TATE & LYLE PLC

Financial Analysis of Tate & Lyle PLC

Financial Analysis of Tate & Lyle PLC

Introduction

Tate & Lyle PLC is a provider of solutions and Ingredients to the Food Beverage and Other Business. The Company's products from corn milling and sugar commodity business are classified as primary. "During the year ended March 31, 2010, The Company Operated through Three business divisions: Specialty food ingredients, bulk ingredients and sugars. Tate & Lyle Operate a network of wet corn mills in North America and Europe Both, processing Two types of corn: dent and waxy. Dent corn is used to make fructose corn syrup, basic food and industrial starches, alcohol (ethanol) and animal feed. Waxy corn is Concentrated Direct from the Farmer am and is Used in adhesives and gums for The Paper Industry. In Europe, The Company has one corn wet milling Wholly Owned plant, with another oven as part of ITS Joint venture Eaststarch. The Company has one aussi corn wet milling wholly owned plant in Morocco. The British Tate & Lyle, headquartered in London founded in 1921. Produces sugar and a wide range of ingredients. Annual income £ 3.7 million, about 7,000 employees

Financial Analysis

The financial analysis of Tate & Lyle PLC has been performed on the basis of 5 years, 2006, 2007, 2008, 2009, and 2010.

Pricing Summary for the period of 1 year:

Key Financials

(In GBP as of 03/31/2010)

Income Statement

Revenue

3,506m

Net Income

15m

EPS - Net Income - Diluted

0.03

Revenue per Share

7.67

Balance Sheet

Total Assets

3,288m

Total Liabilities

2,461m

Shareholders' Equity

827m

Total Assets per Share

7.15

Net Assets per Share

1.8

Cash Flows

Cash from Operations

587m

Cash from Investing

-131m

Cash from Financing

-376m

Cash Flow per Share

1.28

Ratio Analysis

Profitability Ratios

03/31/2010

03/31/2009

03/31/2008

03/31/2007

03/31/2006

ROA % (Net)

0.41

1.77

6.05

7.12

(0.96)

ROE % (Net)

1.65

6.77

20.43

22.95

(2.91)

ROI % (Operating)

(0.5)

5.68

9.35

15.73

4.01

EBITDA Margin %

3.71

8.95

10.69

10.51

4.7

Calculated Tax Rate %

EBT<0

16.81

43.93

35.59

164.29

Liquidity Ratios

03/31/2010

03/31/2009

03/31/2008

03/31/2007

03/31/2006

Quick Ratio

1.06

0.81

0.7

0.8

0.56

Current Ratio

1.72

1.36

1.41

1.59

1.24

Net Current Assets % TA

19.19

12.75

14.73

17.86

9.33

Debt Management

03/31/2010

03/31/2009

03/31/2008

03/31/2007

03/31/2006

LT Debt to Equity

1.35

1.14

0.92

0.88

0.59

Total Debt to Equity

1.58

1.67

1.3

1.16

1.14

Interest Coverage

-

2.96

4.5

41.15

9.8

Asset Management

03/31/2010

03/31/2009

03/31/2008

03/31/2007

03/31/2006

Total Asset Turnover

0.96

0.97

1.07

1.27

1.33

Receivables Turnover

6.11

5.08

5.55

7.36

8.34

Inventory Turnover

7.4

6.46

6.41

7.95

8.99

Accounts Payable Turnover

11.75

12.85

13.11

-

-

Accrued Expenses Turnover

333.9

444.13

252.94

-

-

Property Plant & Equip Turnover

2.54

2.59

2.83

3.14

3.01

Cash & Equivalents Turnover

7.48

11.86

19.29

21.98

13.73

Per Share

03/31/2010

03/31/2009

03/31/2008

03/31/2007

03/31/2006

Cash Flow per Share

1.28

1.07

0

0.47

0.18

Book Value per Share

1.8

2.15

2.04

1.96

1.85

Balance Sheet of Last Five Years

As Reported Annual Balance Sheet

Report Date

03/31/2010

03/31/2009

03/31/2008

03/31/2007

03/31/2006

Currency

GBP

GBP

GBP

GBP

GBP

Consolidated

Yes

Yes

Yes

Yes

Yes

Scale

Millions

Millions

Millions

Millions

Millions

Goodwill, cost

-

240

202

167

-

Accumulated amortization & impairment - goodwill

-

-

(8)

(8)

-

Goodwill, net

230

240

194

159

-

Patents, cost

-

33

33

32

-

Accumulated amortization & impairment - patents

-

(20)

(16)

(12)

-

Patents, net

-

13

17

20

-

Other acquired intangible assets, cost

-

132

108

44

-

Accumulated amortization & impairment - other acquired intangible assets

-

(31)

(15)

(6)

-

Other acquired intangible assets, net

-

101

93

38

-

Other intangible assets, cost

-

34

22

38

-

Accumulated amortization & impairment - other intangible assets

-

(14)

(6)

(23)

-

Other intangible assets, net

110

20

16

15

-

Goodwill & intangible assets

340

374

320

232

263

Land & buildings, cost

-

-

-

546

581

Less: accumulated depreciation & impairments - land & buildings

-

-

-

(285)

(290)

Land & buildings, net

-

-

-

261

291

Plant & machinery, cost

-

-

-

2,209

2,295

Less: accumulated depreciation & impairments - plant & machinery

-

-

-

(1,541)

(1,602)

Plant & machinery, net

-

-

-

668

693

Assets in course of construction, cost

-

-

-

288

236

Less: accumulated depreciation & impairments - assets in course of construction

-

-

-

-

(11)

Assets in course of construction, net

-

-

-

288

225

Property, plant & equipment, cost

3,272

3,330

2,503

3,043

-

Total accumulated depreciation & impairment

(2,064)

(1,782)

(1,307)

(1,826)

-

Property, plant & equipment

1,208

1,548

1,196

1,217

1,209

Investments in associates

7

8

7

7

4

Available-for-sale financial assets

14

11

15

18

17

Derivative financial instruments

49

34

36

36

28

Deferred tax assets

143

30

1

8

7

Trade receivables

-

-

5

6

-

Government grants receivables

-

-

-

54

-

Other receivables

2

-

6

4

-

Trade & other receivables

2

5

11

64

8

Retirement benefit surplus

16

47

53

-

-

Non-current assets

1,779

2,057

1,639

1,582

1,536

Raw materials & consumables

-

-

-

229

196

Work in progress

-

-

-

26

21

Finished goods

-

-

-

248

239

Inventories

409

538

562

503

456

Trade receivables, cost

329

564

483

486

-

Less: provision for impairment of receivables

(24)

(21)

(9)

(9)

-

Trade receivables, net

305

543

474

477

-

Amount owed by related parties

-

-

-

3

-

Prepayments & accrued income

28

40

63

19

-

Margin deposits

45

-

-

-

-

Government grants receivable

3

12

60

13

-

Other receivables

43

128

78

46

-

Trade & other receivables

424

723

675

558

482

Current tax assets

4

6

18

39

32

Derivative financial instruments

150

213

275

102

282

Cash & cash equivalents

504

434

165

189

158

Assets held for sale

18

28

-

89

-

Current assets

1,509

1,942

1,695

1,480

1,410

Total assets

3,288

3,999

3,334

3,062

2,946

Ordinary share capital

115

115

114

122

122

Share premium

405

404

404

403

400

Capital redemption reserve

8

8

8

-

-

Other reserves

220

219

91

50

56

Retained earnings

79

241

317

385

327

Capital & reserves attributable to the Company's equity holders

827

987

934

960

905

Minority interest

27

26

16

35

35

Total shareholders' ...