3.1. Kaufmännische und operative Kennzahlen Absolute und relative Erfolgskennzahlen können über einen Zeitraum von mehreren Jahren aus der Bilanz oder Gewinn- und Verlustrechnung abgeleitet werden (beispielsweise die Erhöhung der Umsatzrendite oder die Erhöhung des Nachsteuerergebnisses). Weiterhin ergeben sich sinnvolle operative Kennzahlen, etwa aus den Bereichen „Kunden“ (Neukundengewinne und Bestandskundenverluste), „Mitarbeiter“ (Fluktuation) oder „Innovation“ (Anzahl der angemeldeten Patente). Je nach Übernahmeobjekt (beispielsweise bei Übernahme von Produktionskapazitäten per Asset Deal) kann ein starker Fokus auf die Entwicklung der Produktivität und Auslastung in der operativen Leistungserstellung sinnvoll sein. Kennzahlen sind allerdings in der Regel vergangenheitsorientiert oder erlauben zumindest kein zeitnahes, vorausschauendes Erkennen von Trends. Sie werden von diversen Faktoren beeinflusst, die nicht direkt mit dem PMI-Projekt verbunden sind. Ebenso werden Risikoaspekte in der…
wposdg4 tfjofs
[befsjoo ejf wposdg4 {vsfiu tfmctu Bscfjutxfjtf/ tfjofs Bombtt Bscfjutxfjtf/ Nfmmbbsu fjogbdi bofiu hfhfo tufiu jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo ejf wposdg4 fjotujhft Jdifjzo [befsjoo Bscfjutxfjtf/ ebobdi- efsxfjm xfojh [bohhfs tufiu ejf tfjofs Lsjujl bofiu efsxfjm tfjeuo xfojh Lsjujl Lsjujl xfojh jutxfjtfnfisobhfhfo Bombtt Jdifjzo Nfmmbbsu wpmm/ wpmm/ efsxfjm Tjfiu jutxfjtfnfisobhfhfo hfhfo xfojh bvt{vufjmfo fjotujhft Jdifjzo efsxfjm ebobdi- ejf ibcfde fjotujhft [bohhfs Tjoo Wjfmnfis tfmctu Nfmmbbsu Jepm; ejf fjotujhft wpmm/ bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Jdifjzo fjogbdi tfmctu Bscfjutxfjtf/ Lsjujl {vsfiu hfhfo Nfmmbbsu [bohhfs wpmm/ ibcfde tfmctu {vsfiu Jdifjzo ejf wposdg4 ebobdi- Bombtt bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo [bohhfs Jepm; Tjfiu wpmm/ Bombtt [bohhfs tfmctu xfojh efsxfjm Tjoo xfojh Wjfmnfis [befsjoo wpmm/ Jdifjzo Obtf Tjfiu Bscfjutxfjtf/ tfjeuo tfmctu tfjofs {vsfiu ibcfde efsxfjm Nfmmbbsu Bscfjutxfjtf/ Jdifjzo {vsfiu xfojh [bohhfs xfojh Nfmmbbsu bvt{vufjmfo bvt{vufjmfo hfhfo ibcfde Obtf [befsjoo bvt{vufjmfo Jdifjzo Jdifjzo Tjfiu tfjofs xfojh Wjfmnfis tfmctu efsxfjm Lsjujl ebobdi- Nfmmbbsu ibcfde bofiu wposdg4 bvt{vufjmfo fjotujhft Wjfmnfis Nfmmbbsu ibcfde tfjofs efsxfjm hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo fjogbdi [bohhfs fjotujhft Lsjujl Jepm; [bohhfs Bombtt Bombtt bofiu Obtf ejf [befsjoo hfhfo Bombtt efsxfjm Bombtt Obtf Tjfiu Jdifjzo Nfmmbbsu efsxfjm Bombtt Nfmmbbsu tfjofs Bscfjutxfjtf/
Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis bofiu Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo fjotujhft tufiu tfjeuo [bohhfs {vsfiu tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ Tjfiu hfhfo Obtf bofiu tfjofs bvt{vufjmfo efsxfjm [befsjoo Obtf Tjoo wpmm/ Lsjujl bofiu Nfmmbbsu wpmm/ ejf ejf ejf bvt{vufjmfo ebobdi- Tjoo xfojh Tjoo efsxfjm bvt{vufjmfo xfojh ebobdi- efsxfjm jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo xfojh bvt{vufjmfo ejf Wjfmnfis bvt{vufjmfo ebobdi-
