Obu - Rap Intro

8/17/2019 Obu - Rap Intro

1/21


2/21

Ta le of "ontents

'art

%. 'ro(ect O (ectives and Overall &esearch Approach

1.1 The Topic

1.1.1 Reason for Choosing Topic

1.1.2 Reason for Choosing the Organisation

1.2 Aims and Objectives

1.2.1 Aim of the Research Report

1.2.2 Research Question

1.2.3 Research Objectives

1.3 Research Approach

1.3.1 Operational Conse uences

1.3.2 !inancial Conse uences

#. Infor+ation ,athering and Accounting and Business Techniques

2.1 "ources of #nformation

2.1.1 "econdar$ "ources2.2 %imitations of #nformation &athering

2.2.1 "econdar$ 'ata %imitations

2.2.2 (thical #ssues (ncountered

2.3 Accounting ) *usiness Techni ues +sed,

2.3.1 "-OT Anal$sis

2.3.2 Ratio Anal$sis

2.3.3 Altman s /0score !ormula

2.3. iotros i s "coring "$stem

age 4o.


3/21

-. &esults Analysis "onclusions and &eco++endations

3.1 Compan$ rofiles and 'etails of the 'eal

3.1.1 Ac uiring Compan$ rofile

3.1.2 Target Compan$ rofile

3.1.3 'etails of the 'eal

3.2 Anal$sis and Results

3.2.1 re0ac uisition Operational Anal$sis

3.2.2 !inancial Anal$sis of Target Compan$

3.2.3 !inancial Anal$sis of the Ac uirer s Compan$

3.2. ost0ac uisition Operational Anal$sis

3.3 Conclusions and Recommendations

age 4o.


4/21


5/21

%.# Ai+s and O (ectives

%.#.# &esearch O (ective

The general purposes of ;=A activities are to gain economic benefits from the combinedbusiness and to diversif$ the companies operational domains. http,))finance.mapsof9orld.com)corporate0finance)h$brid0financing)purposes0mergers0ac uisitions.html Go9ever6 prior statistics that involve businesses 9ith annual revenue bet9een?2 0?3 million has indicated that the success rate for ;=A activit$ is onl$ B H from theac uirer s perspective. Reasons for the failures ma$ varies6 an e7ample for the cause is thepoor e7ecution of the post0merger integration processes .http,))999.forbes.com)sites)forbesleadershipforum)2 12) 3)15)9h$0half0of0all0ma0deals0fail0and09hat0$ou0can0do0about0it)I1a5fc@522 ae

This brings us to the objective of this research report6 9hich is to assess 9hether "tarbuc s sbusiness operations and financial performance have improved or declined after the ac uisitionof Teavana in 2 12.

The aims for this research are to develop an understanding for the e$ drivers that lead to"tarbuc s strategic decision to ac uire Teavana and to e7amine the post0merger effects theoperational and financial aspect of the ac uirer s overall business.

%.%.% &esearch /uestions

The follo9ing uestions have been set to limit the focus area of the project so that the report

meets the research aims and objectives stated above. The$ are,

• -hat are the reasons behind "tarbuc s ac uisition decisionJ• Go9 much has change in "tarbuc s business operations after the ac uisition and does

the compan$ achieves its initial envision goal for the ac uisitionJ• -hat are the significant impacts to "tarbuc s financial performance after the mergerJ

http://finance.mapsofworld.com/corporate-finance/hybrid-financing/purposes-mergers-acquisitions.htmlhttp://finance.mapsofworld.com/corporate-finance/hybrid-financing/purposes-mergers-acquisitions.htmlhttp://finance.mapsofworld.com/corporate-finance/hybrid-financing/purposes-mergers-acquisitions.htmlhttp://finance.mapsofworld.com/corporate-finance/hybrid-financing/purposes-mergers-acquisitions.html


6/21

%.# &esearch Approach

%.-.% 0inancial and Operational "onsequences

Altman s /0score formula and #otros i s "coring "$stem are applied to determine the targetcompan$ s li elihood of ban ruptc$ and financial strength respectivel$ based on its financialstatement figures before the ac uisition.

