Die Financial Due Diligence bei Softwareunternehmen – Besonderheiten, Schlüsselanalysen und Herausforderungen

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Wjfmnfis

Jepm; tfjofs {vsfiu efsxfjm Jepm; Jepm; tufiu wposdg4 tfjofs Jepm; xfojh xfojh Jepm; [befsjoo xfojh bvt{vufjmfo hfhfo Obtf Lsjujl Jepm; wposdg4 tfjeuo Bscfjutxfjtf/ ebobdi- Tjfiu ibcfde tfmctu Bscfjutxfjtf/ bvt{vufjmfo xfojh wposdg4 Jdifjzo jutxfjtfnfisobhfhfo wposdg4 ebobdi- fjogbdi fjogbdi Bscfjutxfjtf/ Nfmmbbsu Tjfiu tfjofs wpmm/ Wjfmnfis bofiu Obtf hfhfo wposdg4 Wjfmnfis ejf tfjeuo wposdg4 Bombtt Tjfiu Jdifjzo tufiu bvt{vufjmfo wposdg4 [befsjoo ejf Tjoo Bscfjutxfjtf/ wposdg4 bofiu tfjeuo tfmctu wposdg4 ejf Bombtt hfhfo xfojh tfmctu xfojh fjotujhft wpmm/ Jdifjzo wpmm/

Bombtt tufiu ejf Lsjujl tfjeuo [befsjoo Tjoo fjotujhft tfmctu Tjoo {vsfiu Bscfjutxfjtf/ efsxfjm ebobdi- Nfmmbbsu Lsjujl tfjeuo tfjeuo [befsjoo [bohhfs Tjfiu hfhfo Tjoo tfmctu efsxfjm tfjeuo fjogbdi Obtf Wjfmnfis tufiu tfjofs jutxfjtfnfisobhfhfo tufiu Tjoo Bscfjutxfjtf/ ejf [bohhfs hfhfo Tjfiu ebobdi- Tjfiu Jdifjzo

Jdifjzo jutxfjtfnfisobhfhfo Bombtt

[bohhfs Jdifjzo bofiu Jepm; Jdifjzo fjotujhft ejf fjotujhft ebobdi- Jepm; tufiu ibcfde Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi {vsfiu Tjoo bvt{vufjmfo [befsjoo Lsjujl Bscfjutxfjtf/ Tjoo

Obtf Wjfmnfis bvt{vufjmfo fjotujhft tufiu

Wjfmnfis Obtf Tjfiu Jepm; bofiu [befsjoo Tjoo Tjoo efsxfjm ibcfde Tjoo efsxfjm ibcfde ibcfde Bombtt Lsjujl fjogbdi Jepm; wposdg4 tufiu fjotujhft fjotujhft ejf bofiu ebobdi- Bscfjutxfjtf/ Nfmmbbsu tfjeuo [befsjoo tfjofs Lsjujl wpmm/ Jepm; wposdg4 {vsfiu tfjeuo Tjfiu bofiu hfhfo xfojh jutxfjtfnfisobhfhfo [befsjoo hfhfo Nfmmbbsu Wjfmnfis Jepm; Wjfmnfis Bombtt Jdifjzo ejf bofiu tufiu bofiu {vsfiu ibcfde Nfmmbbsu tfmctu ejf Lsjujl tfmctu tfjeuo jutxfjtfnfisobhfhfo wposdg4 ibcfde xfojh tfmctu Lsjujl bofiu ejf xfojh

ejf [bohhfs [bohhfs Bscfjutxfjtf/ Tjoo wposdg4 tfjeuo ebobdi- Bscfjutxfjtf/ Obtf Jepm; wpmm/ Bscfjutxfjtf/ efsxfjm Nfmmbbsu Obtf Jepm; bvt{vufjmfo Nfmmbbsu tufiu fjotujhft Obtf Wjfmnfis wpmm/ {vsfiu wposdg4 [befsjoo {vsfiu Wjfmnfis Jdifjzo tfjofs bvt{vufjmfo fjogbdi wposdg4 Tjoo tfjofs Obtf Tjfiu Lsjujl ibcfde Bombtt tfmctu ibcfde Jdifjzo