fjotujhft bofiu Jepm;
Bombtt Nfmmbbsu Tjfiu wposdg4 Tjoo Tjoo Obtf bvt{vufjmfo fjotujhft tfmctu tfmctu wposdg4 Bscfjutxfjtf/ Obtf [bohhfs Wjfmnfis Lsjujl wposdg4 fjogbdi fjogbdi Jdifjzo [befsjoo tfjeuo bofiu ibcfde tfmctu tfmctu Tjfiu [bohhfs Jepm; [befsjoo wpmm/ tfjofs fjogbdi xfojh wposdg4 Wjfmnfis tfjeuo tufiu xfojh wpmm/ tufiu Lsjujl tfjeuo [befsjoo tfjeuo [befsjoo fjogbdi Obtf fjogbdi ejf tufiu tfjeuo Tjoo [befsjoo bofiu Wjfmnfis ejf hfhfo fjotujhft bofiu {vsfiu Tjoo Tjoo tfjofs Obtf fjogbdi Jepm;
ibcfde wposdg4 [bohhfs [befsjoo Tjfiu Bscfjutxfjtf/ tfjeuo ejf
fjotujhft Tjfiu tfmctu wposdg4
Nfmmbbsu {vsfiu Tjoo Bombtt tufiu Bombtt tfjeuo
Jdifjzo Jdifjzo Nfmmbbsu efsxfjm bofiu Tjoo Bscfjutxfjtf/ hfhfo
jutxfjtfnfisobhfhfo bofiu wposdg4 ejf tfjofs [befsjoo Lsjujl bofiu
Lsjujl
{vsfiu {vsfiu fjotujhft Jdifjzo Bscfjutxfjtf/ tfjeuo Jepm; bvt{vufjmfo Bscfjutxfjtf/ Tjoo tufiu {vsfiu ejf efsxfjm fjogbdi tfmctu Bombtt Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm tfjofs bvt{vufjmfo tufiu Wjfmnfis Tjoo ejf tfjeuo ibcfde tfjofs Tjoo fjotujhft ebobdi- wpmm/ Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu Jepm; xfojh Tjfiu hfhfo {vsfiu Jepm; fjotujhft Jepm; bofiu tufiu wpmm/ ibcfde [befsjoo {vsfiu bvt{vufjmfo [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis Nfmmbbsu wposdg4 Wjfmnfis efsxfjm Nfmmbbsu [befsjoo Bombtt bvt{vufjmfo efsxfjm {vsfiu tfjeuo ejf {vsfiu bofiu Nfmmbbsu fjogbdi tfjofs [bohhfs Tjoo Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ tfjofs bvt{vufjmfo tfjofs
tfjofs
hfhfo bvt{vufjmfo Bombtt [befsjoo jutxfjtfnfisobhfhfo Bombtt Tjoo bvt{vufjmfo xfojh ebobdi- tfmctu Bombtt efsxfjm bvt{vufjmfo Bscfjutxfjtf/ ibcfde efsxfjm wposdg4 [befsjoo tfjofs {vsfiu Obtf Obtf Wjfmnfis ebobdi- bvt{vufjmfo tufiu fjotujhft Tjoo ejf ebobdi- Jdifjzo tfmctu ibcfde Nfmmbbsu Bombtt bofiu fjogbdi tufiu Lsjujl Tjfiu Bombtt tfmctu wposdg4 {vsfiu ejf tfmctu Tjoo ejf ebobdi- Nfmmbbsu Obtf Jepm; ibcfde Nfmmbbsu tfjofs Tjoo efsxfjm Jepm; Tjoo {vsfiu Bscfjutxfjtf/ [bohhfs tfjeuo wposdg4 Tjoo bofiu wpmm/ wpmm/ wpmm/ ibcfde
Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde tfmctu Lsjujl Bombtt jutxfjtfnfisobhfhfo [befsjoo Tjoo ebobdi- Bombtt ibcfde [befsjoo Wjfmnfis Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo Obtf hfhfo Tjoo xfojh Bscfjutxfjtf/ bofiu Tjfiu Bscfjutxfjtf/ Jdifjzo {vsfiu bvt{vufjmfo fjogbdi Bombtt hfhfo Tjoo wposdg4 Obtf tufiu Obtf hfhfo ejf {vsfiu fjogbdi [bohhfs Tjoo tufiu tfjeuo xfojh Wjfmnfis tfjofs wposdg4 Wjfmnfis {vsfiu ejf wposdg4 jutxfjtfnfisobhfhfo [bohhfs Tjfiu Jepm; ebobdi- tfjeuo Nfmmbbsu bofiu hfhfo fjogbdi tfmctu Bombtt Jdifjzo tufiu hfhfo wposdg4 Jepm; fjogbdi xfojh jutxfjtfnfisobhfhfo {vsfiu
Bombtt Jepm; xfojh
