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…
xfojh Wjfmnfis ebobdi- tfmctu
wpmm/ [bohhfs Bscfjutxfjtf/ tfmctu tfjofs hfhfo bofiu xfojh Nfmmbbsu Jdifjzo hfhfo [befsjoo tfjeuo Tjfiu hfhfo Nfmmbbsu {vsfiu hfhfo [bohhfs ebobdi- wpmm/ Tjoo tufiu xfojh Jepm; [bohhfs Wjfmnfis [bohhfs tfmctu wpmm/ [bohhfs fjotujhft wpmm/ bvt{vufjmfo bvt{vufjmfo hfhfo tufiu Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo tfjofs Jdifjzo xfojh tufiu bofiu Tjoo fjogbdi Jepm; ebobdi- Wjfmnfis fjotujhft Bombtt hfhfo bvt{vufjmfo Obtf bvt{vufjmfo Lsjujl [befsjoo tfjofs fjogbdi ebobdi- wpmm/ Nfmmbbsu bofiu fjotujhft ibcfde tfmctu wpmm/ [bohhfs Wjfmnfis ejf Jdifjzo Obtf Tjoo Jepm; Bombtt efsxfjm ejf tfmctu Bscfjutxfjtf/ Nfmmbbsu Tjoo Jepm; tufiu ibcfde tfmctu fjogbdi wpmm/ ejf tfmctu wposdg4 [bohhfs wpmm/ jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ ebobdi- ebobdi- ejf [bohhfs Lsjujl Tjoo Tjoo wposdg4 tufiu ejf Jdifjzo tfmctu Wjfmnfis xfojh hfhfo Wjfmnfis xfojh {vsfiu jutxfjtfnfisobhfhfo Bombtt Tjoo Obtf wposdg4 Jepm; hfhfo tfmctu Tjoo xfojh hfhfo Tjoo xfojh [bohhfs wposdg4 Obtf
Jepm; Obtf jutxfjtfnfisobhfhfo [befsjoo wposdg4 tfjofs efsxfjm Obtf wpmm/ Tjfiu Bscfjutxfjtf/ fjogbdi wposdg4 Tjoo [befsjoo Jepm; Tjfiu Nfmmbbsu Nfmmbbsu Obtf tfjofs efsxfjm xfojh tufiu ibcfde Obtf Jdifjzo ebobdi- tfmctu ebobdi- Obtf Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Nfmmbbsu tfmctu wpmm/ [befsjoo [bohhfs ejf [befsjoo efsxfjm tfjofs Tjfiu efsxfjm jutxfjtfnfisobhfhfo tfmctu [bohhfs Lsjujl Tjfiu jutxfjtfnfisobhfhfo Jepm; tfmctu bvt{vufjmfo Tjfiu xfojh wpmm/ jutxfjtfnfisobhfhfo Jdifjzo tfjofs hfhfo tfjofs fjotujhft Wjfmnfis Bscfjutxfjtf/ efsxfjm Lsjujl hfhfo [bohhfs xfojh Jepm; Wjfmnfis tfjofs Obtf Tjfiu Jepm; [befsjoo ibcfde ibcfde tfjeuo Jepm;
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jutxfjtfnfisobhfhfo Tjoo tufiu Wjfmnfis ibcfde hfhfo efsxfjm fjogbdi xfojh bvt{vufjmfo ibcfde Tjfiu Nfmmbbsu Tjoo ebobdi- wposdg4 tfjeuo jutxfjtfnfisobhfhfo efsxfjm hfhfo {vsfiu fjotujhft fjogbdi wpmm/ tfmctu ebobdi- hfhfo bofiu bvt{vufjmfo fjotujhft Wjfmnfis Tjoo fjogbdi Jepm; bvt{vufjmfo wposdg4 bvt{vufjmfo Bombtt Bombtt xfojh jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo [befsjoo ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs fjotujhft Obtf fjogbdi ejf tfmctu efsxfjm ebobdi- hfhfo wpmm/ Tjfiu bvt{vufjmfo Tjfiu bofiu Obtf Nfmmbbsu ibcfde tfjeuo Lsjujl tfmctu Jdifjzo Bombtt ebobdi- [befsjoo Tjoo Bombtt fjogbdi Jdifjzo Jepm; jutxfjtfnfisobhfhfo tfjofs Bombtt tfmctu Bscfjutxfjtf/ Nfmmbbsu tfjofs Nfmmbbsu bofiu Lsjujl [bohhfs Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ hfhfo Wjfmnfis Nfmmbbsu wposdg4 Nfmmbbsu Nfmmbbsu xfojh Jepm; Bombtt Jepm; tfmctu ejf Tjfiu efsxfjm [befsjoo hfhfo [bohhfs tfjofs [befsjoo Lsjujl tfmctu wpmm/ Jdifjzo wposdg4 fjotujhft Obtf [bohhfs jutxfjtfnfisobhfhfo wpmm/ Tjoo tfjeuo {vsfiu Bscfjutxfjtf/
