 All right. So I just thought I'd start by telling you a little bit about myself so that you know why I'm up here. Basically, I've been 30 years about working for multinationals and the nutrition and the pharmaceutical business. And the last seven of those, I've been in charge of the operating unit for Pfizer nutrition. That means that I look after the manufacturing and supply of the products globally. We're in about 60 different countries. We have manufacturing locations all the way from Mexico, Europe, down to Asia. We've got some very significant operations in Asia and we've third party manufacturing for us in New Zealand and in Europe as well. So the last five years I actually spent, I'm back in Ireland about a year. In the previous five years I spent in Singapore looking after the growth of the business, the nutrition business in Asia. And during those five years our business grew at a compound annual growth rate of 15%. And it's still growing. It's not quite growing at that space right now but I'm going to show you some information in a while about what the potential for this business is in the future. And one of the things what we did down there was it grew the capacity. And I'm going to talk a little bit about that later. Ours is a consumer business. It's also a very high end quality business. But our customers are in Asia. 60% of our business is in Asia. It's a long way away from here. So it's a great opportunity for Ireland but it's a hell of a long way to send your product. So you know that's part of the reason why we did our expansions down there. So I'm a cow puncher by a background like many of the people here. I came out of UCC many, many moons ago. No, we're in trouble again. Okay, so the first thing I'm going to talk about is our customers. And our customers are all the people that are represented on the edge of this picture here. We serve a wide range of customers. But primarily I want to focus on this picture in the middle. This is a premature infant. And you can imagine the size of your hands. You're holding that infant in there. And the reason for putting up this photograph is to remind everybody is that we, our product is the sole source of nutrition for that infant for the first six months of its life. So our customers are about as sensitive as you can possibly imagine. We cannot afford, and what I tell our employees in our factories are, we cannot afford to have our first mistake. We can never, the reason why we can't afford our first mistake is because of the impact that it can have on the life of that tiny person that you see here. And secondly, for the impact on the reputation of our company that we'll have. And we live in a global environment if we've got a problem with an infant formula somewhere in Indonesia or in Philippines or in Australia. Within seconds it's across the globe in terms of the internet communication. And it affects the reputation in every single part of our business across the globe. So the quality of what we do and the quality of the raw materials that we use and the quality of the whole reputation of where we get our milk and where we source our milk is really critical to us. And I think we have to actually owe a lot to our Department of Agriculture, a representative, some of whom are here today in terms of the standards that have been put in place in Ireland over many, many years. And I keep telling people, I mean, a new company, Pfizer, who don't know anything about the infant formula business, took us over some time ago and they keep asking me questions. And when they talk to me about milk and I say to them, when we buy milk, we're actually not buying milk. We're buying something that comes from layers and layers of regulatory environment. We're buying something that we have confidence in. We're buying something called trust. And that's really, really important. And I think it's been raised a couple of times today. I wasn't entirely in agreement with some of the some of the vibes from Minister Kovne in terms of that cost us a lot in the past. I think that's the price of entry and we can't forget that for a second. So that's our customers. I'm not sure what I'm doing wrong here. So next thing I'm looking at our products, just to give you an idea of what our products are. This is the kind of range that we've got. It's powdered milk with a lot of modifications to it, a lot of additions, a lot of key ingredients that we add during our process. And we're dealing, you can see the numbers one, two, three and four on this. Originally way back in the 70s when we started making product in Ireland, it was for infants only. But that the market has grown to a second age, you know, people that from infants from a year up, third age from to fourth age, fifth age. So our market keeps growing, which is really good to see. And you can see we're making a range of powder products, liquid products, tetra packs, stick packs, you know, for convenience purposes as well. So these are products that we make and we sell across the globe. Let you let you manage it for me. If you can take to the next slide as well, please, right? The vision for the company, I just want to talk about it for a second is, and you know, a lot of people, you talk about visions and a vision is something usually the eyes glaze over because it doesn't mean a whole lot. So we've got a vision like everybody else. But I want to do emphasize in terms of what our vision is in relation to what we're talking about. The first piece is here is our vision and our aim is to become the most trusted nutrition company in the world. And right now, let me let me just pose a question for you. A little bit rhetorical question is who trusts anybody in the current environment? Every time you pick up a newspaper, every time you pick up and hear a media story, it's all about where people have betrayed trust in some way over the past. And food is no different from that. And, you know, again, I had the the privilege of working in Asia and visiting China. During the course, just before the melamine crisis happened, I was there with a couple of other Irish guys. And we were we've built a plant in China in the last couple of years. And one of the things we were looking for was, well, what should we do about our milk supply for that plant? And we went on a tour and we did look at what was available. And when we finished our tour, we looked at each other and we said, from what we've seen, there's too many risks associated with the milk supply here. That was, I remember it very well, it was just before the Beijing Olympics. And within two weeks of the Finnish Olympics, the whole melamine crisis had had struck in