Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Online Ad Spending in the Netherlands 2012


Published on

Online Ad Spending in the Netherlands 2012 by IAB

Published in: Business
  • Be the first to comment

Online Ad Spending in the Netherlands 2012

  1. 1. IAB report on Online Ad SpendThe Netherlands 2012March 2013interactivadvertisinbureau
  2. 2. IAB report on Online Ad Spend The Netherlands 2012 2Introduction andsummary
  3. 3. IAB report on Online Ad Spend The Netherlands 2012 3This years edition is based on data supplied by 40 companies, which allows usto gain extensive insight in the market. We also received estimates from over adozen affiliate marketing companies to complement the survey data. Deloitte alsoconducted validation discussions on the preliminary results with different partiesincluding publishers, advertisers and media planners.Due to improvements in the survey and better internal reporting by surveyrespondents, we have made adjustments in the 2011 figures for industry revenuesplits, payment models and the size of the affiliate advertising segment.This is the third year that the IAB and Deloitte are publishing the online advertisingspend report for The Netherlands. The previous four reports, for the full and half yearhave received positive feedback from the online community and the current edition –which covers 2012 FY has great participation from key industry players.Introduction“We have been running this report witha steady number of respondents forthree years now. For future reports ourfocus will be on getting more detailson international players like Google andFacebook.”Emile van den BergIAB | Research & StandardsJoris van HeukelomIAB | Chairman“For the first time since we have donethis study the second half of the yearhas shown less spend than the first.If this trend continues, 2013 will bea challenging year for the onlineadvertising industry for the first time inits history. But opportunities for growthin mobile and online video are there.”Roel van RijsewijkDeloitte | Deloitte Digital“This 2012 report shows the effect of astagnated economy on the growth ofdigital advertising. The fact that digitalis still outperforming other mediais fine, but personally, not enough.The different stakeholders within thedigital advertising ecosystem shouldrealize that now the time is right toprofessionalise and standardize on theone hand and go for full innovationin digital marketing on the otherhand. The changing behaviour of theconsumer as well as the extreme rapidpenetration of new media devicesdemands a faster pace of innovation,trial and error”
  4. 4. IAB report on Online Ad Spend The Netherlands 2012 4Our methodologyPublicationEstimationConversationValidationCollectionMissing participants’ data estimated based on previous figures, desk research,expert opinions, industry databases and mathematical modelingDeloitte collects data covering the majority of the marketFinal findings cross-referenced and validated with respondentsFinal findings presented to the IAB and industry participantsInitial findings verified with industry experts, media buyers, and selected publishersSurvey methodology• Our current survey isbased on 40 participatingcompanies• Figures are adjusted fordouble counting, based oninformation provided bythe survey participants• The figures are drawn upon the basis of companydeclarations and have notbeen verified by Deloitte• For affiliate marketing,our estimates are basedon survey respondents aswell as estimates providedby other external sourcesincluding
  5. 5. IAB report on Online Ad Spend The Netherlands 2012 5Executive summary“The relatively weaker performanceof online advertising is largely dueto pressure from the larger macro-economic environment, which has ledadvertisers to become more cautiousand focus more on performance based(search) advertising”Gagandeep SethiDeloitte | Deloitte Consulting“Internet is the largest advertising market andcontinues to grow and outperform other mediumseven under challenging economic circumstances”“Market has slowed down considerablyin the second half year with a declinefor both classifieds and display. Full yeargrowth is still a healthy 8.4%, largelydriven by search, which now accounts for54% of the total market”Future growth of the industry is expectedto continue to slow down due to lowconsumer confidence and the challengingeconomic environment.“Even though there were highexpectations for video, due to severeprice pressure on the video marketcreated by dominant players loweringprices the market has not shown topline growth”“Leading parties have shown stronggrowth in mobile advertising, howeverthe share of the total market remainsrelatively small.“Automated Trading is becoming amore dominant sales mechanismand is expected to keep on growing.This has a strong corrective impact onprice levels”
