Ticker:1216 TT Uni-President 10Q1 & 09Q4 Presentation
Agenda 1. Uni-President Overview 2. Taiwan F&B Business (UPEC 1216TT) 3. CVS & Retail Business (PCSC 2912TT) 4. China F&B Business (UPCH 220HK) 5. Southeast Asia F&B Business 2
1. Uni-President Overview 3
The Highlight of Uni-President Group Largest F&B Company in Taiwan Market Cap US$4.35bn, QFII ratio41.4%, total assets US$8.5bn, and revenue US$8.8bn. Vertical integration from manufacturing, distribution to retailing. Top 3 F&B Company in China No. 2 position in Tea & Juice business & One of the leading position in Instant Noodle Largest CVS& Hypermarket Retailers in Taiwan 7-11 Convenience Store Chains & Carrefour Hypermarket Chains in Taiwan Focusing F&B and Retail Businesses in Asia Continue divesting the non-core businesses. * Market cap & QFII based on the closing price $NT36.55 (US$1=NT$31.359) as of Apr 26, 2010 * * Total assets and revenue were consolidated-based in 2009. 44
The Structure of Uni-President Group Taiwan (UPEC 1216TT) Food & Beverage Uni-President Enterprises Corp (UPEC 1216 TT) Uni-President China Holdings Ltd.(UPCH 220HK)(UPEC holds 73.5%) South-eastern Asia Holdings (Vietnam, Thailand, Indonesia, and Philippines) (UPEC holds 100%) Distribution & Retail President Chain Stores Corp. (PCSC 2912TT) (UPEC holds 45.4%) Presicarre Corp. (UP Group holds 40%) PCSC is the retail arm with the comprehensive exposure in Taiwan and China, including 7-Eleven,Starbucks, Cosmed,Mister Donuts, Cold Stone,and etc. Presicarre Corp. is Taiwan s largest hypermart chains. Trading Nan Lien International Corp. (UPEC holds 100%) Importer, distributor and agent of consumer products including Anheuser-Busch (Budweiser)beer, Maxwell House Coffee and Chupa Chups Lollipops Investments President International Development Corp (PIDC). (UPEC holds 68.03%) Investment arm of the Group in LTPS TFT LCD,shopping mall, and biotechnology businesses Financials President Securities (2855 TT) (UPEC holds 27.23%; UP Group holds 32.63%) 5
F&B Categories of UP Group All weather, all age F&B products strategy. Provision Categories Main Products Taiwan China Southeast Asia Foodstuff Soybean corn organic fertilizer Animal Feeds Feeds for hogs chickens ducks geese,cattle dogs and cats. Aquatic Business Aquatic feeds Edible Oil Cooking oil for commercial and family use Flour Flour wheat bran Instant Food Food Instant noodles noodles Beverage Juice bottled water coffee sports drinks chinese traditional drinks Dairy&Beverage Tea Beverage RTD Tea Dairy Products Fresh milk flavored milk yogurt drink soya milk desserts Meat Products Processed meat products General Food Health Food Sauce&Seasoning Soy sauce and seasonings Frozen Prepared Foods Frozen dumplings buns hotpot dishes fish&meat balls, etc Ice Cream Ice cream bars cones snack, etc. Health Food Chicken essence grains and oatmeal powder and health food Bread Toast bread cake frozen paste, etc 6
