2006 Interim Results - Analyst Presentation Slidesfiles.investis.com/cadbury_ir/reports/2006InterimResultsAnalystAM.pdf2006 Interim Results Analyst Presentation ... Strong Growth in

2006 Interim ResultsAnalyst Presentation02 August, 2006

This material may be deemed to include forward-looking statements within the meaning of Section 27A of the US Securities Act of

1933 and Section 21E of the US Securities Exchange Act of 1934. These forward-looking statements are only predictions and you

should not rely unduly on them. Actual results might differ materially from those projected in any such forward-looking statements,

which involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of

activity, performance or achievements to be materially different from any future results, levels of activity, performance or

achievements expressed or implied by the forward-looking statements. In evaluating forward-looking statements, which are

generally identifiable by use of the words “may”, “will”, “should”, “expect”, “anticipate”, “estimate”, “believe”, “intend” or “project”

or the negative of these words or other variations on these words or comparable terminology, you should consider various factors

including the risks outlined in our Form 20-F filed with the SEC. Although we believe the expectations reflected in forward-looking

statements are reasonable we cannot guarantee future results, levels of activity, performance or achievements. This presentation

should be viewed in conjunction with our periodic interim and annual reports and registration statements filed with the Securities

and Exchange Commission, copies of which are available from Cadbury Schweppes plc, 25 Berkeley Square, London W1J 6HB, UK.

Results Overview and Operating Review

Todd Stitzer

Chief Executive Officer

4

Todd StitzerOperating Review

Ken HannaFinancial Review

Todd Stitzer2006 Outlook

Today’s Agenda

5

2006 Interim Highlights

• H1 revenues ahead by 4%: three of our four regions performing

strongly

• Increased sales momentum from Q2 driven by innovation

• Challenging first half in EMEA

• Margins ahead despite significantly higher commodity costs

• Further increase in growth investment

• Acquisitions and disposals strengthen beverage and confectionery

positions

6

Continued Momentum in Confectionery

• Confectionery revenue growth +3.4%

• Share growth in 13 out of top 20 markets

• Emerging markets +9%

• Outstanding gum revenue growth +11%

- Significant share gain in US

- Trident growth >30% through pack, format and flavour innovation

- Further roll-out of centre-filled range in EMEA

- Launch of Stride in Q2 in US

• Cadbury Dairy Milk +7%; growth in all regions

• Halls -2% cycling strong cough and cold season

7

Strengthening Confectionery in Emerging Markets

• Largest and broadest emerging markets confectionery presence

• Nearly one third of confectionery revenues from emerging markets(versus c.20% in 2001)

• Focus for organic and acquisition investment

• £100m investment in Africa and Turkey

#2Venezuela

#1Colombia

#2Argentina

#1Mexico

#1Brazil

Latin America

#2Philippines

#2Indonesia

#1Malaysia

#1Thailand

#1India

Asia

#2Turkey

#1Poland

#1Nigeria#1Egypt#1Morocco

#1South Africa

Africa / Eurasia

Source: Euromonitor

Leading Positions in Half of World’s Top 25 Emerging Markets

8

Securing and Growing our Regional Beverages Businesses

• Beverages organic revenue growth +4.3%

• Excellent performance from Americas Beverages

• Australia beverages performed well

• Exit from beverages in Europe, Syria and South Africa: £1.4bn

proceeds

• US bottler and distributor acquisitions significantly strengthen US

route to market

9

Americas Beverages

• Strong top line performance: increased momentum from innovation

• US carbonates +2.5% despite cycling strong 2005 comparatives

• Non-carbonates +4% benefiting from price increases and focus on corebrands

• Continued double-digit growth in Mexico

• Good performance from CSBG: integration plans proceeding smoothly

• Further route to market acquisitions

* Profit from Operations before associates, intangibles amortisation, restructuring, non-trading items and IAS 39 adjustment

278

1,120

+8%+1%+7%Underlying Profit from Ops*

+27%+23%+4%Revenues

totalacq/displike-for-like£m(26 wks)

