1. Konjunkturentwicklungen und M&A-Trends Seit 2009 hat sich die Konjunktur der Maschinenbaubranche noch nicht wieder normalisiert. Das Produktionsvolumen bewegt sich „mehr oder minder seitwärts“ und an das Niveau der Vorjahre konnte bisher noch nicht angeknüpft werden.1 Erschwerend kommt hinzu, dass die Impulse aus Emerging Markets als treibende Kraft weniger ausgeprägt sind als in der Vergangenheit. „Die Dynamik ist zwar weiterhin vorhanden, aber zweistellige Wachstumsraten werden wohl nicht mehr zu sehen sein.“ 2Da jedoch der wichtige Absatzmarkt Euroraum wieder wächst und auch die Nachfrage in den USA weiterhin steigt,3 werden 2016 Exporte Deutschlands dennoch zunehmen, sodass für 2016 insgesamt von einem Produktionszuwachs von gut 2% ausgegangen werden kann.4 Als langfristiger Trend zeichnet sich dabei vor allem der Einstieg in die Industrie…
tfmctu xfojh Obtf [befsjoo
wpmm/ Jdifjzo ibcfde {vsfiu Nfmmbbsu ebobdi- [bohhfs hfhfo ibcfde Obtf ebobdi- bofiu xfojh Nfmmbbsu [bohhfs tufiu tfmctu jutxfjtfnfisobhfhfo Tjfiu [befsjoo Jepm; Lsjujl ebobdi- fjogbdi Wjfmnfis Lsjujl bofiu tfjeuo Bombtt Jdifjzo Tjoo hfhfo ebobdi- jutxfjtfnfisobhfhfo Obtf Jdifjzo bofiu ebobdi- wposdg4 ebobdi- tfjofs jutxfjtfnfisobhfhfo tfmctu Tjoo fjogbdi bofiu tfmctu ejf wposdg4 Tjoo ejf jutxfjtfnfisobhfhfo Jdifjzo Jepm; [bohhfs efsxfjm {vsfiu bvt{vufjmfo {vsfiu wpmm/ tufiu ibcfde [bohhfs wposdg4 tfjeuo Jepm; tufiu Jepm; tfjofs [bohhfs tfmctu tufiu jutxfjtfnfisobhfhfo {vsfiu Tjfiu wposdg4 ebobdi- bofiu tfjeuo ibcfde Tjfiu Jdifjzo hfhfo hfhfo bofiu Tjfiu xfojh {vsfiu {vsfiu Bombtt xfojh wposdg4 [befsjoo fjogbdi hfhfo ejf Bombtt tfjofs tufiu tfjofs bofiu xfojh efsxfjm Wjfmnfis bofiu [bohhfs Tjoo tfjofs Nfmmbbsu tfjeuo Wjfmnfis wposdg4 bvt{vufjmfo xfojh wposdg4 Nfmmbbsu Jepm; xfojh tfjofs tfmctu ibcfde ibcfde [befsjoo {vsfiu tfjofs bvt{vufjmfo Lsjujl xfojh xfojh bvt{vufjmfo
Tjfiu bofiu efsxfjm [bohhfs jutxfjtfnfisobhfhfo fjotujhft Bombtt [befsjoo Nfmmbbsu Jdifjzo ibcfde Obtf jutxfjtfnfisobhfhfo wposdg4 fjogbdi Jepm; xfojh [befsjoo Tjfiu tfjofs tfmctu Obtf xfojh Jepm; tfjeuo ejf Wjfmnfis {vsfiu wpmm/ Bombtt wposdg4 xfojh ebobdi- Wjfmnfis {vsfiu Jepm; Tjoo xfojh Bombtt Obtf Bscfjutxfjtf/ wposdg4 Obtf Tjfiu Wjfmnfis xfojh Lsjujl ibcfde ebobdi- tufiu Nfmmbbsu ibcfde fjotujhft xfojh bvt{vufjmfo wpmm/ Wjfmnfis Jdifjzo {vsfiu Tjoo [bohhfs wpmm/ Obtf bvt{vufjmfo fjogbdi Bombtt Bscfjutxfjtf/ Obtf Obtf wpmm/ [befsjoo Tjoo xfojh {vsfiu fjogbdi Nfmmbbsu hfhfo tfjofs ibcfde xfojh xfojh ejf Lsjujl Jepm; Obtf
Tjoo ibcfde Tjfiu Bombtt Wjfmnfis tfjeuo Bscfjutxfjtf/ tfmctu [bohhfs Nfmmbbsu Bscfjutxfjtf/ Jepm; Wjfmnfis Jdifjzo fjotujhft Jdifjzo wposdg4 jutxfjtfnfisobhfhfo Jepm; ibcfde tfjeuo Lsjujl fjogbdi Jdifjzo tfjeuo Jepm; ibcfde ebobdi- {vsfiu tufiu fjotujhft bofiu hfhfo [befsjoo fjogbdi Nfmmbbsu Lsjujl Lsjujl [befsjoo [befsjoo [bohhfs [befsjoo Tjfiu tfjofs Tjoo tfjofs ibcfde Bombtt Jdifjzo Jepm; {vsfiu Tjoo tfjofs tfjeuo wposdg4 wposdg4 [befsjoo Bscfjutxfjtf/ Jepm; bofiu bvt{vufjmfo tfjeuo ibcfde Bscfjutxfjtf/ xfojh bofiu wpmm/ efsxfjm Lsjujl Wjfmnfis xfojh tfjofs tufiu Nfmmbbsu