International Marketing of Proton Holdings

International Marketing of Proton

Title: International Marketing of Proton Holdings

NO. NAME MATRIC NUMBER PROGRAM

1. Kalaimuugilan.S. 14101**** BBA

Table of Content

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School Of Business Infrastructure

BBM 207International Marketing


Introduction…………………………………………………………………………. 1

Economic Environment…………………………………………………………….. 2

Trade Economics of Proton………………………………………………….……....3

Social & Culture……………………………………………………………...……..4

Rules, Laws and Regulations of Import and Export…………………………..…....6

Global Information System and Market Research…………………………….....….7

Segmentation, Targeting and Positioning……………………………………....…..9

Export and Import Activities of Proton……………………………………………..12

Proton’s Licensing and Strategic Alliance…………………………………………..13

Proton’s Brand and Product Strategy…………………………………………….....15

Pricing Strategies of Proton…………………………………………………………17

Proton Distribution Channels…………………………………………………..…. 18

Proton’s Advertising Strategy…………………………………………………..…. 19

Promotion……………………………………………………………………………20

Reference………………………………………………………………………....….21

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Introduction

Proton or Proton Holdings Berhad is a Malaysian automobile that is located in Shah Alam, Selangor and operates in Tanjung Malim, Perak. This company is established or officially incorporated on May 7, 1983 and the founder is Malaysia 4 th Prime Minister, Mahathir Mohamad. The company very first success would be the Proton Saga that was commercially launched on July 9, 1985.

The following year which is the year of 1986, Proton successfully launched over 50,000 units of Proton Saga and sold in Malaysia and other countries such as Bangladesh, Brunei, New Zealand, Malta and Sri Lanka.

Proton was largely a manufacturer of badge engineered vehicles from Mitsubishi Motors between 1985 and the early 2000s. The company has since produced several indigenously designed models and operates in at least 26 countries today, the majority of which are in Asia. Proton used to be owned by Khazanah Nasional, the investment holding arm of the government of Malaysia. In January 2012, it was taken over by DRB-HICOM, a Malaysian conglomerate in a transaction amounting RM1.2 billion. The company also have a large number of employees which is almost 12,000.

Proton has come up with many models for the past decades. The current models are Proton Iriz, Proton Suprima, Proton Preve, Proton Exora, Proton Sage, Proton Inspira and Proton Persona. Over the years, new models are introduced from time to time and advancements are done with the remaining model to keep the pace with the latest technology in the automobile industry and one of the model that has been retained till today is Proton Sage but the model has gone through a massive modification with the model that has been firstly introduced.

The aim of this study is to analyse the international market of the this company in terms of economic, trade, social reaction, politics & legal, global information system, segmentation, targeting, market positioning, import & export, outsourcing, global entry market strategies, pricing, global market channel and global market communication (Wikipedia, 2016).

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https://en.wikipedia.org/wiki/Malaysian_ringgit

https://en.wikipedia.org/wiki/DRB-HICOM

https://en.wikipedia.org/wiki/Khazanah_Nasional

https://en.wikipedia.org/wiki/Mitsubishi_Motors

https://en.wikipedia.org/wiki/Mitsubishi_Motors

https://en.wikipedia.org/wiki/Badge_engineered


Economics Environment Proton has exported their automobiles to several continents around the globe but the countries that Proton exports is categorized based on the types of economic systems which consist of Market Capitalism & Centrally Planned Socialism

Market Capitalism

Market Capitalism is an economic system in which individuals and firms allocate resources and production resources that are privately owned. In others words, the economic systems allows private ownership and operate privately. One of the country that belongs in this economic system that Proton exports its product is United Kingdom, Belgium, Germany and Singapore. The distribution channel for Proton to export their automobiles will be smoother because there are no government intervention and also additional taxes added. Besides that, the quota of entry will not be as strict and it will mostly be based on the demand by the customers in the country. Due to this fact, Proton can coordinate their unit of sales from time to time and decide whether to increase the unit of export or otherwise. By doing so, the element of efficiency will be present as the percentage of loss for the company will be reduce since the coordination of sales is done from time to time and moreover, more units can be exported if the customers demand for more which can eventually increase the percentage of revenue (Keegen and Green, 2016).

