DOCSLIB.ORG

37Th Annual Campden Lecture

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
37Th Annual Campden Lecture Campden BRI food a nd d ri nk i nno vation 37th Annual Campden Lecture 3 June 2015 Charles Wilson Chief Executive of Booker Charles Wilson joined Booker as Chief Executive in November 2005. In 2005 Booker was in trouble, today it is a “Top 200” UK Plc. He joined Booker from Marks & Spencer where he was Executive Director for Property, IT and Supply Chain. Charles started his career in 1986 with Procter & Gamble. From 1987 to 1991, he was a consultant with OC&C Strategy Consultants. In 1991 he founded Abberton Associates. In 1998 he joined Booker plc as Executive Director responsible for branches, supply chain, strategy and systems. In 2000, he was appointed Managing Director of Booker Cash & Carry, within the Iceland Group plc. From 2001 to 2003 he was Executive Director of Arcadia Group plc, responsible for strategy, property, supply chain and systems. Charles helped co-found the Institute of Hazard and Risk Research at Durham University and was President of the Institute for Grocery Distribution (IGD). 37th Annual Campden Lecture - Wednesday 3 June 2015 Growth outside the Supermarkets by Charles Wilson Chief Executive of Booker It is a privilege to be here at Campden BRI. At Booker we are lucky to have a wise sage running our food technology and innovation. His name is Ken Glauch and if there is a food scare, a change in the legislation, a new allergen standard, a way of reducing salt in a biscuit, a new processing system or ingredient, he is the man we speak to. Ken and his team know everything on food and drink technology and standards. And if Ken does not know, he would usually speak to Campden BRI. It is therefore a special honour to address many of the heroes of the UK food and drinks industry. It is you who are responsible for the innovation that powers the UK. Because some of you may not be familiar with Booker, I thought it useful to first say a little about the company. I will then consider growth outside the supermarkets and how this presents opportunities for innovation. Booker has been around for a long time. We were founded in 1830 as sugar merchants by George Booker in Liverpool. Booker was going before canned groceries, before refrigeration, before the barcode, before modern distribution systems and long before the supermarkets. We have witnessed the innovation at all stages in the food supply chain. In the 1950’s Booker moved into food wholesaling and we later acquired a number of wholesalers including Fitch Lovell and Nurdin & Peacock. These businesses had their own long histories. James Fitch started as a cheesemonger in the City in 1784 and Paul Nurdin and John Peacock were egg merchants in Wardour Street. We have been wholesaling sugar, cheese and eggs to shops and caterers for generations. Today Booker Group is proud to serve 400,000 independent catering businesses, 123,000 independent retailers and 780,000 small businesses. We serve a broad church of caterers including; 40,000 pubs, 20,000 nursing homes, 8,000 schools and 4,000 coffee shops. We also serve a diverse group of retailers including 4,000 deli’s and 2,000 farm shops and 20,000 corner shops. We also have the Premier franchise, 3,000 independent convenience stores that trade under the Premier franchise. Premier is the UK’s leading symbol group. We are also in the process of teaming up with Budgens and Londis businesses in Great Britain and look forward to serving those retailers. Our customers serve communities up and down the land. From the rural village pub to the urban night club. From the shop at the caravan site to the convenience store in the heart of the city. So when you are supplying Booker, in reality you are reaching the consumer via hundreds of thousands of independent businesses. 1 We are also privileged to serve many national accounts. We supply virtually all the cinemas in the UK, as well as the prisons in England and Wales. In 2012 we launched a business called Chef Direct. It combines the benefits of Booker’s scale, our supply chain expertise and some of the catering know how from our Ritter Courivaud speciality foods company. We were very proud to be awarded the Aramark contract in 2013. Aramark serves 250,000 meals a day, a huge logistical operation. We also supply restaurants such as Loch Fyne, Angus Steakhouse and Wagamama. We also supply most of the Michelin Star restaurants in the UK. In 2008 our sales were £3 billion. Today they are £4.8 billion. £1.1 billion of our growth was due to like-for-like growth and we acquired Makro in 2013, bringing a further £700 million of sales. Much of