Tate & Lyle PLC - Announcement of Interim Results; For the six months ended September 30 2005.LONDON London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. -- Tate & Lyle Lyle may refer to:
INTERIM RESULTS TO September 30 (UNAUDITED)
2005(1) 2005 2004 2004(1)
----------------------------------------------------------------------
$ million GBP GBP
million million $ million
----------------------------------------------------------------------
Profit before tax, exceptional
items and amortisation of
patents(1) $248m GBP 136m GBP 127m $231m
Profit before taxation
$246m GBP 135m GBP 83m $151m
Diluted earnings per share
before exceptional items and
amortisation of patents 35.5(cents) 19.5p 18.2p 33.1(cents)
Diluted earnings per share 35.5(cents) 19.5p 12.5p 22.8(cents)
Interim dividend per share 10.7(cents) 5.9p 5.7p 10.4(cents)
(1) US dollar conversion provided at the average rate for the period
of $1.82 = GBP 1
(2) Before exceptional credit of GBP 1 million ($2 million) (2004 -
net exceptional charges of GBP 42 million ($76 million)) and
amortisation of patents of GBP 2 million ($4 million) (2004 - GBP
2 million ($4 million))
--Profit before tax, exceptional items and amortisation Noun 1. amortisation - the reduction of the value of an asset by prorating its cost over a period of years amortization reduction, step-down, diminution, decrease - the act of decreasing or reducing something 2. of patents up 7% at GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 136 million ($248 million) --SPLENDA(R) Sucralose sucralose: see sweetener, artificial. sales growth of 19% --Food & Industrial Ingredients Americas A·mer·i·cas , the See America. profit before interest, exceptional items and amortisation of patents up 20% --Strong balance sheet and financial ratios --GBP 100 million ($182 million) expansion in US Loudon and Sagamore sag·a·more n. A subordinate chief among the Algonquians of North America. [Eastern Abenaki s  facilities announced--Interim dividend increased by 3.5% (0.2p)(0.3(cents)) to 5.9p (10.7(cents)) per share "We have delivered a good start to the financial year despite higher energy and transport costs across our businesses with Food & Industrial Ingredients Americas and SPLENDA(R) Sucralose continuing to make good progress. The GBP 100 million ($182 million) expansion programme at our Loudon and Sagamore facilities in the USA is underway and on track. Both these investments will increase efficiency, the production of value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. products, and will offer significant environmental benefits. Whilst higher energy and transport costs will continue to impact profitability in the second half of this financial year, we expect the results of the Group for the year as a whole to reflect satisfactory progress." Sir David Lees David Lee may refer to:
Chairman Iain Ferguson Iain Ferguson (born 4 August 1962, in Newarthill, North Lanarkshire) is a Scottish former professional footballer who played as a striker for numerous Scottish clubs during the 1980s and 90s. CBE CBE Commander of the Order of the British Empire (a Brit. title) CBE n abbr (= Companion of (the Order of) the British Empire) → título de nobleza CBE n abbr (= Chief Executive An interim statement for the six months ended September September: see month. 30 2005 will be posted to shareholders shortly, and will be obtainable from The Company Secretary, Tate & Lyle PLC, Sugar Quay QUAY, estates. A wharf at which to load or land goods, sometimes spelled key. 2. In its enlarged sense the word quay, means the whole space between the first row of houses of a city, and the sea or river 5 L. R. 152, 215. , Lower Thames Thames, river, Canada Thames (tĕmz), river, c.160 mi (260 km) long, rising NW of Woodstock, S Ont., Canada, and flowing SW past London and Chatham to Lake St. Clair. Street, London EC3R 6DQ. SPLENDA(R) is a trademark of McNeil Nutritionals McNeil Nutritionals, LLC is a division of Johnson & Johnson, and sells a range of products including Viactiv and the branded sucralose sweetener Splenda. It is based in Fort Washington, PA, USA. , LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Webcast and Conference Call A presentation of the results by Chief Executive, Iain Ferguson and Group Finance Director, Simon Gifford will be audio webcast live at 10.00am (GMT (Greenwich Mean Time) See UTC. GMT - Universal Time 1 ) today. To view the presentation slides and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. listen to a live audio webcast of the presentation, visit http://cm01.vavos.net/xl?preid=102050 or http://www.tateandlyle.com/TateAndLyle/ir_investor_relations/results/ default.htm. (Due to its length, this URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. may need to be copied/pasted into your Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the browser's address field. Remove the extra space if one exists.) Please note that remote listeners will not be able to ask questions during the Q&A session. A webcast replay of the presentation will be available for six months, at the links above. In addition a conference call for analysts and investors will be held today at 15.00 (GMT), 10.00am (Eastern). Dial In (US): 718-354-1172 Dial In (UK): +44(0)20 7365 1849 A replay is scheduled to run from November 4 to November 11, 2005 Replay (US): 718-354-1112 Replay (UK): +44(0)20 7784 1024 Passcode: 3240227 STATEMENT OF INTERIM RESULTS Basis of preparation From April 1 2005, Tate & Lyle PLC adopted International Financial Reporting Standards International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). ("IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System ") having previously reported results under UK GAAP UK GAAP United Kingdom Generally Accepted Accounting Principles . These results are therefore prepared for the first time under IFRS. Further details are set out in Note 1. Comparatives figures refer to the six months to September 30 2004 unless otherwise stated. The comparative figures have been restated on an IFRS basis. Overview Profit before tax, exceptional items and amortisation of patents for the six months to September 30 2005 was 7% higher at GBP 136 million ($248 million), (GBP 127 million, $231 million). A good first half in Food & Industrial Ingredients Americas and SPLENDA(R) Sucralose was partially offset by lower profit from Sugars Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). .Profit before tax was GBP 135 million ($246 million), (GBP 83 million, $151 million) benefiting from the absence of last year's exceptional charge of GBP 42 million ($76 million) which mainly related to the settlement of the US high fructose fructose (frŭk`tōs), levulose (lĕv`yəlōs'), or fruit sugar, simple sugar found in honey and in the fruit and other parts of plants. corn syrup corn syrup Sweet syrup produced by breaking down (hydrolyzing) cornstarch (a product of corn). Corn syrup contains dextrins, maltose, and dextrose and is used in baked goods, jelly and jam, and candy. civil class action suit. As anticipated, the financial year ending March 31 2006 is proving to be a year of consolidation as we increase our investment in value added products to generate future profit growth. Our capital expenditure expansion projects are on schedule and within budget. Capital expenditure in the first half of GBP 111 million ($202 million) was, as expected, nearly double depreciation of GBP 63 million ($115 million). The adoption of IFRS increased net debt of GBP 451 million ($821 million) at March 31 2005, as previously reported under UK GAAP, by GBP 20 million ($36 million) due to the proportional proportional values expressed as a proportion of the total number of values in a series. proportional dwarf the patient is a miniature without disproportionate reductions or enlargements of body parts. consolidation of joint ventures. An additional increase of GBP 58 million ($106 million) took place on April 1 2005 following the adoption of IAS See iPlanet Application Server. 1. (computer) IAS - The first modern computer. It had main registers, processing circuits, information paths within the central processing unit, and used Von Neumann's fetch-execute cycle. 39. The cash outflow during the six month period to September 30 2005 was GBP 83 million ($151 million), partly due to capital expenditure initiatives, leading to net debt at September 30 2005 of GBP 612 million ($1,114 million). At September 30 2005, the net debt to earnings before interest, tax, depreciation and total amortisation ("EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ") multiple was 1.4 times (1.3 times). Following our announcement on June June: see month. 23 2005 regarding the potential effect on our businesses of the proposed changes to the EU sugar regime, there has been no new information on, or clarification Clarification The removal of small amounts of fine, particulate solids from liquids. The purpose is almost invariably to improve the quality of the liquid, and the removed solids often are discarded. of, the proposals by the European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community . Our vigorous efforts to achieve an equitable equitable adj. 1) just, based on fairness and not legal technicalities. 2) refers to positive remedies (orders to do something, not money damages) employed by the courts to solve disputes or give relief. (See: equity) EQUITABLE. solution for our European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Food & Industrial Ingredients and Sugar businesses continue. The EU Commission has stated that it expects to announce final proposals for the EU sugar regime towards the end of November November: see month. 2005. When we have sufficient clarity Clarity is the property of being clear or transparent. Clarity can refer to one's ability to clearly visualize an object or concept, as in thought, understanding, and the "mind's eye", as well as the traditional notion of visual perception, that is, with the over the final regime reform we will be in a position to begin the process of consulting with the workforce of the affected businesses and to finalise Verb 1. finalise - make final; put the last touches on; put into final form; "let's finalize the proposal" finalize, nail down, settle terminate, end - bring to an end or halt; "She ended their friendship when she found out that he had once been convicted of our plans to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. the actual impact on our various businesses. We will make a
