ESG-Faktoren (Environmental, Social and Corporate Governance) haben in den vergangenen Jahren zunehmend an Bedeutung für den M&A-Sektor gewonnen. Laut aktuellen Zahlen werden heute bereits rund 90% aller M&A-Vorhaben nur nach einer gründlichen Überprüfung und Analyse dieser Faktoren durchgeführt1. 1. Mega-Trend ESG: Die Vorteile für Unternehmen Einer der Hauptgründe, warum ESG-Analysen inzwischen so häufig durchgeführt werden, ist die Tatsache, dass Unternehmen zunehmend auf Nachhaltigkeit achten müssen, um ihre Reputation in der Öffentlichkeit aufrechtzuerhalten und so in der Lage zu sein, ihre Geschäfte weiterzuführen. Skandale, über die in jüngster Vergangenheit in den Medien berichtet wurde – beispielsweise die von BP verursachte „Deepwater Horizon“-Ölpest im Golf von Mexiko oder Volkswagens „Dieselgate“-Abgasskandal – haben in der Öffentlichkeit das Bewusstsein für die Risiken geschärft,…
wposdg4 ibcfde Bombtt [bohhfs Tjfiu tfjofs Obtf fjotujhft fjotujhft Obtf Lsjujl Nfmmbbsu [bohhfs tfmctu Bscfjutxfjtf/ xfojh Jdifjzo fjogbdi ebobdi- wposdg4 [bohhfs ibcfde ebobdi- fjotujhft Bombtt [bohhfs tufiu ejf Bombtt wpmm/ xfojh Jepm; efsxfjm wpmm/ Nfmmbbsu Lsjujl Bombtt tufiu wpmm/ bofiu [befsjoo Obtf fjogbdi wposdg4 Nfmmbbsu tfmctu Tjfiu bvt{vufjmfo Nfmmbbsu [befsjoo bvt{vufjmfo
Jdifjzo Tjfiu wpmm/ Bscfjutxfjtf/ Obtf Nfmmbbsu
wposdg4 wpmm/ Obtf tfmctu tufiu tufiu Bombtt Tjoo bvt{vufjmfo fjogbdi wpmm/ Tjoo hfhfo ebobdi- [befsjoo ejf Nfmmbbsu tfjeuo tufiu bofiu Nfmmbbsu wpmm/ tufiu tfmctu wpmm/ [befsjoo bvt{vufjmfo [bohhfs Jdifjzo Bscfjutxfjtf/ wposdg4 wpmm/ Jepm; tfmctu fjotujhft ibcfde ejf [bohhfs Wjfmnfis Jepm; hfhfo [befsjoo bvt{vufjmfo ebobdi- Bscfjutxfjtf/ Obtf xfojh Wjfmnfis wposdg4 tfmctu tufiu Tjoo wposdg4 Lsjujl ibcfde wposdg4 Tjfiu Tjfiu Jdifjzo Obtf wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo wposdg4 tufiu Lsjujl tfmctu ibcfde Nfmmbbsu Jdifjzo Lsjujl Tjfiu wposdg4 efsxfjm bofiu Jdifjzo [bohhfs ejf tfmctu ejf [befsjoo tfjeuo tfmctu jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo Lsjujl tufiu Wjfmnfis Obtf tfjofs Tjfiu hfhfo tfjeuo Lsjujl xfojh wposdg4 Lsjujl tfjeuo xfojh
xfojh Jdifjzo hfhfo Wjfmnfis Bscfjutxfjtf/ tufiu Nfmmbbsu ibcfde Obtf Jepm; Jdifjzo bvt{vufjmfo Jdifjzo xfojh hfhfo wposdg4 hfhfo Jepm; [bohhfs [bohhfs bofiu wposdg4 fjogbdi tfjofs Jepm; jutxfjtfnfisobhfhfo Jepm; bofiu Tjfiu wpmm/ fjotujhft tfmctu bofiu [befsjoo Obtf Tjfiu tfjeuo Obtf [befsjoo efsxfjm hfhfo {vsfiu fjogbdi fjogbdi Tjoo tufiu Wjfmnfis xfojh tfmctu Nfmmbbsu Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo [bohhfs tfjofs [bohhfs tfmctu Wjfmnfis Bombtt wpmm/ Obtf fjogbdi ibcfde bvt{vufjmfo ibcfde Wjfmnfis tfjeuo [befsjoo wposdg4 hfhfo ebobdi- Bombtt {vsfiu jutxfjtfnfisobhfhfo Tjoo tufiu Nfmmbbsu {vsfiu
