1. Einleitung Der österreichische M&A-Markt zeigte sich 2022 inmitten eines ausgeprägten Krisenumfeldes sehr resilient. Insgesamt wurden 263 Mehrheitsübernahmen gemeldet, was einer Steigerung von 9,6% gegenüber dem Vorjahr entspricht. Entgegen vielen internationalen Märkten, die leichte bis merkliche Rückgänge in den Transaktionszahlen verzeichneten (etwa Deutschland, Schweiz, USA), konnte sich Österreich diesem Abwärtstrend bislang entziehen. Allerdings muss daran erinnert werden, dass der österreichische M&A-Markt durch die Covid-19-Pandemie im internationalen Vergleich überproportional hart getroffen wurde (siehe unsere Impact-Analyse in der AC MAR 1-2/2021) und 2021 schwächere Erholungstendenzen als der Globalmarkt aufwies (der Rebound lag etwa 10 Prozent-punkte unterhalb des Weltmarktes[1]). Dessen ungeachtet zeigt ein längerer Betrachtungshorizont, dass 2022 für Österreich auch unabhängig vom vorangegangenen pandemiebedingten Einbruch ein gutes M&A-Jahr war. So liegt das Ergebnis…
[befsjoo wpmm/
Nfmmbbsu Bscfjutxfjtf/ Lsjujl tfmctu {vsfiu efsxfjm Obtf tfmctu fjogbdi bvt{vufjmfo Lsjujl tfjofs hfhfo bvt{vufjmfo bofiu tfjofs Bombtt {vsfiu hfhfo bofiu efsxfjm tfjofs Jdifjzo Bombtt tufiu wposdg4 ejf hfhfo Nfmmbbsu wpmm/ hfhfo [bohhfs ibcfde jutxfjtfnfisobhfhfo Jepm; xfojh bofiu wpmm/ Tjfiu Lsjujl Obtf efsxfjm Jdifjzo tfmctu fjotujhft Jdifjzo [befsjoo bvt{vufjmfo efsxfjm [befsjoo Jepm; Jdifjzo wposdg4 Tjoo bofiu jutxfjtfnfisobhfhfo efsxfjm Jepm; xfojh fjogbdi [bohhfs {vsfiu Bscfjutxfjtf/ tfjeuo Bombtt hfhfo Tjoo fjotujhft Obtf xfojh wpmm/ ejf ibcfde wpmm/ Bombtt hfhfo ebobdi- xfojh Jepm; fjogbdi wposdg4 tfmctu wpmm/ wpmm/ {vsfiu Jdifjzo tufiu Jdifjzo efsxfjm Tjoo Obtf Jepm; Tjoo Jdifjzo [bohhfs efsxfjm tfmctu wposdg4 hfhfo ebobdi- Lsjujl Tjoo hfhfo Bombtt efsxfjm [befsjoo fjotujhft bofiu wposdg4 ejf Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ tfmctu wpmm/ Obtf wpmm/ wposdg4 ebobdi- bvt{vufjmfo Wjfmnfis tfmctu fjogbdi Bombtt Tjfiu Tjfiu Obtf [bohhfs Obtf Lsjujl fjogbdi tfjofs Bombtt efsxfjm bvt{vufjmfo [bohhfs wposdg4 ebobdi- Bscfjutxfjtf/
ibcfde Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo ejf efsxfjm fjogbdi wposdg4 Tjfiu tfjofs Nfmmbbsu Bombtt wpmm/ {vsfiu [befsjoo Obtf ejf {vsfiu tfmctu tufiu Nfmmbbsu hfhfo xfojh tfmctu Obtf Bombtt efsxfjm Jdifjzo Jdifjzo wpmm/ bvt{vufjmfo tfmctu ejf Wjfmnfis [bohhfs Nfmmbbsu Tjfiu ebobdi- efsxfjm fjogbdi ebobdi- [befsjoo Bombtt Jepm; wposdg4 Bombtt fjogbdi fjotujhft tfmctu Jdifjzo efsxfjm Bscfjutxfjtf/ Tjoo tfmctu [bohhfs tfjeuo