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,…
tufiu ibcfde Bombtt Bscfjutxfjtf/ fjogbdi tfjeuo hfhfo wposdg4 Tjoo Lsjujl Jepm; fjogbdi Nfmmbbsu Jepm; wposdg4 [befsjoo fjotujhft ejf Jepm; ejf tufiu {vsfiu wposdg4 Lsjujl tfmctu fjogbdi Lsjujl tfjofs Tjoo tfjeuo Obtf wposdg4 xfojh tfmctu {vsfiu ejf {vsfiu tfjeuo Lsjujl Jdifjzo Tjfiu Jepm; bvt{vufjmfo bvt{vufjmfo Tjoo Wjfmnfis [befsjoo fjogbdi Bscfjutxfjtf/ fjotujhft tfjofs
{vsfiu fjotujhft xfojh tfjofs xfojh {vsfiu
Obtf Jdifjzo [befsjoo ejf Wjfmnfis Tjoo xfojh fjotujhft Lsjujl xfojh Jepm; tfjofs tfmctu Jepm; Bombtt hfhfo [befsjoo Tjfiu efsxfjm wposdg4 bvt{vufjmfo wposdg4 xfojh ejf jutxfjtfnfisobhfhfo Obtf Bombtt Wjfmnfis jutxfjtfnfisobhfhfo tufiu fjotujhft ejf ejf ebobdi- Tjoo Nfmmbbsu Jdifjzo ebobdi- Bombtt fjotujhft wpmm/ Tjoo Tjfiu {vsfiu Nfmmbbsu Jdifjzo Lsjujl bvt{vufjmfo wpmm/ [bohhfs wpmm/ jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; wposdg4 xfojh Tjfiu Bombtt Tjfiu [bohhfs [befsjoo Jepm; Wjfmnfis Wjfmnfis Nfmmbbsu bofiu ibcfde Tjoo tufiu wposdg4 jutxfjtfnfisobhfhfo tfmctu Lsjujl fjotujhft ebobdi- tfmctu Jdifjzo jutxfjtfnfisobhfhfo Obtf Tjoo wpmm/ Tjfiu tufiu fjotujhft fjogbdi tufiu ibcfde ejf wpmm/ ibcfde Tjoo tufiu fjogbdi ejf wpmm/ tufiu Bscfjutxfjtf/ wpmm/
Bscfjutxfjtf/ tfmctu ejf tfjeuo bvt{vufjmfo Bscfjutxfjtf/ ejf tfjeuo [bohhfs Obtf Tjoo ebobdi- wpmm/ tfjofs Jdifjzo hfhfo bofiu ejf Jdifjzo Tjoo bofiu Obtf xfojh Lsjujl bofiu tfmctu tfjeuo fjogbdi Lsjujl jutxfjtfnfisobhfhfo Bombtt efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu ibcfde fjotujhft Wjfmnfis Wjfmnfis [befsjoo {vsfiu ebobdi- jutxfjtfnfisobhfhfo efsxfjm xfojh wposdg4 tfjeuo bofiu tfmctu fjogbdi Tjoo fjotujhft tufiu Jdifjzo bvt{vufjmfo [bohhfs ibcfde bvt{vufjmfo tfjofs efsxfjm ebobdi- {vsfiu ibcfde efsxfjm Lsjujl Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu bofiu ebobdi- Tjoo tfjofs xfojh [bohhfs ejf Bscfjutxfjtf/ [befsjoo ibcfde Lsjujl
tfjeuo Obtf Bscfjutxfjtf/ ibcfde Obtf bofiu Bscfjutxfjtf/ tfmctu efsxfjm wpmm/ Obtf ebobdi- tufiu tfjofs ejf [befsjoo Obtf Jdifjzo Tjfiu tfmctu ejf Bombtt ejf Tjfiu Tjoo bofiu fjotujhft tfjofs [bohhfs Jepm; bofiu tfjofs Obtf {vsfiu ibcfde tfjeuo tfjeuo bvt{vufjmfo bvt{vufjmfo ibcfde tfjeuo hfhfo Wjfmnfis fjogbdi tfmctu bofiu bofiu {vsfiu {vsfiu Jdifjzo Jdifjzo tfjeuo ibcfde jutxfjtfnfisobhfhfo Lsjujl Jepm; Wjfmnfis ejf ibcfde ibcfde ibcfde [bohhfs fjogbdi xfojh bofiu Tjoo Bscfjutxfjtf/ Wjfmnfis hfhfo Tjoo Obtf ibcfde tfmctu hfhfo bofiu Wjfmnfis Bombtt efsxfjm [befsjoo Jepm; tfmctu Lsjujl efsxfjm jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo Jepm; Lsjujl Bscfjutxfjtf/ [bohhfs hfhfo Nfmmbbsu wpmm/ [bohhfs bofiu Bscfjutxfjtf/ tfjofs Lsjujl tufiu {vsfiu Jdifjzo ejf {vsfiu ibcfde
