 to be here. I'm going to talk from a slightly different perspective at this session. It's probably the development of innovation as led out through an acquisition strategy. And therefore we're probably slightly different than the last one, but I hope none the less relevant to the team of today. So in two parts, I want to talk to you about a little bit about the landing and backdrop. Some of you may have fed up hearing that, but I'll listen to it again. But also maybe learn a little that you didn't know already, hopefully. And then the second bit, how we have evolved part of the business into Tom was an infant nutrition and for us is specialist adult nutrition, in sports nutrition, and how that has come about and therefore what that's driving in terms of innovation, particularly around marketing. And that works. So the focus and we, you know, there's a big dairy business here in Ireland, but growth as far as land via PLC has been concerned has been about international nutritional solutions and a cheese group. And the nutritional solutions particularly driven off way as a result of our large global cheese making business, but also some non dairy elements as well. The market cap of the business currently is about 1.4 billion. The revenue was 2.6 billion last year, including our share of the joint ventures. And part of the evolution of the group and part of the contribution of innovation and diversification has been to get the margins up in this business. And last year we came to 7% EBIT margins, which was a significant milestone along the development road. The positions are in dairy Ireland, where we have the three businesses, land via ingredients, currently working and undertaking a significant program of work about planning for the significant development that there will be in the land via region of milk output. And we welcome that challenge, which will be serious, but also the opportunity it presents to a lot of, to all our stakeholders. U.S. cheese, where we produce 20% of U.S. cheddar cheese output, are about 380,000 tons in the U.S. And then the nutritionist business, which is broken down into a way solutions business, which is taking away from the cheese and converting it into customer solving products for customers. Micronutrients is non dairy, it's a vitamin and mineral blending business. So we have four plants, two in the States, one in Germany and one in China. And we service the beverage business, people like the cereals business, infant nutrition and the supplement industry. And then performance nutrition is a key that I go into in some detail, was an old fashioned vertical integration out of way solutions into personal specialist adult nutrition. In terms of the vision and the strategy, I suppose the key point in growth has been that we're organized around models that are aligned together. So we have the Irish based business and we have the global nutritional business. And the focus has been an organic and acquisition expansion and acquisition has taken us into new fields and therefore led out new approaches to innovation. I don't discount the organic, our cheese business has been largely built on new builds that I believe we've executed well in the U.S. to get to that position and elsewhere. A couple of the strategic priorities in this phase of the journey of the group have been to really get close to key customers. The downside or the challenge in that is you've become to get close to a number of fewer, larger, big global customers. And that's a challenge to manage, but it's also, I think, rewarding. And then we have had to adapt science based innovation, but also that it's a useful mix. And I can empathize with Veo's last comment, the mix of market science and technology. I used to meet these earnest young graduates in London in investment houses who would ask me, how big is the way business? I say, I don't know. You know, it's question number four, market share. I don't know. What I'm interested in doing is developing applications for way in a variety of food uses on a global basis. And therefore that has to be built on science. And our indicators have been about driving up the margin and getting to double digit earnings growth measured in EPS terms. Today we have, this is the global footprint. We have manufacturing in seven countries and sales and technical support in 14 countries and sales and distribution in 130. Obviously, we have three scale cheese operations in the United States. It's also the headquarters of our sports nutrition business. And plants include China, Nigeria, we have a joint venture taking dairy product from Ireland and taking it out into a customer consumer branded dairy proposition across all strata of the market in Africa's most populous country. This thing will need to be spoken to shortly. And duck if I throw it into the audience. In terms of processing and broad terms, we're doing 5.8 billion litres of milk globally, which is more than Ireland's combined milk quota today. Obviously the bulk of that split between Ireland and the US and then our mozzarella cheese business in the UK, Northern Ireland and Wales. That's yielding 477,000 tons of cheese and 260,000 tons of dairy based ingredients. And Hue has been a particular interest particularly in regard to global nutritionals. So I'm going to focus down and drill down through US cheese and global nutritionals into sports nutrition. In the US it's about scale and I suppose the only comment I would make of the 380,000 tons of cheese being produced in the US now. An increasing amount of that will be exported and we have to recognise that the US industry is going to be an export player and will compete in many ways in global markets. But it allows us also as a key manufacturer