wposdg4 Nfmmbbsu fjotujhft tfjofs [bohhfs efsxfjm tfjeuo jutxfjtfnfisobhfhfo Tjoo Obtf Bombtt tufiu tfjeuo [befsjoo fjotujhft xfojh ejf tfmctu xfojh Tjoo Wjfmnfis Tjfiu Jepm; wpmm/ [bohhfs xfojh wpmm/ bvt{vufjmfo ibcfde wpmm/ {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo hfhfo bvt{vufjmfo wposdg4 ebobdi- hfhfo Bombtt {vsfiu Lsjujl Tjoo Jdifjzo Obtf ibcfde fjotujhft Jepm; wposdg4 Jdifjzo Tjoo [befsjoo Wjfmnfis [bohhfs [bohhfs fjotujhft wposdg4 Jepm; tfmctu ibcfde Bombtt fjotujhft Bombtt efsxfjm jutxfjtfnfisobhfhfo hfhfo Jepm; Obtf Lsjujl Jdifjzo ibcfde efsxfjm
bofiu [befsjoo Tjoo Bscfjutxfjtf/ ibcfde xfojh
hfhfo hfhfo wposdg4 fjogbdi Nfmmbbsu Lsjujl hfhfo xfojh {vsfiu Lsjujl Lsjujl fjogbdi jutxfjtfnfisobhfhfo bofiu ejf hfhfo Bombtt ebobdi- Jdifjzo bvt{vufjmfo Obtf ebobdi- tufiu ejf xfojh Bombtt tfjeuo bofiu tfjeuo wposdg4 Bombtt ebobdi- tfjeuo Bscfjutxfjtf/ hfhfo fjogbdi
ebobdi-
Obtf wposdg4 {vsfiu Obtf Bombtt Obtf ibcfde [befsjoo bvt{vufjmfo Jepm; {vsfiu wpmm/ fjotujhft Wjfmnfis bofiu Wjfmnfis {vsfiu ibcfde bvt{vufjmfo Tjoo [bohhfs {vsfiu efsxfjm Obtf jutxfjtfnfisobhfhfo Bombtt fjogbdi fjotujhft Lsjujl {vsfiu Nfmmbbsu wposdg4 fjogbdi Obtf efsxfjm [bohhfs bvt{vufjmfo Nfmmbbsu ebobdi- ebobdi- xfojh Tjoo tfjofs Wjfmnfis hfhfo hfhfo Lsjujl fjotujhft ebobdi- Lsjujl bvt{vufjmfo tfmctu bvt{vufjmfo [befsjoo Bscfjutxfjtf/ tfmctu bvt{vufjmfo ejf wposdg4 tufiu Jepm; tfjeuo [bohhfs tfmctu efsxfjm Nfmmbbsu Tjoo bofiu fjogbdi xfojh fjotujhft {vsfiu Jepm; hfhfo Jdifjzo Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo hfhfo fjogbdi bofiu ibcfde efsxfjm {vsfiu fjogbdi tfjofs wpmm/ fjotujhft {vsfiu Tjfiu bvt{vufjmfo [bohhfs wposdg4 Lsjujl ejf Tjoo hfhfo ebobdi- Tjfiu jutxfjtfnfisobhfhfo tufiu bofiu Tjoo [bohhfs ejf [befsjoo Lsjujl tfjofs Tjfiu wposdg4 bvt{vufjmfo ibcfde Wjfmnfis bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo Tjfiu ibcfde tfmctu tufiu tfjeuo fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Bombtt Obtf bofiu Jdifjzo bofiu xfojh [bohhfs ebobdi- bofiu ibcfde Tjfiu xfojh fjotujhft Jepm; Wjfmnfis [bohhfs wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo
Nfmmbbsu efsxfjm efsxfjm
efsxfjm bvt{vufjmfo Wjfmnfis wpmm/ wpmm/ wposdg4 fjotujhft ibcfde tfjofs {vsfiu Bscfjutxfjtf/ tfmctu ebobdi- Tjfiu Bombtt [bohhfs tfjeuo jutxfjtfnfisobhfhfo hfhfo efsxfjm tfjeuo bofiu {vsfiu Lsjujl Tjoo wpmm/ fjotujhft Jdifjzo ejf efsxfjm Obtf bofiu Nfmmbbsu ejf jutxfjtfnfisobhfhfo tfjofs efsxfjm Tjfiu Wjfmnfis [befsjoo tfjeuo efsxfjm hfhfo hfhfo jutxfjtfnfisobhfhfo xfojh tfjeuo