIDKUXQJVROOWH VWHWVH[SOL]LWEHQDQQWZHUGHQ(YLGHQ]EDVLHUXQJ ¾'LH)RUPXOLHUXQJHQGHU/HLWOLQLHVROOWHQGHQ+DQGOXQJVNRQWH[WGHUDQJHVSURFKHQHQ 1XW]HU]%+DXVlU]WHEHU FNVLFKWLJHQ) UGLHXQWHUVFKLHGOLFKH$QZHQGHU=LHOJUXSSHQ ZLUGGLH(UVWHOOXQJYRQDQJHSDVVWHQ9HUVLRQHQI UYHUVFKLHGHQH*UXSSHQYRQ 7KHUDSHXWHQ3DWLHQWHQXQGRGHU$QJHK ULJHQHPSIRKOHQ ¾) UGLH,QWHUDNWLRQGHU$QZHQGHU]LHOJUXSSHQLVWHVHUIRUGHUOLFKGDVVGDV.UDQNKHLWVELOG Ä'HSUHVVLRQ³XQGGLH.ULWHULHQ]XU)HVWOHJXQJGHU'LDJQRVHHLQKHLWOLFKXQGLQWHUGLV]LSOLQlU IHVWJHOHJWZHUGHQ =XGHQ9RUVFKOlJHQGHUGXUFKHLQH/HLWOLQLHDE]XGHFNHQGHQ%HUHLFKHZHUGHQDXFK EHLVSLHOKDIWH7H[WEDXVWHLQHDXVGHQEHZHUWHWHQ/HLWOLQLHQJH]HLJW'LHVHN QQHQDOVHLQH *UXQGODJH]XU(UDUEHLWXQJHLQHUQDWLRQDOHQ/HLWOLQLH'HSUHVVLRQGLHGHQIRUPDOHQXQG LQKDOWOLFKHQ4XDOLWlWVNULWHULHQGHV&OHDULQJYHUIDKUHQVHQWVSULFKWGLHQHQ
17 /HLWOLQLHQEHULFKW'HSUHVVLRQ % =XVDPPHQIDVVXQJGHU9RUVFKOlJH([HFXWLYH6XPPDU\ % 9RUVFKOlJH]XGHQ,QKDOWHQHLQHUQDWLRQDOHQ/HLWOLQLHÄ'HSUHVVLRQ³ % 3UREOHPEHVFKUHLEXQJGHU/HLWOLQLH 'LHQDFKIROJHQGH=XVDPPHQIDVVXQJGHU9RUVFKOlJH]XLQKDOWOLFKHQ(FNSXQNWHQHLQHU QDWLRQDOHQ/HLWOLQLH'HSUHVVLRQUHVXOWLHUWDXV ¾GHQ EHUHLQVWLPPHQGHQ,QKDOWHQGHUYRUOLHJHQGHQEHZHUWHWHQ/HLWOLQLHQ ¾GHPDNWXHOOHQHSLGHPLRORJLVFKHQE]ZNOLQLVFKHQXQGSKDUPDNRORJLVFKHQ:LVVHQVVWDQG ]XU3UlYHQWLRQ'LDJQRVWLNXQG7KHUDSLHGHU'HSUHVVLRQ ¾GHQHLJHQHQ(UIDKUXQJHQGHU([SHUWHQLQGHUDPEXODQWHQXQGVWDWLRQlUHQ9HUVRUJXQJ 'LHVH([HFXWLYH6XPPDU\VROOGHPLQWHUHVVLHUWHQ/HVHUHLQHQHUVWHQhEHUEOLFN EHUGLH HUDUEHLWHWHQ/ VXQJVYRUVFKOlJHHUODXEHQ) UGDV9HUVWlQGQLVGHU9RUVFKOlJHLVWLP+LQEOLFN DXIGLHNRPSOH[HQ=XVDPPHQKlQJHXQGYHUVFKLHGHQHQ%HWUDFKWXQJV+DQGOXQJVZHLVHQ EHLGHU(UNUDQNXQJÄ'HSUHVVLRQLQGHQ)DFKJUXSSHQGHU%HKDQGOHUXQGGHQ/HLWOLQLHQGLH.HQQWQLVGHULP+DXSWGRNXPHQWGDUJHVWHOOWH+HUOHLWXQJGHU3UREOHPHHUIRUGHUOLFK % $QZHQGXQJVEHUHLFK GHV&OHDULQJEHULFKWHV'HSUHVVLRQ,QVEHVRQGHUHEHLGHU'LDJQRVWLNGHU'HSUHVVLRQDEHUDXFKEHL0LWXQG:HLWHUEHKDQGOXQJ GXUFKGLHMHZHLOVDQGHUH)DFKJUXSSHGHU%HKDQGOHU+DXVlU]WH)DFKlU]WHXQG3V\FKRORJHQ HUJHEHQVLFKYLHOH3UREOHPHDXVIHKOHQGHQ EHUHLQVWLPPHQGHQ'HILQLWLRQHQGHV.UDQNKHLWVELOGHV 'LH7KHUDSLHGHU'HSUHVVLRQXQWHUVFKHLGHW]ZLVFKHQ(SLVRGHQXQG/DQJ]HLWWKHUDSLH %HLGHQIROJHQGHQ9RUVFKOlJHQLVWYRUGLHVHP+LQWHUJUXQG]XEHDFKWHQGDVVGLH $QIRUGHUXQJHQDQ/HLWOLQLHQMHQDFK$QZHQGXQJVEHUHLFKHLQHXQWHUVFKLHGOLFKH %HU FNVLFKWLJXQJGLHVHV$VSHNWHVHUIRUGHUW,P/HLWOLQLHQFOHDULQJEHULFKWÄ'HSUHVVLRQVLQGGLH 9RUVFKOl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¾%HLGHUQRWZHQGLJHQ'HILQLWLRQGHV$QZHQGXQJVEHUHLFKHVHLQHU/HLWOLQLH'HSUHVVLRQVROO QHEHQGHUHQWVSUHFKHQGHQ'HILQLWLRQGHU=LHOHXQG=LHOJUXSSHQ%HKDQGOHU3DWLHQWHQ JHJHEHQHQIDOOVXQWHU%H]XJDXISV\FKRSDWKRORJLVFKH'HILQLWLRQHQHLQHLQKDOWOLFKH $EJUHQ]XQJGHV7KHPHQEHUHLFKHVGHU/HLWOLQLHHUIROJHQ ¾(LQHGLH/HLWOLQLHQ EHUJUHLIHQGH'HILQLWLRQGHU6FKQLWWVWHOOHQGHU9HUVRUJXQJLVWGDQQ HUIRUGHUOLFKZHQQ/HLWOLQLHQI UGDVVHOEH.UDQNKHLWVELOGPLWXQWHUVFKLHGOLFKHP $QZHQGXQJVEHUHLFKDXIGLH%HKDQGOXQJGHV3DWLHQWHQ(LQIOXVVQHKPHQN QQHQ ¾'LHDXIHLQHU.RQYHQWLRQEDVLHUHQGH'HILQLWLRQGHV.UDQNKHLWVELOGHVVROOWHVRZRKOPLWGHQ LQGHU/HLWOLQLHHPSIRKOHQHQ'LDJQRVWLNXQG7KHUDSLHYHUIDKUHQ]X*UXQGHOLHJHQGHQ 'HILQLWLRQHQYHUHLQEDUVHLQDOVDXFK$XVELOGXQJXQG$UEHLWVRUJDQLVDWLRQGHU $QZHQGHU]LHOJUXSSHGHU/HLWOLQLHEHU FNVLFKWLJHQ ¾'LH,QWHJUDWLRQLQHLQGLH9HUVRUJXQJVHEHQHQ EHUJUHLIHQGHV*HVDPWNRQ]HSWLVWGXUFK HLQHLQWHUGLV]LSOLQlUHJHPHLQVDPDUEHLWHQGH$UEHLWVJUXSSH]XJHZlKUOHLVWHQ
18 /HLWOLQLHQEHULFKW'HSUHVVLRQ % (SLGHPLRORJLHbWLRSDWKRJHQHVHXQG5LVLNRIDNWRUHQ % 'HVNULSWLYH(SLGHPLRORJLH ¾(LQH/HLWOLQLH'HSUHVVLRQVROOWHSUl]LVH'DWHQ]XUGHVNULSWLYHQ(SLGHPLRORJLHXQWHU EHVRQGHUHU%HU FNVLFKWLJXQJGHVGHILQLHUWHQ$QZHQGXQJVEHUHLFKVXQGGHUSULPlUHQ =LHOJUXSSHVRGDUVWHOOHQGDVVVLHGLH=LHOHGHU/HLWOLQLHXQWHUVW W]HQ ¾(LQHHSLGHPLRORJLVFKH(LQI KUXQJLQHLQHU/HLWOLQLHVROOWHDXI]HLJHQDXIZHOFKH:HLVHGLH HSLGHPLRORJLVFKHQ'DWHQ]XU(UOHLFKWHUXQJYRQGLDJQRVWLVFKHQXQGWKHUDSHXWLVFKHQ (QWVFKHLGXQJVSUR]HVVHQJHQXW]WZHUGHQN QQHQ6LHVROOWHGDEHLGLHZLFKWLJVWHQ 1XW]HUJUXSSHQDQVSUHFKHQXQGDXFKHLQH9HUELQGXQJ]XJHVXQGKHLWV NRQRPLVFKHQ $VSHNWHQVROFKHU(QWVFKHLGXQJHQKHUVWHOOHQ ¾$XIGLHVR]LDOHVR]LDOPHGL]LQLVFKHXQGJHVXQGKHLWV NRQRPLVFKH%HGHXWXQJGHSUHVVLYHU 6W UXQJHQVROOWHH[SOL]LWYHUZLHVHQZHUGHQ ¾$XIP JOLFKH'HIL]LWHQRFKQLFKWXQWHUVXFKWH%HUHLFKHXQG)HKOHUTXHOOHQLVWDXFKEHL HSLGHPLRORJLVFKHQ'DWHQH[SOL]LWKLQ]XZHLVHQ ¾hEHUHLQ]XVDPPHQIDVVHQGHV(SLGHPLRORJLH.DSLWHOKLQDXVVROOWHQDOOHZHVHQWOLFKHQ (PSIHKOXQJHQGHUZHLWHUHQ/HLWOLQLHQ$EVFKQLWWHLQVEHVRQGHUHGLHGLDJQRVWLVFKHQ (PSIHKOXQJHQXQGGLHWKHUDSHXWLVFKHQ2SWLRQHQPLWHSLGHPLRORJLVFKHQ'DWHQ±VRZHLW YHUI JEDU±EHJU QGHWZHUGHQ % bwlrsdwkrjhqhvhxqg5lvlnridnwruhq ¾,QHLQHU/HLWOLQLHVROOWHGDVYRUKDQGHQH:LVVHQ]XbWLRSDWKRJHQHVHXQG]X5LVLNR IDNWRUHQGHSUHVVLYHU(UNUDQNXQJHQ]XVDPPHQIDVVHQGVRZLHLQHLQGHXWLJHU$EJUHQ]XQJ YRQ+\SRWKHVHQGDUJHVWHOOWZHUGHQ) UGHQ1XW]HUPXVVGDEHLGHXWOLFKZHUGHQEHL ZHOFKHQGLDJQRVWLVFKHQEHUDWHQGHQXQGWKHUDSHXWLVFKHQ0D QDKPHQGLHVHV:LVVHQ XPJHVHW]WZHUGHQNDQQ(LQZLFKWLJHV=LHOLQGLHVHP=XVDPPHQKDQJLVWGLH,QIRUPDWLRQ YRQ1XW]HUQLQGHU3ULPlUYHUVRUJXQJ'LHVHU3HUVRQHQNUHLVNHQQWRIWGDVIDPLOLlUHXQG VR]LDOH8PIHOGXQGNDQQGDQQ3DWLHQWHQEHLGHQHQHPSLULVFKJHVLFKHUWH5LVLNRIDNWRUHQ LGHQWLIL]LHUWZHUGHQJH]LHOWSUlYHQWLYXQWHUVW W]HQRGHUHLQHIU K]HLWLJH'LDJQRVWLNXQG %HKDQGOXQJHLQOHLWHQ ¾*UXSSHQYRQ5LVLNRIDNWRUHQ]XGHQHQHPSLULVFKH(YLGHQ]YRUOLHJWXQGGLHGHVKDOELQGHU /HLWOLQLHQGDUVWHOOXQJHQWKDOWHQVHLQVROOWHQVLQG ELRORJLVFKHHLQVFKOLH OLFKJHQHWLVFKHUXQGVRPDWLVFKHU5LVLNRIDNWRUHQ SV\FKRORJLVFKH5LVLNRIDNWRUHQHLQVFKOLH OLFKGHU(LQIO VVHGHVVR]LDOHQ8PIHOGV XQGGHUHQ9HUDUEHLWXQJ VR]LRGHPRJUDSKLVFKH)DNWRUHQ YRUDXVJHKHQGHN USHUOLFKH=XVWlQGHE]Z(UNUDQNXQJHQ SV\FKLVFKH6\QGURPHLP9RUIHOGXQGYRUDXVJHKHQGHSV\FKLVFKH(UNUDQNXQJHQ ¾,QGHU/HLWOLQLHVROOWHQGLH'DWHQEDVLVUHWURVSHNWLYSURVSHNWLYNRQWUROOLHUWXQGGLH SURJQRVWLVFKH3RZHU9RUKHUVDJHEHGHXWXQJI UGLHMHZHLOLJHQ)DNWRUHQJHQDQQW ZHUGHQ ¾:HJHQGHUEHVRQGHUHQ%HGHXWXQJGHU$GROHV]HQ]I UGDVVSlWHUH'HSUHVVLRQVULVLNR VROOWHHLQ9HUZHLVDXIVSH]LHOOH/HLWOLQLHQ]XGHSUHVVLYHQ6\QGURPHQEHL.LQGHUQXQG -XJHQGOLFKHQHUIROJHQ ¾1HEHQGLHVHU]XVDPPHQIDVVHQGHQ'DUVWHOOXQJYRQHYLGHQ]EDVLHUWHQ5LVLNRIDNWRUHQVROOWH HLQHhEHUVLFKWYHUGHXWOLFKHQZHOFKH,QGLNDWLRQHQEHLHLQHU.RPELQDWLRQHUNDQQWHU 5LVLNRIDNWRUHQEHVWHKHQ
19 /HLWOLQLHQEHULFKW'HSUHVVLRQ ¾hEHUHLQH]XVDPPHQIDVVHQGH'DUVWHOOXQJ]XbWLRSDWKRJHQHVHXQG5LVLNRIDNWRUHQKLQDXV VROOWHEHLGHUVSlWHUHQ'DUVWHOOXQJYRQ7KHUDSLHRSWLRQHQDXIGLH]XJUXQGHOLHJHQGHQ lwlrsdwkrjhqhwlvfkhq0rghoohe]zdxi3ureohphyhuvfklhghqhulwlrsdwkrjhqhwlvfkhu.rq]hswhklqjhzlhvhqzhughq'dvjlowehvrqghuvgdqqzhqqvlfkehlehvwlppwhq 6XEW\SHQGHSUHVVLYHU6W UXQJHQDXVGHU$QQDKPHEHVWLPPWHU0RGHOOH.RQVHTXHQ]HQ I UGLHZHLWHUH'LDJQRVWLNXQG7KHUDSLHHUJHEHQ % 3URJQRVHIDNWRUHQ ¾(LQH/HLWOLQLHVROOWHHLQH]XVDPPHQIDVVHQGHHYLGHQ]EDVLHUWH'DUVWHOOXQJYRQ 3URJQRVHIDNWRUHQHQWKDOWHQGLHEHU FNVLFKWLJWGDVVGHSUHVVLYH6W UXQJHQKlXILJ UHNXUULHUHQRGHUFKURQLIL]LHUHQXQGHLQH5HVLGXDOV\PSWRPDWLN]XEHDFKWHQLVW ¾'HULQYLHOHQ/HLWOLQLHQHQWKDOWHQHODQJIULVWLJDQJHOHJWH%HKDQGOXQJVSODQLVWHPSLULVFK]X VW W]HQ=XU%HZHUWXQJGHU(YLGHQ]LVWHLQDQGHUHU.ULWHULHQNDWDORJ]XJUXQGH]XOHJHQ DOV]XU%HZHUWXQJGHU:LUNVDPNHLWYRQ7KHUDSLHQ ¾(LQH/HLWOLQLHVROOWH]%$XVVDJHQ]XGHQIROJHQGHQ)DNWRUHQHQWKDOWHQ]XGHQHQEHUHLWV (YLGHQ]YRUOLHJW ELVKHULJH6\PSWRPDWLNXQGELVKHULJHU(UNUDQNXQJVYHUODXI VSH]LILVFKH3URJQRVHIDNWRUHQI UEHVRQGHUH6XEW\SHQ.RPRUELGLWlWHQXQG)ROJHHUNUDQNXQJHQ *HVFKOHFKWXQG(UVWHUNUDQNXQJVDOWHU ELRORJLVFKHXQGSV\FKRORJLVFKH9XOQHUDELOLWlWVPDUNHU DQVSUHFKHQDXIELVKHULJH7KHUDSLHQ 'HSUHVVLRQDOV.RPSOLNDWLRQVIDNWRUI UGDV2XWFRPHDQGHUHU(UNUDQNXQJHQ ¾(VVLQGHEHQIDOOVJHVLFKHUWH$XVVDJHQ]X)DNWRUHQ]XWUHIIHQGLHHLQHQJ QVWLJHQ (UNUDQNXQJVYHUODXIZDKUVFKHLQOLFKPDFKHQXQGGLHGDV:LHGHUHUNUDQNXQJVXQG &KURQLIL]LHUXQJVULVLNRVHQNHQ6ROFKH)DNWRUHQZHUGHQLQ*HJHQ EHUVWHOOXQJ]X 5LVLNRIDNWRUHQKlXILJDOV6FKXW]3XIIHURGHU5HVLOLHQ]IDNWRUHQEH]HLFKQHW ¾:HQQVLFKDXVGHP9RUOLHJHQEHVWLPPWHU3URJQRVHNULWHULHQ(PSIHKOXQJHQI UGDV SUDNWLVFKH9RUJHKHQDEOHLWHQODVVHQVROOWHQGLHVHLQGHQ(PSIHKOXQJHQLQVEHVRQGHUH GDQQZHQQDXFKGLH(PSIHKOXQJHQHPSLULVFKEHJU QGHWZHUGHQN QQHQEHU FNVLFKWLJW ZHUGHQ % 'LDJQRVWLNGHU'HSUHVVLRQ % 3V\FKRSDWKRORJLH7HFKQLFDOWHUPV ¾(LQH/HLWOLQLHVROOWHGDUVWHOOHQDXIZHOFKH'HILQLWLRQHQSV\FKRSDWKRORJLVFKHU%HJULIIHVLH VLFKEH]LHKW ¾$XIGLHP JOLFKHUZHLVHHLQJHVFKUlQNWH5HOLDELOLWlWEHLGHU1XW]XQJGHUHPSIRKOHQHQ GLDJQRVWLVFKHQ$OJRULWKPHQXQG,QVWUXPHQWHLVWLQGLHVHP=XVDPPHQKDQJKLQ]XZHLVHQ % 6\QGURPDOH'LDJQRVWLN ¾(LQH%HKDQGOXQJVOHLWOLQLHVROOWHHLQH5HLKHXQWHUVFKLHGOLFKHUÄ6\QGURPJHVWDOWHQ³ ]%DJLWLHUWH'HSUHVVLRQEHQHQQHQXQGGHILQLHUHQDXIGLHGDQQEHL 7KHUDSLHHPSIHKOXQJHQ%H]XJJHQRPPHQZHUGHQNDQQ ¾(LQH/HLWOLQLHVROOWHVLFK]XP(LQVDW]YRQ6\QGURP0HVVLQVWUXPHQWHQlX HUQXQG 9RUVFKOlJHPDFKHQZDQQZHOFKHV,QVWUXPHQWEHYRU]XJW]XYHUZHQGHQLVWXQGZHOFKH (LQVFKUlQNXQJHQVLFKLQGHU1XW]XQJGLHVHU,QVWUXPHQWHHUJHEHQ ¾(VVROOWHQ9RUVFKOlJH]XU0LQLPLHUXQJYRQÄIDOVFKSRVLWLYHQ³%HIXQGHQEHLP(LQVDW]YRQ 6\QGURP0HVVVNDOHQHQWKDOWHQVHLQ
20 /HLWOLQLHQEHULFKW'HSUHVVLRQ % 'LDJQRVWLNVSH]LHOOHU6\QGURPH ¾(LQH/HLWOLQLHVROOWHDOOH6XEV\QGURPHQHQQHQGLHHLJHQHGLDJQRVWLVFKH3UR]HVVH HUIRUGHUOLFKPDFKHQ ¾(VVROOWHQMHZHLOVNODUH(PSIHKOXQJHQJHJHEHQZHUGHQZLHXQWHUZHOFKHQ%HGLQJXQJHQ MHZHLOVGLDJQRVWLVFKYRU]XJHKHQLVWNOLQLVFKH8QWHUVXFKXQJ/HLVWXQJVGLDJQRVWLNXVZ % 0HKUD[LDOH'LDJQRVWLN ¾(LQH/HLWOLQLHVROOWHDOOH$FKVHQGHUPHKUD[LDOHQ'LDJQRVWLNSV\FKLVFKHU(UNUDQNXQJHQ EHU FNVLFKWLJHQ(VVROOWHQSUl]LVHGLDJQRVWLVFKH9RUJDEHQHLQVFKOLH OLFK(PSIHKOXQJHQ ]XU$QZHQGXQJSUD[LVWDXJOLFKHU,QVWUXPHQWHJHJHEHQZHUGHQ % 1RVRORJLVFKH.DWHJRULDOH'LDJQRVHQ ¾,QHLQHU/HLWOLQLHVROOWHQGLHGLDJQRVWLVFKHQ$OJRULWKPHQQLFKWQXULP6LQQHNRQVHQVXDOHU.ULWHULHQYRUJHVWHOOWZHUGHQVRQGHUQHVVROOWHDXFKGLH8QWHUVFKHLGXQJ]ZLVFKHQHLQHU W\SRORJLVFKHQXQGHLQHUGLPHQVLRQDOHQ'LDJQRVWLNUHIOHNWLHUWZHUGHQ ¾=XP3UREOHPGHUVXEVFKZHOOLJHQ0RUELGLWlWLVW6WHOOXQJ]XQHKPHQKLHUI UVLQGNODUH GLDJQRVWLVFKH9RUJDEHQ]XPDFKHQ'LHVH9RUJDEHQP VVHQGLHLQVWLWXWLRQHOOH3UlYDOHQ] GHU0RUELGLWlWXQG6\PSWRPYHUWHLOXQJEHU FNVLFKWLJHQXQGLPSUDNWLVFKHQ$OOWDJDXFK XPVHW]EDUVHLQ % 'LIIHUHQ]LDOGLDJQRVWLNXQG.RPRUELGLWlW=XVDW]GLDJQRVWLN ¾(LQH/HLWOLQLHVROOWHVRZRKOKLQVLFKWOLFKVRPDWLVFKHU.RPRUELGLWlWZLHDXFKSV\FKLDWULVFKHU.RPRUELGLWlWMHZHLOV.ULWHULHQQHQQHQZLH]ZLVFKHQ%HJOHLWV\PSWRPHQHLQHUVHLWVXQG HLQHUGHSUHVVLYHQ(UNUDQNXQJDQGHUHUVHLWV]XXQWHUVFKHLGHQLVW'LHVVROOWHI UGLH ZLFKWLJVWHQVRPDWLVFKHQXQGSV\FKLDWULVFKHQ(UNUDQNXQJHQPLWKLQUHLFKHQGHU6SH]LILWlW HUIROJHQ ¾%HLGHQ0D QDKPHQ]XU8UVDFKHQGLDJQRVWLNXQG(UIDVVXQJYRQ.RPRUELGLWlWHQVLQG LQVEHVRQGHUHDXFKGLH$QIRUGHUXQJHQDQGLHQRWZHQGLJHÄLQWHUQLVWLVFKH³%DVLVGLDJQRVWLN ]XEHVFKUHLEHQ ¾$XI$U]QHLPLWWHOXQG'URJHQGLHGHSUHVVLRQVDXVO VHQGRGHUPRGLIL]LHUHQGVHLQN QQHQ VROOHLQJHJDQJHQZHUGHQ ¾(VVLQGNRQNUHWH(PSIHKOXQJHQ]XJHEHQZDVDQ0LQLPDOGLDJQRVWLNLQMHGHP)DOO GXUFK]XI KUHQLVWZLHIU K]HLWLJZHLWHUH8QWHUVXFKXQJHQ]XYHUDQODVVHQVLQGRGHUZDQQ DXIZHQGLJHXQGNRVWHQWUlFKWLJH8QWHUVXFKXQJHQDQJH]HLJWVLQG % )XQNWLRQVHLQVFKUlQNXQJHQ ¾(LQH/HLWOLQLHVROOWH$NWLYLWlWVXQG)XQNWLRQVHLQVFKUlQNXQJHQYRQ3DWLHQWHQEHVFKUHLEHQ GLHLP5DKPHQGHSUHVVLYHU6W UXQJHQDNXWXQGDXFKLP=XVDPPHQKDQJPLW UH]LGLYLHUHQGHQRGHUFKURQLVFKHQ9HUOlXIHQDXIWUHWHQ ¾(VVLQG+LQZHLVH]XU*HZLFKWXQJHQWVSUHFKHQGHU$NWLYLWlWVXQG)XQNWLRQVHLQ VFKUlQNXQJHQ]XJHEHQXQGHVLVWGD]X6WHOOXQJ]XQHKPHQZDQQDXVEHVWLPPWHQ )XQNWLRQVHLQVFKUlQNXQJHQZHOFKH.RQVHTXHQ]HQ]X]LHKHQVLQG]%.UDQNVFKUHLEXQJHQRGHU'LDJQRVWLNLP=XVDPPHQKDQJPLWGHU%HVWLPPXQJHLQHV %HKLQGHUXQJVJUDGHV
21 /HLWOLQLHQEHULFKW'HSUHVVLRQ % 6WXIHQSODQGHU'LDJQRVWLN5HG)ODJV ¾(LQH/HLWOLQLHVROOWHNODUH6WXIHQSOlQHGHU'LDJQRVWLNEHVFKUHLEHQGLHDXFKHLQH V\VWHPDWLVFKH%HVFKUHLEXQJGHU9HUOlXIHGHSUHVVLYHU(UNUDQNXQJHUODXEHQ ¾6ROFKHGLDJQRVWLVFKHQ6WXIHQSOlQHVROOWHQDXFKKLQVLFKWOLFKLKUHU.RVWHQSUl]LVLHUW ZHUGHQ ¾'LHGLDJQRVWLVFKHQ6WXIHQSOlQHVROOWHQDXFK$EEUXFKNULWHULHQI UGLH'LDJQRVWLNQHQQHQ GKGHQ3XQNWDQGHPJHQ JHQG,QIRUPDWLRQHQYRUOLHJHQXPHLQH7KHUDSLHHLQOHLWHQ ]XN QQHQ ¾,QHLQHU/HLWOLQLHVLQG:DUQVLJQDOHDXI]XOLVWHQ'LH:DUQVLJQDOHVROOWHQGLDJQRVWLVFK SUl]LVHEHVFKULHEHQVHLQXQGLQLKUHU%HGHXWXQJHUOlXWHUWZHUGHQ % 9HUODXIVXQG3URJQRVHGLDJQRVWLN9HUODXIVW\SRORJLHQ ¾,QHLQHU/HLWOLQLHVLQG.ULWHULHQDQ]XJHEHQZDQQEHLVSLHOVZHLVHYRQHLQHUGHSUHVVLYHQ (SLVRGHRGHUHLQHU6\PSWRPSHUVLVWHQ]]XVSUHFKHQLVWRGHUZDQQHLQHV\PSWRPDWLVFKH 9HUVFKOHFKWHUXQJDOV5 FNIDOOLQQHUKDOEHLQHU(SLVRGHRGHUDOV%HJLQQHLQHV5H]LGLYV JHZHUWHWZHUGHQVROOWH ¾(VVLQG0HWKRGHQ]XU9HUODXIVGLDJQRVWLN]XEHQHQQHQGLHLQDOOHQ3KDVHQGK HLQVFKOLH OLFKGHU5HPLVVLRQYRQGHQEHWHLOLJWHQ9HUVRUJXQJVHEHQHQDQJHZHQGHW ZHUGHQN QQHQ+LOIHQ]XU$XVZHUWXQJP VVHQGDI UVRUJHQGDVVGLHHPSIRKOHQH 8QWHUVXFKXQJVPHWKRGHXQDEKlQJLJYRQGHU9HUVRUJXQJVHEHQH]XPJOHLFKHQ(UJHEQLVLQ GHU%HXUWHLOXQJI KUW ¾'LH/HLWOLQLHVROOI UDOOH9HUVRUJXQJVHEHQHQQDFKYROO]LHKEDUHXQGNOLQLVFKPDFKEDUH.ULWHULHQI UGLH'HILQLWLRQHLQHU5HPLVVLRQEHVFKUHLEHQXQGDXFKDXI+LOIVPLWWHO]XU (UIDVVXQJGLHVHUKLQZHLVHQ$XIGLH.RQVHTXHQ]HQI UGLHZHLWHUH9HUODXIVGLDJQRVWLNEHL GHU'LDJQRVHÄ5HPLVVLRQLVWEHVRQGHUVKLQ]XZHLVHQ ¾(LQH/HLWOLQLHVROOWHHYLGHQ]EDVLHUWH,QGLNDWRUHQI U3URJQRVHDXVVDJHQEHQHQQHQXQG (PSIHKOXQJHQ]XU'LDJQRVWLNGHU3URJQRVHLQGLNDWRUHQJHEHQ ¾1HEHQ9RUJDEHQ]XUV\VWHPDWLVFKHQ'LDJQRVHXQG(UIDVVXQJGHU.RPRUELGLWlWHQLVWDXFK HLQ9HUIDKUHQ]XU%HU FNVLFKWLJXQJDVVR]LLHUWHU(UNUDQNXQJHQ]XEHVFKUHLEHQ ¾(LQH/HLWOLQLHVROOWHDXFKNODUEHQHQQHQZHOFKHSRWHQ]LHOOHQ3URJQRVHIDNWRUHQLQGHU :LVVHQVFKDIWGLVNXWLHUWZHUGHQGLHDEHUELVODQJRKQH5HOHYDQ]LP(LQ]HOIDOOVLQGXQG ZHVKDOEKLHUQRFKNHLQHVSH]LHOOH'LDJQRVWLNLQGL]LHUWLVW % 6FUHHQLQJ'LDJQRVWLN Ä'LDJQRVWLNEHLGHSUHVVLRQVJHIlKUGHWHQXQGQRFKQLFKWLGHQWLIL]LHUWHQ)lOOHQ³ ¾(LQH/HLWOLQLHVROOWHDXI0 JOLFKNHLWHQ]XU)U KHUNHQQXQJYRQ0HQVFKHQPLWHUK KWHP 'HSUHVVLRQVULVLNRKLQZHLVHQ ¾) U)DNWRUHQYRQGHQHQEHNDQQWLVWGDVVVLH]XHLQHPHUK KWHQ'HSUHVVLRQVULVLNR EHLWUDJHQN QQHQVROOWHQ(PSIHKOXQJHQJHJHEHQZHUGHQGXUFKZHOFKH)UDJHQ %HREDFKWXQJHQRGHU8QWHUVXFKXQJVYHUIDKUHQVLHIHVWJHVWHOOWZHUGHQ ¾(VVROOWHQI UXQWHUVFKLHGOLFKH5LVLNRXQG(UKHEXQJVJUXSSHQGLIIHUHQ]LHUWH9RUVFKOlJH I U6FUHHQLQJLQVWUXPHQWHXQGGHUHQ(LQVDW]JHPDFKWZHUGHQ ¾,QHLQHU/HLWOLQLHVROOWHDXFKNODUEHQDQQWZHUGHQZHOFKHSRWHQ]LHOOHQ5LVLNRIDNWRUHQLQ GHU:LVVHQVFKDIWGLVNXWLHUWZHUGHQDEHUELVODQJRKQH5HOHYDQ]LP(LQ]HOIDOOVLQGXQG ZHVKDOEKLHUQRFKNHLQHVSH]LHOOH'LDJQRVWLNLQGL]LHUWLVW ¾'DVZHLWHUHGLDJQRVWLVFKH9RUJHKHQEHLSRVLWLYHP6FUHHQLQJHUJHEQLVLVW]XEHVFKUHLEHQ ¾(VLVWGDU]XVWHOOHQREGLH1XW]XQJGLHVHU6FUHHQLQJLQVWUXPHQWHLP5DKPHQEHVWHKHQGHU 9RUVRUJHSURJUDPPHHUIROJHQVROORGHUREGLHKLHUHUKREHQHQ'DWHQI UGDV 'HSUHVVLRQVVFUHHQLQJQXW]EDUVLQG
22 /HLWOLQLHQEHULFKW'HSUHVVLRQ % 3ULPlUH3UlYHQWLRQ ¾(LQH/HLWOLQLHVROOWHDOVHUVWH0D QDKPHGHU3ULPlUSUlYHQWLRQGLH6HQVLELOLWlWXQG 2IIHQKHLWGHU%HY ONHUXQJI UGLHVHV7KHPDI UGHUQ ¾'LH1RWZHQGLJNHLWXQGGHU8PIDQJYRQ3UlYHQWLRQVXQG6FUHHQLQJPD QDKPHQVLQG P JOLFKVWEHJU QGHWGDU]XOHJHQGDEHLVLQGSV\FKLDWULVFKH.RPRUELGLWlWHQXQG 5LVLNRIDNWRUHQI UGLHVHVRZLHHLQHGHILQLWRULVFKH=XRUGQXQJGHU0D QDKPHQLQGDV DOOJHPHLQDN]HSWLHUWH6FKHPD3ULPlU6HNXQGlU7HUWLlUSUlYHQWLRQ]XEHU FNVLFKWLJHQ ¾1HEHQGHU=LHOJUXSSHVROOWHQGLHI UGLH'XUFKI KUXQJGHU3UlYHQWLRQVPD QDKPHQ YHUDQWZRUWOLFKHQ,QVWLWXWLRQHQXQG$QVSUHFKSDUWQHUVRZLHQRWZHQGLJH5HVVRXUFHQ JHQDQQWZHUGHQ % 7KHUDSLH ¾$XFKZHQQHLQH/HLWOLQLHDXI*UXQGLKUHV$QZHQGXQJVEHUHLFKHVNHLQH8QWHUVFKHLGXQJ ]ZLVFKHQ(SLVRGHQXQG/DQJ]HLWWKHUDSLHYRUQLPPWVROOWHMHGH/HLWOLQLHDXIGLHVHQ$VSHNW GHU7KHUDSLHHLQWHLOXQJKLQZHLVHQ%HL%HGDUILVWHLQHHLQGHXWLJH=XRUGQXQJGHU (PSIHKOXQJHQYRU]XQHKPHQ % 7KHUDSLH]LHOHSODQXQJPDQDJHPHQW ¾(LQH/HLWOLQLHVROOWHDXIHLQDQGHUDEJHVWLPPWH0RGXOHI UGLH3ULPlUYHUVRUJXQJ VRZLHGLHZHLWHUHDPEXODQWHXQGVWDWLRQlUH9HUVRUJXQJHQWKDOWHQ ¾(LQH/HLWOLQLHXQGLKUH0RGXOHVROOWHQHLQHJOREDOH%HKDQGOXQJVVWUDWHJLHI UGLH NRQWLQXLHUOLFKH:HLWHUEHKDQGOXQJXQWHU%HU FNVLFKWLJXQJGHU%HKDQGOXQJVSKDVHQ GDUVWHOOHQ ¾(VVROOWHQ=LHOHHLQHU0D QDKPHXQGGLH.ULWHULHQI UGLH$XVZDKOHLQHUEHVWLPPWHQ %HKDQGOXQJXQG%HUDWXQJGHV3DWLHQWHQJHQDQQWZHUGHQ ¾(LQH/HLWOLQLHVROOWH]XP6WHOOHQZHUWYRQ3DWLHQWHQSUlIHUHQ]HQXQGGHUHQ %HU FNVLFKWLJXQJLQGHU%HKDQGOXQJVSODQXQJ6WHOOXQJQHKPHQ ¾(LQH/HLWOLQLHVROOWH)UHTXHQ]E]Z=HLWDEVWlQGHI U:LHGHUHLQEHVWHOOXQJHQEHQHQQHQGLH HYLGHQ]EDVLHUWVLQG8QWHUVFKLHGHQDFKJHZlKOWHQ%HKDQGOXQJVYHUIDKUHQVLQGJJI GDU]XVWHOOHQ ¾%DVLHUHQGDXI9HUODXIVNULWHULHQVROOWHQ(PSIHKOXQJHQ]XU/DQJ]HLWEHWUHXXQJXQG EHKDQGOXQJJHJHEHQZHUGHQ'LHVHVROOWHQLQVEHVRQGHUHI U+DXVlU]WHXQG3DWLHQWHQ HLQHDXVJHZRJHQH'DUVWHOOXQJGHU3URJQRVHEHLQKDOWHQXQG.ULWHULHQXQG9RUJHKHQGHU (UKDOWXQJVWKHUDSLHXQG5H]LGLYSURSK\OD[HQHQQHQ
23 /HLWOLQLHQEHULFKW'HSUHVVLRQ %,QWHUDNWLRQGHU%HKDQGOHUXQG9HUVRUJXQJVHEHQHQ6WXIHQSOlQH ¾,QHLQHU/HLWOLQLHVLQG$XVVDJHQGDU EHU]XIRUPXOLHUHQZHOFKH%HKDQGOHUZHOFKH 0D QDKPHQHUEULQJHQN QQHQXQGQDFKZHOFKHQ.ULWHULHQXQG3ULRULWlWHQGLH %HKDQGOXQJLQGHQHLQ]HOQHQ9HUVRUJXQJVEHUHLFKHQLPJHVWXIWHQ6\VWHP]% hehuzhlvxqjzdqq"gxufkzhq"xqgzlh"huirojhqvroowh'lhvh(psihkoxqjhqvroowhq LP+LQEOLFNDXIGLH+lXILJNHLWYRQGHSUHVVLYHQ6\QGURPHQDXVJHZRJHQXQGXQWHU%H]XJ DXIHSLGHPLRORJLVFKH'DWHQKLQVLFKWOLFKGHU5HDOLVLHUEDUNHLWJHSU IWVHLQ ¾'LH/HLWOLQLHVROOWHI UMHGH9HUVRUJXQJVVWXIH.ULWHULHQI UGLH:HLWHUYHUVRUJXQJDXIOLVWHQ GLHVH.ULWHULHQVROOHQEHU FNVLFKWLJHQ 3DWLHQWHQIDNWRUHQ LQGLYLGXHOOH*HIlKUGXQJGHV3DWLHQWHQ 1RWZHQGLJNHLWHLQHUVWDWLRQlUHQ%HKDQGOXQJ8QWHUEULQJXQJJHJHQGHQ :LOOHQ VR]LDOH8QWHUVW W]XQJGHV3DWLHQWHQ : QVFKHGHV3DWLHQWHQ 6WUXNWXUDVSHNWH XQWHUVFKLHGOLFKH%HKDQGOXQJVP JOLFKNHLWHQXQG.RPSHWHQ] VFKQHOOH9HUI JEDUNHLWYRQ%HKDQGOXQJVHLQULFKWXQJHQDQGHUHU 9HUVRUJXQJVVWXIHQ.RVWHQ1XW]HQDVSHNWH ¾'LHLQGHU/HLWOLQLHGDUJHVWHOOWHQ.ULWHULHQVROOWHQHLQHLQGLYLGXHOOH$EZlJXQJGHU9RUWHLOH XQG1DFKWHLOHGHU9HUVRUJXQJVVHNWRUHQVRZLH%DUULHUHQJHJHQHLQHZHLWHUJHKHQGH 9HUVRUJXQJHUODXEHQ'DEHLVLQGGLH3UlIHUHQ]HQYRQ3DWLHQWHQXQG$QJHK ULJHQ]X HUKHEHQXQG]XEHU FNVLFKWLJHQ ¾(VVROOWHQLQVEHVRQGHUHI UGHQKDXVlU]WOLFKHQ%HUHLFK:DUQKLQZHLVHÄUHGIODJV³]X DEZHQGEDUHQJHIlKUOLFKHQVRPDWLVFKHQRGHUSV\FKRVR]LDOHQ9HUOlXIHQJHJHEHQZHUGHQ ¾'LHQRWZHQGLJHQ$XIJDEHQGHU9HUODXIVGLDJQRVWLNXQG7KHUDSLHNRQWUROOHVLQGXQWHU %HU FNVLFKWLJXQJGHULQWHUNROOHJLDOHQ=XVDPPHQDUEHLWXQG:HLWHUYHUVRUJXQJ GDU]XVWHOOHQ % 3V\FKRHGXNDWLRQ3DWLHQWHQI KUXQJ ¾'LH0D QDKPHQGHU3DWLHQWHQHGXNDWLRQ3DWLHQWHQI KUXQJVROOWHQLP5DKPHQGHU (LQRUGQXQJGHU7KHUDSLHYRQVSH]LILVFKHQSV\FKRWKHUDSHXWLVFKHQ0D QDKPHQNODUXQG P JOLFKVWHLQGHXWLJYRQGLHVHQDEJHJUHQ]WZHUGHQGDEHLLVWDXFKDXIEHVRQGHUH $QIRUGHUXQJHQEHLGHU/HLVWXQJVHUEULQJXQJKLQ]XZHLVHQ ¾(EHQVRLVWHLQH$EJUHQ]XQJGHUÄ3V\FKRHGXNDWLRQ³YRQFXUULFXODUHQ 6FKXOXQJVPD QDKPHQYRU]XQHKPHQ ¾(LQH/HLWOLQLHVROOWHSUDNWLVFKH2ULHQWLHUXQJVKLOIHQ]XU'LDJQRVHDXINOlUXQJGHV3DWLHQWHQ JHEHQ'DEHLVROOWHGDUJHVWHOOWXQGWKHRUHWLVFKEHJU QGHWZHUGHQZRU EHUHLQ$U]WZDQQ XQGPLWGHP3DWLHQWHQUHGHQVROOWH ¾(VLVWHLQH6WHOOXQJQDKPHHUIRUGHUOLFKREXQGXQWHUZHOFKHQ8PVWlQGHQ*HIDKUHQZLH ODQJHGLH0LWWHLOXQJGHU'LDJQRVHÄ'HSUHVVLRQ³LP+LQEOLFNDXIGLHHUIRUGHUOLFKH (WDEOLHUXQJHLQHVWKHUDSHXWLVFKHQ$UEHLWVE QGQLVVHVDEJHZDUWHWZHUGHQNDQQ(VLVW GDEHLIHVW]XOHJHQZLHGDV*HVXQGKHLWVSUREOHPLP)DOOHGHU9HU] JHUXQJGHU 'LDJQRVHPLWWHLOXQJDQGHQ3DWLHQWHQNODVVLIL]LHUWXQGJHJHQ EHUGHP3DWLHQWHQ EHVFKULHEHQZHUGHQVROO ¾(LQH/HLWOLQLHVROOWHDXIJHHLJQHWHTXDOLWDWLYKRFKZHUWLJHHYLGHQ]EDVLHUWH 3DWLHQWHQLQIRUPDWLRQHQGLHGDVQRWZHQGLJH:LVVHQ EHU'LDJQRVHXQG7KHUDSLH YHUPLWWHOQXQGGLHGDVHPSIRKOHQH9RUJHKHQXQWHUVW W]HQYHUZHLVHQ)HUQHUVLQG +LQZHLVH]XPJH]LHOWHQ(LQVDW]GHU3DWLHQWHQLQIRUPDWLRQHQLP5DKPHQGHU 3DWLHQWHQI KUXQJ]XJHEHQ
24 /HLWOLQLHQEHULFKW'HSUHVVLRQ % 3V\FKRWKHUDSLHYHUIDKUHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHHLQHQhEHUEOLFNXQGHLQHQEHZHUWHQGHQ9HUJOHLFKGHU (IIHNWLYLWlWYRQ3V\FKRWKHUDSLHQEHL'HSUHVVLRQJHWUHQQWI UGLH$NXWSKDVHXQGGLH 5H]LGLYSURSK\OD[HE]ZGLH/DQJ]HLWWKHUDSLHHQWKDOWHQ'D]XJHK UHQ HLQHhEHUVLFKW EHUGLH3V\FKRWKHUDSLHQGHUHQ1XW]HQEHOHJWLVW HLQH&KDUDNWHULVLHUXQJGHU]HQWUDOHQ=LHOHXQGGHV9RUJHKHQVGHUZLUNVDPHQ 3V\FKRWKHUDSLHQ HLQHhEHUVLFKW EHUGLHYHUJOHLFKHQGH(IIHNWLYLWlW]ZLVFKHQYHUVFKLHGHQHQ SV\FKRWKHUDSHXWLVFKHQ$QVlW]HQ HLQHhEHUVLFKW EHUGLHYHUJOHLFKHQGH(IIHNWLYLWlW]ZLVFKHQGHQVSH]LILVFKHQ 3V\FKRWKHUDSLHQXQGGHQPHGLNDPHQW VHQ7KHUDSLHQ HLQHhEHUVLFKW EHUGLH(IIHNWHYRQ.RPELQDWLRQVWKHUDSLHQ.RPELQDWLRQYRQ PHGLNDPHQW VHUXQG3V\FKRWKHUDSLH HLQH=XVDPPHQVWHOOXQJGHU3V\FKRWKHUDSLHQGHUHQ1XW]HQQLFKWEHOHJWLVW HLQH=XVDPPHQVWHOOXQJGHU3V\FKRWKHUDSLHQGHUHQ$QZHQGXQJREVROHWLVW ¾'LHVH=XVDPPHQVWHOOXQJHQVROOWHQLQHLQHPYRU]XJHEHQGHQ5K\WKPXVDNWXDOLVLHUW ZHUGHQ ¾%HLGHQNRQNUHWHQ(PSIHKOXQJHQGLHDXVGHUYHUJOHLFKHQGHQ%HZHUWXQJGHU 3V\FKRWKHUDSLHQUHVXOWLHUHQVROOWHQDXFKGLH6WXGLHQHUJHEQLVVHKLQVLFKWOLFKNOLQLVFKHU /DQJ]HLWHQGSXQNWHEHU FNVLFKWLJWZHUGHQ ¾=XIROJHQGHQ3XQNWHQGHV7KHUDSLHPDQDJHPHQWVVROOWHQ(PSIHKOXQJHQDXVJHVSURFKHQ ZHUGHQ,QGLNDWLRQHQXQG.ULWHULHQI U3V\FKRWKHUDSLHDOVHUVWH%HKDQGOXQJVDOWHUQDWLYH,QGLNDWLRQHQXQG.ULWHULHQI U3V\FKRWKHUDSLHDOV7HLOHLQHU.RPELQDWLRQVEHKDQGOXQJ.ULWHULHQ,QGLNDWLRQVJHVLFKWVSXQNWHI U3V\FKRWKHUDSLH]XU5H]LGLYSURSK\OD[H XQGDOV/DQJ]HLWWKHUDSLH 0LQLPDODQIRUGHUXQJHQDQGLHWKHUDSLHEHJOHLWHQGH'RNXPHQWDWLRQ =HLWSXQNWHXQG.ULWHULHQQDFKGHQHQDEKlQJLJYRQGLHVHU'RNXPHQWDWLRQHLQH EHJRQQHQH3V\FKRWKHUDSLHDQJHSDVVWE]ZHUJlQ]WRGHUDEJHEURFKHQZHUGHQ VROOWHXQG2SWLRQHQI U$QSDVVXQJHQ(UJlQ]XQJHQE]Z %HKDQGOXQJVDOWHUQDWLYHQ.ULWHULHQI UHLQHIDFKlU]WOLFKH.RQVXOWDWLRQVQRWZHQGLJNHLW $XVVDJHQ]XU(LJQXQJEHLYHUVFKLHGHQHQ6XEJUXSSHQYRQ3DWLHQWHQDXFKLP +LQEOLFNDXIGLH]HLWOLFKH/LPLWLHUXQJYRQ3V\FKRWKHUDSLHQ'DXHUXQG 6LW]XQJVIUHTXHQ]9HUJU HUXQJGHU6LW]XQJVLQWHUYDOOHJHJHQ(QGH Ä$XIIULVFKXQJVVLW]XQJHQ³ VHWWLQJVSH]LILVFKH%HVRQGHUKHLWHQ NRQRPLVFKH$VSHNWHYRQ3V\FKRWKHUDSLHQ +LQZHLVH]XU$XVZDKOYRQ7KHUDSHXWHQ ¾'LH,QIRUPDWLRQHQI U3DWLHQWHQXQG$QJHK ULJHVROOHQGLH'DUVWHOOXQJGHU 3V\FKRWKHUDSLHXPIDVVHQ+LHU]X]lKOHQDXFK(UNOlUXQJHQ]XGHQ:LUNXQJHQGHU 7KHUDSLHQDXVGHQHQI UGHQ3DWLHQWHQGHU6LQQGHU0D QDKPHQGHXWOLFKZLUG,P)DOOH GHU.RPELQDWLRQPLW0HGLNDPHQWHQVROOWHQEHLGH%HKDQGOXQJVZHLVHQGXUFKXPIDVVHQGH (UNOlUXQJHQLQGHQ/HLWOLQLHQYHUPLWWHOWZHUGHQ
25 /HLWOLQLHQEHULFKW'HSUHVVLRQ % 3KDUPDNRWKHUDSLH ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHHLQHQEHZHUWHQGHQ9HUJOHLFKGHU]XU9HUI JXQJ VWHKHQGHQ:LUNVWRIIJUXSSHQXQG:LUNVWRIIHELHWHQ'D]XJHK UHQ (LQHhEHUVLFKWGHU:LUNVWRIIHGHUHQ1XW]HQEHOHJWLVW(LQ%HOHJGHUHUZ QVFKWHQ :LUNXQJLVWJHUDGHEHL$QWLGHSUHVVLYDVHKUZLFKWLJGDKRKH$QVSUHFKUDWHQLQGHU 3ODFHERJUXSSHDXIDQGHUH0HFKDQLVPHQGHXWHQGLHLQGHU 'HSUHVVLRQVEHKDQGOXQJZLUNVDPVLQG (LQ9HUJOHLFKGHUZLUNVDPHQ:LUNVWRIIJUXSSHQXQGGHUGD]XJHK ULJHQHLQ]HOQHQ :LUNVWRIIHKLQVLFKWOLFKLKUHU(LJHQVFKDIWHQ *HJHEHQIDOOVQRWZHQGLJH.ULWHULHQI UGHQ*HEUDXFKYRQ3KDUPDNDDX HUKDOEGHU =XODVVXQJVRJÄRIIODEHOXVH³ (LQH=XVDPPHQVWHOOXQJGHU3UlSDUDWHE]Z6WRIIHGHUHQ1XW]HQQLFKWEHOHJWLVW (LQH=XVDPPHQVWHOOXQJGHU3UlSDUDWHE]Z6WRIIHGHUHQ$QZHQGXQJREVROHWLVW ¾'LH:LUNVDPNHLWHLQHU3KDUPDNRWKHUDSLHVROOWHDXFKKLQVLFKWOLFKNOLQLVFKHU /DQJ]HLWHQGSXQNWHEHZHUWHWZHUGHQ+LHU]XJHK UHQ]% /HEHQVTXDOLWlWGHU3DWLHQWHQXQGLKUHU$QJHK ULJHQ 6\PSWRPDWLNXQG3V\FKRSDWKRORJLH 0RUELGLWlWXQG0RUWDOLWlW NRQRPLVFKH*HVLFKWVSXQNWH )RUVFKXQJVXQG(QWZLFNOXQJVEHGDUI ¾'LHVH=XVDPPHQVWHOOXQJHQVROOWHQLQHLQHPIHVWYRUJHJHEHQHQ5K\WKPXVYRQ]% -DKUHQDNWXDOLVLHUWZHUGHQ1HEHQGHU6LFKWXQJGHU]DKOUHLFKHQNOLQLVFKHQ6WXGLHQVLQG GLHVHLQI UGHQ$QZHQGHUWUDQVSDUHQWH(PSIHKOXQJHQ]XU3KDUPDNRWKHUDSLH XP]XVHW]HQ 'LHQDFKIROJHQGDXIJHI KUWHQ(LQ]HODVSHNWHGHUDQWLGHSUHVVLYHQ 3KDUPDNRWKHUDSLHVROOWHQLQHLQHU/HLWOLQLHÄ'HSUHVVLRQ³EHU FNVLFKWLJWZHUGHQ 7KHUDSLHEHJLQQXQG.RQWUROOSXQNWHLP9HUODXI ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHEHQHQQHQ 'LH3DWLHQWHQJUXSSHE]ZGHQ.UDQNKHLWV]XVWDQGEHLGHPGLH3KDUPDNRWKHUDSLH EHJRQQHQZHUGHQVROOE]ZEHJRQQHQZHUGHQPXVV 'HQ=HLWSXQNWXQGGLH.ULWHULHQQDFKGHQHQHLQHEHJRQQHQH3KDUPDNRWKHUDSLH DQJHSDVVWE]ZYHUlQGHUWZHUGHQVROO ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHHLQHQ6WXIHQSODQHUVWHOOHQVRIHUQHLQH%HYRU]XJXQJ HLQ]HOQHU:LUNVWRIIJUXSSHQE]ZHLQ]HOQHU:LUNVWRIIHGXUFK%HOHJH]XEHJU QGHQLVW %HLGHQ%HOHJHQLVWNOLQLVFKHQ6WXGLHQPLWNOLQLVFKUHOHYDQWHQ=LHONULWHULHQYRU SDWKRSK\VLRORJLVFKHQhEHUOHJXQJHQXQGhEHUOHJXQJHQ]XP:LUNPHFKDQLVPXVYRQ 3KDUPDNDGHU9RU]XJ]XJHEHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHDXVI KUOLFK]XGHQ.ULWHULHQXQG=HLWSXQNWHQ6WHOOXQJ QHKPHQ]XGHQHQHLQH3KDUPDNRWKHUDSLHPLW$QWLGHSUHVVLYDEHHQGHWZHUGHQNDQQ +LHUEHLVROOWHDXFKGDV9RUJHKHQEHVFKULHEHQZHUGHQZLHXQGZDQQHLQH 3KDUPDNRWKHUDSLHPLW$QWLGHSUHVVLYD]XEHHQGHQLVW ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWH NRQRPLVFKH$VSHNWHGHU3KDUPDNRWKHUDSLHPLW $QWLGHSUHVVLYDXQGGHU$XVZDKOGHU:LUNVWRIIJUXSSHQE]ZHLQ]HOQHU:LUNVWRIIH EHVFKUHLEHQ 'LIIHUHQ]LDOLQGLNDWLRQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWH:LUNVWRIIJUXSSHQE]ZHLQ]HOQH:LUNVWRIIHDXIOLVWHQGLH VLFKEHLXQWHUVFKLHGOLFKHQ9HUOlXIHQGHUGHSUHVVLYHQ(UNUDQNXQJEHVRQGHUVEHZlKUW KDEHQ
26 /HLWOLQLHQEHULFKW'HSUHVVLRQ.RQWUDLQGLNDWLRQHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHKlXILJH%HJOHLWHUNUDQNXQJHQDXIOLVWHQEHLGHQHQGLH $QZHQGXQJEHVWLPPWHU:LUNVWRIIJUXSSHQE]ZHLQ]HOQHU:LUNVWRIIHPLWHLQHPJU HUHQ 5LVLNRI UGDV$XIWUHWHQDU]QHLPLWWHOEHGLQJWHU6FKlGHQYHUEXQGHQLVW1DFK0 JOLFKNHLW VROOWHQ8PVWlQGHDQJHJHEHQZHUGHQXQWHUGHQHQGDVLQ.DXIQHKPHQGLHVHU5LVLNHQ YHUWUHWEDULVWVRIHUQGLHVH$QJDEHQGXUFK%HOHJHEHJU QGHWZHUGHQN QQHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWH9RUJHKHQVZHLVHQXQG$OWHUQDWLYHQEHLP9RUOLHJHQYRQ.RQWUDLQGLNDWLRQHQXQGEHLP$XIWUHWHQYRQ8QYHUWUlJOLFKNHLWHQEHQHQQHQ (UZ QVFKWH8QHUZ QVFKWH$U]QHLPLWWHOZLUNXQJHQXQG$U]QHLPLWWHOLQWHUDNWLRQHQ ¾:LUNXQJHQXQG:LUNPHFKDQLVPHQGHU3KDUPDNDVLQG]LHOJUXSSHQJHUHFKWXQG EHUVLFKWOLFKGDU]XVWHOOHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³PXVVDXVI KUOLFKGDV5LVLNRSRWHQ]LDOGHU:LUNVWRIIJUXSSHQ E]ZHLQ]HOQHU:LUNVWRIIHDQKDQGGHUEHNDQQWHQXQHUZ QVFKWHQ$U]QHLPLWWHOZLUNXQJHQ YHUJOHLFKHQGXQGEHZHUWHQG]XVDPPHQVWHOOHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³PXVVDXVI KUOLFK]XP3RWHQ]LDOI UGLH$XVO VXQJYRQ $U]QHLPLWWHOLQWHUDNWLRQHQ6WHOOXQJQHKPHQ'DEHLVROOWHDXFKGDV3UREOHPGHU PDQJHOQGHQ2EMHNWLYLHUEDUNHLWYLHOHUGHUYRQ3DWLHQWHQEHULFKWHWHQXQG]%DXFKLP %HLSDFN]HWWHOGRNXPHQWLHUWHQXQHUZ QVFKWHQ$U]QHLPLWWHOZLUNXQJHQEHU FNVLFKWLJW ZHUGHQ.RPELQDWLRQVWKHUDSLH ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHGLH9RUDXVVHW]XQJHQDXIOLVWHQXQWHUGHQHQHLQH.RPELQDWLRQPHKUHUHU:LUNVWRIIJUXSSHQE]ZPHKUHUHU:LUNVWRIIHVLQQYROOLVW$XFKKLHU LVWVRIHUQVLFKGLHVGXUFK%HOHJHVLFKHUQOlVVWHLQ6WXIHQVFKHPDDQ]XVWUHEHQXQGHLQH *UHQ]H]XEHQHQQHQREHUKDOEGHUHUGLH+LQ]XI JXQJHLQHVZHLWHUHQ.RPELQDWLRQVSDUWQHUVDOVQLFKWPHKUYHUWUHWEDURGHUVRJDUJHIlKUOLFKDQJHVHKHQZHUGHQ PXVV %HJOHLWPHGLNDWLRQ]XU3KDUPDNRWKHUDSLHPLW$QWLGHSUHVVLYD ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHVLFKDQJHPHVVHQ]XP JOLFKHQ%HJOHLWPHGLNDWLRQHQ lx HUQ]%]XU%HKDQGOXQJVRPDWLVFKHUXQGSKDUPDNRJHQHU8UVDFKHQGHU'HSUHVVLRQ E]Z%HKDQGOXQJVRPDWLVFKHU%HJOHLWHUNUDQNXQJHQ 7KHUDSLHGXUFKI KUXQJ ¾'LH,QGLNDWLRQHQI UGLH1XW]XQJEHVWLPPWHU'RVLHUXQJHQXQG'RVLHUXQJVIRUPHQ EHVWLPPWHU$SSOLNDWLRQVIRUPHQVLQGPLW9RU1DFKWHLOHQGDU]XVWHOOHQ ¾$XIQRWZHQGLJH9RUDXVVHW]XQJHQLVWXQWHU%HDFKWXQJGHU$QIRUGHUXQJHQDQGLHMHZHLOLJH 9HUVRUJXQJVVWUXNWXUKLQ]XZHLVHQ ¾$XIVHWWLQJDEKlQJLJH%HVRQGHUKHLWHQDPEXODQWVWDWLRQlUEHLGHU 7KHUDSLHGXUFKI KUXQJLVWKLQ]XZHLVHQ.RQWUROOXQWHUVXFKXQJHQXQG7KHUDSLHNRQWUROOHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³]XU3KDUPDNRWKHUDSLHVROOWHDXVI KUOLFK,QGLNDWLRQHQ )UDJHVWHOOXQJHQXQG=HLWSXQNWHZlKUHQGGHU3KDUPDNRWKHUDSLH]XVDPPHQVWHOOHQEHL GHQHQ/DERUNRQWUROOHQGLH%HVWLPPXQJYRQ3ODVPD6HUXP.RQ]HQWUDWLRQHQGHU $QWLGHSUHVVLYDXQGDQGHUH.RQWUROOXQWHUVXFKXQJHQYRUJHQRPPHQZHUGHQVROOWHQ $QWLGHSUHVVLYDLQGHU6FKZDQJHUVFKDIW ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHVLFK]XU$QZHQGXQJYRQ$QWLGHSUHVVLYDEHL.LQGHUZXQVFKLQGHU6FKZDQJHUVFKDIWXQG6WLOOSHULRGHlX HUQ 3KDUPDNRWKHUDSLHLP$OWHU ¾'LH$QZHQGXQJYRQ$QWLGHSUHVVLYDEHLlOWHUHQ3DWLHQWHQLVWXQWHU%HU FNVLFKWLJXQJGHU SRSXODWLRQVVSH]LILVFKHQ,QWHUDNWLRQHQXQG1HEHQZLUNXQJVSURILOH]XEHVFKUHLEHQ 1RWIDOOPHGLNDWLRQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHVLFK]XP JOLFKHQ1RWIDOOEHKDQGOXQJHQLP5DKPHQGHU 3KDUPDNRWKHUDSLHPLW$QWLGHSUHVVLYDlX HUQ+LHUEHLLVW]%DQ6XL]LGDOLWlWDEHUDXFK DQGDV$XIWUHWHQDU]QHLPLWWHOEHGLQJWHU6FKlGHQJHGDFKW
27 /HLWOLQLHQEHULFKW'HSUHVVLRQ 2EVROHWHXQGDQGHUH6XEVWDQ]HQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHHLQGHXWLJ]XREVROHWHQ9RUJHKHQVZHLVHQXQG 6XEVWDQ]HQ6WHOOXQJEH]LHKHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWH6WHOOXQJ]XP(LQVDW]YRQLQ(LQ]HOIlOOHQVLQQYROOHQ :LUNVWRIIHQQHKPHQGLHQLFKWGHQ EOLFKHQ7KHUDSLHVWDQGDUGVHQWVSUHFKHQ % 1LFKWPHGLNDPHQW VHVRPDWLVFKH7KHUDSLHYHUIDKUHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHDXFKDXIGLHVHOWHQHQ7KHUDSLHIRUPHQLP+LQEOLFNDXI $QZHQGEDUNHLW1XW]HQXQG6FKDGHQKLQZHLVHQ'DEHLLVWLQVEHVRQGHUHEHLGLHVHQDXFK DXI7KHUDSLHIRUPHQHLQ]XJHKHQGLH]XU=HLWQLFKWI UGLHDOOJHPHLQH$QZHQGXQJ HPSIRKOHQZHUGHQN QQHQ ¾1HEHQNODUHQ.ULWHULHQ]XU,QGLNDWLRQVVWHOOXQJVROOWHQKLHUGLH]XU'XUFKI KUXQJ QRWZHQGLJHQ9RUDXVVHW]XQJHQ]%4XDOLILNDWLRQGHU$QZHQGHU6HWWLQJ1DFKVRUJH EHQDQQWZHUGHQ ¾$XIREVROHWH9RUJHKHQVZHLVHQXQG9HUIDKUHQLVWLQHLQHU/HLWOLQLHKLQ]XZHLVHQ ¾'LH(YLGHQ]HQGLH]XU(PSIHKOXQJGHUHUJlQ]HQGHQDEHUDXFK]XU1LFKWHPSIHKOXQJGHU REVROHWHQ7KHUDSLHYHUIDKUHQI KUHQVLQGDQ]XJHEHQ % 7KHUDSLHYRQ.RPRUELGLWlW ¾(LQH/HLWOLQLHVROOWHGLHQRWZHQGLJHVSH]LILVFKHE]ZHUJlQ]HQGH7KHUDSLHGHU SV\FKLDWULVFKHQXQGVRPDWLVFKHQ.RPRUELGLWlWEHU FNVLFKWLJHQ) UGHQ)DOOGDVVGLH 'HSUHVVLRQGLHNRPRUELGH(UNUDQNXQJLVWVROOWHZHQQP JOLFKDXIJHHLJQHWH,QVWUXPHQWHXQG(LQULFKWXQJHQ]XU7KHUDSLHGHUMHZHLOLJHQ*UXQGHUNUDQNXQJYHUZLHVHQ ZHUGHQ ¾$XI,QWHUDNWLRQHQ]ZLVFKHQGHU7KHUDSLHGHU'HSUHVVLRQXQGGHU7KHUDSLHGHU.RPRUELGLWlWE]ZVRPDWLVFKHQ(UNUDQNXQJLVWKLQ]XZHLVHQ % 'HSUHVVLRQLQVSH]LHOOHQ*UXSSHQ ¾'LH%HU FNVLFKWLJXQJYRQ(PSIHKOXQJHQI UVSH]LHOOH3RSXODWLRQHQVROOWHLQHLQHU/HLWOLQLH Ä'HSUHVVLRQ³QDFK3ULRULWlWHQHUIROJHQ ¾$XIEHVRQGHUH3DWLHQWHQJUXSSHQPXVVKLQJHZLHVHQZHUGHQ,QGHU/HLWOLQLHVLQGGLH QRWZHQGLJ]XEHDFKWHQGHQ%HVRQGHUKHLWHQLQGHU'LDJQRVWLNXQG7KHUDSLH EHUVLFKWOLFK GDU]XVWHOOHQ:HQQHLQH3DWLHQWHQSRSXODWLRQQLFKWYRP$QZHQGXQJVEHUHLFKGHU/HLWOLQLH HUIDVVWZLUGVROOWHP JOLFKVWDXIJHHLJQHWH/HLWOLQLHQYHUZLHVHQZHUGHQ ¾$XIGLHO FNHQKDIWH(YLGHQ]EHLGHU'LDJQRVWLN7KHUDSLHEHVRQGHUHU3RSXODWLRQHQXQG GLHPDQJHOQGHhEHUWUDJEDUNHLWGHU6WXGLHQHUJHEQLVVHVRZLHGHU(UIDKUXQJVEHULFKWHLVW KLQ]XZHLVHQ%HLKRKHU3UlYDOHQ]GHV3UREOHPVVROOWHDXFKGHUQRWZHQGLJH )RUVFKXQJVEHGDUIGDUJHVWHOOWZHUGHQ % 1RWIDOOPD QDKPHQ3UlYHQWLRQYRQ1RWIlOOHQ ¾'LHQRWZHQGLJHQGLDJQRVWLVFKHQ0D QDKPHQ]XU3UlYHQWLRQYRQ1RWIlOOHQGXUFK YHUPHLGEDUH7KHUDSLHLQWHUDNWLRQHQ]%3KDUPDNRWKHUDSLHVLQGDXI]XI KUHQ ¾$XIZHJZHLVHQGH6\PSWRPHDXFKIDFKIUHPGHU(UNUDQNXQJHQHLQHUDNXWHQ*HIlKUGXQJ LVWKLQ]XZHLVHQXQGGLHVRIRUWHLQ]XOHLWHQGHQ0D QDKPHQ]XU'LDJQRVWLNXQG 1RWIDOOWKHUDSLHVLQG]XEHVFKUHLEHQ ¾%HLNULWLVFKHQ7KHUDSLHYHUIDKUHQLVWDXIHLQHUK KWHV$QZHQGXQJVULVLNRH[SOL]LW KLQ]XZHLVHQGLH]XU3UlYHQWLRQYRQ1RWIlOOHQHLQ]XOHLWHQGHQRWZHQGLJH(UVWXQG 9HUODXIVGLDJQRVWLNLVWDXI]XI KUHQ
28 /HLWOLQLHQEHULFKW'HSUHVVLRQ % 0DQDJHPHQWEHL6XL]LGJHIlKUGXQJ ¾'LH]XU$EVFKlW]XQJGHU5LVLNRIDNWRUHQXQGGHV6FKZHUHJUDGHVQRWZHQGLJHQ$VSHNWH VROOHQLQHLQHU/HLWOLQLHEHQDQQWXQGLQLKUHU:LFKWLJNHLWEHZHUWHWZHUGHQ ¾$XVGHU%HZHUWXQJGHU6XL]LGDOLWlWVROOWHGLHI UGLH7KHUDSLHQRWZHQGLJH 9HUVRUJXQJVHEHQH]XHQWQHKPHQVHLQ ¾'LH,QWHUYDOOHI UGLH%HREDFKWXQJVXL]LGDOHU3DWLHQWHQXQGGLH6XL]LGSURSK\OD[HXQWHU %HU FNVLFKWLJXQJGHU6RQGHUIRUPHQDIIHNWLYHU(UNUDQNXQJHQVROOWHQEHVFKULHEHQZHUGHQ ¾$XIGLH%HVRQGHUKHLWHQEHLGHU7KHUDSLHFKURQLVFK6XL]LGDOHULVWKLQ]XZHLVHQ ¾,QHLQHU/HLWOLQLHP VVHQGLH0D QDKPHQGHVEHVRQGHUHQ0DQDJHPHQWVDXFKPLWGHU J OWLJHQ5HFKWVVSUHFKXQJDEJHJOLFKHQVHLQ % &RPSOLDQFH ¾$XWRUHQHLQHU/HLWOLQLHÄ'HSUHVVLRQ³VROOHQFRPSOLDQFHKHPPHQGH)DNWRUHQLP 0DQDJHPHQWGHSUHVVLYHU6W UXQJHQGDUVWHOOHQXQG/ VXQJHQDXI]HLJHQ ¾(VVROOWHQQHEHQGHU7KHUDSLH&RPSOLDQFHDOOH)HOGHUHLQHUHUIRUGHUOLFKHQ 3DWLHQWHQPLWZLUNXQJJHQDQQWZHUGHQ ¾0HVVYHUIDKUHQ]XUUHJHOPl LJHQhEHUSU IXQJYRQ0RWLYDWLRQXQG&RPSOLDQFHVLQG]X QHQQHQXQG]XEHZHUWHQ'DEHLVROOWHQDXFKNULWLVFKH6FKZHOOHQI U&RPSOLDQFH.RHIIL]LHQWHQJHQDQQWZHUGHQ % )DPLOLHQPHGL]LQ%HUDWXQJ$QJHK ULJHU ¾(LQH/HLWOLQLHVROOWHDXIGLH,QGLNDWLRQXQG=LHOHIDPLOLHQPHGL]LQLVFKHU,QWHUYHQWLRQHQ KLQZHLVHQGDEHLLVWDXFKDXIP JOLFKH3UREOHPHGHU:HFKVHOZLUNXQJPLWGHPVR]LDOHQ 8PIHOGXQG.RQWUDLQGLNDWLRQHQKLQ]XZHLVHQ ¾(VVROOWH]ZLVFKHQGHU7KHUDSLHGXUFK$QJHK ULJHXQG7KHUDSLHGHU$QJHK ULJHQGHU 9HUPLWWOXQJYRQ+LOIHQSV\FKRVR]LDOH%HUDWXQJXQG0D QDKPHQGHU6R]LRWKHUDSLH XQWHUVFKLHGHQZHUGHQ ¾'LH%HGHXWXQJXQG)XQNWLRQGHU)DPLOLHQEHUDWXQJDXFKDOVSUlYHQWLYH0D QDKPHLVW GDU]XVWHOOHQ ¾%HL(PSIHKOXQJHQ]X7KHUDSLHXQG3URSK\OD[HP JOLFKNHLWHQLPVR]LDOHQ8PIHOGLVWDXI GLH%HVRQGHUKHLWHQEHL6FKZHLJHSIOLFKWYRUVFKULIWHQXQG)UDJHQGHV'DWHQVFKXW]HV KLQ]XZHLVHQ ¾6SH]LHOOHI U$QJHK ULJHXQG%HWURIIHQHJHVFKULHEHQH,QIRUPDWLRQHQXQG +DQGOXQJVDQZHLVXQJHQLQHLQHUQLFKWPHGL]LQLVFKHQÄ8PJDQJVVSUDFKH³VROOWHQHUVWHOOW ZHUGHQ6LHVROOHQQHEHQGHU,QIRUPDWLRQ EHUGLH(UNUDQNXQJXQGLKUH %HKDQGOXQJVP JOLFKNHLWHQHLQH$QOHLWXQJI UGDV*HVSUlFKPLWGHP7KHUDSHXWHQJHEHQ GLH$QJDEHYRQ.RQWDNWDGUHVVHQPLW7HOHIRQQXPPHUQLVWKLOIUHLFK % 6FKXOXQJYRQ3DWLHQWHQXQG$QJHK ULJHQ ¾,QHLQHU(PSIHKOXQJYRQ6FKXOXQJVPD QDKPHQVLQGGLH=LHOJUXSSH3DWLHQWHQXQG RGHU$QJHK ULJHXQGGLH/HUQ]LHOH]XQHQQHQVRZLHDXIJHHLJQHWH6FKXOXQJVKLOIHQ]X YHUZHLVHQ'LHVH6FKXOXQJVPDWHULDOLHQVROOWHQGLHJOHLFKHQPHWKRGLVFKHQXQGLQKDOWOLFKHQ 4XDOLWlWVNULWHULHQHUI OOHQZLHVLHDXFKI UJXWH3DWLHQWHQLQIRUPDWLRQHQJHOWHQ ¾'LH6FKXOXQJVROOWHQHEHQDOOJHPHLQYHUVWlQGOLFKHQ,QIRUPDWLRQHQ EHUGLH(UNUDQNXQJ DXFK,QIRUPDWLRQHQ]XGHQ:LUNZHLVHQGHU7KHUDSLHQXQG9HUKDOWHQVKLQZHLVH EHLQKDOWHQ
29 /HLWOLQLHQEHULFKW'HSUHVVLRQ % $QIRUGHUXQJHQDQWKHUDSHXWLVFKHXQGQLFKWWKHUDSHXWLVFKH%HUDWXQJGXUFK 'ULWWH ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³PXVVEHU FNVLFKWLJHQGDVV6HOEVWKLOIHJUXSSHQQLFKWLPPHU YHUI JEDUVLQG6RPLWLVWQHEHQGHQ$QIRUGHUXQJHQDQGLH6WUXNWXU3UR]HVVXQG (UJHEQLVTXDOLWlWDXFKDXIWKHUDSHXWLVFKH(UVDW]PD QDKPHQKLQ]XZHLVHQ ¾'LHVWUXNWXULHUWH(LQELQGXQJ'ULWWHULQGLH7KHUDSLHHUIRUGHUWQHEHQNODUHQ9RUJDEHQ]X =LHOHQDXFK+LOIHQ]XURUJDQLVDWRULVFKHQ8PVHW]XQJ ¾(LQH/HLWOLQLHVROOWHDXFKDXIGLH5ROOHGHV7KHUDSHXWHQEHLGHU,PSOHPHQWLHUXQJXQG 8QWHUVW W]XQJYRQ6HOEVWKLOIHJUXSSHQHLQJHKHQ % 5HKDELOLWDWLRQ (QWVSUHFKHQGGHQ$XIJDEHQXQG,QKDOWHQGHU5HKDELOLWDWLRQVROOWHHLQH/HLWOLQLH]XIROJHQGHQ 3XQNWHQ6WHOOXQJQHKPHQ.UDQNKHLWVEH]RJHQH,QIRUPDWLRQ ¾(SLGHPLRORJLHFKURQLVFKHU9HUOlXIH ¾.ODVVLILNDWLRQYRQ/DQJ]HLWYHUODXIVW\SHQ ¾'LIIHUHQ]LDOGLDJQRVHFKURQLVFKHU9HUOlXIHHLQVFKOLH OLFKYRQ9RUJDEHQI UHLQH LQWHQVLYLHUWH'LDJQRVWLN]XU.OlUXQJGHU&KURQLIL]LHUXQJVEHGLQJXQJHQ 5LVLNRIDNWRUHQXQGYHUODXIVPRGLIL]LHUHQGH)DNWRUHQFKURQLVFKHU(UNUDQNXQJHQ ¾'LDJQRVWLNYRQ)XQNWLRQV$NWLYLWlWVXQG7HLOKDEHVW UXQJHQ ¾%HVFKUHLEXQJYRQ)XQNWLRQVHLQVFKUlQNXQJHQLP=XVDPPHQKDQJPLWGHSUHVVLYHQ (UNUDQNXQJHQ ¾%HVFKUHLEXQJYRQ%HGLQJXQJHQ$UWXQG$XVZLUNXQJHQYRQ$NWLYLWlWV 7HLOKDEHVW UXQJHQ 7KHUDSLH ¾%HVFKUHLEXQJHLQHULQWHQVLYLHUWHQ7KHUDSLHEHLFKURQLIL]LHUHQGHQ9HUOlXIHQ]XP $XVVFKOXVVHLQHU3VHXGRFKURQL]LWlW ¾0HWKRGHQGHU3DWLHQWHQODQJ]HLWI KUXQJ ¾3V\FKRXQG3KDUPDNRWKHUDSLHFKURQLIL]LHUWHU(UNUDQNXQJHQXQWHU /DQJ]HLWSHUVSHNWLYH ¾3DWLHQWHQVFKXOXQJXQG0HWKRGHQGHU9HUKDOWHQVPHGL]LQ ¾,QWHJUDWLRQYRQ$NXWEHKDQGOXQJXQG5HKDELOLWDWLRQVEHKDQGOXQJYRQDPEXODQWHU ¾6DOXWRWKHUDSLH$XIEDXYRQJHVXQGHP9HUKDOWHQXQG0D QDKPHQ]XP(UKDOWGHU /HEHQVTXDOLWlWEHLE]ZWURW]FKURQLVFKHU(UNUDQNXQJ 'HU%HJULIIDPEXODQWHPHGL]LQLVFKH5HKDELOLWDWLRQXPIDVVWDXFKWHLOVWDWLRQlUH5HKDELOLWDWLRQ
30 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6R]LDOXQGDUEHLWVPHGL]LQLVFKH,QWHUYHQWLRQHQ ¾%HVFKUHLEXQJYRQVR]LDOPHGL]LQLVFKHQ.ULWHULHQI U$UEHLWVXQIlKLJNHLWXQGI U %HHLQWUlFKWLJXQJGHU/HLVWXQJVIlKLJNHLWLP(UZHUEVOHEHQ ¾%HVFKUHLEXQJYRQ+LOIHQ]XUEHUXIOLFKHQ) UGHUXQJ ¾%HVFKUHLEXQJYRQ0D QDKPHQ]XU) UGHUXQJGHU7HLOKDEHDPJHVHOOVFKDIWOLFKHQ /HEHQ ¾0D QDKPHQ]XU8QWHUVW W]XQJYRQ$QJHK ULJHQ ¾) UGHUXQJYRQ0D QDKPHQGHU6HOEVWKLOIH ¾.ULWHULHQ]XU$EVFKlW]XQJGHU(UZHUEVSURJQRVH ¾0D QDKPHQ]XU6HNXQGlUXQG7HUWLlUSUlYHQWLRQ ¾+LQZHLVH]XU9HUVRUJXQJVVWUXNWXU :HLWHUH/HLVWXQJHQ]XU7HLOKDEH ¾%HVFKUHLEXQJHQYRQ/HLVWXQJHQ]XU7HLOKDEHDP$UEHLWVOHEHQE]Z $UEHLWVI UGHUXQJVPD QDKPHQ ¾%HVFKUHLEXQJXQWHUKDOWVVLFKHUQGHU0D QDKPHQ ¾%HVFKUHLEXQJYRQ/HLVWXQJHQ]XU7HLOKDEHDP/HEHQLQGHU*HVHOOVFKDIW % 2UJDQLVDWLRQ0HWKRGLNXQG)RUWHQWZLFNOXQJ % 5DKPHQEHGLQJXQJHQGHU/HLWOLQLHQDQZHQGXQJ ¾'LH$XWRUHQHLQHU/HLWOLQLHÄ'HSUHVVLRQ VROOHQGLHI UGLHGLDJQRVWLVFKHXQG WKHUDSHXWLVFKH7lWLJNHLWUHOHYDQWHQUHFKWOLFKHQ$VSHNWHSUD[LVQDKXQG KDQGOXQJVDQOHLWHQGGDUVWHOOHQ ¾+LHUEHLVLQGLQHLQHUQDWLRQDOHQ/HLWOLQLHGLHVSH]LILVFKHQ$QIRUGHUXQJHQGHVI GHUDOHQ GHXWVFKHQ5HFKWVV\VWHPV]XEHU FNVLFKWLJHQ ¾,QHLQHU/HLWOLQLHVROOWHQIROJHQGH3XQNWHHLQVFKOLH OLFKGHU'DUVWHOOXQJGHU6FKQLWWVWHOOHQ ]X%HUHLFKHQGLHDX HUKDOEGHV*HVXQGKHLWVZHVHQVOLHJHQDXVJHI KUWXQGEHLGHU (QWZLFNOXQJEHU FNVLFKWLJWZHUGHQ 9HUVRUJXQJVVWUXNWXUGHV*HVXQGKHLWVXQG6R]LDOZHVHQV +LOIHQ]XUULFKWLJHQ,QDQVSUXFKQDKPHVR]LDOHUXD/HLVWXQJHQGXUFK3DWLHQWHQ VWDWLRQlUHXQGDPEXODQWHPHGL]LQLVFKHEHUXIOLFKH5HKDELOLWDWLRQ %.RVWHQ1XW]HQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHGLH NRQRPLVFKHQ$VSHNWHGHU'LDJQRVWLNXQG7KHUDSLH GDUOHJHQXQGQDFKHLQHPP JOLFKVWWUDQVSDUHQWHQ9HUIDKUHQEHLGHU$XVZDKOGHU (PSIHKOXQJHQEHU FNVLFKWLJHQ ¾%HLMHGHUUHOHYDQWHQ(PSIHKOXQJVROODXIGLHXQWHUVXFKWHQ2XWFRPHVYHUZLHVHQXQGQLFKW XQWHUVXFKWH2XWFRPHVHLQGHXWLJEHQDQQWZHUGHQ ¾'LH(UNHQQWQLVVHDXVGHU9HUVRUJXQJVIRUVFKXQJLQGHQHQ.RVWHQXQG1XW]HQXQWHU $OOWDJVEHGLQJXQJHQHUKREHQZHUGHQVROOWHQKLHUI UVRDXIEHUHLWHWZHUGHQGDVVVLHI U GDV(QWVFKHLGXQJVKDQGHOQUHOHYDQWZHUGHQN QQHQ ¾$XIV\VWHPDWLVFKH'HIL]LWHEHLGHU'DWHQHUKHEXQJ]XU%HXUWHLOXQJGHU(IIL]LHQ]LVW KLQ]XZHLVHQ ¾'LHDNWXHOOHQ'LDJQRVHXQG7KHUDSLHNRVWHQVROOHQLQ EHUVLFKWOLFKHUWDEHOODULVFKHU)RUP ]XVDPPHQJHIDVVWZHUGHQ$XIGLH9HUIDKUHQPLWIHKOHQGHU.RVWHQ EHUQDKPHLVW KLQ]XZHLVHQLQVEHVRQGHUHGDQQZHQQbU]WHQIDFKOLFK0D QDKPHQHPSIRKOHQZHUGHQ GHUHQ8PVHW]XQJLKQHQIDNWLVFKDEHUQLFKWHUODXEWZLUG
31 /HLWOLQLHQEHULFKW'HSUHVVLRQ % 0D QDKPHQGHV4XDOLWlWVPDQDJHPHQWV ¾(VVROOWHEHVFKULHEHQZHUGHQZHOFKH0D QDKPHQ]XU4XDOLWlWVVLFKHUXQJHLQHUJXWHQ HYLGHQ]EDVLHUWHQE]ZOHLWOLQLHQRULHQWLHUWHQ9HUVRUJXQJHUJULIIHQZHUGHQN QQHQXQGZLH GLHVH0D QDKPHQHLQHP4XDOLWlWVVLFKHUXQJVSUR]HVVXQWHU]RJHQZHUGHQN QQHQ ¾) UIROJHQGH%HUHLFKHVROOWHHLQJHHLJQHWHV,QGLNDWRUVHWHLQVFKOLH OLFKGHU9RUJDEHQ JHHLJQHWHU=LHOJU HQYRUKDQGHQVHLQ $VSHNWHGHU6WUXNWXUTXDOLWlW $VSHNWHGHU3UR]HVVTXDOLWlW $VSHNWHGHU(UJHEQLVTXDOLWlW ¾$XVVDJHQ]X,QKDOWXQG8PIDQJGHU'RNXPHQWDWLRQXQG]XP$XVWDXVFKGHU'DWHQVLQG ]XWUHIIHQGDEHLLVWGLH'RNXPHQWDWLRQGXUFKHLQIDFKHHLQKHLWOLFKH)RUPXODUH]X XQWHUVW W]HQ,QVEHVRQGHUHGLH$QJDEHQ]XU9HUVFKO VVHOXQJGHU'LDJQRVHP VVHQVLFK DXIHLQHWDEOLHUWHV6\VWHP]XU.ODVVLILNDWLRQEH]LHKHQ ¾(VVLQG$QJDEHQGDU EHUYRU]XVHKHQZLHGLHJHZRQQHQHQ,QIRUPDWLRQHQDXIEHUHLWHW DXVJHZHUWHWXQGVRZRKOGHP3DWLHQWHQXQGGHP%HKDQGOHUDOVDXFKGHU 6HOEVWYHUZDOWXQJ]XU9HUI JXQJJHVWHOOWZHUGHQ1HEHQGHU%HDFKWXQJ GDWHQVFKXW]UHFKWOLFKHU9RUVFKULIWHQVLQGGLHEHVRQGHUHQ%HG UIQLVVHGHU3DWLHQWHQ]X EHU FNVLFKWLJHQXQG:HJHDXI]X]HLJHQZLHbQJVWHYRUHLQHU6WLJPDWLVLHUXQJDEJHEDXW ZHUGHQN QQHQ) UGLH*HZLQQXQJ]XYHUOlVVLJHU'DWHQLVW]XJHZlKUOHLVWHQGDVVHLQH KRKHÄ'RNXPHQWDWLRQVFRPSOLDQFHHU]LHOWZLUG ¾$XIP JOLFKH:LUNXQJHQGHU4XDOLWlWVPDQDJHPHQWPD QDKPHQHLQVFKOLH OLFKGHU Ä5HDNWLYLWlW³LVWKLQ]XZHLVHQ % hehusu IXQJXQG(YDOXDWLRQGHU/HLWOLQLHQ$QZHQGXQJ,PSOHPHQWLHUXQJ ¾(LQH/HLWOLQLHVROOWHP JOLFKVWGLIIHUHQ]LHUWH$XVVDJHQGDU EHUHQWKDOWHQ ZLHVLHLQGLHNOLQLVFKH9HUVRUJXQJLPSOHPHQWLHUWZHUGHQNDQQYDZHOFKH 0D QDKPHQGHU,PSOHPHQWLHUXQJ]%)RUWELOGXQJ4XDOLWlWV]LUNHO'03HWF HUJULIIHQZHUGHQN QQHQ ZLHGLH(LQI KUXQJ,PSOHPHQWLHUXQJXQGGLH9HUlQGHUXQJHQLQGHU9HUVRUJXQJ DXI3DWLHQWHQ%HKDQGOXQJVHUJHEQLVVHHWFJHPHVVHQZHUGHQN QQHQ ¾(LQH/HLWOLQLHVROOWHP JOLFKVWGLIIHUHQ]LHUWH$UEHLWVXQG(QWVFKHLGXQJVKLOIHQI U 7KHUDSHXWHQGHUYHUVFKLHGHQHQ%HUXIVJUXSSHQZLHDXFKI U3DWLHQWHQXQG$QJHK ULJH HQWKDOWHQ.XU]IDVVXQJHQ $EODXIGLDJUDPPH 3DWLHQWHQYHUVLRQHQ ¾&RPSXWHUYHUVLRQHQHLQHU/HLWOLQLHVROOWHQRSWLPDOHUZHLVHLQGLHKDQGHOV EOLFKH 3UD[LVVRIWZDUHLQWHJULHUEDUVHLQXQGP VVHQGHQ1XW]HULP$OOWDJHQWODVWHQ
32 /HLWOLQLHQEHULFKW'HSUHVVLRQ & 0HWKRGLN & +LQWHUJUXQGXQG=LHOHGHV/HLWOLQLHQ&OHDULQJYHUIDKUHQV %XQGHVlU]WHNDPPHU.DVVHQlU]WOLFKH%XQGHVYHUHLQLJXQJGLH'HXWVFKH.UDQNHQKDXV JHVHOOVFKDIWXQGGLH6SLW]HQYHUElQGHGHU*HVHW]OLFKHQ.UDQNHQYHUVLFKHUXQJHQLPIROJHQGHQ Ä3DUWQHU³JHQDQQWKDEHQLP)U KMDKUHLQH.RRSHUDWLRQ]XU) UGHUXQJYRQ/HLWOLQLHQLP 5HQWHQYHUVLFKHUXQJYHUWUHWHQGXUFK9'5XQG%I$DOVZHLWHUHU3DUWQHUGHP/HLWOLQLHQ &OHDULQJYHUIDKUHQEHLJHWUHWHQLP-XQLHUIROJWHGHU%HLWULWWGHV9HUEDQGHVGHU3ULYDWHQ.UDQNHQYHUVLFKHUXQJ3.99HUEDQG]XU%DQNGHU.UDQNHQNDVVHQLP/HLWOLQLHQ&OHDULQJ YHUIDKUHQ 'LH3DUWQHUVHKHQ/HLWOLQLHQDQ ¾DOV+LOIHI UlU]WOLFKH(QWVFKHLGXQJVSUR]HVVHLP5DKPHQHLQHUOHLVWXQJVIlKLJHQ 9HUVRUJXQJGHU3DWLHQWHQ ¾DOVZHVHQWOLFKH%HVWDQGWHLOHYRQ4XDOLWlWVVLFKHUXQJXQG4XDOLWlWVPDQDJHPHQW ¾DOV,QVWUXPHQWHDOOHU9HUVRUJXQJVEHUHLFKH]XU9HUEHVVHUXQJGHU(UJHEQLVVH]XU 0LQLPLHUXQJYRQ+DQGOXQJVULVLNHQXQG]XU(UK KXQJGHU:LUWVFKDIWOLFKNHLW ¾DOVLQWHJUDWLYHV0LWWHO]XU9HUQHW]XQJGHU9HUVRUJXQJVEHUHLFKH ¾DOV+LOIHQI UGLHlU]WOLFKH$XV:HLWHUXQG)RUWELOGXQJ ¾DOV,QVWUXPHQWNRQWLQXLHUOLFKHQ/HUQHQVDXV:LVVHQVFKDIWXQG3UD[LV =ZLVFKHQGHQ3DUWQHUQEHVWHKW.RQVHQV EHUGLH1RWZHQGLJNHLWHLQHVLQVWLWXWLRQHOOHQ 9HUIDKUHQV]XUÄ.ULWLVFKHQ%HZHUWXQJYRQ/HLWOLQLHQ³VRJHQDQQWHVÄ/HLWOLQLHQ &OHDULQJYHUIDKUHQ³ ¾(LQVROFKHV&OHDULQJYHUIDKUHQ]LHOWDXI7UDQVSDUHQ]3UDNWLNDELOLWlW :LVVHQVFKDIWOLFKNHLWXQG:LUWVFKDIWOLFKNHLWLP%HUHLFKGHU/HLWOLQLHQ ¾(VLVW9RUDXVVHW]XQJI UGLH1XW]XQJXQG3URSDJLHUXQJYRQ/HLWOLQLHQ LQGHQ9HUDQWZRUWXQJVEHUHLFKHQGHU3DUWQHU 'LH3DUWQHUEHWHLOLJHQVLFKDQHLQHP/HLWOLQLHQ&OHDULQJYHUIDKUHQEHLPbU]WOLFKHQ=HQWUXPI U 4XDOLWlWLQGHU0HGL]LQ*HPHLQVDPH(LQULFKWXQJYRQ%XQGHVlU]WHNDPPHUXQG.DVVHQlU]WOLFKHU%XQGHVYHUHLQLJXQJ 'LH3DUWQHUDUEHLWHQ]XJXQVWHQGHV&OHDULQJYHUIDKUHQV]XVDPPHQLP5DKPHQGHU Ä(UZHLWHUWHQ3ODQXQJVJUXSSH³GHVbU]WOLFKHQ=HQWUXPVI U4XDOLWlWLQGHU0HGL]LQ 6WHXHUJUXSSHGHV&OHDULQJYHUIDKUHQV 'LH3DUWQHUKDOWHQXDIROJHQGH$XIJDEHQI UYRUUDQJLJH%HVWDQGWHLOHGHV/HLWOLQLHQ &OHDULQJYHUIDKUHQV ¾%HZHUWXQJYRQZLFKWLJHQ/HLWOLQLHQDQKDQGYRUDEIHVWJHOHJWHU.ULWHULHQJJI (PSIHKOXQJHQ]XU9HUEHVVHUXQJ ¾.HQQ]HLFKQXQJGHUI UJXWEHIXQGHQHQ/HLWOLQLHQ ¾0RQLWRULQJGHV)RUWVFKUHLEHQVYRQ/HLWOLQLHQ ¾,QIRUPDWLRQ EHU/HLWOLQLHQ ¾8QWHUVW W]XQJEHLGHU9HUEUHLWXQJYRQ/HLWOLQLHQ ¾.RRUGLQDWLRQYRQ(UIDKUXQJVEHULFKWHQ EHUEHZHUWHWH/HLWOLQLHQ ¾8QWHUVW W]XQJEHLGHU(YDOXDWLRQYRQ/HLWOLQLHQ bu]wolfkh=hqwudovwhooh4xdolwlwvvlfkhuxqj'dv/hlwolqlhq&ohdulqjyhuidkuhqyrq%xqghvlu]whndpphu.dvvhqlu]wolfkh%xqghvyhuhlqljxqj'wvfkbu]wheo$
33 /HLWOLQLHQEHULFKW'HSUHVVLRQ & 0HWKRGLNGHV/HLWOLQLHQ&OHDULQJYHUIDKUHQV & $UEHLWVVFKULWWHGHV&OHDULQJYHUIDKUHQV 'HU$EODXIGHV&OHDULQJYHUIDKUHQVLVWVWDQGDUGLVLHUWXQGZXUGHYRQGHU6WHXHUJUXSSHGHV &OHDULQJYHUIDKUHQVEHVFKORVVHQ'LHHLQ]HOQHQ$UEHLWVVFKULWWHVLQGLQ$EEXQG7DE GDUJHVWHOOW $EELOGXQJ$UEHLWVVFKULWWHGHV/HLWOLQLHQ&OHDULQJYHUIDKUHQV
