focus on 
ingredients
annual report 2014 tate  lyle is a leading global provider 
of ingredients and solutions to the  
food beverage and other industries 
through our production facilities across  
the world we turn raw materials into 
distinctive highquality ingredients for our 
customers our ingredients and solutions 
add taste texture nutrition and functionality 
to products used or consumed by millions 
of people every day
 splenda
®
 sucralose 
sweetens without adding calories
krystar
®
 crystalline fructose 
provides sweetness and extends 
shelf life
hamulsion
® 
food system 
thickens stabilises provides 
consistent mouthfeel and optimises 
cost one allinclusive solution
our 
ingredients  
at work 
 rezista
®
 speciality food starch 
provides body mouthfeel and stability
promoat
®
 beta glucan 
adds natural ﬁbre and promotes  
heart health
promitor
®
 soluble corn fiber 
provides added ﬁbre and mouthfeel  
to rebalance fat or sugar reduction
  delicious reduced fat reduced 
sugar and reduced calorie  
yoghurt with added ﬁbre
wwwtateandlylecom
ingredientsandservices financial highlights
statutory results
2014 2013
2
operating proﬁt £325m £334m
proﬁt before tax £290m £301m
proﬁt for the year on total operations £273m £273m
diluted earnings per share on total operations 580p 57 4p 
adjusted operating profit
 1
 £m 
£349m
2012 2013 2014
346
2
356
2
349
adjusted diluted earnings  
per share
 3
 pence
557p
2012 2013 2014
560
2 566
2
557
dividend per share pence
27 6p
4
2012 2013 2014
249
262
276
4
1  continuing operations before 
exceptional items and amortisation 
of acquired intangible assets
2  restated for ias 19 revised 2011 
‘employee benefits’
net debt £m
£353m
2012 2013 2014
476 479
353
3
3  based on earnings from continuing 
operations excluding exceptional 
items amortisation of acquired 
intangible assets net retirement 
benefit interest and the tax effect 
of these items
4  this includes the proposed final 
dividend
adjusted operating profit adjusted profit before tax and adjusted 
earnings per share
unless stated otherwise adjusted operating profit in this annual report excludes 
discontinued operations and is before exceptional items see note 7 and 
amortisation of acquired intangible assets in addition adjusted profit before tax 
and adjusted earnings per share also exclude net retirement benefit interest 
adjusted earnings per share also excludes the tax effect of the adjusted items
trademarks
splenda
®
 and the splenda
®
 logo are trademarks of mcneil nutritionals llc
definitionscautionary statement
please see the explanatory notes on the inside back cover
strategic report
financial highlights 01
our group at a glance  02
chairman’s statement  04
our operations  06
 chief executive’s review  07
our marketplace  10
our business model  12
our strategy  14
our strategy in action  16
 key performance indicators  18
speciality food ingredients  20
bulk ingredients  22
group financial results  24
additional financial information  26
risks  29
corporate responsibility  32
governance
board of directors  38
statement from the chairman  40
corporate governance  41
audit committee report  47
 nominations committee report  50
corporate responsibility committee report  51
directors’ remuneration report  52
directors’ report  72
directors’ statement of responsibilities  73
financial statements
independent auditors’ report  
to the members of tate  lyle plc  74
consolidated income statement  77
consolidated statement of comprehensive income  78
 consolidated statement of financial position  79
consolidated statement of cash flows  80
 consolidated statement of changes in equity 81
 notes to the consolidated financial statements  82
 parent company financial statements  134
useful information
information for investors   141
fiveyear summary 142
glossary and explanatory notes 144
 tate  lyle plc annual report 2014  01
strategic report governance financial statements useful information 
financial highlights a global business dedicated to serving our 
customers from over 30 locations worldwide
sales
£3147m
2013 – £3256m
adjusted profit before tax
£322m
2013 – £327m
net debt
£353m
2013 – £479m
employees worldwide
4523
2013 – 4326
tate  lyle operates through two  
global divisions speciality food 
ingredients and bulk ingredients
these two divisions are supported by our 
innovation and commercial development  
icd group global shared service centre  
and other global functions
we have operations in over 30 locations including 
our manufacturing facilities such as our two scale 
splenda
®
 sucralose facilities in singapore and 
the us and our network of corn wet mills in 
europe and the us which are shared by the two 
divisions to make our cornbased products we 
have also built a global network of customerfacing 
facilities allowing us to collaborate with customers 
wherever they are located including our global 
innovation hub the commercial and food 
innovation centre in chicago usa
our operations 
page 6
performance of our divisions
pages 20 to 23
usa
chicago illinois  
dayton ohio
decatur illinois
duluth minnesota
houlton maine
lafayette indiana
loudon tennessee
mcintosh alabama
princeton new jersey
sycamore illinois 
van buren arkansas
principal locations
latin america
buenos aires argentina
guadalajara mexico
2
mexico city mexico
santa rosa brazil
são paulo brazil
02  tate  lyle plc annual report 2014
strategic report 
our group at a glance sales by division
1 31 speciality food ingredients
2 69 bulk ingredients
adjusted operating profit
 1
1 55 speciality food ingredients
2 45 bulk ingredients
employees by geography
1 46 north america
2  37  europe middle 
east  africa
3 10 latin america
4 7 asia pacific
1 adjusted operating profit excluding central costs
europe
adana turkey
2
bergamo italy
boleraz slovakia
2
kimstad sweden
koog the netherlands
lille france 
łód´ z poland
london uk
lübeck germany 
mold uk 
noto italy
ossona italy
razgrad bulgaria
2
szabadegyháza hungary
2
middle east  africa
casablanca morocco 
kya sand south africa 
asia paciﬁc
brisbane australia 
singapore 
shanghai china
suqian china
xuzhou china
key
manufacturing facilities
applicationstechnical services facilities
principal centralicd locations 
2 joint venture
1
2
3
4 1
2
1
2
 tate  lyle plc annual report 2014  03
strategic report governance financial statements useful information  “the board is confident  
that our strategy of 
becoming a leading global 
provider of speciality food 
ingredients will create 
longterm sustainable  
value for our shareholders”
 sir peter gershon
introduction
i could not open my statement on the 
performance of tate  lyle during the year 
without first addressing safety and the 
three tragic fatalities that have occurred 
over the last 12 months two accidents in 
europe – one in hungary and one in the 
netherlands – and one just after the year 
end in singapore resulted in three people 
who came to work at our facilities not 
returning home to their families at the time 
of writing one other person remains in a 
critical condition in hospital in singapore  
i know i speak for the entire board and the 
company as a whole when i express my 
deep regret and sincere condolences to 
those families we will continue to provide 
them with all the support that we can  
and our thoughts and prayers remain  
with them 
the tragic loss of these colleagues  
reminds us that safety is and must always 
be our first priority with that in mind we 
are redoubling our focus on safety with 
javed ahmed and his team leading a series 
of fresh initiatives to further improve hazard 
identification and accident prevention at all 
of our sites these new measures will be 
closely overseen by william camp and  
our corporate responsibility committee 
we will consider what other measures are 
required when the results of the official 
investigations into the causes of the 
fatalities are known 
group performance 
we have faced a number of challenges 
over the last financial year unseasonably 
cold weather on both sides of the atlantic 
corporate responsibility
pages 32 to 37
governance 
pages 40 to 46
04  tate  lyle plc annual report 2014
strategic report 
cha irman’ s st atement in the ﬁrst half of the year reduced demand 
for our bulk sweeteners and this along with 
an increasingly competitive environment  
for splenda
®
 sucralose and lower returns 
from coproducts in volatile corn markets  
in the us offset a good performance  
in a number of areas notably the  
emerging markets 
although we are now facing the headwind 
from lower splenda
®
 sucralose prices 
the board is conﬁdent that our strategy  
of becoming a leading global provider  
of speciality food ingredients will create 
longterm sustainable value for our 
shareholders accordingly in the year 
ahead we will continue to put in place  
the investment required to ensure the 
continued execution of our strategy and to 
build on the solid foundations laid over the 
last four years under javed’s leadership
strategic progress
realising our vision of becoming  
a leading global provider of speciality  
food ingredients and solutions requires  
us to explore new horizons and broaden 
the geographic reach of the business 
while we continue to develop the business 
within what have historically been our core 
markets of north america and europe  
i am pleased to say we have made very 
good progress over the last few years 
building our speciality food ingredients 
business in both asia and latin america 
during the year the board visited china 
and singapore to see our asia paciﬁc 
operations and to gain a better 
understanding of the opportunities that 
exist in the region against a backdrop  
of rapid urbanisation rising household 
income and changing tastes the role of 
innovation and new product development 
is becoming increasingly important in  
these regions as food and beverage 
manufacturers look to respond to 
consumer demand we were able to  
see ﬁrsthand how our investment in new 
capabilities and customerfacing facilities  
is helping our customers meet their 
objectives and get their new products  
to market faster across the region 
i am in no doubt that alongside this 
investment the strength of the tate  lyle 
brand and our reputation for delivering 
innovative food ingredients and solutions 
with the highest standards of quality 
traceability and reliability have played  
an important part in building our presence 
in these markets
the formation of tate  lyle howbetter 
earlier in the year which combines  
tate  lyle’s global blending capabilities 
and recipe knowhow with howbetter’s 
strong local expertise and infrastructure 
provides us with an excellent platform to 
accelerate the growth of our food systems 
business in china the acquisition of 
winway biotechnology a chinese 
producer of polydextrose which we expect 
to complete later in the year will further 
enhance our presence in asia and our 
offering in the fastgrowing ﬁbre category 
work to lay the foundations for future 
longterm growth derived from new 
ingredients continues within our innovation 
and commercial development group icd 
while the contribution from recent launches 
is modest we are encouraged by the 
pipeline of customer projects and the 
strength of our innovation pipeline which 
remains robust within icd we have also 
made excellent progress building a world
class marketing function which has begun 
work on a range of initiatives to promote 
our business and products globally
our investment in our global commercial 
and food innovation centre in chicago 
usa is not only helping us bring new 
products identiﬁed by icd to market faster 
it is also helping to generate stronger  
more collaborative relationships with  
our customers further information  
on this is on page 16
governance
as the business expands my fellow 
directors and i are devoting more time  
to obtaining a better understanding of the 
markets in which we operate and how our 
business is evolving to meet customer 
needs as well as individual nonexecutive 
directors’ site visits to our operations and 
the board visit to the asia paciﬁc region 
members of the audit committee also 
visited our global shared service centre  
in łód´ z poland to review its work and 
future initiatives with the local team
this year we agreed that the annual review 
of board effectiveness should be externally 
facilitated we felt that given the importance 
of inclusive leadership and the changes  
to the board in the previous ﬁnancial year 
there would be signiﬁcant beneﬁt in 
undertaking this review from a diversity and 
inclusion perspective further details on our 
visits and the effectiveness review are set 
out within the governance section
corporate responsibility  
and risk management
we have continued to strengthen our 
internal control arrangements and external 
reporting on environmental social and 
governance matters including in relation  
to safety and business continuity 
management our approach to safety 
business continuity and risk management 
focuses on preventive programmes 
approaches and actions to reduce the  
risk of experiencing any incidents and  
on advanced planning and preparedness  
for responding to actual events that may 
occur corporate responsibility matters are 
integrated into the group’s enterprisewide 
risk management and reporting process 
see page 29
during the year we have engaged with 
customers and other key stakeholders to 
better understand the environmental social 
and governance matters and potential risks 
that they see as particularly important  
we have used this feedback to review how 
we report on corporate responsibility in this 
annual report and through other means 
including our corporate website
dividend
the board recognises the importance  
of the dividend to shareholders and follows 
a progressive dividend policy with the aim 
of growing the dividend over time taking 
into account the longterm earnings 
prospects of the business
the board is recommending a 53 
increase in the ﬁnal dividend to 198p  
2013 – 188p per share making a fullyear 
dividend of 27 6p 2013 – 262p per share 
a 53 increase on the prior year subject 
to shareholder approval the proposed ﬁnal 
dividend will be due and payable on  
1 august 2014 to all shareholders on the 
register of members at 27 june 2014  
in addition to the cash dividend option 
shareholders will continue to be offered  
a dividend reinvestment plan drip 
alternative
finally i would like to acknowledge the hard 
work of all our employees in a challenging 
year we continue to make good strategic 
progress in transforming tate  lyle and  
we have them to thank for that
sir peter gershon
chairman
28 may 2014
dividend per share pence
27 6p
1
2012 2013 2014
249
262
276
1
1 this includes the proposed final dividend
 tate  lyle plc annual report 2014  05
strategic report governance financial statements useful information  marketplace for sfi and bi
pages 10 and 11
our business model 
pages 12 and 13
innovation and commercial development icd
speciality food ingredients sfi
sfi develops produces and markets distinctive highquality 
ingredients for food and beverage customers across the world by 
leveraging our manufacturing facilities innovative technology and 
formulation expertise we help create costeffective better tasting 
products for consumers
sfi works closely with our innovation and commercial development 
group to develop and commercialise new products
customers
 large multinational food and beverage manufacturers
 small and mediumsized food and beverage manufacturers
 private label food and beverage manufacturers
products
sweeteners –  speciality cornbased sweeteners 
including krystar
®
 crystalline fructose
 –  highintensity sweeteners including 
splenda
®
 sucralose purefruit
tm
  
monk fruit extract and tasteva
®
  
stevia sweetener
texturants – speciality starches
 – locust bean gum
health and wellness – promitor
®
 soluble corn fiber 
 – stalite
®
 polydextrose
 – sodalo
®
 salt microspheres
 – promoat
®
 beta glucan
food systems – food stabiliser systems
 – functional ingredient blends
bulk ingredients bi
bi manufactures and markets products including sweeteners 
industrial starches ethanol acidulants and animal feed for food and 
beverage industrial and agricultural customers around the world
bi also partners with biobased materials companies seeking expertise 
to commercialise green chemistry fermentation one such partnership 
is our joint venture with dupont which manufactures biopdo
®
  
a biobased ingredient used in the textile and plastics industries
customers
 large multinational food and beverage manufacturers
 paper and board producers
 gasoline suppliers
 textile manufacturers
 animal feed compounders
products
 liquid sweeteners including corn syrup dextrose and glucose
 industrial starches
 citric acid
 biofuels
 animal feed including corn gluten feed and corn gluten meal
tate  lyle operates through two global divisions 
the innovation and commercial development group supports our two divisions 
open 
innovation 
global 
marketing 
platform 
management
research and 
development
innovation and 
commercial 
development
a clear focus on three sfi platforms
texturants sweeteners health and wellness
icd is a key enabler of tate  lyle’s growth strategy it brings together 
open innovation rd global marketing and platform management into 
one global team to provide an integrated approach towards developing 
and commercialising innovative new products and technologies
while icd supports both of tate  lyle’s global divisions it concentrates 
particularly on growing sfi as a result icd’s resources are predominantly 
focused on three broad platforms within the global speciality food 
ingredients market – sweeteners texturants and health and wellness
we have identiﬁed ﬁve core scientiﬁc competencies as being key to 
delivering innovation in these three platforms biochemistry formulations 
science separations science particle design and organic chemistry
we have made investments in innovation and technical services facilities 
across the world to support these 
ideas are generated from both internal and external sources internally 
these come from work done by our own scientists externally we generate 
ideas from engagement with our customers and from our dedicated open 
innovation team which seeks to develop partnerships with universities 
research institutions and startups specialising in food science and novel 
ingredients we also invest in longterm external partnerships through our 
venture funds 
all of our ideas and innovations are put forward for commercialisation via a 
deﬁned process which is designed to prioritise ideas time and resources
our operations
06  tate  lyle plc annual report 2014
strategic report   javed ahmed
fullyear performance
during the year we continued to make 
steady progress in executing our strategy 
the delivery of proﬁt growth in starch
based speciality ingredients and food 
systems along with another year of  
strong growth in emerging markets  
was offset by the impact of the cold spring  
in the us last year followed by the recent 
severe and prolonged winter and an 
increasingly competitive market for 
splenda
®
 sucralose 
sales for the year were £3147 million  
2013 – £3256 million 3 lower than the 
prior year 3 in constant currency with 
sales in speciality food ingredients up 4 
4 in constant currency to £983 million 
2013 – £947 million and 6 lower in bulk 
ingredients 6 in constant currency at 
£2164 million adjusted operating proﬁt 
was 2 lower 1 in constant currency  
at £349 million 2013 – £356 million with 
adjusted operating proﬁt in speciality food 
ingredients in line with the prior year at 
£213 million up 1 in constant currency 
and 5 lower 4 in constant currency  
in bulk ingredients at £172 million 2013 
– £182 million adjusted proﬁt before tax 
was 2 lower ﬂat in constant currency  
at £322 million 2013 – £327 million and 
adjusted diluted earnings per share were 
2 lower ﬂat in constant currency at 557p 
2013 – 566p 
financial management  
and balance sheet
our average quarterly cash conversion cycle 
improved by three days to 39 days 2013 
– 42 days largely driven by a decrease in 
working capital due to lower ﬁnished goods 
inventories and lower corn prices 
the key performance indicators kpis  
of our ﬁnancial strength the ratio of net 
debt to earnings before interest tax 
depreciation and amortisation ebitda 
and interest cover remain well within our 
internal thresholds at 31 march 2014  
the net debt to ebitda ratio was 08  
times 2013 – 10 times against our internal 
threshold of 20 times and interest cover  
on total operations was 116 times  
2013 – 111 times again comfortably 
ahead of our minimum threshold of  
50 times
net debt of £353 million at 31 march  
2014 was lower than at the end of last  
year 2013 – £479 million reﬂecting  
the reduction in working capital and a 
decrease in the value of dollar denominated 
debt as a result of the weakening of the  
us dollar against sterling 
we continue to generate a good level of 
return on our assets with return on capital 
employed of 192 2013 – 197 
chief executive’s review
changes in constant currency are calculated by retranslating comparative period results at current 
period exchange rates
highlights
  speciality food ingredients sales up 4 up 4 in constant currency  
at £983 million with adjusted operating proﬁt in line with the prior year  
up 1 in constant currency at £213 million
 – continued strong growth in asia and latin america
 – acquisition of biovelop and in china the formation of tate  lyle howbetter 
and agreement to acquire winway biotechnology
  bulk ingredients adjusted operating proﬁt 5 lower 4 lower in constant 
currency at £172 million due to soft beverage season and unusually cold  
and prolonged winter in the us
  adjusted proﬁt before tax 2 lower ﬂat in constant currency at £322 million
  balance sheet remains strong with reduction in net debt of £126 million  
to £353 million 2013 – £479 million
  final dividend of 198p proposed making a total dividend of 276p  
2013 – 262p up 53 on prior year
  successful deployment of upgraded isit platform across europe with us  
and singapore on track for the summer
  board approval of capital investment of £100 million over the next two  
years in speciality food ingredients to expand capacity for existing  
and pipeline products
 tate  lyle plc annual report 2014  07
strategic report governance financial statements useful information  safety
as already set out in the chairman’s 
statement on page 4 i am saddened  
to report that the performance of the  
group this year has been completely 
overshadowed by three fatal accidents  
as a result of these tragic events working 
with the chairman the board and the 
corporate responsibility committee  
we are taking a fresh look at our overall 
safety approach and procedures  
not limited to the speciﬁc areas related  
to these accidents 
i know i speak for all of my colleagues 
across the group when i say that we  
are determined to continue to improve  
our safety programme so as to keep all 
those that work at or visit our sites safe  
at all times
strategy and business update
growth in speciality food ingredients
since may 2010 we have made steady 
progress executing our strategy and 
growing speciality food ingredients  
having delivered average annual volume 
growth of 5 and compound annual 
operating proﬁt growth of 7 during that 
period excluding splenda
®
 sucralose 
where an increasingly competitive 
environment held back growth of the 
division as a whole we have delivered  
a strong performance across the rest  
of speciality food ingredients with 
compound annual proﬁt growth of  
12 during the same fouryear period 
this growth has been achieved by rigorously 
following through on the key priorities we set 
out in may 2010 when we outlined a path  
to grow our speciality food ingredients 
division by diversifying our business 
geographically through building our 
presence in faster growing emerging 
markets and hence reducing our reliance  
on developed markets broadening our 
product portfolio through the development 
of a worldclass innovation capability  
and forming stronger relationships with  
our customers through much greater 
collaboration with them
over the past year we have made further 
progress in each of these areas 
entering new markets
we delivered another strong performance 
in asia paciﬁc and latin america with 
doubledigit volume growth during the 
period as we continued to leverage the 
strength of our brand our ingredients 
portfolio and our applications expertise in 
these regions our successful expansion 
into the emerging markets which now 
represent 19 of speciality food 
ingredients sales is a result of the 
investments we have made in building 
strong local teams and infrastructure 
which have been key enablers in forming 
direct and higher quality relationships with 
regional food and beverage customers 
during the year we opened an applications 
and technical service laboratory in 
singapore the new hub of our asia paciﬁc 
operations and established a sales ofﬁce 
in japan 
we have also strengthened our presence 
through acquisition in october 2013 we 
acquired a 51 equity interest in jiangsu 
howbetter food co ltd a leading food 
systems business in china by combining 
tate  lyle’s global blending capabilities 
and extensive recipe expertise with 
howbetter’s strong local expertise and 
infrastructure tate  lyle howbetter 
provides us with an excellent platform  
from which to accelerate the growth of  
our food systems business in china
in march 2014 we announced the  
signing of an agreement to acquire  
winway biotechnology winway a leading 
producer of polydextrose ﬁbre in china 
winway will provide us with our third global 
polydextrose facility complementing our 
existing facilities in the netherlands and  
the us the acquisition which is subject  
to government approval expected in the 
next few months will allow us to further 
accelerate the growth of our speciality 
ﬁbres business in asia paciﬁc and  
to expand our health and wellness  
offering globally
innovation
our innovation and commercial 
development group icd launched ﬁve 
new products during the year including 
pulpiz
®
 pulp extender a speciality food 
starch that replaces tomato pulp in a range 
of applications icd also continued to play 
a key role in the commercialisation of our 
recently launched ingredients particularly 
our salt reduction ingredient sodalo
®
 
salt microspheres and our steviabased 
nocalorie natural sweetener tasteva
®
 
stevia sweetener during the year a 
number of customers launched products 
incorporating these ingredients and we 
continued to work closely with customers 
on formulation product prototyping and 
testing to convert the increasing number of 
customer projects in the pipeline into sales
our innovation pipeline remains strong with 
a total of 35 products at various stages of 
development including ten in the ﬁnal 
stages some of which we plan to launch 
over the next 12 to 18 months the pipeline 
is well balanced with a number of line 
extensions next generation and 
breakthrough projects across our 
sweeteners texturants health and  
wellness and bulk ingredients platforms 
our global marketing team is an  
integral part of the innovation and 
commercialisation process in addition  
to developing clear value propositions  
and positioning for our ingredients this 
team is also developing consumerfocused 
strategies for speciﬁc applications in the 
beverage ‘clean label’ convenience  
and dairy categories
at the start of the year we acquired 
biovelop an earlystage manufacturer  
of oat beta glucan which added a ‘clean 
label’ speciality ﬁbre with strong efsa
1
 
health claims to our existing cornbased 
ﬁbreportfolio during the year high levels 
of customer interest in promoat
®
 beta 
glucan has helped to build a strong 
pipeline work to expand capacity at  
our plant in kimstad sweden has begun 
and we expect this will come on line  
in the current ﬁnancial year 
focus on the customer
as reported at our halfyear results  
we have made signiﬁcant progress  
in increasing customer collaboration  
by leveraging our global commercial  
and food innovation centre in chicago  
and our enhanced network of applications 
laboratories around the world during the 
year we commissioned an independent 
analysis to understand better our 
customers’ views of our developing 
innovation capabilities this showed a 
marked improvement in the way we are 
perceived by those customers who interact 
with us at our innovation centre in chicago 
with around twothirds of those stating that 
we were ‘exceeding their expectations’ 
this has not only led to us developing 
stronger customer relationships but also  
to winning new business with both existing 
and new customers 
splenda
®
 sucralose
as announced in february 2014 the 
competitive environment for sucralose 
intensiﬁed during the ﬁnal quarter driven  
by an increase in capacity in china and  
a signiﬁcant overhang of unsold chinese 
sucralose against this backdrop we 
renewed a number of customer contracts  
for splenda
® 
sucralose including some 
on a multiyear basis and as a result we 
experienced an increase in the rate of price 
decline in splenda
®
 sucralose in the ﬁnal 
quarter as previously announced with 
these contracts in place and based on 
current market dynamics we expect 
average prices in the 2015 ﬁnancial year  
to be around 15 lower than the 2014 
ﬁnancial year 
1 efsa – european food safety authority
08  tate  lyle plc annual report 2014
strategic report 
chief executive’s review  continued notwithstanding the competitive market 
environment and the headwind of lower 
prices we continue to see good longterm 
volume growth opportunities in the global 
market for sucralose driven by a number 
of factors
 given rising rates of obesity and diabetes 
globally increased consumer focus on 
health and wellness is continuing to drive 
food and beverage manufacturers to 
reduce or replace sugar content in their 
products the imposition of taxes by 
governments on food and beverage 
products with high levels of sugar or 
calories is also creating opportunities  
and increasing demand for sucralose
 sucralose continues to be the high 
intensity sweetener of choice because 
the combination of its superior taste 
proﬁle and heat stability that enable it to 
be incorporated in a wide range of food 
beverage and other applications this 
provides an opportunity for sucralose to 
continue to replace other high intensity 
sweeteners that have already been 
incorporated into low calorie products in 
the market as well as replacing sugar in 
calendar year 2013 6373
2
 new products 
were launched globally incorporating 
sucralose a 54 increase over the prior 
year 2012 – 4142 launches compared 
with 3633
2
 for aspartame up 4 on 
2013 and 2860
2
 for stevia up 56  
on 2013 where we also have a strong 
offering through tasteva
® 
stevia 
sweetener as a result sucralose’s value 
share of the global high intensity 
sweetener market continues to grow 
standing at 35 for calendar year 2013
 we also see good growth potential  
in the tabletop market where we now 
have full freedom to operate worldwide
while we expect the global market for 
sucralose to remain competitive our 
priority remains to increase volumes by 
both growing and taking a greater share  
of the global market for sucralose by 
leveraging our unparalleled applications 
and formulations expertise and providing 
our customers with the highest standards 
of quality traceability and reliability in the 
industry speciﬁcally our focus over the 
next year will be to continue to renew 
existing customer contracts aggressively 
pursue new business opportunities globally 
including those relating to the substitution 
of other artiﬁcial high intensity sweeteners 
given the increasing price competitiveness 
of splenda
®
 sucralose and drive further 
cost savings and efﬁciencies through our 
two largescale continuous production 
facilities in the us and singapore 
investing in a platform for  
longterm growth
in order to support continued growth in the 
speciality food ingredients division the 
board has approved in line with our 
disciplined capital process capital 
investment of £100 million over the next 
two years this investment will be used to 
expand capacity at our speciality plants in 
europe and the us and our recently 
acquired oat beta glucan business support 
the growth in new products expected to be 
launched in the next 12 to 18 months and 
deliver cost reduction initiatives as a result 
we expect the ratio of capital expenditure 
to depreciation to increase in the next 
ﬁnancial year to approach 20 times with 
an average payback on these projects of 
35 years 
earlier this month we successfully 
deployed the upgraded global isit system 
across our european operations and we 
remain on track to implement the system  
in the us and singapore by the end of 
summer while we expect the total 
investment in the isit platform and global 
shared service centre to be towards the 
top of the £120 – 135 million range we 
disclosed in may 2013 we are starting to 
see the beneﬁts from this investment in 
particular within procurement and shared 
services and continue to target a three
year cash payback from completion of  
the implementation 
during the year we incurred £46 million of 
costs on the rollout of the common isit 
platform taking the total costs to 31 march 
2014 on the global shared service centre 
and isit platform to £124 million of which 
£77 million was capital expenditure as a 
result of bringing the isit system into 
operation across the business we expect 
our depreciation and amortisation charge 
to increase by £5 million in ﬁnancial year 
2015 and a further £4 million the year after 
conclusion
the transformation of tate  lyle  
remains ﬁrmly on track and our strategy  
of becoming a leading global provider  
of speciality food ingredients will  
continue to create longterm value  
for our shareholders
excluding splenda
®
 sucralose speciality 
food ingredients has grown strongly over 
the last four years and well ahead of the 
wider market underpinned by the good 
progress we have made in emerging 
markets innovation and working more 
closely with our customers
while we are operating in an intensely 
competitive dynamic market for sucralose 
we continue to see good volume growth 
opportunities and are well placed to secure 
this growth
following the implementations of our global 
isit platform over the summer we will 
have completed virtually all the business 
transformation initiatives we set out to 
deliver four years ago 
we have strengthened our ﬁnancial 
position which provides us with the 
resources to invest in the business and the 
ﬂexibility to make acquisitions where we 
see high quality opportunities to accelerate 
organic growth
since 2010 we have built a more robust 
more global and higherquality business 
that is capable of generating sustained 
growth over the long term i would like  
to thank all of our employees across  
tate  lyle for their continued hard work 
and dedication over the last year and look 
forward to working alongside them in 
continuing to deliver our objectives over  
the next ﬁnancial year and beyond
key performance indicators kpis
our kpis for the year ended 31 march 2014 
are detailed on pages 18 and 19
outlook 
in speciality food ingredients we expect 
to deliver volume growth across all major 
product categories but a lower proﬁt 
contribution from splenda
®
 sucralose  
is expected to offset a good performance 
elsewhere in the division proﬁts in this 
division are expected to be more evenly 
weighted between the ﬁrst and second 
halves than the previous ﬁnancial year
in bulk ingredients we now anticipate  
a slower start in the us in our ﬁrst quarter 
associated with the prolonged and severe 
winter combined with lower european 
sugar prices in our second half to 
outweigh a better performance across 
other product categories 
overall and before the impact of  
currency movements
3
 while we expect  
the group’s performance for the full year  
to be slightly lower than the comparative 
period we are well placed to deliver growth 
in the longer term
javed ahmed
chief executive
28 may 2014
2 source innova market insights
3  the estimated annual movement in operating  
profit and profit before tax caused by a one  
cent movement in the us dollar is £17 million  
and £16 million respectively
 tate  lyle plc annual report 2014  09
strategic report governance financial statements useful information  convenience
 changes in consumer lifestyles continue  
to increase the demand for packaged and 
convenience foods for consumption both  
at home and ‘on the go’
 product launches with a ‘convenient’ claim 
increased globally by 25 in 2013
 increasing urbanisation has driven growth  
in asia paciﬁc and latin america where 
launches of convenience products increased 
by 23 and 40 respectively in 2013
global convenience product launches
1 2 
2011 2012 2013
13
25
151499
global speciality food ingredients market 
approximately us35 billion
1 14 sweeteners
2 20 texturants 
3  14 functional food 
ingredients
4  8 colours and 
preservatives
5 33 flavour
6 11 other
speciality food ingredients
the global market for speciality food ingredients is large and growing underpinned by strong 
consumer trends convenience health and wellness and ‘clean label’
focus and depth 
our strategy is to focus on three core 
platforms and to have deep expertise 
within each one
 sweeteners
 texturants
 health and wellness
source innova market insights
1 data shown is based on calendar years
2 definition product launches that have at least one of these claims – convenient consumption easytoprepare ready prepared time saving
3 definition product launches containing fibres in their formulation
4 definition product launches claiming no additivespreservatives natural organic andor without genetically modified organisms non gmo
health and wellness
 consumers are increasingly aware of the link 
between diet and health and are seeking 
products enhanced or fortiﬁed with 
ingredients such as ﬁbre
 the number of product launches containing 
ﬁbres increased by 47 globally in 2013 with 
growth across both developed and 
developing markets
 in 2013 product launches containing ﬁbres 
were up by 65 in asia paciﬁc and by 51  
in europe
global product launches containing fibres
1 3
2011 2012 2013
9809
29
47
‘clean label’
 food and beverage manufacturers are 
launching more ‘clean label’ products in 
response to increasing consumer demand  
for more natural products across a broad 
range of categories
 the fastest growing ‘clean label’ categories 
are baby food soups soft drinks cereals  
and spreads
 ‘clean label’ product launches increased 
globally by 27 in 2013
global ‘clean label’ product launches
1 4
2011 2012 2013
50236
13
27
  sources leatherhead sri lmc international company analysis
1
2
3
4
5
6
tate  lyle speciality  
food ingredients
1 sweeteners
 splenda
®
 sucralose
 speciality cornbased sweeteners
 purefruit
tm
 monk fruit extract
 tasteva
®
 stevia sweetener
2 texturants
 speciality food starches
 food stabiliser systems
3 health and wellness
 promitor
®
 soluble corn fiber
 stalite
®
 polydextrose
 sodalo
®
 salt microspheres
 promoat
®
 beta glucan
10  tate  lyle plc annual report 2014
strategic report 
our marketplace corn market dynamics
 corn is the main raw material in the corn wet 
milling industry which in the us processes 
around 11 of the corn crop annually
 a good harvest in the us in 2013 as a result 
of favourable growing conditions helped 
ease tight market conditions and saw corn 
supplies restored to more normal levels
 as a result of a more balanced demand  
and supply situation us corn prices 
reduced signiﬁcantly during the summer 
of 2013 with corn prices in europe following 
a similar pattern
us corn wet milling industry output 
by major product category in 2013 75bn lbs
1  44 liquid 
sweeteners 
commercial weight
2 10 starch 
3 11 ethanol
4 35 coproducts
 
bulk ingredients
bulk ingredients operates in a mature consolidated industry manufacturing largely commodity 
products where the level of proﬁtability is related to the level of industry capacity utilisation
steady sustained  
cash generation
our strategy is to generate sustained 
longterm cash ﬂows to help fund  
growth in speciality food ingredients
 optimise margins 
 optimise and ﬁll grind capacity
  ensure security of raw material supply
  dampen volatility
5 source bloomberg
6 source iri infoscan reviews total us multioutlet and convenience fdm wmt dollar club convenience stores
bulk corn sweeteners
 demand for us bulk corn sweeteners 
including high fructose corn syrup hfcs is 
closely linked to the consumption of beverages 
and carbonated soft drinks in particular both 
in the us and mexico
 during 2013 a softer beverage season 
caused by the cold spring in the us reduced 
consumption of beverages thereby 
weakening domestic demand for hfcs 
across the industry
 mexican imports of us hfcs were also  
held back as a result of lower mexican sugar 
prices used as a substitute for hfcs
industrial markets
 the paper industry which provides a major 
source of demand for industrial starches in 
the us saw a reduction in operating rates 
during the year as a result of a modest 
decrease in demand
 in europe additional starch capacity 
reduced industrial starch prices and  
margins during the year
 us ethanol industry margins recovered 
during the year and moved into positive 
territory as a result of improved demand  
and supply dynamics
 sources compiled by the corn refiners association based on 2013 data from the us department of 
agriculture renewable fuels association american coalition for ethanol press reports and industry 
data compiled for cra by veris consulting inc corn marketing year ended 31 august 2013 
nb includes approximately 95 of us corn milling industry
1
2 3
4
tate  lyle bulk ingredients
1 liquid sweeteners
 high fructose corn syrup
 glucose
 dextrose
2 starch
 industrial starch
3 ethanol
4 coproducts
 corn oil
 corn gluten feed
 corn gluten meal
us and european spot corn price
 
cbushel
5
us carbonated soft drinks sales volume yearonyear change 
6
apr 12
jul 12
oct 12
jan 13
apr 13
jul 13
oct 13
jan 14
mar 14
900 300
800
us corn cbu
eu corn €mt
700
600
500
250
200
150
100
400
300
us corn
eu corn
63
31 29
26
0
10
13 weeks to end
june
2013
september
2013
december
2013
march
2014
 tate  lyle plc annual report 2014  11
strategic report governance financial statements useful information  raw materials
turning raw materials 
into distinctive  
highquality ingredients 
and solutions for our 
customers
through our facilities across the world we
  collaborate closely with our customers to  
help them develop new concepts adapt 
formulations and get products to market faster
  draw on the deep sector knowledge of our 
food scientists and ideas sourced from 
outside the company to develop and 
commercialise the next generation of 
speciality food ingredients 
  apply our manufacturing knowhow and 
supply chain expertise to turn raw materials 
into high quality food ingredients for delivery to 
our food and beverage customers worldwide
sourcing raw materials
most of our ingredients are produced from crops 
predominantly corn ensuring we have a reliable source  
of corn for our plants is essential this involves developing 
longterm mutually beneﬁcial relationships with growers 
farmers and other commercial partners to secure supply 
understanding commodity markets and hedging costs  
where feasible 
supply chain ethics are important to us we apply clear 
standards both operational and ethical to our suppliers  
and work with them to help them meet our compliance 
needs this is essential if we are to meet our customers’ 
requirements for traceability quality and ethical standards 
throughout the supply chain
developing sustainable products  
page 36
our operations 
page 6
our strategy in action
pages 16 and 17
12  tate  lyle plc annual report 2014
strategic report 
our business model bulk 
 ingredients
customers
customers
innovation and 
commercial  
development
speciality food 
ingredients
producing highquality ingredients
we operate through two global divisions – speciality food 
ingredients and bulk ingredients 
our production facilities include a network of corn wet mills in 
north america and europe which manufacture both bulk and 
speciality products in addition to the plants shared by the two 
divisions to make cornbased products we produce sucralose 
through two largescale continuous processing facilities in the 
us and singapore and operate a number of smallerscale 
blending facilities where we make food stabiliser systems 
each division has its own sales force and commercial operations 
to provide the necessary focus and expertise for customers in 
their respective end markets
understanding our markets 
customer insights drive all that we do we analyse the  
markets we operate in globally and we use market research  
to gain insights into consumers’ dietary habits their 
perceptions of ingredients and their nutritional expectations  
of food and drinks
we use these insights to drive our own product development  
to differentiate ourselves from our competitors and to help  
our customers meet consumer needs
innovation and commercial development icd
both divisions but principally speciality food 
ingredients are supported by the icd group  
icd brings together research and development 
platform management global marketing and  
open innovation into one global team to provide 
an integrated approach to developing and 
commercialising innovative new products 
and technologies
 tate  lyle plc annual report 2014  13
strategic report governance financial statements useful information  how we are delivering 
on our strategy
our vision
our vision is to become a leading 
global provider of speciality food 
ingredients and solutions our strategy 
is to deliver this vision through
  a disciplined focus on growing  
our speciality food ingredients 
division through
 – deeper customer understanding 
 – continuous innovation 
 –  stronger positions in highgrowth 
markets
  driving our bulk ingredients division 
for sustained cash generation to fuel 
this growth
our strategy in action 
pages 16 and 17
deep customer 
engagement
we believe that getting closer 
to our customers developing  
a better understanding of their 
needs and changing the ways 
we interact with them is a key 
part of delivering sustainable 
longterm growth
innovation
creating a worldclass 
innovation capability is a key 
part of our growth strategy  
the innovation and commercial 
development group icd 
provides a fully integrated 
approach to developing and 
commercialising innovation to 
meet our customers’ needs 
new markets and 
customer channels
our aim is to build our 
presence significantly in 
emerging markets and in those 
parts of the speciality food 
ingredients market where 
historically we have been 
underrepresented specifically 
in smes and private label
sustained cash 
generation
within bulk ingredients our 
strategy is to provide stable 
longterm cash flow to help 
fund growth in speciality  
food ingredients
speciality food ingredients bulk ingredients
14  tate  lyle plc annual report 2014
strategic report 
our strategy global network
our global commercial and food innovation centre in 
chicago usa is helping us transform the way we work  
with our customers it has
 full sensory capabilities
 full culinary capabilities
 hightech food laboratories
 a pilot plant
 global communications capabilities
we have also developed a global network of regional 
applications and technical services facilities enabling us to 
interact directly with customers across our markets helping 
them develop new concepts and get them to market faster
ideas within our innovation pipeline are derived from  
three sources
inhouse innovation part of icd
 new products or technologies generated by  
inhouse scientists
open innovation part of icd
 leverages our global network of research institutions 
startups and universities
 provides route to market for technologies or products 
close to commercial launch 
tate  lyle venture funds
 invests in earlystage speciality food ingredients concepts 
by partnering with research institutions other venture 
funds universities and entrepreneurs
expanding in new markets
 building dedicated speciality food ingredients businesses 
in both asia paciﬁc and latin america
 forming direct selling relationships with local food and 
beverage manufacturers as well as multinationals
 investing in local infrastructure with the opening of satellite 
applications and technical services facilities in the 
emerging markets
smes and private label
 changing the way we access and work with smes  
and private label customers by developing more  
direct relationships
we aim to achieve sustained cash generation by
 dampening earnings volatility by diversifying our income 
streams into new areas
 optimising margins by gradually moving the corn  
that we grind away from markets that are in  
longterm structural decline into higher margin  
speciality food ingredients 
 ensuring the security of our supply of raw materials
 reducing costs and continuing to improve  
operational efﬁciency
progress
  increased level of customer 
interaction at our global 
commercial and food 
innovation centre and our other 
clientfacing facilities worldwide
   step change in the way we are 
perceived by food and beverage 
customers in the speciality food 
ingredients industry
progress
  addition of promoat
®
 beta 
glucan proatein™ oat protein 
and pulpiz
®
 pulp extender  
to our speciality food  
ingredients portfolio
   commercialisation of recent 
innovations such as sodalo
®
 
salt microspheres
   continued to progress projects 
through the innovation pipeline 
which remains robust
progress
  continued strong organic 
growth in asia paciﬁc and  
latin america
   expanded presence in asia 
paciﬁc through tate  lyle 
howbetter and agreement to 
acquire winway biotechnology
   established new applications 
and technical services facilities 
in singapore and direct sales 
presence in japan
progress
  bulk ingredients performance 
held back by challenges  
posed by a soft beverage 
season severe and prolonged 
winter weather and lower 
coproduct returns
   further investment in corn 
storage capacity for security  
of supply
2015 priorities 
  broaden customer interaction 
through our global network of 
innovation applications and 
technical services facilities
   improve quality and size of 
customer project pipeline 
   convert more customer 
relationships into strategic 
partnerships 
2015 priorities 
  launch new products from 
within our innovation pipeline
   increase sales from recently 
launched products
   continue to leverage  
open innovation network  
and partnerships
2015 priorities 
  deliver another year of 
strong organic growth  
in emerging markets
   complete acquisition of 
winway biotechnology and 
continue to expand our 
presence in emerging markets
   leverage dedicated resources 
to develop relationships  
with both smes and food 
service customers
2015 priorities 
  optimise margins by improving 
product mix and delivering 
further operational efﬁciencies
   further divert corn grind to 
speciality food ingredients 
division
   further investment in 
strengthening security of raw 
material supply
   leverage fermentation assets 
and expertise to drive 
diversiﬁcation
 tate  lyle plc annual report 2014  15
strategic report governance financial statements useful information  our innovation pipeline remains strong and as at 31 march 
2014 comprised a total of 35 projects including ten in the ﬁnal 
stages the composition of the pipeline is well balanced across 
our three speciality food ingredients platforms including 36 
in health and wellness reﬂecting our focus on increasing our 
presence in this area 
during the year we brought pulpiz
®
 pulp extender to  
market a texturant used to replace tomato paste in a range  
of applications in may 2013 we acquired biovelop the 
manufacturer of promoat
®
 beta glucan which has also 
brought a new high value speciality ﬁbre proatein
tm
  
oat protein into our portfolio
we continue to see strong customer interest in our novel 
saltreduction ingredient sodalo
® 
salt microspheres with our 
focus now turning to converting customer projects into sales 
and broadening the range of applications in which sodalo
®
 
salt microspheres can be used
innovation pipeline by stage of development number of projects 
at 31 march 2014
 sweeteners
 texturants
 health and wellness
 bulk ingredients
we continued to see an increase in customer interaction 
through our global commercial and food innovation centre  
in chicago usa and our global network of applications  
and technical services facilities 
customer visits to the centre increased by 10 in the  
year while just under oneﬁfth of all customer visits to our  
six main customerfacing laboratories took place in the 
emerging markets we also saw an increase in the number  
of visitors from the key areas of marketing rd and senior 
management leading to growth in the number of customer 
projects being generated
as the level of customer interaction has increased so too has 
customers’ perception of our capabilities with the results from 
a survey carried out during the year revealing that 63 of our 
customers believe we are ‘exceeding their expectations’  
this level of satisfaction is approaching ‘best in class’  
and is a positive lead indicator for future growth
impact of visiting commercial and food innovation centre in chicago 
usa on customer satisfaction
 exceeds expectations
  as expected
 almost as expected
customers in survey collaborating at the global 
commercial and food innovation centre
29
63
42
48
10 8
all customers
in survey
stage 1
4
stage 2
13
stage 3
8
stage 4
7
stage 5
3
  survey conducted between october and december 2012  
and march and april 2013
deep customer engagement innovation
16  tate  lyle plc annual report 2014
strategic report 
our strategy in action we delivered another strong performance in the emerging 
markets of asia paciﬁc and latin america with doubledigit 
volume growth in the period the investment we have made to 
increase sales coverage and in our applications and technical 
services facilities in these regions including the opening of a 
new facility in singapore during the year is providing an 
excellent platform to attract new customers and engage 
directly with them in the local market share ideas and develop 
new projects 
the creation of tate  lyle howbetter and the agreement to 
acquire winway biotechnology a manufacturer of polydextrose 
speciality ﬁbre strengthens our presence in asia paciﬁc as we 
continue to invest in growing our speciality food ingredients 
business in these faster growing markets
as envisaged when we started our business transformation 
programme four years ago we are developing a more 
geographically diverse company with a reduced reliance  
on the developed markets and an improved risk proﬁle
sfi sales by region 2014
1 52 north america
2 24  europe  middle east
3 19 emerging markets
4  5 rest of world
while a number of challenges held back the performance of 
our bulk ingredients division during the year including the 
very cold spring and extremely cold and prolonged winter in 
the us overall we have delivered a steady performance from 
this part of the business over the last four years
this has been achieved against a backdrop of very signiﬁcant 
volatility in the corn market through
 a relentless focus on efﬁciency and cost reduction
 trading up to higher margin products
 diverting the corn that we grind to new areas like  
green chemistry
 investing in projects to help dampen risk within the  
division such as expanding our network of corn  
elevators to enhance the security of supply 
we will maintain this same disciplined approach as we look to 
deliver a steady performance from this division and to ensure 
it continues to generate a sustained source of cash to grow 
our speciality food ingredients division
bulk ingredients adjusted operating profit £m 
2011
157
2012
172
2013
182
2014
172
1
2
4
3
  calculated based on sfi’s latin america and asia pacific sales  
of single ingredients excluding japan australia and new zealand
tate  lyle howbetter’s food systems blending facility grain elevator at fowler indiana usa
new markets and customer channels sustained cash generation
 tate  lyle plc annual report 2014  17
strategic report governance financial statements useful information  1  measured on a calendar year basis
2 prior year numbers restated for ias 19 revised 2011 ‘employee benefits’
3  defined as shareholders’ equity excluding net debt net tax assetsliabilities and net retirement benefit obligations
4  defined as controllable working capital divided by quarterly sales multiplied by the number of days in the quarter on a fourquarter rolling basis  
a reduction in the number of days represents an improvement
performance
we focus on a number of 
financial performance measures 
to ensure that our strategy 
successfully delivers increased 
value for our shareholders
what we measure why we measure it
sales of speciality food 
ingredients
to ensure we are successful in growing the division  
which is the key area of strategic focus for the business
performance metric for the group bonus plan
adjusted operating proﬁt
2
to track the underlying performance of the business and to 
ensure sales growth translates into increased proﬁts
performance metric for the group bonus plan
return on capital employed
2
  
adjusted proﬁt before interest 
tax and exceptional items 
divided by adjusted average 
invested operating capital
3
 for 
continuing operations
to ensure that we continue to generate a strong rate  
of return on the assets that we employ and have  
a disciplined approach to capital investment
performance metric for the performance share plan
chief executive’s review 
pages 7 to 9
cash conversion cycle
4
 
controllable working capital 
divided by quarterly sales 
multiplied by the number of days 
in the quarter
to track how efﬁcient we are in turning increased  
sales into cash and to ensure that working capital  
is managed effectively
performance metric for the group bonus plan
financial strength
we look at measures of ﬁnancial 
strength to ensure that we 
maintain the ﬁnancial ﬂexibility 
to grow the business whilst 
maintaining investmentgrade 
credit ratings
net debt to ebitda 
multiple
5
 the number of times 
the group’s net borrowing 
exceeds its trading cash ﬂow 
ebitda is earnings before 
exceptional items interest tax 
depreciation and amortisation
to ensure that we have the appropriate level of ﬁnancial 
gearing and that we generate sufﬁcient proﬁts to service 
our debt these measures are a key focus for banks  
and providers of both debt and equity capital
 
interest cover
5
 the number  
of times the proﬁt of the group 
exceeds interest payments 
made to service its debt
group financial results 
pages 24 to 28
corporate responsibility
1
it is important that we act 
responsibly and consider carefully 
the impact our activities have on 
all stakeholders including 
employees customers and the 
communities in which we operate
corporate responsibility 
pages 32 to 37
recordable incident rate the 
number of injuries per 200000 
hours that require more than 
ﬁrst aid for employees and 
contractors
the safety of our employees and contractors is of 
paramount importance ensuring safe and healthy 
conditions at all our locations is essential to our  
operation as a successful business
safety performance is a speciﬁc consideration that  
the remuneration committee may factor into decisions  
on pay
lostwork case rate the 
number of injuries that resulted 
in lostwork days per 200000 
hours for employees and 
contractors
  
measuring our success against our strategy
18  tate  lyle plc annual report 2014
strategic report 
key performance indicators 5  net debt ebitda profit and interest are defined under the group’s bank covenant conditions and are based on unrounded numbers  
net debt is calculated using average rates of exchange
6  changes in constant currency are calculated by retranslating comparative period results at current period exchange rates
7  basis points one hundred basis points equates to one percentage point
how we have performed comment
2012 2013 2014
£887m
£947m
£983m
change
4
constant currency
6
volume growth of 4 in sfi with value sales growth held back by 
lower prices for splenda
®
 sucralose and lower corn prices
£346m
2012 2013 2014
£356m £349m
change
1
constant currency
6
growth of 1 in speciality food ingredients with a good performance 
in europe asia paciﬁc and latin america offset by a lower 
contribution from the us and splenda
® 
sucralose a reduction  
in bulk ingredients of 4 as a result of weakened demand for bulk 
sweeteners and lower coproduct returns
2012 2013 2014
214
197 192
change
50bps
7
reduction in adjusted operating proﬁt combined with slight increase 
in operating assets
2012 2013 2014
36
days
42
days
39
days
change
improved  
by 3 days
lower ﬁnished goods inventories in the us and signiﬁcantly lower 
corn prices in the us
2012 2013 2014
11x
10x
08x
change
improved  
02x
ratio remains well inside our internal maximum threshold of 20x  
the improvement reﬂects the reduction in net debt during the year
2012 2013 2014
111x 111x
116x change
improved  
05x
ratio remains well above our internal minimum threshold of 50x
2011 2012 2013
085 085
058
while our safety kpis were the lowest levels recorded we are 
saddened to report that our group safety performance this year was 
completely overshadowed by three fatal accidents two during and 
one after the end of the reporting year further details are provided  
in the chairman’s statement on page 4 the chief executive’s review 
on page 8 and the corporate responsibility section on page 33
2011 2012 2013
021
026
013
 tate  lyle plc annual report 2014  19
strategic report governance financial statements useful information  market conditions and trends
the global market for speciality food 
ingredients and particularly those areas of 
the market where we operate continues to 
beneﬁt from a number of strong underlying 
consumer trends health and wellness 
convenience and ‘clean label’
consumers are increasingly aware of the 
link between diet and health the rising 
incidence of diabetes and obesity in both 
developed and developing markets is 
driving consumers manufacturers and 
governments to focus on ‘healthier’ 
products in addition to products which 
address calorie and weight management 
consumers are also increasingly seeking 
solutions for heart health including lower 
sodium products and digestive health 
including ﬁbreenhanced products the 
number of global product launches 
containing ﬁbres or making a low sodium 
claim increased by 47
1
 and 37
1
 
respectively in calendar year 2013 with 
growth across both developed and 
developing markets 
changes in consumer lifestyles continue to 
increase the demand for packaged and 
convenience foods for consumption both 
at home and ‘on the go’ product launches 
with a ‘convenient’ claim increased globally 
by 25
1
 in calendar year 2013 and whilst 
demand continues to grow in developed 
markets increasing levels of urbanisation 
are driving demand for convenience 
products in developing markets as well 
demand for convenience is a key driver for 
speciality ingredients that provide added 
functionality such as stability texture and 
extended shelflife
food and beverage manufacturers are 
launching more ‘clean label’ products in 
response to increasing consumer demand 
for more natural products across a broad 
range of categories global ‘clean label’ 
product launches increased by 27
1
  
in calendar year 2013 responding  
to increasing consumer awareness of food 
processing origination of ﬁnished and 
unﬁnished goods and ingredient labelling
against the backdrop of continuing tough 
macroeconomic conditions in many 
countries and tighter household budgets 
coupled with high raw materials prices 
costoptimisation continues to be a theme 
with food and beverage customers looking 
at ways to reduce costs and provide more 
valuebased alternatives for consumers 
without compromising on taste
financial performance
within speciality food ingredients volumes 
grew by 4 and sales increased by 4 
also up 4 in constant currency to £983 
million 2013 – £947 million with good 
volume growth in asia europe and latin 
america held back by a softer 
performance in the us where volumes 
were slightly lower than the comparative 
period adjusted operating proﬁt was in line 
with the prior year up 1 in constant 
currency at £213 million 2013 – £213 
million as a result of lower selling prices  
for splenda
®
 sucralose and a lower 
contribution from the us this result 
includes the majority of the £6 million  
oneoff gain from the purchase sale  
and leaseback of our building in hoffman 
estates us and £7 million representing 
“we delivered another strong 
performance in emerging 
markets which are becoming  
a more meaningful part of the 
division while we face a 
headwind from lower 
splenda
®
 sucralose prices 
we are well placed to capitalise 
on strong consumer trends as 
we leverage the investment  
we have made to diversify the 
business both geographically 
and through innovation”
olivier rigaud
performance overview
growth in speciality food ingredients through 
focus and depth
speciality food ingredients develops produces and markets 
distinctive highquality ingredients for food and beverage 
customers across the world by leveraging our manufacturing 
facilities innovative technology and formulation expertise  
we help them create more costeffective better tasting  
products for consumers
speciality food ingredients works closely with our innovation  
and commercial development group to develop a pipeline  
of new products
sales
£983m
2013 – £947m
adjusted operating profit
£213m
2013 – £213m
year ended 31 march change
2014
£m
2013
£m reported
constant
currency
sales 983 947 4 4
adjusted operating proﬁt 213 213 0 1
adjusted operating margin 217 225 80bps 70bps
1 source innova market insights
20  tate  lyle plc annual report 2014
strategic report 
speciality food ingredients the ﬁnal annual payment received from 
mcneil nutritionals as part of the 
realignment of the sucralose business  
back in 2004 operating margins reduced 
by 80 basis points to 217 2013 – 225 
the effect of currency translation was to 
decrease adjusted operating proﬁt by  
£2 million
this division comprises three broad 
product categories starchbased speciality 
ingredients high intensity sweeteners and 
food systems
starchbased speciality ingredients 
sales increased by 7 7 in constant 
currency to £595 million 2013 – £559 
million with volume growth of 5 while 
percentage operating margins were slightly 
lower operating proﬁt was ahead of the 
prior year while we expect to deliver 
another year of good volume growth in 
ﬁnancial year 2015 the level of sales value 
growth is expected to be lower as a result 
of the signiﬁcant reduction in corn prices
in food starches we saw volume growth 
across all regions with particularly strong 
growth in latin america and europe  
in europe our strong innovation capability 
and new products such as creamiz
tm
 
and pulpiz
®
 pulp extender helped  
us maintain a healthy leadership position  
in speciality starches in the region 
particularly within the convenience  
food and dairy categories
in speciality corn sweeteners we saw 
growth across all regions outside the  
us including very strong growth as in  
the previous year in latin america where 
we continued to expand our business  
in the beverage and dairy categories  
our success in this region over the past 
few years is a good example of how we  
are steadily broadening the geographic  
mix of the business and reducing our 
reliance on developed markets 
our ﬁbres range continues to beneﬁt  
from the strong consumer interest in health 
and wellness and we saw volume growth 
across all regions during the period with 
particularly strong growth once again in 
asia the planned acquisition of winway 
biotechnology will provide us with an 
excellent platform from which to accelerate 
the growth of our specialty ﬁbres business 
not only in china but across asia as a whole
high intensity sweeteners 
sales in this category which comprises 
splenda
®
 sucralose and our nocalorie 
natural sweeteners were in line with the 
comparative period up 1 in constant 
currency at £198 million 2013 – £198 
million with volumes 5 higher 
in splenda
®
 sucralose the renewal  
of a number of large customer contracts 
during the ﬁnal quarter including some  
on a multiyear basis against the backdrop 
of an intensely competitive market 
environment resulted in an increase  
in the rate of price decline in splenda
®
 
