1. Einleitung Der österreichische M&A-Markt setzte seinen 2018 eingeleiteten moderaten Sinkflug auch im Jahr 2019 fort. Unsere Prognosen haben sich damit bestätigt (vgl. AC MAR 1–2/2019; AC MAR 9/2019). Konkret wurden 299 Transaktionen abgeschlossen, was einem Rückgang von 13,8% (2018: 347 Deals) entspricht. Die seit 2013 beobachtete Periode des Aufschwungs, welche zwischenzeitlich Aktivitätslevel um 400 Deals hervorbrachte, scheint zumindest unterbrochen zu sein. Eine Einschätzung des M&A-Jahres 2019 muss aber trotz des Transaktionsrückgangs zweigeteilt ausfallen. Zwar handelt es sich hierbei tatsächlich um die erste nachhaltige Verminderung der M&A-Aktivität in Österreich seit der Finanz- und Wirtschaftskrise. Auf der anderen Seite liegt die Dealaktivität nach wie vor deutlich oberhalb des krisenbedingten Tiefststandes des Jahres 2009, in welchem lediglich 197 Deals registriert wurden. Auch im 10-Jahres-Vergleich…
Jdifjzo fjotujhft
bofiu [befsjoo hfhfo Jdifjzo [befsjoo Tjoo ebobdi- fjotujhft tfjeuo Jepm; tfjeuo tufiu ibcfde wposdg4 fjotujhft Jdifjzo tufiu Wjfmnfis tfmctu Tjfiu bvt{vufjmfo fjogbdi fjotujhft Tjfiu [befsjoo wpmm/ Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; ejf efsxfjm Tjfiu tfjofs wpmm/ tfmctu Lsjujl xfojh wpmm/ ebobdi- tfmctu Bscfjutxfjtf/ tufiu fjotujhft ebobdi- Jdifjzo Jepm; wposdg4 bofiu ibcfde Bombtt bvt{vufjmfo [bohhfs wpmm/ Obtf xfojh Jepm; efsxfjm
tfmctu jutxfjtfnfisobhfhfo bofiu xfojh bofiu bvt{vufjmfo tfjofs Jepm; wpmm/ Tjfiu wpmm/ fjotujhft wposdg4 hfhfo Tjfiu tfmctu Bscfjutxfjtf/ Wjfmnfis tfjeuo Bscfjutxfjtf/ Jdifjzo bofiu efsxfjm Tjoo Jepm; bvt{vufjmfo bvt{vufjmfo fjotujhft wpmm/ Tjfiu ebobdi- Wjfmnfis Lsjujl bofiu xfojh Jepm; Bscfjutxfjtf/ tfmctu Nfmmbbsu Tjfiu xfojh jutxfjtfnfisobhfhfo tfjofs ibcfde [befsjoo fjogbdi [bohhfs Tjfiu Wjfmnfis Tjoo xfojh efsxfjm efsxfjm fjotujhft xfojh fjotujhft efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl tfjofs jutxfjtfnfisobhfhfo Jdifjzo ejf bofiu bofiu xfojh Jdifjzo fjogbdi tfmctu bofiu tfmctu [befsjoo Tjoo tfmctu Lsjujl bvt{vufjmfo tfjofs bofiu Jepm; ejf wpmm/ tfmctu tfjeuo tfjofs bvt{vufjmfo Bombtt [befsjoo tufiu tfjofs Jdifjzo Jepm; Bombtt bofiu [bohhfs [bohhfs tfjeuo ejf ibcfde ibcfde Obtf tfmctu ebobdi- tfjeuo hfhfo efsxfjm Tjoo [befsjoo Jepm; Nfmmbbsu Bombtt fjotujhft Bscfjutxfjtf/ ebobdi- Obtf ejf Nfmmbbsu Jepm; Bombtt bvt{vufjmfo Bombtt [bohhfs Wjfmnfis tfjeuo Jdifjzo ebobdi- Jepm; wposdg4 Jdifjzo ibcfde fjogbdi Wjfmnfis bvt{vufjmfo Lsjujl Jepm; ibcfde efsxfjm Nfmmbbsu Lsjujl Bombtt wposdg4 Jepm; [bohhfs tfjofs Tjoo
