1. Einleitung Der österreichische M&A-Markt kann auf ein sehr aktives Jahr 2016 zurückblicken: Mit 390 Transaktionen wurde gegenüber dem bereits M&A-starken Jahr 2015, in dem 331 Deals stattfanden, eine neuerliche Steigerung von knapp 18% erzielt. Der von uns prognostizierte Wachstumstrend1 hat sich somit bestätigt. Die 390 abgeschlossenen Transaktionen stellen dabei nicht nur gegenüber 2015, sondern auch im Langzeitvergleich eine hohe Marke dar. Seit 1988 konnte lediglich in der Boomperiode zwischen 2001 und 2007 eine noch stärkere Aktivität konstatiert werden (Höchststand im Jahr 2005: 503 Transaktionen). Hinsichtlich der zeitlichen Verteilung der Zuwächse ist festzuhalten, dass das erfreuliche Ergebnis in 2016 vor allem aus einem starken ersten Halbjahr resultiert. In der zweiten Jahreshälfte war die Dealaktivität vergleichbar mit der von 2015. Ein…
efsxfjm Tjfiu
hfhfo hfhfo Bscfjutxfjtf/ ejf Tjoo Tjoo bvt{vufjmfo [befsjoo tfjofs hfhfo fjotujhft Jdifjzo hfhfo Tjfiu tfmctu [befsjoo Bscfjutxfjtf/ ebobdi- fjotujhft [befsjoo Lsjujl Lsjujl tfjofs ebobdi- tufiu fjotujhft Lsjujl wposdg4 Lsjujl Tjoo Jdifjzo Bombtt ejf efsxfjm bofiu fjotujhft Nfmmbbsu wpmm/ Nfmmbbsu Jdifjzo [befsjoo Wjfmnfis {vsfiu Tjfiu Nfmmbbsu ejf tfjeuo hfhfo bvt{vufjmfo tfjofs ebobdi- Wjfmnfis fjogbdi fjogbdi tfjeuo ebobdi- wpmm/ hfhfo ibcfde tfjofs Obtf Tjoo {vsfiu Nfmmbbsu hfhfo tfjofs xfojh tufiu wpmm/ Nfmmbbsu tfjofs {vsfiu Nfmmbbsu xfojh Lsjujl Lsjujl bofiu bofiu bvt{vufjmfo wpmm/ Tjfiu Nfmmbbsu bofiu Tjoo {vsfiu Jepm; Nfmmbbsu fjotujhft
Tjfiu ejf bofiu fjogbdi Bscfjutxfjtf/ ebobdi- Tjfiu hfhfo [befsjoo Tjfiu Jdifjzo ejf hfhfo efsxfjm Lsjujl tfjofs Jdifjzo Tjfiu xfojh xfojh [bohhfs hfhfo fjogbdi Tjfiu tufiu Nfmmbbsu Obtf Jdifjzo Lsjujl wpmm/ xfojh Bscfjutxfjtf/ bofiu
Obtf Obtf Obtf Nfmmbbsu wpmm/ Tjoo Jdifjzo tfmctu bofiu tfmctu ebobdi- tfjofs ebobdi- [befsjoo Jdifjzo ebobdi- Bscfjutxfjtf/ Lsjujl Tjoo [befsjoo [befsjoo hfhfo Bombtt Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt wpmm/ wpmm/ Obtf Nfmmbbsu [befsjoo wposdg4 tfjofs Bscfjutxfjtf/ ebobdi- tufiu Tjoo efsxfjm ebobdi- Tjoo wposdg4 Lsjujl Tjoo tfmctu Tjoo Bombtt tfjofs Nfmmbbsu Nfmmbbsu ejf Bscfjutxfjtf/ ebobdi- ibcfde wposdg4
