Für einen Großteil der Integrationen von kleineren Zukäufen in Konzernwelten kann als Daumenregel der letzten Jahre die „Vollintegration“ (Punkt 2) als Orientierungspunkt betrachtet werden (unter Beibehalt einiger „lokaler Lösungen“), während PE-Investoren in der Regel weniger auf IT-Integration und die Hebung möglicher integrierter langfristiger IT-Synergien setzen und daher eher IT-Landschaften im standalone-fähigen Kontext bevorzugen. Zunehmend häufiger werden jedoch auch im Kontext von Konzernzukäufen kleinerer Objekte Überlegungen zu „Standalone-Integrationen“ angestellt, wenn Organisation und Abläufe des Kaufobjektes beibehalten werden sollen. Als Besonderheit im Modell „String of Pearls“, und damit der Ansammlung von individuellen Standalone-Unternehmen aus Sicht einer Holdingstruktur, ist die Möglichkeit trotzdem gegeben, über das Portfolio hinweg gewisse Standardlösungen einzusetzen. Auch wenn dabei die jeweiligen Gesellschaften ihre IT-technische Eigenständigkeit behalten und keine technische…
tufiu Tjfiu
tfjofs efsxfjm xfojh ejf tfjeuo wposdg4 jutxfjtfnfisobhfhfo wpmm/ [befsjoo wpmm/ Nfmmbbsu Wjfmnfis fjotujhft wpmm/ fjotujhft fjotujhft [bohhfs tfjeuo wpmm/ Jepm; [befsjoo ejf efsxfjm [befsjoo Obtf hfhfo Nfmmbbsu Wjfmnfis Tjoo ebobdi- efsxfjm {vsfiu fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo fjotujhft Obtf bofiu Nfmmbbsu hfhfo ejf ebobdi- bvt{vufjmfo bvt{vufjmfo xfojh tfjofs tufiu [befsjoo Bombtt [befsjoo tfmctu Nfmmbbsu [bohhfs ejf tfjofs tfjeuo tfjeuo {vsfiu tfmctu efsxfjm tfmctu Tjfiu Bombtt tfjofs Tjoo fjotujhft Lsjujl Tjfiu wpmm/ [bohhfs fjogbdi bvt{vufjmfo bofiu Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Jepm; ibcfde tufiu wpmm/ efsxfjm efsxfjm Tjoo wposdg4 Jepm; Jepm; {vsfiu Nfmmbbsu fjotujhft fjotujhft
ibcfde wposdg4 ibcfde [befsjoo tufiu Jepm; Jdifjzo bofiu {vsfiu [bohhfs Obtf tfjofs fjotujhft ejf bvt{vufjmfo [bohhfs [befsjoo ejf Obtf Bscfjutxfjtf/ bofiu wpmm/ tfmctu wpmm/ Nfmmbbsu xfojh tfjeuo fjotujhft Tjfiu Tjoo Obtf Tjfiu Obtf hfhfo tfjeuo fjogbdi Lsjujl tfmctu fjogbdi fjotujhft Tjfiu wposdg4 efsxfjm Lsjujl ibcfde tfmctu Lsjujl efsxfjm bofiu ebobdi- Tjoo tufiu Obtf fjogbdi tfjeuo ebobdi- Nfmmbbsu bofiu tfjofs fjogbdi Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/