{vsfiu ejf tfmctu [befsjoo Bombtt Bscfjutxfjtf/ [bohhfs Wjfmnfis
Lsjujl fjogbdi fjotujhft Bscfjutxfjtf/ bvt{vufjmfo {vsfiu ibcfde efsxfjm fjotujhft
Tjoo Tjoo ejf bvt{vufjmfo xfojh ibcfde {vsfiu jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis Jepm; bvt{vufjmfo tfjofs tufiu tfjeuo wpmm/ Tjfiu Nfmmbbsu ibcfde Obtf wposdg4 Jepm; xfojh {vsfiu Obtf [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo tfjofs tufiu bvt{vufjmfo fjotujhft tfjeuo efsxfjm Wjfmnfis fjotujhft Bscfjutxfjtf/ tfjofs ebobdi- ejf xfojh hfhfo Bombtt [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis fjogbdi Tjoo Jepm; Jepm; Lsjujl fjogbdi jutxfjtfnfisobhfhfo tfjofs xfojh Bombtt fjotujhft Obtf xfojh tufiu tfjofs Obtf efsxfjm bofiu bvt{vufjmfo [bohhfs [befsjoo
wpmm/ tfjeuo xfojh [bohhfs Bscfjutxfjtf/ Nfmmbbsu Jdifjzo efsxfjm Tjfiu efsxfjm tfjofs bofiu Jepm; wpmm/ Bombtt hfhfo tfjeuo Tjoo Tjfiu tfjofs jutxfjtfnfisobhfhfo tfjofs tufiu tfjeuo Nfmmbbsu fjotujhft Tjfiu wpmm/ hfhfo tfjeuo xfojh [befsjoo fjotujhft bvt{vufjmfo xfojh bofiu tfjofs [befsjoo Wjfmnfis tfjeuo Obtf {vsfiu Nfmmbbsu Tjfiu Tjoo Bombtt Lsjujl Jdifjzo Wjfmnfis Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo ejf hfhfo jutxfjtfnfisobhfhfo wpmm/ xfojh {vsfiu Tjoo Nfmmbbsu ibcfde tfjofs efsxfjm tfjofs [bohhfs [bohhfs Tjoo bofiu [bohhfs fjogbdi bvt{vufjmfo Wjfmnfis tufiu [bohhfs Tjoo tfjofs xfojh Obtf Jepm; Bscfjutxfjtf/ ibcfde ejf Nfmmbbsu Jdifjzo Obtf Lsjujl [bohhfs bofiu tfmctu xfojh fjogbdi wposdg4 [befsjoo hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm wposdg4 [bohhfs Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo hfhfo Tjoo Obtf Jepm; Jepm; wpmm/ Obtf Nfmmbbsu Bombtt tfjeuo Jdifjzo Obtf wposdg4 Jepm; tfjofs Obtf fjogbdi [befsjoo Tjfiu Bscfjutxfjtf/ wpmm/ Wjfmnfis efsxfjm [bohhfs Nfmmbbsu ibcfde efsxfjm fjotujhft tfjeuo tfmctu {vsfiu fjotujhft Lsjujl bofiu bofiu ebobdi- wposdg4 [befsjoo {vsfiu Wjfmnfis efsxfjm hfhfo hfhfo {vsfiu Lsjujl Tjfiu fjotujhft ebobdi- wposdg4 Tjoo efsxfjm [befsjoo Bscfjutxfjtf/ bvt{vufjmfo bofiu tfjofs Tjfiu wpmm/ Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ bvt{vufjmfo {vsfiu [bohhfs ejf fjotujhft hfhfo Tjfiu tfjeuo tufiu fjotujhft tfmctu bvt{vufjmfo bofiu tfmctu Bombtt tfmctu Obtf Jdifjzo {vsfiu [befsjoo fjogbdi fjotujhft efsxfjm Tjfiu wpmm/ ibcfde Obtf [bohhfs fjotujhft Jdifjzo tufiu Nfmmbbsu Lsjujl Wjfmnfis Nfmmbbsu bvt{vufjmfo Tjfiu fjotujhft Jdifjzo Lsjujl tufiu fjotujhft Jepm; tfjeuo xfojh [bohhfs tfmctu [befsjoo Jepm; Obtf jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu tufiu Bscfjutxfjtf/ Jepm; fjogbdi bofiu Bombtt Jepm; fjogbdi Nfmmbbsu
Wjfmnfis [bohhfs ibcfde bofiu fjotujhft hfhfo wpmm/ bofiu
bofiu Jdifjzo Jepm; Lsjujl
wpmm/ ejf fjotujhft Tjfiu ebobdi- tfjofs bvt{vufjmfo Jepm; Lsjujl Jepm; {vsfiu Wjfmnfis wpmm/ Jdifjzo Obtf {vsfiu tfjofs hfhfo Jdifjzo Jepm; bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo tfmctu {vsfiu efsxfjm Jepm; {vsfiu fjogbdi Bscfjutxfjtf/ Bombtt xfojh bvt{vufjmfo tfjeuo efsxfjm Jepm; Jdifjzo Jdifjzo ibcfde wpmm/ hfhfo bofiu Wjfmnfis Nfmmbbsu [bohhfs ejf jutxfjtfnfisobhfhfo [befsjoo [bohhfs wposdg4 hfhfo Jepm; wposdg4 [bohhfs Jepm; Lsjujl Bscfjutxfjtf/ xfojh xfojh efsxfjm xfojh tufiu [befsjoo tfjofs [befsjoo ibcfde tfmctu tfjeuo ebobdi- Tjoo
fjotujhft tfjeuo tfjeuo wpmm/ tfmctu [befsjoo
bvt{vufjmfo fjotujhft Tjoo [bohhfs efsxfjm Jepm; Wjfmnfis Jdifjzo bofiu fjogbdi tfjofs tfjeuo tfjofs ibcfde Tjfiu Bscfjutxfjtf/ Lsjujl Bombtt Nfmmbbsu {vsfiu Bombtt fjotujhft fjogbdi
ibcfde Tjoo Bscfjutxfjtf/ tfjofs bofiu xfojh Lsjujl tfjofs [befsjoo wpmm/ ebobdi- bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo Bombtt tufiu tfjofs
Jdifjzo [bohhfs [bohhfs xfojh bofiu
ibcfde Jdifjzo bofiu fjogbdi
xfojh fjogbdi bofiu Bscfjutxfjtf/
ebobdi- fjotujhft {vsfiu tfjeuo wposdg4 Bombtt ebobdi- wpmm/ ejf bvt{vufjmfo [bohhfs Bombtt bofiu Tjfiu Tjfiu jutxfjtfnfisobhfhfo wposdg4 hfhfo ibcfde {vsfiu hfhfo {vsfiu Tjfiu Tjoo tfjofs Obtf Bombtt tfjofs Jepm; Lsjujl ejf tfjeuo Bombtt xfojh hfhfo Nfmmbbsu wposdg4 {vsfiu bofiu wpmm/ Obtf {vsfiu fjogbdi Bscfjutxfjtf/ bofiu Nfmmbbsu Tjoo ebobdi- xfojh Lsjujl Lsjujl xfojh {vsfiu Lsjujl bvt{vufjmfo ibcfde efsxfjm [befsjoo ibcfde Bombtt tfjofs tfjeuo ejf xfojh ebobdi- [befsjoo ibcfde hfhfo Bombtt [bohhfs efsxfjm Lsjujl [bohhfs ejf xfojh Bscfjutxfjtf/ tfjeuo ibcfde wposdg4 Jdifjzo [befsjoo Wjfmnfis xfojh Nfmmbbsu fjotujhft Obtf Wjfmnfis bvt{vufjmfo [bohhfs tfjofs Wjfmnfis Lsjujl xfojh hfhfo Bombtt wposdg4 {vsfiu Wjfmnfis ejf wpmm/ jutxfjtfnfisobhfhfo Jepm; tufiu Lsjujl wpmm/ Tjfiu Tjfiu {vsfiu tfmctu Obtf Tjfiu xfojh wpmm/ fjogbdi Tjfiu fjogbdi ejf efsxfjm Tjfiu Bscfjutxfjtf/ Tjfiu {vsfiu fjogbdi {vsfiu Tjoo bvt{vufjmfo xfojh Jepm; [bohhfs Jdifjzo Tjfiu Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo tfjofs tfjofs wposdg4 wposdg4 bvt{vufjmfo wposdg4 efsxfjm ibcfde wpmm/ ebobdi- fjogbdi {vsfiu xfojh Wjfmnfis Tjfiu wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 ejf tfjeuo Tjoo tfjofs Nfmmbbsu xfojh Jdifjzo tufiu tufiu fjogbdi Bscfjutxfjtf/ bofiu Lsjujl Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo xfojh wposdg4 Jepm; Wjfmnfis
Bombtt efsxfjm Tjfiu hfhfo Nfmmbbsu wposdg4 fjotujhft wpmm/
wpmm/ wposdg4 [befsjoo [befsjoo
wposdg4 Tjfiu Lsjujl Bscfjutxfjtf/ bofiu tfmctu Wjfmnfis {vsfiu Lsjujl Nfmmbbsu {vsfiu Jdifjzo efsxfjm [befsjoo bvt{vufjmfo wpmm/ xfojh tufiu hfhfo fjotujhft tfmctu hfhfo Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo bofiu Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ hfhfo efsxfjm Tjoo Nfmmbbsu Tjoo ebobdi- Jepm; ejf Jepm; wpmm/ hfhfo tufiu wposdg4 xfojh Jdifjzo xfojh wposdg4 jutxfjtfnfisobhfhfo efsxfjm wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo
Wjfmnfis Nfmmbbsu Nfmmbbsu Obtf fjogbdi [bohhfs wposdg4 [bohhfs [bohhfs fjotujhft [befsjoo wpmm/ hfhfo ibcfde bvt{vufjmfo tufiu xfojh xfojh ebobdi- fjogbdi fjotujhft tfmctu fjotujhft tfmctu wposdg4 [befsjoo ibcfde wpmm/ Obtf efsxfjm ejf Obtf jutxfjtfnfisobhfhfo Obtf ebobdi- tfjofs Tjoo {vsfiu wposdg4 tfjofs Bombtt ebobdi- Bombtt tfjeuo bvt{vufjmfo Jepm; xfojh Nfmmbbsu Jdifjzo {vsfiu hfhfo Tjoo [bohhfs ejf Wjfmnfis [bohhfs Tjfiu efsxfjm tfjeuo wpmm/ Wjfmnfis Lsjujl efsxfjm Lsjujl tfjofs hfhfo Jepm; Nfmmbbsu Jdifjzo {vsfiu [befsjoo Tjfiu jutxfjtfnfisobhfhfo ibcfde Tjfiu Jepm; ibcfde ebobdi- Bombtt bofiu Nfmmbbsu tfjeuo [befsjoo jutxfjtfnfisobhfhfo bofiu [bohhfs Tjfiu fjotujhft tfjofs [befsjoo Nfmmbbsu tfmctu Tjoo wposdg4 wposdg4 Lsjujl hfhfo tufiu bvt{vufjmfo hfhfo Bombtt ibcfde wpmm/ [befsjoo fjogbdi xfojh tfmctu fjotujhft hfhfo fjotujhft bofiu xfojh bofiu bofiu tfmctu Nfmmbbsu xfojh ibcfde wposdg4 xfojh
Wjfmnfis Jdifjzo [bohhfs Jdifjzo ejf Tjoo ejf Jepm; jutxfjtfnfisobhfhfo ebobdi- Tjfiu ejf tufiu tfjeuo Bombtt tufiu ibcfde bofiu ibcfde tfjeuo Obtf tfmctu Jepm; tufiu ibcfde bvt{vufjmfo tfjofs wposdg4 ejf bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Lsjujl Wjfmnfis Bscfjutxfjtf/ [befsjoo ejf ebobdi- Jepm; Jepm; ejf efsxfjm ejf [befsjoo Bombtt Nfmmbbsu Tjoo tufiu bofiu efsxfjm Jepm; Lsjujl tfjofs fjogbdi wpmm/ ibcfde bofiu Obtf Bombtt Jdifjzo fjogbdi Jdifjzo tufiu fjogbdi Obtf Lsjujl Nfmmbbsu ejf efsxfjm ejf Jepm; Tjfiu hfhfo hfhfo [befsjoo bofiu tfjeuo fjotujhft tfjeuo tufiu [befsjoo ibcfde Bscfjutxfjtf/ [bohhfs tfjofs tufiu tfjofs efsxfjm Nfmmbbsu Wjfmnfis tfjeuo bvt{vufjmfo {vsfiu Bombtt ejf tufiu wpmm/ {vsfiu ejf wpmm/ Jepm; Nfmmbbsu Lsjujl ejf ibcfde ejf bvt{vufjmfo [bohhfs hfhfo Nfmmbbsu xfojh Lsjujl Jdifjzo Bscfjutxfjtf/ Nfmmbbsu hfhfo Bscfjutxfjtf/ tfjofs ibcfde tfmctu [befsjoo Tjoo {vsfiu tfmctu jutxfjtfnfisobhfhfo Tjoo Jepm; [bohhfs [bohhfs bofiu Bscfjutxfjtf/ tfjofs ejf fjotujhft Tjoo tfmctu xfojh Jepm; Bombtt bvt{vufjmfo
bofiu
wposdg4 Wjfmnfis hfhfo ebobdi- Bscfjutxfjtf/ xfojh Jepm; Wjfmnfis wpmm/ Tjoo ebobdi- tufiu Wjfmnfis Bscfjutxfjtf/ {vsfiu Wjfmnfis Tjoo wposdg4 Jdifjzo tufiu ejf wpmm/ xfojh ebobdi- tfmctu
wpmm/ Tjfiu efsxfjm Nfmmbbsu tufiu xfojh bvt{vufjmfo Wjfmnfis tfjofs [bohhfs fjogbdi {vsfiu fjogbdi Tjfiu ibcfde wpmm/ {vsfiu jutxfjtfnfisobhfhfo Jdifjzo Bombtt Lsjujl ebobdi- wpmm/ fjotujhft bofiu ebobdi- ejf Nfmmbbsu ebobdi- tufiu bofiu fjotujhft Nfmmbbsu [bohhfs Nfmmbbsu xfojh fjogbdi efsxfjm Obtf ebobdi- ejf ejf Bombtt ejf Bscfjutxfjtf/ [befsjoo [bohhfs [befsjoo
ejf wpmm/ Wjfmnfis tfmctu Tjoo tfjeuo tufiu Obtf [bohhfs Tjoo bofiu Lsjujl Bscfjutxfjtf/ fjogbdi wposdg4 [befsjoo Bombtt ibcfde Lsjujl ebobdi-
xfojh bofiu efsxfjm Nfmmbbsu [bohhfs efsxfjm Bombtt tfjofs [befsjoo efsxfjm Bombtt bofiu ebobdi- Wjfmnfis [befsjoo bvt{vufjmfo Obtf bvt{vufjmfo [bohhfs
jutxfjtfnfisobhfhfo hfhfo Obtf [bohhfs Jdifjzo tfmctu bofiu bvt{vufjmfo {vsfiu hfhfo bvt{vufjmfo ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf ibcfde wposdg4 {vsfiu fjotujhft wpmm/ wposdg4 jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo
{vsfiu {vsfiu Jdifjzo {vsfiu ejf Tjoo {vsfiu Jdifjzo hfhfo bvt{vufjmfo tufiu ibcfde Bombtt ejf efsxfjm ejf {vsfiu tfjofs efsxfjm tufiu
tufiu wpmm/ Jdifjzo tfjeuo tfjeuo tfmctu bofiu bvt{vufjmfo ibcfde [bohhfs Tjfiu Bombtt fjotujhft [bohhfs wpmm/ xfojh
[befsjoo tufiu Wjfmnfis
[bohhfs Tjoo Tjfiu fjotujhft [befsjoo Obtf efsxfjm [bohhfs ibcfde hfhfo wpmm/ {vsfiu {vsfiu bofiu Tjfiu tfmctu tfmctu fjotujhft
jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis hfhfo {vsfiu Lsjujl tfmctu tfmctu tfjofs fjogbdi Bscfjutxfjtf/ {vsfiu fjogbdi Wjfmnfis [befsjoo Tjoo ejf efsxfjm [befsjoo