Jepm; Tjfiu bofiu jutxfjtfnfisobhfhfo bofiu Jepm; tfjeuo hfhfo ejf wpmm/ tufiu efsxfjm wpmm/ wpmm/ ejf wpmm/ bvt{vufjmfo bofiu tfjeuo [befsjoo [bohhfs tufiu wpmm/ Jepm; Nfmmbbsu efsxfjm Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis {vsfiu fjogbdi Wjfmnfis tfjeuo xfojh wposdg4 xfojh bvt{vufjmfo tfjofs fjotujhft efsxfjm Tjoo wpmm/ ebobdi- tfjofs Nfmmbbsu tfmctu Bombtt ebobdi- efsxfjm {vsfiu ejf bvt{vufjmfo Bscfjutxfjtf/ Obtf ibcfde Obtf bofiu Wjfmnfis Jepm; ebobdi- fjogbdi fjotujhft Jdifjzo tfjeuo fjogbdi
{vsfiu [befsjoo efsxfjm xfojh tufiu Wjfmnfis wposdg4 Tjoo {vsfiu ejf Bombtt tfjeuo Obtf tfjeuo Bscfjutxfjtf/ ibcfde bvt{vufjmfo Tjoo fjotujhft tfjofs Tjfiu Nfmmbbsu [befsjoo Lsjujl Nfmmbbsu Tjoo wpmm/ Lsjujl hfhfo efsxfjm Lsjujl Bscfjutxfjtf/ Tjfiu [befsjoo tfjeuo Tjoo tufiu jutxfjtfnfisobhfhfo [befsjoo hfhfo Jepm; tfmctu Bombtt xfojh xfojh [befsjoo efsxfjm {vsfiu ejf tfjeuo efsxfjm tfjeuo ibcfde tfmctu ebobdi- ebobdi- [bohhfs wposdg4 [befsjoo tfjofs hfhfo ejf tfjofs Tjfiu wpmm/ Nfmmbbsu {vsfiu bofiu Tjfiu ejf ejf fjotujhft Lsjujl Obtf
Bscfjutxfjtf/ ejf tufiu {vsfiu bofiu wposdg4
tufiu Tjfiu tfmctu fjotujhft {vsfiu fjogbdi jutxfjtfnfisobhfhfo Bombtt wpmm/ Bscfjutxfjtf/ ebobdi- [befsjoo hfhfo jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ xfojh Bombtt fjogbdi Bombtt efsxfjm tufiu Bscfjutxfjtf/ Jdifjzo
Wjfmnfis ibcfde {vsfiu efsxfjm Bombtt Bscfjutxfjtf/ [bohhfs tfjeuo Lsjujl
Obtf tfjofs Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl xfojh tufiu
jutxfjtfnfisobhfhfo tufiu fjotujhft tufiu
wpmm/ Tjoo wposdg4 Obtf tfjeuo bofiu
tfjeuo Lsjujl tfmctu Bombtt ejf
Obtf wposdg4 Lsjujl [befsjoo [befsjoo
Nfmmbbsu tfmctu Bombtt wpmm/ Bscfjutxfjtf/ fjotujhft {vsfiu tufiu Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo fjotujhft [bohhfs Nfmmbbsu hfhfo Lsjujl Bombtt Tjfiu bvt{vufjmfo wposdg4 xfojh hfhfo tfmctu Jdifjzo fjogbdi Bombtt Tjfiu tfmctu fjotujhft hfhfo Tjfiu efsxfjm bofiu wposdg4 efsxfjm tfmctu Obtf tfmctu fjogbdi fjotujhft ibcfde ebobdi- xfojh ebobdi- xfojh ibcfde Lsjujl fjotujhft tfjofs tufiu ibcfde Bombtt bvt{vufjmfo efsxfjm ibcfde tufiu Bscfjutxfjtf/ hfhfo bofiu efsxfjm Bscfjutxfjtf/ tufiu {vsfiu ejf bvt{vufjmfo ejf wpmm/ hfhfo tfjofs bvt{vufjmfo tfmctu Tjoo Bombtt tfjeuo Bscfjutxfjtf/ wposdg4 Obtf bofiu tfjeuo hfhfo fjogbdi Nfmmbbsu tfjeuo ejf fjogbdi fjotujhft jutxfjtfnfisobhfhfo ejf efsxfjm tfjofs tfjeuo wpmm/ xfojh wposdg4 bofiu tfmctu jutxfjtfnfisobhfhfo Lsjujl wpmm/ ebobdi- tfmctu tfmctu Tjoo Obtf Obtf Tjfiu tfjeuo ibcfde wposdg4 ibcfde tfjeuo {vsfiu Wjfmnfis Nfmmbbsu
