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"value": "Notes to the Consolidated Financial Statements 1. Basis of preparation Description of business Tate & Lyle PLC (the Company) is a public limited company incorporated in the United Kingdom and registered in England. It is the ultimate parent of the Tate & Lyle PLC Group. The Company\u2019s ordinary shares are listed on the London Stock Exchange. The Company and its subsidiaries (together \u2018the Group\u2019) provide ingredients and solutions to the food, beverage and other industries. The Group operates from numerous production facilities around the world. The Group\u2019s operations now comprise four operating segments: Food & Beverage Solutions, Sucralose and Primary Products Europe and Primient. The Group\u2019s reportable segments are the same as its operating segments. Segment information is presented in Note 5 as well as details of the change to reflect the new Group structure. Accounting period The Group\u2019s annual financial statements are drawn up to 31 March. These financial statements cover the year ended 31 March 2023 with comparative financials for the year ended 31 March 2022. Basis of accounting The consolidated financial statements on pages 141 to 197 have been prepared in accordance with UK adopted International Accounting Standards. The Group\u2019s principal accounting policies are unchanged compared with the year ended 31 March 2022. The Group\u2019s principal accounting policies have been consistently applied throughout the year. Descriptions and specific accounting policy information on how the Group has applied the requirements of UK adopted International Accounting Standards are included throughout the notes to these financial statements. All amounts are rounded to the nearest million, unless otherwise indicated. Discontinued operations and application of Held for Sale On 1 April 2022 the Group completed the disposal of a controlling stake in a new company and its subsidiaries (\u2018Primient\u2019 or the \u2018Primient business\u2019 or \u2018Primient disposal group\u2019), comprising its Primary Products business in North America and Latin America and its interests in the Almidones Mexicanos S.A. de C.V. (\u2018Almex\u2019) and Covation Biomaterials LLC, formerly \u2018Bio-PDO\u2019 (\u2018Covation\u2019) joint ventures, to KPS Capital Partners, LP (\u2018KPS\u2019) (the \u2018Transaction\u2019). The Group currently holds a 49.7% interest in Primient, decreased from the 49.9% interest held at completion of the Transaction due to the redemption of a number of shares held by the Group for the return of \u00a31 million to the Group. In accordance with IFRS 5 \u2018Non-current Assets Held for Sale and Discontinued Operations\u2019, from 1 July 2021 the Group classified the business that became Primient on 1 April 2022 as a disposal group held for sale and a discontinued operation. 1 July 2021 reflects the date that negotiations on substantive matters with KPS were completed. 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. The results of discontinued operations are presented separately from those of continuing operations. Refer to Note 12 for further details on discontinued operations. Prior year restatement Following the completion accounts exercise which took place after the Transaction date, the balance sheet at 31 March 2022 was restated to correctly reflect certain additional non-current assets being assigned to the Primient disposal group held for sale (impact on non-current assets: reducing Property, Plant and Equipment by \u00a366 million, reducing Goodwill and other intangible assets by \u00a35 million and increasing Assets held for sale by \u00a371 million). This restatement impacted the balance sheet only for the year ended 31 March 2022. Going concern The Directors are satisfied that the Group has adequate resources to continue to operate as a going concern for the foreseeable future and that no material uncertainties exist with respect to this assessment. In making this assessment, the Directors have considered the Group\u2019s balance sheet position and forecast earnings and cash flows for the period from the date of approval of these financial statements to 31 March 2025. The business plan used to support the going concern assessment (the \u2018base case\u2019) is derived from Board- approved forecasts together with certain downside sensitivities. Further details of the Directors\u2019 assessment are set out below: At 31 March 2023, the Group has significant available liquidity, including \u00a3475 million of cash and US$800 million (\u00a3647 million) of committed and undrawn revolving credit facility, of which US$100 million matures in 2025 and US$700 million matures in 2026. The earliest maturity date for any of the Group\u2019s loans is October 2023, when US$120 million will mature. In April 2023, US$95 million of this has been repaid ahead of maturity from existing cash. For the purpose of the going concern assessment, it is anticipated that the remaining US$25 million will also be repaid from existing cash. The Group has only one debt covenant requirement which is to maintain a net debt to EBITDA ratio of not more than 3.5 times. On the covenant-testing basis this was 0.6 times at 31 March 2023. As set out below, for a covenant breach to occur it would require a significant reduction in Group profit. Such reduction is considered to be unlikely. In concluding that the going concern basis is appropriate, the Directors have modelled the impact of a \u2018worst case scenario\u2019 to the \u2018base case\u2019 by including the same two plausible but severe downside risks also used for the Group\u2019s viability statement, being: an extended shutdown of one of our large corn wet mill manufacturing facilities following operational failure or energy shortage; and the loss of two of our largest Food & Beverage Solutions customers. In aggregate, such \u2018worst case scenarios\u2019 did not result in any material uncertainty to the Group\u2019s going concern assessment and the resultant position still had significant headroom above the Group\u2019s debt covenant requirement. The Directors have also calculated a \u2018reverse stress test\u2019 which represents the changes that would be required to the \u2018base case\u2019 in order to breach the Group\u2019s debt covenant. Such \u2018reverse stress test\u2019 showed that the forecast Group profit would have to reduce significantly in order to cause a breach. Accordingly, the Directors have concluded that there are no material uncertainties with respect to going concern and have adopted the going concern basis in preparing the consolidated financial information of the Group as at 31 March 2023. Climate change considerations In preparing the consolidated financial statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosures set out on pages 62 to 66 and our sustainability targets. Climate change-related considerations made in respect of the financial statements relate principally to (i) the impact of climate change on the going concern assessment and viability assessment, (ii) the impact of climate change on the cash flow forecasts used in the impairment assessment of non-current assets including goodwill for the Foods & Beverage Solutions cash-generating unit, and (iii) the impact on the share-based payment charge for the year as a result of the performance against certain Purpose and sustainability targets. These climate change considerations are not considered to be areas of significant judgement or sources of estimation uncertainty in the current year. These considerations are also not expected to have a significant impact on the Group\u2019s going concern assessment to 31 March 2025 nor the viability of the Group over the next three years. 1. Basis of preparation continued Basis of accounting continued The Directors considered further whether any reduction of the useful lives of assets as a result of climate- related matters, which would have a direct impact on the amount of depreciation recognised each year from the date of re-assessment, could have a significant impact on the financial statements. The Directors concluded that the impact of the Group\u2019s decarbonisation commitments does not have a material impact on the results for the year. In view of the evolving risks associated with climate change, the Directors will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements. Foreign currency The consolidated financial statements are presented in pound sterling, which is also the Company\u2019s functional currency. Where changes in constant currency are presented, they are calculated by retranslating current year results at prior year exchange rates. Calculations of changes in constant currency have been included in \u2018Additional information\u2019 within this document. Accounting standards adopted during the year In the current year the Group has adopted, with effect from 1 April 2022, the following new accounting standards: \u2212 Amendments to IFRS 3 Business Combinations; \u2212 Amendments to IAS 16 Property, Plant and Equipment \u2013 Proceeds before intended use; \u2212 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets \u2013 Onerous contracts (cost of fulfilling a contract); and \u2212 Annual Improvements to IFRS Standards 2018-2020. The adoption of these amendments from 1 April 2022 had no material effect on the Group\u2019s financial statements. Accounting standards issued but not yet adopted No other new standards, new interpretations or amendments to standards or interpretations have been published which are expected to have a significant impact on the Group\u2019s financial statements. Alternative performance measures The Group also presents alternative performance measures, including adjusted earnings before interest, tax, depreciation and amortisation (\u2018adjusted EBITDA\u2019), adjusted profit before tax, adjusted earnings per share, free cash flow, net debt to EBITDA and return on capital employed. These measures are used for internal performance analysis and incentive compensation arrangements for employees. They are presented because they provide investors with additional information about the performance of the business which the Directors consider to be valuable. Reconciliations of the alternative performance measures to the most directly comparable UK adopted International Accounting Standards measures are presented in Note 4. During the year the Group has changed its alternative performance measure relating to operating profit from adjusted operating profit to adjusted EBITDA in order to enhance comparability with its industry peers. Alternative performance measures reported by the Group are not defined terms under UK adopted International Accounting Standards and may therefore not be comparable with similarly-titled measures reported by other companies. Pro-forma impact of the disposal of the Primient business Due to the significance of the Primient disposal, where relevant, the Group has also provided pro-forma financial information in order to provide shareholders with better comparability of the performance of the continuing operations. Refer to Useful Information on page 208, and where indicated in the notes to the financial information, where certain comparative information for adjusted results is pro-forma information. 2. Significant judgements and estimates In preparing these consolidated financial statements, management has made judgements and used estimates and assumptions in establishing the reported amounts of assets, liabilities, income and expense under the Group\u2019s accounting policies. Judgements are based on the best evidence available to management. Estimates are based on factors including historical experience and expectations of future events, corroborated with external information where possible. Judgements and estimates and their underlying assumptions are reviewed and updated on an ongoing basis, with any revisions being recognised prospectively. However, given the inherent uncertainty of such estimates, the actual results might differ significantly from the anticipated ones. Information about the accounting estimates and judgements made in applying these accounting policies that have the most significant effect on the amounts recognised in the consolidated financial statements are set out below. Taxation (Note 11) Key sources of estimation uncertainty The Group\u2019s current and deferred tax balances are subject to estimation uncertainty, which could also impact the effective tax rate in the next financial year. The specific sources of estimation uncertainty are as follows: (a) Resolution of uncertain tax provisions: at 31 March 2023, the Group has recorded current tax liabilities of \u00a345 million (2022 \u2013 \u00a346 million) for uncertain tax positions (refer to Note 11). Such provisions arise because the Group operates in an international tax environment and is subjected to periodic tax examination and uncertainties in a number of jurisdictions. Such examination can include, inter alia, transfer pricing arrangements relating to the Group\u2019s operating activities, historical reorganisations and the deductibility of interest on certain intra-group borrowing arrangements. The issues involved are complicated and may take a number of years to resolve. Tax liabilities, if required, have been estimated based on one of two methods, the expected value method (the sum of the probability weighted amounts in a range of possible outcomes) or the single most likely amount method, depending on which is expected to better predict the resolution of the uncertainty. These accounting estimates considered the status of the unresolved matter, the relevant legislation, advice from in-house specialists, opinions of professional firms and past experience and precedents set by the particular tax authority. Of the \u00a345 million total of uncertain tax positions held at 31 March 2023, between zero and \u00a31 million of the balance could be resolved in the year ending 31 March 2024. Such resolution could be favourable or unfavourable. Of the \u00a346 million balance at 31 March 2022, \u00a318 million met the criteria for being released in the year ended 31 March 2023. This compares to the range of possible outcomes coming into the year for potential releases of provisions of between zero to \u00a35 million. The increased release was the result of the completion of two years of tax audits in the US (compared to the anticipated completion of one year\u2019s audit). 2. Significant judgements and estimates continued Taxation (Note 11) continued (b) Recognition of deferred tax assets: at 31 March 2023, the Group has recorded deferred tax assets of \u00a313 million (2022 \u2013 \u00a39 million) and deductible temporary differences for which the unrecognised deferred tax asset is \u00a3200 million (2022 \u2013 \u00a3209 million) (refer to Note 11), the most significant of which relates to unrecognised tax losses in the UK. Management assesses the likelihood of their recoverability within a reasonable foreseeable timeframe, taking into account the future expected profit profile and business model of each relevant company or country, and any potential legislative restrictions on use. A 10% increase in forecasted UK taxable income would lead to a \u00a31 million increase in deferred tax assets recognised. Retirement benefit plans (Note 31) At 31 March 2023, the present value of the benefit obligations of the plans was \u00a31,142 million (2022 \u2013 \u00a31,474 million). The present value of the benefit obligations is based on key assumptions including actuarial estimates of the future benefits that will be payable to the members of the plans. Changes to key assumptions could have a material impact on the reported amounts and, as a result, represent a significant accounting estimate. Key sources of estimation uncertainty The present value of the benefit obligations is most sensitive to the discount rate applied to the benefit obligations, assumed life expectancies, and expected future inflation rates. Sensitivity analysis is included in Note 31. Whilst assumptions are established on a consistent basis reflecting advice from qualified actuaries, using published indices and other actuarial data, management must apply judgement in selecting the most appropriate value from within an acceptable range. Changes in the assumptions used in determining the present value of the benefit obligations will have an impact on the Group\u2019s income statement through their effect on the service cost and the interest on the net deficit or surplus in the plans. However, 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. Exceptional items (Note 8) Key source of judgement Exceptional items comprise items of income, expense and cash flow, including tax items that: are material in amount; and are outside the normal course of business or relate to events which do not frequently recur, and therefore merit separate disclosure in order to provide a better understanding of the Group\u2019s underlying financial performance. Examples of events that give rise to the disclosure of material items of income, expense and cash flow as exceptional items include, but are not limited to: significant impairment events; significant business transformation activities; disposals of operations or significant individual assets; litigation claims by or against the Group; and restructuring of components of the Group\u2019s operations. For tax items to be treated as exceptional, amounts must be material and their treatment as exceptional enable a better understanding of the Group\u2019s underlying financial performance. Exceptional items in the Group\u2019s financial statements are classified on a consistent basis across accounting periods. The classification of income and expense as exceptional items is a significant judgement. Accounting for the Group\u2019s investment in Primient (Note 22) Key source of judgement The Directors have determined that there is a significant accounting judgement with respect to the Group\u2019s accounting for its 49.7% interest in the Primient business following the completion of its disposal. The Group equity accounts for this interest as a joint venture. Such accounting is appropriate because the Group does not have unilateral control over Primient. Instead, important operational decisions are decided by a majority vote by the Primient board (KPS has the right to appoint four directors and the Group has the right to appoint two) with more significant strategic matters requiring unanimous agreement of both shareholders. In addition, from completion, the Group and Primient entered into certain long-term agreements, principally relating to the supply of product between one another; such agreements do not afford either party rights that are indicative of unilateral control. As a result, decisions about relevant activities are principally reserved for the two shareholders and cannot be decided upon unilaterally by either shareholder. Therefore, the Group\u2019s interest in Primient meets the definition of a joint venture. Fair value of purchases, sales and inventory of corn-based products (Notes 15, 29 and 30) 2023 Financial year On completion of the Primient disposal transaction on 1 April 2022, the Group has continued to apply cash flow hedge accounting to manage its economic price exposure on the purchase of energy and chemicals used in the production process. All corn procurement activities transferred to Primient on completion of the disposal and the Group procures corn from Primient (both for the manufacturing of corn-based finished goods in the Group\u2019s US manufacturing sites and for corn embedded in the finished goods manufactured by Primient and sold to the Group under long-term agreements). The Group has ceased to apply fair value hedge accounting to manage the net corn risk and instead manages the corn price risk by using economic hedging principles such as entering into offsetting positions with its supplier (Primient) and customers. As a result, the fair value of purchases, sales and inventory of corn-based products is no longer a source of estimation uncertainty in the current financial year. 2022 Financial year In the comparative period, the Group managed its US net corn position, comprising the purchase, sale and inventory of corn and corn-based goods, including co-products, on a net basis. As a result, the Group previously designated the components of its US net corn position in effective fair value hedge accounting relationships whereby the hedged item was a group of items with offsetting risk positions. This resulted in each element of the net corn position being marked to market and financial instruments (mainly corn futures contracts) were used as hedging instruments to manage this net position. Recording all components of the US net corn position at fair value aligned with the underlying economics and risk management of the business prior to the Transaction. The estimates used to determine these fair values were a key source of estimation uncertainty in the prior year. 2. Significant judgements and estimates continued Fair value of purchases, sales and inventory of corn-based products (Notes 15, 29 and 30) continued The breakdown of its net corn position is shown below for the comparative period only. Year ended 31 March 2022 \u00a3m Hedged items: Corn purchase contracts 44 Corn sale contracts (78) Co-product sale contracts 54 Corn and elevator inventory 69 Co-products inventory (5) Total hedged items 84 Financial instrument products (hedging instrument) (5) Net corn position 79 Key sources of estimation uncertainty (2022 financial year only) Of the components of the net corn positions set out above, those components which had the greatest estimation uncertainty were the fair values of basis and co-products. As a result, for the comparative period only, the IAS 1 required disclosures about the nature of these items and the estimation uncertainty inherent in them is set out in Note 29. The nature of these items is included below: Basis represents the difference in price between the corn pricing on the Chicago Mercantile Exchange and localised pricing that can be achieved for physical delivery. It is typically driven by local supply, demand and logistics factors. At 31 March 2022, the fair value adjustments made to basis was a net asset of \u00a320 million. This was included as a component within corn purchase contracts, corn sale contracts and corn and elevator inventory. Co-products included in fair value hedges comprise corn gluten feed, corn gluten meal and corn oil, which are manufactured as part of the corn wet-milling process. Before the Transaction, the Group could hold either a net long or short position for each co-product based on the volume of co-products made, bought or forward sold at any point in time. The net position of fair value adjustments made to co-product positions at 31 March 2022 was \u00a354 million assets for sales contracts (including co-product credits in corn sales contracts) and \u00a35 million liability for inventories. 3. Key accounting policies The consolidated financial statements have been prepared under the historical cost convention, modified in respect of the revaluation to fair value of certain investments in equities, derivative financial instruments, non-derivative financial instruments in fair value hedge relationships (2022 financial year only), certain inventories (2022 financial year only), assets held by defined benefit pension plans and assets held for sale (2022 financial year only). Descriptions and specific accounting policy information on how the Group has applied the requirements of UK adopted International Accounting Standards are included throughout the notes to these financial statements. Key accounting policies, where information can be found in the applicable note, include: \u2212 Revenue recognition (Note 5) \u2212 Income taxes (Note 11) \u2212 Discontinued operations (Note 12) \u2212 Goodwill and other intangible assets (Note 19) \u2212 Leases (Note 21) \u2212 Foreign currency translation of subsidiaries (Note 24) \u2212 Financial instruments (Notes 17, 18, 25, 26 and 29) \u2212 Retirement benefit obligations (Note 31) \u2212 Share-based payments (Note 32) 4. Reconciliation of alternative performance measures Income statement measures For the reasons set out in Note 1, the Group also presents alternative performance measures including adjusted EBITDA, adjusted profit before tax and adjusted earnings per share, which are used for internal performance analysis and incentive compensation arrangements for employees. They are presented because they provide investors with additional information about the performance of the business which the Directors consider to be valuable. During the year, the Group has changed its alternative performance measure relating to operating profit from adjusted operating profit to adjusted EBITDA in order to enhance comparability with its industry peers. For the years presented, alternative performance measures exclude, where relevant: \u2212 Exceptional items (excluded as they are material in amount; and are outside the normal course of business or relate to events which do not frequently recur, and therefore merit separate disclosure in order to provide a better understanding of the Group\u2019s underlying financial performance); \u2212 Amortisation of acquired intangible assets (costs associated with amounts recognised through acquisition accounting that impact earnings compared to organic investments); \u2212 Amortisation of other fair value adjustments on acquisition (costs associated with amounts recognised through acquisition accounting that impact earnings compared to organic investments); \u2212 Tax on the above items and tax items that themselves meet these definitions. For tax items to be treated as exceptional, amounts must be material and their treatment as exceptional enable a better understanding of the Group\u2019s underlying financial performance; and \u2212 IFRS 5 held for sale adjustment consisting of 1) cessation of depreciation and amortisation of assets of the Primient business; and 2) cessation of equity accounting of the share of profits and dividends received from the Group\u2019s existing joint venture interests. These adjustments relate to the year ended 31 March 2022 only. Within adjusted discontinued operations these adjustments were excluded in order to provide a better understanding of the Group\u2019s underlying financial performance on a like-for-like basis. The change for the exclusion of \u2018amortisation of other fair value adjustments on acquisition\u2019 reflects the relative size of the Quantum acquisition compared to previous recent Group acquisitions and was made to treat the amortisation or unwind of all fair value adjustments consistently with the amortisation of acquired intangibles. This change does not impact the comparative year presented. Note also that given the size of the Group\u2019s retained share in the Primient joint venture, the Group\u2019s adjusted profit before tax will exclude its share of any of the above items relating to the Primient joint venture. This change does not impact the comparative year presented. Where indicated, comparatives are presented on a pro-forma basis to provide investors with better comparability of the performance of continuing operations (see Note 1). 4. Reconciliation of alternative performance measures continued Income statement measures continued Alternative performance measures reported by the Group are not defined terms under UK adopted International Accounting Standards and may therefore not be comparable with similarly-titled measures reported by other companies. The following table shows the reconciliation of the key income statement alternative performance measures to the most directly comparable measures reported in accordance with UK adopted International Accounting Standards: Year ended 31 March 2023 Year ended 31 March 2022 Continuing operations \u00a3m unless otherwise stated Reported Adjusting items Adjusted reported Reported Adjusting items Adjusted reported Revenue 1 751 \u2013 1 751 1 375 \u2013 1 375 EBITDA 291 29 320 147 93 240 Depreciation 1 (59) 1 (58) (56) \u2013 (56) Amortisation (36) 23 (13) (24) 10 (14) Operating profit 196 53 249 67 103 170 Net finance expense (20) \u2013 (20) (25) \u2013 (25) Share of (loss)/profit of joint venture (24) 48 24 \u2013 \u2013 \u2013 Profit before tax 152 101 253 42 103 145 Income tax expense (25) (25) (50) (16) (12) (28) Profit for the year 127 76 203 26 91 117 Basic earnings per share (pence) 31.3p \u2013 \u2013 5.5p \u2013 \u2013 Diluted earnings per share (pence) 30.8p 18.5p 49.3p 5.5p 19.4p 24.9p Effective tax rate expense % 16.8% 19.9% 38.4% 19.3% 1 For the year ended 31 March 2023, depreciation includes depreciation of \u00a31 million related to the Quantum acquisition fair value adjustments which is excluded from adjusted operating profit. The following table shows the reconciliation of the adjusting items impacting adjusted profit for the year: Year ended 31 March Continuing operations Notes 2023 \u00a3m 2022 \u00a3m Exceptional costs included in operating profit 8 28 93 Amortisation of acquired intangible assets 19 23 10 Unwind of fair value adjustments (including \u00a31 million of depreciation) 2 \u2013 Adjusting items excluded from share of profit of joint venture 22 48 \u2013 Total excluded from adjusted profit before tax 101 103 Tax credit on adjusting items 11 (25) (24) Exceptional tax charge 8, 11 \u2013 12 Total excluded from adjusted profit for the year 76 91 Cash flow measure The Group also presents an alternative cash flow measure, \u2018free cash flow\u2019, which is defined as cash generated from total operations, after net interest and tax paid, after capital expenditure and excluding the impact of exceptional items. Net Capital expenditure is the net impact of the purchase and sale of property, plant and equipment, intangible assets and certain equity investments. The definition of free cash flow has been amended to make clear that capital expenditure is measured on a net basis i.e. net cash received/paid for property, plant and equipment, intangible assets and certain equity investments. This change has been made to bring the definition more in line with other similar companies. This change does not impact the comparative year presented. Tax paid refers to tax paid for the Group\u2019s operations excluding any tax paid for its share of the Primient joint venture\u2019s results. The Group receives specific dividends from Primient in order to settle such tax liabilities. As all dividends received are excluded from free cash flow, it is appropriate to exclude tax paid out of the receipt of these dividends. This change does not impact the comparative year presented. The following table shows the reconciliation of free cash flow relating to continuing operations: Year ended 31 March Continuing operations 2023 \u00a3m 2022 \u00a3m Adjusted operating profit from continuing operations 249 170 Adjusted for: Adjusted depreciation and adjusted amortisation 1 71 70 Share-based payments charge 20 10 Other non-cash movements 2 (8) 4 Changes in working capital 3 (105) (68) Net retirement benefit obligations (9) (7) Net capital expenditure (71) (75) Net interest and tax paid 4 (28) (32) Free cash flow from continuing operations 119 72 1 Total depreciation of \u00a359 million (2022 \u2013 \u00a356 million) less \u00a31 million of depreciation related to Quantum acquisition fair value adjustments (2022 \u2013 \u00a3nil) and amortisation of \u00a336 million (2022 \u2013 \u00a324 million) less \u00a323 million (2022 \u2013 \u00a310 million) of amortisation of acquired intangible assets. 2 In the year ended 31 March 2023, other non-cash movements excludes an inflow of \u00a31 million for an item not included adjusting operating profit. 3 In the year ended 31 March 2023, changes in working capital excludes the 2022 financial year bonus payment of \u00a37 million to employees who have transitioned to Primient which is classified as a discontinued cash outflow. This impact is partially offset by the increase of a legal provision relating to discontinued operations. Refer to Note 12. 4 In the year ended 31 March 2023, net interest and tax paid excludes tax payments of \u00a347 million relating to the Group\u2019s share of Primient\u2019s tax including the exceptional tax on the gain on disposal of Primient (\u00a342 million). 4. Reconciliation of alternative performance measures continued Cash flow measure continued The following table shows the reconciliation of free cash flow to net cash generated from operating cash flows: Year ended 31 March Continuing operations Notes 2023 \u00a3m 2022 \u00a3m Free cash flow from continuing operations 119 72 Adjusted for: Add: free cash flow relating to discontinued operations 12 (7) (56) Less: exceptional cash flows 8 (59) (60) Less: tax payments relating to Primient and gain on disposal (47) \u2013 Less: interest received (11) (1) Add: net capital expenditure 71 148 Net cash generated from operating activities \u2013 total operations 66 103 Financial strength measures The Group uses two financial metrics as key performance measures to assess its financial strength. These are the net debt to EBITDA ratio, and the return on capital employed ratio. For the purposes of KPI reporting, the Group uses a simplified calculation of these KPIs to make them more directly related to information in the Group\u2019s financial statements. The net debt to EBITDA ratio using the calculation methodology prescribed for financial covenants on the Group\u2019s borrowing facilities is shown in Note 30. All ratios are calculated based on unrounded figures in \u00a3 million. The net debt to EBITDA ratio is as follows: At 31 March Note Continuing operations 2023 \u00a3m Total operations 2022 \u00a3m Calculation of net debt to EBITDA ratio Net debt 28 238 626 Adjusted operating profit 249 312 Add back adjusted depreciation and adjusted amortisation 71 158 EBITDA 320 470 Net debt to EBITDA ratio (times) 1 0.7 1.3 1 The net debt to EBITDA ratio for the year ended 31 March 2022 is based on total operations as the level of net debt held was to support the larger Group before the Primient disposal. Return on capital employed (ROCE) is a measure of the return generated on capital invested by the Group. The measure encourages compounding reinvestment within business and discipline around acquisitions; as such it provides a guard rail for long-term value creation. ROCE is a component of the Group\u2019s five-year performance ambition to 31 March 2028 and is used in incentive compensation. ROCE is calculated as underlying operating profit excluding exceptional items divided by the average invested operating capital (calculated as the average for each month of goodwill, intangible assets, property, plant and equipment, working capital, provisions and non-debt related derivatives). As such the average invested operating capital is derived from the management balance sheet and does not reconcile directly to the statutory balance sheet. All elements of average invested operating capital are calculated in accordance with IFRS. At 31 March 2023 \u00a3m Pro-forma* 2022 \u00a3m Calculation ROCE Adjusted operating profit \u2013 continuing operations 249 170 Impact of long-term agreements \u2013 (7) Deduct amortisation on acquired intangible assets and other fair value adjustments (25) (10) Profit before interest, tax and exceptional items for ROCE 224 153 Average invested operating capital 1 278 924 ROCE % 17.5% 16.5% * Comparatives are based on pro-forma financial information (see Useful Information on page 208). 5. Segment information Revenue recognition Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer at a point in time. Discounts mainly comprise volume-driven rebates. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. A liability is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. The amount recognised as refund liabilities for volume rebates at 31 March 2023 was \u00a38 million. The Group also estimates variable consideration to be included in the purchase price for the inclusion of any inflation price-through adjustment. These adjustments are analysed on a per customer basis and/or are based on historical settlement patterns to determine the expected value of the variable consideration. The amount uncollected at 31 March 2023 was \u00a32 million. There is no material element of financing in sales which are made with credit terms in general between 30 to 60 days, which is consistent with market practice. The Group makes use of certain supply-chain financing arrangements with a number of its customers, mainly in North America \u2013 and such arrangements include a financing element, which is deducted from revenue. During the year ended 31 March 2023, \u00a34 million (2022 \u2013 \u00a33 million, of which \u00a32 million was related to discontinued operations) was deducted from revenue for supply-chain financing costs. Segment information is presented on a basis consistent with the information presented to the Board (the designated Chief Operating Decision Maker (CODM)) for the purposes of allocating resources within the Group and assessing the performance of the Group\u2019s businesses. Following the completion of the Transaction on 1 April 2022, the Group has changed its operating segments to reflect the Group\u2019s structure. The Group\u2019s core operations comprise three operating segments as follows: The Food & Beverage Solutions, Sucralose and Primary Products Europe. These operating segments are also reportable segments. The Group does not aggregate operating segments to form reportable segments. Food & Beverage Solutions now includes certain operating costs associated with the Group\u2019s former Primary Products operating segment that have remained with the Group. Food & Beverage Solutions operates in the core categories of beverages; dairy; soups, sauces and dressings; and bakery and snacks. Sucralose, a high-intensity sweetener and a sugar reduction ingredient, is used in various food categories and beverages. Primary Products Europe focuses principally on high-volume sweeteners and industrial starches. The Group is executing a planned transition away from these lower margin products in order to use the capacity to fuel growth in the Food & Beverage Solutions operating segment. Whilst not part of the Group\u2019s core operations, its 49.7% investment in the Primient joint venture is also an operating segment and reportable segment. Primient is a leading producer of food and industrial ingredients, principally bulk sweeteners and industrial starches. Key products include nutritive sweeteners (such as high fructose corn syrup and dextrose), industrial starches, acidulants (such as citric acid) and commodities (such as corn gluten feed and meal and corn oil). Primient comprises the Group\u2019s former Primary Products business in North America and Latin America and its former interests in the Almex and Covation joint ventures. Central, which comprised central costs including head office, treasury and insurance activities, was shown separately in prior years. Reflecting that the Group is now a smaller, more focused business following the completion of the Transaction, in the 2023 financial year Central has been allocated to segments to enable closer alignment of investments to segment strategies. The allocation methodology is based on firstly attributing total selling and general administrative costs by the support provided to each segment directly, then allocating non-directly attributed costs mainly on the basis of segment share of Group gross profit. The Board now uses adjusted EBITDA as the measure of the profitability of the Group\u2019s businesses. For the Primient operating segment, the Board uses the Group\u2019s share of adjusted profit of the Primient joint venture as the measure of profitability of this business. Adjusted EBITDA and the Group\u2019s share of adjusted profit of the Primient Joint Venture are therefore the measures of segment profit presented in the Group\u2019s segment disclosures for the relevant operating segments. The segmental classification of exceptional items is detailed in Note 8. As a result of the change in the Group\u2019s operating segments, where relevant, the Group has restated the comparative year\u2019s segmental disclosure in order to provide a like-for-like comparison for the performance of the operating segments. All revenue is from external customers. Segment results for the year ended 31 March 2023 IFRS 8 Segment results Year ended 31 March 2023 Total operations Food & Beverage Solutions \u00a3m Sucralose \u00a3m Primary Products Europe \u00a3m Primient Joint Venture \u00a3m Total \u00a3m Revenue 1 438 184 129 \u2013 1 751 Adjusted EBITDA 1 271 58 (9) \u2013 320 Adjusted EBITDA margin 18.8% 31.3% (6.5%) \u2013 18.3% Adjusted share of profit of joint venture 1 \u2013 \u2013 \u2013 24 24 Included within statutory operating profit 2 : \u2212 depreciation 47 10 2 \u2013 59 \u2212 amortisation 34 2 \u2013 \u2013 36 \u2212 share-based payments 16 3 1 \u2013 20 1 Reconciled to statutory profit for the year for continuing operations in Note 4. 2 Disclosure provided as either included in the measure of segment profit and loss or otherwise regularly provided to CODM . 5. Segment information continued Segment results for the year ended 31 March 2022 IFRS 8 Segment results \u2013 pro-forma basis Year ended 31 March 2022* Total operations Food & Beverage Solutions \u00a3m Sucralose \u00a3m Primary Products Europe \u00a3m Primient Joint Venture \u00a3m Total \u00a3m Revenue 1 111 163 101 \u2013 1 375 Adjusted EBITDA 207 53 (20) \u2013 240 Adjusted EBITDA margin 18.6% 32.6% (19.4%) \u2013 17.5% Adjusted share of profit of joint venture \u2013 \u2013 \u2013 \u2013 \u2013 Pro-forma adjusted EBITDA 1 200 53 (20) \u2013 233 Pro-forma adjusted EBITDA margin 1 18.0% 32.6% (19.4%) \u2013 17.0% Pro-forma adjusted share of profit of joint venture 1 \u2013 \u2013 \u2013 61 61 Included within statutory operating profit 2 : \u2212 depreciation 43 9 4 \u2013 56 \u2212 amortisation 22 2 \u2013 \u2013 24 \u2212 share-based payments 8 2 \u2013 \u2013 10 * Restated to reflect the change in operating segments (see page 152). 1 Comparative information for the year ended 31 March 2022 is based on pro-forma financial information (see Useful Information page 208). 2 Disclosure provided as either included in the measure of segment profit and loss or otherwise regularly provided to CODM. Reconciliation of the restated 2022 IFRS 8 segmental disclosures on a pro-forma basis to the reported IFRS 8 segmental disclosures as reported in the Annual Report for that year issued on 9 June 2022: (i) Revenue Restated* Year ended 31 March 2022 Continuing operations Food & Beverage Solutions \u00a3m Sucralose \u00a3m Primary Products Europe \u00a3m Primary Products \u00a3m Central \u00a3m Total \u00a3m Segmental revenue \u2013 as reported 1 111 163 \u2013 1 858 \u2013 3 132 Reclassification to discontinued operations \u2013 \u2013 \u2013 (1 757) \u2013 (1 757) Transfer of Primary Products Europe business out of Primary Products \u2013 \u2013 101 (101) \u2013 \u2013 Segmental revenue \u2013 restated 1 111 163 101 \u2013 \u2013 1 375 * Restated to reflect the change in operating segments (see page 152). (ii) Adjusted EBITDA Restated* Year ended 31 March 2022 Continuing operations Food & Beverage Solutions \u00a3m Sucralose \u00a3m Primary Products Europe \u00a3m Primary Products \u00a3m Central \u00a3m Total \u00a3m Segmental adjusted operating profits \u2013 as reported 190 61 \u2013 112 (51) 312 Transfer of Primary Products Europe business out of Primary Products \u2013 \u2013 (21) 21 \u2013 \u2013 Reclassification to discontinued operations 1 (9) \u2013 \u2013 (133) \u2013 (142) Allocation of central costs (29) (19) (3) \u2013 51 \u2013 Adjusted operating profit 152 42 (24) \u2013 \u2013 170 Add back depreciation 43 9 4 \u2013 \u2013 56 Add back adjusted amortisation 12 2 \u2013 \u2013 \u2013 14 Adjusted EBITDA 207 53 (20) \u2013 \u2013 240 Adjusted EBITDA margin 18.6% 32.6% (19.4%) \u2013 \u2013 17.5% Pro-forma Impact of long-term agreements 2 (7) \u2013 \u2013 \u2013 \u2013 (7) Pro-forma adjusted EBITDA 200 53 (20) \u2013 \u2013 233 Pro-forma adjusted EBITDA margin 18.0% 32.6% (19.4%) \u2013 \u2013 17.0% * Restated to reflect the change in operating segments (see page 152). 1 Operating costs of \u00a39 million are reallocated from Primary Products to Food & Beverage Solutions because they remained within the Group after completion of the Transaction. 2 Comparative information for the year ended 31 March 2022 is based on pro-forma financial information (see Useful Information page 208) . 5. Segment information continued Geographic disclosures Revenue Year ended 31 March Total operations 2023 \u00a3m 2022 \u00a3m Food & Beverage Solutions North America 687 542 Asia, Middle East, Africa and Latin America 432 325 Europe 319 244 Food & Beverage Solutions \u2013 total 1 438 1 111 Sucralose \u2013 total 184 163 Primary Products Europe 129 101 Primary Products in the Americas \u2013 1 757 Total 1 751 3 132 Sales to customers (total operations) in the United Kingdom totalled \u00a350 million (2022 \u2013 \u00a340 million). Sales to customers (total operations) in the United States totalled \u00a3753 million (2022 \u2013 \u00a32,222 million, including discontinued operations). From continuing operations no customer contributed more than 10% of the Group\u2019s external sales (2022 \u2013 no customer contributed more than 10%). Revenue \u2013 reconciliation to the consolidated income statement Year ended 31 March 2023 \u00a3m 2022 \u00a3m Revenue \u2013 geographic disclosure \u2013 total operations 1 751 3 132 Reclassification to discontinued operations \u2013 (1 757) Revenue \u2013 continuing operations 1 751 1 375 Location of non-current assets The location of non-current assets, other than financial instruments (including long-term receivables), deferred tax assets, and retirement benefits are as follows: Year ended 31 March 2023 \u00a3m 2022 \u00a3m United Kingdom 25 29 United States 517 1 168 Other European countries 279 262 Rest of the world 318 190 Non-current assets \u2013 total operations 1 1 139 1 649 1 The comparative year included \u00a3940 million classified as held for sale. See Note 12. 6. Operating profit Analysis of operating expenses by nature: Year ended 31 March Continuing operations Notes 2023 \u00a3m 2022 \u00a3m Revenue 1 751 1 375 Operating expenses Cost of inventories (included in cost of sales) 876 696 Staff costs (of which \u00a396 million (2022 \u2013 \u00a3122 million) was included in cost of sales) 1 9 284 260 Depreciation of property, plant and equipment: \u2212 owned assets (of which \u00a345 million (2022 \u2013 \u00a341 million) was included in cost of sales) 50 47 \u2212 leased assets (of which \u00a31 million (2022 \u2013 \u00a32 million) was included in cost of sales) 21 9 9 Exceptional costs 8 28 93 Amortisation of intangible assets: \u2212 acquired intangible assets 19 23 10 \u2212 other intangible assets 19 13 14 Impairment of intangible assets 3 19 1 1 Impairment of property, plant and equipment 4 20 \u2013 3 Total net foreign exchange losses 1 2 Other operating expenses 270 173 Operating expenses 1 555 1 308 Operating profit 196 67 1 Excludes \u00a36 million (2022 \u2013 \u00a313 million) of staff costs recognised in continuing exceptional items. 2 Excludes \u00a3nil (2022 \u2013 \u00a33 million) of impairment of trade receivables recognised in continuing exceptional items. 3 Excludes \u00a3nil (2022 \u2013 \u00a31 million) of impairment of intangible assets recognised in continuing exceptional items. 4 Excludes \u00a3nil (2022 \u2013 \u00a315 million) of impairment of property, plant and equipment recognised in continuing exceptional items. The Group spend on research and development expenditure during the year was \u00a346 million (2022 \u2013 \u00a341 million). 7. Auditor\u2019s remuneration Fees payable to the Company\u2019s external auditor, Ernst & Young LLP, and its associates, were as follows: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Fees payable for the audit of the Company and consolidated financial statements 1.7 1.4 Fees payable for other services: \u2212 the audit of the Company\u2019s subsidiaries 1.7 2.2 \u2212 audit-related assurance services 0.1 0.1 \u2212 services relating to corporate finance transactions \u2013 0.6 Total 3.5 4.3 8. Exceptional items Refer to Note 2 for the exceptional items accounting policy. Exceptional (costs)/income recognised in the consolidated income statement are as follows: Year ended 31 March Continuing operations Footnotes 2023 \u00a3m 2022 \u00a3m Income statement Costs associated with the separation and disposal of Primient (a) (25) (79) Restructuring costs (b) (5) (1) Impairment related to the disposal of Primient \u2013 (13) US pension plan past service credit \u2013 9 Stabiliser product contamination (1) (9) Historical legal matters (c) 3 \u2013 Exceptional items included in profit before tax (28) (93) UK tax charge \u2013 (6) US tax charge \u2013 (6) Exceptional items included in income tax \u2013 (12) Exceptional items \u2013 continuing operations (28) (105) Year ended 31 March Discontinued operations Note 2023 \u00a3m 2022 \u00a3m Gain on disposal of Primient 12 98 \u2013 Restructuring costs \u2013 (3) Exceptional items \u2013 discontinued operations 98 (3) Exceptional items \u2013 total operations 70 (108) Set out below are the principal components of the Group\u2019s exceptional items: Continuing operations (a) In the year ended 31 March 2023, the Group incurred certain transaction and separation costs related to the Primient disposal which totalled \u00a325 million. The majority of these costs were separation in nature and consist principally of information technology (IT) costs to ensure the Group\u2019s and Primient\u2019s IT systems are fully independent by the end of this financial year, being the date that the transition services arrangement for IT support ends. (b) The Group recognised a \u00a35 million restructuring charge, principally in relation to IT initiatives. (c) The Group recognised a credit of \u00a33 million in relation to the release of provisions reflecting favourable legal rulings. The charge on initial recognition of these provisions was also classified within exceptional costs. In addition, during the year the Group recognised final cash costs of \u00a31 million in relation to the prior year stabiliser product contamination issue of products manufactured by certain third-party suppliers in China. All exceptional items were recognised in the Food & Beverage Solutions reportable segment. The net \u00a328 million exceptional costs recorded in operating profit in continuing operations during the year resulted in \u00a324 million (outflow) disclosed in exceptional operating cash flow. In addition, \u00a335 million of exceptional costs recorded in the prior year resulted in cash outflows in the year ended 31 March 2023, such that operating cash outflow from exceptional items in continuing operations was \u00a359 million. The most significant exceptional costs in the comparative year were costs incurred in relation to the Primient disposal, including the impairment of certain assets remaining with the Group which will no longer be used following the disposal. Other exceptional costs and income in the comparative year related to a past service credit linked to a plan amendment made to the Group\u2019s US pension plans, costs associated with a stabiliser product contamination, historical legal matters and one-off tax charges as a result of the Primient transaction due to a reduction of brought forward UK tax losses and US state tax credits that are expected to be able to be utilised in the future. Tax credits or charges on exceptional items are only recognised to the extent that gains or losses incurred are expected to result in tax recoverable or payable in the future. The total tax impact of these exceptional items was a tax credit of \u00a36 million. Refer to Note 11. Discontinued operations The Group recorded a gain of \u00a398 million relating to the disposal on 1 April 2022 of a 50.1% controlling interest in Primient in exchange for gross cash proceeds of US$1.4 billion (\u00a31.1 billion). An exceptional tax charge of \u00a333 million arose on this gain. Further details on the gain on disposal, and the associated tax charge, are set out in Note 12. The exceptional costs in the prior year were restructuring costs relating to productivity and simplification projects totalling \u00a33 million which were mainly related to Global Operations cost saving initiatives. 8. Exceptional items continued Cash flows from total operations Further details in respect of cash flows from exceptional items are set out below: Year ended 31 March Net operating cash outflows on exceptional items Footnotes 2023 \u00a3m 2022 \u00a3m Costs associated with the separation and disposal of Primient (a) (52) (48) Restructuring costs (b) (3) (5) US pension plan past service credit (d) (1) (1) Stabiliser product contamination (1) \u2013 Historical legal matters (c) (2) (4) Net cash outflows \u2013 continuing operations (59) (58) Net cash outflows \u2013 discontinued operations (42) (2) Net cash outflows \u2013 total operations (101) (60) Additional details are included for the following item: (d) In the prior year, a plan amendment to the Group\u2019s US pension plans resulted in a past service credit of \u00a313 million, with the Group agreeing to make incremental contributions of \u00a34 million (resulting in a net exceptional credit of \u00a39 million). Incremental contributions of \u00a31 million were paid in the current and prior year, with the remaining \u00a32 million expected to be paid in the 2024 financial year. Exceptional cash flows The total cash adjustment relating to exceptional items presented in the cash flow statement of \u00a3129 million (outflow) (2022 \u2013 \u00a336 million (inflow)) reflects the net exceptional gain in profit before tax for total operations of \u00a370 million (2022 \u2013 net exceptional loss of \u00a396 million) which was \u00a3129 million higher (2022 \u2013 \u00a336 million higher loss) than net cash outflows of \u00a359 million (2022 \u2013 \u00a360 million) set out in the table above. The Group also paid \u00a342 million of exceptional tax on the gain on disposal of Primient (see Note 12). 9. Staff costs Staff costs were as follows: Year ended 31 March Continuing operations 2023 \u00a3m 2022 \u00a3m Wages and salaries 229 234 Social security costs 31 21 Retirement benefit costs: \u2212 defined benefit schemes \u2013 1 \u2212 defined contribution schemes 10 7 Share-based payments 20 10 Staff costs \u2013 continuing operations 290 273 The average number of people employed by the Company and its subsidiaries, including part-time employees, is set out below: Year ended 31 March By operating segment 2023 2022 Food & Beverage Solutions 1 3 455 2 191 Sucralose 1 117 106 Primary Products Europe 2 \u2013 \u2013 Primary Products \u2013 1 665 Central \u2013 560 Total 3 572 4 522 1 The Food & Beverage Solutions and Sucralose segments operate with a single commercial team. It is not practicable to split this team between the two segments, and therefore the entire headcount of the commercial team has been included within the Food & Beverage Solutions segment. 2 The Primary Products Europe segment does not have any dedicated employees. The Global Operations employees in European plants are used for production in both the Food & Beverage Solutions and Primary Products Europe segments. It is not practicable to split this team between the two segments, and therefore this entire headcount has been included within the Food & Beverage Solutions segment. At 31 March 2023, the Group employed 3,604 people (2022 \u2013 4,591 people, of which 1,424 transitioned to Primient on completion of the Transaction). Central, which was previously disclosed separately, included shared-service employees who perform activities for the whole Group, including the Food & Beverage Solutions, Sucralose and Primary Products Europe segments. In the year ended 31 March 2023, central employees have been allocated to the Food & Beverage Solutions segment. Key management compensation Year ended 31 March 2023 \u00a3m 2022 \u00a3m Salaries and short-term employee benefits 11 8 Retirement benefits 1 1 Share-based payments 10 5 Total 22 14 Key management is represented by the Executive Committee and the Company\u2019s Directors. Remuneration details of the Company\u2019s Directors are given in the Directors\u2019 Remuneration Report on pages 106 to 129. Members of the Executive Committee are identified on page 81. The aggregate gains made by key management on the exercise of share options were \u00a34 million (2022 \u2013 \u00a36 million, of which \u00a31 million related to discontinued operations). No related party transactions with close family members of the Group\u2019s key management occurred in the current or prior year. 10. Finance income and expense Year ended 31 March Continuing operations Notes 2023 \u00a3m 2022 \u00a3m Interest payable on bank and other borrowings (27) (21) Lease interest 21 (2) (2) Net retirement benefit interest 31 (3) (3) Finance expense (32) (26) Finance income \u2013 income on cash balances 12 1 Net finance expense (20) (25) 11. Income taxes Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the consolidated income statement except to the extent that it relates to items recognised directly in equity and other comprehensive income. Current tax is the amount of tax expected to be payable or receivable on the taxable profit or loss for the current period. This amount is amended for adjustments in respect of prior periods. Current tax is calculated using tax rates that have been written into law (\u2018enacted\u2019) or irrevocably announced/committed by the respective government (\u2018substantively enacted\u2019) at the period-end date. Income tax in the consolidated income statement will differ from the income tax paid in the consolidated cash flow statement primarily because of deferred tax arising on temporary differences and payment dates for income tax occurring after the balance sheet date. Deferred tax is provided based on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax is calculated using the enacted or substantively enacted rates that are expected to apply when the asset is realised, or the liability is settled. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Current and deferred tax receivable (assets) and payable (liabilities) are offset only when there is a legal right to settle them net and the Group intends to do so. This is generally true when the taxes are levied by the same tax authority. Refer to Note 2 for key sources of estimation uncertainty relating to income taxes. Analysis of charge for the year Year ended 31 March Continuing operations 2023 \u00a3m 2022* \u00a3m Current tax United Kingdom (1) \u2013 Overseas (66) (56) Tax credit on exceptional items 6 5 Credit in respect of previous financial years 16 15 (45) (36) Deferred tax Credit for the year 13 12 (Charge)/credit in respect of previous financial years (6) 4 Tax credit on exceptional items \u2013 16 Tax credit on Primient exceptional items 13 \u2013 UK exceptional tax charge \u2013 (6) US exceptional tax charge \u2013 (6) Income tax expense (25) (16) Statutory effective tax rate (%) 16.8% 38.4% * The comparatives have been amended to enhance consistency with the current year disclosure. Reconciliation to adjusted income tax expense Year ended 31 March Continuing operations Note 2023 \u00a3m 2022 \u00a3m Income tax expense (25) (16) Add back the impact of: Tax credit on exceptional items (6) (21) Tax credit on Primient exceptional items (13) \u2013 Tax credit on amortisation of acquired intangibles and other fair value adjustments (7) (3) Tax charge on amortisation of Primient acquired intangibles and other fair value adjustments 1 \u2013 UK exceptional tax charge \u2013 6 US exceptional tax charge \u2013 6 Adjusted income tax expense 4 (50) (28) Adjusted effective tax rate (%) 19.9% 19.3% At 31 March 2023, the carrying value of current tax assets totalled \u00a39 million (2022 \u2013 \u00a311 million) and the carrying value of the current tax liabilities totalled \u00a362 million (2022 \u2013 \u00a323 million). 11. Income taxes continued The Group\u2019s current and deferred tax balances are subject to estimation uncertainty, which could also impact the effective tax rate in the next financial year. The specific sources of estimation uncertainty are as follows: (a) Resolution of uncertain tax provisions: at 31 March 2023, the Group has recorded current tax liabilities of \u00a345 million (2022 \u2013 \u00a346 million) for uncertain tax positions (refer to Note 2). Such provisions arise because the Group operates in an international tax environment and is subjected to periodic tax examination and uncertainties in a number of jurisdictions. Such examination can include, inter alia, transfer pricing arrangements relating to the Group\u2019s operating activities, historical reorganisations and the deductibility of interest on certain intra-group borrowing arrangements. The issues involved are complicated and may take a number of years to resolve. Tax liabilities, if required, have been estimated based on one of two methods, the expected value method (the sum of the probability weighted amounts in a range of possible outcomes) or the single most likely amount method, depending on which is expected to better predict the resolution of the uncertainty. These accounting estimates considered the status of the unresolved matter, the relevant legislation, advice from in-house specialists, opinions of professional firms and past experience and precedents set by the particular tax authority. Of the \u00a345 million total of uncertain tax positions held at 31 March 2023, between zero and \u00a31 million of the balance could be resolved in the year ending 31 March 2024. Such resolution could be favourable or unfavourable. Of the \u00a346 million balance at 31 March 2022, \u00a318 million met the criteria for being released in the year ended 31 March 2023. This compares to the range of possible outcomes coming into the year for potential releases of provisions of between zero and \u00a35 million. The increased release was the result of the completion of two years of tax audits in the US (compared to the anticipated completion of one year\u2019s audit). (b) Recognition of deferred tax assets: at 31 March 2023, the Group has recorded deferred tax assets of \u00a313 million (2022 \u2013 \u00a39 million assets), and deductible temporary differences for which the unrecognised deferred tax asset is \u00a3200 million (2022 \u2013 \u00a3209 million), the most significant of which relates to unrecognised tax losses in the UK. Management assesses the likelihood of their recoverability within a reasonable foreseeable timeframe, taking into account the future expected profit profile and business model of each relevant company or country, and any potential legislative restrictions on use. A 10% increase in forecasted UK taxable income would lead to an \u00a31 million increase in deferred tax assets recognised. In addition to these items, the tax rate for this year has been impacted by the tax on disposal of the Primient business as well as other exceptional items relating to the separation and its impact on the Group\u2019s geographical mix of profits. Next year\u2019s tax rate will be impacted by the UK corporation tax rate increasing from 19% to 25% (effective 1 April 2023) and this tax rate change will increase the Company\u2019s future tax charge on profit arising in the UK. UK deferred tax assets have been calculated based on the 25%. Reconciliation of the effective tax rate As the Group\u2019s head office and Parent Company are domiciled in the UK, the Group uses the UK corporation tax rate to reference its effective tax rate, notwithstanding that only a small proportion of the Group\u2019s business is in the UK. The tax on the Group\u2019s profit before tax differs from the standard rate of corporation tax in the UK as follows: Year ended 31 March Continuing operations 2023 \u00a3m 2022* \u00a3m Profit before tax 152 42 Corporation tax charge thereon at 19% (2022 \u2013 19%) (29) (8) Adjusted for the effects of: \u2212 non-deductible income and other permanent items (14) (6) \u2212 adjustments in respect of previous financial year 1 10 19 \u2212 losses not currently treated as being recoverable in future periods 2 \u2013 (4) \u2212 losses now treated as being recoverable in future periods 3 10 \u2013 \u2212 changes in tax rates 1 \u2013 \u2212 UK exceptional tax (charge) 4 \u2013 (6) \u2212 US exceptional tax (charge) 4 \u2013 (6) \u2212 tax rates below the UK rate applied on overseas earnings 5 (3) (5) Total tax charge (25) (16) * The comparatives have been amended to enhance consistency with the current year disclosure. 1 Adjustments in respect of prior years reflect the movement in relation to the closure of outstanding tax audits, corrections to submitted tax computations and the release of uncertain tax positions. 2 The Group incurs expenses in jurisdictions where it does not currently expect to be able to recover these amounts against future taxable profits. This has the effect of increasing the Group\u2019s overall effective tax rate. 3 Where the Group now reasonably believes it is able to recover losses not previously expected to be recovered against future taxable profits these losses are recognised. This has the effect of decreasing the Group's overall effective tax rate. 4 In the year ended 31 March 2022, as a result of the agreement to sell a controlling interest in Primient, the amount of the brought forward UK tax losses that the Group expected to be able to utilise in the future reduced resulting in an exceptional tax charge of \u00a36 million. In addition, the amount of US state tax credits the Group expected to be able to utilise in the future reduced as the Group no longer has a presence in certain states. This resulted in an exceptional tax charge of \u00a36 million. 5 The Group is subject to tax rates in the jurisdictions in which it operates which can be above or below the UK corporation tax rate (the Group\u2019s reference rate). In the year ended 31 March 2023 and year ended 31 March 2022, the Group\u2019s tax rate was favourably impacted by one-off local tax credits in relation to the US and by the net release of uncertain tax provisions. Analysis of exceptional tax items An analysis of tax charged or credited on adjusting items and exceptional tax items within continuing operations is set out on the next page: 11. Income taxes continued Deferred tax The movements in deferred tax assets and liabilities during the year were as follows: Year ended 31 March 2023 Year ended 31 March 2022 Tax credit/ Tax credit/ Capital Pre-tax (charge) Pre-tax (charge) allowances Retirement Share- Continuing operations Notes \u00a3m \u00a3m \u00a3m \u00a3m in excess of benefit based Tax Investments 1 depreciation obligations payments losses Other Total Exceptional items \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Costs associated with the separation and disposal of At 1 April 2021 \u2013 (86) 26 6 14 31 (9) Primient 8 (25) 6 (79) 20 Credited/(charged) Restructuring costs 8 (5) 1 (1) \u2013 to the Impairment related to the disposal of Primient 8 \u2013 \u2013 (13) 3 income statement US pension plan past service credit 8 \u2013 \u2013 9 (2) 2 \u2212 underlying \u2013 19 (3) (1) 2 (29) (12) Stabiliser product contamination 8 (1) \u2013 (9) \u2013 \u2212 tax effect of Historical legal matters 8 3 (1) \u2013 \u2013 exceptional items \u2013 \u2013 \u2013 \u2013 \u2013 (16) (16) Exceptional items included in profit before tax (28) 6 (93) 21 \u2212 exceptional tax items \u2013 \u2013 \u2013 \u2013 6 6 12 Group share of exceptional items recognised by joint venture 22 (52) 13 \u2013 \u2013 Charged to other comprehensive Amortisation of acquired intangible assets and other income \u2013 \u2013 \u2013 \u2013 \u2013 (20) (20) fair value adjustments (25) 7 (10) 3 (Charged)/credited Amortisation of Primient acquired intangibles directly to equity \u2013 \u2013 \u2013 (1) \u2013 7 6 and other fair value adjustments 22 4 (1) \u2013 \u2013 Currency translation Adjusting items \u2013 continuing operations 4 (101) 25 (103) 24 differences \u2013 (6) 1 \u2013 \u2013 2 (3) At 31 March 2022 \u2013 (73) 24 4 22 (19) (42) Exceptional tax items Credited/(charged) UK tax charge 8 \u2013 \u2013 \u2013 (6) to the US tax charge 8 \u2013 \u2013 \u2013 (6) income statement Total exceptional items included in income tax 4 \u2013 \u2013 \u2013 (12) \u2212 underlying 22 (3) (1) 2 (10) 6 16 Total adjusting items \u2013 continuing operations 4 (101) 25 (103) 12 \u2212 exceptional items \u2013 Disposal of Primient (78) 63 (5) \u2013 \u2013 48 28 Discontinued operations Credited to other Gain on disposal of Primient 8, 12 98 (33) \u2013 \u2013 comprehensive Restructuring costs 8, 12 \u2013 \u2013 (3) 1 income 6 \u2013 \u2013 \u2013 \u2013 \u2013 6 Exceptional items \u2013 discontinued operations 98 (33) (3) 1 Credited directly to equity \u2013 \u2013 \u2013 1 \u2013 5 6 1 Held for sale adjustment 12 \u2013 \u2013 110 (17) Acquisition of 2 businesses \u2013 \u2013 \u2013 \u2013 \u2013 (24) (24) Held for sale adjustment \u2013 profit after tax of joint ventures 12 \u2013 \u2013 (27) \u2013 Currency translation \u2013 \u2013 83 (17) differences \u2013 (8) 1 \u2013 3 (3) (7) At 31 March 2023 (50) (21) 19 7 15 13 (17) Total adjusting items \u2013 total operations (3) (8) (23) (4) 1 Other deferred tax items include temporary differences arising from accounting provisions where the timing of the tax deduction is different from the timing of accounting recognition, and business combinations. 1 In the year ended 31 March 2022, total held for sale adjustment of \u00a3110 million comprised \u00a368 million of adjusted depreciation and amortisation 2 In the year ended 31 March 2022, a \u00a336 million credit in relation to discontinued operations is included in the movement. 11. Income taxes continued Deferred tax continued Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset and there is an intention to net settle the balances. After taking these offsets into account, the net position of \u00a317 million liability (2022 \u2013 \u00a342 million liability) is presented as a \u00a313 million deferred tax asset (2022 \u2013 \u00a39 million asset) and a \u00a330 million deferred tax liability (2022 \u2013 \u00a351 million liability) in the Group\u2019s statement of financial position. Unrecognised deferred tax asset/liabilities No deferred tax assets have been recognised in respect of tax losses of \u00a3795 million (2022 \u2013 \u00a3828 million) as there is uncertainty as to whether taxable profits against which these assets may be recovered, will be available. In the year ended 31 March 2023, no tax losses expired (2022 \u2013 \u00a3nil). Tax losses amounting to \u00a31 million (2022 \u2013 \u00a324 million) will expire within five years. The remaining tax losses have no expiry date. A deferred tax asset has not been recognised in respect of share-based payments of \u00a31 million (2022 \u2013 \u00a31 million) as there is uncertainty as to whether taxable profits against which these assets may be recovered will be available. A deferred tax liability of \u00a36 million (2022 \u2013 \u00a33 million) has not been recognised in respect of taxable temporary differences associated with investments in subsidiaries as there is control over the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Changes in tax rates/tax law The UK\u2019s main corporation tax rate will increase from 19% to 25% from 1 April 2023. These changes have been reflected in the measurement of deferred tax balances at the period end. The impact of this tax rate change was a \u00a31 million credit. There was no impact from the imposition of new taxes. Tax on items recognised in other comprehensive income The total tax on other comprehensive income was a credit of \u00a36 million (2022 \u2013 \u00a320 million expense). This included a credit to deferred tax on financial instruments of \u00a3nil (2022 \u2013 \u00a320 million charges) and Primient credits of \u00a36 million (2022 \u2013 \u00a3nil). Tax on items recognised directly in equity The total tax credit in equity was \u00a37 million (2022 \u2013 \u00a37 million credit). This included deferred tax credit relating to financial instruments of \u00a35 million (2022 \u2013 \u00a37 million credit), a deferred tax credit on share-based payments of \u00a31 million (2022 \u2013 \u00a31 million charge) and a \u00a31 million current tax credit on share-based payments (2022 \u2013 \u00a31 million credit). 12. 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 co-ordinated plan to dispose of a separate major line of business or geographic area of operations. The results of discontinued operations are presented as a single amount of profit or loss after tax in the consolidated income statement, separate from the results of continuing operations. Non-current assets or disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. A loss for any initial or subsequent write-down of the asset or disposal group to a revised fair value less costs to sell is recognised at each reporting date. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets and corresponding liabilities classified as held for sale are presented separately as current items in the statement of financial position. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Equity accounting for joint ventures ceases once they are classified as held for sale. As described in Note 1, on 1 July 2021 the Group classified the business that became Primient and in which a controlling stake was sold to KPS on 1 April 2022 as a disposal group held for sale and a discontinued operation. The Primient business consists of the following operations: \u2212 Corn wet mills in the US in Decatur, Illinois; Lafayette, Indiana; and Loudon, Tennessee. \u2212 Acidulants plants in Dayton, Ohio; Duluth, Minnesota; and Santa Rosa, Brazil. \u2212 Shareholdings in two joint ventures \u2013 Almex in Guadalajara, Mexico and Covation in Loudon, Tennessee. \u2212 Grain elevator network and bulk transfer stations in North America. Primary Products\u2019 European operations were not included in this transaction and are therefore not part of the discontinued operations. 12. Discontinued operations continued Discontinued operations The statutory results of the discontinued operations which have been included in the consolidated income statement were as follows: Year ended 31 March Discontinued operations \u00a3 million unless otherwise stated 2023* \u00a3m 2022 \u00a3m Revenue \u2013 1 757 Operating income/(expenses) 96 (1 508) Operating profit 96 249 Finance expense \u2013 (3) Share of profit after tax of joint venture \u2013 8 Profit before tax 96 254 Income tax expense (33) (44) Profit for the year from discontinued operations 1 63 210 Basic earnings per share from discontinued operations (pence) 15.7p 45.2p Diluted earnings per share from discontinued operations (pence) 15.4p 44.7p * For the year ended 31 March 2023, profit before tax comprises the Primient gain on disposal (see page 163). This has been partially offset by a \u00a32 million charge for the increase of a legal provision relating to the legacy Sugar business which was classified as a disposal group held for sale and discontinued operations in prior years. 1 Attributable to owners of the Company. The earnings per share figures were calculated by dividing the net gain attributable to equity holders of the Company from discontinued operations by the weighted average number of ordinary shares, for basic and diluted amounts, as shown in Note 13. On classification as held for sale on 1 July 2021, the net assets of the Primient disposal group were measured at the lower of their carrying amount and their fair value less costs to sell. This did not result in any impairment. The results of the discontinued operations which have been included in the consolidated statement of cash flows were as follows: Year ended 31 March Discontinued operations 2023 \u00a3m 2022 \u00a3m Operating 1 (49) 15 Investing 2 1 045 (40) Financing \u2013 (21) Net cash inflow/(outflow) 996 (46) 1 Operating cash outflow of \u00a349 million relates to an exceptional tax payment on the gain on disposal of Primient (\u00a342 million) and a 2022 financial year bonus payment to employees who have transitioned to Primient (\u00a37 million). 