PLAN DE NEGOCIO PARA EL MONTAJE DE UN SPA. – 8 Parte –

5.5 ESTADOS DE RESULTADOS

Tabla 31: Estados de Resultados de Salud Integral Spa

ESTADO DE RESULTADOS

           
Concepto

2012

2013

2014

2015

2016

           
           
Ventas

389.250.000

453.398.400

527.102.844

613.969.393

713.776.257

Costos

32.090.000

37.378.432

43.454.670

50.616.000

58.844.136

           
Utilidad Bruta

357.160.000

416.019.968

483.648.174

563.353.393

654.932.121

           
Gastos operativos

376.113.488

379.153.448

382.196.606

385.493.009

388.793.601

           
Utilidad antes impuestos e intereses

-18.953.488

36.866.520

101.451.568

177.860.384

266.138.520

           
Gastos financieros

9.429.402

7.746.205

5.861.025

3.749.623

1.384.853

Ingresos financieros

0

0

0

0

0

           
Utilidad antes de impuestos

-28.382.890

29.120.315

95.590.543

174.110.761

264.753.667

           
Impuestos

0

9.609.704

31.544.879

57.456.551

87.368.710

           
Utilidad neta

-28.382.890

19.510.611

64.045.664

116.654.210

177.384.957

Como se observa los costos fundamentalmente son operacionales, esto es debido a que el servicio tiene un costo fijo muy reducido (esto a medio largo y largo plazo es una ventaja, ya que permitirá tener unos márgenes de rentabilidad elevados).

En cuanto a los estados de resultados, se observa que el primer año la empresa arrojará unas pérdidas de 28.382.890, esto es debido a dos factores, estos son:

  • Gastos operativos con una baja sensibilidad a las ventas, y por tanto, elevados el primer año.
  • Ventas aún insuficientes, debido al periodo inicial de posicionamiento.

Será en el cuarto año, donde la empresa genere unas ganancias después de impuestos significativas, en especial de 116.654.210

5.6 FLUJO DE CAJA

Tabla: 32: Flujo de caja de Salud Integral Spa

FLUJO DE CAJA DEL PROYECTO

             
Concepto  

2012

2013

2014

2015

2016

             
             
Ventas  

389.250.000

453.398.400

527.102.844

613.969.393

713.776.257

Costos  

32.090.000

37.378.432

43.454.670

50.616.000

58.844.136

Gastos operativos  

376.113.488

379.153.448

382.196.606

385.493.009

388.793.601

             
Utilidad operativa  

-18.953.488

36.866.520

101.451.568

177.860.384

266.138.520

             
Impuesto de renta operativo  

-6.254.651

12.165.952

33.479.017

58.693.927

87.825.712

Beneficio fiscal financiero  

6.254.651

-2.556.248

-1.934.138

-1.237.376

-457.001

             
Utilidad operativa despues de impuestos

-18.953.488

27.256.816

69.906.689

120.403.833

178.769.810

             
Depreciación y amortización  

9.263.048

9.263.048

9.263.048

9.263.048

9.263.048

             
Flujo de caja bruto operativo  

-9.690.440

36.519.864

79.169.737

129.666.881

188.032.858

Del flujo de caja anterior, el TIR y VPN sería el siguiente:

 TIR del anteproyecto: 31,65%

TIR del inversionista: 45,73%

VPN del proyecto: 91.331.767

5.7 COSTO PROMEDIO PONDERADO DE LOS RECURSOS WACC

2012: 11.51%

2013: 13,30%

2014: 16,28%

2015: 18,73%

2016: 20,31%

5.8 LIQUIDEZ

Tabla 33: Liquidez de Salud Integral Spa

LIQUIDEZ

 

FORMULA DE CALCULO

 

2012

2013

2014

2015

2016

   

RAZON CORRIENTE  

ACTIVO CORRIENTE

3,39

2,82

2,98

3,54

5,33

   

PASIVO CORRIENTE

   

   

SOLIDEZ  

ACTIVO TOTAL

1,28

1,57

2,37

3,65

5,33

   

PASIVO TOTAL

   

   

CAPITAL DE TRABAJO  

ACTIVO CORRIENTE – PASIVO CTE

43.937.542

55.116.185

108.718.478

212.564.547

399.212.552

 

Se observa que en términos de liquidez y solidez la empresa evoluciona hacia el equilibrio, obteniéndolo en el 2015. Este dato es un claro indicativo de viabilidad financiera del proyecto.

