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        December 2011
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                                                                                                                                                                                                   1
 Cherkizovo Group – The Integrated Meat Producer


                                                                               9M2011 Sales: $1 078.6m
                                                                               9M2011 EBITDA: $177.9m



                                   Poultry                                          Pork                             Meat Processing
                                   9M2011 Total sales: $504.8m                      9M2011 Total sales: $196.6m      9M2011 Total sales: $472.0m
                                   9M2011 EBITDA: $83.0m                            9M2011 EBITDA: $76.3m            9M2011 EBITDA: $29.9m



Market Position                     • #2 in Russia                                  • #3 in Russia                   • #1 in Russia
                                                                                                                     • Sausages, salamis,
Key Products                        • Chilled/frozen poultry                        • Live pigs, pork carcasses,       fresh retail-format meat,
                                                                                      fresh pork cuts                  ready-to-cook products
Key Brands


Production                          • 7 clusters                                    • 10 farms                       • 7 plants
Facilities
                                    • Total capacity (t.p.a):                       • Total capacity (t.p.a):        • Total capacity (t.p.a):
                                      270,000 *                                       115,000**                        195,000***


Source: Poultry Union of Russia, Pork Union of Russia, Meat Union of Russia,
         Company’s Financials                                                   * Sellable product, as of 2011E
                                                                                ** Live weight, as of 2011E
                                                                                *** Prepared products, as of 2011E



                                                                                                                                                   2
Overview of Results
     Key Highlights of 9M2011

                                                                                               EBITDA and EBITDA Margin Evolution, 2006-2010,
SOLID FINANCIAL RESULTS
                                                                                               RUR mln
     Revenues increased 18% in RUR, and 24% to $1 078.6 mln                                                          CAGR +36%*
     Adjusted EBITDA* increased 1% in RUR, and 6% to $177.9 mln                              7000,0                                  18%       18%       20%
                                                                                                                                         15%
     Adjusted EBITDA* margin was 17%                                                         6000,0
                                                                                                                                                          18%

                                                                                                                                                          16%
     Gross profit increased 6% in RUR, and 11% to $270.1 mln                                 5000,0                          13%              6641,6 14%
                                                                                                                                53%
 
                                                                                                                     14%
      Group gross margin was 25%                                                              4000,0
                                                                                                                                                          12%
                                                                                                            12%
                                                                                                                     27%                                  10%
     Net income decreased 6% in RUR, and slightly decreased 1% to $108.4 mln                 3000,0
                                                                                                                                      5782,9              8%
                                                                                                           51%
     Net debt was $709.4 mln                                                                 2000,0                       3786,4
                                                                                                                                                          6%
                                                                                                                  2997,0
 
                                                                                                                                                          4%
      The effective cost of debt was 2.3%.                                                    1000,0 1967,1
                                                                                                                                                          2%

OPERATIONAL DEVELOPMENTS                                                                        0,0                                                       0%
                                                                                                         2006      2007     2008      2009      2010
     In the Penza poultry cluster: commenced the poultry breeding facility “Komarovka”,
                                                                                                                  EBITDA, RUR mln        EBITDA margin, %
      with a combined capacity of almost 1.1 million broilers; launched a large incubation
      facility with an annual capacity of 105 mln eggs; launched slaughtering facility with
      an hourly capacity of 8,000 heads                                                                Source: Management estimates, Company reports
                                                                                                        CAGR growth is calculated between 2006 to 2010

     In the Bryansk poultry cluster: commenced a second line at the poultry breeding
      facility with a combined capacity of almost 880,000 broilers; launched 1st line of a
      large incubation facility with an annual capacity of 43 mln eggs

     In the pork segment by launching the breeding sites we started production at our
      three new greenfield farms in Tambov, Voronezh and Lipetsk

     Cherkizovo has completed integration of Mosselprom - a diversified vertically-
      integrated agro-industrial group, which we acquired in the spring.

     Cherkizovo has started construction of the Elets agroindustrial complex in Lipetsk



                                                                                                                                                                4
     Group Performance
                                                                                                             9M2010 9M2011 %            3Q2010 3Q2011 %
           Total sales increased 24% in US$ terms and 18% in RUR                US$/RUR rate                 30.25   28.77    change                     change
            terms reflecting solid organic volume growth
           Gross profit increased 11% in US$ terms and 6% in RUR                     Total Sales, US$ mln    867.5   1,078.6 24%        294.6   389.2    32%
            terms; gross margin was 25%                                               Gross Profit, US$ mln 243.5     270.1     11%      79.9    100.4    26%
           Operating expenses as percentage of sales were flat at 13%
                                                                                      Gross Margin, %          28%     25%               27%     26%
           EBITDA increased 6% in US$ terms and 1% in RUR terms,
            EBITDA margin was at 17%                                                  EBITDA, US$ mln         167.7   177.9     6%       54.7    72.0     32%
           Net income decreased 1% in US$ terms and 6% in RUR
                                                                                      EBITDA Margin, %        19%      17%               19%     19%
            terms. Net income margin was 10%
                                                                                      Net Income, US$ mln 110.0       108.4     (1)%     35.9    42.3     18%
                                                                                      Net Income margin % 13%          10%               12%      11%




                Total Group Sales, US$ mln                   EBITDA and EBITDA margin, US$ mln, %                         Net Income, US$ mln


                                                       200                                   177.9             120        110.0
                                                                     167.7                                                                       108.4
    1 200
                                          1 078.6      180
                                                       160                    19%                              100
    1 000         867.5                     13%                      38%                         40%                          42%                 48%
                                                       140                                                      80
     800           16%                                 120                        17%
                                            43%        100                                                      60
     600
                   40%                                  80           46%                         44%
     400                                                60                                                      40            50%
                                                                                                                                                  45%
     200                                    44%         40
                   44%                                                                                          20
                                                        20
       0                                                             16%                         16%
                                                         0                                                       0            8%                   7%
                  9M2010                   9M2011                   9M2010                  9M2011                       9M2010                  9M2011
                  Meat Processing    Poultry    Pork                Meat Processing    Poultry    Pork                    Meat Processing Poultry Pork

