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