Notes to the consolidated financial statements

As previously reported, during the year ended 31 March 2009 the Group reached an agreement for the sale of its international Sugar Trading operations to Bunge Limited. Accordingly, the results of the international Sugar Trading operations are presented as discontinued operations for the years to 31 March 2010 and 31 March 2009. Under the terms of the sale agreement, the Group managed the working capital of the business until 31 March 2009, when the balances were assumed by Bunge.

Following an extensive review of the impact of the new EU Sugar Regime, the Group’s Eastern Sugar joint venture ceased processing beets by March 2007 and renounced its sugar quotas in Hungary, Czech Republic and Slovakia in return for Restructuring Aid. Accordingly, the results of Eastern Sugar are presented as discontinued operations for the years ended 31 March 2010 and 31 March 2009.

The results of international Sugar Trading and Eastern Sugar were both reported in the Sugars segment.

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Year to 31 March 2010

 

International
Sugar Trading
£m

Eastern
Sugar
£m

Total
£m

Sales

101

101

 

 

 

 

Operating (loss)/profit

(3)

1

(2)

Finance income

1

1

Finance expense

(3)

(3)

(Loss)/profit before and after tax

(5)

1

(4)

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Year to 31 March 2009

 

Notes

International
Sugar Trading
£m

Eastern
Sugar
£m

Total
£m

Sales

 

852

852

 

 

 

 

 

Operating (loss)/profit before exceptional items

 

(1)

2

1

Exceptional items

7

(22)

(22)

Operating (loss)/profit

 

(23)

2

(21)

Finance income

 

4

2

6

Finance expense

 

(8)

(8)

(Loss)/profit before tax

 

(27)

4

(23)

Income tax expense

 

(1)

(1)

(Loss)/profit for the year

 

(27)

3

(24)

Net cash flows from discontinued operations are as follows:

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Year to 31 March 2010

 

International
Sugar Trading
£m

Eastern
Sugar
£m

Total
£m

Net cash used in operating activities

(25)

(4)

(29)

Net cash used in investing activities

(25)

(25)

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Year to 31 March 2009

 

International
Sugar Trading
£m

Eastern
Sugar
£m

Total
£m

Net cash generated from operating activities

87

53

140

Net cash generated from investing activities

62

4

66

There were no cash flows used in or generated from financing activities in the years to 31 March 2010 or 31 March 2009.