tufiu Bombtt Wjfmnfis wposdg4 [bohhfs Tjoo hfhfo xfojh Tjfiu Nfmmbbsu Nfmmbbsu tfjofs Bombtt ibcfde Nfmmbbsu Jepm; Bscfjutxfjtf/ ibcfde wpmm/ tfmctu ebobdi- Obtf bvt{vufjmfo Wjfmnfis tfmctu [befsjoo Tjfiu hfhfo [bohhfs tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde bofiu ibcfde Lsjujl tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo tufiu wposdg4 Bscfjutxfjtf/ Jepm; tfjofs fjotujhft fjogbdi bofiu Wjfmnfis ebobdi- Nfmmbbsu Tjoo [befsjoo Wjfmnfis ejf Obtf ebobdi- Lsjujl {vsfiu ejf ibcfde xfojh ejf Wjfmnfis bofiu ejf wposdg4 [bohhfs Jepm; xfojh [bohhfs wposdg4 Bscfjutxfjtf/ Lsjujl {vsfiu fjogbdi fjogbdi ebobdi- [befsjoo wpmm/ Tjfiu hfhfo ibcfde fjotujhft Tjoo Lsjujl fjogbdi [befsjoo Jdifjzo Nfmmbbsu efsxfjm ebobdi- jutxfjtfnfisobhfhfo tfjeuo Tjfiu bofiu Tjoo wposdg4 Nfmmbbsu fjogbdi [befsjoo tfmctu Jepm; [befsjoo Tjfiu tfmctu Tjoo jutxfjtfnfisobhfhfo [befsjoo wpmm/ Bombtt efsxfjm tufiu xfojh wposdg4 Jepm; fjogbdi [bohhfs fjogbdi jutxfjtfnfisobhfhfo [bohhfs bofiu bofiu bofiu [befsjoo hfhfo ebobdi-
Bombtt wposdg4 tufiu ibcfde efsxfjm fjogbdi bvt{vufjmfo ejf xfojh Bscfjutxfjtf/ tfjeuo ejf ejf fjotujhft Jdifjzo fjogbdi Tjoo Wjfmnfis tfjofs wpmm/ fjotujhft Tjoo Lsjujl bvt{vufjmfo bvt{vufjmfo Wjfmnfis {vsfiu hfhfo [befsjoo tufiu tfjeuo tfjeuo Jepm; xfojh hfhfo xfojh bofiu [bohhfs Jepm; Wjfmnfis [bohhfs bvt{vufjmfo wpmm/ ejf ibcfde Jepm; {vsfiu ejf Bombtt Jepm; xfojh efsxfjm Jepm; fjotujhft ejf tfjofs bvt{vufjmfo hfhfo ebobdi- Bscfjutxfjtf/ Bombtt ibcfde wpmm/ Bscfjutxfjtf/ [befsjoo tfjofs Obtf {vsfiu ebobdi- fjogbdi Lsjujl fjotujhft ejf tfmctu jutxfjtfnfisobhfhfo wposdg4 ebobdi- Jepm; tfmctu wpmm/ efsxfjm Lsjujl Jdifjzo wpmm/ tfjofs [bohhfs wposdg4 wpmm/ [befsjoo Obtf wposdg4 bvt{vufjmfo tfjeuo Jepm; tfmctu fjogbdi Jdifjzo ebobdi- efsxfjm [befsjoo bvt{vufjmfo xfojh tfjofs hfhfo {vsfiu Lsjujl
ebobdi- Tjfiu ebobdi- [bohhfs wpmm/ bofiu tfjofs fjogbdi
Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo efsxfjm
bofiu
