Glanbia plcAnnual Report 2011Financial statementswww.glanbia.com2011?'000Segment liabilities 536,150Unallocated liabilities 789,077Reported liabilities 1,325,227Unallocated liabilities primarily include items such as tax, borrowings and derivatives.US Cheese &GlobalNutritionals?'000DairyIreland?'000JV's &Associates?'000OtherBusiness?'000Groupincluding JV's& Associates?'000Total gross segment revenue(a) 1,024,653 1,154,023 416,564 6,244 2,601,484Inter-segment revenue(2,752)(15,473)--(18,225)Segment external revenue 1,021,901 1,138,550 416,564 6,244 2,583,259Segment earnings before interest, tax,amortisation and exceptional items(b) 104,506 47,943 21,560(831) 173,178Included in external revenue are related party sales between Dairy Ireland and Joint Ventures & Associates of ?69.2 millionand related party sales between US Cheese & Global Nutritionals and Joint Ventures & Associates of ?9.4 million.Inter-segment transfers or transactions are entered into under the normal commercial terms and conditions that would alsobe available to unrelated third parties.5.1 (d): Segment liabilities are reconciled to reported liabilities as follows:5.2 The segment results for the year ended 1 January 2011 are as follows:2011?'000Segment capital expenditure and acquisitions175,307Joint Ventures & Associates capital expenditure(4,042)Unallocated capital expenditure 215Reported capital expenditure and acquisitions171,4805.1 (e): Segment capital expenditure and acquisitions are reconciled to reported capital expenditure and acquisitions as follows:5.2 (a): Segment revenue is reconciled to reported external revenue as follows:2010?'000Segment revenue 2,601,484Inter-segment revenue(18,225)Joint Ventures & Associates revenue(416,564)Reported external revenue 2,166,695

Glanbia plcAnnual Report 2011Financial statementswww.glanbia.com5.2 (b): Segment earnings before interest, tax, amortisation and exceptional items are reconciled to reported profit before tax and profit after tax as follows:Finance income, finance costs and income taxes are not allocated to segments, as this type of activity is driven by centraltreasury and taxation functions which manage the cash and taxation position of the Group.Other segment items included in the income statement for the year ended 1 January 2011 are as follows:The segment assets and liabilities at 1 January 2011 and segment capital expenditure and acquisitions for theyear then ended are as follows:2010?'000Segment earnings before interest, tax, amortisation and exceptional items 173,178Amortisation(15,111)Exceptional items - defined benefit pension schemes 10,238Joint Ventures & Associates interest and tax(11,457)Finance income 3,290Finance costs(25,420)Reported profit before tax 134,718Income taxes(26,085)Reported profit after tax 108,633US Cheese &GlobalNutritionals?'000DairyIreland?'000JV's &Associates?'000OtherBusiness?'000Groupincluding JV's& Associates?'000Depreciation of property, plant and equipment 12,514 19,997 6,82358 39,392Amortisation of intangibles 10,711 4,400 6- 15,117Capital grants released to the income statement(330)(1,089)(526)-(1,945)Exceptional items - defined benefit pension schemes-(10,238)--(10,238)US Cheese &GlobalNutritionals?'000DairyIreland?'000JV's &Associates?'000OtherBusiness?'000Groupincluding JV's& Associates?'000Segment assets(c) 725,960 556,455 87,362 17,041 1,386,818Segment liabilities(d) 200,380 288,125- 1,536 490,041Segment capital expenditure and acquisitions(e) 23,085 13,522 11,901 124 48,632