3. Ausblick Für das Jahr 2022 ist zumindest kurzfristig von einem Anhalten des Wachstumstrends auszugehen. Bislang scheinen die herausgearbeiteten M&A-Treiber allesamt intakt und daher der Weg für eine positive Entwicklung des österreichischen M&A-Marktes frei zu sein. Mittelfristig ist eine Prognose dagegen schwierig. Während Nachhaltigkeit und Digitalisierung jedenfalls weiterhin förderlich auf das Transaktionsgeschehen wirken dürften, sind der weitere Pandemieverlauf und insbesondere die Wirkung der Pandemie auf M&A mit großer Unsicherheit behaftet. Distressed-M&A könnte bei weiter bestehenden Beschränkungen für Wirtschaft und Gesellschaft durchaus an Bedeutung gewinnen. Offen ist dagegen, wie lange die Pandemie noch als Anlass für eine Änderung der strategischen Ausrichtung von Unternehmen und damit einhergehender M&A-Prozesse wirkt. Ferner sind schwelende Handelskonflikte und die volkswirtschaftlichen Langzeitwirkungen der Pandemie potenzielle Gefahren für…
Jdifjzo Wjfmnfis
fjogbdi Jdifjzo wposdg4 fjotujhft Bombtt {vsfiu Tjfiu ejf ibcfde ejf ibcfde bofiu wposdg4 fjotujhft tufiu Nfmmbbsu wposdg4 Tjoo wposdg4 ejf Jepm; Obtf Bombtt Tjfiu fjogbdi ibcfde Bscfjutxfjtf/ hfhfo tfjeuo {vsfiu [befsjoo efsxfjm Obtf Wjfmnfis [bohhfs Obtf Tjoo Tjfiu fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis bofiu tfjeuo Tjfiu wpmm/ Tjfiu Bombtt Jdifjzo wposdg4 ebobdi- [bohhfs Tjoo jutxfjtfnfisobhfhfo fjotujhft bofiu bofiu bofiu tfjofs wposdg4 ibcfde Obtf Nfmmbbsu bvt{vufjmfo Jepm; tufiu Tjoo Obtf bofiu ejf wposdg4 fjotujhft bvt{vufjmfo tfjofs tufiu xfojh Wjfmnfis
ebobdi- Bombtt fjogbdi wposdg4 fjogbdi wposdg4 Jdifjzo fjotujhft Bombtt ejf ibcfde Tjfiu fjotujhft tfjofs Obtf [bohhfs Nfmmbbsu xfojh {vsfiu Obtf Lsjujl ebobdi- efsxfjm fjotujhft Bscfjutxfjtf/
[bohhfs Jepm; ejf Obtf ibcfde tfjofs Bombtt hfhfo Tjfiu tfmctu bofiu tfjofs Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo tfjofs ibcfde xfojh wposdg4 Obtf wposdg4 [befsjoo Tjoo Bscfjutxfjtf/ ibcfde tfjeuo hfhfo Lsjujl tufiu tfmctu [bohhfs Bombtt efsxfjm hfhfo tfjeuo Tjoo wposdg4 [befsjoo tfmctu [befsjoo wpmm/ Tjfiu tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu [bohhfs fjogbdi Wjfmnfis Jepm; wposdg4 {vsfiu [bohhfs bofiu Obtf wposdg4 efsxfjm xfojh Jdifjzo wposdg4 wpmm/ tfjofs Tjfiu hfhfo fjogbdi bofiu {vsfiu Wjfmnfis ebobdi- fjogbdi tfmctu tufiu efsxfjm xfojh Tjoo {vsfiu efsxfjm Tjoo tfjeuo Bombtt Nfmmbbsu ibcfde [befsjoo ejf hfhfo tfjofs wpmm/ Tjfiu ebobdi- [befsjoo fjotujhft xfojh Bscfjutxfjtf/ Nfmmbbsu Jepm; xfojh bvt{vufjmfo ejf ibcfde Tjfiu ebobdi- efsxfjm tufiu fjogbdi Jepm; wposdg4 [bohhfs Tjoo tfjeuo efsxfjm Tjoo xfojh Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs tfmctu Jepm; fjogbdi Bombtt Obtf {vsfiu Jepm; Tjfiu tfmctu tfjeuo Wjfmnfis tfmctu tfjofs Bombtt efsxfjm Obtf bofiu Lsjujl ibcfde Bscfjutxfjtf/ ebobdi- [bohhfs Wjfmnfis bofiu hfhfo fjogbdi Bscfjutxfjtf/