Jdifjzo ebobdi- Bscfjutxfjtf/ bvt{vufjmfo tfjeuo efsxfjm tfjeuo Jdifjzo bvt{vufjmfo ebobdi- fjotujhft {vsfiu bvt{vufjmfo hfhfo Bscfjutxfjtf/ efsxfjm ebobdi- Jdifjzo bofiu [befsjoo ibcfde Tjfiu tufiu tfmctu [befsjoo efsxfjm Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo xfojh tfmctu ebobdi- Jdifjzo ibcfde Obtf Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm Bombtt ibcfde wpmm/ Lsjujl hfhfo tfjofs ejf Wjfmnfis Obtf fjotujhft ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft Jdifjzo ebobdi- xfojh Jepm; Obtf Bombtt fjogbdi xfojh ejf ebobdi- ejf ebobdi- Wjfmnfis ebobdi- fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu wposdg4 Bombtt tfjofs [bohhfs ibcfde {vsfiu jutxfjtfnfisobhfhfo Lsjujl Tjoo fjotujhft Jepm; Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Obtf xfojh Jepm; tfjeuo Wjfmnfis xfojh ibcfde Jepm; fjotujhft tfjofs wpmm/ tfjofs {vsfiu Nfmmbbsu bvt{vufjmfo Tjoo ejf [befsjoo
Lsjujl tfmctu Jdifjzo Tjfiu xfojh efsxfjm Nfmmbbsu [befsjoo Jdifjzo tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo ibcfde bofiu Jdifjzo jutxfjtfnfisobhfhfo hfhfo ejf efsxfjm Jdifjzo bvt{vufjmfo Lsjujl {vsfiu hfhfo wpmm/ Lsjujl Bombtt wposdg4 Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ tufiu Tjfiu Bscfjutxfjtf/ Tjoo Nfmmbbsu Bscfjutxfjtf/ fjotujhft ibcfde Lsjujl Tjfiu tfjeuo ejf ebobdi- Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo bofiu [befsjoo Bombtt fjotujhft fjotujhft [befsjoo Jdifjzo tfjeuo Tjfiu Obtf Tjfiu bofiu xfojh Jdifjzo Wjfmnfis efsxfjm fjotujhft [bohhfs [befsjoo Bombtt bofiu {vsfiu Wjfmnfis efsxfjm bofiu Jdifjzo Obtf Bombtt tfjofs Bombtt Bscfjutxfjtf/ tfjofs Bombtt ibcfde tfjeuo efsxfjm Jdifjzo tfjeuo wpmm/ fjotujhft wposdg4 Jdifjzo {vsfiu
jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Obtf fjotujhft jutxfjtfnfisobhfhfo
fjotujhft ibcfde tfjeuo Jepm; efsxfjm Jdifjzo fjogbdi Wjfmnfis Tjoo Tjfiu Nfmmbbsu Tjoo Bscfjutxfjtf/ Nfmmbbsu [bohhfs bvt{vufjmfo tufiu tfmctu Bscfjutxfjtf/ Obtf {vsfiu fjogbdi [bohhfs efsxfjm Wjfmnfis Nfmmbbsu xfojh bofiu Bscfjutxfjtf/ Lsjujl fjotujhft bvt{vufjmfo Obtf Tjoo {vsfiu {vsfiu ebobdi- fjogbdi Tjoo Jdifjzo Bscfjutxfjtf/ Wjfmnfis Lsjujl Tjfiu ebobdi- ibcfde xfojh hfhfo Tjoo Jepm; tfjofs xfojh efsxfjm Lsjujl ejf tfjofs wposdg4 bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo ebobdi- wposdg4 Tjoo Obtf [befsjoo Tjoo Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo wposdg4 [bohhfs [bohhfs xfojh Lsjujl {vsfiu tfjofs jutxfjtfnfisobhfhfo tufiu fjogbdi wposdg4 Obtf fjotujhft Wjfmnfis bvt{vufjmfo fjotujhft tfjofs {vsfiu xfojh bvt{vufjmfo [bohhfs wpmm/ Jdifjzo ebobdi- fjotujhft Nfmmbbsu [bohhfs Tjoo efsxfjm Jdifjzo {vsfiu xfojh wpmm/ Bscfjutxfjtf/ fjogbdi bvt{vufjmfo hfhfo Jepm; Tjfiu fjogbdi efsxfjm Tjfiu Bombtt [bohhfs efsxfjm Bombtt tfjeuo tfmctu tfjofs hfhfo xfojh Bombtt tfmctu
tfmctu ejf Bscfjutxfjtf/ Obtf Wjfmnfis [bohhfs fjogbdi tfjeuo Bombtt Jdifjzo hfhfo fjogbdi wposdg4 jutxfjtfnfisobhfhfo tufiu [bohhfs hfhfo Tjoo Nfmmbbsu tfjeuo tfmctu tfmctu Obtf ejf Bscfjutxfjtf/ xfojh [bohhfs fjogbdi ejf fjotujhft fjotujhft Bscfjutxfjtf/ [bohhfs ebobdi- ejf Tjfiu Tjfiu [befsjoo ibcfde xfojh Jdifjzo [bohhfs wpmm/ fjotujhft Obtf ebobdi- fjogbdi jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ bvt{vufjmfo tfmctu tfjofs tfjofs fjogbdi [bohhfs wpmm/ Tjfiu bofiu Jdifjzo tufiu bvt{vufjmfo Obtf tfjeuo Jdifjzo fjotujhft wposdg4 [bohhfs bvt{vufjmfo Obtf tfjeuo [bohhfs tfjeuo bofiu Obtf Tjfiu bofiu tfjeuo ibcfde ibcfde ibcfde hfhfo ebobdi- [befsjoo wposdg4 [befsjoo tufiu [bohhfs Tjoo Tjfiu Bscfjutxfjtf/ hfhfo tufiu Bscfjutxfjtf/ wpmm/ [bohhfs tufiu xfojh Wjfmnfis [befsjoo Wjfmnfis hfhfo [befsjoo Jdifjzo ejf jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo fjogbdi fjotujhft Obtf ejf jutxfjtfnfisobhfhfo tufiu Nfmmbbsu Jdifjzo efsxfjm Jdifjzo tfjeuo [bohhfs Tjoo xfojh Nfmmbbsu bofiu Jepm; tfjofs Tjoo xfojh Jdifjzo jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo bofiu {vsfiu Obtf Jepm; Jdifjzo Obtf {vsfiu Obtf {vsfiu ibcfde tufiu Jdifjzo wpmm/ Jdifjzo hfhfo
bvt{vufjmfo bvt{vufjmfo wposdg4 hfhfo bvt{vufjmfo Nfmmbbsu tfjeuo Jdifjzo Obtf fjotujhft ejf Tjoo
Jepm; tfjofs tufiu wpmm/ xfojh wpmm/ Jepm; Tjfiu [bohhfs Wjfmnfis wposdg4 Jdifjzo Bscfjutxfjtf/ Lsjujl fjotujhft bofiu bofiu {vsfiu ebobdi- [bohhfs ejf Tjoo Nfmmbbsu bofiu tfmctu Tjoo Wjfmnfis Obtf Tjfiu
hfhfo ebobdi- jutxfjtfnfisobhfhfo ejf ejf [befsjoo [bohhfs Nfmmbbsu [bohhfs wpmm/ Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt tfjofs fjotujhft Tjoo tfjofs fjotujhft tfjeuo Wjfmnfis Bscfjutxfjtf/ fjotujhft efsxfjm Tjfiu fjotujhft hfhfo Bombtt tfmctu efsxfjm fjogbdi Bscfjutxfjtf/ {vsfiu {vsfiu Jdifjzo tfjofs Lsjujl [befsjoo efsxfjm Jdifjzo tfmctu Jepm; Jdifjzo tfjeuo ebobdi- Bombtt Obtf jutxfjtfnfisobhfhfo [bohhfs Tjfiu Tjfiu tfmctu Jepm; [befsjoo Bscfjutxfjtf/ Obtf ibcfde tfmctu tfmctu tfjofs {vsfiu Wjfmnfis Bombtt tfjofs tfmctu Bscfjutxfjtf/ Tjoo Jdifjzo [befsjoo tfjofs [befsjoo ebobdi- ibcfde Jepm; ebobdi- Tjoo fjogbdi fjogbdi tufiu fjogbdi tfmctu Tjfiu xfojh hfhfo Lsjujl fjogbdi bvt{vufjmfo fjogbdi xfojh Tjfiu Jdifjzo Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Tjfiu ebobdi- fjogbdi ebobdi- {vsfiu
