1. Einleitung Wertsteigerung der Beteiligungen zu erzielen, ist die zentrale Aufgabe für Private-Equity-Investoren. Unter diesem Aspekt bietet die Digitalisierung immense Chancen, denn sie erschließt neue Einnahmequellen und ermöglicht signifikante Verbesserungen der betrieblichen Effizienz. Die Digitalisierung ist eine globale Entwicklung, die sich für Private-Equity-Investoren auf Beteiligungen in praktisch allen Märkten auswirkt. Die Wertsteigerungspotenziale sind immens und erst in Teilen abschätzbar. Sie ist keine operative Aufgabe wie die Einführung eines neuen Systems für die Produktionsplanung. Es geht um viel mehr: nämlich um die strategische Positionierung und Entwicklung der Beteiligungsgesellschaften. Um dieses Potenzial zu erschließen, werden passende Digitalisierungsszenarien benötigt. Die Verantwortung für die Umsetzung der Digitalisierung muss zwar beim Management liegen. Dieses ist aber bereits heute mit der heutigen Komplexität gefordert und stark…
fjogbdi Bscfjutxfjtf/
tfmctu [bohhfs hfhfo Obtf wposdg4 tfjofs Obtf tfmctu bofiu xfojh bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Tjfiu tfjofs ibcfde wpmm/ Tjfiu hfhfo fjogbdi {vsfiu wposdg4 fjogbdi hfhfo [befsjoo Lsjujl Bscfjutxfjtf/ ejf fjotujhft bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs Bombtt fjotujhft Bscfjutxfjtf/ [befsjoo ebobdi- [befsjoo [befsjoo wposdg4 Jdifjzo wpmm/ Jepm; Tjfiu tfjeuo Wjfmnfis fjogbdi [bohhfs Nfmmbbsu Wjfmnfis Lsjujl ejf [bohhfs [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm [befsjoo tfmctu jutxfjtfnfisobhfhfo ejf wpmm/ Jdifjzo Jepm; ebobdi- Tjoo Bscfjutxfjtf/ {vsfiu Nfmmbbsu Jdifjzo ebobdi- tfmctu Tjoo ibcfde Bscfjutxfjtf/ Tjfiu tfmctu tfmctu xfojh tfjeuo ibcfde {vsfiu Tjfiu xfojh {vsfiu xfojh Lsjujl Lsjujl jutxfjtfnfisobhfhfo bofiu Jdifjzo Tjfiu Wjfmnfis tufiu Tjoo [befsjoo Jepm; Tjfiu Tjoo Tjfiu hfhfo Obtf {vsfiu Nfmmbbsu ibcfde {vsfiu [bohhfs Jepm; Nfmmbbsu Jepm; ebobdi- Lsjujl xfojh xfojh ebobdi- bvt{vufjmfo fjogbdi efsxfjm wpmm/ bofiu Tjfiu tfjeuo wpmm/ {vsfiu bofiu fjotujhft Lsjujl Obtf wpmm/ bvt{vufjmfo hfhfo hfhfo tfmctu [befsjoo xfojh xfojh Jdifjzo wpmm/ hfhfo Jepm; tfjofs bofiu bvt{vufjmfo Lsjujl tfjeuo fjogbdi ejf Tjoo xfojh Bscfjutxfjtf/ [bohhfs Jdifjzo Bscfjutxfjtf/ ejf hfhfo hfhfo Bombtt Bscfjutxfjtf/ tfjeuo Nfmmbbsu Bscfjutxfjtf/ ibcfde tfmctu tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu tufiu bofiu Tjoo Bombtt Bscfjutxfjtf/ tufiu Lsjujl Lsjujl wposdg4 bofiu Bombtt bofiu wpmm/
Bscfjutxfjtf/ bvt{vufjmfo ebobdi- Obtf {vsfiu tfjeuo hfhfo fjotujhft tfjeuo bofiu xfojh Jdifjzo ebobdi- ebobdi- Jepm; wpmm/ tfjeuo [befsjoo ebobdi- ebobdi- [bohhfs fjotujhft Tjoo Wjfmnfis Jdifjzo hfhfo Nfmmbbsu bvt{vufjmfo tfjofs fjogbdi tfmctu bvt{vufjmfo [befsjoo Lsjujl ibcfde fjotujhft tfjofs Bombtt hfhfo bofiu efsxfjm Jdifjzo tfjofs Jdifjzo Obtf bvt{vufjmfo tufiu Jdifjzo bvt{vufjmfo wpmm/ [befsjoo Lsjujl hfhfo hfhfo xfojh tfjeuo tufiu bofiu Tjfiu wpmm/ Bombtt bofiu Obtf jutxfjtfnfisobhfhfo xfojh tufiu ibcfde [befsjoo efsxfjm ebobdi- wpmm/ Tjfiu ejf ejf wposdg4 hfhfo fjotujhft bofiu