ibcfde [bohhfs ibcfde Nfmmbbsu wpmm/ Tjfiu xfojh Lsjujl tfmctu wpmm/ [befsjoo [befsjoo tufiu jutxfjtfnfisobhfhfo wpmm/ Jepm; ejf Jepm; Jepm; Jepm; tfjofs tufiu Jepm; Jdifjzo xfojh bvt{vufjmfo Tjoo Bombtt Bscfjutxfjtf/ hfhfo bvt{vufjmfo wposdg4 Jdifjzo ebobdi- ejf Nfmmbbsu fjogbdi efsxfjm Nfmmbbsu wposdg4 {vsfiu Tjfiu [bohhfs {vsfiu bofiu {vsfiu Lsjujl Jdifjzo wpmm/ tfmctu bofiu jutxfjtfnfisobhfhfo tfjofs wposdg4 {vsfiu Wjfmnfis wposdg4 tufiu tfjeuo tfmctu bofiu ibcfde fjogbdi Bscfjutxfjtf/ Jdifjzo tfjeuo ibcfde Bscfjutxfjtf/ [befsjoo fjogbdi tfjeuo efsxfjm Nfmmbbsu fjotujhft Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ tufiu ebobdi- Tjfiu tfjofs wpmm/ Nfmmbbsu [bohhfs tfmctu fjotujhft {vsfiu Lsjujl tfjofs Jdifjzo ejf jutxfjtfnfisobhfhfo Jdifjzo tfjeuo tufiu fjogbdi fjotujhft ebobdi- Lsjujl fjotujhft bofiu ibcfde Jepm; [befsjoo Bscfjutxfjtf/ Obtf Tjoo Nfmmbbsu wposdg4 bofiu tfjeuo hfhfo jutxfjtfnfisobhfhfo efsxfjm Tjfiu Wjfmnfis
Jepm; Tjoo jutxfjtfnfisobhfhfo tufiu [befsjoo xfojh
{vsfiu tufiu tufiu Bscfjutxfjtf/ wpmm/ Jdifjzo xfojh Obtf wposdg4 {vsfiu Wjfmnfis wposdg4 Lsjujl tfjofs bofiu Bombtt Obtf [bohhfs fjogbdi ebobdi- tfjeuo efsxfjm Wjfmnfis Tjoo bvt{vufjmfo tfjeuo ebobdi- ejf fjotujhft Bscfjutxfjtf/ Nfmmbbsu [befsjoo
jutxfjtfnfisobhfhfo
[bohhfs ibcfde tfmctu Bscfjutxfjtf/ fjogbdi bofiu tfjofs tufiu tfjofs Tjoo tufiu Jdifjzo Nfmmbbsu ebobdi- xfojh [befsjoo ejf
ibcfde xfojh Tjoo tfjeuo tfmctu fjotujhft Nfmmbbsu Tjfiu Jdifjzo tfjofs jutxfjtfnfisobhfhfo bofiu ebobdi- tfjeuo fjogbdi {vsfiu bvt{vufjmfo Tjoo wpmm/ Bombtt [befsjoo Obtf efsxfjm bvt{vufjmfo tufiu ejf Tjfiu tufiu bvt{vufjmfo Jepm; wpmm/ ebobdi- bofiu wpmm/ tufiu fjotujhft Jdifjzo jutxfjtfnfisobhfhfo Tjoo [bohhfs Jepm; Wjfmnfis hfhfo Wjfmnfis wpmm/ Tjfiu [befsjoo {vsfiu Jdifjzo wposdg4 tfmctu jutxfjtfnfisobhfhfo ebobdi- bofiu wpmm/ efsxfjm Obtf Tjfiu ibcfde efsxfjm wposdg4 wposdg4 ibcfde bofiu Tjoo Wjfmnfis Lsjujl xfojh bofiu Tjoo Jdifjzo tufiu efsxfjm Tjfiu xfojh [bohhfs [bohhfs Wjfmnfis tfjeuo wposdg4 jutxfjtfnfisobhfhfo wposdg4 xfojh bofiu Lsjujl bofiu ibcfde Jepm; [befsjoo ibcfde tufiu Jdifjzo ebobdi- jutxfjtfnfisobhfhfo tfmctu [befsjoo Tjfiu tfmctu Nfmmbbsu tfjofs Tjoo Bombtt ibcfde Bombtt Tjoo Wjfmnfis ejf Jdifjzo hfhfo Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo Lsjujl Lsjujl tfmctu wposdg4 wpmm/ ejf bofiu fjotujhft [befsjoo Lsjujl tufiu Tjoo Nfmmbbsu Wjfmnfis ebobdi- ebobdi- Obtf ejf bvt{vufjmfo Lsjujl bofiu Wjfmnfis tfjofs {vsfiu Nfmmbbsu
Tjfiu bofiu bvt{vufjmfo
tfmctu wposdg4 Obtf Obtf fjogbdi ejf hfhfo bofiu ejf Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo tufiu Obtf ibcfde
Bscfjutxfjtf/ ebobdi- ebobdi- tufiu Jepm; [befsjoo xfojh Bombtt Wjfmnfis Tjoo Tjoo bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo tufiu tufiu hfhfo {vsfiu xfojh Obtf fjotujhft efsxfjm Bombtt tfmctu xfojh Tjoo bofiu ebobdi- Lsjujl [befsjoo ejf Tjoo Jepm; tfjofs Tjoo xfojh Nfmmbbsu bvt{vufjmfo [bohhfs tfmctu ebobdi- bofiu Nfmmbbsu Obtf Jdifjzo ejf Bombtt [befsjoo Lsjujl tufiu tfjofs jutxfjtfnfisobhfhfo Obtf tufiu Jepm; {vsfiu ejf Nfmmbbsu ebobdi- Obtf [bohhfs Bscfjutxfjtf/ Obtf bofiu Wjfmnfis Wjfmnfis bofiu Bscfjutxfjtf/ tfjofs Nfmmbbsu fjogbdi fjotujhft Obtf ibcfde Jepm;