sucralose during the ﬁnal quarter with  
the reduction in price for the full year 
outweighing volume growth 
demand for nocalorie natural sweeteners 
continues to grow with 2860 product 
launches during calendar year 2013 
incorporating stevia an increase of 56  
on the prior year against this backdrop  
we continued to see good volume growth 
in our natural nocalorie sweeteners 
particularly our steviabased natural
source sweetener tasteva
®
 stevia 
sweetener with a number of customer 
product launches during the year while  
we continue to see good opportunities  
for further growth and a strong pipeline  
for our natural nocalorie sweeteners  
the overall contribution to this product 
category remains relatively small
food systems 
sales were in line with last year down  
1 in constant currency at £190 million 
2013 – £190 million with volumes 6 
lower reﬂecting our decision to focus  
on higher margin blends which more than 
offset good volume growth in developing 
markets despite the lower volumes  
we delivered good operating proﬁt  
growth driven by improved product mix 
tight cost control and lower prices for  
some raw materials
our recently opened technical and 
commercial facility in roggenhorst 
germany is helping us work more closely 
with customers and strengthen our  
pipeline of new products
the creation of tate  lyle howbetter 
provides us with a solid platform from 
which to expand our food systems 
business in china and more broadly  
across the region as well as bringing new 
customers its high quality local blending 
capabilities are helping to strengthen  
our offering to existing customers it also 
enables us to leverage additional know
how and expertise across our network  
of food systems businesses globally
engaging with customers
launch of tasteva
®
 stevia 
sweetener in latin america
tasteva
®
 stevia sweetener is our new 
naturalsource steviabased sweetener 
launched in 25 countries in just 18 
months it is making excellent progress in 
the market in particular in latin america 
where it has already exceeded its sales 
targets for the ﬁrst year tasteva
®
 stevia 
sweetener is tapping into consumer 
demand for natural lowcalorie 
ingredients particularly sweeteners – 
and is being recognised by customers 
for its superior taste compared with other 
steviabased sweeteners tasteva
®
 
stevia sweetener allows customers to 
replace more sugar than they could with 
other competing stevia products which 
retain a bitter taste if used in high 
quantities without using masking or 
modifying agents thus improving the 
nutritional proﬁle and consumer appeal 
of their brands
fruit juice containing tasteva
®
 stevia sweetener  
with stevia leaf
 tate  lyle plc annual report 2014  21
strategic report governance financial statements useful information  performance overview
stable longterm cash ﬂows to fuel our growth
bulk ingredients manufactures and markets a range of products 
including sweeteners industrial starches ethanol acidulants and 
animal feed for food and beverage industrial and agricultural 
customers around the world
bulk ingredients also partners with a number of biobased 
materials companies seeking expertise in the commercialisation 
of green chemistry fermentation one such partnership is our joint 
venture with dupont which manufactures biopdo
®
 a biobased 
ingredient used in the textile and plastics industries
sales
£2164m
2013 – £2309m
adjusted operating profit
£172m
2013 – £182m
year ended 31 march change
2014
£m
2013
£m reported
constant
currency
sales 2 164 2 309 6 6
adjusted operating proﬁt 172 182 5 4
adjusted operating margin 79 7 9 0 bps 10 bps
matt wineinger
“we coped well with a number  
of challenges during the year as 
we continue to provide a steady 
source of cash to support growth 
in speciality food ingredients 
looking ahead our focus 
remains on optimising margins 
maintaining efﬁcient assets and 
seeking to further dampen the 
risk proﬁle of the division”
market conditions
a good corn harvest in the us with 
production increasing by around 30 
compared with the previous year and  
a recovery in the stockstouse ratio to 
more normal levels resulted in a signiﬁcant 
reduction in corn prices in the summer 
however during the last quarter of the 
ﬁnancial year corn prices increased 
steadily driven by rising demand from  
us ethanol and exports the latest 
production estimate from the usda
1
  
for the 201415 harvest is broadly in line 
with the prior year at 139 billion bushels   
the unusually cold spring in the us in 
2013 constrained demand for carbonated 
soft drinks a key end market for bulk liquid 
corn sweeteners in the threemonth period 
to the end of june 2013 us carbonated 
soft drinks sales volume declined by 63
2
 
against the comparative period with sales 
volume over the whole year 3 lower in 
addition to softer domestic demand lower 
mexican sugar prices resulted in a 24
3
 
reduction in exports of us hfcs to 
mexico the protracted severe cold winter 
weather in the us also created operational 
and supply chain challenges across the 
industry particularly during the quarter 
ended 31 march 2014 
world sugar prices which provide a 
reference price for some of our products 
continued to decline steadily during 2013 
as supply was increased following 
consecutive years of surplus however 
towards the end of the ﬁnancial year prices 
stabilised reﬂecting ongoing weather risks 
and the potential impact of these on the 
brazilian crop in europe sugar prices 
started to decline in the second half of the 
ﬁnancial year reﬂecting an increase in stock 
levels following the steps taken by the 
european union in the 201213 sugar year 
to increase imports and lower consumer 
demand due to the cold spring
the paper industry which provides a major 
source of demand for industrial starches in 
the us saw a reduction in operating rates 
during the 2013 calendar year as a result of 
lower demand in europe additional starch 
capacity reduced industrial starch prices 
putting pressure on margins
conditions in the us ethanol industry 
improved steadily during the year following 
a boost from the large corn crop which 
drove production costs down and made 
us ethanol a more cost competitive fuel 
increased demand which tightened 
ethanol inventories combined with 
logistical difﬁculties impacting the  
supply side in the second half of the 
ﬁnancial year caused by the severe cold 
weather also helped improve ethanol 
pricing fundamentals  
1 usda is the us department of agriculture
2  source iri infoscan reviews total us  
multioutlet and convenience fdm wmt  
dollar club convenience stores
3 source us census bureau hts export data
22  tate  lyle plc annual report 2014
strategic report 
bulk ingredients a combination of tight supplies reﬂecting 
the limited availability of good quality corn 
in the lead up to the new harvest last year 
and increased demand kept prices high 
for corn gluten feed particularly during  
the second half of the ﬁnancial year 
conversely corn oil prices were lower  
as a result of the increased supply of  
corn distillers’ oil from the dry mill  
ethanol industry
financial performance
bulk ingredients volumes decreased by  
1 and sales were 6 lower 6 lower  
in constant currency at £2 164 million  
2013 – £2309 million largely due to the 
pass through of lower corn prices adjusted 
operating proﬁt was 5 lower 4 lower  
in constant currency at £172 million 2013 
– £182 million as a result of the soft us 
beverage season which reduced demand 
for liquid corn sweeteners lower returns 
from coproducts and in the ﬁnal quarter 
the impact of the protracted severe cold 
winter in the us this result includes a 
oneoff gain of £35 million in the ﬁrst  
half from the onsale of orsan china  
a monosodium glutamate producer in 
which tate  lyle previously held a stake 
and which was sold in 2009 the effect  
of currency translation was to decrease 
adjusted operating proﬁt by £2 million
this division comprises three broad 
product categories sweeteners industrial 
starches acidulants and ethanol  
and coproducts 
sweeteners 
in the americas bulk corn sweetener 
volumes decreased by 2 largely as  
a result of lower hfcs volumes caused  
by the cold spring which reduced demand 
for carbonated soft drinks during the 
second quarter sales decreased by 6 
down 6 in constant currency to £889 
million 2013 – £942 million as a result of 
the lower volumes and the reduction in 
corn prices following the large corn crop 
despite lower volumes proﬁts were ahead 
of the comparative period as a result of the 
modest increase in hfcs unit margins 
secured in the 2013 calendar year 
contracting round
operating proﬁts from almex our  
mexican joint venture were lower than  
the comparative period reﬂecting reduced 
volumes and lower margins as a result of 
greater competition from mexican sugar
in europe sales of bulk corn sweeteners 
increased by 1 ﬂat in constant currency 
to £148 million 2013 – £146 million with 
volumes 1 higher than the prior year  
we saw the beneﬁt of higher unit margins 
throughout the year driven in the ﬁrst half 
by sugar prices which provide the 
reference price for isoglucose hfcs  
in the eu staying high for longer than 
expected and in the second half lower  
raw material costs following a good corn 
crop as a result overall proﬁts for the full 
year were ahead of the comparative period
industrial starches acidulants  
and ethanol 
sales decreased by 5 3 in constant 
currency to £635 million 2013 – £667 
million
in industrial starches volumes were 2 
higher in the us where we contract for 
longer periods than in europe proﬁt was 
ahead of the prior year as a result of ﬁrmer 
pricing and slightly higher volumes in 
europe lower prices reﬂecting the pass 
through of lower corn costs and increased 
competition put pressure on margins and 
reduced proﬁts compared with last year 
this part of the business remains 
particularly sensitive to changes in  
the macroeconomic environment
in us ethanol which represents a small 
part of our business the improvement  
in market conditions particularly during  
the second half resulted in a better 
performance and a reduction in  
operating losses 
proﬁt in our citric acid business was lower 
than the prior year with reduced volumes 
more than offsetting lower raw material 
costs our biopdo
®
 joint venture delivered 
an improved performance during the 
period as a result of slightly higher volumes 
and lower corn costs
coproducts 
sales of coproducts decreased by 11 
down 11 in constant currency to £492 
million 2013 – £554 million overall returns 
from coproducts were £7 million lower 
than our expectations at the start of the 
year driven by corn gluten feed and corn oil 
which more than offset higher returns from 
corn gluten meal since over 80 of our 
us corn grind is utilised to produce bulk 
ingredients the majority of this impact is 
recorded within this product category 
security of supply
investment in grain elevators
our network of 14 grain elevators silos 
located in the us corn belt makes an 
essential contribution to ensuring we 
have a reliable highquality source of 
corn for our us plants corn can 
deteriorate if not stored well so there is 
an advantage to keeping the storage in 
our own hands moreover many of our 
elevators have forged longterm 
relationships with producers who 
provide a consistent supply of locally
produced corn each year over the last 
few years we have been adding capacity 
at existing elevators as well as acquiring 
new ones and with that increasing the 
number of farmers we buy corn from 
each year
grain elevator at francesville indiana usa
 tate  lyle plc annual report 2014  23
strategic report governance financial statements useful information  highlights
  strong free cash ﬂow generation  
of £227 million
  balance sheet remains strong with  
£126 million reduction in net debt  
to £353 million
  investment of £100 million over the next 
two years in expansion and cost reduction 
projects within speciality food ingredients
  additional steps taken to reduce pension 
risk including buyin of liabilities of the 
amylum uk pension scheme
sales from continuing operations of £3147 
million 2013 – £3256 million were 3 
lower than the prior year 3 in constant 
currency sales in speciality food 
ingredients increased by 4 4 in 
constant currency to £983 million 2013 
– £947 million with sales volumes 
increasing by 4 sales in bulk ingredients 
decreased by 6 6 in constant currency 
to £2164 million 2013 – £2309 million 
with volumes 1 lower 
adjusted operating proﬁt decreased by  
2 1 in constant currency to £349 
million 2013 – £356 million in speciality 
food ingredients adjusted operating  
proﬁt was in line up 1 in constant 
currency with the prior year at £213 million 
2013 – £213 million bulk ingredients 
adjusted operating proﬁt decreased by  
5 4 in constant currency to £172 
million 2013 – £182 million 
adjusted net ﬁnance expense excluding 
net retirement beneﬁt interest decreased 
from £29 million to £27 million largely 
driven by the repayment of our £100 million 
bond in june 2012 and lower interest rates 
on our ﬂoating rate debt
both adjusted proﬁt before tax and 
adjusted diluted earnings per share 
decreased by 2 ﬂat in constant currency 
to £322 million 2013 – £327 million and 
557p 2013 – 566p respectively
on a statutory basis proﬁt before tax from 
continuing operations decreased by 4 
down 2 in constant currency to £290 
million 2013 – £301 million and proﬁt for 
the year from total operations was in line at 
£273 million 2013 – £273 million with the 
“ our robust balance  
sheet provides us with  
a solid platform allowing  
us to invest a further  
£100 million in speciality 
food ingredients growth 
over the next two years”
 tim lodge
24  tate  lyle plc annual report 2014
strategic report 
group financial results current period beneﬁting from an 
exceptional income tax credit of £28 million 
following the favourable resolution of 
outstanding tax matters in spain 
basis of preparation 
at the beginning of the year the group 
adopted ias 19 revised 2011 ‘employee 
beneﬁts’ which introduced a change to the 
way the group accounts for deﬁned beneﬁt 
pension plans the change modiﬁes the 
basis on which the ﬁnancing charge is 
calculated by applying the discount rate  
to the net deﬁned beneﬁt obligation and 
requires the recognition of scheme 
administration costs within operating proﬁt 
comparative information for 2013 has been 
restated on a consistent basis and an 
explanation and analysis of the effect of  
the changes is presented in note 43
for the year ended 31 march 2014 the  
new requirements increased statutory net 
ﬁnance costs by £8 million 31 march 2013 
– £6 million and reduced operating proﬁt 
by £2 million 31 march 2013 – £2 million
with the exception of the changes arising 
from the adoption of ias 19 revised 2011 
the group’s principal accounting policies 
are unchanged compared with the year 
ended 31 march 2013
adjusted performance measures
we report adjusted performance measures 
because they provide both management 
and investors with valuable additional 
information on the performance of the 
business the following items are excluded 
from these adjusted measures
 exceptional items note 7 
 amortisation of intangible assets acquired 
through business combinations note 15
 net retirement beneﬁt interest note 30
 tax on adjusting items
 results of discontinued operations  
note 12
this adjusted information is used internally 
for analysing the performance of the 
business a reconciliation of reported and 
adjusted information is included in note 42
impact of changes in exchange rates
in comparison to the prior year the group’s 
reported ﬁnancial performance was 
adversely affected by currency translation 
a weakening of the average us dollar 
exchange rate against sterling was only 
partially offset by the strengthening of other 
currencies which has slightly reduced 
proﬁts the movement in periodend 
exchange rates particularly the weaker  
us dollar led to a reduction in net debt  
as a result of the translation of dollar
denominated debt 
the average and closing exchange rates 
used to translate reported results were as 
follows
average rates closing rates
2014 2013 2014 2013
us dollarsterling 159 157 167 152
eurosterling 119 124 121 1 18
central costs
central costs which include head ofﬁce 
treasury and reinsurance activities 
decreased by £3 million to £36 million 
largely as a result of lower staffrelated 
costs
energy costs 
energy costs were higher than the prior 
year at £177 million 2013 – £170 million  
as a result of the increased price of energy 
used in many regions in particular the us 
which more than offset positive variances 
relating to efﬁciency and input mix we 
have covered approximately 66 of our 
estimated energy needs for ﬁnancial year 
2015 albeit at higher prices than in ﬁnancial 
year 2014 which we will look to mitigate 
through further efﬁciencies
exceptional items from continuing 
operations
year ended 31 march
2014
£m
2013
£m
business transformation costs 14 20
gain on disposal of joint venture 
– sucromiles – 8
net exceptional charge 14 12
during the year ended 31 march 2014 an 
exceptional charge of £14 million see note 
7 was recognised in continuing operations 
relating to business transformation costs 
speciﬁcally the implementation of the 
common global isit platform this 
compares to a net exceptional charge in 
the comparative year of £12 million with 
£20 million of business transformation 
costs partially offset by a credit of £8 million 
from the disposal of our share in 
sucromiles sa our former colombian 
citricacid joint venture 
the tax impact of net exceptional items 
within continuing operations was a £9 
million credit 2013 – £5 million credit
summary of ﬁnancial results
year ended 31 march
2014
£m
2013
restated
1
 
£m
change
reported

change
constant
currency

continuing operations   
sales 3 147 3 256 3 3
adjusted operating proﬁt 349 356 2 1
adjusted net ﬁnance expense 27 29
adjusted proﬁt before tax 322 327 2 0
exceptional items 14 12
amortisation of acquired intangible assets 10 10
net retirement beneﬁt interest 8 4
proﬁt before tax 290 301 4 2
income tax expense 45 46
proﬁt for the year from continuing operations 245 255 4 2
proﬁt for the year from discontinued
operations 28 18
proﬁt for the year 273 273 0 2
earnings per share – continuing 
operations    
basic 528p 549p
diluted 521p 538p 3 2
adjusted earnings per share – 
continuing operations    
basic 565p 57 7p
diluted 557p 566p 2 0
dividends per share    
interim paid 78p 74p 54
final proposed 198p 188p 53
276p 262p 53
net debt    
at 31 march 353 479 263
1 restated for the adoption of ias 19 revised 2011 ‘employee benefits’
 tate  lyle plc annual report 2014  25
strategic report governance financial statements useful information  net ﬁnance expense
after excluding net retirement beneﬁt 
interest net ﬁnance expense from 
continuing operations decreased to £27 
million 2013 – £29 million with a reduction 
in underlying net interest expense driven by 
the repayment of our £100 million bond in 
june 2012 and lower interest rates on our 
ﬂoating rate debt
taxation
our tax policy is to manage our obligations 
in compliance with all relevant tax laws 
disclosure requirements and regulations 
we seek to ensure that our approach to  
tax and the tax payments we make in all 
territories in which we have operations  
are fully consistent with local requirements 
taking into account available tax incentives 
and allowances and are aligned with the 
group’s wider business strategy 
we seek to develop good open working 
relationships with tax authorities and to 
engage with them proactively recognising 
that tax legislation can be complex and 
may be subject to differing interpretations 
in instances where this might arise we 
seek to engage with the relevant tax 
authorities in open discussion of any such 
differences as early as possible to remove 
uncertainty and obtain resolution
tate  lyle’s tax strategy and the 
management of tax risk is primarily the 
responsibility of the chief financial ofﬁcer 
and the vice president group tax and  
is reviewed by the board and the audit 
committee to ensure responsible tax 
practices are maintained across the 
group’s businesses
our tax rate is sensitive to the geographic 
mix of proﬁts and reﬂects a combination of 
higher rates in certain jurisdictions such as 
the us nil effective rates in singapore due 
to pioneer status which we were granted in 
2008 to reﬂect our investment in innovative 
technology and the uk and rates that lie 
somewhere in between for example  
in certain east european countries 
our uk earnings are now relatively small 
following the sale of our sugars and 
molasses businesses less than 1 of total 
group sales 2014 – £22 million are derived 
from our uk operations which are offset by 
our corporate costs primarily the interest 
we pay on our borrowings as a result we 
pay no corporation tax in the uk we do 
however pay and collect other taxes in  
the uk including payroll taxes vat and 
business rates our total tax contribution  
to the uk exchequer was in excess  
of £21 million during the year ended  
31 march 2014
the effective tax rate on adjusted proﬁt of 
185 2013 – 180 includes tax credits 
in relation to prior year adjustments in the 
us as a result of these tax beneﬁts in 
ﬁnancial year 2014 and our expectation  
of further changes in the geographic mix  
of proﬁts we anticipate the effective tax 
rate will be higher in ﬁnancial year 2015  
at a little over 20 
discontinued operations  
and legacy issues
during the year the group recognised  
a proﬁt from discontinued operations of 
£28 million which wholly comprised a 
noncash exceptional income tax credit 
arising from the favourable resolution of 
outstanding tax matters associated with 
the starch facilities which formed part  
of the group’s former food  industrial 
ingredients europe segment
during the prior year the group recognised 
a proﬁt of £18 million from discontinued 
operations which comprised an exceptional 
gain of £26 million on the completion of the 
sale of its vietnam sugar operations its 
remaining israel sugar assets and other 
assets all of which related to the group’s 
former sugars segment partially offset by 
an operating loss of £8 million that was 
incurred by these businesses
earnings per share 
adjusted diluted earnings per share from 
continuing operations at 557p 2013 – 
566p were 2 lower ﬂat in constant 
currency adjusted basic earnings per 
share from continuing operations 
decreased by 2 down 1 in constant 
currency to 565p total basic earnings  
per share were ﬂat at 588p 2013 – 586p 
with the discontinued operations result 
reﬂecting the oneoff beneﬁt from the 
aforementioned £28 million exceptional  
tax credit
dividend 
the board is recommending a 53 
increase in the ﬁnal dividend to 198p  
2013 – 188p per share making a full  
year dividend of 27 6p 2013 – 262p per 
share up 53 on the prior year subject  
to shareholder approval the proposed  
ﬁnal dividend will be due and payable  
on 1 august 2014 to all shareholders  
on the register of members on 27 june 
2014 in addition to the cash dividend 
option shareholders will continue to be 
offered a dividend reinvestment plan 
drip alternative
assets 
gross assets of £2527 million at 31 march 
2014 were £260 million lower than the prior 
year principally driven by a weakening of 
the us dollar which reduced the sterling 
value of assets and a reduction in working 
capital net assets increased by £14 million 
to £1050 million with proﬁts generated in 
the year being largely offset by dividend 
payments foreign exchange losses on the 
translation of overseas subsidiaries the 
posttax effect of retirement beneﬁts and 
share repurchases
retirement beneﬁts 
we maintain pension plans for our 
employees in a number of countries some 
of these arrangements are deﬁned beneﬁt 
pension schemes and although we have 
now closed the main uk scheme and us 
salaried scheme to future accrual certain 
obligations remain in the us we also 
provide medical beneﬁts as part of the 
retirement package 
during the year we took further steps to 
reduce our pension risk in september  
the trustees of the amylum uk pension 
scheme agreed a buyin of the liabilities  
of the scheme in addition the assets and 
liabilities of the deﬁned beneﬁt pension plan 
in the netherlands were transferred to a 
new collective deﬁned contribution plan 
and the deﬁned beneﬁt plan was closed  
to future accrual this transfer was treated 
as a settlement on which the group 
recognised a gain of £4 million
the net deﬁcit on our retirement beneﬁt 
plans decreased by £45 million to £220 
million 2013 – £265 million the net deﬁcit 
on the group’s pension plans decreased 
by £19 million to £166 million 2013 – £185 
million with an increase in the underlying 
deﬁcit more than offset by employer’s 
contributions of £43 million and favourable 
currency movements the liabilities 
associated with unfunded retirement 
medical plans in the us decreased by  
£26 million to £54 million 2013 – £80 
million principally due to a favourable 
claims experience an increase in the 
applicable discount rate and favourable 
currency movements
26  tate  lyle plc annual report 2014
strategic report 
additional financial information net debt 
net debt was lower than the prior year  
at £353 million 2013 – £479 million  
free cash ﬂow from continuing businesses  
of £227 million was partially offset by 
dividend payments of £124 million and  
the repurchase of £29 million of ordinary 
shares to satisfy the group’s share option 
schemes there was a favourable 
exchange rate impact on net debt of  
£35 million principally as a result of the 
weakening of the us dollar against sterling 
the group’s 500 million 5 bond matures 
in november 2014 and has therefore  
been reclassiﬁed from noncurrent to 
current borrowings
during the year net debt peaked at £497 
million in april 2013 the average net debt 
was £372 million a reduction of £61 million 
from £433 million in the prior year
cash ﬂow 
operating cash ﬂow from continuing 
operations was £440 million 2013 – £297 
million an inﬂow within working capital  
of £38 million was mainly driven by lower 
ﬁnished goods inventories and lower corn 
prices in the us the cash ﬂow impact  
of the group’s retirement beneﬁt plans 
amounted to £43 million 2013 – £42 million
year ended 31 march
2014
£m
2013
£m
adjusted operating proﬁt from  
 continuing operations 349 356
depreciationamortisation 108 98
share based payments 8 13
other noncash items 6 – 
working capital before retirement 
  beneﬁts and exceptional  
cash items 38 107
net retirement beneﬁt obligations 43 42
cash expenditure on  
 exceptional items 14 21
operating cash ﬂow 440 297
capital expenditure 159 134
operating cash ﬂow less capital 
 expenditure 281 163
net interest and tax paid 54 53
free cash ﬂow 227 110
capital expenditure of £159 million 
including a £45 million investment in 
intangible assets was 15 times the 
depreciation and amortisation charge  
of £108 million and as in the prior year 
includes expenditure on our business 
transformation initiatives and in particular 
the implementation of the global isit 
system we expect the ratio of capital 
expenditure to depreciationamortisation  
in the ﬁnancial year 2015 to approach  
20 times reﬂecting an additional £100 
million of capital investment over the  
next two years in our speciality food 
ingredients division
net interest paid decreased by £4 million  
to £31 million principally as a result of the 
repayment of our £100 million bond in june 
2012 and lower interest rates on our ﬂoating 
rate debt net income tax payments were 
£23 million 2013 – £18 million
free cash inﬂow representing cash 
generated from continuing operations  
after working capital interest taxation and 
capital expenditure at £227 million was 
£117 million higher than the prior year 
largely as a result of the working capital 
inﬂow of £38 million during the period  
2013 – outﬂow of £107 million
during the year we spent £29 million on  
the repurchase of ordinary shares to satisfy 
share option schemes parent company 
cash dividends paid were £124 million 
£7 million higher than the prior year 
financial risk factors 
our key ﬁnancial risk factors are market 
risks such as foreign exchange 
transaction and translation exposures  
and credit and liquidity risks please refer  
to note 21 of the financial statements for  
a discussion of these risk factors
off balance sheet arrangements 
in the ordinary course of business to 
manage our operations and ﬁnancing  
we enter into certain performance 
guarantees and commitments for capital 
and other expenditure the aggregate 
amount of indemnities and other 
performance guarantees on which no 
material loss has arisen including those 
related to joint ventures and associates 
was £1 million at 31 march 2014 2013 –  
£2 million we aim to optimise ﬁnancing 
costs in respect of all ﬁnancing 
transactions where it is economically 
beneﬁcial we choose to lease rather than 
purchase assets leases for property plant 
and equipment where the lessor assumes 
substantially all the risks and rewards of 
ownership are treated as operating leases 
with annual rentals charged to the income 
statement over the term of the lease 
commitments under operating leases  
to pay rentals in future years totalled £174 
million 2013 – £189 million and related 
primarily to railcar leases in the usa rental 
charges for the year ended 31 march 2014 
in respect of continuing operations were 
£17 million 2013 – £19 million
2013 share 
issue
purchase
2014 exchange pbit
other
operating
working
capital 
including
pensions
capex dividends other
479 391
5
159
35
353
17
124
29
net debt £m
 tate  lyle plc annual report 2014  27
strategic report governance financial statements useful information  use and fair value of ﬁnancial
instruments
in the normal course of business we use 
both derivative and nonderivative ﬁnancial 
instruments the fair value of group net 
borrowings at the year end was £387 
million against a book value of £353 million  
2013 – fair value £529 million book value 
£479 million derivative ﬁnancial 
instruments used to manage the interest 
rate and currency of borrowings had a fair 
value of £29 million asset 2013 – £38 
million asset
the main types of instrument used are 
interest rate swaps interest rate options 
caps or ﬂoors and crosscurrency interest 
rate swaps the fair value of other derivative 
ﬁnancial instruments hedging future 
currency and commodity transactions was 
£1 million asset 2013 – £nil when 
managing currency exposure we use spot 
and forward purchases and sales and 
options the fair value of other derivative 
ﬁnancial instruments accounted for as held 
for trading was a £20 million asset  
2013 – £21 million asset
fair value estimation
the fair value of derivative ﬁnancial 
instruments is based on the market price of 
comparable instruments at the balance 
sheet date if they are publicly traded the 
fair value of the forward currency contracts 
was determined based on market forward 
exchange rates at the balance sheet date 
the fair values of shortterm deposits 
receivables payables loans and overdrafts 
with a maturity of less than one year are 
assumed to approximate their book values 
the fair values of bonds bank and other 
loans including ﬁnance lease liabilities due 
in more than one year are estimated by 
discounting the future contractual cash 
ﬂows at the current market interest rate 
available to the group for similar ﬁnancial 
instruments adjusted for the fair valuation 
effects of currency and interest rate risk 
exposures where those instruments form 
part of related hedging relationship 
agreements ﬁnancial and commodity 
forward contracts and options and 
commodity futures the values of certain 
items of merchandisable agricultural 
commodities that are included in 
inventories are based on market prices
going concern
the group’s business activities together 
with the factors likely to affect its future 
development performance and position are 
set out in this strategic report the ﬁnancial 
position of the group its cash ﬂows 
liquidity position and borrowing facilities are 
described in the same sections in addition 
note 21 to the financial statements 
includes the group’s objectives policies 
and processes for managing its capital its 
ﬁnancial risk management objectives 
details of its ﬁnancial instruments and 
hedging activities and its exposures to 
credit risk and liquidity risk
as set out in the sections and note 
referenced above the market conditions  
of the areas in which the group operates 
have been affected and are likely to 
continue to be affected by large 
movements in input prices however  
with some 70 of revenues from food  
and beverage ingredients the group has  
a measure of resilience although not 
immunity to economic challenges  
in addition the group has access to 
considerable ﬁnancial resources through  
its facilities as described in note 21 to  
the financial statements in making their 
assessment of the going concern basis 
the directors have reviewed the maturities 
of these facilities the headroom available 
from them and the group’s ability to meet 
the covenant requirements of certain of 
them as a consequence the directors 
believe that the group is well placed to 
manage its business risks successfully
after making enquiries the directors have  
a reasonable expectation that the company 
and the group have adequate resources  
to continue in operational existence for  
the foreseeable future accordingly they 
continue to adopt the going concern basis 
in preparing the annual report
28  tate  lyle plc annual report 2014
strategic report 
additional financial information  continued key risks
key risks and uncertainties identiﬁed  
as part of the risk management process 
undertaken during the year together with 
some of the mitigating actions we are 
taking are set out on pages 30 and 31  
it is not possible to identify or anticipate 
every risk that may affect the group  
our overall success as a global business 
depends in part upon our ability to 
succeed in different economic social  
and political environments and to manage 
and to mitigate these risks
responsibility for managing each key risk 
and the associated mitigating controls is 
allocated to an individual executive within 
each division as part of the process 
senior executive management formally 
conﬁrms once a year that these key risks 
are being managed appropriately within 
their operations and that controls have 
been examined and are effective the 
conﬁrmations and any exceptions are 
discussed at the audit committee and 
corporate responsibility committee and 
where appropriate reported to the board
during the year ended 31 march 2014 the 
board and the group executive committee 
undertook an exercise to consider the 
nature and extent of the group’s risk 
appetite the results of this exercise which 
includes a retrospective review of how the 
prior year risk appetite has been applied in 
practice are used as part of the group’s 
strategic planning activities and in 
considering ongoing mitigating actions 
the group’s risk management process 
continues to follow the committee of 
sponsoring organizations of the treadway 
commission coso enterprise risk 
framework the coso framework provides 
a process to manage the risk of failure to 
achieve business objectives and assurance 
against material loss or misstatement
the board has overall responsibility for the 
group’s system of risk management and 
internal control the schedule of matters 
reserved to the board ensures that the 
directors control among other matters  
all signiﬁcant strategic ﬁnancial and 
organisational risks
approach
the group’s enterprisewide risk 
management and reporting process helps 
management to identify assess prioritise 
and mitigate risk this bottomup process 
involves a rolling programme of workshops 
facilitated by the risk management team 
held around the group the current and 
forwardlooking risks identiﬁed are collated 
and reported through functional and 
divisional levels to the group executive 
committee these risks are also reviewed 
by the board on a topdown basis to 
assess the key risks facing tate  lyle this 
dual approach culminates in the 
identiﬁcation of the group’s key business 
ﬁnancial operational and compliance risks 
with associated action plans and controls 
to mitigate them where possible and to the 
extent deemed appropriate taking account 
of costs and beneﬁts this output is 
reviewed by the board as part of the 
annual risk assessment process the board 
also reviews emerging and ‘black swan’ 
risks facing the group
our risk framework
effectively managing 
the risks we face
tate  lyle is exposed to a number  
of risks which might have a material  
adverse effect on our reputation  
operations and ﬁnancial performance
5
our risk 
framework
identify risks
assess  
risks and 
interactions
prioritise  
risks
respond  
to risks
review  
and monitor 
risks
1
2
3
4
 tate  lyle plc annual report 2014  29
strategic report governance financial statements useful information 
risks risks impact and description examples of mitigating actions
safety
failure to act  
safely and to  
maintain the safe  
and continuous 
operation of  
our facilities
the safety of our employees 
contractors suppliers and the 
communities in which we operate is 
paramount we must operate within 
local laws regulations rules and 
ordinances relating to health safety and 
the environment including emissions 
the operation of plants involves many 
risks which could cause a temporary or 
permanent stoppage in production and 
could have a material adverse effect on 
the group
 health and safety policies and procedures at all facilities with 
dedicated staff to ensure they are embedded and measured
 regular review of performance and policies by the corporate 
responsibility committee
 business continuity capabilities in place to enable supply as quickly  
as practicable of product to customers from alternative sources in  
the event of a natural disaster or major equipment or plant failure 
 maintain suitable insurance programme against customary risks
 programme of global compliance audits senior executives also 
undertake annual executive audits at the majority of our sites
strategy
failure to grow  
in speciality  
food ingredients
the group’s strategy is to become the 
leading global provider of speciality food 
ingredients and solutions the ability to 
deliver the strategy may be impacted by a 
number of factors such as delivering 
growth in emerging markets acquisitions 
customer readiness to adopt new 
ingredients and launch products using 
them competitor actions and growing 
key product or product families failure to 
deliver on this strategy over the longer 
term would negatively affect the group’s 
credibility and reputation
 investments are being made to increase the group’s sales 
and technical resources including in emerging markets
 new staff recruited and existing staff developed to upgrade skill 
sets particularly in customerfacing areas and innovation
 internal capabilities have been enhanced to help promote growth 
through acquisition
 global programme has been established to enhance customer 
account management planning and execution
innovation
failure to innovate  
and commercialise 
new products
failure to identify important consumer 
trends and provide innovative solutions 
and the inability to successfully 
commercialise new products could 
impact the delivery of the group’s 
strategy this would affect its 
performance and reputation
 three platforms have been established in innovation and 
commercial development – sweeteners texturants and health  
and wellness – to drive new product development and innovation 
in speciality food ingredients
 innovation and commercial development team works closely with 
customers and other external organisations to identify emerging trends
 open innovation team actively scouts for breakthrough 
technologies and opportunities across industries and universities
 global marketing organisation established to provide launch support 
for new product initiatives as well as base business expansion
 prioritise ‘partnership’ opportunities with customers to accelerate 
development cycles and time to market for new ingredients
quality
failure to maintain the 
quality of our products 
and high standards of 
customer service
the safety of consumers of our products 
is critical poor quality or substandard 
products or poor customer service could 
have a negative impact on our reputation 
and relationships with customers
 multiple steps in process testing in all product lines and strict quality 
control procedures to prevent release of product without full quality 
control clearance
 policies procedures and performance reviewed regularly by the 
corporate responsibility committee
 thirdparty audit programme in place supplemented by internal 
global compliance audits
 recall simulation exercises undertaken
people
failure to attract 
develop and retain 
key personnel
performance knowledge and skills  
of employees are central to success  
we must attract integrate and retain  
the talent required to fulﬁl our ambitions 
and deliver the group’s strategy inability 
to retain key knowledge and adequately 
plan for succession could have a negative 
impact on company performance
 remuneration policies designed to attract retain and reward 
employees with ability and experience to execute group strategy
 talent development strategy to provide opportunities for 
employees as well as training to close skill gaps
 single global performance appraisal and talent planning processes 
and system in place
 increased boardlevel focus on succession planning for business
critical roles
legal and 
regulatory
failure to comply  
with legislation  
and regulation
the group operates in diverse markets 
and therefore is exposed to a wide range 
of legal and regulatory frameworks  
we must understand and comply with  
all applicable legislation any breach 
could have a ﬁnancial impact and 
damage our reputation
 regular monitoring and review of changes in law and regulation in 
such areas as health and safety environment quality food safety 
and corporate governance
 global regulatory team supported by external consultants 
monitors local regulatory requirements affecting our products  
and how these change over time
 legal teams maintain compliance policies in areas such as antitrust 
and anticorruption law and provide ongoing training to employees
30  tate  lyle plc annual report 2014
strategic report 
risks  continued risks impact and description examples of mitigating actions
raw 
materials
fluctuations in prices 
and availability of raw 
materials energy 
freight and other 
operating inputs
margins may be affected by ﬂuctuations 
in crop prices due to factors such as 
variations in local or regional harvest and 
weather conditions crop disease 
climate change crop yields alternative 
crops and coproduct values in some 
cases due to the basis for pricing in 
sales contracts or due to competitive 
markets we may not be able to pass on 
to customers the full increase in raw 
material prices or higher energy freight 
or other operating costs additionally 
margins may be affected by customers 
not taking expected volumes
 strategic relationships with suppliers and trading companies 
including multiyear agreements
 balanced portfolio of supply and tolling contracts in operation with 
customers to manage balance of raw material prices and product 
sales prices and volume risks
 raw material and energy purchasing policies to provide security 
of supply
 expanding network of corn elevators to enhance security of supply
 putting in place new or backup supply sources in case primary 
suppliers face localised challenges 
key projects
failure to implement 
the group’s programme 
to transform its 
operational capabilities
the group has committed to a 
programme to transform its operational 
capabilities primarily by implementing 
common ways of working supported by 
a global isit platform and global shared 
services issues arising in the 
implementation of this project would 
have an adverse impact on the group’s 
ability to achieve its strategy
 ongoing reﬁnements to programme based on lessons learnt  
in the process eg phased golive approach to mitigate the 
deployment risk
 dedicated internal resources allocated to the project working in 
conjunction with business teams
 formal steering committee executive management and board
audit committee review of project progress against agreed 
milestones and timelines
 appointment of a highly experienced programme manager
reputation
failure to counter 
negative perceptions of 
the group’s products
we must be fully prepared to counter 
unexpectedunfounded negative 
publicity about our products and seek  
to ensure the science behind our 
ingredients is supported by credible 
sources and is clearly communicated 
failure to do so would have a negative 
impact on the group’s performance  
and reputation
 innovation and commercial development and regulatory experts 
substantiate relevant product claims prior to launch
 media relations advisors monitor coverage in both print and 
electronic media of the group and its products and develop  
action plans to deal with any negative publicity
 participation in trade organisations and industrywide initiatives  
to promote and protect our products
finance
failure to manage  
the balance sheet 
particularly during 
periods of economic 
uncertainty
we must manage our ﬁnances within 
strictly controlled parameters particularly 
when external ﬁnancial conditions are 
uncertain and highly changeable the 
change programme currently being 
undertaken by the group consists of a 
number of capital expenditure projects 
which if not delivered successfully could 
negatively affect the group’s performance 
and reputation
 capital expenditure procedures to control and monitor allocation 
and spend
 all new investments are evaluated against clear strategic and 
ﬁnancial criteria those approved are subject to greater scrutiny  
and have clear execution milestones
 external resources and expertise used where required
 exposure to liquidity risk is managed by ensuring we maintain 
access to a wide range of funding sources and by effective 
management of our cash resources
finance
failure to maintain an 
effective system of 
internal financial 
controls
without effective internal ﬁnancial controls 
we could be exposed to ﬁnancial 
irregularities and losses from acts which 
could have a signiﬁcant impact on the 
ability of the business to operate we must 
safeguard business assets and ensure 
accuracy and reliability of records and 
ﬁnancial reporting
 policies to ensure that key tasks are segregated to safeguard assets
 finance and capital expenditure manuals set out procedure
 chief executive and chief financial ofﬁcer undertake detailed 
quarterly business and ﬁnancial reviews
 additional control processes put in place in recognition of the 
elevated risks posed by the implementation of the new global  
isit system 
 tate  lyle plc annual report 2014  31
strategic report governance financial statements useful information  reporting and communication management and performance corporate responsibility governance
governance of cr matters is overseen 
by the board’s corporate responsibility 
committee see page 51 
the chief executive is the director with 
speciﬁc responsibility for cr matters
cr matters are part of the group’s risk 
management and reporting processes 
see page 29
our policies and control arrangements 
addressing human rights include
 our code of ethics and the internal 
and external communication and 
training undertaken around it
 the company’s position and practices 
on equal opportunities and diversity
 the company’s speak up 
whistleblowing arrangements  
see page 45
 our controls for managing standards in 
the supply chain see page 37
workplace
we deeply regret three fatal accidents 
that occurred at our sites during the last 
year these tragic accidents and our 
response are reported on pages 4  
8 and 33
environment
we were included in the ftse 350 
climate disclosure leadership index for 
the second year running in 2013 having 
scored once again in the top 10 of the 
ftse 350 companies responding
marketplace
we implement controls to promote and 
ensure responsible and ethical conduct 
by our employees business partners 
and in our supply chain see pages  
36 and 37 
community
we have expanded community 
involvement in the year providing 
support locally and globally in the areas 
of wellbeing education and 
environment see page 37
engagement
this year we have engaged with 
customers and other key stakeholders 
and used this feedback to review how 
we report on and communicate about 
cr matters
reporting
the scope principles and 
methodologies we use in reporting  
cr performance are provided in ‘cr 
reporting criteria annual report 2014’ 
available at wwwtateandlylecom
cr2014 
our internal audit function reviewed the 
cr information and data in this annual 
report to conﬁrm its accuracy
we gained independent external 
assurance over selected environmental 
data on pages 35 and 36 in this annual 
report from bureau veritas uk ltd 
their assurance statement can be found 
at wwwtateandlylecomcr2014
workplace
our employees are critical in delivering our 
strategy the key cr considerations for us 
in terms of our workplace are safety and 
how we manage our relationship with 
employees in line with our values we 
believe that everyone should be safe at 
work and be treated fairly and with respect
employee proﬁle
at 31 march 2014 tate  lyle employed 
4523 people 2013 – 4326 our employee 
base has increased in the last year primarily 
due to the formation of tate  lyle 
howbetter in china and the acquisition  
of biovelop the swedish oat beta  
glucan manufacturer
employees by division
as at 31 march 2014
1 49 bulk ingredients
2 42 speciality food ingredients
3 9 central functions
1
2
3
employees by geography 
as at 31 march 2014
1 46 north america
2  37 europe middle 
east  africa
3 10 latin america
4  7 asia pacific
1
2
3
4
our sustainability journey
we approach corporate responsibility cr from a stakeholder perspective in terms of our workplace 
the environment our marketplace and the communities of which we are a part we seek to continually 
improve the way that we manage perform in and report on cr matters
32  tate  lyle plc annual report 2014
strategic report 
corporate responsibility safety performance²
recordable incident rate 
number of injuries requiring treatment beyond first aid per 200000 hours
us industry sector employee averages 2012
3
 and tate  lyle employees 2013 
beverage and tobacco
food manufacturing
construction
private industry
chemical manufacturing
energy products manufacturing
tate  lyle
65
54
37
34
23
15
043
lostwork case rate 
number of injuries that resulted in lostwork days per 200000 hours
number of cases combined 2013
10
 tate  lyle employees
 contractors
2011 2012 2013
017
031
019
043
009
022
us industry sector employee averages 2012
3
 and tate  lyle employees 2013 
2  we report safety performance by calendar year
3 source us department of labor november 2013
construction
food manufacturing
private industry
chemical manufacturing
energy products manufacturing
tate  lyle
14
beverage and tobacco 19
13
10
07
05
009
number of incidents combined 2013
44
 tate  lyle employees
 contractors
2011 2012 2013
055
155
063
143
043
094
safety
we have no higher priority than safety  
for our employees and for everyone who 
comes to our sites our ultimate goal  
is to have no accidents and no injuries
our executive safety steering  
committee chaired by our chief  
executive met throughout the year  
to review our safety performance  
and improvement programmes 
our senior executives are personally 
involved in safety management and 
undertake annual executive audits at  
the majority of our sites around the world
performance
we deeply regret the deaths during the last 
year of an employee at our manufacturing 
facility in the netherlands who fell from 
height an external truck driver working  
at our jointventure site in hungary who 
died in an industrial accident and a 
contractor in singapore who died from 
burns after a hot water escape in april 
2014 a further contractor remains in a 
critical condition in hospital in singapore
these tragic accidents were thoroughly 
investigated both internally and externally 
actions based on preliminary ﬁndings 
have been taken to prevent this type of 
accident reoccurring and so that we may 
learn from these tragic events further 
details are provided in the chairman’s 
statement on page 4 and the chief 
executive’s review on page 8
2013 2012 2011
fatalities 2
1
00
1  one employee and one external truck driver  
one of our contractors also had a fatality in  
april 2014
the safety performance indicators 
recordable incident rate and lostwork case 
rate saw a 32 and 49 reduction 
respectively during the year to reach our 
lowest levels ever recorded however 
safety is about people not just numbers 
and we can never do too much to keep 
ourselves and our colleagues safe
recordable 
incident rate
lostwork 
case rate
2013
change
versus
2012 2013
change
versus
2012
employees 043 32 009 53
contractors 094 34 022 49
combined 058 32 013 49
external benchmarking
to put our safety performance in context 
and because many of our employees are 
located in the us we compare our results 
with us industry averages as shown in the 
graphs opposite
 tate  lyle plc annual report 2014  33
strategic report governance financial statements useful information  safety milestones
five of our us plants between them won 
15 us corn reﬁners association cra 
safety awards during the year
twentyﬁve of our facilities did not 
experience a recordable injury in 2013 
compared to 20 in 2012 
safety initiatives
safety projects and activities progressed 
during the year included
 contractor safety programme  
we improved contractors’ safety by 
increased monitoring sharing best 
practices and closer relationships
 safety competency we trained 
managers and supervisors on safety 
leadership and ownership training for 
safety representatives included courses 
on scaffolding and excavation
 hand safety a third party conducted 
glove surveys we purchased additional 
cutresistant gloves and knives with 
retractable blades and installed  
glovetype awareness boards
 safety awareness we held our  
annual global safety week where  
many employees and their families  
and contractors took part in activities  
across our sites worldwide
occupational health and wellbeing 
we contract with external occupational 
health professionals to monitor and 
safeguard the health of employees at work 
and to provide information advice and 
support to them on general health and 
wellness matters
relationship with employees
our values deﬁne what we stand for and 
how we behave with our customers 
suppliers investors the communities we 
operate in and with each other we believe 
in equal opportunities for all regardless  
of gender sexual orientation age marital 
status disability race religion or other 
beliefs and ethnic or national origin
our policies practices and procedures  
for recruitment training and career 
development promote equality of 
opportunity we are committed to treating 
people with disabilities fairly in all respects 
including regarding applications training 
promotion and career development an 
employee who becomes disabled would 
where appropriate be offered retraining  
for a more suitable role
diversity and inclusion
we believe in a culture where all employees 
contribute to the performance of the 
company and have the opportunity to 
develop fully according to their individual 
abilities we aim to attract a diverse 
workforce that reﬂects the communities  
in which we operate in 2011 we 
established a diversity and inclusion 
council it works on creating awareness  
of diversity and inclusion issues tracking 
inclusion metrics and championing our 
diversity and inclusion programme across 
the company
progress during the year included
 continued increase in awareness  
among senior managers of diversity  
and inclusion issues having included 
consideration of these issues in their 
annual performance objectives
 embedding a focus on diversity  
in our recruitment practices
 enhanced cultural diversity from the 
acquisition of biovelop the swedish  
oat beta glucan manufacturer and  
the formation of tate  lyle howbetter  
in china
employee engagement
we believe that employees who are 
engaged by which we mean committed  
to the group its goals values and strategy 
and to each other are happier and 
ultimately deliver better results 
good internal communication is essential 
to this we communicate with our 
employees in a number of ways from 
companywide media including our 
intranet and our quarterly employee 
magazine which is published in 13 
languages to facetoface dialogue such 
as sitewide meetings functional meetings 
and small group or team meetings 
we continue to invest in helping employees 
and managers stay up to date with the 
latest requirements of their roles courses 
provided during the year included a 
supervisors’ development programme 
people management development 
programme stakeholder management  
and inﬂuencing and sales training
in 2013 we conducted our second 
employee survey to obtain employees’ 
board of directors
1 7 70 men
2 3  30 women
1
2
respect integrity
safety
core 
values
accountability              performance values              achievement
creativity                    speed                    teamwork
gender diversity
as at 31 march 2014
our values
senior managers and 
statutory directors
1
1 117 81 men
2 27  19 women
1
2
all employees
2
1 2860 73 men
2  1035 27 women
1
2
1  gender diversity for senior managers excluding 
statutory directors is 43 77 men and 13 23 
women
2  excludes jointventure employees
candid opinions about tate  lyle and to 
facilitate conversations about how we can 
make the company a better place to work
participation increased to 84 while the 
overall survey score was just above 36 on 
a scale of 1 to 5 where 5 is the best score 
also an increase compared to the prior 
year the results highlighted areas of 
progress and strength as well as areas 
where we can improve these have been 
translated into action plans for individual 
teams as well as the company as a whole
34  tate  lyle plc annual report 2014
strategic report 
corporate responsibility  continued environment
we aim to operate our business with  
a strong regard for environmental 
sustainability by using resources such  
as energy and water more efﬁciently  
and reducing waste we aim to improve  
our environmental sustainability while  
also controlling operating costs
implementing our business strategy by 
growing our speciality food ingredients 
division is gradually changing the shape  
of our manufacturing operations to produce 
more speciality products see page 20 
which typically involve additional 
manufacturing steps compared with our 
bulk ingredients division this can drive 
some increase in resource use and waste 
which we are working to mitigate through 
efﬁciency and waste reduction projects  
and programmes
we work to address environmental 
considerations across the life cycle of  
our products from our agricultural supply 
chain to how our products are packaged 
and transported
our environmental policy and standards 
apply to all our activities globally and  
we aim to integrate environmental 
considerations into all major decisions
our facilities operate under local 
environmental authorisations and permits 
and we require strict compliance with these 
at all times if a site breaches an operating 
limit we seek to take steps immediately  
to resolve the issue and prevent 
reoccurrence
our internal global compliance audit 
programme conﬁrms compliance with  
our environmental and food safety quality 
and health and safety management 
standards additionally our rolling 
programme of external independent 
environmental compliance audits assures 
compliance with regulatory requirements
within our own operations and joint 
ventures we focus on those aspects  
of our activities that have the greatest 
potential impact on the environment 
namely the use of energy and consequent 
air emissions and carbon footprint water 
use and waste management
beyond our own operations we focus  
our attention on our agricultural raw 
material and ingredient supply chain  
the transportation of our products to our 
customers and our product packaging
1  we report environmental performance by calendar year
2  refers to 2013 data that has been externally assured by bureau veritas uk ltd their assurance statement is at wwwtateandlylecomcr2014
3  previously we have reported carbon footprint in tonnes of carbon dioxide co 2 we now report in tonnes of carbon dioxide equivalent co 2e across all years
environmental sustainability targets and achievements
we have four mediumterm environmental sustainability targets
target by end of 2016 calendar year 2013 status example
reduce co 2e emissions from energy use  
by 125 per tonne of production  
baseline year 2008
4
10 reduction in co 2e emissions per tonne  
of production versus 2008
in calendar year 2014 we will be implementing 
an energy project at our sagamore indiana us 
plant that will reduce our greenhouse gas 
emissions by up to 56000 tonnes co 2e per year
implement packaging reduction  
programmes with customers representing  
50 of sales £
programmes initiated with customers 
representing 20 of sales £
in 2013 we changed from a paperfoilpaper 
sack to a paperplasticpaper sack for several 
products that improves recyclability and 
thereby reduces resource use
implement transport efﬁciency  
programmes with customers representing  
50 of sales £
programmes initiated with customers 
representing 25 of sales £
four highefﬁciency low emission ‘methane 
diesel’ trucks are dedicated to our central 
european distribution utilising liqueﬁed natural
bio gas
implement sustainable agricultural 
sourcing programmes for our top 20 
agricultural raw materials and ingredients  
by volume
overall we are currently working on sustainable 
agricultural sourcing across 30 raw materials
ingredients during the year we established new 
sustainable sourcing criteria for four agricultural 
raw materialsingredients
we utilise an externally conducted 
sustainability risk assessment of our 
agricultural raw materialsingredients to  
help us decide how to focus our work on 
sustainable agriculture
4  we recognise that installing new air emissions control equipment at several locations over the next few years and the manufacture of more speciality products will 
make it more challenging to reduce our energy use and co 2e emissions in the medium term
environmental performance¹
energy use 
gj per tonne production
456
2
2011 2012 2013
442 449
456
2
primary carbon footprint
3
 
tonnes co 2e per tonne production
0375
2
2011 2012 2013
0373 0368
0375
2
water use 
cubic metres per tonne production
430
2
2011 2012 2013
427
418
430
2
waste to landfill 
tonnes per 1000 tonnes production
721
2
2011 2012 2013
792
705
721
2
 tate  lyle plc annual report 2014  35
strategic report governance financial statements useful information  operational performance
during the year we saw the impact of
 some of our bulk ingredients plants 
running below capacity – which reduces 
their environmental efﬁciency due  
to lower demand for carbonated soft 
drinks caused by unusually cold  
and wet weather
 changes in our production mix – with the 
manufacture of more speciality products
 some sitespeciﬁc factors causing 
temporary environmental efﬁciency 
impacts such as works to implement  
a new process sequence at loudon  
us and from taking equipment offline at 
decatur us for scheduled replacement
in calendar year 2013 compared with 2012 
our performance was as follows
 energy use per tonne of production 
increased by 16 since 2008 we have 
reduced energy use per tonne of 
production by 8
 carbon footprint from energy use 
increased by 19 per tonne of 
production since 2008 we have reduced 
co 2e emissions per tonne of production 
by 10 in calendar year 2014 we will  
be implementing an energy project  
at our sagamore indiana us which  
we anticipate will reduce our emissions  
by up to 56000 tonnes co 2e per year
 water use per tonne of production 
increased by 28 since 2008 we have 
reduced water use per tonne of 
production by 6 water reuse and 
recycling projects implemented at 
dayton ohio us during the last two 
years are saving more than 500000 
cubic meters of water annually
 waste to landﬁll increased by 22 per 
tonne of production since 2008 we have 
reduced waste to landﬁll per tonne of 
production by 25
we are working to improve our 
environmental performance by focusing on
 capital projects and operational  
practices to reduce our impact
 working with our suppliers and others to 
promote sustainable agriculture
 working with our customers on reducing 
our combined environmental impact 
associated with transport and packaging
group greenhouse gas ghg 
emissions for the period 1 january to  
31 december 2013 in tonnes of carbon 
dioxide equivalent tco 2e were
 from combustion of fuel and operation of 
facilities scope 1 2270489 tco 2e
1
 from electricity heat steam and cooling 
purchased scope 2 1224731 tco 2e
1
 in total scope 1 and 2 3495220 tco 2e
1
 