further announcement on developments following publication of the final
proposals.The Board has declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. an interim dividend of 5.9p (10.7(cents)) per share, an increase of 0.2p (0.3(cents)) (3.5%). This will be paid on January January: see month. 10 2006 to shareholders registered on December December: see month. 9 2005. Results for the six months to September 30 2005 Sales were GBP 1,868 ($3,400 million) (GBP 1,665 million, $3,030 million). Exchange translation increased sales by GBP 17 million ($31 million). Profit before interest and exceptional items was GBP 153 million ($278 million) (GBP 140 million, $255 million) before a GBP 2 million ($4 million) (GBP 2 million, $4 million) charge for amortisation of patents. The net interest charge increased to GBP 17 million ($31 million) (GBP 13 million, $24 million) due mainly to higher interest rates. Interest cover was 9.0 times (10.8 times). Profit before tax, exceptional items and amortisation of patents was GBP 136 million ($248 million) (GBP 127 million, $231 million). Exchange translation increased profit before interest and profit before tax by GBP 2 million ($4 million). Profit before tax was GBP 135 million ($246 million) (GBP 83 million, $151 million). The effective rate of tax on profit before exceptional items and amortisation of patents was 29.0% (year to March 31 2005 28.4%). Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of before exceptional items and amortisation of patents were 19.5p (35.5(cents)),(18.2p, 33.1(cents)) and after exceptional items and amortisation of patents were 19.5p (35.5(cents)), (12.5p, 22.8(cents)). Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. before depreciation, exceptional items and total amortisation provided cash flow of GBP 217 million ($395 million) (GBP 204 million, $371 million). Cash generated from operations was GBP 166 million ($302 million). Capital expenditure totalled GBP 111 million ($202 million), (GBP 63 million, $115 million) and there was no investment expenditure in the period (GBP 75 million, $137 million). The cash outflow for the six months was GBP 83 million ($151 million) leading to a net debt at September 30 2005 of GBP 612 million ($1,114 million). Segmental segmental /seg·men·tal/ (seg-men´t'l) 1. pertaining to or forming a segment or a product of division, especially into serially arranged or nearly equal parts. 2. undergoing segmentation. Analysis of Profit before Interest, Exceptional Items and Amortisation of Patents Food & Industrial Ingredients, Americas Profits of GBP 55 million ($100 million) were GBP 9 million ($16 million) higher. Profitability from both value added food and industrial ingredients continued to grow with higher volumes and total gross margins. Volumes and total gross margins on commodity products have also increased. In the latter part of the period, sales of ethanol ethanol (ĕth`ənōl') or ethyl alcohol, CH3CH2OH, a colorless liquid with characteristic odor and taste; commonly called grain alcohol or simply alcohol. benefited from higher fuel prices and lower corn costs. The cost of corn less by-product by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. by-product Noun 1. revenues was lower. These benefits were partially offset by higher energy and transport costs which we will seek to recover in the 2006 calendar year sweetener Sweetener A special feature added to a debt obligation or preferred stock to promote marketability. Notes: Warrants and convertibles are two popular sweeteners. See also: Convertible Bond, Kicker, Warrant Sweetener pricing round. The improvement in citric acid citric acid or 2-hydroxy-1,2,3-propanetricarboxylic acid, HO2CCH2C(OH)(CO2H)CH2CO2 continued with higher selling prices and volumes. The Aquasta(TM) astaxanthin Astaxanthin (pronounced as-tuh-zan'-thin) is a carotenoid. It belongs to a larger class of phytochemicals known as terpenes. It is classified as a xanthophyll, which means "yellow leaves". Like many carotenoids, it is a colorful, fat/oil-soluble pigment. plant made a small loss. Almex, our Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum joint venture, made a small profit. Construction of the Bio-PDOTM plant in Loudon, Tennessee Loudon is a city in and the county seat of Loudon CountyGR6, Tennessee, United States. Its population was 4,476 at the 2000 U.S. census. It is included in the Knoxville, Tennessee Metropolitan Statistical Area. for our joint venture with DuPont Dupont, DuPont, Du Pont, or du Pont may refer to: Companies
An ingredient is something that forms part of a mixture (in a general sense). expansion in Lafayette, Indiana Lafayette (IPA: [ˈlɑ.fəˌjɛt]) is a city in Tippecanoe County, Indiana, U.S., 63 miles (101 km) northwest of Indianapolis. , which together have a total project cost of GBP 100 million ($182 million). Food & Industrial Ingredients, Europe Profits of GBP 28 million ($51 million) were GBP 6 million ($11 million) higher with exchange translation accounting for GBP 1 million ($2 million) of that improvement. Sales volumes were slightly higher, particularly from value added products and alcohol, the latter benefiting from the EU biofuel bi·o·fuel n. Fuel such as methane produced from renewable resources, especially plant biomass and treated municipal and industrial wastes. bi programme. These were partially offset by lower selling prices on commodity products following the competitive 2005 calendar year pricing round. Compared to the prior period, raw material prices were somewhat lower. Looking ahead, higher energy and transport costs will need to be recovered through increased selling prices if margins are to be maintained. Profits in the joint venture business in Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. were similar to the comparative period. In response to the oversupply o·ver·sup·ply n. pl. o·ver·sup·plies A supply in excess of what is appropriate or required. tr.v. o·ver·sup·plied, o·ver·sup·ply·ing, o·ver·sup·plies in the European sugar market, the EU has declassified de·clas·si·fy tr.v. de·clas·si·fied, de·clas·si·fy·ing, de·clas·si·fies To remove official security classification from (a document). de·clas 1.9 million tonnes (approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 11%) of quota quota In international trade, a government-imposed limit on the quantity of goods and services that may be exported or imported over a specified period of time. Quotas are more effective than tariffs in restricting trade, since they limit the availability of goods rather reducing product for sale on domestic markets or for export restitution In the context of Criminal Law, state programs under which an offender is required, as a condition of his or her sentence, to repay money or donate services to the victim or society; with respect to maritime law, the restoration of articles lost by jettison, done when the . This is intended to balance supply and demand in the total European sugar market. Isoglucose produced by Food & Industrial Ingredients Europe is one of the products covered by this order and, as a result, profitability will be impacted in the second half year. Sucralose Profits of GBP 33 million ($60 million) from our SPLENDA(R) Sucralose business were GBP 7 million ($13 million) higher than in the comparative period. GBP 4 million ($7 million) of the increase was due to an IFRS stock adjustment in the comparative period. Market share increased in all three sectors (food, beverage and pharmaceutical). There have been a number of major US diet beverage product launches with SPLENDA(R) Sucralose in the period as well as flavoured adj. 1. same as flavored; - of foods. waters. During the last eighteen months the "Sweetened sweet·en v. sweet·ened, sweet·en·ing, sweet·ens v.tr. 1. To make sweet or sweeter by adding sugar, honey, saccharin, or another sweet substance. 2. To make more pleasant or agreeable. with SPLENDA(R)" brand logo has been approved for use on over 1,200 consumer products. Sales totalled GBP 74 million ($135 million), (GBP 62 million, $113 million). Demand continued to outstrip out·strip tr.v. out·stripped, out·strip·ping, out·strips 1. To leave behind; outrun. 