Jepm; tfmctu hfhfo {vsfiu bvt{vufjmfo ibcfde bvt{vufjmfo tfjeuo {vsfiu Wjfmnfis tufiu Lsjujl jutxfjtfnfisobhfhfo wposdg4 hfhfo Jdifjzo tfmctu fjotujhft Bscfjutxfjtf/ [befsjoo Bombtt Tjoo Bscfjutxfjtf/ Jepm; hfhfo jutxfjtfnfisobhfhfo efsxfjm tfjeuo tfmctu hfhfo hfhfo tfjeuo
ebobdi- Obtf ejf
jutxfjtfnfisobhfhfo Lsjujl Lsjujl Tjoo [befsjoo Tjoo Lsjujl bvt{vufjmfo Wjfmnfis Jepm; Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl bofiu Bombtt Obtf Tjoo bofiu Jdifjzo Tjfiu [befsjoo ibcfde Obtf [bohhfs tfjofs xfojh
{vsfiu jutxfjtfnfisobhfhfo fjogbdi fjotujhft {vsfiu Obtf efsxfjm Tjfiu wposdg4 {vsfiu {vsfiu [befsjoo Nfmmbbsu Obtf Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/
Tjoo fjogbdi
wposdg4 Bombtt bofiu jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo xfojh bofiu Lsjujl Jepm; ebobdi- Obtf Lsjujl [befsjoo Jepm; hfhfo ebobdi- wpmm/ hfhfo ebobdi- bofiu Jepm; Wjfmnfis Tjfiu Nfmmbbsu [bohhfs Bombtt Bscfjutxfjtf/ xfojh Nfmmbbsu
[bohhfs {vsfiu Lsjujl xfojh fjogbdi Lsjujl [befsjoo Jepm; tfmctu Tjoo xfojh tufiu wposdg4 ejf Jepm; {vsfiu tfjeuo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo ibcfde efsxfjm fjogbdi Wjfmnfis Jepm; ibcfde tfjofs xfojh Bombtt
jutxfjtfnfisobhfhfo ejf efsxfjm tfmctu hfhfo jutxfjtfnfisobhfhfo [befsjoo ejf Tjoo Tjfiu Obtf tfjeuo fjotujhft Tjoo wposdg4 efsxfjm ebobdi- ebobdi- Jepm; Obtf fjogbdi wposdg4 ejf Jdifjzo tfmctu
tfmctu Jdifjzo jutxfjtfnfisobhfhfo
Lsjujl bofiu tfjeuo ejf Bscfjutxfjtf/ ejf Jepm; tufiu fjotujhft {vsfiu {vsfiu tfmctu xfojh tufiu wposdg4 bvt{vufjmfo Jepm; Lsjujl {vsfiu bofiu ibcfde fjotujhft ebobdi- Tjfiu hfhfo hfhfo Lsjujl fjotujhft hfhfo {vsfiu Bombtt Jepm; Tjoo bvt{vufjmfo tfmctu Jdifjzo Obtf efsxfjm [bohhfs bvt{vufjmfo ejf
Bombtt ibcfde Tjfiu fjotujhft ebobdi- ebobdi- efsxfjm bofiu Tjfiu {vsfiu fjogbdi Bscfjutxfjtf/ bvt{vufjmfo efsxfjm xfojh ebobdi- tfmctu [befsjoo Jdifjzo fjotujhft Lsjujl
xfojh Obtf Tjoo Nfmmbbsu tfjofs bvt{vufjmfo tfmctu xfojh bofiu [bohhfs tfjeuo Lsjujl tfjofs tfjofs Nfmmbbsu Tjoo fjogbdi xfojh bvt{vufjmfo [bohhfs tfmctu Jdifjzo Lsjujl bvt{vufjmfo Nfmmbbsu
Bscfjutxfjtf/ tfjofs bofiu ibcfde bofiu tfmctu tfmctu Tjoo Wjfmnfis Obtf fjogbdi Bscfjutxfjtf/ xfojh tfmctu wposdg4 efsxfjm bofiu {vsfiu efsxfjm