2 Investing cash inflow of \u00a31 045 million relates to the disposal of Primient. The following table shows for discontinued operations the reconciliation of the key alternative performance measures to the most directly comparable measures reported in accordance with IFRS: Year ended 31 March 2023 Year ended 31 March 2022 Discontinued operations \u00a3 million unless otherwise stated Reported Adjusting items Adjusted reported Reported Adjusting items Adjusted reported Revenue \u2013 \u2013 \u2013 1 757 \u2013 1 757 EBITDA 96 (98) (2) 269 (107) 162 Depreciation \u2013 \u2013 \u2013 (18) \u2013 (18) Amortisation \u2013 \u2013 \u2013 (2) \u2013 (2) Operating profit/(loss) 96 (98) (2) 249 (107) 142 Finance expense \u2013 \u2013 \u2013 (3) \u2013 (3) Share of profit after tax of joint ventures \u2013 \u2013 \u2013 8 27 35 Profit/(loss) before tax 96 (98) (2) 254 (80) 174 Income tax expense (33) 33 \u2013 (44) 16 (28) Profit/(loss) for the year 63 (65) (2) 210 (64) 146 Basic earnings per share (pence) 15.7p (16.1p) (0.4p) 45.2p (13.7p) 31.5p Diluted earnings per share (pence) 15.4p (15.8p) (0.4p) 44.7p (13.6p) 31.1p Effective tax rate % 34.0% 25.4% 17.5% 16.1% The following table shows the reconciliation of the adjusting items impacting adjusted profit for the years: Year ended 31 March Discontinued operations 2023 \u00a3m 2022 \u00a3m Exceptional (income)/costs in operating profit (98) 3 Held for sale adjustment 1 \u2013 (110) Total excluded from adjusted operating profit (98) (107) Held for sale adjustment 2 \u2013 share of profit after tax of joint ventures \u2013 27 Total excluded from adjusted profit before tax (98) (80) Tax effect of adjusting items 33 16 Total excluded from adjusted profit for the year (65) (64) 1 In the year ended 31 March 2022. held for sale adjustments included: cessation of depreciation and amortisation (reduction in operating costs of \u00a368 million) and reclassification of dividends from joint ventures (income of \u00a342 million). 2 In the year ended 31 March 2022, held for sale adjustment related to cessation of equity accounting (reduction in share of profit after tax of joint ventures of \u00a327 million). 12. Discontinued operations continued Discontinued operations continued The following table shows the reconciliation of free cash flow relating to discontinued operations: Year ended 31 March Discontinued operations 2023 \u00a3m 2022 \u00a3m Adjusted operating profit from discontinued operations (2) 142 Adjusted for: Adjusted depreciation and adjusted amortisation 1 \u2013 20 Share-based payments charge \u2013 2 Changes in working capital and other non-cash movements (5) (182) Capital expenditure \u2013 (73) Net interest and tax paid 2 \u2013 (33) Held for sale adjustment 3 \u2013 68 Free cash flow from discontinued operations (7) (56) 1 For the year ended 31 March 2022, total depreciation of \u00a318 million and amortisation of \u00a32 million. 2 Excludes the exceptional tax payment on the gain on disposal of Primient of \u00a342 million. 3 For the year ended 31 March 2022, total held for sale adjustment of \u00a3110 million, comprises \u00a368 million of adjusted depreciation and amortisation included in adjusted operating profit of \u00a3142 million. The remaining \u00a342 million relates to dividend income from Almex and Covation, which is not included in either adjusted operating profit or adjusted free cash flow. The free cash flow from discontinued operations for the year ended 31 March 2023 is a cash outflow of \u00a37 million related to the 2022 financial year bonus payment to employees who have transitioned to Primient. Held for sale The major classes of assets and liabilities of Primient classified as held for sale at 31 March 2022 are as follows: Discontinued operations Restated* At 31 March 2022 \u00a3m Assets Goodwill and other intangible assets 61 Property, plant and equipment 774 Investments in joint ventures 105 Investments in equities 12 Inventories 398 Trade and other receivables 246 Current tax assets 1 Derivative financial instruments 65 Other current financial assets 58 Cash and cash equivalents 17 Assets classified as held for sale 1 737 Liabilities Retirement benefit deficit 28 Trade and other payables 253 Lease liabilities 74 Derivative financial instruments 5 Other current financial liabilities 40 Liabilities directly associated with assets held for sale 400 NET ASSETS 1 337 * For the reclassification of certain items between net assets classified as held for sale and the continuing Tate & Lyle Group refer to Note 1. Cumulative income and expense recognised in other comprehensive income are shown below: Discontinued operations Year ended 31 March 2022 \u00a3m Currency translation reserve 81 Actuarial gain (net of deferred tax) 7 Net gain on cash flow hedges (net of deferred tax) 49 Reserves of disposal group classified as held for sale 137 12. Discontinued operations continued The tax charge arising on the gain on disposal of Primient was \u00a354 million. Of this amount, \u00a342 million has been paid in the year ended 31 March 2023. This tax charge has been partially offset by a deferred tax credit Primient disposal of \u00a321 million reflecting the change in measurement of the difference between the tax basis and carrying On 1 April 2022 the Group completed the disposal of a 50.1% controlling interest in Primient in exchange value of the investment. This resulted in a net tax charge on the gain on disposal of \u00a333 million. for gross cash proceeds of US$1.4 billion (\u00a31.1 billion), resulting in an exceptional gain on disposal before tax of \u00a398 million (see Note 8). A reconciliation to the consolidated statement of cash flows is shown in the table below: A reconciliation of gross cash proceeds received is shown in the table below: Year ended 31 March Year ended 31 March 2023 2023 2023 Cash flows \u00a3m Gross cash received (in US dollars and pound sterling) US$m \u00a3m Total cash consideration of \u00a3253 million less completion accounts adjustment not yet received Cash consideration \u2013 as shown in gain on disposal table below 330 253 of \u00a312 million \u2013 as shown above 241 Less: completion accounts adjustments in favour of the Group not yet received (15) (12) Repayment of intercompany loan notes and payables and transaction costs 830 Add: cash received for intercompany loan notes, payables and transaction costs 1 089 830 Less: cash outflow relating to deal contingent forward (33) Add: contingent consideration received 31 24 Less: net cash derecognised on disposal (17) Disposal of Primient, gross proceeds 1 435 1 095 Add: contingent consideration received \u2013 as shown above 24 Disposal of business, net of cash derecognised on disposal 1 045 The gain on disposal is shown in the table below: Year ended 13. Earnings per share 31 March 2023 Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by Gain on disposal Notes \u00a3m the weighted average number of ordinary shares in issue during the year excluding shares held by the 1 Cash consideration \u2013 as shown in table above Company and the Employee Benefit Trust to satisfy awards made under the Group\u2019s share-based 253 2 Contingent consideration received 24 incentive plans. Fair value of investment in Primient joint venture on initial recognition 22 253 Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares Total consideration for equity 530 in issue assuming conversion of potentially dilutive ordinary shares, reflecting vesting assumptions on employee share plans, as well as the deemed profit attributable to owners of the Company for any proceeds on such conversions. 3 Primient net assets derecognised on disposal on 1 April (539) Recycling of accumulated foreign exchange from other comprehensive income to the The average market price of the Company\u2019s ordinary shares during the year was 752p (2022 \u2013 721p). income statement 81 The dilutive effect of share-based incentives was 7.3 million shares (2022 \u2013 5.3 million shares). Recycling of cash flow hedges from other comprehensive income to the income statement 48 The significant decrease in weighted average number of shares compared to the comparative year is due 4 Impact of deal contingent forward (33) to the share consolidation in May 2022 which resulted in ordinary shareholders receiving six new ordinary 1 Other amounts 11 shares with a nominal value of 29 /6 pence each for every seven existing ordinary shares that they held. The share consolidation was completed at the same time as the Group returned \u00a3497 million to ordinary Gain on disposal before tax 8 98 shareholders by way of a special dividend. The share consolidation was executed in order to maintain the Tax on gain on disposal (33) comparability, so far as possible, of Tate & Lyle PLC\u2019s share price before and after the special dividend. Gain on disposal 65 1 Includes deferred consideration relating to the completion accounts adjustment not yet received of \u00a312 million. 2 Contingent consideration received in the year ended 31 March 2023 was based on the dividend payable by Almex relating to the period under the Group\u2019s ownership. 3 Net assets held for sale at 31 March 2022 were \u00a31 337 million. This amount excluded intercompany payable and loan balances which eliminated on consolidation prior to completion of the Transaction. Net assets derecognised on disposal included such amounts. 4 The Group entered into a deal contingent forward to hedge the currency risk associated with the consideration received from the Transaction which was partly used for the shareholder distribution on 16 May 2022. The fair value loss on this forward and the impact of the cost of hedging have been recycled from other comprehensive income to the income statement on completion of the Transaction. 13. Earnings per share continued Year ended 31 March 2023 Year ended 31 March 2022 Continuing operations Discontinued operations Total operations Continuing operations Discontinued operations Total operations Profit attributable to owners of the Company (\u00a3 million) 127 63 190 26 210 236 Weighted average number of ordinary shares (million) \u2013 basic 404.1 404.1 404.1 465.1 465.1 465.1 Basic earnings per share (pence) 31.3p 15.7p 47.0p 5.5p 45.2p 50.7p Weighted average number of ordinary shares (million) \u2013 diluted 411.4 411.4 411.4 470.4 470.4 470.4 Diluted earnings per share (pence) 30.8p 15.4p 46.2p 5.5p 44.7p 50.2p Year ended 31 March Calculation of weighted average number of ordinary shares 2023 Million 2022 Million Weighted average number of ordinary shares \u2013 basic 404.1 465.1 Effects of dilution from: \u2212 Sharesave plan 0.1 \u2013 \u2212 Performance share plan/Restricted share awards/Group Bonus plan \u2013 deferred element 7.2 5.3 Weighted average number of ordinary shares \u2013 diluted 411.4 470.4 Adjusted earnings per share A reconciliation between profit attributable to owners of the Company from continuing operations, total operations and the equivalent adjusted measure, together with the resulting adjusted earnings per share measure, is shown below: Year ended 31 March Continuing operations Notes 2023 \u00a3m 2022 \u00a3m Profit attributable to owners of the Company 127 26 Adjusting items: \u2212 exceptional costs in operating profit 8 28 93 \u2212 amortisation of acquired intangible assets and other fair value adjustments 4 25 10 \u2212 adjusting items excluded from share of profit of joint venture 22 48 \u2013 \u2212 tax credit on adjusting items 11 (25) (24) \u2212 exceptional tax charge 8, 11 \u2013 12 Adjusted profit attributable to owners of the Company 4 203 117 Weighted average number of ordinary shares (million) \u2013 diluted 411.4 470.4 Adjusted earnings per share (pence) \u2013 continuing operations 49.3p 24.9p Year ended 31 March Total operations Notes 2023 \u00a3m 2022 \u00a3m Adjusted profit attributable to owners of the Company \u2013 continuing operations 4 203 117 Adjusted loss attributable to owners of the Company \u2013 discontinued operations 12 (2) 146 Adjusted profit attributable to owners of the Company \u2013 total operations 201 263 Adjusted earnings per share (pence) \u2013 total operations 48.9p 56.0p 14. Dividends on ordinary shares Dividends on the Company\u2019s ordinary shares are recognised when they have been appropriately authorised and are no longer at the Company\u2019s 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\u2019s AGM. Dividends are recognised as an appropriation of shareholders\u2019 funds. Dividends on ordinary shares in respect of the financial year: Year ended 31 March 2023 Pence 2022 Pence Per ordinary share: \u2212 interim dividend paid 5.4 9.0 \u2212 final dividend proposed 13.1 12.8 Total dividend 18.5 21.8 The Directors propose a final dividend for the financial year of 13.1p per ordinary share that, subject to approval by shareholders, will be paid on 2 August 2023 to shareholders who are on the Register of Members on 23 June 2023. Dividends on ordinary shares paid in the financial year: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Final dividend paid relating to the prior financial year 51 102 Interim dividend paid relating to the financial year 22 42 Total dividend paid relating to prior and current financial year 73 144 Special dividend 497 \u2013 Total dividend paid 570 144 On 16 May 2022, the Group returned \u00a3497 million to ordinary shareholders by way of a special dividend of \u00a31.07 per existing ordinary share in the capital of Tate & Lyle PLC. In order to maintain the comparability, so far as possible, of Tate & Lyle PLC\u2019s share price before and after the special dividend, the Group also completed a share consolidation resulting in ordinary shareholders receiving six new ordinary shares with a nominal value of 29 1 / 6 pence each for every seven existing ordinary shares that they held. Based on the number of ordinary shares outstanding at 31 March 2023 and the proposed dividend per share, the final dividend for the financial year is expected to amount to \u00a352 million. 15. Inventories Inventories are carried at the lower of cost and net realisable value. 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 and is calculated using the \u2018first in/first out\u2019 or \u2018weighted average\u2019 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. In the prior year only, the carrying value of US net corn position inventories designated as hedged items (managed on a group basis for risk management) in an effective fair value hedge accounting relationship was adjusted by the change in fair value attributable to the hedged risk. (Refer to Note 2.) At 31 March 2023 \u00a3m 2022 \u00a3m Raw materials and consumables 130 93 Work in progress 38 20 Finished goods 278 204 Total 1 446 317 1 At 31 March 2022, total inventories included a \u00a364 million positive fair value adjustment as a result of certain inventories in the US being designated as hedged items within a fair value hedging relationship. The majority of such inventories were classified as held for sale. No such fair value adjustment is included in the inventories held at 31 March 2023. Refer to Note 2. As at 31 March 2022, inventories classified as held for sale of \u00a3398 million are included in Note 12. Finished goods inventories of \u00a34 million (2022 \u2013 \u00a33 million) are carried at net realisable value, this being lower than cost. In the year ended 31 March 2023, the Group recognised a write-down of inventories totalling \u00a320 million (2022 \u2013 \u00a37 million, of which \u00a33 million was included in discontinued operations) included in the cost of inventories. 16. Cash and cash equivalents Cash and cash equivalents include cash held with banks and other short-term highly liquid investments with original maturities of three months or less and which are subject to an insignificant risk of change in value. The credit rating of short-term highly liquid investments is AAA or equivalent. At 31 March 2023 \u00a3m 2022 \u00a3m Short-term highly liquid investments 392 30 Cash at bank 83 97 475 127 Reclassification to assets held for sale \u2013 (17) Cash and cash equivalents 475 110 Cash and cash equivalents at 31 March 2022 classified as held for sale are included in Note 12. The carrying amount of cash and cash equivalents was denominated in the following currencies: At 31 March 2023 \u00a3m 2022 \u00a3m US dollar 404 72 Euro 6 9 Sterling 18 \u2013 Other 47 46 Total 475 127 The Group\u2019s captive insurance subsidiary is required to maintain sufficient cash to meet its financial solvency margin. A cash balance of \u00a315 million held by this subsidiary is used to this effect. 17. Trade and other receivables A trade receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e. only the passage of time is required before payment of the consideration is due). Trade receivables that do not contain a significant financing component are measured at the transaction price. The Group applies the simplified approach for measuring expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. The Group has established a provision matrix that is based on the historical rates of default then adjusted for forward- looking factors specific to the debtor and economic environment. The Group considers a receivable to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts. A receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The Group participates in supply-chain financing arrangements. Refer to Note 5 and Note 30. At 31 March 2023 \u00a3m 2022 \u00a3m Trade receivables 1 290 235 Less loss allowance provision (12) (12) Trade receivables \u2013 net 278 223 Prepayments and accrued income 16 16 Other receivables 57 31 Total 351 270 1 Trade and other receivables at 31 March 2022 classified as held for sale (\u00a3246 million) are included in Note 12. The amounts above do not include non-current other receivables of \u00a311 million (2022 \u2013 \u00a31 million). The carrying amount of trade and other receivables was denominated in the following currencies: At 31 March 2023 \u00a3m 2022 \u00a3m US dollar 190 126 Euro 104 84 Sterling 11 16 Other 57 45 Total 362 271 The gross amount of receivables, reflecting the maximum exposure to credit risk, is \u00a3374 million (2022 \u2013 \u00a3283 million). 17. Trade and other receivables continued The loss allowance provision for trade receivables as at 31 March 2023 reconciles to the opening loss allowance for that provision as shown in the tables below. In the prior year, impairment of trade receivables of \u00a33 million was recognised in continuing exceptional items. The effect of expected credit loss on other receivables is not material. At 31 March 2023 \u00a3 million unless otherwise stated Current 30 \u2013 60 days past due 60 \u2013 90 days past due Greater than 90 days past due Total Expected loss rate % 1% 1% 19% 100% Gross carrying amount 262 16 2 10 290 Loss allowance provision 2 \u2013 \u2013 10 12 At 31 March 2022 Expected loss rate % 1% 6% 40% 100% Gross carrying amount 207 18 2 8 235 Loss allowance provision 2 1 1 8 12 Year ended 31 March 2023 \u00a3m 2022 \u00a3m At 1 April 12 9 Utilisation of provision \u2013 \u2013 Change in loss allowance recognised in the income statement \u2013 3 At 31 March 12 12 18. Investments in equities Investments in equities comprise financial assets recognised at fair value through profit or loss (FVPL) and financial assets recognised at fair value through the statement of OCI (FVOCI). Investments in equities do not meet the IFRS 9 criteria for classification at amortised cost because their cash flows do not represent solely payments of principal and interest. For certain investments the available election to recognise equity securities as FVOCI has been taken because these investments are held as long-term strategic investments that are not expected to be sold in the short to medium term. All other investments are recognised at FVPL. Financial assets at FVPL \u00a3m Financial assets at FVOCI \u00a3m Total investments in equities \u00a3m At 1 April 2022 20 26 46 Total gains/(losses) \u2212 in operating profit \u2013 \u2013 \u2013 \u2212 in other comprehensive income \u2013 3 3 Re-measurement of non-qualified deferred compensation arrangements (2) \u2013 (2) Purchases 3 \u2013 3 Disposals (3) (7) (10) Currency translation differences 2 \u2013 2 At 31 March 2023 20 22 42 At 1 April 2021 29 30 59 Total (losses)/gains \u2212 in operating profit \u2013 \u2013 \u2013 \u2212 in other comprehensive income \u2013 (4) (4) Non-qualified deferred compensation arrangements 1 \u2013 1 Purchases 4 \u2013 4 Disposals (4) \u2013 (4) Currency translation differences 2 \u2013 2 32 26 58 Reclassification to assets held for sale (12) \u2013 (12) At 31 March 2022 20 26 46 The Group did not receive any dividends in the year from investments in equities recognised as financial assets at FVOCI (2022 \u2013 \u00a3nil). 18. Investments in equities continued The non-qualified deferred compensation arrangements refers to a \u2018Rabbi Trust\u2019 which is a \u2018non-qualified defined contribution\u2019 pension scheme split between corporate-owned life insurance (COLI) assets (values are determined by the performance of variable investment sub-accounts, similar to mutual funds, but which are only available within a variable life insurance policy) and other assets invested directly in mutual funds. This scheme is principally for the highest-paid members of the US salaried pension scheme for compensation above limits set by the US Internal Revenue Service. These assets of \u00a320 million (2022 \u2013 \u00a320 million) do not qualify as IAS 19 pension assets on the basis that the assets are available to the creditors in the event of the Company\u2019s bankruptcy or insolvency. Movements in these assets were largely offset by corresponding movements on retirement benefit liabilities. Refer to Note 31. The carrying value of equity investments was denominated in the following currencies: At 31 March 2023 \u00a3m 2022 \u00a3m US dollar 40 39 Sterling 2 3 Euro \u2013 4 Total 42 46 19. Goodwill and other intangible assets Goodwill arising in a business combination is recognised as an intangible asset and is allocated to the Cash-Generating Unit (CGU) or group of CGUs that is expected to benefit from the synergies of the business combination. Goodwill is carried at cost less any recognised impairment losses (impairment tested annually). Acquired intangible assets, principally customer relationships and know-how, were recognised as part of previous business combinations and are amortised on a straight-line basis over the periods of their expected benefit to the Group, which range from three to 15 years. Other intangible assets comprise product development and computer software (including global IS/IT systems) and are amortised on a straight-line basis over the periods of their expected benefit to the Group. Product development is amortised over five to ten years. Capitalised costs in respect of core global IS/IT systems included within computer software are being amortised over a period of five to seven years. Product development 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 established and prior to the product going into full production. Any such assets which have not been brought into use are tested annually for impairment. Research and other related expenditures are charged to the consolidated income statement in the period in which they are incurred. SaaS arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. In a contract where the cloud provider provides both the SaaS configuration and customisation as well as the SaaS access over the contract term, then the configuration and customisation costs are expensed over the contract term only if the services provided are not distinct and are otherwise expensed upfront as the software is configured or customised. Some of the costs incurred relate to the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of, and the recognition criteria for, an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. Changes to intangible assets\u2019 useful economic lives are only made if there is objective evidence that the Group expects to receive economic benefits from these intangible assets over a shorter or longer period. 19. Goodwill and other intangible assets continued Goodwill \u00a3m Other acquired intangibles \u00a3m Computer software \u00a3m Product development costs \u00a3m Assets under construction \u00a3m Total \u00a3m Cost At 1 April 2022 213 216 53 127 22 631 Additions at cost \u2013 \u2013 \u2013 3 5 8 Subsidiary acquired 96 96 \u2013 \u2013 \u2013 192 Disposals and write-offs \u2013 (10) \u2013 \u2013 (2) (12) Transfers on completion \u2013 1 4 7 (12) \u2013 Currency translation differences 9 7 2 6 1 25 At 31 March 2023 318 310 59 143 14 844 Accumulated amortisation and impairment At 1 April 2022 \u2013 restated* 10 192 41 110 \u2013 353 Impairment charge \u2013 \u2013 \u2013 \u2013 1 1 Amortisation charge \u2013 23 6 7 \u2013 36 Disposals and write-offs \u2013 (10) \u2013 \u2013 (1) (11) Currency translation differences \u2013 8 \u2013 5 \u2013 13 At 31 March 2023 10 213 47 122 \u2013 392 Net book value at 31 March 2023 308 97 12 21 14 452 * For the reclassification of certain items between net assets classified as held for sale and the continuing Tate & Lyle Group refer to Note 1. Goodwill \u00a3m Other acquired intangibles \u00a3m Computer software \u00a3m Product development costs \u00a3m Assets under construction \u00a3m Total \u00a3m Cost At 1 April 2021 236 213 161 137 \u2013 747 Additions at cost \u2013 \u2013 \u2013 3 13 16 Disposals and write-offs \u2013 \u2013 (1) (4) (1) (6) Adjustment for subsidiaries acquired in prior year (2) \u2013 \u2013 \u2013 \u2013 (2) Transfers on completion 2 4 (6) \u2013 Currency translation differences 8 3 \u2013 (13) 19 17 Reclassification to assets held for sale (29) \u2013 (109) \u2013 (3) (141) At 31 March 2022 213 216 53 127 22 631 Accumulated amortisation and impairment At 1 April 2021 8 180 108 106 \u2013 402 Impairment charge \u2013 \u2013 1 \u2013 1 2 Amortisation charge \u2013 10 9 7 \u2013 26 Disposals and write-offs \u2013 \u2013 (1) (4) (1) (6) Currency translation differences 2 2 4 1 \u2013 9 Reclassification to assets held for sale* \u2013 \u2013 (80) \u2013 \u2013 (80) At 31 March 2022 \u2013 restated* 10 192 41 110 \u2013 353 Net book value at 31 March 2022 \u2013 restated* 203 24 12 17 22 278 * For the reclassification of certain items between net assets classified as held for sale and the continuing Tate & Lyle Group refer to Note 1. The carrying amount of goodwill is allocated to groups of CGUs as follows: At 31 March 2023 \u00a3m 2022 \u00a3m Allocated by operating segment Food & Beverage Solutions 213 203 Primary Products \u2013 included in assets held for sale (see Note 12) \u2013 29 Goodwill allocated to operating segments 213 232 Goodwill allocated to Quantum Hi-Tech (Guangdong) Biological Co., Ltd 95 \u2013 Goodwill \u2013 total operations 308 232 19. Goodwill and other intangible assets continued Impairment tests carried out during the year As is required, goodwill is tested annually. The recoverable amount for the goodwill allocated to Food & Beverage Solutions cash-generating units was calculated based on value-in-use. The goodwill associated with the Quantum Hi-Tech (Guangdong) Biological Co., Ltd was based on its fair value less costs to sell (level 3 within the fair value hierarchy). The key assumptions in the value-in-use model for Food & Beverage Solutions cash-generating units are derived from the Group\u2019s Board-approved five-year plan with the most sensitive assumptions being: 1) operating profit growth rate, 2) discount rate, and 3) long-term growth rate. The operating profit growth rate used to estimate the future economic performance is based on estimates from past performance, and the Group\u2019s five-year strategic plan, which incorporates the next year\u2019s annual forecast. In addition, for the 2023 financial year test, the operating growth rate includes the financial impact of the two TCFD scenario analyses as disclosed on page 65 (financial impact of a significant drought affecting corn yields by 20% and the financial impact of carbon pricing if current Emission Trading Systems are implemented in new regions), albeit this had an immaterial effect due to the mitigating action also included. A 1% decrease in the growth rate across the five-year cash flows would decrease headroom by 17% (2022 \u2013 12%) in the Food & Beverage Solutions model. Based on the risk profile of the assets tested, cash flows were discounted using a pre-tax rate of 10.2% in the Food & Beverage Solutions model (2022 \u2013 9.2%). The long-term nominal growth rate after year five does not exceed 2% (2022 \u2013 2%), reflecting a conservative long-term assumption for the Food & Beverage Solutions market. At the time of performing the test, very significant headroom existed for the cash-generating unit to which goodwill is allocated and there was no reasonable scenario in which impairment would be required. The key assumptions for the fair value less costs to sell of Quantum are based on the recent acquisition business case with the most sensitive assumptions being: 1) operating profit growth rate, 2) discount rate, and 3) long-term growth rate. A 1% decrease in the growth rate across the five-year cash flows in the Quantum business case would decrease headroom by 7%. Based on the risk profile of the assets tested, cash flows were discounted using a post-tax rate of 7.9%. The long-term nominal growth rate after year five does not exceed 2%, reflecting a conservative long-term assumption for Quantum\u2019s market. At the time of performing the test, sufficient headroom existed and there was no reasonable scenario in which impairment would be required. For the year ended 31 March 2022, all the goodwill allocated to the Primary Products cash-generating unit was included in the Primient disposal group held for sale. On classification as held for sale in the prior year, and again at 31 March 2022, the recoverable amount for all net assets in the Primient disposal group was calculated based on the fair value of the Primient disposal group less costs to sell. The key assumptions for the fair value of the Primient disposal group less costs to sell was the agreed purchase price with KPS after adjustments for management\u2019s estimate of Primient\u2019s cash, debt, debt-like items and working capital at completion, and transaction costs (Level 2 within the fair value hierarchy). No impairment charge was recognised in the year ended 31 March 2022. Impairment charge No impairment charges in relation to goodwill have been recognised in the current financial year (2022 \u2013 \u00a3nil). Possibility of impairment in the near future As explained above, at the time of carrying out the annual impairment test, there were no reasonably possible changes in assumptions that would give rise to an impairment loss now or during the coming year. 20. Property, plant and equipment Land and buildings mainly comprise manufacturing sites, application laboratories and administrative facilities. Plant and machinery mainly comprise equipment used in the manufacturing and operating process. Assets in 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. Property, plant and equipment is reviewed for impairment when any changes in circumstances indicate that their carrying amounts may not be recoverable. Useful economic lives, applied on a straight-line basis, are as follows: \u2212 Freehold land No depreciation \u2212 Freehold buildings 20 to 50 years \u2212 Leasehold improvements Up to the length of the lease \u2212 Plant and machinery 3 to 28 years 20. Property, plant and equipment continued Land and buildings \u00a3m Plant and machinery \u00a3m Assets in the course of construction \u00a3m Total \u00a3m Cost At 1 April 2022 285 979 64 1 328 Additions at cost 6 4 70 80 Subsidiary acquired 12 7 1 20 Transfers on completion 7 40 (47) \u2013 Disposals and write-offs (2) (8) \u2013 (10) Currency translation differences and other movements 13 52 1 66 At 31 March 2023 321 1 074 89 1 484 Accumulated depreciation and impairment At 1 April 2022-restated* 138 759 \u2013 897 Depreciation charge 15 44 \u2013 59 Impairment charge \u2013 \u2013 \u2013 \u2013 Disposals and write-offs (2) (8) \u2013 (10) Currency translation differences and other movements 7 43 \u2013 50 At 31 March 2023 158 838 \u2013 996 Net book value at 31 March 2023 163 236 89 488 Cost At 1 April 2021 654 2 564 111 3 329 Additions at cost 12 2 129 143 Transfers on completion 12 118 (130) \u2013 Disposals and write-offs (6) (36) \u2013 (42) Currency translation differences and other movements 40 133 25 198 Reclassification to assets held for sale (427) (1 802) (71) (2 300) At 31 March 2022 285 979 64 1 328 Accumulated depreciation and impairment At 1 April 2021 336 1 888 \u2013 2 224 Depreciation charge 24 50 \u2013 74 Impairment charge 10 8 \u2013 18 Disposals and write-offs (6) (36) \u2013 (42) Currency translation differences 22 127 \u2013 149 Reclassification to assets held for sale \u2013 restated* (248) (1 278) \u2013 (1 526) At 31 March 2022 \u2013 restated* 138 759 \u2013 897 Net book value at 31 March 2022 \u2013 restated* 147 220 64 431 * For the reclassification of certain items between net assets classified as held for sale and the continuing Tate & Lyle Group refer to Note 1. Amounts relating to right-of-use assets under IFRS 16, which are included in the amounts above, are presented in more detail in Note 21. In the consolidated statement of cash flows, cash outflows relating to purchase of property, plant and equipment are lower than the amount of additions in this table primarily due to the inclusion of right-of-use assets in the figures above. The payment profile of right-of-use assets will be in line with the associated lease contracts. The impairment charge of \u00a3nil (2022 \u2013 \u00a318 million) includes \u00a3nil (2022 \u2013 \u00a315 million) recognised within exceptional items. For the year ended 31 March 2022, this included \u00a312 million of impairment related to the disposal of Primient (including the write-off of certain items of plant and equipment in the Group\u2019s loss- making European Primary Products business) and \u00a33 million of impairment relating to items of plant and equipment impacted by the Stabiliser product contamination (impacting the Food & Beverage Solutions operating segment). Refer to Note 8. 21. Leases All leases where the Group is the lessee and the Group has the right to control the use of the identified asset are recognised in the statement of financial position (with the exception of short-term and low- value leases). The Group\u2019s leases principally comprise properties and other miscellaneous leases such as motor vehicles or machinery. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of future lease payments. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date. The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost including the amount of lease liabilities recognised and initial direct costs incurred less any incentives granted by the lessor. Right-of-use assets are subject to impairment. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use assets, unless there is a transfer of ownership or purchase option which is reasonably certain to be exercised at the end of the lease term, in which case depreciation is over the useful life of the underlying asset. Leases of buildings usually have lease terms between 1 and 16 years, while plant and machinery generally have lease terms between 1 and 20 years. The Group also has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value (typically below US$5,000). The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases and recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. 21. Leases continued The movements in the carrying value of the Group\u2019s right-of-use assets are summarised as follows: Land and buildings \u00a3m Plant and machinery \u00a3m Total \u00a3m Right-of-use assets At 1 April 2021 36 85 121 Additions to right-of-use assets 12 2 14 Depreciation charge (7) (6) (13) Impairment (7) \u2013 (7) Currency translation differences 2 3 5 Reclassification to assets held for sale \u2013 (80) (80) At 31 March 2022 36 4 40 Additions to right-of-use assets 4 2 6 Depreciation charge (7) (2) (9) Impairment \u2013 \u2013 \u2013 Currency translation differences 2 \u2013 2 At 31 March 2023 35 4 39 The consolidated income statement includes the following amounts relating to leases: Year ended 31 March Continuing operations 2023 \u00a3m 2022 \u00a3m Depreciation expense of right-of-use assets 9 9 Interest expense on lease liabilities 2 2 Expense relating to short-term leases \u2013 \u2013 Expense relating to leases of low-value assets \u2013 \u2013 Expense relating to variable lease payments not included in the measurement of lease liability \u2013 \u2013 Income from sub-leasing right-of-use assets 2 \u2013 13 11 The cash outflow for leases in the year ended 31 March 2023 was \u00a313 million (2022 \u2013 \u00a332 million), excluding cash outflow of \u00a3nil (2022 \u2013 \u00a3nil) relating to leases of low-value items. The movement in the lease liability balances is shown in Note 28 and the undiscounted maturity is shown in Note 30. The Group has several lease contracts that include extension and termination options. The Group has estimated that the potential future lease payments, should it exercise the extension option, would result in an increase in lease liability of \u00a31 million (2022 \u2013 \u00a31 million). The future cash outflows relating to leases that have not yet commenced are disclosed in Note 34. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. These options are negotiated by management to provide flexibility in managing the leased- asset portfolio and align with the Group\u2019s business needs. Management assesses whether these extension and termination options are reasonably certain to be exercised. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. 22. Investments in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Investments in joint ventures are accounted for under the equity method. They are initially recognised at cost, which includes transaction costs. Subsequently, the Group\u2019s share of the profit or loss, other comprehensive income and net assets are shown on one line of the relevant primary financial statements, until the date on which joint control ceases. Distributions received from the investee reduce the carrying amount of the investment. Under IFRS 5, when equity accounting ceases, the results of the joint ventures are no longer reported in the Group\u2019s consolidated income statement and any dividends received are treated as an adjusting item in the discontinued operations of the Group\u2019s consolidated income statement. In the year ended 31 March 2023, the Group acquired a 49.7% interest in Primient, a joint venture which is a leading producer of food and industrial ingredients, principally bulk sweeteners and industrial starches. Key products include nutritive sweeteners (such as high fructose corn syrup and dextrose), industrial starches, acidulants (such as citric acid) and commodities (such as corn gluten feed and meal and corn oil). Primient comprises the Group\u2019s former Primary Products business in North America and Latin America and its former interests in the Almidones Mexicanos S.A de C.V (\u2018Almex\u2019) and Covation Biomaterials LLC, formerly \u2018Bio-PDO\u2019 (\u2018Covation\u2019) joint ventures. From completion, the Group and Primient entered into certain long- term agreements, principally relating to the supply of product between one another. The Group\u2019s interest in the Primient joint venture decreased from the 49.9% interest held immediately on completion of the Transaction to a 49.7% interest following a redemption of shares held by the Group for the return of \u00a31 million. Primient subsequently re-issued the same number of shares in order to award these to Primient management as performance incentives. The Group\u2019s interest in Primient is accounted for using the equity method. Primient has share capital consisting of ordinary shares, which is held directly by the Group (and its joint venture partner) and is a private company. No quoted market price is available for its shares. There are no contingent liabilities relating to the Group\u2019s interest in the joint venture. The Group\u2019s material joint ventures in the year ended 31 March 2022 were Almex and Covation which were both included in the Primient business sold to KPS. Under IFRS 5, when a joint venture is classified as an asset held for sale, equity accounting ceases. In the year ended 31 March 2022, no share of results received for Almex or Covation were recognised from 1 July 2021, the date at which the sale of the Primient business became highly probable and hence the recognition of the Primient disposal group as held for sale. Also in the year ended 31 March 2022, dividends from joint ventures of \u00a342 million recognised by Tate & Lyle after 1 July 2021 were included within discontinued operations as an adjusting item (Refer to Note 4). 22. Investments in joint ventures The movements in the carrying value of the Group\u2019s investment in joint ventures are summarised as follows: Year ended 31 March Note Primient 2023 \u00a3m Almex and Covation 2022 \u00a3m At 1 April \u2013 104 Fair value of investment in joint venture on initial recognition 253 \u2013 Share of (loss)/profit of joint venture 1 (24) 8 Other comprehensive (expense)/income (including foreign exchange) 24 (5) 10 Dividends paid 1 (41) (17) Other movements (including contributions) 17 \u2013 Share redemption (1) \u2013 Reclassification to assets held for sale \u2013 (105) At 31 March 199 \u2013 1 The 2022 share of profit after tax for Almex and Covation is for the three months to 30 June 2021, prior to the date of the recognition of the disposal group as held for sale on 1 July 2021. Any dividend recognised after that date has been included as an adjusting item in the consolidated income statement. The following tables summarise the financial information of Primient as included in its own financial statements, adjusted for fair value adjustments at the Transaction date (disposal of 100% of Primient and acquisition of the Group\u2019s share) and differences in accounting policies: Statement of total comprehensive income Primient Year ended 31 March 2023 \u00a3m At 100% Revenue 2 552 Depreciation and amortisation (85) Other expenses (2 329) Exceptional items (61) Net finance expense (80) Loss before tax (3) Income tax expense 1 (6) Loss after tax at 100% (9) Other comprehensive expense at 100% (41) Total comprehensive expense at 100% (50) At 49.7% Group\u2019s share of loss for the year (4) Amortisation of fair value adjustments on initial recognition of Primient (17) Other Group adjustments (3) Group\u2019s share of loss of joint venture (24) Group\u2019s share of other comprehensive expense (21) Group adjustments to other comprehensive income 16 Group\u2019s share of other comprehensive expense (5) Group\u2019s share of total comprehensive expense (29) 1 Tax expense relates principally to tax on Primient\u2019s Brazilian subsidiary. 22. Investments in joint ventures continued Statement of financial position Primient At 31 March 2023 \u00a3m Assets Non-current assets 993 Cash and cash equivalents 43 Other current assets 624 Liabilities Non-current liabilities (1 072) Current borrowings (9) Other current liabilities (303) Net assets at 100% 276 Group\u2019s share of net assets 137 Goodwill and fair value adjustments (net of amortisation) 62 Carrying amount of investment in Primient 199 Reconciliation of alternative performance measures As discussed in Note 4, the Group\u2019s adjusted profit before tax excludes certain items relating to the Primient joint venture. The following table shows the reconciliation of such adjusting items: Year ended 31 March 2023 Primient income statement at Group\u2019s share \u00a3m Reported Adjusting items Adjusted reported Revenue 1 267 \u2013 1 267 Operating profit 1 48 49 (Loss)/profit before tax (21) 48 27 Income tax expense (3) \u2013 (3) (Loss)/profit after tax (24) 48 24 The following table shows the reconciliation of the adjusting items impacting adjusted profit after tax: Primient\u2019s adjusting items at Group\u2019s share Note Year ended 31 March 2023 \u00a3m Exceptional costs included in operating profit 52 Amortisation of acquired intangible assets and other fair value adjustments (4) Total excluded from adjusted profit before tax 4 48 Total excluded from adjusted profit after tax 48 23. Share capital and share premium Ordinary share capital \u00a3m Share premium \u00a3m Total \u00a3m At 1 April 2021 117 407 524 Allotted under share option schemes \u2013 \u2013 \u2013 At 31 March 2022 117 407 524 Allotted under share option schemes \u2013 1 1 At 31 March 2023 117 408 525 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 2023 Year ended 31 March 2022 Number of shares* Cost \u00a3m Number of shares* Cost \u00a3m At 1 April 468 534 065 117 468 458 393 117 Impact of share consolidation (66 933 968) \u2013 \u2013 \u2013 Allotted under share option schemes 37 015 \u2013 75 672 \u2013 At 31 March 401 637 112 117 468 534 065 117 * The nominal value of each share increased from 25 pence at 31 March 2022 to 29 1 / 6 pence as result of the share consolidation which took place on 3 May 2022. 23. Share capital and share premium continued The decrease in the number of shares is due to the share consolidation in May 2022 which resulted in ordinary shareholders receiving six new ordinary shares with a nominal value of 29 1 / 6 pence each for every seven existing ordinary shares that they held. This share consolidation was completed at the same time as the Group returned \u00a3497 million to ordinary shareholders by way of a special dividend in order to maintain the comparability, so far as possible, of Tate & Lyle PLC\u2019s share price before and after the special dividend. The new ordinary shares are traded on the London Stock Exchange in the same way as the previously existing ordinary shares and have the same rights under the Articles of Association to the previously existing ordinary shares. Own shares Own shares represent the Company\u2019s ordinary shares that are acquired to meet the Group\u2019s expected obligations under share-based incentive arrangements (refer to Note 32). Own shares are held by the Company in an Employee Benefit Trust (EBT) that was established by the Company. The EBT is included in the consolidated accounts. Movements in own shares held were as follows: Year ended 31 March 2023 Year ended 31 March 2022 Number of shares Cost \u00a3m Number of shares Cost \u00a3m At 1 April 4 066 931 30 3 967 194 30 Impact of share consolidation (576 479) \u2013 \u2013 \u2013 Purchased in the market 1 : \u2212 into the EBT 1 300 000 9 1 250 056 8 Transferred to employees: \u2212 from the EBT (824 954) (7) (1 150 319) (8) At 31 March 3 965 498 32 4 066 931 30 1 IFRS 2 permits net settled share-based payments to be treated as equity-settled in full, if certain criteria were met, rather than the tax element being cash-settled. The amount transferred to the tax authorities in the year was \u00a34 million (2022 \u2013 \u00a35 million) and has been recognised within financing activities in the consolidated statement of cash flows. At 31 March 2023 At 31 March 2022 Number of shares Market value \u00a3m % of outstanding share capital Number of shares Market value \u00a3m % of outstanding share capital Shares held in the EBT 3 965 498 32 1% 4 066 931 30 0.9% Total 3 965 498 32 1% 4 066 931 30 0.9% 24. Other reserves Hedging reserve \u00a3m Cost of hedging reserve \u00a3m FVOCI reserve \u00a3m Currency translation reserve \u00a3m Pre-IFRS reserves \u00a3m Total \u00a3m At 1 April 2021 4 \u2013 4 32 104 144 Cash flow hedges: \u2212 fair value gain in the year 82 \u2013 \u2013 \u2013 \u2013 82 \u2212 hedging gain transferred to inventory (26) \u2013 \u2013 \u2013 \u2013 (26) \u2212 cost of hedging \u2013 (5) \u2013 \u2013 \u2013 (5) \u2212 tax effect of the above items (13) \u2013 \u2013 \u2013 \u2013 (13) FVOCI financial assets: \u2212 fair value loss in the year \u2013 \u2013 (4) \u2013 \u2013 (4) Currency translation differences: \u2212 gain on currency translation of foreign operations \u2013 \u2013 \u2013 86 \u2013 86 \u2212 fair value loss on net investment hedges \u2013 \u2013 \u2013 (52) \u2013 (52) Share of other comprehensive income of joint ventures 3 \u2013 \u2013 7 \u2013 10 At 31 March 2022 50 (5) \u2013 73 104 222 Cash flow hedges: \u2212 fair value losses in the year (2) \u2013 \u2013 \u2013 \u2013 (2) \u2212 hedging gain transferred to inventory (19) \u2013 \u2013 \u2013 \u2013 (19) \u2212 fair value gain on cash flow hedges transferred to income statement on sale of a subsidiary (48) \u2013 \u2013 \u2013 \u2013 (48) \u2212 cost of hedging transferred to income statement \u2013 5 \u2013 \u2013 \u2013 5 \u2212 tax effect of the above items 5 \u2013 \u2013 \u2013 \u2013 5 FVOCI financial assets: \u2212 fair value gain in the year \u2013 \u2013 3 \u2013 \u2013 3 Currency translation differences: \u2212 gain on currency translation of foreign operations \u2013 \u2013 \u2013 62 \u2013 62 \u2212 fair value loss on net investment hedges \u2013 \u2013 \u2013 (33) \u2013 (33) \u2212 fair value loss on net investment hedges transferred to income statement \u2013 \u2013 \u2013 28 \u2013 28 \u2212 gain on currency translation of foreign operations transferred to income statement on sale of a subsidiary \u2013 \u2013 \u2013 (81) \u2013 (81) Share of other comprehensive (expense)/income of joint ventures (24) \u2013 \u2013 19 \u2013 (5) Tax effect on the above item 6 \u2013 \u2013 \u2013 \u2013 6 At 31 March 2023 (32) \u2013 3 68 104 143 24. Other reserves continued Gains or losses relating to the effective portion of hedging instruments where cash flow hedge accounting is applied are recognised in OCI within the hedging reserve. Amounts accumulated in the hedging reserve are reclassified in the periods when the hedged item affects the consolidated income statement. For a non- financial asset (such as inventory), the hedging gains and losses are transferred to the cost of inventory and then subsequently recognised in the consolidated income statement or else recognised immediately in the consolidated income statement. The FVOCI reserve includes cumulative gains or losses on FVOCI assets including investments in equities. The currency translation reserve includes: \u2212 Gains/losses on currency translation of foreign operations: on consolidation, the results of foreign operations are translated into pound sterling at the average rate of exchange for the period and their assets and liabilities are translated into pound sterling at the exchange rate ruling at the period-end date. Currency translation differences arising on consolidation are recognised in other comprehensive income and taken to the currency translation reserve. \u2212 Fair value gains/losses on net investment hedges: a net investment hedge is the hedge of the currency exposure on the retranslation of the Group\u2019s net investment in a foreign operation. Net investment hedges are accounted for by recognising changes in the fair value of the hedging instrument and, to the extent that the hedge is effective, recognised in other comprehensive income. Further detail on net investment hedges can be found in Note 29. The gains recycled to the income statement on sale of a subsidiary are included in the gain on the sale of Primient calculation. Refer to Note 12 for further details. The pre-IFRS reserve relates to amounts previously recorded in reserves prior to transition to IFRS and relates predominantly to merger reserves. 25. Trade and other payables Trade payables are predominantly short-term and are initially recognised at fair value, which is generally the invoice amount. The effects of the time-value of money are not material. At 31 March 2023 \u00a3m 2022 \u00a3m Current trade and other payables Trade payables 250 151 Social security 7 6 Accruals and deferred income 99 118 Margin payables \u2013 7 Other payables 16 12 Total 372 294 Trade and other payables classified as liabilities directly associated with the assets held for sale of \u00a3253 million at 31 March 2022 are included in Note 12. There were no non-current trade and other payables as at 31 March 2023 (2022 \u2013 \u00a3nil). The carrying amount of trade and other payables was denominated in the following currencies: At 31 March 2023 \u00a3m 2022 \u00a3m US dollar 220 127 Euro 86 76 Sterling 28 52 Other 38 39 Total 372 294 26. Borrowings Borrowings are initially measured at fair value, net of transaction costs incurred, which is generally the amount of proceeds received. Borrowings are subsequently measured at amortised cost using the effective interest rate method, whereby the net proceeds are gradually increased to the amount that will be ultimately settled using a constant rate of interest. This constant rate of return is used to calculate the amount recognised as interest expense in the consolidated income statement. 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 the period-end date. The carrying amount of a borrowing may be adjusted where it is a hedged liability in a fair value hedge (refer to Note 29). Non-current borrowings At 31 March 2023 \u00a3m 2022 \u00a3m 2,394,000 6.5% cumulative preference shares of \u00a31 each 1 \u2013 2 US Private Placement Notes 2025 - 2032 2 548 607 Total loan notes 548 609 Lease liabilities 44 104 Total non-current borrowings 592 713 Lease liabilities reclassified as directly associated with the assets held for sale \u2013 (55) Total non-current borrowings as shown in statement of financial position 592 658 1 In October 2022, a reduction of the Company\u2019s capital was completed, through the cancellation and repayment of all of its 2,394,000 6.5% cumulative preference shares of \u00a31 each. 2 At 31 March 2023 and 2022, the US Private Placement Notes totalled US$800 million and are presented net of deferred arrangement fees. 26. Borrowings continued Current borrowings At 31 March 2023 \u00a3m 2022 \u00a3m Short-term loans and facilities 14 11 US Private Placement Notes 2023 97 \u2013 Lease liabilities 10 29 Total current borrowings 121 40 Lease liabilities reclassified as directly associated with the assets held for sale \u2013 (19) Total current borrowings as shown in statement of financial position 121 21 Lease liabilities classified as liabilities directly associated with the assets held for sale totalling \u00a374 million at 31 March 2022 are included in Note 12. In April 2023, the Group repaid the US$95 million US private debt floating rate note ahead of its maturity using cash. Effective interest rates The effective interest rates of the Group\u2019s borrowings are as follows: Year ended 31 March 2023 \u00a3m 2022 \u00a3m US$95m US Private Placement FRN 1 2023 6.4% 1.7% US$25m 3.83% US Private Placement Notes 2023 3.8% 3.8% US$180m 4.06% US Private Placement Notes 2025 4.1% 4.1% US$100m 4.16% US Private Placement Notes 2027 4.2% 4.2% US$100m 3.31% US Private Placement Notes 2029 3.3% 3.3% US$100m 2.91% US Private Placement Notes 2030 2.9% 2.9% US$100m 3.41% US Private Placement Notes 2031 3.4% 3.4% US$100m 3.01% US Private Placement Notes 2032 3.0% 3.0% 2,394,000 6.5% cumulative preference shares of \u00a31 each \u2013 6.5% Lease liabilities 3.4% 3.3% 1 Floating rate note based on US six-month LIBOR + 1.47% (despite the change to SOFR this note was retained at LIBOR with agreement from the investors). Short-term loans Short-term loans mature within the next 12 months. Short-term loans are arranged at floating rates of interest and expose the Group to cash flow interest rate risk. The effective interest rate of short-term loans is 4.6% (2022 \u2013 4.9%). Credit facilities and arrangements The Group has a committed US$800 million revolving credit facility, of which US$100million matures in March 2025 and US$700 million matures in March 2026. The financial covenant thereon is described in the \u2018Liquidity risk management\u2019 section of Note 30. At 31 March 2023, the facility had a sterling equivalent value of \u00a3647 million (2022 \u2013 \u00a3608 million) and was undrawn. The facility incurs commitment fees at market rates prevailing when the facility was arranged. The lenders have the right, but not the obligation, to cancel their commitments in the event of specified events of default (principally an expected covenant breach or insolvency of the Group). 27. Change in working capital and other non-cash movements \u2013 total operations Year ended 31 March 2023 \u00a3m 2022 \u00a3m Increase in inventories (118) (147) Increase in receivables (55) (151) Increase in payables 71 79 Movement in derivative financial instruments (excluding debt-related derivatives) (6) (25) Decrease in provisions for other liabilities and charges (2) (6) Change in working capital (110) (250) Other non-cash movements 1 (7) (38) Change in working capital and other non-cash movements (117) (288) 1 In the year ended 31 March 2022, other non-cash movements Include an outflow of \u00a342 million related to the adjustment made to dividend income from Almex and Covation (IFRS 5 cessation of equity accounting). 28. Net debt \u2013 total operations Reconciliation of the movement in cash and cash equivalents to the movement in net debt: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Net debt at beginning of the year (626) (417) Net increase/(decrease) in cash and cash equivalents 303 (257) Net decrease in borrowings and lease liabilities 15 90 Decrease/(increase) in net debt resulting from cash flows 318 (167) Currency translation differences 3 (24) Lease liabilities 1 69 (18) Other non-cash movements (2) \u2013 Decrease/(increase) in net debt in the year 388 (209) Net debt at end of the year (238) (626) 1 Lease liabilities movement in the year ended 31 March 2023 is principally due to the disposal of Primient. 28. Net debt \u2013 total operations continued Movements in the Group\u2019s net debt were as follows: Cash and cash equivalents \u00a3m Borrowings and lease liabilities \u00a3m Total \u00a3m At 1 April 2021 371 (788) (417) Movement from cash flows (257) 90 (167) Currency translation differences 13 (37) (24) Leases non-cash movements \u2013 (18) (18) At 31 March 2022 1, 2 127 (753) (626) Movement from cash flows 303 15 318 Currency translation differences 45 (42) 3 Lease liabilities \u2013 69 69 Other non-cash movements \u2013 (2) (2) At 31 March 2023 475 (713) (238) 1 At 31 March 2022, borrowings and lease liabilities included \u00a374 million of leases included in liabilities directly associated with the assets held for sale. Refer to Note 12. 2 At 31 March 2022, cash and cash equivalents included \u00a317 million of cash and cash equivalents included in assets held for sale. Refer to Note 12. At 31 March 2023, total liabilities arising from financing activities were \u00a3713 million (2022 \u2013 \u00a3753 million). Net debt is denominated in the following currencies: At 31 March 2023 \u00a3m 2022 \u00a3m US dollar (279) (644) Euro 3 (54) Sterling 5 34 Other 33 38 Total (238) (626) 29. Financial instruments Financial instruments comprise investments (other than investments in joint ventures), trade and other receivables, cash and cash equivalents, trade and other payables, borrowings and derivative financial instruments. Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on their use as explained below. 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. Where the hedging relationship is classified as a fair value hedge, the carrying amount of the hedged asset or liability is adjusted by, or a firm commitment is recorded for, the change in its fair value attributable to the hedged risk only and the resulting gain or loss is recognised in the consolidated income statement where, to the extent that the hedge is effective, it offsets the fair value gain or loss on the hedging instrument. As explained in Note 2, for the US net corn position for the year ended 31 March 2022 only, a group of items representing a net position and consisting of items that individually are eligible hedged items and which are managed together on a group basis for risk management can be designated in a hedging relationship as a net position hedged item. As such, for the year ended 31 March 2022, the Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item was a group of items with offsetting risk positions. Net investment hedges A net investment hedge is the hedge of the currency exposure on the retranslation of the Group\u2019s 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 consolidated income statement where it is included in the gain or loss on disposal of the foreign operation. Cash flow hedges Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the consolidated income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the consolidated income statement at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the consolidated income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the consolidated income statement immediately. 29. Financial instruments continued Financial instruments by category Set out below is a comparison by category of carrying values and fair values of the Group\u2019s financial assets and financial liabilities: At 31 March 2023 Notes Amortised cost/cash \u00a3m Derivatives in a hedging relationship \u00a3m Hedged item (fair value hedge) \u00a3m Investments in equities \u00a3m Total carrying value \u00a3m Fair value \u00a3m Investments in equities 18 \u2013 \u2013 \u2013 42 42 42 Trade and other receivables 17 336 \u2013 \u2013 \u2013 336 336 Cash and cash equivalents 16 475 \u2013 \u2013 \u2013 475 475 Trade and other payables 25 (365) \u2013 \u2013 \u2013 (365) (365) Borrowings 26 (713) \u2013 \u2013 \u2013 (713) (662) Commodity derivative net liability \u2013 (1) \u2013 \u2013 (1) (1) The presentation in the consolidated statement of financial position of derivatives assets/(liabilities) and other financial assets/(liabilities) is shown on the next page. For the year ended 31 March 2022, the presentation for the other financial instruments was amended in order to classify the following assets and liabilities as held for sale: Investments in equities: \u00a312 million, trade and other receivables: \u00a3246 million; cash and cash equivalents: \u00a317 million; trade and other payables: \u00a3253 million; borrowings (relates to lease liabilities): \u00a374 million. Investments in equities comprise financial assets recognised at fair value through profit or loss (FVPL), and financial assets recognised at fair value through OCI (FVOCI). Further analysis is provided in Note 18. Trade and other receivables presented opposite excludes \u00a326 million relating to prepayments and non- current other receivables (2022 \u2013 \u00a320 million, of which \u00a34 million was classified as held for sale). Trade and other payables presented opposite excludes \u00a37 million relating to social security (2022 \u2013 \u00a310 million, of which \u00a34 million was included in held for sale). At 31 March 2022 Notes Amortised cost/cash \u00a3m Derivatives in a hedging relationship \u00a3m Hedged item (fair value hedge) \u00a3m Investments in equities \u00a3m Total carrying value \u00a3m Fair value \u00a3m Investments in equities 18 \u2013 \u2013 \u2013 58 58 58 Trade and other receivables 17 497 \u2013 \u2013 \u2013 497 497 Cash and cash equivalents 16 127 \u2013 \u2013 \u2013 127 127 Trade and other payables 25 (537) \u2013 \u2013 \u2013 (537) (537) Borrowings 26 (753) \u2013 \u2013 \u2013 (753) (735) Forward foreign exchange contract* \u2013 (31) \u2013 \u2013 (31) (31) Commodity derivative net assets \u2013 76 \u2013 \u2013 76 76 Net other current financial assets \u2212 commodity pricing contracts \u2013 \u2013 20 \u2013 20 20 * Deal contingent forward . 29. Financial instruments continued Financial instruments by category continued There are no listed bonds as at 31 March 2023 (2022 \u2013 \u00a3nil). At that date, the Group held US$800 million US Private Placement Notes with a carrying value of \u00a3645 million (2022 \u2013 \u00a3607 million) and a fair value of \u00a3594 million (2022 \u2013 \u00a3589 million) measured by discounted estimated cash flows based on broker dealer quotations and are categorised as Level 3 for fair value measurement. The remaining borrowings had a fair value measured by discounted estimated cash flows with an applicable market quoted yield and are categorised as Level 2 for fair value measurement. Derivatives assets/(liabilities) and other financial assets/(liabilities) are presented in the consolidated statement of financial position as follows: At 31 March 2023 At 31 March 2022 Assets \u00a3m Liabilities \u00a3m Assets \u00a3m Liabilities \u00a3m Non-current derivative financial instruments \u2013 \u2013 13 \u2013 Current derivative financial instruments 3 (4) 68 (36) Reclassified as assets/(liabilities) held for sale (Note 12) \u2013 \u2013 (65) 5 3 (4) 16 1 (31) 2 Other non-current financial assets/(liabilities) \u2013 \u2013 \u2013 \u2013 Other current financial assets/(liabilities) \u2013 \u2013 60 (40) Reclassified as assets/(liabilities) held for sale (Note 12) \u2013 \u2013 (58) 40 \u2013 \u2013 2 \u2013 1 At 31 March 2022, presented as \u00a33 million in non-current derivative assets and \u00a313 million in current derivative assets. 2 At 31 March 2022, presented as \u00a3nil in non-current derivative liabilities and \u00a331 million in current derivative liabilities. Included in assets held for sale at 31 March 2022 were cash flow hedges totalling \u00a344 million that related to discontinued operations, of which the most significant related to cash flow hedging using natural gas futures. The Group did not cease cash flow hedging such items upon classification of Primient as held for sale but did so upon completion of the Transaction. During the year ended 31 March 2023, the Group has recycled the gains to the income statement on the sale of Primient, which is included in the gain on the sale of Primient calculation. Refer to Note 12 for further details. Fair value hedges For the 2022 financial year only, the Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item is a group of items with offsetting risk positions. Refer to Note 2. At 31 March US net corn position (futures and basis) in effective fair value hedge accounting relationships 2023 \u00a3m 2022 \u00a3m Nominal amounts of corn futures contracts (expressed in millions of bushels) \u2013 1 bu Gross carrying amount of outstanding hedged items: assets \u2013 146 Gross carrying amount of outstanding hedged items: liabilities \u2013 (111) Carrying amount of hedging instrument \u2013 (3) Hedge ratio \u2013 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness \u2013 (6) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness \u2013 18 Ineffectiveness recognised in profit or loss \u2013 12 At 31 March US net corn position (net co-products) in effective fair value hedge accounting relationships 2023 \u00a3m 2022 \u00a3m Nominal amounts of co-product futures contracts (expressed in metric tonnes) \u2013 \u2013 Gross carrying amount of outstanding hedged items: assets \u2013 70 Gross carrying amount of outstanding hedged items: liabilities \u2013 (21) Carrying amount of hedging instrument \u2013 (2) Hedge ratio \u2013 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness \u2013 (2) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness \u2013 16 Ineffectiveness recognised in profit or loss \u2013 14 29. Financial instruments continued Net investment hedges The Group employs borrowings to hedge the currency risk associated with its net investments in subsidiaries located in the US and Europe. The Group\u2019s borrowings designated as net investment hedges are principally in US dollars and are presented in the table below. At 31 March Borrowings used to net investment hedge currency translation risk 2023 \u00a3m 2022 \u00a3m Notional principal amounts of borrowings (weighted liability) 552 530 Loss on translation of borrowings recognised in currency translation reserve (33) (26) Carrying amount of hedging instrument 552 530 Maturity date Oct 2023-Aug 2032 Oct 2023-Aug 2032 Hedge ratio 1:1 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness (33) (26) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness 33 26 Weighted average foreign currency rate for the year (/\u00a31) $1.26 $1.33 Ineffectiveness recognised in profit or loss \u2013 \u2013 Cumulative loss remaining in translation reserve 1 (137) (104) 1 Cumulative loss remaining in translation reserve in relation to US Private Placement Notes is \u00a380 million (2022 \u2013 \u00a347 million). There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the USD borrowing. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the fixed rate borrowing. In addition, in the year ended 31 March 2023, a weighted average total of \u00a31 million (2022 \u2013 \u00a3nil) of the Group\u2019s liabilities were designated as a hedge of the net investment in the Group\u2019s European operations. Translation of these liabilities taken to reserves was \u00a3nil (2022 \u2013 \u00a3nil). During the 2022 financial year, the Group entered into a deal contingent forward to hedge the currency risk associated with the consideration received from the Transaction which was partially used for the shareholder distribution on 16 May 2022. This deal contingent forward was designated as a hedging instrument in a net investment hedge with the hedged items being the Group\u2019s overseas operations in the US which were sold as part of the Transaction. Both the cost of hedging and the loss on the forward previously recognised in reserves and hedging reserve respectively have been recycled to the income statement and are included in the gain on disposal of Primient calculation. Refer to Note 12. At 31 March Deal contingent forward used to net investment hedge currency translation risk 2023 \u00a3m 2022 \u00a3m Notional principal amounts of deal contingent forward \u2013 464 Loss on the forward recognised in hedging reserve \u2013 (26) Carrying amount of hedging instrument \u2013 (31) Maturity date \u2013 4 April 2022 Hedge ratio \u2013 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness \u2013 (31) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness \u2013 26 Cost of hedging recognised in reserves \u2013 (5) Cash flow hedges The Group employs pricing contracts, principally futures, to hedge cash flow risk associated with forecast purchases of energy and chemicals used in the manufacturing process (ultimately recognised in cost of sales) which are designated as cash flow hedges. The fair value of these hedging instruments at 31 March 2023 is \u00a31 million liability (2022 \u2013 \u00a360 million asset). There is an economic relationship between the hedged items and the hedging instruments as the terms of the commodity futures match the terms of the expected highly probable forecast transactions. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the commodity futures are identical to the designated hedged risk components. Hedge ineffectiveness could arise from differences in timing of the cash flows of the hedged items or hedged instruments or changes to the forecasted amount of cash flows of hedged items and hedging instruments. However, there was no ineffectiveness recorded in the current or prior financial year. The most significant fair values are attributable to natural gas cash flow hedges for which the details are shown below. At 31 March Natural gas cash flow hedges 2023 \u00a3m 2022 \u00a3m Nominal amounts of futures contracts (each contract expressed in 10,000 mBTU of usage) 325 3 314 Gross carrying amount of outstanding hedged items: assets 4 \u2013 Gross carrying amount of outstanding hedged items: liabilities (1) (58) Carrying amount of hedging instrument (3) 58 Hedge ratio 1:1 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness (3) 58 Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness 3 (58) Ineffectiveness recognised in profit or loss \u2013 \u2013 29. Financial instruments continued The following tables illustrate the Group\u2019s financial assets and liabilities measured at fair value and fair value adjustments due to risks hedged: Cash flow hedges continued The following table identifies the movements in the cash flow hedging reserve during the year, and the At 31 March 2 023 periods in which the cash flows are expected to occur. The periods in which the cash flows are expected Level 1 Level 2 Level 3 Total to impact profit or loss are materially the same. Notes \u00a3m \u00a3m \u00a3m \u00a3m At 31 March Assets at fair value 2023 2022 Financial assets at FVPL 18 \u2013 \u2013 20 20 Commodity Commodity derivatives derivatives Financial assets at FVOCI 18 \u2013 \u2013 22 22 Cash flow hedge reserve \u00a3m \u00a3m Derivative financial instruments: Opening balance 50 4 \u2212 commodity derivatives 3 \u2013 \u2013 3 Fair value (loss)/gain in the year (2) 82 Assets at fair value 3 \u2013 42 45 Hedging gain transferred to inventory (19) (26) Fair value gain on cash flow hedges transferred to the Liabilities at fair value income statement (48) \u2013 Derivative financial instruments: Deferred tax 5 (13) \u2212 commodity derivatives (4) \u2013 \u2013 (4) Share of other comprehensive expense of joint venture net of tax (15) 3 Liabilities at fair value (4) \u2013 \u2013 (4) Closing balance (29) 50 1 Cash flows expected to occur : At 31 March 2022 \u2212 within one year (26) 53 Level 1 Level 2 Level 3 Total 1 Including the impact of foreign exchange differences included in translation reserve rather than hedging reserve. Notes \u00a3m \u00a3m \u00a3m \u00a3m Financial instruments measured at fair value: the fair value hierarchy Assets at fair value Fair value measurements are categorised into three different levels based on the degree to which the inputs Financial assets at FVPL 18 \u2013 \u2013 32 32 used to arrive at the fair value of the assets and liabilities are observable and the significance of the inputs to Financial assets at FVOCI 18 \u2013 \u2013 26 26 the fair value measurement in its entirety, as follows: Derivative financial instruments: \u2212 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the \u2212 commodity derivatives 81 \u2013 \u2013 81 Group can assess at the measurement date. The prices of equity shares or bonds quoted on the London Other financial assets (commodity pricing Stock Exchange are examples of Level 1 inputs. 1 contracts) \u2013 36 24 60 \u2212 Level 2 inputs are those, other than quoted prices included in Level 1, that are observable either directly or indirectly. Assets at fair value 81 36 82 199 \u2212 Level 3 inputs are unobservable inputs. The Group generally classifies assets or liabilities as Level 3 when Liabilities at fair value their fair value is determined using unobservable inputs that individually, or when aggregated with other Derivative financial instruments: unobservable inputs, represent more than 10% of the fair value of the observable inputs of the assets or liabilities. This would include expected future cash flows from budgets and forecasts the Group has \u2212 forward foreign exchange contract \u2013 (31) \u2013 (31) made. In the comparative period only, certain elements of the Group\u2019s commodity contract portfolio \u2212 commodity derivatives (5) \u2013 \u2013 (5) also fell into this category, as their values included significant management-derived assumptions. Other financial liabilities (commodity pricing 1 For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, contracts) \u2013 (2) (38) (40) the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing Liabilities at fair value (5) (33) (38) (76) categorisation (based on the lowest level of input that is significant to the fair value measurement as a 1 Fair value adjustments due to risks hedged. whole) at the end of the reporting period. There were no transfers between Level 1 and Level 2 fair value measurements during the period, and no transfers into or out of Level 3 fair value measurements during the year ended 31 March 2023. 29. Financial instruments continued Financial instruments measured at fair value: the fair value hierarchy continued For the year ended 31 March 2022, the presentation for the financial assets and liabilities measured at fair value was amended in order to classify the following assets and liabilities as held for sale: financial assets at FVPL: \u00a312 million: commodity derivatives assets: \u00a365 million; other financial assets: \u00a358 million; commodity derivative liabilities: \u00a35 million and other financial liabilities: \u00a340 million. Level 3 financial assets The following table reconciles the movement in the Group\u2019s net financial instruments and fair value adjustments due to risks hedged classified in Level 3 of the fair value hierarchy: Commodity pricing contracts \u2013 assets \u00a3m Commodity pricing contracts \u2013 liabilities \u00a3m Financial assets at FVPL \u00a3m Financial assets at FVOCI \u00a3m Total \u00a3m At 1 April 2021 11 (26) 29 30 44 Income statement: \u2212 prior year amounts settled (11) 19 \u2013 \u2013 8 \u2212 current year unrealised net gain/(loss) in operating profit 24 (31) \u2013 \u2013 (7) Other comprehensive income \u2013 \u2013 \u2013 (4) (4) Non-qualified deferred compensation arrangements (Note 18) \u2013 \u2013 1 \u2013 1 Purchases \u2013 \u2013 4 \u2013 4 Disposals \u2013 \u2013 (4) \u2013 (4) Currency translation differences \u2013 \u2013 2 \u2013 2 Reclassification to (assets)/liabilities directly associated with the assets held for sale (22) 38 (12) \u2013 4 At 31 March 2022 2 \u2013 20 26 48 Income statement: \u2212 prior year amounts settled (2) \u2013 \u2013 \u2013 (2) Other comprehensive income \u2013 \u2013 \u2013 3 3 Re-measurement of non-qualified deferred compensation arrangements (Note 18) \u2013 \u2013 (2) \u2013 (2) Purchases \u2013 \u2013 3 \u2013 3 Disposals \u2013 \u2013 (3) (7) (10) Currency translation differences \u2013 \u2013 2 \u2013 2 At 31 March 2023 \u2013 \u2013 20 22 42 For the year ended 31 March 2022 only, the full impact to the consolidated income statement of movements in the corn price on the net corn and co-product position is described within the \u2018Price risk management\u2019 section of Note 30. The table below describes the valuation techniques in relation to Level 3 financial instruments and isolates the unobservable inputs. Year ended 31 March 2022 Type Valuation technique Significant unobservable inputs Sensitivity of the fair value measurement in reasonable changes to inputs Net corn position (refer to fair value of purchases, sales and inventory of corn-based products section in Note 2). Based on the Group\u2019s own assessment of the commodity, supply and demand, as well as expected pricing. 1. Co-products 1. A 25% increase/(decrease) in the price of co- products would result in a net increase/(decrease) in fair value of \u00a323 million in respect of Level 3 financial instruments. 2. Basis 2. A 50% increase/(decrease) in the cost of basis would result in a net increase/(decrease) in fair value of \u00a326 million in respect of Level 3 financial instruments. Year ended 31 March 2023 and 31 March 2022 Assets classified as FVOCI are long-term strategic investments that the Group does not control, nor have significant influence over. The investments are non-listed and are mainly start-ups or in the earlier stages of their lifecycle. Therefore, fair value has been determined based on the most recent funding rounds adjusted for indicators of impairment. The fair values assigned to each of the investments have different significant unobservable inputs. Assets classified as FVPL largely consists of a \u2018non-qualified defined contribution\u2019 pension scheme for which the movements in its assets are largely offset by corresponding movements on retirement benefit liabilities. For more details refer to Note 18. As discussed in Note 2, for the comparative year\u2019s two fair value hedges relating to the net corn position, there was significant estimation uncertainty in determining the fair values of the key unobservable inputs. The two key unobservable inputs are shown in the table above, together with the impact of a reasonably possible change in assumptions on the fair value of the Level 3 financial assets/liabilities only. In addition to the above, the Group\u2019s FVOCI and FVPL financial assets are sensitive to a number of market and non-market factors. 30. Risk management 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 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 of Tate & Lyle PLC to manage financial risks include: swaps (both interest rate and currency), swaptions, caps, forward rate agreements, foreign exchange contracts, commodity forward contracts and options, and commodity futures. The Chief Financial Officer retains overall responsibility for management of financial risk for the Group. Most of the Group\u2019s financing, interest rate and foreign exchange risks are managed through the Group treasury company, Tate & Lyle International Finance PLC. 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 the commodity trading functions in the US and Europe. As noted in Note 2, since completion of the Primient disposal transaction on 1 April 2022, the Group has continued to apply cash flow hedge accounting to manage its economic price exposure on the purchase of energy and chemicals used in the production process. All corn procurement transferred to Primient on completion of the disposal and the Group now procures corn from Primient (both for the manufacturing of corn-based finished goods in the Group\u2019s US manufacturing sites and for corn embedded in the finished goods manufactured by Primient and sold to the Group under long-term agreements). The Group has ceased applying fair value hedge accounting to manage the net corn risk and instead manages the corn price risk by using economic hedging principles such as entering into offsetting positions with its supplier (Primient) and customers. Market risks Foreign exchange management The Group operates internationally and is exposed to foreign exchange risks arising from commercial transactions (transaction exposure), and from recognised assets, liabilities and investments in foreign operations (translation exposure). Transaction exposure The Group manages foreign exchange transaction risk using economic hedging principles including managing working capital levels and entering into offsetting arrangements wherever possible. The Group uses limited foreign exchange forward contracts to hedge its exposure to foreign currency risk in some circumstances. There is no material amount recognised in the statement of financial position or hedging reserve in the current or prior period. During the 2022 financial year, the Group entered into a deal contingent forward to hedge the currency risk associated with the consideration received from the Transaction which was partially used for the shareholder distribution on 16 May 2022. This deal contingent forward was designated as a hedging instrument in a net investment hedge with the hedged items being the Group\u2019s overseas operations in the US which were sold as part of the Transaction. Translation exposure The Group manages the foreign exchange exposure to net investments in overseas operations, particularly in the US, by borrowing in US dollars, which provide a partial match for the Group\u2019s major foreign currency assets. The detail of these net investment hedges, including the deal contingent forward entered into in the prior year, is set out in Note 29. The following table illustrates only the Group\u2019s sensitivity to the fluctuation of the Group\u2019s major currencies against sterling on its consolidated income statement and other components of equity, assuming that each exchange rate moves in isolation. The consolidated income statement impact is due to changes in the fair value of monetary assets and liabilities including non-designated foreign currency derivatives. The equity impact for foreign exchange sensitivity relates to non-derivative financial instruments hedging the Group\u2019s net investments in its European and US operations. At 31 March 2023 At 31 March 2022 Income statement -/+ \u00a3m Equity -/+ \u00a3m Income statement -/+ \u00a3m Equity -/+ \u00a3m Sterling/US dollar 10% change 1 1 34 1 44 Sterling/euro 10% change \u2013 \u2013 \u2013 \u2013 1 31 March 2022 sensitivity disclosures exclude the impact of the deal contingent forward which matured immediately after the year end on completion of the Primient business disposal transaction. Interest rate management The Group has an exposure to interest rate risk, arising principally from changes in US dollar interest rates. In the 2023 and 2022 financial years, the objective of optimising net finance expense and reducing volatility in reported earnings was achieved by ensuring an optimal mix of fixed and floating rate debt. The Group retains the option of entering into interest rate swaps and a full risk assessment and recommendation is made to the Group\u2019s Board each year on how to best manage interest rate risk for the forthcoming 12 months. The Group currently has low levels of net debt and secure long-term borrowings which are mostly fixed at low interest rates. The proportion of gross debt managed by the Group\u2019s treasury function at 31 March 2023 that was fixed or capped for more than one year was 87% (2022 \u2013 88%). At 31 March 2023, the longest term of any fixed rate debt held by the Group was until 2032 (2022 \u2013 until 2032). Given the proportion of debt that is fixed rate debt, as at 31 March 2023, if interest rates increased by 100 basis points, Group profit before tax would increase by \u00a33 million (2022 \u2013 \u00a3nil). If interest rates decreased by 100 basis points, or less where applicable, Group profit before tax would decrease by \u00a33 million (2022 \u2013 \u00a31 million increase). If the Group maintains a consistent level of working capital benefit in relation to supply-chain financing arrangements (see \u2018Liquidity risk management\u2019 section) then an increase in interest rates of 100 basis points would decrease Group profit before tax by \u00a31 million (2022 \u2013 \u00a32 million). The decrease compared to the comparative period is due to a significant proportion of supply-chain financing exposure relating to the discontinued operations. 30. Risk management continued Price risk management The Group employs limited pricing contracts, principally futures, to hedge cash flow risk associated with certain forecast purchases of energy (gas) and chemicals used in the manufacturing process in North America which are designated as cash flow hedges. Refer to Note 29. The Group\u2019s sensitivities in respect of natural gas and chemical derivatives for a +/- 10% movement in underlying prices are both \u00a31 million. In other regions (mainly Europe), energy volumes and price are locked in advance of physical delivery. These contracts are classified as \u2018own use\u2019 contracts since they are entered into for the purpose of the Group\u2019s ordinary operations. All corn procurement transferred to Primient on completion of the Transaction and the Group now procures corn from Primient (both for the manufacturing of corn-based finished goods in the Group\u2019s US manufacturing sites and for corn embedded in the finished goods manufactured by Primient and sold to the Group under long-term agreements). The Group now manages the corn price risk by using economic hedging principles such as entering into offsetting positions with its supplier (Primient) and customers. For certain contracts with Primient, the Group remains exposed to variations in basis and the price of co- products. The Group\u2019s sensitivity in respect of basis for a 50% movement is \u00a35 million. Its sensitivity in respect of co-products for a 25% movement is \u00a34 million. In the 2022 financial year, the Group managed its US net corn position, comprising the purchase, sale and recognition of corn and corn derived co-product inventory on a net basis. Each element of the net corn position was marked to market on the basis that doing so aligns with the economics of the business and minimises price risk volatility. The Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item is a group of items with offsetting risk positions. The Group used certain derivative financial instruments (mainly corn futures contracts) to manage this net position. In the prior year, there was estimation required in determining the fair value of certain components of this net position. The nature of these estimates is disclosed in Note 2. Given the net position for corn, as at 31 March 2022, a 50% increase/decrease in the price of corn would have resulted in a decrease/increase to the consolidated income statement of \u00a317 million and related decrease/increase in other components of equity of \u00a31 million. The sensitivity analysis on the key areas of estimation uncertainty relating to the prior year (price of co-products and basis) and the carrying amounts impacted by estimation uncertainty are shown in Note 29. Details of the valuation technique applied in the prior year are also included in Note 29. Credit risk management Counterparty credit risk arises from the placing of deposits (refer to Note 16) and entering into derivative financial instrument contracts with banks and financial institutions, as well as credit exposures inherent within the Group\u2019s outstanding receivables. The Group manages credit risk by entering into financial instrument contracts substantially with investment grade counterparties approved by the Board. The Board has approved maximum counterparty exposure limits for specified banks and financial institutions based on the long-term credit ratings from major credit rating agencies. Trading limits assigned to commercial customers are based on ratings from Dun & Bradstreet. In cases where published financial ratings are not available or inconclusive, credit application, reference checking, measurement of performance against agreed terms, and obtaining of customers\u2019 financial information such as liquidity and turnover ratio, are required to evaluate customers\u2019 creditworthiness. Counterparties\u2019 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\u2019s trade receivables are short term in nature and are largely comprised of amounts receivable from business customers. Concentrations of credit risk with respect to trade receivables are limited, with our customer base including large, unrelated and internationally dispersed customers. The Group considers its maximum exposure to credit risk at the year-end date is the carrying value of each class of financial assets as disclosed under financial instruments by category on page 179. Refer to Note 17 for the effect of expected credit loss on the Group\u2019s trade receivables. 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. The majority of the Group\u2019s borrowings are raised through the Group treasury company, Tate & Lyle International Finance PLC, and are then on-lent to the business units on an arm\u2019s length basis. At the year end, the Group held cash and cash equivalents of \u00a3475 million (2022 \u2013 \u00a3127 million) and had committed undrawn facilities of US$800 million (\u00a3647 million) (2022 \u2013 \u00a3608 million). These resources are maintained to provide liquidity back-up 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 Group policy requires that available liquidity (undrawn committed facilities plus cash) is greater than \u00a3400 million and minimum liquidity requirements are maintained in order to retain an investment grade credit rating, per any relevant published definitions of Standard & Poor\u2019s and Moody\u2019s. The significant increase in cash and cash equivalents compared to the prior year is due to the proceeds received from the Primient business disposal transaction on 1 April 2022 which was partially offset by the funding of the special dividend on 16 May 2022 and the Quantum acquisition. At 31 March 2023, the average maturity of the Group\u2019s drawn financing was 5.2 years (2022 \u2013 6.2 years). To allow more effective management of interest rate risk and optimisation of overall cost of debt, the Group policy is as follows: a) no more than 20% of the total Group gross debt plus undrawn committed facilities should mature within 12 months from balance sheet date, b) the Group\u2019s core undrawn committed bank facility must be refinanced no later than 12 months prior to its full maturity, and c) at least 50% of drawn debt should have a maturity of more than 2.5 years. At 31 March 2023, after taking account of undrawn committed facilities, the Group was compliant with the policy. The Group has a core committed revolving credit facility of US$800 million of which US$100 million matures in March 2025 and US$700 million matures in March 2026. This facility is unsecured and contains one financial covenant, that the multiple of net debt to EBITDA, as defined in the facility agreement, should not be greater than 3.5 times. The Group policy requires that net debt is managed within the target range of 1.0 \u2013 2.5 times EBITDA (including the impact of IFRS 16). At 31 March 2023, the Group had US$800 million of US Private Placement Notes which mature between 2023 and 2032. In April 2023, the Group repaid the US$95 million US private debt floating rate note ahead of its maturity using cash. These notes contain financial covenants that the multiple of net debt to EBITDA, as defined in the note purchase agreement, should not be greater than 3.5 times. The ratios for this financial covenant were: Year ended 31 March 2023 Times 2022 Times Net debt/EBITDA 1 0.6 1.1 1 This financial covenant applies to both the revolving credit facility and US Private Placement Notes. 30. Risk management continued Liquidity risk management continued 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 prior reporting periods, the Group complied with its financial covenants at all measurement points. (The Group is required to report on covenants after the interim and year-end reporting dates.) Note that the multiple of net debt to EBITDA as required for the financial covenants of the loan notes and revolving credit facility is a different measure to the simplified calculation of net debt to EBITDA used as a Group KPI. This KPI is more directly related to information in the Group\u2019s financial statements and is reported in Note 4. The table below analyses the undiscounted cash flows related to the Group\u2019s non-derivative financial liabilities and derivative assets and liabilities. At 31 March 2023 Liquidity analysis < 1 year \u00a3m 1 \u2013 5 years \u00a3m > 5 years \u00a3m Borrowings (102) (226) (323) Lease liabilities (14) (37) (13) Interest on borrowings (25) (66) (33) Trade and other payables (365) \u2013 \u2013 Derivative contracts: \u2212 receipts 168 \u2013 \u2013 \u2212 payments (168) \u2013 \u2013 Commodity derivatives (1) \u2013 \u2013 At 31 March 2022 Liquidity analysis < 1 year \u00a3m 1 \u2013 5 years \u00a3m > 5 years \u00a3m Borrowings (4) (228) (382) Lease liabilities 1 (33) (88) (24) Interest on borrowings (21) (71) (44) Trade and other payables (537) \u2013 \u2013 Derivative contracts: \u2212 receipts 160 \u2013 \u2013 \u2212 payments (160) \u2013 \u2013 \u2212 deal contingent forward receipt 464 \u2013 \u2013 \u2212 deal contingent forward payment (495) \u2013 \u2013 Commodity derivatives 62 14 \u2013 1 Cash flows related to lease liabilities included in discontinued operations include \u00a321 million to be paid in less than one year, \u00a351 million to be paid between one and five years, and \u00a38 million to be paid after more than five years. Derivative contracts include forward exchange contracts. Commodity pricing contracts included above represent options and futures. Commodity pricing contracts classified within Level 2 and Level 3 of fair value measurement for the 2022 financial year (included in other current financial assets/(liabilities) on the balance sheet) are not included in the liquidity analysis above as they are not settled for cash. The Group also participated in certain customer-led supply-chain financing arrangements which resulted in an earlier payment through an intermediary (usually a bank) at a discount. Other than a working capital benefit relating to these arrangements of \u00a387 million in the year ended 31 March 2023 (2022 \u2013 \u00a3199 million) and the supply-chain financing costs, there is no further impact on the Group\u2019s accounting on the basis that once the intermediary has settled the receivable there is no further recourse to the Group in the event the customer defaults on its payment to the intermediary. The classification of the receivable is not changed as the Group is not able to instigate collection ahead of the contractual terms of this arrangement meaning that the business model\u2019s objective continues to be holding assets in order to collect contractual cash flows. The discount incurred is recorded as a reduction of revenue. Note that the Group\u2019s utilisation of supply- chain financing arrangements has decreased significantly as the majority of supply-chain financing utilisation was weighted towards the discontinued operations. The Group also offers certain supply-chain financing arrangements to vendors. Under these arrangements the Group works with an intermediary to offer supply-chain financing to its vendors who want to be paid earlier at a discount. Under these arrangements suppliers can choose an accelerated payment via the intermediary for an interest cost based on the Group\u2019s credit rating. Amounts owed by the Group to intermediaries are presented in trade payables on the balance sheet and cash flows are presented in net cash generated from operating activities. This arrangement results in no costs to the Group. Amounts owed to the intermediary at 31 March 2023 were \u00a364 million (2022 \u2013 \u00a3nil). Sustainability The Group has linked its sustainability targets to key performance indicators in the committed undrawn facilities such that the margin paid for the facilities is adjusted for performance against specified targets achieved as evidenced by the relevant Sustainability Compliance Certificate. The amount arising as a result of any increase or reduction in the margin is re-invested in sustainability initiatives or paid to a sustainability charity or organisation supporting the United Nations Sustainable Development Goals. Capital risk management The Group\u2019s primary objectives in managing its capital are to safeguard the business as a going concern; to maintain the dividend policy; to maintain sufficient financial flexibility to undertake its investment plans; and to retain an investment-grade credit rating which enables access to debt capital markets. The Group\u2019s 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\u2019s business profile and the risk characteristics of its businesses. Tate & Lyle PLC has contractual relationships with Moody\u2019s and Standard & Poor\u2019s (S&P) for the provision of credit ratings. At 31 March 2023, the long-term credit rating from Moody\u2019s was Baa3 (stable outlook) (2022 \u2013 Baa3) and from S&P was BBB (stable outlook) (2022 \u2013 BBB). 30. Risk management continued Liquidity risk management continued Capital risk management The Group regards its total capital as follows: At 31 March Note 2023 \u00a3m 2022 \u00a3m Net debt 28 238 626 Equity attributable to owners of the Company 1 189 1 619 Total capital 1 427 2 245 31. Retirement benefit obligations For accounting purposes, a valuation of each of the defined benefit plans is carried out annually at 31 March using 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 period-end date. Where a plan holds a qualifying insurance policy, the fair value of the policy is equivalent to the present value of the related benefit obligations. A deficit or surplus is recognised on each plan, representing the difference between the present value of the benefit obligation and the fair value of the plan assets. The costs of the defined benefit plan that are recognised in the consolidated income statement include the current service cost, any past service cost and the interest on the net deficit or surplus. Gains or losses on curtailments or settlements of the plans are recognised in the consolidated income statement in the period in which the curtailment or settlement occurs. Plan administration costs incurred by the Group are also recognised in the consolidated income statement. Interest on the net deficit or surplus is calculated by applying the discount rate that is used in measuring the present value of the benefit obligation to the opening deficit or surplus. Re-measurements of the deficit or surplus are recognised in other comprehensive income. Re-measurements 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. For defined contribution plans, contributions made by the Group to defined contribution pension schemes are recognised in the consolidated income statement in the period in which they fall due. Plan information The Group operates a number of defined benefit pension plans, principally in the UK and the US. At 31 March 2023, the Group\u2019s retirement benefit obligations are in a net deficit of \u00a3100 million (2022 \u2013 deficit of \u00a3107 million). The UK final salary plans primarily comprise funded retirement benefit plans where plan assets were previously held separately from those of the Group in funds that were under the control of trustees. In the 2020 financial year, the Group supported the trustees of the main UK pension scheme in completing a \u00a3930 million bulk annuity insurance policy \u2018buy-in\u2019 for that scheme. As a result, the assets of the main UK pension scheme were replaced with an insurance asset matching UK scheme liabilities. In the current year, the actuarial movements in the liabilities subject to the \u2018buy-in\u2019 are matched by an equal and opposite movement on its assets both recorded in other comprehensive income. The UK plans are closed to new entrants and to future accrual. In the UK, scheme members can elect to forego a portion of their future pension benefits, in return for a lump sum payment, or a transfer out to other arrangements. These amounts are excluded from future benefit projections. The US plans, presented below, principally comprise: \u2212 two funded plans where plan assets are held separately from those of the Group in funds that are under the control of an investment management committee. These plans are closed to new entrants and to future accrual; \u2212 a retirement benefit plan to certain employees which is funded but the associated assets do not qualify for recognition as IAS 19 plan assets. As such the plan is presented below as funded. The related assets are recognised as FVPL assets within investments in equities (refer to Note 18). This is referred to as \u2018non- qualified deferred compensation arrangements\u2019 within this note; \u2212 a retirement benefit plan for certain employees which is unfunded and non-qualified for tax purposes; \u2212 an unfunded retirement medical plan where the costs of providing these benefits are recognised in the period in which they are incurred. 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 liability associated with this plan at 31 March 2023 was \u00a338 million (2022 \u2013 \u00a340 million, which excludes the \u00a316 million designated as held for sale). The Group paid \u00a35 million (2022 \u2013 \u00a34 million) into this plan in the year. Details on assumptions applied in the calculation of the liability and sensitivity analysis thereon is included in this note. 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 \u00a310 million (2022 \u2013 \u00a39 million). On disposal of the Primient business, the Group retained all US defined benefit pension schemes but certain obligations were disposed of including funded non-qualified deferred compensation arrangements as well as the unfunded post-retirement medical plan relating to employees who transitioned to the Primient business (together a net deficit of \u00a328 million, classified as held for sale as at 31 March 2022). 31. Retirement benefit obligations continued Movement in net defined benefit asset/(liability) Analysis of net defined benefit asset/(liability) At 31 March 2023 At 31 March 2022 UK plans* \u00a3m US plans \u00a3m Total \u00a3m UK plans* \u00a3m US plans \u00a3m Total \u00a3m Benefit obligations: Funded plans (621) (433) (1 054) (881) (484) (1 365) Unfunded plans (4) (84) (88) (4) (105) (109) (625) (517) (1 142) (885) (589) (1 474) Fair value of plan assets 616 426 1 042 867 472 1 339 (9) (91) (100) (18) (117) (135) Reclassification to liabilities directly associated with the assets held for sale \u2013 \u2013 \u2013 \u2013 28 28 Net deficit (9) (91) (100) (18) (89) (107) Presented in the statement of financial position as: Retirement benefit surplus 5 13 18 3 20 23 Retirement benefit deficit (14) (104) (118) (21) (109) (130) (9) (91) (100) (18) (89) (107) Liabilities directly associated with the assets held for sale \u2013 \u2013 \u2013 \u2013 (28) (28) (9) (91) (100) (18) (117) (135) * Includes \u00a34 million (2022 \u2013 \u00a34 million) relating to legacy unfunded retirement benefit plans of European subsidiaries. Net defined benefit asset/(liability) reconciliation UK plans \u00a3m US plans funded \u00a3m US plans unfunded* \u00a3m Total \u00a3m Net deficit at 1 April 2022 (18) \u2013 (89) (107) Income statement: \u2212 current service costs \u2013 \u2013 \u2013 \u2013 \u2212 administration costs (1) (1) \u2013 (2) \u2212 net interest expense US plans \u2013 \u2013 (3) (3) Other comprehensive income: \u2212 actual return lower than interest on plan assets (226) (63) \u2013 (289) \u2212 actuarial gain/(loss): \u2013 changes in financial assumptions 244 51 10 305 \u2013 changes in demographic assumptions 13 (1) (4) 8 \u2013 experience against assumptions (22) 5 (1) (18) Other movements: \u2212 employer\u2019s contribution 2 \u2013 9 11 \u2212 non-qualified deferred compensation arrangements \u2013 2 \u2013 2 \u2212 currency translation differences (1) \u2013 (6) (7) Net deficit at 31 March 2023 (9) (7) (84) (100) * Included within US unfunded plans is the retirement medical plan of \u00a338 million (2022 \u2013 \u00a340 million). 31. Retirement benefit obligations continued Analysis of movement in the benefit obligations UK plans \u00a3m US plans funded \u00a3m US plans unfunded \u00a3m Total \u00a3m At 1 April 2022 (885) (472) (89) (1 446) Income statement: \u2212 current service costs \u2013 \u2013 \u2013 \u2013 \u2212 interest costs (23) (17) (3) (43) Other comprehensive income: \u2212 actuarial gain/(loss): \u2013 changes in financial assumptions 244 51 10 305 \u2013 changes in demographic assumptions 13 (1) (4) 8 \u2013 experience against assumptions (22) 5 (1) (18) Other movements: \u2212 benefits paid 49 31 9 89 \u2212 non-qualified deferred compensation arrangements \u2013 2 \u2013 2 \u2212 currency translation differences (1) (32) (6) (39) At 31 March 2023 (625) (433) (84) (1 142) Analysis of movement in plan assets UK plans \u00a3m US plans funded \u00a3m US plans unfunded \u00a3m Total \u00a3m At 1 April 2022 867 472 \u2013 1 339 Income statement: \u2212 administration costs (1) (1) \u2013 (2) \u2212 interest gains 23 17 \u2013 40 Other comprehensive income: \u2212 actual return lower than interest on plan assets (226) (63) \u2013 (289) Other movements: \u2212 employer\u2019s contribution 2 \u2013 \u2013 2 \u2212 benefits paid (49) (31) \u2013 (80) \u2212 currency translation differences \u2013 32 \u2013 32 At 31 March 2023 616 426 \u2013 1 042 Significant assumptions For accounting purposes, the benefit obligation of each plan is based on assumptions made by the Group on the advice of independent actuaries. For the UK defined benefit pension plan these \u2018best estimate\u2019 IAS 19 assumptions are different to the more prudent assumptions used for funding valuation purposes. For the US defined benefit pension plan, the funding valuation assumptions are identical to the IAS 19 assumptions. At 31 March 2023 At 31 March 2022 Principal assumptions UK US UK US Inflation rate 2.8%/3.3% 2.5% 3.2%/3.8% 2.5% Expected rate of salary increases n/a n/a n/a 2.5% Expected rate of pension increases: \u2212 deferred pensions 2.8% n/a 3.2% n/a \u2212 pensions in payment 3.2% n/a 3.6% n/a Discount rate 4.8% 4.6% 2.7% 3.4% Average life expectancy \u2212 male aged 65 now/in 20 years 20.9/22.5 years 20.6/23.4 years 21.3/22.9 years 20.5/23.3 years \u2212 female aged 65 now/in 20 years 23.6/25.2 years 22.6/25.3 years 23.8/25.5 years 22.5/25.2 years Principal assumptions used in calculating the US medical benefit obligation are medical cost inflation and the discount rate applied to the expected benefit payments. The Group has assumed medical cost inflation at 6.0% per annum (2022 \u2013 6.5%), grading down to 6% by 2024, and used a discount rate of 4.6% (2022 \u2013 3.4%). Significant assumptions At 31 March 2023, the sensitivity of the net surplus/(deficit) on the plans to changes in the principal assumptions was as follows (assuming in each case that the other assumptions are unchanged): Increase/(decrease) in obligation Change in assumptions +/- Impact of increase in assumption \u00a3m Impact of decrease in assumption \u00a3m Inflation rate 1 50 bp 6 (38) Life expectancy 1 year 51 (51) Discount rate 50 bp (54) 59 1 Inflation rate sensitivity covers the inflation assumption, expected rate of salary increases assumption and expected rate of pensions in payment increases assumption. 31. Retirement benefit obligations continued Analysis of plan assets Year ended 31 March 2023 Year ended 31 March 2022 UK \u00a3m US \u00a3m Total \u00a3m UK \u00a3m US \u00a3m Total \u00a3m Quoted 1 Equities 3 \u2013 3 3 \u2013 3 Corporate bonds 2 \u2013 2 2 \u2013 2 Investment funds 5 \u2013 5 5 \u2013 5 Liability Driven Investments (LDI) fixed income \u2013 422 422 \u2013 468 468 Cash 7 \u2013 7 7 \u2013 7 Unquoted Insurance policies 599 4 603 850 4 854 616 426 1 042 867 472 1 339 1 Quoted assets contain certain pooled funds where the underlying assets are quoted. The fair value of the insurance policies is deemed to be equivalent to the present value of the related benefit obligation. The Group also paid an additional \u00a35 million (2022 \u2013 \u00a34 million) into the US unfunded retirement medical plans and \u00a34 million (2022 \u2013 \u00a34 million) into the US unfunded pension plans to meet the cost of providing benefits in the financial year. Maturity profile At 31 March 2023, the weighted average duration of the plans and the benefit payments expected by the plans are as follows: UK plans \u00a3m US plans \u00a3m Total \u00a3m Weighted average duration (years) 10.9 9.2 10.1 Benefit payments expected: \u2212 within 12 months 41 50 91 \u2212 between 1 to 5 years 171 191 362 \u2212 between 6 to 10 years 215 216 431 Funding of the plans 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. The main UK scheme triennial valuation as at 31 March 2019 was concluded during the year ended 31 March 2020 and, given that the liabilities were secured through the purchase of a bulk annuity insurance policy, both core contributions to the scheme and supplementary contributions to the secured funding account has ceased. The Group continues to fund ongoing administration costs of the main UK scheme, \u00a31 million for this financial year and \u00a31 million of contributions for the other UK scheme. In respect of the US plans no contributions were paid to the funded plans, \u00a34 million to the unfunded pension plan with \u00a35 million paid for health plans. During the year ending 31 March 2024 the Group expects to contribute approximately \u00a38 million to its defined benefit pension plans and to pay approximately \u00a34 million in relation to retirement medical benefits, principally in the US. 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. Risk mitigation Risk Action taken Investment and longevity risks The investment and longevity risks for the main UK scheme have been fully insured through the purchase of a qualifying bulk annuity insurance policy during the year ended 31 March 2020, whilst the remaining assets of the funded defined benefit plans in the US are predominantly held in fixed interest security type investments, as a result of the de-risking initiatives through the sale of equities and some investment funds. At 31 March 2023, \u00a3603 million (2022 \u2013 \u00a3854 million) of the benefit obligation was fully matched by qualifying insurance policies that also mitigate longevity and investment risks. Interest rate risk The bulk annuity insurance policy has nullified the interest rate risk for the main UK scheme. For the US funded plans, the Group seeks to ensure that, as far as practicable, the investment portfolios are invested in securities with maturities and in currencies that match the expected future benefit payments as they fall due. Inflation risk Inflation risk for the main UK scheme has also been nullified due to the bulk annuity policy. The deferred pensions and pensions in payment in the US funded plans do not attract inflation increases. Some inflation risk exists in relation to the employee members\u2019 benefits which is mitigated by holding index-linked government bonds and corporate bonds. 32. Share-based payments All of the awards granted under the existing plans are classified as equity-settled awards. The Group recognises compensation expense based on the fair value of the awards measured at the grant date using the Black-Scholes option pricing model. Fair value is not subsequently re-measured unless relevant conditions attaching to the award are modified. Fair value reflects any market performance conditions and all non-vesting conditions. Adjustments are made to the compensation expense to reflect actual and expected forfeitures due to failure to satisfy service conditions or non-market performance conditions. The resulting compensation expense is recognised in the consolidated income statement on a straight- line basis over the vesting period and a corresponding credit is recognised in equity. In the event of the cancellation of an award the compensation expense that would have been recognised over the remainder of the vesting period is recognised immediately in the consolidated income statement. The Company operates share-based incentive arrangements for the executive directors, senior executives and other eligible employees under which awards and options are granted over the Company\u2019s ordinary shares. All of the arrangements under which awards and options were outstanding during the 2023 and 2022 financial years are classified as equity-settled. During the year, the compensation expense recognised in profit or loss in respect of share-based incentives was \u00a320 million (2022 \u2013 \u00a312 million). Other than the Sharesave Plan, all option awards have a nil exercise price. The following arrangements existed during the period: 32. Share-based payments continued Performance Share Plan The Group\u2019s principal ongoing share-based 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\u2019s employment until the end of the performance period and are subject to the satisfaction of performance conditions. The conditions applicable to PSP awards made from 1 April 2021 relate to the achievement of organic revenue growth, the Group adjusted return on capital employed (ROCE), relative Total Shareholder Return and Purpose and Sustainability metrics over the performance period. Up to 30% of each award vests dependent on compound organic revenue growth over the performance period. Up to 25% of each award vests dependent on the Group\u2019s adjusted ROCE from continuing operations reaching specified levels at the end of the performance period. Up to 25% of each award vests based on Total Shareholder Return over the period ranked against the Group\u2019s industry peers. The final 20% vests based on achievement of Purpose and Sustainability aims with financial year 2024 outcomes compared to stated goals. The conditions applicable to PSP awards made in prior years relate to the achievement of the Group adjusted ROCE, volume growth in Food & Beverage Solutions and earnings per share growth. Up to 40% of each award vests dependent on the Group\u2019s adjusted ROCE from total operations reaching specified levels at the end of the performance period. Up to 20% of each award vests dependent on the compound annual growth in Food & Beverage Solutions volume over the performance period, with the remaining 40% from compound annual growth in the Group\u2019s adjusted earnings per share, over the performance period. The performance period runs for three financial years commencing in the financial year in which the award is granted. Group Bonus Plan \u2013 deferred element Bonuses earned under the Group Bonus Plan (GBP) 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\u2019s employment. During the vesting period, payments in lieu of dividends are made in relation to the deferred shares, and are paid on the release of the deferred shares. Sharesave Plan Options are granted from time to time under the Company\u2019s 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. The exercise price reflects a discount to market value of up to 20%. Restricted Share Awards The Company has made a Restricted Share Award (RSA) to a number of eligible employees. Awards made normally vest provided the participant remains in the Group\u2019s employment during the performance period and other conditions, specific to the individual awards, are met. Further information relating to specific awards made to executive directors are set out in the Directors\u2019 Remuneration Report on pages 106 to 129. Movements in the year Movements in the awards outstanding during the year were as follows: Year ended 31 March 2023 Year ended 31 March 2022 Awards (number) Weighted average exercise price (pence) Awards (number) Weighted average exercise price (pence) Outstanding at 1 April 10 407 889 12p 9 793 339 14p Granted 3 457 036 16p 4 704 587 11p Exercised (1 353 110) 15p (1 926 800) 22p Lapsed (2 937 783) 4p (2 163 237) 8p Outstanding at 31 March 9 574 032 16p 10 407 889 12p Exercisable at 31 March 71 415 243p 108 054 37p The weighted average market price of the Company\u2019s ordinary shares on the dates on which awards were exercised during the year was 777p (2022 \u2013 784p). Awards granted in the year During the year, PSP awards were granted over 3,227,836 shares (2022 \u2013 3,600,659 shares), RSAs were granted over 128,072 shares (2022 \u2013 932,309 shares). Shares issued under the Group Bonus Plan in the year were 6,167 shares (2022 \u2013 77,640 shares) and Sharesave options were granted over 94,961 shares (2022 \u2013 93,979 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 2023 Year ended 31 March 2022 PSP Sharesave PSP Sharesave Fair value at grant date 694p 211p 608p 141p Exercise price \u2013 571p \u2013 542p Principal assumptions: Share price on grant date 805p 730p 738p 649p Expected life of the awards 3 years 3.3/5.3 years 3 years 3.3/5.3 years Risk-free interest rate 1.85% 3.22%/3.16% n/a 0.39%/0.78% Dividend yield on the Company\u2019s shares 2.26% 2.49% 2.08% 2.39% Volatility of the Company\u2019s shares 25% 25% n/a 25% There were 6,167 shares issued under the Group Bonus Plan during the year (2022 \u2013 77,640 shares). The RSAs were granted, with employment related conditions and expected life of the award, specific to each individual grant. 32. Share-based payments continued Awards granted in the year continued The fair value of the awards was measured using a Black-Scholes option pricing methodology, taking into account factors such as exercise restrictions and behavioural considerations. Expected volatility was based on the historical volatility of the market price of the Company\u2019s shares over the expected life of the awards. Awards outstanding at the end of the year The range of exercise prices and the weighted average remaining contractual life of the awards outstanding at the end of the year were as follows: At 31 March 2023 At 31 March 2022 Exercise price Awards (number) Weighted average contractual life (months) Awards (number) Weighted average contractual life (months) Nil 9 299 770 26.6 10 171 846 36.7 400p to 799p 274 262 33.9 236 043 33.4 Total 9 574 032 26.8 10 407 889 36.7 IFRS 2 permits net settled share-based payments to be treated as equity-settled in full, if certain criteria are met, rather than the tax element being cash-settled. The amount the Group expects to pay to tax authorities to settle the employees\u2019 tax obligations in respect of equity settled awards in the next financial year is not materially different to the amounts paid in the current and prior financial years. Refer to Note 23. 33. Provisions and contingent liabilities A provision is a liability of uncertain timing or amount that is recognised when: 1) the Group has a present obligation (legal or constructive) as a result of a past event; 2) it is more likely than not that a payment will be required to settle the obligation; and 3) the amount can be reliably estimated. Where a payment is not probable, or the amount of the obligation cannot be measured with sufficient certainty, a contingent liability is disclosed. Contingent liabilities are also disclosed if a possible obligation arises from past events, but its existence will be confirmed only by the occurrence or non-occurrence of uncertain future events. Provisions Insurance provisions \u00a3m Restructuring and closure provisions \u00a3m Environmental health & safety provision \u00a3m Litigation and other provisions \u00a3m Total \u00a3m At 1 April 2021 7 3 \u2013 25 35 Provided in the year 4 \u2013 \u2013 13 17 Released in the year \u2013 (1) \u2013 (8) (9) Utilised in the year (6) (2) \u2013 (13) (21) Currency translation differences \u2013 \u2013 \u2013 1 1 At 31 March 2022 5 \u2013 \u2013 18 23 Provided in the year 17 \u2013 \u2013 8 25 Released in the year (9) \u2013 \u2013 (13) (22) Utilised in the year (6) \u2013 \u2013 (3) (9) Currency translation differences \u2013 \u2013 \u2013 1 1 At 31 March 2023 7 \u2013 \u2013 11 18 At 31 March 2023 \u00a3m 2022 \u00a3m Provisions are expected to be utilised as follows: \u2212 within one year 13 11 \u2212 after more than one year but before five years 5 12 Total 18 23 Insurance provisions include amounts provided by the Group\u2019s captive insurance subsidiary in respect of the expected level of insurance claims. The difference between the carrying value and the discounted present value was not material in either year. The amount and timing of settlement in respect of these provisions are uncertain and dependent on various factors that are not always within management\u2019s control. Contingent liabilities The Group is subject to claims and litigation generally arising in the ordinary course of its business. Provision is made when liabilities are considered likely to arise and the expected quantum of the exposure is estimable. The risk in relation to claims and litigation is monitored on an ongoing basis and provisions amended accordingly. It is not expected that claims and litigation existing at 31 March 2023 will have a material adverse effect on the Group\u2019s financial position. 34. Commitments Total commitments for the purchase of tangible and intangible non-current assets are \u00a332 million (2022 \u2013 \u00a351 million). In addition, the Group has various lease contracts that have not yet commenced as at 31 March 2023. The future lease payments for these non-cancellable lease contracts are \u00a31 million within one year, \u00a33 million within five years and \u00a3nil thereafter. Commitments in respect of retirement benefit obligations are detailed in Note 31. 35. Acquisitions Business combinations A business combination is a transaction or other event in which the Group obtains control over a business. Business combinations are accounted for using the acquisition method, the key elements of which are below. Identifiable assets and liabilities of the acquired business are generally measured at their fair value at the acquisition date. Retirement benefit obligations and deferred tax assets and liabilities are measured in accordance with the Group\u2019s accounting policies. 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. Acquisition-related costs are charged to the consolidated income statement in the period in which they are incurred. Any non-controlling interest in the acquired business is measured either at fair value or at the non- controlling interest\u2019s proportionate share of the identifiable assets and liabilities of the business. Goodwill arising in a business combination represents the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquired business and, where a business combination is achieved in stages, the fair value at the acquisition date of the Group\u2019s previously held equity interest, over the net total of the identifiable assets and liabilities of the acquired business at the acquisition date. Any re-measurement gain or loss on the previously held equity interest is recognised in the consolidated income statement. Any shortfall, or negative goodwill, is recognised immediately as a gain in the consolidated income statement. Changes in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for within equity. Any gain or loss upon loss of control is recognised in the consolidated income statement. In the 2023 financial year: Nutriati acquisition On 29 April 2022 the Group completed the acquisition of Nutriati, an ingredient technology business developing and producing chickpea protein and flour, expanding its capability to offer customers sustainable, plant-based solutions. This transaction was structured as an asset purchase and is being accounted for as a business combination. Total consideration was \u00a310 million, including \u00a31 million of deferred consideration and \u00a31 million of non-cash consideration. Included within the identifiable assets acquired are inventories of \u00a33 million and intangible assets of \u00a36 million. Goodwill of \u00a31 million, which is not deductible for tax purposes, has been recorded on the acquisition. Quantum acquisition On 9 June 2022 the Group completed the acquisition for 100% of the equity of Quantum Hi-Tech (Guangdong) Biological Co., Ltd (Quantum), a leading prebiotic dietary fibre business in China from ChemPartner Pharmatech Co., Ltd (ChemPartner) for a total consideration of US$238 million (\u00a3188 million). The acquisition of Quantum, which engages in the research, development, production and sale of fructo- oligosaccharides and galacto-oligosaccharides, significantly strengthens Tate & Lyle\u2019s position as a leading global player in dietary fibres, bringing a high-quality portfolio of speciality fibres, strong research and development capabilities and proprietary manufacturing processes and technologies. The acquisition also expands Tate & Lyle\u2019s ability to provide added-fibre solutions for its customers across a range of categories including dairy, beverages, bakery and nutrition (including infant nutrition), and to meet growing consumer interest in gut health. It also significantly expands Tate & Lyle\u2019s presence in China and Asia, and extends its capabilities to create solutions across food and drink utilising its leading speciality ingredient portfolio. Details of the acquisition are provided in the tables below: Goodwill At 31 March 2023 \u00a3m Total consideration 188 Less: fair value of net assets acquired (93) Goodwill 95 Cash flows At 31 March 2023 \u00a3m Total consideration 188 Less: net cash acquired (4) Acquisition of business, net of cash acquired 184 35. Acquisitions continued Fair value of net assets acquired Book value on acquisition \u00a3m Fair value adjustment \u00a3m Total fair value \u00a3m Intangible assets (customer relationships, technology/know-how) \u2013 90 90 Property, plant and equipment 12 7 19 Inventories 4 1 5 Trade and other receivables 5 \u2013 5 Cash and cash equivalents 4 \u2013 4 Trade and other payables (6) \u2013 (6) Deferred tax liabilities \u2013 (24) (24) Net assets on acquisition 19 74 93 The gross amount of trade receivables is materially the same as the fair value of the trade receivables and it is expected that the full contractual amounts can be collected. The goodwill, which is not deductible for tax purposes, primarily represents the premium paid to acquire an established business with a leading and sustainable market position in China with the potential to expand beyond. It also represents the future value to the Group of being able to leverage its technology and products, which are highly complementary to the Group\u2019s existing fibres portfolio, to offer an enhanced range of fibre solutions to existing customers. The acquired business contributed revenue of \u00a332 million and an operating profit of \u00a38 million for the period from acquisition on 9 June 2022 until 31 March 2023 (excluding the amortisation of acquired intangibles recognised from the acquisition). Had the business been acquired at the beginning of the 2023 financial year, it would have contributed revenue of \u00a339 million and an operating profit of \u00a314 million in the year ended 31 March 2023. In the 2022 financial year: There were no acquisitions in the 2022 financial year. 36. Related party disclosure Identity of related parties The Group has related party relationships with its joint ventures, the Group\u2019s pension schemes and with key management, being its Directors and executive officers. Key management compensation is disclosed in Note 9. There were no other related party transactions with key management. As a result of the sale of the controlling stake in the Primient business, Tate & Lyle now holds a 49.7% interest in Primient, effective from 1 April 2022. Primient comprises of the Group\u2019s former Primary Products business in North America and Latin America and its former interests in the Almidones Mexicanos S.A de C.V (\u2018Almex\u2019) and Covation Biomaterials LLC, formerly \u2018Bio-PDO\u2019 (\u2018Covation\u2019) joint ventures. There were no other material changes in related parties or in the nature of related party transactions during the year and no material related party transactions containing unusual commercial terms in the current or prior year. Related party transactions with joint ventures and outstanding balances Year ended 31 March Primient 2023 \u00a3m Almex and Covation 2022 \u00a3m Sales of goods and services to joint ventures and other income 47 147 Purchases of goods and services from joint ventures 302 \u2013 Receivables due from joint ventures 16 13 Payables due to joint ventures 18 \u2013 Transactions entered into by the Company, Tate & Lyle PLC, 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. Sales of goods and services to the Primient joint venture are considered in scope of IFRS 15 and relate to the Group\u2019s commitment under the long-term agreements in operation following the completion of the Transaction to produce industrial starches for Primient under a tolling arrangement whereby Primient retains control of the net raw material at all times. The Group earns a manufacturing margin for this production when the service is provided. All associated income is earned in North America. The Group considers it appropriate to exclude this amount from revenue and record the income in operating profit on the basis that this income is generated with a related party, is not part of the Group\u2019s normal revenue generating activities (where revenue is recognised when control of the goods is transferred), only arises because of the relationship that exists in which Primient is a supplier of the Group, and is outside the Group\u2019s core focus on speciality food and beverage solutions. 37. Events after the balance sheet date In April 2023, the Group repaid a US$95 million US private debt floating rate note ahead of its maturity using cash. There are no other post balance sheet events requiring disclosure in respect of the year ended 31 March 2023. 38. Related undertakings A full list of related undertakings, comprising subsidiaries and joint ventures, is set out below. All are 100% owned directly or indirectly by the Group except where percentage ownership is indicated with (X%). Subsidiaries Company name Registered address United Kingdom 11 Astaxanthin Manufacturing Limited 5 Marble Arch, London W1H 7EJ, UK G.C. Hahn and Company Limited 2 5 Marble Arch, London W1H 7EJ, UK Hahntech International Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Export Holdings Limited 2 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Group Services Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Holdings Americas Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Holdings Limited 3 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Mold UK Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Industries Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle International Finance PLC 2 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Investments America Limited 3 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Investments Brazil Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Investments Limited 2,3 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle L.P. 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Overseas Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Pension Trust Limited 2 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Technology Limited 2 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle UK Limited 2 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Ventures II LP (99.5%) 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Ventures Limited 2 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Ventures LP (99.5%) 5 Marble Arch, London W1H 7EJ, UK Argentina Tate & Lyle Argentina SA 4 San Mart\u00edn 140, 14th Floor, City of Buenos Aires, Argentina Australia Tate & Lyle ANZ Pty Limited Building 2, 1425 Boundary Road, Wacol QLD 4076, Australia Belgium Tate & Lyle Services (Belgium) N.V. 2 Industrielaan 4 box, 10-11, 9320 Aalst, Belgium Bermuda Tate & Lyle Management & Finance Limited Aon House, 30 Woodbourne Avenue, Pembroke, HM 08, Bermuda Company name Registered address Brazil G.C. Hahn & Co. do Brasil Estabilizantes e Tecnologia para Alimentos Ltda. 4 Rua Sapetuba N\u00ba 211, CEP:- 005510-001- Vila Pirajussara, Estado de S\u00e3o Paulo, Brazil Tate & Lyle Gemacom Tech Ind\u00fastria e Com\u00e9rcio S.A. 4 Rua Bruno Simili No. 380, Distrito Industrial, City of Juiz de Fora, State of Minas Gerais, 36092-050, Brazil Tate & Lyle Solutions Brasil Limitada 4 Rua Dr. Rubens Gomes Bueno, No. 691, Torre Sigma, 10th floor, Bairro V\u00e1rzea de Baixo, 04730-903, Brazil British Virgin Islands SGF (Asia) Co., Limited Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands SGF Investment Co., Limited Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands Canada Tate & Lyle Solutions Canada Limited Suite 300, 77 Westmorland Street, Fredericton, NB E3B 4Y9, Canada Cayman Islands Sweet Green Fields Group Co., Limited PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands Chile Tate & Lyle Chile Commercial Ltda Isidora Goyenechea 2800, Piso 43, Las Condes, Santiago, Chile China Quantum High Tech (Guangdong) Biological Co., Ltd 4 133 Gaoxin Xi Road, Hi-Tech Zone, Jiangmen City, Guangdong, China Sweet Green Fields Co., Limited 4 Anji Economic Development Zone, Health Medicine Industry Garden, Huzhou, Zhejiang, China Tate & Lyle Trading (Shanghai) Co. Ltd 4 Room 1401, Building 11, No. 1582, Gumei Road, Xuhui District, Shanghai, 200233, China G.C. Hahn & Co. Food Stabiliser Business (Shanghai) Ltd 4 Unit A, Room 1301, Building 11, No. 1582, Gumei Road, Xuhui District, Shanghai, 200233, China Tate & Lyle Food Ingredients (Nantong) Company Limited 4 New & Hi-Tech Industrial Development District, Rudong county, Nantong city, 226400, China 38. Related undertakings continued Company name Registered address Colombia Tate & Lyle Colombia S.A.S. 4 Calle 11 #100-121 Of 309, Cali, Colombia Costa Rica Tate & Lyle Costa Rica Limitada San Jose Merced, Edificio Torre Mercedes, Piso Octavo, Oficinas De CDO Auditores, Costa Rica Croatia G.C. Hahn & Co. d.o.o. Radni\u010dka cesta 80, Zagreb, 10 000, Croatia Czech Republic G.C. Hahn & Co. stabilizacni technika, s.r.o. Kate\u0159insk\u00e1 466/40, Nov\u00e9 M\u011bsto, 120 00 Praha 2, Czech Republic Egypt Tate & Lyle Egypt LLC 87 Street 9, Maadi, Cairo, Egypt France Tate & Lyle Ingredients France S.A.S. 3-5 Rue Saint-Georges, 75009, Paris, France Germany G.C. Hahn & Co. Stabilisierungstechnik GmbH Roggenhorster Strasse 31, 23556, L\u00fcbeck, Germany G.C. Hahn & Co. Cooperationsgesellschaft mbH Roggenhorster Strasse 31, 23556, L\u00fcbeck, Germany Tate & Lyle Germany GmbH Roggenhorster Strasse 31, 23556, L\u00fcbeck, Germany Gibraltar Tate & Lyle Insurance (Gibraltar) Limited Suite 913, Europort, Gibraltar Greece Tate & Lyle Greece A.E. 69 K. N Papadaki, Thessaloniki, 54248 Thessaloniki, Greece Hong Kong Quantum High Tech (HK) Biological Co., Ltd 31F Tower Two, Times Square, Matheson Street, Hong Kong Sweet Green Fields International Co., Limited 2701, 27th Floor, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong Italy Tate & Lyle Italia S.P.A. Via Verdi, 1-CAP 20002 Ossona, Milano, Italy Indonesia PT Tate and Lyle Indonesia Jagat Office Building, Lantai 2 Unit B, Jl. Tomang Raya No. 28-30, Jakarta Barat, 11430, Indonesia Ivory Coast Tate & Lyle Ivory Coast 4 Abidjan Cocody 2, Plateaux 01, BP 659 ABJ 01, C\u00f4te d\u2019Ivoire Japan Tate & Lyle Japan KK 2F Oak Minami-Azabu Building, 3-19-23 Minami-Azabu, Minato-ku, Tokyo, Japan Lithuania UAB G.C. Hahn & Co. Vito Gerulai\u010dio str. 10-101, LT-08200, Vilnius, Lithuania Mexico Tate & Lyle M\u00e9xico, S. de R.L. de C.V. 4 Piso 2, Av. Universidad 749, Col del Valle Sur, Ciudad de M\u00e9xico, 03100, M\u00e9xico Mexama, S.A. de C.V. 4 (65%) Calle lago de tequesquitengo, No 111 Col. Cuahutemoc C.P. 62430, Morelos, M\u00e9xico Talo Services de Mexico, S.C. 4 Piso 2, Av. Universidad 749, Col del Valle Sur, Ciudad de M\u00e9xico, 03100, M\u00e9xico Company name Registered address Morocco T&L Casablanca S.A.R.L. 22, Rue du Parc, Casa Th\u00e9\u00e2tre Centre, Anfa, Casablanca, Morocco Netherlands Nederlandse Glucose Industrie B.V. Lagendijk 5, Koog aan de Zaan, 1541KA, The Netherlands Tate & Lyle Netherlands B.V. Lagendijk 5, Koog aan de Zaan, 1541KA, The Netherlands Poland Tate & Lyle Global Shared Services Sp.z o.o. Ul. Sterlinga 8A, 91425, \u0141\u00f3d\u017a, Poland Singapore Tate & Lyle Asia Pacific Pte. Ltd. 3 Biopolis Drive, #05-11-16 Synapse, 138623 Singapore Slovakia Tate & Lyle Boler\u00e1z s.r.o. 114, Boler\u00e1z, 91908, Slovakia Tate & Lyle Slovakia s.r.o 114, Boler\u00e1z, 91908, Slovakia South Africa Tate and Lyle South Africa Proprietary Limited 1 Gravel Drive, Kya Sand Business Park, Kya Sand, 2163, South Africa Spain G.C. Hahn Estabilizantes y Tecnologia para Alimentos Calle Pr\u00edncipe de Vergara 112, Planta Cuarta, 28002, Madrid, Spain Ebromyl S.L. Ps. de la Constituci\u00f3n 10, Entlo. Dcha., 50008, Zaragoza, Spain Sweden Tate & Lyle Sweden AB M\u00e4ster Samuelsgatan 17, Box 1432, 111 84, Stockholm, Sweden Thailand Chaodee Modified Starch Co., Ltd (94.295%) No. 345, Moo 14, Hin Dat Subdistrict, Dan Khun Thot District, Nakhom Ratchasima Province, Thailand Tate & Lyle Trading (Thailand) Limited No. 345, Moo 14, Hin Dat Subdistrict, Dan Khun Thot District, Nakhom Ratchasima Province, Thailand T\u00fcrkiye Tate and Lyle Turkey G\u0131da Hizmetleri Anonim \u015eirketi Esentepe Mah., B\u00fcy\u00fckdere Cad., 193 Plaza Kat: 2 193/235A14 \u015ei\u015fli, \u0130stanbul, T\u00fcrkiye Ukraine PII G.C. Hahn & Co. Kyiv 4 15 Zahorodnia Street, Kyiv, 03150, Ukraine United Arab Emirates Tate & Lyle DMCC Unit JLT-PH2-RET-X5, Detached Retail X5, Jumeirah Lakes Towers, Dubai, United Arab Emirates 38. Related undertakings continued Company name Registered address US Staley Holdings LLC 1209 North Orange Street, Wilmington, DE 19801, US Staley International Inc. 1209 North Orange Street, Wilmington, DE 19801, US Sweet Green Fields USA LLC 11 Bellwether Way, Suite 305, Bellingham WA 98225, US Tate & Lyle Finance LLC 1209 North Orange Street, Wilmington, DE 19801, US TLHUS, Inc. 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Sucralose LLC 1209 North Orange Street, Wilmington, DE 19801, US TLI Holding LLC 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Malic Acid LLC 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Sugar Holdings, Inc. 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Americas LLC 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Citric Acid LLC 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Solutions USA LLC 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle PP Americas LLC 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Domestic International Sales II Corporation 1209 North Orange Street, Wilmington, DE 19801, US Joint Ventures Company name Registered address US Primary Products Investments LLC (49.7%) 1209 North Orange Street, Wilmington, DE 19801, US 1 Registered in England and Wales, except Tate & Lyle L.P. which is registered in Delaware, US. 2 Direct subsidiaries of Tate & Lyle PLC. 3 Entity also issues preference shares which are 100% attributable to Tate & Lyle PLC. 4 Non-coterminous year end (31 December). 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 equity accounted in the Group\u2019s financial statements on the basis of management accounts for the year ended 31 March. Changes in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control would be accounted for within equity. Any gain or loss upon loss of control would be recognised in the consolidated income statement. 39. Subsidiaries exempt from audit The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year ended 31 March 2023. Subsidiaries Company name Registered number Tate & Lyle Export Holdings Limited 10021479 Tate & Lyle Group Services Limited 00343970 Tate & Lyle Holdings Americas Limited 06390829 Tate & Lyle Holdings Limited 00471470 Tate & Lyle Industries Limited 00699090 Tate & Lyle Investments America Limited 10384878 Tate & Lyle Investments Brazil Limited 05399545 Tate & Lyle Investments Limited 00300771 Tate & Lyle Technology Limited 05994725 Tate & Lyle UK Limited 09092139 Tate & Lyle Ventures Limited 03403518",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-393": {
"value": "1. Basis of preparation Description of business Tate & Lyle PLC (the Company) is a public limited company incorporated in the United Kingdom and registered in England. It is the ultimate parent of the Tate & Lyle PLC Group. The Company\u2019s ordinary shares are listed on the London Stock Exchange. The Company and its subsidiaries (together \u2018the Group\u2019) provide ingredients and solutions to the food, beverage and other industries. The Group operates from numerous production facilities around the world. The Group\u2019s operations now comprise four operating segments: Food & Beverage Solutions, Sucralose and Primary Products Europe and Primient. The Group\u2019s reportable segments are the same as its operating segments. Segment information is presented in Note 5 as well as details of the change to reflect the new Group structure. Accounting period The Group\u2019s annual financial statements are drawn up to 31 March. These financial statements cover the year ended 31 March 2023 with comparative financials for the year ended 31 March 2022. Basis of accounting The consolidated financial statements on pages 141 to 197 have been prepared in accordance with UK adopted International Accounting Standards. The Group\u2019s principal accounting policies are unchanged compared with the year ended 31 March 2022. The Group\u2019s principal accounting policies have been consistently applied throughout the year. Descriptions and specific accounting policy information on how the Group has applied the requirements of UK adopted International Accounting Standards are included throughout the notes to these financial statements. All amounts are rounded to the nearest million, unless otherwise indicated. Discontinued operations and application of Held for Sale On 1 April 2022 the Group completed the disposal of a controlling stake in a new company and its subsidiaries (\u2018Primient\u2019 or the \u2018Primient business\u2019 or \u2018Primient disposal group\u2019), comprising its Primary Products business in North America and Latin America and its interests in the Almidones Mexicanos S.A. de C.V. (\u2018Almex\u2019) and Covation Biomaterials LLC, formerly \u2018Bio-PDO\u2019 (\u2018Covation\u2019) joint ventures, to KPS Capital Partners, LP (\u2018KPS\u2019) (the \u2018Transaction\u2019). The Group currently holds a 49.7% interest in Primient, decreased from the 49.9% interest held at completion of the Transaction due to the redemption of a number of shares held by the Group for the return of \u00a31 million to the Group. In accordance with IFRS 5 \u2018Non-current Assets Held for Sale and Discontinued Operations\u2019, from 1 July 2021 the Group classified the business that became Primient on 1 April 2022 as a disposal group held for sale and a discontinued operation. 1 July 2021 reflects the date that negotiations on substantive matters with KPS were completed. 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. The results of discontinued operations are presented separately from those of continuing operations. Refer to Note 12 for further details on discontinued operations. Prior year restatement Following the completion accounts exercise which took place after the Transaction date, the balance sheet at 31 March 2022 was restated to correctly reflect certain additional non-current assets being assigned to the Primient disposal group held for sale (impact on non-current assets: reducing Property, Plant and Equipment by \u00a366 million, reducing Goodwill and other intangible assets by \u00a35 million and increasing Assets held for sale by \u00a371 million). This restatement impacted the balance sheet only for the year ended 31 March 2022. Going concern The Directors are satisfied that the Group has adequate resources to continue to operate as a going concern for the foreseeable future and that no material uncertainties exist with respect to this assessment. In making this assessment, the Directors have considered the Group\u2019s balance sheet position and forecast earnings and cash flows for the period from the date of approval of these financial statements to 31 March 2025. The business plan used to support the going concern assessment (the \u2018base case\u2019) is derived from Board- approved forecasts together with certain downside sensitivities. Further details of the Directors\u2019 assessment are set out below: At 31 March 2023, the Group has significant available liquidity, including \u00a3475 million of cash and US$800 million (\u00a3647 million) of committed and undrawn revolving credit facility, of which US$100 million matures in 2025 and US$700 million matures in 2026. The earliest maturity date for any of the Group\u2019s loans is October 2023, when US$120 million will mature. In April 2023, US$95 million of this has been repaid ahead of maturity from existing cash. For the purpose of the going concern assessment, it is anticipated that the remaining US$25 million will also be repaid from existing cash. The Group has only one debt covenant requirement which is to maintain a net debt to EBITDA ratio of not more than 3.5 times. On the covenant-testing basis this was 0.6 times at 31 March 2023. As set out below, for a covenant breach to occur it would require a significant reduction in Group profit. Such reduction is considered to be unlikely. In concluding that the going concern basis is appropriate, the Directors have modelled the impact of a \u2018worst case scenario\u2019 to the \u2018base case\u2019 by including the same two plausible but severe downside risks also used for the Group\u2019s viability statement, being: an extended shutdown of one of our large corn wet mill manufacturing facilities following operational failure or energy shortage; and the loss of two of our largest Food & Beverage Solutions customers. In aggregate, such \u2018worst case scenarios\u2019 did not result in any material uncertainty to the Group\u2019s going concern assessment and the resultant position still had significant headroom above the Group\u2019s debt covenant requirement. The Directors have also calculated a \u2018reverse stress test\u2019 which represents the changes that would be required to the \u2018base case\u2019 in order to breach the Group\u2019s debt covenant. Such \u2018reverse stress test\u2019 showed that the forecast Group profit would have to reduce significantly in order to cause a breach. Accordingly, the Directors have concluded that there are no material uncertainties with respect to going concern and have adopted the going concern basis in preparing the consolidated financial information of the Group as at 31 March 2023. Climate change considerations In preparing the consolidated financial statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosures set out on pages 62 to 66 and our sustainability targets. Climate change-related considerations made in respect of the financial statements relate principally to (i) the impact of climate change on the going concern assessment and viability assessment, (ii) the impact of climate change on the cash flow forecasts used in the impairment assessment of non-current assets including goodwill for the Foods & Beverage Solutions cash-generating unit, and (iii) the impact on the share-based payment charge for the year as a result of the performance against certain Purpose and sustainability targets. These climate change considerations are not considered to be areas of significant judgement or sources of estimation uncertainty in the current year. These considerations are also not expected to have a significant impact on the Group\u2019s going concern assessment to 31 March 2025 nor the viability of the Group over the next three years. Basis of accounting continued The Directors considered further whether any reduction of the useful lives of assets as a result of climate- related matters, which would have a direct impact on the amount of depreciation recognised each year from the date of re-assessment, could have a significant impact on the financial statements. The Directors concluded that the impact of the Group\u2019s decarbonisation commitments does not have a material impact on the results for the year. In view of the evolving risks associated with climate change, the Directors will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements. Foreign currency The consolidated financial statements are presented in pound sterling, which is also the Company\u2019s functional currency. Where changes in constant currency are presented, they are calculated by retranslating current year results at prior year exchange rates. Calculations of changes in constant currency have been included in \u2018Additional information\u2019 within this document. Accounting standards adopted during the year In the current year the Group has adopted, with effect from 1 April 2022, the following new accounting standards: \u2212 Amendments to IFRS 3 Business Combinations; \u2212 Amendments to IAS 16 Property, Plant and Equipment \u2013 Proceeds before intended use; \u2212 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets \u2013 Onerous contracts (cost of fulfilling a contract); and \u2212 Annual Improvements to IFRS Standards 2018-2020. The adoption of these amendments from 1 April 2022 had no material effect on the Group\u2019s financial statements. Accounting standards issued but not yet adopted No other new standards, new interpretations or amendments to standards or interpretations have been published which are expected to have a significant impact on the Group\u2019s financial statements. Alternative performance measures The Group also presents alternative performance measures, including adjusted earnings before interest, tax, depreciation and amortisation (\u2018adjusted EBITDA\u2019), adjusted profit before tax, adjusted earnings per share, free cash flow, net debt to EBITDA and return on capital employed. These measures are used for internal performance analysis and incentive compensation arrangements for employees. They are presented because they provide investors with additional information about the performance of the business which the Directors consider to be valuable. Reconciliations of the alternative performance measures to the most directly comparable UK adopted International Accounting Standards measures are presented in Note 4. During the year the Group has changed its alternative performance measure relating to operating profit from adjusted operating profit to adjusted EBITDA in order to enhance comparability with its industry peers. Alternative performance measures reported by the Group are not defined terms under UK adopted International Accounting Standards and may therefore not be comparable with similarly-titled measures reported by other companies. Pro-forma impact of the disposal of the Primient business Due to the significance of the Primient disposal, where relevant, the Group has also provided pro-forma financial information in order to provide shareholders with better comparability of the performance of the continuing operations. Refer to Useful Information on page 208, and where indicated in the notes to the financial information, where certain comparative information for adjusted results is pro-forma information. 