Source: Management estimates, Company reports




                                                                                                                                                                5
     Poultry Division

         Volumes increased by a robust 26% to appr. 185,620 tonnes
                                                                                                      9M2010            9M2011 % change %change
                                                                           US$/RUR rate                 30.26             28.77       $US                   RUR
         Prices increased by 8% to $2.52 per kg for 9M2011* (excl.
          VAT) and increased by 3% to 72.40 RUR per kg (excl. VAT)         Total Sales, US$ mln         375.2             504.8           35%                28%
         Total sales increased 35% to US$504.8 mln                        Gross Profit, US$ mln        110.9             119.6            8%                 3%
         Gross Profit increased 8% to US$119.6 mln, Gross Margin was      Gross Margin, %               30%               24%
          24% due to increasing input and labor costs
                                                                           EBITDA, US$ '000              82.0              83.0            1%                (4)%
         In 9M2011 the segment accounted for a one-off direct subsidy
          of 396,3 mln RUR or US$13.8 which offset the cost of sales       EBITDA Margin, %              22%               17%
         Operating expenses as a percentage of sales were flat at 12%
                                                                           Division profit US$ '000      59.2              54.6           (8)%              (12)%
         EBITDA increased 1% to US$83.0 mln, EBITDA margin was
          17% for 9M2011                                                   Division profit margin %      16%               11%
         Division profit decreased 8% to US$54.6 mln, division profit
          margin was 11%

              Volume and Price** Dynamics                    Total Sales, US$ mln                           EBITDA and Division Profit, US$ mln

                                                      600
    200                                    2.52       500            35%
    180                          8%
    160           2.33                                                                                100                                                         30%
                                                      400                                              80
    140                          26%                                                                                       22%
                                                                                                                                                   17%            20%
    120                                                                                                60
                                                      300                                                        82.0
    100                                     185,620                                                    40                                83.0                     10%
                   146,830                                                          504.8              20                59.2                    54.6
     80                                               200    375.2
     60                                                                                                 0                                                         0%
     40                                               100                                                          9M2010                  9M2011
     20
      0                                                 0                                             EBITDA, US$ '000 (left axis)    Division profit, US$ '000 (left axis)

                 9M2010                    9M2011           9M2010              9M2011                EBITDA margin, % (right axis)

    Source: Management estimates, Company reports
    * Company’s selling price




                                                                                                                                                                         6
    Investments to Drive Capacity and Efficiency Growth

    Bryansk Cluster Capacity Increase Overview                                     Volume sales (thous. slaughter-weight tonnes)
      The project is expected to double production of the cluster to
       75,000 live-weight tonnes be the end of 2012
      Investment of appr. $62 mln supported by long-term                    500                                     +142%*                                        470
       subsidized loans                                                                                                                                     +23%
                                                                             450
      The project is a brownfield construction of breeding facilities                                                                                             110
                                                                             400                                                    357 +6%        380
       and a new hatchery with an annual capacity of 66 mln eggs                                                                                       20
                                                                             350                                     310 +15%
                                                                                                                                      2
      Sites launched in 4Q2010 and 1H2011, hatchery launched in                                             +18%
                                                                                                                                     60                60          60
       August 2011                                                           300                      262
                                                                                           +35%                      55
                                                                             250                      34
    Penza Cluster Capacity Increase Overview                                           194
                                                                             200
      The project is expected to double production of the cluster to        150                                                    295            300             300
       140,000 live-weight tonnes in 2013                                                                            255
                                                                             100      194            228
      Investment of appr. $120 mln supported by long-term
                                                                             50
       subsidized loans
                                                                              0
      The project is a brownfield construction of Incubation facility for             2010          2011E          2012E          2013E          2014E            2015E
       105 mln eggs per year, additional breeding facilities and a
       state-of-the art slaughtering facility of 8,000 units per hour                                Organic growth         Mosselprom      Elets project

      Sites launched in 1H2011, hatchery launched in September
       2011, slaughtering facility launched in November 2011


     Zarechnaya Site Acquisition, 2010
       Located in the Penza region in proximity of Vasilyevskaya
        poultry site
       Broiler breeding site with annual production capacity of 22,500
        live-weight tonnes once operational – expected in 1H2012
                                                                                     * Expected increase in 2015 compared to 2010 levels
Source: Company, Management estimates
                                                                                     * For 2011 Mosselprom volumes are consolidated from 13 May 2011




                                                                                                                                                                           7
  Strategic Acquisition of Mosselprom


   Overview                                                                     Significant strategic benefits

     POULTRY – 56,500 sellable weight tonnes in 2010                             Significant scale and sales synergies due to
     - Moscow poultry cluster (consists of Moscow and Tula operations)            location in the lucrative Moscow region and
     - Kursk poultry cluster                                                      Central Russia and optimization of business
     PORK – 8,700 live-weight tonnes in 2010                                      processes
     - Orel pork production cluster - total capacity of 12,000 l/w tonnes        Entrance into new regions
      FEED PRODUCTION
                                                                                 Significant potential for operational on-site
     - Fodder plant in Moscow region sourcing fodder for both
                                                                                  improvements
       segments, appr. 250,000 tonnes per year of fodder production
                                                                                 Addition of two powerful brands
      LAND AND CROPPING
     - Operational landbank of appr. 30,000 ha
       (in ownership and under control)
                                                       310                      Deal consideration
           350
                                                18%
                                                        55
           300
                                        262                                       Enterprise value of Mosselprom was $252.9 mln
                              35%
           250                           34                                       Of that, the Group assumes $183.8 mln of debt,
           200
                                                                                   which is mostly long-term and subsidized
           150
                                                       255                        $27.0 mln USD of equity will be financed through
                                        228
           100        194                                                          a previously announced additional ordinary share
                                                                                   issue, which will be distributed through a closed
            50
                                                                                   subscription
             0
                       2010              2011           2012
                 Additional production of Mosselprom, thous. tonnes
                 Production, thous. tonnes
Source: Management estimates, Company data




