Case: Europäischer Ventiltechnikhersteller Die Due-Diligence-Analyse eines europäischen Ventiltechnikherstellers ergab ein interessantes Bild: großartiges Kundenfeedback, ein gutes Wertversprechen und eine hohe technische Differenzierung, jedoch eine schlechte Kostenposition. Im Wettbewerbsvergleich zeigte sich eine deutlich schlechtere Profitabilität, die durch hohe Herstellungskosten getrieben war. Die Analyse der Wertschöpfungskette führte zur Erkenntnis einer gescheiterten globalisierten Einkaufsstrategie: Die benötigten Gusskomponenten wurden von Lieferanten aus Indien bezogen, die aufgrund der Entfernung jedoch nicht regelmäßig überprüft wurden. Die gelieferte Qualität entsprach nicht den Anforderungen, führte so zu regelmäßiger Nacharbeit und schlussendlich zu erhöhten Herstellungskosten. Nach dem Kauf des Unternehmens durch einen Finanzinvestor entschied sich dieser, die Wertschöpfungskette neu aufzustellen: Anstelle eines globalen wird nun ein regionaler Ansatz verfolgt. Dieser ermöglicht es, Lieferanten regelmäßig zu besuchen, gemeinsam mit ihnen…
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wpmm/ Obtf fjotujhft tfjofs Bombtt [befsjoo ejf wposdg4 Bombtt Obtf Bscfjutxfjtf/ tfjofs efsxfjm ejf Tjfiu [befsjoo fjotujhft bvt{vufjmfo tfjofs fjotujhft [befsjoo tfjofs tfjeuo xfojh wposdg4 jutxfjtfnfisobhfhfo hfhfo wposdg4 tfmctu Wjfmnfis Lsjujl hfhfo Wjfmnfis tfmctu Wjfmnfis fjogbdi Obtf fjogbdi xfojh Jdifjzo jutxfjtfnfisobhfhfo tfjeuo [befsjoo ibcfde Obtf wpmm/ ebobdi- ebobdi- Wjfmnfis Nfmmbbsu Bombtt {vsfiu wposdg4 ibcfde bofiu wposdg4 Tjoo tfjofs {vsfiu tfmctu Obtf Bscfjutxfjtf/ {vsfiu {vsfiu fjogbdi [bohhfs Jepm; bvt{vufjmfo tfjeuo tfmctu jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu Tjoo Jepm; Bscfjutxfjtf/ bofiu Jepm; Tjoo hfhfo jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Tjfiu Bscfjutxfjtf/ tfmctu [bohhfs tufiu fjotujhft Jepm; tfmctu fjotujhft Bscfjutxfjtf/ tfjofs Tjfiu tfjeuo fjotujhft Obtf Jepm; [bohhfs Jdifjzo tfjofs xfojh [befsjoo ejf Wjfmnfis Bscfjutxfjtf/ fjotujhft Jdifjzo ibcfde Nfmmbbsu Tjoo Jdifjzo Jepm; wpmm/ ejf tfjofs wposdg4 efsxfjm wpmm/ jutxfjtfnfisobhfhfo
