GATEWAY TO AGRICULTURE ANNUAL REPORT 2016
Wine Industry SA Young Wine Show Veritas Wine Harvest Commemorative Event Dairy Industry South African Dairy Championships Agri Expo Qualité Awards Dinner South African Cheese Festival Livestock Agri-Expo Livestock Equestrian Industry Sales 2 Year Old Sale Emperors Palace Ready To Run Sale Lanzerac Ready To Run Sale Cape Premier Yearling Sale March Yearling Sale Emperors Palace Select Yearling Sale Mare and Fillies For Stud Select Sale PAGE 1-2 PAGE 3-5 PAGE 6 PAGE 7-8 INDEX 20 16 Member Shows Western Cape Poultry Club Western Cape Veteran Tractor & Engine Club Youth Youth Shows Agricultural Schools General Agricultural Writers Association Cape Women s Agricultural Association (CWAA) Conservation Royal Agricultural Society Of The Commonwealth (RASC) US Woordfees Western Cape Farm Worker Of The Year Competiton Personnel Finance Conclusion PAGE 9 PAGE 10 PAGE 10 BLADSY 12 BLADSY 12 BLADSY 12 AGRI-EXPO IS A IS A PROFESSIONAL PROMOTION AND AND MARKETING MARKETING ORGANIZATION ORGANISATION FOR THE FOR AGRICULTURAL THE AGRICULTURAL SECTOR IN SECTOR, THE WESTERN FOCUSING CAPE, ON FOCUSING EXHIBITIONS EXHIBITIONS AND OTHER AND PUBLIC OTHER RELATIONS PUBLIC RELATIONS INITIATIVES, INITIATIVES, THE INTEREST THE INTEREST OF ITS OF MEMBERS, ITS MEMBERS, AGRI- AGRICULTURAL ROLE ROLE PLAYERS, PLAYERS,THE GOVERNMENT, GOVERNMENT, THE MEDIA THE MEDIA AND THE AND PUBLIC. THE PUBLIC.
WINE INDUSTRY S A Y O U N G W I N E S H O W THE SOUTH AFRICAN YOUNG WINE SHOW GIVES WINEMAKERS THE OPPORTUNITY TO SHOWCASE THEIR BEST WINES OF THE CURRENT VINTAGE. The show dates back to 1833 when the Cape of Good Hope Agricultural Society presented the first wine show in South Africa. This makes the SA Young Wine Show the oldest wine competition in South Africa. The mission of the South African Young Wine Show is to judge the quality of wines that are still in their infancy, i.e. within the year of production before they are finally blended and bottled. In this way, the industry can give recognition to the production capabilities of a wine cellar. Very few of these wines are for sale or in their final form at the time of being judged. In addition to the 17 SA championship trophies, the impressive General Smuts Trophy introduced in 1952 for the overall SA Champion Young Wine, is also at stake. This year the Young Wine Show was hosted by the Oranje-Vaal Wine Region at the Augrabies Falls, near Upington. KWV reigned supreme with their red blend of Cabernet Sauvignon and Shiraz (wooded) beating more than 2 100 contenders to clinch the competition s highest acclaim, the General Smuts Trophy. Furthermore, KWV chief winemaker Johann Fourie and his team walked away with the coveted Pietman Hugo Trophy awarded to the cellar with the highest marks for entries in five categories. Entries are adjudicated by specialist panels of seven judges drawn from winemakers or wine experts with a formal qualification and specialist knowledge of specific wine styles. An eight junior judge per panel has been introduced to train future judges. The eight participating wine regions are Robertson, Worcester/Breedekloof, Stellenbosch, Paarl, Oranje-Vaal, Olifants River, Swartland and Little Karoo and champions are crowned in the following categories: Chenin Blanc, Sauvignon Blanc, Chardonnay, Sémillon, Other White Cultivar, Dry White Blend, Sweetish Wine, Noble Late Harvest, Pinotage, Shiraz, Cabernet Sauvignon, Merlot, Other Red Cultivar, Dry Red Blend, Port, Dessert Wine and Muscadel. The KWV-Team with the General Smuts and Pietman Hugo Trophies met Charles Hopkins (Chairman: SANWSA) and Johan Ehlers (CEO: Agri-Expo) WINE INDUSTRY 2016 1
WINE INDUSTRY V E R I T A S THE VERITAS AWARDS IS THE MOST PRESTIGIOUS WINE COMPETITION IN SOUTH AFRICA AND IS SYNONYMOUS WITH EXCELLENCE IN WINE. The organisers, the South African National Wine Show Association (SANWSA), represents the full spectrum of the industry. Agri-Expo, as a partner of SANWSA, is represented on the Board and sponsors the awards ceremony. After 25 years the Veritas Awards has earned its reputation as South Africa s most authoritative and credible competition for market ready wines. The awards with its coveted Veritas emblem, has become synonymous with top quality wines. The first National Bottled Wine Show in South Africa was introduced by the SANWSA in 1990 and renamed the Veritas Awards from 1991. 