2. To exceed or surpass: "Material development outstripped human development" production even though capacity was increased during the period as part of the first expansion project at the McIntosh, Alabama McIntosh is a town located in Washington County, Alabama, along U.S. Highway 43. It is 12½ miles (20 km) south of Wagarville and 44 miles (71 km) north of Mobile. As of the 2000 census, the population of the town is 244. plant was brought on stream. The completion of this and the second expansion project at McIntosh See Macintosh. , both due to be finished by April 2006, are on schedule and on budget, as is the building of a new plant in Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). with a completion date of January 2007. Start-up Start-up The earliest stage of a new business venture. costs were GBP 2 million ($4 million) in the first half and are expected to total GBP 7 million ($13 million) in the full year. We expect profit in the second half to be slightly ahead of the first half, benefiting from higher production as the first expansion project at McIntosh is gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. implemented during the second half. Sugars, Americas & Asia Profits of GBP 13 million ($24 million) were GBP 1 million ($2 million) below the comparative period. Exchange translation increased profit by GBP 1 million ($2 million). Profits at Tate & Lyle Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of were slightly lower with reduced volumes caused by US Sugar being attracted into Canada by higher world raw sugar prices and a favourable exchange rate. The mark to market gain on raw sugar stocks was GBP 2 million ($4 million) (GBP 2 million, $4 million). Occidente, our Mexican joint venture, and Nghe An Tate & Lyle in Vietnam Vietnam (vēĕt`näm), officially Socialist Republic of Vietnam, republic (v), 128,400 sq mi (332,642 sq km), Southeast Asia. Occupying the eastern coastline of the Southeast Asian peninsula, Vietnam is bounded by China on the north, by Laos performed broadly in line with the comparative period. Sugars, Europe Profits of GBP 24 million ($44 million) were GBP 8 million ($15 million) lower with reduced earnings from EU Sugar refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar operations being partially mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. by improved profits from sugar trading and our joint venture East European sugar beet sugar beet, variety of beet used commercially as a source of sugar. sugar beet Variety of beet (Beta vulgaris) that accounts for about two-fifths of global sugar production, making it second only to sugarcane as a source of the world's sugar. operations. The EU sugar refining businesses were impacted by a combination of oversupply in the market and an increase in export licence export licence n → licencia de exportación export licence n → licence f d'exportation export licence n → costs. The latter have subsequently reduced slightly. The declassification de·clas·si·fy tr.v. de·clas·si·fied, de·clas·si·fy·ing, de·clas·si·fies To remove official security classification from (a document). de·clas of quota detailed under Food & Industrial Ingredients Europe is intended to balance supply and demand and should also lead to an easing of pressure for export licences. Energy costs were higher. A fire at our Portuguese refinery resulted in a loss of raw sugar stock and a small loss in our reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. business. The sugar trading and molasses molasses, sugar byproduct, the brownish liquid residue left after heat crystallization of sucrose (commercial sugar) in the process of refining. Molasses contains chiefly the uncrystallizable sugars as well as some remnant sucrose. businesses reported strong performances. Our Eastern Sugar joint venture also improved profits in the first half although the full year performance is expected to be broadly in line with the prior year. Energy We continue to strive to reduce our energy costs through our efficiency programme, capital expenditure initiatives and taking forward cover where appropriate. However, whilst these have acted as mitigating mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. factors, if prices remain at current levels energy costs are expected to be GBP 30 million ($55 million) higher in the year ending March 2006 and result, as we stated in our September 2005 trading update, in a further GBP 40 million ($73 million) costs in the year ending March 2007. We aim to recover this through product pricing. Retirement Benefits After a negative exchange translation impact of GBP 11 million ($20 million), the deficit for pension and healthcare liabilities under IAS19 during the last six months has increased by GBP 3 million ($5 million) to GBP 247 million ($450 million) at September 2005. Pension liabilities Pension liabilities Future liabilities resulting from pension commitments made by a corporation. Accounting for pension liabilities varies widely by country. have decreased by GBP 6 million ($11 million) whilst healthcare liabilities have increased by GBP 9 million ($16 million). Directors As previously announced, Dr. Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. Zoumas was appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. as a Non-Executive Director A non-executive director (NED, also NXD) or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way. from May 1 2005 and Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Yurko retired from the Board on July July: see month. 28 2005. On November 2 2005 we announced the appointment of Robert Walker Robert Walker may refer to:
Outlook We have delivered a good start to the financial year despite higher energy and transport costs across our businesses with Food & Industrial Ingredients Americas and SPLENDA(R) Sucralose continuing to make good progress. The GBP 100 million ($182 million) expansion programme at our Loudon and Sagamore facilities in the USA is underway and on track. Both these investments will increase efficiency, the production of value added products, and will offer significant environmental benefits. Whilst higher energy and transport costs will continue to impact profitability in the second half of this financial year, we expect the results of the Group for the year as a whole to reflect satisfactory progress. Sir David Lees Chairman Iain Ferguson CBE Chief Executive INDEPENDENT REVIEW REPORT TO TATE & LYLE PLC Introduction We have been instructed by the Company to review the financial information for the six months ended September 30 2005 on pages 7 to 20 which comprises the consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: interim income statement, the consolidated interim balance sheet, the consolidated interim statement of recognised income and expense, the consolidated interim statement of changes in equity, the consolidated interim cashflow statement and the notes to the interim statement. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Listing Rules of the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. . As disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). in note 1, the next annual financial statements of the Group will be prepared in accordance with accounting standards adopted for use in the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community . This interim report has been prepared in accordance with the basis set out in note 1. The accounting policies are consistent with those that the directors intend to use in the next annual financial statements. As explained in note 1, there is, however, a possibility that the directors may determine that some changes are necessary when preparing the full annual financial statements for the first time in accordance with accounting standards adopted for use in the European Union. The IFRS standards and IFRIC IFRIC International Financial Reporting Interpretations Committee IFRIC International Financial Reporting Issues Committee interpretations that will be applicable and adopted for use in the European Union at March 31 2006 are not known with certainty CERTAINTY, UNCERTAINTY, contracts. In matters of obligation, a thing is certain, when its essence, quality, and quantity, are described, distinctly set forth, Dig. 12, 1, 6. It is uncertain, when the description is not that of one individual object, but designates only the kind. Louis. at the time of preparing this interim financial information. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of Group management and applying analytical procedures Analytical Procedures is one of financial audit skill which help an auditor understand the client's business and changes in the business, to identify potential risk areas and to plan other audit procedures. to the financial information and underlying financial data and, based thereon there·on adv. 1. On or upon this, that, or it. 2. Archaic Following that immediately; thereupon. Adv. 1. thereon - on that; "text and commentary thereon" on it, on that , assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification See verify. verification - The process of determining whether or not the products of a given phase in the life-cycle fulfil a set of established requirements. of assets, liabilities and transactions. It is substantially less in scope than an audit and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the Listing Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended September 30 2005. PricewaterhouseCoopers LLP LLP - Lower Layer Protocol Chartered Accountants char·tered accountant n. Chiefly British Abbr. CA A member of one of the institutes of accountants granted a royal charter. London November 3 2005
TATE & LYLE PLC
CONSOLIDATED INTERIM INCOME STATEMENT
Six months Six months
to to
September September Year to
30 30 March 31
Notes 2005 2004 2005
GBP m (1) GBP m (2) GBP m (2)
unaudited unaudited unaudited
-------------------------------------------------------------------
Sales 3 1,868 1,665 3,339
---------- ---------- ---------
Operating profit 3 152 96 229
Interest income 5 23 6 34
Finance expense 5 (40) (19) (58)
---------- ---------- ---------
Profit before tax 135 83 205
Income tax expense (39) (21) (55)
---------- ---------- ---------
Profit for the period 96 62 150
---------- ---------- ---------
Profit for the period
attributable to:
Equity holders of the
Company 94 59 146
Minority interest 2 3 4
---------- ---------- ---------
Profit for the period 96 62 150
---------- ---------- ---------
Earnings per share pence pence pence
attributable to the equity
holders of the Company
- basic 6 19.8 12.5 31.0
---------- ---------- ---------
- diluted 6 19.5 12.5 30.6
---------- ---------- ---------
Proposed dividend per share 7 5.9 5.7 19.4
---------- ---------- ---------
All activities relate to
continuing operations.