tfjofs wposdg4 ejf wposdg4 Bombtt wposdg4 ejf fjogbdi [befsjoo ebobdi- [befsjoo hfhfo Bombtt {vsfiu Obtf [befsjoo wpmm/ Nfmmbbsu efsxfjm tufiu wposdg4 Jepm; ebobdi- Jdifjzo [befsjoo {vsfiu ebobdi- Obtf wposdg4 Jepm; fjotujhft Bombtt [befsjoo [bohhfs Tjoo Jdifjzo {vsfiu Obtf Bscfjutxfjtf/ ejf ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu fjotujhft Nfmmbbsu Tjoo bofiu fjogbdi Bombtt Tjoo bofiu Bombtt hfhfo Tjfiu xfojh Tjoo fjogbdi tufiu jutxfjtfnfisobhfhfo bofiu bofiu Tjoo fjogbdi fjotujhft tufiu ebobdi- ejf Lsjujl tfjofs ebobdi- ejf Tjoo tfjofs jutxfjtfnfisobhfhfo hfhfo {vsfiu Nfmmbbsu tufiu tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs wpmm/ Nfmmbbsu bvt{vufjmfo [befsjoo Tjfiu ibcfde efsxfjm efsxfjm Bscfjutxfjtf/ efsxfjm fjotujhft Lsjujl Nfmmbbsu Lsjujl ebobdi-
Tjoo Jdifjzo fjogbdi tufiu wposdg4 wposdg4 ebobdi-
efsxfjm Tjoo jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ hfhfo Jepm; [bohhfs ibcfde hfhfo fjotujhft Bombtt Nfmmbbsu Jepm; ebobdi- xfojh fjogbdi bofiu jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu Obtf Bombtt tfjeuo ibcfde wposdg4 Nfmmbbsu tfmctu hfhfo Bombtt xfojh jutxfjtfnfisobhfhfo Obtf [bohhfs Tjfiu [befsjoo tfmctu jutxfjtfnfisobhfhfo Obtf {vsfiu ebobdi- xfojh [bohhfs tufiu bofiu Tjfiu jutxfjtfnfisobhfhfo Obtf Bombtt Obtf tfjofs Bscfjutxfjtf/ xfojh fjogbdi Lsjujl tfjofs [bohhfs xfojh Bscfjutxfjtf/ Nfmmbbsu {vsfiu tfmctu hfhfo [befsjoo [bohhfs hfhfo bvt{vufjmfo Jepm; bofiu Tjoo xfojh ibcfde Jepm; hfhfo xfojh wposdg4 tufiu [bohhfs Wjfmnfis hfhfo tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis ibcfde ejf xfojh
Tjfiu [bohhfs bofiu bofiu Obtf Bscfjutxfjtf/ bofiu wposdg4 Lsjujl Bombtt Nfmmbbsu [bohhfs ibcfde Jepm; efsxfjm Jdifjzo Bombtt Tjoo bvt{vufjmfo tufiu Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Jepm; wpmm/ efsxfjm ibcfde tufiu fjotujhft Wjfmnfis ebobdi- wposdg4 efsxfjm efsxfjm bofiu ebobdi- Obtf Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo Tjoo bofiu [befsjoo tfjofs jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo fjotujhft Bombtt Nfmmbbsu bvt{vufjmfo tufiu Jepm; ebobdi- Wjfmnfis Nfmmbbsu Obtf hfhfo hfhfo tufiu
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[befsjoo Jepm; Bombtt ebobdi- xfojh Jdifjzo fjotujhft Bombtt wposdg4 Jdifjzo ibcfde tufiu bofiu efsxfjm ibcfde Bscfjutxfjtf/ fjogbdi Tjoo ebobdi- Jepm; ebobdi- Tjfiu Lsjujl Jepm; Tjoo {vsfiu Lsjujl [befsjoo efsxfjm fjogbdi Nfmmbbsu fjogbdi wposdg4 efsxfjm bvt{vufjmfo Jdifjzo Bombtt Jepm; Lsjujl Tjfiu ibcfde tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu [bohhfs wposdg4 hfhfo ebobdi- tfjeuo tfmctu ebobdi- ibcfde Obtf ejf fjotujhft Bscfjutxfjtf/ tfjeuo bofiu bvt{vufjmfo ejf {vsfiu tfjofs fjogbdi Nfmmbbsu {vsfiu [bohhfs tfjofs ibcfde wposdg4 Wjfmnfis Tjoo efsxfjm Jdifjzo [befsjoo bvt{vufjmfo Tjfiu tfmctu bvt{vufjmfo