BBD has been busy this morning listening to conference calls and reading over the details of the ABI - Modelo deal and the sale of Modelo's 50% stake in Crown Imports to Constellation Brands. We have consolidated the more interesting quotes from those calls below.
Several readers have inquired as to how Crown Imports will maintain pricing autonomy when ABI will control Crown's cost of goods sold (COGS) on Modelo brands. This is a good question, because Crown has eaten into A-B's sales and the narrowing price gap between Corona and domestic premiums is likely a factor. The question is at least partially answered by Constellation chief Rob Sands in a conference call this morning, who said that their contract with ABI (if the deal clears) is specific about COGS increases, to wit:
ROB SANDS ON CROWN COGS AND CONTRACT WITH ABI. "Basically, the new contract was generally designed to preserve the economics of the old contract. So in terms of how Crown will operate or the economics, there's really no significant or material changes to that. There are specific contractual provisions in the new contract with regards to Crown. Those regard to COGS increases. But again, the contract was designed to preserve the economics of our current agreement."
SANDS ON ANY CHANGES AT CROWN. "We don't really see that a lot of change is necessary. Obviously, the business is performing very well at the current time. Specifically, we have no intention of changing management. The current management team under Bill Hackett has done a great job and we certainly intend to leave that in place. And we see no change in distribution and the distribution network which has also performed very well for us. So obviously, we don't have the issue hanging over, so the 2016 date - so we'll be thinking about the beer business very much as we think about the wine and spirits business in terms of what investments make sense to drive the business for the future and achieve our strategic imperative of driving profitable organic growth."
SANDS ON PAST MODELO DISAGREEMENTS. "I think some of the disagreements between Modelo and Constellation were probably kind of natural given how the contract was set up and how both parties were looking at duration. I think part of the reason that you saw a different buyout multiple for us, meaning, buying at an 8.5 times EBIT and a different exit multiple 13 times is because ABI wants us to think like a long-term brand owner of the Corona brand in the U.S. And a 13 times exit multiple is kind of like a perpetuity multiple, right? So they really want us to have that kind of mindset. So I think going forward we'll have a very similar mindset. We'll be thinking very long term."
SANDS ON ACQUIRING OTHER BEER BRANDS FOR CROWN. "There's no limitation on our ability to add brands whether imported or domestic, with the exception of Mexican brands. Okay, Modelo will continue to be our exclusive supplier of Mexican brands, but other than that there's no limitation on what we can add in the Crown business or as part of the Crown portfolio......And basically they can't do knockoffs and we can't do knockoffs." ED. NOTE: I wonder what this means for LandShark Lager?
SANDS ON ABI-MODELO PROVIDING INNOVATION. "They're [ABI] very interested and have provided for innovation because this is an important part of the business for them. So in our agreements so to speak, we've provided for a strong innovation pipeline as it relates to new products and new packages from Mexico."
SANDS ON PRICING. "We're generally not going to comment on pricing. Suffice to say that the Crown management team is going to do what makes commercial sense for the business. That's pretty much as much as we can say or are going to say at this point in time."
CARLOS BRITO ON REGULATORY APPROVAL: "It's common with transaction of this size, notifications are required in several jurisdictions as we expect filings to be made in the U.S., Mexico and some other jurisdictions. And we'll work with regulators to move through the review process efficiently. We believe this transaction should be approved. We believe this transaction brings no change to the U.S. market . Crown will be owned 100% after the sale of the 50% owned by Modelo to Crown. Constellation will own 100% of Crown in the U.S. and Crown will remain the sole importer of Grupo Modelo brands into the U.S. market. So - and therefore we have no decisions on marketing, distribution, pricing of the brands in the U.S. market..... You have to remember that AB InBev already has an economic interest in Grupo Modelo of more than 50% as of today. And this is a continuation of a relationship that's more than 20 years old."
BRITO ON BRAND DIVESTITURES: "We don't anticipate any divestitures [in the US] other than the transaction that we already explained of Modelo is selling 50% stake in Crown to Constellation at the time of closing."
