Slide 1: AVI Limited presentation to shareholders & analysts
AVI Limited presentation to shareholders & analysts for the six months ended 31 December 2017
Slide 2: Agenda
AGENDA Key features and results history Group financial results Performance and prospects Questions and answers
Slide 3: Key features
KEY FEATURES Sound profit growth in a challenging demand environment; Well managed balance of value versus volume across key categories; Revenue up 2,3% to R7,30 billion; Gross profit margin recovery in line with easing of Rand driven cost pressures; Operating profit up 8,7% to R1,53 billi
Slide 4: Results history: operating profit history
RESULTS HISTORY Operating profit history 1600 1 530 1 408 1400 342 1 302 1 152 310 1200 306 1 021 140 921 140 1000 309 R million 179 124 854 296 167 800 674 303 103 160 231 97 98 452 600 520 512 170 86 91 74 412 450 369 402 82 101 47 111 67 340 400 99 42 3 298 282 100 36 57 181 203 246 240 126 60 69
Slide 5: Results history: return on capital employed
RESULTS HISTORY Return on capital employed 7 000 35% 6 000 30% 5 000 25% R million 4 000 20% 3 000 15% 2 000 10% 1 000 5% 0 0% F10 F11 F12 F13 F14 F15 F16 F17 F18* Net operating profit after tax Average capital employed ROCE (%) * F18 represents a rolling 12 month period to 31 December 2017 Sustai
Slide 6: Results history: historical cash conversion
RESULTS HISTORY Historical cash conversion 3 500 120% 3 000 100% 2 500 550.0 80% R million 2 000 60% 1 500 226.6 40% 1 000 230.6 201.8 20% 500 0 0% F10 F11 F12 F13 F14 F15 F16 F17 F18* EBITDA Cash generated by operations after working capital changes Cash to EBITDA * F18 represents 12 months to 31 D
Slide 7: Results history: dividend yield
RESULTS HISTORY Dividend yield (Year end) 14% 12.0% 12% 10% 7.7% 7.4% 8% 6.4% 6.5% 6.2% 6% 5.2% 4.9% 4.5% 4.5% 3.8% 3.7% 4.1% 4.4% 4.3% 4.0% 4.1% 4% 2.8% 2% 0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17* Normal dividend yield Total dividend yield *Based on share price of R95,00 at 30 June 2
Slide 8: Results history: returns to shareholders
RESULTS HISTORY Returns to shareholders 1 800.0 1 703.3 1 600.0 1 400.0 1 359.7 1 322.0 638.8 1 197.4 1 200.0 550.0 953.5 R million 1 000.0 869.5 788.3 800.0 269.9 620.7 319.1 1 322.0 573.3 600.0 1 197.4 1 064.5 226.6 953.5 400.0 317.8 301.1 809.7 230.6 262.8 229.4 620.7 573.3 200.0 201.8 166.0 373.
Slide 9: Group Financial Results
AN | Group Financial Results PENI pe okt a GROWING GREAT BRANDS
Slide 10: Group financial results: income statement
GROUP FINANCIAL RESULTS Income statement H1 F18 H1 F17 Rm Rm % Revenue 7 300,4 7 134,6 2,3 Cost of sales (4 018,4) (4 011,0) 0,2 Gross profit 3 282,0 3 123,6 5,1 Gross profit margin % 45,0 43,8 2,7 Selling and administrative expenses (1 751,8) (1 715,9) 2,1 Operating profit 1 530,2 1 407,7 8,7 Oper
Slide 11: Movement in group revenue
GROUP FINANCIAL RESULTS Movement in group revenue 8 000 7 500 R million 7 000 6 500 6 000 7 135 340 -175 7 300 H1 H1 H1 FY17 Price Volume H1 FY18 F17 F18 Higher selling prices mainly reflect the benefit of price increases taken in F17 Volume pressure in Biscuits, Tea and Coffee in constrained an
Slide 12: Gross profit margin history
GROUP FINANCIAL RESULTS Gross profit margin history 50% 45.9% 45.3% 44.3% 44.5% 45.0% 43.8% 40% 30% 20% H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 Stronger Rand and lower commodity prices provided relief from accumulated cost pressure Few price increases in F18 Ongoing focus on cost and efficie
Slide 13: Marketing expenditure