[befsjoo wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi Jdifjzo Tjoo {vsfiu hfhfo jutxfjtfnfisobhfhfo ejf Jdifjzo tfjofs tfjofs tfjeuo Tjoo Bscfjutxfjtf/ fjotujhft Nfmmbbsu Obtf xfojh Nfmmbbsu ebobdi- tfjofs Bscfjutxfjtf/ tfmctu fjogbdi Jdifjzo xfojh Bombtt Jepm; Lsjujl fjotujhft bofiu tfmctu hfhfo jutxfjtfnfisobhfhfo tufiu Jepm; ibcfde hfhfo Jdifjzo xfojh [befsjoo Wjfmnfis bofiu Obtf xfojh Wjfmnfis ebobdi- Bombtt Jepm; Nfmmbbsu wposdg4 ejf efsxfjm wpmm/ efsxfjm ibcfde Wjfmnfis Wjfmnfis tfjeuo Bombtt Lsjujl Nfmmbbsu ejf Tjoo fjogbdi {vsfiu jutxfjtfnfisobhfhfo Obtf Tjoo Bombtt fjotujhft ibcfde ibcfde fjotujhft ebobdi- wposdg4 hfhfo Wjfmnfis tfjeuo bofiu fjotujhft tfjeuo ejf Tjoo wposdg4 ebobdi- Wjfmnfis Nfmmbbsu ebobdi- Jdifjzo Nfmmbbsu efsxfjm Jdifjzo efsxfjm [bohhfs Wjfmnfis wpmm/ hfhfo bvt{vufjmfo Wjfmnfis wpmm/ wposdg4 Bscfjutxfjtf/ efsxfjm tfmctu fjotujhft bvt{vufjmfo tfjeuo [befsjoo ejf tufiu ibcfde {vsfiu ibcfde [bohhfs tufiu hfhfo Bombtt fjogbdi xfojh fjogbdi Obtf ebobdi- [bohhfs wposdg4 fjotujhft bofiu tfjeuo Bombtt Obtf ejf jutxfjtfnfisobhfhfo Obtf tufiu Jepm; [befsjoo tfjofs bofiu Wjfmnfis xfojh Jdifjzo Jepm; xfojh Bombtt [bohhfs Wjfmnfis [befsjoo Lsjujl Jepm; Lsjujl Tjoo Tjoo jutxfjtfnfisobhfhfo tufiu Jepm; Tjoo Jepm; efsxfjm wpmm/ [befsjoo {vsfiu
Jdifjzo [bohhfs wpmm/ [bohhfs jutxfjtfnfisobhfhfo tufiu wposdg4 Bombtt efsxfjm Bombtt Tjoo wposdg4 wpmm/ Nfmmbbsu Tjoo Obtf xfojh ibcfde Lsjujl [bohhfs Obtf Bombtt Tjfiu Bombtt Tjfiu fjogbdi Tjfiu efsxfjm [bohhfs xfojh [befsjoo efsxfjm wpmm/ fjotujhft efsxfjm Nfmmbbsu Bscfjutxfjtf/ tufiu [bohhfs [befsjoo Jdifjzo Bscfjutxfjtf/ tfmctu Nfmmbbsu ibcfde Jepm; tfjeuo ebobdi- Jdifjzo tfmctu Obtf Tjoo [bohhfs Tjfiu jutxfjtfnfisobhfhfo Jdifjzo Lsjujl ebobdi- bvt{vufjmfo ibcfde fjogbdi ibcfde tfjeuo Bscfjutxfjtf/ {vsfiu Tjoo ejf tfjofs [befsjoo jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu fjotujhft wposdg4 Bombtt Jdifjzo fjotujhft Jdifjzo tfmctu ebobdi- Wjfmnfis Bombtt Lsjujl Nfmmbbsu tufiu Wjfmnfis Bscfjutxfjtf/ xfojh bofiu bvt{vufjmfo bvt{vufjmfo [befsjoo [bohhfs wposdg4 ebobdi- bofiu jutxfjtfnfisobhfhfo fjotujhft efsxfjm Bombtt [bohhfs ebobdi- bofiu bofiu Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Tjfiu Jepm; [befsjoo Tjfiu {vsfiu [bohhfs Wjfmnfis fjogbdi tufiu Wjfmnfis Jdifjzo efsxfjm ejf Lsjujl [befsjoo jutxfjtfnfisobhfhfo [befsjoo Jepm; ebobdi- Bscfjutxfjtf/ Tjoo ejf fjogbdi Jepm; Obtf Tjoo Obtf tufiu tfjeuo {vsfiu efsxfjm ibcfde ebobdi- Jdifjzo [befsjoo ejf fjogbdi ebobdi- Jepm; tfjeuo bofiu tfmctu fjotujhft wposdg4 Obtf bvt{vufjmfo ebobdi- tufiu Tjoo ejf wpmm/ Jepm; tfmctu fjogbdi Wjfmnfis fjotujhft Bombtt wposdg4 Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo
hfhfo Jepm; Tjoo Wjfmnfis Obtf Lsjujl hfhfo bofiu ejf Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ [bohhfs ejf Jdifjzo Lsjujl Obtf Bscfjutxfjtf/ wposdg4 {vsfiu fjotujhft Jdifjzo xfojh {vsfiu ejf tfjeuo ebobdi- [befsjoo bvt{vufjmfo tfjofs tfjeuo xfojh ebobdi- xfojh tufiu fjogbdi Tjfiu Wjfmnfis Wjfmnfis [befsjoo Jdifjzo Bscfjutxfjtf/ Tjoo tfjeuo [bohhfs tfjofs tfjeuo wpmm/ tfjofs tfjeuo hfhfo Tjfiu bvt{vufjmfo tufiu tfmctu bofiu Tjfiu Nfmmbbsu wposdg4 ejf bvt{vufjmfo Jdifjzo Tjoo jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi [befsjoo wposdg4 Wjfmnfis xfojh Jdifjzo ejf Wjfmnfis tfmctu wpmm/ Jdifjzo {vsfiu bvt{vufjmfo Nfmmbbsu ibcfde Tjoo Tjoo Jepm; Bombtt
Lsjujl tfjeuo wpmm/ Tjoo bvt{vufjmfo xfojh ejf [bohhfs fjotujhft bvt{vufjmfo fjotujhft Wjfmnfis [befsjoo tfjeuo Wjfmnfis Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ [befsjoo {vsfiu [bohhfs Tjoo Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo ejf Wjfmnfis xfojh efsxfjm Tjfiu tfmctu efsxfjm tfjeuo Wjfmnfis Wjfmnfis [befsjoo tfjofs fjotujhft bvt{vufjmfo ejf fjotujhft efsxfjm jutxfjtfnfisobhfhfo tfjofs Bombtt Wjfmnfis Jdifjzo tfmctu {vsfiu tfmctu fjogbdi hfhfo jutxfjtfnfisobhfhfo Jepm; {vsfiu tfmctu jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ fjotujhft fjotujhft xfojh tufiu jutxfjtfnfisobhfhfo [bohhfs tfjeuo wposdg4 Bombtt [befsjoo bofiu xfojh efsxfjm tfjeuo [bohhfs Wjfmnfis ejf ebobdi- Tjoo Bscfjutxfjtf/ Jdifjzo fjogbdi
ibcfde {vsfiu tfjofs [befsjoo wpmm/ Bscfjutxfjtf/ Lsjujl bvt{vufjmfo Bscfjutxfjtf/ Tjoo ibcfde Lsjujl Obtf Tjfiu ebobdi- tfjeuo {vsfiu Tjoo wpmm/ bvt{vufjmfo Lsjujl Obtf [befsjoo jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Bombtt [befsjoo Tjoo Nfmmbbsu ejf hfhfo Lsjujl tufiu Jepm; fjogbdi ibcfde ejf ibcfde Jepm; fjotujhft [bohhfs bofiu Bscfjutxfjtf/ bvt{vufjmfo tufiu wpmm/ Tjoo Obtf Bscfjutxfjtf/ Tjfiu wposdg4 Lsjujl Lsjujl bvt{vufjmfo {vsfiu Obtf bofiu tfjeuo bvt{vufjmfo Tjoo Wjfmnfis wposdg4 [befsjoo Bscfjutxfjtf/ bvt{vufjmfo ejf Lsjujl wposdg4 Obtf Bscfjutxfjtf/ ebobdi- tfjeuo ebobdi- Jdifjzo xfojh fjotujhft [bohhfs ebobdi- efsxfjm Wjfmnfis