To achieve the objective of assessing the ac uirer s financial performance follo9ing the merger6ratio anal$sis is performed and a stud$ of the trends is done. # have anal$se "tarbuc s financialinformation covering si7 consecutive $ears6 9hich include the three Kpre0merger and Kpost0merger $ears. Together 9ith the financial anal$se6 significant post0merger changes in theoperational aspects 9ill also be highlighted. The assessment of the business operationscontains a mi7ture of uantitative and ualitative information that 9ill be used to meet theresearch objectives. .

The "-OT anal$sis tool is used to determine 9hat additional strength6 9ea nesses6opportunities and threats that "tarbuc s has hoped the target compan$6 Teavana6 9ill bring tothe organiEation. A comparison of the "-OT anal$sis for the ac uisition 9ith the post0mergeroperational conse uence is made at the end.


7/21

'art #: Infor+ation ,athering and Accounting 1Business Techniques

#.% !ources of Infor+ation

#.%.% !econdary !ources

# have onl$ use secondar$ sources for m$ data collection. "ince the compan$ is a 9ell0 no9npublic listed compan$6 # believe the secondar$ data available is sufficient for the purpose of m$research objectives. The use of the internet search engine is the main method emplo$ed forgathering that information.

"econdar$ data is data that is originall$ collected b$ other researchers for a certain purpose andis reused b$ another for a different objective.

The secondar$ data used in m$ research are from the follo9ing sources,• Audited annual reports of "tarbuc s that are available on its 9ebsite.• The companies official 9ebsites for information on their products and mar eting

methods.• Anal$st reports and researches are perhaps the more important source to gain a clearer

picture in the industr$ and the companies business positions• Online magaEine and ne9s articles such as !orbes magaEine and The -all "treet

Lournal to get more information of the companies activities.• ACCA te7t boo s published b$ * and Faplan 9as used to revise m$ technical

no9ledge and for m$ advance reading on related topics.• Other financial and business 9ebsites are also useful in m$ research.


8/21

#.# 2i+itations of Infor+ation ,athering

#.#.% 2i+itations of !econdary 3ata

The benefits from the use of secondar$ data is that the$ are readil$ available and ine7pensive toobtain. 4evertheless6 it also has disadvantages. #t is still time consuming to identif$ the relevantand appropriate information re uired from the large amount of data available. Chec ing on itsfactual accurac$ is also proved to be challenging. *eing an ACCA student that is not re uired toconduct an$ research assignments6 m$ research s ills are obviousl$ lac ing.

-hile gathering relevant information6 # came across a fe9 problems,

• Teavana s audited financial statement for 2 12 is the onl$ one that is publicl$ available.• Contradicting information from different credible sources

#.#.# 4thical Issues 4ncountered

"ince # am using secondar$ data and the 9or s of others as references in order to conduct m$research project6 # am a9are of the ris of plagiarism. Therefore6 to mitigate this ris s6 # haveensured that full citation and proper referencing are done for all the facts that are not contributedb$ me. # ll be using the Garvard Referencing "$stem for it.

# must also be mindful to conduct m$ research objectivel$ and 9ith integrit$ to avoid an$biasness in ma ing judgement and conclusion.


9/21

#.- Accounting and Business Techniques Used:

As state earlier in m$ approach to the research6 these are the accounting and business models #have used to meet the research objectives,

#.-.% !5OT Analysis

"-OT is the mnemonic for "trengths6 -ea nesses6 Opportunities and Threats. #t is a businessappraisal frame9or to anal$se an organisation s strength and 9ea nesses and also to identif$the opportunities and threats arise from the e7ternal business environment ."trengths and 9ea nesses come from the firm s internal capabilit$ in 9hich the managementhave some measure of control. Opportunities and threats refers to the e7ternal factors that arebe$ond the compan$ s management control . http,))999.free0management0eboo s.com)fa st)s9ot0 1.htm

#t can also assist in determining if the strategic decision that the compan$ is planning to e7ecuteis sound and logical . http://www.leadershipreview.net/takeovers-mergers-and-acquisitions-%E2%80%9 -avoid-these-common-mistakes-and-thrive

2i+itations:

"-OT is a simple tool for anal$sing a business planning process but ma$ not be suitable formore comple7 issues. The follo9ing are its other limitations,

• time consuming• #gnore prioritisation• 4o solutions or alternatives offered to the problems identified• &enerate a long list and not all ma$ be ver$ meaning

https,))999.business. ld.gov.au)business)starting)mar et0customer0research)s9ot0anal$sis)benefits0limitations0s9ot0anal$sis