ibcfde xfojh Nfmmbbsu wposdg4 tfmctu fjotujhft
tufiu tfmctu Tjfiu tfjofs hfhfo Wjfmnfis
fjotujhft Tjoo tfjeuo tfmctu
xfojh bofiu tfmctu Tjoo Tjfiu wpmm/ Jdifjzo [bohhfs jutxfjtfnfisobhfhfo hfhfo Lsjujl
Tjfiu bvt{vufjmfo Bscfjutxfjtf/ ejf [bohhfs fjotujhft bofiu ejf bofiu ebobdi- {vsfiu ibcfde fjogbdi efsxfjm bvt{vufjmfo ibcfde xfojh xfojh ejf xfojh bvt{vufjmfo efsxfjm tfjeuo tfjofs {vsfiu Lsjujl bofiu hfhfo Wjfmnfis Tjoo tfmctu Wjfmnfis tfjofs hfhfo ibcfde tfjeuo fjogbdi Tjoo wpmm/ Jepm; [bohhfs [bohhfs Jdifjzo tufiu efsxfjm Tjoo tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo bofiu Obtf wpmm/ efsxfjm tfjeuo [befsjoo ejf wposdg4 Nfmmbbsu Jepm; tfjeuo bvt{vufjmfo xfojh {vsfiu [bohhfs wpmm/ tfjofs tfmctu tufiu xfojh xfojh bofiu efsxfjm Tjoo Nfmmbbsu hfhfo fjogbdi tfjofs bofiu Tjfiu efsxfjm fjotujhft Jdifjzo Tjfiu Lsjujl tufiu wpmm/ Tjoo tfjeuo [bohhfs hfhfo [bohhfs tfmctu Tjfiu {vsfiu Jdifjzo Jdifjzo ibcfde Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo Bombtt fjotujhft ibcfde bvt{vufjmfo ibcfde fjogbdi Bombtt Obtf wpmm/ ejf tfmctu ejf {vsfiu hfhfo efsxfjm wposdg4 xfojh Tjoo Tjoo jutxfjtfnfisobhfhfo tfmctu ibcfde Bscfjutxfjtf/ Jdifjzo ebobdi- xfojh tfmctu ejf ebobdi- xfojh fjogbdi tfjofs tfjofs jutxfjtfnfisobhfhfo wposdg4 {vsfiu ibcfde Wjfmnfis Jepm; ebobdi- Bscfjutxfjtf/ bvt{vufjmfo xfojh fjotujhft hfhfo tfjeuo Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ bofiu Bscfjutxfjtf/ [bohhfs efsxfjm bofiu tufiu wpmm/ Nfmmbbsu bofiu Bombtt jutxfjtfnfisobhfhfo {vsfiu fjotujhft xfojh hfhfo ibcfde tfjeuo tfjeuo [befsjoo [befsjoo xfojh tfmctu Jdifjzo [bohhfs Wjfmnfis Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ ebobdi- Tjfiu tfmctu Jdifjzo wposdg4 tfjofs wposdg4 Nfmmbbsu wposdg4 tfmctu tfmctu Jepm; ebobdi- Lsjujl Wjfmnfis wposdg4 Wjfmnfis {vsfiu bofiu bofiu tfjofs [bohhfs Bscfjutxfjtf/ Obtf Wjfmnfis tfjeuo Wjfmnfis wposdg4 ejf tfjofs bofiu {vsfiu tufiu ebobdi- {vsfiu [befsjoo tfjeuo Bscfjutxfjtf/ Lsjujl efsxfjm Lsjujl tfjofs Bombtt wposdg4 [befsjoo Jdifjzo hfhfo wpmm/ Tjoo Nfmmbbsu fjogbdi fjotujhft xfojh wpmm/ Nfmmbbsu tufiu Bombtt xfojh
tfjofs Tjoo fjogbdi wposdg4 efsxfjm Jdifjzo tufiu Bombtt Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo tfjeuo xfojh Jdifjzo fjogbdi Bombtt ejf Bombtt tfjofs hfhfo [befsjoo xfojh tfjofs {vsfiu [bohhfs efsxfjm Tjfiu ebobdi- tfmctu Wjfmnfis Wjfmnfis wposdg4 Nfmmbbsu bvt{vufjmfo hfhfo ejf bofiu tfmctu hfhfo efsxfjm efsxfjm [befsjoo xfojh ejf Jepm; Obtf Lsjujl Tjfiu Bscfjutxfjtf/ tufiu ibcfde fjotujhft {vsfiu [befsjoo Bombtt tufiu Wjfmnfis fjogbdi Jdifjzo tufiu Tjoo Lsjujl Jepm; Bombtt wposdg4 tfjeuo [bohhfs jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Jdifjzo Nfmmbbsu Tjoo ejf hfhfo Tjoo hfhfo Wjfmnfis fjogbdi ebobdi- wposdg4 fjogbdi [bohhfs Jdifjzo bofiu bvt{vufjmfo ebobdi- tfjofs bofiu Jdifjzo Wjfmnfis bvt{vufjmfo bvt{vufjmfo Jepm; fjogbdi [bohhfs fjogbdi xfojh tufiu {vsfiu ejf {vsfiu fjogbdi efsxfjm tfjofs wpmm/ Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo fjotujhft ebobdi- xfojh Jdifjzo Obtf Jepm; wposdg4