2. Significant judgements and estimates In preparing these consolidated financial statements, management has made judgements and used estimates and assumptions in establishing the reported amounts of assets, liabilities, income and expense under the Group\u2019s accounting policies. Judgements are based on the best evidence available to management. Estimates are based on factors including historical experience and expectations of future events, corroborated with external information where possible. Judgements and estimates and their underlying assumptions are reviewed and updated on an ongoing basis, with any revisions being recognised prospectively. However, given the inherent uncertainty of such estimates, the actual results might differ significantly from the anticipated ones. Information about the accounting estimates and judgements made in applying these accounting policies that have the most significant effect on the amounts recognised in the consolidated financial statements are set out below. Taxation (Note 11) Key sources of estimation uncertainty The Group\u2019s current and deferred tax balances are subject to estimation uncertainty, which could also impact the effective tax rate in the next financial year. The specific sources of estimation uncertainty are as follows: (a) Resolution of uncertain tax provisions: at 31 March 2023, the Group has recorded current tax liabilities of \u00a345 million (2022 \u2013 \u00a346 million) for uncertain tax positions (refer to Note 11). Such provisions arise because the Group operates in an international tax environment and is subjected to periodic tax examination and uncertainties in a number of jurisdictions. Such examination can include, inter alia, transfer pricing arrangements relating to the Group\u2019s operating activities, historical reorganisations and the deductibility of interest on certain intra-group borrowing arrangements. The issues involved are complicated and may take a number of years to resolve. Tax liabilities, if required, have been estimated based on one of two methods, the expected value method (the sum of the probability weighted amounts in a range of possible outcomes) or the single most likely amount method, depending on which is expected to better predict the resolution of the uncertainty. These accounting estimates considered the status of the unresolved matter, the relevant legislation, advice from in-house specialists, opinions of professional firms and past experience and precedents set by the particular tax authority. Of the \u00a345 million total of uncertain tax positions held at 31 March 2023, between zero and \u00a31 million of the balance could be resolved in the year ending 31 March 2024. Such resolution could be favourable or unfavourable. Of the \u00a346 million balance at 31 March 2022, \u00a318 million met the criteria for being released in the year ended 31 March 2023. This compares to the range of possible outcomes coming into the year for potential releases of provisions of between zero to \u00a35 million. The increased release was the result of the completion of two years of tax audits in the US (compared to the anticipated completion of one year\u2019s audit). Taxation (Note 11) continued (b) Recognition of deferred tax assets: at 31 March 2023, the Group has recorded deferred tax assets of \u00a313 million (2022 \u2013 \u00a39 million) and deductible temporary differences for which the unrecognised deferred tax asset is \u00a3200 million (2022 \u2013 \u00a3209 million) (refer to Note 11), the most significant of which relates to unrecognised tax losses in the UK. Management assesses the likelihood of their recoverability within a reasonable foreseeable timeframe, taking into account the future expected profit profile and business model of each relevant company or country, and any potential legislative restrictions on use. A 10% increase in forecasted UK taxable income would lead to a \u00a31 million increase in deferred tax assets recognised. Retirement benefit plans (Note 31) At 31 March 2023, the present value of the benefit obligations of the plans was \u00a31,142 million (2022 \u2013 \u00a31,474 million). The present value of the benefit obligations is based on key assumptions including actuarial estimates of the future benefits that will be payable to the members of the plans. Changes to key assumptions could have a material impact on the reported amounts and, as a result, represent a significant accounting estimate. Key sources of estimation uncertainty The present value of the benefit obligations is most sensitive to the discount rate applied to the benefit obligations, assumed life expectancies, and expected future inflation rates. Sensitivity analysis is included in Note 31. Whilst assumptions are established on a consistent basis reflecting advice from qualified actuaries, using published indices and other actuarial data, management must apply judgement in selecting the most appropriate value from within an acceptable range. Changes in the assumptions used in determining the present value of the benefit obligations will have an impact on the Group\u2019s income statement through their effect on the service cost and the interest on the net deficit or surplus in the plans. However, 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. Exceptional items (Note 8) Key source of judgement Exceptional items comprise items of income, expense and cash flow, including tax items that: are material in amount; and are outside the normal course of business or relate to events which do not frequently recur, and therefore merit separate disclosure in order to provide a better understanding of the Group\u2019s underlying financial performance. Examples of events that give rise to the disclosure of material items of income, expense and cash flow as exceptional items include, but are not limited to: significant impairment events; significant business transformation activities; disposals of operations or significant individual assets; litigation claims by or against the Group; and restructuring of components of the Group\u2019s operations. For tax items to be treated as exceptional, amounts must be material and their treatment as exceptional enable a better understanding of the Group\u2019s underlying financial performance. Exceptional items in the Group\u2019s financial statements are classified on a consistent basis across accounting periods. The classification of income and expense as exceptional items is a significant judgement. Accounting for the Group\u2019s investment in Primient (Note 22) Key source of judgement The Directors have determined that there is a significant accounting judgement with respect to the Group\u2019s accounting for its 49.7% interest in the Primient business following the completion of its disposal. The Group equity accounts for this interest as a joint venture. Such accounting is appropriate because the Group does not have unilateral control over Primient. Instead, important operational decisions are decided by a majority vote by the Primient board (KPS has the right to appoint four directors and the Group has the right to appoint two) with more significant strategic matters requiring unanimous agreement of both shareholders. In addition, from completion, the Group and Primient entered into certain long-term agreements, principally relating to the supply of product between one another; such agreements do not afford either party rights that are indicative of unilateral control. As a result, decisions about relevant activities are principally reserved for the two shareholders and cannot be decided upon unilaterally by either shareholder. Therefore, the Group\u2019s interest in Primient meets the definition of a joint venture. Fair value of purchases, sales and inventory of corn-based products (Notes 15, 29 and 30) 2023 Financial year On completion of the Primient disposal transaction on 1 April 2022, the Group has continued to apply cash flow hedge accounting to manage its economic price exposure on the purchase of energy and chemicals used in the production process. All corn procurement activities transferred to Primient on completion of the disposal and the Group procures corn from Primient (both for the manufacturing of corn-based finished goods in the Group\u2019s US manufacturing sites and for corn embedded in the finished goods manufactured by Primient and sold to the Group under long-term agreements). The Group has ceased to apply fair value hedge accounting to manage the net corn risk and instead manages the corn price risk by using economic hedging principles such as entering into offsetting positions with its supplier (Primient) and customers. As a result, the fair value of purchases, sales and inventory of corn-based products is no longer a source of estimation uncertainty in the current financial year. 2022 Financial year In the comparative period, the Group managed its US net corn position, comprising the purchase, sale and inventory of corn and corn-based goods, including co-products, on a net basis. As a result, the Group previously designated the components of its US net corn position in effective fair value hedge accounting relationships whereby the hedged item was a group of items with offsetting risk positions. This resulted in each element of the net corn position being marked to market and financial instruments (mainly corn futures contracts) were used as hedging instruments to manage this net position. Recording all components of the US net corn position at fair value aligned with the underlying economics and risk management of the business prior to the Transaction. The estimates used to determine these fair values were a key source of estimation uncertainty in the prior year. Fair value of purchases, sales and inventory of corn-based products (Notes 15, 29 and 30) continued The breakdown of its net corn position is shown below for the comparative period only. Year ended 31 March 2022 \u00a3m Hedged items: Corn purchase contracts 44 Corn sale contracts (78) Co-product sale contracts 54 Corn and elevator inventory 69 Co-products inventory (5) Total hedged items 84 Financial instrument products (hedging instrument) (5) Net corn position 79 Key sources of estimation uncertainty (2022 financial year only) Of the components of the net corn positions set out above, those components which had the greatest estimation uncertainty were the fair values of basis and co-products. As a result, for the comparative period only, the IAS 1 required disclosures about the nature of these items and the estimation uncertainty inherent in them is set out in Note 29. The nature of these items is included below: Basis represents the difference in price between the corn pricing on the Chicago Mercantile Exchange and localised pricing that can be achieved for physical delivery. It is typically driven by local supply, demand and logistics factors. At 31 March 2022, the fair value adjustments made to basis was a net asset of \u00a320 million. This was included as a component within corn purchase contracts, corn sale contracts and corn and elevator inventory. Co-products included in fair value hedges comprise corn gluten feed, corn gluten meal and corn oil, which are manufactured as part of the corn wet-milling process. Before the Transaction, the Group could hold either a net long or short position for each co-product based on the volume of co-products made, bought or forward sold at any point in time. The net position of fair value adjustments made to co-product positions at 31 March 2022 was \u00a354 million assets for sales contracts (including co-product credits in corn sales contracts) and \u00a35 million liability for inventories. 3. Key accounting policies The consolidated financial statements have been prepared under the historical cost convention, modified in respect of the revaluation to fair value of certain investments in equities, derivative financial instruments, non-derivative financial instruments in fair value hedge relationships (2022 financial year only), certain inventories (2022 financial year only), assets held by defined benefit pension plans and assets held for sale (2022 financial year only). Descriptions and specific accounting policy information on how the Group has applied the requirements of UK adopted International Accounting Standards are included throughout the notes to these financial statements. Key accounting policies, where information can be found in the applicable note, include: \u2212 Revenue recognition (Note 5) \u2212 Income taxes (Note 11) \u2212 Discontinued operations (Note 12) \u2212 Goodwill and other intangible assets (Note 19) \u2212 Leases (Note 21) \u2212 Foreign currency translation of subsidiaries (Note 24) \u2212 Financial instruments (Notes 17, 18, 25, 26 and 29) \u2212 Retirement benefit obligations (Note 31) \u2212 Share-based payments (Note 32) Revenue recognition Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer at a point in time. Discounts mainly comprise volume-driven rebates. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. A liability is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. The amount recognised as refund liabilities for volume rebates at 31 March 2023 was \u00a38 million. The Group also estimates variable consideration to be included in the purchase price for the inclusion of any inflation price-through adjustment. These adjustments are analysed on a per customer basis and/or are based on historical settlement patterns to determine the expected value of the variable consideration. The amount uncollected at 31 March 2023 was \u00a32 million. There is no material element of financing in sales which are made with credit terms in general between 30 to 60 days, which is consistent with market practice. The Group makes use of certain supply-chain financing arrangements with a number of its customers, mainly in North America \u2013 and such arrangements include a financing element, which is deducted from revenue. During the year ended 31 March 2023, \u00a34 million (2022 \u2013 \u00a33 million, of which \u00a32 million was related to discontinued operations) was deducted from revenue for supply-chain financing costs. Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the consolidated income statement except to the extent that it relates to items recognised directly in equity and other comprehensive income. Current tax is the amount of tax expected to be payable or receivable on the taxable profit or loss for the current period. This amount is amended for adjustments in respect of prior periods. Current tax is calculated using tax rates that have been written into law (\u2018enacted\u2019) or irrevocably announced/committed by the respective government (\u2018substantively enacted\u2019) at the period-end date. Income tax in the consolidated income statement will differ from the income tax paid in the consolidated cash flow statement primarily because of deferred tax arising on temporary differences and payment dates for income tax occurring after the balance sheet date. Deferred tax is provided based on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax is calculated using the enacted or substantively enacted rates that are expected to apply when the asset is realised, or the liability is settled. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Current and deferred tax receivable (assets) and payable (liabilities) are offset only when there is a legal right to settle them net and the Group intends to do so. This is generally true when the taxes are levied by the same tax authority. Refer to Note 2 for key sources of estimation uncertainty relating to income taxes. 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 co-ordinated plan to dispose of a separate major line of business or geographic area of operations. The results of discontinued operations are presented as a single amount of profit or loss after tax in the consolidated income statement, separate from the results of continuing operations. Non-current assets or disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. A loss for any initial or subsequent write-down of the asset or disposal group to a revised fair value less costs to sell is recognised at each reporting date. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets and corresponding liabilities classified as held for sale are presented separately as current items in the statement of financial position. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Equity accounting for joint ventures ceases once they are classified as held for sale. 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 shares held by the Company and the Employee Benefit Trust to satisfy awards made under the Group\u2019s share-based 253 24 incentive plans. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue assuming conversion of potentially dilutive ordinary shares, reflecting vesting assumptions on employee share plans, as well as the deemed profit attributable to owners of the Company for any proceeds on such conversions. (539) Dividends on the Company\u2019s ordinary shares are recognised when they have been appropriately authorised and are no longer at the Company\u2019s 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\u2019s AGM. Dividends are recognised as an appropriation of shareholders\u2019 funds. Inventories are carried at the lower of cost and net realisable value. 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 and is calculated using the \u2018first in/first out\u2019 or \u2018weighted average\u2019 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. In the prior year only, the carrying value of US net corn position inventories designated as hedged items (managed on a group basis for risk management) in an effective fair value hedge accounting relationship was adjusted by the change in fair value attributable to the hedged risk. (Refer to Note 2.) Cash and cash equivalents include cash held with banks and other short-term highly liquid investments with original maturities of three months or less and which are subject to an insignificant risk of change in value. The credit rating of short-term highly liquid investments is AAA or equivalent. A trade receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e. only the passage of time is required before payment of the consideration is due). Trade receivables that do not contain a significant financing component are measured at the transaction price. The Group applies the simplified approach for measuring expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. The Group has established a provision matrix that is based on the historical rates of default then adjusted for forward- looking factors specific to the debtor and economic environment. The Group considers a receivable to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts. A receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The Group participates in supply-chain financing arrangements. Refer to Note 5 and Note 30. Investments in equities comprise financial assets recognised at fair value through profit or loss (FVPL) and financial assets recognised at fair value through the statement of OCI (FVOCI). Investments in equities do not meet the IFRS 9 criteria for classification at amortised cost because their cash flows do not represent solely payments of principal and interest. For certain investments the available election to recognise equity securities as FVOCI has been taken because these investments are held as long-term strategic investments that are not expected to be sold in the short to medium term. All other investments are recognised at FVPL. Goodwill arising in a business combination is recognised as an intangible asset and is allocated to the Cash-Generating Unit (CGU) or group of CGUs that is expected to benefit from the synergies of the business combination. Goodwill is carried at cost less any recognised impairment losses (impairment tested annually). Acquired intangible assets, principally customer relationships and know-how, were recognised as part of previous business combinations and are amortised on a straight-line basis over the periods of their expected benefit to the Group, which range from three to 15 years. Other intangible assets comprise product development and computer software (including global IS/IT systems) and are amortised on a straight-line basis over the periods of their expected benefit to the Group. Product development is amortised over five to ten years. Capitalised costs in respect of core global IS/IT systems included within computer software are being amortised over a period of five to seven years. Product development 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 established and prior to the product going into full production. Any such assets which have not been brought into use are tested annually for impairment. Research and other related expenditures are charged to the consolidated income statement in the period in which they are incurred. SaaS arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. In a contract where the cloud provider provides both the SaaS configuration and customisation as well as the SaaS access over the contract term, then the configuration and customisation costs are expensed over the contract term only if the services provided are not distinct and are otherwise expensed upfront as the software is configured or customised. Some of the costs incurred relate to the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of, and the recognition criteria for, an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. Changes to intangible assets\u2019 useful economic lives are only made if there is objective evidence that the Group expects to receive economic benefits from these intangible assets over a shorter or longer period. Land and buildings mainly comprise manufacturing sites, application laboratories and administrative facilities. Plant and machinery mainly comprise equipment used in the manufacturing and operating process. Assets in 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. Property, plant and equipment is reviewed for impairment when any changes in circumstances indicate that their carrying amounts may not be recoverable. Useful economic lives, applied on a straight-line basis, are as follows: \u2212 Freehold land No depreciation \u2212 Freehold buildings 20 to 50 years \u2212 Leasehold improvements Up to the length of the lease \u2212 Plant and machinery 3 to 28 years All leases where the Group is the lessee and the Group has the right to control the use of the identified asset are recognised in the statement of financial position (with the exception of short-term and low- value leases). The Group\u2019s leases principally comprise properties and other miscellaneous leases such as motor vehicles or machinery. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of future lease payments. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date. The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost including the amount of lease liabilities recognised and initial direct costs incurred less any incentives granted by the lessor. Right-of-use assets are subject to impairment. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use assets, unless there is a transfer of ownership or purchase option which is reasonably certain to be exercised at the end of the lease term, in which case depreciation is over the useful life of the underlying asset. Leases of buildings usually have lease terms between 1 and 16 years, while plant and machinery generally have lease terms between 1 and 20 years. The Group also has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value (typically below US$5,000). The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases and recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Investments in joint ventures are accounted for under the equity method. They are initially recognised at cost, which includes transaction costs. Subsequently, the Group\u2019s share of the profit or loss, other comprehensive income and net assets are shown on one line of the relevant primary financial statements, until the date on which joint control ceases. Distributions received from the investee reduce the carrying amount of the investment. Under IFRS 5, when equity accounting ceases, the results of the joint ventures are no longer reported in the Group\u2019s consolidated income statement and any dividends received are treated as an adjusting item in the discontinued operations of the Group\u2019s consolidated income statement. Trade payables are predominantly short-term and are initially recognised at fair value, which is generally the invoice amount. The effects of the time-value of money are not material. Borrowings are initially measured at fair value, net of transaction costs incurred, which is generally the amount of proceeds received. Borrowings are subsequently measured at amortised cost using the effective interest rate method, whereby the net proceeds are gradually increased to the amount that will be ultimately settled using a constant rate of interest. This constant rate of return is used to calculate the amount recognised as interest expense in the consolidated income statement. 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 the period-end date. The carrying amount of a borrowing may be adjusted where it is a hedged liability in a fair value hedge (refer to Note 29). Financial instruments comprise investments (other than investments in joint ventures), trade and other receivables, cash and cash equivalents, trade and other payables, borrowings and derivative financial instruments. Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on their use as explained below. 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. Where the hedging relationship is classified as a fair value hedge, the carrying amount of the hedged asset or liability is adjusted by, or a firm commitment is recorded for, the change in its fair value attributable to the hedged risk only and the resulting gain or loss is recognised in the consolidated income statement where, to the extent that the hedge is effective, it offsets the fair value gain or loss on the hedging instrument. As explained in Note 2, for the US net corn position for the year ended 31 March 2022 only, a group of items representing a net position and consisting of items that individually are eligible hedged items and which are managed together on a group basis for risk management can be designated in a hedging relationship as a net position hedged item. As such, for the year ended 31 March 2022, the Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item was a group of items with offsetting risk positions. Net investment hedges A net investment hedge is the hedge of the currency exposure on the retranslation of the Group\u2019s 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 consolidated income statement where it is included in the gain or loss on disposal of the foreign operation. Cash flow hedges Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the consolidated income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the consolidated income statement at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the consolidated income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the consolidated income statement immediately. For accounting purposes, a valuation of each of the defined benefit plans is carried out annually at 31 March using 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 period-end date. Where a plan holds a qualifying insurance policy, the fair value of the policy is equivalent to the present value of the related benefit obligations. A deficit or surplus is recognised on each plan, representing the difference between the present value of the benefit obligation and the fair value of the plan assets. The costs of the defined benefit plan that are recognised in the consolidated income statement include the current service cost, any past service cost and the interest on the net deficit or surplus. Gains or losses on curtailments or settlements of the plans are recognised in the consolidated income statement in the period in which the curtailment or settlement occurs. Plan administration costs incurred by the Group are also recognised in the consolidated income statement. Interest on the net deficit or surplus is calculated by applying the discount rate that is used in measuring the present value of the benefit obligation to the opening deficit or surplus. Re-measurements of the deficit or surplus are recognised in other comprehensive income. Re-measurements 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. For defined contribution plans, contributions made by the Group to defined contribution pension schemes are recognised in the consolidated income statement in the period in which they fall due. All of the awards granted under the existing plans are classified as equity-settled awards. The Group recognises compensation expense based on the fair value of the awards measured at the grant date using the Black-Scholes option pricing model. Fair value is not subsequently re-measured unless relevant conditions attaching to the award are modified. Fair value reflects any market performance conditions and all non-vesting conditions. Adjustments are made to the compensation expense to reflect actual and expected forfeitures due to failure to satisfy service conditions or non-market performance conditions. The resulting compensation expense is recognised in the consolidated income statement on a straight- line basis over the vesting period and a corresponding credit is recognised in equity. In the event of the cancellation of an award the compensation expense that would have been recognised over the remainder of the vesting period is recognised immediately in the consolidated income statement. A provision is a liability of uncertain timing or amount that is recognised when: 1) the Group has a present obligation (legal or constructive) as a result of a past event; 2) it is more likely than not that a payment will be required to settle the obligation; and 3) the amount can be reliably estimated. Where a payment is not probable, or the amount of the obligation cannot be measured with sufficient certainty, a contingent liability is disclosed. Contingent liabilities are also disclosed if a possible obligation arises from past events, but its existence will be confirmed only by the occurrence or non-occurrence of uncertain future events. A business combination is a transaction or other event in which the Group obtains control over a business. Business combinations are accounted for using the acquisition method, the key elements of which are below. Identifiable assets and liabilities of the acquired business are generally measured at their fair value at the acquisition date. Retirement benefit obligations and deferred tax assets and liabilities are measured in accordance with the Group\u2019s accounting policies. 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. Acquisition-related costs are charged to the consolidated income statement in the period in which they are incurred. Any non-controlling interest in the acquired business is measured either at fair value or at the non- controlling interest\u2019s proportionate share of the identifiable assets and liabilities of the business. Goodwill arising in a business combination represents the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquired business and, where a business combination is achieved in stages, the fair value at the acquisition date of the Group\u2019s previously held equity interest, over the net total of the identifiable assets and liabilities of the acquired business at the acquisition date. Any re-measurement gain or loss on the previously held equity interest is recognised in the consolidated income statement. Any shortfall, or negative goodwill, is recognised immediately as a gain in the consolidated income statement. Changes in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for within equity. Any gain or loss upon loss of control is recognised in the consolidated income statement. ",
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"value": "1. Basis of preparation Description of business Tate & Lyle PLC (the Company) is a public limited company incorporated in the United Kingdom and registered in England. It is the ultimate parent of the Tate & Lyle PLC Group. The Company\u2019s ordinary shares are listed on the London Stock Exchange. The Company and its subsidiaries (together \u2018the Group\u2019) provide ingredients and solutions to the food, beverage and other industries. The Group operates from numerous production facilities around the world. The Group\u2019s operations now comprise four operating segments: Food & Beverage Solutions, Sucralose and Primary Products Europe and Primient. The Group\u2019s reportable segments are the same as its operating segments. Segment information is presented in Note 5 as well as details of the change to reflect the new Group structure. Accounting period The Group\u2019s annual financial statements are drawn up to 31 March. These financial statements cover the year ended 31 March 2023 with comparative financials for the year ended 31 March 2022. Basis of accounting The consolidated financial statements on pages 141 to 197 have been prepared in accordance with UK adopted International Accounting Standards. The Group\u2019s principal accounting policies are unchanged compared with the year ended 31 March 2022. The Group\u2019s principal accounting policies have been consistently applied throughout the year. Descriptions and specific accounting policy information on how the Group has applied the requirements of UK adopted International Accounting Standards are included throughout the notes to these financial statements. All amounts are rounded to the nearest million, unless otherwise indicated. Discontinued operations and application of Held for Sale On 1 April 2022 the Group completed the disposal of a controlling stake in a new company and its subsidiaries (\u2018Primient\u2019 or the \u2018Primient business\u2019 or \u2018Primient disposal group\u2019), comprising its Primary Products business in North America and Latin America and its interests in the Almidones Mexicanos S.A. de C.V. (\u2018Almex\u2019) and Covation Biomaterials LLC, formerly \u2018Bio-PDO\u2019 (\u2018Covation\u2019) joint ventures, to KPS Capital Partners, LP (\u2018KPS\u2019) (the \u2018Transaction\u2019). The Group currently holds a 49.7% interest in Primient, decreased from the 49.9% interest held at completion of the Transaction due to the redemption of a number of shares held by the Group for the return of \u00a31 million to the Group. In accordance with IFRS 5 \u2018Non-current Assets Held for Sale and Discontinued Operations\u2019, from 1 July 2021 the Group classified the business that became Primient on 1 April 2022 as a disposal group held for sale and a discontinued operation. 1 July 2021 reflects the date that negotiations on substantive matters with KPS were completed. 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. The results of discontinued operations are presented separately from those of continuing operations. Refer to Note 12 for further details on discontinued operations. Prior year restatement Following the completion accounts exercise which took place after the Transaction date, the balance sheet at 31 March 2022 was restated to correctly reflect certain additional non-current assets being assigned to the Primient disposal group held for sale (impact on non-current assets: reducing Property, Plant and Equipment by \u00a366 million, reducing Goodwill and other intangible assets by \u00a35 million and increasing Assets held for sale by \u00a371 million). This restatement impacted the balance sheet only for the year ended 31 March 2022. Going concern The Directors are satisfied that the Group has adequate resources to continue to operate as a going concern for the foreseeable future and that no material uncertainties exist with respect to this assessment. In making this assessment, the Directors have considered the Group\u2019s balance sheet position and forecast earnings and cash flows for the period from the date of approval of these financial statements to 31 March 2025. The business plan used to support the going concern assessment (the \u2018base case\u2019) is derived from Board- approved forecasts together with certain downside sensitivities. Further details of the Directors\u2019 assessment are set out below: At 31 March 2023, the Group has significant available liquidity, including \u00a3475 million of cash and US$800 million (\u00a3647 million) of committed and undrawn revolving credit facility, of which US$100 million matures in 2025 and US$700 million matures in 2026. The earliest maturity date for any of the Group\u2019s loans is October 2023, when US$120 million will mature. In April 2023, US$95 million of this has been repaid ahead of maturity from existing cash. For the purpose of the going concern assessment, it is anticipated that the remaining US$25 million will also be repaid from existing cash. The Group has only one debt covenant requirement which is to maintain a net debt to EBITDA ratio of not more than 3.5 times. On the covenant-testing basis this was 0.6 times at 31 March 2023. As set out below, for a covenant breach to occur it would require a significant reduction in Group profit. Such reduction is considered to be unlikely. In concluding that the going concern basis is appropriate, the Directors have modelled the impact of a \u2018worst case scenario\u2019 to the \u2018base case\u2019 by including the same two plausible but severe downside risks also used for the Group\u2019s viability statement, being: an extended shutdown of one of our large corn wet mill manufacturing facilities following operational failure or energy shortage; and the loss of two of our largest Food & Beverage Solutions customers. In aggregate, such \u2018worst case scenarios\u2019 did not result in any material uncertainty to the Group\u2019s going concern assessment and the resultant position still had significant headroom above the Group\u2019s debt covenant requirement. The Directors have also calculated a \u2018reverse stress test\u2019 which represents the changes that would be required to the \u2018base case\u2019 in order to breach the Group\u2019s debt covenant. Such \u2018reverse stress test\u2019 showed that the forecast Group profit would have to reduce significantly in order to cause a breach. Accordingly, the Directors have concluded that there are no material uncertainties with respect to going concern and have adopted the going concern basis in preparing the consolidated financial information of the Group as at 31 March 2023. Climate change considerations In preparing the consolidated financial statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosures set out on pages 62 to 66 and our sustainability targets. Climate change-related considerations made in respect of the financial statements relate principally to (i) the impact of climate change on the going concern assessment and viability assessment, (ii) the impact of climate change on the cash flow forecasts used in the impairment assessment of non-current assets including goodwill for the Foods & Beverage Solutions cash-generating unit, and (iii) the impact on the share-based payment charge for the year as a result of the performance against certain Purpose and sustainability targets. These climate change considerations are not considered to be areas of significant judgement or sources of estimation uncertainty in the current year. These considerations are also not expected to have a significant impact on the Group\u2019s going concern assessment to 31 March 2025 nor the viability of the Group over the next three years. The Directors considered further whether any reduction of the useful lives of assets as a result of climate- related matters, which would have a direct impact on the amount of depreciation recognised each year from the date of re-assessment, could have a significant impact on the financial statements. The Directors concluded that the impact of the Group\u2019s decarbonisation commitments does not have a material impact on the results for the year. In view of the evolving risks associated with climate change, the Directors will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements. Foreign currency The consolidated financial statements are presented in pound sterling, which is also the Company\u2019s functional currency. Where changes in constant currency are presented, they are calculated by retranslating current year results at prior year exchange rates. Calculations of changes in constant currency have been included in \u2018Additional information\u2019 within this document. Accounting standards adopted during the year In the current year the Group has adopted, with effect from 1 April 2022, the following new accounting standards: \u2212 Amendments to IFRS 3 Business Combinations; \u2212 Amendments to IAS 16 Property, Plant and Equipment \u2013 Proceeds before intended use; \u2212 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets \u2013 Onerous contracts (cost of fulfilling a contract); and \u2212 Annual Improvements to IFRS Standards 2018-2020. The adoption of these amendments from 1 April 2022 had no material effect on the Group\u2019s financial statements. Accounting standards issued but not yet adopted No other new standards, new interpretations or amendments to standards or interpretations have been published which are expected to have a significant impact on the Group\u2019s financial statements. Alternative performance measures The Group also presents alternative performance measures, including adjusted earnings before interest, tax, depreciation and amortisation (\u2018adjusted EBITDA\u2019), adjusted profit before tax, adjusted earnings per share, free cash flow, net debt to EBITDA and return on capital employed. These measures are used for internal performance analysis and incentive compensation arrangements for employees. They are presented because they provide investors with additional information about the performance of the business which the Directors consider to be valuable. Reconciliations of the alternative performance measures to the most directly comparable UK adopted International Accounting Standards measures are presented in Note 4. During the year the Group has changed its alternative performance measure relating to operating profit from adjusted operating profit to adjusted EBITDA in order to enhance comparability with its industry peers. Alternative performance measures reported by the Group are not defined terms under UK adopted International Accounting Standards and may therefore not be comparable with similarly-titled measures reported by other companies. Pro-forma impact of the disposal of the Primient business Due to the significance of the Primient disposal, where relevant, the Group has also provided pro-forma financial information in order to provide shareholders with better comparability of the performance of the continuing operations. Refer to Useful Information on page 208, and where indicated in the notes to the financial information, where certain comparative information for adjusted results is pro-forma information. ",
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"value": "Description of business Tate & Lyle PLC (the Company) is a public limited company incorporated in the United Kingdom and registered in England. It is the ultimate parent of the Tate & Lyle PLC Group. The Company\u2019s ordinary shares are listed on the London Stock Exchange. The Company and its subsidiaries (together \u2018the Group\u2019) provide ingredients and solutions to the food, beverage and other industries. The Group operates from numerous production facilities around the world. The Group\u2019s operations now comprise four operating segments: Food & Beverage Solutions, Sucralose and Primary Products Europe and Primient. The Group\u2019s reportable segments are the same as its operating segments. Segment information is presented in Note 5 as well as details of the change to reflect the new Group structure. ",
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"value": "Tate & Lyle PLC (the Company) is a public limited company incorporated in the United Kingdom and
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"value": "The Company and its subsidiaries (together \u2018the Group\u2019) provide ingredients and solutions to the food, beverage and other industries. The Group operates from numerous production facilities around the world. ",
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"fact-431": {
"value": "Going concern The Directors are satisfied that the Group has adequate resources to continue to operate as a going concern for the foreseeable future and that no material uncertainties exist with respect to this assessment. In making this assessment, the Directors have considered the Group\u2019s balance sheet position and forecast earnings and cash flows for the period from the date of approval of these financial statements to 31 March 2025. The business plan used to support the going concern assessment (the \u2018base case\u2019) is derived from Board- approved forecasts together with certain downside sensitivities. Further details of the Directors\u2019 assessment are set out below: At 31 March 2023, the Group has significant available liquidity, including \u00a3475 million of cash and US$800 million (\u00a3647 million) of committed and undrawn revolving credit facility, of which US$100 million matures in 2025 and US$700 million matures in 2026. The earliest maturity date for any of the Group\u2019s loans is October 2023, when US$120 million will mature. In April 2023, US$95 million of this has been repaid ahead of maturity from existing cash. For the purpose of the going concern assessment, it is anticipated that the remaining US$25 million will also be repaid from existing cash. The Group has only one debt covenant requirement which is to maintain a net debt to EBITDA ratio of not more than 3.5 times. On the covenant-testing basis this was 0.6 times at 31 March 2023. As set out below, for a covenant breach to occur it would require a significant reduction in Group profit. Such reduction is considered to be unlikely. In concluding that the going concern basis is appropriate, the Directors have modelled the impact of a \u2018worst case scenario\u2019 to the \u2018base case\u2019 by including the same two plausible but severe downside risks also used for the Group\u2019s viability statement, being: an extended shutdown of one of our large corn wet mill manufacturing facilities following operational failure or energy shortage; and the loss of two of our largest Food & Beverage Solutions customers. In aggregate, such \u2018worst case scenarios\u2019 did not result in any material uncertainty to the Group\u2019s going concern assessment and the resultant position still had significant headroom above the Group\u2019s debt covenant requirement. The Directors have also calculated a \u2018reverse stress test\u2019 which represents the changes that would be required to the \u2018base case\u2019 in order to breach the Group\u2019s debt covenant. Such \u2018reverse stress test\u2019 showed that the forecast Group profit would have to reduce significantly in order to cause a breach. Accordingly, the Directors have concluded that there are no material uncertainties with respect to going concern and have adopted the going concern basis in preparing the consolidated financial information of the Group as at 31 March 2023. ",
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"fact-432": {
"value": "Foreign currency The consolidated financial statements are presented in pound sterling, which is also the Company\u2019s functional currency. Where changes in constant currency are presented, they are calculated by retranslating current year results at prior year exchange rates. Calculations of changes in constant currency have been included in \u2018Additional information\u2019 within this document. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-433": {
"value": "Accounting standards adopted during the year In the current year the Group has adopted, with effect from 1 April 2022, the following new accounting standards: \u2212 Amendments to IFRS 3 Business Combinations; \u2212 Amendments to IAS 16 Property, Plant and Equipment \u2013 Proceeds before intended use; \u2212 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets \u2013 Onerous contracts (cost of fulfilling a contract); and \u2212 Annual Improvements to IFRS Standards 2018-2020. The adoption of these amendments from 1 April 2022 had no material effect on the Group\u2019s financial statements. ",
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-434": {
"value": "Accounting standards issued but not yet adopted No other new standards, new interpretations or amendments to standards or interpretations have been published which are expected to have a significant impact on the Group\u2019s financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-395": {
"value": "2. Significant judgements and estimates In preparing these consolidated financial statements, management has made judgements and used estimates and assumptions in establishing the reported amounts of assets, liabilities, income and expense under the Group\u2019s accounting policies. Judgements are based on the best evidence available to management. Estimates are based on factors including historical experience and expectations of future events, corroborated with external information where possible. Judgements and estimates and their underlying assumptions are reviewed and updated on an ongoing basis, with any revisions being recognised prospectively. However, given the inherent uncertainty of such estimates, the actual results might differ significantly from the anticipated ones. Information about the accounting estimates and judgements made in applying these accounting policies that have the most significant effect on the amounts recognised in the consolidated financial statements are set out below. Taxation (Note 11) Key sources of estimation uncertainty The Group\u2019s current and deferred tax balances are subject to estimation uncertainty, which could also impact the effective tax rate in the next financial year. The specific sources of estimation uncertainty are as follows: (a) Resolution of uncertain tax provisions: at 31 March 2023, the Group has recorded current tax liabilities of \u00a345 million (2022 \u2013 \u00a346 million) for uncertain tax positions (refer to Note 11). Such provisions arise because the Group operates in an international tax environment and is subjected to periodic tax examination and uncertainties in a number of jurisdictions. Such examination can include, inter alia, transfer pricing arrangements relating to the Group\u2019s operating activities, historical reorganisations and the deductibility of interest on certain intra-group borrowing arrangements. The issues involved are complicated and may take a number of years to resolve. Tax liabilities, if required, have been estimated based on one of two methods, the expected value method (the sum of the probability weighted amounts in a range of possible outcomes) or the single most likely amount method, depending on which is expected to better predict the resolution of the uncertainty. These accounting estimates considered the status of the unresolved matter, the relevant legislation, advice from in-house specialists, opinions of professional firms and past experience and precedents set by the particular tax authority. Of the \u00a345 million total of uncertain tax positions held at 31 March 2023, between zero and \u00a31 million of the balance could be resolved in the year ending 31 March 2024. Such resolution could be favourable or unfavourable. Of the \u00a346 million balance at 31 March 2022, \u00a318 million met the criteria for being released in the year ended 31 March 2023. This compares to the range of possible outcomes coming into the year for potential releases of provisions of between zero to \u00a35 million. The increased release was the result of the completion of two years of tax audits in the US (compared to the anticipated completion of one year\u2019s audit). (b) Recognition of deferred tax assets: at 31 March 2023, the Group has recorded deferred tax assets of \u00a313 million (2022 \u2013 \u00a39 million) and deductible temporary differences for which the unrecognised deferred tax asset is \u00a3200 million (2022 \u2013 \u00a3209 million) (refer to Note 11), the most significant of which relates to unrecognised tax losses in the UK. Management assesses the likelihood of their recoverability within a reasonable foreseeable timeframe, taking into account the future expected profit profile and business model of each relevant company or country, and any potential legislative restrictions on use. A 10% increase in forecasted UK taxable income would lead to a \u00a31 million increase in deferred tax assets recognised. Retirement benefit plans (Note 31) At 31 March 2023, the present value of the benefit obligations of the plans was \u00a31,142 million (2022 \u2013 \u00a31,474 million). The present value of the benefit obligations is based on key assumptions including actuarial estimates of the future benefits that will be payable to the members of the plans. Changes to key assumptions could have a material impact on the reported amounts and, as a result, represent a significant accounting estimate. Key sources of estimation uncertainty The present value of the benefit obligations is most sensitive to the discount rate applied to the benefit obligations, assumed life expectancies, and expected future inflation rates. Sensitivity analysis is included in Note 31. Whilst assumptions are established on a consistent basis reflecting advice from qualified actuaries, using published indices and other actuarial data, management must apply judgement in selecting the most appropriate value from within an acceptable range. Changes in the assumptions used in determining the present value of the benefit obligations will have an impact on the Group\u2019s income statement through their effect on the service cost and the interest on the net deficit or surplus in the plans. However, 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. Exceptional items (Note 8) Key source of judgement Exceptional items comprise items of income, expense and cash flow, including tax items that: are material in amount; and are outside the normal course of business or relate to events which do not frequently recur, and therefore merit separate disclosure in order to provide a better understanding of the Group\u2019s underlying financial performance. Examples of events that give rise to the disclosure of material items of income, expense and cash flow as exceptional items include, but are not limited to: significant impairment events; significant business transformation activities; disposals of operations or significant individual assets; litigation claims by or against the Group; and restructuring of components of the Group\u2019s operations. For tax items to be treated as exceptional, amounts must be material and their treatment as exceptional enable a better understanding of the Group\u2019s underlying financial performance. Exceptional items in the Group\u2019s financial statements are classified on a consistent basis across accounting periods. The classification of income and expense as exceptional items is a significant judgement. Accounting for the Group\u2019s investment in Primient (Note 22) Key source of judgement The Directors have determined that there is a significant accounting judgement with respect to the Group\u2019s accounting for its 49.7% interest in the Primient business following the completion of its disposal. The Group equity accounts for this interest as a joint venture. Such accounting is appropriate because the Group does not have unilateral control over Primient. Instead, important operational decisions are decided by a majority vote by the Primient board (KPS has the right to appoint four directors and the Group has the right to appoint two) with more significant strategic matters requiring unanimous agreement of both shareholders. In addition, from completion, the Group and Primient entered into certain long-term agreements, principally relating to the supply of product between one another; such agreements do not afford either party rights that are indicative of unilateral control. As a result, decisions about relevant activities are principally reserved for the two shareholders and cannot be decided upon unilaterally by either shareholder. Therefore, the Group\u2019s interest in Primient meets the definition of a joint venture. Fair value of purchases, sales and inventory of corn-based products (Notes 15, 29 and 30) 2023 Financial year On completion of the Primient disposal transaction on 1 April 2022, the Group has continued to apply cash flow hedge accounting to manage its economic price exposure on the purchase of energy and chemicals used in the production process. All corn procurement activities transferred to Primient on completion of the disposal and the Group procures corn from Primient (both for the manufacturing of corn-based finished goods in the Group\u2019s US manufacturing sites and for corn embedded in the finished goods manufactured by Primient and sold to the Group under long-term agreements). The Group has ceased to apply fair value hedge accounting to manage the net corn risk and instead manages the corn price risk by using economic hedging principles such as entering into offsetting positions with its supplier (Primient) and customers. As a result, the fair value of purchases, sales and inventory of corn-based products is no longer a source of estimation uncertainty in the current financial year. 2022 Financial year In the comparative period, the Group managed its US net corn position, comprising the purchase, sale and inventory of corn and corn-based goods, including co-products, on a net basis. As a result, the Group previously designated the components of its US net corn position in effective fair value hedge accounting relationships whereby the hedged item was a group of items with offsetting risk positions. This resulted in each element of the net corn position being marked to market and financial instruments (mainly corn futures contracts) were used as hedging instruments to manage this net position. Recording all components of the US net corn position at fair value aligned with the underlying economics and risk management of the business prior to the Transaction. The estimates used to determine these fair values were a key source of estimation uncertainty in the prior year. The breakdown of its net corn position is shown below for the comparative period only. Year ended 31 March 2022 \u00a3m Hedged items: Corn purchase contracts 44 Corn sale contracts (78) Co-product sale contracts 54 Corn and elevator inventory 69 Co-products inventory (5) Total hedged items 84 Financial instrument products (hedging instrument) (5) Net corn position 79 Key sources of estimation uncertainty (2022 financial year only) Of the components of the net corn positions set out above, those components which had the greatest estimation uncertainty were the fair values of basis and co-products. As a result, for the comparative period only, the IAS 1 required disclosures about the nature of these items and the estimation uncertainty inherent in them is set out in Note 29. The nature of these items is included below: Basis represents the difference in price between the corn pricing on the Chicago Mercantile Exchange and localised pricing that can be achieved for physical delivery. It is typically driven by local supply, demand and logistics factors. At 31 March 2022, the fair value adjustments made to basis was a net asset of \u00a320 million. This was included as a component within corn purchase contracts, corn sale contracts and corn and elevator inventory. Co-products included in fair value hedges comprise corn gluten feed, corn gluten meal and corn oil, which are manufactured as part of the corn wet-milling process. Before the Transaction, the Group could hold either a net long or short position for each co-product based on the volume of co-products made, bought or forward sold at any point in time. The net position of fair value adjustments made to co-product positions at 31 March 2022 was \u00a354 million assets for sales contracts (including co-product credits in corn sales contracts) and \u00a35 million liability for inventories. ",
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"value": "4. Reconciliation of alternative performance measures Income statement measures For the reasons set out in Note 1, the Group also presents alternative performance measures including adjusted EBITDA, adjusted profit before tax and adjusted earnings per share, which are used for internal performance analysis and incentive compensation arrangements for employees. They are presented because they provide investors with additional information about the performance of the business which the Directors consider to be valuable. During the year, the Group has changed its alternative performance measure relating to operating profit from adjusted operating profit to adjusted EBITDA in order to enhance comparability with its industry peers. For the years presented, alternative performance measures exclude, where relevant: \u2212 Exceptional items (excluded as they are material in amount; and are outside the normal course of business or relate to events which do not frequently recur, and therefore merit separate disclosure in order to provide a better understanding of the Group\u2019s underlying financial performance); \u2212 Amortisation of acquired intangible assets (costs associated with amounts recognised through acquisition accounting that impact earnings compared to organic investments); \u2212 Amortisation of other fair value adjustments on acquisition (costs associated with amounts recognised through acquisition accounting that impact earnings compared to organic investments); \u2212 Tax on the above items and tax items that themselves meet these definitions. For tax items to be treated as exceptional, amounts must be material and their treatment as exceptional enable a better understanding of the Group\u2019s underlying financial performance; and \u2212 IFRS 5 held for sale adjustment consisting of 1) cessation of depreciation and amortisation of assets of the Primient business; and 2) cessation of equity accounting of the share of profits and dividends received from the Group\u2019s existing joint venture interests. These adjustments relate to the year ended 31 March 2022 only. Within adjusted discontinued operations these adjustments were excluded in order to provide a better understanding of the Group\u2019s underlying financial performance on a like-for-like basis. The change for the exclusion of \u2018amortisation of other fair value adjustments on acquisition\u2019 reflects the relative size of the Quantum acquisition compared to previous recent Group acquisitions and was made to treat the amortisation or unwind of all fair value adjustments consistently with the amortisation of acquired intangibles. This change does not impact the comparative year presented. Note also that given the size of the Group\u2019s retained share in the Primient joint venture, the Group\u2019s adjusted profit before tax will exclude its share of any of the above items relating to the Primient joint venture. This change does not impact the comparative year presented. Where indicated, comparatives are presented on a pro-forma basis to provide investors with better comparability of the performance of continuing operations (see Note 1). Alternative performance measures reported by the Group are not defined terms under UK adopted International Accounting Standards and may therefore not be comparable with similarly-titled measures reported by other companies. The following table shows the reconciliation of the key income statement alternative performance measures to the most directly comparable measures reported in accordance with UK adopted International Accounting Standards: Year ended 31 March 2023 Year ended 31 March 2022 Continuing operations \u00a3m unless otherwise stated Reported Adjusting items Adjusted reported Reported Adjusting items Adjusted reported Revenue 1 751 \u2013 1 751 1 375 \u2013 1 375 EBITDA 291 29 320 147 93 240 Depreciation 1 (59) 1 (58) (56) \u2013 (56) Amortisation (36) 23 (13) (24) 10 (14) Operating profit 196 53 249 67 103 170 Net finance expense (20) \u2013 (20) (25) \u2013 (25) Share of (loss)/profit of joint venture (24) 48 24 \u2013 \u2013 \u2013 Profit before tax 152 101 253 42 103 145 Income tax expense (25) (25) (50) (16) (12) (28) Profit for the year 127 76 203 26 91 117 Basic earnings per share (pence) 31.3p \u2013 \u2013 5.5p \u2013 \u2013 Diluted earnings per share (pence) 30.8p 18.5p 49.3p 5.5p 19.4p 24.9p Effective tax rate expense % 16.8% 19.9% 38.4% 19.3% 1 For the year ended 31 March 2023, depreciation includes depreciation of \u00a31 million related to the Quantum acquisition fair value adjustments which is excluded from adjusted operating profit. The following table shows the reconciliation of the adjusting items impacting adjusted profit for the year: Year ended 31 March Continuing operations Notes 2023 \u00a3m 2022 \u00a3m Exceptional costs included in operating profit 8 28 93 Amortisation of acquired intangible assets 19 23 10 Unwind of fair value adjustments (including \u00a31 million of depreciation) 2 \u2013 Adjusting items excluded from share of profit of joint venture 22 48 \u2013 Total excluded from adjusted profit before tax 101 103 Tax credit on adjusting items 11 (25) (24) Exceptional tax charge 8, 11 \u2013 12 Total excluded from adjusted profit for the year 76 91 Cash flow measure The Group also presents an alternative cash flow measure, \u2018free cash flow\u2019, which is defined as cash generated from total operations, after net interest and tax paid, after capital expenditure and excluding the impact of exceptional items. Net Capital expenditure is the net impact of the purchase and sale of property, plant and equipment, intangible assets and certain equity investments. The definition of free cash flow has been amended to make clear that capital expenditure is measured on a net basis i.e. net cash received/paid for property, plant and equipment, intangible assets and certain equity investments. This change has been made to bring the definition more in line with other similar companies. This change does not impact the comparative year presented. Tax paid refers to tax paid for the Group\u2019s operations excluding any tax paid for its share of the Primient joint venture\u2019s results. The Group receives specific dividends from Primient in order to settle such tax liabilities. As all dividends received are excluded from free cash flow, it is appropriate to exclude tax paid out of the receipt of these dividends. This change does not impact the comparative year presented. The following table shows the reconciliation of free cash flow relating to continuing operations: Year ended 31 March Continuing operations 2023 \u00a3m 2022 \u00a3m Adjusted operating profit from continuing operations 249 170 Adjusted for: Adjusted depreciation and adjusted amortisation 1 71 70 Share-based payments charge 20 10 Other non-cash movements 2 (8) 4 Changes in working capital 3 (105) (68) Net retirement benefit obligations (9) (7) Net capital expenditure (71) (75) Net interest and tax paid 4 (28) (32) Free cash flow from continuing operations 119 72 1 Total depreciation of \u00a359 million (2022 \u2013 \u00a356 million) less \u00a31 million of depreciation related to Quantum acquisition fair value adjustments (2022 \u2013 \u00a3nil) and amortisation of \u00a336 million (2022 \u2013 \u00a324 million) less \u00a323 million (2022 \u2013 \u00a310 million) of amortisation of acquired intangible assets. 2 In the year ended 31 March 2023, other non-cash movements excludes an inflow of \u00a31 million for an item not included adjusting operating profit. 3 In the year ended 31 March 2023, changes in working capital excludes the 2022 financial year bonus payment of \u00a37 million to employees who have transitioned to Primient which is classified as a discontinued cash outflow. This impact is partially offset by the increase of a legal provision relating to discontinued operations. Refer to Note 12. 4 In the year ended 31 March 2023, net interest and tax paid excludes tax payments of \u00a347 million relating to the Group\u2019s share of Primient\u2019s tax including the exceptional tax on the gain on disposal of Primient (\u00a342 million). The following table shows the reconciliation of free cash flow to net cash generated from operating cash flows: Year ended 31 March Continuing operations Notes 2023 \u00a3m 2022 \u00a3m Free cash flow from continuing operations 119 72 Adjusted for: Add: free cash flow relating to discontinued operations 12 (7) (56) Less: exceptional cash flows 8 (59) (60) Less: tax payments relating to Primient and gain on disposal (47) \u2013 Less: interest received (11) (1) Add: net capital expenditure 71 148 Net cash generated from operating activities \u2013 total operations 66 103 Financial strength measures The Group uses two financial metrics as key performance measures to assess its financial strength. These are the net debt to EBITDA ratio, and the return on capital employed ratio. For the purposes of KPI reporting, the Group uses a simplified calculation of these KPIs to make them more directly related to information in the Group\u2019s financial statements. The net debt to EBITDA ratio using the calculation methodology prescribed for financial covenants on the Group\u2019s borrowing facilities is shown in Note 30. All ratios are calculated based on unrounded figures in \u00a3 million. The net debt to EBITDA ratio is as follows: At 31 March Note Continuing operations 2023 \u00a3m Total operations 2022 \u00a3m Calculation of net debt to EBITDA ratio Net debt 28 238 626 Adjusted operating profit 249 312 Add back adjusted depreciation and adjusted amortisation 71 158 EBITDA 320 470 Net debt to EBITDA ratio (times) 1 0.7 1.3 1 The net debt to EBITDA ratio for the year ended 31 March 2022 is based on total operations as the level of net debt held was to support the larger Group before the Primient disposal. Return on capital employed (ROCE) is a measure of the return generated on capital invested by the Group. The measure encourages compounding reinvestment within business and discipline around acquisitions; as such it provides a guard rail for long-term value creation. ROCE is a component of the Group\u2019s five-year performance ambition to 31 March 2028 and is used in incentive compensation. ROCE is calculated as underlying operating profit excluding exceptional items divided by the average invested operating capital (calculated as the average for each month of goodwill, intangible assets, property, plant and equipment, working capital, provisions and non-debt related derivatives). As such the average invested operating capital is derived from the management balance sheet and does not reconcile directly to the statutory balance sheet. All elements of average invested operating capital are calculated in accordance with IFRS. At 31 March 2023 \u00a3m Pro-forma* 2022 \u00a3m Calculation ROCE Adjusted operating profit \u2013 continuing operations 249 170 Impact of long-term agreements \u2013 (7) Deduct amortisation on acquired intangible assets and other fair value adjustments (25) (10) Profit before interest, tax and exceptional items for ROCE 224 153 Average invested operating capital 1 278 924 ROCE % 17.5% 16.5% * Comparatives are based on pro-forma financial information (see Useful Information on page 208). ",
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"value": "5. Segment information Revenue recognition Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer at a point in time. Discounts mainly comprise volume-driven rebates. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. A liability is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. The amount recognised as refund liabilities for volume rebates at 31 March 2023 was \u00a38 million. The Group also estimates variable consideration to be included in the purchase price for the inclusion of any inflation price-through adjustment. These adjustments are analysed on a per customer basis and/or are based on historical settlement patterns to determine the expected value of the variable consideration. The amount uncollected at 31 March 2023 was \u00a32 million. There is no material element of financing in sales which are made with credit terms in general between 30 to 60 days, which is consistent with market practice. The Group makes use of certain supply-chain financing arrangements with a number of its customers, mainly in North America \u2013 and such arrangements include a financing element, which is deducted from revenue. During the year ended 31 March 2023, \u00a34 million (2022 \u2013 \u00a33 million, of which \u00a32 million was related to discontinued operations) was deducted from revenue for supply-chain financing costs. Segment information is presented on a basis consistent with the information presented to the Board (the designated Chief Operating Decision Maker (CODM)) for the purposes of allocating resources within the Group and assessing the performance of the Group\u2019s businesses. Following the completion of the Transaction on 1 April 2022, the Group has changed its operating segments to reflect the Group\u2019s structure. The Group\u2019s core operations comprise three operating segments as follows: The Food & Beverage Solutions, Sucralose and Primary Products Europe. These operating segments are also reportable segments. The Group does not aggregate operating segments to form reportable segments. Food & Beverage Solutions now includes certain operating costs associated with the Group\u2019s former Primary Products operating segment that have remained with the Group. Food & Beverage Solutions operates in the core categories of beverages; dairy; soups, sauces and dressings; and bakery and snacks. Sucralose, a high-intensity sweetener and a sugar reduction ingredient, is used in various food categories and beverages. Primary Products Europe focuses principally on high-volume sweeteners and industrial starches. The Group is executing a planned transition away from these lower margin products in order to use the capacity to fuel growth in the Food & Beverage Solutions operating segment. Whilst not part of the Group\u2019s core operations, its 49.7% investment in the Primient joint venture is also an operating segment and reportable segment. Primient is a leading producer of food and industrial ingredients, principally bulk sweeteners and industrial starches. Key products include nutritive sweeteners (such as high fructose corn syrup and dextrose), industrial starches, acidulants (such as citric acid) and commodities (such as corn gluten feed and meal and corn oil). Primient comprises the Group\u2019s former Primary Products business in North America and Latin America and its former interests in the Almex and Covation joint ventures. Central, which comprised central costs including head office, treasury and insurance activities, was shown separately in prior years. Reflecting that the Group is now a smaller, more focused business following the completion of the Transaction, in the 2023 financial year Central has been allocated to segments to enable closer alignment of investments to segment strategies. The allocation methodology is based on firstly attributing total selling and general administrative costs by the support provided to each segment directly, then allocating non-directly attributed costs mainly on the basis of segment share of Group gross profit. The Board now uses adjusted EBITDA as the measure of the profitability of the Group\u2019s businesses. For the Primient operating segment, the Board uses the Group\u2019s share of adjusted profit of the Primient joint venture as the measure of profitability of this business. Adjusted EBITDA and the Group\u2019s share of adjusted profit of the Primient Joint Venture are therefore the measures of segment profit presented in the Group\u2019s segment disclosures for the relevant operating segments. The segmental classification of exceptional items is detailed in Note 8. As a result of the change in the Group\u2019s operating segments, where relevant, the Group has restated the comparative year\u2019s segmental disclosure in order to provide a like-for-like comparison for the performance of the operating segments. All revenue is from external customers. Segment results for the year ended 31 March 2023 IFRS 8 Segment results Year ended 31 March 2023 Total operations Food & Beverage Solutions \u00a3m Sucralose \u00a3m Primary Products Europe \u00a3m Primient Joint Venture \u00a3m Total \u00a3m Revenue 1 438 184 129 \u2013 1 751 Adjusted EBITDA 1 271 58 (9) \u2013 320 Adjusted EBITDA margin 18.8% 31.3% (6.5%) \u2013 18.3% Adjusted share of profit of joint venture 1 \u2013 \u2013 \u2013 24 24 Included within statutory operating profit 2 : \u2212 depreciation 47 10 2 \u2013 59 \u2212 amortisation 34 2 \u2013 \u2013 36 \u2212 share-based payments 16 3 1 \u2013 20 1 Reconciled to statutory profit for the year for continuing operations in Note 4. 2 Disclosure provided as either included in the measure of segment profit and loss or otherwise regularly provided to CODM Segment results for the year ended 31 March 2022 IFRS 8 Segment results \u2013 pro-forma basis Year ended 31 March 2022* Total operations Food & Beverage Solutions \u00a3m Sucralose \u00a3m Primary Products Europe \u00a3m Primient Joint Venture \u00a3m Total \u00a3m Revenue 1 111 163 101 \u2013 1 375 Adjusted EBITDA 207 53 (20) \u2013 240 Adjusted EBITDA margin 18.6% 32.6% (19.4%) \u2013 17.5% Adjusted share of profit of joint venture \u2013 \u2013 \u2013 \u2013 \u2013 Pro-forma adjusted EBITDA 1 200 53 (20) \u2013 233 Pro-forma adjusted EBITDA margin 1 18.0% 32.6% (19.4%) \u2013 17.0% Pro-forma adjusted share of profit of joint venture 1 \u2013 \u2013 \u2013 61 61 Included within statutory operating profit 2 : \u2212 depreciation 43 9 4 \u2013 56 \u2212 amortisation 22 2 \u2013 \u2013 24 \u2212 share-based payments 8 2 \u2013 \u2013 10 * Restated to reflect the change in operating segments (see page 152). 1 Comparative information for the year ended 31 March 2022 is based on pro-forma financial information (see Useful Information page 208). 2 Disclosure provided as either included in the measure of segment profit and loss or otherwise regularly provided to CODM. Reconciliation of the restated 2022 IFRS 8 segmental disclosures on a pro-forma basis to the reported IFRS 8 segmental disclosures as reported in the Annual Report for that year issued on 9 June 2022: (i) Revenue Restated* Year ended 31 March 2022 Continuing operations Food & Beverage Solutions \u00a3m Sucralose \u00a3m Primary Products Europe \u00a3m Primary Products \u00a3m Central \u00a3m Total \u00a3m Segmental revenue \u2013 as reported 1 111 163 \u2013 1 858 \u2013 3 132 Reclassification to discontinued operations \u2013 \u2013 \u2013 (1 757) \u2013 (1 757) Transfer of Primary Products Europe business out of Primary Products \u2013 \u2013 101 (101) \u2013 \u2013 Segmental revenue \u2013 restated 1 111 163 101 \u2013 \u2013 1 375 * Restated to reflect the change in operating segments (see page 152). (ii) Adjusted EBITDA Restated* Year ended 31 March 2022 Continuing operations Food & Beverage Solutions \u00a3m Sucralose \u00a3m Primary Products Europe \u00a3m Primary Products \u00a3m Central \u00a3m Total \u00a3m Segmental adjusted operating profits \u2013 as reported 190 61 \u2013 112 (51) 312 Transfer of Primary Products Europe business out of Primary Products \u2013 \u2013 (21) 21 \u2013 \u2013 Reclassification to discontinued operations 1 (9) \u2013 \u2013 (133) \u2013 (142) Allocation of central costs (29) (19) (3) \u2013 51 \u2013 Adjusted operating profit 152 42 (24) \u2013 \u2013 170 Add back depreciation 43 9 4 \u2013 \u2013 56 Add back adjusted amortisation 12 2 \u2013 \u2013 \u2013 14 Adjusted EBITDA 207 53 (20) \u2013 \u2013 240 Adjusted EBITDA margin 18.6% 32.6% (19.4%) \u2013 \u2013 17.5% Pro-forma Impact of long-term agreements 2 (7) \u2013 \u2013 \u2013 \u2013 (7) Pro-forma adjusted EBITDA 200 53 (20) \u2013 \u2013 233 Pro-forma adjusted EBITDA margin 18.0% 32.6% (19.4%) \u2013 \u2013 17.0% * Restated to reflect the change in operating segments (see page 152). 1 Operating costs of \u00a39 million are reallocated from Primary Products to Food & Beverage Solutions because they remained within the Group after completion of the Transaction. 2 Comparative information for the year ended 31 March 2022 is based on pro-forma financial information (see Useful Information page 208) . Geographic disclosures Revenue Year ended 31 March Total operations 2023 \u00a3m 2022 \u00a3m Food & Beverage Solutions North America 687 542 Asia, Middle East, Africa and Latin America 432 325 Europe 319 244 Food & Beverage Solutions \u2013 total 1 438 1 111 Sucralose \u2013 total 184 163 Primary Products Europe 129 101 Primary Products in the Americas \u2013 1 757 Total 1 751 3 132 Sales to customers (total operations) in the United Kingdom totalled \u00a350 million (2022 \u2013 \u00a340 million). Sales to customers (total operations) in the United States totalled \u00a3753 million (2022 \u2013 \u00a32,222 million, including discontinued operations). From continuing operations no customer contributed more than 10% of the Group\u2019s external sales (2022 \u2013 no customer contributed more than 10%). Revenue \u2013 reconciliation to the consolidated income statement Year ended 31 March 2023 \u00a3m 2022 \u00a3m Revenue \u2013 geographic disclosure \u2013 total operations 1 751 3 132 Reclassification to discontinued operations \u2013 (1 757) Revenue \u2013 continuing operations 1 751 1 375 Location of non-current assets The location of non-current assets, other than financial instruments (including long-term receivables), deferred tax assets, and retirement benefits are as follows: Year ended 31 March 2023 \u00a3m 2022 \u00a3m United Kingdom 25 29 United States 517 1 168 Other European countries 279 262 Rest of the world 318 190 Non-current assets \u2013 total operations 1 1 139 1 649 1 The comparative year included \u00a3940 million classified as held for sale. See Note 12. ",