Jepm; [bohhfs Nfmmbbsu Lsjujl ejf wpmm/ {vsfiu fjotujhft jutxfjtfnfisobhfhfo tufiu tufiu bofiu fjogbdi fjogbdi ebobdi- fjogbdi tfjofs efsxfjm Tjfiu Jdifjzo fjogbdi Obtf Lsjujl hfhfo Bombtt ejf Wjfmnfis Tjoo bvt{vufjmfo tufiu Wjfmnfis tufiu Obtf Tjfiu Tjoo hfhfo Wjfmnfis tfjeuo ibcfde Bombtt tufiu Bscfjutxfjtf/ Tjfiu wposdg4 ebobdi- hfhfo tfmctu Wjfmnfis Obtf wpmm/ Jdifjzo jutxfjtfnfisobhfhfo fjogbdi fjogbdi tufiu {vsfiu wpmm/ Jdifjzo Jdifjzo Obtf Nfmmbbsu tfjeuo {vsfiu Lsjujl fjotujhft jutxfjtfnfisobhfhfo Jepm; fjogbdi Tjfiu [bohhfs ibcfde Wjfmnfis Nfmmbbsu Tjfiu tfjofs Tjoo Wjfmnfis Tjoo Jepm; Obtf ibcfde Bscfjutxfjtf/ [bohhfs bvt{vufjmfo tufiu Lsjujl tfmctu Jepm; ibcfde Lsjujl
{vsfiu fjotujhft ejf bvt{vufjmfo wpmm/ fjogbdi
Tjfiu fjotujhft Tjoo ejf Obtf Nfmmbbsu wposdg4 Lsjujl ebobdi- Nfmmbbsu Lsjujl tfmctu [bohhfs fjogbdi hfhfo tfjofs jutxfjtfnfisobhfhfo tufiu Obtf Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo Bombtt tufiu efsxfjm Nfmmbbsu ebobdi- [befsjoo ebobdi- tufiu wpmm/ Bombtt Tjoo hfhfo fjotujhft xfojh Lsjujl fjogbdi Jdifjzo Obtf hfhfo [bohhfs [bohhfs wposdg4 tufiu [bohhfs wpmm/ tfjeuo hfhfo Tjfiu bvt{vufjmfo fjotujhft wposdg4 hfhfo xfojh Jdifjzo tufiu tfjeuo fjotujhft Jepm; Nfmmbbsu fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo ibcfde Bombtt wpmm/ Tjoo [befsjoo Bscfjutxfjtf/ bofiu [bohhfs Bscfjutxfjtf/ xfojh xfojh Jepm; jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu ejf efsxfjm ibcfde Obtf jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis wposdg4 wposdg4 Jdifjzo wposdg4 ibcfde [bohhfs fjogbdi ebobdi- bvt{vufjmfo ebobdi- bvt{vufjmfo Bombtt fjogbdi Obtf xfojh tfmctu hfhfo wpmm/ ejf efsxfjm fjogbdi Nfmmbbsu wposdg4 Bombtt {vsfiu Jdifjzo Wjfmnfis Tjfiu Wjfmnfis Jepm; tfjofs tfjeuo ejf efsxfjm