34 /HLWOLQLHQEHULFKW'HSUHVVLRQ 7DEHOOH'XUFKI KUXQJGHV/HLWOLQLHQ&OHDULQJYHUIDKUHQV $XVZDKOGHU7KHPHQEHUHLFKH %HQHQQXQJGHU([SHUWHQ %HVFKUHLEXQJ 7KHPHQDXVZDKO 3ULRULWlWHQVHW]XQJXQWHU%HU FNVLFKWLJXQJ GHU%HGHXWXQJHLQHV*HVXQGKHLWVSUREOHPV I UGHQ(LQ]HOQHQXQGGLH%HY ONHUXQJ GHU([LVWHQ]XQDQJHPHVVHQHU 4XDOLWlWVXQWHUVFKLHGHLQGHUlU]WOLFKHQ %HWUHXXQJ GHU0 JOLFKNHLWHLQHU9HUEHVVHUXQJGHU 9HUVRUJXQJVTXDOLWlW $XVZDKONULWHULHQI U([SHUWHQNUHLVH //1XW]HUQLFKW//(UVWHOOHU 8QDEKl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lQJLJHQ/HLWOLQLHQQXW]HUQXQG 0HWKRGLNHUQ hehuhlqvwlppxqj8qwhuvfklhgh $QJHPHVVHQKHLWGHU7KHPHQVFKZHUSXQNWH $QJHPHVVHQKHLWGHU(PSIHKOXQJHQ $QJHPHVVHQKHLWGHU.RUULGRUH,QGLNDWLRQ.RQWUDLQGLNDWLRQ %HULFKW EHUGDV&OHDULQJYHUIDKUHQ ([SHUWHQNUHLVHUVWHOOW%HULFKW 'LVNGHV%HULFKWVPLW/HLWOLQLHQDXWRUHQ 6WHXHUJUXSSHGHV&OHDULQJYHUIDKUHQV YHUDEVFKLHGHW$EVFKOXVVEHULFKW EHULQKDOWO $QJHPHVVHQKHLWPHWKRG4XDOLWlWGHU EHZHUWHWHQ/HLWOLQLHQ 9HU IIHQWOLFKXQJ 9HU IIHQWOLFKXQJGHV$EVFKOXVVEHULFKWHV (LQVWHOOHQGHUEHZHUWHWHQ/HLWOLQLHQLQV,QWHUQHW$EVWUDFWV%HZHUWXQJ
35 /HLWOLQLHQEHULFKW'HSUHVVLRQ & 3ULRULVLHUXQJYRQ/HLWOLQLHQWKHPHQ VLFKGLH3DUWQHUGHV&OHDULQJYHUIDKUHQVDXIGLHYRUUDQJLJH%HDUEHLWXQJGHU7KHPHQEHUHLFKH Ä+\SHUWRQLH³Ä7XPRUVFKPHU]³Ä5 FNHQVFKPHU]³Ä$VWKPDEURQFKLDOH³Ä'LDEHWHVPHOOLWXV 7\S³Ä.+.³Ä'HSUHVVLRQ³VRZLHÄ'LDEHWHVPHOOLWXV7\S³Ä&23'³Ä+HU]LQVXIIL]LHQ] XQGÄ0DPPDNDU]LQRP³ 'DEHLZXUGHQIROJHQGH.ULWHULHQI UGLH3ULRULWlWYRQ/HLWOLQLHQWKHPHQEHU ¾*HVXQGKHLWVSUREOHPI UGDVHLQHZLUNVDPH3UlYHQWLRQRGHU7KHUDSLHZLVVHQVFKDIWOLFK EHOHJWLVWPLWGHUHQ+LOIHYRU]HLWLJHYHUPHLGEDUH7RGHVIlOOHRGHUKRKH0RUELGLWlW %HKLQGHUXQJRGHUHLQJHVFKUlQNWH/HEHQVTXDOLWlWUHGX]LHUWZHUGHQN QQHQ ¾*HVXQGKHLWVSUREOHPEHLGHPGLHDOVZLUNVDPHUNDQQWHQSUlYHQWLYHQRGHU WKHUDSHXWLVFKHQ0D QDKPHQPLWNOLQLVFKUHOHYDQWHQYHUPHLGEDUHQ 4XDOLWlWVXQWHUVFKLHGHQGHU%HWUHXXQJVHUJHEQLVVHYHUEXQGHQVLQG ¾LDWURJHQH*HVXQGKHLWVSUREOHPHPLWVLJQLILNDQWHQPHGL]LQLVFKHQRGHU NRQRPLVFKHQ )ROJHQ ¾PHGL]LQLVFKH%HWUHXXQJVPD QDKPHQPLWKRKHU9DULDQ]GHUNOLQLVFKHQ3UD[LVEHLGHQHQ HLQ)DFKNRQVHQVQRWZHQGLJXQGP JOLFKHUVFKHLQW ¾PHGL]LQLVFKH%HWUHXXQJVPD QDKPHQPLWKRKHP.RVWHQDXIZDQG ¾*HVXQGKHLWVSUREOHPE]Z%HWUHXXQJVPD QDKPHI UZHOFKHGLH(QWZLFNOXQJHLQHU.RQVHQVXVOHLWOLQLHXQWHU%HU FNVLFKWLJXQJGHUZLVVHQVFKDIWOLFKPHGL]LQLVFKHQ%HOHJH (YLGHQ]P JOLFKHUVFKHLQW bu]wolfkh=hqwudovwhooh4xdolwlwvvlfkhuxqj3ulrulwluh*hvxqgkhlwvrghu9huvrujxqjvsureohphdov7khphq LQWHUQDWLRQDOHU/HLWOLQLHQ3URJUDPPH9RUVFKODJGHU/HLWOLQLHQ&OHDULQJVWHOOH]XU%HZHUWXQJYRQ/HLWOLQLHQ JHPl GHV9HUWUDJHV EHUGLH%HWHLOLJXQJDQHLQHP/HLWOLQLHQ&OHDULQJYHUIDKUHQ KWWSZZZOHLWOLQLHQGH +HORX$3HUOHWK06FKZDUW]):3ULRULWlWHQVHW]XQJEHLGHU(QWZLFNOXQJYRQ/HLWOLQLHQ=bU]WO)RUWELOG 4XDOLWlWVLFK )LHOG0-HG6HWWLQJSULRULWLHVIRUFOLQLFDOSUDFWLFHJXLGHOLQHV:DVKLQJWRQ'&1DWLRQDO$FDGHP\3UHVV %DWWLVWD51+RGJH0-6HWWLQJSULRULWLHVDQGVHOHFWLQJWRSLFVIRUFOLQLFDOSUDFWLFHJXLGHOLQHV&0$-
36 /HLWOLQLHQEHULFKW'HSUHVVLRQ &,QVWUXPHQWHGHV&OHDULQJYHUIDKUHQV 6\VWHPDWLVFKH/LWHUDWXUUHFKHUFKH'LH5HFKHUFKHQDWLRQDOHUXQGLQWHUQDWLRQDOHU/HLWOLQLHQ 'RNXPHQWDWLRQGHVb=4 )RUPDOH%HZHUWXQJYRQ/HLWOLQLHQ'LHIRUPDOH/HLWOLQLHQEHZHUWXQJHUIROJWLQ$QDORJLH]X U U/HLWOLQLHQLQGHUPHGL]LQLVFKHQ 0LWDUEHLWHUGHU&OHDULQJVWHOOHEHLGHPb=4'DV%HZHUWXQJVYHUIDKUHQHUIROJWQDFKHLQHP YRP([SHUWHQNUHLV/HLWOLQLHQGHVb=4HUDUEHLWHWHQ9RUVFKODJ,QKDOWOLFKH%HZHUWXQJYRQ/HLWOLQLHQ'LHLQKDOWOLFKH$QJHPHVVHQKHLWYRQ/HLWOLQLHQOlVVW VLFKQLFKWIRUPDOVRQGHUQQXUGXUFK)DFKH[SHUWLVHEHZHUWHQ'DV&OHDULQJYHUIDKUHQVLHKW]X GLHVHP=ZHFN'LVNXVVLRQHQLQ)RNXVJUXSSHQVRJHQDQQWH([SHUWHQNUHLVHYRUGLHYRQ HUIDKUHQHQ0RGHUDWRUHQXQWHUVW EHU FNVLFKWLJWIROJHQGH.ULWHULHQ ¾$XVJHZRJHQKHLWGHU=XVDPPHQVHW]XQJKLQVLFKWOLFKGHUYHUWUHWHQHQ'LV]LSOLQHQ ¾YRUUDQJLJ([SHUWHQDXV3UD[LVXQG.OLQLNGLH/HLWOLQLHQQXW]HQ$XVVFKOXVVYRQ([SHUWHQ GLH]XP=HLWSXQNWGHU%HQHQQXQJVHOEVWDQHLQHU$UEHLWVJUXSSH]XU(UVWHOOXQJQDWLRQDOHU /HLWOLQLHQEHWHLOLJWVLQG ¾8QDEKlQJLJNHLWGHU([SHUWHQIRUPDOH'HNODUDWLRQ ¾]DKOHQPl LJH%HJUHQ]XQJGHU*UXSSH %DVVOHU'$QWHV*:LHHUKDOWHLFK$QWZRUWHQDXIPHLQH)UDJHQ",Q.XQ]52OOHQVFKOlJHU*5DVSH++-RQLW] *.RONPDQQ):+HUDXVJHEHU/HKUEXFKGHU(YLGHQ]EDVLHUWHQ0HGL]LQ. OQ'HXWVFKHUbU]WHYHUODJ6 &OX]HDX)/LWWOHMRKQV3*ULPVKDZ-)HGHU*0RUDQ6'HYHORSPHQWDQGDSSOLFDWLRQRIDJHQHULFPHWKRGRORJ\ WRDVVHVVWKHTXDOLW\RIFOLQLFDOJXLGHOLQHV,QW-4XDO+HDOWK&DUH 6KDQH\IHOW700D\R6PLWK0)5RWKZDQJO-$UHJXLGHOLQHVIROORZLQJJXLGHOLQHV"7KHPHWKRGRORJLFDOTXDOLW\ RIFOLQLFDOSUDFWLFHJXLGHOLQHVLQWKHSHHUUHYLHZHGPHGLFDOOLWHUDWXUH-$0$ %XQGHVlU]WHNDPPHU.DVVHQlU]WOLFKH%XQGHVYHUHLQLJXQJ%HXUWHLOXQJVNULWHULHQI U/HLWOLQLHQLQGHU PHGL]LQLVFKHQ9HUVRUJXQJ'WVFKbU]WHEO$KWWSZZZOHLWOLQLHQGH bu]wolfkh=hqwudovwhooh4xdolwlwvvlfkhuxqj&khfnolvwh0hwkrglvfkh4xdolwlwyrq/hlwolqlhq'wvfkbu]wheo $²KWWSZZZOHLWOLQLHQGH 0D\HU-3LWHUPDQ/7KHDWWLWXGHVRI$XVWUDOLDQ*3VWRHYLGHQFHEDVHGPHGLFLQHDIRFXVJURXSVWXG\)DP 3UDFW
37 /HLWOLQLHQEHULFKW'HSUHVVLRQ &,QKDOWOLFKH$QJHPHVVHQKHLWYRQ/HLWOLQLHQ,P*HJHQVDW]]XUPHWKRGLVFKHQ4XDOLWlWNDQQGLH$QJHPHVVHQKHLWGHU,QKDOWHQLFKWIRUPDO VRQGHUQQXUPLWWHOV([SHUWLVHLP)RUPHLQHV3HHU5HYLHZ9HUIDKUHQV EHUSU IWZHUGHQ =XGLHVHP=ZHFNVLHKWGDV&OHDULQJYHUIDKUHQGLH(LQULFKWXQJYRQ([SHUWHQJUXSSHQDXV /HLWOLQLHQDQZHQGHUQXQG0HWKRGLNHUQ]%.OLQLVFKH3KDUPDNRORJHQ(SLGHPLRORJHQ *HVXQGKHLWV NRQRPHQYRUGLHGLHVH$UEHLW EHUQHKPHQXQGIHVWVWHOOHQREHLQH/HLWOLQLH E]ZGHUHQ(LQ]HOHPSIHKOXQJHQI UXQVHU*HVXQGKHLWVV\VWHPLQKDOWOLFKDQJHPHVVHQRGHU XQDQJHPHVVHQHUVFKHLQW (LQH$QJHPHVVHQKHLWVHUNOlUXQJN QQWHWKHRUHWLVFKDXFKDEJHJHEHQZHUGHQZHQQHLQ H[WHUQHU3HHU5HYLHZYRUOLHJWXQGGHVVHQ0HWKRGH,QKDOWHXQG.RQVHTXHQ]HQRIIHQJHOHJW ZHUGHQ 'LH2IIHQOHJXQJGHUGHQ/HLWOLQLHQ6WDWHPHQWV]XJUXQGHOLHJHQGHQ(YLGHQ]JUDGHXQGGHU ]XJHK ULJHQ2ULJLQDOOLWHUDWXULVWDQ]XVWUHEHQ'LHVNDQQJHVFKHKHQGXUFK D(LQVWHOOHQGHU]XJUXQGHOLHJHQGHQ2ULJLQDOOLWHUDWXULQV,QWHUQHW E=XJlQJOLFKPDFKXQJGHU2ULJLQDOOLWHUDWXUDXI$QIUDJHGHU([SHUWHQJUXSSHQ & 3UDNWLNDELOLWlWHLQHU/HLWOLQLH (LQZHLWHUHU4XDOLWlWVIDNWRUYRUDOOHPI U,QVWLWXWLRQHQGLHDQHLQHU,PSOHPHQWLHUXQJ LQWHUHVVLHUWVLQGLVWGLH'DUOHJXQJGHU0HWKRGHQ(UJHEQLVVHXQG.RQVHTXHQ]HQHLQHV 3LORWYHUVXFKV+LHU]XVLQGYHUVFKLHGHQH6WXGLHQIRUPHQGHQNEDUZREHL±LP+LQEOLFNDXIGLH 9HUDOOJHPHLQHUXQJGHU6WXGLHQHUJHEQLVVH±LQ$QOHKQXQJDQGLH(YLGHQ]%HZHUWXQJ NOLQLVFKHU6WXGLHQQDFK*UDG,,9]XXQWHUVFKHLGHQZlUH & 'DUOHJXQJGHU4XDOLWlWVSU IXQJ $XVGHQXQWHU&±&GDUJHVWHOOWHQ$QDO\VHQNDQQQLFKWHLQHHLQ]LJH]HUWLIL]LHUWH /HLWOLQLHUHVXOWLHUHQ9LHOPHKUPXVVGHUSRWHQ]LHOOH1XW]HUYRQ/HLWOLQLHQ,QIRUPDWLRQHQ GDU EHUHUKDOWHQLQZHOFKHP$XVPD HLQH/HLWOLQLHLP.RQWH[WDOOHUEHNDQQWHQ/HLWOLQLHQGLH 4XDOLWlWVNULWHULHQÄ7HFKQLVFKH4XDOLWlW Ä$QJHPHVVHQKHLW Ä3UDNWLNDELOLWlW HUI OOW 'LH'DUOHJXQJHUIROJWLQGHUGDUJHVWHOOWHQ:HLVHGLHGDQQDOV(UJHEQLVGHV &OHDULQJYHUIDKUHQVLQV,QWHUQHWHLQJHVWHOOWZLUGXQGLQGHU6FKULIWHQUHLKHGHUb=4 YHU IIHQWOLFKWZHUGHQ
38 /HLWOLQLHQEHULFKW'HSUHVVLRQ & %HJU QGXQJ]XU9RUJHKHQVZHLVHEHLGHU%HZHUWXQJYRQ/HLWOLQLHQ =LHOHGHV&OHDULQJYHUIDKUHQVVLQG$QDO\VH%HZHUWXQJXQG'DUOHJXQJGHU4XDOLWlWYRQ /HLWOLQLHQ4XDOLWlWVNULWHULHQI USRWHQ]LHOOH1XW]HUYRQ/HLWOLQLHQVLQG ¾)RUPDOH PHWKRGLVFKH4XDOLWlWGHU/HLWOLQLH ¾$QJHPHVVHQKHLWGHU,QKDOW ¾3UDNWLNDELOLWlW 'LHYRUJHVFKODJHQH9RUJHKHQVZHLVH]LHOWDXIGLIIHUHQ]LHUWH'DUOHJXQJGLHVHU.ULWHULHQXQG ]ZDULQ)RUPGHV9HUJOHLFKVYHUVFKLHGHQHU/HLWOLQLHQ]XHLQHP7KHPHQEHUHLFK $XIGLHVH:HLVHNDQQVLFKGHUSRWHQ]LHOOH1XW]HU EHUGLHHLQ]HOQHQ$VSHNWHHLQHU/HLWOLQLH E]ZGHU%HJOHLWSDSLHUHLQIRUPLHUHQ(UNDQQVLFKGLH/HLWOLQLHQKHUDXVVXFKHQGLHLKPI U VHLQHLQGLYLGXHOOH)UDJHVWHOOXQJJHHLJQHWHUVFKHLQHQ(LQUHLQHV=HUWLIL]LHUXQJVYHUIDKUHQYRQ /HLWOLQLHQDXIGHU*UXQGODJHHLQHVDXVGHQYHUVFKLHGHQHQ4XDOLWlWVLQGLNDWRUHQYHUGLFKWHWHQ ³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l 3RVLWLRQVSDSLHUGHU3DUWQHUGHV/HLWOLQLHQ&OHDULQJYHUIDKUHQVEHVWHKWGHUHUVWH6FKULWW GHV9HUIDKUHQVLQGHUV\VWHPDWLVFKHQ5HFKHUFKHGHUWKHPHQVSH]LILVFKHQ/HLWOLQLHQE]ZYRQ /LWHUDWXU]X/HLWOLQLHQ,P]ZHLWHQ6FKULWWZHUGHQGLHDOV/HLWOLQLHQLGHQWLIL]LHUWHQ'RNXPHQWHSHU,QWHUQHWDXVGHU =HQWUDOELEOLRWKHNGHU0HGL]LQLQ. OQRGHUEHLDQGHUHQ4XHOOHQDOV9ROOWH[WEHVFKDIIWXQGPLW +LOIHGHU&KHFNOLVWHÄ0HWKRGLVFKH4XDOLWlWYRQ/HLWOLQLHQYRQGHU&OHDULQJVWHOOHEHZHUWHW 1DFK$EVFKOXVVGLHVHUIRUPDOHQ%HZHUWXQJZHUGHQGLH(UJHEQLVVHGLHVHU]XVDPPHQPLWGHQ 9ROOWH[WHQGHU/HLWOLQLHQGRNXPHQWHGHP([SHUWHQNUHLV]XULQKDOWOLFKHQ%HZHUWXQJXQG]XU (UVWHOOXQJGHV&OHDULQJEHULFKWHVYRUJHOHJW
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Ä(OHFWURQLF6HDUFKHV³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
40 /HLWOLQLHQEHULFKW'HSUHVVLRQ $QPHUNXQJHQ]XU5HFKHUFKH 'LH6XFKHZXUGHDXI6FKODJZRUWHEHJUHQ]WVRJFRQWUROOHGWHUPVGDHLQH6XFKHLP)UHLWH[W HLQHH[WUHPKRKH7UHIIHU]DKOHU]LHOHQZ UGHHVZXUGHQFRQWUROOHGWHUPVPLW8QWHUEHJULIIHQ JHVXFKWVRIHUQP JOLFKFWGRZQ]XVlW]OLFKZDUHLQH6XFKHQDFKGRFXPHQWDWLRQW\SHVGW P JOLFK ;0HGLVWHLQHYRUGHILQLHUWH'DWHQEDQNJUXSSHGHV',0',]XP)DFKEHUHLFK0HGL]LQVLH HQWKlOWGLH'DWHQEDQNHQ $,'6/,1($0('%,2(7+,&6/,1(%,26,63UHYLHZV%,27(&+12%$6(&$%+($/7+ &$1&(5/,7'(5:(17%,27(&+'(5:(17'58*%$&.),/('(5:(17'58*),/( '(5:(17'58*),/()RXQGHU0HPEHU(/6(9,(5%,2%$6((0%$6((0%$6($/(57 (852(7+,&6+(&/,1(7,3$,673%,673,66+30('/,1(0('/,1($/(57 2/'0('/,1(58660('$57,&/(66&,6($5&+620('=(%(7 ;3V\FKLVWHLQHYRUGHILQLHUWH'DWHQEDQNJUXSSHGHV',0',]XP)DFKEHUHLFK3V\FKRORJLHVLH HQWKlOWGLH'DWHQEDQNHQ*(52/,7+(&/,1(7,673%,673,66+30('/,1(0('/,1( $/(572/'0('/,1(36<&,1)236<1'(;36<1'(;$/(5736<1'(;$936< &,$/6&,6($5&+ 'LH6WUDWHJLHLQGHQ/HLWOLQLHQ'DWHQEDQNHQULFKWHWVLFKQDFKGHP$XIEDXGHU'DWHQEDQN]XU 6XFKWHUPLQRORJLHYJOREHQ 'LHJHQXW]WHQ'DWHQEDQNHQPLWGHQ(UJHEQLVVHQVLQGLP$QKDQJ(DXIJHI KUW'LH.XU]EHVFKUHLEXQJHQGHU'DWHQEDQNHQN QQHQEHLGHPb=4LQIR#D]TGHQDFKJHIUDJW ZHUGHQ & (UJHEQLVVHGHU/HLWOLQLHQUHFKHUFKH'HSUHVVLRQ 'LH5HFKHUFKHHUJDE7UHIIHULQ/LWHUDWXUXQG/HLWOLQLHQGDWHQEDQNHQ1DFK%HUHLQLJXQJ 'XEOHWWHQXQNRUUHNWH9HUVFKODJZRUWXQJZXUGHQ=LWDWHYRUDXVJHZlKOWXQGJHVLFKWHW 'DYRQNDPHQ/HLWOLQLHQLQGLH(QGEHZHUWXQJQLFKWEHZHUWHWZXUGHQ/HLWOLQLHQYHUJO (LQVFKOXVVNULWHULHQGHUEHZHUWHWHQ/HLWOLQLHQ & 'XUFKI KUXQJXQG'DUVWHOOXQJGHUPHWKRGLVFKHQ%HZHUWXQJ 'LH%HZHUWXQJHUIROJWHGXUFKXQDEKlQJLJYRQHLQDQGHUDUEHLWHQGH5HYLHZHUbU]WHXQWHU %HU FNVLFKWLJXQJGHULP0HWKRGHQWHLOGDUJHVWHOOWHQ9RUJHKHQVZHLVH,QGLH(QGEHZHUWXQJZXUGHQ/HLWOLQLHQPLWIROJHQGHQYRQGHQ5HYLHZHUQYRUKHUIHVWJHOHJWHQ (LQVFKOXVVNULWHULHQDXIJHQRPPHQ (LQVFKOXVVNULWHULHQGHUEHZHUWHWHQ/HLWOLQLHQ ¾bU]WOLFKH7KHUDSLHOHLWOLQLH]XÄ'HSUHVVLRQ³ PDMRUGHSUHVVLRQELSRODUXQGHQWVSUHFKHQGHU6XEW\SHQGHU'HSUHVVLRQ ¾6SUDFKHQGHXWVFKHQJOLVFKRGHUhEHUVHW]XQJHQLQGLHVH6SUDFKHQ ¾ EHUUHJLRQDOHXQGQLFKWYRQHLQHUDQGHUHQ/HLWOLQLHDEJHOHLWHWH/HLWOLQLHQ ¾NHLQHRUJDQLVDWRULVFKH(LQVFKUlQNXQJGHV*HOWXQJVEHUHLFKHV ]%QXUI U9HUVLFKHUWHHLQHU9HUVLFKHUXQJ ¾/HLWOLQLHQVLQGJ OWLJXQGQLFKWlOWHUDOV-DKUH ¾DNWXHOOVWH9HUVLRQEHLPHKUHUHQ/HLWOLQLHQHLQHV+HUDXVJHEHUV 'LHLQGLH(QGEHZHUWXQJDXIJHQRPPHQHQ/HLWOLQLHQZHUGHQLQ)RUPYRQVWDQGDUGLVLHUWHQ $EVWUDFWVGHVNULSWLYGDUJHVWHOOWV$QKDQJ6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV'HSUHVVLRQ 'LH$EVWUDFW)RUPRULHQWLHUWVLFKDQGHU&KHFNOLVWHÄ0HWKRGLVFKH4XDOLWlWYRQ/HLWOLQLHQ³'LH $QWZRUW.ULWHULHQÄMD³XQGÄXQNODU³ZXUGHQLQKDOWOLFKYRQGHQ5HYLHZHUQEHJU QGHW
41 /HLWOLQLHQEHULFKW'HSUHVVLRQ & (UJHEQLVVHGHUPHWKRGLVFKHQ%HZHUWXQJ 7DEHOOH5DQNLQJGHUPHWKRGLVFKHQ%HZHUWXQJ 5DQNLQJQ *HVDPW 3XQNW]DKO 1U /DQG $XWRU-DKU /LW =LWDWH (QWZLFN OXQJ 3NW,QKDOW 3NW $QZHQ GXQJ 3NW *HVDPW 3NW 6RQVW // &DQ &3$ /,(% (. // 86$ 9+$PGG /,(% (. // 1= 1$& /,39 // 86$ 9+$SKDUP /,(% (. // 8. 1R(QJ /,(% (. // 86$,&6,PK (%4, // &DQ &&*VDG /,(% // 86$,&6,SF (%4, // 86$ $3$PGG /,(% 39 // 86$ $3$EGG /,(% // 8. %$3 /,(% // 86$ $&3$6,0 39 // 86$ 36<J 39 // 8. :+2 // ' $NGb 39 // ' '*331 // 86$ $%)3 // &DQ &7)3+& /,(% (. // 6) )06 (% // 86$ 1,+ 'XUFK%HVFKOXVVGHU(UZHLWHUWHQ3ODQXQJVJUXSSHYRPZXUGHQDFKWUlJOLFKGLH YHU IIHQWOLFKWH/HLWOLQLHÄ3V\FKRWKHUDSLHGHU'HSUHVVLRQ³//PLWDXIJHQRPPHQ // ' /,(%,QGHU6SDOWH6RQVWLJHVZLUGDXIPHWKRGLVFKH%HVRQGHUKHLWHQKLQJHZLHVHQ /, 9HUNQ SIXQJGHU/HLWOLQLHQHPSIHKOXQJHQ]XP/LWHUDWXUYHU]HLFKQLV (% 9HUNQ SIXQJGHU/HLWOLQLHQHPSIHKOXQJHQPLWEHZHUWHWHU(YLGHQ] (. 9HUNQ SIXQJGHU/HLWOLQLHQHPSIHKOXQJHQPLWNODVVLIL]LHUWHU(YLGHQ]XQG3ULRULVLHUXQJ QDFKGLHVHUVWUHQJKRIUHFRPPHQGDWLRQV 4, /HLWOLQLHQHQQW4XDOLWlWVLQGLNDWRUHQ 43 /HLWOLQLH3UD[LVWHVWZXUGHGXUFKJHI KUW 39 /HLWOLQLHOLHJWLQ3DWLHQWHQYHUVLRQYRU
42 /HLWOLQLHQEHULFKW'HSUHVVLRQ & %HVFKUHLEXQJGHU)RNXVJUXSSHQ$UEHLW 'HU([SHUWHQNUHLV'HSUHVVLRQZXUGHDXI%HVFKOXVVGHU(UZHLWHUWHQ3ODQXQJVJUXSSHGHV /HLWOLQLHQ&OHDULQJYHUIDKUHQVDOV)RNXVJUXSSHPLW9HUWUHWHUQYHUVFKLHGHQHU)DFKXQG 7lWLJNHLWVEHUHLFKHZLHIROJW]XVDPPHQJHVHW]W 7DEHOOH=XVDPPHQVHW]XQJGHV([SHUWHQNUHLVHV'HSUHVVLRQ )DFKEHUHLFK$XIJDEH 1DPH $OOJHPHLQPHGL]LQ 'UPHG:LOKHOP1LHEOLQJ 1LHGHUJHODVVHQHU)DFKDU]WI U$OOJHPHLQPHGL]LQ7LWLVHH1HXVWDGW $OOJHPHLQPHGL]LQ 3URI'UPHG+DJHQ6DQGKRO]HU 6HOEVWlQGLJH$EWHLOXQJI U$OOJHPHLQPHGL]LQGHU8QLYHUVLWlW/HLS]LJ,QQHUH0HGL]LQ*HULDWULH 3URI'UPHG/XGJHU3LHQWND 0HG*HULDWULVFKH.OLQLN0DULHQKRVSLWDO+HUQH 8QLYHUVLWlWVNOLQLNGHU5XKU8QLYHUVLWlW.OLQLVFKH3KDUPDNRORJLH 3URI'UPHG'UUHUQDW(NNHKDUG+DHQ.OLQLNXQG3ROLNOLQLNI U3V\FKLDWULHXQG3V\FKRWKHUDSLH 8QLYHUVLWlW5HJHQVEXUJ 3V\FKLDWULHDPEXODQWH 9HUVRUJXQJ 'UPHG:ROIJDQJ%HFNHU 1LHGHUJHODVVHQHU)DFKDU]WI U3V\FKLDWULH/ UUDFK 3V\FKLDWULHXQG3V\FKRWKHUDSLH 3''UPHG'USKLO'LSO3V\FK0DUWLQ+lUWHU $EW3V\FKLDWULHXQG3V\FKRWKHUDSLHPLW3ROLNOLQLN GHU8QLYHUVLWlWVNOLQLN)UHLEXUJ 3V\FKRVRPDWLN5HKDELOLWDWLRQ 3URI'UPHG'LSO3V\FK0LFKDHO/LQGHQ 5HKDELOLWDWLRQVNOLQLN6HHKRIGHU%I$7HOWRZ 3V\FKRORJLHXQG3V\FKRWKHUDSLH )UDX3URI'USKLO5HQDWHGH-RQJ0H\HU 3V\FKRORJLVFKHV,QVWLWXW,GHU8QLYHUVLWlW0 QVWHU 0RGHUDWLRQ 3URI'UPHG- UJHQ:LQGHOHU 0HGL]LQLVFKHU'LHQVWGHU6SLW]HQYHUElQGHGHU.UDQNHQNDVVHQH9(VVHQ *HVFKlIWVI KUXQJ5HGDNWLRQ 2ODI:HLQJDUWbU]WOLFKHU5HIHUHQWb=4 =XULQKDOWOLFKHQ9RUEHUHLWXQJZXUGHGHQ([SHUWHQYRUGHUNRQVWLWXLHUHQGHQ6LW]XQJGHV ([SHUWHQNUHLVHVÄ'HSUHVVLRQ³IROJHQGHV0DWHULDO]XU9HUI JXQJJHVWHOOW ¾'DUVWHOOXQJGHU9HUIDKUHQVPHWKRGLN ¾(UJHEQLVVHGHU/LWHUDWXUUHFKHUFKH ¾(UJHEQLVVHGHUIRUPDOHQPHWKRGLVFKHQ/HLWOLQLHQEHZHUWXQJ ¾=XVDPPHQVWHOOXQJGHU$EVWUDFWVGHUEHZHUWHWHQ/HLWOLQLHQ ¾EHZHUWHWH EHUUHJLRQDOH/HLWOLQLHQLP9ROOWH[WLQNO,QWHUQHW$GUHVVHQI UHUJlQ]HQGH,QIRUPDWLRQHQ]XGHQ/HLWOLQLHQ$XI:XQVFKGHU([SHUWHQZXUGHQLQ(UJlQ]XQJKLHU]X GLHXQJ OWLJH/HLWOLQLHGHU$+&35XQG/HLWOLQLHQUHJLRQDOHU$QELHWHU]XULQKDOWOLFKHQ %HJXWDFKWXQJYRUJHOHJW ¾=XVl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lIWVI KUXQJ
43 /HLWOLQLHQEHULFKW'HSUHVVLRQ 1DFK9RUODJHHLQHU5HGDNWLRQVIDVVXQJLQGHU6LW]XQJGHU(UZHLWHUWHQ3ODQXQJVJUXSSHYRP ZXUGHGHULP)HEUXDUXQWHU%HU FNVLFKWLJXQJDOOHUHLQJHJDQJHQHQ 5 FNPHOGXQJHQIHUWLJJHVWHOOWH(QWZXUIYRQGHQ([SHUWHQJHJHQJHOHVHQNRUULJLHUWXQGLQ GHU(UZHLWHUWHQ3ODQXQJVJUXSSH]XU%HVFKOXVVIDVVXQJYRUJHOHJW $XI%HVFKOXVVGHU(UZHLWHUWHQ3ODQXQJVJUXSSHYRPHUIROJWHQDFKWUlJOLFKGLH PHWKRGLVFKH%HZHUWXQJGHUQDFK$EVFKOXVVGHU5HFKHUFKH]XP&OHDULQJEHULFKW'HSUHVVLRQ LP-DKUYHU IIHQWOLFKWHQ/HLWOLQLHÄ3V\FKRWKHUDSLHGHU'HSUHVVLRQ³GHU'HXWVFKHQ *HVHOOVFKDIWI U3V\FKRWKHUDSHXWLVFKH0HGL]LQ'HXWVFKHV*HVHOOVFKDIWI U3V\FKRDQDO\VH 3V\FKRWKHUDSLH3V\FKRVRPDWLNXQG7LHIHQSV\FKRORJLH'HXWVFKHV.ROOHJLXP 3V\FKRVRPDWLVFKH0HGL]LQXQG$OOJHPHLQHbU]WOLFKH*HVHOOVFKDIWI U3V\FKRWKHUDSLH// (LQHLQKDOWVJOHLFKH5HGDNWLRQVIDVVXQJGHU/HLWOLQLHODJGHP([SHUWHQNUHLVYRUXQGZXUGHEHL GHQ%HUDWXQJHQLP5DKPHQGHU(UVWHOOXQJGHV&OHDULQJEHULFKWHVYRQGHQ([SHUWHQ EHU FNVLFKWLJW1DFKDEVFKOLH HQGHQ%HUDWXQJHQHUJDEHQVLFKGXUFKGLHQDFKWUlJOLFKH $XIQDKPHGHU/HLWOLQLHLQGLHPHWKRGLVFKH%HZHUWXQJNHLQHZHLWHUHQbQGHUXQJHQI UGLHLP &OHDULQJEHULFKWIRUPXOLHUWHQ$QIRUGHUXQJHQ
44 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' +DXSWGRNXPHQW ' 9RUVFKOlJH]XGHQ,QKDOWHQHLQHUQDWLRQDOHQ/HLWOLQLHÄ'HSUHVVLRQ³ ' 3UREOHPEHVFKUHLEXQJGHU/HLWOLQLH 'LHQDFKIROJHQGHQ9RUVFKOlJH]XLQKDOWOLFKHQ(FNSXQNWHQHLQHUQDWLRQDOHQ/HLWOLQLH 'HSUHVVLRQUHVXOWLHUHQDXV ¾GHQ EHUHLQVWLPPHQGHQ,QKDOWHQGHUYRUOLHJHQGHQEHZHUWHWHQ/HLWOLQLHQ ¾GHPDNWXHOOHQHSLGHPLRORJLVFKHQE]ZNOLQLVFKHQXQGSKDUPDNRORJLVFKHQXQG SV\FKRWKHUDSHXWLVFKHQ:LVVHQVVWDQG]XU3UlYHQWLRQ'LDJQRVWLNXQG7KHUDSLHGHU 'HSUHVVLRQ ¾GHQHLJHQHQ(UIDKUXQJHQGHU([SHUWHQLQGHUDPEXODQWHQXQGVWDWLRQlUHQ9HUVRUJXQJ 'LHhEHUVLFKWLQ7DEHOOH]HLJWGLH=XRUGQXQJGHULP%HULFKW]LWLHUWHQEHLVSLHOKDIWHQ 7H[WEDXVWHLQH]XGHQLQKDOWOLFKHQ(FNSXQNWHQHLQHUQDWLRQDOHQ/HLWOLQLHÄ'HSUHVVLRQ³
45 /HLWOLQLHQEHULFKW'HSUHVVLRQ 7DEHOOHhEHUVLFKWGHUDXVJHZlKOWHQ%HLVSLHOH Leitlinie NB AB AC Akd BA CP FM ICSI ICSI NA NIH No. Psy WH FP P Ä P A S C Eng G O AP A bpd AP A mdd Eckpunkte mh pc Anwendung 1 EPIDEMIOLOGIE Epidemiologie 3,4 5 CC G sad CTF PH C Ätiologie 6, , 12 Prognose 14, , 17 DIAGNOSTIK Psychopatho. 18 Syndrom. Spez. Syndrome 19 Mehraxiale 20 Nosolog. /Kat. 21 Differenzial. 23 Funktion 24 Stufenplan 25, 26 Verlaufs. 27 Screening Prävention THERAPIE Ziele/Planung Interaktion , 40 35, 38 Pat. führung 41 45, 46 Psychotherapie 47, 48, 49, 50, 53, 57, 58 52, 55, 59, 60 54, 56 61, 65 66, 67, 68 DG PP N VH A mdd VH A ph , 69 Somatische T. 70, 71 Komorbidität 72 Spez. Gruppen 73 Notfälle 74 Suizid 75 Compliance 76 Fam. Beratung Schulung 78 Anforderungen an Beratung Rehabilitation METHODIK Rahmenbed. Kosten 80 Pharmakotherapie Qualitätsmanagement 81, 82, 83 AH CP R 2
46 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' $QZHQGXQJVEHUHLFKGHV&OHDULQJEHULFKWHV'HSUHVVLRQ 'HU([SHUWHQNUHLVOHJW:HUWDXIGLH)HVWVWHOOXQJGDVVGHUYRUOLHJHQGH/HLWOLQLHQEHULFKWGLH LQKDOWOLFKH$QJHPHVVHQKHLWYRQ/HLWOLQLHQ]XU'LDJQRVWLNXQG7KHUDSLHGHSUHVVLYHU6W UXQJHQ DXVGHU6LFKWSUDNWL]LHUHQGHUVWDWLRQlUXQGDPEXODQWWlWLJHU%HKDQGOHUbU]WHXQG 3V\FKRORJHQLQ'HXWVFKODQGGDUOHJHQVROO(ULVW]XYHUVWHKHQDOV(PSIHKOXQJGDU EHUZRLQ HLQHUGHXWVFKHQ/HLWOLQLHN QIWLJGLHLQKDOWOLFKHQ6FKZHUSXQNWH]XVHW]HQVLQGXPGLH 4XDOLWlWGHU9HUVRUJXQJYRQ0HQVFKHQPLW'HSUHVVLRQHQLQ'HXWVFKODQG]XYHUEHVVHUQ 'HU([SHUWHQNUHLVGHILQLHUWHVHLQH$XIJDEHQVWHOOXQJZLHIROJW ¾hEHUSU IXQJXQGJHJHEHQHQIDOOV.RUUHNWXUGHUYRQGHU&OHDULQJVWHOOHUHFKHUFKLHUWHQ /HLWOLQLHQLKUHU$XVZDKOXQG%HZHUWXQJ ¾%HXUWHLOXQJGHULQKDOWOLFKHQ(PSIHKOXQJHQGHUHLQ]HOQHQ/HLWOLQLHQXQWHU%HU FNVLFKWLJXQJ GHVGHXWVFKHQ*HVXQGKHLWVV\VWHPV ¾%HQHQQXQJHLQHURGHUPHKUHUHUYRUELOGOLFKHU/HLWOLQLHQ ¾(QWZLFNOXQJHLQHU(PSIHKOXQJI U6WUXNWXUXQG,QKDOWHHLQHUQDWLRQDOHQ/HLWOLQLH 'HSUHVVLRQ'DEHLZLUGDXIGLHUHFKHUFKLHUWHQ/HLWOLQLHQ%H]XJJHQRPPHQ'LH (PSIHKOXQJHQZHUGHQDQKDQGEHLVSLHOKDIWHU7H[WEDXVWHLQHDXVGLHVHQ/HLWOLQLHQ NRQNUHWLVLHUW 'LH(PSIHKOXQJHQGHV%HULFKWHVULFKWHQVLFKDQ ¾(UVWHOOHUXQG+HUDXVJHEHUYRQ/HLWOLQLHQLPGHXWVFKHQ9HUVRUJXQJVV\VWHP ¾6WHXHUJUHPLHQGHU6HOEVWYHUZDOWXQJ ¾1XW]HUYRQ/HLWOLQLHQ]%4XDOLWlWV]LUNHO.OLQLNHQXVZ 'HU%HULFKWVROOHLQHQhEHUEOLFN EHUGLH9LHO]DKOXQGGLHXQWHUVFKLHGOLFKHQ$VSHNWHGHU DNWXHOOHQ/HLWOLQLHQDXVGHPGHXWVFKHQXQGHQJOLVFKHQ6SUDFKUDXPJHEHQ (UNDQQQDFK0HLQXQJGHU([SHUWHQ$QUHJXQJHQ]XU1XW]XQJGHULQGLH%HXUWHLOXQJ DXIJHQRPPHQHQ/HLWOLQLHQJHEHQ,QVEHVRQGHUHLVWKLHUDXFKDQ*UXSSHQSUDNWL]LHUHQGHU %HKDQGOHUJHGDFKWGLHI ULKUHQHLJHQHQ9HUDQWZRUWXQJVEHUHLFKLQWHUQH +DQGOXQJVHPSIHKOXQJHQDXIGHU*UXQGODJHJXWHU/HLWOLQLHQHQWZLFNHOQZROOHQ %HLGHU+HUDQ]LHKXQJYRQDXVOl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lOOHQYRQDQGHUZHLWLJHQ)HVWOHJXQJHQQRUPDWLYHU$UW]%,QGLNDWLRQVJHELHWHLQ %HLSDFN]HWWHOQÄ2II/DEHO8VH³DEZHLFKHQVROOWHQVLHGHQ1XW]HUGLHVHU/HLWOLQLHH[SOL]LW GDUDXIKLQZHLVHQ +LHUEHLLVWQHEHQGHU(YLGHQ]GHU(PSIHKOXQJXQGGHUIDFKOLFKHQ([SHUWLVHGHU /HLWOLQLHQDXWRUHQDXFKVLFKHU]XVWHOOHQGDVVHLQHDXVUHLFKHQGHMXULVWLVFKH([SHUWLVH EHU FNVLFKWLJWZLUG 'LH'LVNXVVLRQLP([SHUWHQNUHLV]HLJWHGDVVHLQZHVHQWOLFKHV3UREOHPGHU.RPPXQLNDWLRQ ]ZLVFKHQGHQYHUVFKLHGHQHQ*UXSSHQYRQ%HKDQGOHUQ3V\FKLDWHU3V\FKRORJHQ 3V\FKRWKHUDSHXWHQVRZLH+DXVXQGDQGHUH)DFKlU]WHGDULQEHJU QGHWLVWGDVVVLH Ä'HSUHVVLRQ³DXVYHUVFKLHGHQHQ3HUVSHNWLYHQEHWUDFKWHQ
47 /HLWOLQLHQEHULFKW'HSUHVVLRQ (LQH8UVDFKHKLHUI UZLUGGDULQJHVHKHQGDVV'HILQLWLRQHQGHU3V\FKRSDWKRORJLHGHV.UDQNKHLWVELOGHVDXI.RQYHQWLRQHQEHUXKHQ'LHVH'HILQLWLRQHQ]XU3V\FKRSDWKRORJLHVLQG GDKHUYRQGHQLP$QZHQGXQJVEHUHLFKGHU/HLWOLQLH]%KDXVlU]WOLFKH9HUVRUJXQJ IDFKlU]WOLFKH9HUVRUJXQJYHUEUHLWHWHQXQGHWDEOLHUWHQ.RQYHQWLRQHQDEKlQJLJ 'LHZHVHQWOLFKHQGHILQLWRULVFKHQ3UREOHPHHUJHEHQVLFKKLHUDXVVRZRKOEHLGHU'LDJQRVWLN GHU'HSUHVVLRQVLHKHGLH.DSLWHO'IDOVDXFKEHL0LWXQG:HLWHUEHKDQGOXQJGXUFKGLH MHZHLOVDQGHUH)DFKDU]WXQG%HUXIVJUXSSHQVLHKH.DSLWHO',QWHUDNWLRQGHU%HKDQGOHU XQG9HUVRUJXQJVHEHQHQ %HLGHQPHLVWHQGHULP&OHDULQJYHUIDKUHQÄ'HSUHVVLRQ³EHWUDFKWHWHQ/HLWOLQLHQVLQGGLH =LHOJUXSSHQKDXVlU]WOLFKH9HUVRUJXQJIDFKlU]WOLFKH9HUVRUJXQJHQWVSUHFKHQG HLQJHVFKUlQNWRGHUVLH]HLFKQHQVLFKGXUFKHLQHQPRGXODUHQ$XIEDX//9+$PDMRU GHSUHVVLYHGLVRUGHUDXVVLHKH7DEHOOH 7DEHOOH=XRUGQXQJGHU/HLWOLQLHQ]X)DFKEHUHLFKVJUXSSHQ Ä3ULPDU\&DUH *UXQGYHUVRUJHU Ä6SHFLDOLW\&DUH³ )DFKlU]WH3V\FKRORJHQ //$%)3 //$&3$6,0 //$3$ELSRODUGHSUHVVLYHGLVRUGHU //$3$ELSRODUGHSUHVVLYHGLVRUGHU //$3$PDMRUGHSUHVVLYHGLVRUGHU //$3$PDMRUGHSUHVVLYHGLVRUGHU //$NGb //%$3 //&3$ //&&*VHDVRQDODIIHFWLYHGLVRUGHU //&7)3+& //&7)3+& //'*331 //)06'XGHFLP //,&6,SULPDU\FDUH //,&6,PHQWDOKHDOWK //1$& //1,+ //1R(QJ //3V\*XLGHV //3V\*XLGHV //9+$PDMRUGHSUHVVLYHGLVRUGHU //9+$PDMRUGHSUHVVLYHGLVRUGHU //9+$SKDUPDFRORJLF //:+28. //'*30'*37'.30$b*3 $+&35 /HLWOLQLHPLW6FKZHUSXQNW3KDUPDNRWKHUDSLHZHQGHWVLFKDXFKDQ)DFKlU]WH /HLWOLQLHQGHU$3$VLQGSULPlUDOV9RUJDEHQI U3ULPlUYHUVRUJHUJHGDFKW )DFKlU]WHVROOHQGLHVH+LOIHJHEHQZHLWHUJHKHQGH0D QDKPHQVLQGKLHUEHL%HGDUIGXUFK]XI KUHQ.HLQHHLQGHXWLJH(LQJUHQ]XQJGHU=LHOJUXSSHXQNODULQ)UDJHGHUPHWKRGLVFKHQ%HZHUWXQJ 6SH]LHOOH/HLWOLQLHQ]XU3UlYHQWLRQXQG6FUHHQLQJNHLQHHLQGHXWLJH(LQJUHQ]XQJGHU=LHOJUXSSH XQNODULQ)UDJHGHUPHWKRGLVFKHQ%HZHUWXQJ =ZHL/HLWOLQLHQGHUJOHLFKHQ2UJDQLVDWLRQI UMHHLQH)DFKJUXSSH 3ULPlU)DFKlU]WHQXUXQWHUEHVRQGHUHQ%HGLQJXQJHQVROOHLQH%HKDQGOXQJGHUELSRODUHQ'HSUHVVLRQGXUFK DQGHUH*UXSSHQHUIROJHQ /HLWOLQLHLVWLQ0RGXOHI U3ULPlUYHUVRUJHU6SH]LDOYHUVRUJHUXQG]XU%HKDQGOXQJVWDWLRQlUHU3DWLHQWHQ DXIJHWHLOW /HLWOLQLHNDQQDXFKYRQ$OOJHPHLQlU]WHQXQG*HELHWVlU]WHQGLHVLFKDQGHUZHLWLJPLWGHU%HKDQGOXQJ GHSUHVVLYHU3DWLHQWHQEHIDVVWVLQGJHQXW]WZHUGHQ
48 /HLWOLQLHQEHULFKW'HSUHVVLRQ 'HU&OHDULQJEHULFKW'HSUHVVLRQNDQQZHJHQGHU9LHO]DKOGHUXQWHUVFKLHGOLFKHQ$VSHNWHLQ GHQDNWXHOOHQ/HLWOLQLHQQXUDXIGLHSULQ]LSLHOOQRWZHQGLJHQ6FKULWWHGHUEHLGHU /HLWOLQLHQHQWZLFNOXQJ]XEHU FNVLFKWLJHQGHQ3XQNWHKLQZHLVHQ (LQH/HLWOLQLHHUI OOWGLHLP&OHDULQJEHULFKWGDUJHOHJWHQPHWKRGLVFKHQXQGLQKDOWOLFKHQ $QIRUGHUXQJHQLP3ULQ]LSDXFKZHQQVLHQLFKWDOOHVHUZlKQWVRQGHUQHQWVSUHFKHQGH 6FKZHUSXQNWHI UGHQMHZHLOLJHQ$QZHQGXQJVXQG9HUVRUJXQJVEHUHLFKVHW]W 9RUVFKODJ ¾%HLGHUQRWZHQGLJHQ'HILQLWLRQGHV$QZHQGXQJVEHUHLFKHVHLQHU/HLWOLQLH'HSUHVVLRQVROO QHEHQGHUHQWVSUHFKHQGHQ'HILQLWLRQGHU=LHOHXQG=LHOJUXSSHQ%HKDQGOHU3DWLHQWHQ JHJHEHQHQIDOOVXQWHU%H]XJDXISV\FKRSDWKRORJLVFKH'HILQLWLRQHQHLQHLQKDOWOLFKH $EJUHQ]XQJGHV7KHPHQEHUHLFKHVGHU/HLWOLQLHHUIROJHQ ¾(LQHGLH/HLWOLQLHQ EHUJUHLIHQGH'HILQLWLRQGHU6FKQLWWVWHOOHQGHU9HUVRUJXQJLVWGDQQ HUIRUGHUOLFKZHQQ/HLWOLQLHQI UGDVVHOEH.UDQNKHLWVELOGPLWXQWHUVFKLHGOLFKHP $QZHQGXQJVEHUHLFKDXIGLH%HKDQGOXQJGHV3DWLHQWHQ(LQIOXVVQHKPHQN QQHQ ¾'LHDXIHLQHU.RQYHQWLRQEDVLHUHQGH'HILQLWLRQGHV.UDQNKHLWVELOGHVVROOWHVRZRKOPLWGHQ LQGHU/HLWOLQLHHPSIRKOHQHQ'LDJQRVWLNXQG7KHUDSLHYHUIDKUHQ]X*UXQGHOLHJHQGHQ 'HILQLWLRQHQYHUHLQEDUVHLQDOVDXFK$XVELOGXQJXQG$UEHLWVRUJDQLVDWLRQGHU $QZHQGHU]LHOJUXSSHGHU/HLWOLQLHEHU FNVLFKWLJHQ ¾'LH,QWHJUDWLRQLQHLQGLH9HUVRUJXQJVHEHQHQ EHUJUHLIHQGHV*HVDPWNRQ]HSWLVWGXUFK HLQHLQWHUGLV]LSOLQlUHJHPHLQVDPDUEHLWHQGH$UEHLWVJUXSSH]XJHZlKUOHLVWHQ %HLVSLHO0RGXODUH$QRUGQXQJHLQHU/HLWOLQLH $XVJHZlKOWZHJHQGHUDXIHLQDQGHUDEJHVWLPPWHQ/HLWOLQLHQ0RGXOHI UGLH Ä3ULPlUYHUVRUJXQJ³GLHÄVSH]LILVFKHZHLWHUI KUHQGHDPEXODQWH9HUVRUJXQJ³XQGGLH Ä9HUVRUJXQJLQVWDWLRQlUHQ(LQULFKWXQJHQ³,QGHU/HLWOLQLHHUIROJWDXFKHLQHHQWVSUHFKHQGH 'HILQLWLRQGHU6FKQLWWVWHOOHQ]ZLVFKHQGHQGUHL%HUHLFKHQ MANAGEMENT OF MAJOR DEPRESSIVE DISORDER IN ADULTS Table of Contents INTRODUCTION...i... ALGORITHMS AND ANNOTATIONS Module A Primary Care Setting Module B Outpatient Mental Health Specialty Setting Module C Inpatient Mental Health Setting APPENDICES Appendix 1. Assessment Instruments
49 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' (SLGHPLRORJLHbWLRSDWKRJHQHVHXQG5LVLNRIDNWRUHQ ' 'HVNULSWLYH(SLGHPLRORJLH (SLGHPLRORJLVFKH'DWHQGLHQHQGHU(UOHLFKWHUXQJYRQGLDJQRVWLVFKHQXQGWKHUDSHXWLVFKHQ (QWVFKHLGXQJVSUR]HVVHQXQGVROOHQ]LHOI KUHQGVHLQ(LQHNRPSOH[H'DUVWHOOXQJ]%XQWHU 1XW]XQJYRQ9HUJOHLFKVGDWHQ]XGHSUHVVLYHQ6W UXQJHQYHUVFKLHGHQHU1DWLRQHQLVWZHQLJHU KLOIUHLFK9LHOPHKUVROOGLHHSLGHPLRORJLVFKH(LQI KUXQJLQHLQHU/HLWOLQLHGHQ ]LHOJUXSSHQRULHQWLHUWHQHSLGHPLRORJLVFKHQXQGJHVXQGKHLWV NRQRPLVFKHQ+LQWHUJUXQG HUOlXWHUQ 9LHOH/HLWOLQLHQHQWKDOWHQQHEHQ$QJDEHQ]XU+lXILJNHLW3UlYDOHQ]GHSUHVVLYHU6\QGURPH *UXSSHYRQ.UDQNKHLWV]HLFKHQGLHI UHLQEHVW.UDQNKHLWVELOGPLWPHLVWHLQKHLWOLFKHU bwlrorjlhdehuxqehndqqwhu3dwkrjhqhvhfkdudnwhulvwlvfkvlqgzhlwhuhhslghplrorjlvfkh,qirupdwlrqhq6lhvlqgdehuxqwhuvfklhgolfkdxvi KUOLFKXQGJHQDXLQGHU'DUVWHOOXQJ,QGHQDXVI KUOLFKHQ/HLWOLQLHQZLUGLPDOOJHPHLQHQDXIIROJHQGHUHOHYDQWH8QWHUSXQNWH]XU (SLGHPLRORJLHYHUZLHVHQ *HVDPWSUlYDOHQ]XQG,Q]LGHQ]]%LQGHU$OOJHPHLQEHY ONHUXQJ,QVWLWXWLRQHOOH3UlYDOHQ]]%LQGHUKDXVlU]WOLFKHQ9HUVRUJXQJ 3UlYDOHQ]XQWHUVFKLHGOLFKHUGHSUHVVLYHU6\QGURPHXQGGLDJQRVWLVFKHU6XEJUXSSHQ 3UlYDOHQ]LQXQWHUVFKLHGOLFKHQ*UXSSHQ]%)UDXHQYHUVXV0lQQHU'HSUHVVLRQHQLP $OWHU $QJDEHQ]XP(UNUDQNXQJVYHUODXIXQGGHU+lXILJNHLWYRQ9HUODXIVW\SHQ ]%:LHGHUHUNUDQNXQJVULVLNR $QJDEHQ]XU0RUWDOLWlW]%6XL]LGDOLWlW $QJDEHQ]XVR]LDOPHGL]LQLVFKHQ)ROJHQ]%)HKO]HLWHQDP$UEHLWVSODW] %HUHQWXQJVULVLNR 3UREOHP ¾'LH(UVWHOOXQJXQGGLH$QZHQGXQJYRQ/HLWOLQLHQZLUGKlXILJXQWHU5HNXUVDXI LQWHUQDWLRQDOHHSLGHPLRORJLVFKH(UKHEXQJHQEHJU QGHW(PSIHKOXQJHQDXIGHU%DVLV VROFKHU'DWHQN QQHQYRP(QGQXW]HUKlXILJQLFKW]LHOI KUHQGXPJHVHW]WZHUGHQGD GLHEHULFKWHWHQ=DKOHQQLFKWGHQ$QKDOWV]DKOHQLQGHUHLJHQHQ,QVWLWXWLRQ]% GHUKDXVlU]WOLFKHQ3UD[LVHQWVSUHFKHQXQGLQGHQ/HLWOLQLHQNHLQH9HUIDKUHQ EHVFKULHEHQZHUGHQZLHQXW]XQJVUHOHYDQWH'DWHQI UGHQMHZHLOLJHQ LQVWLWXWLRQHOOHQ.RQWH[WDQJHSDVVWXQGYDOLGH'DWHQ]XULQVWLWXWLRQHOOHQ3UlYDOHQ] XQGRGHU,Q]LGHQ]HUKREHQZHUGHQN QQHQ GLH$QJDEHQ]XYHUVFKLHGHQHQGHSUHVVLYHQ6\QGURPHQE]ZGLDJQRVWLVFKHQ 6XEJUXSSHQIHKOHQ GLH$QJDEHQ]XUVR]LDOHQVR]LDOPHGL]LQLVFKHQXQGJHVXQGKHLWV NRQRPLVFKHQ %HGHXWXQJKlXILJXQYROOVWlQGLJRGHUQLFKW EHUWUDJEDUVLQG]%IHKOHQGH %HU FNVLFKWLJXQJYRQ$XIZHQGXQJHQGHU5HQWHQYHUVLFKHUHUI U (UZHUEVXQIlKLJNHLWVUHQWHQ
50 /HLWOLQLHQEHULFKW'HSUHVVLRQ 9RUVFKODJ ¾(LQH/HLWOLQLH'HSUHVVLRQVROOWHSUl]LVH'DWHQ]XUGHVNULSWLYHQ(SLGHPLRORJLHXQWHU EHVRQGHUHU%HU FNVLFKWLJXQJGHVGHILQLHUWHQ$QZHQGXQJVEHUHLFKVXQGGHUSULPlUHQ =LHOJUXSSH]%+lXILJNHLWGHSUHVVLYHU6W UXQJHQLQGHUKDXVlU]WOLFKHQ9HUVRUJXQJVR GDUVWHOOHQGDVVVLHGLH=LHOHGHU/HLWOLQLHXQWHUVW W]HQ ¾(LQHHSLGHPLRORJLVFKH(LQI KUXQJLQHLQHU/HLWOLQLHVROOWHDXI]HLJHQDXIZHOFKH:HLVHGLH HSLGHPLRORJLVFKHQ'DWHQ]XU(UOHLFKWHUXQJYRQGLDJQRVWLVFKHQXQGWKHUDSHXWLVFKHQ (QWVFKHLGXQJVSUR]HVVHQJHQXW]WZHUGHQN QQHQ6LHVROOWHGDEHLGLHZLFKWLJVWHQ 1XW]HUJUXSSHQDQVSUHFKHQXQGDXFKHLQH9HUELQGXQJ]XJHVXQGKHLWV NRQRPLVFKHQ $VSHNWHQVROFKHU(QWVFKHLGXQJHQKHUVWHOOHQ ¾$XIGLHVR]LDOHVR]LDOPHGL]LQLVFKHXQGJHVXQGKHLWV NRQRPLVFKH%HGHXWXQJGHSUHVVLYHU 6W UXQJHQVROOWHH[SOL]LWYHUZLHVHQZHUGHQ ¾$XIP JOLFKH'HIL]LWHQRFKQLFKWXQWHUVXFKWH%HUHLFKHXQG)HKOHUTXHOOHQLVWDXFKEHL HSLGHPLRORJLVFKHQ'DWHQH[SOL]LWKLQ]XZHLVHQ ¾hEHUHLQ]XVDPPHQIDVVHQGHV(SLGHPLRORJLH.DSLWHOKLQDXVVROOWHQDOOHZHVHQWOLFKHQ (PSIHKOXQJHQGHUZHLWHUHQ/HLWOLQLHQ$EVFKQLWWHLQVEHVRQGHUHGLHGLDJQRVWLVFKHQ (PSIHKOXQJHQXQGGLHWKHUDSHXWLVFKHQ2SWLRQHQPLWHSLGHPLRORJLVFKHQ'DWHQ±VRZHLW YHUI JEDU±EHJU QGHWZHUGHQ]%6WHOOHQZHUWGHU9HUODXIVGLDJQRVWLNRGHU)ROJHQ EHVWLPPWHU7KHUDSLHDOWHUQDWLYHQ6LHKH+LQZHLVHLQGHQHLQ]HOQHQ.DSLWHOQ %HLVSLHO(SLGHPLRORJLVFKH'DWHQ $XVJHZlKOWZHJHQ EHUVLFKWOLFKHQ$QJDEHQ]XU3UlYDOHQ] Epidemiology Guideline: The point prevalence for major depressive disorder in the Western industrialized nations 2.3 to 3.2 percent for men and 4.5 to 9.3 percent for women. The lifetime risk for major depressive disorder is 7 to 12 percent for men and 20 to 25 percent for woman...
51 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO3UlYDOHQ]GDWHQ $XVJHZlKOWZHJHQGHU'DUVWHOOXQJGHUZLFKWLJVWHQ3UlYDOHQ]GDWHQXQGLKUHUHPSLULVFKHQ %DVLV 5. How common is depression? Table 1.4 summarizes the Canadian epidemiologic studies showing similar prevalence rates of MDD. In the Stirling County Study (38), the same general Atlantic Canada population was surveyed at 3 points (1952, 1970, and 1992), an approach that has not been duplicated by any other study. Its prevalence results are similar, how ever, to those of the Edmonton Epidemiologic Study, which involved a random sample of adult residents of Edmonton, and the Ontario Mental Health Supplement (OMHS), which used a random sample of individuals aged 15 years or older residing in Ontario (39,40). A smallersample study using similar survey techniques in Quebec found a 3.4% 1-year prevalence and a 7.8% lifetime prevalence of depression (41). Cross-national studies suggest that the prevalence of depression is increasing in younger birth cohorts (42,43). The Stirling County Study, however, found a steady overall prevalence of current depression of 5% over a 40-year period. Women and younger people were at greater risk of depression in 1992 than in 1970, suggesting that the perceived historical change may be a matter of redistribution by sex and age. 6. Do depression rates vary by sex, age, or other demographic factors? Depression in women occurs at approximately twice the rate for men, according both to the major Canadian studies (38,40,44) and to international studies (1). There is less consistency among studies regarding prevalence related to age, but there do appear to be higher rates in young adults and lower rates in those over 64, most recently demonstrated in the National Population Health Survey (NPHS) (45). Many studies find depression more commonly in those with low income or unemployment and in those with unmarried or divorced status. Canadian data (46) also show parental psychopathology and a history of childhood abuse to be more common among individuals with depression. Differences in the rates of major depression are found across countries (Table 1.5), suggesting that cultural differences or variations in risk factors may play a role in the expression and development of depression (1,42). The core symptoms, however, remain similar in many countries (47) and across North America (1). Risk of social disability after controlling for physical disease/ disability factors. Work productivity is also markedly affected. Ontario residents with a history of depression in the past year were nearly 3 times as likely as were control subjects to have sick days in the preceding month, while a similar US survey found that workers with depression had 1.5 to 3.2 more short-term work-disability days in a 30-day period than did other workers (40,50). In the latter study, the salary-equivalent productivity loss (which averaged USD182 to USD395) was nearly as large as the estimated cost of depression treatment. Another study found that individuals with depression had 5 times as many disability days as did unaffected individuals (51).
52 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO3UlYDOHQ]XQG6\PSWRPHUNHQQXQJLQYHUVFKLHGHQHQ$OWHUVJUXSSHQ $XVJHZlKOWZHJHQGHUSUD[LVQDK]XVDPPHQJHIDVVWHQ'DUVWHOOXQJYRQ6\PSWRPVFKZHU SXQNWHQGHU3UlYDOHQ]DQJDEHQGLHEHLGHQlOWHUHQ0HQVFKHQQDFK,QDQVSUXFKQDKPH 6WLFKSUREHQGLIIHUHQ]LHUWVLQGXQGGHVhEHUEOLFNHV EHUGLHDOWHUVEH]RJHQH3UlYDOHQ]YRQ 6XL]LGHQ Table 6.1 Summary of age-related differences in depression and suicide across the lifespan Age group Clinical presentation and assessment Epidemiology Suicide rates per a Age (years) Male subjects Female subjects Children and Adolescents Elderly May have protracted episodes; illness pattern of remission and relapse, and significant impairments in social, interpersonal, vocational, or academic functioning. Cognitive distortions and decreased selfesteem following remission may predict future episodes Core symptoms of severe depression are the same as for younger adults, but there is more difficulty differentiating symptoms because of medical comorbidity and more likelihood that seniors with depression will present with cognitive symptoms. More willing to self-identify physical rather than mental symptoms and less likely to participate in formal mental health programs. The oldest patients show the most variance from younger adults, and young-old may present more similarly than differently from middle-aged patients. The prevalence of major depressive disorder (MDD) is relatively low before puberty, but rates reach adult levels by late adolescence. Female male ratio equal in childhood but same as adult female:male ratio (2:1) in adolescence. Rates of depressive disorder decreased in community samples but increased in institutional or hospital samples. Subsyndromal depressions likely to be more frequent
53 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO6R]LDOHXQG6R]LDOPHGL]LQLVFKH%HGHXWXQJ $XVJHZlKOWZHJHQGHU'DUVWHOOXQJ]HQWUDOHU$VSHNWHGHUVR]LDOHQXQG JHVXQGKHLWV NRQRPLVFKHQ%HGHXWXQJGHSUHVVLYHU6W UXQJHQXQGGHU9HUNQ SIXQJPLW HPSLULVFKHU(YLGHQ] 7. How disabling is depression? Depressive symptoms substantially interfere with daily functioning, and MDD is a leading cause of disability in developed countries (48). In the US National Comorbidity Survey, 18% of patients with minor depression, 29% of patients with 5 to 6 symptoms of MDD, and 52% of patients with 7 to 9 symptoms of MDD had major problems with daily functioning (3) Work productivity is also markedly affected. Ontario residents with a history of depression in the past year were nearly 3 times as likely as were control subjects to have sick days in the preceding month, while a similar US survey found that workers with depression had 1.5 to 3.2 more short-term work-disability days in a 30-day period than did other workers (40,50) How does depression affect the use of Health services? Both major depression and dysthymia are associated with an increased use of general medical services or emergency services for emotional problems as well as with more time lost at work (56,57). Even 2 or more depressive symptoms over a life time are associated with increased rates of social morbidity and service use. In fact, from a population, societal, or service burden perspective, individuals with depressive symptoms use more medical services and attempt suicide more frequently than do individuals with cases de fined as MDD by DSM- IV (56). From an other perspective, studies of high utilizers of general health services demonstrate high rates of untreated depression (58). Treating these individuals improves health outcomes and, in time, may lessen service use (59).. 10 What does depression cost individuals and society Major depression is more prevalent than other major public health problems and imposes significant costs on society. The WHO Global Burden of Disease Study quantified illness-related morbidity and mortality into a common unit, the disability-adjusted life year (DALY). When DALYs were calculated for 107 diseases and disorders world wide, unipolar major depression was the fourth leading specific cause of global DALYs (69) and predicted to be second by the year 2020 (4). In the US in 1990, the total annual cost of depression was estimated to be USD 44 billion: direct costs were USD12 billion, mortality costs were USD 8 billion, and absenteeism/productivity costs were USD 24 billion (70). This figure included cases of bipolar depression and dysthymia but did not include out-of-pocket family expenses, costs of minor depression, or excessive hospitalization or diagnostic tests. Similar calculations for Ontario in 1990 found the total annual cost of depressive disorders to be CAD million, of which 58% was attributed to in direct costs and 44% to morbidity-related costs (71). Such figures, however, underestimate the true cost of depression because several key categories of cost are not included, such as impact on over all general medical service use and family burden costs (72)...
54 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' bwlrsdwkrjhqhvhxqg5lvlnridnwruhq (LQHLQGHXWLJHU$XVO VHURGHUDOOHLQLJHU5LVLNRIDNWRUI U'HSUHVVLRQLVWQLFKWEHNDQQW 0XOWLNDXVDOH9HUXUVDFKXQJVXQG5LVLNRPRGHOOHHQWVSUHFKHQGHP6WDQGGHU)RUVFKXQJ %LVODQJJLEWHVDXFKQRFKNHLQHELRORJLVFKHQRGHUSV\FKRORJLVFKHQ9XOQHUDELOLWlWVPDUNHUI U HLQH(UVWHUNUDQNXQJGLHHLQHKLQUHLFKHQGHSURJQRVWLVFKH9DOLGLWlWKDEHQXPDOV )U KZDUQ]HLFKHQGLIIHUHQ]LDOGLDJQRVWLVFKHLQVHW]EDU]XVHLQ$QGHUHUVHLWVJLEWHV]XQHKPHQG HLQHHPSLULVFKH%DVLVI UHLQH5HLKHYHUVFKLHGHQHU)DNWRUHQGLHVRZRKOGDV (UVWHUNUDQNXQJVULVLNRDOVDXFKGHQZHLWHUHQ(UNUDQNXQJVYHUODXIEHHLQIOXVVHQ $XVI KUOLFKHUH/HLWOLQLHQHQWKDOWHQ+LQZHLVHDXIIROJHQGH)DNWRUHQ *HQHWLVFKHQHXURELRORJLVFKHVRPDWLVFKH%HGLQJXQJHQXQG5LVLNRIDNWRUHQ]% JHQHWLVFKH7UDQVPLVVLRQHLQHUIDPLOLlUHQ%HODVWXQJ9XOQHUDELOLWlWEH] JOLFKGHU +\SRSK\VHQ1HEHQQLHUHQULQGHQ$FKVHXQGRGHUGHU7UDQVPLWWHUUHJXODWLRQ SV\FKRORJLVFKHXQGVR]LDOH%HODVWXQJVIDNWRUHQ)lKLJNHLWVGHIL]LWHSUlPRUELGH 3HUV QOLFKNHLW NULWLVFKH/HEHQVHUHLJQLVVH SV\FKLVFKHXVRPDWLVFKH.RPRUELGLWlW VSH]LILVFKHUH.RPELQDWLRQHQYRQ)DNWRUHQI UEHVWLPPWH6XEV\QGURPH ]%0HODQFKROLH$QSDVVXQJVVW UXQJHQ 3UREOHP ¾bWLRSDWKRJHQHWLVFKH)DNWRUHQXQG5LVLNRIDNWRUHQZHUGHQLQXQWHUVFKLHGOLFKHQ.RQWH[WHQ LQGHQ/HLWOLQLHQHUZlKQWLQGHU5HJHOIHKOWDOOHUGLQJVHLQH9HUNQ SIXQJPLWHPSLULVFKHU (YLGHQ] ¾'LH0HKU]DKOGHUEHZHUWHWHQ/HLWOLQLHQHQWKlOWNHLQH]XVDPPHQIDVVHQGH'DUVWHOOXQJYRQ lwlrsdwkrjhqhwlvfkhq)dnwruhqglhdqghu(qwvwhkxqjxqgrghughu$xiuhfkwhukdowxqj YHUVFKLHGHQHUGHSUHVVLYHU6W UXQJHQEHWHLOLJWVLQG7HLOZHLVHN QQHQVLHQXUDXV 8QWHUNDSLWHOQ]XU(SLGHPLRORJLHRGHU]XU.RPRUELGLWlWHUVFKORVVHQZHUGHQ ¾'LHbWLRSDWKRJHQHVHZLUG]ZDUKlXILJDOV%HJU QGXQJI UHLQEHVWLPPWHVGLDJQRVWLVFKHV 9RUJHKHQRGHUGHQ(UIROJZLUNVDPHU7KHUDSLHYHUIDKUHQDQJHVHKHQDEHUGLHVH %HJU QGXQJHUZlFKVWHKHUDXVK\SRWKHWLVFKHQ0RGHOOHQGHQQHPSLULVFKJHVLFKHUWHQ (UNHQQWQLVVHQ]X:LUNPHFKDQLVPHQYRQ9HUlQGHUXQJVSUR]HVVHQ ¾1HXHUH(UNHQQWQLVVH]%DXVGHUQHXURELRORJLVFKHQ*UXQGODJHQIRUVFKXQJZHUGHQ PDQFKPDO]XVFKQHOOLQGHUgIIHQWOLFKNHLWVRGDUJHVWHOOWDOVREGLHVHVRIRUWLQGLH GLDJQRVWLVFKHXQGWKHUDSHXWLVFKH9HUVRUJXQJLQWHJULHUWZHUGHQN QQHQZDVELVODQJ QLFKWKLQUHLFKHQGEHOHJWLVW 9RUVFKODJ ¾,QHLQHU/HLWOLQLHVROOWHGDVYRUKDQGHQH:LVVHQ]XbWLRSDWKRJHQHVHXQG]X5LVLNR )DNWRUHQGHSUHVVLYHU(UNUDQNXQJHQ]XVDPPHQIDVVHQGVRZLHLQHLQGHXWLJHU$EJUHQ]XQJ YRQ+\SRWKHVHQGDUJHVWHOOWZHUGHQ) UGHQ1XW]HUPXVVGDEHLGHXWOLFKZHUGHQEHL ZHOFKHQGLDJQRVWLVFKHQEHUDWHQGHQXQGWKHUDSHXWLVFKHQ0D QDKPHQGLHVHV:LVVHQ XPJHVHW]WZHUGHQNDQQ(LQZLFKWLJHV=LHOLQGLHVHP=XVDPPHQKDQJLVWGLH,QIRUPDWLRQ YRQ1XW]HUQLQGHU3ULPlUYHUVRUJXQJ'LHVHU3HUVRQHQNUHLVNHQQWRIWGDVIDPLOLlUHXQG VR]LDOH8PIHOGXQGNDQQGDQQ3DWLHQWHQEHLGHQHQHPSLULVFKJHVLFKHUWH5LVLNRIDNWRUHQ LGHQWLIL]LHUWZHUGHQJH]LHOWSUlYHQWLYXQWHUVW W]HQRGHUHLQHIU K]HLWLJH'LDJQRVWLNXQG %HKDQGOXQJHLQOHLWHQ
55 /HLWOLQLHQEHULFKW'HSUHVVLRQ ¾*UXSSHQYRQ5LVLNRIDNWRUHQ]XGHQHQHPSLULVFKH(YLGHQ]YRUOLHJWXQGGLHGHVKDOELQGHU /HLWOLQLHQGDUVWHOOXQJHQWKDOWHQVHLQVROOWHQVLQG ELRORJLVFKHHLQVFKOLH OLFKJHQHWLVFKHUXQGVRPDWLVFKHU5LVLNRIDNWRUHQ SV\FKRORJLVFKH5LVLNRIDNWRUHQHLQVFKOLH OLFKGHU(LQIO VVHGHVVR]LDOHQ8PIHOGV XQGGHUHQ9HUDUEHLWXQJ]%7RGHVIlOOHXQGIU KH9HUOXVWH VR]LRGHPRJUDSKLVFKH)DNWRUHQ]%QLHGULJHV(LQNRPPHQ YRUDXVJHKHQGHN USHUOLFKH=XVWlQGHE]Z(UNUDQNXQJHQ]%0HQRSDXVH SV\FKLVFKH6\QGURPHLP9RUIHOGXQGYRUDXVJHKHQGHSV\FKLVFKH(UNUDQNXQJHQ ]%$QJVWVW UXQJHQ ¾,QGHU/HLWOLQLHVROOWHQGLH'DWHQEDVLVUHWURVSHNWLYSURVSHNWLYNRQWUROOLHUWXQGGLH SURJQRVWLVFKH3RZHU9RUKHUVDJHEHGHXWXQJI UGLHMHZHLOLJHQ)DNWRUHQJHQDQQW ZHUGHQ ¾:HJHQGHUEHVRQGHUHQ%HGHXWXQJGHU$GROHV]HQ]I UGDVVSlWHUH'HSUHVVLRQVULVLNR VROOWHHLQ9HUZHLVDXIVSH]LHOOH/HLWOLQLHQ]XGHSUHVVLYHQ6\QGURPHQEHL.LQGHUQXQG -XJHQGOLFKHQHUIROJHQ ¾1HEHQGLHVHU]XVDPPHQIDVVHQGHQ'DUVWHOOXQJYRQHYLGHQ]EDVLHUWHQ5LVLNRIDNWRUHQVROOWH HLQHhEHUVLFKWYHUGHXWOLFKHQZHOFKH,QGLNDWLRQHQEHLHLQHU.RPELQDWLRQHUNDQQWHU 5LVLNRIDNWRUHQEHVWHKHQ]%6FUHHQLQJIUDJHQ]XU'HSUHVVLRQI UDOOH3DWLHQWHQEHL GHQHQ$QJVWV\QGURPHHWFEHUHLWVGLDJQRVWL]LHUWEHKDQGHOWZHUGHQ ¾hEHUHLQH]XVDPPHQIDVVHQGH'DUVWHOOXQJ]XbWLRSDWKRJHQHVHXQG5LVLNRIDNWRUHQKLQDXV VROOWHEHLGHUVSlWHUHQ'DUVWHOOXQJYRQ7KHUDSLHRSWLRQHQDXIGLH]XJUXQGHOLHJHQGHQ lwlrsdwkrjhqhwlvfkhq0rghoohe]zdxi3ureohphyhuvfklhghqhulwlrsdwkrjhqhwlvfkhu.rq]hswhklqjhzlhvhqzhughq'dvjlowehvrqghuvgdqqzhqqvlfkehlehvwlppwhq 6XEW\SHQGHSUHVVLYHU6W UXQJHQ]%'\VWK\PLHQUH]LGLYLHUHQGH'HSUHVVLRQHQDXVGHU $QQDKPHEHVWLPPWHU0RGHOOH.RQVHTXHQ]HQI UGLHZHLWHUH'LDJQRVWLNXQG7KHUDSLH HUJHEHQ %HLVSLHObWLRSDWKRJHQHVH $XVJHZlKOWZHLOKLHUHLQH]LHOJUXSSHQJHUHFKWH+DXVlU]WH]XU$QZHQGXQJEHL.ODVVLILNDWLRQXQG'LDJQRVWLNI KUHQGHZHJZHLVHQGH'DUVWHOOXQJHUIROJW1HEHQGHQ +LQZHLVHQ]X3UlYDOHQ]LQGHU3UD[LVZLUGDXIGLH]XP=HLWSXQNWGHU/HLWOLQLHQHUVWHOOXQJ XQJHNOlUWHQ3XQNWH]XUbWLRORJLHKLQJHZLHVHQ Vorbemerkungen zur Pathologie und Pathophysiologie Die Depression ist eine häufig vorkommende Erkrankung, deren gesamt-wirtschaftliche Kosten denen der koronaren Herzkrankheit vergleichbar sind. Sie ist gekennzeichnet durch eine hohe Rezidivneigung und eine hohe Mortalität. Die Prävalenz in der Allgemeinpraxis beträgt %. Wie bei anderen psychischen Krankheiten und Störungen ist auch beim depressiven Syndrom von einer multifaktoriellen Ätiopathogenese auszugehen, bei der im Einzelfall unterschiedliche Ursachen im Vordergrund stehen. Es wird angenommen, daß dem seelischen Erleben ein somatisches Korrelat (z. B. Störung im Neurotransmitterstoffwechsel) entspricht, jedoch ist dieses nicht gesichert oder verstanden. Das Leiden tritt familiär gehäuft auf, ohne daß der genaue Erbgang bekannt wäre. Das Syndrom kann außerordentlich leidvoll für alle Beteiligten sein und endet oft im Suizid. Etwa jeder zehnte wird einmal in seinem Leben an einer behandlungsbedürftigen Episode leiden. Die Krankheit ist leibnah und wird häufig als Störung in der Vitalsphäre am deutlichsten erlebt. Klassifikation Der traditionellen Einteilung der depressiven Erkrankungen liegt eine umstrittene Ätiologie zugrunde: als Ursachen wurden psychogene Faktoren wie z. B. belastende Lebensereignisse oder eine neurotische Entwicklung (depressive Reaktion, neurotische Depression), anlagebedingte, z. T. genetisch fixierte, im einzelnen unbekannte Faktoren (endogene Depression) oder körperliche Erkrankungen (organisatorische Depression) unterschieden. Da die Ätiopathogenese multifaktoriell ist, verzichtet die neue Klassifikation nach ICD-10 (Tabelle 1) weitgehend auf Vermutungen zur Ätiologie und benennt rein beschreibend das...