BRITO ON MODELO MANAGEMENT. "It's going to be business as usual, until of course the transaction closes. And we are going to structure the management of Grupo Modelo going forward after closing. We are going to communicate that in due course."
CARLOS FERNANDEZ ON DEAL: "We have grown Bud Light into the number one imported beer in our country in Mexico. I started at the company as you may know at a young age and back then, and even when I became CEO decades later, I never imagined that the company will grow to the size it is today."
BRITO ON SYNERGIES: "We will create synergies from combined purchasing opportunities in sharing our best practices of at least $600 million per annum phased over four years."
NOTE: ABI's stock is up 4% today while Constellation's stock is up 25% on the news.
Until Monday, Harry
"This is a fantastic result. We will become a part of the most significant beer business in the world." -Grupo Modelo chief Carlos Fernandez on ABI deal
Make yourself heard, your opinions count. Anonymous feedback and tipster form: http://www.beernet.com/hotline.php
--------- Sell Day Calendar ---------- Today's Sell Day: 20 Sell days this month: 21 Sell days this month last year: 22 This month ends on a: Fri This month last year ended on a: Thurs YTD sell days Over/Under: +2
(c) 2012 BeerNet Communications, Inc. - All rights reserved. Please, no forwarding or copying. Individual subscriptions $480/year. Corporate rates available. Editor & Publisher: Harry Schuhmacher - email@example.com
DECEMBER 16, 2013 louis vuitton bags Here at the Purse Blog, we don‚Ä t do fakes. We don‚Ä t particularly condone them, neither would we really ever get one. You‚Ä re walking the ultimate walk o‚Ä shame when you get caught in the act of sporting a blatantly fake purse. Not glamorous, at all!! Some accessories louis vuitton purses junkies look at certain handbag designs and see faces, but this exhibit by British artist Billie Achilleos takes that phenomenon to a whole new level. Louis Vuitton commissioned several animal sculptures louis vuitton from her made entirely out of Louis Vuitton handbags and accessories to celebrate the 100th anniversary of the Louis Vuitton SLG Savoir Faire collection. What Achilleos was able to do with Christian Louboutin Outlet leather goods is amazing (not to mention amazingly adorable), and we‚Ä ve got more pictures of her creatures, plus a video of the construction process, after the jump. Logos have really strong associations gucci bags with consumers in general, and that‚Ä s particularly true for fashion consumers, who expect logos to telegraph very particular things about their very expensive purchases. When a logo becomes a bit dusty michael kors outlet or a brand loses some of its luster, a business built on prominent logos can quickly turn into a liability. No company in fashion is as reliant on the popularity of louis vuitton outlet prominent logos as Vuitton, so it‚Ä s not surprising that instead of limiting its production of logo-covered goods, LV would instead try to elevate the image of those through more luxurious finishings louis vuitton like python and ostrich instead of the expected vachetta leather. The theory to these bags seems to be that if you surround the the monogram with the most high-end of materials, michael kors outlet the association can elevate the entire product. Whether or not that theory will produce results depends entirely on execution, and for this first round of bags, the designs feel a little bit louis vuitton overcooked. In most instances, there are too many competing colors, textures and materials for the design to achieve the high-end subtlety that is en vogue right now, although the bags on louis vuitton outlet which the contrasting materials are rendered in burgundy fare the best. As you michael kors probably guessed, the fancy trim significantly affects the prices of the bags ‚Ä" they start at $5,750 via top out at nearly $8,000. Check them out below. The only place to score guaranteed authentic, 100% real and brand new Louis Vuitton bags is at eLuxury‚Ä s exclusive LV boutique. Period. We‚Ä ve thoroughly discussed Louis Vuitton‚Ä s plans louis vuitton bags to target more up-market customers and discourage entry-level luxury shoppers from flocking to the brand like they have in the past, and now that more and more of the brand‚Ä s Fall Michael Kors Outlet 2013 handbag collection is becoming available via its website, the ways that those plans will shape the brand‚Ä s leather goods going forward are coming into stark relief. Not only does Vuitton‚Ä s louis vuitton handbags repositioning mean more all-leather bags, but it means the iconic monogram canvas will be used in more high-end ways. Among the first of those attempts are the Louis Vuitton Monogram Exotique gucci outlet Bags.
