2013 Half Year Results

11% growth in adjusted earnings per share in the first half Continued good growth in Global Performance Nutrition and Global Ingredients Reiterating positive 2013 full year outlook

21 August 2013 - Glanbia plc ("Glanbia", the "Group", the "plc"), the global performance nutrition and ingredients group, announces its results for the six months ended 29 June 2013.

 

2013 half year results highlights

·      Good first half operating and financial performance delivered 13% revenue growth, split 8% volume growth and 5% price growth. Adjusted EPS grew 11% growth in on a constant currency basis;

·      Global Performance Nutrition continued to outpace market growth rates delivering a 14% increase in revenue, 20% growth in EBITA and a 50 basis points improvement in EBITA margin to 10.5%;

·      Global Ingredients also delivered a good performance. Revenue increased 17% and EBITA grew 8%. EBITA margin declined 90 basis points to 10.7% mainly due to lower margins, as expected, in the Ingredient Technologies business unit;

·      Dairy Ireland's performance was impacted by a very difficult first half in Consumer Products and EBITA and EBITA margin were lower than prior year;

·      The Group's two major strategic Joint Ventures & Associates, Glanbia Ingredients Ireland and Southwest Cheese in the USA had a steady first half overall;

·      The full year outlook for the Group remains positive with forecast growth in adjusted EPS of between 8% and 10%, on a constant currency basis.

 

2013 half year results pre exceptional	Constant Currency¹		Reported Currency
€m	HY 2013	Change²	HY 2013	Change2
Wholly owned businesses
Revenue	1,246.8	+13.6%	1,236.3	+12.6%
EBITA	103.6	+5.9%	102.3	+4.6%
EBITA margin	8.3%	- 60 bps	8.3%	- 60 bps
Joint Ventures and Associates³
Revenue	431.1	+11.5%	426.8	+10.3%
EBITA	20.3	+9.1%	19.9	+7.0%
EBITA margin	4.7%	- 10 bps	4.7%	- 10 bps
Total Group
Revenue	1,677.9	+13.0%	1,663.1	+12.0%
EBITA	123.9	+6.4%	122.2	+5.0%
EBITA margin	7.4%	- 40 bps	7.3%	- 50 bps
Adjusted earnings per share	30.69c	+11.3%	30.39c	+10.2%

 

Commenting today John Moloney, Group Managing Director, said:

"The Group's first half performance was driven by Global Performance Nutrition and Global Ingredients. These two business segments now represent over 70% of Group EBITA and are our core platforms for future growth. We expect little change in the external operating environment in the second half and with clear challenges remaining in Dairy Ireland we are maintaining our 2013 full year guidance of adjusted earnings per share growth of between 8% and 10%, on a constant currency basis. Our recently announced management changes put in place an excellent team to continue to drive the business forward and to evolve the long term strategy that will deliver the next phase of growth. Overall, Glanbia is in a strong position to capitalise on its unique portfolio of global businesses, development opportunities and strong balance sheet."  

 

¹Constant currency is based on translating HY 2013 results at the HY 2012 average market exchange rate (€1 = $1.297). The reported average exchange rate for HY 2013 was €1 = $1.313.

²2012 results have been restated to reflect the adoption of the revised IAS 19 pension accounting standard (see Note 3 for detail).

³Glanbia disposed of a 60% interest in Glanbia Ingredients Ireland Limited ("GIIL") in November 2012. GIIL, previously part of the Dairy Ireland segment, is now a 40% associate. 2012 half year results have been restated to show GIIL on the same basis.

 

 

2013 half year report

For the six months ended 29 June 2013

 

This half year report is on the basis of the new organisational structure of the Group, announced in May 2013. This new structure reflects the fact that Glanbia has built two very significant platforms in  nutritional products and solutions. The first platform is business-to-consumer high quality performance nutrition with the largest global sports nutrition brand portfolio. This business segment is called Global Performance Nutrition. The second platform spans large-scale cheese manufacturing and value-added nutritional ingredient solutions. This business segment is called Global Ingredients and incorporates our US Cheese, Ingredient Technologies and Customised Premix Solutions businesses. The Group's two other business segments are Dairy Ireland, comprising Agribusiness and Consumer Products, and Joint Ventures & Associates which encompasses the Group's strategic cheese and dairy ingredients joint ventures.

