Overview

Tate & Lyle is a global provider of ingredients and solutions to the food, beverage and other industries. We transform raw materials into distinctive, high-quality ingredients for our customers which are consumed or used by millions of people every day.

Performance highlights

Sales – Year to 31 March (bar chart)
Adjusted operating profit – Year to 31 March (bar chart)
1 Total includes central costs of £31 million in 2010 and £18 million in 2009.
Adjusted profit before tax – Year to 31 March (bar chart)
2 Before exceptional items and amortisation of acquired
intangible assets.
Adjusted diluted earnings per share – Year to 31 March (bar chart)
Net debt – As at 31 March (bar chart)
3 Exchange rate movements reduced net debt by £79 million in
the year ended 31 March 2010. Excluding movements in
exchange rates, net debt reduced by £338 million.
Free cash flow – Year to 31 March (bar chart)
4 Free cash flow is defined as cash flow from continuing operations
after interest, taxation and capital expenditure.
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Statutory results

Year to 31 March

 

2010

2009

Operating profit

£8m

£164m

(Loss)/profit before tax (continuing operations)

£(61)m

£113m

Profit for the year (total operations)

£19m

£70m

Diluted earnings per share (total operations)

3.3p

14.1p

Primary and value added products

Value added products are those that utilise technology or intellectual property enabling our customers to produce distinctive products and Tate & Lyle to obtain a price premium and/or sustainable higher margins. Other products from our commodity corn milling and sugar businesses are classified as primary.

Basis of preparation

Unless stated otherwise, the Group’s financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. Information prior to 2005 is shown under Generally Accepted Accounting Practice in the UK (UK GAAP).

Adjusted operating profit and
adjusted earnings per share

Unless stated otherwise, adjusted operating profit and adjusted earnings per share in this annual report and accounts exclude discontinued operations and are before exceptional items and amortisation of acquired intangible assets.

Amortisation

Unless stated otherwise, the use of the word ‘amortisation’ in the Directors’ report in this annual report relates to the amortisation of acquired intangible assets.

Continuing operations

Unless stated otherwise, all comments in this annual report and accounts refer to the continuing operations adjusted to exclude exceptional items and amortisation of acquired intangible assets. A reconciliation of reported and adjusted information is included in Note 42.