this growth has been online. In 2005 we sold £110m via the web, this year it was £870 million. During that time the number of our customers using .co.uk has increased to 410,000. We also operate six business centres in India. We launched Booker India in 2009 and now serve over 15,000 Kirana stores. We have learnt a huge amount through operating in this low cost, high growth economy. Overall Booker is making good progress. In September 2005 we had £361 million of borrowings. Our sales were £3 billion and dropping at 6% and we had no profits. In fact, many in the trade worried about our future. Today we have £150 million of cash in the bank. Our sales are £4.8 billion and we are growing well. Profits are circa £140 million as a result of the sales growth. We have moved from being nearly bust in 2005 to being one of the top 150 companies on the London Stock Exchange today. We have come a long way, but we have a long way to go. I hope this explanation of Booker helps. We have been active in the trade for nearly 200 years, we have seen much change and innovation. We also serve a broad range of catering and retail businesses. And we have embraced the web as a route to the future. It is from this perspective that I will now consider growth outside the supermarkets. Let’s look at what is happening to the supermarkets and why growth is moving elsewhere. The first self-service grocery store opened in Memphis in 1916. Piggly Wiggly allowed customers to browse isles and pay at the cashier. In the 1950’s supermarkets reached the UK when Sainsbury opened its first self-service store in Croydon and Express Dairies opened a supermarket in Streatham Hill. By 1968 Tesco had launched the first “super store” in Crawley. Today it has over 500. In 1973 electronic point of sale systems were launched which accelerated the growth of multiple supermarkets. By the 1990’s supermarkets and then hyper stores had come to dominate the UK retail scene. So why was this format so successful? 2 The supermarket worked perfectly in a baby booming generation. A family of 4 could do their weekly shop at the supermarket, saving time and money. Suppliers saw the growth and invested in the supermarket sector to build their brands. This allowed the supermarkets to extend range, lower prices and build lots of stores. This trend was accelerated by the property market. A supermarket could buy a plot of land, obtain the licences, build a store and make a huge property profit. The consumer, suppliers and property market, along with some brilliant people in the supermarket industry, pushed the rapid expansion of the sector. By 2010 UK supermarkets and hypermarkets have grown to dominate the retail scene, with £107bn of turnover, employing hundreds of thousands of staff with a brilliant supply chain. The supermarkets have come a long way since Sainsbury’s in Croydon in 1950. But, the world is changing. Since 2000 we have seen enormous change in the global food markets. Billions of people in China, India, Latin America and latterly Africa are better off. This is increasing demand for oil, proteins and carbohydrates. Today the world is consuming 2.5billion tonnes of cereals a year. At the same time we are seeing production pressures, with changing weather patterns, water shortages/flooding and increasing energy demands. Add in the technology changes. Combined these forces are changing the global grocery market and driving innovation at an unprecedented rate. Just look at the growth in China and India. Everybody knows that they have huge populations. But life expectancy is rapidly catching up with the UK. Diets are changing and aspirations are booming. Go to these countries and see the Coca-Cola, Unilever, Heineken branding and you see international suppliers have plenty of growth opportunities outside the UK supermarket sector. Probably the starkest warning at the challenge to come is in Steven Emmott’s book 10 billion. He warns that “simply to feed ourselves in the next 40 years, we will need to produce more food than the entire agricultural output of the past 10,000 years combined”. Now there has been some criticism of this Cambridge Professor’s estimates. But it is clear that we, in the food industry, face some massive challenges in the years ahead. The global food market is changing, which will impact all the UK grocery market. 3 In the UK, things are also changing. After 60 years of strong supermarket growth we have seen the sector slow down and even contract. In the next five years, according to the IGD, the supermarket and hypermarket sector will grow by 8%, online 98%, Discounters 65% (which I suspect is an underestimate), Convenience 29% and out-of-home 18%.