Recently, Proton ventured into Latin America by following the ratification of the Malaysia-Chile Free Trade Agreement on the year of 2013. In July 2015, Proton signed a distributor agreement with Andes Motor, and the first left-hand drive Preve and Exora evaluation units were shipped to Chile in November. On 1 March 2016, Proton commenced the first official shipment of 50 Prevé units, the first of an anticipated 1,000 Chilean bound Protons this year.

Centrally Planned Socialism

Centrally planned socialism is a type of economic system where the state has broad powers to serve the public interest as it sees fit. One of the country that Proton exported its automobiles is China. The advantage that Proton had by creating business ties with China was during the first half of 2010’s where the Chinese market has become the

largest contributor to Proton’s export revenues. Proton not only received revenue for their unit of sales but also received royalties for the use of their platforms and Campro engines. Chine basically knows the fact that most of their citizens prefers Proton’s automobiles and took an effective steps by employing more units into country and serve their citizen with the number of units that they think fit. By doing so, they will be a mutual benefits that will be received by both of the

country and also Proton.

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Trade Economics of ProtonMalaysia embarked on trade liberalization to enhance its competitiveness and as an effort to achieve its 2020 vision. Malaysia has signed many Free Trade Agreements (FTA) with countries like Australia, Chile, China, European Union, India, Japan, Korea, New Zealand, Pakistan, Turkey, Brunei, Cambodia, Indonesia, Laos, Myanmar, Philippines, Singapore, Thailand and Vietnam.

This fact can be used as an opportunity by Proton in order to increase the number of units of sales in countries like China since the business ties with that country has been created and developed since 2010. Not only that, the Chinese market had become the largest contributor to Proton’s Export revenues. Proton is not only selling their automobile models to China but also their engines. On February 2015, Proton announced that they would renew their joint venture with Fujian-based Goldstar, this partnership can also generate income for Proton as there would not be an tax imposed for the exportations.

The table below shows the countries to which Proton has sold their cars in a large unit and some of the country has been enlisted in Malaysia’s Free Trade Agreement. There are Australia, China, Singapore and Thailand. Proton should come up with new and improved models and export main to these countries (except United Kingdom & Germany) to increase their revenue.

Source: Wikipedia 2016

Proton also has intentions to return to Latin America, and following the ratification of the Malaysia-Chile Free Trade Agreement, the company announced plans to re-enter Chile as early as 2013, after their withdrawal in the early 2000s (Wikipedia, 2016).

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https://en.wikipedia.org/wiki/Chile


Social & Culture

Right-Hand Drive

One of the aspects that you can differentiate the vehicles from country to country is their left and right driving. Proton’s cars are produced in Malaysia and the primary specs of the cars produced in Malaysia are right-handed. So Proton first exported their automobiles to the countries which use right-hand drive such as New Zealand, United Kingdom and Singapore. Proton can be exporting cars to countries which uses left-hand drive in countries such as United States because the consumers there has been primarily taught using left-hand and it would take time to adapt or some of them do not prefer right-hand drive. Hence, exporting Proton to countries which uses left-hand drive in small units is a lot safe and lesser risk.

Left-Hand Drive

To expand their business worldwide, Proton has done some modification to their product by apply left-hand drive so that they can penetrate through the European market in the late 2013’s.

Budget-Oriented Motorist

Budget-Oriented Motorist is the consumers who prefer motorcars which are reasonable in price and economically for daily use. It is mostly suitable for middle-income consumers. Countries like Japan and South Korea are the examples of budget-oriented motorist countries. Proton is naturally suitable for the middle-income consumer even in Malaysia itself and exporting them to countries like Japan would be an effective strategy (Landy, 2009).

Safety Assurance

One of the reasons why the sales in United States are not as anticipating comparing to other countries is due to their high priorities in the safety of their vehicles. Hence, export to United States was never materialized, as the cars require a lot of changes to meet American safety standards in order to secure coverage from auto insurers and satisfy legislative requirements (Wikipedia, 2016).

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Fashionable

When Proton first started to export their cars to United Kingdom, the received bad reviews and poor public image as the citizens there think that Proton cars are not fashionable enough for the younger generation. Proton took a counter-measure by by introducing Proton Satria GTi in 1998 which eventually reached to younger generation drivers due to high insurance premiums (Wikipedia, 2016).

