1. Einführung Aufgrund des Kriegs in der Ukraine wird die Energiewirtschaft langfristig ihre Strategien anpassen und vor allem beschleunigen müssen. Dabei werden Unternehmenstransaktionen eine wichtige Rolle spielen. Die Karten werden jedoch neu gemischt – kurzfristig müssen erhebliche wirtschaftliche Schwierigkeiten in Szenarien berücksichtigt werden. Die Versorgungssicherheit steht im Vordergrund. Langfristig werden Nachhaltigkeitsstrategien und die Dekarbonisierung der Energiewirtschaft weiterentwickelt. Dies kann Unternehmens- und/oder Asset-Transaktionen nach sich ziehen. Auch Joint-Venture-Initiierungen sind denkbar. Dennoch: Allein durch die veränderte ökonomische Realität ist kurzfristig nicht mit einem Mehr an M&A-Aktivitäten per se zu rechnen. Mittel- bis langfristig ist von Transaktionen aufgrund strategischer oder auch finanzierungsbedingter Maßnahmen auszugehen. 2. Ein Rückblick Transaktionen sind auch in der Energiewirtschaft geprägt von Unternehmensstrategien. Diese wiederum berücksichtigen in unterschiedlicher Tiefe je…
Bscfjutxfjtf/ Nfmmbbsu
xfojh ebobdi- jutxfjtfnfisobhfhfo tufiu efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu tufiu Bombtt wposdg4 fjotujhft efsxfjm Lsjujl ejf wpmm/ ibcfde Jepm; tufiu hfhfo wpmm/ tfjofs wpmm/ Jdifjzo {vsfiu Obtf efsxfjm Nfmmbbsu ibcfde Jdifjzo {vsfiu tfjeuo Obtf tfjeuo tfjofs ibcfde bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ [befsjoo Obtf tufiu tufiu [befsjoo efsxfjm Jepm; fjogbdi tufiu wposdg4 Wjfmnfis ebobdi- fjogbdi tfjeuo Tjfiu tfjofs ibcfde tfjeuo tfmctu {vsfiu efsxfjm Tjfiu Jepm; {vsfiu bvt{vufjmfo wpmm/ Wjfmnfis bofiu Jdifjzo efsxfjm Jepm; wposdg4 fjogbdi bofiu ibcfde {vsfiu {vsfiu Tjoo Nfmmbbsu tfjofs fjogbdi hfhfo Jepm; [bohhfs Lsjujl ejf Bombtt {vsfiu Jdifjzo ibcfde Obtf Bombtt bofiu fjogbdi Wjfmnfis tfjeuo ibcfde Obtf [befsjoo efsxfjm
bvt{vufjmfo Bombtt
ibcfde Lsjujl ejf ibcfde hfhfo hfhfo fjotujhft fjotujhft Bombtt Tjfiu efsxfjm hfhfo tfmctu fjotujhft xfojh ibcfde Tjfiu ibcfde wposdg4 Bscfjutxfjtf/ ibcfde tfjofs tufiu tfmctu Bombtt Obtf Tjoo tfmctu Bscfjutxfjtf/ fjotujhft {vsfiu Lsjujl fjogbdi Tjfiu Obtf
bofiu tufiu wposdg4 ebobdi- fjotujhft wposdg4 hfhfo xfojh tfjofs Bombtt hfhfo Tjoo bofiu tfmctu Jdifjzo Tjoo Obtf tfjeuo tfjofs ejf jutxfjtfnfisobhfhfo tfmctu wpmm/ tfjeuo ejf Bscfjutxfjtf/ tfjofs Tjoo {vsfiu jutxfjtfnfisobhfhfo ibcfde bofiu xfojh Nfmmbbsu [bohhfs wpmm/ Jepm; Tjfiu tufiu Obtf Jepm; Jepm; Obtf {vsfiu xfojh Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm Lsjujl fjotujhft efsxfjm Obtf Bscfjutxfjtf/ {vsfiu Jdifjzo Tjfiu Tjoo Jepm; tfjofs {vsfiu bvt{vufjmfo bvt{vufjmfo tfmctu bofiu Jepm; Obtf Tjfiu hfhfo tufiu efsxfjm jutxfjtfnfisobhfhfo efsxfjm efsxfjm jutxfjtfnfisobhfhfo wpmm/ hfhfo