FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



Latest topics

» TESS Agro PLC
by Mr. X Yesterday at 11:45 pm

» VPEL high return share
by Eranga87 Yesterday at 8:26 pm

» Creating portfolio index for performance measurement
by EquityChamp Yesterday at 7:27 pm

» DIPD/HAYC/HAYL
by Mithooshan Yesterday at 4:32 pm

» DIALOG AXIATA PLC (DIAL.N0000)
by Nandun Yesterday at 1:35 pm

» Sri Lanka Development Update 2021 - World Bank Report
by ChooBoy Yesterday at 12:45 pm

» EASTERN MERCHANTS PLC (EMER.N0000)
by SECsux Yesterday at 11:52 am

» RAIGAM WAYAMBA SALTERNS PLC (RWSL.N0000)
by stockchaser Yesterday at 9:01 am

» Digital divide introduce new poor in Sri Lanka
by CHRONICLE™ Mon Apr 12, 2021 11:42 pm

» The COVID-19 impact on financial sector resilience
by CHRONICLE™ Mon Apr 12, 2021 10:51 pm

» Sri Lanka gets emergency China loan as rupee hits record low
by CHRONICLE™ Mon Apr 12, 2021 9:42 pm

» LOLC Share Price
by EGG Mon Apr 12, 2021 4:28 pm

» ELPL & WATA
by High-flyer Mon Apr 12, 2021 2:29 pm

» Import Restrictions and True State of Local Tile Manufacturers
by EquityChamp Mon Apr 12, 2021 2:17 pm

» B P P L HOLDINGS PLC (BPPL.N0000)
by vikiperera Mon Apr 12, 2021 12:43 pm

» BROWNS INVESTMENTS PLC (BIL.N0000)
by stockchaser Mon Apr 12, 2021 12:04 pm

» GLAS will be winner with Super Gain.
by Eranga87 Mon Apr 12, 2021 10:58 am

» Crypto , Digital Currency Trading , Forex
by Kevinmikegrit Mon Apr 12, 2021 9:40 am

» Day Traders must gradually start accumulating a well diversified portfolio of stocks which are cash generative. Stock market for beginners
by Asoka Samarakone Sun Apr 11, 2021 8:24 pm

» Is 12th a holiday CSE
by Vishwanarth Sun Apr 11, 2021 10:46 am

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Massive Growth on Watawala Plantations - WATA

Massive Growth on Watawala Plantations - WATA

Go down  Message [Page 1 of 1]

Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Watawala Plantations PLC (CSE: WATA) posted a revenue of LKR 1.8 Bn for the three months ended 30th June 2014 (3MFY15), reflecting a growth of
25% over the first quarter of 2013/14 (3MFY14). Net profit stood at LKR 230 Mn for 3MFY15, compared to LKR 11 Mn recorded in 3MFY14.

Palm Oil segment
Palm Oil sector recorded a revenue of LKR 376 Mn for 3MFY15, a growth of 5% from LKR 357 Mn in 3MFY14. The net profit for the current period was
LKR 184 Mn up by 19% as against the comparative quarter last year. The sound results recorded in the Palm Oil segment was led by the improvement
in NSA (Net Sale Average) while maintaining the costs.

Tea segment
The tea segment accounted for 70% of the total revenue was up 25% to LKR 1.3 Bn compared to LKR 1 Bn recorded in 3MFY14. Tea segment has been
able to record a net profit of LKR 32 Mn as against the net loss of LKR 156 Mn reported in the corresponding period last year. The improved profit was
driven by the significant increase in production together with higher NSA and lower COP (Cost of Production) recorded compared to 3MFY14.

Rubber segment
The rubber segment revenue declined 29% YoY to LKR 22 Mn mainly due to decrease in production by 16% compared to same period last year. The
drop in production was mainly due to lower number of tapping days as a result of the bad weather. The net loss for rubber segment increased to LKR
23 Mn in 3MFY15 versus the LKR 10 Mn in 3MFY14.

Export segment
Export sector recorded a significant improvement in its revenue backed by enhanced volumes of value added and bulk tea exports to Australia, Russia,
Pakistan, and India. In 3MFY15, export revenue increased to LKR 176 Mn from LKR 72 Mn in 3MFY14 while recording a net profit of LKR 9.5 Mn
compared to LKR 2.6 Mn in 3MFY14.

Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
12 months ended 31.03.2014 – Profit 434 Mn and EPS 1.83 (last F/Y 2013/14)
03 months ended 30.06.2014 – Profit 231 Mn and EPS 0.98 (1ST Quarter of F/Y 2014/15)

Forecast : Possible 01 Billion for F/Y 2014/15 with EPS of 4.
If market PER assumed trading at 6.0
(Balangoda, Malwatta & Kegalle are trading at PER 6.0)
Expected Price for Watawala = 6 x 4 = Rs.24.00 (now massively undervalued).

Revenue Growth = 25% up.
Mainly Palm Oil segment recorded a massive growth. The segment maintained its position as the highest contributor to company profitability, WATA continues to be the single biggest Palm Oil producer in Sri Lanka.

WATA Quarterly Growth,
30.06.2013 – Profit 11 Mn and EPS 0.05
30.09.2013 – Profit 87 Mn and EPS 0.35
31.012.2013 – Profit 212 Mn and EPS 0.90
31.03.2014 – Profit 123 Mn and EPS 0.52
30.06.2014 – Profit 231 Mn and EPS 0.98

PriyanDV


Senior Equity Analytic
Senior Equity Analytic
Tea plantations have contributed for their revenue growth . So Tea plantation companies will post good profits this quoter and next quoter .

Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Also note that Dr.T Senthiveri Purchased 6 Mn shares during This quarter,
 
Dr.T.Senthil Verl 4,470,309 1.89
Sampath Bank PLC/Dr.T.Senthil Verl 1,601,492 0.68

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Market.Player wrote:Also note that Dr.T Senthiveri Purchased 6 Mn shares during This quarter,
 
Dr.T.Senthil Verl                               4,470,309 1.89
Sampath Bank PLC/Dr.T.Senthil Verl     1,601,492 0.68

Hmm. I also noticed that.

Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Further Analysis of Segmental Results, you can see below,

Tea - Revenue 1305 Mn, Profit 32 Mn, Margin 2%
Rubber - Revenue 22 Mn, Loss (23) Mn
Palm Oil - Revenue 377 Mn, Profit 184 Mn, Margin 50% ***
 
It clearly shows Palm Oil sector performing realy well. WATA continues to be the single biggest Palm Oil producer in Sri Lanka.
 
-good luck



Last edited by Market.Player on Mon Jul 28, 2014 3:25 pm; edited 1 time in total (Reason for editing : Formating correction)

Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Oil palm diversification: An impetus for nation building

Although a nascent oil palm industry of only three decades, producing a small segment of produce, Sri Lanka’s contribution in the global oil palm industry and its expertise was highlighted at a recently held Plantation Management Conference in Kuala Lumpur, the Mecca of the oil palm industry when Dr. Dan Seevaratnam was featured as one of the international speakers.

Dr. Seevaratnam was invited to speak on ‘Best Practices adopted in the Sri Lankan oil palm industry pertaining to drought mitigation and ground water management in terms of moisture conservation and also on the establishment of legume cover crops’.

Indonesia cultivates an estimated four million hectares and Malaysia three million hectares of oil palm in total, whilst Sri Lanka cultivates a mere 7,000 hectares and yet has received international recognition, which is a significant national feat.


Veteran plantation industry expert and Chief Executive Officer of Watawala Plantations PLC, Dr. Dan Seevaratnam recently extolled the virtues of increasing oil palm production locally.

“I am a great believer in outcomes and not just outputs,” said Seevaratnam. “Around 95% of edible oils consumed in Sri Lanka is imported at a large cost; looking at the oil palm industry, we need to see what this cost is in economic terms and what is the economic contribution to nation building.”

The local oil palm industry is considered an industry with huge potential and its products can be used for a diverse range of purposes. “If we produce our own oil in Sri Lanka we would save a great deal of foreign exchange and substitution of edible oil importation underscores the rationale for oil palm cultivation,” he added.


Oil palm has a potential oil yield of 3,000 to 4,000 litres of palm oil per hectare per annum. In comparison, coconut oil yields just 700 litres per hectare. Alternatives such as sunflower oil yields 600 litres in one hectare per year, and soya-bean oil has an output of only 460 litres per hectare per year. Oil palm is also a high yielding crop and very profitable, making it ideal for companies looking to diversify even in a situation where there is limited land, Dr. Seevaratnam said.