(1) Reflects the adoption of IAS32 and IAS39. Refer to note 10.
(2) Does not reflect the adoption of IAS32 and IAS39. Refer to note
10.
Analysis of profit before tax
Profit before tax 135 83 205
Exceptional items (1) 42 45
Amortisation of patents 2 2 4
---- ---- ----
Profit before tax, exceptional items and amortisation
of patents 136 127 254
---- ---- ----
TATE & LYLE PLC
CONSOLIDATED INTERIM BALANCE SHEET
September 30 September 30 April 1 March 31
Notes 2005 2004 2005 2005
GBP m (1) GBP m (2) GBP m (1) GBP m (2)
unaudited unaudited unaudited unaudited
-------------------------------------------------------------------
ASSETS
Non-current
assets
Property, plant
and
equipment 1,353 1,266 1,262 1,262
Intangible
assets 193 210 194 194
Investments in
associates 3 3 3 3
Available-for-
sale
financial
assets 18 17
Derivative
financial
instruments 8 32 33
Loans and
receivables 7 10
Other non-current
assets 37 29
---------- --------- ---------- ----------
1,606 1,516 1,519 1,488
---------- --------- ---------- ----------
Current assets
Inventories 378 321 372 372
Trade and other
receivables 501 418 449 418
Derivative
financial
instruments 8 34 35
Cash and cash
equivalents 8 290 130 375 384
Current asset
investments 8 14 1
---------- --------- ---------- ----------
1,203 883 1,231 1,175
---------- --------- ---------- ----------
TOTAL ASSETS 2,809 2,399 2,750 2,663
---------- --------- ---------- ----------
SHAREHOLDERS' EQUITY
Capital and
reserves
attributable to
the Company's
equity holders:
Share capital and
capital reserves 489 465 481 483
Other reserves 167 124 132 124
Retained earnings 374 314 346 345
---------- --------- ---------- ----------
1,030 903 959 952
Minority Interest 31 30 29 29
---------- --------- ---------- ----------
TOTAL
SHAREHOLDERS'
EQUITY 1,061 933 988 981
---------- --------- ---------- ----------
LIABILITIES
Non-current
liabilities
Trade and other
payables 4 2 3 8
Borrowings 8 820 527 803 788
Derivative
financial
instruments 8 14 20
Deferred income
tax liabilities 40 35 33 29
Retirement
benefit
obligations 247 245 244 244
Provisions for
other
liabilities and
charges 114 115 118 118
---------- --------- ---------- ----------
1,239 924 1,221 1,187
---------- --------- ---------- ----------
Current
liabilities
Trade and other
payables 377 358 369 404
Current income
tax liabilities 9 27 23 23
Borrowings and
overdrafts 8 107 157 134 68
Derivative
financial
instruments 8 16 15
---------- --------- ---------- ----------
509 542 541 495
---------- --------- ---------- ----------
TOTAL LIABILITIES 1,748 1,466 1,762 1,682
---------- --------- ---------- ----------
TOTAL EQUITY AND
LIABILITIES 2,809 2,399 2,750 2,663
---------- --------- ---------- ----------
(1) Reflects the adoption of IAS32 and IAS39. Shaded boxes indicate
inapplicable line items. Refer to note 10.
(2) Does not reflect the adoption of IAS32 and IAS39. Shaded boxes
indicate inapplicable line items. Refer to note 10.
TATE & LYLE PLC
CONSOLIDATED INTERIM STATEMENT OF RECOGNISED INCOME AND EXPENSE
Six months Six months
to to
September September Year to
30 30 March 31
2005 2004 2005
GBP m (1) GBP m (2) GBP m (2)
unaudited unaudited unaudited
-------------------------------------------------------------------
Exchange differences 49 22 1
Employee post-employment
benefits:
-- net actuarial losses in
post-employment benefit plans (1) (7) (19)
-- deferred taxation recognised
directly in equity - 3 5
Cash flow hedges:
-- net gains recognised directly
in equity 6
-- deferred taxation recognised (2)
directly in equity
Net investment hedges (18)
--------- ---------- ----------
Net profit/(loss) recognised
directly in equity 34 18 (13)
Profit for the period 96 62 150
--------- ---------- ----------
Total recognised income and
expense for the period 130 80 137
--------- ---------- ----------
(1) Reflects the adoption of IAS32 and IAS39. Refer to note 10.
(2) Does not reflect the adoption of IAS32 and IAS39. Shaded boxes
indicate inapplicable line items. Refer to note 10.
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
Six months Six months
to to
September September Year to
30 30 March 31
2005 2004 2005
GBP m (1) GBP m (2) GBP m (2)
unaudited unaudited unaudited
-------------------------------------------------------------------
Balance at beginning of period 981 921 921
Impact of IAS 32/39 adoption
(note 10) 7
--------- ---------- ----------
Balance at beginning of period,
restated 988 921 921
Net profit/(loss) recognised
directly in equity 34 18 (13)
Profit for the period (3) 96 62 150
Employee share option schemes:
-- value of employee services 3 2 4
-- deferred taxation recognised
directly in equity 1 1 2
Dividends (65) (62) (90)
Ordinary shares issued 4 - 15
Ordinary shares acquired - (7) (7)
Deferred taxation on unremitted
earnings - (2) (1)
--------- ---------- ----------
Balance at end of period 1,061 933 981
--------- ---------- ----------
(1) Reflects the adoption of IAS32 and IAS39. Refer to note 10.
(2) Does not reflect the adoption of IAS32 and IAS39. Shaded boxes
indicate inapplicable line items. Refer to note 10.
(3) Includes GBP 2 million attributable to minority interests (six
months to September 30 2004: GBP 3 million; year to 31 March 2005:
GBP 4 million).
TATE & LYLE PLC
CONSOLIDATED INTERIM CASHFLOW STATEMENT
Six months Six months
to to
September September Year to
30 30 March 31
Notes 2005 2004 2005
GBP m (1) GBP m (2) GBP m (2)
unaudited unaudited unaudited
-------------------------------------------------------------------
Cash flows from
operating
activities
Profit before tax for
the period 135 83 205
Adjustments for:
Depreciation and
impairment losses 63 64 127
Amortisation
(including patents) 3 2 5
Cost of employee
share schemes 2 2 4
(Profit)/loss on
disposal of
property, plant and
equipment (1) 2 6
Profit on sale of
other non-current
assets (16) (16)
Interest income 5 (23) (6) (34)
Interest expense 5 40 19 58
Changes in working
capital (53) (40) (38)
--------- ---------- ----------
Cash generated from
operations 166 110 317
Interest paid (22) (12) (42)
Income tax paid (52) (42) (84)
--------- ---------- ----------
Net cash generated
from operating
activities 92 56 191
--------- ---------- ----------
Cash flows from
investing activities
Proceeds on disposal
of property, plant
and equipment 1 3 4
Proceeds on disposal
of non-current
assets 22 21
Proceeds on disposal
of current asset
investments - 13
Interest received 12 1 21
Acquisitions of
subsidiaries, net
of cash acquired 3 (74) (73)
Purchase of
property, plant and
equipment (111) (63) (141)
Purchase of other
non-current assets (1) (1)
--------- ---------- ----------
Net cash used in investing
activities (95) (112) (156)
--------- ---------- ----------
Cash flows from financing
activities
Proceeds from issuance of
ordinary shares 4 1 11
(Repayments)/proceeds
from borrowings (30) 91 258
Cash paid to acquire own
shares - (6) (1)
Dividends paid to
minority shareholders of
subsidiaries - - (1)
Dividends paid to the
Company's equity holders (65) (62) (89)
Cash settlement of debt-
related derivative
instruments (7)
--------- ---------- ----------
Net cash (used in)/from
financing activities (98) 24 178
--------- ---------- ----------
Net (decrease)/increase in
cash and cash equivalents 8 (101) (32) 213
--------- ---------- ----------
Cash and cash equivalents:
Balance at beginning of
period 384 157 157
Impact of IAS32/39
adoption (note 10) (9)
--------- ---------- ----------
Balance at beginning of
period, restated 375 157 157
Effect of changes in
foreign exchange rates 16 5 14
Net (decrease)/increase
in cash and cash
equivalents (101) (32) 213
--------- ---------- ----------
Balance at end of period 290 130 384
--------- ---------- ----------
(1) Reflects the adoption of IAS32 and IAS39. Shaded boxes indicate
inapplicable line items. Refer to note 10.
