Q4 2020 LG Display Co Ltd Earnings Call (Korean)
I know when you got home schooled in the display comes. Okay Jose in your life, but I'm just going to put good morning and good evening. First of all, thank you all for joining this conference call and now we will begin the conference of Catholic school year two thousand twenty fourth quarter earnings results by LCD display. This conference will start with a presentation followed by a divisional Q&A session. If you have a question, please press star one that is start and one on your phone during the Q&A.
Now we shall commence the presentation on the fiscal year two thousand twenty fourth quarter earnings results by display.
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Good afternoon. This is Daniel be in charge of LG display are on behalf of the company. I would like to thank all the participants for joining our conference call today.
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Today, I am joined by our CFO dhol. He on Kim Senior vice president of corporate strategy group sent me limb vice president of planning Steven KO vice president of marketing vice president of strategy and marketing and key one phone and charge of Auto marketing.
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Thanks for calling Sam's Club will be conducted for 1 hour and both Korean and English starting with the presentation of the financial results of $220. And the company's Outlook, which will then be followed by a Q&A.
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Please refer to the presentation document and the company's website for more details on the financial results of Q4 2024 those Journeys through the webcast. Please refer to the details on the ridges on your screen.
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Before we begin the presentation, please take a moment to read the disclaimer.
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It also please note that today's results are based on Consolidated Ki fire standard prepared for your benefit and have not yet been audited by an outside auditor.
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let me first start off with our business performance in Q4.
It should have been off which wasn't 11% on reporting 7 trillion $460 billion on strong demand for increases in shipment 4012 the Top Line growth.
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2 4 area shipment was up 5% on quarter to report 8.7 million square meters.
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large and small to mid-size mobile panel shipment and higher LCD panel prices Blended ASP was up 12% on quarter and 30% onion reporting 719.
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Next is on Q4 Revenue breakdown by product segment.
I'm going to go to bed. It depends on a subject supposed to do in terms of the revenue breakdown. It panel accounted for the highest portion at 37% TV panels twenty-nine Palms. Well mobile and others accounted for 34% of five percentage points on quarter driven by higher shipments for small 2 minutes or less panels.
Balance and payment. Next is on the company's financial position and ratios.
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240 Wings on the financial statement, so 305 billion one compared to the third quarter.
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For the financial ratios liabilities to equity ratio was one of the 75% current ratio 101% and net debt-to-equity ratio came in at 77% all Home Improvement and a q over cubasis.
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Speak to one area shipments to be flat to oncue and Blended ASP is expected to decline by high single-digits due to seasonality. Hopefully some sort of highlights. I guess that's just presentation by the company.
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Good afternoon. This is th Hosea full of LG display.
How much what should you meet em, like to wish all of you or shareholders investors and analysts all good health as we are in the midst of the COVID-19 pandemic.
How long do you know how long depends on if I go tons at all? Usually Black Crowes and shipment for large outlet and classical that tunnel for Mobil and with good demand for TV and it products LCD panel price continued and uptrend as such Revenue was down 11% on quarter and 16% year-over-year.
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in terms of the piano we've seen increase in shipments volume as well as meaningful improvements and the product mix which drove operating profit of $521 billion one q&q and anaerobic there was a sizable improvement with a turnaround to profit.
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in particular was the new outlet five in Guangzhou ramping up production. Would you like to reach let to Growing panel feel four or less TV and based on increase in production underpinned by stages of the Practical business. We were able to bring meaningful performance improvements.
1600 so leveraging opportunities from the spread of the remote working increase in indoor activities with its distinctive Competitive Edge it business continues to report stable performances and on top of that. It's LCD TV has also contributed to profitability Improvement.
You don't look like every time my Samsung Q4 even reported 24% highest-ever in 15 quarters.
I don't think that next is on the guidance 4 to 1:21 a.m. Thursday to put Mexico.
Compared to a typical seasonality we expect demand for TV and it products to stay solid in the first quarter while we expect area shipment to stay flat to oncue. Suspended AST is projected to decline by upper single-digit on product mix changes on the back of seasonality.
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Although overall we expect solid market demand in q1 compared to the Past unexpected volatility is May surface driven by FX rate and seasonality factors as such a closely Monitor and respond accordingly to business environment.
I'll talk to my next update and outlook for each business segment.
