Financial fact-sheet: Q1 2009 Who we arefiles.investis.com/cadbury_ir/quarterly_factsheeta.pdf ·...
Transcript of Financial fact-sheet: Q1 2009 Who we arefiles.investis.com/cadbury_ir/quarterly_factsheeta.pdf ·...
Who we are
Note: all market information sourced from Euromonitor
Q1 2009 results highlights FY 2008: Headline financials
Re-
presented
Reported
Currency
Constant
Currency 2
£m 2008 2007 Growth % Growth %
Revenue 5,384 4,699 +15 +6
638 473 +35 +22
(250) (195)
388 278
559 430 +30 +17
400 254
(4) 258
24.9p 14.7p
22.8p 7.0p
22.6p 19.4p
29.8p 23.0p +30 +16
16.4p 15.5p +6
Full Year results highlights
2008 Base-business revenue growth by busienss unit 2008 Revenue growth by category and focus brands 2008 Revenue growth: emerging and developed markets
2008 revenues by region 2008 revenues by category 2008 revenues by emerging and developed markets
Underlying Profit from Operations1
Restructuring & other non-underlying
items
Profit from Operations
Underlying Profit before Tax 1
Financial fact-sheet: Q1 2009
Dividend per share
Underlying EPS Continuing Ops1
Reported EPS Continuing Ops
Reported EPS Continuing &
Discontinued Ops
Proforma EPS – Continuing Ops3
Profit before Tax
Discontinued Operations
B&I
24%
MEA
7%
Europe
20%
North
America
22%
South
America
8%
Asia
6%
Pacific 13%
Chocolate
46%
Gum
33%
Candy
21%
Emerging
37%
Developed
63%
6%
10%
6%
10%
6%
9%
0%
2%
4%
6%
8%
10%
12%
Chocolate Gum Candy
All Focus
12%
4%
12%
6%
0%
2%
4%
6%
8%
10%
12%
14%
Emerging Developed
All Focus
4.5%
14.3%
3.8%
7.4%
17.6%16.4%
1.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
B&I MEA Europe N.
America
S.
America
Asia Pacific
Notes: Please see notes as set out on page 2 of the full results statement of 25 February 2009
Cadbury Makes Further Progress in First Quarter with Guidance for 2009 Unchanged
First Quarter Highlights
• Revenue growth of 2% in constant currency; up 11% in reported currency
o Strong growth in chocolate, up 7%, led by a very good Easter in the UK with over 20% growth for Cadbury
Creme Egg and traditional shell eggs
o Soft start for gum and Halls, led by trade de-stocking
o Good growth in the UK and emerging markets offset weaker performances in North America and Europe
• Ongoing delivery of Vision into Action cost savings in line with our expectations
o Implementation of streamlined organisation completed on target
o Consultation started on gum factory reconfiguration in Spain and Turkey
o Further restructuring of Cadbury Nigeria focused on delivering margin improvements
• Strong financial position with secure long-term financing
o Disposal of Australia Beverages completed on 3 April 2009. Net proceeds of approximately GBP 475m will be
used to redeem Euro 600m bond due in June 2009
o Issuance of five year GBP 300m bond in March
• Guidance for the year unchanged
o Revenue growth around the lower end of our 4-6% goal range with good margin progress in line with
expectations
Todd Stitzer, Cadbury’s CEO said: “We made further progress in the first quarter, despite cycling strong prior year
comparatives. A strong chocolate performance and good growth in emerging markets were partially offset by
customer de-stocking and softer demand in North America and Europe. Our Vision into Action plan continues to
deliver growth, efficiency and capability benefits, with strong innovation and significant cost savings expected in
2009. As a result, we reconfirm our guidance to deliver revenue growth around the lower end of our 4-6% goal
range and to make good progress toward our goal of mid-teens margins by 2011.”
Except where stated, all percentages are calculated using constant currency
• Base business revenues up 7%; strong growth across emerging markets and focus brands
• Underlying margins up 150 bps driven by Vision into Action cost reduction initiatives
• Strong financial performance
• Transformation of the business into a category-led pure-play confectionery company
Our Vision into Action Performance scorecardPerformance scorecard
Fewer, Faster, Bigger, Better Balance Sheet
Focus brands Focus markets Focus customers 31-Dec-07 31-Dec-08 31-Dec-08 2007 2008
% 2008 sales 49 % 2008 sales 70 % 2008 sales 14 pro forma(1)
FY sales growth 8.0% FY sales growth 7.6% FY sales growth 8.0% Net debt 3,219 1,887 1,411 Assets £223m £17m
Interest cover 7.6x 7.6x 7.2x Liabilities £(143)m £(275)m
Cadbury Dairy Milk UK Wal*Mart Net debt / EBITDA 2.5x 2.1x 1.7x Net £80m £(258)m
Green & Blacks US Carrefour P&L pension credit £30m £27m
Flake Australia Tesco
Crème Egg France Metro
Halls Japan Costco Forthcoming events Recent announcements
TNCC Mexico 7-11
Eclairs South Africa Lidl 18-Jun-09 H1 Trading update 14-Oct-08 Q3 IMS: 3Q revenue +6%, outlook unchanged
Trident Brazil 29-Jul-09 H1 results 16-Dec-08 Trading update: reconfirms strong profit growth in 2008
Dentyne Russia 21-Oct-09 Q3 IMS 16-Dec-08 Appointment of Andrew Bonfield as CFO designate
Clorets India 15-Dec-09 FY trading update 24-Dec-08 Agreement for sale of Australia Beverages for £550m
Bubbas Turkey All dates subject to change 25-Feb-09 FY08 results: Strong growth in sales, margins and earnings
Hollywood China 05-Mar-09 GBP300m bond issued: 5-year maturity, 5.375% coupon
Stimorol 03-Apr-09 Completion of sale of Australia Beverages for £550m
Contact information Share information
Senior management Share price performance Cadbury relative share price performance demerger to 29 April 2009
Roger Carr Chairman
Todd Stitzer Chief Executive Officer
Andrew Bonfield Chief Financial Officer
Average price 580p 539p
Registered office +44 (0) 1895 615 000 2008 high 705p 619p
Cadbury House www.cadbury.com 2008 low 453p 487p
Sanderson Road Cadbury return -22% -16%
Uxbridge, UB8 1DH FTSE 100 return -33% -6%
United Kingdom FTSE Euro food producers -27% -10%
Investor Relations +44 (0) 1895 615 124 Listings Reuters Bloomberg
John Dawson IR Director London Stock Exchange 10p ords CBRY-LN CBRY
Rachel Stevens, Basak Kotler IR Managers New York Stock Exchange ADRs CBY-N CBY-N
Debbie Holmes IR Executive
www.cadburyinvestors.com/cadbury_ir * Demerger of DPSG from Cadbury effective on 7 May 2008
Financial fact-sheet: Q1 2009
Pension assets on
balance sheet
Demerger
to
29/04/09*
(1) pro forma on basis that proceeds from Australia Beverages received
and EBITDA adjusted
2009 to
29/04/09
Choc
Candy
Gum
Developed
markets
Emerging
markets
50
60
70
80
90
100
110
May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09Mar-09 Apr-09
Cadbury FTSE 100 Food Producers