2006 vs 2005 (constant FX)2006Half Year

10

Continued Share Growth in Carbonates

• Continued share growth in US carbonates

• +30bps in H1 2006: >100bps since 2003

Source: Nielsen

US Carbonate Market Share Performance

Shar

e Chan

ge

bps

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

2003 2004 2005 H1 2006

11

Broad Based Growth in Dr Pepper …

• Good growth in base Dr Pepper +3%

• Flavour extensions accretive; drive growth in non-heartland

+3%+4%

0%

20%

40%

60%

80%

100%

Heartland Non-Heartland

% g

row

th c

ontr

ibution

Dr Pepper Regular Dr Pepper Diet Flavour Extensions

Dr Pepper Growth Drivers

12

With Continued Strong Performance in Fountain

• Dr Pepper fountain volumes +9%

• Expansion of diets in existing accounts

• 8,310 new accounts, including non-heartland markets

+9% +9%

Yea

r on y

ear

volu

me

gro

wth

(%

)

0

2

4

6

8

10

Heartland Non-Heartland

13

Strengthening Performance from Core Flavours

Sunkist A&W

• Core 4 carbonate flavours up 1%

• Continued strong growth from Sunkist +10% and A&W +11%

• Launch of 7 UP Natural in April

• Performance expected to benefit from IBS consolidation

Yea

r on y

ear

volu

me

gro

wth

(%

)

14

Core Brands and Pricing Drive US Non-Carbonates

Hawaiian Punch

NSV +10%

Snapple

NSV -4%

Clamato

NSV +7%

Motts

NSV +5%

15

Refocusing Snapple on Core Premium Teas

• Snapple revenues down 4%

• Prices increases not followed by key competitors

• Refocusing Snapple on premium tea equity

• Launch of premium teas in 2006

• Expected benefits from route to market consolidation

16

Strengthening our Route to Market

• Acquisition of 4 beverage distributors in H1 2006

• Significant expansion manufacturing and distribution footprint

Cott Passaic

Cott Essex

DPSUBG

Snapple Distribution Co

DPSUBG/SDC Overlap

All American

17

Americas Confectionery

• Continued revenue momentum driven by core brands in all markets

• Halls -5%; cycling strong 2005 cough and cold season

• Trident +32% driven by Splash, packaging and flavour innovations

• Exceptional gum performance in the US

• Continued focus on profitable growth in Canada

• Strong growth in emerging markets despite slow start in Mexico


92

641

+13%-+13%Underlying Profit from Ops*

+7%-+7%Revenues



18

Trident Growing and Gaining Share Across the Region

US+ 290 bps

Canada+ 330 bps

Brazil+ 180 bps

Mexico+360 bps

Colombia+ 60 bps

Venezuela+ 590 bps

19

Continuing Share Gains in US Gum

Source: IRI

US Gum Market Share Jan 2004 – June 2006

Jan 2004 Jan 2006Jan 2005

%

25

26

27

28

29

30

31

32

YTD gum Market +7%

June CS Share+300bpsat 31.4%

20

June 06

Through Winning Innovation

Renovation

2003-2006

Distraction

Jun 05 (Can)/Sep 05 (US)

Enjoyment

21

Strong Growth from Latin America

• Continued double-digit revenue growth in Latin America

• Focus on

- Core high value, advantaged brands – Trident; Halls

- Affordable packaging

• Mexico impacted by inventory reduction by wholesalers & organised trade

- Share down but strong growth in Trident and Clorets

- Investing in key distribution channels and in innovation

- Strong innovation pipeline for Q3

22

Europe, Middle East and Africa

• Challenging start to the year

• UK impacted by inventory clearance and product recall

• Gum performing strongly across Europe; increased competition in France

• Emerging markets +4%: slow start to the year in Russia


128

1,098

-+5%-5%Underlying Profit from Ops*

+4%+4%-Revenues



23

Improving Momentum in the Second Quarter

• Timing of Easter and innovation drive Q2 improved momentum in developed markets

Q2

Q2

Q1

Q1

-8

-6

-4

-2

0

2

4

6

8

10

Developed Emerging

% r

even

ue

gro

wth

24

UK Product Recall

• UK quality assurance process created concern

• Changing manufacturing and quality assurance process

• Focussed on delivering very best confectionery and new products

25

UK Product Recall: Market and Share Performance

• Chocolate market performance impacted by CS recall and hot weather

Source: Nielsen

+2.0

+3.9

CS Sales

%

+80bps-0.3Total Confectionery

-0.2Chocolate ex CS

+90bps+1.3Chocolate

CS Share

Market %

Pre-Recall (YTD to June 17)

-10.3

-13.6

CS Sales

%

-110bps-6.6Total Confectionery

-7.1Chocolate ex CS

-160bps-9.3Chocolate

CS Share

Market %

Post-Recall (4 weeks to July 22)