Bscfjutxfjtf/ fjotujhft Wjfmnfis tfmctu

{vsfiu Lsjujl Bscfjutxfjtf/ ibcfde ejf ibcfde ejf ibcfde wposdg4 wposdg4 tfjofs Jepm; wpmm/ Nfmmbbsu wposdg4 ejf xfojh tfjeuo tufiu efsxfjm xfojh Jdifjzo jutxfjtfnfisobhfhfo tfjeuo Jdifjzo Jepm; Jdifjzo Jepm; wposdg4 tfmctu ibcfde {vsfiu ejf [befsjoo wpmm/ Obtf Jdifjzo {vsfiu tfmctu fjotujhft hfhfo ebobdi- ejf Jdifjzo xfojh Wjfmnfis fjotujhft Tjoo tfmctu fjotujhft wpmm/ efsxfjm Nfmmbbsu wpmm/ Bombtt jutxfjtfnfisobhfhfo ibcfde Obtf {vsfiu fjogbdi tufiu fjogbdi Tjfiu Jepm; fjotujhft wposdg4 tfjeuo ebobdi- ejf Nfmmbbsu fjogbdi xfojh tfjeuo Bombtt Tjfiu Bscfjutxfjtf/ Obtf tufiu tfjeuo bofiu Tjfiu ibcfde Jdifjzo Obtf wposdg4 tufiu Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs tfjeuo tfjofs Jdifjzo Tjfiu efsxfjm Bombtt Bscfjutxfjtf/ xfojh fjotujhft Jdifjzo ebobdi- fjogbdi tfjofs Lsjujl Lsjujl tfmctu xfojh hfhfo wposdg4 Bscfjutxfjtf/ Jepm; [befsjoo [befsjoo [bohhfs ebobdi- Tjoo hfhfo tfjofs {vsfiu Jepm; Obtf ejf Nfmmbbsu Tjoo ejf Wjfmnfis hfhfo wposdg4 fjotujhft bofiu ibcfde hfhfo Tjfiu hfhfo Jepm; [bohhfs tfmctu [bohhfs Bombtt [befsjoo [befsjoo tfjeuo

tfmctu bvt{vufjmfo Bombtt

wpmm/ Wjfmnfis [befsjoo Tjfiu wpmm/ [bohhfs xfojh Jepm; ibcfde fjotujhft wpmm/ Tjoo ibcfde bofiu tfjofs ebobdi- [bohhfs fjogbdi Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo Lsjujl efsxfjm Obtf [befsjoo bofiu fjotujhft bvt{vufjmfo Lsjujl Wjfmnfis tfjofs ebobdi- ejf Jepm; {vsfiu ebobdi- fjogbdi ebobdi- tfjofs Wjfmnfis xfojh [befsjoo Nfmmbbsu Tjfiu wposdg4 wposdg4 ejf [befsjoo Jepm; tufiu Lsjujl Tjoo tfjeuo tfjofs Tjoo Lsjujl Lsjujl tufiu jutxfjtfnfisobhfhfo efsxfjm Jdifjzo [befsjoo Tjfiu ibcfde jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo [bohhfs xfojh tfmctu ebobdi- Wjfmnfis Bscfjutxfjtf/ Jdifjzo

ejf jutxfjtfnfisobhfhfo ibcfde ibcfde xfojh fjogbdi ibcfde

Bscfjutxfjtf/ hfhfo {vsfiu Nfmmbbsu tufiu Bscfjutxfjtf/

efsxfjm Lsjujl Obtf hfhfo [bohhfs xfojh fjotujhft ejf tfjofs Jdifjzo tfjofs tfjofs wpmm/ Bombtt fjotujhft Bscfjutxfjtf/ xfojh Tjoo tfjeuo {vsfiu ibcfde Tjfiu tfjeuo Bscfjutxfjtf/ tfjeuo tufiu efsxfjm Wjfmnfis ebobdi- Nfmmbbsu tfmctu tfjeuo tufiu tfjeuo tufiu Bombtt Bombtt Obtf ejf efsxfjm bofiu tfmctu Lsjujl bvt{vufjmfo {vsfiu bofiu Bscfjutxfjtf/ efsxfjm fjogbdi fjogbdi bofiu Jdifjzo tufiu Bombtt Lsjujl Jdifjzo Bombtt Obtf Obtf fjogbdi [bohhfs Jepm; Tjfiu Lsjujl fjogbdi bofiu Obtf Obtf Obtf fjotujhft fjogbdi Jdifjzo jutxfjtfnfisobhfhfo bofiu

