Glanbia plcAnnual Report 2011Financial statementswww.glanbia.com1 In accordance with Group accounting policy, Co-operative Animal Health Limited and South Eastern Cattle Breeding Society Limitedare included in the Group result based on the equity method of accounting, as the Group has significant influence over the entities butnot control, due to their co-operative structure.Further details in relation to principal associates are outlined in note 39.Assets?'000Liabilities?'000Revenue?'000Profit/(loss)?'000Interestheld%2011Co-operative Animal Health Limited1 8,396(6,103) 15,52715750.00South Eastern Cattle Breeding Society Limited1 5,114(756) 2,398(111)57.00Malting Company of Ireland Limited 5,242(2,183) 2,893 2733.33South East Port Services Limited 7,027(4,671) 1,647 36249.00Westgate Biological Limited--- 18349.99Greenfield Dairy Partners Limited 408(296)188 2733.33 26,187(14,009) 22,653 645The Group's share of the results of associates, all of which are unlisted, and its share of the assets (including goodwill) andliabilities are as follows:Assets?'000Liabilities?'000Revenue?'000Profit/(loss)?'000Interestheld%2010Co-operative Animal Health Limited1 8,306(5,906) 15,732 9250.00South Eastern Cattle Breeding Society Limited1 5,187(717) 1,821(157)57.00Malting Company of Ireland Limited 4,632(1,638) 1,902 4233.33South East Port Services Limited 7,178(5,182) 1,595 32149.00Westgate Biological Limited 116(299)-(183)49.99Greenfield Dairy Partners Limited 405(325) 134(36)33.33 25,824(14,067) 21,184 792011Company?'0002011Group?'0002010Company?'0002010Group?'000At the beginning of the year2,29811,7571,39510,041Share of profit after tax- 645- 79(Loss)/gain recognised through the statement ofcomprehensive income-(224)- 1,637Additions-- 903-Write-down of investment(39)---At the end of the year 2,259 12,178 2,298 11,75716. Investments in associates

Glanbia plcAnnual Report 2011Financial statementswww.glanbia.com17. Investments in joint ventures2011?'0002010?'000At the beginning of the year 58,945 58,276Share of profit after tax 13,686 10,024Additions- 399(Loss)/gain recognised through the statement of comprehensive income(777) 1,295Deferred tax movement 1,645(3,054)Dividends received(14,761)(11,210)Exchange differences(254) 3,215At the end of the year 58,484 58,945The following amounts represent the Group's share of the assets, liabilities, revenue and profits from joint ventures:2011?'0002010?'000AssetsNon-current assets 136,668 135,903Current assets 75,204 59,588 211,872 195,491LiabilitiesNon-current liabilities 84,725 78,340Current liabilities 68,663 58,206 153,388 136,546Net assets 58,484 58,9452011?'0002010?'000Revenue 501,641 395,380Expenses(487,955)(385,356)Share of profit after tax 13,686 10,024Proportionate interest in joint ventures' commitments 2,193 4,930A listing and description of interests in significant joint ventures is outlined in note 39.The Group holds 51% of the share capital of Glanbia Cheese Limited but this is considered to be a joint venture as the Group does not havecontrol of the company, as it only controls 50% of the voting rights and is only entitled to appoint 50% of the total number of directors.Therefore, the Group does not have the power to govern the financial or operating policies of the entity.