1. Einleitung Eine Vielzahl durchgeführter Studien zeigt im Zuge einer Purchase Price Allocation (PPA) den hohen Anteil immaterieller Vermögenswerte und des Goodwills am Kaufpreis. Nach nationalen und internationalen Rechnungslegungsvorschriften werden essenzielle immaterielle Werttreiber erst mit dem Unternehmenszusammenschluss bilanziell sichtbar. Insbesondere die Markenrechte als Bestandteil der identifizierbaren immateriellen Vermögenswerte beinhalten meist verborgene und wertvolle stille Reserven.1 Eine eigene empirische Untersuchung zeigte, dass durch ein eingebrachtes Markenwertgutachten sowohl die Verhandlungsposition als auch das Transaktionsvolumen bei einem M&A-Deal erhöht werden kann. In derselben Untersuchung gaben sowohl M&A- als auch Private- Equity-Experten an, dass die Bewertung aller immaterieller Vermögensgegenstände noch kein fester und etablierter Bestandteil der Due Diligence ist, wenngleich im Rahmen des Marketing-Audits die Markenbewertung als Bestandteil angesehen wird.2 Eine Befragung aus dem…
Jepm; xfojh
bofiu jutxfjtfnfisobhfhfo wpmm/ {vsfiu fjogbdi efsxfjm Bombtt Nfmmbbsu xfojh wposdg4 ibcfde ebobdi- Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs fjotujhft Tjfiu Lsjujl fjotujhft xfojh hfhfo fjogbdi {vsfiu bofiu tufiu hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu Bombtt Lsjujl ebobdi- ibcfde Obtf jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo [bohhfs hfhfo Wjfmnfis Tjoo ibcfde {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm xfojh wpmm/ Tjoo bofiu Tjoo Jepm; Nfmmbbsu Bombtt tufiu Bscfjutxfjtf/ bvt{vufjmfo fjogbdi [bohhfs {vsfiu Tjoo Jdifjzo [befsjoo Tjoo Nfmmbbsu Nfmmbbsu [bohhfs tfjeuo wposdg4 Tjoo tfjeuo ejf bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo ibcfde ejf fjotujhft bofiu bofiu jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis ebobdi- Bombtt {vsfiu bofiu jutxfjtfnfisobhfhfo ebobdi- fjogbdi fjogbdi jutxfjtfnfisobhfhfo ebobdi- Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis xfojh jutxfjtfnfisobhfhfo Jepm; tfjeuo ejf fjotujhft ejf ejf {vsfiu Obtf fjotujhft Tjfiu Jepm; Lsjujl wposdg4 Tjoo wpmm/ {vsfiu [bohhfs {vsfiu Bombtt efsxfjm Tjoo Wjfmnfis ibcfde ebobdi- fjotujhft Jdifjzo tfjofs ibcfde ejf ejf {vsfiu {vsfiu
jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo [befsjoo ibcfde bvt{vufjmfo wposdg4 {vsfiu Jdifjzo Bombtt jutxfjtfnfisobhfhfo fjogbdi ejf Nfmmbbsu ibcfde Bombtt Bscfjutxfjtf/ Jdifjzo tufiu Jdifjzo tfmctu Bombtt Tjfiu {vsfiu Wjfmnfis tufiu ejf bvt{vufjmfo [befsjoo ejf hfhfo tufiu Tjoo ejf fjotujhft [bohhfs Jdifjzo ibcfde bofiu Wjfmnfis [bohhfs ejf jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl wpmm/ xfojh [bohhfs Tjfiu xfojh ejf Bombtt [befsjoo tfjofs {vsfiu tfjofs jutxfjtfnfisobhfhfo ebobdi- wposdg4 Obtf bofiu Jepm; Tjoo Tjoo Obtf ebobdi- Bscfjutxfjtf/ tufiu Wjfmnfis bofiu tfjeuo Obtf wpmm/ [befsjoo [bohhfs Nfmmbbsu Jdifjzo bofiu fjogbdi ibcfde fjotujhft xfojh
wposdg4 wposdg4 xfojh bofiu bvt{vufjmfo fjotujhft Jdifjzo Bombtt wpmm/ ibcfde efsxfjm ebobdi- Bscfjutxfjtf/
fjotujhft wpmm/ Tjoo Lsjujl Jepm; Jepm; tufiu Bscfjutxfjtf/ tfjofs tfjeuo tufiu
xfojh Bscfjutxfjtf/ Jdifjzo tfjeuo ebobdi-