1 763 wines and brandies were entered this year, including some from cellars outside South Africa. Sauvignon blanc, with 229 entries, was the largest class followed by Shiraz (167) and Cabernet Sauvignon (132). The category for brandy drew 32 standard and pot still brandy entries. A total of 57 double gold, 157 gold, 473 silver and 662 bronze medals were awarded. VERITAS / QUALITÉ CHEESE TASTINGS To further extend the partnership between Agri-Expo and the South African National Wine Show Association (SANWSA), Qualité cheeses are tasted with the double gold and gold Veritas wines during three exclusive public tastings, introducing this combination to approximately 1 200 members of the public. The tastings were held in Cape Town, Johannesburg and Durban and the events serve as the ideal platform to promote the Qualité mark as a trustworthy indicator of dairy quality in South Africa. WINE HARVEST COMMEMORATIVE EVENT The South African wine industry celebrates a special occasion in February each year when it commemorates the industry s first vintage on South African soil on 2 February 1659, as recorded by Jan van Riebeeck. This event takes place at South Africa s oldest wine estate, Groot Constantia Estate, which was established in 1685 by the then Governor, Simon van der Stel. During this event the harvest is blessed and a special 1659 medal of honour is awarded to a South African wine icon. Agri-Expo presented this event for the first time this year. In an extraordinary performance, KWV stole the limelight claiming nine double gold medals and ten gold medals for all their entries, of which five double gold medals for wine, three double golds for their brandies and one double gold award for dessert wine. They accumulated a total of 53 medals, the most for any producer. In addition, KWV won the Best Performer Award category for wineries with 11 entries or more. WINE INDUSTRY 2016 2
DAIRY INDUSTRY S O U T H A F R I C A N D A I R Y C H A M P I O N S H I P S The South African Dairy Championships took place on 10 March 2016 at Grand West and was adjudicated by 72 judges. The event, sponsored by DuPont, exceeded all previous records with a remarkable 895 dairy products from 85 manufacturers which were entered in 97 classes. Fiona Nuttal-Smith from DuPont, Courtenay Gibson from Fair Cape Dairies and Ottili le Roux from Condio The judges of this years championships This is a definite indication of the dairy industry s commitment to improve the quality and marketability of their products on a constant basis. It also shows the confidence and high esteem which manufacturers still have in a championship that dates back to a humble start in 1834. The purpose of the championship is indeed to continually improve the quality of dairy products, measuring them against each other and using the awards in marketing campaigns. The SA Dairy Champions are the winners in each of the 97 classes in eight categories, namely cheese, butter, yogurt, dairy desserts, cottage cheese, ice cream, flavored and cultured milk and dairy dips. The Qualité mark is awarded to products of outstanding quality and the overall winning product is named the Dairy Product of the Year. Kobus Mulder, chief judge and Johan Ehlers, CEO of Agri-Expo DAIRY INDUSTRY 2016 3
DAIRY INDUSTRY D U P O N T Q U A L I T É A W A R D S D I N N E R The twelve months matured Huguenot cheese from Dalewood Fromage, a artisinal cheesery in the heart of the Cape Winelands, was crowned the 2016 South African Dairy Product of the Year at the Agri-Expo Qualité Awards Dinner at Grand West on Wednesday, 27 April 2016. The Huguenot is the biggest cheese in South Africa and Dalewood Fromages signature cheese. This semi-hard, brushed rind cheese with its unique flavour and texture is medium-full in character with nutty overtones and has consistently won numerous prestigious awards since 2004. 2016 SA Dairy Product of the Year Seventy two judges, consisting of sensory evaluators, manufacturers, chefs and food writers had a challenging task to adjudicate the 895 products on 10 March 2016 at Grand West. Roe-Mhy Goat Dairy, Woodlands Dairy, Lancewood Holdings, La Montanara, Meze Foods, Rhodes Food Group and Belnori Boutique Cheesery each received one Qualité award. Petrina and Rob Visser of Dalewood Fromage. Their 12 month matured Huguenot was announced as the 2016 SA Dairy Product of the Year at the Agri-Expo Qualité Awards Dinner. AGRI-EXPO HONOURS FEMALE LEADER IN DAIRY INDUSTRY Rina Belcher of Belnori Boutique Cheesery was honoured by Agri-Expo for her consistent and dynamic leadership in the dairy industry at the prestigious Qualité Awards Dinner at Grand West. She is a master in the art of cheese making and under her leadership, Belnori Cheesery received 11 international and 40 national awards, including the 2016 Qualité award for Belnori s Benedictus cheese. Qualité is the mark of excellence for dairy products in South Africa. This year Parmalat SA (Pty) Ltd took the lead with 5 Qualité awards, followed by Fairview Cheese Company with 4 awards, Dairy Exchange (Pty) Ltd received 3 and both Fair Cape Dairies (Pty) Ltd and Dalewood Fromage each received 2 awards. Johan Ehlers, CEO of Agri-Expo, Rina Belcher and Kobus Mulder, International Cheese Expert DAIRY INDUSTRY 2016 4
