Glanbia plcAnnual Report 2011Financial statementswww.glanbia.com13. DividendsThe dividends paid in 2011 and 2010 were ?22.9 million (7.82 cents per share) and ?20.5 million (6.98 cents per share)respectively. On 14 October 2011 an interim dividend of 3.33 cents per share on the ordinary shares amounting to?9.7 million was paid to shareholders on the register of members at 2 September 2011. The Directors have recommendedthe payment of a final dividend of 4.94 cents per share on the ordinary shares which amounts to ?14.5 million. Subject toshareholders approval, this dividend will be paid on 11 May 2012 to shareholders on the register of members at 30 March2012, the record date. These financial statements do not reflect this final dividend.14. Property, plant and equipmentNotesLand andbuildings?'000Plant andequipment?'000Motorvehicles?'000Total?'000Year ended 1 January 2011Opening net book amount 132,006 230,786360 363,152Exchange differences 4,105 7,103 66 11,274Additions 4,082 25,746 215 30,043Disposals(417)(1,648)(55)(2,120)Reclassification15-(434)-(434)Depreciation charge(5,158)(27,052)(359)(32,569)Closing net book amount 134,618 234,501 227 369,346At 1 January 2011Cost 205,037 643,062 19,262 867,361Accumulated depreciation(70,419)(408,561)(19,035)(498,015)Net book amount 134,618 234,501 227 369,346Year ended 31 December 2011Opening net book amount 134,618 234,501 227 369,346Exchange differences 2,577 3,646 26 6,249Acquisitions 1,211 572 28 1,811Additions 20,110 31,343 438 51,891Disposals(325)(416)(42)(783)Reclassification15 32 146- 178Depreciation charge(5,264)(28,581)(295)(34,140)Closing net book amount 152,959 241,211 382 394,552At 31 December 2011Cost 228,642 678,353 19,712 926,707Accumulated depreciation(75,683)(437,142)(19,330)(532,155)Net book amount 152,959 241,211 382 394,552Depreciation expense of ?34.1 million (2010: ?32.6 million) has been charged as follows: cost of sales ?29.1 million(2010: ?28.7 million), distribution expenses ?1.2 million (2010: ?1.1 million) and administration expenses ?3.8 million(2010: ?2.8 million).Included in the cost of plant and equipment is an amount of ?22.3 million (2010: ?4.9 million) incurred in respect of assetsunder construction.The Group does not have any assets secured against borrowings and no borrowing costs were capitalised during the year(2010: nil).

Glanbia plcAnnual Report 2011Financial statementswww.glanbia.comLeased assets, comprising plant and equipment where the Group is a lessee under a finance lease are as follows:2011?'0002010?'000Cost - capitalised finance leases 41,673 41,673Accumulated depreciation(32,105)(30,736)Net book amount 9,568 10,937Operating lease rentals amounting to ?13.1 million (2010: ?11.7 million) are included in the income statement.15. Intangible assetsNotesGoodwill?'000note (b)Otherintangibles?'000note (a)Softwarecosts?'000Developmentcosts?'000Total?'000Year ended 1 January 2011Opening net book amount 142,052 170,773 21,621 7,666 342,112Exchange differences 9,885 12,911 269 548 23,613Additions-- 4,333 2,821 7,154Reclassification 14-- 434- 434Write-off of intangibles35(215)-(200)(957)(1,372)Amortisation-(7,538)(4,924)(2,649)(15,111)Closing net book amount 151,722 176,146 21,533 7,429 356,830At 1 January 2011Cost 151,722 199,04655,116 13,721 419,605Accumulated amortisation-(22,900)(33,583)(6,292)(62,775)Net book amount 151,722 176,146 21,533 7,429 356,830Year ended 31 December 2011Opening net book amount 151,722 176,146 21,533 7,429 356,830Exchange differences 4,887 7,199 127 301 12,514Acquisitions 21,719 90,362 9- 112,090Additions-- 1,646 4,042 5,688Reclassification14-(388)(178) 388(178)Write-off of intangibles35--(151)(1,044)(1,195)Amortisation-(11,577)(4,854)(2,041)(18,472)Closing net book amount 178,328 261,742 18,132 9,075 467,277At 31 December 2011Cost 178,328 296,21956,569 17,408 548,524Accumulated amortisation-(34,477)(38,437)(8,333)(81,247)Net book amount 178,328 261,742 18,132 9,075 467,277Amortisation expense of ?18.5 million (2010: ?15.1 million) has been charged to administration expenses during the year.The average remaining amortisation period for software costs is four years and development costs is four years.Approximately ?0.9 million (2010: ?3.1 million) of software additions during the year were internally generated with theremaining balance acquired from external parties. Development costs of ?1.0 million (2010: ?1.0 million) were written offduring the year due to uncertainty that these projects will reach commercialisation.