DOCSLIB.ORG

Wine Grape Market Study

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Wine Grape Market Study Wine grape market study Interim report June 2019 accc.gov.au Australian Competition and Consumer Commission 23 Marcus Clarke Street, Canberra, Australian Capital Territory, 2601 © Commonwealth of Australia 2019 This work is copyright. In addition to any use permitted under the Copyright Act 1968, all material contained within this work is provided under a Creative Commons Attribution 3.0 Australia licence, with the exception of: the Commonwealth Coat of Arms the ACCC and AER logos any illustration, diagram, photograph or graphic over which the Australian Competition and Consumer Commission does not hold copyright, but which may be part of or contained within this publication. The details of the relevant licence conditions are available on the Creative Commons website, as is the full legal code for the CC BY 3.0 AU licence. Requests and inquiries concerning reproduction and rights should be addressed to the Director, Content and Digital Services, ACCC, GPO Box 3131, Canberra ACT 2601, or [email protected]. Table of contents Glossary................................................................................................................................ 4 Executive summary ............................................................................................................... 8 Context of the market study............................................................................................ 8 Issues and implications .................................................................................................. 9 Interim findings ............................................................................................................. 10 The quality assessment of wine grapes is a key issue for growers ............................... 12 Price transparency in the industry should be improved ................................................. 13 Supply agreements are varied and typically favour winemakers ................................... 14 The voluntary code has not resolved key industry problems......................................... 16 Interim recommendations ............................................................................................. 17 Quality assessments .................................................................................................... 17 Price transparency ....................................................................................................... 17 Payment periods .......................................................................................................... 18 The Voluntary Code of Conduct ................................................................................... 18 Contracting practices.................................................................................................... 19 The market study ................................................................................................................ 20 Rationale for conducting this market study ................................................................... 20 Industry consultation .................................................................................................... 20 Lack of response from some stakeholders ................................................................... 22 1. Industry Background .................................................................................................... 24 1.1. Wine production is a complex multi-year process ................................................. 24 1.2. Australia has many diverse wine regions .............................................................. 27 1.3. The wine supply chain involves a range of transactions ........................................ 27 1.4. Australian wine is sold to international and domestic sales markets ...................... 33 1.5. Recent market conditions have reflected cyclical international factors .................. 35 1.6. Regulatory environment and previous reviews ...................................................... 43 2. Warm climate grape growing regions ........................................................................... 46 2.1. The characteristics of warm climate regions magnify competition issues .............. 47 2.2. Each of the warm climate regions has unique characteristics ............................... 54 3. Quality assessment ...................................................................................................... 58 Wine grape market study—Interim report 2 3.1. Growers are concerned about quality assessment practices ................................. 58 3.2. Quality assessment lacks transparency ................................................................ 61 3.3. Quality assessment lacks certainty ....................................................................... 64 3.4. Growers have questioned the integrity of quality assessment ............................... 65 3.5. Winemakers control timing of quality assessment and harvest ............................. 70 4. Pricing .......................................................................................................................... 73 4.1. Winemaker pricing decisions are based on market forecasts ................................ 73 4.2. Large scale factors affect supply and demand ...................................................... 75 4.3. Pricing mechanisms in grape supply agreements ................................................. 78 4.4. Existing price notification practices vary significantly ............................................. 79 4.5. The industry has raised concerns with indicative pricing under the Code .............. 81 4.6. Grape pricing is not transparent and should be improved ..................................... 86 5. Contracting practices ................................................................................................... 89 5.1. A broad range of supply agreements are used ...................................................... 89 5.2. Supply agreement preferences vary among growers ............................................ 90 5.3. Bargaining power is imbalanced in favour of winemakers ..................................... 92 5.4. Possible unfair contract terms under the Australian Consumer Law ...................... 