26

An Active Second Half Marketing and Innovation Programme in the UK

• Return to Coronation Street… 2nd August

27


28


Cadbury Highlights

Cadbury Flake Dark

29


RosesTruffle

Collection

Cadbury

Melts

30

Continued Gum Growth Across EMEA

• Gum revenues +7%

• Further expansion of centre-filled: now in 9 markets

- Good performances from 2005 launches

- Roll-out into 3 new markets (Norway, Spain and Denmark)

• Trident launched in Turkey

31

Asia Pacific

• Continued good performances across the region:

- Share gains in most markets

- Developed markets +4%; emerging markets +21%

• Strong growth of CDM across the region +15%

• Strong growth of Halls +20%

• Gum growth through share gains in Japan and South East Asia

• China remains challenging

• Australia beverages revenues up 4.5% in competitive market


52

553

+18%-+18%Underlying Profit from Ops*

+7%-+7%Revenues



32

Innovation Drives Confectionery Growth in ANZ

• The Natural Confectionery Company

- Extension of TNCC

• Cadbury Old Gold

- Relaunched as a distinct range

- Range extended to include 70% cocoa variant

• Cadbury Eden

- Entry into the premium chocolate segment

- Smooth, superfine chocolate launched in July 06

33

Continued Growth In Japan …

• Growth driven by Clorets and Recaldent, superior long lasting

technology, bottle format extension and new flavours

+190

bpsChange

16.017.9Gum

20052006YTD

Japan Market Share

Source: SRI

34

Strong Growth in India and Pakistan

• Cadbury Dairy Milk: 32% growth behind masterbrand campaign

and strong media support

• Bytes: continues to grow with sales +50%

• Halls: sales +36% with the launch of Halls Freshmint

900

120

bpsChange

22.031.0Pakistan

69.670.8India

20052006YTD

Chocolate Market Share

Source: ORG Retail Audit

35

South East Asia Growth Driven by Smart Variety and Share Gains…

Growth in sugar free gum from

Japan

Continued share growth in gum through

Dentyne

New Halls products in local flavour

variants

+70bpsTotal Confy+30bps

+90bpsGum+280bps

+30bpsCandy+80bps

+100bpsChocolate+120bps

MalaysiaThailand

Market Share Change (YTD)

Source: IRI/Nielsen

Expansion into chocolate

through lauch of Chocettes

Financial Review

Ken Hanna

Chief Financial Officer

38

Agenda

• Basis of presentation

• Sales and margin analyses

• UK product recall

• Income statement and cash flow

• Net debt

• Outlook 2006

39

Basis of Preparation

• 2005 P&L restated to show 6 months trading

• UK product recall:

- Incremental direct costs excluded from underlying

- Trading impact treated as normal operating

• Discontinued operations

- Europe Beverages

- South Africa Beverages

• Other acquisitions and disposals

- Dr Pepper/Seven Up Bottling Group (renamed CSBG)

- Number of smaller transactions

40

Base Business Revenue Growth: Regional Performance

AmericasConfectionery

£37m+7%

EMEA

£2m0%

Asia Pacific

£35m+7%

£36m+4%

AmericasBeverages

Total Group

£110m+4%

41• Normalised performance: +4.5%

Group Revenue Growth Accelerated in Q2….

