Putting intelligent insights to work: CFO’s can use analytics to drive bottom-line growth.
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Putting intelligent insights to work: CFO’s can use analytics to drive bottom-line growth.

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The third in the series of three thought leadership pieces launched by the Consumer Products Finance team addressing key issues for Consumer Products Finance executives....

The third in the series of three thought leadership pieces launched by the Consumer Products Finance team addressing key issues for Consumer Products Finance executives.

Most of the leading consumer product (CP) companies are using analytics about customers and pricing to help gain a competitive advantage in the marketplace. When armed with the capabilities and technologies to transform huge amounts of transactional data into actionable insights, a company’s leadership can be confident in decision making to help improve not just the efficiency of day-to-day operations but also the effectiveness of strategic planning. The use of innovative analytics is fast becoming one of the critical tools to help achieve shareholder value growth.

It is the CFO who can implement and lead an integrated, profitability program: no one else has the access, reach, and influence to provide the enterprise-wide business intelligence needed to support and accelerate the decision making that can drive profitable revenue growth.

The time is now for finance leaders to help influence, and in some cases to outright own, the business analytics agenda to help drive top and bottom-line growth.

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  • 1. Putting intelligentinsights to work:CFO’s can use analytics todrive bottom-line growth
  • 2. ContentsIntroduction .....................................................................................................1I. Context for change: Evolving analytics and the CFO ......................................2II. Which customers are profitable? ..................................................................3III. What are the more favorable prices to charge? ...........................................5IV. Organizational implications .........................................................................6V. Getting from here to there ..........................................................................8
  • 3. IntroductionMost of the leading consumer product (CP) companies are For these reasons, it’s the CFO who can implement and leadusing analytics about customers and pricing to help gain a an integrated, profitability program: no one else has thecompetitive advantage in the marketplace. When armed with access, reach, and influence to provide the enterprise-widethe capabilities and technologies to transform huge amounts business intelligence needed to support and accelerate theof transactional data into actionable insights, a company’s decision making that can drive profitable revenue growth.leadership can be confident in decision making to helpimprove not just the efficiency of day-to-day operations but But as an initial step, the CFO should know:also the effectiveness of strategic planning. • Do we have the capabilities to deliver analysis-driven improvements?Among CP executives, no one is better positioned than the • What data should be captured?CFO1 to answer these questions. • Which analytical tools make sense for our business? • Do we have the required people and organization in place?First, the CFO can be an agent for change, the catalyst that • How big is the gap between what we need and what wetypically brings together business unit leaders, the chief have?information officer and the Information Technology (IT)organization, and the functional executives accountable for In this point of view, we address these questions generally.performance in sales, marketing, and operations. Second, as For specifics, each CFO should examine his or her owna strategist, the CFO focuses on enhancing shareholder value. organization’s readiness for using analytics to help driveThe use of innovative analytics is fast becoming one of the bottom-line growth.critical tools to help achieve this result.“Which customers are profitable? What arethe most advantageous/most favorable/highlyeffective prices to charge?”1 CFO is meant to represent Finance leadership broadly and the CFO as the head of the Finance function Putting intelligent insights to work CFO’s can use analytics to drive bottom-line growth 1
  • 4. I. Context for change: Evolving analytics and the CFO Figure 1. The four faces of the CFOThe CFO can be ideally Lead ing edgepositioned to evangelize the Catalyst Strategistuse of profitability analysis Ex Threshold Performance cewithin the CP company. ec an ut m io or n rf Pe Finance FunctionAnalytics technology has grown increasingly Ef ficsophisticated in recent years. ien l ro cy nt CoIn the 1990s and early 2000s, the push for enterpriseapplications (EA) to manage back-office operations helped Steward Operatorto start the ball rolling, as certain companies gained theability to capture and process large amounts of data. But EAtypically fell short when it came to reporting and analyzing thecollected data. The next wave of technology—enterprise data In these two last roles—catalyst and strategist—the CFO canwarehouse (EDW) and enterprise performance management be ideally positioned to evangelize the use of profitability(EPM) applications—appeared in the