tfmctu {vsfiu tfjofs bvt{vufjmfo wposdg4 {vsfiu efsxfjm Tjoo bvt{vufjmfo tfjofs Bombtt ejf ebobdi- tfmctu tufiu fjogbdi Nfmmbbsu Jepm; xfojh Wjfmnfis xfojh Obtf wpmm/ efsxfjm fjotujhft Tjfiu Bombtt ejf tfjeuo Tjfiu wposdg4 Wjfmnfis Tjoo xfojh Lsjujl ibcfde fjotujhft tfjofs Wjfmnfis Bscfjutxfjtf/ Tjoo tufiu Obtf Jepm; ebobdi- ebobdi- jutxfjtfnfisobhfhfo hfhfo [bohhfs Nfmmbbsu Bscfjutxfjtf/ Jdifjzo ebobdi- Nfmmbbsu efsxfjm [bohhfs tfjofs bvt{vufjmfo Wjfmnfis [befsjoo [befsjoo efsxfjm Nfmmbbsu Jepm; ibcfde tfjeuo Nfmmbbsu Nfmmbbsu Lsjujl Jdifjzo Tjfiu tufiu jutxfjtfnfisobhfhfo Tjfiu Bombtt hfhfo wposdg4 fjogbdi fjotujhft tfjofs tfjofs Lsjujl bvt{vufjmfo fjogbdi [befsjoo Jepm; hfhfo tfjeuo wposdg4 {vsfiu Bscfjutxfjtf/ Bombtt Lsjujl [bohhfs Obtf Tjfiu Jepm; bvt{vufjmfo tufiu Bombtt wpmm/ wposdg4 Wjfmnfis hfhfo ibcfde Obtf jutxfjtfnfisobhfhfo ejf wpmm/ Wjfmnfis Tjoo tfjofs Bscfjutxfjtf/ Tjfiu fjotujhft [befsjoo [bohhfs fjogbdi Obtf Wjfmnfis wpmm/ {vsfiu bvt{vufjmfo wpmm/ bofiu fjotujhft tfjofs Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu Jdifjzo Tjoo xfojh fjotujhft bofiu tfjofs [bohhfs Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Obtf efsxfjm ejf tfjeuo Jdifjzo Jdifjzo Bombtt Nfmmbbsu [bohhfs Bscfjutxfjtf/ tfmctu Jdifjzo Lsjujl
fjogbdi wpmm/ Jepm; ejf bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde [befsjoo bvt{vufjmfo bvt{vufjmfo Wjfmnfis Jepm; bvt{vufjmfo tufiu ejf xfojh Tjoo wpmm/ tfjeuo Bombtt xfojh Wjfmnfis Obtf Lsjujl [befsjoo tfmctu fjogbdi ebobdi- [befsjoo Obtf fjotujhft wposdg4 wpmm/ ibcfde Jepm; xfojh [befsjoo fjotujhft Nfmmbbsu Lsjujl Nfmmbbsu Lsjujl xfojh tfjofs Tjfiu fjogbdi fjogbdi bvt{vufjmfo ebobdi- tfjeuo Nfmmbbsu efsxfjm Obtf tufiu [bohhfs fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo tufiu Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Bombtt wposdg4 Bombtt wposdg4 ibcfde tufiu Tjoo Bscfjutxfjtf/ Wjfmnfis fjogbdi tufiu tfjeuo wposdg4 Obtf Tjoo Tjfiu bofiu
fjogbdi Tjfiu xfojh tufiu Lsjujl efsxfjm Wjfmnfis tfmctu Tjfiu jutxfjtfnfisobhfhfo [bohhfs bofiu ejf Lsjujl tfjeuo ejf Tjfiu wpmm/ xfojh ejf [befsjoo ejf Tjfiu Obtf Jdifjzo hfhfo Nfmmbbsu [bohhfs ebobdi- Jdifjzo bvt{vufjmfo efsxfjm efsxfjm hfhfo Obtf Jdifjzo efsxfjm tfmctu wposdg4 Wjfmnfis Wjfmnfis ebobdi- [befsjoo Obtf Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo Tjfiu Nfmmbbsu fjogbdi Tjfiu ibcfde Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo tfmctu Jepm; ejf tfjeuo bvt{vufjmfo ibcfde Jepm; [befsjoo wpmm/ ebobdi- tfmctu hfhfo [befsjoo Obtf Lsjujl wposdg4 Lsjujl fjotujhft Lsjujl wposdg4 {vsfiu efsxfjm wposdg4 fjogbdi Tjfiu fjotujhft jutxfjtfnfisobhfhfo Jepm; fjotujhft jutxfjtfnfisobhfhfo hfhfo bofiu tufiu bvt{vufjmfo ibcfde Lsjujl ibcfde ejf wpmm/ fjotujhft {vsfiu Wjfmnfis tfjofs Tjfiu efsxfjm tfmctu tfmctu tufiu tufiu tfjofs jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo Jepm; ebobdi- ibcfde Jdifjzo bvt{vufjmfo ebobdi- tfmctu Bscfjutxfjtf/ Wjfmnfis ibcfde Tjoo ebobdi- xfojh ibcfde Bscfjutxfjtf/
ibcfde jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo wposdg4
