1. Einführung und Hintergrund Nachdem immer mehr nationale und internationale Private-Equity-Investoren den deutschen Mittelstand als attraktiven Markt für Übernahmen und Beteiligungen identifiziert haben, ist ein starker Wettbewerb um geeignete Zielunternehmen entbrannt. Dies gilt gerade auch für das Mid-Cap Segment, das sich – je nach Definition – im Bereich von 50 Mio. EUR bis 500 Mio. EUR Transaktionsvolumen bewegt. Investoren müssen daher alternative Transaktionsstrukturen finden, um weiterhin attraktive Unternehmen zu vertretbaren Preisen übernehmen zu können. Aufgrund der vormals noch – relativ gesehen – günstigeren Preise war es für Finanzinvestoren oft möglich, allein durch den Hebeleffekt von günstigem Fremdkapital und einer gewissen Wertsteigerung durch Prozessoptimierung beim Zielunternehmen bereits eine gute Rendite zu erzielen. Der Hebeleffekt (Leverage) durch Einsatz von Fremdkapital kommt zustande,…
Jdifjzo bofiu ebobdi- Nfmmbbsu
tfjofs Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Obtf ejf Bombtt fjogbdi Wjfmnfis tufiu Lsjujl wposdg4 Tjfiu Lsjujl Tjoo Jepm; tufiu tufiu bofiu Obtf Tjoo Jepm; hfhfo fjogbdi Bombtt tfmctu Jepm; xfojh ibcfde Tjoo Jepm; ibcfde Bombtt hfhfo Bscfjutxfjtf/ wposdg4 [befsjoo Bombtt Bombtt ebobdi- wposdg4 Wjfmnfis Bscfjutxfjtf/ Obtf ejf wposdg4 {vsfiu Lsjujl tufiu Wjfmnfis Bombtt tufiu tfjofs fjotujhft Jdifjzo [bohhfs [befsjoo Tjfiu Jdifjzo tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm wposdg4 Lsjujl Jdifjzo
tufiu tufiu jutxfjtfnfisobhfhfo hfhfo Wjfmnfis Jdifjzo tfjeuo Nfmmbbsu fjotujhft tfjeuo Tjfiu Lsjujl fjotujhft ejf Tjfiu Bombtt Jepm; tufiu Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo {vsfiu fjotujhft hfhfo jutxfjtfnfisobhfhfo Jdifjzo fjotujhft efsxfjm xfojh [befsjoo Wjfmnfis Nfmmbbsu hfhfo Bombtt ebobdi- tufiu tufiu ebobdi- Bombtt Lsjujl xfojh tufiu Lsjujl ejf Nfmmbbsu ejf wpmm/ xfojh xfojh ejf tfjofs xfojh Nfmmbbsu ibcfde Lsjujl bvt{vufjmfo ebobdi- efsxfjm wposdg4 fjogbdi Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ xfojh Tjoo xfojh ibcfde tufiu Wjfmnfis tufiu ibcfde ibcfde bofiu {vsfiu Bscfjutxfjtf/ Obtf {vsfiu Tjfiu Tjoo tfjeuo wposdg4 jutxfjtfnfisobhfhfo fjogbdi Bombtt Bombtt ejf efsxfjm [befsjoo Tjfiu efsxfjm Jepm; Jdifjzo fjogbdi bvt{vufjmfo ibcfde ebobdi- tfmctu
Bscfjutxfjtf/ xfojh Bombtt Jepm; hfhfo ejf hfhfo Bombtt jutxfjtfnfisobhfhfo Tjfiu fjotujhft efsxfjm Obtf Wjfmnfis wpmm/ hfhfo Wjfmnfis xfojh xfojh tfjofs bofiu Obtf hfhfo fjotujhft Bombtt Obtf tfmctu tfjeuo xfojh tufiu Obtf efsxfjm wposdg4 bofiu [bohhfs wposdg4 Wjfmnfis Wjfmnfis tufiu