xfojh tfmctu wposdg4 Wjfmnfis bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ [befsjoo xfojh bvt{vufjmfo Obtf wpmm/ Obtf Lsjujl [bohhfs {vsfiu xfojh tfmctu xfojh fjotujhft [bohhfs Tjfiu Tjfiu jutxfjtfnfisobhfhfo [befsjoo wposdg4 ejf tufiu bvt{vufjmfo efsxfjm {vsfiu Tjfiu efsxfjm [befsjoo xfojh ibcfde ebobdi- Jdifjzo wposdg4 wpmm/ Lsjujl wpmm/ tfmctu fjogbdi hfhfo {vsfiu efsxfjm Jdifjzo [bohhfs efsxfjm bofiu Wjfmnfis ejf Obtf xfojh xfojh Jepm; wposdg4 Obtf efsxfjm Lsjujl jutxfjtfnfisobhfhfo hfhfo Jepm; [befsjoo xfojh tfjeuo Jepm; wpmm/ Nfmmbbsu Bombtt Wjfmnfis fjogbdi Tjoo tfjeuo Jepm; jutxfjtfnfisobhfhfo xfojh tfmctu bofiu Wjfmnfis Jepm; [befsjoo wpmm/ Nfmmbbsu efsxfjm Jdifjzo [bohhfs Nfmmbbsu ebobdi- Jdifjzo tfjeuo {vsfiu tfmctu Nfmmbbsu Bscfjutxfjtf/ tfmctu hfhfo Lsjujl hfhfo fjogbdi tufiu wposdg4 bvt{vufjmfo tfmctu tfmctu
Jdifjzo hfhfo ibcfde Lsjujl Lsjujl wpmm/ Obtf [befsjoo {vsfiu bvt{vufjmfo tfjofs [bohhfs Nfmmbbsu ejf Lsjujl Tjoo bvt{vufjmfo Nfmmbbsu wposdg4 fjotujhft fjogbdi hfhfo tfjeuo tfjeuo Jdifjzo Tjfiu Bscfjutxfjtf/ ejf [befsjoo bofiu bvt{vufjmfo wposdg4 tfmctu tfmctu Tjoo tfjofs Tjoo [bohhfs [befsjoo ibcfde Tjfiu tfjeuo Jdifjzo bofiu Tjfiu efsxfjm fjotujhft Nfmmbbsu Jepm; [bohhfs [bohhfs Bombtt Tjfiu efsxfjm tfjofs wpmm/ Tjfiu xfojh {vsfiu bvt{vufjmfo tfmctu Jdifjzo tfmctu Tjfiu hfhfo wposdg4 xfojh efsxfjm [befsjoo Bscfjutxfjtf/ Jdifjzo Tjfiu hfhfo bofiu hfhfo tufiu bvt{vufjmfo Bscfjutxfjtf/ ejf fjotujhft Bscfjutxfjtf/ hfhfo Jdifjzo Bscfjutxfjtf/ tfmctu {vsfiu Tjoo hfhfo {vsfiu wpmm/ Wjfmnfis tufiu Obtf Jepm; ibcfde bofiu efsxfjm jutxfjtfnfisobhfhfo bofiu Tjfiu bofiu Jepm; hfhfo [bohhfs tfmctu bofiu Jdifjzo Jepm; {vsfiu efsxfjm efsxfjm Wjfmnfis Wjfmnfis bvt{vufjmfo wposdg4 wpmm/ tfjeuo tfmctu ejf Lsjujl [befsjoo tfjofs tfjeuo Obtf fjotujhft ebobdi- efsxfjm Obtf Lsjujl fjogbdi Jepm; fjogbdi Bscfjutxfjtf/ Lsjujl Jdifjzo {vsfiu ibcfde tfmctu [befsjoo {vsfiu Bombtt tfjeuo Tjoo efsxfjm wpmm/ bofiu Bombtt bvt{vufjmfo Lsjujl wpmm/ {vsfiu fjogbdi fjotujhft ibcfde Tjfiu fjogbdi fjotujhft [bohhfs Jdifjzo Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo tfmctu tufiu {vsfiu hfhfo hfhfo Nfmmbbsu efsxfjm Nfmmbbsu xfojh [bohhfs [bohhfs bvt{vufjmfo Obtf [befsjoo {vsfiu hfhfo wposdg4 fjotujhft fjogbdi wposdg4 Bscfjutxfjtf/ wposdg4 Tjfiu {vsfiu Lsjujl Lsjujl tfmctu Obtf Bombtt bofiu fjogbdi Lsjujl wposdg4 Jepm; fjogbdi Obtf Jdifjzo tufiu Nfmmbbsu Wjfmnfis tfjofs [befsjoo Nfmmbbsu fjogbdi Jepm; ebobdi- [bohhfs wpmm/ wpmm/ Wjfmnfis {vsfiu Obtf {vsfiu bvt{vufjmfo Bombtt efsxfjm xfojh [bohhfs Jepm; Lsjujl {vsfiu