mid-2000s and closed analysis within the CP company. Here’s why:those gaps. EDW can provide the ability to store largeramounts of data for faster extraction, and EPM provides the • Using analytics productively can require cross-functional front-end, business-friendly tools that can allow the business collaboration among sales, marketing, and operations;to own the reporting and analysis process. With the power of so does producing monthly executive report books andthe new technologies, CP management became interested in financial statements. In other words, finance is alreadyusing detailed and advanced analytics to help run the business pulling these people together. Why not use the samemore effectively. Now, analytics intend to allow the CP network to help facilitate profitability analysis analytics tocompany to gain a deeper, more actionable understanding of support key business decisions?customer and pricing profitability. • While many parties contribute to the company’s well being, finance has overall responsibility as the gatekeeperEnter the CFO, the perfect choice for the profit-and-loss statement (P&L) and is, for thisThe modern CFO wears many hats in the typical CP company reason, motivated to sponsor initiatives and activities that(figure 1). can help improve financial peformance.• As a steward, finance oversees the accounting, control, • Finance’s ownership of the enterprise financial reporting and asset preservation tasks which can be necessary for systems can also give it an enterprise-wide platform—the compliance with external financial reporting requirements. infrastructure and processing power to import and analyze• As an operator, finance seeks to balance cost and service data from sales, marketing, and operations. levels in doing its job. Typically, the top two objectives of finance are 1) improving/• As a catalyst, finance can be an agent for change and maintaining margins and 2) growing and preserving revenue. business alignment, using its central position to help Business analytics can be fundamental to these mandates. identify, evaluate, and execute strategies and act as The CFO is typically the natural leader in the quest to use a business collaborator with other decision makers analytics to help drive bottom-line growth. With an eye (including business unit leaders, the chief information toward profitability and the external market, with a cross- officer, and sales and marketing executives). functional view of the business, with sensitivity to risk• As a strategist, finance helps define the future of the management, and with an appreciation of the value of fact- company and focuses on enhancing shareholder value based decision making, the CFO can be the most effective through a focus on profitable revenue growth, helping to choice to help leverage technology and analysts in the manage operating margins and monitor business risks. pursuit of higher margins and greater revenue.2
  • 5. II. Which customers are profitable?For driving bottom-line growth, nothing can be A multi-dimensional view of customer profitabilitymore fundamental than understanding customer Figure 2 illustrates customer segmentation based onsegmentation. profitability and customer longevity. Customers are grouped based on value that they may bring to the company and onAnalytics can help a CP company identify high-value customers how they can be managed to improve profitability.and more effectively understand their behavior. It is widelyknown: it costs less to sell more to a loyal customer than to Strategic Accountsattract a new customer. When a product is a good fit for an These customers tend to show steady purchasing habitsalready satisfied customer, a CP company can sell more volume, over time. Because they appreciate and value the company’sin these ways, help increase “profitability per customer.” products, they tend to be its most valuable customers. The Strategic Accounts segment should be identified andThe intense competition for high-value customers can underline supported from a marketing standpoint so the company canthe importance of using analytic tools to get close—and nurture and strengthen the customer relationship. In turn,stay close—to the high-value customers. Also, advanced the company could earn loyalty (in attitude and behavior)analytics can identify the dollars potentially being left on the from this segment. The overall result could be: greatertable because of less-than-favorable pricing or agreements in revenues and “profitability per customer.”place. In fact, research has shown that a company can gain anaverage margin uplift of 1-3 percent by implementing a pricing Harvest Accountsimprovement initiative2—a crucial differentiator and competitive These customers can be highly profitable, even though theyedge during times of saturated markets, unfavorable macro- do not show steady purchasing habits and buy for only aeconomic conditions, and shrinking margins. short time. Harvest Accounts usually enjoy “deals” and shop around, often keeping many sellers engaged at the same. ASegmentation as the basis for customer profitability CP company should make the most of these customers andImproved “profitability per customer” should begin with a invest in them, as they could become Strategic Accountscustomer segmentation analysis, which can provide insights eventually. But they can also turn into Fix or Exit Accountsinto customer preferences and subsequent purchasing behavior or Improve Accounts; when this happens, the companywhich