                                                                                                                                       8
    Transformational Project – Elets Agroindustrial Park

New production – 125 000 tonnes of poultry, slaughter-weight
Investments into total project – 19.5 bln roubles (incl. VAT and working capital)

Construction of state-of-the-art sites in one                             Production volumes,
production area                                                           000, slaughter-weight tonnes
                                                                           500                                                                            470
                                                                           450
                                                                                                                                            380            110
•       Incubation site – 160 mln incubation eggs per year                 400                                                357
                                                                                                                                            20 110
                                                                           350                                                 2
•       5 broiler sites for 280 broiler houses and 4 parent stock sites    300
                                                                                                                          2           20

•       Fodder plant – 90 tonnes of fodder per hour                        250                                                              360            360
                                                                                                                              355
•       Poultry slaughter and processing plant – 24 000 units per hour     200
                                                                                                            310
                                                                           150                   262
•       Pig slaughter and processing plant – 650 units per hour            100
                                                                                      194
                                                                                    194
                                                                                                 228        255       295             300           300

•       Transport and logistical infrastructure                            50

                                                                            0
                                                                                    2010         2011E       2012E            2013E         2014E          2015E

                                                                                            Organic growth and Mosselprom             Elets project
                                                                                                                                                    Investments
    Estimated project parameters                                                                                                                    mln RUR     per
                                                                                           POULTRY PROJECT                                          (excl. VAT) unit
                                                                     Broiler farm            115 thous. tonnes selleable weight                           4441     38,7
    •   Est. Debt – 15,6 bln RUR
                                                                     Feed mill               558 thous, tonnes per year                                   2288         4,1
    •   Est. Equity – 3,9 bln RUR                                    Elevators               462 thous. cubic m (grain)
    •   Est. Payback – 6,5 years                                     Breeder farm            98,5 mln hatching eggs                                       2758     28,0
    •   Cost of Debt – 0,22%                                         Hatchery                 160 mln eggs                                                 847      5,3
                                                                     Slaughter plant       24 000 units per hour 113,1 mln units per year                 3061     27,1
    •   Debt maturity – 10 years                                     Logistics                                                                            1169
                                                                                                                          TOTAL                           14564




                                                                                                                                                                   9
    Pork Division

        Volumes increased 7% to 65,800 tonnes                                                         9M2010           9M2011 % change % change
        Prices increased by 15% to $2.74 per kg in 9M2011* (excl.          US$/RUR rate                30.25                28.77        $US                    RUR
         VAT) and by 9% to 78.90 RUR per kg (excl. VAT)
                                                                            Total Sales, US$ mln        158.0               196.6             24%                 18%
        Total sales increased 24% to US$196.6 mln
                                                                            Gross Profit, US$ mln        67.9                75.9             12%                  6%
        Gross Profit increased 12% to US$75.9 mln; Gross Margin
         was 39% due to increasing input costs                              Gross Margin, %              43%                 39%
        In 9M2011 the segment accounted for a one-off direct subsidy                                    67.7                76.3                                  7%
                                                                            EBITDA, US$ '000                                                 13%
         of 168 mln RUR or US$5.9 mln which offset the cost of sales
        Operating expenses as a percentage of sales were flat at 7%        EBITDA Margin, %             43%                 39%
        EBITDA increased 13% to US$76.3 mln; EBITDA Margin was             Division profit US$ '000     52.3                57.2             9%                   4%
         39%
        Division profit increased by 9% to $US57.2 mln, division profit    Division profit margin %      33%                 29%
         margin was 29%


             Volume and Price* Dynamics                      Total Sales, US$ mln                         EBITDA and Division Profit, US$ mln


    70                      15%   2.74            200                                                   80                                                           45%
                 2.38                                                 24%
                                                  180                                                   70                  43%                       39%
    60
                                                  160                                                   60
                            7%                                                                                                                                       30%
    50                                            140                                                   50
                                                  120                                                   40         67.7                    76.3
    40                                                                                                             67.7
                                                  100                                                   30                                                           15%
                 61,250             65,800                                          196.6                                  52.3                      57.2
    30                                             80         158.0                                     20
                                                   60                                                   10
    20
                                                                                                         0                                                           0%
                                                   40
    10                                                                                                               9M2010                  9M2011
                                                   20
                                                                                                         EBITDA, US$mln (left axis)       Division profit, US$mln (left axis)
     0                                              0
                                                                                                          EBITDA margin, % (right axis)
                 9M2010            9M2011                   9M2010              9M2011
Source: Company
* Company’s selling price