 

Management changes

In May 2013, Glanbia announced that John Moloney, Group Managing Director since 2001, is to retire by the end of 2013. Siobhán Talbot, Group Finance Director, has been appointed as his successor and as Group Managing Director Designate to facilitate a seamless transition. Hugh McGuire has been appointed to the Board as an Executive Director with responsibility for Global Performance Nutrition. Brian Phelan has been appointed Chief Executive Officer of Global Ingredients, having been appointed to the Board on 1 January 2013.

 

2013 Outlook

The outlook for the business is positive despite some challenges for the remainder of the year in the Dairy Ireland business segment. The Board is reiterating the Group's 2013 guidance of 8% to 10% growth in adjusted earnings per share on a constant currency basis. This reflects the business' expectation of positive performances in Global Performance Nutrition and Global Ingredients, which will be partially offset by a year-on-year decline in Dairy Ireland. Joint Ventures & Associates are expected to be broadly in line with the prior year.

 

Operations review

 

Segmental analysis

Commentary on a constant currency basis throughout

 

	Constant Currency			Reported Currency
	HY 2013			HY 20121
€m	Revenue	EBITA	EBITA %	Revenue	EBITA	EBITA%
Global Performance Nutrition	324.4	34.0	10.5%	285.3	28.4	10.0%
Global Ingredients	539.2	57.5	10.7%	461.8	53.4	11.6%
Dairy Ireland	383.2	12.1	3.2%	350.9	16.0	4.6%
Total Wholly owned businesses	1,246.8	103.6	8.3%	1,098.0	97.8	8.9%
Joint Ventures & Associates2	431.1	20.3	4.7%	386.8	18.6	4.8%
Total Group	1,677.9	123.9	7.4%	1,484.8	116.4	7.8%

¹ 2012 EBITA has been restated to reflect the adoption of the revised IAS 19 pension accounting standard (see Note 3 for full detail).

² Glanbia disposed of a 60% interest in Glanbia Ingredients Ireland Limited ("GIIL") in November 2012. GIIL is now a 40% associate of the Group. 2012 half year results have been restated to show GIIL on the same basis.

 

Glanbia delivered a good financial and operating performance in the first six months of the year driven by growth in Global Performance Nutrition and Global Ingredients. Total Group revenue including the Group's share of Joint Ventures & Associates grew by 13.0% to €1,677.9 million (HY 2012: €1,484.8 million). This was split 8% volume growth and 5% price growth. Total Group EBITA increased by 6.4% to €123.9 million (HY 2012: €116.4 million). Total Group EBITA margin declined by 40 basis points to 7.4% (HY 2012: 7.8%), as margin growth within Global Performance Nutrition was more than offset by a decline in margins in the other business segments.

 

Global Performance Nutrition

	Constant Currency			Reported Currency
€m	HY 2013	HY 2012	Change	HY 2013	Change
Revenue	324.4	285.3	+13.7%	320.2	+12.2%
EBITA	34.0	28.4	+19.7%	33.6	+18.3%
EBITA margin	10.5%	10.0%	+ 50 bps	10.5%	+ 50 bps

 

Global Performance Nutrition delivered strong results for the first six months of the year, building on a good performance for the full year 2012. Revenues increased 13.7% driven primarily by volumes. Branded revenues grew in excess of 20% in both the USA and international markets.

 

Consumer demand in the USA, the most developed sports nutrition market, continued to grow in the first six months of 2013. While competition in the sector remains strong, Global Performance Nutrition again outperformed the market. This performance was achieved by the continued popularity of Global Performance Nutrition's sports nutrition brands combined with ongoing product innovation focused on taste and trends. Key new products launched in the first half included a ready-to-drink version of BSN's market leading pre-workout product, N.O.-Xplode and Optimum Nutrition's premium slow-release casein whey product, Platinum Tri-Celle Casein.   

 

EBITA increased by 19.7% reflecting the increase in revenues combined with a 50 basis points increase in EBITA margins. Expansion in EBITA margin in the first half of 2013 reflected a favourable product and sales mix effect partially offset by higher overheads associated with strategic investment in future growth. While whey market prices have been on a downward trend over recent months, Global Performance Nutrition's whey input costs in the first half were ahead of the prior year reflecting the timing of the impact of market price movements on the cost of goods sold.