which equates to an intensity of 0375 
tco 2e
1
 per tonne of production
we have reported on all of the material 
emission sources required under the 
companies act 2006 strategic report  
and directors’ report regulations 2013 
we report ghg emissions in line with the 
ghg protocol corporate accounting and 
reporting standard the scope principles 
and methodology we use are provided in 
‘cr reporting criteria annual report 2014’ 
at wwwtateandlylecomcr2014
marketplace
the food and beverage industry is our 
largest market sector and comprises over 
70 of group sales other industry sectors 
we sell into include industrial animal feed 
and personal care
cr in the marketplace for us is about the 
safety integrity and functionality of our 
products the origin of our agricultural raw 
materials the conduct of our commercial 
relationships and the standards within our 
supply chain
product safety and quality 
our products adhere to the highest 
standards of food safety quality and 
traceability products that are safe and to 
the correct speciﬁcation are of the utmost 
importance to us to ensure this all of our 
manufacturing facilities are externally 
certiﬁed to the global food safety initiative 
each year and we have wellestablished 
processes and procedures globally to 
ensure that we comply with this standard 
our control arrangements include in
process testing an annual global 
compliance audit programme and 
independent food safety audits of every 
manufacturing site the ability to trace and 
recall product is tested annually both 
globally and locally at each facility
developing sustainable products
our aim is to help our customers provide 
consumers with healthy nutritious foods 
and beverages as part of a normal 
balanced diet we aim to ensure that our 
ingredients and any claims we make 
regarding their beneﬁts or efﬁcacy are 
supported by clear demonstrated science
in line with our strategy we focus 
particularly on growing our speciality food 
ingredients division and as such the 
majority of our new product development  
is in this area many of our speciality 
sweeteners and ﬁbres improve stability 
thereby helping to extend consumer 
product shelf life and assist in avoiding food 
waste which is an important food industry 
sustainability issue our health and 
wellness platform delivers innovative 
ingredients with substantiated health 
beneﬁts to customers worldwide  
for example promoat
®
 beta glucan  
a product we acquired in 2013 is a natural 
component of wholegrain swedish oats 
that allows foods and beverages to help 
lower cholesterol levels and promote 
digestive and intestinal health
our raw materials and ingredients are 
largely derived from renewable agricultural 
sources principally corn and in addition 
we consider sustainability matters 
throughout the product lifecycle to this 
end for our innovation pipeline we use  
a sustainability evaluation tool to
 undertake a sustainability risk 
assessment at an early stage in the 
product development process to identify 
any potential concerns
 evaluate sustainability issues as we 
proceed with product development  
to avoid or reduce any potential adverse 
impacts such as the use of energy and 
nonrenewable resources and to 
leverage positive impacts such as 
product health and wellness beneﬁts
conduct of commercial relationships
we are committed to ensuring a safe  
open and responsible culture in all our 
business dealings wherever we operate  
in line with our code of ethics the code  
is made available in 13 languages and is 
communicated internally via our intranet 
through local ‘ethics ambassadors’ across 
the business and through training 
programmes externally the code is 
integrated into our supplier and business 
partner relationships
we support our employees and business 
partners in coming forward with any 
information concerning actual or alleged 
breaches of the code of ethics as part of 
our speak up process we provide access 
to an independent anonymous thirdparty 
reporting service through free phone 
numbers in 47 countries and by email 
information on accessing this service is 
communicated across the company  
and externally via our corporate website 
any issues reported are investigated by 
members of our speak up committee  
a group of senior tate  lyle executives 
who are responsible for ensuring that any 
concerns are investigated and that 
appropriate action is taken
1 refers to data that has been externally assured by bureau veritas uk ltd their assurance statement can be found at wwwtateandlylecomcr2014
36  tate  lyle plc annual report 2014
strategic report 
corporate responsibility  continued standards in our supply chain 
we operate a tiered riskbased approach 
to cr matters in our supply chain
 our code of ethics sets out the ethical 
standards and behaviours we require  
our employees and business partners  
to follow in conducting the company’s 
business it is communicated to our 
suppliers through our contracts and  
other engagement with them
 our purchase contract terms and 
conditions include the requirement  
for our suppliers to uphold international 
business standards and to be fully 
compliant with all applicable laws and 
regulations including but not limited to 
those regarding freedom of association 
and collective bargaining non
discrimination anticorruptionanti
bribery and the prevention of child  
or forced labour that they comply  
with the standards expectations and 
commitments in our code of ethics  
and that they require comparable 
compliance of their own suppliers
 our procurement function has in place  
a global procedure whereby the 
environmental social and governance 
risks associated with supply contracts 
are evaluated based on ﬁrstly the 
source country where independent 
ratings of human rights risk are applied 
and secondly the items being supplied 
with reference to an external sustainability 
risk assessment of our agricultural raw 
materialsingredients if the source 
country is identiﬁed as being of high  
or medium risk for human rights  
or the contract is for a higher risk item 
enhanced control arrangements are  
put in place
our sustainable agriculture programme 
speciﬁcally addresses environmental  
social and governance matters in our 
agricultural raw materialsingredient  
supply chain see page 35
in addition having used the ‘sedex’  
social and ethical compliance system 
wwwsedexglobalcom across our own 
manufacturing facilities for a number of 
years we are now starting to use it in our 
supply chain as one of the tools to promote 
and assure good cr practices
tate  lyle is a member of the ftse4good 
indices of companies meeting global 
corporate responsibility standards the 
screening criteria for which include supply 
chain risks and control arrangements
community
we have a strong history of community 
involvement and during the year we 
continued to support communities local  
to our operations and globally
our approach
for tate  lyle community involvement  
is about having a positive and lasting 
relationship with the community changing 
lives for the better we focus on three 
speciﬁc areas
 wellbeing to provide practical 
assistance in the area of wellbeing  
from health issues including nutrition  
to general welfare such as supporting 
food banks
 education to develop young people’s 
knowledge and understanding of 
science technology engineering and 
mathematics stem subjects and their 
preparedness for a career in a stem 
based discipline either academically  
or vocationally
 environment to promote environmental 
sustainability and good environmental 
management addressing issues  
of climate change natural resources  
and conservation
overview of the year
in the year ended 31 march 2014 
charitable donations were £501000  
2013 – £376000 we aim to increase our 
investment in community involvement each 
year in line with the growth of our business
local programmespartnerships
we seek to engage with local communities 
where our principal manufacturing rd 
and ofﬁce facilities are located employees 
at each location can make their own 
decision as to the speciﬁc projects they 
support and the partnerships that they 
develop as a result we support a range  
of initiatives and organisations in our  
local communities
 wellbeing we supported a wide variety 
of local health and wellbeing initiatives 
this year including united way 
community programmes at several 
locations in the us for the second year 
running our echristmas card supported 
the homeless charity crisis at christmas 
in london uk and the northern illinois 
food bank in chicago usa both 
organisations provided practical 
immediate assistance to those in need 
over the holiday period
 education this year we supported  
local schools colleges and universities 
for example by assisting with new 
equipment purchases running a road 
safety event for children at local schools 
and providing scholarship funds to help 
students access higher education
 environment this year we supported  
a number of environmental initiatives 
including improvement works to local 
park and conservation areas and  
tree planting
global partnerships
we have made good progress in 
developing our global partnership 
programmes during the year 
on wellbeing we have continued to  
be a partner with the global alliance  
for improved nutrition gain –  
wwwgainhealthorg and we contributed 
50000 to disaster relief by the red cross 
following the philippines typhoon in 
november 2013 
for education we are implementing an 
undergraduate bursaryscholarship 
programme across selected universities 
internationally assisting undergraduates  
to access courses in stem disciplines
for environment we are a corporate 
partner of the environmental research  
and engagement charity earthwatch  
httpeuearthwatchorg with which we 
have established a project on the ecology 
conservation and sustainable harvesting  
of seaweed
community spend by area 
year ended 31 march 2014
1 39 wellbeing
2 34 education
3 18 environment
4 9 other
1
2
3
4
the strategic report from page 1 to 
page 37 of this annual report was 
approved by the board on 28 may 2014
on behalf of the board
lucie gilbert
company secretary
28 may 2014
 tate  lyle plc annual report 2014  37
strategic report governance financial statements useful information  joined the board as chief executive in october 2009 aged 54
skills and experience
javed has extensive international experience from a wide variety of 
senior management roles he started his career with procter  gamble 
and then spent ﬁve years with bain  co before joining benckiser later 
reckitt benckiser plc in 1992 where he gained signiﬁcant experience 
of international consumer goods markets and held positions including 
senior vice president northern europe president north america 
executive vice president north america australia and new zealand 
and executive vice president europe
other directorships
 member of mosaic advisory board
javed ahmed 
chief executive
sir peter gershon cbe 
chairman and chairman of  
the nominations committee
joined the board as an independent nonexecutive director and chairman 
designate in february 2009 appointed chairman in july 2009 aged 67 
skills and experience
sir peter has broad business experience gained in large and complex 
international organisations and has held various leadership roles in the 
uk private and public sector he was formerly chairman of premier 
farnell plc chief executive of the ofﬁce of government commerce 
managing director of marconi electronic systems and a member  
of the uk defence academy advisory board
other directorships
 chairman of national grid plc
 member of hm government efﬁciency and reform board
 chairman of the aircraft carrier alliance
 member of the advisory board of the sutton trust
joined the board in december 2008 as group finance director 
aged 49
skills and experience
tim joined the group in 1988 and has held a number of senior 
operational and ﬁnancial roles both in the uk and internationally 
including managing director of zambia sugar group financial 
controller finance director of the food  industrial ingredients 
europe division and director of investor relations he is a fellow 
of the chartered institute of management accountants 
other directorships
none
tim lodge
chief financial ofﬁcer
 
audit committee 
liz airey chairman 
douglas hurt anne minto 
remuneration committee
robert walker chairman
william camp sir peter gershon
anne minto dr ajai puri
nominations committee
sir peter gershon chairman
javed ahmed liz airey  
william camp douglas hurt 
virginia kamsky anne minto  
dr ajai puri robert walker
corporate responsibility cr 
committee
william camp chairman
liz airey sir peter gershon 
virginia kamsky dr ajai puri
our governance structure
certain responsibilities are 
delegated to four board 
committees details of which 
are provided on pages 47 to  
51 and on page 64 
joined the board in january 2007 aged 55
skills and experience 
liz was an investment banker and has extensive ﬁnancial experience 
in the uk and internationally she was formerly finance director of 
monument oil and gas plc 
other directorships
 chairman of the unilever uk pension fund
 senior independent director of jupiter fund management plc
 senior independent director of dunedin enterprise investment 
trust plc
liz airey 
nonexecutive director and 
chairman of the audit committee
joined the board in may 2010 aged 65
skills and experience
bill worked for 22 years for archer daniels midland company before 
retiring in 2007  and held a variety of management positions including 
executive vice president asia strategy executive vice president 
processing and senior vice president global oil seeds cocoa 
and wheat milling 
other directorships
 senior advisor naxos capital
 director of culligan international
william camp 
nonexecutive director and chairman of 
the corporate responsibility committee
joined the board in march 2010 aged 57
skills and experience
douglas is a chartered accountant he held a number of ﬁnancial 
and operational roles including us and european senior management 
positions at glaxosmithkline before joining imi plc as finance director 
in 2006
other directorships
 finance director of imi plc
douglas hurt 
nonexecutive director
38  tate  lyle plc annual report 2014
governance
board of directors lucie gilbert 
company secretary
appointed company secretary in august 2012 aged 42
skills and experience
lucie was appointed deputy company secretary in 2008 and 
previously held senior company secretarial roles in several listed 
companies including experian plc and brit insurance holdings  
plc lucie is a fellow of the institute of chartered secretaries and 
administrators and an associate of the chartered insurance institute
directorships 
none
robert walker 
senior independent director and chairman 
of the remuneration committee
joined the board in january 2006 aged 69
skills and experience
robert spent over 30 years with procter  gamble mckinsey 
and ﬁnally pepsico where he was responsible for the company’s 
beverage operations in europe the middle east and africa 
other directorships
 chairman of travis perkins plc
 chairman of enterprise inns plc
javed ahmed
chief executive
tim lodge 
chief financial ofﬁcer
robert gibber 
executive vice president  
general counsel 
rob luijten 
executive vice president  
human resources
gabriella parisse 
president innovation and 
commercial development 
olivier rigaud 
president speciality  
food ingredients
matt wineinger 
president bulk ingredients
our group executive committee
the group executive committee 
oversees the development and 
execution of the group’s strategy 
and has overall responsibility for 
achieving business results the 
members of the committee are 
listed opposite
joined the board in december 2012 aged 60
skills and experience
ginny is chairman and chief executive ofﬁcer of kamsky associates 
inc she also served as an executive vice president of foamex 
international inc and held a variety of leadership roles at chase 
manhattan bank
other directorships
 nonexecutive director of dana holding corporation
 member of the us secretary of the navy advisory panel
 trustee of the china institute in america
virginia kamsky
nonexecutive director
joined the board in december 2012 aged 60
skills and experience
anne was group director of human resources at centrica plc from 2002 
until her retirement in 2011 she previously held senior management roles 
at shell uk and smiths group plc and was deputy directorgeneral  
of the engineering employers’ federation
other directorships
 nonexecutive director and chairman of the remuneration 
committee of shire plc
 trustee of the university of aberdeen development trust 
 nonexecutive director of exlservice holdings inc
anne minto obe
nonexecutive director
joined the board in april 2012 chairman of the research advisory 
group aged 60
skills and experience
ajai has a phd in food science from the university of maryland usa 
he was president – research development and product integrity and 
a member of the executive board of koninklijke numico nv from 2003 
to 2007 prior to this ajai held various management positions with the 
cocacola company culminating in senior vice president technical 
the minute maid company 
other directorships
 member of the supervisory board of nutreco nv
 nonexecutive director of barry callebaut ag
 nonexecutive director of britannia industries limited
dr ajai puri 
nonexecutive director
 tate  lyle plc annual report 2014  39
strategic report governance financial statements useful information  introduction
dear shareholder
effective governance is a key component 
of the way tate  lyle manages its 
business and risks the governance 
arrangements we have in place have 
proven to be sound as evidenced in the 
external board effectiveness review 
board composition
robert walker our senior independent 
director joined the board at the start of 
2006 and we anticipate that he will retire 
from the board after serving a full nine 
years in preparation for this we have 
commenced work on planning for his 
successor as senior independent director 
and as chairman of the remuneration 
committee in addition the nominations 
committee has recommended that an 
additional nonexecutive director join the 
board ideally prior to robert’s departure 
to this end a clear speciﬁcation has been 
drawn up and shared with the appointed 
search consultants spencer stuart we 
will of course announce any changes to 
the board and speciﬁc roles as soon as 
the process has concluded and the board 
reaches a decision 
board effectiveness review
the last external board effectiveness 
review was conducted in 2011 and the 
board agreed that the 2014 review  
should be externally facilitated we felt  
that additional beneﬁts could also be 
derived from a review which was 
undertaken from a diversity and inclusion 
perspective and chose schneider ross to 
facilitate the review the review concluded 
that the board and its committees 
operate effectively and identiﬁed some 
areas for further action details of which 
are set out on page 44
reporting to shareholders
the uk government and other regulatory 
bodies have introduced a number of new 
reporting requirements which now apply 
to tate  lyle these include a new edition 
of the uk corporate governance code 
which provides that the directors should 
state that they consider that the annual 
report and accounts taken as a whole  
is ‘fair balanced and understandable’  
in preparation for this we enhanced our 
processes for producing the annual 
report each of the directors has 
conﬁrmed that he or she considers the 
annual report 2014 to be fair balanced 
and understandable 
focus for 2015
we regularly review the board’s areas  
of focus the key areas to which we will 
continue to devote signiﬁcant time at 
board and committee level are as follows
 safety including the effectiveness  
of new initiatives to improve hazard 
identiﬁcation and accident prevention  
at all our sites
 the performance of the speciality food 
ingredients division and its products 
including splenda
®
 sucralose
 customer engagement
 the group’s innovation pipeline 
 strategic initiatives including  
acquisition opportunities
 talent management senior recruitment 
and succession planning activities
sir peter gershon 
chairman
28 may 2014
 sir peter gershon 
the governance arrangements we  
have in place have proven to be sound 
as evidenced in the external board 
effectiveness review
40  tate  lyle plc annual report 2014
governance
statement from the chairman corporate governance
uk corporate governance code
the uk corporate governance code 
dated september 2012 the code and 
issued by the financial reporting council 
is applicable to companies with a premium 
listing on the london stock exchange  
as such we are required to state how  
we have applied the principles contained  
in the code and to disclose whether we 
have complied with the provisions of the 
code during the year throughout the year 
from 1 april 2013 to 31 march 2014 the 
company has complied fully with the code 
this governance section of the  
annual report including the directors’ 
remuneration report plus the disclosures 
contained in the risks section on pages  
29 to 31 provide details of how the 
company applies the principles and 
complies with the provisions of the code 
the directors’ responsibilities for the 
preparation of ﬁnancial statements are 
explained in the directors’ statement  
of responsibilities on page 73 their 
statement on going concern is on page 28
further information on the code can be 
found on the financial reporting council’s 
website wwwfrcorguk
the board
the role of the board 
the board is collectively responsible for 
promoting the success of the company 
and for providing entrepreneurial leadership 
within a framework of prudent and effective 
controls that enable risk to be assessed 
and managed it sets the company’s 
objectives ensures that the company  
has the necessary ﬁnancial resources  
and people to meet them and reviews 
management’s performance the board 
also sets the company’s values and 
ensures that its obligations to shareholders 
and others are met 
there is a schedule of matters reserved  
to the board for decision which includes 
approval of 
 group strategy
 annual budget and operating plans
 major capital expenditure acquisitions  
or divestments
 interim dividends
 fullyear and halfyear results  
and interim management statements
 board and company secretary 
appointments
 senior management structure  
and responsibilities
 treasury policies
 directors’ conﬂicts of interest
 systems of internal control  
and risk management
the research advisory group rag  
is chaired by dr ajai puri and comprises 
external subject matter experts and senior 
tate  lyle managers the rag’s remit 
covers reviewing the innovation pipeline  
and providing insight into how leadingedge 
science and technology can be applied  
to enhance the group’s speciality food 
ingredients portfolio the rag meets 
regularly principally at the global 
commercial and food innovation centre  
in chicago usa and dr puri provides 
regular updates to the board on the  
work of the rag
operation of the board
board meetings 
the board and its committees meet 
regularly according to a schedule linked  
to key events in the company’s corporate 
calendar ad hoc meetings are also 
arranged to consider matters requiring 
review and decision outside the scheduled 
meetings six scheduled board meetings 
were held during the year ended 31 march 
2014 including one held at the global 
commercial and food innovation centre  
in chicago usa and one at the group’s 
ofﬁces in shanghai china three additional 
board meetings were also held to consider 
proposals relating to the group’s business 
transformation programme and to review 
operational performance the board also 
met offsite for one day to focus on strategy
the rolling programme of items for 
discussion by the board is reviewed at 
each board meeting and updated to reﬂect 
topical matters all substantive agenda 
items have comprehensive brieﬁng papers 
which are distributed via the electronic 
board portal generally ﬁve working days 
before the meeting in the few instances 
where a director is unable to attend a 
meeting his or her comments on the 
brieﬁng papers are given in advance  
to the chairman 
meetings are structured to facilitate open 
debate and all directors participate  
in discussing safety strategy trading 
ﬁnancial performance and risk 
management members of executive 
management attend board meetings  
and regularly make presentations 
the chairman continued to hold a short 
discussion with the nonexecutive directors 
collectively both immediately before and 
after each scheduled board meeting
directors’ attendance at board meetings
directors as at 
31 march 2014
 number of
 meetings
number of
meetings
attended
sir peter gershon 9 9
javed ahmed 9 9
tim lodge 9 9
liz airey 9 9
william camp 9 9
douglas hurt 9 9
virginia kamsky 9 9
anne minto 9 9
dr ajai puri 9 8
robert walker 9 9
during the year dr ajai puri was unable  
to attend a meeting that was held outside 
the usual schedule due to unavoidable 
business commitments and he provided 
input on the agenda items to the chairman 
prior to the meeting
governance structure
audit 
committee
corporate 
responsibility
committee
nominations
committee
board
remuneration
committee
chief 
executive
executive 
committee
research 
advisory 
group
board committees
the board has delegated certain responsibilities to committees details of which can be 
found on pages 47 to 51 and on page 64
 tate  lyle plc annual report 2014  41
strategic report governance financial statements useful information  summary of the board’s work during 
the year
during the year the board continued  
to oversee the ongoing transformation  
of the group’s culture and business  
and considered all matters within its remit 
focusing in particular on the following
 safety
 the performance of the speciality food 
ingredients sfi and bulk ingredients bi 
divisions and the innovation and 
commercial development group icd 
including the impact of the global 
commercial and food innovation centre
 the group’s approach to customer 
engagement and collaboration
 the ongoing implementation of the 
project to create one global isit platform
 talent management and succession 
planning activities
in the 2015 ﬁnancial year the board  
will focus in particular on the areas listed  
on page 40
board allocation of time
the chart below shows the approximate 
time the board has spent discussing 
agenda items during the year separated 
into broad categories
board allocation of time
1 34 strategy
2  24 execution  
of strategy
3 18 risk
4 13 business results
5 11 governance
1
2
3
4
5
division of responsibilities
the roles of the chairman chief executive 
and senior independent director are 
separated and their responsibilities are set 
out in writing and agreed by the board
the chairman
key responsibilities include
 the effective operation leadership and 
governance of the board
 ensuring the effectiveness of the board 
and each director individually
 setting the style and tone of board 
discussions
 ensuring the directors receive accurate 
timely and clear information
the chief executive
key responsibilities include
 proposing strategy to the board  
and delivering it
 running the business
 communicating the board’s  
expectations with regard to culture 
values and behaviours
 ensuring the board is aware  
of the executive directors’ views  
on business issues
the senior independent director
key responsibilities include
 acting as a sounding board  
for the chairman
 conducting an annual review  
of the chairman’s performance
 being available to shareholders  
if they have any concerns that they  
have been unable to resolve through  
the normal channels
board effectiveness
board diversity
as set out in the board’s statement on 
diversity published on the group’s website 
the directors believe that board 
composition is a key element of board 
effectiveness and each member and 
potential member of the board must be 
able to demonstrate the skills experience 
and knowledge required to contribute to 
the effectiveness of the board subject to 
that overriding principle the directors 
believe that the board’s perspective and 
approach can be greatly enhanced through 
gender age and cultural diversity it is the 
board’s policy to consider overall board 
balance and diversity when appointing  
new directors 
board composition
at the date of this annual report the 
board comprised ten directors with deep 
knowledge and experience in diverse 
business sectors within global markets  
the chairman who has no executive 
responsibilities two executive directors 
and seven nonexecutive directors  
the names and biographies of the  
directors are on pages 38 and 39
tenure of nonexecutive directors
1 0 to 3 years – 3 directors
2 4 to 6 years – 2 directors
3 7 to 9 years – 2 directors
1
2
3
independence
with the exception of the chairman  
who is presumed under the code not to be 
independent the board considers all the 
nonexecutive directors to be independent 
the senior independent director robert 
walker is available to shareholders if they 
have any issues or concerns which they 
have not resolved through the usual 
channels and leads the annual review  
of the chairman’s performance 
the nonexecutive directors have a wide 
range of skills and knowledge and combine 
broad business and commercial experience 
with independent and objective judgement 
the terms and conditions of appointment  
of the nonexecutive directors can be 
inspected at the company’s registered 
ofﬁce and will be available for inspection  
at the annual general meeting agm 
as part of the annual board effectiveness 
review each director goes through a formal 
performance review process all directors 
completed this process during the year 
and in line with the code robert walker 
and liz airey who have served for over six 
years have both been subject to a 
particularly rigorous review
time commitment
all directors have disclosed any signiﬁcant 
external commitments to the board and 
conﬁrmed that they continue to have 
sufﬁcient time to discharge their duties  
to tate  lyle the other signiﬁcant 
commitments of the directors are set out 
on pages 38 and 39 the time commitment 
of all nonexecutive directors and the 
chairman is reviewed annually and the 
board is comfortable that all directors 
continue to devote the necessary time  
to the company 
during the year the board met without the 
chairman present to consider his request 
to chair the aircraft carrier alliance the 
chairman assured the board that he would 
continue to be able to devote sufﬁcient time 
to his duties at tate  lyle and the board 
unanimously agreed to his request
advice and support
the appointment and removal of the 
company secretary is a matter for the 
board as a whole all directors have access 
to the advice and services of the company 
secretary lucie gilbert who is responsible 
for ensuring that board processes are 
followed and that applicable rules and 
regulations are complied with 
there is also a formal procedure whereby 
directors can obtain independent 
professional advice if necessary  
at the company’s expense
42  tate  lyle plc annual report 2014
governance
corporate governance  continued information and professional 
development 
the chairman assisted by the company 
secretary is responsible for ensuring that 
the directors receive accurate timely and 
clear information on all relevant matters
directors receive ongoing training and 
updates on relevant issues as appropriate 
taking into account their individual 
qualiﬁcations and experience bespoke 
training sessions were held during the  
year including sessions on the speciality 
food ingredients market in asia paciﬁc  
the company secretary helps directors 
undertake any other professional 
development they consider necessary  
to assist them in carrying out their duties 
visits to external events including the  
food ingredients europe exhibition  
were also arranged to help nonexecutive 
directors in particular to gain a deeper 
insight into the group’s operating 
environment during the year in addition  
to the board’s visits to chicago shanghai 
and singapore the chairman and the 
nonexecutive directors visited 13 of the 
group’s sites in europe and the usa  
as part of their independent site visit 
programme these visits provide directors 
with the opportunity to interact with local 
management and gain indepth knowledge 
about the challenges being faced by the 
group’s operations across the world  
over the past three years the chairman 
and nonexecutive directors have visited  
21 of the group’s principal locations as  
part of this programme
directors’ induction programme
on appointment to the board directors 
receive background reading about the 
group and details of board procedures  
and other matters related to governance 
the company secretary then works with 
each of the new directors to deliver a 
tailored induction programme no new 
directors joined the board during the 
ﬁnancial year a detailed summary of  
the induction programme undertaken  
by directors in the previous ﬁnancial year  
is included in the annual report 2013
asia pacific is a key growth region for the group and 
in january 2014 the board visited the sfi facilities in 
shanghai and singapore the visit enabled directors 
to increase their understanding of the challenges and 
opportunities of the local markets and to meet staff 
based at these locations
2014 board effectiveness review
the board agreed that the 2014 review 
should be externally facilitated given the 
importance of inclusive leadership and  
the changes to the board in the previous 
ﬁnancial year the directors felt that it would 
be particularly beneﬁcial for the review  
to reﬂect on diversity and inclusion  
after careful consideration of providers 
schneider ross an independent external 
consultancy ﬁrm specialising in diversity 
and inclusion was retained to undertake 
the review 
schneider ross held conﬁdential oneto
one interviews with directors and members 
of the leadership team who regularly attend 
board andor committee meetings plus 
three external advisers the discussions 
focused on the behavioural aspects of 
board effectiveness including how the 
board works together the quality of inputs 
discussions and decisionmaking and 
speciﬁc themes such as succession 
planning following the interviews and 
working in conjunction with the company 
secretary questionnaires were produced 
to solicit further feedback on the overall 
effectiveness performance and processes 
of the board and each of its committees 
thirty individuals including regular 
attendees and four external advisors  
were invited to complete these 
questionnaires anonymously
the key results and recommendations 
were presented to the board by  
schneider ross 
the results were grouped into three  
broad areas
 mechanics for instance processes 
structure membership and operation  
of the board and its committees
 dynamics including leadership the  
tate  lyle values in practice in the 
boardroom quality of discussions 
debate and decisionmaking 
 speciﬁcs including strategy customer 
engagement talent management and 
succession planning and risk appetite
the board deliberated each of schneider 
ross’s recommendations and an action 
plan was agreed examples are provided  
in the table on page 44 
in addition each committee considered 
the output from schneider ross’s review  
of the committees each of the reviews 
indicated that the committees were 
operating effectively and made a number  
of recommendations for further 
consideration examples of the agreed 
actions are set out in each of the separate 
reports of the audit committee and the 
corporate responsibility cr committee 
with regard to the remuneration 
committee following consideration of  
the report from schneider ross that 
committee agreed a number of actions 
including increased communication with  
all remuneration committee members 
prior to committee meetings and 
reﬁnements to the remuneration 
committee’s programme of activity  
for the year ending 31 march 2015 
2013 board effectiveness review
the progress made since the 2013 evaluation is summarised below
recommendations update on actions
increase the amount of time spent on 
understanding the market and how 
customer relationships are managed
two global enterprise account directors 
have presented to the board and additional 
time is allocated to reviewing customer 
engagement
enhance knowledge of the  
innovation pipeline
the board undertook a review of the 
innovation pipeline and key icd processes 
during its visit to the global commercial 
and food innovation centre
increase the directors’ focus on talent 
management and succession planning
the board delegated this action to the 
nominations committee which focused on 
this at each of its subsequent meetings 
during the year
identify and implement improvements  
to board reporting in respect of the 
performance of sfi
board reporting has been enhanced
performance evaluation
a review of the board’s effectiveness is undertaken each year the process is led either 
internally or by an external facilitator following an external review in 2011 the chairman 
led the process in 2012 and 2013 
 tate  lyle plc annual report 2014  43
strategic report governance financial statements useful information  progress will be monitored by the 
chairman and company secretary 
throughout the 2015 ﬁnancial year  
and regular updates will be provided  
to the board 
with regard to the performance of 
individual directors the review concluded 
that all directors continued to make an 
effective contribution to the board’s work 
were well prepared and informed about 
issues they needed to consider and that 
their commitment remained strong the 
chairman also provided individual 
feedback to each director and the senior 
independent director provided feedback  
to the chairman
the performance of the chief executive and 
chief financial ofﬁcer was also considered 
by the nominations committee in line with 
its terms of reference during the year the 
nonexecutive directors met without the 
chairman under the chairmanship of the 
senior independent director to discuss the 
chairman’s performance 
these reviews also concluded that both the 
chairman and chief executive continued to 
fulﬁl their responsibilities effectively
reelection of directors
the company’s articles of association 
require all directors to seek reelection by 
shareholders at least once every three 
years in addition any directors appointed 
by the board must stand for reelection at 
the ﬁrst agm following his or her 
appointment any nonexecutive directors 
who have served for more than nine years 
are subject to annual reelection
the code provides that all directors should 
seek reelection on an annual basis and all 
directors will seek reelection at the 
forthcoming agm the directors standing 
for reelection with the exception of javed 
ahmed and tim lodge do not have 
service contracts
at no time during the year has any director 
had any material interest in a contract with 
the group being a contract of signiﬁcance 
in relation to the group’s business  
a statement of directors’ interests in 
company shares is set out on page 71
directors’ conﬂicts of interest
as permitted under the companies act 
2006 the company’s articles of 
association allow directors to authorise 
conﬂicts of interest and the board has a 
policy and procedures for managing and 
where appropriate authorising actual or 
potential conﬂicts of interest under those 
procedures directors are required to 
declare all directorships or other 
appointments to organisations that are not 
part of the group and which could result in 
actual or potential conﬂicts of interest as 
well as other situations which could result 
in a potential conﬂict of interest the board 
is required to review directors’ actual or 
potential conﬂicts of interest at least 
annually directors are required to disclose 
proposed new appointments to the 
chairman before taking them on to ensure 
that any potential conﬂicts of interest can 
be identiﬁed and addressed appropriately 
any potential conﬂicts of interest in relation 
to proposed directors are considered by 
the board prior to their appointment
directors’ indemnities and  
insurance cover
as at the date of this annual report 
indemnities are in force under which  
the company has agreed to indemnify  
the directors to the extent permitted by  
the companies act 2006 against claims 
from third parties in respect of certain 
liabilities arising out of or in connection 
with the execution of their powers  
duties and responsibilities as directors  
of the company or any of its subsidiaries 
the directors are also indemniﬁed against 
the cost of defending a criminal 
prosecution or a claim by the company  
its subsidiaries or a regulator provided  
that where the defence is unsuccessful  
the director must repay those defence 
costs these indemnities are qualifying 
indemnity provisions for the purposes  
of sections 232 to 234 of the companies 
act 2006 and copies are available for 
inspection at the registered ofﬁce of  
the company during business hours on 
any weekday except uk public holidays 
the company also maintains directors’  
and ofﬁcers’ liability insurance cover  
the level of which is reviewed annually
accountability
internal control
the board has overall responsibility  
for the group’s system of internal control 
and risk management and for reviewing  
its effectiveness the objective of internal 
control within tate  lyle is to support 
efﬁcient implementation of the group’s 
strategy and effective operations whilst 
enabling it to respond appropriately to 
signiﬁcant business operational ﬁnancial 
compliance and other risks to achieving  
the company’s objectives the system  
of internal controls is designed to safeguard 
the assets of the group and to ensure  
the reliability of ﬁnancial information for  
both internal use and external publication 
and to comply with guidance published  
by the financial reporting council ‘internal 
control revised guidance for directors’ 
formerly the turnbull guidance the board 
recognises that internal control systems are 
designed to identify and manage rather 
than eliminate the risk of failure to achieve 
business objectives and can only provide 
reasonable and not absolute assurance 
against material misstatement or losses 
and the breach of laws and regulations 
2014 board effectiveness review
area agreed actions
mechanics ways to further improve the support for incoming presenters to be 
considered and implemented
 a working party to be established to identify ways to enhance site visits
dynamics chief executive to meet with executives who attend board meetings 
immediately afterwards to discuss how the board operated as a whole 
and to reﬂect on any learnings 
 thinking styles of candidates for the board and executive committee to 
be taken into consideration once skill set and experience has been 
conﬁrmed
 undertake an externallyfacilitated session for the board focusing on 
boardroom dynamics relationships and how to make even better use of 
board diversity
speciﬁcs building on the progress made in 2013 further proposals to be 
developed to drive customer centricity in the boardroom
 board committees to oversee the executive focus on building an 
inclusive culture
 revisit the timing and location of the scheduled board meetings  
in particular the timing of the annual board strategy day
44  tate  lyle plc annual report 2014
governance
corporate governance  continued internal control system
the board determines the level of risk  
that it is prepared to accept in the business 
risk appetite and oversees the strategies 
for signiﬁcant risks that have been 
identiﬁed executive management works 
within the risk appetite and develops the 
mechanisms and processes to direct  
the organisation through setting the tone 
and expectations from the top delegating 
authority and monitoring compliance line 
management has primary responsibility for 
compliance with group policies principles 
and compliance requirements in certain 
functions notably safety and product 
quality executive management has also 
established separate assurance teams to 
oversee the effective execution of controls
the risk management function works with 
executive management and the divisions to 
help identify measure monitor and report 
signiﬁcant risks the units report regularly 
on progress with the implementation of the 
group’s strategy including its impact on the 
risk environment key risks are reviewed 
regularly by the board further information 
on the group’s risk management process 
can be found on page 29 
the internal audit function provides 
independent and objective assessment  
of the appropriateness and effectiveness  
of the group’s internal control systems to 
the audit and cr committees and to the 
board it has the authority to review any 
relevant aspect of the business and a duty 
to report on any material weaknesses the 
group has a riskbased internal audit plan 
which is approved by the audit and cr 
committees it is updated regularly to 
reﬂect changes to the control environment
the ﬁndings from audits are discussed with 
executive management and action plans 
put in place where appropriate progress 
against these plans is monitored regularly 
by the internal audit function summaries  
of both audits and progress on any actions 
are discussed regularly at meetings of the 
audit and cr committees
the board also commissions external 
specialists to supplement internal 
processes as appropriate given the 
ongoing signiﬁcant business transformation 
activity in addition to regular reports from 
the internal audit function the board 
continued to receive reports from external 
specialists retained to review key elements 
of the transformation programme 
key features of the internal  
control system
the group’s internal control system has a 
number of key features which ensure that 
risk is monitored and managed throughout 
the year including those listed below
 the schedule of matters reserved to  
the board ensures that the directors 
control among other matters all 
signiﬁcant strategic ﬁnancial and 
organisational issues
 a clear organisational structure  
and limits of authority in respect  
of items such as capital expenditure 
pricing and contract authorisation
 a comprehensive planning and 
budgeting system for all items of 
expenditure with an annual budget 
approved by the board performance  
is reported monthly against budget and 
prior year results signiﬁcant variances 
are investigated and revised forecasts  
for the current ﬁnancial year and ﬁnancial 
projections for future years are  
prepared regularly
 the group has comprehensive  
safety product quality assurance  
and environmental management 
systems where appropriate these are 
independently certiﬁed to internationally 
recognised standards they are also 
subject to a regular independent  
audit process
 the audit and cr committees oversee 
the operation of controls and report 
regularly to the board if a failure  
of control has a material impact then  
a detailed investigation analysis and 
action plan would be provided to and 
considered by the audit committee  
the cr committee and the board  
as appropriate
speak up whistleblowing
speak up the group’s whistleblowing 
programme has been in place for a 
number of years in all operations controlled 
by the group this programme which is 
monitored by the audit and cr 
committees is designed to enable 
employees contractors customers 
suppliers or other stakeholders to raise 
concerns conﬁdentially in cases where 
conduct is deemed to be contrary to the 
group’s values it may include for 
example actions that may endanger safety 
unethical practices or criminal offences
the speak up programme provides  
a number of alternative ways to raise 
concerns including a telephone reporting 
line email and a webbased reporting 
facility the multilingual communication 
facilities are operated by independent 
service providers who submit a report to 
the speak up committee for investigation
reports received during the year were kept 
strictly conﬁdential and the concerns 
identiﬁed were referred to appropriate 
managers within the group for resolution 
where appropriate action was taken to 
address the issues raised the reports 
were analysed and monitored to ensure  
the process continued to be effective 
controls over ﬁnancial reporting
the ﬁnancial reporting control system 
covers the ﬁnancial reporting process and 
the group’s process for preparing 
consolidated accounts and includes 
policies and procedures which provide for 
 the maintenance of records that in 
reasonable detail accurately and fairly 
reﬂect transactions including the 
acquisition and disposal of assets
 reasonable assurance that transactions 
are recorded as necessary to permit 
preparation of ﬁnancial statements in 
accordance with international financial 
reporting standards 
 reasonable assurance regarding the 
prevention or timely detection of 
unauthorised use of the group’s assets
in addition speciﬁc disclosure controls  
and procedures are in place to support  
the approval of the group’s ﬁnancial 
statements twice a year representatives 
from sfi and bi certify that their reported 
information provides a true and fair view  
of the state of the ﬁnancial affairs of their 
division and its results for the period the 
results of this ﬁnancial disclosure process 
are reported to the audit committee
joint ventures
all material joint ventures follow either the 
group’s formal systems of internal control 
or their own internal control procedures 
these separate procedures are subject  
to review by the group’s internal audit 
function and the group works with its 
partners to ensure that action plans are  
in place to address any issues identiﬁed 
during those reviews 
 tate  lyle plc annual report 2014  45
strategic report governance financial statements useful information  2014 review of the effectiveness  
of the system of internal control
the effectiveness of the group’s internal 
control system is monitored throughout  
the year and once a year the board with 
the assistance of the audit and cr 
committees conducts its own review  
of the effectiveness of the systems of risk 
management and internal control in 2014 
this review was once again facilitated by  
the internal audit function and covered  
the period from the start of the ﬁnancial 
year to the date of this annual report 
the process included a twostage review 
to facilitate discussion with the audit and 
cr committees discussing the results  
of the twostage review at their meetings  
in march april and may 2014 and the 
board then discussed the output at its 
meeting in may 2014
the 2014 review covered ﬁnancial 
operational and compliance controls 
values and behaviours and the risk 
management process and included 
questionnaires and representation letters 
completed by management the internal 
audit function monitored and selectively 
checked the results of this review ensuring 
that the responses from management were 
consistent with the results of its work 
during the year as part of this process 
areas for enhancements to internal 
controls and associated action plans  
to deliver them were identiﬁed delivery  
of these enhancements is being monitored 
by the audit committee or cr committee 
as appropriate the board considers that 
none of the areas identiﬁed for 
enhancement in relation to the review 
constituted a signiﬁcant weakness
remuneration
the board has delegated to the 
remuneration committee responsibility  
for agreeing the remuneration policy for the 
chairman chief executive chief financial 
ofﬁcer and senior executives the chairman 
is a member of the remuneration committee 
but is not involved in any aspect of his own 
remuneration the directors’ remuneration 
report on pages 52 to 71 sets out 
the remuneration policy and the way  
in which the established policy has  
been implemented
relations with shareholders
shareholder communications
the chief executive chief financial  
ofﬁcer and group vp  investor and media 
relations maintain a regular programme  
of visits and presentations to institutional 
shareholders both in the uk and overseas 
the chairman also undertook separate 
visits to institutional shareholders and the 
senior independent director met with  
a number of institutional shareholders 
feedback on interaction with institutional 
shareholders is provided to all directors 
the investor relations team provides the 
board with a report on any meetings with 
major institutional shareholders at each 
scheduled board meeting all directors 
receive copies of analysts’ reports on  
the company in addition the company’s 
external advisors give an annual brieﬁng  
on investors’ perceptions of tate  lyle  
and its investor relations activities  
the nonexecutive directors are 
encouraged to attend the fullyear  
and halfyear results presentations 
the company aims to present  
a balanced and clear assessment  
in all its communications with shareholders  
key announcements ﬁnancial reports  
and other information about the group  
can be found on the company’s website  
wwwtateandlylecom
annual general meeting
the 2014 agm will be held at the queen 
elizabeth ii conference centre in london 
on thursday 24 july 2014 at 1100 am full 
details are set out in the notice of meeting
shareholders have the opportunity to put 
questions to the board at the agm on 
matters relating to the group’s operations 
and performance resolutions are decided 
by means of a poll and the votes received 
in respect of each resolution together with 
the level of abstentions are notiﬁed to the 
london stock exchange and published on 
the company’s website shareholders are 
offered the choice of receiving shareholder 
documentation including the annual 
report electronically or in paper format  
as well as the choice of submitting proxy 
votes either electronically or by post
values and behaviours
responses to questionnaires reviewed by  
global ethics director and internal audit function
output discussed by audit committee  
in april and may
output discussed by corporate responsibility 
committee in march and may
responses reviewed by global ethics director and internal audit function
financial controls compliance controls operational controls
risk management  
process
2014 review of the effectiveness of internal controls
46  tate  lyle plc annual report 2014
governance
corporate governance  continued introduction
dear shareholder
i am pleased to report on the activities  
of the audit committee
members of the committee take an active 
role in understanding aspects of the 
business and the challenges it faces and 
as part of this the committee visited the 
global shared service centre in łód´ z 
poland during the year this provided us 
with an opportunity to meet with the local 
leadership team and conduct a detailed 
review of operations
in addition to our usual matters including 
the ﬁnancial results for the full year and  
half year and the interim management 
statements applicable accounting policies 
and going concern assumptions we 
continued to undertake indepth reviews  
of key topics these included risk 
management processes the management 
of commodities risk and together with the 
members of the corporate responsibility 
committee it security 
we also considered the timing of the 
tender of the external audit contract as 
explained in the chief executive’s review 
implementation of the global isit platform 
is ongoing and the committee believes 
that continuity of the external auditors 
plays a very important role in managing 
risk effectively during this transition to new 
systems processes and ways of working 
we have therefore agreed to undertake  
a tender after the board considers that  
the platform is operating satisfactorily 
across all our material operations in the 
meantime we are undertaking preliminary 
work to prepare ourselves and the 
business for the tender 
in preparation for this year’s audit  
i attended part of pwc’s initial planning 
meeting where i was able to meet with 
members of the global audit team the 
committee collectively met the us audit 
partner as part of our annual programme
i led a review of the committee’s 
effectiveness supplementing the activities 
undertaken as part of the external board 
effectiveness review explained on page 
43 both of these reviews concluded that 
the committee was functioning effectively 
and identiﬁed a number of areas for 
further action these include increasing 
the membership of the committee 
reviewing detailed scoping documents for 
the indepth reviews to enhance the value 
gained from them and furthering 
interaction with divisional senior  
ﬁnance management
i look forward to meeting with 
shareholders at the forthcoming agm  
on 24 july 2014
liz airey 
chairman of the audit committee
composition and constitution
the audit committee which comprises 
three nonexecutive directors oversees 
the group’s ﬁnancial reporting and 
internal controls and provides a formal 
reporting link with the external auditors 
the committee’s terms of reference 
which are reviewed annually are 
available on the company’s website  
wwwtateandlylecom
main responsibilities of the audit committee
meetings during the year ended  
31 march 2014
the committee met six times during the 
year and the minutes of each meeting are 
made available to all directors via the board 
portal membership of the committee and 
attendance during the year were as follows
directors as at 
31 march 2014
 number of
 meetings
number of
meetings
attended
liz airey
1
66
douglas hurt 6 6
anne minto 6 6
1 committee chairman
all the committee members have extensive 
management experience in large international 
organisations it is a requirement of the code 
that at least one committee member has 
recent and relevant ﬁnancial experience  
two members meet this requirement  
liz airey was an investment banker and 
former ﬁnance director of monument oil  
and gas plc and douglas hurt is finance 
director at imi plc and is a member of the 
institute of chartered accountants in  
england and wales
the chief financial ofﬁcer vp  group audit 
and assurance group vp  finance and 
control executive vp  general counsel  
and representatives of the external auditors  
are normally invited to attend each meeting 
the chairman of the board and chief 
executive attend meetings of the 
committee by invitation in addition  
the committee continues to enhance  
its exposure to the business through  
its programme of key topics for indepth 
review which involves operational and 
other key senior managers presenting  
to the committee
the vp  group audit and assurance  
and the external auditors have direct 
access to and meet regularly with  
the chairman of the committee outside 
formal committee meetings
s
y 
r 
e 
 liz airey
these include 
 overseeing the group’s ﬁnancial 
reporting process and monitoring  
the integrity of the ﬁnancial statements 
and formal announcements relating  
to the group’s ﬁnancial performance
 reviewing signiﬁcant ﬁnancial reporting 
issues and accounting policies  
and disclosures in ﬁnancial reports
 reviewing the effectiveness of the 
group’s internal control procedures  
and risk management systems
 reviewing the effectiveness of the 
internal audit function
 overseeing the group’s relationship 
with the external auditors including  
the level of fees
 reviewing and monitoring the  
external auditors’ independence  
and objectivity and the effectiveness  
of the audit process
 making recommendations to the board 
on the appointment or reappointment  
of the group’s external auditors
 tate  lyle plc annual report 2014  47
strategic report governance financial statements useful information 
audit committee report independence of the external auditors
the group’s external auditors are 
pricewaterhousecoopers llp pwc  
and the committee operates a policy to 
safeguard its objectivity and independence 
this policy sets out certain disclosure 
requirements by the external auditors to the 
committee restrictions on the employment 
of the external auditors’ former employees 
and partner rotation during the year  
the committee reviewed the processes 
that the external auditors have in place  
to safeguard their independence and 
received a letter from the external auditors 
conﬁrming that in their opinion they 
remained independent
the policy also sets out the circumstances 
in which the external auditors may be 
permitted to undertake nonaudit services 
the chief financial ofﬁcer and chairman  
of the committee have authority to approve 
the provision of certain services up to 
£100000 or £250000 respectively  
the committee must approve any 
proposed nonaudit services that exceed 
those thresholds such proposals must  
be justiﬁed and if appropriate subject  
to tender in addition the policy speciﬁes 
the services which are not permitted under 
any circumstances such as the provision 
of remuneration advice and internal  
audit outsourcing
the committee reviews the policy on  
an annual basis and considers quarterly 
reports which set out the ongoing non
audit services provided by the auditors  
and the fees incurred
in april 2014 the european parliament 
adopted proposals which include certain 
restrictions around the provision of 
nonaudit services by the auditors and  
a 70 nonaudit services fee cap these 
proposals are likely to come into force at 
eu level during 2014 and the committee 
will revise the policy to reﬂect the new 
requirements as they take effect in the uk
a breakdown of the fees paid to the 
external auditors in respect of audit and 
nonauditrelated work is included in note 
8 the total amount paid in respect of the 
group audit audit of subsidiaries and joint 
ventures and the halfyear review was  
£2 million and £02 million was paid in 
respect of nonauditrelated services  
fees paid in respect of nonauditrelated 
services therefore comprised 9 of the 
total fees paid to pwc
work undertaken during the year
the committee maintains a formal 
calendar of items for consideration at each 
meeting and within the annual audit cycle 
to ensure that its work is in line with the 
requirements of the code in addition to  
the activities outlined in the statement from 
the committee chairman during the year 
and up to the date of this annual report 
the work undertaken by the committee  
fell under four main areas ﬁnancial 
reporting oversight of the external auditors 
oversight of the internal audit function and 
internal control and risk management  
the committee’s work in each of these 
areas is described below
financial reporting
at each of its meetings during the year the 
audit committee reviewed accounting 
papers prepared by management and 
determined with the perspective of the 
external auditors the appropriateness of 
key accounting policies estimates and 
judgments the signiﬁcant issues that the 
committee considered in relation to the 
ﬁnancial statements for the year ended  
31 march 2014 are listed below 
 reported and adjusted earnings the 
committee considered management’s 
review of reported and adjusted earnings 
to ensure that signiﬁcant oneoff items of 
income and expense had been correctly 
classiﬁed and that external disclosure of 
these items was appropriate 
 commodity risk the group uses  
corn commodity contracts to manage 
and hedge its corn book in the us  
the valuation of the corn book which  
is underpinned by a number of 
judgments has a material impact  
on the reported results of the group  
the committee participated in a detailed 
information session led by both executive 
and local us management covering the 
key commodity risks and the risk 
management framework in place  
to mitigate these risks in addition  
to this session the committee 
considered the work performed by the 
external auditors before concluding that 
the judgments made in determining the 
valuation were appropriate
 retirement obligations a number of 
judgments have to be made when 
calculating the fair value of the group’s 
legacy retirement obligations the 
committee reviewed the assumptions 
proposed by management reﬂecting 
advice from the group’s external actuary 
which have driven a reduction in the 
pension and healthcare net liability see 
note 30 and considered reports from  
the external auditors before agreeing  
that the assumptions were reasonable  
in addition the committee reviewed  
and agreed management’s proposed 
accounting treatment for both the 
september 2013 full buyin of the 
amylum uk deﬁned beneﬁt pension 
scheme having adopted the calculations 
performed by the external actuary  
and the december 2013 transfer of the 
deﬁned beneﬁt obligation of tate  lyle 
netherlands bv
 taxation the group operates in a 
number of tax jurisdictions and 
provisioning for potential direct tax 
exposures with local tax authorities is 
underpinned by a range of judgments 
the committee reviewed the group’s 
principles and processes for managing 
tax risks during the year and reviewed  
the key judgments made in estimating  
the group’s tax charge along with the key 
disclosures including a statement of tax 
principles proposed to be included in the 
annual report set out on page 26 and  
in notes 11 and 29 the committee  
was satisﬁed that the judgments made  
in estimating the group’s tax charge  
were reasonable and that the tax 
disclosures to be made in the  
annual report were appropriate
in addition to the above items the 
committee reviewed management’s annual 
goodwill impairment assessment paper 
considering future performance of the 
underlying divisions including discussion  
of the discount rates used and forecast 
assumptions and sensitivities  
the committee was satisﬁed that  
no impairment charges or reversal  
of impairments were required separate 
papers on the group’s existing and 
emerging litigation risks were presented  
to the committee and duly considered 
there have been no substantive 
developments in any material case  
in the current year
external audit
pwc or its predecessor ﬁrms has been 
the company’s auditors since 1989 the 
lead audit partner is rotated on a ﬁveyearly 
basis and as set out in last year’s report 
the lead audit partner changed with effect 
from the beginning of the 2014 ﬁnancial 
year in line with this requirement 
48  tate  lyle plc annual report 2014
governance
audit committee report  continued following the conclusion of the audit  
for the year ended 31 march 2013 the 
committee conducted an internal review  
of the effectiveness of the auditors the  
last external review having been 
undertaken in 2010 as part of the 
process the committee reviewed the 
auditors’ performance against criteria  
set at the start of the audit together with 
feedback from management at group level 
and at divisional level and considered the 
most recent public report on the inspection 
of pwc which was issued by the frc in 
may 2013 the committee concluded that 
the external audit process was operating 
effectively and that pwc continued to 
provide effective and independent 
challenge to management the review 
identiﬁed a number of areas for process 
enhancements which were implemented 
and incorporated into the criteria set for  
the audit in respect of the year ended  
31 march 2014
the code states that ftse 350 companies 
should tender the provision of audit 
services at least every ten years or explain 
their approach if different the competition 
commission has published additional 
proposals that are expected to come into 
effect in october 2014 these require ftse 
350 companies to put their statutory audit 
engagement out to tender at least every 
ten years in addition to this in april 2014 
the european parliament adopted 
proposals which include the requirement 
that audit ﬁrms of all eu companies listed 
on a regulated market are subject to 
retender after ten years and rotate off after 
20 years these proposals are likely to 
come into force at eu level during 2014 
the committee continues to consider legal 
and regulatory developments in this regard
the committee discussed the timing of a 
tender on a regular basis during the 
ﬁnancial year ended 31 march 2014 in light 
of the output of the effectiveness review 
and the ongoing implementation of the 
global isit platform the committee 
agreed to undertake a tender after the 
board considers that the platform is 
operating satisfactorily across all material 
operations the committee has 
recommended to the board that pwc 
continue to act as auditors to the group 
pwc has indicated its willingness to 
continue in ofﬁce and a resolution that 
pwc be reappointed will be proposed at 
the agm as explained in the letter from  
the chairman of the committee activities 
are underway to prepare the group  
for the tender
internal audit
following a competitive tender process  
the committee retained independent  
audit limited to conduct a review of the 
effectiveness of the internal audit function 
the last external review having been 
undertaken in 2010 the review concluded 
that the internal audit function had 
continued to strengthen since that time  
and make a signiﬁcant contribution to  
the internal governance of the group  
a number of areas for incremental 
improvement were agreed and implemented 
including enhancements to the function’s 
charter and planning cycle
internal control and risk management
the committee continued to receive and 
consider regular reports from management 
and the vp  group audit and assurance on 
the effectiveness of the group’s risk 
management system the reports from the 
latter included the ﬁndings from reviews of 
internal ﬁnancial controls and actions to 
address any weaknesses in those controls 
throughout the year the committee 
focused in particular on the impact of the 
implementation of the new isit platform 
and associated changes to the control 
environment together with any potential 
impact on ﬁnancial reporting processes  
it also reviewed controls to mitigate fraud 
risk and the group assurance map 
outlining the key risks and associated 
assurance processes in addition the 
committee reviewed the output from the 
annual review of the effectiveness of 
internal ﬁnancial reporting controls and 
then reported to the board on that review
as set out on page 48 the committee 
undertook a detailed review of the group’s 
approach to managing corn and the 
associated hedging processes during the 
year during this session the committee 
considered the controls in place and how 
they are being enhanced with the 
implementation of the global isit platform 
the committee will continue to keep these 
activities under review during the year 
ending 31 march 2015
the global shared service centre the centre 
in łódź poland is the principal location for 
handling the financial transactional activities  
and processes for tate  lyle the committee 
has monitored its development since its 
establishment in 2011 
in october 2013 the committee visited the 
centre and met with senior managers to 
understand more about the control environment 
in place and the progress the centre had made 
in achieving its other objectives which include 
supporting decision making across the group 
through the prompt delivery of centralised 
management information and providing  
high quality consistent advice support  
and resolution
 tate  lyle plc annual report 2014  49
strategic report governance financial statements useful information  introduction
dear shareholder
one of the key areas of focus for the 
committee is succession planning and 
during the year we focused on both board 
succession plans and executive succession 
planning and talent management
as explained in my statement on page  
40 robert walker senior independent 
director and chairman of the 
remuneration committee is expected to 
retire during the current ﬁnancial year after 
serving a full nine years on the board in 
preparation for this we commenced work 
on planning for his successor as senior 
independent director and as chairman  
of the remuneration committee we also 
reviewed the needs of the board in light  
of this imminent retirement and have 
drawn up a speciﬁcation for an additional 
nonexecutive director we have retained 
spencer stuart to assist with this search
the executive vice president hr 
presented to us at a number of our 
meetings to provide us with regular 
updates on the progress of the executive 
succession planning and talent 
management activities we will continue  
to monitor progress for these two core 
activities during the ﬁnancial year ending 
31 march 2015 
schneider ross who performed the 
external review of board effectiveness 
undertook a review of the committee’s 
effectiveness the review concluded that 
the committee was functioning effectively 
and recommended that the committee 
continue to maintain its clear focus on 
succession planning going forward
i look forward to meeting with 
shareholders at the forthcoming  
agm on 24 july 2014
sir peter gershon
chairman of the nominations 
committee
meetings during the year ended  
31 march 2014
the committee met three times during the 
year membership of the committee and 
attendance during the year were as follows
directors as at 
31 march 2014
 number of
 meetings
number of
meetings
attended
sir peter gershon
1
33
javed ahmed 3 3
liz airey 3 3
william camp 3 3
douglas hurt 3 3
virginia kamsky 3 3
anne minto 3 3
dr ajai puri 3 3
robert walker 3 3
1 committee chairman
the committee has a formal calendar of 
items for consideration at each meeting 
and meets at least twice a year 
 sir peter gershon 
nominations committee report
work undertaken during the year
during the year and up to the date of  
this annual report in addition to the work 
set out in the chairman’s letter above  
the work undertaken by the nominations 
committee included
succession planning 
the committee reviewed succession  
plans for executive committee roles and 
the progress of action plans to address  
any gaps the committee continues to 
review progress on a regular basis 
performance evaluation
the committee undertook a performance 
evaluation of each member of the group 
executive committee and reported its 
conclusions to the remuneration committee
composition and constitution
the nominations committee comprises 
the chairman of the company the chief 
executive and all of the nonexecutive 
directors it ensures that the balance  
of skills and experience of the board 
remains appropriate for the needs  
of the group 
the committee’s terms of reference 
which are reviewed annually are 
available on the company’s website  
wwwtateandlylecom
main responsibilities of the nominations committee
these include
 reviewing the size and composition  
of the board including succession 
planning and the leadership needs  
of the group generally
 recommending candidates for 
appointment as executive and non
executive directors and as company 
secretary taking into account the 
balance of the board and the required 
blend of skills and experience  
bearing in mind the need for diversity
 making recommendations on the 
process for the appointment of the 
chairman of the board
 reviewing annually the performance of 
each member of the group executive 
committee and reporting on that review 
to the remuneration committee
membership of board committees
the committee reviewed the composition 
of each of the board’s committees in 
conjunction with recommendations from 
the relevant chairmen the committee 
agreed with the conclusions of the audit 
committee effectiveness review that an 
additional member should join that 
committee to that end the speciﬁcation 
for the new nonexecutive director covers 
the experience and skills required by 
members of our audit committee in 
addition the committee recommended 
that virginia kamsky join the cr 
committee the board agreed with the 
recommendation and she joined the cr 
committee with effect from 1 april 2014
50  tate  lyle plc annual report 2014
governance introduction
dear shareholder
as explained in the corporate 
responsibility section on page 33 the 
group has no higher priority than safety 
so we were all shocked and saddened by 
the tragic fatalities at three of our plants 
over the last year in each case we 
investigated the circumstances 
surrounding the accidents and the actions 
taken by management based on the 
preliminary ﬁndings of these investigations 
immediately after the events as well as 
ensuring all necessary cooperation was 
given to the local regulatory investigations 
we also worked with management to 
ensure all necessary assistance was 
available to support the families and 
others affected by these incidents
we are sponsoring a management 
initiative to refocus and refresh our 
approach to safety the oversight of 
ongoing safety initiatives will continue to 
be a key focus for the committee this year
we undertook a detailed review of the 
group’s approach to tackling cyber 
security and received a report on progress 
in this regard during the year we will 
continue to monitor the ongoing efforts  
to mitigate this risk across the group 
the annual review of committee 
effectiveness undertaken by schneider 
ross indicated that the committee 
continues to operate effectively it 
recommended some areas for process 
improvement such as the timing of 
meetings where the discussion topics 
overlap with the interests of the audit 
committee for example it security in 
addition the review highlighted topics  
for increased focus such as initiatives  
to drive and embed inclusion across the 
organisation and we have adjusted our 
agenda to address these suggestions
last but by no means least we welcome 
virginia kamsky as an additional committee 
member from 1 april 2014 and we have 
put in place an induction programme for 
her reﬂecting our wide remit 
i look forward to meeting with 
shareholders at the forthcoming agm
william camp
chairman of the cr committee
meetings during the year ended  
31 march 2014 
the committee met four times during the 
year membership of the committee and 
attendance during the year were as follows
directors as at 
31 march 2014
 number of
 meetings
number of
meetings
attended
william camp
1
44
liz airey 4 4
sir peter gershon 4 4
dr ajai puri 4 4
1 committee chairman 
virginia kamsky joined the committee on 1 april 
2014 as she did not serve during the year under 
review she is excluded from the above analysis
work undertaken during the year
during the year and up to the date of this 
annual report in addition to the work 
outlined in the committee chairman’s 
letter the work undertaken by the cr 
committee included the following
safety
the committee discussed the group’s 
initiatives to improve workplace safety 
performance and received regular reports 
from the vp  global safety
product safety continued to be an area of 
focus and the vp  global quality and food 
safety provided regular updates on the 
operation of the group’s quality assurance 
processes
diversity and inclusion
the committee received an update on the 
implementation of diversity and inclusion 
initiatives and agreed further reﬁnements  
to the external reporting of the group’s 
gender diversity
business practices
the committee reviewed the effectiveness 
of the independent conﬁdential reporting 
whistleblowing line further information  
on this is on page 45
charitable donations 
the committee received an update on 
implementation of the global community 
involvement programme and also 
approved a proposed education 
partnership strategy as set out on page 37 
environment
the vp  sustainability provided the 
committee with updates on the group’s 
environmental performance and initiatives 
on a regular basis
internal control
the committee received regular reports 
from management and the vp  group audit 
and assurance in respect of the policies 
systems and controls in place in respect  
of the risks falling within the committee’s 
remit the committee reviewed the output 
from the annual review of the effectiveness 
of controls falling within its terms of 
reference and then reported to the board 
on this review
 william camp
composition and constitution
the committee comprises four 
nonexecutive directors and the 
chairman of the company the 
committee oversees the group’s 
processes and measures used to 
manage social environmental and 
ethical risks and associated internal 
controls 
the committee’s terms of reference 
which are reviewed annually can be 
found on the company’s website  
wwwtateandlylecom
main responsibilities of the corporate responsibility committee
these include 
 monitoring the group’s approach to 
corporate responsibility and ensuring  
it aligns with group strategy
 reviewing the effectiveness of the 
group’s policies and procedures 
relating to a safe working environment
 approving or recommending to the 
board for approval cr policies
 reviewing the implementation of 
appropriate environmental policies
 monitoring the effectiveness of 
workplace policies concerning 
employee relations equal opportunities 
travel entertainment and conﬂicts  
of interest
 reviewing whistleblowing arrangements
 satisfying itself that the group has 
appropriate policies systems and 
controls in place in respect of the risks 
falling within the committee’s remit
 tate  lyle plc annual report 2014  51
strategic report governance financial statements useful information 
corporate responsibility committee report chairman’s introduction
dear shareholder
the purpose of this introductory letter to 
the directors’ remuneration report for 
the year ended 31 march 2014 is to 
provide some context for the committee’s 
decisionmaking during the year and  
to summarise the key points of the 
report hopefully this will make reading 
the detailed report that follows 
somewhat easier
guiding principles
our philosophy remains unchanged  
the company’s remuneration framework 
should be simple and provide for  
a close alignment between executive 
remuneration and shareholders’ interests 
we aim to achieve this primarily by 
making a signiﬁcant proportion of 
pay conditional on the achievement  
of stretching performance conditions  
and by ensuring that executives maintain 
signiﬁcant personal shareholdings  
in the company
we were ‘early adopters’ of features such 
as claw back provisions which apply to 
both annual bonus and longterm share 
awards and the ‘singleﬁgure’ and ‘pay 
scenario’ disclosures that have now been 
adopted into standard reporting
business performance and 
remuneration outcomes for the year
the committee judges that the company 
made further progress in executing its 
strategy despite facing a number of 
challenges that held back ﬁnancial 
performance proﬁt growth in starchbased 
speciality ingredients and food systems 
and strong growth in emerging markets 
were offset by the impact of cold weather 
including the extremely cold and prolonged 
us winter and an increasingly competitive 
market for sucralose good momentum in 
emerging markets a robust innovation 
pipeline and a strong balance sheet bodes 
well for the longer term
with regard to the ﬁnancial metrics used in 
our incentive plans
 annual bonus plan growth in net sales 
less cost of raw materials of 20 and 
likeforlike proﬁt growth of 05 in 
constant currency for the year ended  
31 march 2014 demonstrate continued 
progress in the context of signiﬁcant year
onyear proﬁt growth over prior periods 
the cash conversion cycle improved by 
48 as a result the committee has 
approved annual bonus payments in the 
range of up to 3 of base salary for 
executive directors
 performance share plan adjusted 
earnings per share has grown by 7 2 
on a compound annual basis over the 
three ﬁnancial years ended 31 march 
2014 and adjusted return on capital 
employed in the year to 31 march 2014 
is 192 which is signiﬁcantly above 
our cost of capital as a result the 
awards granted under the performance 
share plan will vest at 634
in conﬁrming these outcomes the 
committee discussed the company’s 
health and safety performance during  
the past year
key committee activities  
during the year 
the last signiﬁcant changes in the 
company’s remuneration arrangements 
were made in 2010 to introduce the 
annual bonus plan and the performance 
share plan in their current forms 
receiving signiﬁcant support from 
shareholders at the 2010 annual  
general meeting agm four years on 
the committee felt it would now be 
appropriate to undertake a detailed 
review to test the continued 
appropriateness of the performance 
metrics used in our current incentive 
framework this review conﬁrmed that 
these metrics remain closely aligned with 
net sales less raw materials change vs prior 
year – per bonus metric 
2012 2013 2014
160
46 20
adjusted pbtea change vs prior year – per 
bonus metric 
2012 2013 2014
 280 39
05
adjusted roce longterm incentive  
metric 
2012 2013 2014
214
197
192
adjusted diluted eps longterm incentive 
metric pence
2012 2013 2014
560 566
557
tate  lyle plc adjusted closing share  
price pence
032009 032010 032011 032012 032013 032014
300
400
500
600
700
800
900
52  tate  lyle plc annual report 2014
governance
directors’ remuneration report about these reports
the information regarding directors’ remuneration is presented in two reports the ﬁrst relates to our remuneration policy the directors’ 
remuneration policy report and the second relates to the way in which our established policy has been implemented during the year 
under review the annual report on remuneration 
resolutions to approve each of these reports will be proposed at the agm it is our intention that the policy approved by shareholders 
will apply for a period of three years and will not be put to an annual shareholder vote although we intend to report on both policy and 
implementation each year 
these reports have been prepared in accordance with the requirements of the companies act 2006 the act and schedule 8 of the  
large and medium sized companies and groups accounts and reports amendment regulations 2013 the regulations the listing 
rules of the uk listing authority and the uk corporate governance code pricewaterhousecoopers llp has audited such content  
as required by the act the information on pages 67 to 71 marked as ‘audited’ resolutions to approve each report will be proposed  
at the agm on 24 july 2014
directors’ remuneration policy report
introduction
this report sets out the company’s policy in relation to directors’ remuneration this approach was originally established in 2010  
in connection with the review of the business strategy following javed ahmed’s appointment as chief executive and the policy  
is fundamentally unchanged from that set out in the 2011 2012 and 2013 annual reports 
subject to shareholder approval at the agm on 24 july 2014 the committee will operate within this policy from that date 
the committee will retain discretion on speciﬁc aspects of policy and implementation as described in this report along with an overriding 
discretion to determine bonus outcomes and judge the level at which share awards vest in order to ensure that payments are consistent 
with the underlying health and performance of the business within the maximum opportunity stated in the policy tables
the committee may make minor changes to the policy without seeking shareholder approval for example to beneﬁt the administration  
of arrangements or to take account of changes in legislation any such changes will be disclosed in the relevant annual report
chairman’s introduction continued
our strategic objectives and that 
remuneration outcomes have been 
closely aligned with business 
performance the chart below illustrates 
this alignment in respect of the annual 
bonus plan through to the end of the 
ﬁnancial year to which this report relates 
the chart shows relative yearonyear 
growth in sales and proﬁts both key 
metrics in the annual bonus plan against 
a trend line in bonus outcomes over the 
same period
2011 2012 2013 2014
relative annual 
sales growth
trend line in bonus
outcomes 
relative annual 
proﬁt growth
based on this review the committee 
concluded that the choice of our ﬁnancial 
metrics across the annual bonus and 
longterm share plan remain appropriate 
looking ahead we will of course continue 
to review targets on an annual basis to 
ensure that these remain appropriately 
stretching and aligned with the business 
strategy and outlook 
i can conﬁrm that the committee has  
made no change to the structure of the 
remuneration package for the year ahead 
and executive directors’ salaries remain 
unchanged since 1 april 2012 the second 
year of no increase
engagement with shareholders
as part of our annual cycle of activity  
in addition to the normal shareholder 
engagement activities which the  
board undertakes i write to our key 
institutional shareholders in my capacity  
as remuneration committee chairman  
in order to offer a meeting to discuss  
any shareholder issues or concerns  
this year i have already written to our  
top 20 shareholders this is a larger  
number than in the past to ensure that  
we consult on the widest possible basis 
it is a reﬂection of the signiﬁcant levels  
of shareholder support for our current 
remuneration arrangements that 
shareholders had no issues to raise with 
me as part of that process as a group 
shareholders indicated their strong support 
for our approach which was reﬂected in  
a 96 vote to approve our remuneration 
report resolution at the agm in 2013
approval of the remuneration policy 
for the year ahead
in view of the discussion above we have 
made no changes to our remuneration 
design or framework at this time and  
the report on remuneration policy which 
we ask shareholders to support at the 
agm is consistent with our approach  
to date and the arrangements which 
shareholders have previously approved 
i trust we can count on your support 
robert walker
chairman of the remuneration 
committee
g
ort for our current 
ements that 
issues to raise with
ocess as a group
ed their strong support
hich was reﬂected in 
ve our remuneration 
he agm in 2013
 robert walker
 tate  lyle plc annual report 2014  53
strategic report governance financial statements useful information  remuneration strategy and key principles
the company’s remuneration strategy and supporting principles which apply consistently across employee management and executive 
populations is summarised in the table below
remuneration strategy key principles
the company’s 
remuneration strategy  
is to provide packages  
that enable the company 
to recruit retain and 
motivate highcalibre 
individuals in the  
markets in which  
we operate to deliver 
superior operational 
performance and 
outstanding  
ﬁnancial results 
 base pay and beneﬁts are generally positioned at local market ‘median’ levels
 for all employees our pay for performance framework provides for meaningful differentiation  
in salary progression and opportunities for career progression based on each individual’s contribution
 the total package opportunity should provide meaningful reward for superior performance and encourage  
the achievement of genuinely stretching shortterm and longterm objectives
 below executive level key individuals who have a speciﬁc accountability for driving annual and longerterm 
performance may be selected to participate variously in our sales incentive plan the annual bonus plan  
andor the performance share plan
 alignment with shareholders’ longterm interests is carefully preserved for example through a signiﬁcant  
proportion of pay being based on performance effective governance around remuneration decisions  
a considered approach to setting performance targets the adoption of shareholding guidelines at senior  
executive levels and claw back provisions on incentive awards
 all aspects of remuneration are designed to encourage a focus on longterm sustained performance  
and risk management
 our approach is intended to be equitable and transparent and operate across the group recognising  
that we recruit talented individuals and operate in an international market
 outcomes must be achieved in a way that is consistent with the group’s core values and code of ethics  
and that fosters sustainable proﬁtable growth
the charts below illustrate the international nature of our business – although we are uklisted and headquartered in london a very 
signiﬁcant proportion of our people our shareholders and our customers are based outside the uk accordingly it is important that 
our remuneration arrangements are appropriately competitive in that international context
our sales
1
1 2 uk
2 59 us
3  17 other european 
countries
4 22 rest of world
1 2
3
4
our shareholders
2
1 50 uk
2 40 us
3  4 other european 
countries
4 6 rest of world
1
2
3
4
our people
3
1 4 uk
2 46 us
3  35 other european 
countries
4 15 rest of world
1
2
3
4
1 sales by destination from continuing operations as per note 4 to the financial statements  
2 shareholders are represented by an analysis of the largest 20 institutional shareholdings covering 48 of the register at 31 march 2014 
3 includes all jointventure employees 
a clear link between our strategy and directors’ remuneration
the company’s remuneration arrangements place a clear emphasis on driving company performance through incentives that are 
directly linked to the key performance indicators kpis which come from our business strategy in this way we maintain a keen focus 
on delivering longterm growth thereby enhancing longterm value for shareholders
the table opposite summarises the kpis that we use to measure the group’s success against our strategy the righthand column 
describes how these kpis link directly to remuneration arrangements
key performance indicators 
pages 18 and 19
54  tate  lyle plc annual report 2014
governance
directors’ remuneration report  continued key performance indicators link to directors’ remuneration
financial results 
adjusted operating proﬁt this is a key determinant of awards under the annual bonus plan
adjusted diluted eps growth awards under the performance share plan depend on this metric
dividend per share the dividend has a direct impact through individual executive share ownership  
and dividend equivalents on deferred bonus awards
net debt objectives are reﬂected in incentive plan target setting but this metric does not directly 
impact remuneration
performance and ﬁnancial strength in addition to the above
speciality food ingredients sales growth informs the sales target in the annual bonus plan that is set by the committee each year
return on capital employed awards under the performance share plan depend on this metric 
cash conversion cycle this is a performance metric in the annual bonus plan
net debt to ebitda and interest cover objectives are reﬂected in annual bonus plan targets but this metric does not directly  
impact remuneration
corporate responsibility
safety metrics safety and broader corporate responsibility matters are speciﬁc factors that the committee 
may factor into decisions on pay and annual incentive plan outcomes 
key components of directors’ remuneration
as a committee we believe that our approach to remuneration provides a relatively simple but effective overall framework that is 
aligned with longterm success and returns to shareholders
the executive directors’ remuneration consists of base salary annual bonus longterm incentives and retirement and other beneﬁts as 
described in the table overleaf claw back provisions apply to incentive awards following release as described in the policy table on 
pages 56 to 59 and a strong alignment with shareholders’ interests is maintained through signiﬁcant personal shareholding 
requirements imposed on each director
the key components of the remuneration framework for executive directors are summarised in the graphic below and the full policy in 
relation to each item is described in the tables that follow
fixed
base salary providing ﬁxed 
remuneration which reﬂects 
the market value of the role 
employment  retirement 
beneﬁts consistent with 
local market practice
claw back provisions mean cash and share incentives may be recouped in speciﬁc circumstances
personal share ownership strengthens alignment between executives and shareholders
variable shortterm
annual bonus to deliver 
the company’s annual 
ﬁnancial performance 
objectives
variable longterm
longterm share incentive to deliver shareholder value 
linked to efﬁcient use of capital and proﬁtable longterm growth
 tate  lyle plc annual report 2014  55
strategic report governance financial statements useful information  executive directors’ remuneration policy table
purpose and alignment with strategy operation opportunity
base salary shortterm ﬁxed remuneration
to provide ﬁxed remuneration that reﬂects the 
market value of the individual his or her skills 
and experience and performance
 base salaries are positioned at around the 
median of the relevant market based on 
company size and operations for uk 
directors the committee currently has 
regard to the 50th to 130th largest uklisted 
companies and taking account of personal 
performance as well as individual 
circumstances eg following promotion into 
a new role
 base salary reviews take into account 
increases awarded to employees below 
executive level and the impact on pension 
and other consequences of increases
 increases arising from the normal annual 
review will normally be limited to the local 
market increase applicable to employees 
at the same location generally however 
the committee may use its discretion  
to award a higher or lower increase to 
ensure that salaries remain appropriately 
aligned with the external market  
and to reﬂect changes in experience  
role or responsibility
employment and retirement beneﬁts shortterm ﬁxed remuneration
to provide employment and retirement beneﬁts 
in line with the relevant local market
 retirement beneﬁts are provided by way  
of deﬁned contribution arrangements  
or an equivalent cash allowance
 other employment beneﬁts include car  
or car allowance health insurance group 
income protection and where appropriate 
life cover
 the value of retirement andor cash 
beneﬁts in lieu of pension is set by 
reference to external market practice 
using the same market reference point  
as for base salary and is subject to 
periodic review
 the value of noncash beneﬁts is 
determined by the cost of provision eg 
thirdparty health insurance premiums
annual bonus shortterm performancerelated remuneration
to support the company’s strategy by 
rewarding the achievement of the company’s 
annual performance objectives 
 the discretionary annual bonus plan 
rewards the achievement of ﬁnancial and 
other objectives established by the 
committee for the relevant ﬁnancial year
 the bonus award is made subject to  
the committee’s approval following the  
end of the ﬁnancial year and the audit  
of fullyear results 
 the bonus award may comprise cash and 
deferred shares depending on the level of 
award that is made
 no bonus is payable if performance is 
below ‘threshold’ regardless of 
performance against other metrics
 the ‘target’ bonus is 75 of base salary 
for the chief executive and 50 of base 
salary for the chief financial ofﬁcer
 the maximum cash bonus is 100  
of base salary any annual bonus above 
100 of base salary is delivered in  
tate  lyle plc shares which are  
deferred for two years 
 the maximum cash and share bonus  
is 175 of base salary
 deferred shares carry the right to receive 
a cash payment in lieu of the dividend that 
would have been paid on those shares 
between award and release 
56  tate  lyle plc annual report 2014
governance
directors’ remuneration report  continued performance framework commentary
 base salary is a ﬁxed element of the remuneration package paid monthly
 employees generally participate in a meritbased review which means that the general market 
increase which applies will be sufﬁcient to maintain competitiveness against the local market 
while individual high performers may be rewarded with higher salary increases
 a consistent framework applies to 
employees generally – salaries are 
positioned by reference to the local 
market median and salary reviews  
take into account local market  
increases external benchmarking  
and personal performance 
 no changes to the policy for executive 
directors have been made in the year  
or are proposed for the year ahead
 beneﬁts are a ﬁxed part of the remuneration package and typically accrue monthly
 retirement beneﬁts are deﬁned contribution in nature limiting the ﬁnancial risk and potential 
costs to the company
 the provision of employment and 
retirement beneﬁts to executive directors 
is consistent with our policy and approach 
for employees generally appropriate 
beneﬁts are provided in line with local 
competitive market practice 
 no changes to the policy for executive 
directors have been made in the year  
or are proposed for the year ahead
 performance is assessed over the relevant ﬁnancial year
 performance metrics are selected by the committee at the start of the relevant year  
and are drawn from key ﬁnancial metrics additionally the committee may select  
quantiﬁable metrics that are aligned with our strategic andor operational objectives  
on a personal or collective basis 
 targets for each metric are set at the start of each ﬁnancial year taking account of the  
business strategy performance in previous years market expectations and the prevailing 
economic climate
 the greatest weighting will be given to ﬁnancial performance speciﬁcally a minimum proﬁt 
hurdle applies before any bonus is payable against any of the metrics
 the ﬁnal bonus award is made at the committee’s discretion subject to the overall maximum 
the committee may make appropriate adjustments to ensure that the bonus outcomes are a fair 
reﬂection of the underlying performance of the company and may also take into account factors 
such as group safety operational performance and personal performance
 claw back provisions apply which  
means cash and share elements may  
be recouped in speciﬁc circumstances 
during the twoyear period following  
the end of the ﬁnancial year to which  
the bonus relates
 the discretionary annual bonus plan 
applies to a broad population who have 
roles which allow them to contribute 
materially to the successful delivery  
of the company’s annual performance 
objectives the annual bonus plan 
operates within a consistent framework 
for all participants with ﬁnancial targets 
typically set by reference to the business 
area that is most relevant to the 
employee’s role
 no changes to the policy for executive 
directors have been made in the year  
or are proposed for the year ahead 
 tate  lyle plc annual report 2014  57
strategic report governance financial statements useful information  executive directors’ remuneration policy table continued
purpose and alignment with strategy operation opportunity
performance share plan longterm performancerelated remuneration
to support the company’s strategy  
by incentivising sustained proﬁt growth  
and capital efﬁciency over successive 
threeyear performance periods  
and to help retain senior executive talent
 awards over tate  lyle plc shares may be 
made at the committee’s discretion on an 
annual basis taking an individual executive’s 
contribution and performance into account
 awards will only vest to participants if 
demanding ﬁnancial performance 
requirements have been achieved over a 
period of at least three ﬁnancial years 
commencing with the ﬁnancial year in which 
the award is made
 the committee has the ﬂexibility to make 
awards of up to 300 of base salary at 
the time of award if appropriate to ensure 
market competitiveness and taking 
account of the company’s performance
 the award will lapse entirely if threshold 
performance targets are not achieved
 only 15 of any award made to  
executive directors vests for achieving 
threshold performance
personal share ownership requirements this information is provided here to explain a key feature of the remuneration 
framework but these requirements do not form part of the binding ‘policy’
to strengthen longterm alignment  
of interests between senior executives  
and the company’s shareholders
 executive directors are subject to individual 
minimum share ownership requirements
 speciﬁed holdings must be built up over an 
initial ﬁveyear period following the adoption 
of the policy or appointment if later and 
retained for the duration of employment
 share ownership requirements for 
executive directors are as follows
 – chief executive four times base salary
 – chief financial ofﬁcer three times base 
salary 
other potential beneﬁts operation opportunity
to address speciﬁc commercial or 
administrative situations the following beneﬁts 
may be provided
 director relocation and associated beneﬁts 
including international healthcare
 payment in lieu of dividend on speciﬁc  
share awards
 uk savingsrelated share options  
sharesave plan
 if a director is required to relocate at the 
company’s request eg as a result of 
changing business requirements additional 
beneﬁts may arise in accordance with the 
group relocation policy beneﬁts may 
include without limitation relocation 
assistance health cover travel 
accommodation and tax equalisation
 certain share awards carry the right to 
receive a cash payment in lieu of the 
dividend that would have been paid on those 
shares pending delivery
 the company operates a sharesave plan 
which is open to all employees in the uk 
and provides a mechanism for employees to 
purchase shares at a discounted price 
through savings that accumulate from 
monthly deductions from net salary
 no directors currently receive relocation 
beneﬁts
 the cost of provision will be determined 
by the policy and will depend on the 
speciﬁc circumstances
 speciﬁc beneﬁts and the cost of provision 
would be approved by the remuneration 
committee at the time
 the value of any payment in lieu of 
dividend will depend on the value of the 
relevant dividends paid over the relevant 
period and the number of shares to which 
the participant is entitled 
 the value of individual grants is capped by 
reference to maximum participant savings 
monthly savingsdeductions from salary 
may not exceed hmrc limits and a 
savings contract may run for a three  
or ﬁveyear period
58  tate  lyle plc annual report 2014
governance
directors’ remuneration report  continued performance framework commentary
 longterm performance is assessed over three ﬁnancial years commencing with the year in 
which the award is made
 awards are subject to the achievement of ﬁnancial performance metrics which are conﬁrmed by 
the committee in advance of each new grant two performance metrics have applied to awards 
made since 2010 and equal weight has been given to each 
 – growth in adjusted diluted earnings per share from continuing operations eps over the 
threeyear performance period 
 – adjusted return on capital employed roce achieved at the end of the performance period
 these metrics were selected because together they represent key determinants of shareholder 
value creation measuring the effectiveness of strategic investment decisions and the quality of 
earnings generated if material changes to the metrics or weightings are proposed the 
committee would consult with key shareholders in advance of making a new award
 targets for each new award are carefully considered by the committee ahead of the grant of 
awards in any year to ensure these remain appropriately stretching over the threeyear 
performance period taking into account the business strategy and longterm ﬁnancial plan 
market expectations and the prevailing economic climate
 before any shares are released at the end of the performance period the committee must also 
be satisﬁed that the level of vesting determined by performance against these targets is justiﬁed 
by the broader underlying ﬁnancial performance of the company
 claw back provisions apply to awards 
made from 2013 which means they may 
be recouped in speciﬁc circumstances 
during the twoyear period following the 
end of the performance period as 
described on page 69
 participation in the performance share 
plan is extended to a targeted population 
of senior executives who are expected to 
make material individual contributions to 
the successful delivery of the company’s 
strategy and longterm performance  
all awards under the performance share 
plan are subject to the same performance 
framework ensuring alignment and focus 
on our ﬁnancial goals
 no changes to the policy for executive 
directors have been made in the year  
or are proposed for the year ahead
 the value of an individual director’s interests in shares is directly affected by share  
price performance
 similar share ownership requirements 
extend to executive committee members 
at three times base salary and to a 
broader group of executives in senior 
leadership roles at a level equal to their 
base salary
 no changes to the policy for executive 
directors have been made in the year  
or are proposed for the year ahead
performance framework commentary
 relocation beneﬁts are ﬁxed in accordance with group policy
 the payment in lieu of dividend is a beneﬁt attached to speciﬁc awards where  
applicable conditions have been satisﬁed at vesting accordingly no additional  
performance conditions apply
 no performance conditions are attached to sharesave awards because the sharesave  
plan is an allemployee scheme
 any such beneﬁts would be payable in 
accordance with policies applicable more 
generally to employees within the group
 the value of any payment in lieu  
of dividends will be included in the  
‘single ﬁgure’ table in the year the 
payment is made
 executive directors are entitled to 
participate in the sharesave plan because 
the plan must be open to all employees  
in the uk
 tate  lyle plc annual report 2014  59
strategic report governance financial statements useful information  status of previously approved 
remuneration policy statements
it is intended that provisions consistent  
with previously disclosed directors’ 
remuneration policies andor incentive 
plans previously approved by shareholders 
will continue to apply after the resolution 
 to adopt the remuneration policy set out  
in this policy report is approved such 
provisions will allow without limitation 
 contractual commitments entered into 
before the policy takes effect or before 
an individual was subject to this policy on 
directors’ remuneration to be honoured 
 the satisfaction of awards andor 
commitments made in relation to 
shortterm and longterm incentive plan 
awards providing they were consistent 
with the policy in effect at the time the 
original awardcommitment was made 
such arrangements shall remain in effect 
and be included in the current 
remuneration policy by reference even if 
they are not speciﬁcally provided for within 
the policy set out in this policy report
executive directors’ external 
appointments 
the board believes that the company can 
beneﬁt from executive directors holding 
external nonexecutive directorships such 
appointments are subject to approval by 
the board and are normally restricted to 
one position for each executive director 
fees may be retained by the executive 
director concerned 
additional share plan disclosures
potential impact of mergers and 
acquisitions or other corporate 
activity
in the context of a merger or acquisition  
or other relevant corporate activity any 
potential impact on the incentive plans 
would be speciﬁcally considered by the 
committee in such circumstances the 
committee retains the authority to vary the 
performance target or the vesting outcome 
to ensure that outcomes are equitable for 
both the participant and shareholders
change of control and voting
all of the company’s share plans contain 
provisions relating to a change of control 
outstanding awards would normally vest 
and become exercisable on a change of 
control subject to the satisfaction of any 
performance conditions at that time and  
in proportion to the time served during  
the performance period
service contracts
the company’s policy regarding  
executive directors’ service contracts  
and appointment terms is to take account  
of market practice and to ensure that 
provisions in relation to notice periods  
or termination payments are not excessive  
as well as to ensure that contracts provide 
appropriate protection for the company  
for example in relation to restrictions on 
competition solicitation of customers or 
employees and the protection of 
intellectual property 
executive directors are employed under 
service contracts commencing on dates  
as follows javed ahmed chief executive 
– 1 october 2009 tim lodge chief 
financial ofﬁcer – 4 december 2008  
and provide for six months’ notice from  
the executive or 12 months’ notice from  
the company 
service contracts for executive  
directors and letters of appointment for  
the chairman and nonexecutive directors 
are available for inspection at the 
company’s registered ofﬁce 
beyond the items disclosed in this report 
there are no further obligations on the 
company which could give rise to a 
remuneration or loss of ofﬁce payment  
to a director
remuneration policy for the 
chairman and nonexecutive 
directors
terms of appointment
the chairman and nonexecutive directors 
have letters of appointment and do not have 
service contracts or notice periods under 
the terms of their appointment they are 
usually expected to serve on the board for 
between three and nine years subject to 
their reelection by shareholders the 
company chairman and nonexecutive 
directors receive a fee for their services and 
do not participate in the group’s incentive or 
pension schemes do not receive any other 
beneﬁts and have no right to compensation 
if their appointment is terminated
chairman and nonexecutive 
directors’ fees
nonexecutive directors’ fees excluding  
the chairman are reviewed annually by  
the chairman and executive directors of  
the board the chairman’s fee is reviewed 
annually by the committee excluding  
the chairman
aggregate fees depend on the 
responsibilities assumed by each non
executive director a basic fee is paid to  
the chairman to the senior independent 
director and to each nonexecutive director 
in addition supplemental fees are payable  
to each committee chairman accordingly 
supplemental fees are paid to the chairmen  
of the audit corporate responsibility and 
remuneration committees as well as to the 
chairman of the research advisory group  
to reﬂect the extra responsibilities required  
by each of these positions 
increases in fees arising from the normal 
annual review will generally be limited to the 
market increase applicable to uk employees 
generally however a higher or lower increase 
may be awarded to ensure that fees paid are 
commensurate with those paid by other 
uklisted companies over time and are set at 
a level to retain individuals with the necessary 
experience and ability to make a substantial 
contribution to the group
60  tate  lyle plc annual report 2014
governance
directors’ remuneration report  continued policy on the terms of directors’ 
appointment
in order to ensure the continued growth 
and success of the business over time  
the company must have the ﬂexibility to 
appoint new individuals to the board either 
by way of internal promotion or external 
appointment on terms that are sufﬁcient  
to attract and motivate individuals of the 
highest calibre
the following key principles describe our 
intended approach in these circumstances 
and are consistent with the principles that 
apply to the broader employee population
 the starting point for negotiating any 
package on appointment will be the 
structure of the annual package in the 
‘future policy on remuneration’ that has 
been approved by shareholders and is 
current at the time of the appointment
 we will review the appropriateness of the 
total package both ﬁxed and variable 
elements to ensure that it is appropriate 
in the context of relevant external market 
practice the complexity and scope of  
the role the particular needs and 
requirements of the company at the time 
internal relativities and the appointee’s 
skills experience and qualiﬁcations
 to respond to speciﬁc circumstances 
andor to allow for differences in practice 
over time and by location the committee 
accepts that employment beneﬁts may 
need to be structured differently from the 
speciﬁc provisions in place for current 
directors the committee therefore 
retains ﬂexibility to make appropriate 
adjustments in provision as considered 
appropriate to provide market
referenced beneﬁts which are necessary 
or appropriate in the proper performance 
of the role for example in relation to 
healthcare and insurance transport  
and security and provision for retirement 
 where an appointment requires an 
individual to relocate internationally  
or otherwise the company may agree  
to make payments to offset certain 
expenses incurred as a consequence of 
relocation or may provide beneﬁts in line 
with our globaldomestic mobility policy 
on appointment and on an ongoing 
basis depending on the circumstances 
such beneﬁts may include without 
limitation travel relocation and tax
related assistance and similar beneﬁts  
on repatriation at the end of the term
 the current policy provides for a 
maximum level of variable remuneration 
that is equivalent to 475 of base salary 
in the ﬁnancial year of appointment this 
is consistent with the aggregate current 
maximum award under the annual bonus 
plan including any deferred shares and 
the maximum award value under our 
performance share plan although the 
balance between shortterm and 
longterm elements may be different from 
the current policy and awards may be 
made on different terms 
 where an internal candidate is appointed 
contractual commitments that have been 
made prior to appointment to the board 
along with any beneﬁts andor incentive 
awards that have been awarded at that 
time may remain in effect and be 
honoured even if they would not 
otherwise be consistent with the 
shareholderapproved remuneration 
policy in effect at the time 
 in order to secure the appointment  
of a suitable external candidate the 
committee retains the ﬂexibility to provide 
additional compensation for the value of 
incentive awards or other beneﬁts that 
are forfeited on leaving a former 
employer in such circumstances the 
committee may make use of cash andor 
shares as it considers appropriate in  
the circumstances the committee will 
exercise careful judgment in formulating 
the terms on which such a compensatory 
award will be made taking into account 
the form of awards that are forfeited  
the timeframes over which they may 
otherwise have been earned and any 
performance conditions that would  
have applied 
this policy is intended to enable the 
committee to structure an offer on terms 
that it considers to be in the best interests 
of the company and its shareholders 
depending on the circumstances and  
any restrictions or requirements that may 
apply the company may consult with key 
shareholders as part of this process  
andor disclose terms on which a  
new appointment is made through  
the regulatory information service  
or in the following annual report
policy on payments in connection  
with loss of ofﬁce
it is the company’s policy that executive 
directors are normally employed on 
contracts that provide for not more than  
12 months’ notice from the company  
and at least six months’ notice from the 
executive to protect the company’s 
interests restrictive covenants non
competenonsolicitation apply for a period 
of 12 months following termination less  
any period of ‘garden leave’ the chief 
executive and chief financial ofﬁcer are 
each employed on contracts consistent 
with this policy
the committee’s policy in respect of the 
treatment of executive directors leaving the 
company is summarised in this section 
the key principles are that the framework is 
designed to support a smooth transition 
from the company encouraging an orderly 
transfer of responsibilities and taking into 
account the interests of shareholders in 
securing the sustained performance of the 
business beyond the executive’s departure
termination for dishonesty or misconduct 
are circumstances in which the executive 
would retain the minimum contractual 
entitlements on departure as described  
in column ‘a’ of the table on page 62 
consistent with the need to avoid providing 
any element of reward for failure an 
executive’s departure in compassionate 
circumstances such as death or permanent 
disability would generally result in the  
most beneﬁcial terms being received  
as described in column ‘b’ of the table  
on page 62 
the terms that will apply if an executive 
departs from the company in other 
circumstances would be considered at the 
committee’s discretion and approved on  
a casebycase basis in keeping with the 
principles above such circumstances 
would potentially result in treatment that  
is more favourable than the minimum but 
no more generous than that which applies 
in the compassionate circumstances 
described above 
 tate  lyle plc annual report 2014  61
strategic report governance financial statements useful information  summary of policy on payments in connection with loss of ofﬁce 
a termination for dishonesty or misconduct b death or permanent disability
fixed elements of 
remuneration
 base salary
 pension
 beneﬁts
cash elements including accrued holiday pay are 
paid pro rata to the termination date noncash 
beneﬁts may continue to be provided until the 
termination date or paid as a cash equivalent based 
on the cost of provision on a pro rata basis 
cash elements including accrued holiday pay are paid  
pro rata to the end of the relevant notice period noncash beneﬁts 
may continue to be provided until the end of the notice period  
or paid as a cash equivalent based on the cost of provision  
on a pro rata basis
annual bonus 
awards
no discretionary bonus would be awarded in these 
circumstances more generally no discretionary 
bonus will normally be awarded unless an individual is 
in active employment on the payment date for cash 
awards andor the award date for deferred share 
awards
dishonesty or misconduct may lead to the operation 
of claw back provisions within the terms of the plan
any discretionary bonus that is payable will be approved on a 
casebycase basis by the committee
any bonus will normally be prorated to reﬂect the portion of the 
ﬁnancial year prior to cessation and would be paid at the normal 
time reﬂecting the extent to which the original performance targets 
have been met 
however within a discretionary bonus framework the committee 
retains the ﬂexibility to approve the timing and amount of the bonus 
on some other basis
deferred share 
awards
unvested deferred shares will lapse
vested awards that have not been transferred 
releasedexercised prior to cessation will lapse
dishonesty or misconduct may lead to the operation 
of claw back provisions within the terms of the plan
previously vested but unexercised awards may be released  
in the normal way
in respect of unvested awards 
 if a participant dies a deferred bonus award will vest in full  
on that date
 in the event of permanent disability a deferred bonus award  
will continue on its existing terms unless the committee 
exercises its discretion to approve the release of the award  
on an earlier date 
in the event of a change of control an award may at the 
committee’s discretion be released on or prior to the event or be 
exchanged for a replacement award with an acquiring company
longterm share 
incentive 
performance 
shares plan
1
unvested awards will lapse
vested awards that have not been transferred 
released or exercised prior to cessation will lapse
dishonesty or misconduct may lead to the operation 
of claw back provisions within the terms of the plan
previously vested but unexercised awards may be released during 
a period ending six months following cessation
in respect of unvested awards
 awards made in prior years will remain in effect and unless the 
committee determines that awards should vest on some other 
basis an individual may receive a proportion of the potential 
award depending on the extent to which the original 
performance conditions have been achieved at the end of the 
normal performance period
 other than in the case of death or permanent disability awards 
will generally be reduced to reﬂect the proportion of the 
performance period which has elapsed prior to cessation
the same provisions apply in the event of a change of control but 
for the fact that the achievement of performance conditions will be 
assessed when the change of control is effective
provision for 
payments in lieu of 
notice and 
requirements for 
mitigation
the company has the option to make a payment in lieu of notice in relation to the ﬁxed elements of remuneration only base 
salary pension and contractual beneﬁts depending on the circumstances such a payment may be subject to a duty of 
mitigation the chief financial ofﬁcer’s contract gives the company the contractual right to phase the payments and to 
reduce them if the executive mitigates his loss
other elements of remuneration described in the table are not affected by these provisions
1  savingsrelated share options granted under the hmrcapproved sharesave plan will vest or lapse in keeping with hmrc regulations applicable to the 
circumstances at the relevant date
in addition to contractual rights to any payment on loss of ofﬁce any employee including executive directors may have statutory andor 
common law or other rights to certain additional payments for example in a redundancy situation similarly additional consideration 
may be provided if necessary to secure speciﬁc agreements following separation for example an enhanced noncompete provision 
that protect the company’s interests
depending on the role and circumstances of departure a director who has been relocated may be repatriated in accordance  
with previously agreed terms the company may pay some or all of the costs incurred by the executive in respect of legal ﬁnancial 
outplacement or other relevant personal advisory services andor expenses in connection with relocation the committee will approve 
such arrangements on a casebycase basis with a view to maintaining compliance with regulatory requirements and consistency  
with internal company policies that may apply 
62  tate  lyle plc annual report 2014
governance
directors’ remuneration report  continued application of remuneration policy
the tables and charts below illustrate the application of the remuneration policy described in this report by showing the value that may 
be delivered from each element of the package under different performance scenarios
chief executive chief financial ofﬁcer
elementvalue £000s
below 
threshold threshold target stretch
below 
threshold threshold target stretch
base salary 721 721 721 721 406 406 406 406
pension allowance 252 252 252 252 102 102 102 102
other beneﬁts 20 20 20 20 14 14 14 14
annual bonus
1
–– 541 1 262 – – 203 711
performance share plan
2
– 324 1 244 2 163 – 183 700 1 218
total potential value 993 1 317 2 778 4 418 522 705 1 425 2 451
composition of remuneration 
 performance share plan
 annual bonus plan
  base salary pension  
and other benefits
36
45
19
22
49
29
100 75
25
37
49
14
21
50
29
100 74
26
below
threshold
£5m
£4m
£3m
£2m
£1m
£0
threshold target stretch below
threshold
threshold target stretch
1  annual bonus shows cash and deferred shares no bonus is paid at or below threshold the target opportunity is 75 of base salary for the chief executive and 
50 for the chief financial officer while the maximum is 175
2  the maximum award is 300 of base salary 15 vests at threshold and the ‘target’ shown is half way between threshold and stretch ie 575 of maximum
 
