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2006 Preliminary ResultsAnalyst Presentation20 February, 2007

This material may be deemed to include forward-looking statements within the meaning of Section 27A of the US Securities Act of

1933 and Section 21E of the US Securities Exchange Act of 1934. These forward-looking statements are only predictions and you

should not rely unduly on them. Actual results might differ materially from those projected in any such forward-looking statements,

which involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of

activity, performance or achievements to be materially different from any future results, levels of activity, performance or

achievements expressed or implied by the forward-looking statements. In evaluating forward-looking statements, which are

generally identifiable by use of the words “may”, “will”, “should”, “expect”, “anticipate”, “estimate”, “believe”, “intend” or “project”

or the negative of these words or other variations on these words or comparable terminology, you should consider various factors

including the risks outlined in our Form 20-F filed with the SEC. Although we believe the expectations reflected in forward-looking

statements are reasonable we cannot guarantee future results, levels of activity, performance or achievements. This presentation

should be viewed in conjunction with our periodic interim and annual reports and registration statements filed with the Securities

and Exchange Commission, copies of which are available from Cadbury Schweppes plc, 25 Berkeley Square, London W1J 6HB, UK.

Results Overview and Operating Review

Todd StitzerChief Executive Officer

4

Today’s Agenda

Operating Review Todd Stitzer

Financial Review Ken Hanna

Summary and Outlook Todd Stitzer

5

2006 Group Highlights

• The third year of:

- Revenue growth at double historic rate

- Double digit emerging market growth

- Double digit gum growth

- Share gains in US carbonates

- Fuel for Growth cost savings

- Significant operational and strategic progress

• Offset by UK recall and Nigeria

6

2006 Financial Overview

• Underlying Revenues +4%

• 3 out of 4 regions growing strongly

• Underlying margins maintained

- Cost savings offset commodity cost headwinds

- Further investment in growth

• Underlying Profit before Tax +9%

• Final dividend +10%; 8% increase for full year

7

Continued Momentum in Confectionery

• Confectionery revenue growth +4%

• Shares ahead or maintained in 13 of top 20 markets

• Innovation and emerging markets (+10%) key drivers

• Gum +10%: strong growth in all geographies

• Chocolate +1%: good performance outside the UK (+5%)

• Candy flat: impacted by Halls in the US and non-core brands

• Bolt-on acquisitions in emerging markets

8

Securing and Growing Beverages

• Beverages revenue growth +4%

• Another good performance from Americas Beverages

• Australia beverages performed well

• Exit from beverages in Europe, Syria and South Africa: total £1.4bn proceeds

• US bottler and distributor acquisitions significantly strengthened route to market

9

Americas Beverages: Continued Good Performance

• Good performance during year of significant organisational change

• Successful innovation and early benefits of IBS consolidation

Full Year 2006

£m

2,566

584

2006 vs 2005 (constant FX)

underlying acq/disp total

Revenues +3% +42% +45%

Underlying Profit from Ops*

+7% +5% +12%

* Profit from Operations before associates, intangibles amortisation, goodwill impairment, restructuring, non-trading items,UK product recall and IAS 39 adjustment

10

Third Year of Share Growth in Carbonates

• Third year of market share growth in US carbonates

Source: Nielsen

US Carbonate Market Share Performance

-60

-40

-20

0

20

40

60

80

YO

Y S

har

e Chan

ge

(bps)

2003 2004 2005 2006

11-5

0

5

10

15

20

25

30

Dr Pepper Sunkist A&W Canada Dry

7 UP

Share Growth in US CSDs

Source: Nielsen

YO

Y S

har

e Chan

ge

(bps)

Through Strong Performances on Core Brands …

• Performance boosted by better sales execution in CSBG

12-15

-10

-5

0

5

10

15

Yea

r on y

ear

volu

me

gro

wth

(%

)

