Cadbury Schweppes plc reports on financial performance for the 24 weeks to 17 June 2001:
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| 2001 | 2000 | % Change | |
| £m | £m | ||
| Sales | 2,458 | 1,954 | +26 |
| Underlying Operating Profit* | 400 | 322 | +24 |
| Underlying Profit Before Tax* | 351 | 308 | +14 |
| Underlying EPS* – pence | 11.5 | 9.9 | +16 |
| Dividends per share – pence | 3.35 | 3.20 | + 5 |
* before restructuring costs, goodwill amortisation and disposal gains/losses.
Summary
- Good first half performance in line with financial targets.
- Excellent results from Mott’s and European Beverages, together with the French and emerging market confectionery businesses.
- Dr Pepper/Seven Up and the newly integrated Cadbury Trebor Bassett respond to slower market conditions.
- Acquisitions perform in line with expectations.
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By GlobalDataJohn Sunderland, Cadbury Schweppes’ CEO, said: ” With a good performance in the first half, we remain on track to achieve our full year financial targets. We have confidence in our growth agenda to increase top line performance further in the future”.
Half Year Overview
This good performance in the first half year leaves us on track to meet our target of double-digit earnings growth for 2001. Importantly, volumes and revenue have grown 2% and 4% respectively.
We saw some very strong sales and profits performances which contributed significantly to the overall results, particularly from Mott’s and European Beverages together with the French and emerging markets confectionery businesses.
Both Dr Pepper/Seven Up and Cadbury Trebor Bassett are responding to the new challenges of slower market conditions in US carbonated soft drinks and UK confectionery and we have plans in place to drive growth in both these businesses.
Despite a slower US carbonated soft drinks market, overall beverage volumes, before acquisitions, grew by 2% during the half year. This was driven by strong gains in non-carbonated beverages in the US and continued progress in our European and Australian operations. In confectionery, there are signs of improved growth. Overall volumes during the period rose 2% before acquisitions. Emerging markets, which account for 25% of confectionery volumes, grew by 6%.
A number of our units were focused on integration, either of existing businesses as in our UK and Canadian confectionery operations, or of acquisitions, for example, in our French confectionery and US and Australian beverages units. While this had some near term impact on performance in the first half, the integration programmes are all on track.
Acquisitions are an important part of our growth strategy and we have continued to strengthen our confectionery and beverages operations adding a number of brands and businesses during the first half – Slush Puppie and Carteret in the US, Spring Valley and Wave in Australia and Mantecol in Argentina. The proposed acquisition of Orangina in France and the agreement to purchase La Casera in Spain will nearly double our market share positions in those countries and significantly improve our critical mass in both brand and distribution terms.
Operating Review
North American Beverages
Sales rose by 54% to £1,001 million and trading profits by 49% to £229 million. Excluding the impact of exchange rate movements and acquisitions, sales and trading profits rose by 4% and 20% respectively.
Dr Pepper/Seven Up’s profits, before acquisitions, benefited from a combination of price increases and lower costs. The latter were primarily related to concentrate production efficiency improvements and more efficient use of field marketing funds.
Brand Dr Pepper performed in line with the market while 7 UP was impacted by competitive activity in the lemon/lime sector. Key flavours (including Sunkist and A&W) continued to grow strongly.
Mott’s produced excellent volume and profit results. The performance was broadly based although particularly strong growth was seen from Hawaiian Punch, single-serve apple sauce and Clamato.
Snapple Premium Beverages (comprising the Snapple, Mistic and Stewart brands) had a slow start to the year but a better second quarter. The business was cycling very strong 2000 comparatives and had limited new product activity as the management team focused on the integration. Strong sales and marketing programmes are in place for the second half.
Our associate business, Dr Pepper/Seven Up Bottling Group, had a solid first half year with overall volume growth of 1%. Cost management combined with the full impact of price increases and positive product mix led to a double digit increase in profits.
US Beverages – Second Quarter Volumes
Volumes for our US beverage operations rose 14% in the second quarter and 13% in the half year. Stripping out the impact of acquisitions, volumes were slightly ahead in the second quarter and flat for the half. Our non-CSD portfolio performed strongly, growing by 15% during the quarter and 9% for the half. Carbonated soft drink (“CSD”) volumes were down 1% in the first half in line with the market.