2. Taiwan F&B Business (UPEC 1216TT) 7
UPEC Key Financials TWD$mn Revenue (Parent) Gross Profit Y 2008 Amount % 49,445 100.0 9,520 19.3 Y 2009 Amount % 2009 Q1 Amount % Revenue (Consolidated) 299,722 290,196 70,526 44,784 100.0 10,827 24.2 10,232 100.0 2,511 24.5 2010 Q1 Amount % 10,792 100.0 2,554 23.7 OP Profit 1,701 3.4 1,837 4.1 505 4.9 291 2.7 Net Income 3,601 7.3 7,861 17.6 2,070 20.2 3,091 28.6 EPS(after tax) 0.92 2.02 0.53 0.79 ROE 6.00% 12.95% Total Payout Ratio: 96% 89% Cash dividend/share 0.44 0.80 Stock dividend/share 0.44 1.00 8
Taiwan F&B Business Margin Analysis 30% 25% 20% 15% 10% 5% 0% 22.7% 23.3% One-off disposal & IPO gains in 2007 23.9% 22.1% One-off disposal gains in 2007 19.3% 24.2% 17.6% 5.2% 8.4% 7.3% 3.2% 3.7% 3.6% 3.4% 4.1% 2005 2006 2007 2008 2009 35% 30% 25% 20% 15% 10% 5% 0% 2009Q1 24.5% 20.2% 4.9% 2010Q1 28.6% 23.7% 2.7% Gross Margin OP Margin Net Profit Margin 9
Other F&B Investments in Taiwan Kuang Chuan UPEC owns 31.25% stakes (first acquired in 2004) Taiwan s Top 3 dairy company with 28% market share * in fresh and flavored milk. Operates Taiwan s 3rd largest convenience store chain under Hi-Life brand. Wei Li Food (1244 TT) UPEC owns 33.3% stakes (first acquired in 2007) Taiwan s 2nd largest instant noodles company with 22% market share *. TTET Union (1232 TT) UPEC owns 38% stakes. Taiwan s largest soybean crushing manufacturer UPEC s OEM partner for edible oil products * Source of the Market Share: AC Nielsen as of end Mar,2010 10
3. CVS & Retail Business (PCSC 2912TT) 11
7-11 (PCSC) s Market Share in Taiwan President Chain Store Corp. (PCSC 2912TT) Number of Convenience Stores in Taiwan 6000 5000 52% 4000 3000 2000 1000 0 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2006 Dec 2007 Dec 2008 Dec 2009 7-ELEVEN Chain 4,385 4,705 4,800 4,750 Family Mart Chain 2,012 2,228 2,324 2,394 Hi-Life Chain 1,261 1,296 1,244 1,252 OK Chain 840 818 826 829 Niko Mart Chain 300 Exited the market 12
PCSC s Major Retail Scopes in Taiwan Convenience Store 7-ELEVEN PCSC holds 100% # of stores: 4,735 Drugstore Cosmed Taiwan Restaurants Starbucks Taiwan PCSC holds 30% UPEC holds 20% # of stores: 225 PCSC (2912TT) Distribution& Logistics Retail Support International UP Group holds 45% Online Retailer Rakuten PCSC holds 49% PCSC holds 100% # of stores: 314 Merchandise Stores MUJI PCSC holds 41% UPEC holds 10% # of stores: 17 Cold Stone Creamery PCSC holds 100% # of stores: 20 Afternoon Tea Department Store Hankyu PCSC holds 