New Segmental Information
Tate & Lyle PLC
On 2 June 2005, Tate & Lyle PLC published its Preliminary Results for the twelve
months ending 31 March 2005. These financial results were prepared in accordance
with UK generally accepted accounting principles ('UK GAAP'). However, with
effect from 1 April 2005, the Group has adopted International Financial
Reporting Standards ('IFRS'). In order to clearly communicate the anticipated
impacts of transition from UK GAAP to IFRS, we published, as an Appendix to the
announcement on 2 June 2005, unaudited restatements of the Group's 2005 primary
statements under IFRS.
We also announced on 2 June 2005 that, in order to reflect the evolving strategy
of the Group, a new basis for providing segmental financial information would be
adopted with effect from 1 April 2005. These new segments are as follows:
-- Food & Industrial Ingredients, Americas;
-- Food & Industrial Ingredients, Europe;
-- Sugars, Americas and Asia;
-- Sugars, Europe; and
-- Sucralose.
In accordance with our commitment to publish historical information for the year
to 31 March 2005 in these segments, prior to the 2006 interim announcement, we
publish today the following unaudited information:
-- UK GAAP figures shown in the new segmental format - Group sales and profit
before tax for the six months to 30 September 2004 and for the twelve months
to 31 March 2005;
-- IFRS figures shown in the new segmental format - Group sales and profit
before tax for the six months to 30 September 2004 and for the twelve months
to 31 March 2005; and
-- Reconciliation of UK GAAP to IFRS in the new segmental format - Group profit
before tax for the six months to 30 September 2004 and for the twelve months
to 31 March 2005.
(0)20 7626 6525 or Mobile: +44(0)7713 067 433
About Tate & Lyle:
Tate & Lyle is a world leading manufacturer of renewable food and industrial
ingredients.
It uses innovative technology to transform corn, wheat and sugar into
value-added ingredients for customers in the food, beverage, pharmaceutical,
cosmetic, paper, packaging and building industries. The Company is a leader in
cereal sweeteners and starches, sugar refining, value added food and industrial
ingredients, and citric acid. Tate & Lyle is the world number-one in industrial
starches and is the sole manufacturer of SPLENDA® Sucralose.
Headquartered in London, Tate & Lyle is listed on the London Stock Exchange
under the symbol TATE.L. In the US its ADRs trade under TATYY. The Company
operates more than 60 production facilities in 28 countries, throughout Europe,
the Americas and South East Asia. It employs 6,700 people in its subsidiaries
with a further 4,500 employed in joint ventures. Sales in the year to 31 March
2005 totalled £3.3 billion. Additional information can be found on
www.tateandlyle.com.
SPLENDA® and the SPLENDA® logo are trademarks of McNeil Nutritionals, LLC
Tate & Lyle New Segment Information (Unaudited)
------------------------------------------------
UK GAAP figures shown in New Segmental Format
---------------------------------------------
Group Sales (including Joint Ventures and Associated Companies)
---------------------------------------------------------------
6 months to 12 months to
30 September 2004 31 March 2005
£m £m
Food & Industrial Ingredients,
Americas 539 1,038
Food & Industrial Ingredients, Europe 388 763
Sugars, Americas & Asia 120 237
Sugars, Europe 557 1,189
Sucralose 62 115
--------------------- ------------------------
1,666 3,342
--------------------- ------------------------
Group Profit before tax - 6 months to 30 September 2004
---------------------------------------------------------
Profit before Exceptional Profit after
Exceptional Items Items Exceptional Items
£m £m £m
Food & Industrial Ingredients,
Americas 42 (57) (15)
Food & Industrial Ingredients, Europe 18 - 18
Sugars, Americas & Asia 14 16 30
Sugars, Europe 33 (1) 32
Sucralose 28 - 28
------------------- ------------------- ------------------
Total profit before interest 135 (42) 93
Net Interest Expense (12) - (12)
------------------- ------------------- ------------------
Profit before tax 123 (42) 81
------------------- ------------------- ------------------
Group Profit before tax - 12 months to 31 March 2005
-----------------------------------------------------
Profit before Exceptional Profit after
Exceptional Items Items Exceptional Items
£m £m £m
Food & Industrial Ingredients,
Americas 86 (55) 31
Food & Industrial Ingredients, Europe 36 (4) 32
Sugars, Americas & Asia 21 16 37
Sugars, Europe 74 (2) 72
Sucralose 46 - 46
------------------- ------------------- ------------------
Total profit before interest 263 (45) 218
Net Interest Expense (21) - (21)
------------------- ------------------- ------------------
Profit before tax 242 (45) 197
------------------- ------------------- ------------------
Tate & Lyle New Segment Information (Unaudited)
------------------------------------------------
IFRS Figures shown in New Format
--------------------------------
Group Sales (including Joint Ventures) (1)
-----------------------------------------
6 months to 12 months to
30 September 2004 31 March 2005
£m £m
Food & Industrial Ingredients,
Americas 541 1,039
Food & Industrial Ingredients, Europe 387 761
Sugars, Americas & Asia 120 237
Sugars, Europe 598 1,257
Sucralose 62 115
Inter segment sales (2) (43) (70)
-------------------- -------------------------------------
1,665 3,339
-------------------- -------------------------------------
Group Profit before tax - 6 months to 30 September 2004 (3)
----------------------------------------------------------
IFRS UK GAAP Exceptional IFRS Profit
Operating Profit Items before tax
(before UK GAAP
Exceptional Items)
£m £m £m
Food & Industrial Ingredients,
Americas 46 (57) (11)
Food & Industrial Ingredients, Europe 22 - 22
Sugars, Americas & Asia 14 16 30
Sugars, Europe 32 (1) 31
Sucralose (4) 24 - 24
-------------------- ------------------- -----------------
Total profit before interest 138 (42) 96
Net Interest Expense (13) - (13)
-------------------- ------------------- -----------------
Profit before tax 125 (42) 83
-------------------- ------------------- -----------------
Group Profit before tax - 12 months to 31 March 2005
-----------------------------------------------------
IFRS UK GAAP Exceptional IFRS Profit
Operating Profit Items before tax
(before UK GAAP
Exceptional Items)
£m £m £m
Food & Industrial Ingredients,
Americas 96 (55) 41
Food & Industrial Ingredients, Europe 44 (4) 40
Sugars, Americas & Asia 20 16 36
Sugars, Europe 72 (2) 70
Sucralose (4) 42 - 42
-------------------- ------------------- -----------------
Total profit before interest 274 (45) 229
Net Interest Expense (24) - (24)
-------------------- ------------------- -----------------
Profit before tax 250 (45) 205
-------------------- ------------------- -----------------
(1) Under IFRS, sales of associated companies are excluded from group sales. For
the year ended 31 March 2005 sales of associated companies totalled £3m. For
the 6 months ended 30 September 2004 sales of associated companies totalled
£1m.
(2) Under IFRS inter segment sales are included in the gross amount for each
segment and then eliminated separately.
(3) Reconciliation of differences between UK GAAP and IFRS are set out in the
attached schedule.
(4) Included in the Profit before tax for the year ended 31 March 2005 is £4m for
amortisation of patents. For the 6 months ended 30 September 2004
amortisation of patents totalled £2m.
Reconciliation of UK GAAP Profit before Tax to IFRS Profit before Tax (Unaudited)
---------------------------------------------------------------------------------
Group Profit before Taxation & UK GAAP Exceptional Items for the 6 months to 30 September 2004
UK GAAP Employee Business Share Based IFRS
Benefits Combinations Payments/Other (before UK GAAP
Exceptional Items)
£m £m £m £m £m
Food & Industrial
Ingredients, Americas 42 3 2 (1) 46
Food & Industrial
Ingredients, Europe 18 1 3 - 22
Sugars, Americas & Asia 14 - - - 14
Sugars, Europe 33 (1) - - 32
Sucralose 28 - (4) - 24
-------- --------- ------------- --------------- -------------------
135 3 1 (1) 138
Net Interest Expense (12) (1) - - (13)
-------- --------- ------------- --------------- -------------------
Profit before taxation 123 2 1 (1) 125
-------- --------- ------------- --------------- -------------------
Group Profit before Taxation & UK GAAP Exceptional Items for the 12 months to 31 March 2005
-------------------------------------------------------------------------------------------
UK GAAP Employee Business Share Based IFRS
Benefits Combinations Payments/Other (before UK GAAP
Exceptional Items)
£m £m £m £m £m
Food & Industrial Ingredients,
Americas 86 6 4 - 96
Food & Industrial Ingredients,
Europe 36 2 5 1 44
Sugars, Americas & Asia 21 (1) - - 20
Sugars, Europe 74 (1) - (1) 72
Sucralose 46 - (4) - 42
-------- --------- ------------- --------------- -------------------
263 6 5 - 274
Net Interest Expense (21) (2) - (1) (24)
-------- --------- ------------- --------------- -------------------
Profit before taxation 242 4 5 (1) 250
-------- --------- ------------- --------------- -------------------
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