EXPORTERS 2015 i

1 AN ANALYSIS OF THE LEADING EXPORTERS BY TURNOVER. ON THE ISLAND OF IRELAND. Data provided by i TABLE OF CONTENTS. Introduction: Simon McKeever, Chief Executive, Irish EXPORTERS Association 3. Foreword: Aisling Dodgson, Head of Treasury, Investec 5. Methodology: James Treacy, Managing Director, StubbsGazette 6. Overseas companies play huge role in export: Martin Shanahan, CEO, IDA Ireland 7. Driving Enterprise, Delivering Jobs: Julie Sinnamon, CEO, Enterprise Ireland 9. Food and drink exports continuing to grow: Aidan Cotter, CEO, Bord Bia 11. SECTION ONE: Top 250 listing, James Treacy, Managing Director, StubbsGazette 13. Profiles of the Top 20 companies SECTION TWO: Analysis of food and drink sector: Ian Hunter, Equity Analyst, Investec 39. SECTION THREE: Analysis of pharma (life sciences) sector: Ian Hunter, Equity Analyst, Investec 41. SECTION FOUR: Analysis of IFSC Sector: John Cronin, Research Analyst, Investec 44. The IFSC Top 50 companies Profiles of the Top 10 IFSC companies SECTION FIVE: Investec Review 52 Private Equity Interest in Ireland: Alan Mahon, Director of Investec Corporate Finance Low Interest Rates and a Cashless Society?

2 : Paul Callan, Investec Wealth & Investment Oil Price Update: Alan Harrison, Investec Corporate Institutional Treasury NB. Keep one eye on the equity markets: Justin Doyle, Treasury, Investec SECTION SIX: Top 50 in NI 62. Profiles of top ten NI EXPORTERS APPENDICES: Philip Ahearne, Treasury Products & Distribution, Investec 68. Top 250 companies in alphabetical order 71. @irishexporters Irish EXPORTERS Association Group @investec Investec (Ireland). ii TOP 250 EXPORTERS 1. INTRODUCTION. This report is published by the Irish EXPORTERS Association. For further information and queries, you can contact us on: Phone: 00353 (0)1 661 2182. Welcome to the 2015 edition Website: of the Top 250 EXPORTERS At the Irish EXPORTERS Association we have a dedicated team looking after all our publication members. The Top 250 publication is an important reference document for all EXPORTERS and an essential resource for sub-suppliers and service providers within the exporting sector.

3 Send us your query, comment or suggestion and we will be happy to assist you: ABOUT THE TOP 250 PUBLICATION. MEMBERSHIP SERVICES CONSULAR SERVICES This publication is a listing of the leading EXPORTERS on the island of Ireland. It outlines Caoimhe Delany Niamh Devlin Ireland's top exporting companies, identifies and reviews the leading EXPORTERS from Membership Development Manager Visa & Legislation Ireland including an analysis of the top 50 Northern Ireland EXPORTERS and top 50 IFSC. Email: Email: companies. Key sectors of the export industry are reviewed, with input from private Tel: 00353 (0)1 662 9069 Tel: 00353 (0)1 642 4177 sector as well as the state promotional agencies. This year's analysis reveals an increasing number of ICT companies in the listing, with a number of well-known global enterprises appearing for the first time, reinforcing Ireland's DISCLAIMER position as a key location for this sector. The strong showing of Irelands top food and The material and information contained in this publication is provided for general drink companies underline their importance to and impact of the Irish economy.

4 Information purposes only and does not constitute legal or other professional advice. While every care has been taken in the preparation of the material and information WORKING WITH OUR PARTNER - INVESTEC. in this publication, readers are advised to seek specific legal advice in relation to any The Irish EXPORTERS Association recognises the comprehensive analysis provided by decision or course of action. Investec, sponsor of this publication. We have included reviews for the following sectors: This publication is provided without any representations, warranties or undertakings of Food & Drink, Pharma (Life Sciences) and the IFSC. any kind, either express or implied, in relation to the information, material or content in this publication, or in any other publication or website referred to or otherwise in this In response to the growing concerns of our members, Investec have provided a number publication. of independent reviews on issues that are of vital importance to Ireland's export sector: Private Equity in Ireland, the impact of low interest rates, and the prospect of a cashless The Irish EXPORTERS Association, or any connected parties, will not be liable for loss or society, an update on the price of oil, and a review of the foreign exchange and equity damage arising out of or in connection with use of the materials, information or content markets.