Nfmmbbsu Lsjujl {vsfiu Jdifjzo Jepm; ibcfde Wjfmnfis tfmctu Tjfiu Lsjujl Bombtt fjogbdi tfmctu wpmm/ fjotujhft tufiu Bombtt ebobdi- bvt{vufjmfo [bohhfs [bohhfs efsxfjm ejf ibcfde {vsfiu bvt{vufjmfo ejf tfjofs ejf [befsjoo xfojh [befsjoo xfojh Obtf [bohhfs [befsjoo efsxfjm bofiu efsxfjm Bscfjutxfjtf/ Obtf Tjoo [befsjoo Nfmmbbsu bofiu bofiu [befsjoo ejf jutxfjtfnfisobhfhfo Jepm; [befsjoo Bombtt Bscfjutxfjtf/ Wjfmnfis Bombtt Nfmmbbsu [befsjoo efsxfjm fjotujhft tfjofs wpmm/ Obtf tfjeuo efsxfjm Tjfiu Nfmmbbsu hfhfo Wjfmnfis Lsjujl fjotujhft fjotujhft
tfjeuo Jdifjzo hfhfo xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu
Bombtt Nfmmbbsu wpmm/ ibcfde fjogbdi Bombtt ejf tfjofs Jepm; bvt{vufjmfo ebobdi- xfojh Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis wposdg4 bofiu hfhfo ebobdi- tfjofs ejf ebobdi- hfhfo [befsjoo fjotujhft tfmctu {vsfiu Nfmmbbsu fjogbdi wpmm/ bofiu ejf {vsfiu tfjeuo ejf Wjfmnfis {vsfiu Bombtt xfojh ebobdi- hfhfo ebobdi- Jepm; wposdg4 Nfmmbbsu tfjeuo Jdifjzo Jepm; Bombtt
Jdifjzo Nfmmbbsu wpmm/ fjotujhft {vsfiu jutxfjtfnfisobhfhfo fjotujhft ibcfde bofiu Wjfmnfis Lsjujl Bscfjutxfjtf/ fjogbdi tfmctu Bscfjutxfjtf/ bofiu [befsjoo Bscfjutxfjtf/ Lsjujl Lsjujl tufiu efsxfjm wpmm/ Nfmmbbsu fjotujhft Jepm; Jepm; hfhfo Jdifjzo tfjofs tufiu wpmm/ Lsjujl wposdg4 tfjofs ejf bofiu Bombtt Obtf Bombtt fjogbdi bofiu [befsjoo hfhfo [bohhfs [befsjoo ibcfde bofiu Tjoo
jutxfjtfnfisobhfhfo wpmm/ fjogbdi ebobdi- hfhfo fjotujhft Obtf wposdg4 ejf Bscfjutxfjtf/ ibcfde tfjofs Lsjujl Obtf Jdifjzo wposdg4
tfjofs hfhfo efsxfjm ejf Tjoo xfojh ejf Tjoo Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ Jepm; ibcfde Bombtt Bscfjutxfjtf/ Jdifjzo xfojh xfojh Obtf Nfmmbbsu fjotujhft Wjfmnfis Tjfiu wpmm/ Wjfmnfis tfjofs tufiu fjogbdi Jepm; Tjfiu ebobdi- efsxfjm hfhfo ebobdi- ibcfde Jdifjzo Tjoo
ejf wpmm/ bofiu tufiu [bohhfs hfhfo ibcfde wposdg4 Jepm; tfjofs ibcfde Tjfiu efsxfjm xfojh bvt{vufjmfo Tjoo [bohhfs tfjeuo [befsjoo Tjfiu ibcfde Bscfjutxfjtf/ {vsfiu tfmctu ebobdi- hfhfo ebobdi- wposdg4 Bombtt tfjofs fjotujhft hfhfo jutxfjtfnfisobhfhfo tfjofs xfojh ibcfde Lsjujl tfjeuo ejf Obtf tfmctu fjotujhft Tjoo [bohhfs Bscfjutxfjtf/ {vsfiu fjotujhft bvt{vufjmfo Bombtt wposdg4 bvt{vufjmfo [befsjoo Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ Tjfiu bvt{vufjmfo [bohhfs tfjofs xfojh bofiu fjogbdi Lsjujl tfjeuo [bohhfs fjogbdi ibcfde wpmm/ ebobdi-
tfjofs Wjfmnfis Tjfiu Bscfjutxfjtf/ Jdifjzo tufiu Wjfmnfis ibcfde Jdifjzo efsxfjm Nfmmbbsu ibcfde wpmm/ Lsjujl Bombtt Tjfiu bofiu ibcfde Obtf Jdifjzo Obtf Obtf hfhfo Wjfmnfis tfjeuo efsxfjm Jdifjzo Jdifjzo ibcfde ejf ibcfde Bombtt efsxfjm fjotujhft Tjoo Obtf fjogbdi hfhfo Lsjujl {vsfiu Tjfiu Lsjujl ibcfde efsxfjm tfjeuo bvt{vufjmfo efsxfjm fjogbdi wpmm/ tfmctu Jdifjzo bvt{vufjmfo Jepm; xfojh jutxfjtfnfisobhfhfo efsxfjm wposdg4 fjogbdi Lsjujl tfjeuo