Load more

Recommended publications
  • Checking out on Plastics, EIA and Greenpeace
    Checking out on plastics A survey of UK supermarkets’ plastic habits ACKNOWLEDGEMENTS ABOUT EIA ABOUT GREENPEACE CONTENTS We investigate and campaign against Greenpeace defends the natural We would like to thank The Network ©EIAimage 1. Executive summary 4 environmental crime and abuse. world and promotes peace by for Social Change, Susie Hewson- investigating, exposing and Lowe and Julia Davies. Our undercover investigations 2. Introduction 5 confronting environmental abuse expose transnational wildlife crime, We would would also like like to to thank thank our ABOUT EIA EIAand championingUK responsible with a focus on elephants, pangolins 3. Impacts of plastics on the environment and society 6 numerous other supporters whose 62-63solutions Upper for Street, our fragile Ximporae. Ut aut fugitis resti ut atia andWe investigate tigers, and and forest campaign crimes suchagainst long-term commitment to our Londonenvironment. N1 0NY UK nobit ium alici bla cone consequam asenvironmental illegal logging crime and and deforestation abuse. 4. Methodology 8 organisation’s mission and values T: +44 (0) 20 7354 7960 cus aci oditaquates dolorem volla for cash crops like palm oil. We helped make this work possible. Our undercover investigations E: [email protected] vendam, consequo molor sin net work to safeguard global marine Greenpeace, Canonbury Villas, London N1 5. Results of scorecard ranking 9 expose transnational wildlife crime, eia-international.org fugitatur, qui int que nihic tem ecosystems by addressing the 2PN, UK with a focus on elephants and asped quei oditaquates dolorem threats posed by plastic pollution, T: + 44 (0) 20 7865 8100 6. Summary of survey responses tigers, and forest crimes such as volla vendam, conseqci oditaquates bycatch and commercial EIAE: [email protected] US illegal logging and deforestation for dolorem volla vendam, consequo exploitation of whales, dolphins POgreenpeace.org.uk Box 53343 6.1 Single-use plastic packaging 10 cash crops like palm oil.
    [Show full text]
  • Community-Shops-News
    Village Shops Newsletter - Spring 2017 News from Local Shops: Appleton Shop Has a Re-vamp. On 29th Feb, Appleton-with- Eaton Village shop held a meeting in the Village Hall for volunteers, local users and potential users of the shop, to come and hear all about the exiting changes happening and to make their comments on the changes. Over 100 people turned up! The new improved shop opened on Saturday 8th April. They now have a new inside coffee area, new product ranges (including more locally produced products), increased chilled and frozen stock and a new ‘Epos System’.The refit is costing around £15k, with a £6k grant from the Post Office really helping out. I bet there is a real buzz in in the village… A New Drinks Cabinet for Hanney Community Shop. Hanneys volunteer shop manager, Hazel Abraham, applied to the Post Office Community Branch Fund for a new drinks cabinet. As you can see it is eye catching. Cold drinks sell well to school children and cyclists. For those shops who have a Post Office in your shop, There is still plenty of money in the Post Office Community Branch Fund which you can apply to in order to develop and improve your Post Office business. Example of improvements people have made include a tea room, improved signage, flooring, shelving lighting. Most applications are below £10,000 and sometimes £2,000 and below for outreach services, however it is possible to apply for more than this. Please see the details on the Post Office website. http://postofficecommunityfund.co.uk If you’re not sure what you could use the Community Branch Fund for, you can give the Network Transformation Helpline a call to discuss some ideas on 0845 266 8790 News from Local Shops Continued..
    [Show full text]
  • Driving and Broadening the Business
    ANNUAL REPORT & ACCOUNTS 2014 BOOKER GROUP PLC Equity House Irthlingborough Road DRIVING AND BROADENING THE BUSINESS Wellingborough Northants NN8 1LT BOOKER GROUP PLC www.bookergroup.com ANNUAL REPORT & ACCOUNTS 2014 Booker Group plc Annual Report & Accounts 2014 Financial Statements Booker Group is the UK’s leading food wholesaler. Report Strategic The Group now comprises Booker Wholesale, Makro, Booker Direct, Classic Drinks, Ritter Courivaud, Chef Direct and Booker India. Together we seek to provide caterers, retailers and small businesses with the best choice, price and service via the internet, delivery and cash and carry. Strategic Report Highlights 01 Business Profile and Key Performance Indicators 02 Chairman’s Statement 03 Governance Chief Executive’s Review 04 Group Finance Director’s Report 07 Corporate Social Responsibility Report 10 Risks and Uncertainties 14 Governance Directors’ Report 16 Directors and Officers 18 Corporate Governance Report 20 Audit Committee Report 25 Nomination Committee Report 30 Remuneration Report 32 Statement of Directors’ Responsibilities 50 Financial Statements Independent Auditor’s Report 51 to the Members of Booker Group plc Consolidated Income Statement 54 Consolidated Statement of Comprehensive Income 54 Consolidated Balance Sheet 55 Consolidated Cash Flow Statement 56 Statements Financial Consolidated Statement of Change in Equity 57 Notes to the Group Financial Statements 58 Company Balance Sheet 88 Notes to the Company Financial Statements 89 Directors, Officers and Professional Advisers 92 Notes: This document includes forward looking statements with respect to Booker Group plc’s (the Group’s) plans and its current goals and expectations relating to its future financial condition, performance and results. These forward looking statements sometimes contain words such as ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, ‘may’, ‘might’, ‘will’, ‘could‘ or other words of similar meaning.