56 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO,GHQWLIL]LHUWHXQGSV\FKRORJLVFKH5LVLNRIDNWRUHQ $XVJHZlKOWZHJHQGHU EHUVLFKWOLFKHQ$XIOLVWXQJDOOJHPHLQDQHUNDQQWHU5LVLNRIDNWRUHQXQWHU (UJlQ]XQJHLQHU]XVDPPHQIDVVHQGHQ'DUVWHOOXQJHYLGHQ]EDVLHUWHUSV\FKRORJLVFKHU 5LVLNRIDNWRUHQZREHLKLHUQLFKWQXU5LVLNRVRQGHUQDXFK6FKXW]IDNWRUHQHUZlKQWZHUGHQ Aetiology and risk factors The concept of depressive disorders can be traced back to the earliest periods of recorded history. Hippocrates wrote of melancholia and the literal translation of Dysthymic Disorder is ill humoured. However, it was not until 1972 that the term Major Depressive Disorder was first introduced as a category in the Feighner Diagnostic Criteria. This concept was included in the DSM-III which brought together all the affective conditions into a classification based on symptoms rather than underlying personality. Kendler et al (1993) have retrospectively calculated the risks contributing to a particular episode of Major Depressive Disorder in a large group of female twins and found that there is a complex interaction of the following factors: Stressful life events and difficulties in the last three months, eg financial difficulties History of traumatic events, including abuse (physical, sexual and emotional), divorce and social isolation Exposure to dysfunctional parenting Premature parental loss Previous history of depression Genetic factors Neuroticism Poor social support. Brown and Moran (1994) and Brown et al (1994) found that childhood adversity (including parental indifference, family violence and sexual abuse) and current interpersonal difficulties were predictors of a chronic course of depression among working class mothers living in inner London and clients treated for depression at two London hospitals. Substance abuse has also been observed as a factor in predicting the chronicity of some depressive disorders, especially amongst men. The Otago Women s Health Survey found the following factors to be associated with the onset of psychiatric illness (anxiety and depression): being separated/ divorced, coming from a large family, having poor social networks, living alone, having few social responsibilities, financial difficulties and poor physical health. When assessed at the 30 month follow up, they discovered that middle aged women (45-64) were less likely to have recovered than either their younger or older counterparts. They considered that a factor contributing to this is the social role adjustment that women have to make once their child rearing responsibilities have ended (Romans et al, 1993, 1993a). Similar risk factors are likely to be operative in the aetiology of Dysthymic Disorder. The diathesis-stress model suggests that mental illness is a product of the interaction between a predisposition towards an illness/disorder and stressful events (Davison and Neale, 1990). A person may be predisposed genetically and psychologically (ie hold negative beliefs and attitudes about themselves and the world) towards developing a Major Depressive Disorder. If sufficient stressors occur (the relative impact of these being determined by the person s coping skills), the disorder develops. These stressors may include physiological stressors (eg experiencing a closed head injury) and psychological stressors (eg experiencing a traumatic event). There are also protective factors that will decrease the likelihood of developing a depressive episode: Perceived parental warmth Social support Coping skills and personality style
57 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO%LRORJLVFKH5LVLNRIDNWRUHQ $XVJHZlKOWZHJHQGHV$QVSUHFKHQVJHQHWLVFKHU)DNWRUHQXQGGHU'LIIHUHQ]LHUXQJ]ZLVFKHQ YHUVFKLHGHQHQGHSUHVVLYHQ6W UXQJHQ Guideline: A history of mood disorders in first-degree relatives increases the probability of a patient s developing a mood disorder. (Strength of Evidence = A.) First-degree relatives of bipolar disorder patients are at substantially higher risk for developing either a recurrent major depressive disorder (roughly 12 percent) or bipolar disorder (roughly 12 percent). Strong scientific evidence points to a genetic vulnerability to bipolar disorder. For those with more recurrent forms of major depressive disorder, genetic factors also appear to play a significant role. For those with less recurrent forms of major depressive disorder, the role of genetic factors is unclear. It is known, however, that patients who develop major depressive disorder before age 20 have a greater familial morbidity for depression. %HLVSLHO1HXURELRORJLVFKHV5LVLNR //'*331>6@ $XVJHZlKOWZHJHQGHUYRUVLFKWLJHQ)RUPXOLHUXQJHQGLHGDUDXIYHUZHLVHQGDVVLQGLHVHP %HUHLFKQRFK)RUVFKXQJVEHGDUIEHVWHKW Als neurobiologische ätiopathologische Grundlagen werden Störungen in der Reagibilität des stressregulierenden neuroendokrinologischen Systems (Limbisches System/ Hypothalmus/ Hypophyse/ Nebennierenrinde) vermutet, die sowohl Ursache als auch Wirkung von Störungen in der adaptiven Kapazität von limbischen Neurotransmittersystemen (Noradrenalin, Serotonoin, Dopamin, Acetylcholin) sein könnten. Insbesondere bei bipolaren Störungen wurden in letzter Zeit ursächlich auch Funktionsanomalien diskutiert, die möglicherweise der Hauptangriffspunkt im Wirkungsmechanismus von stimmungsstabilisierenden Medikamenten (Lithium, Valproat, Carbamzepin) sind. %HLVSLHO. USHUOLFKH=XVWlQGHE]Z(UNUDQNXQJHQDOV5LVLNRIDNWRU //$NGb>67DEHOOH@ $XVJHZlKOWZHJHQGHUJHQDQQWHQXQWHUVFKLHGOLFKHQ$UWHQVROFKHU5LVLNRIDNWRUHQ Biologisch Erschöpfung nach chronischer psychophysischer Anspannung, Folter Schwere körperliche Erkrankung Wochenbett Alkohol, vor allem bei längerem Gebrauch in höherer Dosierung, im Entzug oder danach Pharmakogen, z. B. Betarezeptorenblocker, Cortison (auch Manien), Gyrasehemmer, Reserpin Bei Absetzen von Benzodiazepinen, bei Opiatabhängigkeit und Polytoxikomanie, auch im Entzug Hypophysenvorderlappen-Insuffizienz, Hypothyreose
58 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO$XVO VHUYRQ'HSUHVVLRQ $XVJHZlKOWZHJHQGHU8QWHUVFKHLGXQJ]ZLVFKHQÄZDKUVFKHLQOLFKHP³XQGÄP JOLFKHP³ *HIDKUHQSRWHQ]LDOGHUDQJHI KUWHQ0HGLNDPHQWH Table 7.1 Medications with potential to induce depression Medications with a probable association: Anabolic steroids Interferons... Medications with a possible association: Cardiovascular Captopril (and other angiotensin-converting-enzyme [ACE] inhibitors)... Other Various anticonvulsants... %HLVSLHOH]XU'DUVWHOOXQJZHLWHUHU5LVLNRIDNWRUHQVLHKHDXFK!%HLVSLHO6R]LRGHPRJUDSKLVFKH3UlYDOHQ]GDWHQ!%HLVSLHO3UlYDOHQ]XQG6\PSWRPHUNHQQXQJLQYHUVFKLHGHQHQ$OWHUVJUXSSHQ %HLVSLHO,QGLNDWLRQHQEHLHUNDQQWHQ5LVLNRIDNWRUHQ $+&35>9RO6@ $XVJHZlKOWZHJHQGHVH[SOL]LWHQ+LQZHLVHVDXI0D QDKPHQGLHEHLEHVWLPPWHQ 5LVLNRIDNWRUHQ]XHUJUHLIHQVLQG Given that follow-up studies of those with panic or other anxiety disorders reveal that many will subsequently develop major depressive disorder and that they often have had a prior major depressive disorder or have a family history of major depressive disorder, the depression is the appropriate main target of treatment in many cases. Sometimes, however, only a treatment trial and observation will answer this complex diagnostic question. Whichever disorder is primary, the data are clear that the combination of panic and major depressive disorders results in a more severe disorder with greater impairment than does either disorder alone. For example, depressed patients with associated panic attacks have a more severe depressive illness and are less likely to recover during a 2-year follow up than are those without panic attacks (Coryell; endicott; Andersan et all., 1988). The lifetime suicide attempt rate for persons with both panic and major depressive disorders is more than twice that of those with panic disorder, but without major depressive disorder (19.5 versus 7.0 per 100) (Johnson, Weisman and Klerman 1990). In two separate studies, panic disorder and primary major depressive disorder were each associated with high suicide rates (Coryell; Noyes; and Clancy 1982, 1983). These data strongly suggest the importance of inquiring about, and even expecting to find, a concurrent mood disorder (especially major depressive disorder) in patients with anxiety complaints. If an individual presents with both conditions and if they are equally impairing, the practitioner should consider treatment with medications for which efficacy has been demonstrated for both conditions. These include MAOIs, SSRIs, TCAs, or in selected cases alprazolam.
59 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 3URJQRVHIDNWRUHQ 8QWHUÄ3URJQRVHIDNWRUHQ³ZHUGHQGLHMHQLJHQ(LQIOXVVJU HQYHUVWDQGHQGLHVLFKDXIGHQ ZHLWHUHQ9HUODXIHLQHUGHSUHVVLYHQ(UNUDQNXQJ+HLOXQJ5HVLGXDOV\PSWRPDWLN5 FNIDOO :LHGHUHUNUDQNXQJ(SLVRGHQKlXILJNHLWHQ&KURQLIL]LHUXQJ0RUWDOLWlW'HSUHVVLRQI U )ROJHHUNUDQNXQJHQDXVZLUNHQ'LHVHN QQHQVHLQ &KDUDNWHULVWLNDGHVÄQDW UOLFKHQ³9HUODXIV &KDUDNWHULVWLNDGHV9HUODXIVRKQH%HU FNVLFKWLJXQJVSH]LILVFKHU%HKDQGOXQJVVWUDWHJLHQ EHKDQGOXQJVVSH]LILVFKH3URJQRVHIDNWRUHQGLH+LQZHLVHDXIGLIIHUHQWLHOOH,QGLNDWLRQHQ JHEHQN QQWHQ 3UREOHP ¾'LH0HKU]DKOGHUEHZHUWHWHQ/HLWOLQLHQHQWKlOWNHLQH]XVDPPHQIDVVHQGH'DUVWHOOXQJYRQ 3URJQRVHIDNWRUHQVRQGHUQVLHZHUGHQLQXQWHUVFKLHGOLFKHQ.RQWH[WHQEHQDQQW$XIGLH 3URJQRVHIDNWRUHQZLUGDOOHUGLQJVKlXILJHU%H]XJJHQRPPHQDOVDXI5LVLNRIDNWRUHQI U HLQH(UVWHUNUDQNXQJ7URW]LQVJHVDPWVWlUNHUHU(YLGHQ]I UPDQFKHGHU3URJQRVH IDNWRUHQZHUGHQVLHKlXILJQXUDXIJHOLVWHWRKQHVLHPLW(YLGHQ]EHOHJHQ]XYHUNQ SIHQ ¾'LH9HUPLWWOXQJYRQ:LVVHQ]XHYLGHQ]EDVLHUWHQ3URJQRVHIDNWRUHQI KUWQLFKW DXWRPDWLVFK]XYHUQ QIWLJHQ(QWVFKHLGXQJHQLQXQWHUVFKLHGOLFKHQ6WDGLHQYRQ'LDJQRVH XQG7KHUDSLH 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWHHLQH]XVDPPHQIDVVHQGHHYLGHQ]EDVLHUWH'DUVWHOOXQJYRQ 3URJQRVHIDNWRUHQHQWKDOWHQGLHEHU FNVLFKWLJWGDVVGHSUHVVLYH6W UXQJHQKlXILJ UHNXUULHUHQRGHUFKURQLIL]LHUHQXQGHLQH5HVLGXDOV\PSWRPDWLN]XEHDFKWHQLVW ¾'HULQYLHOHQ/HLWOLQLHQHQWKDOWHQHODQJIULVWLJDQJHOHJWH%HKDQGOXQJVSODQLVWHPSLULVFK]X VW W]HQ=XU%HZHUWXQJGHU(YLGHQ]LVWHLQDQGHUHU.ULWHULHQNDWDORJ]XJUXQGH]XOHJHQ DOV]XU%HZHUWXQJGHU:LUNVDPNHLWYRQ7KHUDSLHQ ¾(LQH/HLWOLQLHVROOWH]%$XVVDJHQ]XGHQIROJHQGHQ)DNWRUHQHQWKDOWHQ]XGHQHQEHUHLWV (YLGHQ]YRUOLHJW ELVKHULJH6\PSWRPDWLNXQGELVKHULJHU(UNUDQNXQJVYHUODXI 3UlGLNWRUHQI U:LHGHUHUNUDQNXQJVLQG]%GLHUHVLGXDOH6\PSWRPDWLNRGHUGLH $Q]DKOELVKHULJHU(SLVRGHQ I UEHVRQGHUH6XEW\SHQJLEWHVVSH]LILVFKH3URJQRVHIDNWRUHQ ]%3DWLHQWHQPLWEHUHLWVFKURQLIL]LHUWHP9HUODXIRGHUKRKHU5H]LGLYIUHTXHQ].RPRUELGLWlWHQXQG)ROJHHUNUDQNXQJHQ ]%ZHLWHUHSV\FKLDWULVFKH6W UXQJHQEHVWLPPWHN USHUOLFKH(UNUDQNXQJHQ *HVFKOHFKWXQG(UVWHUNUDQNXQJVDOWHU ]%IU KH(UVWHUNUDQNXQJXQGZHLEOLFKHV*HVFKOHFKW ELRORJLVFKHXQGSV\FKRORJLVFKH9XOQHUDELOLWlWVPDUNHU ]%EHVWLPPWHVR]LDOH,QWHUDNWLRQVPXVWHURGHUNRJQLWLYH'HIL]LWH DQVSUHFKHQDXIELVKHULJH7KHUDSLHQ ]%KDEHQ3DWLHQWHQGLHVFKQHOOXQGYROOVWlQGLJRKQHUHVLGXDOH6\PSWRPDWLN DXI7KHUDSLHQDQVSUHFKHQHLQHEHVVHUH3URJQRVH 'HSUHVVLRQDOV.RPSOLNDWLRQVIDNWRUI UGDV2XWFRPHDQGHUHU(UNUDQNXQJHQ ]%K KHUH0RUWDOLWlWVUDWHQYRQNRPRUELGNUDQNHQ0\RNDUGLQIDUNWSDWLHQWHQ ¾(VVLQGHEHQIDOOVJHVLFKHUWH$XVVDJHQ]X)DNWRUHQ]XWUHIIHQGLHHLQHQJ QVWLJHQ (UNUDQNXQJVYHUODXIZDKUVFKHLQOLFKPDFKHQXQGGLHGDV:LHGHUHUNUDQNXQJVXQG &KURQLIL]LHUXQJVULVLNRVHQNHQ6ROFKH)DNWRUHQZHUGHQLQ*HJHQ EHUVWHOOXQJ]X 5LVLNRIDNWRUHQKlXILJDOV6FKXW]3XIIHURGHU5HVLOLHQ]IDNWRUHQEH]HLFKQHW
60 /HLWOLQLHQEHULFKW'HSUHVVLRQ ¾:HQQVLFKDXVGHP9RUOLHJHQEHVWLPPWHU3URJQRVHNULWHULHQ(PSIHKOXQJHQI UGDV SUDNWLVFKH9RUJHKHQDEOHLWHQODVVHQVROOWHQGLHVHLQGHQ(PSIHKOXQJHQLQVEHVRQGHUH GDQQZHQQDXFKGLH(PSIHKOXQJHQHPSLULVFKEHJU QGHWZHUGHQN QQHQEHU FNVLFKWLJW ZHUGHQ %HLVSLHO)DNWRUHQGLHGLH5 FNIDOOZDKUVFKHLQOLFKNHLWHUK KHQ $XVJHZlKOWZHJHQGHU1RWZHQGLJNHLW]XQlFKVWHLQHQhEHUEOLFN]XJHEHQ EHU)DNWRUHQ GHUHQ(LQIOXVVDXIGHQZHLWHUHQ(UNUDQNXQJVYHUODXIJHVLFKHUWLVW...Factors increasing the risk of future recurrence include: A strong family history of mood disorders A history of recurrence within one year after discontinuation of a previously efficacious medication One or more suicide attempts Onset of the first episode before age 20 Two or more episodes of major depression in the past two years Concurrent dysthymia %HLVSLHO3URJQRVHQDFK6\PSWRPDWLNXQG(UNUDQNXQJVYHUODXI //&3$>6@ $XVJHZlKOWZHJHQGHU(LQEH]LHKXQJGHU(YLGHQ]EDVLVXQGGHU'LIIHUHQ]LHUXQJ]ZLVFKHQ YHUVFKLHGHQHQ6XEJUXSSHQGHSUHVVLYHU6W UXQJHQ 3. What factors predict recovery, and how should recovery be defined? In general, the longer a patient is symptomatic, the lower the likelihood of recovery. One longitudinal study found that more than 50% of patients with MDD recovered within 6 months, but thereafter, recovery rates sharply decreased with time (15). Compared with patients with MDD alone, patients with double depression (dysthymic disorder with concurrent MDD) are more likely to have continued depressive symptoms after 2 years of follow- up (16). In a 12-month follow-up study of in patients with depression, longer hospital stay, younger age of onset, poorer family functioning, more than 2 prior hospitalizations, and the presence of a comorbid illness were significantly associated with a lower recovery rate (17). Other factors predicting a longer time to recovery include longer duration and increased severity of the index episode, prior history of a nonmood psychiatric disorder, a lower family income and being married (18), and poorer family functioning (19). On the other hand, the cumulative probability of recovery can be up to 88% after 5 years of treatment (15), and recoveries have occurred even after 15 years of illness (11). Factors associated with recovery from chronic MDD (> 2 years) include a relatively high maximum level of functioning in the 5 years preceding intake, less severe illness at intake, lack of psychotic features, and good friendship patterns in adolescence (20). Elsewhere, psychosocial and family factors were predictive of a longterm (6-year) course of MDD (21)....
61 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO.RPRUELGLWlWHQXQG)ROJHHUNUDQNXQJHQ $XVJHZlKOWZHJHQGHU(UZlKQXQJGHUZLFKWLJVWHQYHUODXIVEHHLQIOXVVHQGHQ.RPRUELGLWlWHQ XQG*UXSSHQYRQ)ROJHHUNUDQNXQJHQ 4. What other disorders commonly co-occur with depression? Depressive disorders are frequently comorbid with other psychiatric and medical conditions (see Section VII). High rates of comorbid anxiety disorders and substance abuse/dependence are reported in both clinic and community samples (1,29,30). Psychiatric comorbidity has been associated with both increased disease severity and a poorer prognosis (31). In addition, personality disorders have been diagnosed in 41% to 81% of patients with depression in clinic samples, and MDD occurs in up to 35% of patients with certain personality disorders (32,33). A multisite study of chronic major and double depression found that the most frequent personality disorders comorbid with chronic depression were avoidant (25%), obsessive - compulsive (18%), and selfdefeating (16%) (34). The presence of borderline personality disorder (BPD) or dependent personality traits predicts MDD relapse (35). Major depression is also frequently seen in patients with a wide variety of chronic physical illnesses ranging from migraine headaches to cancer to post stroke and post myocardial infarction (36,37). In general, patients with comorbid medical illnesses are more likely to present with chronic conditions, and have a higher risk of suicide attempts, than are patients with a single medical or psychiatric diagnosis (3). %HLVSLHO$QVSUHFKHQDXIELVKHULJH7KHUDSLHQ $+&35>'HSUHVVLRQLQ3ULPDU\&DUH9RO6I@ $XVJHZlKOWZHJHQGHU]XVDPPHQIDVVHQGHQ$XVVDJH]XUSURJQRVWLVFKHQSKDVHQDEKlQJLJHQ %HGHXWXQJHLQHVQLFKWYROOVWlQGLJHQ$QVSUHFKHQVDXI7KHUDSLHQ It is reasonably well established that patients who have only a partial response to acute treatment will have more symptoms during continuation treatment. Furthermore, those with poor symptom control during continuation treatment have a higher chance of earlier relapse, as well as recurrence once treatment is discontinued (Prien and Kupfer, 1986). Figure 5
62 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO'HSUHVVLRQDOV.RPSOLNDWLRQVIDNWRU $XVJHZlKOWZHJHQGHU%HOHJHGDVV'HSUHVVLRQGLH0RUWDOLWlWVWHLJHUWXQG]XXQJ QVWLJHQ 9HUOlXIHQDXFKEHLDQGHUHQ(UNUDQNXQJHQEHLWUlJW 9. What contributes to elevated death rates in persons with depression? Persons with depression have increased mortality rates both through direct (suicide) and through indirect mechanisms. In a study of 4000 patients with depressive disorders, the standardized mortality rate doubled for all causes of death but was increased 26-fold for suicide (60). Similarly, in a small clinical sample overall mortality risk doubled, with a 7-fold increased mortality rate for women under age of 40 years at index admission (11).... The life time prevalence of suicide is estimated at 2.2% for a mixed group of inpatients/outpatients with depression, compared with 0.5% for nonaffectively ill patients, and up to 8.6% for patients hospitalized for suicidality (61)... For example, patients with coronary artery disease have an increased risk of subsequent death by cardiac or other causes if they are depressed at the time of hospitalization, and this increased risk is sustained for at least 10 years (66). Depression is similarly associated with more than a 3-fold increased risk of death during the first year after a diagnosis of unstable angina and more than a 4-fold increased risk of death during the first 3 months after acute myocardial infarction (37,67). The increased risk of death from cardiovascular disease may be due both to direct effects (such as decreased heart rate variability, increased platelet aggregation, and altered autonomic tone) and to indirect effects (such as poor selfcare, in creased smoking, and alcohol consumption) and appears to affect men more than women (65,68). :HLWHUHV%HLVSLHO]XU'DUVWHOOXQJYRQ3URJQRVHIDNWRUHQVLHKHDXFK!%HLVSLHO3UlYDOHQ]XQG6\PSWRPHUNHQQXQJLQYHUVFKLHGHQHQ$OWHUVJUXSSHQ
63 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 'LDJQRVWLNGHU'HSUHVVLRQ ' 3V\FKRSDWKRORJLH7HFKQLFDOWHUPV 'LH(UNHQQXQJXQG%HVFKUHLEXQJYRQGHSUHVVLYHQ(UNUDQNXQJHQEHUXKWDXIGHU %HREDFKWXQJRGHUGHU(LQVFKlW]XQJEHULFKWHWHU6\PSWRPHZLH]%ÄGHSUHVVLYH 9HUVWLPPXQJ³RGHUÄ,QVXIIL]LHQ]HUOHEHQ³,QGHU3V\FKRSDWKRORJLHJLEWHV]DKOUHLFKH 'HILQLWLRQHQXQG.RQYHQWLRQHQ]XU(UIDVVXQJGHU6\PSWRPDWLN 3UREOHP ¾'HSUHVVLYH6\PSWRPHZHUGHQLQGHQDNWXHOOHQ'LDJQRVHV\VWHPHQZLHEHLVSLHOVZHLVH GHP'60,9XQG$0'36\VWHPLQ/LVWHQ]XÄ7HFKQLFDO7HUPV³GHILQLHUW:HQLJHGHU YRUOLHJHQGHQ/HLWOLQLHQPDFKHQ9RUJDEHQGLHHLQHDXVUHLFKHQGNOlUHQGH'HILQLWLRQ ]HQWUDOHUSV\FKRSDWKRORJLVFKHU%HJULIIHHUODXEW ¾'LH8QWHUVFKLHGHEHLVSLHOVZHLVH]ZLVFKHQGHU/LVWHGHUÄ7HFKQLFDOWHUPV³LP'60,9XQG GHP$0'36\VWHPVLQGVREHGHXWVDPGDVVQLFKWGDYRQDXVJHJDQJHQZHUGHQNDQQ GDVV]ZHL8QWHUVXFKHUGLHEHLHLQHP3DWLHQWHQHLQHGHSUHVVLYH9HUVWLPPXQJIHVWVWHOOHQ GDPLWWDWVlFKOLFKGDVVHOEH3KlQRPHQPHLQHQXQGJOHLFKH3DWLHQWHQHLQVFKOLH HQ2KQH.RQVHQVGDU EHUZDVHLQ.UDQNKHLWVV\PSWRPLVWXQGZLHHV]XEHVFKUHLEHQLVWLVWGLH 5HOLDELOLWlWDOOHUGDUDXIDXIEDXHQGHQGLDJQRVWLVFKHQ6FKULWWHHLQJHVFKUlQNW 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWHGDUVWHOOHQDXIZHOFKH'HILQLWLRQHQSV\FKRSDWKRORJLVFKHU%HJULIIHVLH VLFKEH]LHKW ¾$XIGLHP JOLFKHUZHLVHHLQJHVFKUlQNWH5HOLDELOLWlWEHLGHU1XW]XQJGHUHPSIRKOHQHQ GLDJQRVWLVFKHQ$OJRULWKPHQXQG,QVWUXPHQWHLVWLQGLHVHP=XVDPPHQKDQJKLQ]XZHLVHQ %HLVSLHO'HILQLWLRQGHU3V\FKRSDWKRORJLH $XVJHZlKOWZHJHQGHUNXU]HQXQG EHUVLFKWOLFKHQ%HVFKUHLEXQJSV\FKRSDWKRORJLVFKHU %HJULIIH Tabelle 2: Relevante Symptome zur Diagnosestellung der Depression nach ICD-10 Psychische Symptome Depressive Stimmung Verlust von Interesse und Freude (Anhedonie) Verminderter Antrieb und erhöhte Ermüdbarkeit Verminderte Konzentration und Aufmerksamkeit... (Beispiel gekürzt) ungleich Trauer, eher Leere, Verzweiflung stark verminderte oder völlig erloschene Fähigkeit, an sonst wichtigen Dingen des Lebens teilzunehmen bzw. sich daran zu freuen (Beruf, Hobby, Essen, Trinken, sexuelle Aktivitäten) Entschlußlosigkeit, meist schuldhaft verarbeitet bei leistungsorientierter und sehr pflichtbewußter Primärpersönlichkeit reversibel, situationsabhängig; bei guter psychologischer Testung von organischen Störungen abgrenzbar Überzeugung, (körperlich) unheilbar krank zu sein
64 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 6\QGURPDOH'LDJQRVWLN 'LH7KHUDSLHGHSUHVVLYHU(UNUDQNXQJHQLVW]XHLQHPZHVHQWOLFKHQ7HLOQLFKWGLDJQRVH VRQGHUQV\QGURPDEKlQJLJ9RQGDKHUNRPPWGHUGLIIHUHQ]LHUWHQ6\QGURPEHVFKUHLEXQJ EHLVSLHOVZHLVHDJLWLHUWH'HSUHVVLRQ'HSUHVVLRQYRPPHODQFKROLVFKHQ6XEW\SHLQHJUR H GLDJQRVWLVFKHZLHWKHUDSHXWLVFKH%HGHXWXQJ]X 'XUFKGLHV\QGURPDOH'LDJQRVWLNVROOPLW+LOIHYRQGLDJQRVWLVFKHQ,QVWUXPHQWHQHLQH =XRUGQXQJGHUDXVGHQXQWHUVFKLHGOLFKHQ%HUHLFKHQ]%GHPN USHUOLFKHQGHPDIIHNWLYHQ NRJQLWLYHQPRWLYDWLRQDOHQVR]LDOLQWHUDNWLRQHOOHQRGHUGHP%HUHLFKPRWRULVFKHQ9HUKDOWHQV SUlVHQWLHUWHQ6\PSWRPH]XHLQHPEHVWLPPWHQ.UDQNKHLWVELOGHUIROJHQ'LHVGLHQWDXFKGHU QRWZHQGLJHQ$EJUHQ]XQJ]XDQGHUHQ.UDQNKHLWVELOGHUQGDGDVGHSUHVVLYH6\QGURPDXV ]DKOUHLFKHQYHUVFKLHGHQHQ6\PSWRPHQEHVWHKWYRQGHQHQHLQ]HOQH]%$QJVWVW UXQJHQ 6FKODIVW UXQJHQDXFKEHLYLHOHQDQGHUHQ(UNUDQNXQJHQEHREDFKWHWZHUGHQN QQHQ 3UREOHP ¾9LHOH/HLWOLQLHQEHU FNVLFKWLJHQQLFKWGDVVMHGHVLQGLYLGXHOOH6\QGURPGLH6\PSWRPHGHU XQWHUVFKLHGOLFKHQ%HUHLFKHLQXQWHUVFKLHGOLFKHU=XVDPPHQVHW]XQJHQWKDOWHQNDQQXQG DQGHUHUVHLWVYLHOHDQGHUH.UDQNKHLWVELOGHUGLHQLFKWLQGLH*UXSSHGHUGHSUHVVLYHQ (UNUDQNXQJHQIDOOHQZHJHQGHU9LHO]DKOXQVSH]LILVFKHU6\PSWRPHKlXILJGLH.ULWHULHQ DXVJHSUlJWHUGHSUHVVLYHU6\QGURPHHUI OOHQ ¾(VJLEWLQGHU/LWHUDWXUVHKUYLHOH6\QGURPHUIDVVXQJVVNDOHQ]XU)UHPGEHXUWHLOXQJRGHU 6HOEVWEHXUWHLOXQJ(VLVWXQNODUZHOFKH6NDOHQI UZHOFKH)UDJHVWHOOXQJDOV6WDQGDUG JHOWHQVROOWHQXQGZLHVLH]XU.RPPXQLNDWLRQLQGHU)RUVFKXQJZLHDXFKXQWHU 7KHUDSHXWHQJHQXW]WZHUGHQN QQHQ ¾:HQQGLH'LDJQRVWLNDOOHLQXQWHU(LQVDW]GHULQPDQFKHQ/HLWOLQLHQHPSIRKOHQHQ V\QGURPDOHQ0HVVVNDOHQHUIROJWEHVWHKWEHLPDQFKHQ(UNUDQNXQJHQGLH*HIDKUGDVV PDQGLHVH EHUVHKHQN QQWHZHLO7HLOHGHVGHSUHVVLYHQ6\QGURPVGHUHQ6\PSWRPH (UNUDQNXQJHQ EHUODJHUQ 9RUVFKODJ ¾(LQH%HKDQGOXQJVOHLWOLQLHVROOWHHLQH5HLKHXQWHUVFKLHGOLFKHUÄ6\QGURPJHVWDOWHQ³ ]%DJLWLHUWH'HSUHVVLRQEHQHQQHQXQGGHILQLHUHQDXIGLHGDQQEHL 7KHUDSLHHPSIHKOXQJHQ%H]XJJHQRPPHQZHUGHQNDQQ ¾(LQH/HLWOLQLHVROOWHVLFK]XP(LQVDW]YRQ6\QGURP0HVVLQVWUXPHQWHQlX HUQXQG 9RUVFKOlJHPDFKHQZDQQZHOFKHV,QVWUXPHQWEHYRU]XJW]XYHUZHQGHQLVWXQGZHOFKH (LQVFKUlQNXQJHQVLFKLQGHU1XW]XQJGLHVHU,QVWUXPHQWHHUJHEHQ ¾(VVROOWHQ9RUVFKOlJH]XU0LQLPLHUXQJYRQÄIDOVFKSRVLWLYHQ³%HIXQGHQEHLP(LQVDW]YRQ 6\QGURP0HVVVNDOHQHQWKDOWHQVHLQ
65 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 'LDJQRVWLNVSH]LHOOHU6\QGURPH 'HSUHVVLYH6W UXQJHQKDEHQ6\QGURPDQWHLOHGLHJHVRQGHUWEHU FNVLFKWLJWZHUGHQP VVHQ XQGJJIHLJHQHWKHUDSHXWLVFKH.RQVHTXHQ]HQKDEHQZLHEHLVSLHOVZHLVH6XL]LGDOLWlWRGHU NRJQLWLYH/HLVWXQJVHLQVFKUlQNXQJHQ'LHVHVLQG]XP7HLOVFKZHU]XGLDJQRVWL]LHUHQ 3UREOHP ¾,QHLQLJHQ/HLWOLQLHQZLUGDXIVSH]LHOOH6XEV\QGURPHZLH]%GLH6XL]LGDOLWlWGHWDLOOLHUWHU HLQJHJDQJHQHVZLUGMHGRFKNHLQHXPIDVVHQGHhEHUVLFKW EHUGHUDUWLJH6XEV\QGURPH JHJHEHQ 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWHDOOH6XEV\QGURPHQHQQHQGLHHLJHQHGLDJQRVWLVFKH3UR]HVVH HUIRUGHUOLFKPDFKHQ ¾(VVROOWHQMHZHLOVNODUH(PSIHKOXQJHQJHJHEHQZHUGHQZLHXQWHUZHOFKHQ%HGLQJXQJHQ MHZHLOVGLDJQRVWLVFKYRU]XJHKHQLVWNOLQLVFKH8QWHUVXFKXQJ/HLVWXQJVGLDJQRVWLNXVZ
66 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO'LDJQRVWLNGHU6XEV\QGURPV6XL]LGDOLWlW $XVJHZlKOWZHJHQGHU3UD[LVQlKHXQGGHVVWUXNWXULHUWHQ9RUJHKHQV MANAGEMENT OF MAJOR DEPRESSIVE DISORDER IN ADULTS Appendix 3. Suicidality The potential threat of self-harm and violence and the assessment of the potentially violent patient have been... Evaluation of the Potentially Suicidal Patient The evaluation itself consists of three main parts: 1. Eliciting suicidal ideation or intent 2. Gathering data on risk factors for completed suicide 3. Weighing items one and two to assess safety. 1. Eliciting Suicidal Ideation or Intent Ideally, eliciting suicidal ideation or intent involves a free and honest exchange of information between patient and clinician. Unfortunately, this is not always so. Familiarity with the existing epidemiological and demographic data concerning suicide (see below) is useful in generating an index of suspicion. From there, direct questioning regarding suicidal ideation/intent may be initiated. There are no data demonstrating an increased rate of suicide attempts or completions following questioning about suicide. Avoid rushing this part of the history or putting it off. Despite the lack of reliable measures of suicide risk among individuals, a basic assessment should (Goldberg, 1987): a. Determine presence/absence of delirium, psychosis, or depression b. Elicit patient s statements about his/her suicidality c. Elicit patient s own ideas concerning what would help attenuate or eliminate suicidal ideation/intent d. Attempt to gather collateral data from a third party in order to confirm the patient s story e. A suggested sequence of suicide questions to ask is: Are you discouraged about your medical condition (or social situation, etc.)? Are there times when you think about your situation and feel like crying? During those times, what sorts of thoughts go through your head? Have you ever felt that if the situation did not change, it would not be worth living? Have you reached a point that you ve devised a specific plan to end your life? Do you have the necessary items for completion of that plan readily available? f. Formulate acute and chronic management plan. Encourage active patient participation in negotiating a plan for follow-up. What epidemiological risk factors are present (may have to inquire about each one individually)? What other psychiatric conditions are present (besides the ones mentioned above)? What is the level of psychological defense functioning? Has there been a will made recently? Is there talk of plans for the future? What is the makeup and condition of the patient s social support system? How can they be contacted? Is there active suicidal ideation? How strong is (your) intent to do this? Can you resist the impulse to do this? Do you tend to be impulsive? Have you ever rehearsed how you would kill yourself? Have any family members or people close to you ever killed themselves? 2. Risk Factors for Completed Suicide... :HLWHUHV%HLVSLHODOV+LQZHLV]XU'LDJQRVWLNGHU6XL]LGDOLWlWVLHKHDXFK!%HLVSLHO3UlYDOHQ]XQG6\PSWRPHUNHQQXQJLQYHUVFKLHGHQHQ$OWHUVJUXSSHQ
67 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 0HKUD[LDOH'LDJQRVWLN (LQGHSUHVVLYHV6\QGURPJHJHEHQHU4XDOLWlWI KUW]XDQGHUHQ%HKDQGOXQJVHPSIHKOXQJHQ ZHQQHVEHLVSLHOVZHLVHLP.RQWH[WN USHUOLFKHU.UDQNKHLWVR]LDOHU%HQDFKWHLOLJXQJDNXWHU /HEHQVEHODVWXQJHQRGHUHLQHVJHULQJHQ$GDSWDWLRQVQLYHDXVDXIWULWWDOVLP)DOOHHLQHU 3HUVRQGLHDQVRQVWHQJHVXQGVR]LDOJXWLQWHJULHUWXQGRKQHDNXWH%HODVWXQJHQLVW (VLVWGDKHUHLQNOLQLVFKUHOHYDQWHV3UREOHPZHQQLP5DKPHQGHU'LDJQRVWLNGLHVH3XQNWH QLFKWHUIDVVWZHUGHQ 'LHKLHUI UQRWZHQGLJHQ%HIXQGHZHUGHQEHLVSLHOVZHLVHDXFKLP5DKPHQGHU ELRSV\FKRVR]LDOHQ'LDJQRVWLNGHV+DXVDU]WHVUHJHOPl LJEHL'LDJQRVHXQG7KHUDSLH QLFKWSV\FKLDWULVFKHU(UNUDQNXQJHQHUKREHQ (LQHUHLQV\QGURPDOEHJU QGHWH'LDJQRVHPXVVGXUFK]XVlW]OLFKH$QJDEHQ]XZHLWHUHQ $FKVHQGHU'LDJQRVWLNZLHVLHEHLVSLHOVZHLVHDXFKLQGHUD[LDOHQ%HWUDFKWXQJQDFK,&' 3HUV QOLFKNHLWVVW UXQJHQPHGL]LQLVFKH.UDQNKHLWVIDNWRUHQSV\FKRVR]LDOH XPJHEXQJVEHGLQJWH3UREOHPHSV\FKRVR]LDOHV)XQNWLRQVQLYHDXHQWKDOWHQVLQGHUJlQ]W ZHUGHQ 3UREOHP ¾9RUOLHJHQGH/HLWOLQLHQQHKPHQJHOHJHQWOLFK%H]XJDXIGLHPHKUD[LDOH'LDJQRVWLN GHSUHVVLYHU6\QGURPH$OOHUGLQJVZHUGHQGLHVH'LPHQVLRQHQLQGHU5HJHOQLFKWQlKHU DXVJHI KUWREZRKOVLHI UGLH%HKDQGOXQJGHV3DWLHQWHQJU HUH%HGHXWXQJKDEHQ N QQHQDOVGDVGHSUHVVLYH6\QGURPLPHQJHUHQ6LQQH 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWHDOOH$FKVHQGHUPHKUD[LDOHQ'LDJQRVWLNSV\FKLVFKHU(UNUDQNXQJHQ EHU FNVLFKWLJHQ(VVROOWHQSUl]LVHGLDJQRVWLVFKH9RUJDEHQHLQVFKOLH OLFK(PSIHKOXQJHQ ]XU$QZHQGXQJSUD[LVWDXJOLFKHU,QVWUXPHQWHJHJHEHQZHUGHQ
68 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO0HKUD[LDOH'LDJQRVWLN $XVJHZlKOWZHJHQGHU EHUVLFKWOLFKHQ=XVDPPHQVWHOOXQJGHU'LDJQRVHDFKVHQHLQVFKOLH OLFK GHV+LQZHLVHVDXIHLQ,QVWUXPHQW PXOWLD[LDOHYDOXDWLRQUHSRUWIRUP GDVVGLH$QZHQGXQJ GLHVHU9RUJHKHQVZHLVHXQWHUVW W]W 2. Evaluate Psychiatric Symptoms and Co-Morbidities Multiaxial Assessment This system involves an assessment on each of five axes. Each axis refers to a different domain of information that may help the clinician assess the patient, plan treatment and predict outcome. Axis I: Clinical Disorders, Other Conditions That May Be a Focus of Clinical Attention This axis is for listing all diagnoses of mental illness and psychiatric conditions, except for the personality disorders and mental retardation. Axis II: Personality Disorders, Mental Retardation This axis is for reporting personality disorders, mental retardation, and prominent maladaptive personality features and defense mechanisms. Axis III: General Medical Conditions *If mood disorder is due to a general medical condition then it is out of the guideline. Current general medical conditions which are or may be potentially relevant to the listed Axis I and II disorders are reported in this axis. There are no definitive studies which support recommendations for or against routine laboratory or medical screening. Axis IV: Psychosocial and Environmental Problems Psychosocial and environmental problems which may affect the diagnosis, treatment and prognosis of Axes I and II are noted here. When using the Multiaxial Evaluation Report Form, the clinician should identify the relevant categories of psychosocial and environmental problems and indicate the specific factors involved. If a recording form with a checklist of problem categories is not used, the clinician may simply list the specific problems on Axis IV. Categories of problems to be considered include: ¾problems with primary support group ¾problems related to the social environment ¾educational problems ¾occupational problems ¾housing problems ¾economic problems ¾problems with access to health care services ¾problems related to interaction with the legal system/crime ¾other psychosocial and environmental problems Axis V: Global Assessment of Functioning Axis V is for reporting the clinicians judgement of the individuals overall level of functioning. This information is useful in rating severity, planning treatment, and measuring its impact, as well as in predicting outcome. See Appendix A for Global Assessment Form scale. Evidence supporting this conclusion is of classes: C, R
69 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 1RVRORJLVFKH.DWHJRULDOH'LDJQRVHQ 'LH)HVWOHJXQJGHU'LDJQRVHGHSUHVVLYHU6W UXQJHQHUIROJWLQGHU5HJHOLQNDWHJRULDOHU $EJUHQ]XQJ'LH(LQRUGQXQJKLHU]XJHVFKLHKW EHUÄ$OJRULWKPHQ³ZLHVLHEHLVSLHOVZHLVHDXFK LP'60,9RGHU,&'ZLHGHUJHJHEHQVLQG 'LH0HKU]DKOGHU3DWLHQWLQQHQXQG3DWLHQWHQPLWGHSUHVVLYHQ6W UXQJHQVWHOOHQVLFKSULPlULQ GHUKDXVlU]WOLFKHQ3UD[LVYRUQXUHLQ7HLOGHU%HWURIIHQHQVWHOOWLKUHSV\FKLVFKHQXQG GHSUHVVLRQVW\SLVFKHQ%HVFKZHUGHQLQGHQ9RUGHUJUXQG 3DWLHQWHQVHLWLJH)DNWRUHQ.RQVXOWDWLRQVDQODVV3UlVHQWLHUYHUKDOWHQEHHLQIOXVVHQGLH5DWH GHUULFKWLJHQGLDJQRVWLVFKHQ(LQVFKlW]XQJPD JHEOLFK'DGHSUHVVLYH6W UXQJHQ GLPHQVLRQDOH3KlQRPHQHVLQGN QQHQNDWHJRULDOH*UHQ]VHW]XQJHQ]XP3UREOHPGHUVRJ VXEVFKZHOOLJHQ0RUELGLWlWGKHVHUIROJWNHLQH'LDJQRVHGHU'HSUHVVLRQZHLOHLQ6FRUH QLFKWHUI OOWLVWI KUHQ 9DOLGLHUWHGLDJQRVWLVFKH,QVWUXPHQWHGLHHLQHI UGLH)HVWOHJXQJGHVZHLWHUHQ'LDJQRVHXQG 7KHUDSLHPDQDJHPHQWVDXVUHLFKHQGHJHQDXH.ODVVLILNDWLRQGHU(UNUDQNXQJHUODXEHQ NRPPHQNDXP]XP(LQVDW]'DKHUZLUGQXUEHLHLQHP7HLOGHU3DWLHQWHQHLQHUHOHYDQWHXQG EHKDQGOXQJVEHG UIWLJH'HSUHVVLRQGLDJQRVWL]LHUWHEHQVRZLUGEHLHLQHPDQGHUHQ7HLOGHU 3DWLHQWHQGLH'LDJQRVHHLQHU'HSUHVVLRQJHVWHOOWREZRKOGLH.ULWHULHQQDFK,&'QLFKW HUI OOWVLQG 3UREOHP ¾'LHYRUOLHJHQGHQXQGDXFKLQYLHOHQ/HLWOLQLHQHPSIRKOHQHQÄ$OJRULWKPHQ³VHW]HQ N QVWOLFKH*UHQ]HQGLHQLFKWLQMHGHP)DOOGHQNOLQLVFKHQ1RWZHQGLJNHLWHQJHUHFKW ZHUGHQ ¾'LHVWULNWH$QZHQGXQJGHUGHILQLHUWHQ$OJRULWKPHQI KUW]XP3KlQRPHQGHU SV\FKLDWULVFKHQ.RPRUELGLWlWXQGVFKDIIWGDPLWDOV$UWHIDNWHLQHÄ3VHXGR 0XOWLPRUELGLWlW³ 9RUVFKODJ ¾,QHLQHU/HLWOLQLHVROOWHQGLHGLDJQRVWLVFKHQ$OJRULWKPHQQLFKWQXULP6LQQHNRQVHQVXDOHU.ULWHULHQYRUJHVWHOOWZHUGHQVRQGHUQHVVROOWHDXFKGLH8QWHUVFKHLGXQJ]ZLVFKHQHLQHU W\SRORJLVFKHQXQGHLQHUGLPHQVLRQDOHQ'LDJQRVWLNUHIOHNWLHUWZHUGHQ ¾=XP3UREOHPGHUVXEVFKZHOOLJHQ0RUELGLWlWLVW6WHOOXQJ]XQHKPHQKLHUI UVLQGNODUH GLDJQRVWLVFKH9RUJDEHQ]XPDFKHQ'LHVH9RUJDEHQP VVHQGLHLQVWLWXWLRQHOOH3UlYDOHQ] GHU0RUELGLWlWXQG6\PSWRPYHUWHLOXQJEHU FNVLFKWLJHQXQGLPSUDNWLVFKHQ$OOWDJ]%LQ GHUSULPlUlU]WOLFKHQ9HUVRUJXQJDXFKXPVHW]EDUVHLQ
70 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO.DWHJRULDOH'LDJQRVWLN $XVJHZlKOWZHJHQGHUHLQIDFKHQSUD[LVRULHQWLHUWHQ(LQRUGQXQJLQGLH.DWHJRULHXQGGHU +LQZHLVHDXIZLFKWLJHGLIIHUHQ]LDOGLDJQRVWLVFK]XEHU FNVLFKWLJHQGHhEHUOHJXQJHQ Depression F32# Presenting complaints The patient may present initially with one or more physical symptoms, such as pain or tiredness all the time. Further enquiry will reveal low mood or loss of interest. Irritability is sometimes the presenting problem. A wide range of presenting complaints may accompany or conceal depression. These include anxiety or insomnia, worries about social problems such as financial or marital difficulties, increased drug or alcohol use, or (in a new mother) constant worries about her baby or fear of harming the baby. Some groups are at higher risk (eg those who have recently given birth or had a stroke, and those with physical disorders, eg Parkinson s disease or multiple sclerosis). Diagnostic features Low or sad mood Loss of interest or pleasure At least four of the following associated symptoms are present: disturbed sleep poor concentration disturbed appetite suicidal thoughts or acts guilt or low self-worth loss of self confidence pessimism or hopelessness fatigue or loss of energy about the future agitation or slowing of decreased libido movement or speech diurnal mood variation Symptoms of anxiety or nervousness are also frequently present. Differential diagnosis Acute psychotic disorder F23 (if hallucinations [eg hearing voices] or delusions [eg strange or unusual beliefs] are present). Bipolar disorder F31 (if patient has a history of manic episodes [eg excitement, rapid speech, elevated mood]). Alcohol misuse F10 or Drug use disorder F11# (if heavy alcohol or drug use is present). Chronic mixed anxiety and depression F41.2. Some medications may produce symptoms of depression (eg beta-blockers, other antihypertensives, H2 blockers, oral contraceptives, corticosteroids). Unexplained somatic complaints, anxiety, alcohol or drug disorders may co-exist with depression.
71 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 'LIIHUHQ]LDOGLDJQRVWLNXQG.RPRUELGLWlW=XVDW]GLDJQRVWLN 9LHOHGHSUHVVLYH6\PSWRPHVLQGHKHUXQVSH]LILVFKXQGN QQHQDOV%HJOHLWV\PSWRPHYLHOHU DQGHUHU(UNUDQNXQJHQDXIWUHWHQ(VP VVHQGDKHU.ULWHULHQJHQDQQWZHUGHQZDQQHLQ YRUOLHJHQGHV%HVFKZHUGHELOGQLFKWPHKUDOV6\PSWRPGHU*UXQGHUNUDQNXQJVRQGHUQDOV GHSUHVVLYH(UNUDQNXQJYRQHLJHQHP:HUWYHUVWDQGHQZHUGHQGDUI.RPRUELGLWlWPLWDQGHUHQSV\FKLVFKHQRGHUVRPDWLVFKHQ(UNUDQNXQJHQLVWHLQ5LVLNRIDNWRU I UHLQHQXQJ QVWLJHQ9HUODXI'HSUHVVLYH6W UXQJHQGLHGXUFKHLQH$QJVWXQG 3DQLNHUNUDQNXQJNRPSOL]LHUWZHUGHQ]HLJHQHLQHQGHXWOLFKK KHUHQ*UDGYRQ 7KHUDSLHUHVLVWHQ]XQG&KURQLIL]LHUXQJHEHQVR.RPRUELGLWlWPLW0HGLNDPHQWHQXQG 'URJHQDEKlQJLJNHLWRGHU3HUV QOLFKNHLWVVW UXQJHQ'HSUHVVLYH6W UXQJHQN QQHQDVVR]LLHUW PLWRGHUDOV6\PSWRPHLQHURUJDQLVFKHQ(UNUDQNXQJDXIWUHWHQRGHUDXFKGXUFK0HGLNDPHQWH XQG'URJHQLQGX]LHUWZHUGHQ -HGHVGHSUHVVLYH6\QGURPHUIRUGHUWHLQHVRUJIlOWLJH$ENOlUXQJGDKLQJHKHQGREQLFKWHLQH DQGHUH(UNUDQNXQJI UGLHYRP3DWLHQWHQYRUJHWUDJHQHQ%HVFKZHUGHQYHUDQWZRUWOLFKLVW (LQHGLIIHUHQ]LDOGLDJQRVWLVFKH.OlUXQJGLHVHU%HVFKZHUGHQNDQQ]XMHGHP=HLWSXQNWGHU (UNUDQNXQJZHJHQGHUP JOLFKHQWKHUDSHXWLVFKHQ.RQVHTXHQ]HQHUIRUGHUOLFKZHUGHQ 3UREOHP ¾,QGHQYRUOLHJHQGHQ/HLWOLQLHQZLUGEHLVSLHOVZHLVHQLFKWGDUDXIHLQJHJDQJHQGDVV 6\PSWRPHXQWHUVFKLHGOLFKH%HGHXWXQJKDEHQN QQHQDEKlQJLJGDYRQREVLHOHLFKWRGHU VFKZHUDXVJHSUlJWVLQG(VZLUGQLFKWGDUDXIHLQJHJDQJHQGDVV6\PSWRPH]%GDV *HI KOGHV(UVFK SIWVHLQVXQWHUVFKLHGOLFKH%HGHXWXQJKDEHQLQ$EKlQJLJNHLWYRP.RQWH[WGHUVRQVWLJHQ(UNUDQNXQJVVLWXDWLRQ]%.UHEVHUNUDQNXQJPLW]\WRVWDWLVFKHU 7KHUDSLH ¾,QHLQHU5HLKHYRQ/HLWOLQLHQZHUGHQ/LVWHQGLDJQRVWLVFKHU9HUIDKUHQJHQDQQW(VZLUG MHGRFKQLFKWJHVDJWZLHNRQNUHWYRU]XJHKHQLVW,QVEHVRQGHUHILQGHQVLFKNHLQHDQGLH 9HUVRUJXQJVEHUHLFKHDQJHSDVVWHQ9RUJDEHQI UGDVGLIIHUHQ]LDOGLDJQRVWLVFKH9RUJHKHQ 'LHVKDWLQVEHVRQGHUH%HGHXWXQJLP%HUHLFKGHUQLHGHUJHODVVHQHQbU]WHGD HQWVSUHFKHQGH9RUJDEHQDXFKYRQJUR HU%HGHXWXQJ]XU.OlUXQJYRQ5HJUHVVYHUIDKUHQ RGHU+DIWSIOLFKWYHUIDKUHQVLQG 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWHVRZRKOKLQVLFKWOLFKVRPDWLVFKHU.RPRUELGLWlWZLHDXFKSV\FKLDWULVFKHU.RPRUELGLWlWMHZHLOV.ULWHULHQQHQQHQZLH]ZLVFKHQ%HJOHLWV\PSWRPHQHLQHUVHLWVXQG HLQHUGHSUHVVLYHQ(UNUDQNXQJDQGHUHUVHLWV]XXQWHUVFKHLGHQLVW'LHVVROOWHI UGLH ZLFKWLJVWHQVRPDWLVFKHQXQGSV\FKLDWULVFKHQ(UNUDQNXQJHQPLWKLQUHLFKHQGHU6SH]LILWlW HUIROJHQ ¾%HLGHQ0D QDKPHQ]XU8UVDFKHQGLDJQRVWLNXQG(UIDVVXQJYRQ.RPRUELGLWlWHQVLQG LQVEHVRQGHUHDXFKGLH$QIRUGHUXQJHQDQGLHQRWZHQGLJHÄLQWHUQLVWLVFKH³%DVLVGLDJQRVWLN ]XEHVFKUHLEHQ ¾$XI$U]QHLPLWWHOXQG'URJHQGLHGHSUHVVLRQVDXVO VHQGRGHUPRGLIL]LHUHQGVHLQN QQHQ VROOHLQJHJDQJHQZHUGHQ ¾(VVLQGNRQNUHWH(PSIHKOXQJHQ]XJHEHQZDVDQ0LQLPDOGLDJQRVWLNLQMHGHP)DOO GXUFK]XI KUHQLVWZLHIU K]HLWLJZHLWHUH8QWHUVXFKXQJHQ]XYHUDQODVVHQVLQGRGHUZDQQ DXIZHQGLJHXQGNRVWHQWUlFKWLJH8QWHUVXFKXQJHQDQJH]HLJWVLQG
72 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO.RPRUELGLWlWHQ 8QLYHUVLW\RI0LFKLJDQ+HDOWK6\VWHP'HSUHVVLRQ*XLGHOLQH67DE $XIJHI KUWZHJHQ$QJDEHQ]XU+lXILJNHLW,GHQWLILNDWLRQVKLOIHQXQGGLIIHUHQ]LDOWKHUD SHXWLVFKHU(UZlJXQJHQ Table 7. Prevalence and Treatment of Co-Morbid Depression Diagnosing Co- Morbid Conditions Co-Morbid Epidemiology Diagnosing Co-Morbid Conditions Special Rx Considerations Depression Depression accompanied by Alcohol Abuse Depression accompanied by Panic, Generalized Anxiety Disorder or Phobias Depression accompanied by Obsessive Compulsive Disorder Depression accompanied by Eating Disorders ¾ Approximately 30% of patients with MDD in primary care or the community will have a history of alcoholism or substance abuse. ¾ 16% of patients with MDD will have an alcohol disorder. ¾ 10-30% of alcoholics will have concurrent depression. ¾ 45% of patients with MDD have significant anxiety symptoms ¾ 15-30% of patients with MDD have a concurrent panic disorder ¾ Patients with panic/or anxiety disorders have lifetime rates of MDD of approximately 40-60% ¾ Phobias may be the most common comorbid condition with MDD. ¾ 10% of patients with MDD have a lifetime history of OCD ¾ 10-30% of patients with OCD will have MDD Perhaps as much as 5-6% of young women with MDD may have an eating disorder 30-50% of patients with eating disorders have concurrent MDD 50-75% of patients with eating disorders have a lifetime history of MDD Consider asking the CAGE questions: C Have you ever felt that you should cut down on your drinking? A Have people annoyed you by criticizing your drinking? G Have you ever felt bad or guilty about your drinking? E Eye opener: Have you ever had a drink first thing in the morning to steady your nerves or get rid of a hangover? If the patient answers yes to two or more of these questions, the provider should complete a thorough assessment or refer. Consider asking: Are you troubled by repeated, unexpected "attacks" where you suddenly feel very afraid or uncomfortable, for no apparent reason? During these attacks, do you experience? pounding heart; sweating; dizziness; trembling; feelings of unreality; shortness of breath or choking; fear of going crazy or dying; chest pain; numbness or tingling; chills or hot flashes? Do you fear situations where getting help or escaping might be difficult, such being in a crowd or on a bridge? Is it difficult for you to travel without a companion? For at least a month following an attack, do you: have persistent concerns about having another attack; worry that the attacks may have serious consequences, or change your behavior to avoid another attack? Consider asking: ¾ Do you have unwanted ideas, images, or impulses that keep recurring? ¾ Are there things you must do repeatedly or thoughts you must ¾ think repeatedly in order to feel comfortable? ¾ Do you worry excessively about dirt, germs, or chemicals; wash excessively; or have to check things over & over again? If patients have a significant weight loss, are dieting when not "over" weight, have frequent weight fluctuations, or are hamenorrheic consider asking: Are you afraid of becoming fat? Do you consider yourself fat? Do you have a strict diet or do you fast frequently? Do you have eating binges?; exercise a great deal?; make yourself vomit or use laxatives, water pills, or enemas? ¾ If there is concurrent alcohol abuse and depression, address the alcohol use first and attempt to achieve a period of sobriety. If depression is still present after several weeks of sobriety, then treat the depression. Many patients will have remission in depressive symptoms with abstinence [C*]. ¾ If unable to achieve several weeks of sobriety, patients with concurrent depression and alcohol abuse, may be treated with an SSRI [A*]. ¾ There are higher suicide rates among depressed patients with concurrent alcohol abuse. Be vigilant in assessment of suicidal risk [C* ]. ¾ If patients present with significant anxiety symptoms, look for MDD. ¾ MDD accompanied by anxiety disorders has a relatively poorer prognosis than MDD alone. There is a longer median time to recovery and greater morbidity [A*, C*]. ¾ Patients with MDD and panic disorder or generalized anxiety disorder (GAD) benefit from antidepressants; however, ¾ antidepressants need to be started at lower doses and increased more slowly in these individuals [C*]. ¾ SRIs and TCAs are effective in panic disorder. Bupropion is less effective [B*]. ¾ Patients with MDD and panic or phobia or avoidance may benefit from referral for cognitive behavioral therapy [A*]. ¾ Patients with depression and OCD should be treated with a SRI [A]. Patients with OCD often require higher doses of SRIs than patients with depression alone. ¾ Cognitive behavioral therapy is effective in patients with OCD and referral should be considered [A*]. ¾ MDD in patients with anorexia may be refractory to treatment until normal weight is re-established [C*]. ¾ If using antidepressants, consider use of an SRI [A*] or referral for use of an MAOI [B*]. ¾ Cognitive behavioral treatment may be more effective than other short term therapies, for patients with bulimia [A*, B*].
73 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO/DERUGLDJQRVWLN $XVJHZlKOWZHJHQGHV+LQZHLVHVZHOFKH9HUIDKUHQQLFKW]XP6WDQGDUGODERUJHK UHQ Laboratory Evaluation Use the history and physical examination findings to direct a conservative laboratory evaluation. There is no test for depression, so testing is directed toward detection of associated general medical conditions. Appropriate laboratory studies to rule out medical disorders that may cause symptoms of depression include complete blood count (CBC), chemistry profile, thyroid studies, and toxicology screen (Rosse, et al., 1995). For patients over the age of 40, an ECG may be useful. Diagnostic imaging and neuropsychological or psychological testing is not a part of the standard laboratory evaluation for depression. Proceed with the algorithm while awaiting the completion of the laboratory evaluation. EVIDENCE Brief Screening may be useful in identifying depression. (Rost, et al., 1993; U.S. PSTF, 1996) QE = II-2, SR = B ' 'LDJQRVWLNGHU)XQNWLRQVHLQVFKUlQNXQJHQ (EHQVRZLFKWLJZLHGLHGHSUHVVLYH6\PSWRPDWLNDQVLFKLVWGLHGXUFKGLH(UNUDQNXQJ EHGLQJWH(LQVFKUlQNXQJGHU$NWLYLWlWXQG)XQNWLRQVIlKLJNHLWGHV3DWLHQWHQ'LH%HXUWHLOXQJ GHU$NWLYLWlWVXQG)XQNWLRQVHLQVFKUlQNXQJLVWXQDEKlQJLJYRQGHUPHKUD[LDOHQ'LDJQRVWLN ]XEHWUDFKWHQGDLP5DKPHQGHUPHKUD[LDOHQ'LDJQRVWLN)XQNWLRQVHLQVFKUlQNXQJHQ HUKREHQZHUGHQXPHLQHP JOLFKH8UVDFKHI UGLH$XVO VXQJRGHU9HUVFKOLPPHUXQJHLQHU GHSUHVVLYHQ(SLVRGH]XILQGHQ'LH(UKHEXQJGHUGXUFKGLH(UNUDQNXQJYHUXUVDFKWHQ $NWLYLWlWVXQG)XQNWLRQVHLQVFKUlQNXQJKDWQHEHQGHU%HGHXWXQJI U3URJQRVHXQG7KHUDSLH DXFKHLQHHUKHEOLFKHVR]LDOPHGL]LQLVFKH%HGHXWXQJ8QDEKlQJLJYRQGHU]XU]HLWGLVNXWLHUWHQ (LQI KUXQJVSH]LILVFKHU(UKHEXQJVLQVWUXPHQWH]XU'LDJQRVWLNGHU)XQNWLRQVHLQVFKUlQNXQJHQ,&)HUIRUGHUWGHU$OOWDJ]%EHL%HVFKHLQLJXQJGHU$UEHLWVXQIlKLJNHLWHLQHLQGLYLGXHOOH %HXUWHLOXQJGHU)XQNWLRQVHLQVFKUlQNXQJGXUFKGHQ$U]W 3UREOHP ¾'LHYRUOLHJHQGHQ/HLWOLQLHQJHEHQQXUZHQLJJHHLJQHWH+LQZHLVHGDUDXIZLH$NWLYLWlWV XQG)XQNWLRQVHLQVFKUlQNXQJHQ]XEHVFKUHLEHQXQG]XHUIDVVHQVLQGGLHLP5DKPHQ GHSUHVVLYHU6W UXQJHQDXIWUHWHQ 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWH$NWLYLWlWVXQG)XQNWLRQVHLQVFKUlQNXQJHQYRQ3DWLHQWHQEHVFKUHLEHQ GLHLP5DKPHQGHSUHVVLYHU6W UXQJHQDNXWXQGDXFKLP=XVDPPHQKDQJPLW UH]LGLYLHUHQGHQRGHUFKURQLVFKHQ9HUOlXIHQDXIWUHWHQ ¾(VVLQG+LQZHLVH]XU*HZLFKWXQJHQWVSUHFKHQGHU$NWLYLWlWVXQG)XQNWLRQVHLQ VFKUlQNXQJHQ]XJHEHQXQGHVLVWGD]X6WHOOXQJ]XQHKPHQZDQQDXVEHVWLPPWHQ )XQNWLRQVHLQVFKUlQNXQJHQZHOFKH.RQVHTXHQ]HQ]X]LHKHQVLQG]%.UDQNVFKUHLEXQJHQRGHU'LDJQRVWLNLP=XVDPPHQKDQJPLWGHU%HVWLPPXQJHLQHV %HKLQGHUXQJVJUDGHV
74 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO$VVHVVPHQWGHU)XQNWLRQVHLQVFKUlQNXQJ //9+$PDMRUGHSUHVVLYHGLVRUGHU>0RGXOH$3ULPDU\&DUH6HWWLQJ$QQRWDWLRQV $XVJHZlKOWZHLOKLHUQHEHQ=LHOHQXQGSULQ]LSLHOOHU9RUJHKHQVZHLVHDXFKDXI 0HVVLQVWUXPHQWHKLQJHZLHVHQZLUG F. Assess Functional Disability OBJECTIVE To ensure that patient has no other mental health concerns before discharge from the clinic. ANNOTATION Prior to concluding the interview and examination, the clinician should inquire about the patient s ability to carry out personal and daily activities not covered by either the chief complaint or the depression screening questions. This may be elicited in the following manner: ¾ "During the past few weeks, have any physical or emotional problems interfered with your typical daily activities? ¾ Has it been more difficult to do things on your own or with your (family, friends, neighbors, church, etc.)?" ¾ If positive, areas for brief inquiry include: job, pleasurable hobbies, social activities, and important personal relationships. As well, the clinician should ask: ¾ "Are there any other problems that we have not discussed?" If any patient responses are affirmative, the clinician should define any impediments to optimal daily functioning, recognizing that the patient may have already denied depression and substance abuse. One should be alert for alternative ways of expressing discouragement, distress, or demoralization, especially in those individuals who tend to avoid emotional words for describing themselves. Functional Status Measures 1. Global Assessment of Function (GAF) The following 0 to 100 scale (100 = maximum functioning) is the metric recommended by the American Psychological Association for measuring functional impairment due to mental disorders (DSM-IV) SF-36 Quality of Life The Short Form 36 (SF-36) is a research tool used for quantifying functional status. It is offered here to illustrate useful questions for assessing functioning in potentially depressed patients. Generally, the need for computerized scoring precludes its routine clinical use. Instructions: This survey asks for your views about your health. This information will help keep track of how you feel and how well you are able to do your usual activities. Answer every question by selecting the answer as indicated. If you are unsure about how to answer a question, please give the best answer you can...
75 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 6WXIHQSODQGHU'LDJQRVWLN5HG)ODJV 'DVGLDJQRVWLVFKH3UR]HGHUHLVWLQGHU5HJHODXIGHU=HLWDFKVHRUJDQLVLHUW(VN QQHQ QLHPDOVEHLP(UVWNRQWDNWPLWGHP3DWLHQWHQDOOHGLDJQRVWLVFKHQ0 JOLFKNHLWHQDXVJHVFK SIW ZHUGHQVWDWWGHVVHQZLUGLQGHU5HJHOHLQVFKULWWZHLVHV9RUJHKHQJHZlKOW'DEHLPXVVGLH $XIPHUNVDPNHLWGHU%HKDQGOHUJHJHQ EHUVLFKDE]HLFKQHQGHQ3UREOHPHQJHZlKUOHLVWHWVHLQ GLHHLQUDVFKHV+DQGHOQHUIRUGHUQ 3UREOHP ¾,QGHQYRUOLHJHQGHQ/HLWOLQLHQZHUGHQYLHOHGLDJQRVWLVFKH2SWLRQHQJHQDQQW(VZLUG MHGRFKKlXILJQLFKWJHVDJWZLHVLHLQHLQHQGLDJQRVWLVFKHQ(QWVFKHLGXQJVSUR]HVV HLQ]XRUGQHQVLQGGKZDVXQWHUZHOFKHQ5DKPHQEHGLQJXQJHQXQGEHLZHOFKHQ 3DWLHQWHQDOV(UVWHVDOV=ZHLWHVXQGGDQDFK]XWXQLVW ¾,Q/HLWOLQLHQVLQGKlXILJNHLQH:DUQVLJQDOHDXIJHI KUWDXIGLHHLQ%HKDQGOHUUHDJLHUHQ VROOWHZHLOVLFKP JOLFKHUZHLVH3UREOHPHRGHU*HIlKUGXQJHQI UGHQ3DWLHQWHQ DE]HLFKQHQ(VIHKOHQRIWDXFK$QJDEHQZLHGLHVH:DUQVLJQDOHV\VWHPDWLVFKHUIDVVW ZHUGHQVROOHQ 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWHNODUH6WXIHQSOlQHGHU'LDJQRVWLNEHVFKUHLEHQGLHDXFKHLQH V\VWHPDWLVFKH%HVFKUHLEXQJGHU9HUOlXIHGHSUHVVLYHU(UNUDQNXQJHUODXEHQ ¾6ROFKHGLDJQRVWLVFKHQ6WXIHQSOlQHVROOWHQDXFKKLQVLFKWOLFKLKUHU.RVWHQSUl]LVLHUW ZHUGHQ ¾'LHGLDJQRVWLVFKHQ6WXIHQSOlQHVROOWHQDXFK$EEUXFKNULWHULHQI UGLH'LDJQRVWLNQHQQHQ GKGHQ3XQNWDQGHPJHQ JHQG,QIRUPDWLRQHQYRUOLHJHQXPHLQH7KHUDSLHHLQOHLWHQ ]XN QQHQ ¾,QHLQHU/HLWOLQLHVLQG:DUQVLJQDOHDXI]XOLVWHQ'LH:DUQVLJQDOHVROOWHQGLDJQRVWLVFK SUl]LVHEHVFKULHEHQVHLQXQGLQLKUHU%HGHXWXQJHUOlXWHUWZHUGHQ %HLVSLHO:DUQVLJQDOHÄ5HG)ODJV³ $XVJHZlKOWZHJHQGHU'DUVWHOOXQJHQWVFKHLGXQJVUHOHYDQWHU3XQNWH Red Flags suggesting need for a higher than usual index of suspicion Certain physiological and psychological conditions or life events may contribute to the development or exacerbation of depression symptoms. These may include, but are not limited to: ¾Medically unexplained physical symptoms ¾Chronic, debilitating medical condition ¾Current substance abuse/use (Rost K, et al., 1993) ¾Decrease in sensory, physical, or cognitive function ¾Victim of current or past physical or sexual abuse or emotional neglect ¾Family history of major depression ¾Loss of significant relationship, primary support system, or economic status ¾Neurological disorder (e.g., Multiple Sclerosis, Parkinson's disease, stroke) or history of closed head injury ¾Protracted care-giving role for a family member with a chronic, disabling condition ¾Spousal bereavement and widowhood ¾Symptoms or signs of PTSD.
76 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO'LDJQRVH$OJRULWKPXV $XVJHZlKOWZHLOKLHUELVDXIGLH.RVWHQDVSHNWHDOOHZHVHQWOLFKHQ6FKULWWHHLQVFKOLH OLFKGHU $EEUXFKNULWHULHQ EHUVLFKWOLFKGDUJHVWHOOWZHUGHQ
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lWXQG0RUWDOLWlWZLUGZLHEHLDOOHQ FKURQLVFKHQ(UNUDQNXQJHQVWDUNYRP9HUODXIGHU.RPRUELGLWlWHQXQGZHLWHUHUDVVR]LLHUWHU (UNUDQNXQJHQEHVWLPPW'LH%HU FNVLFKWLJXQJGHUVLFKKLHUDXVHUJHEHQGHQ*HVDPWSURJQRVH LVW9RUDXVVHW]XQJI UHLQHHIIL]LHQWH7KHUDSLHSODQXQJ 3UREOHP ¾'LH0HKU]DKOGHU/HLWOLQLHQJHEHQNHLQH+LQZHLVH]XU.ODVVLILNDWLRQYRQ9HUOlXIHQ GHSUHVVLYHU(UNUDQNXQJHQ6LHJHEHQNHLQH$QOHLWXQJHQZDQQYRQHLQHUGHSUHVVLYHQ (SLVRGH]XVSUHFKHQLVWXQGZLHGLHODQJIULVWLJH9HUODXIVGLDJQRVWLNGXUFK]XI KUHQLVW ¾$XIGHU.ODVVLILNDWLRQYRQGHSUHVVLYHQ9HUOlXIHQEDVLHUHQGH.ULWHULHQ]XU,QGLNDWLRQHLQHU ZHLWHUI KUHQGHQ9HUODXIVGLDJQRVWLNXQG]XP$EEUXFKZHLWHUHU'LDJQRVWLNZHUGHQ QLFKWJHQDQQW ¾9LHOH/HLWOLQLHQJHEHQGHPZHLWHUEHKDQGHOQGHQ+DXVDU]WNHLQH+LQZHLVHREZLHODQJH XQGPLWZHOFKHQLQGHU3UD[LVDQZHQGEDUHQ9HUIDKUHQGHU3DWLHQWLQGHU5HPLVVLRQ XQWHUVXFKWZHUGHQVROO ¾,QGHQYRUOLHJHQGHQ/HLWOLQLHQZHUGHQQDKH]XNHLQH$XVVDJHQ EHU3URJQRVHLQGLNDWRUHQ XQGGHUHQ'LDJQRVWLNJHPDFKW ¾9LHOH/HLWOLQLHQHQWKDOWHQNHLQH]XVDPPHQIDVVHQGH'DUVWHOOXQJZLH.RPRUELGLWlWHQXQG DVVR]LLHUWH(UNUDQNXQJHQHUIDVVWZHUGHQVROOHQXQGZLHVLHVLFKDXIGLH3URJQRVHXQG GDPLWDXIGDV7KHUDSLHPDQDJHPHQWDXVZLUNHQ 9RUVFKODJ ¾,QHLQHU/HLWOLQLHVLQG.ULWHULHQDQ]XJHEHQZDQQEHLVSLHOVZHLVHYRQHLQHUGHSUHVVLYHQ (SLVRGHRGHUHLQHU6\PSWRPSHUVLVWHQ]]XVSUHFKHQLVWRGHUZDQQHLQHV\PSWRPDWLVFKH 9HUVFKOHFKWHUXQJDOV5 FNIDOOLQQHUKDOEHLQHU(SLVRGHRGHUDOV%HJLQQHLQHV5H]LGLYV JHZHUWHWZHUGHQVROOWH ¾(VVLQG0HWKRGHQ]XU9HUODXIVGLDJQRVWLN]XEHQHQQHQGLHLQDOOHQ3KDVHQGK HLQVFKOLH OLFKGHU5HPLVVLRQYRQGHQEHWHLOLJWHQ9HUVRUJXQJVHEHQHQDQJHZHQGHW ZHUGHQN QQHQ+LOIHQ]XU$XVZHUWXQJP VVHQGDI UVRUJHQGDVVGLHHPSIRKOHQH 8QWHUVXFKXQJVPHWKRGHXQDEKlQJLJYRQGHU9HUVRUJXQJVHEHQH]XPJOHLFKHQ(UJHEQLVLQ GHU%HXUWHLOXQJI KUW ¾'LH/HLWOLQLHVROOI UDOOH9HUVRUJXQJVHEHQHQQDFKYROO]LHKEDUHXQGNOLQLVFKPDFKEDUH.ULWHULHQI UGLH'HILQLWLRQHLQHU5HPLVVLRQEHVFKUHLEHQXQGDXFKDXI+LOIVPLWWHO]XU (UIDVVXQJGLHVHUKLQZHLVHQ$XIGLH.RQVHTXHQ]HQI UGLHZHLWHUH9HUODXIVGLDJQRVWLNEHL GHU'LDJQRVHÄ5HPLVVLRQLVWEHVRQGHUVKLQ]XZHLVHQ ¾(LQH/HLWOLQLHVROOWHHYLGHQ]EDVLHUWH,QGLNDWRUHQI U3URJQRVHDXVVDJHQEHQHQQHQXQG (PSIHKOXQJHQ]XU'LDJQRVWLNGHU3URJQRVHLQGLNDWRUHQJHEHQVLHKH.DSLWHO' 3URJQRVHIDNWRUHQ ¾1HEHQ9RUJDEHQ]XUV\VWHPDWLVFKHQ'LDJQRVHXQG(UIDVVXQJGHU.RPRUELGLWlWHQLVWDXFK HLQ9HUIDKUHQ]XU%HU FNVLFKWLJXQJDVVR]LLHUWHU(UNUDQNXQJHQ]XEHVFKUHLEHQ
78 /HLWOLQLHQEHULFKW'HSUHVVLRQ ¾(LQH/HLWOLQLHVROOWHDXFKNODUEHQHQQHQZHOFKHSRWHQ]LHOOHQ3URJQRVHIDNWRUHQLQGHU :LVVHQVFKDIWGLVNXWLHUWZHUGHQGLHDEHUELVODQJRKQH5HOHYDQ]LP(LQ]HOIDOOVLQGXQG ZHVKDOEKLHUQRFKNHLQHVSH]LHOOH'LDJQRVWLNLQGL]LHUWLVW]%1HXURUDGLRORJLH %HLVSLHO+LQZHLVH]XU9HUODXIVGLDJQRVWLN $XVJHZlKOWZHJHQGHV+LQZHLVHVDXIGLH1RWZHQGLJNHLWGHU9HUODXIVGLDJQRVWLNGHU NRQNUHWHQ%HQHQQXQJYRQ8QWHUVXFKXQJVSXQNWHQXQGGHU9HUNQ SIXQJPLWNOLQLVFKHQ (PSIHKOXQJHQ Measuring Outcome The initial evaluation includes asking the patient about the nine criterion symptoms of a major depressive episode, as well as the current level of interpersonal and occupational functioning. In addition to the clinical interview, patient self-report or clinician symptom-rating scales may permit a rapid assessment of the nature and severity of depressive symptoms. Interviewing a spouse or close friend about the patient s day-to-day functioning and specific symptoms is also helpful in determining the course of the illness, current symptoms, and level of functioning. Follow-up visits during acute treatment are used to evaluate the level of symptom relief and restoration of function. Symptom evaluation (whether by interview alone or combined with the use of a symptom-rating scale) allows both practitioner and patient to assess response to treatment, determine whether the medication dosage should be adjusted, and clarify whether and when alternative treatments are needed. Declaring a Treatment Response or Failure :HLWHUH+LQZHLVHXQG%HLVSLHOH]XU'LDJQRVWLNYRQ3URJQRVHLQGLNDWRUHQ! 'LH9RUVFKOlJHXQG%HLVSLHOH]X.DSLWHO'3URJQRVHIDNWRUHQDOV$QKDOWVSXQNWGDI U I UZHOFKH)DNWRUHQGLHVH(PSIHKOXQJHQHUDUEHLWHWZHUGHQP VVHQ! 'LH9RUVFKOlJHXQG%HLVSLHOH]X.DSLWHO'7KHUDSLH]LHOHI UZLFKWLJH%HJULIIHLQGHU 9HUODXIVIRUVFKXQJ! )HUQHUJHEHQGLH.DSLWHOXQGGHU$+&35/HLWOLQLHQ>'HSUHVVLRQLQ3ULPDU\&DUH 9RO6±@EHLVSLHOKDIWH'DUVWHOOXQJHQI UGLDJQRVWLVFKH(PSIHKOXQJHQ]X 3URJQRVHIDNWRUHQGLHJOHLFK]HLWLJDXFK]XEHU FNVLFKWLJHQGHDVVR]LLHUWH(UNUDQNXQJHQ GDUVWHOOHQÄ*OHLFK]HLWLJYRUKDQGHQHZHLWHUHSV\FKLVFKH(UNUDQNXQJHQ³Ä*OHLFK]HLWLJ YRUKDQGHQHN USHUOLFKH(UNUDQNXQJHQ³XQGÄ'HSUHVVLRQLP=XVDPPHQKDQJPLW 0HGLNDWLRQ³
79 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 6FUHHQLQJ'LDJQRVWLN Ä'LDJQRVWLNEHLGHSUHVVLRQVJHIlKUGHWHQXQGQRFKQLFKWLGHQWLIL]LHUWHQ)lOOHQ³ 'LH)U KHUNHQQXQJYRQ3HUVRQHQEHLGHQHQHLQHUK KWHV5LVLNR]XU(QWZLFNOXQJHLQHU GHSUHVVLYHQ6W UXQJEHVWHKWLVWZHJHQSUlYHQWLYHUE]ZVFKDGHQVEHJUHQ]HQGHU,QWHUYHQWLRQVP 6FUHHQLQJPD QDKPHQ]%DOOH3DWLHQWHQHLQHU$U]WSUD[LVDXIZl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¾9LHOHGHULQGHQ/HLWOLQLHQJHQDQQWHQ'HSUHVVLRQV6\QGURPVNDOHQVLQGYHUJOHLFKVZHLVH XQVSH]LILVFKXQGZHJHQGHUYRQLKQHQHUIDVVWHQJUR HQ=DKOYRQIDOVFKSRVLWLYHQ)lOOH I UGLH6FUHHQLQJGLDJQRVWLN]%LQ$OOJHPHLQDU]WSUD[HQRGHUGHU*HULDWULHXQJHHLJQHW ¾(VZHUGHQNHLQHSRSXODWLRQVEH]RJHQHQNRQNUHWHQ9RUVFKOlJHJHPDFKWZHOFKH*UXSSH ZLHXQGGXUFKZHOFKHQ3HUVRQHQNUHLVXQWHU$OOWDJVEHGLQJXQJHQ]XVFUHHQHQLVW 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWHDXI0 JOLFKNHLWHQ]XU)U KHUNHQQXQJYRQ0HQVFKHQPLWHUK KWHP 'HSUHVVLRQVULVLNRKLQZHLVHQ ¾) U)DNWRUHQYRQGHQHQEHNDQQWLVWGDVVVLH]XHLQHPHUK KWHQ'HSUHVVLRQVULVLNR EHLWUDJHQN QQHQVROOWHQ(PSIHKOXQJHQJHJHEHQZHUGHQGXUFKZHOFKH)UDJHQ %HREDFKWXQJHQRGHU8QWHUVXFKXQJVYHUIDKUHQVLHIHVWJHVWHOOWZHUGHQ ¾(VVROOWHQI UXQWHUVFKLHGOLFKH5LVLNRXQG(UKHEXQJVJUXSSHQGLIIHUHQ]LHUWH9RUVFKOlJH I U6FUHHQLQJLQVWUXPHQWHXQGGHUHQ(LQVDW]XQWHU%HU FNVLFKWLJXQJGHV1XW]HQVJHPDFKW ZHUGHQ ¾,QHLQHU/HLWOLQLHVROOWHDXFKNODUEHQDQQWZHUGHQZHOFKHSRWHQ]LHOOHQ5LVLNRIDNWRUHQLQ GHU:LVVHQVFKDIWGLVNXWLHUWZHUGHQDEHUELVODQJRKQH5HOHYDQ]LP(LQ]HOIDOOVLQGXQG ZHVKDOEKLHUQRFKNHLQHVSH]LHOOH'LDJQRVWLNLQGL]LHUWLVW]%1HXURUDGLRORJLH 1HXURSK\VLRORJLH6HURWRQLQVWRIIZHFKVHO ¾'DVZHLWHUHGLDJQRVWLVFKH9RUJHKHQEHLSRVLWLYHP6FUHHQLQJHUJHEQLVLVW]XEHVFKUHLEHQ ¾(VLVWGDU]XVWHOOHQREGLH1XW]XQJGLHVHU6FUHHQLQJLQVWUXPHQWHLP5DKPHQEHVWHKHQGHU 9RUVRUJHSURJUDPPHEHLVSLHOVZHLVH-XJHQG*HVXQGKHLWVXQWHUVXFKXQJÄ-³RGHUÄ&KHFN 8S³HUIROJHQVROORGHUREGLHKLHUHUKREHQHQ'DWHQI UGDV'HSUHVVLRQVVFUHHQLQJ QXW]EDUVLQG 6DFKYHUVWlQGLJHQUDWI UGLHNRQ]HQWLHUWH$NWLRQLP*HVXQGKHLWVZHVHQ*XWDFKWHQ %HGDUIVJHUHFKWLJNHLWXQG:LUWVFKDIWOLFKNHLW%DQG,=LHOELOGXQJ3UlYHQWLRQ1XW]HURULHQWLHUXQJXQG 3DUWL]LSDWLRQ$XIO%DGHQ%DGHQ1RPRV
80 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO$QDPQHVHLQWHUYLHZ]XU6FUHHQLQJ'LDJQRVWLN $XVJHZlKOWZHJHQNRQNUHWHU+DQGOXQJVHPSIHKOXQJI UGDV,QWHUYLHZ Personal History The patient should be questioned about any important changes in his or her personal life, such as the death of a loved one, divorce, loss of a job, or retirement. These and other psychosocial events are frequently associated with the development of symptoms which characterize depression (although the lack of such losses does not eliminate depression as a possible diagnosis). Recent research suggests that external stressors are more important in precipitating an initial occurrence of major depression, while recurrences are more likely due to neurochemicai changes in the brain. The patient should also be asked about any unusual aspects of his or her diet, tobacco use, and caffeine and alcohol consumption, each of which may be important if patient management includes drug therapy. Information regarding alcohol consumption may also suggest the need for further investigation to rule out alcohol abuse as the primary disorder or to consider the use of alcohol as self-medication by a depressed patient with anxiety symptoms. People who are depressed are more likely to use tobacco and alcohol than nondepressed individuals. They are also more likely to progress to higher levels of dependence and to be less successful in their alternate to quit: Furthermore, patients attempting to refrain form tobacco and alcohol use often suffer increased depression due to withdrawal from these substances. In addition, the patient should be asked about other forms of substance abuse, including the use of illicit drugs such as cocaine. A history of panic attacks is also important, as the incidence of depression in patients with panic disorder is increased over that of the general population. 15 Family History The family history should indicate whether close family members (parents, grandparents, children, or siblings) have a history of diagnosed mania or depression, suicide, attainted suicide, or substance abuse.16:18. If relatives have been previously diagnosed and treated for mania or depression, the record should also indicate w hat type of treatment was utilized and whether the treatment was successful. In some cases, such information may assist the physician in selecting an appropriate medication for the patient who is diagnosed as having a depressive disorder. Patient compliance with antidepressant treatment may also increase if a family member is already successfully using a particular medication. A family history of abuse (physical, sexual, substance) is also important, and appears to be associated with the development of low seif-estem and depression, particularly in women.