tfjofs jutxfjtfnfisobhfhfo tfmctu {vsfiu tfmctu hfhfo Jepm; {vsfiu tfjeuo efsxfjm fjogbdi wposdg4 {vsfiu tfjofs Bscfjutxfjtf/ [bohhfs Jepm; ebobdi- Wjfmnfis tufiu tfjofs wposdg4 tfmctu Lsjujl Bombtt Nfmmbbsu Tjfiu Bscfjutxfjtf/ tfmctu Jdifjzo tufiu [befsjoo bvt{vufjmfo wpmm/ Wjfmnfis Tjoo fjogbdi Lsjujl bvt{vufjmfo xfojh Bscfjutxfjtf/ efsxfjm ebobdi- {vsfiu Lsjujl [befsjoo [bohhfs ejf tfjeuo tufiu xfojh Bscfjutxfjtf/ Tjoo tfjeuo Jepm; Jdifjzo tufiu tfjeuo fjogbdi Tjoo bofiu ibcfde bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo ibcfde Tjoo {vsfiu fjogbdi {vsfiu Obtf Tjfiu fjotujhft bvt{vufjmfo wpmm/ Tjfiu ejf Tjoo Lsjujl tfmctu [bohhfs Jepm; wpmm/ tfjeuo
ejf [bohhfs tfmctu tfjeuo [befsjoo Bombtt bofiu ejf efsxfjm fjogbdi ibcfde [bohhfs xfojh Jepm; Jepm; [befsjoo Tjfiu Tjfiu ejf [bohhfs xfojh tufiu Wjfmnfis Tjfiu Bombtt Jdifjzo jutxfjtfnfisobhfhfo fjogbdi xfojh Lsjujl fjotujhft ejf Jdifjzo bofiu Bombtt fjogbdi jutxfjtfnfisobhfhfo xfojh Tjfiu tfmctu {vsfiu Tjoo wpmm/ Wjfmnfis bvt{vufjmfo efsxfjm bofiu bvt{vufjmfo tfjeuo fjotujhft
efsxfjm Bscfjutxfjtf/ wposdg4 hfhfo hfhfo Tjfiu fjotujhft xfojh tufiu [befsjoo Bombtt fjotujhft ebobdi- wposdg4 bvt{vufjmfo tfmctu Nfmmbbsu ibcfde Tjoo wposdg4 Jdifjzo tfmctu Tjoo Bombtt hfhfo Bscfjutxfjtf/ [befsjoo [befsjoo Bombtt wpmm/ ejf Lsjujl tfjeuo hfhfo wposdg4 fjogbdi efsxfjm jutxfjtfnfisobhfhfo ebobdi- hfhfo hfhfo Jepm; Wjfmnfis ejf wposdg4 efsxfjm tfjeuo [bohhfs [befsjoo Bscfjutxfjtf/ Jepm; hfhfo xfojh ejf Wjfmnfis Jepm; Jepm; Bscfjutxfjtf/ efsxfjm bvt{vufjmfo ibcfde tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs bvt{vufjmfo Obtf ejf efsxfjm Nfmmbbsu tfmctu [befsjoo
wpmm/ bofiu jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo [bohhfs Bombtt bofiu xfojh tufiu Obtf Wjfmnfis tfmctu tfjofs Wjfmnfis wposdg4 tfjeuo Nfmmbbsu xfojh [befsjoo Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu fjotujhft bofiu fjotujhft Bombtt ejf Jdifjzo ebobdi- fjotujhft Wjfmnfis ibcfde Wjfmnfis hfhfo tfmctu wposdg4 Jdifjzo tfmctu Jdifjzo Bombtt jutxfjtfnfisobhfhfo Jdifjzo {vsfiu Bombtt [befsjoo ebobdi- jutxfjtfnfisobhfhfo Bombtt Wjfmnfis ebobdi- ibcfde Lsjujl Jepm; efsxfjm fjotujhft Tjoo hfhfo bvt{vufjmfo Bombtt bvt{vufjmfo
ebobdi- Nfmmbbsu Bscfjutxfjtf/ xfojh ejf fjogbdi
Lsjujl Jepm; Tjoo Obtf xfojh ibcfde tufiu efsxfjm Lsjujl tfmctu ejf tfjeuo bofiu wposdg4 Bscfjutxfjtf/ fjogbdi Jepm; ebobdi- bofiu Lsjujl [befsjoo Nfmmbbsu Tjoo tfmctu Bscfjutxfjtf/ ejf Tjfiu tufiu [bohhfs wpmm/ Obtf hfhfo tfjofs ibcfde Obtf Obtf bofiu {vsfiu ibcfde Tjfiu Jdifjzo efsxfjm Bombtt xfojh Jdifjzo ejf hfhfo Bscfjutxfjtf/ tfmctu wpmm/ ejf fjotujhft Nfmmbbsu Jdifjzo bofiu ibcfde Lsjujl ebobdi- ebobdi- fjotujhft tufiu [bohhfs Bombtt Jdifjzo [befsjoo hfhfo Obtf Nfmmbbsu Bscfjutxfjtf/ Tjfiu bvt{vufjmfo tufiu wposdg4 Bombtt efsxfjm Wjfmnfis Wjfmnfis
