Slide 1: AVI Limited presentation to shareholders & analysts
AVI Limited presentation to shareholders & analysts for the six months ended 31 December 2016
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 performance in a challenging environment; Revenue up 11,6% to R7,13 billion; Operating profit up 8,1% to R1,41 billion; Gross margin pressure from weaker Rand and rising raw material prices; Cash from operations up 11,5% to R1,67 billion; Capital expenditure of R284,0
Slide 4: Results history: operating profit history
RESULTS HISTORY Operating profit history 1 408 1400 1 302 310 1200 1 152 306 1 021 921 140 1000 309 854 124 296 167 800 303 103 160 674 231 R million 97 98 600 512 170 86 91 74 412 450 520 369 101 47 402 82 111 67 340 400 99 42 298 282 100 36 57 181 246 126 60 203 240 31 75 -27 69 75 121 200 39 27 1
Slide 5: Results history: return on capital employed
RESULTS HISTORY Return on capital employed 7 000 35% 6 000 30% 5 000 25% 4 000 20% R million 3 000 15% 2 000 10% 1 000 5% 0 0% F09 F10 F11 F12 F13 F14 F15 F16 F17* Net operating profit after tax Average capital employed ROCE (%) * F17 represents a rolling 12 month period to 31 December 2016 Sustai
Slide 6: Results history: historical cash conversion
RESULTS HISTORY Historical cash conversion 3 000 120% 2 500 100% 2 000 550.0 80% R million 1 500 60% 1 000 226.6 40% 230.6 500 201.8 20% 0 0% F09 F10 F11 F12 F13 F14 F15 F16 F17* EBITDA Cash generated by operations after working capital changes Cash to EBITDA * F17 represents 12 months to 31 Decembe
Slide 7: Results history: dividend yield
RESULTS HISTORY Dividend yield (Year end) 14% 12% 12.0% 10% 8% 7.7% 7.4% 6.4% 6.2% 6.5% 6% 5.2% 4.5% 4.9% 4.1% 4.4% 4.5% 3.8% 3.7% 4.0% 4.1% 4% 2.8% 2% 0% F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 Normal dividend yield Total dividend yield Based on share price at end of each year Total div
Slide 8: Results history: returns to shareholders
RESULTS HISTORY Returns to shareholders 1800 1 703.3 1600 1400 1 359.7 638.8 - 1200 550.01 197.4 - 550.0 R million 1000 953.5 869.5 788.3 800 269.9 620.7 600 319.1 - 1 197.4 525.8 1 064.5 226.6 953.5 400 809.7 317.8 230.6 262.8 301.1 620.7 229.4 - - 525.8 200 201.8 166.0 373.0 229.4 238.6 262.8 301.
Slide 9: Group Financial Results
AN | Group Financial Results GROWING GREAT BRANDS
Slide 10: Income statement
GROUP FINANCIAL RESULTS Income statement H1 F17 H1 F16 Rm Rm % Revenue 7 134,6 6 393,0 11,6 Gross profit 3 123,6 2 892,8 8,0 Gross profit margin % 43,8 45,3 (3,3) Operating profit 1 407,7 1 302,1 8,1 Operating profit margin % 19,7 20,4 (3,4) Net financing cost (79,9) (54,9) 45,5 Share of Joint Vent
Slide 11: Movement in group revenue
GROUP FINANCIAL RESULTS Movement in group revenue 7 500 Movement in group revenue 7 000 6 500 R million 6 000 5 500 5 000 4 500 6 393 789 -98 -35 86 7 135 H1 F16 Price Footwear FootwearVolume Volume I&J I&J Volume Volume Other H1 F17 Volume Price increases in all categories taken to offset weaker
Slide 12: Gross profit margin history
GROUP FINANCIAL RESULTS Gross profit margin history 50% 46.5% 45.9% 44.5% 45.3% 44.3% 43.8% 40% 30% 20% H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 Price increases unable to fully recover accumulated cost pressure in food and beverages Ongoing focus on cost and efficiencies to protect gross profit
Slide 13: Marketing expenditure
GROUP FINANCIAL RESULTS Marketing expenditure 18% 16% 15.4% 14.7% 14% 12% 10% 8.4% 8% 7.3% 7.3% 7.1% 7.4% 7.8% 6.2% 6.2% 6% 4.7% 4.4% 4.6% 4.1% 4% 1.9% 1.7% 2% 0% Tea Coffee Creamer Biscuits Snacks I&J retail Personal Care * Footwear * Excludes Coty H1 F16 H1 F17 Includes advertising and promotion