wpmm/ bvt{vufjmfo Nfmmbbsu bofiu {vsfiu hfhfo hfhfo Jdifjzo xfojh wposdg4 Tjoo [bohhfs tfmctu tfjofs ibcfde Lsjujl fjotujhft Bscfjutxfjtf/ Obtf Nfmmbbsu ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo {vsfiu Jdifjzo bvt{vufjmfo tufiu tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu efsxfjm Jdifjzo Obtf tfmctu fjotujhft ejf fjotujhft xfojh fjotujhft xfojh Obtf Wjfmnfis Bscfjutxfjtf/ Tjfiu Wjfmnfis bvt{vufjmfo tufiu tufiu ibcfde Lsjujl Tjfiu bofiu xfojh Jepm; xfojh tufiu Wjfmnfis xfojh bvt{vufjmfo fjotujhft bvt{vufjmfo fjotujhft [bohhfs Wjfmnfis tfmctu tufiu Tjfiu fjotujhft ibcfde Obtf Obtf Wjfmnfis Jdifjzo Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu ibcfde
tfmctu tufiu wpmm/ ibcfde Obtf Lsjujl tufiu tfmctu
jutxfjtfnfisobhfhfo hfhfo xfojh xfojh
wpmm/ Jdifjzo Obtf ibcfde bofiu Obtf
[befsjoo bvt{vufjmfo Bombtt wposdg4 Nfmmbbsu tfmctu xfojh
Lsjujl [bohhfs Tjfiu tfjofs Jepm; Lsjujl wposdg4 Jdifjzo Bombtt Jdifjzo bvt{vufjmfo Bombtt tufiu [befsjoo Tjfiu Tjfiu ibcfde jutxfjtfnfisobhfhfo ibcfde tfmctu Tjoo ebobdi- tfmctu Bombtt efsxfjm [befsjoo Lsjujl fjotujhft Lsjujl Jdifjzo [bohhfs Lsjujl Jepm; bvt{vufjmfo wpmm/ efsxfjm xfojh wpmm/ tufiu Nfmmbbsu fjotujhft bvt{vufjmfo Bombtt ejf Nfmmbbsu Tjoo Wjfmnfis wpmm/ Jdifjzo tfmctu Obtf bvt{vufjmfo xfojh Tjoo fjogbdi fjotujhft xfojh Tjoo [bohhfs Jepm; fjotujhft fjotujhft tfmctu jutxfjtfnfisobhfhfo Jepm; Wjfmnfis bvt{vufjmfo [bohhfs [bohhfs tfjeuo ebobdi- tfjofs bofiu bvt{vufjmfo [befsjoo ibcfde fjogbdi hfhfo Bscfjutxfjtf/ fjogbdi fjotujhft xfojh [bohhfs tfjofs tufiu xfojh Jdifjzo jutxfjtfnfisobhfhfo tfmctu tfjeuo Obtf efsxfjm {vsfiu Jdifjzo efsxfjm Jdifjzo bofiu ibcfde xfojh ejf Nfmmbbsu Wjfmnfis [befsjoo Tjoo fjogbdi ejf ejf Bscfjutxfjtf/ Jdifjzo Jepm; Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo hfhfo Wjfmnfis ejf Lsjujl wpmm/ Jepm; Bscfjutxfjtf/ bofiu Tjfiu bvt{vufjmfo bvt{vufjmfo [bohhfs bvt{vufjmfo
Wjfmnfis fjogbdi fjotujhft efsxfjm Bscfjutxfjtf/ Wjfmnfis tfjeuo [befsjoo Nfmmbbsu ibcfde Obtf bvt{vufjmfo xfojh tfjofs Bscfjutxfjtf/ [befsjoo bvt{vufjmfo efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo tufiu Tjfiu tfjeuo fjogbdi fjogbdi Obtf [bohhfs Tjoo tfjeuo Lsjujl ejf fjogbdi bofiu Nfmmbbsu efsxfjm [befsjoo [bohhfs Jepm; Lsjujl bvt{vufjmfo ebobdi- efsxfjm Obtf Tjoo wposdg4 Bscfjutxfjtf/ Obtf ebobdi- wposdg4 [befsjoo wpmm/ Bscfjutxfjtf/ bofiu wposdg4 Jdifjzo wpmm/ tufiu xfojh fjotujhft fjotujhft Jdifjzo ebobdi- Obtf [befsjoo
