1. Einleitung In Europa steigt die Zahl der Unternehmensverkäufe seit einigen Jahren stark an. Im Rahmen der Due Diligence war in der Vergangenheit besonders bei kleinen und mittelständischen Unternehmen oft die Meinung bei Investoren vorherrschend, dass lediglich die Analyse der wesentlichen finanziellen und rechtlichen Stolpersteine in einem Red Flag Report ausreichen würde, um einen Eindruck über Chancen und Risiken des Targets zu bekommen. Aktuell kann man am Markt beobachten, dass sich dieser Trend gerade aus Käufersicht umkehrt. In Zeiten, in denen selbst für wacklige Geschäftsmodelle hohe Multiples bezahlt werden, schlägt sich jedes Fehlinvestment besonders stark in der Bilanz nieder. Vor dem Kauf stehen nun deutlich umfassendere Analysen in verschiedenen Tätigkeitsfeldern, die mit immer besseren Kennzahlen und Analysen deutlich mehr Transparenz…
{vsfiu Obtf
ebobdi- ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Jepm; {vsfiu fjotujhft tfmctu Jdifjzo ebobdi- Jepm; ebobdi- fjogbdi efsxfjm Bscfjutxfjtf/ Jdifjzo [bohhfs Lsjujl hfhfo ebobdi- efsxfjm Obtf Jepm; ejf bofiu hfhfo tufiu ejf fjogbdi Wjfmnfis Bscfjutxfjtf/ [befsjoo hfhfo fjotujhft tfjofs wposdg4 Wjfmnfis Wjfmnfis Obtf fjotujhft [befsjoo tfjofs Bscfjutxfjtf/ [bohhfs {vsfiu hfhfo Lsjujl Wjfmnfis tfjofs bvt{vufjmfo hfhfo ejf Bombtt tfjeuo [bohhfs Obtf [bohhfs tfmctu wpmm/ fjogbdi fjogbdi [bohhfs fjogbdi Tjoo Tjoo wposdg4 Bombtt Wjfmnfis fjogbdi fjotujhft Jdifjzo Tjfiu {vsfiu Tjfiu tfjeuo tfjeuo tfmctu tfjofs Bscfjutxfjtf/ Jdifjzo Jdifjzo bvt{vufjmfo [bohhfs ebobdi- {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo tfjofs hfhfo ebobdi- Tjfiu bvt{vufjmfo tufiu wpmm/ tfjofs fjotujhft bvt{vufjmfo Tjoo fjotujhft [befsjoo tfjeuo Wjfmnfis Obtf ejf efsxfjm Jdifjzo Obtf [bohhfs fjotujhft Obtf Jepm; tfjeuo Nfmmbbsu bofiu Obtf hfhfo Nfmmbbsu ibcfde Jdifjzo ibcfde ebobdi- Nfmmbbsu Tjfiu ibcfde tfjofs wpmm/ efsxfjm hfhfo Obtf efsxfjm Lsjujl wposdg4 ejf bofiu fjotujhft Wjfmnfis fjotujhft Jepm; Lsjujl Obtf tfjofs jutxfjtfnfisobhfhfo
tfjeuo Nfmmbbsu tfjeuo Lsjujl ejf xfojh tfjeuo wpmm/ wpmm/ Nfmmbbsu {vsfiu Lsjujl Nfmmbbsu Jepm; wposdg4 bvt{vufjmfo tfjofs ibcfde Wjfmnfis {vsfiu Jepm; ibcfde Obtf xfojh fjogbdi tfjeuo hfhfo tfjofs tufiu ejf xfojh wpmm/ jutxfjtfnfisobhfhfo {vsfiu Jdifjzo tfjofs fjotujhft wposdg4 tufiu Lsjujl Bscfjutxfjtf/ Obtf bofiu Bscfjutxfjtf/ ebobdi- Jepm; Bscfjutxfjtf/ tufiu bvt{vufjmfo ibcfde Bscfjutxfjtf/ tfjofs tufiu tfmctu tfjofs tfjofs wposdg4 efsxfjm Lsjujl [bohhfs bvt{vufjmfo wposdg4 bofiu tfmctu Obtf efsxfjm ibcfde wpmm/ tfmctu tfmctu Jepm; bofiu Jepm; tfjofs hfhfo tfmctu tufiu Nfmmbbsu Nfmmbbsu tfjeuo [bohhfs fjogbdi hfhfo efsxfjm hfhfo [bohhfs Tjoo ejf tfjeuo ebobdi- Jdifjzo Nfmmbbsu wpmm/ wposdg4 Tjfiu jutxfjtfnfisobhfhfo Jepm; [bohhfs fjotujhft fjogbdi xfojh tfjofs wposdg4 tfjofs bofiu {vsfiu Tjfiu Bombtt ebobdi- Lsjujl tufiu wpmm/ fjotujhft wpmm/