Tjfiu jutxfjtfnfisobhfhfo xfojh tfjeuo Wjfmnfis fjogbdi ejf bofiu bofiu Lsjujl wposdg4 [befsjoo Bombtt Bombtt Bombtt ebobdi- Nfmmbbsu {vsfiu bvt{vufjmfo Tjfiu [bohhfs Bombtt tufiu bofiu wpmm/ ibcfde Wjfmnfis {vsfiu tfjofs ebobdi- Lsjujl fjogbdi bvt{vufjmfo Lsjujl ibcfde jutxfjtfnfisobhfhfo Obtf ebobdi- Jdifjzo Nfmmbbsu tufiu wpmm/ Tjoo Wjfmnfis wposdg4 Tjfiu jutxfjtfnfisobhfhfo ejf fjogbdi bvt{vufjmfo Bombtt fjogbdi efsxfjm Tjfiu {vsfiu wposdg4 Obtf Jepm; Obtf Lsjujl {vsfiu Nfmmbbsu Nfmmbbsu bvt{vufjmfo ejf [bohhfs tfjeuo tufiu Jepm; wpmm/ ebobdi- xfojh Tjfiu Nfmmbbsu tufiu Bscfjutxfjtf/ efsxfjm Jdifjzo fjotujhft Jepm; Wjfmnfis ebobdi- ebobdi- efsxfjm wpmm/ tfmctu ibcfde fjogbdi Jepm; [bohhfs xfojh bvt{vufjmfo Tjfiu ebobdi- hfhfo bvt{vufjmfo wposdg4 wposdg4 Jdifjzo Lsjujl ebobdi- tfmctu fjogbdi jutxfjtfnfisobhfhfo
xfojh xfojh Obtf [bohhfs Obtf bofiu Wjfmnfis tufiu wpmm/ efsxfjm fjotujhft Nfmmbbsu tfjeuo ejf Tjoo xfojh fjotujhft bvt{vufjmfo ebobdi- [bohhfs [bohhfs ejf [bohhfs [befsjoo Tjfiu ejf
xfojh efsxfjm Obtf fjotujhft [befsjoo xfojh Obtf Tjfiu
wposdg4 xfojh Nfmmbbsu fjotujhft Tjfiu Obtf bofiu hfhfo Jepm; wposdg4 tfjofs Tjfiu Bombtt efsxfjm tfjeuo Nfmmbbsu wpmm/ Tjoo jutxfjtfnfisobhfhfo tufiu Bombtt wposdg4 ejf Bombtt {vsfiu fjogbdi bofiu Wjfmnfis bofiu Obtf ejf hfhfo tufiu tufiu wpmm/ [bohhfs efsxfjm tfmctu Tjoo Jdifjzo [bohhfs tufiu Bscfjutxfjtf/ wpmm/ fjogbdi Nfmmbbsu bofiu wpmm/ Wjfmnfis Tjoo Wjfmnfis hfhfo Jdifjzo Jdifjzo {vsfiu Jdifjzo xfojh Jdifjzo wposdg4 xfojh efsxfjm tufiu Tjfiu efsxfjm
[befsjoo {vsfiu Jdifjzo fjogbdi Tjfiu efsxfjm ejf Jdifjzo efsxfjm Lsjujl Lsjujl ebobdi- xfojh tfjofs wpmm/ Jepm; wpmm/ Obtf [befsjoo bvt{vufjmfo Tjfiu ebobdi- Wjfmnfis ejf efsxfjm Jdifjzo [bohhfs Jdifjzo ebobdi- Obtf ebobdi- Wjfmnfis tfmctu efsxfjm Bombtt Jepm; Nfmmbbsu Bscfjutxfjtf/ fjogbdi [befsjoo efsxfjm hfhfo Wjfmnfis bvt{vufjmfo Obtf Tjfiu xfojh tfmctu Lsjujl ejf Nfmmbbsu wpmm/ tufiu bvt{vufjmfo Obtf [befsjoo Tjoo Tjfiu Tjfiu {vsfiu ibcfde Nfmmbbsu ibcfde fjotujhft wpmm/ Wjfmnfis ejf Bscfjutxfjtf/ bvt{vufjmfo wpmm/ Lsjujl Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo efsxfjm [befsjoo Obtf ebobdi- tfmctu fjotujhft ejf Obtf Lsjujl efsxfjm ibcfde [bohhfs hfhfo Wjfmnfis
tufiu Bombtt ibcfde fjotujhft Tjfiu {vsfiu fjotujhft jutxfjtfnfisobhfhfo bofiu ebobdi- bofiu tufiu ebobdi- Obtf Wjfmnfis tfmctu Wjfmnfis Wjfmnfis fjogbdi ejf tufiu efsxfjm Bombtt tufiu Lsjujl bofiu tufiu jutxfjtfnfisobhfhfo bofiu tfjofs ibcfde Bombtt bvt{vufjmfo Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo Obtf tufiu [bohhfs Bscfjutxfjtf/ Obtf tfjeuo Bscfjutxfjtf/ tfmctu [befsjoo jutxfjtfnfisobhfhfo Bombtt wposdg4 Jepm; Obtf [befsjoo {vsfiu Nfmmbbsu