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After the new Punk came online sales have been quite good as we continued on with steady shipment as such q400 shipment was around 1.6 million units, which is 15% calling here.
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What is more encouraging is not the end consumers or clearly seeing the distinct value that is intrinsic to OLED COVID-19 has brought on changes to people's Lifestyles with TV clicking on a greater part of that lifestyle and the value that old and offers in terms of precise and accurate picture quality design healthy eyes have been highlighted further solidifying is positioning in the job market.
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based on this we are targeting seven to eight million annual unit sales in 2021 supported by expanded product line up. We will set up a solid positioning respond to the consumer needs and in so doing will strengthen the company's earnings space.
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for the move out business this year. We plan to further strengthen stable operational basis around plastic OLED based on strengthening of internal capabilities productivity enhancements and customer relationships. We will minimize all season volatility seen in the first half of the year and will endeavor to bring better year-over-year results. We don't know. How long have you talked to give me a review on mobile number.
Next is on it and LCD TV for it. We where we have differentiated competitiveness underpinned by strong production capabilities and close relationship with our customers expect to further strengthen product and Market leadership and continue to generate earnings profit.
For LCD TV. We will be flexible in addressing changes in the demand Dynamics and customer requirements to fully leverage opportunities presented through Thursday. I believe that topic is all the financial management.
How long you got your loan off a minute? How about you suck? So cold untapped or contact free environment. We expect overall Market demands to remain solid with seasonality impacting certain products. However, depending on how COVID-19 plays off volatility May resurface.
You you may not get off at the same time closely monitor risk factors and engage in flexible yet stable financial management activities.
You give me an excellent month? How long did you remove you? The link is only four months from the previous level to Mid to trillion one level and we will keep to the investment principles of spending cap packs within the level as you've seen. We saw meaningful improvements and Thursday 4 to 4, and we will continue to sustain the Improvement and financial stability. Thank you for your attention.
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That brings us to the end of the earnings presentation for two for 20 20. We will now take your questions operators. Please commence with em off now will begin please press star one that is start and one if you have any questions questions will be taken according to the order you have press the number for cancellation, please press star to that is start and two on your phone in order to allow as many chances as possible within the restricted time. We would appreciate only two questions for each participant.
Tom Wood Honda, the first question will be provided Financial investment, please. Go ahead.
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Thank you for a Nitro and investment. I would like to congratulate you on recording such a great result. I would like to post two questions first on the full details relating to your Q4 earnings performance and second question would relate to the demand Dynamics around LCD. So my first question is this we see that your Q4 results have been quite good. I think this poem is allergic driven by a very positive and favorable Market backdrop, but could you provide us with a more breakdown driver behind the business performances for each of your business areas off my second question relates to the demand Dynamics surrounding LCD, we've seen domestic players actually extend to the running of their LCD Fab lines would like to understand what impact this will have or your second half on the second half Dimension Dynamic going forward and in line with I could you also share with us what your projections are with respect to the LCD panel price going forward.
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So I would respond to your first question you've asked for more details regarding the Q4 earnings basically as I have previously explained compared to the third quarter. We've seen improvements off the top line revenue. And basically this is largely driven by the fact that we were able to change the product mix much product mix towards more highly profitable products bought a second is with respect to the overall increase and the selling price or the SE of the LCD that will also another driver so driven by these two factors that brought up out in public with these factors did was actually more than compensate for the negative impact that actually changes had on our piano. So at the end of the day that actually improved our. And profit so once again to sum it up basically we were able to increase the sales volume the top line revenue able to improve all the product mix and also increase the pricing and once again all of these three facts
We're able to offset any negative impact from FX movement and really contributed to improving of our profits.
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When you do a second question, I understand your question has to do with our domestic competitor actually extending the operation of the domestic Fab and what impact that would have on the LCD demand Dynamic and so on the price projections.
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No, in terms of the demand and Supply Dynamics, we would have to cover up those too. So if you look into the second half of the first on the demand side, we believe that how the cult inside actually plays out going forward will have an impact on the demand side.
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No on the supply side, you've mentioned that domestic competitor have decided to actually extend the operation and running of the domestic fiber whether they will do so up until the end of the year or whether they would stop. It's not clear at this point, but assuming that they were run the fob on a full year basis. I think that's comparing the impact of that to the Chinese competitors ramping up and down making preparations to run the 10 G5. We understand that some have actually started to ramp up the 10 G5, but I think the timing of the size of that will have a bigger impact.
