Ten-year review
financial years to 31 March

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UK GAAP2

IFRS

Share information

2001

2002

2003

20041

20053,4,7

20064,7

20074

20084

20094

20104

1

Comparative figures for 2004 have been restated to reflect the adoption of UITF38 Accounting for ESOP Trusts.

2

Comparative figures for 1999 to 2004 have not been restated to reflect the adoption of IFRS from 1 April 2004.

3

Comparative figures for 2005 have not been restated to reflect the adoption of IAS32/39 from 1 April 2005.

4

‘Amortisation’ relates to the amortisation of acquired intangible assets.

5

Under UK GAAP interest cover was calculated using only the profit before interest, exceptional items and amortisation, and the net finance expense of Tate & Lyle PLC and its subsidiaries. From 2007, interest cover has been calculated using the same basis as set out in the Group’s external bank covenants.

6

These ratios have been calculated using the results of both continuing and discontinued operations.

7

Comparative figures for 2005 and 2006 have been restated to reflect the adoption of IFRIC4.

Pence per 25p ordinary share

 

 

 

 

 

 

 

 

 

 

Closing share price

228.8

349.2

299.0

297.2

531.5

571.0

575.0

540.0

260.5

454.2

Earnings – basic6

(50.0)

24.7

27.8

32.7

31.0

(6.3)

44.3

40.9

14.2

3.3

basic, before amortisation and exceptional items6

14.8

22.2

33.1

34.0

37.7

42.4

48.7

41.1

37.8

38.2

Earnings – diluted6

(49.8)

24.6

27.7

32.6

30.6

(6.3)

43.6

40.4

14.1

3.3

diluted, before amortisation and exceptional items6

14.8

22.1

33.0

33.9

37.4

41.7

47.9

40.6

37.5

38.0

Dividend

17.8

17.8

18.3

18.8

19.4

20.0

21.5

22.6

22.9

22.9

Closing market capitalisation (£ million)

1 102

1 683

1 441

1 435

2 586

2 791

2 816

2 484

1 198

2 092

 

 

 

 

 

 

 

 

 

 

 

Business ratios

 

 

 

 

 

 

 

 

 

 

Interest cover – times

2.3

3.3

7.6

9.3

11.6

9.9

8.4

7.8

6.1

5.8

Profit before interest, exceptional items and amortisation divided by net finance expense5,6

 

 

 

 

 

 

 

 

 

 

Gearing

91%

59%

45%

40%

48%

92%

90%

110%

122%

95%

Net borrowings as a percentage of total net assets6

 

 

 

 

 

 

 

 

 

 

Net margin

4.3%

5.3%

7.8%

7.7%

8.3%

8.8%

9.2%

8.7%

6.8%

8.2%

Profit before interest, exceptional items and amortisation as a percentage of sales6

 

 

 

 

 

 

 

 

 

 

Return on net operating assets

8.5%

10.5%

14.2%

15.4%

18.8%

18.9%

18.9%

15.5%

12.7%

14.1%

Profit before interest and exceptional items as a percentage of average net operating assets6

 

 

 

 

 

 

 

 

 

 

Dividend cover – times

 

 

 

 

 

 

 

 

 

 

Basic earnings per share after exceptional items and amortisation divided by dividends per share6

(2.8)

1.4

1.5

1.7

1.6

(0.3)

2.1

1.8

0.6

0.1

Basic earnings per share before exceptional items and amortisation divided by dividends per share6

0.8

1.2

1.8

1.8

1.9

2.1

2.3

1.8

1.7

1.7

Results presented above are for years to 31 March and have been calculated using the Group’s published interim and full-year financial statements.

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UK GAAP2

IFRS

Employment of capital

2001
£m

2002
£m

2003
£m

20041
£m

20053,4,6
£m

20064,6
£m

20074
£m

20084
£m

20094
£m

20104
£m

1

Comparative figures for 2004 have been restated to reflect the adoption of UITF38 Accounting for ESOP Trusts.

2

Comparative figures for 1999 to 2004 have not been restated to reflect the adoption of IFRS from 1 April 2004.