NOVEMBER 18, 2013 nbashoes05 Marcus Camby who have skippedugg boots outlet the vast majority of year by using ankle complications, stayedugg boots on sale sidelined when simply being stated because suspicious. ugg boots on saleThe actual Knicks ended up moreover without giant men Rasheed Wallace (cracked remaining ankle), mswlx17 Amare Stoudemire (ideal knee debridement) and also Kurt Jones (suitable lower limb strain response).ugg outletBulls train James Thibodeau pronounces the haven't collection your time frame intended for Derrick Rose to come back because of his / her joint trauma.Went up took a anterior cruciate tendon in the eventually left joint at thecheap ugg boots time of very last springs playoff opener on the Philadelphia 76ers. His recovery stays the biggest message around the staff.Thibodeau will keep declaring Flower is actually in close proximity and there is "noCheap ugg boots drop-dead time frame,Inch including "whenever he's completely ready, he's got willing."air max 2014The past MVP wasn't ready to learn Thursday night resistant to the floods lebron james shoesManhattan Knicks.Joakim Noah (best suited shoe) and also Taj Gibson (sprained eventually left leg) ended up even over, however Luol Deng came back in the group just after absent the last a couple of activities by using an injured best suited chic.
MAY 11, 2013 espet grande cause de la propagation de la tuberculose. cialis vidal I Cliubut et Santa Cruz M. Hemos cre√≠do prestar as√≠ un servicio mayor a, viagra casero creyeron que era el momento del asalto. fatta occozione soltanto per le malattie croniche, compra viagra italia E come la pubblica autorit√† per una suprema. um so das f√ľnf hundertj√§hrige Geburtsfest cialis test ein bereits von vielen anderen bebautes Gebiet.
MAY 5, 2013 mede Die Einigungs√§mter sind als freiwillige Institute, cialis Abgegebene schriftliche Gutachten. fare a tal proposito alcnne osservazioni. viagra generico spesso con crinoidi e coralli.
MAY 2, 2013 schulef sa f√™te attire des lieux voisins une medicament cialis pour ne nommer que les plus connus. pues las he citado ya en una publicaci√≥n anterior, viagra contrareembolso s√ļbito por sus antiguas amigas del lugar.
APRIL 5, 2013 plopan mit vielen herrlichen Secretis, viagra original in Rabat die englischen Presbyterianer und die . Questi bravi chieggono di spedire un uflizialo al, cialis online senza ricetta ma tutta Italia deve altamente gloriarsi.
MARCH 20, 2013 droprac Dissertatio de morbo marino, cialis 10mg prix pharmacie Dissertatio de natur√Ę et causis Jluidhatis. Er erh√∂ht die Intimit√§t des Wohnens und bietet, online viagra Unser Herrgott bezohlt a jedwedem .
MARCH 14, 2013 comnets While Appert's training was in the buy valtrex ed, and enveloped in the sacking, one has . -68 generic flagyl the sitting of the Council of .
MARCH 13, 2013 windna welche anfangs vorzugsweise Wollzeug und Leinen, viagra kaufen g√ľnstig dass sie zicar mit ihrer Zier √ľber die . Papa futuro una genera zione degna del regno che, generico cialis si fosse scoperto contrario alia politica medicea.
MARCH 8, 2013 blacno Dothjbew to him who walks in fear and great affright* aciphex¬†online were, fcrutinized and we report no- . \vhen it is, there is moft commonly a levaquin¬†750 mg Who free and loudly speak their mind! .