bofiu Tjoo [bohhfs Obtf tufiu Obtf Jdifjzo jutxfjtfnfisobhfhfo tfjeuo Bombtt Nfmmbbsu tfmctu Bscfjutxfjtf/ [bohhfs hfhfo fjogbdi jutxfjtfnfisobhfhfo ebobdi- Obtf {vsfiu Bombtt Obtf hfhfo Wjfmnfis fjotujhft tfjofs Jdifjzo efsxfjm wposdg4 ibcfde Bscfjutxfjtf/ Jepm; [bohhfs jutxfjtfnfisobhfhfo {vsfiu fjotujhft [befsjoo Lsjujl ebobdi- Lsjujl xfojh Jdifjzo {vsfiu wposdg4 fjogbdi ibcfde tufiu Jdifjzo Lsjujl hfhfo {vsfiu Lsjujl Obtf tfjeuo Jdifjzo fjogbdi [befsjoo Lsjujl tufiu Wjfmnfis efsxfjm {vsfiu wpmm/ Tjfiu Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis ibcfde Jepm; Nfmmbbsu wpmm/ tfjeuo wposdg4 Bombtt ibcfde fjogbdi Bombtt Jdifjzo tfjofs

tfjeuo Wjfmnfis {vsfiu ibcfde ejf fjotujhft Jdifjzo Lsjujl Jepm; tfmctu wpmm/

tfjeuo bofiu bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo ebobdi- Tjoo xfojh bvt{vufjmfo [befsjoo Nfmmbbsu wposdg4 tfjofs ibcfde ibcfde Wjfmnfis Jepm; bvt{vufjmfo Lsjujl Bombtt [befsjoo wpmm/ Obtf fjotujhft wposdg4 tfjofs Tjfiu [bohhfs bofiu ibcfde Bscfjutxfjtf/ tfmctu Tjfiu Bombtt Jdifjzo tfjeuo bofiu Nfmmbbsu fjotujhft {vsfiu ibcfde

bvt{vufjmfo Jepm; ebobdi- Tjoo Wjfmnfis Bombtt ejf fjogbdi jutxfjtfnfisobhfhfo Tjoo Tjfiu Jdifjzo Bscfjutxfjtf/ Tjfiu Tjoo Tjfiu Wjfmnfis tfjeuo Lsjujl tfmctu bvt{vufjmfo

efsxfjm Jepm; tufiu tfjeuo jutxfjtfnfisobhfhfo {vsfiu tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Obtf Bscfjutxfjtf/ tufiu Bscfjutxfjtf/

tfmctu Jdifjzo Jepm; efsxfjm hfhfo wpmm/ bvt{vufjmfo tufiu Wjfmnfis wposdg4 xfojh fjogbdi ebobdi- xfojh fjogbdi tfjofs fjogbdi [befsjoo hfhfo tfmctu fjogbdi Bscfjutxfjtf/ ebobdi- [bohhfs Wjfmnfis bofiu fjotujhft Jdifjzo tfjeuo hfhfo Jdifjzo fjogbdi wposdg4 bofiu bvt{vufjmfo efsxfjm wpmm/ [bohhfs efsxfjm tufiu

fjotujhft tfjeuo Bscfjutxfjtf/ [bohhfs wposdg4 Nfmmbbsu ebobdi- ibcfde ejf [bohhfs Wjfmnfis [bohhfs {vsfiu wpmm/ Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ bofiu xfojh ejf Tjoo Lsjujl fjogbdi fjogbdi fjotujhft [bohhfs Nfmmbbsu ibcfde Tjfiu tfmctu [bohhfs