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so only know the pricing mechanism is contingent on the balance between supply and demand and basically there are multiple factors that come into play and so it would be difficult to project after the devil of pricing going forward. But as we enter into the second half from the first half of the year, we think that in terms of supply and demand Dynamics, the tightness will be somewhat the improved mean life will be mitigated and that will have impact on the pricing.
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Elaborate on that one of our key three strategic tasks include structural Innovation for our LCD vs. And the whole key to this is that we would strengthen the differentiating factor of our competitors products like this competitive business like the It business and it falls the less competitive business areas. We will rationalize and make improvements. So even if the demand and Supply Dynamic changes because we were able to enhance the fundamentals of the resilience of our business. We will be able to cover for any Puja volatility that may surface
Tom's in the next question, please. I am the one from Katie Securities, please. Go ahead sir. Jack panel line when young and Thursday the 109R plastic will let young compared to mango juice.
Thank you would like to ask you two questions on your business. First has to do with your Adobe white toilet panels. You've mentioned that your plan is to ship out several million units would like to understand whether you then have plans to go about adding more capacity your punk to your punctual Fab. Second question has to do with the plastic whole business. Can you provide us with what your protection is regarding the total shipment of P or less per on an annual basis for this year that is and can you provide some color as to your earnings directions.
June June first question. I understand it has to do with the large OLED panels, especially 20-21 our our plans do plans regarding how we're going to operate these panel lines. And also in order to achieve the seven to eight million total we've communicated. What do we have any plans on the poncho liner? I understand that to your question.
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I mean based on the assumption that we we need. We will need to sell $78 million units on an annual basis. If you take into consideration our package, which currently the 80,000 is the capacity but through productivity enhancement activities. We were able to further up that capacity to a certain extent and with regards to the punctual that we currently have. The capacity is $60,000. So if you did the addition addition it is $140,000 plus maybe a little more. So with this capacity, it is possible for us to support that seven to eight million a unit sales.
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So what we want to do is we plan to closely monitor the sales trend of the older TVs as I've previously mentioned. Our consumers are now clearly understanding being a value that actually offers them and also from the set customer's perspective. They said make this effective they see the positive potential with respect to their own home. So we were closely watch how the queue one Trend actually plays out. And if at a point in time, we feel that we would need to support eight million of OLED panels than you know, we currently at Guangzhou. There is some preparation that has been taken place, of course with some more enhancement or Improvement, but we will be able to add about $30,000 more and the capacity and if I run and utilize at that level of capacity will increase it is $90,000 and then we will be able to amply supports that 8 million requirement dead.
And so it is really quite important for us to very closely look at and observe and monitor the queue on Trend and will be when the time comes we once again communicate with you on the details.
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Responding to your second question on plastic OLED the specific numbers. I won't be able to share that with you because it requires our customers. So, please please do understand but as long as you know last year as we entered into the second half it was is true that some expressed are concerned whether we in terms of our business in terms of its quality Healdsburg, whether we would be able to counter the competition that we were facing from our competitors, but the second half experience of last year. They gave us the confidence to be we're on our capacity G at a school level and we were still able to bring about quality ability yield and cost and they gave us the confidence that we could actually do it and we were also able to provide that, it's to our customers as well.
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If I were to make projections for this year based on all the hard work that we've put in to really lay a firm basis for this year. It would be important for us to bring one level up to to to bring a notch of in terms of in terms of what we have already have. So of course we would have to closely look at what the sales team looks like from our customers sign and that will of course have an impact on our results, but we think that on an error over your basis we would be able to expect quite sizable Improvement off.
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Thank you. And I also congratulate you on your good earnings performance. I would like to also post your questions first this year TV makers like Samsung Electronics m e and a 20x have announced that they would focus on making mini LED TVs. So in terms of how thin it is or in terms of picture quality, it is superior. We have edlc dead. We think that many LED will further expand the positioning of the premium segment and sometimes I think we'll start to very strongly promotes that it was it would be able to actually narrow the Gap that it has with OLED on the premium side. And so do you don't do you believe that the launch of the mini LED is going to be unheard of for you and your in your pursuit of achieving the seven million above the million or the T cells and do you expect that there would be some price related pressures second question. You're earning was very good and would suck.
