Views on Life & on Equity Investing

Wonder, Wealth & Abundance

Unilever Nigeria Halves in couple of months

with 62 comments

From 63 Naira to 31 Naira in few months. 10% drop in sales and increase in interest payments. That’s it for now! More research and details to follow soon. “There is always a bear market somewhere !”

Disclosure: Will start buying from Friday the 7th of November. Views are personal notions and do not represent any organisation or company. I am not an investment adviser. Investment in stock market can (and many a times do) result in loss of principal capital.

Written by amitdipsite

November 6, 2014 at 6:39 am

Posted in Uncategorized

62 Responses

Subscribe to comments with RSS.

  1. Dear Amit,
    Not Only GSK, But also Cadbury, Lafarge, PZ cussons, seven up…all are down due to Foriegn investors panic selling ( Oil price impacts the Naira depreciation). presently i cant leave my bed due to fractures which temporarily stopped to enter Nigeria market. Lucky for me. I can see 10% down everyday on unilever and Lafarge.
    Azko nobel pretty solid in this nigeria bear market.
    will nibble next week.

    Karthikraja K

    November 6, 2014 at 2:16 pm

  2. GSK has only fallen 20% and 7Up totaly deserving after having gone up 500% after 2 year, Cadbury was also streched in valuations.

    Wish you a speedy recovery for fracture ( and slow painful one to these stocks, so we could accumulate over next two years)

    All the best

    Amit Arora

    November 6, 2014 at 11:53 pm


    200 million investment by Unilever


    “Most of the companies such as Nestle, Cadbury, PZ, Unilever, GSK etc. operate a concentrated plant from which products are routed-to-the-market through wide distributorship across the country’s geographical spread. Unfortunately, the insecurity concern of northern Nigeria is taking its toll, not only in increasing cost of distribution but also in slowing volume of sales.”

    Local manufacturing to go up from 80% to 100%

    One can never be so lucky, 2009 once again !!

    Amit Arora

    November 7, 2014 at 2:39 am

  4. WOW! Cadbury Nigeria down 65% YoY from 102 to 35, need to back up the TRUCK

    Amit Arora

    November 7, 2014 at 6:11 am

    • Cadbury Nigeria touched 7.5 and now it is trading at 10.5 nigeria….Whats happening?


      October 21, 2017 at 9:52 am

  5. KOVAI Medical Centre still looks like a bargain, 100 Crores FCF in two years, deserves a market cap of 1200+ Crores

    Amit Arora

    November 7, 2014 at 6:12 am

  6. Thank you Amit.
    Cadbury is having declining revenues due to stiff competition in beverages segment. they bought Cocoa compan full stake Lst year which is for domesic and export business. good value. we can wait further until Oil hits $70 for bargain hunting…Dividend yield will become 6% for few companies…

    Karthikraja K

    November 7, 2014 at 7:27 am

  7. Checked 2013 AR and few research reports, modest growth in 2013 revenues 7%, 80% growth in profits in 2013. This year has been watershed for all FMCGs.

    I checked what they sell, OMG ! they do not even sell 2% of the range of Mondelez or Cadbury. Cadbury Nigeria is focussed and hell bent on Bournvita Drinking Beverage which is less than 5% revenue earner in developed markets. Nigeria is the Emerging Market in the Emerging Markets.

    Check how many Billion USD brands Mondelez has got

    Mondelez introduced TANG in 2012 !, so more brands will be introduced through this listed company i.e. Cadbury Nigeria! We should make a lot ( I mean a LOT) of money here.

    “Following the split of Kraft Foods into two in October 2012, Cadbury’s ultimate parent company became Mondelēz
    International Incorporated. Mondelēz is a world leading producer of chocolate, biscuits, gum, candy, coffee and
    powdered beverages, with billion-dollar brands such as Cadbury, Cadbury Dairy Milk and Milka chocolate, Jacobs
    Coffee, LU, Nabisco, Oreo Biscuits and Trident Gum. We expect to see more of these products in the Nigerian
    market very soon coming through Cadbury.
    From a report “

    I do not seen any biscuits, chocolates being sold currently by listed company, they are currently being imported through black market

    Some Legendary Brands like OREO, TOBLERONE, MILKY BAR, ECLAIRS, DAIRY MILK, NABISCO etc would also be offered over next 10-20 years

    All the best

    Amit Arora

    November 7, 2014 at 8:10 am

  8. How it will be sure that they may panout like that ? “Some Legendary Brands like OREO, TOBLERONE, MILKY BAR, ECLAIRS, DAIRY MILK, NABISCO etc would also be offered over next 10-20 years” —-if you read mondelez, they are increasing their capex in India , russia, canada…

    Similarly Nestle, Unilever, GSK also not fighting with their full product portfolio. Why so? Though few are cash rich and debt free, they are not willing to increase their fixed assets. Atlease nestle lanks has good portfolio than nestle nigeria.