consideration of shareholder views
the remuneration strategy and policy described here were established in 2010 following a review and extensive consultation with major 
shareholders shareholders overwhelmingly approved the continuing use of the performance share plan as our longterm incentive  
at the agm in 2012 
the committee led by the committee chairman engages with our major institutional shareholders each year speciﬁcally  
on remuneration topics alongside the board’s widerranging shareholder engagement programme 
the committee also receives regular updates on investors’ views and corporate governance matters these lines of communication 
ensure that emerging best practice principles are factored into the committee’s decision making during the year
statement of consideration of employment conditions elsewhere in the company
the principles on which we base remuneration decisions for executives as described on page 54 are broadly consistent with  
those on which we base remuneration decisions for all employees in particular the committee takes into account the general pay  
and employment conditions of other employees of the company when making decisions on executive directors’ remuneration  
this includes considering the levels of base salary increase for employees below executive level and ensuring that the same principles 
apply in setting performance targets for executives’ incentives as for other employees of the group the committee also reviews 
information on bonus payments and share awards made to the broader management of the group when determining awards and 
outcomes at executive director level
 tate  lyle plc annual report 2014  63
strategic report governance financial statements useful information  annual report on remuneration
introduction
as explained on page 53 this report sets out how our established remuneration policy has been implemented during the year  
the report also covers details relating to the composition and key responsibilities of the remuneration committee and provides  
more information on how our incentive plans operate 
implementation of the remuneration policy in the ﬁnancial year ending 31 march 2015
the company intends to implement the approved directors’ remuneration policy for the ﬁnancial year ending 31 march 2015
remuneration committee consideration of matters relating to directors’ remuneration
the remuneration committee comprises independent nonexecutive directors and the chairman of the board the committee  
met four times during the year membership and attendance during the year were as follows
directors as at 31 march 2014 number of meetings meetings attended
robert walker committee chairman 44
sir peter gershon 44
william camp 44
anne minto 44
dr ajai puri 44
the company secretary serves as secretary to the committee the chief executive the executive vice president human resources 
the vice president global compensation and beneﬁts and the executive vice president general counsel are normally invited to attend 
meetings to assist the committee although none is present or involved when his or her own remuneration is discussed
main responsibilities of the remuneration committee 
the main responsibilities of the committee include
 assessing the appropriateness of executive remuneration in the context of the company’s strategy and priorities as well as overall 
competitiveness taking into account data from independent external sources
 setting the detailed remuneration of the executive directors designated members of senior management and the company 
chairman in consultation with the chief executive including base salary or fees annual bonus longterm incentives beneﬁts  
and contract terms
 setting performance targets for awards made to senior executives under the annual bonus plan and the longterm incentive plan  
and reviewing performance outcomes
 reviewing the broader operation of the annual bonus and performance share plans including participation and overall award levels
the committee has a formal calendar of items for consideration the committee’s terms of reference which are reviewed annually  
are available on the company’s website wwwtateandlylecom 
committee advisor
the committee appointed deloitte llp as external advisor to the committee following a review and competitive tender process during 
2012 as part of its annual processes the committee considered and conﬁrmed that advice received from deloitte llp is objective and 
independent deloitte llp is a signatory to the remuneration consultants’ code of conduct giving additional conﬁdence to the 
committee that the advice received is objective and independent of conﬂicts of interest
fees charged by deloitte llp for the provision of remuneration advice to the committee amounted to £51750 for the year ended  
31 march 2014 in accordance with standard terms of business and a work plan that primarily reﬂects the committee’s planned 
activities during the year during the year deloitte llp also provided services to the rest of the group on internal audit corporate 
ﬁnance systems tax compliance and accounting
statement of shareholder voting 
a resolution to approve the directors’ remuneration report was passed at the agm on 24 july 2013 the voting outcome which has 
previously been disclosed was as follows
 
resolution 
total for
number of votes  of vote 
total against 
number of votes 
 
 of vote
votes withheld
1
number of votes 
directors’ remuneration report  293 142 434 9592 12 471 975 408 593 308 
1  votes withheld are not counted in the calculation of the proportion of votes for or against a resolution on 24 july 2013 there were 466378765 ordinary shares in 
issue excluding treasury shares
64  tate  lyle plc annual report 2014
governance
directors’ remuneration report  continued chart showing total shareholder return and chief executive pay
the chart as required under the regulations illustrates the cumulative total shareholder return tsr performance of tate  lyle  
plc against the ftse 100 index over the past ﬁve years the ftse 100 index is considered to be an appropriate benchmark for  
this purpose since it is a broad equity market index with constituents comparable in size to tate  lyle over the ﬁveyear period  
the graph shows the value of £100 invested in the ftse 100 index and tate  lyle in the ﬁve years from 31 march 2009
the table provides the accompanying statistics required by the regulations a total compensation ﬁgure determined on the same  
basis as for the single ﬁgure for amounts paid to the individual serving as chief executive and the proportion of any annual bonus  
and longterm incentive lti that vested in the year as a percentage of the maximum opportunity
31 march 2009 31 march 2010 31 march 2011 31 march 2012 31 march 2013 31 march 2014
0
50
tate  lyle plc 
ordinary shares
ftse 100
100
150
200
250
300
350
400
450
chief executive
1
 total remuneration  
£000s per single ﬁgure
javed ahmed 977 3 277 11 198 5 367 2 729
iain ferguson 1 312 nil 170 na na
annual bonus  of maximum 86 100 58 18 16
lti vesting  of maximum 0 81 100 100 677
1  javed ahmed has served as chief executive since his appointment on 1 october 2009 iain ferguson was chief executive in the period until that date the total 
remuneration figure shown for the year ended 31 march 2012 includes the value from a number of oneoff compensatory awards made to javed ahmed on his 
appointment as disclosed and explained in the 2009 and 2012 annual reports
comparison of movement in chief executive and broader employee remuneration
change in value year ended 31 march 2014 vs 31 march 2013 base salary value of benefits annual bonus
3
chief executive 0 0 91
broader employee population
2
27 20 56
2  the broader employee population refers to a global population of salaried employees for salary comparison and the uk employee population for the benefits 
comparison reflecting the context in which executive directors’ salaries and benefits are determined and refers to the global group of participants in the annual 
bonus plan for the bonus comparison so that the combination of business performance across our divisions that contributes to the group’s results is appropriately 
represented
3 includes deferred shares where applicable
relative importance of spend on pay
year ended
31 march 2013
year ended
31 march 2014  change
remuneration paid to or receivable by all employees of the group £234m £225m 38
distributions to shareholders by way of dividend and purchase of ordinary shares into treasury £140m £153m 93
 tate  lyle plc annual report 2014  65
strategic report governance financial statements useful information  the sections that follow provide more information on remuneration decisions and the operation of incentive plans during the year ended 
31 march 2014
base salary
executive directors’ salaries are reviewed annually with effect from 1 april at the 2014 review the committee agreed that no changes 
would be made to executive director salaries for the year ahead taking current market positioning into account the average increase 
awarded to other ukbased employees was approximately 27
executive directors’ base salaries as at 1 april £ 2014 2013  change
javed ahmed 721 000 721 000 nil
tim lodge 405 820 405 820 nil
chairman’s and nonexecutive directors’ fees
fees are reviewed annually in accordance with our stated policy by the committee excluding the chairman in respect of the 
chairman’s fee and by the chairman and the executive directors in respect of other nonexecutive directors’ fees 
taking into account the competitiveness of current fees against the comparable market position and the time commitment required of 
each role the adjustments in the table below were approved with effect from 1 april 2014 the aggregate increase is broadly in line with 
the rate of increase applicable to ukbased employees being approximately 27
fees per annum as at 1 april £ 2014 2013  change
basic fees
chairman
1
324 500 315 950 27
nonexecutive director 62 850 61 500 21
senior independent director 72 850 68 600 62
supplemental fees per annum
chairman of audit committee 16 650 16 300 22
chairman of remuneration committee 12 500 10 850 152
chairman of corporate responsibility committee 11 100 10 850 23
chairman of research advisory group 23 300 22 800 22
1 the chairman’s fee includes his role as chairman of the nominations committee
annual bonus
the bonus structure described here applied to the year ended 31 march 2014 we propose to retain this structure for the coming year 
the bonus focuses performance on three objectives proﬁtability sales performance and cash conversion before any bonus is 
payable a minimum level of proﬁt has to be achieved by the company regardless of performance against other metrics 
for each performance metric there is a corresponding multiplier which varies between threshold target and stretch levels of 
performance once the minimum proﬁt threshold is achieved bonuses are calculated by applying the multipliers which have the effect 
of increasing or decreasing the value of the bonus depending on performance against each metric in turn to achieve the maximum 
payout performance against all three metrics must be at or above the stretch level
step 1step 2step 3
target bonus 
 of base salary
chief executive 
75
chief financial 
ofﬁcer 50
x
proﬁtability 
multiplier 
once minimum 
threshold is 
achieved
x
sales performance 
multiplier
x
cash conversion 
multiplier

bonus achieved  
as  of base salary
proﬁt performance is the most important of the three metrics so multipliers for the proﬁtability factor are more heavily geared than for 
the other two metrics that is improvements in proﬁtability have the greatest impact on bonus payments all multipliers and their 
weightings are agreed by the committee when targets are set at the start of the year reﬂecting the importance of each of the metrics  
in the context of the progress made against the company’s longterm business strategy
66  tate  lyle plc annual report 2014
governance
directors’ remuneration report  continued annual bonus for the year ended 31 march 2014 audited
the table below provides further information on each metric the committee considers that bonus targets are commercially sensitive 
because they may reveal information about the business plan in the year ahead that may damage our competitive advantage and 
accordingly does not disclose these on a prospective basis however we continue our practice of reporting the level of performance 
required to achieve maximum bonus for the year just ended relative to the prior year’s performance and the level of performance 
actually achieved against those targets 
bonus objective proﬁtability sales performance cash conversion
metric pbtea net sales less cost of raw materials cash conversion cycle
deﬁnition adjusted proﬁt before tax exceptional 
items amortisation and net retirement 
beneﬁt interest
gross sales net of associated selling 
costs less the costs of raw materials 
used in production
the number of days between cash 
expenditure and collection taking 
account of inventory payables and 
receivables based on the average of 
the four quarterend results
rationale measures the underlying proﬁt 
generated by the business and 
whether management is converting 
growth into proﬁt effectively
measures whether management is 
growing the business by assessing 
growth after deducting the cost of raw 
materials this metric better reﬂects 
the value added by the business
measures whether the business is 
managing its working capital and 
converting proﬁt into cash effectively
performance required 
for maximum bonus
114 improvement vs prior year 80 improvement vs prior year 67 improvement vs prior year
actual performance 05 improvement vs prior year 20 improvement vs prior year 48 improvement vs prior year
bonus outcome between threshold and target between threshold and target between target and stretch
comments on actual 
performance
speciality food ingredients – 
operating proﬁt growth of 1 with 
good volume growth in asia paciﬁc 
europe and latin america offset by 
slightly lower us volumes and lower 
splenda
®
 sucralose prices bulk 
ingredients – operating proﬁt 4 
lower as a result of soft us beverage 
season lower returns from co
products and the impact of the 
protracted severe cold winter in  
north america
lower sales largely driven by the 
impact of pass through of signiﬁcantly 
lower corn prices in bulk ingredients 
and starchbased speciality 
ingredients
this improved by three days as a 
result of lower inventory levels in the 
us and signiﬁcantly lower corn prices
performance is measured on the basis of constant exchange rates for the group’s continuing operations the committee reviews and 
approves the performance outcomes considers the group’s safety performance and then may make adjustments on an exceptional 
basis to ensure that the results are a true reﬂection of the underlying strength and performance of the company
on the basis of these performance outcomes an annual bonus was awarded by the committee of 281 of base salary for the chief 
executive and 188 of base salary for the chief financial ofﬁcer for the year ended 31 march 2014
deferral and claw back provisions
any bonus amount up to 100 of base salary is paid in cash any excess above 100 of base salary is paid in the form of deferred 
shares the shares are released after two years subject to the executive remaining in service with the company and carry the right to 
receive a payment in lieu of dividend between award and release
both the cash and share elements are subject to claw back provisions which mean that they may be recouped in whole or in part at 
the discretion of the committee in the exceptional event that results were found to have been misstated or if an executive commits an 
act of gross misconduct
longterm incentive – performance share plan
the performance share plan psp was reviewed in 2010 to provide a longterm incentive that is consistent with the business strategy 
we speciﬁcally consulted with shareholders in detail at that time and again when we renewed the psp on the same key terms in 2012 
the psp closely aligns executive directors’ and senior executives’ interests with the strategy and with the interests of shareholders over 
the long term and is therefore an important component of the overall package at the 2012 agm 98 of shareholder votes were cast 
in support of the resolution to approve the psp 
 tate  lyle plc annual report 2014  67
strategic report governance financial statements useful information  maximum award level
since the 2010 agm awards to the executive directors and other senior executives have been granted at the discretion of the 
committee with ﬂexibility for the committee to make awards of up to 300 of base salary where necessary to ensure market 
competitiveness while taking into account company performance
performance conditions
the release of awards depends on the group’s performance during the threeyear performance period beginning on 1 april in the  
year of the award for awards made since 2010 the performance conditions comprised two elements explained in the table below 
consistent with the principles established following the review and consultation with shareholders at that time
metric adjusted diluted earnings per share eps adjusted return on capital employed roce
deﬁnition performance is measured by comparing the compound 
annual growth rate cagr of the company’s adjusted 
diluted eps from continuing operations over the threeyear 
performance period against predetermined targets
performance is measured by the adjusted roce  
on continuing operations achieved at the end of the 
threeyear performance period against the predetermined 
targets
1
weighting 50 of the award depends on this metric 50 of the award depends on this metric
rationale the committee selected this metric as it is a key 
determinant of shareholder value creation
the committee selected this metric as it is a good 
indicator of the effectiveness of strategic investment 
decisions and of the quality of earnings generated
vesting schedule
eps performance cagr
vesting outcome  
 of maximum roce performance
vesting outcome 
 of maximum
below 6 nil below 134 nil
6 15 134 15
between 6 and 15 on a straight line between 
15
2
 and 100 
between 134 and 164 on a straight line between 
15
2
 and 100 
at or above 15 100 at or above 164 100
1  the roce outcome would be adjusted downward in the event of any asset impairment adding this back into capital employed this is to encourage a prudent 
investment strategy for this reason in the event of there being an impairment of assets during the performance period the roce figure for psp purposes can be 
significantly lower than the unadjusted roce number reported in the company’s accounts
2  under the special arrangements that were agreed in 2009 on the chief executive’s appointment 25 of his 2011 award vests at threshold performance 
the committee reviews the appropriateness of metrics and targets ahead of the grant of awards in any year to ensure these remain 
sufﬁciently stretching in practice no changes to the performance targets have been made since they were established in 2010 and 
accordingly shares awarded under the psp in 2011 2012 and 2013 vest in accordance with the schedule set out in the table above
before any shares are released the committee must also be satisﬁed that the level of vesting determined by performance against these 
targets is justiﬁed by the broader underlying ﬁnancial performance of the company
2011 psp awards vesting by reference to the period ended 31 march 2014 audited
psp awards made in 2011 were dependent on eps growth and roce targets as described above with each condition applicable  
to half of the award performance against these conditions and the vesting outcome is indicated in the table below
performance 
condition
weighting performance 
outcome
vesting outcome 
for this element
combined vesting outcome
eps growth 50 7 2 growth 268 based on the combination of eps and roce 
performance the committee has conﬁrmed 
that 634 of the psp awards made in 2011 
have vested
roce 50 189 100
under the arrangements agreed in 2009 on the chief executive’s appointment 25 of the award made to javed ahmed in 2011  
vests at threshold accordingly the eps element vests at 354 the roce element vests at 100 and the overall combined  
award vests at 67 7
in conﬁrming these outcomes the committee also considered the broader underlying ﬁnancial performance of tate  lyle over the 
performance period to ensure that vesting results based on these performance outcomes were consistent with a broader view of the 
ﬁnancial health and performance of the business
68  tate  lyle plc annual report 2014
governance
directors’ remuneration report  continued claw back provisions
awards made under the psp from 1 april 2013 are subject to claw back provisions for a period following the vesting date and extending 
to the ﬁfth anniversary following the date of grant during this period the committee may determine that an award will lapse wholly or in 
part or may require that a participant shall repay up to 100 of the value of any award that has vested by virtue of performance in the 
event of circumstances including the following material misstatement of ﬁnancial results misconduct which justiﬁes or could justify 
summary dismissal of the participant or if information has emerged which would have affected the value of the original award that was 
granted to a participant or the level at which the performance conditions were judged to have been satisﬁed
single ﬁgure table audited
salaryfees benefits
1
annual bonus psp shares
2
pension
other  
remuneration total
year ended 31 march 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
chairman
sir peter gershon 316 307 – – – – – – – – – – 316 307
executive  
directors
javed ahmed 721 721 23 20 20 233 1 712 4 141 252 252 – – 2 728 5 367
tim lodge 406 406 15 14 8 87 903 1 956 101 101 – – 1 433 2 564
nonexecutive  
directors
liz airey 78 76 –– – – –– –– –– 78 76
william camp 72 67 – – – – – – – – – – 72 67
douglas hurt 62 60 –– – – –– –– –– 62 60
virginia kamsky 62 20 –– – – –– –– –– 62 20
anne minto 62 20 – – – – – – – – – – 62 20
dr ajai puri 84 82 –– – – –– –– –– 84 82
robert walker 79 70 –– – – –– –– –– 79 70
former directors
evert henkes – 47– –– – – –– –– – – 47
1 benefits for executive directors include health insurance and car allowance 
2  psp awards were released to participants based on the achievement of performance conditions over the period ended 31 march 2014 as described on page 68 
psp awards vested following the remuneration committee meeting in may 2014 and are valued at a share price of 66850 pence being the closing share price  
on 27 may 2014 which is the vesting date  
total pension entitlements audited
directors participate in arrangements that are deﬁned contribution in nature contributions made to or in lieu of pension in respect  
of each director during the year are shown in the single ﬁgure table
as a deferred member of the group scheme tim lodge’s total accrued pension from the group scheme at the end of the  
year amounted to £193340 per annum 31 march 2013 – £188000 the scheme was closed to future accrual from april 2011  
the yearonyear change relates only to the inﬂationlinked contractual uplift in deferred pension values that applies under the  
scheme rules his normal retirement date is the end of the month in which he attains age 62 no additional beneﬁts would arise 
in the event of his early retirement
termination and loss of ofﬁce payments audited
there have been no payments to past directors and no loss of ofﬁce payments made during the year
share awards made during the year audited 
award type of award date of grant
number of
shares
face value 
of award
3
face value 
as  of salary
3
performance
conditions
4
performance
period
 of vesting 
at threshold
javed ahmed performance
share plan
nil cost 
option
2 july 2013 267 418 £2 163 010 300 50 adjusted
diluted eps 
growth  
50 adjusted 
roce
three 
ﬁnancial
years ending
31 march
2016 15
tim lodge performance 
share plan
nil cost 
option
2 july 2013 150 518 £1 217 465 300
3  under the terms of the plan approved by shareholders the number of shares comprising an award in any year is calculated based on the average share price over 
the last three months of the preceding financial year being 80885 pence for the 2013 award
4 performance conditions are described on page 68
 tate  lyle plc annual report 2014  69
strategic report governance financial statements useful information  share awards made in prior years audited
the table below sets out the current position of sharebased awards made to executive directors
as at 
1 april 2013
number
awards
vested
during year
number
awards 
lapsed 
during year
number
awards
exercised
during year 
number
as at 
31 march 
2014
number
market price
on date
awards
granted
pence
market price
on date
awards
vested
pence vesting date
javed ahmed      
shareincentive arrangements  
on recruitment      
compensatory award a
1
419 403 – – – 419 403 44490 63250 011011
compensatory award c
23
257 870 – – – 257 870 44490 67650 290512
longterm incentive award a
23
656 640 – – – 656 640 44490 67650 290512
longterm incentive award b
245
473 042 473 042 – – 473 042 44020 87550 280513
longterm incentive award c
26
378 337 – – – 378 337 59050 –
after
310314
performance share plan
27