Think that's what you wanted, especially if you look at your strategic customers, the smartphone sales mobile phone sales is expected to be quite strong as well. And also the LCD TV in terms of demand and price.
Pricing the backdrop seems very positive. So your guidance seems to be quite conservative. Maybe you'll expect a upward revision of the guidance.
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So if you look at mini LED from the whole display Evolution part, so looking back at the revolution part that starts with c r t l c d and then the next Generation off Outlet or LED. So it does mini LED fit into any of these evolutionary paths. We think that it is actually a adjustment that is made of the LT technology package the back light side. So one would have to question whether that actually represents an evolutionary step forward me think that it is just a type of LTD package that you got more you mentioned in your lunch or already done.
Would you compare many LEDs, you know, let head-to-head may not be all that appropriate but I would still like to Echo what I see if it has said in terms of the value that's offered by the LED.
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Definitely that was triggered by the COVID-19 demek error and people were able to during the pandemic really understand the value that all LED was offering and we think that that would still be valid in the post covered error or Thursday good young some contents.
To you know, we've done streaming streaming stuff is off. There are some backdrop changes the fact that because of covet people time spent on watching T has definitely increased but also on top of that the way people enjoy and consumer video content have also changed we seen streaming services grow and also the respective subscriber number is also go up. We think that these types of changes have been quite critical name is all pajamas off display off.
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So in terms of in terms of what's happening in the past the way people understood the value that was offered by large size a large area screen was a picture of T and they thought that brighter color rendering was what was good, but nowadays they understand that when it comes to picture quality accurate. This is important and all the Hollywood Studios and production houses are hundred percent using OLED to to to edit the to edit their videos and do all these other work. So these days off at Christmas of that picture quality and natural reality that is actually conveyed by the OLED screen is considered to be the intrinsic superiority that this technology will offer.
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Second point I would like to emphasize is not there were certain pain points that consumers have experienced when they were watching these large panel displays and wage based on the results of a survey results that we took in China and Korea when people are watching these displays over an extended period of time like watching streaming services would definitely has been proven to be less harsh on one size. So there's a global accreditation or certification agencies who have issued for 2019-2020 as well as the 2021 that all LED is the most safest display in terms of I health and and comfort and also a US agency called volt has also issued issued that announcement and also a lot of eye doctors in the United States actually recommend people using all that displays. So all that has been proven to age
Safe and comforting to human and so this is a value that's been very much highlighted during the week. And we think about this value will stay feasible and valid even in post code error.
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Last but not least if we look at the evolution and development of OLED since its first launched back in 2013, it had gone through many cycles of evolution. So it actually transcended just a mere Improvement in brightness or resolution or search and Technical specification. It was able to really bring about differentiation in terms of design a setting itself apart compared to other Technologies like, you know many LED and others and also there was integration and further application development in different areas such as gaming education a conferencing Subways Transportation et cetera. So what we'll do these evolutionary process OLED was able to prove to to others that the intrinsic value that it actually off and it was also able to further solidify the value of ring and so we believe that in terms of the sales of seven to eight million units that we projected for ourselves. It is feasible for us to look forward off.
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This just to see if it again responding to your second question. You've mentioned whether we have any plans to further revised upward our guidance sense in terms of the performance as life compared to the market consensus would have to say that it would be difficult for me to at this point specify a certain figure having said that if you look at our piano trying to 3 and to 4 a.m. On the difficult factors that wait in on our piano thanks to the Endeavors and efforts of the company and the employees we were able to mitigate somewhat that risk. So tons of the structural aspect for our volatility on the piano to actually go up we can say that we were able to eliminate those negative factors.
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So in terms of projections for this year starting to one is compared to to 4. Last year. We expect the area shipment to remain flat but the fact that he's an allergy Factory would of course impact the product mix changes and parts of changes, but would have impact on our top-line Revenue so there could always be a top-line declined due to speak with the technical the factors however in terms of volatility and if you look at the overall trends of ASD and FX rate, although the direction is quite positive that those could always work as long as either an opportunity for a risk factor for that company. So he think that for queuing it would be very important important for us in terms of important for us to manage these important factors. Thanks to a very committed effort of all of the employees of the company. We were able to really build out a solid base to bring about turn around and profit off.
And I can tell you that we would continue to commit and if we are almost effort so that we could further improve profitability.