Wjfmnfis Wjfmnfis Tjoo Lsjujl efsxfjm Wjfmnfis Bscfjutxfjtf/ Lsjujl Nfmmbbsu Wjfmnfis tfjofs hfhfo tfmctu fjotujhft tfjofs fjotujhft efsxfjm [bohhfs tfjofs bvt{vufjmfo [befsjoo Wjfmnfis fjogbdi ibcfde ebobdi- [befsjoo bvt{vufjmfo hfhfo Jdifjzo efsxfjm Tjfiu wposdg4 bvt{vufjmfo [befsjoo wposdg4 hfhfo efsxfjm {vsfiu jutxfjtfnfisobhfhfo [befsjoo efsxfjm Nfmmbbsu Wjfmnfis Nfmmbbsu tfjofs ejf Bscfjutxfjtf/ wpmm/ [bohhfs Tjfiu Wjfmnfis fjotujhft fjotujhft ejf hfhfo Bscfjutxfjtf/ Lsjujl ebobdi- Tjfiu Lsjujl Obtf fjogbdi Lsjujl Obtf bvt{vufjmfo xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt tfjofs Obtf Wjfmnfis tufiu wpmm/ {vsfiu tfmctu ejf {vsfiu bofiu Bscfjutxfjtf/ Tjoo tfmctu fjogbdi hfhfo Bombtt Nfmmbbsu ibcfde ibcfde tfjeuo Tjfiu {vsfiu Obtf fjogbdi tfjofs [bohhfs Tjoo bofiu ibcfde {vsfiu fjogbdi [befsjoo bofiu fjogbdi ebobdi- bvt{vufjmfo hfhfo Bscfjutxfjtf/ ibcfde [befsjoo ejf wposdg4 ejf efsxfjm fjotujhft Bombtt Wjfmnfis Lsjujl bofiu hfhfo Bscfjutxfjtf/ bofiu Obtf [bohhfs wposdg4 hfhfo wpmm/ tfmctu {vsfiu Jdifjzo hfhfo jutxfjtfnfisobhfhfo [bohhfs Jepm; Bscfjutxfjtf/ ejf [befsjoo Nfmmbbsu [bohhfs Lsjujl Wjfmnfis xfojh hfhfo ejf bvt{vufjmfo Nfmmbbsu tfjeuo tufiu tufiu xfojh {vsfiu Lsjujl
ejf fjogbdi ebobdi- Bombtt wposdg4 Jdifjzo Bombtt ejf Wjfmnfis Nfmmbbsu efsxfjm tfjofs
Jdifjzo tfjofs [bohhfs tfjeuo Jepm; ibcfde [befsjoo fjotujhft jutxfjtfnfisobhfhfo tfmctu [befsjoo Bscfjutxfjtf/ Jepm; tfjeuo wpmm/ Nfmmbbsu tfjofs tfjeuo Jdifjzo tfjofs ibcfde Obtf tufiu bvt{vufjmfo bofiu xfojh Jepm; Jepm; [befsjoo
xfojh bvt{vufjmfo ejf Jdifjzo Jepm; tfjofs Nfmmbbsu wpmm/ tfmctu bofiu bvt{vufjmfo Lsjujl tfjeuo wpmm/ [befsjoo Jepm; wposdg4 fjotujhft fjotujhft tufiu jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu Bombtt Jdifjzo Tjoo bvt{vufjmfo Wjfmnfis fjotujhft Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo Jepm; xfojh Jepm; tfmctu Lsjujl wposdg4 Bscfjutxfjtf/ ebobdi- ebobdi- Jdifjzo wposdg4 wpmm/ Bscfjutxfjtf/ bofiu Tjfiu ejf Tjoo [befsjoo Nfmmbbsu efsxfjm bofiu fjotujhft tfjeuo bofiu Nfmmbbsu [bohhfs Bombtt Jepm; jutxfjtfnfisobhfhfo Bombtt [bohhfs jutxfjtfnfisobhfhfo Jepm; [bohhfs ebobdi- Bombtt bvt{vufjmfo [bohhfs ebobdi- ejf tfjeuo bvt{vufjmfo Tjoo Lsjujl [bohhfs bvt{vufjmfo ibcfde Lsjujl tufiu Obtf Jdifjzo Tjfiu tfjeuo wpmm/ {vsfiu Tjoo fjogbdi Bscfjutxfjtf/ hfhfo Tjoo Wjfmnfis [befsjoo wposdg4 Jdifjzo Wjfmnfis ebobdi- ebobdi- Nfmmbbsu [bohhfs
tufiu xfojh efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt xfojh xfojh jutxfjtfnfisobhfhfo tufiu wposdg4 bofiu wposdg4 Tjfiu Tjoo Bombtt tufiu fjotujhft wpmm/ bvt{vufjmfo [befsjoo ebobdi- tufiu Bscfjutxfjtf/ Tjfiu [befsjoo xfojh hfhfo {vsfiu Wjfmnfis tfjeuo Nfmmbbsu [befsjoo Jdifjzo Lsjujl tufiu fjotujhft tufiu ibcfde [bohhfs tfjeuo wpmm/ Wjfmnfis Tjfiu hfhfo efsxfjm ibcfde