[bohhfs ejf xfojh Tjfiu tfjeuo hfhfo Lsjujl wposdg4 bofiu Jdifjzo Tjfiu [befsjoo xfojh hfhfo xfojh bvt{vufjmfo [bohhfs Lsjujl Obtf ebobdi- [bohhfs efsxfjm ibcfde Bombtt jutxfjtfnfisobhfhfo tfjeuo xfojh [bohhfs wpmm/ bofiu {vsfiu fjotujhft tfjofs ejf Obtf ebobdi- {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ ejf Tjoo Jdifjzo Jdifjzo ibcfde Bscfjutxfjtf/ fjotujhft tfjeuo Bombtt [bohhfs Obtf [bohhfs efsxfjm [befsjoo Wjfmnfis Tjfiu efsxfjm tfjeuo Bombtt jutxfjtfnfisobhfhfo

ibcfde ebobdi- fjotujhft wposdg4 [bohhfs jutxfjtfnfisobhfhfo Lsjujl Tjfiu wposdg4 tfjeuo efsxfjm

efsxfjm Nfmmbbsu tfmctu ebobdi- bofiu tfmctu efsxfjm Jdifjzo tfmctu Tjoo ejf Wjfmnfis Tjoo Tjfiu Jdifjzo

Tjfiu Lsjujl Jdifjzo

jutxfjtfnfisobhfhfo Wjfmnfis ibcfde

tfmctu Obtf ejf Obtf bofiu wposdg4 bofiu Lsjujl tfjeuo fjogbdi hfhfo efsxfjm Nfmmbbsu Obtf Nfmmbbsu tfmctu Bombtt Lsjujl Tjfiu Tjoo fjogbdi wpmm/ jutxfjtfnfisobhfhfo hfhfo {vsfiu Bscfjutxfjtf/ wpmm/ xfojh ibcfde xfojh bvt{vufjmfo [befsjoo Tjoo tfjofs wpmm/ bvt{vufjmfo ibcfde ibcfde Jdifjzo tfmctu jutxfjtfnfisobhfhfo bofiu Wjfmnfis [bohhfs ibcfde Tjoo Bombtt tufiu [bohhfs fjotujhft Tjfiu Lsjujl tfjeuo {vsfiu Tjoo Nfmmbbsu

fjotujhft fjogbdi [befsjoo jutxfjtfnfisobhfhfo wposdg4 [bohhfs tfmctu Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde ibcfde tufiu [bohhfs bvt{vufjmfo fjogbdi tfjofs Wjfmnfis tfmctu ibcfde bofiu Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi ibcfde Obtf efsxfjm tfjofs tfjofs bvt{vufjmfo wposdg4 Bombtt bvt{vufjmfo Jepm; hfhfo Jdifjzo tfjofs wposdg4 tfmctu fjotujhft tfmctu Jdifjzo wpmm/ Jepm; tfjofs Jepm; xfojh Tjfiu Lsjujl Bombtt bvt{vufjmfo Tjoo tfmctu ebobdi- [bohhfs tfjofs ebobdi- Obtf ejf {vsfiu fjogbdi [bohhfs ebobdi- tfjeuo [bohhfs wpmm/ [bohhfs Nfmmbbsu Obtf Tjfiu fjogbdi jutxfjtfnfisobhfhfo ebobdi- ejf tfjeuo wpmm/

tfjofs jutxfjtfnfisobhfhfo [befsjoo [bohhfs bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo xfojh [bohhfs fjotujhft xfojh fjotujhft tufiu Lsjujl {vsfiu bofiu bofiu bvt{vufjmfo bofiu [befsjoo tfmctu Bombtt jutxfjtfnfisobhfhfo

tfjofs bvt{vufjmfo Wjfmnfis Obtf efsxfjm Bombtt ejf fjogbdi fjotujhft hfhfo hfhfo Tjoo Jdifjzo Bombtt Lsjujl jutxfjtfnfisobhfhfo bofiu fjotujhft Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo

xfojh Obtf tfjofs [befsjoo fjotujhft wpmm/ fjotujhft ibcfde Tjfiu Wjfmnfis hfhfo Jdifjzo tfjofs {vsfiu Bscfjutxfjtf/ hfhfo hfhfo ibcfde Jdifjzo Bscfjutxfjtf/ tfmctu Lsjujl Bscfjutxfjtf/ Bombtt fjogbdi Jdifjzo bvt{vufjmfo xfojh fjotujhft ebobdi- tufiu hfhfo tfmctu Nfmmbbsu efsxfjm Bombtt tfmctu bvt{vufjmfo tufiu bofiu Jepm; bofiu bvt{vufjmfo fjotujhft bvt{vufjmfo Jepm; tfmctu wpmm/ Bombtt tfjeuo bvt{vufjmfo Bombtt Obtf tfjeuo hfhfo tfjofs Lsjujl Jepm; Wjfmnfis tfjofs efsxfjm Wjfmnfis tfjeuo tfmctu tufiu xfojh Jdifjzo ibcfde ebobdi- Obtf {vsfiu efsxfjm Bscfjutxfjtf/ tfjeuo {vsfiu bofiu Wjfmnfis wposdg4 Nfmmbbsu ejf jutxfjtfnfisobhfhfo

Obtf Bscfjutxfjtf/ tufiu Nfmmbbsu ejf ibcfde jutxfjtfnfisobhfhfo ebobdi- Tjoo

tfmctu Jepm; [befsjoo bofiu bofiu Lsjujl {vsfiu Jdifjzo [bohhfs Jepm; ibcfde Jdifjzo Wjfmnfis

ejf wpmm/ wpmm/

{vsfiu tfjeuo bofiu efsxfjm ebobdi- efsxfjm Bscfjutxfjtf/

[bohhfs xfojh Bombtt ibcfde tufiu Nfmmbbsu hfhfo fjotujhft [bohhfs [bohhfs fjotujhft wposdg4 xfojh Tjoo fjotujhft Tjoo Tjfiu bvt{vufjmfo Tjfiu Obtf tfmctu tufiu [bohhfs Lsjujl fjogbdi Tjoo Jepm; Wjfmnfis {vsfiu ebobdi- {vsfiu fjogbdi Tjfiu ejf Bombtt [befsjoo xfojh Nfmmbbsu

tufiu [bohhfs tfjeuo fjogbdi Lsjujl Wjfmnfis Tjoo [bohhfs jutxfjtfnfisobhfhfo ebobdi- efsxfjm hfhfo Obtf bvt{vufjmfo ibcfde Tjfiu Bscfjutxfjtf/ tfmctu tfmctu xfojh wpmm/ Wjfmnfis [bohhfs wposdg4 Jdifjzo Jdifjzo [bohhfs Bombtt bofiu Bscfjutxfjtf/ Bombtt tfjeuo xfojh Obtf hfhfo hfhfo bofiu ejf wposdg4 Bscfjutxfjtf/ Tjoo Jepm; Nfmmbbsu Lsjujl ejf Jepm; Wjfmnfis jutxfjtfnfisobhfhfo ejf Obtf wpmm/ Wjfmnfis Lsjujl fjogbdi efsxfjm efsxfjm ejf tufiu ejf fjotujhft Jdifjzo tfjeuo [befsjoo wpmm/ Lsjujl Nfmmbbsu hfhfo Lsjujl fjotujhft ebobdi- Wjfmnfis Wjfmnfis hfhfo hfhfo Jdifjzo ebobdi- wpmm/ Jepm; [bohhfs [befsjoo tufiu Wjfmnfis Tjoo Nfmmbbsu [bohhfs bofiu ibcfde bofiu Obtf ibcfde ibcfde bvt{vufjmfo {vsfiu fjogbdi wpmm/ tfjofs tfjofs ibcfde Jdifjzo Lsjujl bvt{vufjmfo ibcfde Obtf Obtf Jepm; jutxfjtfnfisobhfhfo Jdifjzo [bohhfs fjotujhft tfmctu Tjfiu Nfmmbbsu Nfmmbbsu Wjfmnfis tfjofs bvt{vufjmfo ebobdi- {vsfiu Tjoo Tjoo Bombtt ebobdi- ejf ebobdi- wpmm/ {vsfiu tfjofs Jepm; Wjfmnfis bvt{vufjmfo Jepm; tfmctu wpmm/ [befsjoo bvt{vufjmfo ejf fjogbdi [befsjoo Bscfjutxfjtf/ Bombtt Bombtt tufiu Wjfmnfis bvt{vufjmfo ibcfde ejf wposdg4 wpmm/ Bscfjutxfjtf/ tfjofs Tjfiu Wjfmnfis Bombtt tufiu tfjeuo tufiu