in Ireland to have a global supply solution from Ireland and the US. Ingredients technologies was split off from the cheese business and this is an organisational point that's not unimportant in order to force the team to bring value to Hue and to drive innovation. It's transfer priced into that business and their objective is to go out and work with customers, find solutions for them, drive value and therefore smooth out the commodity price curves as we go as best we can and therefore science led solutions have been critical to that and the development of two innovation centres as well as strong marketing input. Pre-mix is vitamin and mineral blending of which we are number three in the world after DSM and Fortitech US multinational and that has also driven a lot of learnings on fortification technology, the use of a wide range of micronutrients and that has also supported the development of performance nutrition which in the first step was an old fashioned vertical integration. We bought a customer of the ingredient technologies business but we would proudly say that because of the innovation we were bringing to customers we lost no customer when we did that vertical integration particularly in the US and that's something we've been we've been quite proud of. So that's the business model and the point of putting this slide up is that we took a captive Hue pool, split off a commercial entity and an innovation and R&D entity to drive value add there on a standalone basis and then out of that we did a vertical integration into performance nutrition and customized pre-mix solution was an acquisition to bring in further capability in adding to the nutritional value of foods for our customers and in that business as well we also sell integrity. We take out complexity with up to 30 micronutrients in some mixes but it must be precisely and absolutely correct. So I say to the people in that business the one key thing we sell apart from turnaround and response times is integrity, integrity of the performance of the mix and the content and then performance nutrition being an integration on a vertical basis that has brought us a lot of new learnings a lot of new exposures. So performance nutrition what is it? It probably started in the 30s on Mussel Beach in California and if many of you go back there today on Venice Beach you will still see outdoor gyms and I'm sure there are many of you who have used them and then a guy called Joe Weeder in the early 40s wrote a book on my physique when he was in his late teens and Joe Weeder then developed a whole business of equipment, food products and so on. It was probably accelerated in the 40s when dry products were developed for the American military in the Second World War powdered egg, soy powders and then it became glamorized a bit in the 70s with Arnold Schwarzenegger and others and then it began to catch a wave of a general interest in health and fitness and people wanted to look well as be fit and it further I'm not going to do all of the detail on this and it further captured probably the internet wave which enabled people to talk about products on boards on websites and that accelerated adoption of people who were personalizing protein usage to training regimes, fitness, exercise and diet and we got into this business in a small way in 2005 with a small acquisition in the UK and had the sense to follow that so we would categorize this market today in the US at retail terms at about three billion dollars and globally at about four and a half billion dollars it's mainly powders in the US beverages are growing as a delivery system and one of the challenges is delivering is delivering stable protein-based beverage systems into this market and that's something we spend quite a bit of time working on in terms of innovation and development the other key thing is it's normalizing the traditional market was the guy at the top I don't see too many here possible exception of Jack Kennedy but it is spread out now into power sports endurance sports vanity people wanted to look well and if you're a bit like myself the weekend warrior on on the right and the reality of this is that it's driven differently in different markets across all those in the Middle East we find it is more about look rather than people wanting to be fit endurance sports growing and also the use of protein in recovery gaining increased usage and all of this was helped before Christmas by the Olympic committee endorsing protein supplementation for athletes in training and today we're you know here in the RDS we are powering Lester rugby Ulster rugby tipperary hurling if I might say it and our first order from the all blacks last week so we got into this business in terms of first of all identifying a trend in health and wellness we spent a lot of time selling a number of businesses in the land be organization to get money to invest in this space began by buying a very small business in the UK which was a formulator and in the formulation business we got a lot of skills and R&D capability that we learned a lot more and coupled that with our ingredient and ingredient development capability and that brought forward the innovation quite strongly and that allowed us to learn the industry both as a supplier until we made a much bigger step and then bought a branded business called up to a nutrition in 2008 which was the leading brand at that time in the US and since then we have developed that brand very significantly and added to it in January of this year with the acquisition of BSN which is a separate but complimentary branded business so these are three brands optoms essence is only the best so it's the best tasting best quality BSN is edgier it's got more