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1999 Annual Report

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1999 Annual Report CORE Metadata, citation and similar papers at core.ac.uk Provided by Diposit Digital de Documents de la UAB Annual Report and Form 20-F 1999 Contents Page Strategy Statement 1 Corporate Highlights 2 Financial Highlights 3 1 Business Review 1999 5 2 Description of Business 23 3 Operating and Financial Review 33 4 Report of the Directors 57 5 Financial Record 77 6 Financial Statements 83 7 Shareholder Information 131 Glossary 141 Cross reference to Form 20-F 142 Index 144 The images used within this Annual Report and Form 20-F are taken from advertising campaigns and websites which promote our brands worldwide. They demonstrate how we communicate the appeal of our brands in a wide range of markets. “Sunkist” is a registered trademark of Sunkist Growers, Inc. This is the Annual Report and Form 20-F of Cadbury Schweppes public limited company for the year ended 2 January 2000. It contains the annual report and accounts in accordance with UK generally accepted accounting principles and regulations and incorporates the annual report on Form 20-F for the Securities and Exchange Commission in the US. A Summary Financial Statement for the year ended 2 January 2000 has been sent to all shareholders who have not elected to receive this Annual Report and Form 20-F. The Annual General Meeting will be held on Thursday, 4 May 2000. The Notice of Meeting, details of the business to be transacted and arrangements for the Meeting are contained in the separate Annual General Meeting booklet sent to all shareholders. The Company undertook a two for one share split in May 1999. All share information for prior periods has been restated. Cadbury Schweppes’objective is growth in shareowner value. The strategy by which we will achieve this objective is: – Focusing on our core growth markets of beverages and confectionery – Developing robust, sustainable market positions which are built on a platform of strong brands with supported franchises – Expanding our market share through innovation in products, packaging and route to market where economically profitable – Enhancing our market positions by acquisitions or disposals where they are on strategy, value-creating and available Managing for Value is the process which supports the achievement of our strategy. Cadbury Schweppes 1 Annual Report and Form 20-F 1999 Corporate Highlights year glanceat a Beverages – Dr Pepper/Seven Up gained over half a point of market share, growing to 15.9%, the first overall increase since acquisition – Dr Pepper brand volumes up 5%, increasing share for the 15th year in a row – Sale of beverages brands in 160 markets completed for nearly $1 billion – US beverages strengthened through the acquisition of Hawaiian Punch and the Dr Pepper Bottling Company of Texas Confectionery – Key chocolate companies’ profits up by an average of 9% – Resurgence in many emerging markets with excellent performances from India and Malaysia – Acquisition of Wedel, Poland’s leading chocolate business – Successful brand innovation continued with the launch in the UK and Ireland of Cadbury’s Miniature Heroes and Cadbury’s Yowie 2 Cadbury Schweppes Annual Report and Form 20-F 1999 Financial Highlights % change As At constant 1999 1998 reported exchange rates Turnover (a) £4,234m £3,999m +6 +6 Trading profit (a) (b) £685m £616m +11 +10 Trading margin (a) (b) 16.2% 15.4% +0.8 +0.7 Profit before tax and disposals (b) £686m £628m +9 +9 Basic earnings per share 31.7p 17.1p +85 +89 Underlying earnings per share (c) 19.5p 19.3p +1 –3 Underlying earnings per share pre-restructuring (b) 22.5p 20.4p +10 +8 Net dividend per share 10.0p 9.5p +5 N/A Capital expenditure £127m £163m –28 –21 Marketing expenditure (a) £767m £693m +11 +6 Free cash flow £292m £157m +86 N/A Group employees 37,425 38,656 –3 N/A (a) From continuing operations (b) Excluding major restructuring costs, goodwill amortisation and exceptional items (c) Represents basic earnings per share adjusted to exclude exceptional items and gains and losses on disposals of subsidiaries and investments Underlying Earnings per Share Free Cash Flow Cumulative Total Shareholder Pre-restructuring Return Underlying Base year 1996 1999 £m 1998 1997 300 pence % increase 25 250 100 20 200 80 15 150 60 10 100 40 5 50 20 0 0 0 95 96 97 98 99 95 96 97 98 99 97 98 99 Cadbury Schweppes 3 Annual Report and Form 20-F 1999 This page is intentionally blank 4 Cadbury Schweppes Annual Report and Form 20-F 1999 1 Business Review 1999 Letter from the Chairman 6 Group Chief Executive’s Review 10 Beverages Review 14 Confectionery Review 18 1 Contents Inside Front Cover Glossary 141 Cross reference to Form 20-F 142 Index 144 Cadbury Schweppes 5 Annual Report and Form 20-F 1999 1 Business Review 1999 – Letter from the Chairman 1999 saw the further development and strengthening of our business through a number of strategic moves positioned for21st the century 