    Karthikraja K

    November 7, 2014 at 9:27 am

  9. [im][/im]

    Amit Arora

    November 7, 2014 at 8:05 pm

  10. Of course you are right, MNCs do not introduce like for like products. Ultimate aim is making profits for all MNCs.If they introduce even 40% of their products in India today, most of them would incur losses.

    Why has Cadbury only focussed on Bournvita for majority of their revenues in Nigeria – because Nigerians have limited purchasing power. Sri Lanka is now a mid income economy.

    My wild unchecked confidence springs from two facts:

    A) Psychological Precedent: Mondelez Acquired Cadbury. Yet Mondelez introduces TANG ( in poor country – Nigeria – drinks ( beverage), warm climate, to make money).

    Mondelez could have set up a Private Limited Company to sell products outside Cadbury stable !

    Look at the daylight robber called P&G Health and Hygeine India, while Globally it is 2 times bigger than Unilever, listed company has only introduced 3 products( Vicks, Whispers, Old Spice), rest are sold through conniving privately help companies in India. Market Cap of P&G should be atleast 1.5 times to 2 times Hindustan Unilever if the company wanted to share wealth with brown race. But it isn't that, hence market cap of listed arm is 1/10th of Hindustan Unilever.

    Therefore, these small “intentions” play big part in stock re-ratings and eventual materialization.

    2) One has to be optimistic about Nigeria reaching middle income country, otherwise no point in investing. Cadbury and Unilever has written repeatedly, they will massively invest in INFINITE potential of Nigeria

    Amit Arora

    November 7, 2014 at 8:15 pm

  11. Two Judgment Errors in Motilal Oswal Wealth Creation Study #18

    1) Sanjoy Bhattacharya mentions “There are no saints in business, saints go to Vatican”. Alluding that all businessmen are corrupt.

    That is a classic example of old age thinking. Vatican saints have been found with prostitutes but some businessmen have been donating money for causes without expectation of return. One can be a saint and a business man at the same time.

    b) Too much emphasis on Coca Cola and Pepsi duopoly model like value investor flogging a dead horse.

    1998 share price of Coca Cola 42$
    2014 share price of Coca Cola 42$

    Meanwhile Monster Beverages grows to be 200 times bigger company. Now worth 20 Billion USD.


    Amit Arora

    November 8, 2014 at 4:19 am


    “In the month of September this year, Unilever’s Global CEO, Paul Polman, announced that Unilever would be making an additional $200million worth of investments in Nigeria. The Liquids Factory is the first in the range of capital expenditure he spoke about. I am sure Your Excellency will be pleased to note that the bulk of the intended capital expenditure will be in Ogun State.”

    Amit Arora

    November 8, 2014 at 6:38 am

  13. “90 years after we began our operation in Nigeria, our belief in this country and its limitless potential to become Africa’s shining light, remains as strong as ever. “

    Amit Arora

    November 8, 2014 at 6:39 am

  14. Hope for the best. CBN is defending Naira depreciation by burning their reserves…Hopefully we can get good shares at good valuations with sooper dividend yields…Oil price is still threat….

    Karthikraja K

    November 8, 2014 at 4:40 pm

  15. Dont keep money in NGN except for a day or two, convert into equity, it will depreciate, Karthik, what are you buying ?

    Unilever here for now. Considering selling 50-70% of my India portfolio over next 12months, will buy next


    Checkout Flame Tree Group Kenya listed recently, not to forget NAIROBI Securities Exchange self listing on Nairobi Securities Exchange itself.

