Cimb Group Holdings Bhd · MYX:CIMB
Cimb Group Holdings Bhd — Q3 2011 Earnings Presentation
59 slides from Cimb Group Holdings Bhd's earnings presentation, Nov 15, 2011
Slide 1: ASEAN For You Analysts Presentation 3Q11 Results
ASEAN FOR YOU Analysts Presentation 3Q11 RESULTS 1 15 November 2011
Slide 2: Key Highlights
Key Highlights Record >RM1 bil in net quarterly profit in 3Q11 Remain short of 17% ROE target Net interest income growth remains anemic while non-interest income is behind the (high) 2010 benchmark Treasury and investments rebounded strongly in 3Q11 Stronger loan and deposit growth, Y-o-Y
Slide 3: CIMB Group 3Q11 Financials
CIMB GROUP : 3Q11 RESULTS CIMB GROUP 3Q11 FINANCIALS
Slide 4: Earnings Summary
Earnings Summary (RM ’mil) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y Net interest income 1,989 1,979 0.5% 5,868 5,761 1.9% Non interest income 1,043 980 6.4% 2,873 2,932 (2.0%) Operating income 3,032 2,959 2.5% 8,741 8,693 0.6% Loan impairment (106) (86) 23.3% (198) (440) (55.0%) Other provisions 18 19 (5.3%)
Slide 5: Quarterly Earnings Trend
Quarterly Earnings Trend Series break due to adoption of FRS 139 3,186 2,993 2,959 3,032 2,897 2,737 2,731 2,802 2,750 17.2% 17.0% 16.2% 16.5% 16.1% 16.3% 15.4% 15.7% 14.9% 1,233 1,278 1,287 1,094 1,129 1,185 1,185 1,148 1,001 970 1,012 889 916 878 917 803 838 727 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
Slide 6: Contribution by Entity
Contribution by Entity 3Q11 2Q11 9M11 9M10 Legal Entity RM ’mil % of PBT RM ’mil % of PBT RM ’mil % of PBT RM ’mil % of PBT CIMB Bank 706 55% 613 48% 1,992 52% 1,863 53% CIMB Niaga 404 31% 400 31% 1,140 30% 1,178 34% CIMB Islamic 95 7% 118 9% 359 9% 279 8% CIMB Labuan 19 2% 89 7% 120 3% 162 5% CIMB
Slide 7: Estimated PBT By Segment
Estimated PBT By Segment PBT 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y (after HOCA) RM ’mil RM ’mil % RM ’mil RM ’mil % Consumer Banking - Good Bank 266 332 (19.9%) 885 511 73.2% - Bad Bank (including 82 40 105.0% 178 82 117.1% SEASAM) 348 372 (6.5%) 1,063 593 79.3% Corporate & Investment Banking 164 250 (34.
Slide 8: Estimated PBT By Segment
Estimated PBT By Segment 3Q11 2Q11 CIMB Thai CIMB Thai 1% Consumer 1% Consumer CIMB Niaga Banking CIMB Niaga Banking 31% 27% 31% 29% GAM & Corporate & GAM & Insurance Inv Banking Insurance 2% 13% 3% Corporate & Treasury & Inv Banking Treasury & Investments 20% Investments 16% 26% 9M11 9M10 CIMB Thai
Slide 9: Estimated PBT By Segment (Regional)
Estimated PBT By Segment (Regional) 3Q11 2Q11 GAM & GAM & Insurance Insurance 1% 3% Consumer Consumer Banking Banking Treasury & Treasury & 34% 35% Investments Investments 43% 35% Corporate & Corporate & Investment Investment Banking Banking 21% 28% 9M11 9M10 GAM & GAM & Insurance Insurance 2% Consu
Slide 10: Contribution by Geography
