Olam Group Limited · SGX:VC2
Olam — Olam International — FY2007 Earnings Presentation
77 slides from Olam's earnings presentation, Aug 29, 2007
Slide 1: 0
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Slide 2: Fourth Quarter & Full Year FY2007 Results Briefing
Olam International Limited Fourth Quarter & Full Year FY2007 Results Briefing 29th August 2007 Singapore 1
Slide 3: Presentation to be read with Financial Results Statement
This presentation should be read in conjunction with Olam International Limited’s Fourth Quarter, FY2007 (Q4 FY2007) and Full Year FY2007 Financial Results Statement for the period ended 30th June 2007 lodged on SGXNET on 29th August 2007. 2
Slide 4: Cautionary note on forward-looking statements
Cautionary note on forward-looking statements This presentation may contain statements regarding the business of Olam International Limited and its subsidiaries (‘Group’) that are of a forward looking nature and are therefore based on management’s assumptions about future developments. Such forward
Slide 5: Results Presentation: Outline
Results Presentation: Outline Results: FY2007 - Consolidated P&L Analysis Results: FY2007 - Segmental P&L Analysis Results: FY2007 - Balance Sheet Analysis M&A Update Outlook & prospects Shareholding Structure: Changes Q&A 4
Slide 6: Results: Full Year FY2007 Consolidated P&L Analysis
Results: Full Year FY2007 Consolidated P&L Analysis 5
Slide 7: Consolidated P&L Analysis: Sales Volume
Consolidated P&L Analysis: FY2007 Sales Volume: 3.773 million metric tons 18.9% growth over FY2006 Volume growth across all four segments 6
Slide 8: Sales Volume Growth: Segmental Contribution
Sales Volume Growth: Segmental Contribution Sales Volume growth 18.9%, 600,636 mts 110.3 3,772.8 $3800 286.8 3600 118.9 19% 3400 3,172.2 84.6 3200 3000 43% 2800 15% 23% 2600 2400 2200 Sales Volume 2000 (1,000 Mts) 1800 1600 1400 1200 1000 800 600 400 200 0 FY2006 Edible Nuts, Confectionery Food Stap
Slide 9: Consolidated P&L Analysis: Total Revenue
Consolidated P&L analysis: FY2007 Total Revenue: S$5,455.5 million 25.1% growth over FY2006 Revenue growth across all four segments 8
Slide 10: Sales Revenue Growth: Segmental Contribution
Sales Revenue Growth: Segmental Contribution Sales revenue growth 25.1%, S$1,094.3 million $5,500M 373.9 59.0 5,455.5 5,250 466.5 5,000 20% 4,750 195.0 26% 4,500 4,361.1 4,250 4,000 40% 3,750 14% 3,500 3,250 3,000 Sales 2,750 Revenue (S$ M) 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 FY2
Slide 11: Sales Revenue Growth: Sources
Sales Revenue Growth: Sources Sales revenue growth 25.1%, S$1,094.4 million $5,500M 308.3 5,455.5 5,250 786.1 5,000 4,750 4,500 4,361.1 28% 4,250 4,000 72% 3,750 3,500 3,250 3,000 Sales 2,750 Revenue (S$ M) 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 FY2006 Volume Price FY2007 10
Slide 12: Consolidated P&L Analysis: Gross Contribution
Consolidated P&L Analysis: FY2007 Gross Contribution (GC) : S$489.7 million 42.7% growth over FY2006 GC growth across all four segments 11
Slide 13: Gross Contribution Growth: Segmental Share
Gross Contribution Growth: Segmental Share GC growth 42.7%, S$146.6 million $500M 40.5 489.7 475 450 27.4 425 56.3 400 25% 375 22.4 19% 350 343.1 325 38% 300 18% 275 Gross Contribution 250 (S$ M) 225 200 175 150 125 100 75 50 25 0 FY2006 Edible Nuts, Confectionery Food Staples & Fibre & Wood FY2007
Slide 14: Gross Contribution Growth: Sources
Gross Contribution Growth: Sources GC growth 42.7%, S$146.6 million $500M 85.4 489.7 450 61.2 400 350 343.1 58% 300 42% Gross Contribution 250 (S$ M) 200 150 100 50 0 FY2006 Volume Growth Margin Growth FY2007 13