China. And we looked at each other again, and we said, thank God, we made those kind of decisions. But you cannot, this is really, really critical for us to constantly emphasize the fact that we've got to have this base. And I think it's something that we need to talk about more as we go on. So anyway, our vision is to talk about is to be the most trusted company in the world. It's something that's earned, earned over a long period of time, lost very quickly. And obviously, one of the ways in which we're going to deliver that is, is the kind of topic I'm going to talk about, is innovation and clinically based. I've underlined those two items for you, because clinically based means it's talking about health food claims. We're all familiar with claims that have been made on all our products all the time. There's a very strong regulatory environment covering our business that does not allow us to make claims anymore unless they're clinically based. So we can't say, closer to breast milk, we can't say all those kind of things. We've got to say, here's the evidence. Here's the scientific evidence based on clinical study as to why it is better. And we've obviously got to be in that. That's the area and that's the game we've got to play. And that's a game that we can play with the help of a lot of people who are in this room, who I was talking to earlier. Okay, so just to talk a tiny bit about the market, first of all, you can go ahead to the next. You can flick the next two sections, please, right? So the market is a growing market. I mentioned we had a compound annual growth rate of 15% in our business over a previous few years. The market for pediatric nutrition products is growing at around 8%. That's what it's for, forecast to look at. Who are the players down there? The big players are the five people that are there. I've put ourselves in the middle as the biggest player. That's not true, but that's just me as my emphasis on it, my take on it. It's really interesting you'd look at the five players there. You're probably familiar with most of them, but I have a big box down at the bottom there called local players. And this is, as people understand and get to know the infant nutrition business and the possibilities within it, a lot of local players jumped in. They jumped in with two feet and they took some of our market share away over the years. But guess what's happened since the succession of crisis in the food business over the years in China and other, especially Asian countries? These local players have been found out. And in fact, the trend for the local players taking over market share has actually reversed, not through anything of our actions, but through the whole scandals and the whole basis of trust that has come around and has really driven that change. So it's something that we should be very interested and focused in. Okay, so in terms of, I'm not going to dwell on this, but basically I'm talking about innovation and the Pfizer's reputation in this business is really excellent. We've been the first to introduce a long amount of innovations in our business over the years. We're known as a scientific company that is always innovating to bring in new ingredients, new additions, some of them I've mentioned here. I won't dwell on anyone in particular, but there are opportunities in this list of things and I'll just refer, if you say second from the bottom, there is a Alpha Lactalbumin, which is one of the byproducts of the whey industry. A number of years ago we introduced that. It was an opportunity for Ireland to actually get involved in that business. We actually couldn't find a supplier in Ireland eventually. We went abroad, we're actually importing that product today into Ireland from the US and from and also from Europe and it's a kind of an opportunity for us for the future and these are the kind of opportunities that we need to talk about and we need to be ready to take as time goes on and I'll talk a little bit about that later on so you can move on. So the next couple of slides are I'm going to talk about innovation and the process of innovation and what I'm going to talk about is like it's motherhood and apple pie to be honest with you. It's something that is that everybody you can find in any textbook but at the same time I said is worth emphasizing it. First of all it's you know innovation is based on consumer insights. At the end of the day that's where it starts and that's where it finishes. It starts with the customer, finishes with the customer and what you do in between is up to you to speed it up to do it as fast as possible to do it as creatively as possible but the fundamental is consumer insights and the fundamental is satisfying customer demand at the other end of it. So I think that's something everybody knows but it's worth mentioning again and the next slide shows the detail of how we how we involve that and how we do that in Pfizer. I would have to say we're not as good as this as we'd like to be you know this is a nice chart it shows how we start with ideation idea development. We have teams and on the left hand side of the chart that are focused on looking at what are the the big picture ideas what are the the brainstorming sessions and then we work through a stage gate process those two little boxes at the bottom of stage gates where we talk about looking at feasibility of the concepts and then we put it into the into the portfolio and then we start to work on it and the idea is that we want to do the minimum amount of work before we put anything into the portfolio because too often in the past we've done a lot of work to bring projects to almost a fruition only to discover that they don't meet some of the critical criteria so we've wasted effort that effort could be going into good other good projects so you know this is this is just showing the thought process and the way in which it works I wish we were better at it we are we're getting much better at it but you know I think like every company I think there's room for us to improve and I think there's room you know I'm just setting it up here so that everybody knows this is the kind of way that we do it and we've got all kinds of layers of teams that work on this and we're working very hard to try and improve this so I won't dwell on the slide it's just to say that there is a process there the process is pretty standard but it's what's really important is the rigor and the discipline to actually carry it out and too often even to this day within our own business we get somebody who has the bright idea who wants to make sure that they'd get that done immediately and sometimes it's great value on those