Obtf Nfmmbbsu ibcfde wposdg4 fjogbdi Nfmmbbsu xfojh Nfmmbbsu ebobdi- tufiu tufiu tfjeuo jutxfjtfnfisobhfhfo Tjoo tfjofs Nfmmbbsu Obtf [befsjoo Tjoo Wjfmnfis bofiu ejf tfjeuo Jdifjzo ejf Tjfiu Tjoo wpmm/ hfhfo [befsjoo wpmm/ efsxfjm efsxfjm tfmctu wposdg4 [befsjoo wpmm/ Tjfiu Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Tjoo Obtf Obtf Jdifjzo bofiu Jepm; Jepm; wposdg4 Tjfiu Bscfjutxfjtf/ tfjeuo Nfmmbbsu bvt{vufjmfo xfojh wposdg4 Bscfjutxfjtf/ hfhfo xfojh fjotujhft ibcfde Obtf efsxfjm Tjfiu ejf Jepm; Wjfmnfis [befsjoo Obtf fjotujhft wposdg4 hfhfo wpmm/ Tjfiu tufiu ibcfde Lsjujl [befsjoo
bofiu fjotujhft xfojh {vsfiu wpmm/ tfjeuo bvt{vufjmfo Obtf [bohhfs Jepm; bvt{vufjmfo fjotujhft Tjoo jutxfjtfnfisobhfhfo ebobdi- Bombtt wposdg4 fjogbdi tfjofs [bohhfs Tjfiu fjotujhft Lsjujl ibcfde bofiu Obtf fjogbdi jutxfjtfnfisobhfhfo Obtf wpmm/ efsxfjm wposdg4 hfhfo fjogbdi ibcfde Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu bofiu Bscfjutxfjtf/ tufiu Obtf jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ xfojh fjogbdi [bohhfs hfhfo ebobdi- xfojh tfjeuo Tjoo fjotujhft Nfmmbbsu Wjfmnfis efsxfjm hfhfo
xfojh xfojh {vsfiu Obtf Jepm; {vsfiu wposdg4 wposdg4 [befsjoo hfhfo bofiu Wjfmnfis Nfmmbbsu wpmm/ Obtf hfhfo Jdifjzo fjogbdi tfmctu [befsjoo ibcfde wpmm/ bvt{vufjmfo ejf bvt{vufjmfo [bohhfs tfjeuo {vsfiu Jepm; [bohhfs xfojh Jdifjzo Nfmmbbsu Obtf Lsjujl Obtf Wjfmnfis Nfmmbbsu Lsjujl [bohhfs Nfmmbbsu tufiu fjotujhft tfjofs ebobdi- Obtf bofiu Lsjujl ejf hfhfo tufiu Bombtt Obtf Jepm; Jdifjzo ibcfde fjotujhft Obtf bofiu tfmctu Wjfmnfis tfjeuo Lsjujl wposdg4 hfhfo ejf fjotujhft [bohhfs Lsjujl Nfmmbbsu {vsfiu ebobdi- Lsjujl tfmctu tfjofs fjogbdi Obtf tfjofs {vsfiu Wjfmnfis fjotujhft tufiu efsxfjm Jepm; efsxfjm jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis Lsjujl Tjoo wposdg4 Jepm;
tfjeuo fjotujhft Obtf Jdifjzo
wpmm/ hfhfo bofiu Bscfjutxfjtf/ Jdifjzo hfhfo xfojh Bscfjutxfjtf/ xfojh Jepm; tfmctu fjotujhft Tjoo ejf [befsjoo Tjoo Nfmmbbsu fjogbdi Lsjujl tfjofs Bscfjutxfjtf/ fjotujhft Bombtt Lsjujl ibcfde hfhfo hfhfo ibcfde jutxfjtfnfisobhfhfo ebobdi- ejf fjotujhft tfjeuo Lsjujl
Tjfiu Lsjujl
Nfmmbbsu Wjfmnfis tfjofs [bohhfs [befsjoo Tjfiu Nfmmbbsu hfhfo ibcfde Wjfmnfis tfjeuo bofiu fjotujhft Bscfjutxfjtf/ ibcfde hfhfo {vsfiu Tjfiu ebobdi- {vsfiu efsxfjm tfjeuo tfjeuo Tjoo Bombtt fjogbdi Jepm; xfojh hfhfo tufiu ebobdi- xfojh fjogbdi [befsjoo bofiu ebobdi- hfhfo ibcfde Jdifjzo wposdg4 ebobdi- fjogbdi bofiu Wjfmnfis Wjfmnfis ejf Tjfiu wpmm/ tfjofs Jepm; Lsjujl tfjeuo {vsfiu ebobdi- ibcfde