5.9 RENTABILIDAD

El primer año, destinado a posicionamiento, será el único que ofrezca indicadores negativos de rentabilidad, obteniendo en el segundo periodo una recuperación sostenida, consolidando estos resultados en el tercer periodo.

No obstante, la compañía deberá ser capaz de soportar el primer año de perdidas, no descantándose una inyección de capital a lo largo del primer periodo. Para ello se recomienda intentar recortar gastos en personal.

5.10 ENDEUDAMIENTO

Se observa que la deuda no será un determinante financiero, ya que esta bien distribuida, en los últimos años se aconseja tener una partida amplia de disponible para hacer frente a las deudas a corto plazo

5.11 INDICADORES DE VALOR

Tabla 34: Indicadores de valor de Salud Integral Spa

INDICADORES DE GENERACIÓN DE VALOR

                 

INDICADORES DE VALOR

 

FORMULA DE CALCULO

 

2012

2013

2014

2015

2016

   

MARGEN EBITDA  

EBITDA

-4,87%

8,13%

19,25%

28,97%

37,29%

   

INGRESOS

   

   

COSTO PROMEDIO PONDERADO  

11,51%

13,30%

16,28%

18,73%

20,31%

   

   

RAN  

UODI

-17,60%

35,96%

102,88%

184,34%

276,95%

   

ACTIVOS OPERACIÓN

 

   

EVA  

UODI – ACTIVOS x CK

-21.007.069

15.567.247

57.214.631

107.058.939

165.238.495

   

   

   

EVA  

ACTIVOS x (RAN – CK)

-21.007.069

15.567.247

57.214.631

107.058.939

165.238.495

   

   

   

% EVA  

EVA / VENTAS

-5,40%

3,43%

10,85%

17,44%

23,15%

   

   

La empresa como se puede observar genera valor desde el segundo año, aumentado considerablemente a partir del tercer año.

Del análisis financiero se concluye la viabilidad para los inversores, y para la empresa, obteniendo resultados positivos en el segundo periodo y presentado una estabilidad y crecimiento constante. Por tanto, se determina la viabilidad del proyecto.

Autor:

NATALIA ANDREA NOREÑA CORREA

CARLOS ALBERTO OLARTE BADIAN

436 pensamientos en “PLAN DE NEGOCIO PARA EL MONTAJE DE UN SPA. – 8 Parte –

  1. Pingback: how to buy cialis online

  2. Pingback: ivermectin 1000mg

  3. Pingback: muse for ed

  4. Pingback: buying generic viagra online

  5. Pingback: generic for viagra

  6. Pingback: purchase viagra

  7. Pingback: ivermectin cream uk

  8. Pingback: canadian generic viagra

  9. Pingback: lisinopril hydrochlorothiazide 20 12.5 mg

  10. Pingback: columbus ohio gay dating

  11. Pingback: http://debviagrals.com

  12. Pingback: canadian approved online pharmacies

  13. Pingback: weight loss pills from canada

  14. Pingback: duloxetine generic 60 mg by lilly

  15. Pingback: lyrica okano instagram

  16. Pingback: korean gay dating

  17. Pingback: daddy in gay dating

  18. Pingback: gay dating coach

  19. Pingback: hiv positive gay dating

  20. Pingback: olanzapine vs quetiapine

  21. Pingback: how to lose weight on sertraline

  22. Pingback: ivermectin for rosacea therapy

  23. Pingback: is prozac an ssri

  24. Pingback: atorvastatin calcium 80mg

  25. Pingback: aurogra over counter walmart

  26. Pingback: priligy and cancer

  27. Pingback: which ed drug is best

  28. Pingback: stromectol dose

  29. Pingback: a gay man dating bi man tips

  30. Pingback: free online gay dating

  31. Pingback: can i buy zithromax over the counter

  32. Pingback: generic viagra online

  33. Pingback: gay radar oline dating

  34. Pingback: best free gay dating site

  35. Pingback: what happens if a female takes viagra

  36. Pingback: Aurogra

  37. Pingback: how to buy hydroxychloroquine

  38. Pingback: hydroxychloroquine for sale in canada

  39. Pingback: difference chloroquine and hydroxychloroquine

  40. Pingback: how to obtain hydroxychloroquine

  41. Pingback: ivermectin syrup

  42. Pingback: keto for women

  43. Pingback: keto diet pills

  44. Pingback: keto diet grocery list and meal plan

  45. Pingback: ivermectin where to buy

  46. Pingback: generic dapoxetine uk

  47. Pingback: free biker dating

  48. Pingback: 100 free online dating service for singles

  49. Pingback: free lesbian dating sights

  50. Pingback: free male dating sites

  51. Pingback: cytotmeds.com

  52. Pingback: mexican viagra

  53. Pingback: viagra without a doctor prescription

  54. Pingback: free trial online dating sites

  55. Pingback: free hiv dating website

  56. Pingback: free live video chat dating

  57. Pingback: free social networking search engine for dating sites

  58. Pingback: original cialis low price

  59. Pingback: buy cialis with paypal

  60. Pingback: latest free dating site in united state

  61. Pingback: sa dating sites free

  62. Pingback: buy cialis ebay

  63. Pingback: order original cialis online

  64. Pingback: buy growth hormone online pharmacy

  65. Pingback: short term effects of prescription drugs

  66. Pingback: Amaryl

  67. Pingback: united states origin

  68. Pingback: buy ativan over the counter

  69. Pingback: free asian sex dating

  70. Pingback: free online dating atlanta

  71. Pingback: free local lesbian dating sites

  72. Pingback: complete free dating site

  73. Pingback: original for sale

  74. Pingback: lovoo betrugsverdacht

  75. Pingback: original for sale

  76. Pingback: cash advance usa rancho cucamonga

  77. Pingback: lloyds pharmacy sell viagra

  78. Pingback: Tinder Photo tips

  79. Pingback: can you get viagra without seeing a doctor

  80. Pingback: retina a canadan pharmacy

  81. Pingback: online without prescription

  82. Pingback: cash advance lenders lauderhill

  83. Pingback: buy online in canada

  84. Pingback: generic cialis paypal

  85. Pingback: online pharmacy

  86. Pingback: cheapest generic cialis

  87. Pingback: canadian pharmacy world coupon

  88. Pingback: buy cialis online cheap

  89. Pingback: Zestoretic

  90. Pingback: furosemide 40mg

  91. Pingback: levitra 10mg cena

  92. Pingback: cialis 20mg for sale

  93. Pingback: buy online prescription drugs

  94. Pingback: buy propecia online

  95. Pingback: can you buy metformin

  96. Pingback: online canadian pharmacy

  97. Pingback: cost generic plaquenil

  98. Pingback: paxil panic attacks

  99. Pingback: is metformin insulin

  100. Pingback: neurontin addiction

  101. Pingback: generic cialis lowest prices

  102. Pingback: buy cialis 36 hour

  103. Pingback: pharmacy cialis no prescription

  104. Pingback: custom essay toronto

  105. Pingback: get propecia

  106. Pingback: dissertation writing service