                                                                                                                                                                                10
Cherkizovo Consolidates the Russian Meat Market

Acquisition of new farms in Lipetsk and Penza                            Volume sales (thous. live-weight tonnes)
       In November 2010 Cherkizovo acquired two greenfield pork
        complexes:                                                                                             +111%*
                                                                        200                                                                185,0    185,0+
-       Located in Penza and Lipetsk regions best-in-class                                                                    180,0+ +3%
        integrated multi-site complexes, each complex includes          180                                            +29%   12,5         12,5       12,5
        breeding, rearing and fattening facilities                      160
                                                                                                              140,0+          25,0         25,0       25,0
       Transaction price of $100mln including $80mln of                140
                                                                                                                11,0
        subsidized debt (effective interest is appr. 3%) represents
                                                                                                    +56%
                                                                                                                              34,5         37,5       37,5
                                                                        120                                     23,0
        cost of construction                                            100
                                                                                                90,0+
                                                                                  87,7 +3%
                                                                                                 5,6            19,0
                                                                        80        11,2          15,0
Greenfield construction in Tambov, Voronezh and Lipetsk
                                                                        60
                                                                                                                              108,0        110,0     110,0
       Cherkizovo is constructing greenfields in Tambov,               40        76,5                          87,0
                                                                                                70,0
        Voronezh and Lipetsk regions                                    20
       Sites will represent best-in-class integrated multi-site         0
        complexes, with breeding, rearing and fattening facilities                2010          2011E          2012E          2013E        2014E      2015E

       Investment consideration of appr. $160mm, of which appr.                    Existing farms      Greenfield farms      Acquired farms   Orelselprom
        20% will be funded by the Group, and the remaining 80% by
        bank loans                                                                  Cost and scale synergies due to proximity of
       Breeding facilities at all three sites were launched in                      new farms to existing Cherkizovo’s facilities
        9M2011                                                                      Efficient deployment of capex, as all essential
       Sites are expected to reach their full capacity by the end of                construction is completed in Lipetsk and Penza
        2013                                                                        Greenfield construction represents significant
                                                                                     efficiency gains


                                                                          * Increase in 2015 compared to 2010 levels




    Source: Company, Management estimates




                                                                                                                                                              11
     Meat Processing Division

         Volumes increased 5% to appr. 108,420 tonnes                                                   9M2010             9M2011 % change % change
                                                                              US$/RUR rate                30.25              28.77
         Prices increased by 19% to $4.54 per kg for 9M2011*                                                                              $US                     RUR
          (excl. VAT) and increased by 13% to 130.56 RUR per kg               Total Sales, US$ mln        379.0              472.0              25%                18%
         Total sales increased 25% to US$472.0 mln                           Gross Profit, US$ mln           64.9            76.0                                 11%
                                                                                                                                                17%
         Gross Profit increased 17% to US$76.0 mln; Gross Margin
                                                                              Gross Margin, %                 17%              16%
          decreased from 17% to 16% due to raw meat price
          increase and an increase in labor costs and social tax              EBITDA, US$ '000                27.8             29.9             8%                   2%
         Operating expenses as a percentage of sales were flat at
                                                                              EBITDA Margin, %                7%                6%
          12%
         EBITDA increased 8% to US$29.9 million; EBITDA margin               Division profit US$ '000        13.9            12.3            (12)%                 (16)%
          decreased to 6%
                                                                              Division profit margin %        4%               3%
         Division profit was US$12.3 mln, division profit margin was
          3%
             Volume and Price* Dynamics                       Total Sales, US$ mln                            EBITDA and Division Profit, US$ mln

                                                    500                                                  30                                                            10%
  120                                4.54                               25%
                              19%                   450
                 3.82                                                                                    25                                                            8%
  100                                               400                                                                      7%
                                                                                                         20
                              5%                    350                                                                                                6%              6%
     80                                             300                              472.0               15          27.8                    29.9
                                                                                                                                                                       4%
                                                    250                                                  10
     60                             108,420
                 102,870                            200        379.0                                                        13.9                       12.3            2%
                                                                                                          5
     40                                             150
                                                    100                                                   0                                                            0%
     20
                                                     50                                                              9M2010                   9M2011
      0                                               0                                                   EBITDA, US$mln (left axis)      Division profit, US$mln (left axis)
                 9M2010             9M2011                    9M2010             9M2011                   EBITDA margin, % (right axis)

Source: Company
* The company selling price




                                                                                                                                                                                12
   Capital Expenditures and Debt

                Capital Expenditure, US$ mln                                              Total Debt, US$ mln
                                                                  All Group Debt is in RUR, Cost of Debt for 9M2011 was 2,3%
                                                                               900
  160                                               152.6                                                                          Long-term
                                                                               800                                          741    Short-term
  140                                                                          700             648
  120             104.1                                  81.9                  600
  100               3.1
                                                                               500                                         70%
   80                                                                          400             72%
                   37.7
   60                                                                          300
                                                         63.3
   40                                                                          200
                    60.5
   20                                                                          100
                                                                                               28%                          30%
    0               2.8                                   7.4                    0
                   9M2010                            9M2011                                  9M2010                       9M2011

                   Meat Processing      Poultry   Pork     Land                       10%                           10%

Poultry: investments into capacity
Penza cluster:                                                                                           90%                       90%

- slaughter facility: 8000 units/hour
                                                                                                  Subsidised      Non-subsidised
- incubation site: 105 mln eggs
                                                                                                           9M2010                     9M2011
- Bryansk cluster
- Incubation site: 66 mln eggs
                                                                  Net debt, US$ mln                            580.2                      709.4
Pork: investments into capacity
- greenfield construction in Tambov, Voronezh, Lipetsk
                                                                  Cost of Debt                                 2.5%                        2.3%
Meat processing: capital maintenance
- Launch of the acquired plant in Kaliningrad                     Debt/Equity                                   1.0x                        1.1x

                                                                  Interest coverage*                           13.7x                      14.1x

                                                                  * Defined as EBITDA divided by interest expense



                                                                                                                                                   13
Investment Highlights
Investment Highlights


1   Attractive market fundamentals
2   Well positioned to drive industry consolidation
3   Leading portfolio of brands
4   Best in class distribution network reaching a well-diversified customer base
5   Vertically integrated within the segments
6   Well-invested production assets
7   Favourable regulatory and tax environment

