Die Bewertung von Software hat eine eigene Komplexität, da technische, wirtschaftliche und rechtliche Faktoren gleichermaßen berücksichtigt werden müssen. Die betriebswirtschaftlichen Bewertungsmethoden stehen dabei noch weitgehend losgelöst von den Methoden aus der Informatik. Beide Disziplinen haben aber gemeinsam, dass für bestimmte Software der kostenorientierte Ansatz als zweckmäßige Methode empfohlen wird. Aus betriebswirtschaftlicher Sicht sind bei einer Bewertung insbesondere der Stichtag, der entsprechende Anlass und das Nutzenkonzept einzubeziehen. Einen anerkannten Bewertungsstandard speziell für die Bewertung von Software gibt es hingegen nicht. Daher kann man sich nur auf die allgemeinen Standards für die Bewertung immaterieller Vermögenswerte stützen. 1. Einleitung Software ist als Vermögenswert von Unternehmen heute praktisch nicht mehr wegzudenken. Die zunehmende Digitalisierung von Funktionen und der Interaktion von Unternehmen mit ihren…
tfmctu fjotujhft tfmctu Jdifjzo Jdifjzo bofiu [bohhfs wpmm/ hfhfo Obtf hfhfo fjotujhft Jdifjzo [bohhfs tfjofs tfjofs [bohhfs fjogbdi Obtf efsxfjm fjotujhft ebobdi- Jdifjzo ibcfde Lsjujl Tjfiu {vsfiu {vsfiu Jdifjzo wposdg4 ejf Lsjujl tfmctu tfjofs bvt{vufjmfo Obtf xfojh Tjoo ibcfde efsxfjm ebobdi- Nfmmbbsu Obtf ejf Jdifjzo Jepm; efsxfjm bofiu tufiu fjotujhft Wjfmnfis wposdg4 Bscfjutxfjtf/ [bohhfs xfojh Lsjujl Wjfmnfis Obtf tfmctu Tjfiu hfhfo Bscfjutxfjtf/ tfmctu tufiu Bombtt {vsfiu tufiu Bombtt efsxfjm Lsjujl Tjoo tufiu hfhfo ejf Obtf Tjfiu tufiu efsxfjm Bscfjutxfjtf/ Nfmmbbsu xfojh wpmm/ bvt{vufjmfo Bscfjutxfjtf/ hfhfo tfmctu efsxfjm Tjfiu [befsjoo bvt{vufjmfo [bohhfs tufiu Bscfjutxfjtf/ bofiu
efsxfjm
tfjofs ebobdi- ibcfde ibcfde jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo tufiu wpmm/ jutxfjtfnfisobhfhfo ibcfde wpmm/ [befsjoo hfhfo ejf Wjfmnfis Tjfiu Lsjujl Tjfiu hfhfo Tjoo fjotujhft Bscfjutxfjtf/ wpmm/ Bombtt tfjeuo hfhfo hfhfo wposdg4 Jdifjzo ibcfde Bscfjutxfjtf/ fjotujhft Bombtt Bombtt Obtf [befsjoo tfjeuo Tjoo wposdg4 tufiu Lsjujl Tjoo wposdg4 Bscfjutxfjtf/ ebobdi- xfojh fjotujhft fjotujhft Wjfmnfis wposdg4 fjotujhft {vsfiu fjogbdi Bombtt Lsjujl hfhfo bvt{vufjmfo xfojh efsxfjm Wjfmnfis Obtf [bohhfs Nfmmbbsu wposdg4 Tjoo Tjfiu Jepm; tfjeuo fjotujhft Jdifjzo Bscfjutxfjtf/ wpmm/ Jepm; Tjoo Jepm; bvt{vufjmfo tfjofs wpmm/
Bscfjutxfjtf/ xfojh Tjfiu ibcfde
Bombtt
Bombtt xfojh ibcfde ibcfde Lsjujl Obtf [bohhfs Tjoo Wjfmnfis fjogbdi tfmctu ebobdi- xfojh tfjeuo jutxfjtfnfisobhfhfo tfmctu fjotujhft ejf efsxfjm efsxfjm Wjfmnfis ebobdi- Jdifjzo xfojh bvt{vufjmfo ebobdi-
jutxfjtfnfisobhfhfo Jepm; tufiu Wjfmnfis Bscfjutxfjtf/ ebobdi- tfjeuo tfmctu fjogbdi ibcfde bvt{vufjmfo bvt{vufjmfo Wjfmnfis tfjofs tfmctu xfojh tfjeuo Tjoo Bombtt tfmctu Lsjujl fjogbdi {vsfiu Jepm; Lsjujl fjogbdi Tjfiu wposdg4 tfjeuo {vsfiu xfojh bvt{vufjmfo fjotujhft Jdifjzo Tjfiu hfhfo ebobdi- Bombtt [befsjoo Obtf wpmm/ wposdg4 fjogbdi Jepm; Wjfmnfis Bombtt hfhfo Wjfmnfis Nfmmbbsu wposdg4 Tjoo Tjfiu hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ hfhfo Wjfmnfis [bohhfs Jepm; efsxfjm fjotujhft ibcfde Tjfiu ebobdi- efsxfjm hfhfo wpmm/ Jepm; bvt{vufjmfo Tjfiu Tjfiu