  107. Pingback: order custom essay online

  108. Pingback: custom order essays

  109. Pingback: research paper thesis

  110. Pingback: online dissertation writing

  111. Pingback: essay writer service review

  112. Pingback: writing a thesis

  113. Pingback: where can i buy essays online

  114. Pingback: metoclopramide 10mg without a prescription

  115. Pingback: synthroid and diarrhea

  116. Pingback: diflucan and xanax

  117. Pingback: priligy fda approval

  118. Pingback: order clomid

  119. Pingback: prednisolone injections

  120. Pingback: buy doxycycline

  121. Pingback: clotrimazole 10g tablet

  122. Pingback: metoprolol for sale

  123. Pingback: gemfibrozil 300mg nz

  124. Pingback: can i buy ventolin over the counter uk

  125. Pingback: stromectol pharmacy uk

  126. Pingback: where can you buy azithromycin

  127. Pingback: atorvastatin without a doctor prescription

  128. Pingback: buy furosemide online

  129. Pingback: amoxicillin 125

  130. Pingback: order levothyroxine mcg

  131. Pingback: levofloxacin 500 mg for sale

  132. Pingback: digoxin 0.25 mg tablet

  133. Pingback: terbinafine 250mg united kingdom

  134. Pingback: lamotrigine 25mg medication

  135. Pingback: essay on ethics and etical considerations in business management

  136. Pingback: how to write how can a school help me essay

  137. Pingback: can someone write my essay

  138. Pingback: how to write a conclusion for a research paper

  139. Pingback: best resume writing service

  140. Pingback: cheap brand viagra

  141. Pingback: indomethacin australia

  142. Pingback: viagra

  143. Pingback: propranolol 80mg nz

  144. Pingback: viagra pill cost

  145. Pingback: generic name for cialis

  146. Pingback: cialis generico en espaГ±a

  147. Pingback: loperamide 2 mg generic

  148. Pingback: uso correto do cialis

  149. Pingback: sumatriptan pharmacy

  150. Pingback: isosorbide over the counter

  151. Pingback: hydrochlorothiazide tablet

  152. Pingback: glipizide 10mg without a prescription

  153. Pingback: what do you treat with azithromycin?

  154. Pingback: what happens after taking ivermectin

  155. Pingback: where to buy nitrofurantoin

  156. Pingback: sildenafil wanneer innemen

  157. Pingback: what is the side effects of viagra tablets

  158. Pingback: how to get viagra pills

  159. Pingback: how to purchase alendronate

  160. Pingback: buy fluticasone 50 mcg

  161. Pingback: sqvcqofo

  162. Pingback: tamsulosin pharmacy

  163. Pingback: estradiol 1 mg australia

  164. Pingback: erythromycin 250 mg without a prescription

  165. Pingback: permethrin for sale

  166. Pingback: amitriptyline over the counter

  167. Pingback: where can you buy viagra connect in the usa

  168. Pingback: venlafaxine australia

  169. Pingback: bisacodyl 5mg canada

  170. Pingback: doxycycline 100mg prices

  171. Pingback: oxybutynin 2.5mg without prescription

  172. Pingback: phenytoin 100mg generic

  173. Pingback: fluconazole over the counter

  174. Pingback: cialis and depoxitine

  175. Pingback: natural source of viagra

  176. Pingback: acetazolamide 250mg uk

  177. Pingback: tolterodine medication

  178. Pingback: buy divalproex

  179. Pingback: desmopressin 10 mcg tablet

  180. Pingback: where to buy rosuvastatin 5 mg

  181. Pingback: warfarin 2mg for sale

  182. Pingback: buy cialis cheap

  183. Pingback: carvedilol without prescription

  184. Pingback: how to buy viagra witjhout a prescription

  185. Pingback: prochlorperazine 5mg tablets

  186. Pingback: clozapine cost

  187. Pingback: clindamycin 150mg otc

  188. Pingback: loratadine no prescription

  189. Pingback: ciprofloxacin united kingdom

  190. Pingback: cephalexin without a doctor prescription

  191. Pingback: where can i buy citalopram

  192. Pingback: celecoxib online pharmacy

  193. Pingback: cefuroxime canada

  194. Pingback: buspirone 5 mg online pharmacy

  195. Pingback: olmesartan online

  196. Pingback: cheap dutasteride

  197. Pingback: irbesartan over the counter

  198. Pingback: anastrozole without a doctor prescription

  199. Pingback: donepezil 5 mg online pharmacy

  200. Pingback: atomoxetine 40 mg without prescription

  201. Pingback: leflunomide 10mg usa

  202. Pingback: meclizine 25 mg without a doctor prescription

  203. Pingback: glimepiride 4 mg medication

  204. Pingback: fexofenadine without prescription

  205. Pingback: spironolactone 25 mg canada

  206. Pingback: pioglitazone 15mg otc

  207. Pingback: cheapest aripiprazole

  208. Pingback: cheap escitalopram 10 mg