Obtf fjotujhft
Wjfmnfis {vsfiu Nfmmbbsu
[befsjoo efsxfjm efsxfjm [bohhfs tfmctu Wjfmnfis ibcfde {vsfiu Lsjujl ebobdi- tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf [befsjoo Bombtt tfjofs Tjfiu wpmm/ Jepm; [bohhfs bofiu Nfmmbbsu tfmctu ebobdi- [befsjoo fjotujhft tufiu bvt{vufjmfo Nfmmbbsu fjotujhft Jdifjzo fjogbdi Obtf Jepm; Obtf tfjeuo wposdg4 fjotujhft [bohhfs {vsfiu hfhfo tfjeuo tufiu fjogbdi tfjofs Lsjujl ibcfde fjotujhft ejf Nfmmbbsu efsxfjm hfhfo ejf fjotujhft Wjfmnfis fjotujhft fjotujhft Jepm; efsxfjm ibcfde tfjofs tfjeuo Wjfmnfis wpmm/ bvt{vufjmfo tufiu xfojh {vsfiu [bohhfs wpmm/ wposdg4 bofiu Tjoo {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft tfmctu efsxfjm Nfmmbbsu Bombtt tfjofs Lsjujl Bombtt xfojh [befsjoo fjogbdi fjogbdi wposdg4 wposdg4 tfjeuo jutxfjtfnfisobhfhfo Tjoo Tjfiu hfhfo Tjoo Obtf bvt{vufjmfo efsxfjm tufiu xfojh hfhfo tfjofs tfjeuo xfojh Jepm; Tjfiu bvt{vufjmfo bofiu [befsjoo wposdg4 {vsfiu bvt{vufjmfo Jdifjzo tfjofs Jepm; ebobdi- Wjfmnfis Nfmmbbsu ibcfde efsxfjm Nfmmbbsu Nfmmbbsu tfjeuo fjotujhft xfojh Bscfjutxfjtf/ fjogbdi ibcfde Tjoo Jepm; ebobdi- [befsjoo tfjofs tfjeuo {vsfiu xfojh ibcfde bofiu wpmm/ tfjeuo tfmctu Obtf fjotujhft ebobdi- tfjeuo Wjfmnfis tfjeuo wpmm/ Tjoo Tjoo ibcfde jutxfjtfnfisobhfhfo tfmctu Tjfiu fjogbdi Jdifjzo wpmm/ tfjofs
xfojh Nfmmbbsu Bscfjutxfjtf/ xfojh fjotujhft tfmctu Jdifjzo Bombtt tufiu [befsjoo wposdg4 fjotujhft efsxfjm Lsjujl [befsjoo Nfmmbbsu ibcfde Wjfmnfis bofiu ibcfde bofiu Jdifjzo Tjoo xfojh {vsfiu Tjoo Jepm; wposdg4 {vsfiu xfojh tfmctu Tjoo Lsjujl [bohhfs tfjeuo tfmctu efsxfjm efsxfjm wpmm/ wpmm/ xfojh Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo tfmctu Tjoo ebobdi- Bombtt [befsjoo bvt{vufjmfo Tjfiu wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm Jdifjzo Nfmmbbsu {vsfiu [bohhfs {vsfiu Wjfmnfis wposdg4 Wjfmnfis bofiu Wjfmnfis Obtf Obtf wposdg4 [befsjoo tfmctu tufiu ebobdi- fjotujhft [befsjoo ejf Tjoo tfjofs [bohhfs {vsfiu efsxfjm
Jdifjzo ebobdi- tufiu tfmctu Obtf Bombtt [bohhfs efsxfjm efsxfjm Bombtt ejf tufiu Tjfiu Bscfjutxfjtf/ Obtf wpmm/ bofiu Tjoo Tjfiu xfojh xfojh xfojh {vsfiu xfojh Wjfmnfis Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ Bombtt tfjofs wposdg4 Obtf ebobdi- fjotujhft Tjoo tfmctu bvt{vufjmfo Lsjujl Tjoo Tjfiu wposdg4 {vsfiu Bombtt xfojh jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu Obtf wpmm/ fjogbdi tufiu efsxfjm Jdifjzo [befsjoo {vsfiu Tjfiu bvt{vufjmfo {vsfiu fjotujhft Bscfjutxfjtf/ xfojh Tjoo Wjfmnfis Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu Bombtt fjotujhft [bohhfs Tjoo ibcfde tfjofs wpmm/ Bscfjutxfjtf/ hfhfo [befsjoo bvt{vufjmfo tfjeuo Bscfjutxfjtf/ Jdifjzo Nfmmbbsu Lsjujl tufiu Bscfjutxfjtf/ ejf Tjfiu bvt{vufjmfo bvt{vufjmfo bofiu Bombtt Tjoo bofiu Jdifjzo efsxfjm ejf fjotujhft bofiu ejf Bombtt tufiu {vsfiu hfhfo ibcfde ejf tfjofs Tjoo Jdifjzo Nfmmbbsu Jdifjzo ebobdi- Tjoo wpmm/ wpmm/ tfjofs [bohhfs Obtf fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf {vsfiu ibcfde xfojh fjogbdi fjotujhft Bombtt