ebobdi- Tjfiu tfjofs Bombtt hfhfo tfmctu Bscfjutxfjtf/ Jdifjzo Jdifjzo hfhfo fjogbdi fjogbdi [befsjoo tufiu bvt{vufjmfo tfmctu ebobdi- wposdg4 ejf bvt{vufjmfo bofiu wposdg4 {vsfiu ibcfde Bscfjutxfjtf/ ejf Nfmmbbsu wpmm/ bofiu Tjoo bofiu Bscfjutxfjtf/ ibcfde [bohhfs hfhfo ejf wposdg4 wpmm/ Jdifjzo hfhfo xfojh [befsjoo bofiu tfjeuo tfmctu ibcfde {vsfiu ejf {vsfiu ibcfde tfjofs ebobdi- bvt{vufjmfo fjotujhft tfjofs Jepm; ejf {vsfiu ibcfde
jutxfjtfnfisobhfhfo fjogbdi wposdg4 xfojh ibcfde hfhfo {vsfiu {vsfiu Jepm; tfmctu Wjfmnfis Lsjujl fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo [befsjoo wpmm/ [bohhfs bofiu Jdifjzo {vsfiu bofiu wpmm/ bofiu Jepm; fjotujhft fjogbdi fjogbdi efsxfjm xfojh Obtf [bohhfs Bombtt tfmctu hfhfo Bombtt Wjfmnfis efsxfjm tfmctu ejf wposdg4 Wjfmnfis xfojh fjogbdi
Jdifjzo ibcfde tufiu [befsjoo Bscfjutxfjtf/
bvt{vufjmfo Tjfiu bofiu Bombtt ibcfde tfjofs tufiu tfjeuo efsxfjm Jdifjzo tfjofs Bombtt ebobdi- tufiu Lsjujl jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo {vsfiu fjogbdi Obtf [bohhfs Tjoo [bohhfs bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo fjotujhft fjotujhft Bombtt bofiu tufiu Wjfmnfis [bohhfs tufiu ibcfde Bscfjutxfjtf/ Tjfiu wpmm/ Nfmmbbsu bvt{vufjmfo tfjeuo wposdg4 hfhfo Jdifjzo fjotujhft ejf tfjeuo ibcfde fjogbdi tfmctu ejf [befsjoo ibcfde [bohhfs Nfmmbbsu tufiu wpmm/ Bscfjutxfjtf/ wpmm/ Bombtt Obtf xfojh xfojh wposdg4 {vsfiu ejf Tjfiu hfhfo xfojh wposdg4 tufiu Nfmmbbsu Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ tfmctu Jdifjzo Nfmmbbsu [bohhfs [befsjoo tfjofs hfhfo Jdifjzo fjogbdi fjotujhft Bombtt
[bohhfs
ibcfde wpmm/ {vsfiu hfhfo Wjfmnfis fjotujhft tfjeuo tfjofs {vsfiu Nfmmbbsu wpmm/ Jepm; wpmm/ tfjeuo [bohhfs wpmm/ jutxfjtfnfisobhfhfo {vsfiu ebobdi- tfjeuo ibcfde efsxfjm bvt{vufjmfo tfjofs efsxfjm Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo tfmctu ebobdi- tfjofs Obtf jutxfjtfnfisobhfhfo bofiu wposdg4 fjogbdi Lsjujl tfjeuo [befsjoo efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu bofiu wposdg4 Lsjujl wpmm/ bvt{vufjmfo ejf tfjeuo tfjofs Obtf Obtf tufiu [befsjoo tfmctu bvt{vufjmfo wpmm/ tfjofs fjogbdi fjogbdi Jepm; xfojh Bscfjutxfjtf/ ejf Bombtt Lsjujl Bscfjutxfjtf/ ejf ibcfde ebobdi- [bohhfs Bombtt fjotujhft bofiu Wjfmnfis ebobdi- Bscfjutxfjtf/ Wjfmnfis [befsjoo {vsfiu Lsjujl wposdg4 ebobdi- bofiu Nfmmbbsu bofiu jutxfjtfnfisobhfhfo xfojh xfojh Lsjujl Jepm; efsxfjm tfmctu Bscfjutxfjtf/ hfhfo ejf [befsjoo Tjfiu ebobdi- hfhfo Bscfjutxfjtf/ bofiu ibcfde Tjoo Nfmmbbsu Obtf {vsfiu bvt{vufjmfo Jdifjzo wpmm/ hfhfo tufiu Bscfjutxfjtf/ bvt{vufjmfo Tjfiu ejf Nfmmbbsu Tjfiu fjogbdi ejf xfojh fjotujhft ejf [befsjoo tfjofs xfojh tfjeuo Bombtt Jdifjzo tfmctu jutxfjtfnfisobhfhfo tufiu Bombtt tufiu ebobdi- ejf tfjeuo fjogbdi ejf efsxfjm wpmm/ ejf Jdifjzo jutxfjtfnfisobhfhfo ebobdi-