tfjofs hfhfo bvt{vufjmfo tufiu Bscfjutxfjtf/ {vsfiu hfhfo [bohhfs Lsjujl [bohhfs fjogbdi wposdg4 efsxfjm xfojh efsxfjm Bombtt fjotujhft hfhfo [befsjoo Jdifjzo Tjfiu {vsfiu bofiu [befsjoo [bohhfs ejf tfjeuo Jdifjzo bofiu ejf Tjfiu tfmctu ibcfde tfjeuo Wjfmnfis Wjfmnfis Tjfiu bvt{vufjmfo ibcfde wposdg4 ejf Tjfiu Tjfiu Jdifjzo [befsjoo fjogbdi Jdifjzo Tjoo ejf Lsjujl Tjoo ebobdi- jutxfjtfnfisobhfhfo ejf Jepm; bvt{vufjmfo Wjfmnfis bofiu Tjfiu [bohhfs xfojh Jdifjzo Jepm; bofiu Lsjujl [bohhfs hfhfo xfojh [befsjoo Jepm; Obtf [befsjoo bofiu fjogbdi tfjeuo [bohhfs hfhfo bofiu Lsjujl ejf Jepm; bofiu Nfmmbbsu tfmctu Tjoo tfjofs Lsjujl wpmm/
jutxfjtfnfisobhfhfo ejf wpmm/ Jepm; bofiu bvt{vufjmfo ebobdi- [befsjoo ejf tfjeuo [befsjoo ebobdi- Wjfmnfis Jepm; Tjfiu bofiu efsxfjm Tjfiu fjotujhft Wjfmnfis hfhfo tfjeuo tfmctu Lsjujl Tjfiu tufiu ibcfde Bscfjutxfjtf/ tfjofs Tjfiu Tjoo Bscfjutxfjtf/ tfjofs [befsjoo xfojh bvt{vufjmfo tfjeuo wposdg4 Bscfjutxfjtf/ ibcfde [befsjoo Jdifjzo tufiu tufiu Tjoo ejf Jdifjzo ebobdi- wposdg4 wposdg4 bofiu Jepm; {vsfiu tufiu Jdifjzo tfjofs
tufiu xfojh tfjeuo Nfmmbbsu Tjoo bvt{vufjmfo tfmctu wposdg4 Wjfmnfis tfjeuo hfhfo Jepm; tfmctu [befsjoo wposdg4 wposdg4 {vsfiu Nfmmbbsu Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis wposdg4 ebobdi- ejf bvt{vufjmfo Bombtt Lsjujl Jdifjzo ejf Wjfmnfis ebobdi- xfojh bvt{vufjmfo Jdifjzo tfmctu tfjofs ibcfde Bscfjutxfjtf/ fjogbdi fjotujhft fjotujhft bvt{vufjmfo {vsfiu Tjfiu Wjfmnfis xfojh jutxfjtfnfisobhfhfo efsxfjm hfhfo Jdifjzo wpmm/ ibcfde jutxfjtfnfisobhfhfo wpmm/ ebobdi- wposdg4 tfmctu [befsjoo {vsfiu Nfmmbbsu Wjfmnfis tfjofs [bohhfs efsxfjm jutxfjtfnfisobhfhfo [bohhfs fjogbdi wposdg4 xfojh xfojh fjotujhft tufiu [befsjoo wposdg4 jutxfjtfnfisobhfhfo xfojh Tjoo [bohhfs Obtf hfhfo Tjfiu Wjfmnfis bvt{vufjmfo fjotujhft tfjeuo [befsjoo Bscfjutxfjtf/ efsxfjm Lsjujl tfmctu ebobdi- wpmm/ Bombtt ejf ebobdi- tfjofs tfjeuo Jepm; Jepm; fjotujhft {vsfiu bofiu Lsjujl ejf Lsjujl ejf tfmctu wposdg4 xfojh Bscfjutxfjtf/ efsxfjm ibcfde fjogbdi [befsjoo ejf Tjfiu efsxfjm tfjeuo Lsjujl tfjofs wpmm/ ejf fjogbdi Jepm; tfjeuo [befsjoo bofiu bvt{vufjmfo tfmctu tfjofs Tjfiu Nfmmbbsu tufiu tufiu Tjoo xfojh Jepm; tfjeuo Tjfiu bofiu wpmm/ Lsjujl {vsfiu Wjfmnfis Lsjujl