  6. 6. IAB report on Online Ad Spend The Netherlands 2012 6Background
  7. 7. IAB report on Online Ad Spend The Netherlands 2012 7563550650500450400600GDPTotal advertising growth rate YoYGDP Growth rate YoY2013F 2014F2012E201120102009542 550556 5536%3%0%-3%-6%-9%-12 %-15 %Dutch GDP projections (€b)GDP(€b)YearonYeargrowth(%)555Note: Real GDP based on constant pricesSource: IMF, Zenith Optimedia, SPOT, STIR, RAB, GroupM, Company annual reports, Deloitte analysisThe economic outlook for the Netherlands remains challenging, resulting in a weakadvertising marketDutch economyComments• GDP is expected to grow by 0.3% in2013 and 1.3% in 2014• Given the close relationshipbetween GDP and the advertisingmarket we expect the outlook toremain weak
  8. 8. IAB report on Online Ad Spend The Netherlands 2012 81495 15053,8284,038 4,104 4,0364,012158516351685+5.5% +1.6% +0.6%-2.2%3,0002,0001,00002013F2012201120105,0004,00020098151,184954 1,068 1,158 1,2571,0149434421,045962462217 2081,0881,0684842331,177547230975885571219Magazines Radio CinemaOutdoorTVNewspapersInternet**The Internet figures we report are net/net figures, meaning that the figures are reported after agency discount that in some cases apply.The figures reported in other mediumtypes are before agency discount.Source: Zenith Optimedia, SPOT, STIR, RAB, Group M, Company annual reports, Deloitte analysisInternet is the largest advertising market and continues to grow and outperform othermediums even under challenging economic circumstancesDutch advertising marketCAGR*2009-20120.0%3.1%-0.3%-6.8%2.8%-4.1%12.4%Growth forecast20130.0%3.1%-4.1%-4.3%-2.0%-3.0%8.5%Estimated advertising market (€m)*Compound annual growth rate
  9. 9. IAB report on Online Ad Spend The Netherlands 2012 9Source: Trends tijdsbesteding 2010 & 2012 SPOT, Zenith Optimedia, Deloitte analysisInternet has been growing its relative share of advertising, as well as the relative shareof time spend on the different mediumsTime spendShareofAdvertisingspend(%)Share of Time Spend (%)20102012Expected development504030201000 10 20 30 40 50InternetTime spend online continues to increase,and is expected to increase even further.Advertising budgets increase in line withtime spendNewspapers/MagazinesAs forecasts show,the advertising revenue innewspapers andmagazines have beendeclining, whilst there islimited change in timespend. Given shifts inconsumer behavior thistrend is expected tocontinueRadioTraditional radio has declined in its share oftotal time spend, SoA has slightly declined.Upside potential in SoA is limited, howeveronline radio services can increase time spendin the future againTVTV remains strong on timespend, while taking share ofadvertising from newspapersand magazinesShare of time spend vs Share of advertising spend (2010, 2012)
  10. 10. IAB report on Online Ad Spend The Netherlands 2012 102012 Results
  11. 11. IAB report on Online Ad Spend The Netherlands 2012 11Revenue by advertising category (€m)* Search revenue is our estimation of all revenue of Google and its competitors in The NetherlandsNote: Display revenue includes some double counting from search related revenues; Classifieds,directories listings estimated based on a limited number of data pointsSource: Survey respondents, Annual reports, Deloitte analysisSearch is the main contributor to the growth of the online advertising market; thegrowth of Display and Classifieds is slowing downOnline advertising marketFranc GoebbelsAnnalect | Managing Director“As the market circumstances aretough, advertisers move to moresecure media; in 2012 online search hasbenefited from challenging economiccircumstances. The challenge forpublishers is to monetize their premiumcontent.”+12% +8.4%2011€1,0685303362022010€954 4603021922012€1,158195338625Classifieds, directories and listingsDisplaySearch*Growth2010-2011+15.4%+11.4%+5%Growth2011-2012+18%+0.3%-3.4%
  12. 12. IAB report on Online Ad Spend The Netherlands 2012 12Revenue by advertising category (%)* Search revenue is our estimation of all revenue of Google and its competitors in The NetherlandsSource: Survey respondents, Annual reports, Deloitte analysis2012 has been the first year in which Search has over 50% of market share inadvertisement revenueOnline advertising marketMarc de VriesTMG | General Manager TMG OnlineMedia“I foresee a bigger role for automatedtrading in the future, for display, as wellas for video advertising. Furthermore,a good and reliable understandingof reach of positions is importantfor further growth and professionaldevelopment of the industry.”49.6%31.5%18.9%2010201148.2%31.6%20.1%Classifieds, directories and listingsDisplaySearch*16.9%29.2%54.0%2012