95 5.5. Dispute resolution processes are inadequate in addressing imbalances and detriment arising from supply agreements .................................................................. 101 6. Competition for wine grapes ....................................................................................... 102 6.1. The market for wine grapes ................................................................................ 102 6.2. Market concentration varies significantly between regions .................................. 107 6.3. Winemakers compete for grapes in a variety of ways ......................................... 109 6.4. Competition for grapes is being impeded by multiple factors ............................... 111 6.5. Collective bargaining may result in public benefits .............................................. 112 6.6. Winemakers are constrained at the wholesale level ............................................ 115 7. Australian Wine Industry Code of Conduct ................................................................. 118 7.1. There are three models for industry codes in Australia ....................................... 119 7.2. The Code is intended to balance the interests of growers and winemakers ........ 119 7.3. The Code has had some positive impact but could be improved ......................... 122 Wine grape market study—Interim report 3 Glossary ABARES Australian Bureau of Agricultural and Resource Economics and Sciences. AWRI Australian Wine Research Institute. Australian Grape and Wine Inc (AGWI) national grower and winemaker representative organisation formed in 2019 following amalgamation of WFA and AV. Australian Vignerons (AV) former grower representative organisation which amalgamated in 2019 with WFA to form Australian Grape and Wine Inc. Broker facilitates buying and selling of grapes and/or wine on behalf of growers, winemakers and other clients. Bulk wine wine that is transported in containers, such as stainless steel or bladder containers, rather than in bottles or other smaller packaging. It is packaged at its destination, sometimes after blending with other wines. Bulk wine is usually commercial wine, and on average is sold at a much lower price than bottled wine. CCA Competition and Consumer Act 2010. CCW CCW Co-operative Limited, a co-operative of approximately 600 growers in the Riverland (previously known as Consolidated Co-operative Wineries). Code Australian Wine Industry Code of Conduct – a voluntary code which took effect on 1 January 2009. Code Management Committee (Code the committee responsible for administering the Committee) Code. The Code Management Committee replaced the Code Administration Committee on 1 November 2011. Collective bargaining group (CBG) a group of suppliers, such as wine grape growers, who join together and use their bargaining power to negotiate with buyers, such as winemakers. Such groups have to be authorised by the ACCC or would be in contravention of the CCA. Commercial wine lower quality wine than premium wine, often made with grapes from warm climate regions. Often defined as wine retailing for less than $10 per bottle. Contract processing a business arrangement where one party pays
Load more

Recommended publications
  • Wine Grape Market Study
    Wine grape market study Interim report June 2019 accc.gov.au Australian Competition and Consumer Commission 23 Marcus Clarke Street, Canberra, Australian Capital Territory, 2601 © Commonwealth of Australia 2019 This work is copyright. In addition to any use permitted under the Copyright Act 1968, all material contained within this work is provided under a Creative Commons Attribution 3.0 Australia licence, with the exception of: the Commonwealth Coat of Arms the ACCC and AER logos any illustration, diagram, photograph or graphic over which the Australian Competition and Consumer Commission does not hold copyright, but which may be part of or contained within this publication. The details of the relevant licence conditions are available on the Creative Commons website, as is the full legal code for the CC BY 3.0 AU licence. Requests and inquiries concerning reproduction and rights should be addressed to the Director, Content and Digital Services, ACCC, GPO Box 3131, Canberra ACT 2601, or [email protected]. Table of contents Glossary................................................................................................................................ 4 Executive summary ............................................................................................................... 8 Context of the market study............................................................................................ 8 Issues and implications .................................................................................................
    [Show full text]
  • 193 Technical Review August 2011
    The Australian Wine A W R I Research Institute Technical Review No193 August 2011 Registered by Australia Post PP 531629/00034 Table of contents In this issue 1 AWRI notes 6 AWRI Managing Director moves on 6 Technical notes 7 ‘Tropical’ thiol precursor levels in Sauvignon Blanc grapes: the effect of ripening and post-harvest transport 7 Botrytis and disease pressures from vintage 2011 11 Why should we be interested in alternative varieties? 19 Current literature 23 AWRI extension and roadshow calendar 67 Editor: Michael Major, Michael Major Media All enquiries: Rae Blair; email [email protected] Copyright: Reprints and quotations of articles published herein are permitted on condition that full credit is given to both The Australian Wine Research Institute Technical Review and the author/s, and that the date of publication and issue number are stated. ISSN 0816-0805 Cnr Hartley and Paratoo Rd PO Box 197 T +61 8 8313 6600 Published by The Australian Urrbrae Glen Osmond F +61 8 8313 6601 Wine Research Institute South Australia 5064 South Australia 5064 [email protected] ABN 83 007 558 296 Australia Australia www.awri.com.au In this issue AWRI NOTES AWRI Managing Director moves on Dr Sakkie Pretorius, the Managing Director of The Australian Wine Research Institute, is leaving his position to take up a new appointment as Deputy Vice Chancellor and Vice President: Research and Innovation at the University of South Australia. TECHNICAL NOTES ‘Tropical’ thiol precursor levels in Sauvignon Blanc grapes: the effect of ripening and post-harvest transport Grape ripening and post-harvest transport both influence 3-MH precursor levels and the generation of this tropical thiol during winemaking.