    Amit Arora

    November 8, 2014 at 7:47 pm

  16. I am still under bed rest. Hdfc bank needs my physical presence for Forex transfer. So i may take couple of weeks to proceed further. I may buy Cadbury, Nestle, Dangote Cement, CAP (Azko Nobel).

    Karthikraja K

    November 9, 2014 at 8:01 am

  17. I had mentioned how grey market currency was 12-15% lower than official rate a few weeks back, will keep an eye on that. Lever 10% decline in sales growth last quarter seems some serious deceleration happening there, don't think HUVR had 10% sales decline in 2009 in India. The 'get me out of here crowd' could make opportunity more stark. good luck. — 2fthurdle.


    November 9, 2014 at 1:27 pm

  18. Thanks Karthik and 2fthurdle, keep me posted with your ideas and opinions

    Amit Arora

    November 9, 2014 at 6:57 pm

  19. Dear Amit,
    Please look into Dangote Sugar who is having 70% market share in nigeria and exporting into few african countries. Who also supplying into 7up, 32% revenue comes from 7up actually. Cadbury and other leading confectionary also their customers. Clean management and they are well poised for exponential growth in coming years with sooper plan. more than 10% dividend yield due to 53% fall in a year. next quarter will be biggest sufferings due to Naira depreciation. because thie 95% of raw material from brazil. so currency risk played a part in recent continous lower circuit. It is good grab at less than 6 naira. Well distributionship with their own vechicles. Assets increased last year due to investment which eventually ended in little Debt. This is my study of 3 year AR readings.
    I need your view also.

    Karthikraja K

    November 10, 2014 at 4:34 pm

  20. Dear Karthik

    Brazil, India, China, Thailand and Pakistan are top 5 sugar producers of the world, Nigeria is not in top 10 either. Their fat profit margin could be due to political clout. Like you are saying

    70% market share
    Formidable fleet of vehicles
    Strong distribution
    Invincible Balance Sheet
    11% dividend yield

    Threat is only external then, a large company sourcing to its commercial vendors. Key monitor-able is entry of new player and losing top commercial clients. Generally speaking 7UP is in a much better position than Dangote, nobody is making money in Sugar in India.

    Top 6 preferences:

    Nestle ( Largest Food Company of World)
    Unilever (2nd Biggest FMCG after P&G)
    Glaxo Smith Kline (4th Biggest Pharma Company in world after J&J, Pfizer and Roche )
    Pepsi (2nd Biggest Cold Drink Company of the world)
    CADBURY ( 2nd largest confectionary company in the world)
    CAP – AKZO NOBEL (Biggest paint company of world)

    Looks like Nigerian market may bounce back this year, although I don't want it to for 2-3 years

    I will make a list of Second Line companies which can be promising like Astral Poly Technik, Cera Sanitaryware, La Opala were in India in 2009 and share with you. Already have a couple on radar in that category. But will wait for above six to double first in Nigeria


    Amit Arora

    November 11, 2014 at 7:42 am

  21. Nigeria Facts:

    Nigeria's per capita Income is double that of India.

    Nigeria is 7th largest/populous country.

    Nollywood is 2nd largest Movie Industry in releases after Bollywood but before Hollywood.

    8th largest oil reserves

    Amit Arora

    November 11, 2014 at 8:41 am

  22. Dear Amit,
    I read McKinesey report yesterday. it is really a good opprtunity because of consumer driven. Out of 170M, 140M are still under poverty line. so lot of scope are live.
    2 more MNC should be in that list
    Lafarge ( worlds second largest cement producer managed and second largest in nigeria, have good operating assets of south africa, good dividend player )
    Nigerian Breweries ( Heniken holds 51+% stake, good export as well as Beverages company having good market share in energy drink, good dividend player and drinking will not be stopped. every two years they are merging local breweries and creating larger company)

    Last two days market spiked due to bargain hunting. did you mange get few shares???

    Karthikraja K

    November 11, 2014 at 12:46 pm

  23. The currency has only fallen by 5%, even if they devalue 10% which is conversation going on. Not a biggie when consumer names down 50% as you mentioned. – 2ft hurdle


    November 11, 2014 at 3:32 pm

  24. Thanks yes, some Unilever Nigeria at 27, but want to buy a whole lot more, intending to buy incrementally, to my mind it is cheapest, want to buy more over coming weeks and months, hoping market stays flat or marginally up. UNL Nigeria 1.6 times revenues, UNL Nepal 2.5 times revenues, Unilever India (HUL) 6 times revenues.

