Interim Results
Tate & Lyle PLC
ANNOUNCEMENT OF INTERIM RESULTS
For the six months ended 30 September 2003
---------------------------------------------------------------------------------------
INTERIM RESULTS TO 30 SEPTEMBER 2003 2002
---------------------------------------------------------------------------------------
Profit before tax, goodwill amortisation and
exceptional items £119m £126m
Profit before taxation £111m £129m
Diluted earnings per share before goodwill amortisation
and exceptional items 17.7p 18.0p
Diluted earnings per share 16.3p 18.8p
Interim dividend per share 5.6p 5.5p
-- Profit before tax, goodwill amortisation and exceptional items of £119
million is in line with plan
-- Strong operating cashflow of £156 million. Net debt reduced by £18 million
to £453 million
-- Sale of Orsan France completed July 2003
-- Interest cover increased to 8.5 times from 7.2 times
-- Good growth from value added and branded products
-- Increase in interim dividend of 0.1p to 5.6p per share
'While control of costs will always be a priority issue, the delivery of higher
profits in the second half of this year than in the comparative period last year
will be significantly influenced by our success in selling price negotiations;
firstly to recover the prevailing substantially higher wheat and corn costs in
Europe, and secondly to achieve a satisfactory outcome in the annual sweetener
pricing round in the USA. These are the principal short term objectives to which
we are fully committed and we anticipate success.'
Sir David Lees Iain Ferguson
Chairman Chief Executive
An interim statement incorporating the Group profit and loss account for the six
months ended 30 September 2003 will be posted to shareholders shortly, and will
be obtainable from The Company Secretary, Tate & Lyle PLC, Sugar Quay, Lower
Thames Street, London EC3R 6DQ.
INTERIM REPORT
Comparisons are with the six months to 30 September 2002 unless stated
otherwise.
Overview
Profit before tax, goodwill amortisation and exceptional items for the six
months to 30 September 2003 was £119 million. As expected, this was less than
the £126 million achieved in the corresponding period, which included the
benefit of £5 million of unusual interest credits. Underlying trading was in
line with our internal expectations, and benefited from an improved performance
from Amylum.
The lower interest charge enabled us to improve interest cover to 8.5 times in
the half year to 30 September 2003 (7.2 times).
We announced on 31 July 2003 the completion of the sale of Orsan, the monosodium
glutamate production unit in France. The consideration received to date was £33
million. There is a further £8 million due in the second half year subject to
closing balance sheet adjustments.
The Board has declared an interim dividend of 5.6p per share, an increase of
0.1p (1.8%). This will be paid on 13 January 2004 to shareholders registered on
5 December 2003.
Results for the six months to 30 September 2003
Sales were £1,663 million (£1,646 million). Sales from continuing operations
were also £1,663 million (£1,584 million). Profit before interest and
exceptional items was £133 million (£144 million) before a £4 million (£4
million) charge for amortisation of goodwill. Exchange translation reduced
profit before interest by £1 million. The margin of profit before interest,
goodwill amortisation and exceptional items to sales was 8.0% (8.7%).
The interest charge of £14 million (£18 million) was lower than in the
comparative period and benefited from a substantial reduction in average net
debt.
Profit before tax, goodwill amortisation and exceptional items was £119 million
(£126 million). Exchange translation reduced profit before tax by £2 million (£1
million), with the impact of the weaker US dollar being partially offset by the
strength of the euro. Profit before tax but after goodwill amortisation and
exceptional items was £111 million (£129 million).
The charge for exceptional items of £4 million (gain £7 million) primarily
related to closure costs of the citric acid facility in Mexico.
The rate of tax on profit before goodwill amortisation and exceptional items was
29.4% (year to 31 March 2003, 30.7%).
Diluted earnings per share before goodwill amortisation and exceptional items
were 17.7p (18.0p), and after exceptional items and goodwill amortisation were
16.3p (18.8p).
The Group continued to generate strong operating cashflow of £156 million (£198
million). Capital expenditure totalled £53 million (£31 million) and investment
committed to the astaxanthin joint venture totalled £15 million (£0 million).
Since 31 March 2003 net debt has reduced by £18 million to £453 million.
Segmental Analysis of Profit before Interest and Exceptional Items
Americas
Profits in the segment were £58 million, £20 million lower than in the
comparative period with exchange translation accounting for £4 million of the
reduction.