(2) Does not reflect the adoption of IAS32 and IAS39. Shaded boxes
indicate inapplicable line items. Refer to note 10.
TATE & LYLE PLC
NOTES TO INTERIM STATEMENT (UNAUDITED)
For the six months to September 30 2005
1. Presentation of interim financial statements General information The principal activities of Tate & Lyle PLC (the Company), its subsidiaries and joint ventures (together the Group) and its associates are the development, manufacture and marketing of food and industrial ingredients that have been made from renewable resources Noun 1. renewable resource - any natural resource (as wood or solar energy) that can be replenished naturally with the passage of time natural resource, natural resources - resources (actual and potential) supplied by nature . The Group operates through 41 manufacturing plants and 20 additional production facilities in 28 countries, and in numerous partnerships and joint ventures, located predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. in Europe, the Americas and in South East Asia East Asia A region of Asia coextensive with the Far East. East Asian adj. & n. . The Company is a public limited company incorporated and domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. in the United Kingdom. The address of its registered office is Sugar Quay, Lower Thames Street, London EC3R 6DQ. The Company has its primary listing on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . Basis of presentation As previously reported, the Group will be presenting its financial statements prepared on the basis of International Financial Reporting Standards ("IFRS") and of Interpretations ("IFRIC") for the first time for the year to 31 March 2006. These condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated interim financial statements, which are unaudited (hereafter In the future. The term hereafter is always used to indicate a future time—to the exclusion of both the past and present—in legal documents, statutes, and other similar papers. "interim financial statements"), have been prepared in accordance with the listing rules of the UK Financial Services Authority and using the accounting policies referred to below, which are expected to be in place for use by EU-listed companies at March 31 2006. The Group has adopted the following amendments to IFRS earlier than required: --December 2004 amendment to IAS19 Employee Benefits permitting the recognition of actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin gains and losses directly in equity (from April 1 2004); --April 2005 amendment to IAS39 Financial Instruments: Recognition and Measurement concerning cash flow hedges A cash flow hedge is a hedge of the exposure to the variability of cash flow that
--June 2005 amendment to IAS39 concerning the fair value option (from April 1 2005). Those IFRS and IFRIC applied in the preparation of these interim financial statements are subject to ongoing review and endorsement A signature on a Commercial Paper or document. An endorsement on a negotiable instrument, such as a check or a promissory note, has the effect of transferring all the rights represented by the instrument to another individual. by the European Commission and are, therefore, still subject to potential change. These consolidated interim financial statements have been prepared under the historical cost convention, except in respect of certain financial instruments. The consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge of the Group for periods up to and including March 31 2005 had been prepared in accordance with the Companies Act 1985 and United Kingdom Accounting Standards ("UK GAAP"). UK GAAP differs in certain respects from IFRS. When preparing the Group's consolidated financial statements, management has amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. certain accounting, valuation and consolidation methods applied in the UK GAAP financial statements to comply with IFRS. To explain how the Group's reported financial performance and position are affected by these changes, an appendix appendix, small, worm-shaped blind tube, about 3 in. (7.6 cm) long and 1-4 in. to 1 in. (.64–2.54 cm) thick, projecting from the cecum (part of the large intestine) on the right side of the lower abdominal cavity. to the Group's most recent Annual Report for the year to March 31 2005 set out restatements to IFRS of key audited financial information under UK GAAP, together with explanations of the principal differences between UK GAAP and IFRS and the accounting policies which are used under IFRS. A copy of that Annual Report may be obtained from the Company or via the Group's web site: www.tateandlyle.com. The comparative information in these consolidated interim financial statements is as previously reported with the exception of a revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc goodwill and deferred taxation which results in a reduction in net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. and profit for the year to March 31 2005 of GBP 4 million (six months to September 30 2004 - GBP 2 million). In addition a GBP 2 million credit has been reclassified from retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. to other reserves relating to accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. translation differences. With the exception of the adoption on April 1 2005 of IAS32 Financial Instruments: Disclosure and Presentation and IAS39 Financial Instruments: Recognition and Measurement, the consolidated comparative information in respect of the year to 31 March 2005 and the six months to September 30 2004 has also been restated to reflect these adjustments. The effects of the adoption of IAS32 and IAS39 on the Group's equity as at April 1 2005 are described in note 10. At the same date the Group adopted IFRS4 Insurance Contracts, which did not result in a material change in the Group's accounting policies. These consolidated interim financial statements are presented in pounds sterling which is the Group's presentation currency. Statutory financial statements The financial information presented here does not represent statutory accounts as defined in the Companies Act 1985. The Group's statutory financial statements for the year to March 31 2005 were prepared under UK GAAP and filed with the Registrar of Companies The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. . The auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together , PricewaterhouseCoopers LLP, reported on those accounts and their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985.