  13. 13. IAB report on Online Ad Spend The Netherlands 2012 13+14% +3%€255€159€98H1 2011€512H1 2012€585€105€310€170H2 2011€556€104€275€177H2 2012€573€90€315€168YOY%7.1%6.5%21.6%YOY%-13.2%-5.2%14.7%Classifieds, directories and listingsDisplaySearchOnline advertising marketGrowth has slowed down considerably in the second half of 2012, Display andClassifieds’ revenue declined compared to the second half of 2011Revenue by advertising category (€m)The first half year of 2012 showed a 14% growth compared to 2011, drivenby search supported by growth from both classifieds and display which grewaround 7%The second half of 2012 saw growth slow to 3% fully driven by search, withdisplay and classifieds in decline
  14. 14. IAB report on Online Ad Spend The Netherlands 2012 14Consumer confidenceDisplayAdvertisingrevenue(€)4030201000-10-20-30-40Dec36Nov30Oct29Sept28Aug24July24June30May29Apr28Mar29Feb26Jan26Dec40Nov31Oct31Sept28Aug23July24June29May27Apr26Mar28Feb24Jan25ConsumerConfidence2011 2012Consumer confidenceDisplay Advertising Revenue 2012Display Advertising Revenue 2011Consumer confidence which dipped in H2 2011 has remained low throughout 2012impacting the display advertising revenueDisplay advertising revenue vs. consumer confidence (2011, 2012)Decline in consumer confidence did not affect the growth of display advertisingspend. To secure 2012 budgets, advertisers unloaded their budgets at the end ofthe yearIn the second half of 2012, the display spend did not grow compared to H2 2011.As consumer confidence was at a low, advertisers reduced their spend and did notunload their budgetsSource: Survey respondents, CBS, Deloitte analysis
  15. 15. IAB report on Online Ad Spend The Netherlands 2012 15Note: Video excludes YouTubeSource: Survey respondents, Deloitte analysisThere have not been any major shifts regarding formats; due to price pressures onlinevideo has not shown the expected growthDetails display advertising“The volumes in video advertising havebeen increasing significantly, howeverdue to price dumping the relative shareof video advertising revenue has notincreased”“The market for display advertising isunder pressure and it needs to prove itsvalue to advertisers. Publishers need tooffer better targeting, better visibility,consider more performance basedpricing and reduce clutter on their sites.One good example that we are seeingmore often in video, is paying for trueviews, which offers advertisers bettervalue”Gagandeep SethiDeloitte | Deloitte ConsultingAschwin de BruijnMagna Global | Director OnlineDisplay advertising breakdown by formatOtherInterruptiveformatsTextlinks(incl. AdSense)EmbeddedformatsVideo(excl. You tube)2012Display formats57%10%8%11%15%OtherInterruptiveformatsTextlinks(incl. AdSense)EmbeddedformatsVideo(excl. You tube)2011Display formats61%10%9%8%12%
  16. 16. IAB report on Online Ad Spend The Netherlands 2012 16Display advertising revenue per device* Including In-app and mobile websitesNote: In-app only includes revenues from survey respondents and excludes revenues from players such as Google and AppleSource: Survey respondents, Intomart GFK, Deloitte analysisGrowth for mobile advertising was strong, however it is growing from a small baseand remains a relatively small part of total advertisingDisplay revenue per mediumMaarten KuilSanoma | Director Strategy“Mobile advertising is growing fast, butadvertisers willingness to pay is still low.Pay for performance might become thenew normal on mobile devices.”Franc GoebbelsAnnalect | Managing Director“Mobile media use is no where nearbeing accurately reflected in mobilead spend. The demand for mobileadvertising is still lacking as mostadvertisers still have not completelyprepared for this medium, still it offershuge potential and we are anticipatingbreakthrough developments in themobile advertising market in thecoming years.”Number of devices9%88%Mediums2011Devices(x1m)765432106. 3%3%In-app / Mobile website2012TabletSmartphoneE-mailWebsite/browser+17%+54%2011
  17. 17. IAB report on Online Ad Spend The Netherlands 2012 17Display advertising revenue per payment model 2012 (%)Note: Adjustment in 2011 data due to revisedrespondent dataSource: Survey respondents, Deloitte analysis51%CPM(0%)10%CPC(+1%)15%Fixed Fee(+3%)20%CPS(+1%)1%Other(-1%)3%CPL(-4%)CPM is still the dominant payment model for display advertising, CPS and Fixed Feepayment models have seen minor share gainsRevenue per payment modelNini Spitsde Persgroep Advertising | Sales director Digital“We focus on premium online display adformats for building brands online.We experience that online branding gains more importance for advertisers andtherefore we believe in the continuity of the cpm-model.”