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"fact-436": {
"value": "Revenue recognition Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer at a point in time. Discounts mainly comprise volume-driven rebates. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. A liability is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. The amount recognised as refund liabilities for volume rebates at 31 March 2023 was \u00a38 million. The Group also estimates variable consideration to be included in the purchase price for the inclusion of any inflation price-through adjustment. These adjustments are analysed on a per customer basis and/or are based on historical settlement patterns to determine the expected value of the variable consideration. The amount uncollected at 31 March 2023 was \u00a32 million. There is no material element of financing in sales which are made with credit terms in general between 30 to 60 days, which is consistent with market practice. The Group makes use of certain supply-chain financing arrangements with a number of its customers, mainly in North America \u2013 and such arrangements include a financing element, which is deducted from revenue. During the year ended 31 March 2023, \u00a34 million (2022 \u2013 \u00a33 million, of which \u00a32 million was related to discontinued operations) was deducted from revenue for supply-chain financing costs. ",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-435": {
"value": "Segment results for the year ended 31 March 2023 IFRS 8 Segment results Year ended 31 March 2023 Total operations Food & Beverage Solutions \u00a3m Sucralose \u00a3m Primary Products Europe \u00a3m Primient Joint Venture \u00a3m Total \u00a3m Revenue 1 438 184 129 \u2013 1 751 Adjusted EBITDA 1 271 58 (9) \u2013 320 Adjusted EBITDA margin 18.8% 31.3% (6.5%) \u2013 18.3% Adjusted share of profit of joint venture 1 \u2013 \u2013 \u2013 24 24 Included within statutory operating profit 2 : \u2212 depreciation 47 10 2 \u2013 59 \u2212 amortisation 34 2 \u2013 \u2013 36 \u2212 share-based payments 16 3 1 \u2013 20 1 Reconciled to statutory profit for the year for continuing operations in Note 4. 2 Disclosure provided as either included in the measure of segment profit and loss or otherwise regularly provided to CODM . Segment results for the year ended 31 March 2022 IFRS 8 Segment results \u2013 pro-forma basis Year ended 31 March 2022* Total operations Food & Beverage Solutions \u00a3m Sucralose \u00a3m Primary Products Europe \u00a3m Primient Joint Venture \u00a3m Total \u00a3m Revenue 1 111 163 101 \u2013 1 375 Adjusted EBITDA 207 53 (20) \u2013 240 Adjusted EBITDA margin 18.6% 32.6% (19.4%) \u2013 17.5% Adjusted share of profit of joint venture \u2013 \u2013 \u2013 \u2013 \u2013 Pro-forma adjusted EBITDA 1 200 53 (20) \u2013 233 Pro-forma adjusted EBITDA margin 1 18.0% 32.6% (19.4%) \u2013 17.0% Pro-forma adjusted share of profit of joint venture 1 \u2013 \u2013 \u2013 61 61 Included within statutory operating profit 2 : \u2212 depreciation 43 9 4 \u2013 56 \u2212 amortisation 22 2 \u2013 \u2013 24 \u2212 share-based payments 8 2 \u2013 \u2013 10 * Restated to reflect the change in operating segments (see page 152). 1 Comparative information for the year ended 31 March 2022 is based on pro-forma financial information (see Useful Information page 208). 2 Disclosure provided as either included in the measure of segment profit and loss or otherwise regularly provided to CODM. Reconciliation of the restated 2022 IFRS 8 segmental disclosures on a pro-forma basis to the reported IFRS 8 segmental disclosures as reported in the Annual Report for that year issued on 9 June 2022: (i) Revenue Restated* Year ended 31 March 2022 Continuing operations Food & Beverage Solutions \u00a3m Sucralose \u00a3m Primary Products Europe \u00a3m Primary Products \u00a3m Central \u00a3m Total \u00a3m Segmental revenue \u2013 as reported 1 111 163 \u2013 1 858 \u2013 3 132 Reclassification to discontinued operations \u2013 \u2013 \u2013 (1 757) \u2013 (1 757) Transfer of Primary Products Europe business out of Primary Products \u2013 \u2013 101 (101) \u2013 \u2013 Segmental revenue \u2013 restated 1 111 163 101 \u2013 \u2013 1 375 * Restated to reflect the change in operating segments (see page 152). (ii) Adjusted EBITDA Restated* Year ended 31 March 2022 Continuing operations Food & Beverage Solutions \u00a3m Sucralose \u00a3m Primary Products Europe \u00a3m Primary Products \u00a3m Central \u00a3m Total \u00a3m Segmental adjusted operating profits \u2013 as reported 190 61 \u2013 112 (51) 312 Transfer of Primary Products Europe business out of Primary Products \u2013 \u2013 (21) 21 \u2013 \u2013 Reclassification to discontinued operations 1 (9) \u2013 \u2013 (133) \u2013 (142) Allocation of central costs (29) (19) (3) \u2013 51 \u2013 Adjusted operating profit 152 42 (24) \u2013 \u2013 170 Add back depreciation 43 9 4 \u2013 \u2013 56 Add back adjusted amortisation 12 2 \u2013 \u2013 \u2013 14 Adjusted EBITDA 207 53 (20) \u2013 \u2013 240 Adjusted EBITDA margin 18.6% 32.6% (19.4%) \u2013 \u2013 17.5% Pro-forma Impact of long-term agreements 2 (7) \u2013 \u2013 \u2013 \u2013 (7) Pro-forma adjusted EBITDA 200 53 (20) \u2013 \u2013 233 Pro-forma adjusted EBITDA margin 18.0% 32.6% (19.4%) \u2013 \u2013 17.0% * Restated to reflect the change in operating segments (see page 152). 1 Operating costs of \u00a39 million are reallocated from Primary Products to Food & Beverage Solutions because they remained within the Group after completion of the Transaction. 2 Comparative information for the year ended 31 March 2022 is based on pro-forma financial information (see Useful Information page 208) Geographic disclosures Revenue Year ended 31 March Total operations 2023 \u00a3m 2022 \u00a3m Food & Beverage Solutions North America 687 542 Asia, Middle East, Africa and Latin America 432 325 Europe 319 244 Food & Beverage Solutions \u2013 total 1 438 1 111 Sucralose \u2013 total 184 163 Primary Products Europe 129 101 Primary Products in the Americas \u2013 1 757 Total 1 751 3 132 Sales to customers (total operations) in the United Kingdom totalled \u00a350 million (2022 \u2013 \u00a340 million). Sales to customers (total operations) in the United States totalled \u00a3753 million (2022 \u2013 \u00a32,222 million, including discontinued operations). From continuing operations no customer contributed more than 10% of the Group\u2019s external sales (2022 \u2013 no customer contributed more than 10%). Revenue \u2013 reconciliation to the consolidated income statement Year ended 31 March 2023 \u00a3m 2022 \u00a3m Revenue \u2013 geographic disclosure \u2013 total operations 1 751 3 132 Reclassification to discontinued operations \u2013 (1 757) Revenue \u2013 continuing operations 1 751 1 375 Location of non-current assets The location of non-current assets, other than financial instruments (including long-term receivables), deferred tax assets, and retirement benefits are as follows: Year ended 31 March 2023 \u00a3m 2022 \u00a3m United Kingdom 25 29 United States 517 1 168 Other European countries 279 262 Rest of the world 318 190 Non-current assets \u2013 total operations 1 1 139 1 649 1 The comparative year included \u00a3940 million classified as held for sale. See Note 12. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-471": {
"value": "Geographic disclosures Revenue Year ended 31 March Total operations 2023 \u00a3m 2022 \u00a3m Food & Beverage Solutions North America 687 542 Asia, Middle East, Africa and Latin America 432 325 Europe 319 244 Food & Beverage Solutions \u2013 total 1 438 1 111 Sucralose \u2013 total 184 163 Primary Products Europe 129 101 Primary Products in the Americas \u2013 1 757 Total 1 751 3 132 Sales to customers (total operations) in the United Kingdom totalled \u00a350 million (2022 \u2013 \u00a340 million). Sales to customers (total operations) in the United States totalled \u00a3753 million (2022 \u2013 \u00a32,222 million, including discontinued operations). From continuing operations no customer contributed more than 10% of the Group\u2019s external sales (2022 \u2013 no customer contributed more than 10%). Revenue \u2013 reconciliation to the consolidated income statement Year ended 31 March 2023 \u00a3m 2022 \u00a3m Revenue \u2013 geographic disclosure \u2013 total operations 1 751 3 132 Reclassification to discontinued operations \u2013 (1 757) Revenue \u2013 continuing operations 1 751 1 375 Location of non-current assets The location of non-current assets, other than financial instruments (including long-term receivables), deferred tax assets, and retirement benefits are as follows: Year ended 31 March 2023 \u00a3m 2022 \u00a3m United Kingdom 25 29 United States 517 1 168 Other European countries 279 262 Rest of the world 318 190 Non-current assets \u2013 total operations 1 1 139 1 649 1 The comparative year included \u00a3940 million classified as held for sale. See Note 12. ",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-398": {
"value": "6. Operating profit Analysis of operating expenses by nature: Year ended 31 March Continuing operations Notes 2023 \u00a3m 2022 \u00a3m Revenue 1 751 1 375 Operating expenses Cost of inventories (included in cost of sales) 876 696 Staff costs (of which \u00a396 million (2022 \u2013 \u00a3122 million) was included in cost of sales) 1 9 284 260 Depreciation of property, plant and equipment: \u2212 owned assets (of which \u00a345 million (2022 \u2013 \u00a341 million) was included in cost of sales) 50 47 \u2212 leased assets (of which \u00a31 million (2022 \u2013 \u00a32 million) was included in cost of sales) 21 9 9 Exceptional costs 8 28 93 Amortisation of intangible assets: \u2212 acquired intangible assets 19 23 10 \u2212 other intangible assets 19 13 14 Impairment of intangible assets 3 19 1 1 Impairment of property, plant and equipment 4 20 \u2013 3 Total net foreign exchange losses 1 2 Other operating expenses 270 173 Operating expenses 1 555 1 308 Operating profit 196 67 1 Excludes \u00a36 million (2022 \u2013 \u00a313 million) of staff costs recognised in continuing exceptional items. 2 Excludes \u00a3nil (2022 \u2013 \u00a33 million) of impairment of trade receivables recognised in continuing exceptional items. 3 Excludes \u00a3nil (2022 \u2013 \u00a31 million) of impairment of intangible assets recognised in continuing exceptional items. 4 Excludes \u00a3nil (2022 \u2013 \u00a315 million) of impairment of property, plant and equipment recognised in continuing exceptional items. The Group spend on research and development expenditure during the year was \u00a346 million (2022 \u2013 \u00a341 million). ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-399": {
"value": "7. Auditor\u2019s remuneration Fees payable to the Company\u2019s external auditor, Ernst & Young LLP, and its associates, were as follows: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Fees payable for the audit of the Company and consolidated financial statements 1.7 1.4 Fees payable for other services: \u2212 the audit of the Company\u2019s subsidiaries 1.7 2.2 \u2212 audit-related assurance services 0.1 0.1 \u2212 services relating to corporate finance transactions \u2013 0.6 Total 3.5 4.3 ",
"dimensions": {
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"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-400": {
"value": "8. Exceptional items Refer to Note 2 for the exceptional items accounting policy. Exceptional (costs)/income recognised in the consolidated income statement are as follows: Year ended 31 March Continuing operations Footnotes 2023 \u00a3m 2022 \u00a3m Income statement Costs associated with the separation and disposal of Primient (a) (25) (79) Restructuring costs (b) (5) (1) Impairment related to the disposal of Primient \u2013 (13) US pension plan past service credit \u2013 9 Stabiliser product contamination (1) (9) Historical legal matters (c) 3 \u2013 Exceptional items included in profit before tax (28) (93) UK tax charge \u2013 (6) US tax charge \u2013 (6) Exceptional items included in income tax \u2013 (12) Exceptional items \u2013 continuing operations (28) (105) Year ended 31 March Discontinued operations Note 2023 \u00a3m 2022 \u00a3m Gain on disposal of Primient 12 98 \u2013 Restructuring costs \u2013 (3) Exceptional items \u2013 discontinued operations 98 (3) Exceptional items \u2013 total operations 70 (108) Set out below are the principal components of the Group\u2019s exceptional items: Continuing operations (a) In the year ended 31 March 2023, the Group incurred certain transaction and separation costs related to the Primient disposal which totalled \u00a325 million. The majority of these costs were separation in nature and consist principally of information technology (IT) costs to ensure the Group\u2019s and Primient\u2019s IT systems are fully independent by the end of this financial year, being the date that the transition services arrangement for IT support ends. (b) The Group recognised a \u00a35 million restructuring charge, principally in relation to IT initiatives. (c) The Group recognised a credit of \u00a33 million in relation to the release of provisions reflecting favourable legal rulings. The charge on initial recognition of these provisions was also classified within exceptional costs. In addition, during the year the Group recognised final cash costs of \u00a31 million in relation to the prior year stabiliser product contamination issue of products manufactured by certain third-party suppliers in China. All exceptional items were recognised in the Food & Beverage Solutions reportable segment. The net \u00a328 million exceptional costs recorded in operating profit in continuing operations during the year resulted in \u00a324 million (outflow) disclosed in exceptional operating cash flow. In addition, \u00a335 million of exceptional costs recorded in the prior year resulted in cash outflows in the year ended 31 March 2023, such that operating cash outflow from exceptional items in continuing operations was \u00a359 million. The most significant exceptional costs in the comparative year were costs incurred in relation to the Primient disposal, including the impairment of certain assets remaining with the Group which will no longer be used following the disposal. Other exceptional costs and income in the comparative year related to a past service credit linked to a plan amendment made to the Group\u2019s US pension plans, costs associated with a stabiliser product contamination, historical legal matters and one-off tax charges as a result of the Primient transaction due to a reduction of brought forward UK tax losses and US state tax credits that are expected to be able to be utilised in the future. Tax credits or charges on exceptional items are only recognised to the extent that gains or losses incurred are expected to result in tax recoverable or payable in the future. The total tax impact of these exceptional items was a tax credit of \u00a36 million. Refer to Note 11. Discontinued operations The Group recorded a gain of \u00a398 million relating to the disposal on 1 April 2022 of a 50.1% controlling interest in Primient in exchange for gross cash proceeds of US$1.4 billion (\u00a31.1 billion). An exceptional tax charge of \u00a333 million arose on this gain. Further details on the gain on disposal, and the associated tax charge, are set out in Note 12. The exceptional costs in the prior year were restructuring costs relating to productivity and simplification projects totalling \u00a33 million which were mainly related to Global Operations cost saving initiatives. Cash flows from total operations Further details in respect of cash flows from exceptional items are set out below: Year ended 31 March Net operating cash outflows on exceptional items Footnotes 2023 \u00a3m 2022 \u00a3m Costs associated with the separation and disposal of Primient (a) (52) (48) Restructuring costs (b) (3) (5) US pension plan past service credit (d) (1) (1) Stabiliser product contamination (1) \u2013 Historical legal matters (c) (2) (4) Net cash outflows \u2013 continuing operations (59) (58) Net cash outflows \u2013 discontinued operations (42) (2) Net cash outflows \u2013 total operations (101) (60) Additional details are included for the following item: (d) In the prior year, a plan amendment to the Group\u2019s US pension plans resulted in a past service credit of \u00a313 million, with the Group agreeing to make incremental contributions of \u00a34 million (resulting in a net exceptional credit of \u00a39 million). Incremental contributions of \u00a31 million were paid in the current and prior year, with the remaining \u00a32 million expected to be paid in the 2024 financial year. Exceptional cash flows The total cash adjustment relating to exceptional items presented in the cash flow statement of \u00a3129 million (outflow) (2022 \u2013 \u00a336 million (inflow)) reflects the net exceptional gain in profit before tax for total operations of \u00a370 million (2022 \u2013 net exceptional loss of \u00a396 million) which was \u00a3129 million higher (2022 \u2013 \u00a336 million higher loss) than net cash outflows of \u00a359 million (2022 \u2013 \u00a360 million) set out in the table above. The Group also paid \u00a342 million of exceptional tax on the gain on disposal of Primient (see Note 12). ",
"dimensions": {
"concept": "tatelyleplc:DisclosureOfExceptionalItems",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-401": {
"value": "9. Staff costs Staff costs were as follows: Year ended 31 March Continuing operations 2023 \u00a3m 2022 \u00a3m Wages and salaries 229 234 Social security costs 31 21 Retirement benefit costs: \u2212 defined benefit schemes \u2013 1 \u2212 defined contribution schemes 10 7 Share-based payments 20 10 Staff costs \u2013 continuing operations 290 273 The average number of people employed by the Company and its subsidiaries, including part-time employees, is set out below: Year ended 31 March By operating segment 2023 2022 Food & Beverage Solutions 1 3 455 2 191 Sucralose 1 117 106 Primary Products Europe 2 \u2013 \u2013 Primary Products \u2013 1 665 Central \u2013 560 Total 3 572 4 522 1 The Food & Beverage Solutions and Sucralose segments operate with a single commercial team. It is not practicable to split this team between the two segments, and therefore the entire headcount of the commercial team has been included within the Food & Beverage Solutions segment. 2 The Primary Products Europe segment does not have any dedicated employees. The Global Operations employees in European plants are used for production in both the Food & Beverage Solutions and Primary Products Europe segments. It is not practicable to split this team between the two segments, and therefore this entire headcount has been included within the Food & Beverage Solutions segment. At 31 March 2023, the Group employed 3,604 people (2022 \u2013 4,591 people, of which 1,424 transitioned to Primient on completion of the Transaction). Central, which was previously disclosed separately, included shared-service employees who perform activities for the whole Group, including the Food & Beverage Solutions, Sucralose and Primary Products Europe segments. In the year ended 31 March 2023, central employees have been allocated to the Food & Beverage Solutions segment. Key management compensation Year ended 31 March 2023 \u00a3m 2022 \u00a3m Salaries and short-term employee benefits 11 8 Retirement benefits 1 1 Share-based payments 10 5 Total 22 14 Key management is represented by the Executive Committee and the Company\u2019s Directors. Remuneration details of the Company\u2019s Directors are given in the Directors\u2019 Remuneration Report on pages 106 to 129. Members of the Executive Committee are identified on page 81. The aggregate gains made by key management on the exercise of share options were \u00a34 million (2022 \u2013 \u00a36 million, of which \u00a31 million related to discontinued operations). No related party transactions with close family members of the Group\u2019s key management occurred in the current or prior year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-437": {
"value": "Key management compensation Year ended 31 March 2023 \u00a3m 2022 \u00a3m Salaries and short-term employee benefits 11 8 Retirement benefits 1 1 Share-based payments 10 5 Total 22 14 Key management is represented by the Executive Committee and the Company\u2019s Directors. Remuneration details of the Company\u2019s Directors are given in the Directors\u2019 Remuneration Report on pages 106 to 129. Members of the Executive Committee are identified on page 81. The aggregate gains made by key management on the exercise of share options were \u00a34 million (2022 \u2013 \u00a36 million, of which \u00a31 million related to discontinued operations). No related party transactions with close family members of the Group\u2019s key management occurred in the current or prior year. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-472": {
"value": "10. Finance income and expense Year ended 31 March Continuing operations Notes 2023 \u00a3m 2022 \u00a3m Interest payable on bank and other borrowings (27) (21) Lease interest 21 (2) (2) Net retirement benefit interest 31 (3) (3) Finance expense (32) (26) Finance income \u2013 income on cash balances 12 1 Net finance expense (20) (25) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-438": {
"value": "10. Finance income and expense Year ended 31 March Continuing operations Notes 2023 \u00a3m 2022 \u00a3m Interest payable on bank and other borrowings (27) (21) Lease interest 21 (2) (2) Net retirement benefit interest 31 (3) (3) Finance expense (32) (26) Finance income \u2013 income on cash balances 12 1 Net finance expense (20) (25) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-402": {
"value": "10. Finance income and expense Year ended 31 March Continuing operations Notes 2023 \u00a3m 2022 \u00a3m Interest payable on bank and other borrowings (27) (21) Lease interest 21 (2) (2) Net retirement benefit interest 31 (3) (3) Finance expense (32) (26) Finance income \u2013 income on cash balances 12 1 Net finance expense (20) (25) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-403": {
"value": "11. Income taxes Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the consolidated income statement except to the extent that it relates to items recognised directly in equity and other comprehensive income. Current tax is the amount of tax expected to be payable or receivable on the taxable profit or loss for the current period. This amount is amended for adjustments in respect of prior periods. Current tax is calculated using tax rates that have been written into law (\u2018enacted\u2019) or irrevocably announced/committed by the respective government (\u2018substantively enacted\u2019) at the period-end date. Income tax in the consolidated income statement will differ from the income tax paid in the consolidated cash flow statement primarily because of deferred tax arising on temporary differences and payment dates for income tax occurring after the balance sheet date. Deferred tax is provided based on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax is calculated using the enacted or substantively enacted rates that are expected to apply when the asset is realised, or the liability is settled. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Current and deferred tax receivable (assets) and payable (liabilities) are offset only when there is a legal right to settle them net and the Group intends to do so. This is generally true when the taxes are levied by the same tax authority. Refer to Note 2 for key sources of estimation uncertainty relating to income taxes. Analysis of charge for the year Year ended 31 March Continuing operations 2023 \u00a3m 2022* \u00a3m Current tax United Kingdom (1) \u2013 Overseas (66) (56) Tax credit on exceptional items 6 5 Credit in respect of previous financial years 16 15 (45) (36) Deferred tax Credit for the year 13 12 (Charge)/credit in respect of previous financial years (6) 4 Tax credit on exceptional items \u2013 16 Tax credit on Primient exceptional items 13 \u2013 UK exceptional tax charge \u2013 (6) US exceptional tax charge \u2013 (6) Income tax expense (25) (16) Statutory effective tax rate (%) 16.8% 38.4% * The comparatives have been amended to enhance consistency with the current year disclosure. Reconciliation to adjusted income tax expense Year ended 31 March Continuing operations Note 2023 \u00a3m 2022 \u00a3m Income tax expense (25) (16) Add back the impact of: Tax credit on exceptional items (6) (21) Tax credit on Primient exceptional items (13) \u2013 Tax credit on amortisation of acquired intangibles and other fair value adjustments (7) (3) Tax charge on amortisation of Primient acquired intangibles and other fair value adjustments 1 \u2013 UK exceptional tax charge \u2013 6 US exceptional tax charge \u2013 6 Adjusted income tax expense 4 (50) (28) Adjusted effective tax rate (%) 19.9% 19.3% At 31 March 2023, the carrying value of current tax assets totalled \u00a39 million (2022 \u2013 \u00a311 million) and the carrying value of the current tax liabilities totalled \u00a362 million (2022 \u2013 \u00a323 million). The Group\u2019s current and deferred tax balances are subject to estimation uncertainty, which could also impact the effective tax rate in the next financial year. The specific sources of estimation uncertainty are as follows: (a) Resolution of uncertain tax provisions: at 31 March 2023, the Group has recorded current tax liabilities of \u00a345 million (2022 \u2013 \u00a346 million) for uncertain tax positions (refer to Note 2). Such provisions arise because the Group operates in an international tax environment and is subjected to periodic tax examination and uncertainties in a number of jurisdictions. Such examination can include, inter alia, transfer pricing arrangements relating to the Group\u2019s operating activities, historical reorganisations and the deductibility of interest on certain intra-group borrowing arrangements. The issues involved are complicated and may take a number of years to resolve. Tax liabilities, if required, have been estimated based on one of two methods, the expected value method (the sum of the probability weighted amounts in a range of possible outcomes) or the single most likely amount method, depending on which is expected to better predict the resolution of the uncertainty. These accounting estimates considered the status of the unresolved matter, the relevant legislation, advice from in-house specialists, opinions of professional firms and past experience and precedents set by the particular tax authority. Of the \u00a345 million total of uncertain tax positions held at 31 March 2023, between zero and \u00a31 million of the balance could be resolved in the year ending 31 March 2024. Such resolution could be favourable or unfavourable. Of the \u00a346 million balance at 31 March 2022, \u00a318 million met the criteria for being released in the year ended 31 March 2023. This compares to the range of possible outcomes coming into the year for potential releases of provisions of between zero and \u00a35 million. The increased release was the result of the completion of two years of tax audits in the US (compared to the anticipated completion of one year\u2019s audit). (b) Recognition of deferred tax assets: at 31 March 2023, the Group has recorded deferred tax assets of \u00a313 million (2022 \u2013 \u00a39 million assets), and deductible temporary differences for which the unrecognised deferred tax asset is \u00a3200 million (2022 \u2013 \u00a3209 million), the most significant of which relates to unrecognised tax losses in the UK. Management assesses the likelihood of their recoverability within a reasonable foreseeable timeframe, taking into account the future expected profit profile and business model of each relevant company or country, and any potential legislative restrictions on use. A 10% increase in forecasted UK taxable income would lead to an \u00a31 million increase in deferred tax assets recognised. In addition to these items, the tax rate for this year has been impacted by the tax on disposal of the Primient business as well as other exceptional items relating to the separation and its impact on the Group\u2019s geographical mix of profits. Next year\u2019s tax rate will be impacted by the UK corporation tax rate increasing from 19% to 25% (effective 1 April 2023) and this tax rate change will increase the Company\u2019s future tax charge on profit arising in the UK. UK deferred tax assets have been calculated based on the 25%. Reconciliation of the effective tax rate As the Group\u2019s head office and Parent Company are domiciled in the UK, the Group uses the UK corporation tax rate to reference its effective tax rate, notwithstanding that only a small proportion of the Group\u2019s business is in the UK. The tax on the Group\u2019s profit before tax differs from the standard rate of corporation tax in the UK as follows: Year ended 31 March Continuing operations 2023 \u00a3m 2022* \u00a3m Profit before tax 152 42 Corporation tax charge thereon at 19% (2022 \u2013 19%) (29) (8) Adjusted for the effects of: \u2212 non-deductible income and other permanent items (14) (6) \u2212 adjustments in respect of previous financial year 1 10 19 \u2212 losses not currently treated as being recoverable in future periods 2 \u2013 (4) \u2212 losses now treated as being recoverable in future periods 3 10 \u2013 \u2212 changes in tax rates 1 \u2013 \u2212 UK exceptional tax (charge) 4 \u2013 (6) \u2212 US exceptional tax (charge) 4 \u2013 (6) \u2212 tax rates below the UK rate applied on overseas earnings 5 (3) (5) Total tax charge (25) (16) * The comparatives have been amended to enhance consistency with the current year disclosure. 1 Adjustments in respect of prior years reflect the movement in relation to the closure of outstanding tax audits, corrections to submitted tax computations and the release of uncertain tax positions. 2 The Group incurs expenses in jurisdictions where it does not currently expect to be able to recover these amounts against future taxable profits. This has the effect of increasing the Group\u2019s overall effective tax rate. 3 Where the Group now reasonably believes it is able to recover losses not previously expected to be recovered against future taxable profits these losses are recognised. This has the effect of decreasing the Group's overall effective tax rate. 4 In the year ended 31 March 2022, as a result of the agreement to sell a controlling interest in Primient, the amount of the brought forward UK tax losses that the Group expected to be able to utilise in the future reduced resulting in an exceptional tax charge of \u00a36 million. In addition, the amount of US state tax credits the Group expected to be able to utilise in the future reduced as the Group no longer has a presence in certain states. This resulted in an exceptional tax charge of \u00a36 million. 5 The Group is subject to tax rates in the jurisdictions in which it operates which can be above or below the UK corporation tax rate (the Group\u2019s reference rate). In the year ended 31 March 2023 and year ended 31 March 2022, the Group\u2019s tax rate was favourably impacted by one-off local tax credits in relation to the US and by the net release of uncertain tax provisions. Analysis of exceptional tax items An analysis of tax charged or credited on adjusting items and exceptional tax items within continuing operations is set out on the next page: Deferred tax The movements in deferred tax assets and liabilities during the year were as follows: Year ended 31 March 2023 Year ended 31 March 2022 Tax credit/ Tax credit/ Capital Pre-tax (charge) Pre-tax (charge) allowances Retirement Share- Continuing operations Notes \u00a3m \u00a3m \u00a3m \u00a3m in excess of benefit based Tax Investments 1 depreciation obligations payments losses Other Total Exceptional items \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Costs associated with the separation and disposal of At 1 April 2021 \u2013 (86) 26 6 14 31 (9) Primient 8 (25) 6 (79) 20 Credited/(charged) Restructuring costs 8 (5) 1 (1) \u2013 to the Impairment related to the disposal of Primient 8 \u2013 \u2013 (13) 3 income statement US pension plan past service credit 8 \u2013 \u2013 9 (2) 2 \u2212 underlying \u2013 19 (3) (1) 2 (29) (12) Stabiliser product contamination 8 (1) \u2013 (9) \u2013 \u2212 tax effect of Historical legal matters 8 3 (1) \u2013 \u2013 exceptional items \u2013 \u2013 \u2013 \u2013 \u2013 (16) (16) Exceptional items included in profit before tax (28) 6 (93) 21 \u2212 exceptional tax items \u2013 \u2013 \u2013 \u2013 6 6 12 Group share of exceptional items recognised by joint venture 22 (52) 13 \u2013 \u2013 Charged to other comprehensive Amortisation of acquired intangible assets and other income \u2013 \u2013 \u2013 \u2013 \u2013 (20) (20) fair value adjustments (25) 7 (10) 3 (Charged)/credited Amortisation of Primient acquired intangibles directly to equity \u2013 \u2013 \u2013 (1) \u2013 7 6 and other fair value adjustments 22 4 (1) \u2013 \u2013 Currency translation Adjusting items \u2013 continuing operations 4 (101) 25 (103) 24 differences \u2013 (6) 1 \u2013 \u2013 2 (3) At 31 March 2022 \u2013 (73) 24 4 22 (19) (42) Exceptional tax items Credited/(charged) UK tax charge 8 \u2013 \u2013 \u2013 (6) to the US tax charge 8 \u2013 \u2013 \u2013 (6) income statement Total exceptional items included in income tax 4 \u2013 \u2013 \u2013 (12) \u2212 underlying 22 (3) (1) 2 (10) 6 16 Total adjusting items \u2013 continuing operations 4 (101) 25 (103) 12 \u2212 exceptional items \u2013 Disposal of Primient (78) 63 (5) \u2013 \u2013 48 28 Discontinued operations Credited to other Gain on disposal of Primient 8, 12 98 (33) \u2013 \u2013 comprehensive Restructuring costs 8, 12 \u2013 \u2013 (3) 1 income 6 \u2013 \u2013 \u2013 \u2013 \u2013 6 Exceptional items \u2013 discontinued operations 98 (33) (3) 1 Credited directly to equity \u2013 \u2013 \u2013 1 \u2013 5 6 1 Held for sale adjustment 12 \u2013 \u2013 110 (17) Acquisition of 2 businesses \u2013 \u2013 \u2013 \u2013 \u2013 (24) (24) Held for sale adjustment \u2013 profit after tax of joint ventures 12 \u2013 \u2013 (27) \u2013 Currency translation \u2013 \u2013 83 (17) differences \u2013 (8) 1 \u2013 3 (3) (7) At 31 March 2023 (50) (21) 19 7 15 13 (17) Total adjusting items \u2013 total operations (3) (8) (23) (4) 1 Other deferred tax items include temporary differences arising from accounting provisions where the timing of the tax deduction is different from the timing of accounting recognition, and business combinations. 1 In the year ended 31 March 2022, total held for sale adjustment of \u00a3110 million comprised \u00a368 million of adjusted depreciation and amortisation 2 In the year ended 31 March 2022, a \u00a336 million credit in relation to discontinued operations is included in the movement. included in adjusted operating profit of \u00a3312 million. The remaining \u00a342 million was dividend income from Almex and Covation recognised after these investments were recorded as held for sale, which was not included in either adjusted operating profit or free cash flow. 2 In the year ended 31 March 2022, held for sale adjustment related to cessation of equity accounting (reduction in share of profit after tax of joint ventures of \u00a327 million). Deferred tax continued Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset and there is an intention to net settle the balances. After taking these offsets into account, the net position of \u00a317 million liability (2022 \u2013 \u00a342 million liability) is presented as a \u00a313 million deferred tax asset (2022 \u2013 \u00a39 million asset) and a \u00a330 million deferred tax liability (2022 \u2013 \u00a351 million liability) in the Group\u2019s statement of financial position. Unrecognised deferred tax asset/liabilities No deferred tax assets have been recognised in respect of tax losses of \u00a3795 million (2022 \u2013 \u00a3828 million) as there is uncertainty as to whether taxable profits against which these assets may be recovered, will be available. In the year ended 31 March 2023, no tax losses expired (2022 \u2013 \u00a3nil). Tax losses amounting to \u00a31 million (2022 \u2013 \u00a324 million) will expire within five years. The remaining tax losses have no expiry date. A deferred tax asset has not been recognised in respect of share-based payments of \u00a31 million (2022 \u2013 \u00a31 million) as there is uncertainty as to whether taxable profits against which these assets may be recovered will be available. A deferred tax liability of \u00a36 million (2022 \u2013 \u00a33 million) has not been recognised in respect of taxable temporary differences associated with investments in subsidiaries as there is control over the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Changes in tax rates/tax law The UK\u2019s main corporation tax rate will increase from 19% to 25% from 1 April 2023. These changes have been reflected in the measurement of deferred tax balances at the period end. The impact of this tax rate change was a \u00a31 million credit. There was no impact from the imposition of new taxes. Tax on items recognised in other comprehensive income The total tax on other comprehensive income was a credit of \u00a36 million (2022 \u2013 \u00a320 million expense). This included a credit to deferred tax on financial instruments of \u00a3nil (2022 \u2013 \u00a320 million charges) and Primient credits of \u00a36 million (2022 \u2013 \u00a3nil). Tax on items recognised directly in equity The total tax credit in equity was \u00a37 million (2022 \u2013 \u00a37 million credit). This included deferred tax credit relating to financial instruments of \u00a35 million (2022 \u2013 \u00a37 million credit), a deferred tax credit on share-based payments of \u00a31 million (2022 \u2013 \u00a31 million charge) and a \u00a31 million current tax credit on share-based payments (2022 \u2013 \u00a31 million credit). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-473": {
"value": "Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the consolidated income statement except to the extent that it relates to items recognised directly in equity and other comprehensive income. Current tax is the amount of tax expected to be payable or receivable on the taxable profit or loss for the current period. This amount is amended for adjustments in respect of prior periods. Current tax is calculated using tax rates that have been written into law (\u2018enacted\u2019) or irrevocably announced/committed by the respective government (\u2018substantively enacted\u2019) at the period-end date. Income tax in the consolidated income statement will differ from the income tax paid in the consolidated cash flow statement primarily because of deferred tax arising on temporary differences and payment dates for income tax occurring after the balance sheet date. Deferred tax is provided based on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax is calculated using the enacted or substantively enacted rates that are expected to apply when the asset is realised, or the liability is settled. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Current and deferred tax receivable (assets) and payable (liabilities) are offset only when there is a legal right to settle them net and the Group intends to do so. This is generally true when the taxes are levied by the same tax authority. Refer to Note 2 for key sources of estimation uncertainty relating to income taxes. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-439": {
"value": "Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the consolidated income statement except to the extent that it relates to items recognised directly in equity and other comprehensive income. Current tax is the amount of tax expected to be payable or receivable on the taxable profit or loss for the current period. This amount is amended for adjustments in respect of prior periods. Current tax is calculated using tax rates that have been written into law (\u2018enacted\u2019) or irrevocably announced/committed by the respective government (\u2018substantively enacted\u2019) at the period-end date. Income tax in the consolidated income statement will differ from the income tax paid in the consolidated cash flow statement primarily because of deferred tax arising on temporary differences and payment dates for income tax occurring after the balance sheet date. Deferred tax is provided based on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax is calculated using the enacted or substantively enacted rates that are expected to apply when the asset is realised, or the liability is settled. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Current and deferred tax receivable (assets) and payable (liabilities) are offset only when there is a legal right to settle them net and the Group intends to do so. This is generally true when the taxes are levied by the same tax authority. Refer to Note 2 for key sources of estimation uncertainty relating to income taxes. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-440": {
"value": "Deferred tax The movements in deferred tax assets and liabilities during the year were as follows: 2022 Capital allowances Retirement Share- in excess of benefit based Tax Investments 1 depreciation obligations payments losses Other Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 2021 \u2013 (86) 26 6 14 31 (9) Credited/(charged) to the income statement 2 \u2212 underlying \u2013 19 (3) (1) 2 (29) (12) \u2212 tax effect of exceptional items \u2013 \u2013 \u2013 \u2013 \u2013 (16) (16) \u2212 exceptional tax items \u2013 \u2013 \u2013 \u2013 6 6 12 Charged to other comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 (20) (20) (Charged)/credited directly to equity \u2013 \u2013 \u2013 (1) \u2013 7 6 Currency translation differences \u2013 (6) 1 \u2013 \u2013 2 (3) At 31 March 2022 \u2013 (73) 24 4 22 (19) (42) Credited/(charged) to the income statement \u2212 underlying 22 (3) (1) 2 (10) 6 16 \u2212 exceptional items \u2013 Disposal of Primient (78) 63 (5) \u2013 \u2013 48 28 Credited to other comprehensive income 6 \u2013 \u2013 \u2013 \u2013 \u2013 6 Credited directly to equity \u2013 \u2013 \u2013 1 \u2013 5 6 Acquisition of businesses \u2013 \u2013 \u2013 \u2013 \u2013 (24) (24) Currency translation differences \u2013 (8) 1 \u2013 3 (3) (7) At 31 March 2023 (50) (21) 19 7 15 13 (17) 1 Other deferred tax items include temporary differences arising from accounting provisions where the timing of the tax deduction is different from the timing of accounting recognition, and business combinations. 2 In the year ended 31 March 2022, a \u00a336 million credit in relation to discontinued operations is included in the movement. Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset and there is an intention to net settle the balances. After taking these offsets into account, the net position of \u00a317 million liability (2022 \u2013 \u00a342 million liability) is presented as a \u00a313 million deferred tax asset (2022 \u2013 \u00a39 million asset) and a \u00a330 million deferred tax liability (2022 \u2013 \u00a351 million liability) in the Group\u2019s statement of financial position. Unrecognised deferred tax asset/liabilities No deferred tax assets have been recognised in respect of tax losses of \u00a3795 million (2022 \u2013 \u00a3828 million) as there is uncertainty as to whether taxable profits against which these assets may be recovered, will be available. In the year ended 31 March 2023, no tax losses expired (2022 \u2013 \u00a3nil). Tax losses amounting to \u00a31 million (2022 \u2013 \u00a324 million) will expire within five years. The remaining tax losses have no expiry date. A deferred tax asset has not been recognised in respect of share-based payments of \u00a31 million (2022 \u2013 \u00a31 million) as there is uncertainty as to whether taxable profits against which these assets may be recovered will be available. A deferred tax liability of \u00a36 million (2022 \u2013 \u00a33 million) has not been recognised in respect of taxable temporary differences associated with investments in subsidiaries as there is control over the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Changes in tax rates/tax law The UK\u2019s main corporation tax rate will increase from 19% to 25% from 1 April 2023. These changes have been reflected in the measurement of deferred tax balances at the period end. The impact of this tax rate change was a \u00a31 million credit. There was no impact from the imposition of new taxes. Tax on items recognised in other comprehensive income The total tax on other comprehensive income was a credit of \u00a36 million (2022 \u2013 \u00a320 million expense). This included a credit to deferred tax on financial instruments of \u00a3nil (2022 \u2013 \u00a320 million charges) and Primient credits of \u00a36 million (2022 \u2013 \u00a3nil). Tax on items recognised directly in equity The total tax credit in equity was \u00a37 million (2022 \u2013 \u00a37 million credit). This included deferred tax credit relating to financial instruments of \u00a35 million (2022 \u2013 \u00a37 million credit), a deferred tax credit on share-based payments of \u00a31 million (2022 \u2013 \u00a31 million charge) and a \u00a31 million current tax credit on share-based payments (2022 \u2013 \u00a31 million credit). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-404": {
"value": "12. 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 co-ordinated plan to dispose of a separate major line of business or geographic area of operations. The results of discontinued operations are presented as a single amount of profit or loss after tax in the consolidated income statement, separate from the results of continuing operations. Non-current assets or disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. A loss for any initial or subsequent write-down of the asset or disposal group to a revised fair value less costs to sell is recognised at each reporting date. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets and corresponding liabilities classified as held for sale are presented separately as current items in the statement of financial position. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Equity accounting for joint ventures ceases once they are classified as held for sale. As described in Note 1, on 1 July 2021 the Group classified the business that became Primient and in which a controlling stake was sold to KPS on 1 April 2022 as a disposal group held for sale and a discontinued operation. The Primient business consists of the following operations: \u2212 Corn wet mills in the US in Decatur, Illinois; Lafayette, Indiana; and Loudon, Tennessee. \u2212 Acidulants plants in Dayton, Ohio; Duluth, Minnesota; and Santa Rosa, Brazil. \u2212 Shareholdings in two joint ventures \u2013 Almex in Guadalajara, Mexico and Covation in Loudon, Tennessee. \u2212 Grain elevator network and bulk transfer stations in North America. Primary Products\u2019 European operations were not included in this transaction and are therefore not part of the discontinued operations. Discontinued operations The statutory results of the discontinued operations which have been included in the consolidated income statement were as follows: Year ended 31 March Discontinued operations \u00a3 million unless otherwise stated 2023* \u00a3m 2022 \u00a3m Revenue \u2013 1 757 Operating income/(expenses) 96 (1 508) Operating profit 96 249 Finance expense \u2013 (3) Share of profit after tax of joint venture \u2013 8 Profit before tax 96 254 Income tax expense (33) (44) Profit for the year from discontinued operations 1 63 210 Basic earnings per share from discontinued operations (pence) 15.7p 45.2p Diluted earnings per share from discontinued operations (pence) 15.4p 44.7p * For the year ended 31 March 2023, profit before tax comprises the Primient gain on disposal (see page 163). This has been partially offset by a \u00a32 million charge for the increase of a legal provision relating to the legacy Sugar business which was classified as a disposal group held for sale and discontinued operations in prior years. 1 Attributable to owners of the Company. The earnings per share figures were calculated by dividing the net gain attributable to equity holders of the Company from discontinued operations by the weighted average number of ordinary shares, for basic and diluted amounts, as shown in Note 13. On classification as held for sale on 1 July 2021, the net assets of the Primient disposal group were measured at the lower of their carrying amount and their fair value less costs to sell. This did not result in any impairment. The results of the discontinued operations which have been included in the consolidated statement of cash flows were as follows: Year ended 31 March Discontinued operations 2023 \u00a3m 2022 \u00a3m Operating 1 (49) 15 Investing 2 1 045 (40) Financing \u2013 (21) Net cash inflow/(outflow) 996 (46) 1 Operating cash outflow of \u00a349 million relates to an exceptional tax payment on the gain on disposal of Primient (\u00a342 million) and a 2022 financial year bonus payment to employees who have transitioned to Primient (\u00a37 million). 2 Investing cash inflow of \u00a31 045 million relates to the disposal of Primient. The following table shows for discontinued operations the reconciliation of the key alternative performance measures to the most directly comparable measures reported in accordance with IFRS: Year ended 31 March 2023 Year ended 31 March 2022 Discontinued operations \u00a3 million unless otherwise stated Reported Adjusting items Adjusted reported Reported Adjusting items Adjusted reported Revenue \u2013 \u2013 \u2013 1 757 \u2013 1 757 EBITDA 96 (98) (2) 269 (107) 162 Depreciation \u2013 \u2013 \u2013 (18) \u2013 (18) Amortisation \u2013 \u2013 \u2013 (2) \u2013 (2) Operating profit/(loss) 96 (98) (2) 249 (107) 142 Finance expense \u2013 \u2013 \u2013 (3) \u2013 (3) Share of profit after tax of joint ventures \u2013 \u2013 \u2013 8 27 35 Profit/(loss) before tax 96 (98) (2) 254 (80) 174 Income tax expense (33) 33 \u2013 (44) 16 (28) Profit/(loss) for the year 63 (65) (2) 210 (64) 146 Basic earnings per share (pence) 15.7p (16.1p) (0.4p) 45.2p (13.7p) 31.5p Diluted earnings per share (pence) 15.4p (15.8p) (0.4p) 44.7p (13.6p) 31.1p Effective tax rate % 34.0% 25.4% 17.5% 16.1% The following table shows the reconciliation of the adjusting items impacting adjusted profit for the years: Year ended 31 March Discontinued operations 2023 \u00a3m 2022 \u00a3m Exceptional (income)/costs in operating profit (98) 3 Held for sale adjustment 1 \u2013 (110) Total excluded from adjusted operating profit (98) (107) Held for sale adjustment 2 \u2013 share of profit after tax of joint ventures \u2013 27 Total excluded from adjusted profit before tax (98) (80) Tax effect of adjusting items 33 16 Total excluded from adjusted profit for the year (65) (64) 1 In the year ended 31 March 2022. held for sale adjustments included: cessation of depreciation and amortisation (reduction in operating costs of \u00a368 million) and reclassification of dividends from joint ventures (income of \u00a342 million). 2 In the year ended 31 March 2022, held for sale adjustment related to cessation of equity accounting (reduction in share of profit after tax of joint ventures of \u00a327 million). The following table shows the reconciliation of free cash flow relating to discontinued operations: Year ended 31 March Discontinued operations 2023 \u00a3m 2022 \u00a3m Adjusted operating profit from discontinued operations (2) 142 Adjusted for: Adjusted depreciation and adjusted amortisation 1 \u2013 20 Share-based payments charge \u2013 2 Changes in working capital and other non-cash movements (5) (182) Capital expenditure \u2013 (73) Net interest and tax paid 2 \u2013 (33) Held for sale adjustment 3 \u2013 68 Free cash flow from discontinued operations (7) (56) 1 For the year ended 31 March 2022, total depreciation of \u00a318 million and amortisation of \u00a32 million. 2 Excludes the exceptional tax payment on the gain on disposal of Primient of \u00a342 million. 3 For the year ended 31 March 2022, total held for sale adjustment of \u00a3110 million, comprises \u00a368 million of adjusted depreciation and amortisation included in adjusted operating profit of \u00a3142 million. The remaining \u00a342 million relates to dividend income from Almex and Covation, which is not included in either adjusted operating profit or adjusted free cash flow. The free cash flow from discontinued operations for the year ended 31 March 2023 is a cash outflow of \u00a37 million related to the 2022 financial year bonus payment to employees who have transitioned to Primient. Held for sale The major classes of assets and liabilities of Primient classified as held for sale at 31 March 2022 are as follows: Discontinued operations Restated* At 31 March 2022 \u00a3m Assets Goodwill and other intangible assets 61 Property, plant and equipment 774 Investments in joint ventures 105 Investments in equities 12 Inventories 398 Trade and other receivables 246 Current tax assets 1 Derivative financial instruments 65 Other current financial assets 58 Cash and cash equivalents 17 Assets classified as held for sale 1 737 Liabilities Retirement benefit deficit 28 Trade and other payables 253 Lease liabilities 74 Derivative financial instruments 5 Other current financial liabilities 40 Liabilities directly associated with assets held for sale 400 NET ASSETS 1 337 * For the reclassification of certain items between net assets classified as held for sale and the continuing Tate & Lyle Group refer to Note 1. Cumulative income and expense recognised in other comprehensive income are shown below: Discontinued operations Year ended 31 March 2022 \u00a3m Currency translation reserve 81 Actuarial gain (net of deferred tax) 7 Net gain on cash flow hedges (net of deferred tax) 49 Reserves of disposal group classified as held for sale 137 Primient disposal On 1 April 2022 the Group completed the disposal of a 50.1% controlling interest in Primient in exchange for gross cash proceeds of US$1.4 billion (\u00a31.1 billion), resulting in an exceptional gain on disposal before tax of \u00a398 million (see Note 8). A reconciliation of gross cash proceeds received is shown in the table below: Year ended 31 March 2023 2023 Gross cash received (in US dollars and pound sterling) US$m \u00a3m Cash consideration \u2013 as shown in gain on disposal table below 330 253 Less: completion accounts adjustments in favour of the Group not yet received (15) (12) Add: cash received for intercompany loan notes, payables and transaction costs 1 089 830 Add: contingent consideration received 31 24 Disposal of Primient, gross proceeds 1 435 1 095 The gain on disposal is shown in the table below: Year ended 31 March 2023 Gain on disposal Notes \u00a3m 1 Cash consideration \u2013 as shown in table above 2 Contingent consideration received Fair value of investment in Primient joint venture on initial recognition 22 253 Total consideration for equity 530 3 Primient net assets derecognised on disposal on 1 April Recycling of accumulated foreign exchange from other comprehensive income to the income statement 81 Recycling of cash flow hedges from other comprehensive income to the income statement 48 4 Impact of deal contingent forward Other amounts 11 Gain on disposal before tax 8 98 Tax on gain on disposal (33) Gain on disposal 65 1 Includes deferred consideration relating to the completion accounts adjustment not yet received of \u00a312 million. 2 Contingent consideration received in the year ended 31 March 2023 was based on the dividend payable by Almex relating to the period under the Group\u2019s ownership. 3 Net assets held for sale at 31 March 2022 were \u00a31 337 million. This amount excluded intercompany payable and loan balances which eliminated on consolidation prior to completion of the Transaction. Net assets derecognised on disposal included such amounts. 4 The Group entered into a deal contingent forward to hedge the currency risk associated with the consideration received from the Transaction which was partly used for the shareholder distribution on 16 May 2022. The fair value loss on this forward and the impact of the cost of hedging have been recycled from other comprehensive income to the income statement on completion of the Transaction. The tax charge arising on the gain on disposal of Primient was \u00a354 million. Of this amount, \u00a342 million has been paid in the year ended 31 March 2023. This tax charge has been partially offset by a deferred tax credit of \u00a321 million reflecting the change in measurement of the difference between the tax basis and carrying value of the investment. This resulted in a net tax charge on the gain on disposal of \u00a333 million. A reconciliation to the consolidated statement of cash flows is shown in the table below: Year ended 31 March 2023 Cash flows \u00a3m Total cash consideration of \u00a3253 million less completion accounts adjustment not yet received of \u00a312 million \u2013 as shown above 241 Repayment of intercompany loan notes and payables and transaction costs 830 Less: cash outflow relating to deal contingent forward (33) Less: net cash derecognised on disposal (17) Add: contingent consideration received \u2013 as shown above 24 Disposal of business, net of cash derecognised on disposal 1 045 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-441": {
"value": "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 co-ordinated plan to dispose of a separate major line of business or geographic area of operations. The results of discontinued operations are presented as a single amount of profit or loss after tax in the consolidated income statement, separate from the results of continuing operations. Non-current assets or disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. A loss for any initial or subsequent write-down of the asset or disposal group to a revised fair value less costs to sell is recognised at each reporting date. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets and corresponding liabilities classified as held for sale are presented separately as current items in the statement of financial position. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Equity accounting for joint ventures ceases once they are classified as held for sale. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-405": {
"value": "13. Earnings per share 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 shares held by the Company and the Employee Benefit Trust to satisfy awards made under the Group\u2019s share-based 253 24 incentive plans. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue assuming conversion of potentially dilutive ordinary shares, reflecting vesting assumptions on employee share plans, as well as the deemed profit attributable to owners of the Company for any proceeds on such conversions. (539) The average market price of the Company\u2019s ordinary shares during the year was 752p (2022 \u2013 721p). The dilutive effect of share-based incentives was 7.3 million shares (2022 \u2013 5.3 million shares). The significant decrease in weighted average number of shares compared to the comparative year is due (33) to the share consolidation in May 2022 which resulted in ordinary shareholders receiving six new ordinary 1 shares with a nominal value of 29 /6 pence each for every seven existing ordinary shares that they held. The share consolidation was completed at the same time as the Group returned \u00a3497 million to ordinary shareholders by way of a special dividend. The share consolidation was executed in order to maintain the comparability, so far as possible, of Tate & Lyle PLC\u2019s share price before and after the special dividend. Year ended 31 March 2023 Year ended 31 March 2022 Continuing operations Discontinued operations Total operations Continuing operations Discontinued operations Total operations Profit attributable to owners of the Company (\u00a3 million) 127 63 190 26 210 236 Weighted average number of ordinary shares (million) \u2013 basic 404.1 404.1 404.1 465.1 465.1 465.1 Basic earnings per share (pence) 31.3p 15.7p 47.0p 5.5p 45.2p 50.7p Weighted average number of ordinary shares (million) \u2013 diluted 411.4 411.4 411.4 470.4 470.4 470.4 Diluted earnings per share (pence) 30.8p 15.4p 46.2p 5.5p 44.7p 50.2p Year ended 31 March Calculation of weighted average number of ordinary shares 2023 Million 2022 Million Weighted average number of ordinary shares \u2013 basic 404.1 465.1 Effects of dilution from: \u2212 Sharesave plan 0.1 \u2013 \u2212 Performance share plan/Restricted share awards/Group Bonus plan \u2013 deferred element 7.2 5.3 Weighted average number of ordinary shares \u2013 diluted 411.4 470.4 Adjusted earnings per share A reconciliation between profit attributable to owners of the Company from continuing operations, total operations and the equivalent adjusted measure, together with the resulting adjusted earnings per share measure, is shown below: Year ended 31 March Continuing operations Notes 2023 \u00a3m 2022 \u00a3m Profit attributable to owners of the Company 127 26 Adjusting items: \u2212 exceptional costs in operating profit 8 28 93 \u2212 amortisation of acquired intangible assets and other fair value adjustments 4 25 10 \u2212 adjusting items excluded from share of profit of joint venture 22 48 \u2013 \u2212 tax credit on adjusting items 11 (25) (24) \u2212 exceptional tax charge 8, 11 \u2013 12 Adjusted profit attributable to owners of the Company 4 203 117 Weighted average number of ordinary shares (million) \u2013 diluted 411.4 470.4 Adjusted earnings per share (pence) \u2013 continuing operations 49.3p 24.9p Year ended 31 March Total operations Notes 2023 \u00a3m 2022 \u00a3m Adjusted profit attributable to owners of the Company \u2013 continuing operations 4 203 117 Adjusted loss attributable to owners of the Company \u2013 discontinued operations 12 (2) 146 Adjusted profit attributable to owners of the Company \u2013 total operations 201 263 Adjusted earnings per share (pence) \u2013 total operations 48.9p 56.0p ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-442": {
"value": "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 shares held by the Company and the Employee Benefit Trust to satisfy awards made under the Group\u2019s share-based 253 24 incentive plans. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue assuming conversion of potentially dilutive ordinary shares, reflecting vesting assumptions on employee share plans, as well as the deemed profit attributable to owners of the Company for any proceeds on such conversions. (539) ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-406": {
"value": "14. Dividends on ordinary shares Dividends on the Company\u2019s ordinary shares are recognised when they have been appropriately authorised and are no longer at the Company\u2019s 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\u2019s AGM. Dividends are recognised as an appropriation of shareholders\u2019 funds. Dividends on ordinary shares in respect of the financial year: Year ended 31 March 2023 Pence 2022 Pence Per ordinary share: \u2212 interim dividend paid 5.4 9.0 \u2212 final dividend proposed 13.1 12.8 Total dividend 18.5 21.8 The Directors propose a final dividend for the financial year of 13.1p per ordinary share that, subject to approval by shareholders, will be paid on 2 August 2023 to shareholders who are on the Register of Members on 23 June 2023. Dividends on ordinary shares paid in the financial year: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Final dividend paid relating to the prior financial year 51 102 Interim dividend paid relating to the financial year 22 42 Total dividend paid relating to prior and current financial year 73 144 Special dividend 497 \u2013 Total dividend paid 570 144 On 16 May 2022, the Group returned \u00a3497 million to ordinary shareholders by way of a special dividend of \u00a31.07 per existing ordinary share in the capital of Tate & Lyle PLC. In order to maintain the comparability, so far as possible, of Tate & Lyle PLC\u2019s share price before and after the special dividend, the Group also completed a share consolidation resulting in ordinary shareholders receiving six new ordinary shares with a nominal value of 29 1 / 6 pence each for every seven existing ordinary shares that they held. Based on the number of ordinary shares outstanding at 31 March 2023 and the proposed dividend per share, the final dividend for the financial year is expected to amount to \u00a352 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-443": {
"value": "Dividends on the Company\u2019s ordinary shares are recognised when they have been appropriately authorised and are no longer at the Company\u2019s 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\u2019s AGM. Dividends are recognised as an appropriation of shareholders\u2019 funds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-407": {
"value": "15. Inventories Inventories are carried at the lower of cost and net realisable value. 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 and is calculated using the \u2018first in/first out\u2019 or \u2018weighted average\u2019 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. In the prior year only, the carrying value of US net corn position inventories designated as hedged items (managed on a group basis for risk management) in an effective fair value hedge accounting relationship was adjusted by the change in fair value attributable to the hedged risk. (Refer to Note 2.) At 31 March 2023 \u00a3m 2022 \u00a3m Raw materials and consumables 130 93 Work in progress 38 20 Finished goods 278 204 Total 1 446 317 1 At 31 March 2022, total inventories included a \u00a364 million positive fair value adjustment as a result of certain inventories in the US being designated as hedged items within a fair value hedging relationship. The majority of such inventories were classified as held for sale. No such fair value adjustment is included in the inventories held at 31 March 2023. Refer to Note 2. As at 31 March 2022, inventories classified as held for sale of \u00a3398 million are included in Note 12. Finished goods inventories of \u00a34 million (2022 \u2013 \u00a33 million) are carried at net realisable value, this being lower than cost. In the year ended 31 March 2023, the Group recognised a write-down of inventories totalling \u00a320 million (2022 \u2013 \u00a37 million, of which \u00a33 million was included in discontinued operations) included in the cost of inventories. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-444": {
"value": "Inventories are carried at the lower of cost and net realisable value. 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 and is calculated using the \u2018first in/first out\u2019 or \u2018weighted average\u2019 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. In the prior year only, the carrying value of US net corn position inventories designated as hedged items (managed on a group basis for risk management) in an effective fair value hedge accounting relationship was adjusted by the change in fair value attributable to the hedged risk. (Refer to Note 2.) ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-408": {
"value": "16. Cash and cash equivalents Cash and cash equivalents include cash held with banks and other short-term highly liquid investments with original maturities of three months or less and which are subject to an insignificant risk of change in value. The credit rating of short-term highly liquid investments is AAA or equivalent. At 31 March 2023 \u00a3m 2022 \u00a3m Short-term highly liquid investments 392 30 Cash at bank 83 97 475 127 Reclassification to assets held for sale \u2013 (17) Cash and cash equivalents 475 110 Cash and cash equivalents at 31 March 2022 classified as held for sale are included in Note 12. The carrying amount of cash and cash equivalents was denominated in the following currencies: At 31 March 2023 \u00a3m 2022 \u00a3m US dollar 404 72 Euro 6 9 Sterling 18 \u2013 Other 47 46 Total 475 127 The Group\u2019s captive insurance subsidiary is required to maintain sufficient cash to meet its financial solvency margin. A cash balance of \u00a315 million held by this subsidiary is used to this effect. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-445": {
"value": "Cash and cash equivalents include cash held with banks and other short-term highly liquid investments with original maturities of three months or less and which are subject to an insignificant risk of change in value. The credit rating of short-term highly liquid investments is AAA or equivalent. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-409": {
"value": "17. Trade and other receivables A trade receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e. only the passage of time is required before payment of the consideration is due). Trade receivables that do not contain a significant financing component are measured at the transaction price. The Group applies the simplified approach for measuring expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. The Group has established a provision matrix that is based on the historical rates of default then adjusted for forward- looking factors specific to the debtor and economic environment. The Group considers a receivable to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts. A receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The Group participates in supply-chain financing arrangements. Refer to Note 5 and Note 30. At 31 March 2023 \u00a3m 2022 \u00a3m Trade receivables 1 290 235 Less loss allowance provision (12) (12) Trade receivables \u2013 net 278 223 Prepayments and accrued income 16 16 Other receivables 57 31 Total 351 270 1 Trade and other receivables at 31 March 2022 classified as held for sale (\u00a3246 million) are included in Note 12. The amounts above do not include non-current other receivables of \u00a311 million (2022 \u2013 \u00a31 million). The carrying amount of trade and other receivables was denominated in the following currencies: At 31 March 2023 \u00a3m 2022 \u00a3m US dollar 190 126 Euro 104 84 Sterling 11 16 Other 57 45 Total 362 271 The gross amount of receivables, reflecting the maximum exposure to credit risk, is \u00a3374 million (2022 \u2013 \u00a3283 million). The loss allowance provision for trade receivables as at 31 March 2023 reconciles to the opening loss allowance for that provision as shown in the tables below. In the prior year, impairment of trade receivables of \u00a33 million was recognised in continuing exceptional items. The effect of expected credit loss on other receivables is not material. At 31 March 2023 \u00a3 million unless otherwise stated Current 30 \u2013 60 days past due 60 \u2013 90 days past due Greater than 90 days past due Total Expected loss rate % 1% 1% 19% 100% Gross carrying amount 262 16 2 10 290 Loss allowance provision 2 \u2013 \u2013 10 12 At 31 March 2022 Expected loss rate % 1% 6% 40% 100% Gross carrying amount 207 18 2 8 235 Loss allowance provision 2 1 1 8 12 Year ended 31 March 2023 \u00a3m 2022 \u00a3m At 1 April 12 9 Utilisation of provision \u2013 \u2013 Change in loss allowance recognised in the income statement \u2013 3 At 31 March 12 12 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-446": {
"value": "A trade receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e. only the passage of time is required before payment of the consideration is due). Trade receivables that do not contain a significant financing component are measured at the transaction price. The Group applies the simplified approach for measuring expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. The Group has established a provision matrix that is based on the historical rates of default then adjusted for forward- looking factors specific to the debtor and economic environment. The Group considers a receivable to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts. A receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The Group participates in supply-chain financing arrangements. Refer to Note 5 and Note 30. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-410": {