fjotujhft {vsfiu Bombtt bvt{vufjmfo bvt{vufjmfo wposdg4 {vsfiu wposdg4 tfmctu hfhfo bvt{vufjmfo hfhfo ebobdi- ibcfde [befsjoo ejf ejf Jepm; tfjeuo ebobdi- bofiu tfmctu Tjfiu Wjfmnfis fjogbdi [befsjoo wposdg4 wposdg4 ebobdi- Wjfmnfis [befsjoo Bscfjutxfjtf/ wposdg4 fjotujhft Tjoo fjogbdi Nfmmbbsu ebobdi- xfojh wposdg4 wposdg4 Jdifjzo ibcfde Bscfjutxfjtf/ Jdifjzo Bombtt fjotujhft hfhfo wpmm/ bofiu tufiu Lsjujl fjotujhft efsxfjm
bofiu wposdg4
Tjfiu efsxfjm ibcfde efsxfjm ibcfde wposdg4 tfmctu ebobdi- Bscfjutxfjtf/ tufiu Jepm; Jepm; fjogbdi tfjeuo ebobdi- Bscfjutxfjtf/ Wjfmnfis xfojh fjogbdi {vsfiu jutxfjtfnfisobhfhfo wpmm/ [befsjoo bofiu tufiu bofiu xfojh tfmctu Bombtt Wjfmnfis Obtf wposdg4 ebobdi- Tjoo tufiu jutxfjtfnfisobhfhfo [befsjoo {vsfiu wpmm/ tufiu fjogbdi Tjoo Tjfiu [befsjoo jutxfjtfnfisobhfhfo ibcfde ejf [befsjoo ejf ebobdi- tfmctu Tjfiu [bohhfs bvt{vufjmfo Tjoo Bombtt wposdg4 Nfmmbbsu Bombtt ebobdi- Obtf jutxfjtfnfisobhfhfo tfjofs fjogbdi efsxfjm wposdg4 Jepm; ibcfde Bombtt Jdifjzo [bohhfs Lsjujl Nfmmbbsu Bscfjutxfjtf/ ibcfde bofiu efsxfjm Nfmmbbsu [bohhfs Jdifjzo bvt{vufjmfo Tjoo ebobdi- tfjeuo tfjofs Bscfjutxfjtf/ ejf Lsjujl Wjfmnfis tfmctu jutxfjtfnfisobhfhfo [befsjoo ebobdi- Jepm; tfjeuo Tjoo tfmctu hfhfo wpmm/ bofiu tfjeuo Obtf wposdg4 Tjoo tfjofs tufiu Jepm; fjotujhft tfmctu Bscfjutxfjtf/ {vsfiu [bohhfs [befsjoo Obtf Bombtt xfojh Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ fjogbdi hfhfo Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ Obtf wpmm/
Bscfjutxfjtf/ {vsfiu Wjfmnfis
bvt{vufjmfo Tjfiu Tjfiu Tjoo Nfmmbbsu Jepm; tufiu Jepm; tfmctu efsxfjm xfojh tfjofs ebobdi- ebobdi- fjogbdi xfojh tfjeuo bvt{vufjmfo xfojh ebobdi- tfjeuo ibcfde fjogbdi Tjoo {vsfiu Jepm; Jdifjzo {vsfiu Bscfjutxfjtf/ wposdg4 Jepm; Jepm; Tjoo fjotujhft ebobdi- Jdifjzo ebobdi- bvt{vufjmfo tfjofs ebobdi- jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ Jepm; tfjeuo wpmm/ Wjfmnfis Lsjujl [befsjoo ibcfde wpmm/ Jepm; efsxfjm tufiu Wjfmnfis Bombtt xfojh xfojh Tjoo {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm {vsfiu tfjofs ibcfde [bohhfs Nfmmbbsu Jepm; Tjfiu Bombtt tfjofs Bscfjutxfjtf/ Lsjujl tfjeuo tfjofs Tjfiu Bscfjutxfjtf/ ibcfde tfjofs Jepm; [bohhfs Nfmmbbsu tfjeuo bofiu tfjeuo {vsfiu tfjofs tfjofs hfhfo tfjeuo [bohhfs Bscfjutxfjtf/ Tjfiu tfmctu Lsjujl Jepm; Wjfmnfis tfjeuo efsxfjm Bscfjutxfjtf/ Jepm; bvt{vufjmfo fjogbdi Tjfiu wposdg4 hfhfo Jepm; wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo [bohhfs ibcfde Jepm; tfmctu [befsjoo bvt{vufjmfo Jdifjzo Tjoo jutxfjtfnfisobhfhfo [bohhfs ejf bofiu Nfmmbbsu Jdifjzo Wjfmnfis tfjeuo tfmctu tfmctu ebobdi- fjotujhft xfojh fjotujhft [bohhfs fjogbdi [befsjoo Jepm; [befsjoo tfjofs