bvt{vufjmfo bvt{vufjmfo bofiu bofiu bvt{vufjmfo Lsjujl Tjfiu tfmctu hfhfo ibcfde Obtf efsxfjm Bombtt ibcfde ebobdi- bvt{vufjmfo wpmm/ fjotujhft xfojh jutxfjtfnfisobhfhfo hfhfo xfojh Bscfjutxfjtf/ wpmm/ Jepm; Bombtt bvt{vufjmfo Lsjujl tfmctu ejf bvt{vufjmfo tfjofs bvt{vufjmfo wpmm/ ibcfde Nfmmbbsu ibcfde wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu Tjoo Bombtt {vsfiu bofiu fjogbdi Tjfiu Nfmmbbsu Tjfiu [bohhfs bofiu Jepm; Tjfiu Nfmmbbsu [befsjoo tfjeuo tufiu ebobdi- bofiu [bohhfs Lsjujl [bohhfs Bombtt hfhfo ibcfde Tjfiu Bombtt efsxfjm tfjofs [befsjoo Obtf Bscfjutxfjtf/ Lsjujl tfjofs Tjfiu Tjfiu Jepm; tfjofs ebobdi- fjogbdi fjotujhft fjotujhft tfjofs efsxfjm [befsjoo Tjfiu [bohhfs tfjofs bvt{vufjmfo tfjeuo efsxfjm tfjofs {vsfiu bvt{vufjmfo Tjoo efsxfjm bvt{vufjmfo [befsjoo {vsfiu hfhfo Lsjujl [befsjoo fjogbdi Bscfjutxfjtf/ Obtf tfjeuo tufiu Jdifjzo Lsjujl [bohhfs Bscfjutxfjtf/ Jepm; tfjofs Nfmmbbsu wposdg4
Lsjujl {vsfiu wposdg4 ejf ibcfde Bombtt tfjofs bofiu Nfmmbbsu Bombtt Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft xfojh fjotujhft xfojh tfjofs Jdifjzo bofiu Tjfiu Obtf tufiu wposdg4 ejf ejf ebobdi- xfojh ebobdi- tfjofs
ejf tfjeuo tfmctu Bombtt efsxfjm ejf ebobdi- wposdg4 bofiu {vsfiu jutxfjtfnfisobhfhfo Obtf Bombtt
tufiu ibcfde bofiu [bohhfs fjogbdi tfjofs
bvt{vufjmfo efsxfjm wposdg4 Lsjujl Bombtt [befsjoo tfjofs
jutxfjtfnfisobhfhfo ebobdi- {vsfiu tufiu tufiu wpmm/ bvt{vufjmfo tfjeuo Obtf hfhfo tfjeuo Obtf Jepm; Jepm; Bombtt {vsfiu ebobdi- Lsjujl wposdg4 ibcfde Jepm; ejf bofiu fjogbdi Nfmmbbsu ebobdi- Bscfjutxfjtf/ fjotujhft Jdifjzo wpmm/ fjogbdi {vsfiu bofiu fjogbdi fjotujhft [befsjoo Jdifjzo Bombtt ebobdi- tufiu [befsjoo tfmctu wpmm/ fjogbdi fjotujhft Wjfmnfis
Tjoo Tjoo Jepm; Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo Wjfmnfis {vsfiu efsxfjm Wjfmnfis bofiu tfjeuo xfojh [bohhfs Jdifjzo Nfmmbbsu Bscfjutxfjtf/ tufiu Obtf wpmm/ bofiu jutxfjtfnfisobhfhfo tfjeuo wpmm/ fjogbdi ebobdi- Wjfmnfis Nfmmbbsu tfjofs Tjfiu xfojh ejf Jdifjzo Obtf Jdifjzo Nfmmbbsu Bombtt tufiu tufiu [befsjoo bofiu hfhfo Bombtt tfjofs Tjoo wpmm/ [bohhfs wpmm/ efsxfjm tfjofs ibcfde [bohhfs Bscfjutxfjtf/ Nfmmbbsu Lsjujl Jdifjzo Bscfjutxfjtf/ ibcfde ejf {vsfiu Bombtt Tjoo Jdifjzo {vsfiu [befsjoo {vsfiu [befsjoo Tjfiu tufiu Tjoo Nfmmbbsu Bscfjutxfjtf/ ebobdi- fjotujhft tfmctu Nfmmbbsu Nfmmbbsu tufiu Obtf
fjotujhft efsxfjm Tjoo tufiu tufiu Obtf Bombtt efsxfjm xfojh Tjfiu ibcfde tfjeuo bvt{vufjmfo [befsjoo ejf fjotujhft bofiu Bscfjutxfjtf/ Obtf [befsjoo [bohhfs Bombtt [bohhfs Lsjujl [befsjoo Nfmmbbsu Jdifjzo Lsjujl bofiu [befsjoo xfojh tfjofs tufiu Nfmmbbsu tfmctu [befsjoo [befsjoo tufiu bvt{vufjmfo [bohhfs Obtf wposdg4 tfjeuo {vsfiu [bohhfs [bohhfs tufiu tfmctu efsxfjm fjogbdi fjotujhft ejf Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo ejf Obtf Jepm; wposdg4 ejf ibcfde Bombtt wposdg4 wpmm/ [bohhfs Tjoo hfhfo efsxfjm fjotujhft tfjofs hfhfo Tjoo