"value": "18. Investments in equities Investments in equities comprise financial assets recognised at fair value through profit or loss (FVPL) and financial assets recognised at fair value through the statement of OCI (FVOCI). Investments in equities do not meet the IFRS 9 criteria for classification at amortised cost because their cash flows do not represent solely payments of principal and interest. For certain investments the available election to recognise equity securities as FVOCI has been taken because these investments are held as long-term strategic investments that are not expected to be sold in the short to medium term. All other investments are recognised at FVPL. Financial assets at FVPL \u00a3m Financial assets at FVOCI \u00a3m Total investments in equities \u00a3m At 1 April 2022 20 26 46 Total gains/(losses) \u2212 in operating profit \u2013 \u2013 \u2013 \u2212 in other comprehensive income \u2013 3 3 Re-measurement of non-qualified deferred compensation arrangements (2) \u2013 (2) Purchases 3 \u2013 3 Disposals (3) (7) (10) Currency translation differences 2 \u2013 2 At 31 March 2023 20 22 42 At 1 April 2021 29 30 59 Total (losses)/gains \u2212 in operating profit \u2013 \u2013 \u2013 \u2212 in other comprehensive income \u2013 (4) (4) Non-qualified deferred compensation arrangements 1 \u2013 1 Purchases 4 \u2013 4 Disposals (4) \u2013 (4) Currency translation differences 2 \u2013 2 32 26 58 Reclassification to assets held for sale (12) \u2013 (12) At 31 March 2022 20 26 46 The Group did not receive any dividends in the year from investments in equities recognised as financial assets at FVOCI (2022 \u2013 \u00a3nil). The non-qualified deferred compensation arrangements refers to a \u2018Rabbi Trust\u2019 which is a \u2018non-qualified defined contribution\u2019 pension scheme split between corporate-owned life insurance (COLI) assets (values are determined by the performance of variable investment sub-accounts, similar to mutual funds, but which are only available within a variable life insurance policy) and other assets invested directly in mutual funds. This scheme is principally for the highest-paid members of the US salaried pension scheme for compensation above limits set by the US Internal Revenue Service. These assets of \u00a320 million (2022 \u2013 \u00a320 million) do not qualify as IAS 19 pension assets on the basis that the assets are available to the creditors in the event of the Company\u2019s bankruptcy or insolvency. Movements in these assets were largely offset by corresponding movements on retirement benefit liabilities. Refer to Note 31. The carrying value of equity investments was denominated in the following currencies: At 31 March 2023 \u00a3m 2022 \u00a3m US dollar 40 39 Sterling 2 3 Euro \u2013 4 Total 42 46 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-447": {
"value": "Investments in equities comprise financial assets recognised at fair value through profit or loss (FVPL) and financial assets recognised at fair value through the statement of OCI (FVOCI). Investments in equities do not meet the IFRS 9 criteria for classification at amortised cost because their cash flows do not represent solely payments of principal and interest. For certain investments the available election to recognise equity securities as FVOCI has been taken because these investments are held as long-term strategic investments that are not expected to be sold in the short to medium term. All other investments are recognised at FVPL. ",
"dimensions": {
"concept": "tatelyleplc:DescriptionOfAccountingPolicyForInvestmentsInEquities",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-411": {
"value": "19. Goodwill and other intangible assets Goodwill arising in a business combination is recognised as an intangible asset and is allocated to the Cash-Generating Unit (CGU) or group of CGUs that is expected to benefit from the synergies of the business combination. Goodwill is carried at cost less any recognised impairment losses (impairment tested annually). Acquired intangible assets, principally customer relationships and know-how, were recognised as part of previous business combinations and are amortised on a straight-line basis over the periods of their expected benefit to the Group, which range from three to 15 years. Other intangible assets comprise product development and computer software (including global IS/IT systems) and are amortised on a straight-line basis over the periods of their expected benefit to the Group. Product development is amortised over five to ten years. Capitalised costs in respect of core global IS/IT systems included within computer software are being amortised over a period of five to seven years. Product development 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 established and prior to the product going into full production. Any such assets which have not been brought into use are tested annually for impairment. Research and other related expenditures are charged to the consolidated income statement in the period in which they are incurred. SaaS arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. In a contract where the cloud provider provides both the SaaS configuration and customisation as well as the SaaS access over the contract term, then the configuration and customisation costs are expensed over the contract term only if the services provided are not distinct and are otherwise expensed upfront as the software is configured or customised. Some of the costs incurred relate to the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of, and the recognition criteria for, an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. Changes to intangible assets\u2019 useful economic lives are only made if there is objective evidence that the Group expects to receive economic benefits from these intangible assets over a shorter or longer period. Goodwill \u00a3m Other acquired intangibles \u00a3m Computer software \u00a3m Product development costs \u00a3m Assets under construction \u00a3m Total \u00a3m Cost At 1 April 2022 213 216 53 127 22 631 Additions at cost \u2013 \u2013 \u2013 3 5 8 Subsidiary acquired 96 96 \u2013 \u2013 \u2013 192 Disposals and write-offs \u2013 (10) \u2013 \u2013 (2) (12) Transfers on completion \u2013 1 4 7 (12) \u2013 Currency translation differences 9 7 2 6 1 25 At 31 March 2023 318 310 59 143 14 844 Accumulated amortisation and impairment At 1 April 2022 \u2013 restated* 10 192 41 110 \u2013 353 Impairment charge \u2013 \u2013 \u2013 \u2013 1 1 Amortisation charge \u2013 23 6 7 \u2013 36 Disposals and write-offs \u2013 (10) \u2013 \u2013 (1) (11) Currency translation differences \u2013 8 \u2013 5 \u2013 13 At 31 March 2023 10 213 47 122 \u2013 392 Net book value at 31 March 2023 308 97 12 21 14 452 * For the reclassification of certain items between net assets classified as held for sale and the continuing Tate & Lyle Group refer to Note 1. Goodwill \u00a3m Other acquired intangibles \u00a3m Computer software \u00a3m Product development costs \u00a3m Assets under construction \u00a3m Total \u00a3m Cost At 1 April 2021 236 213 161 137 \u2013 747 Additions at cost \u2013 \u2013 \u2013 3 13 16 Disposals and write-offs \u2013 \u2013 (1) (4) (1) (6) Adjustment for subsidiaries acquired in prior year (2) \u2013 \u2013 \u2013 \u2013 (2) Transfers on completion 2 4 (6) \u2013 Currency translation differences 8 3 \u2013 (13) 19 17 Reclassification to assets held for sale (29) \u2013 (109) \u2013 (3) (141) At 31 March 2022 213 216 53 127 22 631 Accumulated amortisation and impairment At 1 April 2021 8 180 108 106 \u2013 402 Impairment charge \u2013 \u2013 1 \u2013 1 2 Amortisation charge \u2013 10 9 7 \u2013 26 Disposals and write-offs \u2013 \u2013 (1) (4) (1) (6) Currency translation differences 2 2 4 1 \u2013 9 Reclassification to assets held for sale* \u2013 \u2013 (80) \u2013 \u2013 (80) At 31 March 2022 \u2013 restated* 10 192 41 110 \u2013 353 Net book value at 31 March 2022 \u2013 restated* 203 24 12 17 22 278 * For the reclassification of certain items between net assets classified as held for sale and the continuing Tate & Lyle Group refer to Note 1. The carrying amount of goodwill is allocated to groups of CGUs as follows: At 31 March 2023 \u00a3m 2022 \u00a3m Allocated by operating segment Food & Beverage Solutions 213 203 Primary Products \u2013 included in assets held for sale (see Note 12) \u2013 29 Goodwill allocated to operating segments 213 232 Goodwill allocated to Quantum Hi-Tech (Guangdong) Biological Co., Ltd 95 \u2013 Goodwill \u2013 total operations 308 232 Impairment tests carried out during the year As is required, goodwill is tested annually. The recoverable amount for the goodwill allocated to Food & Beverage Solutions cash-generating units was calculated based on value-in-use. The goodwill associated with the Quantum Hi-Tech (Guangdong) Biological Co., Ltd was based on its fair value less costs to sell (level 3 within the fair value hierarchy). The key assumptions in the value-in-use model for Food & Beverage Solutions cash-generating units are derived from the Group\u2019s Board-approved five-year plan with the most sensitive assumptions being: 1) operating profit growth rate, 2) discount rate, and 3) long-term growth rate. The operating profit growth rate used to estimate the future economic performance is based on estimates from past performance, and the Group\u2019s five-year strategic plan, which incorporates the next year\u2019s annual forecast. In addition, for the 2023 financial year test, the operating growth rate includes the financial impact of the two TCFD scenario analyses as disclosed on page 65 (financial impact of a significant drought affecting corn yields by 20% and the financial impact of carbon pricing if current Emission Trading Systems are implemented in new regions), albeit this had an immaterial effect due to the mitigating action also included. A 1% decrease in the growth rate across the five-year cash flows would decrease headroom by 17% (2022 \u2013 12%) in the Food & Beverage Solutions model. Based on the risk profile of the assets tested, cash flows were discounted using a pre-tax rate of 10.2% in the Food & Beverage Solutions model (2022 \u2013 9.2%). The long-term nominal growth rate after year five does not exceed 2% (2022 \u2013 2%), reflecting a conservative long-term assumption for the Food & Beverage Solutions market. At the time of performing the test, very significant headroom existed for the cash-generating unit to which goodwill is allocated and there was no reasonable scenario in which impairment would be required. The key assumptions for the fair value less costs to sell of Quantum are based on the recent acquisition business case with the most sensitive assumptions being: 1) operating profit growth rate, 2) discount rate, and 3) long-term growth rate. A 1% decrease in the growth rate across the five-year cash flows in the Quantum business case would decrease headroom by 7%. Based on the risk profile of the assets tested, cash flows were discounted using a post-tax rate of 7.9%. The long-term nominal growth rate after year five does not exceed 2%, reflecting a conservative long-term assumption for Quantum\u2019s market. At the time of performing the test, sufficient headroom existed and there was no reasonable scenario in which impairment would be required. For the year ended 31 March 2022, all the goodwill allocated to the Primary Products cash-generating unit was included in the Primient disposal group held for sale. On classification as held for sale in the prior year, and again at 31 March 2022, the recoverable amount for all net assets in the Primient disposal group was calculated based on the fair value of the Primient disposal group less costs to sell. The key assumptions for the fair value of the Primient disposal group less costs to sell was the agreed purchase price with KPS after adjustments for management\u2019s estimate of Primient\u2019s cash, debt, debt-like items and working capital at completion, and transaction costs (Level 2 within the fair value hierarchy). No impairment charge was recognised in the year ended 31 March 2022. Impairment charge No impairment charges in relation to goodwill have been recognised in the current financial year (2022 \u2013 \u00a3nil). Possibility of impairment in the near future As explained above, at the time of carrying out the annual impairment test, there were no reasonably possible changes in assumptions that would give rise to an impairment loss now or during the coming year. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-448": {
"value": "19. Goodwill and other intangible assets Goodwill arising in a business combination is recognised as an intangible asset and is allocated to the Cash-Generating Unit (CGU) or group of CGUs that is expected to benefit from the synergies of the business combination. Goodwill is carried at cost less any recognised impairment losses (impairment tested annually). Acquired intangible assets, principally customer relationships and know-how, were recognised as part of previous business combinations and are amortised on a straight-line basis over the periods of their expected benefit to the Group, which range from three to 15 years. Other intangible assets comprise product development and computer software (including global IS/IT systems) and are amortised on a straight-line basis over the periods of their expected benefit to the Group. Product development is amortised over five to ten years. Capitalised costs in respect of core global IS/IT systems included within computer software are being amortised over a period of five to seven years. Product development 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 established and prior to the product going into full production. Any such assets which have not been brought into use are tested annually for impairment. Research and other related expenditures are charged to the consolidated income statement in the period in which they are incurred. SaaS arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. In a contract where the cloud provider provides both the SaaS configuration and customisation as well as the SaaS access over the contract term, then the configuration and customisation costs are expensed over the contract term only if the services provided are not distinct and are otherwise expensed upfront as the software is configured or customised. Some of the costs incurred relate to the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of, and the recognition criteria for, an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. Changes to intangible assets\u2019 useful economic lives are only made if there is objective evidence that the Group expects to receive economic benefits from these intangible assets over a shorter or longer period. Goodwill \u00a3m Other acquired intangibles \u00a3m Computer software \u00a3m Product development costs \u00a3m Assets under construction \u00a3m Total \u00a3m Cost At 1 April 2022 213 216 53 127 22 631 Additions at cost \u2013 \u2013 \u2013 3 5 8 Subsidiary acquired 96 96 \u2013 \u2013 \u2013 192 Disposals and write-offs \u2013 (10) \u2013 \u2013 (2) (12) Transfers on completion \u2013 1 4 7 (12) \u2013 Currency translation differences 9 7 2 6 1 25 At 31 March 2023 318 310 59 143 14 844 Accumulated amortisation and impairment At 1 April 2022 \u2013 restated* 10 192 41 110 \u2013 353 Impairment charge \u2013 \u2013 \u2013 \u2013 1 1 Amortisation charge \u2013 23 6 7 \u2013 36 Disposals and write-offs \u2013 (10) \u2013 \u2013 (1) (11) Currency translation differences \u2013 8 \u2013 5 \u2013 13 At 31 March 2023 10 213 47 122 \u2013 392 Net book value at 31 March 2023 308 97 12 21 14 452 * For the reclassification of certain items between net assets classified as held for sale and the continuing Tate & Lyle Group refer to Note 1. Goodwill \u00a3m Other acquired intangibles \u00a3m Computer software \u00a3m Product development costs \u00a3m Assets under construction \u00a3m Total \u00a3m Cost At 1 April 2021 236 213 161 137 \u2013 747 Additions at cost \u2013 \u2013 \u2013 3 13 16 Disposals and write-offs \u2013 \u2013 (1) (4) (1) (6) Adjustment for subsidiaries acquired in prior year (2) \u2013 \u2013 \u2013 \u2013 (2) Transfers on completion 2 4 (6) \u2013 Currency translation differences 8 3 \u2013 (13) 19 17 Reclassification to assets held for sale (29) \u2013 (109) \u2013 (3) (141) At 31 March 2022 213 216 53 127 22 631 Accumulated amortisation and impairment At 1 April 2021 8 180 108 106 \u2013 402 Impairment charge \u2013 \u2013 1 \u2013 1 2 Amortisation charge \u2013 10 9 7 \u2013 26 Disposals and write-offs \u2013 \u2013 (1) (4) (1) (6) Currency translation differences 2 2 4 1 \u2013 9 Reclassification to assets held for sale* \u2013 \u2013 (80) \u2013 \u2013 (80) At 31 March 2022 \u2013 restated* 10 192 41 110 \u2013 353 Net book value at 31 March 2022 \u2013 restated* 203 24 12 17 22 278 * For the reclassification of certain items between net assets classified as held for sale and the continuing Tate & Lyle Group refer to Note 1. The carrying amount of goodwill is allocated to groups of CGUs as follows: At 31 March 2023 \u00a3m 2022 \u00a3m Allocated by operating segment Food & Beverage Solutions 213 203 Primary Products \u2013 included in assets held for sale (see Note 12) \u2013 29 Goodwill allocated to operating segments 213 232 Goodwill allocated to Quantum Hi-Tech (Guangdong) Biological Co., Ltd 95 \u2013 Goodwill \u2013 total operations 308 232 Impairment tests carried out during the year As is required, goodwill is tested annually. The recoverable amount for the goodwill allocated to Food & Beverage Solutions cash-generating units was calculated based on value-in-use. The goodwill associated with the Quantum Hi-Tech (Guangdong) Biological Co., Ltd was based on its fair value less costs to sell (level 3 within the fair value hierarchy). The key assumptions in the value-in-use model for Food & Beverage Solutions cash-generating units are derived from the Group\u2019s Board-approved five-year plan with the most sensitive assumptions being: 1) operating profit growth rate, 2) discount rate, and 3) long-term growth rate. The operating profit growth rate used to estimate the future economic performance is based on estimates from past performance, and the Group\u2019s five-year strategic plan, which incorporates the next year\u2019s annual forecast. In addition, for the 2023 financial year test, the operating growth rate includes the financial impact of the two TCFD scenario analyses as disclosed on page 65 (financial impact of a significant drought affecting corn yields by 20% and the financial impact of carbon pricing if current Emission Trading Systems are implemented in new regions), albeit this had an immaterial effect due to the mitigating action also included. A 1% decrease in the growth rate across the five-year cash flows would decrease headroom by 17% (2022 \u2013 12%) in the Food & Beverage Solutions model. Based on the risk profile of the assets tested, cash flows were discounted using a pre-tax rate of 10.2% in the Food & Beverage Solutions model (2022 \u2013 9.2%). The long-term nominal growth rate after year five does not exceed 2% (2022 \u2013 2%), reflecting a conservative long-term assumption for the Food & Beverage Solutions market. At the time of performing the test, very significant headroom existed for the cash-generating unit to which goodwill is allocated and there was no reasonable scenario in which impairment would be required. The key assumptions for the fair value less costs to sell of Quantum are based on the recent acquisition business case with the most sensitive assumptions being: 1) operating profit growth rate, 2) discount rate, and 3) long-term growth rate. A 1% decrease in the growth rate across the five-year cash flows in the Quantum business case would decrease headroom by 7%. Based on the risk profile of the assets tested, cash flows were discounted using a post-tax rate of 7.9%. The long-term nominal growth rate after year five does not exceed 2%, reflecting a conservative long-term assumption for Quantum\u2019s market. At the time of performing the test, sufficient headroom existed and there was no reasonable scenario in which impairment would be required. For the year ended 31 March 2022, all the goodwill allocated to the Primary Products cash-generating unit was included in the Primient disposal group held for sale. On classification as held for sale in the prior year, and again at 31 March 2022, the recoverable amount for all net assets in the Primient disposal group was calculated based on the fair value of the Primient disposal group less costs to sell. The key assumptions for the fair value of the Primient disposal group less costs to sell was the agreed purchase price with KPS after adjustments for management\u2019s estimate of Primient\u2019s cash, debt, debt-like items and working capital at completion, and transaction costs (Level 2 within the fair value hierarchy). No impairment charge was recognised in the year ended 31 March 2022. Impairment charge No impairment charges in relation to goodwill have been recognised in the current financial year (2022 \u2013 \u00a3nil). Possibility of impairment in the near future As explained above, at the time of carrying out the annual impairment test, there were no reasonably possible changes in assumptions that would give rise to an impairment loss now or during the coming year. ",
"dimensions": {
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"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-474": {
"value": "19. Goodwill and other intangible assets Goodwill arising in a business combination is recognised as an intangible asset and is allocated to the Cash-Generating Unit (CGU) or group of CGUs that is expected to benefit from the synergies of the business combination. Goodwill is carried at cost less any recognised impairment losses (impairment tested annually). Acquired intangible assets, principally customer relationships and know-how, were recognised as part of previous business combinations and are amortised on a straight-line basis over the periods of their expected benefit to the Group, which range from three to 15 years. Other intangible assets comprise product development and computer software (including global IS/IT systems) and are amortised on a straight-line basis over the periods of their expected benefit to the Group. Product development is amortised over five to ten years. Capitalised costs in respect of core global IS/IT systems included within computer software are being amortised over a period of five to seven years. Product development 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 established and prior to the product going into full production. Any such assets which have not been brought into use are tested annually for impairment. Research and other related expenditures are charged to the consolidated income statement in the period in which they are incurred. SaaS arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. In a contract where the cloud provider provides both the SaaS configuration and customisation as well as the SaaS access over the contract term, then the configuration and customisation costs are expensed over the contract term only if the services provided are not distinct and are otherwise expensed upfront as the software is configured or customised. Some of the costs incurred relate to the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of, and the recognition criteria for, an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. Changes to intangible assets\u2019 useful economic lives are only made if there is objective evidence that the Group expects to receive economic benefits from these intangible assets over a shorter or longer period. Goodwill \u00a3m Other acquired intangibles \u00a3m Computer software \u00a3m Product development costs \u00a3m Assets under construction \u00a3m Total \u00a3m Cost At 1 April 2022 213 216 53 127 22 631 Additions at cost \u2013 \u2013 \u2013 3 5 8 Subsidiary acquired 96 96 \u2013 \u2013 \u2013 192 Disposals and write-offs \u2013 (10) \u2013 \u2013 (2) (12) Transfers on completion \u2013 1 4 7 (12) \u2013 Currency translation differences 9 7 2 6 1 25 At 31 March 2023 318 310 59 143 14 844 Accumulated amortisation and impairment At 1 April 2022 \u2013 restated* 10 192 41 110 \u2013 353 Impairment charge \u2013 \u2013 \u2013 \u2013 1 1 Amortisation charge \u2013 23 6 7 \u2013 36 Disposals and write-offs \u2013 (10) \u2013 \u2013 (1) (11) Currency translation differences \u2013 8 \u2013 5 \u2013 13 At 31 March 2023 10 213 47 122 \u2013 392 Net book value at 31 March 2023 308 97 12 21 14 452 * For the reclassification of certain items between net assets classified as held for sale and the continuing Tate & Lyle Group refer to Note 1. Goodwill \u00a3m Other acquired intangibles \u00a3m Computer software \u00a3m Product development costs \u00a3m Assets under construction \u00a3m Total \u00a3m Cost At 1 April 2021 236 213 161 137 \u2013 747 Additions at cost \u2013 \u2013 \u2013 3 13 16 Disposals and write-offs \u2013 \u2013 (1) (4) (1) (6) Adjustment for subsidiaries acquired in prior year (2) \u2013 \u2013 \u2013 \u2013 (2) Transfers on completion 2 4 (6) \u2013 Currency translation differences 8 3 \u2013 (13) 19 17 Reclassification to assets held for sale (29) \u2013 (109) \u2013 (3) (141) At 31 March 2022 213 216 53 127 22 631 Accumulated amortisation and impairment At 1 April 2021 8 180 108 106 \u2013 402 Impairment charge \u2013 \u2013 1 \u2013 1 2 Amortisation charge \u2013 10 9 7 \u2013 26 Disposals and write-offs \u2013 \u2013 (1) (4) (1) (6) Currency translation differences 2 2 4 1 \u2013 9 Reclassification to assets held for sale* \u2013 \u2013 (80) \u2013 \u2013 (80) At 31 March 2022 \u2013 restated* 10 192 41 110 \u2013 353 Net book value at 31 March 2022 \u2013 restated* 203 24 12 17 22 278 * For the reclassification of certain items between net assets classified as held for sale and the continuing Tate & Lyle Group refer to Note 1. The carrying amount of goodwill is allocated to groups of CGUs as follows: At 31 March 2023 \u00a3m 2022 \u00a3m Allocated by operating segment Food & Beverage Solutions 213 203 Primary Products \u2013 included in assets held for sale (see Note 12) \u2013 29 Goodwill allocated to operating segments 213 232 Goodwill allocated to Quantum Hi-Tech (Guangdong) Biological Co., Ltd 95 \u2013 Goodwill \u2013 total operations 308 232 Impairment tests carried out during the year As is required, goodwill is tested annually. The recoverable amount for the goodwill allocated to Food & Beverage Solutions cash-generating units was calculated based on value-in-use. The goodwill associated with the Quantum Hi-Tech (Guangdong) Biological Co., Ltd was based on its fair value less costs to sell (level 3 within the fair value hierarchy). The key assumptions in the value-in-use model for Food & Beverage Solutions cash-generating units are derived from the Group\u2019s Board-approved five-year plan with the most sensitive assumptions being: 1) operating profit growth rate, 2) discount rate, and 3) long-term growth rate. The operating profit growth rate used to estimate the future economic performance is based on estimates from past performance, and the Group\u2019s five-year strategic plan, which incorporates the next year\u2019s annual forecast. In addition, for the 2023 financial year test, the operating growth rate includes the financial impact of the two TCFD scenario analyses as disclosed on page 65 (financial impact of a significant drought affecting corn yields by 20% and the financial impact of carbon pricing if current Emission Trading Systems are implemented in new regions), albeit this had an immaterial effect due to the mitigating action also included. A 1% decrease in the growth rate across the five-year cash flows would decrease headroom by 17% (2022 \u2013 12%) in the Food & Beverage Solutions model. Based on the risk profile of the assets tested, cash flows were discounted using a pre-tax rate of 10.2% in the Food & Beverage Solutions model (2022 \u2013 9.2%). The long-term nominal growth rate after year five does not exceed 2% (2022 \u2013 2%), reflecting a conservative long-term assumption for the Food & Beverage Solutions market. At the time of performing the test, very significant headroom existed for the cash-generating unit to which goodwill is allocated and there was no reasonable scenario in which impairment would be required. The key assumptions for the fair value less costs to sell of Quantum are based on the recent acquisition business case with the most sensitive assumptions being: 1) operating profit growth rate, 2) discount rate, and 3) long-term growth rate. A 1% decrease in the growth rate across the five-year cash flows in the Quantum business case would decrease headroom by 7%. Based on the risk profile of the assets tested, cash flows were discounted using a post-tax rate of 7.9%. The long-term nominal growth rate after year five does not exceed 2%, reflecting a conservative long-term assumption for Quantum\u2019s market. At the time of performing the test, sufficient headroom existed and there was no reasonable scenario in which impairment would be required. For the year ended 31 March 2022, all the goodwill allocated to the Primary Products cash-generating unit was included in the Primient disposal group held for sale. On classification as held for sale in the prior year, and again at 31 March 2022, the recoverable amount for all net assets in the Primient disposal group was calculated based on the fair value of the Primient disposal group less costs to sell. The key assumptions for the fair value of the Primient disposal group less costs to sell was the agreed purchase price with KPS after adjustments for management\u2019s estimate of Primient\u2019s cash, debt, debt-like items and working capital at completion, and transaction costs (Level 2 within the fair value hierarchy). No impairment charge was recognised in the year ended 31 March 2022. Impairment charge No impairment charges in relation to goodwill have been recognised in the current financial year (2022 \u2013 \u00a3nil). Possibility of impairment in the near future As explained above, at the time of carrying out the annual impairment test, there were no reasonably possible changes in assumptions that would give rise to an impairment loss now or during the coming year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-486": {
"value": "Goodwill arising in a business combination is recognised as an intangible asset and is allocated to the Cash-Generating Unit (CGU) or group of CGUs that is expected to benefit from the synergies of the business combination. Goodwill is carried at cost less any recognised impairment losses (impairment tested annually). Acquired intangible assets, principally customer relationships and know-how, were recognised as part of previous business combinations and are amortised on a straight-line basis over the periods of their expected benefit to the Group, which range from three to 15 years. Other intangible assets comprise product development and computer software (including global IS/IT systems) and are amortised on a straight-line basis over the periods of their expected benefit to the Group. Product development is amortised over five to ten years. Capitalised costs in respect of core global IS/IT systems included within computer software are being amortised over a period of five to seven years. Product development 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 established and prior to the product going into full production. Any such assets which have not been brought into use are tested annually for impairment. Research and other related expenditures are charged to the consolidated income statement in the period in which they are incurred. SaaS arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. In a contract where the cloud provider provides both the SaaS configuration and customisation as well as the SaaS access over the contract term, then the configuration and customisation costs are expensed over the contract term only if the services provided are not distinct and are otherwise expensed upfront as the software is configured or customised. Some of the costs incurred relate to the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of, and the recognition criteria for, an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. Changes to intangible assets\u2019 useful economic lives are only made if there is objective evidence that the Group expects to receive economic benefits from these intangible assets over a shorter or longer period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-484": {
"value": "Goodwill arising in a business combination is recognised as an intangible asset and is allocated to the Cash-Generating Unit (CGU) or group of CGUs that is expected to benefit from the synergies of the business combination. Goodwill is carried at cost less any recognised impairment losses (impairment tested annually). Acquired intangible assets, principally customer relationships and know-how, were recognised as part of previous business combinations and are amortised on a straight-line basis over the periods of their expected benefit to the Group, which range from three to 15 years. Other intangible assets comprise product development and computer software (including global IS/IT systems) and are amortised on a straight-line basis over the periods of their expected benefit to the Group. Product development is amortised over five to ten years. Capitalised costs in respect of core global IS/IT systems included within computer software are being amortised over a period of five to seven years. Product development 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 established and prior to the product going into full production. Any such assets which have not been brought into use are tested annually for impairment. Research and other related expenditures are charged to the consolidated income statement in the period in which they are incurred. SaaS arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. In a contract where the cloud provider provides both the SaaS configuration and customisation as well as the SaaS access over the contract term, then the configuration and customisation costs are expensed over the contract term only if the services provided are not distinct and are otherwise expensed upfront as the software is configured or customised. Some of the costs incurred relate to the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of, and the recognition criteria for, an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. Changes to intangible assets\u2019 useful economic lives are only made if there is objective evidence that the Group expects to receive economic benefits from these intangible assets over a shorter or longer period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-482": {
"value": "Goodwill arising in a business combination is recognised as an intangible asset and is allocated to the Cash-Generating Unit (CGU) or group of CGUs that is expected to benefit from the synergies of the business combination. Goodwill is carried at cost less any recognised impairment losses (impairment tested annually). Acquired intangible assets, principally customer relationships and know-how, were recognised as part of previous business combinations and are amortised on a straight-line basis over the periods of their expected benefit to the Group, which range from three to 15 years. Other intangible assets comprise product development and computer software (including global IS/IT systems) and are amortised on a straight-line basis over the periods of their expected benefit to the Group. Product development is amortised over five to ten years. Capitalised costs in respect of core global IS/IT systems included within computer software are being amortised over a period of five to seven years. Product development 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 established and prior to the product going into full production. Any such assets which have not been brought into use are tested annually for impairment. Research and other related expenditures are charged to the consolidated income statement in the period in which they are incurred. SaaS arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provider\u2019s application software, are recognised as operating expenses when the services are received. In a contract where the cloud provider provides both the SaaS configuration and customisation as well as the SaaS access over the contract term, then the configuration and customisation costs are expensed over the contract term only if the services provided are not distinct and are otherwise expensed upfront as the software is configured or customised. Some of the costs incurred relate to the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of, and the recognition criteria for, an intangible asset. These costs are recognised as intangible software assets and amortised over the useful life of the software on a straight-line basis. Changes to intangible assets\u2019 useful economic lives are only made if there is objective evidence that the Group expects to receive economic benefits from these intangible assets over a shorter or longer period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-412": {
"value": "20. Property, plant and equipment Land and buildings mainly comprise manufacturing sites, application laboratories and administrative facilities. Plant and machinery mainly comprise equipment used in the manufacturing and operating process. Assets in 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. Property, plant and equipment is reviewed for impairment when any changes in circumstances indicate that their carrying amounts may not be recoverable. Useful economic lives, applied on a straight-line basis, are as follows: \u2212 Freehold land No depreciation \u2212 Freehold buildings 20 to 50 years \u2212 Leasehold improvements Up to the length of the lease \u2212 Plant and machinery 3 to 28 years Land and
buildings
\u00a3m
Plant and
machinery
\u00a3m
Assets in the
course of
construction
\u00a3m
Total
\u00a3m
Cost
At 1 April 2022 285 979 64 1 328
Additions at cost
6 4 70 80
Subsidiary acquired
12 7 1 20
Transfers on completion
7 40 (47) \u2013
Disposals and write-offs
(2) (8) \u2013 (10)
Currency translation differences and other movements
13 52 1 66
At 31 March 2023
321 1 074 89 1 484
Accumulated depreciation and impairment
At 1 April 2022-restated* 138 759 \u2013 897
Depreciation charge
15 44 \u2013 59
Impairment charge
\u2013 \u2013 \u2013 \u2013
Disposals and write-offs
(2) (8) \u2013 (10)
Currency translation differences and other movements
7 43 \u2013 50
At 31 March 2023
158 838 \u2013 996
Net book value at 31 March 2023 163 236 89 488
Cost
At 1 April 2021 654 2 564 111 3 329
Additions at cost 12 2 129 143
Transfers on completion 12 118 (130) \u2013
Disposals and write-offs (6) (36) \u2013 (42)
Currency translation differences and other movements 40 133 25 198
Reclassification to assets held for sale (427) (1 802) (71) (2 300)
At 31 March 2022 285 979 64 1 328
Accumulated depreciation and impairment
At 1 April 2021 336 1 888 \u2013 2 224
Depreciation charge 24 50 \u2013 74
Impairment charge 10 8 \u2013 18
Disposals and write-offs (6) (36) \u2013 (42)
Currency translation differences 22 127 \u2013 149
Reclassification to assets held for sale \u2013 restated* (248) (1 278) \u2013 (1 526)
At 31 March 2022 \u2013 restated* 138 759 \u2013 897
Net book value at 31 March 2022 \u2013 restated* 147 220 64 431
* For the reclassification of certain items between net assets classified as held for sale and the continuing Tate & Lyle Group refer to Note 1.
Amounts relating to right-of-use assets under IFRS 16, which are included in the amounts above, are presented in more detail in Note 21. In the consolidated statement of cash flows, cash outflows relating to purchase of property, plant and equipment are lower than the amount of additions in this table primarily due to the inclusion of right-of-use assets in the figures above. The payment profile of right-of-use assets will be in line with the associated lease contracts. The impairment charge of \u00a3nil (2022 \u2013 \u00a318 million) includes \u00a3nil (2022 \u2013 \u00a315 million) recognised within exceptional items. For the year ended 31 March 2022, this included \u00a312 million of impairment related to the disposal of Primient (including the write-off of certain items of plant and equipment in the Group\u2019s loss- making European Primary Products business) and \u00a33 million of impairment relating to items of plant and equipment impacted by the Stabiliser product contamination (impacting the Food & Beverage Solutions operating segment). Refer to Note 8. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-449": {
"value": "Land and buildings mainly comprise manufacturing sites, application laboratories and administrative facilities. Plant and machinery mainly comprise equipment used in the manufacturing and operating process. Assets in 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. Property, plant and equipment is reviewed for impairment when any changes in circumstances indicate that their carrying amounts may not be recoverable. Useful economic lives, applied on a straight-line basis, are as follows: \u2212 Freehold land No depreciation \u2212 Freehold buildings 20 to 50 years \u2212 Leasehold improvements Up to the length of the lease \u2212 Plant and machinery 3 to 28 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-413": {
"value": "21. Leases All leases where the Group is the lessee and the Group has the right to control the use of the identified asset are recognised in the statement of financial position (with the exception of short-term and low- value leases). The Group\u2019s leases principally comprise properties and other miscellaneous leases such as motor vehicles or machinery. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of future lease payments. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date. The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost including the amount of lease liabilities recognised and initial direct costs incurred less any incentives granted by the lessor. Right-of-use assets are subject to impairment. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use assets, unless there is a transfer of ownership or purchase option which is reasonably certain to be exercised at the end of the lease term, in which case depreciation is over the useful life of the underlying asset. Leases of buildings usually have lease terms between 1 and 16 years, while plant and machinery generally have lease terms between 1 and 20 years. The Group also has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value (typically below US$5,000). The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases and recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The movements in the carrying value of the Group\u2019s right-of-use assets are summarised as follows: Land and buildings \u00a3m Plant and machinery \u00a3m Total \u00a3m Right-of-use assets At 1 April 2021 36 85 121 Additions to right-of-use assets 12 2 14 Depreciation charge (7) (6) (13) Impairment (7) \u2013 (7) Currency translation differences 2 3 5 Reclassification to assets held for sale \u2013 (80) (80) At 31 March 2022 36 4 40 Additions to right-of-use assets 4 2 6 Depreciation charge (7) (2) (9) Impairment \u2013 \u2013 \u2013 Currency translation differences 2 \u2013 2 At 31 March 2023 35 4 39 The consolidated income statement includes the following amounts relating to leases: Year ended 31 March Continuing operations 2023 \u00a3m 2022 \u00a3m Depreciation expense of right-of-use assets 9 9 Interest expense on lease liabilities 2 2 Expense relating to short-term leases \u2013 \u2013 Expense relating to leases of low-value assets \u2013 \u2013 Expense relating to variable lease payments not included in the measurement of lease liability \u2013 \u2013 Income from sub-leasing right-of-use assets 2 \u2013 13 11 The cash outflow for leases in the year ended 31 March 2023 was \u00a313 million (2022 \u2013 \u00a332 million), excluding cash outflow of \u00a3nil (2022 \u2013 \u00a3nil) relating to leases of low-value items. The movement in the lease liability balances is shown in Note 28 and the undiscounted maturity is shown in Note 30. The Group has several lease contracts that include extension and termination options. The Group has estimated that the potential future lease payments, should it exercise the extension option, would result in an increase in lease liability of \u00a31 million (2022 \u2013 \u00a31 million). The future cash outflows relating to leases that have not yet commenced are disclosed in Note 34. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. These options are negotiated by management to provide flexibility in managing the leased- asset portfolio and align with the Group\u2019s business needs. Management assesses whether these extension and termination options are reasonably certain to be exercised. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-450": {
"value": "All leases where the Group is the lessee and the Group has the right to control the use of the identified asset are recognised in the statement of financial position (with the exception of short-term and low- value leases). The Group\u2019s leases principally comprise properties and other miscellaneous leases such as motor vehicles or machinery. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of future lease payments. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date. The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost including the amount of lease liabilities recognised and initial direct costs incurred less any incentives granted by the lessor. Right-of-use assets are subject to impairment. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the right-of-use assets, unless there is a transfer of ownership or purchase option which is reasonably certain to be exercised at the end of the lease term, in which case depreciation is over the useful life of the underlying asset. Leases of buildings usually have lease terms between 1 and 16 years, while plant and machinery generally have lease terms between 1 and 20 years. The Group also has certain leases of machinery with lease terms of 12 months or less and leases of office equipment with low value (typically below US$5,000). The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases and recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-414": {
"value": "22. Investments in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Investments in joint ventures are accounted for under the equity method. They are initially recognised at cost, which includes transaction costs. Subsequently, the Group\u2019s share of the profit or loss, other comprehensive income and net assets are shown on one line of the relevant primary financial statements, until the date on which joint control ceases. Distributions received from the investee reduce the carrying amount of the investment. Under IFRS 5, when equity accounting ceases, the results of the joint ventures are no longer reported in the Group\u2019s consolidated income statement and any dividends received are treated as an adjusting item in the discontinued operations of the Group\u2019s consolidated income statement. In the year ended 31 March 2023, the Group acquired a 49.7% interest in Primient, a joint venture which is a leading producer of food and industrial ingredients, principally bulk sweeteners and industrial starches. Key products include nutritive sweeteners (such as high fructose corn syrup and dextrose), industrial starches, acidulants (such as citric acid) and commodities (such as corn gluten feed and meal and corn oil). Primient comprises the Group\u2019s former Primary Products business in North America and Latin America and its former interests in the Almidones Mexicanos S.A de C.V (\u2018Almex\u2019) and Covation Biomaterials LLC, formerly \u2018Bio-PDO\u2019 (\u2018Covation\u2019) joint ventures. From completion, the Group and Primient entered into certain long- term agreements, principally relating to the supply of product between one another. The Group\u2019s interest in the Primient joint venture decreased from the 49.9% interest held immediately on completion of the Transaction to a 49.7% interest following a redemption of shares held by the Group for the return of \u00a31 million. Primient subsequently re-issued the same number of shares in order to award these to Primient management as performance incentives. The Group\u2019s interest in Primient is accounted for using the equity method. Primient has share capital consisting of ordinary shares, which is held directly by the Group (and its joint venture partner) and is a private company. No quoted market price is available for its shares. There are no contingent liabilities relating to the Group\u2019s interest in the joint venture. The Group\u2019s material joint ventures in the year ended 31 March 2022 were Almex and Covation which were both included in the Primient business sold to KPS. Under IFRS 5, when a joint venture is classified as an asset held for sale, equity accounting ceases. In the year ended 31 March 2022, no share of results received for Almex or Covation were recognised from 1 July 2021, the date at which the sale of the Primient business became highly probable and hence the recognition of the Primient disposal group as held for sale. Also in the year ended 31 March 2022, dividends from joint ventures of \u00a342 million recognised by Tate & Lyle after 1 July 2021 were included within discontinued operations as an adjusting item (Refer to Note 4). The movements in the carrying value of the Group\u2019s investment in joint ventures are summarised as follows: Year ended 31 March Note Primient 2023 \u00a3m Almex and Covation 2022 \u00a3m At 1 April \u2013 104 Fair value of investment in joint venture on initial recognition 253 \u2013 Share of (loss)/profit of joint venture 1 (24) 8 Other comprehensive (expense)/income (including foreign exchange) 24 (5) 10 Dividends paid 1 (41) (17) Other movements (including contributions) 17 \u2013 Share redemption (1) \u2013 Reclassification to assets held for sale \u2013 (105) At 31 March 199 \u2013 1 The 2022 share of profit after tax for Almex and Covation is for the three months to 30 June 2021, prior to the date of the recognition of the disposal group as held for sale on 1 July 2021. Any dividend recognised after that date has been included as an adjusting item in the consolidated income statement. The following tables summarise the financial information of Primient as included in its own financial statements, adjusted for fair value adjustments at the Transaction date (disposal of 100% of Primient and acquisition of the Group\u2019s share) and differences in accounting policies: Statement of total comprehensive income Primient Year ended 31 March 2023 \u00a3m At 100% Revenue 2 552 Depreciation and amortisation (85) Other expenses (2 329) Exceptional items (61) Net finance expense (80) Loss before tax (3) Income tax expense 1 (6) Loss after tax at 100% (9) Other comprehensive expense at 100% (41) Total comprehensive expense at 100% (50) At 49.7% Group\u2019s share of loss for the year (4) Amortisation of fair value adjustments on initial recognition of Primient (17) Other Group adjustments (3) Group\u2019s share of loss of joint venture (24) Group\u2019s share of other comprehensive expense (21) Group adjustments to other comprehensive income 16 Group\u2019s share of other comprehensive expense (5) Group\u2019s share of total comprehensive expense (29) 1 Tax expense relates principally to tax on Primient\u2019s Brazilian subsidiary. Statement of financial position Primient At 31 March 2023 \u00a3m Assets Non-current assets 993 Cash and cash equivalents 43 Other current assets 624 Liabilities Non-current liabilities (1 072) Current borrowings (9) Other current liabilities (303) Net assets at 100% 276 Group\u2019s share of net assets 137 Goodwill and fair value adjustments (net of amortisation) 62 Carrying amount of investment in Primient 199 Reconciliation of alternative performance measures As discussed in Note 4, the Group\u2019s adjusted profit before tax excludes certain items relating to the Primient joint venture. The following table shows the reconciliation of such adjusting items: Year ended 31 March 2023 Primient income statement at Group\u2019s share \u00a3m Reported Adjusting items Adjusted reported Revenue 1 267 \u2013 1 267 Operating profit 1 48 49 (Loss)/profit before tax (21) 48 27 Income tax expense (3) \u2013 (3) (Loss)/profit after tax (24) 48 24 The following table shows the reconciliation of the adjusting items impacting adjusted profit after tax: Primient\u2019s adjusting items at Group\u2019s share Note Year ended 31 March 2023 \u00a3m Exceptional costs included in operating profit 52 Amortisation of acquired intangible assets and other fair value adjustments (4) Total excluded from adjusted profit before tax 4 48 Total excluded from adjusted profit after tax 48 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-451": {
"value": "A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Investments in joint ventures are accounted for under the equity method. They are initially recognised at cost, which includes transaction costs. Subsequently, the Group\u2019s share of the profit or loss, other comprehensive income and net assets are shown on one line of the relevant primary financial statements, until the date on which joint control ceases. Distributions received from the investee reduce the carrying amount of the investment. Under IFRS 5, when equity accounting ceases, the results of the joint ventures are no longer reported in the Group\u2019s consolidated income statement and any dividends received are treated as an adjusting item in the discontinued operations of the Group\u2019s consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-452": {
"value": "23. Share capital and share premium Ordinary share capital \u00a3m Share premium \u00a3m Total \u00a3m At 1 April 2021 117 407 524 Allotted under share option schemes \u2013 \u2013 \u2013 At 31 March 2022 117 407 524 Allotted under share option schemes \u2013 1 1 At 31 March 2023 117 408 525 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 2023 Year ended 31 March 2022 Number of shares* Cost \u00a3m Number of shares* Cost \u00a3m At 1 April 468 534 065 117 468 458 393 117 Impact of share consolidation (66 933 968) \u2013 \u2013 \u2013 Allotted under share option schemes 37 015 \u2013 75 672 \u2013 At 31 March 401 637 112 117 468 534 065 117 * The nominal value of each share increased from 25 pence at 31 March 2022 to 29 1 / 6 pence as result of the share consolidation which took place on 3 May 2022. The decrease in the number of shares is due to the share consolidation in May 2022 which resulted in ordinary shareholders receiving six new ordinary shares with a nominal value of 29 1 / 6 pence each for every seven existing ordinary shares that they held. This share consolidation was completed at the same time as the Group returned \u00a3497 million to ordinary shareholders by way of a special dividend in order to maintain the comparability, so far as possible, of Tate & Lyle PLC\u2019s share price before and after the special dividend. The new ordinary shares are traded on the London Stock Exchange in the same way as the previously existing ordinary shares and have the same rights under the Articles of Association to the previously existing ordinary shares. Own shares Own shares represent the Company\u2019s ordinary shares that are acquired to meet the Group\u2019s expected obligations under share-based incentive arrangements (refer to Note 32). Own shares are held by the Company in an Employee Benefit Trust (EBT) that was established by the Company. The EBT is included in the consolidated accounts. Movements in own shares held were as follows: Year ended 31 March 2023 Year ended 31 March 2022 Number of shares Cost \u00a3m Number of shares Cost \u00a3m At 1 April 4 066 931 30 3 967 194 30 Impact of share consolidation (576 479) \u2013 \u2013 \u2013 Purchased in the market 1 : \u2212 into the EBT 1 300 000 9 1 250 056 8 Transferred to employees: \u2212 from the EBT (824 954) (7) (1 150 319) (8) At 31 March 3 965 498 32 4 066 931 30 1 IFRS 2 permits net settled share-based payments to be treated as equity-settled in full, if certain criteria were met, rather than the tax element being cash-settled. The amount transferred to the tax authorities in the year was \u00a34 million (2022 \u2013 \u00a35 million) and has been recognised within financing activities in the consolidated statement of cash flows. At 31 March 2023 At 31 March 2022 Number of shares Market value \u00a3m % of outstanding share capital Number of shares Market value \u00a3m % of outstanding share capital Shares held in the EBT 3 965 498 32 1% 4 066 931 30 0.9% Total 3 965 498 32 1% 4 066 931 30 0.9% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-415": {
"value": "23. Share capital and share premium Ordinary share capital \u00a3m Share premium \u00a3m Total \u00a3m At 1 April 2021 117 407 524 Allotted under share option schemes \u2013 \u2013 \u2013 At 31 March 2022 117 407 524 Allotted under share option schemes \u2013 1 1 At 31 March 2023 117 408 525 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 2023 Year ended 31 March 2022 Number of shares* Cost \u00a3m Number of shares* Cost \u00a3m At 1 April 468 534 065 117 468 458 393 117 Impact of share consolidation (66 933 968) \u2013 \u2013 \u2013 Allotted under share option schemes 37 015 \u2013 75 672 \u2013 At 31 March 401 637 112 117 468 534 065 117 * The nominal value of each share increased from 25 pence at 31 March 2022 to 29 1 / 6 pence as result of the share consolidation which took place on 3 May 2022. The decrease in the number of shares is due to the share consolidation in May 2022 which resulted in ordinary shareholders receiving six new ordinary shares with a nominal value of 29 1 / 6 pence each for every seven existing ordinary shares that they held. This share consolidation was completed at the same time as the Group returned \u00a3497 million to ordinary shareholders by way of a special dividend in order to maintain the comparability, so far as possible, of Tate & Lyle PLC\u2019s share price before and after the special dividend. The new ordinary shares are traded on the London Stock Exchange in the same way as the previously existing ordinary shares and have the same rights under the Articles of Association to the previously existing ordinary shares. Own shares Own shares represent the Company\u2019s ordinary shares that are acquired to meet the Group\u2019s expected obligations under share-based incentive arrangements (refer to Note 32). Own shares are held by the Company in an Employee Benefit Trust (EBT) that was established by the Company. The EBT is included in the consolidated accounts. Movements in own shares held were as follows: Year ended 31 March 2023 Year ended 31 March 2022 Number of shares Cost \u00a3m Number of shares Cost \u00a3m At 1 April 4 066 931 30 3 967 194 30 Impact of share consolidation (576 479) \u2013 \u2013 \u2013 Purchased in the market 1 : \u2212 into the EBT 1 300 000 9 1 250 056 8 Transferred to employees: \u2212 from the EBT (824 954) (7) (1 150 319) (8) At 31 March 3 965 498 32 4 066 931 30 1 IFRS 2 permits net settled share-based payments to be treated as equity-settled in full, if certain criteria were met, rather than the tax element being cash-settled. The amount transferred to the tax authorities in the year was \u00a34 million (2022 \u2013 \u00a35 million) and has been recognised within financing activities in the consolidated statement of cash flows. At 31 March 2023 At 31 March 2022 Number of shares Market value \u00a3m % of outstanding share capital Number of shares Market value \u00a3m % of outstanding share capital Shares held in the EBT 3 965 498 32 1% 4 066 931 30 0.9% Total 3 965 498 32 1% 4 066 931 30 0.9% 24. Other reserves Hedging reserve \u00a3m Cost of hedging reserve \u00a3m FVOCI reserve \u00a3m Currency translation reserve \u00a3m Pre-IFRS reserves \u00a3m Total \u00a3m At 1 April 2021 4 \u2013 4 32 104 144 Cash flow hedges: \u2212 fair value gain in the year 82 \u2013 \u2013 \u2013 \u2013 82 \u2212 hedging gain transferred to inventory (26) \u2013 \u2013 \u2013 \u2013 (26) \u2212 cost of hedging \u2013 (5) \u2013 \u2013 \u2013 (5) \u2212 tax effect of the above items (13) \u2013 \u2013 \u2013 \u2013 (13) FVOCI financial assets: \u2212 fair value loss in the year \u2013 \u2013 (4) \u2013 \u2013 (4) Currency translation differences: \u2212 gain on currency translation of foreign operations \u2013 \u2013 \u2013 86 \u2013 86 \u2212 fair value loss on net investment hedges \u2013 \u2013 \u2013 (52) \u2013 (52) Share of other comprehensive income of joint ventures 3 \u2013 \u2013 7 \u2013 10 At 31 March 2022 50 (5) \u2013 73 104 222 Cash flow hedges: \u2212 fair value losses in the year (2) \u2013 \u2013 \u2013 \u2013 (2) \u2212 hedging gain transferred to inventory (19) \u2013 \u2013 \u2013 \u2013 (19) \u2212 fair value gain on cash flow hedges transferred to income statement on sale of a subsidiary (48) \u2013 \u2013 \u2013 \u2013 (48) \u2212 cost of hedging transferred to income statement \u2013 5 \u2013 \u2013 \u2013 5 \u2212 tax effect of the above items 5 \u2013 \u2013 \u2013 \u2013 5 FVOCI financial assets: \u2212 fair value gain in the year \u2013 \u2013 3 \u2013 \u2013 3 Currency translation differences: \u2212 gain on currency translation of foreign operations \u2013 \u2013 \u2013 62 \u2013 62 \u2212 fair value loss on net investment hedges \u2013 \u2013 \u2013 (33) \u2013 (33) \u2212 fair value loss on net investment hedges transferred to income statement \u2013 \u2013 \u2013 28 \u2013 28 \u2212 gain on currency translation of foreign operations transferred to income statement on sale of a subsidiary \u2013 \u2013 \u2013 (81) \u2013 (81) Share of other comprehensive (expense)/income of joint ventures (24) \u2013 \u2013 19 \u2013 (5) Tax effect on the above item 6 \u2013 \u2013 \u2013 \u2013 6 At 31 March 2023 (32) \u2013 3 68 104 143 Gains or losses relating to the effective portion of hedging instruments where cash flow hedge accounting is applied are recognised in OCI within the hedging reserve. Amounts accumulated in the hedging reserve are reclassified in the periods when the hedged item affects the consolidated income statement. For a non- financial asset (such as inventory), the hedging gains and losses are transferred to the cost of inventory and then subsequently recognised in the consolidated income statement or else recognised immediately in the consolidated income statement. The FVOCI reserve includes cumulative gains or losses on FVOCI assets including investments in equities. The currency translation reserve includes: \u2212 Gains/losses on currency translation of foreign operations: on consolidation, the results of foreign operations are translated into pound sterling at the average rate of exchange for the period and their assets and liabilities are translated into pound sterling at the exchange rate ruling at the period-end date. Currency translation differences arising on consolidation are recognised in other comprehensive income and taken to the currency translation reserve. \u2212 Fair value gains/losses on net investment hedges: a net investment hedge is the hedge of the currency exposure on the retranslation of the Group\u2019s net investment in a foreign operation. Net investment hedges are accounted for by recognising changes in the fair value of the hedging instrument and, to the extent that the hedge is effective, recognised in other comprehensive income. Further detail on net investment hedges can be found in Note 29. The gains recycled to the income statement on sale of a subsidiary are included in the gain on the sale of Primient calculation. Refer to Note 12 for further details. The pre-IFRS reserve relates to amounts previously recorded in reserves prior to transition to IFRS and relates predominantly to merger reserves. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-475": {
"value": "Own shares Own shares represent the Company\u2019s ordinary shares that are acquired to meet the Group\u2019s expected obligations under share-based incentive arrangements (refer to Note 32). Own shares are held by the Company in an Employee Benefit Trust (EBT) that was established by the Company. The EBT is included in the consolidated accounts. Movements in own shares held were as follows: Year ended 31 March 2023 Year ended 31 March 2022 Number of shares Cost \u00a3m Number of shares Cost \u00a3m At 1 April 4 066 931 30 3 967 194 30 Impact of share consolidation (576 479) \u2013 \u2013 \u2013 Purchased in the market 1 : \u2212 into the EBT 1 300 000 9 1 250 056 8 Transferred to employees: \u2212 from the EBT (824 954) (7) (1 150 319) (8) At 31 March 3 965 498 32 4 066 931 30 1 IFRS 2 permits net settled share-based payments to be treated as equity-settled in full, if certain criteria were met, rather than the tax element being cash-settled. The amount transferred to the tax authorities in the year was \u00a34 million (2022 \u2013 \u00a35 million) and has been recognised within financing activities in the consolidated statement of cash flows. At 31 March 2023 At 31 March 2022 Number of shares Market value \u00a3m % of outstanding share capital Number of shares Market value \u00a3m % of outstanding share capital Shares held in the EBT 3 965 498 32 1% 4 066 931 30 0.9% Total 3 965 498 32 1% 4 066 931 30 0.9% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-453": {
"value": "24. Other reserves Hedging reserve \u00a3m Cost of hedging reserve \u00a3m FVOCI reserve \u00a3m Currency translation reserve \u00a3m Pre-IFRS reserves \u00a3m Total \u00a3m At 1 April 2021 4 \u2013 4 32 104 144 Cash flow hedges: \u2212 fair value gain in the year 82 \u2013 \u2013 \u2013 \u2013 82 \u2212 hedging gain transferred to inventory (26) \u2013 \u2013 \u2013 \u2013 (26) \u2212 cost of hedging \u2013 (5) \u2013 \u2013 \u2013 (5) \u2212 tax effect of the above items (13) \u2013 \u2013 \u2013 \u2013 (13) FVOCI financial assets: \u2212 fair value loss in the year \u2013 \u2013 (4) \u2013 \u2013 (4) Currency translation differences: \u2212 gain on currency translation of foreign operations \u2013 \u2013 \u2013 86 \u2013 86 \u2212 fair value loss on net investment hedges \u2013 \u2013 \u2013 (52) \u2013 (52) Share of other comprehensive income of joint ventures 3 \u2013 \u2013 7 \u2013 10 At 31 March 2022 50 (5) \u2013 73 104 222 Cash flow hedges: \u2212 fair value losses in the year (2) \u2013 \u2013 \u2013 \u2013 (2) \u2212 hedging gain transferred to inventory (19) \u2013 \u2013 \u2013 \u2013 (19) \u2212 fair value gain on cash flow hedges transferred to income statement on sale of a subsidiary (48) \u2013 \u2013 \u2013 \u2013 (48) \u2212 cost of hedging transferred to income statement \u2013 5 \u2013 \u2013 \u2013 5 \u2212 tax effect of the above items 5 \u2013 \u2013 \u2013 \u2013 5 FVOCI financial assets: \u2212 fair value gain in the year \u2013 \u2013 3 \u2013 \u2013 3 Currency translation differences: \u2212 gain on currency translation of foreign operations \u2013 \u2013 \u2013 62 \u2013 62 \u2212 fair value loss on net investment hedges \u2013 \u2013 \u2013 (33) \u2013 (33) \u2212 fair value loss on net investment hedges transferred to income statement \u2013 \u2013 \u2013 28 \u2013 28 \u2212 gain on currency translation of foreign operations transferred to income statement on sale of a subsidiary \u2013 \u2013 \u2013 (81) \u2013 (81) Share of other comprehensive (expense)/income of joint ventures (24) \u2013 \u2013 19 \u2013 (5) Tax effect on the above item 6 \u2013 \u2013 \u2013 \u2013 6 At 31 March 2023 (32) \u2013 3 68 104 143 Gains or losses relating to the effective portion of hedging instruments where cash flow hedge accounting is applied are recognised in OCI within the hedging reserve. Amounts accumulated in the hedging reserve are reclassified in the periods when the hedged item affects the consolidated income statement. For a non- financial asset (such as inventory), the hedging gains and losses are transferred to the cost of inventory and then subsequently recognised in the consolidated income statement or else recognised immediately in the consolidated income statement. The FVOCI reserve includes cumulative gains or losses on FVOCI assets including investments in equities. The currency translation reserve includes: \u2212 Gains/losses on currency translation of foreign operations: on consolidation, the results of foreign operations are translated into pound sterling at the average rate of exchange for the period and their assets and liabilities are translated into pound sterling at the exchange rate ruling at the period-end date. Currency translation differences arising on consolidation are recognised in other comprehensive income and taken to the currency translation reserve. \u2212 Fair value gains/losses on net investment hedges: a net investment hedge is the hedge of the currency exposure on the retranslation of the Group\u2019s net investment in a foreign operation. Net investment hedges are accounted for by recognising changes in the fair value of the hedging instrument and, to the extent that the hedge is effective, recognised in other comprehensive income. Further detail on net investment hedges can be found in Note 29. The gains recycled to the income statement on sale of a subsidiary are included in the gain on the sale of Primient calculation. Refer to Note 12 for further details. The pre-IFRS reserve relates to amounts previously recorded in reserves prior to transition to IFRS and relates predominantly to merger reserves. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-416": {
"value": "25. Trade and other payables Trade payables are predominantly short-term and are initially recognised at fair value, which is generally the invoice amount. The effects of the time-value of money are not material. At 31 March 2023 \u00a3m 2022 \u00a3m Current trade and other payables Trade payables 250 151 Social security 7 6 Accruals and deferred income 99 118 Margin payables \u2013 7 Other payables 16 12 Total 372 294 Trade and other payables classified as liabilities directly associated with the assets held for sale of \u00a3253 million at 31 March 2022 are included in Note 12. There were no non-current trade and other payables as at 31 March 2023 (2022 \u2013 \u00a3nil). The carrying amount of trade and other payables was denominated in the following currencies: At 31 March 2023 \u00a3m 2022 \u00a3m US dollar 220 127 Euro 86 76 Sterling 28 52 Other 38 39 Total 372 294 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-454": {
"value": "Trade payables are predominantly short-term and are initially recognised at fair value, which is generally the invoice amount. The effects of the time-value of money are not material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-417": {
"value": "26. Borrowings Borrowings are initially measured at fair value, net of transaction costs incurred, which is generally the amount of proceeds received. Borrowings are subsequently measured at amortised cost using the effective interest rate method, whereby the net proceeds are gradually increased to the amount that will be ultimately settled using a constant rate of interest. This constant rate of return is used to calculate the amount recognised as interest expense in the consolidated income statement. 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 the period-end date. The carrying amount of a borrowing may be adjusted where it is a hedged liability in a fair value hedge (refer to Note 29). Non-current borrowings At 31 March 2023 \u00a3m 2022 \u00a3m 2,394,000 6.5% cumulative preference shares of \u00a31 each 1 \u2013 2 US Private Placement Notes 2025 - 2032 2 548 607 Total loan notes 548 609 Lease liabilities 44 104 Total non-current borrowings 592 713 Lease liabilities reclassified as directly associated with the assets held for sale \u2013 (55) Total non-current borrowings as shown in statement of financial position 592 658 1 In October 2022, a reduction of the Company\u2019s capital was completed, through the cancellation and repayment of all of its 2,394,000 6.5% cumulative preference shares of \u00a31 each. 2 At 31 March 2023 and 2022, the US Private Placement Notes totalled US$800 million and are presented net of deferred arrangement fees. Current borrowings At 31 March 2023 \u00a3m 2022 \u00a3m Short-term loans and facilities 14 11 US Private Placement Notes 2023 97 \u2013 Lease liabilities 10 29 Total current borrowings 121 40 Lease liabilities reclassified as directly associated with the assets held for sale \u2013 (19) Total current borrowings as shown in statement of financial position 121 21 Lease liabilities classified as liabilities directly associated with the assets held for sale totalling \u00a374 million at 31 March 2022 are included in Note 12. In April 2023, the Group repaid the US$95 million US private debt floating rate note ahead of its maturity using cash. Effective interest rates The effective interest rates of the Group\u2019s borrowings are as follows: Year ended 31 March 2023 \u00a3m 2022 \u00a3m US$95m US Private Placement FRN 1 2023 6.4% 1.7% US$25m 3.83% US Private Placement Notes 2023 3.8% 3.8% US$180m 4.06% US Private Placement Notes 2025 4.1% 4.1% US$100m 4.16% US Private Placement Notes 2027 4.2% 4.2% US$100m 3.31% US Private Placement Notes 2029 3.3% 3.3% US$100m 2.91% US Private Placement Notes 2030 2.9% 2.9% US$100m 3.41% US Private Placement Notes 2031 3.4% 3.4% US$100m 3.01% US Private Placement Notes 2032 3.0% 3.0% 2,394,000 6.5% cumulative preference shares of \u00a31 each \u2013 6.5% Lease liabilities 3.4% 3.3% 1 Floating rate note based on US six-month LIBOR + 1.47% (despite the change to SOFR this note was retained at LIBOR with agreement from the investors). Short-term loans Short-term loans mature within the next 12 months. Short-term loans are arranged at floating rates of interest and expose the Group to cash flow interest rate risk. The effective interest rate of short-term loans is 4.6% (2022 \u2013 4.9%). Credit facilities and arrangements The Group has a committed US$800 million revolving credit facility, of which US$100million matures in March 2025 and US$700 million matures in March 2026. The financial covenant thereon is described in the \u2018Liquidity risk management\u2019 section of Note 30. At 31 March 2023, the facility had a sterling equivalent value of \u00a3647 million (2022 \u2013 \u00a3608 million) and was undrawn. The facility incurs commitment fees at market rates prevailing when the facility was arranged. The lenders have the right, but not the obligation, to cancel their commitments in the event of specified events of default (principally an expected covenant breach or insolvency of the Group). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-455": {
"value": "Borrowings are initially measured at fair value, net of transaction costs incurred, which is generally the amount of proceeds received. Borrowings are subsequently measured at amortised cost using the effective interest rate method, whereby the net proceeds are gradually increased to the amount that will be ultimately settled using a constant rate of interest. This constant rate of return is used to calculate the amount recognised as interest expense in the consolidated income statement. 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 the period-end date. The carrying amount of a borrowing may be adjusted where it is a hedged liability in a fair value hedge (refer to Note 29). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-418": {
"value": "27. Change in working capital and other non-cash movements \u2013 total operations Year ended 31 March 2023 \u00a3m 2022 \u00a3m Increase in inventories (118) (147) Increase in receivables (55) (151) Increase in payables 71 79 Movement in derivative financial instruments (excluding debt-related derivatives) (6) (25) Decrease in provisions for other liabilities and charges (2) (6) Change in working capital (110) (250) Other non-cash movements 1 (7) (38) Change in working capital and other non-cash movements (117) (288) 1 In the year ended 31 March 2022, other non-cash movements Include an outflow of \u00a342 million related to the adjustment made to dividend income from Almex and Covation (IFRS 5 cessation of equity accounting). ",
"dimensions": {
"concept": "tatelyleplc:DisclosureOfChangeInWorkingCapitalAndOtherNonCashMovementsTotalOperations",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-419": {