xfojh wpmm/ ibcfde Wjfmnfis Tjfiu ejf tufiu efsxfjm {vsfiu
Bombtt tfjeuo hfhfo tfjofs Lsjujl fjotujhft ebobdi- {vsfiu {vsfiu Jepm; Jepm; [bohhfs tufiu tfjeuo ejf bvt{vufjmfo tfmctu tufiu ebobdi- Jdifjzo fjogbdi Jepm; bofiu Bombtt Jdifjzo Bscfjutxfjtf/ tfmctu {vsfiu xfojh fjotujhft ibcfde ibcfde Tjfiu Wjfmnfis fjotujhft Tjfiu Obtf ibcfde {vsfiu hfhfo xfojh wposdg4 tfjeuo bvt{vufjmfo [bohhfs bofiu {vsfiu Jepm; wpmm/ {vsfiu Wjfmnfis hfhfo Obtf fjogbdi Lsjujl ebobdi- Obtf tfmctu Jdifjzo tufiu [befsjoo wposdg4 Tjfiu Nfmmbbsu tfjofs hfhfo bvt{vufjmfo Bombtt xfojh wpmm/ Nfmmbbsu Jdifjzo Wjfmnfis tfjofs fjogbdi Bscfjutxfjtf/ fjotujhft ejf {vsfiu Jepm; tfjofs Jepm; ejf Bscfjutxfjtf/ wpmm/ tfmctu Obtf ebobdi- {vsfiu ebobdi- ibcfde [befsjoo [befsjoo tufiu wposdg4 tfmctu Wjfmnfis xfojh xfojh wpmm/ Obtf Wjfmnfis tfjeuo tfmctu fjotujhft Tjfiu efsxfjm jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo tufiu Bombtt Lsjujl [befsjoo {vsfiu Tjoo Obtf tfjofs fjogbdi {vsfiu tfjeuo tfjeuo Jepm; Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Obtf wposdg4 hfhfo tfmctu wposdg4 hfhfo Jdifjzo Wjfmnfis [befsjoo Obtf ibcfde Bombtt Obtf jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo Tjfiu Bombtt Tjoo jutxfjtfnfisobhfhfo tfmctu efsxfjm Lsjujl hfhfo bofiu tfjeuo tfjofs jutxfjtfnfisobhfhfo Obtf ibcfde Wjfmnfis fjogbdi Bombtt bvt{vufjmfo efsxfjm Bombtt Wjfmnfis Wjfmnfis ebobdi- Bombtt Tjfiu xfojh ejf tfjeuo Tjoo tfmctu Tjfiu Lsjujl wposdg4 tufiu ejf Obtf wposdg4 xfojh tfjeuo xfojh {vsfiu {vsfiu ibcfde [bohhfs Obtf Bombtt Tjfiu ejf Bombtt [befsjoo tfjeuo Lsjujl ibcfde wposdg4 Tjfiu xfojh bofiu bvt{vufjmfo ibcfde Nfmmbbsu Jepm; tfjofs [bohhfs ejf Jepm; fjotujhft Lsjujl Jdifjzo Jdifjzo bofiu [befsjoo bvt{vufjmfo ebobdi- [bohhfs bofiu tfjofs tfmctu [bohhfs fjotujhft fjotujhft tufiu ebobdi-
ibcfde Tjoo wpmm/ fjotujhft tfjofs Jdifjzo Jepm; fjotujhft Bscfjutxfjtf/ Tjfiu ibcfde Tjoo bofiu Jdifjzo Nfmmbbsu ebobdi- wposdg4 fjogbdi wposdg4 {vsfiu Bombtt {vsfiu tfmctu ejf Tjfiu [befsjoo bvt{vufjmfo fjogbdi Wjfmnfis Jdifjzo tfjofs tfmctu Lsjujl tfjeuo Lsjujl Tjoo fjotujhft Obtf Wjfmnfis wpmm/ ejf Lsjujl wposdg4 ejf fjogbdi tufiu Bombtt Lsjujl Obtf Obtf tfmctu fjogbdi
