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A Celebration of Wine Tourism

Yesterday saw the Great Wine Capitals of The World's 2013 Best of Wine Tourism awards for South Africa being presented to the various winners at a prestigious ceremony at La Motte Wine Estate in Franschhoek.

At the event was Minister of Agriculture and Rural Development, Mr Gerrit van Rensburg, the Mayor of the Cape Winelands District Municipality, Alderman Neels de Bruyn and various other passionate supporters of Wine Tourism in South Africa.

Internationally acknowledged wine critic, Robert Joseph also addressed an audience consisting of wine estates, tourism offices and media - all engaging in and supporting wine tourism in South Africa in one way or another. He emphasised the importance of adding to the cellar door experience and being consumer focused - catering for specific needs and offering a point of difference.

After a day of sharing and celebrating, I am sure that everyone involved in South African Wine Tourism, is once again enthused about the role this industry can play in the economy and social development of the Western Cape.

  Minister of Agriculture and Rural Development, Mr Gerrit van Rensburg (left) and Mayor of the Cape Winelands District Municipality, Alderman Neels de Bruyn (right) with myself and my wife Hanneli receiving the award for La Motte, the Overall South African Winner in the 2013 Best of Wine Tourism Awards.

With the Spanish Consul in Cape Town, Mr Carcia-Valdecassas Fernandez and Mayor of the Cape Winelands District Municipality, Alderman Neels de Bruyn

  With the CEO of Franschhoek Tourism, Jenny Prinsloo and International wine critic, Robert Joseph

 

Wine Tourism – a responsibility of note

On 9 May this year, the Great Wine Capitals of the World will be hosting a Best of Wine Tourism event at La Motte Wine Estate in the Franschhoek Valley. While the 2013 winners of this prestigious international competition will be awarded on the day, the event will also see the influential international wine writer Robert Joseph  discuss wine tourism and the opportunity of having an offering at the cellar door that will turn visitors and customers into ambassadors – not only for a specific wine or estate, but also for the industry and the country.

Thinking about this made me realise that Wine Tourism in South Africa has to be a group effort. Of course all wineries do not have the same focus or strengths, but that does not mean that they cannot have an exceptional offering for visitors – whether it is a personal wine tasting around a kitchen table or a conducted tour through a state of the art facility.

In fact, having a diverse offering benefits the whole industry and visitors can find something to their liking whether they are adventurous and enjoy horse-back riding or are more culturally inclined and enjoy spending their time browsing an art gallery.

And even though horse-back riding and art galleries might not have anything to do with wine, in South Africa we have managed to incorporate a variety of elements into our Wine Tourism offering. Brands have developed their passions and associations and are sharing these with their visitors.

Celebrated food and wine writer, Fiona Beckett had the following to say after visiting the Cape Winelands in April: “South African wine farms have astutely realised - as not all wine producing countries have - that wine should be just part of the visitor experience. That you can build a much broader audience for your brand by creating an experience around food, art and gardens, not just by offering them a tasting. That way you reach the uncommitted not just the converted.”

And while the focus is on stimulating wine sales, it is also on creating a wider avenue of income that will not only benefit the specific company but the community as a whole. The Winelands can definitely contribute some positive energy to their communities. The culture of food and wine has an infectious energy and it offers many different job prospects for a variety of skill sets and training levels.

Wine Tourism offers the opportunity of education and training in a field much wider than the production of wine. This results in more jobs, better salaries and a sense of self-worth for workers and will also enhance the tourism experience.

Positive publicity around the wine tourism offering will eventually lead to an increase in tourism figures - something that is good for the specific estate, the Winelands, the bigger Cape Town area and for South African tourism in general. The part wine tourism plays in contributing to the economy and supporting development cannot be underestimated.

In November last year, my blog Wine Tourism – Entertain, Educate and Employ, was inspired by Minister of Tourism Marthinus van Schalkwyk saying “The wine industry is actually about tourism.”

Wine Tourism might be a buzzword, but it has a very important role. It is responsible for enthusing tourists about South Africa, it is responsible for uplifting communities, it is responsible for contributing to the economy and in the Winelands with its beautiful scenery and focus on food and wine, wine tourism is responsible for bringing some joy to both its visitors and personnel. Not many industries can say that.

 

Twitter details:

#BOWT2013

#winetourism

 

Investing in wine – is it worth the risk?