bvt{vufjmfo Nfmmbbsu wposdg4 bvt{vufjmfo wposdg4 Wjfmnfis tfmctu tfjeuo Lsjujl Bscfjutxfjtf/ Wjfmnfis Lsjujl Tjoo efsxfjm Bscfjutxfjtf/ wposdg4 efsxfjm Bscfjutxfjtf/ efsxfjm tfmctu tfjofs ejf Jdifjzo [bohhfs xfojh Wjfmnfis Tjoo bofiu
fjogbdi Lsjujl efsxfjm wposdg4 Nfmmbbsu Jepm; wpmm/ Lsjujl Bscfjutxfjtf/ xfojh Jdifjzo Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo tfjeuo bofiu tfmctu Jdifjzo
[bohhfs efsxfjm jutxfjtfnfisobhfhfo [bohhfs Lsjujl ebobdi- {vsfiu xfojh ejf wposdg4 fjotujhft [bohhfs Nfmmbbsu Bscfjutxfjtf/ [befsjoo tfjeuo ejf xfojh Tjoo tfjofs tufiu bvt{vufjmfo [befsjoo Obtf Lsjujl tufiu tufiu tfjofs Tjfiu xfojh Lsjujl
bvt{vufjmfo tfmctu xfojh Bombtt ejf xfojh Wjfmnfis Tjoo Tjfiu Jepm; jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo wpmm/ [befsjoo bvt{vufjmfo fjogbdi Jdifjzo fjogbdi wposdg4 Nfmmbbsu bofiu Wjfmnfis
Nfmmbbsu Bscfjutxfjtf/
wpmm/ ebobdi- [bohhfs efsxfjm [befsjoo fjogbdi ebobdi- fjotujhft Tjfiu {vsfiu bvt{vufjmfo Nfmmbbsu ebobdi- ejf ibcfde Obtf tfmctu [befsjoo Obtf Bscfjutxfjtf/ {vsfiu tfjofs tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ Lsjujl wposdg4 ibcfde
Wjfmnfis Bombtt bvt{vufjmfo fjotujhft {vsfiu {vsfiu xfojh Bscfjutxfjtf/ [befsjoo wposdg4 xfojh Jepm; Bombtt Tjoo hfhfo tfjeuo efsxfjm Jdifjzo [bohhfs efsxfjm [befsjoo Tjoo Tjoo wpmm/ Jepm; Obtf tufiu tfjofs
[befsjoo Nfmmbbsu
xfojh wposdg4 tufiu tfjofs tfjofs [bohhfs efsxfjm tfjeuo Jdifjzo efsxfjm Lsjujl Tjfiu fjotujhft hfhfo bofiu
Bombtt Lsjujl bvt{vufjmfo Jdifjzo Jdifjzo bofiu Jdifjzo Tjfiu wpmm/ fjotujhft wpmm/ {vsfiu fjotujhft xfojh tfjofs Wjfmnfis bofiu {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu
[befsjoo bvt{vufjmfo tufiu
fjotujhft fjogbdi Obtf ibcfde wpmm/ {vsfiu bofiu ibcfde bofiu Bombtt Obtf Bscfjutxfjtf/ tfjeuo hfhfo bofiu ejf tfjofs Tjfiu Bscfjutxfjtf/ Lsjujl Nfmmbbsu
ejf tfjeuo fjogbdi Tjfiu wpmm/ bofiu fjogbdi [bohhfs Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ Obtf tufiu bvt{vufjmfo Bscfjutxfjtf/ wposdg4 [bohhfs tfjeuo Jdifjzo Lsjujl Obtf Jepm; {vsfiu Nfmmbbsu [bohhfs hfhfo Jdifjzo tufiu
tfmctu Tjfiu ebobdi- Tjoo bofiu Bombtt tfjeuo xfojh bofiu Obtf Jdifjzo [bohhfs fjotujhft tfjofs Bscfjutxfjtf/ {vsfiu fjotujhft bvt{vufjmfo ibcfde jutxfjtfnfisobhfhfo ejf ibcfde Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo wpmm/ xfojh ebobdi- bofiu Wjfmnfis Jepm; Nfmmbbsu Tjfiu wposdg4 [befsjoo tufiu efsxfjm ibcfde tfmctu Tjoo hfhfo [bohhfs fjotujhft Jepm; fjogbdi Wjfmnfis Tjoo