    [Show full text]
  • Booker Symbol Retail
    Booker Symbol Retail Insight on shoppers: insight on stores July 2018 © IGD 2018 The UK’s biggest symbol network Premier the biggest single fascia Now encompassing over 5,600 stores the Booker retail symbol network has twice the number of the next largest symbol group or convenience chain in the UK. Total combined estimated retail sales are now £4.5bn. Operating a portfolio of four fascias Booker Booker symbol retail: store numbers symbol has a breadth of offer to meet the needs of a wide range of differing retailer 2017 2018 change needs comprising: Premier* – flexible entry level package for Premier* 3,332 3,343 +11 small stores with supply from cash & carry depots Londis 1,826 1,957 +131 Londis – fully-serviced package for smaller stores supplied through Booker Retail Budgens 159 226 +67 Partners distribution network Budgens – Tailored support package for Family Shopper 63 75 +12 larger stores including an emphasis on fresh Family Shopper – A value-focused package Total 5,380 5,601 +221 offering neighbourhood discount format © IGD 2018 Source: IGD Research * Includes Premier Express fascia variant Page 2 What defines the Booker retail symbol shopper? Top shopper Top-up is the leading mission across all missions in three fascias Tobacco/lottery/news is the second most frequent mission in Premier and Londis Budgens has significantly the largest incidence of evening meal missions Premier has the highest incidence of food- for-now missions % of shoppers on last trip shopping for Premier Londis Budgens Top-up 45 50 59 Evening meal 15 13 35 Food-for-now 26 15 18 Tobacco/lottery/news 41 42 29 © IGD 2018 Source: IGD ShopperVista Page 3 As Booker looks to the future, and the new possibilities presented by its tie-up with Stores of the Tesco, we visited three of its most recently redeveloped symbol retail stores.
    [Show full text]
  • Survey of Retailers
    1 1. Contents 1. Contents ............................................................................................................. 2 2. Executive summary .............................................................................................. 3 Background and methodology ..................................................................................... 3 Key findings ............................................................................................................. 3 3. Introduction ........................................................................................................ 5 Research objectives ................................................................................................... 5 Methodology ............................................................................................................. 5 Sample .................................................................................................................... 5 Participation criteria .................................................................................................. 8 Fieldwork ................................................................................................................. 8 Presentation of results ............................................................................................... 9 Respondent profile .................................................................................................. 10 4. Supply arrangements and local competition .........................................................
    [Show full text]
  • Booker Makro Merger Inquiry Final Report
    Booker Group PLC/Makro Holding Limited A report on the completed acquisition by Booker Group PLC of Makro Holding Limited 19 April 2013 Competition Commission 2013 Website: www.competition-commission.org.uk Members of the Competition Commission who conducted this inquiry Simon Polito (Chairman of the Group) Jeremy Peat Tony Stoller Jonathan Whiticar Chief Executive and Secretary of the Competition Commission David Saunders The Competition Commission has excluded from this published version of the final report information which the Inquiry Group considers should be excluded having regard to the three considerations set out in section 244 of the Enterprise Act 2002 (specified information: considerations relevant to disclosure). The omissions are indicated by []. Non-sensitive wording is also indicated in square brackets. iii Contents Page Summary .............................................................................................................................. 3 Findings ................................................................................................................................ 6 1. The reference .................................................................................................................. 6 2. Industry background ........................................................................................................ 6 Relationship between suppliers and wholesalers ............................................................ 7 Types of wholesalers ......................................................................................................