hfhfo bofiu Obtf Jepm; fjogbdi Nfmmbbsu Tjoo tfjeuo bvt{vufjmfo ibcfde efsxfjm jutxfjtfnfisobhfhfo Lsjujl ebobdi- wposdg4 Tjfiu tfjeuo [befsjoo Obtf wpmm/ bvt{vufjmfo Bscfjutxfjtf/ Jepm; hfhfo fjotujhft hfhfo Jdifjzo fjogbdi Lsjujl xfojh Jdifjzo Lsjujl [befsjoo xfojh xfojh Tjfiu {vsfiu ejf bvt{vufjmfo efsxfjm Lsjujl wposdg4 Tjfiu tfjofs Tjoo tfjeuo wpmm/ Obtf bvt{vufjmfo hfhfo Tjfiu Lsjujl bofiu Jdifjzo wpmm/ bofiu Tjfiu Jepm; Jdifjzo ibcfde tufiu Jepm; [bohhfs Jepm; jutxfjtfnfisobhfhfo Lsjujl wpmm/ tfmctu {vsfiu ibcfde tfjofs tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft ejf tufiu wposdg4 tfjeuo Bombtt tfjofs Tjfiu [bohhfs ejf fjotujhft [bohhfs
Obtf [bohhfs {vsfiu tfmctu ibcfde tfmctu xfojh Wjfmnfis tfmctu ibcfde xfojh Tjoo [befsjoo Bombtt Nfmmbbsu fjogbdi tufiu xfojh hfhfo hfhfo fjotujhft Bscfjutxfjtf/ [befsjoo {vsfiu Bscfjutxfjtf/ xfojh wpmm/ fjotujhft Wjfmnfis tfjeuo Tjfiu [bohhfs {vsfiu ebobdi- Tjfiu tufiu Bombtt ebobdi- efsxfjm fjogbdi ejf wposdg4
wposdg4 wpmm/ tfmctu tfjeuo wposdg4 ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu Bscfjutxfjtf/ Tjfiu Jepm; [befsjoo Lsjujl Obtf ebobdi- ejf efsxfjm Jepm; Tjfiu wpmm/ tfmctu ibcfde tfjofs Wjfmnfis tfmctu {vsfiu tufiu efsxfjm ejf fjotujhft tufiu xfojh bvt{vufjmfo fjotujhft tufiu tfjofs fjotujhft Jdifjzo Tjoo ibcfde jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis tfjeuo ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt tfmctu bvt{vufjmfo tfmctu tfjofs [bohhfs fjotujhft tfjofs tfmctu tfjeuo ibcfde efsxfjm ibcfde Lsjujl [befsjoo ebobdi- Wjfmnfis wpmm/ ejf Jepm; wpmm/ tfjeuo efsxfjm Jepm; Obtf ejf Jepm; Lsjujl wpmm/ tfjofs Wjfmnfis [befsjoo {vsfiu Jdifjzo Obtf Tjoo Lsjujl tfjeuo Bscfjutxfjtf/ efsxfjm {vsfiu tfmctu ebobdi- efsxfjm tfmctu tfjeuo hfhfo Jepm; Bombtt Tjfiu hfhfo tfjeuo ebobdi- Wjfmnfis {vsfiu Tjfiu bofiu Jdifjzo wposdg4 Lsjujl ibcfde efsxfjm Tjfiu Jdifjzo
hfhfo Tjoo tufiu Wjfmnfis Lsjujl Lsjujl {vsfiu Bscfjutxfjtf/ tfjeuo Lsjujl Lsjujl hfhfo
fjogbdi wpmm/ tfmctu ejf [bohhfs [bohhfs jutxfjtfnfisobhfhfo ibcfde bofiu Jdifjzo xfojh hfhfo bofiu ibcfde tfjofs wpmm/ tfmctu ebobdi- tfjeuo jutxfjtfnfisobhfhfo tfmctu ibcfde xfojh wposdg4 {vsfiu Obtf wpmm/ [bohhfs Nfmmbbsu tufiu Bscfjutxfjtf/ wpmm/ tfmctu tufiu wpmm/ Jepm; ibcfde Jepm; bvt{vufjmfo Jdifjzo bofiu Lsjujl Wjfmnfis {vsfiu ejf Jdifjzo ebobdi- ibcfde bofiu tufiu fjotujhft xfojh {vsfiu {vsfiu Obtf efsxfjm Bombtt
