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Annual Review and Summary Financial Statement 2005 Contents Invest Innovate Execute Annual Review and Summary Financial Statement 2005 Contents IFC Financial highlights 2005 01 Performance highlights 2005 02 Our business 04 Chairman’s statement 06 Strategy review 18 2006 outlook 19 People strategy 20 Chief Financial Officer’s review 22 Operating review 24 Financial review 26 Summary financial statement 31 Notes to the summary financial statement 36 Auditors’ statement 36 GAAP statement 38 Board of Directors 40 Summary Directors’ remuneration report 42 Summary corporate governance statement 43 Shareowner information Cadbury Schweppes manufactures, markets and sells confectionery and beverage treats and refreshments. It is the world’s largest confectionery company, and has strong regional beverages businesses in North America and Australia. With origins stretching back over 200 years, today Cadbury Schweppes’ products are enjoyed in almost every country around the world. Financial highlights 2005 Reported Reported Constant Currency Currency Currency3 2005 2004 Growth % Growth % Growth % £ millions (52 wks) (53 wks) vs. 53 wks vs. 52 wks vs. 52 wks2 Revenue 6,508 6,085 +7 +8 +6 – Underlying Profit from Operations1 1,033 954 +8 +10 +8 – Underlying operating margin5 15.9 15.7 +20bps +30bps +30bps Profit from Operations 1,003 825 +22 +23 +21 Underlying Profit before Tax1 873 771 +13 +14 +12 Profit before Tax 843 642 +31 +33 +31 Underlying EPS1 & 4 33.9 30.7 +10 +11 +9 Reported EPS4 37.3 25.9 +44 +45 +44 Dividend per share 13.0p 12.5p +4 n/a n/a As required by IFRS 5, Europe Beverages is classified as a discontinued operation. Revenue, Profit from Operations and Profit before Tax for the 52 weeks to 1 January 2006, exclude Europe Beverages. The prior year comparative information has been re-presented on a consistent basis. 1 Underlying Profit from Operations and Underlying Profit before Tax exclude brand intangible amortisation (£6 million), restructuring costs (£72 million), non-trading items (£25 million) and the impact of fair value accounting under IAS 39 (£23 million). Underlying earnings per share also exclude the tax effects of these adjustments and the credit arising on the recognition of the UK deferred tax asset (£104 million) and the intra-group transfer of intellectual property assets (£11 million). A full reconciliation between underlying and reported measures is included in the segmental analysis on pages 29 and 30. 2 Excluding the estimated impact of sales and profits in the 53rd week of 2004 (see page 25). 3 Constant currency growth excludes the impact of exchange rate movements during the period (see page 25). 4 EPS is presented on a basic total group basis and therefore includes the earnings contribution from Europe Beverages. 5 10 basis points (bps) equals 0.1%. Performance highlights 2005 1 • Revenue growth ahead of goal Revenue 2004 2005 £6,036m £6,508m ranges at 6.3%1 7000 • 6% confectionery growth1 6000 5000 • 6% beverage growth1 2 2 Margin 2004 2005 • Underlying operating margins +30bps 16 15.6% 15.9% • Underlying profit before tax 15 +12% at £873 million 14 • Underlying earnings per share 3 +9% at 33.9 pence Free cash flow 2004 2005 £229m 500 £404m • Significant increase in free cash flow3 400 300 to £404 million 200 100 • Adams performance strong and 0 growing ahead of the acquisition plan Dividends 2004 2005 12.5p 13.0p • Successful sale of Europe Beverages 13 for £1.26 billion 12 11 (except where stated all movements are at constant exchange rates and exclude 1 Revenue growth at constant currency versus 52 weeks the impact of the 53rd week in 2004) 2 Margin growth in basis points at constant currency versus 52 weeks 3 Free cash flow as defined on page 25 Annual Review and Summary Financial Statement 2005 Cadbury Schweppes 1 Our business We’re organised around four regional operating units supported by six global functions. The leader of each region and function sits on the Chief Executive’s Committee (CEC). This team is responsible for our business strategy and for driving how we invest, innovate and execute to deliver superior shareowner performance. Global functions Global Commercial Science Global Supply Strategy & Technology Chain Operating regions Americas Beverages Americas Confectionery Share of Group Revenue Share of Group Profit* Share of Group Revenue Share of Group Profit* 27% 44% 19% 15% Our beverages operations in the Americas consist of businesses in Americas Confectionery operates in all of the major countries the US, Canada and Mexico. We sell a broad range of refreshment in North and South America, including the US, Canada, Mexico, beverages, from carbonated drinks, where our brands are leaders in Brazil and Argentina. We sell gum and sugar confectionery the flavours (non-cola) category, to premium still fruit juices, and throughout the Americas, and chocolate principally in Canada and iced teas. Dr Pepper, Mott’s and Snapple are our biggest brands, Argentina. Our biggest brands are Trident, Dentyne, Halls and with other important