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hi class good evening um tonight we're
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going to uh discuss uh uh the financial
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statements of uh property
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companies
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um okay so um we will be discussing the
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financial statements of uh real estate
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companies or property companies and this
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is the presentation outline so we'll
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discuss some of the more important
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balance sheet accounts and this will
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include uh accounts receivable
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inventories investment properties okay
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and um I'll talk about the revenue
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recognition policies of property
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companies and uh aside from the approval
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method uh property companies can also
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use the percentage of completion
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methods um completion method especially
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for uh projects that
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are um that take time actually to
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complete like for example uh
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construction of
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Condominiums um WEA office condominiums
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or uh uh residential Condominiums and
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even also for um development of uh real
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estate uh products like uh let's say uh
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Lots or house and lots all right and
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then I'll talk about the importance of
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matching investing and financing
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activities uh I have already emphasized
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this in um some of our previous
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discussions but maybe it's even more
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critical for for property for property
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companies and then how do we account for
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um real estate for sale and land health
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for future development um you will see
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later on when I I discuss uh the
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financial statements of some property
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companies um probably will have some
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idea as to how uh uh the accounting
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sometimes can valy from one company to
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another
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okay and then how do you classify
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accounts receivable the reason why this
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is important is because unlike other
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operations um for property
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companies um It's Not Unusual to have
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accounts receivable that uh that are
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Beyond one year and in that case how do
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you classify accounts receivable that
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are uh expected to be collected Beyond
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one year okay and then of course how do
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you account for investment properties we
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have already covered this in the in the
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previous
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sessions uh maybe I just need to
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emphasize to you again um how to account
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for investment properties and then of
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course we'll talk about profitability
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and liquidity ratios that you know that
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you use for property companies
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okay so here is an example of uh well uh
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this is the asset section of uh ayalaan
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financial
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statements and take note um as of
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December 31 2023 the company has more
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than 846 billion in total assets and if
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you look at the big ticket items what
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are the big ticket items that you will
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observe well you have investment
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properties which I guess is the biggest
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followed by your
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inventories and then I think your
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accounts and notes receivable and take
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note um the company has shortterm
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accounts and not receivable but it also
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has long-term or non-current accounts
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and notes receivable okay uh as I was
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saying before um it's uh normal for a
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property company to have receivables
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that are expected to be collected Beyond
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a
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here okay and then let's take a look at
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the uh liabilities and Equity section of
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a alance it has more than 840 billion in
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total assets so how much of that are
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financed by Equity so uh 319 billion so
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I guess the if you look at the the
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breakdown of the uh sources of financing
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it looks like the company is biased
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towards uh debt financing
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okay and then later on we will discuss
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um what are some of the financial ratios
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that you have to monitor in actually uh