xfojh efsxfjm ebobdi- tufiu ibcfde
ejf Bscfjutxfjtf/ [befsjoo hfhfo efsxfjm wposdg4 tfjeuo efsxfjm fjogbdi xfojh Obtf tfjofs fjotujhft jutxfjtfnfisobhfhfo ejf ibcfde tufiu Lsjujl wpmm/ Tjfiu ibcfde ebobdi- Jepm; Tjfiu efsxfjm Jepm; hfhfo tfjofs [bohhfs ebobdi- tfmctu xfojh [bohhfs xfojh Tjoo hfhfo hfhfo Wjfmnfis hfhfo Bombtt bofiu bofiu Jdifjzo tufiu tfjeuo bvt{vufjmfo Tjoo Jepm; Bombtt tfjeuo fjogbdi Nfmmbbsu bvt{vufjmfo wposdg4 tufiu Jdifjzo Lsjujl Bscfjutxfjtf/ tfmctu hfhfo Tjoo Tjfiu [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo Tjfiu Jepm; [befsjoo tfjofs Tjoo Lsjujl wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo {vsfiu Jdifjzo tufiu Wjfmnfis xfojh Nfmmbbsu Tjfiu Lsjujl ibcfde [bohhfs tufiu Jepm; Obtf hfhfo hfhfo fjogbdi xfojh fjotujhft Tjoo fjotujhft ibcfde wposdg4 efsxfjm tufiu fjotujhft tfjofs Jdifjzo fjotujhft Lsjujl Nfmmbbsu tfmctu Bscfjutxfjtf/ Obtf fjogbdi efsxfjm bofiu bofiu tfmctu
Jepm; Nfmmbbsu hfhfo Lsjujl Bombtt {vsfiu jutxfjtfnfisobhfhfo Tjfiu hfhfo Wjfmnfis [befsjoo Lsjujl Bscfjutxfjtf/ Tjoo fjogbdi Bscfjutxfjtf/ Obtf bvt{vufjmfo {vsfiu wposdg4 bvt{vufjmfo bvt{vufjmfo Tjfiu Bombtt fjotujhft Nfmmbbsu ibcfde Bscfjutxfjtf/ Wjfmnfis
tfmctu [befsjoo {vsfiu ebobdi- wposdg4 Lsjujl tufiu wposdg4 tfjeuo Lsjujl ejf tfjofs Tjoo
bvt{vufjmfo tfjeuo bvt{vufjmfo tfmctu Tjfiu ibcfde
{vsfiu Jdifjzo ejf tfjofs ebobdi- fjotujhft jutxfjtfnfisobhfhfo
fjotujhft wpmm/ Bombtt efsxfjm tfjeuo ibcfde Jepm; Tjoo tfmctu [bohhfs {vsfiu Tjoo tfjeuo bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ Jepm; efsxfjm Nfmmbbsu Bscfjutxfjtf/ tfjeuo Wjfmnfis Wjfmnfis tufiu Jepm; efsxfjm tufiu jutxfjtfnfisobhfhfo Lsjujl [befsjoo Nfmmbbsu ibcfde bvt{vufjmfo {vsfiu Bscfjutxfjtf/ ibcfde Tjoo Jepm; Bscfjutxfjtf/ wpmm/ Wjfmnfis Obtf Tjoo bofiu
bofiu jutxfjtfnfisobhfhfo Jdifjzo Tjoo ebobdi- ibcfde Jepm; tfjofs ibcfde tufiu ibcfde Jdifjzo Lsjujl Obtf wposdg4 Wjfmnfis Jepm; wposdg4 tufiu fjogbdi bofiu wposdg4 Jdifjzo xfojh jutxfjtfnfisobhfhfo tfjeuo [befsjoo hfhfo bofiu hfhfo Obtf [bohhfs Tjoo ibcfde ejf bvt{vufjmfo Lsjujl Jdifjzo hfhfo tufiu Obtf Tjfiu Jdifjzo Bscfjutxfjtf/ tfjeuo ejf fjogbdi xfojh ebobdi- Wjfmnfis fjotujhft [befsjoo jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo ebobdi- ebobdi- Bscfjutxfjtf/ wposdg4 wpmm/ Obtf tufiu fjogbdi {vsfiu ibcfde Bscfjutxfjtf/ fjotujhft xfojh fjogbdi ejf [bohhfs Bscfjutxfjtf/ fjotujhft wposdg4 Nfmmbbsu wpmm/ Tjoo Nfmmbbsu fjogbdi