70% UPEC holds30% # of store: 1 Mister Donut Shopping Mall Dream Mall PCSC holds 19% UPEC holds 40.5% PIDC holds 40.5% # of store: 1 PCSC holds 51% # of stores: 11 PCSC holds 50% # of stores: 40 Uni-President Cold-Chain UP Group holds 80% Wisdom Distribution UP Group holds 100% TAKKYUBIN PCSC holds 70% UPEC holds 20% Books.com.tw PCSC holds 50.03% Unimall PCSC holds 100% * Store No. is as of end Mar, 2010 13
PCSC s Major Retail Scopes Overseas PCSC (2912TT) Convenience Store Shanghai 7-ELEVEN PCSC holds 100% # of stores: 20 Drugstore Shenzhen Cosmed PCSC holds 65% # of stores: 5 Supermarket Shandong Uni-Mart PCSC holds 55% # of stores: 125 Hypermarket Sichuan Uni-Mart China Restaurants Shanghai Starbucks PCSC holds: 30% UPEC holds: 20% # of stores: 177 Cold Stone Creamery PCSC holds 100% # of stores: 40 Shanghai Afternoon Tea PCSC holds 51% # of stores: 3 Shanghai Mister Donut Southeast Asia Convenience Store Philippine 7-ELEVEN PCSC holds 56.59% # of stores: 470 Supermarket Vietnam Uni-Mart PCSC holds 51% # of stores: 1 PCSC holds 100% # of stores: 4 * Store No. is as of end Mar, 2010 PCSC holds 50% # of stores: 7 14
PCSC Key Financials Y 2008 Y 2009 2009 Q1 2010 Q1 TWD$mn Revenue PCSC Consolidated) Amount % 145,899 Amount % 148,278 Amount % 35,616 Amount % Revenue (PCSC Parent) Gross Profit 102,191 100.0 32,735 32.0 Net Income 3,520 3.4 101,756 100.0 32,966 32.4 Operating Profit 4,607 4.5 4,893 4.8 4,059 4.0 24,141 100.0 7,543 31.2 868 3.6 771 3.2 26,891 100.0 8,236 30.6 1,258 4.7 1,606 6.0 EPS(after tax) 3.85 3.90 0.74 1.55 ROE 21.53% 22.95% Total Payout Ratio 88% 92% Cash dividend/share 2.04 3.60 Stock dividend/share 1.36 0.00 15
4. China F&B Business (UPCH 220HK) 16
F&B Business in China Uni-President China Holdings Ltd. (UPCH 220 HK) Commenced China F&B operations in 1992. Listed on HKSE since Dec 17 th, 2007 Current market cap US$2.26bn*. Strong market position : No.2 in RTD Tea & Diluted Juice Distribution to 31 provinces across China. (UPEC holds 73.5% ) Advertising banners at the stadium of NBA Houston Rockets Sole official instant noodles sponsor of Beijing 2008 Olympics * Market cap based on closing price $4.88HKD as of Apr 26, 2010, US$1=HK$7.7629 17
UPCH 2009 Results Highlight RMB in mn Y2009 Y2008 Change Revenue 9,109 9,242-1.4% Gross Profit 3,617 3,156 14.6% Gross Margin 39.7% 34.1% +5.6 ppt Operating Profit-Reported 767 520 47.6% Operating Margin-Reported 8.4% 5.6% +2.8ppt Operating Profit-Recurring 767 620 23.7% Operating Margin- Recurring 8.4% 6.7% +1.7ppt Net Profit-Reported 705 344 105.0% EPS (cents) - Reported 19.58 9.56 +10.02 Net Margin-Reported 7.7% 3.7% +4.0ppt Net Profit-Recurring 705 596 18.3% Net Margin-Recurring 7.7% 6.4% +1.3ppt Recurring basis: Excluded in 2008: Zhong Gu sugar contracts default RMB 100million & FX loss RMB152million 18