7 UP Bottler volumes 2004 - 2006

2004 2005 Q1’06 Q2’06 Q3’06 Q4’06

… With Improving 7 UP Performance

• Relaunched regular 7 UP in May; diet 7 UP in November

• More natural proposition

13

Growth in Core US Non-Carbonates

• Core non-carbonates +3%

Core Non-Carbonate Revenue Performance

0

1

2

3

4

5

6

% R

even

ue

Chan

ge

2004 2005 2006

14

Revitalising Snapple… A Multi-Stage Programme

Source: Nielsen

Mainstream Premium Super Premium

% RTD Tea Vol 77% 22% 1%

% RTD Tea $ 59%

Snapple Vol Share 0% 50% 42%

37% 4%

Volu

me

Cas

es

US Ready to Drink Tea Market

+99%

+1%

+40%

15

Early Success with Snapple Super Premium Teas…

• Successful launch of Snapple super-premium teas

• Small but fast growing category

• Number one premium tea brand

• Further additions to the range in 2007

16

Following With Snapple Mainstream Launch in Second Quarter

• Leveraging CSBG low cost manufacturing and distribution reach

• Launch of mainstream Snapple in Q2

17

Further Expansion into Growth Categories .. Accelerade

• Intellectual property/ brand acquired in 2006

• Entry into $6.8bn fast growing functional sports drink category

• Patented carbohydrate – protein drink

• Differentiated position: for the serious athlete

18

Integration of CS Bottling Group on Track

• Improving performance on CS brands

• Franchise brands continue to grow strongly

** - excludes water

CSBG Volume Performance (ex Easley/All American)

Total +2% +7%

Volume Growth v PY Jan - Apr

Flat

+16%

May - Dec

CS Brands +6%

Franchise Brands** +17%

19

Americas Confectionery: Another Good Year

• Another year of excellent progress

• Margin gains driven by Canada and Brazil

* Profit from Operations before associates, intangibles amortisation, goodwill impairment, restructuring, non-trading items,UK product recall and IAS 39 adjustment

Full Year 2006

£m

1,330

207

2006 vs 2005 (constant FX)

underlying acq/disp total

Revenues +7% - +7%

Underlying Profit from Ops*

+20% - +20%

20

20

22

24

26

28

30

32

34

2006 Share +300bps

Dec CS Share32.2%

Strong Growth in Gum With Further Share Gains in US…

Source: IRI

US Gum Market Share Jan 2004 – Dec 2006

Jan ‘04 Jan ‘06 Dec ‘06

US G

um

Mar

ket

Shar

e (%

)

21

…Driven by Trident and Stride

• Innovation continues to drive US market growth

• Led by Trident and Stride

US Brand Performance and Market Shares

Retail sales (val) 2006 YTD Growth

Dec Share

Trident +26% 17.1%

Dentyne +6% 8.9%

Stride n/a 2.9%

US Gum Market +8%

Bubblicious +7% 2.5%

Source: IRI (December 2006)

22

Halls Strengthening With Innovation and Marketing in US

• Investments in marketing and innovation

-15

-10

-5

0

5

10US Cough Market and Halls Value Sales Growth

Gro

wth

vs

Prior

Yea

r (%

)

Jan 06 Jun 06 Dec 06

Cough Market

Halls

23

Continued Double-Digit Growth in Latin America

• Latin America revenues +12%

• Strong innovation in Mexico in 2H in gum and candy

24

EMEA: A Challenging Year

• Revenues ahead despite significant challenges

• Profitability impacted by difficult trading and increased investment

Full Year 2006

£m

2,318

276

2006 vs 2005 (constant FX)

underlying acq/disp total

Revenues +1% +3% +4%

Underlying Profit from Ops*

-11% -4% -15%

* Profit from Operations before associates, intangibles amortisation, goodwill impairment, restructuring, non-trading items,UK product recall and IAS 39 adjustment

25

UK Confectionery… Improving Market Performance in Q4

• Difficult third quarter: hot summer and product contamination

• Improved fourth quarter with satisfactory Christmas

Source: Nielsen (Dec 2006)

UK Confectionery Market Performance 2006

Vs Last Year (%) 1H FY

-0.2

-1.1

+1.3

-0.3%

Q3 Q4 Dec

Chocolate -5.5% +1.2 +2.1

Confectionery -4.7% +0.7 +1.6

26

Improving Share Trends… CS Share Held in 2006

• Share trends improving in fourth quarter

• CS share of UK chocolate at 34%

• CS share of UK confectionery held at 31%

Source: Nielsen (Dec 2006)

CS Market Share Performance 2006

Vs Last Year (bps)