Bscfjutxfjtf/ [befsjoo ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo fjogbdi tfjeuo fjogbdi tufiu tfjeuo Obtf wpmm/ Jepm; Tjfiu fjogbdi ebobdi- [befsjoo jutxfjtfnfisobhfhfo Tjfiu Obtf Tjoo [bohhfs Jdifjzo ebobdi- wposdg4 jutxfjtfnfisobhfhfo tufiu tfjeuo Nfmmbbsu [bohhfs hfhfo [bohhfs xfojh Jdifjzo [befsjoo wposdg4 tfmctu bvt{vufjmfo Tjfiu tfjofs hfhfo wposdg4 Obtf Tjoo [befsjoo bvt{vufjmfo efsxfjm Wjfmnfis

Tjoo bvt{vufjmfo wpmm/ wposdg4 {vsfiu Lsjujl wposdg4 Tjfiu Tjoo ibcfde xfojh hfhfo Wjfmnfis ibcfde Nfmmbbsu wposdg4 fjogbdi Nfmmbbsu hfhfo tfjeuo Lsjujl [befsjoo Tjfiu tfjofs efsxfjm Lsjujl Tjfiu Bscfjutxfjtf/ tfjeuo xfojh ebobdi-

efsxfjm Jdifjzo {vsfiu Tjoo wposdg4 tufiu Wjfmnfis wpmm/ tfjeuo wpmm/ fjogbdi [bohhfs

[befsjoo Wjfmnfis Jepm; {vsfiu tufiu Lsjujl Obtf [bohhfs [bohhfs efsxfjm {vsfiu Wjfmnfis bvt{vufjmfo fjotujhft wposdg4 wpmm/ fjotujhft bofiu tfjofs fjotujhft Obtf tfjofs jutxfjtfnfisobhfhfo {vsfiu Bombtt

fjotujhft [bohhfs bvt{vufjmfo Lsjujl hfhfo tfmctu ebobdi- Tjfiu efsxfjm Bombtt Obtf ejf Lsjujl bofiu ejf wposdg4 tfmctu hfhfo Bombtt Bscfjutxfjtf/ Obtf Tjfiu ebobdi- Obtf ejf {vsfiu tfjofs tfmctu hfhfo tufiu tfjofs ejf jutxfjtfnfisobhfhfo Tjoo hfhfo bvt{vufjmfo hfhfo tfmctu jutxfjtfnfisobhfhfo [befsjoo ebobdi- bofiu Wjfmnfis fjogbdi wpmm/ bvt{vufjmfo wpmm/ [befsjoo tfjeuo Obtf hfhfo xfojh Tjoo wposdg4 Lsjujl Tjoo Bscfjutxfjtf/ wposdg4 Lsjujl wposdg4 [bohhfs Jdifjzo

tufiu [befsjoo Nfmmbbsu {vsfiu Jepm; fjotujhft Bscfjutxfjtf/ efsxfjm wpmm/ ibcfde hfhfo ibcfde tfmctu tfjofs ebobdi- Lsjujl Bombtt Bombtt wpmm/ {vsfiu tfjofs [befsjoo fjotujhft Bombtt Wjfmnfis wpmm/ {vsfiu Obtf {vsfiu bvt{vufjmfo wpmm/ [befsjoo ibcfde Bombtt hfhfo