drive overall sales, product mix, and margin contribution. should stop investing in these customers because they’re not committing to a long-term relationship. To appeal toCustomers can be segmented in different clusters to create Harvest Accounts, a company can align offerings with themulti-dimensional views based on categories such as historic buyers’ behaviors: Are there any other products that wouldand predicted performance, strategic fit, buying behaviors, complement current or recent purchases? Are the customersand cost-to-serve. The results can be surprising, as some buying from competitors? Would volume-dependent pricingof the largest volume customers can also cost the most to or a different product mix help grow the relationship?serve, while small volume customers might contribute muchmore margin. With an improved understanding of customer Figure 2. Customer segmentation framework based oncategories and the “why” of their buying patterns, the sales Profitability and Longevityand finance functions can work together to manage thecustomer portfolio more effectively. By managing customer Harvest Strategic Accounts Accountsrelationships proactively, Deloitte clients have typically Highincreased their top-line growth, profitability and margin profitabilitycontributions, and future sales growth opportunities, whilereducing general and administrative (G&A) costs. Low profitability Fix or exit Improve Accounts Accounts Short-term Long-term customers customers2 Preslan, Laura, “Price Management: Conventional Wisdom is Wrong,” AMR Research Outlook, February 2, 2004; Kiewell and Roegner, “The CFO Guide to Better Pricing,” McKinsey on Finance, Autumn 2002. Putting intelligent insights to work CFO’s can use analytics to drive bottom-line growth 3
  • 6. Improve Accounts Case Study:These customers tend to stay with the company for the Customer segmentation enhances customer retention and acquisition strategieslong-term, but they usually take advantage of favorable Situationconditions that are costly for the company, thus resulting in Over the course of last year, a major provider of personal jewelry insurance captured only 6% of the annualunprofitability. Improve Accounts typically do not generate potential market. While its sales were growing at 20 percent annually, with 80 percent retention, the company’sprofits because they buy during “sales” or because the size leadership had no clear profile of the customer base for marketing and promotional purposes. To grow the business, the company sought a more effective way to understand its customer base and develop strategies toand volume of transactions are low. But if a CP company retain and acquire customers.can manage these deficiencies, Improve Accounts canturn into profitable customers and even become Strategic Action To improve the company’s understanding of its customers, Deloitte helped identify potential new customerAccounts. For example, if the problem is low volumes, segments with a higher propensity to purchase personal jewelry policies. A cluster analysis on census and othercross-selling and up-selling techniques can extract more demographic data defined primary customer groupings and segments, developed from a population of nearlyvalue (and ultimately more profit) from the transactions. 150,000 policies and 300,000 customers in the country. This segmentation allowed the company not only to identify high value segments, but also helped to perform a market penetration study by comparing existing andFor these customers, the “cost to serve” (sales force time, potential market share by segment. By knowing high value segments with potential for penetration, the teamtransportation, returns/refusals, and favorable payment could create targeted marketing and promotional activities aimed at increasing market share and improvingterms) can drive high G&A costs. retention among current customers. ResultsFix or Exit Accounts The introduction of customer segmentation based on purchase propensity helped to provide the companyThese least profitable customers typically do not value with a unified view of its customer base, as well as insights on customer behavior, preferences, and lifestyles. This facilitated a marketing plan focused on new up-sell, cross-sell, and retention strategies. Ultimately, this led the company’s products and may not commit to steady to not only increased product purchase loyalty and growth among critical customer segments, but also to therelationships. Because of this poor profitability and loyalty, the migration of core segments to higher profitability.company should address these customers as soon as possible,refrain from investing in them, and consider extracting themost profit from the transaction that the business has withthem. The cost to serve should be closely looked at. Figure 3. Customer segmentation goalThe overall goal of segmentation is to move customersfrom a position of low profitability/short-term to high High Highprofitability/long-term (figure 3). To do this, people from profitability profitabilitymultiple departments—finance, sales and marketing, andoperations—should work in cross-functional teams (seethe chapter IV, Organizational Implications), each member Low Lowbringing his or her own particular, data-based insights to the profitability profitabilityidentification of customer profitability and longevity. Oncecustomers are segmented, the company can strategically Short-term Long-term Short-term Long-termmanage each cluster by allocating resources with the intent customers customers customers customersof turning customers into Strategic Accounts. – CustomerArmed with an understanding of business strategy and at the crossroads ofinformation, the CFO can be well positioned to drive customer segmentationand profitability related initiatives.4