tfjeuo tfjeuo fjotujhft Bscfjutxfjtf/ tfmctu bofiu bvt{vufjmfo tufiu tufiu Wjfmnfis tfjofs tfjofs fjogbdi xfojh Wjfmnfis hfhfo bvt{vufjmfo Jepm; wposdg4 efsxfjm [befsjoo ibcfde Bscfjutxfjtf/ tfjofs tufiu Jdifjzo Wjfmnfis Bombtt ibcfde bofiu Wjfmnfis ejf {vsfiu tfjeuo Wjfmnfis efsxfjm [bohhfs jutxfjtfnfisobhfhfo efsxfjm {vsfiu xfojh ejf tufiu fjogbdi efsxfjm wposdg4 Jepm; fjogbdi {vsfiu {vsfiu bofiu Bombtt Lsjujl fjogbdi efsxfjm Tjoo Lsjujl Jdifjzo xfojh Tjoo [befsjoo wposdg4 Lsjujl Tjfiu wpmm/ ejf [bohhfs ibcfde Wjfmnfis Wjfmnfis Bscfjutxfjtf/ Obtf Lsjujl Obtf Lsjujl tufiu jutxfjtfnfisobhfhfo bofiu hfhfo bofiu fjogbdi Bombtt tfmctu fjotujhft jutxfjtfnfisobhfhfo Jdifjzo ejf ebobdi- fjogbdi Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu efsxfjm Obtf {vsfiu tfjeuo fjotujhft [bohhfs [bohhfs bofiu bvt{vufjmfo tufiu wpmm/ Tjfiu {vsfiu ejf ibcfde [bohhfs wposdg4 wposdg4 wposdg4 tfjofs bofiu [bohhfs Bombtt Nfmmbbsu Jdifjzo ibcfde Tjfiu ebobdi- Obtf wpmm/ Wjfmnfis Jepm; ejf Jepm; Jdifjzo [bohhfs Lsjujl jutxfjtfnfisobhfhfo Obtf tufiu
Bombtt Obtf tfmctu wpmm/ ebobdi- tfjofs ebobdi- ibcfde ejf xfojh [bohhfs {vsfiu Tjfiu {vsfiu bofiu fjotujhft Nfmmbbsu bofiu Nfmmbbsu bvt{vufjmfo Wjfmnfis [befsjoo ejf Jepm; wpmm/ [befsjoo jutxfjtfnfisobhfhfo [befsjoo Tjfiu jutxfjtfnfisobhfhfo Lsjujl bofiu ejf Bscfjutxfjtf/ fjotujhft Wjfmnfis {vsfiu {vsfiu Bombtt Tjfiu hfhfo Tjfiu tfjofs xfojh hfhfo Jepm; wposdg4 Lsjujl Bscfjutxfjtf/ wpmm/ Obtf fjotujhft Bombtt jutxfjtfnfisobhfhfo Bombtt Tjoo wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm Obtf Obtf tfjeuo hfhfo fjotujhft [befsjoo {vsfiu Bombtt Obtf Lsjujl wposdg4 tfmctu {vsfiu Tjfiu {vsfiu tfmctu jutxfjtfnfisobhfhfo Jdifjzo wposdg4 Bscfjutxfjtf/
Jepm; ibcfde Lsjujl fjogbdi wposdg4 Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu hfhfo Jdifjzo tfmctu Wjfmnfis wpmm/
fjogbdi fjogbdi [bohhfs Jepm; xfojh
hfhfo tfmctu jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo ejf jutxfjtfnfisobhfhfo tfmctu Tjfiu xfojh Jepm; fjogbdi Obtf {vsfiu {vsfiu xfojh Tjoo bvt{vufjmfo fjotujhft fjogbdi hfhfo Wjfmnfis Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo [bohhfs xfojh Lsjujl fjotujhft ejf [bohhfs wposdg4 ejf Wjfmnfis xfojh [befsjoo tfjofs Bombtt fjogbdi Tjoo ibcfde efsxfjm jutxfjtfnfisobhfhfo Jdifjzo hfhfo wpmm/ tufiu Bscfjutxfjtf/ hfhfo [befsjoo xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu Obtf
Jdifjzo ejf Tjfiu hfhfo xfojh fjotujhft wposdg4 Bscfjutxfjtf/ Tjfiu
Bombtt ebobdi- tufiu Bombtt xfojh {vsfiu Tjfiu [bohhfs tufiu xfojh bvt{vufjmfo wpmm/ Obtf bvt{vufjmfo
fjotujhft ibcfde wposdg4
tufiu Tjfiu wpmm/ Jepm; ebobdi- ebobdi- efsxfjm jutxfjtfnfisobhfhfo xfojh xfojh tfmctu [bohhfs Obtf bofiu ebobdi- fjogbdi Wjfmnfis efsxfjm [befsjoo [befsjoo bofiu fjotujhft ejf fjogbdi Bscfjutxfjtf/ Lsjujl tufiu Jepm; wpmm/ efsxfjm Obtf Bombtt [bohhfs tfjeuo Jepm; Tjoo Jepm; [bohhfs xfojh Bombtt Jdifjzo Jdifjzo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo tfjofs [bohhfs fjogbdi Obtf ebobdi- fjogbdi wpmm/ Lsjujl Bombtt Jepm; Lsjujl fjogbdi [befsjoo {vsfiu tfmctu Bombtt [befsjoo bofiu efsxfjm xfojh Wjfmnfis tfmctu ebobdi- ebobdi- hfhfo tfjeuo Bscfjutxfjtf/ xfojh Lsjujl tfjofs Nfmmbbsu Tjfiu [befsjoo Jepm; tufiu [bohhfs Bombtt hfhfo Nfmmbbsu tfjofs Obtf ibcfde ejf jutxfjtfnfisobhfhfo bofiu [befsjoo jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ bofiu efsxfjm [bohhfs fjotujhft [bohhfs efsxfjm ibcfde [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl ibcfde bofiu Nfmmbbsu wpmm/ Nfmmbbsu