The City of Cape Town’s new liquor legislation that came into effect on 1 April, regulates that no-one may keep more than 150 litres of wine in their home without a liquor licence. That is a mere 200 bottles.

Being passionate about wine, my collection is slightly bigger and I know that many of my wine friends also have treasured wine collections. For us the value of having a cellar at home stems from our love of wine. We collect wines from all over the world, from various styles and vintages. Some bottles may have some kind of sentimental value, but for the most part we are interested in how the wines mature. We love the idea of selecting a special bottle for a special occasion or meal during which we will tell the story of the wine, where it comes from, who made it and why it is such a special choice.

But wine can be collected for a different reason all together. Internationally wine is collected for its appreciation in value – buying wines to sell them in future at a better price.Well, if there has ever been a reason!

As a financial investment, the focus, even more than with having a collection to mature for your own drinking (and story-telling) pleasure, is on top wines from the best vintages. Only a fraction of wines would justify the risk and expense of investment and to make the correct selection is crucial.

To be a serious wine investor one has to be up to date with vintages and quality expectations and it would be beneficial to employ the opinion of a sommelier or trusted wine guide. Expert opinion – your own or that of someone else who is knowledgeable and trustworthy – is essential. Quality is of course key to your wine purchase and so is maturation potential. It is of no use investing in wine that will reach its peak quality-wise long before it becomes a profitable resell.

From an investment point of view, it would also be better to buy the wine during the “En Primeur” stage when the wine is still in barrel. When the wine has finished barrel maturation and have been bottled, labelled and released into the market place, the value will already have increased significantly which will impact the purchasing price and your eventual return on investment.

The problem with this is that many vintages only show their true quality after at least five years of maturation by when the wine price has already appreciated. So, if you want to play save with the quality of your investment, it might impact the return on your investment.

Of course, the brand also makes a big difference. There will always be more interest in a bottle of Château Lafite Rothschild or Château Pétrus than in a bigger production, commercial brand name, but your initial investment will also be much more. There is a fine balance and that is why investing in wine should only be considered when you are either an expert of both wine and the market yourself or can obtain the services of someone who is. Investors, much like us who collect for the love of wine, understand the importance of heritage and the story around the wine. Perhaps the quality of the wine has gone, but it is the last bottle left from the cellar of some famous king or the first bottle ever produced by an iconic cellar. Sentiment and story sells.

So does scarcity.

A limited production or availability will up the value. And then, as it should be with any work of art, the investment should be stored and maintained in optimal conditions, preferably in a temperature-controlled cellar. The wine’s potential to mature well will have a direct influence on its commercial value. Not all wines mature well – not even when kept in the perfect conditions - it requires constant monitoring of the ageing potential of wines to determine at which stage of maturity they are at any given time. This monitoring can only be done by actually tasting the wines and the results of these tastings should be carefully considered by any wine investor.

Wine Auctions are usually the place to sell your investment wines and the London auctions often determine prices. Serious investors in wine have to stay up to date with auction results.

WineEducation.com offers great insights into how much wine increase in value over time. Ultimately low costs in storing your wine and a combination of an exceptional wine and an exceptional vintage will of course yield the best results. Wine Investment can be a profitable business when enough knowledge and time is spent in making the selections and you are staying up to date with trends and prices. It does have it risks though and it might be ideal for the wine investor to also be a wine lover – someone who will be just as satisfied enjoying the wine at maturity when selling conditions are not ideal.

Saying that, the fine wine investment market is currently looking positive. Have a look at this CNBN interview with Peter Shakeshaft, founder and chairman at Vin-X Limited, a UK-based fine wine investment company who feels that the market will continue to grow as it represents a safer option than more mainstream investment opportunities. 

Perhaps we should get him to share his thoughts on the investment value of wine with the legislators of the new liquor act in Cape Town?

 

South African entertainment inspiration for the weekend

The weekend is here and we all have some kind of entertainment in mind. If you live in South Africa, there is an amazing selection of entertainment options.

We all enjoy spending time outdoors in our wonderful weather, whether it is basking in the sun on one of the beautiful beaches or getting an adrenalin rush from one of the many extreme sport options. Perhaps you prefer a relaxing wine tasting at a glorious wine estate or dining at a choice of restaurants. Mountain biking, golf and other sport activities are popular, whether as a participant or passionate supporter.