UPCH Margin Analysis Gross Margin Breakdown by Products : 50% 40% 30% 20% 10% 0% 42.9% 37.5% 38.2% 38.4% 32.7% 34.1% 39.7% 33.0% 29.5% 33.7% 24.4% 21.4% 22.9% 21.6% 29.6% Y2005 Y2006 Y2007 Y2008 Y2009 Total Beverage Instant Noodles 19
Capex : UPCH Capex, Net Cash, and Dividend *2009 Actual: RMB579mn *2010 Target: RMB1.2bn (Including : Beverage production bases expansion in 11 new regions with RMB1bn) Net Cash Position RMB1.7bns as at Dec 31,2009: * Cash&cash equivalents:rmb3.4bn * Total liabilities: RMB1.7B Proposed Dividend for 2009 : RMB/ cents Y2009 Y2008 Proposed Actual Final dividend per share 5.875 2.866 Special dividend per share 3.917 1.910 Total dividend per share 9.792 4.776 Total dividend amount 352M 172M Payout ratio 30%+20% 30%+20% 20
Strategic Alliances & Partnerships in China Company Stake Remark Area of cooperation Jinmailang JV 50% Nissin Hualong Food (Jinmailang brand) is 2nd largest instant noodle manufacturer in China. Jinmailang is UPCH s OEM partner in manufacturing bottled water. The JV is in China beverages segment. 15% Andre Juice (8259 HK) One of the largest apple juice concentrate suppliers in China Raw material supply Wondersun Dairy 9% Leading milk powder brand in China Exposure to dairy market 21
5. Southeast Asia F&B Business 22
F&B Business in Southeast Asia Uni-President Thailand (owned 100% ) Beverages Uni-President Vietnam (owned 100% ) Aquatic Feeds, Flours Instant Noodles, Beverages Uni-President Indonesia (owned 49% ) Uni-President Philippines (owned 100% ) Instant Noodles, Beverages NT$mn 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - Instant Noodles, Beverages Southeast Asia F&B Sales* Total Total YOY = YOY = $11,824 11% $10,836 P 9% $9,800 The Philippines Total YOY = 53% T I Thailand $2,624 V Indonesia $1,717 Vietnam Y2007 * By internal report Y2008 Y2009 09Q1 10Q1 23
股票代碼 :1216 2010Q1 及 2009 年度財報發表 2009 3 rd Quarterly Result
議 程 1. 統一集團介紹 2. 統一企業台灣事業 (1216TT) 3. 統一超商零售及流通事業 (2912TT) 4. 統一集團中國 (220HK) 5. 東南亞事業 25
1. 統一集團介紹 26
公司簡介 台灣最大食品公司 市值 $4.35*, 外資持股率 41.4%, 總資產 $8.5*, 以及年營收 $8.8* * ( 單位 : US$bn) 整合食品 零售及流通業, 在台灣擁有領先地位 大陸前三大食品廠商之一 在即飲茶及稀釋果汁市場排名第二 擁有台灣市場兩大零售通路 :7-11 統一超商及台灣家樂福 聚焦亞洲市場之食品及零售流通事業 透過知名品牌及廣大通路發展食品事業 持續處分非核心事業. * 市值以 Apr 26, 10 收盤價 $NT36.55 計算, 匯率 US$1=NT$31.359 * * 總資產及年營收資料擷取自 2009 年合併報表 27
Major Entities 集團主要企業及品牌 and Selected Brands 食品飲料統一企業 (UPEC 1216 TT) 台灣 中國大陸 ( 統一中控 220HK) (73.5%) 東南亞控股 ( 越南 泰國 印尼及菲律賓 ) (100%) 零售通路 統一超商 (PCSC 2912TT) (45.4%) 家福 (40%) 貿易南聯國際貿易 (100%) 投資統一國際開發 ( PIDC) (68.03%) 金融統一證券 (2855 TT) ( 母公司持有 27.23% 集團持有 32.63%) 統一集團之零售通路工具, 主要投資如 : 星巴克 康是美 統一多拿滋等 家樂福為台灣最大之量販連鎖 進口及代理經銷商民生消費商品, 包括百威啤酒 麥斯威爾咖啡 Chupa Chups 棒棒糖等 統一集團之轉投資工具, 主要投資如 : LTPS TFT LCD 購物商場 生物科技等 31