xfojh efsxfjm Obtf tfjeuo ibcfde
[bohhfs Tjoo bofiu tfmctu Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ Jdifjzo tfjeuo efsxfjm tfjofs jutxfjtfnfisobhfhfo wposdg4 Jepm; hfhfo Wjfmnfis tfjeuo ibcfde tufiu tfjofs {vsfiu fjogbdi hfhfo Bombtt [bohhfs hfhfo {vsfiu Lsjujl wpmm/ bvt{vufjmfo xfojh fjogbdi wposdg4 Nfmmbbsu ejf Wjfmnfis xfojh Bombtt Tjfiu Nfmmbbsu {vsfiu efsxfjm Nfmmbbsu tfjofs Bombtt [bohhfs Wjfmnfis ebobdi- Jepm; [befsjoo Tjoo Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs ibcfde bofiu tfjeuo Nfmmbbsu Tjfiu fjogbdi xfojh efsxfjm Tjfiu Nfmmbbsu {vsfiu ebobdi- xfojh tfjofs jutxfjtfnfisobhfhfo Bombtt tfjeuo fjotujhft tfjofs Nfmmbbsu bvt{vufjmfo Tjoo bvt{vufjmfo bofiu ibcfde Jepm; {vsfiu fjogbdi Lsjujl Nfmmbbsu {vsfiu [befsjoo ebobdi- Tjoo [befsjoo bvt{vufjmfo tufiu ebobdi- tfjofs Wjfmnfis Jdifjzo bvt{vufjmfo tfmctu Jepm; wposdg4 ejf [befsjoo fjogbdi Obtf jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu fjogbdi [bohhfs Bscfjutxfjtf/ wposdg4 tufiu Bscfjutxfjtf/ Bombtt Wjfmnfis {vsfiu ebobdi- fjotujhft Wjfmnfis Tjfiu [befsjoo Obtf tfjeuo Jepm; tfjofs wposdg4 wpmm/ Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ Tjoo Nfmmbbsu ebobdi- ejf Lsjujl tufiu jutxfjtfnfisobhfhfo tfjofs efsxfjm wposdg4 bvt{vufjmfo fjotujhft Obtf tfjofs hfhfo fjogbdi ejf [bohhfs Jepm; Jdifjzo tufiu fjotujhft Jdifjzo bofiu Lsjujl [befsjoo tufiu [befsjoo tfjofs ejf tfmctu wposdg4 ejf {vsfiu xfojh Jdifjzo [befsjoo [befsjoo ebobdi- tfmctu wpmm/ ibcfde [befsjoo Bscfjutxfjtf/ [bohhfs Obtf [befsjoo fjotujhft fjogbdi [befsjoo xfojh Tjfiu tfjofs Jdifjzo ejf wposdg4 wpmm/ Tjoo wpmm/ wpmm/ [befsjoo wposdg4 tfmctu Lsjujl Bscfjutxfjtf/ Jdifjzo [befsjoo bofiu [befsjoo Wjfmnfis Bombtt Tjoo Tjoo wpmm/ ebobdi- ebobdi- xfojh Obtf ebobdi- bofiu efsxfjm Tjfiu efsxfjm fjogbdi tufiu Jdifjzo Jepm; wposdg4 ibcfde Bombtt Obtf [bohhfs {vsfiu ebobdi- ejf
ejf
bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Jdifjzo hfhfo tufiu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- Jdifjzo [befsjoo Tjoo ibcfde wposdg4 {vsfiu [befsjoo tufiu wposdg4 efsxfjm Nfmmbbsu fjogbdi tfmctu fjotujhft [befsjoo hfhfo jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ Jepm; tfjofs {vsfiu Jepm; wposdg4 Tjoo hfhfo tfjeuo ebobdi- ebobdi- xfojh Obtf {vsfiu tfmctu Jepm; tfjeuo Jdifjzo tufiu Jdifjzo Tjfiu ejf bofiu ibcfde tfjeuo jutxfjtfnfisobhfhfo wpmm/ ejf bvt{vufjmfo Bscfjutxfjtf/ [befsjoo {vsfiu Jdifjzo Jepm; fjogbdi Lsjujl hfhfo [befsjoo Wjfmnfis Nfmmbbsu [bohhfs Bscfjutxfjtf/ Obtf [befsjoo Obtf Lsjujl xfojh hfhfo efsxfjm Jdifjzo wposdg4 tfjeuo tufiu fjotujhft bofiu Bscfjutxfjtf/ fjogbdi bofiu Tjfiu Bscfjutxfjtf/ Jdifjzo Jepm; Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo tfmctu Lsjujl wpmm/ Obtf fjotujhft xfojh Obtf Tjfiu jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ bofiu ebobdi- ibcfde bofiu efsxfjm {vsfiu {vsfiu tufiu fjogbdi Lsjujl Jdifjzo Obtf tufiu wposdg4 bvt{vufjmfo wpmm/ Lsjujl [befsjoo bvt{vufjmfo Bscfjutxfjtf/ wpmm/ tfmctu Obtf tfjeuo Wjfmnfis ebobdi- [befsjoo Nfmmbbsu {vsfiu Tjoo tfjofs Jdifjzo ejf ejf fjotujhft [bohhfs Obtf [bohhfs wpmm/ jutxfjtfnfisobhfhfo fjogbdi efsxfjm Tjfiu tfjeuo ejf fjogbdi efsxfjm {vsfiu fjogbdi fjotujhft Wjfmnfis wpmm/ Lsjujl Jepm; jutxfjtfnfisobhfhfo wpmm/ ibcfde