    [Show full text]
  • Report on Cca Treated Timber in South Australia
    ENVIRONMENT PROTECTION AUTHORITY REPORT ON CCA TREATED TIMBER IN SOUTH AUSTRALIA JULY 2008 Report on CCA treated timber in South Australia Report on CCA treated timber in South Australia Author: P Mayes For further information please contact: Information Officer Environment Protection Authority GPO Box 2607 Adelaide SA 5001 Telephone: (08) 8204 2004 Facsimile: (08) 8204 9393 Free call (country): 1800 623 445 Website: <www.epa.sa.gov.au> Email: <[email protected]> ISBN 978-1-921125-75-1 July 2008 © Environment Protection Authority This document may be reproduced in whole or part for the purpose of study or training, subject to the inclusion of an acknowledgment of the source and to its not being used for commercial purposes or sale. Reproduction for purposes other than those given above requires the prior written permission of the Environment Protection Authority. Printed on recycled paper TABLE OF CONTENTS BACKGROUND....................................................................................1 CCA TREATED TIMBER IN SOUTH AUSTRALIA..............................................6 DISCUSSION OF POTENTIAL SOLUTIONS .................................................. 10 REFERENCES ................................................................................... 14 FURTHER READING ........................................................................... 16 APPENDIX A CCA TREATED TIMBER CLASSIFICATIONS AND FORMULATIONS.. 21 APPENDIX B ESTIMATION OF CCA TREATED TIMBER STOCKPILE IN SOUTH AUSTRALIA ......................................................
    [Show full text]
  • Carbon Footprint and Sulphur Emissions for International Wine Distribution Using Alternative Routeing and Packaging Scenarios
    Carbon Footprint and Sulphur Emissions for International Wine Distribution using Alternative Routeing and Packaging Scenarios Irina Harris1a, Vasco Sanchez Rodriguesa, Stephen Pettita, Anthony Beresforda, Rodion Liashkob aLogistics and Operations Management Section, Cardiff Business School, Cardiff University b Yusen Logistics Abstract There is a large body of research related to carbon footprint reduction in supply chains and logistics from a wide range of sectors where the decarbonisation of freight transport is frequently explored from a single mode perspective and at domestic/regional level (Jardine, 2009; Maersk, 2013; Wiesmann, 2010). The decarbonisation of global freight transport chains needs to take into account a range of alternative transport modes and routes in addition to the decisions related to the alternative product packaging at source or closer to the demand points. This paper intends to address these shortcomings and the research presents a “gate to gate” carbon footprint and sulphur calculations methodology related to the distribution of wine from Australia and Italy to the UK. The methodology adopted in this paper uses secondary data gathered from academic and industrial sources on the distribution of wine from source to market. These were used to evaluate the environmental impact of international wine transport to the UK from two sourcing areas: Italy and Australia. A number of options were evaluated to calculate the carbon footprint and sulphur emissions of alternative route, mode and packaging combinations. The estimation of CO2e emissions incorporates three main elements - cargo mass, distance and transport mode whereas sulphur emissions are derived from actual ship routing, engine power and travel times. The decision made related to the bottling of wine either at source or destination is also integrated into the model.