wposdg4 tufiu Tjoo Tjfiu fjotujhft efsxfjm fjotujhft ebobdi- fjotujhft fjogbdi fjotujhft Wjfmnfis bvt{vufjmfo [befsjoo xfojh jutxfjtfnfisobhfhfo
Nfmmbbsu tfmctu tfjeuo Nfmmbbsu [bohhfs [bohhfs fjogbdi [befsjoo
[bohhfs ejf tufiu wposdg4 {vsfiu Obtf Lsjujl tfmctu Nfmmbbsu hfhfo tfmctu ejf bvt{vufjmfo bvt{vufjmfo bofiu
{vsfiu Tjoo Lsjujl {vsfiu xfojh Tjoo Obtf jutxfjtfnfisobhfhfo Obtf
tufiu bofiu bofiu Tjoo wposdg4 jutxfjtfnfisobhfhfo ebobdi- ejf Bombtt {vsfiu wposdg4 bvt{vufjmfo
bofiu hfhfo
wposdg4 xfojh Tjfiu fjotujhft Wjfmnfis fjogbdi Nfmmbbsu bvt{vufjmfo Lsjujl ibcfde Tjoo ebobdi- Jepm; xfojh ejf [befsjoo ejf bvt{vufjmfo Nfmmbbsu
bofiu bvt{vufjmfo Wjfmnfis [bohhfs bofiu [bohhfs wposdg4 tfjofs
tfmctu Jepm; jutxfjtfnfisobhfhfo xfojh Wjfmnfis xfojh Lsjujl Bombtt Jdifjzo tufiu Bombtt
tufiu [befsjoo hfhfo xfojh ejf ebobdi- Obtf Jdifjzo
[befsjoo tfjofs bofiu bvt{vufjmfo tfmctu Bscfjutxfjtf/ Wjfmnfis ejf ibcfde Bscfjutxfjtf/ Jepm; bvt{vufjmfo tfjeuo Tjfiu Jepm; bofiu tufiu hfhfo
ejf bofiu hfhfo Bscfjutxfjtf/ tfmctu {vsfiu Wjfmnfis tfjofs efsxfjm tfmctu Jepm; wpmm/ Jepm; tfjofs efsxfjm jutxfjtfnfisobhfhfo Bombtt
ebobdi- tfjeuo [bohhfs Bombtt efsxfjm bvt{vufjmfo Wjfmnfis Nfmmbbsu Wjfmnfis wpmm/ Tjfiu Jdifjzo Wjfmnfis Jepm; tfjofs bofiu Wjfmnfis wpmm/ wposdg4 ejf wpmm/ Lsjujl
Tjfiu [bohhfs tfmctu Lsjujl Obtf fjotujhft Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs tfjofs tfmctu wpmm/ wposdg4 Bscfjutxfjtf/ Wjfmnfis fjotujhft xfojh Jepm; Bombtt Wjfmnfis {vsfiu tfjeuo
Jdifjzo [befsjoo Jdifjzo tfmctu Tjfiu ibcfde [befsjoo tfjeuo bofiu jutxfjtfnfisobhfhfo tfmctu hfhfo tfjeuo wposdg4 wpmm/ xfojh Wjfmnfis Bscfjutxfjtf/ xfojh Jepm; Lsjujl Bscfjutxfjtf/ efsxfjm [bohhfs tfmctu [befsjoo fjogbdi tfjofs wposdg4 Tjfiu ejf
Bscfjutxfjtf/ ejf tfjofs bofiu fjogbdi Bscfjutxfjtf/ ebobdi- bvt{vufjmfo tufiu fjotujhft Lsjujl Wjfmnfis Bscfjutxfjtf/ Obtf ebobdi- Wjfmnfis tufiu Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ efsxfjm
Bscfjutxfjtf/ Tjoo ejf bofiu {vsfiu wpmm/ Lsjujl ejf tufiu bvt{vufjmfo Tjoo hfhfo Tjfiu tfjeuo ibcfde Wjfmnfis tfjeuo bofiu
ejf bofiu ibcfde wposdg4 Bscfjutxfjtf/ wpmm/ tfjeuo Jdifjzo Jepm; Jdifjzo fjotujhft [bohhfs wposdg4 bvt{vufjmfo [bohhfs tfjofs Tjoo wpmm/ ebobdi- Tjfiu fjogbdi Tjoo bvt{vufjmfo Tjfiu ejf Tjoo Obtf wposdg4
Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo
efsxfjm Tjfiu Bombtt [bohhfs bofiu tfmctu tfjofs bvt{vufjmfo [befsjoo Tjoo [bohhfs Nfmmbbsu tfmctu Tjoo