8   Attractive financial profile

9   Strong management team and corporate governance




                                                                                   15
    1            The Russian Economy is Re-bounding Towards its Historical
                 Growth Path

  Real Disposable Income Growth (%)*                                                           Real GDP Growth (%)

       12,9%      12,6%
                                                                                                                                                                                         10-13E
                                                                                                 8,2%        8,5%                                                                        World
                                                                                                                        5,2%                4,0%       4,3%       4,5%         4,4%      CAGR:
                                                                                                                                                                                          3.1%
                                                         4,3%            4,4%      4,3%
                                                                  3,1%
                                 1,7%         2,1%
                                                                                                                                                                                       10-13E
                                                                                                                                                                                      Euro Area
                                                                                                                                                                                       CAGR:
       2006        2007          2008         2009       2010    2011E   2012E     2013E                                         -7,8%
                                                                                                                                                                                        1.5%
                                                                                                 2006        2007       2008      2009       2010      2011E      2012E        2013E

Source: EIU                                                                                  Source: EIU
* Denotes real personal disposable income (% change pa)



  RUB/USD FX                                                                                   Commodities Price Performance (rebased to 100)*
                                                                                                                                                                      Estimates**
  40                                                                                          260                   Wheat         Soy a
                                                                                                                                                                       209.8
  36                                                                                          220                   Barley        Corn
                                                                                                                                                                                           201.8
  32            Current: 30.46                                                                180                                                                      198.8               188.2
                                                                                                                                                                       158.4
                                                                                              140                                                                                          155.3
  28                                                                                                                                                                   126.8
                                        Avg. 28.59                                            100                                                                                          122.7
  24
                                                                                                60
  20
                                                                                                     сен.09 дек.09 мар.10 июн.10 сен.10 дек.10 мар.11 июн.11 сен.11
       сен.07        май.08         янв .09          сен.09     май.10   янв .11    сен.11                                                                                              2012E
                                                                                                                                                                          2011E

Source: FactSet as of September 14, 2011                                                     Source: EIU, J.P. Morgan, Bloomberg, Datastream research as of September 14, 2011
                                                                                             * Prices for Wheat (Cts/Bu), Soyabeans (C/Bushel), Barley (CAD/MT) and Corn (yellow)
                                                                                             ** Rebased to 100 at September 1, 2009




                                                                                                                                                                                                16
    1 The Russian Meat Market is a Sizeable and Fast Growing
           Opportunity
     Significant growth of Russian economy and disposable income creates significant
                        opportunities for the domestic meat market
  Annual Per Capita Meat Consumption, kg (2010)                                       Russian Meat Market evolution

                                                           Biological norm – 75 kg
                                                                                      Production Volume
                                                                   2015E
   110                                                                                (mln tonnes)
                                                                                                                                                                   9,0
    90                                                                                                                                           6,2   6,6   7,1
                109                                           72                            4,4   4,4       4,6   4,9   4,9    4,9   5,1   5,6
    70                    93        83          76                          78
                                                              65
    50
            USA       Australia    Canada       EU           Russia         USSR




                                                                                                                                     E
                                                                                          00

                                                                                          01

                                                                                          02

                                                                                          03

                                                                                          04

                                                                                          05

                                                                                                                                   06

                                                                                                                                   07

                                                                                                                                   08

                                                                                                                                   09

                                                                                                                                   10

                                                                                                                                  15
                                                                           (1988)




                                                                                        20

                                                                                        20

                                                                                        20

                                                                                        20

                                                                                        20

                                                                                        20

                                                                                                                                 20

                                                                                                                                 20

                                                                                                                                 20

                                                                                                                                 20

                                                                                                                                 20

                                                                                                                                20
Source: Russian Meat Union (Russia and USSR), USDA (other regions)
                                                                                     Source: Russian Meat Union
  Shift in Russian Meat Market Structure (volume)1
                                                                                      Production value1                                                            70,1
                                                                                      (US$ bn)


      Poultry
                      30%                                                                                                                        35,8 31,0 35,8
                                     39%             40%              42%                                                      23,6 24,4 26,1
                                                                                                                        18,2
         Beef         33%            28%             26%              22%                   6,9   9,4   10,1 12,8

         Pork         37%            33%             34%              36%




                                                                                                                                                       E

                                                                                                                                                       E
                                                                                         00

                                                                                         01

                                                                                                       02

                                                                                                               03

                                                                                                               04

                                                                                                                           05

                                                                                                                           06

                                                                                                                                        07

                                                                                                                                        08

                                                                                                                                                     09

                                                                                                                                                    10

                                                                                                                                                    15
                      2000          2010             2012E            2015E
                                                                                       20

                                                                                       20

                                                                                                     20

                                                                                                             20

                                                                                                             20

                                                                                                                         20

                                                                                                                         20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                                   20

                                                                                                                                                  20

                                                                                                                                                  20
Source: Russian Meat Union                                                           Source: Russian Meat Union
1 Basing on internal consumption                                                     1 Meat prices in 2010 -2015 assumed to grow at CPI rate (EIU)