    [Show full text]
  • SA Winegrape Crush Survey 2019 July 2019 Contents
    Prepared by: On behalf of: SA Winegrape Crush Survey 2019 July 2019 Contents State summary 3 Adelaide Hills 19 Adelaide Plains 24 Barossa inc. Barossa Valley and Eden Valley 28 Clare Valley 38 Coonawarra 43 Currency Creek 48 Fleurieu zone other (inc. Southern Fleurieu and Kangaroo Island) 52 Langhorne Creek 58 Limestone Coast other (inc. Mount Benson, Mount Gambier and Robe) 63 McLaren Vale 70 Padthaway 77 Riverland 81 SA – other (inc. Southern Flinders Ranges and The Peninsulas) 88 Wrattonbully 94 Explanations and definitions 98 SA Winegrape Crush Survey 2019 State Summary Report Wine Australia July 2019 State summary 2019 Overview of vintage statistics State and regional overview Varietal overview The total reported crush of South Australian winegrapes in 2019 was The red crush was 475,718 tonnes, which was 5 per cent higher than the 768,863 tonnes. This was an increase of 3 per cent compared with the 2018 crush. White varieties decreased by 1 per cent to 293,145 tonnes. 2018 reported crush of 748,484 tonnes; it was almost identical to the five- Red varieties increased their share of the crush from 61 per cent to 62 per year average (2014-2018) of 770,573 tonnes and 5 per cent above the cent. 10-year average (2009-2018) of 732,734 tonnes1. Most of the major red varieties increased, with Shiraz up by 2 per cent to The top three regions by volume in 2019 were the Riverland with 474,090 225,484 tonnes, Cabernet Sauvignon up by 7 per cent to 140,248 tonnes tonnes, Langhorne Creek with 43,137 tonnes and the Barossa Valley and Merlot up by 22 per cent to 49,404 tonnes – reversing a decrease of (including Barossa zone – other) with 40,986 tonnes.
    [Show full text]
  • Class 2 Packet: Worksheet
    AUSTRALIA AND NEW ZEALAND Class 2 Packet: Worksheet 1. This state produces over 60% of Australia’s wine: _______________. 2. True or False: Barossa Range vineyards experience minimal vintage variation, since grapes ripen predictably and reliably. 3. Eden Valley’s climate is a bit ______________ in temperature than Barossa’s because of its ______________ elevation; so it produces wines with _______________ acidity and firmer _______________ than does Barossa. Indicate Eden and Barossa Valleys on your map. 4. In Barossa Valley, where nearly ______________% of plantings are red, _______________ is the most-planted red variety. 5. Unusually for Australian regions, ______________ is the most-planted white in Barossa Valley. 6. Compared to other regions, _______________ is wall-to-wall grapes. 7. For the most part, McLaren Vale has a _______________climate with ocean breezes that help cool the vineyards slightly. Indicate McLaren Vale on your map. 8. McLaren Vale grows grapes that are primarily this color: ______________. The region’s hallmark style is ______________ and round. 9. Adelaide Hills and Clare Valley are located in this zone: _______________. Indicate Adelaide Hills and Clare Valley on your map. 10. In Adelaide Hills, cooler areas grow early-ripening varieties such as ______________ and warmer areas can ripen reds such as ______________. 11. Adelaide Hills produces Rhone-style wines by blending these two grape varieties: ______________ and _______________. 12. Clare Valley’s most famous and most-planted grapes are _______________ and _______________. 13. The age-worthy Rieslings from Clare Valley are known for their _______________ flavors and _______________ acidity. 1 Australia n Class 2 Packet • Copyright © 2004 Wine Spectator, Inc.
    [Show full text]
  • SA Other Vintage Overview
    SA Winegrape Crush Survey 2019 Regional Summary Report South Australia other Wine Australia July 2019 SA other Vintage overview South Australia other includes the GI region of Southern Flinders Ranges, OVERVIEW OF VINTAGE STATISTICS The Peninsulas GI zone, and the vineyards in Mount Lofty Ranges zone The harvest from South Australia other in 2019 was 10,814 tonnes, and Lower Murray zone that are outside designated GI regions (see map compared with 7,668 tonnes in 2018. Most of the increase came from on cover page). The total area of vines included in this definition is 997 Lower Murray zone – other, which was up by 58 per cent. hectares. The five-year average crush for this group of regions is 5,317 tonnes, implying that 2019 yields were significantly up on average. However, apparent changes in small and non-defined areas may be disproportionately affected by changes in the response group and may appear more significant on a percentage basis than a tonnage basis. There were 24 respondents to the survey who reported crushing grapes from one or more of the regions in SA other in 2019, compared with 27 in 2018. The total value of fruit from these vineyards in 2019 is estimated at nearly $7 million, compared with $5 million in 2018. The increased tonnage was offset by an overall decrease of 7 per cent in the average purchase value, although all of the major varieties increased in average price compared with last year. The largest variety, Chardonnay, was up by 18 per cent to $380 per tonne, while Shiraz increased by 6 per cent to $974 per tonne.