Profits at Staley were lower, reflecting higher corn and manufacturing costs,
including energy and pension costs. Increased corn costs were partially
mitigated through better by-product returns, in particular corn oil. Industry
demand for corn-based sweeteners was flat and margins were maintained. Progress
was again made in the value-added food ingredients segment. The industrial
starch market benefited from improved selling prices and a better product mix.
Citric acid spot selling prices improved for the first time in three years. This
was due to a tightening of supply from the closure of our Mexican plant
(completed ahead of target in July 2003), the announced conversion of a part of
our UK facility to a new product, astaxanthin, together with plant shutdowns by
some of our competitors.
Almex in Mexico remains profitable despite the impact of the tax on soft drinks
containing high fructose corn syrup. Occidente, our Mexican cane sugar producer,
improved due to higher selling prices as a result of the same tax.
Redpath, our Canadian sugar refiner, performed well although results were lower
than in the prior period, principally due to higher costs and a mark to market
loss on inventory.
Europe
Profits in the segment improved to £71 million, £12 million higher than in the
comparative period. Exchange translation increased profit by £3 million.
Amylum, our European cereal sweetener and starch business, reported higher
profits. Whilst there was an improvement in volumes, selling prices were lower
than in the comparative period. Raw material prices were lower but hot weather
reduced new crop expectations and both wheat and maize prices have subsequently
risen sharply. We intend to mitigate these with selling price increases in the
second half and have already achieved acceptable price rises in those contracts
renewed to date. By-product revenues have, so far, remained robust despite the
high protein wheat crop, which lowers demand by bakers for vital wheat gluten.
Amylum's Eastern European operations continued to perform well. Orsan France,
the monosodium glutamate producer that was sold on 31 July 2003, made a loss of
£1 million in the period up to disposal.
The integration programme is on-track to deliver a gross benefit of £50 million
in the full year, with costs incurred in the year expected to be below £10
million.
Our sugar refineries in London and Lisbon continue to produce stable profits and
generate good cashflow. The benefits of improved efficiencies and the impact of
a stronger euro were partially offset by higher pension costs.
In Eastern Sugar, market disruption continued in the Czech Republic, and overall
the business reported a small loss.
Rest of the World
Profit in the segment was £4 million (£5 million). Sugar selling prices at Nghe
An Tate & Lyle Sugar Company in Vietnam were lower and sugar trading returned to
a more normal level after a particularly strong performance in the second half
of last year.
Other Segments
In the Animal Feed and Bulk Storage segment, the molasses business faced
competitive market conditions in Europe.
The Other Businesses and Activities segment was lower, partially due to higher
pension charges within central costs. Our reinsurance business traded
profitably.
The European Parliament has completed the final political processes required to
amend the EU Sweeteners Directive to approve sucralose for use in a wide variety
of foods and beverages throughout the EU. The next steps to formal publication
of the amendment are procedural and should result in the member countries
modifying their food laws by the end of 2004 at latest.
Retirement Benefits
The actuarial review at 31 March 2003 of our largest UK pension fund disclosed a
small deficit of £13 million under SSAP 24. This deficit and future costs of the
scheme will be funded over 5 years. As a result of this and changes to the
actuarial assumptions in valuing the US funds, the pension charge will be £3
million higher than expected for the year to March 2004 at around £29 million.
Total pension cash contributions for the year are projected at £33 million
compared to £61 million in the year to March 2003.
Under FRS 17, the deficit for pension and healthcare liabilities has improved
from £300 million at March 2003 to £296 million in September 2003. If the
accounts had been prepared under FRS 17, the profit before tax would have been
£1 million lower and net assets reduced by £124 million.
Directors
As previously announced, Iain Ferguson joined the Board as an Executive Director
and took up his position as Chief Executive on 1 May 2003. Stanley Musesengwa
was appointed to the Board as an Executive Director on 2 April 2003 and became
Chief Operating Officer on 1 May 2003.
On 5 November 2003 we announced the appointment of Richard Delbridge as Senior
Independent Non-Executive Director and David Fish and Evert Henkes as
Non-Executive Directors, all with effect from 1 December 2003. It was also
announced that Mary Jo Jacobi, who became a Non-Executive Director of Tate &
Lyle in October 1999, had informed the Board that due to her executive
commitments at Shell International Limited, she will not be standing for
re-election as a Director at the Annual General Meeting in July 2004.