Language

In market any product to other countries, the marketing strategy that is attempted should be based on their culture and most importantly their language as it is a tool for communicating their product during advertisement. When Proton exported their cars to Japan they came up with a slogan Japanese Technology, Malaysian Style to occupy the space in mind of the consumer, this strategy is called Marketing Positioning. Not only that, the advertisement that is made either by social media, television or newspaper, the native language should be used not to attract their attention but to communicate with them.

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Rules, Laws and Regulations of Import and Export

Vehicle Import and Export Laws

In Australia, most vehicles that are imported by large manufacturers have to obtain the Road Vehicle Certification in order to ensure that every new vehicle have to meet the minimum safety standards that could meet the safest possible environment for all road users in their country. Once the vehicles are approved then they will receive an identification plate approval (Australian Government, 2016).

Whereas in China, a foreign company that wants to import product into their country, the company has to fulfil the requirements stated by the customs. Import duties, VAT and taxes should be paid based on the type and size of the car that is being imported. You need to have written an application to the Customs Office, Import Cargo Declaration and have an invoice for your vehicle which proves its value. In addition, foreigners should present an original business license and original customs certificate (Just Landed, 2016).

In Japan, there is a process of getting the vehicles through the customs where it would be modified to fit the Japanese safety and road requirements and the paying for the registration. Approval will be obtained from the Japan Automobile Federation (JAF) and taxes will be charged based on the type of vehicles. If the process is successful, an identification plate will be given (Taylor, 2016).

In Germany, motor vehicle imported to Germany from outside the EU is normally subject to a 10% import duty and a 19% import value added tax. The value-added tax on imports is called import turnover tax (Einfuhrumsatzsteuer). An EU regulation from 1996 requires manufacturers to provide cars bought within the EU with a certificate that allows those cars to be imported to other EU countries without having to undergo a technical inspection. If a vehicle doesn't have a certificate of conformity, it will probably have to undergo an official inspection in Germany to determine whether or not it meets the German safety and emissions requirements (Chuck Emerson Media, 2015).

From here on, it is clear that Proton has to produce their automobile based on the requirements in each of the country that it exports mainly in terms of safety in order to get the approval from the customs.

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Global Information System & Market Research

Customer Relationship Management System

On November 2010, Proton launched the Customer Advocacy Relationship Enhancement System (CARES), an end-to-end customer relationship management system (CRM), in partnership with Oracle Malaysia. Proton said the launch completed phase one which was essential to its key business units in realising the delivery of a consistent and superior customer experience. Marketing could now be carried out via e-mails and short messaging services and it also tracked customers’ response to real-time campaign effectiveness. For operations, the single customer view feature would also be a powerful tool for Proton’s sales and after-sales staff in delivering consistent customer experience across its customer’s touch-points, namely the care contact centre, sales and service branches (ukessays, 2015).

Data Warehousing

Proton is looking to go global has to establish a solid data warehouse which is basically a system in which data from multiple sources on various agendas are combined into one database. They need to identify the needs and wants of the consumers of the United Arab Emirates (U.A.E) market, for an example, what kind of models people in that country prefer, whether 4 wheel drives or sedans (ukessays, 2015).

Surveys

The most common form of primary data collection could be either quantitative or qualitative. If Proton’s marketing research team is looking to conduct surveys, they should ensure that the most appropriate method is chosen with to the country’s infrastructure, culture and preference. Questionnaires should be prepared that is closely related to the lifestyle of each of the countries and privacy should also be respected, as countries like Japan and China their income or salary is absolutely confidential (ukessays, 2015).

Observations

Observational methods of data collection allow Protons researchers to observe their target market in their natural environment. Proton should observe the daily activities of car users in each of the country they main export and identify a latent need that could prove to be an essential addition to their automobiles when they move up to manufacturing. Looking at how potential customer selects an automobile in the country and what influences their decision (ukessays, 2015).

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Focus Group

Proton should have open-ended discussion with the potential participants which could raise awareness of the aspects that Proton are currently lack in and holding the upper hand. The focus group also can reveal what are the prices the consumers are willing to pay, the perceived benefits of proton automobiles and from there Proton can estimate the approximate population that would likely purchase their automobiles from one year to another (ukessays, 2015).