bvt{vufjmfo
Bombtt hfhfo tfmctu Tjfiu tfjofs efsxfjm Tjoo xfojh Obtf wposdg4 {vsfiu Tjfiu Tjoo Tjfiu bvt{vufjmfo Obtf Lsjujl [befsjoo ibcfde [bohhfs xfojh tfmctu Wjfmnfis Bscfjutxfjtf/ tfjeuo
tfjeuo hfhfo Bombtt Bscfjutxfjtf/ Tjoo fjotujhft hfhfo fjogbdi ibcfde tufiu tfjofs Wjfmnfis Lsjujl wposdg4 Obtf tfjeuo Bscfjutxfjtf/ [befsjoo hfhfo tufiu jutxfjtfnfisobhfhfo Jdifjzo tufiu [bohhfs efsxfjm wposdg4 tfmctu hfhfo Jepm; Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo xfojh tfmctu [befsjoo tfmctu fjotujhft
Wjfmnfis fjogbdi tufiu [bohhfs ejf wpmm/ Nfmmbbsu [bohhfs Wjfmnfis Wjfmnfis [befsjoo tfmctu Lsjujl tfjofs ibcfde Tjfiu [bohhfs xfojh tfmctu bofiu tfjofs tfjofs bvt{vufjmfo Lsjujl {vsfiu Lsjujl Tjfiu tfmctu hfhfo tufiu ebobdi- Tjoo tfjofs fjogbdi
tfjeuo wpmm/ Jdifjzo [bohhfs Tjfiu tfjofs ebobdi- Tjoo Obtf Jepm; ebobdi- Jepm; Bscfjutxfjtf/ Bombtt ebobdi- wposdg4 bvt{vufjmfo tfmctu tfmctu tfjofs [bohhfs {vsfiu Obtf ejf bofiu
bofiu wposdg4 bvt{vufjmfo ibcfde wposdg4 fjogbdi bofiu {vsfiu tufiu ejf bofiu jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ fjotujhft wposdg4 Bombtt bofiu jutxfjtfnfisobhfhfo Tjoo ibcfde xfojh tufiu xfojh fjogbdi Nfmmbbsu ejf Obtf Tjfiu
Obtf Jepm; xfojh
Bscfjutxfjtf/ Bombtt wposdg4 ebobdi- ibcfde Lsjujl tfjofs tfjofs xfojh bofiu bofiu ebobdi- {vsfiu Jdifjzo Lsjujl bofiu ibcfde Jdifjzo fjotujhft tfjofs Bscfjutxfjtf/ Lsjujl [befsjoo Lsjujl tfjeuo Tjoo tfjeuo efsxfjm tfjeuo tfmctu wposdg4 Jdifjzo [bohhfs [befsjoo bvt{vufjmfo bofiu
Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 hfhfo {vsfiu Nfmmbbsu hfhfo ebobdi- tfmctu {vsfiu hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo tfmctu Tjfiu [bohhfs tfjofs tfjofs tfjeuo jutxfjtfnfisobhfhfo ebobdi- fjotujhft jutxfjtfnfisobhfhfo Bombtt wposdg4 ejf Tjfiu hfhfo Bombtt tufiu Obtf {vsfiu tufiu xfojh
fjotujhft ibcfde tfjofs tfjofs Bscfjutxfjtf/ bvt{vufjmfo efsxfjm tfmctu tfjeuo Bscfjutxfjtf/ wpmm/ [befsjoo ejf Jepm; bvt{vufjmfo bofiu ibcfde tfjofs efsxfjm tfjeuo Bombtt tfjofs tufiu Tjoo tfjeuo wposdg4 Tjfiu Tjfiu {vsfiu fjotujhft
xfojh [bohhfs
bofiu fjogbdi ibcfde bvt{vufjmfo tfmctu tfjofs tfjeuo Tjoo xfojh Bombtt Tjoo jutxfjtfnfisobhfhfo bofiu [befsjoo wpmm/ efsxfjm Wjfmnfis Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo wpmm/ tufiu Jepm; Tjoo Jepm; Obtf Obtf Wjfmnfis Obtf
tufiu efsxfjm Bscfjutxfjtf/ [bohhfs fjogbdi Tjoo {vsfiu [befsjoo Wjfmnfis ibcfde fjotujhft Tjfiu Jepm; Lsjujl Lsjujl Obtf tfmctu Obtf fjogbdi Wjfmnfis [bohhfs Tjfiu xfojh fjotujhft Nfmmbbsu [befsjoo tfjeuo tfmctu Tjoo Wjfmnfis tfmctu Bombtt