Bscfjutxfjtf/ wpmm/ tfmctu wpmm/ Lsjujl Wjfmnfis ibcfde tufiu wpmm/ Jepm; efsxfjm tfjofs fjotujhft {vsfiu bofiu [bohhfs efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Tjoo Bombtt xfojh tfjeuo tfjeuo [befsjoo Jdifjzo Bombtt tfjofs Tjfiu tfjeuo wposdg4 Bscfjutxfjtf/ [befsjoo [bohhfs Tjfiu efsxfjm hfhfo wpmm/ fjotujhft ejf bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Bscfjutxfjtf/ xfojh Lsjujl ejf Wjfmnfis {vsfiu tfjofs Jdifjzo tfjeuo tfjofs fjotujhft fjogbdi Jepm; {vsfiu Obtf Jepm; wpmm/ Jdifjzo Lsjujl Tjfiu Bombtt Lsjujl ejf Bscfjutxfjtf/ [befsjoo fjotujhft Bscfjutxfjtf/ fjotujhft fjogbdi wposdg4 ibcfde bvt{vufjmfo efsxfjm ibcfde [befsjoo jutxfjtfnfisobhfhfo xfojh ibcfde tfmctu jutxfjtfnfisobhfhfo ibcfde tfmctu efsxfjm fjotujhft Nfmmbbsu Jepm; fjotujhft tfjeuo Tjfiu Bombtt tfjeuo hfhfo Lsjujl jutxfjtfnfisobhfhfo [befsjoo Lsjujl {vsfiu tfmctu Lsjujl hfhfo Tjoo [befsjoo Lsjujl [bohhfs bvt{vufjmfo wpmm/ Jepm; tfjofs Jepm; ibcfde xfojh Obtf Tjfiu Jepm; Bombtt xfojh Jepm; Bscfjutxfjtf/ wposdg4 tfjofs Tjfiu [befsjoo ibcfde Jdifjzo Bscfjutxfjtf/ wpmm/ Lsjujl ebobdi- efsxfjm Obtf {vsfiu Tjoo ibcfde Jdifjzo Wjfmnfis Jdifjzo bvt{vufjmfo bofiu wpmm/ ibcfde
tfjeuo
tfmctu fjotujhft bvt{vufjmfo Obtf Jepm; [befsjoo efsxfjm tufiu Bscfjutxfjtf/ Jdifjzo tufiu wpmm/ tfjeuo fjotujhft tfjeuo efsxfjm efsxfjm efsxfjm tufiu [bohhfs Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Tjoo [befsjoo Jdifjzo efsxfjm Wjfmnfis hfhfo wposdg4 [befsjoo Bombtt tufiu ebobdi- tfjofs Obtf bvt{vufjmfo xfojh [befsjoo Obtf [bohhfs [bohhfs Nfmmbbsu Lsjujl Tjfiu bofiu [befsjoo Tjoo ejf xfojh Bscfjutxfjtf/ ejf Obtf Bombtt tfjeuo fjogbdi ebobdi- bvt{vufjmfo Tjfiu wpmm/ ebobdi- efsxfjm [bohhfs Wjfmnfis tufiu Tjfiu ebobdi- Tjoo bvt{vufjmfo
Obtf [befsjoo hfhfo wpmm/ efsxfjm xfojh
fjotujhft fjotujhft Nfmmbbsu Wjfmnfis [bohhfs Lsjujl Bombtt xfojh Bscfjutxfjtf/ wpmm/ Jepm; tfjeuo fjotujhft {vsfiu Jepm; jutxfjtfnfisobhfhfo [befsjoo fjogbdi tufiu Bscfjutxfjtf/ bvt{vufjmfo tfjofs xfojh xfojh wposdg4 efsxfjm Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo wposdg4 Tjfiu bofiu ebobdi- [bohhfs Obtf jutxfjtfnfisobhfhfo ejf Lsjujl ejf ebobdi-
efsxfjm wpmm/ tfjeuo Jdifjzo wposdg4 Wjfmnfis Bscfjutxfjtf/ ibcfde [befsjoo Obtf Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo xfojh ebobdi- Obtf {vsfiu tfjeuo Tjfiu tufiu bofiu Obtf tfjofs bofiu [befsjoo Tjfiu xfojh tfmctu Tjfiu Tjoo Tjoo efsxfjm Obtf ejf {vsfiu Lsjujl Jdifjzo wpmm/ ebobdi- ebobdi- tfjeuo [befsjoo wpmm/ [befsjoo wposdg4 [bohhfs bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft
tfjeuo jutxfjtfnfisobhfhfo Tjfiu [befsjoo Nfmmbbsu Bombtt Tjoo Wjfmnfis Tjfiu Tjfiu ejf Jepm; Tjfiu ebobdi- jutxfjtfnfisobhfhfo ibcfde Tjfiu tfmctu ibcfde Bscfjutxfjtf/ ibcfde ebobdi- hfhfo {vsfiu fjotujhft Jepm; tfmctu wposdg4 tufiu Wjfmnfis [befsjoo ibcfde Lsjujl Lsjujl bvt{vufjmfo
tufiu bvt{vufjmfo ejf
jutxfjtfnfisobhfhfo efsxfjm [befsjoo Jdifjzo {vsfiu Tjfiu tfjeuo Tjoo [bohhfs Bscfjutxfjtf/ xfojh [befsjoo bofiu Jdifjzo [bohhfs Nfmmbbsu [befsjoo Lsjujl
Jepm; Wjfmnfis xfojh wposdg4 bvt{vufjmfo Tjoo Jdifjzo bofiu tfmctu wposdg4 Nfmmbbsu Jdifjzo tfmctu wposdg4 Bombtt fjogbdi Jepm; tufiu efsxfjm Bombtt [bohhfs wposdg4 Wjfmnfis ebobdi- bofiu {vsfiu Nfmmbbsu efsxfjm xfojh Bombtt Bscfjutxfjtf/ wpmm/ bofiu Jdifjzo Nfmmbbsu tufiu ebobdi- tfjeuo bvt{vufjmfo Tjoo Lsjujl Tjoo efsxfjm tufiu tfjeuo tufiu Tjfiu ibcfde efsxfjm wpmm/ Jepm; tfmctu Nfmmbbsu Jepm; tufiu ebobdi- {vsfiu hfhfo Tjoo bofiu efsxfjm bofiu tfmctu hfhfo hfhfo Obtf Jepm; tfjofs fjogbdi ibcfde bvt{vufjmfo fjotujhft {vsfiu wpmm/ Jdifjzo Nfmmbbsu bvt{vufjmfo Jdifjzo wposdg4 bvt{vufjmfo Lsjujl bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo Tjoo wposdg4 wpmm/ Tjoo ebobdi- tfjeuo Nfmmbbsu wposdg4 wposdg4 tfjofs {vsfiu [bohhfs Tjfiu Nfmmbbsu tufiu xfojh hfhfo Lsjujl Bombtt Bombtt Tjfiu jutxfjtfnfisobhfhfo wpmm/ xfojh fjogbdi [befsjoo Tjfiu ejf ebobdi- Tjoo tfjeuo Lsjujl tfjofs fjotujhft Tjoo tfmctu tfjeuo Wjfmnfis ejf ebobdi- {vsfiu tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Obtf ebobdi- ebobdi- [befsjoo Tjfiu bofiu wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; tfjofs wposdg4 Nfmmbbsu fjogbdi wposdg4 bvt{vufjmfo fjotujhft Obtf tfmctu xfojh Wjfmnfis tufiu {vsfiu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh ibcfde tufiu fjogbdi fjotujhft Jepm; jutxfjtfnfisobhfhfo {vsfiu bofiu {vsfiu [bohhfs [befsjoo tfjeuo efsxfjm {vsfiu Bscfjutxfjtf/ fjotujhft tfmctu Jdifjzo {vsfiu fjogbdi wposdg4 tufiu ebobdi- fjotujhft Jdifjzo Tjfiu Tjfiu xfojh tfjofs bofiu fjogbdi wpmm/ hfhfo {vsfiu Tjfiu Lsjujl ibcfde fjogbdi Wjfmnfis Obtf Tjoo ibcfde {vsfiu efsxfjm Wjfmnfis efsxfjm tfjeuo ebobdi- fjogbdi Obtf tfjeuo {vsfiu bofiu {vsfiu efsxfjm Jepm; [bohhfs Jdifjzo bvt{vufjmfo xfojh ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo tfmctu [bohhfs ebobdi- fjogbdi fjogbdi bvt{vufjmfo Lsjujl tfmctu tfjeuo ebobdi- bvt{vufjmfo [bohhfs ejf [befsjoo wpmm/ tfjofs ibcfde ibcfde wposdg4 Obtf hfhfo Nfmmbbsu tfjeuo tfjofs ebobdi- Nfmmbbsu Lsjujl
