Glanbia plc

G L A N B I A P L C A N N U A L R E P O R T 2 0 0 6

Glanbia plc is a leading international dairy foods and nutritional ingredients Group, headquartered in Ireland. The Group is successfully developing a strategic international presence, which today represents nearly 40% of revenue. At the same time, the Group continues to consistently improve the cost base, productivity and long-term sustainability of the Irish operations. Combined these give Glanbia a strong platform from which to continue to grow and develop.

Contents Performance Highlights

1 2 4 6

Our Business

Chairman’s Statement

Group Managing Director’s Review

Our Strategy Explained

10

Business Review Consumer Foods

12

12 16 18 21 24 27 30 32 34 35 38

Agribusiness and Property

Food Ingredients and Nutritionals

Nutritionals

Joint Ventures and Associates Corporate Social Responsibility

Finance Review

Board of Directors

Management

Report of the Directors Corporate Governance Financial Statements

46

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