Outlook
While control of costs will always be a priority issue, the delivery of higher
profits in the second half of this year than in the comparative period last year
will be significantly influenced by our success in selling price negotiations;
firstly to recover the prevailing substantially higher wheat and corn costs in
Europe, and secondly to achieve a satisfactory outcome in the annual sweetener
pricing round in the USA. These are the principal short term objectives to which
we are fully committed and we anticipate success.
Sir David Lees Iain Ferguson
Chairman Chief Executive
TATE & LYLE
GROUP PROFIT AND LOSS ACCOUNT
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
2003 2002 2003
£ million £ million £ million
---------------------------------------------------------------------------------------------
Sales (Note 1)
Group subsidiaries 1 510 1 482 2 849
Share of joint ventures and associates 153 164 318
------------- ------------ -----------
1 663 1 646 3 167
============= ============ ===========
Group operating profit before goodwill amortisation 110 122 219
Goodwill amortisation (4) (4) (8)
Operating exceptional items - impairment of assets - - (39)
------------- ------------ -----------
Group operating profit 106 118 172
Share of operating profits of joint ventures and
associates 23 22 35
------------- ------------ -----------
Total operating profit 129 140 207
Non-operating exceptional items:
Write-downs on planned sales of businesses - - (12)
Exceptional (loss)/profit on sale or termination of
businesses (3) 8 19
Exceptional loss on sale of fixed assets (1) (1) (1)
------------- ------------ -----------
Profit before interest (Note 2) 125 147 213
Net interest payable (13) (17) (29)
Share of joint ventures' and associates' interest (1) (1) 3
------------- ------------ -----------
Profit before taxation (Note 2) 111 129 187
Taxation (35) (38) (57)
------------- ------------ -----------
Profit after taxation 76 91 130
Minority interests 1 (1) 2
------------- ------------ -----------
Profit for the period 77 90 132
Dividends paid and proposed (26) (26) (86)
------------- ------------ -----------
Retained profit 51 64 46
============= ============ ===========
Earnings per share (Note 4)
Basic 16.3p 18.9p 27.8p
Diluted 16.3p 18.8p 27.7p
----------------------------------------------------------------------------------------------
Before goodwill amortisation and exceptional items
Profit before taxation (£ million) 119 126 228
Diluted earnings per share (pence) 17.7 18.0 33.0
----------------------------------------------------------------------------------------------
TATE & LYLE
SUMMARISED GROUP BALANCE SHEET
Unaudited Unaudited Audited
30 September 30 September 31 March
2003 2002 2003
£ million £ million £ million
--------------------------------------------------------------------------------------------
Fixed assets
Intangible assets 146 149 154
Tangible assets 1 131 1 210 1 176
Investments 272 240 235
--------------- --------------- ---------------
1 549 1 599 1 565
--------------- --------------- ---------------
Current assets
Stocks 253 305 310
Debtors 425 350 398
Investments and cash at bank and in hand
(Note 5) 92 120 172
--------------- --------------- ---------------
770 775 880
Creditors - due within one year
Borrowings (Note 5) (1) (72) (100)
Other (428) (397) (493)
--------------- --------------- ---------------
Net current assets 341 306 287
--------------- --------------- ---------------
Total assets less current liabilities 1 890 1 905 1 852
Creditors - due after more than one year
Borrowings (Note 5) (544) (560) (543)
Other (10) (2) (4)
Provisions for liabilities and charges (252) (274) (261)
--------------- --------------- ---------------
Total net assets 1 084 1 069 1 044
=============== =============== ===============
Capital and reserves
Called up share capital 123 123 123
Share premium account and other reserves 489 490 487
Profit and loss account 433 419 402
--------------- --------------- ---------------
Shareholders' funds 1 045 1 032 1 012
Minority interests 39 37 32
--------------- --------------- ---------------
1 084 1 069 1 044
=============== =============== ===============
TATE & LYLE
STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
2003 2002 2003
£ million £ million £ million
-------------------------------------------------------------------------------------------------
---------- ---------- ------------
Operating profit 106 118 172
Depreciation of tangible fixed assets 52 56 110
Operating exceptional items - impairment of assets - - 39
Amortisation of goodwill 4 4 8
Change in working capital (6) 20 (6)
Provisions against fixed asset investments - - 1
---------- ---------- ------------
Net cash inflow from operating activities 156 198 323
Dividends from joint ventures and associates 4 2 10
Returns on investment and servicing of finance
---------- ---------- ------------
Net interest paid (23) (10) (21)
Dividends paid to minority interests in subsidiary
undertakings - - (2)
---------- ---------- ------------
(23) (10) (23)
Taxation (paid)/received (24) 5 (7)
Capital expenditure and financial investment
---------- ---------- ------------
Purchase of tangible fixed assets (53) (31) (75)
Sale of tangible fixed assets - - 1
Purchase of fixed asset investments (25) (15) (15)
Sale of fixed asset investments - 12 4
---------- ---------- ------------
(78) (34) (85)
Acquisitions and disposals
Sale of businesses 34 16 55
Equity dividends paid (61) (58) (84)
---------- ---------- ----------
Net cash inflow before financing and management of liquid
resources 8 119 189
========== ========== ==========
Reconciliation of cash flow to net debt
-------------------------------------------------------------------------------------------------
Net cash inflow before financing and management
of liquid resources 8 119 189
Changes in debt not involving cash flow:
- Exchange movements (3) 9 (19)
- Redemption/(amortisation) of bond discount 13 (1) (2)
Reduction in net borrowings 18 127 168
Net borrowings at start of period (471) (639) (639)
---------- ---------- ----------
Net borrowings at end of period (453) (512) (471)
========== ========== ==========
TATE & LYLE
COMBINED STATEMENT OF TOTAL RECOGNISED
GAINS AND LOSSES AND RECONCILIATION OF
MOVEMENTS IN SHAREHOLDERS' FUNDS
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
2003 2002 2003
£ million £ million £ million
---------------------------------------------------------------------------------------------
Profit for the period 77 90 132
Currency difference on foreign currency net
investments (11) (76) (66)
Taxation on exchange difference on foreign
currency net investments (8) - (21)
-------------- ------------- ------------
Total recognised gains for the period 58 14 45
Dividends (26) (26) (86)
Issue of shares 1 1 1
Goodwill transferred to profit and loss account - - 9
-------------- ------------- ------------
Net increase/(reduction) in shareholders' funds 33 (11) (31)
-------------- ------------- ------------
Opening shareholders' funds 1 012 1 043 1 043
-------------- ------------- ------------
Closing shareholders' funds 1 045 1 032 1 012
============== ============= ============
TATE & LYLE
NOTES TO INTERIM STATEMENT
For the 6 months to 30 September 2003
1. Segmental analysis of sales
Continuing Discontinued Total
activities activities sales
6 months to 30 September 2003 (unaudited) £ million £ million £ million
--------------------------------------------------------------------------------------------
Sweeteners and starches
- Americas 643 - 643
- Europe 691 - 691
- Rest of the world 221 - 221
-------------- ------------- -------------
1 555 - 1 555
Animal feed and bulk storage 107 - 107
Other businesses and activities 1 - 1
-------------- ------------- -------------
1 663 - 1 663
============== ============= =============
6 months to 30 September 2002 (unaudited reclassified)
---------------------------------------------------------------------------------------------
Sweeteners and starches
- Americas 618 11 629
- Europe 662 - 662
- Rest of the world 179 - 179
--------------- ------------- --------------
1 459 11 1 470
Animal feed and bulk storage 109 51 160
Other businesses and
activities 16 - 16
--------------- ------------- --------------
1 584 62 1 646
=============== ============= ==============
Comparative figures have been reclassified to include within discontinued activities not only
the results of Western Sugar which was included within discontinued activities in 2002, but
also the North American molasses and storage businesses which were disposed during the
second half of last year and classified as discontinued activities in the year ended 31
March 2003.
Year to 31 March 2003
(audited)
-------------------------------------------------------------------------------------------
Sweeteners and starches
- Americas 1 137 10 1 147
- Europe 1 331 - 1 331
- Rest of the world 354 - 354
-------------- ------------- -------------
2 822 10 2 832
Animal feed and bulk storage 227 81 308
Other businesses and
activities 27 - 27
-------------- ------------- -------------
3 076 91 3 167
============== ============= =============
Included in the analysis of total sales are the following amounts relating to
associates and joint ventures:
6 months to 6 months to Year to
30 September 30 September 31 March
2003 2002 2003
£ million £ million £ million
--------------------------------------------------------------------------------------------
Sweeteners and starches
- Americas 64 74 145
- Europe 86 87 167
- Rest of the world 1 1 2
-------------- ------------- -------------
151 162 314
Animal feed and bulk storage 2 2 4
Other businesses and activities - - -
-------------- ------------- -------------
153 164 318
============== ============= =============
2. Segmental analysis of profit before taxation
Before After
Continuing Discontinued exceptional Exceptional exceptional
activities activities items items items
6 months to 30 September 2003 £ million £ million £ million £ million £ million
(unaudited)
--------------------------------------------------------------------------------------------------
Sweeteners and starches
- Americas 58(a) - 58(a) (4) 54
- Europe 71(a) - 71(a) - 71
- Rest of the world 4 - 4 - 4
---------- ------------ ------------ ------------ ------------
133 - 133 (4) 129
Animal feed and bulk
storage 2 - 2 - 2
Other businesses and
activities (6) - (6) - (6)
---------- ------------ ------------ ------------ ------------
129 - 129 (4) 125
---------- ------------
Net interest expense (14) - (14)
------------ ------------ ------------
Profit before taxation 115 (4) 111
------------ ------------ ------------
(a) These profit figures include £2 million of goodwill amortisation.
6 months to 30 September 2002 (unaudited)
--------------------------------------------------------------------------------------------------
Sweeteners and starches
- Americas 77(b) 1 78(b) 7 85(b)
- Europe 59(b) - 59(b) - 59(b)
- Rest of the world 5 - 5 - 5
---------- ---------- --------- ---------- ----------------
141 1 142 7 149
Animal feed and bulk
storage 3 (1) 2 - 2
Other businesses and
activities (4) - (4) - (4)
---------- ---------- --------- ---------- ----------------
140 - 140 7 147
---------- ----------
Net interest expense (18) - (18)
--------- ---------- ----------------
Profit before taxation 122 7 129
--------- ---------- ----------------
(b) These profit figures include £2 million of goodwill amortisation.
Comparative figures have been reclassified to include within discontinued
activities not only the results of Western Sugar which was included within
discontinued activities in 2002, but also the North American molasses and
storage businesses which were disposed during the second half of last year and
classified as discontinued activities in the year ended 31 March 2003.
Year to 31 March 2003 (audited)
--------------------------------------------------------------------------------------------------
Sweeteners and starches
- Americas 135(c) 1 136(c) (25) 111(c)
- Europe 107(c) - 107(c) (12) 95(c)
- Rest of the world 11 - 11 4 15
---------- ---------- --------- ---------- ----------------
253 1 254 (33) 221
Animal feed and bulk
storage 4 (2) 2 1 3
Other businesses and
activities (10) - (10) (1) (11)
---------- ---------- --------- ---------- ----------------
247 (1) 246 (33) 213
---------- ----------
Net interest expense (26) - (26)
--------- ---------- ----------------
Profit before taxation 220 (33) 187
--------- ---------- ----------------
(c) These profit figures include £4 million of goodwill amortisation.
3. Non-operating exceptional items
Loss Tax Minority Profit/(loss)
before tax interest for the period
6 months to 30 September 2003 (unaudited) £ million £ million £ million £ million
----------------------------------------------------------------------------------------------
Loss on termination of business (3) - 1 (2)
Loss on sale of fixed assets (1) - - (1)
---------- --------- ---------- --------------
(4) - 1 (3)
---------- --------- ---------- --------------
4. Earnings/(losses) per share
The basic earnings per share of 16.3p (6 months to 30 September 2002 - 18.9p,
year to 31 March 2003 - 27.8p) are calculated by dividing profits after taxation
and minority interests and preference dividend of £77 million (September 2002 -
£90 million, March 2003 - £132 million), by the weighted average number of
ordinary shares in issue during the period of 471,865,263 (September 2002 -
475,039,721; March 2003 - 474,264,888).
The diluted earnings per share are calculated on the assumptions that the
outstanding options over 2,321,125 shares had been exercised and that the funds
so generated would be used to purchase 1,492,635 ordinary shares at the average
price during the period of 329.5p, thereby increasing the average number of
shares to 472,693,754.
Earnings / (losses) Diluted earnings / (losses) per
share
6 months 6 months Year to 6 months 6 months Year to
to 30 Sept to 30 Sept 31 March to 30 Sept to 30 Sept 31 March
2003 2002 2003 2003 2002 2003
£ million £ million £ million pence pence pence
----------------------------------------------------------------------------------------------
Diluted earnings of the period 77 90 132 16.3 18.8 27.7
Goodwill amortisation 4 4 8 0.8 0.8 1.7
Exceptional items 3 (8) 17 0.6 (1.6) 3.6
----------------------------------------------------------------
Diluted earnings before
goodwill amortisation and
exceptional items 84 86 157 17.7 18.0 33.0
================================================================
The exceptional items recognised in the 6 months to 30 September 2003 include a
tax credit of £nil million and minority interest credit of £1 million (6 months
to 30 September 2002 tax credit of £1 million, year to 31 March 2003 tax credit
of £13 million and minority interest credit of £3 million).
Unaudited Unaudited Audited
30 September 30 September 31 March 2003
2003 2002 £ million
5. Analysis of net debt £ million £ million
-----------------------------------------------------------------------------------------------
Investments and cash at bank and in hand 92 120 172
Borrowings due within one year (1) (72) (100)
Borrowings due after more than one year (544) (560) (543)
------------ ------------- ---------------
(453) (512) (471)
============ ============= ===============
30 September 30 September 31 March
6. Average exchange rates 2003 2002 2003
--------------------------------------------------------------------------------------------
US Dollar £1 = $ 1.61 1.50 1.54
Euro £1 = € 1.43 1.58 1.56
30 September 30 September 31 March
7. Period end exchange rates 2003 2002 2003
--------------------------------------------------------------------------------------------
US Dollar £1 = $ 1.66 1.57 1.58
Euro £1 = € 1.43 1.59 1.45
8. Basis of Preparation
-----------------------------------------------------------------------------------------------
The foregoing accounts are prepared on the basis of the accounting policies set
out in the 2003 Annual Report for the year to 31 March 2003.
The balance sheet as at 31 March 2003 has been abridged from the full Group
accounts, which received an auditors' report which was unqualified and did not
contain any statement concerning accounting records or failure to obtain
necessary information and explanations. The full Group accounts have been
delivered to the Registrar of Companies.
The results for the 6 months to 30 September 2003 and 30 September 2002 and the
balance sheets at 30 September 2003 and at 30 September 2002 are neither audited
nor reviewed.
9. Net margin analysis
6 months to 6 months to Year to
30 September 2003 30 September 2002 31 March 2003
------------------------------------------------------------------------------------------------------
Continuing All Continuing All Continuing All
Before goodwill amortisation activities activities activities activities activities activities
and exceptional items % % % % % %
------------------------------------------------------------------------------------------------------
Sweeteners and starches
- Americas 9.3 9.3 12.8 12.7 12.2 12.2
- Europe 10.6 10.6 9.2 9.2 8.3 8.3
- Rest of the world 1.8 1.8 2.8 2.8 3.1 3.1
Sweeteners and starches total 8.8 8.8 9.9 9.9 9.2 9.3
Animal feed and bulk storage 1.9 1.9 2.8 1.3 1.8 0.6
Group 8.0 8.0 9.1 8.7 8.3 8.0
After goodwill amortisation and exceptional items
------------------------------------------------------------------------------------------------------
Sweeteners and starches
- Americas 8.4 13.5 9.7
- Europe 10.3 8.9 7.1
- Rest of the world 1.8 2.8 4.2
Sweeteners and starches total 8.3 10.1 7.8
Animal feed and bulk storage 1.9 1.3 1.0
Group 7.5 8.9 6.7
10. Ratio analysis
-------------------------------------------------------------------------------------------
6 months to 6 months to Year to
30 September 30 September 31 March
2003 2002 2003
-------------------------------------------------------------------------------------------
Net borrowings to EBITDA - Tate & Lyle PLC and its subsidiaries
Net borrowings 453 512 471
-------------- --- --- ----
Annualised pre-exceptional EBITDA (2 x 162) (2 x 178) (329)
= 1.4 times = 1.4 times = 1.4 times
Gearing
Gearing = Net borrowings 453 512 471
-------------- --- --- ---
Total net assets 1 084 1 069 1 044
= 42% = 48% = 45%
Interest cover - Tate & Lyle PLC and its subsidiaries
= Operating profit before goodwill amortisation and exceptional items
-------------------------------------------------------------------
Net interest payable
110 122 219
--- --- ---
13 17 29
= 8.5 times = 7.2 times = 7.6 times
Return on Net Operating Assets
= Annualised profit before interest, tax and exceptional items
------------------------------------------------------------
Average net operating assets
(2 x 129) (2 x 140) 246
--------- --------- ---
1 660 1 741 1 736
= 15.5% = 16.1% = 14.2%
Net operating assets are calculated as:
Total net assets 1 084 1 069 1 044
Add back net borrowings 453 512 471
Add back unallocated liabilities
- dividends & tax 124 87 144
--------------- --------------- --------------
Net operating assets 1 661 1 668 1 659
--------------- --------------- --------------
Average net operating assets 1 660 1 741 1 736
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