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Tate & Lyle

Performance highlights

Tate & Lyle performed soundly despite an increasingly challenging economic environment as the year progressed. The Board is recommending a maintained final dividend of 16.1p per share, making a full year dividend of 22.9p per share, an increase of 1.3% over the prior year.

Statutory results

Year ended
31 March 2009
Year ended
31 March 2008
Profit before tax (continuing operations) £113m £182m
Profit for the year (total operations) £70m £187m
Diluted earnings per share (continuing operations) 19.4p 23.6p

Sales

Year to 31 March
£m

Sales

Adjusted operating profit

Year to 31 March
£m

Adjusted operating profit

1 Total includes central costs of £18 million in 2009 and £31 million in 2008

Primary and value added products

Value added products are those that utilise technology or intellectual property enabling our customers to produce distinctive products and Tate & Lyle to obtain a price premium and/or sustainable higher margins. Other products from our commodity corn milling and sugar businesses are classified as primary.

Adjusted diluted earnings per share

Year to 31 March
pence

Adjusted diluted earnings per share

Dividends per share

Year to 31 March
pence

Dividends per share

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Net debt

As at 31 March
£m

Net debt

2 Exchange rate movements increased net debt by £378 million in the year
ended 31 March 2009. Excluding movements in exchange rates, net debt
reduced by £188 million.

Free cash flow3

Year to 31 March
£m

Free cash flow

3 Free cash flow is defined as cash flow from continuing operations
after interest, taxation and capital expenditure.

Basis of preparation

Unless stated otherwise, the Group’s financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. Information prior to 2005 is shown under Generally Accepted Accounting Practice in the UK (UK GAAP).

Adjusted operating profit and adjusted earnings per share

Unless stated otherwise, adjusted operating profit and adjusted earnings per share in this annual report and accounts exclude discontinued operations and are before exceptional items and amortisation of acquired intangible assets.

Amortisation

Unless stated otherwise, the use of the word ‘amortisation’ on pages 1 to 96 in this annual report relates to the amortisation of acquired intangible assets.

Continuing operations

Unless stated otherwise, all comments in this annual report and accounts refer to the continuing operations adjusted to exclude exceptional items and amortisation of acquired intangible assets.

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