European Beverages
Sales in the European Beverages region rose by 8% to £238 million and trading profits by 17% to £34 million. Adjusting for the impact of exchange rates, sales grew by 4% and trading profits by a creditable 13%.
Our strategy of investing efficiency gains in driving our core volumes continued to benefit the results during the half. Volume gains across our European business drove the growth in sales and the strong profit performance was achieved despite further significant increases in marketing investment.
European Confectionery
Sales increased by 12% to £680 million of which 10% related to acquisitions and the remainder to exchange. Trading profits rose 9% to £85 million with exchange having a negligible impact. Excluding the impact of acquisitions, underlying trading profits rose 3%.
The UK confectionery market remained challenging during the half with a decline in the impulse market and higher trading costs. Cadbury Trebor Bassett (“CTB”) volumes were ahead during the half due to stronger sugar volumes and sales growth in franchised products. As anticipated, CTB profits were down year-on-year reflecting further increases in marketing investment, the focus on integrating the two businesses and higher promotional spending in the grocery trade. The formal integration of Cadbury and Trebor Bassett was completed in June on time and on budget.
Cadbury Ireland had a good half growing volumes, share and profit. In France, the base business benefited from strong growth in sugar volumes. There was a healthy rise in trading profits even with a double-digit increase in marketing spend behind the core brands. The integration of the Hollywood business is proceeding to plan. Two new functional, sugar–free gum products were launched under the Hollywood brand name during the half.
Volumes in Russia were 16% ahead. Gross margins improved, costs were lowered and losses were less than expected. In Poland, Cadbury Wedel benefited from more favourable market conditions and strong growth in Wedel market share, leading to increased profits.
Americas Confectionery
Sales rose by 10% to £126 million of which 7% related to currency movements and the remainder to acquisitions. Trading profits increased by 8%, split equally between acquisitions and exchange rate movements.
In Canada, the chocolate and sugar businesses were successfully merged to create Cadbury Trebor Allan. As in the UK, both lead their respective categories and the integration creates similar commercial opportunities to drive growth. Jaret, the US sugar business saw improved profits on the back of strong volume growth. In Argentina, Stani performed well in a difficult market. The economy there is in recession and all parts of the confectionery market declined during the period. An active innovation programme, notably in functional gum and chocolate, enabled the business to outperform the market strongly. Mantecol, the peanut confectionery brand acquired early in the year, is performing to plan.
Asia Pacific
Sales in the Asia Pacific region rose by 15% to £276 million and 22% adjusting for currency movements. Trading profit increased by 3% to £39 million and by 9% excluding currency adjustments. Excluding the impact of acquisitions and exchange rates, sales and profits each rose by 6%, with the greater proportion of this growth contributed by the confectionery businesses.
Despite a sluggish market in the early part of the year, our developed market confectionery operations in Australia and New Zealand continued to make steady progress with sales ahead by 5% year-on-year at constant currencies. The launch of Dream in Australia and more recently Breakaway in New Zealand continued to drive moulded sales. Prior to acquisitions, profits from Australian food and beverages were broadly in line with last year as the business focused on the integration of the Lion Nathan bottling operations and the introduction of Spring Valley and Wave brands. Our Chinese confectionery business grew sales and profits although the market had a subdued start to the year.
Africa, India and Middle East
Our businesses in the developing markets of Africa, India and Middle East had a good half. Sales rose by 13% to £133 million after an adverse exchange rate movement of 8%. Trading profits were up by 18% to £13 million or 17% excluding exchange rate variances.
Cadbury India performed well despite the slowdown in the economy there. Sales and profits at constant currencies increased by 9% and 19% respectively with particularly good growth in chocolate. There was a strong recovery in Egypt, both in volume and profit terms. In South Africa, although the economic conditions remain difficult, Bromor sales and profits rose by over 20% at constant exchange rates.
Financial Review
Sales at £2.46 billion were 26% higher than last half year of which 18% was attributed to acquisitions and exchange 4%. Like-for-like sales growth in the base business was comprised of 2% volume and 2% price and mix. Since the last half year, acquisitions have contributed £355 million to sales and £33 million to trading profits. The most significant contributor was The Snapple Beverage Group in North American Beverages.