Herewith some South African entertainment highlights to inspire you this weekend:

• South Africa has the second oldest Film Industry in the world.

• The Cape Argus Cycle Tour is the largest timed cycle race in the world.

• South Africa has the longest wine route in the world.

• South Africa has the highest commercial bungi jump in the world (710 feet).

• M-Net is Africa 's largest pay television service, delivering 24-hour programming to dozens of countries across the continent.

• South Africa has the most luxurious train in the world, The Rovos Rail.

• The Lost City Resort is the largest thermal resort in the world as well as the largest building project undertaken in the southern hemisphere.

Business in South Africa

South Africa is known as a tourist destination and of course tourism also plays an important role in the local economy. Last week we had a look at how travel and nature make South Africa a special country and today we focus on businesses and other contributors to the economy in South Africa.

• The Rand Refinery is the largest refinery of gold in the world.
• The South African oil company SASOL has established the only commercially proven oil from coal operations in the world.
• The world's biggest producer of non-fuel minerals is South African company Anglo-American Corporation.
• The University of South Africa UNISA is a pioneer of tertiary distance education and is believed to be the largest correspondence university in the world with 250,000 students.
• Eskom, the national electricity utility, is the world's fourth largest in terms of both sales volume and normal capacity.
• The De Beers Group of companies control more than 80% of the world supply of rough diamonds.
• SABMiller ranks as the largest brewing company in the world by volume. It supplies up to 50% of China's beer.
• Samancor Limited is the world's largest producer by sales of manganese and chrome products.
• The Johannesburg Stock Exchange was the 7th best performing stock market in 2005, according to the World Federation of Exchanges.
• Stellenbosch University was the first university in the world to design and launch a microsatellite.
• South Africa is the sole producer of the Mercedes Benz C Class, right-hand drive vehicles.
• KSDP Pentagraph is rated as the world's second best design company by British design magazine, 'Creative Review'. The company is responsible for the new-look packaging of 'Fanta' and design modifications of 'Coca-Cola' soft drinks worldwide.

Travel and Nature in South Africa - an inadvertent combination

Earlier this week we looked at South Africa’s infrastructure and how it adds to what makes South Africa a special country. Today, the focus is on Travel and Nature – and although two different concepts, travelling in South Africa inadvertently introduces the traveller to nature.

Some of the highlights:

• The Kruger National Park nature reserve supports the greatest variety of wildlife species on the African continent. It is roughly the size of Wales, or the state of Massachusetts (USA), which makes it the eighth largest reserve in the world.

• Home to one of the world's 6 floral kingdoms, South Africa has one-tenth (23 200) of the world's flowering plants, of which nearly 19 000 are endemic, making it the richest region in the world in terms of species to area - 1.7 times richer even than Brazil. It is the only country in the world to contain an entire floral kingdom.

• It is home to more kinds of mammals than North and South America combined; or Europe and Asia together.

• South African grasslands have approximately 30 species per square kilometer, greater than the biodiversity of rainforests.

• Table Mountain in Cape Town is believed to be one of the oldest mountains in the world. Standing at just over 1000 metres, it dominates the city's skyline. Table Mountain can be seen as far as 200 kilometres out to sea. It is also one of the world's new seven wonders of nature!

• South Africa has the third highest level of biodiversity in the world.

• Paarl is South Africa 's third oldest town and home to KWV Cellars - the largest wine cellar in the world (covering 22 hectares).

• Kimberley's 'Big Hole' is the largest hand-dug hole in the world and is deeper than Table Mountain is high. Kimberley also has the only drive-in pubs in the world.

• Mpumalanga province is home to the Blyderiver Canyon , the third largest canyon in the world - and the largest green one. The Grand Canyon in the U.S. is the biggest, and the Fish River Canyon in Namibia the second, but both are very dry.

• The Tugela Falls in KwaZulu Natal, at 948m (3110ft), is the second highest waterfall in the world.

• The world's best land-based whale-watching spot is located in Hermanus , Western Cape.

• Mossel Bay is in the Guinness Book of records as having the second most moderate climate in the world.

• Seal Island in False Bay is the only place in the world where Great Whites consistently breach (leap completely out of the water) to catch their prey, mainly seals. It also boasts the highest frequency of Great White shark attacks in the world. 