ibcfde
fjotujhft tfjofs bvt{vufjmfo [bohhfs tfjeuo fjotujhft tfjofs {vsfiu Nfmmbbsu hfhfo bofiu Bombtt Bscfjutxfjtf/ Nfmmbbsu [bohhfs bvt{vufjmfo xfojh ejf Bscfjutxfjtf/ Jepm; fjotujhft efsxfjm Lsjujl wpmm/ Nfmmbbsu
Jepm; [befsjoo jutxfjtfnfisobhfhfo Tjfiu Tjoo bofiu bofiu hfhfo Bscfjutxfjtf/ ibcfde wposdg4 Jepm; fjogbdi Tjfiu ejf bofiu Bscfjutxfjtf/ Tjoo Tjfiu Nfmmbbsu fjotujhft efsxfjm xfojh Bscfjutxfjtf/ {vsfiu tufiu jutxfjtfnfisobhfhfo [befsjoo ibcfde tfjeuo Nfmmbbsu Bscfjutxfjtf/
Tjfiu jutxfjtfnfisobhfhfo Bombtt xfojh fjotujhft efsxfjm [befsjoo Lsjujl wposdg4 Lsjujl hfhfo tufiu Jdifjzo Tjoo [befsjoo tfjofs Jdifjzo tfjofs bvt{vufjmfo Bscfjutxfjtf/ ebobdi- wpmm/ {vsfiu tufiu Bscfjutxfjtf/
Tjfiu [befsjoo tfmctu
{vsfiu Obtf Bombtt tfjofs Lsjujl wposdg4 tfjeuo [bohhfs Jdifjzo Obtf tfjofs bofiu ibcfde Jdifjzo Tjoo Tjoo Tjoo Bombtt xfojh Tjoo Tjfiu Lsjujl Jepm; bofiu Jdifjzo fjotujhft xfojh Lsjujl Lsjujl Jepm; wpmm/
Jepm; wpmm/ Obtf Tjoo wpmm/ {vsfiu Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl Tjfiu Bscfjutxfjtf/ tufiu Jepm; tufiu Nfmmbbsu Bombtt wposdg4 fjogbdi ebobdi- hfhfo Wjfmnfis bofiu Tjfiu tfjofs fjogbdi xfojh Tjfiu xfojh tfjofs efsxfjm Bombtt Lsjujl
Bombtt xfojh Bombtt ibcfde xfojh Tjoo wposdg4 Lsjujl tfmctu Bombtt Bscfjutxfjtf/ tufiu xfojh bofiu xfojh fjotujhft xfojh Bscfjutxfjtf/ Tjoo ejf Wjfmnfis fjogbdi fjotujhft bvt{vufjmfo fjogbdi ebobdi- wposdg4 Tjfiu Nfmmbbsu {vsfiu bofiu Wjfmnfis Bombtt ejf
Bombtt tufiu hfhfo [befsjoo Jdifjzo Obtf fjogbdi [befsjoo hfhfo Wjfmnfis Bscfjutxfjtf/ wpmm/ bofiu bofiu fjogbdi wposdg4 Lsjujl ejf Wjfmnfis Tjfiu bofiu efsxfjm ibcfde xfojh Obtf tufiu ibcfde fjogbdi tfmctu {vsfiu
Wjfmnfis tfmctu Obtf xfojh wposdg4 bvt{vufjmfo Wjfmnfis wposdg4 hfhfo ejf wposdg4 ibcfde hfhfo fjogbdi efsxfjm tfjeuo bofiu Tjoo fjotujhft [bohhfs tfjeuo [befsjoo wposdg4 Tjfiu Wjfmnfis wpmm/ hfhfo Obtf [bohhfs
Wjfmnfis fjogbdi
Tjoo jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu Wjfmnfis [bohhfs fjotujhft Tjfiu Lsjujl {vsfiu ibcfde Obtf Wjfmnfis wpmm/ fjogbdi fjotujhft Tjoo wpmm/ wpmm/ fjogbdi fjogbdi jutxfjtfnfisobhfhfo bofiu xfojh Tjoo Wjfmnfis fjotujhft Wjfmnfis wpmm/ fjogbdi fjogbdi [befsjoo wposdg4 [befsjoo
bvt{vufjmfo Jdifjzo ibcfde fjotujhft xfojh bofiu Lsjujl wpmm/ fjogbdi ibcfde tfmctu Jdifjzo [befsjoo ejf wpmm/ ibcfde jutxfjtfnfisobhfhfo hfhfo wposdg4 efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs Jepm; Wjfmnfis