1H FY

-10

flat

+90

+80

Q3 Q4 Dec

Chocolate -130 -85 -50

Confectionery -90 -50 -20

27

Increased Marketing and Innovation in Q4 2006

28

Continues in 2007... Significant Activity on Chocolate

29

Continues in 2007... Significant Activity on Chocolate

30

Bringing Innovation to the UK Gum Market

• Current market value £250m - £300m

• Market in decline; per capita consumption under-developed

• 95% products functional; >50% chew for distraction

Gum Market Growth and Consumption

Growth 05/06 Per Cap. (Index)

75

100

France +9% 88

UK -4%

US +8%

Source: Nielsen/IRI/Euromonitor

31

With the Launch of Trident - Our Number One Global Gum Brand

• Bringing confectionery benefits to a functional category

• Leverages most successful gum technologies and brand

• Major investment in marketing, sales and point of sale activity

32

Significant Investment in Driving Continued Growth in Gum

• Significant incremental investment in gum in 2006

• Further roll out of centre-filled

• Trident launched in Turkey

• Packaging innovation with bottle gum

33

And Investing in Affordable Confectionery in Africa

• Good growth in Africa, Middle East (+9%)

• Launch of affordable offerings in South Africa

• Significant investment and pressure on capacity

Countlines+15%

CDM+8%

Eclairs+25%

Halls+31%

34

Asia Pacific: Continued Strong Performance Across the Region

• Another good year; stronger second half

• Operational leverage and cost control offset commodity headwinds

Full Year 2006

£m

1,205

165

2006 vs 2005 (constant FX)

underlying acq/disp total

Revenues +7% - +7%

Underlying Profit from Ops*

+10% - +10%

* Profit from Operations before associates, intangibles amortisation, goodwill impairment, restructuring, non-trading items,UK product recall and IAS 39 adjustment

35

Developed Markets... Good Results in ANZ

• Developed markets +5%; strong market growth in ANZ

• Growth in premium and dark chocolate

• Share gains in candy through TNCC

36

…Further Gum Market Share Gains in Japan

• Third successive year of innovation driven share gains

CS Gum Market Share Performance in Japan 2003 - 2006

YTD 2003

14.9%

2004 2005 2006

Gum 15.5% 16.8% 18.4%

Source: IRI

37

Double-Digit Emerging Market Growth

• Emerging markets +17%

• Exceptional performance in India across range

Source: ORG Retail Audit

CS India Market Share

Sugar 5.7% 6.4%

Year to Dec 2005 2006

Chocolate 71.4% 71.8%

Financial ReviewKen HannaChief Financial Officer

40

Agenda

• Underlying revenue growth and margin analyses

• Three key factors

- Acquisition of CSBG

- UK product recall

- Cadbury Nigeria

• Income statement

• Cash flow

• Outlook 2007

41

Base Business Revenue Growth: Regional Performance

AmericasConfectionery

£92m+7%

£62m+3.5%

AmericasBeverages

EMEA

£19m1%

Asia Pacific

£84m+7%

Total Group

£256m+4%

42

Confectionery Revenue Growth

EMEA +6%

Am Confy+12%

Asia Pac +17%

72% of growth

28% of growth

Am Confy+4%

Asia Pac +5%

EMEA -1%

Emerging

+10%

Developed

+2%

Developed Emerging Group

2%

10% 4%

Third consecutive year of double-digit growth from emerging markets

43

Beverages Revenue Growth

3%

US CSDs

US CSDs

US non-CSDs

4%

Beverages

Australia

Mexico2.5%

US non-CSDs

6%

AustraliaMexico

11%

44

Underlying Profit from Operationsand Margin

Nigeria

CSBG

(30)bps (110)bps

FY 2006 Constant FX

Incl M&A

14.5%

FY 2005

15.9%

Basebusiness

0bps

UK Recall

FY 2006 Constant FX

Excl M&A

Other M&A ex CSBG &

Nigeria

0bps 15.9% 0bps

45

Increased Input Costs

2006 H1 H2 FY

Sugars & SweetenersAluminium

£6m £19m £25m

Oil and energy £19m £6m £25m

Oil price/barrel $67 $65 $66

46

Growth-Related Investment

• Incremental growth investment £35m

- H1 £17m; H2 £18m

- Increased S&T resources focused on category innovation

- Strengthened RTM in Latin America, US, Russia & Poland

- Investment behind Snapple NPD & fountain

• Marketing spend broadly flat

- Up 4% in confectionery; down -4% in beverages

• Emphasis on in-store promotions in beverages following acquisition

of CSBG

47

Exceptional Costs of UK Product Recall

£m H1 06 H2 06 FY 06

Customer returns 5 - 5

Stock destroyed & costs 5 5 10

Remediation costs 3 14 17

Increased media - 5 5

Total direct cost 13 24 37

Insurance recovery (6) (1) (7)