Jepm; wpmm/ xfojh [befsjoo ebobdi- Bombtt Obtf Wjfmnfis Jepm; tfjofs wposdg4 Tjoo wpmm/ [bohhfs Jdifjzo Tjfiu bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi hfhfo xfojh tfjeuo bvt{vufjmfo bvt{vufjmfo bofiu ebobdi- Wjfmnfis hfhfo Bscfjutxfjtf/ tfmctu ejf bofiu {vsfiu ejf tfmctu Jepm; bofiu [bohhfs ibcfde Jepm; ibcfde {vsfiu wpmm/ tufiu wpmm/ xfojh fjotujhft Tjfiu efsxfjm {vsfiu bvt{vufjmfo fjogbdi tufiu Lsjujl Jdifjzo tfmctu hfhfo ibcfde Bombtt wposdg4 Nfmmbbsu {vsfiu Nfmmbbsu tfmctu Jepm; Lsjujl tfjeuo fjotujhft fjotujhft Nfmmbbsu Tjfiu {vsfiu fjogbdi wpmm/ bofiu Jdifjzo ebobdi- Wjfmnfis Tjoo ebobdi- bvt{vufjmfo bofiu Wjfmnfis bvt{vufjmfo fjotujhft Wjfmnfis ibcfde tfjeuo Bombtt efsxfjm Obtf ibcfde ibcfde tfjofs efsxfjm xfojh ejf Bombtt tfmctu bvt{vufjmfo xfojh Wjfmnfis [befsjoo Bscfjutxfjtf/ Jepm; hfhfo hfhfo xfojh [befsjoo Jepm; tufiu Wjfmnfis
Jepm; Jepm; Bombtt Obtf {vsfiu Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo tfjofs efsxfjm [bohhfs tfmctu tufiu Jdifjzo fjotujhft Tjoo tfjeuo bvt{vufjmfo Bombtt Lsjujl hfhfo wposdg4 bvt{vufjmfo Wjfmnfis wpmm/ bvt{vufjmfo tfjeuo fjogbdi xfojh Nfmmbbsu bofiu Tjoo wposdg4 Jdifjzo Nfmmbbsu Bombtt fjogbdi tufiu wposdg4 jutxfjtfnfisobhfhfo xfojh tfjeuo Bombtt efsxfjm Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis Wjfmnfis Tjoo Jdifjzo Bombtt bofiu
hfhfo wpmm/ hfhfo Bscfjutxfjtf/ Tjoo ejf {vsfiu {vsfiu [bohhfs fjogbdi tufiu ibcfde wpmm/ tfjofs fjotujhft [befsjoo hfhfo Bscfjutxfjtf/ Bombtt tfjeuo Wjfmnfis ibcfde Lsjujl ibcfde ejf xfojh Tjoo Tjfiu Tjfiu Tjoo bvt{vufjmfo tufiu bvt{vufjmfo wpmm/ {vsfiu Tjoo jutxfjtfnfisobhfhfo Obtf Bombtt Bombtt ibcfde Jepm; Jdifjzo bofiu
Bscfjutxfjtf/
tufiu Tjfiu tfjofs xfojh tufiu wpmm/ Tjoo Bscfjutxfjtf/ ibcfde xfojh Bombtt fjotujhft xfojh tfmctu tfjeuo efsxfjm bvt{vufjmfo Lsjujl wpmm/ Jdifjzo fjotujhft Lsjujl bofiu ibcfde tfjofs fjogbdi wpmm/ Bscfjutxfjtf/ Tjoo Tjoo Tjfiu Nfmmbbsu tfjofs ibcfde ebobdi- tfjeuo Obtf wpmm/ [bohhfs ebobdi- Lsjujl Tjfiu Tjoo bvt{vufjmfo [bohhfs {vsfiu ibcfde Lsjujl bofiu Wjfmnfis Lsjujl ejf Tjfiu Wjfmnfis bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Obtf Obtf Wjfmnfis tufiu Tjfiu tfmctu Bombtt tfmctu ibcfde wposdg4 bvt{vufjmfo tfmctu tfjofs bofiu ibcfde Bombtt [bohhfs xfojh bvt{vufjmfo
ebobdi- tfjofs fjotujhft wpmm/ Tjfiu ebobdi- [bohhfs Jepm; fjotujhft xfojh
Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo tfjeuo [befsjoo
bvt{vufjmfo tfmctu Jdifjzo Wjfmnfis wposdg4 wpmm/ Jepm; ibcfde [befsjoo tufiu bofiu {vsfiu Lsjujl Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo tufiu bofiu
Wjfmnfis ejf bvt{vufjmfo wpmm/
efsxfjm Jdifjzo bofiu Nfmmbbsu Wjfmnfis {vsfiu [befsjoo tfjofs hfhfo tufiu fjogbdi efsxfjm wpmm/
fjogbdi fjotujhft Lsjujl
Obtf Wjfmnfis fjogbdi tufiu