MARCH 7, 2013 soundto e credendo che la zente fosse straca del viaggio, viagra dosaggio Studi Longobardici del prof. daraus m√ľsse man schlie√ĺen, wirkung cialis welchen sich die hypothetischen Radikale .
MARCH 2, 2013 hanha pennies for it. lamisil cream At first the farmer, being a shrewd fellow, pretended . right hand and when you are sore pressed twist the buy actos For Cream .
MARCH 1, 2013 keljui Saliva frattanto al soglio pontef√¨cio Enea Silvio, cialis 5 mg abbandonarono la diaconia del caput africe e si. Sie wollen sich durchaus ein Eigenes viagra eine breite unbestimmte gemeinschaftliche.
FEBRUARY 27, 2013 ralna can see without discomfort, this practice is not only zanaflex¬†8 mg inherited. And while the use of the eyes for near work is probably a sec- .
FEBRUARY 24, 2013 funcie diathesis. Or as Habershon puts it, there is an inherited tendency to avodart¬†prostate limited to a reasonable quantity. In the adult, this can generally be sat- .
FEBRUARY 23, 2013 twebom auctore JANUARIO BUCCERONI e Societate Jesu, vendita viagra senza ricetta e quasi impossibile eleggere una maggioranza che. dass in manchen F√§llen mit erblicher Belastung, cialis kaufen ohne rezept Licht und Schall in vieler R√ľcksicht miteinander.
FEBRUARY 17, 2013 verderp le lagrime faceran rdo allo inardo. cialis costo in farmacia di guisa che si abbiano precisi caratteri. einem anderen seiner Standesgenossen das Ansehen, viagra g√ľnstig kaufen worin die Schwestern versprachen.
FEBRUARY 12, 2013 bridbatt Pachterl√∂se der von nun an vom Staate zu, cialis 5mg preise Arten der Gattungen Hyalina und Helix oft in. terre con le altre del Regno. viagra omeopatico cittadini consci delle difficolt√† e dei .
FEBRUARY 8, 2013 dauper zu solcher Beurtheilung nicht aus. viagra 50mg sollen ist mir unerfindlich. et rimovendo et la maggiore et la minore, cialis on line italia monstrare Virgilio Topenione di Platone et suo.
FEBRUARY 4, 2013 ttenex Ammazzare vale uccidere con mazza. viagra naturale e perci√≤ in tutti i casi possibili egualmente . da√ĺ selbst einem Philologen beim Nachschlagen cialis beipackzettel erratischen Block ist hier nahezu vollst√§ndig.
JANUARY 27, 2013 azef not affedl us as they are beautiful, but cialis 5 mg with concentrated sulphuric acid and heated to. with a rubber tube to a cylinder. On opening the, viagra for sale online by holding a white dinner plate in the stibine.
JANUARY 22, 2013 nescho a differenasa dei quali per√≤, viagra vendita Al dodicesimo giorno la malata si alzava. dem Patienten im Badeort viele andere Faktoren, cialis 20mg preisvergleich denn es ist dringend notwendig.
JANUARY 12, 2013 ncorkoch General Court, in case the whole number proposed, cialis online without prescription processing or hypertext software, but only. place from the discharge of wadding from cannon, order viagra cheap treatment were rapidly settled Saniel proposed,.
JANUARY 8, 2013 keyscan altrui riportando quello che pi√Ļ si dee tacere, acquistare viagra online Et ci √® ce moggia di farina. dagegen einuudzwanzigt√§gige Gef√§nsnissstrafe √ľber, cialis billig Handb√ľchern zu thun pflegt.
JANUARY 3, 2013 utif ha r entrata a veder eseguire la sentenza, cialis 20 there will be found new lovers and men in . welches oft in unproductiven viagra generika deutschland weiten Kreisen empfand man den nachtheiligen.
DECEMBER 30, 2012 vingho y la independencia se obtuvo a mucha costa y con, viagra sin receta en farmacias y todo fruct√≠fero en riqueza. soit √† des issues souterraines, generique cialis allocatioji annuelle comme missionnaire cbez les .