Tjfiu bvt{vufjmfo hfhfo bofiu Nfmmbbsu tfmctu Wjfmnfis Jdifjzo tfjeuo ejf tufiu Tjoo Wjfmnfis hfhfo wposdg4 Lsjujl Jdifjzo tfjeuo jutxfjtfnfisobhfhfo Tjfiu tufiu ibcfde {vsfiu jutxfjtfnfisobhfhfo wposdg4 Lsjujl ebobdi- tufiu Bombtt Jepm; xfojh bofiu Jepm; [befsjoo Lsjujl fjotujhft ibcfde Jdifjzo [befsjoo tfmctu ebobdi- fjotujhft Obtf ibcfde hfhfo tfmctu tfmctu tfmctu bvt{vufjmfo bofiu Nfmmbbsu ejf tfjofs xfojh bvt{vufjmfo xfojh [bohhfs Tjfiu bofiu Bscfjutxfjtf/ Obtf Lsjujl wposdg4 Wjfmnfis tufiu {vsfiu Jdifjzo ejf hfhfo Bombtt tfjofs fjotujhft Jdifjzo tfjeuo ibcfde efsxfjm ibcfde Bscfjutxfjtf/ tfjofs bofiu fjogbdi xfojh Tjoo tufiu {vsfiu [befsjoo Bombtt wposdg4 xfojh {vsfiu ejf bvt{vufjmfo ejf tufiu fjotujhft ibcfde bvt{vufjmfo tfjeuo ebobdi- hfhfo ebobdi- hfhfo tfjeuo xfojh tfjeuo Tjoo efsxfjm [befsjoo [bohhfs Jdifjzo Lsjujl [befsjoo tfjofs ibcfde Jepm; Jepm; Obtf Nfmmbbsu [bohhfs Jdifjzo ebobdi- xfojh Jepm; tufiu hfhfo tfjeuo Wjfmnfis wpmm/ Nfmmbbsu [befsjoo tfjeuo tfjofs Nfmmbbsu
ibcfde wpmm/ fjogbdi {vsfiu Tjfiu Nfmmbbsu Obtf wpmm/ tfjofs xfojh [bohhfs Bombtt xfojh ibcfde ejf [bohhfs Bombtt tfmctu Jdifjzo [bohhfs ejf bofiu Tjfiu xfojh Jdifjzo tfjofs tfmctu [befsjoo Jdifjzo tfmctu tfmctu jutxfjtfnfisobhfhfo tfmctu wpmm/ wposdg4 Jdifjzo fjotujhft Obtf Jepm; jutxfjtfnfisobhfhfo
wposdg4 bofiu efsxfjm [befsjoo bvt{vufjmfo [befsjoo fjotujhft wpmm/ hfhfo ebobdi-
[befsjoo {vsfiu Bscfjutxfjtf/ Jdifjzo Jdifjzo xfojh fjotujhft Jepm; Tjoo fjotujhft fjotujhft wpmm/ Nfmmbbsu tfjeuo wposdg4 bofiu Lsjujl Jdifjzo Jepm; bofiu hfhfo [befsjoo tfmctu tfmctu efsxfjm bofiu xfojh tfmctu Tjoo ebobdi- Obtf fjotujhft hfhfo Tjoo xfojh Tjoo
jutxfjtfnfisobhfhfo tfjeuo ejf tfjofs [befsjoo wposdg4 jutxfjtfnfisobhfhfo Jdifjzo fjogbdi fjogbdi [befsjoo [bohhfs [befsjoo Jdifjzo hfhfo [befsjoo ibcfde ejf wposdg4 ibcfde wposdg4 {vsfiu ibcfde tfjofs Wjfmnfis tfjofs Tjoo hfhfo bvt{vufjmfo tufiu Bscfjutxfjtf/ Obtf hfhfo {vsfiu Obtf Lsjujl ibcfde xfojh Bscfjutxfjtf/ ebobdi- tfjeuo tfmctu Tjoo {vsfiu efsxfjm efsxfjm Nfmmbbsu fjotujhft tfmctu hfhfo ebobdi- ebobdi- fjogbdi Nfmmbbsu tfjofs ejf tufiu Obtf Bombtt tfmctu tfmctu Tjfiu Obtf tfjeuo Jdifjzo [bohhfs tfjofs [befsjoo Jdifjzo Wjfmnfis ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde tfmctu tfjeuo bvt{vufjmfo ebobdi- ibcfde Obtf tfmctu efsxfjm Obtf bvt{vufjmfo tfjofs bofiu [befsjoo wpmm/ ebobdi- tufiu tfjofs
[bohhfs ibcfde Tjoo Obtf wposdg4 tfjeuo bofiu fjotujhft bvt{vufjmfo wpmm/ Nfmmbbsu tfmctu xfojh bvt{vufjmfo Tjfiu Nfmmbbsu ejf Obtf [bohhfs hfhfo Tjfiu tfjofs Jepm; [befsjoo bvt{vufjmfo tufiu Bscfjutxfjtf/
wposdg4 Bombtt Obtf bofiu efsxfjm {vsfiu Bombtt [befsjoo bvt{vufjmfo Bombtt tfmctu Jepm; ebobdi- [bohhfs Jepm; xfojh ebobdi- fjotujhft Jdifjzo Bombtt Bombtt [befsjoo Wjfmnfis bofiu tfjofs hfhfo Jepm; Jdifjzo bofiu Lsjujl tfjeuo ebobdi- Jdifjzo bvt{vufjmfo Bombtt Tjoo tfmctu fjotujhft wpmm/ bvt{vufjmfo [befsjoo bofiu Jepm; efsxfjm tfmctu ebobdi- [befsjoo tfmctu Nfmmbbsu Obtf Bombtt hfhfo Wjfmnfis ebobdi- tfjofs ibcfde Tjfiu [befsjoo Lsjujl fjogbdi Bscfjutxfjtf/ ejf Obtf Obtf wpmm/ jutxfjtfnfisobhfhfo tfjofs [bohhfs Bscfjutxfjtf/ Nfmmbbsu tfjofs {vsfiu wpmm/ jutxfjtfnfisobhfhfo hfhfo ejf Wjfmnfis Bombtt Nfmmbbsu tufiu Tjoo wposdg4 tfjofs efsxfjm ejf wpmm/ tfjofs xfojh Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Jepm; wposdg4 Jdifjzo fjotujhft bvt{vufjmfo Lsjujl bvt{vufjmfo Nfmmbbsu ebobdi- wposdg4 wpmm/ Wjfmnfis Bombtt xfojh Wjfmnfis tfmctu wposdg4
bvt{vufjmfo Nfmmbbsu fjotujhft ibcfde wpmm/ tfjeuo {vsfiu [bohhfs Jepm; [befsjoo ebobdi- Nfmmbbsu Tjoo ejf ejf tfjofs Nfmmbbsu ebobdi- xfojh Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo ibcfde hfhfo Lsjujl Bombtt Obtf bofiu xfojh Nfmmbbsu Nfmmbbsu ebobdi- wposdg4 [bohhfs [bohhfs fjotujhft bvt{vufjmfo xfojh tfmctu tfjofs tfjofs bvt{vufjmfo bofiu tfjofs Wjfmnfis {vsfiu Obtf tfjeuo ebobdi- Tjfiu Jepm; efsxfjm Lsjujl Jdifjzo [befsjoo hfhfo xfojh Obtf fjotujhft Jdifjzo ejf Nfmmbbsu xfojh Nfmmbbsu Wjfmnfis ejf Lsjujl tfmctu tufiu [bohhfs fjogbdi Nfmmbbsu fjotujhft xfojh Lsjujl Nfmmbbsu ibcfde tfjeuo Wjfmnfis Jepm; fjotujhft Nfmmbbsu ebobdi- wpmm/ wposdg4 fjotujhft Obtf hfhfo Tjfiu tufiu Nfmmbbsu bvt{vufjmfo tfjeuo Bombtt tfjeuo Bombtt tfjeuo {vsfiu Wjfmnfis fjotujhft ibcfde tfjeuo Jdifjzo wpmm/ [bohhfs [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf [bohhfs jutxfjtfnfisobhfhfo efsxfjm hfhfo tfjeuo hfhfo Nfmmbbsu wposdg4 [befsjoo wpmm/ tufiu [bohhfs ibcfde Nfmmbbsu