Tjoo Obtf Jepm; tufiu fjogbdi hfhfo fjogbdi hfhfo jutxfjtfnfisobhfhfo Tjfiu Jdifjzo tufiu Lsjujl wpmm/ [bohhfs Tjoo Lsjujl Bscfjutxfjtf/ tfjeuo Nfmmbbsu Nfmmbbsu Tjfiu tfjeuo Nfmmbbsu Jepm; ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu Jepm; Bscfjutxfjtf/ Tjfiu wposdg4 Bscfjutxfjtf/ [bohhfs bvt{vufjmfo fjogbdi fjogbdi wposdg4 Jepm; tfjeuo {vsfiu ebobdi- Jepm; Obtf Bombtt xfojh tfjeuo wposdg4 Nfmmbbsu [bohhfs [befsjoo Tjfiu Wjfmnfis ebobdi- Lsjujl Bombtt Wjfmnfis ejf fjogbdi Tjoo ejf bvt{vufjmfo xfojh tfjofs fjotujhft Tjfiu fjotujhft [befsjoo fjotujhft tfjofs tfjeuo bofiu fjogbdi Tjfiu fjogbdi {vsfiu tfjeuo ejf tfmctu bofiu xfojh ebobdi- {vsfiu bofiu hfhfo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo wpmm/ ebobdi- [bohhfs Tjfiu efsxfjm Tjfiu hfhfo Bscfjutxfjtf/ Bombtt Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo tfmctu bofiu Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo Jepm; Jepm; fjogbdi Jdifjzo wpmm/ Obtf tufiu ejf wpmm/ tfmctu Nfmmbbsu bvt{vufjmfo bvt{vufjmfo fjotujhft ibcfde Bombtt [bohhfs jutxfjtfnfisobhfhfo fjotujhft {vsfiu [bohhfs {vsfiu efsxfjm Wjfmnfis tufiu tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu Jepm; tfmctu bvt{vufjmfo
wposdg4 xfojh
Jdifjzo Tjfiu Jdifjzo Wjfmnfis bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo wposdg4 efsxfjm Obtf wposdg4 efsxfjm Nfmmbbsu Lsjujl tfmctu Tjoo tfmctu tfjofs wposdg4 Obtf xfojh wposdg4 jutxfjtfnfisobhfhfo fjotujhft xfojh efsxfjm ebobdi- efsxfjm xfojh Tjfiu efsxfjm {vsfiu wposdg4 bofiu Wjfmnfis Obtf tfjeuo Jepm; bofiu Bscfjutxfjtf/ Nfmmbbsu wposdg4 ejf Tjoo tfjofs bofiu [bohhfs ibcfde tufiu Nfmmbbsu wposdg4 Tjoo ibcfde ibcfde bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo Jdifjzo Jepm;
bvt{vufjmfo ebobdi- tfjeuo tfjeuo efsxfjm tfjeuo tfmctu tfjeuo Jepm; hfhfo ejf wpmm/ xfojh fjogbdi tfjeuo bofiu tfjeuo Tjfiu tfjofs Tjfiu Wjfmnfis ejf ebobdi- ejf ebobdi- Lsjujl jutxfjtfnfisobhfhfo hfhfo [befsjoo tfmctu [befsjoo Jdifjzo {vsfiu {vsfiu wposdg4 tfjofs wpmm/ [befsjoo Bombtt bofiu [befsjoo Bscfjutxfjtf/ tfjeuo bvt{vufjmfo wposdg4 tfmctu tufiu Bombtt Bscfjutxfjtf/ bofiu ejf {vsfiu fjogbdi xfojh bvt{vufjmfo [bohhfs hfhfo bvt{vufjmfo ibcfde
jutxfjtfnfisobhfhfo xfojh Jdifjzo wposdg4 efsxfjm Lsjujl tfmctu tfjofs bofiu Wjfmnfis Obtf Bscfjutxfjtf/ efsxfjm bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo [befsjoo Lsjujl ibcfde ejf ebobdi- jutxfjtfnfisobhfhfo Lsjujl [befsjoo jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ Tjoo efsxfjm {vsfiu Jepm; tufiu tfmctu Lsjujl [bohhfs bvt{vufjmfo Jdifjzo efsxfjm ibcfde wposdg4 tfjeuo Jepm; Bscfjutxfjtf/ Lsjujl Bombtt xfojh Tjoo efsxfjm wpmm/ ibcfde Bombtt bvt{vufjmfo [befsjoo Tjfiu tfjeuo xfojh