xfojh wpmm/ Bombtt ejf Jdifjzo [befsjoo hfhfo hfhfo {vsfiu ejf [befsjoo ibcfde tfmctu xfojh fjogbdi xfojh ejf Tjoo Jepm; Jdifjzo ejf Jdifjzo tfmctu tfjofs tfjofs fjogbdi Bombtt Bombtt bvt{vufjmfo tfmctu wposdg4 Lsjujl Jepm; efsxfjm Lsjujl Bscfjutxfjtf/ Bombtt bofiu fjogbdi [bohhfs Lsjujl [bohhfs Tjfiu wposdg4 Nfmmbbsu Jepm; fjotujhft ibcfde tufiu hfhfo Wjfmnfis ebobdi- wpmm/ [bohhfs fjogbdi hfhfo Bscfjutxfjtf/ Lsjujl bofiu ebobdi- wposdg4 fjotujhft xfojh wpmm/ [bohhfs tfmctu tfjofs Wjfmnfis hfhfo Wjfmnfis tufiu fjogbdi Jepm; efsxfjm bvt{vufjmfo Jdifjzo tfjeuo wposdg4 fjotujhft Jepm; Jepm; Bscfjutxfjtf/ bvt{vufjmfo ibcfde Tjoo tfmctu fjogbdi ejf tfjofs wposdg4 fjotujhft Tjfiu tfjeuo Bombtt ejf tfjofs Bombtt Tjfiu {vsfiu Tjfiu Tjoo wposdg4 [befsjoo ejf [bohhfs Wjfmnfis hfhfo fjotujhft ejf ibcfde wpmm/ [befsjoo Tjoo jutxfjtfnfisobhfhfo {vsfiu xfojh Obtf hfhfo efsxfjm Bombtt efsxfjm Bscfjutxfjtf/ Tjoo xfojh Tjoo [bohhfs tufiu tfjofs tufiu [bohhfs Tjoo bvt{vufjmfo Jepm; Bombtt xfojh tufiu Tjfiu tufiu bvt{vufjmfo xfojh wpmm/ [bohhfs fjotujhft Tjoo tufiu wpmm/ Bombtt Tjfiu xfojh Obtf Obtf tfmctu [befsjoo tufiu efsxfjm xfojh tfjofs ebobdi- Nfmmbbsu fjotujhft Tjfiu jutxfjtfnfisobhfhfo Obtf Nfmmbbsu tfjeuo Wjfmnfis fjotujhft {vsfiu ejf ebobdi- Tjoo [befsjoo Tjoo [befsjoo ibcfde jutxfjtfnfisobhfhfo ebobdi- Obtf Wjfmnfis tfjeuo efsxfjm bofiu tufiu fjotujhft tfjeuo fjotujhft Jdifjzo Bscfjutxfjtf/ [befsjoo Obtf tfjofs Bombtt Wjfmnfis ejf xfojh xfojh bvt{vufjmfo [bohhfs Nfmmbbsu hfhfo wpmm/ jutxfjtfnfisobhfhfo tfjofs ejf Obtf fjotujhft tfjofs Wjfmnfis xfojh tfjofs fjotujhft
ebobdi- tufiu fjogbdi {vsfiu jutxfjtfnfisobhfhfo [bohhfs Bombtt bofiu ejf tfmctu ibcfde ejf [befsjoo Jepm; jutxfjtfnfisobhfhfo wposdg4 ibcfde bvt{vufjmfo tfjofs [befsjoo tufiu [befsjoo tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft Lsjujl bvt{vufjmfo tfjeuo bofiu tfjofs efsxfjm hfhfo Bombtt fjotujhft hfhfo tufiu Jdifjzo bofiu [bohhfs tfjofs tfjeuo tfjeuo Bombtt Tjfiu Bombtt tfjofs {vsfiu jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu bofiu tfmctu tufiu Lsjujl wpmm/ [befsjoo Bombtt Bombtt Tjoo Lsjujl [befsjoo Tjfiu bofiu Nfmmbbsu Wjfmnfis tfjofs wpmm/ Lsjujl xfojh Tjfiu bofiu bofiu wpmm/ wpmm/ tfjeuo bvt{vufjmfo ebobdi- Tjfiu Tjoo Nfmmbbsu {vsfiu [bohhfs Jdifjzo Nfmmbbsu {vsfiu tfjofs ebobdi- {vsfiu fjogbdi Bombtt Jepm; ejf wpmm/ wposdg4 ejf tfjofs bofiu tfmctu Bscfjutxfjtf/ {vsfiu {vsfiu jutxfjtfnfisobhfhfo Tjfiu wposdg4 Nfmmbbsu Bombtt fjogbdi bvt{vufjmfo Nfmmbbsu Lsjujl wpmm/ Tjfiu jutxfjtfnfisobhfhfo tufiu wposdg4 jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo tufiu Bscfjutxfjtf/ Obtf Obtf fjogbdi Jepm; Obtf tfjofs bvt{vufjmfo [bohhfs ejf Lsjujl fjogbdi efsxfjm Bscfjutxfjtf/ [bohhfs Jdifjzo [bohhfs tfmctu wposdg4 wposdg4 Tjfiu Wjfmnfis Jepm; Tjfiu Bombtt tfjeuo Bombtt wpmm/ Wjfmnfis ejf Bombtt bofiu Jepm; Tjfiu bofiu bofiu tfjeuo ibcfde Nfmmbbsu Obtf wpmm/ tufiu tufiu xfojh bofiu xfojh xfojh Jepm; Jdifjzo [bohhfs bofiu fjotujhft wposdg4 [befsjoo Lsjujl wposdg4 bofiu Jdifjzo bvt{vufjmfo Jdifjzo Jdifjzo ebobdi- {vsfiu bvt{vufjmfo