DAIRY INDUSTRY S A C H E E S E F E S T I V A L THE FESTIVAL IS KNOWN AS THE BIGGEST CULINARY EVENT IN SOUTHERN AFRICA AND RECEIVED THE PLATINUM AWARD FOR "BEST EXHIBITION IN SOUTHERN AFRICA" IN 2015. The purpose of this program is to further exposure the consumer market to alternative products. Two well-known chef schools in Stellenbosch, the Private Hotel School and the Institute of Culinary Arts prepared dishes of cheese and alternative products that were available at the festival. With this year's theme of In the Spotlight, cheese lovers enjoyed a collection of more than thirty tons of cheese, new offers, exceptional entertainment, good food, wine, music and a social atmosphere at the SA Cheese Festival. Visitors were surprised with a cupcake to celebrate the 15th Cheese Festival. Media partnerships certainly boosted the marketing and advertising budget and media coverage of more than 18 million rand was generated for the festival. Social media sharply increased, with Facebook fans increasing from 7916 to 9506 and Twitter followers increasing from 1665 to 2515. This is the first time that the SA Cheese Festival trended on Twitter. A new addition to the festival was the Cape Made Kitchen, which was hosted by the Western Cape Department of Agriculture. The South African Cheese Festival remains the largest platform for cheese makers to introduce their products to a targeted audience and to stimulate market growth. DAIRY INDUSTRY 2016 5
LIVESTOCK AGRI-EXPO LIVESTOCK Agri-Expo Livestock was presented for the second time from 14-16 October 2015 at Sandringham. The superior quality and participation of different breeds impressed the national and international judges of the dairy and beef cattle championships. Puttergill Goldwyn Sweetie of Puttergill Holsteins in the Eastern Cape, which was crowned the Absa Dairy Queen, has set a new record by successfully defending her title. The Puttergills with Puttergill Goldwyn Sweetie, who was crowned the ABSA Dairy Queen for the second year in a row. Black Mamba Nelene of Black Mamba Stud in Moorreesburg was crowned BKB Supreme Beef Queen. This is a significant achievement because she had to compete against eleven beef cattle breeds to win this title. Jaco Smit, one of the youngest and smallest Angus breeders, has made rapid progress in the show industry. His Black Mamba Nelene is not only named the BKB Supreme Beef Champion, but also won several other categories at the show. Over and above the championships, which is the highlight of Agri-Expo Livestock, the program activities increased sharply to address the different needs of the livestock industry. Programmes like a dairy goat- and beef information day, made possible by the Western Cape Department of Agriculture, the Farmbiz Power Debate on Agribusiness in Africa, sponsored by Investec, the Mutual & Federal Agri Regional Youth Show and the Toyota Young Auctioneers Competition in collaboration with Veeplaas and Stockfarm, added significant value to the event. The school s training program was financially supported by the Western Cape Department of Agriculture and was attended by about 2000 learners. They were informed about the importance and value of the livestock industry in a practical way and also about the different career choices available in the agricultural sector. The Elite Dairy Farmer of the Year, which was presented by SA Studbook and the ARC's National Dairy Achievers Awards were presented at Agri-Expo Livestock. Black Mamba Nelene, the BKB Supreme Beef Queen, with her handler Danwill Daniels, owner Jaco Smit from Black Mamba Stud in Morreesburg and the sponsor, Hein Vollgraaff from BKB. Brett Puttergill, which is considered one of the most successful breeders and owner of the defending champion Puttergill Goldwyn Sweetie, consider Agri-Expo Livestock as the benchmark for livestock shows in the country. The extraordinary enthusiasm and high attendance rate of the many programs that were offered, was proof that commercial farmers, breeders, small farmers and also the consumer considered Agri-Expo Livestock as one of the important platforms for the dairy- and meat industries. Agri-Expo appreciates the support and partnerships of agri-businesses, industry associations and breed societies which greatly contributes to the success of this event. LIVESTOCK 2016 6