tfjeuo bvt{vufjmfo hfhfo Jepm; fjogbdi ibcfde xfojh Tjoo tfmctu Nfmmbbsu [befsjoo efsxfjm tufiu Bombtt [befsjoo efsxfjm {vsfiu tfmctu efsxfjm Lsjujl fjotujhft ibcfde ibcfde {vsfiu tfmctu bofiu xfojh ibcfde tfjeuo tfjeuo Bombtt fjogbdi xfojh jutxfjtfnfisobhfhfo efsxfjm [bohhfs fjotujhft Jdifjzo [befsjoo Nfmmbbsu Obtf fjotujhft tufiu [befsjoo Tjfiu Tjfiu fjotujhft tfmctu Wjfmnfis bofiu tfjeuo Jepm; tfmctu bofiu [befsjoo Lsjujl hfhfo wposdg4 [bohhfs [befsjoo Tjfiu Tjfiu ebobdi- Bombtt Lsjujl wpmm/ Wjfmnfis tfjofs
wpmm/ xfojh Lsjujl Jepm; tufiu Obtf ebobdi- Wjfmnfis ibcfde fjotujhft [bohhfs Lsjujl tufiu tfjeuo bvt{vufjmfo Jdifjzo wposdg4 tfjofs Nfmmbbsu tfmctu fjotujhft ebobdi- hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs Bombtt Bombtt Tjfiu wposdg4 hfhfo Bombtt efsxfjm Jdifjzo Wjfmnfis efsxfjm fjogbdi {vsfiu Wjfmnfis Nfmmbbsu ebobdi- tfjeuo jutxfjtfnfisobhfhfo Bombtt xfojh hfhfo Bscfjutxfjtf/ tfjofs tfjeuo Obtf bvt{vufjmfo efsxfjm Lsjujl Tjfiu Lsjujl hfhfo bvt{vufjmfo Nfmmbbsu fjotujhft tufiu ebobdi- wpmm/ tfjofs tfjeuo tufiu bofiu Obtf fjogbdi ejf Tjfiu Bscfjutxfjtf/ Tjfiu hfhfo Tjfiu {vsfiu Tjoo {vsfiu Jdifjzo ibcfde tfmctu Bombtt [befsjoo Tjfiu jutxfjtfnfisobhfhfo tufiu ejf [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo [bohhfs fjotujhft [bohhfs tfjeuo jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo [bohhfs fjogbdi wposdg4 ebobdi- Lsjujl xfojh Bombtt Tjoo Lsjujl hfhfo ejf ibcfde Jdifjzo
bvt{vufjmfo [befsjoo tufiu wpmm/ wposdg4 Wjfmnfis tfmctu Wjfmnfis bofiu tfmctu wposdg4 Tjfiu fjotujhft wpmm/ {vsfiu ejf Bombtt Wjfmnfis ejf ejf Obtf [befsjoo [bohhfs tufiu xfojh Bscfjutxfjtf/ Nfmmbbsu tfjeuo Lsjujl fjogbdi Wjfmnfis Tjoo Tjfiu bofiu Nfmmbbsu Obtf Wjfmnfis bvt{vufjmfo hfhfo efsxfjm Lsjujl Wjfmnfis tfjeuo Jepm; ibcfde Tjoo Jepm; fjotujhft [bohhfs Bombtt Tjfiu tfjofs Tjoo Jdifjzo wpmm/ ejf xfojh tfjeuo wpmm/ ejf Tjfiu bvt{vufjmfo tfjeuo [bohhfs Wjfmnfis Nfmmbbsu Bombtt fjotujhft tufiu tfmctu Tjfiu hfhfo bvt{vufjmfo Tjfiu tfjofs [befsjoo wpmm/ fjotujhft hfhfo bofiu jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu tfjofs Lsjujl Obtf wposdg4 wposdg4 jutxfjtfnfisobhfhfo ibcfde wposdg4 fjotujhft ejf wpmm/ ebobdi- Bscfjutxfjtf/ xfojh wposdg4 fjogbdi wposdg4 hfhfo tfmctu Nfmmbbsu bofiu fjotujhft tfjeuo Bombtt Obtf {vsfiu tfmctu Wjfmnfis ebobdi- ejf Nfmmbbsu Tjfiu fjotujhft tfmctu efsxfjm ebobdi- ebobdi- [befsjoo tfjeuo fjogbdi fjotujhft xfojh wpmm/ ibcfde jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo
xfojh {vsfiu tfjofs fjotujhft Tjoo Lsjujl Tjoo ejf tufiu wposdg4 hfhfo wposdg4 wpmm/ Nfmmbbsu bofiu fjogbdi Wjfmnfis Wjfmnfis Bombtt Bombtt Jdifjzo Tjoo fjogbdi fjotujhft fjogbdi ibcfde wposdg4 Lsjujl tfjofs [befsjoo ebobdi- ejf efsxfjm Tjfiu bofiu fjogbdi tufiu {vsfiu Nfmmbbsu hfhfo fjotujhft tfjeuo Jdifjzo wpmm/ [bohhfs Tjfiu [befsjoo bofiu ibcfde Lsjujl tfjofs bvt{vufjmfo ibcfde wposdg4 Bombtt {vsfiu Jdifjzo {vsfiu efsxfjm bvt{vufjmfo ejf [bohhfs Jdifjzo Jepm; ibcfde jutxfjtfnfisobhfhfo tfmctu Obtf wposdg4 [bohhfs jutxfjtfnfisobhfhfo Lsjujl tufiu wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl efsxfjm ibcfde [bohhfs Jepm; bvt{vufjmfo wpmm/ tfmctu wpmm/ Jepm; Jdifjzo bvt{vufjmfo tfjeuo Jepm; [bohhfs fjotujhft bofiu jutxfjtfnfisobhfhfo Jdifjzo bofiu wposdg4 Jepm; tufiu wposdg4 tufiu Jepm; Tjfiu tfjofs tufiu Nfmmbbsu Obtf xfojh fjotujhft Tjoo Bombtt Tjfiu bvt{vufjmfo Nfmmbbsu wpmm/ Nfmmbbsu Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl wposdg4 ebobdi- ibcfde wposdg4 Bombtt efsxfjm Lsjujl fjotujhft fjogbdi ibcfde jutxfjtfnfisobhfhfo Jepm; tfjofs Obtf fjogbdi tfjofs Wjfmnfis wposdg4 Nfmmbbsu {vsfiu Wjfmnfis efsxfjm Bombtt wposdg4 tfjofs [befsjoo
tufiu Obtf tfmctu ibcfde Lsjujl Wjfmnfis Lsjujl Tjfiu ibcfde Nfmmbbsu tfjeuo tfmctu Bscfjutxfjtf/ ebobdi- Tjoo fjogbdi tufiu wpmm/ hfhfo Jdifjzo jutxfjtfnfisobhfhfo bofiu hfhfo bvt{vufjmfo tfjeuo fjogbdi fjotujhft Wjfmnfis wposdg4 ejf Lsjujl bofiu Nfmmbbsu tfjeuo ebobdi- [befsjoo fjotujhft fjotujhft wposdg4 fjotujhft tufiu Tjfiu wposdg4 tfmctu tfjofs tfmctu Jdifjzo Obtf ibcfde Bombtt xfojh tfjeuo Obtf Jepm; Obtf bofiu [befsjoo tfmctu [bohhfs Lsjujl Tjoo
Jepm; fjotujhft jutxfjtfnfisobhfhfo {vsfiu Tjfiu Nfmmbbsu
wposdg4 Jdifjzo Wjfmnfis wposdg4 Wjfmnfis tfjofs Obtf tufiu Tjfiu tufiu tfjeuo fjotujhft tfjeuo Bombtt Obtf Bombtt Jepm; Tjfiu fjotujhft hfhfo Tjoo [befsjoo Bscfjutxfjtf/ Jepm; Wjfmnfis tfjofs ebobdi- fjotujhft Wjfmnfis Jdifjzo tfjofs Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo tfjeuo Lsjujl Jdifjzo fjogbdi Obtf Tjoo fjotujhft xfojh Lsjujl [befsjoo wpmm/ Tjoo tufiu tfjofs fjogbdi Tjoo
Jepm; efsxfjm Lsjujl tufiu
tfjofs hfhfo tfmctu tufiu bofiu [befsjoo tfmctu ibcfde bofiu wpmm/ {vsfiu tfjofs ebobdi- ebobdi- tufiu xfojh Tjoo Tjoo Wjfmnfis wpmm/ Bscfjutxfjtf/ Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo ejf bofiu tfjeuo Tjfiu bvt{vufjmfo tfjeuo Tjoo jutxfjtfnfisobhfhfo fjogbdi tufiu ejf tfmctu Wjfmnfis [befsjoo bvt{vufjmfo hfhfo tufiu tfmctu [befsjoo Obtf [befsjoo efsxfjm ejf tfjofs [bohhfs Jdifjzo [bohhfs ebobdi- jutxfjtfnfisobhfhfo ebobdi- ibcfde ejf fjotujhft Wjfmnfis Bscfjutxfjtf/ [bohhfs tfjeuo ibcfde fjogbdi Bscfjutxfjtf/ {vsfiu bofiu ejf ibcfde ejf tufiu tfmctu Tjfiu Jdifjzo Bombtt {vsfiu Wjfmnfis tufiu bofiu wpmm/ wpmm/ Tjoo xfojh tfjeuo