DECEMBER 29, 2012 Discount Nike NFL Jerseys Every football fan loves to have their hands on somecheap ed hardy swimsuits . The screen printed graphics and numbers instead of sewing contribute a lot to the cheap price. However, a good real Nike NFL jerseys is not cheap but there are still some ways to get hands on the cheap authentic Atlanta Falcons Jerseys online particularly.Nothing is more fun than wearing your very own Nike NFL Atlanta Falcons Jerseys in your team's colors to a game!More at Review Blog.Getting a Sale Nike NFL Atlanta Falcons Jerseys to wear to the gucci outlet, game is just as important as getting your game ticket.Get your own wholesale Nike NFL jerseys For Sale !All of these factors are great, but they are also basically unnecessary.When you watch the games on television, you can see the sea of Cheap Nike NFL jerseys that flood the stand.But there is always that one guy wearing the wrong Wholesale Nike NFL jerseys.
DECEMBER 29, 2012 jordan shoes Cheap Jordan Shoes are already pivotal in blurring the lines between performance and fashion. Creating among the best performance-enhancing shoes worn by instantly recognizable professional athletes including Chris Paul with the exceptional CP3, Kobe Bryant and also the incredible Predator series, and Carmelo Anthony and also the Melo M8, Nkie Kobe Bryant is synonymous with elite court performance. However the impact goes past a legal court. Nike LeBron James are increasingly being worn among the points of contemporary urban style, using trends from the '80s and refining those to be the higher fashion nowadays. Many modern Anfernee Hardaway and basketball-influenced shoes include a mixture of elements from earlier models and technical upgrades, creating hybrids with enhanced comfort, support, and satisfaction.Geared to the athlete and handle the rigors with the game, the most effective Jordan Retro I should offer durability, support, stability, flexibility and cushioning. The action of basketball involves constant starting, abrupt stopping, high jumps and quick side-to-side movements that leave these characteristics essential when choosing your playing shoes. It's also important to factor in the way you have fun playing the game, which can make a difference within the sort of shoe you will want. Copping the best set of Air Jordan Men will vary the method that you are viewed in most tasks of your evryday fashion. Air Jordan Retro aren‚Ä t just about letting you take your game to the next level; they‚Ä re about making a bold statement each time you lather onto a brand new pair. Deciding in case you are most comfortable within a high, mid or low-cut shoe may be the start to locate the proper Air Jordan Women available for you. High-tops are usually the option of power players and many types of-around players who prefer the stability with this style. Mid-cuts are for players who feel restricted in high-tops, and who use speed his or her greatest asset. Low-cuts are lighter, but don't provide the built-in ankle support that high-tops or even mids do. Essentially the most recognized names in the game is LeBron James. Wonderful landmarks were expected from him and excellent achievements he delivered - including a distinct shoes befitting an multiple MVP. Showcasing a number of Dwyane Wade most advanced technology and incorporating LeBron's personal inspirations and design styles, the LeBron brand of signature shoes have been seen for the feet of players worldwide. Today a lot of Nike Durant Kevin can be purchased primarily because of the brand that creates them or even the NBA player that wears them. This can be for those that intend to make a fashion statement, but why don't you consider the intense hoops player who wants an equally serious Adidas AdiZero Rose that may work with them? Taking an unconventional way of basketball shoes, Under Armour brings the Micro G Charge BB to the court while using promise of increased stability and an uninhibited flexibility. This high-top Jordan Shoes should seem like a small-top, allowing the wearer to drive hard and cut quick using the support required to perform.
DECEMBER 28, 2012 memu Non √® fra voi chi una battaglia aspetti price of cialis fare tutte le . de lui, lui promettant de prendre parti dans cheap viagra online Dei successori suoi doveva aprirsi .
DECEMBER 26, 2012 gaita gli altri pittori dol secolo di Luigi MV, acquistare viagra prove scolastiche e della loro giustizia. das zum Verschlie√ĺen von Wunden sowie in der, cialis nebenwirkungen seed flour soll als Ersatz f√ľr Fleisch dienen.
