1. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>IntroductionIn a recent TV interview (CNBC-TV18) Sunil Mittal, the CEO & MD, of Bharti Airtelwas asked, “What the future holds for Bharti?” He replied,”We have out-played agood many and a good many will out-play us. How we keep them at bay is thechallenge.” What he probably meant is - to devise and pursue a strategy that willkeep Bharti Airtel ahead of it’s competitors.TELE-COMMUNICATION SCENARIO IN INDIAThe Indian Telecommunications network is the third largest in the world and the secondlargest among the emerging economies of Asia. The telecommunication sector has emerged asone of the key sectors responsible for India’s resurgence and economic growth.GrowthThis rapid growth has been possible due to various proactive and positive decisions of theGovernment and contribution , both by the public and the private sector. The rapid stridesin the telecom sector have been facilitated by liberal policies of the Government that provideeasy market access for telecom equipment and a fair regulatory framework for offeringtelecom services to the Indian consumers at an affordable prices. There is a genuinecommitment to creating a modern and efficient communications infrastructure thattakes account of the convergence of telecom, IT and media..INDUSTRY OVERVIEWTotal Telephone Subscribers• The number of telephone subscribers in India increased to 846.32 Million at the end of March 2011 from 826.25 Million at the end of February 2011, thereby registering a growth rate of 2.43%. The share of Urban Subscriber has declined to 66.65% from 66.72% where as share of Rural Subscribers has increased from 33.28% to 33.35%. With this, the overall Tele-density in India reaches 70.89.• Subscription in Urban Areas grew from 551.27 million in February 2011 to 564.08 million at the end of March 2011. Rural subscription increased from 274.98 million to 282.23 million. The growth of Rural Subscription (2.64%) is higher than the Urban Subscription (2.32%). The overall Urban teledensity has increased from 154.01 to 157.32 and Rural teledensity increased from 32.95 to 33.35.Wireless Segment (GSM, CDMA & FWP)• Total Wireless subscriber base increased from 791.38 Million in February 2011 to 811.59 Million at the end of March 2011, registering a growth of 2.55%. The share of Urban Subscriber has declined to 66.30% from 66.36% where as share of Rural Subscribers has increased from 33.64% to 33.70%. The overall wireless Tele-density in India reaches 67.98.• Wireless subscription in Urban Areas increased from 525.17 million in February 2011 to 538.05 million at the end of March 2011. Rural subscription increased from 266.21 million
2. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->> to 273.54 million. This shows higher growth in Rural Subscription (2.75%) than Urban Subscription (2.45%). The Urban wireless teledensity has increased from 146.72 to 150.06 and Rural teledensity increased from 31.90 to 32.75.• Private operators hold 88.01% of the wireless market share where as BSNL and MTNL, two PSU operators hold only 11.99% market share. The graphical presentations of market shares and shares in net additions of all the service providers during the month of March 2011 are given belowAbout Bharti airtelBharti Airtel was established as Bharti Tele-Ventures Limited in 1985. It is a jointstock holding enterprise headquartered in New Delhi. Bharti Airtel Limited, commonlyknown as Airtel, is an Indian telecommunications company that operates in 19countries across South Asia, Africa and the Channel Islands. It operates a GSMnetwork in all countries, providing 2G or 3G services depending upon the country ofoperation. Airtel is the fifth largest telecom operator in the world with over 207.8million subscribers across 19 countries at the end of 2010. Airtel is the 3rd largestin-country mobile operator by subscriber base, behind China Mobile and ChinaUnicom.
3. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->> Coverage map of Bharti Airtel across 19 countriesAirtel is the 5th largest mobile operator in the world in terms of subscriber base and has acommercial presence in 19 countries and the Channel Islands.Its area of operations include: The Indian Subcontinent: o Airtel Bangla, in Bangladesh o Airtel, in India o Airtel Sri Lanka, in Sri Lanka Airtel Africa, which operates in 16 African countries: o Burkina Faso, Chad, Democratic Republic of the Congo, Republic of the Congo, Gabon, Ghana, Kenya, Madagascar, Malawi, Niger, Nigeria, Seychelles, Sierra Leone, Tanzania, Uganda and Zambia.The British Crown Dependency islands of Jersey and Guernsey, under the brandname Airtel-Vodafone, through an agreement with Vodafone It is the largest cellular service provider in India, with over 164.61 millionsubscribers at the end of 2011 April and a presence in all the 23 telecom circles.The company offers mobile voice and data services, fixed line, high speedbroadband Internet access(DSL)in 96 cities in India, IPtv, dth and turnkeytelecom solutions for enterprises. It also acts as a carrier for national andinternational long distance communication services. The company has a submarine cablelanding station at Chennai, the submarine cable connecting Chennai and Singapore.Vision of Bharti Airtel – By 2015, airtel will be the most loved brand, enriching the lives ofmillion.Bharti airtel’s businesses can be categorised broadly under three strategic businessunits (SBU’s) 1. Mobile telephony 2. Telemedia 3. Enterprises
4. Remove retail and insurance Cash cows:- mobile services Stars- ????? ?- problem child check---->> The mobile business is the major revenue earner(star) where as the other two SBUs are in different stages of their business cycles. Figure 1 VALUE CHAIN ANALYSIS OF AIRTEL Airtel is the first telecom company in the world to outsource everything except marketing , sales and finance. Its network (base stations, microwave links, etc.) are maintained by Ericsson, Nokia Siemens Network and Huawei, business support by IBM and transmission towers by another company (Bharti Infratel Ltd. in India). Ericsson agreed for the first time, to be paid by the minute for installation and maintenance of their equipment rather than being paid up front. This enabled the company to provide pan-India phone call rates of Rs. 1/minute (U$0.02/minute). Call rates have come down much further. In the year 2009-10, Bharti has roped in a strategic partner Alcatel-Lucent to manage the network infrastructure for the Telemedia Business. Value chain of Bharti Airtel Value ChainInformationTechnology(IBM)
5. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->> Network Strategic investor Passive Call Centre Outsourcing & (Temasek, Voda Infrastructure(Bhar Outsourcing(IBM Maintenance(Erics fone, Warburg ti Infratel, INDUS DAKSH, Mphasis, son, Nokia- pincus, Singtel) Power) Nortel) Siemens)Pricing and Payment Pricing linked to capacity Increased sharing of Enhanced & consistentAs a % of revenues, + passive infrastructure customer experiencethus reducing fixed cost. Payments linked to uses & network quality Reduced Capex spend Common platform acrossService level agreement (assured network quality) the groupFor quality & deployment Service level agreement Scalable business modelDeliver service delivery to met business needsPlatform enabling deliveryOf content to end user WP was instrumental inDevices like mobiles, PCs Providing support at theetc. Early stage Singtel had 50:50 JV in Chennai landing station
6. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Analysis of Bharti AirtelResources & Capabilities: Product Innovation Core Pricing VAS Competencies Marketing and BrandingIndustry Analysis ( Porter’s Five force model)
7. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->> Threat of New Entrants Supplier Threat from Customer Power Competition Power Threat of SubstitutesRemove B. Sevies...............................THREAT FROM COMPETITION 1. Market Coverage HIGHAs compared to its nearest competitor, Reliance & Vodafone the market share ofthree companies in wireless telecom as on 31.03.2009 to 31.03.2011 is given below: FY ending on Bharti Airtel Reliance Vodafone 31.03.2009 23.97% 18.55% 17.55%
8. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->> 31.03.2010 21.84% 17.53% 17.26% 31.03.2011 19.99% 16.72% 16.58% Competitor Analysis (Profit Margin) 40.00% 20.00% 0.00% Bharti Rcom IDEA MTNLSet graphData below Net Profit Margin OP Profit Margin Mar-11 Company Mar-10 Mar-11 Mar-10 Bharti 25.04% 16.41% 21.45% 10.17% Rcom 33.30% 37.05% 21.03% 5.82% Vodafone 21.32% 12.20% 19.38% 17.15% 2. Declining MoUs in India
9. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Declining ARPU in IndiaCustomer PowerMarket Scenario
10. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Suppliers Bargaining PowerThreat of Substitutes
11. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Threat of New EntrantsAnalysis of competitive Advantage 1. Cost leadership AdvantageA firm gains cost leadership in an industry when its cost of production islower than that of its competitors. Airtel has gain cost leadership bymanaging its processes and resources efficiently and effectively. Bybringing down its operational costs, Airtel offers its products andservices at lower prices compared to it’s competitors. It also earns higherprofits because either the profit margins are greater or the sales volumehas increased.Operational NETmargin MARGIN 2. Differentiation AdvantageThe differentiation strategy adopted by the firms needs to possesssufficient skills and abilities to differentiate the product from that of thecompetitors based on some attributes that allow the consumers toperceive the product as different from that of the competition. Firms thatadopt the differentiation strategy successfully have access to advanced
12. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>scientific research, a highly skilled labour force, effective customercommunication strategies, etc.Airtel is providing free digital EPABX with free leased lines (noconnectivity charges).So the firm is providing latest EPABX to thecustomer which is costing approx Rs 50,000. Best service provider, good call center service esp. in local languages, good service even in the remote areas, emphasis on “barriers break when people speak”, new initiatives like google search on airtel live, downloads etc 3. Focus strategy A firm pursuing a focus strategy tends to serve a specific segment instead of catering to the entire market. This segment may be a special group of customers, a specific geographic area, or a particular product or service line. The customers will also be loyal to the company and therefore, the entry of a new competitor into that area becomes difficult. Airtel is focusing on the customers who is having more than Rs10000 monthly landline billing. Airtel is offering landline services which consist of PRI (Primary Rated Interface). Airtel can provide its service to a specific geographic area i.e. from Dahisar to Churchgate in western region & Thane to Panvel in eastern region. Of late, Airtel has extended it’s focus to the rural customers having much less ARPU.
13. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->> Infrastructure Sharing Rural Growth Managed Telephony Services Factors Enterprise TelecomPESTELP Political dummy dummyE EconomicS Social dummy dummyT TechnologicalE Environmental dummyL Legal dummySWOT(put it in 2x2 matrix)
14. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Business StrengthBusiness Strategy of Airtel New market Existing Market New Product Enterprise business Tele media business Existing Product Rural Telephony, African Venture ANOFF’s MatrixRural strategy of airtelAs the urban Tele density about to reach its point of saturation, Bharti Airtel, apioneer its own field, looked to rural India as its next growth engine.
15. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Serving rural India was a challenge in itself. Rural users low income, widelydispersed population, less than ideal public infrastructure were some of thedeterentes. With an ARPU of less than $2 per month, profitability of Rural operationswas always under a Question mark.On the other hand, with 70% of the Indian populace in rural India (1.1 Bn) and a teledensity of only 18.5% as of September 2009, it had a huge potential for growth.To counter this challenges, Bharti Airtel adopted a slew of strategies- a) Alliance / Partnership To extend its reach to rural India, Bharti Airtel is focusing on innovative initiatives, including efficient infrastructure deployments, expanding its distribution network via partnerships and customized content and tarrifs. Bharti entered into an aggrement with Nokia and SKS Microfinance. Under these partnerships, Bharti provides subsidised tariffs and SIM cards to rural users, Nokia provides subsidised Hand Sets and SKS offers Micro financing. To expand coverage in to rural areas, Bharti Airtel is sharing passive infrastructure services with vodafone and Idea through its joint venture INDUS towers. INDUS towers will control more than 60% of India’s network towers. By sharing infrastructure cost and usage between multiple operators, Bharti Airtel was able to reduce its operating and capital expenses. Bharti also formed a joint venture with IFFCO (named IFFCO Kishan sanchar) and thus benefiting from IFFCO,s rural presence (80% of Indian villages) and appeal among the rural agricultural community to market and distribute Bharti’s products. IFFCO Kisan Sanchar provides subsidized handsets and connections at competitive rates in rural areas. It also helps Bharti Airtel to identify and acquire suitable locations for deploying its cell sites. In addition, it offers tailored services including voice-based updates on crop prices, farming techniques, rural health initiatives, and “help line” services. b) Airtel approach Bharti Airtel first studies the commercial viability of a rural community (and the surrounding villages) based on parameters such as source of livelihood, average income, and involvement in frequent commercial transactions or
16. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->> travels. The company has developed a prioritized deployment strategy based on the specified criteria. Qualifying villages are first to receive a base station, which also caters to nearby communities. To help ensure efficient usage and profitability for each of these base stations, Bharti Airtel tracks the revenue generated per base station (instead of ARPU, which is considered less relevant in a rural context). The following best practices have also been established: ● Bharti Airtel has adopted the strategy of direct communications to market its value proposition to rural customers. To make its services accessible, the company provides all of its marketing content in local languages. Vans are used to cover rural areas with staff who educate locals about mobile services and usage. ● The company has developed a shared phone service called Public Call Offices (PCOs) in rural regions to increase awareness about its brand and services. ● Bharti Airtel Service Centers have been set up in villages to address customer queries and complaints as well as act as sales and distribution points. These centers employ local people and offer sales and customer services using local dialects. ● Bharti Airtel has already established over 18,000 service centers in rural India, covering over 400 languages and local dialects. The company plans to expand this network.Africa strategy (Existing Prod.- New market)According to IMF the world economy grew by 5% in 2010, led by 7.1% growth ofemerging economies and a 3% growth of advanced economies. With the morphingof the emerging economies (India, Africa, China etc.) from the worlds back office tonerve centre of activities. Both Africa and Asia are expected to be the fastestgrowing regions with 7% and 5.4% per annum growth respectively in real GDPbetween 2010 and 2050. The economic growth prospects in these geographiesprompted Airtel to devise its “Look Africa” strategy.
17. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->> Worldwide Presence (at the Beginning)Airtel operates in the following countries: Country Site Remarks Airtel Bangladesh had about 3.2 millionBangladesh bd.airtel.com customers at the end of 2010. Airtel Burkina Faso is the dominant Burkina africa.airtel.com/burkina player with 1,433,000 customersFaso representing 50% market share. Airtel Chad is the no. 1 operator with Chad africa.airtel.com/chad 69% market share. Democratic Airtel is the market leader with almost 5 africa.airtel.com/drcRepublic of million customers at the end of 2010.the Congo Airtel Gabon has 829,000 customers and Gabon africa.airtel.com/gabon its market share stood at 61%. Airtel Ghana had about 1.76 million Ghana africa.airtel.com/ghana customers at the end of 2010. Airtel is the market leader with almost India airtel.in 152.5 million customers at the end of 2010. Airtel Kenya is the second largest Kenya africa.airtel.com/kenya operator and has 4 million customers. Airtel holds second place in the mobile telecom market in Madagascar, has aMadagascar africa.airtel.com/madagascar 39% market share and over 1.4 million customers. Airtel Malawi is the market leader with a Malawi africa.airtel.com/malawi market share of 72%.
18. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->> Airtel Niger is the market leader with a Niger africa.airtel.com/niger 68% market share. Nigeria ng.airtel.com Republic Airtel Congo is the market leader with aof the africa.airtel.com/congob 55% market share.Congo Airtel is the leading comprehensive telecommunications services providersSeychelles africa.airtel.com/seychelles with over 55% market share of mobile market in Seychelles. Sierra africa.airtel.com/sierraLeone Airtel Lanka commenced operations on Sri airtel.lk 12 January 2009. It had about 1.8 millionLanka mobile customers at the end of 2010. Airtel Tanzania is the market leader withTanzania africa.airtel.com/tanzania a 38% market share. Airtel Uganda stands as the no. 2 Uganda africa.airtel.com/uganda operator with a market share of 38%. Zambia africa.airtel.com/zambiaChannelIslands : Airtel operates in the Channel Islands Jersey and airtel-vodafone.je under the brand name Airtel-Vodafone through an agreement with Vodafone.Guernsey††Jersey and Guernsey are British Crown Dependencies. They are not independent countries. Therefore, Airtelscountries of operation is considered to be 19.Acquisitions and MergersBharti Airtel aggressively pursued the to expand its base in markets which have lessteledensity to maintain its strategic positioning. For this matter, Africa was a lucrativemarket where the company entered through mergers & acquisitions.
19. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>MTNIn May 2008, it emerged that Bharti Airtel was exploring the possibility of buying the MTNGroup, a South Africa-based telecommunications company with coverage in 21 countries inAfrica and the Middle East. The Financial Times reported that Bharti was consideringoffering US$45 billion for a 100% stake in MTN, which would be the largest overseasacquisition ever by an Indian firm. However, both sides emphasize the tentative nature ofthe talks, while The Economist magazine noted, "If anything, Bharti would be marrying up,"as MTN has more subscribers, higher revenues and broader geographic coverage. However,the talks fell apart as MTN group tried to reverse the negotiations by making Bharti almost asubsidiary of the new company.In May 2009, Bharti Airtel again confirmed that it is in Talks with MTN and companies havenow agreed discuss the potential transaction exclusively by July 31, 2009. Bharti Airtel saidin a statement "Bharti Airtel Ltd is pleased to announce that it has renewed its effort for asignificant partnership with MTN Group".Talks eventually ended without agreement, due to the South African governmentopposition.Zain In March 2010, Bharti struck a deal to buy the Kuwait firms mobile operations in 15 African countries, in Indias second biggest overseas acquisition after Tata Steels $13 billion buy of Corus in 2007. Bharti Airtel completed its $9 billion acquisition of African operations from Kuwaits Zain, making the firm the worlds No. 5 wireless carrier by subscribers. Airtel has reported that its revenues for the fourth quarter of 2010 grew by 53% to US$3.2 billion compared to the previous year, newly acquired Zain Africa division contributed US$911 million to the total. However, net profits dropped by 41% from US$470 million last year to US$291 million this year due to a US$188 million increase in radio spectrum charges in India and an increase of US$106 million in debt interest. Economies of scale and efficient working capital management helped boost profit margin. Economies of scale help reduce the percentage cost of advertisement. Product innovation remains a key driver of our market penetration strategy in Africa. We have successfully launched attractive propositions such as 2Good in Nigeria, Magic number in all the OpCos, Loba Nayo in DRC, MNP in Kenya to just mention a few. Besides working as smart penetration tools, the initiatives have helped us to keep our existing consumers excited and glued to our networks. As part of our innovative model we have also successfully set up the Tower Co, which will run as a separate business in our countries of operation and will be responsible for managing the end to end process and operations of our sites. This is another great opportunity, which will not only enable us roll out
20. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->> our network with great speed but also provide potential cost efficiencies arising from site sharing.Bharti Airtel, which registered a 32.6 percent decrease in net profit in fiscal 2010-11at $1,354 million from $1,989 million in the previous fiscal, has made up for it with its51.3 percent increase in consolidated revenues, providing a total revenue of Rs59,467 crore for the year ended March 31, 2011. The consolidated total revenues forthe full year ended March 31, 2011 of $13,319 million grew by 42.1 percent y-o-ylifted by the African operations. Bharti Airtel which began its Africa operations lastyear, with the largest-ever Indian operator investment of $10.7 billion in Zain Africa,and later rebranded its logo to signify its international operations in 19 countries, hasreaped the rewards of its investments this year. Africa continued its upward trend with revenues of $924 million, contributing to atotal net income of $314 million for Q4 FY 11 for Bharti Airtel, which is animprovement of 7.5 percent from its last quarter, which stood at $289 million.Speaking about its success in Africa, Sunil Bharti Mittal, chairman and MD, BhartyAirtel said, "In Africa, we are rapidly expanding our network coverage, improvingdistribution width and increasing our efficiency and productivity standards".Last year, the company had completed the acquisition of Zains African operations in16 countries for an enterprise value of $10.7 billion. For FY12, Airtel Africa will makea capital expenditure in the range of $1-1.2 billion. The Government regulations arestringent but are now going down, the company said. Further, Kohli admitted that thecompany is having supply constraints in Africa but assures that it will be taken careof. He added that the company expected operating margins of the African arm toincrease in the coming quarters. During the quarter ended March 31, 2011, Airtelincurred a capital expenditure of $382 million on its African arm.Tele media strategy(Existing market- new product)Bharti airtel forayed into television space. With the launch of its DTH satellitetelevision service offering 175 channel across the country. The service is available tocustomers through 21000 retail points including Airtel relationship centre in 62 cities.DTH service is the culmination of airtel’s “three screens” strategy, that is, to bepresent across Mobile phone, computer and TV screen.........................................
21. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>On march 14th 2011, it launched airtel broadband TV enabling the customers towatch live TV on their computers or Laptops, indicating a shift in strategy from threescreen to multi screen convergence. Airtel broad band TV also works on Wi-Fi,giving the customers freedom to watch TV anywhere in their homes. Besides, whilewatching one can multi task like browsing the Net or working on the laptop/computer.Enterprise businessEnterprise services delivers end-to-end telecom solutions to large Indian and global corporates by serving as the singlepoint of contact for all telecommunication needs across data, voice, network-integration and managed servicesrequirement. Enterprise services owns a state-of-the art national and international long distance network infrastructure,enabling it to provide connectivity services both within India and connecting India to the world. The internationalinfrastructure includes ownership of the i2i submarine cable system connecting Chennai to Singapore, consortiumownership of theSMW4 submarine cable system connecting Chennai and Mumbai to Singapore and Europe,andinvestments in new cable systems such as Asia America Gateway (AAG), India Middle East andWestern Europe(IMEWE), Unity North, EIG (Europe India Gateway) and East Africa SubmarineSystem (EASSy) expanding theCompany’s global network to over 225,000 Rkms, covering50 countries across 5 continents. Revenues from enterpriseservices for the financial yearended March 31, 2011 were Rs. 41,292 Mn and represented a year on year decline of 8%.Key financial results for the year ended March 31, 2011Particulars Financial Year 2010-11 2009-10 Y-o-Y GrowthGross revenues (Rs Mn) 41,292 44,798 -8%EBIT (Rs Mn ) 5,536 9,328 -41%While the Indian economy has been relatively insulated from the global economicslowdown, large corporates didhowever exercised caution in IT and Telecom spends whichhad its impact in FY11. Additionally, this segment witnessedthe entry of some of theestablished mobile players in this segment resulting in increased competition andaggressivepricing.All this had attributed to the decline in revenues in FY11. With clear signs of revivalworld wide and the Company’sgrowing focus of being global network solution provider,the segment is well placed to be back on the growth trajectory.ConclusionWith the 3G auction gone and the tariff already bottomed-out, there is very limiteddownside, in financial terms, for Airtel. Consolidation/ M&A of smaller players in thetelecom industry is more or less a certainty. This might present a unique opportunityfor Airtel. With it’s networking competency, Cost advantage, customer support andsatisfaction; backed by dynamic management and clear vision; Airtel is well poisedto retain it’s leader status in future.NOTE: NOT FOR PRINTINGIn 2005, we created a vision to be the most admired brand in India, Loved by morecustomers, Targeted by top talent, and benchmarked by more businesses. In 2010,
22. Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>we are pleased to have realised this vision and perhaps gone well beyond on manyof the parameters.“ In 200 “In 2005, we created a vision to be the Most Admired Brand inIndia, Loved by More Customers, Targeted by Top Talent andBenchmarked by More Businesses. In 2010, we are pleased tohave realised this vision and perhaps gone well beyond onmany of the parameters 5, we created a vision to be the Most Admired Brand inIndia, Loved by More Customers, Targeted by Top Talent andBenchmarked by More Businesses. In 2010, we are pleased tohave realised this vision and perhaps gone well beyond onmany of the parameters