GROUP FINANCIAL RESULTS Marketing expenditure 18% 16% 15.5% 14.4% 14% 12% 10% 7.8% 7.8% 8.2% 8% 7.3% 7.3% 7.1% 7.4% 6.7% 6.2% 6% 4.9% 4.7% 4.1% 4% 1.7% 1.4% 2% 0% Tea Coffee Creamer Biscuits Snacks I&J retail Personal Care * Footwear * Excludes Coty H1 F17 H1 F18 Includes advertising and promotion
Slide 14: Operating profit 8,7% up
GROUP FINANCIAL RESULTS Operating profit 8,7% up 1 570 1 520 1 470 1 420 R million 1 370 1 320 1 270 1 220 1 408 35 40 11 0 44 -14 6 1 530 H1 Entyce Snackworks I&J Personal Spitz Green Cross Other H1 F17 Care F18 Entyce: Margin recovery and cost savings offset by tea and coffee volume decline Sn
Slide 15: Cash generation and utilisation
GROUP FINANCIAL RESULTS Cash generation and utilisation H1 F18 H1 F17 Rm Rm % Cash generated by operations 1 870,5 1 669,3 12,1 Working capital to revenue % 24,6 21,8 12,8 Capital expenditure 193,2 284,0 (32,0) Depreciation and amortisation 207,5 195,7 6,0 Net debt 1 208,7 1 489,2 Net debt / capita
Slide 16: Capital expenditure and depreciation
GROUP FINANCIAL RESULTS Capital expenditure and depreciation F12 F13 F14 F15 F16 F17 F18 1 000 900 822 849 800 700 322 600 567 578 541 532 546 623 R million 500 428 257 400 250 262 394 332 347 385 308 300 283 222 257 560 200 218 181 146 158 200 130 291 113 310 284 100 200 226 194 193 206 127 137 150
Slide 17: Key capital projects spend summary
GROUP FINANCIAL RESULTS Key capital projects spend summary H1 F18 H2 F18 F18 Total Actual Planned Planned Rm Rm Rm Biscuit line capacity and process improvements 45 91 136 I&J vessel dry-docks and upgrades 14 25 39 I&J processing plant replacements and upgrades 8 34 42 Abalone farm expansion and upg
Slide 18: Foreign exchange hedges
GROUP FINANCIAL RESULTS Foreign exchange hedges March 2018 to July 2018 to January 2019 to June 2018 December 2018 June 2019 % Cover % Cover % Cover USD imports 95% 67% 3% EUR imports 100% 66% 3% EUR exports 76% 62% 9% Consistent hedging philosophy provides stability to manage gross margins Bene
Slide 19: Performance and Prospects: Beverages
BEVERAGES mm Woy mx mom BM &, .%. avira ws A ee” Performance and Prospects GROWING GREAT BRANDS
Slide 20: Entyce Beverages income statement: tea
Income statement H1 18 H1 17 % Rm Rm Revenue 2 039,0 1 987,8 2,6 Operating profit 424,3 389,0 9,1 Operating profit margin % 20,8 19,6 6,1 Good growth in tea operating profit despite lower volumes Price inflation from increases implemented in F17 in response to accumulated cost pressure Raw ma
Slide 21: Entyce Beverages income statement: coffee
Income statement H1 18 H1 17 % Rm Rm Revenue 2 039,0 1 987,8 2,6 Operating profit 424,3 389,0 9,1 Operating profit margin % 20,8 19,6 6,1 Coffee profit decrease due to pressure on mixed instant volumes Overall decrease in sales volumes Aggressive competitor discounting on mixed instant coffee
Slide 22: Entyce Beverages income statement: creamer
Income statement H1 18 H1 17 % Rm Rm Revenue 2 039,0 1 987,8 2,6 Operating profit 424,3 389,0 9,1 Operating profit margin % 20,8 19,6 6,1 Solid creamer performance Slight increase in sales volumes despite aggressive competition New pack size fully implemented Effective promotional activity
Slide 23: Sales volume and selling prices
Sales volume and selling prices %Δ Comments H1 F18 vs H1 F17 Tea revenue growth 8,3 Sales volume (4,1) Category decline at higher price points; competitor discounting Ave. selling price 12,9 Price increases in F17 in response to accumulated cost pressure Coffee revenue growth (2,9) Sales volume (8,9
Slide 24: Market shares – value
Market shares – value 70% 60.1% 60% 58.0% 50% 45.5% 41.9% 40% 33.1% 31.1% 30% 25.6% 22.1% 20% 10.9% 10.5% 10% 0% Five Roses Freshpak Frisco Ellis Brown Trinco H1 F17 H1 F18 Market share declines due to competitor discounting and constrained environment