Slide 14: Operating profit 8,1% up
GROUP FINANCIAL RESULTS Operating profit 8,1% up 1 420 1 370 R million 1 320 1 270 1 220 1 302 38 44 8 16 2 1 -3 1 408 H1 Entyce Snackworks I&J Personal Spitz Green Cross Other H1 F16 Care F17 Entyce: Higher selling prices and coffee volume growth Snackworks: Higher selling prices; snacks and sw
Slide 15: Cash generation and utilisation
GROUP FINANCIAL RESULTS Cash generation and utilisation H1 F17 H1 F16 Rm Rm % Cash generated by operations 1 669,3 1 497,2 11,5 Working capital to revenue % 21,8 21,8 - Capital expenditure 284,0 559,8 (49,3) Depreciation and amortisation 195,7 168,3 16,3 Net debt 1 489,2 1 549,5 Net debt / capital
Slide 16: Capital expenditure and depreciation
GROUP FINANCIAL RESULTS Capital expenditure and depreciation F11 F12 F13 F14 F15 F16 1 000 822 900 849 800 700 322 690 600 541 567 532 623 R million 500 406 413 257 416 400 250 332 347 283 308 300 260 257 222 202 218 200 158 181 130 146 102 113 100 153 100 291 105 310 127 200 137 226 150 560 166 284
Slide 17: Key capital projects spend summary
GROUP FINANCIAL RESULTS Key capital projects spend summary H1 F17 H2 F17 F17 Total Actual Planned Planned Rm Rm Rm 14 13 27 Tea packaging line replacements and upgrades Biscuit line capacity and process improvements 44 57 101 I&J vessel dry-docks and upgrades 16 25 41 Woodstock processing plant repl
Slide 18: Foreign exchange hedges
GROUP FINANCIAL RESULTS Foreign exchange hedges March 2017 to July 2017 to January 2018 to June 2017 December 2017 June 2018 % Cover % Cover % Cover USD imports 95% 62% 19% EUR imports 91% 70% 17% EUR exports 84% 75% 18% Consistent hedging philosophy provides stability to manage gross margins Be
Slide 19: Performance and Prospects: Beverages
BEVERAGES “nis” Ee WE mn mom ge KH, .%. aura Performance and Prospects GROWING GREAT BRANDS
Slide 20: Tea income statement
Income statement H1 17 H1 16 % Rm Rm Revenue 1 987,8 1 728,1 15,0 Operating profit 389,0 351,0 10,8 Operating profit margin % 19,6 20,3 (3,4) Good tea performance despite significant cost inflation Selling price increases taken to protect margin Volumes under pressure at higher price points
Slide 21: Coffee income statement
Income statement H1 F17 H1 F16 % Rm Rm Revenue 1 987,8 1 728,1 15,0 Operating profit 389,0 351,0 10,8 Operating profit margin % 19,6 20,3 (3,4) Strong coffee performance in competitive category Selling price increases taken to protect margin Volume gains in mixed instant and speciality coffee
Slide 22: Creamer income statement
Income statement H1 F17 H1 F16 % Rm Rm Revenue 1 987,8 1 728,1 15,0 Operating profit 389,0 351,0 10,8 Operating profit margin % 19,6 20,3 (3,4) Constrained creamer performance Volume and market share decline due to aggressive competitor pricing and new pack size Selling prices constrained S
Slide 23: Sales volume and selling prices
Sales volume and selling prices %Δ Comments H1 F17 vs H1 F16 Tea revenue growth 19,9 Sales volume 0,1 Marginal growth despite rooibos and black tea category declines; growth in value-for-money teas Ave. selling price 19,8 Increases in response to cost pressures, mainly rooibos raw material and weake
Slide 24: Market shares – value
Market shares – value 70% Market shares – value 59.3% 60% 55.9% 50% 46.3% 44.2% 40% 35.9% 35.5% 30% 26.4% 23.6% 20% 11.3% 12.2% 10% 0% Five Roses Freshpak Frisco Ellis Brown Trinco H1 F16 H1 F17 Creamer market share decline due to aggressive competitor pricing and new pack size