• In 1991, South Africa became the first country in the world to protect the Great White shark.

• According to 'Trivial Pursuit', Graaf-Reinett in the Western Cape has the world's biggest grapevine.

• Fossilized footprints were found at Langebaan Lagoon, Western Cape, in a sand-dune-turned-rock. The 117,000 year-old fossils are the oldest known footprints of an anatomically modern human.

• Most of the world's proto-mammalian fossils are found in the Karoo region.

• The 2,02 billion year-old crater in Vredefort is the oldest known crater on Earth. The general estimate of its original diameter is roughly 300 km, which makes it the largest crater on the planet, as well.

• The Sterkfontein Caves, in Gauteng , is the site where the oldest human skeletal remains were found in the world (3,5 million years old).

• Close to Oudtshoorn are the Cango Caves, a 3 km long sequence of caverns of glittering stalagmites and stalactites, which makes it the longest underground cave sequence in the world.

• The Boesmansgat is renowned as the second deepest sinkhole (about 299 metres) and the largest of its kind in the world. Many attempts have been made at world records in cave-diving in this exceptional sinkhole.

• The St. Lucia estuarine system, in Kwazulu Natal, is the largest estuarine system in Africa.

• South Africa is home to the world's smallest succulent plants (less than 0.39 inches) and the largest (the baobab tree).

South Africa – a Special Country in more ways than one

We just returned from our Easter holiday along South Africa’s Garden Route and once again I was reminded of what a special country we live in. Unmistakable of course is the natural beauty and diversity, but then also the difference between authentically rural and modernistic urban, the leisure industry of travel and tourism versus mining and banking and of course the eleven official languages, the cultural differences and the nine provinces each with its own unique character.

There are so many things that make South Africa special and when I started thinking about it, I realised that there are some less obvious ones that we also have to treasure. With some help from the internet, I would like to share some interesting facts about South Africa divided into various categories.

Let’s start with a look at things that are Infrastructure-related:

• The world's biggest hospital is the Chris Hani - Baragwanath Hospital in Soweto.
• South Africa is one of only 12 countries where tap water is safe to drink. Its tap water is currently rated the third best worldwide.
• Pretoria has the second largest number of embassies in the world after Washington , D.C.
• South Africa is the world's biggest producer and exporter of mohair.
• The rand, the world’s most actively traded emerging market currency, has joined an elite club of 15 currencies - the Continuous Linked Settlement (CLS) - where forex transactions are settled immediately, lowering the risks of transacting across time zones.
• South Africa mines deeper than any other country in the world, up to depths of 2.5 miles at the Western Deep Levels Mine.
• It has the largest hydro-electric tunnel system in the world at the Orange Fish Rivers Tunnel.
• South Africa is the second largest exporter of fruit in the world.
• Electricity costs are the second lowest in the world.
• South Africa is the world's largest producer of macadamia nuts.
• Officially, the youngest language in the world is Afrikaans. By the early-20th century Afrikaans had developed from Dutch, French and other influences into a fully-fledged language with its own dictionary. After a mere 90 years, it is the second most spoken language in South Africa (Zulu is the most spoken, the Zulu people being the largest ethnic group).
• South Africa is the world's biggest producer of gold, platinum, chromium, vanadium, manganese and alumino-silicates. It also produces nearly 40% of the world's chrome and vermiculite.
• Durban is the largest port in Africa and the ninth largest in the world.
• South Africa generates two-thirds of Africa 's electricity.
• There are about 280,000 windmills on farms across South Africa , second in number only to Australia .

• The world's two largest platinum mines are located near Rustenburg.
• While occupying 4% of Africa's landmass, South Africa boasts more than 50% of the cars, phones, automatic bank tellers and industrial facilities on the continent.
• The Southern African Large Telescope (SALT), now rising from a Karoo koppie in Sutherland is the largest telescope in the southern hemisphere (and third largest in the world).

• South Africa is a middle income country with a strong emerging economy – the 25th largest in the world - and produces more goods than Portugal, Russia or Singapore . It also has Africa’s biggest economy, three times larger than Nigeria or Egypt.