    Amit Arora

    November 11, 2014 at 6:08 pm

  25. Thanks 2ft hurdle

    Amit Arora

    November 11, 2014 at 6:16 pm

  26. Who is your broker in Nigeria ?

    I am going through South African Investment Bank, pay about 160 USD per trade each side (35 NZD to USD, 35, USD to NGN + 50 Settlement + 20 Wiring) + commission (variable).

    So, whether I buy for 1$ or 20,000$ I have to pay 160 USD. Benefit being they will collect all cheques and I am a South African institution in Nigeria, hopefully they won't mess with wealthiest and most stable country of Africa.

    Exploring more options.

    Amit Arora

    November 11, 2014 at 6:20 pm

  27. My bank is Zenith bank. My broker is Morgan Capital.
    Yet to explore on wire transfer commission from india to Nigeria. ( will use HDFC). Brokerage seems to be very less 0.6%.

    Karthikraja K

    November 12, 2014 at 5:05 am

  28. Thank you, same brokerage here, rest are Custodial charges that STANBIC charges to this Investment Bank.

    Will try one more account.

    Amit Arora

    November 12, 2014 at 5:21 am

  29. Dear Amit,
    Some of investment friends asked me for justification of geographical diversification which has Big currency Risk, Tax Issues and access to limited information. All are real and uncertain issues except Tax. I could not answer it rightly but they are missing the bigger picture of growth.
    Please share your thoughts with detail ( if time permits in new blog post). All successful fund managers are diversified across nations.

    Karthikraja K

    November 12, 2014 at 5:55 am

  30. Hi Amit,
    How you would evaluate latest development in Arrow Coated (as their 3 new products) and along with they are continually increasing their Patent revenues for previous quarters.

    A snap snapshot is given at this blog

    Earlier you mentioned to allot 1 – 2% maximum. Present developments make it a long term compelling buy?


    November 12, 2014 at 6:36 am

  31. No idea, sorry.


    Amit Arora

    November 13, 2014 at 3:11 am

  32. Dear Karthik

    Nigeria has done 7% real growth since 2000 (post inflation). This is amongst top 5 in the world.

    Assume you need to pay capital gains tax of 30% after 15 years, your CAGR will come down by 1-2%. From 18% to 16%.

    The way to avoid tax is to invest through a country that has Double Taxation Avoidance Agreement (DTAA). This is a complex area and as I mentioned, playing chess in 3 dimensions. Each country has DTAA with 10-100 of countries. In case of India DTAA is with about 85 countries.

    Same for Nigeria with x countries, same of New Zealand with y countries. Thus if you pay tax in one country, you do not pay in another.

    Nigeria and South Africa have DTAA.

    South Africa and New Zealand have DTAA

    So, if I pay tax in South Africa, I don't have to pay in New Zealand. Tax on Capital Gains varies from country to country.

    Its 0% in India, 0% in New Zealand, 10% in Nigeria, 0% in Bangladesh.

    You may be taxed twice being Indian citizen. Therefore once you have a sizable sum invested go through Mauritius, pay 3% tax, Mauritius and India have DTAA, Zero tax in India.

    Amit Arora

    November 13, 2014 at 3:18 am

  33. To give the world a little perspective of Nigeria. There were less than 10 USD Billionaires in India in 2001, – 17% of worlds population. In 2000 there were 49 USD Billionaires in United States – 25% of world economy and 5% of world population.

    Today, in 2014 there are 23 USD billionaires in Nigeria.

    Amit Arora

    November 13, 2014 at 7:31 am

  34. Nigeria is 2.5% of worlds population

    Amit Arora

    November 13, 2014 at 7:32 am

  35. I believe Srilanka will have good growth in coming years. Reasons are below:

    – LTTE issue almost resolved
    – Looks like they are serious about fisherman issues(recently sentenced 5 tamil fisherman to give a stern warning). 20% economy is depending on fishing i think.
    – China investing heavily…so because of this India can not sit back and will invest heavily too…



    November 13, 2014 at 11:36 am

  36. Dear Amit,

    I have noticed a company named Suditi Industries in Textile Business.