Slide 25: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F17 vs H1 F16): 70 61 60 50 40 R million 31 30 20 16 13 10 6 5 0 Palm oil Arabica Robusta / chicory Glucose Black tea Rooibos Tea cost increase from higher rooibos prices due to constrained supply and export
Slide 26: Prospects for H2
Prospects for H2 Careful price / volume management in constrained and competitive market Protect Five Roses premium positioning Rooibos input costs and selling prices at record levels Further increase in rooibos raw material cost for CY17 Destructive competitor activity in Creamer category
Slide 27: Performance and Prospects: Snackworks
Snackworks That’s Good Times! , Good “a Morning Breakfast Biscuits | peach & GROWING GREAT BRANDS
Slide 28: Biscuits income statement
Income statement H1 F17 H1 F16 % Rm Rm Revenue 2 195,1 1 954,2 12,3 Operating profit 412,4 368,7 11,9 Operating profit margin % 18,8 18,9 (0,1) Sound biscuits performance in constrained environment Selling price increases taken in response to input cost pressure from weaker Rand and higher raw
Slide 29: Snacks income statement
Income statement H1 F17 H1 F16 % Rm Rm Revenue 2 195,1 1 954,2 12,3 Operating profit 412,4 368,7 11,9 Operating profit margin % 18,8 18,9 (0,1) Strong snacks performance Selling price increases taken in response to input cost inflation from weaker Rand Corn volume growth due to line extension
Slide 30: Sales volume and selling prices
Sales volume and selling prices %Δ Comments H1 F17 vs H1 F16 Biscuits revenue growth 12,6 Sales volume 1,8 Sweet biscuit volume growth, particularly Topper, partly offset by lower savoury biscuit volumes Ave. selling prices 10,6 Price increases to recover input cost pressure Snacks revenue growth 11
Slide 31: Market shares – value
Market shares – value 50% 44.1% 45.1% 45% 40% 35% 30% 25% 19.2% 18.7% 20% 16.3% 15.6% 15% 10% 5% 0% Bakers (Sweet) Bakers (Savoury) Willards H1 F16 H1 F17
Slide 32: Raw material costs
Raw material costs Cost impact of raw materials and commodities consumed in the period (H1 F17 vs H1 F16): 40 37 35 30 R million 25 20 20 16 15 9 10 5 0 Butter Palm oil Sugar Flour
Slide 33: Prospects for H2
Prospects for H2 Careful price / volume management in constrained and competitive market Innovation Continuing program of product extensions to support volumes New product launch in H2 Ongoing raw material cost pressure from rising sugar and butter prices Protect and grow export business
Slide 34: Performance and Prospects: I&J
- SINCE 1910 - GROWING GREAT BRANDS
Slide 35: I&J income statement
Income statement Income statement H1 F17 H1 F16 % Rm Rm Revenue 1 143,3 1 000,8 14,2 Operating profit 167,4 159,7 4,8 Operating profit margin % 14,6 16,0 (8,8) Revenue growth due to weaker Rand on export sales and selling price increases in domestic and export markets Portion of foreign exchang
Slide 36: Operating profit
Operating profit 250 200 150 R million 100 50 - 160 27 26 -25 -7 -14 167 H1 Exchange Fuel price Illegal strike Abalone Costs/ other H1 F16 rates F17 Abalone decrease in F17 due to stock fair value adjustment in line with stronger closing Rand
Slide 37: Profit history
Profit history 250 207 210 176 50 170 25 R million 27 130 34 102 87 90 13 20 19 130 17 117 50 70 50 10 F14 H1 F15 H1 F16 H1 F17 H1 Fishing Abalone Simplot Abalone decrease in F17 due to stock fair value adjustment in line with stronger closing Rand
Slide 38: Fishing performance