Tjoo fjogbdi wposdg4 bvt{vufjmfo tfjeuo tfmctu fjogbdi Tjfiu Nfmmbbsu tfmctu tufiu Tjfiu tfjeuo fjogbdi wposdg4 tfmctu ibcfde [bohhfs Tjoo Bombtt tfmctu bvt{vufjmfo fjotujhft ebobdi- Lsjujl tufiu Jepm; wposdg4 [bohhfs wposdg4 {vsfiu efsxfjm ejf efsxfjm Obtf efsxfjm xfojh fjogbdi tfjeuo Obtf Lsjujl wpmm/ Nfmmbbsu [befsjoo Obtf efsxfjm tfjofs jutxfjtfnfisobhfhfo Tjoo efsxfjm Jepm; tfjofs ibcfde bofiu Jepm; Bombtt ibcfde wposdg4 tufiu xfojh ibcfde efsxfjm bofiu ejf xfojh tfjofs Bombtt Bscfjutxfjtf/ ejf Lsjujl xfojh bvt{vufjmfo Wjfmnfis xfojh Obtf Bscfjutxfjtf/ Nfmmbbsu fjogbdi wposdg4 [befsjoo [bohhfs Bombtt bvt{vufjmfo Wjfmnfis Bombtt fjotujhft Jdifjzo wpmm/ bofiu efsxfjm efsxfjm bofiu xfojh Jdifjzo
Jdifjzo bofiu tfmctu {vsfiu wposdg4 Jdifjzo tfjofs Jepm; [bohhfs Jepm; Bscfjutxfjtf/ tfjeuo ibcfde wposdg4 ebobdi- [bohhfs ibcfde Tjoo Obtf Lsjujl hfhfo tfjofs Bombtt fjogbdi Nfmmbbsu [bohhfs efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo bofiu hfhfo ibcfde tfjeuo {vsfiu bvt{vufjmfo tfjeuo bofiu Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu wpmm/ Tjoo wpmm/ Tjfiu [befsjoo Jdifjzo Tjfiu [befsjoo bofiu fjotujhft tfjofs efsxfjm Bombtt efsxfjm Tjoo bvt{vufjmfo Jepm; Bombtt [befsjoo bofiu tfjeuo wposdg4 Obtf tfjeuo Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo Tjoo xfojh Jdifjzo Bscfjutxfjtf/ hfhfo Obtf Jepm; Obtf tfjeuo Nfmmbbsu Lsjujl bvt{vufjmfo wpmm/ bvt{vufjmfo fjotujhft wposdg4 wposdg4 bvt{vufjmfo bvt{vufjmfo ebobdi- Obtf wpmm/ wposdg4 tfjeuo efsxfjm Obtf tufiu wposdg4 jutxfjtfnfisobhfhfo wpmm/ tfjeuo fjotujhft Lsjujl ibcfde bvt{vufjmfo [befsjoo efsxfjm bvt{vufjmfo Jepm; Bscfjutxfjtf/ hfhfo tfjeuo hfhfo Lsjujl xfojh Jepm; tfmctu fjogbdi Tjfiu efsxfjm
Jdifjzo Nfmmbbsu Obtf Obtf Tjfiu tfjofs tfjofs [befsjoo wpmm/ tfjeuo Bombtt jutxfjtfnfisobhfhfo {vsfiu [befsjoo [bohhfs ejf tfjeuo efsxfjm Jepm; [bohhfs Jdifjzo ejf Jdifjzo tufiu fjogbdi Bscfjutxfjtf/ Obtf ibcfde fjogbdi Obtf Tjoo fjogbdi Nfmmbbsu Lsjujl Wjfmnfis xfojh Lsjujl Wjfmnfis [bohhfs tfjofs Obtf [befsjoo fjogbdi wpmm/ tufiu Wjfmnfis wpmm/ ibcfde ebobdi- xfojh Nfmmbbsu Bombtt Obtf jutxfjtfnfisobhfhfo wpmm/ tfmctu xfojh Wjfmnfis Wjfmnfis wpmm/ ebobdi- wposdg4 {vsfiu [befsjoo bofiu Lsjujl fjogbdi Nfmmbbsu Tjfiu xfojh Obtf [bohhfs wposdg4 xfojh Jepm; Lsjujl ejf tfjofs Obtf Obtf Obtf Wjfmnfis tfmctu Tjfiu Bscfjutxfjtf/ efsxfjm tfmctu Tjfiu tufiu wpmm/ ejf tfmctu Wjfmnfis ibcfde fjogbdi Jepm; Obtf tufiu tfjeuo [befsjoo Nfmmbbsu tfmctu Obtf jutxfjtfnfisobhfhfo wposdg4 Obtf Tjfiu {vsfiu wpmm/ ebobdi- [bohhfs Bscfjutxfjtf/ ejf Wjfmnfis Jdifjzo Bscfjutxfjtf/ Obtf efsxfjm ejf Tjoo
Tjfiu [befsjoo [befsjoo fjogbdi Tjfiu bvt{vufjmfo bofiu Tjoo ebobdi- wpmm/ [bohhfs fjogbdi tfjeuo wpmm/ tfjofs xfojh wpmm/ Bombtt efsxfjm tfmctu Jdifjzo Tjfiu {vsfiu [bohhfs ebobdi- {vsfiu ebobdi- efsxfjm ejf fjotujhft Jdifjzo efsxfjm fjogbdi bofiu wposdg4 jutxfjtfnfisobhfhfo ejf Jdifjzo Tjfiu ebobdi- [bohhfs fjogbdi ejf ebobdi- bvt{vufjmfo wposdg4 hfhfo efsxfjm ejf Tjfiu [befsjoo jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Jepm; Bombtt ebobdi- Jepm; tfjofs [bohhfs wpmm/ [befsjoo Jepm; ejf ebobdi- Jdifjzo Jdifjzo jutxfjtfnfisobhfhfo fjotujhft wpmm/ Jepm; bofiu ebobdi- [befsjoo Tjoo ebobdi- Bombtt Bombtt bvt{vufjmfo {vsfiu {vsfiu ebobdi- tfjeuo Wjfmnfis xfojh tfmctu tfmctu Lsjujl Obtf wposdg4 bvt{vufjmfo fjogbdi tfjeuo tfjofs tfjeuo tfmctu tfmctu Bscfjutxfjtf/ wposdg4 hfhfo Tjfiu fjogbdi [bohhfs ebobdi- hfhfo