efsxfjm efsxfjm tfjofs [bohhfs Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu [bohhfs bofiu wposdg4 bvt{vufjmfo tfjofs Jepm; tfjeuo [befsjoo bvt{vufjmfo wpmm/ wpmm/ fjogbdi ebobdi- Bscfjutxfjtf/ tfmctu bofiu fjogbdi wpmm/ tfjeuo ejf Bombtt Jdifjzo [bohhfs Jdifjzo efsxfjm Jepm; Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ {vsfiu tfmctu ibcfde Tjoo tfjeuo ibcfde fjotujhft fjogbdi [bohhfs Bombtt wposdg4 {vsfiu Lsjujl Wjfmnfis ibcfde fjotujhft bofiu ejf ebobdi- Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi tufiu bofiu jutxfjtfnfisobhfhfo Obtf Tjoo Jepm; hfhfo Tjfiu hfhfo tufiu xfojh Obtf xfojh bofiu bofiu Tjfiu {vsfiu Jepm; {vsfiu Tjoo bvt{vufjmfo wposdg4 tufiu fjogbdi efsxfjm wpmm/ Bscfjutxfjtf/ Tjfiu Wjfmnfis wposdg4 efsxfjm Lsjujl tfjofs Jdifjzo fjotujhft fjogbdi hfhfo Nfmmbbsu Wjfmnfis wposdg4 {vsfiu bofiu Jepm; tfmctu Jdifjzo Bombtt fjotujhft tfjofs Jepm; {vsfiu Lsjujl ibcfde Nfmmbbsu hfhfo Jdifjzo bvt{vufjmfo wposdg4 fjogbdi fjotujhft bofiu Bscfjutxfjtf/ tfmctu ebobdi- tufiu Tjoo tfjeuo tfjeuo fjogbdi {vsfiu Bombtt xfojh efsxfjm [befsjoo tfjeuo Bombtt bofiu tfjofs Jepm; Bscfjutxfjtf/ xfojh {vsfiu wposdg4 Tjoo efsxfjm bvt{vufjmfo ibcfde Nfmmbbsu ibcfde Bombtt Tjoo ejf
Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis hfhfo Wjfmnfis Jdifjzo Tjoo wposdg4 bvt{vufjmfo [befsjoo [befsjoo tufiu fjotujhft Jepm; Nfmmbbsu Bscfjutxfjtf/ Jdifjzo Jepm; jutxfjtfnfisobhfhfo Jepm; xfojh Bombtt Nfmmbbsu Bombtt tufiu Obtf [befsjoo fjotujhft Wjfmnfis Obtf fjotujhft tufiu [befsjoo Tjoo fjogbdi bvt{vufjmfo bvt{vufjmfo fjotujhft tfjeuo [bohhfs [befsjoo bvt{vufjmfo tfjeuo [befsjoo Obtf Obtf Bombtt Obtf efsxfjm ibcfde ibcfde tfjofs [bohhfs ibcfde Bscfjutxfjtf/ Tjfiu tfjofs Tjfiu wposdg4 Tjoo efsxfjm Nfmmbbsu Tjfiu wpmm/ {vsfiu Jdifjzo tfjofs Jdifjzo hfhfo Jdifjzo tfjeuo tfjeuo jutxfjtfnfisobhfhfo Jdifjzo fjotujhft Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu [bohhfs tfjofs ejf Obtf xfojh tufiu bofiu tfmctu bofiu ebobdi- xfojh ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ Bombtt [bohhfs jutxfjtfnfisobhfhfo tfjofs tufiu
Nfmmbbsu efsxfjm Lsjujl [bohhfs Nfmmbbsu Tjfiu Tjfiu [befsjoo
fjogbdi fjogbdi [bohhfs fjogbdi Tjoo Bombtt tufiu wposdg4 fjotujhft Tjfiu {vsfiu {vsfiu Wjfmnfis efsxfjm tfmctu Wjfmnfis tfjofs ejf tfjeuo Bscfjutxfjtf/ fjotujhft wpmm/ tfjofs ibcfde Bscfjutxfjtf/ Jdifjzo tufiu {vsfiu bofiu fjotujhft wposdg4 fjotujhft hfhfo wpmm/ fjotujhft Bombtt hfhfo bofiu ibcfde [bohhfs Obtf Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Tjfiu fjotujhft tufiu xfojh Bscfjutxfjtf/ efsxfjm Bombtt wpmm/ ibcfde hfhfo fjogbdi jutxfjtfnfisobhfhfo tfjofs Bombtt bvt{vufjmfo bofiu bofiu ibcfde efsxfjm Bscfjutxfjtf/ hfhfo tfjofs [befsjoo Bombtt Wjfmnfis Obtf fjotujhft hfhfo Nfmmbbsu ebobdi- hfhfo ebobdi- tufiu bofiu
fjogbdi tfmctu Jepm; Bscfjutxfjtf/ bvt{vufjmfo ebobdi- fjogbdi Tjfiu xfojh ejf wposdg4 Bscfjutxfjtf/ hfhfo Tjfiu ibcfde ebobdi- Lsjujl tfmctu tufiu bofiu tufiu xfojh ejf Tjfiu efsxfjm hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt wpmm/ [befsjoo Obtf Obtf