2. 統一企業台灣事業 (1216TT) 29
統一企業財務摘要 Y 2008 Y 2009 2009 Q1 2010 Q1 台幣 $ 百萬 金額 % 金額 % 金額 % 金額 % 集團合併營收 299,722 290,196 70,526 母公司營收 49,445 100.0 44,784 100.0 10,232 100.0 10,792 100.0 毛利額 9,520 19.3 10,827 24.2 2,511 24.5 2,554 23.7 營業利益 1,701 3.4 1,837 4.1 505 4.9 291 2.7 稅後淨利 3,601 7.3 7,861 17.6 2,070 20.2 3,091 28.6 稅後每股盈餘 0.92 2.02 0.53 0.79 股東權益報酬率 6.00% 12.95% 股利發放率 : 96% 89% 每股現金股利 0.44 0.80 每股股票股利 0.44 1.00 30
台灣食品事業 : 毛利率分析 30% 25% 20% 15% 10% 5% 0% 22.7% 23.3% 07 年一次性收益 ( 含 IPO 收益及處分業外資產 ) 23.9% 22.1% One-off disposal gains in 2007 19.3% 24.2% 17.6% 5.2% 8.4% 7.3% 3.2% 3.7% 3.6% 3.4% 4.1% 2005 2006 2007 2008 2009 35% 30% 25% 20% 15% 10% 5% 0% 2009Q1 24.5% 20.2% 4.9% 2010Q1 28.6% 23.7% 2.7% 毛利率營業利益率稅後淨利率 31
台灣重要食品轉投資 Kuang Chuan 統一企業持股光泉 31.25% 股權 ( 於 2004 年首次取得股權 ) 台灣前三大乳品公司, 於鮮乳及調味乳的市佔率約 28% * 營運台灣第三大便利商店連鎖 - 萊爾富 Wei Li Food (1244TT) 統一企業於 2007 年取得 32% 股權 ; 截至 2009 年 3 月共持有 33.3% 股權 台灣第二大速食麵公司, 市佔率約 22% * TTET Union ( 大統益 1232TT) 統一企業持股 38% 台灣最大之黃豆製油公司 長期替統一企業代工統一品牌之食用油 * 資料來源 : AC Nielsen 2010 年 3 月 32
3. 統一超商零售及流通事業 (2912TT) 33
統一超商零售事業 統一超商. (2912TT) 歷史 : 1980 於台灣開設第一間 7-Eleven 便利超商 & 1997 於台灣證交所上市 市場評價 : 市值 US$2.48bn*, 外資持股比率 37.61% 地域性分布 : 台灣, 中國及海外 ( 菲律賓 越南 ) 中國零售事業 : ( 統一企業持有 45.4% ) - 第一個進軍中國零售市場之事業 : 於 2000 年開始經營於上海之星巴克 - 於 May 29 th,2008 取得開設上海 7-Eleven 超商之授權 ; 於 09 年 4 月首次開設 4 間店 ; 截至 10 年 3 月底於上海開設 20 間 7-Eleven * 市值及外資持股率是根據 Apr 26,2010 之收盤價 $NT84.9 (US$1=NT$31.359) 34
7-11 (PCSC) s Market Share in Taiwan 統一超商. (2912TT) 以台灣市場之超商店數之市佔率 6000 5000 52% 4000 3000 2000 1000 0 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2006 Dec 2007 Dec 2008 Dec 2009 7-ELEVEN Chain 4,385 4,705 4,800 4,750 Family Mart Chain 2,012 2,228 2,324 2,394 Hi-Life Chain 1,261 1,296 1,244 1,252 OK Chain 840 818 826 829 Niko Mart Chain 300 Exited the market 35
便利超商 台灣 7-ELEVEN PCSC holds 100% # of stores: 4,735 藥妝店 台灣康是美 台灣流通事業版圖 餐飲 台灣星巴克 PCSC holds 30% UPEC holds 20% # of stores: 225 統一超商 (2912TT) 物流 捷盟國際 UP Group holds 45% 網路零售 樂天拍賣 PCSC holds 49% PCSC holds 100% # of stores: 314 生活用品店台灣無印良品 PCSC holds 41% UPEC holds 10% # of stores: 17 百貨公司版急百貨 PCSC holds 70% UPEC holds30% 台灣 Cold Stone PCSC holds 100% # of stores: 20 台灣 Afternoon Tea PCSC holds 51% # of stores: 11 # of stores: 1 台灣 Mister Donut 購物中心夢時代 PCSC holds 19% UPEC holds 40.5% PIDC holds 40.5% # of stores: 1 PCSC holds 50% # of stores: 40 統昶 UP Group holds 80% 大智通 UP Group holds 100% 統一速達 PCSC holds 70% UPEC holds 20% 博客來網路書店 PCSC holds 50.03% 統一購物便 PCSC holds 100% * Store No. is as of Mar 31th 2010 36
