Tate & Lyle : Annual Report 2023

Transforming Lives through the Science of Food

Annual Report 2023

What we do

Tate & Lyle is a speciality food and beverage solutions business - a global leader in sweetening, mouthfeel and fortification. We create high-value speciality ingredients and solutions that meet growing global consumer demand for healthier and tastier food and drink.

Purpose-led business

Transforming Lives through the Science of Food is our purpose. Today, the demand for more nutritious food and the desire to live healthier lifestyles are greater than ever. Working with our customers, we reduce calories, sugar and fat in their products, and add fibre and protein, to make people's favourite foods even better. Every day, across the world, millions of people enjoy products containing our solutions.

Science Solutions Society

At Tate & Lyle, everything we do starts with these three things.

Our commitment to science, solutions and society comes from a deep understanding of our purpose. Everything Tate & Lyle does is rooted in science. It's through research and development

• our understanding of the science of food - that we have the greatest impact on people's lives, creating ingredients and solutions that support healthier and more sustainable living.

Read more about our purpose	Read more about our commitments to
Visit tateandlyle.com/purpose	ScienceSolutionsSociety
	Visit tateandlyle.com/our-new-brand

Contents

Introduction

2 A snapshot of Tate & Lyle

Strategic report

8 Chair's statement

10 Chief Executive's review

Our business

1. Our strategy
2. Our markets
3. The world around us

1. Our platforms

1. Our core categories
2. Our scientific and solutions capabilities
3. Our business model

1. Our progress

Review of the year

32 Chief Financial Officer's introduction

1. Food & Beverage Solutions

1. Sucralose

1. Primary Products Europe
2. Innovation and Commercial Development
3. Global Operations

1. Group financial review

1. Our people

1. Our communities

1. Environment, health and safety

1. Task Force on Climate- Related Financial Disclosures

1. Risk report

Governance

78 Board of Directors

1. Executive Committee
2. Corporate governance

1. Nominations Committee Report

1. Audit Committee Report

1. Directors' Remuneration Report

1. Directors' Report

1. Directors' statement of responsibilities

Financial statements

134 Independent Auditor's

Report to the members of Tate & Lyle PLC

1. Consolidated income statement
2. Consolidated statement of comprehensive income
3. Consolidated statement of financial position
4. Consolidated statement of cash flows
5. Consolidated statement of changes in equity
6. Notes to the consolidated

financial statements

198 Parent Company financial statements

Useful information

1. Group five-year summary

1. Additional information

1. Unaudited pro-forma

1. Information for investors
2. Glossary
3. Definitions/explanatory notes

Tate & Lyle PLC Annual Report 2023

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A snapshot of Tate & Lyle

Open any fridge or kitchen cupboard, in any household, in practically any part of the world, and you're likely to find products containing our ingredients and solutions.

We are a global leader in sweetening, mouthfeel and fortification

Countries where we have sites

People

3,604

Employees1

Sites

58

Plants, offices and Customer Innovation and Collaboration Centres1

Labs

16

Our main production facilities

Corn wet mills1

Lafayette, Indiana, US

Koog aan de Zaan, Netherlands Boleráz, Slovakia

Speciality starches2

Van Buren, Arkansas, US

Houlton, Maine, US

Sucralose		Stevia
McIntosh, Alabama, US		Anji, Zhejiang, China
Fibre		Locust bean gum
Nantong, Jiangsu, China		Noto, Sicily, Italy
Jiangmen, Guangdong, China
	Blending
Tapioca		Six facilities in US, UK, Brazil, South Africa,
Dan Khun Thot, Nakhon Ratchasima,		Italy and Australia
Thailand

Global network of Customer Innovation and Collaboration Centres1

Countries/customers

122

Countries in which we serve customers1

1. Corn wet mills produce a range of products including sweeteners, starches and fibres.
2. Speciality starches include corn, tapioca and potato; these plants do not have grind capacity and are not classified as corn wet mills.

2	Tate & Lyle PLC Annual Report 2023

1 At 31 March 2023.

Our performance

Financial

Group statutory results1

Revenue

2023			£1,751m
2022	£1,375m
2021	£1,211m

£1,751m

Profit before tax

2023	£152m
2022	£42m

Alternative performance measures2

Adjusted EBITDA3

2023		£320m
2022	£233m

£320m

Adjusted diluted earnings per share

2023	49.3p
2022	39.5p

Environmental, social and governance

EnvironmentalSocial

6%	6.0m
reduction in Scope 1 and 2 absolute	tonnes of sugar removed from diets through
greenhouse gas emissions5	low-/no-calorie sweeteners and fibres7
13%	3.6m
reduction in Scope 3 absolute greenhouse	meals donated through food banks
gas emissions5	and other charitable partners7

2021£90m

£152m

Diluted earnings per share

2023	30.8p
	5.5p
2022

202119.1p

30.8p

Net debt4

2023	£238m
2022			£626m
2021		£417m

£238m

2021

49.3p

Return on capital employed

2023	17.5%
2022	16.5%
2021	17.3%
17.5%
Free cash flow
2023		£119m
2022	£72m
£119m

2%

reduction in water use intensity5

92%

waste beneficially used6

439,000

acres of sustainable corn supported6

44%

women in leadership and management roles8

Governance

45%

Board of Directors are women8

56%

1. Continuing operations.
2. Adjusted EBITDA, adjusted diluted earnings per share, return on capital employed (ROCE) and free cash flow are non-GAAP measures. Changes in adjusted performance metrics are in constant currency and for continuing operations (for definitions, see Notes 1 and 4). Comparatives for adjusted performance are pro-forma financial information (see Useful information).
3. Earnings before interest, tax, depreciation and amortisation.
4. Net debt is not itself defined by IFRS. It comprises line items that are IFRS-defined terms. See Note 28.

1. From baseline of year ended 31 December 2019, continuing operations.
2. In the year ended 31 December 2022, continuing operations.

Executive Committee are women8

1. From baseline of 31 March 2020.
2. At 31 March 2023.

Tate & Lyle PLC Annual Report 2023

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