Mr. Colin Kelly:

In relation to the hedging, there is not enough liquidity in derivative markets to hedge the level of volume that we produce in Ireland. In the United States it is a very different farm model, and they can hedge from the start right to the end from a farm supply chain perspective. The EEX, the European Energy Exchange, on which butter, powders – and now cheese - are traded, would not have the liquidity to cover the Ireland volume, let alone the European volume. Similarly, from an inputs perspective, we do not have access to that in Europe to cover them on derivative contracts. In my understanding, the only way to do that at the moment is through physical positions, which obviously involve a lot of working capital and ageing-type risks.