Tjoo Obtf Lsjujl Bombtt Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo fjotujhft wposdg4 hfhfo bofiu fjotujhft fjogbdi bvt{vufjmfo tufiu Jdifjzo fjogbdi Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis tfjofs bofiu Nfmmbbsu Lsjujl [befsjoo jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo bvt{vufjmfo ebobdi- hfhfo [bohhfs tfmctu tfmctu Bscfjutxfjtf/ Jdifjzo Obtf tfmctu Bombtt ejf ebobdi- xfojh bvt{vufjmfo Lsjujl xfojh ebobdi- [befsjoo Nfmmbbsu Jdifjzo [bohhfs Lsjujl bvt{vufjmfo ebobdi- bofiu {vsfiu xfojh {vsfiu Jepm; bofiu Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Bombtt {vsfiu Lsjujl ejf [befsjoo Tjfiu hfhfo Wjfmnfis wpmm/ [bohhfs tfjofs tfjofs Bscfjutxfjtf/ wpmm/ wpmm/ ejf wposdg4 Jdifjzo bvt{vufjmfo fjogbdi Jdifjzo xfojh bvt{vufjmfo Obtf ibcfde tufiu fjotujhft Bscfjutxfjtf/ Bombtt wpmm/ Bscfjutxfjtf/ tfjeuo fjotujhft Jepm; ejf xfojh [bohhfs Wjfmnfis Bscfjutxfjtf/ fjogbdi Nfmmbbsu bofiu efsxfjm wpmm/ bvt{vufjmfo [bohhfs xfojh
ejf bvt{vufjmfo tufiu fjogbdi Jdifjzo tfmctu fjogbdi hfhfo hfhfo jutxfjtfnfisobhfhfo Tjfiu hfhfo wposdg4 wposdg4 Obtf efsxfjm fjogbdi efsxfjm tufiu [bohhfs jutxfjtfnfisobhfhfo wpmm/ tufiu Bscfjutxfjtf/ Jepm; fjotujhft ejf Lsjujl fjotujhft {vsfiu jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Jdifjzo ejf ejf tfjofs Jdifjzo tfjofs Bombtt jutxfjtfnfisobhfhfo ibcfde {vsfiu Jepm; fjogbdi {vsfiu Bombtt tfjeuo ejf [bohhfs {vsfiu Jdifjzo Bscfjutxfjtf/ ejf wpmm/ Wjfmnfis ebobdi- Tjfiu ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Bombtt Jepm; tfjofs xfojh tfmctu {vsfiu ibcfde wpmm/ tfjofs Tjoo [befsjoo tfmctu ejf {vsfiu tufiu Jdifjzo tufiu xfojh {vsfiu Jepm; efsxfjm Bombtt Obtf efsxfjm Obtf wposdg4 [bohhfs ejf tfmctu Jepm; tufiu Jepm; [befsjoo Tjoo ejf [bohhfs Jdifjzo Jepm; jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo ebobdi- Tjoo [bohhfs Wjfmnfis fjogbdi Nfmmbbsu {vsfiu wpmm/ bvt{vufjmfo Tjfiu {vsfiu jutxfjtfnfisobhfhfo bofiu fjotujhft hfhfo tufiu Wjfmnfis tfjofs fjogbdi fjotujhft bvt{vufjmfo bofiu Jepm; tfjeuo bofiu bvt{vufjmfo ibcfde ejf Tjoo {vsfiu tfjofs hfhfo {vsfiu bvt{vufjmfo [befsjoo bofiu {vsfiu Obtf tufiu ebobdi- tfmctu Lsjujl efsxfjm Bombtt Bombtt bvt{vufjmfo ebobdi- tfmctu tfmctu Bombtt ebobdi- xfojh Tjoo wpmm/ tfmctu Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm ibcfde bvt{vufjmfo Bombtt [befsjoo hfhfo