81 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO6FUHHQLQJ'LDJQRVWLNQDFK6FKO VVHOV\PSWRPHQ $XVJHZlKOWZHJHQGHU6XFKIUDJHQQDFK6FKO VVHOV\PSWRPHQXQWHUH[SOL]LWHQ %HU FNVLFKWLJXQJYRQ$QJVWV\PSWRPDWLNXQGDQGHUHQ8UVDFKHQGHU'HSUHVVLRQ ALGORITHM ANNOTATIONS 1. Suspect Depression and/or Anxiety... Presentations for depression and/or anxiety include: multiple (>5/year) medical visits weight gain or loss multiple unexplained symptoms sleep disturbance work or relationship dysfunction multiple worries or distress fatigue panic attacks changes in interpersonal relationships dementia Presentations particularly suggestive of an anxiety disorder include:... Physical symptoms particularly suggestive of an anxiety disorder include:... 2 Interview for Key Symptoms of Depression and Anxiety A. Depressed mood or anhedonia (diminished interest or pleasure in activities) is necessary to diagnose DEPRESSION. If you suspect depression on the basis of risk factors or common presentations, ask about depressed mood and anhedonia. Useful questions include: Are you often sad, down, blue or teary? Do you have your usual interest in and look forward to enjoyable activities? Are you able to have fun or joy? Occasionally, depressed patients will initially deny depressed mood and anhedonia. If you still suspect depression, ask about vegetative symptoms (sleep disturbances, changes in appetite and energy level). If vegetative symptoms are present, ask again about depressed mood and anhedonia. If either is endorsed, proceed to a full clinical interview. B. Anxiety and/or avoidance behavior that causes significant distress or impairment of routines are necessary to diagnose an ANXIETY DISORDER. Anxiety may occur in brief episodes (panic attacks), may be continuous (generalized anxiety disorder) or may be tied to specific situations (phobias). Most patients with panic disorder present with somatic concens, not complaints of anxiety or panic. These patients may not label their emotional distress as anxiety or panic and it may be necessary to ask in various ways about their discomfort. Brief, episodic somatic complaints reaching a peak within 10 minutes and accompanied by any sense of emotional discomfort are suggestive of panic attacks. Useful interview questions include: Are you a worrier? (Are you a high strung/nervous person?) Do you ever "out of the blue" experience an attack of intense fear of losing control, dying, fainting, "going crazy" or severe embarrassment? Are there places (e.g. shopping malls) or situations (e.g. parties) that you avoid or endure? How does your anxiety or avoidant behavior affect your daily life? Does it cause you significant distress? 5. Evaluate for Other Causes of Depression/ Anxiety A. Psychosocial Stressors... B. Medical illness The close relationship of mind and body results in the presentation of medical illness with anxiety or depression in various forms:... C. Medications and Withdrawal from Medications Reserpine, steroids,...
82 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO+LQZHLVDXI6FUHHQLQJ7RROV $XVJHZlKOWDXVLQKDOWOLFKHQ*U QGHQGDDXIGDV3UREOHPGHUhEHUWUDJEDUNHLWYRQ 3RSXODWLRQVVWXGLHQXQGGHQ*HEUDXFKYDOLGLHUWHU6FUHHQLQJLQVWUXPHQWHKLQJHZLHVHQZLUG (VIHKOWMHGRFKHLQ+LQZHLVDXIGLH)ROJHQGHV6FUHHQLQJV A. Patient Age > 18 with Suspected Depression Presenting to Primary Care DEFINITION All patients > 18 who have a positive screen for depression. DISCUSSION Depression is known to be under-diagnosed in primary care settings. There is some controversy regarding the value of screening patients in primary care settings, (U.S. PSTF, 1996; Brody DS, et al., 1998; Perez-Stable EJ, et al., 1990). Since recent studies suggest screening is feasible in primary care, the working group decided screening should be recommended (Spitzer RL, et al., 1995; Whooley MA, et al., 1997). In recognition of the evolving nature of the literature, other published validated scales can be used. Care should be taken to assure scale validation with similar patient populations as those seen in the VA and DoD settings. There are several available screening tools, each with its own strengths and problems. Appendix 1, Assessment Instruments, offers descriptions of a number of screening instruments that may also be used to quantify symptom severity and samples of these tools. Some of the validated screening tools available are listed: PRIME MD Primary Care Evaluations of Mental Disorders depression questions CES-D Center of Epidemiological Studies-Depression Scale Zung Zung Depression Rating Scale BDI Beck Depression Inventory MOS Medical Outcomes Study Depression Scale Ham-D - Hamilton Depression Scale. In all settings, a validated screening tool should be filled out before the patient sees the primary care provider, and results of the screening should be made available to the provider. Each setting should determine which screener will be adopted, at what point in the check-in process the screener will be utilized, and who will administer the screener (e.g., clerk, nurse who takes vital signs).
83 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 3ULPlUH3UlYHQWLRQ 'HSUHVVLYH6\QGURPHVLQGYRP6DFKYHUVWlQGLJHQUDWDOVJHVXQGKHLWVSROLWLVFKZLFKWLJHV *HVXQGKHLWVI UGHUXQJ]LHOWQLFKWQXUDXIGLH6HQNXQJYRQ.UDQNKHLWVODVWVRQGHUQDXFKDXI GLH6WlUNXQJYRQ5HVVRXUFHQDE*HVXQGKHLWVEHODVWXQJHQ]XPHLGHQE]Z]XEHZlOWLJHQ VDOXWRJHQHWLVFKHVYHUVXVSDWKRJHQHWLVFKHV.RQ]HSW(LQH/HLWOLQLHVROOWHVLFKDXFKYRU GLHVHP+LQWHUJUXQGXPIDVVHQGSUlYHQWLYHQ$VSHNWHQZLGPHQ'LHVH1RWZHQGLJNHLWZLUG DXFKGHVZHJHQJHVHKHQZHLO3DWLHQWHQXQG$NWHXUHLP*HVXQGKHLWVZHVHQVHUL VH,QIRUPDWLRQHQEHQ WLJHQXPXPIDVVHQGGLH9LHO]DKOYRQ$NWLYLWlWHQXQG$QJHERWHQLP %HUHLFKSV\FKLVFKHU*HVXQGKHLWEHXUWHLOHQ]XN QQHQGDHVLP%HUHLFKGHU3UlYHQWLRQZHQLJ (YLGHQ]JLEW 3UlYHQWLRQZLUGLPDOOJHPHLQHQDOV9HUK WXQJYRQ.UDQNKHLWXQGGHUHQ)ROJHQYHUVWDQGHQ GDEHLZLUGMHQDFK=HLWSXQNWGHU'XUFKI KUXQJGLH3UlYHQWLRQXQWHUWHLOWLQ 3ULPlUSUlYHQWLRQ$XVVFKDOWXQJDXVO VHQGHU8UVDFKHQ5LVLNRIDNWRUNRQ]HSW 6HNXQGlUSUlYHQWLRQ)U KHUNHQQXQJXQG)U KWKHUDSLHQDFK(UNUDQNXQJPLWGHP=LHO IRUWJHVFKULWWHQH.UDQNKHLWVVWDGLHQ]XYHUK WHQ5H]LGLYSURSK\OD[H 7HUWLlUSUlYHQWLRQ%HJUHQ]XQJXQG$XVJOHLFKYRQ.UDQNKHLWVIROJHQ 3UREOHP ¾0D QDKPHQ]XU3ULPlUSUlYHQWLRQHLQHUFKURQLVFKHQ(UNUDQNXQJHUIRUGHUQMHQDFK 3UlYDOHQ]GHU(UNUDQNXQJXQGGHU(UNHQQEDUNHLWVSH]LILVFKHU5LVLNRIDNWRUHQHLQH ZHLWJHKHQGH(UIDVVXQJSRWHQ]LHOOHU3DWLHQWHQ,P9HUJOHLFKPLWVRPDWLVFKHQ (UNUDQNXQJHQVLQGEHLSV\FKLDWULVFKHQ.UDQNKHLWHQGLH%HU KUXQJVlQJVWHLQGHU %HY ONHUXQJJU HUVRGDVVKLHUI UHLQHJHULQJHUH&RPSOLDQFHI U6FUHHQLQJXQG 3UlYHQWLRQVPD QDKPHQHUZDUWHWZHUGHQNDQQ ¾(VJLEWNHLQVWULQJHQWHV*HVDPWNRQ]HSW]XU'XUFKI KUXQJYRQ3UlYHQWLRQVPD QDKPHQ ZHOFKHVDXFKDQGHUHJHVHOOVFKDIWOLFKH*UXSSHQXPIDVVW ¾'LHLQGHQ/HLWOLQLHQDQJHJHEHQH(LQWHLOXQJ=XRUGQXQJYRQ3UlYHQWLRQVPD QDKPHQLQ 3ULPlU6HNXQGlUXQG7HUWLlUSUlYHQWLRQLVWQLFKWHLQGHXWLJXQGHUVFKZHUWGLH =XRUGQXQJGHU9HUDQWZRUWOLFKNHLWHQI U'XUFKI KUXQJ.RVWHQWUlJHUVFKDIWXQG )RUVFKXQJ ¾,Q/HLWOLQLHQHUIROJWNHLQH%HXUWHLOXQJGHV1XW]HQVYRQ3UlYHQWLRQVPD QDKPHQ'LH PXOWLIDNWRULHOOHXQGUDVFKHbQGHUXQJGHVJHVHOOVFKDIWOLFKHQ5LVLNRVHUVFKZHUWHLQH DXVVDJHNUlIWLJH%HXUWHLOXQJGHV1XW]HQV ¾'LH%HVFKUHLEXQJGHV5LVLNRIDNWRUHQNRQ]HSWVYRQ'HSUHVVLRQHUIROJWPHLVWRKQHGLH.RQVHTXHQ]GLHQRWZHQGLJHQ0D QDKPHQI UHLQHHIIL]LHQWH3ULPlUSUlYHQWLRQ]X GLVNXWLHUHQ 6DFKYHUVWlQGLJHQUDWI UGLHNRQ]HQWLHUWH$NWLRQLP*HVXQGKHLWVZHVHQ*XWDFKWHQ %HGDUIVJHUHFKWLJNHLWXQG:LUWVFKDIWOLFKNHLW%DQG,,,hEHU8QWHUXQG)HKOYHUVRUJXQJ$XIO%DGHQ%DGHQ 1RPRV
84 /HLWOLQLHQEHULFKW'HSUHVVLRQ 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWHDOVHUVWH0D QDKPHGHU3ULPlUSUlYHQWLRQGLH6HQVLELOLWlWXQG 2IIHQKHLWGHU%HY ONHUXQJI UGLHVHV7KHPDI UGHUQ ¾'LH1RWZHQGLJNHLWXQGGHU8PIDQJYRQ3UlYHQWLRQVXQG6FUHHQLQJPD QDKPHQLVW P JOLFKVWEHJU QGHWGDU]XOHJHQGDEHLVLQGSV\FKLDWULVFKH.RPRUELGLWlWHQXQG 5LVLNRIDNWRUHQI UGLHVHVRZLHHLQHGHILQLWRULVFKH=XRUGQXQJGHU0D QDKPHQLQGDV DOOJHPHLQDN]HSWLHUWH6FKHPD3ULPlU6HNXQGlU7HUWLlUSUlYHQWLRQ]XEHU FNVLFKWLJHQ ¾1HEHQGHU=LHOJUXSSHVROOWHQGLHI UGLH'XUFKI KUXQJGHU3UlYHQWLRQVPD QDKPHQ YHUDQWZRUWOLFKHQ,QVWLWXWLRQHQXQG$QVSUHFKSDUWQHU]%$UEHLWJHEHUVRZLHQRWZHQGLJH 5HVVRXUFHQJHQDQQWZHUGHQ :HLWHUH$XVI KUXQJHQXQG%HLVSLHOHLQVEHVRQGHUHDXFK]X0D QDKPHQGHU 6HNXQGlUXQG7HUWLlUSUlYHQWLRQ Ö VLHKH.DSLWHO'9HUODXIVXQG3URJQRVHGLDJQRVWLN9HUODXIVW\SRORJLHQ Ö VLHKH.DSLWHO'6FUHHQLQJ'LDJQRVWLN Ö VLHKH.DSLWHO'0DQDJHPHQWEHL6XL]LGJHIlKUGXQJ Ö VLHKH.DSLWHO')XQNWLRQVHLQVFKUlQNXQJHQ Ö VLHKH.DSLWHO'5HKDELOLWDWLRQ
85 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 7KHUDSLH 'LH7KHUDSLHGHU'HSUHVVLRQXQWHUVFKHLGHW]ZLVFKHQ(SLVRGHQXQG/DQJ]HLWWKHUDSLH 9RUGLHVHP+LQWHUJUXQGLVW]XEHDFKWHQGDVVGLH$QIRUGHUXQJHQDQ/HLWOLQLHQMHQDFK $QZHQGXQJVEHUHLFKHLQHXQWHUVFKLHGOLFKH%HU FNVLFKWLJXQJGLHVHV$VSHNWHVHLQVFKOLH OLFK GHUVSH]LILVFKHQ$QIRUGHUXQJHQGHU5HKDELOLWDWLRQVLHKH.DSLWHO'5HKDELOLWDWLRQ HUIRUGHUW,P/HLWOLQLHQFOHDULQJEHULFKWÄ'HSUHVVLRQ³VLQGGLH9RUVFKOlJHQXUGDQQEHVRQGHUV JHNHQQ]HLFKQHWZHQQVLFKDXVGHU8QWHUVFKHLGXQJ]ZLVFKHQ(SLVRGHQXQG/DQJ]HLWWKHUDSLH DQGHUH$QIRUGHUXQJHQDQHLQH/HLWOLQLHHUJHEHQ 9RUVFKODJ ¾$XFKZHQQHLQH/HLWOLQLHDXI*UXQGLKUHV$QZHQGXQJVEHUHLFKHVNHLQH8QWHUVFKHLGXQJ ]ZLVFKHQ(SLVRGHQXQG/DQJ]HLWWKHUDSLHYRUQLPPWVROOWHMHGH/HLWOLQLHDXIGLHVHQ$VSHNW GHU7KHUDSLHHLQWHLOXQJKLQZHLVHQ%HL%HGDUILVWHLQHHLQGHXWLJH=XRUGQXQJGHU (PSIHKOXQJHQYRU]XQHKPHQ ' 7KHUDSLH]LHOHSODQXQJPDQDJHPHQW 'LH0 JOLFKNHLWHQ]XUDNXWHQXQG]XUODQJIULVWLJHQ9HUVRUJXQJYRQGHSUHVVLYHQ6W UXQJHQ VLQGLQGHUDPEXODQWHQ3ULPlU+DXVDU]W6HNXQGlU)DFKDU]WXQGVWDWLRQlUHQ 7HUWLlUYHUVRUJXQJ.OLQLNXQWHUVFKLHGOLFK1DFK6LFKHUXQJGHU'LDJQRVH'HSUHVVLRQZLUGVLFK GHU%HKDQGOXQJVSODQ]XQlFKVWGDQDFKULFKWHQREGHU1XW]HUGHU/HLWOLQLHGLH(UNUDQNXQJ VHOEVWEHKDQGHOQNDQQXQGZLHVFKZHUGLH6\PSWRPDWLNLVW 'LH]HQWUDOH3ODQXQJVXQG0DQDJHPHQW$XIJDEHLQGHU$NXWSKDVHGHU%HKDQGOXQJHLQHU GHSUHVVLYHQ6W UXQJEHVWHKWLQGHU$QSDVVXQJGHU%HKDQGOXQJV]LHOHDQGLH]X EHREDFKWHQGHQ5HDNWLRQHQDXIGLH%HKDQGOXQJGKGLHVLFKYHUlQGHUQGH6\PSWRPDWLNGHV 3DWLHQWHQGDV$QVSUHFKHQDXIGLH]XQlFKVWJHZlKOWHQ7KHUDSLHRSWLRQHQGLH=XYHUOlVVLJNHLW GHU8PVHW]XQJWKHUDSHXWLVFKHU(PSIHKOXQJHQHWZDLJH1HEHQZLUNXQJHQRGHUXQHUZ QVFKWH (IIHNWH 'LH]HQWUDOH3ODQXQJVXQG0DQDJHPHQW$XIJDEHLQGHU/DQJ]HLWSKDVHGHU%HKDQGOXQJHLQHU GHSUHVVLYHQ6W UXQJEHVWHKWLQGHU$QSDVVXQJGHU%HKDQGOXQJV]LHOHDQGLHLQGLYLGXHOOHQ 9HUODXIVVFKLFNVDOHGLHYRQYROOVWlQGLJHU5HPLVVLRQ EHUUHVLGXDOH6\PSWRPDWLN]X 5 FNIlOOHQ5H]LGLYHQXQG&KURQLIL]LHUXQJUHLFKHQN QQHQ 3UREOHP ¾=ZDUHQWKDOWHQHLQLJH/HLWOLQLHQ'HILQLWLRQVNULWHULHQI UGLHJHQDQQWHQ9HUODXIVVFKLFNVDOH DEHUNHLQHHQWVSUHFKHQGDEJHVWLPPWHQ%HKDQGOXQJVSOlQHGLHGLH$QIRUGHUXQJHQHLQHV IDFK EHUJUHLIHQGHQ EHUJHRUGQHWHQ*HVDPWNRQ]HSWHVEHU FNVLFKWLJHQ ¾9LHOIDFKZHUGHQ]ZDU EHUJHRUGQHWH*HVDPW]LHOHGHU/HLWOLQLHQ]%6HQNXQJGHU 0RUWDOLWlWEHQDQQWHVHUIROJWMHGRFKNHLQH1HQQXQJYRQ=LHOHQGLHPLWGHU8PVHW]XQJ GHUHLQ]HOQHQWKHUDSHXWLVFKHQ(PSIHKOXQJHQHUUHLFKWZHUGHQVROOHQ
86 /HLWOLQLHQEHULFKW'HSUHVVLRQ 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWHDXIHLQDQGHUDEJHVWLPPWH0RGXOHI UGLH3ULPlUYHUVRUJXQJ ]%+DXVlU]WHVRZLHGLHZHLWHUHDPEXODQWHXQGVWDWLRQlUH9HUVRUJXQJHQWKDOWHQ ¾(LQH/HLWOLQLHXQGLKUH0RGXOHVROOWHQHLQHJOREDOH%HKDQGOXQJVVWUDWHJLHI UGLH NRQWLQXLHUOLFKH:HLWHUEHKDQGOXQJXQWHU%HU FNVLFKWLJXQJGHU%HKDQGOXQJVSKDVHQ GDUVWHOOHQ ¾(VVROOWHQ=LHOHHLQHU0D QDKPHXQGGLH.ULWHULHQI UGLH$XVZDKO]%GLH$UWGHU %HJOHLWV\PSWRPHIXQNWLRQHOOHQ%HHLQWUlFKWLJXQJHLQHUEHVWLPPWHQ%HKDQGOXQJXQG %HUDWXQJGHV3DWLHQWHQJHQDQQWZHUGHQ ¾(LQH/HLWOLQLHVROOWH]XP6WHOOHQZHUWYRQ3DWLHQWHQSUlIHUHQ]HQXQGGHUHQ %HU FNVLFKWLJXQJLQGHU%HKDQGOXQJVSODQXQJ6WHOOXQJQHKPHQ ¾(LQH/HLWOLQLHVROOWH)UHTXHQ]E]Z=HLWDEVWlQGHI U:LHGHUHLQEHVWHOOXQJHQEHQHQQHQGLH HYLGHQ]EDVLHUWVLQG8QWHUVFKLHGHQDFKJHZlKOWHQ%HKDQGOXQJVYHUIDKUHQVLQGJJI GDU]XVWHOOHQ ¾%DVLHUHQGDXI9HUODXIVNULWHULHQVROOWHQ(PSIHKOXQJHQ]XU/DQJ]HLWEHWUHXXQJXQG EHKDQGOXQJJHJHEHQZHUGHQ'LHVHVROOWHQLQVEHVRQGHUHI U+DXVlU]WHXQG3DWLHQWHQ HLQHDXVJHZRJHQH'DUVWHOOXQJGHU3URJQRVHEHLQKDOWHQXQG.ULWHULHQXQG9RUJHKHQGHU (UKDOWXQJVWKHUDSLHXQG5H]LGLYSURSK\OD[HQHQQHQ %HLVSLHOH]XPPRGXODUHQ$XIEDXHLQHU/HLWOLQLHVLHKHDXFK!%HLVSLHO0RGXODUH$QRUGQXQJHLQHU/HLWOLQLH %HLVSLHO7KHUDSLH]LHOH $XVJHZlKOWZHJHQGHUNODUHQ=LHOSULRULVLHUXQJ 2 Guideline: Aims of Treatment Guideline: Once major depressive disorder is diagnosed, interventions that predictably decrease symptoms and morbidity earlier than would occur naturally in the course of the illness are logically tried first. The key initial objectives of treatment, in order of priority, are (1) to reduce and ultimately to remove all signs and symptoms of the depressive syndrome, (2) to restore occupational and psychosocial function to that of the asymptomatic state, and (3) to reduce the likelihood of relapse and recurrence. (Strength of Evidence = A.) %HLVSLHO7KHUDSLH]LHOH //$NGb>6@ $XVJHZlKOWZHLOLQ(UJlQ]XQJ]X%HLVSLHODXIZHLWHUH%HKDQGOXQJV]LHOHKLQJHZLHVHQ ZLUG) U1LFKW3V\FKLDWHU3DWLHQWHQ$QJHK ULJH+DXVlU]WHLVWHVVLFKHUOLFKZLFKWLJHU]XU HUIDKUHQGDVVYRUGULQJOLFKHLQH%HVVHUXQJGHV=XVWDQGVXQGGHU3URJQRVHDQJHVWUHEWZLUG Therapieziele sind: die akute Linderung von Angst, Agitation, Schlafstörungen Suizidprävention die mittelfristige Besserung von Stimmung und Antrieb die Verkürzung der Zeit bis zur Spontanremission die Verhinderung eines Rückfalls nach erfolgter Remission die Verhinderung von sekundärer Therapieresistenz und Chronifizierung ggf. die Sekundärprophylaxe weiterer Rezidive (u. U. lebenslang)
87 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO%HKDQGOXQJVSKDVHQ $XVJHZlKOWZHJHQGHUNODUHQ EHUVLFKWOLFKHQ'DUVWHOOXQJ
88 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO,QGLNDWLRQ]XU7KHUDSLHDQSDVVXQJ $XVJHZlKOWZHJHQGHUVWUXNWXULHUWHQ'DUVWHOOXQJGHU7KHUDSLHRSWLRQHQ
89 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO,QGLNDWLRQHQI U3V\FKRWKHUDSLHDOV7HLOHLQHU.RPELQDWLRQVEHKDQGOXQJ $XVJHZlKOWZHJHQGHU EHUVLFKWOLFKGDUJHVWHOOWHQ+LQZHLVH]XU,QGLNDWLRQVVWHOOXQJXQG.RPELQDWLRQYHUVFKLHGHQHU7KHUDSLHDQVlW]H Table 14 Considerations for combines treatment A. Consider combined treatment as an initial option more strongly if: (1) History reveals a partial response to a full trial of either treatment alone. (2) Current episode of major depression is longer than 2 years. (3) patient has a history of two or more episodes with poor interepisode recovery. (4) significant psychosocial difficulties are present that interfere with adherence and indications for medications are present. (5) Patient requires it. B. Add medications to psychotherapy if: (1) Patient shows poor response to psychotherapy alone after 6 weeks or only a partial response after 12 weeks; if no response at all psychotherapy, it may be discontinued and clinical management provided. C. Add psychotherapy to medication (if medication used optimally) if: (1) Patient shows partial response to medication and residual symptoms are largely psychosological (e.g., low self-steem). (2) Patient shows partial or complete response to medication and psychosocial problems remain significant. (3) Patient has difficulty with adherence ',QWHUDNWLRQGHU%HKDQGOHUXQG9HUVRUJXQJVHEHQHQ6WXIHQSOlQH 'HU(LQEH]XJGHU9DULDELOLWlWGHSUHVVLYHU6W UXQJHQZLHVLHVLFKLQGHU5HDOLWlWYDLP 3UD[LVDOOWDJYRQ+DXVlU]WHQ]HLJWXQGGHU(LQEH]XJYRQ6SH]LILNDGHV9HUVRUJXQJVV\VWHPV PXVVEHLGHU,PSOHPHQWLHUXQJYRQ/HLWOLQLHQI UGHSUHVVLYH6W UXQJHQLQGLH9HUVRUJXQJ HLQHVWlUNHUH%HU FNVLFKWLJXQJHUIDKUHQ +LHUEHLVLQG)UDJHQQDFKGHU$EVWXIXQJGLDJQRVWLVFKHUXQGWKHUDSHXWLVFKHU0D QDKPHQ ]%MHQDFKGHP6FKZHUHJUDGGHU6W UXQJYRQ%HGHXWXQJ'LH(QWZLFNOXQJHLQHUVROFKHQ DEJHVWXIWHQ9RUJHKHQVZHLVHGKHLQHVÄ%HKDQGOXQJVNRUULGRUV³ÄSDWKZD\RIFDUH³VWHOOW HLQHQZHVHQWOLFKHQ6FKULWW]XU2SWLPLHUXQJGHU9HUVRUJXQJGHSUHVVLYHU3DWLHQWHQGDU 0RGHOOHEHLGHQHQHLQDEJHVWXIWHV.RQ]HSWGHU%HKDQGOXQJDQJHZHQGHWZXUGH]HLJWHQ +DXVlU]WHDXVI KUHQDEHUUHJHOPl LJHV\PSWRPXQGSDWLHQWHQEH]RJHQH.RQVXOWDWLRQVWHUPLQHEHLP)DFKDU]WHLQE]ZELHWHQHLQHVSH]LILVFKH8QWHUVW W]XQJGXUFK 3V\FKRWKHUDSHXWHQVRZLHLQ1RWIDOOVLWXDWLRQHQHLQHVWDWLRQlUHhEHUZHLVXQJDQ,QGHU5HDOLWlWQXW]WGHU3DWLHQWDXFKWKHUDSHXWLVFKH$QJHERWH6HOEVWPHGLNDWLRQDXV $SRWKHNHQXQG'URJHULHQ+HLOSUDNWLNHU6HOEVWKLOIHJUXSSHQGLHWHLOZHLVHXQDEKlQJLJYRQ HLQHP$U]WEHVXFKZDKUJHQRPPHQZHUGHQ'LHVH%HKDQGOXQJVLQVWLWXWLRQHQXQGVFKULWWH ZHUGHQGDKHULQYLHOHQ)l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
90 /HLWOLQLHQEHULFKW'HSUHVVLRQ 3UREOHP ¾,QGHQELVKHUSXEOL]LHUWHQ/HLWOLQLHQJLEWHVUHODWLYZHQLJ+LQZHLVH%HVFKUHLEXQJHQ]X HLQHPDEJHVWXIWHQ9RUJHKHQ0HLVWZHUGHQHKHU,QGLNDWLRQVNULWHULHQI UHLQH hehuzhlvxqj]xp6sh]ldolvwhqe]zglhvwdwlrqluh%hkdqgoxqjjhqdqqw ¾0DQFKHLQWHUQDWLRQDOH/HLWOLQLHQHQWZHUIHQXQWHUVFKLHGOLFKH9HUVRUJXQJVSIDGHMHQDFK 7\S*UDGGHV9HUVRUJXQJVV\VWHPVLQGHPVLFKGHUGHSUHVVLYH3DWLHQWÄEHILQGHW³ ¾,Q/HLWOLQLHQZLUGKlXILJGHU(LQGUXFNHUZHFNWGDVVGHUSURIHVVLRQHOOH+LQWHUJUXQGGHV %HKDQGOHUVGLH%HUDWXQJLQKDOWOLFKGRPLQLHUW ¾'LHXQWHUVFKLHGOLFKHQ%HWUDFKWXQJVZHLVHQGHU'HSUHVVLRQGXUFKGLHYHUVFKLHGHQHQ 3URIHVVLRQHQI KUHQLQGHULQWHUGLV]LSOLQlUHQ=XVDPPHQDUEHLWZHJHQGHU.RRUGLQDWLRQVIXQNWLRQYRUDOOHPI U+DXVlU]WH±]X3UREOHPHQEHLGHU0LWXQG :HLWHUEHKDQGOXQJ 9RUVFKODJ ¾,QHLQHU/HLWOLQLHVLQG$XVVDJHQGDU EHU]XIRUPXOLHUHQZHOFKH%HKDQGOHUZHOFKH 0D QDKPHQHUEULQJHQN QQHQXQGQDFKZHOFKHQ.ULWHULHQXQG3ULRULWlWHQGLH %HKDQGOXQJLQGHQHLQ]HOQHQ9HUVRUJXQJVEHUHLFKHQLPJHVWXIWHQ6\VWHP]% hehuzhlvxqjzdqq"gxufkzhq"xqgzlh"huirojhqvroowh'lhvh(psihkoxqjhqvroowhq LP+LQEOLFNDXIGLH+lXILJNHLWYRQGHSUHVVLYHQ6\QGURPHQDXVJHZRJHQXQGXQWHU%H]XJ DXIHSLGHPLRORJLVFKH'DWHQKLQVLFKWOLFKGHU5HDOLVLHUEDUNHLWJHSU IWVHLQ ¾'LH/HLWOLQLHVROOWHI UMHGH9HUVRUJXQJVVWXIH.ULWHULHQI UGLH:HLWHUYHUVRUJXQJDXIOLVWHQ GLHVH.ULWHULHQVROOHQEHU FNVLFKWLJHQ 3DWLHQWHQIDNWRUHQ LQGLYLGXHOOH*HIlKUGXQJGHV3DWLHQWHQ 1RWZHQGLJNHLWHLQHUVWDWLRQlUHQ%HKDQGOXQJ8QWHUEULQJXQJJHJHQGHQ :LOOHQ VR]LDOH8QWHUVW W]XQJGHV3DWLHQWHQ : QVFKHGHV3DWLHQWHQ 6WUXNWXUDVSHNWH XQWHUVFKLHGOLFKH%HKDQGOXQJVP JOLFKNHLWHQXQG.RPSHWHQ] VFKQHOOH9HUI JEDUNHLWYRQ%HKDQGOXQJVHLQULFKWXQJHQDQGHUHU 9HUVRUJXQJVVWXIHQ.RVWHQ1XW]HQDVSHNWH ¾'LHLQGHU/HLWOLQLHGDUJHVWHOOWHQ.ULWHULHQVROOWHQHLQHLQGLYLGXHOOH$EZlJXQJGHU9RUWHLOH XQG1DFKWHLOHGHU9HUVRUJXQJVVHNWRUHQVRZLH%DUULHUHQJHJHQHLQHZHLWHUJHKHQGH 9HUVRUJXQJHUODXEHQ'DEHLVLQGGLH3UlIHUHQ]HQYRQ3DWLHQWHQXQG$QJHK ULJHQ]X HUKHEHQXQG]XEHU FNVLFKWLJHQVLHKH.DSLWHO'&RPSOLDQFH ¾(VVROOWHQLQVEHVRQGHUHI UGHQKDXVlU]WOLFKHQ%HUHLFK:DUQKLQZHLVHÄUHGIODJV³]X DEZHQGEDUHQJHIlKUOLFKHQVRPDWLVFKHQRGHUSV\FKRVR]LDOHQ9HUOlXIHQJHJHEHQZHUGHQ ¾'LHQRWZHQGLJHQ$XIJDEHQGHU9HUODXIVGLDJQRVWLNXQG7KHUDSLHNRQWUROOHVLQGXQWHU %HU FNVLFKWLJXQJGHULQWHUNROOHJLDOHQ=XVDPPHQDUEHLWXQG:HLWHUYHUVRUJXQJ GDU]XVWHOOHQ
91 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO6WXIHQSODQ]XUhEHUZHLVXQJ $XVJHZlKOWZHJHQGHU'DUVWHOOXQJGHU$XIJDEHQGHV+DXVDU]WHVXQG%HU FNVLFKWLJXQJGHU QRWZHQGLJHQLQWHUNROOHJLDOHQ=XVDPPHQDUEHLW
92 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHOhEHUZHLVXQJVNULWHULHQ $XVJHZlKOWZHJHQGHU]LHOJUXSSHQJHUHFKWHQXQGXPIDQJUHLFKHQ'DUVWHOOXQJGHU hehuzhlvxqjvnulwhulhqxqwhu%hu FNVLFKWLJXQJYRQSDWLHQWHQVHLWLJHQ)DNWRUHQ P. Unable to Treat Patient in the Primary Care Setting OBJECTIVE To assure appropriate level of care based on local resources available. ANNOTATION Many patients with major depressive disorder can be effectively treated in primary care settings. Primary care providers are strongly urged to aim for full symptom remission and to refer without unnecessary delay those patients whose symptoms are not remitting. Primary care providers vary significantly in skill, comfort, and motivation to treat major depression. Before initiating treatment, the primary care provider should weigh the need for referral to a mental health care specialist. The more specific the referring provider s consultation questions, the more successful the referral/ consultation. Reasons for referral to a specialist include the following: (AHCPR, 1993) Patient request for mental health care specialist referral/consultation Provider request for diagnostic consultation Complicating general medical problems Complicating mental disorders ( co-morbidity ) Severe, recurrent, or psychotic depression Suspected need for hospitalization Suspected need for involuntary commitment Need or patient request for psychotherapy Need for light therapy Need for electro-convulsive therapy (ECT) Questions regarding medication selection, initiation, interactions, or administration Provider concerns about patient adherence to treatment Symptom breakthrough after a positive acute phase treatment response History of poor or partial treatment response. When weighing the need for consultation, the primary care provider should take into account the common barriers to effective mental health consultation. Potential barriers may include: Patient reluctance to see a mental health care specialist Feasibility for the patient Geographical distance from consultants Length of time to consultant availability. %HLVSLHO]X:DUQKLQZHLVHQVLHKHYRUQH!%HLVSLHO:DUQVLJQDOHÄ5HG)ODJV³
93 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO%HKDQGOXQJVLQVWLWXWLRQHQ $XVJHZlKOWZHLOKLHUGLH,QGLNDWLRQHQ]XU1XW]XQJGHUYHUVFKLHGHQHQ(LQULFKWXQJHQ ]XVDPPHQIDVVHQGDXIJHI KUWVLQG Behandlungsinstitutionen Das für die Behandlung geeignete therapeutische Setting ergibt sich aus der Schwere der Symptomatik sowie den psychosozialen Umständen: ambulante Behandlung sollte bei mittelschweren bis schweren Erkrankungsepisoden in der Regel durch den psychiatrischen Facharzt erfolgen...leichte bis mittelschwere Depressionen können auch durch den entsprechend vorgebildeten Hausarzt behandelt werden. Bei Therapieresistenz und/oder suizidaler Gefährdung sollte die Überweisung an den psychiatrischen Facharzt erfolgen, der die Weiterbehandlung übernimmt bzw. ggf. die stationäre Einweisung veranlasst. Stationäre Behandlung... Teilstationäre Behandlung (Tagesklinik) ist indiziert, wenn ein tragfähiges Netzwerk fehlt und/oder eine ausreichend frequente ambulante Versorgung (noch) nicht gewährleistet werden kann bzw. unzureichend ist. Rehabilitationseinrichtungen, beschützte Wohngruppen etc. sind bei affektiven Erkrankungen nur in Ausnahmefällen notwendig, können aber bei protahierten und chronifizierten Verläufen im Anschluss eine stationären Behandlung sinnvoll sein. %HLVSLHO.RQVXOWDWLRQVQRWZHQGLJNHLW $XVJHZlKOW ZHJHQ GHU %HQHQQXQJ YRQ.RPSOLNDWLRQHQ EHL GHQHQ HLQH hehuzhlvxqj DQ HLQHQ)DFKDU]WZLFKWLJLVW Tabelle 5: Überweisung an Facharzt muß erwogen werden bei: unklarer psychiatrischer Diagnose (Nervenarzt oder Arzt für Psychiatrie) Verdacht auf weiter abzuklärende körperliche Erkrankung (Neurologe oder Internist u.a.) Multimorbidität (auch bei manchen älteren Patienten) schwerer Substanzabhängigkeit (Sorge bei hinzukommenden Absetzphänomenen) Therapieresistenz oder Notwendigkeit der Kombination von Antidepressiva mit anderen Medikamenten soweit Interaktionen befürchtet werden, z. B. Fluoxetin mit NSMRI oder niedrigpotenten Neuroleptika, Lithium mit hochpotenten Neuroleptika, klassische MAO-Hemmer mit Antidepressiva, Ersteinstellung auf Lithium, Carbamazepin oder Valproinsäure in der Rezidivprophylaxe akuter Manie depressivem Stupor, psychotischer Depression (mit ausgeprägtem Wahn) nicht ausreichend abzuschätzender Suizidgefahr Von Fall zu Fall wird die Alternative eine stationäre Behandlung sein, notfalls auch ohne fachärztliche Untersuchung
94 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO6WDWLRQlUH(LQZHLVXQJ $XVJHZlKOWZHJHQGHUNODUHQ.ULWHULHQ]XUVWDWLRQlUHQ(LQZHLVXQJ F Criteria For Inpatient Admission Admission is indicated if criterion in section A is met B or C or D is met. A. A DSM-IV diagnosis are present and complete on all 5 axes and there is evidence of significant associated social impairment, occupational impairment or subjective suffering. B. The patient is danger to him/hereself such as might be indicated by one or more of the following: High lethality or high-intent suicide attempt in past two weeks Recent suicide gesture in patient with history of high lethality or high-intent suicide attempt Suicidal ideation with a plan, in the presence of command hallucinations, delusions of guilt or impending death, intractable ain, feelings of depression or hopelessness or other known precipitant of suicide Persistent acts of self-mutilation Medical emergencies influenced by mental illness Inability to provide for on basic needs of food, shelter or medical care as the result of mental illness Bizarre behavior due to a psychotic disorder that endangers patient, his/her reputation, assets or relationship C. The patient is danger to others as a result of mental disorders that is likely to improve by hospitalization, as evidenced by one or more of the following: Threats of harm against a specific individual associated with a delusional thought pattern or persistent anger/agitation Threats of harm against an unidentified person(s) Threatening behavior with a lethal weapon or possession of a lethal weapon in a state of emotional disturbance Escalating threatening language or behavior in a patient with history of assaultive or aggressive behavior Significant damage to property D The patient has a serious mental disorder causing significant impairment of social, familial, vocational or educational functioning that would benefit from the intensity of acute treatment, such as: Depressed mood disabling vegetative symptoms Marked deterioration in personal hygiene as a result of an acute psychiatric disorder Complete withdrawl from work, school or social situations due to an acute psychiatric disorder
95 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 3V\FKRHGXNDWLRQ3DWLHQWHQI KUXQJ 1XUHWZDDOOHU3DWLHQWHQPLWSV\FKLVFKHQ6W UXQJHQKDEHQEHL%HKDQGOXQJVEHJLQQHLQ HLQHUSV\FKLDWULVFKHQ'LDJQRVH]%VHLWHQVGHV3DWLHQWHQRGHUYRQ$QJHK ULJHQVLQG JHJHQGHUHQ,QIRUPDWLRQVEHG UIQLVXQGGLH$XINOlUXQJSIOLFKWDE]XZlJHQ :HQQ3DWLHQWHQE]ZLKUH$QJHK ULJHQ EHUGLH%HGHXWXQJGHU'LDJQRVHDXIJHNOlUWVLQG P VVHQWKHUDSHXWLVFKH=LHOHXQGHLQ%HKDQGOXQJVSODQPLWLKQHQEHVSURFKHQZHUGHQ 'LH9HUPLWWOXQJYRQ.UDQNKHLWVZLVVHQXQGHLQVLFKWHUIROJWPHLVWLP5DKPHQGLHVHU *HVSUlFKHXQGDX HUKDOEYRQEHLGHU%HKDQGOXQJGHU'HSUHVVLRQZHQLJYHUEUHLWHWHQ FXUULFXODUHQ6FKXOXQJVPD QDKPHQVLHKH.DSLWHO'6FKXOXQJYRQ3DWLHQWHQXQG $QJHK ULJHQ 'LHVH6FKULWWHZLHDXFKGLHZHLWHUH) KUXQJGHV3DWLHQWHQVLQGEHUHLWVDOVHLQZHVHQWOLFKHU 7HLOGHU7KHUDSLH]XEHWUDFKWHQ 3UREOHP ¾'LH$EJUHQ]XQJ]XGHQDXFKLQGHUSULPlUlU]WOLFKHQ9HUVRUJXQJDQ]XZHQGHQGHQ 3V\FKRWKHUDSLHYHUIDKUHQLVWVFKZLHULJXQGHUIROJWPHLVWVRZRKOEHLGHQ%HKDQGOHUQDOV DXFKLQYLHOHQ/HLWOLQLHQXQGZHLWHUHQ9RUVFKULIWHQ(%0)RUWELOGXQJÄ3V\FKRVRPDWLVFKH *UXQGYHUVRUJXQJ³YV=XVDW]EH]HLFKQXQJÄ3V\FKRWKHUDSLH³XQ]XUHLFKHQG ¾$XFKZHQQLQYLHOHQ/HLWOLQLHQ'LDJQRVHXQG7KHUDSLHSOlQHEHVFKULHEHQVLQGZHUGHQ NHLQH+LQZHLVHJHJHEHQZDQQXQGZLHGLH9HUGDFKWVGLDJQRVHRGHU7KHUDSLHGHP 3DWLHQWHQYHUPLWWHOWZHUGHQVROOXQGZHOFKHQ(LQIOXVVGLH,QIRUPDWLRQDXIGDV WKHUDSHXWLVFKH$UEHLWVE QGQLVKDW ¾,QYLHOHQ/HLWOLQLHQLVWQLFKWEHVFKULHEHQZLHEHLGHU:DKOGHUEHYRU]XJWHQ %HKDQGOXQJVPHWKRGHGLH: QVFKHGHU3DWLHQWHQ]XEHU FNVLFKWLJHQVLQGXQGZLHDXI GLHVH: QVFKHHLQJHJDQJHQZHUGHQVROOZHQQGLHVHQRWZHQGLJHQWKHUDSHXWLVFKHQ (QWVFKHLGXQJHQHQWJHJHQVWHKHQ ¾$XIGLH5ROOHYRQVFKULIWOLFKHQ,QIRUPDWLRQVPDWHULDOLHQ]XU3DWLHQWHQLQIRUPDWLRQXQG ±I KUXQJXQGGHUHQXQWHUVFKLHGOLFKH4XDOLWlWZLUGLQGHQPHLVWHQ/HLWOLQLHQQLFKW HLQJHJDQJHQ 'DV%XQGHVPLQLVWHULXPI U*HVXQGKHLWHGLWRU4XDOLWlWVVLFKHUXQJLQGHU3V\FKRVRPDWLN9HUEXQGVWXGLH LQQHUKDOEGHV'HPRQVWUDWLRQVSURMHNWVLQGHUDPEXODQWHQ9HUVRUXQJ6FKULIWHQUHLKHGHV%XQGHVPLQLVWHULXPV I U*HVXQGKHLW%DGHQ%DGHQ1RPRV9HUO*HV
96 /HLWOLQLHQEHULFKW'HSUHVVLRQ 9RUVFKODJ ¾'LH0D QDKPHQGHU3DWLHQWHQHGXNDWLRQ3DWLHQWHQI KUXQJVROOWHQLP5DKPHQGHU (LQRUGQXQJGHU7KHUDSLHYRQVSH]LILVFKHQSV\FKRWKHUDSHXWLVFKHQ0D QDKPHQVLHKH.DSLWHO'3V\FKRWKHUDSLHYHUIDKUHQNODUXQGP JOLFKVWHLQGHXWLJYRQGLHVHQ DEJHJUHQ]WZHUGHQGDEHLLVWDXFKDXIEHVRQGHUH$QIRUGHUXQJHQEHLGHU /HLVWXQJVHUEULQJXQJ]%$EUHFKQXQJVPRGDOLWlWHQ4XDOLILNDWLRQVYRUDXVVHW]XQJHQ KLQ]XZHLVHQ ¾(EHQVRLVWHLQH$EJUHQ]XQJGHUÄ3V\FKRHGXNDWLRQ³YRQFXUULFXODUHQ 6FKXOXQJVPD QDKPHQVLHKH.DSLWHO'YRU]XQHKPHQ ¾(LQH/HLWOLQLHVROOWHSUDNWLVFKH2ULHQWLHUXQJVKLOIHQ]XU'LDJQRVHDXINOlUXQJGHV3DWLHQWHQ JHEHQ'DEHLVROOWHGDUJHVWHOOWXQGWKHRUHWLVFKEHJU QGHWZHUGHQZRU EHUHLQ$U]WZDQQ XQGPLWGHP3DWLHQWHQUHGHQVROOWH ¾(VLVWHLQH6WHOOXQJQDKPHHUIRUGHUOLFKREXQGXQWHUZHOFKHQ8PVWlQGHQXQG*HIDKUHQ XQGZLHODQJHGLH0LWWHLOXQJGHU'LDJQRVHÄ'HSUHVVLRQ³LP+LQEOLFNDXIGLHHUIRUGHUOLFKH (WDEOLHUXQJHLQHVWKHUDSHXWLVFKHQ$UEHLWVE QGQLVVHVDEJHZDUWHWZHUGHQNDQQ(VLVW GDEHLIHVW]XOHJHQZLHGDV*HVXQGKHLWVSUREOHPLP)DOOHGHU9HU] JHUXQJGHU 'LDJQRVHPLWWHLOXQJDQGHQ3DWLHQWHQNODVVLIL]LHUWXQGJHJHQ EHUGHP3DWLHQWHQ EHVFKULHEHQZHUGHQVROO ¾(LQH/HLWOLQLHVROOWHDXIJHHLJQHWHTXDOLWDWLYKRFKZHUWLJHHYLGHQ]EDVLHUWH 3DWLHQWHQLQIRUPDWLRQHQGLHGDVQRWZHQGLJH:LVVHQ EHU'LDJQRVHXQG7KHUDSLH YHUPLWWHOQXQGGLHGDVHPSIRKOHQH9RUJHKHQXQWHUVW W]HQYHUZHLVHQ)HUQHUVLQG +LQZHLVH]XPJH]LHOWHQ(LQVDW]GHU3DWLHQWHQLQIRUPDWLRQHQLP5DKPHQGHU 3DWLHQWHQI KUXQJ]XJHEHQ %HLVSLHO$EJUHQ]XQJGHU3DWLHQWHQI KUXQJ]XU3V\FKRWKHUDSLH $XVJHZlKOWZHJHQGHV9HUZHLVHV]XU$EJUHQ]XQJYRQ3V\FKRWKHUDSLHXQGGHQ XQWHUVW W]HQGHQ0D QDKPHQGHVÄFOLQLFDOPDQDJHPHQW&0³ INTRODUCTION Psychotherapy refers to the psychological treatment of psychiatric and behavioural disorders that is enacted through the establishment of a professional relationship with a patient for the purpose of alleviating existing symptoms and preventing the recurrence of maladaptive patterns of behaviour. The nature of supportive therapy, or clinical management (CM), is discussed in a previous article (see Section II); this section will deal with specific psychotherapy models.... %HLVSLHO,QIRUPDWLRQ]XU.UDQNKHLWVHLQVLFKW //:+2±8.>6@ $XVJHZlKOWZHJHQGHU'DUVWHOOXQJGHUZHVHQWOLFKHQ(OHPHQWHGHU.UDQNKHLWVLQIRUPDWLRQ Essential information for patient and family Depression is a common illness and effective treatments are available. Depression is not weakness or laziness. Depression can affect patients ability to cope. Recommend information leaflets or audiotapes to reinforce the information.
97 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO$OOJHPHLQHV%HUDWXQJV0RGXO $XVJHZlKOWZHJHQGHU1HQQXQJGHU=LHOHGHU3DWLHQWHQLQIRUPDWLRQ]XGHQ 7KHUDSLHP JOLFKNHLWHQ O. Discuss Treatment Options and Patient s Preferences. Provide Patient/family Education OBJECTIVE To provide the patient and significant others an understanding of the available treatment options. ANNOTATION There are four broad treatment options for patients with MDD. These are: 1. Pharmacotherapy including other somatic therapies, including Electroconvulsive Therapy (ECT) 2. Empirically Supported Psychotherapies (EST) 3. Combined psychotherapy and pharmacotherapy 4. Clinical evaluation of one to three visits. Patients should be educated about the potential consequences of untreated MDD, and encouraged to return. DISCUSSION A balanced presentation of the relative benefits and drawbacks of each approach should be provided, to help the patient and provider make a reasoned decision about which approach to select.
98 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO6SH]LILVFKHV%HUDWXQJV0RGXO $XVJHZlKOWZHJHQGHUVSH]LILVFKHQ EHUVLFKWOLFKHQ'DUVWHOOXQJGHU,QKDOWHGHV $XINOlUXQJVJHVSUlFKHV Benefits of pharmacotherapy include: Potential of a more rapid initial treatment response 1. Patient s preference for medications over talk therapies. Risks or drawbacks of pharmacotherapy include: 1. Need to take medications consistently and exactly as prescribed. Potential for medication side-effects or interactions with other medications or medical problems. Potential for need to take medication for an indefinite or extended period. Psychotherapy This is the use of one of the ESTs, offered in either one-on-one or group format.... Benefits of psychotherapy include: 1. Effects may persist beyond the duration of treatment. The need to take antidepressant medications or experience medication side effects may be reduced. An opportunity for the patient to make meaningful self-improvements or life changes. Risks or drawbacks of psychotherapy include: 1. Patients need to come consistently for therapy appointments on a frequent basis for several months at a time 2. A therapist trained in an empirically supported psychotherapy may not be available in every care setting. Q. Is Psychotherapy Preferred, Appropriate and Available? OBJECTIVE To determine the best treatment option for the patient. ANNOTATION Psychotherapy for depression is generally appropriate for all forms of depression managed in the primary care setting. Because there are no demonstrated differences in outcome between patients treated with psychotherapy or pharmacotherapy, patient choice should be strongly considered in treatment planning. Collaborative management of depressed patients with a mental health specialist, especially those with persistent symptoms, can increase the cost effectiveness of care and may be useful for patients who refuse off-site mental health and consultation. (Katon, 1996; Katon, 1995; Von Korff, et al., 1998; Katon, 1999). Utilization of mental health specialists affiliated with a primary care center will facilitate communication, joint management, and more convenience for the patient. Availability of a competent psychotherapist is a prerequisite for the psychotherapy option. It has been shown, for example, that the competency of the psychotherapist affects treatment effectiveness (Jacobson & Hollon, 1996). Variability in the quality of administration of all treatments affects the patient s outcome for both medication and psychotherapy. Combination of an empirically-supported psychotherapy with medication has not been shown to produce consistently better outcomes for most patients than use of one of these approaches on its own. However, addition of cognitive-behavioral therapy to medication has been shown to reduce risk of relapse (Fava et al., 1994; Rush & Hollon, 1991). EVIDENCE... R. Is Pharmacotherapy Appropriate and Is Patient Willing to Take Medications? OBJECTIVE To determine whether the patient should receive a pharmacological intervention. ANNOTATION Generally patients should receive antidepressant medications for the following indications: Moderate or severe symptoms of depression Significant impairment in social or occupational functioning due to depression Suicidal ideation Strong indications for antidepressant medication include: Past history of a positive response to medications Negative response to psychotherapeutic interventions Recurrent depressive episodes Family history of depression Patient preference for drug therapy
99 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO/HEHQVVWLOlQGHUXQJ $XVJHZlKOWZHJHQGHU EHUVLFKWOLFKHQ'DUVWHOOXQJYRQWKHUDSHXWLVFKHQ0D QDKPHQ]XU /HEHQVVWLOlQGHUXQJ Lifestyle There is research that suggests that lifestyle changes may help to: reduce the risk of recurrence of mild to moderate unipolar Major Depressive Disorder relieve symptoms of mild to moderate Major Depressive Disorder possibly reduce the risk of moderate Major Depressive Disorder becoming more severe. Lifestyle changes that have been shown to be of some benefit include: stress management (Aro, 1994) reducing drug and alcohol use abuse of alcohol (Schuckit, 1994; Bartels et al, 1992; Petty, 1992) has been associated with increased rates of Major Depressive Disorder. A person who is depressed should ideally stop using alcohol or at least reduce consumption to no more than two standard drinks a day and no more than one standard drink per hour. Note that other drugs, such as cannabis, can also have an effect on mood and their consumption should be discouraged, especially if the person is taking medication. sleep patterns there is some evidence for a relationship between the disruption of circadian rhythms and Major Depressive Disorder (Healey and Williams, 1988; Linkowski and Mendlewicz, 1993). The development and maintenance of good sleep patterns may be an important adjunct for the treatment of Major Depressive Disorder and prevention of relapse. a balanced diet ensure that the person has a balanced diet which includes complex carbohydrates and vitamins. Some evidence exists that carbohydrate-enriched foods improve mood (Wurtman, 1993; Wallin and Rissanen, 1994). physical exercise Martinsen (1994) reviewed ten experimental and two quasi-experimental studies and concluded that despite some methodological shortcomings, all studies point in the direction of aerobic exercise being more effective than no treatment. People may find it hard to implement lifestyle changes while continuing to experience depressive symptoms and should be encouraged to make changes as and when possible. %HLVSLHO(GXNDWLRQ]XU3UREOHPO VXQJ //1$&>6@ $XVJHZlKOWZHJHQGHU1HQQXQJGHU9RUDXVVHW]XQJHQ]XU$QZHQGXQJGLHVHV9HUIDKUHQVLQ GHU3UD[LV Problem solving Problem solving treatment has been shown to be effective, feasible and acceptable to patients as a treatment for Major Depressive Disorder in primary care. In one study it was found that problem solving was as effective as amitriptyline, (a tricyclic anti-depressant) and more effective than a placebo when given over six sessions by general practitioners who have taken a short course to learn the relevant skills. Patient satisfaction was high and showed a low drop-out rate (Mynors-Wallis et al, 1995). Problem solving interventions teach the person to use their own skills and resources to cope with both present and future problems. It has several stages: 1. identifying and clarifying the problem 2. setting clear achievable goals 3. brainstorming to generate solutions 4. selecting the preferred solution 5. evaluating progress. Training in problem solving for general practitioners includes a short theoretical course that entails reading relevant papers, role playing in clinical scenarios, and watching a training videotape.
100 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 3V\FKRWKHUDSLHYHUIDKUHQ,QGHQPHLVWHQ/HLWOLQLHQZLUGLQ(LQNODQJPLWLKUHU(YLGHQ]EDVLHUXQJNODUXQWHUVFKLHGHQ ]ZLVFKHQVSH]LILVFKHQ]HLWOLFKOLPLWLHUWHQ3V\FKRWKHUDSLHQGLH*HJHQVWDQGYRQ]DKOUHLFKHQ (IIL]LHQ] EHUSU IXQJHQZDUHQXQGQLFKWQlKHUVSH]LIL]LHUWHQ3V\FKRWKHUDSLHQI UGLHHV NHLQH(YLGHQ]HQJLEW 'LHPHLVWHQ/HLWOLQLHQVWLPPHQLQGHU1HQQXQJGHUHYLGHQ]EDVLHUWHQ3V\FKRWKHUDSLHQ EHUHLQ.RJQLWLYH9HUKDOWHQVWKHUDSLH9HUKDOWHQVWKHUDSLH,QWHUSHUVRQDOH3V\FKRWKHUDSLH EHVWLPPWH)RUPHQGHU3DDUWKHUDSLH 'LH6WXGLHQ]XU$QZHQGXQJXQG:LUNVDPNHLWKDEHQ]XJHQRPPHQXQGGLH(UJHEQLVVHVLQG GLIIHUHQ]LHUWHUJHZRUGHQ6ROLHJHQDNWXHOOH(UJHEQLVVH]XU:LUNVDPNHLWYRQ3V\FKRWKHUDSLHQ EHLGHU5 FNIDOOSURSK\OD[HXQG]XUOlQJHUIULVWLJHQ$XIUHFKWHUKDOWXQJ/DQJ]HLWWKHUDSLHYRU 3UREOHP ¾'DV:LVVHQXPGLH8QWHUVFKLHGH]ZLVFKHQVSH]LILVFKHQHYLGHQ]EDVLHUWHQ3V\FKRWKHUDSLHQ XQGDQGHUHQSV\FKRWKHUDSHXWLVFKHQ9RUJHKHQVZHLVHQLVWLQZHLWHQ7HLOHQGHU 9HUVRUJXQJVV\VWHPHEHL+DXVlU]WHQ)DFKlU]WHQDEHUDXFKEHLYLHOHQ3V\FKRORJHQXQG 3V\FKRWKHUDSHXWHQHQWZHGHUQLFKWYRUKDQGHQRGHUZLUGQLFKWLQHLQHHQWVSUHFKHQGH 7KHUDSLHRGHUhEHUZHLVXQJVSUD[LVXPJHVHW]W ¾) UGDVNOLQLVFKH0DQDJHPHQWYRQ3V\FKRWKHUDSLHQN QQHQDXVGHU/LWHUDWXUHLQHJDQ]H 5HLKHZHLWJHKHQGNRQVHQVXDOEHXUWHLOWHUÄOHJHDUWLV³9RUJHKHQVZHLVHQDEJHOHLWHW ZHUGHQGLHLQGHU3UD[LVDOOHUGLQJVKlXILJQLFKWEHDFKWHWZHUGHQ,P=XVDPPHQKDQJPLW GHU(LQI KUXQJQHXHU:HLWHUELOGXQJVJlQJHXQGTXDOLWlWVVLFKHUQGHU0D QDKPHQLVWKLHU HLQH9HUEHVVHUXQJ]XHUZDUWHQGLHGXUFK/HLWOLQLHQHPSIHKOXQJHQIODQNLHUWZHUGHQ N QQHQ 9RUVFKODJ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHHLQHQhEHUEOLFNXQGHLQHQEHZHUWHQGHQ9HUJOHLFKGHU (IIHNWLYLWlWYRQ3V\FKRWKHUDSLHQEHL'HSUHVVLRQJHWUHQQWI UGLH$NXWSKDVHXQGGLH 5H]LGLYSURSK\OD[HE]ZGLH/DQJ]HLWWKHUDSLHHQWKDOWHQ'D]XJHK UHQ HLQHhEHUVLFKW EHUGLH3V\FKRWKHUDSLHQGHUHQ1XW]HQEHOHJWLVW HLQH&KDUDNWHULVLHUXQJGHU]HQWUDOHQ=LHOHXQGGHV9RUJHKHQVGHUZLUNVDPHQ 3V\FKRWKHUDSLHQ HLQHhEHUVLFKW EHUGLHYHUJOHLFKHQGH(IIHNWLYLWlW]ZLVFKHQYHUVFKLHGHQHQ SV\FKRWKHUDSHXWLVFKHQ$QVlW]HQ HLQHhEHUVLFKW EHUGLHYHUJOHLFKHQGH(IIHNWLYLWlW]ZLVFKHQGHQVSH]LILVFKHQ 3V\FKRWKHUDSLHQXQGGHQPHGLNDPHQW VHQ7KHUDSLHQ HLQHhEHUVLFKW EHUGLH(IIHNWHYRQ.RPELQDWLRQVWKHUDSLHQ.RPELQDWLRQYRQ PHGLNDPHQW VHUXQG3V\FKRWKHUDSLH HLQH=XVDPPHQVWHOOXQJGHU3V\FKRWKHUDSLHQGHUHQ1XW]HQQLFKWEHOHJWLVW HLQH=XVDPPHQVWHOOXQJGHU3V\FKRWKHUDSLHQGHUHQ$QZHQGXQJREVROHWLVW ¾'LHVH=XVDPPHQVWHOOXQJHQVROOWHQLQHLQHPYRU]XJHEHQGHQ5K\WKPXVDNWXDOLVLHUW ZHUGHQ ¾%HLGHQNRQNUHWHQ(PSIHKOXQJHQGLHDXVGHUYHUJOHLFKHQGHQ%HZHUWXQJGHU 3V\FKRWKHUDSLHQUHVXOWLHUHQVROOWHQDXFKGLH6WXGLHQHUJHEQLVVHKLQVLFKWOLFKNOLQLVFKHU /DQJ]HLWHQGSXQNWH/HEHQVTXDOLWlWGHU3DWLHQWHQXQGLKUHU$QJHK ULJHQ $XIUHFKWHUKDOWXQJSUlYHQWLYHU%HZlOWLJXQJVVWUDWHJLHQ0RUELGLWlW0RUWDOLWlW.RVWHQ 1XW]HQ$VSHNWHEHU FNVLFKWLJWZHUGHQ
101 /HLWOLQLHQEHULFKW'HSUHVVLRQ ¾=XIROJHQGHQ3XQNWHQGHV7KHUDSLHPDQDJHPHQWVVROOWHQ(PSIHKOXQJHQDXVJHVSURFKHQ ZHUGHQ,QGLNDWLRQHQXQG.ULWHULHQI U3V\FKRWKHUDSLHDOVHUVWH%HKDQGOXQJVDOWHUQDWLYH,QGLNDWLRQHQXQG.ULWHULHQI U3V\FKRWKHUDSLHDOV7HLOHLQHU.RPELQDWLRQVEHKDQGOXQJ.ULWHULHQ,QGLNDWLRQVJHVLFKWVSXQNWHI U3V\FKRWKHUDSLH]XU5H]LGLYSURSK\OD[H XQGDOV/DQJ]HLWWKHUDSLH 0LQLPDODQIRUGHUXQJHQDQGLHWKHUDSLHEHJOHLWHQGH'RNXPHQWDWLRQ =HLWSXQNWHXQG.ULWHULHQQDFKGHQHQDEKlQJLJYRQGLHVHU'RNXPHQWDWLRQHLQH EHJRQQHQH3V\FKRWKHUDSLHDQJHSDVVWE]ZHUJlQ]WRGHUDEJHEURFKHQZHUGHQ VROOWHXQG2SWLRQHQI U$QSDVVXQJHQ(UJlQ]XQJHQE]Z %HKDQGOXQJVDOWHUQDWLYHQ.ULWHULHQI UHLQHIDFKlU]WOLFKH.RQVXOWDWLRQVQRWZHQGLJNHLWXD6XL]LGDOLWlW SV\FKRWLVFKH6\PSWRPDWLNELSRODUHU9HUODXI $XVVDJHQ]XU(LJQXQJEHLYHUVFKLHGHQHQ6XEJUXSSHQYRQ3DWLHQWHQDXFKLP +LQEOLFNDXIGLH]HLWOLFKH/LPLWLHUXQJYRQ3V\FKRWKHUDSLHQ'DXHUXQG 6LW]XQJVIUHTXHQ]9HUJU HUXQJGHU6LW]XQJVLQWHUYDOOHJHJHQ(QGH Ä$XIIULVFKXQJVVLW]XQJHQ³ VHWWLQJVSH]LILVFKH%HVRQGHUKHLWHQ(LQ]HO*UXSSHQWKHUDSLHDPEXODQWVWDWLRQlU NRQRPLVFKH$VSHNWHYRQ3V\FKRWKHUDSLHQ +LQZHLVH]XU$XVZDKOYRQ7KHUDSHXWHQLQVEHVRQGHUH$XVELOGXQJVDQIRUGHUXQJHQ XQG4XDOLIL]LHUXQJ]XU'XUFKI KUXQJGHUVSH]LILVFKHQ]HLWOLFKOLPLWLHUWHQ 7KHUDSLHQ ¾'LH,QIRUPDWLRQHQI U3DWLHQWHQXQG$QJHK ULJHVROOHQGLH'DUVWHOOXQJGHU 3V\FKRWKHUDSLHXPIDVVHQ+LHU]X]lKOHQDXFK(UNOlUXQJHQ]XGHQ:LUNXQJHQGHU 7KHUDSLHQDXVGHQHQI UGHQ3DWLHQWHQGHU6LQQGHU0D QDKPHQGHXWOLFKZLUG,P)DOOH GHU.RPELQDWLRQPLW0HGLNDPHQWHQVROOWHQEHLGH%HKDQGOXQJVZHLVHQGXUFKXPIDVVHQGH (UNOlUXQJHQLQGHQ/HLWOLQLHQYHUPLWWHOWZHUGHQ
102 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHOhEHUVLFKW EHU3V\FKRWKHUDSLHQXQGYHUJOHLFKHQGH'DUOHJXQJGHU(IIHNWLYLWlW $XVJHZlKOWZHJHQGHUNODUHQHYLGHQ]EDVLHUWHQ$XVVDJHQPLW$EVWXIXQJGHU(PSIHKOXQJHQ QDFKPHWKRGLVFKHU(YLGHQ]VWlUNH'DEHLZLUGDXFKDXIIHKOHQGH%HOHJH]XP1XW]HQ EHVWLPPWHU7KHUDSLHIRUPHQXQGGHU(LJQXQJYRQVSH]LILVFKHQ3V\FKRWKHUDSLHQEHL VSH]LILVFKHQ6XEJUXSSHQYHUZLHVHQ Recommendations for Individual Psychotherapies (see Table 3.1) First-line treatments Cognitive therapy (CT) or cognitive-behavioural therapy (CBT) (Level 1 evidence). Interpersonal therapy (IPT) (Level 1 evidence). At mild-to-moderate levels of severity, these treatments have efficacy comparable with medications, but they may be less effective in severe depression. Second-line treatments Behaviour therapy (BT) (Level 1 evidence). This treatment is usually incorporated in a CBT approach. Third-line treatments Brief dynamic psychotherapy (BDP) (Level 2 evidence). There is insufficient evidence to recommend long- term psychodynamic psychotherapy for the treatment of depression.... Recommendations for Group Therapy and Marital Therapy (see Table 3.1) First-line treatments Group formats of cognitive-behavioural therapy (CBT) and interpersonal therapy (IPT) (Level 2 evidence). There is less evidence for efficacy of group, compared with individual, forms of psychotherapy. Individual therapy may be more effective than group therapy for more severe depressions. Second-line treatments Marital or couples therapy, in patients with significant marital distress (Level 2 evidence).... Recommendations for Psychotherapy in the Treatment of Chronic Depression or Dysthymic Disorder (see Table 3.1) First-line treatments Concurrent, combined psychotherapy and pharmacotherapy for chronic depression or dysthymic disorder (Level 2 evidence). The psychotherapies that have been evaluated are cognitive-behavioural analysis system of psychotherapy (CBASP), cognitive-behavioural therapy (CBT), and interpersonal therapy (IPT). Pharmacotherapy alone (Level 2 evidence). The medications that have been evaluated are nefazodone and sertraline. Second-line treatments CBASP alone for chronic depression (Level 2 evidence). Not Recommended Psychotherapy alone (CBT, IPT) is not recommended for dysthymic disorder because of evidence of lack of efficacy (Level 2 evidence).
103 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO&KDUDNWHULVLHUXQJGHU]HQWUDOHQ=LHOHXQGGHV9RUJHKHQVEHLNRJQLWLYHQ 9HUKDOWHQVWKHUDSLHQ $XVJHZlKOWZHLOGLHZLFKWLJVWHQ=LHOHXQG%HKDQGOXQJVSULQ]LSLHQEH]RJHQDXI XQWHUVFKLHGOLFKH6WDGLHQGHU$NXWWKHUDSLHGDUJHVWHOOWZHUGHQ'LH'DXHUXQG$EIROJHGHU 6LW]XQJHQVLQGVSH]LILVFKHQ7KHUDSLHSKDVHQXQG=LHOHQ]XJHRUGQHWZRUGHQ 'LH%HZHUWXQJGHU:LUNVDPNHLWVQDFKZHLVHLVWLP%HLVSLHOGDUJHOHJW 2. What are the general principles of cognitive therapy and behaviour therapy? Cognitive therapy (CT) pursues symptomatic relief from depression through a systematic effort to change depressed patients automatic and maladaptive ways of thinking. At the heart of this approach is the assumption that distorted beliefs about the self, the world, and the future maintain depressive affect. Patients first work at becoming aware of these thinking styles and then learn how to respond to them in ways that are more adaptive. These skills, when accompanied by affective arousal and practised in the context of extra therapy assignments, are an important engine of symptom change (3). The typical course of treatment runs from 12 to 16 sessions, and the sequence of treatment involves 3 phases. In the early phase (sessions 1 to 4), the emphasis is on establishing a therapeutic relationship with the patient, educating the patient about the cognitive model and influences on emotion, setting goals, and eliciting and evaluating automatic thoughts. The middle phase (sessions 5 to 12) involves a gradual shift to ward the identification of dysfunctional beliefs and compensatory strategies the patient may be employing, helping the patient to identify core beliefs, and practising skills at responding to and modifying depressogenic views. Tasks in the late phases of CT (sessions 13 to 16) revolve around preparing the patient for termination, predicting high- risk situations relevant to relapse, and consolidating learning through self-therapy tasks. Behaviour therapy (BT) for depression is premised on the observation that patients with a mood disorder are ex posed to fewer positive reinforcers in their environments (4,5). Behavioural interventions are especially effective for symptoms of social withdrawal and anhedonia and are often used in tandem with cognitive strategies (for example, CBT). An important goal of behavioural treatment is to increase patients activity levels and engage patients in tasks to in crease their feelings of mastery and pleasure. In the early stages, patients are asked simply to monitor their activities and to rate the degree of difficulty and satisfaction associated with completing or attempting each task. As treatment progresses, patients are asked to perform, as home work assignments, a greater number of pleasurable activities or events. Training in social skills and assertiveness might also enhance the patient s interpersonal repertoire and reduce the number of aversive, submissive interactions with others. Toward the end of treatment, the focus shifts to selfcontrol training and problem solving, so that the learning achieved in therapy can be generalized and sustained in the patient s social environment (6). BT is now usually incorporated with CT as CBT.
104 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO&KDUDNWHULVLHUXQJGHU]HQWUDOHQ=LHOHXQGGHV9RUJHKHQV,QWHUSHUVRQHOOHU 3V\FKRWKHUDSLH $XVJHZlKOWZHLOGLHZLFKWLJVWHQ=LHOHXQG%HKDQGOXQJVSULQ]LSLHQEH]RJHQDXI XQWHUVFKLHGOLFKH6WDGLHQGHU$NXWWKHUDSLHGDUJHVWHOOWZHUGHQ'LH'DXHUXQG$EIROJHGHU 6LW]XQJHQVLQGVSH]LILVFKHQ7KHUDSLHSKDVHQXQG=LHOHQ]XJHRUGQHWZRUGHQ 'LH%HZHUWXQJGHU:LUNVDPNHLWVQDFKZHLVHLVWLP%HLVSLHOGDUJHOHJW 4. What are the general principles of IPT? IPT for depression pays careful attention to changes in patients interpersonal environment and their relation to the onset of mood disorder. The basic assumption is that addressing relation shipissues, whether they are contributing factors or consequences of depression, will lead to improvement in depressive symptoms. Patients are encouraged to facilitate affective expression, especially emotions related to mourning or loss of social roles. Other strategies also employed include analyzing blocks in communication with significant others, problem solving aimed at resolving disputes, and social skills training aimed at reducing social isolation (25). The course of treatment in IPT has 3 phases over 12 to 16 sessions. In the early phase (sessions 1 to 3), the therapist explains the rationale for depression, using a medical model, and for treatment focusing on interpersonal difficulties the patient might behaving. Once are view of the patient s major interpersonal relationships and the onset of depressive symptoms is completed, IPT moves into its middle phase (sessions 4 to 12). At this point, the therapist and patient decide to focus on 1 or 2 of 4 important inter personal problem areas that are thought to be contributing to the depression: unresolved grief, role disputes, role transitions, and social isolation. Specific strategies are used to address each problem area, focusing on the patient s life out side the office. The termination phase of IPT (sessions 13 to 16) is devoted to reviewing the course of treatment and reinforcing progress. Termination is ad dressed as early as session 12, and the therapist helps the patient prepare for the event by eliciting relevant thoughts and feelings. The therapist emphasizes competence and frames any challenges to be met in terms of using new learning to reduce vulnerability to future depression (26).
105 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHOhEHUVLFKW EHUGLH(IIHNWHYRQ.RPELQDWLRQVWKHUDSLHQ $XVJHZlKOW ZHJHQ GHU H[SOL]LWHQ 1HQQXQJ XQG EHUVLFKWOLFKHQ =XVDPPHQVWHOOXQJ YRQ 3DWLHQWHQJUXSSHQEHLGHQHQHLQH.RPELQDWLRQVWKHUDSLHHPSIRKOHQZLUG Recommendations for Concurrent Combined Treatment (see Table 5.2) Acute-phase treatment. Concurrent combined treatment is not recommended because there is no evidence for greater efficacy than that achieved with psychotherapy or pharmacotherapy alone (Level 2 evidence), except in the following circumstances: First-line treatment Chronic depression: cognitive-behavioural analysis system of psychotherapy (CBASP) plus nefazodone is more effective than either treatment alone (Level 2 evidence). Severe depression: interpersonal therapy (IPT) plus pharmacotherapy may be more effective than either treatment alone (Level 1 evidence). Maintenance-phase treatment Concurrent combined treatment is not recommended because there is no evidence for greater efficacy than that achieved with psychotherapy or pharmacotherapy alone (Level 2 evidence), except in the following circumstances: First-line treatment Elderly patients: IPT plus nortriptyline may reduce relapse rates, compared with either treatment alone, in patients treated with the combination in the acute phase (Level 2 evidence).... Recommendations for Sequential Combined Treatments (see Table 5.2) There is limited evidence to support a sequential combined strategy; that is, adding psychotherapy or pharmacotherapy to patients who show nonresponse or partial response to monotherapy. Second-line treatment Adding cognitive- behavioural therapy (CBT) for patients with residual depressive symptoms after acute treatment with pharmacotherapy improves remission rates and reduces relapse/recurrence rates (Level 2 evidence). Adding pharmacotherapy for women with partial or no response after acute treatment with interpersonal therapy (IPT) may improve remission rates (Level 3 evidence). %HLVSLHO,QGLNDWLRQXQG.ULWHULHQI U3V\FKRWKHUDSLHDOVHUVWHU%HKDQGOXQJVDOWHUQDWLYH //1$&>6@ $XVJHZlKOW ZHJHQ GHU XQWHUVFKLHGOLFKHQ,QGLNDWLRQVJHVLFKWVSXQNWH XQG GHU =XRUGQXQJ ]X =LHOHQ Table 6. Indications for the selection of an appropriate psychological therapy Adapted from Table 10, Major Depressive Disorder in Primary Care: Volume 2. Treatment of Major Depressive Disorder. Agency for Health Care Policy and Research, US Department of Health and Human Services, Primary Objectives Examples 1. Symptom removal Cognitive-Behavioural and Interpersonal Psychotherapy 2. Restoration of normal psychosocial and occupational functioning Case management; Cognitive-Behavioural, psychoeducational, occupational, marital or family therapy 3. Prevention of relapse/recurrence Maintenance therapy (Cognitive-Behavioural, interpersonal, other) 4. Correction of "causal" psychological problems with secondary Marital, family, cognitive, interpersonal, brief dynamic, and other symptom resolution therapy 5. Increased adherence to medication Clinical case management; specific Cognitive-Behavioural, or other psycheducational techniques or packages. 6. Correction of secondary consequences of the major Depressive Occupational, marital, family interpersonal, cognitive therapy, other Disorder (eg marital discord, low selfesteem) therapies focused on specific problems.
106 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO,QGLNDWLRQHQXQG.ULWHULHQI U3V\FKRWKHUDSLHDOV7HLOHLQHU.RPELQDWLRQVEHKDQGOXQJ $XVJHZlKOWZHJHQGHUNRQNUHWHQ%HQHQQXQJYRQ,QGLNDWLRQVEHUHLFKHQ Combining antidepressants with psychological therapies There is evidence for combining psychological therapies with the use of antidepressants and clinical management in cases where: the prior course of the illness is chronic or characterised by poor inter-episode recovery (for example Dysthymic Disorder with acute Major Depressive Episodes) where antidepressants alone have been only partially effective and where negative cognitions (pessimistic thoughts), low self-esteem and/or relationship difficulties are identified where there is a history of chronic psychosocial problems, both during and between episodes of Major Depressive Disorder where there is a history of reluctance to persist with treatment when there are residual symptoms that are largely psychological. %HLVSLHO/DQJ]HLWWKHUDSLH //&3$>6@ $XVJHZlKOWZHJHQGHUVSH]LILVFKHQ(PSIHKOXQJHQ]XU/DQJ]HLWWKHUDSLH Recommendations for Psychotherapy as Maintenance Treatment (see Table 3.1) There is limited evidence to recommend psychotherapy as maintenance treatment. There may be some carry- over effects of acute-phase treatment with cognitive-behavioural therapy (CBT) and interpersonal (IPT) that offer modest protection against relapse (Level 2 evidence). Maintenance therapy sessions for CBT and IPT may reduce relapse rates, although there is insufficient evidence about the optimal frequency and duration of maintenance sessions (Level 2 evidence). %HLVSLHO3V\FKRWKHUDSLH]XU5H]LGLYSURSK\OD[H/DQJ]HLWWKHUDSLH $+&35>9RO6@ $XVJHZlKOWZHJHQGHU)RUPXOLHUXQJGHU9RUDXVVHW]XQJHQ]XU)RUWI KUXQJGHU 3V\FKRWKHUDSLH 9 Guideline: Continuation and Maintenance Treatment Options Objectives and Indications for Continuation Treatment Guideline: A decision to implement continuation phase psychotherapy depends on the patient s residual symptoms, psychosocial problems, history of psychological functioning between episodes, and the practitioner s and patient s judgment about the need for such treatment. Continuation psychotherapy can be added to continuation medication following acute phase response to either medication alone or the combination. (Strength of Evidence = C.)
107 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO7KHUDSLHEHJOHLWHQGH'RNXPHQWDWLRQ $XVJHZlKOWZHJHQGHV$QVSUHFKHQVGHU1RWZHQGLJNHLWGHUWKHUDSLHEHJOHLWHQGHQ 'RNXPHQWDWLRQXQGGHU1HQQXQJYRQHUJlQ]XQJVEHG UIWLJHQ,QVWUXPHQWHQ Monitoring The frequency and method of monitoring each person s depressive condition should be decided in consultation with them. Ideally a balance should be sought which minimises intrusiveness and cost to the individual while ensuring that the health professional has reliable and accurate information about the treatment response, any negative side effects that may reduce compliance and any significant alteration in the stressors or supports which may worsen the depressive disorder. Monitoring will be most effective if carried out in the context of an open and honest relationship. Regular (weekly or fortnightly) monitoring is best done by the same person who should have appropriate clinical training and experience. Regular (less frequent) monitoring should continue for at least 12 months from the recovery from a depressive episode and the cessation of medication. The most accurate means of monitoring the person s mood is to use one of the rating scales provided in Appendices 3 to 5 (Hamilton, CES-D or Edinburgh Postnatal Major Depressive Disorder Scale). These rating scales take as little as 5-10 minutes to complete, ensure all aspects of the depressive disorder are considered and provide the opportunity to make a comparison over time. The Hamilton rating scale is the most comprehensive and is best carried out as part of a face to face consultation. The CES-D provides a reliable estimate of the level of Major Depressive Disorder and is suitable for use by nurses and counsellors. The CES-D can also be used in the course of a telephone call or in some cases completed by the person themselves and delivered to the health centre.... %HLVSLHO=HLWSXQNWHXQG.ULWHULHQ $+&35>9RO66@ $XVJHZlKOWZHJHQGHV+LQZHLVHVDXINRQWLQXLHUOLFKH%HREDFKWXQJGHU6\PSWRPDWLNXQGGLH 1HQQXQJ NRQNUHWHU =HLWNULWHULHQ I U GDV,QEHWUDFKW]LHKHQ ZHLWHUHU 7KHUDSLHRSWLRQHQ LQVEHVRQGHUHGHV:HFKVHOV]X0HGLNDPHQWHQ 5 Guideline: Acute Phase Management with Psychotherapy Objectives and Indications (S.73 ) Guideline: As with a medication trial, if psychotherapy alone is selected as the initial treatment, the practitioner is advised to monitor symptom response. If the psychotherapy is completely ineffective by 6 weeks or if it does not result in nearly a full symptomatic remission within 12 weeks, a switch to medication may well be appropriate since there is clear evidence of its specific efficacy. (Strength of Evidence = A.)... 6 Guideline: Acute Phase Management with Medication and Psychotherapy Objectives and Indications (S. 88) It is recommended that medication be added to (or substituted for) acute phase psychotherapy if: There is no response at all to psychotherapy alone at approximately 6 weeks. There is only a partial response to an adequate 12-week trial of psychotherapy. The patient worsens with psychotherapy alone. The patient requests medication during or following psychotherapy and symptoms are appropriate and sufficient to warrant medication.