Contribution by Geography 3Q11 2Q11 Others Singapore Others Singapore 3% 3% 4% 3% Thailand Thailand 1% 1% Indonesia Indonesia 31% 32% Malaysia 60% Malaysia 62% 9M11 9M10 Others Others Singapore 4% Singapore 8% 3% 2% Thailand 1% Thailand 2% Indonesia Malaysia 30% 53% Malaysia Indonesia 62% 35% 10
Slide 11: AFS MTM Position
AFS MTM Position (RM ’mil) 542.9 522.2 474.8 479.9 462.2 426.3 June 10 Sept 10 Dec 10 Mar 11 June 11 Sep 11 11
Slide 12: Key Ratios
Key Ratios (%) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y ROE * 16.3 16.1 20bps 16.0 16.7 (70bps) NIM * 3.12 3.15 (3bps) 3.12 3.39 (27bps) Non-interest income / total income 34.4 33.1 130bps 32.9 33.7 (80bps) Cost / income 56.1 56.2 (10bps) 56.1 54.1 200bps Allowance coverage 80.0 80.4 (40bps) 80.0 79.3 70bps
Slide 13: Gross Loans Growth
Gross Loans Growth 30 Sep 11 30 Jun 11 30 Sep 10 Divisions / Products Q-o-Q Y-o-Y (RM ’bil) (RM ’bil) (RM ’bil) Consumer Banking (47.1%) ** 87.2 85.2 2.3% 77.3 12.6% Mortgages 39.2 38.0 3.1% 33.8 16.1% # HP 10.6 10.5 0.2% 10.4 1.1% OD and TL 17.0 16.6 2.4% 15.2 11.7% Credit cards 4.4 4.4 0.9% 3.9 13
Slide 14: Loan Assets by Geographical Distribution
Loan Assets by Geographical Distribution Others RM2.3 bil 1.5% RM2.4 bil 1.4% RM4.3 bil 2.3% RM2.9 bil RM6.7 bil 4.5% Singapore 2.0% 4.0% RM8.2 bil RM8.9 bil 6.0% RM9.9 bil 5.9% RM12.6 bil 6.8% Thailand RM31.8 bil 21.3% RM37.4 bil 22.3% RM46.2 bil 25.0% Indonesia Malaysia RM103.0 bil 69.2% RM111.1 b
Slide 15: Deposits Growth
Deposits Growth 30 Sep 11 30 Jun 11 30 Sep 10 Divisions / Products Q-o-Q Y-o-Y (RM ’bil) (RM ’bil) (RM ’bil) Retail (30.5%) * 66.3 64.6 2.6% 52.7 25.8% - Current 18.2 18.5 (1.6%) 13.4 35.8% - Savings 12.6 12.3 2.4% 10.9 15.6% - Fixed & structured deposits 35.5 33.8 5.0% 28.4 25.0% Commercial (7.5%)
Slide 16: Capital Management – CIMB Bank
Capital Management – CIMB Bank 16.7% 15.6% RWCR 15.1% 15.0% 15.0% 14.8% 14.7% 14.6% 14.8% 15.0% 14.8% 14.5% Tier 1 14.2% 13.9% 13.9% 13.8% Core Tier 1 12.1% 12.2% 12.4% 11.7% 11.9% 11.4% 11.4% 11.4% RWA (RM’mil) 100,436 102,544 107,739 101,905 106,377 110,349 105,449 104,381 Series Series break due
Slide 17: Capital Management – All Banking Entities
Capital Management – All Banking Entities CIMB Group Sep-11 Jun-11 Gearing ratio 21.4% 22.4% Double leverage ratio 119.2% 120.0% Sep-11 Jun-11 Sep-10 Tier 1 (B2) (B2) (B2) CIMB Bank ^ 14.5% 13.9% 15.0% CIMB Investment Bank ^ 24.2% 20.8% 16.7% CIMB Islamic ^ 10.8% 10.9% 12.3% CIMB Niaga # 10.5% 10.6%
Slide 18: CIMBG: Operating Expenses
CIMBG : Operating Expenses (RM ’mil) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y Personnel 932 859 8.5% 2,615 2,368 10.4% Establishment 351 351 - 1,049 1,097 (4.4%) Marketing 98 110 (10.9%) 271 273 (0.7%) Admin & General 320 342 (6.4%) 973 961 1.2% Total 1,701 1,662 2.3% 4,908 4,699 4.4% 18
Slide 19: Consumer Bank
CIMB GROUP : 3Q11 RESULTS CONSUMER BANK
Slide 20: Malaysian Consumer Bank Financials
Malaysian Consumer Bank Financials (RM ’mil) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y Net interest / financing income 799 791 1.0% 2,369 2,173 9.0% Non interest income 221 236 (6.4%) 673 606 11.1% Total income 1,020 1,027 (0.7%) 3,042 2,779 9.5% Overheads (direct + head (687) (677) 1.5% (2,064) (1,993) 3.6%
Slide 21: Malaysian Consumer Good Bank Financials
Malaysian Consumer Good Bank Financials (RM ’mil) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y Net interest / financing 783 772 1.4% 2,318 2,128 8.9% income Non interest income 213 233 (8.6%) 660 606 8.9% Total income 996 1,005 (0.9%) 2,978 2,734 8.9% Overheads (direct + head (637) (635) 0.3% (1,923) (1,865) 3.1
Slide 22: Malaysian Consumer Banking Indicators (1)
Malaysian Consumer Banking Indicators (1) Malaysia 2Q10 2Q11 Retail Financial Services Deposits Market Market 339,684 Rank Rank 336,956 Share Share 317,510 301,987 Deposits 9.5% 3 10.7% 4 285,627 Residential 13.9% 2 13.8% 2 Mortgages Non Residential 49.3 13.2% 2 12.0% 2 Mortgages 46.6 44.3 Credit Ca
Slide 23: Malaysian Consumer Banking Indicators (2)
Malaysian Consumer Banking Indicators (2) CIMB Express – Loan Base (RM ’mil) HP – Loan Base (RM ’mil) 164 10,617 10,606 151 10,584 10,564 118 94 72 10,469 2,672 2,324 1,874 1,278 1,323 320 317 310 308 298 78 59 44 31 22 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Convention
Slide 24: CIMB Singapore Indicators
CIMB (Singapore) Indicators PBT (SGD ’000) Credit Cards 31,373 110,939 24,318 76,251 158 16,124 124 14,856 12,264 6,488 1,925 20 Dec-09 Dec-10 Sep-11 Dec-09 Dec-10 Sep-11 Loan Base (SGD 'mil) Card Base Bank Securities Total Loans (SGD ’mil) Retail Deposits (SGD ’mil) 4,282 2,530 3,124 2,021 1,280 1,
Slide 25: Treasury & Investment Banking
CIMB GROUP : 3Q11 RESULTS TREASURY & INVESTMENT BANKING
Slide 26: Treasury and Investment Financials
Treasury and Investment Financials (RM ’mil) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y Net interest / financing income 164 176 (6.8%) 502 666 (24.6%) Fee income 9 7 28.6% 18 18 - Net trading income 206 82 151.2% 372 263 41.4% Total income 379 265 43.0% 892 947 (5.8%) Overheads (102) (98) 4.2% (292) (261) 11.7
Slide 27: Corporate & Investment Banking Financials
Corporate & Investment Banking Financials (RM ’mil) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y Net interest / financing income 180 194 (7.3%) 565 586 (3.8%) Fee & commission income 97 201 (51.6%) 427 294 33.3% Net trading income 27 39 (30.8%) 99 75 32.0% Brokerage income 87 75 16.0% 251 233 7.7% Total income 3
Slide 28: IB Market Share and Ranking (1)
IB Market Share and Ranking (1) Malaysia 9M10 9M11 Indonesia 9M10 9M11 Market Market Market Market Rank Rank Rank Rank Share Share Share Share Stock Broking 9.8% 1 10.4% 1 Stock Broking 6.8% 1 6.1% 2 IPO 31.1% 1 32.3% 1 IPO 4.8% 7 - - ECM 23.4% 2 36.4% 1 ECM 6.6% 5 4.7% 8 M&A 36.5% 1 37.3% 1 M&A 26.