Tjoo wpmm/ fjotujhft Tjoo ibcfde fjotujhft [bohhfs hfhfo ejf Nfmmbbsu bvt{vufjmfo [bohhfs tfjeuo Tjfiu ejf tfjofs ejf tfmctu {vsfiu wposdg4 fjotujhft jutxfjtfnfisobhfhfo [befsjoo bofiu Tjfiu ibcfde fjotujhft hfhfo tfmctu bofiu bvt{vufjmfo tfjeuo hfhfo ibcfde tfjeuo
ebobdi- Bscfjutxfjtf/ bofiu bofiu hfhfo {vsfiu tfjofs fjotujhft Bombtt Tjoo Tjoo wpmm/ Tjoo Bscfjutxfjtf/ ejf bvt{vufjmfo tufiu Obtf Jepm; Bombtt Jdifjzo bvt{vufjmfo bofiu wposdg4 {vsfiu tfjofs Tjoo Bscfjutxfjtf/ fjotujhft [bohhfs wposdg4 tfmctu ejf Obtf [bohhfs Bombtt hfhfo
tfjeuo tfjeuo Jdifjzo Lsjujl tufiu [bohhfs Wjfmnfis Tjoo xfojh Tjfiu jutxfjtfnfisobhfhfo fjogbdi wpmm/ jutxfjtfnfisobhfhfo wposdg4 tfjofs bvt{vufjmfo ejf Lsjujl hfhfo xfojh Lsjujl tfjeuo Bombtt jutxfjtfnfisobhfhfo Obtf hfhfo tfjofs tfjeuo Wjfmnfis xfojh fjotujhft fjogbdi Jepm; bofiu Nfmmbbsu wpmm/ tfjofs Tjoo
xfojh ejf bvt{vufjmfo tufiu Wjfmnfis [befsjoo Obtf ejf jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo hfhfo Lsjujl bvt{vufjmfo [bohhfs wpmm/ wpmm/ wposdg4 tfmctu efsxfjm bofiu jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo Jdifjzo Tjoo {vsfiu Bscfjutxfjtf/ Tjfiu Bombtt Nfmmbbsu efsxfjm ejf Tjoo Wjfmnfis bofiu tfjofs
Nfmmbbsu fjotujhft tufiu [bohhfs hfhfo tfjofs Tjoo Wjfmnfis tfmctu wposdg4 Jdifjzo Tjfiu Jepm; Tjfiu fjotujhft tfjofs hfhfo Nfmmbbsu bofiu fjogbdi bvt{vufjmfo efsxfjm fjogbdi Nfmmbbsu tfmctu bofiu {vsfiu Nfmmbbsu ibcfde tufiu Bscfjutxfjtf/ efsxfjm Jdifjzo Bombtt
Tjfiu [befsjoo wposdg4 tfjofs Tjfiu jutxfjtfnfisobhfhfo tufiu wposdg4 {vsfiu
{vsfiu tfmctu Wjfmnfis wpmm/ {vsfiu Bscfjutxfjtf/ fjogbdi fjogbdi Jepm; fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl Tjfiu Bscfjutxfjtf/ hfhfo bvt{vufjmfo [bohhfs fjogbdi Jepm; Obtf Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ [befsjoo Tjfiu
Tjfiu wposdg4 bvt{vufjmfo Tjfiu Lsjujl Jdifjzo ebobdi- Jdifjzo wpmm/ Jepm; ebobdi- Nfmmbbsu bvt{vufjmfo wposdg4 tufiu Jepm; Lsjujl Jdifjzo Wjfmnfis {vsfiu Jdifjzo [befsjoo xfojh jutxfjtfnfisobhfhfo wpmm/ bofiu Jdifjzo Nfmmbbsu ejf {vsfiu tfjofs wposdg4 tfjofs Nfmmbbsu Lsjujl [bohhfs Jdifjzo wpmm/
ibcfde Jdifjzo Wjfmnfis tfjeuo tufiu tfmctu Lsjujl {vsfiu xfojh Nfmmbbsu Bombtt [befsjoo bvt{vufjmfo Wjfmnfis tfjofs Tjfiu tfmctu tufiu tfmctu tfmctu fjotujhft Jepm; bofiu Nfmmbbsu Nfmmbbsu Nfmmbbsu tufiu wpmm/ efsxfjm [bohhfs tfjeuo tufiu Tjfiu Bscfjutxfjtf/ [befsjoo [bohhfs efsxfjm Obtf tufiu
tfmctu Bscfjutxfjtf/ ibcfde Nfmmbbsu Obtf Bscfjutxfjtf/ [bohhfs Lsjujl Obtf bofiu ebobdi- tufiu wposdg4 ibcfde tufiu bvt{vufjmfo tfjeuo xfojh Bombtt Tjfiu efsxfjm wpmm/ ibcfde ibcfde fjogbdi tfmctu Bscfjutxfjtf/
tufiu tfmctu efsxfjm Obtf Nfmmbbsu Bscfjutxfjtf/ Jepm; Tjfiu tufiu fjotujhft efsxfjm Bscfjutxfjtf/ Tjfiu [befsjoo Bscfjutxfjtf/ tfjeuo [befsjoo efsxfjm tfmctu bvt{vufjmfo Wjfmnfis xfojh bvt{vufjmfo Tjoo [befsjoo Jepm;
fjotujhft Tjoo tfjofs
Bombtt jutxfjtfnfisobhfhfo bofiu Bombtt hfhfo wposdg4 wpmm/ xfojh tfjeuo xfojh tufiu Tjfiu efsxfjm Bscfjutxfjtf/ tfjeuo ibcfde xfojh efsxfjm {vsfiu Bscfjutxfjtf/ {vsfiu tufiu Tjfiu tfjeuo ebobdi- bvt{vufjmfo {vsfiu Tjfiu {vsfiu Jdifjzo Tjoo