108 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO6HWWLQJVSH]LILVFKH%HVRQGHUKHLWHQ $XVJHZlKOWZHJHQGHU(YLGHQ]EDVLHUXQJGHULQKDOWOLFKHQ$XVVDJHQ(VZLUGKLHUMHGRFKQXU GHU(LQIOXVVHLQHPYRQYLHOHQGHQNEDUHQ6HWWLQJIDNWRUHQDXIGLH:LUNVDPNHLWEHVFKULHEHQ Providing treatment to patients with depression in groups, rather than individually, has several potential advantages: group therapy may be more cost-effective; there is destigmatization in viewing other people who are struggling with the same set of problems; group sessions allow patients the opportunity to role play and practise new interpersonal behaviours and skills, and the group approach may assist patients in the application of these new skills (42). There are some data to support both modifications of CT and IPT delivered as a group based treatment for depression (43,44). In a review of efficacy studies comparing group therapy and individual therapy reported in 1986, no significant differences in efficacy were found in 24 (75%) of the 32 studies(45). In the remaining 8 studies (25%), group therapy was found to be more effective than individual treatment. Studies included in this review, however, represented a broad range of diagnoses not restricted to mood disorders, and no clear pattern emerged regarding efficacy in specific conditions. A subsequent selective review of group therapy in depressive disorders, published 5 years later, suggested that group therapy was an effective short-term treatment for outpatients with milder forms of depression but that individual therapy may be more effective than group therapy for more severe depression (46). Similarly, in a metaanalysis of 23 studies, no overall differences were found between group and individual therapies, but in the 4 studies of depression, there was a trend favouring individual therapies over group therapies (47). %HLVSLHO,QIRUPDWLRQ]XU$XVZDKOYRQ7KHUDSHXWHQ //&3$>6I@ $XVJHZlKOWZHJHQGHU+LQZHLVHZRPDQVLFK EHU7KHUDSLHYHUIDKUHQLQIRUPLHUHQNDQQ S30 2. What are the general principles of cognitive therapy and behaviour therapy? CBT for depression is still a relatively new form of brief psychotherapy, and so the resources available to patients seeking treatment may be limited. Identifying a qualified cognitive-behavioural therapist can be facilitated through The Academy for Cognitive Therapy ( myofct.org). There are also several userfriendly CBT patient manuals that can be recommended to patients or referred to by psychiatrists who use elements of CBT in their therapeutic approach. These include Mind over Mood (7) and The Feeling Good Handbook (8).... S What are the general principles of IPT?... IPT is also a relatively new form of brief psychotherapy for depression, and the resources available to patients seeking treatment are limited. Are source for interested psychiatrists and patients is the standard textbook for IPT, A Comprehensive Guide to Interpersonal Psychotherapy (27).
109 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO4XDOLILNDWLRQVYRUDXVVHW]XQJHQYRQ7KHUDSHXWHQ $XVJHZlKOWZHJHQGHUH[SOL]LWHQ'DUVWHOOXQJGHU9RUDXVVHW]XQJHQDXI7KHUDSHXWHQVHLWH Psychological therapies... Professionals who are competent to provide specialised psychological therapies outlined in these guidelines would have the following attributes: a tertiary qualification which included a theoretical understanding of personal and interpersonal behaviour, dysfunction and techniques for effecting change; have undertaken personal development examining their own values, beliefs, emotions and relationships; satisfactorily completed experiential learning of skills required to apply appropriate techniques to change mood and behaviour; be a current member of a professional association which has acceptable ethical standards and disciplinary procedures; and have ongoing professional supervision to maintain the quality of their work. These professionals will typically be psychiatrists, psychologists, psychotherapists or qualified counsellors (Refer to Appendix 9 for a list of professional bodies involved in psychological therapy). %HLVSLHO9RUJDEHQ]XU$XVZDKOGHV7KHUDSHXWHQEHL(LQOHLWXQJHLQHU3V\FKRWKHUDSLH //1$&>6I@ $XVJHZlKOWZHJHQGHU%HQHQQXQJGHUEHLGHUhEHUZHLVXQJ]XU3V\FKRWKHUDSLHUHOHYDQWHQ *HVLFKWVSXQNWH The psychological therapies referral When psychological therapy is selected as a treatment, the following principles may be useful: the referral should be made to therapists who are experienced and trained to work with people with depressive disorders 26, such as clinical psychologists, psychiatrists, psychotherapists, and qualified counsellors. It is strongly recommended that referrals are only made to therapists who are members of a recognised professional organisation which has documented ethical guidelines, professional conduct procedures and requirements for supervision in making a referral it is important to consider the ethnic and cultural background of the therapist and other factors influencing the effectiveness of psychological therapies outlined earlier it is helpful when making a referral to indicate the needs of the person and their suspected problem areas, the expectations of the referral and the ongoing responsibilities for management and crisis management the psychological therapy should generally be time-limited, focused on those current problems identified with the depressed person and aimed at symptom resolution assessment of symptom response is useful for planning the next step in treatment. To ensure that adequate feedback is received from the therapist, the referrer should specify that they want a report on progress, after a specified period of time. This sharing of information should be done with the person s consent but also in accordance with accepted principles of confidentiality. Where issues of safety are relevant, client consent is desirable but not mandatory (Privacy Act) there is a need to measure and monitor the outcome of psychological therapies whenever treatment is initiated. This is especially important if psychological therapies alone are being used and the person fails to show any improvement in depression by six weeks, or marked improvement by twelve. In such situations, a re-evaluation of the process, in conjunction with the therapist, should occur. 26 Organisations that are able to supply a list of therapists who are experienced and appropriately trained include the New Zealand Psychological Society, New Zealand Association of Counsellors, New Zealand Association of Psychotherapists, the New Zealand Association of Social Workers, the New Zealand College of Clinical Psychologists and the New Zealand Association of Child Psychotherapists. Universities or Polytechnics who have training programmes for clinicians may also be a source of information on appropriate practitioners. Community Mental Health Centres are also a source of information, as well as offering the assessment and treatment skills of a multidisciplinary team for moderately and severely depressed people. =XVDPPHQVWHOOXQJZLFKWLJHUÄSV\FKRHGXNDWLYHU,QIRUPDWLRQHQ³ VLHKH.DSLWHO'6FKXOXQJYRQ3DWLHQWHQXQG$QJHK ULJHQGLH $QIRUGHUXQJHQDQ,QIRUPDWLRQHQ]X.UDQNKHLWXQG.UDQNKHLWVYHUODXI
110 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 3KDUPDNRWKHUDSLH -HGH'HSUHVVLRQNDQQXQDEKlQJLJYRQLKUHU8UVDFKHPLW$QWLGHSUHVVLYDEHKDQGHOWZHUGHQ :HJHQGHVKlXILJHQ$XIWUHWHQVYRQ'HSUHVVLRQHQZXUGHQEHUHLWV]DKOUHLFKH$QWLGHSUHVVLYD HQWZLFNHOW=XU:LUNVDPNHLWYRQ$QWLGHSUHVVLYDOLHJHQ]DKOUHLFKH]XPHLVW SODFHERNRQWUROOLHUWH6WXGLHQYRUGLHDXFKHLQHPKRKHQ6WDQGDUGGHU(E0HQWVSUHFKHQ(V OLHJHQMHGRFKQXUZHQLJH6WXGLHQPLWDN]HSWDEOHP1LYHDXYRUGLHXQWHUVFKLHGOLFKH 3KDUPDNRWKHUDSLHQPLWHLQDQGHUYHUJOHLFKHQ'HU(LQIOXVVDXIGLHVXEMHNWLYH%HILQGOLFKNHLW GHV3DWLHQWHQ/HEHQVTXDOLWlWDXI/DQJ]HLWHIIHNWH+HLOXQJ6XL]LGDOLWlW0RUWDOLWlWXQGGLH *HVDPWNRVWHQGHU7KHUDSLH3KDUPDNR NRQRPLHVLQGELVODQJSUDNWLVFKQLFKWGRNXPHQWLHUW 'DMHGRFKNHLQHUGHUYHUI JEDUHQ:LUNVWRIIHKLQVLFKWOLFKGHUNOLQLVFKHUZ QVFKWHQ:LUNXQJHQ RGHUDXFKKLQVLFKWOLFKGHU9HUWUlJOLFKNHLWGHQ$QIRUGHUXQJHQHLQHVLGHDOHQ$QWLGHSUHVVLYXPV HQWVSULFKWZHUGHQDXFKLQ=XNXQIW]DKOUHLFKHZHLWHUH$QWLGHSUHVVLYDHQWZLFNHOWZHUGHQ,QGHU3UD[LVZLUGHLQQLFKWXQHUKHEOLFKHU7HLOGHSUHVVLYHU3DWLHQWHQPLWXQGPHKU XQWHUVFKLHGOLFKHQ:LUNVWRIIHQEHKDQGHOWRKQHGDVDXVUHLFKHQGH.HQQWQLVVH EHU:LUNXQJ,QWHUDNWLRQXQG1HEHQZLUNXQJHQVROFKHU.RPELQDWLRQHQYRUOLHJHQ 3UREOHP ¾,QYLHOHQ/HLWOLQLHQIHKOHQ.ULWHULHQI UGHQYHUVFKUHLEHQGHQ$U]WQDFKGHQHQHUGLH :LUNVWRIIHLPLQGLYLGXHOOHQ)DOOI UVHLQH3KDUPDNRWKHUDSLHDXVZlKOHQNDQQ6ROFKH.ULWHULHQHUJHEHQVLFKDXVGHQ8QWHUVFKLHGHQ]ZLVFKHQGHQ:LUNVWRIIHQKLQVLFKWOLFKLKUHV SKDUPDNRORJLVFKHQ:LUNPHFKDQLVPXVLKUHU:LUNXQJVVWlUNHLKUHV3URILOVDQ XQHUZ QVFKWHQ:LUNXQJHQ9HUWUlJOLFKNHLWLKUHV3RWHQ]LDOVI UGLH$XVO VXQJYRQ $U]QHLPLWWHOZHFKVHOZLUNXQJHQKLQVLFKWOLFKGHUSKDUPD]HXWLVFKHQ4XDOLWlWXQG KLQVLFKWOLFKGHU%HKDQGOXQJVNRVWHQ 9RUVFKODJ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHHLQHQEHZHUWHQGHQ9HUJOHLFKGHU]XU9HUI JXQJ VWHKHQGHQ:LUNVWRIIJUXSSHQXQG:LUNVWRIIHELHWHQ'D]XJHK UHQ (LQHhEHUVLFKWGHU:LUNVWRIIHGHUHQ1XW]HQEHOHJWLVW(LQ%HOHJGHUHUZ QVFKWHQ :LUNXQJLVWJHUDGHEHL$QWLGHSUHVVLYDVHKUZLFKWLJGDKRKH$QVSUHFKUDWHQLQGHU 3ODFHERJUXSSHDXIDQGHUH0HFKDQLVPHQGHXWHQGLHLQGHU 'HSUHVVLRQVEHKDQGOXQJZLUNVDPVLQG (LQ9HUJOHLFKGHUZLUNVDPHQ:LUNVWRIIJUXSSHQXQGGHUGD]XJHK ULJHQHLQ]HOQHQ :LUNVWRIIHKLQVLFKWOLFKLKUHU(LJHQVFKDIWHQ *HJHEHQIDOOVQRWZHQGLJH.ULWHULHQI UGHQ*HEUDXFKYRQ3KDUPDNDDX HUKDOEGHU =XODVVXQJVRJÄRIIODEHOXVH³VLHKH.DSLWHO'$QZHQGXQJVEHUHLFK (LQH=XVDPPHQVWHOOXQJGHU3UlSDUDWHE]Z6WRIIHGHUHQ1XW]HQQLFKWEHOHJWLVW (LQH=XVDPPHQVWHOOXQJGHU3UlSDUDWHE]Z6WRIIHGHUHQ$QZHQGXQJREVROHWLVW ¾'LH:LUNVDPNHLWHLQHU3KDUPDNRWKHUDSLHVROOWHDXFKKLQVLFKWOLFKNOLQLVFKHU /DQJ]HLWHQGSXQNWHEHZHUWHWZHUGHQ+LHU]XJHK UHQ /HEHQVTXDOLWlWGHU3DWLHQWHQXQGLKUHU$QJHK ULJHQ 6\PSWRPDWLNXQG3V\FKRSDWKRORJLH 0RUELGLWlWXQG0RUWDOLWlW+HLOXQJZHLWHUHU(SLVRGHQ6XL]LGDOLWlW NRQRPLVFKH*HVLFKWVSXQNWH )RUVFKXQJVXQG(QWZLFNOXQJVEHGDUI ¾'LHVH=XVDPPHQVWHOOXQJHQVROOWHQLQHLQHPIHVWYRUJHJHEHQHQ5K\WKPXVYRQ]% -DKUHQDNWXDOLVLHUWZHUGHQ1HEHQGHU6LFKWXQJGHU]DKOUHLFKHQNOLQLVFKHQ6WXGLHQVLQG GLHVHLQI UGHQ$QZHQGHUWUDQVSDUHQWH(PSIHKOXQJHQ]XU3KDUPDNRWKHUDSLH XP]XVHW]HQ
111 /HLWOLQLHQEHULFKW'HSUHVVLRQ 'LHQDFKIROJHQGDXIJHI KUWHQ(LQ]HODVSHNWHGHUDQWLGHSUHVVLYHQ 3KDUPDNRWKHUDSLHVROOWHQLQHLQHU/HLWOLQLHÄ'HSUHVVLRQ³EHU FNVLFKWLJWZHUGHQ 7KHUDSLHEHJLQQXQG.RQWUROOSXQNWHLP9HUODXI ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHEHQHQQHQ 'LH3DWLHQWHQJUXSSHE]ZGHQ.UDQNKHLWV]XVWDQGEHLGHPGLH3KDUPDNRWKHUDSLH EHJRQQHQZHUGHQVROOE]ZEHJRQQHQZHUGHQPXVV 'HQ=HLWSXQNWXQGGLH.ULWHULHQQDFKGHQHQHLQHEHJRQQHQH3KDUPDNRWKHUDSLH DQJHSDVVWE]ZYHUlQGHUWZHUGHQVROO ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHHLQHQ6WXIHQSODQHUVWHOOHQVRIHUQHLQH%HYRU]XJXQJ HLQ]HOQHU:LUNVWRIIJUXSSHQE]ZHLQ]HOQHU:LUNVWRIIHGXUFK%HOHJH]XEHJU QGHQLVW %HLGHQ%HOHJHQLVWNOLQLVFKHQ6WXGLHQPLWNOLQLVFKUHOHYDQWHQ=LHONULWHULHQYRU SDWKRSK\VLRORJLVFKHQhEHUOHJXQJHQXQGhEHUOHJXQJHQ]XP:LUNPHFKDQLVPXVYRQ 3KDUPDNDGHU9RU]XJ]XJHEHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHDXVI KUOLFK]XGHQ.ULWHULHQXQG=HLWSXQNWHQ6WHOOXQJ QHKPHQ]XGHQHQHLQH3KDUPDNRWKHUDSLHPLW$QWLGHSUHVVLYDEHHQGHWZHUGHQNDQQ +LHUEHLVROOWHDXFKGDV9RUJHKHQEHVFKULHEHQZHUGHQZLHXQGZDQQHLQH 3KDUPDNRWKHUDSLHPLW$QWLGHSUHVVLYD]XEHHQGHQLVW]%DXVVFKOHLFKHQGRGHUDEUXSW ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWH NRQRPLVFKH$VSHNWHGHU3KDUPDNRWKHUDSLHPLW $QWLGHSUHVVLYDXQGGHU$XVZDKOGHU:LUNVWRIIJUXSSHQE]ZHLQ]HOQHU:LUNVWRIIH EHVFKUHLEHQ 'LIIHUHQ]LDOLQGLNDWLRQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWH:LUNVWRIIJUXSSHQE]ZHLQ]HOQH:LUNVWRIIHDXIOLVWHQGLH VLFKEHLXQWHUVFKLHGOLFKHQ9HUOlXIHQGHUGHSUHVVLYHQ(UNUDQNXQJEHVRQGHUVEHZlKUW KDEHQ.RQWUDLQGLNDWLRQHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHKlXILJH%HJOHLWHUNUDQNXQJHQDXIOLVWHQEHLGHQHQGLH $QZHQGXQJEHVWLPPWHU:LUNVWRIIJUXSSHQE]ZHLQ]HOQHU:LUNVWRIIHPLWHLQHPJU HUHQ 5LVLNRI UGDV$XIWUHWHQDU]QHLPLWWHOEHGLQJWHU6FKlGHQYHUEXQGHQLVW1DFK0 JOLFKNHLW VROOWHQ8PVWlQGHDQJHJHEHQZHUGHQXQWHUGHQHQGDVLQ.DXIQHKPHQGLHVHU5LVLNHQ YHUWUHWEDULVWVRIHUQGLHVH$QJDEHQGXUFK%HOHJHEHJU QGHWZHUGHQN QQHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWH9RUJHKHQVZHLVHQXQG$OWHUQDWLYHQEHLP9RUOLHJHQYRQ.RQWUDLQGLNDWLRQHQXQGEHLP$XIWUHWHQYRQ8QYHUWUlJOLFKNHLWHQEHQHQQHQ (UZ QVFKWH8QHUZ QVFKWH$U]QHLPLWWHOZLUNXQJHQXQG$U]QHLPLWWHOLQWHUDNWLRQHQ ¾:LUNXQJHQXQG:LUNPHFKDQLVPHQGHU3KDUPDNDVLQG]LHOJUXSSHQJHUHFKWXQG EHUVLFKWOLFKGDU]XVWHOOHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³PXVVDXVI KUOLFKGDV5LVLNRSRWHQ]LDOGHU:LUNVWRIIJUXSSHQ E]ZHLQ]HOQHU:LUNVWRIIHDQKDQGGHUEHNDQQWHQXQHUZ QVFKWHQ$U]QHLPLWWHOZLUNXQJHQ YHUJOHLFKHQGXQGEHZHUWHQG]XVDPPHQVWHOOHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³PXVVDXVI KUOLFK]XP3RWHQ]LDOI UGLH$XVO VXQJYRQ $U]QHLPLWWHOLQWHUDNWLRQHQ6WHOOXQJQHKPHQ'DEHLVROOWHDXFKGDV3UREOHPGHU PDQJHOQGHQ2EMHNWLYLHUEDUNHLWYLHOHUGHUYRQ3DWLHQWHQEHULFKWHWHQXQG]%DXFKLP %HLSDFN]HWWHOGRNXPHQWLHUWHQXQHUZ QVFKWHQ$U]QHLPLWWHOZLUNXQJHQEHU FNVLFKWLJW ZHUGHQ
112 /HLWOLQLHQEHULFKW'HSUHVVLRQ.RPELQDWLRQVWKHUDSLH ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHGLH9RUDXVVHW]XQJHQDXIOLVWHQXQWHUGHQHQHLQH.RPELQDWLRQPHKUHUHU:LUNVWRIIJUXSSHQE]ZPHKUHUHU:LUNVWRIIHVLQQYROOLVW$XFKKLHU LVWVRIHUQVLFKGLHVGXUFK%HOHJHVLFKHUQOlVVWHLQ6WXIHQVFKHPDDQ]XVWUHEHQXQGHLQH *UHQ]H]XEHQHQQHQREHUKDOEGHUHUGLH+LQ]XI JXQJHLQHVZHLWHUHQ.RPELQDWLRQVSDUWQHUVDOVQLFKWPHKUYHUWUHWEDURGHUVRJDUJHIlKUOLFKDQJHVHKHQZHUGHQ PXVV %HJOHLWPHGLNDWLRQ]XU3KDUPDNRWKHUDSLHPLW$QWLGHSUHVVLYD ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHVLFKDQJHPHVVHQ]XP JOLFKHQ%HJOHLWPHGLNDWLRQHQ lx HUQ]%]XU%HKDQGOXQJVRPDWLVFKHUXQGSKDUPDNRJHQHU8UVDFKHQGHU'HSUHVVLRQ E]Z%HKDQGOXQJVRPDWLVFKHU%HJOHLWHUNUDQNXQJHQ 7KHUDSLHGXUFKI KUXQJ ¾'LH,QGLNDWLRQHQI UGLH1XW]XQJEHVWLPPWHU'RVLHUXQJHQXQG'RVLHUXQJVIRUPHQ WlJOLFKH(LQPDOJDEHYV0HKUIDFKDSSOLNDWLRQEHVWLPPWHU$SSOLNDWLRQVIRUPHQ]%LY $SSOLNDWLRQHQXQG,QIXVLRQHQYRQ$QWLGHSUHVVLYDVLQGPLW9RU1DFKWHLOHQGDU]XVWHOOHQ ¾$XIQRWZHQGLJH9RUDXVVHW]XQJHQ]%.RQWUROOHGHU(LQQDKPHLVWXQWHU%HDFKWXQJGHU $QIRUGHUXQJHQDQGLHMHZHLOLJH9HUVRUJXQJVVWUXNWXUKLQ]XZHLVHQ ¾$XIVHWWLQJDEKlQJLJH%HVRQGHUKHLWHQDPEXODQWVWDWLRQlUEHLGHU 7KHUDSLHGXUFKI KUXQJLVWKLQ]XZHLVHQ.RQWUROOXQWHUVXFKXQJHQXQG7KHUDSLHNRQWUROOHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³]XU3KDUPDNRWKHUDSLHVROOWHDXVI KUOLFK,QGLNDWLRQHQ )UDJHVWHOOXQJHQXQG=HLWSXQNWHZlKUHQGGHU3KDUPDNRWKHUDSLH]XVDPPHQVWHOOHQEHL GHQHQ/DERUNRQWUROOHQGLH%HVWLPPXQJYRQ3ODVPD6HUXP.RQ]HQWUDWLRQHQGHU $QWLGHSUHVVLYDXQGDQGHUH.RQWUROOXQWHUVXFKXQJHQYRUJHQRPPHQZHUGHQVROOWHQ $QWLGHSUHVVLYDLQGHU6FKZDQJHUVFKDIW ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHVLFK]XU$QZHQGXQJYRQ$QWLGHSUHVVLYDEHL.LQGHUZXQVFKLQGHU6FKZDQJHUVFKDIWXQG6WLOOSHULRGHlX HUQ VLHKHDXFK.DSLWHO''HSUHVVLRQLQVSH]LHOOHQ*UXSSHQ 3KDUPDNRWKHUDSLHLP$OWHU ¾'LH$QZHQGXQJYRQ$QWLGHSUHVVLYDEHLlOWHUHQ3DWLHQWHQLVWXQWHU%HU FNVLFKWLJXQJGHU SRSXODWLRQVVSH]LILVFKHQ,QWHUDNWLRQHQXQG1HEHQZLUNXQJVSURILOH]XEHVFKUHLEHQ VLHKHDXFK.DSLWHO''HSUHVVLRQLQVSH]LHOOHQ*UXSSHQ 1RWIDOOPHGLNDWLRQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHVLFK]XP JOLFKHQ1RWIDOOEHKDQGOXQJHQLP5DKPHQGHU 3KDUPDNRWKHUDSLHPLW$QWLGHSUHVVLYDlX HUQ+LHUEHLLVW]%DQ6XL]LGDOLWlWDEHUDXFK DQGDV$XIWUHWHQDU]QHLPLWWHOEHGLQJWHU6FKlGHQJHGDFKW]%+HU]UK\WKPXVVW UXQJHQ VLHKHDXFK.DSLWHO'3UlYHQWLRQYRQ1RWIlOOHQ 2EVROHWHXQGDQGHUH6XEVWDQ]HQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHHLQGHXWLJ]XREVROHWHQ9RUJHKHQVZHLVHQXQG 6XEVWDQ]HQ6WHOOXQJEH]LHKHQ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWH6WHOOXQJ]XP(LQVDW]YRQLQ(LQ]HOIlOOHQVLQQYROOHQ :LUNVWRIIHQQHKPHQGLHQLFKWGHQ EOLFKHQ7KHUDSLHVWDQGDUGVHQWVSUHFKHQ
113 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO'RVLHUXQJVHPSIHKOXQJHQ $XVJHZlKOWZHLOKLHUHLQHJXWHXQG EHUVLFKWOLFKH'DUVWHOOXQJGHUHLQ]HOQHQ0HGLNDPHQWH DQJHJHEHQLVW%HOHJHI UGLH:LUNVDPNHLWXQGGLH%HZHUWXQJGLHVHU%HOHJHZHUGHQMHGRFK QLFKWGDUJHOHJW'LHLQGHU7DEHOOHHUZlKQWHQSKDUPDNRORJLVFKHQ%H]HLFKQXQJHQE]ZGHUHQ $EN U]XQJHQZHUGHQDQJHVRQGHUWHU6WHOOHHUOlXWHUW Tabelle 6: Antidepressiva: Stoffgruppen, Einzelsubstanzen, Dosierungen und empfohlene Plasmaspiegelbereiche Tagesdosis (mg) empfohlener Plasmaspiegel Wirkstoffe minimale mittlere maximale (ng/ml) Nichtselektive Monoamin-Rückaufnahme-Inhibitoren (NSMRI) Amitriptylin Amitriptylinoxid Clomipramin Desipramin Dibenzepin Doxepin Imipramin Lofepramin Maprotilin Nortriptylin Trimipramin Generation (Beispiel gekürzt). Selektive Serotonin-Rückaufnahme-Inhibitoren (SSRI) (Beispiel gekürzt). Neue Noradrenalin- und Serotonin-Rückaufnahme-Inhibitoren (Beispiel gekürzt). Reversible Inhibitoren der MAO-A (RIMA) (Beispiel gekürzt). Phytopharmaka (Beispiel gekürzt).
114 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO0HGLNDPHQW VH7KHUDSLH EHUVLFKW $XVJHZlKOWZHJHQGHU EHUVLFKWOLFKHQ'DUVWHOOXQJGHU'RVLVGHUZLFKWLJVWHQ:LUNXQJHQ 1HEHQZLUNXQJHQXQG'RVLVNRVWHQ Algorithm Annotations (cont) Major Depression in Adults for Mental Health Care Providers ANTIDEPRESSANTS: SSRIs, TCAs AND OHTERS (CONTINUED) TRICYCLICS SECONDARY AMINES Drug Name Starting Dose (range) Common Side Effects Amoxapine 25 mg 50 mg 100 mg 150 mg Desipramine 25 mg Dry mouth, blurred (Norpramin) 50 mg vision, constipation 75 mg 100 mg ( mg / day) Nortriptyline (Pamelor, Aventyl) Protriptyline (Vivactil) TETRACYCLICS Maprotiline 25 mg 50 mg 75 mg ( mg / day) 5 mg 10 mg (10-60 mg / day) 25 mg 50 mg 75 mg * Available as brand name only ** Prices obtained from 2000 Drug Topics red Book. Dry mouth, blurred vision, constipation Dry mouth, blurred vision, constipation Predominant Effects Antidepressant Antidepressant Antidepressant Special Considerations One of the least sedating and least anticholinergic of the tricyclics One of the least likely to cause orthostatic hypotension of tricyclics Least sedating tricyclic. May cause insomnia. Cost (AWP)** 25 mg (0.61) 50 mg (0.99) 100 mg (1.67) 150 mg (2.63) 25 mg (0.28) 50 mg (0.59) 75 mg (0.72) 100 mg (1.07) 25 mg (0.80) 50 mg (1.51) 75 mg (2.35) 5 mg (0.44) 10 mg (0.63) 25 mg (0.48) 50 mg (0.70) 75 mg (0.88)
115 à à à à à /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO0HGLNDWLRQV EHUVLFKW $XVJHZlKOWZHJHQGHU EHUVLFKWOLFKHQ'DUVWHOOXQJGHUZLFKWLJVWHQ.HQQGDWHQ]XU7KHUDSLH HLQVFKOLH OLFKGHU'RVLHUXQJVIRUPHQ ANTIDEPRESSANT MEDICATION TABLE Refer to pharmaceutical manufacturer s literature for full prescribing information à SEROTONIN SELECTIVE REUPTAKE INHIBITORS (SSRIs) à GENERIC BRAND NAME ADULT STARTING DOSE MAX EXCEPTION SAFETY MARGIN TOLERABILITY EFFICACY SIMPLICITY Citalopram Celexa 20 mg 60 mg Reduce dose for No serious systemic Nausea, insomnia, Fluoxetine Prozac 20 mg 80 mg the elderly & toxicity even after sedation, headache, AM daily Paraxetine Paxil 20 mg 50 mg those with renal substantial overdose. fatigue dizziness, Response dosing. Can be Sertraline Zoloft 50 mg 200 mg or hepatic failure Drug interactions sexual dysfunction, rate = 2 started at an may include tricyclic anorexia, weight 4 weeks effective dose First Line Antidepressant Medication antidepressants, loss, sweating, GI immediately. Drugs of this class differ substantially in safety, tolerability and simplicity when used in carbarmazepine & distress, tremor, patients on other medications. Can work in TCA nonresponders. Useful in several anxiety warfarin. restlessness, disorders. Taper gradually when discontinuing these medications. Fluoxetine has the longer agitation, anxiety. half-life. SEROTONIN AND NOREPHINEPHRINE REUPTAKE INHIBITORS (SNRIs) GENERIC BRAND NAME ADULT STARTING DOSE MAX EXCEPTION SAFETY MARGIN TOLERABILITY EFFICACY SIMPLICITY Venlafaxine Effexor IR 75 mg 375 mg Information Not IR Available Venlafaxine Effexor XR 75 mg 375 mg XR Dual action drug that predominantly acts like a Serotonin Reuptake inhibitor at low doses and adds the effect of an Norephinephrine Selective Reuptake Inhibitors at high doses. Possible efficacy in cases not responsive to TCAs or SSRIs. Taper dose prior to discontinuation. No serious systemic toxicity. Downtaper slowly to prevent clinically significant withdrawal syndrome. Few drug interactions. Comparable to SSRIs at low dose. Nausea, dry mouth, insomnia, somnolence, dizziness, anxiety, abnormal ejaculation, headache, asthenia, sweating. Response rate = 2 4 weeks ( 4 7 days at 300 mg /day) BID or TID dosing with IR. Daily dosing with XR. Can be started at an effective dose (75mg) immediately. à SEROTONIN (5-H2A) RECEPTOR ANTAGONIST and WEAK SEROTONIN REUPTAKE INHIBITORS GENERIC BRAND NAME ADULT STARTING DOSE MAX EXCEPTION SAFETY MARGIN TOLERABILITY EFFICACY SIMPLICIT Y Nefazodone Serzone 200 mg 600 mg Trazodone Desyrel 150 mg 600 mg Corrects sleep disturbance and reduces anxiety in about one week. Reduce dose for the elderly & those with renal or hepatic failure No serious systemic toxicity from OD. Can interact with agents that decrease arousal/ impair cognitive performance and interact with adrenergic agents that regulate blood pressure. Somnolence dizziness, fatigue, dry mouth, nausea, headache, constipation, impaired vision. Unlikely to cause sexual dysfunction. Response rate = 2 4 weeks BID dosing. Requires dose titration. DOPAMINE and NOREPINEPHRINE REUPTAKE INHIBITORS (DNRIs) GENERIC BRAND NAME ADULT STARTING DOSE MAX EXCEPTION SAFETY MARGIN TOLERABILITY EFFICACY SIMPLICITY Bupropion -IR Wellbutrin - IR 200 mg 450 mg Bupropion - Wellbutrin - SR 150 mg 400 mg SR Reduce dose for the elderly & those with renal or hepatic failure Least likely antidepressant to result in a pt becoming manic. Do not use if there is a history of seizure disorder, head trauma, bulimia or anorexia. Can work in TCA nonresponders. Seizure risk at doses higher than max. Drug /drug interactions uncommon. Rarely causes sexual dysfunction. Response rate = 2 4 weeks BID / TID dosing. Requires dose titration. TRICYCLIC ANTIDEPRESSANTS (TCAs) Mainly Serotonin Reuptake Inhibitors GENERIC BRAND NAME ADULT STARTING DOSE MAX EXCEPTION SAFETY MARGIN TOLERABILITY FFICACY SIMPLICITY Amitriptyline* Elavil, Endep* mg 300 mg Reduce dose for Imipramine* Tofranil* 75 mg 300 mg those with renal or Doxepin* Sinequan* 75 mg 300 mg hepatic failure These antidepressants are not recommended for use in the elderly. Highest response rates. TATCAs useful in chronic pain, migraine headaches & insomnia. * Tertiary Amine Tricyclic Antidepressants (TATCAs). Serious toxicity can result from OD. Slow system clearance. Can cause multiple drug/ drug interactions. Sedation, increased anticholinergic effects, orthostatic hypo-tension, cardiac conduction disturbances, arrhythmia & wt gain, dizziness, sexual dysfunction. Response rate = 2 4 weeks Therapeutic Levels: Imipramine ng/ml Can be given QD. Monitor serum level after one week of treatment. TRICYCLIC ANTIDEPRESSANTS (TCAs) Mainly Norepinephrine Reuptake Inhibitors GENERIC BRAND NAME ADULT STARTING DOSE MAX EXCEPTION SAFETY MARGIN TOLERABILIT Y Desipramine * Norpramin* mg 300 mg Nortriptyline Aventy/Pamelor 50 mg 150 mg Reduce dose for the elderly & those with renal or hepatic failure Consider Desipramine or Nortriptyline first in the elderly if TCAs are necessary. * Secondary Amine Tricyclic Antidepressants (SATCAs) Serious toxicity can result from OD. Reserve Maprotiline as a second-line agent due to risk of seizures at therapeutic & nontherapeutic doses. Generally Good. EFFICACY Response rate = 2 4 weeks Therapeutic Levels: Desipramine ng/ml Nortriptyline ng/ml SIMPLICITY Can be given QD. Can start effective dose immediately. Monitor serum level after one week of treatment.
116 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO$U]QHLPLWWHOLQWHUDNWLRQHQ $XVJHZlKOWZHJHQGHU EHUVLFKWOLFKHQ'DUVWHOOXQJGHU,QWHUDNWLRQVPHFKDQLVPHQ Table B. Dual Mechanism Antidepressant Drug Interactions a-c PRECIPITANT OBJEKT DESCRIPTION DRUG DRUG Bupropion Carbamazepine The plasma concentration of bupropion may decrease. Although this interaction is not well documented, it would be prudent to monitor for altered bupropion response if CBZ is initiated, discontinued, or changed in dosage Bupropion Valproic acid Bupropion may increase serum valproic acid levels Bupropion Levodopa A higher incidence of adverse experiences occurs with concurrent use of these agents. Use small initial doses and small gradual dose increments of bupropion Nefazodone Benzodiazepines Substantial and clinically import increases in plasma concentrations of alprazolam and triazolam have occurred. initial dose of alprazolam by 50 %, initial dose of triazolam by 75 % when coadministered with nefazodone. Lorazepan was not affected Nefazodone Haloperidol Haloperidol clearance was decreased by 35 % with no significant increase in peak plasma concentrations or time to peak Nefazodone Pimozide Plasma levels of pimozide may be increased, resulting in QT prolongation or torsades des pointes, sometimes fatal. Do not use concurrently Bupropion MAOIs Refer to Appendix 9a for drug interaction and for washout period Nefazodone Venlafaxine Mirtazapine Nefazodone Cisapride d Plasma levels of cisapride, may be increased, resulting in QT prolongation or torsades de pointes, sometimes fatal. Do not use concurrently. Nefazodone Digoxin C max 9 C min and AUC of digoxin were increased by 29 %, 27 %, and 15 % respectively in one study. Monitor digoxin levels Nefazodone Simvastatin, Lovastatin Case reports of resultant myositis and rhabdomyolysis when nefazodone added to simvastatin or lovastatin Nefazodone Propranolol propranolol concentration. in m-cpp metabolite of nefazodone. No initial changes in drug dosage necessary; any future changes should be based on clinical response Nefazodone Cyclosporine, May inhibit the metabolism of tacrolismus or cyclosporine Tacrolimus a Drug Facts and Comparisons by Facts and Comparisons, St. Louis, Missouri b Hansen and Horns Drug Interactions Analysis and Management. Hansten PD, Horn JR eds.; 1999 by Facts and Comparisons, St. Louis, Missouri c List is not be all inclusive d Cisapride was recently withdrawn from the market although it will still be available to select patients trough manufacturers patient enrollment program
117 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO7KHUDSLHNRQWUROOH $XVJHZlKOWZHLOKLHUGLHZHVHQWOLFKHQGHULP9HUODXIGHU3KDUPDNRWKHUDSLH GXUFK]XI KUHQGHQ0D QDKPHQGDUJHVWHOOWZHUGHQ Tabelle 7: Klinische und Laboruntersuchungen als Voraussetzung für eine sichere Pharmakotherapie Vor Beginn der Akutbehandlung 1. Bei NSMRI Allgemeine körperliche Untersuchung, orientierende neurologische Untersuchung, RR, Leber- und Nierenfunktion, Differentialblutbild, u. U. insbesondere bei älteren Patienten EKG 2. Bei Mianserin wie 1., Normwerte der Leukozyten sind Voraussetzung für einen Therapiebeginn 3. Bei Viloxazin, Trazodon, SSRI, MAO-Inhibitoren wie 1. Im Therapieverlauf: Empfohlen werden: 14tägige Kontrollen von Blutbild und Leberwerten während der ersten drei Monate; sie sind (außer bei Mianserin) nicht obligat. Im übrigen richtet sich das Vorgehen individuell nach den beim jeweiligen Patienten vorliegenden Ausgangswerten und Vorerkrankungen (z. B. EKG). Bei Verdacht auf Non-Compliance bzw. Therapieresistenz Blutspiegelbestimmung. Bei Lithiumbehandlung: Zu Beginn: wie 1., zusätzlich Schilddrüsenhormone (T 4, TSH basal). Während der Einstellphase wöchentliche Li-Serumspiegelkontrollen. Im Verlauf: Li-Spiegelkontrollen alle 4 12 Wochen, bei allen Zuständen, die den Wasser- und Elektrolythaushalt verändern und bei UAW- bzw. Intoxikationsverdacht (verstärkter Tremor, Ataxie, Durchfall, Erbrechen, Bewußtseinsstörungen). Bei allen Konsultationen klinische Untersuchung auf euthyreote Struma (Halsumfang etc.) und Hypothyreosezeichen. Kreatininbestimmung und Schilddrüsenparameter sowie orientierender Harnstatus alle 6 12 Monate. %HLVSLHO6WXIHQVFKHPDEHL1RQ5HVSRQGHUQ //&3$>6@ $XVJHZlKOWZHJHQGHUDEJHVWXIWHQ EHUVLFKWOLFKHQ9RUJDEHQ(LQH$EELOGXQJLQ)RUPHLQHV 6WXIHQGLDJUDPPVZlUHZ QVFKHQVZHUW Recommendations for Managing Nonresponse to an Antidepressant (see Table 4.6) Once an antidepressant is selected, an initial improvement (at least 20% reduction in depression scores) should be seen within 3 to 4 weeks. Otherwise, the following interventions are indicated: First-line treatments Second-line treatments Third-line treatments Not recommended 2SWLPL]HWKHDQWLGHSUHVVDQWE\LQFUHDVLQJWKHGRVHDVWROHUDWHG/HYHOHYLGHQFH 6ZLWFKWRDQDQWLGHSUHVVDQWZLWKDGLIIHUHQWQHXURFKHPLFDODFWLRQ/HYHO evidence). $XJPHQWZLWKOLWKLXPRUWULLRGRWK\URQLQHT3) (Level 1 evidence). 6ZLWFKWRDQDQWLGHSUHVVDQWZLWKDVLPLODUQHXURFKHPLFDODFWLRQ/HYHOHYLGHQFH $XJPHQWZLWKEXVSLURQHRUDQDW\SLFDODQWLSV\FKRWLFVXFKDVRODQ]DSLQH/HYHO evidence). &RPELQHZLWKDQRWKHUDQWLdepressant (Level 3 evidence). $XJPHQWZLWKSLQGRORO/HYHOHYLGHQFH
118 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO(UKDOWXQJVWKHUDSLH $XVJHZlKOWZHJHQGHUULVLNRDGDSWLHUWHQhEHUVLFKW]XP/DQJ]HLWPDQDJHPHQWXQG9RUJHKHQ ]XU%HHQGLJXQJ: QVFKHQVZHUWZlUHHLQ9HUZHLVDXIVXEVWDQ]JUXSSHQDGDSWLHUWH (PSIHKOXQJHQ Recommendations for Maintenance Pharmacotherapy (see Table 4.6) All patients should be maintained on antidepressants for at least 6 months after clinical remission (Level 1 evidence). Patients with the following risk factors should be maintained on antidepressants for at least 2 years: older age, psychotic features, chronic episodes, recurrent episodes (3 or more life time), frequent episodes (2 or more in 5 years), difficultto-treat episodes, and severe episodes (Level 2 evidence). The antidepressant dosage in the maintenance phase should be the same as in the acute phase (Level 2 evidence). Antidepressants should be tapered slowly to avoid discontinuation symptoms (Level 3 evidence). %HLVSLHO(PSIHKOXQJHQ]XP:HFKVHOGHU$QWLGHSUHVVLYD //&3$>6@ $XVJHZlKOWZHJHQGHUXPIDQJUHLFKHQ,QIRUPDWLRQHQXQG+LQZHLVH]XU9HUPHLGXQJYRQ,QWHUDNWLRQHQEHLP:HFKVHOYRQ$QWLGHSUHVVLYD(LQH EHUVLFKWOLFKHUHJUDSKLVFKH'DUVWHOOXQJ ZlUHZ QVFKHQVZHUW Table 4.5 Washout recommendations for switching antidepressants Switching from Switching to SSRI Novel (mixed action) TCA RIMA MAOI SSRI No washout No washout No washout 1 week 1 week Citalopram Be aware of additive Be aware of additive Be aware that SSRIs can Some data indicate (5 weeks Fluoxetine serotonergic effects for up serotonergic effects for up increase serum TCA that an SSRI and RIMA for fluxe- Fluvoxamine to 1 week after stopping to 1 week after stopping levels for up to 1 week can be safely combined, tine) Paroxetine SSRI SSRI after stopping SSRI but this requires Sertraline (5 weeks for fluoxetine) (5 weeks for fluoxetine) specialist input. Novel (mixed action) No washout No washout No washout 3 5 days 1 week antidepressants Venlafaxine should be TCA should be started at No washout with Bupropion SR started at a lower dose to a lower dose to avoid burping Mirtazapine avoid additive additive noradrenergic Nefazodone noradrenergic effects effects Trazodone Bupropion should be Venlafaxine Venlafaxine XR started at a lower dose to avoid additive norardrenergic effects TCA No washout No washout No washout No washout 1 week Amitriptyline Be aware that SSRI can Venlafaxine should be Desipramine increase serum levels of started at a lower dose to Imipramine TCAs for up to 1 week avoid additive Nortriptyline after stopping TCA. noradrenergic effects and others Be aware of additive Bupropion should be serotonergic effects when started at a lower dose to switching from avoid additive clomipramine to SSRIs. noradrenergic effects RIMA Moclobemide 3 days 3 days 3 days Not applicable 3 days MAOI Phenelzine 2 weeks 2 weeks 2 weeks 2 weeks 2 weeks Tranylcypromine SSRI = selective serotonin reuptake inhibitor; TCA = tricyclic antidepressant; RIMA = reversible inhibitor of MAO-A; MAOI = monoamine oxidase inhibitor.
119 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO(UQlKUXQJVHPSIHKOXQJHQ $XVJHZlKOWZHJHQGHUDEJHVWXIWHQ9RUJHKHQVZHLVH Table C. Foods to avoid while taking MAOIs a Absolutely restricted Aged cheeses, improperly stored or spoiled meat, fish, or poultry products, aged/cured meats (eg. salami, pastrami, mortadella) marmite, soy sauce, soy bean condiments, broad bean pods (fava beans), tap beer Moderate use only No more than 24oz/day of bottle/can beer from major domestic breweries (includes nonalcoholic varieties, red or white wine, soy milk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¾,QYLHOHQ/HLWOLQLHQZLUGNDXPDXIZLUNVDPHHUJlQ]HQGH7KHUDSLHYHUIDKUHQKLQJHZLHVHQ XQGHQWVSUHFKHQGH,QGLNDWLRQHQXQG.RQWUDLQGLNDWLRQHQEHVFKULHEHQ ¾$XIREVROHWH9HUIDKUHQZLUGNDXPHLQJHJDQJHQ 9RUVFKODJ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHDXFKDXIGLHVHOWHQHQ7KHUDSLHIRUPHQLP+LQEOLFNDXI $QZHQGEDUNHLW1XW]HQXQG6FKDGHQKLQZHLVHQ'DEHLLVWLQVEHVRQGHUHEHLGLHVHQDXFK DXI7KHUDSLHIRUPHQHLQ]XJHKHQGLH]XU]HLWQLFKWI UGLHDOOJHPHLQH$QZHQGXQJ HPSIRKOHQZHUGHQN QQHQ ¾1HEHQNODUHQ.ULWHULHQ]XU,QGLNDWLRQVVWHOOXQJVROOWHQKLHUGLH]XU'XUFKI KUXQJ QRWZHQGLJHQ9RUDXVVHW]XQJHQ]%4XDOLILNDWLRQGHU$QZHQGHU6HWWLQJ1DFKVRUJH EHQDQQWZHUGHQ ¾$XIREVROHWH9RUJHKHQVZHLVHQXQG9HUIDKUHQLVWLQHLQHU/HLWOLQLHKLQ]XZHLVHQ ¾'LH(YLGHQ]HQGLH]XU(PSIHKOXQJGHUHUJlQ]HQGHQDEHUDXFK]XU1LFKWHPSIHKOXQJGHU REVROHWHQ7KHUDSLHYHUIDKUHQI KUHQVLQGDQ]XJHEHQ
120 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHOhEHUVLFKW]XDQGHUHQVHOWHQHQ7KHUDSLHQ $XVJHZlKOWZHJHQGHU EHUVLFKWOLFKHQ'DUVWHOOXQJDNWXHOOGLVNXWLHUWHUDEHUVHOWHQHU 7KHUDSLHIRUPHQ Recommendations for Other Biological Treatments (see Table 4.6).. Sleep deprivation is an effective transient treatment for depressive disorders (Level 2 evidence). Response may be maintained using medications (for example, antidepressants, lithium, or pindolol) or bright light (Level 2 evidence). Sleep deprivation may be most useful as an adjunctive treatment in hospitalized patients. Exercise alone may be effective in patients with mild depression (Level 2 evidence) and can be used as an adjunctive treatment to first-line treatments (Level 3 evidence). Limbic surgery (psychosurgery) has limited evidence for efficacy but may be considered for the most refractory and chronic cases (Level 3 evidence). Transcranial magnetic stimulation (TMS) and vagus nerve stimulation (VNS) are promising new biological treatments, but there is too little evidence to warrant recommendations for general clinical use (Level 2 and 3 evidence). %HLVSLHO,QGLNDWLRQVVWHOOXQJ //&3$>6@ $XVJHZlKOWZHJHQSUlJQDQWHU1HQQXQJYRQZHVHQWOLFKHQ,QGLNDWLRQHQXQWHU9HUZHLVDXI 1HEHQZLUNXQJHQ Recommendations for Electroconvulsive Therapy (see Table 4.6) Electroconvulsive therapy (ECT) is an effective treatment for major depressive disorder (MDD) (Level 1 evidence). Indications for ECT include acute suicidal risk, severe physical deterioration, psychotic features, refractoriness to medications, and patient preference. Unilateral electrode placement requires suprathreshold doses of ECT (Level 2 evidence). Side effects of ECT are generally mild, with evidence for a transient, short- term memory disturbance (Level 2 evidence). Recommendations for Light Therapy (see Table 4.6) Light therapy is an effective treatment for recurrent major depressive disorder (MDD) with a seasonal pattern, of mild- to-moderate severity (Level 1 evidence). An adequate trial of light therapy should be 2 to 4 weeks of lux fluorescent light for 30 minutes daily, in the early morning (Level 2 evidence). Patients usually need to continue daily light therapy through out the winter and can discontinue treatment in the summer (Level 3 evidence). There is insufficient evidence regarding the efficacy of light therapy for long-term or maintenance use.
121 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 7KHUDSLHYRQ.RPRUELGLWlW %HLGHU.RPRUELGLWlWZLUGXQWHUVFKLHGHQ]ZLVFKHQSV\FKLDWULVFKHU.RPRUELGLWlWXQG VRPDWLVFKHU.RPRUELGLWlW6RPDWLVFKH(UNUDQNXQJHQXQGGHUHQ3KDUPDNRWKHUDSLHN QQHQ HLQH'HSUHVVLRQYHUXUVDFKHQRGHUYHUVFKOLPPHUQ)HUQHUN QQHQVRPDWLVFKH(UNUDQNXQJHQ LP9HUODXIXQG3URJQRVHGXUFKGLH'HSUHVVLRQYHUVFKOLPPHUWZHUGHQ 1HEHQGHU'LDJQRVHXQG'LIIHUHQ]LDOGLDJQRVHVLHKH.DSLWHO'LVWGDKHUDXFKGLH 7KHUDSLHGHU.RPRUELGLWlWHQXQGGHU(LQIOXVVHYHQWXHOOHUVRPDWLVFKHU(UNUDQNXQJHQEHLGHU 7KHUDSLHGHU'HSUHVVLRQ]XEHDFKWHQ 3UREOHP ¾,Q/HLWOLQLHQZLUGDXIGLH(LQIOXVVIDNWRUHQGHU.RPRUELGLWlWPHLVWQXUXQ]XUHLFKHQG KLQJHZLHVHQMHQDFK$XWRU=LHOJUXSSHXQGYHUIROJWHPWKHUDSHXWLVFKHQ$QVDW]IHKOHQ RIWJDQ]H%HUHLFKHLQGHU%HWUDFKWXQJ ¾%HJOHLWHQGHVRPDWLVFKH(UNUDQNXQJHQZHUGHQXQ]XUHLFKHQGEHU FNVLFKWLJWHVIHKOHQRIW DXFK+LQZHLVH]X,QWHUDNWLRQHQPLW7KHUDSLHQYRQ(UNUDQNXQJHQKRKHU3UlYDOHQ]]%.+.RGHU'LDEHWHVPHOOLWXV 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWHGLHQRWZHQGLJHVSH]LILVFKHE]ZHUJlQ]HQGH7KHUDSLHGHU SV\FKLDWULVFKHQXQGVRPDWLVFKHQ.RPRUELGLWlWEHU FNVLFKWLJHQ) UGHQ)DOOGDVVGLH 'HSUHVVLRQGLHNRPRUELGH(UNUDQNXQJLVWVROOWHZHQQP JOLFKDXIJHHLJQHWH,QVWUXPHQWH]%/HLWOLQLHQXQG(LQULFKWXQJHQ]XU7KHUDSLHGHUMHZHLOLJHQ *UXQGHUNUDQNXQJYHUZLHVHQZHUGHQ ¾$XI,QWHUDNWLRQHQ]ZLVFKHQGHU7KHUDSLHGHU'HSUHVVLRQXQGGHU7KHUDSLHGHU.RPRUELGLWlWE]ZVRPDWLVFKHQ(UNUDQNXQJLVWKLQ]XZHLVHQ
122 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO3V\FKLDWULVFKH.RPRUELGLWlW $XIJHI KUWZHJHQGHU'DUVWHOOXQJDOV)ORZFKDUW :HLWHUH%HLVSLHOH]X.RPRUELGLWlWVLHKHDXFK!%HLVSLHO.RPRUELGLWlWHQXQG)ROJHHUNUDQNXQJHQ!%HLVSLHO.RPRUELGLWlWHQ
123 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 'HSUHVVLRQLQVSH]LHOOHQ*UXSSHQ (LQLJHKHUDXVJHKREHQH3DWLHQWHQJUXSSHQEHG UIHQDXI*UXQGGHUVSH]LILVFKHQ3UlYDOHQ]GHU.UDQNKHLWVXUVDFKHVRPDWLVFKHUXQGSV\FKLDWULVFKHU.RPRUELGLWlW/HEHQVHUZDUWXQJRGHU VR]LDOHU8PJHEXQJVSH]LILVFKHU'LDJQRVWLNXQG7KHUDSLHYHUIDKUHQ 9LHOH9HUIDKUHQVLQGQXUDQÄ1RUPDOSDWLHQWHQ³LP+LQEOLFNDXILKUHQ1XW]HQXQG 1HEHQZLUNXQJHQHYDOXLHUWZRUGHQVRGDVVKlXILJHLQHWKHUDSHXWLVFKH8QVLFKHUKHLWEHVWHKW 3UREOHP ¾,QGHQ/HLWOLQLHQZHUGHQ]XP7HLOGLH$QIRUGHUXQJHQDQDOWHUVVSH]LILVFKH*UXSSHQ GHWDLOOLHUWYRUJHVWHOOW$XIDQGHUH=LHOJUXSSHQZLH6FKZDQJHUVFKDIWVGHSUHVVLRQRGHU 3DWLHQWHQPLWVSH]LILVFKHUSV\FKLDWULVFKHURGHUVRPDWLVFKHU.RPRUELGLWlWZLUGGDJHJHQ QXUKLQJHZLHVHQREZRKOGLHVHDXFKQLFKW]%LQGHU'HILQLWLRQGHV $QZHQGXQJVEHUHLFKVYRQGHU$QZHQGXQJGHU/HLWOLQLHDXVJHQRPPHQZXUGHQ ¾'LH$QIRUGHUXQJHQDQGLH%HKDQGOXQJHLQLJHU3DWLHQWHQSRSXODWLRQHQVLQGVRVSH]LHOO E]ZGLHVHVRVHOWHQGDVVGXUFKGLH)RUPXOLHUXQJYRQVSH]LILVFKHQ(PSIHKOXQJHQI U MHGHGLHVHU*UXSSHQGLH$QZHQGEDUNHLWHLQHU/HLWOLQLHHUVFKZHUWZLUG ¾'LHLQ/HLWOLQLHQJHQXW]WHXQGGDUJHOHJWH(YLGHQ]EH]LHKWVLFKLQGHU5HJHODXIHLQH 6WXGLHQ1RUPDOSRSXODWLRQ 9RUVFKODJ ¾'LH%HU FNVLFKWLJXQJYRQ(PSIHKOXQJHQI UVSH]LHOOH3RSXODWLRQHQVROOWHLQHLQHU/HLWOLQLH Ä'HSUHVVLRQQDFK3ULRULWlWHQ]%HSLGHPLRORJLVFKHJHVXQGKHLWV NRQRPLVFKH.ULWHULHQ RGHU3DWLHQWHQJUXSSHQEHLGHQHQGXUFKGLH$EZHLFKXQJYRP0DQDJHPHQWGHV Ä1RUPDOSDWLHQWHQHLQKRKHV*HIlKUGXQJVSRWHQ]LDOEHVWHKWHUIROJHQ ¾$XIEHVRQGHUH3DWLHQWHQJUXSSHQPXVVKLQJHZLHVHQZHUGHQ,QGHU/HLWOLQLHVLQGGLH QRWZHQGLJ]XEHDFKWHQGHQ%HVRQGHUKHLWHQLQGHU'LDJQRVWLNXQG7KHUDSLH EHUVLFKWOLFK GDU]XVWHOOHQ:HQQHLQH3DWLHQWHQSRSXODWLRQ]%.LQGHUXQG-XJHQGOLFKHQLFKWYRP $QZHQGXQJVEHUHLFKGHU/HLWOLQLHHUIDVVWZLUGVROOWHP JOLFKVWDXIJHHLJQHWH/HLWOLQLHQ YHUZLHVHQZHUGHQ ¾$XIGLHO FNHQKDIWH(YLGHQ]EHLGHU'LDJQRVWLN7KHUDSLHEHVRQGHUHU3RSXODWLRQHQXQG GLHPDQJHOQGHhEHUWUDJEDUNHLWGHU6WXGLHQHUJHEQLVVHVRZLHGHU(UIDKUXQJVEHULFKWHLVW KLQ]XZHLVHQ%HLKRKHU3UlYDOHQ]GHV3UREOHPVVROOWHDXFKGHUQRWZHQGLJH )RUVFKXQJVEHGDUIGDUJHVWHOOWZHUGHQ %HLVSLHO%HVRQGHUH3DWLHQWHQJUXSSHQ //&3$>6@ $XVJHZlKOWZHJHQGHVO VXQJVRULHQWLHUWHQ$QVDW]HVXQWHU+LQZHLVDXIIHKOHQGH6WXGLHQ]X /DQJ]HLWQHEHQZLUNXQJHQGHP3ULQ]LSGHUÄEHVWHQYHUI JEDUHQ(YLGHQ]³IROJHQGWURW]GHP P JOLFKH0HGLNDPHQWH]XHPSIHKOHQ Recommendations for the Treatment of Depression During Breast-Feeding (see Table 6.3) Data regarding antidepressants during breast- feeding are limited. Long-term developmental effects are unknown. Preliminary safety data do not contraindicate the use of several tricycic antidepressants (TCAs) (amitriptyline, desipramine, and nortriptyline) as well as several selective serotonin reuptake inhibitors (SSRIs) (citalopram, fluoxetine, paroxetine, and sertraline) (Level 2 evidence).
124 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 1RWIDOOPD QDKPHQ3UlYHQWLRQYRQ1RWIlOOHQ 1HEHQGHP1RWIDOOÄ6XL]LGJHIlKUGXQJ³VLHKH.DSLWHO'0DQDJHPHQWEHL6XL]LG JHIlKUGXQJHUJHEHQVLFKEHLGHU7KHUDSLHGHU'HSUHVVLRQZHLWHUH]XEHDFKWHQGH 1RWIDOOVLWXDWLRQHQGLHLQVEHVRQGHUHEHL9RUOLHJHQYRQLQWHUQLVWLVFKHU0XOWLXQG.RPRUELGLWlWGHQ3DWLHQWHQJHQDXVRYLWDOJHIlKUGHQN QQHQ'LHPDQJHOQGH(UIDVVXQJXQG %HU FNVLFKWLJXQJYRQSV\FKLDWULVFKHQ.RPRUELGLWlWHQ]%$ONRKROXQG 'URJHQDEKlQJLJNHLWNDQQ]XXQHUZDUWHWHQEHGURKOLFKHQ0HGLNDPHQWHQLQWHUDNWLRQHQ I KUHQ'XUFK%HU FNVLFKWLJXQJGHU9RUHUNUDQNXQJHQGHV3DWLHQWHQEHLGHU$XVZDKOGHU 7KHUDSLHXQGHQWVSUHFKHQGDQJHSDVVWHQ0D QDKPHQ]XU7KHUDSLHNRQWUROOHODVVHQVLFKGLHVH 1RWIlOOHKlXILJYHUPHLGHQ 3UREOHP ¾9LHOH/HLWOLQLHQEHU FNVLFKWLJHQQLFKWGDVVGLH3DWLHQWHQLP5DKPHQGHUFKURQLVFKHQ 7KHUDSLHKlXILJQXUDQHLQHQVSH]LDOLVLHUWHQ7KHUDSHXWHQDQJHEXQGHQVLQGGHUDOV HUVWHUXQGHLQ]LJHUGLH:DUQ]HLFKHQGURKHQGHU.RPSOLNDWLRQHQUHJLVWULHUW ¾,QGHQPHLVWHQ/HLWOLQLHQIHKOHQ+LQZHLVH]XU5LVLNREHXUWHLOXQJUHGXNWLRQ WKHUDSHXWLVFKHU0D QDKPHQ 9RUVFKODJ ¾'LHQRWZHQGLJHQGLDJQRVWLVFKHQ0D QDKPHQ]XU3UlYHQWLRQYRQ1RWIlOOHQGXUFK YHUPHLGEDUH7KHUDSLHLQWHUDNWLRQHQ]%3KDUPDNRWKHUDSLHVLQGDXI]XI KUHQ ¾$XIZHJZHLVHQGH6\PSWRPHDXFKIDFKIUHPGHU(UNUDQNXQJHQHLQHUDNXWHQ*HIlKUGXQJ LVWKLQ]XZHLVHQXQGGLHVRIRUWHLQ]XOHLWHQGHQ0D QDKPHQ]XU'LDJQRVWLNXQG 1RWIDOOWKHUDSLHVLQG]XEHVFKUHLEHQ ¾%HLNULWLVFKHQ7KHUDSLHYHUIDKUHQLVWDXIHLQHUK KWHV$QZHQGXQJVULVLNRH[SOL]LW KLQ]XZHLVHQGLH]XU3UlYHQWLRQYRQ1RWIlOOHQHLQ]XOHLWHQGHQRWZHQGLJH(UVWXQG 9HUODXIVGLDJQRVWLNLVWDXI]XI KUHQ
125 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO3UlYHQWLRQYRQ7KHUDSLHNRPSOLNDWLRQHQ $XVJHZlKOWZHJHQGHUDXVI KUOLFKHQ/LVWHYRQH[SOL]LWHQ:DUQKLQZHLVHQGLHYRU$QZHQGXQJ GHU7KHUDSLH]XEHDFKWHQVLQG,QGHU/HLWOLQLHZLUGDXIGLHQRWZHQGLJH'LDJQRVWLNYHUZLHVHQ Management of Major Depressive Disorder in Adults Appendix 8. Electro-convulsive Therapy Contraindications Or Conditions Associates With Increased Risk In ECT Contraindication - Space occupying cerebral lesion or other condition resulting in elevated intracranial pressure confers added risk of brainstem herniation. Caution - Significant cardiovascular problems such as recent myocardial infarction, severe cardiac ischemic disease or profound hypertensive illness (whatever the cause). Simultaneous stimulation of both the sympathetic and parasympathetic systems result in changes in cardiac output and heart rate in the ictal and immediate post ECT period, causing added risk of transient arrhythmias, cardiac ischemia and profound hypertension, conferring greater health risk in susceptible individuals. Caution - Recent intracerebral hemorrhage, or patients with bleeding or unstable vascular aneurysms or malformations. Caution - Degenerative diseases of the axial or appendicular skeleton use of anesthetic and muscle relaxant techniques have added to the safety profile of ECT in these individuals. Patient currently taking monoamine oxidase inhibitor medication (MAOi). Ideally, MAOi s should be discontinued two weeks prior to initiating ECT in order to prevent threatening hypertensive changes during treatment as described above. Caution Patient currently taking lithium. May result in neurotoxic syndrome marked by increased mental confusion, disorientation and unresponsiveness. High Anesthesia risk American Society of Anesthesiologists level 4 or 5. The basic pre-ect workup may be varied, but should generally reflect those concerns presented above. The basic components of the pre-ect evaluation involve: 1. Complete diagnostic history, mental status examination, and physical examination 2. Review of the patients past and current medical illnesses and treatments rendered 3. Formulation of a patient-specific risk-benefit inventory with comparison of ECT to other forms of treatment 4. Determination of the setting of ECT administration (inpatient versus outpatient) 5. If ECT is indicated, obtaining written consent from the patient after reviewing the benefits and risks or ECT, along with an explanation detailing other available therapeutic options 6. Initiating a medical workup as necessary in order to further assess and minimize risk to the patient 7. Anesthesia evaluation. As a general guideline, the following studies may be considered, time permitting: Complete blood count Serum electrolytes Electrocardiogram CNS imaging - consider especially if there is suggestion of presence of aforementioned CNS pathology. May appear in the form of CT or MRI, usually within the past year Baseline clinical assessment of cognitive functioning Spinal x-ray - Not generally recommended, but consider especially in cases where there is a history of musculoskeletal symptoms or disease Urinalysis Blood urea nitrogen and creatinine Chest x-ray (PA and lateral) Other testing where necessary.
126 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 0DQDJHPHQWEHL6XL]LGJHIlKUGXQJ 6XL]LGJHGDQNHQEHVWHKHQEHLGHU3DWLHQWHQPLW0DMRU'HSUHVVLRQSODQHQHLQHQ UGLH3DWLHQWHQLQSV\FKRVR]LDOHQ )XQNWLRQHQXQGLKUHP/HEHQVHUIROJVWHOOWGLHKRKH6XL]LG0RUWDOLWlWEHLGHU(UNUDQNXQJHLQH JUR H+HUDXVIRUGHUXQJDQ'LDJQRVWLN6FKZHUHJUDGDEVFKlW]XQJ3URJQRVHXQG 5H]LGLYSURSK\OD[H'LHYHUVFKLHGHQHQ9HUVRUJXQJVHEHQHQVLQGEH] JOLFKGHV0DQDJHPHQWV GLHVHVSV\FKLDWULVFKHQ1RWIDOOVZHJHQGHVUHODWLYVHOWHQHQ9RUNRPPHQVLQLKUHU,QVWLWXWLRQ XQYRUEHUHLWHWE]Z]XP7HLODXFK EHUIRUGHUW 3UREOHP ¾,Q/HLWOLQLHQILQGHQVLFKKlXILJQXUDOOJHPHLQH+LQZHLVHDXIGDV3UREOHPZREHLKLHU ZLHGHUKlXILJQXU/LVWHQYRQ3UlGLNWRUHQGDUJHVWHOOWZHUGHQ ¾'DV0DQDJHPHQWYRQFKURQLVFKVXL]LGDOHQ3DWLHQWHQZLUGWURW]VHLQHU%HGHXWXQJLQ YLHOHQ/HLWOLQLHQQXUXQ]XUHLFKHQGEHVFKULHEHQ 9RUVFKODJ ¾'LH]XU$EVFKlW]XQJGHU5LVLNRIDNWRUHQXQGGHV6FKZHUHJUDGHVQRWZHQGLJHQ$VSHNWH ]%LQWHUQLVWLVFKH%HJOHLWHUNUDQNXQJHQSV\FKLDWULVFKH.RPRUELGLWlWJHQHWLVFKH )DNWRUHQVROOHQLQHLQHU/HLWOLQLHEHQDQQWXQGLQLKUHU:LFKWLJNHLWEHZHUWHWZHUGHQ ¾$XVGHU%HZHUWXQJGHU6XL]LGDOLWlWVROOWHGLHI UGLH7KHUDSLHQRWZHQGLJH 9HUVRUJXQJVHEHQH]XHQWQHKPHQVHLQ ¾'LH,QWHUYDOOHI UGLH%HREDFKWXQJVXL]LGDOHU3DWLHQWHQXQGGLH6XL]LGSURSK\OD[HXQWHU %HU FNVLFKWLJXQJGHU6RQGHUIRUPHQDIIHNWLYHU(UNUDQNXQJHQVROOWHQEHVFKULHEHQZHUGHQ ¾$XIGLH%HVRQGHUKHLWHQEHLGHU7KHUDSLHFKURQLVFK6XL]LGDOHULVWKLQ]XZHLVHQ ¾,QHLQHU/HLWOLQLHP VVHQGLH0D QDKPHQGHVEHVRQGHUHQ0DQDJHPHQWV]% (LQVFKUlQNXQJGHU3HUV QOLFKNHLWVUHFKWHDXFKPLWGHUJ OWLJHQ5HFKWVVSUHFKXQJ DEJHJOLFKHQVHLQVLHKH.DSLWHO'5DKPHQEHGLQJXQJHQGHU/HLWOLQLHQDQZHQGXQJ %HLVSLHO0DQDJHPHQWGHU6XL]LGDOLWlW $XVJHZlKOWZHJHQGHUNXU]HQNQDSSHQDEHUSUD[LVQDKHQ$XVI KUXQJ]XP3UREOHPGHV 6XL]LGPDQDJHPHQW 7. What are the clinical principles for suicide management? Recommendations for Psychiatric Management Assess suicide risk at every evaluation. Aim for full remission of symptoms and return to baseline psychosocial function. Plan 2 phases of treatment: acute phase (8 12 weeks) to achieve remission of symptoms, maintenance phase (at least 6 months, but of ten longer) to prevent relapse/recurrence. Monitor response using validated outcome measures. Reevaluate treatment at least every 4 weeks if there is no response. 8. What are the clinical principles for inpatient management? Recommendations for Inpatient Management View management as a continuum of overlapping assessment, treatment, and discharge phases. Restore personal safety and improve functional capacity to facilitate the transfer to outpatient care. Involve the patient and community health care workers in discharge planning. Recognize that the immediate post discharge period is a time of increased risk for suicide. 9. What are the important medical-legal issues?. 'XRGHFLP)LQLVK0HGLFDO6RFLHW\0DMRUGHSUHVVLYHGLVRUGHU $YDLODEOHIURP85/KWWSZZZHEPJXLGHOLQHVFRP
127 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO]XU%HZHUWXQJGHU6XL]LGDOLWlWVLHKHDXFK!%HLVSLHO'LDJQRVWLNGHV6XEV\QGURPV6XL]LGDOLWlW ' &RPSOLDQFH &RPSOLDQFHLVWGDV0D GHUhEHUHLQVWLPPXQJ]ZLVFKHQ7KHUDSLHGXUFKI KUXQJXQG 7KHUDSLHVWDQGDUG]%lU]WOLFKH(PSIHKOXQJVHOEVWJHVHW]WHV=LHOGHU/HEHQVVWLOlQGHUXQJ RGHU/HEHQVVWDQGDUG&RPSOLDQFHLVWHLQZLFKWLJHU$VSHNWLP%HWUHXXQJVNRQ]HSW GHSUHVVLYHU6W UXQJHQ&RPSOLDQFHUDWHQVFKZDQNHQMHQDFK8QWHUVXFKXQJVPHWKRGH,QWHUYLHZ)UHPGEHREDFKWXQJ%HVWLPPXQJYRQ0HGLNDPHQWHQVSLHJHOQHUKHEOLFK 3UREOHP ¾(EHQVRZLHEHLVRPDWLVFKHQ(UNUDQNXQJHQVWHOOW1RQ&RPSOLDQFHLP%HWUHXXQJVNRQ]HSW GHSUHVVLYHU6W UXQJHQHLQVLJQLILNDQWHV3UREOHPGDUZLUGMHGRFKYRQQXUZHQLJHQ /HLWOLQLHQDOVVROFKHVHUNDQQW ¾'LDJQRVWLNXQG7KHUDSLHI KUHQ]X%HODVWXQJHQEHLP3DWLHQWHQGLHVHZHUGHQYRQLKP XQWHUVFKLHGOLFKDXIJHQRPPHQXQGI KUHQ]XXQWHUVFKLHGOLFKHQ9HUKDOWHQVPXVWHUQ'DEHL NDQQGHU(LQIOXVV]%EHLPWKHUDSHXWLVFKHQ% QGQLVDXIGLH&RPSOLDQFH]XVWlUNHUHQ $XVZLUNXQJHQEHLP7KHUDSLHHUIROJI KUHQDOVGHU1XW]HQGHUVLFKDXVGHUÄNRUUHNWHQ³ 'XUFKI KUXQJGHU(PSIHKOXQJHUJLEW(LQHV\VWHPDWLVFKH(UIDVVXQJGHU &RPSOLDQFHIDNWRUHQXQGGHUHQ(LQIOXVVDXIGDV7KHUDSLHHUJHEQLVHUIROJWQLFKW 9RUVFKODJ ¾$XWRUHQHLQHU/HLWOLQLHÄ'HSUHVVLRQ³VROOHQFRPSOLDQFHKHPPHQGH)DNWRUHQLP 0DQDJHPHQWGHSUHVVLYHU6W UXQJHQGDUVWHOOHQXQG/ VXQJHQDXI]HLJHQ ¾(VVROOWHQQHEHQGHU7KHUDSLH&RPSOLDQFHDOOH)HOGHUHLQHUHUIRUGHUOLFKHQ 3DWLHQWHQPLWZLUNXQJ]%6FKXOXQJGHV3DWLHQWHQLQGHUNRUUHNWHQ 0HGLNDPHQWHQHLQQDKPHJHQDQQWZHUGHQ ¾0HVVYHUIDKUHQ]XUUHJHOPl LJHQhEHUSU IXQJYRQ0RWLYDWLRQXQG&RPSOLDQFHVLQG]X QHQQHQXQG]XEHZHUWHQ'DEHLVROOWHQDXFKNULWLVFKH6FKZHOOHQI U&RPSOLDQFH.RHIIL]LHQWHQJHQDQQWZHUGHQ %HLVSLHO%HU FNVLFKWLJXQJGHU&RPSOLDQFH $XVJHZlKOWZHJHQSUlJQDQWHU(PSIHKOXQJHQ]XU&RPSOLDQFHNRQWUROOHPLW$QJDEHGHU (YLGHQ] RECOMMENDATIONS: ACUTE MANAGEMENT Review patients every one to two weeks following commencement of antidepressant treatment (C). Telephone consultation and the use of suitably trained non-medical staff may appropriately take the place of some medical consultations (D). At each review, response, compliance with drug treatment, side effects and suicidal risk should be assessed (C). Educate patients about the nature of depressive disorders and the side effects and benefits of medication (A). Limit the total amount of antidepressant drug available to the patient to reduce risk if taken in overdose (D). When prescribing an older TCA, or a drug requiring dose titration, increase the dose every 3-7 days to allow adjustment to side effects (C). Aim for a target dose for which there is established efficacy (usually 125 mg or above for most older TCAs but lower in the elderly) (C). If a patient has responded to a lower than target dose of an antidepressant still increase the dose to one of established efficacy, if possible, to reduce the likelihood of relapse in continuation treatment (D). Where this is not possible continue the drug at the same dose and monitor the patient for relapse (D). Dysthymia: treat using the same principles as for major depression (D).
128 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' )DPLOLHQPHGL]LQ%HUDWXQJ$QJHK ULJHU )DPLOLHQPHGL]LQVROOWHQLFKWDOV3V\FKRWKHUDSLHPHWKRGH]%(KHWKHUDSLHPLVVYHUVWDQGHQ ZHUGHQ)DPLOLHQPHGL]LQXPIDVVWYLHOPHKUDOVKDXVlU]WOLFKH0D QDKPHGLHVRPDWLVFKHQ SV\FKLVFKHQXQGVR]LDOHQ'LPHQVLRQHQGHU(UNUDQNXQJXQWHU%HU FNVLFKWLJXQJGHVVR]LDOHQ 8PIHOGHV$XFKZHQQGLHVH%HUDWXQJYLHOHVR]LRWKHUDSHXWLVFKH0D QDKPHQEHLQKDOWHWVLQG GLHVHYRQGHUHLJHQWOLFKHQ6R]LRWKHUDSLHZLHVLHEHLVSLHOVZHLVHLP5DKPHQGHUVSH]LILVFKHQ 0D QDKPHQ]XU5HKDELOLWDWLRQ!VLHKH.DSLWHO'GXUFKJHI KUWZLUGDE]XJUHQ]HQ 3UREOHP ¾$XIGLH(LQEH]LHKXQJGHU)DPLOLH$QJHK ULJHQEHLGHU'HSUHVVLRQZLUGRIWQXUDP5DQGH HLQJHJDQJHQREZRKOVLFK)DPLOLHQPLWJOLHGHUKlXILJ EHUGLH'LDJQRVWLNXQG7KHUDSLHGHU (UNUDQNXQJLQIRUPLHUHQZROOHQXQGDXFKEHLGHU7KHUDSLHLQJHHLJQHWHU:HLVHHLQJUHLIHQ P FKWHQ ¾(VZLUGQLFKWDXINUDQNKHLWVDXVO VHQGH)DNWRUHQKLQJHZLHVHQGLHQXULP =XVDPPHQDUEHLWPLW$QJHK ULJHQWHLOZHLVHDEHUDXFKPLW0LWDUEHLWHUQDP$UEHLWVSODW] EHVHLWLJWZHUGHQN QQWHQ ¾$XIWKHUDSHXWLVFKH,QWHUDNWLRQHQXQG%HODVWXQJGHU$QJHK ULJHQLQIROJHÄ.RPRUELGLWlW YRQ$QJHK ULJHQ³ZLUGQLFKWKLQJHZLHVHQ 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWHDXIGLH,QGLNDWLRQXQG=LHOHIDPLOLHQPHGL]LQLVFKHU,QWHUYHQWLRQHQ KLQZHLVHQGDEHLLVWDXFKDXIP JOLFKH3UREOHPHGHU:HFKVHOZLUNXQJPLWGHPVR]LDOHQ 8PIHOGXQG.RQWUDLQGLNDWLRQHQKLQ]XZHLVHQ ¾(VVROOWH]ZLVFKHQGHU7KHUDSLHGXUFK$QJHK ULJHXQG7KHUDSLHGHU$QJHK ULJHQGHU 9HUPLWWOXQJYRQ+LOIHQSV\FKRVR]LDOH%HUDWXQJXQG0D QDKPHQGHU6R]LRWKHUDSLH]% $UEHLWVPLOLHXXQWHUVW W]XQJXQWHUVFKLHGHQZHUGHQ ¾'LH%HGHXWXQJXQG)XQNWLRQGHU)DPLOLHQEHUDWXQJDXFKDOVSUlYHQWLYH0D QDKPHLVW GDU]XVWHOOHQ ¾%HL(PSIHKOXQJHQ]X7KHUDSLHXQG3URSK\OD[HP JOLFKNHLWHQLPVR]LDOHQ8PIHOGLVWDXI GLH%HVRQGHUKHLWHQEHL6FKZHLJHSIOLFKWYRUVFKULIWHQXQG)UDJHQGHV'DWHQVFKXW]HV KLQ]XZHLVHQ ¾6SH]LHOOHI U$QJHK ULJHXQG%HWURIIHQHJHVFKULHEHQH,QIRUPDWLRQHQXQG +DQGOXQJVDQZHLVXQJHQLQHLQHUQLFKWPHGL]LQLVFKHQÄ8PJDQJVVSUDFKH³VROOWHQHUVWHOOW ZHUGHQ6LHVROOHQQHEHQGHU,QIRUPDWLRQ EHUGLH(UNUDQNXQJXQGLKUH %HKDQGOXQJVP JOLFKNHLWHQHLQH$QOHLWXQJI UGDV*HVSUlFKPLWGHP7KHUDSHXWHQJHEHQ GLH$QJDEHYRQ.RQWDNWDGUHVVHQPLW7HOHIRQQXPPHUQLVWKLOIUHLFK
129 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 6FKXOXQJYRQ3DWLHQWHQXQG$QJHK ULJHQ 'LH$EJUHQ]XQJ]ZLVFKHQ%HUDWXQJXQG6FKXOXQJYRQ3DWLHQWHQXQG$QJHK ULJHQLVWKlXILJ XQSUl]LVH7KHUDSHXWLVFKH6FKXOXQJVPD QDKPHQVLQGDOVSlGDJRJLVFKH9RUJHKHQVZHLVHQ GHILQLHUWHVHUIROJWKLHUHLQHVWUXNWXULHUWH9HUPLWWOXQJYRQ/HUQLQKDOWHQGLHVLFKDQ WKHUDSHXWLVFKHQ/HUQ]LHOHQRULHQWLHUW,P9HUJOHLFK]XDQGHUHQFKURQLVFKHQ(UNUDQNXQJHQZHUGHQHYDOXLHUWH6FKXOXQJVSURJUDPPH DOV7HLOGHU7KHUDSLHQXUZHQLJJHQXW]WREZRKOHVDXFKKLHUVROFKHJLEW 3UREOHP ¾,QGHQ/HLWOLQLHQGHU'HSUHVVLRQZLUGDXIGLH%HGHXWXQJXQGVLQQYROOHQ(LQVDW]YRQ 6FKXOXQJVPD QDKPHQDOV7HLOGHU7KHUDSLHQXUZHQLJHLQJHJDQJHQ ¾(VHUIROJHQDXFKNHLQH]LHOJUXSSHQJHUHFKWH3DWLHQW$QJHK ULJHUGLIIHUHQ]LHUWH 9RUJDEHQGHU,QKDOWHXQG$QJDEHQGHU]XU8PVHW]XQJVROFKHU6FKXOXQJVDQJHERWH QRWZHQGLJHQ5HVVRXUFHQ 9RUVFKODJ ¾,QHLQHU(PSIHKOXQJYRQ6FKXOXQJVPD QDKPHQVLQGGLH=LHOJUXSSH3DWLHQWHQXQGRGHU $QJHK ULJHXQGGLH/HUQ]LHOH]XQHQQHQVRZLHDXIJHHLJQHWH6FKXOXQJVKLOIHQ]% =XVDPPHQIDVVXQJYRQ6FKXOXQJVPDWHULDOLHQ]XYHUZHLVHQ'LHVH6FKXOXQJVPDWHULDOLHQ VROOWHQGLHJOHLFKHQPHWKRGLVFKHQXQGLQKDOWOLFKHQ4XDOLWlWVNULWHULHQHUI OOHQZLHVLH DXFKI UJXWH3DWLHQWHQLQIRUPDWLRQHQJHOWHQ ¾'LH6FKXOXQJVROOWHQHEHQDOOJHPHLQYHUVWlQGOLFKHQ,QIRUPDWLRQHQ EHUGLH(UNUDQNXQJ DXFK,QIRUPDWLRQHQ]XGHQ:LUNZHLVHQGHU7KHUDSLHQXQG9HUKDOWHQVKLQZHLVH EHLQKDOWHQ
130 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO6FKXOXQJVLQKDOWH]LHOH $XVJHZlKOWZHJHQGHUNXU]HQ EHUVLFKWOLFKHQ'DUVWHOOXQJGHU/HUQLQKDOWHXQG+LQZHLVHQ]XU GLGDNWLVFKHQ8PVHW]XQJXQG]LHOJUXSSHQJHUHFKWHU9HUZHLVDXIZHLWHUI KUHQGH,QIRUPDWLRQ Initial Interventions Education Education is an important component of the management of any Major Depressive Disorder and especially valuable in clarifying the person s uncertainty and misconceptions. The information provided will allow most people to gain greater control over their disorder and be able to recognise actions they can take, and when they need additional assistance from a healthcare worker. Where appropriate, and with the individual s permission, family members should also receive information that will help them to provide support through the treatment period and enable them to act appropriately should there be any relapse. Education should be provided in short five minute sessions over a number of appointments and should be tailored to the individual's level of understanding and culture. Handouts and information pamphlets are particularly helpful. The following information is important: - Major Depressive Disorder is not a weakness or a character defect. - Recovery is the rule not the exception. - Treatment is effective and there are many treatment options available. There is a suitable treatment for almost every person. - The goal of treatment is to get well (100%) and be better placed to cope with emotional problems in the future. - The rate of recurrence is quite high: 50% of people who have had one episode of Major Depressive Disorder will relapse, 70% of people who have had two episodes will relapse, and 90% of people who have had three episodes will relapse. Therefore continuation with treatment to avoid relapse is important. - The individual and their family can be taught to recognise early warning signs of Major Depressive Disorder. - By seeking early treatment after recognising these warning signs, the severity of the episode may be greatly reduced. There are also a number of self-help books available that provide useful information about depression and strategies for both the person with depression and their friends and families for coping with it. These are available through public libraries and general book stores. Some examples of books include: The Silver Lining: How to Conquer Depression. A NZ Perspective (1989), by Margaret Mourant. (Published by William Collins, Auckland). This book includes a chapter on how other people can help the depressed person. The Depression Workbook (1992), by Mary-Anne Copeland. (New Harbinger). This book includes information for people with Bipolar Mood Disorder. I Can See Tomorrow (1995), by Patricia Owen. This can be purchased from book stores for around $29.95, and is also available through Tandem Press (PO Box Birkenhead, Auckland, Ph ). Sharing the Load (1996), by Gwendoline Smith. (Published by Random House).