5 The prospect of a cashless society, an update on the price of oil, and a review of in this publication, or information, materials, content, facilities, or services referred to or the equity markets. accessed through its publication. We would like to thank Investec for their valuable support and analysis, in particular, Copyright 2015 Irish EXPORTERS Association Philip Ahearne, Treasury Products & Distribution, who has been a major driver in producing this report along with his colleagues Aisling Dodgson, Head of Treasury; Ian All rights reserved except for the quotation of short passages for the purpose of criticism Hunter, Equity Analyst; John Cronin, Research Analyst; Alan Mahon, Director of Investec and review, no part of this publication may be reproduced, stored in a retrieval system Corporate Finance; Paul Callan, Investec Wealth & Investment; Alan Harrison, Investec or transmitted in any form or by any means, electronic, mechanical, photocopying, Corporate Institutional Treasury and Justin Doyle, Treasury.

6 Recording or otherwise without the permission of the Irish EXPORTERS Association. 2 TOP 250 EXPORTERS 3. INTRODUCTION FOREWORD. We are grateful to Julie Sinnamon, CEO of Enterprise Ireland; Martin Shanahan, CEO of ..We at Investec have supported the IDA Ireland; and Aidan Cotter, CEO of Bord Bia for their commentaries. successful international expansion We would like to thank James Treacy, Managing Director, StubbsGazette for providing the primary data for this publication. of numerous Irish '. This is Investec's fifth year partnering with the Irish EXPORTERS Association (the IEA) in the We welcome any feedback and hope you find this publication a useful resource. publication of the Top 250 EXPORTERS Report. I would like to congratulate Simon and his Simon Keever team at the IEA on the fantastic support they provide to Irish companies involved in the Chief Executive, Irish EXPORTERS Association export sector and in particular for their involvement with Investec in this report and the events we have worked on together in the last year.

7 As Ireland's Specialist bank, Investec congratulates the companies identified as the leading EXPORTERS by turnover on the Island of Ireland. This year's analysis reveals an increasing number In the last 18 months the US dollar has appreciated 25% and Sterling has appreciated of ICT companies in the listing, with a number of 17% against the Euro. It is clear that favourable foreign currency moves are a big tailwind for Irish EXPORTERS . Some 21% of merchandise and 9% of services exports go to the USA, well-known global enterprises appearing for the while 15% of merchandise and 18% of services exports go to the UK. All in all, buoyed first time, reinforcing Ireland's position as a key by the FDI wins of recent years, positive currency moves and underlying economic location for this sector.' improvements across many of Ireland's key trading partners, 2015 will go down as a vintage year for Irish exports. We at Investec Ireland are proud to play our part in supporting this growth through the provision of Treasury services to an ever expanding Irish client base.

8 Through our global network, we at Investec have supported the successful international expansion of numerous Irish companies and provided them with dedicated support and expertise in growing, advising and internationalizing their businesses. We look forward to working with the Top 250 Companies and all ambitious businesses in Ireland. Aisling Dodgson Head of Treasury, Investec Ireland 4 TOP 250 EXPORTERS TOP 250 EXPORTERS 5. METHODOLOGY FOREIGN DIRECT. INVESTMENT. The 21st century StubbsGazette is a vastly expanded operation and Overseas companies play a market leader ..' huge role in export CEO of StubbsGazette James Treacy has compiled the data for the Top 250 exporting Ireland is one of the most open economies in the world and while this sometimes brings companies in the Republic of Ireland, Top 50 companies in Northern Ireland and Top challenges, for individual companies it mostly brings opportunities. As an outward- 50 IFSC companies using the latest accounts filed.

9 StubbsGazette compile the data looking economy, Ireland has put in a place an infrastructure that supports trade and for the Top 250 from numerous different sources including the primary source which exporting. From Government policy to individual company strategies, Ireland is and will is the audited accounts of each company. In many cases the turnover figure is 100% continue to be a place that embraces trading with the outside world. export sales but in others we verify export sales with the company itself and validate against their accounts and other sources such as the CSO. Some corporations have a The emphasis in Ireland is to allow companies avail of the opportunities that are out number of operations in Ireland and file separate accounts for each one. In these cases there, whether it is exporting to traditional markets like the UK and US, or exporting to we amalgamate all operations under one entry. (an example is Johnson & Johnson in economic regions further afield, like Asia.)

10 Exporting and trading is in the very DNA of Irish Ireland which owns Janssen Pharmaceuticals, Depuy and Vistakon) business, and arguably in the DNA of Irish people. StubbsGazette has been around since 1828. The 21st century StubbsGazette is a vastly Thankfully Ireland's trade and export performance is not reliant on one source alone- expanded operation and a market leader in business information, credit referencing and both indigenous and overseas-owned companies export successfully from Ireland and debt collection in Ireland and chosen international markets. this gives a broad base to Ireland's export performance. In the dark days of the financial crash, Ireland's export performance was nothing short of remarkable. As is often pointed It supports a range of clients, from SMEs, financial institutions, county councils and out, if Ireland's export sector had stalled during those years the recession would have major multinationals in the credit management cycle.