 I'd like to share with you today a little bit about how the Irish Dairy Board views the future. We look firstly at the agri-food exports and the global trends, spend some time then in our business and the changes that are going on at this point in time within that business and there are many. Share with you some of our strategies and plans for emerging markets and then give a snapshot of how we would look in and see the future. To contextualize this, let's look in at dairy products and how important they are to the island of Ireland, where just under 30% of all of Irish food and drinks exports from last year came from the dairy industry. And if you look at that in the context of a country that exports just under €8 billion. I think what's interesting here is to look in at how that's happening. We see that 44% of all Irish food and drink exports went to the UK, which is is and will remain our very important trading partner. 22% went to the rest of the world and 34% to the rest of EU. If we move on from there and look maybe at the GDP growth and obviously after the very difficult times the world economy had in eight and nine, the global economy has now returned to growth. And global GDP forecast for 2011 is at a healthy 4.3%. This is a very interesting slide I think that I'd like to spend a minute on with you. We speak about population growth and we speak about a different world facing us all, not just in 2020 but out into 2050. And if the population in 2011 is predicted to be just under 7 billion, the predictions for 2050 at 9 billion means that there will be 1 billion new emerging consumers by 2020. And I suppose as marketeers out of the island of Ireland, whether we're in dairy or we're in beef or we're in food and drink of any sort, we have to get a piece of that pie because that's a significant new customer base that is emerging for all of us. In terms of the medium term outlook, I'd like us to zone in a little bit on maybe the part of that slide up there where you have the, let's call them the developed countries which are exhibiting growth, are predicted growth to 2014 of approximately 1%. And inside there we have Europe, Japan, Australia. But what's more interesting is if you come down that slide and you look in at countries and regions like Southeast Asia, India, Middle East, Africa and China, the growth rates that they're predicting for the future are nearly three and a half times greater than where the developed countries that we would be used to doing business with in Ireland. And I suppose that creates a great challenge and a great opportunity for all of us as to how we move that forward in the next period of time. In terms of our business or our dairy business, we have two business platforms, consumer foods which includes the Kerry Gold brand that I hope you see as you travel around the world. That brand is now on sale in 50 countries and in 27 of those markets Kerry Gold at this point in time is in the top three imported brands and in a number of those markets is heading for number one leadership position. We also have a dairy trading and ingredients business and we are Ireland's largest exporter of dairy ingredients at this point in time. A lot of blue chip customers built up down through the years and we have seven of the top ten multinational food companies doing business with that division of the Irish Dairy Board. Obviously, we need to do an awful lot more with them as we look out and that's some of the changes I suppose that we're coming to. In terms of export destinations for us, it's an interesting comparison with the total Irish picture because if you remember back to the slide in Ireland, 31 percent of our business goes to Britain, very important and growing trading partner, but for Ireland Inc it's 44 percent and then we have the opposite in terms of the rest of Europe where we do 47 percent of our turnover and that compares with 34 percent for all other Irish Agri and food exports. But I suppose the warning statistic or maybe the one that we all need to focus our minds on is the rest of the world where there's only 22 percent of everything that the Irish Dairy Board does currently in that market. We saw some growth in 2010 but in an industry that's predicting a lot more growth that's not going to be enough. I suppose the changing dynamic that's going on in our business and trying to plan for that is firstly the one of recognition that we need to make changes and then we need to move the dial a little bit from where we are today. 78 percent just on the 80 percent is within the EU and while the EU will still and in all of the future plans remain very important to us. The future arena for us and as we go through our strategic planning process and discussions with our board, it is becoming very clear to us that to be able to properly distribute market and sell Irish Dairy we will have to significantly increase our presence and our sales into the emerging markets and we've targeted ourselves as a management team to move that from 22 percent today to between 30 and 35 percent at the end of our planning process. I wanted to share with you this morning what are the menu of choices that we have as we look into emerging markets and maybe some of these choices are available to all of us in respect of what industry we represent. The simplest one and the one that we have done I suppose most often is to start off by opening the representative office in the country of choice, investing in local talent and committing resources to get on that journey. Number two tends to happen basically on setting up a presence within the market with agents or distributors in many instances both and building in market distribution network from there. Third and very important thing is to imply local sales people and obviously the emphasis on local there is there is only so much we can do out of Dublin as we travel around the world but we need very strong capability in market that understands the local consumer, the local culture and the local needs. In the next two we've seen a lot of good work done by a number of companies in Ireland even in the dairy space such as Glanbia who have built very positive strategic alliances and joint ventures in countries around the world as they build their footprint and grow and that's a natural next step as we're inside in these markets. And finally the final two I suppose is why you place the bigger bet and you become more ambitious and you take on more risk hopefully more reward is where we will build or acquire facilities that can allow us to add value locally within the market and to do further processing. And obviously the final one and one that we're spending a lot of time working on and trying to make sure that we get this right is to select strategic or suitable acquisitions in market that will take us forward in a fairly significant way. If I can look with you into our consumer foods business we would see the growth drivers down on the left around product, urbanization, value and the globalization of brands and we're fortunate in the dairy industry to have the Kerry Gold brand and some other smaller brands that are very valuable. Our consumer food strategy is to focus on the market insight because it is very clear to us as we travel around the world with Irish dairy whether it be cheese butter powder that those products have to be adapted, changed and modified in a very significant way to cope with the local diets and the local requirements of consumers in different parts of the world and the further we move away from Western Europe and the UK the more those changes need to be brought to bear. Innovation and NPD we see as a clear footprint for the future. It's interesting that there are a number of speakers here today covering that topic we'll