Transforming Lives through the Science of Food
Annual Report 2023
What we do
Tate & Lyle is a speciality food and beverage solutions business - a global leader in sweetening, mouthfeel and fortification. We create high-value speciality ingredients and solutions that meet growing global consumer demand for healthier and tastier food and drink.
Purpose-led business
Transforming Lives through the Science of Food is our purpose. Today, the demand for more nutritious food and the desire to live healthier lifestyles are greater than ever. Working with our customers, we reduce calories, sugar and fat in their products, and add fibre and protein, to make people's favourite foods even better. Every day, across the world, millions of people enjoy products containing our solutions.
Science Solutions Society
At Tate & Lyle, everything we do starts with these three things.
Our commitment to science, solutions and society comes from a deep understanding of our purpose. Everything Tate & Lyle does is rooted in science. It's through research and development
- our understanding of the science of food - that we have the greatest impact on people's lives, creating ingredients and solutions that support healthier and more sustainable living.
Read more about our purpose | Read more about our commitments to |
Visit tateandlyle.com/purpose | ScienceSolutionsSociety |
Visit tateandlyle.com/our-new-brand |
Contents
Introduction
2 A snapshot of Tate & Lyle
Strategic report
8 Chair's statement
10 Chief Executive's review
Our business
- Our strategy
- Our markets
- The world around us
- Our platforms
- Our core categories
- Our scientific and solutions capabilities
- Our business model
- Our progress
Review of the year
32 Chief Financial Officer's introduction
- Food & Beverage Solutions
- Sucralose
- Primary Products Europe
- Innovation and Commercial Development
- Global Operations
- Group financial review
- Our people
- Our communities
- Environment, health and safety
- Task Force on Climate- Related Financial Disclosures
- Risk report
Governance
78 Board of Directors
- Executive Committee
- Corporate governance
- Nominations Committee Report
- Audit Committee Report
- Directors' Remuneration Report
- Directors' Report
- Directors' statement of responsibilities
Financial statements
134 Independent Auditor's
Report to the members of Tate & Lyle PLC
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated statement of financial position
- Consolidated statement of cash flows
- Consolidated statement of changes in equity
- Notes to the consolidated
financial statements
198 Parent Company financial statements
Useful information
- Group five-year summary
- Additional information
- Unaudited pro-forma
- Information for investors
- Glossary
- Definitions/explanatory notes
Tate & Lyle PLC Annual Report 2023 | 1 |
A snapshot of Tate & Lyle
Open any fridge or kitchen cupboard, in any household, in practically any part of the world, and you're likely to find products containing our ingredients and solutions.
We are a global leader in sweetening, mouthfeel and fortification
Countries where we have sites
People
3,604
Employees1
Sites
58
Plants, offices and Customer Innovation and Collaboration Centres1
Labs
16
Our main production facilities
Corn wet mills1
Lafayette, Indiana, US
Koog aan de Zaan, Netherlands Boleráz, Slovakia
Speciality starches2
Van Buren, Arkansas, US
Houlton, Maine, US
Sucralose | Stevia | |
McIntosh, Alabama, US | Anji, Zhejiang, China | |
Fibre | Locust bean gum | |
Nantong, Jiangsu, China | Noto, Sicily, Italy | |
Jiangmen, Guangdong, China | ||
Blending | ||
Tapioca | Six facilities in US, UK, Brazil, South Africa, | |
Dan Khun Thot, Nakhon Ratchasima, | Italy and Australia | |
Thailand |
Global network of Customer Innovation and Collaboration Centres1
Countries/customers
122
Countries in which we serve customers1
- Corn wet mills produce a range of products including sweeteners, starches and fibres.
- Speciality starches include corn, tapioca and potato; these plants do not have grind capacity and are not classified as corn wet mills.
2 | Tate & Lyle PLC Annual Report 2023 |
1 At 31 March 2023.
Our performance
Financial
Group statutory results1
Revenue
2023 | £1,751m | ||
2022 | £1,375m | ||
2021 | £1,211m |
£1,751m
Profit before tax
2023 | £152m |
2022 | £42m |
Alternative performance measures2
Adjusted EBITDA3
2023 | £320m | |
2022 | £233m |
£320m
Adjusted diluted earnings per share
2023 | 49.3p |
2022 | 39.5p |
Environmental, social and governance
EnvironmentalSocial
6% | 6.0m | |
reduction in Scope 1 and 2 absolute | tonnes of sugar removed from diets through | |
greenhouse gas emissions5 | low-/no-calorie sweeteners and fibres7 | |
13% | 3.6m | |
reduction in Scope 3 absolute greenhouse | meals donated through food banks | |
gas emissions5 | and other charitable partners7 |
2021£90m
£152m
Diluted earnings per share
2023 | 30.8p |
5.5p | |
2022 |
202119.1p
30.8p
Net debt4
2023 | £238m | ||
2022 | £626m | ||
2021 | £417m |
£238m
2021 |
49.3p
Return on capital employed
2023 | 17.5% | ||
2022 | 16.5% | ||
2021 | 17.3% | ||
17.5% | |||
Free cash flow | |||
2023 | £119m | ||
2022 | £72m | ||
£119m |
2%
reduction in water use intensity5
92%
waste beneficially used6
439,000
acres of sustainable corn supported6
44%
women in leadership and management roles8
Governance
45%
Board of Directors are women8
56%
- Continuing operations.
- Adjusted EBITDA, adjusted diluted earnings per share, return on capital employed (ROCE) and free cash flow are non-GAAP measures. Changes in adjusted performance metrics are in constant currency and for continuing operations (for definitions, see Notes 1 and 4). Comparatives for adjusted performance are pro-forma financial information (see Useful information).
- Earnings before interest, tax, depreciation and amortisation.
- Net debt is not itself defined by IFRS. It comprises line items that are IFRS-defined terms. See Note 28.
- From baseline of year ended 31 December 2019, continuing operations.
- In the year ended 31 December 2022, continuing operations.
Executive Committee are women8
- From baseline of 31 March 2020.
- At 31 March 2023.
Tate & Lyle PLC Annual Report 2023 | 3 |
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Tate & Lyle plc published this content on 06 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 June 2023 11:54:11 UTC.