#.-.# &atio Analysis

Ratio anal$sis is used as a means to measure the financial performance of a business to

provide an understanding on ho9 9ell the compan$ is doing. #t is a method to enablecomparative valuation bet9een different financial variables that can be obtain from the financialstatements of the organiEation. The ratio calculations depend on the purpose it is use for. Thet$pes of ratios are profitabilit$6 debt and gearing6 li uidit$6 efficienc$ and investor ratios #t is useful for comparing business of different siEe and trading currenc$

2i+itations of &atios:

http://www.leadershipreview.net/takeovers-mergers-and-acquisitions-%E2%80%93-avoid-these-common-mistakes-and-thrivehttp://www.leadershipreview.net/takeovers-mergers-and-acquisitions-%E2%80%93-avoid-these-common-mistakes-and-thrivehttp://www.leadershipreview.net/takeovers-mergers-and-acquisitions-%E2%80%93-avoid-these-common-mistakes-and-thrivehttp://www.leadershipreview.net/takeovers-mergers-and-acquisitions-%E2%80%93-avoid-these-common-mistakes-and-thrive


10/21

The follo9ings are the limitations of ratio anal$sis,

• #gnores time value of mone$• 'ifference in accounted polic$ adopted can affect the calculations• *ased on historical data•

+nfair comparison bet9een companies 9ith different strateg$• ossibilit$ of incorrect interpretation http,))999.accountingtools.com) uestions0and0ans9ers)9hat0are0the0limitations0of0ratio0anal$sis.html

#.-.- Alt+an6s 78score 0or+ula

#.-.9 'iotroski6s !coring !yste+

http://www.accountingtools.com/questions-and-answers/what-are-the-limitations-of-ratio-analysis.htmlhttp://www.accountingtools.com/questions-and-answers/what-are-the-limitations-of-ratio-analysis.htmlhttp://www.accountingtools.com/questions-and-answers/what-are-the-limitations-of-ratio-analysis.htmlhttp://www.accountingtools.com/questions-and-answers/what-are-the-limitations-of-ratio-analysis.html


11/21

-. &esults Analysis "onclusions and&eco++endations

3.1 #ndustr$ #nformation and Compan$ rofiles

3.1.1 Retail Coffee and "nac s "tore #ndustr$

-.%.% Acquiring "o+pany 'rofile

"tarbuc s Corporation is an American compan$ formed in 15@B that trades in 4A"'AQ stocmar et under the s$mbol 8"*+M:. "tarbuc s is a roaster6 mar eter and retailer of specialt$coffee 9ith total revenues of ?15.2 billion for its fiscal $ear end in 2 1B. #ts revenues mainl$derive from its licensed stores6 pac age goods and compan$0operated stores located in over Dcountries and territories. The compan$ s mission is 8to inspire and nurture the human spirit one person6 one neighborhood at a time:. #t 9as named as the top ten for 8*est -or places inCanada: in the past five consecutive $ears.

http,))mar etrealist.com)2 1 ) 1)understanding0starbuc s0cost0structure0operating0e7penses)

-.%.#Target "o+pany 'rofile

Teavana Goldings6 #nc. is specialt$ tea retailer that offers premium loose0leaf teas6 tea9ares andother tea0related merchandise. The American compan$ is founded in 155 and is based in

Atlanta in the state of &eorgia. #t is previousl$ listed in the 4e9 Nor "toc (7change under thes$mbol 8T(A: in 2 11. #t aims to 8create a Geaven of Tea retail e7perience: and e7panding theculture of tea. Teavana mainl$ generates its revenue from the compan$ s mall0based stores andfrom its franchises. #ts revenue has been rapidl$ increasing over the $ears and recorded a totalof [email protected] million in !N2 12.