Slide 25: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F18 vs H1 F17): 25 24 20 15 13 10 R million 6 5 3 0 -1 -1 -5 -4 -10 Glucose Arabica Palm oil Casein Robusta / chicory Black tea Rooibos Rooibos cost increase due to constrained supply and export pricing oppo
Slide 26: Prospects for H2
Prospects for H2 Low selling price inflation supported by abating cost pressures Careful price / volume management in market expected to remain constrained and very competitive Potential for continued aggressive discounting by competitors Rooibos input costs and selling prices remain at reco
Slide 27: Performance and Prospects: Snackworks
Snackworks That’s Good Times! GROWING GREAT BRANDS
Slide 28: Snackworks income statement: biscuits
Income statement H1 F18 H1 F17 % Rm Rm Revenue 2 176,5 2 195,1 (0,8) Operating profit 452,0 412,4 9,6 Operating profit margin % 20,8 18,8 10,6 Solid biscuit profit growth despite lower volumes Volume decline for the semester Category under pressure at higher price points Consumer shift to l
Slide 29: Snackworks income statement: snacks
Income statement H1 F18 H1 F17 % Rm Rm Revenue 2 176,5 2 195,1 (0,8) Operating profit 452,0 412,4 9,6 Operating profit margin % 20,8 18,8 10,6 Strong snacks performance Slight increase in sales volume due to improved potato supply Selling price inflation from increases implemented in F17 Co
Slide 30: Sales volume and selling prices
Sales volume and selling prices %Δ Comments H1 F18 vs H1 F17 Biscuits revenue growth (3,1) Sales volume (8,4) Volume decline due to category pressure at higher price points and consumer shift to lower priced product Ave. selling prices 5,8 Price increases in F17 in response to accumulated cost press
Slide 31: Market shares – value
Market shares – value 50% 44.8% 45% 41.8% 40% 35% 30% 25% 20% 18.6% 18.3% 15.6% 14.6% 15% 10% 5% 0% Bakers (Sweet) Bakers (Savoury) Willards H1 F17 H1 F18 Biscuit consumer shift to lower priced products
Slide 32: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F18 vs H1 F17): 30 22 20 10 1 R million 0 -6 -10 -10 -20 -30 -28 -40 Flour Palm oil Maize Sugar Butter
Slide 33: Prospects for H2
Prospects for H2 Low selling price inflation supported by abating cost pressures Careful price / volume management in constrained market Increased import competition due to stronger Rand Protect biscuit volumes and market share Stronger Rand exchange rates secured give more flexibility to
Slide 34: Performance and Prospects
Performance and Prospects
Slide 35: I&J income statement
Income statement Income statement H1 F18 H1 F17 % Rm Rm Revenue 1 198,1 1 143,3 4,8 Operating profit 178,6 167,4 6,7 Operating profit margin % 14,9 14,6 2,1 Revenue growth from higher selling prices and sales volumes, partly offset by lower Rand exchange rates achieved on export sales Sales vol
Slide 36: Operating profit
Operating profit 200 150 R million 100 50 - 167 -34 25 21 179 H1 Exchange Unprotected Selling H1 F17 rates strike prices* F18 * Net of cost increases
Slide 37: Profit history
Profit history 250 207 204 200 176 29 50 25 22 150 27 R million 34 102 100 87 13 20 19 153 130 17 117 50 70 50 0 F14 H1 F15 H1 F16 H1 F17 H1 F18 H1 Fishing Abalone Simplot Simplot profit negatively impacted by lower retail volumes and lower seafood trading profits Abalone decrease in H1 F18 due
Slide 38: Fishing performance
Fishing performance 14 12 11.6 11.4 10.9 10.0 10 9.3 9.1 9.1 Hake tons per sea day 8.5 8.3 8.2 8 7.3 6 4 2 0 H1 F08 H1 F09 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 I&J catch rate High proportion of small fish, indicating good recruitment into the resource
