Tate & Lyle Annual Report 2011

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IFRS

Share information

2007¹

2008¹

2009¹

2010¹

2011¹

Pence per 25p ordinary share

1	‘Amortisation’ relates to the amortisation of acquired intangible assets.
2	These ratios have been calculated using the results of both continuing and discontinued operations.
3	Interest cover has been calculated using the same basis as set out in the Group’s external bank covenants.

Closing share price

575.0

540.0

260.5

454.2

577.5

Earnings per share:

– basic²

44.3

40.9

14.2

3.3

35.3

– basic, before amortisation and exceptional items²

48.7

41.1

37.8

38.2

44.6

Earnings per share:

– diluted²

43.6

40.4

14.1

3.3

34.7

– diluted, before amortisation and exceptional items²

47.9

40.6

37.5

38.0

43.8

Dividend

21.5

22.6

22.9

23.7

Closing market capitalisation (£ million)

2 816

2 484

1 198

2 092

2 665

Business ratios

Interest cover – times

8.4

7.8

6.1

5.8

6.9

Profit before interest, exceptional items and amortisation divided by net finance expense^2,3

Gearing

90%

110%

122%

95%

48%

Net borrowings as a percentage of total net assets²

Net margin

9.2%

8.7%

6.8%

8.2%

9.6%

Profit before interest, exceptional items and amortisation as a percentage of sales²

Return on net operating assets

18.9%

15.5%

12.7%

14.1%

20.2%

Profit before interest and exceptional items as a percentage of average net operating assets²

Dividend cover – times

Basic earnings per share after exceptional items and amortisation divided by dividends per share²

2.1

1.8

0.6

0.1

1.5

Basic earnings per share before exceptional items and amortisation divided by dividends per share²

2.3

1.8

1.7

1.9

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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IFRS

Employment of capital

2007¹
£m

2008¹
£m

2009¹
£m

2010¹
£m

2011¹
£m

1	Profit summary for the years ended 31 March 2007 to 31 March 2010 has been restated to reflect the disposal of EU Sugars, the sale of the Molasses businesses and the intention to sell the remaining businesses in the legacy Sugars segment. These businesses, classed as discontinued operations are excluded from all years.
2	‘Amortisation’ relates to the amortisation of acquired intangible assets.

Goodwill, intangible assets and property, plant and equipment

1 449

1 516

1 922

1 548

1 175

Other non-current assets

Working capital

445

576

394

140

Net assets held for sale

–

Net operating assets

1 980

2 114

2 363

1 632

1 401

Net borrowings

(900)

(1 041)

(1 231)

(814)

(464)

Net (liabilities)/assets for dividends and tax

(85)

(123)

(119)

Total net assets

995

950

1 013

854

973

Capital employed

Called up share capital

122

114

115

117

Reserves

838

820

872

712

833

960

934

987

827

950

Non-controlling interests

995

950

1 013

854

973

Profit summary¹

Sales

1 707

1 995

2 505

2 533

2 720

Group operating profit:

Before exceptional items and amortisation²

250

260

286

268

321

Amortisation of acquired intangible assets

(9)

(12)

(15)

(14)

(13)

Exceptional items

(13)

(59)

(110)

(298)

(5)

Group operating profit/(loss)

228

189

161

(44)

303

Net finance expense

(39)

(45)

(53)

(72)

(58)

Profit/(loss) before tax

189

144

108

(116)

245

Income tax (expense)/credit

(66)

(72)

(11)

(49)

Profit/(loss) after tax

123

(21)

196

Non-controlling interests

(3)

(1)

(4)

(4)

Discontinued operations

112

(31)

(29)

Profit for the year attributable to equity holders of the Company

214

194

163

Profit before tax, exceptional items and amortisation²

210

215

233

196

263

Earnings/(loss) per share attributable to the equity holders of the Company from continuing operations:

– basic

24.9

17.3

21.0

(4.7)

42.6

– diluted

24.4

17.1

20.9

(4.7)

41.9

Five-year review financial years to 31 March