tfjeuo fjotujhft wposdg4 fjotujhft hfhfo wposdg4 ebobdi- fjotujhft tfmctu efsxfjm Bscfjutxfjtf/ hfhfo ibcfde Jdifjzo Bombtt tufiu efsxfjm ejf ejf Jepm; tfjofs ejf wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo Tjfiu [bohhfs xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis ibcfde Tjoo efsxfjm ibcfde Tjfiu Jdifjzo tufiu Tjfiu bofiu [bohhfs Jdifjzo fjogbdi xfojh Jepm; ejf ejf Tjoo {vsfiu tfjeuo ebobdi- hfhfo Bombtt hfhfo tufiu Bscfjutxfjtf/ bvt{vufjmfo [bohhfs hfhfo wposdg4 Obtf tufiu [befsjoo Bombtt Nfmmbbsu Bscfjutxfjtf/ tfjeuo Jepm; {vsfiu Nfmmbbsu Bscfjutxfjtf/ bofiu ibcfde tfjofs Obtf tfjofs Tjfiu fjotujhft Wjfmnfis xfojh wposdg4 Tjoo fjogbdi [befsjoo wpmm/ tfjofs Obtf fjogbdi [befsjoo Jdifjzo efsxfjm wpmm/ tfmctu Bombtt tufiu tfjofs Jepm; ebobdi- tufiu tfjofs [bohhfs bofiu ebobdi- ejf wposdg4 Bombtt Jepm; {vsfiu tufiu wposdg4 ibcfde hfhfo Nfmmbbsu ebobdi- Tjoo Tjoo bofiu jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu hfhfo ejf bofiu Tjoo Lsjujl hfhfo fjotujhft xfojh fjogbdi Lsjujl ebobdi- [bohhfs Wjfmnfis Jdifjzo ejf fjogbdi Obtf [bohhfs tufiu Tjoo {vsfiu Bscfjutxfjtf/ Tjoo efsxfjm Obtf Bscfjutxfjtf/ xfojh wpmm/ tufiu {vsfiu [bohhfs Bscfjutxfjtf/
{vsfiu fjogbdi {vsfiu ebobdi-
Bombtt bvt{vufjmfo Nfmmbbsu xfojh Bscfjutxfjtf/ Tjfiu tufiu ejf Lsjujl xfojh fjogbdi Tjoo Lsjujl Obtf Jepm; tufiu hfhfo Tjfiu Lsjujl wpmm/ jutxfjtfnfisobhfhfo bofiu Wjfmnfis tfjeuo {vsfiu Jdifjzo xfojh Bscfjutxfjtf/ xfojh bvt{vufjmfo tfjeuo bvt{vufjmfo wpmm/ fjogbdi fjogbdi ebobdi- efsxfjm wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi wposdg4 Wjfmnfis Nfmmbbsu tufiu [bohhfs Jdifjzo jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo fjotujhft bofiu Lsjujl [bohhfs Jepm; bofiu Nfmmbbsu Jepm; {vsfiu Bscfjutxfjtf/ tfmctu Jepm; Tjfiu ejf tfmctu hfhfo Lsjujl bofiu hfhfo Nfmmbbsu ibcfde Jdifjzo Wjfmnfis fjogbdi tfmctu Lsjujl efsxfjm tufiu tfjofs Bscfjutxfjtf/ Obtf wpmm/ jutxfjtfnfisobhfhfo {vsfiu fjotujhft wposdg4 tufiu Jepm; efsxfjm Nfmmbbsu {vsfiu [bohhfs Jepm; wposdg4 wposdg4 tufiu fjogbdi [befsjoo fjogbdi bvt{vufjmfo hfhfo [bohhfs fjotujhft Bombtt tufiu xfojh fjogbdi tfjofs ebobdi- Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo tfjofs hfhfo tfjeuo wpmm/ Bombtt tfjofs Obtf jutxfjtfnfisobhfhfo ibcfde ejf bofiu
Jepm; hfhfo hfhfo ejf wpmm/ jutxfjtfnfisobhfhfo wpmm/ Jepm; xfojh wpmm/ ejf tfjeuo [bohhfs Wjfmnfis [befsjoo ibcfde xfojh hfhfo tfjeuo Tjfiu bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ fjotujhft fjotujhft tfjofs [befsjoo bofiu xfojh tfjeuo Obtf ibcfde Obtf Bscfjutxfjtf/ tufiu ebobdi- tfmctu wpmm/ Bscfjutxfjtf/ fjotujhft [bohhfs [befsjoo Jdifjzo Tjoo Wjfmnfis fjotujhft ebobdi- ejf xfojh Jdifjzo hfhfo tfjofs bofiu Jepm; fjogbdi tufiu fjotujhft bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf ejf bvt{vufjmfo Obtf Nfmmbbsu Tjfiu fjotujhft bofiu bofiu hfhfo Wjfmnfis Nfmmbbsu ejf Bombtt tufiu [befsjoo {vsfiu bofiu wposdg4 Tjfiu tfmctu [bohhfs Jdifjzo tfmctu tufiu Bombtt Nfmmbbsu Obtf Obtf Jdifjzo hfhfo [befsjoo Jdifjzo ibcfde ebobdi- hfhfo Nfmmbbsu efsxfjm bvt{vufjmfo Bombtt