                                                                                                                                                                          17
          2      Well Positioned to Drive Industry Consolidation


                   Fragmented market creates a platform for organic growth and consolidation

        Meat Processing*                                                     Poultry**                                                                    Pork***
                              Cherkizovo Group
                                    3.6%
                                             OMPK
                                                                                                                                                                              Miratorg
                                             3,3% Prodo                                                                                                                        7,2%
                                                  2,5% Mikoms                                                         Prioskolie
                                                        1,6% Tsaritsyno                                                                                                                     Agro-Belogorie
                                                                                                                       14,8%
                                                                                                                                                                                                5,4%
                                                                2,3%
                                                                  Pokom                                                        Cherkizovo Group                                                       Cherkizovo Group
                                                                   1,9%
                                                                                                                                     9.2%                                                                   5.0%
                                                                   Tavr
                                                                   1,0%                                                                                                                                  Prodo
                                                                                                                                                                                                         4,2%
                                                                 Dymov
                                                                  1,0%                                                                                                                                    Belgorodskiy Bacon
                                                                          Others                                                                                                                                 3,4%
                                                                                                                                         Prodo
                                                                           49%                                                                                                                            Siberian Agrarian Group
                                                                                                                                         6,1%                                                                       2,6%
                                                                                                                                                                                                           KoPitania
                                                                                                                                      Belgrankorm                                                            2,4%
                                                                                                                                          6,2% Others                                                     Eksima
                                                                                                                                                 64,9%                                                     2,0%

                                                                                                                                   Resurs                                                             Troparevo
                   Others                                                                                                                                                                                1,5%
                   82,8%
                                                                                                                                    2,8%
                                                                                                                     Alpi                                                                Vostochniy
                                                                                   Lisko Broiler                               Belaya Ptitsa
                                                                                                                    2,7%                                                                   1,4%
                                                                                       2,2%                                        3,1%
                                                                                              Chelny Broiler
                                                                                                  2,2%         Ural Broiler
                                                                                                                  2,3%

      Top 3 producers in US account for                                   Top 3 producers in US account for                                          Top 3 producers in US account for
      approx. 38% of the market****                                       approx. 57% of the market ****                                             approx. 50% of the market****

      Source: Meat Union Estimates, Company                                Source: Russian Poultry Union, Company                                        Source: National Pork Union of Russia, Company
(1)       * In volume terms (2010)
(2)       ** In volume terms (slaughter-weight, 2010)
(3)       *** In volume terms (live weight), 2010
(4)       **** Management estimates



                                                                                                                                                                                                                         18
     3        Leading Portfolio of Brands

                  Strong portfolio of federal brands covering the entire price spectrum

 Powerful flagship brands
                                                                            Poultry           Meat Processing
     – Petelinka accounts for almost all of the
       Company’s chilled cut poultry sales                      National            Local   National    Local
     – Petelinka and Chicken Kingdom account for
       most frozen poultry sales                   Premium
 High brand awareness
     – Petelinka – #1 brand in Moscow and Moscow             # 1 in Moscow region
       region in 2008 and 2009, enjoying 70% of
       customer loyalty
     – Chicken Kingdom – #1 brand in frozen and
       chilled poultry in Russia in 2008 and 2009*
     – Cherkizovsky: best Russian brand 2007,      Medium
       nominated by the Russia Brand Academy
     – Meat processing: Grand Prix awards at the
       2009 ProdExpo International Exhibition


                                                    Low

 * Gallup and ScanMarket 2009 research




                                                                                                                19
4    Best in Class Distribution Network reaching a Well-diversified
     Customer Base

    Company’s well developed distribution network is a key success factor and major
                                   barrier for entry
                                                         Company’s distribution network covers all Russian Federal
                                                          Districts
                                                         Daily deliveries by a dedicated fleet of refrigerated trucks
                                                          provide a significant competitive advantage
                                                         Warehouse network throughout European part of Russia
                                                         Strong relationship with independent distributors
                 St. Petersburg
                                                      Unique software system to ensure timeliness and quality of
                      Vologda                          delivery
     Moscow
                 Naro-Fominsk                    Meat Processing breakdown          Poultry breakdown of sales
     Lipetsk
                Tambov      Kazan                of sales by channel*, 9M2011       by channel*, 9M2011
Belgorod           Penza
                      Ulyanovsk
           Rostov                 Ekaterinburg
                                  Chelyabinsk                                         21%
                                                                                                                                       16%
                                                                                           14%                             38%
       Labinsk
                                                                           65%
                                                                                                                                       46%




                                                            Traditional Retail   Modern Retail   Wholesale
      Distribution and Storage Network                                                                       Traditional Retail   Modern Retail   Wholesale


                                                 * Total for poultry and meat processing segments in volume terms excluding sales directly by
                                                 production units




                                                                                                                                                          20
  5      Vertically Integrated within the Segments


                                                                  Fodder            Pork and Poultry            Processing
                     Land and Grain                                                                                                         Distribution




                                                                  Quality and          Lower dependence on     Capture margins from         Quality control and
                                                                biological safety      imports and suppliers   value-added products          cost optimisation


                                                 Fully Owned Farms as a Key Differentiating Factor

                                                                                                                                                                   Prodo

Land and Grain                                                                                                                                              
Fodder                                                                   *** ()*                               **                                          
Farm ownership                                                                                                                                              
Pork/Poultry Breeding                                    /            /*** ()*              /              /**               /        /              /
Meat Processing                                                                                                                                             
Centralised distribution                                                                                                                                    
Degree of vertical integration
                                                           5                   4                  4                 4                 4            3              4
Note: Degree of integration of different players based on Cherkizovo management judgment
* Cattle activities ** Former Sadia operations *** Attributable to Pilgrim’s Pride acquisition




                                                                                                                                                                        21
    5    Vertically Integrated within the Segments
         Agricultural Land

                         Key facts                                          Significant strategic benefits

    Access to landbank of approx. 100,000 ha
       28,212 ha Tambov Region – in ownership                           Conveniently located close to pork facilities
       14,615 ha in Lipetsk and 5,454 ha in Penza regions –             Securing feedstock on a long-term basis at
        long-term lease                                                   controllable cost
       16,000 ha in Saratov region – 10,000 ha is in ownership          Option to use manure as highly efficient and natural
        and 6,000 is in long-term lease                                   fertilizer
       Appr. 30,000 ha in Orel region – acquired as part of             Cropping is outsourced to NAPKO, a crop raising
        Mosselprom
                                                                          company
       Access to quality land – the “black earth” farming region
        is considered one of the best land in the world