Slide 29: IB Market Share and Ranking (2)
IB Market Share and Ranking (2) 9M10 9M11 ASEAN Market Share Rank Market Share Rank IPO 13.8% 1 7.6% 4 ECM 8.9% 3 8.6% 4 M&A 18.5% 1 11.4% 2 Syndication ^ 4.4% 2 1.8% - Bonds 11.5% 2 13.5% 1 - Domestic Currency Sources: Dealogic, Bloomberg, Thomson Reuters, Local Stock Exchanges and internal data No
Slide 30: Notable Deals
Notable Deals M&A Loan Sunway Sdn Bhd PT Kirana Megatara RM4.5 bil acquisition of Sunway City Berhad USD600 mil syndicated loan (CIMB portion and Sunway Holdings Berhad followed by the USD150 mil) listing of Sunway Berhad DCM Jana Pendidikan Malaysia Sdn Bhd RM2.1 bil acquisition of Pan Malaysian Po
Slide 31: Asset Management & Insurance
CIMB GROUP : 3Q11 RESULTS ASSET MANAGEMENT & INSURANCE
Slide 32: Group Asset Management & Insurance
Group Asset Management & Insurance PBT (after HOCA) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y (RM ’mil) CIMB-P Group 10.2 21.2 (51.9%) 48.8 39.5 23.5% Wholesale 1.5 3.9 (62.3%) 3.7 7.7 (52.6%) Insurance 1.2 7.9 (84.8%) 10.5 (3.3) n.a. Securities Services 5.1 2.8 81.2% 12.5 17.6 (28.8%) Total 18.0 35.8 (49.8%)
Slide 33: CIMB Niaga
CIMB GROUP : 3Q11 RESULTS CIMB NIAGA
Slide 34: CIMB Niaga: Earnings Summary
CIMB Niaga: Earnings Summary (IDR ’bil) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y Net Interest Income 1,957 1,920 2.0% 5,753 5,385 6.8% Non Interest Income 712 608 16.9% 1,893 1,118 69.4% Operating Income 2,669 2,528 5.6% 7,646 6,502 17.6% Overhead Expenses (1,290) (1,214) 6.3% (3,760) (3,122) 20.4% Pre Provi
Slide 35: CIMB Niaga: Gross Loans Growth
CIMB Niaga : Gross Loans Growth 30 Sep 11 30 Jun 11 30 Sep 10 Products / Divisions Q-o-Q Y-o-Y (IDR ’bil) (IDR ’bil) (IDR ’bil) Retail Banking (30.3%) 36,466 35,364 3.1% 30,716 18.7% Credit Cards 2,563 2,393 7.1% 1,783 43.7% Auto Loans 14,846 14,444 2.8% 12,984 14.3% Mortgage 17,436 16,990 2.6% 14,4
Slide 36: CIMB Niaga: Deposits Growth
CIMB Niaga : Deposits Growth 30 Sep 11 30 Jun 11 30 Sep 10 Divisions / Products Q-o-Q Y-o-Y (IDR ’bil) (IDR ’bil) (IDR ’bil) Retail Banking (47.2%) 60,145 58,177 3.4% 50,559 19.0% - Current 4,066 3,930 3.5% 3,727 9.1% - Savings 26,053 27,375 (4.8%) 22,289 16.9% - Fixed & structured deposits 30,026 2
Slide 37: CIMB Niaga: Key Ratios
CIMB Niaga : Key Ratios (Consolidated, %) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y ROE 19.4 20.0 (60bps) 19.6 20.3 (70bps) NIM 5.51 5.62 (11bps) 5.54 6.61 (107bps) Cost to Income 48.3 48.0 30bps 49.2 48.0 120bps Loan Loss Coverage# 109.7 109.7 - 109.7 133.4 (2,370bps) Allowance Coverage* 82.6 83.2 (60bps) 82
Slide 38: CIMB Niaga: Corporate Updates
CIMB Niaga : Corporate Updates Consumer Market Share Corporate Activities Indonesia 9M10 9M11 Market Market Rank Rank Share Share Deposits 5.0% 5 5.1% 5 Mobile banking has been launched Mortgages 11.0% 3 10.5% 3 Business Forum “The Economic – Social Credit Cards * 6.8% 6 8.6% 5 Direction and Str