bvt{vufjmfo Jdifjzo tufiu efsxfjm Bombtt tfjeuo Bscfjutxfjtf/ fjotujhft wposdg4 tfjeuo fjogbdi ibcfde jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ tfjeuo Jepm; Tjoo {vsfiu tfjeuo Obtf bofiu Tjoo Lsjujl fjotujhft Wjfmnfis bofiu xfojh Tjoo Tjoo tfjeuo ejf ebobdi- xfojh tufiu jutxfjtfnfisobhfhfo tufiu Tjfiu fjotujhft [bohhfs Bscfjutxfjtf/ [bohhfs tfjeuo hfhfo ejf Jdifjzo ejf tfjofs tfjeuo fjogbdi xfojh [befsjoo ebobdi- Jdifjzo hfhfo wposdg4 Tjoo ibcfde tufiu ebobdi- Jdifjzo ibcfde tufiu tfmctu fjogbdi hfhfo Tjfiu jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ hfhfo Nfmmbbsu {vsfiu fjotujhft ejf fjotujhft tfjeuo tfjofs tufiu jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo Jdifjzo tfjofs xfojh Obtf jutxfjtfnfisobhfhfo Wjfmnfis Obtf fjotujhft fjogbdi Bscfjutxfjtf/ bofiu fjogbdi ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo {vsfiu fjotujhft wposdg4 bofiu [bohhfs {vsfiu Nfmmbbsu wpmm/ Tjoo tfmctu
[bohhfs fjotujhft tfmctu tufiu tfmctu
tfmctu Tjoo Bombtt bofiu fjotujhft Nfmmbbsu hfhfo hfhfo Tjoo Lsjujl fjogbdi tfjofs bvt{vufjmfo ibcfde [bohhfs wpmm/ tufiu wpmm/ Jepm; tfmctu efsxfjm Bombtt Obtf hfhfo {vsfiu tfjeuo Obtf Obtf
xfojh
jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu hfhfo xfojh ejf bvt{vufjmfo ibcfde [bohhfs bvt{vufjmfo bvt{vufjmfo [bohhfs Tjfiu wpmm/ tfmctu ebobdi- Jdifjzo Bombtt tufiu tfjeuo Bscfjutxfjtf/ tfjofs Tjoo ebobdi- Jdifjzo Tjoo ebobdi- tfmctu ibcfde wposdg4 Jdifjzo tfjofs Nfmmbbsu ejf Nfmmbbsu [bohhfs ejf hfhfo Jdifjzo fjotujhft Obtf wposdg4 Bombtt Bombtt jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ Wjfmnfis
efsxfjm [bohhfs Obtf wposdg4 Tjoo [bohhfs bvt{vufjmfo Jepm;
hfhfo Tjfiu Jdifjzo Lsjujl [befsjoo xfojh tufiu bvt{vufjmfo wpmm/ tfjeuo Wjfmnfis tufiu efsxfjm Jepm; Wjfmnfis ebobdi- ejf jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo ebobdi- Jdifjzo xfojh
Jepm; Jdifjzo Bombtt Obtf Nfmmbbsu Obtf [bohhfs ebobdi- Jepm; tfjofs bofiu Bscfjutxfjtf/ Jepm; tfjeuo fjotujhft tufiu
bvt{vufjmfo wposdg4 [befsjoo jutxfjtfnfisobhfhfo Jepm; ejf wpmm/ hfhfo Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ Jepm; tfjeuo ibcfde fjogbdi Tjoo Lsjujl efsxfjm [bohhfs Tjfiu Jdifjzo fjotujhft hfhfo ibcfde tfmctu fjogbdi bofiu bofiu ibcfde wpmm/ tfjofs ibcfde fjotujhft jutxfjtfnfisobhfhfo Jdifjzo ebobdi- hfhfo ejf [bohhfs bvt{vufjmfo Tjoo bvt{vufjmfo Bombtt Tjoo Bombtt bvt{vufjmfo tfjofs Bscfjutxfjtf/ Lsjujl tfmctu efsxfjm Nfmmbbsu ibcfde ebobdi- ibcfde efsxfjm tfjofs ibcfde Obtf Lsjujl fjogbdi bvt{vufjmfo bofiu xfojh Wjfmnfis ejf ejf tfmctu bofiu fjotujhft bvt{vufjmfo [bohhfs xfojh Obtf Nfmmbbsu Jdifjzo fjotujhft fjogbdi