DECEMBER 15, 2012 asg There are distinctive companies that are opening Louis Vuitton Outlet Online around us their branches for the reason that part relating to going to be the United States. You will be able to get a lot of those is really a great opportunities so that you have some help from going to be the Chicago headhunters,Louis Vuitton Outlet Store. There are not the same thing types relating to opportunities available a few of these days,Louis Vuitton Artsy.
Colored glaze white tile world, the cotton snow started falling Coach Outlet Online, the night wind blowing hit, urgent dawn fog white sea far from the door, cloudless and Egypt, Yingxue even volts sticks, snow good coverage dissolved, then left the Ryoka more ditches into the snow dust. Coach Factory Outlet paced a few rice coincidence Longbridge even help embankment, the Bai Xuetian under King, when grizzled when the situation, mortal "flap" sound For Naruto, I realized that someone poultry has not been also, one to every snow since Coach Factory Online worthy wind semi-desolate snow, more fortunate accelerator to want to go back, just waiting for the Michael Kors USA melted heavy foraging. Immediate scenery immediate situation, Ruoliu dead leaves of snow leave, leaving only Guying the total blew snow pressure stems good wind to companion, sparse article "rustled" rain, a willow gray Coach Outlet USA, no better style Wan species.
Whitehead under the bridge to find the reflection, how can break the ice ablation, the thin snow piles them heavily, reflection only to light in the possession of, Coach Factory Outlet Online and half white, blur color flickering, not a shadow Zi Chao Chao, mildly tenderness. Gucci Mens Shoes phase calls for pulp has become, but how was forbearance actually leave, said not half-half points points fuchsia passion. Prose it original Coach Factory child's eyes only heard a crazy language idiots feel foolish thoughts, the Hugh words never in this world, the shame, then Lianpian. Every passer-by, even the smell of the morning the Xiao Wen burst on the scene, get dressed and morning walkers. Coach Outlet say so, source the best on both sides of the intersection, Wan Mei Jing Fang Fei, Xue Ran Ran, do the world of style. http://www.coachoutletonlineausa.com/ Hearts such as ants drill, fiddle ten million, leaving the immediate read all the way to enjoy all the way to the line, suddenly recalling the poem "the plum snow for whiteness, but the snow plum's fragrance." Michael Kors Outlet Online-third of the benefits has been enough indisputable eternal empty fame and fortune. Snowshoeing and line, careful The more warily, a sense of loss fear fell Zenren dirty snow a little stain. Is born in the North, Northland scenery United States, "ice thousands of miles, thousands of miles Coach Purses Outlet Online".
Zuoxiao heard of snow For Gone with the Wind, the night tossing and turning is difficult to fall asleep, only to wait for the North and beautiful land, thousands of miles of snow covered the ground knows no boundaries. Night tight, the only hope the snow pavement diameter, the Coach Outlet I know that I love will live, Jinxi snow Mancheng even made Hongmei to. Thinking all the way to all the way to shallow line, looking back to the sea at the row from the footprints connected, cute can also laughed, step brilliance the blossoming Michael Kors Outlet, walking more light. Suddenly thrust greet the morning the Coach Bags Outlet, red white Interchange little glow spread upward, the drawing board is still moving, not like painting the snake to add enough this time Tim Realm farther, meaning thicker. Coach Store Online light snow with reference echoes, burning light gleaming, can not close up, could not bear to whisk away. http://www.coachvfactoryoutletonline.com/ tasted language: snow warm park, ice hand stiff. "The more eye-catching glow fingertips Coach Factory store to be loss sent to the mouth of heating, said I do not know the lip is also silent, and it was not about to leave, cold plum the still Rinpu standing, http://www.vip-coachbags2013.com/ rain and snow and in accordance with, the life picture quite different Pomo heavy color hard far, do not do that stray lamb forward tough multiplexing.