"value": "28. Net debt \u2013 total operations Reconciliation of the movement in cash and cash equivalents to the movement in net debt: Year ended 31 March 2023 \u00a3m 2022 \u00a3m Net debt at beginning of the year (626) (417) Net increase/(decrease) in cash and cash equivalents 303 (257) Net decrease in borrowings and lease liabilities 15 90 Decrease/(increase) in net debt resulting from cash flows 318 (167) Currency translation differences 3 (24) Lease liabilities 1 69 (18) Other non-cash movements (2) \u2013 Decrease/(increase) in net debt in the year 388 (209) Net debt at end of the year (238) (626) 1 Lease liabilities movement in the year ended 31 March 2023 is principally due to the disposal of Primient. Movements in the Group\u2019s net debt were as follows: Cash and cash equivalents \u00a3m Borrowings and lease liabilities \u00a3m Total \u00a3m At 1 April 2021 371 (788) (417) Movement from cash flows (257) 90 (167) Currency translation differences 13 (37) (24) Leases non-cash movements \u2013 (18) (18) At 31 March 2022 1, 2 127 (753) (626) Movement from cash flows 303 15 318 Currency translation differences 45 (42) 3 Lease liabilities \u2013 69 69 Other non-cash movements \u2013 (2) (2) At 31 March 2023 475 (713) (238) 1 At 31 March 2022, borrowings and lease liabilities included \u00a374 million of leases included in liabilities directly associated with the assets held for sale. Refer to Note 12. 2 At 31 March 2022, cash and cash equivalents included \u00a317 million of cash and cash equivalents included in assets held for sale. Refer to Note 12. At 31 March 2023, total liabilities arising from financing activities were \u00a3713 million (2022 \u2013 \u00a3753 million). Net debt is denominated in the following currencies: At 31 March 2023 \u00a3m 2022 \u00a3m US dollar (279) (644) Euro 3 (54) Sterling 5 34 Other 33 38 Total (238) (626) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-420": {
"value": "29. Financial instruments Financial instruments comprise investments (other than investments in joint ventures), trade and other receivables, cash and cash equivalents, trade and other payables, borrowings and derivative financial instruments. Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on their use as explained below. 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. Where the hedging relationship is classified as a fair value hedge, the carrying amount of the hedged asset or liability is adjusted by, or a firm commitment is recorded for, the change in its fair value attributable to the hedged risk only and the resulting gain or loss is recognised in the consolidated income statement where, to the extent that the hedge is effective, it offsets the fair value gain or loss on the hedging instrument. As explained in Note 2, for the US net corn position for the year ended 31 March 2022 only, a group of items representing a net position and consisting of items that individually are eligible hedged items and which are managed together on a group basis for risk management can be designated in a hedging relationship as a net position hedged item. As such, for the year ended 31 March 2022, the Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item was a group of items with offsetting risk positions. Net investment hedges A net investment hedge is the hedge of the currency exposure on the retranslation of the Group\u2019s 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 consolidated income statement where it is included in the gain or loss on disposal of the foreign operation. Cash flow hedges Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the consolidated income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the consolidated income statement at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the consolidated income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the consolidated income statement immediately. Financial instruments by category Set out below is a comparison by category of carrying values and fair values of the Group\u2019s financial assets and financial liabilities: At 31 March 2023 Notes Amortised cost/cash \u00a3m Derivatives in a hedging relationship \u00a3m Hedged item (fair value hedge) \u00a3m Investments in equities \u00a3m Total carrying value \u00a3m Fair value \u00a3m Investments in equities 18 \u2013 \u2013 \u2013 42 42 42 Trade and other receivables 17 336 \u2013 \u2013 \u2013 336 336 Cash and cash equivalents 16 475 \u2013 \u2013 \u2013 475 475 Trade and other payables 25 (365) \u2013 \u2013 \u2013 (365) (365) Borrowings 26 (713) \u2013 \u2013 \u2013 (713) (662) Commodity derivative net liability \u2013 (1) \u2013 \u2013 (1) (1) The presentation in the consolidated statement of financial position of derivatives assets/(liabilities) and other financial assets/(liabilities) is shown on the next page. For the year ended 31 March 2022, the presentation for the other financial instruments was amended in order to classify the following assets and liabilities as held for sale: Investments in equities: \u00a312 million, trade and other receivables: \u00a3246 million; cash and cash equivalents: \u00a317 million; trade and other payables: \u00a3253 million; borrowings (relates to lease liabilities): \u00a374 million. Investments in equities comprise financial assets recognised at fair value through profit or loss (FVPL), and financial assets recognised at fair value through OCI (FVOCI). Further analysis is provided in Note 18. Trade and other receivables presented opposite excludes \u00a326 million relating to prepayments and non- current other receivables (2022 \u2013 \u00a320 million, of which \u00a34 million was classified as held for sale). Trade and other payables presented opposite excludes \u00a37 million relating to social security (2022 \u2013 \u00a310 million, of which \u00a34 million was included in held for sale). At 31 March 2022 Notes Amortised cost/cash \u00a3m Derivatives in a hedging relationship \u00a3m Hedged item (fair value hedge) \u00a3m Investments in equities \u00a3m Total carrying value \u00a3m Fair value \u00a3m Investments in equities 18 \u2013 \u2013 \u2013 58 58 58 Trade and other receivables 17 497 \u2013 \u2013 \u2013 497 497 Cash and cash equivalents 16 127 \u2013 \u2013 \u2013 127 127 Trade and other payables 25 (537) \u2013 \u2013 \u2013 (537) (537) Borrowings 26 (753) \u2013 \u2013 \u2013 (753) (735) Forward foreign exchange contract* \u2013 (31) \u2013 \u2013 (31) (31) Commodity derivative net assets \u2013 76 \u2013 \u2013 76 76 Net other current financial assets \u2212 commodity pricing contracts \u2013 \u2013 20 \u2013 20 20 * Deal contingent forward Financial instruments by category continued There are no listed bonds as at 31 March 2023 (2022 \u2013 \u00a3nil). At that date, the Group held US$800 million US Private Placement Notes with a carrying value of \u00a3645 million (2022 \u2013 \u00a3607 million) and a fair value of \u00a3594 million (2022 \u2013 \u00a3589 million) measured by discounted estimated cash flows based on broker dealer quotations and are categorised as Level 3 for fair value measurement. The remaining borrowings had a fair value measured by discounted estimated cash flows with an applicable market quoted yield and are categorised as Level 2 for fair value measurement. Derivatives assets/(liabilities) and other financial assets/(liabilities) are presented in the consolidated statement of financial position as follows: At 31 March 2023 At 31 March 2022 Assets \u00a3m Liabilities \u00a3m Assets \u00a3m Liabilities \u00a3m Non-current derivative financial instruments \u2013 \u2013 13 \u2013 Current derivative financial instruments 3 (4) 68 (36) Reclassified as assets/(liabilities) held for sale (Note 12) \u2013 \u2013 (65) 5 3 (4) 16 1 (31) 2 Other non-current financial assets/(liabilities) \u2013 \u2013 \u2013 \u2013 Other current financial assets/(liabilities) \u2013 \u2013 60 (40) Reclassified as assets/(liabilities) held for sale (Note 12) \u2013 \u2013 (58) 40 \u2013 \u2013 2 \u2013 1 At 31 March 2022, presented as \u00a33 million in non-current derivative assets and \u00a313 million in current derivative assets. 2 At 31 March 2022, presented as \u00a3nil in non-current derivative liabilities and \u00a331 million in current derivative liabilities. Included in assets held for sale at 31 March 2022 were cash flow hedges totalling \u00a344 million that related to discontinued operations, of which the most significant related to cash flow hedging using natural gas futures. The Group did not cease cash flow hedging such items upon classification of Primient as held for sale but did so upon completion of the Transaction. During the year ended 31 March 2023, the Group has recycled the gains to the income statement on the sale of Primient, which is included in the gain on the sale of Primient calculation. Refer to Note 12 for further details. Fair value hedges For the 2022 financial year only, the Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item is a group of items with offsetting risk positions. Refer to Note 2. At 31 March US net corn position (futures and basis) in effective fair value hedge accounting relationships 2023 \u00a3m 2022 \u00a3m Nominal amounts of corn futures contracts (expressed in millions of bushels) \u2013 1 bu Gross carrying amount of outstanding hedged items: assets \u2013 146 Gross carrying amount of outstanding hedged items: liabilities \u2013 (111) Carrying amount of hedging instrument \u2013 (3) Hedge ratio \u2013 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness \u2013 (6) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness \u2013 18 Ineffectiveness recognised in profit or loss \u2013 12 At 31 March US net corn position (net co-products) in effective fair value hedge accounting relationships 2023 \u00a3m 2022 \u00a3m Nominal amounts of co-product futures contracts (expressed in metric tonnes) \u2013 \u2013 Gross carrying amount of outstanding hedged items: assets \u2013 70 Gross carrying amount of outstanding hedged items: liabilities \u2013 (21) Carrying amount of hedging instrument \u2013 (2) Hedge ratio \u2013 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness \u2013 (2) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness \u2013 16 Ineffectiveness recognised in profit or loss \u2013 14 Net investment hedges The Group employs borrowings to hedge the currency risk associated with its net investments in subsidiaries located in the US and Europe. The Group\u2019s borrowings designated as net investment hedges are principally in US dollars and are presented in the table below. At 31 March Borrowings used to net investment hedge currency translation risk 2023 \u00a3m 2022 \u00a3m Notional principal amounts of borrowings (weighted liability) 552 530 Loss on translation of borrowings recognised in currency translation reserve (33) (26) Carrying amount of hedging instrument 552 530 Maturity date Oct 2023-Aug 2032 Oct 2023-Aug 2032 Hedge ratio 1:1 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness (33) (26) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness 33 26 Weighted average foreign currency rate for the year (/\u00a31) $1.26 $1.33 Ineffectiveness recognised in profit or loss \u2013 \u2013 Cumulative loss remaining in translation reserve 1 (137) (104) 1 Cumulative loss remaining in translation reserve in relation to US Private Placement Notes is \u00a380 million (2022 \u2013 \u00a347 million). There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the USD borrowing. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the fixed rate borrowing. In addition, in the year ended 31 March 2023, a weighted average total of \u00a31 million (2022 \u2013 \u00a3nil) of the Group\u2019s liabilities were designated as a hedge of the net investment in the Group\u2019s European operations. Translation of these liabilities taken to reserves was \u00a3nil (2022 \u2013 \u00a3nil). During the 2022 financial year, the Group entered into a deal contingent forward to hedge the currency risk associated with the consideration received from the Transaction which was partially used for the shareholder distribution on 16 May 2022. This deal contingent forward was designated as a hedging instrument in a net investment hedge with the hedged items being the Group\u2019s overseas operations in the US which were sold as part of the Transaction. Both the cost of hedging and the loss on the forward previously recognised in reserves and hedging reserve respectively have been recycled to the income statement and are included in the gain on disposal of Primient calculation. Refer to Note 12. At 31 March Deal contingent forward used to net investment hedge currency translation risk 2023 \u00a3m 2022 \u00a3m Notional principal amounts of deal contingent forward \u2013 464 Loss on the forward recognised in hedging reserve \u2013 (26) Carrying amount of hedging instrument \u2013 (31) Maturity date \u2013 4 April 2022 Hedge ratio \u2013 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness \u2013 (31) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness \u2013 26 Cost of hedging recognised in reserves \u2013 (5) Cash flow hedges The Group employs pricing contracts, principally futures, to hedge cash flow risk associated with forecast purchases of energy and chemicals used in the manufacturing process (ultimately recognised in cost of sales) which are designated as cash flow hedges. The fair value of these hedging instruments at 31 March 2023 is \u00a31 million liability (2022 \u2013 \u00a360 million asset). There is an economic relationship between the hedged items and the hedging instruments as the terms of the commodity futures match the terms of the expected highly probable forecast transactions. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the commodity futures are identical to the designated hedged risk components. Hedge ineffectiveness could arise from differences in timing of the cash flows of the hedged items or hedged instruments or changes to the forecasted amount of cash flows of hedged items and hedging instruments. However, there was no ineffectiveness recorded in the current or prior financial year. The most significant fair values are attributable to natural gas cash flow hedges for which the details are shown below. At 31 March Natural gas cash flow hedges 2023 \u00a3m 2022 \u00a3m Nominal amounts of futures contracts (each contract expressed in 10,000 mBTU of usage) 325 3 314 Gross carrying amount of outstanding hedged items: assets 4 \u2013 Gross carrying amount of outstanding hedged items: liabilities (1) (58) Carrying amount of hedging instrument (3) 58 Hedge ratio 1:1 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness (3) 58 Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness 3 (58) Ineffectiveness recognised in profit or loss \u2013 \u2013 29. Financial instruments continued The following tables illustrate the Group\u2019s financial assets and liabilities measured at fair value and fair value adjustments due to risks hedged: Cash flow hedges continued The following table identifies the movements in the cash flow hedging reserve during the year, and the At 31 March 2 023 periods in which the cash flows are expected to occur. The periods in which the cash flows are expected Level 1 Level 2 Level 3 Total to impact profit or loss are materially the same. Notes \u00a3m \u00a3m \u00a3m \u00a3m At 31 March Assets at fair value 2023 2022 Financial assets at FVPL 18 \u2013 \u2013 20 20 Commodity Commodity derivatives derivatives Financial assets at FVOCI 18 \u2013 \u2013 22 22 Cash flow hedge reserve \u00a3m \u00a3m Derivative financial instruments: Opening balance 50 4 \u2212 commodity derivatives 3 \u2013 \u2013 3 Fair value (loss)/gain in the year (2) 82 Assets at fair value 3 \u2013 42 45 Hedging gain transferred to inventory (19) (26) Fair value gain on cash flow hedges transferred to the Liabilities at fair value income statement (48) \u2013 Derivative financial instruments: Deferred tax 5 (13) \u2212 commodity derivatives (4) \u2013 \u2013 (4) Share of other comprehensive expense of joint venture net of tax (15) 3 Liabilities at fair value (4) \u2013 \u2013 (4) Closing balance (29) 50 1 Cash flows expected to occur : At 31 March 2022 \u2212 within one year (26) 53 Level 1 Level 2 Level 3 Total 1 Including the impact of foreign exchange differences included in translation reserve rather than hedging reserve. Notes \u00a3m \u00a3m \u00a3m \u00a3m Financial instruments measured at fair value: the fair value hierarchy Assets at fair value Fair value measurements are categorised into three different levels based on the degree to which the inputs Financial assets at FVPL 18 \u2013 \u2013 32 32 used to arrive at the fair value of the assets and liabilities are observable and the significance of the inputs to Financial assets at FVOCI 18 \u2013 \u2013 26 26 the fair value measurement in its entirety, as follows: Derivative financial instruments: \u2212 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the \u2212 commodity derivatives 81 \u2013 \u2013 81 Group can assess at the measurement date. The prices of equity shares or bonds quoted on the London Other financial assets (commodity pricing Stock Exchange are examples of Level 1 inputs. 1 contracts) \u2013 36 24 60 \u2212 Level 2 inputs are those, other than quoted prices included in Level 1, that are observable either directly or indirectly. Assets at fair value 81 36 82 199 \u2212 Level 3 inputs are unobservable inputs. The Group generally classifies assets or liabilities as Level 3 when Liabilities at fair value their fair value is determined using unobservable inputs that individually, or when aggregated with other Derivative financial instruments: unobservable inputs, represent more than 10% of the fair value of the observable inputs of the assets or liabilities. This would include expected future cash flows from budgets and forecasts the Group has \u2212 forward foreign exchange contract \u2013 (31) \u2013 (31) made. In the comparative period only, certain elements of the Group\u2019s commodity contract portfolio \u2212 commodity derivatives (5) \u2013 \u2013 (5) also fell into this category, as their values included significant management-derived assumptions. Other financial liabilities (commodity pricing 1 For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, contracts) \u2013 (2) (38) (40) the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing Liabilities at fair value (5) (33) (38) (76) categorisation (based on the lowest level of input that is significant to the fair value measurement as a 1 Fair value adjustments due to risks hedged. whole) at the end of the reporting period. There were no transfers between Level 1 and Level 2 fair value measurements during the period, and no transfers into or out of Level 3 fair value measurements during the year ended 31 March 2023. Financial instruments measured at fair value: the fair value hierarchy continued For the year ended 31 March 2022, the presentation for the financial assets and liabilities measured at fair value was amended in order to classify the following assets and liabilities as held for sale: financial assets at FVPL: \u00a312 million: commodity derivatives assets: \u00a365 million; other financial assets: \u00a358 million; commodity derivative liabilities: \u00a35 million and other financial liabilities: \u00a340 million. Level 3 financial assets The following table reconciles the movement in the Group\u2019s net financial instruments and fair value adjustments due to risks hedged classified in Level 3 of the fair value hierarchy: Commodity pricing contracts \u2013 assets \u00a3m Commodity pricing contracts \u2013 liabilities \u00a3m Financial assets at FVPL \u00a3m Financial assets at FVOCI \u00a3m Total \u00a3m At 1 April 2021 11 (26) 29 30 44 Income statement: \u2212 prior year amounts settled (11) 19 \u2013 \u2013 8 \u2212 current year unrealised net gain/(loss) in operating profit 24 (31) \u2013 \u2013 (7) Other comprehensive income \u2013 \u2013 \u2013 (4) (4) Non-qualified deferred compensation arrangements (Note 18) \u2013 \u2013 1 \u2013 1 Purchases \u2013 \u2013 4 \u2013 4 Disposals \u2013 \u2013 (4) \u2013 (4) Currency translation differences \u2013 \u2013 2 \u2013 2 Reclassification to (assets)/liabilities directly associated with the assets held for sale (22) 38 (12) \u2013 4 At 31 March 2022 2 \u2013 20 26 48 Income statement: \u2212 prior year amounts settled (2) \u2013 \u2013 \u2013 (2) Other comprehensive income \u2013 \u2013 \u2013 3 3 Re-measurement of non-qualified deferred compensation arrangements (Note 18) \u2013 \u2013 (2) \u2013 (2) Purchases \u2013 \u2013 3 \u2013 3 Disposals \u2013 \u2013 (3) (7) (10) Currency translation differences \u2013 \u2013 2 \u2013 2 At 31 March 2023 \u2013 \u2013 20 22 42 For the year ended 31 March 2022 only, the full impact to the consolidated income statement of movements in the corn price on the net corn and co-product position is described within the \u2018Price risk management\u2019 section of Note 30. The table below describes the valuation techniques in relation to Level 3 financial instruments and isolates the unobservable inputs. Year ended 31 March 2022 Type Valuation technique Significant unobservable inputs Sensitivity of the fair value measurement in reasonable changes to inputs Net corn position (refer to fair value of purchases, sales and inventory of corn-based products section in Note 2). Based on the Group\u2019s own assessment of the commodity, supply and demand, as well as expected pricing. 1. Co-products 1. A 25% increase/(decrease) in the price of co- products would result in a net increase/(decrease) in fair value of \u00a323 million in respect of Level 3 financial instruments. 2. Basis 2. A 50% increase/(decrease) in the cost of basis would result in a net increase/(decrease) in fair value of \u00a326 million in respect of Level 3 financial instruments. Year ended 31 March 2023 and 31 March 2022 Assets classified as FVOCI are long-term strategic investments that the Group does not control, nor have significant influence over. The investments are non-listed and are mainly start-ups or in the earlier stages of their lifecycle. Therefore, fair value has been determined based on the most recent funding rounds adjusted for indicators of impairment. The fair values assigned to each of the investments have different significant unobservable inputs. Assets classified as FVPL largely consists of a \u2018non-qualified defined contribution\u2019 pension scheme for which the movements in its assets are largely offset by corresponding movements on retirement benefit liabilities. For more details refer to Note 18. As discussed in Note 2, for the comparative year\u2019s two fair value hedges relating to the net corn position, there was significant estimation uncertainty in determining the fair values of the key unobservable inputs. The two key unobservable inputs are shown in the table above, together with the impact of a reasonably possible change in assumptions on the fair value of the Level 3 financial assets/liabilities only. In addition to the above, the Group\u2019s FVOCI and FVPL financial assets are sensitive to a number of market and non-market factors. ",
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"fact-456": {
"value": "Financial instruments comprise investments (other than investments in joint ventures), trade and other receivables, cash and cash equivalents, trade and other payables, borrowings and derivative financial instruments. Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on their use as explained below. 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. Where the hedging relationship is classified as a fair value hedge, the carrying amount of the hedged asset or liability is adjusted by, or a firm commitment is recorded for, the change in its fair value attributable to the hedged risk only and the resulting gain or loss is recognised in the consolidated income statement where, to the extent that the hedge is effective, it offsets the fair value gain or loss on the hedging instrument. As explained in Note 2, for the US net corn position for the year ended 31 March 2022 only, a group of items representing a net position and consisting of items that individually are eligible hedged items and which are managed together on a group basis for risk management can be designated in a hedging relationship as a net position hedged item. As such, for the year ended 31 March 2022, the Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item was a group of items with offsetting risk positions. Net investment hedges A net investment hedge is the hedge of the currency exposure on the retranslation of the Group\u2019s 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 consolidated income statement where it is included in the gain or loss on disposal of the foreign operation. Cash flow hedges Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the consolidated income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the consolidated income statement at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the consolidated income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the consolidated income statement immediately. ",
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"fact-487": {
"value": "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. Where the hedging relationship is classified as a fair value hedge, the carrying amount of the hedged asset or liability is adjusted by, or a firm commitment is recorded for, the change in its fair value attributable to the hedged risk only and the resulting gain or loss is recognised in the consolidated income statement where, to the extent that the hedge is effective, it offsets the fair value gain or loss on the hedging instrument. As explained in Note 2, for the US net corn position for the year ended 31 March 2022 only, a group of items representing a net position and consisting of items that individually are eligible hedged items and which are managed together on a group basis for risk management can be designated in a hedging relationship as a net position hedged item. As such, for the year ended 31 March 2022, the Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item was a group of items with offsetting risk positions. Net investment hedges A net investment hedge is the hedge of the currency exposure on the retranslation of the Group\u2019s 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 consolidated income statement where it is included in the gain or loss on disposal of the foreign operation. Cash flow hedges Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the consolidated income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the consolidated income statement at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the consolidated income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the consolidated income statement immediately. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-485": {
"value": "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. Where the hedging relationship is classified as a fair value hedge, the carrying amount of the hedged asset or liability is adjusted by, or a firm commitment is recorded for, the change in its fair value attributable to the hedged risk only and the resulting gain or loss is recognised in the consolidated income statement where, to the extent that the hedge is effective, it offsets the fair value gain or loss on the hedging instrument. As explained in Note 2, for the US net corn position for the year ended 31 March 2022 only, a group of items representing a net position and consisting of items that individually are eligible hedged items and which are managed together on a group basis for risk management can be designated in a hedging relationship as a net position hedged item. As such, for the year ended 31 March 2022, the Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item was a group of items with offsetting risk positions. Net investment hedges A net investment hedge is the hedge of the currency exposure on the retranslation of the Group\u2019s 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 consolidated income statement where it is included in the gain or loss on disposal of the foreign operation. Cash flow hedges Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the consolidated income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the consolidated income statement at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the consolidated income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the consolidated income statement immediately. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-483": {
"value": "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. Where the hedging relationship is classified as a fair value hedge, the carrying amount of the hedged asset or liability is adjusted by, or a firm commitment is recorded for, the change in its fair value attributable to the hedged risk only and the resulting gain or loss is recognised in the consolidated income statement where, to the extent that the hedge is effective, it offsets the fair value gain or loss on the hedging instrument. As explained in Note 2, for the US net corn position for the year ended 31 March 2022 only, a group of items representing a net position and consisting of items that individually are eligible hedged items and which are managed together on a group basis for risk management can be designated in a hedging relationship as a net position hedged item. As such, for the year ended 31 March 2022, the Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item was a group of items with offsetting risk positions. Net investment hedges A net investment hedge is the hedge of the currency exposure on the retranslation of the Group\u2019s 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 consolidated income statement where it is included in the gain or loss on disposal of the foreign operation. Cash flow hedges Derivatives are also held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded in a separate account within equity. Any ineffective elements of the hedge are recognised in the consolidated income statement. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to the consolidated income statement at the same time as the related cash flow. When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to the consolidated income statement. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to the consolidated income statement immediately. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-476": {
"value": "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. Where the hedging relationship is classified as a fair value hedge, the carrying amount of the hedged asset or liability is adjusted by, or a firm commitment is recorded for, the change in its fair value attributable to the hedged risk only and the resulting gain or loss is recognised in the consolidated income statement where, to the extent that the hedge is effective, it offsets the fair value gain or loss on the hedging instrument. As explained in Note 2, for the US net corn position for the year ended 31 March 2022 only, a group of items representing a net position and consisting of items that individually are eligible hedged items and which are managed together on a group basis for risk management can be designated in a hedging relationship as a net position hedged item. As such, for the year ended 31 March 2022, the Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item was a group of items with offsetting risk positions. ",
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-457": {
"value": "Financial instruments by category Set out below is a comparison by category of carrying values and fair values of the Group\u2019s financial assets and financial liabilities: At 31 March 2023 Notes Amortised cost/cash \u00a3m Derivatives in a hedging relationship \u00a3m Hedged item (fair value hedge) \u00a3m Investments in equities \u00a3m Total carrying value \u00a3m Fair value \u00a3m Investments in equities 18 \u2013 \u2013 \u2013 42 42 42 Trade and other receivables 17 336 \u2013 \u2013 \u2013 336 336 Cash and cash equivalents 16 475 \u2013 \u2013 \u2013 475 475 Trade and other payables 25 (365) \u2013 \u2013 \u2013 (365) (365) Borrowings 26 (713) \u2013 \u2013 \u2013 (713) (662) Commodity derivative net liability \u2013 (1) \u2013 \u2013 (1) (1) The presentation in the consolidated statement of financial position of derivatives assets/(liabilities) and other financial assets/(liabilities) is shown on the next page. For the year ended 31 March 2022, the presentation for the other financial instruments was amended in order to classify the following assets and liabilities as held for sale: Investments in equities: \u00a312 million, trade and other receivables: \u00a3246 million; cash and cash equivalents: \u00a317 million; trade and other payables: \u00a3253 million; borrowings (relates to lease liabilities): \u00a374 million. Investments in equities comprise financial assets recognised at fair value through profit or loss (FVPL), and financial assets recognised at fair value through OCI (FVOCI). Further analysis is provided in Note 18. Trade and other receivables presented opposite excludes \u00a326 million relating to prepayments and non- current other receivables (2022 \u2013 \u00a320 million, of which \u00a34 million was classified as held for sale). Trade and other payables presented opposite excludes \u00a37 million relating to social security (2022 \u2013 \u00a310 million, of which \u00a34 million was included in held for sale). At 31 March 2022 Notes Amortised cost/cash \u00a3m Derivatives in a hedging relationship \u00a3m Hedged item (fair value hedge) \u00a3m Investments in equities \u00a3m Total carrying value \u00a3m Fair value \u00a3m Investments in equities 18 \u2013 \u2013 \u2013 58 58 58 Trade and other receivables 17 497 \u2013 \u2013 \u2013 497 497 Cash and cash equivalents 16 127 \u2013 \u2013 \u2013 127 127 Trade and other payables 25 (537) \u2013 \u2013 \u2013 (537) (537) Borrowings 26 (753) \u2013 \u2013 \u2013 (753) (735) Forward foreign exchange contract* \u2013 (31) \u2013 \u2013 (31) (31) Commodity derivative net assets \u2013 76 \u2013 \u2013 76 76 Net other current financial assets \u2212 commodity pricing contracts \u2013 \u2013 20 \u2013 20 20 * Deal contingent forward There are no listed bonds as at 31 March 2023 (2022 \u2013 \u00a3nil). At that date, the Group held US$800 million US Private Placement Notes with a carrying value of \u00a3645 million (2022 \u2013 \u00a3607 million) and a fair value of \u00a3594 million (2022 \u2013 \u00a3589 million) measured by discounted estimated cash flows based on broker dealer quotations and are categorised as Level 3 for fair value measurement. The remaining borrowings had a fair value measured by discounted estimated cash flows with an applicable market quoted yield and are categorised as Level 2 for fair value measurement. Derivatives assets/(liabilities) and other financial assets/(liabilities) are presented in the consolidated statement of financial position as follows: At 31 March 2023 At 31 March 2022 Assets \u00a3m Liabilities \u00a3m Assets \u00a3m Liabilities \u00a3m Non-current derivative financial instruments \u2013 \u2013 13 \u2013 Current derivative financial instruments 3 (4) 68 (36) Reclassified as assets/(liabilities) held for sale (Note 12) \u2013 \u2013 (65) 5 3 (4) 16 1 (31) 2 Other non-current financial assets/(liabilities) \u2013 \u2013 \u2013 \u2013 Other current financial assets/(liabilities) \u2013 \u2013 60 (40) Reclassified as assets/(liabilities) held for sale (Note 12) \u2013 \u2013 (58) 40 \u2013 \u2013 2 \u2013 1 At 31 March 2022, presented as \u00a33 million in non-current derivative assets and \u00a313 million in current derivative assets. 2 At 31 March 2022, presented as \u00a3nil in non-current derivative liabilities and \u00a331 million in current derivative liabilities. Included in assets held for sale at 31 March 2022 were cash flow hedges totalling \u00a344 million that related to discontinued operations, of which the most significant related to cash flow hedging using natural gas futures. The Group did not cease cash flow hedging such items upon classification of Primient as held for sale but did so upon completion of the Transaction. During the year ended 31 March 2023, the Group has recycled the gains to the income statement on the sale of Primient, which is included in the gain on the sale of Primient calculation. Refer to Note 12 for further details. Fair value hedges For the 2022 financial year only, the Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item is a group of items with offsetting risk positions. Refer to Note 2. At 31 March US net corn position (futures and basis) in effective fair value hedge accounting relationships 2023 \u00a3m 2022 \u00a3m Nominal amounts of corn futures contracts (expressed in millions of bushels) \u2013 1 bu Gross carrying amount of outstanding hedged items: assets \u2013 146 Gross carrying amount of outstanding hedged items: liabilities \u2013 (111) Carrying amount of hedging instrument \u2013 (3) Hedge ratio \u2013 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness \u2013 (6) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness \u2013 18 Ineffectiveness recognised in profit or loss \u2013 12 At 31 March US net corn position (net co-products) in effective fair value hedge accounting relationships 2023 \u00a3m 2022 \u00a3m Nominal amounts of co-product futures contracts (expressed in metric tonnes) \u2013 \u2013 Gross carrying amount of outstanding hedged items: assets \u2013 70 Gross carrying amount of outstanding hedged items: liabilities \u2013 (21) Carrying amount of hedging instrument \u2013 (2) Hedge ratio \u2013 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness \u2013 (2) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness \u2013 16 Ineffectiveness recognised in profit or loss \u2013 14 Net investment hedges The Group employs borrowings to hedge the currency risk associated with its net investments in subsidiaries located in the US and Europe. The Group\u2019s borrowings designated as net investment hedges are principally in US dollars and are presented in the table below. At 31 March Borrowings used to net investment hedge currency translation risk 2023 \u00a3m 2022 \u00a3m Notional principal amounts of borrowings (weighted liability) 552 530 Loss on translation of borrowings recognised in currency translation reserve (33) (26) Carrying amount of hedging instrument 552 530 Maturity date Oct 2023-Aug 2032 Oct 2023-Aug 2032 Hedge ratio 1:1 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness (33) (26) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness 33 26 Weighted average foreign currency rate for the year (/\u00a31) $1.26 $1.33 Ineffectiveness recognised in profit or loss \u2013 \u2013 Cumulative loss remaining in translation reserve 1 (137) (104) 1 Cumulative loss remaining in translation reserve in relation to US Private Placement Notes is \u00a380 million (2022 \u2013 \u00a347 million). There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the USD borrowing. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the fixed rate borrowing. In addition, in the year ended 31 March 2023, a weighted average total of \u00a31 million (2022 \u2013 \u00a3nil) of the Group\u2019s liabilities were designated as a hedge of the net investment in the Group\u2019s European operations. Translation of these liabilities taken to reserves was \u00a3nil (2022 \u2013 \u00a3nil). During the 2022 financial year, the Group entered into a deal contingent forward to hedge the currency risk associated with the consideration received from the Transaction which was partially used for the shareholder distribution on 16 May 2022. This deal contingent forward was designated as a hedging instrument in a net investment hedge with the hedged items being the Group\u2019s overseas operations in the US which were sold as part of the Transaction. Both the cost of hedging and the loss on the forward previously recognised in reserves and hedging reserve respectively have been recycled to the income statement and are included in the gain on disposal of Primient calculation. Refer to Note 12. At 31 March Deal contingent forward used to net investment hedge currency translation risk 2023 \u00a3m 2022 \u00a3m Notional principal amounts of deal contingent forward \u2013 464 Loss on the forward recognised in hedging reserve \u2013 (26) Carrying amount of hedging instrument \u2013 (31) Maturity date \u2013 4 April 2022 Hedge ratio \u2013 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness \u2013 (31) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness \u2013 26 Cost of hedging recognised in reserves \u2013 (5) Cash flow hedges The Group employs pricing contracts, principally futures, to hedge cash flow risk associated with forecast purchases of energy and chemicals used in the manufacturing process (ultimately recognised in cost of sales) which are designated as cash flow hedges. The fair value of these hedging instruments at 31 March 2023 is \u00a31 million liability (2022 \u2013 \u00a360 million asset). There is an economic relationship between the hedged items and the hedging instruments as the terms of the commodity futures match the terms of the expected highly probable forecast transactions. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the commodity futures are identical to the designated hedged risk components. Hedge ineffectiveness could arise from differences in timing of the cash flows of the hedged items or hedged instruments or changes to the forecasted amount of cash flows of hedged items and hedging instruments. However, there was no ineffectiveness recorded in the current or prior financial year. The most significant fair values are attributable to natural gas cash flow hedges for which the details are shown below. At 31 March Natural gas cash flow hedges 2023 \u00a3m 2022 \u00a3m Nominal amounts of futures contracts (each contract expressed in 10,000 mBTU of usage) 325 3 314 Gross carrying amount of outstanding hedged items: assets 4 \u2013 Gross carrying amount of outstanding hedged items: liabilities (1) (58) Carrying amount of hedging instrument (3) 58 Hedge ratio 1:1 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness (3) 58 Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness 3 (58) Ineffectiveness recognised in profit or loss \u2013 \u2013 Cash flow hedges continued The following table identifies the movements in the cash flow hedging reserve during the year, and the periods in which the cash flows are expected to occur. The periods in which the cash flows are expected to impact profit or loss are materially the same. At 31 March 2023 2022 Commodity Commodity derivatives derivatives Cash flow hedge reserve \u00a3m \u00a3m Opening balance 50 4 Fair value (loss)/gain in the year (2) 82 Hedging gain transferred to inventory (19) (26) Fair value gain on cash flow hedges transferred to the income statement (48) \u2013 Deferred tax 5 (13) Share of other comprehensive expense of joint venture net of tax (15) 3 Closing balance (29) 50 1 Cash flows expected to occur : \u2212 within one year (26) 53 1 Including the impact of foreign exchange differences included in translation reserve rather than hedging reserve. ",
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"fact-477": {
"value": "Fair value hedges For the 2022 financial year only, the Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item is a group of items with offsetting risk positions. Refer to Note 2. At 31 March US net corn position (futures and basis) in effective fair value hedge accounting relationships 2023 \u00a3m 2022 \u00a3m Nominal amounts of corn futures contracts (expressed in millions of bushels) \u2013 1 bu Gross carrying amount of outstanding hedged items: assets \u2013 146 Gross carrying amount of outstanding hedged items: liabilities \u2013 (111) Carrying amount of hedging instrument \u2013 (3) Hedge ratio \u2013 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness \u2013 (6) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness \u2013 18 Ineffectiveness recognised in profit or loss \u2013 12 At 31 March US net corn position (net co-products) in effective fair value hedge accounting relationships 2023 \u00a3m 2022 \u00a3m Nominal amounts of co-product futures contracts (expressed in metric tonnes) \u2013 \u2013 Gross carrying amount of outstanding hedged items: assets \u2013 70 Gross carrying amount of outstanding hedged items: liabilities \u2013 (21) Carrying amount of hedging instrument \u2013 (2) Hedge ratio \u2013 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness \u2013 (2) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness \u2013 16 Ineffectiveness recognised in profit or loss \u2013 14 Net investment hedges The Group employs borrowings to hedge the currency risk associated with its net investments in subsidiaries located in the US and Europe. The Group\u2019s borrowings designated as net investment hedges are principally in US dollars and are presented in the table below. At 31 March Borrowings used to net investment hedge currency translation risk 2023 \u00a3m 2022 \u00a3m Notional principal amounts of borrowings (weighted liability) 552 530 Loss on translation of borrowings recognised in currency translation reserve (33) (26) Carrying amount of hedging instrument 552 530 Maturity date Oct 2023-Aug 2032 Oct 2023-Aug 2032 Hedge ratio 1:1 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness (33) (26) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness 33 26 Weighted average foreign currency rate for the year (/\u00a31) $1.26 $1.33 Ineffectiveness recognised in profit or loss \u2013 \u2013 Cumulative loss remaining in translation reserve 1 (137) (104) 1 Cumulative loss remaining in translation reserve in relation to US Private Placement Notes is \u00a380 million (2022 \u2013 \u00a347 million). There is an economic relationship between the hedged item and the hedging instrument as the net investment creates a translation risk that will match the foreign exchange risk on the USD borrowing. The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the fixed rate borrowing. In addition, in the year ended 31 March 2023, a weighted average total of \u00a31 million (2022 \u2013 \u00a3nil) of the Group\u2019s liabilities were designated as a hedge of the net investment in the Group\u2019s European operations. Translation of these liabilities taken to reserves was \u00a3nil (2022 \u2013 \u00a3nil). During the 2022 financial year, the Group entered into a deal contingent forward to hedge the currency risk associated with the consideration received from the Transaction which was partially used for the shareholder distribution on 16 May 2022. This deal contingent forward was designated as a hedging instrument in a net investment hedge with the hedged items being the Group\u2019s overseas operations in the US which were sold as part of the Transaction. Both the cost of hedging and the loss on the forward previously recognised in reserves and hedging reserve respectively have been recycled to the income statement and are included in the gain on disposal of Primient calculation. Refer to Note 12. At 31 March Deal contingent forward used to net investment hedge currency translation risk 2023 \u00a3m 2022 \u00a3m Notional principal amounts of deal contingent forward \u2013 464 Loss on the forward recognised in hedging reserve \u2013 (26) Carrying amount of hedging instrument \u2013 (31) Maturity date \u2013 4 April 2022 Hedge ratio \u2013 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness \u2013 (31) Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness \u2013 26 Cost of hedging recognised in reserves \u2013 (5) Cash flow hedges The Group employs pricing contracts, principally futures, to hedge cash flow risk associated with forecast purchases of energy and chemicals used in the manufacturing process (ultimately recognised in cost of sales) which are designated as cash flow hedges. The fair value of these hedging instruments at 31 March 2023 is \u00a31 million liability (2022 \u2013 \u00a360 million asset). There is an economic relationship between the hedged items and the hedging instruments as the terms of the commodity futures match the terms of the expected highly probable forecast transactions. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the commodity futures are identical to the designated hedged risk components. Hedge ineffectiveness could arise from differences in timing of the cash flows of the hedged items or hedged instruments or changes to the forecasted amount of cash flows of hedged items and hedging instruments. However, there was no ineffectiveness recorded in the current or prior financial year. The most significant fair values are attributable to natural gas cash flow hedges for which the details are shown below. At 31 March Natural gas cash flow hedges 2023 \u00a3m 2022 \u00a3m Nominal amounts of futures contracts (each contract expressed in 10,000 mBTU of usage) 325 3 314 Gross carrying amount of outstanding hedged items: assets 4 \u2013 Gross carrying amount of outstanding hedged items: liabilities (1) (58) Carrying amount of hedging instrument (3) 58 Hedge ratio 1:1 1:1 Change in intrinsic value of outstanding hedging instruments used to determine hedge effectiveness (3) 58 Change in intrinsic value of outstanding hedging item used to determine hedge effectiveness 3 (58) Ineffectiveness recognised in profit or loss \u2013 \u2013 Cash flow hedges continued The following table identifies the movements in the cash flow hedging reserve during the year, and the periods in which the cash flows are expected to occur. The periods in which the cash flows are expected to impact profit or loss are materially the same. At 31 March 2023 2022 Commodity Commodity derivatives derivatives Cash flow hedge reserve \u00a3m \u00a3m Opening balance 50 4 Fair value (loss)/gain in the year (2) 82 Hedging gain transferred to inventory (19) (26) Fair value gain on cash flow hedges transferred to the income statement (48) \u2013 Deferred tax 5 (13) Share of other comprehensive expense of joint venture net of tax (15) 3 Closing balance (29) 50 1 Cash flows expected to occur : \u2212 within one year (26) 53 1 Including the impact of foreign exchange differences included in translation reserve rather than hedging reserve. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-458": {
"value": "Financial instruments measured at fair value: the fair value hierarchy Fair value measurements are categorised into three different levels based on the degree to which the inputs used to arrive at the fair value of the assets and liabilities are observable and the significance of the inputs to the fair value measurement in its entirety, as follows: \u2212 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can assess at the measurement date. The prices of equity shares or bonds quoted on the London Stock Exchange are examples of Level 1 inputs. \u2212 Level 2 inputs are those, other than quoted prices included in Level 1, that are observable either directly or indirectly. \u2212 Level 3 inputs are unobservable 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. This would include expected future cash flows from budgets and forecasts the Group has made. In the comparative period only, certain elements of the Group\u2019s commodity contract portfolio also fell into this category, as their values included significant management-derived assumptions. For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level of input that is significant to the fair value measurement as a whole) at the end of the reporting period. There were no transfers between Level 1 and Level 2 fair value measurements during the period, and no transfers into or out of Level 3 fair value measurements during the year ended 31 March 2023. The following tables illustrate the Group\u2019s financial assets and liabilities measured at fair value and fair value adjustments due to risks hedged: At 31 March 2 Level 1 Level 2 Level 3 Total Notes \u00a3m \u00a3m \u00a3m \u00a3m Assets at fair value Financial assets at FVPL 18 \u2013 \u2013 20 20 Financial assets at FVOCI 18 \u2013 \u2013 22 22 Derivative financial instruments: \u2212 commodity derivatives 3 \u2013 \u2013 3 Assets at fair value 3 \u2013 42 45 Liabilities at fair value Derivative financial instruments: \u2212 commodity derivatives (4) \u2013 \u2013 (4) Liabilities at fair value (4) \u2013 \u2013 (4) At 31 March 2022 Level 1 Level 2 Level 3 Total Notes \u00a3m \u00a3m \u00a3m \u00a3m Assets at fair value Financial assets at FVPL 18 \u2013 \u2013 32 32 Financial assets at FVOCI 18 \u2013 \u2013 26 26 Derivative financial instruments: \u2212 commodity derivatives 81 \u2013 \u2013 81 Other financial assets (commodity pricing 1 contracts) \u2013 36 24 60 Assets at fair value 81 36 82 199 Liabilities at fair value Derivative financial instruments: \u2212 forward foreign exchange contract \u2013 (31) \u2013 (31) \u2212 commodity derivatives (5) \u2013 \u2013 (5) Other financial liabilities (commodity pricing 1 contracts) \u2013 (2) (38) (40) Liabilities at fair value (5) (33) (38) (76) 1 Fair value adjustments due to risks hedged. Financial instruments measured at fair value: the fair value hierarchy continued For the year ended 31 March 2022, the presentation for the financial assets and liabilities measured at fair value was amended in order to classify the following assets and liabilities as held for sale: financial assets at FVPL: \u00a312 million: commodity derivatives assets: \u00a365 million; other financial assets: \u00a358 million; commodity derivative liabilities: \u00a35 million and other financial liabilities: \u00a340 million. Level 3 financial assets The following table reconciles the movement in the Group\u2019s net financial instruments and fair value adjustments due to risks hedged classified in Level 3 of the fair value hierarchy: Commodity pricing contracts \u2013 assets \u00a3m Commodity pricing contracts \u2013 liabilities \u00a3m Financial assets at FVPL \u00a3m Financial assets at FVOCI \u00a3m Total \u00a3m At 1 April 2021 11 (26) 29 30 44 Income statement: \u2212 prior year amounts settled (11) 19 \u2013 \u2013 8 \u2212 current year unrealised net gain/(loss) in operating profit 24 (31) \u2013 \u2013 (7) Other comprehensive income \u2013 \u2013 \u2013 (4) (4) Non-qualified deferred compensation arrangements (Note 18) \u2013 \u2013 1 \u2013 1 Purchases \u2013 \u2013 4 \u2013 4 Disposals \u2013 \u2013 (4) \u2013 (4) Currency translation differences \u2013 \u2013 2 \u2013 2 Reclassification to (assets)/liabilities directly associated with the assets held for sale (22) 38 (12) \u2013 4 At 31 March 2022 2 \u2013 20 26 48 Income statement: \u2212 prior year amounts settled (2) \u2013 \u2013 \u2013 (2) Other comprehensive income \u2013 \u2013 \u2013 3 3 Re-measurement of non-qualified deferred compensation arrangements (Note 18) \u2013 \u2013 (2) \u2013 (2) Purchases \u2013 \u2013 3 \u2013 3 Disposals \u2013 \u2013 (3) (7) (10) Currency translation differences \u2013 \u2013 2 \u2013 2 At 31 March 2023 \u2013 \u2013 20 22 42 For the year ended 31 March 2022 only, the full impact to the consolidated income statement of movements in the corn price on the net corn and co-product position is described within the \u2018Price risk management\u2019 section of Note 30. The table below describes the valuation techniques in relation to Level 3 financial instruments and isolates the unobservable inputs. Year ended 31 March 2022 Type Valuation technique Significant unobservable inputs Sensitivity of the fair value measurement in reasonable changes to inputs Net corn position (refer to fair value of purchases, sales and inventory of corn-based products section in Note 2). Based on the Group\u2019s own assessment of the commodity, supply and demand, as well as expected pricing. 1. Co-products 1. A 25% increase/(decrease) in the price of co- products would result in a net increase/(decrease) in fair value of \u00a323 million in respect of Level 3 financial instruments. 2. Basis 2. A 50% increase/(decrease) in the cost of basis would result in a net increase/(decrease) in fair value of \u00a326 million in respect of Level 3 financial instruments. Year ended 31 March 2023 and 31 March 2022 Assets classified as FVOCI are long-term strategic investments that the Group does not control, nor have significant influence over. The investments are non-listed and are mainly start-ups or in the earlier stages of their lifecycle. Therefore, fair value has been determined based on the most recent funding rounds adjusted for indicators of impairment. The fair values assigned to each of the investments have different significant unobservable inputs. Assets classified as FVPL largely consists of a \u2018non-qualified defined contribution\u2019 pension scheme for which the movements in its assets are largely offset by corresponding movements on retirement benefit liabilities. For more details refer to Note 18. As discussed in Note 2, for the comparative year\u2019s two fair value hedges relating to the net corn position, there was significant estimation uncertainty in determining the fair values of the key unobservable inputs. The two key unobservable inputs are shown in the table above, together with the impact of a reasonably possible change in assumptions on the fair value of the Level 3 financial assets/liabilities only. In addition to the above, the Group\u2019s FVOCI and FVPL financial assets are sensitive to a number of market and non-market factors. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-478": {
"value": "Financial instruments measured at fair value: the fair value hierarchy Fair value measurements are categorised into three different levels based on the degree to which the inputs used to arrive at the fair value of the assets and liabilities are observable and the significance of the inputs to the fair value measurement in its entirety, as follows: \u2212 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can assess at the measurement date. The prices of equity shares or bonds quoted on the London Stock Exchange are examples of Level 1 inputs. \u2212 Level 2 inputs are those, other than quoted prices included in Level 1, that are observable either directly or indirectly. \u2212 Level 3 inputs are unobservable 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. This would include expected future cash flows from budgets and forecasts the Group has made. In the comparative period only, certain elements of the Group\u2019s commodity contract portfolio also fell into this category, as their values included significant management-derived assumptions. For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level of input that is significant to the fair value measurement as a whole) at the end of the reporting period. There were no transfers between Level 1 and Level 2 fair value measurements during the period, and no transfers into or out of Level 3 fair value measurements during the year ended 31 March 2023. The following tables illustrate the Group\u2019s financial assets and liabilities measured at fair value and fair value adjustments due to risks hedged: At 31 March 2 023 Level 1 Level 2 Level 3 Total Notes \u00a3m \u00a3m \u00a3m \u00a3m Assets at fair value Financial assets at FVPL 18 \u2013 \u2013 20 20 Financial assets at FVOCI 18 \u2013 \u2013 22 22 Derivative financial instruments: \u2212 commodity derivatives 3 \u2013 \u2013 3 Assets at fair value 3 \u2013 42 45 Liabilities at fair value Derivative financial instruments: \u2212 commodity derivatives (4) \u2013 \u2013 (4) Liabilities at fair value (4) \u2013 \u2013 (4) At 31 March 2022 Level 1 Level 2 Level 3 Total Notes \u00a3m \u00a3m \u00a3m \u00a3m Assets at fair value Financial assets at FVPL 18 \u2013 \u2013 32 32 Financial assets at FVOCI 18 \u2013 \u2013 26 26 Derivative financial instruments: \u2212 commodity derivatives 81 \u2013 \u2013 81 Other financial assets (commodity pricing 1 contracts) \u2013 36 24 60 Assets at fair value 81 36 82 199 Liabilities at fair value Derivative financial instruments: \u2212 forward foreign exchange contract \u2013 (31) \u2013 (31) \u2212 commodity derivatives (5) \u2013 \u2013 (5) Other financial liabilities (commodity pricing 1 contracts) \u2013 (2) (38) (40) Liabilities at fair value (5) (33) (38) (76) 1 Fair value adjustments due to risks hedged. Financial instruments measured at fair value: the fair value hierarchy continued For the year ended 31 March 2022, the presentation for the financial assets and liabilities measured at fair value was amended in order to classify the following assets and liabilities as held for sale: financial assets at FVPL: \u00a312 million: commodity derivatives assets: \u00a365 million; other financial assets: \u00a358 million; commodity derivative liabilities: \u00a35 million and other financial liabilities: \u00a340 million. Level 3 financial assets The following table reconciles the movement in the Group\u2019s net financial instruments and fair value adjustments due to risks hedged classified in Level 3 of the fair value hierarchy: Commodity pricing contracts \u2013 assets \u00a3m Commodity pricing contracts \u2013 liabilities \u00a3m Financial assets at FVPL \u00a3m Financial assets at FVOCI \u00a3m Total \u00a3m At 1 April 2021 11 (26) 29 30 44 Income statement: \u2212 prior year amounts settled (11) 19 \u2013 \u2013 8 \u2212 current year unrealised net gain/(loss) in operating profit 24 (31) \u2013 \u2013 (7) Other comprehensive income \u2013 \u2013 \u2013 (4) (4) Non-qualified deferred compensation arrangements (Note 18) \u2013 \u2013 1 \u2013 1 Purchases \u2013 \u2013 4 \u2013 4 Disposals \u2013 \u2013 (4) \u2013 (4) Currency translation differences \u2013 \u2013 2 \u2013 2 Reclassification to (assets)/liabilities directly associated with the assets held for sale (22) 38 (12) \u2013 4 At 31 March 2022 2 \u2013 20 26 48 Income statement: \u2212 prior year amounts settled (2) \u2013 \u2013 \u2013 (2) Other comprehensive income \u2013 \u2013 \u2013 3 3 Re-measurement of non-qualified deferred compensation arrangements (Note 18) \u2013 \u2013 (2) \u2013 (2) Purchases \u2013 \u2013 3 \u2013 3 Disposals \u2013 \u2013 (3) (7) (10) Currency translation differences \u2013 \u2013 2 \u2013 2 At 31 March 2023 \u2013 \u2013 20 22 42 For the year ended 31 March 2022 only, the full impact to the consolidated income statement of movements in the corn price on the net corn and co-product position is described within the \u2018Price risk management\u2019 section of Note 30. The table below describes the valuation techniques in relation to Level 3 financial instruments and isolates the unobservable inputs. Year ended 31 March 2022 Type Valuation technique Significant unobservable inputs Sensitivity of the fair value measurement in reasonable changes to inputs Net corn position (refer to fair value of purchases, sales and inventory of corn-based products section in Note 2). Based on the Group\u2019s own assessment of the commodity, supply and demand, as well as expected pricing. 1. Co-products 1. A 25% increase/(decrease) in the price of co- products would result in a net increase/(decrease) in fair value of \u00a323 million in respect of Level 3 financial instruments. 2. Basis 2. A 50% increase/(decrease) in the cost of basis would result in a net increase/(decrease) in fair value of \u00a326 million in respect of Level 3 financial instruments. Year ended 31 March 2023 and 31 March 2022 Assets classified as FVOCI are long-term strategic investments that the Group does not control, nor have significant influence over. The investments are non-listed and are mainly start-ups or in the earlier stages of their lifecycle. Therefore, fair value has been determined based on the most recent funding rounds adjusted for indicators of impairment. The fair values assigned to each of the investments have different significant unobservable inputs. Assets classified as FVPL largely consists of a \u2018non-qualified defined contribution\u2019 pension scheme for which the movements in its assets are largely offset by corresponding movements on retirement benefit liabilities. For more details refer to Note 18. As discussed in Note 2, for the comparative year\u2019s two fair value hedges relating to the net corn position, there was significant estimation uncertainty in determining the fair values of the key unobservable inputs. The two key unobservable inputs are shown in the table above, together with the impact of a reasonably possible change in assumptions on the fair value of the Level 3 financial assets/liabilities only. In addition to the above, the Group\u2019s FVOCI and FVPL financial assets are sensitive to a number of market and non-market factors. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-421": {
"value": "30. Risk management
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 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 of
Tate & Lyle PLC to manage financial risks include: swaps (both interest rate and currency), swaptions,
caps, forward rate agreements, foreign exchange contracts, commodity forward contracts and options,
and commodity futures.
The Chief Financial Officer retains overall responsibility for management of financial risk for the Group.
Most of the Group\u2019s financing, interest rate and foreign exchange risks are managed through the Group
treasury company, Tate & Lyle International Finance PLC. 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 the commodity trading functions in the US and Europe.
As noted in Note 2, since completion of the Primient disposal transaction on 1 April 2022, the Group has
continued to apply cash flow hedge accounting to manage its economic price exposure on the purchase
of energy and chemicals used in the production process. All corn procurement transferred to Primient on
completion of the disposal and the Group now procures corn from Primient (both for the manufacturing of
corn-based finished goods in the Group\u2019s US manufacturing sites and for corn embedded in the finished
goods manufactured by Primient and sold to the Group under long-term agreements). The Group has
ceased applying fair value hedge accounting to manage the net corn risk and instead manages the corn
price risk by using economic hedging principles such as entering into offsetting positions with its supplier
(Primient) and customers.
Market risks
Foreign exchange management
The Group operates internationally and is exposed to foreign exchange risks arising from commercial
transactions (transaction exposure), and from recognised assets, liabilities and investments in foreign
operations (translation exposure).
Transaction exposure
The Group manages foreign exchange transaction risk using economic hedging principles including
managing working capital levels and entering into offsetting arrangements wherever possible. The Group
uses limited foreign exchange forward contracts to hedge its exposure to foreign currency risk in some
circumstances. There is no material amount recognised in the statement of financial position or hedging
reserve in the current or prior period.
During the 2022 financial year, the Group entered into a deal contingent forward to hedge the currency
risk associated with the consideration received from the Transaction which was partially used for the
shareholder distribution on 16 May 2022. This deal contingent forward was designated as a hedging
instrument in a net investment hedge with the hedged items being the Group\u2019s overseas operations
in the US which were sold as part of the Transaction.
Translation exposure
The Group manages the foreign exchange exposure to net investments in overseas operations, particularly
in the US, by borrowing in US dollars, which provide a partial match for the Group\u2019s major foreign currency
assets. The detail of these net investment hedges, including the deal contingent forward entered into in the
prior year, is set out in Note 29.
The following table illustrates only the Group\u2019s sensitivity to the fluctuation of the Group\u2019s major currencies
against sterling on its consolidated income statement and other components of equity, assuming that each
exchange rate moves in isolation. The consolidated income statement impact is due to changes in the fair
value of monetary assets and liabilities including non-designated foreign currency derivatives. The equity
impact for foreign exchange sensitivity relates to non-derivative financial instruments hedging the Group\u2019s
net investments in its European and US operations.
At 31 March 2023 At 31 March 2022
Income
statement -/+
\u00a3m
Equity -/+
\u00a3m
Income
statement -/+
\u00a3m
Equity -/+
\u00a3m
Sterling/US dollar 10% change
1
1 34 1 44
Sterling/euro 10% change \u2013 \u2013 \u2013 \u2013
1 31 March 2022 sensitivity disclosures exclude the impact of the deal contingent forward which matured immediately after the year end on
completion of the Primient business disposal transaction.
Interest rate management
The Group has an exposure to interest rate risk, arising principally from changes in US dollar interest
rates. In the 2023 and 2022 financial years, the objective of optimising net finance expense and
reducing volatility in reported earnings was achieved by ensuring an optimal mix of fixed and floating
rate debt. The Group retains the option of entering into interest rate swaps and a full risk assessment
and recommendation is made to the Group\u2019s Board each year on how to best manage interest rate risk
for the forthcoming 12 months. The Group currently has low levels of net debt and secure long-term
borrowings which are mostly fixed at low interest rates.
The proportion of gross debt managed by the Group\u2019s treasury function at 31 March 2023 that was
fixed or capped for more than one year was 87% (2022 \u2013 88%). At 31 March 2023, the longest term of any
fixed rate debt held by the Group was until 2032 (2022 \u2013 until 2032).
Given the proportion of debt that is fixed rate debt, as at 31 March 2023, if interest rates increased by
100 basis points, Group profit before tax would increase by \u00a33 million (2022 \u2013 \u00a3nil). If interest rates
decreased by 100 basis points, or less where applicable, Group profit before tax would decrease by
\u00a33 million (2022 \u2013 \u00a31 million increase). If the Group maintains a consistent level of working capital benefit in
relation to supply-chain financing arrangements (see \u2018Liquidity risk management\u2019 section) then an increase
in interest rates of 100 basis points would decrease Group profit before tax by \u00a31 million (2022 \u2013 \u00a32 million).
The decrease compared to the comparative period is due to a significant proportion of supply-chain
financing exposure relating to the discontinued operations.
Price risk management
The Group employs limited pricing contracts, principally futures, to hedge cash flow risk associated with
certain forecast purchases of energy (gas) and chemicals used in the manufacturing process in North
America which are designated as cash flow hedges. Refer to Note 29. The Group\u2019s sensitivities in respect
of natural gas and chemical derivatives for a +/- 10% movement in underlying prices are both \u00a31 million.
In other regions (mainly Europe), energy volumes and price are locked in advance of physical delivery.
These contracts are classified as \u2018own use\u2019 contracts since they are entered into for the purpose of the
Group\u2019s ordinary operations.
All corn procurement transferred to Primient on completion of the Transaction and the Group now procures
corn from Primient (both for the manufacturing of corn-based finished goods in the Group\u2019s US
manufacturing sites and for corn embedded in the finished goods manufactured by Primient and sold to
the Group under long-term agreements). The Group now manages the corn price risk by using economic
hedging principles such as entering into offsetting positions with its supplier (Primient) and customers.
For certain contracts with Primient, the Group remains exposed to variations in basis and the price of co-
products. The Group\u2019s sensitivity in respect of basis for a 50% movement is \u00a35 million. Its sensitivity
in respect of co-products for a 25% movement is \u00a34 million.
In the 2022 financial year, the Group managed its US net corn position, comprising the purchase, sale
and recognition of corn and corn derived co-product inventory on a net basis. Each element of the net
corn position was marked to market on the basis that doing so aligns with the economics of the business
and minimises price risk volatility. The Group designated the components of its US net corn position into
two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products)
whereby the hedged item is a group of items with offsetting risk positions. The Group used certain
derivative financial instruments (mainly corn futures contracts) to manage this net position. In the prior
year, there was estimation required in determining the fair value of certain components of this net position.
The nature of these estimates is disclosed in Note 2. Given the net position for corn, as at 31 March 2022, a
50% increase/decrease in the price of corn would have resulted in a decrease/increase to the consolidated
income statement of \u00a317 million and related decrease/increase in other components of equity of \u00a31 million.
The sensitivity analysis on the key areas of estimation uncertainty relating to the prior year (price of
co-products and basis) and the carrying amounts impacted by estimation uncertainty are shown in
Note 29. Details of the valuation technique applied in the prior year are also included in Note 29.
Credit risk management
Counterparty credit risk arises from the placing of deposits (refer to Note 16) and entering into derivative
financial instrument contracts with banks and financial institutions, as well as credit exposures inherent
within the Group\u2019s outstanding receivables. The Group manages credit risk by entering into financial
instrument contracts substantially with investment grade counterparties approved by the Board.
The Board has approved maximum counterparty exposure limits for specified banks and financial
institutions based on the long-term credit ratings from major credit rating agencies. Trading limits assigned
to commercial customers are based on ratings from Dun & Bradstreet. In cases where published financial
ratings are not available or inconclusive, credit application, reference checking, measurement of
performance against agreed terms, and obtaining of customers\u2019 financial information such as liquidity
and turnover ratio, are required to evaluate customers\u2019 creditworthiness. Counterparties\u2019 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\u2019s trade receivables are short term in nature and are largely comprised of amounts receivable
from business customers. Concentrations of credit risk with respect to trade receivables are limited, with
our customer base including large, unrelated and internationally dispersed customers. The Group considers
its maximum exposure to credit risk at the year-end date is the carrying value of each class of financial
assets as disclosed under financial instruments by category on page 179. Refer to Note 17 for the effect
of expected credit loss on the Group\u2019s trade receivables.
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. The majority of the Group\u2019s borrowings are raised through the Group treasury company,
Tate & Lyle International Finance PLC, and are then on-lent to the business units on an arm\u2019s length basis.
At the year end, the Group held cash and cash equivalents of \u00a3475 million (2022 \u2013 \u00a3127 million) and had
committed undrawn facilities of US$800 million (\u00a3647 million) (2022 \u2013 \u00a3608 million). These resources are
maintained to provide liquidity back-up 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 Group policy requires that available liquidity (undrawn committed facilities plus
cash) is greater than \u00a3400 million and minimum liquidity requirements are maintained in order to retain an
investment grade credit rating, per any relevant published definitions of Standard & Poor\u2019s and Moody\u2019s.
The significant increase in cash and cash equivalents compared to the prior year is due to the proceeds
received from the Primient business disposal transaction on 1 April 2022 which was partially offset by the
funding of the special dividend on 16 May 2022 and the Quantum acquisition.
At 31 March 2023, the average maturity of the Group\u2019s drawn financing was 5.2 years (2022 \u2013 6.2 years).
To allow more effective management of interest rate risk and optimisation of overall cost of debt, the Group
policy is as follows: a) no more than 20% of the total Group gross debt plus undrawn committed facilities
should mature within 12 months from balance sheet date, b) the Group\u2019s core undrawn committed bank
facility must be refinanced no later than 12 months prior to its full maturity, and c) at least 50% of drawn debt
should have a maturity of more than 2.5 years. At 31 March 2023, after taking account of undrawn
committed facilities, the Group was compliant with the policy.
The Group has a core committed revolving credit facility of US$800 million of which US$100 million matures
in March 2025 and US$700 million matures in March 2026. This facility is unsecured and contains one
financial covenant, that the multiple of net debt to EBITDA, as defined in the facility agreement, should not
be greater than 3.5 times. The Group policy requires that net debt is managed within the target range of
1.0 \u2013 2.5 times EBITDA (including the impact of IFRS 16).
At 31 March 2023, the Group had US$800 million of US Private Placement Notes which mature between
2023 and 2032. In April 2023, the Group repaid the US$95 million US private debt floating rate note ahead of
its maturity using cash. These notes contain financial covenants that the multiple of net debt to EBITDA, as
defined in the note purchase agreement, should not be greater than 3.5 times.
The ratios for this financial covenant were:
Year ended 31 March
2023
Times
2022
Times
Net debt/EBITDA
1
0.6 1.1
1 This financial covenant applies to both the revolving credit facility and US Private Placement Notes.
Liquidity risk management continued 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 prior reporting periods, the Group complied with its financial covenants at all measurement points. (The Group is required to report on covenants after the interim and year-end reporting dates.) Note that the multiple of net debt to EBITDA as required for the financial covenants of the loan notes and revolving credit facility is a different measure to the simplified calculation of net debt to EBITDA used as a Group KPI. This KPI is more directly related to information in the Group\u2019s financial statements and is reported in Note 4. The table below analyses the undiscounted cash flows related to the Group\u2019s non-derivative financial liabilities and derivative assets and liabilities. At 31 March 2023 Liquidity analysis < 1 year \u00a3m 1 \u2013 5 years \u00a3m > 5 years \u00a3m Borrowings (102) (226) (323) Lease liabilities (14) (37) (13) Interest on borrowings (25) (66) (33) Trade and other payables (365) \u2013 \u2013 Derivative contracts: \u2212 receipts 168 \u2013 \u2013 \u2212 payments (168) \u2013 \u2013 Commodity derivatives (1) \u2013 \u2013 At 31 March 2022 Liquidity analysis < 1 year \u00a3m 1 \u2013 5 years \u00a3m > 5 years \u00a3m Borrowings (4) (228) (382) Lease liabilities 1 (33) (88) (24) Interest on borrowings (21) (71) (44) Trade and other payables (537) \u2013 \u2013 Derivative contracts: \u2212 receipts 160 \u2013 \u2013 \u2212 payments (160) \u2013 \u2013 \u2212 deal contingent forward receipt 464 \u2013 \u2013 \u2212 deal contingent forward payment (495) \u2013 \u2013 Commodity derivatives 62 14 \u2013 1 Cash flows related to lease liabilities included in discontinued operations include \u00a321 million to be paid in less than one year, \u00a351 million to be paid between one and five years, and \u00a38 million to be paid after more than five years. Derivative contracts include forward exchange contracts. Commodity pricing contracts included above represent options and futures. Commodity pricing contracts classified within Level 2 and Level 3 of fair value measurement for the 2022 financial year (included in other current financial assets/(liabilities) on the balance sheet) are not included in the liquidity analysis above as they are not settled for cash. The Group also participated in certain customer-led supply-chain financing arrangements which resulted in an earlier payment through an intermediary (usually a bank) at a discount. Other than a working capital benefit relating to these arrangements of \u00a387 million in the year ended 31 March 2023 (2022 \u2013 \u00a3199 million) and the supply-chain financing costs, there is no further impact on the Group\u2019s accounting on the basis that once the intermediary has settled the receivable there is no further recourse to the Group in the event the customer defaults on its payment to the intermediary. The classification of the receivable is not changed as the Group is not able to instigate collection ahead of the contractual terms of this arrangement meaning that the business model\u2019s objective continues to be holding assets in order to collect contractual cash flows. The discount incurred is recorded as a reduction of revenue. Note that the Group\u2019s utilisation of supply- chain financing arrangements has decreased significantly as the majority of supply-chain financing utilisation was weighted towards the discontinued operations. The Group also offers certain supply-chain financing arrangements to vendors. Under these arrangements the Group works with an intermediary to offer supply-chain financing to its vendors who want to be paid earlier at a discount. Under these arrangements suppliers can choose an accelerated payment via the intermediary for an interest cost based on the Group\u2019s credit rating. Amounts owed by the Group to intermediaries are presented in trade payables on the balance sheet and cash flows are presented in net cash generated from operating activities. This arrangement results in no costs to the Group. Amounts owed to the intermediary at 31 March 2023 were \u00a364 million (2022 \u2013 \u00a3nil). Sustainability The Group has linked its sustainability targets to key performance indicators in the committed undrawn facilities such that the margin paid for the facilities is adjusted for performance against specified targets achieved as evidenced by the relevant Sustainability Compliance Certificate. The amount arising as a result of any increase or reduction in the margin is re-invested in sustainability initiatives or paid to a sustainability charity or organisation supporting the United Nations Sustainable Development Goals. Capital risk management The Group\u2019s primary objectives in managing its capital are to safeguard the business as a going concern; to maintain the dividend policy; to maintain sufficient financial flexibility to undertake its investment plans; and to retain an investment-grade credit rating which enables access to debt capital markets. The Group\u2019s 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\u2019s business profile and the risk characteristics of its businesses. Tate & Lyle PLC has contractual relationships with Moody\u2019s and Standard & Poor\u2019s (S&P) for the provision of credit ratings. At 31 March 2023, the long-term credit rating from Moody\u2019s was Baa3 (stable outlook) (2022 \u2013 Baa3) and from S&P was BBB (stable outlook) (2022 \u2013 BBB). Liquidity risk management continued Capital risk management The Group regards its total capital as follows: At 31 March Note 2023 \u00a3m 2022 \u00a3m Net debt 28 238 626 Equity attributable to owners of the Company 1 189 1 619 Total capital 1 427 2 245 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-459": {
"value": "Market risks Foreign exchange management The Group operates internationally and is exposed to foreign exchange risks arising from commercial transactions (transaction exposure), and from recognised assets, liabilities and investments in foreign operations (translation exposure). Transaction exposure The Group manages foreign exchange transaction risk using economic hedging principles including managing working capital levels and entering into offsetting arrangements wherever possible. The Group uses limited foreign exchange forward contracts to hedge its exposure to foreign currency risk in some circumstances. There is no material amount recognised in the statement of financial position or hedging reserve in the current or prior period. During the 2022 financial year, the Group entered into a deal contingent forward to hedge the currency risk associated with the consideration received from the Transaction which was partially used for the shareholder distribution on 16 May 2022. This deal contingent forward was designated as a hedging instrument in a net investment hedge with the hedged items being the Group\u2019s overseas operations in the US which were sold as part of the Transaction. Translation exposure The Group manages the foreign exchange exposure to net investments in overseas operations, particularly in the US, by borrowing in US dollars, which provide a partial match for the Group\u2019s major foreign currency assets. The detail of these net investment hedges, including the deal contingent forward entered into in the prior year, is set out in Note 29. The following table illustrates only the Group\u2019s sensitivity to the fluctuation of the Group\u2019s major currencies against sterling on its consolidated income statement and other components of equity, assuming that each exchange rate moves in isolation. The consolidated income statement impact is due to changes in the fair value of monetary assets and liabilities including non-designated foreign currency derivatives. The equity impact for foreign exchange sensitivity relates to non-derivative financial instruments hedging the Group\u2019s net investments in its European and US operations. At 31 March 2023 At 31 March 2022 Income statement -/+ \u00a3m Equity -/+ \u00a3m Income statement -/+ \u00a3m Equity -/+ \u00a3m Sterling/US dollar 10% change 1 1 34 1 44 Sterling/euro 10% change \u2013 \u2013 \u2013 \u2013 1 31 March 2022 sensitivity disclosures exclude the impact of the deal contingent forward which matured immediately after the year end on completion of the Primient business disposal transaction. Interest rate management The Group has an exposure to interest rate risk, arising principally from changes in US dollar interest rates. In the 2023 and 2022 financial years, the objective of optimising net finance expense and reducing volatility in reported earnings was achieved by ensuring an optimal mix of fixed and floating rate debt. The Group retains the option of entering into interest rate swaps and a full risk assessment and recommendation is made to the Group\u2019s Board each year on how to best manage interest rate risk for the forthcoming 12 months. The Group currently has low levels of net debt and secure long-term borrowings which are mostly fixed at low interest rates. The proportion of gross debt managed by the Group\u2019s treasury function at 31 March 2023 that was fixed or capped for more than one year was 87% (2022 \u2013 88%). At 31 March 2023, the longest term of any fixed rate debt held by the Group was until 2032 (2022 \u2013 until 2032). Given the proportion of debt that is fixed rate debt, as at 31 March 2023, if interest rates increased by 100 basis points, Group profit before tax would increase by \u00a33 million (2022 \u2013 \u00a3nil). If interest rates decreased by 100 basis points, or less where applicable, Group profit before tax would decrease by \u00a33 million (2022 \u2013 \u00a31 million increase). If the Group maintains a consistent level of working capital benefit in relation to supply-chain financing arrangements (see \u2018Liquidity risk management\u2019 section) then an increase in interest rates of 100 basis points would decrease Group profit before tax by \u00a31 million (2022 \u2013 \u00a32 million). The decrease compared to the comparative period is due to a significant proportion of supply-chain financing exposure relating to the discontinued operations. Price risk management The Group employs limited pricing contracts, principally futures, to hedge cash flow risk associated with certain forecast purchases of energy (gas) and chemicals used in the manufacturing process in North America which are designated as cash flow hedges. Refer to Note 29. The Group\u2019s sensitivities in respect of natural gas and chemical derivatives for a +/- 10% movement in underlying prices are both \u00a31 million. In other regions (mainly Europe), energy volumes and price are locked in advance of physical delivery. These contracts are classified as \u2018own use\u2019 contracts since they are entered into for the purpose of the Group\u2019s ordinary operations. All corn procurement transferred to Primient on completion of the Transaction and the Group now procures corn from Primient (both for the manufacturing of corn-based finished goods in the Group\u2019s US manufacturing sites and for corn embedded in the finished goods manufactured by Primient and sold to the Group under long-term agreements). The Group now manages the corn price risk by using economic hedging principles such as entering into offsetting positions with its supplier (Primient) and customers. For certain contracts with Primient, the Group remains exposed to variations in basis and the price of co- products. The Group\u2019s sensitivity in respect of basis for a 50% movement is \u00a35 million. Its sensitivity in respect of co-products for a 25% movement is \u00a34 million. In the 2022 financial year, the Group managed its US net corn position, comprising the purchase, sale and recognition of corn and corn derived co-product inventory on a net basis. Each element of the net corn position was marked to market on the basis that doing so aligns with the economics of the business and minimises price risk volatility. The Group designated the components of its US net corn position into two effective fair value hedge accounting relationships (net corn (futures and basis) and net co-products) whereby the hedged item is a group of items with offsetting risk positions. The Group used certain derivative financial instruments (mainly corn futures contracts) to manage this net position. In the prior year, there was estimation required in determining the fair value of certain components of this net position. The nature of these estimates is disclosed in Note 2. Given the net position for corn, as at 31 March 2022, a 50% increase/decrease in the price of corn would have resulted in a decrease/increase to the consolidated income statement of \u00a317 million and related decrease/increase in other components of equity of \u00a31 million. The sensitivity analysis on the key areas of estimation uncertainty relating to the prior year (price of co-products and basis) and the carrying amounts impacted by estimation uncertainty are shown in Note 29. Details of the valuation technique applied in the prior year are also included in Note 29. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-460": {
"value": "Credit risk management Counterparty credit risk arises from the placing of deposits (refer to Note 16) and entering into derivative financial instrument contracts with banks and financial institutions, as well as credit exposures inherent within the Group\u2019s outstanding receivables. The Group manages credit risk by entering into financial instrument contracts substantially with investment grade counterparties approved by the Board. The Board has approved maximum counterparty exposure limits for specified banks and financial institutions based on the long-term credit ratings from major credit rating agencies. Trading limits assigned to commercial customers are based on ratings from Dun & Bradstreet. In cases where published financial ratings are not available or inconclusive, credit application, reference checking, measurement of performance against agreed terms, and obtaining of customers\u2019 financial information such as liquidity and turnover ratio, are required to evaluate customers\u2019 creditworthiness. Counterparties\u2019 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\u2019s trade receivables are short term in nature and are largely comprised of amounts receivable from business customers. Concentrations of credit risk with respect to trade receivables are limited, with our customer base including large, unrelated and internationally dispersed customers. The Group considers its maximum exposure to credit risk at the year-end date is the carrying value of each class of financial assets as disclosed under financial instruments by category on page 179. Refer to Note 17 for the effect of expected credit loss on the Group\u2019s trade receivables. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-461": {
"value": "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. The majority of the Group\u2019s borrowings are raised through the Group treasury company, Tate & Lyle International Finance PLC, and are then on-lent to the business units on an arm\u2019s length basis. At the year end, the Group held cash and cash equivalents of \u00a3475 million (2022 \u2013 \u00a3127 million) and had committed undrawn facilities of US$800 million (\u00a3647 million) (2022 \u2013 \u00a3608 million). These resources are maintained to provide liquidity back-up 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 Group policy requires that available liquidity (undrawn committed facilities plus cash) is greater than \u00a3400 million and minimum liquidity requirements are maintained in order to retain an investment grade credit rating, per any relevant published definitions of Standard & Poor\u2019s and Moody\u2019s. The significant increase in cash and cash equivalents compared to the prior year is due to the proceeds received from the Primient business disposal transaction on 1 April 2022 which was partially offset by the funding of the special dividend on 16 May 2022 and the Quantum acquisition. At 31 March 2023, the average maturity of the Group\u2019s drawn financing was 5.2 years (2022 \u2013 6.2 years). To allow more effective management of interest rate risk and optimisation of overall cost of debt, the Group policy is as follows: a) no more than 20% of the total Group gross debt plus undrawn committed facilities should mature within 12 months from balance sheet date, b) the Group\u2019s core undrawn committed bank facility must be refinanced no later than 12 months prior to its full maturity, and c) at least 50% of drawn debt should have a maturity of more than 2.5 years. At 31 March 2023, after taking account of undrawn committed facilities, the Group was compliant with the policy. The Group has a core committed revolving credit facility of US$800 million of which US$100 million matures in March 2025 and US$700 million matures in March 2026. This facility is unsecured and contains one financial covenant, that the multiple of net debt to EBITDA, as defined in the facility agreement, should not be greater than 3.5 times. The Group policy requires that net debt is managed within the target range of 1.0 \u2013 2.5 times EBITDA (including the impact of IFRS 16). At 31 March 2023, the Group had US$800 million of US Private Placement Notes which mature between 2023 and 2032. In April 2023, the Group repaid the US$95 million US private debt floating rate note ahead of its maturity using cash. These notes contain financial covenants that the multiple of net debt to EBITDA, as defined in the note purchase agreement, should not be greater than 3.5 times. The ratios for this financial covenant were: Year ended 31 March 2023 Times 2022 Times Net debt/EBITDA 1 0.6 1.1 1 This financial covenant applies to both the revolving credit facility and US Private Placement Notes. Liquidity risk management continued 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 prior reporting periods, the Group complied with its financial covenants at all measurement points. (The Group is required to report on covenants after the interim and year-end reporting dates.) Note that the multiple of net debt to EBITDA as required for the financial covenants of the loan notes and revolving credit facility is a different measure to the simplified calculation of net debt to EBITDA used as a Group KPI. This KPI is more directly related to information in the Group\u2019s financial statements and is reported in Note 4. The table below analyses the undiscounted cash flows related to the Group\u2019s non-derivative financial liabilities and derivative assets and liabilities. At 31 March 2023 Liquidity analysis < 1 year \u00a3m 1 \u2013 5 years \u00a3m > 5 years \u00a3m Borrowings (102) (226) (323) Lease liabilities (14) (37) (13) Interest on borrowings (25) (66) (33) Trade and other payables (365) \u2013 \u2013 Derivative contracts: \u2212 receipts 168 \u2013 \u2013 \u2212 payments (168) \u2013 \u2013 Commodity derivatives (1) \u2013 \u2013 At 31 March 2022 Liquidity analysis < 1 year \u00a3m 1 \u2013 5 years \u00a3m > 5 years \u00a3m Borrowings (4) (228) (382) Lease liabilities 1 (33) (88) (24) Interest on borrowings (21) (71) (44) Trade and other payables (537) \u2013 \u2013 Derivative contracts: \u2212 receipts 160 \u2013 \u2013 \u2212 payments (160) \u2013 \u2013 \u2212 deal contingent forward receipt 464 \u2013 \u2013 \u2212 deal contingent forward payment (495) \u2013 \u2013 Commodity derivatives 62 14 \u2013 1 Cash flows related to lease liabilities included in discontinued operations include \u00a321 million to be paid in less than one year, \u00a351 million to be paid between one and five years, and \u00a38 million to be paid after more than five years. Derivative contracts include forward exchange contracts. Commodity pricing contracts included above represent options and futures. Commodity pricing contracts classified within Level 2 and Level 3 of fair value measurement for the 2022 financial year (included in other current financial assets/(liabilities) on the balance sheet) are not included in the liquidity analysis above as they are not settled for cash. The Group also participated in certain customer-led supply-chain financing arrangements which resulted in an earlier payment through an intermediary (usually a bank) at a discount. Other than a working capital benefit relating to these arrangements of \u00a387 million in the year ended 31 March 2023 (2022 \u2013 \u00a3199 million) and the supply-chain financing costs, there is no further impact on the Group\u2019s accounting on the basis that once the intermediary has settled the receivable there is no further recourse to the Group in the event the customer defaults on its payment to the intermediary. The classification of the receivable is not changed as the Group is not able to instigate collection ahead of the contractual terms of this arrangement meaning that the business model\u2019s objective continues to be holding assets in order to collect contractual cash flows. The discount incurred is recorded as a reduction of revenue. Note that the Group\u2019s utilisation of supply- chain financing arrangements has decreased significantly as the majority of supply-chain financing utilisation was weighted towards the discontinued operations. The Group also offers certain supply-chain financing arrangements to vendors. Under these arrangements the Group works with an intermediary to offer supply-chain financing to its vendors who want to be paid earlier at a discount. Under these arrangements suppliers can choose an accelerated payment via the intermediary for an interest cost based on the Group\u2019s credit rating. Amounts owed by the Group to intermediaries are presented in trade payables on the balance sheet and cash flows are presented in net cash generated from operating activities. This arrangement results in no costs to the Group. Amounts owed to the intermediary at 31 March 2023 were \u00a364 million (2022 \u2013 \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-462": {
"value": "Capital risk management The Group\u2019s primary objectives in managing its capital are to safeguard the business as a going concern; to maintain the dividend policy; to maintain sufficient financial flexibility to undertake its investment plans; and to retain an investment-grade credit rating which enables access to debt capital markets. The Group\u2019s 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\u2019s business profile and the risk characteristics of its businesses. Tate & Lyle PLC has contractual relationships with Moody\u2019s and Standard & Poor\u2019s (S&P) for the provision of credit ratings. At 31 March 2023, the long-term credit rating from Moody\u2019s was Baa3 (stable outlook) (2022 \u2013 Baa3) and from S&P was BBB (stable outlook) (2022 \u2013 BBB). Capital risk management The Group regards its total capital as follows: At 31 March Note 2023 \u00a3m 2022 \u00a3m Net debt 28 238 626 Equity attributable to owners of the Company 1 189 1 619 Total capital 1 427 2 245 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-422": {
"value": "31. Retirement benefit obligations For accounting purposes, a valuation of each of the defined benefit plans is carried out annually at 31 March using 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 period-end date. Where a plan holds a qualifying insurance policy, the fair value of the policy is equivalent to the present value of the related benefit obligations. A deficit or surplus is recognised on each plan, representing the difference between the present value of the benefit obligation and the fair value of the plan assets. The costs of the defined benefit plan that are recognised in the consolidated income statement include the current service cost, any past service cost and the interest on the net deficit or surplus. Gains or losses on curtailments or settlements of the plans are recognised in the consolidated income statement in the period in which the curtailment or settlement occurs. Plan administration costs incurred by the Group are also recognised in the consolidated income statement. Interest on the net deficit or surplus is calculated by applying the discount rate that is used in measuring the present value of the benefit obligation to the opening deficit or surplus. Re-measurements of the deficit or surplus are recognised in other comprehensive income. Re-measurements 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. For defined contribution plans, contributions made by the Group to defined contribution pension schemes are recognised in the consolidated income statement in the period in which they fall due. Plan information The Group operates a number of defined benefit pension plans, principally in the UK and the US. At 31 March 2023, the Group\u2019s retirement benefit obligations are in a net deficit of \u00a3100 million (2022 \u2013 deficit of \u00a3107 million). The UK final salary plans primarily comprise funded retirement benefit plans where plan assets were previously held separately from those of the Group in funds that were under the control of trustees. In the 2020 financial year, the Group supported the trustees of the main UK pension scheme in completing a \u00a3930 million bulk annuity insurance policy \u2018buy-in\u2019 for that scheme. As a result, the assets of the main UK pension scheme were replaced with an insurance asset matching UK scheme liabilities. In the current year, the actuarial movements in the liabilities subject to the \u2018buy-in\u2019 are matched by an equal and opposite movement on its assets both recorded in other comprehensive income. The UK plans are closed to new entrants and to future accrual. In the UK, scheme members can elect to forego a portion of their future pension benefits, in return for a lump sum payment, or a transfer out to other arrangements. These amounts are excluded from future benefit projections. The US plans, presented below, principally comprise: \u2212 two funded plans where plan assets are held separately from those of the Group in funds that are under the control of an investment management committee. These plans are closed to new entrants and to future accrual; \u2212 a retirement benefit plan to certain employees which is funded but the associated assets do not qualify for recognition as IAS 19 plan assets. As such the plan is presented below as funded. The related assets are recognised as FVPL assets within investments in equities (refer to Note 18). This is referred to as \u2018non- qualified deferred compensation arrangements\u2019 within this note; \u2212 a retirement benefit plan for certain employees which is unfunded and non-qualified for tax purposes; \u2212 an unfunded retirement medical plan where the costs of providing these benefits are recognised in the period in which they are incurred. 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 liability associated with this plan at 31 March 2023 was \u00a338 million (2022 \u2013 \u00a340 million, which excludes the \u00a316 million designated as held for sale). The Group paid \u00a35 million (2022 \u2013 \u00a34 million) into this plan in the year. Details on assumptions applied in the calculation of the liability and sensitivity analysis thereon is included in this note. 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 \u00a310 million (2022 \u2013 \u00a39 million). On disposal of the Primient business, the Group retained all US defined benefit pension schemes but certain obligations were disposed of including funded non-qualified deferred compensation arrangements as well as the unfunded post-retirement medical plan relating to employees who transitioned to the Primient business (together a net deficit of \u00a328 million, classified as held for sale as at 31 March 2022). Movement in net defined benefit asset/(liability) Analysis of net defined benefit asset/(liability) At 31 March 2023 At 31 March 2022 UK plans* \u00a3m US plans \u00a3m Total \u00a3m UK plans* \u00a3m US plans \u00a3m Total \u00a3m Benefit obligations: Funded plans (621) (433) (1 054) (881) (484) (1 365) Unfunded plans (4) (84) (88) (4) (105) (109) (625) (517) (1 142) (885) (589) (1 474) Fair value of plan assets 616 426 1 042 867 472 1 339 (9) (91) (100) (18) (117) (135) Reclassification to liabilities directly associated with the assets held for sale \u2013 \u2013 \u2013 \u2013 28 28 Net deficit (9) (91) (100) (18) (89) (107) Presented in the statement of financial position as: Retirement benefit surplus 5 13 18 3 20 23 Retirement benefit deficit (14) (104) (118) (21) (109) (130) (9) (91) (100) (18) (89) (107) Liabilities directly associated with the assets held for sale \u2013 \u2013 \u2013 \u2013 (28) (28) (9) (91) (100) (18) (117) (135) * Includes \u00a34 million (2022 \u2013 \u00a34 million) relating to legacy unfunded retirement benefit plans of European subsidiaries. Net defined benefit asset/(liability) reconciliation UK plans \u00a3m US plans funded \u00a3m US plans unfunded* \u00a3m Total \u00a3m Net deficit at 1 April 2022 (18) \u2013 (89) (107) Income statement: \u2212 current service costs \u2013 \u2013 \u2013 \u2013 \u2212 administration costs (1) (1) \u2013 (2) \u2212 net interest expense US plans \u2013 \u2013 (3) (3) Other comprehensive income: \u2212 actual return lower than interest on plan assets (226) (63) \u2013 (289) \u2212 actuarial gain/(loss): \u2013 changes in financial assumptions 244 51 10 305 \u2013 changes in demographic assumptions 13 (1) (4) 8 \u2013 experience against assumptions (22) 5 (1) (18) Other movements: \u2212 employer\u2019s contribution 2 \u2013 9 11 \u2212 non-qualified deferred compensation arrangements \u2013 2 \u2013 2 \u2212 currency translation differences (1) \u2013 (6) (7) Net deficit at 31 March 2023 (9) (7) (84) (100) * Included within US unfunded plans is the retirement medical plan of \u00a338 million (2022 \u2013 \u00a340 million). Analysis of movement in the benefit obligations UK plans \u00a3m US plans funded \u00a3m US plans unfunded \u00a3m Total \u00a3m At 1 April 2022 (885) (472) (89) (1 446) Income statement: \u2212 current service costs \u2013 \u2013 \u2013 \u2013 \u2212 interest costs (23) (17) (3) (43) Other comprehensive income: \u2212 actuarial gain/(loss): \u2013 changes in financial assumptions 244 51 10 305 \u2013 changes in demographic assumptions 13 (1) (4) 8 \u2013 experience against assumptions (22) 5 (1) (18) Other movements: \u2212 benefits paid 49 31 9 89 \u2212 non-qualified deferred compensation arrangements \u2013 2 \u2013 2 \u2212 currency translation differences (1) (32) (6) (39) At 31 March 2023 (625) (433) (84) (1 142) Analysis of movement in plan assets UK plans \u00a3m US plans funded \u00a3m US plans unfunded \u00a3m Total \u00a3m At 1 April 2022 867 472 \u2013 1 339 Income statement: \u2212 administration costs (1) (1) \u2013 (2) \u2212 interest gains 23 17 \u2013 40 Other comprehensive income: \u2212 actual return lower than interest on plan assets (226) (63) \u2013 (289) Other movements: \u2212 employer\u2019s contribution 2 \u2013 \u2013 2 \u2212 benefits paid (49) (31) \u2013 (80) \u2212 currency translation differences \u2013 32 \u2013 32 At 31 March 2023 616 426 \u2013 1 042 Significant assumptions For accounting purposes, the benefit obligation of each plan is based on assumptions made by the Group on the advice of independent actuaries. For the UK defined benefit pension plan these \u2018best estimate\u2019 IAS 19 assumptions are different to the more prudent assumptions used for funding valuation purposes. For the US defined benefit pension plan, the funding valuation assumptions are identical to the IAS 19 assumptions. At 31 March 2023 At 31 March 2022 Principal assumptions UK US UK US Inflation rate 2.8%/3.3% 2.5% 3.2%/3.8% 2.5% Expected rate of salary increases n/a n/a n/a 2.5% Expected rate of pension increases: \u2212 deferred pensions 2.8% n/a 3.2% n/a \u2212 pensions in payment 3.2% n/a 3.6% n/a Discount rate 4.8% 4.6% 2.7% 3.4% Average life expectancy \u2212 male aged 65 now/in 20 years 20.9/22.5 years 20.6/23.4 years 21.3/22.9 years 20.5/23.3 years \u2212 female aged 65 now/in 20 years 23.6/25.2 years 22.6/25.3 years 23.8/25.5 years 22.5/25.2 years Principal assumptions used in calculating the US medical benefit obligation are medical cost inflation and the discount rate applied to the expected benefit payments. The Group has assumed medical cost inflation at 6.0% per annum (2022 \u2013 6.5%), grading down to 6% by 2024, and used a discount rate of 4.6% (2022 \u2013 3.4%). Significant assumptions At 31 March 2023, the sensitivity of the net surplus/(deficit) on the plans to changes in the principal assumptions was as follows (assuming in each case that the other assumptions are unchanged): Increase/(decrease) in obligation Change in assumptions +/- Impact of increase in assumption \u00a3m Impact of decrease in assumption \u00a3m Inflation rate 1 50 bp 6 (38) Life expectancy 1 year 51 (51) Discount rate 50 bp (54) 59 1 Inflation rate sensitivity covers the inflation assumption, expected rate of salary increases assumption and expected rate of pensions in payment increases assumption. Analysis of plan assets Year ended 31 March 2023 Year ended 31 March 2022 UK \u00a3m US \u00a3m Total \u00a3m UK \u00a3m US \u00a3m Total \u00a3m Quoted 1 Equities 3 \u2013 3 3 \u2013 3 Corporate bonds 2 \u2013 2 2 \u2013 2 Investment funds 5 \u2013 5 5 \u2013 5 Liability Driven Investments (LDI) fixed income \u2013 422 422 \u2013 468 468 Cash 7 \u2013 7 7 \u2013 7 Unquoted Insurance policies 599 4 603 850 4 854 616 426 1 042 867 472 1 339 1 Quoted assets contain certain pooled funds where the underlying assets are quoted. The fair value of the insurance policies is deemed to be equivalent to the present value of the related benefit obligation. The Group also paid an additional \u00a35 million (2022 \u2013 \u00a34 million) into the US unfunded retirement medical plans and \u00a34 million (2022 \u2013 \u00a34 million) into the US unfunded pension plans to meet the cost of providing benefits in the financial year. Maturity profile At 31 March 2023, the weighted average duration of the plans and the benefit payments expected by the plans are as follows: UK plans \u00a3m US plans \u00a3m Total \u00a3m Weighted average duration (years) 10.9 9.2 10.1 Benefit payments expected: \u2212 within 12 months 41 50 91 \u2212 between 1 to 5 years 171 191 362 \u2212 between 6 to 10 years 215 216 431 Funding of the plans 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. The main UK scheme triennial valuation as at 31 March 2019 was concluded during the year ended 31 March 2020 and, given that the liabilities were secured through the purchase of a bulk annuity insurance policy, both core contributions to the scheme and supplementary contributions to the secured funding account has ceased. The Group continues to fund ongoing administration costs of the main UK scheme, \u00a31 million for this financial year and \u00a31 million of contributions for the other UK scheme. In respect of the US plans no contributions were paid to the funded plans, \u00a34 million to the unfunded pension plan with \u00a35 million paid for health plans. During the year ending 31 March 2024 the Group expects to contribute approximately \u00a38 million to its defined benefit pension plans and to pay approximately \u00a34 million in relation to retirement medical benefits, principally in the US. 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. Risk mitigation Risk Action taken Investment and longevity risks The investment and longevity risks for the main UK scheme have been fully insured through the purchase of a qualifying bulk annuity insurance policy during the year ended 31 March 2020, whilst the remaining assets of the funded defined benefit plans in the US are predominantly held in fixed interest security type investments, as a result of the de-risking initiatives through the sale of equities and some investment funds. At 31 March 2023, \u00a3603 million (2022 \u2013 \u00a3854 million) of the benefit obligation was fully matched by qualifying insurance policies that also mitigate longevity and investment risks. Interest rate risk The bulk annuity insurance policy has nullified the interest rate risk for the main UK scheme. For the US funded plans, the Group seeks to ensure that, as far as practicable, the investment portfolios are invested in securities with maturities and in currencies that match the expected future benefit payments as they fall due. Inflation risk Inflation risk for the main UK scheme has also been nullified due to the bulk annuity policy. The deferred pensions and pensions in payment in the US funded plans do not attract inflation increases. Some inflation risk exists in relation to the employee members\u2019 benefits which is mitigated by holding index-linked government bonds and corporate bonds. ",
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"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-463": {
"value": "For accounting purposes, a valuation of each of the defined benefit plans is carried out annually at 31 March using 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 period-end date. Where a plan holds a qualifying insurance policy, the fair value of the policy is equivalent to the present value of the related benefit obligations. A deficit or surplus is recognised on each plan, representing the difference between the present value of the benefit obligation and the fair value of the plan assets. The costs of the defined benefit plan that are recognised in the consolidated income statement include the current service cost, any past service cost and the interest on the net deficit or surplus. Gains or losses on curtailments or settlements of the plans are recognised in the consolidated income statement in the period in which the curtailment or settlement occurs. Plan administration costs incurred by the Group are also recognised in the consolidated income statement. Interest on the net deficit or surplus is calculated by applying the discount rate that is used in measuring the present value of the benefit obligation to the opening deficit or surplus. Re-measurements of the deficit or surplus are recognised in other comprehensive income. Re-measurements 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. For defined contribution plans, contributions made by the Group to defined contribution pension schemes are recognised in the consolidated income statement in the period in which they fall due. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-464": {
"value": "Plan information The Group operates a number of defined benefit pension plans, principally in the UK and the US. At 31 March 2023, the Group\u2019s retirement benefit obligations are in a net deficit of \u00a3100 million (2022 \u2013 deficit of \u00a3107 million). The UK final salary plans primarily comprise funded retirement benefit plans where plan assets were previously held separately from those of the Group in funds that were under the control of trustees. In the 2020 financial year, the Group supported the trustees of the main UK pension scheme in completing a \u00a3930 million bulk annuity insurance policy \u2018buy-in\u2019 for that scheme. As a result, the assets of the main UK pension scheme were replaced with an insurance asset matching UK scheme liabilities. In the current year, the actuarial movements in the liabilities subject to the \u2018buy-in\u2019 are matched by an equal and opposite movement on its assets both recorded in other comprehensive income. The UK plans are closed to new entrants and to future accrual. In the UK, scheme members can elect to forego a portion of their future pension benefits, in return for a lump sum payment, or a transfer out to other arrangements. These amounts are excluded from future benefit projections. The US plans, presented below, principally comprise: \u2212 two funded plans where plan assets are held separately from those of the Group in funds that are under the control of an investment management committee. These plans are closed to new entrants and to future accrual; \u2212 a retirement benefit plan to certain employees which is funded but the associated assets do not qualify for recognition as IAS 19 plan assets. As such the plan is presented below as funded. The related assets are recognised as FVPL assets within investments in equities (refer to Note 18). This is referred to as \u2018non- qualified deferred compensation arrangements\u2019 within this note; \u2212 a retirement benefit plan for certain employees which is unfunded and non-qualified for tax purposes; \u2212 an unfunded retirement medical plan where the costs of providing these benefits are recognised in the period in which they are incurred. 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 liability associated with this plan at 31 March 2023 was \u00a338 million (2022 \u2013 \u00a340 million, which excludes the \u00a316 million designated as held for sale). The Group paid \u00a35 million (2022 \u2013 \u00a34 million) into this plan in the year. Details on assumptions applied in the calculation of the liability and sensitivity analysis thereon is included in this note. 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 \u00a310 million (2022 \u2013 \u00a39 million). On disposal of the Primient business, the Group retained all US defined benefit pension schemes but certain obligations were disposed of including funded non-qualified deferred compensation arrangements as well as the unfunded post-retirement medical plan relating to employees who transitioned to the Primient business (together a net deficit of \u00a328 million, classified as held for sale as at 31 March 2022). Movement in net defined benefit asset/(liability) Analysis of net defined benefit asset/(liability) At 31 March 2023 At 31 March 2022 UK plans* \u00a3m US plans \u00a3m Total \u00a3m UK plans* \u00a3m US plans \u00a3m Total \u00a3m Benefit obligations: Funded plans (621) (433) (1 054) (881) (484) (1 365) Unfunded plans (4) (84) (88) (4) (105) (109) (625) (517) (1 142) (885) (589) (1 474) Fair value of plan assets 616 426 1 042 867 472 1 339 (9) (91) (100) (18) (117) (135) Reclassification to liabilities directly associated with the assets held for sale \u2013 \u2013 \u2013 \u2013 28 28 Net deficit (9) (91) (100) (18) (89) (107) Presented in the statement of financial position as: Retirement benefit surplus 5 13 18 3 20 23 Retirement benefit deficit (14) (104) (118) (21) (109) (130) (9) (91) (100) (18) (89) (107) Liabilities directly associated with the assets held for sale \u2013 \u2013 \u2013 \u2013 (28) (28) (9) (91) (100) (18) (117) (135) * Includes \u00a34 million (2022 \u2013 \u00a34 million) relating to legacy unfunded retirement benefit plans of European subsidiaries. Net defined benefit asset/(liability) reconciliation UK plans \u00a3m US plans funded \u00a3m US plans unfunded* \u00a3m Total \u00a3m Net deficit at 1 April 2022 (18) \u2013 (89) (107) Income statement: \u2212 current service costs \u2013 \u2013 \u2013 \u2013 \u2212 administration costs (1) (1) \u2013 (2) \u2212 net interest expense US plans \u2013 \u2013 (3) (3) Other comprehensive income: \u2212 actual return lower than interest on plan assets (226) (63) \u2013 (289) \u2212 actuarial gain/(loss): \u2013 changes in financial assumptions 244 51 10 305 \u2013 changes in demographic assumptions 13 (1) (4) 8 \u2013 experience against assumptions (22) 5 (1) (18) Other movements: \u2212 employer\u2019s contribution 2 \u2013 9 11 \u2212 non-qualified deferred compensation arrangements \u2013 2 \u2013 2 \u2212 currency translation differences (1) \u2013 (6) (7) Net deficit at 31 March 2023 (9) (7) (84) (100) * Included within US unfunded plans is the retirement medical plan of \u00a338 million (2022 \u2013 \u00a340 million). Analysis of movement in the benefit obligations UK plans \u00a3m US plans funded \u00a3m US plans unfunded \u00a3m Total \u00a3m At 1 April 2022 (885) (472) (89) (1 446) Income statement: \u2212 current service costs \u2013 \u2013 \u2013 \u2013 \u2212 interest costs (23) (17) (3) (43) Other comprehensive income: \u2212 actuarial gain/(loss): \u2013 changes in financial assumptions 244 51 10 305 \u2013 changes in demographic assumptions 13 (1) (4) 8 \u2013 experience against assumptions (22) 5 (1) (18) Other movements: \u2212 benefits paid 49 31 9 89 \u2212 non-qualified deferred compensation arrangements \u2013 2 \u2013 2 \u2212 currency translation differences (1) (32) (6) (39) At 31 March 2023 (625) (433) (84) (1 142) Analysis of movement in plan assets UK plans \u00a3m US plans funded \u00a3m US plans unfunded \u00a3m Total \u00a3m At 1 April 2022 867 472 \u2013 1 339 Income statement: \u2212 administration costs (1) (1) \u2013 (2) \u2212 interest gains 23 17 \u2013 40 Other comprehensive income: \u2212 actual return lower than interest on plan assets (226) (63) \u2013 (289) Other movements: \u2212 employer\u2019s contribution 2 \u2013 \u2013 2 \u2212 benefits paid (49) (31) \u2013 (80) \u2212 currency translation differences \u2013 32 \u2013 32 At 31 March 2023 616 426 \u2013 1 042 Significant assumptions For accounting purposes, the benefit obligation of each plan is based on assumptions made by the Group on the advice of independent actuaries. For the UK defined benefit pension plan these \u2018best estimate\u2019 IAS 19 assumptions are different to the more prudent assumptions used for funding valuation purposes. For the US defined benefit pension plan, the funding valuation assumptions are identical to the IAS 19 assumptions. At 31 March 2023 At 31 March 2022 Principal assumptions UK US UK US Inflation rate 2.8%/3.3% 2.5% 3.2%/3.8% 2.5% Expected rate of salary increases n/a n/a n/a 2.5% Expected rate of pension increases: \u2212 deferred pensions 2.8% n/a 3.2% n/a \u2212 pensions in payment 3.2% n/a 3.6% n/a Discount rate 4.8% 4.6% 2.7% 3.4% Average life expectancy \u2212 male aged 65 now/in 20 years 20.9/22.5 years 20.6/23.4 years 21.3/22.9 years 20.5/23.3 years \u2212 female aged 65 now/in 20 years 23.6/25.2 years 22.6/25.3 years 23.8/25.5 years 22.5/25.2 years Principal assumptions used in calculating the US medical benefit obligation are medical cost inflation and the discount rate applied to the expected benefit payments. The Group has assumed medical cost inflation at 6.0% per annum (2022 \u2013 6.5%), grading down to 6% by 2024, and used a discount rate of 4.6% (2022 \u2013 3.4%). Significant assumptions At 31 March 2023, the sensitivity of the net surplus/(deficit) on the plans to changes in the principal assumptions was as follows (assuming in each case that the other assumptions are unchanged): Increase/(decrease) in obligation Change in assumptions +/- Impact of increase in assumption \u00a3m Impact of decrease in assumption \u00a3m Inflation rate 1 50 bp 6 (38) Life expectancy 1 year 51 (51) Discount rate 50 bp (54) 59 1 Inflation rate sensitivity covers the inflation assumption, expected rate of salary increases assumption and expected rate of pensions in payment increases assumption. Analysis of plan assets Year ended 31 March 2023 Year ended 31 March 2022 UK \u00a3m US \u00a3m Total \u00a3m UK \u00a3m US \u00a3m Total \u00a3m Quoted 1 Equities 3 \u2013 3 3 \u2013 3 Corporate bonds 2 \u2013 2 2 \u2013 2 Investment funds 5 \u2013 5 5 \u2013 5 Liability Driven Investments (LDI) fixed income \u2013 422 422 \u2013 468 468 Cash 7 \u2013 7 7 \u2013 7 Unquoted Insurance policies 599 4 603 850 4 854 616 426 1 042 867 472 1 339 1 Quoted assets contain certain pooled funds where the underlying assets are quoted. The fair value of the insurance policies is deemed to be equivalent to the present value of the related benefit obligation. The Group also paid an additional \u00a35 million (2022 \u2013 \u00a34 million) into the US unfunded retirement medical plans and \u00a34 million (2022 \u2013 \u00a34 million) into the US unfunded pension plans to meet the cost of providing benefits in the financial year. Maturity profile At 31 March 2023, the weighted average duration of the plans and the benefit payments expected by the plans are as follows: UK plans \u00a3m US plans \u00a3m Total \u00a3m Weighted average duration (years) 10.9 9.2 10.1 Benefit payments expected: \u2212 within 12 months 41 50 91 \u2212 between 1 to 5 years 171 191 362 \u2212 between 6 to 10 years 215 216 431 Funding of the plans 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. The main UK scheme triennial valuation as at 31 March 2019 was concluded during the year ended 31 March 2020 and, given that the liabilities were secured through the purchase of a bulk annuity insurance policy, both core contributions to the scheme and supplementary contributions to the secured funding account has ceased. The Group continues to fund ongoing administration costs of the main UK scheme, \u00a31 million for this financial year and \u00a31 million of contributions for the other UK scheme. In respect of the US plans no contributions were paid to the funded plans, \u00a34 million to the unfunded pension plan with \u00a35 million paid for health plans. During the year ending 31 March 2024 the Group expects to contribute approximately \u00a38 million to its defined benefit pension plans and to pay approximately \u00a34 million in relation to retirement medical benefits, principally in the US. 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. Risk mitigation Risk Action taken Investment and longevity risks The investment and longevity risks for the main UK scheme have been fully insured through the purchase of a qualifying bulk annuity insurance policy during the year ended 31 March 2020, whilst the remaining assets of the funded defined benefit plans in the US are predominantly held in fixed interest security type investments, as a result of the de-risking initiatives through the sale of equities and some investment funds. At 31 March 2023, \u00a3603 million (2022 \u2013 \u00a3854 million) of the benefit obligation was fully matched by qualifying insurance policies that also mitigate longevity and investment risks. Interest rate risk The bulk annuity insurance policy has nullified the interest rate risk for the main UK scheme. For the US funded plans, the Group seeks to ensure that, as far as practicable, the investment portfolios are invested in securities with maturities and in currencies that match the expected future benefit payments as they fall due. Inflation risk Inflation risk for the main UK scheme has also been nullified due to the bulk annuity policy. The deferred pensions and pensions in payment in the US funded plans do not attract inflation increases. Some inflation risk exists in relation to the employee members\u2019 benefits which is mitigated by holding index-linked government bonds and corporate bonds. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-423": {
"value": "32. Share-based payments All of the awards granted under the existing plans are classified as equity-settled awards. The Group recognises compensation expense based on the fair value of the awards measured at the grant date using the Black-Scholes option pricing model. Fair value is not subsequently re-measured unless relevant conditions attaching to the award are modified. Fair value reflects any market performance conditions and all non-vesting conditions. Adjustments are made to the compensation expense to reflect actual and expected forfeitures due to failure to satisfy service conditions or non-market performance conditions. The resulting compensation expense is recognised in the consolidated income statement on a straight- line basis over the vesting period and a corresponding credit is recognised in equity. In the event of the cancellation of an award the compensation expense that would have been recognised over the remainder of the vesting period is recognised immediately in the consolidated income statement. The Company operates share-based incentive arrangements for the executive directors, senior executives and other eligible employees under which awards and options are granted over the Company\u2019s ordinary shares. All of the arrangements under which awards and options were outstanding during the 2023 and 2022 financial years are classified as equity-settled. During the year, the compensation expense recognised in profit or loss in respect of share-based incentives was \u00a320 million (2022 \u2013 \u00a312 million). Other than the Sharesave Plan, all option awards have a nil exercise price. The following arrangements existed during the period: Performance Share Plan The Group\u2019s principal ongoing share-based 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\u2019s employment until the end of the performance period and are subject to the satisfaction of performance conditions. The conditions applicable to PSP awards made from 1 April 2021 relate to the achievement of organic revenue growth, the Group adjusted return on capital employed (ROCE), relative Total Shareholder Return and Purpose and Sustainability metrics over the performance period. Up to 30% of each award vests dependent on compound organic revenue growth over the performance period. Up to 25% of each award vests dependent on the Group\u2019s adjusted ROCE from continuing operations reaching specified levels at the end of the performance period. Up to 25% of each award vests based on Total Shareholder Return over the period ranked against the Group\u2019s industry peers. The final 20% vests based on achievement of Purpose and Sustainability aims with financial year 2024 outcomes compared to stated goals. The conditions applicable to PSP awards made in prior years relate to the achievement of the Group adjusted ROCE, volume growth in Food & Beverage Solutions and earnings per share growth. Up to 40% of each award vests dependent on the Group\u2019s adjusted ROCE from total operations reaching specified levels at the end of the performance period. Up to 20% of each award vests dependent on the compound annual growth in Food & Beverage Solutions volume over the performance period, with the remaining 40% from compound annual growth in the Group\u2019s adjusted earnings per share, over the performance period. The performance period runs for three financial years commencing in the financial year in which the award is granted. Group Bonus Plan \u2013 deferred element Bonuses earned under the Group Bonus Plan (GBP) 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\u2019s employment. During the vesting period, payments in lieu of dividends are made in relation to the deferred shares, and are paid on the release of the deferred shares. Sharesave Plan Options are granted from time to time under the Company\u2019s 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. The exercise price reflects a discount to market value of up to 20%. Restricted Share Awards The Company has made a Restricted Share Award (RSA) to a number of eligible employees. Awards made normally vest provided the participant remains in the Group\u2019s employment during the performance period and other conditions, specific to the individual awards, are met. Further information relating to specific awards made to executive directors are set out in the Directors\u2019 Remuneration Report on pages 106 to 129. Movements in the year Movements in the awards outstanding during the year were as follows: Year ended 31 March 2023 Year ended 31 March 2022 Awards (number) Weighted average exercise price (pence) Awards (number) Weighted average exercise price (pence) Outstanding at 1 April 10 407 889 12p 9 793 339 14p Granted 3 457 036 16p 4 704 587 11p Exercised (1 353 110) 15p (1 926 800) 22p Lapsed (2 937 783) 4p (2 163 237) 8p Outstanding at 31 March 9 574 032 16p 10 407 889 12p Exercisable at 31 March 71 415 243p 108 054 37p The weighted average market price of the Company\u2019s ordinary shares on the dates on which awards were exercised during the year was 777p (2022 \u2013 784p). Awards granted in the year During the year, PSP awards were granted over 3,227,836 shares (2022 \u2013 3,600,659 shares), RSAs were granted over 128,072 shares (2022 \u2013 932,309 shares). Shares issued under the Group Bonus Plan in the year were 6,167 shares (2022 \u2013 77,640 shares) and Sharesave options were granted over 94,961 shares (2022 \u2013 93,979 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 2023 Year ended 31 March 2022 PSP Sharesave PSP Sharesave Fair value at grant date 694p 211p 608p 141p Exercise price \u2013 571p \u2013 542p Principal assumptions: Share price on grant date 805p 730p 738p 649p Expected life of the awards 3 years 3.3/5.3 years 3 years 3.3/5.3 years Risk-free interest rate 1.85% 3.22%/3.16% n/a 0.39%/0.78% Dividend yield on the Company\u2019s shares 2.26% 2.49% 2.08% 2.39% Volatility of the Company\u2019s shares 25% 25% n/a 25% There were 6,167 shares issued under the Group Bonus Plan during the year (2022 \u2013 77,640 shares). The RSAs were granted, with employment related conditions and expected life of the award, specific to each individual grant. Awards granted in the year continued The fair value of the awards was measured using a Black-Scholes option pricing methodology, taking into account factors such as exercise restrictions and behavioural considerations. Expected volatility was based on the historical volatility of the market price of the Company\u2019s shares over the expected life of the awards. Awards outstanding at the end of the year The range of exercise prices and the weighted average remaining contractual life of the awards outstanding at the end of the year were as follows: At 31 March 2023 At 31 March 2022 Exercise price Awards (number) Weighted average contractual life (months) Awards (number) Weighted average contractual life (months) Nil 9 299 770 26.6 10 171 846 36.7 400p to 799p 274 262 33.9 236 043 33.4 Total 9 574 032 26.8 10 407 889 36.7 IFRS 2 permits net settled share-based payments to be treated as equity-settled in full, if certain criteria are met, rather than the tax element being cash-settled. The amount the Group expects to pay to tax authorities to settle the employees\u2019 tax obligations in respect of equity settled awards in the next financial year is not materially different to the amounts paid in the current and prior financial years. Refer to Note 23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-465": {
"value": "All of the awards granted under the existing plans are classified as equity-settled awards. The Group recognises compensation expense based on the fair value of the awards measured at the grant date using the Black-Scholes option pricing model. Fair value is not subsequently re-measured unless relevant conditions attaching to the award are modified. Fair value reflects any market performance conditions and all non-vesting conditions. Adjustments are made to the compensation expense to reflect actual and expected forfeitures due to failure to satisfy service conditions or non-market performance conditions. The resulting compensation expense is recognised in the consolidated income statement on a straight- line basis over the vesting period and a corresponding credit is recognised in equity. In the event of the cancellation of an award the compensation expense that would have been recognised over the remainder of the vesting period is recognised immediately in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-424": {
"value": "33. Provisions and contingent liabilities A provision is a liability of uncertain timing or amount that is recognised when: 1) the Group has a present obligation (legal or constructive) as a result of a past event; 2) it is more likely than not that a payment will be required to settle the obligation; and 3) the amount can be reliably estimated. Where a payment is not probable, or the amount of the obligation cannot be measured with sufficient certainty, a contingent liability is disclosed. Contingent liabilities are also disclosed if a possible obligation arises from past events, but its existence will be confirmed only by the occurrence or non-occurrence of uncertain future events. Provisions Insurance provisions \u00a3m Restructuring and closure provisions \u00a3m Environmental health & safety provision \u00a3m Litigation and other provisions \u00a3m Total \u00a3m At 1 April 2021 7 3 \u2013 25 35 Provided in the year 4 \u2013 \u2013 13 17 Released in the year \u2013 (1) \u2013 (8) (9) Utilised in the year (6) (2) \u2013 (13) (21) Currency translation differences \u2013 \u2013 \u2013 1 1 At 31 March 2022 5 \u2013 \u2013 18 23 Provided in the year 17 \u2013 \u2013 8 25 Released in the year (9) \u2013 \u2013 (13) (22) Utilised in the year (6) \u2013 \u2013 (3) (9) Currency translation differences \u2013 \u2013 \u2013 1 1 At 31 March 2023 7 \u2013 \u2013 11 18 At 31 March 2023 \u00a3m 2022 \u00a3m Provisions are expected to be utilised as follows: \u2212 within one year 13 11 \u2212 after more than one year but before five years 5 12 Total 18 23 Insurance provisions include amounts provided by the Group\u2019s captive insurance subsidiary in respect of the expected level of insurance claims. The difference between the carrying value and the discounted present value was not material in either year. The amount and timing of settlement in respect of these provisions are uncertain and dependent on various factors that are not always within management\u2019s control. Contingent liabilities The Group is subject to claims and litigation generally arising in the ordinary course of its business. Provision is made when liabilities are considered likely to arise and the expected quantum of the exposure is estimable. The risk in relation to claims and litigation is monitored on an ongoing basis and provisions amended accordingly. It is not expected that claims and litigation existing at 31 March 2023 will have a material adverse effect on the Group\u2019s financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-468": {
"value": "A provision is a liability of uncertain timing or amount that is recognised when: 1) the Group has a present obligation (legal or constructive) as a result of a past event; 2) it is more likely than not that a payment will be required to settle the obligation; and 3) the amount can be reliably estimated. Where a payment is not probable, or the amount of the obligation cannot be measured with sufficient certainty, a contingent liability is disclosed. Contingent liabilities are also disclosed if a possible obligation arises from past events, but its existence will be confirmed only by the occurrence or non-occurrence of uncertain future events. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-479": {
"value": "A provision is a liability of uncertain timing or amount that is recognised when: 1) the Group has a present obligation (legal or constructive) as a result of a past event; 2) it is more likely than not that a payment will be required to settle the obligation; and 3) the amount can be reliably estimated. Where a payment is not probable, or the amount of the obligation cannot be measured with sufficient certainty, a contingent liability is disclosed. Contingent liabilities are also disclosed if a possible obligation arises from past events, but its existence will be confirmed only by the occurrence or non-occurrence of uncertain future events. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-466": {
"value": "Provisions Insurance provisions \u00a3m Restructuring and closure provisions \u00a3m Environmental health & safety provision \u00a3m Litigation and other provisions \u00a3m Total \u00a3m At 1 April 2021 7 3 \u2013 25 35 Provided in the year 4 \u2013 \u2013 13 17 Released in the year \u2013 (1) \u2013 (8) (9) Utilised in the year (6) (2) \u2013 (13) (21) Currency translation differences \u2013 \u2013 \u2013 1 1 At 31 March 2022 5 \u2013 \u2013 18 23 Provided in the year 17 \u2013 \u2013 8 25 Released in the year (9) \u2013 \u2013 (13) (22) Utilised in the year (6) \u2013 \u2013 (3) (9) Currency translation differences \u2013 \u2013 \u2013 1 1 At 31 March 2023 7 \u2013 \u2013 11 18 At 31 March 2023 \u00a3m 2022 \u00a3m Provisions are expected to be utilised as follows: \u2212 within one year 13 11 \u2212 after more than one year but before five years 5 12 Total 18 23 Insurance provisions include amounts provided by the Group\u2019s captive insurance subsidiary in respect of the expected level of insurance claims. The difference between the carrying value and the discounted present value was not material in either year. The amount and timing of settlement in respect of these provisions are uncertain and dependent on various factors that are not always within management\u2019s control. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-480": {
"value": "Contingent liabilities The Group is subject to claims and litigation generally arising in the ordinary course of its business. Provision is made when liabilities are considered likely to arise and the expected quantum of the exposure is estimable. The risk in relation to claims and litigation is monitored on an ongoing basis and provisions amended accordingly. It is not expected that claims and litigation existing at 31 March 2023 will have a material adverse effect on the Group\u2019s financial position. 34. Commitments Total commitments for the purchase of tangible and intangible non-current assets are \u00a332 million (2022 \u2013 \u00a351 million). In addition, the Group has various lease contracts that have not yet commenced as at 31 March 2023. The future lease payments for these non-cancellable lease contracts are \u00a31 million within one year, \u00a33 million within five years and \u00a3nil thereafter. Commitments in respect of retirement benefit obligations are detailed in Note 31. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-467": {
"value": "Contingent liabilities The Group is subject to claims and litigation generally arising in the ordinary course of its business. Provision is made when liabilities are considered likely to arise and the expected quantum of the exposure is estimable. The risk in relation to claims and litigation is monitored on an ongoing basis and provisions amended accordingly. It is not expected that claims and litigation existing at 31 March 2023 will have a material adverse effect on the Group\u2019s financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-425": {
"value": "34. Commitments Total commitments for the purchase of tangible and intangible non-current assets are \u00a332 million (2022 \u2013 \u00a351 million). In addition, the Group has various lease contracts that have not yet commenced as at 31 March 2023. The future lease payments for these non-cancellable lease contracts are \u00a31 million within one year, \u00a33 million within five years and \u00a3nil thereafter. Commitments in respect of retirement benefit obligations are detailed in Note 31. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-426": {
"value": "35. Acquisitions Business combinations A business combination is a transaction or other event in which the Group obtains control over a business. Business combinations are accounted for using the acquisition method, the key elements of which are below. Identifiable assets and liabilities of the acquired business are generally measured at their fair value at the acquisition date. Retirement benefit obligations and deferred tax assets and liabilities are measured in accordance with the Group\u2019s accounting policies. 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. Acquisition-related costs are charged to the consolidated income statement in the period in which they are incurred. Any non-controlling interest in the acquired business is measured either at fair value or at the non- controlling interest\u2019s proportionate share of the identifiable assets and liabilities of the business. Goodwill arising in a business combination represents the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquired business and, where a business combination is achieved in stages, the fair value at the acquisition date of the Group\u2019s previously held equity interest, over the net total of the identifiable assets and liabilities of the acquired business at the acquisition date. Any re-measurement gain or loss on the previously held equity interest is recognised in the consolidated income statement. Any shortfall, or negative goodwill, is recognised immediately as a gain in the consolidated income statement. Changes in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for within equity. Any gain or loss upon loss of control is recognised in the consolidated income statement. In the 2023 financial year: Nutriati acquisition On 29 April 2022 the Group completed the acquisition of Nutriati, an ingredient technology business developing and producing chickpea protein and flour, expanding its capability to offer customers sustainable, plant-based solutions. This transaction was structured as an asset purchase and is being accounted for as a business combination. Total consideration was \u00a310 million, including \u00a31 million of deferred consideration and \u00a31 million of non-cash consideration. Included within the identifiable assets acquired are inventories of \u00a33 million and intangible assets of \u00a36 million. Goodwill of \u00a31 million, which is not deductible for tax purposes, has been recorded on the acquisition. Quantum acquisition On 9 June 2022 the Group completed the acquisition for 100% of the equity of Quantum Hi-Tech (Guangdong) Biological Co., Ltd (Quantum), a leading prebiotic dietary fibre business in China from ChemPartner Pharmatech Co., Ltd (ChemPartner) for a total consideration of US$238 million (\u00a3188 million). The acquisition of Quantum, which engages in the research, development, production and sale of fructo- oligosaccharides and galacto-oligosaccharides, significantly strengthens Tate & Lyle\u2019s position as a leading global player in dietary fibres, bringing a high-quality portfolio of speciality fibres, strong research and development capabilities and proprietary manufacturing processes and technologies. The acquisition also expands Tate & Lyle\u2019s ability to provide added-fibre solutions for its customers across a range of categories including dairy, beverages, bakery and nutrition (including infant nutrition), and to meet growing consumer interest in gut health. It also significantly expands Tate & Lyle\u2019s presence in China and Asia, and extends its capabilities to create solutions across food and drink utilising its leading speciality ingredient portfolio. Details of the acquisition are provided in the tables below: Goodwill At 31 March 2023 \u00a3m Total consideration 188 Less: fair value of net assets acquired (93) Goodwill 95 Cash flows At 31 March 2023 \u00a3m Total consideration 188 Less: net cash acquired (4) Acquisition of business, net of cash acquired 184 Fair value of net assets acquired Book value on acquisition \u00a3m Fair value adjustment \u00a3m Total fair value \u00a3m Intangible assets (customer relationships, technology/know-how) \u2013 90 90 Property, plant and equipment 12 7 19 Inventories 4 1 5 Trade and other receivables 5 \u2013 5 Cash and cash equivalents 4 \u2013 4 Trade and other payables (6) \u2013 (6) Deferred tax liabilities \u2013 (24) (24) Net assets on acquisition 19 74 93 The gross amount of trade receivables is materially the same as the fair value of the trade receivables and it is expected that the full contractual amounts can be collected. The goodwill, which is not deductible for tax purposes, primarily represents the premium paid to acquire an established business with a leading and sustainable market position in China with the potential to expand beyond. It also represents the future value to the Group of being able to leverage its technology and products, which are highly complementary to the Group\u2019s existing fibres portfolio, to offer an enhanced range of fibre solutions to existing customers. The acquired business contributed revenue of \u00a332 million and an operating profit of \u00a38 million for the period from acquisition on 9 June 2022 until 31 March 2023 (excluding the amortisation of acquired intangibles recognised from the acquisition). Had the business been acquired at the beginning of the 2023 financial year, it would have contributed revenue of \u00a339 million and an operating profit of \u00a314 million in the year ended 31 March 2023. In the 2022 financial year: There were no acquisitions in the 2022 financial year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-481": {
"value": "A business combination is a transaction or other event in which the Group obtains control over a business. Business combinations are accounted for using the acquisition method, the key elements of which are below. Identifiable assets and liabilities of the acquired business are generally measured at their fair value at the acquisition date. Retirement benefit obligations and deferred tax assets and liabilities are measured in accordance with the Group\u2019s accounting policies. 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. Acquisition-related costs are charged to the consolidated income statement in the period in which they are incurred. Any non-controlling interest in the acquired business is measured either at fair value or at the non- controlling interest\u2019s proportionate share of the identifiable assets and liabilities of the business. Goodwill arising in a business combination represents the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquired business and, where a business combination is achieved in stages, the fair value at the acquisition date of the Group\u2019s previously held equity interest, over the net total of the identifiable assets and liabilities of the acquired business at the acquisition date. Any re-measurement gain or loss on the previously held equity interest is recognised in the consolidated income statement. Any shortfall, or negative goodwill, is recognised immediately as a gain in the consolidated income statement. Changes in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for within equity. Any gain or loss upon loss of control is recognised in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-469": {
"value": "A business combination is a transaction or other event in which the Group obtains control over a business. Business combinations are accounted for using the acquisition method, the key elements of which are below. Identifiable assets and liabilities of the acquired business are generally measured at their fair value at the acquisition date. Retirement benefit obligations and deferred tax assets and liabilities are measured in accordance with the Group\u2019s accounting policies. 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. Acquisition-related costs are charged to the consolidated income statement in the period in which they are incurred. Any non-controlling interest in the acquired business is measured either at fair value or at the non- controlling interest\u2019s proportionate share of the identifiable assets and liabilities of the business. Goodwill arising in a business combination represents the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquired business and, where a business combination is achieved in stages, the fair value at the acquisition date of the Group\u2019s previously held equity interest, over the net total of the identifiable assets and liabilities of the acquired business at the acquisition date. Any re-measurement gain or loss on the previously held equity interest is recognised in the consolidated income statement. Any shortfall, or negative goodwill, is recognised immediately as a gain in the consolidated income statement. Changes in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for within equity. Any gain or loss upon loss of control is recognised in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-427": {
"value": "36. Related party disclosure Identity of related parties The Group has related party relationships with its joint ventures, the Group\u2019s pension schemes and with key management, being its Directors and executive officers. Key management compensation is disclosed in Note 9. There were no other related party transactions with key management. As a result of the sale of the controlling stake in the Primient business, Tate & Lyle now holds a 49.7% interest in Primient, effective from 1 April 2022. Primient comprises of the Group\u2019s former Primary Products business in North America and Latin America and its former interests in the Almidones Mexicanos S.A de C.V (\u2018Almex\u2019) and Covation Biomaterials LLC, formerly \u2018Bio-PDO\u2019 (\u2018Covation\u2019) joint ventures. There were no other material changes in related parties or in the nature of related party transactions during the year and no material related party transactions containing unusual commercial terms in the current or prior year. Related party transactions with joint ventures and outstanding balances Year ended 31 March Primient 2023 \u00a3m Almex and Covation 2022 \u00a3m Sales of goods and services to joint ventures and other income 47 147 Purchases of goods and services from joint ventures 302 \u2013 Receivables due from joint ventures 16 13 Payables due to joint ventures 18 \u2013 Transactions entered into by the Company, Tate & Lyle PLC, 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. Sales of goods and services to the Primient joint venture are considered in scope of IFRS 15 and relate to the Group\u2019s commitment under the long-term agreements in operation following the completion of the Transaction to produce industrial starches for Primient under a tolling arrangement whereby Primient retains control of the net raw material at all times. The Group earns a manufacturing margin for this production when the service is provided. All associated income is earned in North America. The Group considers it appropriate to exclude this amount from revenue and record the income in operating profit on the basis that this income is generated with a related party, is not part of the Group\u2019s normal revenue generating activities (where revenue is recognised when control of the goods is transferred), only arises because of the relationship that exists in which Primient is a supplier of the Group, and is outside the Group\u2019s core focus on speciality food and beverage solutions. 38. Related undertakings A full list of related undertakings, comprising subsidiaries and joint ventures, is set out below. All are 100% owned directly or indirectly by the Group except where percentage ownership is indicated with (X%). Subsidiaries Company name Registered address United Kingdom 11 Astaxanthin Manufacturing Limited 5 Marble Arch, London W1H 7EJ, UK G.C. Hahn and Company Limited 2 5 Marble Arch, London W1H 7EJ, UK Hahntech International Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Export Holdings Limited 2 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Group Services Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Holdings Americas Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Holdings Limited 3 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Mold UK Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Industries Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle International Finance PLC 2 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Investments America Limited 3 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Investments Brazil Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Investments Limited 2,3 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle L.P. 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Overseas Limited 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Pension Trust Limited 2 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Technology Limited 2 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle UK Limited 2 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Ventures II LP (99.5%) 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Ventures Limited 2 5 Marble Arch, London W1H 7EJ, UK Tate & Lyle Ventures LP (99.5%) 5 Marble Arch, London W1H 7EJ, UK Argentina Tate & Lyle Argentina SA 4 San Mart\u00edn 140, 14th Floor, City of Buenos Aires, Argentina Australia Tate & Lyle ANZ Pty Limited Building 2, 1425 Boundary Road, Wacol QLD 4076, Australia Belgium Tate & Lyle Services (Belgium) N.V. 2 Industrielaan 4 box, 10-11, 9320 Aalst, Belgium Bermuda Tate & Lyle Management & Finance Limited Aon House, 30 Woodbourne Avenue, Pembroke, HM 08, Bermuda Company name Registered address Brazil G.C. Hahn & Co. do Brasil Estabilizantes e Tecnologia para Alimentos Ltda. 4 Rua Sapetuba N\u00ba 211, CEP:- 005510-001- Vila Pirajussara, Estado de S\u00e3o Paulo, Brazil Tate & Lyle Gemacom Tech Ind\u00fastria e Com\u00e9rcio S.A. 4 Rua Bruno Simili No. 380, Distrito Industrial, City of Juiz de Fora, State of Minas Gerais, 36092-050, Brazil Tate & Lyle Solutions Brasil Limitada 4 Rua Dr. Rubens Gomes Bueno, No. 691, Torre Sigma, 10th floor, Bairro V\u00e1rzea de Baixo, 04730-903, Brazil British Virgin Islands SGF (Asia) Co., Limited Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands SGF Investment Co., Limited Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands Canada Tate & Lyle Solutions Canada Limited Suite 300, 77 Westmorland Street, Fredericton, NB E3B 4Y9, Canada Cayman Islands Sweet Green Fields Group Co., Limited PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands Chile Tate & Lyle Chile Commercial Ltda Isidora Goyenechea 2800, Piso 43, Las Condes, Santiago, Chile China Quantum High Tech (Guangdong) Biological Co., Ltd 4 133 Gaoxin Xi Road, Hi-Tech Zone, Jiangmen City, Guangdong, China Sweet Green Fields Co., Limited 4 Anji Economic Development Zone, Health Medicine Industry Garden, Huzhou, Zhejiang, China Tate & Lyle Trading (Shanghai) Co. Ltd 4 Room 1401, Building 11, No. 1582, Gumei Road, Xuhui District, Shanghai, 200233, China G.C. Hahn & Co. Food Stabiliser Business (Shanghai) Ltd 4 Unit A, Room 1301, Building 11, No. 1582, Gumei Road, Xuhui District, Shanghai, 200233, China Tate & Lyle Food Ingredients (Nantong) Company Limited 4 New & Hi-Tech Industrial Development District, Rudong county, Nantong city, 226400, China Company name Registered address Colombia Tate & Lyle Colombia S.A.S. 4 Calle 11 #100-121 Of 309, Cali, Colombia Costa Rica Tate & Lyle Costa Rica Limitada San Jose Merced, Edificio Torre Mercedes, Piso Octavo, Oficinas De CDO Auditores, Costa Rica Croatia G.C. Hahn & Co. d.o.o. Radni\u010dka cesta 80, Zagreb, 10 000, Croatia Czech Republic G.C. Hahn & Co. stabilizacni technika, s.r.o. Kate\u0159insk\u00e1 466/40, Nov\u00e9 M\u011bsto, 120 00 Praha 2, Czech Republic Egypt Tate & Lyle Egypt LLC 87 Street 9, Maadi, Cairo, Egypt France Tate & Lyle Ingredients France S.A.S. 3-5 Rue Saint-Georges, 75009, Paris, France Germany G.C. Hahn & Co. Stabilisierungstechnik GmbH Roggenhorster Strasse 31, 23556, L\u00fcbeck, Germany G.C. Hahn & Co. Cooperationsgesellschaft mbH Roggenhorster Strasse 31, 23556, L\u00fcbeck, Germany Tate & Lyle Germany GmbH Roggenhorster Strasse 31, 23556, L\u00fcbeck, Germany Gibraltar Tate & Lyle Insurance (Gibraltar) Limited Suite 913, Europort, Gibraltar Greece Tate & Lyle Greece A.E. 69 K. N Papadaki, Thessaloniki, 54248 Thessaloniki, Greece Hong Kong Quantum High Tech (HK) Biological Co., Ltd 31F Tower Two, Times Square, Matheson Street, Hong Kong Sweet Green Fields International Co., Limited 2701, 27th Floor, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong Italy Tate & Lyle Italia S.P.A. Via Verdi, 1-CAP 20002 Ossona, Milano, Italy Indonesia PT Tate and Lyle Indonesia Jagat Office Building, Lantai 2 Unit B, Jl. Tomang Raya No. 28-30, Jakarta Barat, 11430, Indonesia Ivory Coast Tate & Lyle Ivory Coast 4 Abidjan Cocody 2, Plateaux 01, BP 659 ABJ 01, C\u00f4te d\u2019Ivoire Japan Tate & Lyle Japan KK 2F Oak Minami-Azabu Building, 3-19-23 Minami-Azabu, Minato-ku, Tokyo, Japan Lithuania UAB G.C. Hahn & Co. Vito Gerulai\u010dio str. 10-101, LT-08200, Vilnius, Lithuania Mexico Tate & Lyle M\u00e9xico, S. de R.L. de C.V. 4 Piso 2, Av. Universidad 749, Col del Valle Sur, Ciudad de M\u00e9xico, 03100, M\u00e9xico Mexama, S.A. de C.V. 4 (65%) Calle lago de tequesquitengo, No 111 Col. Cuahutemoc C.P. 62430, Morelos, M\u00e9xico Talo Services de Mexico, S.C. 4 Piso 2, Av. Universidad 749, Col del Valle Sur, Ciudad de M\u00e9xico, 03100, M\u00e9xico Company name Registered address Morocco T&L Casablanca S.A.R.L. 22, Rue du Parc, Casa Th\u00e9\u00e2tre Centre, Anfa, Casablanca, Morocco Netherlands Nederlandse Glucose Industrie B.V. Lagendijk 5, Koog aan de Zaan, 1541KA, The Netherlands Tate & Lyle Netherlands B.V. Lagendijk 5, Koog aan de Zaan, 1541KA, The Netherlands Poland Tate & Lyle Global Shared Services Sp.z o.o. Ul. Sterlinga 8A, 91425, \u0141\u00f3d\u017a, Poland Singapore Tate & Lyle Asia Pacific Pte. Ltd. 3 Biopolis Drive, #05-11-16 Synapse, 138623 Singapore Slovakia Tate & Lyle Boler\u00e1z s.r.o. 114, Boler\u00e1z, 91908, Slovakia Tate & Lyle Slovakia s.r.o 114, Boler\u00e1z, 91908, Slovakia South Africa Tate and Lyle South Africa Proprietary Limited 1 Gravel Drive, Kya Sand Business Park, Kya Sand, 2163, South Africa Spain G.C. Hahn Estabilizantes y Tecnologia para Alimentos Calle Pr\u00edncipe de Vergara 112, Planta Cuarta, 28002, Madrid, Spain Ebromyl S.L. Ps. de la Constituci\u00f3n 10, Entlo. Dcha., 50008, Zaragoza, Spain Sweden Tate & Lyle Sweden AB M\u00e4ster Samuelsgatan 17, Box 1432, 111 84, Stockholm, Sweden Thailand Chaodee Modified Starch Co., Ltd (94.295%) No. 345, Moo 14, Hin Dat Subdistrict, Dan Khun Thot District, Nakhom Ratchasima Province, Thailand Tate & Lyle Trading (Thailand) Limited No. 345, Moo 14, Hin Dat Subdistrict, Dan Khun Thot District, Nakhom Ratchasima Province, Thailand T\u00fcrkiye Tate and Lyle Turkey G\u0131da Hizmetleri Anonim \u015eirketi Esentepe Mah., B\u00fcy\u00fckdere Cad., 193 Plaza Kat: 2 193/235A14 \u015ei\u015fli, \u0130stanbul, T\u00fcrkiye Ukraine PII G.C. Hahn & Co. Kyiv 4 15 Zahorodnia Street, Kyiv, 03150, Ukraine United Arab Emirates Tate & Lyle DMCC Unit JLT-PH2-RET-X5, Detached Retail X5, Jumeirah Lakes Towers, Dubai, United Arab Emirates Company name Registered address US Staley Holdings LLC 1209 North Orange Street, Wilmington, DE 19801, US Staley International Inc. 1209 North Orange Street, Wilmington, DE 19801, US Sweet Green Fields USA LLC 11 Bellwether Way, Suite 305, Bellingham WA 98225, US Tate & Lyle Finance LLC 1209 North Orange Street, Wilmington, DE 19801, US TLHUS, Inc. 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Sucralose LLC 1209 North Orange Street, Wilmington, DE 19801, US TLI Holding LLC 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Malic Acid LLC 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Sugar Holdings, Inc. 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Americas LLC 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Citric Acid LLC 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Solutions USA LLC 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle PP Americas LLC 1209 North Orange Street, Wilmington, DE 19801, US Tate & Lyle Domestic International Sales II Corporation 1209 North Orange Street, Wilmington, DE 19801, US Joint Ventures Company name Registered address US Primary Products Investments LLC (49.7%) 1209 North Orange Street, Wilmington, DE 19801, US 1 Registered in England and Wales, except Tate & Lyle L.P. which is registered in Delaware, US. 2 Direct subsidiaries of Tate & Lyle PLC. 3 Entity also issues preference shares which are 100% attributable to Tate & Lyle PLC. 4 Non-coterminous year end (31 December). 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 equity accounted in the Group\u2019s financial statements on the basis of management accounts for the year ended 31 March. Changes in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control would be accounted for within equity. Any gain or loss upon loss of control would be recognised in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-470": {
"value": "Related party transactions with joint ventures and outstanding balances Year ended 31 March Primient 2023 \u00a3m Almex and Covation 2022 \u00a3m Sales of goods and services to joint ventures and other income 47 147 Purchases of goods and services from joint ventures 302 \u2013 Receivables due from joint ventures 16 13 Payables due to joint ventures 18 \u2013 Transactions entered into by the Company, Tate & Lyle PLC, 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. Sales of goods and services to the Primient joint venture are considered in scope of IFRS 15 and relate to the Group\u2019s commitment under the long-term agreements in operation following the completion of the Transaction to produce industrial starches for Primient under a tolling arrangement whereby Primient retains control of the net raw material at all times. The Group earns a manufacturing margin for this production when the service is provided. All associated income is earned in North America. The Group considers it appropriate to exclude this amount from revenue and record the income in operating profit on the basis that this income is generated with a related party, is not part of the Group\u2019s normal revenue generating activities (where revenue is recognised when control of the goods is transferred), only arises because of the relationship that exists in which Primient is a supplier of the Group, and is outside the Group\u2019s core focus on speciality food and beverage solutions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-428": {
"value": "37. Events after the balance sheet date In April 2023, the Group repaid a US$95 million US private debt floating rate note ahead of its maturity using cash. There are no other post balance sheet events requiring disclosure in respect of the year ended 31 March 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-429": {
"value": "39. Subsidiaries exempt from audit The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year ended 31 March 2023. Subsidiaries Company name Registered number Tate & Lyle Export Holdings Limited 10021479 Tate & Lyle Group Services Limited 00343970 Tate & Lyle Holdings Americas Limited 06390829 Tate & Lyle Holdings Limited 00471470 Tate & Lyle Industries Limited 00699090 Tate & Lyle Investments America Limited 10384878 Tate & Lyle Investments Brazil Limited 05399545 Tate & Lyle Investments Limited 00300771 Tate & Lyle Technology Limited 05994725 Tate & Lyle UK Limited 09092139 Tate & Lyle Ventures Limited 03403518",
"dimensions": {
"concept": "tatelyleplc:DisclosureOfSubsidiariesExemptFromAudit",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-7": {
"value": "Tate & Lyle PLC 5 Marble Arch London W1H 7EJ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138008K14474WPKZ244",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}