21 February 2006 - Cadbury Schweppes plc reports on financial performance for the 52 weeks ended 1 January 2006
2005 Highlights
-Revenue growth ahead of goal ranges at 6.3% (5.4% including Europe Beverages)
-6% confectionery growth: Trident +21%; Halls +9%; Cadbury Dairy Milk +7%
-6% beverage growth: US carbonates outperform, driven by Dr Pepper
-Underlying operating margins +30bps in challenging cost environment
-Underlying profit before tax +12% at £873 million (+13% as reported)
-Underlying earnings per share +9% at 33.9 pence (+10% as reported)
-Significant increase in free cash flow to £404 million
-Adams performance strong and growing ahead of the acquisition plan
-Successful sale of Europe Beverages for Euro1.85 billion (£1.26 billion)
(except where stated all movements are at constant exchange rates and exclude the impact of the 53rd week in 2004)
Todd Stitzer, Chief Executive Officer said: "2005 was an excellent year with innovation driving success in both our confectionery and beverage businesses. Revenue growth at 6% is the best the Group has seen in over a decade and shows that our strategy is delivering exciting products for consumers and strong results for our shareowners."
£ millions |
2005
(52 wks) |
2004
(53 wks) |
Reported
Currency
Growth %
vs. 53wks |
Constant
Currency
Growth %
vs. 52wks** |
Constant
Currency #
Growth %
vs. 52wks** |
|
| Revenue |
6,508 |
6,085 |
+7 |
+8 |
+6 |
| |
|
|
|
|
|
| Underlying Profit from Operations * |
1,033 |
954 |
+8 |
+10 |
+8 |
| Underlying operating margin |
15.9 |
15.7 |
+20bps |
+30bps |
+30bps |
| |
|
|
|
|
|
| Profit from Operations |
1,003 |
825 |
+22 |
+23 |
+21 |
| |
|
|
|
|
|
| Underlying Profit before Tax * |
873 |
771 |
+13 |
+14 |
+12 |
| Profit before Tax |
843 |
642 |
+31 |
+33 |
+31 |
| |
|
|
|
|
|
| Underlying EPS * & ## |
33.9 |
30.7 |
+10 |
+11 |
+9 |
| Reported EPS ## |
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 (see note 9 on page 22).