Slide 39: CIMB Thai
CIMB GROUP : 3Q11 RESULTS CIMB Thai
Slide 40: CIMB Thai: Earnings Summary
CIMB Thai : Earnings Summary (Before GAAP Adjustments) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y (Baht ’mil) Net Interest Income 1,250 1,151 8.5% 3,531 3,208 10.1% Non Interest Income 443 468 (5.2%) 1,301 1,633 (20.3%) Operating Income 1,693 1,619 4.6% 4,832 4,841 (0.2%) Overhead Expenses (1,241) (1,253) (1.0
Slide 41: CIMB Thai: Balance Sheet Changes
CIMB Thai : Balance Sheet Changes (Before GAAP Adjustments) 30 Sep 11 30 Jun 11 Q-o-Q 30 Sep 10 Y-o-Y (Baht ’mil) Placements & Other MS 14,769 19,249 (23.3%) 18,148 (18.6%) Government Bonds (Net) 22,725 15,282 48.7% 14,451 57.3% Loans (Net) 109,655 99,234 10.5% 87,029 26.0% Other Assets 11,523 11,00
Slide 42: CIMB Thai: Loans Growth
CIMB Thai : Loans Growth 30 Sep 11 30 Jun 11 30 Sep 10 Products / Divisions Q-o-Q Y-o-Y (THB ’bil) (THB ’bil) (THB ’bil) Retail Banking (35.5%) 37.1 36.1 2.9% 30.6 21.2% Auto Loans 8.0 7.5 7.0% 5.3 51.2% Mortgage 23.4 23.4 0.3% 19.4 20.7% Personal / Others 5.7 5.2 8.5% 5.9 (3.8%) Corporate & Investm
Slide 43: CIMB Thai: Key Ratios
CIMB Thai : Key Ratios (Consolidated, %) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y ROE 10.7 8.7 200bps 9.8 14.1 (430bps) NIM 3.57 3.56 1bps 3.52 3.85 (33bps) Cost to Income 74.3 77.4 (310bps) 76.3 72.9 340bps Loan Loss Coverage** 72.4 80.4 (800bps) 72.4 60.4 1,200bps Loan Loss Charge 0.5 0.4 10bps 0.4 0.8 (40
Slide 44: CIMB Thai: Corporate Updates
CIMB Thai : Corporate Updates Consumer Market Share Thailand 9M10 9M11 Market Market Rank Rank Share Share Deposits 1.3% 11 1.4% 11 Mortgages 0.8% 12 0.9% 12 HP 0.4% 17 0.5% 17 SME Loans 1.0% 7 1.4% 7 Acquisition of 70% of SICCO Securities Plc by CIMB Securities International for Corporate Update RM
Slide 45: Other Highlights
CIMB GROUP : 3Q11 RESULTS OTHER HIGHLIGHTS
Slide 46: CIMB 2.0: Reorganization
CIMB 2.0: Reorganization Group CEO Group CEO’s Office Capital & Balance Sheet Mgt International Offices Country Heads Group Secretarial Services CARI Wholesale Consumer Support Bank Bank Malaysia Group Islamic Corporate Banking, Investment Group Strategy & & Singapore Treasury & Markets Banking Stra
Slide 47: Objectives and Benefits
Objectives and Benefits Rationale: Present organisation structure reflects best IB practices of late 1990s adapted to cater for the addition of commercial banking businesses in 2005, with the regional additions “bolted on” as we acquired them Better oversight of consumer franchises and strategic
Slide 48: CIMB Islamic
CIMB Islamic Ranking of Total Islamic Assets as at 30 Jun 2011 9M10 9M11 Market share Market and ranking Market Market Total Assets Rank Rank Share Share Share Rank Company RM ’mil % Sukuk 1 MIBB 65,928 24% - Malaysia 34.2% 1 26.1% 2 2 CIMB Islamic 36,823 13% - Global 24.1% 1 19.1% 2 3 Bank Islam 27