Slide 39: Sales volume and selling prices (hake)
Sales volume and selling prices (hake) %Δ Comments H1 F18 vs H1 F17 I&J Domestic revenue growth 19,7 Sales volume 16,3 Increased domestic allocation in line with small sizes and lower freezer vessel tons caught Ave. selling prices 2,8 Price increases offset by changes in sales mix I&J Export revenue
Slide 40: Prospects for H2
Prospects for H2 Exchange rates lower than last year Still at levels that support sound export profit margins Depend materially on catch rate and size mix Extended period of small fish may continue Opportunity to improve sales mix – freezer vs wet vessels Continued strong export demand f
Slide 41: Performance and Prospects: Indigo brands
eee errr rT! indigo brands YARDLEY LENTHERIC COTY RIMMEL at. naitene. LONDON + PARIS PAW T NEW vor® Performance and Prospects GROWING GREAT BRANDS
Slide 42: Personal Care income statement
Income Statement H1 F18 H1 F17 Income Statement % Rm Rm Revenue 631,4 620,9 1,7 Operating profit 140,3 140,1 0,1 Operating profit margin % 22,2 22,6 (1,8) Revenue from owned brands grew by 4,7% Volume growth from core ranges and innovation Price inflation from increases implemented in F17
Slide 43: Sales volume and selling prices
Sales volume and selling prices %Δ Sale volume and selling prices Comments H1 F18 vs H1 F17 Personal Care revenue growth* 4,7 Sales volume 2,9 Volume growth from market share gains in key categories Ave. selling price 1,7 Price increases in F17 to recover accumulated cost pressure * Like-for-like
Slide 44: Prospects for H2
Prospects for H2 Low selling price inflation supported by stronger Rand Careful price / volume management in constrained market Potential for continued aggressive discounting by competitors Stronger Rand exchange rates secured give flexibility to manage demand Product ranges positioned to
Slide 45: Performance and Prospects: Footwear
a . CARVELA KURTGEIGER LACOSTE GANT ninaroche FTOSONI Performance and Prospects ' I GROWING GREAT BRANDS
Slide 46: Spitz income statement
Income statement H1 F18 H1 F17 % Rm Rm Revenue 1 035,8 969,7 6,8 Operating profit 334,6 290,4 15,2 Operating profit margin % 32,3 30,0 7,7 Footwear volume growth No price increases on core ranges in F18 Stock investment to support top selling styles Increasing utilisation of lay bye mechani
Slide 47: Sales volume and selling prices
Sales volume and selling prices %Δ H1 F18 vs Comments H1 F17 Spitz & KG Footwear revenue 7,5 growth Sales volume – Total 2,8 Improved demand from stable price points, supported by investment in core lines Ave. selling price 4,7 Inflation in non core lines and lower July sales volumes KG Clothing rev
Slide 48: Spitz and Kurt Geiger operating profit and margins
Spitz and Kurt Geiger 400 Operating profit (Rm) 350 300 250 R million 200 150 100 50 0 H1 F09 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 80% Gross profit and operating profit margins 70% 60% 50% Margin % 40% 30% 20% 10% 0% H1 F09 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H
Slide 49: Trading density – Spitz stores
Trading density – Spitz stores 47 000 25 000 45 000 43 000 20 000 41 000 39 000 15 000 37 000 R/m2 m2 35 000 10 000 33 000 31 000 29 000 5 000 27 000 25 000 0 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 Trading density (R/m2) Average trading space (m2) Opened 1 new Spitz store Closed 1 Spitz store
Slide 50: Trading density – Kurt Geiger stores