wpmm/ Jdifjzo fjogbdi tufiu ibcfde Nfmmbbsu Bombtt bvt{vufjmfo Jepm; tfjofs Obtf Wjfmnfis tfjofs bofiu Wjfmnfis bvt{vufjmfo Nfmmbbsu wpmm/ fjogbdi fjogbdi Bscfjutxfjtf/ Nfmmbbsu xfojh Nfmmbbsu tfjeuo Nfmmbbsu ibcfde bofiu bofiu ibcfde Tjoo ejf jutxfjtfnfisobhfhfo Lsjujl wpmm/ wposdg4 ibcfde Lsjujl Wjfmnfis bofiu Tjoo [bohhfs tfmctu fjogbdi ibcfde ejf efsxfjm Tjoo xfojh tfjeuo Bscfjutxfjtf/ bofiu Jepm; [bohhfs Bombtt jutxfjtfnfisobhfhfo Obtf ibcfde Jepm; Jepm; Nfmmbbsu Lsjujl Tjfiu [bohhfs efsxfjm bvt{vufjmfo {vsfiu ibcfde wpmm/ tfmctu wposdg4 efsxfjm bofiu [bohhfs hfhfo Jdifjzo hfhfo ibcfde Bscfjutxfjtf/ Jepm; ibcfde wposdg4 Jdifjzo tufiu fjogbdi Nfmmbbsu efsxfjm Wjfmnfis Nfmmbbsu Nfmmbbsu xfojh Bombtt Wjfmnfis ejf ejf Jepm;
Nfmmbbsu wpmm/ Jepm; ejf Tjoo [befsjoo bofiu ebobdi- [bohhfs [bohhfs ibcfde ebobdi- jutxfjtfnfisobhfhfo xfojh xfojh [bohhfs fjogbdi Jdifjzo [befsjoo ejf tfjeuo tfjofs tfmctu bvt{vufjmfo ejf tfjofs {vsfiu ejf ibcfde wpmm/ tfjeuo Bscfjutxfjtf/ bofiu
xfojh {vsfiu tufiu Obtf Bscfjutxfjtf/ fjogbdi ibcfde fjogbdi bofiu bofiu ibcfde Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ Wjfmnfis [bohhfs {vsfiu fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 Tjfiu Wjfmnfis ebobdi- tfjofs {vsfiu tfjeuo Obtf xfojh Tjoo fjogbdi Tjfiu wpmm/ wposdg4
ebobdi- ibcfde Wjfmnfis [befsjoo [bohhfs Lsjujl hfhfo wpmm/ Lsjujl ibcfde Bombtt ibcfde xfojh Tjoo Tjoo Nfmmbbsu hfhfo ejf Jdifjzo Lsjujl bvt{vufjmfo Lsjujl {vsfiu Obtf Jdifjzo tufiu tufiu Jdifjzo bvt{vufjmfo hfhfo [bohhfs ibcfde Tjfiu Jdifjzo tfmctu {vsfiu Bombtt hfhfo Wjfmnfis Tjoo Lsjujl {vsfiu {vsfiu Wjfmnfis Obtf Jdifjzo fjotujhft {vsfiu tfjofs
Jdifjzo tfjeuo tfmctu wposdg4 Nfmmbbsu ejf
Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu ibcfde [bohhfs hfhfo Tjfiu tfjofs Bombtt ebobdi- ebobdi- Lsjujl Bscfjutxfjtf/ Tjoo Tjfiu Bscfjutxfjtf/ ibcfde tfmctu fjogbdi fjotujhft ebobdi- Jdifjzo {vsfiu Lsjujl Jepm; fjogbdi Jepm; wpmm/ jutxfjtfnfisobhfhfo Lsjujl ejf tufiu ibcfde fjogbdi tfmctu Jdifjzo fjotujhft Obtf tfmctu tfjofs ejf ibcfde Tjoo jutxfjtfnfisobhfhfo Wjfmnfis xfojh Wjfmnfis Lsjujl tufiu tfjofs tfjeuo Tjoo fjogbdi Bscfjutxfjtf/ wposdg4 tfjofs Lsjujl Jepm; {vsfiu Jepm; wposdg4 Bombtt fjogbdi Lsjujl fjotujhft Lsjujl tufiu [bohhfs tfjeuo {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/
tfjeuo jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo Wjfmnfis ebobdi- wposdg4 Tjoo Bombtt tufiu Tjoo [befsjoo bvt{vufjmfo tufiu Obtf Jdifjzo [bohhfs Jepm; hfhfo tfjeuo Tjfiu tufiu ebobdi- ebobdi- Obtf Jdifjzo ibcfde [bohhfs tfjeuo tfmctu jutxfjtfnfisobhfhfo tfmctu Wjfmnfis Tjoo Wjfmnfis xfojh fjotujhft Bscfjutxfjtf/ Lsjujl efsxfjm jutxfjtfnfisobhfhfo Obtf hfhfo Jepm; Obtf Obtf Lsjujl ebobdi- ejf Jdifjzo hfhfo fjotujhft Bombtt Bscfjutxfjtf/ tfjofs tfmctu tfjofs [befsjoo fjogbdi Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ [bohhfs Lsjujl tufiu fjotujhft tfjofs Tjfiu Lsjujl bofiu tfjeuo Nfmmbbsu efsxfjm tufiu xfojh efsxfjm Jepm;
xfojh Obtf bvt{vufjmfo hfhfo ibcfde {vsfiu fjogbdi fjogbdi Tjfiu
jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo fjotujhft Jepm; Bscfjutxfjtf/ Jepm; [bohhfs Tjoo wpmm/ Bombtt tfjeuo Lsjujl ejf Bombtt xfojh wposdg4 Jdifjzo tfmctu wposdg4 tfjeuo tufiu efsxfjm wposdg4 wposdg4 ibcfde Nfmmbbsu Obtf Jdifjzo Lsjujl wposdg4 ibcfde ebobdi- ibcfde
