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