Fishing performance 14.0 12.0 11.6 11.4 10.9 10.0 10.0 9.3 9.1 Hake tons per sea day 9.1 8.5 8.2 8.0 7.3 6.0 4.0 2.0 0.0 H1 F08 H1 F09 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 I&J catch rate Continued evidence of good recruitment into the resource with high proportion of small fish
Slide 39: Sales volume and selling prices (hake)
Sales volume and selling prices (hake) %Δ Comments H1 F17 vs H1 F16 I&J Domestic revenue growth (2,5) Sales volume (15,2) Lower retail and whole fish volumes; increase in export volumes Ave. selling prices 15,0 Price increases taken to mitigate cost pressure I&J Export revenue growth 21,1 Sales volu
Slide 40: Prospects for H2
Prospects for H2 Utilise currency hedges taken when Rand was weaker Diminishing impact through the semester if Rand strength persists Fuel costs well hedged Capacity tight at current catch rates As always, exposed to fishing catch rates and size mix Impact of global weather patterns Pr
Slide 41: Performance and Prospects: Indigo brands
Bede eee eee rrr rrrrerrrrrrrrrerr rT! indigo brands GROWING GREAT BRANDS
Slide 42: Personal Care income statement
Income Statement H1 F17 H1 F16 Income Statement % Rm Rm Revenue 620,9 569,1 9,1 Operating profit 140,1 124,0 13,0 Operating profit margin % 22,6 21,8 3,7 Revenue from owned brands grew by 10,2% Strong performance from core ranges and innovation Lower commissions from Coty – R12,4 million
Slide 43: Sales volume and selling prices
Sales volume and selling prices %Δ Sale volume and selling prices Comments H1 F17 vs H1 F16 Personal Care revenue growth* 10,2 Sales volume 0,9 Increase in fragrances, roll ons and body care, and export aerosol growth Ave. selling price 9,2 Price increases to recover input cost pressure; sales mix
Slide 44: Prospects for H2
Prospects for H2 Pressure on selling prices in competitive environment Product ranges positioned to benefit from constrained environment Further traction from new ranges in Export markets New product launches to benefit local and export demand
Slide 45: Performance and Prospects: Footwear and Apparel
SPITZ 3 ; CARVELA KURTGEIGER LACOSTE GANT ninaroche FTOSONI Performance and Prospects GROWING GREAT BRANDS
Slide 46: Spitz income statement
Income statement H1 F17 H1 F16 % Rm Rm Revenue 969,7 942,8 2,9 Operating profit 290,4 288,6 1,0 Operating profit margin % 29,9 30,6 (2,3) Core brands performed well considering higher price points Price increases in F16 H2 to recover rising, Rand driven, input costs Volume decline Consumers
Slide 47: Sales volume and selling prices
Sales volume and selling prices %Δ H1 F17 vs Comments H1 F16 Spitz & KG Footwear revenue 1,2 growth Sales volume – Total (13,9) – Normal price (6,3) Constrained demand at higher price points – Discounted on sale (7,6) Tighter buying / product ranging Ave. selling price 17,5 Price increases and lower
Slide 48: Spitz and Kurt Geiger operating profit and margins
Spitz and Kurt Geiger 350 Operating profit (Rm) 300 250 R million 200 150 100 50 0 H1 F08 H1 F09 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 Gross profit and operating profit margins 90% 80% 70% Margin % 60% 50% 40% 30% 20% 10% 0% H1 F08 H1 F09 H1 F10 H1 F11 H1 F12 H1 F13 H1 F14 H1 F15 H
Slide 49: Trading density – Spitz
Trading density – Spitz 45 000 25 000 43 000 41 000 20 000 39 000 37 000 15 000 R/m2 35 000 m2 33 000 10 000 31 000 29 000 5 000 27 000 25 000 0 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 Trading density (R/m2) Average trading space (m2) Closed 1 Spitz store in sub-optimal location Refurbished 4