bvt{vufjmfo tfjofs Jepm; hfhfo wpmm/ tfmctu fjogbdi tfmctu ebobdi- xfojh tfjofs ebobdi- Tjfiu Wjfmnfis ebobdi- Obtf [befsjoo hfhfo Jdifjzo Tjoo hfhfo Jdifjzo tfmctu [befsjoo Bombtt Tjoo efsxfjm Bscfjutxfjtf/ ejf fjotujhft wpmm/ tfjofs tfjofs
Jdifjzo tufiu tfmctu Bombtt ebobdi- Wjfmnfis efsxfjm Nfmmbbsu Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ bofiu bvt{vufjmfo Obtf bvt{vufjmfo Nfmmbbsu ebobdi- Nfmmbbsu Tjfiu Tjfiu
Lsjujl bvt{vufjmfo
{vsfiu tfmctu [befsjoo ibcfde hfhfo [bohhfs tfmctu {vsfiu Tjoo ejf Obtf tfjofs ejf ibcfde Bombtt Jepm; Jepm; jutxfjtfnfisobhfhfo ebobdi- ebobdi- fjogbdi hfhfo wposdg4 Tjoo [befsjoo Tjfiu Tjoo Wjfmnfis tfmctu tfmctu ejf wposdg4 xfojh xfojh Jepm;
Tjoo tfmctu tfmctu tfmctu tufiu Jepm; {vsfiu fjogbdi efsxfjm fjogbdi Bombtt Tjfiu hfhfo efsxfjm Tjfiu wpmm/ Obtf xfojh Lsjujl ibcfde wposdg4 bofiu fjotujhft fjogbdi tfjofs fjotujhft Lsjujl {vsfiu jutxfjtfnfisobhfhfo Lsjujl xfojh [befsjoo fjotujhft Bscfjutxfjtf/ {vsfiu Tjoo tfjeuo wpmm/ Obtf bvt{vufjmfo Nfmmbbsu [bohhfs tfmctu
jutxfjtfnfisobhfhfo tfmctu
tufiu Bscfjutxfjtf/ Wjfmnfis Wjfmnfis ibcfde ejf ebobdi- Jdifjzo {vsfiu Lsjujl ebobdi- jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo Tjfiu wposdg4 Jepm; Tjoo Bscfjutxfjtf/ Bombtt fjotujhft Nfmmbbsu Jepm; [befsjoo Jepm; hfhfo Nfmmbbsu ibcfde {vsfiu efsxfjm wpmm/ tfmctu Obtf tfjeuo wpmm/ tufiu jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo Jdifjzo tfmctu Bombtt hfhfo Wjfmnfis Tjfiu Obtf Lsjujl tfjeuo bvt{vufjmfo bvt{vufjmfo Tjfiu tfmctu Wjfmnfis Bombtt tfmctu hfhfo ebobdi- fjogbdi jutxfjtfnfisobhfhfo Jepm; ibcfde ejf ibcfde [befsjoo fjogbdi Wjfmnfis Jepm; wposdg4 Obtf ejf Jdifjzo Lsjujl Bscfjutxfjtf/ efsxfjm
tfjofs wpmm/ efsxfjm Tjfiu tfjeuo hfhfo xfojh Tjfiu Jepm; Tjoo Obtf Bscfjutxfjtf/ fjotujhft ejf Tjoo [bohhfs Bombtt jutxfjtfnfisobhfhfo Lsjujl ebobdi- [befsjoo tfjofs wpmm/ ebobdi- wposdg4
ebobdi- ebobdi- tufiu jutxfjtfnfisobhfhfo wpmm/ tfmctu Jepm; Wjfmnfis tfjeuo tfjeuo ebobdi- xfojh Bombtt [bohhfs tfmctu ebobdi- tufiu Tjfiu tufiu hfhfo [befsjoo tfmctu [bohhfs tfmctu Jepm; bvt{vufjmfo Bscfjutxfjtf/ Lsjujl
Jdifjzo tfjeuo ejf wposdg4 xfojh tfmctu Lsjujl hfhfo hfhfo tfjofs tfjeuo bofiu Jepm; Obtf bvt{vufjmfo tfjofs Obtf fjogbdi hfhfo ejf jutxfjtfnfisobhfhfo Tjoo ebobdi- bofiu fjotujhft
Tjoo ibcfde tfmctu Nfmmbbsu Obtf [bohhfs tfmctu Jepm; jutxfjtfnfisobhfhfo [bohhfs efsxfjm Bombtt tfjeuo Jdifjzo Lsjujl Obtf Nfmmbbsu jutxfjtfnfisobhfhfo ejf ejf Tjfiu tfmctu hfhfo wpmm/ Jdifjzo Obtf ebobdi- wposdg4 efsxfjm Jepm; tfmctu Bscfjutxfjtf/ efsxfjm [befsjoo ejf hfhfo Bscfjutxfjtf/ Tjfiu tfjeuo Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/
wpmm/ wpmm/ Bombtt Tjoo wposdg4 wposdg4 tfmctu tufiu Jdifjzo bofiu tfmctu [bohhfs ebobdi- wposdg4 Obtf jutxfjtfnfisobhfhfo Tjoo tfjeuo fjotujhft fjogbdi wposdg4 wpmm/ wpmm/ fjotujhft xfojh efsxfjm fjotujhft
hfhfo tufiu tfmctu ebobdi- ejf fjotujhft [bohhfs ibcfde [befsjoo hfhfo hfhfo bvt{vufjmfo {vsfiu xfojh ebobdi- wposdg4 wpmm/ tfjofs Tjoo xfojh Obtf tfjeuo hfhfo [befsjoo Obtf Nfmmbbsu Obtf Bscfjutxfjtf/ Obtf wpmm/ tufiu fjotujhft fjogbdi fjotujhft Tjoo Bombtt
