Glanbia plcAnnual Report 2011Financial statementswww.glanbia.comAttributable to equity holders of the ParentSharecapital andsharepremium?'000 Otherreserves?'000Retainedearnings?'000Total?'000Non-controllinginterests?'000Total?'000(note 23)(note 22)(note 24)(note 25)Balance at 2 January 2010 99,219108,67283,004290,8956,493297,388Profit for the year--108,047108,047586 108,633Other comprehensive income/(expense)Actuarial gain - defined benefit schemes--13,37913,379-13,379Deferred tax on actuarial gain--(1,250)(1,250)-(1,250)Share of actuarial gain - Joint Ventures & Associates--2,4442,444-2,444Fair value movements-(1,445)-(1,445)-(1,445)Deferred tax on fair value movements-2,267-2,267-2,267Currency translation differences-20,169-20,169-20,169Total comprehensive income for the year-20,991122,620143,611 586144,197Dividends paid during the year--(20,453)(20,453)(187)(20,640)Cost of share based payments-2,937-2,937-2,937Transfer on exercise, vesting or expiry of sharebased payments-(373) 373---Shares issued 17-- 17- 17Premium on shares issued 505-- 505- 505Balance at 1 January 201199,741132,227185,544417,5126,892424,404Profit for the year--112,178112,178 630 112,808Other comprehensive income/(expense)Actuarial loss - defined benefit schemes--(17,029)(17,029)-(17,029)Deferred tax on actuarial loss--2,6152,615- 2,615Share of actuarial loss - Joint Ventures & Associates--(115)(115)-(115)Fair value movements-2,079-2,079- 2,079Deferred tax on fair value movements-1,214-1,214- 1,214Currency translation differences-18,538-18,538- 18,538Net investment hedge-230-230- 230Total comprehensive income for the year- 22,061 97,649119,710 630120,340Dividends paid during the year--(22,942)(22,942)(387)(23,329)Cost of share based payments-2,388- 2,388- 2,388Transfer on exercise, vesting or expiry of sharebased payments-(1,057) 1,057---Shares issued42-- 42- 42Premium on shares issued1,179-- 1,179- 1,179Purchase of own shares-(2,075)-(2,075)-(2,075)Balance at 31 December 2011 100,962153,544 261,308 515,814 7,135 522,949Goodwill previously written off amounting to ?93.0 million (2010: ?93.0 million) is included in opening and closing retainedearnings.Group statement of changes in equityfor the financial year ended 31 December 2011

Glanbia plcAnnual Report 2011Financial statementswww.glanbia.comGroup statement of financial positionas at 31 December 2011Notes2011?'0002010?'000ASSETSNon-current assetsProperty, plant and equipment 14 394,552 369,346Intangible assets 15 467,277 356,830Investments in associates 16 12,178 11,757Investments in joint ventures 17 58,484 58,945Trade and other receivables 19 14,575 23,084Deferred income tax assets 27 11,255 7,388Available for sale financial assets 1811,16514,127Derivative financial instruments 32-1,643969,486843,120Current assetsInventories 20336,855303,881Trade and other receivables 19 304,301 246,831Derivative financial instruments 326,1613,912Cash and cash equivalents 21 231,373 229,101 878,690 783,725Total assets 1,848,176 1,626,845EQUITYIssued capital and reserves attributable to equity holders of the ParentShare capital and share premium 23 100,962 99,741Other reserves 22 153,544 132,227Retained earnings 24 261,308 185,544 515,814 417,512Non-controlling interests 25 7,135 6,892Total equity 522,949 424,404LIABILITIESNon-current liabilitiesBorrowings 26 658,896 636,251Derivative financial instruments 32 1,319 3,315Deferred income tax liabilities 27 93,459 75,966Retirement benefit obligations 2848,425 48,560Provisions for other liabilities and charges 29 22,120 22,392Capital grants 30 17,161 18,609 841,380 805,093Current liabilitiesTrade and other payables 31 400,850 366,246Current tax liabilities 6,656 2,538Borrowings 26 52,808 972Derivative financial instruments 32 5,657 6,487Provisions for other liabilities and charges 29 17,876 21,105 483,847 397,348Total liabilities 1,325,227 1,202,441Total equity and liabilities 1,848,176 1,626,845On behalf of the BoardL Herlihy J Moloney S TalbotDirectors