be looking on with great interest because we recognize in the dairy industry that we need to do more NPD. We need to invest more in innovation and we need new products for the future and relying on the historical dairy products that have worked for us in the past will clearly not be enough in a growing farming industry. Value proposition as we property each market and obviously we're going to have to make investments in talent and distribution and in secondary processing in market and obviously leverage our brand strengths. If I can move on to our products strategy or our strategy for emerging markets from the ingredients and trading side a lot of our time has spent historically in the standard product area basic selling commodity product it's still going to be a very important part of our future and we've a lot of competencies knowledge and experience been up in that. As we move on to develop and added value ingredients strategy a lot more work is being done around bespoke solutions and product development. A lot of good work in market on business development and on cost engineering and it takes you into more consultative type selling. And then I suppose the dream or the aspiration over time is to move the dial to the specialist applications area where technical applications strong input for modern day innovation very deep technical selling at the hallmarks of success in that area. And we've seen companies in Ireland such as the Kerry group have built fantastic businesses around the world in that specialist applications area and are getting great returns as a result of that. So in the next five slides what I'd like to cover with you is what's happening what's our strategy physically in action in the market. And we've just picked out five case studies that we'd like to share with you Sub-Saharan Africa North Africa the Middle East China and Russia China and Russia it's fair to say are a very early stage in their development from an Irish Jury Board standpoint but good growth predicted. In Sub-Saharan Africa in July of last year we launched Biomilk which is a new fortified milk powder in Sub-Saharan Africa we're present today in five countries Congo Angola Malawi Zambia and the strategy in that market is around branded consumer nutritional products a lot of in-market research was carried out to understand what it was that the consumers in those regions were looking for and could afford. Marketing and distribution programs were put in place and I'm pleased to say that we have at a very encouraging start 12 months into it we have now achieved sales in excessive 10 million euro from a standing start and obviously Kerry Gold butter can now be found in a number of the markets around there and I suppose we have to keep regard when you're in these markets Angola is an example is the largest producer of oil in all of Africa and obviously wealth generation will come from that over time. Second one we'd like to look in at is Algeria and I had the pleasure of spending almost a week in Algeria about seven weeks ago looking in at that market it's the world's largest importer of powder but it's a very fragmented market. We've refocused our consumer food strategy last year to further boost our presence within the market and I suppose the clear definition that people came to terms with was that in-market distribution is critical and without that you're not going to be a player in that market. So the team have created an in-market sales structure built a distribution fleet of trucks and we now have 20 trucks distributing our product around that marketplace in Algeria and obviously Algeria is a major market as well for our cheese business from an ingredient standpoint which is used in for the processing. The third one is the Middle East. We have a presence there in both consumer foods and in dairy ingredients. We've a representative office set up now in Dubai. We have market managers in place for both businesses and starting to get listings and relationships built locally and moving on to the last two. Our exports of China are very small but they're growing but we recognize that we need to do a lot more there as that country continues to grow. We have now appointed in market sales managers both for the consumer foods business and for the trading ingredients business. We opened a representative office in Beijing and that's a base to build from but it's clear to us that the key for China for Irish dairy will be product differentiation and it's not going to work us bringing the existing range of butters and cheeses to that market because that's not what the consumers in China are having today. So it will require a fairly fundamental look at the products and indeed the brands that we may use to build success in that market. And finally Russia is at a very emerging stage for us as an emerging market but it is the largest importer of butter and cheese in the world. And our strategies as we have appointed an in market sales manager based there and they're developing a consumer foods presence in the major urban centers because that's where the population is drifting towards. And we have now achieved listings with a number of the major multiples as a platform to build from. We also have developed recently some ingredient sales and customers as well but it's a market that as we look into we have to become much more predominant. So if I can move and to finish up and I think I've stayed on time Dennis to our medium term plans for the emerging economies it's around doing three things very well. We've got to have great people. We've got to have great people in Dublin and we've got to have great people in Dublin that will move and base themselves in market and will build teams around them to grow our business. We've got to leverage the brands we're fortunate to have them. They are a carrier for everything that we want to do and they signal the strength that Ireland has. Innovation we can't underestimate. We cannot take the existing products to those markets without fundamental changes. So as we look out it will be a combination of organic growth off of the existing subsidiaries we have in place that are working well. Investments of capital and we have to be brave in putting capital into these markets balancing the risk with the reward and likewise bringing on bolt on acquisitions to give us further opportunity to build scale and to grow technology into the future. And finally what do we look in at as the future. We have a very positive outlook for the global food sector as you'll see from our slides thus far. We believe there is an opportunity. But we think things like trade agreements and government to government relationships will be very important for us. And we're working very closely with the minister and his department in fixing dates in diaries to physically go to market together and to sell the Irish story and to get support in market for how we can develop a strong export business into our countries of choice. We think emerging markets as they grow while there will be risky there will also be significant reward if we can do it right. We think Ireland is well placed to meet these future food demands. We do have high quality products. They're recognized internationally. They've been recognized now for nearly 50 years under the Kerry Gold brand. We're supporting it with a green image and rain produced grass with natural product. And obviously it's a very ambitious vision for us to to try to put ourselves in a position in a changing business to be able to cope with up to 50 percent growth that our farmers are predicting from the food harvest 2020. But there is a very strong and very genuine commitment from us and the board and from the board that we work with to achieve those plans. So thank you for your time.