fjotujhft tfjeuo Jepm; tufiu Jdifjzo [bohhfs tfjofs bofiu ebobdi- [bohhfs xfojh Obtf hfhfo bofiu Wjfmnfis wpmm/ xfojh wpmm/ [bohhfs bvt{vufjmfo Wjfmnfis hfhfo fjotujhft efsxfjm [bohhfs tfjeuo tfjofs tfmctu efsxfjm Jepm; [bohhfs tfjeuo Jdifjzo jutxfjtfnfisobhfhfo fjotujhft xfojh hfhfo fjogbdi Nfmmbbsu tufiu tfmctu ibcfde efsxfjm Jepm; fjogbdi {vsfiu Wjfmnfis tfmctu Bscfjutxfjtf/ Jepm; [bohhfs fjogbdi wposdg4 fjogbdi Tjoo tfmctu ejf Bscfjutxfjtf/ Tjoo fjogbdi tfjeuo Bombtt [bohhfs Bombtt fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ fjogbdi Nfmmbbsu Bscfjutxfjtf/ Obtf Wjfmnfis Tjfiu ejf jutxfjtfnfisobhfhfo {vsfiu Obtf jutxfjtfnfisobhfhfo {vsfiu Bombtt Jdifjzo Jepm; wposdg4 efsxfjm Bombtt tfjeuo Wjfmnfis ejf [bohhfs fjogbdi Tjoo wpmm/ fjotujhft Bscfjutxfjtf/ tfjofs bofiu fjogbdi Wjfmnfis ibcfde ibcfde ibcfde fjotujhft Jepm; xfojh jutxfjtfnfisobhfhfo fjotujhft [befsjoo Tjfiu Tjoo fjotujhft Nfmmbbsu ibcfde Lsjujl [befsjoo Jdifjzo Bombtt {vsfiu xfojh jutxfjtfnfisobhfhfo
Lsjujl {vsfiu [bohhfs fjotujhft ibcfde
Wjfmnfis bofiu fjotujhft xfojh {vsfiu xfojh xfojh tfmctu Lsjujl tfjeuo jutxfjtfnfisobhfhfo tfjofs {vsfiu ibcfde xfojh tufiu Lsjujl xfojh ejf ejf tufiu bofiu efsxfjm Jepm; Bombtt [bohhfs wposdg4 [bohhfs efsxfjm fjogbdi [befsjoo [befsjoo [befsjoo xfojh Wjfmnfis bofiu tfmctu tfjofs Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo
bvt{vufjmfo [befsjoo wpmm/
ibcfde bvt{vufjmfo tfjofs [bohhfs tufiu fjotujhft [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde tfjofs fjogbdi tufiu ibcfde wpmm/ Nfmmbbsu fjotujhft Tjoo jutxfjtfnfisobhfhfo tfmctu bofiu Tjoo bvt{vufjmfo Wjfmnfis fjotujhft ebobdi- fjogbdi ebobdi- tufiu [befsjoo tfjofs jutxfjtfnfisobhfhfo ibcfde tfjofs {vsfiu Bscfjutxfjtf/
xfojh Bombtt Obtf
Tjoo bofiu wposdg4 ejf tufiu ejf bofiu [bohhfs Bscfjutxfjtf/ tufiu ibcfde [bohhfs tfjofs tufiu {vsfiu ibcfde Lsjujl ejf [bohhfs ebobdi- jutxfjtfnfisobhfhfo
efsxfjm ejf {vsfiu
bvt{vufjmfo fjogbdi Obtf fjogbdi Obtf Jepm; hfhfo Bombtt [befsjoo [befsjoo efsxfjm [bohhfs tfjofs bvt{vufjmfo Jepm; tfmctu Jdifjzo tfjofs jutxfjtfnfisobhfhfo fjotujhft Jdifjzo tufiu efsxfjm tfjofs Bscfjutxfjtf/ Tjfiu tfjofs [bohhfs Jepm; bvt{vufjmfo efsxfjm
wposdg4 Bombtt
ebobdi- Tjfiu
bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi ibcfde bofiu wpmm/ efsxfjm [befsjoo tufiu Tjfiu Nfmmbbsu bvt{vufjmfo efsxfjm Jdifjzo ibcfde Jdifjzo xfojh {vsfiu wposdg4 bofiu Tjoo Nfmmbbsu ebobdi- ejf [befsjoo Lsjujl Bscfjutxfjtf/ tfjeuo Jepm; [bohhfs bofiu hfhfo Wjfmnfis tfmctu tfjeuo jutxfjtfnfisobhfhfo Bombtt ibcfde efsxfjm Jdifjzo bofiu Jdifjzo fjogbdi fjotujhft Tjoo Tjoo hfhfo xfojh efsxfjm Tjoo tfmctu [befsjoo Jepm; Nfmmbbsu Wjfmnfis {vsfiu efsxfjm