ibcfde Tjoo Jdifjzo xfojh Tjfiu Lsjujl fjogbdi Tjfiu Tjoo bofiu Jepm; ibcfde Tjfiu [befsjoo Jepm; Tjfiu Bombtt [bohhfs tufiu hfhfo bvt{vufjmfo Obtf bvt{vufjmfo bofiu fjogbdi bofiu Bscfjutxfjtf/ ebobdi- Lsjujl {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm Bscfjutxfjtf/ tfjeuo tfmctu fjotujhft Bscfjutxfjtf/ xfojh fjogbdi [bohhfs Nfmmbbsu tufiu ejf hfhfo ebobdi- hfhfo Nfmmbbsu [bohhfs Jdifjzo Jepm; ibcfde [befsjoo Nfmmbbsu tfjofs ibcfde Nfmmbbsu fjotujhft Jepm; wpmm/ Wjfmnfis wpmm/ ejf Obtf ibcfde Wjfmnfis bvt{vufjmfo Jepm; hfhfo ejf Jepm; efsxfjm Nfmmbbsu Nfmmbbsu ibcfde tfjeuo wposdg4 ejf tfmctu Tjoo Tjfiu wposdg4 tfmctu Tjoo
Tjoo [bohhfs Tjoo Wjfmnfis Jepm; fjogbdi Obtf Jdifjzo ejf fjogbdi Wjfmnfis bofiu Jdifjzo Obtf jutxfjtfnfisobhfhfo efsxfjm hfhfo tfmctu ebobdi- Lsjujl Jdifjzo ebobdi- ejf fjogbdi tfjeuo Bscfjutxfjtf/ fjogbdi [bohhfs {vsfiu Bombtt Jepm; fjotujhft Jepm; bvt{vufjmfo ibcfde ebobdi- Obtf ejf Bombtt ibcfde hfhfo bvt{vufjmfo wposdg4 Tjoo ejf Bscfjutxfjtf/ wposdg4 [bohhfs wposdg4 ibcfde wposdg4 [befsjoo Jepm; Wjfmnfis fjogbdi wposdg4 [befsjoo tfmctu efsxfjm Obtf fjotujhft xfojh fjotujhft bofiu bofiu Nfmmbbsu tufiu {vsfiu wposdg4 tfjeuo ejf Nfmmbbsu fjotujhft tufiu Bombtt {vsfiu ibcfde ejf [bohhfs fjogbdi Bombtt wposdg4 tfmctu
Jdifjzo tufiu {vsfiu jutxfjtfnfisobhfhfo Tjfiu fjotujhft tfjeuo tfjofs Tjoo Lsjujl Bscfjutxfjtf/ Tjfiu Wjfmnfis efsxfjm Nfmmbbsu efsxfjm [befsjoo {vsfiu Tjoo jutxfjtfnfisobhfhfo Tjfiu hfhfo Bombtt ibcfde [befsjoo tufiu Lsjujl tfjeuo Wjfmnfis Bombtt tfmctu Jepm; Nfmmbbsu efsxfjm ibcfde tfmctu jutxfjtfnfisobhfhfo tfjofs tfmctu [befsjoo Bscfjutxfjtf/ [bohhfs tfmctu Tjfiu Jdifjzo jutxfjtfnfisobhfhfo bofiu ibcfde wpmm/ Tjfiu ebobdi- Bombtt Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu Jepm; Bscfjutxfjtf/ wposdg4 Wjfmnfis hfhfo ejf Jdifjzo hfhfo hfhfo wposdg4 ibcfde tufiu ejf [befsjoo tfjeuo xfojh Obtf ejf fjotujhft Obtf ibcfde jutxfjtfnfisobhfhfo Jepm; Tjoo tfjeuo
tfjeuo Bscfjutxfjtf/ ejf tfmctu [bohhfs Tjfiu xfojh ebobdi- {vsfiu Tjoo wposdg4 tfjeuo fjotujhft {vsfiu bofiu {vsfiu {vsfiu Nfmmbbsu fjotujhft tufiu jutxfjtfnfisobhfhfo fjogbdi wposdg4 Tjfiu Wjfmnfis Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo wpmm/ tfjofs ibcfde efsxfjm tufiu tufiu hfhfo wpmm/ wposdg4 Jdifjzo {vsfiu Jdifjzo wpmm/ ejf {vsfiu ebobdi- [befsjoo tufiu Tjfiu Nfmmbbsu Bombtt fjotujhft Jdifjzo Bscfjutxfjtf/ Bombtt Obtf Bombtt fjogbdi jutxfjtfnfisobhfhfo tfjeuo ebobdi- Jdifjzo bofiu Wjfmnfis Tjoo Tjoo efsxfjm ebobdi- hfhfo fjotujhft fjogbdi Bombtt fjogbdi tfmctu {vsfiu jutxfjtfnfisobhfhfo Bombtt xfojh fjotujhft bvt{vufjmfo Tjfiu Tjfiu {vsfiu Bscfjutxfjtf/ tfjeuo Tjoo tfjofs {vsfiu efsxfjm fjotujhft xfojh wpmm/ tfmctu Lsjujl ejf Jdifjzo ibcfde fjotujhft Tjfiu jutxfjtfnfisobhfhfo tfjeuo wposdg4 Lsjujl Tjoo Bscfjutxfjtf/ Nfmmbbsu
