 Ladies and gentlemen, and my thanks to the Institute for the Invitation to come along and speak here today and obviously for the overall event itself. For those of you not familiar with FDII, as the Chairman said, we're a business sector within IVEC representing 150 food and drink companies, three main areas of representation, meat processing through Meat Industry Ireland and the Irish Association of Pig Meat Processors, dairy processing through the Irish Dairy Industries Association, and consumer foods through the Consumer Foods Council. Food Harvest 2020, very ambitious growth targets, but very achievable growth targets as well. What I'd like to do over the next couple of minutes is perhaps comment on some of the challenges and barriers that are faced and look at those in the context of a lot of what has been said over the course of today. As was mentioned on a number of times already today, exports are doing well. We saw 11% growth last year and we saw 14% growth over the first number of months of this year over and beyond last year's growth, so positive performance, but at the same time it's also worth noting that imports have also resumed an upward trend and if we take into account that in the grocery sector food inflation is effectively zero, that would suggest that this is volume growth that's taking place. So Irish food is being taken off Irish shelves and replaced with imported food and I think that gives cause for consideration, particularly in relation to the competitiveness of Irish food, not just in the domestic marketplace but also from an export perspective as well. I think the two are very, very much interlinked and I'll come back and maybe talk about it in a few seconds time. One thing I noted today was a huge focus obviously on agri-food, on food harvest 2020 and on the overseas exports. Perhaps there's time maybe to reflect and think a little bit about what this means for wider Irish society and for the wider Irish economy and perhaps there's a need for greater communication to the wider community out there because it's very, very clear in terms of how agri-food operates, in terms of what it sources on the island, not just goods but services as well, that it has a much, much greater impact than any other sector in the Irish economy and if we look at this in terms of export growth, effectively what we're talking about is for every additional euro of sales from agri-food, we will see an impact on the rest of the economy in terms of goods and services sourced here in Ireland at least twice of any other sector. Some rough figures there, 75% of the materials that agri-food purchases are purchased here in Ireland. That compares at 5% for the pharma sector which roughly has similar purchases to the sector. So when we grow, everyone else grows and I think that's a message that everybody here in the room needs to impart to the wider Irish society. To come back to the cost competitiveness thing for a second, every time we export any bit of agri-food product, there's costs embedded in it, there's Irish costs embedded in it. We need a renewed focus on things like energy. We've had a relatively benign environment over the last year or two in terms of energy and electricity in particular but over the next 24 months or thereabouts that's going to start to impact severely on the food sector again. At the same time we face an increase in carbon costs, we face an increase in waste levies as well. All these things coming down the line and totally at variance with some of the growth targets that are there in 2020. Obviously conscious of the time so I'm not going to go through all these in detail but the focus on one or two. We've made your policy risk issues here from a European perspective as well. A lot of discussion this morning about the EU budgets feeding into cap, feeding into trade agreements as well. 2.5 billion for this globalization fund which on a rough calculation works out at about 350 million a year. Compare and contrast that with the threat from tens of thousands of high value stake cuts being placed on the EU market. We also heard discussion this morning in relation to innovation and some of the regulatory risk which is around things like say the health claims legislation. So the manner in which the likes of EFSA actually interpret the legislation will have a huge impact and already had a huge impact on companies innovation plans. We'll talk as well about commodities. What's noticeable from this graph and this is taken from the latest FAO outlook document is the increased amplitude and frequency for most of the major commodity groups even if we take the dotted line out which is sugar which has been going all over the place and take a look at a lot of the others. It's increasing the whole time. From a food industry perspective this causes huge problems which I talk about a little bit more on the next slide but I think in the context of the debate on cap from a food industry perspective the important issue for us is to try and bring back some degree of sustainability and stability to the raw materials supply base for us. Not necessarily a return to the managed markets environment of before but it is something which needs to be looked at because as you can see there it's going on an upper trend the whole time. Specifically from a food industry's perspective if we move the commodity graph forward by six months we start to see a degree of correlation with the consumer price index for food that's the OECD CPI not the Irish one by the way but what is noticeable is there's a significant degree of stickiness in price transmission through the food chain and that impacts on everybody right along the food chain. The ultimate impact from a food industry perspective is it causes a major