Net direct cost 7 23 30

Direct costs (net of insurance) excluded from underlying performance

48

Trading Impact of UK Product Recall

£m 2006

Sales impact

Credit notes issued for returned product in H1 (5)

Lower sales in H2 (25-30)

Total impact on sales (30-35)

Underlying Operating Profit impact

Impact net of insurance recovery (5-10)

49

Nigeria – Underlying Performance

* Profit from Operations before associates, intangibles amortisation, goodwill impairment, restructuring, non-trading items, UK product recall and IAS39 adjustment

# Excludes intangibles amortisation, goodwill impairment, restructuring, non-trading items, UK product recall, Nigeria adjustment and IAS 39 adjustment

** The capacity to offset losses via a minority interest is limited by Cadbury Nigeria net liability position

£m 2005 2006

Revenue - 59

Underlying Earnings 6 (13)

Underlying Loss from Operations* - (12)

Associates 6 (1)

Net finance cost - (6)

Underlying Profit/Loss before Tax# 6 (19)

Taxation - -

Minorities** - 6

UEPS Impact 0.3p (0.6p)

50

Nigeria – One-off Costs

£m 2006

Goodwill written off (15)

2006 Charges outside Underlying

CS Group share of one-time charges booked by

Cadbury Nigeria(23)

• Recovery will take some time

• Restructuring required in 2007

51

CSBG Financial Performance

£m Jan – Apr Pre-acq

May-Dec Post-acq

FY 06 Pro-forma

Total CSBG

Impact on CS Group Margin -40bps -110bps -150bps

Revenue 388 753 1,141

Underlying Operating Profit 20 36 56

Margin 5.2% 4.8% 4.9%

• Overall performance in line with acquisition case

• CSBG marginally accretive in 2006

52

Summary Income Statement

* Profit from Operations before associates, intangibles amortisation, goodwill impairment, restructuring, non-trading items, UK product recall and IAS39 adjustment

# Excludes intangibles amortisation, goodwill impairment, restructuring, non-trading items, UK product recall, Nigeria adjustment and IAS 39 adjustment

£m 2005 2006

Revenue 6,432 7,427

Nigeria – cost outside underlying - (23)

Underlying Profit from Operations* 1,025 1,073

Associates 28 7

Net finance cost (188) (149)

Underlying Profit Before Tax# 865 931

Restructuring (71) (133)

Amortisation and impairment (6) (38)

Non-trading items 25 40

UK product recall - (30)

IAS 39 adjustment 22 (9)

Reported Profit Before Tax 835 738

Taxation (135) (215)

Discontinued Operations 76 642

Minorities (11) 4

Reported Earnings 765 1,169

53

Restructuring Costs

Treatment of restructuring from 2007

• Expect restructuring cost of c1% of sales in underlying from 2007

• £123m Fuel for Growth charge in 2006 will be reallocated to underlying in

comparatives

£m 2005 2006

Fuel for Growth (71)

CSBG integration - ( 10)

Total (71) ( 133)

(123)

54

Earnings Per Share

# At constant currency

p/share 2005 2006# Growth

Underlying EPS 33.9 32.1

Growth Factors

• Increase in underlying tax rate (3%)

Underlying EPS before M&A 4%

• Sale of beverages (6%)

• Increase in number of shares (1%)

• Acquisition of CSBG -%

• Impact of Cadbury Nigeria (3%)

Underlying EPS after M&A (5%)

(5%)

• Operating performance 8%

55

Cash Flow

£m 2005 2006

Cash Generated from Operations 1,327 1,212

Tax (excluding disposals) (206) (256)

Net Capital Expenditure (261) (300)

Interest (199) (186)

Dividends (257) (270)