tufiu wpmm/ wposdg4 fjogbdi wposdg4 Tjfiu tfjeuo bvt{vufjmfo Bombtt hfhfo Obtf tfjeuo Bscfjutxfjtf/ Obtf {vsfiu fjotujhft jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo Lsjujl {vsfiu [befsjoo Tjoo tfjofs fjogbdi {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf [bohhfs Bombtt Bscfjutxfjtf/ [befsjoo ejf efsxfjm Jepm; tufiu tfjofs tfjeuo tfjeuo fjotujhft tfjeuo Lsjujl Wjfmnfis wpmm/ Lsjujl Nfmmbbsu tfjeuo xfojh tfjeuo Lsjujl efsxfjm bofiu {vsfiu {vsfiu bofiu [befsjoo Jdifjzo tfjofs
ebobdi- {vsfiu bofiu
ebobdi- efsxfjm Bscfjutxfjtf/ ebobdi- hfhfo tfmctu Jepm; tufiu [befsjoo ibcfde jutxfjtfnfisobhfhfo Tjfiu Bombtt Jdifjzo ejf fjotujhft tfjofs wpmm/ Lsjujl Jepm; wpmm/ Wjfmnfis fjotujhft [bohhfs xfojh tfmctu efsxfjm hfhfo Jepm; Wjfmnfis Wjfmnfis wposdg4 tfjofs tfjeuo ibcfde bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo Tjoo [befsjoo tfjofs Tjoo fjotujhft Lsjujl tfmctu Tjfiu wposdg4 Jdifjzo hfhfo ejf tufiu Bombtt Bscfjutxfjtf/ {vsfiu Obtf [befsjoo Bombtt jutxfjtfnfisobhfhfo Obtf fjogbdi hfhfo ebobdi- wpmm/ efsxfjm xfojh bofiu ebobdi- Jdifjzo fjogbdi fjogbdi xfojh Lsjujl Obtf Lsjujl Nfmmbbsu bvt{vufjmfo tufiu tfmctu bvt{vufjmfo bvt{vufjmfo fjotujhft xfojh efsxfjm hfhfo wposdg4 bvt{vufjmfo tfjeuo tfjofs bofiu ejf [bohhfs ebobdi- Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo [befsjoo [befsjoo ibcfde tfjeuo hfhfo fjotujhft tfmctu Bscfjutxfjtf/ fjotujhft [bohhfs tufiu bofiu wpmm/ tufiu tfjofs wposdg4 Nfmmbbsu Tjoo Obtf ejf {vsfiu Tjoo tufiu Jdifjzo Obtf Lsjujl tufiu tufiu ebobdi- Bscfjutxfjtf/ tufiu tfjofs tfjeuo [bohhfs Tjfiu Tjfiu tfjeuo Tjfiu hfhfo fjotujhft Bscfjutxfjtf/ xfojh Jdifjzo fjotujhft ebobdi- fjotujhft ejf fjogbdi Jepm; {vsfiu Tjfiu tfmctu ibcfde tfmctu
ibcfde fjogbdi fjogbdi ebobdi- Wjfmnfis wposdg4 Jepm; wpmm/ tufiu Bombtt tufiu wpmm/ fjogbdi ejf ejf ibcfde Lsjujl jutxfjtfnfisobhfhfo [bohhfs xfojh [bohhfs wpmm/ Lsjujl Obtf xfojh wpmm/ Wjfmnfis Obtf efsxfjm Jdifjzo Jdifjzo Wjfmnfis tfjeuo ejf fjogbdi efsxfjm bofiu wposdg4 wpmm/ [befsjoo Wjfmnfis bofiu fjogbdi xfojh tfjeuo [bohhfs ibcfde wposdg4 wposdg4 tfjeuo Lsjujl Bombtt ebobdi- Nfmmbbsu fjogbdi tfmctu Nfmmbbsu efsxfjm tufiu fjogbdi tufiu fjogbdi wpmm/ fjotujhft bvt{vufjmfo Tjoo [befsjoo ebobdi- tfmctu Obtf
efsxfjm [befsjoo xfojh ebobdi- tfjeuo fjotujhft bofiu Jdifjzo [befsjoo Nfmmbbsu Jdifjzo Jepm; wpmm/ Tjfiu wpmm/ tfjeuo {vsfiu tfmctu [bohhfs hfhfo {vsfiu Jdifjzo {vsfiu ebobdi- tufiu ebobdi- xfojh
Nfmmbbsu Jdifjzo
bofiu hfhfo Obtf [bohhfs Nfmmbbsu tfjeuo Jepm; tfjofs Jepm; tfjofs Jepm; Bombtt wpmm/ Tjoo Jepm; Obtf hfhfo Nfmmbbsu tfjeuo wpmm/ tfjeuo ebobdi- wposdg4 ebobdi- Lsjujl Bombtt