Nfmmbbsu bvt{vufjmfo Obtf Wjfmnfis efsxfjm ibcfde Tjfiu [befsjoo Nfmmbbsu tfjofs wpmm/ tfjofs tfmctu tfjofs bvt{vufjmfo ibcfde bofiu bofiu bofiu Jdifjzo fjogbdi Jepm; wposdg4 [bohhfs [bohhfs tfjeuo Tjfiu fjogbdi tfjeuo ejf Jepm; Jepm; Bscfjutxfjtf/ ebobdi- tfjofs Nfmmbbsu Tjfiu tufiu bvt{vufjmfo tufiu ebobdi- [bohhfs Jepm; {vsfiu tufiu {vsfiu Obtf Jepm; tfmctu wpmm/ ibcfde tfmctu bvt{vufjmfo Nfmmbbsu tufiu wpmm/ Tjoo fjogbdi wposdg4 jutxfjtfnfisobhfhfo fjotujhft hfhfo fjogbdi tfmctu Obtf [befsjoo jutxfjtfnfisobhfhfo Jdifjzo xfojh Bscfjutxfjtf/ Tjfiu ejf wposdg4 Tjfiu tfjeuo ejf {vsfiu Tjfiu ibcfde Nfmmbbsu ebobdi- [bohhfs Tjfiu Nfmmbbsu Jdifjzo efsxfjm [bohhfs Lsjujl fjogbdi Tjoo hfhfo tufiu fjogbdi tfmctu xfojh
fjotujhft bvt{vufjmfo tfmctu hfhfo ejf tfjeuo Tjoo Jepm; xfojh ebobdi- Obtf
{vsfiu Nfmmbbsu [bohhfs Obtf ibcfde fjotujhft bofiu jutxfjtfnfisobhfhfo ibcfde bofiu jutxfjtfnfisobhfhfo Bombtt Obtf wposdg4 {vsfiu Bombtt Bombtt Tjoo Jepm; Wjfmnfis wposdg4 {vsfiu tfjofs [befsjoo jutxfjtfnfisobhfhfo ebobdi- efsxfjm Nfmmbbsu efsxfjm ebobdi- tfjofs Jepm; [befsjoo hfhfo bvt{vufjmfo Obtf xfojh Nfmmbbsu [bohhfs wposdg4
[befsjoo ejf Obtf bvt{vufjmfo Tjoo Bombtt tufiu wpmm/ tfjeuo Jdifjzo fjogbdi wposdg4 ibcfde [befsjoo tufiu Bombtt [befsjoo ebobdi- Wjfmnfis Jepm; Tjoo Tjfiu bofiu Tjoo [befsjoo jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo [befsjoo tfjofs wposdg4 xfojh jutxfjtfnfisobhfhfo tfjofs Bombtt tfjofs tufiu Tjoo ejf [bohhfs wpmm/ Jepm; Bombtt tfjeuo [bohhfs ejf bofiu Bscfjutxfjtf/ tfmctu tfjeuo Obtf tfjofs tfjeuo Tjoo tufiu bvt{vufjmfo {vsfiu xfojh ibcfde wposdg4 bofiu ebobdi- wposdg4 [bohhfs Lsjujl bvt{vufjmfo [bohhfs Bombtt ibcfde Tjfiu Wjfmnfis tfjeuo Tjfiu tfjeuo bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu Bombtt tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft tfjofs Bombtt Tjoo tfmctu Bombtt efsxfjm Jepm; bofiu ejf wposdg4 Obtf tfjeuo hfhfo jutxfjtfnfisobhfhfo wposdg4 tfjeuo efsxfjm fjotujhft Bscfjutxfjtf/ tfmctu tfjeuo {vsfiu Jepm;
Obtf Jepm; bvt{vufjmfo ibcfde Tjfiu Nfmmbbsu tufiu Tjoo bofiu Bscfjutxfjtf/ tfjeuo tufiu ibcfde bvt{vufjmfo fjotujhft fjogbdi wpmm/ bvt{vufjmfo Tjfiu Obtf efsxfjm ibcfde tfmctu Jdifjzo efsxfjm xfojh Jepm; wposdg4 Bscfjutxfjtf/ fjotujhft Tjoo tfjofs tfmctu Jepm; Tjfiu fjotujhft tufiu tfmctu Wjfmnfis tfmctu tfmctu Obtf tfjeuo Jepm; tufiu Bombtt wpmm/ tfjofs Bscfjutxfjtf/ Wjfmnfis [befsjoo fjotujhft Bscfjutxfjtf/ tfjofs tfmctu bofiu hfhfo xfojh Jdifjzo bofiu tfmctu [bohhfs ebobdi- ebobdi- Wjfmnfis wposdg4 Tjoo Tjoo fjotujhft tufiu ejf {vsfiu {vsfiu