Free Cash Flow 404 200

• Impact of one time items c£100m

- Sale of beverages

- Nigeria

- UK exceptional

56

• 3 years of reduction in DSO’s

• Like-for-like* trade working capital reduction in DSO’s – 11 days

• Value of reduction – c£200m

0

10

20

30

40

50

60

2003 2004 2005 2006

Working Capital

* Like-for-like excludes Europe Beverages, CSBG and Cadbury Nigeria

Day

s

57

Balance Sheet Efficiency

Dec 2005 Dec 2006

£3,900m

2.9x

6.8x

EBIT/Net interest 5.7x 6.0x

Net Debt £m £2,909m

EBITDA# /Net interest 7.5x

Net Debt/EBITDA# 2.2x

# EBITDA is defined as earnings before interest, tax, depreciation, intangibles amortisation, goodwill impairment, restructuring costs, non-trading items, UK product recall, IAS 39 adjustment and excludes associates

2007 Outlook

59

Americas Beverages - 2007 Factors

• Higher concentrate pricing in CSDs

• First full year of CSBG cost synergies

• Aggressive Snapple investment plan

• Launch of Accelerade

• Potential savings from oil (@c$60/barrel) offset by increase in corn

prices

60

Americas Confectionery - 2007 Factors

• Full benefit from Stride launch

• Price increase in US gum and Halls

• Investing behind Route to Market in emerging markets

61

EMEA - 2007 Factors

• UK gum launch

• Reinvigorating UK chocolate

• Continued roll-out of centre-filled gum in the region

• Pace of recovery progress in Nigeria

62

Asia Pacific - 2007 Factors

• Withdrawal from co-packing arrangement

• Aggressive ANZ retailer environment

• Higher sugar & aluminium costs

• Strong momentum from emerging markets

63

Summary

• Outlook 2007

• Extensive supplementary schedules

• Calendar 2007

- AGM: 24 May

- Trading Update: 19 June

- Interim Results: 1 August

- Trading Update: 11 December

2006 Summary and OutlookTodd StitzerChief Executive Officer

66

2006 Summary

• Superior TSR growth: 2003 -2006 +63%

• Confectionery share gains in most key markets

• Revitalisation of North America Beverages

• M&A activity strengthens both beverages and confectionery positions

• Strengthened leadership and capabilities

• Nurtured colleagues and communities

67

New Financial Scorecard

• Revenue growth of 3-5% per annum

• Growth in margins over time

• Growth in ROIC over time

• Dividend growth more in line with earnings growth

• Maintain efficient balance sheet

68

Drivers of Performance:

• Using all levers of value to drive returns

• Relentless cost reduction

• Aggressively exploiting strong business platforms

69

Driving Superior Returns

• Strengthening financial position

• Use all financial levers to drive value

• Maintain efficient balance sheet

• Growing dividends more in line with earnings

70

Relentless Focus on Costs

• Significant opportunity to reduce costs

• Reconfiguration of supply chain

• Centralised approach to category management

• Investing in growth

• Delivering margin growth over time

71

Exploiting our Strengthened Business Platforms

• Confectionery

- Fewer, bigger brands and innovations

- Leveraging our market positions and distribution

• Beverages

- Expanding into higher growth categories

- Exploiting strengthening route to market

72

Backing Large-Scale Innovation with Substantial Investment

• Expanding into UK gum

• Increased investment in UK chocolate

• Continued roll-out of centre filled gum

• Further expansion of Stride

• Investment in Snapple

• Launch of Accelerade

Investing in Fewer, Bigger Growth Platforms

73

2007 Summary

• Strong innovation programme in first half

• Initiatives to underpin growth in confectionery and beverages

• Significant investment in marketing and innovation, weighted to 1H

• Sweetener cost increases; 2H benefits from energy price declines

• Cost savings from Fuel for Growth and full year of CSBG synergies

74

Supplementary Information

77

£m 2005 Increased Activity M&A Exchange

Effects 2006

Americas Beverages 1,781 62 738 (15) 2,566

Americas Confectionery 1,228 92 - 10 1,330

EMEA 2,257 19 61 (19) 2,318

Asia Pacific 1,157 84 - (36) 1,205

Central 9 (1) - - 8

Total Group 6,432 256 799 (60) 7,427

Sales Analysis

78

Underlying Profit from Operations *

* Profit from Operations before associates, intangibles amortisation, goodwill impairment, restructuring, non-trading items, UK product recall and IAS39 adjustment