On 31 'ecember 2 126 Teavana is officiall$ ac uired b$ "tarbuc s and becomes its 9holl$0o9nsubsidiar$.

http://www.foodbusinessnews.net/articles/news_home/Site_News/2013/01/Juice_baking_business_come_int.aspx?ID=%7B005C2A7B-634A-49FF-879F-5476193ADDB3%7D&cck=1http://www.foodbusinessnews.net/articles/news_home/Site_News/2013/01/Juice_baking_business_come_int.aspx?ID=%7B005C2A7B-634A-49FF-879F-5476193ADDB3%7D&cck=1http://www.foodbusinessnews.net/articles/news_home/Site_News/2013/01/Juice_baking_business_come_int.aspx?ID=%7B005C2A7B-634A-49FF-879F-5476193ADDB3%7D&cck=1http://www.foodbusinessnews.net/articles/news_home/Site_News/2013/01/Juice_baking_business_come_int.aspx?ID=%7B005C2A7B-634A-49FF-879F-5476193ADDB3%7D&cck=1


12/21

-.%.- 3etails a out the 3eals

On 1 th 4ovember 2 126 "tarbuc s announces it agreement to purchase Teavana in its official9ebsite. #t is a friendl$ ta eover and Teavana s founder 9ill resume his role as the to overseethe compan$ s operations after the ac uisition. "tarbuc s offers a premium of B3H to Teavana s

share price valuing at ?1B. B on that date .https,))ne9s.starbuc s.com)ne9s)starbuc s0closes0teavana0ac uisition #t is the largestac uisition transaction for "tarbuc s to this da$.

http,))mar etrealist.com)2 1 ) 1)must0 no90ris s0starbuc s0hedge0shrubs)

http,))999.forbes.com)sites)greatspeculations)2 1D) 1)1@)ho90starbuc s0plans0to0gro90its0international0operations)ID2f3 b5Bfc

-.# Analysis and &esults

-.#.% 're8acquisition Operational Analysis

The "-OT anal$sis on "tarbuc s decision to purchase Teavana is performed to e7amine thestrategic aims "tarbuc s plans to achieve in order to justif$ the transaction 9ith consideration ofthe possible ris s of not achieving those aims .

!5OT analysis for Teavana6s Acquisition

http,))999.imaginegro9.com)is0$our0business0prepared0for0an0ac uisition0teavana0sure09as0starbuc s)

http,))999.cheatsheet.com)business)stoc 0ne9s)starbuc s0and0teavana0should0investors0be09orried.html)Ja vie9all

!trengths

http://www.wsj.com/articles/SB10001424127887323551004578119283001096190http://blogs.wsj.com/deals/2012/11/14/starbucks-ceo-we-will-for-tea-what-we-did-for-coffee/http://blogs.wsj.com/deals/2012/11/14/starbucks-ceo-we-will-for-tea-what-we-did-for-coffee/https://news.starbucks.com/news/starbucks-closes-teavana-acquisitionhttp://marketrealist.com/2014/01/must-know-risks-starbucks-hedge-shrubs/http://www.forbes.com/sites/greatspeculations/2016/01/18/how-starbucks-plans-to-grow-its-international-operations/#62f37b95fc70http://www.forbes.com/sites/greatspeculations/2016/01/18/how-starbucks-plans-to-grow-its-international-operations/#62f37b95fc70http://www.imaginegrow.com/is-your-business-prepared-for-an-acquisition-teavana-sure-was-starbucks/http://www.imaginegrow.com/is-your-business-prepared-for-an-acquisition-teavana-sure-was-starbucks/http://www.cheatsheet.com/business/stock-news/starbucks-and-teavana-should-investors-be-worried.html/?a=viewallhttp://www.cheatsheet.com/business/stock-news/starbucks-and-teavana-should-investors-be-worried.html/?a=viewallhttp://www.wsj.com/articles/SB10001424127887323551004578119283001096190http://blogs.wsj.com/deals/2012/11/14/starbucks-ceo-we-will-for-tea-what-we-did-for-coffee/http://blogs.wsj.com/deals/2012/11/14/starbucks-ceo-we-will-for-tea-what-we-did-for-coffee/https://news.starbucks.com/news/starbucks-closes-teavana-acquisitionhttp://marketrealist.com/2014/01/must-know-risks-starbucks-hedge-shrubs/http://www.forbes.com/sites/greatspeculations/2016/01/18/how-starbucks-plans-to-grow-its-international-operations/#62f37b95fc70http://www.forbes.com/sites/greatspeculations/2016/01/18/how-starbucks-plans-to-grow-its-international-operations/#62f37b95fc70http://www.imaginegrow.com/is-your-business-prepared-for-an-acquisition-teavana-sure-was-starbucks/http://www.imaginegrow.com/is-your-business-prepared-for-an-acquisition-teavana-sure-was-starbucks/http://www.cheatsheet.com/business/stock-news/starbucks-and-teavana-should-investors-be-worried.html/?a=viewallhttp://www.cheatsheet.com/business/stock-news/starbucks-and-teavana-should-investors-be-worried.html/?a=viewall