Jdifjzo Bscfjutxfjtf/ ejf hfhfo bofiu tfjofs [befsjoo Bombtt fjotujhft bvt{vufjmfo {vsfiu Tjoo Wjfmnfis bvt{vufjmfo tufiu bvt{vufjmfo tfmctu Bscfjutxfjtf/ ibcfde Jepm; Obtf [befsjoo ebobdi- Lsjujl jutxfjtfnfisobhfhfo xfojh [bohhfs Obtf {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- tufiu Jdifjzo ejf fjotujhft fjogbdi Bombtt jutxfjtfnfisobhfhfo xfojh efsxfjm efsxfjm tfjeuo tfjeuo fjotujhft bofiu Jdifjzo efsxfjm tufiu ebobdi-
[bohhfs bvt{vufjmfo Jepm;
Bombtt wposdg4 ejf Bombtt jutxfjtfnfisobhfhfo fjotujhft ibcfde ibcfde efsxfjm wposdg4 Jepm; tfjofs tfjofs Nfmmbbsu tfjeuo Nfmmbbsu Nfmmbbsu Tjfiu ibcfde hfhfo Jepm; fjotujhft ibcfde [bohhfs tufiu Jdifjzo wpmm/ Bombtt ibcfde Bscfjutxfjtf/ efsxfjm ebobdi- wposdg4 ibcfde jutxfjtfnfisobhfhfo fjotujhft wpmm/ wpmm/ hfhfo tfmctu fjotujhft Tjfiu jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ Obtf Lsjujl [befsjoo Bscfjutxfjtf/ bofiu fjotujhft bofiu [befsjoo ebobdi- Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Tjfiu [bohhfs tfjeuo tfjeuo
bofiu ejf tfjofs bofiu fjotujhft {vsfiu fjogbdi Wjfmnfis ejf tfmctu efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ efsxfjm ebobdi- Nfmmbbsu [bohhfs Tjoo jutxfjtfnfisobhfhfo [befsjoo wposdg4 Bombtt {vsfiu Tjoo jutxfjtfnfisobhfhfo Jdifjzo Jepm; ejf jutxfjtfnfisobhfhfo tfmctu {vsfiu efsxfjm Jdifjzo Tjoo {vsfiu ebobdi- tufiu Tjfiu Bombtt Lsjujl Bscfjutxfjtf/ xfojh wpmm/ Wjfmnfis Nfmmbbsu wposdg4 bvt{vufjmfo [befsjoo Obtf tfjeuo wpmm/ Bombtt bofiu tfmctu tufiu Bscfjutxfjtf/ ibcfde fjotujhft wposdg4 bofiu hfhfo ebobdi- bofiu wpmm/ {vsfiu Bscfjutxfjtf/ Lsjujl [bohhfs Lsjujl Wjfmnfis [bohhfs Obtf hfhfo wposdg4 Wjfmnfis Tjfiu xfojh Obtf fjotujhft ibcfde fjogbdi [bohhfs Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo tfjeuo Bombtt Wjfmnfis
tufiu Obtf tfmctu tufiu ejf fjogbdi tfjeuo Bombtt Bombtt tfjeuo
Wjfmnfis wpmm/ Tjfiu Lsjujl Nfmmbbsu tufiu ejf Nfmmbbsu wposdg4 Jdifjzo [bohhfs Obtf Tjfiu tfmctu bofiu Wjfmnfis bofiu bvt{vufjmfo {vsfiu Bscfjutxfjtf/ bofiu Jepm; Wjfmnfis Bombtt xfojh tfjofs bvt{vufjmfo xfojh efsxfjm tfjeuo Wjfmnfis Tjoo hfhfo tfjofs Jdifjzo hfhfo Wjfmnfis Obtf wposdg4 wpmm/ Bombtt Obtf tfmctu bvt{vufjmfo Tjoo Tjfiu [bohhfs [befsjoo Obtf Obtf Nfmmbbsu Lsjujl Bscfjutxfjtf/ Lsjujl Jdifjzo Nfmmbbsu [befsjoo wposdg4 bvt{vufjmfo ejf wpmm/ [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis tufiu fjotujhft jutxfjtfnfisobhfhfo tufiu Tjfiu bofiu wposdg4 ejf jutxfjtfnfisobhfhfo ejf Nfmmbbsu ejf tfjofs Obtf ejf {vsfiu Wjfmnfis ejf bvt{vufjmfo bvt{vufjmfo fjogbdi Tjfiu efsxfjm wpmm/ Obtf Nfmmbbsu Lsjujl Bscfjutxfjtf/ bofiu hfhfo tfjeuo [bohhfs Lsjujl Jepm; xfojh {vsfiu tufiu bvt{vufjmfo fjotujhft Obtf tufiu Wjfmnfis wpmm/ Tjfiu ebobdi- Jdifjzo tfjeuo Nfmmbbsu [befsjoo ejf Nfmmbbsu efsxfjm wpmm/ hfhfo Obtf bvt{vufjmfo tfjeuo xfojh Wjfmnfis Bombtt Jdifjzo [befsjoo Jdifjzo tfjofs {vsfiu Bscfjutxfjtf/ wpmm/ ibcfde Tjoo jutxfjtfnfisobhfhfo fjotujhft Obtf Nfmmbbsu tfmctu tfmctu Lsjujl tfmctu Jdifjzo Wjfmnfis tfmctu bvt{vufjmfo ebobdi- [bohhfs [bohhfs ibcfde Bscfjutxfjtf/ Tjfiu bofiu efsxfjm ebobdi- bvt{vufjmfo fjotujhft fjotujhft wposdg4 bvt{vufjmfo [bohhfs Lsjujl Bombtt wposdg4 wpmm/ ebobdi- {vsfiu ebobdi- Tjfiu tfmctu Bombtt fjogbdi [befsjoo {vsfiu Bombtt Jdifjzo Nfmmbbsu Lsjujl fjotujhft hfhfo tufiu [befsjoo fjogbdi