2012 310 567 – – – 310 567 67100 –
after
310315
deferred shares from annual bonus
8

2011 bonus year 2 010––– 2 010 67650– 290514
tim lodge       
performance share plan
27
       
2008 26 088 – – 26 088 – 39425 61100 240511
2009 151 999 – – 151 999 – 29425 67650 290512
2010
6
223 381 223 381 – 223 381 – 44020 87550 280513
2011 212 950––– 212 950 59050–
after
310314
2012 174 805––– 174 805 67100–
after
310315
deferred shares from annual bonus
8

2010 bonus year
9
51 683 51 683 – 51 683 – 61100 81650 310513
2011 bonus year 1 131 – – – 1 131 67650 – 290514
1  this award to compensate javed ahmed for certain longterm incentives given up by him as a consequence of leaving his former employer is not subject to 
performance conditions the shares were available to exercise from 1 october 2011 being the second anniversary of javed ahmed joining the company and will 
remain exercisable until 30 september 2017 pending delivery he receives a payment in lieu of dividend on these shares which is subject to the deduction of tax  
in the event of a change in control the shares will be delivered immediately
2  the threeyear performance period for these awards begins on the first day of the financial year in which the award is granted
3  this award is subject to the same performance conditions as psp awards made in 2009
4  this award is subject to the same performance conditions as psp awards made in 2010
5  2010 psp awards vested in full based on the achievement of adjusted diluted eps growth and adjusted roce performance as described in the annual  
report 2013
6  this award is subject to the same performance conditions as psp awards made in 2011
7 the performance conditions for psp awards made in 2011 2012 and 2013 are 50 adjusted diluted eps and 50 adjusted roce as described in this report
8  deferred shares granted under the annual bonus plan as described on page 67 the full value of these awards has been disclosed previously in the emoluments 
tables in the relevant bonus years for example the values of deferred shares relating to performance in the year ended 31 march 2012 are included in the 
emoluments table for the year ended 31 march 2012 contained within the annual report 2012 
9 the shares awarded in relation to the 2010 bonus vested at the end of their twoyear deferral period
allemployee schemes audited
details of the directors who were in ofﬁce for any part of the ﬁnancial year and who hold or held options to subscribe for ordinary 
shares of the company are set out in the table below
savingsrelated share options are options granted under the hmrcapproved sharesave plan options are not subject to 
 performance conditions and are normally exercisable during the sixmonth period following the end of the relevant three  
or ﬁveyear savings contract
as at 
1 april 2013
number
options
granted 
during year
number
options
exercised
during year
number
options 
lapsed 
during year 
number
as at 31 
march 
2014 
number
exercise 
price 
pence
exercise
period
chief executive javed ahmed
savingsrelated options 2009 3 720––– 3 720 41800
010315 to
310815
chief financial ofﬁcer tim lodge
savingsrelated options 2012 2 471––– 2 471 607 00
010318 to
310818
70  tate  lyle plc annual report 2014
governance
directors’ remuneration report  continued statement of directors’ shareholding and share interests audited
personal share ownership requirements policy on executive share ownership
the committee and executive management believe that personal investment in company shares is an important part of our overall 
remuneration framework material personal investment in company shares serves to strengthen the longterm alignment of interests 
between senior executives and the company’s shareholders
our executive shareholding requirements are more demanding and extend to a greater number of senior executives in the group when 
compared with similar uklisted companies
 the chief executive has a target share ownership requirement of four times base salary and his shareholding currently exceeds  
this target 
 the chief financial ofﬁcer has a target shareholding of three times base salary and his shareholding currently exceeds this target
 other executive committee members are subject to the share ownership policy with target holdings at three times salary 
 this policy was extended to a broader group of executives from 2011 who have senior leadership roles within the company  
the shareholding target for this group is equal to their base salary
the committee monitors progress against the share ownership requirements annually
directors’ interests audited
the interests held by each person who was a director during the ﬁnancial year in the ordinary shares of 25p each in the company are 
shown below all of the interests set out in the table are beneﬁcially held and no director had interests in any class of shares other than 
ordinary shares the table also summarises the interests in shares held through the company’s various share plans
interest in shares
1
shares –
conditional on
performance
2
shares – not
conditional on
performance
3
options – not
conditional on
performance
4
total
chairman
sir peter gershon 82 080 – – – 82 080 
executive directors
javed ahmed 1 204 457 956 322 1 808 965 3 720 3 973 464
tim lodge 316 391 538 273 1 131 2 471 858 226
nonexecutive directors
liz airey 16 000––– 16 000
william camp 2 200––– 2 200
douglas hurt 10 000 – – – 10 000
virginia kamsky 5 000 – – – 5 000
anne minto 8 600––– 8 600
dr ajai puri 2 018––– 2 018
robert walker 22 162––– 22 162
1 includes shares owned by connected persons
2  includes awards under the performance share plan and the special arrangements that were put in place to facilitate javed ahmed’s recruitment  
which are subject to performance conditions
3  includes deferred share awards made under the annual bonus plan and vested but unexercised awards granted to javed ahmed in connection  
with his appointment
4 includes hmrcapproved sharesave plan awards
there were no changes in directors’ interests in the period from 1 april 2014 to 28 may 2014
the market price of the company’s ordinary shares at the close of business on 31 march 2014 was 667 50 pence and the range during 
the year ended 31 march 2014 was 6240 pence to 8830 pence
on behalf of the board
robert walker
chairman of the remuneration committee
28 may 2014
 tate  lyle plc annual report 2014  71
strategic report governance financial statements useful information  about the directors’ report
the directors’ report comprises the 
governance section from pages 38  
to 51 the directors’ report on pages  
72 and 73 and the useful information 
section from pages 141 to the inside 
back cover other information that  
is relevant to the directors’ report  
and which is incorporated by  
reference into the directors’ report  
is disclosed as follows
 likely future developments of the 
company throughout the strategic 
report
 human rights page 32
 greenhouse gas emissions  
pages 35 and 36
 relationship with employees page 34
 financial instruments note 21
results and dividend
a review of the results can be found on 
pages 1 to 37  
an interim dividend of 7 8p per ordinary 
share was paid on 3 january 2014 the 
directors recommend a ﬁnal dividend of 
198p per ordinary share to be paid on  
1 august 2014 to shareholders on the 
register on 27 june 2014 subject to 
approval at the 2014 annual general 
meeting agm the total dividend for  
the year is 27 6p per ordinary share  
2013 – 262p
research and development
the group spent £33 million  
2013 – £32 million on research  
and development during the year
articles of association
the articles of association set out the 
internal regulation of the company and 
cover such matters as the rights of 
shareholders the appointment or removal 
of directors and the conduct of the board 
and general meetings copies are available 
on request and are displayed on the 
company’s website wwwtateandlylecom
in accordance with the articles of 
association directors can be appointed or 
removed by the board or by shareholders 
in general meeting amendments to the 
articles of association have to be approved 
by at least 75 of those voting in person  
or by proxy at a general meeting of the 
company subject to uk company law  
and the articles of association the 
directors may exercise all the powers of  
the company and may delegate authorities 
to committees and may delegate dayto
day management and decision making to 
individual executive directors details of the 
board committees can be found on pages 
47 to 51 and on page 64
share capital
as at 31 march 2014 the company had 
nominal issued ordinary and preference 
share capital of £119 million comprising 
£117 million in ordinary shares including 
£06 million in treasury shares and  
£2 million in preference shares 
to satisfy obligations under employee 
share plans the company issued 9983 
ordinary shares during the year and 
reissued 2443619 ordinary shares from 
treasury the company issued 2914 
shares during the period from 1 april  
2014 to 28 may 2014 further information  
about share capital is in note 24 
information about options granted  
under the company’s employee  
share plans is in note 26
the company was given authority at  
the 2013 agm to make market purchases 
of up to 46639912 of its own ordinary 
shares the company purchased 
3045000 of its own ordinary shares  
during the year ended 31 march 2014 
these shares are held in treasury to satisfy 
awards made under performance share 
plans this authority will expire at the  
2014 agm and approval will be sought 
from shareholders for a similar authority  
to be given for a further year
restrictions on holding shares
there are no restrictions on the transfer of 
shares and prior approval is not required 
from the company nor from other holders 
for such a transfer no limitations are 
placed on the holding of shares and no 
share class carries special rights of control 
of the company there are no restrictions 
on voting rights other than those outlined 
below on preference shares the company 
is not aware of any agreements between 
shareholders that may restrict the transfer 
or exercise of voting rights
shareholders’ rights
holders of ordinary shares have the rights 
accorded to them under uk company law 
including the rights to receive the 
company’s annual report and accounts 
attend and speak at general meetings 
appoint proxies and exercise voting rights
holders of preference shares have limited 
voting rights and may not vote on the 
disposal of surplus proﬁts after the dividend 
on the preference shares has been 
provided for the election of directors or 
their remuneration any agreement 
between the directors and the company 
or the alteration of the articles of 
association dealing with any such matters 
further details regarding the rights and 
obligations attached to share classes are 
contained in the articles of association 
which are available on the company’s 
website wwwtateandlylecom
dtr rule 5 disclosure
as at 28 may 2014 the company had been 
notiﬁed under rule 5 of the disclosure and 
transparency rules of the following 
holdings of voting rights in its shares
number
of shares
2
 held
2
black rock inc 46 514 801 997
axa sa
1
22 890 148 498
artemis investment 
management llp
1
23 207 193 497
invesco limited
1
23 111 061 495
schroders plc 21 252 858 456
tiaacref investment 
management llc and 
teachers advisors inc 18 348 821 394
barclays global investors
1
17 568 133 359
1  notification was made over 12 months ago as 
permitted under rule 5 shareholders may not be 
required to notify us of subsequent changes within 
certain ranges
2 as at the date in the notification to the company
change of control
the company has a committed bank 
facility of us800 million which matures  
in 2016 under the terms of this facility  
the banks can give notice to tate  lyle  
to prepay outstanding amounts and cancel 
the commitments where there is a change 
of control of the company the company  
is the guarantor of a £200 million bond 
issue by its subsidiary tate  lyle 
international finance plc dated 25 
november 2009 which is repayable in 
2019 under the terms of the bond issue 
noteholders have the option to request an 
early repayment where there is a change  
of control of the company 
all of the company’s share plans contain 
provisions relating to a change of control 
further information is on page 60
political donations
again this year in line with the group’s 
policy no political donations were made in 
the european union eu outside the eu 
the group’s us business made 
contributions during the year totalling 
us22000 £14000 2013 – us19000 
£12000 to state political party committees 
and to the campaign committees of state 
candidates afﬁliated to the major parties in 
all ten separate donations were made the 
largest being of 5000 and the smallest 
300 us14000 £9000 2013 – 
us8000 £5000 was also contributed by 
the tate  lyle political action committee 
pac nine separate donations were made 
the largest being of 4000 and the 
smallest 1000 the pac is funded entirely 
by us employees employee contributions 
are entirely voluntary and no pressure is 
placed on us employees to participate  
no funds are provided to the pac by  
tate  lyle but under us law an employee
funded pac must bear the name of the 
employing company
72  tate  lyle plc annual report 2014
governance
directors’ report the directors are responsible for preparing 
the annual report the directors’ 
remuneration report and the financial 
statements in accordance with applicable 
law and regulations
company law requires the directors  
to prepare ﬁnancial statements for each 
ﬁnancial year under that law the  
directors have prepared the group 
financial statements in accordance with 
international financial reporting standards 
ifrss as adopted by the european union 
and the parent company financial 
statements in accordance with united 
kingdom generally accepted accounting 
practice united kingdom accounting 
standards and applicable law under 
company law the directors must not 
approve the ﬁnancial statements unless 
they are satisﬁed that they give a true  
and fair view of the state of affairs of  
the company and the group and of the 
proﬁt or loss of the group for that period
in preparing these ﬁnancial statements  
the directors are required to
 select suitable accounting policies  
and then apply them consistently
 make judgements and accounting 
estimates that are reasonable  
and prudent
 state whether ifrss as adopted  
by the european union and with  
regard to the parent company financial 
statements applicable uk accounting 
standards have been followed subject  
to any material departures disclosed  
and explained in the group and  
parent company financial  
statements respectively
 prepare the ﬁnancial statements on the 
going concern basis unless it is 
inappropriate to presume that the 
company will continue in business
the directors are responsible for keeping 
adequate accounting records that are 
sufﬁcient to show and explain the 
company’s transactions and disclose  
with reasonable accuracy at any time the 
ﬁnancial position of the company and  
the group and enable them to ensure that 
the ﬁnancial statements and the directors’ 
remuneration report comply with the 
companies act 2006 and as regards  
the group financial statements article 4  
of the ias regulation they are also 
responsible for safeguarding the assets  
of the company and the group and  
hence for taking reasonable steps for  
the prevention and detection of fraud  
and other irregularities
the directors are responsible for the 
maintenance and integrity of the 
company’s website legislation in the  
uk governing the preparation and 
dissemination of ﬁnancial statements may 
differ from legislation in other jurisdictions
each of the directors whose names  
and functions are listed on pages 38  
and 39 conﬁrm that to the best of his  
or her knowledge
 the annual report taken as a whole is 
fair balanced and understandable and 
provides the information necessary for 
shareholders to assess the company’s 
and the group’s performance business 
model and strategy
 the group financial statements which 
have been prepared in accordance with 
ifrss as adopted by the eu and the 
parent company financial statements in 
accordance with uk accounting 
standards give a true and fair view of the 
assets liabilities ﬁnancial position and 
proﬁt of the group and parent company 
 the strategic report and the directors’ 
report include a fair review of the 
development and performance of the 
business and the position of the group 
together with a description of the 
principal risks and uncertainties that  
it faces
disclosure of information to auditors
so far as each director is aware there is  
no relevant audit information of which the 
company’s auditors are unaware and he 
or she has taken all the steps that he or she 
ought to have taken as a director in order to 
make himself or herself aware of any 
relevant audit information and to establish 
that the company’s auditors are aware of 
that information 
the directors’ report on pages 38 to 51 
pages 72 and 73 and pages 141 to the 
inside back cover and the directors’ 
remuneration report from pages 52 to 71 
of this annual report were approved by the 
directors on 28 may 2014 
on behalf of the board
lucie gilbert
company secretary
28 may 2014
 tate  lyle plc annual report 2014  73
strategic report governance financial statements useful information 
directors’ statement of responsibilities report on the group ﬁnancial 
statements 
our opinion  
in our opinion the group ﬁnancial statements of 
tate  lyle plc and its subsidiaries collectively 
‘the group’ deﬁned below
 give a true and fair view of the state of the 
group’s affairs as at 31 march 2014 and  
of the group’s proﬁt and cash ﬂows for  
the year then ended
 have been properly prepared in accordance 
with international financial reporting 
standards ifrss as adopted by the 
european union and
 have been prepared in accordance with the 
requirements of the companies act 2006  
and article 4 of the ias regulation
this opinion is to be read in the context of what 
we say in the remainder of this report
what we have audited
the group ﬁnancial statements which are 
prepared by tate  lyle plc comprise
 the consolidated statement of ﬁnancial 
position as at 31 march 2014
 the consolidated income statement and 
consolidated statement of comprehensive 
income for the year then ended
 the consolidated statement of changes in 
equity and consolidated statement of cash 
ﬂows for the year then ended and
 the notes to the consolidated ﬁnancial 
statements which include a summary of 
signiﬁcant accounting policies and other 
explanatory information
the ﬁnancial reporting framework that has  
been applied in their preparation comprises 
applicable law and ifrss as adopted by the 
european union
certain disclosures required by the ﬁnancial 
reporting framework have been presented 
elsewhere in the annual report 2014 ‘the 
annual report’ rather than in the notes to  
the group ﬁnancial statements these are 
crossreferenced from the group ﬁnancial 
statements and are identiﬁed as audited
what an audit of ﬁnancial 
statements involves 
we conducted our audit in accordance with 
international standards on auditing uk and 
ireland ‘isas uk  ireland’ an audit involves 
obtaining evidence about the amounts and 
disclosures in the ﬁnancial statements sufﬁcient 
to give reasonable assurance that the ﬁnancial 
statements are free from material misstatement 
whether caused by fraud or error this includes 
an assessment of
 whether the accounting policies are 
appropriate to the group’s circumstances  
and have been consistently applied and 
adequately disclosed
 the reasonableness of signiﬁcant accounting 
estimates made by the directors and 
 the overall presentation of the ﬁnancial 
statements 
in addition we read all the ﬁnancial and 
nonﬁnancial information in the annual report 
to identify material inconsistencies with the 
audited group ﬁnancial statements and to 
identify any information that is apparently 
materially incorrect based on or materially 
inconsistent with the knowledge acquired by  
us in the course of performing the audit if we 
become aware of any apparent material 
misstatements or inconsistencies we consider 
the implications for our report
overview of our audit approach
materiality
we set certain thresholds for materiality these 
helped us to determine the nature timing and 
extent of our audit procedures and to evaluate 
the effect of misstatements both individually 
and on the ﬁnancial statements as a whole
based on our professional judgement we 
determined materiality for the group ﬁnancial 
statements as a whole to be £15 million which 
represents approximately 5 proﬁt before tax 
from continuing operations
we agreed with the audit committee that we 
would report to them misstatements identiﬁed 
during our audit above £1 million as well as 
misstatements below that amount that in our 
view warranted reporting for qualitative 
reasons
overview of the scope of our audit
the group is primarily structured across two 
divisions being speciality food ingredients and 
bulk ingredients with a central support function 
the group ﬁnancial statements are a 
consolidation of the group’s reporting units 
spread across the two divisions which 
comprise the group’s operating businesses  
and centralised functions covering 35 countries 
in establishing the overall approach to the 
group audit we determined the type of work 
that needed to be performed at the reporting 
units by us as the group engagement team  
or component auditors from other pwc network 
ﬁrms operating under our instructions where 
the work was performed by component 
auditors we determined the level of involvement 
we needed to have in the audit work at those 
reporting units to be able to conclude whether 
sufﬁcient and appropriate audit evidence had 
been obtained as a basis for our opinion on  
the group ﬁnancial statements as a whole
accordingly we identiﬁed six reporting units 
which in our view required an audit of their 
complete ﬁnancial information either due to 
their size or their risk characteristics in addition 
speciﬁc audit procedures on certain balances 
and transactions were performed at a further 
nine reporting units the procedures described 
above provided coverage of 78 of the group’s 
sales and 70 of the group’s proﬁt before tax 
from continuing operations
this together with additional procedures at  
a group level including the audit of individual 
transactions that were material to the group  
in operating businesses not subject to an audit 
of their complete ﬁnancial information or where 
speciﬁc audit procedures were not undertaken 
by component auditors gave us the evidence 
we needed for our opinion on the group 
ﬁnancial statements as a whole
areas of particular audit focus
in preparing the ﬁnancial statements the 
directors made a number of subjective 
judgements for example in respect of 
signiﬁcant accounting estimates that involved 
making assumptions and considering future 
events that are inherently uncertain we 
primarily focused our work in these areas  
by assessing the directors’ judgements  
against available evidence forming our own 
judgements and evaluating the disclosures  
in the ﬁnancial statements
in our audit we tested and examined 
information using sampling and other auditing 
techniques to the extent we considered 
necessary to provide a reasonable basis for  
us to draw conclusions we obtained audit 
evidence through testing the effectiveness  
of controls substantive procedures or  
a combination of both 
we considered the following areas to be those 
that required particular focus in the current year 
this is not a complete list of all risks or areas  
of focus identiﬁed by our audit we discussed 
these areas of focus with the audit committee 
their report on those matters that they 
considered to be signiﬁcant issues in relation to 
the ﬁnancial statements is set out on page 48
74  tate  lyle plc annual report 2014
financial statements
independent auditors’ report to the members 
of tate  lyle plc area of focus how the scope of our audit addressed the area of focus
commodity risk
the group uses corn and other commodity contracts  
to manage and economically hedge its corn book within 
the us the us corn book comprising the commodity 
contracts inventory and purchase and sales contracts  
for corn and coproducts are marked to fair value at  
the end of each reporting period the valuation at each 
reporting period has a substantial impact on the  
reported results of the us business and the group
furthermore the valuation can require a high  
level of judgement
refer to notes 3 19 and 20 to the group  
ﬁnancial statements
we obtained an understanding of the risks associated with the valuation and pricing 
methodology used at the year end and compared it to the underlying accounting policy
we conﬁrmed the open commodity positions with brokerage houses and reperformed 
market price valuations for contracts on a sample basis to test the accuracy  
of the valuation
we tested manual adjustments that were made to the valuations to check the  
rationale on which they were based
in instances where commodities are not readily traded on an open market  
we performed trend analyses against similar market traded commodities
direct tax provisions
the directors are required to exercise signiﬁcant  
judgement when determining the appropriate amount to 
provide in respect of potential direct tax exposures relating 
to challenges by the tax authorities on cross border 
arrangements and transfer pricing in various countries
refer to notes 3 11 and 29 to the group  
ﬁnancial statements
we focused on this area because of the inherent 
judgements required in estimating the amount of provision 
required changes in assumptions can materially affect the 
levels of provisions recorded in the ﬁnancial statements
we obtained a detailed understanding of the group’s tax strategy and assessed  
key technical tax issues and risks related to business and legislative developments
we recalculated management’s valuations of direct tax provisions and determined 
whether the calculations were in line with the group’s methodology and principles  
and whether they had been applied consistently with previous years
we challenged the key underlying assumptions having due regard for ongoing 
correspondence between group entities and local tax authorities
retirement benefit obligation liabilities
the group operates material deﬁned beneﬁt pension  
plans giving rise to pension plan liabilities in the uk and 
the us the group also operates a signiﬁcant retirement 
medical scheme in the us
we focused on this area because of the magnitude of the 
deﬁned beneﬁt pension plan liability and the retirement 
medical scheme in the context of the overall statement  
of ﬁnancial position levels of judgement and technical 
expertise are required in choosing appropriate 
assumptions to measure the plans and scheme liabilities 
changes in key assumptions can have a material impact 
on the calculation of the liabilities
refer to notes 3 and 30 to the group ﬁnancial statements
we obtained an understanding of the assumptions used by the group’s actuaries and 
management in calculating the retirement beneﬁt obligations for the deﬁned beneﬁt 
pension plans in the uk and the us and the retirement medical scheme in the us
having formed that understanding we challenged the key actuarial assumptions 
including pension increases salary increases inﬂation discount rates and mortality 
by comparing these to benchmark ranges based on market conditions and 
expectations at 31 march 2014 and comparison across the wider pensions industry
we also conﬁrmed whether the methods used by management to determine key 
assumptions had been consistently applied yearonyear and evaluated the rationale  
for any changes in approach
we tested the reconciliation of the opening to closing liability for accuracy taking  
into account the movements in key assumptions over the year and any changes  
made to beneﬁts provided within the schemes
we compared membership census data used in the actuarial models to the payroll  
data held by the group to determine that the data used in the actuarial calculations  
was complete and represented only genuine members
fraud in revenue recognition
auditing standards isas uk  ireland presume there  
is a risk of fraud in revenue recognition because of the 
pressure management may feel to achieve the planned 
results the group’s focus on revenue and proﬁt targets  
as a key performance indicator creates incentive for 
revenue to be recorded in the incorrect period therefore 
we focused on whether transactions have been recorded 
in the period in which the group becomes entitled to 
record revenue
we challenged the appropriateness of management’s revenue recognition policies 
particularly regarding the appropriate recording of sales around the year end date
we performed a combination of testing of the ﬁnancial controls around revenue 
recognition and testing of revenue recorded during the year and testing of sales 
transactions and credit notes around the yearend date to determine whether the 
criteria for recording revenue had been met
we tested revenue recorded through manual adjustments to determine whether those 
manual entries corresponded to revenue transactions that had occurred in the period 
and met the group’s revenue recognition policies
risk of management override of internal controls
auditing standards isas uk  ireland require that we 
consider this 
we tested key reconciliations and manual journal entries we also considered whether 
there was evidence of bias by management in the signiﬁcant accounting estimates  
and judgements relevant to the ﬁnancial statements
furthermore we assessed the overall control environment of the group including the 
arrangements for staff to ‘whistleblow’ inappropriate actions and interviewed senior 
management and the group’s internal audit function
we incorporated a number of unpredictable audit procedures into our work including 
the audit of certain immaterial balances
 tate  lyle plc annual report 2014  75
strategic report governance financial statements useful information  going concern
under the listing rules we are required to 
review the directors’ statement set out on  
page 28 in relation to going concern we have 
nothing to report having performed our review
as noted in the directors’ statement the 
directors have concluded that it is appropriate 
to prepare the group ﬁnancial statements using 
the going concern basis of accounting the 
going concern basis presumes that the group 
has adequate resources to remain in operation 
and that the directors intend it to do so for at 
least one year from the date the group ﬁnancial 
statements were signed as part of our audit we 
have concluded that the directors’ use of the 
going concern basis is appropriate
however because not all future events or 
conditions can be predicted these statements 
are not a guarantee as to the group’s ability to 
continue as a going concern
opinions on other matter prescribed  
by the companies act 2006
in our opinion the information given in the 
strategic report and the directors’ report for 
the ﬁnancial year for which the group ﬁnancial 
statements are prepared is consistent with the 
group ﬁnancial statements
other matters on which we are 
required to report by exception
adequacy of information and 
explanations received
under the companies act 2006 we are required 
to report to you if in our opinion we have not 
received all the information and explanations  
we require for our audit we have no exceptions 
to report arising from this responsibility
directors’ remuneration
under the companies act 2006 we are  
required to report to you if in our opinion 
certain disclosures of directors’ remuneration 
speciﬁed by law have not been made  
we have no exceptions to report arising  
from this responsibility
corporate governance statement
under the listing rules we are required to 
review the part of the corporate governance 
statement relating to the parent company’s 
compliance with nine provisions of the uk 
corporate governance code ‘the code’  
we have nothing to report having performed  
our review
on page 73 of the annual report as required 
by the code provision c11 the directors state 
that they consider the annual report taken as  
a whole to be fair balanced and understandable 
and provides the information necessary for 
members to assess the group’s performance 
business model and strategy on page 48  
as required by c38 of the code the audit 
committee has set out the signiﬁcant issues 
that it considered in relation to the group 
ﬁnancial statements and how they were 
addressed under isas uk  ireland we  
are required to report to you if in our opinion
 the statement given by the directors is 
materially inconsistent with our knowledge  
of the group acquired in the course of 
performing our audit or
 the section of the annual report describing 
the work of the audit committee does not 
appropriately address matters communicated 
by us to the audit committee
we have no exceptions to report arising from 
this responsibility
other information in the 
annual report
under isas uk  ireland we are required to 
report to you if in our opinion information in  
the annual report is
 materially inconsistent with the information in 
the audited group ﬁnancial statements or
 apparently materially incorrect based on or 
materially inconsistent with our knowledge  
of the group acquired in the course of 
performing our audit or
 is otherwise misleading
we have no exceptions to report arising from 
this responsibility
responsibilities for the ﬁnancial 
statements and the audit
our responsibilities and those of  
the directors 
as explained more fully in the directors’ 
statement of responsibilities set out on  
page 73 the directors are responsible for the 
preparation of the group ﬁnancial statements 
and for being satisﬁed that they give a true and 
fair view 
our responsibility is to audit and express  
an opinion on the group ﬁnancial statements  
in accordance with applicable law and isas  
uk  ireland those standards require us  
to comply with the auditing practices board’s 
ethical standards for auditors 
this report including the opinions has been 
prepared for and only for the company’s 
members as a body in accordance with 
chapter 3 of part 16 of the companies act 
2006 and for no other purpose we do not  
in giving these opinions 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
other matter 
we have reported separately on the  
parent company ﬁnancial statements of  
tate  lyle plc for the year ended 31 march 
2014 and on the information in the directors’ 
remuneration report that is described  
as having been audited
john waters senior statutory auditor  
for and on behalf of  
pricewaterhousecoopers llp 
chartered accountants and statutory auditors
london
28 may 2014
notes
a  the maintenance and integrity of the tate  lyle 
website wwwtateandlylecom is the responsibility 
of the directors the work carried out by the 
auditors does not involve consideration of these 
matters and accordingly the auditors accept no 
responsibility for any changes that may have 
occurred to the financial statements since they 
were initially presented on the website
b  legislation in the united kingdom governing  
the preparation and dissemination of financial 
statements may differ from legislation in other 
jurisdictions
76  tate  lyle plc annual report 2014
financial statements
independent auditors’ report to the members  
of tate  lyle plc  continued year ended 31 march
notes
2014
£m
restated
2013
£m
continuing operations  
sales 4 5 3 147 3 256
operating proﬁt 4 6 325 334
finance income 10 2 1
finance expense 10 37 34
proﬁt before tax 290 301
income tax expense 11 45 46
proﬁt for the year from continuing operations 245 255
proﬁt for the year from discontinued operations 12 28 18
proﬁt for the year 273 273
 
proﬁt for the year attributable to 
– owners of the company 273 272
– noncontrolling interests 12 – 1
 proﬁt for the year 273 273
  
earnings per share  pence pence
continuing operations 13
– basic 528p 549p
– diluted 521p 538p
continuing and discontinued operations 13
– basic 588p 586p
– diluted 580p 57 4p
analysis of adjusted proﬁt before tax from continuing operations £m £m
proﬁt before tax 290 301
adjusted for
– exceptional items 7 14 12
– amortisation of acquired intangible assets 15 10 10
– net retirement beneﬁt interest 10 30 8 4
adjusted proﬁt before tax 322 327
 restated for the adoption of ias 19 revised 2011 ‘employee benefits’ see note 43
the notes on pages 82 to 133 form part of these financial statements
 tate  lyle plc annual report 2014  77
strategic report governance financial statements useful information 
consolidated income statement year ended 31 march
notes
2014
£m
restated
2013
£m
proﬁt for the year 273 273
other comprehensive expenseincome
items that may be reclassiﬁed to proﬁt or loss
fair value loss on cash ﬂow hedges 25 1 3
fair value loss on cash ﬂow hedges transferred to proﬁt or loss 25 – 4
fair value loss on availableforsale ﬁnancial assets 18 – 1
lossgain on currency translation of foreign operations 25 130 57
fair value gainloss on net investment hedges 25 50 30
currency translation gain transferred to proﬁt or loss on disposal of foreign operations 37 – 14
tax expense relating to the above items 11 – 6
81 7
items that will not be reclassiﬁed to proﬁt or loss
retirement beneﬁt plans 
– actual return lower than interest on plan assets 30 29 13 
– net actuarial gainloss 30 19 132 
tax expense relating to the above items 11 22 6 
32 151
total other comprehensive expense 113 144
total comprehensive income  160 129
analysed by
– continuing operations 132 11 7
– discontinued operations 28 12
total comprehensive income 160 129
attributable to
– owners of the company 160 127
– noncontrolling interests – 2
total comprehensive income 160 129
 see note 43
the notes on pages 82 to 133 form part of these financial statements
78  tate  lyle plc annual report 2014
financial statements
consolidated statement of comprehensive income at 31 march
notes
2014
£m
2013
£m
assets   
noncurrent assets  
goodwill and other intangible assets 15 389 356
property plant and equipment 16 865 958
investments in associates 17 6 6
availableforsale ﬁnancial assets 18 28 27
derivative ﬁnancial instruments 20 23 54
deferred tax assets 29 7 8
trade and other receivables 23 1 3
retirement beneﬁt surplus 30 – 12
  1 319 1 424
current assets
inventories 22 418 510
trade and other receivables 23 314 383
current tax assets 1 4
derivative ﬁnancial instruments 20 79 86
cash and cash equivalents 33 396 379
  1 208 1 362
assets held for sale 18 – 1
1 208 1 363
total assets 2 527 2 787
equity
capital and reserves
share capital 24 117 11 7
share premium 24 406 406
capital redemption reserve 8 8
other reserves 25 58 139
retained earnings 460 366
equity attributable to owners of the company 1 049 1 036
noncontrolling interests 1 –
total equity 1 050 1 036
liabilities
noncurrent liabilities
trade and other payables 27 2 3
borrowings 28 439 821
derivative ﬁnancial instruments 20 2 21
deferred tax liabilities 29 45 24
retirement beneﬁt deﬁcits 30 220 277
provisions for other liabilities and charges 31 10 15
718 1 161
current liabilities 
trade and other payables 27 315 382
current tax liabilities 40 53
borrowings and bank overdrafts 28 339 75
derivative ﬁnancial instruments 20 50 60
provisions for other liabilities and charges 31 15 20
  759 590
total liabilities 1 477 1 751
total equity and liabilities 2 527 2 787
the notes on pages 82 to 133 form part of these financial statements
the consolidated ﬁnancial statements on pages 77 to 133 were approved by the board of directors on 28 may 2014 and signed on its behalf by
javed ahmed tim lodge directors
 tate  lyle plc annual report 2014  79
strategic report governance financial statements useful information 
consolidated statement of financial position year ended 31 march
notes
2014
£m
restated
2013
£m
cash ﬂows from operating activities  
proﬁt before tax from continuing operations 290 301
adjustments for 
– depreciation of property plant and equipment 16 97 91
– exceptional items net of cash ﬂow impact – 9
– amortisation of intangible assets 15 21 17
– sharebased payments 26 8 13
– other noncash items 6 –
– ﬁnance income 10 2 1
– ﬁnance expense 10 37 34
change in working capital 32 38 107
change in net retirement beneﬁt obligations 43 42
cash generated from continuing operations 440 297
interest paid 33 36
income tax paid 23 18
net cash generated from operating activities in discontinued operations – 8
net cash generated from operating activities 384 251
cash ﬂows from investing activities
purchase of intangible assets 45 42
purchase of property plant and equipment 114 92
proceeds on disposal of property plant and equipment 34 3
acquisitions of businesses net of cash acquired 37 15 –
disposal of businesses net of cash disposed 37 3 36
disposal of joint ventures net of cash disposed 37 – 15
purchase of availableforsale ﬁnancial assets 18 4 4
disposal of availableforsale ﬁnancial assets 18 2 –
interest received 2 1
net cash used in investing activities 137 83
cash ﬂows from ﬁnancing activities 
proceeds from issue of ordinary shares – 1
purchase of own shares 24 29 23
cash inﬂow from additional borrowings 4 24
cash outﬂow from repayment of borrowings 46 117
repayment of capital element of ﬁnance leases 2 2
dividends paid to owners of the company 14 124 117
dividends paid to noncontrolling interests – 2
net cash used in ﬁnancing activities 197 236
  