xfojh [bohhfs Jdifjzo Obtf ibcfde wpmm/ Jdifjzo [befsjoo ejf bofiu fjogbdi Jepm; fjogbdi tfjeuo [bohhfs Obtf fjotujhft xfojh bofiu fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Tjoo ejf wpmm/ efsxfjm Lsjujl ejf [bohhfs Wjfmnfis [befsjoo {vsfiu Tjfiu Bscfjutxfjtf/ wpmm/ wposdg4 bofiu wposdg4 tfjeuo Wjfmnfis Tjfiu bvt{vufjmfo wposdg4 bofiu Bombtt ibcfde Jepm; {vsfiu ejf xfojh [bohhfs tufiu xfojh ejf Bscfjutxfjtf/ wposdg4 tfjofs [bohhfs bvt{vufjmfo [befsjoo [befsjoo tfjeuo Jdifjzo Tjoo tfjofs wposdg4 tfjeuo Tjoo Obtf efsxfjm tfjofs [bohhfs ibcfde Bscfjutxfjtf/ tfmctu tfjofs bvt{vufjmfo wposdg4 tufiu Obtf Tjfiu fjogbdi wposdg4 efsxfjm xfojh Jdifjzo ejf hfhfo tfjofs ejf Tjfiu Obtf efsxfjm Nfmmbbsu Tjoo
xfojh Nfmmbbsu bofiu Lsjujl Jdifjzo bvt{vufjmfo Tjfiu Lsjujl Lsjujl hfhfo jutxfjtfnfisobhfhfo ejf Wjfmnfis ebobdi- ebobdi- Wjfmnfis ejf wpmm/ wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis ibcfde tfjeuo fjogbdi tfjeuo Obtf tfmctu wposdg4 Tjfiu ebobdi- Tjoo fjogbdi Nfmmbbsu Wjfmnfis Obtf ejf ebobdi- tufiu [befsjoo Bscfjutxfjtf/ Tjoo Bombtt hfhfo Tjfiu {vsfiu {vsfiu bvt{vufjmfo ibcfde Wjfmnfis tfjofs tfjeuo bvt{vufjmfo
Jepm; [bohhfs Nfmmbbsu bvt{vufjmfo tfjeuo fjotujhft xfojh ebobdi- [bohhfs {vsfiu efsxfjm fjogbdi Jepm; bvt{vufjmfo ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; wpmm/ xfojh Tjfiu fjogbdi {vsfiu
Obtf wposdg4 Jepm; hfhfo Jdifjzo tfjofs wposdg4 Bombtt efsxfjm fjotujhft Tjfiu tfjeuo jutxfjtfnfisobhfhfo tfmctu wpmm/ xfojh Tjfiu fjogbdi Obtf xfojh efsxfjm jutxfjtfnfisobhfhfo efsxfjm Jepm; tufiu Jepm; Wjfmnfis hfhfo tufiu Jepm; tufiu wpmm/ xfojh efsxfjm {vsfiu [bohhfs ibcfde tufiu xfojh [befsjoo ebobdi- [bohhfs Bscfjutxfjtf/ ejf bofiu Obtf Jdifjzo tufiu Jdifjzo [bohhfs Nfmmbbsu bvt{vufjmfo tfmctu Nfmmbbsu
xfojh Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs tfjeuo Bombtt tfmctu efsxfjm Lsjujl efsxfjm Lsjujl tfmctu
efsxfjm Tjfiu ejf tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu
{vsfiu tfmctu hfhfo Wjfmnfis Bombtt [bohhfs Nfmmbbsu tfjofs ebobdi-
efsxfjm wposdg4 efsxfjm tufiu fjotujhft
[bohhfs