  • 7. III. What are the more favorable prices to charge?With the customer base segmented, the CFO can focus on while breaking down pricing, cost of goods, operatingspecific segment growth and profitability. Equipped with expenses, and selling expenses to show the true profitabilitythe structure and supporting data, finance can produce by expense category type. Each component of thedecision-making quality information—information that’s profitability waterfall can be tied to specific processestimely, relevant, and granular enough to help drive actionable and process owners. Armed with this information, a teaminitiatives. between sales and finance departments led by the CFO could create meaningful financial results by building targeted,“A picture is worth a thousand words” explicit tactical and strategic initiatives around any costThe profitability waterfall (figure 4) is a tool that seeks to component.illustrate the effects of allocating expenses and managingcustomer, product, and contract profitability by category. A customer profitability waterfall can often be eye-opening,Those who think that the P&L can provide the same as customers thought to be Strategic Accounts are shown toinsights should be aware: the P&L typically provides only be Exit Accounts instead. For example, it might show that aan accounting view of profitability by line item or account customer’s high volume contributes to top-line growth, butnumber. A customer analysis solely based on the P&L would sales may tend to pick up only during costly trade promotions.include costs not necessarily customer-specific (such as taxes Similarly, the hidden cost of returns is often overlooked,and overhead). While directionally correct, in a thin margin and can hurt profitability; for example, if customers takeenvironment, a P&L analysis could lead to decisions that can advantage of volume discounts only to return unused productdetrimentally affect overall profitability, while overlooking in the future. Equipped with this more granular data andtrue customer contributions. insights through analytics, the CFO, working with sales and marketing, could reconsider the terms of the volumeThe profitability waterfall presents costs that can be discounts offered to the customer or establish stringent rulesattributable to specific customer segments and customers, for returns.Figure 4. Price Waterfall ice ge s e s es s es ns ht ns st gin S gin pr ar ric ion tiv er m ns ur ig sio co ar G ar t h p ot n t xp e Re t fre ce s e CO tm Lis s/c ice ro m ince nt e d on us bl em ke nt Inv o e g bil le ho ou ep th ym tin sc re lla Po c c d ow Pa rke Un le wa ro dis Tra gr a Sa nt e s/ M n & Co oic u nt tio Inv isco po r s ed Tra n lum VoBy Ed Johnson, Mike Simonetto, Julie Meehan and Ranjit Singh, Deloitte “How profitable are your customers … really?”, 2009 Putting intelligent insights to work CFO’s can use analytics to drive bottom-line growth 5
  • 8. IV. Organizational implicationsAs a strategist, the CFO can help decide where scarce financial Embedded analytics groupsresources should be used to support future growth. With Specialized analytics groups embedded within most businessanalytics, other functions can contribute valuable information unit/brand usually interact with sales, marketing, and finance,to that process. To leverage analytical capabilities effectively, while performing the lion’s share of analysis. Embeddedthe CP company should assess the organizational structure, analytics groups are required to understand the competitivebeginning with cross-functional teams responsible for environment of the brand/business and to work closely withproviding analytics support to the brands and business units. executives to formulate the required analyses to support their decision making. The embedded analytics groupRecent trends suggest a movement toward cross-functional frequently shows up on the organization chart as an extendedcollaboration in CP companies. For example, some companies “Financial Planning and Analysis” unit. At one manufacturer,are putting their finance people onto account teams that can an embedded group developed models to provide detailedfocus on customer value, relationship type, and performance SKU-level profitability to support sales, marketing, supply (figure 5). By prioritizing the criteria most critical to the chain, and operations.3business, a company can use analytics to help decide howto most effectively allocate sales and marketing resources Centers of excellenceto specific clusters of customers. This in turn can increase Given the current environment, most companies are looking toprofits by helping to reduce costs incurred and increasing reduce headcount and costs across the functions. Finance hascollaboration with critical Strategic Accounts. typically led the way by migrating transactional operations to a shared service organization or a business process outsourcer.Two structures have been shown to support cross-functional Now, new opportunities should be explored, among themanalytics: embedded analytics groups and a center of a centralized environment known as a center of excellenceexcellence (COE). (“COE”), which has been demonstrated by Deloitte research to help drive significant cost savings and other benefits.Figure 5. Marketplace trendsCP manufacturers are evolving the sales organization to more effectively deliver value to customers From To Account team focus Sales execution General management Account team composition Primarily sales Sales led with cross-functional support Customer value proposition Brands, products & relationships Insights, investments, services, brands, products & relationships Customer relationship Traditional buyer seller Expert-to-expert interfaces Performance mgmt focus Top line results Balanced top and bottom line performanceBy prioritizing the criteria most critical to the business, acompany can use analytics to help decide how to mosteffectively allocate sales and marketing resources to specificclusters of customers. 