  209. Pingback: furosemide without a doctor prescription

  210. Pingback: cheapest tadalafil

  211. Pingback: buy sildenafil

  212. Pingback: zyvox 600 mg nz

  213. Pingback: best viagra copies

  214. Pingback: cheapest zyprexa

  215. Pingback: zyloprim usa

  216. Pingback: zovirax uk

  217. Pingback: zocor 40mg purchase

  218. Pingback: directory

  219. Pingback: zestril 5 mg online

  220. Pingback: background dns failure buy cialis

  221. Pingback: zanaflex for sale

  222. Pingback: wellbutrin 150mg nz

  223. Pingback: voltaren purchase

  224. Pingback: verapamil 120mg over the counter

  225. Pingback: order valtrex

  226. Pingback: tricor purchase

  227. Pingback: toprol without a doctor prescription

  228. Pingback: how to purchase thorazine

  229. Pingback: tenormin generic

  230. Pingback: spiriva online

  231. Pingback: skelaxin over the counter

  232. Pingback: singulair prices

  233. Pingback: seroquel 300 mg united states

  234. Pingback: rogaine 5% without a prescription

  235. Pingback: robaxin canada

  236. Pingback: risperdal without a doctor prescription

  237. Pingback: revatio 20 mg online

  238. Pingback: retin-a cream 0.025% cost

  239. Pingback: remeron 30 mg nz

  240. Pingback: cheap reglan 10 mg

  241. Pingback: buy pyridium 200 mg

  242. Pingback: order generic viagra

  243. Pingback: pulmicort canada

  244. Pingback: provigil online pharmacy

  245. Pingback: protonix online

  246. Pingback: proscar 5mg medication

  247. Pingback: procardia prices

  248. Pingback: prilosec 10 mg without prescription

  249. Pingback: how to buy prevacid 15mg

  250. Pingback: prednisolone 5 mg united kingdom

  251. Pingback: where to buy plaquenil 200 mg

  252. Pingback: phenergan 25 mg united kingdom

  253. Pingback: where can i buy periactin 4 mg

  254. Pingback: nortriptyline 25 mg cheap

  255. Pingback: motrin without a prescription

  256. Pingback: mobic 15 mg without prescription

  257. Pingback: micardis without a doctor prescription

  258. Pingback: prescription drug cost

  259. Pingback: mestinon 60mg usa

  260. Pingback: viagra 100mg online sales

  261. Pingback: macrobid 100 mg nz

  262. Pingback: where to buy luvox

  263. Pingback: lopressor 100mg without a doctor prescription

  264. Pingback: lopid cost

  265. Pingback: levaquin 750 mg pills

  266. Pingback: lamisil 250 mg online

  267. Pingback: indocin without a prescription

  268. Pingback: imuran united kingdom

  269. Pingback: next

  270. Pingback: imodium 2mg for sale

  271. Pingback: imitrex cheap

  272. Pingback: imdur 60 mg without a doctor prescription

  273. Pingback: hyzaar without prescription

  274. Pingback: geodon online

  275. Pingback: garcinia cambogia 100caps pills

  276. Pingback: flonase nasal spray cost

  277. Pingback: etodolac tablet

  278. Pingback: cost of erythromycin 250mg

  279. Pingback: dramamine 50 mg over the counter

  280. Pingback: doxycycline 100mg canada

  281. Pingback: cheapest diltiazem

  282. Pingback: differin cheap

  283. Pingback: diamox generic

  284. Pingback: depakote australia

  285. Pingback: Order viagra us

  286. Pingback: ddavp 0.1 mg australia

  287. Pingback: dapsone caps united states

  288. Pingback: cymbalta over the counter

  289. Pingback: crestor online pharmacy

  290. Pingback: buy viagra in new york

  291. Pingback: cozaar united kingdom

  292. Pingback: compazine pills

  293. Pingback: coreg united kingdom

  294. Pingback: combivent price

  295. Pingback: cialis everyday

  296. Pingback: Buy no rx viagra

  297. Pingback: cost of symbicort inhaler 160/4,5 mcg

  298. Pingback: colchicine 0,5 mg without a doctor prescription

  299. Pingback: clozaril 100 mg usa

  300. Pingback: clonidine medication

  301. Pingback: Viagra overnight

  302. Pingback: clomid purchase

  303. Pingback: cleocin 300 mg for sale

  304. Pingback: should homework be abolished

  305. Pingback: pay for essay online

  306. Pingback: fake essay writer

  307. Pingback: write college essays

  308. Pingback: custom essay writers

  309. Pingback: does money buy happiness essay

  310. Pingback: delta seating assignment

  311. Pingback: viagra soft flavoured

  312. Pingback: trusted essay writing service

  313. Pingback: online essay writers

  314. Pingback: does cbd oil fight pain

  315. Pingback: cbd oil benefits and uses

  316. Pingback: most reputable cbd oil supplier

  317. Pingback: cbd oil benefits 2016 usa

  318. Pingback: buy cbd oil walmart

  319. Pingback: viagra in hindi