Slide 50: Trading density - Kurt Geiger
Trading density - Kurt Geiger 30 000 4 500 4 000 25 000 3 500 20 000 3 000 2 500 R/m2 15 000 m2 2 000 10 000 1 500 1 000 5 000 500 0 0 H1 F12 H1 F13 H1 F14 H1 F15 H1 F16 H1 F17 Trading density (R/m2) Average trading space (m2) Opened 1 new Kurt Geiger store Closed 3 Kurt Geiger stores in sub-opt
Slide 51: Prospects for H2
Prospects for H2 Constrained spending environment impacting demand Gross profit margin stable if Rand strength continues Ongoing focus on product planning and store tiering Retail space 1 new store 3 refurbishments Projects Development and rollout of refreshed store designs Italian
Slide 52: Performance and Prospects: Green Cross
GREEN CROSS Performance and Prospects GROWING GREAT BRANDS
Slide 53: Green Cross income statement
Income Statement H1 F17 H1 F16 % Rm Rm Revenue 193,8 174,3 11,1 Operating profit 18,7 17,8 5,1 Operating profit margin % 9,6 10,2 (5,9) Retail revenue growth of 17,3% Price increases in response to weaker Rand Increased trading space Improved assortment and stock replenishment Wholesale r
Slide 54: Prospects for H2
Prospects for H2 Benefits from increased space and improved product ranges Continue investing in retail stores 4 new doors Fixed cost reduction Constrained consumer spending Stabilise wholesale volumes
Slide 55: International
AN | INTERNATIONAL GROWING GREAT BRANDS
Slide 56: AVI International operating profit history
AVI INTERNATIONAL Operating profit history 100 92 94 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 Revenue growth in most markets, notably Zambia, Namibia and Mauritius Demand weakness in Mozambique and Zimbab
Slide 57: Non-RSA sales
AVI INTERNATIONAL Entyce, Snackworks and Indigo – Non RSA sales H1 F17 H1 F16 % Rm Rm International Revenue 520,9 473,7 10,0 % of Grocery and Personal Care brands 10,8 11,1 (2,7) International Operating Profit 94,3 92,5 2,0 % of Grocery and Personal Care brands 10,0 11,0 (9,1) International Operati
Slide 58: AVI Group prospects for H2
AVI GROUP Prospects for H2 Sustain Entyce, Snackworks and Indigo profit growth in volatile environment Tactile price / volume management Constrained consumer spending Input cost pressure from raw materials Aggressively streamlining management structures Innovation to gain market share
Slide 59: Prospects for H2 continued
AVI GROUP Prospects for H2 continued I&J performance dependent on catch rates Key export markets healthy Upside from Rand hedge positions to diminish through the semester Fuel well hedged Improved abalone contribution Fishing sector evaluation and options
Slide 60: Prospects for H2 continued
AVI GROUP Prospects for H2 continued Footwear and Apparel Improved product planning and buying Impeccable retail execution Store design, tiering and refurbishment Kurt Geiger brand evolution Appropriate promotional retailing support Price relief for customers if Rand strength sustained
Slide 61: Investor proposition
AVI GROUP Investor proposition Manage our unique brand portfolio to its long term potential Organic earnings growth; target >10% HEPS growth p.a. High dividend yield – maintain normal dividend payout ratio of 80% Sustain high return on capital employed Effective capital projects Leverage
Slide 62: Questions
AN | Questions GROWING GREAT BRANDS
Slide 63: Information slides
AN | Information slides GROWING GREAT BRANDS
Slide 64: Business unit financial results