Trading density - Kurt Geiger stores 35 000 4 300 30 000 4 200 4 100 25 000 4 000 20 000 R/m2 3 900 m2 15 000 3 800 10 000 3 700 5 000 3 600 0 3 500 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 Trading density (R/m2) Average trading space (m2) No store changes in H1
Slide 51: Prospects for H2
Prospects for H2 Low selling price inflation supported by stronger Rand Constrained spending environment expected to persist Ongoing focus on product planning and store-tiering to underpin volume growth Sustained improvement in brand and design via Italian office Development and rollout of
Slide 52: Performance and Prospects: Green Cross
fs GREEN CROSS Performance and Prospects he is ly & GROWING GREAT BRANDS
Slide 53: Green Cross income statement
Income Statement H1 F18 H1 F17 % Rm Rm Revenue 193,3 193,8 (0,3) Operating profit 4,4 18,7 (76,5) Operating profit margin % 2,3 9,7 (76,3) Retail revenue growth of 1,9% from new stores Like-for-like trading density decreased Poor performance of Summer 2017 range Increase levels of discounti
Slide 54: Prospects for H2
Prospects for H2 Oversight of key activities by Spitz management team Improved planning, merchandising, retail operations Summer ‘18 buy already reviewed to address H1 F18 problems Review product range, store designs and marketing activity Profitability of Winter range (H2 F18) may also be
Slide 55: International
INTERNATIONAL Performance and Prospects
Slide 56: AVI International operating profit history
AVI INTERNATIONAL Operating profit history 100 92 94 93 90 82 80 77 73 70 70 R million 60 56 50 46 40 36 30 27 20 10 - H1 F08 H1 F09 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 H1 F18 Revenue growth in most markets, notably Botswana and Mozambique Demand weakness in Zimbabwe and Zamb
Slide 57: Entyce, Snackworks and Indigo – Non RSA sales
AVI INTERNATIONAL Entyce, Snackworks and Indigo – Non RSA sales H1 F18 H1 F17 % Rm Rm International Revenue 525,2 520,9 0,8 % of Grocery and Personal Care brands 10,8 10,8 - International Operating Profit 93,4 94,3 (1,0) % of Grocery and Personal Care brands 9,2 10,0 (8,0) International Operating M
Slide 58: AVI Group: Prospects for H2
AVI GROUP Prospects for H2 Sustain Entyce, Snackworks and Indigo profit growth in a tough environment Essential we sustain medium term approach through a tough demand cycle Low selling price inflation supported by abating cost pressures Constrained consumer spending expected to persist, and
Slide 59: Prospects for H2 continued
AVI GROUP Prospects for H2 continued I&J performance dependent on catch rates Exchange rates hedged at levels that support good profit margins Good demand and prices in export markets Potential to improve sales mix – export vs local Fuel well hedged Improving abalone size mix to support
Slide 60: Prospects for H2 continued
AVI GROUP Prospects for H2 continued Spitz Low selling price inflation supported by stronger Rand Less price pressure for consumers Maintain gross profit margin Constrained spending environment expected to persist Continued realisation of F17 restructuring benefits Focus on retail exec
Slide 61: Prospects for H2 continued
AVI GROUP Prospects for H2 continued Green Cross Oversight of key activities by Spitz management team – planning, merchandising, retail operations Review factory throughput and costs Do the best job possible with Winter range Ongoing focus on cost savings Cash flow will remain positive
Slide 62: Investor proposition
AVI GROUP Investor proposition Group initiatives Ongoing focus on business unit margin management Ongoing focus on procurement, cost savings and efficiency Remain alert to I&J value realisation opportunities Manage our unique brand portfolio to its long term potential Organic earnings gr