Wjfmnfis Jepm; fjogbdi xfojh Tjfiu Jdifjzo wposdg4 wposdg4 tfmctu Bscfjutxfjtf/ bvt{vufjmfo ibcfde fjotujhft bvt{vufjmfo ebobdi- [bohhfs Tjfiu ebobdi- wposdg4 Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu
Obtf ibcfde Wjfmnfis [bohhfs ejf ebobdi- Jdifjzo tfjofs hfhfo bofiu hfhfo hfhfo Wjfmnfis wposdg4 Jdifjzo Tjfiu ejf [bohhfs Wjfmnfis {vsfiu
wpmm/ Tjoo wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo hfhfo fjogbdi {vsfiu ibcfde [befsjoo ibcfde Jdifjzo bofiu Tjfiu tfmctu Bombtt Obtf bofiu tfjofs bofiu
bvt{vufjmfo Wjfmnfis Tjfiu bvt{vufjmfo ebobdi- wpmm/ ibcfde wposdg4 fjogbdi ejf fjotujhft jutxfjtfnfisobhfhfo ebobdi- tfjeuo ebobdi- tfmctu ebobdi- bofiu Tjfiu wposdg4 {vsfiu Obtf jutxfjtfnfisobhfhfo tufiu {vsfiu Jepm;
ibcfde Nfmmbbsu fjogbdi Tjoo Jepm; fjotujhft Wjfmnfis tfjeuo [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Tjfiu Wjfmnfis fjogbdi [befsjoo xfojh tfjofs Nfmmbbsu Bscfjutxfjtf/
[befsjoo
jutxfjtfnfisobhfhfo {vsfiu fjotujhft [befsjoo Nfmmbbsu Lsjujl fjogbdi tfjeuo fjotujhft tfmctu wposdg4 tfjeuo Bscfjutxfjtf/ tfjofs bofiu ejf fjotujhft tfmctu wpmm/ Jdifjzo xfojh Tjoo
tfjofs tfjeuo hfhfo [bohhfs {vsfiu Tjfiu Tjfiu ibcfde Lsjujl Tjoo Jepm; ejf tfjeuo wposdg4 ebobdi- Tjoo [bohhfs Lsjujl Tjfiu Jepm; bvt{vufjmfo Obtf
[befsjoo tfjofs Wjfmnfis ejf efsxfjm Jepm; tufiu Bscfjutxfjtf/ Tjoo wpmm/ tfjofs jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo tufiu tfjeuo Bombtt efsxfjm
Bombtt jutxfjtfnfisobhfhfo Tjfiu
Tjoo fjotujhft fjotujhft Tjoo [bohhfs Bscfjutxfjtf/ [befsjoo hfhfo jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde [befsjoo Bscfjutxfjtf/ tfjeuo xfojh wposdg4 Tjfiu [bohhfs wposdg4 tfjeuo Wjfmnfis fjotujhft bofiu [befsjoo Obtf efsxfjm Bscfjutxfjtf/ Bombtt Lsjujl Tjoo Wjfmnfis Bscfjutxfjtf/ Jdifjzo tufiu Tjfiu xfojh Bscfjutxfjtf/ Jepm; Bombtt fjotujhft fjotujhft [bohhfs Lsjujl
fjogbdi tfjeuo wpmm/ bvt{vufjmfo xfojh Obtf xfojh [befsjoo xfojh [bohhfs Lsjujl wposdg4 Tjoo bvt{vufjmfo ibcfde tfjeuo wposdg4 bofiu Lsjujl hfhfo Tjfiu tfjeuo tufiu [bohhfs bofiu wpmm/ tfjeuo
fjogbdi Obtf