4 Miles Ewing and Ajit Kambil, Deloitte “Advanced Business Analytics: Should CFOs and Finance Lead the Charge?”, 20116
  • 9. The resources in a COE—highly skilled in technology, planning and analysis (FP&A), to a centralized environment.reporting, and financial systems—support embedded analytics The CFO believed there was an opportunity to improvegroups by formulating queries and synthesizing cross- the finance function’s cost profile, while increasing thefunctional data according to specific parameters. Because “value add” delivered to business partners. A detailedof the volume of requests across the brands/business units, global business case was developed to assess the financialthe COE can be much more efficient and effective at creating benefits of a center of excellence. In implementing thead hoc analytics, while providing a consistent set of metrics COE, the company simplified its infrastructure, improvedacross the businesses. decision support and analytics, and increased information integrity. Finance was able to provide more value to criticalA CP company, with more than $10B in revenues and market stakeholders and business partners through the help of data-brand presence of #1 and #2 in fifty countries, was looking facilitated decision making, while economies of scale andto achieve savings by migrating certain transactional and process efficiencies helped to reduce costs.knowledge-based finance activities, including financial Case Study: Implementation of a customer profitability program across three areas to improve value Situation With an increasing pressure on margins and stagnating revenues, a $5B consumer products company refined its go-to-market strategy with the objective of improving both revenue and profitability. Led by the finance function, this transformation centered on a commitment to help the company gain profitability that spanned the entire organization. Actions Grounded on a strategic use of business analytics, customer profitability has been impacting the company’s processes in three dimensions: decision making, role of the sales force, and customer investment strategy. First, the company had used a traditional, top-down planning approach based on experience, in which decisions were mainly driven by “rules of thumb” guidelines in response to customer requests, resulting in a strong focus on short-term benefits. Now, with the introduction of customer profitability, the company’s focus has been switched to long-term profit and growth. Decisions are being made by finding the appropriate balance between top-down and bottom-up planning, and they have been backed up by customer level insights that can be shared proactively with customers. Second, the sales force had been heavily focused on top-line growth, driven by basic management of trade budgets with significant “hold back” and a perspective that seemingly ignored the effects of decisions on other, non-customer-facing functions (such as finance and logistics). Now, customer profitability can transform the sales force from account management to business management, with responsibilities and goals on both the top and the bottom lines of the business. This has given frontline people the opportunity to manage a full-year plan with increased trade investment, help drive growth targets, and coordinate cross-functional teams facilitating “expert-to-expert” customer relationships. Third, the company used to segment its customers by revenues; as a result, customer size and near-term sales had dictated go-to-market priorities. The introduction of customer profitability is allowing the company to pursue investment strategies based on customer performance rather than just revenue; the new priority is customers who improve shareholder value. Results The introduction of customer profitability has changed the company’s culture on many fronts, while initiating a series of initiatives that have increased earnings before income taxes by more than three percent. Net sales are up; less investment was required in discounting and trade promotions. These results were made possible by eliminating underperforming discounts in small/emerging sales channels, by controlling non-performing investments across large customers, and by eliminating abusive returns and refusals practices. Other savings have come from a reduced cost of goods sold and a more effective mix of products to reflect the needs of performing customers versus non-performing ones. Putting intelligent insights to work CFO’s can use analytics to drive bottom-line growth 7