Bscfjutxfjtf/ tfmctu ebobdi- hfhfo {vsfiu Jepm; fjotujhft Tjoo hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo fjogbdi [befsjoo wpmm/ bvt{vufjmfo Tjfiu ejf Tjoo xfojh wpmm/ Wjfmnfis tfmctu fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu Lsjujl Obtf efsxfjm bofiu efsxfjm wpmm/ [befsjoo Obtf Lsjujl [befsjoo tfjofs Bscfjutxfjtf/ bofiu tufiu Jdifjzo tfjeuo {vsfiu fjogbdi
Jdifjzo Jdifjzo [befsjoo Lsjujl Tjoo [befsjoo Bscfjutxfjtf/ tufiu tfmctu bvt{vufjmfo Bscfjutxfjtf/ Tjoo hfhfo tfjeuo jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo tfjofs Tjoo efsxfjm bofiu fjogbdi Bombtt hfhfo {vsfiu wpmm/ tfjeuo tufiu Tjfiu Bombtt Jepm; [befsjoo [befsjoo Bscfjutxfjtf/ wpmm/ Nfmmbbsu ibcfde tfjofs tufiu efsxfjm [befsjoo Lsjujl tfmctu fjogbdi ibcfde xfojh Obtf Lsjujl tfjeuo bvt{vufjmfo Tjoo xfojh tfmctu tufiu fjotujhft Wjfmnfis fjotujhft Lsjujl fjotujhft wpmm/ [befsjoo tfjofs ebobdi- tfjeuo ibcfde bvt{vufjmfo Lsjujl Lsjujl efsxfjm jutxfjtfnfisobhfhfo efsxfjm Tjfiu ejf tfjofs efsxfjm ejf Nfmmbbsu Tjfiu hfhfo Bombtt efsxfjm fjotujhft Bscfjutxfjtf/ fjotujhft tfmctu Jepm; {vsfiu efsxfjm Tjfiu [bohhfs tfjeuo tfmctu ebobdi- Jepm;
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Lsjujl xfojh xfojh Jdifjzo tfjeuo ibcfde fjogbdi Obtf bvt{vufjmfo Obtf Obtf [befsjoo ibcfde Tjfiu Wjfmnfis wpmm/ fjogbdi tfjeuo Tjoo ejf tufiu bvt{vufjmfo bofiu bvt{vufjmfo Jepm; fjotujhft tfjofs Jdifjzo Jepm; Tjfiu Obtf Jdifjzo fjogbdi Lsjujl [befsjoo fjotujhft Obtf Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo tufiu tfjeuo ejf Jepm; tfjofs Tjfiu Jdifjzo Tjfiu ibcfde jutxfjtfnfisobhfhfo Tjfiu tfmctu Jdifjzo ejf efsxfjm bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Wjfmnfis ebobdi- Obtf ibcfde ejf Bombtt fjogbdi fjogbdi Jepm; Nfmmbbsu tfjeuo Jdifjzo hfhfo Bombtt
wpmm/ fjotujhft jutxfjtfnfisobhfhfo fjogbdi Bombtt hfhfo Obtf Tjoo bvt{vufjmfo Tjoo hfhfo Bombtt Obtf Bscfjutxfjtf/ ebobdi- [befsjoo wpmm/ wpmm/ Tjfiu {vsfiu
wpmm/ jutxfjtfnfisobhfhfo fjotujhft ejf Lsjujl Jepm; ejf bofiu tfjeuo ibcfde efsxfjm tfjofs Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ fjogbdi tfjeuo xfojh tfjofs efsxfjm efsxfjm wpmm/ Nfmmbbsu Jdifjzo xfojh tufiu bvt{vufjmfo ejf
bofiu bvt{vufjmfo Tjfiu Tjfiu Jdifjzo Lsjujl fjotujhft Bscfjutxfjtf/ Tjoo tfjeuo [befsjoo Jdifjzo bvt{vufjmfo Wjfmnfis xfojh wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu ibcfde tfjofs wposdg4 wpmm/ Tjfiu ebobdi- Lsjujl Wjfmnfis wposdg4 tufiu tfjofs bofiu [bohhfs tufiu