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analyzing the financial statements of
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property companies
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okay so let's proceed with
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the
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discussion
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uh yeah if you look at aaland um
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it has um a total of 163
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billion here well a total of after 166
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billion or 100 almost 167 billion
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accounts receivable in
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2 uh 23
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2023 uh it has uh allowance for that
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full account
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so um and then you have what you have
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allowance for well you have allowance
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for impairment of about 2.8 billion and
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so you have uh a total of 164 billion
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net of allowance and then out of that
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164 billion 105 billion is current and
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this is the one that we have shown to
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you a while ago the non-current portion
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which is presented as part of the uh
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non-current asset of the company okay
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[Music]
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now another item that I think is worth
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um analyzing for um property companies
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is um uh their inventories okay um the
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reason why I am emphasizing this is
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because
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um property companies have um
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well if you look at the business of the
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company they can have shortterm and
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long-term inventories okay um short-term
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inventories are those inventories that
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are already um developed and they're
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being sold and then of course those that
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are being developed
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okay what about land for land for or
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land held for future development how
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should you classify them um in the past
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um I have observed that property
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companies uh classify land held for
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future development normally as part of
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the non-current asset and I think that's
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how it should be it's like a non-current
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inventory but um a more recent rule
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actually came up um I'm not so
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particular about the rule but um uh
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after the trule was uh issued I have
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observed that companies now have
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different ways of presenting land held
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for future development some put them as
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part of the uh inventories uh classified
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as current assets but there are some
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companies that classify them as
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non-current assets and make them part of
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their investment properties
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okay so I I guess that's very important
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uh to note if you were an analyst of uh
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property companies because uh land held
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for future develop M may take years
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before they become cash and so therefore
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uh if you're Computing uh the liquidity
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position of a property company and some
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of these
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inventories are actually not yet being
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developed or not yet developed um I
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suggest that you do some
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reclassification okay you have to make
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some
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adjustments um because if you don't then
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I think you are andly overstating the
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liquidity position of that of the
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property
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company um remember those uh inventories
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may take some time before uh they can be
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converted into Cash even if you sell
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them already right because normally for
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property companies um very generous
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credit terms are provided to to
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customers um but even those that are
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being developed um those that are um the
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inventories that are being
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pre-old um it may take you actually for
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property developers to uh to put them up
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before they can be turn over to their
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customers um
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but
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um once they are turn over uh sometimes
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the property developers connect them to
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uh Bank financing uh for me that's a
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very good way of cashing in on your uh
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production if you're a property
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developer but we have to admit it that
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uh the interest income generated from