 

The investment to drive growth continues and includes building in-market capabilities in key geographies to underpin the delivery of our international expansion plans. We remain on target to have a direct sales presence in 17 countries by the end of the year. There is also a significant strategic capital investment programme underway in Global Performance Nutrition including:

·      The introduction of SAP at a cost of $12 million, implementation of which began at start of 2013 and is due for completion in the coming months; and

·      A $45 million capacity expansion in Chicago, USA due for completion in 2014 combined with a stg£3 million investment in the Middlesbrough, UK plant more than doubling capacity by the third quarter of 2013.

 

The outlook for Global Performance Nutrition remains positive. Key trends of branded revenue growth are expected to be sustained for the remainder of the year, supported by major ongoing investment in the business. Overall results for Global Performance Nutrition for 2013 are expected to be well ahead of 2012.

 

Global Ingredients

	Constant Currency			Reported Currency
€m	HY 2013	HY 2012	Change	HY 2013	Change
Revenue	539.2	461.8	+16.8%	532.9	+15.4%
EBITA	57.5	53.4	+7.7%	56.6	+6.0%
EBITA margin	10.7%	11.6%	- 90 bps	10.6%	- 100 bps

 

Global Ingredients delivered a good performance in the first half of 2013. Revenues increased 16.8% to €539.2 million (HY 2012: €461.8 million). This growth in revenue is attributable to underlying organic volume growth of 7%, higher pricing and an enhanced product mix of 6% and the impact of the Aseptic Solutions acquisition of 4%. EBITA increased 7.7% in the period reflecting a good performance across all businesses and the contribution of Aseptic Solutions, acquired in July 2012. While EBITA margin was a very robust 10.7% in the first half of the year, margin declined 90 basis points compared with the first half of 2012. This was mainly as a result of lower market prices for lactose and whey in Ingredient Technologies. The full year outlook for Global Ingredients is positive with year-on-year revenue and EBITA growth expected to be in line with first half trends.

 

US Cheese

Average US cheese market prices for the period were ahead of the prior year. Market demand for American style cheese remains positive with both the retail and food service segments performing satisfactorily. Additional volumes, driven by good milk supply in Idaho and the acquisition of the Blackfoot, Idaho plant in March 2013, combined with higher market prices resulted in an increase in revenues versus the prior year. The Cheese Innovation Centre based in Twin Falls, Idaho, an investment of $11 million, opened this month. This facility, together with the more flexible production capabilities of the Blackfoot plant, significantly strengthens US Cheese's innovation and new product development capabilities.

 

Ingredient Technologies

Revenues in Ingredient Technologies in the first six months of the year were ahead of the prior year reflecting the acquisition of Aseptic Solutions ("AS") in July 2012 and higher sales volumes of WPC34 and lactose resulting from good production throughputs at the Idaho whey plants. The addition of further market capacity did result in some downward pressure on whey market prices over the course of the first six months of 2013.

 

Ingredient Technologies' strategic focus on science-led functional and nutritional solutions led to another prestigious IFT Innovation Award, the second year in a row to win this award. This year's innovation winner was Optisol 3000, which is used in bakery and other applications and acts a substitute for whole eggs, a product with a volatile pricing history. Optisol 3000, developed from a combination of whey protein and flax, highlights the complementary nature of these two ingredient categories. The flax and other speciality grain capabilities of Ingredient Technologies will be considerably enhanced with the commissioning, in October 2013, of the new $29 million value-added grain ingredients plant in South Dakota, USA.

 

Customised Premix Solutions

Revenues for Customised Premix Solutions for the first six months of the year were ahead of the prior year reflecting a combination of volume and price growth. While the level of volume growth has moderated compared with 2012, momentum has improved in recent months and indications are that this positive trend will continue for the remainder of the year. Market conditions and growth prospects are favourable across key end product segments and markets. Asian demand, in particular, remains strong and Customised Premix Solutions continues to expand its sales presence in the region to provide for this growth opportunity.

 

Dairy Ireland

	Constant Currency			Reported Currency
€m	HY 2013	HY 20121	Change	HY 2013	Change
Revenue	383.2	350.9	+9.2%	383.2	+9.2%
EBITA	12.1	16.0	-24.4%	12.1	-24.4%
EBITA margin	3.2%	4.6%	- 140 bps	3.2%	- 140 bps

¹ The half year 2012 figures are restated to exclude Glanbia Ingredients Ireland. As a 40% associate, the Group's share of GIIL is included in Joint Ventures & Associates.