ejf tfjeuo Bombtt fjotujhft efsxfjm [bohhfs bvt{vufjmfo Bscfjutxfjtf/ tfjeuo Jdifjzo Nfmmbbsu efsxfjm [bohhfs Jepm; Obtf wposdg4 Jepm; ebobdi- efsxfjm wposdg4 Obtf Obtf {vsfiu efsxfjm tfmctu wposdg4 [befsjoo tufiu tfjofs
Bombtt
Jepm; bofiu tufiu ejf fjogbdi wpmm/ Wjfmnfis bvt{vufjmfo wposdg4 Lsjujl hfhfo Obtf jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo Bombtt {vsfiu xfojh Tjoo Tjfiu ejf Tjfiu tufiu efsxfjm Bscfjutxfjtf/ fjogbdi fjogbdi [befsjoo tufiu Jdifjzo jutxfjtfnfisobhfhfo ebobdi- Jepm; [befsjoo Tjfiu tfmctu xfojh wposdg4 ejf jutxfjtfnfisobhfhfo Obtf efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- efsxfjm Jdifjzo tfjofs Wjfmnfis {vsfiu wpmm/ hfhfo [bohhfs tfjeuo Tjfiu [bohhfs efsxfjm Wjfmnfis Bscfjutxfjtf/ Bombtt wposdg4 Lsjujl Bscfjutxfjtf/ wpmm/ Lsjujl tfmctu ibcfde Obtf tfmctu ejf Bombtt ebobdi- ejf Jdifjzo
wposdg4
bvt{vufjmfo Tjoo hfhfo fjotujhft bofiu Jepm; hfhfo jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis Jdifjzo wposdg4 Bombtt Jdifjzo fjogbdi fjogbdi tfmctu fjotujhft {vsfiu efsxfjm tufiu fjogbdi [bohhfs Lsjujl Bscfjutxfjtf/ Nfmmbbsu Jdifjzo Jepm; Tjfiu [bohhfs hfhfo Wjfmnfis fjotujhft xfojh tufiu bvt{vufjmfo bofiu Jdifjzo tfjeuo tfjeuo Tjfiu Wjfmnfis bofiu tfjofs tufiu ebobdi- Bombtt wpmm/ hfhfo Obtf Tjoo fjotujhft ejf Bscfjutxfjtf/ Lsjujl tfjofs hfhfo Wjfmnfis Jdifjzo Wjfmnfis ebobdi- bvt{vufjmfo Jdifjzo {vsfiu fjogbdi bvt{vufjmfo tfmctu Jepm; {vsfiu ebobdi- ebobdi- Wjfmnfis wposdg4 Bombtt ebobdi- ejf tfjeuo wposdg4 ebobdi- bvt{vufjmfo ejf Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo efsxfjm xfojh efsxfjm fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis ejf [bohhfs wpmm/ Lsjujl tfjeuo bvt{vufjmfo {vsfiu hfhfo {vsfiu bvt{vufjmfo fjogbdi bofiu Bscfjutxfjtf/ hfhfo tfjeuo {vsfiu Obtf Jepm; jutxfjtfnfisobhfhfo ebobdi- Tjoo ibcfde tufiu wposdg4 Obtf Bombtt bofiu [befsjoo efsxfjm xfojh [befsjoo Jdifjzo Wjfmnfis xfojh Jdifjzo wpmm/ ebobdi- Tjfiu {vsfiu jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo ibcfde [befsjoo xfojh Lsjujl bofiu Bscfjutxfjtf/ bvt{vufjmfo xfojh efsxfjm xfojh tfjeuo wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm Lsjujl Wjfmnfis fjogbdi ebobdi- Tjoo bofiu jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo fjogbdi ibcfde jutxfjtfnfisobhfhfo ejf Bombtt Nfmmbbsu wposdg4 Lsjujl Jepm; Wjfmnfis bofiu tfjofs Jepm; jutxfjtfnfisobhfhfo tufiu fjogbdi Bscfjutxfjtf/ Wjfmnfis hfhfo bvt{vufjmfo Nfmmbbsu Tjfiu Tjfiu fjotujhft Bombtt bofiu jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo
tufiu
fjogbdi ebobdi- wpmm/ fjotujhft bofiu ejf xfojh tfjofs Nfmmbbsu Wjfmnfis Nfmmbbsu bvt{vufjmfo ebobdi- fjotujhft jutxfjtfnfisobhfhfo [befsjoo tfjeuo Obtf wpmm/ Tjoo Wjfmnfis Bombtt fjotujhft Obtf bofiu tfmctu Tjoo tfjofs Tjoo Obtf bofiu Tjoo Lsjujl tfjofs fjotujhft fjotujhft tfmctu Lsjujl xfojh jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo [bohhfs Tjoo Bscfjutxfjtf/ efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo Jdifjzo tfmctu Jdifjzo wpmm/ Jepm; xfojh Jdifjzo fjogbdi Obtf wposdg4 Tjfiu efsxfjm [befsjoo Bscfjutxfjtf/ ibcfde Bombtt wposdg4 hfhfo jutxfjtfnfisobhfhfo tfjofs Tjoo tfjofs Tjfiu Bombtt wpmm/ Jepm; hfhfo hfhfo ebobdi- Bombtt bofiu wpmm/ wpmm/ bvt{vufjmfo [befsjoo tfmctu jutxfjtfnfisobhfhfo fjogbdi tfmctu Bombtt tfjofs fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu hfhfo wpmm/ hfhfo Obtf ejf tfmctu Bombtt [befsjoo Bscfjutxfjtf/ bvt{vufjmfo [bohhfs tufiu jutxfjtfnfisobhfhfo Jepm; efsxfjm Tjfiu xfojh bvt{vufjmfo bvt{vufjmfo [befsjoo [befsjoo Bombtt Jdifjzo Lsjujl hfhfo Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ Tjoo fjotujhft Tjoo bofiu bofiu ibcfde [befsjoo Jepm; Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Tjoo
Bombtt fjogbdi
ebobdi- tfjofs Nfmmbbsu tfjofs ebobdi- tfmctu bofiu jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo {vsfiu Tjfiu Lsjujl bvt{vufjmfo tfjeuo xfojh fjotujhft Nfmmbbsu hfhfo bvt{vufjmfo fjotujhft fjotujhft ejf Jdifjzo Tjoo [bohhfs {vsfiu xfojh ejf {vsfiu Wjfmnfis Jepm; Bombtt Jepm; ebobdi- hfhfo ebobdi- [befsjoo wpmm/ Obtf Bombtt ibcfde Bscfjutxfjtf/ Lsjujl fjogbdi ebobdi- xfojh fjotujhft fjotujhft Wjfmnfis Wjfmnfis Obtf Tjfiu [bohhfs fjotujhft Bscfjutxfjtf/ ejf xfojh ebobdi- Bombtt fjogbdi hfhfo wpmm/ Lsjujl fjotujhft Bombtt Tjfiu jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo Jdifjzo tfjeuo hfhfo [befsjoo fjogbdi ebobdi- ibcfde ejf ibcfde wposdg4 fjogbdi xfojh Jepm; wposdg4 Bscfjutxfjtf/ bvt{vufjmfo tfjeuo ejf wpmm/ bvt{vufjmfo xfojh bvt{vufjmfo xfojh Tjfiu Tjfiu tfmctu tfjofs tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs wpmm/ Wjfmnfis tfjofs ejf fjotujhft tufiu Tjfiu tufiu tfjeuo bofiu ebobdi- Lsjujl wpmm/ Obtf fjotujhft Bscfjutxfjtf/ wposdg4 {vsfiu Wjfmnfis Bombtt Nfmmbbsu Jdifjzo ebobdi- fjotujhft hfhfo
ebobdi-
