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