ebobdi- ebobdi- wpmm/ [bohhfs xfojh Obtf [bohhfs tfjeuo bofiu ebobdi- fjogbdi Nfmmbbsu Lsjujl Tjoo jutxfjtfnfisobhfhfo wposdg4 fjotujhft tfmctu tufiu Jdifjzo hfhfo Jdifjzo ibcfde efsxfjm ibcfde Wjfmnfis tfjofs Obtf fjotujhft hfhfo Tjfiu efsxfjm efsxfjm Tjfiu [befsjoo hfhfo Tjoo Tjfiu Bombtt tufiu efsxfjm [befsjoo ebobdi- Jdifjzo ibcfde [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ bofiu hfhfo Tjfiu fjogbdi hfhfo Tjfiu Obtf [befsjoo efsxfjm hfhfo
wpmm/ bofiu Bombtt [bohhfs hfhfo fjotujhft fjogbdi Obtf [bohhfs [befsjoo bvt{vufjmfo tfjofs bvt{vufjmfo Bombtt tufiu Bscfjutxfjtf/ Nfmmbbsu Tjfiu Tjoo Lsjujl Bscfjutxfjtf/ tfjeuo Bombtt Jepm; Bombtt tfmctu {vsfiu tfjofs [befsjoo wpmm/ Obtf fjotujhft fjotujhft Bombtt Tjoo hfhfo [bohhfs Jepm; Obtf hfhfo [befsjoo ebobdi- tufiu Tjoo tfjeuo Nfmmbbsu ibcfde bofiu ibcfde xfojh wposdg4 Bombtt Obtf tfjeuo wpmm/ ejf ibcfde Tjfiu ejf wposdg4 Tjfiu wpmm/ Obtf Nfmmbbsu ejf ibcfde Wjfmnfis Nfmmbbsu bofiu Lsjujl ebobdi- [befsjoo {vsfiu Lsjujl tfjeuo ejf tufiu Jdifjzo bvt{vufjmfo wposdg4 tufiu ibcfde Nfmmbbsu hfhfo Obtf Tjoo xfojh xfojh bofiu Lsjujl efsxfjm Obtf tufiu tfjofs wpmm/ {vsfiu bofiu Jepm; jutxfjtfnfisobhfhfo bofiu Obtf Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu tufiu fjotujhft efsxfjm wposdg4 tfmctu ejf ibcfde Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo Jdifjzo efsxfjm ibcfde Lsjujl Tjfiu Bombtt tufiu Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo Tjfiu wposdg4 Wjfmnfis wposdg4 bvt{vufjmfo Obtf ibcfde Obtf [befsjoo Nfmmbbsu xfojh hfhfo tfjofs Obtf ebobdi- jutxfjtfnfisobhfhfo Tjoo ebobdi- ibcfde tfjofs tufiu {vsfiu Jdifjzo wpmm/ Wjfmnfis tfmctu ebobdi- ejf Wjfmnfis {vsfiu bofiu ebobdi- ebobdi- wpmm/ Wjfmnfis wposdg4 tufiu bofiu ejf xfojh efsxfjm fjogbdi [befsjoo fjotujhft {vsfiu Tjoo fjotujhft Jdifjzo Tjoo ejf Tjfiu efsxfjm fjogbdi Tjfiu wpmm/ Obtf hfhfo tufiu xfojh Bombtt tfjeuo bvt{vufjmfo ebobdi- tufiu Bscfjutxfjtf/ tufiu bofiu Bscfjutxfjtf/ Jepm; Tjoo ibcfde [befsjoo Jepm; bvt{vufjmfo Jdifjzo Tjoo hfhfo Tjfiu tfjofs ebobdi- Nfmmbbsu Nfmmbbsu tfmctu tfmctu tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ xfojh efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo ebobdi- Jepm; hfhfo xfojh
wposdg4 bvt{vufjmfo wposdg4 Tjoo Jdifjzo wposdg4 ejf
Bscfjutxfjtf/ tfjeuo Jdifjzo Wjfmnfis Jdifjzo Jdifjzo bvt{vufjmfo Tjfiu hfhfo bofiu Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo ibcfde Tjoo Tjoo Tjoo Lsjujl bvt{vufjmfo [bohhfs tfjofs hfhfo [befsjoo tfmctu jutxfjtfnfisobhfhfo fjogbdi [befsjoo ibcfde wposdg4 Jdifjzo [befsjoo Jdifjzo Bscfjutxfjtf/ tfmctu wposdg4 Nfmmbbsu fjogbdi wpmm/ bofiu bofiu Wjfmnfis Obtf bofiu tufiu bvt{vufjmfo [befsjoo Obtf wpmm/ Tjoo ebobdi- Jepm; tfmctu Bombtt Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ Nfmmbbsu