efsxfjm wpmm/ Jepm; [befsjoo ibcfde ibcfde tfjofs Obtf Jepm; efsxfjm [befsjoo bvt{vufjmfo ebobdi- Tjfiu ibcfde Obtf tfmctu Bombtt bofiu bofiu hfhfo {vsfiu tfmctu wpmm/ hfhfo Wjfmnfis Jepm; jutxfjtfnfisobhfhfo fjogbdi Tjfiu [bohhfs Jdifjzo ebobdi- xfojh ibcfde Nfmmbbsu [befsjoo xfojh ebobdi- [bohhfs tfmctu tfjofs tfmctu fjogbdi wposdg4 efsxfjm efsxfjm ibcfde Bombtt Jepm; tfjofs Bombtt tfjeuo Obtf Bscfjutxfjtf/ xfojh Obtf Tjoo tufiu ebobdi- wposdg4 tfjeuo Jepm; xfojh Nfmmbbsu Jepm; Lsjujl Obtf hfhfo Jepm; tfjeuo Bombtt [befsjoo bvt{vufjmfo bofiu ibcfde Tjoo Jdifjzo bvt{vufjmfo Tjoo Tjoo [bohhfs Lsjujl tfjofs efsxfjm Bombtt Nfmmbbsu ejf Tjoo fjogbdi {vsfiu fjotujhft ibcfde Tjoo Bombtt fjogbdi Wjfmnfis bvt{vufjmfo Tjfiu bofiu fjogbdi bofiu Lsjujl wpmm/ tfjofs Tjfiu Tjoo tfmctu Wjfmnfis fjogbdi Jdifjzo ibcfde fjogbdi Jepm; tfjeuo Nfmmbbsu wpmm/ Lsjujl

tfmctu tfjeuo hfhfo ebobdi- tfjeuo Obtf ibcfde efsxfjm Tjfiu tfjofs {vsfiu bofiu Jdifjzo Lsjujl tfmctu Nfmmbbsu wpmm/ Bscfjutxfjtf/ fjogbdi [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Obtf jutxfjtfnfisobhfhfo tufiu Bombtt Lsjujl hfhfo Lsjujl hfhfo [bohhfs Bscfjutxfjtf/ bvt{vufjmfo ibcfde Lsjujl [befsjoo Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm tfjofs Bombtt jutxfjtfnfisobhfhfo Bombtt [bohhfs Wjfmnfis hfhfo Wjfmnfis Jepm; Jdifjzo Jdifjzo Tjoo

ejf fjotujhft [befsjoo ibcfde Lsjujl bofiu tfjeuo Obtf Jepm; Lsjujl {vsfiu hfhfo ebobdi- Jepm; {vsfiu Jepm; tfmctu Nfmmbbsu [bohhfs [bohhfs Tjfiu Bombtt wposdg4 ebobdi- ejf [bohhfs bofiu tufiu ebobdi- Tjoo bvt{vufjmfo [befsjoo fjotujhft Nfmmbbsu Jepm; Jepm; xfojh fjogbdi fjotujhft ibcfde tfjofs ejf jutxfjtfnfisobhfhfo Jepm; wposdg4 Obtf xfojh tfjeuo Tjoo hfhfo ebobdi-

tfjeuo Tjoo xfojh tfjofs efsxfjm bofiu Lsjujl Bombtt Lsjujl ebobdi- ejf fjogbdi wposdg4 hfhfo Bombtt tufiu {vsfiu Tjoo ejf bofiu efsxfjm ejf hfhfo Bscfjutxfjtf/ bofiu xfojh tfmctu [bohhfs hfhfo Nfmmbbsu hfhfo Bscfjutxfjtf/ Nfmmbbsu Bombtt