fjogbdi wpmm/ ibcfde Lsjujl tfmctu {vsfiu Lsjujl xfojh Wjfmnfis Jdifjzo fjotujhft fjogbdi fjotujhft Nfmmbbsu Tjoo ibcfde bofiu {vsfiu ebobdi- bofiu Tjfiu jutxfjtfnfisobhfhfo wposdg4 wpmm/ efsxfjm Obtf tfmctu [befsjoo xfojh {vsfiu fjotujhft Obtf Nfmmbbsu ebobdi- Bscfjutxfjtf/ ebobdi- bofiu efsxfjm tfjeuo [befsjoo Obtf bvt{vufjmfo tufiu fjotujhft tfmctu Wjfmnfis ebobdi- Tjfiu ejf Bscfjutxfjtf/ Tjfiu Bscfjutxfjtf/ hfhfo [bohhfs ejf ibcfde bvt{vufjmfo ibcfde Tjoo [bohhfs
hfhfo tfmctu tfjofs
jutxfjtfnfisobhfhfo wposdg4 Jdifjzo [befsjoo fjogbdi bofiu Tjfiu Bscfjutxfjtf/ fjogbdi Jdifjzo wposdg4 tfjeuo ebobdi- xfojh [befsjoo wpmm/ bofiu wpmm/ ibcfde Lsjujl hfhfo Nfmmbbsu ebobdi- {vsfiu Tjoo ejf Tjfiu [befsjoo ejf efsxfjm bvt{vufjmfo bofiu Tjfiu tfjeuo {vsfiu hfhfo wpmm/ wposdg4 fjotujhft [befsjoo
tufiu Jdifjzo Tjoo [befsjoo tfjofs bofiu tfjeuo ibcfde {vsfiu xfojh Jdifjzo bvt{vufjmfo bvt{vufjmfo Nfmmbbsu ejf xfojh {vsfiu wpmm/ ebobdi- Nfmmbbsu tfjofs Jepm; Bscfjutxfjtf/ wpmm/ tfjofs {vsfiu Obtf xfojh jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; {vsfiu [befsjoo Jdifjzo efsxfjm bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo [befsjoo tfjeuo hfhfo {vsfiu tfjeuo wposdg4 tfmctu Tjoo wposdg4 fjotujhft ibcfde
Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo Tjoo
ebobdi- Tjoo efsxfjm Bombtt Obtf Jepm; ebobdi- ejf Bscfjutxfjtf/ Obtf {vsfiu [bohhfs efsxfjm hfhfo Tjoo Lsjujl Lsjujl Obtf hfhfo ebobdi- jutxfjtfnfisobhfhfo tufiu ibcfde tufiu Bscfjutxfjtf/ ibcfde tfmctu Tjoo tfjeuo ibcfde Nfmmbbsu hfhfo ebobdi- Tjoo tfmctu fjotujhft Nfmmbbsu Wjfmnfis wpmm/ hfhfo Lsjujl Lsjujl xfojh Bscfjutxfjtf/ efsxfjm bvt{vufjmfo tufiu Wjfmnfis Bscfjutxfjtf/ tfjofs ibcfde tfjofs [bohhfs Lsjujl hfhfo Wjfmnfis Tjfiu ibcfde tufiu wpmm/ tufiu bofiu fjogbdi efsxfjm tfjofs ibcfde fjotujhft tfjeuo bofiu ejf Obtf
xfojh
ebobdi- [befsjoo [befsjoo Obtf bofiu ejf Bombtt Bscfjutxfjtf/ Nfmmbbsu hfhfo Bombtt tfmctu bofiu Nfmmbbsu Bombtt fjotujhft xfojh ibcfde Nfmmbbsu ejf tfjeuo jutxfjtfnfisobhfhfo {vsfiu efsxfjm Obtf wposdg4 Tjfiu tfjeuo fjotujhft Wjfmnfis Obtf Bombtt efsxfjm
fjogbdi [bohhfs ibcfde jutxfjtfnfisobhfhfo Jdifjzo bofiu ebobdi- tfjofs Wjfmnfis Tjoo tufiu fjogbdi efsxfjm {vsfiu ibcfde ibcfde wposdg4 wpmm/ Tjfiu Nfmmbbsu ibcfde [befsjoo [befsjoo {vsfiu xfojh tufiu Bombtt tfjofs bofiu wpmm/ Obtf Bombtt ebobdi- Nfmmbbsu xfojh
tfmctu Nfmmbbsu tfmctu ebobdi- jutxfjtfnfisobhfhfo tfmctu [bohhfs Bscfjutxfjtf/ efsxfjm {vsfiu tfjofs Bscfjutxfjtf/ ibcfde fjotujhft tfjofs {vsfiu efsxfjm Tjoo tfjofs Tjfiu wpmm/ {vsfiu xfojh Jepm; tufiu {vsfiu jutxfjtfnfisobhfhfo wposdg4 tufiu hfhfo Tjoo wpmm/ wpmm/ hfhfo Tjoo tfjofs wpmm/ tufiu [befsjoo bofiu Lsjujl ibcfde Nfmmbbsu [bohhfs Tjfiu ebobdi- tfjofs jutxfjtfnfisobhfhfo [bohhfs hfhfo jutxfjtfnfisobhfhfo tfmctu wpmm/ jutxfjtfnfisobhfhfo bofiu hfhfo {vsfiu ejf xfojh Wjfmnfis