  18. 18. IAB report on Online Ad Spend The Netherlands 2012 18Ad network / ad exchangeAgency trading desksSaleshouseIndependent trading deskMedia agenciesDirect sales48%32%10%4%3% 3%2012Source: Survey respondents, Deloitte analysisMedia agencies are responsible for nearly half of display advertising sales; growth isexpected from Ad Networks and Ad ExchangesSales channelsReinier BreijAegis Media | Trading Manager“Ad network and ad exchange platforms is expected to increase in the future asmore publishers will use their own platforms for automated trading and RTB. Thiswill take share from the direct sales of publishers”
  19. 19. IAB report on Online Ad Spend The Netherlands 2012 19*Based on a limited number of respondents (N=12)Source: Survey respondents, Deloitte analysisAutomated trading is an important sales channel, although price levels on theautomated trading market are lowerJanneke NiessenImproveDigital | CIO“RTB and programmatic buying have been drivers for growth and the Dutch marketis ahead of other markets in Europe. Automated trading will continue to growwhere we expect programmatic premium to grow significantly in the next years.”Aschwin de BruijnMagna Global | Director Online“RTB is helping the market find the real price for unsold display inventory. In thefuture, as more rich-media formats start being sold through RTB the market willface increasing price pressure”Automated TradingDisplay advertising by sales method*RevenueAutomated29%71%Impressions46%54%Manual
  20. 20. IAB report on Online Ad Spend The Netherlands 2012 20LowAverageHigh024681012Number of publishersSoA/SoV111111221111210.3 0.5 0.6 0.7 0.8 1.0 1.1 1.21.8 1.92.9 of publishersAverageperformanceAverageperformanceSoA/SoV1111122112310.5 0.6 0.7 0.8 0.9 1.0 1.2• Share of Advertising is the ratio ofrespondent revenue to the sum ofrevenue of included respondents• Share of Visitors is the ratio ofrespondent unique visitors to thesum of unique visitors of includedrespondents• The power ratio is calculated bydividing Share of Advertising byShare of Reach• Publishers with a specific targetaudience received a high advertisingshare relative to their visitors’ shareNote: Visitors are according to STIR definitions of visitors over 13 years of age, like for like comparison only includes respondents of both 2011 and 2012Source: STIR 2011/2012, Survey respondents, Deloitte analysisWith prices under pressure and the market increasingly commoditizing we see thepower ratio flattenPower ratio display advertisingPower ratio display advertising 2012 results2011 results
  21. 21. IAB report on Online Ad Spend The Netherlands 2012 21Industries by revenue share 2012 Change with 2011 inpercentage pointsNote: Excluding classifieds, directories listings, search and industry category other. Adjustment in 2011 data due to revised respondent dataSource: Survey respondents, Deloitte analysisAutomotive and Consumer Goods have lost relative share in advertising spend, whilstTravel and ICT Services show most growthIndustriesPersonal care 2.5%Free time 2.7%Public sector 3.2%Fashion 3.9%Retail 4.9%Consumer goods 5.1%Hardware electronics 6.3%ICT services 6.5%Automotive 8.3%Telecom 9.9%Travel 10.2%Financial services-1.4%0.9%-1.3%1.7%-1.5%-2.6%0.4%3.4%-2.4%0.6%4.5%-0.2%13.0%
  22. 22. IAB report on Online Ad Spend The Netherlands 2012 22Affiliate marketingNote: Adjustment in 2011 data due to revised respondent dataSource: Survey respondents, Jochem Vroom / Imbull BV, Deloitte analysisUnder challenging circumstances spend on affiliate marketing in The Netherlands hasincreased by 3.3% to €131 millionJochem VroomImbull BV | Managing Director“Last year the market has encountered pression from both macro-economicas legislative circumstances. The market has consolidated, while at the sametime multiple merchants are setting up their own affiliate marketing platforms.Considering the circumstances the market has performed reasonably.”Marko DobroschelskiDaisycon |CEO“Maturity in the market, boils down to an increase demand for quality and service.Broad and sector specific economic and legislative pressure had a negative impacton overall spending due to downturn of high value sectors.Market share in numbersof transactions and its impact on e-commerce in general is growing strong withnew sectors adopting this marketing model at high speed”2011 2012+3.3%127131