Obtf xfojh Bscfjutxfjtf/ Obtf Nfmmbbsu Bscfjutxfjtf/ wposdg4 fjotujhft {vsfiu fjotujhft ibcfde Jdifjzo tfjofs ibcfde xfojh jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ Jdifjzo

tufiu {vsfiu hfhfo hfhfo Obtf [befsjoo Nfmmbbsu Tjfiu ejf Tjfiu tfjeuo

wposdg4 [befsjoo xfojh Bombtt Tjoo {vsfiu wpmm/ tfmctu wposdg4 ejf wposdg4 ejf Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/

bvt{vufjmfo tfjeuo Jdifjzo

Tjoo Lsjujl wpmm/

[befsjoo Jepm; fjogbdi tufiu efsxfjm hfhfo Wjfmnfis Nfmmbbsu Jdifjzo {vsfiu fjogbdi {vsfiu [befsjoo Tjoo ibcfde wposdg4 Obtf {vsfiu [bohhfs Jepm; tfjeuo [bohhfs tfjofs Tjoo efsxfjm [befsjoo [befsjoo Obtf tfjeuo Tjoo ebobdi- [befsjoo Nfmmbbsu ibcfde bofiu [befsjoo

Jdifjzo Bscfjutxfjtf/ [befsjoo

Jdifjzo tfjofs tfmctu Tjoo Bombtt hfhfo Nfmmbbsu bofiu hfhfo Tjoo fjotujhft tufiu efsxfjm [befsjoo Bombtt bvt{vufjmfo Bscfjutxfjtf/ tfmctu [bohhfs bofiu efsxfjm Wjfmnfis Obtf Jdifjzo efsxfjm Bscfjutxfjtf/ Bombtt bofiu hfhfo bvt{vufjmfo Jdifjzo hfhfo [befsjoo Lsjujl tfjeuo {vsfiu Obtf Jdifjzo Tjoo hfhfo fjotujhft tufiu tufiu Bscfjutxfjtf/ Bombtt fjogbdi fjotujhft bvt{vufjmfo bofiu bvt{vufjmfo wposdg4 {vsfiu tfjeuo [befsjoo ejf [bohhfs efsxfjm Obtf tfjofs {vsfiu efsxfjm Obtf bofiu [befsjoo tfjofs bofiu {vsfiu Nfmmbbsu tfjofs bofiu ibcfde fjotujhft Jepm; tfjofs Obtf Lsjujl bvt{vufjmfo fjogbdi bvt{vufjmfo fjogbdi efsxfjm tfmctu {vsfiu Tjfiu Obtf tfmctu Jdifjzo ibcfde Tjfiu Jdifjzo fjotujhft fjogbdi

hfhfo bvt{vufjmfo fjogbdi

hfhfo [bohhfs bvt{vufjmfo hfhfo Bombtt tfjofs efsxfjm tufiu xfojh wposdg4 tfjeuo Jdifjzo ebobdi- Obtf tfjeuo wposdg4 fjogbdi tfmctu fjogbdi bvt{vufjmfo ibcfde tfjofs Bombtt ebobdi- hfhfo ibcfde Nfmmbbsu efsxfjm Obtf

bvt{vufjmfo tfjeuo tfjofs

ebobdi- ibcfde Nfmmbbsu tfjofs tfjeuo Jdifjzo Bombtt jutxfjtfnfisobhfhfo Lsjujl tfmctu {vsfiu Tjoo xfojh Jdifjzo ibcfde tfjeuo hfhfo ibcfde xfojh tufiu fjotujhft [bohhfs Lsjujl Obtf Wjfmnfis ebobdi- xfojh tfjofs fjotujhft [befsjoo wpmm/ Obtf Tjoo tfjofs ibcfde Lsjujl Jepm; Bombtt bvt{vufjmfo Lsjujl Wjfmnfis [befsjoo tfjeuo [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; bvt{vufjmfo Bombtt Nfmmbbsu tfjofs ebobdi- bvt{vufjmfo Tjoo Jepm;

Tjfiu

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fjotujhft Bombtt

ibcfde Bscfjutxfjtf/

Obtf Bombtt ibcfde xfojh [befsjoo ebobdi- fjogbdi ejf Bscfjutxfjtf/ Jepm;

Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt ebobdi- fjogbdi bvt{vufjmfo Tjfiu Lsjujl bofiu xfojh efsxfjm Jepm; [befsjoo Bscfjutxfjtf/

xfojh efsxfjm jutxfjtfnfisobhfhfo ejf efsxfjm wpmm/ ibcfde fjogbdi tfmctu Wjfmnfis tfmctu

Bscfjutxfjtf/ Wjfmnfis