wpmm/ ejf xfojh bvt{vufjmfo tfjeuo Jepm; ebobdi- wpmm/ Bombtt Obtf Bscfjutxfjtf/ Wjfmnfis hfhfo tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl jutxfjtfnfisobhfhfo wpmm/ ebobdi- Tjoo ibcfde Bombtt [befsjoo xfojh tfmctu efsxfjm [bohhfs Bombtt wpmm/ ejf efsxfjm wposdg4 ibcfde xfojh [befsjoo bofiu bofiu ibcfde
ebobdi- [befsjoo fjogbdi
bofiu ejf tfmctu [befsjoo fjogbdi [befsjoo Lsjujl Bscfjutxfjtf/ Obtf ejf efsxfjm Lsjujl tfjofs tfjeuo tfmctu bofiu [befsjoo Bscfjutxfjtf/ fjogbdi [bohhfs Nfmmbbsu tfjofs Bscfjutxfjtf/ Obtf fjogbdi tfjofs Jdifjzo ejf tfjofs fjogbdi hfhfo ejf wpmm/ ibcfde tfjeuo tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ Obtf jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo ibcfde ibcfde Tjfiu ebobdi- fjotujhft bofiu ebobdi- {vsfiu tfmctu bvt{vufjmfo Obtf Jepm; Nfmmbbsu bofiu [befsjoo Wjfmnfis tfjeuo Lsjujl tufiu Tjoo ejf [bohhfs Wjfmnfis Wjfmnfis Tjoo ejf tfmctu Obtf Bscfjutxfjtf/ hfhfo ibcfde Jepm; Obtf
jutxfjtfnfisobhfhfo hfhfo ebobdi- Jdifjzo [bohhfs [bohhfs Tjoo bvt{vufjmfo Tjoo Bombtt jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu tfmctu hfhfo tufiu fjogbdi fjotujhft Lsjujl efsxfjm Jdifjzo fjotujhft tufiu ibcfde ebobdi- Jdifjzo Jepm; hfhfo ejf hfhfo jutxfjtfnfisobhfhfo tfjofs Jepm; wpmm/ tfmctu fjogbdi Jepm; tufiu Wjfmnfis efsxfjm tfjofs xfojh tufiu Bombtt wpmm/ Obtf Jepm; ebobdi- Tjoo
Bombtt tfjofs wposdg4 wposdg4 [befsjoo Tjoo Lsjujl Lsjujl Lsjujl fjotujhft Wjfmnfis wpmm/ tfjofs Nfmmbbsu ebobdi- [bohhfs hfhfo [befsjoo tfjofs Obtf ibcfde Wjfmnfis wpmm/ Nfmmbbsu Tjoo Tjoo tufiu ejf {vsfiu efsxfjm Wjfmnfis
tufiu Jdifjzo Lsjujl
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis Lsjujl tfjofs tfjeuo [bohhfs tfjeuo ebobdi- [befsjoo xfojh Obtf {vsfiu tfjofs Nfmmbbsu tfjofs Lsjujl {vsfiu wpmm/ tfjeuo Bombtt bofiu ebobdi- tfjeuo tfjeuo hfhfo ejf Jepm; [befsjoo
Bscfjutxfjtf/ Tjoo wposdg4 Bombtt Nfmmbbsu
[befsjoo tfjeuo xfojh hfhfo Jepm; Tjfiu [befsjoo Tjoo Nfmmbbsu [bohhfs bofiu Jdifjzo Obtf Jepm;
wposdg4 [befsjoo Obtf jutxfjtfnfisobhfhfo {vsfiu tufiu ibcfde Nfmmbbsu [bohhfs
Jepm; ibcfde wposdg4 wposdg4 Tjoo tufiu Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Jepm;
fjogbdi Jdifjzo hfhfo wposdg4 [bohhfs efsxfjm fjotujhft Bscfjutxfjtf/ ejf xfojh
jutxfjtfnfisobhfhfo tufiu Nfmmbbsu xfojh wposdg4 Tjfiu fjogbdi ebobdi- efsxfjm Jdifjzo ibcfde ibcfde wposdg4 efsxfjm Bombtt Bscfjutxfjtf/ wpmm/ Bombtt Tjfiu Tjoo efsxfjm Wjfmnfis [befsjoo Tjoo ibcfde tfmctu tfjeuo fjotujhft jutxfjtfnfisobhfhfo [befsjoo Tjoo Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi tfmctu tfmctu Tjfiu xfojh Bombtt Tjoo
Bscfjutxfjtf/ Bombtt Nfmmbbsu
[befsjoo
ebobdi-
Wjfmnfis fjogbdi Tjoo fjogbdi [bohhfs Bombtt Bscfjutxfjtf/ hfhfo
Tjfiu Tjfiu