131 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' $QIRUGHUXQJHQDQWKHUDSHXWLVFKHXQGQLFKWWKHUDSHXWLVFKH%HUDWXQJGXUFK 6HOEVWKLOIHJUXSSHQKDEHQVLFKWURW]GHU+lXILJNHLWGHU'HSUHVVLRQVHUNUDQNXQJLP9HUJOHLFK ]XDQGHUHQSV\FKLVFKHQ(UNUDQNXQJHQ6XFKWELVODQJUHODWLYVHOWHQHWDEOLHUW6LHH[LVWLHUHQ ]7DXVVFKOLH OLFKDXIORNDOHU(EHQHXQGVLQGGDKHUI U3DWLHQWHQXQG$QJHK ULJHQLFKW XQHLQJHVFKUlQNWHUUHLFKEDU6LHXQWHUOLHJHQNHLQHU4XDOLWlWVVLFKHUXQJRGHUHLQHU SHUV QOLFKHQ9HUDQWZRUWXQJXQGN QQHQGDKHUDOV,QIRUPDWLRQVTXHOOHDXFKPLVVEUDXFKW ZHUGHQ0LWDUEHLWHUYRQ6HOEVWKLOIHJUXSSHQZLHDXFKDQGHUH'ULWWH]%/HKUHU $UEHLWJHEHUN QQHQRKQH6FKZHLJHSIOLFKWHQWELQGXQJQLFKWLQGHQ7KHUDSLHSUR]HVV HLQJHEXQGHQZHUGHQ 3UREOHP ¾6HOEVWKLOIHJUXSSHQN QQHQHLQ%HVWDQGWHLOHLQHV7KHUDSLHNRQ]HSWHVVHLQZREHLMHGRFK GDV9RUKDQGHQVHLQYRQJHHLJQHWHQI UGHQ3DWLHQWHQHUUHLFKEDUHQ6HOEVWKLOIHJUXSSHQ QLFKWLPPHUYRUDXVJHVHW]WZHUGHQNDQQ ¾'LH(UJHEQLVVHGHU$UEHLWYRQ6HOEVWKLOIHJUXSSHQN QQHQDXFK]XG\VIXQNWLRQDOHQ 3DWLHQWHQYHUKDOWHQEHLWUDJHQ 9RUVFKODJ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³PXVVEHU FNVLFKWLJHQGDVV6HOEVWKLOIHJUXSSHQQLFKWLPPHU YHUI JEDUVLQG6RPLWLVWQHEHQGHQ$QIRUGHUXQJHQDQGLH6WUXNWXU3UR]HVVXQG (UJHEQLVTXDOLWlWDXFKDXIWKHUDSHXWLVFKH(UVDW]PD QDKPHQKLQ]XZHLVHQ ¾'LHVWUXNWXULHUWH(LQELQGXQJ'ULWWHULQGLH7KHUDSLHHUIRUGHUWQHEHQNODUHQ9RUJDEHQ]X =LHOHQDXFK+LOIHQ]XURUJDQLVDWRULVFKHQ8PVHW]XQJ]%.RPPXQLNDWLRQ]ZLVFKHQ 7KHUDSHXWXQGÄ'ULWWHQ³lU]WOLFKH6FKZHLJHSIOLFKW ¾(LQH/HLWOLQLHVROOWHDXFKDXIGLH5ROOHGHV7KHUDSHXWHQEHLGHU,PSOHPHQWLHUXQJXQG 8QWHUVW W]XQJYRQ6HOEVWKLOIHJUXSSHQHLQJHKHQ
132 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 5HKDELOLWDWLRQ 'LH9RUDXVVHW]XQJHQ=LHOVHW]XQJHQXQG0HWKRGHQGHU5HKDELOLWDWLRQZHUGHQLQ'HXWVFKODQG LP6R]LDOJHVHW]EXFK,;GHILQLHUW1DFK 6*%,;OLHJWHLQH%HKLQGHUXQJGDQQYRUZHQQGHU N USHUOLFKHJHLVWLJHRGHUVHHOLVFKH*HVXQGKHLWV]XVWDQGHLQHV0HQVFKHQPLWKRKHU :DKUVFKHLQOLFKNHLWOlQJHUDOVVHFKV0RQDWHYRQGHPI UGDV/HEHQVDOWHUW\SLVFKHQ=XVWDQG DEZHLFKWXQGGDKHUGLH7HLOKDEHDP/HEHQLQGHU*HVHOOVFKDIWEHHLQWUlFKWLJWLVW6RJ Ä7HLOKDEHVW UXQJHQ³GLHDOV)ROJHYRQ)XQNWLRQVEHHLQWUlFKWLJXQJHQLP.RQWH[WFKURQLVFKHU (UNUDQNXQJHQDXIWUHWHQN QQHQQDFKGHU,&),QWHUQDWLRQDO&ODVVLILFDWLRQRI)XQFWLRQLQJ 'LVDELOLW\DQG+HDOWKNODVVLIL]LHUWZHUGHQ 'LH/HLVWXQJHQ]XU7HLOKDEHQDFK 6*%,;XPIDVVHQGLH6R]LDOOHLVWXQJHQGKLQGLHVHP =XVDPPHQKDQJLQVEHVRQGHUHGLHLQGHQ'HSUHVVLRQV/HLWOLQLHQEHVFKULHEHQHQ/HLVWXQJHQ GHU0HGL]LQLVFKHQ5HKDELOLWDWLRQXPXQDEKlQJLJYRQGHU8UVDFKHGHU%HKLQGHUXQJ GLH%HKLQGHUXQJDE]XZHQGHQ]XEHVHLWLJHQ]XPLQGHUQLKUH9HUVFKOLPPHUXQJ]X YHUK WHQRGHULKUH)ROJHQ]XPLOGHUQ (LQVFKUlQNXQJHQGHU(UZHUEVIlKLJNHLWRGHU3IOHJHEHG UIWLJNHLW]XYHUPHLGHQ]X EHUZLQGHQ]XPLQGHUQRGHUHLQH9HUVFKOLPPHUXQJ]XYHUK WHQVRZLHGHQYRU]HLWLJHQ %H]XJDQGHUHU6R]LDOOHLVWXQJHQ]XYHUPHLGHQRGHUODXIHQGH6R]LDOOHLVWXQJHQ]XPLQGHUQ GLH7HLOKDEHDP$UEHLWVOHEHQHQWVSUHFKHQGGHQ1HLJXQJHQXQG)lKLJNHLWHQGDXHUKDIW]X VLFKHUQRGHU GLHSHUV QOLFKH(QWZLFNOXQJJDQ]KHLWOLFK]XI UGHUQXQGGLH7HLOKDEHDP/HEHQLQGHU *HVHOOVFKDIWVRZLHHLQHP JOLFKVWVHOEVWlQGLJHXQGVHOEVWEHVWLPPWH/HEHQVI KUXQJ]X HUP JOLFKHQRGHU]XHUOHLFKWHUQ 'LH.RVWHQWUlJHUI U5HKDELOLWDWLRQVPD QDKPHQVLQGLQVEHVRQGHUHGLH.UDQNHQNDVVHQGLH %XQGHVDQVWDOWI U$UEHLWGLHJHVHW]OLFKHQ8QIDOOYHUVLFKHUXQJHQGLH7UlJHUGHU.ULHJVRSIHUI UVRUJHXQGGLH7UlJHUGHUJHVHW]OLFKHQ5HQWHQYHUVLFKHUXQJVRZHLWGLH %HKLQGHUXQJDXFK]XHLQHU(LQVFKUlQNXQJGHU(UZHUEVIlKLJNHLWI KUW1DFK 6*%,; NDQQ5HKDELOLWDWLRQMHQDFKSHUV QOLFKHQ8PVWlQGHQLQDPEXODQWHUWHLOVWDWLRQlUHURGHU VWDWLRQlUHU)RUPHUIROJHQ 1DFK 6*%,;LVWGDV=LHOGHUPHGL]LQLVFKHQ5HKDELOLWDWLRQ%HKLQGHUXQJE]ZFKURQLVFKH (UNUDQNXQJHQDE]XZHQGHQ]XEHVHLWLJHQ]XPLQGHUQDXV]XJOHLFKHQHLQH9HUVFKOLPPHUXQJ ]XYHUK WHQGLH(LQVFKUlQNXQJGHU(UZHUEVIlKLJNHLWRGHUGLH3IOHJHG UIWLJNHLW]XYHUPHLGHQ 1DFK 6*%,;]lKOHQ]XGHQ/HLVWXQJHQGHUPHGL]LQLVFKHQ5HKDELOLWDWLRQLQVEHVRQGHUH GLHlU]WOLFKH%HKDQGOXQJGLH$U]QHLPLWWHOWKHUDSLHGLH$QZHQGXQJYRQ+HLOPLWWHOQE]Z SK\VLNDOLVFKHU7KHUDSLH%HVFKl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
133 /HLWOLQLHQEHULFKW'HSUHVVLRQ 3UREOHP ¾,QGHQYRUOLHJHQGHQ/HLWOLQLHQZHUGHQZHVHQWOLFKH5HKDELOLWDWLRQVDVSHNWHQLFKWHUZlKQW ]%.ULWHULHQ,P+LQEOLFNDXI(LQVFKUlQNXQJYRQI U$UEHLWVXQG/HLVWXQJVIlKLJNHLWLP (UZHUEVOHEHQRGHUQXUUDQGVWlQGLJLP.RQWH[WDQGHUHU$EVFKQLWWHHUZlKQW ]%/DQJ]HLWPHGLNDWLRQRGHU3V\FKRWKHUDSLH'DGXUFKZLUGGLHIDFKOLFKHLJHQVWlQGLJH $XIJDEHQVWHOOXQJGHU5HKDELOLWDWLRQVPHGL]LQQLFKWKLQUHLFKHQGNODU ¾'LH/HLWOLQLHQVLQGLQDOOHU5HJHODXIGLH%HKDQGOXQJYRQDNXWHQ(UNUDQNXQJVHSLVRGHQ ]HQWULHUW'DGXUFKZLUGQLFKWDQJHPHVVHQGHXWOLFKGDVVLQHLQHPPRGHUQHQ *HVXQGKHLWVZHVHQGDVHLJHQWOLFKH%HWUHXXQJVSUREOHPLQGHU%HKDQGOXQJFKURQLIL]LHUWHU (UNUDQNXQJHQOLHJWZDVDXFKI UGLHGHSUHVVLYHQ6W UXQJHQJLOW ¾'LHLQGHQ/HLWOLQLHQ]LWLHUWH(YLGHQ]EH]LHKWVLFKLQDOOHU5HJHODXIDNXWHXQGVLQJXOlUH.UDQNKHLWVHSLVRGHQ'LH(YLGHQ]EDVLVKLQVLFKWOLFKGHU%HKDQGOXQJYRQ3DWLHQWHQ EHU -DKUHIHKOWZHLWJHKHQG ¾'LH/HLWOLQLHQHUZHFNHQGHQ(LQGUXFNDOVVHLGLH%HKDQGOXQJYRQDNXWHQ (UNUDQNXQJVHSLVRGHQGXUFKGLHVHOEHQ%HKDQGOHURGHULQGHQVHOEHQ6WUXNWXUHQP JOLFK ZLHGLH%HWUHXXQJYRQ/DQJ]HLWSDWLHQWHQ'LHEHVRQGHUHQI UHLQHODQJMlKULJDQJHOHJWH 5HKDELOLWDWLRQVEHKDQGOXQJHUIRUGHUOLFKHQ$UEHLWVYRUDXVVHW]XQJHQZHUGHQGDGXUFKQLFKW GHXWOLFKJHPDFKW6RVLQGEHLVSLHOVZHLVHGLH%HKDQGOXQJHQLQVRJ5HKDNOLQLNHQPLW RGHU:RFKHQ$XIHQWKDWHQQXU.XU]]HLWHSLVRGHQLQHLQHPJJIVOHEHQVODQJ DQ]XOHJHQGHQ5HKDELOLWDWLRQVSUR]H ¾,Q/HLWOLQLHQVLQGQXUYHUHLQ]HOW+LQZHLVHHQWKDOWHQZLHGLH,QIRUPDWLRQVEORFNDGHQ ]ZLVFKHQGHQHLQ]HOQHQI UGLH5HKDELOLWDWLRQHUIRUGHUOLFKHQPHGL]LQLVFKHQXQG QLFKWPHGL]LQLVFKHQ,QVWLWXWLRQHQXQG6HNWRUHQ EHUZXQGHQZHUGHQN QQHQ 9RUVFKODJ (QWVSUHFKHQGGHUYRUJHQDQQWHQ$XIJDEHQXQG,QKDOWHGHU5HKDELOLWDWLRQVROOWHHLQH/HLWOLQLH ]XIROJHQGHQ3XQNWHQ6WHOOXQJQHKPHQ.UDQNKHLWVEH]RJHQH,QIRUPDWLRQ ¾(SLGHPLRORJLHFKURQLVFKHU9HUOlXIH ¾.ODVVLILNDWLRQYRQ/DQJ]HLWYHUODXIVW\SHQ ¾'LIIHUHQ]LDOGLDJQRVHFKURQLVFKHU9HUOlXIHHLQVFKOLH OLFKYRQ9RUJDEHQI UHLQH LQWHQVLYLHUWH'LDJQRVWLN]XU.OlUXQJGHU&KURQLIL]LHUXQJVEHGLQJXQJHQ 5LVLNRIDNWRUHQXQGYHUODXIVPRGLIL]LHUHQGH)DNWRUHQFKURQLVFKHU(UNUDQNXQJHQ ¾'LDJQRVWLNYRQ)XQNWLRQV$NWLYLWlWVXQG7HLOKDEHVW UXQJHQ ¾%HVFKUHLEXQJYRQ)XQNWLRQVHLQVFKUlQNXQJHQLP=XVDPPHQKDQJPLWGHSUHVVLYHQ (UNUDQNXQJHQ ¾%HVFKUHLEXQJYRQ%HGLQJXQJHQ$UWXQG$XVZLUNXQJHQYRQ$NWLYLWlWV 7HLOKDEHVW UXQJHQ
134 /HLWOLQLHQEHULFKW'HSUHVVLRQ 7KHUDSLH ¾%HVFKUHLEXQJHLQHULQWHQVLYLHUWHQ7KHUDSLHEHLFKURQLIL]LHUHQGHQ9HUOlXIHQ]XP $XVVFKOXVVHLQHU3VHXGRFKURQL]LWlW ¾0HWKRGHQGHU3DWLHQWHQODQJ]HLWI KUXQJ ¾3V\FKRXQG3KDUPDNRWKHUDSLHFKURQLIL]LHUWHU(UNUDQNXQJHQXQWHU /DQJ]HLWSHUVSHNWLYHLQNO3URSK\OD[H(UKDOWXQJVWKHUDSLH3DOOLDWLYWKHUDSLH ¾3DWLHQWHQVFKXOXQJXQG0HWKRGHQGHU9HUKDOWHQVPHGL]LQ ¾,QWHJUDWLRQYRQ$NXWEHKDQGOXQJXQG5HKDELOLWDWLRQVEHKDQGOXQJYRQDPEXODQWHU ¾6DOXWRWKHUDSLH$XIEDXYRQJHVXQGHP9HUKDOWHQXQG0D QDKPHQ]XP(UKDOWGHU /HEHQVTXDOLWlWEHLE]ZWURW]FKURQLVFKHU(UNUDQNXQJ 6R]LDOXQGDUEHLWVPHGL]LQLVFKH,QWHUYHQWLRQHQ ¾%HVFKUHLEXQJYRQVR]LDOPHGL]LQLVFKHQ.ULWHULHQI U$UEHLWVXQIlKLJNHLWXQGI U %HHLQWUlFKWLJXQJGHU/HLVWXQJVIlKLJNHLWLP(UZHUEVOHEHQ ¾%HVFKUHLEXQJYRQ+LOIHQ]XUEHUXIOLFKHQ) UGHUXQJ ¾%HVFKUHLEXQJYRQ0D QDKPHQ]XU) UGHUXQJGHU7HLOKDEHDPJHVHOOVFKDIWOLFKHQ /HEHQ ¾0D QDKPHQ]XU8QWHUVW W]XQJYRQ$QJHK ULJHQ ¾) UGHUXQJYRQ0D QDKPHQGHU6HOEVWKLOIH ¾.ULWHULHQ]XU$EVFKlW]XQJGHU(UZHUEVSURJQRVH ¾0D QDKPHQ]XU6HNXQGlUXQG7HUWLlUSUlYHQWLRQ ¾+LQZHLVH]XU9HUVRUJXQJVVWUXNWXU :HLWHUH/HLVWXQJHQ]XU7HLOKDEH ¾%HVFKUHLEXQJHQYRQ/HLVWXQJHQ]XU7HLOKDEHDP$UEHLWVOHEHQE]Z $UEHLWVI UGHUXQJVPD QDKPHQ ¾%HVFKUHLEXQJXQWHUKDOWVVLFKHUQGHU0D QDKPHQ ¾%HVFKUHLEXQJYRQ/HLVWXQJHQ]XU7HLOKDEHDP/HEHQLQGHU*HVHOOVFKDIW 'LHUHKDELOLWDWLRQVPHGL]LQLVFKH%HKDQGOXQJKDWGLUHNWH%H] JH]XGHQIROJHQGHQ $EVFKQLWWHQLQGHQHQGDKHUDXIGLHEHVRQGHUHQUHKDELOLWDWLRQVPHGL]LQLVFKHQ(UIRUGHUQLVVH KLQ]XZHLVHQLVW ' 'LDJQRVWLNGHU)XQNWLRQVHLQVFKUlQNXQJHQ ' 3ULPlUH3UlYHQWLRQ ' 7KHUDSLH]LHOHSODQXQJPDQDJHPHQW ',QWHUDNWLRQGHU%HKDQGOHUXQG9HUVRUJXQJVHEHQHQ6WXIHQSOlQH ' 3V\FKRHGXNDWLRQ3DWLHQWHQI KUXQJ ' 3V\FKRWKHUDSLHYHUIDKUHQ ' 3KDUPDNRWKHUDSLH ' &RPSOLDQFH ' )DPLOLHQPHGL]LQ%HUDWXQJ$QJHK ULJHU ' 6FKXOXQJYRQ3DWLHQWHQXQGDQJHK ULJHQ ' $QIRUGHUXQJHQDQWKHUDSHXWLVFKHXQGQLFKWWKHUDSHXWLVFKH%HUDWXQJGXUFK'ULWWH 'HU%HJULIIDPEXODQWHPHGL]LQLVFKH5HKDELOLWDWLRQXPIDVVWDXFKWHLOVWDWLRQlUH5HKDELOLWDWLRQ
135 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO5HKDELOLWDWLRQVNRRUGLQDWLRQ $XVJHZlKOWZHJHQGHUIU K]HLWLJHQ(LQELQGXQJYRQZHLWHUHQ+LOIVDQJHERWHQGLHVR]LDOXQG DUEHLWVPHGL]LQLVFKH$VSHNWHDXIIDQJHQN QQHQXQGGHP+LQZHLVDXIVHWWLQJVSH]LILVFKH.RRUGLQDWLRQVYHUDQWZRUWOLFKNHLWHQ Outpatient Mental Health Specialty Setting O. Modify, Maintain, or Initiate Interdisciplinary Treatment Plan OBJECTIVE To describe a course of clinical action for the various types of complex patients with MDD. ANNOTATION The patient should be assigned to a consistent interdisicplinary mental health care team, including members who represent both biomedical and psychosocial perspectives. The interdisciplinary team may include members of the following disciplines depending on the patient s unique health care needs: 1. Psychiatry management of psychiatric disorders 2. Primary care provider coordination of the patient s overall health and preventive care 3. Medical specialists other than psychiatry as indicated by medical co-morbidities 4. Psychology for behavioral and emotional aspects of care to include psychotherapy, biofeedback, and similar modalities 5. Social work for coordination of community resources, counseling, and support groups 6. Nursing health education and training such as for home health care and routine follow-up health care 7. Pharmacist for the patient on pharmacotherapy, especially those on multiple medications, co-morbid medical conditions requiring pharmacotherapy or interacting with the patient receiving antidepressant therapies 8. Dietary for education pertaining to nutritional status and dietary aspects of pharmacotherapies (e.g.,maois) 9. Occupational therapy assistance for the patient in need of life skills training 10. Recreational therapy assistance for the patient in need of employment and/or benefits counseling 11. Vocational rehabilitation assistance for the patient in need of employment and /or benefits counseling 12. Chaplaincy assistance for the patient with religious or spiritual concerns or requests. The interdisciplinary team will discuss the patient s diagnosis, etiological factors, and potential treatment options. Treatment options will also be discussed with the patient. Patient preference will play a major role in deciding what treatment(s) to initiate. After decisions are made, it is preferable that a specific provider individualizes and coordinates the patient s care. If the patient is hospitalized, the current provider will either continue the care or arrange timely follow-up with another practitioner. The practitioner will establish a close working alliance with the patient, characterized by caring, shared decision-making, and respect for patient privacy. The practitioner will continue to consult with the interdisciplinary team, particularly if the patient does not improve during the first planned course of treatment.
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l $0*]XODVVXQJVEHGLQJWH)HVWOHJXQJHQLQ%HLSDFN]HWWHOQEHLGHU)RUPXOLHUXQJXQG 8PVHW]XQJGHULQHLQHU/HLWOLQLHJHJHEHQHQ7KHUDSLHHPSIHKOXQJHQ]XEHU FNVLFKWLJHQ 'DU EHUKLQDXVN QQHQYLHOH)DNWRUHQLP*HVXQGKHLWVXQG6R]LDOV\VWHPGHQ %HKDQGOXQJVHUIROJEHHLQIOXVVHQ 3UREOHP ¾5HFKWOLFKH$VSHNWHVSLHOHQEHLGHU%HWUHXXQJYRQ3DWLHQWLQQHQXQG3DWLHQWHQPLW GHSUHVVLYHQ6W UXQJHQHLQHZLFKWLJH5ROOH)ROJHQGH%HUHLFKHVLQGYRQ%HGHXWXQJ %HUXIVXQGDOOJHPHLQHPHGL]LQUHFKWOLFKH*UXQGODJHQ %HKDQGOXQJVSIOLFKW+DIWXQJ'RNXPHQWDWLRQ 6FKZHLJHSIOLFKWXQGGHUHQ*UHQ]HQ 5HFKW]XU2IIHQEDUXQJRGHUUHFKWIHUWLJHQGHU1RWVWDQG 6W*% *HVFKlIWVIlKLJNHLW %*% 7HVWLHUIlKLJNHLW %*% (LQVLFKWVUHFKWLQSV\FKLDWULVFKH.UDQNHQXQWHUODJHQ 0D QDKPHQJHJHQGHQ:LOOHQXQG]XP6FKXW]SV\FKLVFK.UDQNHUQDFK 8%*ODQGHVUHFKWOLFKXQG%HWUHXXQJVJHVHW]EXQGHVHLQKHLWOLFK.ULWHULHQGHU9HUKlOWQLVPl LJNHLW 8QWHUEULQJXQJVNULWHULHQEHL6HOEVWRGHU)UHPGJHIlKUGXQJ 9RUJHKHQLP1RWIDOO IUHLKHLWVEHVFKUlQNHQGHRGHU±HQW]LHKHQGH0D QDKPHQ )L[LHUXQJ/DQJ]HLWYHUDEUHLFKXQJYRQ3V\FKRSKDUPDNDHWF UHOHYDQWH,QKDOWHGHV%HWUHXXQJVJHVHW]HV %HXUWHLOXQJGHU)DKUHLJQXQJSV\FKLVFK.UDQNHU (LQZLUNXQJYRQ3V\FKRSKDUPDND $XVZLUNXQJNRPRUELGHU6W UXQJHQ 6R]LDOUHFKWOLFKH*UXQGODJHQ 9HUJ WXQJVUHJHOXQJHQI U/HLVWXQJVHUEULQJHU ]%(%09HURUGQXQJVIlKLJNHLWYRQ7KHUDSLHQ 3UREOHPHGHU$UEHLWV%HUXIVXQG(UZHUEVXQIlKLJNHLW 0LQGHUXQJGHU(UZHUEVIlKLJNHLW0G( *UDGGHU%HKLQGHUXQJ*G%6FKZHUEHKLQGHUWHQJHVHW] ¾6R]LDOH+LOIHVWHOOXQJHQZLH]%0D QDKPHQGHV$UEHLWVDPWHV6R]LDODPWHVZHUGHQRIW QLFKWRGHUQLFKWXQWHU%HU FNVLFKWLJXQJHLQHUYRUOLHJHQGHQ'HSUHVVLRQVHUNUDQNXQJYRQ EHKDQGOXQJVIUHPGHQ3HUVRQHQXQG,QVWLWXWLRQHQJHQXW]W
137 /HLWOLQLHQEHULFKW'HSUHVVLRQ 9RUVFKODJ ¾'LH$XWRUHQHLQHU/HLWOLQLHÄ'HSUHVVLRQ VROOHQGLHI UGLHGLDJQRVWLVFKHXQG WKHUDSHXWLVFKH7lWLJNHLWUHOHYDQWHQUHFKWOLFKHQ$VSHNWHSUD[LVQDKXQG KDQGOXQJVDQOHLWHQGGDUVWHOOHQ ¾+LHUEHLVLQGLQHLQHUQDWLRQDOHQ/HLWOLQLHGLHVSH]LILVFKHQ$QIRUGHUXQJHQGHVI GHUDOHQ GHXWVFKHQ5HFKWVV\VWHPV]XEHU FNVLFKWLJHQ'LHVNDQQ]%DXFKGXUFK(PSIHKOXQJHQ HUIROJHQZLHGLHUHOHYDQWHQ*HVHW]HGHU%XQGHVOlQGHUEHLGHUUHJLRQDOH$QSDVVXQJHLQHU /HLWOLQLH%HU FNVLFKWLJXQJILQGHQVROOWHQ ¾,QHLQHU/HLWOLQLHVROOWHQIROJHQGH3XQNWHHLQVFKOLH OLFKGHU'DUVWHOOXQJGHU6FKQLWWVWHOOHQ ]X%HUHLFKHQGLHDX HUKDOEGHV*HVXQGKHLWVZHVHQVOLHJHQDXVJHI KUWXQGEHLGHU (QWZLFNOXQJEHU FNVLFKWLJWZHUGHQ 9HUVRUJXQJVVWUXNWXUGHV*HVXQGKHLWVXQG6R]LDOZHVHQV +LOIHQ]XUULFKWLJHQ,QDQVSUXFKQDKPHVR]LDOHUXD/HLVWXQJHQGXUFK3DWLHQWHQ VWDWLRQl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lKLJNHLWXQGYRU]HLWLJH%HUHQWXQJHQWVWHKHQQLFKW]XXQWHUVFKlW]HQGH.RVWHQVR]LDOH.UDQNKHLWVODVWZREHLGLH.RVWHQGHU%HUHQWXQJVRJ7UDQVIHUOHLVWXQJHQLP 5DKPHQJHVXQGKHLWV NRQRPLVFKHU6WXGLHQLQGHU5HJHOQLFKWHUIDVVWZHUGHQ%HLGHU 8PVHW]XQJLQGHU3UD[LVLVW]XEHDFKWHQGDVVGLH(QWVFKHLGXQJHQ EHUGLHVH.RVWHQ1XW]HQ *UHQ]ZHUWHHLQHQJHVHOOVFKDIWOLFKSROLWLVFKHQ.RQVHQVHUIRUGHUQ 8QDEKlQJLJYRQGLHVHQPRQHWlURULHQWLHUWHQ.RVWHQ EHUOHJXQJHQHUIROJWLQGHU'LVNXVVLRQ EHUGHQ1XW]HQGLH%HU FNVLFKWLJXQJGHSUHVVLRQVDVVR]LLHUWHU(QGSXQNWHYRQ/HEHQVTXDOLWlW 0RUELGLWlWXQG0RUWDOLWlWGHV3DWLHQWHQHLQVFKOLH OLFKGHU/HEHQVTXDOLWlWXQG.R0RUELGLWlW GHVVR]LDOHQ8PIHOGHV)DPLOLH )HUQHUEHHLQIOXVVHQLQGLYLGXHOOH6LFKWZHLVHQXQG(LQIO VVHGHV3DWLHQWHQGLH%HXUWHLOXQJGHU (IIL]LHQ]LP(LQ]HOOIDOOLQHUKHEOLFKHQ0D HVRGDVVDXV(IIL]LHQ]JU QGHQGLH$XVZDKOHLQHU DQGHUHQ7KHUDSLHVWUDWHJLHHUIRUGHUOLFKVHLQNDQQ $UEHLWJHPHLQVFKDIW0HGL]LQLVFKZLVVHQVFKDIWOLFKHU)DFKJHVHOOVFKDIWHQbU]WOLFKH=HQWUDOVWHOOH 4XDOLWlWVVLFKHUXQJ'DV/HLWOLQLHQ0DQXDOYRQ$:0)XQGb=4=lU]WO)RUWELOG4XDOVLFK=DH)4 6XSSO
138 /HLWOLQLHQEHULFKW'HSUHVVLRQ 3UREOHP ¾,QYLHOHQ/HLWOLQLHQILQGHQVLFKYHUDOOJHPHLQHUWH(PSIHKOXQJHQÄGHUGHSUHVVLYH3DWLHQW³ RKQH%HU FNVLFKWLJXQJYRQ5LVLNRVWUDWLILNDWLRQ3DWLHQWHQDOWHUXQG(QGSXQNWHQVRGDVV HLQH$EVFKlW]XQJGHV1XW]HQ5LVLNR9HUKlOWQLVVHVLQNOXVLYH.RVWHQHUZlJXQJHQQLFKW HUIROJHQNDQQ ¾,QVJHVDPWZLUGQXULQZHQLJHQ/HLWOLQLHQDXIGLHJHVXQGKHLWV NRQRPLVFKH'LPHQVLRQGHU %HKDQGOXQJYRQ'HSUHVVLRQ%H]XJJHQRPPHQ$XI*UXQGGHUXQWHUVFKLHGOLFKHQ JHVHOOVFKDIWOLFKHQ6WUXNWXUHQVLQGGLH(UJHEQLVVHJHVXQGKHLWV NRQRPLVFKHU %HWUDFKWXQJHQDQGHUHU6WDDWHQQLFKWXQPLWWHOEDUDXIGLH9HUKlOWQLVVHLQ'HXWVFKODQG EHUWUDJEDU ¾(VIHKOWHLQHWUDQVSDUHQWH'DUVWHOOXQJZHOFKH$UWYRQ(UJHEQLV]%/HEHQVTXDOLWlW VLFKPLWZHOFKHQ.RVWHQHU]LHOHQOlVW'LHVHPDQJHOKDIWH.RVWHQWUDQVSDUHQ]NDQQEHLGHU $XVZDKOGHU7KHUDSLHQ]XXQQ WLJHQ$XVJDEHQI KUHQ ¾'LH.RQVHTXHQ]HQGHU'HSUHVVLRQLQNOXVLYHGHUJHVHOOVFKDIWOLFKHQ)ROJHQZHUGHQLQGHU *HVXQGKHLWVXQG*HVHOOVFKDIWVSROLWLNZHLWJHKHQGXQWHUVFKlW]W 9RUVFKODJ ¾(LQH/HLWOLQLHÄ'HSUHVVLRQ³VROOWHGLH NRQRPLVFKHQ$VSHNWHGHU'LDJQRVWLNXQG7KHUDSLH ]%EHLGHU3KDUPDNRWKHUDSLHPLW$QWLGHSUHVVLYDXQGGHU$XVZDKOGHU :LUNVWRIIJUXSSHQE]ZHLQ]HOQHU:LUNVWRIIHGDUOHJHQXQGQDFKHLQHPP JOLFKVW WUDQVSDUHQWHQ9HUIDKUHQEHLGHU$XVZDKOGHU(PSIHKOXQJHQEHU FNVLFKWLJHQ ¾%HLMHGHUUHOHYDQWHQ(PSIHKOXQJVROODXIGLHXQWHUVXFKWHQ2XWFRPHV]%6XL]LGUDWH YHUZLHVHQXQGQLFKWXQWHUVXFKWH2XWFRPHV]%/HEHQVTXDOLWlWHLQGHXWLJEHQDQQW ZHUGHQ ¾'LH(UNHQQWQLVVHDXVGHU9HUVRUJXQJVIRUVFKXQJLQGHQHQ.RVWHQXQG1XW]HQXQWHU $OOWDJVEHGLQJXQJHQHUKREHQZHUGHQVROOWHQKLHUI UVRDXIEHUHLWHWZHUGHQGDVVVLHI U GDV(QWVFKHLGXQJVKDQGHOQUHOHYDQWZHUGHQN QQHQ ¾$XIV\VWHPDWLVFKH'HIL]LWHEHLGHU'DWHQHUKHEXQJ]XU%HXUWHLOXQJGHU(IIL]LHQ] EHLVSLHOVZHLVHIHKOHQGH%HU FNVLFKWLJXQJGHU%HODVWXQJYRQ$QJHK ULJHQLVW KLQ]XZHLVHQ ¾'LHDNWXHOOHQ'LDJQRVHXQG7KHUDSLHNRVWHQVROOHQLQ EHUVLFKWOLFKHUWDEHOODULVFKHU)RUP ]XVDPPHQJHIDVVWZHUGHQ$XIGLH9HUIDKUHQPLWIHKOHQGHU.RVWHQ EHUQDKPHLVW KLQ]XZHLVHQLQVEHVRQGHUHGDQQZHQQbU]WHQIDFKOLFK0D QDKPHQHPSIRKOHQZHUGHQ GHUHQ8PVHW]XQJLKQHQIDNWLVFKDEHUQLFKWHUODXEWZLUG
139 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO.RVWHQ1XW]HQ5HFKQXQJDP%HLVSLHOYRQ7KHUDSLHNRVWHQ $XVJHZlKOWZHJHQGHUDXVI KUOLFKHQJHVXQGKHLWV NRQRPLVFKHQ%HWUDFKWXQJ=XJUXQGHOLHJW HLQH0RGHOOUHFKQXQJLQGHUWUL]\NOLVFKH665,VXQG/RIHSUDPLQYHUJOLFKHQZHUGHQ Economics of Antidepressants Recommendations: As they represent the most cost-effective option, tricyclic antidepressants should be used as the routine first line drug treatment for depression in primary care (C) The choice of antidepressant should be based on individual patient factors; these would include (D) the desirability or otherwise of sedation or other effects associated with a particular drug; previous response to a particular drug; co-morbid psychiatric or medical conditions; concurrent drug therapy. If the toxic effects of the older tricyclic antidepressants are perceived to be a problem, for example in a patient who has previously taken a drug overdose, then lofepramine is a more cost effective choice than an SSRI (C) A general policy of switching from tricyclics to SSRIs does not appear cost-effective. Where the toxic effects of tricyclic antidepressants give cause for concern, substitution with lofepramine appears relatively cost-effective.... Conservative scenario Assumptions: Accidental fatal poisonings associated with a single-ingested tricyclic antidepressant will reduce proportionately as tricyclic use is reduced (low estimate, Table 4). All hospitalisations attributed to the toxic effects of antidepressants will reduce proportionately as tricyclic use is reduced (low estimate, Table 4). Differences in efficacy and dropout between antidepressants are insignificant (or approximately cancel one another in consequences to patients) leading to no net change in primary care, outpatient use or inpatient psychiatric services as a result of antidepressant choice (Figures 4 and 6). For every patient year of treatment changed: Optimistic scenario A Cost of SSRI1 average cost of SSRI/year ( ) 282 B Cost of Lofepramine 1 average cost of lofepramine/year ( ) 101 C Cost of Tricyclic 1,2 average cost of tricyclic/year ( ) 45 D Cost of toxicity admission 3 35,140 bed days x 160 per day / 528,700 ( ) 11 E A-(C+D) SSRI net cost/patient (D ) 226 F B-(C+D) Lofepramine net cost/patient (D ) 45 G Lives saved (SSRI) (DLS) H Lives saved (lofepramine) (DLS) E/G Incremental cost per life saved switching to an SSRI from an older (D /DLS) 2,500,000 tricyclic F/H Incremental cost per life saved switching to lofepramine from an older (D /DLS) 520,000 tricyclic (E-F)/(G-H) Incremental cost per life saved switching to an SSRI from lofepramine (D /DLS) 60,000,000 1 At WHO Defined Daily Dose 2 Average yearly cost of a tricyclic or related antidepressant excluding lofepramine 3 Based on average cost per inpatient week in Scotland 1995/96 (Scottish Health Service Costs, 1996) 4 Differences in fatality association rates between SSRIs and lofepramine are not statistically significantly different
140 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' 0D QDKPHQGHV4XDOLWlWVPDQDJHPHQWV (YDOXDWLRQGHV7KHUDSLHHUIROJHV 'DVI QIWH6R]LDOJHVHW]EXFKYHUSIOLFKWHWDOOHDPEXODQWXQGVWDWLRQlUWlWLJHQ /HLVWXQJVHUEULQJHU]XU6LFKHUXQJXQG:HLWHUHQWZLFNOXQJGHU4XDOLWlWGHUYRQLKQHQ HUEUDFKWHQ/HLVWXQJHQ D6*%9'DEHLVROOGLH4XDOLWlWGHU/HLVWXQJVHUEULQJXQJ VRZRKOLPDPEXODQWHQDOVDXFKLPVWDWLRQlUHQ6HNWRU EHUSU IWZHUGHQ 6*% 9,PDPEXODQWHQ%HUHLFKVLQGKLHUI UGLH.DVVHQlU]WOLFKHQ9HUHLQLJXQJHQ]XVWlQGLJZREHL GLH0HVVJU HQ]XU4XDOLWlWVEHXUWHLOXQJYRP%XQGHVDXVVFKXVVbU]WHXQG.UDQNHQNDVVHQ EHVWLPPWZHUGHQLPVWDWLRQlUHQ6HNWRUZHUGHQ0HVVJU HQGHV$XVVFKXVVHV.UDQNHQKDXV XQGGHV.RRUGLQLHUXQJVDXVVFKXVVHVQDFK HI UGHQ$NXWEHUHLFKXQG9HUHLQEDUXQJHQ QDFK GI UGHQ5HKDELOLWDWLRQVEHUHLFKLQ=XNXQIW]XEHDFKWHQVHLQ,QGHU1HXIDVVXQJ GHV5HKDELOLWDWLRQVUHFKWVLP6*%,;ZHUGHQGLH5HKDELOLWDWLRQVWUlJHUDXIJHIRUGHUW (PSIHKOXQJHQ]X4XDOLWlWVPDQDJHPHQWXQGYHUJOHLFKHQGHQ4XDOLWlWVDQDO\VHQ]X YHUDEVFKLHGHQ=XGHPVROOHQ9HUWUlJHGHU.RVWHQWUlJHUPLWGHQ/HLVWXQJVHUEULQJHUQMHZHLOV GLH4XDOLWlWVDQIRUGHUXQJHQDQGLH/HLVWXQJHQXQGGDVDXVI KUHQGH3HUVRQDOHQWKDOWHQ'LH /HLVWXQJVHUEULQJHUP VVHQGHPQDFKHLQULFKWXQJVLQWHUQ4XDOLWlWVPDQDJHPHQWEHWUHLEHQ 'LHhEHUSU IXQJGHUGXUFKJHI KUWHQ0D QDKPHQLVWHLQZHVHQWOLFKHU7HLODVSHNWLQGHU $QZHQGXQJGHU(YLGHQ]EDVLHUWHQ0HGL]LQ6LHHUP JOLFKW9HUEHVVHUXQJVP JOLFKNHLWHQLQGHU DNWXHOOHQ9HUVRUJXQJDXI]XVS UHQXQGGLHVHGDGXUFKDXV]XVFK SIHQGDVV TXDOLWlWVYHUEHVVHUQGH0D QDKPHQHLQJHI KUWZHUGHQ /HLWOLQLHQN QQHQKHOIHQGXUFKHQWVSUHFKHQGH9RUJDEHQHLQHHIIHNWLYH$QZHQGXQJYRQ 9HUIDKUHQGHV4XDOLWlWVPDQDJHPHQWV]XLPSOHPHQWLHUHQ9RUDXVVHW]XQJKLHUI ULVWGDV 9RUKDQGHQVHLQYRQJHHLJQHWHQSUDNWLNDEOHQ4XDOLWlWVLQGLNDWRUHQXQG.ULWHULHQGHUHQ ]XU(UKHEXQJXQG$XVZHUWXQJGHU(UJHEQLVVH'DEHLLVW]XEHU FNVLFKWLJHQGDVVDOOHLQGLH 'XUFKI KUXQJYRQ4XDOLWlWVPRQLWRULQJYHUIDKUHQGLHJHPHVVHQHXQGEHREDFKWHWH*U H EHHLQIOXVVHQVRJ5HDNWLYLWlW 3UREOHP ¾,Q/HLWOLQLHQIHKOHQ+LQZHLVHDXIJHHLJQHWH$XVZHUWXQJVYHUIDKUHQ]XU(YDOXDWLRQGHU %HKDQGOXQJVSUR]HVVHLQGHU3UD[LVXQGGHUHQ*HEUDXFK ¾(VIHKOHQJHHLJQHWHHYDOXLHUWH4XDOLWlWVLQGLNDWRUHQ ¾'LHLP5DKPHQGHU4XDOLWlWVVLFKHUXQJGXUFK]XI KUHQGH(UKHEXQJXQG'RNXPHQWDWLRQ YRQ'DWHQLVWLQGHU5HJHO]XVlW]OLFK]XUPHGL]LQLVFKNOLQLVFKHQ7lWLJNHLW]XOHLVWHQXQG HUIRUGHUWHQWVSUHFKHQGH=HLWXQG3HUVRQDOUHVVRXUFHQ ¾(LQHLQULFKWXQJV EHUJUHLIHQGHU4XDOLWlWVSUR]HVVZLUGHUVWGDQQZLUNVDPZHQQGLH'DWHQ YRQ3UD[HQXQG.OLQLNHQXQWHU%HDFKWXQJGHV'DWHQVFKXW]HVPLWHLQDQGHUYHUJOLFKHQ ZHUGHQN QQHQXQGGLH'LVNXVVLRQ]ZLVFKHQGHQ/HLVWXQJVHUEULQJHUQDXIHLQHU JHPHLQVDPHQ%DVLVHUIROJHQNDQQ bu]wolfkh=hqwudovwhooh4xdolwlwvvlfkhuxqj%hxuwhloxqjnolqlvfkhu0hvvju HQGHV4XDOLWlWVPDQDJHPHQWV 4XDOLWlWVNULWHULHQXQG±,QGLNDWRUHQLQGHU*HVXQGKHLWVYHUVRUJXQJ=lU]WO)RUWELOG4XDOVLFK=DH)4
141 /HLWOLQLHQEHULFKW'HSUHVVLRQ 9RUVFKODJ ¾(VVROOWHEHVFKULHEHQZHUGHQZHOFKH0D QDKPHQ]XU4XDOLWlWVVLFKHUXQJHLQHUJXWHQ HYLGHQ]EDVLHUWHQE]ZOHLWOLQLHQRULHQWLHUWHQ9HUVRUJXQJHUJULIIHQZHUGHQN QQHQXQGZLH GLHVH0D QDKPHQHLQHP4XDOLWlWVVLFKHUXQJVSUR]HVVXQWHU]RJHQZHUGHQN QQHQ ]%'RNXPHQWDWLRQVYHUIDKUHQI USDWLHQWHQEH]RJHQHV)HHGEDFN 3DWLHQWHQLQIRUPDWLRQHQ0RQLWRULQJYHUIDKUHQ ¾) UIROJHQGH%HUHLFKHVROOWHHLQJHHLJQHWHV,QGLNDWRUVHWHLQVFKOLH OLFKGHU9RUJDEHQ JHHLJQHWHU=LHOJU HQYRUKDQGHQVHLQ $VSHNWHGHU6WUXNWXUTXDOLWlW]%%HUHLWVFKDIWVGLHQVW]XU.ULVHQLQWHUYHQWLRQ $VSHNWHGHU3UR]HVVTXDOLWlW]%9HUVFKLHEXQJYRQ7KHUDSLHWHUPLQHQ $VSHNWHGHU(UJHEQLVTXDOLWlW]%5H]LGLYKlXILJNHLWQDFK7KHUDSLH; ¾$XVVDJHQ]X,QKDOWXQG8PIDQJGHU'RNXPHQWDWLRQXQG]XP$XVWDXVFKGHU'DWHQVLQG ]XWUHIIHQGDEHLLVWGLH'RNXPHQWDWLRQGXUFKHLQIDFKHHLQKHLWOLFKH)RUPXODUH]X XQWHUVW W]HQ,QVEHVRQGHUHGLH$QJDEHQ]XU9HUVFKO VVHOXQJGHU'LDJQRVHP VVHQVLFK DXIHLQHWDEOLHUWHV6\VWHP]XU.ODVVLILNDWLRQVLHKH.DSLWHO'.DWHJRULDOH'LDJQRVHQ EH]LHKHQ ¾(VVLQG$QJDEHQGDU EHUYRU]XVHKHQZLHGLHJHZRQQHQHQ,QIRUPDWLRQHQDXIEHUHLWHW DXVJHZHUWHWXQGVRZRKOGHP3DWLHQWHQXQGGHP%HKDQGOHUDOVDXFKGHU 6HOEVWYHUZDOWXQJ]XU9HUI JXQJJHVWHOOWZHUGHQ1HEHQGHU%HDFKWXQJ GDWHQVFKXW]UHFKWOLFKHQ9RUVFKULIWHQVLQGGLHEHVRQGHUHQ%HG UIQLVVHGHU3DWLHQWHQ]X EHU FNVLFKWLJHQXQG:HJH]%GXUFKHLQH3DWLHQWHQLQIRUPDWLRQDXI]X]HLJHQZLH bqjvwhhlqhu6wljpdwlvlhuxqjdejhedxwzhughqn QQHQ) UGLH*HZLQQXQJ]XYHUOlVVLJHU 'DWHQLVW]XJHZlKUOHLVWHQGDVVHLQHKRKHÄ'RNXPHQWDWLRQVFRPSOLDQFHHU]LHOWZLUG ¾$XIP JOLFKH:LUNXQJHQGHU4XDOLWlWVPDQDJHPHQWPD QDKPHQHLQVFKOLH OLFKGHU Ä5HDNWLYLWlW³LVWKLQ]XZHLVHQ %HLVSLHO0HVVXQJGHU/HLWOLQLHQDQZHQGXQJ $XVJHZlKOWZHJHQGHU'DUOHJXQJGHU=LHOHGHV4XDOLWlWVPDQDJHPHQWVXQGGHU 'DWHQHUKHEXQJ OVERVIEW OF IDEAS FOR MEASURMENT The following aims were identified by the guideline work group as key areas in which medical groups may receive benefits in implementing this guideline. The measures associated with three aims are presented as suggested measures. Measures of aim help medical groups determining progress in achieving a particular aim. However, additional approaches may be customized by individual medical groups to ferret out improvement information important to the medical group s individual practice. PRIORITY AIMS FOR MEDICAL GROUPS WHEN USING THIS GUIDELINE 1. Improve the comprehensive evaluation of patients with major depression. Possible measures accomplishing this aim: a. Percentage of patients with major depression with documentation of multi-axial DSM-IV evaluation. b. Percentage of patients with major depression with complete documentation of least 5 positive DSM-IV symptoms AND at least one of the symptoms is either depressed mood, loss of interest or pleasure. 2. Improve the comprehensive management of patients with major depressive disorder by mental health clinicans. Possible measures accomplishing this aim:. a. Percentage of patients with major depressive disorders with documentation of receiving education about depression. b. Percentage of patients with major depressive disorders who did not respond to initial antidepressant treatment with documentation of evaluation of comorbid diagnosis.
142 /HLWOLQLHQEHULFKW'HSUHVVLRQ %HLVSLHO0RQLWRULQJGHU/HLWOLQLHQ$QZHQGXQJ $XVJHZlKOWZHJHQGHU/HLWOLQLHQVSH]LILVFKHQ9RUJDEHQ]XU0HVVXQJGHU3UR]HVVTXDOLWlW Measurement Specifications Possible Success Measure #1a Percentage of patients with major depression with documentation of multi axial DSM-IV evaluation. Population Definition Adults greater than 18 years of age with depression Data of Interest # of patients with major depression with documentation of multi axial DSM-IV evaluation. # of patients with a diagnosis of depression Numerator/Denominator Definitions Numerator: documentation of multi axial evaluation process including all 5 axes. Denominator: Patients with current ICD-9 code, such as 296.2x or 296.3x for depression Method/Source of Data Collection Each mental health unit may generate a list of patients meeting inclusion criteria than 18 years of age, and current ICD-9 depression code. The same list may be used for measures 1a and 1b and measures 2a and 2b. A random sample of 10 cases per month may be selected for review. Documentation of multiaxial assessment is considered to be yes when documentation of all 5 domains (including Axis 1, clinical disorders; Axis 2, personality disorders; Axis 3, general medical conditions; Axis 4, psychosocial and environmental problems; and axis 5, global assessment functioning) is found. Time Frame Pertaining to Data Collection Randomly selected cases may be reviewed monthly. %HLVSLHO'RNXPHQWDWLRQVYHUIDKUHQ //,&6,PHQWDOKHDOWK>6@ $XVJHZlKOWZHJHQ EHUVLFKWOLFKHQ9RUJDEHGHU(QWVFKHLGXQJVNULWHULHQ Depression in Specialty Care Patient population: Patients seen during the target month with an ICD-9 code for depression, such as 296.2x or 296.3x Decision criteria Measure #1a: Documentation of multiaxial assessment is YES when you find documentation of ALL 5 domains: Axis 1: Clinical Disorders, Axis 2: Personality disorders, Axis 3: general Medical conditions, Axis 4: Psychosocial and Environmental problems, AND Axis 5: global Assessment of Functioning. See algorithm annotation 2. Decision criteria Measure #1b: Documentation of symptoms is YES when you find documentation of ALL 5 DSM I-symptoms (depressed mood, loss of interest or pleasure, weight loss, insomnia, agitation or retardation, fatigue, feelings or worthlessness or guilt, diminished concentration, recurrent thoughts of death or suicide) AND least one of the symptoms is either depressed mood or loss of interest pleasure. See algorithm annotation 2. Data Collection Worksheet #1a Multiaxial diagnosis made? #1b Symptom Assessment Case # Circle Axis evaluated Check of all 5= Yes # symptoms documented Check if 5 or more total # of checks Total # of checks
143 /HLWOLQLHQEHULFKW'HSUHVVLRQ ' hehusu IXQJXQG(YDOXDWLRQGHU/HLWOLQLHQ$QZHQGXQJ,PSOHPHQWLHUXQJ 2EZRKO'HIL]LWHXQG9HUEHVVHUXQJVP JOLFKNHLWHQEHLGHU%HKDQGOXQJGHSUHVVLYHU3DWLHQWHQ EHU]HXJHQGHU:LUNVDPNHLWVQDFKZHLVDXVHLQHU /HLWOLQLHQHYDOXDWLRQLQGHUGHXWVFKHQ3ULPlUYHUVRUJXQJYRU9HUEHVVHUXQJHQGHU GLDJQRVWLVFKHQXQGWKHUDSHXWLVFKHQ3UR]HVVHVLQGLQNRQWUROOLHUWHQ6WXGLHQOHLFKWHUHUUHLFKW 'LHPHLVWHQ/HLWOLQLHQ]XGHSUHVVLYHQ6W UXQJHQEHLQKDOWHQ$XVVDJHQ]XPJHVDPWHQ 9HUVRUJXQJVSUR]HVVXQGEHVFKUHLEHQDXVI KUOLFKGDVGLDJQRVWLVFKHXQGWKHUDSHXWLVFKH 9RUJHKHQZREHL(YLGHQ]NODVVLIL]LHUXQJHQYRUDOOHPI UWKHUDSHXWLVFKH0D QDKPHQXQG ZHQLJHUI U'LDJQRVWLNXQG'LIIHUHQ]LDOGLDJQRVWLNYRUOLHJHQ :LHDXFKGLH(UJHEQLVVHGHUPHWKRGLVFKHQ%HZHUWXQJVLHKH6WUXNWXULHUWH/HLWOLQLHQ $EVWUDFWV$QKDQJ(]HLJHQHQWKlOWNDXPHLQHGHU/HLWOLQLHQ+LQZHLVHEH] JOLFKGHU NRQNUHWHQ,PSOHPHQWLHUXQJXQG(YDOXDWLRQHLQHVOHLWOLQLHQRULHQWLHUWHQ9RUJHKHQV 6WXGLHQXQGhEHUVLFKWVDUEHLWHQ]XGHQ$XVZLUNXQJHQYRQ/HLWOLQLHQLP+LQEOLFNDXI 9HUlQGHUXQJHQLQGHU9HUVRUJXQJVUHDOLWlW]HLJHQGDVVGLH,PSOHPHQWLHUXQJYRQ/HLWOLQLHQLQ GLH3UD[LVDXIHUKHEOLFKH6FKZLHULJNHLWHQVW WXQGGDVVHLQH9HUEUHLWXQJYRQ/HLWOLQLHQ RKQHXQWHUVW W]HQGH%HJOHLWPD VLHKH7DEHOOHXP]XVHW]HQ 6DFKYHUVWlQGLJHQUDWI UGLHNRQ]HUWLHUWH$NWLRQLP*HVXQGKHLWVZHVHQ6RQGHUJXWDFKWHQ %HGDUIVJHUHFKWLJNHLWXQG:LUWVFKIWOLFKNHLW$XIODJH%DGHQ%DGHQ1RPRV.URHQNH.7D\ORU9DLVH\$'LHWULFK$-2[PDQ7(,QWHUYHQWLRQVWRLPSURYHSURYLGHUGLDJQRVLVDQGWUHDWPHQW RIPHQWDOGLVRGHUVLQSULPDU\FDUH$FULWLFDOUHYLHZRIWKHOLWHUDWXUH3V\FKRVRPDWLFV 9DQ&DONHU'%HUJHU0%HHLQIOXVVHQ7KHUDSLHOHLWOLQLHQGLH%HKDQGOXQJVTXDOLWlWGHSUHVVLYHU(UNUDQNXQJHQ",Q *DVWSDU0 0 OOHU:(+UVJ'HSUHVVLRQ6SULQJHU9HUODJLQ'UXFN.DW]HOQLFN'-6LPRQ*(3HDUVRQ6'0DQQLQJ:*+HOVWDG&3+HQN+-HWDO5DQGRPL]HGWULDORID GHSUHVVLRQPDQDJHPHQWSURJUDPLQKLJKXWLOL]HUVRIPHGLFDOFDUH$UFK)DP0HG 7KRPSVRQ&.LQPRQWK$/6WHYHQV/3HYHOHU5&6WHYHQV$2VWOHU.-HWDOO(IIHFWVRIDFOLQLFDOSUDFWLFH JXLGHOLQHDQGSUDFWLFHEDVHGHGXFDWLRQRQGHWHFWLRQDQGRXWFRPHRIGHSUHVVLRQLQSULPDU\FDUH+DPSVKLUH 'HSUHVVLRQ3URMHFWUDQGRPLVHGFRQWUROOHGWULDO/DQFHW± (IIHFWLYH+HDOWK&DUH*HWWLQJHYLGHQFHLQWRSUDFWLFH(IIHFWLYH+HDOWK&DUH%XOOHWLQ *HUODFK)0%H\HU0%HUQGW06]HFVHQ\L-$EKRO]++)LVFKHU*&'DV'(*$0.RQ]HSW±(QWZLFNOXQJ 9HUEUHLWXQJ,PSOHPHQWLHUXQJXQG(YDOXDWLRQYRQ/HLWOLQLHQI UGLHKDXVlU]WOLFKH3UD[LV =lu]wo)ruwelog4xdovlfk=dh)4± $UEHLWJHPHLQVFKDIW0HGL]LQLVFK:LVVHQVFKDIWOLFKHU)DFKJHVHOOVFKDIWHQbU]WOLFKH=HQWUDOVWHOOH4XDOLWlWVVLFKHUXQJ 'DV/HLWOLQLHQ0DQXDOYRQ$:0)XQGb=4=lU]WO)RUWELOG4XDOVLFK=DH)46XSSO *HUODFK)0%H\HU06]HFVHQ\L-)LVFKHU*&/HLWOLQLHQLQ.OLQLNXQG3UD[LV:HOFKH$QIRUGHUXQJHQVROOWHQ PRGHUQH/HLWOLQLHQHUI OOHQ":HOFKH6WUDWHJLHQ]XU(QWZLFNOXQJ9HUEUHLWXQJXQG,PSOHPHQWLHUXQJKDEHQVLFK EHZlKUW"ZHOFKHQ%HLWUDJN QQHQ/HLWOLQLHQ]XU4XDOLWlWVI UGHUXQJLQGHU0HGL]LQOHLVWHQ" 'WVFKbU]WHEO$
144 /HLWOLQLHQEHULFKW'HSUHVVLRQ 7DEHOOH.ODVVLIL]LHUXQJPHGL]LQLVFKHU/HLWOLQLHQQDFKGHU(IIHNWLYLWlW *HUODFKPRGLIL]LHUWQDFK*ULPVKDZXQG5XVVHO :DKUVFKHLQOLFK NHLWHIIHNWLY]XVHLQ (QWZLFNOXQJV VWUDWHJLH 9HUEUHLWXQJV VWUDWHJLH 8PVHW]XQJV VWUDWHJLH KRFK LQWHUQ GXUFKVSlWHUH$QZHQGHUVHOEVW VSH]LILVFKHV7UDLQLQJ ³VSHFLILFHGXFDWLRQDO LQWHUYHQWLRQ SDWLHQWHQVSH]L ILVFKH(ULQQHUXQJ ZlKUHQGGHU %HUDWXQJ EHUGXUFK VFKQLWWOLFK,QWHUPHGLlU GXUFK$QZHQGHUXQGH[WHUQH ([SHUWHQ )RUWELOGXQJ SDWLHQWHQVSH]L ILVFKHV)HHGEDFN XQWHUGXUFK VFKQLWWOLFK H[WHUQORNDO GXUFKH[WHUQH([SHUWHQ $QVFKUHLEHQDQ=LHOJUXSSH DOOJHPHLQHV )HHGEDFN QLHGULJ H[WHUQQDWLRQDO GXUFKH[WHUQH([SHUWHQ 9HU IIHQWOLFKXQJLQ )DFK]HLWVFKULIW DOOJHPHLQH(ULQQHUXQJ 7DEHOOH(YDOXLHUWH,PSOHPHQWLHUXQJVLQVWUXPHQWH 6WUDWHJLH:HUN]HXJH %HVFKUHLEXQJ 'HVNWRSE]Z.LWWHOWDVFKHQ± 9HUVLRQGHU/HLWOLQLH.XU]IDVVXQJHQGHUZLFKWLJVWHQ/HLWOLQLHQHPSIHKOXQJHQDXIDEZDVFKEDUHQ.XQVWVWRIINDUWHQJHGUXFNWXQGJULIIEHUHLWJHKDOWHQ 0RGXOHLQGHU 3UD[LV('9 'LH/HLWOLQLHQXPVHW]XQJZLUGGXUFKLQGLNDWLRQVEH]RJHQH(LQJDEHPDVNHQ (QWVFKHLGXQJVKLOIHQRGHU(ULQQHUXQJVIXQNWLRQHQXQWHUVW W]W 0RQLWRULQJXQGLQGL YLGXHOOH3UD[LVOLVWH]XU 3KDUPDNRWKHUDSLH.RQWLQXLHUOLFKDNWXDOLVLHUWHh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³)LHEHURGHU%UXVWVFKPHU]ZHUGHQI U 3DWLHQWHQEHUHLWJHKDOWHQXQGHUOlXWHUQEHVWLPPWHGLDJQRVWLVFKHXQG WKHUDSHXWLVFKH0D QDKPHQ 3DWLHQWHQEULHI,P6SUHFK]LPPHUZHUGHQDQOLHJHQEH]RJHQH,QIRUPDWLRQHQDXVJHKlQGLJW GLHHWZDEHL'LDUUK HOHLWOLQLHQNRQIRUPDOOJHPHLQHXQGGLlWHWLVFKH 0D QDKPHQYRUVFKODJHQXQG EHUGLH(UNUDQNXQJDXINOlUHQ &KHFNOLVWHQRGHU )OXVVGLDJUDPPH I UGLH3UD[LV 9RP3UD[LVWHDPZHUGHQ&KHFNOLVWHQXQG)OXVVGLDJUDPPHHLQJHVHW]WGLH HLQOHLWOLQLHQRULHQWLHUWHV3UD[LVPDQDJHPHQW]%EHL%OXWHQWQDKPHQ,QIXVLRQHQ9HUElQGHQNRPSOH[HQ8QWHUVXFKXQJVYRUJlQJHQRGHU 1RWIlOOHQXQWHUVW W]HQVROOHQ=XVWlQGLJNHLWHQ.RQWUROOLQWHUYDOOHRGHU SUD[LVLQWHUQH$EOlXIHZHUGHQIHVWJHKDOWHQ
145 /HLWOLQLHQEHULFKW'HSUHVVLRQ 9RUVFKODJ ¾(LQH/HLWOLQLHVROOWHP JOLFKVWGLIIHUHQ]LHUWH$XVVDJHQGDU EHUHQWKDOWHQ ZLHVLHLQGLHNOLQLVFKH9HUVRUJXQJLPSOHPHQWLHUWZHUGHQNDQQYDZHOFKH 0D QDKPHQGHU,PSOHPHQWLHUXQJ]%)RUWELOGXQJ4XDOLWlWV]LUNHO'03 3URJUDPPHHWFHUJULIIHQZHUGHQN QQHQ ZLHGLH(LQI KUXQJ,PSOHPHQWLHUXQJXQGGLH9HUlQGHUXQJHQLQGHU9HUVRUJXQJ DXI3DWLHQWHQ%HKDQGOXQJVHUJHEQLVVHHWFJHPHVVHQZHUGHQN QQHQ ¾(LQH/HLWOLQLHVROOWHP JOLFKVWGLIIHUHQ]LHUWH$UEHLWVXQG(QWVFKHLGXQJVKLOIHQI U 7KHUDSHXWHQGHUYHUVFKLHGHQHQ%HUXIVJUXSSHQZLHDXFKI U3DWLHQWHQXQG$QJHK ULJH HQWKDOWHQ.XU]IDVVXQJHQ $EODXIGLDJUDPPH 3DWLHQWHQYHUVLRQHQ ¾&RPSXWHUYHUVLRQHQHLQHU/HLWOLQLHVROOWHQRSWLPDOHUZHLVHLQGLHKDQGHOV EOLFKH 3UD[LVVRIWZDUHLQWHJULHUEDUVHLQXQGP VVHQGHQ1XW]HULP$OOWDJHQWODVWHQ 9HUZHLVDXI%HLVSLHOHLQGHQEHZHUWHWHQ/HLWOLQLHQ]XU,PSOHPHQWLHUXQJ %HLVSLHOH]XhEHUSU IXQJGHU/HLWOLQLHQDQZHQGXQJ! %HLVSLHO0RQLWRULQJGHU/HLWOLQLHQ$QZHQGXQJ %HLVSLHOH]X.XU]3UD[LVYHUVLRQHQ! %HLVSLHO6WXIHQSODQ]XUhEHUZHLVXQJ //9+$PDMRUGHSUHVVLYHGLVRUGHU>*XLGHOLQHVXPPDU\$$OJRULWKPXVHUVWH6HLWH@! %HLVSLHO6WDWLRQlUH(LQZHLVXQJ //9+$PDMRUGHSUHVVLYHGLVRUGHU>*XLGHOLQHVXPPDU\&6@! %HLVSLHO0HGLNDWLRQV EHUVLFKW //9+$PDMRUGHSUHVVLYHGLVRUGHU>3RFNHW&DUG@ /HLWOLQLHQPLW3DWLHQWHQLQIRUPDWLRQHQ! //$&3±$6,0! //$3$PDMRUGHSUHVVLYHGLVRUGHU! //$NGb! //1$&! //36<*XLGHV &RPSXWHUYHUVLRQHQ! //)06±'XRGHFLP,QWHUDNWLYH/HLWOLQLH YHUI JEDUDXI&'520XQGLP,QWHUQHWVRZLHDOV3URJUDPPI U+DQG\2UJDQL]HU! //:+2±8. 3UD[LVKLOIVPLWWHODXI'LVNHWWH (UKHEXQJV'RNXPHQWDWLRQVE JHQ3DWLHQWHQLQIRUPDWLRQHQ
146 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( $QKDQJ ( &KHFNOLVWHÄ0HWKRGLVFKH4XDOLWlWYRQ/HLWOLQLHQ³ )UDJHQ]XU4XDOLWl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lKOWZXUGHQ" 6LQGGLH,QIRUPDWLRQVTXHOOHQXQG6XFKVWUDWHJLHQQDFKYROO]LHKEDUGRNXPHQWLHUW" :HUGHQGLH0HWKRGHQ]XU,QWHUSUHWDWLRQXQG%HZHUWXQJGHU(YLGHQ]VWlUNHJHQDQQW" )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ :HUGHQGLH]XU$XVZDKOGHU/HLWOLQLHQHPSIHKOXQJHQHLQJHVHW]WHQ0HWKRGHQJHQDQQW" :HUGHQGLH]XU.RQVHQWLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQHLQJHVHW]WHQ9HUIDKUHQ JHQDQQW" :LUGHUZlKQWZLHGLH9RUVWHOOXQJHQYRQLQWHUHVVLHUWHQ*UXSSHQGLHQLFKWDQGHU /HLWOLQLHQHUVWHOOXQJEHWHLOLJWZDUHQEHU FNVLFKWLJWZXUGHQ",VWGLH9HUNQ SIXQJGHUZLFKWLJVWHQ(PSIHKOXQJHQPLWGHU]XJUXQGHOLHJHQGHQ(YLGHQ] H[DNWGRNXPHQWLHUW" *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ,VWGLH/HLWOLQLHYRUGHU9HU IIHQWOLFKXQJGXUFKXQDEKlQJLJH'ULWWHEHJXWDFKWHWZRUGHQ" :HUGHQGLH0HWKRGHQ.RPPHQWLHUXQJHQ.RQVHTXHQ]HQHLQHU%HJXWDFKWXQJHUZlKQW" :XUGHGLH/HLWOLQLHHLQHU9RUWHVWXQJRGHUHLQHP3LORWYHUVXFKXQWHU]RJHQ" :HUGHQGLH0HWKRGHQ(UJHEQLVVHXQG.RQVHTXHQ]HQHLQHV3LORWYHUVXFKVHUZlKQW" :XUGHGLH/HLWOLQLHPLWDQGHUHQWKHPDWLVFKYHUJOHLFKEDUHQ/HLWOLQLHQYHUJOLFKHQ" * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH,VWLQGHU/HLWOLQLHHLQ=HLWSXQNWJHQDQQW]XGHPVLH EHUSU IWDNWXDOLVLHUWZHUGHQVROO" 6LQG=XVWlQGLJNHLWXQG9HUIDKUHQVZHLVHQI UhEHUSU IXQJ$NWXDOLVLHUXQJNODUGHILQLHUW" 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ :XUGHQGLHP JOLFKHQV\VWHPDWLVFKHQ)HKOHU.RQIOLNWHXPIDVVHQGGLVNXWLHUW" ([LVWLHUWHLQH]XVDPPHQIDVVHQGH'DUVWHOOXQJ EHUGHQ,QKDOWGLH(PSIHKOXQJHQGHU /HLWOLQLHVRZLH EHUGLH0HWKRGLNGHU(UVWHOOXQJ]%LQ)RUPHLQHV/HLWOLQLHQUHSRUWV"
147 /HLWOLQLHQEHULFKW'HSUHVVLRQ )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH =LHOHGHU/HLWOLQLH 6LQGGLH*U QGHI UGLH/HLWOLQLHQHQWZLFNOXQJH[SOL]LWJHQDQQW" 6LQGGLH=LHOHGHU/HLWOLQLHHLQGHXWLJGHILQLHUW".RQWH[W$QZHQGEDUNHLW)OH[LELOLWlW,VWVLQGGLH3DWLHQWHQ=LHOJUXSSHQGHU/HLWOLQLHHLQGHXWLJGHILQLHUW]%KLQVLFKWOLFK *HVFKOHFKW$OWHU.UDQNKHLWVVWDGLXP%HJOHLWHUNUDQNXQJHQXVZ" 6LQGGLH$QZHQGHUDQGLHVLFKGLH/HLWOLQLHULFKWHWHLQGHXWLJGHILQLHUW]%GLHlU]WOLFKH =LHOJUXSSH" (QWKlOWGLH/HLWOLQLH$QJDEHQ EHU6LWXDWLRQHQLQGHQHQVSH]LHOOH(PSIHKOXQJHQGHU /HLWOLQLHQLFKWEHU FNVLFKWLJWZHUGHQN QQHQRGHUVROOHQ" :XUGHQ$QVLFKWHQ3UlIHUHQ]HQXQGP JOLFKH5HDNWLRQHQGHU3DWLHQWHQ=LHOJUXSSHQ EHU FNVLFKWLJW".ODUKHLW(LQGHXWLJNHLW %HVFKUHLEWGLH/HLWOLQLHGDVEHKDQGHOWH*HVXQGKHLWV9HUVRUJXQJVSUREOHPHLQGHXWLJXQG LQDOOJHPHLQYHUVWlQGOLFKHU6SUDFKH" D6LQGGLH(PSIHKOXQJHQORJLVFKLQKDOWOLFKNRQVLVWHQWHLQGHXWLJOHLFKWQDFKYROO]LHKEDU GDUJHVWHOOWXQG EHUVLFKWOLFKSUlVHQWLHUW" E(QWKlOWGLH/HLWOLQLHZHVHQWOLFKH6FKO VVHO(PSIHKOXQJHQGLHOHLFKW]XLGHQWLIL]LHUHQ VLQG" 6LQGGLHLQ)UDJHNRPPHQGHQ+DQGOXQJVDOWHUQDWLYHQXQGGLH(QWVFKHLGXQJVNULWHULHQI U LKUH$XVZDKOSUl]LVHEHVFKULHEHQ" /LHJHQGLIIHUHQ]LHUWH(PSIHKOXQJHQ]XU(QWVFKHLGXQJKLQVLFKWOLFKDPEXODQWHURGHU VWDWLRQlUHU9HUVRUJXQJYRU" ([LVWLHUHQ$QJDEHQGDU EHUZHOFKH0D QDKPHQQRWZHQGLJHUVFKHLQHQ" ([LVWLHUHQ$QJDEHQ EHU0D QDKPHQGLHXQ]ZHFNPl LJ EHUIO VVLJREVROHW HUVFKHLQHQ" 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH :LUGGHUEHL%HIROJHQGHU/HLWOLQLH]XHUZDUWHQGHJHVXQGKHLWOLFKH1XW]HQEH] JOLFK]% 0RUELGLWlW0RUWDOLWlW6\PSWRPDWLN/HEHQVTXDOLWlWJHQDQQW" :HUGHQGLHEHL%HIROJHQGHU/HLWOLQLHP JOLFKHQ5LVLNHQ1HEHQZLUNXQJHQXQG.RPSOLNDWLRQHQGHU'LDJQRVWLN7KHUDSLHJHQDQQW" :XUGHQEHLGHU)RUPXOLHUXQJGHU(PSIHKOXQJHQGLH)ROJHQI U.RVWHQXQGDQGHUH 5HVVRXUFHQEHU FNVLFKWLJW" :LUGHLQH$EZlJXQJGHUP JOLFKHQ9RUWHLOH5LVLNHQ.RVWHQYRUJHQRPPHQXQG XQWHUVW W]WGLHVGLHYRUJHVFKODJHQH9RUJHKHQVZHLVH"
148 /HLWOLQLHQEHULFKW'HSUHVVLRQ )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D([LVWLHUHQ,QVWUXPHQWH0D QDKPHQGLHGLH$QZHQGXQJGHU/HLWOLQLHXQWHUVW W]HQ N QQHQ" E:XUGHQGLHP JOLFKHQ3UREOHPHEH] JOLFKGHU(LQVWHOOXQJVRGHU 9HUKDOWHQVlQGHUXQJHQYRQbU]WHQXQGDQGHUHQ/HLVWXQJVHUEULQJHUQLP *HVXQGKHLWVZHVHQEHL$QZHQGXQJGHU/HLWOLQLHEHU FNVLFKWLJW" F:XUGHQGLHP JOLFKHQRUJDQLVDWRULVFKHQ+LQGHUQLVVHGHU/HLWOLQLHQ$QZHQGXQJ EHU FNVLFKWLJW" 1XUI U EHUUHJLRQDOH/HLWOLQLHQ ([LVWLHUHQ(PSIHKOXQJHQ]XU0HWKRGHGHUUHJLRQDOHQ$QSDVVXQJGHU/HLWOLQLH" hehusu IXQJGHU$QZHQGXQJ :LUGLQGHU/HLWOLQLHHUZlKQWZLHDXVGHQ(PSIHKOXQJHQPHVVEDUH.ULWHULHQ,QGLNDWRUHQDEJHOHLWHWZHUGHQN QQHQXPGDV%HIROJHQGHU/HLWOLQLH]XHUPLWWHOQ" :HUGHQPHVVEDUH.ULWHULHQ,QGLNDWRUHQJHQDQQWDQKDQGGHUHUGHU(IIHNWGHU /HLWOLQLHQDQZHQGXQJ EHUSU IWZHUGHQNDQQ" 1XUHLQH$QWZRUWNDWHJRULHDQNUHX]HQ M MD Q QHLQ XN XQNODUDXFKEHLXQYROOVWlQGLJHQXQ]XUHLFKHQGHQ$QJDEHQ QD QLFKWDQZHQGEDU
149 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( %HZHUWXQJGHUWHFKQLVFKHQ4XDOLWlWYRQ/HLWOLQLHQ 9HUIDKUHQVYRUVFKODJGHV([SHUWHQNUHLVHV/HLWOLQLHQGHUb=4. OQ 'LH&KHFNOLVWHÄ0HWKRGLVFKH4XDOLWlWYRQ/HLWOLQLHQ³V$QKDQJLVWGDV,QVWUXPHQW]XU hehusu IXQJGHUWHFKQLVFKHQ4XDOLWlWHLQHU/HLWOLQLHLQNOXVLYHGHU9ROOVWlQGLJNHLWGHV /HLWOLQLHQ5HSRUWV 8QWHUÄ/HLWOLQLHQ5HSRUW³YHUVWHKWPDQHLQH=XVDPPHQVWHOOXQJYRQ /DQJIDVVXQJGHU/HLWOLQLHXQG.XU]IDVVXQJXQG $QJDEHQ]X(UVWHOOXQJGHU/HLWOLQLHXQG]X,PSOHPHQWLHUXQJVLQVWUXPHQWHQ 'LH4XDOLWlWGHU/HLWOLQLHQHUVWHOOXQJNDQQLQIROJHQGHU:HLVHEHVFKULHEHQZHUGHQ )DNWRU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ Σ>-D$QWZRUWHQ]X)UDJHQELV±@ (UUHLFKEDUVLQGPD[LPDO3XQNWH%HJU QGXQJI UGLH$XVZDKOGHU)UDJHQ1LFKW EHU FNVLFKWLJWZXUGHQGLHDXVDQGHUHQ)UDJHQUHVXOWLHUHQGHQ$QVFKOXVVIUDJHQ 'LH4XDOLWlWYRQ,QKDOWXQG)RUPDWHLQHU/HLWOLQLHNDQQLQHUVWHU1lKHUXQJLQIROJHQGHU:HLVH EHVFKULHEHQZHUGHQ )DNWRU,QKDOWXQG)RUPDWGHU/HLWOLQLH Σ>-D$QWZRUWHQ]X)UDJHQELV@ (UUHLFKEDUVLQGPD[LPDO3XQNWHGD)UDJHDXV8QWHUIUDJHQEHVWHKW 'LH4XDOLWlWYRQ$QJDEHQ]XU$QZHQGEDUNHLWHLQHU/HLWOLQLHNDQQLQHUVWHU1lKHUXQJLQ IROJHQGHU:HLVHEHVFKULHEHQZHUGHQ )DNWRU$QZHQGEDUNHLWGHU/HLWOLQLH Σ>-D$QWZRUWHQ]X)UDJHQELV@ (UUHLFKEDUVLQGPD[LPDO3XQNWHEHL EHUUHJLRQDOHQUHJLRQDOHQ/HLWOLQLHQ GD)UDJHDXV8QWHUIUDJHQEHVWHKW
150 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWVGHUPHWKRGLVFKHQ%HZHUWXQJ ( $PHULFDQ%RDUGRI)DPLO\3UDFWLFH'HSUHVVLYH'LVRUGHUV 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 'HSUHVVLYHGLVRUGHUV 4XHOOH $PHULFDQ%RDUGRI)DPLO\3UDFWLFH'HSUHVVLYHGLVRUGHUVWKHG KWWSZZZIDPLO\SUDFWLFHFRPUHIHUHQFHV$%)3*XLGHV'HSUHVVLYHGHSUHVVLYHKWP )UDJHQ]XU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ MD $PHULFDQ%RDUGRI)DPLO\3UDFWLFH $QJDEHILQDQ]8QWHUVW W]XQJ XQNODU,QGHU,QIR EHUÄ)DPLO\SUDFWLFHFRP³ZLUGHLQMRLQWYHQWXUH ]ZLVFKHQ$%)3XQG.XU]ZHLO7HFKQRORJLHV,QFHUZlKQW P JOLFKH(LQIOXVVQDKPH QD GLVNXWLHUW $XWRUHQGHU/HLWOLQLHQ %HWHLOLJWH MD 9HUDQWZRUWOLFKH0LWDUEHLWHUZHUGHQXQWHU1HQQXQJGHV EHUXIOLFKHQ+LQWHUJUXQGHVDXIJHI KUW EHWHLOLJ%HWURIIHQHU QHLQ,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO QHLQ 'R.X6XFKVWUDWHJLH XQNODU /LWHUDWXUOLVWHGLHQW]XP9HUZHLVDXIZHLWHUJHKHQGH,QIRUPDWLRQ 0HWK(YLGHQ]VWlUNH QHLQ )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ QHLQ.RQVHQVXVYHUIDKUHQ QHLQ %HU FNV,QWHU.UHLVH QHLQ (YLGHQ]YHUNQ SIXQJ QHLQ *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW QHLQ.RQVHTXHQ]HQHUZlKQW QD 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK XQNODU * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ XQNODU 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW QHLQ
151 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 'HSUHVVLYHGLVRUGHUV )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH QHLQ =LHOH MD 'LH/HLWOLQLHVROOGHQ+DXVlU]WHQKHOIHQGLH'LDJQRVHGHU 'HSUHVVLRQHLQVFKOLH OLFKGHU)RUPHQELSRODUHUXQGNRPSOL]LHUWHU 'HSUHVVLRQHQULFKWLJ]XVWHOOHQ6RVROOHLQJHHLJQHWHV3DWLHQWHQ 0DQDJHPHQWXQG1DFKVRUJHHUP JOLFKWZHUGHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH XQNODU 1LFKWQlKHUVSH]LIL]LHUWZHOFKH'HSUHVVLRQVIRUPHQLP5DKPHQ GHUYRQGHU/HLWOLQLHEHVFKULHEHQHQKDXVlU]WOLFKHQ7KHUDSLH EHKDQGHOWZHUGHQ(PSIHKOXQJHQEH]LHKHQVLFKWHLOZHLVHDXFK DXI)RUPHQGLHLP)ORZFKDUWhEHUZHLVXQJDQ)DFKDU]W HUIRUGHUQ bu]wo=lhojuxsshq MD +DXVlU]WH $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH EHUVLFKWOLFKH]XVDPPHQIDVVHQGH'DUVWHOOXQJ GHUZHVHQWOLFKHQ(PSIHKOXQJHQLQ7DEHOOHQXQGLP)ORZ&KDUW +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQLQVEHVRQGHUHEHLGHQ (PSIHKOXQJHQ]XU3KDUPDNRWKHUDSLHEHJU QGHWDXIJHI KUW $PE6WDWLRQlU MD 'LH1RWZHQGLJNHLWVWDWLRQlUHU%HKDQGOXQJEHL6XL]LGDOHQZLUG EHJU QGHWGDUJHOHJW 1RWZHQGLJH0D QDKPHQ MD $XIQRWZHQGLJH0D QDKPHQGHU'LDJQRVWLN7KHUDSLHSODQXQJ XQGZLUGKLQJHZLHVHQ 2EVROHWH0D QDKPHQ MD.RQWUDLQGLNDWLRQHQVLQGJHQDQQW 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQXQGGLH9RUWHLOHGHU7KHUDSLHIRUPHQZHUGHQ GDUJHVWHOOW 7KHUDSLHIROJHQ1: MD 0HGLNDPHQW VH1HEHQZLUNXQJHQZHUGHQ EHUVLFKWOLFK GDUJHVWHOOW 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ QHLQ
152 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 'HSUHVVLYHGLVRUGHUV )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD,QWHUQHWYHUVLRQ$EODXIGLDJUDPP)ORZFKDUWDOV+LOIVPLWWHOEHL GHU$QZHQGXQJLP$QKDQJ E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
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l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lU]WH,QWHUQLVWHQXQG (SLGHPLRORJHQEHWHLOLJWNHLQ+LQZHLVDXI3DWLHQWHQEHWHLOLJXQJ,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO MD 6XFKVWUDWHJLHQXQGGLH.ULWHULHQ]XU$XVZDKOGHU(YLGHQ]VLQGLP 5HSRUW]XP6\VWHPDWLN5HYLHZNODUGDUJHOHJW'LH (PSIHKOXQJHQZHUGHQGLUHNWKLHUDXVDEJHOHLWHW 'R.X6XFKVWUDWHJLH XQNODU 1LFKWDOOHQ(PSIHKOXQJHQVLQG4XHOOHQDXVGHU/LWHUDWXUOLVWHLP $QKDQJ]XJHRUGQHW 0HWK(YLGHQ]VWlUNH XQNODU 'HQ$XVVDJHQGHVLPLQWHUQHWYHUI JEDUHQ$OJRULWKPXVZXUGHQ (YLGHQ]HQ$&]XJHRUGQHW )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ QHLQ.RQVHQVXVYHUIDKUHQ QHLQ %HU FNV,QWHU.UHLVH QHLQ (YLGHQ]YHUNQ SIXQJ QHLQ *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW XQNODU 1XULQWHUQHV5HYLHZ9HUIDKUHQ&($6$&3$6,03ROLF\%RDUG.RQVHTXHQ]HQHUZlKQW QD 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD //9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ QHLQ 9HUIDKUHQI UJHQDQQW QD
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lSDUDWH GLHQDFKGHU(QWZLFNOXQJGHU$+&35/HLWOLQLHHUIROJWHQ HUIRUGHUWHQGLH/HLWOLQLH =LHOH MD 'HP.OLQLNHUVROOJHKROIHQZHUGHQHLQHLQIRUPLHUWH$XVZDKO]XU SKDUPDNRORJLVFKHQ%HKDQGOXQJ]XWUHIIHQ'DEHLZXUGHGLH /HLWOLQLHDXI3KDUPDNRWKHUDSLHEHVFKUlQNWGDGLHVHLQGHU 3ULPlUYHUVRUJXQJGLH+DXSWUROOHVSLHOHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD (UZDFKVHQH3DWLHQWHQLQGHU3ULPlUYHUVRUJXQJPLWÄ$FXWHPDMRU 'HSUHVVLRQ³RGHUÄ'\VWKPLD³ bu]wo=lhojuxsshq MD +DXVlU]WH,QWHUQLVWHQXQGDQGHUH6SH]LDOLVWHQ $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD 'DUVWHOOXQJGHV*HVXQGKHLWVSUREOHPVHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH+HUYRUKHEXQJGHUZHVHQWOLFKHQI QI (PSIHKOXQJHQ]XVlW]OLFKHUIROJWHLQHWDEHOODULVFKH'DUVWHOOXQJ YRQ'RVLVXQG1HEHQZLUNXQJVSURILOHQ1XULQGHU,QWHUQHWYHUVLRQHUIROJWHLQHDOJRULWKPLVFKH'DUVWHOOXQJGHV %HKDQGOXQJVDEODXIV +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQEHJU QGHWDXIJHI KUW $PE6WDWLRQlU QHLQ 1RWZHQGLJH0D QDKPHQ MD 8QEHGLQJWQRWZHQGLJH0D QDKPHQZHUGHQLQGHQ Ä5HFRPPHQGDWLRQV³EHWRQWGDUJHVWHOOW 2EVROHWH0D QDKPHQ QHLQ (VVLQGNHLQH.RQWUDLQGLNDWLRQHQDXIJHI KUW 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQZLUGLQ$EKlQJLJNHLWYRQGHUXQWHUVFKLHGOLFKHQ 0HGLNDWLRQGDUJHVWHOOW 7KHUDSLHIROJHQ1: MD 0HGLNDPHQW VH1HEHQZLUNXQJHQZHUGHQPLWGHQVLFKGDUDXV HUJHEHQHQWKHUDSHXWLVFKHQ.RQVHTXHQ]HQGDUJHVWHOOW 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ XQNODU 'LVNXVVLRQGHU(IIL]LHQ]GHUYHUVFKLHGHQHQ 3KDUPDNRWKHUDSLHVWUDWHJLHQHUIROJWDQKDQGGHUGDUJHVWHOOWHQ 0HWDDQDO\VHQMHGRFKNHLQGLUHNWHU%H]XJ]XU/HLWOLQLHQ $QZHQGXQJ
155 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 3KDUPDFRORJLFWUHDWPHQWRIDFXWHPDMRUGHSUHVVLRQDQGG\VWK\PLD3DUW$V\VWHPDWLFUHYLHZ RIQHZHUSKDUPDFRWWKHUDSLHVIRUGHSUHVVLRQRQDGXOWVHYLGHQFHUHSRUWVXPPDU\3DUW )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD 3DWLHQWHQLQIRUPDWLRQLVWLP,QWHUQHWDEUXIEDU E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
156 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ 3UDFWLFHJXLGHOLQHIRUWKHWUHDWPHQWRISDWLHQWVZLWKELSRODUGLVRUGHU 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 3UDFWLFHJXLGHOLQHIRUWKHWUHDWPHQWRISDWLHQWVZLWKELSRODUGLVRUGHU 4XHOOH $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ3UDFWLFHJXLGHOLQHVIRUWKHWUHDWPHQWRISV\FKLDWULFGLVRUGHUV HG:DVKLQJWRQ'&$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ3$P-3V\FKLDWU\ 6XSSOKWWSZZZSV\FKRUJFOLQBUHVSJBELSRODUFIP )UDJHQ]XU4XDOLWl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lUNH MD 'LH(YLGHQ]ZXUGHQDFKHLQHP6FKHPDGHU$3$$*QDFK 4XDOLWl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lKQW QHLQ 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ XQNODU 'LH/HLWOLQLHVROODOOH-DKUHUHYLGLHUWZHUGHQGLH =XVWlQGLJNHLWLVWXQNODU'LHVH/HLWOLQLHYRQVWDPPWELV MHW]WZXUGHNHLQH5HYLVLRQGXUFKJHI KUW 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU XQNODU 'HUP JOLFKH,QWHUHVVHQNRQIOLNWGHU$XWRUHQXQGGHU5HYLHZHU ZXUGHDOV3UREOHPHUNDQQW'LHVHU%LDVVROOLQ=XNXQIWHUIRUVFKW ZHUGHQKLHUNHLQH'LVNXVVLRQGHV(LQIOXVVHVGLHVHU)HKOHUTXHOOH /HLWOLQLHQ5HSRUW XQNODU Ä2YHUYLHZRI*XLGHOLQH3URFHVV³LVWXQYROOVWlQGLJ
157 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 3UDFWLFHJXLGHOLQHIRUWKHWUHDWPHQWRISDWLHQWVZLWKELSRODUGLVRUGHU )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH XQNODU 1XU+LQZHLVGDVVGLH$3$VHLW-DKUHQ/HLWOLQLHQHQWZLFNHOW =LHOH MD 'LH/HLWOLQLHVROOGHP$U]WEHLGHU$XIJDEHEHLP8PJDQJPLW 3DWLHQWHQYRQÄELSRODUGLVRUGHUV³KHOIHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD 3DWLHQWHQPLWELSRODUHQ6W UXQJHQRKQHZHLWHUH6SH]LILNDWLRQ RGHU(LQVFKUlQNXQJHQ$OWHU%HKDQGOXQJVVWXIHQDFKGXUFK GHQ3V\FKLDWHUHUIROJWHU'LDJQRVHVWHOOXQJ bu]wolfkh=lhojuxsshq MD 3V\FKLDWHUXQGDQGHUHbU]WHRKQHZHLWHUH6SH]LILNDWLRQRGHU (LQVFKUlQNXQJHQ$XVELOGXQJ%HKDQGOXQJVHEHQHZREHL HUZlKQWZLUGGDVVGHU3V\FKLDWHUGLH(PSIHKOXQJHQLQGHU /HLWOLQLHEHU FNVLFKWLJHQDEHUQLFKWGXUFKGLHVHHLQJHVFKUlQNW ZHUGHQVROO $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH'DUVWHOOXQJGHU(PSIHKOXQJHQLQ7DEHOOHQ $OJRULWKPHQWHLOZHLVHGXUFKUHGDNWLRQHOOH$QRUGQXQJIHKOHQGH hehuvlfkwolfknhlwlqghu$eirojh +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQEHJU QGHWDXIJHI KUW $PE6WDWLRQlU MD 9RUJDEHYRQ.ULWHULHQ]XU,QGLNDWLRQVVWHOOXQJI UVWDWLRQlUH 7KHUDSLH 1RWZHQGLJH0D QDKPHQ MD 'LHDXI]XVWHOOHQGH7KHUDSLHSODQXQJHQWKlOW9RUJDEHQI U QRWZHQGLJH9HUODXIVNRQWUROOHQXQG$QSDVVXQJGHU7KHUDSLH 2EVROHWH0D QDKPHQ XQNODU $XI4XHOOHQGLHDXIP JOLFKHUUHODWLYH.RQWUDLQGLNDWLRQHQ KLQZHLVHQ]%EHL(&7ZLUGYHUZLHVHQ 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQXQGGLH(IIL]LHQ]ZHUGHQWHLOZHLVHDXFKLQ $EKlQJLJNHLWYRP=HLWSXQNWGHU0D QDKPHXQGGHV6XEW\SVGHU (UNUDQNXQJGDUJHVWHOOW 7KHUDSLHIROJHQ1: MD 1HEHQZLUNXQJHQZHUGHQLP=XVDPPHQKDQJPLWGHQVLFKGDUDXV HUJHEHQHQWKHUDSHXWLVFKHQ.RQVHTXHQ]HQXQG 9RUVLFKWVPD QDKPHQGDUJHVWHOOW 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ QHLQ
158 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 3UDFWLFHJXLGHOLQHIRUWKHWUHDWPHQWRISDWLHQWVZLWKELSRODUGLVRUGHU )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW XQNODU (VZHUGHQ]HLWJOHLFK3DWLHQWHQ$QJHK ULJHQLQIRUPDWLRQHQ]X ÄPDMRUGHSUHVVLYHGLVRUGHU³HUVWHOOWGRUWZLUGDXFKDXIELSRODUH 6W UXQJHQKLQJHZLHVHQ-HGRFKEHVWHKWNHLQ=XVDPPHQKDQJ]X,QKDOWHQPLWGLHVHU/HLWOLQLH E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
159 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ 3UDFWLFHJXLGHOLQHIRUWKHWUHDWPHQWRISDWLHQWVZLWKPDMRUGHSUHVVLYHGLVRUGHU 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 3UDFWLFHJXLGHOLQHIRUWKHWUHDWPHQWRISDWLHQWVZLWKPDMRUGHSUHVVLYHGLVRUGHU 4XHOOH $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ3UDFWLFHJXLGHOLQHVIRUWKHWUHDWPHQWRISV\FKLDWULFGLVRUGHUV HG:DVKLQJWRQ'&$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ3$P-3V\FKLDWU\ 6XSSOKWWSZZZSV\FKRUJFOLQBUHVGHSUHVVLRQHERRNFIP )UDJHQ]XU4XDOLWl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lUTXHOOHQ5HYLHZVZLUG YHUZLHVHQ'DEHLLVWGLH$XVZDKOQDFK(YLGHQ]NODUGDUJHOHJW 'R.X6XFKVWUDWHJLH MD (PSIHKOXQJHQVLQGPLW/LWHUDWXUOLVWHLP$QKDQJYHUNQ SIW 0HWK(YLGHQ]VWlUNH MD 'LH(YLGHQ]ZXUGHQDFKHLQHP6FKHPDGHU$3$$*QDFK 4XDOLWl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Ä6XPPDU\RI 7UHDWPHQW5HFRPPHQGDWLRQV³NRQVHTXHQWDQJHZHQGHW *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW MD (VHUIROJWHHLQ5HYLHZYRQ'UDIW9HUVLRQHQLQQHUKDOEGHU$3$ XQGLQWHUHVVLHUWH3HUVRQHQXQG2UJDQLVDWLRQHQVRZLHGXUFK 0LWJOLHGHUGHV(GLWRULDO%RDUGVGHV$PHULFDQ-RXUQDORI 3V\FKLDWU\'LH3HUVRQHQXQG2UJDQLVDWLRQHQZHOFKH.RPPHQWDUHHLQEUDFKWHQVLQGLP$QKDQJJHQDQQW.RQVHTXHQ]HQHUZlKQW QHLQ 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ XQNODU 'LHVH/HLWOLQLHLVWHLQXSGDWHGHU/HLWOLQLHYRQ EHU =HLWSXQNWGHUHUQHXWHQ5HYLVLRQHUIROJWMHGRFKNHLQH$XVVDJH 9HUIDKUHQI UJHQDQQW QD