海外流通事業版圖 統一超商 (2912TT) 便利超商 上海 7-ELEVEN PCSC holds 100% # of stores: 20 藥妝店 深圳康是美 PCSC holds 65% # of stores: 5 超市 山東 Uni-Mart PCSC holds 55% # of stores: 125 量販超市 四川 Uni-Mart 中國市場 餐飲上海星巴克 PCSC holds: 30% UPEC holds: 20% # of stores: 177 上海 Cold Stone PCSC holds 100% # of stores: 40 上海 Afternoon Tea PCSC holds 51% # of stores: 3 上海 Mister Donut 便利超商 菲律賓 7-ELEVEN PCSC holds 56.59% # of stores: 470 超市 東南亞市場 越南 Uni-Mart PCSC holds 51% # of stores: 1 PCSC holds 100% # of stores: 4 * Store No. is as of Mar 31th 2010 PCSC holds 50% # of stores: 7 37
統一超商財務摘要 Y 2008 Y 2009 2009 Q1 2010 Q1 台幣 $ 百萬 金額 % 金額 % 金額 % 金額 % 一超商合併營收 145,899 148,278 35,616 母公司營收 102,191 100.0 101,756 100.0 24,141 100.0 26,891 100.0 毛利額 32,735 32.0 32,966 32.4 7,543 31.2 8,236 30.6 營業利益 4,607 4.5 4,893 4.8 868 3.6 1,258 4.7 稅後淨利 3,520 3.4 4,059 4.0 771 3.2 1,606 6.0 稅後每股盈餘 3.85 3.90 0.74 1.55 股東權益報酬率 21.53% 22.95% 股利發放率 88% 92% 每股現金股利 2.04 3.60 每股股票股利 1.36 0.00 38
4. 統一集團中國 (220HK) 及東南亞事業 39
統一於中國之營運 統一中控. (220 HK) 中國前三大飲料及方便麵公司 ( 於 1992 年進入中國市場 ) Dec 17 th, 2007 於香港證交所掛牌上市 目前市值 US$2.26bn*. 三大事業體及領先之市佔率 : - 稀釋果汁 No.2 ; 即飲茶 No.2 分布全國性之生產基地及通路系統 ( 統一企業持有 73.5% ) 於 NBA 火箭隊主球場之廣告標語 2008 年北京奧運之獨家方便麵贊助商 * 市值 $4.88HKD 為 Apr 26, 2010 當日收盤價, US$1=HK$7.7629 40
統一中控 09 年度之財務摘要 單位 : 人民幣百萬 Y2009 Y2008 Change 營收 9,109 9,242-1.4% 毛利金額 3,617 3,156 14.6% 毛利率 39.7% 34.1% +5.6 ppt 營業利益 -Reported 767 520 47.6% 營業利益比率 -Reported 8.4% 5.6% +2.8ppt 營業利益 -Recurring 767 620 23.7% 營業利益比率 - Recurring 8.4% 6.7% +1.7ppt 稅後淨利 -Reported 705 344 105.0% 每股盈餘 (cents) - Reported 19.58 9.56 +10.02 淨利率 -Reported 7.7% 3.7% +4.0ppt 稅後淨利 -Recurring 705 596 18.3% 淨利率 -Recurring 7.7% 6.4% +1.3ppt Recurring basis: 不包括 2008: 中谷糖業貨款人民幣 1 億元 & 外匯損失人民幣 1.52 億元 41
統一於中國之營運毛利分析 產品別之毛利率 : 50% 40% 30% 20% 10% 0% 42.9% 37.5% 38.2% 38.4% 32.7% 34.1% 39.7% 33.0% 29.5% 33.7% 24.4% 21.4% 22.9% 21.6% 29.6% Y2005 Y2006 Y2007 Y2008 Y2009 Total Beverage Instant Noodles 42
統一中控之資本支出 淨現金部位 及股利 資本支出 : *2009 實際支出 : 人民幣 5.79 億元 *2010 預計支出 : 人民幣 12 億元 ( 包括 : 在中國 11 個新的地區擴展飲料生產基地約人民幣 10 億元 ) 截至 09 年底之淨現金部位 : 人民幣 17 億元 * 現金及約當現金 : 人民幣 34 億元 * 總負債 : 人民幣 17 億元 分配 09 年度之股利提案 : RMB/ cents Y2009 Y2008 提案 實際 每股期末股利 5.875 2.866 每股特別股利 3.917 1.910 每股股利合計 9.792 4.776 總股利金額 3.52 億元 1.72 億元 股利發放比率 30%+20% 30%+20% 43
統一於中國之策略聯盟 策略聯盟公司持股率聯盟公司背景介紹 與統一合作之領域 今麥郎 JV 50% 日清華龍食品 ( 今麥郎 品牌 ) 為中國之第二大方便麵公司 ). 今麥郎為統一於中國瓶裝水產品之代工廠商. 與統一之 JV 合作領域於中國之飲料市場. 15% 安德利果汁 (8259 HK) 中國最大之果汁濃縮原料供應商之一 濃縮果汁之供應商 完達山乳業 9% 中國之領導奶粉品牌 藉由進入中國乳製品市場 44
統一於東南亞之事業體 越南統一 (100% 持有 ) 泰國統一 (100% 持有 ) 飲料 水產飼料, 速食麵, 飲料 菲律賓統一 (100% 持有 ) 印尼統一 (49% 持有 ) 速食麵 速食麵, 飲料 NT$mn 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - 東南亞之營收 * Total Total YOY = YOY = $11,824 11% $10,836 P 9% $9,800 The Philippines Total YOY = 53% T I Thailand $2,624 V Indonesia $1,717 Vietnam Y2007 * By internal report Y2008 Y2009 09Q1 10Q1 45