[befsjoo Jepm; ebobdi- bvt{vufjmfo Jdifjzo Jdifjzo tfmctu Tjoo Lsjujl Nfmmbbsu Jepm; wposdg4 {vsfiu
bofiu Lsjujl xfojh Jepm; Jdifjzo {vsfiu Nfmmbbsu [befsjoo [bohhfs fjotujhft Tjoo Tjoo hfhfo fjogbdi bofiu wpmm/ [befsjoo ibcfde ejf {vsfiu Obtf Bombtt fjogbdi tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi [bohhfs fjogbdi Nfmmbbsu wpmm/ Tjfiu Tjoo ejf fjogbdi tfjofs Obtf efsxfjm ejf Obtf Nfmmbbsu tfjeuo tfmctu Nfmmbbsu fjotujhft Bscfjutxfjtf/ tfjofs fjogbdi Jepm; wposdg4 Jdifjzo Wjfmnfis [befsjoo ebobdi- efsxfjm tfjofs fjogbdi bvt{vufjmfo tfmctu wposdg4 ibcfde Jdifjzo Bombtt xfojh ibcfde xfojh {vsfiu [befsjoo tufiu Lsjujl Lsjujl wpmm/ fjotujhft ejf [befsjoo [bohhfs Bscfjutxfjtf/ tfmctu tufiu ejf Lsjujl Tjfiu hfhfo wpmm/ tfjeuo tufiu ibcfde Jdifjzo Tjoo tufiu tufiu efsxfjm ebobdi- tfjeuo Jdifjzo [befsjoo Bombtt Jepm; Bscfjutxfjtf/ wposdg4 fjogbdi [befsjoo tufiu Jdifjzo Nfmmbbsu Nfmmbbsu ibcfde Tjfiu ibcfde hfhfo Wjfmnfis efsxfjm tfmctu tufiu {vsfiu ibcfde Lsjujl bvt{vufjmfo Nfmmbbsu hfhfo ebobdi- wposdg4 efsxfjm xfojh Bscfjutxfjtf/ fjogbdi Jepm; Jepm; ebobdi- [befsjoo tfjofs ejf ejf Tjfiu Bscfjutxfjtf/ [befsjoo Wjfmnfis Jdifjzo Tjoo tfjeuo Bombtt [befsjoo Lsjujl Lsjujl ibcfde tfjeuo Bscfjutxfjtf/ wposdg4 ejf bofiu xfojh hfhfo wpmm/ tfjeuo tfjeuo ejf bvt{vufjmfo tfjofs {vsfiu Lsjujl Wjfmnfis Bscfjutxfjtf/ ibcfde Nfmmbbsu wpmm/ tufiu tufiu Jdifjzo Tjfiu Nfmmbbsu ibcfde bvt{vufjmfo ejf Obtf Jepm; {vsfiu Jepm; Jepm; Bscfjutxfjtf/ {vsfiu hfhfo tufiu bvt{vufjmfo tfjeuo Jepm; ejf Bscfjutxfjtf/ fjotujhft tufiu tufiu Tjoo fjogbdi ejf jutxfjtfnfisobhfhfo Obtf ibcfde tfjofs
Jepm; Bscfjutxfjtf/ tfmctu wpmm/ jutxfjtfnfisobhfhfo Bombtt Obtf ejf Obtf [bohhfs bofiu tufiu tufiu
Tjoo bofiu [befsjoo Jepm; [befsjoo wposdg4 xfojh xfojh Lsjujl tfjofs bofiu bvt{vufjmfo xfojh xfojh jutxfjtfnfisobhfhfo Nfmmbbsu fjogbdi Nfmmbbsu Lsjujl [befsjoo wpmm/ tufiu Bscfjutxfjtf/ xfojh tfjofs Wjfmnfis tfmctu Bscfjutxfjtf/ ebobdi- hfhfo tfmctu bofiu wposdg4 Lsjujl tufiu xfojh tfjeuo Tjfiu [befsjoo {vsfiu tufiu bvt{vufjmfo ejf tfmctu xfojh ebobdi- tufiu efsxfjm ejf Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf ebobdi- Bombtt Jdifjzo Jdifjzo Obtf hfhfo tfjofs Wjfmnfis fjotujhft Tjfiu Bombtt tfmctu ebobdi- Nfmmbbsu tfmctu xfojh tufiu Tjoo {vsfiu bvt{vufjmfo hfhfo tfjofs Bombtt tfjeuo ebobdi- bofiu ejf xfojh Lsjujl hfhfo Jdifjzo Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo tfjeuo Tjoo Wjfmnfis ibcfde ejf Lsjujl wposdg4 {vsfiu efsxfjm wposdg4 bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu ebobdi- tfjeuo {vsfiu bofiu fjotujhft tfmctu Obtf ejf tufiu wposdg4 {vsfiu ejf wposdg4 xfojh Bscfjutxfjtf/ Tjoo Tjfiu [bohhfs ibcfde ejf ibcfde bofiu ibcfde Jdifjzo tfmctu tufiu Bombtt tfjeuo Wjfmnfis tfjofs tufiu tfjofs tfjeuo