net increasedecrease in cash and cash equivalents 34 50 68
cash and cash equivalents
balance at beginning of year 379 446
net increasedecrease in cash and cash equivalents 34 50 68
currency translation differences 33 1
balance at end of year 33 396 379
 see note 43
a reconciliation of the movement in cash and cash equivalents to the movement in net debt is presented in note 34
the notes on pages 82 to 133 form part of these financial statements
80  tate  lyle plc annual report 2014
financial statements
consolidated statement of cash flows share capital 
and share 
premium 
note 24
£m
capital 
redemption 
reserve
£m
other
reserves 
note 25
£m
retained 
earnings
£m
attributable to 
the owners 
of the 
company
£m 
non
controlling
 interests
£m
total 
equity
£m
at 1 april 2012 523 8 128 374 1 033 25 1 058
year ended 31 march 2013 – restated
proﬁt for the year – – – 272 272 1 273
other comprehensive incomeexpense – – 11 156 145 1 144
total comprehensive income – – 11 116 127 2 129
sharebased payments includes tax credit of £2 million – – – 15 15 – 15
purchase of own shares – – – 23 23 – 23
proceeds from shares issued – – – 1 1 – 1
noncontrolling interests in subsidiaries sold – – – – – 25 25
dividends paid note 14 – – – 1 1 7 11 7 2 119
at 31 march 2013 523 8 139 366 1 036 – 1 036
year ended 31 march 2014
proﬁt for the year – – – 273273 –273
other comprehensive expense – – 81 32 113 – 113
total comprehensive expenseincome – – 81 241 160 – 160
sharebased payments – – – 88 –8
purchase of own shares – – – 29 29 – 29
noncontrolling interests in subsidiaries acquired ––– –– 1 1
initial recognition of put option on noncontrolling 
interest note 37 – – – 2 2 – 2
dividends paid note 14 – – – 124 124 – 124
at 31 march 2014 523 8 58 460 1 049 1 1 050
 see note 43
other comprehensive incomeexpense recognised in retained earnings relates wholly to retirement beneﬁt plans an analysis of other 
comprehensive incomeexpense recognised in other reserves by component of equity is presented in note 25
at 31 march 2014 retained earnings included a deduction of £37 million 2013 – £29 million for the cumulative cost of own shares held in relation  
to sharebased incentive plans further information on own shares is presented in note 24 
dividends on ordinary shares in respect of the ﬁnancial year
year ended 31 march
2014
pence
2013
pence
per ordinary share
– interim paid 78p 74p
– ﬁnal proposed 198p 188p
  276p 262p
the notes on pages 82 to 133 form part of these financial statements
 tate  lyle plc annual report 2014  81
strategic report governance financial statements useful information 
consolidated statement of changes in equity 1 basis of preparation
description of business
tate  lyle plc the company is a public 
limited company incorporated and domiciled  
in the united kingdom the company’s  
ordinary shares are listed on the london  
stock exchange
the company its subsidiaries and 
proportionately consolidated joint ventures 
together ‘the group’ provides ingredients  
and solutions to the food beverage and other 
industries the group operates from more  
than 30 production facilities around the world 
the group’s continuing operations comprise 
two operating segments speciality food 
ingredients and bulk ingredients segment 
information is presented in note 4
accounting period
the group’s annual ﬁnancial statements  
are drawn up to 31 march these ﬁnancial 
statements cover the year ended  
31 march 2014 with comparative amounts  
for the year ended 31 march 2013
basis of accounting
the consolidated ﬁnancial statements on pages 
77 to 133 have been prepared on the going 
concern basis in accordance with international 
financial reporting standards ifrs as 
adopted for use in the european union and 
those parts of the companies act 2006 that are 
applicable to companies reporting under ifrs 
the consolidated ﬁnancial statements have 
been prepared under the historical cost 
convention modiﬁed in respect of the 
revaluation to fair value of availableforsale 
ﬁnancial assets derivative ﬁnancial instruments 
assets classiﬁed as held for sale and assets 
held by deﬁned beneﬁt pension plans
the group’s principal accounting policies are 
set out in note 2
company ﬁnancial statements
the company has not adopted ifrs and 
prepares its separate ﬁnancial statements in 
accordance with applicable law and uk 
accounting standards uk gaap the 
company’s separate ﬁnancial statements  
are set out on pages 135 to 140
going concern
for the reasons set out on page 28 the 
directors have adopted the going concern basis 
in preparing the company’s and the group’s 
ﬁnancial statements
discontinued operations
in the group’s ﬁnancial statements the results 
assets and liabilities and cash ﬂows of 
discontinued operations are presented 
separately from those of continuing operations 
an operation is classiﬁed as discontinued if it  
is a component of the group that i has been 
disposed of or meets the criteria to be classiﬁed 
as held for sale and ii represents a separate 
major line of business or geographic area  
of operations or will be disposed of as part  
of a single coordinated plan to dispose  
of a separate major line of business  
or geographic area of operations
fair value measurement
fair value is the price that would be received to 
sell an asset or paid to transfer a liability in an 
orderly transaction between market participants 
at the measurement date regardless of whether 
that price is directly observable or estimated 
using another valuation technique in estimating 
the fair value of an asset or a liability the group 
takes into account the characteristics of the 
asset or liability if market participants would take 
those characteristics into account when pricing 
the asset or liability at the measurement date 
fair value measurements are categorised into 
level 1 2 or 3 based on the degree to which  
the inputs to the fair value measurements are 
observable and the signiﬁcance of the inputs  
to the fair value measurement in its entirety 
as follows
 level 1 inputs are quoted prices  
unadjusted in active markets for identical 
assets or liabilities that the entity can  
assess at the measurement date
 level 2 inputs are inputs other than  
quoted prices included in level 1 that  
are observable for the asset or liability  
either directly or indirectly
 level 3 inputs are unobservable inputs  
for the asset or liability
use of adjusted measures
tate  lyle presents adjusted performance 
measures including adjusted operating proﬁt 
adjusted proﬁt before tax and adjusted earnings 
per share that are used for internal performance 
analysis and incentive compensation 
arrangements for employees and are presented 
because they provide investors with valuable 
additional information about the performance  
of the business for the periods presented 
adjusted performance measures exclude 
where relevant exceptional items the 
amortisation of acquired intangible assets  
net retirement beneﬁt interest and tax on those 
adjustments adjusted performance measures 
reported by the group are not deﬁned terms 
under ifrs and may therefore not be 
comparable with similarlytitled measures 
reported by other companies the directors  
do not regard these measures as a substitute 
for or superior to the equivalent measures 
presented in accordance with ifrs
reconciliations of the adjusted performance 
measures to the most directly comparable 
measures presented in accordance with ifrs 
are presented in note 42
accounting standards adopted during 
the year
at the beginning of the year the group adopted 
a number of new or revised accounting 
standards that are outlined below with the 
exception of the changes arising from the 
adoption of ias 19 revised 2011 ‘employee 
beneﬁts’ the group’s principal accounting 
policies are unchanged compared with the  
year ended 31 march 2013 
ias 19 revised 2011 ‘employee beneﬁts’ 
ias 19 revised 2011 caused the group to 
change the way it accounts for deﬁned beneﬁt 
pension and other retirement beneﬁt plans it 
had no impact on the group’s ﬁnancial position 
but it changed the allocation of movements in 
the deﬁcits or surpluses on the plans within and 
between proﬁt or loss and other comprehensive 
income comparative amounts for 2013 have 
been restated on a consistent basis  
an explanation and analysis of the effect  
of ias 19 revised 2011 on the group’s  
results for the year and the prior year is 
presented in note 43 
ifrs 13 fair value measurement
ifrs 13 established a single source of guidance 
for measuring fair value and introduced 
consistent disclosures about fair value 
measurements from the group’s perspective 
ifrs 13 is relevant to the measurement of 
availableforsale ﬁnancial assets derivative 
ﬁnancial instruments assets classiﬁed as held 
for sale and assets held by deﬁned beneﬁt 
pension plans and in relation to impairment 
testing and in accounting for business 
combinations ifrs 13 was adopted 
prospectively from 1 april 2013 so there  
was no change in any fair values determined  
in previous periods 
ias 1 revised 2011 presentation  
of financial statements
ias 1 revised 2011 had no overall impact on 
the amount of other comprehensive income 
but requires that items of other comprehensive 
income that may be reclassiﬁed to proﬁt or loss 
are presented separately from those that will not 
be reclassiﬁed to proﬁt or loss 
other standards
at the beginning of the year the group adopted 
various minor improvements to accounting 
standards arising from the iasb’s 2009 – 2011 
review cycle and amendments to ifrs 7 
disclosures – offsetting financial assets and 
financial liabilities
82  tate  lyle plc annual report 2014
financial statements
notes to the consolidated financial statements 2 principal accounting policies
basis of consolidation
a subsidiaries
a subsidiary is an entity controlled either 
directly or indirectly by the company where 
control is the power to govern the ﬁnancial and 
operating policies of the entity so as to obtain 
beneﬁts from its activities control generally 
exists where the group owns a shareholding 
that gives it more than one half of the voting 
rights in the entity 
a noncontrolling interest in a subsidiary 
represents the share of the net assets of the 
subsidiary that is attributable to the equity 
interest in the subsidiary that is not owned  
by the group 
the group’s income and expenses assets and 
liabilities and cash ﬂows include those of each 
of its subsidiaries from the date on which the 
company obtains control until such time as 
control is lost all intragroup transactions 
balances income and expenses are eliminated 
on consolidation
b joint ventures
a joint venture is a contractual arrangement 
under which the group and other parties 
undertake an activity that is subject to joint 
control whereby strategic ﬁnancial and 
operating policy decisions require unanimous 
consent of the group and the other parties the 
group’s interests in jointly controlled entities are 
accounted for by proportionate consolidation 
whereby the group’s share of the income and 
expenses assets and liabilities and cash ﬂows 
of those entities are combined on a linebyline 
basis in the ﬁnancial statements with those of 
the company and its subsidiaries 
intragroup balances and unrealised proﬁts  
or losses on transactions between the group 
and joint ventures are normally eliminated  
to the extent of the group’s interest in the joint 
venture losses are however recognised  
in full where they represent a reduction in the  
net realisable value of a current asset or an 
impairment loss
c associates
an associate is an entity over which the group 
has signiﬁcant inﬂuence signiﬁcant inﬂuence is 
the power to participate in ﬁnancial and operating 
policy decisions but not to control or jointly 
control them signiﬁcant inﬂuence generally 
exists where the group holds more than 20 
and less than 50 of the shareholders’ voting 
rights associates are accounted for under the 
equity method whereby the group’s share of 
the proﬁt or loss other comprehensive income 
and net assets are shown on one line of the 
relevant primary ﬁnancial statements 
losses of an associate in excess of the group’s 
interest in the entity are not recognised except 
to the extent that the group has incurred 
obligations or made payments on behalf of 
the associate 
unrealised proﬁts or losses on transactions 
between the group and its associates are 
normally eliminated to the extent of the group’s 
interest in the associate losses are however 
recognised in full where they represent a 
reduction in the net realisable value of a current 
asset or an impairment loss
business combinations
a business combination is a transaction or other 
event in which the group obtains control over  
a business such that it becomes a subsidiary
business combinations are accounted for  
using the acquisition method
goodwill arising in a business combination 
represents the excess of the sum of the 
consideration transferred the amount of any 
noncontrolling interest in the acquired business 
and in a business combination achieved in 
stages the fair value at the acquisition date  
of the group’s previously held equity interest  
over the net total of the identiﬁable assets  
and liabilities of the acquired business at the 
acquisition date any shortfall is recognised 
immediately as a gain in the income statement 
consideration transferred represents the sum  
of the fair values at the acquisition date of the 
assets given liabilities incurred or assumed  
and equity instruments issued by the group  
in exchange for control over the acquired 
business
acquisitionrelated costs are charged to the 
income statement in the period in which they 
are incurred
identiﬁable assets and liabilities of the acquired 
business are measured at their fair value at the 
acquisition date except for certain items that 
are measured in accordance with the relevant 
group accounting policy including retirement 
beneﬁt obligations and deferred tax assets  
and liabilities
any noncontrolling interest in the acquired 
business is measured either at fair value or  
at the noncontrolling interest’s proportionate 
share of the identiﬁable assets and liabilities  
of the business
put options issued by the group over non
controlling interests are initially recognised  
as a liability measured at fair value with a 
corresponding charge directly to equity 
subsequently the liability is measured at 
amortised cost using the effective interest 
method and changes in its carrying amount  
are recognised in the income statement
changes in the group’s ownership interest in a 
subsidiary that do not result in a loss of control 
are accounted for within equity any gain or loss 
on loss of control is recognised in the income 
statement
foreign currency translation
at entity level transactions in foreign  
currencies are translated into the entity’s 
functional currency at the exchange rate ruling 
at the date of the transaction monetary assets 
and liabilities denominated in foreign currencies 
are translated at the exchange rate ruling at  
the periodend date currency translation 
differences arising at entity level are recognised 
in the income statement
the consolidated ﬁnancial statements are 
presented in pounds sterling which is the 
company’s functional currency 
on consolidation the results of foreign 
operations are translated into pounds sterling  
at the average rate of exchange for the period 
and their assets and liabilities are translated into 
pounds sterling at the exchange rate ruling at 
the periodend date currency translation 
differences arising on consolidation are 
recognised in other comprehensive income  
and taken to the currency translation reserve
in the event that a foreign operation is sold  
the gain or loss on disposal recognised in the 
income statement is determined after taking 
into account the cumulative currency translation 
differences arising on consolidation of the 
operation subsequent to the adoption of ifrs
in the cash ﬂow statement the cash ﬂows of 
foreign operations are translated into pounds 
sterling at the average exchange rate for 
the period
revenue recognition
a sales of goods and services
sales comprise the amount receivable in  
the ordinary course of business net of value 
added and sales taxes for goods and services 
provided it comprises the fair value of the 
consideration received or receivable for the sale 
of goods and services sales are recognised at 
the point or points at which the group has 
performed its obligations in connection with  
the contractual terms of the sales agreement 
primarily at the point of delivering to the 
customer and in exchange obtains the right  
to consideration
b interest income
interest income is recognised on a time
proportion basis using the effective interest 
rate method
c dividend income
dividend income is recognised when the right 
to receive payment is established
exceptional items
exceptional items comprise items of income 
and expense including tax items that are 
material in amount and unlikely to recur and 
which merit separate disclosure in order to 
provide an understanding of the group’s 
underlying 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 
events signiﬁcant business transformation 
activities disposals of operations or signiﬁcant 
individual assets litigation claims by or against 
the group and the restructuring of components 
of the group’s operations 
borrowing costs
borrowing costs directly arising from the 
purchase construction or production of an 
asset are capitalised as part of the cost of 
that asset 
 tate  lyle plc annual report 2014  83
strategic report governance financial statements useful information  2 principal accounting policies 
continued 
goodwill
goodwill arising in a business combination  
is recognised as an intangible asset and is 
allocated to the cashgenerating unit ‘cgu’  
or group of cgus that is expected to beneﬁt 
from the synergies of the business combination
goodwill is not amortised but is tested for 
impairment annually and whenever there are 
events or changes in circumstances that 
indicate that its carrying amount may not 
be recoverable
goodwill is carried at cost less any recognised 
impairment losses 
other intangible assets
other intangible assets are stated at cost less 
accumulated amortisation and any recognised 
impairment losses all intangible assets 
recognised by the group have ﬁnite useful lives 
a acquired in business combinations
an intangible resource acquired in a business 
combination is recognised as an intangible 
asset if it is separable from the acquired 
business or arises from contractual or legal 
rights acquired intangible assets for example 
patents and customer relationships are 
amortised on a straightline basis so as to 
charge their cost which represents their fair 
value at the date of acquisition over the periods 
of their expected beneﬁt to the group which 
are in the range three to 15 years
b other intangibles
other intangible assets mainly comprise certain 
product development expenditure marketing
related intangibles computer software costs 
and assets under construction relating to the 
common global isit system
costs incurred on the development  
design and testing of new or improved  
products are capitalised only when the 
technical and commercial feasibility of the 
product has been proven and prior to the 
product going into full production research 
and other development expenditures are 
charged to the income statement in the  
period in which they are incurred
other intangibles include marketingrelated 
intangibles relating to the splenda
®
 sucralose 
alliance with mcneil nutritionals llc
other intangible assets are amortised on a 
straightline basis so as to charge their cost 
over the periods of their expected beneﬁt to the 
group which are in the range three to ten years
capitalised costs in respect of the global isit 
system will be amortised once the system is 
deployed into the group’s businesses
property plant and equipment
land and buildings mainly comprise 
manufacturing sites and administrative facilities 
plant and machinery mainly comprises 
equipment used in the manufacturing and 
operating process assets under the course  
of construction comprise property plant and 
equipment which is in the process of being 
completed and not ready for use
property plant and equipment is stated at 
historical cost less accumulated depreciation 
and impairment historical cost includes 
expenditure that is directly attributable to the 
acquisition of the items subsequent costs are 
included in the asset’s carrying amount or 
recognised as a separate asset as appropriate 
only when it is probable that future economic 
beneﬁts associated with the expenditure will 
ﬂow to the group and the cost of the item  
can be measured reliably all repairs and 
maintenance expenditures are charged to  
the income statement during the period in 
which they are incurred
depreciation is calculated using the straightline 
method to allocate the cost of each asset to its 
residual value over its useful economic life 
as follows
freehold land no depreciation 
freehold buildings 20 to 50 years 
leasehold property period of the lease 
bulk liquid storage tanks 12 to 20 years 
plant and machinery 3 to 28 years
residual values and useful lives are reviewed  
at each periodend date and adjusted if 
appropriate an asset’s carrying amount is 
written down immediately to its recoverable 
amount if the asset’s carrying amount is greater 
than its estimated recoverable amount
gains and losses on disposals are determined 
by comparing the disposal proceeds with  
the carrying amount and are included in the 
income statement
leased assets
leases of property plant and equipment where 
the group assumes substantially all the risks 
and rewards of ownership are classiﬁed as 
ﬁnance leases assets held under ﬁnance 
leases are capitalised at the lower of the fair 
value of the leased asset and the present  
value of the minimum lease payments the 
corresponding leasing commitments net  
of ﬁnance charges are included in liabilities
leasing payments are analysed between capital 
and interest components so that the interest 
element is charged to the income statement 
over the period of the lease at a constant 
periodic rate of interest on the remaining 
balance of the liability outstanding
depreciation on assets held under ﬁnance 
leases is charged to the income statement  
and depreciated over the shorter of the lease 
term and its useful life all other leases are 
treated as operating leases with annual rentals 
charged to the income statement net of any 
incentives granted to the lessee over the term 
of the lease with incentives recognised over the 
period of the lease at a constant periodic rate
impairment of nonﬁnancial assets
goodwill other intangible assets and property 
plant and equipment are tested for impairment 
whenever events or circumstances indicate that 
their carrying amounts may not be recoverable 
additionally goodwill is subject to an annual 
impairment test
an asset is impaired to the extent that its 
carrying amount exceeds its recoverable 
amount an asset’s recoverable amount 
represents the higher of the asset’s value in use 
and its fair value less costs to sell an asset’s 
value in use represents the present value of the 
future cash ﬂows expected to be derived from 
continued use of the asset fair value less costs 
to sell is the amount obtainable from the sale  
of the asset in an arm’s length transaction 
between knowledgeable willing parties less 
the costs of disposal
where it is not possible to estimate the 
recoverable amount of an individual asset  
the recoverable amount is determined for  
the cgu to which the asset belongs an asset’s 
cgu is the smallest group of assets that 
includes the asset and generates cash inﬂows 
that are largely independent of the cash inﬂows 
from other assets or groups of assets goodwill 
does not generate cash inﬂows independently 
of other assets and is therefore tested for 
impairment at the level of the cgu or group  
of cgus to which it is allocated
value in use is based on estimates of pretax 
cash ﬂows discounted at a pretax discount rate 
that reﬂects the risks speciﬁc to the cgu to 
which the asset belongs
where necessary impairment of nonﬁnancial 
assets other than goodwill is recognised before 
goodwill is tested for impairment when 
goodwill is tested for impairment and the 
carrying amount of the cgu or group of cgus 
to which it is allocated exceeds its recoverable 
amount the impairment is allocated ﬁrst to 
reduce the carrying amount of the goodwill and 
then prorata to the other nonﬁnancial assets 
belonging to the cgu or group of cgus on the 
basis of their respective carrying amounts
impairment losses are recognised in the income 
statement impairment losses recognised in 
previous periods for assets other than goodwill 
are reversed if there has been a change in the 
estimates used to determine the asset’s 
recoverable amount but only to the extent  
that the carrying amount of the asset does  
not exceed its carrying amount had no 
impairment been recognised in previous 
periods impairment losses recognised in 
respect of goodwill cannot be reversed
84  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 2 principal accounting policies 
continued 
inventories
inventories are stated at the lower of cost and 
net realisable value with the exception of certain 
items of merchandisable agricultural commodities 
which are stated at market value in line with 
regional industry accounting practices
cost comprises direct materials and where 
applicable direct labour costs and those 
overheads that have been incurred in bringing 
the inventories to their present location and 
condition cost is calculated using the ‘ﬁrst in
ﬁrst out’ or weighted average cost methods 
appropriate to the materials and production 
processes involved net realisable value 
represents the estimated selling price less all 
estimated costs to completion and costs to be 
incurred in marketing selling and distribution 
provisions are made for any slow moving 
obsolete or defective inventories
financial instruments
a trade receivables
trade receivables are recognised initially at fair 
value and subsequently measured at amortised 
cost using the effective interest method less 
provision for impairment a provision for 
impairment of trade receivables is established 
when there is objective evidence that the  
group will not be able to collect all amounts  
due according to the original terms of the 
receivables signiﬁcant ﬁnancial difﬁculties  
of the debtor probability that the debtor will 
enter bankruptcy or ﬁnancial reorganisation 
and default or delinquency in payments are 
considered indicators that the trade receivable 
is impaired the amount of the provision is the 
difference between the asset’s carrying amount 
and the present value of estimated future cash 
ﬂows discounted at the original effective 
interest rate the carrying amount of the asset  
is reduced through the use of an allowance 
account and the amount of the loss is 
recognised in the income statement within 
operating expenses when a trade receivable  
is uncollectable it is written off against the 
allowance account for trade receivables 
subsequent recoveries of amounts previously 
written off are credited against operating 
expenses in the income statement
b trade payables
noncurrent and current trade payables are 
recognised initially at fair value and 
subsequently measured at amortised cost 
using the effective interest rate method 
c cash and cash equivalents
cash and cash equivalents include cash in 
hand deposits held at call with banks and other 
shortterm highly liquid investments with original 
maturities of three months or less and for the 
purposes of the cash ﬂow statement only bank 
overdrafts where the legal right of offset exists
d availableforsale ﬁnancial assets
equity instruments held by the group and 
designated as availableforsale are carried  
at fair value with movements in fair value 
recognised in other comprehensive income 
where fair value cannot be reliably measured 
the assets are approximated at cost 
cumulative fair value gains or losses on an 
asset are recycled through the income 
statement when the asset is disposed or 
impaired a signiﬁcant or prolonged decline  
in the fair value of a security below its cost is 
considered as an indicator that the securities 
are impaired impairments are recognised  
in the income statement
e borrowings
borrowings are initially measured at fair value 
net of transaction costs incurred borrowings 
are subsequently measured at amortised cost 
using the effective interest rate method 
whereby any difference between the proceeds 
net of transaction costs and the initial fair value 
is recognised in the income statement over  
the period of the borrowings as explained 
under ‘hedge accounting’ below the carrying 
amount of a borrowing may be subject  
to adjustment where it is a hedged liability  
in a fair value hedge 
borrowings are classiﬁed as current liabilities 
unless the group has an unconditional right to 
defer settlement of the liability for at least 12 
months after periodend date 
dividends on preference shares are recognised 
in the income statement as interest expense
f derivative ﬁnancial instruments
the group uses derivative ﬁnancial instruments 
to reduce its exposure to commodity price 
currency exchange rate and interest rate 
movements the group does not hold or issue 
derivatives for speculative purposes
all derivative ﬁnancial instruments held by the 
group are recognised as assets or liabilities 
measured at their fair values at the periodend 
date as explained under ‘hedge accounting’ 
below unless and to the extent that a derivative 
is in a designated and effective cash ﬂow or net 
investment hedging relationship fair value gains 
and losses on derivatives are recognised in the 
income statement
derivative ﬁnancial instruments that are not in a 
designated hedging relationship are classiﬁed 
as held for trading 
g embedded derivatives
where an embedded derivative is not closely 
related to the host contract and where the host 
contract itself is not already recognised at fair 
value movements in the fair value of the 
embedded derivative are separated from the 
associated transaction and except where the 
embedded derivative is designated as a cash 
ﬂow hedging instrument recognised in the 
income statement
h offsetting ﬁnancial instruments
financial assets and ﬁnancial liabilities are offset 
and the net amount presented in the statement 
of ﬁnancial position where there is a legally 
enforceable right to offset the recognised 
amounts and there is an intention to settle  
on a net basis or realise the asset and settle  
the liability simultaneously
hedge accounting
for a hedging relationship to qualify for hedge 
accounting it must be documented at inception 
together with the group’s risk management 
objective and strategy for initiating the hedge 
and it must both be expected to be highly 
effective in offsetting the changes in cash ﬂows 
or fair value attributed to the hedged risk and 
actually be highly effective in doing so
a cash ﬂow hedges
hedging relationships are classiﬁed as cash 
ﬂow hedges where the hedging instrument 
hedges exposure to variability in cash ﬂows  
that is attributable either to a particular risk 
associated with a recognised asset or liability 
such as interest payments on variable rate 
debt a highly probable forecast transaction 
such as commodity purchases or the foreign 
currency risk in a ﬁrm commitment such as the 
purchase of an item of equipment
where a hedging relationship is classiﬁed as a 
cash ﬂow hedge to the extent that the hedge is 
effective changes in the fair value of the 
hedging instrument are recognised in other 
comprehensive income rather than in the 
income statement when the hedged item 
affects the income statement the cumulative 
fair value gain or loss recognised in other 
comprehensive income is transferred to the 
income statement when a hedged ﬁrm 
commitment results in the recognition of a 
noncurrent asset the initial carrying amount  
of the asset is adjusted for the cumulative fair 
value gain or loss
if the hedging instrument expires or is sold or 
if the hedging relationship no longer meets the 
conditions for hedge accounting the cumulative 
fair value gain or loss remains in equity until the 
forecast transaction is recognised in the income 
statement if a hedged forecast transaction is 
no longer expected to occur the cumulative fair 
value gain or loss is immediately transferred to 
the income statement
b net investment hedges
a net investment hedge is the hedge of the 
currency exposure on the retranslation of the 
group’s net investment in a foreign operation
net investment hedges are accounted for 
similarly to cash ﬂow hedges changes in the 
fair value of the hedging instrument are to the 
extent that the hedge is effective recognised  
in other comprehensive income
in the event that the foreign operation is 
disposed of the cumulative fair value gain or 
loss recognised in other comprehensive income 
is transferred to the income statement where it 
is included in the gain or loss on disposal of the 
foreign operation
 tate  lyle plc annual report 2014  85
strategic report governance financial statements useful information  2 principal accounting policies 
continued 
hedge accounting
c fair value hedges
hedging relationships are classiﬁed as fair value 
hedges where the hedging instrument hedges 
the exposure to changes in the fair value of a 
recognised asset or liability that is attributable  
to a particular risk such as the fair value of ﬁxed 
rate debt
where the hedging relationship is classiﬁed  
as a fair value hedge the carrying amount  
of the hedged asset or liability is adjusted  
by the change in its fair value attributable  
to the hedged risk and the resulting gain  
or loss is recognised in the income statement 
where to the extent that the hedge is effective 
it offsets the fair value gain or loss on the 
hedging instrument
provisions
a provision is a liability of uncertain timing or 
amount that is recognised when the group has 
a present obligation legal or constructive as a 
result of a past event it is more likely than not 
that a payment will be required to settle the 
obligation and the amount can be 
estimated reliably 
where the effect is material the expected future 
payments are discounted using a pretax discount 
rate that reﬂects current market assessments of 
the time value of money and where appropriate 
the risks speciﬁc to the liability the unwinding 
of any discount is recognised in the income 
statement within ﬁnance expense
provision is made for restructuring costs  
when a detailed formal plan for the restructuring 
has been determined and the plan has been 
communicated to those affected by it  
gains from the expected disposal of assets  
are not taken into account in measuring 
restructuring provisions
provisions are not recognised for future 
operating losses 
provisions are recognised for onerous contracts 
to the extent that the beneﬁts expected to be 
derived from a contract are lower than the 
unavoidable cost to the group of meeting its 
obligations under the contract 
income taxes
current tax is the amount of tax payable or 
recoverable in respect of the taxable proﬁt or 
loss for the period taxable proﬁt differs from 
accounting proﬁt because it excludes income 
and expenses that are recognised in the period 
for accounting purposes but are either not 
taxable or not deductible for tax purposes or 
are taxable or deductible in earlier or 
subsequent periods current tax is calculated 
using tax rates that have been enacted or 
substantively enacted at the periodend date
deferred tax is tax expected to be payable or 
recoverable on temporary differences between 
the carrying amount of an asset or liability in the 
ﬁnancial statements and its tax base used  
in the computation of taxable proﬁt deferred 
tax is accounted for using the liability method 
whereby deferred tax liabilities are generally 
recognised for all taxable temporary differences 
and deferred tax assets are recognised to the 
extent that it is probable that taxable proﬁts will 
be available in the foreseeable future against 
which deductible temporary differences can 
be utilised 
deferred tax assets and liabilities are not 
recognised if the temporary differences arise 
from the initial recognition of goodwill or from 
the initial recognition of other assets and 
liabilities in a transaction other than a business 
combination that affects neither accounting 
proﬁt nor taxable proﬁt
deferred tax liabilities are recognised for taxable 
temporary differences arising on investments  
in foreign subsidiaries and associates and 
interests in joint ventures except where the 
group is able to control the reversal of the 
temporary difference and it is probable that it 
will not reverse in the foreseeable future
deferred tax is calculated using the enacted or 
substantively enacted rates that are expected  
to apply when the asset is recovered or the 
liability is settled 
current tax assets and liabilities are offset  
when there is a legally enforceable right to set 
off the amounts and management intends to 
settle on a net basis deferred tax assets and 
liabilities are offset when they relate to income 
taxes levied by the same taxation authority and 
the group intends to settle its current tax assets 
and liabilities on a net basis
current and deferred tax is recognised in  
the income statement unless it relates to an 
item that is recognised in the same or a different 
period outside the income statement in which 
case it too is recognised outside the income 
statement either in other comprehensive 
income or directly in equity 
retirement beneﬁts
as described in note 30 the group operates 
pension plans in most of the countries in which 
it operates deﬁned beneﬁt pension plans are 
principally in the uk and the us and until 
december 2013 in the netherlands and the 
group operates a number of deﬁned 
contribution pension plans 
the group also operates deﬁned beneﬁt 
retirement medical plans in the us
a deﬁned beneﬁt plans
a valuation of each of the deﬁned beneﬁt plans 
for accounting purposes is carried out annually 
at 31 march by independent qualiﬁed actuaries 
beneﬁt obligations are measured using the 
projected unit credit method and are 
discounted using the market yields on high 
quality corporate bonds denominated in the 
same currency as and of similar duration to the 
beneﬁt obligations plan assets are measured at 
their fair value at the periodend date where a 
plan holds a qualifying insurance policy the fair 
value of the policy is deemed to be equivalent  
to the present value of the related beneﬁt 
obligations a deﬁcit or surplus is recognised  
on each plan which represents the difference 
between the present value of the beneﬁt 
obligation and the fair value of the plan assets 
where a plan is in surplus the surplus 
recognised is limited to the present value  
of any amounts that the group expects to 
recover by way of refunds or a reduction in 
future contributions 
the deﬁned beneﬁt cost recognised in the 
income statement comprises the current 
service cost any past service cost and the  
net interest on the deﬁcit or surplus gains  
or losses on curtailments or settlements of  
the plans are also recognised in the income 
statement in the period in which the  
curtailment or settlement occurs 
remeasurements of the deﬁcit or surplus are 
recognised in other comprehensive income 
current service cost represents the increase in 
the present value of the beneﬁt obligation due  
to beneﬁts accrued during the period less 
employee contributions past service cost 
represents the change in the present value of 
the beneﬁt obligation that arises from beneﬁt 
changes that are applied retrospectively to 
beneﬁts accrued in previous years any past 
service cost is recognised in full in the period  
in which the beneﬁt changes are made 
net interest on the deﬁcit or surplus is 
calculated by applying the discount rate that is 
used in measuring the present value of the 
beneﬁt obligation to the deﬁcit or surplus 
plan administration costs incurred by the group 
are also recognised in the income statement 
remeasurements comprise differences 
between the actual return on plan assets less 
asset management expenses and the interest 
on the plan assets and actuarial gains and 
losses actuarial gains and losses represent the 
effect of changes in the actuarial assumptions 
made in measuring the present value of the 
beneﬁt obligation and experience differences 
between those assumptions and actual 
outcomes actuarial gains and losses are 
recognised in full in the period in which 
they occur
b deﬁned contribution plans
contributions made by the group to deﬁned 
contribution pension schemes are recognised 
in the income statement in the period in which 
they fall due
86  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 2 principal accounting policies 
continued 
sharebased incentives
as described in note 26 the company 
operates sharebased compensation plans 
under which it grants awards over its ordinary 
shares to its own employees and to those of its 
subsidiaries all of the awards granted under 
the existing plans are classiﬁed as equitysettled 
awards the group recognises a compensation 
expense that is based on the fair value of the 
awards measured at the grant date using the 
blackscholes option pricing formula fair value 
is not subsequently remeasured unless relevant 
conditions attaching to the award are modiﬁed 
fair value reﬂects any market performance 
conditions and all nonvesting conditions 
adjustments are made to the compensation 
expense to reﬂect actual and expected 
forfeitures due to failure to satisfy service 
conditions or nonmarket performance 
conditions
generally the resulting compensation expense 
is recognised in the income statement on  
a straightline basis over the vesting period and 
a corresponding credit is recognised in equity 
in the event of the cancellation of an award 
whether by the group or a participating 
employee the compensation expense  
that would have been recognised over the 
remainder of the vesting period is recognised 
immediately in the income statement
dividends
dividends on the company’s ordinary  
shares are recognised when they have been 
appropriately authorised and are no longer at 
the company’s discretion accordingly interim 
dividends are recognised when they are paid 
and ﬁnal dividends are recognised when they 
are declared following approval by shareholders 
at the company’s agm dividends are 
recognised as an appropriation of 
shareholders’ equity  
own shares
own shares represent the company’s ordinary 
shares that are held by the company in treasury 
or by a sponsored employee beneﬁt trust that 
are used to satisfy awards made under the 
company’s sharebased incentive plans when 
own shares are acquired the cost of purchase 
in the market is deducted from equity gains or 
losses on the subsequent transfer or sale of 
own shares are also recognised in equity
assets held for sale 
an asset or group of assets is classiﬁed as held 
for sale if its carrying amount will be principally 
recovered through a sale transaction rather than 
through continuing use in the business it is 
available for immediate sale in its present 
condition and management has committed to 
and has initiated a plan to sell the asset which 
when initiated was expected to result in a 
completed sale within 12 months assets that 
are classiﬁed as held for sale are measured at 
the lower of their carrying amount when they 
were classiﬁed as held for sale and their fair 
value less costs to sell 
accounting standards issued but not 
yet adopted
a number of new or revised accounting 
standards have been issued that are relevant to 
the group but had not been adopted at  
31 march 2014 with the exception of ifrs 11 
joint arrangements the directors do not expect 
that these standards will have a material impact 
on the group’s reported results cash ﬂows or 
ﬁnancial position 
a consolidation joint arrangements 
and associates
with effect from 1 april 2014 the group 
adopted ﬁve related standards dealing  
with consolidation joint arrangements  
and associates
ifrs 10 consolidated financial statements
ifrs 10 replaces the parts of the existing  
ias 27 consolidated and separate financial 
statements that deal with consolidated ﬁnancial 
statements and sic12 consolidation – special 
purpose entities ifrs 10 establishes a single 
control model for consolidation that applies to 
all entities including special purpose entities 
ifrs 11 joint arrangements
ifrs 11 will change signiﬁcantly the accounting 
for the group’s interests in joint ventures in the 
consolidated ﬁnancial statements 
at present the group’s interests in joint 
ventures are accounted for by proportionate 
consolidation ifrs 11 prohibits the use of 
proportionate consolidation and requires that 
joint ventures are accounted for using the equity 
method of accounting while these changes will 
have no net impact on the group’s results or 
ﬁnancial position they will affect many of the 
individual line items in the consolidated ﬁnancial 
statements in the 2015 ﬁnancial year 
comparative amounts for the 2014 ﬁnancial year 
will be restated on a consistent basis an 
explanation and analysis of the effect of ifrs 11 
is presented in note 44
ias 27 revised 2011 separate financial 
statements
ias 27 was revised such that it now deals only 
with the requirements for separate ﬁnancial 
statements because the requirements for 
consolidated ﬁnancial statements are now 
contained in ifrs 10 
ias 28 revised 2011 investments in associates 
and joint ventures
ias 28 was revised as a consequence of the 
issuance of ifrs 11 in order to set out the 
requirements for the application of the equity 
method when accounting for joint ventures
ifrs 12 disclosure of interests in other entities 
ifrs 12 is a new and comprehensive standard 
that prescribes disclosure requirements for all 
forms of interests in other entities including joint 
ventures and associates
b financial instruments
ifrs 9 financial instruments will eventually 
replace ias 39 financial instruments 
classiﬁcation and measurement ifrs 9 is 
being issued in stages while the sections 
dealing with the classiﬁcation and measurement 
of ﬁnancial instruments have been issued the 
iasb is currently revisiting certain aspects of 
them the section of the standard dealing with 
the impairment of ﬁnancial assets is still under 
development during the year the iasb issued 
the section dealing with hedge accounting that 
sets out a new hedge accounting model that is 
intended to be more closely aligned with how 
entities undertake risk management activities 
when hedging ﬁnancial and nonﬁnancial 
exposures
in february 2014 the iasb tentatively decided 
to defer the effective date of ifrs 9 and it is not 
now expected to become mandatory for the 
group until the year ending 31 march 2019 
though this will be subject to its endorsement 
for use in the european union
c other pronouncements
with effect from 1 april 2014 the group 
adopted amendments to ias 39 novation of 
derivatives and continuation of hedge 
accounting which clariﬁes that provided 
certain conditions are met hedge accounting 
need not be discontinued where a hedging 
derivative is novated 
also with effect from 1 april 2014 the group 
adopted amendments to ias 32 offsetting 
financial assets and liabilities which clariﬁes 
the conditions that must be met in order to set 
off ﬁnancial assets and ﬁnancial liabilities and 
amendments to ias 36 recoverable amount 
disclosures for nonfinancial assets
subject to its endorsement for use in the 
european union with effect from 1 april 2015 
the group will adopt amendments to ias 19 
deﬁned beneﬁt plans employee contributions 
which clariﬁes how employee contributions that 
are linked to service should be attributed to 
periods of service and when such contributions 
may be treated as a reduction in the service 
cost that is recognised in the income statement
also with effect from 1 april 2015 the group  
will adopt various minor improvements to 
accounting standards arising from the iasb’s 
2010 – 2012 and 2011 – 2013 review cycles
 tate  lyle plc annual report 2014  87
strategic report governance financial statements useful information  3 critical accounting estimates  
and judgements
in order to prepare these consolidated ﬁnancial 
statements in accordance with the accounting 
policies set out in note 2 management has 
used estimates and judgements to establish the 
amounts at which certain items are recorded 
critical accounting estimates and judgements 
are those that have the greatest impact on the 
ﬁnancial statements and require the most 
difﬁcult subjective and complex judgements 
about matters that are inherently uncertain 
estimates are based on factors including 
historical experience and expectations of  
future events that management believe to be 
reasonable however given the judgemental 
nature of such estimates actual results could 
be different from the assumptions used the 
critical accounting estimates and judgements 
are set out below
taxation
the group operates in a large number of tax 
jurisdictions around the world tax regulations 
generally are complex and in some jurisdictions 
agreeing tax liabilities with local tax authorities 
can take several years consequently at the 
periodend date tax liabilities and assets are 
based on management’s best estimate of the 
future amounts that will be settled while the 
group aims to ensure that the estimates 
recorded are accurate the actual amounts 
could be different from those expected
deferred tax assets mainly arise from asset 
impairments and retirement beneﬁt obligations 
that the group expects to recover at some time 
in the future and by their nature the amounts 
recorded are therefore dependent on 
management’s judgement about future events
further details are set out in notes 11 and 29 
derivatives and hedge accounting
the group uses derivative ﬁnancial instruments 
to reduce its exposure to commodity price 
currency exchange rate and interest rate 
movements
in particular the group uses corn and other 
commodity contracts to manage and hedge its 
corn book in the us the us corn book is 
comprised of the commodity contracts 
inventory and contracts for the purchase and 
sale of corn and coproducts some elements of 
which are expected to mature in more than 12 
months’ time and is measured at fair value at 
each periodend date the valuation of the corn 
book which is underpinned by a number of 
judgements has a material impact on the 
reported results of the group 
at 31 march 2014 the group recognised 
derivative assets of £102 million including 
commodity pricing contracts of £65 million and 
derivative liabilities of £52 million including 
commodity pricing contracts of £45 million the 
fair value of derivatives continually changes in 
response to changes in prevailing market 
conditions affecting future corn and other 
commodity prices currency exchange rates 
and interest rates where practicable the group 
uses hedge accounting to mitigate the impact 
of changes in the fair value of its hedging 
instruments on the income statement but the 
group’s results may be affected by these fair 
value changes where hedge accounting cannot 
be applied or due to hedge ineffectiveness
retirement beneﬁts
the group operates deﬁned beneﬁt pension 
plans in the uk and the us and unfunded 
retirement medical plans in the us generally a 
deﬁcit or surplus is recognised on each plan 
which represents the difference between the 
present value of the beneﬁt obligation and the 
fair value of the plan assets any surplus may be 
restricted in certain circumstances 
at 31 march 2014 the present value of the 
beneﬁt obligations on the plans was  
£1525 million 2013 – £1672 million including 
£54 million 2013 – £80 million in respect of the 
unfunded medical plans the present value of 
the beneﬁt obligations is based on actuarial 
estimates of the future beneﬁts that will be 
payable to the members of the plans as such 
the beneﬁt obligations are based on a number 
of assumptions changes to which could have a 
material impact on the reported amounts 
with regard to the pension plans the present 
value of the beneﬁt obligations is most sensitive 
to assumed life expectancies expected future 
price inﬂation rates and the discount rate 
applied to the beneﬁt obligations at  
31 march 2014 an increase of one year in life 
expectancy would have increased the 
obligations by £68 million an increase in future 
price inﬂation of 50 basis points would have 
increased the obligations by £75 million and a 
reduction in the discount rate of 100 basis 
points would have increased the obligations  
by £255 million
at 31 march 2014 the assets held by the 
pension plans amounted to £1305 million  
2013 – £1407 million of which £346 million 
2013 – £275 million comprised qualifying 
insurance policies plan assets are measured at 
their fair value at the periodend date the fair 
values of qualifying insurance policies held by 
the plans are deemed to be equivalent to the 
present value of the related beneﬁt obligations 
otherwise the carrying amounts of the plan 
assets are affected more by market risks 
including interest rate risk and other risks than 
by assumptions made in estimating the fair 
values of unquoted assets 
whilst changes in the assumptions used in 
determining the present value of the beneﬁt 
obligations will have an impact on the group’s 
income statement through their effect on the 
service cost and the net interest on the deﬁcit or 
surplus in the plans most of the impact of such 
changes together with ﬂuctuations in the actual 
return on the plan assets will be reﬂected in 
other comprehensive income
full details of the assumptions made which are 
based on advice from the group’s actuaries 
are set out in note 30
impairment of assets
asset impairments have the potential to 
signiﬁcantly impact operating proﬁt in order  
to determine whether impairments are required 
the group estimates the recoverable amount  
of the asset this calculation is usually based  
on projecting future cash ﬂows over a ﬁveyear 
period and using a terminal value to incorporate 
expectations of growth thereafter a discount 
factor is applied to obtain a current value  
‘value in use’ the ‘fair value less costs to sell’ 
of an asset is used if this results in an amount  
in excess of ‘value in use’
estimated future cash ﬂows for impairment 
calculations are based on management’s 
expectations of future volumes and margins 
based on plans and best estimates of the 
productivity of the assets in their current 
condition future cash ﬂows therefore exclude 
beneﬁts from major expansion projects 
requiring future capital expenditure where  
that expenditure has not been approved at  
the periodend date
future cash ﬂows are discounted using a 
discount rate based on the group’s weighted 
average cost of capital adjusted if appropriate 
for circumstances speciﬁc to the asset being 
tested the weighted average cost of capital is 
impacted by estimates of interest rates equity 
returns and market and countryrelated risks 
the group’s weighted average cost of capital  
is reviewed on an annual basis
if the cash ﬂow or discount rate assumptions 
were to change because of market conditions 
the level of impairment could be different  
and could result in the asset impairment  
being increased or reversed in part or in full  
at a future date goodwill impairment is 
never reversed
sensitivities are performed around the  
discount rate and operating proﬁt growth  
which are considered the critical assumptions  
in the review
further details are set out in notes 15 and 16
provisions
the group recognises a provision where  
a legal or constructive obligation exists at  
the periodend date and a reliable estimate  
can be made of the likely outcome where 
appropriate future cash outﬂows that are 
expected to arise over a number of years are 
discounted to a present value using a relevant 
discount rate
at 31 march 2014 provisions included amounts 
for insurance claims payable by the group’s 
reinsurance company legal matters employee 
termination and other restructuring costs
although provisions are reviewed on a regular 
basis and adjusted for management’s best 
current estimates the judgemental nature of 
these items means that future amounts settled 
may be different from those provided
further details are set out in note 31
88  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 4 segment information
segment information is presented in the ﬁnancial statements on a consistent basis with the information presented to the board for the purposes  
of allocating resources within the group and assessing the performance of the group’s businesses
continuing operations comprise two operating segments speciality food ingredients and bulk ingredients central which comprises central costs 
including head ofﬁce treasury and reinsurance activities does not meet the deﬁnition of an operating segment under ifrs 8 ‘operating segments’ 
but no subtotal is shown for the group’s operating segments in the tables below so as to be consistent with the presentation of segment information 
to the board
the board uses adjusted operating proﬁt as the measure of the proﬁtability of the group’s businesses adjusted operating proﬁt is therefore the 
measure of segment proﬁt presented in the group’s segment disclosures adjusted operating proﬁt represents operating proﬁt before speciﬁc items 
that are considered to hinder comparison of the trading performance of the group’s businesses either yearonyear or with other businesses during 
the periods presented the items excluded from operating proﬁt in arriving at adjusted operating proﬁt were the amortisation of acquired intangible 
assets and exceptional items 
an analysis of total assets and total liabilities by operating segment is not presented to the board but it does receive segmental analysis of net 
working capital inventories trade and other receivables less trade and other payables accordingly the amounts presented for segment assets  
and segment liabilities in the tables below represent those assets and liabilities that comprise elements of net working capital
analysis by business segment
continuing operations
notes 
speciality 
food 
ingredients 
£m 
bulk 
ingredients 
£m
central
£m
total
£m 
discontinued 
operations 
note 12 
£m
 total 
operations 
£m
year ended 31 march 2014
segment sales  
external sales note a  983 2 164– 3 147– 3 147
segment results  
adjusted operating proﬁtloss 213 172 36 349 – 349
adjusting items
exceptional items 7 – – 14 14 – 14
amortisation of acquired  
intangible assets 15 10 – – 10 – 10
operating proﬁtloss  203 172 50 325 – 325
finance income 10 2– 2
finance expense 10 37 – 37
proﬁt before tax 290 – 290
other segment information
capital investments note b 93 66 34 193 – 193
depreciation 16 38 55 4 97 – 97
amortisation of intangible assets 15 1821 21 – 21
sharebased payments 26 2158 –8
at 31 march 2014
segment assets 
working capital items 242 447 44 733 – 733
other assets 1 794
total assets  2 527
segment liabilities 
working capital items 94 181 42 317 – 317
other liabilities 1 160
total liabilities  1 477
net working capital 148 266 2416 –416
a   the group’s internal structure is such that there are no intersegment sales 
b   capital investments comprise the cost of acquisition of businesses and capital expenditure on property plant and equipment intangible assets 
and investments 
 tate  lyle plc annual report 2014  89
strategic report governance financial statements useful information  4 segment information continued
continuing operations
notes
speciality
food
ingredients
£m 
bulk 
ingredients 
£m
central
£m
total
£m 
discontinued 
operations 
note 12 
£m
 total 
operations 
£m
restated – year ended 31 march 2013 
segment sales  
external sales note a  947 2 309 – 3 256 10 3 266
segment results  
adjusted operating proﬁtloss 213 182 39 356 8 348
adjusting items
exceptional items 7 3 8 17 12 26 14
amortisation of acquired  
intangible assets 15 10 – – 10 – 10
operating proﬁtloss  200 190 56 334 18 352
finance income  10 1 – 1
finance expense 10 34 – 34
proﬁt before tax 301 18 319
other segment information
capital investments note b 43 66 34 143 – 143
depreciation 16 36 52 3 91 – 91
amortisation of intangible assets 15 15 1 1 17 – 17
sharebased payments 26 3 3 7 13 – 13
at 31 march 2013
segment assets  
working capital items 304 566 23 893 3 896
other assets  1 891
total assets  2 787
segment liabilities  
working capital items 115 223 46 384 1 385
other liabilities 1 366
total liabilities  1 751
net working capital 189 343 23 509 2 511
  restated for the adoption of ias 19 revised 2011 employee benefits which increased central costs by £2 million and increased net finance expense by £6 million 
see note 43
geographical information
the united kingdom is the home country of the parent company sales from continuing operations and noncurrent assets other than ﬁnancial 
instruments deferred tax assets and retirement beneﬁt assets in the principal territories are as follows
sales by destination
year ended 31 march
sales by origin
year ended 31 march
location of noncurrent assets
at 31 march
2014
£m
2013
£m
2014
£m
2013
£m
2014
£m
2013
£m
united kingdom 64 63 22 23 42 38
united states 1 858 1 965 2 282 2 404 763 829
other european countries 520 502 546 528 321 309
rest of world 705 726 297 301 135 147
total 3 147 3 256 3 147 3 256 1 261 1 323
concentration of revenue
during 2014 one customer contributed 11 of the group’s external sales from continuing operations 2013 – none over 10
90  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 5 sales from continuing operations
analysis of sales by category
year ended 31 march
note
2014
£m
2013
£m
sales of goods excluding share of sales of joint ventures 2 707 2 780
share of sales of joint ventures 17 440 476
total 3 147 3 256
6 operating proﬁt
analysis of operating expensesincome by nature 
 year ended 31 march 2014
restated
year ended 31 march 2013
notes
continuing
 operations
£m
discontinued
operations
£m
continuing
 operations 
£m
discontinued
 operations 
£m
external sales 512 3 147 – 3 256 10
operating expensesincome
cost of inventories included in cost of sales 1 961 – 2 066 6
staff costs of which £129 million 2013 – £125 million was included in
cost of sales 9 245 – 256 –
gain on settlement of deﬁned beneﬁt pension plan 30 4 – ––
depreciation of property plant and equipment
–  owned assets of which £90 million 2013 – £86 million was included  
in cost of sales 16 92 – 87 –
– leased assets included in cost of sales 16 5– 4–
exceptional items 7 14 – 12 26
amortisation of intangible assets
– acquired intangible assets 15 10 – 10 –
– other intangible assets 15 11 – 7–
operating lease rentals
– plant and machinery 17 – 19 –
research and development expenditure 33 – 32 –
decreaseincrease in allowance for doubtful debts 23 1 – 12
gain on disposal of property plant and equipment 3 – 1 1
other operating expenses 442 – 429 11
total operating expenses 2 822 – 2 922 8
operating proﬁt 325 – 334 18
 see note 43
 tate  lyle plc annual report 2014  91
strategic report governance financial statements useful information  7 exceptional items
exceptional items recognised in arriving at operating proﬁt were as follows 
year ended 31 march
2014
£m
2013
£m
continuing operations   
business transformation costs 14 20
gain on disposal of interest in joint venture – sucromiles – 8
14 12
discontinued operations  
gain on disposal of businesses – vietnam sugar – 21
gain on disposal of assets – molasses – 5
– 26
total exceptional expenseincome before tax 14 14
continuing operations
during the year the group incurred further business transformation costs on the implementation of a common global isit platform and in the prior 
year also on the implementation of the global shared services centre of which £14 million 2013 – £18 million did not meet the criteria to be 
capitalised during the prior year the group also incurred costs of £2 million to complete the relocation of employees and restructuring associated 
with establishing the commercial and food innovation centre in chicago usa
during the prior year the group completed the disposal of its share in sucromiles sa its colombian citric acid joint venture on which it recognised  
a gain of £8 million including cumulative currency translation gains transferred from other comprehensive income 
exceptional items are analysed by operating segment in note 4
proﬁt for the year from continuing operations includes an income tax credit of £9 million 2013 – credit of £5 million in relation to exceptional items 
see note 11 tax credits on exceptional costs are only recognised to the extent that losses incurred will result in tax recoverable in the future
discontinued operations
during the year the group recognised an exceptional income tax credit of £28 million in discontinued operations see note 12
during the prior year the group completed the sale of its vietnam sugar operations on which it recognised a gain of £21 million including cumulative 
currency translation gains transferred from other comprehensive income also during the prior year the group completed the sale of land and 
buildings of its former molasses business on which it recognised a gain of £5 million exceptional items recognised during the prior year had no 
impact on the income tax expense of discontinued operations
8 auditors’ remuneration
fees payable to the company’s auditors pricewaterhousecoopers llp and its associates were as follows
year ended 31 march
2014
£m
2013
£m
fees payable for the audit of the company and consolidated ﬁnancial statements 07 07
fees payable for other services 
– the audit of the company’s subsidiaries and joint ventures 13 12
– auditrelated services – 03
– tax advisory services 01 –
21 22
fees in respect of the audit of the group’s pension schemes 01 01
total 22 23
auditrelated services in the prior year related to review work performed on the controls conﬁgured within the common global isit platform
92  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 9 staff costs
staff costs were as follows
year ended 31 march 2014 year ended 31 march 2013
notes
continuing 
operations 
£m
discontinued 
operations 
£m
continuing 
operations 
£m
discontinued 
operations 
£m
wages and salaries  209 – 210 –
social security costs 18 – 22 –
other pension costs 
– deﬁned beneﬁt pension schemes 30 5– 4–
– deﬁned contribution pension schemes 30 3– 4–
retirement medical beneﬁts 30 2– 3–
sharebased payments 26 8– 13 –
total 245 – 256 –
the monthly average number of people employed by the group excluding associates’ employees and including the group’s proportionate share  
of people employed by joint ventures is set out below as required by the companies act 2006 this includes parttime employees
year ended 31 march
by business segment 2014 2013
continuing operations
speciality food ingredients 1 802 1 731
bulk ingredients 2 233 2 187
central 432 404
4 467 4 322
discontinued operations – 60
total 4 467 4 382
at 31 march 2014 the group employed 4523 2013 – 4326 people all in continuing operations
central includes shared service employees who perform activities for the whole group including the speciality food ingredients and bulk 
ingredients segments
key management compensation
year ended 31 march
2014
£m
2013
£m
salaries and shortterm employee beneﬁts 5 5
retirement beneﬁts 1 1
sharebased payments 4 6
total 10 12
key management is represented by the group executive committee and the company’s directors remuneration details of the company’s directors 
are given in the directors’ remuneration report on pages 52 to 71 members of the group executive committee are identiﬁed on page 39
the aggregate emoluments of directors in respect of qualifying services to the company were £2 million 2013 – £2 million
as determined in accordance with the companies act 2006 the aggregate gains made by the directors on the exercise of share options were 
£4 million 2013 – £1 million
 tate  lyle plc annual report 2014  93
strategic report governance financial statements useful information  10 finance income and ﬁnance expense
year ended 31 march
notes
2014
£m
restated
2013
£m
finance income 
interest receivable 2 1 
total ﬁnance income 2 1
finance expense
interest payable on bank and other borrowings 28 28
fair value hedges
– fair value loss on interest rate derivatives 20 20 –
– fair value adjustment of hedged borrowings 20 20 1
fair value loss on derivatives not designated as hedges – 1
finance lease interest 1 2
net retirement beneﬁt interest 30 8 4
total ﬁnance expense 37 34
net ﬁnance expense 35 33
 see note 43
finance expense is shown net of borrowing costs of £2 million 2013 – £2 million capitalised within intangible assets at a capitalisation rate  
of 39 2013 – 38
interest payable on other borrowings includes £02 million 2013 – £02 million of dividends in respect of the group’s 65 cumulative preference shares
finance income and ﬁnance expense relate wholly to continuing operations
11 income tax expense
analysis of charge for the year
year ended 31 march
continuing operations note
2014
£m
restated
2013
£m
current tax  
– uk – – 
– overseas 43 23
43 23
deferred tax 29
charge for the year 7 27
adjustments in respect of previous years 5 4
income tax expense 45 46
 see note 43
proﬁt for the year from continuing operations reﬂected an income tax expense of £45 million 2013 – expense of £46 million including an income  
tax credit of £9 million 2013 – credit of £5 million in respect of exceptional items see note 7
adjustments to deferred tax in respect of prior years totalled a credit of £5 million 2013 – credit of £4 million the amount recognised in the current 
year reﬂects nonrecurring tax credits in relation to prior years in the us following a detailed review of underlying tax information the amount 
recognised in the 2013 ﬁnancial year principally related to the settlement of prior year tax in a number of jurisdictions
the standard rate of corporation tax in the united kingdom reduced from 23 to 21 with effect from 1 april 2014 and will reduce further  
to 20 from 1 april 2015
the tax on the group’s proﬁt before tax differs from the standard rate of corporation tax in the united kingdom as follows
year ended 31 march
2014
£m
restated
2013
£m
proﬁt before tax 290 301
corporation tax charge thereon at 23 2013 – 24 67 72
adjusted for the effects of
– items not taxable 2 5
– losses not recognised 3 9
– adjustments to tax in respect of previous years 5 4
– different tax rates applied on overseas earnings 18 26
total 45 46
94  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 11 income tax expense continued
the group’s effective tax rate is sensitive to the geographic mix of proﬁts and losses and reﬂects a combination of higher tax rates in certain 
jurisdictions such as the us nil effective tax rates in the uk due to brought forward tax losses and in singapore due to having ‘pioneer status’ 
awarded by the government in 2008 and rates that lie somewhere in between for example in certain eastern european countries our tax rate  
is favourably affected by our internal ﬁnancing which involves borrowing by our us operations from the uk the interest on which has the effect  
of reducing the amount of tax payable in the us
the group’s effective tax rate on continuing operations calculated on the basis of the income tax expense as a proportion of proﬁt before tax of  
£290 million 2013 – £301 million was 156 2013 – 153 this compares with the standard rate of corporation tax in the uk of 23 2013 – 24 
the group’s adjusted effective tax rate on continuing operations calculated on the basis of the adjusted income tax expense of £60 million  
2013 – £59 million as a proportion of adjusted proﬁt before tax of £322 million 2013 – £327 million was 185 2013 – 180
discontinued operations
proﬁt for the year from discontinued operations reﬂected an exceptional income tax credit of £28 million 2013 – £nil as explained in note 12 
tax charge relating to components of other comprehensive income
year ended 31 march
note
2014
£m
restated
2013
£m
retirement beneﬁt obligations  22 6
cash ﬂow hedges – 1
tax losses  – 5
tax charge relating to components of other comprehensive income  22 12
deferred tax 29 22 12
tax on items recognised directly in equity
year ended 31 march
2014
£m
2013
£m
current tax credit on sharebased payments 1 3
deferred tax charge on sharebased payments 1 1
total – 2
 see note 43
12 discontinued operations
during the year the group recognised a noncash exceptional income tax credit of £28 million following the favourable resolution of outstanding tax 
matters associated with the starch facilities which formed part of the group’s former food  industrial ingredients europe segment during the prior 
year the group completed the sale of its vietnam sugar operations and the disposal of land and buildings of its former molasses business which 
related to the group’s former sugars segment on which it recognised an exceptional gain before tax of £26 million 
 year ended 31 march
2014 2013 
note £m
vietnam sugar 
£m 
other 
£m 
total 
£m 
sales – 91 10
 
adjusted operating proﬁtloss – 311 8
exceptional items 7 – 21 5 26
operating proﬁtloss – 24 6 18
proﬁtloss before tax – 24 6 18
income tax credit 7 28 –––
proﬁtloss for the year 28 24 6 18
noncontrolling interests – 1 – 1
proﬁtloss attributable to owners of the company 28 23 6 17
 tate  lyle plc annual report 2014  95
strategic report governance financial statements useful information  13 earnings per share
basic
basic earnings per share is calculated by dividing the proﬁt attributable to owners of the company by the weighted average number of ordinary 
shares in issue during the year excluding an average of 35 million shares 2013 – 35 million shares held by the company or the employee beneﬁt 
trust to satisfy awards made under the group’s sharebased incentive plans
 year ended 31 march 2014
restated
  year ended 31 march 2013
continuing 
operations 
discontinued 
operations total 
continuing 
operations 
discontinued 
operations total 
proﬁt attributable to owners of the  
company £million 245 28 273 255 17 272
weighted average number of ordinary shares in 
issue millions 4641 4641 4641 4642 4642 4642
basic earnings per share 528p 60p 588p 549p 37p 586p
diluted
diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue to assume conversion of all potentially 
dilutive ordinary shares potentially dilutive ordinary shares arise from awards made under the group’s sharebased incentive plans where the 
vesting of these awards is contingent on satisfying a service or performance condition the number of potentially dilutive ordinary shares is calculated 
based on the status of the condition at the end of the period potentially dilutive ordinary shares are actually dilutive only when the average market 
price of the company’s ordinary shares during the period exceeds their exercise price options or issue price other awards the greater any such 
excess the greater the dilutive effect the average market price of the company’s ordinary shares during the year was 788p 2013 – 720p the 
dilutive effect of sharebased incentives was 64 million shares 2013 – 93 million shares 
 year ended 31 march 2014
restated 
 year ended 31 march 2013
continuing 
operations 
discontinued 
operations total 
continuing 
operations 
discontinued 
operations total 
proﬁt attributable to owners of the 
company £million 245 28 273 255 17 272
weighted average number of diluted  
ordinary shares millions 4705 4705 4705 4735 4735 4735
diluted earnings per share 521p 59p 580p 538p 36p 574p
adjusted earnings per share
adjusted earnings per share measures are calculated based on proﬁt for the year from continuing operations attributable to owners of the company 
before adjusting items as follows
year ended 31 march
continuing operations notes
2014
£m
restated
2013
£m
proﬁt attributable to owners of the company  245 255
adjusting items 
– exceptional items 7 14 12
– amortisation of acquired intangible assets 15 10 10
– net retirement beneﬁt interest 10 8 4
– tax effect of the above adjustments 15 13
adjusted earnings 262 268
   
adjusted basic earnings per share 565p 57 7p
adjusted diluted earnings per share  557p 566p
 see note 43
96  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 14 dividends on ordinary shares
dividends on ordinary shares in respect of the ﬁnancial year
year ended 31 march
2014
pence
2013
pence
per ordinary share
– interim dividend paid 78 74 
– ﬁnal dividend proposed 198 188
total dividend 276 262
the directors propose a ﬁnal dividend for the ﬁnancial year of 198p per ordinary share that subject to approval by shareholders will be paid on 
1 august 2014 to shareholders who are on the register of members on 27 june 2014
dividends on ordinary shares paid in the year 
year ended 31 march
2014
£m
2013
£m
final dividend paid relating to the prior year 88 83
interim dividend paid relating to the year 36 34
total dividend paid 124 117
based on the number of ordinary shares outstanding at 31 march 2014 the ﬁnal dividend for the ﬁnancial year is expected to amount to £92 million
 tate  lyle plc annual report 2014  97
strategic report governance financial statements useful information  15 goodwill and other intangible assets
goodwill
£m 
patents and other
intellectual
property
£m 
other acquired
intangible 
assets
£m 
total acquired
 intangible assets
£m
other
intangible 
assets
£m 
total
£m 
cost 
at 1 april 2013 217 34 119 370 116 486
subsidiaries acquired 10 5 – 15 – 15
additions at cost –––– 57 57
currency translation differences 11 – 5 16 7 23
at 31 march 2014 216 39 114 369 166 535
accumulated amortisation and impairment
at 1 april 2013 –28689634 130
amortisation charge –37 10 11 21
currency translation differences – – 3 3 2 5
at 31 march 2014 – 31 72 103 43 146
net book value at 31 march 2014 216 8 42 266 123 389
cost       
at 1 april 2012 217 33 116 366 70 436
additions at cost – 1 – 1 43 44
currency translation differences – –3336
at 31 march 2013 217 34 119 370 116 486
accumulated amortisation and impairment
at 1 april 2012 – 27 57 84 27 111
amortisation charge – 1 9 10 7 17
currency translation differences – – 2 2 – 2
at 31 march 2013 – 28 68 96 34 130
net book value at 31 march 2013 217 6 51 274 82 356
a goodwill
the carrying amount of goodwill is allocated as follows
at 31 march
2014
£m
2013
£m
allocated by geographical area
united states 55 60
europe 83 85
138 145
allocated by business segment
speciality food ingredients 77 71
bulk ingredients 1 1
78 72
total 216 217
i impairment tests carried out during the year
goodwill is tested for impairment annually and whenever there is an indication of impairment at the level of the cashgenerating unit cgu or group  
of cgus to which it is allocated tate  lyle is principally managed as an integrated network in the united states and europe with a large amount  
of interdependency between plants servicing both the speciality food ingredients and bulk ingredients segments goodwill is therefore tested  
for impairment on a geographical basis except where it can be allocated to a speciﬁc cgu or group of cgus
a description of the impairment tests conducted in relation to the most signiﬁcant goodwill amounts are set out below in each case the recoverable 
amount was calculated based on value in use value in use was calculated based on budgets and plans covering the next ﬁve years that have been 
approved by the board cash ﬂows were projected during the ﬁveyear period based on budgeted gross margin and management’s expectations  
of market developments beyond the ﬁveyear plan cash ﬂows were assumed to grow at the longterm growth rate for the relevant geographical 
markets based on forecasts included in industry reports cash ﬂows were discounted using pretax rates that are based on the group’s weighted 
average cost of capital adjusted where appropriate to reﬂect differences between the risk proﬁle of the geographical areas or cgus concerned and 
that of the group as a whole
united states
goodwill allocated to the united states relates to the staley acquisition in 1988 cash ﬂows beyond the ﬁveyear plan were assumed to grow  
at 2 per annum in perpetuity based on the longterm growth rate for this geographic market cash ﬂows were discounted using a pretax rate  
of 101 2013 – 101 signiﬁcant headroom exists and management concluded that no impairment is required
98  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 15 goodwill and other intangible assets continued
europe
goodwill allocated to europe relates to the acquisition in 2000 of the minority of 34 of shares of the former amylum business cash ﬂows  
beyond the ﬁveyear plan were assumed to grow at 2 per annum in perpetuity based on the longterm growth rate for this geographic market  
cash ﬂows were discounted using a pretax rate of 101 2013 – 101 signiﬁcant headroom exists and management concluded that no 
impairment is required
speciality food ingredients
 goodwill allocated to the speciality food ingredients segment includes £61 million 2013 – £63 million that relates to the acquisition of gc hahn  
and company in june 2007 and that of cesalpinia foods in december 2005 as these businesses are integrated for operating purposes they  
are tested for impairment as one cgu cash ﬂows beyond the ﬁveyear plan were assumed to grow at 2 per annum in perpetuity based on  
the longterm growth rate for the geographic markets in which these businesses operate cash ﬂows were discounted using a pretax rate  
of 101 2013 – 101 management concluded that no impairment is required
ii possibility of impairment in the near future
management considers that there is no reasonably possible change in one or more of the key assumptions used in the impairment tests that would 
give rise to an impairment loss during the coming year
b other intangible assets
other intangible assets include capitalised development costs with a carrying amount of £77 million 2013 – £47 million relating to the common  
global isit platform of which £51 million 2013 – £20 million is under construction and will not be amortised until it is deployed into the business  
in may 2014 the system was successfully deployed across our european operations and we remain on track to implement it in the us and singapore 
by the end of the summer management considers that the costs capitalised to date are fully recoverable by way of incremental beneﬁts over the 
system’s useful life of seven years
additions to other intangible assets during the year included a marketingrelated intangible of £10 million relating to the establishment of a renewed 
splenda
®
 sucralose alliance with mcneil nutritionals llc and capitalised borrowing costs of £2 million 2013 – £2 million 
16 property plant and equipment
land and
 buildings
£m
plant and
 machinery
£m
assets in the 
course of 
construction
£m
total
£m
cost     
at 1 april 2013 494 2 108 32 2 634
additions at cost 18 16 80 114
subsidiaries acquired 12 –3
transfers on completion 11 75 86 –
disposals and writeoffs 32 5 – 37
currency translation differences 41 182 – 223
at 31 march 2014 451 2 014 26 2 491
accumulated depreciation and impairment 
at 1 april 2013 223 1 453 – 1 676
depreciation charge 11 86 – 97
disposals and writeoffs 2 4 – 6
currency translation differences 17 124 – 141
at 31 march 2014 215 1 411 – 1 626
net book value at 31 march 2014 236 603 26 865
cost     
at 1 april 2012 444 1 932 82 2 458
additions at cost 27 86 95
transfers on completion 33 103 136 –
disposals and writeoffs 5 19 – 24
currency translation differences 20 85 – 105
at 31 march 2013 494 2 108 32 2 634
accumulated depreciation and impairment 
at 1 april 2012 209 1 327 – 1 536
depreciation charge 11 80 – 91
disposals and writeoffs 5 17 – 22
currency translation differences 8 63 – 71
at 31 march 2013 223 1 453 – 1 676
net book value at 31 march 2013 271 655 32 958
in december 2013 the group completed the backtoback purchase sale and leaseback under an operating lease of its building at the global 
commercial and food innovation centre in chicago usa the transaction generated a oneoff gain of £6 million which comprised a gain of  
£3 million on the recognition of the remainder of the lease incentive on the original lease and a gain of £3 million on the sale of the property  
the majority of the gain was included in the results of the speciality food ingredients segment 
 tate  lyle plc annual report 2014  99
strategic report governance financial statements useful information  16 property plant and equipment continued
impairment reviews
management conducted an impairment test on the plant in dayton ohio on which an impairment was recognised in previous years the recoverable 
amount of the plant was calculated based on value in use with estimated future cash ﬂows based on internal forecasts of future gross margins for the 
next ﬁve years and by calculating a terminal value beyond that ﬁveyear period based on a growth rate of 2 per annum in perpetuity cash ﬂows 
were discounted using a pretax discount rate of 121 which was adjusted upwards to take into account the risk associated with the regulatory  
and competitive environment in which the plant operates management concluded that neither further impairment nor reversal of previous impairment 
was required
management conducted impairment reviews of other property plant and equipment during the year and concluded that there were no indicators  
of impairment 
leased assets
property plant and equipment includes plant and machinery held under ﬁnance leases with a net book value of £15 million 2013 – £18 million
17 investments in associates and joint ventures
associates £m
at 31 march 2013 and 31 march 2014 6
the group’s principal associate which is accounted for under the equity method is identiﬁed in note 41
the amounts equity accounted in the group income statement and statement of ﬁnancial position are summarised below
year ended 31 march
income statement
2014
£m
2013
£m
sales 4 4
expenses 4 4
proﬁt before and after tax ––
at 31 march
statement of ﬁnancial position
2014
£m
2013
£m
assets 13 13
liabilities 7 7
net assets 6 6
joint ventures
the group’s principal joint ventures which are proportionately consolidated are listed in note 41 the amounts proportionately consolidated  
in the group income statement and statement of ﬁnancial position after the elimination of the group’s share of transactions and balances with  
the company’s subsidiaries are summarised below
year ended 31 march 2014 year ended 31 march 2013
note
continuing 
operations
£m
discontinued 
operations
£m 
continuing 
operations
£m 
discontinued 
operations
£m 
sales 5 440 – 476 –
expenses  366 – 428 –
proﬁt before tax 74 – 48 –
income tax expense  13 – 14 –
proﬁt for the year 61 – 34 –
100  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 17 investments in associates and joint ventures continued
at 31 march
statement of ﬁnancial position
2014
£m
2013
£m
assets
noncurrent assets 139 173
cash and cash equivalents 50 73
other current assets 109 158
total 298 404
liabilities
noncurrent borrowings 2 7
other noncurrent liabilities 4 19
current borrowings 18 31
other current liabilities 48 56
total 72 113
net assets 226 291
there are guarantees in respect of banking facilities of a joint venture totalling £9 million 2013 – £9 million
18 availableforsale ﬁnancial assets
£m
at 1 april 2012 24
additions 4
fair value loss 1
currency translation differences 1
at 31 march 2013 28
additions 4
disposals 2
currency translation differences 2
at 31 march 2014 28 
presented in the statement of ﬁnancial position as follows
at 31 march
note
2014
£m
2013
£m
noncurrent assets 28 27
assets held for sale 38 – 1
total 28 28
availableforsale ﬁnancial assets primarily comprise £28 million 2013 – £28 million of unlisted securities the fair values of noncurrent availablefor
sale ﬁnancial assets are approximated at cost where fair value cannot be reliably measured the carrying value of the availableforsale ﬁnancial 
assets are denominated in the following currencies
at 31 march
2014
£m
2013
£m
us dollar 23 18
sterling 5 8
euro – 2
total 28 28
us dollardenominated assets include £nil 2013 – £1 million classiﬁed as assets held for sale
 tate  lyle plc annual report 2014  101
strategic report governance financial statements useful information  19 financial instruments by category
set out below is a comparison by category of carrying values and fair values of all of the group’s ﬁnancial assets and ﬁnancial liabilities as at  
31 march 2014 and 31 march 2013
at 31 march 2014
notes
amortised
 cost
£m 
derivatives 
 in a hedging
 relationship
£m
held for
trading
£m
available
forsale
£m 
total 
carrying 
value 
£m
 fair value 
£m
availableforsale ﬁnancial assets 18 – – – 28 28 28
trade and other receivables 23 302––– 302 302
cash and cash equivalents 33 396 – – – 396 396
derivative ﬁnancial instruments – assets 20 –35 67 – 102 102
borrowings 28 778 – – – 778 812
derivative ﬁnancial instruments – liabilities 20 – 5 47 – 52 52
trade and other payables 27 315 – – – 315 315
total 395 30 20 28 317 351
at 31 march 2013
notes
amortised
 cost
£m 
derivatives
in a hedging
 relationship
£m
held for
trading
£m
available
forsale
£m 
total 
carrying 
value 
£m
 fair value 
£m
availableforsale ﬁnancial assets 18 – – – 27 27 27
trade and other receivables 23 372––– 372 372
cash and cash equivalents 33 379––– 379 379
derivative ﬁnancial instruments – assets 20 – 56 84 – 140 140
borrowings 28896–––896946
derivative ﬁnancial instruments – liabilities 20 – 17 64 – 81 81
trade and other payables 27 382 – – – 382 382
total 527 39 20 27 441 491
trade and other receivables presented above excludes £13 million 2013 – £14 million relating to prepayments
trade and other payables presented above excludes £2 million 2013 – £3 million relating to social security 
included in borrowings are items in a hedging relationship which are held at amortised cost with a fair value adjustment applied  
as they are in a fair value hedge
fair value hierarchy
set out on page 103 is how the group’s ﬁnancial instruments measured at fair value ﬁt within the following fair value hierarchy
 quoted prices unadjusted in active markets for identical assets or liabilities level 1
 inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly or indirectly level 2
 inputs for the asset or liability that are not based on observable market data level 3
102  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 19 financial instruments by category continued
the following tables illustrate the group’s ﬁnancial assets and liabilities measured at fair value at 31 march 2014 and 31 march 2013
   at 31 march 2014
notes
level 1
£m
level 2
£m 
level 3 
£m
total 
£m
assets at fair value 
availableforsale ﬁnancial assets 18 – – 28 28
derivative ﬁnancial instruments 
– currency swaps 20 –3 –3
– interest rate swaps 20 –33 – 33
– forward foreign exchange contracts 20 –1 –1
– commodity pricing contracts 20 10 13 42 65
assets at fair value 10 50 70 130
 
liabilities at fair value 
derivative ﬁnancial instruments 
– currency swaps 20 –2 –2
– interest rate swaps 20 –5 –5
– forward foreign exchange contracts 20 ––––
– commodity pricing contracts 20 14 10 21 45
liabilities at fair value 14 17 21 52
at 31 march 2013
notes
level 1
£m
level 2
£m 
level 3 
£m
total 
£m
assets at fair value 
availableforsale ﬁnancial assets 18 – – 27 27
derivative ﬁnancial instruments 
– currency swaps 20 – 2 – 2
– interest rate swaps 20 – 59 – 59
– forward foreign exchange contracts 20 – 1 – 1
– commodity pricing contracts 20 11 14 53 78
assets at fair value 11 76 80 167
 
