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Report of the month

January 2010
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Tate & Lyle

London, United Kingdom



Report Facts

Company name: Tate & Lyle PPLC
Fiscal year end: March 31, 2009
Report title: Transforming raw materials into quality ingredients used by millions of people every day.
Chairman: Sir David Lees
Chief Executive Officer: Iain Ferguson
Number of books: 1
Report length: 168 pages
Auditors: PricewaterhouseCoopers LLP
Design and production: Berghindjoseph
E-mail: investorrelations@tateandlyle.com

Report Rating

3.5/5

(Rating scale below)

Profile-Mission (Excerpts, as from the report)

Tate & Lyle is a world-leading manufacturer of renewable food and industrial ingredients. We use innovative technology to transform corn and sugar into quality ingredients for customers in the food and beverage, industrial, pharmaceutical and animal feed markets, used by millions of people every day. (Annual report web page, inside front cover, p 4. Italics are in own company’s words)

Key Figures

Sales: £ 3,553 million
Operating profit: £ 164 million
Net profit: £ 65 million
Earnings per share: £ 14.2 pence (basic)
Dividend: £ 22.9 pence (recommended)
Net margin: 6.8%
Gearing ratio: 122%
Return on net operating assets: 12.7%
(Source: figures sourced from the annual report)

Some Competitors

  • Associated British Foods
  • Südzucker
  • Corn Products
  • United Natural Foods
  • Wessanen
 

Very good

> An annual report online homepage that invites reading further: designed for screen reading with dynamic links to chapters and sections.
> Crystal-clear presentation of the business model, from the use of raw materials through the creation of volume and value added to going to market.
> How we performed provides a comprehensive and well-structured review of operations, with key performance indicators, key markets, strategy, for each area.
> Excellent governance chapter and thorough disclosure of remuneration practices and components.
> Illustrations support and help convey the message.
 

Good

> Description of the External environment and risk management.
> Good financial review.
> Ten-year historical data including some key ratios (but leaving other key ones out).
 

Buts

> Report length, line spacing, information overload don’t make it the easiest read.
> Mind the exceptional, discontinued operations, amortization...
 

Responsible?

> Special sections about Sustainable sourcing and Preserving value (see e;g. Nothing is wasted diagram on p 19)?
> Responsibility considered as an operating component and not lacking in substance (with charts to measure). However, medium-term targets are not that obvious.
> People put a bit as a postscript.
 

How does the company report in key areas? What are the main report pluses and minuses? The Report Scan gives an overview of strengths and weaknesses, and scores each item.
Contact e.com@reportwatch.net

 

Selected Page

(p 13 of Tate & Lyle Annual Report 2009)
p 13 of Tate & Lyle Annual Report 2009
Rating Scale
5
First-Rate
4.5
Excellent
4
Very good
3.5
Sound
3
Average
2.5
Uneven
2
Common
1.5
Substandard
1
Poor
0.5
Uncompetitive
The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.