Slide 49: Bank of Yingkou
Bank of Yingkou 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y Operating income (RMB mil) 557 467 19.3% 1,469 794 85.0% Net profit (RMB „mil) 280 220 27.3% 734 359 104.5% PAT to CIMB Group (RM „mil) 26.4 20.4 29.4% 68.5 34.4 99.1% ROE (%) 35.9 30.5 540bps 33.7 21.4 1,230bps NIM (%) 4.6 4.3 30bps 4.3 3.9 40bps Allo
Slide 50: CIMB Cambodia
CIMB Cambodia 3Q11 2Q11 Q-o-Q 9M11 Operating income (USD „mil) 0.4 0.2 100.0% 0.6 Net profit (USD „mil) (1.0) (0.7) 42.9% (2.5) ROE (%) (11.1) (7.9) (320bps) (9.4) NIM (%) 3.0 1.8 120bps 1.8 Allowance coverage (%) n.a. n.a. n.a. n.a. Gross impared loans ratio (%) - - - - Balance Sheet (USD ‘mil) 30
Slide 51: Touch 'n Go
Touch ‘n Go (RM ’mil) 3Q11 2Q11 Q-o-Q 9M11 9M10 Y-o-Y Revenue 30.5 25.0 22.4% 80.7 74.1 8.9% Cost 24.2 20.5 18.1% 62.8 54.2 15.9% PBT 6.3 4.5 42.3% 17.9 19.9 (10.1%) PAT 4.7 3.1 50.3% 13.1 15.0 (12.7%) PAT to CIMB Group 2.4 1.6 50.1% 6.8 7.8 (12.7%) Transaction Value and Cardbase 7-Eleven Average Da
Slide 52: Key 2011 Priorities Round-Up
Key 2011 Priorities Round-Up Priorities Updates CASA growth rate for MY, IND and SG outpaced industry Regional CASA Drive Launched innovative products and segment proposition Cost Management Cost well contained ASEAN Agenda CIMB ASEAN conference and ASEAN Business Club launched Institutional
Slide 53: Closing Remarks
CIMB GROUP : 3Q11 RESULTS CLOSING REMARKS
Slide 54: Targets for 2011
Targets for 2011 9M11 Annualised 2011 Targets On Track ROE 16.0% 17% r TSR (12.2%) > FBM KLCI r Dividend 31%* 40% - 60% Group loans growth 14% 18% r Group deposits growth 12% 20% r Loan loss charge 0.1% 0.4% Core Capital Ratio (at CIMB Bank) (Basel II) 14.6%^ >10% RWCR (at CIMB Bank) (Basel II
Slide 55: Final Remarks
Final Remarks Consensus earnings estimates appear achievable, ROE 17% may be difficult Treasury and M&A doing well and CIMB Niaga and Malaysian consumer should sustain momentum. However, markets are volatile and regional economic indicators are softening Remaining cautious and conservative on
Slide 56: Thank You
THANK YOU 57
Slide 57: Appendices
CIMB GROUP : 3Q11 RESULTS APPENDICES
Slide 58: Consolidated Balance Sheet Changes
Consolidated Balance Sheet Changes (RM ‘mil) 30 Sep 11 30 Jun 11 Q-o-Q 30 Sep 10 Y-o-Y Cash & short term funds 30,383 28,557 6% 23,155 31% Securities purchased under resale agreements 3,973 4,124 (4%) 2,390 66% Deposits & placements with financial institutions 8,056 9,291 (13%) 10,726 (25%) Financia
Slide 59: Asset Quality Ratios – CIMBG
Asset Quality Ratios – CIMBG Series break due to adoption of FRS 139 90.8% 88.1% 86.8% 85.6% 86.7% 82.0% 82.3% 82.9% 80.0% 80.8% 80.0% 78.5% 79.1% 80.0% 80.6% 80.5% 81.1% 79.3% 80.6% 80.4% 79.5% 78.4% 7.6% 7.5% 7.2% 6.6% 6.1% 6.1% 5.9% 5.6% 5.6% 5.7% 5.7% 5.7% 5.5% 5.5% 5.5% 4.9% 5.0% 4.7% 4.5% 4.5%
CIMB Group Holdings Berhad — Q3 2011 Earnings Presentation on 6ix