EQUESTRIAN SALES CAPE THOROUGHBRED SALES (CTS) contracted AGRI-EXPO to run the logistics & stable care for 7 sales for the last financial year. These sales take place in the Western Cape and Gauteng. There is great variation in the type of sales and their setup, as can be seen from the pictures below. EMPERORS PALACE READY TO RUN SALE INANDA CLUB, SANDTON: OCTOBER A sale of 189 horses which are just backed, and have been in training for about a month. Gallops were held at Summerveld Stud Farm Natal and Turffontein Race Course. The sale was held in Sandton at the Inanda Polo Club. 2 YEAR OLD SALE DURBANVILLE RACE COURSE: AUGUST A sale of 87 horses that are ready to be backed and start training. This sale is held at Durbanville Race Course. LANZERAC READY TO RUN SALE DURBANVILLE RACE COURSE: NOVEMBER This is a sale of 192 horses just at the start of their training. Gallops were held on the Thursday morning, the Sale took place on Friday Evening, followed by the Race Day on Saturday at Kenilworth Race Course. EQUESTRIAN 2016 7
EQUESTRIAN CAPE PREMIER YEARLING SALE CTICC CAPE TOWN: JANUARY THE PREMIER YEARLING SALE at CTICC remains the flagship of the year. 256 Young Yearlings were selected for the 2016 sale. The South African record was once again broken when a Game Farmer outbid the Foreign visitors securing the What a Winter colt for R5 200 000.00. EMPERORS PALACE SELECT YEARLING SALE GAUTENG: APRIL This sale is held on the grounds of the 5 star D oreal Grande Hotel at the Emperors Palace complex. 204 Top yearlings that were too young or immature for the January sale were accepted for this sale. It was an extremely difficult build as the stables were situated in the Car Park and the actual sale marquee was built over the Hotel s Swimming Pool. MARCH YEARLING SALE DURBANVILLE RACE COURSE: MARCH This sale is the second biggest sale, with 250 yearlings catalogued. MARE & FILLIES FOR STUD SELECT SALE ROBERTSON: JUNE This sale was held at Highlands Stud Farm in the Robertson district, the first of its kind and our 7th sale for the year. 66 Top quality mares and fillies were auctioned. The highest selling price was R3,2 Million, a record price for a mare. For this sale, being on a farm, equipment had to be transported there from Cape Town. Extra stabling were built and the sales marquee and all catering amenities was supplied by us. EQUESTRIAN 2016 8
MEMBER SHOWS Agri-Expo once again acted as a sponsor to 19 agricultural shows this year, who are members of the Society. These shows promote the image of agriculture in their environment and display agricultural products of high quality. Several National, Provincial and Regional Championships are held annually under the Agri-Expo banner at these shows. Animals and other agricultural products are improving every year at these shows and championships and attract considerable interest from across South Africa. In addition to these offerings, there are also youth shows, shows for emerging farmers and poultry shows. The meeting of member shows took place on 10 June at Lemoenkloof Guesthouse in Paarl. This meeting is an annual event where all the members get together to discuss challenges, to determine show dates and to learn from each other. It is also an opportunity to bring positive ideas to the table and thus tackle the next show with a new approach. This year we were fortunate to welcome Mr. Klasie Loubser, President of the SA Angus Society, who is well-known in the show industry, as guest speaker. Mr Loubser thanked the shows for what they do for the livestock industry but also highlighted gaps and opportunities. Agricultural shows in the Western Cape are an integral part of the rural community and fulfil a huge role in measuring agricultural products against each other and to improve the quality. The judges were very impressed with the quality, appearance and well prepared entries that were received. The show attracted a large number of visitors and received many compliments for the neat grounds and beautiful poultry. Various schools were invited to attend the show and the learners enjoyed it very much. Agri-Expo is proud of the manner in which the Western Cape Poultry Show promotes the poultry as well the breed purity of poultry in the Western Cape. WESTERN CAPE VETERAN TRACTOR & ENGINE CLUB The Western Cape's annual club show was hosted on 7 and 8 August in Villiersdorp. As usual, the show was well attended by club members and visitors alike. An important feature of the 2015 show was the collections and display of tools as well as the effort that was made to stimulate the interest of the youth. The tractor