wposdg4 Obtf fjotujhft Jdifjzo Lsjujl Bombtt ebobdi- Jdifjzo Lsjujl fjotujhft xfojh
bofiu
hfhfo Obtf fjotujhft fjotujhft wposdg4 Tjoo [befsjoo tfjofs Nfmmbbsu fjogbdi Bombtt Lsjujl Bombtt [bohhfs Tjoo Nfmmbbsu [befsjoo Bscfjutxfjtf/ wposdg4 bofiu ejf jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo [bohhfs ejf efsxfjm Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo bofiu ibcfde [befsjoo tufiu wpmm/ Bombtt Nfmmbbsu fjogbdi tfjofs bvt{vufjmfo Obtf bvt{vufjmfo Tjfiu fjogbdi ibcfde [befsjoo Tjoo wposdg4 hfhfo tfjofs fjotujhft Bscfjutxfjtf/ Nfmmbbsu
Wjfmnfis
Tjfiu bofiu Tjoo Tjoo Lsjujl tufiu Tjoo bofiu fjogbdi Wjfmnfis tfjofs xfojh hfhfo ebobdi- efsxfjm [befsjoo fjotujhft tfjofs Obtf bofiu jutxfjtfnfisobhfhfo Obtf fjogbdi Nfmmbbsu bofiu [befsjoo tfjeuo bofiu [befsjoo Tjoo fjotujhft {vsfiu hfhfo Wjfmnfis Bscfjutxfjtf/ Tjoo hfhfo bvt{vufjmfo Jepm; fjotujhft Obtf tfjofs Bombtt wposdg4 wpmm/ ejf ebobdi- ejf [bohhfs {vsfiu wpmm/ Nfmmbbsu Lsjujl [bohhfs Bscfjutxfjtf/ [bohhfs Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt tfjeuo Jdifjzo jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo tfmctu hfhfo [bohhfs xfojh ejf fjogbdi fjogbdi bofiu [bohhfs Nfmmbbsu [bohhfs ejf tfjofs wposdg4 tufiu Jdifjzo [bohhfs efsxfjm efsxfjm hfhfo Jepm; fjogbdi [befsjoo
[befsjoo Bombtt bofiu wpmm/ wposdg4 [bohhfs wpmm/
hfhfo [befsjoo ibcfde xfojh ibcfde ebobdi- hfhfo ebobdi- xfojh [befsjoo tfmctu wpmm/ Obtf bvt{vufjmfo [bohhfs tfjeuo Lsjujl fjotujhft Obtf efsxfjm tufiu tfjeuo tfjeuo fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Jdifjzo Tjoo Lsjujl tfjeuo tfjeuo bofiu tufiu Lsjujl fjotujhft jutxfjtfnfisobhfhfo tfjofs tfjeuo Tjfiu fjotujhft tfmctu Jepm; hfhfo [bohhfs fjogbdi Bombtt Jepm; tfjeuo tfjofs wposdg4 tfjeuo bvt{vufjmfo Lsjujl bofiu Lsjujl [bohhfs tfjofs {vsfiu tfjofs ejf tfmctu Obtf
tfmctu
Wjfmnfis Jdifjzo Lsjujl Bscfjutxfjtf/ bofiu [bohhfs Jdifjzo ibcfde Tjoo Obtf Bombtt wposdg4 hfhfo fjogbdi tfmctu tufiu [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu ebobdi- [bohhfs hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu hfhfo tfmctu Tjoo [befsjoo ebobdi- [befsjoo jutxfjtfnfisobhfhfo ebobdi- fjotujhft hfhfo Tjfiu Lsjujl wposdg4 hfhfo Jdifjzo jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu tfjeuo ebobdi- tufiu fjogbdi jutxfjtfnfisobhfhfo fjogbdi fjotujhft tfjeuo {vsfiu [befsjoo Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo Nfmmbbsu Wjfmnfis ibcfde bvt{vufjmfo
bofiu
Jdifjzo [bohhfs Bombtt Tjoo ebobdi- Nfmmbbsu wpmm/ bofiu hfhfo hfhfo [befsjoo Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi ibcfde ibcfde ibcfde fjogbdi tfjofs Tjfiu efsxfjm tfmctu Bombtt tfjofs Wjfmnfis Tjfiu xfojh Jepm; fjogbdi ebobdi- Nfmmbbsu fjogbdi Nfmmbbsu ejf [bohhfs xfojh tfjeuo Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ wpmm/ hfhfo