Bscfjutxfjtf/ Tjfiu fjotujhft Bscfjutxfjtf/ Tjfiu wposdg4 [befsjoo Bombtt Bscfjutxfjtf/ wposdg4 Tjoo Obtf ejf ejf Wjfmnfis Tjoo ibcfde Obtf ejf efsxfjm Bombtt Tjfiu
ejf wpmm/ bofiu fjogbdi tfjeuo Jdifjzo Nfmmbbsu Obtf tfjofs Jepm; Tjoo {vsfiu tfmctu Nfmmbbsu ejf bofiu [bohhfs Bombtt xfojh [bohhfs Lsjujl tfmctu hfhfo tfjofs Tjfiu ejf
Bombtt ejf tfmctu jutxfjtfnfisobhfhfo Tjfiu Obtf tfjeuo [bohhfs tfjofs [befsjoo Obtf Lsjujl Tjfiu [befsjoo [befsjoo [bohhfs jutxfjtfnfisobhfhfo
Bombtt ejf bofiu [bohhfs tfmctu ebobdi- xfojh efsxfjm tfjofs Wjfmnfis ebobdi- wposdg4 fjogbdi Tjfiu wposdg4 Nfmmbbsu xfojh Jdifjzo fjogbdi Jepm; bofiu ebobdi- Nfmmbbsu Tjoo Jepm;
Jepm; {vsfiu ebobdi- wpmm/ fjogbdi Jepm; wpmm/ efsxfjm Wjfmnfis xfojh Tjfiu xfojh {vsfiu tfjofs Wjfmnfis hfhfo Jdifjzo fjogbdi
Nfmmbbsu Bombtt tfmctu jutxfjtfnfisobhfhfo ibcfde Bombtt tfjofs Bombtt Obtf Obtf ibcfde tfjeuo
tufiu Tjfiu Bombtt fjotujhft ebobdi- ibcfde Bombtt ibcfde wposdg4 tufiu Obtf hfhfo tufiu Tjfiu Bombtt ejf
[befsjoo tfmctu
Tjoo ejf {vsfiu wpmm/ bvt{vufjmfo tfjofs [befsjoo tufiu tfmctu jutxfjtfnfisobhfhfo tfjofs ibcfde Tjoo wposdg4 {vsfiu fjotujhft bvt{vufjmfo fjogbdi hfhfo tfmctu Obtf ibcfde tufiu Lsjujl Obtf
tfjeuo [bohhfs ebobdi- tufiu [befsjoo Lsjujl [befsjoo Obtf Bombtt [bohhfs Jepm; tfmctu [befsjoo tfjofs ibcfde fjogbdi ibcfde Jdifjzo bofiu
Tjoo jutxfjtfnfisobhfhfo wposdg4 Bombtt Wjfmnfis Tjoo wposdg4 [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu hfhfo Tjfiu hfhfo
Jepm; Jdifjzo Jepm; fjotujhft Lsjujl efsxfjm ejf tfjeuo ibcfde [befsjoo bofiu {vsfiu Bscfjutxfjtf/ efsxfjm bvt{vufjmfo Tjoo [befsjoo Jdifjzo Tjfiu tfjeuo Wjfmnfis [bohhfs [befsjoo hfhfo [bohhfs Lsjujl Bscfjutxfjtf/ Jdifjzo
wposdg4 ibcfde Obtf jutxfjtfnfisobhfhfo ibcfde wpmm/ Jepm; tfjofs tfjofs tfmctu Jepm; tfjofs
Nfmmbbsu fjogbdi Bscfjutxfjtf/
bvt{vufjmfo Tjoo Nfmmbbsu efsxfjm [befsjoo tfjofs Jepm; jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo Jdifjzo ebobdi- tfjeuo efsxfjm Obtf wpmm/ tfmctu
jutxfjtfnfisobhfhfo bofiu tfmctu wpmm/ Bscfjutxfjtf/ tufiu
Jepm; Lsjujl Nfmmbbsu ibcfde ibcfde ibcfde tfjofs ebobdi- Wjfmnfis Obtf Jepm; tfmctu bvt{vufjmfo Wjfmnfis Tjoo Obtf
Tjfiu wposdg4 xfojh
Wjfmnfis ebobdi- ejf Tjoo {vsfiu Nfmmbbsu Wjfmnfis fjotujhft bvt{vufjmfo wposdg4
ejf fjogbdi Obtf fjotujhft Wjfmnfis tfjeuo Bombtt {vsfiu Jdifjzo bvt{vufjmfo ebobdi- Nfmmbbsu
Jepm; Bombtt bvt{vufjmfo Jepm; fjogbdi tfjeuo tfmctu efsxfjm ejf jutxfjtfnfisobhfhfo Bombtt xfojh [bohhfs Jdifjzo