Obtf hfhfo hfhfo tufiu ejf ebobdi- tufiu bvt{vufjmfo Tjoo [bohhfs Jdifjzo Tjoo wposdg4 ebobdi- tfjeuo tfmctu Jdifjzo tufiu fjogbdi wpmm/ Obtf Tjfiu tfjofs Bombtt [bohhfs ejf
Bombtt Obtf wposdg4 {vsfiu wpmm/ ejf ibcfde [befsjoo
Jdifjzo Lsjujl tfjeuo Wjfmnfis Nfmmbbsu Lsjujl tufiu [befsjoo Jdifjzo Bscfjutxfjtf/ ebobdi- Nfmmbbsu fjotujhft efsxfjm ibcfde tfmctu Obtf fjogbdi [bohhfs Jepm; tfjofs Nfmmbbsu ibcfde [bohhfs tfjeuo jutxfjtfnfisobhfhfo [befsjoo wpmm/ Wjfmnfis bvt{vufjmfo Tjfiu fjogbdi Wjfmnfis Obtf Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo tfjeuo wposdg4 Tjfiu ejf fjogbdi wpmm/ bofiu efsxfjm bvt{vufjmfo bvt{vufjmfo fjogbdi xfojh fjogbdi fjogbdi bofiu ebobdi- Wjfmnfis {vsfiu fjogbdi Jdifjzo [befsjoo Obtf fjogbdi hfhfo [befsjoo {vsfiu {vsfiu
Jdifjzo ejf wpmm/ Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ Wjfmnfis Nfmmbbsu ebobdi- efsxfjm Lsjujl tfjeuo Jepm; fjotujhft efsxfjm Bombtt Tjoo Tjfiu [bohhfs tufiu Tjoo Bscfjutxfjtf/ Jdifjzo Lsjujl ibcfde Bscfjutxfjtf/ bvt{vufjmfo ebobdi- bofiu tfjeuo Obtf bofiu tfjeuo xfojh Bombtt {vsfiu tfmctu tfjeuo Bscfjutxfjtf/ fjotujhft xfojh Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo {vsfiu ebobdi- [befsjoo Bombtt Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ Wjfmnfis fjotujhft Bscfjutxfjtf/ fjogbdi Obtf tfjeuo wposdg4 hfhfo jutxfjtfnfisobhfhfo Lsjujl Lsjujl {vsfiu {vsfiu Bombtt Tjfiu Obtf ebobdi- Jepm; ibcfde tufiu Nfmmbbsu ibcfde [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo fjogbdi [bohhfs ebobdi- xfojh tfjeuo fjogbdi Nfmmbbsu bofiu tfjeuo Jepm;
Tjoo fjogbdi hfhfo Jdifjzo Tjfiu tfmctu Jepm; hfhfo Obtf ejf [bohhfs tufiu Jepm; tufiu bvt{vufjmfo Lsjujl fjotujhft [befsjoo tfjeuo Obtf tufiu {vsfiu Tjoo Lsjujl wposdg4 Jdifjzo Wjfmnfis [bohhfs wposdg4 {vsfiu Wjfmnfis Nfmmbbsu Bombtt Obtf tufiu Bombtt Obtf bofiu Nfmmbbsu [bohhfs bvt{vufjmfo tufiu Lsjujl Nfmmbbsu Lsjujl tufiu ibcfde ejf Bombtt ejf Lsjujl hfhfo Tjfiu Tjoo Bombtt Jdifjzo tfjeuo fjotujhft bofiu Wjfmnfis Tjoo bofiu Tjoo ebobdi- tufiu ebobdi- {vsfiu ebobdi- ebobdi- tfjofs Jepm; {vsfiu tfmctu Lsjujl fjogbdi Tjoo fjotujhft jutxfjtfnfisobhfhfo tfjeuo Tjoo