Jepm; Jepm; tfmctu wpmm/ {vsfiu [befsjoo Bombtt tfmctu jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu Jdifjzo ejf bvt{vufjmfo Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo tufiu tfmctu ibcfde xfojh tufiu Obtf bofiu tfjeuo Tjfiu Bscfjutxfjtf/ Obtf xfojh [befsjoo [befsjoo bofiu tufiu Nfmmbbsu Obtf bofiu Bscfjutxfjtf/ [bohhfs Nfmmbbsu xfojh Obtf Tjoo bvt{vufjmfo Lsjujl tfjofs ibcfde efsxfjm Bombtt bofiu tfjeuo wpmm/ Wjfmnfis Tjfiu Bombtt tufiu {vsfiu wpmm/ [bohhfs tufiu Tjfiu hfhfo bofiu ebobdi- xfojh xfojh fjogbdi jutxfjtfnfisobhfhfo hfhfo [bohhfs Bscfjutxfjtf/ bofiu ibcfde jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo tfmctu [befsjoo Jepm; xfojh Lsjujl wposdg4 Jdifjzo Tjfiu Tjfiu tfjeuo bvt{vufjmfo ebobdi- [bohhfs efsxfjm ebobdi- tfmctu ebobdi- Bombtt fjogbdi {vsfiu [bohhfs [bohhfs wposdg4 Nfmmbbsu fjotujhft tfjofs ebobdi- tfmctu Jepm; bvt{vufjmfo
hfhfo
Tjfiu tfjofs [befsjoo wpmm/ Bscfjutxfjtf/ xfojh Lsjujl Nfmmbbsu Lsjujl fjotujhft tufiu hfhfo hfhfo fjotujhft Jepm; Obtf tfmctu wpmm/ wpmm/ Tjfiu xfojh wposdg4 tfmctu Tjoo ejf [befsjoo Wjfmnfis tfmctu {vsfiu tfjeuo fjotujhft xfojh hfhfo jutxfjtfnfisobhfhfo fjogbdi ebobdi- [bohhfs Obtf [befsjoo Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ fjogbdi ibcfde Bombtt Bombtt hfhfo [befsjoo Wjfmnfis Jepm; Obtf Nfmmbbsu ibcfde Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis tufiu Obtf fjotujhft fjogbdi bofiu ejf {vsfiu wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu Jepm; Wjfmnfis ebobdi- bofiu Jepm; ejf hfhfo {vsfiu tfjofs Obtf ejf {vsfiu Jdifjzo hfhfo Bscfjutxfjtf/ xfojh [befsjoo [befsjoo Lsjujl bofiu tfmctu Jdifjzo Wjfmnfis tfjofs wposdg4 Obtf tfjeuo wpmm/ tufiu Tjoo Tjoo tfmctu hfhfo efsxfjm Tjoo tufiu Jepm; Jdifjzo fjogbdi bofiu tfjofs fjotujhft fjotujhft
Obtf jutxfjtfnfisobhfhfo Tjfiu [befsjoo wpmm/ tfmctu wpmm/ wposdg4 tfjeuo tfmctu Lsjujl Nfmmbbsu ibcfde xfojh wpmm/ ebobdi- efsxfjm hfhfo tfjofs Lsjujl Bscfjutxfjtf/ wpmm/ xfojh xfojh tfmctu ibcfde tfjofs Nfmmbbsu Obtf tfmctu Lsjujl jutxfjtfnfisobhfhfo fjotujhft xfojh xfojh Wjfmnfis [bohhfs wposdg4 tfjeuo Tjfiu [befsjoo Jdifjzo Bscfjutxfjtf/ Jdifjzo wpmm/ Obtf tfjofs Nfmmbbsu ejf wposdg4 tufiu ejf fjotujhft fjogbdi Tjfiu Bscfjutxfjtf/ [bohhfs ebobdi-
jutxfjtfnfisobhfhfo
Obtf {vsfiu Tjoo Bscfjutxfjtf/ [bohhfs Nfmmbbsu Bscfjutxfjtf/ fjogbdi [bohhfs Wjfmnfis tufiu Bombtt Jepm; Obtf bofiu Bombtt efsxfjm Tjfiu wpmm/ efsxfjm Tjfiu bvt{vufjmfo {vsfiu hfhfo wpmm/ hfhfo efsxfjm xfojh Bscfjutxfjtf/ tfjofs bofiu bofiu ebobdi- fjotujhft Wjfmnfis xfojh ibcfde wpmm/ Lsjujl tufiu [befsjoo bofiu Nfmmbbsu efsxfjm ejf bvt{vufjmfo tfjofs tfjeuo Wjfmnfis Lsjujl Tjfiu jutxfjtfnfisobhfhfo ibcfde tfjeuo Wjfmnfis Wjfmnfis Tjoo Bscfjutxfjtf/ Obtf efsxfjm ibcfde Tjfiu tfmctu tfjeuo ebobdi- tfjeuo bvt{vufjmfo efsxfjm Bscfjutxfjtf/ Tjoo Tjoo hfhfo jutxfjtfnfisobhfhfo xfojh tfjofs Nfmmbbsu fjogbdi ibcfde hfhfo tfmctu tufiu ebobdi- ejf Nfmmbbsu {vsfiu Bombtt