TATE & LYLE PLC
NOTES TO INTERIM STATEMENT (UNAUDITED)
For the six months to September 30 2005 (continued)
2. Accounting policies These consolidated interim financial statements have been prepared on a basis consistent with the IFRS accounting policies described in the appendix to the Group's most recent Annual Report for the year to March 31 2005, with the exception of the Group's definition of exceptional items and the accounting policies applied to certain financial instruments from April 1 2005, which are set out below. Exceptional items Exceptional items comprise To embrace, cover, or include; to confine within; to consist of. In the law governing patents—grants of an exclusive right or privilege to make, use, or sell an invention or product for a term of years—the term comprise items of income and expense that are material in amount and unlikely to recur and which merit separate disclosure in order to provide a better understanding of the Group's financial performance. Examples of events giving rise to the disclosure of material items of income and expense as exceptional items include, but are not limited to, impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. events, disposals of operations or individual assets, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. claims by or against the Group and the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of components of the Group's operations. Available-for-sale financial assets Financial assets Claims on real assets. Equity instruments held by the Group that are designated as available-for-sale are carried at fair value, with movements in fair value recognised directly in equity. Loans and receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed Non-current receivables and loans granted are carried at amortised cost less provisions for impairments. Movements in carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. are recognised in profit or loss. Borrowings Borrowings are recognised initially at fair value, net of transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value Redemption Value refers to the value that is placed on a party's head after they wrong you in some way. It is seen as the payment you are willing to make to get justice. is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. unless the Group has an unconditional HEIR, UNCONDITIONAL. A term used in the civil law, adopted by the Civil Code of Louisiana. Unconditional heirs are those who inherit without any reservation, or without making an inventory, whether their acceptance be express or tacit. Civ. Code of Lo. art. 878. UNCONDITIONAL. right to defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. settlement of the liability for at least 12 months after the balance sheet date. Commodity trading instruments Commodity instruments acquired for trading purposes are carried at fair value. Movements in fair value are recognised in profit or loss. Commodity and treasury hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. instruments Under IAS39, hedging relationships are categorised Adj. 1. categorised - arranged into categories categorized classified - arranged into classes by type and must meet strict criteria criteria (krītēr´ē  ),n. to qualify for hedge accounting Why is hedge accounting necessary? Many financial institutions and corporate businesses (entities) use derivative financial instruments to hedge their exposure to different risks (eg interest rate risk, foreign exchange risk, commodity risk, etc). . (a) Cash flow hedges Hedges of firm commitments and highly probable PROBABLE. That which has the appearance of truth; that which appears to be founded in reason. forecast transactions, including forecast intra-group transactions that are expected to affect consolidated profit or loss, are designated as cash flow hedges. To the extent that movements in the fair values of these instruments effectively offset the underlying risk being hedged hedge n. 1. A row of closely planted shrubs or low-growing trees forming a fence or boundary. 2. A line of people or objects forming a barrier: a hedge of spectators along the sidewalk. they are recognised in the hedging reserve in equity until the period during which the hedged forecast transaction affects profit or loss, at which point the cumulative gain or loss is recognised in profit or loss by offset against the hedged transaction. (b) Fair value hedges Hedges against the movement in fair value of recognised assets and liabilities are designated as fair value hedges. To the extent that movements in the fair values of these instruments effectively offset the underlying risk being hedged they are recognised in the income statement by offset against the hedged transaction. (c) Hedges of net investments Hedges of a net investment in a foreign operation are designated as hedges of net investments. To the extent that movements in the fair values of these instruments effectively offset the underlying risk being hedged they are recognised in the translation reserve until the period during which a foreign operation is disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of or partially disposed of, at which point the cumulative gain or loss is recognised in profit or loss, offsetting the cumulative difference recognised on the translation of the net investment. Hedge accounting is discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: when the hedging instrument no longer qualifies for hedge accounting. In the case of cash flow hedging relationships, the cumulative movement in the fair value of the hedging instrument previously recognised in equity is retained there until the forecast transaction affects profit or loss, unless the hedged transaction is no longer expected to occur, in which case the cumulative movement in fair value is transferred to profit or loss immediately. Movements in the fair value of hedging instruments where the instrument failed to meet the IAS39 hedge accounting criteria or where the movement represents the ineffective portion of a qualifying hedging relationship are recognised in profit or loss immediately as other income and expense or net finance cost, as appropriate. Embedded Inserted into. See embedded system. derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. Where an embedded derivative derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. is not closely related to the host contract and where the host contract itself is not already recognised at fair value, the fair value of the embedded derivative is separately recognised. Movements in the fair value of the embedded derivative, except where the embedded derivative is designated as a cash flow hedging instrument, are recognised in profit or loss.
TATE & LYLE PLC
NOTES TO INTERIM STATEMENT (UNAUDITED)
For the six months to September 30 2005 (continued)
3. Segment information
A business segment is a group of operations engaged in providing
products or services that are subject to risks and returns that are
different from those of other business segments. On June 2 2005 the
Group announced a realignment of the basis on which divisional
performance is reported to reflect its evolving strategy. These
divisions are the basis on which the Group reports its primary segment
information, as set out below.
The segment results for the six months to September 30 2005 were
as follows:
Food & Food &
Industrial Industrial Sugars,
Ingredients, Ingredients, Americas Sugars,
Americas Europe Sucralose & Asia Europe Group
GBP m GBP m GBP m GBP m GBP m GBP m
----------------------------------------------------------------------
Sales
Total sales 550 394 74 129 785 1,932
Inter-
segment
sales (3) - - - (61) (64)
-------- -------- -------- -------- -------- --------
External
sales 547 394 74 129 724 1,868
-------- -------- -------- -------- -------- --------
Operating
profit
Before
exceptional
items and
amortisation
of patents
(note 4) 55 28 33 13 24 153
Exceptional
items - - - - 1 1
Amortisation
of patents - - (2) - - (2)
-------- -------- -------- -------- -------- -------
Operating
profit 55 28 31 13 25 152
--------- -------- -------- -------- --------
Net finance
costs (17)
-------
Profit
before
tax 135
-------
The segment results for the six months to September 30 2004 were
as follows:
Food & Food &
Industrial Industrial Sugars,
Ingredients, Ingredients, Americas Sugars,
Americas Europe Sucralose & Asia Europe Group
GBP m GBP m GBP m GBP m GBP m GBP m
---------------------------------------------------------------------
Sales
Total sales 541 387 62 120 598 1,708
Inter-segment
sales (2) - - - (41) (43)
-------- -------- -------- -------- -------- --------
External
sales 539 387 62 120 557 1,665
-------- -------- -------- -------- -------- --------
Operating
profit
Before
exceptional
items and
amortisation
of patents
(note 4) 46 22 26 14 32 140
Exceptional
items (57) - - 16 (1) (42)
Amortisation
of patents - - (2) - - (2)
-------- -------- -------- -------- -------- --------
Operating
profit (11) 22 24 30 31 96
-------- -------- -------- -------- --------
Net finance
costs (13)
--------
Profit before
tax 83
--------
TATE & LYLE PLC
NOTES TO INTERIM STATEMENT (UNAUDITED)
For the six months to September 30 2005 (continued)
The segment results for the year to March 31 2005 were as follows:
Food & Food &
Industrial Industrial Sugars,
Ingredients, Ingredients, Americas Sugars,
Americas Europe Sucralos & Asia Europe Group
GBP m GBP m GBP m GBP m GBP m GBP m
---------------------------------------------------------------------
Sales
Total sales 1,039 761 115 237 1,257 3,409
Inter-segment
sales (2) - - - (68) (70)
-------- -------- -------- -------- -------- --------
External
sales 1,037 761 115 237 1,189 3,339
-------- -------- -------- -------- -------- --------
Operating
profit
Before
exceptional
items and
amortisation
of patents
(note 4) 96 44 46 20 72 278
Exceptional
items (55) (4) - 16 (2) (45)
Amortisation
of patents - - (4) - - (4)
-------- -------- -------- -------- -------- --------
Operating
profit 41 40 42 36 70 229
-------- -------- -------- -------- --------
Net finance
costs (24)
--------
Profit before
tax 205
--------
The EU Commission has stated that it expects to announce final proposals for the EU Sugar Regime towards the end of November 2005. Our principal areas for concern are set out in pages 8 and 9 of the Chief Executive's Review in the Group's most recent Annual Report for the year to March 31 2005, and in an announcement to the London Stock Exchange dated June 23 2005. The uncertainty surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. these proposals does not allow us to quantify Quantify - A performance analysis tool from Pure Software. the nature, scale and timing of the financial and accounting consequences at this stage.
4. Operating profit
Operating profit for the period is stated after the following
(charges)/credits:
Six months Six months Year
to to to
September September March
30 30 31
2005 2004 2005
GBP m GBP m GBP m
---------------------------------------------------------------------
Exceptional items 1 (42) (45)
Amortisation of patents (2) (2) (4)
--------- --------- --------
(1) (44) (49)
--------- --------- --------
The patents were acquired as part of the Sucralose realignment in
2004.
Exceptional items are as follows:
Six months Six months Year
to to to
September September March
30 30 31
2005 2004 2005
GBP m GBP m GBP m
---------------------------------------------------------------------
Loss related to settlement of litigation
claims (i) - (56) (55)
Gains on disposal of operations and
assets (ii) 1 14 10
--------- --------- --------
1 (42) (45)
--------- --------- --------
i) Litigation claims in the prior year represent costs relating to the
settlement of the High Fructose Corn Syrup class action lawsuit in
the United States.
ii) Gains on disposal of operations and assets comprise a GBP 1
million gain on the sale of fixed assets. The comparative period
comprises a credit of GBP 16 million, following settlement of the
balance due on the loan note issued by the purchaser of Western
Sugar, offset by other net losses on disposal of operations and
assets of GBP 2 million. In the year to March 31 2005, additional
net losses on disposal of operations and assets of GBP 4 million
were charged.