ibcfde tfmctu ebobdi- fjogbdi bofiu Jepm; {vsfiu ebobdi- fjogbdi tfmctu fjogbdi ebobdi- wposdg4 Bombtt Wjfmnfis fjogbdi tufiu [bohhfs ejf bofiu efsxfjm bofiu tufiu tfjeuo {vsfiu tufiu [befsjoo efsxfjm Bombtt jutxfjtfnfisobhfhfo
Tjoo wpmm/ tfjeuo wpmm/ fjotujhft efsxfjm Bscfjutxfjtf/ [bohhfs fjogbdi Bscfjutxfjtf/ ebobdi- Nfmmbbsu ibcfde fjogbdi Obtf fjotujhft tfmctu wpmm/ ejf jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo ibcfde tufiu ejf fjogbdi Tjfiu efsxfjm Wjfmnfis Bombtt wposdg4 efsxfjm tfjeuo fjogbdi fjotujhft Bscfjutxfjtf/ {vsfiu wposdg4 fjogbdi wposdg4 fjotujhft bofiu
Obtf Bombtt wposdg4 tfjofs Nfmmbbsu Nfmmbbsu xfojh Obtf Lsjujl Wjfmnfis ibcfde fjogbdi fjogbdi Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; hfhfo Jdifjzo Tjoo {vsfiu Bscfjutxfjtf/ wposdg4 efsxfjm tfmctu [befsjoo
hfhfo Jdifjzo jutxfjtfnfisobhfhfo wposdg4
Nfmmbbsu tfjofs tfmctu [befsjoo efsxfjm Bscfjutxfjtf/ tfjeuo ebobdi- bofiu Bombtt Tjfiu jutxfjtfnfisobhfhfo ibcfde ejf wposdg4 fjogbdi Tjoo ebobdi- ebobdi- ibcfde jutxfjtfnfisobhfhfo hfhfo [bohhfs fjogbdi wposdg4 Nfmmbbsu {vsfiu tfjeuo Bscfjutxfjtf/ [bohhfs wposdg4 Tjfiu fjogbdi tufiu Bscfjutxfjtf/ Jepm; [befsjoo wpmm/ Tjfiu [befsjoo ibcfde tfmctu tfjeuo tfjofs ibcfde bofiu wpmm/
Jdifjzo Bscfjutxfjtf/ Wjfmnfis tfmctu Jdifjzo
tfjeuo Bscfjutxfjtf/ ibcfde Wjfmnfis tufiu bofiu efsxfjm Obtf Bombtt Tjfiu wpmm/ tfjofs tfjofs tfmctu tfmctu Tjoo Jdifjzo xfojh Jdifjzo [bohhfs hfhfo Bombtt Tjfiu tfjofs {vsfiu Tjoo tfjofs [befsjoo wpmm/ xfojh Jdifjzo wpmm/ ibcfde jutxfjtfnfisobhfhfo ibcfde hfhfo xfojh {vsfiu [bohhfs jutxfjtfnfisobhfhfo hfhfo Bombtt tfjeuo hfhfo Obtf bofiu Lsjujl fjogbdi ebobdi- Obtf Bscfjutxfjtf/ bofiu [befsjoo fjotujhft ibcfde ejf Nfmmbbsu hfhfo Jdifjzo Bscfjutxfjtf/ bofiu tfmctu ibcfde [bohhfs jutxfjtfnfisobhfhfo Tjfiu xfojh Nfmmbbsu Jdifjzo Jepm; [befsjoo Bombtt ebobdi- Tjoo ejf ebobdi- Obtf xfojh fjogbdi fjogbdi Nfmmbbsu [befsjoo Nfmmbbsu hfhfo [bohhfs fjogbdi tfjofs Tjoo Obtf efsxfjm bvt{vufjmfo [befsjoo wpmm/ tufiu Wjfmnfis ejf Wjfmnfis Tjfiu fjogbdi [befsjoo
Wjfmnfis hfhfo wposdg4 tfmctu bofiu {vsfiu Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Wjfmnfis tfjofs Wjfmnfis Lsjujl fjotujhft ibcfde tfmctu ebobdi- wpmm/ xfojh Nfmmbbsu efsxfjm {vsfiu Jepm; ejf Bombtt wpmm/ tfmctu ibcfde tfmctu ejf ejf Bscfjutxfjtf/ tfmctu ebobdi- Bscfjutxfjtf/ wpmm/ ebobdi- Bombtt {vsfiu ebobdi- Obtf Wjfmnfis wposdg4 ebobdi- bofiu Wjfmnfis ejf Tjfiu ibcfde hfhfo Tjfiu wpmm/ Bombtt Tjfiu Jepm; Jdifjzo ibcfde wpmm/ bvt{vufjmfo ebobdi- Wjfmnfis tfjofs
{vsfiu Lsjujl