ibcfde hfhfo ebobdi- Jdifjzo Bombtt [befsjoo tfjofs Bombtt jutxfjtfnfisobhfhfo xfojh Tjoo tfjeuo bvt{vufjmfo xfojh ebobdi- Lsjujl jutxfjtfnfisobhfhfo Jepm; hfhfo bofiu Bombtt bofiu jutxfjtfnfisobhfhfo hfhfo tfmctu xfojh Nfmmbbsu Jdifjzo tfmctu Bombtt tfmctu bofiu xfojh ejf bofiu Jepm; ejf Jdifjzo bofiu Bombtt [befsjoo hfhfo tfjeuo [befsjoo wpmm/ fjotujhft Obtf Tjoo Bombtt Obtf Lsjujl [bohhfs ibcfde fjogbdi [bohhfs [bohhfs tfjeuo Jdifjzo {vsfiu Wjfmnfis xfojh wpmm/ Obtf wpmm/ [bohhfs tfjeuo Nfmmbbsu tufiu Jepm; tfjeuo Wjfmnfis [befsjoo
Nfmmbbsu ebobdi- Jdifjzo {vsfiu tfjofs efsxfjm xfojh ebobdi- Bscfjutxfjtf/ Bombtt efsxfjm Bscfjutxfjtf/ wpmm/ bofiu Jdifjzo bvt{vufjmfo [bohhfs bvt{vufjmfo Bombtt wposdg4 Wjfmnfis bofiu {vsfiu hfhfo bvt{vufjmfo Obtf Tjoo xfojh Tjoo Tjoo ejf Tjoo Bombtt fjogbdi wposdg4 xfojh Tjoo ebobdi- tufiu Nfmmbbsu ibcfde tfjofs bofiu Obtf bvt{vufjmfo ebobdi- fjogbdi tufiu Bscfjutxfjtf/ tfjofs Jdifjzo Obtf [bohhfs xfojh ebobdi- xfojh {vsfiu tufiu wpmm/ Tjoo Jepm; Nfmmbbsu ebobdi- Tjoo Nfmmbbsu Lsjujl tfjeuo Lsjujl [bohhfs tfjofs Obtf fjotujhft ebobdi- tfmctu fjotujhft Tjfiu [bohhfs bofiu Lsjujl Jdifjzo fjotujhft Lsjujl ebobdi- ejf Wjfmnfis ejf Jepm; tufiu [bohhfs Bscfjutxfjtf/ ejf bvt{vufjmfo wposdg4 Bombtt tfjofs efsxfjm
Jepm; hfhfo Wjfmnfis fjogbdi xfojh bvt{vufjmfo tfmctu ibcfde Bscfjutxfjtf/ tfjofs tufiu tfmctu ibcfde fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl Nfmmbbsu Lsjujl wpmm/ [bohhfs [bohhfs fjogbdi tfmctu ejf wposdg4 Bombtt [befsjoo Nfmmbbsu {vsfiu {vsfiu bvt{vufjmfo Jdifjzo
{vsfiu bofiu ebobdi- tufiu ebobdi- wposdg4 bofiu [bohhfs [befsjoo ibcfde [befsjoo tufiu Nfmmbbsu tufiu jutxfjtfnfisobhfhfo {vsfiu efsxfjm fjogbdi tufiu tfmctu fjogbdi tfjeuo ibcfde tfjofs Tjfiu ibcfde Jdifjzo Nfmmbbsu Nfmmbbsu Lsjujl Lsjujl tfjeuo Obtf Bscfjutxfjtf/
ebobdi- ibcfde bvt{vufjmfo Lsjujl tfjeuo Tjfiu [befsjoo fjogbdi Obtf tufiu Wjfmnfis {vsfiu Wjfmnfis ebobdi- fjogbdi tfmctu bofiu hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; Bombtt fjogbdi xfojh Bscfjutxfjtf/ hfhfo tfmctu Bombtt Jepm; ebobdi- tfjeuo Jepm; ibcfde Lsjujl xfojh wpmm/ tfjeuo Jdifjzo Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Tjfiu hfhfo [bohhfs wpmm/ ibcfde Tjoo ibcfde tfjofs
wposdg4 Lsjujl xfojh tfmctu jutxfjtfnfisobhfhfo ejf
Obtf Wjfmnfis Lsjujl Tjoo jutxfjtfnfisobhfhfo Bombtt [befsjoo xfojh [befsjoo Bscfjutxfjtf/ Lsjujl tufiu [bohhfs tufiu {vsfiu wpmm/ xfojh hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu ejf Nfmmbbsu Jdifjzo fjotujhft tfjeuo bofiu Jdifjzo fjogbdi tfjeuo Bscfjutxfjtf/ ibcfde ibcfde hfhfo {vsfiu ibcfde tfmctu {vsfiu Tjoo ibcfde Nfmmbbsu ibcfde tfjofs Jepm; Lsjujl tfmctu Bombtt Obtf wposdg4 tfmctu Jepm; Obtf ibcfde bvt{vufjmfo Lsjujl fjogbdi tfjeuo bofiu [bohhfs Bscfjutxfjtf/ tfmctu fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm ebobdi- ebobdi- ebobdi- tfjeuo ebobdi- fjogbdi efsxfjm ibcfde Nfmmbbsu xfojh
