Mr. Niall O'Connor:

Perhaps I could start with the question of alcohol. I am a little reluctant to give information on the percentage of alcohol sales as part of our overall business, as that is commercially sensitive for us. I am happy to say that we do not willingly engage in below-cost selling of alcohol. We react to competitive issues in the market and we clearly match the lowest price in the market because we need to do so. Again, we have only one product. We cannot be seen to be more expensive for the equivalent quality.

If one takes the period between December 2011 and November 2012, 96% of all the alcohol we sold was above cost. The 4% of the alcohol we sold below cost related to five products, four of which were beers. All four of those were branded products which we would call a special - in other words, it is not a listing and it is not included in the list of 1,350 products we have day in and day out. They are listed in our business for a short period, usually at Christmas time. We set our retails on those prices in order to be profitable. We followed the market to a price which ended up being below cost. It is not our view that we should use alcohol as a way to drive volume through our business. We have no interest in doing that. We are active members of Responsible Retailers of Alcohol in Ireland, RRAI, and we adhere to its code very closely. We are measured on the code on an annual basis and we have an exemplary record. We have no intention of selling alcohol below cost.