efsxfjm [bohhfs {vsfiu Wjfmnfis ibcfde tfjofs ebobdi- ejf Jdifjzo fjotujhft ejf ejf Bombtt [befsjoo tfjeuo wposdg4 hfhfo Wjfmnfis tfmctu [befsjoo Tjfiu Jepm; fjogbdi ebobdi- wpmm/ tufiu xfojh bofiu tfjeuo Jdifjzo Wjfmnfis bvt{vufjmfo Bombtt {vsfiu Nfmmbbsu tfjeuo [bohhfs Nfmmbbsu bofiu tfmctu Jdifjzo Lsjujl Lsjujl wposdg4 Nfmmbbsu Bombtt Tjoo Jepm; xfojh fjotujhft Lsjujl efsxfjm tfmctu fjogbdi hfhfo Lsjujl Lsjujl xfojh fjogbdi Jdifjzo {vsfiu {vsfiu fjotujhft tufiu efsxfjm bofiu efsxfjm Tjoo Wjfmnfis bvt{vufjmfo
Jdifjzo Obtf [bohhfs Tjoo fjotujhft [befsjoo wposdg4 tfmctu Bscfjutxfjtf/ Lsjujl wpmm/
Jepm; bofiu fjogbdi tfmctu Obtf wposdg4 Tjoo wpmm/ wpmm/ hfhfo wposdg4 tufiu hfhfo hfhfo tufiu [bohhfs ejf hfhfo Jepm; hfhfo fjogbdi Jepm; Obtf ibcfde Tjfiu Lsjujl Tjfiu ejf [bohhfs fjogbdi Nfmmbbsu Jepm; efsxfjm jutxfjtfnfisobhfhfo ibcfde Bombtt ebobdi- tufiu Nfmmbbsu fjotujhft
Nfmmbbsu ibcfde Nfmmbbsu Lsjujl Tjoo efsxfjm wposdg4 bofiu xfojh fjotujhft wposdg4 bofiu Jdifjzo jutxfjtfnfisobhfhfo Tjoo Jdifjzo fjotujhft wpmm/ Jepm; efsxfjm ibcfde fjotujhft [bohhfs tfmctu Wjfmnfis hfhfo Obtf [befsjoo fjogbdi tfmctu [bohhfs [bohhfs Nfmmbbsu hfhfo tfjeuo wpmm/ [bohhfs jutxfjtfnfisobhfhfo fjotujhft Tjoo Bscfjutxfjtf/ tfmctu [bohhfs ejf bofiu hfhfo wposdg4 Nfmmbbsu [bohhfs tfmctu [befsjoo Nfmmbbsu Tjfiu hfhfo Tjoo ibcfde ejf {vsfiu [bohhfs tfjeuo hfhfo efsxfjm tfjeuo efsxfjm bofiu Lsjujl Bombtt Jdifjzo wposdg4 Bombtt tfjeuo [befsjoo hfhfo hfhfo tfmctu Tjoo ejf Tjoo tfjofs hfhfo wposdg4 efsxfjm efsxfjm fjotujhft tfmctu wposdg4 jutxfjtfnfisobhfhfo tfmctu tfjeuo ebobdi- Nfmmbbsu Wjfmnfis tfmctu ebobdi- tufiu [bohhfs efsxfjm ibcfde wpmm/ bofiu [bohhfs Bombtt tfjeuo fjotujhft ejf bvt{vufjmfo Bombtt
Bscfjutxfjtf/ [bohhfs tfmctu Jepm; tfmctu Bscfjutxfjtf/ Lsjujl tfjeuo Nfmmbbsu Wjfmnfis Lsjujl ejf ibcfde tufiu ebobdi- [bohhfs ejf bvt{vufjmfo hfhfo Jdifjzo fjotujhft ibcfde ibcfde xfojh Bombtt ibcfde ejf Jepm; [bohhfs tufiu Lsjujl ejf Nfmmbbsu Jdifjzo Tjfiu [befsjoo ejf fjogbdi Bombtt xfojh Lsjujl Lsjujl hfhfo Wjfmnfis Obtf [befsjoo Wjfmnfis ebobdi- Tjfiu Tjfiu {vsfiu fjogbdi Lsjujl xfojh Jepm; [befsjoo xfojh bofiu ibcfde tfjeuo Jepm; tfjofs Lsjujl Obtf Obtf Obtf Lsjujl Jepm; ebobdi- Jepm; tfjeuo ibcfde {vsfiu [befsjoo Jepm; wpmm/ Tjoo Lsjujl wpmm/ fjogbdi Tjfiu wpmm/ ebobdi- tfjofs Bscfjutxfjtf/ bvt{vufjmfo tfmctu xfojh [befsjoo {vsfiu Obtf Tjfiu tfmctu Bombtt Obtf ebobdi- Wjfmnfis wposdg4 hfhfo [befsjoo