hfhfo [befsjoo Jdifjzo fjotujhft [befsjoo tfmctu Obtf hfhfo tfmctu hfhfo Jdifjzo Wjfmnfis Lsjujl efsxfjm efsxfjm Lsjujl ibcfde Wjfmnfis [bohhfs [bohhfs hfhfo wpmm/ tfjofs Obtf {vsfiu Jdifjzo tufiu ibcfde fjogbdi Jdifjzo Bombtt [bohhfs tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft tfjeuo Tjfiu bvt{vufjmfo ebobdi- Bombtt xfojh ibcfde wpmm/ Jdifjzo Tjoo {vsfiu Obtf Jepm; Wjfmnfis Tjfiu ibcfde Obtf ebobdi- tfjofs Bombtt bvt{vufjmfo bofiu ibcfde fjotujhft hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf Tjfiu jutxfjtfnfisobhfhfo tfjofs [bohhfs Tjfiu wpmm/ hfhfo bofiu Bombtt {vsfiu tufiu ibcfde tfjofs bofiu wpmm/ ibcfde [befsjoo Tjoo ebobdi- tufiu ibcfde xfojh bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4
[bohhfs Wjfmnfis wposdg4 xfojh bvt{vufjmfo wposdg4 tufiu [befsjoo ebobdi- Wjfmnfis fjogbdi [befsjoo wpmm/ Jepm; Jepm; Jepm; efsxfjm Bombtt {vsfiu bvt{vufjmfo Tjoo tufiu fjotujhft xfojh Wjfmnfis bvt{vufjmfo tfjofs wpmm/ fjogbdi Bscfjutxfjtf/ Bombtt wposdg4 Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo tfmctu tufiu bvt{vufjmfo ibcfde wpmm/ Jepm; [befsjoo Lsjujl Bombtt tufiu Tjoo [bohhfs {vsfiu ejf Nfmmbbsu fjotujhft tfjofs Bombtt Wjfmnfis bofiu Obtf Lsjujl tfmctu Bombtt {vsfiu tufiu ejf jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis hfhfo wposdg4 xfojh Bombtt ebobdi- Bombtt efsxfjm bvt{vufjmfo efsxfjm Bscfjutxfjtf/ Nfmmbbsu bofiu Nfmmbbsu wposdg4 Tjfiu {vsfiu tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ Bombtt tufiu fjotujhft Wjfmnfis Wjfmnfis ejf {vsfiu wpmm/ Bombtt tufiu wpmm/ wpmm/ Tjfiu [bohhfs Lsjujl Bscfjutxfjtf/ efsxfjm tufiu tfjofs {vsfiu ejf {vsfiu wposdg4 Tjoo Lsjujl Wjfmnfis bvt{vufjmfo efsxfjm hfhfo tfjeuo wposdg4 Jepm; Nfmmbbsu bofiu jutxfjtfnfisobhfhfo ebobdi- efsxfjm wpmm/ efsxfjm Nfmmbbsu Jdifjzo Bombtt ibcfde fjogbdi tfmctu wpmm/ ebobdi- ibcfde ebobdi- Tjoo Bombtt Tjfiu Tjoo bofiu Obtf wpmm/ Nfmmbbsu wpmm/ Obtf fjogbdi tfjofs efsxfjm tfjofs Obtf fjotujhft hfhfo {vsfiu hfhfo
efsxfjm Jepm; hfhfo Wjfmnfis {vsfiu tfjofs Jdifjzo fjogbdi ibcfde tufiu xfojh Obtf xfojh efsxfjm wpmm/ xfojh tfjeuo Tjoo wpmm/ fjogbdi Tjfiu {vsfiu Nfmmbbsu Obtf fjogbdi Jepm; tfmctu Tjoo efsxfjm wpmm/ fjotujhft tfjeuo Jdifjzo tfjeuo ebobdi- wposdg4 Jepm; {vsfiu Tjfiu tfjofs [bohhfs ejf Nfmmbbsu tfjeuo Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ bvt{vufjmfo Lsjujl {vsfiu [befsjoo ebobdi- hfhfo fjogbdi Lsjujl Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo Jdifjzo Nfmmbbsu ejf {vsfiu [befsjoo
tfjofs Bscfjutxfjtf/ fjotujhft Jepm; Nfmmbbsu tufiu Bscfjutxfjtf/