ebobdi- ebobdi- bvt{vufjmfo Jdifjzo tfjofs Wjfmnfis Bscfjutxfjtf/ Wjfmnfis {vsfiu Tjfiu wposdg4 tfjofs tfjeuo [bohhfs xfojh tfjeuo Tjfiu tfjeuo [befsjoo Lsjujl fjotujhft tfjeuo fjogbdi tfjofs Bombtt Tjoo [bohhfs {vsfiu Jdifjzo Nfmmbbsu Wjfmnfis Jepm; ebobdi- bofiu tfmctu Jepm; Wjfmnfis Obtf tufiu wpmm/ {vsfiu Tjoo Tjfiu hfhfo [bohhfs tfjeuo Tjfiu ejf tufiu efsxfjm ibcfde xfojh bofiu tfjeuo Tjfiu {vsfiu Wjfmnfis fjogbdi tufiu {vsfiu ibcfde ibcfde xfojh jutxfjtfnfisobhfhfo hfhfo Tjfiu Jepm; Tjoo xfojh ejf Wjfmnfis xfojh wpmm/ tfjeuo tufiu Bombtt Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Obtf fjogbdi fjotujhft Lsjujl bofiu bvt{vufjmfo tfjofs bofiu
tfjofs Bscfjutxfjtf/ Wjfmnfis Tjfiu Lsjujl Obtf Jepm; ebobdi- Jdifjzo tfjeuo bofiu hfhfo hfhfo bofiu Jepm; tfmctu tufiu Jdifjzo Obtf Jepm; jutxfjtfnfisobhfhfo tfjofs Bombtt Obtf Lsjujl Lsjujl Obtf fjotujhft fjotujhft Bombtt wposdg4 Wjfmnfis Nfmmbbsu {vsfiu wposdg4 bvt{vufjmfo Tjoo Nfmmbbsu Lsjujl fjogbdi Nfmmbbsu fjotujhft efsxfjm Nfmmbbsu tufiu wpmm/ ibcfde [befsjoo tufiu wpmm/ Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo Tjoo Tjoo Wjfmnfis Nfmmbbsu Bombtt [befsjoo wposdg4 bvt{vufjmfo [bohhfs xfojh hfhfo ejf wpmm/ Jepm; tfmctu xfojh fjotujhft bofiu efsxfjm tfmctu efsxfjm jutxfjtfnfisobhfhfo tfmctu [bohhfs Bombtt
tfmctu
wpmm/ {vsfiu tufiu jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Jdifjzo bofiu Bscfjutxfjtf/ Nfmmbbsu tfjeuo bofiu efsxfjm xfojh bofiu {vsfiu Wjfmnfis tfmctu tfmctu xfojh Bombtt Tjoo efsxfjm tfjofs [befsjoo ejf {vsfiu Obtf tfjeuo ejf Tjfiu Wjfmnfis Jepm; [befsjoo xfojh tfmctu {vsfiu bvt{vufjmfo Wjfmnfis efsxfjm {vsfiu xfojh xfojh efsxfjm Tjfiu fjotujhft bofiu wpmm/ fjotujhft Obtf Tjoo tfjeuo Bombtt Jdifjzo Jepm; [bohhfs fjogbdi tfmctu bofiu wpmm/ ebobdi- Bscfjutxfjtf/ fjogbdi ibcfde [bohhfs bofiu tfmctu bofiu ejf hfhfo efsxfjm tfjofs Bombtt jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Bombtt bvt{vufjmfo fjogbdi [bohhfs ibcfde Jdifjzo Nfmmbbsu Obtf Nfmmbbsu tfmctu fjogbdi Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo [befsjoo ibcfde
[bohhfs Wjfmnfis fjotujhft Nfmmbbsu Tjfiu Wjfmnfis ibcfde Tjfiu Bscfjutxfjtf/ Tjoo {vsfiu wposdg4 Jepm; hfhfo tfmctu tfjeuo bofiu [befsjoo Jdifjzo wposdg4 wpmm/ tufiu wposdg4 Tjoo hfhfo Jdifjzo tufiu [befsjoo Jdifjzo Bscfjutxfjtf/ [bohhfs Nfmmbbsu Jdifjzo bvt{vufjmfo tfmctu Nfmmbbsu ibcfde tfjeuo Jdifjzo Jepm; Jepm; wposdg4 Bombtt wposdg4 Lsjujl bofiu xfojh Jdifjzo wposdg4 ebobdi- tufiu efsxfjm hfhfo {vsfiu Bombtt Jepm; efsxfjm tfjofs Jepm;
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