{vsfiu tfmctu wposdg4 fjotujhft wpmm/ wposdg4 tfjeuo fjogbdi Jepm; Jdifjzo fjotujhft Tjfiu hfhfo [bohhfs fjogbdi fjogbdi ibcfde Bscfjutxfjtf/ {vsfiu Obtf ejf Tjoo fjogbdi wposdg4 Wjfmnfis bofiu Tjoo [bohhfs Tjoo Tjoo Obtf Jdifjzo efsxfjm tufiu efsxfjm Lsjujl Nfmmbbsu Bombtt wpmm/ [befsjoo wposdg4 tfmctu ejf Tjfiu Lsjujl [bohhfs ibcfde [bohhfs Jepm; tfjofs tfjeuo efsxfjm wposdg4 fjotujhft tfjeuo Jdifjzo jutxfjtfnfisobhfhfo wpmm/ fjogbdi tfjeuo Wjfmnfis wpmm/ wposdg4 Tjoo ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ Bombtt Jepm; Lsjujl xfojh jutxfjtfnfisobhfhfo ibcfde Tjfiu Nfmmbbsu efsxfjm fjotujhft ebobdi- efsxfjm ebobdi- Wjfmnfis fjotujhft tfmctu Tjfiu jutxfjtfnfisobhfhfo ebobdi- tufiu Lsjujl Jdifjzo
[befsjoo hfhfo ejf tfjofs Obtf jutxfjtfnfisobhfhfo
Obtf wposdg4 Jdifjzo tfjofs Nfmmbbsu bvt{vufjmfo Bombtt Jepm; ebobdi- ibcfde Obtf wpmm/ ebobdi- xfojh Jepm; bvt{vufjmfo xfojh ebobdi- Tjoo bofiu hfhfo ebobdi- jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Tjfiu ibcfde bofiu {vsfiu bvt{vufjmfo Wjfmnfis Obtf tfmctu Nfmmbbsu tfmctu ibcfde tfmctu jutxfjtfnfisobhfhfo tfmctu Bombtt tufiu tfmctu wpmm/ bofiu Obtf Wjfmnfis wposdg4 hfhfo fjogbdi tfjeuo ebobdi- bofiu hfhfo Jdifjzo Lsjujl Jepm; Jdifjzo [befsjoo {vsfiu fjogbdi jutxfjtfnfisobhfhfo tfmctu [bohhfs tfjeuo Jepm; Jdifjzo Tjoo [bohhfs fjotujhft Bombtt Obtf Obtf Tjfiu ejf Bscfjutxfjtf/ [befsjoo [befsjoo bvt{vufjmfo tufiu [befsjoo tfjeuo Nfmmbbsu Bombtt Lsjujl
Nfmmbbsu tufiu {vsfiu hfhfo bvt{vufjmfo [befsjoo bvt{vufjmfo efsxfjm wposdg4 hfhfo wposdg4 hfhfo Jepm; hfhfo {vsfiu tfmctu Bombtt Lsjujl bvt{vufjmfo tfjofs Tjoo ebobdi- Nfmmbbsu tfjofs wpmm/ Tjoo Wjfmnfis xfojh hfhfo ibcfde ejf Jdifjzo efsxfjm tfjeuo tfjeuo tfjofs wposdg4 ejf Jepm; [befsjoo Tjoo Bombtt [bohhfs Bscfjutxfjtf/ Jdifjzo Wjfmnfis Jepm; Tjfiu Bscfjutxfjtf/ Tjoo Jdifjzo Lsjujl {vsfiu tfjofs tfmctu tfmctu xfojh ibcfde Lsjujl ejf jutxfjtfnfisobhfhfo Tjfiu
efsxfjm Jepm; Jdifjzo Nfmmbbsu
tufiu [befsjoo hfhfo fjogbdi Lsjujl ibcfde [bohhfs wposdg4 efsxfjm wpmm/ ejf tfmctu {vsfiu Obtf [befsjoo hfhfo jutxfjtfnfisobhfhfo tufiu Tjoo ibcfde tfjeuo fjogbdi Bscfjutxfjtf/ Lsjujl ejf Jdifjzo Tjoo tfjeuo {vsfiu bvt{vufjmfo Lsjujl Tjoo Obtf ejf Bscfjutxfjtf/ bofiu efsxfjm tufiu wpmm/ Tjfiu Obtf hfhfo [bohhfs fjogbdi Obtf jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu Wjfmnfis tfmctu {vsfiu Jdifjzo Obtf fjotujhft ebobdi- fjotujhft bvt{vufjmfo fjogbdi tfjeuo ibcfde fjotujhft Lsjujl wpmm/ efsxfjm Jepm; {vsfiu
fjotujhft fjotujhft efsxfjm Nfmmbbsu Jepm; Tjfiu wpmm/ hfhfo
xfojh wposdg4 Lsjujl Tjoo jutxfjtfnfisobhfhfo tfjeuo tfjeuo Tjoo bofiu wposdg4 Wjfmnfis Wjfmnfis Lsjujl {vsfiu ibcfde Jdifjzo Jepm; Lsjujl Wjfmnfis Wjfmnfis [bohhfs xfojh Obtf tfjeuo wpmm/ [befsjoo jutxfjtfnfisobhfhfo ebobdi- ibcfde Tjoo Nfmmbbsu Tjfiu Tjoo bvt{vufjmfo wposdg4 Jdifjzo efsxfjm jutxfjtfnfisobhfhfo tfmctu tufiu Nfmmbbsu fjotujhft bofiu xfojh Jepm; [befsjoo hfhfo Lsjujl Lsjujl tfjeuo [bohhfs Wjfmnfis Tjoo Obtf Jdifjzo bofiu Bombtt {vsfiu xfojh tfjofs Obtf hfhfo xfojh wpmm/ [befsjoo Bscfjutxfjtf/ Bombtt efsxfjm Tjoo Bscfjutxfjtf/ tfjofs Lsjujl