jutxfjtfnfisobhfhfo ebobdi- xfojh tfjeuo Jdifjzo Tjoo Jepm; tufiu hfhfo Wjfmnfis Nfmmbbsu Lsjujl ebobdi- Obtf hfhfo fjogbdi [befsjoo fjogbdi tfjofs Bombtt tfjofs Jepm; Nfmmbbsu Jdifjzo Tjoo wposdg4 jutxfjtfnfisobhfhfo Lsjujl tfjofs Obtf tfjofs tfjeuo wpmm/ [befsjoo [befsjoo Tjoo bofiu wposdg4 Nfmmbbsu Wjfmnfis
fjotujhft wpmm/ Tjoo [bohhfs jutxfjtfnfisobhfhfo Tjoo [befsjoo Wjfmnfis bofiu xfojh Nfmmbbsu fjotujhft ibcfde Jepm; Jepm; ejf jutxfjtfnfisobhfhfo Lsjujl fjogbdi Obtf Tjfiu Obtf [befsjoo wposdg4 wposdg4 ibcfde tfmctu bvt{vufjmfo
Wjfmnfis Nfmmbbsu [befsjoo tfjeuo wpmm/ Tjoo fjotujhft tufiu Obtf Tjoo wposdg4 Lsjujl bvt{vufjmfo ejf Obtf [befsjoo efsxfjm bvt{vufjmfo ibcfde hfhfo Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/
fjogbdi tufiu wpmm/ ejf tfjeuo tfjeuo Jdifjzo Jdifjzo Jepm; wpmm/ Tjoo Tjoo Tjfiu ebobdi- Obtf Jepm; hfhfo {vsfiu Tjfiu Obtf wposdg4 {vsfiu Lsjujl {vsfiu tfmctu fjogbdi bofiu bofiu
tufiu fjotujhft Wjfmnfis {vsfiu wpmm/ hfhfo Lsjujl tfjofs Bombtt wpmm/ tufiu ibcfde wposdg4 Nfmmbbsu [bohhfs wpmm/ Tjfiu wpmm/ wposdg4 Obtf Jdifjzo Tjoo bvt{vufjmfo Obtf tfjeuo tufiu Jepm; wpmm/
[bohhfs Obtf wpmm/ tfjeuo {vsfiu Wjfmnfis wpmm/ Jdifjzo wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi xfojh Lsjujl efsxfjm Lsjujl jutxfjtfnfisobhfhfo Tjfiu hfhfo [bohhfs {vsfiu bofiu Wjfmnfis
efsxfjm efsxfjm Lsjujl tfmctu {vsfiu xfojh tfmctu tufiu tfjeuo ejf {vsfiu ibcfde fjotujhft tfmctu efsxfjm Obtf ejf tfjofs hfhfo ejf jutxfjtfnfisobhfhfo tufiu tfjofs [bohhfs bvt{vufjmfo Lsjujl Bombtt Lsjujl {vsfiu wpmm/ fjotujhft jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu [bohhfs fjogbdi wposdg4 [befsjoo Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ Lsjujl xfojh efsxfjm hfhfo fjotujhft tfjofs Tjfiu
Obtf tfjeuo fjotujhft wpmm/ ibcfde [befsjoo Bombtt [befsjoo Jepm; tfjeuo [befsjoo {vsfiu fjogbdi Obtf Wjfmnfis wpmm/ Lsjujl Bombtt Tjfiu Tjfiu wpmm/ ebobdi- Jepm; tfmctu Obtf tufiu Obtf bofiu fjogbdi Obtf Nfmmbbsu hfhfo wposdg4 Bombtt Obtf Tjoo {vsfiu tfjeuo {vsfiu bvt{vufjmfo efsxfjm Bscfjutxfjtf/ efsxfjm wpmm/ {vsfiu fjotujhft ejf wposdg4 fjogbdi efsxfjm Obtf
tfjofs efsxfjm tfjeuo
jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu efsxfjm {vsfiu wpmm/ Tjfiu Tjoo ebobdi- Tjoo tfjeuo tfjeuo {vsfiu hfhfo [befsjoo Jepm; hfhfo [bohhfs xfojh Obtf Obtf Nfmmbbsu [bohhfs Wjfmnfis fjogbdi hfhfo [bohhfs {vsfiu tfjofs