TATE & LYLE PLC
NOTES TO INTERIM STATEMENT (UNAUDITED)
For the six months to September 30 2005 (continued)
5. Net interest and finance expense
Six months Six months Year
to to to
September September March
30 30 31
2005 2004 2005
GBP m GBP m GBP m
---------------------------------------------------------------------
Interest income 23 6 34
--------- --------- --------
Interest expense (37) (17) (55)
Net finance charge relating to retirement
and post-employment benefit schemes (2) (2) (3)
Fair value loss on interest-related
derivative instruments (1)
--------- --------- --------
Finance expense (40) (19) (58)
--------- --------- --------
Net interest and finance expense (17) (13) (24)
--------- --------- --------
6. Earnings per share Basic Basic earnings per share is calculated by dividing the profit attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to equity holders of the Parent Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares.
Six months Six months Year
to to to
September September March
30 30 31
2005 2004 2005
---------------------------------------------------------------------
Profit attributable to equity holders of
the Company (GBP million) 94 59 146
--------- --------- --------
Weighted average number of ordinary
shares in issue (millions) 475.6 470.6 471.7
--------- --------- --------
Basic earnings per share
(pence per share) 19.8p 12.5p 31.0p
--------- --------- --------
Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. Diluted earnings per share is calculated adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. Dilutive potential ordinary shares arise from share options. For these, a calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.
Six months Six months Year
to to to
September September March
30 30 31
2005 2004 2005
---------------------------------------------------------------------
Profit attributable to equity holders of
the Company (GBP million) 94 59 146
--------- --------- --------
Weighted average number of ordinary
shares in issue (millions) 475.6 470.6 471.7
Adjustments for dilutive effect of share
options (millions) 6.7 2.1 4.8
--------- --------- --------
Weighted average number of ordinary
shares for diluted earnings per share
(millions) 482.3 472.7 476.5
--------- --------- --------
Diluted earnings per share (pence per
share) 19.5p 12.5p 30.6p
--------- --------- --------
TATE & LYLE PLC
NOTES TO INTERIM STATEMENT (UNAUDITED)
For the six months to September 30 2005 (continued)
Adjusted earnings per share
Adjusted earnings per share is stated excluding exceptional items
and amortisation of patents (see note 4), as follows:
Six months Six months Year
to to to
September September March
30 30 31
2005 2004 2005
GBP m GBP m GBP m
---------------------------------------------------------------------
Profit attributable to equity holders of
the Company 94 59 146
Adjustments for:
-- exceptional items (note 4) (1) 42 45
-- amortisation of patents (note 4) 2 2 4
-- tax effect on the above adjustments (1) (17) (17)
--------- --------- --------
Adjusted profit 94 86 178
--------- --------- --------
Adjusted diluted earnings per share
(pence per share) 19.5p 18.2p 37.4p
--------- --------- --------
7. Dividends The directors have declared an interim dividend of GBP 28 million out of the profit for the six months to September 30 2005 (September 30 2004: GBP 27 million), representing 5.9p per share (September 30 2004: 5.7p), payable on January 10 2006. The final dividend for the year to March 31 2005 of GBP 65 million, representing 13.7p per share, was paid during the six months to September 30 2005.
TATE & LYLE PLC
NOTES TO INTERIM STATEMENT (UNAUDITED)
For the six months to September 30 2005 (continued)
8. Net debt
The adoption of IFRS - and of IAS32 and IAS39 in particular - has
altered the Group's net debt profile based on the definitions
previously reported under UK GAAP. Following adoption of IFRS, cash
and cash equivalents, bank overdrafts and borrowings now reflect the
effects of various balance sheet reclassifications as well as the
inclusion of the Group's share of joint ventures' net debt.
Furthermore, derivative instruments used to manage the currency and
interest rate risk of the Group's net debt profile which were
presented as part of cash and cash equivalents, bank overdrafts and
borrowings are now presented within the classifications derivative
financial assets and derivative financial liabilities.
The components of the Group's net debt profile are as follows:
September September April March
30 30 1 31
2005 2004 2005 2005
GBP m GBP m GBP m GBP m
(1) (2) (1) (2)
----------------------------------------------------------------------
Non-current borrowings (820) (527) (803) (788)
Borrowings and overdrafts (3) (107) (157) (134) (68)
Current asset investments 14 1
Cash and cash equivalents 290 130 375 384
Debt-related derivative
instruments (4) 25 33
----------- -------- --------- --------
Net debt (612) (540) (529) (471)
----------- -------- --------- --------
Movements in the Group's net debt profile are as follows:
Six months Six months Year
to to to
September September March
30 30 31
2005 2004 2005
GBP m GBP m GBP m
(1) (2) (2)
---------------------------------------------------------------------
Balance at the beginning of period (471) (420) (420)
Impact of IAS32/39 adoption (note 10) (58)
--------- --------- --------
Balance at beginning of period,
restated (529) (420) (420)
(Decrease)/Increase in cash and cash
equivalents in the period (101) (32) 213
Repayments/(proceeds) of borrowings 30 (91) (258)
Cash inflow from movement in current
asset investments - (13)
Exchange differences (12) 3 7
--------- --------- --------
Increase in net debt in the period (83) (120) (51)
--------- --------- --------
Balance at end of period (612) (540) (471)
--------- --------- --------
(1) Reflects the adoption of IAS32 and IAS39. Shaded boxes indicate
inapplicable line items.
(2) Does not reflect the adoption of IAS32 and IAS39. Shaded boxes
indicate inapplicable line items.
(3) Borrowings and overdrafts at September 30 2005 include GBP 45
million (April 1 2005 - GBP 45 million; March 31 2005 and
September 30 2004 - not applicable) in respect of securitised
receivables.
(4) Derivative financial instruments presented within assets and
liabilities in the balance sheet of GBP 36 million net (April 1
2005 - GBP 33 million net) comprise net debt-related instruments
of GBP 25 million net (April 1 - GBP 33 million net) and non
debt-related instruments of GBP 11 million net (April 1 2005 - GBP
nil net).
TATE & LYLE PLC
NOTES TO INTERIM STATEMENT (UNAUDITED)
For the six months to September 30 2005 (continued)
9. Foreign exchange rates
Six Six
months months Year
to to to
September September March
30 30 31
Average exchange rates 2005 2004 2005
---------------------------------------------------------------------
US Dollar GBP 1 = $ 1.82 1.81 1.85
Euro GBP 1 = EUR 1.47 1.49 1.47
Canadian Dollar GBP 1 = C$ 2.23 2.42 2.36
September September March
30 30 31
Period end exchange rates 2005 2004 2005
---------------------------------------------------------------------
US Dollar GBP 1 = $ 1.77 1.80 1.88
Euro GBP 1 = EUR 1.47 1.46 1.45
Canadian Dollar GBP 1 = C$ 2.06 2.29 2.28
TATE & LYLE PLC
NOTES TO INTERIM STATEMENT (UNAUDITED)
For the six months to September 30 2005 (continued)
10. Adoption of IAS32 and IAS39
The Group adopted IAS32 Financial Instruments: Presentation and
Disclosure and IAS39 Financial Instruments: Recognition and
Measurement from April 1 2005.
The restated unaudited consolidated balance sheet below shows the
effects of adopting IAS32 and IAS39 on the Group's net equity as at
April 1 2005, previously reported under IFRS 1 in the Group's last
Annual Report for the year to March 31 2005.
A summary of the significant adjustments is set out in the
following paragraphs.
(i) Under UK GAAP the Group reported other non-current assets and
current asset investments of GBP 29 million and GBP 1 million
respectively. These comprised: equity investments, now
reclassified as available-for-sale financial assets; and loans and
non-current receivables, now reclassified as loans and
receivables.
-- Available-for-sale financial assets are made up of other
non-current assets previously carried at GBP 15 million and
current asset investments of GBP 1 million. A fair value
adjustment resulted in an increase of GBP 1 million, which
also increases other reserves by the same amount.
-- Loans and receivables are made up of other non-current assets
carried at GBP 10 million.
In addition to the reclassifications described above, a further
GBP 4 million previously reported as other non-current assets has been
reclassified as derivative financial instruments.