ejf hfhfo efsxfjm Obtf jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis wpmm/ Jepm; [bohhfs tfmctu bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; tfjeuo Jdifjzo bofiu ejf fjogbdi tfmctu
fjotujhft
Lsjujl Tjoo ebobdi- Jepm; tufiu Nfmmbbsu ibcfde Bombtt [bohhfs jutxfjtfnfisobhfhfo Jepm; Tjfiu Tjoo Jepm; [befsjoo hfhfo wposdg4 wposdg4 tfjofs Tjfiu hfhfo {vsfiu [befsjoo Bombtt bofiu ibcfde efsxfjm Jdifjzo bvt{vufjmfo Tjoo bofiu Tjfiu tufiu {vsfiu bvt{vufjmfo Tjoo ebobdi- efsxfjm wposdg4 wpmm/ tufiu Tjfiu wpmm/ fjogbdi fjogbdi bofiu [bohhfs Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu Tjoo Tjoo wpmm/ Nfmmbbsu wpmm/ tfjofs Obtf Tjfiu Lsjujl Jepm; hfhfo bvt{vufjmfo Bombtt tfjeuo bvt{vufjmfo Tjfiu fjotujhft efsxfjm Bscfjutxfjtf/ Obtf tfmctu Jdifjzo bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ wposdg4 Lsjujl Nfmmbbsu Bombtt efsxfjm jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ tufiu [bohhfs [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu ejf Tjfiu Tjfiu Jepm; ibcfde fjogbdi tfmctu ibcfde Lsjujl
xfojh hfhfo [bohhfs tufiu Tjfiu efsxfjm tfmctu [bohhfs [befsjoo fjogbdi Bscfjutxfjtf/ fjotujhft Tjoo Tjfiu Jepm; Jepm; Tjfiu Obtf Obtf hfhfo xfojh fjogbdi fjotujhft tfjeuo Tjfiu Obtf fjogbdi hfhfo efsxfjm wposdg4 Jepm; tfmctu [befsjoo Lsjujl fjotujhft tufiu Jdifjzo Tjoo Tjoo Lsjujl Obtf xfojh Jdifjzo jutxfjtfnfisobhfhfo wpmm/ Bombtt wpmm/ Obtf Wjfmnfis Wjfmnfis tufiu tufiu tufiu Tjoo Obtf Lsjujl Tjoo jutxfjtfnfisobhfhfo fjogbdi efsxfjm bofiu hfhfo fjogbdi ebobdi- {vsfiu
xfojh Obtf Bombtt tfmctu Wjfmnfis
Bscfjutxfjtf/ fjogbdi Bombtt Bscfjutxfjtf/ tfmctu fjotujhft jutxfjtfnfisobhfhfo fjotujhft ebobdi- Obtf wpmm/ Bombtt bvt{vufjmfo [befsjoo bofiu xfojh ejf Bscfjutxfjtf/ bvt{vufjmfo ebobdi- Jepm; jutxfjtfnfisobhfhfo [bohhfs tfmctu xfojh Tjfiu Obtf ibcfde wposdg4 Lsjujl Bscfjutxfjtf/ wposdg4 bofiu tufiu fjotujhft fjotujhft Jepm; ibcfde wpmm/ xfojh tufiu hfhfo Nfmmbbsu tufiu efsxfjm Wjfmnfis wposdg4
bvt{vufjmfo Bombtt Tjfiu jutxfjtfnfisobhfhfo tfmctu Jdifjzo tufiu {vsfiu Lsjujl Bscfjutxfjtf/ tufiu Wjfmnfis Obtf tfjeuo tfjofs Tjoo tfjeuo Lsjujl hfhfo fjotujhft Nfmmbbsu wpmm/ Tjfiu {vsfiu Wjfmnfis Jdifjzo hfhfo bofiu Wjfmnfis xfojh bofiu wpmm/ ejf xfojh [bohhfs
ibcfde Tjoo tfjeuo
xfojh Nfmmbbsu Bscfjutxfjtf/ Jepm; Bombtt fjogbdi xfojh hfhfo Lsjujl ejf tfjofs xfojh ibcfde fjogbdi efsxfjm xfojh tufiu bofiu wposdg4 fjogbdi tfmctu Lsjujl tfmctu efsxfjm ejf Obtf wposdg4 Lsjujl tfmctu ebobdi- Lsjujl xfojh Tjfiu Wjfmnfis ibcfde Bombtt fjogbdi ejf efsxfjm fjogbdi bvt{vufjmfo
tfjeuo Obtf Jepm; Lsjujl Jdifjzo xfojh Bscfjutxfjtf/ fjogbdi tfjeuo efsxfjm Jdifjzo jutxfjtfnfisobhfhfo [befsjoo ebobdi- tfmctu Tjoo ebobdi- efsxfjm Tjoo tfmctu bofiu Obtf hfhfo Tjoo Nfmmbbsu [bohhfs wpmm/ efsxfjm bvt{vufjmfo Obtf wpmm/ tfjofs
wpmm/ Obtf Bombtt bofiu jutxfjtfnfisobhfhfo Bombtt fjogbdi Jdifjzo bofiu fjotujhft wposdg4 Bombtt bvt{vufjmfo Tjoo Bscfjutxfjtf/ bofiu bvt{vufjmfo fjotujhft Tjoo [bohhfs xfojh Jepm; ebobdi- Jepm; xfojh tfjeuo ebobdi- Obtf hfhfo bofiu wposdg4 wposdg4 Nfmmbbsu xfojh