Slide 15: Interest Costs
Interest Costs Total increase in interest costs S$45.9 million or 54.9%. FY2007 FY2006 Increase % Increase (S$’000) (S$’000) (S$’000) Interest Expenses 138,253 83,623 54,630 65.3% Sales 5,455,508 4,361,102 1,094,406 25.1% Interest Rate 7.31% 5.42% 1.88% 34.8% Interest variance due to interest rate i
Slide 16: Finance Costs on Borrowings: Interest Spreads
Finance Costs on Borrowings: Interest Spreads Facility Type 2004-05 2005-06 2006-07 Current Short Term 120-140 bps 80-100 bps 50-70 bps 30-50 bps Medium Term - 110-120 bps 80-90 bps 70-80 bps Long Term - 130-140 bps 100-115 bps 85-100 bps Wt. Avg Cost 120-140 bps 100-120 bps 75-90 bps 65-80 bps 15
Slide 17: Interest Rates Scenario
Interest Rates Scenario Olam’s debt portfolio is skewed in favour of the bank loan markets (as against the debt capital markets). Bank loan markets have not displayed signs of stress on account of the sub-prime crisis. Olam’s debt portfolio has grown steadily by over 25% (SGD 793m) during the year e
Slide 18: Interest Rates Scenario (Cont…)
Interest Rates Scenario (Cont…) All debt-raising exercises are on schedule, and on the same terms as originally planned. Interest spreads have been steadily reducing for Olam, in line with the improvement in financials & credit profile, increase in transactional volumes, and significantly improved n
Slide 19: Consolidated P&L Analysis: Net Contribution
Consolidated P&L Analysis: FY2007 Net Contribution (NC) : S$351.4 million 35.5% growth over FY2006 NC growth across all four segments 18
Slide 20: Net Contribution Growth: Segmental Share
Net Contribution Growth: Segmental Share NC growth 35.5%, S$92.0 million $360M 27.9 351.4 330 18.0 30.3 300 27% 15.8 17% 270 259.4 240 36% 20% 210 Net Contribution 180 (S$ M) 150 120 90 60 30 0 FY2006 Edible Nuts, Confectionery Food Staples & Fibre & Wood FY2007 Spices & Beans & Beverage Packaged Fo
Slide 21: Net Contribution Growth: Sources
Net Contribution Growth: Sources NC growth 35.5%, S$92.0 million $360M 46.0 351.4 330 46.0 300 270 259.4 50% 240 50% 210 Net Contribution 180 (S$ M) 150 120 90 60 30 0 FY2006 Volume Growth Margin Growth FY2007 20
Slide 22: Impact of FRS 102
Impact of FRS 102 The following two Schemes under the ambit of FRS 102: Employee Share Subscription Scheme (ESSS) Employee Share Options Scheme (ESOS) The impact of FRS 102 on the Financial Statements is as follows: Prior Year S$’000 FY2007 Balance C/F Total Adjustment ESSS 1,913 387 157 2,457 E
Slide 23: Consolidated P&L Analysis: SG&A
Consolidated P&L Analysis: FY2007 SG&A increased by 38.5% to S$225.2 million in FY2007. FY2007 FY2006 Change SG&A (S$ million) 225.2 162.7 (38.5%) SG&A / Sales ratio 4.13 3.73 22
Slide 24: Consolidated P&L Analysis: Net Profit After Tax
Consolidated P&L Analysis: FY2007 Net Profit After Tax (NPAT): S$109.0 million 25.0% growth over FY2006 Earnings per Share (EPS) 7.01 cents/share in FY2007 vs 5.61 cents/share in FY2006 (based on weighted average no. of shares) 23
Slide 25: Results: FY2007 Segmental P&L Analysis
Results: FY2007 Segmental P&L Analysis 24
Slide 26: Segmental Analysis FY2007: Summary
Segmental Analysis FY2007: Summary Olam Consolidated • Turnover S$5,455.5 million • Volume 3.773 mmts • NC S$351.4 m • NPAT S$109.0 m Edible Nuts, Spices Confectionery & Food Staples & Fibre & Wood & Beans Beverage Ingredients Packaged Foods Products • Turnover $783.2 m • Turnover $2,177.8 m • Turno
Slide 27: Segmental Analysis: Edible Nuts, Spices & Beans