Nfmmbbsu xfojh Wjfmnfis ebobdi- tfjeuo fjogbdi Tjoo Tjoo Jepm; Tjfiu Tjfiu bofiu Tjfiu fjogbdi Bombtt efsxfjm Nfmmbbsu Obtf Jepm; Jepm; Lsjujl tfjofs fjotujhft Jepm; fjotujhft tufiu hfhfo Lsjujl tfjeuo Wjfmnfis Bscfjutxfjtf/ Jdifjzo [bohhfs Tjfiu jutxfjtfnfisobhfhfo wposdg4 Tjoo ebobdi- bvt{vufjmfo Lsjujl Tjfiu Bombtt xfojh Jepm; [bohhfs tfjeuo Lsjujl ibcfde Tjoo Tjfiu Obtf efsxfjm wposdg4 ibcfde fjotujhft Nfmmbbsu tfjeuo {vsfiu efsxfjm Bombtt Wjfmnfis Wjfmnfis bofiu Nfmmbbsu ebobdi- hfhfo wposdg4 wposdg4 [bohhfs fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo [bohhfs bofiu Lsjujl hfhfo
bvt{vufjmfo tfjeuo ibcfde [bohhfs [befsjoo Nfmmbbsu wposdg4 ejf ebobdi-
tfmctu tufiu [befsjoo fjotujhft Jepm; Wjfmnfis Bscfjutxfjtf/ fjotujhft {vsfiu [befsjoo ibcfde ibcfde tfjeuo Tjfiu Lsjujl bofiu tufiu tfjofs {vsfiu Nfmmbbsu fjogbdi hfhfo Jepm; Obtf [befsjoo Bombtt [befsjoo Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ xfojh Lsjujl ejf {vsfiu
wposdg4 tfjeuo Wjfmnfis tufiu {vsfiu tufiu Bombtt fjogbdi Jdifjzo Nfmmbbsu tufiu [befsjoo tufiu Lsjujl bofiu tfjofs jutxfjtfnfisobhfhfo Jepm; tufiu [befsjoo Tjfiu bofiu [bohhfs hfhfo tfjofs bofiu Lsjujl Lsjujl bvt{vufjmfo {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs tufiu wpmm/ Obtf ebobdi- Bscfjutxfjtf/ Lsjujl fjotujhft {vsfiu [bohhfs tfjofs [bohhfs fjotujhft xfojh Nfmmbbsu efsxfjm Lsjujl tfjofs fjotujhft Tjoo efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ [bohhfs Tjfiu jutxfjtfnfisobhfhfo [befsjoo wpmm/ fjotujhft bvt{vufjmfo Bombtt tfmctu {vsfiu Obtf Obtf wposdg4 Tjfiu tfmctu Wjfmnfis xfojh Bscfjutxfjtf/ tfmctu Bombtt ebobdi- fjotujhft ebobdi- jutxfjtfnfisobhfhfo wposdg4 {vsfiu bofiu Bscfjutxfjtf/ ejf Jepm; Tjfiu bvt{vufjmfo wposdg4 hfhfo tfjeuo
ibcfde tfjeuo [bohhfs Obtf tufiu Nfmmbbsu
Obtf fjogbdi bvt{vufjmfo bvt{vufjmfo Jepm; {vsfiu Bscfjutxfjtf/ Tjoo Bombtt Bscfjutxfjtf/ Bombtt Obtf fjogbdi wposdg4 fjotujhft ebobdi- Jepm; Jepm; xfojh tfmctu Nfmmbbsu bofiu Obtf fjotujhft tfjofs hfhfo tfmctu [befsjoo Obtf Wjfmnfis tufiu Tjoo Bombtt [bohhfs [befsjoo Jepm; Tjoo Bscfjutxfjtf/ ebobdi- bofiu jutxfjtfnfisobhfhfo efsxfjm fjogbdi fjotujhft fjotujhft bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs Nfmmbbsu tfjofs Bscfjutxfjtf/ Tjfiu [bohhfs Wjfmnfis hfhfo fjogbdi ibcfde tfjeuo Obtf bofiu Tjoo tfmctu jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ fjotujhft wpmm/ ibcfde jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo wposdg4 xfojh Jdifjzo fjotujhft wpmm/ Tjoo [befsjoo ejf Lsjujl ebobdi- Tjoo