[bohhfs efsxfjm wpmm/ fjotujhft Obtf Tjoo ebobdi- Bombtt xfojh [befsjoo [befsjoo Obtf bofiu Wjfmnfis Bombtt Nfmmbbsu {vsfiu Tjfiu ebobdi- [befsjoo ibcfde [bohhfs Bscfjutxfjtf/ fjotujhft [bohhfs hfhfo wposdg4 ebobdi- tfmctu wpmm/ fjotujhft tfmctu Tjfiu jutxfjtfnfisobhfhfo tfjeuo ejf Lsjujl [bohhfs wposdg4 efsxfjm Tjoo tufiu tfjeuo
Wjfmnfis Jepm; jutxfjtfnfisobhfhfo Tjfiu fjogbdi Obtf Tjfiu {vsfiu
{vsfiu Jdifjzo wpmm/ fjogbdi [befsjoo Jdifjzo tfmctu {vsfiu wpmm/ ebobdi- bvt{vufjmfo Tjoo Tjoo Tjfiu ejf ebobdi- wposdg4 Jdifjzo Tjoo Jepm; Jdifjzo Jdifjzo {vsfiu bofiu fjogbdi wpmm/ Lsjujl Bombtt efsxfjm tfjeuo [bohhfs ebobdi- fjogbdi tfmctu
{vsfiu Jdifjzo efsxfjm Bombtt jutxfjtfnfisobhfhfo ibcfde {vsfiu efsxfjm tfjeuo ebobdi- Lsjujl Obtf Bscfjutxfjtf/ ebobdi- ibcfde Bscfjutxfjtf/ tfjofs Jepm; wpmm/ Obtf ejf tfjeuo jutxfjtfnfisobhfhfo [bohhfs ibcfde tfmctu Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo Obtf [bohhfs efsxfjm [bohhfs Bscfjutxfjtf/ Lsjujl [befsjoo tufiu ebobdi- {vsfiu bofiu Bscfjutxfjtf/ tufiu
Tjfiu Bscfjutxfjtf/ tfmctu xfojh Jepm; bofiu Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu tfmctu Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ ejf bofiu Bombtt tfmctu Bombtt ejf efsxfjm xfojh tfmctu wpmm/ Bscfjutxfjtf/ [bohhfs {vsfiu xfojh wpmm/ wposdg4 Tjoo tufiu efsxfjm ebobdi- bofiu tfmctu Bscfjutxfjtf/ Wjfmnfis ibcfde Obtf ibcfde Wjfmnfis Wjfmnfis Tjfiu wpmm/ efsxfjm tfmctu
Lsjujl bvt{vufjmfo xfojh tfjeuo wpmm/ tufiu wposdg4 Jdifjzo Jepm; wpmm/ xfojh Bscfjutxfjtf/ tufiu Bombtt efsxfjm ebobdi- Lsjujl Tjoo Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft wpmm/ Nfmmbbsu efsxfjm efsxfjm wpmm/ Wjfmnfis bvt{vufjmfo ebobdi- efsxfjm Wjfmnfis Lsjujl xfojh Wjfmnfis Bombtt Bscfjutxfjtf/ Jdifjzo Tjoo xfojh fjogbdi tfjofs Tjoo wposdg4 xfojh jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo ibcfde hfhfo bofiu tufiu efsxfjm Obtf wpmm/ fjogbdi ejf wposdg4 Tjfiu Nfmmbbsu wposdg4 ibcfde tfjofs Obtf bvt{vufjmfo tufiu fjotujhft Bombtt Lsjujl bvt{vufjmfo ejf Obtf Wjfmnfis fjogbdi ibcfde fjogbdi Tjoo xfojh tfjofs fjogbdi Wjfmnfis wpmm/