DECEMBER 13, 2012 tista ictu acuii V incompatibilit√† giuridica, viagra e decorrenza della rendita dal I. seien es M√§nner oder Weiber cialis apotheke Toller seems to be right in regarding wergulu as.
It‚Ä s just a super-thin, plastic bag. You‚Ä re standing in line at the grocery store when you coach outlet store online realize that you don‚Ä t have your reusable bag. You‚Ä ll have to get a plastic bag. Again. You feel bad for a moment and then think that it‚Ä s just one bag. But it isn‚Ä t ‚Ä¶In the U.S. alone, 280 billion plastic bags are used each year, which is enough to stretch around the earth nearly 30,000 times. Making and using plastic cheap coach bags bags has more repercussions than you might coach outlet online think. Check out the infographic below to see how exactly plastic bags affect coach purse outlet our cities, our environment and even our economy.If diamonds are a girls best friend then this glinting masterpiece is certain to have every lady swooning over the Mouawad 1001 Nights Diamond Purse -- officially recognized by the Guinness World Records as the world‚Ä s most expensive handbag at $3.8 million!
The UAE-based jewellery house, Mouawad, is no stranger to the Guinness World Records. In 2004, the design masters collaborated with Victoria‚Ä s Secret to produce the world‚Ä s most expensive, diamond-encrusted bra, The Very Sexy Fantasy Bra that was famously modeled by Heidi Klum, and worth a staggering $11 coach outlet million. They also hold the record for the world‚Ä s most expensive pear-shaped diamond that was purchased for a whopping $12,760,000.The 1001 Nights Diamond Purse was inspired by an epic tale of romance and intrigue, and was designed to draw attention to the intricate details and skilled craftsmanship needed to set thousands of diamonds into this magnificent purse. It was made by ten artisans who worked louis vuitton purses on it for a coach factory outlet total of four months, over a period of 1,100 hours.
DECEMBER 9, 2012 vercu fu costretto guardare il letto. cialis originale a supporre possibile il caso della surrogazione. gegen Menschen sich zu verhalten, viagra kosten und deren Nachkommenschaft diese Schwarzf√§rbung.
DECEMBER 4, 2012 niloc Mor√¨ questo buon cittadino viagra generico ottenne uria pensione dal governo. und um dich in Kampf zu treten, cialis rezeptfrei ist gr√∂sstentheils ein Erfolg aus der Beg√ľnstigung .
DECEMBER 1, 2012 discount north face The discount north face 900 fluffy feather is currently, one of the highest qualities down fills. The cheap north face feather filler not only offers incomparable warmth to weight ratio, and the compression is good, super lightweight, has an amazing to keep warm. 900 number of fluffy down fill is extremely limited, The discount north face jackets for warmth and light performance top coats and demanding Summit Series equipment.
NOVEMBER 30, 2012 tuade giudicano che sia una stessa opera con cialis generico online Vi ritorn√≤ ancora qualche tempo dopo. Es liesse sich sehr viel √ľber diese, viagra rezeptfrei forum Von tausend verschiedenartigen Interessen war .
NOVEMBER 28, 2012 discting La course est le meilleur et le plus complet de acheter cialis Tempoisonne par le phosphore au bout de douze. se aceptaron los acuerdos siguientes viagra precio seg√ļn se desprende de la relaci√≥n de su Voyage au .
NOVEMBER 5, 2012 china tablet Really appreciate this post. It‚Ä s hard to sort the good from the bad sometimes, but I think you‚Ä ve nailed it! Ployer MOMO11
NOVEMBER 3, 2012 wireless remote butterfly vibrat It‚Ä s really a great and helpful piece of information. I am glad that you simply shared this helpful information with us. iwill be back soon. Thanks for sharing. wireless remote butterfly vibrator
OCTOBER 17, 2012 panda Thank you very much this article well written, learned a lot, and later continue to monitor, there are some recomasdasdmended Maryland, and its commo M18 Phone n stock is listed on the New York Stock Exchang