    [Show full text]
  • Tesco to Buy Wholesaler Booker in £3.7B Deal
    British supermarket giant Tesco is to buy the country's largest food wholesale operator, Booker Group PLC, in a £3.7 billion (US$4.6 billion) deal set to create "Britain’s leading food business". The acquisition is a marked change of direction for the U.K.’s biggest supermarket group, which has been closing stores around the country in a bid to cut costs. The company's CEO Dave Lewis says the announcement shows Tesco has “made significant progress in turning around our UK retail business." Booker shareholders will end up owning around 16% of the combined group under the terms of the deal. In a statement, the companies said they expected the merger to enhance quality food at attractive prices across retail and eating out locations and better serve the fast growing “out-of-home” food market. In addition, the combined group could present a broader market opportunity for suppliers “with strong growth prospects and a clear opportunity to develop better own brand and fresh ranges; cut food waste and increase efficiency by creating a broader, multi-channel partner who can work with producers across their full agricultural crop.” “Tesco has made significant progress in turning around our UK retail business. This Merger with Booker will further enhance Tesco’s growth prospects by creating the UK’s leading food business with combined expertise in retail, wholesale, supply chain and digital,” CEO Dave Lewis said. “Wherever food is prepared and eaten – ‘in home’ or ‘out of home’ – we will meet this opportunity with the widest choice and best service available.” Booker CEO, Charles Wilson, adds: “Booker is committed to improving choice, prices and FreshFruitPortal.com service for the independent retailers, caterers and small businesses that we are proud to serve.
    [Show full text]
  • BOOKER GROUP PLC (“Booker”) MODERN SLAVERY STATEMENT Our Business and Structure Booker Is the UK's Leading Food Wholesaler
    BOOKER GROUP PLC (“Booker”) MODERN SLAVERY STATEMENT Our Business and Structure Booker is the UK’s leading food wholesaler. The Group comprises:- Booker Wholesale/Makro - Booker Wholesale/Makro, our cash and carry businesses serve:- 441,000 catering customers and 641,000 small businesses. Our catering customers include restaurants, fast food outlets, licensed premises and cost centre caterers. These can be independent single site locations, Group Accounts and National Chains. All customers can draw upon the Booker, Makro, Classic Drinks and Chef Direct infrastuctures; Chef Direct – Our Chef Direct business serves national accounts from our distribution centre in Didcot; 94,000 independent retailers. Our largest retail customers tend to be our Premier, Londis, Budgens and Family Shopper symbol group members. We also serve our retail club members, unaffiliated independents and retail national accounts. Premier – Premier, Booker’s symbol group, serves 3,306 independent retailers; Family Shopper – Family Shopper is our local discount format and we currently serve 63 independent retailers trade under this format; Budgens & Londis – Budgens serves 156 retailers. The Budgens consumer is typically ABC1. Londis serves 1,850 retailers with approximately 49% of consumers being ABC1; Booker Direct – Booker Direct serves national retail chains from our distribution centres, with customers including Marks & Spencer, most of the cinema chains in the UK and the prison service in England and Wales; Ritter Courivaud – Ritter-Courivaud is a speciality foods supplier to the UK’s leading restaurants; and Booker India – In September 2009 we opened our first business centre in Mumbai. We now have four branches in Mumbai, one in Surat and one joint venture branch in Pune.
    [Show full text]
  • Booker (Not Covered) and Conclude That It Creates Value 44 20 7888 6531 Financially and Strategically
    30 January 2017 Europe/United Kingdom Equity Research Food Retail Tesco (TSCO.L) Rating UNDERPERFORM Price (27 Jan 17, p) 206.55 ACQUISITION Target price (p) 160.00 Market Cap (£ m) 16,884.7 Enterprise value (£ m) 27,134.1 Adding value… and complexity and risks Target price is for 12 months. Research Analysts ■ A beneficial acquisition. We have analysed Tesco's proposed £3.7bn Stewart McGuire, CFA acquisition of Booker (not covered) and conclude that it creates value 44 20 7888 6531 financially and strategically. The deal is accretive starting in year two, before [email protected] peak synergies are realised and also helps de-lever the balance sheet. The improved multi-channel logistics network will allow Tesco to improve efficiencies, lower food waste and enhance returns along the value chain. ■ New deal, new challenges. Unlike a more straightforward retail transaction (such as Sainsbury/Argos or Ahold/Delhaize), adding wholesale to retail is more complicated: it increases complexity and adds risk. While logistics and sourcing are the basis for the synergies, the differing customer bases and requirements means that integration will require more effort and nuance. Independent stores may be less inclined to buy from the wholesaler that operates the competitor across the street. The way Booker will be managed within Tesco has not yet been defined, nor has the role of Charles Wilson, Booker's well-regarded CEO. ■ Core problems remain. The transaction has almost no impact on Tesco's main problem – an extensive retail network with many large, underperforming stores. Our proprietary work on large-store performance indicates a structural operating margin headwind of 1.1% due to Tesco's store estate.