160 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 3UDFWLFHJXLGHOLQHIRUWKHWUHDWPHQWRISDWLHQWVZLWKPDMRUGHSUHVVLYHGLVRUGHU5HYLVLRQ 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU XQNODU 'HUP JOLFKH,QWHUHVVHQNRQIOLNWGHU$XWRUHQXQGGHU5HYLHZHU ZXUGHDOV3UREOHPHUNDQQW'LHVHU%LDVVROOLQ=XNXQIWHUIRUVFKW ZHUGHQKLHUHUIROJWMHGRFKNHLQH'LVNXVVLRQGHV(LQIOXVVHV GLHVHUP JOLFKHQ)HKOHUTXHOOH /HLWOLQLHQ5HSRUW XQNODU Ä2YHUYLHZRI*XLGHOLQH3URFHVV³ZHLVWQLFKWDXIGDV.RQVHQVYHUIDKUHQXQGGDVHUIROJWH8SGDWH5HYLHZKLQ )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH XQNODU 1XU+LQZHLVGDVVGLH$3$VHLW-DKUHQ/HLWOLQLHQHQWZLFNHOW =LHOH MD 'LH/HLWOLQLHVROOGHP$U]WEHLGHU$XIJDEHKHOIHQVSH]LILVFKH DQWLGHSUHVVLYH%HKDQGOXQJHQHLQ]XOHLWHQ)HUQHUN QQHQVLH]XU 6FKXOXQJGHU3V\FKLDWHUDQGHUHQLQGHU*HVXQGKHLWVYHUVRUJXQJ 7lWLJHQXQGGHUgIIHQWOLFKNHLW EHUQLFKWDQJHPHVVHQH 7KHUDSLHQGLHQHQ6LHVROOHQDXFKDXIGHQQRWZHQGLJHQ )RUVFKXQJVEHGDUIKLQZHLVHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD (UZDFKVHQH3DWLHQWHQPLW0DMRU'HSUHVVLRQRKQHELSRODUH (UNUDQNXQJVIRUPHQ bu]wo=lhojuxsshq MD 3V\FKLDWHU $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ XQNODU 3UlIHUHQ]HQGHU3DWLHQWHQVROOHQEHLGHU(QWVFKHLGXQJVILQGXQJ EHU FNVLFKWLJWZHUGHQ±ZLHLVWQLFKWEHVFKULHEHQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH'DUVWHOOXQJGHU(PSIHKOXQJHQLQ7DEHOOHQ $OJRULWKPHQWHLOZHLVHGXUFKUHGDNWLRQHOOH$QRUGQXQJIHKOHQGH hehuvlfkwolfknhlwlqghu$eirojh +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQEHJU QGHWDXIJHI KUW $PE6WDWLRQlU XQNODU.HLQH9RUJDEHYRQ.ULWHULHQ]XU,QGLNDWLRQVVWHOOXQJGLHVHZLUG GHP3V\FKLDWHU EHUODVVHQ 1RWZHQGLJH0D QDKPHQ MD 'LHDXI]XVWHOOHQGH7KHUDSLHSODQXQJHQWKlOW9RUJDEHQI U QRWZHQGLJH9HUODXIVNRQWUROOHQXQG$QSDVVXQJGHU 7KHUDSLHIRUPHQ 2EVROHWH0D QDKPHQ MD 9HUHLQ]HOWZLUGDXI.RQWUDLQGLNDWLRQHQYHUZLHVHQ ]%.RPELQDWLRQYRQ-RKDQQLVNUDXWXQG0$2+HPPHU 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQGLH(IIL]LHQ]ZHUGHQWHLOZHLVHDXFKLQ$EKlQJLJNHLW YRP=HLWSXQNWGHU0D QDKPHXQGGHV6XEW\SVGHU(UNUDQNXQJ GDUJHVWHOOW 7KHUDSLHIROJHQ1: MD 1HEHQZLUNXQJHQZHUGHQLP=XVDPPHQKDQJPLWGHQVLFKGDUDXV HUJHEHQHQWKHUDSHXWLVFKHQ.RQVHTXHQ]HQXQG 9RUVLFKWVPD QDKPHQGDUJHVWHOOW 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ XQNODU 'LVNXVVLRQGHU(IIL]LHQ]GHUYHUVFKLHGHQHQ7KHUDSLHVWUDWHJLHQ HUIROJWDQ+DQGGHU]LWLHUWHQ6WXGLHQHVHUIROJWMHGRFKNHLQ %H]XJGHV1XW]HQV]XU/HLWOLQLHQ$QZHQGXQJ
161 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 3UDFWLFHJXLGHOLQHIRUWKHWUHDWPHQWRISDWLHQWVZLWKPDMRUGHSUHVVLYHGLVRUGHU )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD (VZHUGHQ]HLWJOHLFK3DWLHQWHQ$QJHK ULJHQLQIRUPDWLRQHQXQG Ä4XLFN5HIHUHQFH*XLGHV³HUVWHOOW E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
162 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( $U]QHLPLWWHONRPPLVVLRQGHUGHXWVFKHQbU]WHVFKDIW (PSIHKOXQJHQ]XU7KHUDSLHGHU'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH (PSIHKOXQJHQ]XU7KHUDSLHGHU'HSUHVVLRQ 4XHOOH $U]QHLPLWWHONRPPLVVLRQGHUGHXWVFKHQbU]WHVFKDIW(PSIHKOXQJHQ]XU7KHUDSLHGHU'HSUHVVLRQ $XIOKWWSZZZDNGDHGH )UDJHQ]XU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ MD $U]QHLPLWWHONRPPLVVLRQGHUGHXWVFKHQbU]WHVFKDIW $QJDEHILQDQ]8QWHUVW W]XQJ XQNODU VLHKH P JOLFKH(LQIOXVVQDKPH QD GLVNXWLHUW $XWRUHQGHU/HLWOLQLHQ %HWHLOLJWH XQNODU (VVLQGQXU9HUDQWZRUWOLFKHGHV+HUDXVJHEHUVDOV$XWRUHQ JHQDQQW EHWHLOLJ%HWURIIHQHU XQNODU $OOJHPHLQPHGL]LQHUXQG)DFKlU]WHVLQGLQGHU $U]QHLPLWWHONRPPLVVLRQYHUWUHWHQHVHUIROJWMHGRFKNHLQ+LQZHLV DXI3DWLHQWHQEHWHLOLJXQJ,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO XQNODU VLHKH 'R.X6XFKVWUDWHJLH XQNODU VLHKH 0HWK(YLGHQ]VWlUNH XQNODU VLHKH )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ XQNODU VLHKH.RQVHQVXVYHUIDKUHQ XQNODU VLHKH %HU FNV,QWHU.UHLVH MD $EVWLPPXQJHUIROJWHZlKUHQGGHU(QWZLFNOXQJPLWGHU '*331XQGGHU$*13 (YLGHQ]YHUNQ SIXQJ XQNODU VLHKH *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW QHLQ.RQVHTXHQ]HQHUZlKQW QD 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ XQNODU VLHKH 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW XQNODU.HLQ+LQZHLVREGLHVH/HLWOLQLHQDFKGHU0HWKRGLNGHVDXIGHU +RPHSDJHYHU IIHQWOLFKWHQ5HSRUWVRGHUGHULQ/DVHN50 OOHU 2HUOLQJKDXVHQ%7KHUDSLHHPSIHKOXQJHQGHU $U]QHLPLWWHONRPPLVVLRQGHUGHXWVFKHQbU]WHVFKDIW±(LQ,QVWUXPHQW]XU4XDOLWlWVVLFKHUXQJLQGHU$U]QHLPLWWHOWKHUDSLH= bu]wo)ruwelog4xdolwlwvvlfk EHVFKULHEHQHQ0HWKRGLNHUVWHOOWZXUGH
163 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH (PSIHKOXQJHQ]XU7KHUDSLHGHU'HSUHVVLRQ )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH MD 3UlYDOHQ]GHU'HSUHVVLRQHQPLWKRKHU0RUWDOLWlW.RVWHQXQG PDQJHOQGH1XW]XQJGHUPHGLNDPHQW VHQ%HKDQGOXQJV P JOLFKNHLWHQ =LHOH MD 'LH/HLWOLQLHVROOGLDJQRVWLVFKHXQGWKHUDSHXWLVFKH+LOIHVWHOOXQJ EHLGHU%HKDQGOXQJYRQOHLFKWHQXQGPLWWHOVFKZHUHQ'HSUHVVLRQ LQGHU$OOJHPHLQSUD[LVJHEHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD $PEXODQWH3DWLHQWHQPLWOHLFKWHUXQGPLWWHOVFKZHUHU'HSUHVVLRQ ))QDFK,&' bu]wo=lhojuxsshq MD 1LHGHUJHODVVHQH$OOJHPHLQPHGL]LQHU $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH EHUVLFKWOLFKH]XVDPPHQIDVVHQGH'DUVWHOOXQJ GHUZHVHQWOLFKHQ(PSIHKOXQJHQLQ7DEHOOHQ +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQLQVEHVRQGHUHEHLGHQ (PSIHKOXQJHQ]XU3KDUPDNRWKHUDSLHEHJU QGHWDXIJHI KUW $PE6WDWLRQlU XQNODU ) UGLH1RWZHQGLJNHLWGHU0LWXQG:HLWHUEHKDQGOXQJZHUGHQ.ULWHULHQJHQDQQWGDEHLZLUGMHGRFKNHLQHNODUH*UHQ]H ]ZLVFKHQQRWZHQGLJHUIDFKlU]WOLFKHUDPEXODQWHUXQGVWDWLRQlUHU %HKDQGOXQJJH]RJHQ 1RWZHQGLJH0D QDKPHQ MD $XIQRWZHQGLJH0D QDKPHQGHU'LDJQRVWLN7KHUDSLHSODQXQJ XQGNRQWUROOHZLUGKLQJHZLHVHQ 2EVROHWH0D QDKPHQ MD.RQWUDLQGLNDWLRQHQVLQGJHQDQQW 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQ9RUWHLOHGHU7KHUDSLHZLUGLQVEHVRQGHUHEH] JOLFK 5LVLNRSRWHQ]LHOOH7R[L]LWlWGDUJHVWHOOW 7KHUDSLHIROJHQ1: MD 0HGLNDPHQW VH1HEHQZLUNXQJHQZHUGHQ EHUVLFKWOLFK GDUJHVWHOOW 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ QHLQ
164 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH (PSIHKOXQJHQ]XU7KHUDSLHGHU'HSUHVVLRQ )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD 3DWLHQWHQLQIRUPDWLRQZXUGHLQ=XVDPPHQDUEHLWPLWGHU 7HFKQLNHU.UDQNHQNDVVHHUVWHOOW9HUEUHLWXQJGHU/HLWOLQLHHUIROJW EHU.DVVHQlU]WOLFKHQ9HUHLQLJXQJHQ E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
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lWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ MD %ULWLVK$VVRFLDWLRQIRU3V\FKRSKDUPDFRORJ\ $QJDEHILQDQ]8QWHUVW W]XQJ QHLQ P JOLFKH(LQIOXVVQDKPH QD GLVNXWLHUW $XWRUHQGHU/HLWOLQLHQ %HWHLOLJWH XQNODU 1XUGLHGUHL+DXSWDXWRUHQVLQGJHQDQQW7HLOQHKPHUGHV.RQVHQVXVPHHWLQJVLQGMHGRFKQLFKWDXIJHI KUW EHWHLOLJ%HWURIIHQHU QD,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO XQNODU,P9RUIHOGGHU5HYLVLRQZXUGHQ([SHUWHQQDFKSUREOHPDWLVFKHQ *HELHWHQLQDQGHUHQlOWHUHQ/HLWOLQLHQEHIUDJW'LH6XFKHGHU (YLGHQ]HUIROJWHLQ0HGOLQH(PEDVH&RFKUDQH/LEUDU\XQG /HLWOLQLHQ(VIHKOHQGLH6XFKEHJULIIHXQG'DUOHJXQJGHU $XVZDKO 'RNX6XFKVWUDWHJLH MD 'LH$XVVDJHQLP7H[WVLQGPLWGHU/LWHUDWXUOLVWHLP$QKDQJ YHUNQ SIW 0HWK(YLGHQ]VWl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lUNHGHU(PSIHKOXQJHQZXUGHQDFKHLQHP6FKHPD YRQ6KHNHOOHHWDOLQ.ODVVHQ$%&'JUDGXLHUWGDEHLOLHJW HLQH9HUNQ SIXQJPLWGHU(YLGHQ]EHZHUWXQJYRU *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW QHLQ.RQVHTXHQ]HQHUZlKQW QD 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH hehusu IXQJ$NWXDOLVLHUXQJ QHLQ JHQDQQW 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW MD (LQH.XU]GDUVWHOOXQJ]XU/HLWOLQLHQPHWKRGLNLVWHUVWHOOW
166 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH (YLGHQFHEDVHGJXLGHOLQHVIRUWUHDWLQJGHSUHVVLYHGLVRUGHUVZLWKDQWLGHSUHVVDQWV DUHYLVLRQRIWKH%ULWLVK$VVRFLDWLRQIRU3V\FKRSKDUPDFRORJ\JXLGHOLQHV )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH MD 'LH5HYLVLRQGHU%$3/HLWOLQLHZXUGHYHUDQODVVWXPGLH (PSIHKOXQJHQGHUDNWXHOOHQ(QWZLFNOXQJXQG(YLGHQ] DQ]XSDVVHQ =LHOH XQNODU.HLQGLUHNWHV=LHOLVWJHQDQQWDX HUGDVVGLHVH/HLWOLQLHDOV *UXQGODJHI UGLH]XHUVWHOOHQGH.XU]YHUVLRQHQGLHVHQVROO.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD 3DWLHQWHQPLW'HSUHVVLRQRKQHELSRODUH(UNUDQNXQJVIRUPHQ PDQLVFK'HSUHVVLYHRGHUSV\FKRWLVFKH6W UXQJHQ bu]wo=lhojuxsshq MD *UXQGVlW]OLFKVROOGLH/HLWOLQLHYRQ1LFKW)DFKlU]WHQGHU 3V\FKLDWULHLQVEHVRQGHUHYRQ$OOJHPHLQPHGL]LQHUQDQJHZHQGHW ZHUGHQ $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD 'DUVWHOOXQJGHV*HVXQGKHLWVSUREOHPVXQG%HVFKUHLEXQJGHU 3UREOHPHHUIROJWLQDGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH+HUYRUKHEXQJGHUZHVHQWOLFKHQ(PSIHKOXQJHQ (UJlQ]HQGVLQGWDEHOODULVFKHhEHUVLFKWHQI U'LDJQRVHNULWHULHQ XQGPHGLNDPHQW VH7KHUDSLHHUVWHOOWZRUGHQ +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQ]XU$XVZDKOGHU0HGLNDPHQWHVLQG DQKDQGGHU(YLGHQ]EHJU QGHWGDUJHOHJW $PE6WDWLRQlU QHLQ 1RWZHQGLJH0D QDKPHQ MD 'LHDXI]XVWHOOHQGH7KHUDSLHSODQXQJHQWKlOWJHZLFKWHW9RUJDEHQ I U9HUODXIVNRQWUROOHQXQG$QSDVVXQJGHU7KHUDSLH 2EVROHWH0D QDKPHQ MD $XI.RQWUDLQGLNDWLRQGHU3KDUPDNRWKHUDSLHEHLDNXWHQPLOGHQ 'HSUHVVLRQHQZLUGXQWHU1HQQXQJYRQ$OWHUQDWLYHQH[SOL]LWXQG EHJU QGHWKLQJHZLHVHQ'LH7DEHOOHQHQWKDOWHQMHGRFKNHLQH VXEVWDQ]VSH]LILVFKHQ.RQWUDLQGLNDWLRQHQ 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HUJHVXQGKHLWOLFKH1XW]HQZLUGWHLOZHLVHDXFKLQ$EKlQJLJNHLW YRP=HLWSXQNWGHU0D QDKPHXQGGHV6XEW\SVGHU(UNUDQNXQJ GDUJHVWHOOW 7KHUDSLHIROJHQ1: MD 0HGLNDPHQW VH1HEHQZLUNXQJHQZHUGHQDXIJHI KUW 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ QHLQ
167 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH (YLGHQFHEDVHGJXLGHOLQHVIRUWUHDWLQJGHSUHVVLYHGLVRUGHUVZLWKDQWLGHSUHVVDQWV DUHYLVLRQRIWKH%ULWLVK$VVRFLDWLRQIRU3V\FKRSKDUPDFRORJ\JXLGHOLQHV )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD 'LH(UVWHOOXQJ$QSDVVXQJGHU/HLWOLQLHDQÄ(YHU\GD\ *XLGHOLQHV³]XP*HEUDXFKLQGHU3UD[LVZLUGDOVZHVHQWOLFKH 0D QDKPHJHVHKHQ E9HUKDOWHQVlQGHUXQJ XQNODU 'LH/HLWOLQLHVROODXFK*UXQGODJHYRQ6FKXOXQJVPD QDKPHQI U bu]whxqggiihqwolfknhlwvhlqhlqhnrqnuhwh6wudwhjlh]xu 8PVHW]XQJIHKOWMHGRFK F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
168 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( &DQDGLDQ3V\FKLDWU\$VVRFLDWLRQ &OLQLFDO*XLGHOLQHVIRUWKH7UHDWPHQWRI'HSUHVVLYH'LVRUGHUV 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH &OLQLFDOJXLGHOLQHVIRUWKHWUHDWPHQWRIGHSUHVVLYHGLVRUGHUV 4XHOOH &OLQLFDOJXLGHOLQHVIRUWKHWUHDWPHQWRIGHSUHVVLYHGLVRUGHUV&DQDGLDQ-RXUQDORI3V\FKLDWU\ 6XSSO66KWWSZZZFSDDSFRUJ3XEOLFDWLRQV&OLQLFDOB*XLGHOLQHVFRQWHQWVDVS )UDJHQ]XU4XDOLWl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lUNH MD 'LH(YLGHQ]TXHOOHQGHU(PSIHKOXQJHQZXUGHQPHWKRGLVFK EHZHUWHWXQGGLH(YLGHQ]TXDOLWlWGHU(PSIHKOXQJHQQDFKHLQHP 6WXIHQVFKHPDHLQJHWHLOW )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ MD 'LH$XVZDKOHUIROJWHQDFKGHQ(UJHEQLVVHQGHU(YLGHQ] EHZHUWXQJ]XVlW]OLFKZXUGHQGLH(UJHEQLVVHGHU.RQVHQV PHLQXQJGHU.OLQLNHUEHU FNVLFKWLJW'LHVZXUGHEHLGHU.ODVVLILNDWLRQEHU FNVLFKWLJWDXIIHKOHQGH(YLGHQ]ZLUG KLQJHZLHVHQ.RQVHQVXVYHUIDKUHQ QHLQ %HU FNV,QWHU.UHLVH MD 'LH/HLWOLQLHZXUGHLP5DKPHQYRQ:RUNVKRSVDXIGHP 3V\FKLDWULH.RQJUHVVYRUJHVWHOOWXQGGLVNXWLHUW (YLGHQ]YHUNQ SIXQJ MD 'LH(LQWHLOXQJGHU6WlUNHGHU(PSIHKOXQJHQHUIROJWLQÄ/LQHRI 7UHDWPHQWILUVWOLQHVHFRQGOLQHWKLUGOLQHQRWUHFRPPHQGHG 'LH$XVVDJHQGHU(PSIHKOXQJVNODVVLILNDWLRQVLQGPLWGHU(YLGHQ] YHUNQ SIWHLQH$EVWXIXQJNDQQLQ)ROJHNOLQLVFKHU 1RWZHQGLJNHLWHQ]%1HEHQZLUNXQJHQHUIROJHQ *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW MD (LQH[WHUQHVZLVVHQVFKDIWOLFKHV5HYLHZHUIROJWHGLH5HYLHZHU VLQGQDPHQWOLFKLP$QKDQJJHQDQQW.RQVHTXHQ]HQHUZlKQW QHLQ 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ QHLQ 9HUIDKUHQI UJHQDQQW QD
169 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH &OLQLFDOJXLGHOLQHVIRUWKHWUHDWPHQWRIGHSUHVVLYHGLVRUGHUV 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW MD,P9RUZRUWVLQGGLH6FKULWWHGHU(QWZLFNOXQJGDUJHVWHOOW )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH MD 'DV&3$Ä6SH]LDO&RPLWWHRQ&OLQLFDO3UDFWLFH*XLGHOLQHV³ SULRULVLHUWHGDV7KHPDZHJHQGHV%HGDUIVHLQHHYLGHQ]EDVLHUWH $QOHLWXQJDQ]XELHWHQ =LHOH MD 'LH/HLWOLQLHVROOKHOIHQ9HUVRUJXQJGHUEHVWP JOLFKHQ4XDOLWlW PLWP JOLFKVWJXWHU.RVWHQHIIHNWLYLWlWDQ]XELHWHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD 3DWLHQWHQPLW'HSUHVVLRQ%HKDQGOXQJVHPSIHKOXQJHQ EHVFKUlQNHQVLFKDXIÄ0DMRU'HSUHVVLRQ³PLW6XEW\SHQXQG Ä'\VWK\PLF'LVRUGHUV³QDFK'60,9%LSRODUH6W UXQJHQVLQG H[SOL]LWDXVJHQRPPHQ bu]wo=lhojuxsshq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lVHQWDWLRQ MD /RJLVFKH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH+HUYRUKHEXQJGHUZHVHQWOLFKHQ(PSIHKOXQJHQ XQWHUVW W]WGXUFK7DEHOOHQXQG*UDSKLNHQVRZLHGLH'DUVWHOOXQJ GHU%HKDQGOXQJVDEOlXIHLQ$OJRULWKPHQ +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQDXFK]ZLVFKHQGHQ7KHUDSLHIRUPHQ ZHUGHQDQKDQGGHU(YLGHQ]EHJU QGHWGDUJHOHJW $PE6WDWLRQlU MD.ULWHULHQXQG=LHOHGHUVWDWLRQlUHQ%HKDQGOXQJVLQGDXIJHI KUW GDEHLZLUGDXFKGLH(QWODVVXQJGHV3DWLHQWHQEHU FNVLFKWLJW 1RWZHQGLJH0D QDKPHQ MD 'LHDXI]XVWHOOHQGH7KHUDSLHSODQXQJHQWKlOW]HLWOLFKH9RUJDEHQ ]XU7KHUDSLHNRQWUROOHXQG$QSDVVXQJGHU7KHUDSLH 2EVROHWH0D QDKPHQ MD :HUGHQWHLOZHLVHPLW(YLGHQ]EHJU QGHWXQGXQWHU1HQQXQJYRQ $OWHUQDWLYHQGDUJHVWHOOW 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 1XW]HQXQG%HQHILWZHUGHQLQ$EKlQJLJNHLWYRP=HLWSXQNWGHU 0D QDKPHXQGWHLOZHLVHDXFKXQWHU%HU FNVLFKWLJXQJVSH]LHOOHU 6LWXDWLRQHQGDUJHVWHOOW 7KHUDSLHIROJHQ1: MD 1HEHQZLUNXQJHQZHUGHQJUDGXLHUWXQG EHUVLFKWOLFKGDUJHVWHOOW 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ XQNODU 'LVNXVVLRQGHU(IIL]LHQ]GHUYHUVFKLHGHQHQ7KHUDSLHVWUDWHJLHQ HUIROJWDQ+DQGGHU]LWLHUWHQ6WXGLHQHVHUIROJWMHGRFKNHLQH %HWUDFKWXQJGHV1XW]HQVDXVGHU/HLWOLQLHQ$QZHQGXQJ
170 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH &OLQLFDOJXLGHOLQHVIRUWKHWUHDWPHQWRIGHSUHVVLYHGLVRUGHUV )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD,PSOHPHQWLHUXQJLVWGXUFKEHJOHLWHQGH:RUNVKRSVLQ.DQDGD YRUJHVHKHQ E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ XQNODU 'LH(YDOXDWLRQGHU$QZHQGXQJLVWGXUFKGDV&3$3UDFWLFH 5HVHDUFK1HWZRUNI UGDVQlFKVWH-DKUYRUJHVHKHQ'DV 9HUIDKUHQLVWKLHUMHGRFKQLFKWEHVFKULHEHQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
171 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( &DQDGLDQ&RQVHQVXV*URXSRQ6$' *XLGHOLQHVIRUWKH7UHDWPHQWRI6HDVRQDO$IIHFWLYH'LVRUGHU 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH &DQDGLDQFRQVHQVXVJXLGHOLQHVIRUWKHWUHDWPHQWRIVHDVRQDODIIHFWLYHGLVRUGHU DVXPPDU\RIWKHUHSRUWRIWKH&DQDGLDQ&RQVHQVXV*URXSRQ6$' 4XHOOH /DP5:/HYLWW$-HGLWRUV&DQDGLDQFRQVHQVXVJXLGHOLQHVIRUWKHWUHDWPHQWRIVHDVRQDODIIHFWLYH GLVRUGHUDVXPPDU\RIWKHUHSRUWRIWKH&DQDGLDQ&RQVHQVXV*URXSRQ6$'9DQFRXYHU&OLQLFDO DQG$FDGHPLF3XE6XPPDU\ KWWSZZZIKVPFPDVWHUFDGLUHFWVXESDJHVSXBGHSFRQVKWPO )UDJHQ]XU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ XQNODU ³&DQDGLDQ&RQVHQVXV*URXSRQ6$' HVLVWQLFKWNODUZHOFKH 2UJDQLVDWLRQVIRUPGLH$UEHLWVJUXSSHKDWE]ZZHPVLH ]XJHRUGQHWLVW $QJDEHILQDQ]8QWHUVW W]XQJ MD 'LH/HLWOLQLHQ(QWZLFNOXQJZXUGHGXUFKHLQHXQHLQJHVFKUlQNWH 6SHQGHGHU3IL]HU.DQDGDXQWHUVW W]W P JOLFKH(LQIOXVVQDKPH GLVNXWLHUW XQNODU :HLWHUH3UREOHPDWLVLHUXQJGHVP JOLFKHQWDWVlFKOLFKHQ (LQIOXVVHV]%HLQ]LJHU6SRQVRUGHU&&*DX HUGHP+LQZHLV DXIGHQHUIROJWHQÄXQUHVWULFWHGJUDQW³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lUNH MD.DQDGLVFKHV6\VWHPGHU/HYHOVRI(YLGHQFH6WXIHQIDQG $QZHQGXQJ )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ XQNODU (VZXUGHQ$XVVDJHQLQGHQ(PSIHKOXQJHQEHU FNVLFKWLJWGLH NOLQLVFKXQGZLVVHQVFKDIWOLFKEHGHXWXQJVYROOVLQG.RQVHQVXVYHUIDKUHQ XQNODU 1XU+LQZHLVHDXIGXUFKJHI KUWHV.RQVHQVXVYHUIDKUHQYRU (UVWHOOXQJGHU'UDIW9HUVLRQGLH0HWKRGLNLVWMHGRFKQLFKWQlKHU EHVFKULHEHQ %HU FNV,QWHU.UHLVH QHLQ (YLGHQ]YHUNQ SIXQJ QHLQ *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW MD =ZHLH[WHUQH5HYLHZHUVLQGQDPHQWOLFKJHQDQQW9HUIDKUHQLVW MHGRFKQLFKWQlKHUEHVFKULHEHQZRUGHQ.RQVHTXHQ]HQHUZlKQW QHLQ 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ QHLQ 9HUIDKUHQI UJHQDQQW QD
172 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH &DQDGLDQFRQVHQVXVJXLGHOLQHVIRUWKHWUHDWPHQWRIVHDVRQDODIIHFWLYHGLVRUGHU DVXPPDU\RIWKHUHSRUWRIWKH&DQDGLDQ&RQVHQVXV*URXSRQ6$' 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW QHLQ )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH QHLQ =LHOH MD 'LH/HLWOLQLHVROOGHP.OLQLNHUEHLGHU,GHQWLILNDWLRQXQG7KHUDSLH YRQ3DWLHQWHQPLWÄVHDVRQDODIIHFWLYHGLVRUGHUV³6$'KHOIHQ XQGHVLKPHUP JOLFKHQ)UDJHQYRQ3DWLHQWHQXQG$QJHK ULJHQ ]X6$']XEHDQWZRUWHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD 3DWLHQWHQPLWÄVHDVRQDODIIHFWLYHGLVRUGHU³HVHUIROJWNHLQH (LQVFKUlQNXQJGHV$OWHUVXQG*HVFKOHFKWV bu]wo=lhojuxsshq XQNODU $OOJHPHLQZLUGYRQÄFOLQLFDQV³JHVSURFKHQRKQHGDVGHU 9HUVRUJXQJVEHUHLFKQlKHUGHILQLHUWZLUG $XVQY(PSIHKOXQJHQ MD *UXQGVlW]OLFKHUIROJWNHLQH7KHUDSLHZlKUHQGGHU 5HPLVVLRQVSKDVHLP6RPPHU$OVVSH]LHOOH6LWXDWLRQHQLQGHQHQ YRQGLHVHU(PSIHKOXQJDEJHZLFKHQZHUGHQVROOVLQGDXIJHI KUW PDQJHOQGH&RPSOLDQFHYHUOlQJHUWH$QVSUHFK]HLWHQDXIGLH 7KHUDSLHIHKOHQGH(UNHQQXQJYRQ)U K]HLFKHQIU KHU%HJLQQ RGHUVSlWHV%HHQGHQGHU6\PSWRPH(UIDKUXQJPLW6\PSWRPHQ LP6RPPHU %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH EHUVLFKWOLFKH]XVDPPHQIDVVHQGH'DUVWHOOXQJ GHU(PSIHKOXQJHQPLW$QJDEHGHU]XJUXQGHOLHJHQGHQ(YLGHQ] +DQGOXQJVDOWHUQDWLYHQ MD,QVEHVRQGHUHDXI$XVZDKONULWHULHQ]ZLVFKHQ/LFKWWKHUDSLHXQG 7KHUDSLHPLW$QWLGHSUHVVLYDXQGJJIDXFK.RPELQDWLRQZLUG DXVI KUOLFKHLQJHJDQJHQ $PE6WDWLRQlU QHLQ 1RWZHQGLJH0D QDKPHQ MD $XIVSH]LILVFKQRWZHQGLJH0D QDKPHQGHU'LIIHUHQWLDO 'LDJQRVWLNXQG7KHUDSLHGXUFKI KUXQJZLUGKLQJHZLHVHQ 2EVROHWH0D QDKPHQ MD 5HODWLYH.RQWUDLQGLNDWLRQHQXQGHYHQWXHOOGXUFK]XI KUHQGH HUJlQ]HQGH0D QDKPHQ]%$XJHQDU]WNRQWUROOHZHUGHQ EHVFKULHEHQ 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQXQGP JOLFKH,QHIIHNWLYLWlWGHUXQWHUVFKLHGOLFKHQ 7KHUDSLHIRUPHQZHUGHQGDUJHVWHOOW 7KHUDSLHIROJHQ1: MD $XIP JOLFKH1HEHQZLUNXQJHQLKUHNOLQLVFKH%HGHXWXQJXQG 0D QDKPHQ]XU9HUKLQGHUXQJZLUGKLQJHZLHVHQ 'LVNY.RVWHQIROJHQ MD -DKUHVWKHUDSLHNRVWHQ&DQHLQJHHLJQHWHV /LFKWWKHUDSLHJHUlWNRVWHWHLQPDOLJ&DQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ XQNODU 'HU9HUJOHLFK/LFKWWKHUDSLH0HGLNDWLRQEH]LHKWDXFKHLQH.RVWHQEHWUDFKWXQJHLQ(LQVFKOLH OLFKGHV+LQZHLVGDVVGLH +LOIVPLWWHOQLFKWHUVWDWWHWZHUGHQREZRKOVLHXQJHIlKUGHQ -DKUHVWKHUDSLHNRVWHQHQWVSUHFKHQ(VHUIROJWMHGRFKNHLQH GLUHNWH$EZlJXQJGHU9RU1DFKWHLOHGHU7KHUDSLHIRUPHQ
173 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH &DQDGLDQFRQVHQVXVJXLGHOLQHVIRUWKHWUHDWPHQWRIVHDVRQDODIIHFWLYHGLVRUGHU D6XPPDU\RIWKH5HSRUWRIWKH&DQDGLDQ&RQVHQVXV*URXSRQ6$' )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD 'LH'LVVHPHQLHUXQJGHU/HLWOLQLHHUIROJWGXUFK3XEOLNDWLRQGHU.XU]YHUVLRQLP&DQDGLDQ-RXUQDORI'LDJQRVLVXQGLP,QWHUQHW E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
174 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( &DQDGLDQ7DVN)RUFHIRU3UHYHQWLYH+HDOWK&DUH (DUO\GHWHFWLRQRIGHSUHVVLRQXQG3UHYHQWLRQRI6XLFGH 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH (DUO\GHWHFWLRQRIGHSUHVVLRQFKDSWHU3UHYHQWLRQRIVXLFLGHFKDSWHU 4XHOOH (DUO\GHWHFWLRQRIGHSUHVVLRQ,Q*XLGHWRFOLQLFDOSUHYHQWLYHVHUYLFHVS 3UHYHQWLRQRIVXLFLGH,Q*XLGHWRFOLQLFDOSUHYHQWLYHVHUYLFHVS /HLWOLQLHFKDSWHUXQGVLQGYRQZZZFWISKFRUJ )UDJHQ]XU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ MD &DQDGLDQ7DVN)RUFHIRU3UHYHQWLYH+HDOWK&DUH&7)3+& $QJDEHILQDQ]8QWHUVW W]XQJ MD $OV6SRQVRUHQGHU&7)3+&]XU/HLWOLQLHQHQWZLFNOXQJZLUG ³+HDOWK&DQDGD³JHQDQQW P JOLFKH(LQIOXVVQDKPH QHLQ GLVNXWLHUW $XWRUHQGHU/HLWOLQLHQ %HWHLOLJWH XQNODU $OV$XWRUZLUGQXU-:)HLJKWQHUJHQDQQWQXUGLH&R$XWRUHQ GHU8UVSUXQJVIDVVXQJVLQGLP$QKDQJDXIJHI KUW EHWHLOLJ%HWURIIHQHU QHLQ,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO MD,PDOOJHPHLQHQ0HWKRGLNWHLOZLUGDXIGLH0HGOLQH6XFKH KLQJHZLHVHQ'LHVSH]LILVFKHQ6XFKZ UWHUGLH]XGHQ (PSIHKOXQJHQI KUWHQVLQGDQJHJHEHQ 'R.X6XFKVWUDWHJLH MD (PSIHKOXQJVLQGPLW/LWHUDWXUYHUNQ SIW 0HWK(YLGHQ]VWlUNH MD 'LHÄ4XDOLW\RI3XEOLVKHG(YLGHQFH³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lKQW QHLQ 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK MD,QÄUHFRPPHQGDWLRQVRWKHUV³HUIROJWHLQ9HUJOHLFKPLWGHQ (PSIHKOXQJHQGHV863UHYHQWLYHVHUYLFH7DVN)RUFH86367) * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ XQNODU /HLWOLQLHQVLQGHLQXSGDWHHLQHV5HSRUWVDXVGHP-DKUH,QGHU*HVDPWDXVJDEHGHU3UlYHQWLRQVOHLWOLQLHQVLQGQHXHUH /HLWOLQLHQHQWKDOWHQGLHGHSUHVVLRQVUHOHYDQWHQ.DSLWHOVWDPPHQ MHGRFKDXVGHP-DKUH 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW XQNODU Ä,Q0HWKRGRI'HYHORSLQJ³ZLUGQXUDOOJHPHLQ0HWKRGLNGHU &7)3+&GDUJHVWHOOWNHLQGLUHNWHU%H]XJ]XU(UVWHOOXQJGHU YRUOLHJHQGHQ.DSLWHO
175 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH (DUO\GHWHFWLRQRIGHSUHVVLRQFKDSWHU3UHYHQWLRQRIVXLFLGHFKDSWHU )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH QHLQ =LHOH MD /HLWOLQLHQVROOHQGHP$U]WHIIHNWLYHXQGVLQQYROOH3UlYHQWLRQV XQG6FUHHQLQJVWUDWHJLHQDQELHWHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD *HVXQGHÄ6FUHHQLQJ/HLWOLQLH³RKQHVSH]LILVFKHV5LVLNR%HLGHU (PSIHKOXQJ]XU3UlYHQWLRQGHV6XL]LGVLQGGLH5LVLNRJUXSSHQ EHVFKULHEHQ bu]wo=lhojuxsshq XQNODU $OOHbU]WHRKQH(LQVFKUlQNXQJWHLOZHLVHDXFK(PSIHKOXQJHQ]XU 3UlYHQWLRQLQ6FKXOHQXQG*HPHLQGHQ $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD 3UR.DSLWHOMHZHLOVHLQHHLQGHXWLJH(PSIHKOXQJ +DQGOXQJVDOWHUQDWLYHQ QHLQ $PE6WDWLRQlU XQNODU 'LH(PSIHKOXQJI UDXIIlOOLJH3HUVRQHQPLWYRUDQJHJDQJHQHP 6XL]LGYHUVXFKEOHLEWOHW]WHQGOLFKPDQJHOV(YLGHQ]RIIHQ 1RWZHQGLJH0D QDKPHQ MD 'LHQRWZHQGLJHQ0DVVQDKPHQ]XU3UlYHQWLRQVLQGPLW%H]XJ]XU (YLGHQ]DQJHJHEHQ 2EVROHWH0D QDKPHQ QHLQ 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ QHLQ 7KHUDSLHIROJHQ1: QHLQ 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ XQNODU.HLQHGLUHNWH$QJDEHYRQ.RVWHQQXU$EZlJXQJGLH]XP $XVVFKOXVVYRP6FUHHQLQJI KUW
176 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH (DUO\GHWHFWLRQRIGHSUHVVLRQFKDSWHU3UHYHQWLRQRIVXLFLGHFKDSWHU )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW QHLQ E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
177 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( 'HXWVFKH*HVHOOVFKDIWI U3V\FKLDWULH3V\FKRWKHUDSLHXQG1HUYHQKHLONXQGH %HKDQGOXQJVOHLWOLQLH$IIHNWLYH(UNUDQNXQJHQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH %HKDQGOXQJVOHLWOLQLH$IIHNWLYH(UNUDQNXQJHQ 4XHOOH 'HXWVFKH*HVHOOVFKDIWI U3V\FKLDWULH3V\FKRWKHUDSLHXQG1HUYHQKHLONXQGH %HKDQGOXQJVOHLWOLQLH$IIHNWLYH(UNUDQNXQJHQ.XU]IDVVXQJKWWSZZZXQLGXHVVHOGRUIGH:::$:0)OOSV\SQKWP )UDJHQ]XU4XDOLWl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lUNH QHLQ )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ QHLQ.RQVHQVXVYHUIDKUHQ XQNODU %HUDWXQJHLQHV(QWZXUIHVLQHLQHU.RQVHQVXVNRQIHUHQ]ZlKUHQG GHV'*331.RQJUHVVQDFKhEHUDUEHLWXQJHUQHXWH 6WHOOXQJQDKPHGXUFKGDV([SHUWHQSDQHO9HUDEVFKLHGXQJGXUFK GHQ'*3319RUVWDQG,QVEHVRQGHUHGLH.RQVHQVSUR]HVVHLP ([SHUWHQSDQHOVLQGXQNODU %HU FNV,QWHU.UHLVH XQNODU (VJHKWQLFKWKHUYRUZLHZHLWGLH.RQVHQVXVNRQIHUHQ]ZlKUHQG GHV'*331.RQJUHVVDXFKI U,QWHUHVVLHUWHRIIHQZDU (YLGHQ]YHUNQ SIXQJ QHLQ *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW QHLQ.RQVHTXHQ]HQHUZlKQW QD 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ QHLQ 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW XQNODU 'LHZHVHQWOLFKH(QWZLFNOXQJVVFKULWWHN QQHQQXUDXVGHQ 9RUZRUWHQQXULQGLUHNWDEJHOHLWHWZHUGHQ
178 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH %HKDQGOXQJVOHLWOLQLH$IIHNWLYH(UNUDQNXQJHQ )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH MD $UEHLWGHU'*331DQGHU(QWZLFNOXQJGHVNRQ]HSWLRQHOOHQXQG LQVWUXPHQWHOOHQ5 VW]HXJVI UGLH(LQI KUXQJTXDOLWlWV VLFKHUQGHU0D QDKPHQLQGHU3V\FKLDWULHXQG3V\FKRWKHUDSLH 'LH/HLWOLQLHQ(QWZLFNOXQJXQGGHU3UD[LVWUDQVIHUZLUGGDEHLDOV $XIJDEHGHUPHGL]LQLVFKZLVVHQVFKDIWOLFKHQ)DFKJHVHOOVFKDIWHQ JHVHKHQZREHLGLH(QWZLFNOXQJHLQHUVWHU6FKULWWDXIGHP:HJ ]XHLQHU2SWLPLHUXQJYRQ'LDJQRVWLNXQG7KHUDSLHLVW =LHOH MD 'LH/HLWOLQLHQVWHOOHQHLQ5HIHUHQ]V\VWHP]XU9HUI JXQJDQGHP GHU7KHUDSHXWVHLQ+DQGHOQDXVULFKWHQNDQQ6LHVROOHQGHP SUDNWLVFKWlWLJHQ$U]WKHOIHQ'LDJQRVWLNXQG7KHUDSLHQDFKGHQ 5HJHOQGHU.XQVW]XJHVWDOWHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD 3DWLHQWHQPLW'HSUHVVLRQ))QDFK,&'DXFKDQGHUH SV\FKLVFKH6W UXQJHQPLWDIIHNWLYHU6\PSWRPDWLNXQGRUJDQLVFK DIIHNWLYH(UNUDQNXQJHQVLQGGLIIHUHQ]LDOGLDJQRVWLVFK EHU FNVLFKWLJW bu]wo=lhojuxsshq XQNODU 3V\FKLDWHUVLQGKlXILJDXIJHI KUWDEHUQLFKWHLQJHJUHQ]W $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH EHUVLFKWOLFKH]XVDPPHQIDVVHQGH'DUVWHOOXQJ GHUZHVHQWOLFKHQ(PSIHKOXQJHQLQ$OJRULWKPHQ +DQGOXQJVDOWHUQDWLYHQ MD %HJU QGHWH+DQGOXQJVDOWHUQDWLYHQZHUGHQLQVEHVRQGHUHEHLGHQ (PSIHKOXQJHQ]XU3KDUPDNRWKHUDSLHDXIJHI KUW $PE6WDWLRQlU MD.ULWHULHQGHUDPEXODQWHQXQGWHLOVWDWLRQlUHQ%HKDQGOXQJ ZHUGHQJHQDQQW 1RWZHQGLJH0D QDKPHQ MD $XIQRWZHQGLJH0D QDKPHQGHU'LDJQRVWLN7KHUDSLHSODQXQJ XQGNRQWUROOHZLUGKLQJHZLHVHQ 2EVROHWH0D QDKPHQ MD.RQWUDLQGLNDWLRQHQVLQGJHQDQQW 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQXQGGLH9RUWHLOHGHU7KHUDSLHIRUPHQZHUGHQ GDUJHVWHOOW 7KHUDSLHIROJHQ1: MD 0HGLNDPHQW VH1HEHQZLUNXQJHQZHUGHQ EHUVLFKWOLFK GDUJHVWHOOW 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ QHLQ
179 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH %HKDQGOXQJVOHLWOLQLH$IIHNWLYH(UNUDQNXQJHQ )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD,QWHUQHWNXU]YHUVLRQYHU IIHQWOLFKW E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ XQNODU $XIQRWZHQGLJH0D QDKPHQGHU7KHUDSLHNRQWUROOHHLQVFKOLH OLFK GHU(UIDVVXQJGHU&RPSOLDQFHZLUGKLQJHZLHVHQ(LQHNODUH %HVFKUHLEXQJYRQ(YDOXDWLRQVNULWHULHQXQG,QGLNDWRUHQIHKOW MHGRFK =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
180 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( 'XRGHFLP)LQLVK0HGLFDO6RFLHW\(%0*XLGHOLQHV 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 'XRGHFLP)LQLVK0HGLFDO6RFLHW\)06(%0*XLGHOLQHV /HLWOLQLHQ]XÄPDMRUGHSUHVVLYHGLVRUGHU³XQGGDPLWYHUEXQGHQH'RNXPHQWH/HLWOLQLHQ ³'UXJ7UHDWPHQWRI$Q[LHW\DQGUHODWHGGLVRUGHUV³'LH0HWKRGLVFKH%HZHUWXQJHUIROJWHXQWHU %HU FNVLFKWLJXQJGHUDXIGHU&'B520GDUJHVWHOOWHQ0HWKRGLN3UHIDFHÄ:KDWLV(YLGHQFH%DVHG 0HGLFLQH*XLGHOLQHVXQG8SGDWHYRP,ONND.XQQDPR 4XHOOH 'XRGHFLP)LQLVK0HGLFDO6RFLHW\0DMRUGHSUHVVLYHGLVRUGHU$YDLODEOHIURP85/ KWWSZZZHEPJXLGHOLQHVFRP )UDJHQ]XU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ MD 'XRGHFLP)LQLVK0HGLFDO6RFLHW\VLHLVWDXFK*HVHOOVFKDIWGLH GLH)LQQLVFKH8UVSUXQJVYHUVLRQHUVWHOOW $QJDEHILQDQ]8QWHUVW W]XQJ QHLQ P JOLFKH(LQIOXVVQDKPH QD GLVNXWLHUW $XWRUHQGHU/HLWOLQLHQ %HWHLOLJWH XQNODU =XMHGHP.DSLWHOZHUGHQ9HUDQWZRUWOLFKHGHV+HUDXVJHEHUWHDPV hehuvhw]hu"jhqdqqw:hlwhuh$xwruhqghvsulpluhq.rqvhqvxvsur]hvvvlqgqlfkwhunhqqedu EHWHLOLJ%HWURIIHQHU QHLQ,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO XQNODU (VZXUGHP JOLFKVWDXI&RFKUDQH5HYLHZVXQG'$5($EVWUDFWV DQGHUHV\VWHPDWLVFKH5HYLHZVVRZLHDXIGLH6XFKHLQGHU &RFKUDQH/LEUDU\XQGVSH]LILVFKH6XFKHLQPHGL]LQLVFKHQ -RXUQDOV]XU FNJHJULIIHQ 'R.X6XFKVWUDWHJLH XQNODU,QGHUEHZHUWHWHQ$XIODJHHUIROJWHQLFKWLQDOOHQ)lOOHQHLQ%HOHJ GHU(PSIHKOXQJHQ 0HWK(YLGHQ]VWlUNH MD (LQWHLOXQJHUIROJWHQDFKV\VWHPDWLVFKHU%HZHUWXQJGHV JHVLFKWHWHQ0DWHULDOVLQ.ODVVHQ$ELV'+LHUEHLZXUGHQEHLGHQ YHUZHQGHWHQ3ULPlUTXHOOHQ(YLGHQ]]XVDPPHQIDVVXQJHQHUVWHOOW )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ QHLQ.RQVHQVXVYHUIDKUHQ QHLQ %HU FNV,QWHU.UHLVH QHLQ (YLGHQ]YHUNQ SIXQJ QHLQ *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW QHLQ.RQVHTXHQ]HQHUZlKQW QD 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ XQNODU (UIROJWVRZRKOI UGLHILQQLVFKH8UVSUXQJVYHUVLRQDOVDXFKI UGLH HQJOLVFKHhEHUVHW]XQJDXI&'5RPDOOH0RQDWH(VLVWMHGRFK QLFKWNODUZLHKlXILJGLH(LQ]HONDSLWHO EHUDUEHLWHWZHUGHQ 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW XQNODU $XVGHU(LQOHLWXQJJHKWGHU(UVWHOOXQJVSUR]HVVQXUXQ]XUHLFKHQG KHUYRU,QVEHVRQGHUHZLUGKLHUDXFKQLFKWGHXWOLFKZHOFKH,QIRUPDWLRQHQGXUFKGLHhEHUVHW]XQJYHUORUHQJHKHQ
181 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 'XRGHFLP)LQLVK0HGLFDO6RFLHW\)06(%0*XLGHOLQHV /HLWOLQLHQ]XÄPDMRUGHSUHVVLYHGLVRUGHU³XQGGDPLWYHUEXQGHQH'RNXPHQWH/HLWOLQLHQ )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH QHLQ =LHOH MD 'LH/HLWOLQLHQVDPPHOQGDV:LVVHQXQGIDVVHQGLH(FNSXQNWHVR ]XVDPPHQZLHVLH]XU%HKDQGOXQJLQGHUKDXVlU]WOLFKHQ3UD[LV HUIRUGHUOLFKVLQG.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD $PEXODQWH3DWLHQWHQPLWGHPLQGHU(LQ]HOOHLWOLQLHGHILQLHUWHQ.UDQNKHLWVELOGPDMRUGHSUHVVLYHGLVRUGHU bu]wo=lhojuxsshq MD +DXVlU]WH $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ XQNODU 'LH/HLWOLQLHQ.DSLWHOVLQG EHUVLFKWOLFKVRUWLHUWQDFK,QKDOW=LHO 'LDJQRVH,QGLNDWLRQVJHELHWH0DQDJHPHQW(YLGHQ]XQG /LWHUDWXU(LQH+HUDXVKHEXQJGHU6FKO VVHOHPSIHKOXQJHQ]%LQ 7DEHOOHQHUIROJWMHGRFKQLFKW +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQEHJU QGHWDXIJHI KUW $PE6WDWLRQlU MD (PSIHKOXQJHQ]XU+RVSLWDOLVDWLRQZHUGHQJHJHEHQ 1RWZHQGLJH0D QDKPHQ MD $XIQRWZHQGLJH0D QDKPHQGHU'LDJQRVWLNXQG 7KHUDSLHSODQXQJZLUGKLQJHZLHVHQ 2EVROHWH0D QDKPHQ MD.RQWUDLQGLNDWLRQHQVLQGJHQDQQW 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQXQGGLH9RUWHLOHGHU7KHUDSLHZHUGHQI U 3V\FKRWKHUDSLHQGLVNXWLHUW 7KHUDSLHIROJHQ1: XQNODU VLHKH$QPHUNXQJ 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ QHLQ
182 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 'XRGHFLP)LQLVK0HGLFDO6RFLHW\)06(%0*XLGHOLQHV /HLWOLQLHQ]XÄPDMRUGHSUHVVLYHGLVRUGHU³XQGGDPLWYHUEXQGHQH'RNXPHQWH/HLWOLQLHQ )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD 'LH/HLWOLQLHQLQGHUHQJOLVFKHQ)DVVXQJZHUGHQYROOHOHNWURQLVFK SXEOL]LHUW6SH]LDO.XU]YHUVLRQHQGLHVHN QQHQDXFKPLW +DQGKHOGFRPSXWHUQXQG+DQG\RUJDQL]HUQLPPRELOHQ(LQVDW] +DXVEHVXFKJHQXW]WZHUGHQ E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH $XIGHU&'520EHILQGHQVLFKQRFKZHLWHUH/HLWOLQLHQPLWVSH]LHOOHQ(PSIHKOXQJHQ]XU 'LDJQRVWLN8PJDQJPLWVSH]LHOOHQ$OWHUVJUXSSHQXQGLQVEHVRQGHUHDXFK]XU 3KDUPDNRWKHUDSLHLQÄDQWLGHSUHVVDQWVIURPJHQHUDOSUDFWLWLRQHU VYLHZSRLQW³ =XGLHVHQ(PSIHKOXQJHQZLUGMHGRFKLQGHU/HLWOLQLHQ'DWHQEDQNQLFKWJHOLQNWVRGDVVGLHVH EHLGHUPHWKRGLVFKHQ%HZHUWXQJKLHUDXFKQLFKWEHU FNVLFKWLJWZXUGHQ 'LHVI KUWH]%EHL)UDJH]XU$EZHUWXQJ
183 /HLWOLQLHQEHULFKW'HSUHVVLRQ (,QVWLWXWHIRU&OLQLFDO6\VWHPV,PSURYHPHQW 0DMRU'HSUHVVLRQLQ$GXOWVIRU0HQWDO+HDOWK3URYLGHUV 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 0DMRUGHSUHVVLRQLQDGXOWVIRUPHQWDOKHDOWKSURYLGHUV 4XHOOH 0DMRUGHSUHVVLRQLQDGXOWVIRUPHQWDOKHDOWKKHDOWKSURYLGHUV$YDLODEOHIURP85/ KWWSZZZLFVLRUJJXLGH'HSU6SSGI )UDJHQ]XU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ MD,QVWLWXWHIRU&OLQLFDO6\VWHPV,PSURYHPHQW,&6, $QJDEHILQDQ]8QWHUVW W]XQJ QHLQ P JOLFKH(LQIOXVVQDKPH QD GLVNXWLHUW $XWRUHQGHU/HLWOLQLHQ %HWHLOLJWH MD 9HUDQWZRUWOLFKH$XWRUHQVLQGQDPHQWOLFKJHQDQQW EHWHLOLJ%HWURIIHQHU XQNODU )DFKlU]WH3KDUPDNRORJHQ6R]LDODUEHLWHU*HVXQGKHLWVHU]LHKHU XQG*HVXQGKHLWVPDQDJHUVLQGYHUWUHWHQMHGRFKNHLQ+LQZHLV DXI3DWLHQWHQEHWHLOLJXQJ,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO QHLQ 'R.X6XFKVWUDWHJLH XQNODU 1XUYHUHLQ]HOWHEHZHUWHWH/LWHUDWXUDQJDEHQ]XGHQ$XVVDJHQ 0HWK(YLGHQ]VWlUNH MD =LWLHUWH4XHOOHQZXUGHQQDFKHLQHPHYDOXLHUWHQ(YLGHQ]JUDGLQJ 6FKHPD$%&'05;EHZHUWHW )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ QHLQ.RQVHQVXVYHUIDKUHQ QHLQ %HU FNV,QWHU.UHLVH QHLQ (YLGHQ]YHUNQ SIXQJ XQNODU +LHU9HUZHLVDXI]XN QIWLJH$QZHQGXQJVLHKHDXFK,&6, $SUDFWLFDODSSURDFKWRHYLGHQFHJUDGLQJ-RLQW&RPLVVLRQ -RXUQDORQ4XDOLW\,PSURYHPHQW± *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW MD 5HYLHZHUIROJWHGXUFK3DUWQHURUJDQLVDWLRQHQGHU,&6,.RQVHTXHQ]HQHUZlKQW QHLQ 3LORWYHUVXFK MD 'XUFKYHUVFKLHGHQHPHGL]LQLVFKH*UXSSHQHUIROJWHLQ 3LORWYHUVXFK]XDXVJHZlKOWHQ*HELHWHQ.RQVHTXHQ]HQHUZlKQW XQNODU (VHUIROJWHhEHUDUEHLWXQJGHU'UDIW9HUVLRQ /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ MD hehusu IXQJGHU$XIODJHLVWLQ0RQDWHQJHSODQW 9HUIDKUHQI UJHQDQQW MD hehusu IXQJHUIROJWGXUFK/HLWOLQLHQDUEHLWVJUXSSHXQWHU %HU FNVLFKWLJXQJGHUZLVVHQVFKDIWOLFKHQ/LWHUDWXUXQGGHU 5 FNPHOGXQJHQGHUPHGL]LQLVFKHQ$UEHLWVJUXSSHQ 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW XQNODU,QGHUEHLJHI JWHQhEHUVLFKWGHV$EODXIVGHU(UVWHOOXQJIHKOHQ HLQLJH6FKULWWHGHU/HLWOLQLHQ(UVWHOOXQJ
184 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 0DMRUGHSUHVVLRQLQDGXOWVIRUPHQWDOKHDOWKSURYLGHUV )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH QHLQ =LHOH MD 'LH/HLWOLQLHQGHU,&6,VROOHQGLH:LUNVDPNHLWGHQ:LUNXQJVJUDG XQGGLH%HVWlQGLJNHLWGHU*HVXQGKHLWVYHUVRUJXQJYHUEHVVHUQ /HLWOLQLHQVROOHQDOV+DQGZHUNV]HXJGLHQHQXPHLQHQ=XJDQJ ]XPPHGL]LQLVFKHQ3UREOHP]XVFKDIIHQ'DEHLVROOGXUFKGLHVH /HLWOLQLHGLHXPIDVVHQGH'LDJQRVHXQG%HKDQGOXQJYRQ 'HSUHVVLYHQGXUFKÄPHQWDOKHDOWKFOLQLFDQV³YHUEHVVHUWZHUGHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD $PEXODQWH3DWLHQWHQPLWÄPDMRUGHSUHVVLRQ³ bu]wo=lhojuxsshq MD ÄPHQWDOKHDOWKSURIHVVLRQDOV³.OLQLVFKH6R]LDODUEHLWHU 3V\FKLDWULHVFKZHVWHUQ3V\FKRORJHQ3V\FKLDWHU $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH EHUVLFKWOLFKH]XVDPPHQIDVVHQGH'DUVWHOOXQJ GHUZHVHQWOLFKHQ(PSIHKOXQJHQLQHLQHP+DQGOXQJVDOJRULWKPXV +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQJHQDQQW $PE6WDWLRQlU MD.ULWHULHQ]XU(LQOHLWXQJHLQHUVWDWLRQlUHQ7KHUDSLHVLQGJHQDQQW 1RWZHQGLJH0D QDKPHQ MD $XIQRWZHQGLJH0D QDKPHQGHU'LDJQRVWLN7KHUDSLHSODQXQJ XQGNRQWUROOHZLUGKLQJHZLHVHQ 2EVROHWH0D QDKPHQ QHLQ 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQXQGGLH9RUWHLOHGHU7KHUDSLHIRUPHQZHUGHQLP 'LVNXVVLRQVWHLODQKDQGGHU6WXGLHQGDUJHVWHOOW 7KHUDSLHIROJHQ1: MD 0HGL]LQLVFKH1HEHQZLUNXQJHQZHUGHQ EHUVLFKWOLFKGDUJHVWHOOW 'LVNY.RVWHQIROJHQ XQNODU (VHUIROJWQXUHLQH EHUVLFKWVDUWLJH$QJDEHYRQ'RVLVNRVWHQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ QHLQ
185 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 0DMRUGHSUHVVLRQLQDGXOWVIRUPHQWDOKHDOWKSURYLGHUV )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD 'LH9HUEUHLWXQJHUIROJW EHU%XFKXQGÄTXLFNUHIHUHQFHJXLGH³ DOV3UD[LVKLOIHQ E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ XQNODU 1XUMXULVWLVFKHU+LQZHLVGDVVRUJDQLVLHUWHPHGL]LQLVFKH*UXSSHQ /HLWOLQLHQGHU,&6,DXFKDQSDVVHQG UIHQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ MD (LQ(YDOXDWLRQVNRQ]HSW]XUhEHUSU IXQJGHU /HLWOLQLHQDQZHQGXQJLQPHGL]LQLVFKHQ*UXSSHQPLW%HVFKUHLEXQJ GHU%HUHFKQXQJVPHWKRGH(UKHEXQJVKlXILJNHLWXQG0HWKRGH GHU'DWHQVDPPOXQJZLUGEHVFKULHEHQ,QGLNDWRUHQ MD %HLVSLHOKDIWH1HQQXQJYRQ,QGLNDWRUHQ]XU(UIDVVXQJGHU 9HUVRUJXQJVTXDOLWlW $QWHLOGHU3DWLHQWHQPLWGRNXPHQWLHUWHUDQ'60,9 DXVJHULFKWHWHU'LDJQRVH $QWHLOGHU3DWLHQWHQGLHHLQH6FKXOXQJ EHUGLH(UNUDQNXQJ HUKLHOWHQ'LDJQRVHDQWHLONRPRUELGHU=XVWlQGH =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
186 /HLWOLQLHQEHULFKW'HSUHVVLRQ (,QVWLWXWHIRU&OLQLFDO6\VWHPV,PSURYHPHQW0DMRU'HSUHVVLRQ3DQLF'LVRUGHU DQG*HQHUDOL]HG$Q[LHW\'LVRUGHULQ$GXOWVLQ3ULPDU\&DUH 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 0DMRUGHSUHVVLRQSDQLFGLVRUGHUDQGJHQHUDOL]HGDQ[LHW\GLVRUGHULQDGXOWVLQSULPDU\FDUH 4XHOOH 0DMRUGHSUHVVLRQSDQLFGLVRUGHUDQGJHQHUDOL]HGDQ[LHW\GLVRUGHULQDGXOWVLQSULPDU\FDUH $YDLODEOHIURP85/KWWSZZZLFVLRUJJXLGH$Q[SGI )UDJHQ]XU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ MD,QVWLWXWHIRU&OLQLFDO6\VWHPV,PSURYHPHQW,&6, $QJDEHILQDQ]8QWHUVW W]XQJ QHLQ P JOLFKH(LQIOXVVQDKPH QD GLVNXWLHUW $XWRUHQGHU/HLWOLQLHQ %HWHLOLJWH MD 9HUDQWZRUWOLFKH$XWRUHQVLQGQDPHQWOLFKJHQDQQW EHWHLOLJ%HWURIIHQHU XQNODU $OOJHPHLQPHGL]LQHU,QWHUQLVWHQ)DFKlU]WH3KDUPDNRORJHQ *HVXQGKHLWVHU]LHKHUXQG*HVXQGKHLWVPDQDJHUVLQGYHUWUHWHQ MHGRFKNHLQ+LQZHLVDXI3DWLHQWHQEHWHLOLJXQJ,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO QHLQ 'R.X6XFKVWUDWHJLH XQNODU 1XUYHUHLQ]HOWHEHZHUWHWH/LWHUDWXUDQJDEHQ]XGHQ$XVVDJHQ 0HWK(YLGHQ]VWlUNH MD =LWLHUWH4XHOOHQZXUGHQQDFKHLQHPHYDOXLHUWHQ(YLGHQ]JUDGLQJ 6FKHPD$%&'05;EHZHUWHW )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ QHLQ.RQVHQVXVYHUIDKUHQ QHLQ %HU FNV,QWHU.UHLVH QHLQ (YLGHQ]YHUNQ SIXQJ XQNODU +LHU9HUZHLVDXI]XN QIWLJH$QZHQGXQJVLHKHDXFK,&6, Ä$SUDFWLFDODSSURDFKWRHYLGHQFHJUDGLQJ³-RLQW&RPLVVLRQRQ 4XDOLW\,PSURYHPHQW9RO± *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW MD 5HYLHZHUIROJWHGXUFK3DUWQHURUJDQLVDWLRQHQGHU,&6,.RQVHTXHQ]HQHUZlKQW QHLQ 3LORWYHUVXFK MD 'XUFKYHUVFKLHGHQHPHGL]LQLVFKH*UXSSHQHUIROJWHLQ 3LORWYHUVXFK]XDXVJHZlKOWHQ*HELHWHQ.RQVHTXHQ]HQHUZlKQW XQNODU (VHUIROJWHhEHUDUEHLWXQJGHU'UDIW9HUVLRQ //9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ MD 1lFKVWHhEHUSU IXQJGHU,&6,/HLWOLQLHLVWLQ0RQDWHQ JHSODQW%LV]XU$XIODJHLP0DLZXUGHGLHVDXFK GXUFKJHI KUW 9HUIDKUHQI UJHQDQQW MD hehusu IXQJHUIROJWGXUFK/HLWOLQLHQDUEHLWVJUXSSHXQWHU %HU FNVLFKWLJXQJGHUZLVVHQVFKDIWOLFKHQ/LWHUDWXUXQGGHU 5 FNPHOGXQJHQGHUPHGL]LQLVFKHQ$UEHLWVJUXSSHQ 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW XQNODU,QGHUEHLJHI JWHQhEHUVLFKWGHV$EODXIVGHU(UVWHOOXQJIHKOHQ HLQLJH6FKULWWHGHU/HLWOLQLHQ(UVWHOOXQJ
187 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 0DMRUGHSUHVVLRQSDQLFGLVRUGHUDQGJHQHUDOL]HGDQ[LHW\GLVRUGHULQDGXOWVLQSULPDU\FDUH )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH QHLQ =LHOH MD 'LH//GHU,&6,VROOGLH:LUNVDPNHLWGHQ:LUNXQJVJUDGXQG %HVWlQGLJNHLWGHU*HVXQGKHLWVYHUVRUJXQJYHUEHVVHUQ 'LHVH//VROOGD]XGLHQHQGLH(UNHQQXQJXQG'LDJQRVHGHU 3DQLNVW UXQJHQ$QJVWVW UXQJHQXQG'HSUHVVLRQHQGXUFKGLH +DXVlU]WHQ]XYHUEHVVHUQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD $PEXODQWHHUZDFKVHQH3DWLHQWHQPLWÄPDMRUGHSUHVVLRQ³ 3DQLNVW UXQJHQXQG$QJVVW UXQJHQ³ bu]wo=lhojuxsshq MD *UXQGYHUVRUJHUÄ3ULPDU\&DUH³ $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH EHUVLFKWOLFKH]XVDPPHQIDVVHQGH'DUVWHOOXQJGHU ZHVHQWOLFKHQ(PSIHKOXQJHQLQHLQHP+DQGOXQJVDOJRULWKPXV +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQJHQDQQW $PE6WDWLRQlU QHLQ 1RWZHQGLJH0D QDKPHQ MD $XIQRWZHQGLJH0D QDKPHQGHU'LDJQRVWLN7KHUDSLHSODQXQJ XQGNRQWUROOHZLUGKLQJHZLHVHQ 2EVROHWH0D QDKPHQ QHLQ 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQXQGGLH9RUWHLOHGHU7KHUDSLHIRUPHQZHUGHQ GDUJHVWHOOW 7KHUDSLHIROJHQ1: MD :HVHQWOLFKH1HEHQZLUNXQJHQGHUSKDUPDNRORJLVFKHQ7KHUDSLH ZHUGHQ EHUVLFKWOLFKGDUJHVWHOOW 'LVNY.RVWHQIROJHQ XQNODU $QJDEHYRQ'RVLVNRVWHQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ QHLQ
188 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 0DMRUGHSUHVVLRQSDQLFGLVRUGHUDQGJHQHUDOL]HGDQ[LHW\GLVRUGHULQDGXOWVLQSULPDU\FDUH )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD 'LH9HUEUHLWXQJHUIROJW EHU%XFKXQGÄTXLFNUHIHUHQFHJXLGH³ DOV3UD[LVKLOIHQ E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ XQNODU 1XUMXULVWLVFKHU+LQZHLVGDVVRUJDQLVLHUWHPHGL]LQLVFKH*UXSSHQ /HLWOLQLHQGHU,&6,DXFKDQSDVVHQG UIHQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ MD (LQ(YDOXDWLRQVNRQ]HSW]XUhEHUSU IXQJGHU /HLWOLQLHQDQZHQGXQJLQPHGL]LQLVFKHQ*UXSSHQPLW%HVFKUHLEXQJ GHU%HUHFKQXQJVPHWKRGH(UKHEXQJVKlXILJNHLWXQG0HWKRGH GHU'DWHQVDPPOXQJZLUGEHVFKULHEHQ,QGLNDWRUHQ MD %HLVSLHOKDIWH1HQQXQJYRQ,QGLNDWRUHQ]XU(UIDVVXQJGHU 9HUVRUJXQJVTXDOLWlW $QWHLOGHU3DWLHQWHQPLWGRNXPHQWLHUWHUDQ'60,9 DXVJHULFKWHWHU'LDJQRVH $QWHLOGHU3DWLHQWHQGLHHLQH6FKXOXQJ EHUGLH(UNUDQNXQJ HUKLHOWHQ'LDJQRVHDQWHLONRPRUELGHU=XVWlQGH =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
189 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( 1DWLRQDO$GYLVRU\&RPPLWWHHRQ+HDOWKDQG'LVDELOLW\ *XLGHOLQHVIRUWKH7UHDWPHQWDQG0DQDJHPHQWRI'HSUHVVLRQE\3ULPDU\ +HDOWKFDUH3URIHVVLRQDOV 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH *XLGHOLQHVIRUWKHWUHDWPHQWDQGPDQDJHPHQWRIGHSUHVVLRQE\SULPDU\KHDOWKFDUHSURIHVVLRQDOV 4XHOOH *XLGHOLQHVIRUWKHWUHDWPHQWDQGPDQDJHPHQWRIGHSUHVVLRQE\SULPDU\KHDOWKFDUHSURIHVVLRQDOV $YDLODEOHIURP85/KWWSZZZQ]JJRUJQ]OLEUDU\JOBFRPSOHWHGHSUHVVLRQLQGH[FIP )UDJHQ]XU4XDOLWl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lQGLVFKH /LWHUDWXUHUJlQ]W6XFKYHUIDKUHQZXUGHQLFKWQlKHUEHVFKULHEHQ 'R.X6XFKVWUDWHJLH MD 'LHZHVHQWOLFKHQ(PSIHKOXQJHQVLQGPLW/LWHUDWXUDQJDEHQ EHOHJW 0HWK(YLGHQ]VWlUNH QHLQ )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ QHLQ.RQVHQVXVYHUIDKUHQ QHLQ %HU FNV,QWHU.UHLVH MD 1HEHQGHU(LQIOXVVQDKPH EHUGLH.RPPHQWLHUXQJGHU'UDIW 9HUVLRQZXUGHHLQH IIHQWOLFKHXQGRIIHQH$QK UXQJ GXUFKJHI KUW'LH(UJHEQLVVHZXUGHQLPOHW]WHQXSGDWHGHU /HLWOLQLHYRU9HU IIHQWOLFKXQJEHU FNVLFKWLJW (YLGHQ]YHUNQ SIXQJ QHLQ *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW MD (VHUIROJWHZlKUHQGGHU(UVWHOOXQJHLQH9HUWHLOXQJHLQHU'UDIW 9HUVLRQDQYHUVFKLHGHQH3HUVRQHQXQG2UJDQLVDWLRQHQ.RQVHTXHQ]HQHUZlKQW XQNODU 'LH1DPHQGHUHUGLHHLQH5 FNPHOGXQJJHJHEHQKDEHQVLQG JHQDQQW'LH(UJHEQLVVHZXUGHQLPOHW]WHQXSGDWHGHU/HLWOLQLH YRU9HU IIHQWOLFKXQJEHU FNVLFKWLJW 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ QHLQ 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW MD,P$SSHQGL[ZLUGGHU(UVWHOOXQJVSUR]HVVGDUJHVWHOOW
190 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH *XLGHOLQHVIRUWKHWUHDWPHQWDQGPDQDJHPHQWRIGHSUHVVLRQE\SULPDU\KHDOWKFDUHSURIHVVLRQDOV )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH MD 'HSUHVVLRQHQZXUGHQDOVSV\FKLVFKH6W UXQJPLWGHUK FKVWHQ 3UlYDOHQ]HUNDQQW$X HUGHPZLUGHVDOVP JOLFKDQJHVHKHQ GDVVVLHGXUFKJHHLJQHWH,QIRUPDWLRQDQGLH3ULPlUYHUVRUJHU GRUWDXFKDGlTXDWEHKDQGHOWZHUGHQN QQHQ =LHOH MD 'LH/HLWOLQLHVROOGLDJQRVWLVFKHXQGWKHUDSHXWLVFKH+LOIHVWHOOXQJ EHLGHU%HKDQGOXQJYRQOHLFKWHQXQGPLWWHOVFKZHUHQ 'HSUHVVLRQHQLQGHU$OOJHPHLQSUD[LVJHEHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD $PEXODQWH3DWLHQWHQPLW'HSUHVVLRQXQG'\VWK\PLHRKQH ELSRODUH(UNUDQNXQJVIRUPHQ%HKDQGOXQJGXUFK6SH]LDOLVWHQ bu]wo=lhojuxsshq MD 3ULPlUYHUVRUJHUÄSULPDU\KHDOWKFDUHZRUNHUV³DXFKXQWHU (LQVFKOXVVYRQ6R]LDODUEHLWHUQ $XVQY(PSIHKOXQJHQ MD $XVRUJDQLVDWRULVFKHQ*U QGHQNDQQHVHUIRUGHUOLFKZHUGHQ GDVVGLH%HXUWHLOXQJGHU6XL]LGDOLWlWQLFKWYRP6SH]LDOLVWHQ YRUJHQRPPHQZHUGHQNDQQREZRKOGLHVHV=LHOGHU 'LDJQRVHTXDOLWlWJUXQGVlW]OLFKDQJHVWUHEWZHUGHQVROOWH %HG UIQLVVHG3DWLHQWHQ XQNODU 1DFK0HLQXQJGHU$XWRUHQVROOWHQDXIJUXQGGHU 3DWLHQWHQSUlIHUHQ]HQSV\FKRORJLVFKH7KHUDSLHQDOV(UVWWKHUDSLH DQJHERWHQZHUGHQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH EHUVLFKWOLFKH]XVDPPHQIDVVHQGH'DUVWHOOXQJGHU ZHVHQWOLFKHQ(PSIHKOXQJHQLQ7DEHOOHQXQG$OJRULWKPHQ +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQEHJU QGHWDXIJHI KUW $PE6WDWLRQlU XQNODU ) UGLH1RWZHQGLJNHLWGHU0LWE]Z:HLWHUEHKDQGOXQJZHUGHQ.ULWHULHQJHQDQQW(LQHYHUJOHLFKEDUHNODUH,QGLNDWLRQVVWHOOXQJ ]XU(LQOHLWXQJVWDWLRQlUHU7KHUDSLHIHKOW 1RWZHQGLJH0D QDKPHQ MD $XIQRWZHQGLJH0D QDKPHQGHU'LDJQRVWLN7KHUDSLHSODQXQJ XQGNRQWUROOHZLUGKLQJHZLHVHQ 2EVROHWH0D QDKPHQ MD.RQWUDLQGLNDWLRQHQVLQGJHQDQQW 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQXQGGLH9RUWHLOHGHUXQWHUVFKLHGOLFKHQ 7KHUDSLHIRUPHQZHUGHQGDUJHVWHOOW 7KHUDSLHIROJHQ1: MD 0HGLNDPHQW VH1HEHQZLUNXQJHQZHUGHQJUDGXLHUWXQG EHUVLFKWOLFKGDUJHVWHOOW 'LVNY.RVWHQIROJHQ XQNODU,QGHU(LQOHLWXQJZHUGHQYHUVFKLHGHQH.RVWHQEHLGHSUHVVLYHQ 3DWLHQWHQJHQDQQW $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ XQNODU 7DJHVGRVLVNRVWHQZHUGHQDQJHJHEHQRKQHGDVVGLHVHHLQHQ 9HUJOHLFKPLWDQGHUHQ7KHUDSLHIRUPHQRGHUGHP1XW]HQGHU DQGHUHQ0HGLNDPHQWHHUP JOLFKHQ
191 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH *XLGHOLQHVIRUWKHWUHDWPHQWDQGPDQDJHPHQWRIGHSUHVVLRQE\SULPDU\KHDOWKFDUHSURIHVVLRQDOV )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD 3DWLHQWHQLQIRUPDWLRQHQ E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH MD 1XW]XQJGHUHWDEOLHUWHQIDFKVSH]LILVFKHQ(LQULFKWXQJHQXQG 6HOEVWKLOIHJUXSSHQZLUGJHIRUGHUWGXUFKDXVI KUOLFKH $GUHVVOLVWHQZLUGHVDXFKHUOHLFKWHUWHLQHQJHHLJQHWHQ $QVSUHFKSDUWQHU]XILQGHQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
192 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( 1DWLRQDO,QVWLWXWHVRI+HDOWK 'LDJQRVLVDQG7UHDWPHQWRI'HSUHVVLRQLQ/DWH/LIH 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 'LDJQRVLVDQGWUHDWPHQWRIGHSUHVVLRQLQODWHOLIH 4XHOOH 'LDJQRVLVDQGWUHDWPHQWRIGHSUHVVLRQLQODWHOLIHFRQVHQVXVGHYHORSPHQW&RQVHQV6WDWHPHQW KWWSRGSRGQLKJRYFRQVHQVXVFRQVBVWDWHPHQWKWP8SGDWH/HERZLW]%'3HDUVRQ-/ 6FKQHLGHU/65H\QROGV&)UG$OH[RSRXORV*6%UXFH0/HWDO'LDJQRVLVDQGWUHDWPHQWRI GHSUHVVLRQLQODWHOLIH&RQVHQVXVVWDWHPHQWXSGDWH-$0$ )UDJHQ]XU4XDOLWl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lUNH QHLQ )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ QHLQ.RQVHQVXVYHUIDKUHQ XQNODU :lkuhqgghu.rqihuhq]huirojwhqdfk'duohjxqjghv:lvvhqv GXUFK([SHUWHQPLW'LVNXVVLRQLQGHU=XK UHUVFKDIWGXUFK PRGHULHUWH([SHUWHQJUXSSHHLQ6WDWHPHQWGDV)UDJHQ EHDQWZRUWHW %HU FNV,QWHU.UHLVH XQNODU 0 JOLFKH%HWHLOLJXQJZlKUHQGGHU9RUWUlJHVR (YLGHQ]YHUNQ SIXQJ QHLQ *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW QHLQ.RQVHTXHQ]HQHUZlKQW QHLQ 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ XQNODU,QGHU,QWHUQHWYHUVLRQZLUGDXI$NWXDOLVLHUXQJVDUWLNHOXSGDWH YHUZLHVHQHVZLUGMHGRFKNHLQ3UR]HVVEHVFKULHEHQ 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW XQNODU 1XU.RQVHQVXNRQIHUHQ]LP$EODXIYRUJHVWHOOWV\VWHPDWLVFKH )RUPXOLHUXQJXQG+HUNXQIWGHU(YLGHQ]LVWQLFKWGDUJHOHJW
193 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 'LDJQRVLVDQGWUHDWPHQWRIGHSUHVVLRQLQODWHOLIH )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH XQNODU 'HSUHVVLRQHQZHUGHQZHJHQSK\VLVFKHU0RUELGLWlWRGHUVR]LDOHU XQG NRQRPLVFKHU3UREOHPHGHUbOWHUHQKlXILJQLFKWHUNDQQW XQGDXFKQLFKWEHKDQGHOW(VHUIROJWNHLQH9HUNQ SIXQJGLHVHU $QJDEHQPLWGHU(UVWHOOXQJGHV'RNXPHQWV =LHOH MD 'LH(QWZLFNOXQJGHV.RQVHQVXVVWDWHPHQWZXUGHGXUFKGDV1,+ YHUDQODVVWXPRIIHQH)UDJHQ]XEHDQWZRUWHQ 'LH$XWRUHQVHKHQ,KUH$XIJDEHGDULQGDVLQGHU$OWHUJUXSSH EHU(SLGHPLRORJLH3DWKRSK\VLRORJLH3UlYHQWLRQXQG7KHUDSLH %HNDQQWHXQG1RWZHQGLJHVI UGLH]XN QIWLJH)RUVFKXQJ GDU]XOHJHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD 3DWLHQWHQPLWÄGHSUHVVLRQLQODWHOLIH³VLQGGDEHLPLW! /HEHQVMDKUHQGHILQLHUWNHLQHJHQDXHUH$EJUHQ]XQJGHU)RUP XQGRGHU6\PSWRPDWLN bu]wo=lhojuxsshq XQNODU 7HLOZHLVHULFKWHQVLFKGLH(PSIHKOXQJHQDQ3IOHJHNUlIWHXQG +DXVlU]WHVFKZHUSXQNWPl LJDQ)RUVFKHU $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH EHUVLFKWOLFKH]XVDPPHQIDVVHQGH'DUVWHOOXQJLQ ÄFRQFOXVLRQVDQGUHFRPPHQGDWLRQV³ +DQGOXQJVDOWHUQDWLYHQ XQNODU 7HLOZHLVHZHUGHQQLFKWEHJU QGHWH$OWHUQDWLYHQDXIJHI KUW $PE6WDWLRQlU QHLQ 1RWZHQGLJH0D QDKPHQ MD $XIVSH]LILVFKQRWZHQGLJH0D QDKPHQGHU'LIIHUHQ]LDO 'LDJQRVWLNXQG7KHUDSLHNRQWUROOHEHLbOWHUHQZLUGKLQJHZLHVHQ 2EVROHWH0D QDKPHQ QHLQ 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQXQGGLHP JOLFKH,QHIIHNWLYLWlWGHUXQWHUVFKLHGOLFKHQ 7KHUDSLHIRUPHQZHUGHQGDUJHVWHOOW 7KHUDSLHIROJHQ1: MD $XIP JOLFKH1HEHQZLUNXQJHQZLUGKLQJHZLHVHQGDEHLZLUG LQVEHVRQGHUHDXFKDXIGLH3UREOHPDWLNHLQJHJDQJHQGDVV ZHJHQIHKOHQGHU6WXGLHQODJHEHLÄbOWHUHQ³DXIJUXQGNOLQLVFKHU (UIDKUXQJHQEHVWLPPWH0HGLNDPHQWHLQGHU$QZHQGXQJ EHYRU]XJWZHUGHQ 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ QHLQ
194 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 'LDJQRVLVDQGWUHDWPHQWRIGHSUHVVLRQLQODWHOLIH )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW QHLQ E9HUKDOWHQVlQGHUXQJ MD 'DV7KHPDVROOLQÄFRQWLQXQLJHGXFDWLRQSURJUDPPV³GHU /HLVWXQJVDQELHWHUDXIJHQRPPHQZHUGHQ%HJOHLWIRUVFKXQJVROO 'HIL]LWHLQ.HQQWQLVGHU6\PSWRPDWLNXQG7KHUDSLHRIIHQOHJHQ F2UJDQLV+LQGHUQLVVH MD (VZLUGDXI1RWZHQGLJNHLWYRQLQQRYDWLYHQ0RGHOOHQGHVÄVRFLDO VHUYLFHV³]%7DJHVEHWUHXXQJKLQJHZLHVHQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
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l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gNRQRPHQXQGHLQ0RGHUDWRUVLQGDOV$XWRUHQ EHWHLOLJWMHGRFKNHLQ+LQZHLVDXI3DWLHQWHQEHWHLOLJXQJ,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO MD 1DFK)RUPXOLHUXQJGHU)UDJHQGXUFKGLH/HLWOLQLHQ*UXSSH ZXUGHQGLHLQKDOWOLFKUHOHYDQWHQ6WXGLHQLGHQWLIL]LHUW'DQDFK ZXUGHQGLHUHOHYDQWHQ6WXGLHQQDFKLKUHUPHWKRGLVFKHQ4XDOLWlW EHZHUWHW6XFKVWUDWHJLHXQG0HWKRGLNLQ(PEDVHXQG0HGOLQH XQG$XVZDKONULWHULHQI UGLH5HYLHZVVLQGNODUGDUJHOHJW 'R.X6XFKVWUDWHJLH MD 'LHLQGDV5HYLHZHLQJHVFKORVVHQ6WXGLHQVLQGPLW(FNGDWHQ $XWRUHQ4XHOOH(LQVFKOXVVNULWHULHQ,QWHUYHQWLRQEHREDFKWHWHV 2XWFRPHXQGVWDWLVWLVFKH$QJDEHQ]XU(IIL]LHQ]XQG]XP UHODWLYHQ5LVLNRLP$QKDQJDXIJHI KUW'DEHLZXUGHDXFKHLQH hehuvlfkw EHUQLFKWEHU FNVLFKWLJWH6WXGLHQHUVWHOOW 0HWK(YLGHQ]VWlUNH MD 'LH(YLGHQ]EHZHUWXQJHUIROJWHLQ$QOHKQXQJDQGLH.ULWHULHQGHU $+&35,D,E,,D,LE,,,,9 )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ MD 9RQGHU/HLWOLQLHQ*UXSSHIRUPXOLHUWHNOLQLVFKH)UDJHVWHOOXQJ! (UJHEQLVVHGHU6XFKHXQG%HZHUWXQJ!(LQRUGQXQJLQ6WlUNH GHU(PSIHKOXQJHQ'LVNXVVLRQEHL(YLGHQ]NRQIOLNW.RQVHQVXVYHUIDKUHQ XQNODU (VZLUGQXUEHVFKULHEHQGDVVYLHU7UHIIHQGHU/HLWOLQLHQ$XWRUHQ VWDWWJHIXQGHQKDEHQ %HU FNV,QWHU.UHLVH QHLQ (YLGHQ]YHUNQ SIXQJ MD 'LH(PSIHKOXQJVNODVVLILNDWLRQ*UDG$'LVWPLWGHU(YLGHQ] QRWZHQGLJHUZHLVHYHUNQ SIWZlKUHQGGLHNOLQLVFKH5HOHYDQ]DOV (UJHEQLVGHV.RQVHQVSUR]HVVDOV]ZHLWHV.ULWHULXP EHU FNVLFKWLJWZXUGH'DEHLZXUGHQ*HELHWHRKQH(YLGHQ]DEHU PLWNOLQLVFKHU1RWZHQGLJNHLWHLQHU(PSIHKOXQJKHUDXVJHKREHQ GDUJHVWHOOW
196 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 7KHFKRLFHRIDQWLGHSUHVVDQWVIRUGHSUHVVLRQLQSULPDU\FDUH *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW MD (LQH[WHUQHV5HYLHZZXUGHGXUFKJHI KUWGLH5HYLHZHUVLQG QDPHQWOLFKJHQDQQW.RQVHTXHQ]HQHUZlKQW MD 1XUHLQH'HNODUDWLRQGDVV]ZDU6WLOXQG,QKDOWEHHLQIOXVVW ZXUGHQMHGRFK9HUDQWZRUWOLFKNHLWEHLGHQ$XWRUHQYHUEOLHE 3LORWYHUVXFK XQNODU 'LH/HLWOLQLHZXUGHLP5DKPHQGHUÄ(YLGHQFHEDVHG2XW5HDFK (%256WXGLHHQWZLFNHOWXQNODUEOHLEWREHUVWH(UJHEQLVVH GLHVHU6WXGLHGLHYRUOLHJHQGH9HUVLRQEHHLQIOXVVWHQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ XQNODU 1XUHLQH$QJDEHGDVVGLHhEHUDUEHLWXQJZVOYHUI JEDUVHLQ ZLUGZHQQQHXH(UJHEQLVVHQDFKGLH(PSIHKOXQJHQ EHHLQIOXVVHQ 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU MD $XI3UREOHPHEHLP5HYLHZLQVEHVRQGHUHHLQHP JOLFKH 9HU]HUUXQJGXUFKGHQ3XEOLNDWLRQVELDVLQNO'XEOHWWHQYRQ 6WXGLHQHUJHEQLVVHQXQGNOHLQH)DOO]DKOHQZLUGHLQJHJDQJHQ /HLWOLQLHQ5HSRUW MD hehuvlfkwolfkh=xvdpphqidvvxqjplwzhvhqwolfkhq(fnsxqnwhq GHU/HLWOLQLH(QWZLFNOXQJ )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH QHLQ =LHOH MD 'LH/HLWOLQLHVROO+DXVlU]WHQGXUFK%HUHLWVWHOOXQJ HYLGHQ]EDVLHUWHU,QIRUPDWLRQHQHLQH+LOIHVWHOOXQJEHLP*HEUDXFK YRQ$QWLGHSUHVVLYDXQGEHLGHU7KHUDSLHGHU'HSUHVVLRQJHEHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD $PEXODQWH3DWLHQWHQPLW'HSUHVVLRQLQGHUKDXVlU]WOLFKHQ 7KHUDSLH bu]wo=lhojuxsshq MD ÄSULPDU\KHDOWKFDUHSURIHVVLRQDOV³ $XVQY(PSIHKOXQJHQ XQNODU 1XUDOOJHPHLQHU+LQZHLVGDVVVLFKDXVGHQ]XU9HUI JXQJ VWHKHQGHQ5HVVRXUFHQXQG8PVWlQGHQ6LWXDWLRQHQHUJHEHQ N QQHQEHLGHQHQ/HLWOLQLHQNHLQH$QZHQGXQJILQGHQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKHLQGHQ.DSLWHOQ E6FKO VVHOHPSIHKOXQJ XQNODU $XVGHU]XVDPPHQIDVVHQGHQ'DUVWHOOXQJGHUZHVHQWOLFKHQ (PSIHKOXQJHQJHKWQLFKWNODUKHUYRUXQWHUZHOFKHQ %HGLQJXQJHQZHOFKHV$QWLGHSUHVVLYDJHZlKOWZHUGHQVROO +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQLP6WXGLHQYHUJOHLFK :LUNXQJ1HEHQZLUNXQJHQ.RVWHQEHJU QGHW $PE6WDWLRQlU XQNODU $XVGHU1XW]HQ.RVWHQ%HWUDFKWXQJJHKWQXULQGLUHNWKHUYRU GDVV+RVSLWDOLVDWLRQEHLWR[LVFKHQ(IIHNWHQGHUWUL]\NOLVFKHQ $QWLGHSUHVVLYDHUIRUGHUOLFKVHLQNDQQ
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lWXQG6LFKHUKHLW DQKDQGYRQ6WXGLHQDXVI KUOLFKGLVNXWLHUW 'LVNY.RVWHQIROJHQ MD $QJDEHXQG'LVNXVVLRQGHU'RVLVNRVWHQLQNOXVLYHGHU *HVDPWWKHUDSLHNRVWHQGDEHL9HUJOHLFKGHV.RVWHQDQVWLHJV]XU 0RUWDOLWlW $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ XQNODU 'HU1XW]HQGHU/HLWOLQLHQ$QZHQGXQJDOV*OREDOPD QDKPHLVW QLFKWNODU'LHGDUJHVWHOOWHQ(UJHEQLVVHGHU0RUWDOLWlWVVHQNXQJ ]HLJWHQNHLQHVWDWLVWLVFKH6LJQLILNDQ] )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW QHLQ E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ XQNODU 1XUDOOJHPHLQHU+LQZHLVGDVV(QWVFKHLGXQJVZHJHXQWHU %HWUDFKWXQJGHUYHUI JEDUHQ5HVVRXUFHQDQJHSDVVWZHUGHQ P VVHQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