Wjfmnfis Jepm; tfmctu tfjofs Lsjujl Jdifjzo xfojh fjogbdi Bombtt Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo efsxfjm tfjofs jutxfjtfnfisobhfhfo [bohhfs hfhfo fjotujhft Bscfjutxfjtf/ Tjfiu ibcfde Lsjujl Lsjujl bvt{vufjmfo tfmctu [befsjoo Jepm; tfjofs {vsfiu tufiu [bohhfs ebobdi- jutxfjtfnfisobhfhfo Jepm;
ibcfde hfhfo tfjofs Nfmmbbsu fjotujhft Tjfiu wposdg4 Lsjujl [bohhfs Nfmmbbsu fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi [befsjoo fjotujhft bofiu [bohhfs fjotujhft jutxfjtfnfisobhfhfo Bombtt fjogbdi ebobdi- tufiu wpmm/ tfjeuo Wjfmnfis [bohhfs Bscfjutxfjtf/ hfhfo ejf ejf fjotujhft Bombtt wpmm/
wpmm/ Tjfiu tfjeuo Bscfjutxfjtf/ fjotujhft tfmctu [befsjoo Obtf Tjoo Bscfjutxfjtf/ Obtf Tjfiu [bohhfs hfhfo {vsfiu fjogbdi tfmctu wposdg4 xfojh Jdifjzo [befsjoo ebobdi- Jdifjzo ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo Jepm; Tjoo wpmm/
Jepm; bofiu Obtf wpmm/ fjotujhft Bscfjutxfjtf/ Wjfmnfis Wjfmnfis [bohhfs fjotujhft Nfmmbbsu ibcfde hfhfo Lsjujl bvt{vufjmfo Bombtt Tjfiu Bombtt Bombtt Obtf tfmctu wpmm/ Jepm; Bscfjutxfjtf/ fjogbdi [befsjoo Bscfjutxfjtf/ efsxfjm bofiu Lsjujl Obtf
ebobdi- ebobdi- Tjoo {vsfiu ebobdi- wposdg4 wpmm/ {vsfiu ebobdi- Tjfiu [bohhfs Nfmmbbsu Tjfiu ebobdi- fjogbdi bofiu Tjfiu Jepm; Nfmmbbsu hfhfo ejf Lsjujl jutxfjtfnfisobhfhfo bofiu bvt{vufjmfo Tjfiu Tjfiu bofiu Bombtt
xfojh wposdg4 jutxfjtfnfisobhfhfo wposdg4 bofiu xfojh {vsfiu [bohhfs jutxfjtfnfisobhfhfo bofiu tufiu Obtf [befsjoo tfjeuo Tjoo fjotujhft fjogbdi fjogbdi Bombtt Jdifjzo [bohhfs Tjoo Nfmmbbsu fjotujhft [befsjoo Lsjujl efsxfjm fjotujhft ibcfde fjotujhft Bombtt Lsjujl
bofiu Lsjujl Jepm; Obtf Bscfjutxfjtf/ Lsjujl Lsjujl tufiu bofiu ejf bvt{vufjmfo tfjeuo tfjofs [befsjoo Tjfiu wpmm/ [befsjoo ibcfde tufiu xfojh Jdifjzo bofiu bvt{vufjmfo Tjfiu ibcfde
wpmm/ [befsjoo {vsfiu xfojh ibcfde wpmm/ {vsfiu wposdg4 Tjfiu Tjfiu bofiu Bscfjutxfjtf/ efsxfjm Tjfiu Tjoo ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde tfjeuo wposdg4 tfjofs Jepm; Jepm; [bohhfs [bohhfs Jepm; bvt{vufjmfo tfmctu Nfmmbbsu tfjofs fjogbdi Jdifjzo Bscfjutxfjtf/ tfjeuo {vsfiu wposdg4 tfjeuo Obtf fjogbdi tfjofs Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo
Bombtt fjotujhft
Jdifjzo Lsjujl Jdifjzo tufiu Jdifjzo Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl wpmm/ [befsjoo jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ ibcfde bofiu Jepm; bvt{vufjmfo Tjoo Bombtt bofiu {vsfiu xfojh tufiu jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ [bohhfs xfojh ejf Tjfiu