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in-house financing can also be
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attractive right because
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uh um property developers can charge
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relatively higher interest rates um for
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uh uh this
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receivables and if you compare that to
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the um to the cost of borrowing from the
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banks normally there's a big spread okay
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uh so so some companies actually do
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in-house financing and that's why you
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have those long-term accounts
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receivable um but other developers
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actually to the extent possible they um
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actually uh connect their customers to
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to bank financing because uh lending is
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not their business actually right I mean
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it's to develop properties okay um so
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that's you know those are some of the uh
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practices
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okay anyway if you look at the uh this
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is aala land um if you look at the
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movements of the
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inventories uh just take note that
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um here there are transfers from
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investment
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properties um and the reason is uh I
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think in the case of aala land the class
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CL ify their land heeld for future
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development as part of their investment
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properties and by the way investment
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properties are classified as noncurrent
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asset um is that a correct
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classification well I'd like to believe
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so okay at least the uh those land held
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for future development are classified as
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part of the non-current asset and not
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part of the current assets for me that's
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how it should that's how they should be
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classified okay um do I find anything
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wrong with comp companies that classify
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their uh inventories as part of the uh
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current assets well strictly speaking if
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you follow the definition of current
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assets that those assets that are
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expected to be converted into cash
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within one year or the normal operating
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cycle I think that normal operating
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cycle actually um can justify the
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classification of land held for future
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development as current assets but again
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as I said um if you're analyzing ay
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company and especially for determining
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their liquidity position it's better to
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actually be more conservative in your
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approach and for me um I'd rather
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classify those land held for future
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development as part of the non-current
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assets where whether they are part of
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the investment properties or their
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Standalone account and as inventories in
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the balance sheet uh um let's say leld
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for future development I I don't really
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mind okay but for me it's the
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classification that matters whether it
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is SC
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or noncurrent
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okay um in the case of um uh megawood
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and the reason why I have to show it
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here um in the case of meal I think they
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classify the um land heeld for future
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development as part of the of the
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current asset so again this is an
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alternative way presenting your uh uh
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inventories
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um again as I said uh is there anything
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wrong with this presentation I think the
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company is not uh violating any uh
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accounting principle in classifying it
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as such okay uh although if I were to
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again analyze this company I will
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reclassify this Rand inventory as part
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of the nard asset I mean if especially
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if I'm Computing for the liquidity
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position of the company okay for reason
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that I have already uh previously
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stated
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okay um in the case of
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um ayalaan if you remember this is the
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biggest balance sheet item in the um in
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the assets okay well the the biggest
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asset in the uh uh among the assets of a
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land and here is the breakdown okay um
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bul of it are actually which is the
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biggest the biggest is buildings look at