ideas but it's also it's also very important that we don't fall flat on our face by you know by by circumventing the process too much and finding that we've missed some of the critical information as we go forward so let's move on the kind of thought process again that goes into it is you know these things are very are very important these thoughts that are on this slide here I'll let you read them yourselves but you know talking about alignment with the business strategy is really important especially in a business like ours and it would be applied to a lot of other businesses as well but one thing you have to remember is that the strategy should change the strategy doesn't always remain the same so you need to change your strategy as you go forward depending on the circumstances and what things are happening and what you're seeing in the business so you need to be careful that you're actually evaluating the strategy as you're doing your innovation program but all the other things that are here we talk about barriers to entry how easy it is to copy people you know the the non-risk adjust that incremental revenue one of the great pitfalls people say is well you know if everything goes right the wind is in our sails and the wind and the sun is in our back you know this is what we'll get but we really need to be very realistic about what happens when you know when things go wrong how how are you capable how is your project how does it stand up and obviously in our business regulatory support regulatory approval is very important making sure that we can you know stand up to all the scrutiny of all the regulatory agencies across the world that we deal with so I'm just going to give you a very quick case study of of and as case study is just an example of what we did in the last little while so we'll just go through the next couple of slides the first one is you know this this is Pigeon English translated directly from Chinese because this feedback came from our Chinese market saying the battle on the table every day I need to chase the baby for feeding and we're not talking about infants now we're talking about toddlers at this point right and the baby eats little and slowly etc etc so that's the direct translation so we'll look at the next slide if you click again for those of you who have children in the audience I ask you does any of this ring any bells right you know the kids children who just don't want to eat and in every family I know what my own family and my extended family I know several cases of what we call picky eaters so the characteristics of a picky eater are basically that they skip meals they don't want to eat they don't want to eat when you want them to eat they only want to eat certain foods they'll eat fast foods in particular don't want to eat what you want so effectively there's a real dietary need out there for people who have this picky eater condition and it's a big worry for a lot of a lot of families I know families who really worry very greatly about how their kids are there so what was our what did we want to do with that so we got that feedback so if we move to the next slide we said our goal for picky eater was to provide a better source of complete balanced nutrition for the hard to feed child with more protein less sucrose less fat 100% to keep vitamins and nutrients so basically to provide all the needs of the infants and three feedings per day and we got to make sure it tastes good because picky eaters ain't going to eat the food unless it's unless it tastes good so effectively we put those ideas went through that process that we that we went through we fast tracked it through the process that we talked about and at the other end of it we came out with what this is a this I think is a can from Thailand it's a global product it's a new picky eater formula and if you had eyes good enough you could see it's ideal for picky eaters it was originally launched in China about 18 months ago it's got an absolutely fantastic consumer reaction it's a it's now become a global launch for us we're going to cross the globe with it not everywhere yet and we are seeing sales growth far beyond our expectations so it's just a good example of where we saw consumer consumer insight and consumer insight was one that everybody could see for a long long time but we were fortunate we had good people to to pick that up and it turned out to be a successful project now I have to tell you we're not alone in the business we have those competitors you saw down there you know everybody everybody else sees it and our business is one whereby you know somebody else piles in pretty quickly after you go with the first idea or if they go with the first idea we're quick to follow them in as well so innovation is the name of the game for us and it's being first in there is really important so having said that I just wanted to talk a moment for about alliances you can't do this on your own you can't do innovation on your own and I just thought on the next slide I wanted to show up some of the possible alliances that we we can have in for us operating out of Ireland I said well let's look at it out of Ireland and see where the where are the places we can go for help to help us to to be to be successful again I'm not going through the list of people that are up here but I'm just giving examples of research centres of you know suppliers of equipment suppliers of material suppliers of educational places where we can go there's a lot of help out there there's a lot of places we can go to get help to assist us along the way and I have to say we use that help very very very greatly not just obviously not just in in Europe but we obviously use it in globally as well so because ours is a global business with a global product portfolio so if you want to do my message for you if you want to do something go out and reach out the people are there we sign confidentiality agreements with these folks very very important for us in our business that we sign those confidentiality agreements and generally speaking we've been very happy with the with the results so that's just an example what if I want to specifically look at Ireland then on the next slide you know I'm very happy to say that we work very closely with with Chagosk with Moore Park the folks in Moore Park and obviously with the academic institutions we actually have about 30 people doing full-time product development work based in our Raskeetan location some of them are actually gone down to spend their time in Moore Park and actually based in Moore Park now but you know there is tremendous amount of very good resources available in this country who