                                                                        Opportunity to secure reliable feedstock




                                                                    Land is a strategic asset play that provides a
                                                                        hedge against grain price increase




                                                                                                                                 22
    6      Well-invested Production Assets

                       Low cost production assets enabling high profit margins

       Greenfield pork facilities enable to          Annual production capacity
                                                        Meat processing (tpa)
        achieve industry leading margins as             Incl. slaughter facilities
                                                               .
                                                        Poultry (lwt)
        efficiency indicators are 50-70% higher         Pork (lwt)
        compared to old pork farms                      Pork - greenfield acquisitions (lwt)
                                                                                                                Vologda
                                                        Pork - greenfield construction (lwt)
                                                                                                                  5.0
       State-of-art broiler and breeder farms
                                                                                                    Moscow
        and processing plants use finest breeds                                                       178. 5
        and latest technologies                                                     Bryansk
                                                                                     32.0
                                                                                                        .
                                                                                                     53.0
                                                                                                      10.8
                                                                                                      60.0
       Cherkizovo controls the quality for the                                       12.5
                                                                                          Orel
                                                                                               Lipetsk
        customer throughout the production                                                       77.0 Tambov
                                                                                          12.5 50. 0 25. 0
        chain                                                                                     12.5      Penza
                                                                                                              51. 0 Ulyanovsk
                                                                                             12.5     12.5   60.0    36.0
       Pork quality confirmed by “Ecological                                              Voronezh          12.5

        Product” certification
                                                                  Krasnodar
                                                                     21. 3

                                                  tpa – ‘000 tons per annum
                                                  swt – ‘000 slaughter weight tonnes
                                                  lwt – ‘000 live weight tonnes




                                                                                                                                23
            7          Favourable Regulatory and Tax Environment

               Import Quotas and Regulation                      Subsidised Interest Rate Rebate                               Attractive Tax Regime

         Reshaping of the market – all imports
          are leg quarter parts, no bird in whole is                   Effective cost of debt is 2.3%                       Attractive tax rate for agricultural
          allowed
                                                                        in 9M2011                                             producers
         Russia’s admission to WTO – pork                             Attractive returns on                                Low effective Group tax rate
          quotas will remain at the level of 2012
          until 2020 and poultry quotas - until 2020                    invested capital
          and beyond. After 2020 duty on pork will
          be 25%
         Duty on import of live pigs will
          decrease from 40% to 5% in the second
          half of 2012.


        Import quotas (000’ tonnes)                                   Debt Structure as of 9M2011                     Profit Tax Rate for Producers, %

         500                                                                          $741 mln
                                                                                                                      24
         450
                                                                                           10%                                                                                  20
         400
                                                                                                                                                                  18
         350
                                             500                                                                      18
         300
         250                                        430                                    90%
         200          350                                                                                             12

         150
                              330
         100
                                                                                                                      6
          50
           0                                                                                                                            0
                     2011     2012           2011    2012
                                                                                             1                        0
                    Poultry import quotas   Pork import quotas                  Subsidized       Not subsidized        2008    2009   2010   2011   2012   2013   2014   2015   2016




         Opportunity for domestic producers                                            High EBITDA to Net Income conversion ratio

    Source: Official Statistics                                  Source: Company reports                                       Source: Official Statistics, MinFin




                                                                                                                                                                                       24
8      Attractive Financial Profile
       Profitability

                                       Leading profitability indicators (EBITDA margin %)

      Poultry                                                         Pork                                                      Meat processing

             Cherkizovo*                Brazil Foods****                   Cherkizovo**                China Yurun****                  Fleury Michon****          Atria****
                                                                           People's Foods****          Brazil Foods****                 Cherkizovo***              HKScan****

                                                                       40%                          41%
                                                                                                                  39%
                                                                                     37%
                       26%

                                     21%
         18%
                                                 17%
                                                    13%                                   15%          16%
                                                                          Avg. 10%                                 13%
             10%                          Avg. 8%
                                                                           10%10%                      Avg. 10%      12%
                            Avg. 6%      9%                                                                                        Avg. 6%        Avg. 6%        Avg. 6%  Avg. 4%
                                            7%                               9%          Avg. 9%           9%      Avg. 10%                      9%              9%
                           6%5%                                                                                                   8%                                     7% 6%
                                                      Avg. 5%                                 6%                                                                    7%
                                                                                            5%            4%              4%        6%                  5%        5% 5%
            Avg. 4%
                                                                                                                                     4%4%           4%4%                   3% 4%




          EBITDA    EBITDA    EBITDA                EBITDA               EBITDA         EBITDA    EBITDA           EBITDA          EBITDA         EBITDA    EBITDA               EBITDA
         margin 08 margin 09 margin 10              margin              margin 08      margin 09 margin 10         margin         margin 08      margin 09 margin 10             margin
                                                     9M11                                                           9M11                                                          9M11



    Source: Company filings; operating income is assumed to be equivalent to EBIT for benchmarking purposes                    *Poultry division **Pork division ***Meat processing
    Note: Average excludes Cherkizovo                                                                                          ****Group margin




                                                                                                                                                                                          25
     8          Attractive Financial Profile
                Best In Class Financial Performance
                                        Significant Improvement in Financial Performance (RUB mln)
                                                   Sales Growth                                                                                               EBITDA Margin (%)

                                          36,084.7                                                                                                          18.3%
                                                                                         89.1%                                                    17.8%                                                     18.3%
                              32,330.7                                                                                                                                16.5%
                                                     31,027.2
                     28,991.4                                                                                                  14.2%
                                                                                               44.4%                                    13.1%                                                8.9%
                                                                                                                      11.5%
           20,992.7
                                                                                    20.6%                                                                                                7.3%
17,042.3