cash crunch and I think if we look at the news at the UK last week in the trading statement from Premier Foods that's a classic example of the sort of things which can occur and there's a number of different causes for the stickiness and for the volatility in the first place but of course one of those is the whole issue of buyer power and we are facing not just in Ireland but right across Europe increasingly high concentrations of retail concentration and that has an impact right back along the supply chain because ultimately what it does is it causes an imbalance of power between suppliers and their customers and there will be people out there which will tell you this is about the emperor's new clothes and so on but that's not the reality. The reality is for the vast vast majority of food companies right across Europe this is the reality and what exactly is the reality? The reality is the non-respective contractual terms by customers, delisting threats and unilateral deductions of invoices. They're the most common occurrences so how do they actually manifest themselves in a business sense? They manifest themselves in terms of an impact on the cash flow of businesses. So ultimately what this does is it is a huge impact on the business planning and the investment decisions that these companies make and it has an impact and a ripple effect right down along the supply chain. On a semi-related point, private label, now private label in itself there's no particular problem with it. Does many companies have substantial and very positive businesses out of this and a very, very good working relationships with retailers and in many instances it's the first step to get on to retail shelves but if you take a look at the percentages which are there these are growing percentages. No doubt they've been accelerated somewhat by the recession of the last two years and we'll probably see a little bit of an easing back but it's growing and it's consistently growing over the last decade, decade and a half. So let's take a worst case scenario. Let's say this hits 60%, 70%, 80% are thereabouts. Maybe 100%. What's that going to do in terms of the brand strategies for companies? What's that going to do in terms of the innovation strategies for companies? There may well be a natural barrier for this. Maybe companies will increase their investment in brands and fight back or bring out innovative products but it isn't part related to the whole buyer power debate but this is a debate which is beginning and is beginning to grow and it's something worth considering a little bit more. So what next? Well this is currently where we are. It's a little bit different from the pitch out the back here. Now we're not exactly saying that we're going to have a highly level manicured pitch like the one out the back there but what I think is needed in the relationship between food companies and their customers is a degree, a framework to provide a degree of fair trading. So is this something and as you know there's been a debate about this for a number of years in Ireland but it is probably worth noting that many countries have addressed this issue already. There's legislation and there's effective codes in the UK, France, Hungary, the Czech Republic, Slovakia, Russia. Investigations are underway or have been completed with a recommendation to introduce a code in Norway, the Netherlands, in Portugal, in Romania, in Spain, in Sweden, in Germany and in Greece. In fact today in Strasbourg, in the European Parliament they're actually debating and voting on this issue and those statistics which I've just shown you there which are European wide survey carried out by the European Food Association's CIA, now Food Business Europe and aimed European Brands Association are part of a report, a retail monitoring report which endorses that survey and has a major discussion and makes recommendations in the whole area of unfair trading practices which has been voted on today by the European Parliament in Strasbourg and that's part of what we're referring to as the uprising over the last two or three years and this is part of a broader debate in terms of the food supply chain and the degree of dysfunctionality that exists in it at the moment and it's about the returns that people are making at various stages along the supply chain but this has been addressed not just by the parliament but by the commission who established a business to business commercial relations platform and are doing a serious amount of detailed work in this whole area. What's interesting as well is they're not just looking at it in the context of legislating for the area, they're also looking at it in terms of good business practices, how do they actually bring out about a degree of efficiency through fair trading in the relationship between the food sector and their customers. Coming back to home we've had commitments in I think it's two or three programs for government now at this stage, we've had public consultations, we've had a facilitation process but we still have no code, we're over a hundred days into the new government, we're still waiting at this stage. Not exactly perhaps the finale that I wanted but really just to sum up and to finish off, I just wanted to touch on one or two of the specific areas time is short obviously but I think in summary terms food harvest 2020 in particular it's noticeable the energy that's surrounded right across the sector. There's now a long-term and plan in place for the sector to optimize its resources, I think it's very much center stage in terms of the economy's expectations. There are challenges and there are barriers, my belief now is that these must be our focus to achieve the growth targets which are eminently achievable. Thank you.