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that okay and then followed by your Rand
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this month and then you have your
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Construction in progress and the company
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has a lot of construction in progress
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okay so um focus on these items if you
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want the the amounts
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okay and I'm not surprised if ayad land
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has uh a lot of this uh investment
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properties because
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uh I think the company uh also generates
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a lot a lot of rent income from their
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from this investment
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properties um I think if you look at
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their total
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revenues
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um I think about at least 20% I think 20
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25% or probably even more uh of their
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total revenues actually come from rent
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BAS income the biggest I believe is uh
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SM Prime Holdings I think in the case in
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the case of SM Prime um I think 60 to
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65% of the revenues come from uh rent
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income okay so
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anyway uh let's
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continue so as regards the revenue
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recognition policies um again uh if the
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product the real estate product is
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completed
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um then the company can use the acral
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method of recognizing
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revenues
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okay uh if the product is not yet
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completed is the company allowed to use
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a percentage of completion method uh
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actually yes okay and this is based on
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paragraph 35 Point C of IFRS 15 okay uh
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I think in the in the next slide I think
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I'm going to discuss with you briefly
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what are these provisions of IFR S15
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okay the installment method is it
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allowed to be used by property companies
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well strictly speaking yes okay um but
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normally companies use this when there
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are uncertainties regarding Collections
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and uh I'm wondering if there's going to
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be any property company that will use
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this installment method you know why
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because if you use the installment
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method you are making an
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admission that
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[Music]
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um the customers that you are dealing
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with have uh issues on their paying
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capacity right and I don't think any
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property company will uh accept that
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publicly okay
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so I'd like to believe that they're
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going to use either the well you will
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use acal method definitely for projects
00:17:01
that are already complete and the
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percentage of completion method for as
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uh for units that are that are pre-
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solved okay so of course it only applies
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to pre-s solved units
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okay so these are the provisions of
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paragraph 35 of IFRS 15 um so these are
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the conditions okay for the uh
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percentage of completion method to VI so
00:17:28
it say and entity transfers control of a
00:17:30
good or service over time and therefore
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satisfies a performance obligation and
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recognizes Revenue over time if one of
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the following criteria is met so all of
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these conditions must be
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satisfied uh number one the cumer
00:17:45
simultaneously receives and consumes the
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benefits provided by the entity's
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performance as the entity performs um
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actually this one is questionable this
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part okay uh because if you're buying a
00:17:59
PR unit you don't actually get benefits
00:18:02
right from the unit itself because
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you're not yet allowed to use it it's
00:18:05
being constructed right uh the only um
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benefit that I can site here is that
00:18:13
um as the unit is being developed uh the
00:18:18
value increases assuming of course that
00:18:20
the value is increasing I'd like to
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believe it should be right for me that's
00:18:25
the I mean if you want to um to explain
00:18:28
in each of these
00:18:30
Provisions uh well I think that's one of
00:18:33
the uh arguments that can be cited
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okay second one
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[Music]
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um the entity's performance creates or
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enhances uh that the customers uh well
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this is for work in progress uh enhances
00:18:54
an asset that the customer controls as
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the asset is created or enhanced
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okay
00:19:01
uh again just like what I said
00:19:03
previously
00:19:05
uh the one who controls the asset
00:19:07