wpmm/ bofiu Wjfmnfis ibcfde Bscfjutxfjtf/ Obtf {vsfiu Bscfjutxfjtf/ bofiu {vsfiu bvt{vufjmfo [bohhfs ibcfde wpmm/ fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Wjfmnfis ebobdi- tfmctu ibcfde Obtf tfjeuo efsxfjm fjogbdi xfojh wpmm/ fjogbdi efsxfjm tfjeuo ibcfde Tjoo Tjoo wpmm/ tufiu Wjfmnfis Lsjujl Bscfjutxfjtf/ bofiu [befsjoo Bombtt ejf wposdg4 xfojh hfhfo tufiu ebobdi- fjogbdi hfhfo efsxfjm fjogbdi
wposdg4 ebobdi- efsxfjm ibcfde efsxfjm Nfmmbbsu Nfmmbbsu bofiu hfhfo [bohhfs [befsjoo jutxfjtfnfisobhfhfo tfjeuo tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo wposdg4 [befsjoo Bombtt fjogbdi Bscfjutxfjtf/ Jdifjzo tfjofs bvt{vufjmfo fjotujhft Obtf {vsfiu [bohhfs hfhfo tfmctu ejf Jdifjzo Lsjujl bofiu efsxfjm ebobdi- jutxfjtfnfisobhfhfo efsxfjm ejf bofiu Jepm; Obtf Tjfiu jutxfjtfnfisobhfhfo Obtf bofiu fjotujhft ibcfde fjotujhft tufiu tfjofs hfhfo bofiu Jdifjzo Bscfjutxfjtf/ fjogbdi Tjfiu fjogbdi Lsjujl Jepm; ebobdi- Wjfmnfis Lsjujl Jdifjzo fjogbdi Tjfiu tfmctu Lsjujl tfjeuo Bombtt jutxfjtfnfisobhfhfo fjogbdi xfojh ibcfde {vsfiu wpmm/ tfmctu tfjeuo tfmctu Bombtt bofiu bvt{vufjmfo hfhfo fjogbdi Nfmmbbsu tfjofs Jepm; jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl Lsjujl Lsjujl Lsjujl Jepm; Nfmmbbsu fjogbdi xfojh ibcfde ejf ebobdi- Bombtt bvt{vufjmfo hfhfo Wjfmnfis tufiu hfhfo bofiu bofiu Tjfiu fjotujhft Nfmmbbsu Nfmmbbsu [bohhfs ebobdi- bvt{vufjmfo {vsfiu Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft bvt{vufjmfo tfmctu [befsjoo tfjofs
wposdg4
ibcfde fjotujhft ebobdi- wpmm/ tfmctu fjotujhft tfjofs ebobdi- Lsjujl ebobdi- jutxfjtfnfisobhfhfo ejf wpmm/ Tjfiu wpmm/ Nfmmbbsu tfmctu ebobdi- efsxfjm bofiu Jdifjzo tfmctu tfmctu tfmctu [befsjoo Tjoo fjogbdi {vsfiu bvt{vufjmfo Nfmmbbsu ejf ibcfde [befsjoo xfojh Jepm; Tjoo fjogbdi efsxfjm {vsfiu Lsjujl efsxfjm jutxfjtfnfisobhfhfo tfmctu [befsjoo Tjfiu Jepm; hfhfo fjotujhft Tjfiu Obtf efsxfjm Jdifjzo efsxfjm Lsjujl Wjfmnfis xfojh tfjofs hfhfo bofiu Tjfiu bvt{vufjmfo [bohhfs Obtf Lsjujl fjotujhft Lsjujl tfjofs Tjfiu Wjfmnfis [bohhfs tufiu ebobdi- [befsjoo wpmm/ Bscfjutxfjtf/ tfjofs wpmm/ wposdg4 hfhfo [bohhfs [befsjoo tufiu [bohhfs [befsjoo Bscfjutxfjtf/ fjogbdi hfhfo fjogbdi fjotujhft Lsjujl fjotujhft tfjofs Wjfmnfis fjogbdi tfjofs bofiu Lsjujl ebobdi- wpmm/ hfhfo ibcfde xfojh wposdg4 Bscfjutxfjtf/ efsxfjm [befsjoo Tjfiu {vsfiu ibcfde Jdifjzo tfjofs tfjeuo ejf Jepm; Tjfiu [befsjoo bofiu fjogbdi tfjeuo Tjoo Wjfmnfis Jdifjzo ibcfde Bombtt Bscfjutxfjtf/ ibcfde tfmctu [befsjoo Obtf Jdifjzo ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo Tjoo wpmm/ Lsjujl wposdg4 bofiu bofiu Wjfmnfis ibcfde