 

In the first half of 2013, Dairy Ireland revenue increased 9.2% to €383.2 million (HY 2012: €350.9 million). This revenue growth reflects 8% volume growth and 4% pricing growth offset by the 3% negative impact of the Yoplait franchise disposal completed in the first half of 2012. EBITA decreased by 24.4% to €12.1 million (HY 2012: €16.0 million) and EBITA margin declined by 140 basis points. These declines were driven by Consumer Products reflecting lower volumes and higher milk input costs for the business. The outlook for the Dairy Ireland segment for the remainder of the year remains challenging as a result of the operating environment for Consumer Products and full year EBITA and EBITA margin are expected to be well behind 2012.

 

 

Consumer Products

Consumer Product revenues declined in the period driven primarily by the sale of the Yoplait franchise. The business continues to be impacted by the challenging Irish retail environment. Consumers are heavily focused on price while retailers are focused on cost. As a result, promotional volumes continue to rise and private label products continue to gain market share at the expense of branded products. Furthermore, the increase in global dairy market prices over the first six months of the year resulted in a significant increase in input costs for the business, with only partial price recovery.

 

Agribusiness

Agribusiness revenues were ahead of the same period last year as a result of higher pricing and increased demand for fertilizer and feed. One of the key drivers of this higher demand was the unseasonably cold weather which prevailed for much of the first half of the year. Construction of the new oatmeal milling facility, which will cater for the recently signed supply contract with Sturm Foods in the USA, is running on time and on budget with commissioning due by the end of 2013.

 

Joint Ventures & Associates (Glanbia Share)

	Constant Currency			Reported Currency
€m	HY 2013	HY 20121	Change	HY 2013	Change
Revenue	431.1	386.8	+11.5%	426.8	+10.3%
EBITA	20.3	18.6	+9.1%	19.9	+7.0%
EBITA margin	4.7%	4.8%	- 10 bps	4.7%	- 10 bps

¹ Glanbia disposed of a 60% interest in Glanbia Ingredients Ireland Limited ("GIIL") in November 2012. GIIL is now a 40% associate of the Group. 2012 half year results have been restated to show GIIL on the same basis.

 

Revenue for the first six months of the year from Joint Ventures & Associates increased 11.5% to €431.1 million (HY 2012: €386.8 million). This growth was split 6% volume and 6% price. Glanbia Ingredients Ireland, Southwest Cheese and Glanbia Cheese all achieved positive revenue growth due to higher global dairy market prices as poor weather conditions in a number of the key exporting regions resulted in reduced supply and, consequently, higher dairy prices. This was partially offset by a decline in revenues in Nutricima. EBITA increased by 9.1% to €20.3 million (HY 2012: €18.6 million) and EBITA margins were down slightly reflecting higher input costs across each of the four business units.

 

Construction of Glanbia Ingredients Ireland's new €150 million dairy processing facility is progressing well while a decision on the potential development of lactose production capacity in Southwest Cheese is expected to be made by the end of the year.

 

The expectation is for a more challenging environment for the remainder of the year resulting in a broadly similar performance for Joint Ventures & Associates for the full year when compared with 2012.

 

 

Finance review

 

Results summary pre exceptional	Constant Currency			Reported Currency
€m	HY 2013	HY 20121	Change	HY 2013	Change	FY 20121
Revenue	1,246.8	1,098.0	13.6%	1,236.3	12.6%	2,211.8
EBITA	103.6	97.8	5.9%	102.3	4.6%	176.7
EBITA margin	8.3%	8.9%	- 60bps	8.3%	- 60bps	8.0%
-Amortisation of intangible assets	(10.1)	(9.5)		(10.0)		(19.9)
-Net finance costs	(11.2)	(11.3)		(10.8)		(20.4)
-Share of results of JV&As	13.7	6.4		13.6		12.1
-Income tax	(14.0)	(15.3)		(13.9)		(25.6)
Profit from continuing operations	82.0	68.1	20.4%	81.2	19.2%	122.9
Profit from discontinued operations	-	12.4	-	-	-	27.1
Profit	82.0	80.5	1.9%	81.2	0.9%	150.0

¹ 2012 results have been restated to reflect the adoption of the revised IAS 19 pension accounting standard (see Note 3 for full detail).