Underlying trading profit before restructuring, amortisation of acquisition goodwill and disposal profits, rose 28% to £372 million (£291million). Of this increase strengthening currency, particularly the US dollar, contributed 6% with the balance split equally between acquisitions and organic growth. The trading margin increased to 15.1% from 14.9% in 2000.
The contribution from associates at £28 million was £3 million lower following the disposal of the Group’s interest in Associated Beverages Industries (“ABI”) in South Africa at the end of last year. The restructuring charge of £19 million (£11million) was mainly the integration costs of the sugar and chocolate businesses in the UK and Canada and acquisition related costs in Australia. Goodwill amortisation increased substantially to £20 million (£2 million) reflecting the impact of the acquisitions in the second half of last year. Interest is similarly higher at £49 million (£14 million) giving reported profit before tax of £314 million, up 6%.
Underlying earnings per share were up 16% to 11.5p (9.9 p). Excluding the impact of currency the increase was 11 %, in line with our stated double-digit earnings growth target.
Cash Flow
Free cash flow was better than last year, with an outflow of £46 million (£57million), leaving us on track to deliver our full year free cash flow target of at least £300 million. Net capital expenditure at £67 million (£45 million) is higher than in recent years reflecting the initial stages of a programme to upgrade our business systems based on a single global operating platform. This will deliver efficiency gains across the business, which, in turn, will support investment behind our brands.
Marketing Expenditure
Marketing expenditure was £515 million, which at constant exchange rates, was an 18% increase over 2000. This represents a marketing to sales ratio of 20.9% (21.1%). The modest reduction on last year is due to the changing mix of the Group’s portfolio following acquisitions made in 2000. Adjusting for this the Group continues to increase real investment behind its beverage and confectionery brands.
Acquisitions and Disposals
The 2001 programme to date represents a series of bolt-on acquisitions, which continue to strengthen our existing business through new brands, efficiency gains and distribution extensions. Additionally, at the start of the second half of this year, we completed the purchase of the 20% minority in our Egyptian business. The acquisition spend in the first half was £188 million, which included the previously announced US$200m for the tax benefits from Snapple Beverage Group.
Dividend
The Board has declared an interim dividend of 3.35p up from 3.20p in 2000. This will be paid to shareholders on 16 November 2001.
Notes to Editors:
- The following schedules are below:
Group Profit & Loss Account
Movements in Shareholders’ Funds
Group Balance Sheet
Group Cash Flow Statement
Sales and Trading Profit Analysis
- Notes to the Schedules
| Group Profit and Loss Account For the 24 weeks ended 17 June 2001 |
Year | Half Year | ||||
2000 | Notes | 2001 | 2000 | ||
4,575 | Turnover | 2,458 | 1,954 | ||
| Operating costs | |||||
| (3,800) | Trading expenses | (2,086) | (1,663) | ||
| (13) | Goodwill amortisation | (20) | (2) | ||
| (49) | 2 | Major restructuring costs | (14) | (11) | |
| (3,862) | (2,120) | (1,676) | |||
 | |||||
| 713 | Trading Profit | 338 | 278 | ||
| 65 | 2 | Share of operating profit in associates | 23 | 31 | |
| |||||
| 778 | Total Operating Profit including Associates | 361 | 309 | ||
| 27 | 3 | Profit on sale of subsidiaries and investments | 2 | – | |
| |||||