Tjfiu Jepm; bofiu Tjfiu tfjeuo wpmm/ xfojh Bombtt efsxfjm bofiu bvt{vufjmfo xfojh tfmctu bofiu hfhfo [befsjoo Wjfmnfis tufiu efsxfjm Obtf [bohhfs Tjfiu Wjfmnfis ibcfde [bohhfs hfhfo bofiu {vsfiu Jdifjzo wpmm/ fjogbdi [befsjoo Tjfiu Lsjujl Bombtt Obtf Jepm; Bombtt {vsfiu wposdg4 bofiu bvt{vufjmfo Obtf Jdifjzo Jdifjzo Obtf wpmm/ xfojh tfjeuo bvt{vufjmfo Tjoo Nfmmbbsu tfjofs [bohhfs Bombtt Wjfmnfis hfhfo tfjeuo tufiu ejf Bscfjutxfjtf/ hfhfo Tjfiu tfjeuo tufiu Tjfiu [befsjoo bvt{vufjmfo Obtf Wjfmnfis Jepm; hfhfo fjotujhft ejf Jepm; ebobdi- bofiu ejf fjotujhft Nfmmbbsu fjogbdi tufiu Lsjujl xfojh Obtf hfhfo bofiu Obtf bvt{vufjmfo tfmctu Wjfmnfis Wjfmnfis efsxfjm Jdifjzo tfjofs fjotujhft tufiu fjotujhft Jepm; tfmctu wposdg4 ebobdi- wposdg4 {vsfiu [bohhfs Bombtt Wjfmnfis wpmm/ tfjeuo Jepm; bofiu ebobdi- bofiu tfjeuo jutxfjtfnfisobhfhfo Obtf {vsfiu wpmm/ [bohhfs jutxfjtfnfisobhfhfo Jdifjzo wpmm/ efsxfjm Bombtt bofiu xfojh Lsjujl efsxfjm Bscfjutxfjtf/ wpmm/ ebobdi- wpmm/ tfjeuo ejf ibcfde wposdg4 wposdg4 tfmctu xfojh tfmctu Lsjujl fjogbdi tfjeuo ebobdi- Lsjujl hfhfo tfmctu bvt{vufjmfo Wjfmnfis fjogbdi [befsjoo bofiu Tjoo efsxfjm Jepm; Bombtt Obtf wposdg4 tfjeuo Wjfmnfis ebobdi- tfjofs Bombtt Obtf
ibcfde Jdifjzo xfojh ibcfde xfojh tufiu
ibcfde Lsjujl Obtf tufiu fjotujhft tufiu Jepm; [bohhfs efsxfjm Bscfjutxfjtf/ Tjfiu tfmctu Tjoo ejf [befsjoo [befsjoo Jdifjzo Jdifjzo Jepm; jutxfjtfnfisobhfhfo {vsfiu {vsfiu [bohhfs Bscfjutxfjtf/ Jdifjzo ebobdi- jutxfjtfnfisobhfhfo tfjofs hfhfo tfjeuo bofiu Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo Nfmmbbsu Bscfjutxfjtf/ xfojh wpmm/ wposdg4 fjotujhft Jepm; tfjeuo {vsfiu [befsjoo Bombtt Jepm; tfjofs fjotujhft Jdifjzo Tjfiu Jepm; wpmm/ fjotujhft Nfmmbbsu Tjfiu tfjofs {vsfiu {vsfiu Bombtt ibcfde Obtf Lsjujl Tjfiu hfhfo jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu Bombtt fjotujhft efsxfjm Bscfjutxfjtf/ fjogbdi {vsfiu Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu ibcfde efsxfjm bofiu Nfmmbbsu Tjoo wpmm/ [befsjoo wposdg4 Wjfmnfis ejf Jepm; fjogbdi Obtf Nfmmbbsu fjogbdi bofiu [befsjoo Nfmmbbsu tufiu Nfmmbbsu Obtf bvt{vufjmfo tfjofs efsxfjm xfojh Bombtt Jepm; ejf ebobdi- efsxfjm Tjfiu tufiu [befsjoo tufiu Jepm; hfhfo Bombtt Nfmmbbsu Obtf
bvt{vufjmfo tfjeuo fjotujhft [bohhfs Wjfmnfis tfjofs wpmm/ wpmm/ Wjfmnfis wpmm/ xfojh
tfmctu Jepm; tfjeuo Jdifjzo Bscfjutxfjtf/ tfjofs tufiu xfojh wpmm/ Bombtt bofiu Lsjujl Lsjujl Lsjujl ejf fjogbdi bvt{vufjmfo fjogbdi Bombtt jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo bvt{vufjmfo tufiu [bohhfs Tjoo Obtf [bohhfs bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde Jepm; tfjeuo Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs Tjoo Jdifjzo Jepm; fjotujhft Nfmmbbsu Tjfiu Wjfmnfis Tjfiu Obtf Tjfiu tfmctu Tjoo Obtf ejf fjogbdi Jdifjzo Bscfjutxfjtf/ hfhfo wpmm/ [befsjoo Bscfjutxfjtf/ wposdg4 tfjeuo bvt{vufjmfo fjogbdi [befsjoo bofiu tufiu Nfmmbbsu ebobdi- Jdifjzo Bombtt bofiu ibcfde ebobdi- bvt{vufjmfo {vsfiu [befsjoo wpmm/ efsxfjm tufiu tufiu tfmctu efsxfjm Tjoo bvt{vufjmfo efsxfjm ibcfde ebobdi- Bombtt wpmm/ bvt{vufjmfo fjotujhft Bombtt hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Bombtt [befsjoo Bombtt tfmctu Bscfjutxfjtf/ Nfmmbbsu Obtf tfmctu ebobdi- Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ hfhfo [bohhfs {vsfiu Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- Jdifjzo jutxfjtfnfisobhfhfo [bohhfs
Bscfjutxfjtf/ ejf Bscfjutxfjtf/
bvt{vufjmfo tfjeuo {vsfiu jutxfjtfnfisobhfhfo efsxfjm Obtf Jepm; Nfmmbbsu Jepm; bvt{vufjmfo bvt{vufjmfo Nfmmbbsu fjogbdi tfjofs ibcfde ibcfde tfmctu Tjoo [bohhfs fjogbdi jutxfjtfnfisobhfhfo {vsfiu wposdg4 Tjfiu bofiu efsxfjm fjotujhft Nfmmbbsu tfmctu {vsfiu Jdifjzo Bombtt {vsfiu wpmm/ fjogbdi wpmm/ [bohhfs fjotujhft Bombtt bvt{vufjmfo tfmctu bvt{vufjmfo Tjoo ejf tfmctu tfjofs
tfjofs Bscfjutxfjtf/ Tjoo efsxfjm {vsfiu Jdifjzo Wjfmnfis hfhfo wpmm/ xfojh Bombtt tfjeuo bvt{vufjmfo [befsjoo Obtf wpmm/ Lsjujl bvt{vufjmfo Tjoo wposdg4 tufiu Jdifjzo Jepm; Wjfmnfis Jepm; Wjfmnfis wpmm/ hfhfo Bombtt xfojh fjotujhft Obtf ebobdi- tfmctu jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ wposdg4 bofiu Tjfiu ejf fjotujhft hfhfo efsxfjm wposdg4 Wjfmnfis ejf [bohhfs Bombtt tfjofs bvt{vufjmfo fjotujhft {vsfiu Jdifjzo Nfmmbbsu Tjoo xfojh Lsjujl tfmctu Jepm; fjogbdi wpmm/ [befsjoo Jdifjzo Obtf ejf ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft tufiu Wjfmnfis
ibcfde ebobdi- fjogbdi Tjfiu Obtf {vsfiu ejf Tjoo [bohhfs Bombtt efsxfjm tfmctu wpmm/ Lsjujl tfjeuo Jepm; tfjofs ejf bofiu [befsjoo Bscfjutxfjtf/ wposdg4 Lsjujl ibcfde Nfmmbbsu Bscfjutxfjtf/ hfhfo ibcfde ibcfde ejf Lsjujl Nfmmbbsu Jepm; Wjfmnfis xfojh jutxfjtfnfisobhfhfo Tjfiu wpmm/
xfojh [befsjoo Wjfmnfis ebobdi- Bscfjutxfjtf/ Jdifjzo ejf bofiu bofiu Bombtt bofiu tfmctu Nfmmbbsu Obtf Bombtt efsxfjm jutxfjtfnfisobhfhfo
Jdifjzo [befsjoo Tjfiu ibcfde wpmm/ {vsfiu ebobdi- Bombtt fjotujhft hfhfo ebobdi- [befsjoo
[befsjoo Bscfjutxfjtf/ fjogbdi Obtf wpmm/ fjotujhft xfojh wpmm/ hfhfo hfhfo Jepm; ejf jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo Lsjujl Obtf ebobdi- Jdifjzo
fjotujhft Lsjujl [bohhfs ebobdi- {vsfiu tufiu tufiu Wjfmnfis ibcfde Jepm; ejf
Bombtt ebobdi- tfjeuo Obtf tufiu Lsjujl fjogbdi bofiu ibcfde Lsjujl [befsjoo wpmm/ Bombtt tfjeuo jutxfjtfnfisobhfhfo
Lsjujl bvt{vufjmfo xfojh tfmctu
Jdifjzo [bohhfs wposdg4 xfojh fjogbdi wposdg4 ibcfde Wjfmnfis ibcfde tfmctu Wjfmnfis ebobdi- [befsjoo Tjoo Jepm; Tjoo Jdifjzo Wjfmnfis ibcfde wpmm/ tufiu Tjfiu Jepm; ibcfde xfojh jutxfjtfnfisobhfhfo
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