• South Africa has the fourth largest coal reserves in the world. Its coal industry ranks sixth in the world in terms of output of hard coal and third in terms of seaborne international coal trade.
• Currently, South Africa is the only country in the world that has voluntarily dismantled its nuclear arsenal.
• South Africa has 19,004 miles of railway track - 80% of Africa's rail infrastructure.

and

• South Africa has the oldest wine industry outside of Europe and the Mediterranean, featuring Chardonnays, Pinot Noir, Merlot, Cinsault, Riesling, Shiraz , Sauvignon Blanc, Cabernet Sauvignon and its very own and unique Pinotage varietals.

In my next posts, I will share some interesting bits on travel, nature, business, entertainment, etc.

China and South Africa capitalising on Brics summit

The Brics summit is stealing the headlines this week and a number of very important bilateral trade deals between South Africa and China have been signed by representatives of President Jacob Zuma and his newly elected Chinese counterpart President Xi Jinping.

The New Age reported in detail about the various deals as well as the pledged “Year of South Africa in China” for 2013 and “Year of China in South Africa” in 2015.

“Our two countries have signed the terms of reference of the joint inter-ministerial working group on South Africa-China cooperation. We can therefore look forward to many activities that will bring our countries and peoples even closer,” Zuma said.

Agreements included a memorandum of understanding that could see a significant improvement in the delivery of services to pupils and a declaration of intent to boost trade between the two countries focusing on cooperation between customs agencies for import and export purposes. With China being SA’s largest trading partner (R201bn in 2012), this is quite important.

“We appreciate the hard work that you have put to ensure that the Brazil, Russia, India, China and South Africa (Brics) summit is a success,” Jinping said. And consensus is that the Durban occasion has reaffirmed South Africa’s ability to host important events. Whether, as per my previous blog, we will be hosting the Brics bank is another question altogether.

Fin24.com quoted Finance Minister Pravin Gordhan, saying: "It's done," after talks with his counterparts with regards to the Brics bank on Tuesday. "We made very good progress, the leaders will announce the details." 

The development bank to be formed by Brics would be expected to take on more risk than western institutions such as the World Bank, which should make members more self-reliant. According to Business Day Live Brics leaders are expected to provide more information on the bank to define its mandate, structure, governance and headquarters, although officials earlier proposed injecting $50bn in seed capital into the bank.

There is still a lot to be decided on before the Brics bank can become a reality and it is not likely to be up and running for years.  “The World Bank said on Tuesday it was ready to support the new development bank. But "establishing a development bank is a significant undertaking", it warned.”

Our Chinese business partners have also travelled to South Africa to join the summit in Durban but not without first visiting us in the Winelands.

Since we have developed a specific wine label for China, we have become the biggest exporter of South African wine to China with our three brands, La Motte, Leopard’s Leap and the exclusive label, L’Huguenot.

L’Huguenot was also the wine served at the summit this week.

Earlier this week in Durban, Mr Tan Sri, Chairman of Perfect China, our Joint Venture partner in Perfect Wines of South Africa presented South African President Jacob Zuma with a 3L bottle of L’Huguenot Shiraz – South Africa’s biggest volume wine brand exported to China.

 

 

Taking Sustainability Seriously

My late father in law was an inspirational man and I have learned a lot from him. Internationally regarded as a businessman and industrialist, he was also very passionate about conservation. Conservation of culture, art, our heritage and also Conservation of nature and the environment. Not only was he in his lifetime the chairman of the WWF in South Africa but he was also the driving force behind the Peace Parks concept that facilitates the establishment of trans-frontier conservation areas (peace parks) and develops human resources, thereby supporting sustainable economic development, the conservation of biodiversity and regional peace and stability.

Taking responsibility for the world we live in has always been a priority in our family and although I think most people are concerned about sustainability, I often question whether such concern actually influences lifestyle patterns.

When speaking to Ivan Oertle of Woolworths about their Farming for the Future initiative and the performance of the organic and sustainable category, he says that the category is very important strategically as they see a healthy growing curve. For organic wine specifically, the growth is about 15 percent year on year. “We are developing and extending the organic wine offer every year with more innovation and closing more gaps. Every year there is greater awareness – customer demand is growing.” And if this is true for wine, it should also reflect in other categories.

Sustainability, like organic practices can however easily be regarded as a marketing tool and it is important that companies claiming sustainable and organic practices and products have an ethical consciousness as well. It should never be about selling more or being ‘politically correct’. It should be about being sustainable. And as per the definition of sustainability that means doing things in such a way to ensure that our resources last and we leave a world worth living in for generations to come.