liabilities at fair value 
derivative ﬁnancial instruments 
– currency swaps 20 – 13 – 13
– interest rate swaps 20 – 10 – 10
– forward foreign exchange contracts 20 – 2 – 2
– commodity pricing contracts 20 21 14 21 56
liabilities at fair value 21 39 21 81
level 1 ﬁnancial instruments
the fair value of ﬁnancial instruments traded in active markets commodity futures is based on quoted market prices at the periodend date  
a market is regarded as active if quoted prices are readily and regularly available from an exchange dealer broker industry group pricing service  
or regulatory agency and those prices represent actual and regularly occurring market transactions on an arm’s length basis
level 2 ﬁnancial instruments
the fair values of ﬁnancial instruments that are not traded in an active market interest rate swaps cross currency swaps commodity pricing 
contracts and forward foreign exchange contracts are determined by using valuation techniques these valuation techniques maximise the use  
of observable market data where it is available and rely as little as possible on entityspeciﬁc estimates
the fair value of interest rate swaps currency swaps and forward foreign exchange contracts is calculated as the present value of the future  
cash ﬂows based on observable inputs drawn from interest yield curves sourced from a reputable thirdparty source
level 3 ﬁnancial instruments
the fair value of ﬁnancial instruments is based on unobservable inputs that are supported by little or no market activity at the statement of ﬁnancial 
position date these inputs generally reﬂect the entity’s own assumptions about how a market participant would reasonably be expected to 
determine the price of a ﬁnancial instrument
for commodity pricing contracts in evaluating the signiﬁcance of fair value inputs the group generally classiﬁes assets or liabilities as level 3 when 
their fair value is determined using unobservable inputs that individually or when aggregated with other unobservable inputs represent more than 
10 of the fair value of the observable inputs of the assets or liabilities an explanation of the key inputs used in calculating the fair value of these 
contracts is set out in note 3 under the heading ‘derivatives and hedge accounting’
 tate  lyle plc annual report 2014  103
strategic report governance financial statements useful information  19 financial instruments by category continued
availableforsale ﬁnancial assets which are analysed at level 3 primarily represent investments in unlisted securities the fair values of the unlisted 
securities are principally approximated at cost values are adjusted for permanent impairments and fair value movements as disclosed in note 18
for ﬁnancial instruments in level 3 the group does not consider that changes to inputs to reasonable alternatives would have a material impact  
on the income statement or equity
the following table reconciles the movement in the group’s ﬁnancial instruments classiﬁed in level 3 of the fair value hierarchy
commodity
pricing
 contracts
 – assets
£m
commodity
 pricing 
contracts
 – liabilities
£m
available
forsale
 assets
£m 
total 
£m 
at 1 april 2012 22 22 23 23
total gains or losses 
– in operating proﬁt 53 21 – 32
– in other comprehensive income – – 1 1
purchases – –44
settlements 22 2211
at 31 march 2013 53 21 27 59
total gains or losses 
– in operating proﬁt 42 21 – 21
– in other comprehensive income –– 2 2
purchases – –44
settlements 53 21 1 33
at 31 march 2014 42 21 28 49
20 derivative ﬁnancial instruments
at 31 march 2014 at 31 march 2013
assets 
£m 
liabilities 
£m 
assets 
£m 
liabilities 
£m 
noncurrent derivative ﬁnancial instruments used  
to manage the group’s net debt proﬁle
currency swaps   
– net investment hedges 32 213
interest rate swaps
– fair value hedges 20 – 45 –
– held for trading –– 78
23 2 54 21
current derivative ﬁnancial instruments used  
to manage the group’s net debt proﬁle
interest rate swaps 
– accrued interest 
– fair value hedges
– held for trading
6
4
3
2
–
3
7
–
–
2
–
–
13 5 72
total derivative ﬁnancial instruments used  
to manage the group’s net debt proﬁle 36 7 61 23
other current derivative ﬁnancial instruments 
forward foreign exchange contracts
– cash ﬂow hedges 1– 12
commodity pricing contracts 
– cash ﬂow hedges 11 1–
– held for trading 64 44 77 56
66 45 79 58
total other derivative ﬁnancial instruments 66 45 79 58
total derivative ﬁnancial instruments 102 52 140 81
presented in the statement of ﬁnancial position as follows 
noncurrent derivative ﬁnancial instruments 23 2 54 21
current derivative ﬁnancial instruments 79 50 86 60
102 52 140 81
104  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 20 derivative ﬁnancial instruments continued
the ineffective portion recognised in operating proﬁt that arises from cash ﬂow hedges amounts to £nil 2013 – £1 million gain
the ineffective portion recognised in operating proﬁt that arises from net investment hedges amounts to £nil 2013 – £nil
the ineffective portion recognised in net ﬁnance expense that arises from fair value hedges amounts to £nil 2013 – £1 million gain
cash ﬂow hedges
the group employs forward foreign exchange contracts and commodity pricing contracts to hedge cash ﬂow risk associated with forecast 
transactions the notional principal amounts of the outstanding forward foreign exchange contracts are as follows
at 31 march
2014
£m
2013
£m
us dollar 55 36
singapore dollar 49 32
brazilian real 25 34
mexican peso 16 29
euro 2 1
other 3 3
gains and losses recognised in the hedging reserve in equity note 25 on forward foreign exchange and commodity pricing contracts at  
31 march 2014 are expected to be reclassiﬁed to the income statement at various dates until december 2016
fair value hedges
the group employs interest rate swap contracts to hedge interest rate risks associated with its borrowings the notional principal amounts of the 
outstanding interest rate swap contracts applied in fair value hedging relationships as of 31 march 2014 were £345 million 2013 – £364 million
net investment hedges
the group employs currency swap contracts to hedge the currency risk associated with its net investments in subsidiaries located primarily  
in the united states and europe the notional principal amounts of the outstanding currency swap contracts applied in net investment hedging 
relationships as of 31 march 2014 were £147 million 31 march 2013 – £158 million within net investment hedging gainslosses a fair value gain  
of £12 million 2013 – £5 million loss on translation of the currency swap contracts to pounds sterling at the periodend date was recognised  
in the translation reserve in shareholders’ equity note 25
in addition at 31 march 2014 of the group’s borrowings a total of £456 million 2013 – £495 million are designated as hedges of the net investments 
in overseas subsidiaries
debtrelated derivatives held for trading
some of the group’s interest rate swap contracts hedge the group’s exposure to interest rate risk but do not qualify for hedge accounting the 
notional amounts of the outstanding interest rate swap contracts not designated within hedge relationships as of 31 march 2014 were £210 million 
2013 – £231 million
trading contracts
commodity pricing contracts held for trading relate to the group’s commodity trading activities which are undertaken for the purposes of supporting 
underlying operations 
 tate  lyle plc annual report 2014  105
strategic report governance financial statements useful information  21 financial risk factors
management of ﬁnancial risk
the key ﬁnancial risks faced by the group are credit risk liquidity risk and market risks which include interest rate risk foreign exchange risk and 
certain commodity price risks the board of tate  lyle plc regularly reviews these risks and approves written policies covering the use of ﬁnancial 
instruments to manage these risks and sets overall risk limits the derivative ﬁnancial instruments approved by the board to manage ﬁnancial risks 
include swaps both interest rate and currency caps forward rate agreements foreign exchange and commodity forward contracts and options  
and commodity futures
the chief financial ofﬁcer retains the overall responsibility for management of ﬁnancial risk for the group most of the group’s ﬁnancing interest rate 
and foreign exchange risk are managed through the group treasury company tate  lyle international finance plc whose operations are controlled 
by its board the treasury company is chaired by the chief financial ofﬁcer and has other board members who are independent of the treasury 
function group interest rate and currency exposures are concentrated either in the treasury company or in appropriate holding companies through 
marketrelated transactions with group subsidiaries tate  lyle international finance plc arranges funding and manages interest rate foreign 
exchange and bank counterparty risks within limits approved by the board of tate  lyle plc
commodity price risks are managed through divisional commodity trading functions in the united states and europe these functions are controlled 
by divisional management who are responsible for ratifying general strategy and overseeing performance on a monthly basis commodity price 
contracts are categorised as being held either for trading or for hedging price exposures commodity contracts held for trading within the group  
are limited conﬁned only to tightly controlled areas within corn pricing
market risks
foreign exchange management
tate  lyle operates internationally and is exposed to foreign exchange risks arising from commercial transactions transaction exposure  
and from recognised assets liabilities and investments in overseas operations translation exposure
transaction exposure
the group’s policy requires subsidiaries to hedge transactional currency exposures against their functional currency once the transaction is 
committed or highly probable mainly through the use of forward foreign exchange contracts the amounts recognised in equity from derivative 
ﬁnancial instruments designated as cash ﬂow hedges are released to the income statement and offset against the movement in underlying 
transactions only when the forecast transactions affect the income statement
translation exposure
the group manages the foreign exchange exposure to net investments in overseas operations particularly in the united states and europe by 
maintaining a percentage of net debt in us dollars and euro to mitigate the effect of these risks this is achieved by borrowing principally in us dollars 
and euro which provide a partial match for the group’s major foreign currency assets the group also manages its foreign exchange exposure to net 
investments in overseas operations through the use of currency swap contracts the amount deferred in equity from derivative ﬁnancial instruments 
designated as net investment hedges is offset against the foreign currency translation effect of the net investment in overseas operations and is 
released to the income statement upon disposal of those investments
a weakening of the us dollar and euro against sterling would result in exchange gains on net debt denominated in these currencies which would be 
offset against the losses on the underlying foreign currency assets at the year end net debt amounting to £353 million 2013 – £479 million was held  
in the following currencies net borrowings of us dollars 114 2013 – 108 and of euro nil 2013 – 3 and net deposits of pounds sterling  
10 2013 – 10 and other currencies 4 2013 – 1 the group’s interest cost through the income statement is impacted by changes in the 
relevant exchange rates
the following table illustrates only the group’s sensitivity to the ﬂuctuation of the major currencies on its ﬁnancial assets and liabilities as deﬁned and 
set out in note 19
at 31 march 2014 at 31 march 2013
income
statement 
–£m 
equity
–£m 
income
statement 
–£m 
equity
–£m 
sterlingus dollar 10 change –37 –48
sterlingeuro 10 change 36 –6
interest rate management
the group has an exposure to interest rate risk arising principally from changes in us dollar sterling and euro interest rates this risk is managed  
by ﬁxing or capping portions of debt using interest rate derivatives to achieve a target level of ﬁxedﬂoating rate net debt which aims to optimise  
net ﬁnance expense and reduce volatility in reported earnings the group’s policy is that between 30 and 75 of group net debt excluding  
the group’s share of joint venture net debt is ﬁxed or capped excluding outofthemoney caps for more than one year and that no interest  
rates are ﬁxed for more than 12 years at 31 march 2014 the longest term of any ﬁxed rate debt held by the group was until november 2019  
2013 – november 2019 the proportion of net debt at 31 march 2014 excluding the group’s share of jointventure net debt that was ﬁxed or  
capped for more than one year was 40 2013 – 64 
the group considers a 100 basis point change in interest rates a reasonably possible change except where rates are less than 100 basis points  
in these instances it is assumed that the interest rates increase by 100 basis points and decrease to zero for the purpose of performing the  
sensitivity analysis the impact is calculated with reference to the gross debt and cash held as at 31 march 2014 assuming that other variables  
remain unchanged
as at 31 march 2014 if interest rates increase by 100 basis points there would be no impact on the group’s proﬁt before tax 2013 – decrease by  
£1 million if interest rates decrease by 100 basis points or less where applicable group proﬁt before tax will increase by £1 million 2013 – increase 
by £1 million 
106  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 21 financial risk factors continued
price risk management
tate  lyle participates mainly in three markets food and beverage industrial ingredients and animal feed food and beverage and industrial 
ingredients are the most signiﬁcant all ingredients are produced from renewable crops predominantly corn maize
tate  lyle is exposed to movements in the future prices of commodities in those domestic and international markets where the group buys and sells 
corn and energy for production commodity pricing contracts futures forwards and options are used where available to hedge inventories and the 
costs of raw materials for unpriced and prospective contracts not covered by forward product sales in most cases these hedging contracts mature 
within one year and are either traded on recognised exchanges or over the counter
the table below illustrates the sensitivity of the group’s commodity pricing contracts as at 31 march to the price movement of commodities
at 31 march 2014 at 31 march 2013
income
statement 
–£m 
equity
–£m 
income
statement 
–£m 
equity
–£m 
corn 50 change 1– 3–
the majority of the group’s commodity pricing contracts are held for trading and changes in marktomarket values of these contracts are taken 
directly into the income statement amounts deferred in equity from commodity pricing contracts designated as cash ﬂow hedges are released  
to the income statement and offset against the movement in underlying transactions when they occur
credit risk management
counterparty credit risk arises from the placing of deposits and entering into derivative ﬁnancial instrument contracts with banks and ﬁnancial 
institutions as well as credit exposures inherent within the group’s outstanding receivables
the group manages credit risk by entering into ﬁnancial instrument contracts only with highly creditrated authorised counterparties which are 
reviewed and approved annually by the board
the group has board approved maximum counterparty exposure limits for speciﬁed banks and ﬁnancial institutions based on the longterm credit 
ratings of standard  poor’s and moody’s typically single a longterm credit ratings or higher trading limits assigned to commercial customers are 
based on ratings from dun  bradstreet and credit risk monitor in cases where published ﬁnancial ratings are not available or inconclusive credit 
application reference checking and obtaining of customers’ conﬁdential ﬁnancial information such as liquidity and turnover ratio are required to 
evaluate customers’ credit worthiness
analysis of amounts set off
the following tables set out the ﬁnancial assets and ﬁnancial liabilities which are subject to offsetting enforceable master netting arrangements and 
similar agreements amounts which are set off against ﬁnancial assets and liabilities in the group’s statement of ﬁnancial position are set out below 
amounts not offset but which could be offset under certain circumstances are also shown
at 31 march 2014
gross financial
assets
liabilities
£m
gross financial
liabilities
assets set off
£m
net financial
assets
liabilities 
£m
related
amounts not 
set off
£m
net
£m
trade and other receivables 302 – 302 – 302
derivative ﬁnancial assets 102 – 102 5 97
cash and cash equivalents 396 – 396 – 396
total 800 – 800 5 795
 
trade and other payables 315 – 315 – 315
derivative ﬁnancial liabilities 52 – 52 5 47
bank loans and overdrafts 778 – 778 – 778
total 1 145 – 1 145 5 1 140
at 31 march 2013
gross financial
assetsliabilities
£m
gross financial
liabilitiesassets
set off
£m
net financial
assetsliabilities
£m
related amounts
not set off
£m
net
£m
trade and other receivables 372 – 372 – 372
derivative ﬁnancial assets 140 – 140 21 119
cash and cash equivalents 379 – 379 – 379
total 891 – 891 21 870
 
trade and other payables 382 – 382 – 382
derivative ﬁnancial liabilities 81 – 81 21 60
bank loans and overdrafts 896 – 896 – 896
total 1 359 – 1 359 21 1 338
amounts which do not meet the criteria for offsetting on the statement of ﬁnancial position but could be settled net in certain circumstances 
principally relate to derivative transactions under isda international swaps and derivatives association agreements where each party has  
the option to settle amounts on a net basis in the event of default of the other party 
 tate  lyle plc annual report 2014  107
strategic report governance financial statements useful information  21 financial risk factors continued
analysis of maximum credit exposure
counterparties’ positions are monitored on a regular basis to ensure that they are within the approved limits and there are no signiﬁcant 
concentrations of credit risks
the group considers its maximum exposure to credit risk at the year end date is as follows
at 31 march
2014
£m
2013
£m
cash and cash equivalents 396 379
trade and other receivables 302 372
derivative ﬁnancial instruments – assets 102 140
availableforsale ﬁnancial assets 28 27
held for sale assets – 1
the group’s trade receivables are short term in nature and largely comprise amounts receivable from business customers concentrations of credit 
risk with respect to trade receivables are limited due to the group’s having a number of key quality customers and a customer base which is large 
unrelated and internationally dispersed
liquidity risk management
the group manages its exposure to liquidity risk and ensures maximum ﬂexibility in meeting changing business needs by maintaining access to  
a wide range of funding sources including capital markets and bank borrowings capital market issues outstanding at 31 march 2014 include the 
us500 million 500 144a bond maturing in november 2014 the us250 million 6625 144a bond maturing in june 2016 and the £200 million 
675 bond maturing in november 2019 
the group ensures that it has sufﬁcient undrawn committed bank facilities to provide liquidity backup to cover its funding requirements for the 
foreseeable future the group has a core committed bank facility of us800 million which matures in july 2016 this facility is unsecured and 
contains common ﬁnancial covenants for tate  lyle and its subsidiary companies that the preexceptional and amortisation interest cover ratio 
should not be less than 25 times and the multiple of net debt to ebitda as deﬁned in our ﬁnancial covenants should not be greater than 35 times 
the group intends to reﬁnance the core committed bank facility no later than 12 months prior to the facility’s maturity in july 2016 the group 
monitors compliance against all its ﬁnancial obligations and it is group policy to manage the consolidated statement of ﬁnancial position so as to 
operate well within these covenanted restrictions in both the current and comparative reporting period the group complied with its ﬁnancial 
covenants at all measurement points the majority of the group’s borrowings are raised through the group treasury company tate  lyle 
international finance plc and are then onlent to the business units on an arm’s length basis
current group policy is to ensure that after subtracting the total of undrawn committed facilities no more than 10 of gross debt matures within  
12 months and at least 35 has a maturity of more than 25 years at 31 march 2014 after subtracting total undrawn committed facilities there was 
no gross debt maturing within 12 months 2013 – none and 29 of gross debt maturing within 25 years 2013 – none the average maturity of the 
group’s gross debt was 39 years 2013 – 46 years at the year end the group held cash and cash equivalents of £396 million 2013 – £379 million 
and had committed facilities of £480 million 2013 – £527 million of which £480 million 2013 – £527 million was undrawn these resources are 
maintained to provide liquidity backup and to meet the projected maximum cash outﬂow from debt repayment capital expenditure and seasonal 
working capital needs foreseen for at least a year into the future at any one time
the table below analyses the group’s nonderivative ﬁnancial liabilities and derivative assets and liabilities based on the remaining period at the 
statement of ﬁnancial position date to the contractual maturity date the amounts disclosed in the table are the contractual undiscounted cash ﬂows
at 31 march 2014
liquidity analysis
1 year
£m 
1–5 years 
£m 
 5 years
£m 
borrowings including ﬁnance leases 337 166 255
interest on borrowings 38 69 14
trade and other payables 315 2 –
derivative contracts 
– receipts 99 244 –
– payments 86 226 –
commodity contracts 16 4 –
at 31 march 2013
liquidity analysis
1 year
£m 
1–5 years 
£m 
 5 years
£m 
borrowings including ﬁnance leases 77 518 262
interest on borrowings 41 99 30
trade and other payables 382 3 –
derivative contracts 
– receipts 93 271 –
– payments 80 251 –
commodity contracts 44 3 –
108  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 21 financial risk factors continued
included in borrowings are £2394000 of 65 cumulative preference shares only one year’s worth of interest payable on these shares is included  
in the less than one year category
interest on borrowings is calculated based on borrowings held at year end without taking into account future issues floatingrate interest  
is calculated using forward interest rates derived from interest rate yield curves as at year end
derivative contracts include currency swaps forward exchange contracts and interest rate swaps all commodity pricing contracts such as options 
and futures are shown separately under commodity contracts
commodity contracts include only net settled commodity derivative contracts and gross settled commodity purchase contracts with negative fair 
values purchase contracts outﬂows represent actual contractual cash ﬂows under the purchase contracts and not their fair values cash outﬂows 
from the purchase contracts are offset by cash inﬂows received from sale contracts however these inﬂows are not included as part of this analysis
financial assets and liabilities denominated in currencies other than pounds sterling are converted to pounds sterling using year end exchange rates
capital risk management
the group’s primary objectives in managing its capital are to safeguard the business as a going concern to maintain a progressive dividend policy  
to maintain sufﬁcient ﬁnancial ﬂexibility to undertake its investment plans and to retain as a minimum an investment grade credit rating which enables 
consistent access to debt capital markets the group’s ﬁnancial proﬁle and level of ﬁnancial risk is assessed on a regular basis in the light of changes 
to the economic conditions business environment the group’s business proﬁle and the risk characteristics of its businesses
tate  lyle has contractual relationships with moody’s and standard  poor’s sp for the provision of credit ratings and it is the group’s policy  
to keep them informed of all major developments at 31 march 2014 the longterm credit rating from moody’s was baa2 stable outlook and from 
sp was bbb stable outlook the group is committed to maintaining investment grade credit ratings
the group regards its total capital as follows
at 31 march
note
2014
£m
2013
£m
net debt 34 353 479
equity attributable to owners of the company 1 049 1 036
total capital 1 402 1 515
the board has set two ongoing key performance indicators kpis to measure the group’s ﬁnancial strength the target levels for these ﬁnancial  
kpis are that the ratio of net debtebitda should not exceed two times and interest cover should exceed ﬁve times these ratios are calculated  
on the same basis as the external ﬁnancial covenants noted above the ratios for these kpis for the ﬁnancial years ended 31 march 2014 and  
31 march 2013 are
 year ended 31 march
2014
times
2013
times
net debtebitda 08 10
interest cover 116 111
22 inventories
at 31 march
2014
£m
2013
£m
raw materials and consumables 241 267
work in progress 21 21
finished goods 156 222
total 418 510
finished goods inventories of £4 million 2013 – £5 million are carried at realisable value this being lower than cost inventories of £150 million  
2013 – £164 million are carried at market value during the year no net impairment charge was recognised against inventories 2013 – £nil 
 tate  lyle plc annual report 2014  109
strategic report governance financial statements useful information  23 trade and other receivables
at 31 march
2014
£m
2013
£m
noncurrent trade and other receivables  
other receivables 1 3
total 1 3
at 31 march
2014
£m
2013
£m
current trade and other receivables 
trade receivables 276 340
less allowance for doubtful debts 8 10
trade receivables – net 268 330
prepayments and accrued income 13 14
margin deposits 13 18
other receivables 20 21
total 314 383
the carrying amounts of trade and other receivables were denominated in the following currencies
at 31 march
2014
£m
2013
£m
us dollar 172 222
euro 103 95
sterling 11 11
other 29 58
total 315 386
allowance for doubtful debts
trade receivables are subject to limited credit risk because the group has a number of key customers of good credit quality and a large  
number of internationally dispersed customers trade receivables are regularly reviewed for collectability and an allowance has been established  
for doubtful debts against which trade receivables are writtenoff when they are no longer considered to be collectible movements on the  
allowance for doubtful debts were as follows
year ended 31 march
2014
£m
2013
£m
at 1 april 10 7
net creditexpense for the year note 6 1 3
currency translation differences 1 –
at 31 march 8 10
as at 31 march 2014 trade receivables of £22 million 2013 – £31 million were past due but not impaired because they were considered to be 
collectible the ageing analysis of these trade receivables was as follows
at 31 march
2014
£m
2013
£m
up to 30 days past due 22 28
1–3 months past due – 3
total 22 31
trade receivables are not generally interestbearing but interest may be charged to customers on overdue amounts
110  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 24 share capital and share premium
ordinary
share capital
£m 
share
premium
£m 
total
£m 
at 31 march 2013 and 31 march 2014 117 406 523
ordinary shares carry the right to participate in dividends and each share entitles the holder to one vote on matters requiring shareholder approval 
allotted called up and fully paid equity share capital
year ended 31 march 2014 year ended 31 march 2013
shares £m shares £m 
at 1 april 468 192 900 117 468 160 519 117
allotted under share option schemes 9 983 – 32 381 –
at 31 march 468 202 883 117 468 192 900 117
own shares
own shares represent the company’s ordinary shares that are acquired to meet the group’s expected obligations under sharebased incentive 
arrangements see note 26 own shares are held either by the company in treasury or by an employee beneﬁt trust that was established by the 
company
movements in own shares held were as follows
year ended 31 march 2014 year ended 31 march 2013
number
cost
£m number
cost
£m
at 1 april 4 413 175 29 3 795 558 23
purchased in the market 3 545 000 29 3 500 000 23
transferred to employees 3 251 746 21 2 882 383 17
at 31 march 4 706 429 37 4 413 175 29
during the year 3045000 2013 – 2000000 shares were purchased into treasury at a cost of £25 million 2013 – £13 million and 500000  
2013 – 1500000 shares were purchased into the employee beneﬁt trust at a cost of £4 million 2013 – £10 million
during the year 2443619 2013 – 2703843 shares held in treasury and 808127 2013 – 178540 shares held in the employee beneﬁt trust  
were transferred to employees to satisfy vested share awards
at 31 march 2014 2442914 2013 – 1841533 shares were held in treasury with a market value of £16 million 2013 – £16 million and 2263515 
2013 – 2571642 shares were held in the employee beneﬁt trust with a market value of £15 million 2013 – £22 million
at 31 march 2014 own shares held represented 10 2013 – 09 of the company’s called up share capital
analysis of ordinary shareholders
at 31 march 2014
number of shares of 25p each
number of
holdings  total  
up to 500 4 815 314 1 270 548 03
501 – 1 000 3 873 253 3 026 174 06
1 001 – 1 500 1 955 128 2 441 124 05
1 501 – 2 000 1 242 81 2 237 815 05
2 001 – 5 000 2 024 132 6 261 691 13
5 001 – 10 000 538 35 3 772 112 08
10 001 – 200 000 616 40 30 537 962 65
200 001 – 500 000 121 08 38 693 792 83
above 500 000 146 09 379 961 665 812
total 15 330 1000 468 202 883 1000
 tate  lyle plc annual report 2014  111
strategic report governance financial statements useful information  25 other reserves 
hedging 
reserve 
£m 
currency
translation
 reserve
£m 
other
 reserves
£m 
total
£m 
at 1 april 2012 228 98 128
other comprehensive income 
loss on cash ﬂow hedges 3 – – 3
loss on cash ﬂow hedges transferred to proﬁt or loss 4 – – 4
loss on revaluation of availableforsale ﬁnancial assets – – 1 1
gain on currency translation of foreign operations – 56 – 56
loss on net investment hedges –30 – 30
gain transferred to proﬁt or loss on disposal of foreign operations – 14 – 14
tax relating to the above items 1 – – 1
at 31 march 2013 240 97 139
other comprehensive income 
loss on cash ﬂow hedges 1 – – 1
loss on currency translation of foreign operations – 130 – 130
gain on net investment hedges –50 – 50
tax relating to the above items ––––
at 31 march 2014 140 97 58
26 sharebased incentives
the company operates sharebased incentive arrangements for the executive directors senior executives and other eligible employees under which 
awards and options are granted over the company’s ordinary shares all of the arrangements under which awards and options were outstanding 
during the 2014 and 2013 ﬁnancial years are classiﬁed as equitysettled during the year the compensation expense recognised in proﬁt or loss in 
respect of sharebased incentives was £8 million 2013 – £13 million 
background
performance share plan
the group’s principal ongoing sharebased incentive arrangement is the performance share plan psp participation in the psp is restricted  
to the executive directors and other senior executives awards made under the psp normally vest provided the participant remains in the group’s 
employment during the performance period and the group achieves earnings per share eps and return on capital employed roce targets  
up to 50 of each award vests dependent on the compound annual growth rate of the group’s adjusted diluted eps from continuing operations 
reaching speciﬁed levels over the performance period up to 50 of each award vests dependent on the group’s adjusted roce from continuing 
operations reaching speciﬁed levels at the end of the performance period the performance period is the period of three ﬁnancial years beginning 
with the ﬁnancial year in which the award is granted during the 2014 and 2013 ﬁnancial years the group recognised an expense in relation to 
sharebased incentives that were awarded to the chief executive ofﬁcer in 2009 2010 and 2011 that were subject to the same performance 
conditions that applied to awards made under the psp in those years from 2012 the chief executive ofﬁcer has participated in the psp
further information on the psp is set out in the directors’ remuneration report on pages 52 to 71
group bonus plan – deferred element
bonuses earned under the group bonus plan are normally paid in cash up to 100 of the base salary of the participating executive any excess 
above 100 of base salary is paid in the form of deferred shares that are released after two years subject to the executive remaining in the group’s 
employment during the vesting period payments in lieu of dividends are made in relation to the deferred shares 
further information on the group bonus plan is set out in the directors’ remuneration report
sharesave plan
options are granted from timetoto time under the company’s sharesave plan which is open to all employees in the uk it offers eligible employees 
the option to buy shares in the company after a period of three or ﬁve years funded from the proceeds of a savings contract to which they contribute 
on a monthly basis
executive share option scheme
options are outstanding under the company’s legacy executive share option scheme the last grant of options was made under this scheme in 2004 
and those options vested in 2007
112  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 26 sharebased incentives continued
movements in the year
movements in the awards outstanding during the year were as follows
year ended 31 march 2014 year ended 31 march 2013
awards
number 
weighted 
average
exercise
price 
pence
awards
number 
weighted 
average
exercise
price 
pence
outstanding at 1 april 10 838 115 10p 11 270 273 16p
granted 2 591 210 11p 2 718 602 8p
exercised 3 261 729 14p 2 914 764 29p
lapsed 309 212 20p 235 996 7p
outstanding at 31 march 9 858 384 10p 10 838 115 10p
exercisable at 31 march 1 981 524 16p 1 875 237 29p
the weighted average market price of the company’s ordinary shares on the dates on which awards were exercised during the year was 817p  
2013 – 654p
awards granted in the year
during the year psp awards were granted over 2548235 shares 2013 – 2673024 shares and sharesave options were granted over 42975 shares 
2013 – 37210 shares the compensation expense recognised in relation to these awards is based on the fair value of the awards at their respective 
grant dates the weighted average fair values of the awards granted during the year and the principal assumptions made in measuring those fair 
values were as follows
year ended 31 march 2014 year ended 31 march 2013
psp sharesave psp sharesave
fair value at grant date 752p 198p 619p 209p
principal assumptions
share price on grant date 817p 782p 679p 759p
expected life of the awards 3 years 3353 years 3 years 3353 years
riskfree interest rate –04509 –06512
dividend yield on the company’s shares 35 35 40 40
volatility of the company’s shares na 30 na 35
the fair value of the awards was measured using the blackscholes option pricing formula taking into account factors such as nontransferability 
exercise restrictions and behavioural considerations 
expected volatility was based on the historical volatility of the market price of the company’s shares over the expected life of the awards
no deferred shares were granted under the group bonus plan during the year during the prior year 8368 deferred shares were granted in relation  
to annual bonuses earned during the year ended 31 march 2012 
awards outstanding at the end of the year
the range of exercise prices and the weighted average remaining contractual life of awards outstanding at the end of the year were as follows
at 31 march 2014 at 31 march 2013
exercise price
awards
number 
weighted 
average
contractual
life 
months
awards
number 
weighted 
average
contractual 
life 
months
nil 9 638 499 482 10 573 265 491
200p to 399p 98 694 142 167 358 146
400p to 799p 121 191 345 97 492 37 6
total 9 858 384 477 10 838 115 484
 tate  lyle plc annual report 2014  113
strategic report governance financial statements useful information  27 trade and other payables
at 31 march
2014
£m
2013
£m
noncurrent payables 
accruals and deferred income 2 3
total 2 3
at 31 march
2014
£m
2013
£m
current payables 
trade payables 216 264
social security 2 3
accruals and deferred income 63 79
other payables 34 36
total 315 382
28 borrowings
noncurrent borrowings
at 31 march
2014
£m
2013
£m
unsecured borrowings  
2394000 65 cumulative preference shares of £1 each 2 2
industrial revenue bonds 2016–2036 us77655000 47 51
50 guaranteed notes 2014 us500000000 – 341
6625 guaranteed notes 2016 us250000000 157 177
675 guaranteed notes 2019 £200000000 214 224
total 420 795
bank loans
variable unsecured loans us 2 5
total 2 5
other borrowings
obligations under ﬁnance leases 17 21
total 17 21
total noncurrent borrowings 439 821
on a return of capital on a windingup the holders of 65 cumulative preference shares shall be entitled to £1 per share in preference to  
all other classes of shareholders holders of these shares are entitled to vote at meetings except on the following matters any question as  
to the disposal of the surplus proﬁts after the dividend on these shares has been provided for the election of directors their remuneration  
any agreement between the directors and the company or the alteration of the articles of association dealing with any such matters
current borrowing
at 31 march
2014
£m
2013
£m
unsecured borrowings
50 guaranteed notes 2014 us500000000 304 –
industrial revenue bonds 2013 us14345000 – 9
bank overdrafts 6 8
shortterm loans 27 56
total 337 73
other borrowings
obligations under ﬁnance leases 2 2
total current borrowings 339 75
included within borrowings are £345 million 2013 – £363 million of borrowings subject to fair value hedges of which amortised cost has been 
increased by £24 million 2013 – £46 million in the table above 
secured borrowings
lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default
114  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 28 borrowings continued 
fair values
the fair values of the group’s borrowings compared with their book values are as follows
at 31 march 2014 at 31 march 2013
book value
£m 
fair value
£m
book value
£m 
fair value
£m 
noncurrent unsecured borrowings 420 451 795 845
noncurrent bank loans 22 55
other noncurrent borrowings 17 17 21 21
current borrowings 339 342 75 75
total 778 812 896 946
the fair value of borrowings has been determined using either quoted market prices broker dealer quotations or discounted cash ﬂow analysis
interest rate risks and maturity of borrowings
the maturity proﬁle of the group’s noncurrent borrowings is as follows
at 31 march
2014
£m
2013
£m
one to two years 9 344
two to ﬁve years 164 191
after ﬁve years 266 286
total noncurrent borrowings 439 821
floating rate borrowings bear interest based on relevant national libor equivalents if the interest rates applicable to the group’s ﬂoating rate debt 
and cash held as at 31 march 2014 rise by an average of 1 over the year ending 31 march 2015 there would be no impact on the group’s proﬁt 
before tax 2013 – decrease by £1 million
taking into account the group’s interest rate and cross currency swap contracts the effective interest rates of its borrowings are as follows
at 31 march
2014
£m
2013
£m
2394000 65 cumulative preference shares of £1 each 65 65
industrial revenue bonds 2013–2036 us92000000 01 02
50 guaranteed notes 2014 us500000000 28 29
6625 guaranteed notes 2016 us250000000 41 42
675 guaranteed notes 2019 £200000000 43 48
shortterm loans and overdrafts
current shortterm loans mature within the next 12 months and overdrafts are repayable on demand both shortterm loans and bank overdrafts are 
arranged at ﬂoating rates of interest and expose the group to cash ﬂow interest rate risk
credit facilities and arrangements
tate  lyle international finance plc holds a us800 million ﬁve year committed multicurrency club facility with a core of highlyrated banks that 
was arranged in july 2011
as at 31 march 2014 this committed facility remains undrawn the facility has a value of £480 million 2013 – £527 million and matures in july 2016 
this facility incurs commitment fees at market rates prevailing when the facility was arranged the facility may only be withdrawn in the event of 
speciﬁed events of default in addition the group has substantial uncommitted facilities
finance lease commitments
amounts payable under ﬁnance lease commitments are as follows 
at 31 march 2014 at 31 march 2013
minimum 
lease 
payments
£m 
present value 
of minimum 
lease 
payments
£m
minimum 
lease 
payments
£m 
present value 
of minimum 
lease 
payments
£m 
within one year 4 2 42
between one and ﬁve years 10 9 14 1 1
after ﬁve years 11 8 13 10
total 25 19 31 23
less future ﬁnance charges 6 8
present value of minimum lease payments 19 23
 tate  lyle plc annual report 2014  115
strategic report governance financial statements useful information  29 deferred tax
deferred tax is calculated on temporary differences arising between the carrying amount of assets and liabilities for accounting purposes and their 
respective tax values deferred tax liabilities arise where the carrying amount is higher than the tax value more tax deduction has been taken this 
can happen where we invest in capital assets as governments often encourage investment by allowing tax depreciation to be recognised faster than 
accounting depreciation this reduces the tax value of the asset relative to its carrying amount deferred tax liabilities are generally provided on all 
taxable temporary differences deferred tax assets arise where the carrying amount is lower than the tax value less tax beneﬁt has been taken this 
can happen where we have trading losses which cannot be offset in the current period but can be carried forward and we consider it probable that 
we will be able to offset the losses against future taxable proﬁts
movements in deferred income tax net assetsliabilities in the year are as follows
deferred tax £m 
at 1 april 2012 12
charged to the income statement – restated 23
charged to other comprehensive income – restated 12
charged directly to equity 1
currency translation differences 8
at 31 march 2013 16
charged to the income statement 2
charged to other comprehensive income 22
charged directly to equity 1
currency translation differences 3
at 31 march 2014 38
of the amounts of deferred tax charged to the income statement and other comprehensive income a charge of £1 million 2013 – £1 million arose 
from changes in tax rates there was no impact from the imposition of new taxes
deferred tax assets in respect of unutilised tax losses of £614 million 2013 – £571 million have not been recognised to the extent that they exceed 
taxable proﬁts against which these assets may be recovered no unrelieved tax losses expired under current tax legislation in the year ended 
31 march 2014
the total deferred tax on unremitted earnings is £3 million 2013 – £4 million of which £nil 2013 – £nil has been recognised the group has not 
recognised the amount as it is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse  
in the foreseeable future the aggregate amount of temporary differences arising from unremitted proﬁts at the periodend date was approximately 
£3 million 2013 – £4 million
other deferred tax liabilities principally relate to deferred tax on acquired intangible assets
other deferred tax assets principally relate to deferred tax on provisions 
the movements in deferred tax assets and liabilities during the year are as follows
deferred tax liabilities
capital 
allowances
 in excess of
depreciation
£m
other
£m 
total
£m 
at 1 april 2012 115 33 148
transfers between categories –33
charged to the income statement 12 8 20
currency translation differences 10 8 2
at 31 march 2013 137 30 167
transfers between categories –33
credited to the income statement 423 27
currency translation differences 12 2 14
at 31 march 2014 121 2 123
116  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 29 deferred tax continued 
deferred tax assets
retirement 
benefit
obligations
£m
sharebased 
payments
£m
tax losses
£m
other
£m 
total
£m 
at 1 april 2012 74 7 78 1 160
transfers between categories – – – 3 3
creditedcharged to the income statement – restated 25 2 33 3 3
charged to other comprehensive income – restated 6 – 5 1 12
charged directly to equity – 1 – – 1
currency translation differences 7 1 2 2 10
at 31 march 2013 100 7 42 2 151
transfers between categories – – – 3 3
chargedcredited to the income statement 6 1 23 1 29
charged to other comprehensive income 22 – – – 22
charged directly to equity – 1 – – 1
currency translation differences 8 – 3 – 11
at 31 march 2014 64 5 16 – 85
deferred tax assets and liabilities are offset where there is a legally enforceable right of offset and there is an intention to settle the balances net  
as a result of these offsets the deferred tax balances are presented in the statement of ﬁnancial position as follows
at 31 march
2014
£m
2013
£m
deferred tax liabilities 45 24
deferred tax assets 7 8
net deferred tax liability 38 16
 see note 43
30 retirement beneﬁt obligations
a plan information
i pensions
the group operates a number of deﬁned beneﬁt pension plans principally in the uk and the us and until december 2013 in the netherlands 
generally the pension beneﬁts provided under these plans are determined based on the pensionable salary and period of pensionable service  
of the individual members most of the plans are funded and the plan assets held separately from those of the group in funds that are under the 
control of trustees the extent of the powers of the trustees in particular in respect of funding and investment strategy varies and is dependent  
on local regulations and the rules of each plan payments made by the group to the plans principally comprise funding contributions agreed with  
the trustees that are determined in accordance with local regulations to ensure that appropriate funding levels are maintained and funding deﬁcits  
are eliminated over a reasonable period of time all of the signiﬁcant deﬁned beneﬁt pension plans operated by the group are closed to new entrants 
and most are closed to future accrual 
the group operates deﬁned contribution pension plans in a number of countries contributions payable by the group to these plans during the year 
amounted to £3 million 2013 – £4 million       
ii other beneﬁts
the group’s subsidiaries in the us provide unfunded retirement medical plans to the majority of their employees such plans provide ﬁnancial 
assistance in meeting various costs including medical dental and prescription drugs employees are required to contribute to the cost of beneﬁts 
received under the plans the group meets the remaining costs of providing these beneﬁts in the period in which they are incurred
b summary of ﬁnancial effect 
at the beginning of the year the group adopted ias 19 revised 2011 ‘employee beneﬁts’ which changed the way in which it accounts for deﬁned 
beneﬁt pension and other retirement beneﬁt plans and certain of the related disclosure requirements an explanation and analysis of the ﬁnancial 
effect of these changes on the periods presented is set out in note 43 where necessary comparative information for the prior year presented below 
has been restated to reﬂect these changes 
 tate  lyle plc annual report 2014  117
strategic report governance financial statements useful information  30 retirement beneﬁt obligations continued 
i analysis of amounts presented in the income statement
year ended 31 march
2014
£m
2013
£m
chargedcredited to operating proﬁt
deﬁned beneﬁt plans
– current service cost
pension plans 5 4
medical plans 2 3
– gain on settlement 4 –
– plan administration expenses 2 2
5 9
deﬁned contribution plans 3 4
net charge to operating proﬁt 8 13
chargedcredited to ﬁnance expense
interest on beneﬁt obligations 64 69
interest on plan assets 56 65
net charge to ﬁnance expense 8 4
during the year the assets and liabilities of the deﬁned beneﬁt pension plan in the netherlands were transferred to a new collective deﬁned 
contribution plan and the deﬁned beneﬁt plan was closed for accounting purposes this transfer was treated as a settlement on which the group 
recognised a gain of £4 million of which £2 million was attributed to the bulk ingredients segment and £2 million was attributed to the speciality  
food ingredients segment
ii analysis of amounts presented in other comprehensive income
year ended 31 march
2014
£m
2013
£m
return on plan assets
actual return on plan assets net of asset management expenses 27 52
interest on plan assets 56 65
actual return lower than interest on plan assets 29 13
actuarial gains losses
gainloss from changes in ﬁnancial assumptions 60 134
loss from changes in demographic assumptions 40 2
lossgain from experience against assumptions 1 4
net actuarial gainloss 19 132
during the year the trustees of the amylum uk pension scheme agreed a full buyin of its beneﬁt obligations at a cost of £82 million which was 
partially funded by an additional contribution from the group of £6 million for accounting purposes the related beneﬁt obligation was valued at £69 
million such that there was a loss on plan assets of £13 million during the prior year the trustees of the tate  lyle group pension scheme in the uk 
agreed a partial buyin in relation to current pensioners at a cost of £347 million for accounting purposes the related beneﬁt obligation was valued at 
£266 million such that there was a loss on plan assets of £81 million 
iii analysis of deﬁned beneﬁt liability
at 31 march 2014 at 31 march 2013
pensions
£m
medical
 benefits
£m
total
£m
pensions
£m
medical 
benefits
£m
total
£m
beneﬁt obligations
funded plans 1 425 – 1 425 1 539 – 1 539 
unfunded plans 46 54 100 53 80 133 
1 471 54 1 525 1 592 80 1 672
fair value of plan assets 1 305 – 1 305 1 407 – 1 407
net deﬁcit 166 54 220 185 80 265
presented in the statement of ﬁnancial position
retirement beneﬁt surplus ––– 12 – 12
retirement beneﬁt deﬁcit 166 54 220 197 80 277
166 54 220 185 80 265
118  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 30 retirement beneﬁt obligations continued 
iv analysis of movements in the net deﬁcit
pensions
£m
medical benefits
£m
total
£m
at 1 april 2012 36 104 140
year ended 31 march 2013
–  increasedecrease in the beneﬁt obligation 194 24 170
–  increase in the fair value of plan assets 45 – 45
at 31 march 2013 185 80 265
year ended 31 march 2014
–  decrease in the beneﬁt obligation 121 26 147
–  decrease in the fair value of plan assets 102 – 102
at 31 march 2014 166 54 220
c deﬁned beneﬁt obligations
i principal assumptions
pensions
for accounting purposes the beneﬁt obligation of each plan has been calculated in accordance with ias 19 based on data gathered for the most 
recent actuarial valuation and by applying assumptions made by the group on the advice of independent actuaries
as required by local regulations actuarial valuations of the us pension plans are carried out each year and those of the uk pension plans are carried 
out at least every three years an actuarial valuation at 31 march 2013 of the tate  lyle group pension scheme in the uk has commenced whilst 
the valuation has not yet been ﬁnalised the group has used the data gathered in relation to the valuation as the basis for measuring the related 
beneﬁt obligation an actuarial valuation of the amylum uk pension scheme was last carried out at 30 june 2011
principal assumptions used in calculating the beneﬁt obligation were as follows
at 31 march 2014
uk usother countries 
inﬂation rate
cpi 24
rpi 34 25 20
expected rate of salary increases na 35 20
expected rate of pension increases
– deferred pensions 24 na 16
– pensions in payment 32 na 16
discount rate 42 43 35
at 31 march 2013
uk usother countries 
inﬂation rate
cpi 25
rpi 35 25 20
expected rate of salary increases na 35 20
expected rate of pension increases
– deferred pensions 25 na 09
– pensions in payment 34 na 09
discount rate 42 39 31
assumptions regarding future mortality rates of members of the group’s pension plans are based on published statistics and taking into account the 
proﬁle of the plan members on this basis the average life expectancies assumed for members of the plans are as follows
at 31 march 2014 at 31 march 2013
uk us uk us 
male aged 65 now 23 years 19 years 22 years 19 years
male aged 65 in 20 years’ time 26 years 20 years 25 years 21 years
female aged 65 now 24 years 21 years 23 years 21 years
female aged 65 in 20 years’ time 27 years 22 years 25 years 22 years
shorter longevity assumptions are used for members who retire on grounds of ill health
medical beneﬁts
principal assumptions used in calculating the beneﬁt obligation are medical cost inﬂation and the discount rate applied to the expected beneﬁt 
payments management assumed medical cost inﬂation at 60 per annum 2013 – 70 grading down to 5 by 2016 and used a discount rate  
of 41 2013 – 37
 tate  lyle plc annual report 2014  119
strategic report governance financial statements useful information  30 retirement beneﬁt obligations continued 
ii analysis of movements in the beneﬁt obligation
pension benefits
uk
£m
us
£m
other countries
£m
total
£m
medical benefits
£m
total
£m
at 1 april 2012 867  468  63  1398  104  1502 
year ended 31 march 2013
service cost –  1  3  4 3  7 
plan administration costs 2 – – 2 – 2 
interest on beneﬁt obligation 43  20  2 65  4  69 
actuarial gainslosses
– changes in ﬁnancial assumptions 132 26 7 165 31 134
– changes in demographic assumptions – 1 1 2 – 2
– experience against assumptions – 2 –224
net actuarial lossgain 132 25 8  165 33 132 
employees contributions – –  1  1 –  1 
beneﬁts paid 47 25 2 74 3 77
currency translation differences 1  30 – 31  5  36 
increasedecrease in the beneﬁt obligation 131 51 12 194 24 170
at 31 march 2013 998  519  75 1 592  80  1 672
year ended 31 march 2014
service cost – 1 4 5 2 7
plan administration costs 2 – – 2 – 2
interest on beneﬁt obligation 41 19 1 61 3 64
actuarial gainslosses
– changes in ﬁnancial assumptions 23 21 2 42 18 60
–  changes in demographic assumptions 39 1 – 40 – 40
– experience against assumptions 7 3 1 3 2 1
net actuarial lossgain 23 23 1 1 20 19
employees’ contributions – – 1 1 – 1
beneﬁts paid 49 26 2 77 4 81
transfer on settlement – – 67 67 – 67
currency translation differences 2 45 – 47 7 54
increasedecrease in the beneﬁt obligation 15 74 62 121 26 147
at 31 march 2014 1 013 445  13  1 471 54 1 525 
iii maturity of obligations
at 31 march 2014 the weighted average duration of the signiﬁcant deﬁned beneﬁt obligations was as follows
duration
pension plans
– uk 18 years
– us 12 years
medical beneﬁts 9 years
at 31 march 2014 the beneﬁts expected to be paid by the plans over the next ten years were as follows
pension benefits
uk
£m
us
£m
other countries
£m
total
£m
medical benefits
£m
total
£m
beneﬁt payments
– within 12 months 49 24 – 73 4 77
– between 1 to 2 years 49 25 – 74 4 78
– between 2 to 5 years 150 78 – 228 12 240
– between 5 to 10 years 263 140 – 403 19 422
120  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 30 retirement beneﬁt obligations continued 
d plan assets
i investment strategy
principal risks
the deﬁned beneﬁt pension plans expose the group to actuarial risks such as interest rate longevity inﬂation and investment risk 
interest rate risk
volatility in the ﬁnancial markets can have a signiﬁcant effect on the 
beneﬁt obligation as the calculation of the obligation involves 
discounting based on yields on aarated corporate bonds a 
decrease in the bond yield will increase the beneﬁt obligation
inﬂation risk
inﬂation risk arises where pensionable salaries deferred pensions or 
pensions in payment are subject to inﬂation increases a higher rate 
of inﬂation will lead to a higher beneﬁt obligation 
longevity risk
longevity or life expectancy represents a risk because the longer 
members of the plans live the higher beneﬁt payments to them will 
be an increase in life expectancy beyond that assumed will increase 
the beneﬁt obligation 
investment risk
if the return on the plan assets is lower than the discount rate applied 
to the beneﬁt obligation there will be an increase in the deﬁcit or 
reduction in the surplus on the plan 
mitigation of risk
the group encourages the trustees of the plans to adopt an investment policy that seeks to mitigate these risks which involves investing a signiﬁcant 
proportion of the plan assets in liabilitydriven investment portfolios that mitigate interest rate inﬂation and investment risks the group seeks to 
ensure that as far as is practicable the investment portfolios of the funded plans are invested in longterm ﬁxed interest securities with maturities and 
in currencies that match the expected future beneﬁt payments as they fall due in the uk interest rate derivatives are used to achieve close matching 
where matching ﬁxedinterest securities are not available in the market most of the inﬂation risk for the group arises in the uk since deferred 
pensions and pensions in payment in the us do not attract inﬂation increases inﬂation risk is mitigated by holding indexlinked government bonds 
and corporate bonds and in the uk inﬂation derivatives at 31 march 2014 £346 million 2013 – £275 million of the beneﬁt obligation was matched 
by qualifying insurance policies that also mitigate longevity risk the plans also maintain a portfolio of returnseeking investments principally in the 
form of equities and property 
ii plan assets by category
at 31 march 2014
uk
£m
us
£m
other countries
£m
total
£m
equities – quoted 237 95 – 332
corporate bonds – quoted 148  173 –  321 
government bonds – quoted 105  43  – 148 
property – unquoted 45 17  –  62 
insurance policies – unquoted 343 3 – 346
other assets – unquoted 96  – –  96 
 974 331 – 1 305
at 31 march 2013
uk
£m
us
£m
other countries
£m
total
£m
equities – quoted 204 144 21 369
corporate bonds – quoted 180  117 9  306 
government bonds – quoted 166  52  20 238 
property – unquoted 57 29  –  86 
insurance policies – unquoted 272 3 – 275
other assets – unquoted 120  1 12  133 
 999 346 62 1 407
plan assets do not include any direct investments in securities issued by the group or any property occupied by or other assets used by the group
assets are classiﬁed as quoted only if they have a quoted market price in an active market as deﬁned by ifrs 13 ‘fair value measurement’ all other 
assets are classiﬁed as unquoted
 tate  lyle plc annual report 2014  121
strategic report governance financial statements useful information  30 retirement beneﬁt obligations continued
iii analysis of movements in the plan assets
uk
£m
us
£m
other countries
£m
total
£m
at 1 april 2012 1 005  302  55  1 362 
year ended 31 march 2013
interest on plan assets 50 13 2 65
actual return lowerhigher than interest on plan assets 35  18 4  13 
employer’s contributions 26  20  2 48 
employees’ contributions – –  1  1 
beneﬁts paid 47 25 2 74
currency translation differences –  18 – 18 
decreaseincrease in fair value of plan assets 6 44 7 45
at 31 march 2013 999  346  62  1 407 
year ended 31 march 2014
interest on plan assets 42 13 1 56
actual return lowerhigher than interest on plan assets 41 12 – 29
employer’s contributions 24 18 1 43
employees’ contributions – –11
beneﬁts paid 49 26 2 77
transfer on settlement – – 63 63
currency translation differences 1 32 – 33
decrease in fair value of plan assets 25 15 62 102
at 31 march 2014 974  331 –  1 305 
e funding of the plans
a full valuation is performed by actuaries for the trustees of each plan to determine the level of funding required employer contributions are agreed 
between the trustees of each plan and the group on the basis of these valuations the assumptions used by the trustees for funding purposes may 
differ from the assumptions made by the group for accounting purposes as a result the funding deﬁcits or surpluses on the plans may be very 
different from the accounting deﬁcits or surpluses 
during the year ending 31 march 2015 the group expects to contribute approximately £33 million to its deﬁned beneﬁt pension plans and to pay 
approximately £4 million in relation to retirement medical beneﬁts
f sensitivity analysis
at 31 march 2014 the sensitivity of the net deﬁcit on the plans to changes in the principal assumptions was as follows assuming in each case that the 
other assumptions are unchanged 
increasedecrease in obligation
change 
in assumption