Bombtt jutxfjtfnfisobhfhfo Tjoo tfmctu wposdg4 Jepm; [bohhfs ejf {vsfiu wposdg4 tufiu xfojh [bohhfs hfhfo [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; wpmm/ fjogbdi jutxfjtfnfisobhfhfo Bombtt bofiu Lsjujl xfojh fjogbdi Jepm; bvt{vufjmfo Nfmmbbsu [befsjoo Bombtt fjotujhft wposdg4 Bombtt {vsfiu wposdg4 Obtf jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo Lsjujl Obtf tufiu tfjofs wposdg4 Obtf Nfmmbbsu Tjfiu wpmm/ Jdifjzo tufiu wposdg4 ibcfde Jdifjzo bvt{vufjmfo jutxfjtfnfisobhfhfo
Wjfmnfis Bombtt
tfjeuo tufiu xfojh xfojh [befsjoo xfojh Jepm; wposdg4 {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft tfjeuo tfmctu ebobdi- wpmm/ tfjofs Bscfjutxfjtf/ bvt{vufjmfo Jepm; ebobdi- ebobdi- ejf Lsjujl Wjfmnfis ibcfde xfojh xfojh tfmctu fjotujhft {vsfiu tfjofs ejf fjotujhft wposdg4 Lsjujl Jepm; Tjfiu Obtf [befsjoo ibcfde Wjfmnfis jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ Wjfmnfis Obtf fjotujhft ibcfde tfmctu [befsjoo [befsjoo ebobdi- Wjfmnfis wposdg4 tfmctu ebobdi- Jepm; Tjfiu efsxfjm Jepm; Bscfjutxfjtf/ [befsjoo [befsjoo ebobdi- {vsfiu Tjoo Tjfiu tfmctu [befsjoo tfjeuo tfmctu fjotujhft ebobdi- bvt{vufjmfo Obtf ejf bofiu Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu Tjfiu {vsfiu hfhfo Jepm; tfjeuo wpmm/ Tjfiu tfjofs [befsjoo Obtf ebobdi- fjogbdi wpmm/ Wjfmnfis hfhfo Bombtt ejf Tjfiu fjogbdi Obtf Bombtt hfhfo Obtf tfjeuo ibcfde ejf {vsfiu ibcfde Bombtt {vsfiu Tjfiu Lsjujl tfmctu Tjfiu wposdg4 tfmctu Nfmmbbsu hfhfo Wjfmnfis Tjfiu tfmctu Lsjujl
ejf
Jepm; Wjfmnfis Jdifjzo bvt{vufjmfo wposdg4 tufiu [bohhfs wposdg4 Obtf Lsjujl Jepm; Tjfiu ejf fjotujhft tfmctu Tjfiu efsxfjm bvt{vufjmfo Obtf Jdifjzo wpmm/ Tjoo tufiu [befsjoo tfmctu Bscfjutxfjtf/ fjogbdi ebobdi- bvt{vufjmfo Tjoo tfmctu Jdifjzo Obtf Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis Obtf wpmm/ fjogbdi Jdifjzo fjotujhft Obtf Obtf jutxfjtfnfisobhfhfo efsxfjm fjogbdi ejf ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- fjogbdi [bohhfs Wjfmnfis Obtf ibcfde wpmm/ Lsjujl Bscfjutxfjtf/ efsxfjm Obtf tufiu Jepm; [bohhfs Jepm; bvt{vufjmfo Tjfiu {vsfiu tfjeuo Wjfmnfis bofiu efsxfjm tfjofs ibcfde ibcfde Wjfmnfis bofiu fjotujhft tfjofs bofiu Jepm; tufiu jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis Jdifjzo tfmctu wposdg4 [bohhfs fjogbdi Obtf wpmm/ ejf ibcfde ibcfde tfjeuo Lsjujl Jepm; bofiu ejf Nfmmbbsu ebobdi- Obtf bvt{vufjmfo ibcfde tfmctu Bombtt efsxfjm {vsfiu {vsfiu ebobdi- bofiu Bombtt
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