In addition, the labour requirement for oil palm cultivation is very much less, with just one worker required to cultivate every 10 hectares of crop, unlike tea which needs two or three workers per hectare. Similarly an oil palm harvester earns from Rs. 65,000 to Rs. 105,000 a month when compared to a good teaplucker’s average income of Rs. 25,000 per month.
“If we produce our own oil in Sri Lanka we would save a great deal of foreign exchange and substitution of edible oil importation underscores the rationale for oil palm cultivation – Dr. Dan Seevaratnam

Malaysia and Indonesia have brought in vital foreign exchange to their respective economies. Sri Lanka could certainly benefit by following a similar strategy – Dr. Rohan Fernando”

High yield coupled with low resource intensity also means higher profits, as Dr. Seevaratnam pointed out. Crude palm oil earns an estimated Rs. 150,000 to Rs. 200,000 per hectare, while rubber is struggling to make profits.

The need of the hour, Dr. Seevaratnam stressed is for local authorities to recognise the advantages of import substitution and its economic contribution, looking at the value addition it can bring to the economy.

“Apart from being in the industry for many years and cultivating millions of hectares, Malaysia and Indonesia have brought in vital foreign exchange to their respective economies. Sri Lanka could certainly benefit by following a similar strategy,” said Dr. Rohan Fernando, Director and Head of Business Development and Plantations of Aitken Spence PLC and the Managing Director for Elpitiya Plantations PLC.

“At the same time, the cost of investment for oil palm is lower than even that of crops like tea and rubber,” he added. The labour utilisation too was lower than for other alternatives. Hidden advantages are that this crop cannot be stolen from plantations, unlike scrap rubber or even tea leaves.

Yet for Dr. Fernando, the potential for import substitution was one of the most compelling reasons to diversify. This is especially so given that oil palm has such a stable market internationally, with a diverse array of consumers.

Sri Lanka needs to look seriously at diversifying and increasing its present production of palm oil in order to develop this industry to be on par with other countries, he said.

Diversification into oil palm cultivation has revealed impressive results in terms of high productivity, improved value addition and export capability. It is a win-win operation for the plantation companies, domestic consumers and the country as a whole.

Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Watawala Plantations disengages from national grid for palm oil production

Sustainable approach to edible oil production via introduction of in-house steam turbine with an investment of Rs. 30 m
In a bid to take the sustainability route in palm oil production, Sunshine Group’s Watawala Plantations has introduced a steam turbine to their production facility, which will take the burden off the national grid.
According to Watawala Plantations PLC Palm Oil Mill General Manager Milton Wijepala, prior to commissioning the turbine last month the company was totally dependent on the CEB to run the mill. This resulted in an expenditure of Rs. 1.5 million per month on electricity consumption. With the latest move, the company is looking at contributing to overall national productivity through the use of renewable energy

“Our intention is to cover the entire milling process using turbine power. It’s a national productivity aspect that we are looking at. On one side we are reducing our carbon footprint by using a completely natural process and on the other we will cut down our production costs whilst at the same time make our milling operation more efficient in terms of productivity,” the General Manager emphasises.
Elaborating on the milling process, using the turbine which is installed at a cost of Rs. 30 million, Wijepala says it is a simple progression, where the turbine is run on the waste of the palm oil fruit i.e. fibre. Although the fibre can also be used as fertiliser, with the installation of the turbine we are using a higher quantity to power the turbine, which makes it completely sustainable,” he says. Being the single largest plantation company to manage oil palm estates in Sri Lanka, they cater to the local demand, meeting about 7% of the total edible oil requirement. The company expects to recover the cost of the turbine in less than two years.

Reductions in imports will have major impact on economy
“Earlier, all edible oil was imported as we were operating on a very small scale. I don’t think we had even 1000 hectares of oil palm in Sri Lanka, 10-15 years ago. But it has now gone up to 7000 hectares. By having our own oil palm plantations locally, we are stopping a lot of foreign exchange from going out of the country. Reductions in imports will have a major impact on the economy in terms of growth,” says Wijepala.

