Tate & Lyle Annual Report 2010

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UK GAAP²

IFRS

Share information

2001

2002

2003

2004¹

2005^3,4,7

2006^4,7

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

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 expense^5,6

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%

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

1.9

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

2005^3,4,6
£m

2006^4,6
£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

–

Working capital

307

114

107

356

445

576

394

Net assets held for sale

–

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)

Total net assets

1 062

1 081

1 044

978

983

940

995

950

1 013

854

Capital employed

Called up share capital

123

124

122

114

115

115

Reserves

885

920

889

828

827

783

838

820

872

712

1 008

1 043

1 012

951

905

960

934

987

827

Minority interests

1 062

1 081

1 044

978

983

940

995

950

1 013

854

Profit summary⁵

Sales

4 146

3 944

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)

(4)

(5)

(9)

(12)

(15)

(14)

Operating exceptional items

–

(39)

–

(45)

(248)

(13)

(59)

(119)

(276)

Group operating profit

151

172

206

229

289

224

164

Share of profits of joint ventures and associates

–

Total operating profit

180

208

207

249

229

289

224

164

Non-operating exceptional items:

Write-downs on planned sale of business

(307)

–

(12)

–

Profit/(loss) on sale or termination of businesses

(5)

(6)

–

Profit/(loss) on sale of fixed assets

–

(1)

–

(Loss)/profit before net finance expense

(118)

216

213

243

229

289

224

164

Net finance expense

(67)

(55)

(29)

(23)

(24)

(33)

(36)

(42)

(51)

(69)

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

(5)

(2)

–

(Loss)/profit before tax

(190)

159

187

224

205

253

182

113

(61)

Income tax (expense)/credit

(40)

(39)

(57)

(69)

(55)

(60)

(88)

(76)

(19)

(Loss)/profit after tax

(230)

120

130

155

150

(46)

165

106

Minority interests

(6)

(2)

(1)

(4)

(3)

(5)

(4)

Discontinued operations

–

(24)

(4)

(Loss)/profit for the year

(236)

118

132

154

146

(30)

214

194

Profit before tax,
exceptional items and amortisation

113

159

228

227

254

267

275

253

247

229

Ten-year review financial years to 31 March

Ten-year review
financial years to 31 March