| 805 | Profit on Ordinary Activities before Interest | 363 | 309 | ||
(49) | 4 | Net interests | (49) | (14) | |
| |||||
756 | Profit on Ordinary Activities before Taxation | 314 | 295 | ||
(224) | 5 | Taxation on profit on ordinary activities | (100) | (89) | |
| |||||
| 532 | Profit on Ordinary Activities after Taxation | 214 | 206 | ||
| (12) | Equity minority interests | (2) | (7) | ||
| (24) | Non-equity minority interests | (11) | (11) | ||
| |||||
496 | Profit for the Financial Year | 201 | 188 | ||
| (209) | Dividends paid and proposed to Ordinary Shareholders | (70) | (64) | ||
| |||||
287 |
| Profit Retained for the Financial Year | 131 | 124 | |
| |||||
p | 6 | Earnings per Ordinary Share of 12.5p | p | p | |
24.8 | Basic | 10.0 | 9.4 | ||
24.5 | Diluted | 9.9 | 9.3 | ||
25.8 | Underlying | 11.5 | 9.9 | ||
10.50 | Dividends per Ordinary Share | 3.35 | 3.20 | ||
| Recognised Gains and Losses Movements in Shareholders’ Funds For the 24 weeks ended 17 June 2001 |
| Year | Half Year | |||
| 2000 £m | Notes |
| 2001 £m | 2000 £m |
| Statement of Total Recognised Gains and Losses | ||||
| 496 | Profit for the period | 201 | 188 | |
| 63 | Currency translation differences | 157 | 80 | |
| ||||
| 559 | Total Recognised Gains and Losses in the period | 358 | 268 | |
| ||||
Reconciliation of Movements in Shareholders’ Funds | ||||
| 2,240 | Shareholders’ Funds at the beginning of the year | 2,633 | 2,240 | |
| 559 | Total recognised gains and losses for the period | 358 | 268 | |
| (209) | Dividends to Ordinary Shareholders | (70) | (64) | |
| 43 | New share capital subscribed | 22 | 24 | |
| ||||
| 2,633 | Shareholders’ Funds at the end of the period | 2,943 | 2,468 | |
| ||||
| Group Balance Sheet At 17 June 2001 |
Year | Half Year | ||||
2000 | Notes | 2001 | 2000 | ||
| Fixed Assets | |||||
3,163 | Intangible assets and goodwill | 3,364 | 1,815 | ||
1,106 | Tangible assets | 1,131 | 1,073 | ||
456 | Investments | 491 | 467 | ||
| |||||
4,725 | 4,986 | 3,355 | |||
| |||||
Net Current Assets | |||||
458 | Stocks | 508 | 443 | ||
923 | Debtors | 980 | 791 | ||
(1,689) | Creditors | (1,475) | (1,183) | ||
| |||||
(308) | 13 | 51 | |||
Other Liabilities | |||||
(1,229) | 7 | Net Borrowings | (1,504) | (296) | |
(261) | Provisions for liabilities and charges | (237) | (241) | ||
| |||||
2,927 | Net Assets | 3,258 | 2,869 | ||
| |||||
Capital and Reserves | |||||
255 | Called up share capital | 256 | 254 | ||
991 | Share premium account | 1,018 | 973 | ||
90 | Capital redemption reserve | 90 | 90 | ||
62 | Revaluation reserve | 62 | 61 | ||
1,235 | Profit and loss account | 1,517 | 1,090 | ||
| |||||
2,633 | Shareholders’ Funds | 2,943 | 2,468 | ||
| |||||
Minority Interests | |||||
28 | Equity minority interests | 31 | 141 | ||
266 | Non-equity minority interests | 284 | 260 | ||
| |||||
294 | 315 | 401 | |||
| |||||
2,927 | Total Capital Employed | 3,258 | 2,869 | ||
| |||||
| Group Cash Flow Statement for the 24 weeks ended 17 June 2001 |
Year |
| Half Year | |||
2000 | Notes |
| 2001 |
| 2000 |
|
| Net cash flow from operating activities |
|
|
|
713 |
| Group operating profit | 338 |
| 278 |
153 |
| Depreciation | 71 |
| 74 |
| 13 | Goodwill amortisation | 20 | 2 | ||
(8) |
| Other non-cash items | (30) |
| (22) |
37 |
| Changes in working capital | (101) |
| (117) |
908 |
|
| 298 |
| 215 |
19 |
| Dividends received from associates | 16 |
| 1 |
|
| Returns on investments and servicing of finance |
|
|
|
(29) |
| Interest paid, net | (45) |
| (7) |
| (29) | Dividends paid to minority interests | (12) | (12) | ||
(58) |
|
| (57) |
| (19) |
(164) |
| Taxation | (89) |
| (69) |
|
| Capital expenditure and financial investments |