Segmental Analysis: Edible Nuts, Spices & Beans FY2007 FY2006 Description % Change Amount S$/Ton Amount S$/Ton Volume 566,549 481,978 17.5% (metric tons) Revenue 783,202 1,382 588,253 1,220 33.1% (S$’000) Net Contribution 68,755 121 52,917 110 29.9% (S$’000) Market Share FY2007 FY2006 Cashew 14.4%
Slide 28: Segmental Analysis: Confectionary & Beverage Ingredients
Segmental Analysis: Confectionary & Beverage Ingredients FY2007 FY2006 Description % Change Amount S$/Ton Amount S$/Ton Volume 853,097 734,226 16.2% (metric tons) Revenue 2,177,812 2,553 1,711,255 2,331 27.3% (S$’000) Net Contribution 125,992 148 95,683 130 31.7% (S$’000) Market Share FY2007 FY2006
Slide 29: Segmental Analysis: Food Staples & Packaged Foods
Segmental Analysis: Food Staples & Packaged Foods FY2007 FY2006 % Description Amount S$/Ton Amount S$/Ton Change Volume 1,622,525 1,335,691 21.5% (metric tons) Revenue 1,432,327 883 1,058,441 792 35.3% (S$’000) Net Contribution 60,152 37 42,137 32 42.8% (S$’000) Market Share FY2007 FY2006 Rice 7.7
Slide 30: Segmental Analysis: Fibre & Wood Products
Segmental Analysis: Fibre & Wood products FY2007 FY2006 Description % Change Amount S$/Ton Amount S$/Ton Volume 730,649 620,289 17.8% Turnover 1,062,167 1,454 1,003,153 1,617 5.9% Net Contribution 96,543 132 68,704 111 40.5% Market Share FY2007 FY2006 Cotton 4.4% 4.2% Timber 1.6% 1.2% 29
Slide 31: Well Diversified Sourcing: Origins
Well Diversified Sourcing: Origins Sourcing Volume FY2007 Sourcing Volume FY2006 Americas 9.5% 34.5% 12.9% Africa 11.5% 30.7% Americas Europe Africa Europe 5.8% 46.8% 48.3% Asia & Middle East Asia & Middle East 30
Slide 32: Well Diversified Sales: Markets
Well Diversified Sales: Markets Sales Turnover FY2007 Sales Turnover FY2006 12.8% 13.3% Americas Americas 20.9% 26.7% 22.0% Africa Africa Europe 22.2% Europe 44.3% 37.8% Asia & Middle East Asia & Middle East 31
Slide 33: Well diversified: Customers
Well diversified: Customers Top 5 Customer Share Segment of Total Sales Edible Nuts, Spices & Beans 1.9% Confectionery & Beverage Ingredients 9.6% Food Staples & Packaged Foods 3.0% Fibre & Wood Products 1.8% 32
Slide 34: Results: FY2007 Balance Sheet Analysis
Results: FY2007 Balance Sheet Analysis 33
Slide 35: Balance Sheet Analysis: Summary
Balance Sheet Analysis: Summary (Figures in S$’000) 30 Jun 2007 30 Jun 2006 % Change Goodwill and Intangibles 96,203 0 NA Fixed Assets & Investments 212,390 74,129 186.5% Current Assets Debtors 514,760 426,778 20.6% Stocks 1,163,203 1,013,904 14.7% Cash & Cash Equivalents 237,608 296,241 (19.8%) Adv
Slide 36: Fixed Assets and Investments
Fixed Assets and Investments (in S$ million) FY2007 FY2006 Increase Fixed Assets 129.35 72.50 56.85 Investments 83.04 1.6 81.44 Total 212.39 74.1 138.29 35
Slide 37: Fixed Assets
Fixed Assets Increase in Net Block of S$56.8m or 78% over FY2006. Addition for the year is S$71.9m. Key Investments include: Universal Blanchers USA S$26.3m Brazil S$15.7m Nigeria S$ 5.4m Gabon S$ 3.9m Zimbabwe S$ 3.6m Vietnam S$ 2.5m Colombia S$ 2.4m 36
Slide 38: Investments
Investments Increase of S$81.4m over FY2006. Key investments are: Queensland Cotton Holdings 25.3% S$53.6 Open Country Cheese Company 19.9% S$27.4 S$81.0 37
Slide 39: PPA Universal Blanchers
PPA Universal Blanchers Purchase Consideration US$ 72.6 Expenses Incurred 0.4 US$ 73.0 NTA US$ 10.3 Intangibles Customer Franchise US$ 13.1 S$ 20.7 To be amortized over 15 years beginning FY2008. Goodwill US$ 49.6 S$ 76.1 S$ 96.9 To be tested for impairment every year. 38
Slide 40: Balance Sheet Analysis: Ratios
Balance Sheet Analysis: Ratios 30 Jun 2007 30 Jun 2006 Change Current Asset Ratios Debtors (days) 34 36 2 Stock (days) 85 92 7 Advance to Suppliers (days) 19 15 (4) Trade Creditors (days) 19 12 7 Current Ratio (x) 1.57 1.49 39