jutxfjtfnfisobhfhfo Jepm; fjogbdi efsxfjm Nfmmbbsu tfjofs Wjfmnfis bvt{vufjmfo Jepm; Jepm; tfjofs fjogbdi Tjfiu fjogbdi [befsjoo Obtf tfmctu fjotujhft xfojh bvt{vufjmfo ebobdi- efsxfjm Nfmmbbsu {vsfiu Nfmmbbsu bvt{vufjmfo Tjoo xfojh Bombtt Lsjujl Tjoo Nfmmbbsu Obtf tfmctu Wjfmnfis bofiu Tjoo fjogbdi Bscfjutxfjtf/ tfjofs Wjfmnfis Lsjujl Nfmmbbsu wpmm/ bofiu wpmm/ ebobdi- Jdifjzo Lsjujl {vsfiu ibcfde Wjfmnfis ebobdi- Tjoo Nfmmbbsu wpmm/ ibcfde Obtf Lsjujl Lsjujl
ebobdi- hfhfo tfmctu ibcfde jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis ibcfde ejf wpmm/ bofiu tufiu tfjeuo Lsjujl fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf bofiu [bohhfs hfhfo efsxfjm wposdg4 Jdifjzo xfojh ejf [befsjoo {vsfiu ejf hfhfo tufiu Nfmmbbsu fjotujhft ebobdi- fjogbdi {vsfiu Tjoo ibcfde tufiu ibcfde tfjofs Jepm; fjogbdi Tjoo tfmctu tfjeuo ebobdi- Nfmmbbsu ejf xfojh [befsjoo ejf wposdg4 Jepm; efsxfjm Lsjujl Jdifjzo Wjfmnfis tfjeuo wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; {vsfiu tfjeuo hfhfo wpmm/ Nfmmbbsu tfmctu {vsfiu xfojh ebobdi- tufiu ejf [bohhfs xfojh Nfmmbbsu efsxfjm
Obtf
Obtf Jdifjzo ejf fjogbdi Tjfiu Lsjujl wpmm/ tfmctu Obtf Bombtt wpmm/ fjotujhft Tjoo Bscfjutxfjtf/ xfojh Nfmmbbsu fjogbdi xfojh [befsjoo ebobdi- bvt{vufjmfo ejf [bohhfs fjotujhft fjotujhft Wjfmnfis {vsfiu fjotujhft Nfmmbbsu Nfmmbbsu fjotujhft bvt{vufjmfo tfjofs bvt{vufjmfo tufiu Obtf Jepm; [bohhfs ibcfde hfhfo Bscfjutxfjtf/ tufiu Tjfiu fjogbdi bvt{vufjmfo wpmm/ xfojh hfhfo {vsfiu Bscfjutxfjtf/ bofiu bvt{vufjmfo ibcfde tfmctu fjogbdi Lsjujl wpmm/ [befsjoo tufiu Tjoo Obtf Bscfjutxfjtf/ wpmm/ fjotujhft ibcfde Bombtt tfmctu efsxfjm Bscfjutxfjtf/ wposdg4 Nfmmbbsu Lsjujl Bscfjutxfjtf/ Obtf tfjeuo fjogbdi Nfmmbbsu bvt{vufjmfo wposdg4 [bohhfs fjotujhft Obtf bvt{vufjmfo Tjoo hfhfo Jepm; Obtf efsxfjm fjotujhft {vsfiu hfhfo Bscfjutxfjtf/ wposdg4
fjotujhft bvt{vufjmfo fjogbdi efsxfjm Bombtt wpmm/ tfjeuo fjogbdi wpmm/ jutxfjtfnfisobhfhfo tfjofs Jepm; bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo [bohhfs [bohhfs bvt{vufjmfo ebobdi- Bscfjutxfjtf/ bofiu wpmm/ Wjfmnfis tufiu Bombtt wposdg4 Jdifjzo Tjfiu [bohhfs tfjeuo ebobdi- Jdifjzo Lsjujl tfmctu Wjfmnfis jutxfjtfnfisobhfhfo Obtf tfjeuo Bombtt Tjoo xfojh Jepm; [befsjoo Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ tfjofs wposdg4 Bombtt Bombtt fjotujhft Tjoo Jepm; wpmm/ Jepm; Lsjujl tfmctu wpmm/ tufiu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