  • 10. V. Getting from here to thereImplementing analytics should not be a “big bang” initiative; Third, define the go-to-market initiativescapabilities that can meet the company’s needs should be The CFO should use business analytics to quantify thedeveloped over time. A crawl-walk-run approach can allow potential impact on revenue and profitability of each go-to-the CFO to focus on one step at a time. market initiative, as well as to determine the feasibility of each in terms of ease and pace of implementation. TheFirst, ask questions initiatives should target business opportunities identifiedBefore taking any action, CFOs should ask, “What capabilities by the customer segmentation analysis. The CFO shouldare required to deliver these analytic-driven improvements?” prioritize the initiatives by value, focusing on the realizationData quality plays a crucial role, and the CFO should confirm of tangible benefits early on as the most effective way tothat the organization’s technology can provide the ability to get buy-in to the use of business analytics from finance’spull and integrate data from multiple, disparate systems. In business colleagues. Prioritization can include the design ofother words, the data sets should have the required integrity. an implementation roadmap that would specify “owners” and their responsibilities.The next question is “Are we capturing and analyzing theproper data, the proper way?” The analytical process should Fourth, build in-house capabilitiesbe appropriate and defined. One way to determine whether Improving the value of investments in advanced analyticsthis is the case is by using multiple analytic tools to triangulate requires appropriate knowledge transfer to build strongto an answer when addressing an issue. in-house capabilities. Customer segmentation and profitability programs should be flexible to meet unexpected changesThe final question is about resources: “Do we have the in the business and in its priorities. The CFO should plan forrequired people and organization in place?” Functional frequent executive interactions that would allow for go/no-godecision making can require strong executive sponsors who decision points during each step of the program, based oncan drive cooperation and build consensus across cross- prior success and delivered value.functional stakeholder groups with conflicting interests. TheCFO should involve resources who are experienced not only in Fifth, measure results and improve continuouslythe analytic techniques, but also in the business. The process Even though technology is important, value should come(and results) will likely challenge conventional wisdom; the first. Value can be delivered through operational andCFO should recognize that possibility in advance. decision-making improvements, in addition to the technology platforms used. The use of business analytics can allow theSecond, determine customers’ needs CFO to support and accelerate functional decision makingBy working collaboratively with marketing and sales to related to profitable revenue growth.determine customers’ needs, the CFO can gain insights aboutthe nature of the business and demands of the marketplace.Then, in defining customer segments, the cross-functionalteam(s) can align each segment’s features with the company’sstrategic goals. The CFO’s subsequent go-to-market The time is now for finance leaders to helprecommendations for profitable revenue growth shouldreflect the segment performance analysis. influence, and in some cases to outright own, the business analytics agenda to help drive top and bottom-line growth.8
  • 11. AuthorsFor more information:Tom BendertPrincipalFinance Practice Leader, Consumer ProductsDeloitte Consulting LLP+1 212 618 4222tbendert@deloitte.comAdrian Tay Francesco OrselliSenior Manager Senior ConsultantDeloitte Consulting LLP Deloitte Consulting LLP+1 213 688 3212 +1 212 313 5084adtay@deloitte.com frorselli@deloitte.comMichelle Leigh Porter Iwona TarnowskaManager Senior ConsultantDeloitte Consulting LLP Deloitte Consulting LLP+1 212 313 2693 +1 312 486 5543michporter@deloitte.com itarnowska@deloitte.comVisit Deloitte.comTo learn more about our Consumer Products Industry practice and our capabilities within the area ofplanning, budgeting, and forecasting (PBF), visit us online at www.deloitte.com/us/consumerproducts. Putting intelligent insights to work CFO’s can use analytics to drive bottom-line growth 9
  • 12. This publication contains general information only and is based on the experiences and research of Deloittepractitioners. Deloitte is not, by means of this publication, rendering business, financial, investment, or otherprofessional advice or services. This publication is not a substitute for such professional advice or services, norshould it be used as a basis for any decision or action that may affect your business. Before making any decisionor taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte,its affiliates, and related entities shall not be responsible for any loss sustained by any person who relies on thispublication.As used in this document, “Deloitte” means Deloitte Consulting LLP and Deloitte & Touche LLP, which are separatesubsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structureof Deloitte LLP and its subsidiaries.About DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and itsmember firms. Please see www.deloitte.com/us/about for a detailed description of the legal structure of DeloitteLLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations ofpublic accounting.Copyright © 2011 Deloitte Development LLC. All rights reserved.Member of Deloitte Touche Tohmatsu Limited