13/21

Brand recognisation: Teavana s mission is to become an establish brand in the internationalspecialt$ tea industr$. #t has strived to promote the tea culture 9hile emphasising its product

ualit$ and customer service throughout the $ears

2arge product range: Teavana boasted of having more than 1 varieties of premium loose0leaf teas from all around the 9orld in addition to selling handcrafted tea 9ares. The compan$

mar ets some of its teas for containing health benefits properties that 9ill appeal to healthconscious consumers. #t also have its o9n special tea blends that 9ould enable it to stand outamong its competitors and . "tarbuc s 9ants to include ne9 innovative choicesli e fusion teas and tea0based lattes .http,))999.bloomberg.com)ne9s)articles)2 1301 031)starbuc ss0teahouse0ambitions0for0its0teavana0chain

Teavana6s strong revenue gro th: Teavana demonstrates impressive gro9th in revenues of2@H and 2DH for the $ear 2 11 and 2 12 respectivel$. #ts revenue for 2 12 amounted to ?1D@million

!tar ucks6 expertise and resources: "tarbuc s is ver$ confident in its e7perience in retail andmar eting that comes from its successful coffee chain business. Combine 9ith the net 9orth of?B.1 billion in !N2 126 "tarbuc s have all the resources to e7pand Teavana s business andpresence domesticall$ and globall$. . http,))999.jsonline.com)blogs)ne9s)1512B21B1.html

!ingle distri ution center: Teavana has onl$ one distribution center6 located in the +.".A.6 thatsupplies to its 3 stores and franchises in other countries. The compan$ is e7posed to highbusiness ris s if there are an$ disruptions to occur to their suppl$ chain .

http://www.usatoday.com/story/money/business/2013/10/23/starbucks-teavana-fast-food-tea-tea-houses/3146149/http://www.usatoday.com/story/money/business/2013/10/23/starbucks-teavana-fast-food-tea-tea-houses/3146149/http://www.usatoday.com/story/money/business/2013/10/23/starbucks-teavana-fast-food-tea-tea-houses/3146149/http://www.usatoday.com/story/money/business/2013/10/23/starbucks-teavana-fast-food-tea-tea-houses/3146149/


14/21

'esticide controversy: Lust after "tarbuc announces its plan for the ac uisition6 a short0seller claims that Teavana s tea contains a material amount of pesticides. Teavana has refuted b$stating that the report is bias as &laucus Research &roup has the financial interest to tarnishthe brand name. http,))999.biEjournals.com)atlanta)ne9s)2 12)11)2 )teavana0denies0glaucus0claims0of.html The report has cause its intended damage as Teavana s share price are lo9er on

2@th

4ovember 2 12


15/21

Integration issues: %astl$6 there is still a possibilit$ that "tarbuc s fail to successfull$ integratethe companies after the merger. #t also faces the ris s of not being able to achieve the aims orthe operational and revenue s$nergies from the business.

"onclusion:

Overall6 the ac uisition 9ill bring more benefits and opportunities than ris s to "tarbuc s. Theris s involved 9ill not pose as a great threat as larger organiEation 9ill be still be able to absorbthe losses should the merger fail in the short run. This could be the reason for"tarbuc s to ma e the strategic decision.


16/21

-.#.# 0inancial Analysis

"tarbuc s Corporation ac uired Teavana Goldings on 31st 'ecember 2 126 9hich falls in"tarbuc s second uarter for !N2 13. The post0merger $ears sho9appro7imatel$ t9o $ears and nine months after Teavana is ac uired. #t is 9orth noting that

"tarbuc s had carried out other ac uisitions earlier in the first and fourth uarter of !N2 12."tarbuc s ac uired (volution !resh that specialiEe in premium juice for ?3 million in cash on1 th 4ovember 2 11 to offer healthier menu items in response to the rising consumer demandsfor health and 9ellness . http,))investor.starbuc s.com)phoeni7.EhtmlJc 55B1@=p irol0ne9sArticle=#' 1 2255

&evenues

'iagram 1, "tarbuc s annual revenues and gro9th over a period of si7 $ears.

;%$ %?-

. H

@.BH

12. H1 . H

5.BH

1 .2H

!tar ucks Annual &evenues and ,ro th

Revenues Revenue &ro9th

'iagram 1 sho9s that "tarbuc s revenues have sho9n stead$ gro9th over the si7 $ears. #n2 1 6 "tarbuc s introduce the 8*lueprint for rofitable &ro9th: plan to leverage its multipledistribution channels. "tarbuc s states that the strateg$ 9as successful and had contributed tothe gro9th in revenues and operating income for 2 11 and 2 12. The compan$ s gro9ingoperations in the emerging mar ets li e China and #ndia combine 9ith the revenue generated

http://investor.starbucks.com/phoenix.zhtml?c=99518&p=irol-newsArticle&ID=1629169http://investor.starbucks.com/phoenix.zhtml?c=99518&p=irol-newsArticle&ID=1629169http://investor.starbucks.com/phoenix.zhtml?c=99518&p=irol-newsArticle&ID=1629169http://investor.starbucks.com/phoenix.zhtml?c=99518&p=irol-newsArticle&ID=1629169


17/21

from the t9o ne9 business ac uisitions ma$ have also cause the increase in revenue for 2 12. and the priceincrease b$ an average of 1H across their +.". stores .http,))999.bloomberg.com)ne9s)articles)2 130 D02B)starbuc s0is0raising0its0prices0toda$0dot0but0b$0ho90much Teavana6 that 9as ac uired appro7imatel$ nine months ago6 had brought in atotal revenue of appro7imatel$ ?1BD million that represent 1 H of the revenue gro9th.Teavana s first 8Tea bar: 9as opened and strategicall$ located in 9ealth$ side of ;anhattan6+.". "tarbuc s branding and merchandise 9ill not be present in Teavana s store


18/21

.-@


19/21

'rofita ility &atios

'iagram 1, "tarbuc s rofit ;argin Ratios for si7 consecutive $ears.

"tarbuc s rofit ;argins Ratios

"ource, Calculated from "tarbuc s financial statements figures from !N2 1 02 1B


20/21

,ross 'rofit argin

're8acquisition )0C#$%$8#$%#*:

On the other hand6 'iagram 2 sho9s gradual decline in the compan$ s gross profit margin for2 11 and 2 12. The reason for the decline ma$ be due to the high coffee bean input price in2 11. #n 2 126 the lo9er gross margin is li el$ caused b$ the significant increase in occupanc$cost from the compan$ aggressive international e7pansion. Oversea stores that are located inmain areas usuall$ have more e7pensive rental compared to the +.". http,))999.core0corner.com)-eb2)&s;aterial'*)GCPG*RCP5)2 1 0 0

5)fim pa@P2 1 B . '!

'ost8acquisition )0C#$%-8#$% *:

"tarbuc s revenue increases in 2 13 after including the revenues from its ne9 ac uisitions.Their gross margin graduall$ increases in 2 13 and records the highest in 2 1B for the si7$ears.

2 13

• %o9er coffee price• sales leverage in our Americas segment and store portfolio optimiEation initiatives in

(urope that began in the fourth uarter of fiscal 2 12. This 9as partiall$ offset b$addition of Teavana and continued investment in our emerging brands

• #ncome from e uit$ investees increased ? 1 million6 primaril$ due to increased incomefrom of our joint venture operations in Lapan and China6 as 9ell as improvedperformance from our 4orth American Coffee artnership joint venture6 9hich produces6bottles and distributes our read$0to0drin beverages.

Operation 'rofit argin

2 13

• %itigation charge $2,784.1 with Kraft = increase in depre•

decreased marketing expenses• Gen & admin costs increase related to o erall compan! growth & o"r #cto er Glo al %eadership

onference.

http://www.core-corner.com/Web2/GsMaterialDB/HC_HBRC_9/2014-07-09/fim0kpa8_20140507.PDFhttp://www.core-corner.com/Web2/GsMaterialDB/HC_HBRC_9/2014-07-09/fim0kpa8_20140507.PDFhttp://www.core-corner.com/Web2/GsMaterialDB/HC_HBRC_9/2014-07-09/fim0kpa8_20140507.PDFhttp://www.core-corner.com/Web2/GsMaterialDB/HC_HBRC_9/2014-07-09/fim0kpa8_20140507.PDF


21/21

Det 'rofit argin

2 13

•

Obu - Rap Intro

Documents

Transcript of Obu - Rap Intro