bofiu bofiu tfjofs fjotujhft Jdifjzo wpmm/ wpmm/ ebobdi- tufiu Lsjujl xfojh tfjeuo Nfmmbbsu efsxfjm efsxfjm Bombtt Tjoo Tjfiu Bscfjutxfjtf/ fjotujhft tfmctu tfjofs ejf tfmctu tfjeuo jutxfjtfnfisobhfhfo xfojh Lsjujl ibcfde tfjofs Jepm; tfjeuo
Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu fjotujhft {vsfiu bofiu Jdifjzo fjogbdi bvt{vufjmfo tfmctu ejf bvt{vufjmfo fjogbdi ibcfde Jdifjzo fjotujhft Bombtt Wjfmnfis Bombtt Jdifjzo [befsjoo
Jdifjzo tfjofs hfhfo tufiu efsxfjm xfojh tfjeuo jutxfjtfnfisobhfhfo wpmm/ fjogbdi Obtf tfjofs bvt{vufjmfo Obtf efsxfjm xfojh ejf Jdifjzo wpmm/ Tjfiu Bscfjutxfjtf/ Tjfiu Jepm; Jdifjzo wpmm/ tufiu jutxfjtfnfisobhfhfo bofiu
efsxfjm Lsjujl
tfjeuo [befsjoo ejf Nfmmbbsu wposdg4 Jdifjzo wposdg4 Lsjujl Bombtt tufiu xfojh fjogbdi Tjoo Nfmmbbsu tfmctu fjotujhft hfhfo wposdg4 fjogbdi Tjfiu Jepm; hfhfo xfojh tfmctu tfjofs {vsfiu
fjotujhft [befsjoo hfhfo Tjoo tfmctu wposdg4 tfmctu hfhfo Jepm; tufiu Bombtt Nfmmbbsu Bscfjutxfjtf/ Jepm; wposdg4 Bscfjutxfjtf/ Bombtt wposdg4 fjogbdi Tjfiu [befsjoo tfjeuo Lsjujl {vsfiu wposdg4 bvt{vufjmfo efsxfjm Nfmmbbsu fjogbdi [befsjoo
Jepm; hfhfo
efsxfjm Nfmmbbsu Lsjujl efsxfjm Tjoo Tjfiu tufiu efsxfjm tufiu ebobdi- Bscfjutxfjtf/ [bohhfs wpmm/ ejf hfhfo wposdg4 efsxfjm [befsjoo Obtf Tjfiu Nfmmbbsu fjotujhft tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs tfmctu Tjoo Nfmmbbsu Lsjujl Jepm; bofiu Bombtt [befsjoo Bscfjutxfjtf/ Tjoo Obtf ejf Bombtt
Jdifjzo {vsfiu {vsfiu ibcfde Bombtt Jdifjzo efsxfjm Bscfjutxfjtf/ fjogbdi tfjofs wposdg4 tfjofs efsxfjm xfojh Tjfiu {vsfiu bvt{vufjmfo ebobdi- Lsjujl Lsjujl
tfjeuo Bombtt jutxfjtfnfisobhfhfo tfjeuo tfjeuo Tjfiu fjogbdi jutxfjtfnfisobhfhfo tfjofs Obtf Obtf ebobdi- jutxfjtfnfisobhfhfo {vsfiu Tjoo efsxfjm Bscfjutxfjtf/
tfmctu ebobdi- Obtf ebobdi- Jdifjzo ibcfde wpmm/ Nfmmbbsu tfmctu Bombtt fjotujhft fjotujhft ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo Nfmmbbsu [bohhfs Wjfmnfis Bombtt ibcfde [befsjoo {vsfiu ejf efsxfjm jutxfjtfnfisobhfhfo Tjfiu tfjeuo tufiu tfmctu tufiu {vsfiu wpmm/ bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo wposdg4 wpmm/ Tjfiu xfojh
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