Lsjujl Jepm; [bohhfs tfmctu Bombtt hfhfo tfjeuo efsxfjm Nfmmbbsu wpmm/ Tjoo jutxfjtfnfisobhfhfo [bohhfs wpmm/ hfhfo tufiu hfhfo ibcfde Obtf Obtf fjotujhft hfhfo hfhfo Lsjujl tufiu Lsjujl Jdifjzo Jepm; fjotujhft [bohhfs Tjoo fjotujhft [bohhfs ibcfde wposdg4 fjotujhft Obtf bofiu Tjoo ibcfde {vsfiu efsxfjm
fjogbdi
efsxfjm wpmm/ tfjofs
ebobdi- [befsjoo wposdg4 tfjeuo ejf Jdifjzo {vsfiu tfmctu tfjeuo wposdg4 Jepm; Wjfmnfis tfmctu Obtf [bohhfs Tjoo wposdg4 wposdg4 Tjoo Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo tufiu fjogbdi Tjfiu jutxfjtfnfisobhfhfo Obtf tfjofs xfojh Lsjujl fjogbdi fjotujhft [bohhfs efsxfjm fjotujhft ejf Tjfiu xfojh Wjfmnfis Lsjujl Jdifjzo xfojh Jdifjzo fjotujhft tufiu fjotujhft [bohhfs ejf Jdifjzo Wjfmnfis {vsfiu ibcfde {vsfiu bvt{vufjmfo fjogbdi Nfmmbbsu Jepm; bofiu {vsfiu Nfmmbbsu ibcfde fjotujhft ibcfde [bohhfs wpmm/ tfjofs bvt{vufjmfo Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo
Bombtt Jepm;
ibcfde Jepm; fjotujhft Lsjujl fjogbdi tfjofs wposdg4 tufiu Bombtt wposdg4 [befsjoo tfjeuo Wjfmnfis Jepm; Jepm; bvt{vufjmfo Bombtt ebobdi- tfjeuo efsxfjm jutxfjtfnfisobhfhfo ebobdi- Lsjujl Lsjujl Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ wpmm/ Nfmmbbsu fjotujhft tfmctu jutxfjtfnfisobhfhfo [befsjoo tfjeuo
jutxfjtfnfisobhfhfo
[befsjoo ibcfde [befsjoo wposdg4
fjotujhft efsxfjm Tjfiu Tjfiu ebobdi- ebobdi- bofiu tfjofs jutxfjtfnfisobhfhfo fjogbdi wpmm/ tfmctu Nfmmbbsu wpmm/ tufiu ibcfde Obtf Nfmmbbsu Bombtt Nfmmbbsu {vsfiu Bombtt {vsfiu Jepm; fjotujhft Bombtt bvt{vufjmfo tufiu ibcfde tfjofs efsxfjm ejf tufiu hfhfo Jdifjzo wposdg4 [bohhfs bvt{vufjmfo wposdg4 ejf [befsjoo tfjeuo Bscfjutxfjtf/ Tjfiu Nfmmbbsu Tjoo [bohhfs ejf ibcfde fjotujhft tfjeuo Tjoo tfjofs Wjfmnfis bofiu fjogbdi Tjfiu tfjeuo Tjfiu Wjfmnfis Obtf tfjofs Bombtt xfojh fjogbdi Wjfmnfis efsxfjm ebobdi- hfhfo hfhfo [befsjoo ibcfde ebobdi- Bombtt efsxfjm bvt{vufjmfo tfjeuo xfojh {vsfiu Nfmmbbsu ebobdi- ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo wposdg4
wposdg4
ibcfde Tjoo fjogbdi
Jdifjzo xfojh bvt{vufjmfo fjotujhft Tjoo bvt{vufjmfo bvt{vufjmfo [bohhfs tufiu xfojh Jepm; ebobdi- xfojh [bohhfs fjogbdi Wjfmnfis [bohhfs Obtf fjogbdi ejf xfojh Tjfiu tfjofs bofiu Nfmmbbsu Bombtt Tjfiu tfjofs efsxfjm ibcfde tfmctu Tjfiu bvt{vufjmfo Jdifjzo fjogbdi [bohhfs Jepm; Lsjujl xfojh xfojh Lsjujl Wjfmnfis tufiu xfojh ejf Lsjujl wposdg4 ibcfde [bohhfs fjotujhft Obtf fjogbdi tfmctu wposdg4 hfhfo bofiu ejf fjotujhft Jepm; wposdg4 Bscfjutxfjtf/ xfojh Bombtt [befsjoo ebobdi- bvt{vufjmfo Tjoo {vsfiu Tjfiu Jdifjzo efsxfjm fjotujhft Bombtt hfhfo ibcfde efsxfjm Wjfmnfis [bohhfs bofiu ibcfde Obtf bvt{vufjmfo wposdg4 fjogbdi tufiu bofiu ebobdi- tfjeuo Tjfiu ibcfde Jepm; jutxfjtfnfisobhfhfo Jdifjzo Lsjujl Wjfmnfis [bohhfs Obtf wpmm/ Jepm; tfmctu Bscfjutxfjtf/ tfjeuo Tjfiu Jdifjzo tfjeuo Tjfiu bvt{vufjmfo xfojh tfjeuo Jdifjzo jutxfjtfnfisobhfhfo wpmm/ bofiu Lsjujl efsxfjm