£m 2005Increased Activity

M&AExchange

Effects2006

Americas Beverages 524 35 29 (4) 584

Americas Confectionery 172 34 - 1 207

EMEA 328 (37) (11) (4) 276

Asia Pacific 157 15 - (7) 165

Central Costs (156) (3) - - (159)

Total Group 1,025 44 18 (14) 1,073

79

Overview of Technical Guidance

FY 2007

• Fuel for Growth savings: £90m

• Underlying P&L restructuring charge: 1% of revenue

• M&A restructuring outside underlying: £30m

• Underlying net interest rate: c5%

• Underlying tax rate: 30%-31%

• Capital expenditure: 5%-5.5% of revenue

• Nigeria Minority Interest £nil

80

Restatement of 2006 Underlying Profit

Before Tax to include FfG Restructuring£m Reported Restructur’g Restated

7 -

Underlying Profit from Operations

Americas Beverages 584 (1) 583

Americas Confectionery 207 (11) 196

EMEA 276 (65) 211

Asia Pacific 165 (15) 150

Central Costs (159) (31) (190)

Underlying Profit from Operations** 1,073 (123) 950

Associates 7

Net Finance Cost (149) - (149)

Underlying Profit before Taxation# 931 (123) 808

Restructuring (133) 123 (10)

Other non-underlying items (60) - (60)

Reported Profit before Taxation 738 - 738

** Profit from Operations before associates, intangibles amortisation, goodwill impairment, restructuring, non-trading items, UK product recall and IAS39 adjustment

# Excludes intangibles amortisation, goodwill impairment, restructuring, non-trading items, Nigeria adjustment and IAS 39 adjustment

81

M&A Activity – Non-Core Disposals

Completed

Announced

Monkhill (UK)

Cottees Foods (Australia)

Piasten (Germany) June 2005

Holland House Cooking Wines (US) December 2005

Grandma’s Molasses (US) January 2006

Europe Beverages Division February 2006

Slush Puppie (US) April 2006

Syria Beverages April 2006

Bromor (S. Africa) August 2006

Allan Candy (Canada)

Cadbury Italy

82

Completed

Green & Black’s (UK) May 2005

5% DPSUBG (US) June 2005

Cadbury Nigeria (majority) February 2006

30% Kent (Turkey) April 2006

55% DPSUBG (US) May 2006

Dan Products (S.Africa) June 2006

All American Bottling Co June 2006

7Up Bottling Co of San Francisco (Easley) August 2006

Cott Passaic/Cott Essex June 2006

M&A Activity - Acquisitions

83

Fuel for Growth Progress

Completed2003/5

Completed2006

Cumulative

Gross Savings 180 90

123

51

Total Spend 595 174 769

270

Restructuring 383 506

Capex 212 263

• Continuing Operations

- Cumulative savings by end of 2007 £360m

- Savings expected in 2007 £90m

84

Nigeria Reconciliation

£m UnderlyingNon

UnderlyingTotal

Revenue 59

(12)

Goodwill - (15) (15)

(1)

(6)

(19)

-

6

(13)

- 59

(0.6p)

Underlying Earnings (40) (53)

Profit from Operations (2) (14)

Associates (23) (24)

Net finance cost - (6)

Profit Before Tax (40) (59)

Taxation - -

Minorities - 6

EPS Impact (2.6p)

85

CSBG Performance is in line with Acquisition Case

£m 2006

Synergy benefits within Americas Beverages 6

Interest (24)

Reduction in income from associate (post-tax) (9)

Contribution to underlying earnings 2

Contribution to operating profit 42

Taxation at 39% (7)

UEPS Impact 0.1p

CSBG accretive to underlying earnings in 2006

CSBG reported operating profit 36

86

Associates - Underlying

£m 2005 2006

14

6

6

Other 2 3

Total 28 7

DPSUBG/CSBG (2)

Cadbury Nigeria (1)

Camelot 7

• CSBG consolidated from 2 May 2006

• Cadbury Nigeria consolidated from 20 February 2006

87

Financing Costs

£m 2005 2006

Interest income 31 23

Underlying interest on net debt (199) (174)

Interest expense (230) (197)

Average net interest rate 5.0% 5.1%

Net interest charge (199) (174)

Pension financing credit 11 25

Underlying net finance cost (188) (149)

88

Non-Trading Items

£m 2005 2006

3

Disposal of properties (1) 22

Disposal of investments 4 (3)