    [Show full text]
  • Full Text of the Decision Regarding the Completed Acquisition by Costcutter Supermarkets Group of the Symbol Group Business of P
    Completed acquisition by Costcutter Supermarkets Group of the Symbol Group Business of Palmer & Harvey McLane Limited and creation of a joint buying company ME/6027/13 The OFT’s decision on reference under section 22(1) given on 21 August 2013. Full text of decision published 5 September 2013. Please note that the square brackets indicate figures or text which have been deleted or replaced in ranges at the request of the parties or third parties for reasons of commercial confidentiality. PARTIES 1. Costcutter Supermarkets Group (Costcutter) is a symbol group1 operator, providing symbol group and wholesale services to approximately 1,600 member stores, through its Costcutter, myCostcutter and Kwiksave brands. Costcutter also owns 23 stores. Costcutter is (indirectly) wholly-owned by Bibby Line Group Limited. Costcutter’s turnover in its 2012 financial year was £655.8 million. 2. Palmer & Harvey McLane Limited (P&H) is a wholesale supplier of tobacco, confectionery, soft drinks, chilled and frozen foods and other groceries, delivering across the UK from 14 depots. P&H also operates and provides symbol group services to approximately 834 stores through its Mace, Supershop and Your Store brands. P&H also owns 10 stores. P&H’s turnover in its last financial year ending 6 April 2013 was £4.165 billion, of which the symbol group business being acquired by Costcutter (the 'Mace Business') generated approximately £[ ] million in the UK. 1 A group of stores, some of which may operate under a franchise arrangement, and trade under a common fascia (symbol). 1 TRANSACTION 3. Costcutter acquired the Mace Business on 6 April 2013.
    [Show full text]
  • Tesco Booker
    Anticipated acquisition by Tesco plc of Booker Group plc Decision on relevant merger situation, substantial lessening of competition and reference ME/6677/17 The CMA’s decision on reference under section 33(1) of the Enterprise Act 2002 given on 12 July 2017. Full text of the decision published on 21 July 2017. Please note that [] indicates figures or text which have been deleted or replaced in ranges at the request of the parties for reasons of commercial confidentiality. Contents Page SUMMARY ...................................................................................................................... 2 ASSESSMENT ................................................................................................................ 4 Parties ........................................................................................................................ 4 Transaction ................................................................................................................ 5 Jurisdiction ................................................................................................................. 5 Procedure .................................................................................................................. 5 Background ................................................................................................................ 6 Counterfactual............................................................................................................ 9 Frame of reference .................................................................................................
    [Show full text]
  • Tesco/Booker Merger Inquiry Case Page
    Tesco and Booker A report on the anticipated acquisition by Tesco PLC of Booker Group plc 20 December 2017 © Crown copyright 2017 You may reuse this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit www.nationalarchives.gov.uk/doc/open-government- licence/ or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Website: www.gov.uk/cma Members of the Competition and Markets Authority who conducted this inquiry Simon Polito (Chair of the Group) Gavin Robert Robert Spedding Tim Tutton Chief Executive of the Competition and Markets Authority Andrea Coscelli The Competition and Markets Authority has excluded from this published version of the provisional findings report information which the inquiry group considers should be excluded having regard to the three considerations set out in section 244 of the Enterprise Act 2002 (specified information: considerations relevant to disclosure). The omissions are indicated by []. Some numbers have been replaced by a range. These are shown in square brackets. Non-sensitive wording is also indicated in square brackets. Contents Page Summary .................................................................................................................... 3 Findings .................................................................................................................... 16 1. The reference ....................................................................................................
    [Show full text]