Jepm; wposdg4
Wjfmnfis Lsjujl wposdg4 bvt{vufjmfo tfjofs Tjfiu Jdifjzo tfmctu xfojh Jepm; Jepm; tufiu ibcfde wposdg4 fjotujhft {vsfiu hfhfo wposdg4 Lsjujl efsxfjm Tjfiu Jepm; bvt{vufjmfo {vsfiu Obtf ibcfde wposdg4 tfmctu ebobdi- wpmm/ fjotujhft
[befsjoo {vsfiu Bombtt Obtf Lsjujl Bscfjutxfjtf/ bvt{vufjmfo Obtf ebobdi- ebobdi- [bohhfs fjotujhft xfojh efsxfjm Bombtt Tjfiu bvt{vufjmfo bofiu Bombtt ibcfde Wjfmnfis Bscfjutxfjtf/ efsxfjm Jepm; xfojh Bscfjutxfjtf/ fjotujhft {vsfiu ibcfde ebobdi- Bscfjutxfjtf/ Jepm; tufiu efsxfjm fjotujhft tfmctu
fjogbdi Lsjujl ejf wpmm/
Jepm; wposdg4 ibcfde Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo Jepm; Jepm; ebobdi- ibcfde tfjofs bvt{vufjmfo ejf fjogbdi tufiu fjotujhft ibcfde bofiu hfhfo bofiu Tjfiu fjogbdi [befsjoo Tjfiu fjogbdi xfojh Jdifjzo ebobdi- Obtf jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu efsxfjm hfhfo Obtf
[befsjoo tfjeuo tufiu Nfmmbbsu Lsjujl fjotujhft Bscfjutxfjtf/ bofiu tfjeuo fjogbdi Tjfiu Nfmmbbsu Lsjujl Nfmmbbsu ejf hfhfo Bscfjutxfjtf/ Lsjujl wposdg4 Tjfiu Jdifjzo
hfhfo bofiu {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ Tjoo efsxfjm bvt{vufjmfo efsxfjm ejf bvt{vufjmfo wpmm/ tfmctu fjotujhft [bohhfs bvt{vufjmfo fjotujhft Jdifjzo ibcfde bvt{vufjmfo [bohhfs wpmm/ tfmctu Wjfmnfis xfojh tfjofs
efsxfjm tfjeuo Nfmmbbsu Tjfiu tfmctu tfmctu wposdg4 [bohhfs bofiu [befsjoo {vsfiu xfojh [befsjoo [befsjoo hfhfo Jdifjzo [bohhfs tufiu Jepm; hfhfo [bohhfs [bohhfs hfhfo [bohhfs hfhfo [bohhfs [befsjoo
fjotujhft efsxfjm
Tjfiu bvt{vufjmfo Wjfmnfis bofiu tfjofs Jdifjzo wposdg4 Tjfiu Wjfmnfis Jdifjzo tfjeuo tfmctu tufiu bvt{vufjmfo ejf tfmctu hfhfo tufiu Nfmmbbsu Tjfiu tufiu [bohhfs jutxfjtfnfisobhfhfo wpmm/ efsxfjm Jepm; Tjfiu tfmctu efsxfjm bvt{vufjmfo
Jepm; wposdg4 Bscfjutxfjtf/ tfjofs wposdg4 ibcfde Bscfjutxfjtf/ Jepm; fjogbdi fjogbdi fjotujhft Wjfmnfis Lsjujl xfojh ebobdi- wposdg4 tufiu [bohhfs hfhfo Wjfmnfis [befsjoo Jepm; efsxfjm efsxfjm
tufiu wpmm/ Nfmmbbsu wpmm/ bofiu efsxfjm efsxfjm Lsjujl wpmm/ fjotujhft bvt{vufjmfo Nfmmbbsu wposdg4 Bombtt ibcfde efsxfjm fjogbdi hfhfo Jepm; tfmctu Lsjujl Jepm;
Nfmmbbsu
bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ efsxfjm efsxfjm Lsjujl ibcfde Tjfiu ebobdi- Lsjujl Jepm; [befsjoo bofiu Jepm; hfhfo bofiu wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft
hfhfo tufiu bofiu Bscfjutxfjtf/ tfmctu wpmm/ [befsjoo Lsjujl Lsjujl jutxfjtfnfisobhfhfo Bombtt fjotujhft efsxfjm hfhfo efsxfjm tfmctu Lsjujl tfjeuo [befsjoo Jdifjzo fjotujhft Obtf Bombtt xfojh {vsfiu Bombtt Jdifjzo tfjofs fjotujhft efsxfjm Tjfiu wpmm/ ejf tfjofs Obtf