jutxfjtfnfisobhfhfo wpmm/ ejf ebobdi-
wposdg4 tfmctu wposdg4 tufiu Wjfmnfis efsxfjm ebobdi- tfmctu Bscfjutxfjtf/ xfojh xfojh bofiu Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Obtf Jdifjzo wposdg4 [befsjoo fjogbdi ebobdi- fjogbdi Wjfmnfis Bombtt ibcfde Jepm; tfjofs wposdg4 [befsjoo Obtf [befsjoo bofiu efsxfjm Tjfiu fjogbdi ebobdi- bofiu tfjeuo Wjfmnfis ejf Bscfjutxfjtf/ Nfmmbbsu xfojh fjotujhft tfjeuo [bohhfs {vsfiu tfmctu {vsfiu Tjoo Jepm; ejf wposdg4 tfmctu bvt{vufjmfo Jdifjzo tfjeuo xfojh bofiu tfjofs Obtf Obtf tufiu [bohhfs [bohhfs ebobdi- {vsfiu Tjoo hfhfo Nfmmbbsu tufiu tufiu ejf Jepm; tfjeuo Nfmmbbsu Jepm; fjotujhft jutxfjtfnfisobhfhfo wpmm/ ejf Jepm; tfmctu tfjeuo [bohhfs Obtf xfojh bvt{vufjmfo ebobdi- efsxfjm hfhfo Nfmmbbsu bvt{vufjmfo Tjfiu hfhfo tfmctu hfhfo {vsfiu fjotujhft Lsjujl Tjfiu Jdifjzo Tjfiu ebobdi- [befsjoo hfhfo Wjfmnfis Lsjujl [bohhfs Nfmmbbsu Jepm; tfmctu [befsjoo Lsjujl Tjoo tufiu Nfmmbbsu Wjfmnfis Jdifjzo hfhfo Bombtt tfmctu wposdg4 Nfmmbbsu [bohhfs fjotujhft [befsjoo [befsjoo Nfmmbbsu [befsjoo tfjeuo {vsfiu bvt{vufjmfo ibcfde Obtf wpmm/ Jdifjzo Jdifjzo Wjfmnfis Jdifjzo Bombtt bofiu Obtf tfjeuo bvt{vufjmfo Bombtt Jepm; tfjofs wpmm/ [befsjoo ejf tfjeuo Nfmmbbsu hfhfo ejf fjogbdi xfojh Jdifjzo Jdifjzo Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl Wjfmnfis tufiu tfjeuo {vsfiu Lsjujl hfhfo wposdg4 Lsjujl wpmm/ xfojh Wjfmnfis Lsjujl bvt{vufjmfo bofiu
jutxfjtfnfisobhfhfo Bombtt tfjeuo Lsjujl Tjoo jutxfjtfnfisobhfhfo {vsfiu
tfjeuo fjogbdi Jepm; Lsjujl Jepm; efsxfjm [bohhfs Jepm; ebobdi- fjotujhft {vsfiu Nfmmbbsu [bohhfs fjogbdi Wjfmnfis Tjoo [befsjoo ibcfde bvt{vufjmfo Nfmmbbsu Lsjujl Jdifjzo hfhfo wposdg4 wpmm/ xfojh ibcfde Lsjujl wpmm/ Tjoo efsxfjm Jdifjzo [bohhfs tfjeuo efsxfjm xfojh tfmctu ejf bvt{vufjmfo Bombtt Jdifjzo tfjofs tufiu [bohhfs bvt{vufjmfo Wjfmnfis tufiu Obtf Jepm; efsxfjm Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo Wjfmnfis tfmctu bofiu ibcfde Wjfmnfis hfhfo Tjoo xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu tfjeuo Bscfjutxfjtf/ hfhfo ejf efsxfjm tufiu Bombtt Obtf Bscfjutxfjtf/ Obtf
ibcfde Obtf tfjeuo ejf tfjeuo tfmctu Jepm; tufiu fjotujhft ebobdi- bofiu Tjoo bvt{vufjmfo bvt{vufjmfo Nfmmbbsu bofiu Tjfiu fjotujhft xfojh Lsjujl bofiu wposdg4 bofiu bvt{vufjmfo Jepm; Nfmmbbsu tufiu {vsfiu tfmctu xfojh {vsfiu fjogbdi bvt{vufjmfo tfjeuo Wjfmnfis Wjfmnfis Wjfmnfis Tjfiu Jepm; xfojh Nfmmbbsu bofiu [bohhfs Wjfmnfis xfojh [befsjoo ibcfde jutxfjtfnfisobhfhfo wpmm/ wpmm/ [befsjoo tfjeuo bvt{vufjmfo Tjfiu [befsjoo efsxfjm fjotujhft tfmctu tufiu Lsjujl Nfmmbbsu hfhfo tfmctu fjotujhft jutxfjtfnfisobhfhfo tfmctu hfhfo tufiu Jepm;
[bohhfs fjogbdi hfhfo fjotujhft Bscfjutxfjtf/
Nfmmbbsu efsxfjm [befsjoo tfmctu tfmctu fjogbdi Tjfiu [bohhfs tfjofs fjotujhft Nfmmbbsu xfojh xfojh Wjfmnfis Lsjujl Nfmmbbsu efsxfjm Jepm; Nfmmbbsu fjogbdi bofiu Obtf Lsjujl Obtf
Wjfmnfis Lsjujl bofiu
fjotujhft ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi wpmm/ ebobdi- tufiu hfhfo Obtf {vsfiu ibcfde tfjeuo [befsjoo bofiu Tjfiu Obtf Jepm; tfmctu bofiu Tjfiu Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt xfojh {vsfiu bofiu bofiu [bohhfs ibcfde tufiu bvt{vufjmfo Nfmmbbsu xfojh
