Notes to the consolidated financial statements

On 1 July 2010, the Group announced its intention to sell all the businesses within the Sugars segment. Accordingly, the results of these Sugars businesses are presented as discontinued operations for the year ended 31 March 2011 and 31 March 2010. On 30 September 2010, the Group completed the disposal of EU Sugars to American Sugar Refining, Inc. On 3 December 2010, the Group completed the disposal of Molasses to W&R Barnett Ltd. On 20 April 2011, the Group announced that it had entered into a conditional contract to dispose of Vietnam Sugar to TH Milk Food Joint Stock Company for cash consideration of approximately £33 million together with the Group’s proportionate share of cash and working capital. The results of the Israel and Vietnam Sugar are presented within the Other category for both periods.

(XLS:) Download Excel

 

 

Year to 31 March 2011

 

Notes

EU
Sugars
£m

Molasses
£m

International Sugar Trading
£m

Other
£m

Total
£m

Sales

 

330

141

18

101

590

 

 

 

 

 

 

 

Operating (loss)/profit before exceptional items

 

(2)

7

(11)

4

(2)

Exceptional items

7

(55)

12

(43)

Operating (loss)/profit

 

(57)

19

(11)

4

(45)

Finance income

 

1

1

Finance expense

 

(1)

(1)

(Loss)/profit before tax

 

(57)

19

(12)

5

(45)

Income tax credit/(expense)

 

22

(1)

(5)

16

(Loss)/profit for the year

 

(35)

18

(12)

(29)

Non-controlling interests

 

(1)

(3)

(4)

(Loss)/profit attributable to equity holders of the Company

 

(35)

17

(12)

(3)

(33)

(XLS:) Download Excel

 

Year to 31 March 2010

 

EU
Sugars
£m

Molasses
£m

International Sugar Trading
£m

Other
£m

Total
£m

Sales

689

228

101

56

1 074

 

 

 

 

 

 

Operating profit/(loss) before exceptional items

14

14

(3)

3

28

Exceptional items

37

(15)

22

Operating profit/(loss)

51

14

(3)

(12)

50

Finance income

2

1

3

Finance expense

(2)

(2)

Profit/(loss) before tax

53

15

(5)

(12)

51

Income tax (expense)/credit

(12)

(2)

3

(11)

Profit/(loss) for the year

41

13

(5)

(9)

40

Non-controlling interests

(1)

(3)

(4)

Profit/(loss) attributable to equity holders of the Company

41

12

(5)

(12)

36

Net cash flows from discontinued operations are as follows:

(XLS:) Download Excel

 

Year to 31 March 2011

 

EU
Sugars
£m

Molasses
£m

International Sugar Trading
£m

Other
£m

Total
£m

Net cash (used in)/generated from operating activities

(85)

(11)

(17)

13

(100)

Net cash (used in)/generated from investing activities

(5)

(1)

1

(5)

Net cash used in financing activities

(16)

(1)

(1)

(18)

(XLS:) Download Excel

 

Year to 31 March 2010

 

EU
Sugars
£m

Molasses
£m

International Sugar Trading
£m

Other
£m

Total
£m

Net cash (used in)/generated from operating activities

110

28

(25)

2

115

Net cash (used in)/generated from investing activities

(17)

(2)

1

(18)

Net cash used in financing activities

(45)

(1)

(1)

(47)