increase 
in assumption
£m
decrease
in assumption
£m
pension plans
inﬂation rate 50 bp 75 59
life expectancy 1 year 68 68
discount rate 100 bp 206 255
medical beneﬁts
medical cost inﬂation 50 bp 2 2
discount rate 100 bp 5 6
122  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 31 provisions for other liabilities and charges
insurance 
funds
£m
restructuring 
and closure 
provisions
£m
other
 provisions
£m 
total
£m
at 1 april 2012 11 4 13 28
provided in the year 329 14
released in the year 2 – 5 7
utilised in the year 2 – 2 4
exchange and other movements – – 4 4
at 31 march 2013 10 6 19 35
provided in the year 2–– 2
released in the year 1 – 1 2
utilised in the year 4 2 2 8
exchange and other movements 1 – 1 2
at 31 march 2014 64 15 25
at 31 march
2014
£m
2013
£m
provisions are expected to be utilised as follows
– within one year 15 20
– after more than one year 10 15
total 25 35
insurance funds represent amounts provided by the group’s captive insurance subsidiary in respect of the expected level of insurance claims  
these provisions are expected to be utilised within ﬁve years
restructuring and closure provisions relate to restructuring within the group and are expected to be utilised within ﬁve years 
other provisions primarily relate to group legal matters and previously disposed businesses and are expected to be utilised within  
ﬁve years 
 tate  lyle plc annual report 2014  123
strategic report governance financial statements useful information  32 change in working capital
year ended 31 march
continuing operations
2014
£m
2013
£m
decreaseincrease in inventories 65 47
decreaseincrease in receivables 37 38
decrease in payables 57 20
increase in derivative ﬁnancial instruments excluding debtrelated derivatives 4 6
decreaseincrease in provisions for other liabilities and charges 3 4
decreaseincrease in working capital 38 107
33 cash and cash equivalents 
 at 31 march
2014
£m
2013
£m
cash at bank and in hand 238 223
shortterm bank deposits 158 156
total 396 379
presented in the ﬁnancial statements as follows
at 31 march
2014
£m
2013
£m
cash and cash equivalents 396 379
total 396 379
the effective interest rate on shortterm deposits was 03 2013 – 03 with an average maturity of two days 2013 – two days
the carrying amount of cash and cash equivalents are denominated in the following currencies
 at 31 march
2014
£m
2013
£m
euro 70 64
us dollar 248 214
sterling 52 80
other 26 21
total 396 379
34 net debt
reconciliation of the increasedecrease in cash and cash equivalents to the movement in net debt
 year ended 31 march
2014
£m
2013
£m
net increasedecrease in cash and cash equivalents 50 68
net decrease in borrowings 44 95 
decrease in net debt resulting from cash ﬂows 94 27 
fair value and other movements – 13 
debt acquired on acquisition of subsidiaries 3 –
currency translation differences 35 43
decreaseincrease in net debt in the year 126 3
net debt at beginning of year 479 476
net debt at end of year 353 479
124  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 34 net debt continued
movements in the group’s net debt are as follows 
 borrowings and finance leases 
 cash and cash
 equivalents
£m
 current
£m
 noncurrent
£m
 derivatives
£m
assets held
 for sale
£m
 total
£m
at 1 april 2012 424  141 805 24  22  476
increasedecrease resulting from cash ﬂows 46 77  2  16  22 27 
fair value movementsother –  7  1  5  –  13 
reclassiﬁcation –  12 12  –  –  – 
currency translation differences 1  6 31 7 –  43
at 31 march 2013 379  75 821 38  –  479
decrease resulting from cash ﬂows 50 39 5 – – 94
fair value movementsother – – 21 21 – –
reclassiﬁcation – 304 304 – – –
debt acquired on acquisition of subsidiaries – 3 – – – 3
currency translation differences 33 4 52 12 – 35
at 31 march 2014 396  339 439 29  –  353
balances at 31 march 2014 comprise
noncurrent assets –  –  –  23  –  23 
current assets 396  –  –  13  –  409 
noncurrent liabilities –  –  439 2 –  441
current liabilities –  339 –  5 –  344
net debt is denominated in the following currencies
at 31 march
2014
£m
2013
£m
euro 1 12
us dollar 401 521
sterling 33 49
other 14 5
total 353 479
35 contingent liabilities
trade guarantees
 at 31 march
2014
£m
2013
£m
trade guarantees 1 2
trade guarantees have been given in the normal course of business by the group at both 31 march 2014 and 31 march 2013 these are in respect  
of revenue and customs ecgd recourse agreements letters of credit and tender and performance bonds
sale of eu sugars
as previously announced american sugar holdings asr raised a number of claims totalling in the region of £40 million that it believes it has under 
the share and business sale agreement relating to its acquisition of the group’s eu sugars business in september 2010 these claims in large part 
relate to the turbulence in the supply of raw sugar to the eu during the period prior to closing and the increase in certain rolling reexport 
commitments of the business some but not all of these issues were considered in the expert adjudication on the closing accounts in which  
as noted in the annual report 2012 the expert strongly supported tate  lyle’s position asr through its subsidiary tl sugars limited  
has now commenced formal proceedings in respect of these claims which the group intends to defend vigorously
other claims
the group is subject to claims and litigation generally arising in the ordinary course of its business some of which are for substantial amounts  
all such actions are strenuously defended but provision is made for liabilities that are considered likely to arise on the basis of current information  
and legal advice and after taking into account the group’s insurance arrangements 
while there is always uncertainty as to the outcome of any claim or litigation it is not expected that claims and litigation existing at 31 march 2014  
will have a material adverse effect on the group’s ﬁnancial position
 tate  lyle plc annual report 2014  125
strategic report governance financial statements useful information  36 commitments
capital commitments
 at 31 march
2014
£m
2013
£m
commitments for the purchase of intangible assets 1 6
commitments for the purchase of property plant and equipment 39 21
total 40 27
operating lease arrangements
operating lease payments represent rentals payable by the group for certain of its land buildings plant and equipment certain operating lease 
agreements allow for renewal at the end of the original term at the option of the group
at the periodend date the group has outstanding commitments under noncancellable operating leases which fall due as follows
 at 31 march
2014
£m
2013
£m
within one year 21 24
between one year and ﬁve years 68 77
after ﬁve years 85 88
total 174 189
37 acquisitions and disposals
year ended 31 march 2014
acquisitions
on 17 may 2013 the group acquired a 100 equity interest in biovelop an earlystage swedish manufacturer of oat beta glucan the acquisition 
broadened the group’s health and wellness offering and added a cleanlabel speciality ﬁbre with strong health claims to its existing cornbased 
portfolio 
on 8 october 2013 the group acquired a 51 equity interest in jiangsu howbetter food co ltd a leading food systems business in china  
the new venture tate  lyle howbetter provides the group with local infrastructure and capabilities to accelerate the growth of its food systems 
business in china at the acquisition date the group entered into put and call option arrangements whereby at a future date it could be required to 
purchase or could itself opt to purchase the 49 noncontrolling interest in tate  lyle howbetter for an amount in cash based on the future results 
of that business the group initially recognised a liability of £2 million in relation to the put option and a corresponding debit to equity attributable  
to owners of the company
goodwill of £10 million was recognised on business combinations during the year which was determined as follows
2014
£m
cash consideration 15
noncontrolling interests share of net assets acquired 1
less net assets acquired 6
goodwill 10
cash ﬂows
cash consideration paid 15
cash outﬂow on acquisitions 15
goodwill recognised during the year was attributable to the broadening of the group’s product offering and other synergies expected to be achieved 
with the group’s existing businesses none of the goodwill recognised during the year is expected to be deductible for tax purposes
businesses acquired during the year contributed revenue of £2 million and a loss before tax of £2 million to the group’s results had they been 
acquired at the beginning of the year their contribution to the group’s results would not have been materially different
acquisitionrelated costs were less than £1 million
disposal
on 31 may 2013 the onsale by the acquirer of orsan china a monosodium glutamate producer in which tate  lyle held a stake that was sold in 
2009 resulted in a oneoff operating gain of £3 million
126  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 37 acquisitions and disposals continued
year ended 31 march 2013
disposals
continuing operations
sucromiles 
on 1 august 2012 the group completed the disposal of its share in sucromiles sa sucromiles its colombian citric acid joint venture to its former 
jointventure partner organizacion ardila lulle for consideration of £20 million after transferring a cumulative currency translation gain to the income 
statement there was a gain on disposal of £8 million that was recognised as an exceptional item within continuing operations 
discontinued operations
vietnam sugars 
on 29 june 2012 the group completed the sale of vietnam sugar to th milk food stock company for consideration of £45 million after transferring 
a cumulative currency translation gain to the income statement there was a gain on disposal of £21 million that was recognised as an exceptional 
item within discontinued operations
molasses 
on 20 march 2013 the group completed the sale of land and buildings with book value of £2 million relating to the former molasses business 
 to wr barnett ltd cash consideration totalled £7 million resulting in a gain on disposal of £5 million that was recognised as an exceptional  
item within discontinued operations
eu sugars 
during the prior year the group received £2 million in respect of a working capital settlement from its disposal of the eu sugars business  
to american sugar reﬁning in september 2010 no change to the loss on disposal was recorded
other 
during the prior year the group disposed of the remaining assets of its israel sugar business resulting in a gain of £2 million which was offset  
by losses on the disposal of other assets relating to the group’s discontinued sugar operations 
a net gain of £34 million was recognised on disposals of businesses during the prior year which may be analysed as follows
continuing 
operations 
£m
discontinued
operations
£m
2013
total
£m
goodwill and intangible assets –22
property plant and equipment 32023
derivative ﬁnancial instruments – assets –44
inventories 91019
trade and other receivables 913 22
trade and other payables 6 3 9
derivative ﬁnancial instruments – liabilities – 4 4
cash and cash equivalents 522 27
taxation –1 1
total assets disposed 20 63 83
noncontrolling interests disposed – 25 25
net assets disposed 20 38 58
 
total consideration 20 61 81
 
other items
– disposal costs –3 3
– currency translation differences transferred to proﬁt or loss 8 6 14
net gain on disposal 82634
 
reported as
– exceptional items note 7 826 34
– nonexceptional items
– gain on disposal –22
– loss on disposal –2 2
total 82634
cash ﬂows
– cash consideration 20 58 78
– cash disposed 5 22 27
net cash inﬂow on disposals 15 36 51
 tate  lyle plc annual report 2014  127
strategic report governance financial statements useful information  38 assets classiﬁed as held for sale
at 31 march 2013 the group’s investment in mitr lao sugar company was classiﬁed as held for sale it was sold during the year for £1 million which 
resulted in no gain or loss 
39 related party disclosures
identity of related parties
the group has related party relationships with its subsidiaries joint ventures and associates the group’s pension schemes and with key 
management being its directors and executive ofﬁcers no related party relationships with close family members of the group’s key management 
existed in the current or comparative year
subsidiaries joint ventures and associates
transactions entered into by the company with subsidiaries and between subsidiaries as well as the resultant balances of receivables and payables 
are eliminated on consolidation and are not required to be disclosed the group’s share of transactions entered into by the company and its 
subsidiaries with joint ventures and between joint ventures as well as the group’s share of the resultant balances of receivables and payables are 
eliminated on consolidation for transactions and balances with joint ventures there is an element which is not eliminated on consolidation relating  
to the external jointventure partner which is required to be disclosed transactions and balances with and between joint ventures are as shown 
below there are no such transactions with associates 
 year ended 31 march
continuing operations
2014
£m
2013
£m
sales of goods and services  
– to joint ventures 154 17 4
purchases of goods and services
– from joint ventures 304 279
 at 31 march
2014
£m
2013
£m
receivables
– due from joint ventures 10 15
payables
– due to joint ventures 21 21
financing
– loans to joint ventures 8 20
– deposits from joint ventures 12 53
the group had no material related party transactions containing unusual commercial terms
the group provides guarantees in respect of banking facilities of a joint venture totalling £9 million 2013 – £9 million
key management compensation
key management compensation is disclosed in note 9 
128  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 40 currency exchange rates 
the principal exchange rates used to translate the results assets and liabilities and cash ﬂows of the group’s foreign operations into pounds sterling 
were as follows
year ended 31 march
2014
£1 
2013
£1 
average rate 
us dollar 159 157
euro 119 124
at 31 march
2014
£1 
2013
£1 
yearend rate 
us dollar 167 152
euro 121 1 18
41 principal subsidiaries joint ventures and associates
subsidiaries based in the united kingdom
1
type of business
percentage of
equity attributable
to tate  lyle plc
gc hahn and company limited blending 100
tate  lyle industries limited holding company 100
tate  lyle international finance plc
2
inhouse treasury company 100
tate  lyle investments limited
2
holding company 100
tate  lyle llc holding company 100
1 registered in england and wales except tate  lyle llc which is registered in delaware usa
2  direct subsidiaries of tate  lyle plc
 tate  lyle plc annual report 2014  129
strategic report governance financial statements useful information  41 principal subsidiaries joint ventures and associates continued
subsidiaries operating overseas
country of incorporation 
or registration company type of business
percentage of 
equity attributable 
to tate  lyle plc
argentina tate  lyle argentina sa cereal sweeteners and starches 
sucralose distribution 100
australia tate  lyle anz pty limited sucralose distribution and blending 100
belgium tate  lyle services belgium nv holding company 100
bermuda tate  lyle management  finance limited management and ﬁnance 100
brazil tate  lyle brasil sa
1
citric acid sucralose distribution 
cereal sweeteners and starches 100
gc hahn  co do estabilizantes e tecnologia para alimentos ltda blending 100
chile tate  lyle chile commercial ltda cereal sweeteners and starches 
sucralose distribution 100
china tate  lyle howbetter co ltd
1
blending 51
tate  lyle trading shanghai co ltd
1
sucralose distribution 
cereal sweeteners and starches 100
gc hahn  co food stabiliser business shanghai ltd
1
blending 100
france gc hahn  cie sarl
tate  lyle ingredients france sas
blending 
research and development centre
100
100
germany gc hahn  co stabilisierungstechnik gmbh blending 100
gc hahn  co cooperationsgeschaft mbh holding company 100
gibraltar tate  lyle insurance gibraltar limited reinsurance 100
italy tate  lyle italia spa blending 100
mexico tate  lyle mexico s de rlde cv sucralose distribution 100
morocco tate  lyle morocco sa cereal sweeteners and starches 100
netherlands nederlandse glucose industrie bv holding company 100
tate  lyle netherlands bv cereal sweeteners and starches 
sucralose distribution 100
poland gc hahn  co technika stabilizowania spzoo blending 100
tate  lyle global shared services spzoo holding company 100
singapore tate  lyle singapore pte ltd highintensity sweeteners 100
south africa tate and lyle south africa proprietary limited blending cereal sweeteners and 
starches 100
spain gc hahn estabilizantes y tecnologia para alimentos blending 100
sweden tate  lyle sweden ab oat beta glucan 100
usa staley holdings llc holding company 100
tate  lyle custom ingredients llc blending 100
tate  lyle finance llc inhouse banking 100
tlhus inc holding company 100
tate  lyle ingredients americas llc cereal sweeteners and starches 100
tate  lyle sucralose llc highintensity sweeteners 100
tli holding llc inhouse banking 100
1 noncoterminous year end
joint ventures
country of incorporation 
or registration company type of business
percentage of
equity attributable 
to tate  lyle plc
3
bulgaria amylum bulgaria ead
12
cereal sweeteners and starches 100 50
hungary hungrana kft
12
cereal sweeteners and starches 50 25
mexico almidones mexicanos sa
2
cereal sweeteners and starches 50
netherlands eaststarch cv holding company 50
romania amylum romania srl
1
cereal sweeteners and starches 100 50
slovakia amylum slovakia spol sro
1
cereal sweeteners and starches 100 50
turkey amylum nisasta sanayi ve ticaret anonim sireketi
1
cereal sweeteners and starches 100 50
usa dupont tate  lyle bio products company llc industrial ingredients 50
1 share capital held by eaststarch cv
2 noncoterminous year end
3  the proportion of shares held by tate  lyle plc its subsidiaries joint ventures and associates is shown in brackets where it is different from the percentage  
of equity attributable to tate  lyle plc
130  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 41 principal subsidiaries joint ventures and associates continued
associate
country of incorporation or registration company type of business
percentage of 
equity attributable
to tate  lyle plc
thailand tapioca development corporation
1
starch production 333
1 indirect associate of tate  lyle plc
the results assets and liabilities and cash ﬂows of those entities whose ﬁnancial years are not coterminous with that of the group are consolidated  
or proportionately consolidated in the group’s ﬁnancial statements on the basis of management accounts for the year ended 31 march
a full listing of the company’s subsidiaries joint ventures and associates is available from the company secretary at the company’s registered ofﬁce 
at 1 kingsway london wc2b 6at
42 reconciliation of adjusted performance measures
for the reasons set out in note 1 tate  lyle presents adjusted performance measures including adjusted operating proﬁt adjusted proﬁt before tax 
and adjusted earnings per share for periods presented these adjusted performance measures exclude where relevant exceptional items the 
amortisation of acquired intangible assets net retirement beneﬁt interest tax on those adjustments and an exceptional tax item in discontinued 
operations
the following table shows the reconciliation of the adjusted performance measures to the most directly comparable measures presented in 
accordance with ifrs
year ended 31 march 2014 
restated
year ended 31 march 2013
£m unless otherwise stated reported
adjusting 
items adjusted reported
adjusting 
items adjusted
continuing operations       
sales 3 147 – 3 147 3 256 – 3 256
operating proﬁt 325 24 349 334 22 356
net ﬁnance expense 35 8 27 33 4 29
proﬁt before tax 290 32 322 301 26 327
income tax expense 45 15 60 46 13 59
proﬁt for the year 245 17 262 255 13 268
basic earnings per share 528p 37p 565p 549p 28p 577p
diluted earnings per share 521p 36p 557p 538p 28p 566p
effective tax rate 156 185 153 180
discontinued operations 
sales ––– 10 – 10
operating proﬁtloss ––– 18 26 8
net ﬁnance expense ––– –––
proﬁtloss before tax ––– 18 26 8
income tax credit 28 28 – –––
proﬁtloss for the year 28 28 – 18 26 8
noncontrolling interests ––– 1 – 1
proﬁtloss attributable to shareholders 28 28 – 17 26 9
basic earningsloss per share 60p 60p – 37p 56p 19p
diluted earningsloss per share 59p 59p – 36p 55p 19p
   
total operations    
sales 3 147 – 3 147 3 266 – 3 266
operating proﬁt 325 24 349 352 4 348
net ﬁnance expense 35 8 27 33 4 29
proﬁt before tax 290 32 322 319 – 319
income tax expense 17 43 60 46 13 59
proﬁt for the year 273 11 262 273 13 260
noncontrolling interests ––– 1 – 1
proﬁt attributable to shareholders 273 11 262 272 13 259
basic earnings per share 588p 23p 565p 586p 28p 558p
diluted earnings per share 580p 23p 557p 57 4p 27p 547p
effective tax rate 59 185 144 185
 see note 43 
 tate  lyle plc annual report 2014  131
strategic report governance financial statements useful information  43 adoption of ias 19 revised 2011 ‘employee beneﬁts’ 
at the beginning of the year the group adopted ias 19 revised 2011 employee beneﬁts which changed the way it accounts for deﬁned beneﬁt 
pension and other retirement beneﬁt plans ias 19 revised 2011 had no effect on the group’s ﬁnancial position but it changed the allocation  
of movements in the net deﬁcits or surpluses on the plans within and between the income statement and other comprehensive income
in previous years the group’s income statement reﬂected an expected return on the plan assets and an interest cost on the beneﬁt obligation 
differences between those assumptions and the actual outcomes were included in the net actuarial gain or loss that was recognised in other 
comprehensive income under the revised standard the group’s income statement reﬂects a net interest cost or credit calculated by applying the 
discount rate used in measuring the present value of the beneﬁt obligation to the deﬁcit or surplus on the plan essentially therefore in the group’s 
income statement the expected return on the plan assets has been replaced by an interest credit differences between the actual return on the plan 
assets and the interest credit are recognised on a separate line in other comprehensive income
asset management costs continue to be deducted in arriving at the actual return on plan assets plan administration costs that were previously 
deducted in arriving at the actual return on the plan assets are now charged to operating proﬁt
comparative amounts for 2013 have been restated on a consistent basis an analysis of the effect of ias 19 revised 2011 on the group’s results  
for 2014 and 2013 is presented below 
year ended 31 march 2014 year ended 31 march 2013
£m unless otherwise stated
under 
previous
policy
effect of 
ias 19r
as
reported
as 
previously
reported
effect of
ias 19r
as 
restated
continuing operations
sales 3 147 – 3 147 3 256 – 3 256
operating proﬁt 327 2 325 336 2 334
finance income 2 – 2 3 2 1
finance expense 29 8 37 30 4 34
proﬁt before tax 300 10 290 309 8 301
income tax expense 49 4 45 49 3 46
proﬁt for the year from continuing operations 251 6 245 260 5 255
proﬁt for the year from discontinued operations 28 – 28 18 – 18
proﬁt for the year 279 6 273 278 5 273
other comprehensive expense 119 6 113 149 5 144
total comprehensive income 160 – 160 129 – 129
continuing operations
basic earnings per share 541p 13p 528p 560p 11p 549p
diluted earnings per share 534p 13p 521p 549p 11p 538p
total operations
basic earnings per share 601p 13p 588p 597p 11p 586p
diluted earnings per share 593p 13p 580p 585p 11p 574p
132  tate  lyle plc annual report 2014
notes to the consolidated financial statements  continued
financial statements 44 future adoption of ifrs 11 ‘joint arrangements’
with effect from 1 april 2014 the group adopted ifrs 11 joint arrangements which will change signiﬁcantly the accounting for its interests  
in joint ventures
in these ﬁnancial statements the group’s interests in joint ventures are accounted for by proportionate consolidation whereby the group’s share  
of the income and expenses assets and liabilities and cash ﬂows of joint ventures are combined on a linebyline basis with those of tate  lyle plc 
and its subsidiaries ifrs 11 prohibits the use of proportionate consolidation and requires that joint ventures are accounted for using the equity 
method of accounting under the equity method of accounting the group’s share of the after tax proﬁts and losses of the joint ventures will be shown 
on one line of the consolidated income statement its share of their net assets will be shown on one line of the consolidated statement of ﬁnancial 
position and the consolidated statement of cash ﬂows will reﬂect cash ﬂows between the group and the joint ventures investments in and dividends 
from joint ventures within cash ﬂows from investing activities while these changes will not affect the group’s earnings or its net assets they will affect 
many of the individual line items presented in the group’s ﬁnancial statements
comparative amounts for 2014 will be restated on a consistent basis in the group’s ﬁnancial statements for future periods we present below  
an analysis of the effect of ifrs 11 on selected line items
as currently 
reported
£m
elimination of
proportionate
consolidation
£m
adoption of 
equity 
accounting
£m
as will be
restated
£m
consolidated proﬁt or loss and comprehensive income 
year ended 31 march 2014
continuing operations
sales 3 147 393 – 2 754
operating proﬁt 325 74 – 251
finance income 2 –– 2
finance expense 37 –– 37
share of proﬁt after tax of joint ventures – –61 61
proﬁt before tax 290 74 61 277
income tax expense 45 13 – 32
proﬁt from continuing operations 245 61 61 245
proﬁt from discontinued operations 28 –– 28
proﬁt for the year 273 61 61 273
other comprehensive expense 113 22 22 113
total comprehensive income 160 39 39 160
consolidated cash ﬂows
year ended 31 march 2014
net cash inﬂow from operating activities 384 98 – 286
net cash outﬂow from investing activities 137 116 – 21
net cash outﬂow from ﬁnancing activities 197 –– 197
net cash inﬂow 50 18 – 68
consolidated assets and liabilities
at 31 march 2014
noncurrent assets 1 319 137 224 1 406
current assets 1 208 146 – 1 062
total assets 2 527 283 224 2 468
total equity 1 050 224 224 1 050
noncurrent liabilities 718 6 – 712
current liabilities 759 53 – 706
total equity and liabilities 2 527 283 224 2 468
going forward the group will present segment and adjusted ﬁnancial information on a proportionate consolidation basis since this reﬂects  
the management of our joint ventures on an integrated basis with the group’s subsidiaries
 tate  lyle plc annual report 2014  133
strategic report governance financial statements useful information  report on the parent company 
ﬁnancial statements
our opinion  
in our opinion the parent company ﬁnancial 
statements deﬁned below
 give a true and fair view of the state of the 
parent company’s affairs as at 31 march 2014
 have been properly prepared in accordance 
with united kingdom generally accepted 
accounting practice and
 have been prepared in accordance with the 
requirements of the companies act 2006
this opinion is to be read in the context of what 
we say in the remainder of this report
what we have audited
the parent company ﬁnancial statements 
which are prepared by tate  lyle plc 
comprise
 the parent company balance sheet as at 
31 march 2014
 the notes to the parent company ﬁnancial 
statements which include a summary of 
signiﬁcant accounting policies and other 
explanatory information
the ﬁnancial reporting framework that has been 
applied in their preparation comprises 
applicable law and united kingdom accounting 
standards united kingdom generally accepted 
accounting practice
in applying the ﬁnancial reporting framework 
the directors have made a number of subjective 
judgements for example in respect of 
signiﬁcant accounting estimates in making 
such estimates they have made assumptions 
and considered future events
certain disclosures required by the ﬁnancial 
reporting framework have been presented 
elsewhere in the annual report 2014 “the 
annual report” rather than in the notes  
to the parent company ﬁnancial statements 
these are crossreferenced from the parent 
company ﬁnancial statements and are  
identiﬁed as audited
what an audit of ﬁnancial 
statements involves 
we conducted our audit in accordance with 
international standards on auditing uk  
ireland “isas uk  ireland” an audit involves 
obtaining evidence about the amounts and 
disclosures in the ﬁnancial statements sufﬁcient 
to give reasonable assurance that the ﬁnancial 
statements are free from material misstatement 
whether caused by fraud or error this includes 
an assessment of
 whether the accounting policies are 
appropriate to the parent company’s 
circumstances and have been consistently 
applied and adequately disclosed
 the reasonableness of signiﬁcant accounting 
estimates made by the directors and
 the overall presentation of the ﬁnancial 
statements 
in addition we read all the ﬁnancial and 
nonﬁnancial information in the annual report 
to identify material inconsistencies with the 
audited parent company ﬁnancial statements 
and to identify any information that is apparently 
materially incorrect based on or materially 
inconsistent with the knowledge acquired by us 
in the course of performing the audit if we 
become aware of any apparent material 
misstatements or inconsistencies we consider 
the implications for our report
opinions on other matters prescribed 
by the companies act 2006
in our opinion
 the information given in the strategic report 
and the directors’ report for the ﬁnancial year 
for which the parent company ﬁnancial 
statements are prepared is consistent with  
the parent company ﬁnancial statements
 the part of the directors’ remuneration 
report to be audited has been properly 
prepared in accordance with the companies 
act 2006
other matters on which we are 
required to report by exception
adequacy of accounting records and 
information and explanations received
under the companies act 2006 we are required 
to report to you if in our opinion
 we have not received all the information and 
explanations we require for our audit or
 adequate accounting records have not been 
kept by the parent company or returns 
adequate for our audit have not been received 
from branches not visited by us or
 the parent company ﬁnancial statements and 
the part of the directors’ remuneration 
report to be audited are not in agreement 
with the accounting records and returns
we have no exceptions to report arising  
from this responsibility
directors’ remuneration
under the companies act 2006 we are  
required to report to you if in our opinion 
certain disclosures of directors’ remuneration 
speciﬁed by law have not been made  
we have no exceptions to report arising  
from this responsibility
other information in the annual 
report
under isas uk  ireland we are required to 
report to you if in our opinion information in the 
annual report is
 materially inconsistent with the information in 
the audited parent company ﬁnancial 
statements or
 apparently materially incorrect based on or 
materially inconsistent with our knowledge of 
the parent company acquired in the course of 
performing our audit or
 is otherwise misleading
we have no exceptions to report arising from 
this responsibility
responsibilities for the ﬁnancial 
statements and the audit
our responsibilities and those  
of the directors 
as explained more fully in the directors’ 
statement of responsibilities set out on  
page 73 the directors are responsible for the 
preparation of the parent company ﬁnancial 
statements and for being satisﬁed that they  
give a true and fair view 
our responsibility is to audit and express  
an opinion on the parent company ﬁnancial 
statements in accordance with applicable  
law and isas uk  ireland those standards 
require us to comply with the auditing practices 
board’s ethical standards for auditors 
this report including the opinions has been 
prepared for and only for the company’s 
members as a body in accordance with 
chapter 3 of part 16 of the companies act 
2006 and for no other purpose we do not  
in giving these opinions 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
other matter
we have reported separately on the group 
ﬁnancial statements of tate  lyle plc for  
the year ended 31 march 2014
john waters senior statutory auditor 
for and on behalf of  
pricewaterhousecoopers llp 
chartered accountants and statutory auditors
london
28 may 2014
a  the maintenance and integrity of the tate  lyle 
website wwwtateandlylecom is the responsibility 
of the directors the work carried out by the 
auditors does not involve consideration of these 
matters and accordingly the auditors accept  
no responsibility for any changes that may have 
occurred to the financial statements since they 
were initially presented on the website
b  legislation in the united kingdom governing  
the preparation and dissemination of financial 
statements may differ from legislation 
in other jurisdictions
134  tate  lyle plc annual report 2014
financial statements
independent auditors’ report to the members  
of tate  lyle plc at 31 march
notes
2014
£m
2013
£m
fixed assets   
tangible assets 2 13 9
investments in subsidiary undertakings 3 999 1 006
investment in associate 4 1 1
total 1 013 1 016
current assets 
debtors 5 1 501 1 535
cash at bank 1 –
1 502 1 535
creditors – amounts falling due within one year 6 1 533 1 407
net current liabilitiesassets  31 128
total assets less current liabilities 982 1 144
creditors – amounts falling due after more than one year 7 2 2
net assets 980 1 142
capital and reserves
called up share capital 10 117 11 7
share premium account 11 406 406
capital redemption reserve 11 8 8
proﬁt and loss account 11 449 611
total shareholders’ funds 980 1 142
the parent company’s ﬁnancial statements on pages 135 to 140 were approved by the board of directors on 28 may 2014 and signed on its behalf 
by
javed ahmed tim lodge  directors
the notes on pages 136 to 140 form part of these financial statements
tate  lyle plc
registered number 76535
 tate  lyle plc annual report 2014  135
strategic report governance financial statements useful information 
parent company balance sheet 1 principal accounting policies
accounting basis
tate  lyle plc the company is a public 
limited company incorporated and domiciled  
in the united kingdom the company’s  
ordinary shares are listed on the london  
stock exchange
the company’s ﬁnancial statements are 
prepared under the historical cost convention  
in accordance with the companies act 2006 
and applicable uk accounting standards 
the company’s principal accounting policies 
are unchanged compared with the year ended 
31 march 2013
for the reasons set out on page 28 the 
company’s ﬁnancial statements are prepared 
on a going concern basis
as permitted by section 4082 of the 
companies act 2006 the company’s proﬁt and 
loss account and statement of total recognised 
gains and losses are not presented in these 
ﬁnancial statements proﬁt and loss account 
disclosures are presented in note 14
tangible ﬁxed assets
tangible ﬁxed assets are stated at historical 
purchase cost less accumulated depreciation 
cost includes the original purchase price of the 
asset and the costs attributable to bringing the 
asset to its working condition for its intended 
use depreciation is provided on a straightline 
basis to write off the cost of tangible ﬁxed 
assets over their estimated useful life tangible 
ﬁxed assets comprise furniture ﬁxtures ﬁttings 
and computer software which are depreciated 
over a period of ﬁve to ten years impairment 
reviews are undertaken if there are indications 
that the carrying values may not be recoverable
investments
an undertaking is regarded as a subsidiary 
undertaking if the company has control over  
its operating and ﬁnancial policies
an undertaking is regarded as an associate if 
the company holds a participating interest and 
has signiﬁcant inﬂuence but not control over  
its operating and ﬁnancial policies signiﬁcant 
inﬂuence generally exists where the company 
holds more than 20 and less than 50 of the 
shareholders’ voting rights
investments in subsidiary undertakings and in 
associates represent interests that are directly 
owned by the company and are stated at cost 
less amounts writtenoff for any permanent 
diminution in value
amounts owed by or to subsidiary 
undertakings
amounts owed by or to subsidiary undertakings 
are stated at amortised cost using the effective 
interest method amounts owed by subsidiary 
undertakings are written off where deemed 
unrecoverable 
research and development
all expenditure on research and development  
is charged to the proﬁt and loss account  
when incurred
leases
operating lease payments are charged to the 
proﬁt and loss account on a straightline basis 
over the lease term
retirement beneﬁts
the company participates in a deﬁned beneﬁt 
pension scheme in which certain of its 
subsidiaries also participate the company 
which is not the principal employer cannot 
identify its share of the underlying assets and 
liabilities of the scheme accordingly as 
permitted by frs 17 retirement beneﬁts  
the company accounts for the scheme as  
a deﬁned contribution scheme and charges  
its contributions to the scheme to the proﬁt  
and loss account in the periods in which  
they fall due
deferred tax
deferred tax is recognised on a discounted full 
provision basis on timing differences between 
the recognition of gains and losses in the 
ﬁnancial statements and their recognition for  
tax purposes that have arisen but not reversed 
at the balance sheet date deferred tax is not 
recognised on permanent differences or on 
timing differences arising on unremitted proﬁts 
of overseas subsidiaries deferred tax assets 
are recognised only to the extent that it is 
considered more likely than not that there will 
be sufﬁcient future taxable proﬁts to permit tax 
relief of the underlying timing differences
foreign currency translation
transactions denominated in foreign  
currencies are translated into pounds sterling  
at the exchange rate ruling on the date of the 
transaction monetary assets and liabilities 
denominated in foreign currencies are 
retranslated into pounds sterling at the 
exchange rate ruling on the balance sheet date 
currency translation differences are credited  
or charged to the proﬁt and loss account
nonmonetary assets denominated in foreign 
currencies are not usually retranslated an 
investment in an overseas subsidiary 
undertaking or associate is however 
retranslated if it is ﬁnanced by foreign currency 
borrowings and the borrowings are designated 
as a hedging instrument in relation to the 
investment if this is the case the resulting 
translation gain or loss on the investment is 
recognised in the proﬁt and loss account where 
to the extent that the hedge is effective it will be 
offset by the translation gain or loss on the 
related borrowings
sharebased incentives
as described in note 26 to the group ﬁnancial 
statements the company operates share
based incentive plans under which it grants 
awards over its ordinary shares to its own 
employees and to those of its subsidiary 
undertakings all of the awards granted  
under the existing plans are classiﬁed  
as equitysettled awards
for awards granted to its own employees  
the company recognises an expense that is 
based on the fair value of the awards measured 
at the grant date using the blackscholes option 
pricing formula fair value reﬂects any market 
performance conditions and all nonvesting 
conditions adjustments are made to the 
compensation expense to reﬂect actual  
and expected forfeitures due to failure  
to satisfy service conditions or nonmarket 
performance conditions
generally the expense is recognised in the 
proﬁt and loss account on a straightline basis 
over the vesting period and a corresponding 
credit is recognised in the proﬁt and loss 
account reserve 
for awards granted to employees of  
its subsidiary undertakings the company 
recognises a capital contribution to the 
subsidiary and a corresponding credit  
to equity calculated on the same basis as  
the expense that it recognises for awards  
to its own employees 
provisions
provisions are recognised when the company 
has a present obligation as a result of a past 
event it is probable that a transfer of economic 
beneﬁts will be required to settle the obligation 
and a reliable estimate can be made of the 
amount of the obligation
guarantees
from time to time the company provides 
guarantees to third parties in respect of the 
indebtedness of its subsidiary undertakings and 
joint ventures the directors consider these 
guarantees to be insurance arrangements and 
therefore the company recognises a liability in 
respect of such guarantees only in the event 
that it becomes probable that the guarantee will 
be called upon and the company will be 
required to make a payment to the third party
own shares
own shares represent the company’s ordinary 
shares that are held by the company in treasury 
or by a sponsored employee beneﬁt trust that 
are used to satisfy awards made under the 
company’s sharebased incentive plans  
when own shares are acquired the cost  
of purchase in the market is deducted from  
the proﬁt and loss account reserve gains  
or losses on the subsequent transfer or sale  
of own shares are also recognised in the proﬁt 
and loss account reserve
dividends 
dividends on the company’s ordinary 
shares are recognised when they have been 
appropriately authorised and are no longer at 
the company’s discretion accordingly interim 
dividends are recognised when they are paid 
and ﬁnal dividends are recognised when they 
are declared following approval by shareholders 
at the company’s agm dividends are 
recognised as an appropriation of shareholders’ 
funds details of dividends paid and proposed 
are set out in note 12
136  tate  lyle plc annual report 2014
financial statements
notes to the parent company financial statements 2 tangible ﬁxed assets
£m
cost
at 1 april 2013 12
additions 9
transfer to a subsidiary 4
at 31 march 2014 17
accumulated depreciation
at 1 april 2013 3
charge for the year 1
at 31 march 2014 4
net book value at 31 march 2013 9
net book value at 31 march 2014 13 
3 investments in subsidiary undertakings
£m
cost
at 1 april 2013 1 565
currency translation differences 2
at 31 march 2014 1 563
impairment 
at 1 april 2013 559
provision for impairment 7
currency translation differences 2
at 31 march 2014 564
net book value at 31 march 2013 1 006
net book value at 31 march 2014 999
a list of the company’s principal subsidiaries is presented in note 41 of the group ﬁnancial statements 
the provision for impairment during the year reﬂects an adjustment to the recoverable amount of the company’s investment in tate  lyle ventures 
ltd and tate  lyle services belgium nv the directors believe that the carrying value of the investments is supported by the value of their underlying 
net assets
during the year the company made capital contributions to subsidiary undertakings in respect of sharebased incentive awards granted to their 
employees of £nil 2013 – £7 million
4 investment in associate
the company holds a 166 interest of ordinary shares in tapioca development corporation a company incorporated in thailand
5 debtors
at 31 march
2014
£m
2013
£m
due within one year
amounts owed by subsidiary undertakings 1 495 1 531
other debtors 6 4
total 1 501 1 535
the effective interest rate applicable to amounts owed by subsidiary undertakings at 31 march 2014 is 21 2013 – 23 amounts owed by 
subsidiary undertakings are receivable on demand there is no security for nontrading amounts
 tate  lyle plc annual report 2014  137
strategic report governance financial statements useful information  6 creditors – amounts falling due within one year
at 31 march
2014
£m
2013
£m
amounts owed to subsidiary undertakings 1 518 1 392
other creditors 6 5
accruals and deferred income 9 10
total 1 533 1 407
the effective interest rate applicable to amounts owed to subsidiary undertakings at 31 march 2014 was 22 2013 – 23 amounts owed to 
subsidiary undertakings are repayable on demand there is no security for nontrading amounts
7 creditors – amounts falling due after more than one year
at 31 march
2014
£m
2013
£m
preference shares 2 2
total 2 2
on a return of capital on a windingup the holders of 65 cumulative preference shares shall be entitled to £1 per share in preference  
to all other classes of shareholders holders of these shares are entitled to vote at meetings except on the following matters any question  
as to the disposal of the surplus proﬁts after the dividend on these shares has been provided for the election of directors their remuneration  
any agreement between the directors and the company or the alteration of the articles of association dealing with any such matters
8 contingent liabilities
at 31 march 2014 the company had given guarantees in respect of loans and overdraft facilities of certain of its subsidiaries and joint ventures 
totalling £1535 million 2013 – £1645 million against which amounts drawn totalled £859 million 2013 – £938 million other trade guarantees have 
been given in the normal course of business by tate  lyle plc in respect of revenue and customs ecgd recourse agreements letters of credit 
and tender and performance bonds
9 financial commitments
operating lease rentals payable during the year were £1 million 2013 – £1 million
operating lease commitments for land and buildings fall due as follows
 at 31 march
2014
£m
2013
£m
within one year 1 1
later than one year and no later than ﬁve years 6 6
after ﬁve years 11 12
total 18 19
at 31 march 2014 the company had outstanding capital commitments of £nil 2013 – £5 million 
138  tate  lyle plc annual report 2014
financial statements
notes to the parent company financial statements  continued 10 called up share capital
allotted called up and fully paid equity share capital
year ended 31 march 2014 year ended 31 march 2013
shares £m shares £m 
at 1 april 468 192 900 117 468 160 519 117
allotted under share option schemes 9 983 – 32 381 –
at 31 march 468 202 883 117 468 192 900 117
11 reconciliation of movements in shareholders’ funds
called up  
share capital
£m 
share 
premium 
account
£m
capital 
redemption 
reserve
£m 
profit
 and loss 
account
£m 
total
£m
at 1 april 2012 117 406 8 525 1 056
year ended 31 march 2013
proﬁt for the year – – – 212 212
proceeds from shares issued – – – 1 1
purchase of own shares – – – 23 23
sharebased payments – – – 13 13
ordinary dividends paid note 12 – – – 117 117
at 31 march 2013 117 406 8 611 1 142
year ended 31 march 2014 
loss for the year – – – 11 11
purchase of own shares – – – 29 29
sharebased payments – – –22
ordinary dividends paid note 12 ––– 124 124
at 31 march 2014 117 406 8 449 980
at 31 march 2014 the proﬁt and loss account reserve was stated after a deduction of £37 million 2013 – £29 million for the cumulative cost of own 
shares held indirectly in an employee beneﬁt trust or directly as treasury shares in relation to sharebased compensation plans further information 
on own shares is presented in note 24 to the group ﬁnancial statements
ordinary shares carry the right to participate in dividends and each share entitles the holder to one vote on matters requiring shareholder  
approval except for ordinary shares held in the employee beneﬁt trust or as treasury shares the amount available for the payment of dividends  
by the company at 31 march 2014 was £449 million 2013 – £611 million
12 dividends
dividends on ordinary shares in respect of the ﬁnancial year 
 year ended 31 march
2014
pence
2013
pence
per ordinary share
– interim dividend paid 78p 74p
– ﬁnal dividend proposed 198p 188p
total dividend 276p 262p
the directors propose a ﬁnal dividend for the ﬁnancial year of 198p per ordinary share that subject to approval by shareholders will be paid on  
1 august 2014 to shareholders who are on the register of members on 27 june 2014
 year ended 31 march
2014
£m
2013
£m
final dividend paid relating to the prior year 88 83
interim dividend paid relating to the year 36 34
total dividend paid 124 11 7
based on the number of ordinary shares outstanding at 31 march 2014 the ﬁnal dividend for the ﬁnancial year is expected to amount to £92 million
13 related parties
as permitted by frs 8 related party disclosures related party transactions with the company’s whollyowned subsidiaries are not disclosed  
there were no transactions with other related parties except for the provision of guarantees in respect of banking facilities of a joint venture  
totalling £9 million 2013 – £9 million
 tate  lyle plc annual report 2014  139
strategic report governance financial statements useful information  14 proﬁt and loss account disclosures 
the company recognised a loss for the year of £11 million 2013 – proﬁt of £212 million
fees payable to the company’s auditors pricewaterhousecoopers llp for the audit of the company’s ﬁnancial statements amounted  
to £01 million 2013 – £01 million
the company employed an average of 136 people including directors during the year 2013 – 121 staff costs are shown below
year ended 31 march
2014
£m
2013
£m
wages and salaries 11 11
social security costs 1 3
other pension costs 1 1
sharebased incentives 3 6
total 16 21
directors’ emoluments disclosures are provided in the directors’ remuneration report on pages 52 to 71 and in note 9 of the group ﬁnancial 
statements
at 31 march 2014 5862890 2013 – 6073157 outstanding share options were attributable to employees and directors of the company as follows
year issued
number of 
shares
subscription 
prices pence
dates normally 
exercisable
sharesave scheme – 3 year options 2010 5 532 48800 2014
2011 13 398 55200 2015
2012 14 819 607 00 2016
2013 12 170 65200 2017
sharesave scheme – 5 year options 2008 2 672 37600 2014
2009 4 464 41800 2015
2010 4 989 48800 2016
2011 7 063 55200 2017
2012 13 442 607 00 2018
2013 6 762 65200 2019
performance share plan 2008 7 506 – 2011–2018
2009 16 559 – 2012–2018
2010 49 986 – 2013–2019
2011 1 047 850 – 2014–2020
2012 1 222 200 – 2015–2021
2013 1 142 877 – 2016–2022
executive share option scheme 2003 96 022 32500 2007–2014
javed ahmed – compensatory awards 2009 419 403 – 2011–2017
2009 257 870 – 2012–2018
javed ahmed – longterm incentive awards 2009 656 640 – 2012–2018
2010 473 042 – 2013–2019
2011 378 337 – 2014–2020
group bonus plan 2011 4 496 – 2013–2019
2012 4 791 – 2014–2020
140  tate  lyle plc annual report 2014
financial statements
notes to the parent company financial statements  continued tate  lyle website and 
share price information
tate  lyle’s website provides direct links  
to other group company sites and to sites 
providing ﬁnancial and other information 
relevant to the company the share price  
is available on the website with a  
20minute delay 
 
wwwtateandlylecom
 tate  lyle plc annual report 2014  141
strategic report governance financial statements useful information
 tate  lyle plc annual report 2014  141
shareholding enquiries
general enquiries
information on how to manage your 
shareholdings can be found at  
wwwshareviewcouk the website also 
provides answers to commonly asked 
shareholder questions and has links to 
downloadable forms guidance notes  
and company history fact sheets
email enquiries equiniti shareview 
enquiry service
if your question is not answered by the 
information provided online you can send 
your enquiry via secure email from the above 
website you will be asked to complete a 
structured form and to provide your 
shareholder reference number name and 
address you will also need to provide your 
email address if this is how you would like  
to receive your response
telephone enquiries
0871 384 2063 for uk calls
1
44 0121 415 0235 for calls from outside 
the uk
1  calls to this number are charged at 8p per 
minute plus network extras lines are open 
from monday to friday 830 am to 530 pm  
uk time excluding uk public holidays
written enquiries
equiniti limited aspect house spencer 
road lancing west sussex bn99 6da
individual savings account isa
tate  lyle’s ordinary shares can be held in 
an isa for information please call the 
equiniti isa helpline on 0871 384 2244
financial calendar
2014 annual general meeting 24 july 2014
announcement of halfyear results for the six months to 30 september 2014 6 nov 2014
1
announcement of fullyear results for the year ending 31 march 2015 28 may 2015
1
2015 annual general meeting 29 july 2015
1
1 provisional date
dividends paid on ordinary shares during the year ended 31 march 2014
payment date dividend description dividend per share
2 aug 2013
final 2013
interim 2014
188p
3 jan 2014 78p
dividend calendar for dividends on ordinary shares
2014 final 2015 interim 2015 final
announced 29 may 2014 6 nov 2014
1
28 may 2015
1
payment date 1 aug 2014
2
2 jan 2015
1
31 july 2015
12
1 provisional date
2 subject to approval of shareholders
dividends paid on 6½ cumulative preference shares
paid each 31 march and 30 september
capital gains tax
the market values on 31 march 1982 for the purposes of indexation up to april 1998 in relation  
to capital gains tax of tate  lyle plc shares then in issue were
ordinary share of £1 each 20100p
equivalent value per ordinary share of 25p 5025p
6½ cumulative preference share 4350p
tate  lyle american depositary shares adss
the company’s shares trade in the usa on the over the counter otcqx market in the form  
of adss and these are evidenced by american depositary receipts adrs the shares are  
traded under the ticker symbol tatyy each ads is equivalent to four ordinary shares  
for more information contact the bank of new york mellon at
bny mellon shareowner services 
po box 30170 
college station 
tx 778423170 
tel  1 888 269 2377 for us calls  
1 201 680 6825 for calls from outside the us
on 10 april 2007 tate  lyle was approved for the international premierqx tier of international 
otcqx this provides a gateway to us securities markets for international companies that are 
listed on a qualiﬁed international exchange tate  lyle’s adr is identiﬁed with an international 
premierqx logo and investors can ﬁnd current ﬁnancial information and other disclosures on  
wwwotcqxcom and wwwpinksheetscom
electronic communications
shareholder documents are only sent in paper format to shareholders who have elected to receive 
documents in this way this approach enables the company to reduce printing and distribution 
costs and its impact on the environment 
shareholders who have not elected to receive paper copies are sent a notiﬁcation whenever 
shareholder documents are published to advise them how to access the documents via the  
tate  lyle website wwwtateandlylecom shareholders may also choose to receive this 
notiﬁcation via email with a link to the relevant page on the website shareholders who wish  
to receive email notiﬁcation should register online at wwwshareviewcouk using their  
shareholder reference number that is either on their share certiﬁcate or other correspondence
beware of share fraud
shareholders should be very wary of any unsolicited calls or correspondence offering to buy  
or sell shares at a discounted price these calls are typically from fraudsters operating ‘boiler 
rooms’ boiler rooms use increasingly sophisticated means to approach investors and often leave 
their victims out of pocket if you are concerned that you may have been targeted by fraudsters 
please contact the fca consumer helpline on 0800 111 6768
information for investors year ended
 31 march
per share information
restated
1
2010 
restated
1
2011
restated
 1
2012
restated
 1
2013
 
2014
earnings per share   
– basic
2
 46p337p638p586p 588p
–  adjusted basic
2
 400p481p574p558p 565p
earnings per share   
– diluted
2
 46p332p627p574p 580p
–  adjusted diluted
2
 400p473p564p547p 557p
dividends per ordinary share 229p 237p 249p 262p 276p
closing share price at 31 march 4542p 577 5p 7050p 8500p 6675p
closing market capitalisation at 31 march £million 2 092 2 703 3 301 3 980 3 125
  
business ratios   
interest cover times
3
58x 69x 111x 111x 116x
adjusted proﬁt before tax divided by net ﬁnance expense  
gearing 84 48 45 46 34
net debt as a percentage of total net assets
2
   
adjusted operating margin 81 96 111 107 111
adjusted operating proﬁt as a percentage of sales
2
   
return on net operating assets 140 200 228 215 222
adjusted operating proﬁt as a percentage of average 
net operating assets
2
   
dividend cover times   
basic earnings per share divided by dividends per share
2
 02x 14x 26x 22x 21x
adjusted basic earnings per share divided by dividends per share
2
 17x 20x 23x 21x 20x
1 restated for the adoption of ias 19 revised 2011 employee benefits 
2 these metrics have been calculated using the results of both continuing and discontinued operations
3 interest cover has been calculated using the same basis as set out in the group’s external bank covenants
142  tate  lyle plc annual report 2014
useful information
fiveyear summary at 31 march
employment of capital
2010
 
£m
2011
£m
2012
£m
2013
£m
2014
£m
goodwill and intangible assets 340 320 325 356 389
property plant and equipment 1 208 855 922 958 865
other noncurrent assets 21 24 28 33 34
working capital 302 279 370 497 412
net pension deﬁcit 257 139 140 265 220
net assets held for sale excluding cash included in net debt 18 62 63 1 –
net operating assets 1 632 1 401 1 568 1 580 1 480
net debt 814 464 476 479 353
net tax assetliability 36 36 34 65 77
total net assets 854 973 1 058 1 036 1 050
  
capital employed  
called up share capital 115 117 117 117 117
reserves 712833916919 932
827 950 1 033 1 036 1 049
noncontrolling interests 27 23 25 – 1
 854 973 1 058 1 036 1 050
year ended 31 march
results summary
restated
12
2010
£m
restated
1 
2011
£m
restated
1 
2012
£m
restated
1 
2013
£m
2014
£m
continuing operations
sales 2 533 2 720 3 088 3 256 3 147
adjusted operating proﬁt 266 319 346 356 349
amortisation of acquired intangible assets 14 13 12 10 10
exceptional items 298 5 68 12 14
operating lossproﬁt 46 301 402 334 325
adjusted net ﬁnance expense 53 54 30 29 27
net retirement beneﬁt interest expense 14 13 4 4 8
net ﬁnance expense 67 67 34 33 35
lossproﬁt before tax 113 234 368 301 290
income tax creditexpense 98 45 69 46 45
lossproﬁt for the year from continuing operations 15 189 299 255 245
proﬁtloss for the year from discontinued operations 40 29 2 18 28
noncontrolling interests 4 4 4 1 –
proﬁt for the year attributable to owners of the company 21 156 297 272 273
   
continuing operations
adjusted proﬁt before tax
3
213 265 316 327 322
lossearnings per share   
– basic 33p 409p 642p 549p 528p
– diluted 33p 403p 630p 538p 521p
1 restated for the adoption of ias 19 revised 2011 employee benefits 
2 restated to reflect the former sugars businesses which have been classed as discontinued operations
3 adjusted profit before tax excludes exceptional items the amortisation of acquired intangible assets and net retirement benefit interest
 tate  lyle plc annual report 2014  143
strategic report governance financial statements useful information a
acidulants ingredients such as citric acid that 
are used to add a ‘sour’ taste to foods and soft 
drinks and to act as a preservative
adjusted operating proﬁt pbitea
operating proﬁt as deﬁned separately 
adjusted for amortisation of acquired intangible 
assets and net exceptional items
adjusted proﬁt before tax pbtea proﬁt 
before taxation as deﬁned separately adjusted 
for amortisation of acquired intangible assets 
net exceptional items and net retirement beneﬁt 
interest
aﬂatoxin a byproduct of a grain fungus 
present in the 2012 us corn harvest
b
bi bulk ingredients division
biopdo
®
 multipurpose monomer 
propanediol made from corn sugar as  
opposed to being made from a petrochemical 
source used in cosmetics detergents  
carpets and textiles
c
carbon dioxide equivalent co2e  
one metric tonne of carbon dioxide or an 
amount of any other greenhouse gas with  
an equivalent global warming potential 
calculated consistently with international  
carbon reporting practice
ccc cash conversion cycle deﬁned for the 
purposes of the annual bonus plan as the 
number of days between cash expenditure and 
collection taking account of inventory payables 
and receivables based on the average of the 
four quarterend results
‘clean label’ a term used in the food and 
beverage industry generally to refer to simpler 
ingredient lists for consumer appeal detailed 
interpretations may vary
constant currency changes in constant 
currency are calculated by retranslating 
comparative period results at current period 
exchange rates
continuing operations operations of the 
group excluding any discontinued operations 
as deﬁned separately
continuous process facility a facility 
designed to manufacture a ﬁnished product  
via continuous process rather than a batch 
process
coproducts corn gluten feed corn gluten 
meal and corn oil
corn gluten feed the largest tate  lyle 
coproduct used by dairy and beef  
cattle markets
cr corporate responsibility
d
discontinued operations an operation is 
classiﬁed as discontinued if it is a component  
of the group that i has been disposed of  
or meets the criteria to be classiﬁed as held  
for sale and ii represents a separate major line 
of business or geographic area of operations  
or will be disposed of as part of a single 
coordinated plan to dispose of a separate 
major line of business or geographic area  
of operations
e
efsa european food safety authority
f
food systems the tate  lyle blending 
business which is part of sfi and which sources 
ingredients and uses them to develop bespoke 
combinations of ingredients for customers
formulations science this is the study  
of how ingredients interact in complex mixtures 
to deliver speciﬁc attributes in food multiple 
food components are blended to create  
desired texture ﬂavour appearance and  
taste formulation science is used to develop 
predictions of how combinations of ingredients 
will impact these important performance 
attributes this is an interdisciplinary science 
that includes chemistry materials science and 
elements of measurement science statistics 
and mathematical modelling
functional food ingredients ingredients  
that offer beneﬁts that go beyond the basic 
nutritional role of the ingredient for example 
some carbohydrates are reported to have  
other beneﬁts such as improved  
gastrointestinal function
g
greenhouse gas ghg any of the following 
carbon dioxide co2 methane ch4 nitrous 
oxide n2o hydroﬂuorocarbons hfcs 
perﬂuorocarbons pfcs sulphur hexaﬂuoride 
sf6
h
hamulsion
®
 food system a thickening 
agent comprising a blend of different 
ingredients
hfcs high fructose corn syrup also called 
isoglucose in europe
i
icd innovation and commercial development 
group supporting our two business divisions 
sfi and bi
k
kpi key performance indicator
n
natural a ‘natural’ description usually refers to 
a food ingredient that is present in nature and 
has been minimally processed however 
interpretations vary as does the legal and 
regulatory landscape in different countries
o
operating proﬁt also referred to as proﬁt 
before interest and tax pbit sales less net 
operating expense
p
proﬁt before tax pbt sales less net 
operating expense less net ﬁnance expense
promitor
®
 soluble corn fiber a prebiotic 
soluble ﬁbre
promoat
®
 beta glucan a soluble ﬁbre  
made from wholegrain oats used to bring  
the health beneﬁts of oat beta glucan to  
food and beverages
pulpiz
®
 pulp extender a starch that mimics 
tomato pulp texture and taste
purefruit™ monk fruit extract  
a zerocalorie sweetener made from monk fruit
r
rezista
®
 speciality food starch a modiﬁed 
starch made from waxy corn which builds  
and protects texture in foods
s
separations science technology and 
techniques used to isolate individual 
compounds from complex mixtures it includes 
distillation ﬁltration and a variety of other 
techniques
sfi speciality food ingredients division
sme small and mediumsized enterprises  
for tate  lyle this means regional or global 
customers with turnover below the level of 
approximately £500 million
sodalo
®
 salt microspheres  
a saltreducing ingredient made from salt
splenda
®
 sucralose a zerocalorie 
sweetener made from sugar
stalite
®
 polydextrose a soluble ﬁbre with 
prebiotic properties made from corn and used 
to provide body and texture in reduced calorie 
noadded sugar and highﬁbre foods
t
tasteva
®
 stevia sweetener  
a zerocalorie sweetener made from stevia 
trading cash ﬂows the group’s adjusted 
operating proﬁt stated before the noncash 
charges for depreciation and amortisation
u
usda us department of agriculture
144  tate  lyle plc annual report 2014
useful information
glossary nonreliance statement
this annual report has been prepared  
solely to provide additional information to 
shareholders to assess the group’s strategy 
and the potential of that strategy to succeed 
and should not be relied upon by any other 
party or for any other purpose
cautionary statement
this annual report contains certain forward
looking statements with respect to the ﬁnancial 
condition results operations and businesses  
of tate  lyle plc these statements and 
forecasts involve risk and uncertainty because 
they relate to events and depend upon 
circumstances that may occur in the future 
there are a number of factors that could  
cause actual results or developments to differ 
materially from those expressed or implied  
by these forwardlooking statements and 
forecasts nothing in this annual report  
should be construed as a proﬁt forecast
tate  lyle plc
tate  lyle plc is a public limited company 
listed on the london stock exchange and is 
registered in england and wales more 
information about tate  lyle can be found on 
the company’s website wwwtateandlylecom
basis of preparation
unless stated otherwise the group’s ﬁnancial 
statements are prepared in accordance with 
international financial reporting standards 
ifrss as adopted by the eu
amortisation
unless stated otherwise the use of the  
word ‘amortisation’ on pages 1 to 73 in this 
annual report relates to the amortisation  
of intangible assets acquired through  
business combinations
continuing operations
unless stated otherwise all comments  
in this annual report refer to the continuing 
operations adjusted to exclude exceptional 
items amortisation of intangible assets 
acquired through business combinations and 
net retirement beneﬁt interest a reconciliation  
of reported and adjusted information is included 
in note 42
deﬁnitions
in this annual report ‘company’ means  
tate  lyle plc ‘tate  lyle’ or ‘group’  
means tate  lyle plc and its subsidiary  
and jointventure companies
environmental statement
this annual report has been printed on  
upm fine offset a paper produced using  
wood ﬁbre from fully sustainable forests with 
forest stewardship council
®  
fsc
®
 
certiﬁcation all pulps used are elemental 
chlorine free and the manufacturing mill holds 
the iso 14001 and the emas accreditations  
for environmental management
printed in the uk by pureprint using vegetable 
inks and their alcofree and pureprint 
environmental printing technology pureprint  
is a carbonneutral
®
 company is registered  
to the environmental management system iso 
14001 and is fsc chainofcustody certiﬁed
if you have ﬁnished with this annual report  
and no longer wish to retain it please pass  
it on to other interested readers or dispose  
of it in your recycled paper waste
the co 2 emissions from the production  
and distribution of this report have been  
offset through the purchase of carbon credits  
in the pureprint gold programme the offsets 
are always in gold standard accredited  
projects and currently come from the basa 
magogo project in south africa the ﬁrst gold 
standard project of its kind in the world this 
innovative behaviourchange programme 
teaches local communities in south africa  
to burn coal more efﬁciently thereby reducing 
carbon emissions and reducing health risks  
by producing less smoke
definitionsexplanatory notes
registered ofﬁce
tate  lyle plc
 1 kingsway
london wc2b 6at
tel 44 020 7257 2100
fax 44 020 7257 2200
company number 76535
wwwtateandlylecom
credits
photography
peter wynn thompson
rob white
designed and produced by
conr a n des i g n group wwwtateandlylecom


Summary:
 tate  lyle is a leading global provider 
of ingredients and solutions to the  
food beverage and other industries 
through our production facilities across  
the world we turn raw materials into 
distinctive highquality ingredients for our 
customers our ingredients and solutions 
add taste texture nutrition and functionality 
to products used or consumed by millions 
of people every day
 splenda
®
 sucralose 
sweetens without adding calories
krystar
®
 crystalline fructose 
provides sweetness and extends 
shelf life
hamulsion
® 
food system 
thickens stabilises provides 
consistent mouthfeel and optimises 
cost one allinclusive solution
our 
ingredients  
at work 
 rezista
®
 speciality food starch 
provides body mouthfeel and stability
promoat
®
 beta glucan 
adds natural ﬁbre and promotes  
heart health
promitor
®
 soluble corn fiber 
provides added ﬁbre and mouthfeel  
to rebalance fat or sugar reduction
  delicious reduced fat reduced 
sugar and reduced calorie  
yoghurt with added ﬁbre
wwwtateandlylecom
ingredientsandservices