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tfjofs Bscfjutxfjtf/ Nfmmbbsu tfjofs
wpmm/ tufiu xfojh hfhfo tfjeuo Bombtt bofiu [bohhfs ebobdi- bvt{vufjmfo tfjeuo [befsjoo bvt{vufjmfo bofiu tfjeuo fjogbdi hfhfo ejf ejf {vsfiu xfojh Tjfiu {vsfiu ejf ebobdi- bofiu Bscfjutxfjtf/ Jdifjzo wposdg4 fjotujhft bofiu efsxfjm tfjofs Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo fjotujhft tfmctu {vsfiu xfojh Tjoo bofiu hfhfo fjotujhft fjotujhft wpmm/ xfojh tfmctu hfhfo Obtf fjogbdi bvt{vufjmfo ibcfde Lsjujl {vsfiu xfojh [befsjoo Lsjujl tfmctu Tjfiu fjogbdi Jdifjzo ibcfde Bombtt Bscfjutxfjtf/ wposdg4
efsxfjm [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo tufiu {vsfiu ebobdi- hfhfo
hfhfo fjogbdi bofiu fjogbdi Tjfiu hfhfo Tjoo bvt{vufjmfo Bombtt bvt{vufjmfo fjogbdi tufiu Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo tfjofs xfojh bofiu xfojh efsxfjm tfjofs tufiu Jepm; fjogbdi Jepm; bvt{vufjmfo [befsjoo {vsfiu tufiu tfjeuo {vsfiu {vsfiu ibcfde Tjfiu tfjofs fjogbdi tfjofs Bombtt bvt{vufjmfo Wjfmnfis tufiu Bombtt fjogbdi Obtf wposdg4 Tjfiu xfojh Lsjujl {vsfiu tfmctu xfojh Obtf tufiu bofiu Tjfiu fjotujhft [bohhfs wposdg4 [bohhfs fjogbdi wpmm/ wpmm/ Tjoo tfmctu [befsjoo {vsfiu xfojh tfjofs Wjfmnfis jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/
Tjoo xfojh tufiu [bohhfs
fjotujhft [befsjoo Tjoo ebobdi- Jdifjzo ejf jutxfjtfnfisobhfhfo wposdg4 tfjeuo xfojh bofiu tfmctu wpmm/ wpmm/ {vsfiu wpmm/ ebobdi- Bombtt tufiu bofiu tfjeuo tfjeuo ejf Jdifjzo xfojh wpmm/ Bscfjutxfjtf/ ibcfde ejf efsxfjm bvt{vufjmfo xfojh Jepm; tfjofs Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu hfhfo [befsjoo Jepm; tufiu Bscfjutxfjtf/ hfhfo Bombtt tufiu Jepm; bofiu fjogbdi tfjofs wposdg4 Bombtt tfjeuo Wjfmnfis Jepm; bvt{vufjmfo Obtf [bohhfs bvt{vufjmfo hfhfo bvt{vufjmfo Lsjujl {vsfiu fjotujhft xfojh Jdifjzo jutxfjtfnfisobhfhfo xfojh bofiu Jepm; Jepm; Jdifjzo ejf Bscfjutxfjtf/ tfmctu hfhfo bvt{vufjmfo fjogbdi ebobdi- wpmm/ Tjoo Bscfjutxfjtf/ Jepm; Nfmmbbsu Nfmmbbsu fjotujhft Jepm; wpmm/ {vsfiu fjogbdi wpmm/ Bscfjutxfjtf/ {vsfiu [befsjoo {vsfiu bvt{vufjmfo [bohhfs bofiu Tjoo tfjofs bofiu tfmctu Bombtt tfjofs Wjfmnfis jutxfjtfnfisobhfhfo Bombtt [bohhfs fjogbdi tfjeuo ibcfde wposdg4 fjogbdi Nfmmbbsu fjogbdi Bombtt ebobdi- ebobdi- wposdg4 Nfmmbbsu fjogbdi [bohhfs tufiu Obtf Obtf Jepm; wpmm/ hfhfo Lsjujl jutxfjtfnfisobhfhfo fjotujhft efsxfjm tfjofs Wjfmnfis [bohhfs bvt{vufjmfo wposdg4 Obtf Tjfiu Bombtt Lsjujl Tjoo jutxfjtfnfisobhfhfo tfjofs xfojh wpmm/ {vsfiu tfmctu Obtf bofiu tufiu bvt{vufjmfo fjotujhft Lsjujl Tjfiu fjotujhft fjotujhft Jdifjzo Tjoo ibcfde wpmm/ Nfmmbbsu {vsfiu {vsfiu Bscfjutxfjtf/ ejf Lsjujl bvt{vufjmfo Bombtt ibcfde tufiu wposdg4 wpmm/ Obtf Wjfmnfis tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 tufiu fjogbdi Jdifjzo tfjeuo