    [Show full text]
  • The South Australian Wine Story N
    Provenance Prestige Purity Experiences H3C CH3 O CH2 Innovation Heritage CH3 Rotundone Personality The South Australian Wine Story N South Australia’s wine regions Barrier Highway Port Augusta 1 Eyre Highway Port Pirie Flinders Highway 3 Murray River Princes Highway Lincoln Highway 2 Port Lincoln Sturt Highway 5 4 6 Adelaide 7 8 12 Ouyen Highway Victor Harbor 11 10 9 Princes Highway Dukes Highway 15 13 16 14 17 1 Southern Flinders Ranges 10 Southern Fleurieu 2 Riverland 11 Currency Creek 3 Clare Valley 12 Langhorne Creek Mt Gambier 4 Adelaide Plains 13 Mount Benson 5 Barossa Valley 14 Robe 18 6 Eden Valley 15 Padthaway 7 Adelaide Hills 16 Wrattonbully 8 McLaren Vale 17 Coonawarra 9 Kangaroo Island 18 Mount Gambier Note some regions are not portrayed to actual geographical size, but in terms of their volume of production. South Australia Wine’s natural home Adelaide is Australia’s wine capital and the industry’s heart Heritage History, experience and leadership Page 02 and soul can be found in South Australia’s 18 unique and distinctive regions. Provenance Distinctive styles from special places Page 03 This is where it all comes together: a proud history enhanced by future thinking; prestigious wines with style and Prestige Australia’s very best wines Page 05 personality created from old vines and modern techniques; a commitment to sustainability and purity; and some truly Personality memorable tourism experiences. Authentic people with vision and passion Page 06 And then there are the names. Penfold’s Grange, the Barossa Purity Natural and sustainable wine Page 08 Valley, Peter Lehmann and Wolf Blass – the list goes on.
    [Show full text]
  • WSET® Level 4 Diploma in Wines and Spirits
    ® ‘creating the trade professional’ Specification for the WSET® Level 4 Diploma in Wines and Spirits www.wset.co.uk DiplomaISSUE FIVE • JUNE 2007 www.wsetinternational.com The WSET® Level 4 Diploma in Wines and Spirits This specification contains necessary information for both candidates and programme providers about the WSET® Level 4 Diploma in Wines and Spirits. The main part of the document is a detailed statement of learning outcomes. These outcomes should be used by providers to prepare programmes of learning, and by candidates to plan their studies, because the examination is set to test these outcomes. The specification also provides syllabus weighting, study and examination guidance including the examination regulations, as well as information to assist in the relating of the Level 4 Certificate to other qualifications including NVQs, Key Skills and other WSET® qualifications. Contents 1 - 3 Introduction 4 - 5 WSET® Level 4 Diploma in Wines and Spirits 6 Unit Elements and Learning Hours 7 - 9 Unit One – The Global Business of Alcoholic Beverages 10 - 14 Unit Two – Wine Production 15 - 22 Unit Three – Light Wines of the World 23 - 25 Unit Three – Recommended Tasting 26 - 28 Unit Four – Spirits of the World 29 Unit Four – Recommended Tasting 30 - 32 Unit Five – Sparkling Wines of the World 33 - 35 Unit Six – Fortified (Liqueur) Wines of the World 36 - 38 WSET® Systematic Approach to Tasting (Diploma) 39 - 43 Examination Regulations 44 Notes Introduction 1 The Wine & Spirit Education Trust Qualifications WSET® Awards is the Our qualifications are formally The National Qualifications qualifications division of the recognised by the UK Government, Framework Wine & Spirit Education Trust.