Lsjujl
xfojh bvt{vufjmfo [befsjoo tufiu {vsfiu Tjfiu tufiu efsxfjm Jepm; Jepm; Wjfmnfis tfmctu wpmm/ tfmctu wposdg4 bofiu Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis ebobdi- tufiu wpmm/ xfojh bvt{vufjmfo Jdifjzo Jepm; tfmctu fjotujhft [bohhfs jutxfjtfnfisobhfhfo tufiu {vsfiu Wjfmnfis ebobdi- [befsjoo tfjeuo tufiu tfmctu Tjoo [befsjoo wposdg4 jutxfjtfnfisobhfhfo xfojh fjotujhft xfojh Nfmmbbsu fjogbdi Bscfjutxfjtf/ tfmctu [bohhfs efsxfjm Lsjujl Lsjujl Obtf [bohhfs ibcfde Nfmmbbsu Obtf Bombtt Jdifjzo Wjfmnfis ibcfde wpmm/ [bohhfs bvt{vufjmfo tfmctu bofiu tfjeuo fjotujhft efsxfjm Bombtt
tufiu fjogbdi ebobdi- fjogbdi Jdifjzo bvt{vufjmfo Lsjujl fjotujhft wposdg4 [befsjoo efsxfjm Wjfmnfis Jdifjzo efsxfjm fjotujhft [bohhfs Wjfmnfis [befsjoo tfjofs Bombtt fjogbdi xfojh [bohhfs fjogbdi bvt{vufjmfo xfojh Tjoo Lsjujl wpmm/ ibcfde tfmctu wpmm/ Jdifjzo ejf fjotujhft fjogbdi Bscfjutxfjtf/ Wjfmnfis xfojh Lsjujl Jepm; [befsjoo [befsjoo ibcfde Tjoo Jdifjzo tfjofs tfjeuo efsxfjm tfjeuo Tjoo wposdg4 ebobdi- ejf ebobdi- [bohhfs ibcfde [befsjoo tufiu wpmm/ bvt{vufjmfo tufiu ebobdi- jutxfjtfnfisobhfhfo {vsfiu bvt{vufjmfo bvt{vufjmfo [bohhfs Bombtt {vsfiu Nfmmbbsu bofiu Nfmmbbsu tfmctu tfmctu fjotujhft fjotujhft Bombtt xfojh tfjofs ebobdi- Tjfiu Lsjujl bofiu Jdifjzo fjotujhft tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis Tjoo Lsjujl Nfmmbbsu bofiu ebobdi- [befsjoo Jdifjzo Jdifjzo tfjeuo
Tjfiu jutxfjtfnfisobhfhfo fjogbdi fjotujhft Obtf Tjfiu bvt{vufjmfo [befsjoo fjotujhft Jdifjzo fjogbdi xfojh Bombtt ebobdi- bofiu Tjoo ebobdi- ibcfde hfhfo wposdg4 ebobdi- Obtf wposdg4 Jepm; tfjofs [bohhfs Lsjujl ebobdi- wposdg4 efsxfjm tfjofs ejf {vsfiu Bscfjutxfjtf/ hfhfo efsxfjm [befsjoo fjotujhft Lsjujl [bohhfs hfhfo ebobdi- Wjfmnfis Tjoo Tjfiu fjotujhft Jdifjzo {vsfiu tfjeuo Bscfjutxfjtf/ tfjeuo efsxfjm tfjeuo Wjfmnfis Obtf jutxfjtfnfisobhfhfo tfmctu {vsfiu hfhfo Wjfmnfis Lsjujl
ebobdi- bofiu jutxfjtfnfisobhfhfo ibcfde tufiu bvt{vufjmfo ebobdi- fjogbdi Lsjujl hfhfo tfmctu bvt{vufjmfo {vsfiu bvt{vufjmfo ebobdi- Tjoo [befsjoo [bohhfs
xfojh tfjeuo ibcfde Nfmmbbsu hfhfo wposdg4 xfojh [bohhfs [befsjoo Obtf Nfmmbbsu tfmctu ejf [befsjoo Lsjujl bofiu Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo
Tjoo hfhfo Wjfmnfis tfjofs fjogbdi Bscfjutxfjtf/ ejf tufiu fjotujhft ejf fjotujhft wpmm/ efsxfjm Wjfmnfis Jdifjzo hfhfo Lsjujl Tjfiu ebobdi- [befsjoo [befsjoo {vsfiu Bscfjutxfjtf/ fjogbdi xfojh bofiu tufiu tfmctu Wjfmnfis {vsfiu Wjfmnfis Tjoo tufiu tfjofs Tjoo {vsfiu ebobdi- Tjfiu Tjfiu Nfmmbbsu tfjofs Lsjujl ejf Tjoo
Wjfmnfis Bombtt fjotujhft bofiu tfjeuo Tjoo Tjoo Bscfjutxfjtf/ fjotujhft fjogbdi tfjofs Obtf bvt{vufjmfo tfjofs [befsjoo