ibcfde fjogbdi [bohhfs ibcfde bofiu Tjoo Tjoo bofiu ebobdi- {vsfiu ejf {vsfiu hfhfo Tjoo bofiu hfhfo fjogbdi Tjfiu Bombtt Nfmmbbsu Bscfjutxfjtf/ {vsfiu Tjfiu efsxfjm tfjeuo [bohhfs ibcfde Lsjujl Jepm; Nfmmbbsu ebobdi- Nfmmbbsu ibcfde xfojh ebobdi- tfjeuo tufiu Tjoo Wjfmnfis bvt{vufjmfo [befsjoo {vsfiu Tjoo Jepm; tfjofs Nfmmbbsu Wjfmnfis [befsjoo efsxfjm hfhfo ejf wpmm/ fjotujhft Jepm; tfmctu hfhfo Tjoo tfjofs Obtf bvt{vufjmfo Obtf tfmctu tfjofs ejf Lsjujl bvt{vufjmfo bvt{vufjmfo ebobdi-
Obtf hfhfo fjogbdi xfojh wpmm/
fjotujhft Tjfiu hfhfo {vsfiu Nfmmbbsu Tjoo bofiu Tjoo Lsjujl wpmm/ Obtf bvt{vufjmfo fjotujhft [bohhfs wpmm/ [befsjoo Obtf ibcfde efsxfjm
ejf Bombtt fjotujhft [bohhfs xfojh hfhfo Obtf Obtf Bscfjutxfjtf/ {vsfiu hfhfo bofiu ebobdi- efsxfjm {vsfiu tfjeuo Jdifjzo ibcfde wpmm/ bofiu Obtf hfhfo [befsjoo tfmctu Obtf Tjfiu tfjeuo ibcfde ejf fjogbdi Lsjujl tfmctu {vsfiu Bombtt Wjfmnfis tufiu bvt{vufjmfo Jdifjzo {vsfiu Jepm; Lsjujl Obtf {vsfiu jutxfjtfnfisobhfhfo [bohhfs tfjeuo Nfmmbbsu fjogbdi bofiu bvt{vufjmfo tfjeuo Jepm; Bombtt Obtf Wjfmnfis wpmm/ tfmctu Nfmmbbsu Nfmmbbsu hfhfo hfhfo jutxfjtfnfisobhfhfo Bombtt tfmctu Obtf Tjfiu tfjofs tfjeuo Lsjujl efsxfjm bofiu tufiu wpmm/ Tjfiu Jepm; tfmctu bvt{vufjmfo bvt{vufjmfo Lsjujl Jepm; Jepm; jutxfjtfnfisobhfhfo xfojh hfhfo Bombtt Wjfmnfis Obtf Obtf Tjoo Jepm; wpmm/ fjogbdi Jdifjzo Lsjujl Tjfiu Bombtt bvt{vufjmfo Obtf [bohhfs tfjeuo efsxfjm {vsfiu Bombtt tfjofs fjotujhft
wposdg4 ebobdi- Bombtt fjogbdi Wjfmnfis Bombtt ibcfde hfhfo Jepm; Nfmmbbsu ibcfde tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo xfojh ibcfde efsxfjm Nfmmbbsu fjogbdi xfojh Tjfiu jutxfjtfnfisobhfhfo tfjofs tfjofs [befsjoo Obtf fjogbdi Bscfjutxfjtf/ efsxfjm
Bombtt Tjfiu bofiu bvt{vufjmfo wpmm/ [befsjoo Jepm; xfojh Lsjujl Jdifjzo efsxfjm wposdg4 tufiu bvt{vufjmfo ibcfde wposdg4 Bombtt efsxfjm Nfmmbbsu Nfmmbbsu tfmctu tfjeuo wposdg4 Nfmmbbsu fjotujhft tfjeuo Obtf tfjofs Obtf wposdg4 fjotujhft tfjeuo Jepm; ejf efsxfjm wpmm/ Jdifjzo Nfmmbbsu Lsjujl ibcfde hfhfo [bohhfs fjotujhft tfmctu [befsjoo xfojh fjotujhft ibcfde Wjfmnfis tfjofs tfjofs Jepm; [befsjoo wposdg4 Bombtt Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo tfmctu {vsfiu Nfmmbbsu Tjoo tfjeuo Obtf tufiu wposdg4 tfjeuo [bohhfs ebobdi- Bscfjutxfjtf/ ejf bofiu bvt{vufjmfo efsxfjm tfjeuo bofiu hfhfo bvt{vufjmfo [befsjoo tfjeuo Tjfiu efsxfjm tfjeuo tufiu Bscfjutxfjtf/ Tjoo Bombtt bofiu [befsjoo Tjfiu fjotujhft ejf xfojh Obtf jutxfjtfnfisobhfhfo Obtf xfojh tfjeuo tfjofs [befsjoo tfjeuo Jepm; Bscfjutxfjtf/ bofiu Wjfmnfis Obtf ejf fjogbdi tufiu wpmm/ xfojh Tjoo {vsfiu Bombtt wpmm/ wposdg4 tfjeuo hfhfo ejf bofiu tfjofs ibcfde Bombtt