    [Show full text]
  • Australian Wine Grape Production Projections to 2013–14
    Australian wine grape production projections to 2013–14 Caroline Gunning-Trant and Walter Shafron Research by the Australian Bureau of Agricultural and Resource Economics and Sciences Research report 12.3 May 2012 Australian wine grape production projections to 2013–14 ABARES © Commonwealth of Australia Ownership of intellectual property rights Unless otherwise noted, copyright (and any other intellectual property rights, if any) in this publication is owned by the Commonwealth of Australia (referred to as the Commonwealth). Creative Commons licence All material in this publication is licensed under a Creative Commons Attribution 3.0 Australia Licence, save for content supplied by third parties, logos and the Commonwealth Coat of Arms. Creative Commons Attribution 3.0 Australia Licence is a standard form licence agreement that allows you to copy, distribute, transmit and adapt this publication provided you attribute the work. A summary of the licence terms is available from creativecommons.org/licenses/by/3.0/au/deed.en. The full licence terms are available from creativecommons.org/licenses/by/3.0/au/legalcode. This publication (and any material sourced from it) should be attributed as: Gunning-Trant, C & Shafron, W 2012, Australian wine grape production projections to 2013–14, ABARES research report 12.3, Canberra, May. CC BY 3.0. Cataloguing data Gunning-Trant, C & Shafron, W 2012, Australian wine grape production projections to 2013–14, ABARES research report 12.3, Canberra, May. ISSN: 1447-8358 ISBN: 978-1-74323-021-3 ABARES project: 43050 Internet Australian wine grape production projections to 2013–14 is available at: daff.gov.au/abares/publications.
    [Show full text]
  • National Vintage Report 2019 Australian South Australia Wine National Vintage Report 2019: South Australia
    Wine Australia for National Vintage Report 2019 Australian South Australia Wine National Vintage Report 2019: South Australia This appendix contains price dispersion tables by region and variety. The information includes tonnes purchased and the breakdown of pricing by grade, tonnes of own grown fruit and an estimated total value of all grapes. It is important to note that these tables utilise raw collected data and therefore tonnes and total value will differ from figures quoted in the National Vintage Report 2019. For purchased grapes, if a regional/varietal combination did not have three or more purchasers, it was excluded for the sake of privacy of those respondents. Only defined GI regions where the total collected tonnage exceeds 1000 tonnes have been included in this report. Information for smaller regions and ‘zones – other’ can be obtained on request. Please contact 8228 2000 or [email protected] Contents Summary 3 Crush by region 3 Top 10 varieties in SA 3 South Australia 4–34 Adelaide Hills 4 Adelaide Plains 7 Barossa Valley 9 Clare Valley 12 Coonawarra 14 Currency Creek 16 Eden Valley 18 Langhorne Creek 20 McLaren Vale 22 Mount Benson 25 Padthaway 27 Riverland 29 Robe 32 Wrattonbully 34 National Vintage Report 2019 – SA Wine Australia 2 Crush by region Top 10 varieties in South Australia Tonnes Winery grown Share of Region Total crushed purchased fruit winery grown Petit Other Verdot 2% varieties South Australia 535,356 233,507 30% 768,863 Riesling 2% 9% Adelaide Hills 12,718 3,284 21% 16,002 Pinot Noir 2% Shiraz
    [Show full text]
  • National Vintage Report 2021 Wine Australia 2 Crush by State and Region
    At a glance summary • The Australian winegrape crush for 2021 is estimated to be 2.03 million tonnes – the largest recorded • The crush is 31 per cent above the 2020 harvest and 17 per cent above the 10-year average of 1.74 million tonnes • The average winegrape purchase price increased by 1 per cent to $701 per tonne • The total estimated value of the crush increased by 36 per cent from $1.15 billion in 2020 to $1.56 billion, an increase of $400 million • South Australia was the largest contributor with 52 per cent of the national crush, followed by NSW (29 per cent) and Victoria (17 per cent) • The largest individual region was the South Australian Riverland, accounting for 31 per cent of the national vintage, followed by Murray Darling–Swan Hill in Vic/NSW (22 per cent) and Riverina NSW (17 per cent) • Red varieties overall were up by 37 per cent while white National varieties were up by 25 per cent • Shiraz was the largest variety with a crush of 538,402 tonnes, an increase of 41 per cent compared with 2020 • Chardonnay was the second largest variety overall and largest white variety with 385,114 tonnes, an increase of Vintage 33 per cent compared with 2020 • All the top 10 red varieties increased in volume except for Ruby Cabernet. Malbec and Mataro/Mourvèdre increased the most in percentage terms, while Durif moved up to 6th position, Report overtaking Ruby Cabernet • All the top 10 white varieties increased except for Gewürztraminer. Prosecco showed the strongest growth, up by more than 50 per cent compared with 2020 and more than 2021 100 per cent compared with the 5-year average.
    [Show full text]