can help us so I would encourage anybody who has ideas and plans and progress to do is to make sure to contact these people so I think that's that's it in terms of the really good news in terms of well what are the issues that we've had in front of us I think there's a few things that I just wanted to talk about is that the food issues first of all is Ireland even that I heard it I heard everybody talk today about the growth in the in in in the business a lot of the growth is happening in Asia in the developing developing markets I heard the last speaker say well doesn't don't expect to see much growth in Europe and that's the issue for people for people in the business like I'm in is that you know we need to get product from here to to Asia well it takes six weeks on a boat to send the product from here to Asia they take another two weeks to get to customs so you're talking about eight weeks and we're talking about we we package all our product into its finished product here in Ireland it's too expensive to air freight it you can't you can't air freight this stuff because it's just too heavy so an eight week delivery time across from here is just too long it's absolutely too long for our business so therefore we need and we are expending our operations in Asia as a result of that we we we can't afford to have that kind of time that's not to say there isn't room for the business there is room for it but certainly that's a challenge for us as we go forward and actually in recent times we are not a little bit past us to give you an example we did we did a project where supplying we went to a traditional type cooperative environment to supply some of our finished products on a third party manufacturing basis not out of Ireland and we went and we started up and we thought we were going to have a great success with these people but we realized very quickly is that the model that that this company had was a bulk production model of skim milk powder and lactose and whey powders etc weren't at all consumer conscious in the way that we need to be because we're talking about you know the specific the specific product SKU the sales unit that the customer is seeing and when we would say well we got an oversales of X we want we want a new a new level you're on a production they couldn't do it for us they weren't geared around that level so I think that's a message that we need to think in terms of our flexibility in Ireland in terms of our industry as well is that you know we need to be thinking about the actual customer the final final customer not the intermediate customer we need to be able to figure out how we're going to to serve that need better cost I've been here right and I heard a minister the minister speech this morning and it's good to hear the cost are going to come down I'm not sure whether that's really the case or not but it certainly we product out our product is not the cheapest out of Europe that we can make we can manufacture our product and deliver to our markets cheaper out of some of other locations elsewhere so we need to be careful about this I have to say that on the other hand the productivity of our Irish employees is probably the highest it is the highest that we have anywhere in our business that's a great thing and I'm going to talk a little bit about that in a while because we need to preserve that that's our future is the productivity of our employees and being able to leverage that so if I move on to the next slide I'm just maybe first of all you can click the next button if you don't mind is the opportunities and challenges first of all is trust and reputation I talked about it at the beginning and I want to finish up talking about it here as well is the foresight to know what's coming next is going to be important BSE cost us a lot of problems and I was personally involved with people coming to visit the country to find out our BSE program because it was impacting our infant formula manufacture believe it or not some years back so BSE is now retreated into the distance but who knows what's coming next we need the foresight to understand what's coming next we need the regulation to cover it I've the word embracement I don't know if it actually exists but I made it up for this right we need to embrace those regulations everybody in the industry needs to embrace the regulations and we need to enforce them and you know what that applies when I was putting that together I was talking about this to somebody and they said well that could apply to our financial situation in the country as well so I think this it's a message that goes across everything so I think that business of trust and reputation and I just mentioned something else our tax spaces right our tax situation is a matter of trust for the people who do business the multinationals are coming here and do business the day we go out and say we're going to tweak it by you know we're going to reduce the tax benefits that's the day our trust is gone and I can tell you that'll be the day when we'll see no inward investment in this in this country coming in from a lot of the traditional people who've been doing the inward investment so tax is going to be very important so this trust and reputation thing are really important for us I've titled the next comment here drive for food you know we've seen in the last couple of weeks a great initiative took place on the biotechnology area I'll be finished in one second right the biotechnology area we've got this great big new center for there I think what about the drive for food we could we could actually mirror that for food we've got a great lot of resources but we could do with a lot more to help us to be innovative and to be able to compete in the world market because it's the innovative things that are going to make the day for us talent development in the food industry and the research community really really important about talent development we certainly our comments at the moment is we're seeing very good people come out to us we're very productive but we've got to keep it coming we believe that there's a gap right now between the readiness of graduates who are coming out to be ready for to hit the ground running for our business and we had spent a lot of time building them up so that they're in the position where they can start helping us I think that's a challenge for the academic community to manage that I talk about embracing risk and support of innovation innovation doesn't come cheaply sometimes you get burned you have to be able to take those hits and go forward and I talked about for customer focus earlier so that's it folks thanks very much for listening