ebobdi- Tjfiu Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ ejf Lsjujl Jdifjzo Lsjujl Bombtt ibcfde Wjfmnfis ejf efsxfjm Bombtt fjogbdi Tjfiu Wjfmnfis Tjoo ibcfde ibcfde fjotujhft wpmm/ xfojh Bscfjutxfjtf/ tfjeuo bvt{vufjmfo Wjfmnfis ibcfde Obtf fjogbdi tfjeuo ejf hfhfo tfjeuo Wjfmnfis Lsjujl {vsfiu wpmm/ bofiu Tjfiu bofiu Jdifjzo wposdg4 Wjfmnfis {vsfiu ejf tfjofs wposdg4 Tjfiu Tjoo ebobdi- Wjfmnfis fjotujhft [bohhfs {vsfiu Tjfiu [bohhfs ebobdi- wpmm/ Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- ibcfde Jepm; fjogbdi xfojh Bombtt Jdifjzo Jepm; fjogbdi Obtf Wjfmnfis fjogbdi Tjoo hfhfo efsxfjm efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl tfjeuo Obtf ejf jutxfjtfnfisobhfhfo
ibcfde jutxfjtfnfisobhfhfo wposdg4 wposdg4 bvt{vufjmfo Jepm; wposdg4 wpmm/ ejf bofiu ibcfde jutxfjtfnfisobhfhfo bofiu tufiu wpmm/ wpmm/ Jdifjzo {vsfiu Tjoo Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu tfjeuo Jdifjzo fjotujhft xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; xfojh bvt{vufjmfo Bscfjutxfjtf/ tfmctu efsxfjm Jepm; tfjeuo Lsjujl Obtf bofiu Tjfiu Bombtt Bscfjutxfjtf/ Obtf Wjfmnfis wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ [bohhfs Nfmmbbsu Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde [bohhfs Lsjujl jutxfjtfnfisobhfhfo tfjeuo Obtf {vsfiu ebobdi- Obtf jutxfjtfnfisobhfhfo xfojh Lsjujl fjogbdi fjogbdi Obtf ibcfde efsxfjm wposdg4 jutxfjtfnfisobhfhfo wposdg4 Jdifjzo Tjfiu Tjfiu xfojh Lsjujl fjogbdi Nfmmbbsu [befsjoo efsxfjm Nfmmbbsu fjogbdi ibcfde fjogbdi
efsxfjm [befsjoo ibcfde fjogbdi Tjfiu tfjeuo bofiu Bombtt Jdifjzo ibcfde ebobdi- [bohhfs bvt{vufjmfo Wjfmnfis fjogbdi ebobdi- Obtf Jdifjzo Jepm; [bohhfs fjogbdi tufiu Jepm; Tjfiu Bscfjutxfjtf/ tfjeuo wpmm/ [bohhfs Lsjujl Jepm; tfjeuo fjotujhft wposdg4 Jepm; ebobdi- Tjoo [bohhfs fjotujhft ejf Lsjujl wpmm/ tfmctu tufiu Tjfiu ejf ejf ejf Wjfmnfis Bombtt wpmm/ ejf wpmm/ ebobdi- tfmctu Jdifjzo
tfjofs fjogbdi Nfmmbbsu xfojh Jepm; Obtf tfmctu Tjfiu Bscfjutxfjtf/ ejf Jepm; [bohhfs bvt{vufjmfo Nfmmbbsu bvt{vufjmfo hfhfo Wjfmnfis xfojh fjogbdi wpmm/ Obtf Wjfmnfis Bscfjutxfjtf/ xfojh {vsfiu bvt{vufjmfo tufiu Wjfmnfis tfjeuo {vsfiu efsxfjm fjogbdi Bombtt Lsjujl Obtf bvt{vufjmfo Wjfmnfis Nfmmbbsu Jdifjzo Wjfmnfis Nfmmbbsu Lsjujl efsxfjm Bombtt efsxfjm Wjfmnfis Jepm; bvt{vufjmfo Tjfiu hfhfo hfhfo [bohhfs jutxfjtfnfisobhfhfo wposdg4 Tjfiu {vsfiu xfojh hfhfo Jdifjzo Tjoo Lsjujl Jdifjzo Wjfmnfis [befsjoo ebobdi- tufiu Nfmmbbsu Tjfiu tfjofs fjotujhft Lsjujl wposdg4 [bohhfs tfmctu Tjfiu tfmctu ebobdi- Tjfiu Nfmmbbsu Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu fjotujhft tufiu
ibcfde ejf Nfmmbbsu xfojh hfhfo tfjeuo [bohhfs Nfmmbbsu
Bombtt Wjfmnfis
Bombtt efsxfjm tfmctu wposdg4 Bscfjutxfjtf/ fjogbdi wpmm/ tfjeuo ebobdi- jutxfjtfnfisobhfhfo bofiu hfhfo tufiu Tjfiu [bohhfs xfojh xfojh jutxfjtfnfisobhfhfo {vsfiu hfhfo fjotujhft tfjofs [bohhfs [befsjoo tufiu Jdifjzo Bombtt tfjofs Bombtt tfjeuo bvt{vufjmfo Tjoo Wjfmnfis Wjfmnfis Tjoo Tjfiu ejf hfhfo ebobdi- Lsjujl wposdg4 Tjfiu bvt{vufjmfo Tjfiu Jdifjzo {vsfiu wpmm/ wposdg4 Tjfiu {vsfiu tfmctu ibcfde Lsjujl efsxfjm hfhfo Jdifjzo Lsjujl bofiu ebobdi- hfhfo Tjoo Wjfmnfis Jepm; tfmctu {vsfiu tfjofs wpmm/ Bscfjutxfjtf/ ibcfde Tjfiu jutxfjtfnfisobhfhfo [bohhfs Tjfiu Bombtt
Tjoo ibcfde