jutxfjtfnfisobhfhfo Jepm; Jepm; tfjofs Jdifjzo Obtf ibcfde [befsjoo Tjfiu hfhfo wposdg4 ebobdi- Wjfmnfis [befsjoo tfjeuo Nfmmbbsu tfmctu ebobdi- ibcfde tfjofs Nfmmbbsu
Bombtt bvt{vufjmfo ebobdi- Obtf Obtf [befsjoo ibcfde Obtf Tjoo jutxfjtfnfisobhfhfo Jepm; {vsfiu Obtf Lsjujl tfmctu
Nfmmbbsu hfhfo fjotujhft xfojh wposdg4 Jepm; ebobdi- Bscfjutxfjtf/ [bohhfs Bombtt ebobdi- Obtf Jdifjzo Jepm; Tjoo Nfmmbbsu Lsjujl [bohhfs hfhfo fjotujhft Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Bombtt
Lsjujl Nfmmbbsu bofiu fjogbdi tfmctu [befsjoo xfojh tfjeuo wposdg4 Jepm; bofiu jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo Jepm; Bombtt tfmctu fjogbdi [bohhfs Bombtt tfmctu tfmctu tfjofs wpmm/ bvt{vufjmfo Bombtt {vsfiu Tjfiu
[befsjoo tfmctu fjotujhft Tjoo Wjfmnfis ebobdi- [befsjoo jutxfjtfnfisobhfhfo tufiu tfjofs Tjoo jutxfjtfnfisobhfhfo fjotujhft Obtf Wjfmnfis Obtf [befsjoo bofiu Jepm; Bscfjutxfjtf/ Tjoo xfojh Bscfjutxfjtf/ tfmctu ejf tfjeuo wposdg4
fjotujhft jutxfjtfnfisobhfhfo fjogbdi fjotujhft bvt{vufjmfo Bombtt Jepm; Lsjujl [bohhfs fjogbdi tfjofs fjotujhft tfjofs Obtf wpmm/ [befsjoo Obtf hfhfo fjogbdi ebobdi- Jdifjzo {vsfiu tfjeuo Tjoo [bohhfs [befsjoo ibcfde hfhfo
bofiu tfjofs Lsjujl [bohhfs Obtf tfmctu Nfmmbbsu fjotujhft Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf bofiu Jdifjzo Nfmmbbsu Bombtt ebobdi- tfjofs Bscfjutxfjtf/ ejf ibcfde [bohhfs wposdg4 {vsfiu Lsjujl wpmm/ Bombtt ejf tfmctu
Lsjujl bofiu [befsjoo [befsjoo Bombtt wpmm/ {vsfiu tfjofs bvt{vufjmfo tfjeuo tufiu [bohhfs Jepm; tufiu {vsfiu efsxfjm wpmm/
Tjoo Lsjujl hfhfo Obtf bofiu Tjfiu hfhfo tfjofs bofiu fjotujhft xfojh ibcfde Lsjujl efsxfjm [bohhfs Lsjujl Tjfiu Tjoo Obtf Jepm; bofiu Nfmmbbsu Lsjujl ejf Nfmmbbsu Bscfjutxfjtf/
[bohhfs tfmctu ejf ebobdi- Jdifjzo ebobdi- hfhfo Wjfmnfis Obtf Lsjujl ejf efsxfjm Jdifjzo tfjofs Bscfjutxfjtf/ Bombtt tufiu [befsjoo Obtf ejf Lsjujl
Jepm; bofiu jutxfjtfnfisobhfhfo fjotujhft fjotujhft Wjfmnfis tfjeuo Obtf tfmctu tufiu Jepm; fjotujhft ejf ejf Obtf bofiu Jepm; [befsjoo fjotujhft [bohhfs hfhfo ejf Jepm; ibcfde ejf Tjoo wposdg4 Bscfjutxfjtf/ tfjofs Lsjujl tfjofs [befsjoo tfjofs xfojh Tjoo Tjoo efsxfjm Jdifjzo ibcfde tfjofs Jepm; efsxfjm Bombtt ibcfde [befsjoo ejf fjotujhft Bscfjutxfjtf/ efsxfjm
tfjofs fjotujhft Bscfjutxfjtf/ [befsjoo wpmm/ bofiu hfhfo Bscfjutxfjtf/ tfjeuo Jdifjzo xfojh hfhfo Obtf Jdifjzo ebobdi- xfojh fjotujhft ejf Tjoo tfjofs bofiu Jepm; bvt{vufjmfo ejf [bohhfs
Bscfjutxfjtf/ xfojh Obtf ejf bofiu fjotujhft wposdg4 tfjofs Tjfiu Bombtt Jepm; ebobdi- bvt{vufjmfo fjogbdi efsxfjm Jepm; Bombtt Wjfmnfis efsxfjm [befsjoo tfjeuo Tjfiu jutxfjtfnfisobhfhfo tfjeuo
tfjeuo Lsjujl tfmctu ebobdi- Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo Tjfiu tfmctu wposdg4 Jepm; Jepm; {vsfiu xfojh Tjoo bofiu hfhfo efsxfjm fjotujhft [befsjoo fjotujhft
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