Tate & Lyle PLC - Statement on Entering Close Period

28 Mar 2013

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In line with our usual practice, Tate & Lyle PLC issues the following update for the year ending 31 March 2013 ahead of the announcement of the full year results on 30 May 2013.

Since the interim management statement in February, the Group has continued to perform solidly and in line with our expectations. We continue to expect to deliver modest progress for the full financial year.

FULL YEAR OPERATING PERFORMANCE – CONTINUING OPERATIONS

In Speciality Food Ingredients, we will achieve solid sales growth for the full year with the rate of volume growth in the second half slightly ahead of that achieved during the first half. While sucralose volume growth has continued at more normal run rates in the fourth quarter, volumes for the full year, as anticipated, will be slightly lower than the prior year. Operating profit in this division will be broadly in line with last year as a result of the step change in fixed costs associated with our business transformation initiatives.^{^[1]}

Within Bulk Ingredients, a good underlying performance from sweeteners in both the US and Europe is expected to more than offset the impact of the costs associated with handling higher levels of aflatoxin^{^[2]} following the severe drought in the US in 2012 and continued challenging market conditions in US ethanol.

BALANCE SHEET

The recent strengthening of the US dollar against sterling will result in net debt being somewhat higher than previously anticipated due to the translation of US dollar denominated debt. As a result, net debt at 31 March 2013 is now expected to be slightly higher than the level reported at the end of last year.

[1] Restart of the McIntosh facility; investment in global shared services and IS/IT system; development of global Commercial and Food Innovation Centre in Chicago

[2] A fungus impacting corn quality caused by extremely dry and hot conditions

END

CONFERENCE CALL
A conference call will be held today at 8.00am GMT, hosted by Javed Ahmed, Chief Executive and Tim Lodge, Chief Financial Officer.

Participants are able to pre-register for the call using the following link: http://emea.directeventreg.com/registration/26924714 .

Participants who have not pre-registered are able to access the live call by using the dial in details below. We would recommend that participants who have not pre-registered dial in at least 10 minutes before the commencement of the call.

Dial in details:

UK dial in number: +44 (0) 1452 582 725
Conference ID: 26924714

There is also a 14 day conference call replay facility.

Replay dial in details:
UK replay number: +44 (0)1452 550 000
Replay Access code: 26924714

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About Tate & Lyle PLC:

Supported by our 165-year history of ingredient innovation, we partner with customers to provide consumers with healthier and tastier choices when they eat and drink. We are proud that millions of people around the world consume products containing our ingredients and solutions every day.

Through our leading expertise in sweetening, mouthfeel and fortiﬁcation, we develop ingredients and solutions which reduce sugar, calories and fat, add ﬁbre and protein, and provide texture and stability to food and drink in categories including beverages, dairy, bakery, snacks, soups, sauces, and dressings.

Tate & Lyle recently acquired CP Kelco, a leading provider of pectin, speciality gums and other nature-based ingredients to create a leader in mouthfeel, significantly enhancing our solutions capabilities. Following this combination, we now have more than 5,000 employees working in around 75 locations in 39 countries, serving customers in more than 120 countries. Science, Solutions, Society is our brand promise and how we will achieve our purpose of Transforming Lives through the Science of Food. By living our purpose, we believe we can successfully grow our business and have a positive impact on society. We live our purpose in three ways, by supporting healthy living, building thriving communities and caring for our planet.

Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. For the year ended 31 March 2024, and on a pro forma basis which assumes for illustrative purposes that the combination with CP Kelco took place on 1 April 2023, revenue for the enlarged Tate & Lyle Group would have been £2.25 billion. For more information, please visit www.tateandlyle.com or follow Tate & Lyle on LinkedIn, X (Twitter), Facebook or YouTube

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