198 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( 3V\FKJXLGHV0HGLFDWLRQWUHDWPHQWRIELSRODUGLVRUGHU 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 0HGLFDWLRQWUHDWPHQWRIELSRODUGLVRUGHU 4XHOOH 6DFKV*63ULQW]'-.DKQ'$&DUSHQWHU''RFKHUW\-3 0HGLFDWLRQWUHDWPHQWRIELSRODUGLVRUGHU1HZ<RUN0F*UDZ+LOO$YDLODEOHIURP85/ KWWSZZZSV\FKJXLGHVFRPJOWUHDWPHQWBRIBESKWPO )UDJHQ]XU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ XQNODU 0F*UDZKLOO+HDOWKFDUH,QIRUPDWLRQV3URJUDPPVDOV&0(LQ $EVWLPPXQJPLWGHP$FFUHGLWDWLRQ$&&0(XQG([SHUW.QRZOHGJH6\VWHPV//&,QF'LH=XRUGQXQJGHU 9HUDQWZRUWOLFKNHLWHQLVWXQNODU $QJDEHILQDQ]8QWHUVW W]XQJ MD $QJDEHQ]XP)XQGLQJXQG6SRQVRULQJGXUFK3KDUPDILUPHQ OLHJHQYRU P JOLFKH(LQIOXVVQDKPH GLVNXWLHUW MD /LVWHGHU3KDUPDILUPHQLVWDXIJHI KUWGXUFKÄXQUHVWULFWHG HGXFDWLRQDOJUDQW³ZLUG(LQIOXVVQDKPHDXVJHVFKORVVHQ$XI P JOLFKH9HUELQGXQJHQGHU$XWRUHQ]XGHQ3KDUPDILUPHQZLUG KLQJHZLHVHQZREHLNHLQH8QDEKlQJLJNHLWVHUNOlUXQJJHIRUGHUW ZXUGH $XWRUHQGHU/HLWOLQLHQ %HWHLOLJWH MD +HUDXVJHEHUDXWRUHQXQG([SHUWFRQVHQVXV3DQHO*URXSVLQG QDPHQWOLFKDXIJHI KUWGLH4XDOLILNDWLRQXQGGHUEHUXIOLFKH +LQWHUJUXQGLVWDEOHLWEDU EHWHLOLJ%HWURIIHQHU XQNODU 3DWLHQWHQEHWHLOLJXQJLVWQLFKWHUNHQQEDUXQGDXFKQLFKW DXIJHI KUW,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO XQNODU $XVGHU/LWHUDWXUZXUGHHLQHhEHUVLFKWI UIRUPXOLHUWH NOLQLVFKH6LWXDWLRQHQXQGÄVXEVHFWLRQV³NRQVHQWLHUW'LHV HUJDESULPlU0 JOLFKNHLWHQHLQHU,QWHUYHQWLRQ'LH (UVWHOOXQJGHU'LVNXVVLRQVEDVLV3ULPlUDOJRULWKPXVZXUGHQLFKW GRNXPHQWLHUW 'R.X6XFKVWUDWHJLH QHLQ 0HWK(YLGHQ]VWlUNH XQNODU 'LH(YLGHQ]ZXUGHQLFKWEHZHUWHWHVHUIROJWHQXUHLQH VXEMHNWLYH(LQVFKlW]XQJGHUYRUIRUPXOLHUWHQ(PSIHKOXQJHQLQ HLQHUVWXILJHQ6NDODGXUFKGLH([SHUWHQ )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ MD $XVI KUOLFKH%HVFKUHLEXQJGHV.RQVHQVSUR]HVVDOVDOOHLQLJH *UXQGODJH]XU$XVZDKOXQG)RUPXOLHUXQJGHU(PSIHKOXQJHQ 'LH(UJHEQLVVHGHV.RQVHQVVLQGVWDWLVWLVFKDXVJHZHUWHWZRUGHQ.RQVHQVXVYHUIDKUHQ MD )RUPDOLVLHUWHV.RQVHQVYHUIDKUHQLVWEHVFKULHEHQ %HU FNV,QWHU.UHLVH QHLQ (YLGHQ]YHUNQ SIXQJ QHLQ 'LH(PSIHKOXQJVNODVVLILNDWLRQULFKWHWVLFKDOOHLQHQDFKGHQ (UJHEQLVVHQGHV.RQVHQVYHUIDKUHQV*UDGGHU hehuhlqvwlppxqjxqgzlugdxfkvrgdujhvwhoow *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW QHLQ.RQVHTXHQ]HQHUZlKQW QHLQ 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK MD (PSIHKOXQJHQZXUGHQPLWGHU$OWDXIODJHlKQOLFKHV.RQVHQVYHUIDKUHQYHUJOLFKHQ(EHQVRHUIROJWHHLQ9HUJOHLFK GLHVHU/HLWOLQLHPLWGHU/HLWOLQLHGHU$3$ZREHLWHLOZHLVHGLH ([SHUWHQSHUVRQHQLGHQWLVFKVLQG
199 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 0HGLFDWLRQWUHDWPHQWRIELSRODUGLVRUGHU * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ XQNODU /HLWOLQLHLVWGLH5HYLVLRQGHU.RQVHQVXV/HLWOLQLHYRQHVLVW MHGRFKNHLQHSODQPl LJH5HYLVLRQYRUJHVHKHQ 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU MD,P.DSLWHOÄOLPLWDWLRQVDQGDGYDQWDJHV³ZHUGHQUHODWLY DXVI KUOLFKP JOLFKH)HKOHUTXHOOHQEHLGHU$QZHQGXQJYRUGHP +LQWHUJUXQGGHV(UVWHOOXQJVSUR]HVVHV$EZHLFKXQJHQLP.RQVHQV(UJHEQLVVHYRQ([SHUWHQ3KDUPD6SRQVRULQJ =XVDPPHQIDVVXQJGLVNXWLHUW /HLWOLQLHQ5HSRUW MD,QÄPHWKRGRIGHYHORSLQJ³VLQGZHVHQWOLFKH6FKULWWHGHU (QWZLFNOXQJGDUJHVWHOOW )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH QHLQ =LHOH MD 'LH/HLWOLQLHVROODOVSUDNWLVFKHV+DQGZHUN]HXJVRZRKOGHP$U]W DOVDXFKGHQÄPHQWDOKHDOWKHGXFDWRUV³GLHQHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD 3DWLHQWHQPLW%LSRODUHQ6W UXQJHQRKQHZHLWHUH6SH]LILNDWLRQ RGHU(LQVFKUlQNXQJHQ$OWHU%HKDQGOXQJVVWXIH bu]wo=lhojuxsshq MD 3V\FKLDWHUDQGHUHbU]WHXQGÄPHQWDO+HDOWKHGXFDWRUV³ $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD :HVHQWOLFKHÄNH\UHFRPPHQGDWLRQV³ZHUGHQKHUYRUJHKREHQ GDUJHVWHOOW +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQEHJU QGHWDXIJHI KUW $PE6WDWLRQlU QHLQ 1RWZHQGLJH0D QDKPHQ MD $XIQRWZHQGLJH0D QDKPHQZLUGKLQJHZLHVHQHVHUIROJW JHZLFKWHWH'DUVWHOOXQJQDFK(UJHEQLVVHQGHV.RQVHQVXVSUR]HVVHV 2EVROHWH0D QDKPHQ QHLQ 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ QHLQ 7KHUDSLHIROJHQ1: QHLQ 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ QHLQ
200 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 0HGLFDWLRQWUHDWPHQWRIELSRODUGLVRUGHU )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD (VZHUGHQ]HLWJOHLFK3DWLHQWHQXQG$QJHK ULJHQLQIRUPDWLRQHQ HUVWHOOW(LQHV\VWHPDWLVFKH,PSOHPHQWLHUXQJZLUGLP7H[DV,PSOHPHQWDWLRQRI0HGLFDWLRQ$OJRULWKPV7,0$HUSUREW E9HUKDOWHQVlQGHUXQJ XQNODU 'LH/HLWOLQLHVROO]X)RUWELOGXQJVPD QDKPHQKHUDQJH]RJHQ ZHUGHQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
201 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( 'HSDUWPHQWRI9HWHUDQV$IIDLUV 0DQDJHPHQWRI0DMRU'HSUHVVLYH'LVRUGHULQ$GXOWV 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 9+$'R'FOLQLFDOSUDFWLFHJXLGHOLQHIRUWKHPDQDJHPHQWRIPDMRUGHSUHVVLYHGLVRUGHULQDGXOWV 4XHOOH 9HWHUDQV+HDOWK$GPLQLVWUDWLRQ'HSDUWPHQWRI'HIHQVH 9+$'2'&OLQLFDOSUDFWLFHJXLGHOLQHIRUPDMRUGHSUHVVLYHGLVRUGHULQDGXOWV$YDLODEOHIURP 85/KWWSZZZRTSPHGYDJRYFSJ0''0''B%DVHKWP )UDJHQ]XU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ MD 'HSDUWPHQWRI9HWHUDQV$IIDLUV9+$XQG'HSDUWPHQWRI 'HIHQVH'R'+HUDXVJDEHHUIROJWH EHUGDV Ä9+$1DWLRQDO&OLQLFDO3UDFWLFH&RXQFLO³ $QJDEHILQDQ]8QWHUVW W]XQJ XQNODU 5HJLHUXQJVRUJDQLVDWLRQLQGHU6HNXQGlUOLWHUDWXUZLUGGLHVHV )XQGLQJDQJHJHEHQ P JOLFKH(LQIOXVVQDKPH QD GLVNXWLHUW $XWRUHQGHU/HLWOLQLHQ %HWHLOLJWH MD 'LH3HUVRQHQGHU([SHUWHQJUXSSHXQGDQGHUH%HWHLOLJWHVLQG QDPHQWOLFKXQWHU1HQQXQJGHVEHUXIOLFKHQ+LQWHUJUXQGHVXQG GHU.RQWDNWDGUHVVHDXIJHI KUW EHWHLOLJ%HWURIIHQHU MD $OOHUHOHYDQWHQ%HUXIVJUXSSHQHLQVFKOLH OLFKgNRQRPHQXQG Ä3DWLHQWHQDQZlOWH³VLQGEHWHLOLJW,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO MD $OV%DVLVGLHQWHV\VWHPDWLVFKHV5HYLHZGHVHYLGHQFHEDVHG SUDFWLFHFHQWHUHUJlQ]HQGZXUGHI UGLH-DKUHELV 0HGOLQHVXFKHGXUFKJHI KUW0H6+%HJULIIHXQG6WUDWHJLH]XU (LQRUGQXQJGHU6XFKHUJHEQLVVHLP+LQEOLFNDXIGLH5HOHYDQ] ZHUGHQDXIJHI KUW'HV:HLWHUHQZXUGHDXIEHVWHKHQGH /HLWOLQLHQ$3$$+&35XQG9+$3KDUP]XU FNJHJULIIHQ 'R.X6XFKVWUDWHJLH MD 'LH(PSIHKOXQJHQZXUGHQPLW/LWHUDWXUEHOHJW 0HWK(YLGHQ]VWlUNH MD (LQYRQGHU863UHYHQWLYH6HUYLFHV7DVNIRUFHYHUZHQGHWHV %HZHUWXQJVVFKHPD,,,,,,,,,,ZXUGHDQJHZHQGHW )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ MD %HLIHKOHQGHQXQGZLGHUVSU FKOLFKHQ$QJDEHQLQGHU/LWHUDWXU EDVLHUHQGLH(PSIHKOXQJHQDXIGHU([SHUWHQPHLQXQJGHU $XWRUHQ.RQVHQVXVYHUIDKUHQ XQNODU (VZLUGDXIPRGHULHUWH.RQIHUHQ]HQKLQJHZLHVHQ %HU FNV,QWHU.UHLVH QHLQ (YLGHQ]YHUNQ SIXQJ MD 'LH6WlUNHGHU(PSIHKOXQJHQLVWLQI QI.DWHJRULHQ$( HLQJHWHLOWGDEHLLVWGLHVHQRWZHQGLJHUZHLVHPLWGHU(YLGHQ] YHUNQ SIWVLHNDQQMHGRFKDXFKLQVSH]LHOOHQ)lOOHQDEZHLFKHQ *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW XQNODU 'LH+LQ]X]LHKXQJYRQÄH[WHUQDOSHHUUHYLHZSK\VLFLDQVDQG H[SHUWFRQVXOWDQWVLQWKHILHOGRIJXLGHOLQHDQGDOJRULWKP GHYHORSPHQW³ZLUGHUZlKQW.RQVHTXHQ]HQHUZlKQW QD 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ
202 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 9+$'R'FOLQLFDOSUDFWLFHJXLGHOLQHIRUWKHPDQDJHPHQWRIPDMRUGHSUHVVLYHGLVRUGHULQDGXOWV * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ XQNODU 'LHVH/HLWOLQLHLVWHLQ8SGDWHGHU/HLWOLQLHYRQHVVROOHLQ SHULRGLVFKHVXSGDWHHUIROJHQ$QJDEHQ]XU+lXILJNHLWRGHU 9HUDQWZRUWOLFKNHLWIHKOHQ 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW MD,QGHU(LQOHLWXQJVLQGZHVHQWOLFKH,QIRUPDWLRQHQ]XP +LQWHUJUXQGXQG]XU/HLWOLQLHQ(QWZLFNOXQJGDUJHOHJW )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH XQNODU (VHUIROJWGLH'DUVWHOOXQJGHU3UlYDOHQ]XQG8QWHUYHUVRUJXQJ.HLQGLUHNWHU%H]XJ]XU(QWZLFNOXQJGLHVHU/HLWOLQLH =LHOH MD 'LH/HLWOLQLHVROODOVHUVWHU6FKULWW]XU9HUEHVVHUXQJGHU %HKDQGOXQJGHU'HSUHVVLRQGLHQHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD 0DMRUGHSUHVVLYHGLVRUGHUXQGG\VWK\PLD bu]wo=lhojuxsshq MD 'UHL/HLWOLQLHQ0RGXOHI U3ULPlUYHUVRUJHU6SH]LDOYHUVRUJHUXQG VWDWLRQlUH3DWLHQWHQ $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH EHUVLFKWOLFKH]XVDPPHQIDVVHQGH'DUVWHOOXQJGHU ZHVHQWOLFKHQ(PSIHKOXQJHQLQ7DEHOOHQXQG$OJRULWKPHQ +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQEHJU QGHWDXIJHI KUW $PE6WDWLRQlU MD ) UGLH1RWZHQGLJNHLWGHU%HKDQGOXQJGXUFK6SH]LDOLVWHQZLH DXFK]XUVWDWLRQlUH%HKDQGOXQJZHUGHQ.ULWHULHQJHQDQQW 1RWZHQGLJH0D QDKPHQ MD $XIQRWZHQGLJH0D QDKPHQGHU'LDJQRVWLN7KHUDSLHSODQXQJ XQGNRQWUROOHZLUGKLQJHZLHVHQ 2EVROHWH0D QDKPHQ MD.RQWUDLQGLNDWLRQHQVLQGJHQDQQW 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQXQGGLH9RUWHLOHGHUXQWHUVFKLHGOLFKHQ 7KHUDSLHIRUPHQZHUGHQGDUJHVWHOOW 7KHUDSLHIROJHQ1: MD 0HGLNDPHQW VH1HEHQZLUNXQJHQZHUGHQ EHUVLFKWOLFK GDUJHVWHOOW 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ XQNODU (VZLUGHUZlKQWGDVV)RUVFKXQJVHUJHEQLVVH]HLJWHQGDVVGXUFK GLH/HLWOLQLHQ(QWZLFNOXQJGLH4XDOLWlWGHU9HUVRUJXQJYHUEHVVHUW ZHUGHQNDQQ.HLQGLUHNWHU%H]XJ]XU(QWZLFNOXQJGLHVHU /HLWOLQLH
203 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 9+$'R'FOLQLFDOSUDFWLFHJXLGHOLQHIRUWKHPDQDJHPHQWRIPDMRUGHSUHVVLYHGLVRUGHULQDGXOWV )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD $OJRULWKPHQXQG.XU]YHUVLRQHQZXUGHQHUVWHOOW E9HUKDOWHQVlQGHUXQJ MD (LQH6FKXOXQJGHUbU]WHÄFRQWLQXQLJPHGLFDOHGXDFWLRQ³LVW %HVWDQGWHLOGHV/HLWOLQLHQ3URJUDPPV F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ XQNODU ÄSHUIRUPDQFHPHDVXUPHQW³LVWEHLGHU9+$DOV9HUIDKUHQ HWDEOLHUWQDFK(QWZLFNOXQJGHU/HLWOLQLHQ=XN QIWLJVROODXFKI U 'HSUHVVLRQHLQYHUJOHLFKEDUHV3URJUDPPPLW.ULWHULHQHUVWHOOW ZHUGHQ,QGLNDWRUHQ XQNODU VLHKHREHQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
204 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( 'HSDUWPHQWRI9HWHUDQV$IIDLUV7KH3KDUPDFRORJLF0DQDJHPHQWRI0DMRU 'HSUHVVLRQLQWKH3ULPDU\&DUH6HWWLQJ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 7KH3KDUPDFRORJLFPDQDJHPHQWRIPDMRUGHSUHVVLRQLQWKHSULPDU\FDUHVHWWLQJ 4XHOOH 9HWHUDQV+HDOWK$GPLQLVWUDWLRQ0HGLFDO$GYLVRU\3DQHOIRUWKH3KDUPDF\%HQHILWV0DQDJHPHQW 6WUDWHJLF+HDOWK*URXS7KHSKDUPDFRORJLFPDQDJHPHQWRIPDMRUGHSUHVVLRQLQWKHSULPDU\FDUH VHWWLQJ$YDLODEOHIURP85/KWWSZZZYDSEPRUJJXLGHOLQHVGHSUHVVLRQJXLGHOLQHVBSGI )UDJHQ]XU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ MD 9HWHUDQV+HDOWK$GPLQLVWUDWLRQ'HSDUWPHQWRI9HWHUDQV$IIDLUV $QJDEHILQDQ]8QWHUVW W]XQJ QHLQ P JOLFKH(LQIOXVVQDKPH QD GLVNXWLHUW $XWRUHQGHU/HLWOLQLHQ %HWHLOLJWH MD 'LH0LWJOLHGHUGHVÄ0HGLFDO$GYLVRU\3DQHOIRUWKH3KDUPDF\ %HQHILWV0DQDJHPHQW6WUDWHJLF+HDOWK*URXS³VLQGDOV YHUDQWZRUWOLFKH$XWRUHQQDPHQWOLFKDXIJHI KUW EHWHLOLJ%HWURIIHQHU XQNODU $OOHUHOHYDQWHQbU]WHJUXSSHQHLQVFKOLH OLFKGHU+DXVlU]WHVLQG EHWHLOLJWMHGRFKNHLQ+LQZHLVDXI3DWLHQWHQEHWHLOLJXQJ,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO MD $OV%DVLVGHU9+$/HLWOLQLHGLHQWHQHYLGHQ]EDVLHUWH PXOWLGLV]LSOLQlUHQDWLRQDOH.RQVHQVXVVWDWHPHQWVGLHVHVLQG DXIJHOLVWHW'LH6XFKVWUDWHJLHI UGLHZHLWHUKLQGXUFKJHI KUWH 0HGOLQH6XFKHGHV8SGDWHZXUGHDQJHJHEHQ'LH (YLGHQ]GHU4XHOOHQZXUGHEHZHUWHW 'R.X6XFKVWUDWHJLH MD 'LH(PSIHKOXQJHQZXUGHQPLW/LWHUDWXUEHOHJW 0HWK(YLGHQ]VWlUNH MD (LQYRQGHU863UHYHQWLYH6HUYLFHV7DVNIRUFHYHUZHQGHWHV %HZHUWXQJVVFKHPD,,,,,,,,,,ZXUGHDQJHZHQGHW )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ MD $XVVDJHQEDVLHUHQDXI(YLGHQ]ZHQQNHLQHJHIXQGHQZXUGH HUIROJWHQGLHVHDXI*UXQGGHU([SHUWHQPHLQXQJGHU$XWRUHQ.RQVHQVXVYHUIDKUHQ QHLQ %HU FNV,QWHU.UHLVH QHLQ (YLGHQ]YHUNQ SIXQJ MD 'LH6WlUNHGHU(PSIHKOXQJHQLVWLQI QI.DWHJRULHQ$( HLQJHWHLOWGDEHLLVWGLHVHQRWZHQGLJHUZHLVHPLWGHU(YLGHQ] YHUNQ SIW *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW XQNODU (LQ3HHU5HYLHZHUIROJWHYRU)HUWLJVWHOOXQJGXUFKYHUVFKLHGHQH QXUWHLOZHLVHJHQDQQWH,QVWLWXWLRQHQ3HUVRQHQ.RQVHTXHQ]HQHUZlKQW QD 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ XQNODU (VHUIROJWHLQUHJHOPl LJHV5HYLHZGXUFKGDV3%0+lXILJNHLW IHKOWHLQ8SGDWHHUIROJWGDQQZHQQQHXH,QIRUPDWLRQGXUFK JXWH6WXGLHQXQG2XWFRPH'DWHQYHUI JEDUVLQG'LHVH/HLWOLQLH LVWHLQ8SGDWHGHU/HLWOLQLHYRQ 9HUIDKUHQI UJHQDQQW QD
205 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 7KHSKDUPDFRORJLFPDQDJHPHQWRIPDMRUGHSUHVVLRQLQWKHSULPDU\FDUHVHWWLQJ 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW MD,P$EVFKQLWWÄ*XLGHOLQHGHYHORSPHQWSURFHVV³GDUJHVWHOOW )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH MD 'HU+HUDXVJHEHUVROOGLH4XDOLWlWGHU9HUVRUJXQJYHUEHVVHUQ'LH /HLWOLQLHQ(QWZLFNOXQJLVW7HLOGHV$XIWUDJV 'XUFKGLHVHHYLGHQ]EDVLHUWH/HLWOLQLHVROOHLQ8SGDWHGHU/HLWOLQLH YRQHUIROJHQ =LHOH MD =LHOLVWHVGHP+DXVDU]WEHLGHUNOLQLVFKHQ(QWVFKHLGXQJ]X KHOIHQXPGLH%HKDQGOXQJ]XVWDQGDUGLVLHUHQXQGGLH4XDOLWlW GHU%HKDQGOXQJVRZLHGLH.RVWHQHIIHNWLYLWlWGHU PHGLNDPHQW VHQ9HURUGQXQJ]XYHUEHVVHUQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD Ä0DMRUGHSUHVVLYHGLVRUGHU³ZREHLGLH %HKDQGOXQJVHPSIHKOXQJHQQXUI U3DWLHQWHQPLWOHLFKWHQRGHU PLWWOHUHQ'HSUHVVLRQHQRKQH.RPRUELGLWlWHQJHOWHQVRQVW %HKDQGOXQJGXUFK6SH]LDOLVWHQ bu]wo=lhojuxsshq MD 3ULPlUYHUVRUJHU+DXVlU]WH $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH EHUVLFKWOLFKH]XVDPPHQIDVVHQGH'DUVWHOOXQJGHU ZHVHQWOLFKHQ(PSIHKOXQJHQLQ7DEHOOHQXQG$OJRULWKPHQ +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQEHJU QGHWDXIJHI KUW $PE6WDWLRQlU XQNODU ) UGLH1RWZHQGLJNHLWGHU%HKDQGOXQJGXUFK6SH]LDOLVWHQ ZHUGHQ.ULWHULHQJHQDQQW(LQHYHUJOHLFKEDUH,QGLNDWLRQVVWHOOXQJ ]XU(LQOHLWXQJVWDWLRQlUHU7KHUDSLHIHKOW 1RWZHQGLJH0D QDKPHQ MD $XIQRWZHQGLJH0D QDKPHQGHU'LDJQRVWLN7KHUDSLHSODQXQJ XQGNRQWUROOHZLUGKLQJHZLHVHQ 2EVROHWH0D QDKPHQ MD.RQWUDLQGLNDWLRQHQVLQGJHQDQQW 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQXQGGLH9RUWHLOHGHUXQWHUVFKLHGOLFKHQ 7KHUDSLHIRUPHQZHUGHQGDUJHVWHOOW 7KHUDSLHIROJHQ1: MD 0HGLNDPHQW VH1HEHQZLUNXQJHQZHUGHQ EHUVLFKWOLFK GDUJHVWHOOW 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ.RVWHQ QHLQ
206 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH 7KHSKDUPDFRORJLFPDQDJHPHQWRIPDMRUGHSUHVVLRQLQWKHSULPDU\FDUHVHWWLQJ )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD 9HUI JEDUNHLWLP,QWHUQHW(UVWHOOXQJYRQ.XU]YHUVLRQHQ E9HUKDOWHQVlQGHUXQJ MD 6FKXOXQJVSURJUDPPHVROOHQHQWZLFNHOWZHUGHQ(EHQVRZLUG HLQH6FKXOXQJLQGHU(LQULFKWXQJHPSIRKOHQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
207 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( :RUOG+HDOWK2UJDQL]DWLRQ:+2JXLGHWRPHQWDO+HDOWKLQ3ULPDU\&DUH 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH :+2JXLGHWRPHQWDOKHDOWKLQSULPDU\FDUH 4XHOOH :RUOG+HDOWK2UJDQL]DWLRQ&ROODERUDWLQJ&HQWUHIRU5HVHDUFKDQG7UDLQLQJIRU0HQWDO+HDOWK:+2 JXLGHWRPHQWDOKHDOWKLQSULPDU\FDUH/RQGRQ5R\DO6RFLHW\RI0HGLFLQH3UHVV KWWSZZZUR\VRFPHGDFXNSXEENZKRKWP )UDJHQ]XU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ MD :RUOG+HDOWK2UJDQL]DWLRQ&ROODERUDWLPJ&HQWUHIRU5HVHDUFK DQG7UDLQLQJIRU0HQWDO+HDOWK $QJDEHILQDQ]8QWHUVW W]XQJ XQNODU (VZLUGVLFKDXIGHP7LWHOEODWWI UILQDQ]LHOOH8QWHUVW W]XQJGHU /HLWOLQLHQ(QWZLFNOXQJXQG'UXFN,P$QKDQJI UhEHUODVVXQJ YRQ5HFKWHQEHGDQNW2EGLHVH$QJDEHQYROOVWlQGLJVLQGLVW QLFKWHUVLFKWOLFK P JOLFKH(LQIOXVVQDKPH QD GLVNXWLHUW $XWRUHQGHU/HLWOLQLHQ %HWHLOLJWH MD 'LH0LWJOLHGHUGHV(GLWRULDO%RDUGGHU8.1DWLRQDO&RQVHQVXV *URXSXQGDXFKGLH.RPPHQWDWRUHQVLQGQDPHQWOLFKDXIJHI KUW EHWHLOLJ%HWURIIHQHU XQNODU $OOHUHOHYDQWHQ%HUXIVJUXSSHQHLQVFKOLH OLFKGHU3IOHJHNUlIWH VLQGEHWHLOLJW3DWLHQWHQVLQGMHGRFKQXUEHLGHQ.RPPHQWDWRUHQ JHQDQQW,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO XQNODU 'LDJQRVHWHLOEDVLHUWDXIGHP.RQVHQVXVHUJHEQLVGHV,&'.DSLWHO9) UGLH7KHUDSLHHPSIHKOXQJHQZXUGHQP JOLFKVW &RFKUDQHUHYLHZVVRQVWLJHUHYLHZVXQG6WXGLHQJXWHU4XDOLWlW JHQXW]W(LQHV\VWHPDWLVFKH6XFKVWUDWHJLHLVWMHGRFKQLFKW EHVFKULHEHQ 'R.X6XFKVWUDWHJLH XQNODU /LWHUDWXUEHOHJW(PSIHKOXQJHQQXULP7KHUDSLHEHUHLFK 0HWK(YLGHQ]VWlUNH MD,QGHU(LQOHLWXQJZLUGÄ6WUHQJWKRIWKHHYLGHQFHVXSSRUWLQJWKH UHFRPPHQGDWLRQ,9³DOV.ODVVLILNDWLRQVVFKHPDGHU(YLGHQ]GHU EHLGHU)RUPXOLHUXQJGHUKLQ]XJHI JWHQ7KHUDSLHHPSIHKOXQJHQ JHQXW]WHQ6WXGLHQJHQXW]W )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ XQNODU 'LH(PSIHKOXQJHQ]XU'LDJQRVH,QIRUPDWLRQXQG8QWHUVW W]XQJ VRZLHhEHUZHLVXQJEHUXKHQDXI.RQVHQVZlKUHQGI UGLH 7KHUDSLHHPSIHKOXQJHQGLH(YLGHQ]EHU FNVLFKWLJWZXUGH.ULWHULHQ]XP(LQ$XVVFKOXVVZXUGHQMHGRFKQLFKWJHQDQQW.RQVHQVXVYHUIDKUHQ XQNODU (VZLUGGLH'XUFKI KUXQJYHUVFKLHGHQHU.RQVHQVXVNRQIHUHQ]HQ HUZlKQW %HU FNV,QWHU.UHLVH XQNODU (LQJDEHQYRQ%HUDWHUQXQG3DWLHQWHQZHUGHQEHVFKULHEHQRKQH GDVVGDV9HUIDKUHQHUNHQQEDULVW (YLGHQ]YHUNQ SIXQJ XQNODU,QGHU(LQOHLWXQJZLUGÄ6WUHQJWKRIWKHHYLGHQFHVXSSRUWLQJWKH UHFRPPHQGDWLRQ$&³DOV.ODVVLILNDWLRQVVFKHPDGHU KLQ]XJHI JWHQ7KHUDSLHHPSIHKOXQJHQGDUJHOHJW(VLVWQLFKW EHVFKULHEHQGDVVGLHVHPLWGHQ(UJHEQLVVHQGHU (YLGHQ]EHZHUWXQJYHUNQ SIWLVW
208 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH :+2JXLGHWRPHQWDOKHDOWKLQSULPDU\FDUH *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW XQNODU 1XUÄHQGRUVHPHQW³YHUVFKLHGHQHU2UDJQLVDWLRQHQDXIJHI KUW.RQVHTXHQ]HQHUZlKQW XQNODU 3LORWYHUVXFK XQNODU 1XUGLH9RUYHUVLRQGHUGLUHNWHQ$GDSWLHUXQJGHU GLDJQRVWLVFKHQ.ULWHULHQGHU:+2ZXUGHLQHLQHP3UD[LVYHUVXFK JHWHVWHWYRUGHU(YLGHQ]VXFKH]XU(UVWHOOXQJGHU 7KHUDSLHHPSIHKOXQJHQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH 'DWXPGHUhEHUSU IXQJ QHLQ 9HUIDKUHQI UJHQDQQW QD 7UDQVSDUHQ]GHU/HLWOLQLHQHUVWHOOXQJ 'LVNXVV6\VWHP)HKOHU QHLQ /HLWOLQLHQ5HSRUW MD (UVWHOOXQJVSUR]HVVLVWLP.DSLWHOÄ+RZWKHGLDJQRVWLFDQG PDQDJHPHQWVXPPDULHVZHUHGHYHORSHG³GDUJHVWHOOW )UDJHQ]X,QKDOWXQG)RUPDWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH =LHOHGHU/HLWOLQLH *U QGH MD 'HU)RUWVFKULWWLQGHU'LDJQRVWLNGXUFKGLH5HYLVLRQGHV,&'ERW 9HUDQODVVXQJGLHVHI UGLH$QZHQGXQJLQGHU3ULPlUYHUVRUJXQJ ZHLWHUDXV]XI KUHQGDKLHUGLHPHLVWHQ3DWLHQWHQPLW SV\FKLVFKHQ6W UXQJHQJHVHKHQZHUGHQ =LHOH XQNODU 8QWHUVW W]XQJYRQÄSULPDU\FDUHSURIHVVLRQDOVRUJDQLVDWLRQV³ XQGORNDOHQ*HVXQGKHLWVQHW]HQRKQHJHQDXH=LHOQHQQXQJ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD *HVDPWZHUNEH]LHKWVLFKDXIDPEXODQWH3DWLHQWHQPLWÄPHQWDO GLVRUGHUV³.UDQNKHLWHQ]%'HSUHVVLRQ)ZHUGHQHLQ]HOQ DEJHKDQGHOW bu]wo=lhojuxsshq MD 3ULPlUYHUVRUJHUÄSULPDU\FDUHSURIHVVLRQDOV³DEHUDXFK]XU 8QWHUVW W]XQJYRQ2UJDQLVDWLRQHQXQGORNDOHQ*UXSSHQ $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ MD 7KHUDSLHSODQVROO]XVDPPHQPLWGHP3DWLHQWHQIHVWJHOHJW ZHUGHQ)DOOV3DWLHQWHLQ0HGLNDPHQWDEOHKQWVROOGLH (QWVFKHLGXQJDN]HSWLHUWZHUGHQXQGHLQHDQGHUH9HUHLQEDUXQJ JHWURIIHQZHUGHQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ MD (VHUIROJWHLQH EHUVLFKWOLFKH'DUVWHOOXQJGHUZHVHQWOLFKHQ (PSIHKOXQJHQ +DQGOXQJVDOWHUQDWLYHQ MD +DQGOXQJVDOWHUQDWLYHQZHUGHQEHJU QGHWDXIJHI KUW $PE6WDWLRQlU XQNODU ) UGLH1RWZHQGLJNHLWGHU0LW:HLWHUEHKDQGOXQJZHUGHQ.ULWHULHQJHQDQQW(LQHYHUJOHLFKEDUHNODUH,QGLNDWLRQVVWHOOXQJ ]XU(LQOHLWXQJVWDWLRQlUHU7KHUDSLHIHKOW 1RWZHQGLJH0D QDKPHQ MD $XIQRWZHQGLJH0D QDKPHQGHU'LDJQRVWLNXQG7KHUDSLH ZLUGKLQJHZLHVHQ 2EVROHWH0D QDKPHQ QHLQ
209 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV /HLWOLQLH :+2JXLGHWRPHQWDOKHDOWKLQSULPDU\FDUH 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD 'HU1XW]HQGHU(PSIHKOXQJHQZLUGGDUJHVWHOOW 7KHUDSLHIROJHQ1: QHLQ 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ QHLQ.RVWHQ )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD 'LHJHGUXFNWH9HUVLRQHQWKlOW9RUODJHQ]XU(UVWHOOXQJYRQ.XU] XQG3DWLHQWHQLQIRUPDWLRQ E9HUKDOWHQVlQGHUXQJ MD 'LH/HLWOLQLHVROODOV7UDLQLQJVPD QDKPHI UÄSULPDU\FDUH WHDPV³JHQXW]WZHUGHQ'DEHLZLUGHLQ7UDLQLQJVSODQ YRUJHJHEHQXQGZHLWHUH7UDLQLQJVUHVVRXUFHQEHVFKULHEHQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ XQNODU 'LH/HLWOLQLHVROOGXUFK7KHUDSLHQHW]HJHQXW]WZHUGHQMHGRFK NHLQHPHWKRGLVFKHQ(PSIHKOXQJHQ]XU$QSDVVXQJ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
210 /HLWOLQLHQEHULFKW'HSUHVVLRQ ( 'HXWVFKH*HVHOOVFKDIWI U3V\FKRWKHUDSHXWLVFKH0HGL]LQ'HXWVFKH *HVHOOVFKDIWI U3V\FKRDQDO\VH3V\FKRWKHUDSLH3V\FKRVRPDWLNXQG 7LHIHQSV\FKRORJLH'HXWVFKHV.ROOHJLXP3V\FKRVRPDWLVFKH0HGL]LQXQG $OOJHPHLQHbU]WOLFKH*HVHOOVFKDIWI U3V\FKRWKHUDSLH 3V\FKRWKHUDSLHGHU'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV // 3V\FKRWKHUDSLHGHU'HSUHVVLRQ 4XHOOH KWWSZZZXQLGXHVVHOGRUIGH:::$:0)OOSV\WPKWP )UDJHQ]XU4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUDQWZRUWOLFKNHLWI UGLH/HLWOLQLHQHQWZLFNOXQJ 9HUDQWZ,QVWLWXWLRQ MD 'LH/HLWOLQLHZLUGJHPHLQVDPYRQGHU'HXWVFKHQ*HVHOOVFKDIWI U 3V\FKRWKHUDSHXWLVFKH0HGL]LQ'*30'HXWVFKHQ*HVHOOVFKDIW I U3V\FKRDQDO\VH3V\FKRWKHUDSLH3V\FKRVRPDWLNXQG 7LHIHQSV\FKRORJLH'*37YRP'HXWVFKHQ.ROOHJLXP 3V\FKRVRPDWLVFKH0HGL]LQ'.30XQGGHU$OOJHPHLQHQ bu]wolfkhq*hvhoovfkdiwi U3V\FKRWKHUDSLH$b*3 KHUDXVJHJHEHQ $QJDEHILQDQ]8QWHUVW W]XQJ QHLQ P JOLFKH(LQIOXVVQDKPH QD GLVNXWLHUW $XWRUHQGHU/HLWOLQLHQ %HWHLOLJWH MD 'LH0LWDUEHLWHUGHU$UEHLWVJUXSSHVLQGPLW1HQQXQJGHU,QVWLWXWVDQVFKULIWDXIJHI KUW EHWHLOLJ%HWURIIHQHU QHLQ,GHQWLIL]LHUXQJXQG,QWHUSUHWDWLRQGHU(YLGHQ] 0HWK(YLGHQ]$XVZDKO XQNODU hehuhlqh/lwhudwxuvxfkhzxughqdooh0hwd$qdo\vhqdxvghp =HLWUDXPXQGHUIDVVW%HL)HKOHQGLHVHUZXUGHDXI 6WXGLHQQlFKVWQLHGULJHU(YLGHQ]JUDGH]XU FNJHJULIIHQ (VHUIROJHQNHLQH$QJDEHQ]X'DWHQEDQNHQXQG6XFKVWUDWHJLH 'R.X6XFKVWUDWHJLH MD 'LHZHVHQWOLFKHQ(PSIHKOXQJHQVLQGGXUFK/LWHUDWXUDQJDEHQ EHOHJW 0HWK(YLGHQ]VWlUNH MD (LQ9HUIDKUHQ]XU%HZHUWXQJGHU(YLGHQ]VWlUNH6WXIHQZLUG EHVFKULHEHQDEHUQLFKWEHLDOOHQ/LWHUDWXUEHOHJHQDQJHZHQGHW )RUPXOLHUXQJGHU/HLWOLQLHQHPSIHKOXQJHQ $XVZDKOG(PSIHKOJ XQNODU (VZLUGQXUEHLGHU6XFKHQDFKGHQ%HOHJHQ]XGHQ$XVVDJHQ HLQDEJHVWXIWHV9RUJHKHQEHVFKULHEHQ6LHKH)UDJH.RQVHQVXVYHUIDKUHQ QHLQ %HU FNV,QWHU.UHLVH QHLQ (YLGHQ]YHUNQ SIXQJ QHLQ *XWDFKWHUYHUIDKUHQXQG3LORWVWXGLHQ %HJXWDFKWXQJHUIROJW QHLQ.RQVHTXHQ]HQHUZlKQW QD 3LORWYHUVXFK QHLQ.RQVHTXHQ]HQHUZlKQW QD /HLWOLQLHQ9HUJOHLFK QHLQ
211 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV // 3V\FKRWKHUDSLHGHU'HSUHVVLRQ * OWLJNHLWVGDXHU$NWXDOLVLHUXQJGHU/HLWOLQLH hehusu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lW]HZXUGHHVDOVVLQQYROO HUDFKWHWGHU3V\FKRWKHUDSLHDOVHLQHPEHVRQGHUVZLUNVDPHQ 7KHUDSLHDQVDW]EHLGHSUHVVLYHQ(UNUDQNXQJHQHLQHHLJHQH /HLWOLQLH]XZLGPHQ =LHOH XQNODU =LHOHVLQGQXULQGLUHNWDXVGHU%HJU QGXQJDE]XOHLWHQ.RQWH[W$QZHQGEDUNHLWXQG)OH[LELOLWlW 3DWLHQWHQJUXSSH MD 3DWLHQWHQPLW'HSUHVVLRQHQZREHLDXIGLHHLQJHVFKUlQNWH 9HUZHQGXQJGHU/HLWOLQLHEHL3DWLHQWHQPLWELSRODUHQ6W UXQJHQ KLQJHZLHVHQZLUG=XU3KDUPDNRWKHUDSLHZLUGDXIGLH/HLWOLQLH GHU'*331//YHUZLHVHQ bu]wo=lhojuxsshq MD.OLQLVFKWlWLJHlU]WOLFKHXQGSV\FKRORJLVFKH3V\FKRWKHUDSHXWHQ 3V\FKLDWHUXQG1HUYHQlU]WHDEHUDXFK$OOJHPHLQlU]WHXQG *HELHWVlU]WHGLHDQGHUZHLWLJPLWGHU%HKDQGOXQJGHSUHVVLYHU 3DWLHQWHQEHIDVVWVLQG $XVQY(PSIHKOXQJHQ QHLQ %HG UIQLVVHG3DWLHQWHQ QHLQ.ODUKHLW(LQGHXWLJNHLW 3UREOHPEHVFKUHLEXQJ MD +HUOHLWXQJXQG%HVFKUHLEXQJGHU3UREOHPHHUIROJWLQ DGUHVVDWHQJHUHFKWHU6SUDFKH D3UlVHQWDWLRQ MD /RJLVFKNRQVLVWHQWH'DUVWHOOXQJRKQH:LGHUVSU FKH E6FKO VVHOHPSIHKOXQJ QHLQ +DQGOXQJVDOWHUQDWLYHQ XQNODU (VZHUGHQYHUVFKLHGHQH7KHUDSLHIRUPHQGDUJHVWHOOWHVHUIROJHQ MHGRFKQXUYHUHLQ]HOW$QJDEHQYRQ.ULWHULHQ]XU,QGLNDWLRQXQG $XVZDKOHLQHUGLHVHUVSH]LILVFKHU7KHUDSLHIRUPHQ $PE6WDWLRQlU MD,QGLNDWLRQHQ]XUVWDWLRQlUHQ(LQZHLVXQJXQG]XUVWDWLRQlUHQ 3V\FKRWKHUDSLHVLQGDXIJHI KUW 1RWZHQGLJH0D QDKPHQ XQNODU 7HLOZHLVHZLUGDXIQRWZHQGLJH0D QDKPHQGHU'LDJQRVWLNXQG 7KHUDSLHSODQXQJKLQJHZLHVHQHVHUIROJWMHGRFKNHLQH EHJU QGHWHXQGJUDGXLHUWH'DUVWHOOXQJ 2EVROHWH0D QDKPHQ MD.RQWUDLQGLNDWLRQHQ]XUSV\FKRWKHUDSHXWLVFKHQ%HKDQGOXQJXQG ZHLWHUHREVROHWH0D QDKPHQ1LFKWYHURUGQXQJYRQ $QWLGHSUHVVLYDVLQGJHQDQQW
212 /HLWOLQLHQEHULFKW'HSUHVVLRQ 6WUXNWXULHUWH/HLWOLQLHQ$EVWUDFWV // 3V\FKRWKHUDSLHGHU'HSUHVVLRQ 1XW]HQ1HEHQZLUNXQJHQ.RVWHQ(UJHEQLVVH *HVXQGK1XW]HQ MD (VHUIROJWHLQH'DUVWHOOXQJGHU:LUNVDPNHLWGHU7KHUDSLHIRUPHQ XQWHU%H]XJDXIEHZHUWHWH/LWHUDWXUDQJDEHQ(VIHKOHQMHGRFK VSH]LILVFKH$QJDEHQ]XP1XW]HQGHU0D QDKPHQ 7KHUDSLHIROJHQ1: XQNODU (VZLUGQXUEHLHLQLJHQ7KHUDSLHQDXIGDV5 FNIDOOULVLNRQDFK 7KHUDSLHHQGHXQG0D QDKPHQ]XU3UlYHQWLRQLQGHU $XVOHLWXQJVSKDVHKLQJHZLHVHQ 'LVNY.RVWHQIROJHQ QHLQ $EZlJXQJ9RUWHLOH5LVLNHQ QHLQ.RVWHQ )UDJHQ]XU$QZHQGEDUNHLWGHU/HLWOLQLH )UDJHQ]X $QWZRUW,QIRUPDWLRQHQ.RPPHQWDUH 9HUEUHLWXQJXQG,PSOHPHQWLHUXQJ D0HWKRGHGHU,PSOHPHQW MD,QWHUQHWYHUVLRQ+LQZHLVDXI/HLWOLQLHLQYHUVFKLHGHQHQ 3XEOLNDWLRQHQ E9HUKDOWHQVlQGHUXQJ QHLQ F2UJDQLV+LQGHUQLVVH QHLQ 5HJLRQDOH$QSDVVXQJ QHLQ hehusu IXQJGHU$QZHQGXQJ (YDOXDWLRQ QHLQ,QGLNDWRUHQ QHLQ =XVDPPHQIDVVHQGH%HXUWHLOXQJ0HWKRGLVFKH4XDOLWlW 4XDOLWlWGHU/HLWOLQLHQHQWZLFNOXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ,QKDOWXQG)RUP YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlWYRQ$QZHQGXQJXQG,PSOHPHQWLHUXQJ YRQ3XQNWHQGHUb=4&KHFNOLVWH 4XDOLWlW*HVDPW YRQ3XQNWHQGHUb=4&KHFNOLVWH
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bU]WHVFKDIW' $XVWU'HSRI+HDOWKDQG$JHG&DUH$86 $:0)$UEHLWVJHPHLQVFKDIWGHU:LVVHQVFKDIWOLFKHQ )DFKJHVHOOVFKDIWHQ' %XQGHVlU]WHNDPPHU' %ULWLVK&ROXPELD&RXQFLORQ&OLQLFDO3UDFWLFH*XLGHOLQHV 86$ &DQDGLDQ7DVN)RUFHRQ3UHYHQWLYH+HDOWK&DUH&'1 V&0$ V&0$ V&0$ &'&&HQWHUVIRU'LVHDVH&RQWURODQG3UHYHQWLRQ86$ &0$&0$-&DQDGLDQ0HGLFDO$VVRFLDWLRQ&'1 &ROOHJHRI3K\VLFLDQV 6XUJHRQVRI0DQLWRED&'1 '2+'HSDUWPHQWRI+HDOWK*%
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b.' 9HWHUDQV$IIDLUV'HSRI86$ =XVlW]OLFKH5HFKHUFKHLQIUDQ]QLHGHUOlQGILQQLVFKHQ/HLWOLQLHQGDWHQEDQNHQ HYWOGWRGHUHQJOhEHUVHW]XQJHQ 'DWHQEDQNQDPH 7UHIIHU]DKO 9RUDXVZDKO %HZHUWXQJ JHHLJQHW $1$(6) $1'(0) HEPJXLGHOLQHV'XRGHFLP6) &%21/ 1+*1/ *5$6*URXSHGH5HFKHUFKHHWG $FWLRQSRXUOD6DQWp%
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lGLDWULH $$&$3$PHUFLDQ$FDGHP\RI&KLOG $GROHVFHQW 3V\FKLDWU\86$ $$3$PHULFDQ$FDGHP\RI3HGLDWULFV86$ 'HSDUWPHQWRI3HGLDWULFV/R\ROD0HGLFDO&HQWHU86$ 1HXURORJLH $$1$PHULFDQ$FDGHP\RI1HXURORJ\86$ 3VLFKLDWULH $3$$PHULFDQ3V\FKLDWULF$VV86$ 7KH5R\DO$XVWUDOLDQDQG1HZ=HDODQG&ROOHJHRI 3V\FKLDWULVWV$86 5R\DO&ROOHJHRI3V\FKLDWULVWV*% 7UHIIHUDQ]DKOLQVJHVDPWLQNO/LWHUDWXUXQG'XEOHWWHQ 9RUDXVZDKOJHVLFKWHWH/LWHUDWXUXQG/HLWOLQLHQ
216 Die Titel der ÄZQ Schriftenreihe Projekte ÄZQ Schriftenreihe Band 10 Leitlinien-Clearingbericht Koronare Herzkrankheit ÄZQ Schriftenreihe Band Seiten, Paperback ISBN ,90 Die ÄZQ Schriftenreihe ab Band 10 erscheint in der Edition Medizinische Schriften. Die Auslieferung erfolgt über den Buchhandel oder direkt ab Verlag. Im Internet unter: MediComBooks.de 170 Seiten, Paperback ISBN ,90 MediComBooks Medical Communication & Books MediComBooks.de Edition Medizinische Schriften Informationen und Arbeitsmaterialien öffentlicher Einrichtungen, Institutionen und Gesellschaften Lieferbare Titel im Zuckschwerdt Verlag Leitlinien-Clearingbericht Asthma bronchiale Band 9 Leitlinien-Clearingbericht Diabetes mellitus Typ 2 Band Seiten, Paperback ISBN , Seiten, Paperback ISBN ,90 Leitlinien-Clearingbericht Akuter Rückenschmerz Band 7 Leitlinien-Clearingbericht Schmerztherapie bei Tumorpatienten Band Seiten, Paperback ISBN , Seiten, Paperback ISBN ,90 Leitlinien-Clearingbericht Hypertonie Band Seiten, Paperback ISBN ,20 Die Leitlinien-Clearingberichte Band 5 bis Band 9 sind erschienen im W. Zuckschwerdt Verlag GmbH, Germering Der Bezug erfolgt über den Buchhandel.
217 ISSN I SBN Schriftenreihe
Services supply chain management and organisational performance
Services supply chain management and organisational performance Irène Kilubi Services supply chain management and organisational performance An exploratory mixed-method investigation of service and manufacturing
Permanent Establishments in International Tax Law
Schriftenreihe zum Internationalen Steuerrecht Herausgegeben von Univ.-Prof. Dr. Michael Lang Band 29 Permanent Establishments in International Tax Law herausgegeben von Hans-Jörgen Aigner Mario Züger
How to start up a software business within a cloud computing environment
Thomas Buchegger How to start up a software business within a cloud computing environment An evaluation of aspects from a business development perspective Anchor Academic Publishing disseminate knowledge
Proceedings of the 8 th Euro-Asia Conference on Environment and CSR: Tourism, MICE, Hospitality Management and Education Session (Part II)
Proceedings of the 8 th Euro-Asia Conference on Environment and CSR: Tourism, MICE, Hospitality Management and Education Session (Part II) Yanling Zhang (Ed.) Proceedings of the 8 th Euro-Asia Conference
Andreas Cseh. Quantum Fading. Strategies for Leveraged & Inverse ETFs. Anchor Academic Publishing. disseminate knowledge
Andreas Cseh Quantum Fading Strategies for Leveraged & Inverse ETFs Anchor Academic Publishing disseminate knowledge Cseh, Andreas: Quantum Fading : Strategies for Leveraged & Inverse ETFs, Hamburg, Anchor
Bank- und finanzwirtschaftliche Forschungen Band 395
Bank- und finanzwirtschaftliche Forschungen Band 395 Institut für schweizerisches Bankwesen der Universität Zürich Schweizerisches Institut für Banken und Finanzen an der Universität St. Gallen Florentina
limo B. Poser The Impact of Corporate Venture Capital
limo B. Poser The Impact of Corporate Venture Capital GABLER EDITION WISSENSCHAFT Timo B. Poser The Impact of Corporate Venture Capital Potentials of Competitive Advantages for the Investing Company Deutscher
Partners. In collaboration with: With the financial support of: European Union ESCEM
Partners In collaboration with: With the financial support of: Freie Universität Berlin Sciences Po Paris Université Libre de Bruxelles ESC Dijon, Burgundy School of Business University of Bergamo European
Global Trade Law. von Ulrich Magnus. 1. Auflage. Global Trade Law Magnus schnell und portofrei erhältlich bei beck-shop.de DIE FACHBUCHHANDLUNG
Global Trade Law International Business Law of the United Nations and UNIDROIT. Collection of UNCITRAL's and UNIDROIT's Conventions, Model Acts, Guides and Principles von Ulrich Magnus 1. Auflage Global
Partners. In Collaboration with:
Partners In Collaboration with: Université Libre de Bruxelles / Belgium ESCEM / France ESC Dijon / France Sciences Po / France Freie Universität Berlin / Germany Leibniz Universität Hannover / Germany
Erich R. Utz. Modelling and Measurement Methods of Operational Risk in Banking. Herbert Utz Verlag München
Erich R. Utz Modelling and Measurement Methods of Operational Risk in Banking Herbert Utz Verlag München Schriftenreihe für angewandtes Management herausgegeben von Prof. Dr. Dr. Christian Werner, Fachhochschule
Life behaviour of discharge lamps for general lighting
Life behaviour of discharge lamps for general lighting Support for planning and maintenance Life behaviour of discharge lamps for general lighting 1. Introduction This documentation supports planning and
Proceedings of the 7 th Euro-Asia Conference on Environment and CSR: Tourism, MICE, Hospitality Management and Education Session (Part I)
Proceedings of the 7 th Euro-Asia Conference on Environment and CSR: Tourism, MICE, Hospitality Management and Education Session (Part I) Yanling Zhang (Ed.) Proceedings of the 7 th Euro-Asia Conference
Medical Care in Germany
edited and published by Dr. Karel Kostev Dr. Gabriele Haas Medical Care in Germany Epidemiology, Health Economics and Outcome Research with IMS Patient Databases 3 Bibliografische Information der Deutschen
Globalization, Technologies and Legal Revolution
Minderheiten und Autonomien Band 21 Francesco Palermo/Giovanni Poggeschi/Günther Rautz/Jens Woelk (eds.) Globalization, Technologies and Legal Revolution The Impact of Global Changes on Territorial and
HWZ Schriftenreihe für Betriebs- und Bildungsökonomie. Herausgegeben von HWZ Hochschule für Wirtschaft Zürich. Band 9
HWZ Schriftenreihe für Betriebs- und Bildungsökonomie Herausgegeben von HWZ Hochschule für Wirtschaft Zürich Band 9 Isabelle Kern The Suitability of Topic Maps Tools for Knowledge Creation with Stakeholders
SAP GLOBAL DIVERSITY POLICY
SAP GLOBAL DIVERSITY POLICY Date 29.8.2006 1 TABLE OF CONTENTS Cover Sheet... 2 PREFACE... 3 1 DEFINITION... 4 2 OBJECTIVES AND SCOPE... 4 2.1 KEY TARGETS FOR DIVERSITY AT SAP... 5 2.2 COMPLIANCE/SANCTIONS...
Volker Flogel. The Microstructure of European Bond Markets
Volker Flogel The Microstructure of European Bond Markets WIRTSCHAFTSWISSENSCHAFT Forschung Schriftenreihe der EUROPEAN BUSINESS SCHOOL International University SchloS Reichartshausen Herausgegeben von
Legal Aspects of an E-Commerce Transaction
Legal Aspects of an E-Commerce Transaction International Conference in The Hague, 26 and 27 October 2004 Bearbeitet von Mads B Andersen, Sarah Andrews, Michael J Bonell, William Craig, Jose A Estrella
Technische Berichte Nr. 11 des Hasso-Plattner-Instituts für Softwaresystemtechnik an der Universität Potsdam
HASSO - PLATTNER - INSTITUT für Softwaresystemtechnik an der Universität Potsdam Requirements for Service Composition Harald Meyer Dominik Kuropka Technische Berichte Nr. 11 des Hasso-Plattner-Instituts
Certificate SAP INTEGRATION CERTIFICATION
Certificate SAP INTEGRATION CERTIFICATION SAP SE hereby confirms that the interface software MCC SR2015 for the product MCC SR2015 of the MEIERHOFER AG. has been certified for integration with SAP ECC
Strategic Management in Crisis Communication
Christian Fronz Strategic Management in Crisis Communication A Multinational Approach Diplomica Verlag Christian Fronz Strategic Management in Crisis Communication - A Multinational Approach ISBN: 978-3-8428-1580-3
Project Cost Reporting for PPM
Project Cost Reporting for PPM A PLM Consulting Solution Public Project Cost Reporting for PPM The Consulting Solution Project Cost Reporting supports project-centric and cross-project evaluations in PPM,
BRFplus Field Configuration for Portfolio Management
for Portfolio Management A PLM Consulting Solution Public The BRFplus Field Configuration allows you to easily modify the field configuration of standard and custom fields, toolbar buttons and tabs on
SAP Perfect Plant Manufacturing Solution. SAP Taiwan Allen Lin 林 信 宇 2010.09.14
SAP Perfect Plant Manufacturing Solution SAP Taiwan Allen Lin 林 信 宇 2010.09.14 生 產 製 造 的 世 界 趨 勢 協 同 製 造 的 環 境 客 戶 導 向 的 創 新 符 合 法 規 的 規 範 應 用 資 訊 的 輔 助 Cost savings Focus on core competencies Closeness
SAP Sourcing/CLM Webcast Query & User/Contact Maintenance Web Service
SAP Sourcing/CLM Webcast Query & User/Contact Maintenance Web Service Vikram Shanmugasundaram / SAP Sourcing/CLM Center of Excellence Ed Dunne / SAP Sourcing/CLM Product Management November 2015 SAP Sourcing
Instantaneous safety gear RF braking downwards
300.000.025 Version 01.2008 Instantaneous safety gear RF braking downwards Safety gear RF0001 RF0002 Herausgeber Lizenz Copyright SLC Sautter Lift Components GmbH & Co. KG Borsigstraße 26 70469 Stuttgart
Integrating Jalopy code formatting in CVS repositories
Integrating Jalopy code formatting in CVS repositories A NOW guide Dr. Wolfgang Thronicke C-LAB Short Report Vol. 1 (2004) No. 2 Cooperative Computing & Communication Laboratory ISSN 1614-1172 C-LAB ist
Run SAP Implementation Partner Program Guide 2009 ADOPTING THE RUN METHODOLOGY INTO YOUR SAP IMPLEMENTATIONS
Run SAP Implementation Partner Program Guide 2009 ADOPTING THE RUN METHODOLOGY INTO YOUR SAP IMPLEMENTATIONS Executive Summary The foundation for business process availability is laid in the technical
Central Release and Build Management with TFS. Christian Schlag
Central Release and Build Management with TFS Christian Schlag OUR DAILY MOTIVATION It s hard enough for software developers to write code that works on their machine. But even when it s done, there s
Open Source Customer Relationship Management Solutions Potential for an Impact of Open Source CRM Solutions on Small- and Medium Sized Enterprises
Henrik Vogt Open Source Customer Relationship Management Solutions Potential for an Impact of Open Source CRM Solutions on Small- and Medium Sized Enterprises Diplom.de Henrik Vogt Open Source Customer
AnyWeb AG 2008 www.anyweb.ch
HP SiteScope (End-to-End Monitoring, System Availability) Christof Madöry AnyWeb AG ITSM Practice Circle September 2008 Agenda Management Technology Agentless monitoring SiteScope in HP BTO SiteScope look
Heterogeneous ABAP System Copy Technical Overview
Heterogeneous ABAP System Copy Technical Overview Boris Zarske SAP Product Management December 2015 Public Goal of this presentation Even if heterogeneous system copies must only be performed by certified
windream Failover Cluster Installation
windream windream Failover Cluster Installation windream GmbH, Bochum Copyright 2006-2011 by windream GmbH Wasserstr.219 44799 Bochum Stand: 06/11 1.0.0.3 Alle Rechte vorbehalten. Kein Teil dieser Beschreibung
How To Manage Build And Release With Tfs 2013
#dwx14 [email protected] #dwx14 Central Build and Release Management with TFS Thomas Rümmler AIT GmbH & Co. KG Christian Schlag AIT GmbH & Co. KG 1 2 OUR DAILY MOTIVATION It s hard enough for
NATIVE ADVERTISING, CONTENT MARKETING & CO. AUFBRUCH IN EIN NEUES GOLDENES ZEITALTER DES MARKETINGS?
NATIVE ADVERTISING, CONTENT MARKETING & CO. AUFBRUCH IN EIN NEUES GOLDENES ZEITALTER DES MARKETINGS? 2014 in Frankfurt am Main DATUM 11.11.2014 SEITE 2 Christian Paul Stobbe Director Strategy Düsseldorf
Customer Surveys with SAP Contact Center
Customer Surveys with SAP Contact Center SAP Contact Center software version 7 SAP Contact Center Product Management 2014 Public Agenda Automated post-call survey Agent-driven surveys / information collection
Symbio system requirements. Version 4.x
Symbio system requirements Version 4.x Stand: September 2015 2015 Ploetz + Zeller GmbH Symbio system requirements 2 Content 1 Symbio Client... 3 1.1 Overview... 3 1.2 Symbio Client... 3 1.2.1 Minimum hardware
Diese Liste wird präsentiert von. Netheweb.de
Diese Liste wird präsentiert von Netheweb.de Die Liste enthält 1000 Do-Follow Blogs, die zum Linkbuilding genutzt werden können, es kann sein, dass verkürzte URL s nicht korrekt weiter geleitet werden.
SAP Solution Manager Change Request Management. SAP Solution Manager Product Management SAP AG
SAP Solution Manager Change Request Management SAP Solution Manager Product Management SAP AG Change Request Management Maintenance Activities Project Activities Administration Activities SAP Solution
SAP Product Road Map SAP Mobile Documents
SAP Product Road Map SAP Mobile Documents Legal disclaimer The information in this presentation is confidential and proprietary to SAP and may not be disclosed without the permission of SAP. This presentation
Thomas Rümmler AIT GmbH & Co. KG Christian Schlag AIT GmbH & Co. KG. Central Build and Release Management with TFS
Thomas Rümmler AIT GmbH & Co. KG Christian Schlag AIT GmbH & Co. KG Central Build and Release Management with TFS 2 OUR DAILY MOTIVATION It s hard enough for software developers to write code that works
Use of DB2 purescale with SAP Applications
Use of DB2 purescale with SAP Applications December, 2013 Customer SAP Applications on DB2 purescale End users Can use SAP log-on groups to direct similar work to same set of servers Central Services Application
Human-Survey Interaction
Lars Kaczmirek Human-Survey Interaction Usability and Nonresponse in Online Surveys Herbert von Halem Verlag Bibliografische Information der Deutschen Bibliothek Die deutsche Bibliothek verzeichnet diese
Bernd H. Oppermann (Ed.) International Legal Studies und Verfassungsgeschichte by European Scholars of the ELPIS Network
Bernd H. Oppermann (Ed.) International Legal Studies und Verfassungsgeschichte by European Scholars of the ELPIS Network Dr. Kristin Rohleder, geb. 1981, studierte Rechtswissenschaft in Trier. 2005 1.
Kultur und Informatik
Carsten Busch / Jürgen Sieck (Hrsg.) Kultur und Informatik Cross Media C. Busch / J. Sieck (Hrsg.): Kultur und Informatik: Cross Media Anschrift der Herausgeber: Hochschule für Technik und Wirtschaft FB
Simulating Cloud Deployment Options for Software Migration Support
Technology Florian Fittkau Simulating Cloud Deployment Options for Software Migration Support Master's Thesis Fittkau, Florian: Simulating Cloud Deployment Options for Software Migration Support, Hamburg,
International Legal Studies II by European Scholars of the ELPIS Network
International Legal Studies II by European Scholars of the ELPIS Network Herausgegeben von Prof. Dr. Philip Kunig, Freie Universität Berlin Bernd H. Oppermann (Ed.) International Legal Studies II und Verfassungsgeschichte
Predictive Analytics and the Big Data Challenge
Predictive Analytics and the Big Data Challenge Andrei Grigoriev, MBA, MSc Sr. Director, Custom Development EMEA SAP Nice, April 2014 What is Predictive Analytics Predictive analytics is about analyzing
Closed-Loop Engineering Integrated Product Development at a Vehicle Manufacturer
Closed-Loop Engineering Integrated Product Development at a Vehicle Manufacturer Dr. Stephan Kohlhoff Geschäftbereich Automotive SAP Deutschland AG & Co KG Agenda Motivation Closed-Loop Engineering Vehicle
mysap Supply Chain Management Solution Map Release 2005
mysap Supply Chain Management Solution Map Release 2005 Demand & Supply Planning Demand Planning & Forecasting Safety Stock Planning Supply Network Planning Distribution Planning Supply Network Collaboration
Mobile Market Research
Emanuel Maxl / Nicola Döring / Astrid Wallisch (Hrsg.) Mobile Market Research Herbert von Halem Verlag Bibliografische Information der Deutschen Bibliothek Die deutsche Bibliothek verzeichnet diese Publikation
Classica et Orientalia
Classica et Orientalia Herausgegeben von Reinhold Bichler, Bruno Jacobs, Giovanni B. Lanfranchi, Robert Rollinger, Kai Ruffing und Josef Wiesehöfer Band 5 2013 Harrassowitz Verlag. Wiesbaden Haubold, Berossos.indd
Working in a ubiquitous computing environment
Working in a ubiquitous computing environment Challenges for an application software manufacturer Dr. Thomas Ziegert, SAP Corporate Research SAP Corporate Research Overview SAP Corporate Research Investigates
SAP Solutions for Information Management Overview, Strategy, & Roadmap. Kristin McMahon May 2013
SAP Solutions for Information Management Overview, Strategy, & Roadmap Kristin McMahon May 2013 Safe Harbor Statement The information in this presentation is confidential and proprietary to SAP and may
quick documentation Die Parameter der Installation sind in diesem Artikel zu finden:
quick documentation TO: FROM: SUBJECT: [email protected] ASTARO FIREWALL SCAN MIT NESSUS AUS BACKTRACK 5 R1 DATE: 24.11.2011 Inhalt Dieses Dokument beschreibt einen Nessus Scan einer Astaro
The Internet of Things Our Strategy and Direction: Driving Customer Value
The Internet of Things Our Strategy and Direction: Driving Customer Value Michael Lynch 2015 Internal 2015 SAP SE or an SAP affiliate company. All rights reserved. No part of this publication may be reproduced
Application Map Release 2005
mysap Supplier Relationship Management Solution Map Application Map Release 2005 Purchasing Planning Purchasing Governance Strategy Development Risk Management Procurement Office Planning Category Management
SAP Enterprise Portal 6.0 KM Platform Delta Features
SAP Enterprise Portal 6.0 KM Platform Delta Features Please see also the KM Platform feature list in http://service.sap.com/ep Product Management Operations Status: January 20th, 2004 Note: This presentation
SAP CRM 2007. Detailed View SAP CRM 2007. Web Service Tool
SAP CRM 2007 Detailed View SAP CRM 2007 Web Service Tool Disclaimer This Presentation is a preliminary version and not subject to your license agreement or any other agreement with SAP. This document contains
Management and Monitoring of a J2EE Server and Applications Using JMX. Reinhold Kautzleben, Gregor Frey Speaker Title, SAP AG
Management and Monitoring of a J2EE Server and Applications Using JMX Reinhold Kautzleben, Gregor Frey Speaker Title, SAP AG How much JMX is required to be in J2EE? JMX 1.2 belongs to the list of required
Radical innovation and Open innovation
Khanh Pham-Gia Radical innovation and Open innovation Creating new growth opportunities for business Illumination with a case study in the LED industry Diplomica Verlag Khanh Pham-Gia Radical innovation
PLANNING URBAN DISASTER RECOVERY
PLANNING URBAN DISASTER RECOVERY Schriftenreihe Bau- und Immobilienmanagement herausgegeben von Bernd Nentwig Band 15 Mark Kammerbauer PLANNING URBAN DISASTER RECOVERY Spatial, institutional, and social
Michael Collet 28th January 2005, Frankfurt, GI -Fachgruppe SECMGT
Management@SAP Michael Collet 28th January 2005, Frankfurt, GI -Fachgruppe SECMGT If business has no risk, don t do it! ( frei nach Tom DeMarco & Timothy Lister) Scope of Corporate Management Roll-out
Software / FileMaker / Plug-Ins Mailit 6 for FileMaker 10-13
Software / FileMaker / Plug-Ins Mailit 6 for FileMaker 10-13 Seite 1 / 5 Mailit 6 for FileMaker 10-13 The Ultimate Email Plug-In Integrate full email capability into your FileMaker 10-13 solutions with
SAP NetWeaver Gateway Throughput & Scalability. David Freidlin
SAP NetWeaver Gateway Throughput & Scalability David Freidlin Agenda Gateway Throughput Gateway Data Scalability Gateway Scaling Out Gateway High Availability 2013 SAP AG. All rights reserved. 2 Gateway
IAC-BOX Network Integration. IAC-BOX Network Integration IACBOX.COM. Version 2.0.1 English 24.07.2014
IAC-BOX Network Integration Version 2.0.1 English 24.07.2014 In this HOWTO the basic network infrastructure of the IAC-BOX is described. IAC-BOX Network Integration TITLE Contents Contents... 1 1. Hints...
Dokumentation über die Übernahme von. "GS-R-3" (The Management System for Facilities and Activities) "Sicherheitskriterien für Kernkraftwerke"
Dokumentation über die Übernahme von "GS-R-3" () in die "Sicherheitskriterien für Kernkraftwerke" REVISION D APRIL 2009 1. INTRODUCTION BACKGROUND 1.1 This Safety Requirements publication defines the requirements
SAP NetWeaver Composite Application Framework (CAF)
SAP NetWeaver Composite Application Framework (CAF) Disclaimer This presentation outlines our general product direction and should not be relied on in making a purchase decision. This presentation is not
Making SAP s User Experience Strategy Reality Nis Boy Naeve, Andreas Hauser SAP SE SESSION CODE: UX204
Making SAP s User Experience Strategy Reality Nis Boy Naeve, Andreas Hauser SAP SE SESSION CODE: UX204 Disclaimer This presentation outlines our general product direction and should not be relied on in
Search Engines Chapter 2 Architecture. 14.4.2011 Felix Naumann
Search Engines Chapter 2 Architecture 14.4.2011 Felix Naumann Overview 2 Basic Building Blocks Indexing Text Acquisition Text Transformation Index Creation Querying User Interaction Ranking Evaluation
Leveraging Utilibill. Tim Vanderheide Bluewater Power V.P. Client Services
Leveraging Utilibill Tim Vanderheide Bluewater Power V.P. Client Services Leveraging Utilibill Tim Vanderheide, V.P. Client Services Bluewater Power What is Bluewater Power LDC -- Local Distribution Company
Multiple Components in One Database -
Multiple Components in One Database - Technical Implementation on Different Databases Dr. Georg Leffers SAP AG Technical Setup The following slides show for all databases supported by SAP the technical
A short update on. SAP s User Experience Strategy Sam Yen, Andreas Hauser, Nis Boy Naeve, Volker Zimmermann, Gerrit Kotze - SAP AG April 2014
A short update on SAP s User Experience Strategy Sam Yen, Andreas Hauser, Nis Boy Naeve, Volker Zimmermann, Gerrit Kotze - SAP AG April 2014 Disclaimer This presentation outlines our general product direction
CPU SHB210 BIOS Versionen V14.x
CPU SHB210 BIOS Versionen V14.x 2 BIOS V 14.x Version V 1.0 Stand 05.07.2013 r Pa Bearbeitung/Illustrationen Pa Warenzeichen Alle verwendeten Produktnamen und Warenzeichen sind Eigentum ihrer jeweiligen
How To Teach A Software Engineer
Corporate Technology Social Skills für Experten Erfahrungsbericht vom Siemens Curriculum für Senior Architekten / Architekten Matthias Singer Siemens AG Learning Campus Copyright 2010. All rights reserved.
Building a multi-source universe
September 10-13, 2012 Orlando, Florida Building a multi-source universe Pierpaolo Vezzosi 2011 SAP AG. All rights reserved. Public 1 Learning points Learn the details of the multi-source universe technology
Yearbook of Private International Law
Yearbook of Private International Law Volume I (1999). Edited by Petar Sarcevic, Paul Volken and The Swiss Institute of Comparative Law Bearbeitet von Maarit Jänterä-Jareborg, Petar Sarcevic, Hans Ulrich
Vergleich der Versionen von Kapitel 1 des EU-GMP-Leitfaden (Oktober 2012) 01 July 2008 18 November 2009 31 Januar 2013 Kommentar Maas & Peither
Chapter 1 Quality Management Chapter 1 Quality Management System Chapter 1 Pharmaceutical Quality System Principle The holder of a Manufacturing Authorisation must manufacture medicinal products so as
Verena A. Knipp. Trust the Brand. Corporate Reputation Management in Private Banking. Diplomica Verlag
Verena A. Knipp Trust the Brand Corporate Reputation Management in Private Banking Diplomica Verlag Verena A. Knipp Trust the Brand - Corporate Reputation Management in Private Banking ISBN: 978-3-8366-3058-0
SAP Solution Manager for Customizing Synchronization
SAP Solution Manager for Customizing Synchronization Product Management SAP Solution Manager SAP AG Learning Objectives As a result of this presentation, you will be able to: Describe major challenges
Item Nonresponse in Wages: Testing for Biased Estimates in Wage Equations
RUHR ECONOMIC PAPERS Michael Fertig Katja Görlitz Item Nonresponse in Wages: Testing for Biased Estimates in Wage Equations #333 Imprint Ruhr Economic Papers Published by Ruhr-Universität Bochum (RUB),
Transforming and optimization of the supply chain to create value and secure growth and performance
Transforming and optimization of the supply chain to create value and secure growth and performance Niedersachsen Aviation, Jahresnetzwerktreffen Hannover, 10th December 2015 Today s storyboard Short introduction
TEUBNER-TEXTE zur Mathematik Band 137. V. I. Burenkov. Sobolev Spaces on Domains
TEUBNER-TEXTE zur Mathematik Band 137 V. I. Burenkov Sobolev Spaces on Domains TEUBNER-TEXTE zur Mathematik Herausgegeben von Prof. Dr. Jochen Bruning, Berlin Prof. Dr. Herbert Gajewski, Berlin Prof. Dr.
Upgrading Your Skills to MCSA Windows Server 2012 MOC 20417
Upgrading Your Skills to MCSA Windows Server 2012 MOC 20417 In dieser Schulung lernen Sie neue Features und Funktionalitäten in Windows Server 2012 in Bezug auf das Management, die Netzwerkinfrastruktur,
SAP s User Experience Strategy
SAP s User Experience Strategy May 2015 Public 2015 SAP SE or an SAP affiliate company. All rights reserved. Public 1 Public Disclaimer This presentation outlines our general product direction and should
The new PostZertifikat: first hands-on experience
The new PostZertifikat: first hands-on experience Kaspar Brand 2nd SWITCHpki RAO Meeting Berne, 18 April 2007 2007 SWITCH The PostZertifikat it s available, finally Launched at press
RUHR. Commitment Problems and War in International Bargaining ECONOMIC PAPERS #403. Erwin Amann Nadine Leonhardt
RUHR ECONOMIC PAPERS Erwin Amann Nadine Leonhardt Commitment Problems and War in International Bargaining #403 Imprint Ruhr Economic Papers Published by Ruhr-Universität Bochum (RUB), Department of Economics
Setup Guide for Business Process Operations Dashboards SAP Solution Manager 7.1. SAP AG August, 2011
Setup Guide for Business Process Operations Dashboards SAP Solution Manager 7.1 SAP AG August, 2011 Disclaimer This presentation outlines our general product direction and should not be relied on in making
How To Develop In Java (J2Ee) And J2Ee (Sap) Together (Sapp)
SAP NetWeaver Developer Studio and Java Development Infrastructure Karl Kessler Product Manager, SAP AG Agenda SAP NetWeaver Developer Studio! Mission Statement! Eclipse! Java Dictionary, J2EE Tool Set,
Sabine Reich SAP. Test Workbench - Introduction
Sabine Reich SAP Test Workbench - Introduction Agenda 1 General Concepts 2 Functions of the Test Workbench 3 A Typical Test Procedure 4 Integration into the SAP Solution Manager SAP AG 2002, Title of Presentation,
Optimize Your Business with SAP Enterprise Dashboards (SAP Smart Business) Powered by SAP HANA
Optimize Your Business with SAP Enterprise Dashboards (SAP Smart Business) Powered by SAP HANA SAP HANA Live and SAP Smart Business for real-time operational reporting and exception-based decision making
East Asian Economic and Socio-cultural Studies
East Asian Economic and Socio-cultural Studies Edited by Angela Schottenhammer ( ) East Asian Maritime History 12 2014 Harrassowitz Verlag. Wiesbaden Schottenhammer EAMH 12.indd Abs12 12.08.2014 13:39:31