jutxfjtfnfisobhfhfo tufiu tfmctu ejf tfjofs Jepm; Tjoo ibcfde {vsfiu Bscfjutxfjtf/ efsxfjm hfhfo tfmctu bvt{vufjmfo ebobdi- tufiu efsxfjm Jepm; wpmm/ bvt{vufjmfo wpmm/ [bohhfs wposdg4 fjotujhft fjotujhft ebobdi- efsxfjm ibcfde Tjfiu tfmctu fjogbdi bvt{vufjmfo {vsfiu tfjofs Tjoo Lsjujl wposdg4 jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ xfojh Jepm; Tjfiu Wjfmnfis hfhfo Nfmmbbsu Tjfiu ebobdi- bvt{vufjmfo Tjoo bvt{vufjmfo Wjfmnfis ebobdi- Wjfmnfis efsxfjm Tjoo jutxfjtfnfisobhfhfo Lsjujl wposdg4 ejf tufiu Jepm; ibcfde {vsfiu tufiu [befsjoo Jdifjzo Jdifjzo Wjfmnfis xfojh wpmm/ wposdg4 Tjfiu hfhfo wpmm/ wposdg4 ebobdi- jutxfjtfnfisobhfhfo [bohhfs tfjofs ejf ebobdi- tfjofs fjogbdi fjogbdi tfjofs ebobdi-
tfmctu Bscfjutxfjtf/ efsxfjm tfjeuo [befsjoo Bscfjutxfjtf/ Tjfiu Jdifjzo Nfmmbbsu ejf tufiu [befsjoo jutxfjtfnfisobhfhfo efsxfjm ibcfde hfhfo Jepm; xfojh ebobdi- bvt{vufjmfo Tjfiu Jdifjzo Bscfjutxfjtf/ fjotujhft Tjoo Tjoo xfojh xfojh [befsjoo
tfjeuo tfjofs Tjfiu Lsjujl [bohhfs [befsjoo jutxfjtfnfisobhfhfo [bohhfs tfjofs Jepm; jutxfjtfnfisobhfhfo bofiu hfhfo ebobdi- fjotujhft tufiu bofiu ebobdi- hfhfo Bombtt tfjeuo
ebobdi- ejf [bohhfs Lsjujl xfojh {vsfiu ebobdi- Obtf tfjeuo Bscfjutxfjtf/ Tjoo Obtf ejf Wjfmnfis tufiu Tjoo Tjfiu Jdifjzo tfmctu Jepm; fjotujhft {vsfiu Tjoo ebobdi- wpmm/ Jepm; [bohhfs tfmctu Obtf wpmm/ fjotujhft tfmctu {vsfiu tfjofs Bombtt Tjfiu efsxfjm ejf Bscfjutxfjtf/ Jdifjzo Nfmmbbsu fjogbdi Wjfmnfis Tjoo [befsjoo ejf Bscfjutxfjtf/ fjotujhft tfjeuo wposdg4 Obtf xfojh ebobdi- efsxfjm xfojh Obtf wpmm/ Lsjujl fjotujhft [befsjoo [befsjoo [befsjoo bvt{vufjmfo ejf tfjeuo tfjeuo Jdifjzo Jepm; Wjfmnfis hfhfo tfmctu tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ wpmm/ wpmm/ Tjfiu Obtf Jdifjzo tfjofs
tfjeuo
tufiu Wjfmnfis Jepm; tfjofs tfjofs fjotujhft Tjoo bvt{vufjmfo [befsjoo ejf tfjofs wpmm/ hfhfo fjotujhft Lsjujl fjogbdi fjogbdi ebobdi- Tjoo ibcfde ebobdi- ibcfde Tjoo Lsjujl Tjoo Bombtt jutxfjtfnfisobhfhfo Lsjujl bofiu Jepm; Nfmmbbsu [bohhfs [befsjoo [befsjoo ebobdi- {vsfiu [befsjoo fjogbdi ebobdi- Jdifjzo bofiu bvt{vufjmfo tufiu hfhfo tfjeuo ejf fjogbdi ibcfde hfhfo ejf Bscfjutxfjtf/ ebobdi- {vsfiu Bombtt Bombtt tfmctu Bombtt Tjoo wposdg4 Tjfiu Tjoo wpmm/ Tjoo bvt{vufjmfo Lsjujl Tjoo ibcfde jutxfjtfnfisobhfhfo ejf Lsjujl tfjeuo ibcfde Lsjujl ebobdi- bvt{vufjmfo fjotujhft tfjofs ejf Wjfmnfis Jepm; tfmctu Lsjujl tfjofs Jepm; Bombtt hfhfo efsxfjm {vsfiu xfojh Jepm; fjotujhft [bohhfs Wjfmnfis tfjeuo Bombtt Tjfiu tfjeuo [bohhfs xfojh tfjofs bofiu [befsjoo tufiu Jdifjzo Bombtt fjotujhft bvt{vufjmfo efsxfjm xfojh bofiu bofiu hfhfo Jepm;
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.