Slide 63: Questions
AN | Questions Sale) NIT “YS .. Ga ee FoR hts s a” GROWING GREAT BRANDS
Slide 64: Information slides
AN | Information slides PENI pe okt a GROWING GREAT BRANDS
Slide 65: Business unit financial results
INFORMATION SLIDE Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin H1 F18 H1 F17 Δ H1 F18 H1 F17 Δ H1 F18 H1 F17 Rm Rm % Rm Rm % Rm Rm Food & Beverage Brands 5 413,6 5 326,2 1,6 1 054,9 968,8 8,9 19,5 18,2 Entyce Beverages 2 039,0 1 987,8 2,6 424,3 389,0
Slide 66: Footwear & apparel financial results
INFORMATION SLIDE Footwear & apparel financial results Segmental Segmental Operating Revenue Operating Profit Margin H1 F18 H1 F17 Δ H1 F18 H1 F17 Δ H1 F18 H1 F17 Rm Rm % Rm Rm % Rm Rm Footwear & Apparel 1 225,4 1 187,5 5,7 342,4 309,6 10,6 27,3 26,1 Spitz 1 035,8 969,7 6,8 334,6 290,4 15,2 32,3 30,
Slide 67: Revenue 2,3% up
INFORMATION SLIDE Revenue 2,3% up 7 350 7 300 7 250 7 200 R million 7 150 7 100 7 050 7 135 51 -18 55 11 66 0 7 300 H1 Entyce Snackworks I&J Personal Spitz Green Cross H1 F17 Care F18 Entyce: Price increases in F17 offset by tea and mixed instant coffee volume decline Snackworks: Volume decline
Slide 68: Gross profit 5,1% up
INFORMATION SLIDE Gross profit 5,1% up 3 400 3 300 3 200 3 100 R million 3 000 2 900 2 800 3 124 49 52 6 11 52 -12 3 282 H1 Entyce Snackworks I&J Personal Spitz Green Cross H1 F17 Care F18 Entyce: Revenue growth and benefit of stronger Rand on imports Snackworks: Benefit of stronger Rand on impo
Slide 69: Cash flows
INFORMATION SLIDE Cash flows 2 000 1 800 1 600 1 400 1 200 R million 1 000 800 600 400 200 - 1 871 -240 -330 -193 -239 -77 -795 Cash from Working capital Taxation Capital Decrease in net Net interest paid Dividends paid operations and other expenditure debt
Slide 70: I&J fishing quota
INFORMATION SLIDE I&J fishing quota CY12 CY13 CY14 CY15 CY16 CY17 CY18 Quota (tons) South African Total Allowable Catch (TAC) 144 742 156 088 155 308 147 500 147 500 140 126 133 120 % change in TAC 9,8 7,8 (0,5) (5,0) - (5,0) (5,0) I&J 40 515 43 689 43 471 41 223 41 245 37 901 36 013 % 28,0 28,0 28,
Slide 71: Trading space and trading density: Spitz
INFORMATION SLIDE Trading space and trading density Spitz H1 F18 H1 F17 Number of stores 77 75 Turnover (Rm) 909,9 851,1 Average m2 20 267 19 633 Trading Density (R /m2) 44 897 43 353 Closing m2 20 243 19 544 Like-for-like metrics* H1 F18 H1 F17 Number of stores 75 75 Turnover (Rm) 885,9 846,6 Avera
Slide 72: Trading space and trading density: Kurt Geiger
INFORMATION SLIDE Trading space and trading density Kurt Geiger H1 F18 H1 F17 Number of stores 33 33 Turnover (Rm) 125,8 118,5 Average m2 4 194 4 183 Trading Density (R /m2) 29 999 28 338 Closing m2 4 194 4 087 Like-for-like metrics* H1 F18 H1 F17 Number of stores 31 31 Turnover (Rm) 122,2 112,5 Ave
Slide 73: Trading space and trading density: Green Cross
INFORMATION SLIDE Trading space and trading density Green Cross H1 F18 H1 F17 Number of stores # 45 39 Turnover (Rm) 141,2 138,6 Average m2 5 396 4 839 Trading Density (R /m2) 26 165 28 640 Closing m2 5 536 4 896 Like-for-like metrics* H1 F18 H1 F17 Number of stores # 38 38 Turnover (Rm) 129,9 137,0
Slide 74: Closing number of stores and trading space
INFORMATION SLIDE Closing number of stores and trading space at the end of each period Period Spitz Kurt Geiger Green Cross End # of stores Closing m² # of stores Closing m² # of stores Closing m² June 2008 51 14,095 3 346 December 2008 57 15,448 3 346 June 2009 56 15,595 3 346 December 2009 56 15,2
Slide 75: Growing Great Brands
GROWING GREAT BRANDS