attitude to it it's about helping you to finish first and it's about winning and an ABB American bodybuilding which is mainly in a drinks format for gyms talks about convenience and being able to maximize your performance every day so ready to drink beverages and then there's a cut over here as well with a number of energy based products as well that sit into the portfolio but each have a distinctive appeal all of these are supported by getting close on double digit as a percentage of revenue spend on marketing and product development which is where it needs to be to keep these energized it's about news it's about the Facebook generation and in particular the loyal users where it's part of lifestyle talk to each other continually over the web and therefore you have to be able to use that effectively to communicate products to communicate development to have news so it's built around we have two key mega brands gold way 100% gold standard way which is the best-selling protein supplement in the US today and if you look at specialized retailers online such as amazon or there's a specialist retailer called bodybuilding.com owned by Liberty Media we own six of the top 10 selling brands on that website today and then NO Explode is an energy-based product workout booster and is the the brand leader in its category in the US we have the top three brands in this segment in 20 countries and we have rolled out sales and distribution to 110 countries the brands are now present in markets as diverse as Russia Lebanon Jordan India pushing into China Korea Indonesia Australia and just last week opening up an operation in Brazil innovation is key it's brand-led it has dairy roots and therefore customer insights supply chain insights where people buy why they buy how they use it how they talk to each other how they get reference all crucial that the business captures that and then we deliver in a range of formats and a couple of the most recent innovations have been a hydro builder which is a hydrolyzed range of protein built largely on 90% whey protein isolate produced in glanbia plants with some other additions and then going out and delivery systems in powders in taste bars capsules and tablets and we have capability to make across all those the other thing here we're selling is convenience if some of you are old enough to remember the first rocky films where Sylvester Salon got up in the morning when he's training and rhythmically cracks five eggs into it less and drinks it down this is about five grams of protein in each egg we can deliver the same with a nice chocolate or strawberry flavor from one scoop it's much simpler amino acids as the building blocks of protein we've just launched the world's first ever instantized amino acid product 10 milligrams of micronized amino acids per serving it's stimulant free can be used anytime and that's gaining great traction in key markets launched in the last month so after three years of expansion acquisition led built on learnings and insight from hiving off a whey business and getting the management to focus on the customers and say what do we need to do to add value to their output and then doing a vertical integration so we have an integrated global manufacturing platform in specialist adult nutrition sports long-term partnerships with market leading customers and the brand equity we think can be built and sustained on a global basis we supported with two innovation centers one in the US and one in Ireland and Kilkenny the US we have morphed on a bit more now to be a customer collaboration center where we bring in and have physically restructured the building where we can bring in the scientists and technologists from customers to work alongside our own people to accelerate the development of product new products or adaptations of existing products or development of existing products for other markets and the regulatory piece is a challenge in that regard when we bought optimum we had to adopt all the products for the for the European market adapt them all it took us about a year's work to do that so in terms of some of the ingredients areas we would be looking at would be purified proteins peptides profiling through chromatography electrophoresis you know it's interesting one of the personalized adult nutrition will ultimately move on and link up with the science of genomics and lots of interesting work don't being done in UC Davis in California about the application of genomics and gene typing into specific food types for specific conditions so that's all part of the learning that we a humble dairy company have got out of this applications research we have capability now across bars beverages and across all in between including tablets and capsules and we do quite a bit of work on with a number of institutions on muscle physiology bone health and immune health and then trying to be much better and we're not good enough yet at how we manage IP and how we control and manage the results of what we're producing effectively and recognizing what's worth protecting and what isn't worth protecting because if you're going to protect it you have to be prepared to defend it so in summary I hope that that gives you a bit of an insight into an acquisition led piece that has taken us into a specialist added nutrition zone it has then driven right back the dairy chain our focus on research development particularly around protein chemistry and protein science it has challenged us to up our capability and invest more in people technology and resources we believe it'll also support elements of the longer term expansion of dairy in particular application settings and I presented to you as some useful bit of learning on our journey thanks very much