To really work though, sustainability should be a priority for everyone – from big international companies to individuals. It is a moral obligation and a lifestyle choice with an impact much wider than the very important ecology. For Sustainability to work and be sustainable (sic), it must also be economically viable.

In South Africa especially, we are very concerned with development and job creation and coming closer to home, I have seen how an industry can make a difference. The South African wine industry has embraced wine tourism and in doing that, not only supports the bigger tourism industry which brings international visitors to our country and create jobs, but also supports the wine industry that is faced with challenges such as high costs, low profit margins and the economic crises in Europe – a traditional export market for SA wine.

What is also interesting is that SA wineries have actually made their sustainable ethos part of their wine tourism experience – and they have done it in a way that has earned them international acclaim. Visitors to wine farms can enjoy a host of activities that introduce them to sustainable practices in an entertaining and educational way. Think of organic walks through vineyards and gardens , tours through ‘fynbos’ and hikes through natural vegetation. Restaurants are cooking with their own organically grown seasonal produce and frontline personnel are encouraged to share sustainable practices with guests.

With the influx of tourists to the Winelands, the development of rural communities is enabled. People are educated, trained and employed to work in the wine tourism industry. They earn better salaries, learn skills and when everyday living is not a fight for survival anymore, sustainability can become a priority.

Ensuring sustainable economic development can therefore support an awareness of living sustainably with regards to the environment. At the 2005 World Summit on Social Development  it was noted that real sustainability requires the reconciliation of environmental, social equity and economic demands – and I can’t agree more.

#Sustainability

South Africa in BRICS - smallest economy bidding for the bank

At the end of last week Business Day Live reported on South Africa’s negotiations to host the BRICS bank. 

"It is hoped the bank, with a $50bn starting capital, would rival the World Bank and International Monetary Fund, which are dominated by established economies.”

“While South Africa is the smallest of the BRICS economies, it has set its sights on hosting the bloc’s planned development bank. Pretoria diplomats feel that the country’s distinguished financial services sector — hailed in 2008 for its sophistication at a time when US and UK banks were at the centre of a global financial crisis — stood South Africa in good stead.”

With South Africa hosting the fifth BRICS summit in Durban from March 26 - 27, it is a good time to have a comparative look at the economies of the BRICS countries and the role of South Africa.

 BRICS Economies compared

Download BRICS economies compared

At the end of 2012, Business Insider reported on the growth of BRICS for the year and I would like to share their growth-rate indicators.

 

Brazil has spiked to 52.2

 

 

China: Back above 50. Highest in many months

India: Ticking higher

  

South Africa? (A quasi-BRIC). It jumped 2.4 points to 49.5

Only Russia was weak (but they're unique in terms of BRICS development)

With an economy so much smaller than the rest of the BRICS,  South Africa is referred to with question marks and as a quasi-BRIC. Earlier this week City Press also focused on how South Africans see their role within BRICS.

““South Africans wrongly doubt their own country’s ability to be part of the BRICS economic bloc”, International Relations and Cooperation Minister Maite Nkoana-Mashabane has said. “They think this thing (BRICS) looks too big.””

Nkoana-Mashabane said South Africa’s membership had delivered tangible trade and development benefits to the country.  South Africa itself had much to offer the economic bloc, especially in terms of financial services, where it was a world leader. She said South African companies were doing business in many of the other BRICS countries, just as those countries’ companies were doing business in South Africa.  She says “We … have the capacity to run the best financial services in the world. We are a very sound, dependable democracy, with an independent foreign policy."

Will South Africa be able to host the BRICS bank? Will that end its “quasi-BRIC” status? Or is this wishful thinking?

While the bank could also be co-hosted in two countries, another important issue on the agenda for the BRICS summit is the proposed currency-swap. Ms Nkoana-Mashabane says she envisages a conclusion of the discussion on the currency swap to happen in Durban. “The idea behind a currency swap was meant to keep trade among the BRICS countries within the confines of this league’s currencies, so that "you don’t have to go through other countries that are not involved in the transaction"”.

Intra-BRICS trade is another point on the agenda as it is currently more than $300bn and is expected to reach the $500bn mark by 2015.

I will be keeping a close eye on what is happening in Durban at the end of the month.