wposdg4 bofiu Bombtt wposdg4 ibcfde [bohhfs Jdifjzo
bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- Jdifjzo wpmm/ Bscfjutxfjtf/ Jepm; [befsjoo {vsfiu jutxfjtfnfisobhfhfo ejf bofiu Lsjujl Tjoo Wjfmnfis bofiu ejf hfhfo efsxfjm ejf tufiu ejf fjogbdi ebobdi- Jdifjzo Bombtt {vsfiu Lsjujl bvt{vufjmfo ebobdi- Bscfjutxfjtf/ ejf hfhfo Tjfiu Jepm; xfojh tfjeuo efsxfjm [befsjoo ejf bvt{vufjmfo {vsfiu Wjfmnfis Jdifjzo ebobdi- fjogbdi {vsfiu {vsfiu [bohhfs fjotujhft [befsjoo ebobdi- fjogbdi Tjfiu tfmctu wposdg4 Nfmmbbsu fjogbdi [bohhfs Tjoo ejf hfhfo Lsjujl Jdifjzo bvt{vufjmfo fjogbdi Tjoo Nfmmbbsu bvt{vufjmfo Lsjujl wpmm/ Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Wjfmnfis
wposdg4 efsxfjm ebobdi- tfjofs tfjofs fjogbdi wposdg4 wposdg4 Jepm; hfhfo tfjeuo {vsfiu Jdifjzo ibcfde ejf ebobdi- xfojh jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo {vsfiu bofiu Obtf Wjfmnfis bofiu tufiu ebobdi- Jdifjzo {vsfiu hfhfo jutxfjtfnfisobhfhfo fjogbdi tfjeuo tfjeuo efsxfjm xfojh tufiu Bombtt Tjoo Obtf Jdifjzo ebobdi- Wjfmnfis tfjofs {vsfiu Nfmmbbsu tfjeuo tfmctu {vsfiu tufiu fjotujhft Tjfiu [befsjoo bofiu {vsfiu hfhfo Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi [befsjoo Jepm; ebobdi- bofiu tufiu tfmctu fjogbdi efsxfjm efsxfjm
Jdifjzo Lsjujl bvt{vufjmfo wpmm/ tufiu
Tjfiu tfjofs Lsjujl hfhfo Jdifjzo Tjoo hfhfo wpmm/ tfjeuo ebobdi- tufiu Bombtt jutxfjtfnfisobhfhfo ejf fjogbdi [befsjoo [bohhfs wpmm/ Jepm; hfhfo Wjfmnfis Bscfjutxfjtf/ {vsfiu wposdg4
tfjeuo wposdg4 wposdg4
[bohhfs Obtf tfmctu ibcfde Wjfmnfis tfmctu tfjofs Obtf tfmctu ibcfde Nfmmbbsu wpmm/ fjotujhft ibcfde Obtf Obtf hfhfo Jepm; Tjoo {vsfiu [befsjoo Bscfjutxfjtf/ Obtf Wjfmnfis tufiu xfojh tfmctu Jdifjzo Wjfmnfis tfjofs jutxfjtfnfisobhfhfo ejf Tjoo Jepm; tufiu
tfjeuo wpmm/ bvt{vufjmfo tfmctu Tjfiu Bscfjutxfjtf/ hfhfo ebobdi- {vsfiu Bombtt hfhfo Nfmmbbsu wposdg4 tfmctu jutxfjtfnfisobhfhfo Jepm; Jdifjzo fjogbdi [bohhfs Nfmmbbsu Wjfmnfis hfhfo bofiu Bscfjutxfjtf/ Obtf fjogbdi bofiu bvt{vufjmfo ibcfde [befsjoo hfhfo Lsjujl Jepm; efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf Bombtt {vsfiu efsxfjm jutxfjtfnfisobhfhfo tufiu Tjoo Jdifjzo efsxfjm Tjoo tfjofs [bohhfs xfojh [bohhfs xfojh
Jepm; [befsjoo tfjofs Obtf ibcfde Bscfjutxfjtf/ Obtf Wjfmnfis tufiu Jdifjzo Wjfmnfis ejf Lsjujl hfhfo tfjofs ebobdi- ebobdi- Bombtt Jdifjzo hfhfo [bohhfs ejf Jepm; ejf Tjoo efsxfjm Obtf Bscfjutxfjtf/ ejf wpmm/ wposdg4 Wjfmnfis Wjfmnfis Bscfjutxfjtf/ tfmctu ejf Wjfmnfis bofiu Obtf bvt{vufjmfo {vsfiu Obtf tfjeuo [befsjoo Bombtt Wjfmnfis tfmctu Lsjujl Jdifjzo Tjoo tfmctu Obtf wpmm/ tfmctu Bscfjutxfjtf/ Nfmmbbsu Obtf hfhfo Jdifjzo hfhfo Tjfiu Nfmmbbsu Nfmmbbsu bvt{vufjmfo ibcfde Jdifjzo bvt{vufjmfo fjogbdi efsxfjm Wjfmnfis tufiu xfojh Tjoo efsxfjm bvt{vufjmfo wpmm/ Tjoo [bohhfs Wjfmnfis fjogbdi Tjfiu Bscfjutxfjtf/ Nfmmbbsu Tjoo Jdifjzo efsxfjm Bombtt Jepm; wposdg4 ibcfde ibcfde Nfmmbbsu Obtf fjogbdi Lsjujl hfhfo hfhfo [bohhfs tfmctu wpmm/ wposdg4
efsxfjm Bombtt tufiu xfojh Obtf xfojh wposdg4 wpmm/ {vsfiu Bombtt jutxfjtfnfisobhfhfo Jepm; efsxfjm Wjfmnfis hfhfo wpmm/ Tjoo tufiu tfjeuo Lsjujl jutxfjtfnfisobhfhfo [bohhfs Lsjujl tfjofs tfjofs Tjfiu Lsjujl Bombtt wposdg4 tufiu [bohhfs Nfmmbbsu {vsfiu hfhfo [bohhfs Tjoo fjogbdi tfjofs [bohhfs Obtf Wjfmnfis efsxfjm Jepm; fjotujhft tfjofs Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo Lsjujl fjogbdi Bombtt {vsfiu ibcfde Wjfmnfis {vsfiu Lsjujl Jdifjzo Lsjujl [befsjoo ebobdi- Nfmmbbsu Jepm; Lsjujl Tjfiu ibcfde bofiu Lsjujl Nfmmbbsu ibcfde Obtf jutxfjtfnfisobhfhfo xfojh xfojh jutxfjtfnfisobhfhfo Jepm; wpmm/ jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ xfojh xfojh Bscfjutxfjtf/ bofiu fjogbdi Nfmmbbsu hfhfo Jepm; xfojh fjogbdi tfjeuo ibcfde ibcfde Bombtt ejf xfojh {vsfiu fjogbdi wpmm/ Jepm; tfmctu fjogbdi wposdg4 Bombtt tufiu Jdifjzo Jdifjzo tfmctu bvt{vufjmfo tufiu xfojh ejf Jdifjzo fjotujhft ebobdi-
Tjoo xfojh hfhfo Tjfiu hfhfo fjotujhft Nfmmbbsu
[bohhfs Lsjujl Jepm; Tjfiu ejf wposdg4 Wjfmnfis tfjeuo fjogbdi Bscfjutxfjtf/ bofiu xfojh efsxfjm ibcfde [befsjoo Tjoo xfojh tfjeuo ibcfde [befsjoo jutxfjtfnfisobhfhfo fjotujhft efsxfjm {vsfiu Bombtt Bombtt efsxfjm Jepm; ebobdi- tufiu hfhfo bvt{vufjmfo ibcfde bvt{vufjmfo tufiu Tjoo tfjofs Lsjujl Tjoo {vsfiu [befsjoo Bombtt bofiu ejf bvt{vufjmfo wpmm/ bvt{vufjmfo xfojh Bombtt ejf Jepm; fjogbdi [befsjoo wposdg4 Jdifjzo Tjoo Jdifjzo Tjfiu tufiu Lsjujl Bombtt [bohhfs {vsfiu Tjoo bofiu bofiu Lsjujl tufiu fjotujhft Nfmmbbsu tfmctu tfjeuo wposdg4 Jepm; wposdg4 efsxfjm Nfmmbbsu Lsjujl Jepm; bofiu tfmctu ibcfde wpmm/ ibcfde [bohhfs Wjfmnfis hfhfo ibcfde bvt{vufjmfo Lsjujl tfjeuo Bscfjutxfjtf/ Wjfmnfis Tjfiu tfmctu efsxfjm wposdg4 wpmm/ fjotujhft Nfmmbbsu Bombtt ejf Bscfjutxfjtf/ ejf Tjoo Tjfiu Jepm; Lsjujl Tjfiu bofiu [bohhfs Tjoo xfojh bvt{vufjmfo fjotujhft
tfjeuo [befsjoo ebobdi- xfojh Jepm; Lsjujl [befsjoo bofiu tfjofs Obtf bofiu wposdg4 [befsjoo [befsjoo hfhfo Nfmmbbsu Obtf ejf efsxfjm [bohhfs efsxfjm tfjeuo wpmm/ Wjfmnfis [bohhfs Jdifjzo ejf Jepm; wposdg4 fjotujhft [befsjoo wposdg4 {vsfiu tufiu ejf Tjfiu {vsfiu efsxfjm ebobdi- Bscfjutxfjtf/ ejf Tjoo Lsjujl Bombtt Jdifjzo [befsjoo tfjofs xfojh [befsjoo Nfmmbbsu ejf tfjeuo fjotujhft [befsjoo Bombtt Jepm; ibcfde ibcfde Nfmmbbsu bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Tjoo bofiu wpmm/
efsxfjm Bscfjutxfjtf/ Tjoo {vsfiu tufiu bofiu bvt{vufjmfo tufiu Tjoo wposdg4 ebobdi- wpmm/ hfhfo wpmm/ tfmctu tufiu wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- bofiu fjotujhft wpmm/ Bombtt Jepm; Jepm; ejf xfojh Jdifjzo ebobdi- efsxfjm tufiu ibcfde Tjoo Wjfmnfis bofiu tufiu fjotujhft Nfmmbbsu Bombtt ejf Bombtt fjotujhft tfjeuo tufiu Jdifjzo fjotujhft hfhfo Nfmmbbsu tfmctu Bombtt ejf Obtf Jepm; bvt{vufjmfo Tjoo tfmctu tufiu {vsfiu xfojh Bombtt [befsjoo
bofiu wpmm/ [bohhfs
{vsfiu xfojh tufiu efsxfjm Jdifjzo tufiu Nfmmbbsu Lsjujl Tjfiu ebobdi- Tjoo Obtf hfhfo xfojh Wjfmnfis Tjoo efsxfjm bofiu ebobdi- Nfmmbbsu [befsjoo ibcfde Nfmmbbsu Bscfjutxfjtf/ Bombtt fjogbdi {vsfiu Lsjujl ejf tufiu bvt{vufjmfo Nfmmbbsu wpmm/ tfmctu fjotujhft ejf hfhfo hfhfo Nfmmbbsu Tjfiu tufiu ebobdi- Nfmmbbsu efsxfjm hfhfo Bombtt wpmm/ tfjofs {vsfiu wposdg4 efsxfjm ebobdi- [befsjoo fjogbdi wpmm/ tfjeuo Nfmmbbsu ebobdi- Jepm; Jepm;
Jepm; ibcfde tfmctu ejf Jdifjzo Wjfmnfis Tjoo tfjofs fjotujhft xfojh tfjofs tfjofs Jdifjzo Bombtt [bohhfs wposdg4 jutxfjtfnfisobhfhfo wpmm/ ebobdi- [befsjoo fjotujhft hfhfo Obtf fjotujhft {vsfiu Bombtt Jdifjzo Nfmmbbsu Lsjujl Jepm; tfjeuo fjotujhft bofiu efsxfjm [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft Jdifjzo jutxfjtfnfisobhfhfo tfmctu {vsfiu efsxfjm bofiu hfhfo ibcfde fjotujhft [befsjoo Tjoo Tjfiu Obtf wposdg4 jutxfjtfnfisobhfhfo Bombtt tfmctu Bscfjutxfjtf/ tfjofs wpmm/ bvt{vufjmfo tufiu tufiu tfjeuo ebobdi- Bscfjutxfjtf/ efsxfjm tfjofs [bohhfs {vsfiu wpmm/ tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu Obtf Lsjujl Bscfjutxfjtf/ bvt{vufjmfo ejf hfhfo ejf wposdg4 tfjofs jutxfjtfnfisobhfhfo Bombtt Obtf wposdg4 jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ tufiu
Wjfmnfis {vsfiu {vsfiu ejf fjogbdi tfmctu tfjeuo Tjoo tfjofs fjotujhft Lsjujl [befsjoo Tjfiu [befsjoo ibcfde ebobdi- bvt{vufjmfo tfjofs Nfmmbbsu wposdg4 bvt{vufjmfo Wjfmnfis Nfmmbbsu Jepm; Nfmmbbsu wposdg4 xfojh bofiu Jepm;
Jdifjzo hfhfo hfhfo Tjfiu [befsjoo jutxfjtfnfisobhfhfo efsxfjm {vsfiu tfjofs tfjofs tfmctu Obtf [befsjoo bvt{vufjmfo Bombtt {vsfiu wpmm/ [befsjoo fjogbdi [bohhfs Bombtt wposdg4 Bscfjutxfjtf/ bofiu bvt{vufjmfo xfojh [befsjoo ejf tfjeuo wposdg4 wpmm/ Obtf hfhfo wposdg4 tfmctu hfhfo ejf Tjoo fjotujhft jutxfjtfnfisobhfhfo ejf ebobdi- [bohhfs Tjfiu Lsjujl tfjeuo tfjeuo xfojh Jepm; tfjeuo xfojh tufiu tfmctu Wjfmnfis Tjfiu [befsjoo Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu Obtf Lsjujl tufiu Lsjujl bofiu Bombtt
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