Slide 41: Balance Sheet Analysis: Debtors
Balance Sheet Analysis: Debtors 66.6% of Debtors secured by Letter of Credit / Docs of Title. Debtor quality good. No additional provisions created over June 2006 40
Slide 42: Balance Sheet Analysis: Stock
Balance Sheet Analysis: Stock (in S$ Millions) Jun 2007 Jun 2006 Increase Edible Nuts, Spices & Beans 182.2 151.1 20.6% Confectionery & Beverage Ingredients 586.3 509.1 15.2% Food Staples & Packaged Foods 296.0 277.7 6.6% Fibre & Wood Products 98.7 76.0 29.9% Total 1,163.2 1,013.9 14.7% 80.6% of s
Slide 43: Balance Sheet Analysis: Cash & Borrowings
Balance Sheet Analysis: Cash & Borrowings Cash and Fixed Deposits decreased by 19.8% to S$237.6 million. Borrowings: Only 49.6% of our total credit facilities were used as of 30 June 2007 (in S$ million) 30 Jun 2007 % Share Short Term Banking Facilities 1,887 49 % Committed Banking Facilities 613 16
Slide 44: Balance Sheet Analysis: Gearing
Balance Sheet Analysis: Gearing 30 June 2007 30 June 2006 Change Before Vis-à-vis Before Fair After Fair After Fair Fair Value before Fair Leverage (x) Value Adj. Value Adj. Value Adj. Adj. Value Adj. Reserve Reserve Reserve Reserve Reserve Gross Debt to Equity (x) 3.94 5.71 2.79 3.03 (1.15) Net Deb
Slide 45: Balance Sheet: Analysis of Gearing
Balance Sheet: Analysis of Gearing Adjusting: hedged, liquid inventory $1,500M 3.45 x 1,000 Net Debt/Equity (x) 500 -937 0.83 x -343 0 Net Debt/Equity Adj. Stock Adj. Debtors Adj. Net Debt/Equity 44
Slide 46: Impact of FRS 39
Impact of FRS 39 Impact on P&L is reduction in profits of S$0.2 million. Reduction in equity as of 30 June 2007 is S$150.8 million. FRS 39 allows for hedge accounting to be applied when strict effectiveness criteria are met. We have assessed the effectiveness of our hedging instruments and have conc
Slide 47: Coffee
Coffee 1 June Buy Physicals Sell Futures Unrealized M2M on Month Close Inventory at Cost Derivatives to Equity Sell Physicals Buy Futures 1 August & Price Fixation Realized P&L on Month Inventory at Cost Derivatives to Equity Close 1 Sept Realized Physical Realized Derivatives On Shipment P&L P&L Ne
Slide 48: Coffee
Coffee Buy 1 Ton Coffee Sell 1 Ton Coffee 1 June @ $1,500 Futures @ $1,600 Unrealised loss $300 Month Close Inventory at $1,500 to Equity Market Price $1,900 Buy 1 Ton Coffee 1 August Sell 1 Ton Coffee Futures @ $1,400 Market price $1,400 @ $1,400 Realized Profit to Month Inventory at $1,500 Equity
Slide 49: Commodity Price Movement
Commodity Price Movement 30 June 2007 30 June 2006 % Product US$/Ton US$/Ton Increase Cocoa 2,062 1,639 26% Coffee 1,875 1,258 49% Cotton 1,356 1,145 16% Sugar 309 461 (33%) 48
Slide 50: M&A Update
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Slide 51: M&A transactions: FY2007
M&A transactions: FY2007 5 value accretive transactions and 2 asset acquisitions announced during the year. Total investment committed of US$250 million. All cash transactions so far, hence non-dilutive to existing shareholders funded through internal accruals and debt. Deal pipeline continues to re
Slide 52: M&A transactions: FY2007
M&A transactions: FY2007 All transactions have clear strategic and business fit with our core businesses and provides: a) accelerated access to a new product adjacency (Chinatex- Soybeans; OCC-Commodity cheese; KFI-Dehydrates), b) accelerated access to new country (QCH-Australia; UB-Peanut USA; Chin
Slide 53: M&A transactions: FY2007