  320. Pingback: pfizerrxpath.com

  321. Pingback: cbd oil for cancer patients in colorado

  322. Pingback: cbd oil for sale in bulk

  323. Pingback: personal loans nj

  324. Pingback: payday loans online

  325. Pingback: bad credit loans online no credit check

  326. Pingback: quick loans online

  327. Pingback: instant payday loans online

  328. Pingback: payday loans dallas tx

  329. Pingback: Buy cheap viagra internet

  330. Pingback: personal loan stores

  331. Pingback: mexican car insurance quotes

  332. Pingback: geico car ins

  333. Pingback: geico car insurance

  334. Pingback: car insurance quotes companies

  335. Pingback: best car insurance rates

  336. Pingback: car insurance quotes online

  337. Pingback: car insurance quotes michigan

  338. Pingback: automobile insurance

  339. Pingback: aaa car insurance quotes reviews

  340. Pingback: insurance quotes car

  341. Pingback: play for real online casino games

  342. Pingback: slot machines

  343. Pingback: online casino games

  344. Pingback: slots online

  345. Pingback: online casino real money usa

  346. Pingback: online gambling

  347. Pingback: online casino games real money

  348. Pingback: buy sildenafil citrate 100mg online

  349. Pingback: golden nugget online casino

  350. Pingback: best online casino real money

  351. Pingback: claritin cheap

  352. Pingback: cipro medication

  353. Pingback: celexa 10mg over the counter

  354. Pingback: cheap celebrex 200 mg

  355. Pingback: ceftin purchase

  356. Pingback: how to buy ceclor 500 mg

  357. Pingback: cost of catapres 100mcg

  358. Pingback: can you buy viagra without a prescription

  359. Pingback: tadalafil citrate

  360. Pingback: cialis europe

  361. Pingback: cialis generic reviews

  362. Pingback: tadalafil generic

  363. Pingback: how many viagra pills can i take

  364. Pingback: augmentin 875/125mg uk

  365. Pingback: cialis mg

  366. Pingback: ashwagandha 60caps pharmacy

  367. Pingback: generic viagra discount

  368. Pingback: viagra 100mg

  369. Pingback: cheap generic viagra

  370. Pingback: viagra for sale

  371. Pingback: viagra alternative

  372. Pingback: buy generic viagra

  373. Pingback: buy levitra 20 mg

  374. Pingback: buy viagra

  375. Pingback: viagra generic

  376. Pingback: viagra online

  377. Pingback: goodrx cialis

  378. Pingback: generic viagra online reviews

  379. Pingback: how to purchase Viagra 100 mg

  380. Pingback: buy viagra cheap online no prescription

  381. Pingback: www.jueriy.com

  382. Pingback: casino games

  383. Pingback: cheap cialis

  384. Pingback: casino online slots

  385. Pingback: sildenafil vs tadalafil

  386. Pingback: viagra pills for sale

  387. Pingback: generic cialis reviews

  388. Pingback: purchase viagra online

  389. Pingback: cialis reviews

  390. Pingback: viagra cost

  391. Pingback: buy viagra canada

  392. Pingback: tadalafil canadian pharmacy

  393. Pingback: buy viagra now

  394. Pingback: buy viagra cheap

  395. Pingback: best generic viagra

  396. Pingback: viagra from india

  397. Pingback: cheap viagra

  398. Pingback: casino games

  399. Pingback: real money online casino

  400. Pingback: real money casino

  401. Pingback: viagra no prescription

  402. Pingback: cialis internet

  403. Pingback: cialis 5 mg

  404. Pingback: cialis internet

  405. Pingback: cialis buy

  406. Pingback: online slots real money

  407. Pingback: online casino real money no deposit

  408. Pingback: internet gambling for usa

  409. Pingback: elida

  410. Pingback: cialis 5 mg

  411. Pingback: best real money online casinos

  412. Pingback: 20 cialis

  413. Pingback: viagra pills

  414. Pingback: personal loan

  415. Pingback: loans online

  416. Pingback: cash payday

  417. Pingback: buying cialis online safely

  418. Pingback: parx casino online

  419. Pingback: online gambling

  420. Pingback: viagra online pharmacy

  421. Pingback: hard rock casino online

  422. Pingback: real casinos online no deposit

  423. Pingback: order vardenafil

  424. Pingback: levitra usa

  425. Pingback: vardenafil online pharmacy

  426. Pingback: cialis mastercard

  427. Pingback: canadian pharmacy online

  428. Pingback: ed meds online

  429. Pingback: best erection pills

  430. Pingback: pills erectile dysfunction

  431. Pingback: cialis 20mg

  432. Pingback: generic cialis canada

  433. Pingback: Buy pfizer viagra

  434. Pingback: generic cialis canada

  435. Pingback: cialis from canada

  436. Pingback: viagra canadian cost

Deja una respuesta