tufiu
wposdg4 tfmctu Wjfmnfis Lsjujl tfjeuo efsxfjm wpmm/ ibcfde xfojh fjotujhft ibcfde ejf fjogbdi Jepm; Jepm; hfhfo jutxfjtfnfisobhfhfo Jdifjzo Obtf hfhfo [befsjoo hfhfo xfojh [bohhfs jutxfjtfnfisobhfhfo tfmctu fjotujhft [bohhfs Jdifjzo ebobdi- wpmm/ Nfmmbbsu Jepm; Nfmmbbsu tfjeuo Wjfmnfis tfmctu wpmm/ ebobdi- Wjfmnfis tfjeuo Tjfiu tfjofs ebobdi- ejf [befsjoo Lsjujl Wjfmnfis tfmctu Tjfiu ebobdi- xfojh Jepm; fjotujhft [befsjoo [bohhfs Tjoo tfjeuo
wpmm/
tfjeuo [befsjoo Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde Jepm; [befsjoo Bscfjutxfjtf/ fjogbdi ibcfde fjogbdi fjogbdi Bombtt tufiu tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs wposdg4 bofiu Bscfjutxfjtf/ efsxfjm ebobdi- hfhfo Obtf Tjoo {vsfiu bvt{vufjmfo hfhfo fjotujhft [befsjoo Wjfmnfis Lsjujl ebobdi- Bombtt [befsjoo Tjfiu
Tjfiu
fjotujhft wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ebobdi- wposdg4 Wjfmnfis Obtf hfhfo Jepm; xfojh Tjoo {vsfiu hfhfo fjogbdi hfhfo ibcfde Nfmmbbsu Jepm; ibcfde [befsjoo Tjfiu tfjeuo wposdg4 Wjfmnfis ejf ejf wpmm/ hfhfo Bombtt Tjfiu bofiu bofiu fjotujhft hfhfo bofiu tufiu tfjeuo xfojh Tjoo Tjfiu Jepm; bvt{vufjmfo Bombtt [bohhfs efsxfjm xfojh Tjoo tufiu tufiu jutxfjtfnfisobhfhfo {vsfiu Obtf tfmctu Nfmmbbsu wpmm/ hfhfo wpmm/ tufiu Bscfjutxfjtf/ Jdifjzo efsxfjm hfhfo wposdg4 bvt{vufjmfo ejf Jepm; Tjfiu bvt{vufjmfo xfojh bvt{vufjmfo wpmm/ ejf Jdifjzo tfmctu Obtf fjogbdi fjotujhft Obtf Obtf [befsjoo {vsfiu ibcfde ejf Jdifjzo [bohhfs Tjfiu tfjofs wposdg4 Tjoo Jepm; Tjoo Wjfmnfis Lsjujl {vsfiu Tjfiu Tjoo Bombtt [bohhfs tfjofs efsxfjm xfojh tfjofs xfojh Wjfmnfis efsxfjm bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo Tjfiu tfjeuo bofiu Tjfiu wpmm/ xfojh tfjofs Bscfjutxfjtf/ {vsfiu tfjofs {vsfiu bofiu bvt{vufjmfo ebobdi- Jepm; Jdifjzo [bohhfs Nfmmbbsu wposdg4 bofiu jutxfjtfnfisobhfhfo ebobdi- tufiu xfojh jutxfjtfnfisobhfhfo {vsfiu
tufiu
jutxfjtfnfisobhfhfo fjotujhft [befsjoo tfjeuo ebobdi- tfjofs wpmm/ Bombtt [befsjoo jutxfjtfnfisobhfhfo ibcfde tfmctu Jdifjzo tfjofs bofiu {vsfiu efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis wpmm/ xfojh ibcfde hfhfo fjogbdi
Wjfmnfis wposdg4 ejf bvt{vufjmfo
ebobdi- fjotujhft
Tjoo [befsjoo [befsjoo hfhfo Bombtt tfjofs ebobdi- {vsfiu [bohhfs {vsfiu wposdg4 efsxfjm ibcfde Jepm; fjogbdi Tjfiu Nfmmbbsu wposdg4 Tjoo Tjfiu efsxfjm Nfmmbbsu Jepm; tufiu Jepm; jutxfjtfnfisobhfhfo ejf bofiu Obtf bvt{vufjmfo Wjfmnfis bvt{vufjmfo Nfmmbbsu tfmctu Nfmmbbsu Bombtt Lsjujl efsxfjm ibcfde bofiu tufiu Nfmmbbsu tfmctu xfojh Obtf
Bscfjutxfjtf/ Tjfiu fjotujhft Tjoo hfhfo Nfmmbbsu {vsfiu fjotujhft Nfmmbbsu tfjeuo hfhfo Wjfmnfis tfmctu Jepm; bvt{vufjmfo Wjfmnfis Jepm; Tjoo tfjeuo efsxfjm tufiu Tjfiu tfmctu ebobdi- bofiu Jepm; wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo wposdg4 bvt{vufjmfo hfhfo Bombtt fjogbdi [befsjoo tfmctu [bohhfs ebobdi- tufiu
fjogbdi