Explaining that the company is on a productivity drive with a vision to reach a productivity enhancement level of up to 20 tonnes of FFB per hectare from its current level of 15 tonnes, by 2015, the General Manager says increase in productivity will also demand more grid power resulting in cost escalation. “Currently, Watawala Plantations has 3000 hectares under OP of which 2000 hectares is in bearing while the balance 1000 hectares is still in the immature stage. With an increase in land productivity, production is expected to go up by 4 million kg of FFB. However with the newly acquired turbine, the company is hopeful that they could bring down the cost of production substantially,” he adds. The company’s overall strategy is to even out the escalating cost of production mainly due to rising labour costs by setting it off against the reduced energy costs.

The whole concept of running a sustainable business in agriculture is to avoid spikes in production costs. Edible oil has a high cost in terms of its import bill and if companies work towards increasing yield by good agronomic practices (addressing stress factors such as physical, nutrition, moisture) and keep production costs from escalating, then Sri Lanka will be able to gradually slow this high cost import market and save valuable foreign exchange.

Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Oil Palm the Golden crop

Oil palm is a unique tree with higher economic value. It is a perennial plant belonging to family Palmae and sub family Cocoideae. It is scientifically named as Elaeis guineensis. Oil palm covers 2% of total cultivated lands in the world. 22% of the world’s total oil requirement is fulfilled by oil palm and it is the most widely produced edible oil in the world. . Palm oil is an edible product derived from the oil palm fruit. Palm oil is produced by many developing countries involved in this industry to get rid of poverty.

M. Jerry Wales an European Planter, commenced the cultivation of Oil Palm in Sri Lanka in 1968 at Nakiyadeniya estate by planting 68 Oil Palm plants covering an extent of 0.50 Ha. Since 1968, Oil Palm cultivation has rapidly increased throughout the Low Country Wet Zone of Sri Lanka as it was seen as an economical and profitable crop.

Since 1968 Oil Palm cultivation has been going through various changes in Field Management practices such as:

- Nursery Management
- Replating techniques and agronomic practices
- Harvesting operations and agronomic practices in mature area
- Development in human skills

Each and every management practice mentioned above plays a significant role to achieve the optimum bunch weight and the number of bunches resulting in higher yield per ha (YPH). Watawala Plantations has achieved the highest YPH amongst the Regional Planation Companies (RPCs) during 2012/13.

The significant achievement of YPH was a result of following the company’s approach in “doing things differently for improved results” and accordingly we have set a vision for “2015” through a road map to achieve a YPH of 20 tonnes during the year 2015

Company expects to reach this achievement of excellence, through motivation, developing the human capital and by the process of participatory management.

Market.Player

Market.Player
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
(From 31.03.2014 Report)
In palm oil we trust,’ says Watawala Plantations

Watawala Plantations PLC has reported revenue of Rs. 6.2 billion for the year ended 31 March 2014 (FY14), up 14.9% YoY. Net profit declined to Rs. 434 million for FY14, from Rs. 725 million recorded in the previous year.

The overall decline in YoY PAT is mainly attributed to the 20.0% YoY wage hike which came into effect from April 2013, which increased the cost of production across all crops. Other income also contracted in FY14 to Rs. 90 million, down 35.7% YoY.

4QFY14 revenue stood at Rs. 1.7 billion, up 35.2% over the same quarter last year. PAT declined 9.3% YoY to stand at Rs. 123 million. The growth in revenue for 4QFY14 came on the back of higher volumes for both palm oil (+7.2% YoY), and tea (+2.3% YoY).

Palm oil segment

The Palm Oil segment registered a revenue growth of 5.2% YoY to reach Rs. 1.4 billion in FY14, which accounted for 22.3% of the company’s revenue during the year. The revenue growth was mainly driven by an impressive increase in Fresh Fruit Bunch (FFB) Yield, recorded at 16,833 kg per ha in FY14, from 15,993 kg per ha in the previous year, resulting from the adoption of good agricultural practices over the last few years, in line with the company’s agriculture policy. The Crude Palm Oil (CPO) production grew 9.0% YoY to 8.13m kg for FY14 from 7.46m kg recorded last year, and. The segment maintained its position as the highest contributor to company profitability, having made a net profit of Rs. 633 million for FY14. WATA continues to be the single biggest CPO producer in Sri Lanka.

PriyanDV


Senior Equity Analytic
Senior Equity Analytic
Malwatta velly plantation also has done well in this quarter comparing to last quarter.. Tea plantation companies are very attractive .

Market R

Market R
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
But when compiring MAL with previous year their is drop on profit on same Q.

Sponsored content


Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum