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Cadbury Annual Report & Accounts 2008

Group financial record

 IFRS
 
2008
£m 		Re-presented
2007
£m 		Re-presented
2006
£m 		Re-presented
2005
£m 		Re-presented
2004
£m
Revenue – Continuing operations (a)          
BIMA (b) 1,645 1,579 1,500 1,420 1,365
Europe (b) 1,097 879 818 837 808
Americas 1,631 1,372 1,330 1,228 1,093
Asia Pacific 1,002 860 827 801 714
Central (c) 9 9 8 9 10
  5,384 4,699 4,483 4,295 3,990
Underlying profit from operations (profit from operations
excluding non-trading items, restructuring costs, amortisation
and impairment of acquisition intangibles, UK product recalland
IAS 39 adjustment) 		         
Continuing operations (a)          
BIMA (b) 173 153 170 203 223
Europe (b) 115 82 81 102 74
Americas 315 234 192 160 133
Asia Pacific 143 122 132 127 103
Central (c) (108) (118) (110) (113) (114)
  638 473 465 479 419
Restructuring costs (194) (165) (107) (62) (110)
Amortisation and impairment of acquisition intangibles (4) (18) (19) (4) (5)
Non-trading items 1 2 23 5 17
UK product recall – – (30) – –
IAS 39 adjustment (53) (14) (4) 21 n/a
Profit from operations 388 278 328 439 321
Share of result in associates 10 8 (15) 13 11
Profit before financing and taxation 398 286 313 452 332
Financing 2 (32) (69) (129) (145)
Profit before taxation 400 254 244 323 187
Taxation (30) (105) (68) 24 11
Discontinued operations (4) 258 989 429 349
Minorities (2) (2) 4 (11) (22)
Profit for the period attributable to equity holders of the parent 364 405 1,169 765 525
  1. In 2005, the Group's beverage business in Europe was classified as discontinued operations. In 2006, the Group completed the disposal of the South African beverage business. As these disposals were part of the Group's strategic decision to exit beverages outside the Americas and Australia, they have also been classified as discontinued operations. In 2008, the Group completed the demerger of the Americas Beverages business and in December 2008 the Group announced it had signed a conditional agreement to sell the Australia Beverages business (previously reported within the Asia Pacific segment). These businesses have been classified as discontinued operations. This has required the re-presentation of the 2007, 2006, 2005 and 2004 financial statements on a comparable basis.
  2. During 2007, the Group reorganised its confectionery regions and split the former EMEA (Europe, Middle East and Africa) region into two regions, BIMA (Britain, Ireland, Middle East and Africa) and Europe. The segmental information above has been re-presented on a consistent basis.
  3. The Group has re-presented its segmental analysis for the comparative 2007, 2006, 2005 and 2004 financial information to allocate certain global Supply Chain, Commercial and Scientific and Technology costs, which directly support the regions to the regional operating segments as this is consistent with the way in which the chief operating decision maker reviews the results of the operating segments.
 IFRS
  2008
£m 		2007
£m		2006
£m		2005
£m		2004
£m
Cash flows          
Net cash from operating activities 469 812 620 891 745
Additional funding of past service pensions deficit 30 48 67 31 –
Demerger financing costs 53 – – – –
Income taxes paid on disposals 44 12 83 – –
Net capital expenditure (482) (352) (300) (261) (259)
Net dividends received from/(paid to) associates and minorities 10 7 2 4 (11)
Free Cash Flow1 124 527 472 665 475
Balance sheets          
Assets employed          
Intangible assets and goodwill 3,973 6,332 5,903 5,648 5,757
Property, plant and equipment 1,761 1,904 1,664 1,446 1,464
Retirement benefit assets 17 223 – – –
Other non-current assets 239 208 248 567 419
Assets held for sale 270 71 22 945 5
Inventory and trade and other receivables 1,834 2,018 1,914 1,893 1,859
Other current assets 303 87 87 114 30
Cash and short-term investments 498 495 395 379 346
Total assets 8,895 11,338 10,233 10,992 9,880
Total current liabilities, excluding borrowings and provisions (2,048) (1,920) (1,862) (1,841) (1,696)
Liabilities directly associated with assets classified as held for sale (97) (18) (9) (291) –
Total non-current liabilities, excluding borrowings, provisions
and retirement benefit obligations
(188)
(1,198)
(1,085)
(1,124)
(1,106)
Provisions (368) (172) (73) (53) (77)
Retirement benefit obligations (275) (143) (204) (369) (485)
  5,919 7,887 7,000 7,314 6,516
Financed by          
Gross borrowings 2,385 3,714 3,304 4,279 4,216
Minority interests 12 11 8 27 229
Called-up share capital 136 264 262 260 259
Share premium account 38 1,225 1,171 1,135 1,098
Retained earnings and other reserves 3,348 2,673 2,255 1,613 714
  5,919 7,887 7,000 7,314 6,516
Net debt          
Gross borrowings 2,385 3,714 3,304 4,279 4,216
Less: Cash and short-term investments (498) (495) (395) (379) (346)
  1,887 3,219 2,909 3,900 3,870
1 In 2007, the Group revised its definition of Free Cash Flow to exclude dividends payable to equity shareholders to align with market practice, and the prior periods have been re-presented on a comparable basis.

Disclaimer

Cautionary statement

Please note that this website contains information that may or may not have been subject to audit by Deloitte LLP, Cadbury plc's Auditor.

Specifically, Deloitte LLP has audited the Group and Parent financial statements of Cadbury plc for the year ended 31 December 2008 which comprise the Group Income Statement, the Group Statement of Recognised Income and Expense, the Group and Parent Company Balance Sheets and Group and Parent Cash Flow Statement, Segmental Reporting (a) to (d) and the related notes 1 to 40. By selecting links to review other sections of the Cadbury plc 2008 Annual Report and Accounts, you may view data and information that has not been subject to audit by Deloitte LLP.

Todd Stitzer,
Chief Executive Officer, talks about our 2008 full year results

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