3

Comparative figures for 2005 have not been restated to reflect the adoption of IAS32/39 from 1 April 2005.

4

‘Amortisation’ relates to the amortisation of acquired intangible assets.

5

Profit summary information for the years ended 31 March 2009 and 31 March 2010 is presented in accordance with the presentation adopted in the 2010 Group financial statements and unless otherwise stated represents continuing operations only. Profit summary information for the years ended 31 March 2008, 31 March 2007 and 31 March 2006 is presented in accordance with the presentation adopted in the Group Financial Statements for 2009, 2008 and 2007 respectively and unless otherwise stated represents continuing operations as defined in those statements.

6

The comparative figures for 2005 and 2006 have been restated to reflect the adoption of IFRIC4.

Goodwill, intangible assets and property, plant and equipment

1 860

1 699

1 565

1 414

1 461

1 480

1 449

1 516

1 922

1 548

Other non-current assets

3

21

25

22

19

21

Working capital

307

114

94

107

37

356

445

576

394

45

Net assets held for sale

 

 

 

 

 

61

28

18

Net operating assets

2 167

1 813

1 659

1 521

1 501

1 857

1 980

2 114

2 363

1 632

Net borrowings

(963)

(639)

(471)

(388)

(474)

(866)

(900)

(1 041)

(1 231)

(814)

Net assets/(liabilities) for
dividends and tax

(142)

(93)

(144)

(155)

(44)

(51)

(85)

(123)

(119)

36

Total net assets

1 062

1 081

1 044

978

983

940

995

950

1 013

854

 

 

 

 

 

 

 

 

 

 

 

Capital employed

 

 

 

 

 

 

 

 

 

 

Called up share capital

123

123

123

123

124

122

122

114

115

115

Reserves

885

920

889

828

827

783

838

820

872

712

 

1 008

1 043

1 012

951

951

905

960

934

987

827

Minority interests

54

38

32

27

32

35

35

16

26

27

 

1 062

1 081

1 044

978

983

940

995

950

1 013

854

 

 

 

 

 

 

 

 

 

 

 

Profit summary5

 

 

 

 

 

 

 

 

 

 

Sales

4 146

3 944

3 167

3 167

3 339

3 465

3 225

2 867

3 553

3 506

Group operating profit:

 

 

 

 

 

 

 

 

 

 

Before exceptional items and amortisation

156

180

219

214

278

300

311

295

298

298

Amortisation

(5)

(8)

(8)

(8)

(4)

(5)

(9)

(12)

(15)

(14)

Operating exceptional items

(39)

(45)

(248)

(13)

(59)

(119)

(276)

Group operating profit

151

172

172

206

229

47

289

224

164

8

Share of profits of joint ventures and associates

29

36

35

43

Total operating profit

180

208

207

249

229

47

289

224

164

8

Non-operating exceptional items:

 

 

 

 

 

 

 

 

 

 

Write-downs on planned sale of business

(307)

(12)

Profit/(loss) on sale or termination of businesses

9

(5)

19

(6)

Profit/(loss) on sale of fixed assets

13

(1)

(Loss)/profit before net finance expense

(118)

216

213

243

229

47

289

224

164

8

Net finance expense

(67)

(55)

(29)

(23)

(24)

(33)

(36)

(42)

(51)

(69)

Net finance (expense)/income of joint ventures and associates

(5)

(2)

3

4

(Loss)/profit before tax

(190)

159

187

224

205

14

253

182

113

(61)

Income tax (expense)/credit

(40)

(39)

(57)

(69)

(55)

(60)

(88)

(76)

(19)

84

(Loss)/profit after tax

(230)

120

130

155

150

(46)

165

106

94

23

Minority interests

(6)

(2)

2

(1)

(4)

(3)

(3)

7

(5)

(4)

Discontinued operations

19

52

81

(24)

(4)

(Loss)/profit for the year

(236)

118

132

154

146

(30)

214

194

65

15

 

 

 

 

 

 

 

 

 

 

 

Profit before tax,
exceptional items and amortisation

113

159

228

227

254

267

275

253

247

229