brands including 7UP, Hawaiian Punch, Bubbaloo/Bubblicious, with other important brands including Sunkist, A&W and Clamato. Cadbury, Clorets, Chiclets, Swedish Fish, Sour Patch Kids, Mantecol and Beldent. *Underlying Profit from Operations, excluding central costs 2 Cadbury Schweppes Annual Review and Summary Financial Statement 2005 The functions’ role is to drive world-class Global Commercial Strategy’s role is to pipeline. Global Supply Chain is responsible performance across the operating regions. develop global strategies and solutions for for the supply of product to the Group’s Every function has a team in each region categories, customers and markets that customers, and its role covers raw material with these regional groups co-ordinated by enable the regions to generate higher sales supply, manufacturing, logistics and working a small central team. This structure allows growth than they could on their own. capital management. the functions to develop and implement Working with Science & Technology, which global strategies and processes while leads the Group’s technical innovation remaining closely aligned with the regions’ programme, Global Commercial Strategy commercial interests. also develops the Group’s innovation Finance and Information Human Legal Technology Resources and Secretariat Europe, Middle East and Africa Asia Pacific Share of Group Revenue Share of Group Profit* Share of Group Revenue Share of Group Profit* 36% 28% 18% 13% Europe, Middle East and Africa (EMEA) includes all the Group’s Asia Pacific comprises an integrated confectionery and full system businesses in European, African and Middle Eastern markets beverage business in Australia, and confectionery operations, (including Russia). The UK is our largest confectionery business in principally in New Zealand, Japan, India, China, Thailand, Malaysia the region, and we also have major businesses in France, South and Indonesia. In confectionery, as well as selling Cadbury branded Africa, Russia, Nigeria, Ireland, Poland, Turkey, Spain and Egypt. products, we sell products under the Trebor and The Natural Cadbury, Wedel and Poulain are our biggest chocolate brands and Confectionery Company brands in Australia; the Halls and Sportlife we have recently acquired the Green & Black’s brand in the UK. brands in China; the Halls, Trident and Clorets brands in Japan and Bassett’s, Halls, Maynards and Trebor are our biggest brands in Thailand; and the Bournvita and Halls brands in India. Our main sugar confectionery. Major gum brands are Hollywood, Trident, beverages brands in Australia are Schweppes and Cottee’s. Stimorol and Dirol. Annual Review and Summary Financial Statement 2005 Cadbury Schweppes 3 Chairman’s statement John Sunderland gives an overview of the Group’s performance in 2005 and the outlook for 2006 A year of strong revenue growth The transaction completed on 2 February 2005 was another successful year for 2006, and the price achieved and the quick Cadbury Schweppes. We achieved our resolution represent an excellent outcome. highest rate of revenue growth for a decade, with all of our major businesses Management making a significant contribution. We are Our performance is a testament to the now over halfway through the four-year achievements of our management team led plan upon which we embarked in 2003. by Todd Stitzer. During 2005, we further In the plan are specific financial commitments strengthened our senior management cadre against which shareowners can monitor with two key external appointments: Jim our performance. These are to: grow Chambers as President of Americas revenues by 3-5% each year; improve Confectionery and Steve Driver as our profit margins by 50-75 basis points President of Global Supply Chain. Following per annum; and generate a four-year Mike Clark’s retirement, his joint role as cumulative free cash flow of £1.5 billion. Chief Legal Officer and Company Secretary was split between two internal appointees, In 2005, we achieved two of these three Hank Udow and Hester Blanks respectively. targets, namely excellent revenue growth The strength of our management team and higher free cash flow. We made continues to be recognised and for the slightly less progress than we would have tenth year in a row Cadbury Schweppes liked on margin improvement. This is was voted amongst the top ten in Britain’s disappointing, but mainly the consequence Most Admired Companies in Management of a very challenging cost environment, Today’s poll of our UK peers. We have also particularly in energy, transport and received 50 other awards around the world packaging. Reported sales were £6.5 for differing aspects of our performance. billion, which, on a like-for-like basis, represented an increase of 6%. Operating Governance margins were 15.9%, an increase of The United Kingdom now enjoys probably 30 basis points and free cash flow was the highest standards of corporate £404 million. Underlying earnings per share governance in the modern business world. were ahead by 9% on a like-for-like basis.
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