  23. 23. IAB report on Online Ad Spend The Netherlands 2012 23Outlook
  24. 24. IAB report on Online Ad Spend The Netherlands 2012 24Respondents predict a 4.7% market growth in 2013Survey respondents growth expectations (% market growth per respondent)* Growth expectation calculated by weightingresponses with company revenue Source: Survey respondents, Deloitte analysis“Companies expect a weighted growthrate of 4.7% in 2013. This is significantlylower than expectations for previousyears reflecting an overhang of theeconomic circumstances on companies’expectations.”Gagandeep SethiDeloitte Consulting | StrategyRevenue growth expectations50%20%10% 11% 13% 14% 15% 18%7%5%4.7%4%3%2%22 2 8 3 1 1 11 1 1 1 1number ofrespondents(total of 24)Weighted average growth expectation*LowAverageHigh2013 expectations
  25. 25. IAB report on Online Ad Spend The Netherlands 2012 25Most respondents expect CPM to continue to be the most popular payment model,retail and mobile advertising most likely to drive growthWeighted % of respondents growth expectationsNote: Percentages based on responsesweighted by respective company revenuesSource: Survey respondents, Deloitte analysisWebsite/browserMobilewebsiteIn-appCPMFixed FeeCPSCPLCPC69%3%23%2%1%TravelTelecomFinancialservicesAutomotivePayment model Industry Medium78%8%8%4%48%9%43%2%RetailGrowth expectations 2013“Mobile advertising is developingstrongly. Finally advertisers areadjusting to new formats. For exampleincluding rich media between contentis taking off lately”Reinier BreijAegis Media | Trading Manager
  26. 26. IAB report on Online Ad Spend The Netherlands 2012 26Display is expected to grow by 4.5% in 2013, with classifieds likelyto decline by 5% resulting in a relatively flat 2013 for most DutchpublishersDisplay and classified revenue forecast 2013 (€m)* Display market total for H1 2011 has beenrestated in the FY 2011 reportSource: Survey respondents, Deloitte analysisDisplay and classified revenue forecast“The outlook for 2013 shows similartrends as were encountered in 2012.The increase of automated trading andRTB will keep pressuring the marketand macro-economic circumstancesremain challenging. Especially theClassifieds market will suffer from thesecircumstances as Display can slightlyrecover”Roel van RijsewijkDeloitte Digital | Director2010494+8.9% +1.0%-1.0%302Display Classifieds, directories and listings1922011538336 2022012533338 1952013F538353 185CAGR2010-2011+0.8%+5.8%Growth2012-2013-5,0%+4.5%
  27. 27. IAB report on Online Ad Spend The Netherlands 2012 27Appendix
  28. 28. IAB report on Online Ad Spend The Netherlands 2012 28DefinitionsCategories• Display- Embedded formats (banners, buttons, skyscrapers etc)- Interruptive formats (rich media, over the page, page take-over etc)- Tekstlinks (incl. AdSense)- Video (pre-/mid-/ postroll)- Other uncategorized display advertising• Online classifieds, directories listings- B2B- B2C- C2CSales channels• Direct sales• Media agencies: E.g. GroupM, Omnicon Media Group, Havas, IPG, Aegis,Publicis• Ad network/ ad exchange: E.g. Google exchange, Right Media Exchange• Agency trading desks: E.g. Xaxis, Acciem, Amnet, Vivaki• Sales house: E.g. WebAds, Adfactor, Semilo• Independent trading desks: E.g. Blue Mango, Yieldivision, Pervorm, Adlantic,• BannerconnectPayment models• Fixed Fee: Payment model based on a fixed fee• CPM: Cost per Mille = Payment model where the advertiser pays per thousandviews• CPC: Cost per Click = Payment model based on the number of clicks on anadvertisement• CPL: Cost per Lead = Payment model that is based on the number of leadsgenerated. A lead is an online conversion where the consumer shares its contactdetails and indicates to be interested• CPS: Cost per Sale = Payment model based on the number of sales generated