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Segmentation, Targeting & PositioningSegmentation & Targeting

Market segmentation consists of a group of customers who shares a similar set of needs and wants, it comes in 3 patterns which are Homogeneous, Diffused and Clustered preference. As stated earlier, Proton is an economical type of automobile which means giving good value to the customer proportionately to the price they are paying. From here, it is clear that Proton’s main target is the middle-income consumer not only in Malaysia but also all the countries that Proton exports. Even if we take Japan and South Korea as an example, it is stated that they consumers there are categorized as budget-oriented motorist.

Consumer segmentations can be done in various aspects but the main aspects that are chosen is Demographic Segmentation (income) and Psychographic Segmentation (lifestyle).

= Proton’s primary target in the consumer segment base

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Segment Attributes

Measurable: Measurable in the aspect of quantity or the number of the consumer who belongs in the middle income group. As the number or the size of citizen who belongs in this income group is large in most of the country that Proton exports, it is easy to estimate approximately or in average on how many consumers may purchase Proton cars every year or from time to time. In average more than 20,000 units of cars are sold in at the targeted export country.

Substantial: It is a concrete and steady selection of segment because the percentage of citizen who belongs within in this income group is high, for example China had 68% (2012) (Quarterly, 2013) and Australia had 66% (Powell, 2015). So, the consumer size and target market is large enough to guarantee a high chance or opportunity to be a profitable segment.

Accessible: To communicate with this segment is not complicated because this segment consists of consumers who prefer an economical lifestyle and their need and want can be easily and practically be defined and delivered. As the percentage of consumers from this segment is high, by providing high quality cars may open the room for word-of-mouth among the citizen in that particular country which can enhance the reputation of proton and can also be considered as an effective information distribution and marketing strategy.

Actionable: The two main factors which are the income and the economical lifestyle make this segment actionable. Consumers’ who prefers an economical lifestyle are much more practical in their purchase. For an example, they prefer a reasonable offering in terms of product features and offering with an affordable price. This information can be utilized as an opportunity from the SWOT analysis and serving them based on what they prefer and expect would be an effective and efficient move.

Differentiable: This segment is different from the others because of their attributes. They do not prefer luxurious lifestyle and their expectations is based on how much they pay or purchase. Adequacy is the key of penetration to this segment, for an example, providing the consumers with a Proton 1.3 with the price of RM 42,000 is very reasonable. Serving or satisfying the needs of the consumers with the same adequacy of size and price may attract a lot of potential consumers.

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Market Positioning

Market Positioning an effort to influence consumer perception of a brand or product relative to the perception of competing brands or products. Its objective is to occupy a clear, unique, and advantageous position in the consumer's mind.

One of the methods of applying the Market Positioning is through the creation of company’s tagline or slogan. The official tagline in Malaysia is “It’s in the Drive” where the tagline is being explained by the company as an enhanced ownership experience (Agarwal, 2016). Proton also created a slogan in Japan in order to occupy the mind of the consumers in the country which is “Japanese Technology, Malaysian Style”.

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Export and Import Activities of Proton

Export marketing is defined as exporting using the product offered in the home market as a starting point and modifying it as needed to meet the preferences of international target markets

Import Regulations of the Country

The Proton Saga was the company’s first car and it was protected by tariffs of 140-300% as well as import quotas. The government also imposed import and excise duties on ‘completely knocked own’ units assembled locally. These tariff and nontariff measures immediately caused a price difference within 20% to 30%. This factor led Proton to capture a 65% market share in 1987 and 73% in 1988 (Felipe, 2015).

Export Activities

As stated above, Proton exports its cars to other countries and strategies are implement for their export activities. The strategies are basically being formulated as a counter-measure of several factors such as competition as the International Trade and Industry Minister Datuk Seri Mustapa Mohamed (2014) stated that, the exports are being affected by pricing, market segment and legal compliance in the country of import. Moreover, stiff competition, small scale export, and change in Proton management and shareholding, which was previously held by Khazanah Nasional Bhd, contributed to the slowdown in export sales in the year of 2009. In 2011, the national car maker exported 16, 189 units, followed by 13,311 units in the year of 2010 and only 5, 937 units last year (Bernama, 2014).

Proton in particular is reportedly the company is reportedly focusing on its key markets – the United Kingdom, Australia and Egypt. Australia has already received the Suprima S, Prevé and Exora, and plans to introduce new cars to the UK have been in place for some time (Lee,2014).