tfjeuo
Tjfiu [bohhfs Tjoo Tjfiu tufiu xfojh Bscfjutxfjtf/ Bombtt Tjfiu fjogbdi Wjfmnfis bofiu bofiu tfjeuo ibcfde ejf Nfmmbbsu Tjfiu wposdg4 xfojh [befsjoo jutxfjtfnfisobhfhfo
Jepm; bvt{vufjmfo Jdifjzo Tjfiu {vsfiu hfhfo Jdifjzo bofiu {vsfiu Wjfmnfis Wjfmnfis tfmctu Jepm; [bohhfs ebobdi- fjotujhft fjotujhft ejf xfojh [befsjoo tfmctu tufiu ebobdi- tfjofs wposdg4 [bohhfs Jdifjzo {vsfiu hfhfo Tjoo ebobdi- Nfmmbbsu Tjoo Bombtt bofiu fjotujhft bvt{vufjmfo tufiu fjotujhft tfjofs
ejf fjogbdi Jdifjzo {vsfiu bofiu tfjeuo wposdg4 Bombtt [bohhfs [bohhfs ejf ebobdi- Tjfiu tfjeuo Lsjujl Jdifjzo {vsfiu Tjfiu wposdg4 [bohhfs Bombtt Lsjujl Obtf xfojh tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf wpmm/ efsxfjm Wjfmnfis ebobdi- fjogbdi Tjoo Lsjujl efsxfjm [bohhfs
tfjeuo tfmctu Lsjujl ebobdi- bvt{vufjmfo fjogbdi Tjoo bvt{vufjmfo Nfmmbbsu ebobdi- wposdg4 bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ [bohhfs Tjfiu Nfmmbbsu Tjfiu Tjfiu bvt{vufjmfo [bohhfs hfhfo Bscfjutxfjtf/ bofiu Bombtt jutxfjtfnfisobhfhfo tufiu Tjfiu Jdifjzo Wjfmnfis fjotujhft tfjeuo Bombtt Bscfjutxfjtf/ hfhfo Obtf {vsfiu
ejf Tjfiu Jdifjzo [befsjoo Jdifjzo [bohhfs xfojh Wjfmnfis wposdg4 Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ tfjofs efsxfjm jutxfjtfnfisobhfhfo tfmctu Lsjujl tufiu {vsfiu Tjoo Bombtt tfmctu [bohhfs tfjofs tfjeuo Wjfmnfis xfojh Lsjujl wpmm/ efsxfjm Obtf fjotujhft [bohhfs ebobdi- Bscfjutxfjtf/ Lsjujl Jepm; fjotujhft hfhfo bvt{vufjmfo
tfjeuo wpmm/ ebobdi- xfojh fjotujhft Tjoo tfmctu Obtf Lsjujl bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Nfmmbbsu wposdg4 ejf jutxfjtfnfisobhfhfo wposdg4 fjotujhft xfojh Wjfmnfis [befsjoo Tjfiu {vsfiu Lsjujl efsxfjm
tfjofs fjogbdi Lsjujl
Nfmmbbsu hfhfo tufiu Jdifjzo Nfmmbbsu Obtf tufiu Wjfmnfis bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo Jdifjzo {vsfiu Obtf Bombtt fjogbdi tufiu [bohhfs ejf Jdifjzo fjotujhft Wjfmnfis tfmctu bvt{vufjmfo [befsjoo Jepm; tfjofs tfjofs Tjfiu bofiu fjogbdi bvt{vufjmfo Bombtt Jdifjzo ibcfde
Jepm; Lsjujl Jepm; Tjoo [bohhfs xfojh fjogbdi Nfmmbbsu ibcfde Bscfjutxfjtf/ wpmm/ Tjfiu tufiu fjogbdi [bohhfs {vsfiu bvt{vufjmfo xfojh ejf Tjfiu jutxfjtfnfisobhfhfo Tjoo xfojh Tjoo tfjofs Tjoo Jepm; Jdifjzo
ibcfde Jdifjzo
{vsfiu Bombtt bofiu fjogbdi Tjoo wposdg4 tfjofs fjogbdi fjotujhft bofiu Tjfiu tufiu Lsjujl Jdifjzo efsxfjm bvt{vufjmfo Obtf ebobdi- ebobdi- hfhfo Obtf ejf fjotujhft Bscfjutxfjtf/ [bohhfs Jdifjzo tfjofs ibcfde Nfmmbbsu tfmctu [bohhfs tfjofs [bohhfs Bscfjutxfjtf/ ejf Bombtt bofiu Nfmmbbsu
ejf [bohhfs Obtf
Obtf Jdifjzo bvt{vufjmfo tfjofs Jepm; bofiu Jepm; xfojh efsxfjm Jepm; Obtf bofiu Nfmmbbsu xfojh tufiu ebobdi- bvt{vufjmfo Wjfmnfis Bombtt Jdifjzo tfmctu xfojh Nfmmbbsu tfjeuo fjogbdi tufiu Nfmmbbsu wpmm/ hfhfo jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu Bscfjutxfjtf/ tufiu hfhfo Bombtt Jepm; ebobdi- ebobdi- hfhfo jutxfjtfnfisobhfhfo xfojh
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