  29. 29. IAB report on Online Ad Spend The Netherlands 2012 29MethodologyOnline advertising market• 40 companies reported their data based on the questionnaire• The figures are drawn up on the basis of site declaration and have not beenverified• Wherever needed we have used tools such as regression analysis to makeestimations regarding issues like total advertising spend• Based on the information provided by survey participants, figures have beenadjusted for double countingSearch and classifieds market• Due to limited availability of company data we had to estimate the market sizefor search and classifieds based on market data• Together with the taskforce search from the IAB we defined the search marketand estimated the market size• Google regulations forbid commenting on our search market estimates• The classified market is based on public available market estimates. Due tolimited data points, current classified market size could not be verified
  30. 30. IAB report on Online Ad Spend The Netherlands 2012 30Name of company1 Ad Pepper media BeNeLux b.v.2 AD2ONE B.V.3 Addurance4 Adfactor5 Adlantic Online Advertising6 Affilinet Nederland B.V.7 Autokopen.nl8 Bannerconnect9 Be Viacom10 Cleafs11 ClickDistrict12 Daisycon B.V.13 De Persgroep Advertising14 Exponential15 FD MediagroepName of company16 Funda Real Estate B.V.17 HDC Media18 IDG19 MarkMini20 Marktplaats Media21 Microsoft22 NDC Mediagroep23 NRC Media B.V.24 RTL Nederland25 Sanoma Media The Netherlands26 SBS27 Semilo28 Smartclip Benelux BV29 Spil Games30 SterName of company31 Sulake B.V.32 Telegraaf Media Groep33 Tibaco Internet Media34 ToTwenty B.V.35 Videostrip B.V.36 VNU Media37 WebAds Interactive Advertising38 Koninklijke Wegener N.V.39 YD40 Zanox M4NList of survey participants
  31. 31. IAB report on Online Ad Spend The Netherlands 2012 31Data sourcesCompany / Organization Website1 CBS Wakoopa www.wakoopa.nl3 Google Imbull BV www.imbull.com5 IMF www.imf.org6 SPOT STIR www.stir.nl8 Zenith Optimedia www.zenithoptimedia.com9 Affiliate Blog www.affiliateblog.nl10 RAB www.rab.fm11 GroupM
  32. 32. IAB report on Online Ad Spend The Netherlands 2012 32Lauren van der HeijdenIAB NederlandTel: +31 (0)85 401 0802Email: lauren@iab.nlDutch IAB research includes the IAB / Deloitte Ad Spend Study, all IABcommissioned research and assisting IAB members with their research projects.Also responsible for shaping the IAB knowledge base so that it meets membersneeds moving forwardRoel van RijsewijkDeloitte | Deloitte DigitalTel: +31 (0)6 52 615 087Email: rvanrijsewijk@deloitte.nlRoel van Rijsewijk is a Director with the Risk Services practice from Deloittewith more than 10 years of experience in risk consulting for companies  in theTechnology, Media Telecommunications (TMT) industry. Roel leads one ofDeloitte’s main innovation projects on ethics and trust in a digital worldGagandeep SethiDeloitte | Deloitte ConsultingTel: +31 (0)6 13 127 167Email: gasethi@deloitte.nlGagandeep Sethi is a Manager in the Corporate Strategy practice of DeloitteConsulting Netherlands with more than 10 years of experience within theTechnology, Media Telecommunications (TMT) industryFor questions concerning this research feel free to contact:Contact details
  33. 33. Deloitte 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 for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000professionals, all committed to becoming the standard of excellence.This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte Network”) is, by means of thispublication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. Noentity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this communication.© 2013. For information, contact Deloitte Touche Tohmatsu Limited.