Source: Wikipedia,2016

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Proton’s Licensing and Strategic AllianceLicensing

Licensing is a contractual arrangement whereby one company (the licensor) makes a legally protected asset available to another company (the license) in exchange for royalties, license fees, or some other form of compensation (Keegen and Green, M.C, 2016)

By the first-half of 2010, Proton’s cars were sold in China under Youngman Europestar brand with different names and badges. In return, Proton received royalties for the use of their platform and also Campro engines. After the contract duration was expired which is about 6 year contract, Zhejiang-based Company continued to unofficially produce the Proton’s cars and engines until 2015. In In February 2015, Proton announced that they would revive their joint venture with Fujian-based Goldstar and they will pay Proton royalties in return(Wikipedia, 2016).

Strategic Alliance

Strategic Alliance is used to refer linkages among companies from different countries to jointly pursue a common goal (Keegen and Green, M.C, 2016).

Mitsubishi

Mitsubishi Motor Corporation (MMC) was an instrumental in the foundation of Proton. Majority of the vehicle platforms, engines, parts and technical expertise were once sourced from Mitsubishi. Employee training was also held in Japan which was supervised by Mitsubishi and all the Proton cars launched between 1985 and 2000 except Proton Tiara were based on Mitsubishi vehicles (Wikipedia, 2016). The latest result of collaboration is the Proton Inspira, a rebadged of Mitsubishi Lancer (2007)

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Citroen

In 1994, French car manufacturer Citroën announced plans for the production of diesel-powered cars in Malaysia under a joint venture with Proton. Proton's then CEO, Tan Yahaya Ahmad also advocated an alliance with PSA Peugeot Citroën for the purpose of technology transfer. Negotiations dragged on until 1995, but materialised in 1996 with the launch of the Proton Tiara. It was based on the Citroën AX and powered by a 1.1L Citroën l4 petrol engine, in contrast to the plans for a diesel option (Proton Holdings, 2016).

Honda

On 29th October 2010, Proton and Honda joined hands to seek for opportunities in the areas of technology enhancement, new product line up and sharing of vehicles platforms and facilities (Proton Holdings, 2016).

The result of this alliance is the Proton Perdance (second generation). The Proton Perdana is based on the previous-generation Honda Accord and the changes are on the front include a new Proton grille and a completely new bumper design. The car also gets a new alloy wheel design (Tan, 2013).

Suzuki

On June 2015, a Memorandum of Understanding (MoU) and License Agreement was signed today between Proton and Suzuki Motor Corporation and DRB-Hicom for the production of motor vehicles, and under the licence agreement, a model resulting between Proton and Suzuki.

The collaboration will allow Proton access to Suzuki’s models, platforms, powertrain and automotive technology, while the Japanese carmaker will provide specific technical assistance for the selected products and scope. Malaysia’s 4th Prime Minister Tun Dr. Mahathir Mohamad stated that Proton is looking forward to acquire the skills and technology from Suzuki Motor in order to enhance the performance of Proton (Tan, 2015).

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Proton’s Brand and Product Strategy

Product Type

Product type is classified into 2 categories which are product (tangible) and service (intangible). As for Proton, the corporation serves both product and service. Proton’s main output is the automobiles or cars and their services are in terms of repairing and time to time services.

Product Warranties

Proton provides 7 years extended warranty to the new Saga, Iriz, Preve, Suprima S and Exora. Satria Neo, Inspira and Persona are not included. This seven-year or 250,000 km extended warranty package is part of Proton’s new “Even More Value” campaign, and is only valid for the months of May and June. Other than a longer warranty period, Proton is also offering a low 1.99% interest rate for the Saga and Iriz (Tan, 2015).

Logo

Proton’s Logo from the year of 1983 to 2000

1983: In Proton’s early inception back in 1983, the Proton logo was created to symbolize strength and Malaysian heritage.

1993: In conjunction with Proton’s move to export its car to markets in Europe and Australia, among others, the Proton badge needed to reflect international class and liberalism

2000: To incorporate the traits of the tiger and to unify all the Proton badges worldwide, Proton introduced a new badge in 2000.

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Product Adaptation-Communication Extension

This strategy is to adapt the product to local use or preference conditions while extending, with minimal change, the basic home-market communications strategy or brand name (Keegen and Green, M.C, 2016).