|
|
|
(101) |
| Net capital expenditure | (67) |
| (45) |
(65) |
| Purchase of shares by Employee Trust | (23) |
| (55) |
(166) |
|
| (90) |
| (100) |
|
| Acquisitions and disposals |
|
|
|
(1,078) | 8 | Acquisitions of businesses | (188) |
| – |
39 | 3 | Net proceeds from sale of investments, associates and subsidiary undertakings | 2 |
| (5) |
(1,039) |
|
| (186) |
| (5) |
(203) |
| Dividends paid to Ordinary Shareholders | (147) |
| (140) |
| |||||
(703) |
| Cash outflow before use of liquid resources and financing | (255) |
| (117) |
62 | 7 | Management of liquid resources | (35) |
| (84) |
|
| Financing |
|
|
|
43 |
| Issues of Ordinary Shares | 22 |
| 24 |
| (7) | Share repurchases | – | (7) | ||
587 | 7 | Net change in borrowings and other financing | 240 |
| 101 |
623 |
| Net cash inflow from financing | 262 |
| 118 |
| |||||
(18) | 7 | Decrease in cash | (28) |
| (83) |
| |||||
|
|
|
|
|
|
|
| Free cash flow |
|
|
|
(703) |
| Cash outflow before use of liquid resources and financing | (255) |
| (117) |
1,104 |
| Add back: cash flows from acquisitions, disposals and purchase of shares by Employee Trust | 209 |
| 60 |
| |||||
401 |
|
| (46) |
| (57) |
| |||||
| Sales and Trading Profit Analysis For the 24 weeks ended 17 June 2001 |
| Sales | ||
2001 | 2000 | |
North America Beverages | 1,001 | 648 |
Europe Beverages | 238 | 220 |
Europe Confectionery | 680 | 609 |
| Americas Confectionery | 126 | 115 |
| Asia Pacific | 276 | 240 |
Africa, India and Middle East | 133 | 118 |
| ||
2,454 | 1,950 | |
Central Costs and Other | 4 | 4 |
| ||
| Total Sales | 2,458 | 1,954 |
| ||
| ||
| Trading profit | ||
2001 | 2000 | |
North America Beverages | 229 | 154 |
Europe Beverages | 34 | 29 |
Europe Confectionery | 85 | 78 |
| Americas Confectionery | 14 | 13 |
| Asia Pacific | 39 | 38 |
Africa, India and Middle East | 13 | 11 |
| ||
| 414 | 323 | |
| Central Costs and Other | (42) | (32) |
| ||
| Underlying trading profit | 372 | 291 |
| Major restructuring costs | (14) | (11) |
| Goodwill amortisation | (20) | (2) |
| ||
| Trading profit | 338 | 278 |
| ||
Notes to the Schedules 1. Group Accounts |
1. Group Accounts
- The half year accounts are prepared on the basis of the accounting policies as set out in the Group’s published accounts for the 52 weeks ended 31 December 2000.
- The half year accounts are unaudited. The full year figures for 2000 included in this announcement do not comprise statutory accounts for the purpose of Section 240 of the Companies Act 1985, and have been extracted from the Group’s Annual Report and Form 20-F for 2000, a copy of which has been delivered to the Registrar of Companies and on which an unqualified report has been made by the auditors under Section 235 of the Companies Act 1985.
2. Restructuring Costs
During the first half of 2001, the Group incurred £19m of restructuring costs, of which £5m related to associates (2000 £nil). The most significant restructuring projects undertaken during the first half of 2001 included the merging of the UK confectionery businesses and the consolidation of Australia and New Zealand confectionery operations. Also included was £3m relating to the Group’s share in Camelot’s one-off costs and £5m relating to integration projects in acquired businesses.
3. Profit on Sale of Subsidiaries and Investments
The only disposal taking place in the first half of 2001 was the Group’s beverages brands in Serbia.
The profit on sale of continuing operations in the 2000 full year arose from the disposal of Amalgamated Beverage Industries Ltd, the Group’s South African associated undertaking, and the Group’s beverages brands in Zambia.