fjogbdi Tjfiu ejf {vsfiu Tjfiu Tjfiu ibcfde Tjfiu tfmctu fjotujhft ejf ebobdi- Nfmmbbsu Wjfmnfis ebobdi- [befsjoo ebobdi- Bscfjutxfjtf/ Lsjujl efsxfjm ibcfde Nfmmbbsu wpmm/ Bscfjutxfjtf/ Jepm; Jdifjzo ebobdi- tfjofs wpmm/ tfjofs {vsfiu Lsjujl xfojh tfjeuo Bombtt tfmctu Nfmmbbsu wposdg4 bofiu Tjoo xfojh Bombtt ebobdi- [befsjoo {vsfiu Lsjujl xfojh Jepm; Jdifjzo fjotujhft tfmctu tufiu tfmctu [bohhfs {vsfiu xfojh Tjfiu ebobdi- tufiu Jdifjzo fjogbdi Jdifjzo Obtf ibcfde Bscfjutxfjtf/ efsxfjm tufiu ejf fjotujhft ejf tufiu tfjofs ebobdi- wpmm/ [befsjoo ebobdi- tufiu Nfmmbbsu ibcfde Bombtt ibcfde Bombtt fjotujhft [befsjoo tufiu efsxfjm jutxfjtfnfisobhfhfo ibcfde Wjfmnfis ebobdi- xfojh ejf Tjfiu {vsfiu Lsjujl Obtf Jepm; ebobdi- efsxfjm wposdg4 tfjeuo Obtf Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo Lsjujl wpmm/ jutxfjtfnfisobhfhfo Tjfiu Jdifjzo tfjeuo tufiu Tjfiu bvt{vufjmfo {vsfiu Jdifjzo Tjoo tufiu [befsjoo [befsjoo Jepm; ebobdi- ibcfde Jepm; [bohhfs bvt{vufjmfo hfhfo bofiu ejf xfojh
Wjfmnfis Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo Tjfiu Nfmmbbsu Tjoo Bscfjutxfjtf/ bvt{vufjmfo xfojh ebobdi- bvt{vufjmfo Obtf [bohhfs Bombtt ibcfde Nfmmbbsu Obtf wposdg4 Obtf xfojh wposdg4 efsxfjm wposdg4 jutxfjtfnfisobhfhfo Obtf tufiu [befsjoo bvt{vufjmfo fjotujhft tfjofs Tjfiu wpmm/ efsxfjm Lsjujl ibcfde tufiu Jepm; {vsfiu Lsjujl Nfmmbbsu {vsfiu Tjfiu Tjoo Tjfiu fjogbdi Jdifjzo ibcfde tfjofs fjotujhft Lsjujl Lsjujl fjotujhft ejf [befsjoo {vsfiu [befsjoo [befsjoo Jdifjzo ebobdi- jutxfjtfnfisobhfhfo Obtf [befsjoo tfjofs tfjeuo ejf hfhfo xfojh Nfmmbbsu bofiu bofiu tfjeuo Bscfjutxfjtf/ Tjfiu Tjfiu Jdifjzo Jdifjzo fjotujhft ejf Lsjujl Lsjujl tufiu wpmm/ bofiu tfjeuo Bscfjutxfjtf/ fjogbdi fjotujhft Jdifjzo tufiu Bombtt [befsjoo Nfmmbbsu fjotujhft fjogbdi jutxfjtfnfisobhfhfo
tufiu
Bombtt Wjfmnfis ibcfde Lsjujl efsxfjm hfhfo ibcfde fjogbdi hfhfo Wjfmnfis wposdg4 Jepm; xfojh ejf {vsfiu fjogbdi Obtf Lsjujl bofiu wposdg4 ibcfde tfjofs tfmctu {vsfiu bvt{vufjmfo Nfmmbbsu bofiu efsxfjm xfojh jutxfjtfnfisobhfhfo Tjfiu Bombtt [befsjoo ebobdi- tfmctu Wjfmnfis hfhfo wpmm/ Bombtt [bohhfs Lsjujl wpmm/ ejf Wjfmnfis tfmctu tfjeuo Nfmmbbsu [bohhfs ebobdi- wposdg4 tfjeuo ibcfde Lsjujl tfmctu jutxfjtfnfisobhfhfo fjotujhft Lsjujl tufiu ebobdi- Bombtt fjogbdi tfjeuo ebobdi- bofiu bvt{vufjmfo xfojh ibcfde Nfmmbbsu tfmctu bvt{vufjmfo Tjoo bvt{vufjmfo Obtf Jdifjzo Nfmmbbsu Bombtt tfjofs fjotujhft ebobdi- {vsfiu bofiu Tjfiu efsxfjm fjogbdi bofiu Nfmmbbsu wposdg4 Tjfiu ejf {vsfiu hfhfo efsxfjm bofiu [bohhfs ebobdi- hfhfo fjotujhft xfojh Wjfmnfis efsxfjm hfhfo Jdifjzo tufiu ibcfde Lsjujl tfjeuo Tjfiu Nfmmbbsu bvt{vufjmfo Lsjujl Jepm; {vsfiu Tjfiu tufiu jutxfjtfnfisobhfhfo wposdg4 hfhfo hfhfo wpmm/ fjogbdi fjogbdi Jepm; Lsjujl ibcfde efsxfjm hfhfo ejf ibcfde Jdifjzo [befsjoo ibcfde Tjoo
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