Proton has adapted to this strategy mainly because of the fact that the company export their automobile to several number of country and each country have their own culture in terms of transportation. Based on that culture, Proton has to do some modification and changes to their product in order to suit their culture. The first modification that must be done is the “type of -drive”, either left-hand or right-hand. Proton generally produces right-hand vehicles but if the company intends to export their cars to Europe countries they must produce left-handed cars since it is their culture of driving.

Next will be the, “number plates”. The number plates in each and every country vary in terms of fonts and colour. Hence, Proton has to produce number plates according to the country.

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Pricing Strategies of ProtonPrice for a product will be determined based on many aspects such as tax, size, volume, colours, quantity, duration and many more.

For cars, normally the price varies based on the cubic centimetres (CC), transmission (auto or manual), colour and also the modification made. Same goes to Proton, the company produces several models with different CC and transmission and the price varies and set accordingly. The current prices of Proton model are stated below.

Source: ProtonCarPrice.com

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Proton Distribution ChannelsA distribution channel is the chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. A distribution channel can include wholesalers, retailers, distributors and even the internet. Channels are broken into direct and indirect forms, with a "direct" channel allowing the consumer to buy the good from the manufacturer and an "indirect" channel allowing the consumer to buy the good from a wholesaler (investopedia.com, 2016).

Proton Company also has their own intermediaries that handles the distribution of their automobiles. Proton Edaran and Edaran Otomobil Nasional (EON) are Proton’s 2 main agency that coordinates and manages the distribution.

EON was set up in 1984 and was originally the sole distributor. Proton Edar was set up in 1984 and by 2000 it had become a wholly owned subsidiary of Proton. In 2004, Proton and EON made a 5 year dealership agreement (Mosedale, 2007). The agreement required EON to allocate 70% of tis servicing capacity to Proton cars. EON and Proton Edar manages Proton’s export to Australia, United Kingdom and Singapore, not only the cars but also the spare parts and other accessories.

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Proton’s Advertising Strategy

Motorsport

Proton uses certain type of advertising strategy and one of it is through the involvement in motorsport. By taking part in the race that is held is many countries may enhance their exposure and also reputation worldwide.

In 1980s and 1990s, Proton formed a racing team called the Petronas EON Racing Team (PERT) and used Proton Saga as their racing car. PERT won the 1989 Shell Malaysia Rally with Proton Saga rally cars which were prepared by Mitsubishi's Ralliart division, featuring powerful 150 bhp engines as part of its rally specifications. PERT won several other international rallies including the 1991 Rally of Thailand, 1993 Dubai International Rally and the Rallye Ng Philipinas in 1995, 1996 and 1997 respectively.

In 2000s, PERT won the 2002 Production World Rally Championship with veteran Malaysian rally driver Karamjit Singh in a Proton PERT, a rebadged Mitsubishi Lancer Evolution.

In 2010s, Proton re-entered the Asia-Pacific Rally Championship (APRC) in 2010, an international rally championship organised by the FIA encompassing rounds in Asia and Oceania and the new Satria Neo S2000 replaced the Proton PERT as Proton's premier rally car . Source: Wikipedia,2016

Youtube

This advertisement strategy is one of the latest and according to the latest trend in this social world where Youtube has become one of the most important tools in the cyberworld. Youtube is a media that is available in every corner of the world, hence, advertising here is one of the very effective advertising strategies.

The advertisement may vary according to every country that is advertised in terms of background view, the price of the car in their home rate and also currency. For an example, Proton has made a video and advertised their Proton Persona in Australia through Youtube by using their home country’s elements with a duration of 33 seconds.

Source: Youtube

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Promotion

Rebates

A rebate is a pricing strategy that will be established in a specific period of time by reducing the price of the product to certain amount in order to boost up their product’s unit of sale.

Recently in Australia, Proton has come up with a promotion by reducing the price of Proton Preve up to $ 4,000 in order to increase their sales. Proton announced the price of Proton Preve’s manual transmission which is $14,990 and the price of auto transmission which is $16,990 with a 5 year warranty (Proton, 2016). The original price of Proton Preve is up to $18,990 (auto transmission).

Source: Proton

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Lee, J. (2014, April 29). Proton looking at exports to drive profits; says it makes less than RM500 for each Saga SV sold. Retrieved from http://paultan.org/: http://paultan.org/2014/04/29/proton-looking-exports-drive-profits-report/

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