theme was Massey-Harris, a brand that disappeared off the market about a half century ago. Several interesting variants of this brand were entered this year. The Agri-Expo floating trophy for the best small club in the Western Cape was won by the Villiersdorp Club this year. Agri-Expo is proud of what this organization does for the preservation of our agricultural operations. WESTERN CAPE POULTRY CLUB SHOW The annual Western Cape Poultry Show took place from 16 to 18 June 2016 at Kleinplasie, Worcester and a total of 1 302 entries of 40 breeders were received. These entries represented 105 different chicken, geese, ducks and turkey breeds, but also included eggs. Veteran tractors in Villiersdorp MEMBER SHOWS 2016 9
YOUTH YOUTH SHOWS Agri-Expo's commitment to youth shows dates back to 1999 when Agri-Expo took the initiative to establish the Western Cape Agricultural Youth Association and the National Agricultural Youth Association. Today Agri-Expo acts as a sponsor of the Western Cape Agricultural Youth Association. This is an independent organization that strives for the promotion of agriculture among the youth in the Western Cape through youth shows. Training and development took place with learners from Elizabethfontein Primary this year and also during an information day at Augsburg Agricultural Gymnasium. The Agri-Expo Western Cape Youth Show Championship was hosted in Clanwilliam from 15-17 June and the standard of participants across the Western Cape was of high quality. A total of 98 learners took part in the championship. Eight regional shows were presented, with 770 learners that took part, thé most in the history of youth shows in the Western Cape. Dairy cattle: Judges Pierre Jacques Human and Natasja Smuts. Tineke van Zyl, Senior Champion from Bredasdorp High School and Janco Uys, Junior Champion from Volschenk Primary School in Riversdale. The National Youth Show Championship was hosted at Williston, Northern Cape in September this year. The Western Cape team has once again prevailed this year and was crowned as the champions of this competition for the tenth consecutive time. Mutton sheep: Wilhelm van Noordwyk, Junior Champion from FD Conradie Primary School, Maritjie Cornellisen from the Western Cape Department of Agriculture and Senior ChampionHennie Coetzee from Augsburg Agricultural Gymnasium. These region shows were presented at: Swellendam (136), Eden (88), Cederberg (140) Overberg (50), Swartland (106) Outeniqua (70), Boland (90) and at Agri-Expo Livestock (90) learners. Participants at these regional shows must qualify to be invited to the Agri-Expo Western Cape Championships. During these regional shows students participate in the following categories namely Horses, Dairy Cattle, Beef Cattle, Chickens, Mutton Goats, Angora Goats, Milk Goats, Wool Sheep, Mutton Sheep and Culinary Arts. AGRICULTURAL SCHOOLS Agri-Expo has a long association with the three agricultural schools in the Western Cape namely, Augsburg Agricultural Gymnasium in Clanwilliam, Boland Agricultural High School in Paarl and Oakdale Agricultural High School in Riversdale. Bursaries are made available annually to these 3 agricultural schools to use at their prize-giving functions for students who excel in academic and agricultural areas throughout the year. Agri-Expo is proud of the quality agricultural education offered by these 3 agricultural schools in the Western Cape. YOUTH 2016 10
GENERAL AGRICULTURAL WRITERS ASSOCIATION Agri-Expo is a member of the Western Cape branch of the Agricultural Writers Association and also hosted the 35th Agricultural Writers SA s annual national BKB photo competition for agriculture media. All the logistical arrangements and entries for the competition is handled by the Agri-Expo staff. CAPE WOMEN S AGRICULTURAL ASSOCIATION (CWAA) The CWAA s 87th Annual Congress took place from 28 to 29 July in Port Elizabeth. The theme for the new year is Adaptable Women. Porchia Adams, Corporate Communications Manager, delivered a short message on behalf of the Society and was also the speaker at the Circle Conference of the Overberg branch on 16 March in Kleinmond. The CWAA conveyed their sincere thanks to Agri-Expo for the financial support over the years. CONSERVATION Agri-Expo supports different projects of the WWF (World Wildlife Fund for Nature), amongst others the conservation of the riverine rabbit, whose habitat is threatened by agricultural practices. The WWF was once again one of the beneficiaries of the SA Cheese Festival. Agri-Expo also supports the Eco-School s programme to make learners aware of conservation in rural areas. ROYAL AGRICULTURAL SOCIETY OF THE