1999 was an important year for Cadbury from a mainly UK and British Commonwealth Schweppes, which saw the further confectionery business with a single strong development and strengthening of our mixer beverage brand, into an international business through a number of important business with significant stakes in strategic moves, notably the sale of our confectionery and beverages world-wide. non-US beverages brands in 160 markets, the acquisitions of Wedel in Poland and In the 1980’s and early1990’s our strategy Hawaiian Punch in the US, and the creation was to build scale in our core businesses. of the Dr Pepper/Seven Up Bottling Group In the latter half of the 1990’s we focused more in the US. closely on the creation of shareowner value through the adoption of Managing for Value Business Developments (“MFV”) in 1997. During 1999 our MFV Over the years, we have expanded the programme was extended throughout the business organically with an emphasis on Group, establishing a new discipline to, and successful innovation. We have invested understanding of, our management of the in new markets through production and business. Growth and scale are important; distribution facilities. Acquisitions have been but in global markets, where competition is essential in providing us with the scale and intense, a complete understanding of value- platform for growth and have played a creation is essential. particularly major part in the expansion of the beverages business in the US, with the With a clear vision of what value-creation means, purchases of Canada Dry in 1986, Crush in we are confident of achieving sustainable 1989, A&W in 1993 and Dr Pepper/Seven Up earnings growth in 2000 and beyond. in 1995. Notable confectionery acquisitions over that time were Poulain in France in 1988, Our value analysis has already had far-reaching Trebor and Bassett in the UK, both in 1989, consequences. The sale of our beverages Allan Candy in Canada in 1995, La Pie Qui brands recognised the comparative Chante in France in 1997 and Wedel in Poland disadvantage they suffered in smaller markets. early in 1999. Growth, acquisitions and It was in shareowners’ best interests to obtain investments transformed Cadbury Schweppes optimum value for them by finding the most 6 Cadbury Schweppes Annual Report and Form 20-F 1999 appropriate owner. For those markets For our markets of beverages and where we had an average share of 2.5% confectionery, prospects are equally bright. and together accounted for just 4% of Per capita consumption of confectionery in Group profit we received nearly $1 billion. many parts of the world is well below Western Their sale produced a result beyond anything Europe, the huge US beverage market we could have achieved in the foreseeable continues to grow and pricing is rising, future through our continued ownership. consumer appetite for innovation and variety We have retained our beverage brands is as strong as ever. In a consolidating retail in those markets where we believe we can environment, the multiplicity of distribution achieve sustainable and profitable growth, channels for our products is a strength. With in particular in the US. a positive outlook for the world economy and our growing markets as the background, The higher rationalisation charge we have Cadbury Schweppes is well placed to taken in the 1999 financial accounts enables succeed. The market position and variety of us to address some structural weaknesses in our brands – the new management emphasis a number of our business units with a view to on value-creating investment and growth – the accelerating our growth. opportunities to improve our competitiveness and asset utilisation – our balance sheet strength Prospects and the momentum of our larger business The economic outlook in world markets is units, all give us confidence for the future. bright. The triumph of the market economy, the recovery in Asia, the increasing recognition Investing in People of shareowner value, low inflation, the Cadbury Schweppes has an excellent tradition opportunities created by technology and and standard of investing in people. We have e-commerce, together outweigh the negatives been in the forefront of human relations of an unproductive start to the World Trade practices with our commitment to training Organisation talks, trade disputes between and development, succession planning, North America and Europe and unrealistic basing promotion on merit, tackling under- prices for raw materials arising from the performance honestly but fairly, and with European Union’s Common Agricultural Policy. “Investor in People” recognition. Cadbury Schweppes 7 Annual Report and Form 20-F 1999 1 Business Review 1999 – Letter from the Chairman With a positive outlook for the world economy and our growing markets as the background, Cadbury Schweppes is well placed to succeed Dr Pepper is the leading non- cola trademark in the US, the world’s largest soft drink market.
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