    What I impressed most is that their unique way of business Expansion.Last year they got Apparel Right in India of FIFA world cup 2014, after the success of that event they have tied up with many prestigious Premier league football Club that includes Real Madrid, Arsenal & Manchester City as well they are in talk with couple of more clubs.By doing so they are aiming to find a new market segments as well as create a brand value of their Retail brand named “Riot”. They have around 15 retail outlets in India and tied up with many Retail Chains and online stores. If you read their last annual report we can understand that They are expecting 20 to 30% revenue growth in current fiscal year.Apart from this I have noticed 75% of the company shares holding by promoters in that around 70% holding by Single promoter.

    And for the dividend side last year they have given 0.50 Rs/Share dividend for 25% public share holders. Promoters hadn`t taken any. That is showing management friendly attitude towards the minority retail share holders.

    I wish you have a go through on it and will give your valuable feedback. Thanking you


    November 13, 2014 at 4:40 pm

  37. Dangote Cement controls 60% of Nigeria's cement business just started a price war with Lafarge, drops price by 40%

    Amit Arora

    November 14, 2014 at 12:00 am

  38. Looks like I got the bottom of Nigeria (definitely not enough shares)

    Unilever up 20% in last four days, Cadbury up 30%


    Amit Arora

    November 14, 2014 at 2:27 am

  39. Dear Amit,
    Wow Congrats.I think it is bargain hunting caused the steep hike. I assume still Naira and Oil pain is left yet there which will provide you more chances for accumulation.

    Karthikraja K

    November 14, 2014 at 6:49 am

  40. Dangote cement up 10% yesterday after the price slash. What an contrary for Rich PE.

    Karthikraja K

    November 14, 2014 at 6:50 am

  41. Nestle Lana and Chevron Lanka – Very stable and Good Quarter and nine month of this financial year. Both announced interim dividend and tasting overseas dividends. Chevron – getting second time.
    Nestle lanka is growing very good TTM PE is 26.

    Karthikraja K

    November 14, 2014 at 9:01 am

  42. Dear Karthik

    Did not even deploy 1% of my portfolio in Nigeria. Still think there will be more bargains in main companies and we will be able to find India's equivalent of Hawkins and TTK @ 100 Rs there

    All the best

    Amit Arora

    November 15, 2014 at 8:03 pm

  43. Dear Amit, – very interesting that All Private companies of Nigeria may listed in Capital market ( if some conditions on Numbers). It will throw away many opportunities in coming year with reasonale or attractive valuations – because of poor or moderate absorbing capacity of nigerians. Pl throw some light

    Karthikraja K

    November 16, 2014 at 6:00 am

  44. This is why I do not invest in Sugar – I have no edge whatsoever

    Bond Yield may further break the back of African Equities, which is what we want in short term 🙂

    Amit Arora

    November 17, 2014 at 7:54 am

  45. Dear Amit,
    What is your View on SEPLAT Nigeria which is listed in LSE and NSE NG?
    Fallen lot due to oil decline and paying dividends in Dollar only.
    Has good resources and last two years they invested heavily for new findings and plants.
    cash rich.
    can we say mini BP, Mini Mobil which can reward better with dividends during Oil U turn? Natural Gas is going to be good trigger for them because of Industrialization in nigeria….Pl share your views.

    Karthikraja K

    November 18, 2014 at 4:09 pm

  46. Hi Amit,

    Anything interests you currently in BSE or NSE? Seems ages ago when u picked Indian Stocks at will 🙂 🙂

  47. Investment in HPC plant confirms positive FY-15E outlook
    ■ Household and Personal Care (HPC) business segment received a boost as Unilever invested US$13mn. According to the management of Unilever Africa, the US$13mn (N2bn) investment in a skin cleansing and home care plant, which was commissioned in early November 2014, is part of the US$200mn (N32bn) proposed investment by Unilever Global in Nigeria within the next few years. We highlight that the investment is c.50% of our capital expenditure estimate for Unilever in FY-14E and believe it will support our 10.0% yoy growth forecast for Unilever’s HPC business segment in FY-15E. We, however, retain our expectation that the revenue of the segment will drop by 5.3% yoy in FY-14E before picking up in FY-15E. We also reiterate our view that the food business segment will be resilient in FY-14E. Our expectations for both segments in FY-14E are broadly consistent with the performance of Unilever over the past three quarters (see our report entitled Growth headwinds to persist: SELL rating retained published on 04 November 2014).