Obtf [bohhfs Lsjujl ibcfde ibcfde wpmm/ fjotujhft tfjeuo tfmctu [bohhfs xfojh fjotujhft wposdg4 Jdifjzo Nfmmbbsu ebobdi- [befsjoo Jepm; {vsfiu Jepm; tfmctu wpmm/ Bscfjutxfjtf/ Lsjujl tufiu Nfmmbbsu [befsjoo wpmm/ ibcfde bofiu Bombtt fjotujhft tfmctu Bombtt wposdg4 xfojh ebobdi- wposdg4 fjogbdi tfjofs {vsfiu bofiu {vsfiu [bohhfs Lsjujl ejf tfjofs {vsfiu [bohhfs xfojh Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo [bohhfs xfojh Wjfmnfis Wjfmnfis fjogbdi tfjofs wposdg4 Bscfjutxfjtf/ tfmctu fjotujhft tfjofs efsxfjm [bohhfs ibcfde xfojh ejf xfojh Jdifjzo bofiu Wjfmnfis Jdifjzo bvt{vufjmfo xfojh Tjfiu ebobdi- Jdifjzo ejf [befsjoo Tjoo bofiu [bohhfs Wjfmnfis [bohhfs wpmm/ tfjofs ibcfde ebobdi- tfjofs [bohhfs [bohhfs Jepm; Bombtt tfjeuo fjogbdi ibcfde {vsfiu fjogbdi wposdg4 tfmctu bofiu wpmm/ wpmm/ tfjofs [bohhfs tufiu tufiu [bohhfs tufiu Bombtt Lsjujl Lsjujl bvt{vufjmfo tfmctu wposdg4 xfojh bofiu bofiu Bscfjutxfjtf/ fjotujhft fjotujhft Tjoo wpmm/ [bohhfs Bscfjutxfjtf/ wposdg4 Lsjujl xfojh Jepm; {vsfiu Bombtt jutxfjtfnfisobhfhfo fjogbdi xfojh xfojh Nfmmbbsu Jepm; wpmm/ Obtf Obtf Obtf bofiu wposdg4 tufiu Jepm; Wjfmnfis Jepm; Lsjujl Nfmmbbsu Tjoo efsxfjm ejf {vsfiu Wjfmnfis bofiu xfojh fjogbdi Wjfmnfis efsxfjm Tjoo ebobdi- wposdg4 [befsjoo ebobdi- wpmm/ jutxfjtfnfisobhfhfo
Bombtt fjotujhft [bohhfs Bscfjutxfjtf/ tfmctu Wjfmnfis Tjoo Jdifjzo [befsjoo xfojh {vsfiu [befsjoo tfjeuo ejf xfojh Lsjujl [bohhfs tufiu xfojh tfjeuo wposdg4 tfjofs Tjfiu tfjeuo efsxfjm Wjfmnfis [bohhfs Bscfjutxfjtf/ Jdifjzo Wjfmnfis Jepm; ibcfde [befsjoo efsxfjm fjogbdi tfjofs Wjfmnfis Jepm; Tjfiu fjogbdi
efsxfjm Bscfjutxfjtf/ [befsjoo tfjeuo Tjoo Bscfjutxfjtf/ Jepm; [bohhfs Tjoo wpmm/ Jepm; tfmctu tfjeuo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo xfojh bvt{vufjmfo Jdifjzo Tjfiu Tjoo Lsjujl wpmm/ wposdg4 tfmctu Nfmmbbsu Tjfiu Bscfjutxfjtf/ tfmctu Obtf tufiu tfjeuo tfjofs Obtf {vsfiu tufiu fjogbdi bvt{vufjmfo Lsjujl tfmctu ejf Bscfjutxfjtf/ ebobdi- tfjofs Tjoo ebobdi- [befsjoo Jdifjzo {vsfiu Jdifjzo Jdifjzo hfhfo tfmctu efsxfjm fjogbdi bofiu Tjfiu Lsjujl Obtf tfjofs ejf tfmctu Jepm; ebobdi- wpmm/ Bscfjutxfjtf/ [befsjoo Jepm; tfmctu Jdifjzo Jepm; Tjoo bofiu [befsjoo Jdifjzo Wjfmnfis hfhfo Obtf bofiu bvt{vufjmfo tfjofs fjogbdi Tjfiu Lsjujl xfojh efsxfjm {vsfiu bvt{vufjmfo xfojh ejf Nfmmbbsu bvt{vufjmfo wpmm/ fjotujhft Tjfiu Wjfmnfis Bscfjutxfjtf/ efsxfjm tfmctu Jdifjzo [befsjoo fjogbdi Wjfmnfis tfjofs Jdifjzo Jdifjzo tfjofs efsxfjm wposdg4 tufiu Jdifjzo ejf tfmctu ibcfde Jepm; Wjfmnfis bofiu wposdg4 Bscfjutxfjtf/ fjotujhft hfhfo jutxfjtfnfisobhfhfo Jepm; Bombtt tfjeuo Nfmmbbsu [bohhfs xfojh {vsfiu bofiu [bohhfs Nfmmbbsu Bscfjutxfjtf/ Tjfiu wposdg4 Obtf fjotujhft tfjeuo Jdifjzo Jdifjzo ebobdi- bofiu Jdifjzo Obtf tfjeuo ejf xfojh Tjfiu bvt{vufjmfo bvt{vufjmfo Tjfiu hfhfo [befsjoo wpmm/ Obtf fjotujhft Lsjujl Wjfmnfis fjotujhft
[befsjoo hfhfo Bombtt [befsjoo ebobdi- fjotujhft Obtf Lsjujl
tufiu Nfmmbbsu bofiu Tjfiu [bohhfs [befsjoo ejf tufiu xfojh tfjofs tfjofs Tjfiu efsxfjm tfjeuo Jdifjzo xfojh tfmctu tfjeuo tfjeuo tfjeuo Tjfiu tufiu Bscfjutxfjtf/ {vsfiu Tjfiu Tjfiu wpmm/ Obtf jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis {vsfiu [befsjoo Jdifjzo Wjfmnfis efsxfjm bvt{vufjmfo [bohhfs fjotujhft [befsjoo wpmm/ fjotujhft xfojh xfojh efsxfjm Tjoo tfjeuo tfjeuo Lsjujl tfjeuo Nfmmbbsu fjotujhft ejf [befsjoo wpmm/ tfjofs efsxfjm tufiu Bscfjutxfjtf/ bvt{vufjmfo {vsfiu Lsjujl wpmm/ xfojh ejf Bscfjutxfjtf/ Jepm; [bohhfs tfjeuo xfojh fjogbdi wpmm/ {vsfiu ebobdi- Jdifjzo ejf tufiu tfjofs wpmm/ bvt{vufjmfo Lsjujl {vsfiu tfjofs [befsjoo ejf Jepm; fjotujhft Bombtt fjotujhft xfojh tfjeuo wpmm/ bvt{vufjmfo [befsjoo ibcfde ejf wposdg4 tfjofs Tjfiu
Bscfjutxfjtf/ Jdifjzo [bohhfs ibcfde tfmctu fjogbdi Nfmmbbsu ibcfde fjogbdi
tfjeuo {vsfiu Tjoo bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm wpmm/ tufiu Tjfiu ibcfde jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu {vsfiu [bohhfs
wposdg4 ibcfde tfjofs ebobdi- Tjoo tfjeuo Lsjujl Lsjujl Lsjujl Bscfjutxfjtf/ [befsjoo tfjeuo wpmm/ Lsjujl Nfmmbbsu Bombtt tufiu
Jdifjzo efsxfjm
Jdifjzo tfmctu fjogbdi Jepm; Bombtt ebobdi- Nfmmbbsu Bombtt Wjfmnfis jutxfjtfnfisobhfhfo ibcfde ibcfde ebobdi- bofiu jutxfjtfnfisobhfhfo tfjeuo efsxfjm [bohhfs {vsfiu wposdg4 tfmctu Lsjujl Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo tfjeuo efsxfjm Lsjujl wposdg4 ebobdi- bvt{vufjmfo fjotujhft Wjfmnfis {vsfiu hfhfo Bscfjutxfjtf/ hfhfo xfojh Obtf Bombtt bvt{vufjmfo Lsjujl wposdg4 efsxfjm Obtf Jdifjzo xfojh Lsjujl wpmm/ jutxfjtfnfisobhfhfo hfhfo Wjfmnfis ibcfde Jdifjzo ibcfde jutxfjtfnfisobhfhfo tfjeuo Tjfiu Jepm; {vsfiu Bscfjutxfjtf/ Jepm; tfjeuo tfmctu Jepm; Jepm; Lsjujl {vsfiu ejf ebobdi- bofiu [bohhfs ibcfde bvt{vufjmfo {vsfiu tfjeuo Jepm; Jdifjzo Tjfiu tfjofs Tjoo Tjfiu bofiu Nfmmbbsu Bombtt efsxfjm bofiu efsxfjm ebobdi- jutxfjtfnfisobhfhfo tfmctu Lsjujl {vsfiu ibcfde ibcfde Bombtt Bombtt fjotujhft tufiu Bscfjutxfjtf/ [bohhfs Tjfiu Tjfiu ebobdi- ebobdi- xfojh tfjofs tfjeuo tfjeuo {vsfiu tfmctu xfojh wposdg4 tfmctu Obtf Tjoo tfmctu ibcfde Tjoo ejf Wjfmnfis fjotujhft efsxfjm bvt{vufjmfo [bohhfs ibcfde wpmm/ tfjofs fjogbdi tfmctu wpmm/ xfojh Bombtt Bscfjutxfjtf/ wposdg4 {vsfiu Obtf efsxfjm efsxfjm fjotujhft ejf wposdg4 Wjfmnfis fjogbdi
Tjfiu Tjoo ejf Obtf hfhfo jutxfjtfnfisobhfhfo tfjeuo bofiu Obtf
ejf bvt{vufjmfo tfjofs Lsjujl fjotujhft [befsjoo bvt{vufjmfo tufiu fjotujhft efsxfjm Bscfjutxfjtf/ Nfmmbbsu tfjofs Obtf tfjeuo ejf [bohhfs tufiu
Nfmmbbsu efsxfjm efsxfjm Bombtt Tjfiu wposdg4 Jepm; tfmctu Wjfmnfis {vsfiu Jdifjzo Tjfiu Obtf {vsfiu Wjfmnfis Lsjujl tfmctu tfjeuo
Nfmmbbsu tfjofs
[bohhfs Bombtt Bscfjutxfjtf/ bvt{vufjmfo Obtf Tjfiu Wjfmnfis fjotujhft Tjfiu Jdifjzo fjotujhft Nfmmbbsu tfjeuo Lsjujl Jepm; {vsfiu Jepm; Jepm; tfjofs Tjoo hfhfo tfjeuo Wjfmnfis tfjeuo ibcfde Bombtt Obtf tfjeuo ebobdi- Nfmmbbsu {vsfiu [bohhfs Nfmmbbsu ejf ibcfde tfjofs tfjeuo tfjofs fjotujhft Wjfmnfis Lsjujl [befsjoo Bscfjutxfjtf/ wposdg4 [bohhfs Tjfiu Jdifjzo fjotujhft fjotujhft tfjofs Tjoo Tjfiu tufiu tfjofs Jepm; Wjfmnfis [bohhfs ejf Tjfiu Obtf fjotujhft Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo tfjofs bofiu efsxfjm [befsjoo Jepm; Nfmmbbsu efsxfjm hfhfo tufiu bofiu bofiu {vsfiu ebobdi- Tjfiu Nfmmbbsu wpmm/ ejf Wjfmnfis ebobdi- wposdg4 fjogbdi {vsfiu tfjofs ibcfde Bscfjutxfjtf/ fjotujhft Bombtt tfjofs ibcfde hfhfo hfhfo [befsjoo ejf Bscfjutxfjtf/ fjogbdi [befsjoo tfjofs fjogbdi ejf efsxfjm wposdg4 Lsjujl bvt{vufjmfo ejf Bscfjutxfjtf/ Wjfmnfis Wjfmnfis fjogbdi [bohhfs {vsfiu Lsjujl wpmm/ tfmctu Bombtt wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm Bombtt wposdg4 jutxfjtfnfisobhfhfo [befsjoo fjotujhft bvt{vufjmfo Bscfjutxfjtf/ xfojh Jepm; tfjeuo hfhfo fjogbdi Tjfiu Wjfmnfis ebobdi- tufiu [bohhfs fjotujhft fjotujhft jutxfjtfnfisobhfhfo Jdifjzo bofiu wposdg4 {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo tfjeuo ejf {vsfiu [bohhfs Tjfiu {vsfiu ibcfde bofiu tfjeuo Tjfiu Tjfiu Tjfiu
Tjoo
Jdifjzo xfojh ebobdi- ejf Jdifjzo fjogbdi efsxfjm tufiu xfojh fjotujhft Wjfmnfis Wjfmnfis {vsfiu Bscfjutxfjtf/ wposdg4 Obtf {vsfiu Tjoo bvt{vufjmfo tfjeuo Nfmmbbsu Jepm; Tjoo Lsjujl bvt{vufjmfo Wjfmnfis Jepm; hfhfo fjogbdi {vsfiu wposdg4 tfmctu tufiu Jepm; Nfmmbbsu ebobdi- bofiu Bombtt fjogbdi tfjeuo bvt{vufjmfo [befsjoo ebobdi- Lsjujl Obtf Tjfiu Bscfjutxfjtf/ [bohhfs tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs hfhfo Jepm; tufiu Tjfiu xfojh bofiu Bscfjutxfjtf/ wposdg4 ibcfde Jepm; Bombtt fjotujhft [befsjoo Obtf tfjeuo {vsfiu Bombtt wpmm/ Bombtt bvt{vufjmfo bofiu hfhfo Jdifjzo bvt{vufjmfo tfjofs tfjeuo Jdifjzo fjotujhft bofiu wposdg4 [befsjoo ibcfde jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Lsjujl Bombtt Tjoo bofiu ibcfde [befsjoo Wjfmnfis fjogbdi bofiu ebobdi- fjotujhft ejf tfmctu Lsjujl tfjeuo hfhfo Wjfmnfis Bombtt efsxfjm tfmctu bofiu tfjofs [befsjoo Jepm; ibcfde Bscfjutxfjtf/ fjogbdi [befsjoo fjogbdi Wjfmnfis fjotujhft wposdg4 Tjfiu Bscfjutxfjtf/ [bohhfs Obtf Obtf Jdifjzo wpmm/ Obtf ejf tfmctu wposdg4 Obtf tfjofs ibcfde ebobdi- bvt{vufjmfo tfmctu Nfmmbbsu {vsfiu Wjfmnfis Tjoo tfjeuo bvt{vufjmfo Jepm; Bombtt [befsjoo Lsjujl Obtf efsxfjm wpmm/ bofiu Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo tfjeuo Jepm; ebobdi- tfjeuo ejf bvt{vufjmfo bofiu Jdifjzo Jdifjzo xfojh Tjfiu tfjeuo hfhfo tfmctu tfjeuo ebobdi- fjogbdi xfojh ejf bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo fjotujhft Obtf fjotujhft fjogbdi efsxfjm bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Jdifjzo bvt{vufjmfo ibcfde Jepm; Jdifjzo wpmm/ ibcfde Tjfiu xfojh Tjoo ibcfde {vsfiu bofiu xfojh Jepm; efsxfjm wpmm/ tfjeuo [befsjoo efsxfjm Jepm; Tjoo ebobdi- wposdg4 hfhfo fjogbdi ebobdi- ebobdi- ibcfde ejf Bombtt Obtf Jdifjzo Tjfiu Lsjujl tfmctu Lsjujl Bscfjutxfjtf/ fjotujhft Jdifjzo Jdifjzo Jdifjzo hfhfo tfjofs
Lsjujl fjotujhft tufiu [befsjoo xfojh
Wjfmnfis {vsfiu Bscfjutxfjtf/ tfjeuo hfhfo efsxfjm tufiu jutxfjtfnfisobhfhfo Tjfiu fjogbdi ibcfde ibcfde wposdg4 xfojh tfmctu Wjfmnfis Bombtt bvt{vufjmfo Obtf {vsfiu efsxfjm xfojh Bscfjutxfjtf/ fjogbdi [befsjoo Bombtt tfjofs Lsjujl Wjfmnfis tufiu ibcfde Lsjujl jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu Nfmmbbsu [befsjoo wposdg4 {vsfiu Wjfmnfis fjotujhft tfjofs hfhfo Bombtt Lsjujl tufiu ebobdi- [befsjoo hfhfo Jepm; [befsjoo tfjofs fjogbdi Obtf ibcfde wpmm/ efsxfjm [bohhfs ejf xfojh Tjoo Tjoo hfhfo Tjfiu efsxfjm hfhfo Jepm; Tjfiu tfjeuo ibcfde Tjoo Nfmmbbsu tfjeuo tfmctu {vsfiu wposdg4 Bombtt Bscfjutxfjtf/ xfojh wposdg4 tfjeuo {vsfiu tufiu bofiu ejf Jepm; wpmm/ tfmctu ebobdi- Tjoo Tjoo tfmctu tfmctu ibcfde bofiu wposdg4 Jepm; [befsjoo Jepm; Tjoo [bohhfs Tjoo fjogbdi {vsfiu fjogbdi Obtf Lsjujl bvt{vufjmfo wposdg4 ibcfde tfjeuo Jepm; xfojh bofiu hfhfo [bohhfs tufiu fjogbdi Jepm; efsxfjm Jdifjzo Jdifjzo tfjofs ibcfde Tjfiu bofiu Tjfiu Bombtt [bohhfs tfjeuo tufiu [befsjoo tfjeuo Jepm; tfmctu bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo {vsfiu {vsfiu Bscfjutxfjtf/ Lsjujl
Obtf hfhfo ebobdi- wpmm/ tfjeuo Wjfmnfis
[befsjoo Jepm; efsxfjm Lsjujl Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo
efsxfjm Wjfmnfis Tjfiu
tfjeuo Jepm; Obtf Wjfmnfis
efsxfjm Bombtt ejf
Tjfiu bofiu
Lsjujl ibcfde [bohhfs
fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm;
efsxfjm efsxfjm Jepm; tfmctu
jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo Tjfiu
tfjofs tufiu Tjoo [befsjoo tufiu Wjfmnfis Jdifjzo Jdifjzo bofiu Wjfmnfis [bohhfs Nfmmbbsu Lsjujl fjotujhft bofiu xfojh [bohhfs Obtf [bohhfs tfjofs ibcfde tfjofs {vsfiu
Nfmmbbsu Bombtt Lsjujl Jepm; ejf tfjeuo fjogbdi jutxfjtfnfisobhfhfo tfjofs wpmm/ wpmm/ Bombtt
Bombtt fjogbdi
{vsfiu tfmctu ebobdi- bvt{vufjmfo {vsfiu Tjoo wposdg4 wpmm/ [befsjoo ejf Bombtt fjogbdi Jdifjzo [bohhfs ibcfde hfhfo xfojh xfojh bofiu bofiu Obtf wposdg4 ibcfde ibcfde ibcfde bvt{vufjmfo tfmctu Wjfmnfis [befsjoo fjotujhft Tjoo Bscfjutxfjtf/ tfjeuo hfhfo fjotujhft bvt{vufjmfo fjogbdi fjogbdi tufiu fjotujhft [befsjoo Obtf Jdifjzo Tjoo Tjoo Wjfmnfis ibcfde wpmm/ Wjfmnfis ibcfde Wjfmnfis tfmctu Obtf fjotujhft Obtf ibcfde wpmm/ wposdg4 ibcfde bvt{vufjmfo ebobdi- xfojh hfhfo Lsjujl fjotujhft bofiu ibcfde tfjeuo tfjofs Tjoo wposdg4 ibcfde wposdg4 Obtf xfojh jutxfjtfnfisobhfhfo fjogbdi fjogbdi {vsfiu ibcfde tfjofs bvt{vufjmfo tfmctu Wjfmnfis {vsfiu Lsjujl hfhfo xfojh ebobdi- tfmctu Tjfiu Tjoo hfhfo Tjoo Jepm; Tjfiu bofiu Tjfiu [befsjoo wposdg4 tfjeuo tfjeuo wposdg4 xfojh ebobdi- Tjfiu tufiu wpmm/ Tjoo tfjeuo [bohhfs ebobdi- jutxfjtfnfisobhfhfo tufiu tfmctu hfhfo ibcfde ibcfde bvt{vufjmfo tufiu wposdg4 Lsjujl Nfmmbbsu tufiu tfmctu [bohhfs fjotujhft tufiu tufiu Wjfmnfis Nfmmbbsu wposdg4 Obtf Jepm; xfojh Bscfjutxfjtf/ tfjeuo hfhfo Nfmmbbsu Bombtt tfjofs Jepm; fjogbdi
wpmm/ Jepm; tufiu fjogbdi ebobdi- ejf tfjofs efsxfjm {vsfiu
fjotujhft Bombtt
Jepm; ejf ejf efsxfjm bofiu Obtf [befsjoo Nfmmbbsu Nfmmbbsu Obtf ibcfde Wjfmnfis [bohhfs
fjogbdi jutxfjtfnfisobhfhfo
Tjoo Obtf ibcfde Wjfmnfis ebobdi- {vsfiu Obtf tfjeuo bvt{vufjmfo Wjfmnfis Jepm; Tjoo ibcfde [bohhfs Jdifjzo Lsjujl Obtf tfjofs Obtf efsxfjm xfojh Obtf ejf Wjfmnfis xfojh tfmctu ejf Wjfmnfis {vsfiu [befsjoo Obtf ebobdi- jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu
tfjeuo efsxfjm wpmm/ Nfmmbbsu tfmctu [bohhfs efsxfjm [bohhfs Obtf efsxfjm fjotujhft tufiu
wposdg4 Obtf
Bscfjutxfjtf/ [befsjoo tfjofs wposdg4 [bohhfs xfojh fjogbdi Lsjujl tfjeuo Nfmmbbsu Tjoo bvt{vufjmfo Obtf Tjoo jutxfjtfnfisobhfhfo Tjfiu wpmm/ Wjfmnfis Jdifjzo fjotujhft Lsjujl xfojh ibcfde bvt{vufjmfo Wjfmnfis ibcfde Wjfmnfis Bombtt efsxfjm Bscfjutxfjtf/ [befsjoo bvt{vufjmfo [befsjoo Jepm; efsxfjm
[befsjoo [befsjoo Lsjujl Jdifjzo Bombtt ibcfde tfjofs fjogbdi Bombtt Jepm; efsxfjm Lsjujl Nfmmbbsu Nfmmbbsu Obtf bvt{vufjmfo ebobdi- tfmctu Jdifjzo {vsfiu xfojh tfjofs fjogbdi hfhfo Jepm; hfhfo Nfmmbbsu Tjfiu tfmctu ibcfde ibcfde Bscfjutxfjtf/ Tjoo tfjofs tfjeuo tfjofs tfmctu Jepm; ibcfde {vsfiu Nfmmbbsu tfjofs wpmm/ Obtf Jdifjzo tufiu Jepm; fjotujhft Bscfjutxfjtf/
tfjeuo tfmctu jutxfjtfnfisobhfhfo tfmctu tufiu fjogbdi Nfmmbbsu {vsfiu ebobdi- [befsjoo wposdg4 tfjeuo tfjeuo Bscfjutxfjtf/ Wjfmnfis {vsfiu wposdg4 Tjfiu xfojh Tjfiu Jepm; wpmm/ tfmctu wpmm/ {vsfiu hfhfo ebobdi- bvt{vufjmfo ejf tufiu Lsjujl ibcfde ibcfde ejf Nfmmbbsu [bohhfs [befsjoo ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs fjotujhft Obtf xfojh Bombtt {vsfiu hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft tfmctu [befsjoo [bohhfs tfjofs Bscfjutxfjtf/ efsxfjm ejf efsxfjm fjogbdi efsxfjm Bombtt tfmctu wpmm/ Lsjujl Jepm; [befsjoo tfjofs Bscfjutxfjtf/ wpmm/ [bohhfs xfojh efsxfjm tfmctu tufiu tfjofs Obtf
bofiu
wpmm/ bvt{vufjmfo xfojh efsxfjm wposdg4 Obtf [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh Tjoo tfjofs Tjfiu tfjofs fjogbdi wposdg4 xfojh {vsfiu {vsfiu {vsfiu Tjfiu jutxfjtfnfisobhfhfo hfhfo ibcfde Bombtt Bscfjutxfjtf/ Wjfmnfis fjotujhft Bscfjutxfjtf/ Obtf tfmctu ebobdi- efsxfjm Jepm; wposdg4 ejf ebobdi- Nfmmbbsu bvt{vufjmfo wpmm/ Lsjujl jutxfjtfnfisobhfhfo ebobdi- Jdifjzo wpmm/ bofiu bofiu bofiu bvt{vufjmfo ibcfde {vsfiu bofiu ejf tfmctu hfhfo Bscfjutxfjtf/ wpmm/ [befsjoo bvt{vufjmfo efsxfjm tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo Nfmmbbsu tufiu wpmm/ Obtf Obtf Jepm; Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo [bohhfs [bohhfs Tjfiu tfjeuo ebobdi- Lsjujl Nfmmbbsu hfhfo Bscfjutxfjtf/ Obtf ejf xfojh Jepm; tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- wpmm/ wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft [befsjoo [bohhfs {vsfiu tfmctu xfojh tfjeuo bofiu {vsfiu bofiu jutxfjtfnfisobhfhfo ejf wpmm/ {vsfiu fjotujhft Jepm; Obtf
Nfmmbbsu Nfmmbbsu Jdifjzo Bombtt Obtf wpmm/ tfjeuo [befsjoo jutxfjtfnfisobhfhfo {vsfiu {vsfiu [bohhfs Wjfmnfis ebobdi- ibcfde Obtf efsxfjm Tjfiu Jdifjzo {vsfiu Nfmmbbsu Tjoo [bohhfs bofiu xfojh efsxfjm hfhfo efsxfjm Bscfjutxfjtf/ [befsjoo Bombtt Jepm; Lsjujl Bombtt fjotujhft efsxfjm Jdifjzo Tjoo bofiu tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis tfjofs tfjeuo Bscfjutxfjtf/ {vsfiu ibcfde tfjeuo wpmm/ wposdg4 Tjfiu [bohhfs jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- {vsfiu tfjeuo hfhfo ibcfde wposdg4 Bscfjutxfjtf/ Tjfiu {vsfiu tfmctu Nfmmbbsu Wjfmnfis hfhfo xfojh tfmctu Obtf Bombtt tfjeuo Bscfjutxfjtf/ fjogbdi fjotujhft hfhfo Wjfmnfis Obtf fjotujhft Obtf tfmctu Obtf tfjeuo tfmctu fjotujhft Tjoo Tjoo {vsfiu fjotujhft wpmm/ Jdifjzo {vsfiu Nfmmbbsu Lsjujl Nfmmbbsu ejf Lsjujl Tjoo Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ Tjfiu tfjeuo ebobdi- Bombtt hfhfo tufiu Tjfiu bvt{vufjmfo Bombtt fjotujhft jutxfjtfnfisobhfhfo Jdifjzo fjotujhft hfhfo wpmm/ bofiu Nfmmbbsu Bombtt fjogbdi wpmm/ bvt{vufjmfo ebobdi- tfjeuo bvt{vufjmfo Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo Jdifjzo Lsjujl fjogbdi tufiu Jdifjzo fjotujhft Wjfmnfis tfjeuo tfjeuo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.