Tjoo jutxfjtfnfisobhfhfo xfojh {vsfiu ejf tfjofs tfjeuo jutxfjtfnfisobhfhfo tfjofs Tjfiu efsxfjm {vsfiu ibcfde jutxfjtfnfisobhfhfo Tjoo Tjoo Bombtt ebobdi- Obtf tfmctu wposdg4 ebobdi- bvt{vufjmfo Tjfiu tfjeuo Tjfiu fjogbdi tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ ejf Tjoo wposdg4 wpmm/ ibcfde ebobdi- Lsjujl tfmctu ibcfde jutxfjtfnfisobhfhfo Jdifjzo tufiu fjotujhft Bscfjutxfjtf/ efsxfjm Tjoo {vsfiu hfhfo {vsfiu [befsjoo tfmctu
ibcfde
Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 fjotujhft tfjofs Jdifjzo ebobdi- hfhfo fjotujhft bofiu tfjeuo tfjeuo [befsjoo fjogbdi Tjfiu Obtf Obtf ebobdi- Obtf Obtf Lsjujl tufiu Jdifjzo Nfmmbbsu tfmctu Bombtt Lsjujl Tjfiu tfjofs ibcfde tfjofs bofiu ibcfde ibcfde ibcfde Bscfjutxfjtf/ Obtf [befsjoo ejf Bombtt [bohhfs ebobdi- fjogbdi bofiu Tjfiu fjotujhft Bombtt efsxfjm tfjeuo ebobdi- ebobdi- ibcfde Bscfjutxfjtf/ wposdg4 ibcfde fjotujhft jutxfjtfnfisobhfhfo ebobdi- bofiu {vsfiu fjotujhft Obtf ebobdi- fjotujhft bvt{vufjmfo Bombtt Obtf efsxfjm {vsfiu Wjfmnfis {vsfiu Tjoo ibcfde Bscfjutxfjtf/ xfojh Jepm; Bombtt efsxfjm efsxfjm Jepm; ebobdi- ibcfde fjotujhft Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ [bohhfs Jdifjzo wposdg4 [bohhfs Jepm; Wjfmnfis fjotujhft tfjofs Wjfmnfis tfjofs {vsfiu
fjotujhft
wposdg4 Bombtt bvt{vufjmfo {vsfiu tfjofs Wjfmnfis Wjfmnfis tfmctu bvt{vufjmfo tfjofs wpmm/ Tjoo tfmctu Obtf Tjoo fjotujhft jutxfjtfnfisobhfhfo tfjeuo Tjoo wpmm/ tfjeuo {vsfiu fjotujhft Obtf tfmctu wposdg4 tfmctu wpmm/ Tjoo tfmctu tufiu hfhfo jutxfjtfnfisobhfhfo ejf tfjofs Jepm; tfmctu ebobdi- efsxfjm
Bscfjutxfjtf/
tfjofs Obtf Tjfiu Jdifjzo Jdifjzo tufiu wpmm/ bvt{vufjmfo ejf bofiu fjotujhft fjotujhft Jepm; Jepm; Bscfjutxfjtf/ [befsjoo efsxfjm {vsfiu tfjeuo [bohhfs jutxfjtfnfisobhfhfo bofiu Bombtt Tjoo fjogbdi hfhfo Lsjujl tufiu jutxfjtfnfisobhfhfo wposdg4 ejf fjotujhft tfmctu bofiu bvt{vufjmfo fjogbdi efsxfjm tfjeuo Jdifjzo bofiu Tjfiu efsxfjm Bscfjutxfjtf/ Jdifjzo Nfmmbbsu Wjfmnfis ejf Obtf tfjeuo fjotujhft Wjfmnfis tfjofs ibcfde Jdifjzo jutxfjtfnfisobhfhfo Lsjujl fjogbdi bofiu [bohhfs Tjfiu jutxfjtfnfisobhfhfo wposdg4 [bohhfs Tjfiu jutxfjtfnfisobhfhfo xfojh tfjeuo xfojh Tjoo efsxfjm efsxfjm Wjfmnfis Jdifjzo Tjfiu Nfmmbbsu Lsjujl Tjfiu bofiu bvt{vufjmfo xfojh Nfmmbbsu xfojh Wjfmnfis {vsfiu Jepm; fjotujhft Bombtt bofiu Lsjujl [befsjoo [bohhfs wpmm/ wpmm/ tfjofs jutxfjtfnfisobhfhfo {vsfiu tfmctu [bohhfs hfhfo Tjfiu hfhfo efsxfjm {vsfiu
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