(ii) Certain of the Group's derivative financial instruments were not
carried at fair value under UK GAAP. IFRS also requires separate
presentation of derivative financial instruments on the balance
sheet. Reclassifications from other financial assets and
liabilities and accrued interest balances have been made, along
with re-measurement adjustments, as reflected in the restated
consolidated balance sheet.
(iii) The Group's Food and Industrial Ingredients Europe business
operates a securitisation programme under which it receives cash
from selling trade receivables. Under UK GAAP, the amounts
received under this facility of GBP 45 million were linked in
presentation to the original amounts receivable. Under IAS39, the
amounts received are shown as borrowings. Trade and other
receivables are reduced for reclassification of derivative
financial instruments of GBP 14 million.
(iv) Cash and cash equivalents have been adjusted for the
reclassification of currency swap contracts of GBP 9m.
(v) Cumulative preference shares of GBP 2 million have been
reclassified as non-current borrowings.
(vi) Other reserves are adjusted by GBP 1 million for unrealised fair
value adjustments arising on available-for-sale financial assets
(as explained in note (i)); a further reserve for deferred net
gains on cash flow hedges of GBP 11 million has been recorded in
other reserves, net of attributable deferred taxation of GBP 4
million.
(vii) Non-current and current trade and other payables are adjusted
for reclassification of derivative financial instruments of GBP 5
million and GBP 35 million respectively, including GBP 11 million
relating to commodity trading contracts, as explained in note
(ii).
(viii) Non-current borrowings are adjusted for reclassification of
derivative financial instruments of GBP 13 million, as explained
in note (ii), and for cumulative preference shares of GBP 2
million, as explained in note (v).
(ix) Current borrowings are adjusted for reclassification of
derivative financial instruments of GBP 21 million (including GBP
11 million relating to reclassified interest accruals), as
explained in note (ii), and for securitised receivables of GBP 45
million, as explained in note (iii).
(x) Retained earnings are increased by GBP 1 million net as a result
of re-measurement differences arising on financial instruments at
April 1 2005.
(xi) The impact of adopting IAS32 and IAS39 on the Group's net debt
profile is summarised as follows:
Increase in net debt GBP m
---------------------------------------------------------------------
Securitised receivables (note iii) 45
Reclassified preference shares (note v) 2
Reclassified interest accruals (note ix) 11
---
58
---
TATE & LYLE PLC
NOTES TO INTERIM STATEMENT (UNAUDITED)
For the six months to September 30 2005 (continued)
10. Adoption of IAS32 and IAS39 (continued)
Reconciliation of consolidated equity as at April 1 2005 for the
effects of adopting IAS32 and IAS39 The effect on the Group's balance
sheet of adopting IFRS at March 31 2005 was shown in the Appendix to
the Group's most recent annual report for the year to March 31 2005.
The effect on the equity of the Group at March 31 2005 of the
subsequent changes to its accounting policies as a result of adopting
IAS32 and IAS39 was as follows:
At March Effects At
31 of IAS April 1
Notes 2005 32/39 2005
GBP m adoption GBP m
unaudited GBP m unaudited
unaudited
---------------------------------------------------------------------
ASSETS
Non-current assets
Property, plant and equipment 1,262 - 1,262
Intangible assets 194 - 194
Investments in associates 3 - 3
Available-for-sale financial
assets (i) - 17 17
Derivative financial instruments (ii) - 33 33
Loans and receivables (i) - 10 10
Other non-current assets (i) 29 (29) -
--------- --------- --------
1,488 31 1,519
--------- --------- --------
Current assets
Inventories 372 - 372
Trade and other receivables (iii) 418 31 449
Derivative financial instruments (ii) - 35 35
Cash and cash equivalents (iv) 384 (9) 375
Current asset investments (i) 1 (1) -
--------- --------- --------
1,175 56 1,231
--------- --------- --------
TOTAL ASSETS 2,663 87 2,750
--------- --------- --------
SHAREHOLDERS' EQUITY
Capital and reserves attributable
to the Company's equity
holders:
Share capital and capital
reserves (v) 483 (2) 481
Other reserves (vi) 124 8 132
Retained earnings (x) 345 1 346
--------- --------- --------
952 7 959
Minority interest 29 - 29
--------- --------- --------
TOTAL SHAREHOLDERS' EQUITY 981 7 988
--------- --------- --------
LIABILITIES
Non-current liabilities
Trade and other payables (vii) 8 (5) 3
Borrowings (viii) 788 15 803
Derivative financial
instruments (ii) - 20 20
Deferred income tax liabilities (vi) 29 4 33
Retirement benefit obligations 244 - 244
Provisions for other liabilities
and charges 118 - 118
--------- --------- --------
1,187 34 1,221
--------- --------- --------
Current liabilities
Trade and other payables (vii) 404 (35) 369
Current income tax liabilities 23 - 23
Borrowings and overdrafts (ix) 68 66 134
Derivative financial instruments (ii) - 15 15
--------- --------- --------
495 46 541
--------- --------- --------
TOTAL LIABILITIES 1,682 80 1,762
--------- --------- --------
TOTAL EQUITY AND LIABILITIES 2,663 87 2,750
--------- --------- --------
TATE & LYLE PLC
NOTES TO INTERIM STATEMENT (UNAUDITED)
For the six months to September 30 2005 (continued)
11. Net margin analysis
Six Six
months months Year to
to to March
September September 31
30 2005 30 2004 2005
% % %
---------------------------------------------------------------------
Before exceptional items and
amortisation of patents
----------------------------
Food & Industrial Ingredients, Americas 10.1 8.5 9.3
Food & Industrial Ingredients, Europe 7.1 5.7 5.8
Sucralose 44.6 41.9 40.0
Sugars, Americas & Asia 10.1 11.7 8.4
Sugars, Europe 3.3 5.7 6.1
Group 8.2 8.4 8.3
After exceptional items and
amortisation of patents
---------------------------
Food & Industrial Ingredients, Americas 10.1 (2.0) 4.0
Food & Industrial Ingredients, Europe 7.1 5.7 5.3
Sucralose 41.9 38.7 36.5
Sugars, Americas & Asia 10.1 25.0 15.2
Sugars, Europe 3.5 5.6 5.9
Group 8.1 5.8 6.9
TATE & LYLE PLC
NOTES TO INTERIM STATEMENT (UNAUDITED)
For the six months to September 30 2005 (continued)
12. Ratio analysis
Six months Six months Year
to to to
Sept. 30 Sept. 30 March 31
2005 2004 2005
restated restated
--------------------------------------------------------------------
Net debt to EBITDA
= Net debt 612 540 471
-------- -------- --------- ------
Annualised
pre-exceptional
EBITDA (2 x 217) (2 x 204) 406
= 1.4 times = 1.3 times = 1.2 times
Gearing
= Net debt 612 540 471
-------- ----- ----- -----
Total net assets 1,061 933 981
= 58% = 58% = 48%
Interest cover
= Operating profit before amortisation of patents and
exceptional items
---------------------------------------------------
Net interest and finance
expense
153 140 278
--------- --------- ---------
17 13 24
= 9.0 times = 10.8 times = 11.6 times
Return on Net Operating Assets
= Annualised profit before
interest, tax and exceptional
items
-----------------------------
Average net operating assets
(2 x 151) (2 x 138) 274
---------- ---------- ----------
1,637 1,475 1,458
18.4% = 18.7% =18.8%
Net operating assets are
calculated as:
Total net assets 1,061 933 981
Add back net borrowings
(see note 8) 612 540 471
Add back tax liabilities 37 56 43
---------- ---------- ----------
Net operating assets 1,710 1,529 1,495
---------- ---------- ----------
Average net operating
assets (i) 1,637 1,475 1,458
---------- ---------- ----------
(i) Average Net Operating Assets for the period to September 30 2004
and March 31 2005 have been calculated prior to the adoption of
IAS39. Average Net Operating Assets for the period to September 30
2005 have been calculated using opening net assets at April 1 2005
which, following the adoption of IAS39, are GBP 69 million higher
than at March 31 2005.
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