Tate & Lyle Plc · LSE:TATE
Tate & Lyle — Shareholder Meeting (July 2016)
20 slides from Tate & Lyle's shareholder meeting presentation, Jul 21, 2016
Slide 1: Annual General Meeting
ANNUAL GENERAL MEETING 21 JULY 2016 1
Slide 2: Sir Peter Gershon, Chairman
SIR PETER GERSHON Chairman 2
Slide 3: Javed Ahmed, Chief Executive
JAVED AHMED Chief Executive 3
Slide 4: Overview
OVERVIEW Solid Financial Performance Strong Project Delivery • Group profit in line with expectations • SPLENDA® Sucralose restructured • Margin expansion in both divisions • Eaststarch joint venture re-aligned • Good momentum on New Products • Additional SFI capacity on stream Further reshaped, str
Slide 5: Headline Financial Results
HEADLINE FINANCIAL RESULTS Year ended 31 March 2016 Constant Continuing operations Restated Currency £m, unless stated 2016 2015 Change Sales 2,355 2,341 (3%) Adjusted operating profit - SFI up 5% in constant currency 188 184 (4%) - BI down 3% in constant currency Adjusted profit before tax 193 184
Slide 6: Strong Project Delivery Strengthens the Business
STRONG PROJECT DELIVERY STRENGTHENS THE BUSINESS • SPLENDA® Sucralose business repositioned – Value-based strategy – Reset cost base • Business in Europe realigned; now focused on Speciality Food Ingredients – Reduced exposure to more regulated commodity markets – Acquired more speciality-focused co
Slide 7: Bulk Ingredients
BULK INGREDIENTS US regular carbonated soft drinks • Strong performance from core business ‒ Sales volume change (%) (Year to 31 March) bulk sweeteners and industrial starches 2014 2015 2016 -0.1 -0.5 • Very challenging Commodities environment -1.8 – Significant deterioration in US ethanol margins U
Slide 8: Speciality Food Ingredients
SPECIALITY FOOD INGREDIENTS North America Europe, Middle East and Africa • Margin focus in fiscal 2016 • Good growth outside Western Europe • New capacity available • Restructuring region to reset cost base • Focus on higher growth sub-categories Asia Pacific • Strong growth in fibres and starches •
Slide 9: New Products Continuing Good Momentum
NEW PRODUCTS CONTINUING GOOD MOMENTUM Growth from New Products Examples of New Products Sales ($m) 86 48% 69 CAGR 48 37 18 FY12 FY13 FY14 FY15 FY16 © Tate & Lyle 2016 9
Slide 10: Our Ingredients in Action
OUR INGREDIENTS IN ACTION Sugar Reduced Milk Chocolate with PROMITOR® Soluble Fibre 30% Sugars reduction 10
Slide 11: Clear Ambition to Strengthen Business Mix by 2020
CLEAR AMBITION TO STRENGTHEN BUSINESS MIX BY 2020 Mix of Group profits Geographic spread of SFI Sales Contribution from New Products Adjusted operating profit1 SFI Sales2 New Products Sales4 $200m 30% 30% 50% 70% 20% $69m 3 Speciality Food Ingredients North America 2015 2020 Bulk Ingredients Europe,
Slide 12: Summary
SUMMARY Year ended 31 March 2016 Year ending 31 March 2017 • Solid financial performance • Strong start to the year • Strong execution of change initiatives • Supports our confidence that we will continue to make progress, • Early progress on 2020 Ambition at constant currency, in the full year • Re
Slide 13: Annual General Meeting
ANNUAL GENERAL MEETING 21 JULY 2016 13
Slide 14: Questions
QUESTIONS 14
Slide 15: Annual General Meeting
ANNUAL GENERAL MEETING 21 July 2016 15
Slide 16: Proxy Votes
PROXY VOTES Votes Total For1 Total Against withheld2 Resolution No. of votes % of votes No. of votes % of votes No. of votes 1. Report and Accounts 318,398,488 99.93% 218,262 0.07% 2,468,086 2 Remuneration Report 295,643,199 92.99% 22,272,801 7.01% 2,409,145 3. Approve final dividend 320,138,747 100
Slide 17: Proxy Votes
PROXY VOTES Votes Total For1 Total Against withheld2 Resolution No. of votes % of votes No. of votes % of votes No. of votes 8. Re-elect William Camp 320,016,383 99.97% 98,714 0.03% 210,048 9. Re-elect Paul Forman 318,510,734 99.50% 1,598,277 0.50% 216,134 10. Re-elect Lars Frederiksen 318,494,244 9
Slide 18: Proxy Votes
PROXY VOTES Votes Total For1 Total Against withheld2 Resolution No. of votes % of votes No. of votes % of votes No. of votes 15. Re-appoint auditors 313,837,747 97.80% 7,053,990 2.20% 193,099 16. Approve auditors’ 320,398,862 99.85% 472,879 0.15% 213,095 remuneration 17. Authority to make political
Slide 19: Proxy Votes
PROXY VOTES Votes Total For1 Total Against withheld2 Resolution No. of votes % of votes No. of votes % of votes No. of votes 20. Authority to purchase own 314,660,538 98.73% 4,032,841 1.27% 2,391,447 shares 21 Notice period for general 286,275,643 90.55% 29,889,688 9.45% 4,919,516 meetings 1. Includ
Slide 20: Annual General Meeting
ANNUAL GENERAL MEETING 21 July 2016 20