actually as it is being constructed is
00:19:09
the developer right but for me uh the
00:19:12
only
00:19:15
um
00:19:17
ah you not all of the conditions have
00:19:20
need to be satisfied only one is another
00:19:23
yes if one of the following criteria is
00:19:26
met okay so I I guess as regards the
00:19:29
benefit yeah um you can assume that as
00:19:33
the unit is being constructed the value
00:19:35
is being enhanced okay I think I think
00:19:38
for me the biggest um the biggest
00:19:41
argument is this one the entity's
00:19:43
performance does not create an asset
00:19:45
with an alternative use and the entity
00:19:47
has an enforcable right to payment for
00:19:50
performance uh completed to date for me
00:19:53
this is the biggest for me this is the
00:19:55
best argument okay because if let's say
00:19:58
you are Buy buing a residential unit um
00:20:01
it it has to be always a residential
00:20:03
unit right it cannot be a commercial
00:20:05
unit right
00:20:07
so so I guess this is the uh biggest
00:20:11
argument for the use of completion
00:20:13
method and as I said uh there should be
00:20:15
no other alternative use for that unit
00:20:17
that is being put up okay I think the
00:20:22
others it's hard
00:20:25
to can be hard to well they can be ch
00:20:28
chenge I in the first and the second one
00:20:31
okay but the third one I think is is
00:20:33
more like it
00:20:35
okay let's take a look at the revenue
00:20:37
recognition policy of aala Corp this is
00:20:40
an excerpt okay from
00:20:45
um from its own
00:20:48
um uh Financial from from its no to
00:20:51
financial statements let's just see if
00:20:53
you know
00:20:54
um um they use some of the arguments we
00:20:58
we previously uh discussed
00:21:01
okay in the previous slide
00:21:07
okay let says here the group concluded
00:21:10
that revenues for real estate sales is
00:21:12
to be
00:21:15
recognized over time because letter
00:21:18
A the group's performance does not
00:21:21
create an asset with an alternative use
00:21:23
uh I I think this is basically the last
00:21:25
argument in in in in the in the previous
00:21:27
slide that we that I just discussed
00:21:30
right and then this one the group has an
00:21:33
enforceable right for performance
00:21:35
completed to date meaning to say the
00:21:37
developer can collect right from the
00:21:40
from the buyer based on the um
00:21:43
performance
00:21:44
um done okay and then the promised
00:21:48
property this one the promised property
00:21:50
is specifically identified in the
00:21:52
contract and the contractual restriction
00:21:55
of the group's ability to do uh to
00:21:57
direct the promised property for another
00:22:00
use is substantive okay so that means
00:22:04
there there's really no alternative use
00:22:05
for the for the property right this is
00:22:08
because the property promised to the
00:22:10
customer is not interchangeable so take
00:22:13
note of this one with other properties
00:22:15
without breaching the contract and
00:22:17
without incurring significant cost that
00:22:19
otherwise would not have been incurred
00:22:21
in relation to that
00:22:24
contract and then in addition take note
00:22:27
of this in addition under the current
00:22:30
legal framework the customer is
00:22:31
contractually obliged to make payments
00:22:33
to the developer after the performance
00:22:36
completed to dat and for me I think
00:22:38
those are the major arguments okay which
00:22:41
basically are consistent with the
00:22:44
requirements this one that I have just
00:22:47
uh uh discussed all
00:22:53
right and then for the um matching of
00:22:57
investing and financing activities this
00:22:59
um well I guess if your uh business is
00:23:02
small retail based like uh SM Prime
00:23:06
where you have all of these malls
00:23:08
[Music]
00:23:09
um the cash flows from rent income is
00:23:13
very is very
00:23:15
stable and um so therefore I think if
00:23:19
you have
00:23:22
uh well bulk of your income comes from
00:23:25
rent income um this company can afford
00:23:29
to have
00:23:31
um higher debt ratio okay
00:23:35
um but only because I think I uh SM
00:23:39
Prime is already a going concern company
00:23:42
I mean it has already a lot of Ms that
00:23:44
are already operating and of course are
00:23:46
considered cash cows but if let's say
00:23:49
this is the first mold that you are
00:23:50
putting up and uh you have no other cash
00:23:54
flows yet uh from your existing
00:23:57
operations
00:23:59
um I believe that uh all the more that
00:24:02
the company should uh uh have long-term
00:24:07
sources of financing and probably not
00:24:10
just a long-term source source but
00:24:12
probably more an equity financing okay
00:24:16
uh of course if you are um starting um
00:24:21
but uh for other uh property companies
00:24:24
that are more engaged in uh high-r uh or
00:24:28
vertical development projects like
00:24:30
putting up all this
00:24:31
Condominiums uh residential Condominiums
00:24:34
these are relatively more risky
00:24:37
undertakings and
00:24:39
um I'd like to believe that you know uh
00:24:42
if you want to minimize potential
00:24:43
liquidity problems in the
00:24:45
future uh this company should be more
00:24:48
financed by um well long-term sources
00:24:53
and personally I will be biased towards
00:24:56
um Equity financing I'm not saying
00:24:58
you're not going to borrow uh loan uh
00:25:01
long-term debt but uh uh for me the bias
00:25:05
is just on an equity
00:25:07
financing
00:25:09
um
00:25:11
okay again the reason for that is um uh
00:25:15
if you want to minimize uh potential
00:25:18
liquidity problems okay uh because even
00:25:21
if let's say your loan is longterm there
00:25:24
are periodic payments that need to be
00:25:26
made right I mean not many banks will
00:25:29
actually provide long-term loans with
00:25:32
simply balloon payments at the end of
00:25:34
the tener of the loan like for example
00:25:36
if let's say the loan is five
00:25:38
years
00:25:40
um I I'm not sure if banks are willing
00:25:42
to have uh all the principal payments
00:25:45
only in year five normally they require
00:25:49
uh periodic payments periodic
00:25:51
amortizations that uh include both the
00:25:54
principal payment and the and the
00:25:55
interest payment so if let's say don't
00:25:58
have any cash inflows yet or very
00:26:00
limited cash uh inflows from the project
00:26:03
and you
00:26:04
borrow heavily to finance a construction
00:26:08
um and let's say something goes wrong
00:26:11
with the economy let's say there's a
00:26:13
recession I do not know what will happen
00:26:15
to your uh debt services and where will
00:26:18
you get the money actually to pay for
00:26:21
the amortization of the loans
00:26:24
okay all right again here um
00:26:29
if you
00:26:30
[Music]
00:26:33
um if you want to find out uh let's say
00:26:37
you're analyzing the financial
00:26:39
statements of a property company and you
00:26:40
want to have more details about the
00:26:43
breakdown of the loan and the maturity
00:26:45
profile you can look at them at the
00:26:47
notes the financial statements normally
00:26:50
uh uh property companies um provide
00:26:54
disclosures on this okay
00:27:00
um I I I just put back here the uh
00:27:04
financing sources of aad I will just see
00:27:07
how much of them are interest
00:27:11
bearing
00:27:13
um this one is interest bearing
00:27:18
right then the shortterm Deb
00:27:21
[Music]
00:27:23
okay and then um long-term debt you have
00:27:27
to 122 billion net of the current
00:27:31
portion so if you look at Ayala land as
00:27:34
of December 31
00:27:36
2023 what are the long-term well what
00:27:39
are the debt interest bearing
00:27:41
liabilities or interest bearing
00:27:43
liabilities so you have this one you
00:27:46
have this one you have this one so 222
00:27:50
240 about
00:27:53
256
00:27:54
billion maybe we can check the companies
00:27:57
how much are the total current liability
00:27:59
about 234 billion
00:28:01
right let's see if the compan is liquid
00:28:04
or now let's check the current assets we
00:28:07
had them
00:28:09
before I'm just
00:28:12