M&A transactions: FY2007 Consistent with our M&A framework and policy a) String-of-pearls approach: no transaction exceeded 10% of our market cap. b) Aggregate transaction value not to exceed 15% of market cap during the year. Aggregate M&A spending 7.9% of market cap in FY2007. c) Intrinsic value (
Slide 54: M&A transactions: FY2007
M&A transactions: FY2007 Target Product Countries Equity Stake Announce- Completion status investment size acquired or ment date (US$ million) invested (%) Chinatex Cotton and China, 13.5 – 21.5 35% with an February •Expected completion Grains & Brazil option to 2007 by November 2007 Oil increase to
Slide 55: M&A transactions: Completion Status
M&A transactions: Completion Status Target Product Countries Equity Stake Announcement Completion status investment size acquired or date (US$ million) invested (%) Open Dairy New 18.5 19.9% June 2007 • Fully complete and Country Zealand meetings with new Cheese management to (OCC) explore active pa
Slide 56: M&A: Post Merger Integration (PMI) - QCH example
M&A: Post Merger Integration (PMI) - QCH example Objectives: ¾ Protect base business ¾ Accelerate the capture of synergies identified in the deal thesis ¾ Increase the likelihood of capturing the full value of the acquisition while mitigating risk ¾ Leverage collective capabilities ¾ Ensure smooth o
Slide 57: Olam-QCH integration: a 4-step process
Olam-QCH integration: a 4-step process 1 2 3 4 Mobilize for Set up the Develop key Implement implement- program integration and track ation imperatives results • Define • Validate deal thesis • Detailed objectives • Develop integration initiative and timeline charters planning • Set up - Objectives
Slide 58: A clear 12 week roadmap for integration planning
1 A clear 12 week roadmap for integration planning Wk 1 Wk 2 Wk 3 Wk 4 Wk 5 Wk 6 Wk 7 Wk 8 Wk 9 Wk 10 Wk 11 Wk 12 Week Jul 16 Jul 23 Jul 30 Aug 6 Aug 13 Aug 20 Aug 27 Sep 3 Sep 10 Sep 17 Sep 24 Oct 1 starting: Taskforce Mobilization for initiative activity: implementation Prepare Validate 1st cut of
Slide 59: Early hypothesis on integration initiatives
1 Early hypothesis on integration initiatives Value levers (synergies) Integration enablers 1• Increasing cotton sales – Leverage QCH and Olam sourcing network to increase sourcing volumes in Brazil and US Delisting/ 14• Delisting • Sell to Japan and Korea (via QCH marketing Financial 15• Bank negot
Slide 60: Integration SC, Program Office & taskforces set up
1 Integration SC, Program Office & 12 taskforces set up Integration Steering Committee Co-Chairmen Members • Jagdish Parihar • Mahesh Menon • John Gibbons • Richard Haire • Frank Terranova • Shankar Athreya • David De Frank • Joydeep Bose Integration Program Office Program manager Member • Vasanth S
Slide 61: 1st cut charters developed for all initiatives
2 1st cut charters developed for all initiatives 60
Slide 62: Key deal assumptions reviewed by various taskforces
2 Key deal assumptions reviewed by various taskforces US Brazil Australia On-going validation and refinement over the next 4-6 weeks 61
Slide 63: QCH FY2008 Prospects
QCH FY2008 Prospects Due to drought conditions QCH expected to generate a loss of A$12 million to A$14 million in FY2008. This includes one off transaction expenses of A$6.5 million incurred by QCH during the sale process and which will be booked in FY2008. Steady state earnings accretion from QCH w
Slide 64: Current PAT estimate >US$6M higher than deal thesis
2 Current PAT estimate >US$6M higher than deal thesis in steady state (2012) PRELIMINARY Total QCH PAT vs. Deal thesis projections (Steady state - 2012) Financial & operational Synergies yet to be Upsides to synergies quantified quantified (examples) deal thesis so far (gap $1.5M to US$ 25M yet to b