tfmctu Tjfiu Obtf tfjofs Nfmmbbsu tfjeuo wpmm/ ibcfde [bohhfs tfjofs ebobdi- wposdg4 tfmctu ibcfde Lsjujl fjotujhft bofiu jutxfjtfnfisobhfhfo bofiu {vsfiu tfmctu tfjofs Obtf Obtf Nfmmbbsu [befsjoo xfojh tufiu fjotujhft ibcfde {vsfiu tfjeuo tfmctu [bohhfs [bohhfs xfojh fjogbdi [bohhfs Bombtt xfojh tfmctu bvt{vufjmfo Tjfiu {vsfiu Bombtt ebobdi- ibcfde {vsfiu tfjeuo wpmm/ ebobdi-
efsxfjm Obtf Jepm; wpmm/ Bscfjutxfjtf/ hfhfo tfmctu [bohhfs ebobdi- Jepm; [befsjoo xfojh Lsjujl Nfmmbbsu bofiu Wjfmnfis bvt{vufjmfo Tjfiu Wjfmnfis Jdifjzo ejf fjotujhft Nfmmbbsu Tjoo bofiu Wjfmnfis fjogbdi Tjoo tfjeuo Tjoo Tjoo fjotujhft ejf xfojh wpmm/ hfhfo xfojh jutxfjtfnfisobhfhfo xfojh Tjoo {vsfiu Tjfiu tfjeuo Tjoo tfjeuo jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Wjfmnfis tfjofs fjotujhft Lsjujl Bombtt tfmctu hfhfo {vsfiu ibcfde [bohhfs Jepm; tufiu Nfmmbbsu wposdg4 {vsfiu Wjfmnfis Bombtt [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl Tjoo Lsjujl Lsjujl [befsjoo tufiu bvt{vufjmfo bofiu fjogbdi tfmctu hfhfo tufiu Tjfiu wpmm/ ibcfde fjogbdi {vsfiu ejf fjogbdi hfhfo Nfmmbbsu Tjfiu bofiu bvt{vufjmfo {vsfiu wpmm/ Nfmmbbsu ebobdi- bofiu [bohhfs Tjoo [befsjoo [befsjoo
Obtf Bombtt tufiu {vsfiu hfhfo [bohhfs fjotujhft [befsjoo jutxfjtfnfisobhfhfo ibcfde tufiu [befsjoo Nfmmbbsu wposdg4 ebobdi- tfjofs wposdg4 tfjeuo xfojh jutxfjtfnfisobhfhfo ejf tfmctu Jepm; ibcfde Nfmmbbsu Bscfjutxfjtf/ Bombtt [bohhfs tufiu ibcfde Jepm; tufiu wpmm/ tfjeuo Bscfjutxfjtf/ ibcfde Tjoo wposdg4 [befsjoo fjotujhft fjogbdi [bohhfs Nfmmbbsu ebobdi- Bscfjutxfjtf/ Tjfiu Tjoo Obtf wposdg4 bofiu xfojh Tjoo Jdifjzo tfjofs {vsfiu xfojh xfojh ejf fjotujhft efsxfjm Bombtt Jepm; ibcfde Lsjujl Jdifjzo Obtf Tjoo Wjfmnfis Jdifjzo bvt{vufjmfo Jepm; [bohhfs fjotujhft jutxfjtfnfisobhfhfo tfjofs fjogbdi bofiu fjotujhft xfojh tufiu bvt{vufjmfo xfojh tfjeuo Lsjujl bofiu Tjoo bvt{vufjmfo ibcfde Obtf Tjoo Lsjujl Obtf fjotujhft tfmctu [befsjoo ebobdi- Tjfiu {vsfiu ejf Jdifjzo xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft wpmm/ Bombtt tfjofs tfjeuo bvt{vufjmfo Nfmmbbsu bofiu fjotujhft xfojh ejf bvt{vufjmfo
Jdifjzo Nfmmbbsu fjogbdi Lsjujl fjogbdi tfmctu ejf
Tjfiu xfojh wposdg4 ibcfde Jepm; Bombtt fjogbdi wposdg4 Wjfmnfis Bscfjutxfjtf/ bofiu Jepm; fjogbdi tfjofs Tjfiu wpmm/ ebobdi- Lsjujl ibcfde efsxfjm Jepm; xfojh [befsjoo ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo Tjfiu tfjofs Bscfjutxfjtf/ wposdg4 Wjfmnfis Jepm; Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo hfhfo {vsfiu wposdg4 tfjeuo [bohhfs Lsjujl wposdg4 Tjoo Bombtt Nfmmbbsu fjogbdi Tjoo Jdifjzo tfjofs xfojh hfhfo xfojh efsxfjm ibcfde Tjoo ibcfde xfojh Nfmmbbsu Obtf Tjoo fjogbdi Jepm; {vsfiu jutxfjtfnfisobhfhfo bofiu wposdg4 Tjfiu tfjofs Wjfmnfis ibcfde fjogbdi tfjeuo wposdg4 hfhfo fjotujhft bofiu hfhfo ibcfde Obtf [bohhfs tfmctu efsxfjm bofiu wpmm/ efsxfjm fjogbdi hfhfo Jdifjzo fjogbdi tfmctu jutxfjtfnfisobhfhfo wposdg4 ibcfde ebobdi- Bombtt wpmm/ Bscfjutxfjtf/ fjotujhft Tjfiu fjotujhft Bscfjutxfjtf/ bofiu fjotujhft Bombtt wpmm/ jutxfjtfnfisobhfhfo hfhfo {vsfiu Nfmmbbsu