 

Income statement

Revenue increased 13.6% to €1.2 billion (HY 2012: €1.1 billion). EBITA grew by 5.9% to €103.6 million (HY 2012: €97.8 million).  EBITA margin decreased by 60 basis points to 8.3% (HY 2012: 8.9%).

 

The Group's share of results of Joint Ventures & Associates increased by €7.3 million to €13.7 million (HY 2012: €6.4 million). This increase reflects the inclusion of Glanbia Ingredients Ireland as an associate from November 2012.  Share of results of Joint Ventures & Associates is an after tax and interest amount.

 

Net financing costs were broadly unchanged at €11.2 million (HY 2012: €11.3 million). The Group's average interest rate for the period was 4.8% (HY 2012: 4.8%). Glanbia operates a policy of fixing a significant amount of its interest exposure, with 85% of projected 2013 debt currently contracted at fixed rates for 2013.

 

The HY 2013 tax charge declined by €1.3 million to €14.0 million (HY 2012: €15.3 million). This represents an effective rate, excluding Joint Ventures & Associates, of 17.0% (HY 2012: 19.9%). The decrease in the effective rate is driven by the change in mix and geographic locations in which profits are earned.

 

Adjusted earnings per share

Adjusted EPS summary	Constant Currency			Reported Currency
	HY 2013	HY 20121	Change	HY 2013	Change	FY 20121
Continuing operations	30.69c	27.58	11.3%	30.39	10.2%	51.34
Discontinued operations	-	2.58	-	-	-	5.62
Total	30.69c	30.16	1.8%	30.39	0.8%	56.96

¹ 2012 results have been restated to reflect the adoption of the revised IAS 19 pension accounting standard (see Note 3 for full detail).

 

Adjusted EPS is calculated as the profit for the year attributable to the equity holders of the parent before exceptional items and amortisation of intangible assets (net of tax). Adjusted EPS increased 11.3% to 30.69 cents per share (HY 2012: 27.58 cents per share).

 

Dividend per share

The Board is recommending an interim dividend of 4.03 cents per share (HY 2012: 3.66 cents per share) an increase of 10%. Dividends will be paid on Friday, 11 October 2013 to shareholders on the register of members as at Friday, 30 August 2013. Irish withholding tax will be deducted at the standard rate where appropriate.

 

 

 

Net debt

The Group's net debt position at 29 June 2013 decreased by €116.1 million to €444.7 million relative to the first half of 2012 (HY 2012: €560.8 million). Relative to the year ended 31 December 2012, the Group's net debt increased by €68.1 million (FY2012: €376.6 million). The main drivers of the movement in net debt since the year end include the seasonal increase in working capital of €94.1 million primarily in the Dairy Ireland business segment and capital expenditure of €46.5 million partially offset by reported first half EBITDA of €115.3 million.

 

Group financing

The Group currently has three sources of committed debt finance totalling €755.8 million:

·      A $325 million (€248.5 million) private placement of senior loan notes, due June 2021;

·      Bilateral multicurrency revolving loan facilities totalling €468.2 million with eight banks, all maturing January 2018, which were renewed during 2012 on common terms and conditions; and

·      Cumulative redeemable preference shares of €39.1 million due for redemption July 2014.

 

At 29 June 2013, the Group had a net debt to adjusted EBITDA leverage ratio of 2.0 times (HY 2012: 2.3 times) compared to the Group's banking covenant of 3.7 times. Adjusted EBIT to net financing cost cover stood at 8.6 times (HY 2012: 6.9 times) compared to the Group's banking covenant of 3.5 times.

 

Pension

The Group's net pension liability at 29 June 2013, under IAS 19 (revised) - Employee benefits, before deferred tax, decreased by €32.6 million to €84.8 million relative to the first half of 2012 (HY 2012: €117.4 million). The Group's net pension liability at 29 June 2013 decreased by €13.3 million to €84.8 million (FY 2012: €98.1 million) relative to the year end 2012. This decrease was mainly as a result of a 10 basis point increase in the discount rate applicable to the Irish pension schemes to 3.90% (FY 2012: 3.80%). This arose due to an increase in the AA corporate bond index which is used to value pension liabilities on an IAS 19R basis. The cash flow requirement for the Irish pension schemes is unchanged as the schemes remain on target to meet the funding position agreed with the Irish pensions' regulator. The fair value of the assets of the pension schemes at 29 June 2013 was €341.6 million (FY 2012: €332.6 million; HY 2012: €420.6 million) and the value of the scheme liabilities was €426.4 million (FY 2012: €430.7 million; HY 2012: €538 million).