Slide 65: US: Potential upside of ~$5M vs. deal thesis run-rate
2 US: Potential upside of ~$5M vs. deal thesis run- rate; further one-off savings of ~$9M PRELIMINARY US PAT vs. Deal thesis projections (Steady state - 2012) 2.0 Additional one-off gin $10M disposal gain of ~$9M (NPV) 0.8 TBD 8 TBD 1.0 6.7 TBD 2.5 -3.2 6 4 1.7 1.9 2 445K vs. 162K vs. 750K bales 264
Slide 66: Brazil: Potential upside of >$1.6M vs. long term projections
2 Brazil: Potential upside of >$1.6M vs. Olam long term projections PRELIMINARY Brazil PAT vs. Deal thesis projections (Steady state - 2012) Upside over deal $4M thesis of $1.6M $1.1M $0.04M FTE & rent savings in 3 TBD TBD Cuiaba $1.1M $2.6M -$1.1M 150K bales of 2 pre- $0.5M finance volumes $1.0M 33
Slide 67: Potential upside of ~0.9M vs. deal thesis
2 Potential upside of ~0.9M vs. deal thesis; further sources of upside to be evaluated Aus PAT vs. Deal thesis projections PRELIMINARY (Steady state - 2012, 2.5M bale crop) US$ 12M TBD TBD 10 TBD $1.9M $0.1M $0.2M TBD $0.7M $9.1M $8.2M -$0.2M Mungindi NSW Fixed cost $2.4M avoidance QLD QLD -$0.9M $0
Slide 68: QCH-PMI: Next steps
QCH-PMI: Next steps Refine steady state and short-term financial impact Define clear action plan (“how”s) for country optimisation initiatives Continue on-going implementation and tracking of “quick wins” and enablers 67
Slide 69: Outlook & Prospects
The Brand Behind The Brands
Slide 70: Outlook & Prospects
Outlook & Prospects: We are continuing to execute well on our strategic plans and identified growth initiatives in the different businesses. We have rolled forward our 2 three year strategic planning cycles by one year. The first 3 year plan is from FY2008 to FY2010 and the second 3 year plan is fro
Slide 71: Key Investment Merits
Key Investment Merits Strong financial track record Proven growth model (both organic, and now inorganic) Unique competitive position Well-diversified across businesses, geographies & customers Risk management is a core competence High governance standards & world class investors Strong Management S
Slide 72: Shareholding Structure: Changes
Shareholding Structure: Changes 71
Slide 73: Changes in Shareholding Structure
Changes in Shareholding Structure Free float increased from 42.7% to 57.3% post placement of 100m shares by sponsor Kewalram Singapore Limited (KSL) on 26 April 2007 and 43m shares by Co-Sponsor AIF Capital on 29 June 2007 respectively. Sponsor Pre-Placement Placement Post-Placement 513,134,877 100,
Slide 74: Shareholding Structure
Shareholding Structure Our shareholding structure today is as follows: Shareholder Shares Held % Sponsor (KSL) 413,134,877 26.6 Management 250,663,893 16.1 Public 891,296,630 57.3 Total 1,555,095,400 100.00 A total of 252 institutional shareholders across 26 countries identified as of end June 2007
Slide 75: Distribution of Public Institutional Shareholders
Distribution of Public Institutional Shareholders By Geography By Investment Style Others Others Hong Kong 1.8% Index 3.1% Hedge Japan 4.8% Funds 5.2% 6.0% Other 4.8% Europe 26.8% Undisclosed 34.1% 10.4% UK 9.8% Core Value 18.2% 15.8% S’pore GARP 32.0% 27.2% US Growth 74
Slide 76: Top Public Institutional Shareholders
Top 20 Public Institutional Shareholders (By Alphabetical Order) 1. AIF Capital 11. Kuwait Investment Authority 2. Abu Dhabi Invest. Authority Newton (Mellon Financial 12. Corporation) 3. Barclays Group 13. Penta Investment 4. Capital Group 14. Prudential Asset Management 5. Deutsche Bank AG 15. T.
Slide 77: Thank You
76 The Brand Behind The Brands