4. Net Interest
| Year | Half Year | |||
| ||||
| 2000 £m | 2001 £m | 2000 £m | ||
| 25 | Net interest arising in Group companies | 39 | 5 | |
| 24 | Share of net interest arising in associates | 10 | 9 | |
| ||||
| 49 | 49 | 14 | ||
| ||||
5. Taxation
| Year | Half Year | |||
| ||||
| 2000 £m | 2001 £m | 2000 £m | ||
| 21 | UK | 3 | 2 | |
| 191 | Overseas | 92 | 82 | |
| 12 | Associates | 5 | 5 | |
| ||||
| 224 | 100 | 89 | ||
| ||||
6. Earnings per Ordinary Share
Basic EPS for the half year is calculated on the weighted average of 2,005 million shares in issue during the year (2000 half year: 2,004 million; 2000 full year: 2,001 million). Diluted EPS is calculated on the weighted average of 2,022 million shares (2000 half year: 2,020 million; 2000 full year: 2,021 million) which includes dilutive options outstanding. The earnings used in calculating the Basic and Underlying EPS figures were as follows:
| Year | Half Year | |||
| ||||
| 2000 £m | 2001 £m | 2000 £m | ||
| 496 | Earnings | 201 | 188 | |
| 34 | Add: Restructuring costs (net of tax) | 12 | 8 | |
| 13 | Add: Goodwill amortisation | |||
7. Net Borrowings
Net borrowings are made up as follows:
| Year | Half Year | |||
| ||||
| 2000 £m | 2001 £m | 2000 £m | ||
| 174 | Cash at bank and in hand | 100 | 83 | |
| (74) | Bank overdrafts | (30) | (49) | |
| ||||
| 100 | Net cash | 70 | 34 | |
| 334 | Liquid resources | 380 | 490 | |
| (1,246) | Other short term borrowings | (626) | (366) | |
| (417) | Long term borrowings | (1,328) | (454) | |
| ||||
| (1,229) | (1,504) | (296) | ||
| ||||
Movements in cash and net borrowings in the period were as follows:
| Total net borrowings £m | Net cash £m | Liquid | Borrowings £m | |
| At 31 December 2000 | 1,229 | (100) | (334) | 1,663 |
| Cash flow for the period | 233 | 28 | (35) | 240 |
| Exchange rate adjustments | 42 | 2 | (11) | 51 |
| ||||
| At 17 June 2001 | 1,504 | (70) | (380) | 1,954 |
| ||||
8. Acquisitions
During the first half of 2001, acquisitions included Slush Puppie, Carteret (a US beverages operation), Spring Valley (a juice brand in Australia) and Mantecol (an Argentinean confectionery brand). Total acquisition spend in the period was £48m. In addition, the cost of the final instalment of USD 200m for the tax benefits from Snapple Beverage Group, a 2000 acquisition, was paid.
During 2000 the largest acquisition by the Group was that of the Snapple Beverage Group for a total cost of £1.2bn. Other significant acquisitions included Hollywood (French confectionery brands and related assets) for £162m and the Australian soft drinks bottling operations of Lion Nathan for £42m. In addition, the Group bought out the minority interest shareholders of Cadbury Schweppes (South Africa) Ltd for a total consideration of £143m. None of these acquisitions took place in the first half of 2000.
9. US GAAP
The Group prepares its consolidated accounts in accordance with generally accepted accounting principles (“GAAP”) applicable in the UK which differ from those applicable in the US. Key figures under US GAAP and a reconciliation of net income are summarised below:
| Year | Half Year | |||
| ||||
| 2000 £m | 2001 £m | 2000 £m | ||
| Key Figures under US GAAP | ||||
| 383 | Net income (as below) | 155 | 142 | |
| 380 | Underlying net income* | 153 | 142 | |
| 3,386 | Shareholders’ equity | 3,618 | 3,154 | |
| ||||
| 496 | Net income for Ordinary Shareholders per UK GAAP | 201 | 188 | |
| US GAAP adjustments: | ||||
| (102) | Goodwill / intangibles | (51) | (41) | |
| (22) | Disposal gain adjustment | – | – | |
| – | Hedge accounting† | 4 | – | |
| 4 | Other items | 3 | (5) | |
| 7 | Taxation | (2) | – | |
| ||||
| 383 | Net income per US GAAP | 155 | 142 | |
| ||||
| Net income per ADS: | ||||
| £0.76 | Sterling | £0.31 | £0.28 | |
| $1.14 | US dollar** | $0.43 | $0.43 | |
| Underlying net income per ADS: | ||||
| £0.71 | Sterling | £0.31 | £0.28 | |
| $1.05 | US dollar** | $0.43 | $0.43 | |
* Excludes disposal gains and exceptional items
† SFAS 133 adjustments to reflect different accounting treatments for hedging transactions under UK and US GAAP, implemented for the first time as required.
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