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Good afternoon. Thanks for taking my questions. The first phone is related to your LCD capacity in Korea. You've met so far weaker of p77. And I think you you suggesting earlier, but it will reproduction. Where would last potential of Bishop could you update us on the status as to ever receive the base case or you could actually keep production going for longer went off and secondly regarding the plastic coated Market. What is your view on the likely for adoption of in the tablets off ticket be on the existing position of what I'd Mobile Android side and would you participate in to that segment if it was two broke? Thank you.
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It's responding to your first question.
On the domestic paju SED capacity will base this on the TV panel, which is so we have seven and eight. If you first look at the generate capacity that the conversion to manufacturing products have been almost complete and there are some other additional preparations and it products are being manufactured from Junaid capacity. So June 8th is our goal is going to cover the it product offering in terms of gen 7 as we've communicated previous year as well. We will align ourselves with the changes in the market situation as well as our customer needs and we expect there to be some changes in terms of the demand and Supply balance and dynamic. So we were closely monitor how things came out and we'll also consult and discuss with our customers so that without any additional resource investment within the level of headcount in capacity that we already have wage.
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So as you already know when it comes to our older technology that is plastic older technology for small-form-factor or small size displays and larger displays, which require fight with technology and based on these Technologies. We've already launched a foldable notebook or laptop using plastic and using height. We launched a gaming four gaming displays 55 inch and 48 inch long. Do you think they put a title get so much money? So Daniel organs, would you need a job?
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In terms of Outlet, of course, there is the the perfect picture quality, but it is much thinner and lighter and a lot more flexible in terms of Designing different types of form factors mature. Oh, it is very optimal to apply two different Suite of it products for a plastic OLED and white RGB. We are positioned and poised the very aggressively and active or respond to any Market requirement and we are very tapping into the market quite actively. So whatever spec specification is required by our clients and customers we are prepared and ready to meet the customers needs.
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Yes, I would like to ask you some questions on the financials despite the fact that your earnings performance was quite positively senior Equity price. Actually the today is that because of the impact of them will go into which we issued previously because the converting price I understand is twenty thousand one and there is a possibility of about 10% dilution. So, do you have any plans maybe preemptively since your performance quite good to actually do share BuyBacks and whether that if that is an option option second question is in terms of your Capital planning. And if you look at your cash flow your Catholic faith was only around $200 billion it seems and with the with the finishing up of the punctual Fab investment and also you are not you have not yet made Investments for that additional 30,000 capacity. So is it right for us to assume that if there are no new Catholics requirements that your quarterly kept expanding is going to be dead.
As we have seen and this quarter figures or are you holding up on investment of or relating to the Future need because if we look at the cash outflow, it seems to be quite low in terms of investment. So is that something for us to expect going forward or is this something that is one of our temporary?
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Responding to your first question in terms of whether there is possibility of the beholders to actually convert that to shares. We are closely monitoring and checking of that possibility currently CV is traded on the market and TV price is considered to be one of the leading indicators in terms of the equity movement. So CV holders at this point in time, we believe that they do not feel the necessity to actually convert that holding into the equity of the company So currently trading is taking place quite actively and so long despite the fact well, your question was the despite the fact that the earnings performance could since the equity price had not really risen or actually had declined is on the back of that is is that because of the month now, I won't be able to confirm that one way or the other and we have not yet checked that but we think that there is not big of a possibility for the CD holders to actually convert their Holdings to every
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Responding to your second question on capex last year. We have our capex spending was in the mid-to-upper 2 trillion Korean Won as we have previously communicated to our team meetings. We have already been investment into large-scale old lady investment projects. So without any significant investment or add on investments capex will remain at a low level and that promise still holds as of today. And also when it comes to investment the two different types one is investment for the large project and also investment for Life developing new models and retrofitting equipment to actually be to produce those near New models. And basically it is this latter type of investment that that made up the 2020 capex spending. So if you are to assume that there isn't going to be any significant a large project that entails a significant level of investment we can say that we would be able to stay within the level going dead.
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To make investment depending on the additional business opportunity that we identify so Catholics May fluctuate depending on those situations.
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2029 East conference call for LG display. Thank you for joining us today and
For those of you who were unable to submit your questions to the time constraints. Please do not hesitate to contact our team, and we will be happy to respond to those questions. Thank you.
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