wondering current assets will you have
00:28:15
412 billion in current assets versus
00:28:20
your how much is that I think more than
00:28:23
much is the current liabilities
00:28:30
234 billion this one those are the total
00:28:35
current
00:28:37
liabilities and then you compare that
00:28:40
with uh more than 42 billion current
00:28:45
assets
00:28:48
right and then out of the
00:28:51
company's current
00:28:56
assets but we have
00:28:59
17.3
00:29:01
billion cash and short-term Investments
00:29:03
and about
00:29:06
[Music]
00:29:08
105 billion accounts and notes
00:29:11
receivable it's not much right compared
00:29:14
to the current
00:29:17
liabilities
00:29:18
[Music]
00:29:21
um Can the
00:29:23
company not have any liquidity problems
00:29:26
well I find the
00:29:31
number
00:29:36
actually they're not that high actually
00:29:39
I mean because this one may take time
00:29:42
before they can be converted into Cash
00:29:44
of course there are some I think um um
00:29:48
how do I say it
00:29:51
um especially when you pre-sell
00:29:54
definitely are able to collect some as
00:29:56
you pre-sell
00:29:58
um
00:30:00
and I think the current liability is of
00:30:03
232 billion there us I don't think they
00:30:06
will mature all at the same time
00:30:09
so anyway at least um for me the the
00:30:13
constellation is that you have much much
00:30:15
more total current assets as compared to
00:30:18
current liabilities okay and uh aan
00:30:22
actually has a very good uh credit
00:30:25
rating it has very good brand names I
00:30:28
guess if something goes wrong with the
00:30:31
company's liquidity position uh the
00:30:33
company has very good access to to
00:30:36
Capital and I think given to money
00:30:38
market okay so it should not be that of
00:30:41
a of a problem I believe for
00:30:45
a
00:30:48
anyway
00:30:50
uh I think we're done with
00:30:55
this we're done with this as well
00:30:59
yeah what are some of the financial
00:31:01
ratios that um the companies can that
00:31:04
the property companies can pay attention
00:31:06
to um in analyzing the their financial
00:31:10
statements well number one of course you
00:31:12
have to know the the capital structure
00:31:15
of the company just like any other
00:31:17
company okay whether it's property
00:31:20
uh uh food manufacturing Trading Company
00:31:24
okay I think it's always good to know
00:31:27
the company's de structure or
00:31:29
debation and then the long-term
00:31:31
financing um what are long-term
00:31:33
financing well this refer to your uh
00:31:37
equity and of course long-term debt
00:31:40
okay
00:31:42
um and then this one just refers to
00:31:45
long-term
00:31:46
liabilities okay over total assets and
00:31:50
then remember while I was discussing
00:31:54
aala Lance when I was looking at a lance
00:31:56
balance sheet before I was looking at
00:31:58
the interest bearing liabilities okay
00:32:01
why why was I doing that because um you
00:32:03
can have a number or you can have
00:32:05
substantial amount of liabilities but
00:32:07
some of them actually are not interest
00:32:10
bearing uh is that good or is that bad
00:32:13
of course it's still better to have
00:32:15
limited amount of liabilities but I
00:32:18
think uh when you analyze a company it's
00:32:21
also good to distinguish interest
00:32:23
bearing from non-interest bearing
00:32:25
liabilities because the interest bearing
00:32:27
ones definitely will always join the
00:32:29
company of um of cash flows okay and if
00:32:34
those interest bearing liabilities uh
00:32:36
are not managed properly they can they
00:32:38
can really um um well they can lead to
00:32:42
liquidity problems or cash flow problems
00:32:44
for the for the company okay just good
00:32:48
to manage them properly as regards the
00:32:50
accounting for investment properties I
00:32:52
need not uh repeat what we have already
00:32:54
pre previously discussed I guess you
00:32:56
just review your notes on those
00:32:58
on this
00:33:00
topic for profitability ratios well um
00:33:04
in theend of the company has different
00:33:07
um business segments um I think if uh
00:33:11
let's say you have uh a number of
00:33:14
investment properties substantial amount
00:33:16
of your assets are investment properties
00:33:18
I guess it's good to determine how much
00:33:21
rent income you generate out of those
00:33:23
assets and of course out of uh let's say
00:33:26
sale of uh develop properties like real
00:33:30
estate uh units okay that are being sold
00:33:36
okay um yeah how do you determine the
00:33:40
return and property value this is when
00:33:41
you have investment properties okay um
00:33:46
so this is how you compete for it's your
00:33:48
annual rent income uh divided by the
00:33:50
market value of the property or the fair
00:33:53
value of the investment property if
00:33:55
you're wondering um are this information
00:33:58
provided in the notes to financial
00:34:00
statements the answer is yes okay uh
00:34:03
normally there is a section in the notes
00:34:05
to financial statements that uh
00:34:07
discusses the rent income generated from
00:34:11
the investment properties in fact it
00:34:13
even includes the direct operating
00:34:16
expenses incurred out of those
00:34:17
investment properties and Thea value
00:34:21
okay or the fair value of the investment
00:34:23
properties
00:34:25
um are are required disclosure
00:34:29
um in the case of Double Dragon I think
00:34:32
we have already discussed it in class
00:34:35
um it's investment properties are are
00:34:38
already reported at fair value so for
00:34:40
that company I think there's no need to
00:34:42
disclose the fair value right it's there
00:34:44
on the face of the balance sheet but for
00:34:46
companies like aala land and SM Prime
00:34:49
Holdings that use uh the cost principle
00:34:52
the cost model for accounting for their
00:34:54
investment properties if you look at
00:34:56
their notes to find financial statement
00:34:58
she will find out that they provide the
00:35:01
uh fair value for this investment
00:35:03
properties and of course if you want to
00:35:04
determine the return and proper value so
00:35:07
the rent income that is also that is
00:35:10
also disclosed you divide it by the
00:35:11
market value of the investment
00:35:13
properties then you can get the return
00:35:15
and property value okay so just in case
00:35:18
you want to compute for that okay for
00:35:22
the liquidity ratios you have this one
00:35:23
the traditional liquidity ratios but
00:35:26
this one
00:35:29
um I only consider the current assets
00:35:34
okay and then if you notice even the
00:35:36
accounts receivable I only emphasize
00:35:38
current accounts receivable because as I
00:35:40
said um accounts receivable may be
00:35:43
current and noncurrent for property
00:35:45
companies and you're not supposed to
00:35:46
include the non-current
00:35:49
receivable and in the computation of the
00:35:51
quick ratio okay why is there an
00:35:54
adjusted quick ratio um this happens
00:35:57
when when a company when a property
00:35:59
company did not classify its balance
00:36:02
sheet as to current and non-current I
00:36:04
mean in the past there had been those
00:36:06
cases where uh balance sheets are not
00:36:09
presented properly according to um well
00:36:13
at least if you look at the assets and
00:36:15
liabilities are not presented as to
00:36:17
current and non-current now when you are
00:36:19
faced with this situation and to be more
00:36:22
conservative exclude exclude all
00:36:24
accounts receivable in your computation
00:36:26
as part of the Recreation but only when
00:36:29
you know they're not um disclosed
00:36:32
properly but you know I think for most
00:36:35
property companies now I I'd like to
00:36:37
believe that they classify their
00:36:39
financial statements at least how they
00:36:42
present their assets and liabilities
00:36:45
properly I guess that's the end of the
00:36:48
um lecture on um property companies and
00:36:54
if there are any questions I guess this
00:36:56
can be raised to during our uh uh face
00:37:01
tof face uh meetings Okay so uh goodbye
00:37:06
for now okay
