Business
Operating Segment Restatement
Operating Segment Restatement.
About this update from Tate & Lyle Plc
[{"type":"text","content":"\n \n \n \n 4 APRIL 2023 - TATE & LYLE PLC\n \n \n \n \n \n \n \n \n \n RESTATEMENT OF PRIOR YEAR FINANCIAL INFORMATION FOR ADOPTION OF SIMPLIFIED OPERATING SEGMENTS\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Introduction\n \n \n \n \n \n \n \n \n On 8 February 2023, Tate & Lyle PLC ('Tate & Lyle' or the 'Group') announced it would be simplifying its disclosure framework, with the Group's core operations moving to three operating segments: Food & Beverage Solutions; Sucralose; and Primary Products Europe. These segments reflect the new shape of the Group.\n \n \n \n \n \n There are three areas of disclosure simplification: firstly, the disaggregation of Food & Beverage Solutions and Primary Products Europe, making each a separate operating segment to improve transparency and clearly highlight the performance of each. Secondly, that Central costs will no longer be reported separately and finally, the Group's primary profit measure will now become adjusted earnings before interest, tax, depreciation and amortisation ('Adjusted EBITDA').\n \n \n \n \n \n In advance of the publication on 25 May 2023 of Tate & Lyle's results for the year ended 31 March 2023, this announcement is being made to provide details of the framework under which the future results of Tate & Lyle will be reported and also set out the restated comparative information for the year ended 31 March 2022 and the six months to 30 September 2022.\n \n \n \n \n \n \n \n \n \n \n \n \n \n Outline of the restated financial information\n \n \n \n \n \n \n \n \n Set out in the financial information below are details of the restatement for the year ended 31 March 2022 and the six months ended 30 September 2022, including a reconciliation from the results originally disclosed for the year ended 31 March 2022. The operations of the Group now comprise the following:\n \n \n \n \n \n ·\n Food & Beverage Solutions operating segment\n \n \n ·\n Sucralose operating segment\n \n \n ·\n Primary Products Europe operating segment.\n \n \n \n \n \n The financial information has been restated as follows:\n \n \n \n \n \n ·\n The transfer of Primary Products Europe activities from within the Food & Beverage Solutions segment to a stand-alone operating segment\n \n \n ·...