 

2013 outlook

2013 guidance is for 8% to 10% growth in adjusted earnings per share on a constant currency basis. Based on the EUR/USD exchange rate as at 29 June 2013 of €1 = US$1.308 prevailing for the remainder of the year, guidance of 8% to 10% growth in adjusted earnings per share on a constant currency basis for 2013 would equate to 6% to 8% growth on a reported basis.

 

Principal risks and uncertainties affecting the Group's performance in 2013

The performance of the Group is influenced by global economic growth and consumer confidence in the markets in which it operates. In the second half of 2013, the principal risks affecting the Group's performance are:

·      The continued fragile global economic outlook;

·      The challenging Irish retail environment and the associated management of margins within Dairy Ireland; and

·      The effective execution of our growth strategy within both Global Performance Nutrition and Global Ingredients.

 

The principal risks and uncertainties are outlined in detail in the 2012 Annual Report.

 

 

Supplementary information

2012 segmental restatement

For ease of comparison, the below table provides the 2012 full year results restated on the basis of the new segmentation.  

 

Reported		FY 20121
€m	Revenue	EBITA	EBITA %
Global Performance Nutrition	585.9	57.3	9.8%
Global Ingredients	994.9	98.1	9.9%
Dairy Ireland	631.0	21.3	3.4%
Total Wholly owned businesses	2,211.8	176.7	8.0%
Joint Ventures & Associates2	826.3	37.9	4.6%
Total Group	3,038.1	214.6	7.1%

¹ 2012 EBITA has been restated to reflect the adoption of the revised IAS 19 pension accounting standard (see Note 3 for full detail).

² Glanbia disposed of a 60% interest in Glanbia Ingredients Ireland Limited ("GIIL") in November 2012. GIIL is now a 40% associate of the Group. 2012 half year results have been restated to show GIIL on the same basis.

 

Reconciliation of EBITA to profit after tax (PAT) for Joint Ventures & Associates

The table below reconciles EBITA with share of results of Joint Ventures & Associates, as reported in the Income Statement.

 

€m	Constant Currency			Reported Currency
	HY 2013	HY 20121	Change	HY 2013	Change
Pro forma EBITA	20.3	18.6	1.7	19.9	1.3
Reversal of pro forma adj. for GIIL	-	(6.7)	6.7	-	6.7
Reported EBITA	20.3	11.9	8.4	19.9	8.0
Finance costs	(2.2)	(2.6)	0.4	(2.0)	0.6
Income taxes	(4.4)	(2.9)	(1.5)	(4.3)	(1.4)
Profit after tax	13.7	6.4	7.3	13.6	7.2

1.      Glanbia disposed of a 60% interest in Glanbia Ingredients Ireland Limited ("GIIL") in November 2012. GIIL is now a 40% associate of the Group. 2012 half year results have been restated to show GIIL on the same basis.

 

 

Ends

 

 

Cautionary statement

This announcement contains forward-looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward looking information, actual results may differ materially from those expressed or implied by these forward-looking statements. The Directors undertake no obligation to update any forward-looking statements contained in this announcement, whether as a result of new information, future events, or otherwise.

 

Results webcast and dial-in details

There will be a webcast and presentation to accompany this results announcement at 8.30 a.m. today. Please access the webcast from our website at Link: http://www.glanbia.com/HYR13-Webcast, where the presentation can also be viewed or downloaded. In addition, a dial-in facility is available using the following numbers:

 

Ireland: 01 246 5603

UK: +44 203 427 1910

Europe: + 44 203 427 1910

US: +1 646 254 3360

Passcode: 5889369

 

Constant Currency

Glanbia uses constant currency as a basis for commentary on its financial results and providing earnings guidance, as the majority of its earnings are US dollar denominated. Constant currency is based on translating HY 2013 results at the HY 2012 average exchange rate. The HY 2012 average exchange rate was €1 = US$1.297 which compares with the reported average exchange rate for HY 2013 of €1 = US$1.313.

 

For further information contact

Glanbia plc +353 56 777 2200 

Siobhán Talbot, Group Managing Director Designate

Shane Power, Group Investor Relations Manager +353 56 777 2244

Geraldine Kearney, Corporate Communications Director + 353 87 231 9430