                                                                             6.1%                                                                                                   5.4%



                                                                            2.7%                                                                                                  2.6%

  2006       2007      2008      2009       2010      9M11                                                             2006     2007     2008      2009      2010      9M11
                                                                             Sales CAGR (2006-2010)                                                                                      EBITDA Margin 2010


                                               EBITDA Growth                                                                                                  Net Income Growth

                                          6,641.6
                                                                                                 77.3%                                                      4,386.7                                   61.8%
                                5,782.9
                                                     5,117.5                                                                                      3,789.1
                                                                                              48.4%                                                                   3,118.2                       49.6%

                      3,786.4

           2,977.0                                                                       42.1%                                                                                             N/M
                                                                                                                                        1,941.3
                                                                                                                              1,575.1
 1,967.1
                                                                                       35.6%                                                                                               N/M
                                                                                                                     876.1


                                                                                    (16.9)%                                                                                                 N/M
  2006       2007      2008      2009       2010      9M11                                                             2006     2007     2008      2009      2010      9M11
                                                                      EBITDA CAGR (2006-2010)                                                                                     Net Income CAGR (2006-2010)

                                                Source: Company filings (figures as per company’s fiscal year end), broker estimates


                                                                                                                                                                                                                    26
9        Corporate Governance
         Strong Board of Directors




                                                 Igor Babaev
                                                   Chairman
                                         30+ years of experience in the
                                           Russian meat industry




     Sergey           Yury            Evgeny                   Musheg                Samuel B.          Marcus Rhodes
    Mikhailov        Dyachuk          Mikhailov               Mamikonian              Lipman            • Independent
                                                                                                          member
• CEO and        • Head of Legal   • Head of Project        • Independent         • Independent         • Chairman of Audit
  shareholder      Department        Development and          member                member                Committee
                                     shareholder            • President of Meat   • American poultry    • 20 years in audit
                                                              Union of Russia       expert              • 2002-2008 - Audit
                                                            • 20+ years of        • 20+ years of          Partner, E&Y
                                                              experience in the     experience in the   • Degrees from
                                                              industry              poultry industry      Loughborough
                                                                                                          University and
                                                                                                          ICA, Great Britain




                                                                                                                               27
9   Dedicated Management Team




            Sergey Mikhailov              Ludmila Mikhailova           Arthur Minosyants
                 CEO                                CFO                         COO

           • 11 years in the industry    • 10 years in the industry   • 15 years in the industry

           • Joined the Company in       • 2002-2004- Financial       • 2000-2006 – First
             2001 as Director for          Analyst in General Mills     Deputy President for
             Marketing                     Corporation, Canada          Finance and
           • Prior to that, founder of   • Prior to that - Head of      Economics,
             aTelo telecommunications      corporate finance            Cherkizovsky MPP
             company, in Washington,      division of Cherkizovsky    • Prior to that – Finance
             DC                            MPP                          and Economics Director
           • BA from Georgetown          • BA from Finance              of Birulovsky Meat
             University (Finance and       Academy, Moscow;             Processing Plant
             Economics)                    MBA from York              • PhD in Economics from
                                           University, Canada           the Moscow Plekhanov
                                                                        Institute for National
                                                                        Economy




                                                                                                   28
Appendix
9M2011 Consolidated Financial
        Statements
Key Consolidated Income Statement and Data

Period, US$ mln           9M2011      9M2010

Sales                     1,078.6     867.5
Cost of sales              808.5      624.0

Gross Profit               270.1      243.5

Gross Margin                 25%       28%

                           142.0      113.5
Operating Expenses
                           177.9      167.7
EBITDA
                             17%       19%
EBITDA Margin

                           128.1      130.0
Operating Income

Operating Income Margin     12%        15%

Net Income                 108.4      110.0

As % of Sales               10%        13%




                                               31
Cherkizovo Group – Balance Sheet

 Period, US$ mln                              9M2011    2010

Cash and Equivalents                           31.7      68.2
Trade Accounts Receivable                      79.5      81.3
Inventory                                     194.1     183.2
Other Current Assets                          118.9     134.9
Total Current Assets                          424.2     467.6


Plant, Property and Equipment                1,116.6    937.6
Other Non-current Assets                      123.8      66.7
Total Non-current Assets                     1,240.4   1,004.3
Total Assets                                 1,664.6   1,471.9


Trade Accounts Payable                         85.3      73.3
Short-term Debt                               220.7     182.5
Other current liabilities                      85.6      50.6
Total current liabilities                     391.6     306.4
Long-term debt                                520.3     465.9
Other non-current liabilities                  32.5      29.5
Total non-current liabilities                 552.8     495.4
Shareholders’ equity                          720.2     670.1
Total Liabilities and Shareholders’ Equity   1,664.6   1,471.9




                                                                 32
Summary Consolidated Cashflow Statement

Period, US$ mln                        9M2011    9M2010


Net Income                             110.8     113.9
Depreciation                            47.1       37.2
Adjustments for Non-Cash Items           11.1      4.6
Change in Net Working Capital             7.4     (3.3)
Net Operating Cash Flow                176.4     152.4

Purchases of PP&E                     (148.9)   (119.1)
Other Investing Cash Flow               (3.7)     (9.8)
Net Investing Cash Flow               (152.6)   (128.9)
Proceeds from/(Repayment of) Debt      (49.4)     (2.0)
Other financing Cash Flow              (11.3)     (7.2)
Net Financing Cash Flow                (60.7)     (9.2)
Exchange Rate Difference                  0.4     (0.2)
Net Increase in Cash and Equivalent    (36.5)     14.1




                                                          33
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