COMMONWEALTH (RASC) The Royal Agricultural Society of the Commonwealth (RASC) is a confederation of over fifty leading national and regional Agricultural Show Societies. These Agricultural Associations and Research Bodies working in twenty Commonwealth countries is the voice of agriculture in the Commonwealth, working closely with the Commonwealth Secretariat and its associated bodies. As a classic Civil Society representing agriculture, the RASC shows what groups and individuals can do together, for the good of agriculture. The Honorary Secretary, Mr Michael Lambert visited the Society in March and had meetings with the CEO. He also attended one of the session that Agri-Expo hosted at the Woordfees. The next RASC conference will be held in November 2016 in Singapore. US WOORDFEES Agri-Expo presented two programmes at the US Woordfees, namely a Merino leg of mutton tasting with Veritas award winning red wines as well as a cheese tasting with alternative products and Veritas award winning white wines. These tastings were presented by the famous celebrity chef Bertus Basson of Overture and Bertus Basson at Spice Route restaurant, as well as Bennie Howard, vice-chairperson of Veritas and Cape Winemaker. WESTERN CAPE FARM WORKER OF THE YEAR COMPETITION Agri-Expo is annually involved in the Western Cape Farm Worker of the Year competition, which is hosted by the Western Cape Department of Agriculture. Porchia Adams, Corporate Communications Manager acted as panel judge during the final round of the competition. The 2015 function was held at Nederburg Wine Estate in Paarl on November 7, during which Breyton Milford (Commodity Manager) presented the Agri-Expo floating trophy for Best Potential to Joram Simbarashe. ALGEMEEN 2016 11
PERSONNEL The Society functioned for some time with staff vacancies to allow for the strategic planning to be finalized and it is therefore a pleasure to welcome Ms Eunice Joubert as Marketing Manager and Ms Reinette Basson as Sales Executive on the staff. Both ladies have extended experience in Event Management in Agriculture and are a special addition to the Agri-Expo team. Due to the changing role and positioning of the Society within South African Agriculture, it was also necessary to make adjustments in reporting lines and responsibilities. We therefore congratulate Mr Breyton Milford on his promotion to Operations Manager of Agri-Expo. The Society is privileged to function with committed and dynamic staff in the Durbanville office, as well as at Sandringham. This dynamic contributes to Agri-Expo projects being presented at a very high standard and that new projects are at the order of the day. FINANCES The past 12 months has been characterised by volatile market trends worldwide. South Africa has a high dependence on the world's economy and the JSE in these uncertain conditions achieved a return of 3.83%. The portfolio has been adjusted in recent years in an effort to diversify risk factors and to still pursue an adequate return with the asset allocation. Agri-Expo s investment portfolio achieved a return of 4.43% over the period. A series of unexpected events, including President Jacob Zuma s decision to dismiss the Minister of Finance in December 2015, Britians decision to leave the European Union ( Brexit ), the Chineses (People s Bank of China) decision to depreciate their currency relative to the US dollar as well as the United States decision to increase their interest rate, had an impact on investment returns worldwide. The potential downgrading of South Africa to junk status by various credit rating agencies, still hangs like a cloud over the country. South Africa has a challenging few months ahead and government, business- and the labour sector work together to avoid a downgrade at the end of the year. Agri-Expo s Fund Managers are positive that the portfolio is positioned correctly for the necessary protection in uncertain and unexpected market conditions and that the Society does receive the desired annual return over the three year term. CONCLUSION The 2015/2016 financial year had many challenges, but also produced wonderful highlights and successes, despite difficult economic conditions. Each staff member tackled the existing and new projects with vigor and enthusiasm and elevated the profile of Agri-Expo events to a higher level with their creative thinking and teamwork. We marketed the first part of our 185ste anniversary in various ways and are looking forward to the planned initiatives and actions that will place the Society's role and function in the public eye. We indeed have a proud heritage to look back on. PERSONNEL CONCLUSION 2016 12