Glanbia plc Annual Report 2011Indexwww.glanbia.com153AApplying the principles of the UK Corporate Governance Code 66Audit Committee report 49Available for sale financial assets 122BBoard of Directors and senior management 44Borrowings 131Business combinations 142CCapital grants 139Cash and cash equivalents 124Cash generated from operations 141Commitments 141Company statement of changes in equity 88Company statement of comprehensive income and statement of cash flows 89Company statement of financial position 87Contacts 152Contingent liabilities 140Critical accounting estimates and judgements 103DDairy Ireland - divisional performance 36Dairy Ireland - understanding our business 14Deferred income taxes 133Derivative financial instruments 139Directors' remuneration 112Dividends 115Divisional performance 4EEarnings per share 114Employee benefit expense 111Events after the reporting period 145Exceptional items 111FFinance income and costs 112Financial risk management 98Financial statements contents 79Five year financial summary 148GGeneral information 90Governance and risk framework 43Group Chairman's introduction to corporate governance 42Group Chairman's statement 6Group Finance Director's review 16Group income statement 82Group Managing Director's review 8 Group statement of cash flows 86Group statement of changes in equity 84Group statement of comprehensive income 83Group statement of financial position 85IIncome taxes 113Independent auditors' report 80Intangible assets 116Inventories 124Investments in associates 120Investments in joint ventures 121JJoint Ventures & Associates - divisional performance 40NNomination Committee report 51Non-controlling interests 130Notes to the financial statements 90OOperating expenses 110Other reserves 125Other statutory information 73Our global footprint 34Our responsibilities 27PPerformance - 2011 2Principal subsidiary and associated undertakings 146Property, plant and equipment 115Provisions for other liabilities and charges 138RRelated party transactions 143Remuneration Committee report 53Retained earnings 130Retirement benefit obligations 135Risk management 22SSegment information 105Share capital and share premium 129Shareholders' information 149Statement of Directors' responsibilities 77Summary of significant accounting policies 90TTrade and other payables 139Trade and other receivables 123UUnderstanding our business 14US Cheese & Global Nutritionals - divisional performance 38US Cheese & Global Nutritionals - understanding our business 15Index

Notes154Glanbia plc Annual Report 2011Noteswww.glanbia.com