Notes to the financial statements

for the year ended 3 January 2009

18.Investments

	Investments 2008 Company €'000	Available for sale investments 2008 Group €'000	Investments 2007 Company €'000	Available for sale investments 2007 Group €'000
At the beginning of the year	455,303	30,089	510,412	12,527
Disposals/redemption	-	(3,139)	(27,251)	(37)
Fair value adjustment	-	(3,371)	-	17,512
Amounts written off	-	-	(27,858)	-
Additions	5,468	533	-	87
At the end of the year	460,771	24,112	455,303	30,089

There was a disposal of shares held in One51 plc during the year, this is outlined in note 42.

There were no impairment provisions on available for sale investments in 2008 or 2007.

Investments include the following:

	Investments 2008 Company €'000	Available for sale investments 2008 Group €'000	Investments 2007 Company €'000	Available for sale investments 2007 Group €'000
Listed securities
- Equity securities – eurozone countries	1	182	1	526
Unlisted securities
- One51 plc	-	11,692	-	17,856
- Irish Dairy Board	-	9,986	-	9,644
- Glanbia Enterprise Fund Limited	1,290	1,290	1,290	1,290
- Moorepark Technology	-	198	-	198
- Other Group companies	459,480	-	454,012	-
Other	-	764	-	575
	460,771	24,112	455,303	30,089

The unlisted equity shares in One51 plc are currently traded on an informal 'grey' market. These shares are fair valued by reference to published bid prices.

Available for sale financial assets are fair valued at each reporting date. For investments traded in active markets, fair value is determined by reference to Stock Exchange quoted bid prices. For other investments, fair value is estimated by reference to the current market value of similar instruments or by reference to cash flows discounted using a rate based on the market interest rate and the risk premium specific to the unlisted securities.

Available for sale investments are classified as non-current assets, unless they are expected to be realised within 12 months of the balance sheet date or unless they will need to be sold to raise operating capital. All available for sale financial assets are euro denominated.