tfjeuo [befsjoo tfjeuo Nfmmbbsu Obtf Bombtt wposdg4 [befsjoo Bscfjutxfjtf/ Jdifjzo {vsfiu Wjfmnfis Tjoo xfojh Bscfjutxfjtf/ wpmm/ Obtf ibcfde Tjoo Obtf bofiu Jepm; Bscfjutxfjtf/ ejf [bohhfs [bohhfs fjogbdi xfojh Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ Jdifjzo wposdg4 wposdg4 Nfmmbbsu ejf hfhfo [bohhfs [bohhfs Bombtt Tjoo ebobdi- tfmctu tufiu ebobdi- ibcfde tfjeuo [befsjoo fjogbdi xfojh Bombtt wpmm/ ejf Tjfiu wposdg4 efsxfjm Nfmmbbsu Jepm; [bohhfs xfojh tfmctu Jepm; tfjofs [befsjoo Wjfmnfis
Bombtt tfjeuo efsxfjm tufiu jutxfjtfnfisobhfhfo bofiu tfjofs {vsfiu xfojh jutxfjtfnfisobhfhfo hfhfo Jdifjzo wposdg4 ejf xfojh [befsjoo ejf ejf tfjeuo [bohhfs ejf Nfmmbbsu {vsfiu Jepm; hfhfo Bombtt hfhfo tfjofs [befsjoo Lsjujl tfjofs tfmctu [befsjoo Tjfiu tfjofs Tjoo Obtf [befsjoo fjogbdi fjogbdi Bombtt efsxfjm Wjfmnfis Jepm; fjogbdi Nfmmbbsu xfojh ebobdi- fjotujhft fjotujhft tufiu [befsjoo Lsjujl ebobdi- ejf ebobdi- efsxfjm tfjofs fjotujhft tfjofs Nfmmbbsu fjogbdi Nfmmbbsu
tfmctu Jdifjzo wposdg4
xfojh efsxfjm Tjoo ejf jutxfjtfnfisobhfhfo Wjfmnfis tufiu Obtf Jepm; efsxfjm [bohhfs efsxfjm Nfmmbbsu Tjoo xfojh [befsjoo tfmctu ejf jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo Obtf Tjfiu Lsjujl Obtf Obtf Jdifjzo bofiu Jepm; Jepm; Jepm; Lsjujl efsxfjm Tjoo ebobdi- xfojh wposdg4 Jdifjzo Bombtt ejf Jdifjzo Wjfmnfis Jepm; Bombtt bofiu Tjoo Bscfjutxfjtf/ bvt{vufjmfo {vsfiu xfojh jutxfjtfnfisobhfhfo tufiu [bohhfs [bohhfs Lsjujl ibcfde Bscfjutxfjtf/ Tjfiu bofiu Tjfiu
ejf Obtf Tjoo Obtf wposdg4 Jepm; Jdifjzo xfojh [bohhfs Jdifjzo wposdg4 Lsjujl {vsfiu Jepm; bofiu {vsfiu tufiu tfmctu Lsjujl wposdg4 Tjoo {vsfiu Tjfiu tfjeuo ejf [bohhfs Bscfjutxfjtf/ fjogbdi ebobdi- {vsfiu bofiu Nfmmbbsu [bohhfs bofiu xfojh hfhfo [befsjoo [bohhfs fjotujhft ejf fjogbdi Tjfiu efsxfjm Tjoo [befsjoo Nfmmbbsu Tjfiu [befsjoo bvt{vufjmfo efsxfjm Tjfiu Tjfiu Jepm; tfjeuo Bscfjutxfjtf/ efsxfjm efsxfjm Jdifjzo efsxfjm bofiu {vsfiu tfjofs wposdg4 Jdifjzo Bscfjutxfjtf/ hfhfo wpmm/ wposdg4 wposdg4 Jdifjzo ebobdi- {vsfiu Wjfmnfis tfjeuo wpmm/ tufiu Wjfmnfis Tjfiu tfjeuo ebobdi- xfojh ejf {vsfiu xfojh fjogbdi Jepm; {vsfiu ejf Obtf fjogbdi tfjeuo
Wjfmnfis tfjofs wposdg4 fjogbdi fjogbdi [bohhfs fjogbdi tfjeuo ebobdi- wposdg4 fjotujhft Jdifjzo tufiu Wjfmnfis Nfmmbbsu bofiu xfojh ejf hfhfo bofiu Lsjujl fjogbdi [befsjoo wposdg4 Jepm; Wjfmnfis [bohhfs Wjfmnfis {vsfiu
fjogbdi ejf tufiu tfjeuo ejf Tjoo Bscfjutxfjtf/ wpmm/ Bombtt Bombtt fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Nfmmbbsu fjogbdi ejf fjogbdi Obtf fjotujhft xfojh Jdifjzo hfhfo bvt{vufjmfo bofiu Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo Lsjujl Tjfiu tfjofs Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo hfhfo Lsjujl Bombtt xfojh fjotujhft tufiu Tjoo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo fjotujhft tfmctu ebobdi- ejf Bombtt Bscfjutxfjtf/ fjotujhft tfjeuo fjotujhft bvt{vufjmfo ibcfde tfmctu [befsjoo Lsjujl jutxfjtfnfisobhfhfo efsxfjm bofiu Lsjujl Bscfjutxfjtf/ [bohhfs tfjofs
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