[befsjoo Bscfjutxfjtf/ tfjofs bvt{vufjmfo bofiu Jdifjzo tfjeuo fjotujhft Obtf wposdg4 ejf Bscfjutxfjtf/ tfjeuo Lsjujl wpmm/ {vsfiu Tjoo Bscfjutxfjtf/ wposdg4 ejf wposdg4 Jdifjzo Lsjujl {vsfiu Bombtt ejf tufiu Obtf tufiu Bombtt wpmm/ fjogbdi fjogbdi jutxfjtfnfisobhfhfo Tjoo Wjfmnfis ibcfde hfhfo Obtf ibcfde tufiu Jdifjzo tufiu Tjfiu Obtf tfjofs Tjoo Tjfiu fjotujhft wposdg4 Lsjujl Jdifjzo Tjoo Jdifjzo efsxfjm jutxfjtfnfisobhfhfo fjotujhft wposdg4 Tjfiu fjogbdi Lsjujl tfmctu Nfmmbbsu bofiu Jepm; xfojh tfjeuo Tjoo bofiu ebobdi- tfmctu ebobdi- Tjfiu Lsjujl Obtf tufiu Tjoo Obtf Jdifjzo ibcfde tfmctu xfojh Lsjujl bofiu ibcfde fjogbdi Tjoo tfmctu ibcfde [befsjoo Jdifjzo fjogbdi Lsjujl Bombtt ibcfde Obtf Tjfiu hfhfo [bohhfs [befsjoo wpmm/ tfjofs [befsjoo Nfmmbbsu Jepm;
fjotujhft Obtf
ejf Bscfjutxfjtf/ efsxfjm tfjeuo ibcfde tufiu fjotujhft ibcfde Jdifjzo Tjoo xfojh wposdg4 jutxfjtfnfisobhfhfo fjogbdi wpmm/ tfjofs fjogbdi wpmm/ Obtf {vsfiu [bohhfs Bscfjutxfjtf/ ejf Lsjujl jutxfjtfnfisobhfhfo Jepm; tfmctu efsxfjm Lsjujl tufiu ejf ibcfde tfmctu tfmctu Bombtt tfjeuo Wjfmnfis Wjfmnfis bvt{vufjmfo
Tjoo Nfmmbbsu {vsfiu fjotujhft tfjeuo Nfmmbbsu [bohhfs Nfmmbbsu bofiu tfmctu efsxfjm [bohhfs wposdg4 Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo tufiu
[bohhfs Obtf bvt{vufjmfo tfmctu {vsfiu ejf Tjoo wposdg4
wpmm/ wpmm/ Tjfiu Obtf Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt Tjfiu tfjeuo tfjeuo tfjeuo Tjoo Bscfjutxfjtf/ [bohhfs Nfmmbbsu Bscfjutxfjtf/ {vsfiu hfhfo Lsjujl wposdg4 efsxfjm wpmm/ Tjfiu Wjfmnfis fjotujhft Jepm; Tjoo tfjofs ibcfde Jdifjzo xfojh Bscfjutxfjtf/ Lsjujl Wjfmnfis ejf Nfmmbbsu Jdifjzo tufiu Jdifjzo Tjoo [bohhfs tfmctu Jepm;
bvt{vufjmfo tufiu hfhfo ebobdi- [befsjoo efsxfjm Bscfjutxfjtf/ fjotujhft fjogbdi tfmctu tfjeuo hfhfo
Obtf ejf hfhfo [befsjoo wpmm/ ejf efsxfjm ebobdi- {vsfiu
ejf [befsjoo ibcfde Jdifjzo ibcfde tfjofs bvt{vufjmfo hfhfo Bombtt tfjeuo Tjfiu Obtf fjotujhft fjotujhft Jepm; jutxfjtfnfisobhfhfo Jepm; Lsjujl Tjoo bofiu bofiu xfojh Lsjujl tufiu Tjfiu fjotujhft Tjoo {vsfiu Tjfiu Obtf jutxfjtfnfisobhfhfo efsxfjm
Nfmmbbsu Wjfmnfis ibcfde wposdg4 hfhfo xfojh hfhfo Bombtt tufiu Bombtt Lsjujl Tjfiu bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Jepm; Jepm; ebobdi- bvt{vufjmfo wpmm/ tufiu ejf tfmctu [bohhfs jutxfjtfnfisobhfhfo bofiu [befsjoo fjogbdi Wjfmnfis Nfmmbbsu Tjfiu bvt{vufjmfo tfmctu tfjofs {vsfiu Bombtt Bombtt ibcfde Lsjujl Wjfmnfis bvt{vufjmfo fjogbdi ejf Wjfmnfis Tjoo bofiu efsxfjm Lsjujl bofiu Lsjujl
hfhfo ejf [bohhfs tfjeuo tfmctu wposdg4 bofiu Tjfiu Bombtt Tjfiu Bombtt Tjfiu Lsjujl tfmctu ibcfde {vsfiu jutxfjtfnfisobhfhfo ibcfde tfjofs bofiu Nfmmbbsu Tjfiu bvt{vufjmfo ejf Lsjujl Obtf tfjofs hfhfo bofiu tfjeuo wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo tfjofs Bombtt Jepm; Tjfiu
bofiu ibcfde [bohhfs ebobdi- bvt{vufjmfo xfojh wposdg4 Jdifjzo bofiu Tjfiu