    ■ We upgrade our recommendation on the stock to a HOLD from a SELL, but retain our 12-month TP of N29.68. Unilever appears fairly priced given the recent sell-off in the stock. The sell-off was partly due to the disappointing quarterly earnings and partly due to the generally bearish stock market. The stock has shed 44.7% YTD, worse than the NSE consumer sector index and the NSE ASI that have shed 19.5% YTD and 18.6% YTD respectively. Unilever currently trades on CY-15E P/E and EV/EBITDA of 26.2x and 12.4x vs. our consumer sector coverage average of 19.3x and 10.5x respectively.

    Karthikraja K

    November 21, 2014 at 8:22 am

  48. Agree at Chevron (7-8% yield) & Nestle Lanka. Also may want to look at Royal ceramics of Sri lanka, monopoly , was cheap, stock didn't do too well, lost track, want to relook. – 2ft hurdle.


    November 22, 2014 at 1:09 am


    Symphony, the largest producer of water coolers in the country, is one such company that heads the list of multi-baggers. Its market cap grew from 4 crore to 6,800 crore in 10 years, a gain of over 1,680 times.

    TTK, Hawkins, Relaxo, Poddar Developers, Cera, La Opala were all something you may have invested in if followed this blog.

    Amit Arora

    November 24, 2014 at 3:22 am

  50. Hi Amit, I came across your blog,can you give your opinion on gruh and repco, I am investing for my sons future, kindly advise, thanks Hemangi

    Hemangi Sharma

    November 24, 2014 at 3:46 am


    Amit Arora

    November 24, 2014 at 8:14 am

  52. Cadbury and Uniliver in Nigeria suffered massive losses in the recent past (2006)

    “Foreign companies find it difficult to appoint Nigerians as helmsmen to run their Nigerian offices”

    “It is no news to declare that more than 60% of the current banks in Nigeria today are padded up and their financial statements heavily suspect.”

    Amit Arora

    November 25, 2014 at 2:01 am

  53. I was focussed on finding 100:1 stock in Robotics, where my efforts have met with only dust.

    Still believe robotics will be the company with biggest market cap. Two 100:1 in the past ten years were made in related companies which makes Da Vinci equipment for Robotic Surgery – Intuitive Surgical. Second one, in dna sequencing – Illumina

    INTUITIVE SURGICAL – 100X in 10 years


    ILLLMINA – 200X in 10 years


    Amit Arora

    November 25, 2014 at 7:22 pm

  54. On the Nairobi bourse, brokerages often charged 2.5 percent, compared with the 0.5 percent that an average investor, rather than institution, might pay in London.

    So, you lose 5% on BUY and SELL. Kind of good! Makes you think in terms of mult baggers in years of horizon rather than 10% in 2 months.

    Amit Arora

    December 1, 2014 at 8:46 pm

  55. Dear Amit,
    Nestle Nigeria provide good opportunity to add around 800 levels. Less risky compared to cadbury and Unilever. Unilever has immense competetion and their growth is nominal. Cadbury has limited SKU and they just did capital reduction by distributing and cancelling existing shares ( they dont want to invest more at his moment). whereas Nestle invested in their flowgate factory with Gas plant to avoid high fuel cost.
    Please share your views.

    Karthikraja K

    December 2, 2014 at 6:10 am

    good read…..
    Nigeria went wrong. Completely bearish view by Proshare.

    Karthikraja K

    December 3, 2014 at 3:40 am

  57. Interesting Read: MNC lining up in Nigeria with huge investment:

    FG, GE sign N170bn manufacturing plant contract – An American conglomerate, General Electric, on Thursday, signed a N170bn ($1bn) contract with the Federal Government to build a manufacturing plant in Calabar, the Cross Rivers State capital. Source Punch

    FG: Solid Minerals Can Save Nigeria from Dwindling Oil Fortune – As crude oil price continues to nose-dive, the federal government has said the much-needed diversification of the economy from oil can be achieved with deliberate commitment to utilising the mass deposit of solid minerals in virtually every state in the country. Source Thisday

    Karthikraja K

    December 6, 2014 at 3:50 am

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: