tate & lyle plc (TATE) Snapshot

Tate & Lyle plc reported earnings results for the year ended March 31, 2013. For the year, the company reported sales of £3,256 million compared to £3,088 million a year ago. Adjusted operating profit was £358 million compared to £348 million a year ago. Adjusted profit before tax was £329 million compared to £318 million a year ago. Adjusted diluted earnings per share were 57.0 pence compared to 54.7 pence a year ago. Operating profit was £336 million compared to £404 million a year ago. Profit before tax was £309 million compared to £379 million a year ago. Profit for the year was £278 million compared to £309 million a year ago. Diluted earnings per share were 58.5 pence compared to 64.3 pence a year ago. Free cash flow was £110 million compared to £79 million a year ago. Net debt was £479 million compared to £476 million a year ago. Capital expenditure on exceptional items was £21 million compared to £16 million a year ago. Operating cash flow was £297 million compared to £233 million a year ago. Capital expenditure was £134 million compared to £130 million a year ago. Profit attributable to the owners of the company was £277 million compared to £305 million a year ago. Net cash generated from operating activities was £251 million compared to £231 million a year ago. Purchase of property plant and equipment was £92 million compared to £102 million a year ago. Purchase of intangible assets was £42 million compared to £28 million a year ago. For the year ending March 31, 2014. In specialty food ingredients, The company expects to deliver good sales and profit growth, with volume growth across all major product categories. In Bulk Ingredients, against a backdrop of continued corn price volatility, improved bulk sweetener unit margins in the U.S. are expected to offset a softer start in the U.S. bulk sweetener volumes and lower isoglucose margins in Europe, with profits in this division more evenly distributed between the first and second half than in the prior year. So overall, The company expects to deliver another year of profitable growth. The board of the company is recommending a 5.6% increase in the final dividend to 18.8 pence against 17.8 pence in 2012, making a full year dividend of 26.2 pence (2012 – 24.9 pence) per share, up 5.2% on the prior year. Subject to shareholder approval, the proposed final dividend will be due and payable on 2 August 2013 to all shareholders on the register of members on 28 June 2013.

Tate & Lyle plc, 2013 Earnings Call, May 30, 2013

To discuss and deliver modest progress for the full financial year