INFORMATION SLIDE Business unit financial results Segmental Segmental Operating Revenue Operating Profit Margin H1 F17 H1 F16 Δ H1 F17 H1 F16 Δ H1 F17 H1 F16 Rm Rm % Rm Rm % Rm Rm Food & Beverage Brands 5 326,2 4 683,1 13,7 968,8 879,4 10,2 18,2 18,8 Entyce Beverages 1 987,8 1 728,1 15,0 389,0 351,0
Slide 65: Footwear & apparel financial results
INFORMATION SLIDE Footwear & apparel financial results Segmental Segmental Operating Revenue Operating Profit Margin H1 F17 H1 F16 Δ H1 F17 H1 F16 Δ H1 F17 H1 F16 Rm Rm % Rm Rm % Rm Rm Footwear & Apparel 1 187,5 1 138,1 4,3 309,6 305,6 1,3 26,1 26,9 Spitz 969,7 942,8 2,9 290,4 288,6 0,6 30,0 30,6 Gr
Slide 66: Revenue 11,6% up
INFORMATION SLIDE Revenue 11,6% up 7 200 7 000 6 800 R million 6 600 6 400 6 200 6 000 6 393 260 241 142 52 28 19 7 135 H1 Entyce Snackworks I&J Personal Spitz Green Cross H1 F16 Care F17 Entyce: Price increases in tea, coffee and creamer together with coffee volume growth Snackworks: Price incr
Slide 67: Gross profit 8,0% up
INFORMATION SLIDE Gross profit 8,0% up 3 150 3 050 2 950 R million 2 850 2 750 2 650 2 550 2 893 64 78 48 13 17 11 3 124 H1 Entyce Snackworks I&J Personal Spitz Green Cross H1 F16 Care F17 Entyce: Revenue growth offset by higher input costs, mostly rooibos and weaker Rand Snackworks: Revenue gro
Slide 68: Cash flows
INFORMATION SLIDE Cash flows 2 000 1 800 1 600 1 400 1 200 R million 1 000 800 600 400 200 - 1 669 -356 -289 -284 56 -80 -716 Cash from Working capital Taxation Capital Increase in net Net interest paid Dividends paid operations and other expenditure debt
Slide 69: I&J revenue growth
INFORMATION SLIDE I&J revenue growth H1 F17 H1 F16 % Rm Rm Revenue as stated 1 143,3 1 000,8 14,2 Foreign exchange (losses)/gains recorded in S&A costs (12,1) 32,8 (136,9) 1 131,2 1 033,6 9,4
Slide 70: I&J profit history
INFORMATION SLIDE I&J profit history – financial years 450 387 350 75 273 255 69 R million 250 47 24 53 243 52 150 174 178 50 F14 F15 F16 Fishing Abalone Simplot Simplot includes equity earnings and royalties for use of I&J brand
Slide 71: I&J fishing quota
INFORMATION SLIDE I&J fishing quota CY11 CY12 CY13 CY14 CY15 CY16 CY17 Quota (tons) South African Total Allowable Catch (TAC) 131 847 144 742 156 088 155 308 147 500 147 500 139 561 % change in TAC 10,0 9,8 7,8 (0,5) (5,0) - (5,4) I&J 36 906 40 515 43 689 43 471 41 223 41 245 37 125 % 28,0 28,0 28,0
Slide 72: Trading space and trading density: Spitz
INFORMATION SLIDE Trading space and trading density Spitz H1 F17 H1 F16 Number of stores 75 75 Turnover (Rm) 851,1 832,9 Average m2 19 633 19 239 Trading Density (R /m2) 43 353 43 298 Closing m2 19 544 19 376 Like-for-like metrics* H1 F17 H1 F16 Number of stores 70 70 Turnover (Rm) 819,3 811,1 Avera
Slide 73: Trading space and trading density: Kurt Geiger
INFORMATION SLIDE Trading space and trading density Kurt Geiger H1 F17 H1 F16 Number of stores 33 33 Turnover (Rm) 118,5 109,9 Average m2 4 183 4 095 Trading Density (R /m2) 28 338 26 816 Closing m2 4 087 4 156 Like-for-like metrics* H1 F17 H1 F16 Number of stores 28 28 Turnover (Rm) 103,3 100,6 Ave
Slide 74: Trading space and trading density: Green Cross
INFORMATION SLIDE Trading space and trading density Green Cross H1 F17 H1 F16 Number of stores # 39 34 Turnover (Rm) 138,6 118,1 Average m2 4 839 3 941 Trading Density (R /m2) 28 640 29 973 Closing m2 4 896 4 097 Like-for-like metrics* H1 F17 H1 F16 Number of stores # 29 29 Turnover (Rm) 111,9 108,0
Slide 75: 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 2007 38 10,397 1 128 December 2007 46 12,974 3 346 June 2008 51 14,095 3 346 December 2008 57 15,4
Slide 76: Growing great brands
GROWING GREAT BRANDS