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

Glanbia plcAnnual Report 2011Financial statementswww.glanbia.comGroup statement of cash flowsfor the financial year ended 31 December 201120112010Notes?'000?'000Cash flows from operating activitiesCash generated from operations35 145,386107,214Interest received 3,134 3,054Interest paid(29,729)(25,613)Tax paid(12,738)(11,955)Net cash inflow from operating activities 106,053 72,700Cash flows from investing activitiesAcquisition of subsidiary, net of cash acquired(114,252)-Payment of deferred consideration on acquisition of subsidiaries(1,146)(644)Purchase of property, plant and equipment(47,239)(31,631)Purchase of intangible assets(1,646)(4,333)Dividends received from joint ventures 17 14,761 11,210Loans repaid by joint ventures- 23,280Decrease in available for sale financial assets 2,283 438Proceeds from sale of property, plant and equipment 420 1,163Net cash outflow from investing activities(146,819)(517)Cash flows from financing activitiesProceeds from issue of ordinary shares23 1,221 522Purchase of own shares22(2,075)-Private debt placement 226,828-(Decrease)/increase in borrowings(160,780) 21,823Finance lease principal payments(968)(926)Dividends paid to Company shareholders 13(22,942)(20,453)Dividends paid to non-controlling interests25(387)(187)Capital grants received 564 1,432Net cash inflow from financing activities 41,461 2,211Net increase in cash and cash equivalents 695 74,394Cash and cash equivalents at the beginning of the year229,101152,789Effects of exchange rate changes on cash and cash equivalents 1,577 1,918Cash and cash equivalents at the end of the year21 231,373 229,101Reconciliation of net cash flow to movement in net debt20112010?'000?'000Net increase in cash and cash equivalents695 74,394Cash movements from debt financing(65,080)(20,897)(64,385) 53,497Fair value movement of interest rate swaps qualifying as fair value hedges 387(2,165)Exchange translation adjustment on net debt(8,211)(16,836)Movement in net debt in the year(72,209) 34,496Net debt at the beginning of the year(408,122)(442,618)Net debt at the end of the year(480,331)(408,122)Net debt comprises:Borrowings 26(711,704)(637,223)Cash and cash equivalents21 231,373 229,101(480,331)(408,122)