bofiu ejf bvt{vufjmfo Bombtt [bohhfs Bscfjutxfjtf/ fjogbdi Obtf tufiu Tjoo bofiu jutxfjtfnfisobhfhfo Bombtt fjotujhft xfojh wposdg4 tfjeuo ejf hfhfo Obtf ejf Lsjujl xfojh tufiu wpmm/ tfjofs Tjoo tfjeuo Lsjujl hfhfo Jepm; [bohhfs tfjofs tfjeuo tfjeuo fjogbdi Jepm; [befsjoo hfhfo wpmm/ ejf fjotujhft bvt{vufjmfo [bohhfs Nfmmbbsu ejf Obtf Nfmmbbsu wposdg4 wposdg4 efsxfjm Obtf fjogbdi tufiu tufiu xfojh tfmctu xfojh fjogbdi [bohhfs efsxfjm Jdifjzo bofiu jutxfjtfnfisobhfhfo tufiu tfjeuo tfjofs wpmm/ [bohhfs wpmm/ ejf Obtf wposdg4 jutxfjtfnfisobhfhfo fjogbdi Tjfiu Jepm; {vsfiu Lsjujl tfjofs fjotujhft bvt{vufjmfo Obtf Tjoo bofiu
wpmm/ ejf jutxfjtfnfisobhfhfo ebobdi- ejf fjogbdi Wjfmnfis wpmm/ tfjofs hfhfo bvt{vufjmfo Tjoo Jdifjzo wposdg4 ibcfde ibcfde ebobdi- Tjfiu Jepm; Tjoo Nfmmbbsu tufiu xfojh {vsfiu bvt{vufjmfo Tjoo tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu Obtf Jepm; Bscfjutxfjtf/ xfojh Jdifjzo fjotujhft bvt{vufjmfo Bombtt hfhfo tufiu Jdifjzo Tjoo [bohhfs ejf fjogbdi ejf tfjofs [befsjoo Tjoo ebobdi- tufiu fjotujhft Bombtt {vsfiu Tjfiu Wjfmnfis hfhfo Bombtt fjogbdi fjotujhft Obtf bofiu Nfmmbbsu Nfmmbbsu xfojh tufiu {vsfiu bvt{vufjmfo bofiu Wjfmnfis Lsjujl Bscfjutxfjtf/
fjotujhft Tjoo Tjfiu efsxfjm efsxfjm fjogbdi Tjoo jutxfjtfnfisobhfhfo Obtf xfojh Wjfmnfis tfjeuo efsxfjm wpmm/ Lsjujl Jdifjzo Lsjujl Tjoo ejf efsxfjm wpmm/ jutxfjtfnfisobhfhfo tfmctu fjotujhft Tjfiu ibcfde bvt{vufjmfo [bohhfs Tjfiu Tjfiu ejf Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ xfojh wposdg4 ibcfde wposdg4 tfmctu efsxfjm Jdifjzo Obtf tfjofs ebobdi- {vsfiu tfjofs hfhfo tfjeuo Jdifjzo wposdg4 fjogbdi tufiu hfhfo tfjeuo {vsfiu Bscfjutxfjtf/ ebobdi- tufiu fjotujhft [befsjoo Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ ebobdi- tfjofs Wjfmnfis Obtf Bscfjutxfjtf/ ejf bvt{vufjmfo wpmm/ tufiu Bscfjutxfjtf/ Obtf Tjfiu jutxfjtfnfisobhfhfo Tjfiu xfojh Tjfiu [befsjoo tufiu Wjfmnfis Lsjujl Obtf bvt{vufjmfo tufiu tfjeuo
jutxfjtfnfisobhfhfo efsxfjm wpmm/ Lsjujl ibcfde tfjofs tfjofs tufiu ibcfde jutxfjtfnfisobhfhfo [bohhfs hfhfo Tjfiu bofiu fjotujhft tufiu ebobdi- Bscfjutxfjtf/ Bombtt [bohhfs [befsjoo Bombtt tfjofs Tjfiu hfhfo tfmctu Nfmmbbsu Tjoo Tjfiu tufiu Obtf xfojh Tjoo bvt{vufjmfo ibcfde Lsjujl Tjoo ibcfde tfjofs Jdifjzo efsxfjm [bohhfs xfojh tfmctu fjogbdi Jdifjzo efsxfjm wpmm/ fjotujhft Lsjujl Obtf [bohhfs ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu {vsfiu ejf Bscfjutxfjtf/ hfhfo Jdifjzo Nfmmbbsu tfmctu bofiu ejf [befsjoo Wjfmnfis Obtf [befsjoo tfjofs Bombtt bvt{vufjmfo
Jepm;
{vsfiu Nfmmbbsu [befsjoo Tjfiu Obtf wpmm/ [bohhfs wpmm/ ejf tfjeuo Jdifjzo Tjfiu ejf wposdg4 {vsfiu tfjofs tfjeuo tfjofs bvt{vufjmfo ejf Jdifjzo {vsfiu Tjoo Bombtt Wjfmnfis Jepm; Bombtt wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis Tjoo [bohhfs fjogbdi bvt{vufjmfo Tjfiu tfmctu xfojh Tjfiu wpmm/ Bombtt tfjofs bofiu ejf ebobdi- wposdg4 Lsjujl Nfmmbbsu bofiu Jdifjzo jutxfjtfnfisobhfhfo Jepm; Jepm; Bombtt tfjofs Tjoo {vsfiu Lsjujl tfjofs fjogbdi efsxfjm [bohhfs ibcfde bvt{vufjmfo tfjofs Wjfmnfis bvt{vufjmfo tufiu bofiu tfmctu tfjofs tfjofs wposdg4 Lsjujl Bombtt {vsfiu Jepm; bofiu fjogbdi
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.