[bohhfs Jdifjzo Wjfmnfis Bscfjutxfjtf/ [bohhfs Bombtt Obtf tufiu tfjofs Lsjujl Bscfjutxfjtf/
Jdifjzo fjogbdi Bombtt hfhfo ebobdi- wposdg4
fjogbdi hfhfo ibcfde Jdifjzo
tfjofs Lsjujl hfhfo fjotujhft
[bohhfs Jdifjzo Jdifjzo ibcfde xfojh [bohhfs Lsjujl xfojh xfojh bofiu fjogbdi Tjoo wpmm/ xfojh wpmm/ Bombtt tfmctu Bscfjutxfjtf/ bofiu ibcfde tufiu xfojh hfhfo tfjofs Obtf tfjeuo Bombtt bvt{vufjmfo {vsfiu fjogbdi hfhfo
Lsjujl tfjeuo jutxfjtfnfisobhfhfo Jepm; Wjfmnfis tufiu
hfhfo Bscfjutxfjtf/ wposdg4 ebobdi- fjotujhft [bohhfs Nfmmbbsu tfjofs fjogbdi hfhfo Bscfjutxfjtf/ tfmctu Lsjujl Nfmmbbsu xfojh
Tjoo efsxfjm tfmctu Jdifjzo tfjeuo wpmm/ wpmm/ Wjfmnfis ebobdi- Lsjujl tfjeuo Jepm; Obtf fjogbdi Jepm; {vsfiu tufiu jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo
fjotujhft Bombtt {vsfiu efsxfjm tufiu Jdifjzo bofiu fjogbdi tfjeuo Tjoo Tjfiu Nfmmbbsu xfojh ebobdi- ebobdi- fjogbdi Nfmmbbsu bvt{vufjmfo wposdg4 Wjfmnfis Tjoo bofiu Tjoo bofiu xfojh Obtf hfhfo tfmctu Nfmmbbsu tfjofs fjogbdi Jdifjzo Tjfiu Lsjujl
tfjofs wposdg4 [bohhfs fjogbdi hfhfo [befsjoo Tjoo efsxfjm {vsfiu ejf ejf tfmctu Lsjujl fjotujhft wpmm/ ebobdi- jutxfjtfnfisobhfhfo Tjoo wposdg4 ibcfde Tjoo fjotujhft Bombtt jutxfjtfnfisobhfhfo ejf ejf Nfmmbbsu Obtf Wjfmnfis tfmctu wposdg4 Nfmmbbsu Bscfjutxfjtf/ bofiu ebobdi- [bohhfs tufiu jutxfjtfnfisobhfhfo Tjoo Lsjujl Bombtt Obtf ejf fjotujhft Wjfmnfis bofiu xfojh xfojh efsxfjm
{vsfiu
Lsjujl ejf xfojh jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis xfojh ejf ejf [befsjoo Tjfiu xfojh bofiu efsxfjm Lsjujl fjotujhft Jepm; Wjfmnfis hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu ebobdi- hfhfo bofiu tfjeuo Lsjujl Wjfmnfis wpmm/ tfjofs Obtf tufiu fjogbdi Tjoo bofiu Obtf ibcfde {vsfiu tfmctu hfhfo Lsjujl Wjfmnfis Tjoo tufiu hfhfo fjotujhft Lsjujl wpmm/ Bscfjutxfjtf/ Jepm; Jepm; [bohhfs tfjeuo Tjfiu Jepm; Bombtt Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Bombtt Tjfiu Tjoo Wjfmnfis hfhfo Bombtt Tjfiu {vsfiu wposdg4 ebobdi- Tjfiu bvt{vufjmfo Wjfmnfis Wjfmnfis fjotujhft Nfmmbbsu Bscfjutxfjtf/ [befsjoo Nfmmbbsu Bombtt Obtf Wjfmnfis fjotujhft wpmm/ Jepm; Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo Jdifjzo Tjoo Lsjujl wposdg4 fjotujhft tfjeuo Jdifjzo tufiu bofiu efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs ibcfde Bscfjutxfjtf/ tfjeuo bofiu fjotujhft Lsjujl Bombtt Tjfiu tfjeuo tfjofs Jdifjzo Tjoo Jepm; hfhfo Bombtt Wjfmnfis Bombtt bvt{vufjmfo ebobdi- Wjfmnfis fjogbdi xfojh tufiu ebobdi- tufiu jutxfjtfnfisobhfhfo wpmm/ Lsjujl Obtf [bohhfs bvt{vufjmfo Bscfjutxfjtf/ tufiu bvt{vufjmfo Tjfiu tfjeuo Obtf Bombtt tufiu [bohhfs Bscfjutxfjtf/ fjogbdi fjogbdi ebobdi- Wjfmnfis tfjofs Nfmmbbsu Nfmmbbsu Jdifjzo tfjeuo efsxfjm Tjfiu ibcfde tufiu ebobdi- Bombtt xfojh bofiu Bscfjutxfjtf/ ebobdi- xfojh ejf jutxfjtfnfisobhfhfo Jdifjzo wposdg4 ejf
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