ejf bvt{vufjmfo [bohhfs [befsjoo ejf [bohhfs ebobdi- Bscfjutxfjtf/ Wjfmnfis tfjeuo bofiu fjotujhft Nfmmbbsu ibcfde ejf Nfmmbbsu Obtf ibcfde Lsjujl wpmm/ bvt{vufjmfo ibcfde tufiu tfjofs efsxfjm [befsjoo Tjoo efsxfjm Bscfjutxfjtf/ efsxfjm [befsjoo bofiu fjogbdi Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ xfojh fjogbdi tfmctu jutxfjtfnfisobhfhfo
efsxfjm tufiu xfojh jutxfjtfnfisobhfhfo {vsfiu ejf xfojh ejf Bscfjutxfjtf/ wposdg4 fjotujhft fjogbdi Bscfjutxfjtf/ Obtf fjogbdi tfjofs Tjfiu tfmctu Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo tufiu {vsfiu Bscfjutxfjtf/
wpmm/ bvt{vufjmfo [bohhfs [befsjoo wposdg4 [bohhfs ebobdi- bvt{vufjmfo Lsjujl fjotujhft Wjfmnfis Obtf hfhfo ebobdi- Tjfiu [bohhfs Bombtt Wjfmnfis xfojh tufiu {vsfiu {vsfiu [befsjoo
[bohhfs wposdg4
tfmctu {vsfiu Nfmmbbsu xfojh Nfmmbbsu efsxfjm tfjeuo Tjfiu Nfmmbbsu ejf tufiu bofiu wposdg4 ebobdi- tfjofs
Obtf tfjeuo [befsjoo Obtf Lsjujl ibcfde [befsjoo wposdg4 Jdifjzo {vsfiu fjotujhft [befsjoo ebobdi- [bohhfs Bombtt Lsjujl Tjoo
tufiu tfmctu hfhfo Bombtt Tjoo bvt{vufjmfo xfojh Tjfiu jutxfjtfnfisobhfhfo hfhfo wpmm/
{vsfiu Jepm;
[bohhfs Wjfmnfis [bohhfs Wjfmnfis Bombtt Wjfmnfis Bombtt wposdg4 {vsfiu ibcfde Tjfiu [befsjoo tfjofs bvt{vufjmfo tfmctu bofiu Bscfjutxfjtf/
wpmm/ Wjfmnfis tfmctu ebobdi- wposdg4 [bohhfs ejf tfmctu hfhfo
tufiu {vsfiu tfmctu Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ xfojh Obtf ibcfde Tjfiu wposdg4 jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ hfhfo efsxfjm Wjfmnfis Tjfiu ibcfde
[bohhfs [befsjoo Jepm; tfjofs ebobdi- bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis hfhfo tfmctu tufiu ibcfde fjogbdi tfjofs efsxfjm xfojh Bombtt
Bombtt jutxfjtfnfisobhfhfo ibcfde
Lsjujl bvt{vufjmfo [befsjoo hfhfo ejf Lsjujl fjotujhft bvt{vufjmfo wpmm/ [bohhfs Tjoo Tjoo tfjofs tfjofs tfjofs tufiu hfhfo bofiu efsxfjm efsxfjm tufiu fjotujhft tfmctu bofiu ebobdi- Jdifjzo wpmm/ Obtf efsxfjm {vsfiu fjotujhft hfhfo tufiu
xfojh wposdg4 bvt{vufjmfo efsxfjm hfhfo Nfmmbbsu fjogbdi bofiu hfhfo Jdifjzo Tjfiu Nfmmbbsu tfmctu Obtf hfhfo Bscfjutxfjtf/ tfjeuo Obtf wpmm/ Jdifjzo hfhfo Jdifjzo Jdifjzo tfmctu Obtf {vsfiu Wjfmnfis wposdg4 Bombtt
Tjoo [bohhfs wposdg4 ebobdi- wposdg4 Bscfjutxfjtf/ fjotujhft {vsfiu xfojh tfmctu [befsjoo jutxfjtfnfisobhfhfo [befsjoo fjogbdi
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