19

Reported 25 40

Monkhill factory insurance recovery 25

Disposal of non-core businesses (4)

89

Discontinued Operations

£m 2005 2006

76

-

Reported 76 642

Sale of beverages 591

Write-back of tax provisions 51

90

Minority Interests

£m 2005 2006

(5)

(4)

-

Other (2) (1)

Total (11) 4

Non-equity minority interest (QUIPS) -

Kent (1)

Cadbury Nigeria 6

• 2006 Minority interest is a positive credit due to the share of post-acquisition losses in Nigeria

• Cadbury Nigeria consolidated from 20 February 2006; Cadbury Schweppes holds 50.02% of Cadbury Nigeria

• 30% of Kent minority acquired on 10 April 2006; Cadbury Schweppes holds 96% of Kent

91

Cash Flow

* Profit from Operations before associates, intangibles amortisation, goodwill impairment, restructuring, non-trading items, UK product recall and IAS39 adjustmentUnderlying Profit from Operations includes profit from discontinued operations

£m 2005 2006

Underlying Profit from Operations* 1,145 1,076

Depreciation 207 232

Exceptional - (30)

Other items 11 (34)

Working Capital 37 (16)

Tax (excluding disposals) (206) (256)

Restructuring (104) (83)

Cash generated from operations 1,296 1,145

Capital Expenditure (298) (384)

Disposals 37 84

Interest (199) (186)

Dividends (257) (270)

Pension funding 31 67

Free Cash Flow 404 200

92

• Property Assets (Proceeds included in Free Cash Flow)

- 2005 £30m

- 2006 £50m

• On track to achieve target proceeds of £100m by 2007

• Non-core Businesses (Proceeds not included in Free Cash Flow)

• Disposals to date £160m

- Grandma’s Molasses Slush Puppie

- Holland House Cooking Wines Bromor

• On track to deliver target proceeds of £250 - £300m by 2007

Non-Core Disposals

93

Balance Sheet

£m 2005 2006

7,661

(4)

654

Retirement benefit obligations (369) (204)

Provisions and deferred tax liabilities (1,007) (1,123)

Net Borrowings (3,900) (2,909)

Net Assets 3,035 3,696

Ordinary Shareholders’ Funds 3,008 3,688

Minority Interests 27 8

Total Capital Employed 3,035 3,696

Non-current assets 7,815

Net working capital 104

Assets held for sale less associated liabilities 13

94

Net Debt

£m 2006

Pension deficit funding (67)

Acquisitions net of disposals (including taxes) 865

Borrowings assumed on acquisitions/disposed (320)

Exchange and other 315

Closing net debt at 31 Dec 06 (2,909)

Opening net debt at 1 Jan 06 (3,900)

IAS 39 Adjustment (2)

Free cash flow 200

95

Borrowing Profile

Full Year 2005 2006

21%

41%

38%

84%

3.4yrs

Average interest rate 4.8% 4.6%

Group average interest rate 5.0% 5.1%

More than 3 Years 20%

Fixed rate debt:

% total debt 75%

Average length of fix 2.8yrs

Debt Maturity Profile

Less than 1 Year 37%

1-3 Years 43%

96

Sales, Profits and Borrowings by Currency

£m 2006 %

Sales generated in:US dollars 2,792 37%Sterling 1,086 15%

Australian dollars 762 10%

Australian dollars 123 11%

Other (279) (10%)

Other 310 29%

Other 2,213 30%

Euro 574 8%

574(11)

77

2,529146

Euro 513 18%

Euro 7%

Net borrowing held in:Dollar Block 87%Sterling 5%

Underlying Operating Profit* generated in:US dollars 54%Sterling (1%)

* Profit from Operations before associates, intangibles amortisation, goodwill impairment, restructuring, non-trading items, UK product recall and IAS39 adjustment

97

Exchange Rates

Rate vs Sterling Year end2006

FY 2006Average

FY 2005Average

% mvtAverage

US $ 1.96

2.28

1.48

2.49

1.85

13.8

+1.6%

21.1

Canadian $ 2.09

1.82

2.20

1.46

2.39

South African Rand 12.5 11.5 +8.7%

Mexican Peso 20.0

(5.0%)

19.8

Euro 1.47 +0.7%

+1.0%

Australian $ 2.44 +2.1%

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