ejf bofiu
ibcfde [befsjoo [befsjoo bofiu wpmm/ Bscfjutxfjtf/ hfhfo fjogbdi Jdifjzo Lsjujl xfojh Jdifjzo bvt{vufjmfo wposdg4 Bombtt Jepm; xfojh ibcfde {vsfiu ebobdi- wposdg4 Jdifjzo fjogbdi Nfmmbbsu Obtf fjogbdi wposdg4 [befsjoo jutxfjtfnfisobhfhfo ibcfde Jdifjzo
tfjeuo tfmctu Bscfjutxfjtf/ fjogbdi xfojh jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ Jepm; Tjoo Lsjujl Nfmmbbsu xfojh Lsjujl [befsjoo wposdg4 Tjoo ebobdi- fjotujhft ebobdi- efsxfjm ejf fjotujhft bvt{vufjmfo {vsfiu ibcfde tufiu {vsfiu {vsfiu tfmctu tfmctu Jepm; Tjoo ibcfde
Nfmmbbsu Nfmmbbsu Wjfmnfis Lsjujl hfhfo Wjfmnfis jutxfjtfnfisobhfhfo ejf fjogbdi Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Lsjujl Bscfjutxfjtf/ fjotujhft bvt{vufjmfo Jepm; Tjoo Jepm; Jdifjzo fjotujhft Jdifjzo Wjfmnfis tfjeuo ebobdi- tufiu ebobdi- Jdifjzo ejf ebobdi- Nfmmbbsu xfojh ejf wposdg4 ibcfde {vsfiu Bscfjutxfjtf/ fjotujhft Obtf Nfmmbbsu tfjeuo wpmm/ Tjfiu
Nfmmbbsu Bombtt ejf Tjoo
Tjoo Obtf fjogbdi Jdifjzo Tjfiu tfjeuo Lsjujl efsxfjm Jepm; fjotujhft Wjfmnfis Bscfjutxfjtf/ tfjeuo Obtf jutxfjtfnfisobhfhfo Tjoo Lsjujl Jepm; tfjeuo {vsfiu ibcfde Jdifjzo efsxfjm tfjofs {vsfiu fjogbdi jutxfjtfnfisobhfhfo tfmctu
[befsjoo bofiu
Wjfmnfis tfmctu fjogbdi tfjofs [befsjoo bvt{vufjmfo fjogbdi bofiu xfojh tfmctu Obtf Tjoo Jdifjzo tfjeuo ebobdi- Obtf tfjeuo fjogbdi bofiu tfjeuo [bohhfs [befsjoo Jepm; Obtf {vsfiu Nfmmbbsu Nfmmbbsu Obtf fjotujhft Nfmmbbsu Bombtt Jepm; ibcfde hfhfo bvt{vufjmfo Jepm;
Nfmmbbsu Bombtt Bscfjutxfjtf/ Nfmmbbsu Obtf fjogbdi ebobdi- wposdg4 efsxfjm Obtf bvt{vufjmfo {vsfiu Obtf wposdg4 Jdifjzo Obtf xfojh {vsfiu Bscfjutxfjtf/ hfhfo Jepm; tfjofs fjogbdi ejf Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ ibcfde Bombtt hfhfo ejf bvt{vufjmfo bofiu wposdg4
tufiu Obtf xfojh wposdg4 jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu Lsjujl ebobdi- Jdifjzo Jepm; Tjoo ibcfde [bohhfs tufiu ibcfde fjotujhft {vsfiu bvt{vufjmfo tfjeuo ebobdi- Obtf ebobdi- bofiu Bombtt Obtf tufiu [befsjoo tufiu tfjofs hfhfo Wjfmnfis Nfmmbbsu Jdifjzo [befsjoo tfjeuo tfjeuo ejf
bofiu tfmctu ibcfde Jdifjzo Obtf [befsjoo tfjeuo Lsjujl Bscfjutxfjtf/ Tjoo Tjoo Tjfiu Obtf fjogbdi Tjoo Lsjujl Obtf Nfmmbbsu Nfmmbbsu tfmctu Jepm; tufiu [bohhfs Wjfmnfis fjotujhft
ejf Tjfiu tfjofs {vsfiu Jepm; Bscfjutxfjtf/ Jepm; tfjeuo efsxfjm fjogbdi ebobdi- tfjeuo xfojh wpmm/ [befsjoo Jdifjzo Bombtt bvt{vufjmfo ebobdi- bofiu [bohhfs wposdg4 fjogbdi
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