Q1 2006

2.0%

H1 2006

3.7%

5.5%

Q2 2006

42• Normalised performance: +4.7%

….Driven by Confectionery Sales Growth

0.5%

Q1 2006

3.4%

H1 2006

6.5%

Q2 2006

43

Confectionery Revenue Growth9%

Emerging

Asia Pac +21%

Am Confy+10%

EMEA +4%

75% of growth

25% of growth

Developed

1%

EMEA -1%

Asia Pac +4%

Am Confy+4%

3.4%

Group

Developed+1%

Emerging +9%

44

Beverages Revenue Growth

2.5%

US CSDs

US CSDs

US non-CSDs

4.3%

Beverages

Australia

Mexico

4%

US non-CSDs

4.5%

AustraliaMexico

13%

45

Underlying Profit from Operationsand Margin

£421m

H1 200514.2%

CSBG

£4m

Base business

£20m £5m

Acquisitions/Disposals excl

CSBG

H1 2006 13.6%

Constant FXIncl CSBG

£450m£446m

H1 2006 14.3%

Constant FXExcl CSBG

46

Sugar & Sweeteners

Aluminium

Increased Input Costs

Oil and energy

$70$75$67Oil price/barrel

£30m£11m£19m

£20m£14m£6m

FYH2H1

47

Growth-Related Investment

• Incremental growth investment £17m

- New S&T facilities in EMEA

- Strengthened RTM in Latin America and US

- Extensive Dr Pepper sampling

• Marketing spend broadly flat in the half

• Increased marketing in H2 behind new product launches

48

Direct Costs of UK Product Recall

• Direct costs (net of insurance) excluded from underlying

performance

20137Net direct cost

(6)-(6)Insurance recovery

261313Total direct cost

55-Increased media

1183Remediation costs

5-5Stock destroyed & costs

5-5Customer returns

FY 06H2 06H1 06In £m

49

Trading Impact of UK Product Recall

• Trading impact (net of insurance) will be treated as a normal

operating item

• Some insurance cover available for loss of profits

• Phasing of UK chocolate sales:

- Q3 15%

- Q4 40%

• Incremental operating costs £1.5m-£2m per annum

50

Summary Income Statement

** Half year 2005 adjusted to show pro-forma six month numbers* Profit from Operations before associates, intangibles amortisation, restructuring, non-trading items, UK product recall and

IAS39 adjustment# Excludes intangibles amortisation, restructuring, non-trading items, UK product recall and IAS 39 adjustment

819249Reporting Earnings

(3)(8)Minorities

54134Discontinued Operations

(117)(89)Taxation

398312Reported Profit Before Tax

1211IAS 39 adjustment

(7)-UK Product recall

24(2)Non-trading items

(3)(3)Brand amortisation

(30)(29)Restructuring

402335Underlying Profit Before Tax#

(73)(98)Net finance cost

512Associates

470421Underlying Profit from Operations*

3,4162,966Revenue

20062005**Half Year (£m)

51

Financing Costs

** Half year 2005 adjusted to show pro-forma six month numbers

(86)(101)Underlying interest on net debt

(73)(98)Underlying net finance cost

155Pension financing credit

(88)(103)Net interest charge

(2)(2)Refinancing and fees

5.2%4.9%Average net interest rate

(103)(113)Interest expense

1712Interest income

20062005**Half Year (£m)

52

Discontinued Operations

• £541m profit per income statement also includes:

- Underlying post tax trading profits: £1m

- Other profit on disposal: £9m

(661)Net assets

531Estimated profit on disposal

(10)FX from reserves

(57)Tax and expenses on disposal

1,259Gross proceeds

£mEurope Beverages profit on disposal

53

Earnings Per Share

** Half year 2005 adjusted to show pro-forma six month numbers# At constant currency

(1%)-0.2p• Increase in number of shares

(4%)-0.5p• Increase in underlying tax rate

(8%)-1.0p• Sale of beverages

+1.2p

12.7

2006#

9%• Base business growth

Underlying EPS Growth Factors

(4%)13.2Underlying EPS

Growth2005**Half Year (p/share)

54

Cash Flow

• Like-for-like average working capital days reduced by 7%* Profit from Operations before associates, intangibles amortisation, restructuring, non-trading items, UK product recall and

IAS39 adjustment

(145)(83)Tax (excluding disposal)

(233)(212)Working Capital Movement

(15)14Other items

10795Depreciation

(229)(130)Free Cash Flow

36-Pension funding

(183)(181)Dividends

(104)(76)Interest

1624Disposals

(149)(116)Capital Expenditure

300302Cash generated from operations

(29)(46)Restructuring

470451Underlying Profit from Operations*

20062005Half Year (£m)

55

Portfolio Activity

567Reduction in Net Debt

(739)Outflows

£m

(36)Pension Fund contribution

(102)Other acquisitions

(601)Purchase of CSBG#

Key outflows in H1 06

1,306Inflows

34Non-core disposals

1,272Europe Beverages

Disposal proceeds:

£mKey inflows in H1 06

# Includes £366m of debt acquired

56

Net Debt

6.0x5.7xEBIT/Net interest

6.8x

2.9x

£3,900m

Dec 2005

7.2xEBITDA# /Net interest

2.5xNet Debt/EBITDA#

£3,436mNet Debt £m

June 2006*

* 2006 income statement data based on rolling 12 months# EBITDA is defined as earnings before interest, tax, depreciation and brand intangibles amortisation, restructuring costs,

non-trading items, UK product recall and the impact of fair value accounting under IAS 39, and excludes associates

57

H2 2006 Outlook

• UK product recall

- Incremental direct costs excluded from underlying

- Trading impact treated as normal operating cost

- Some insurance cover in place and negotiations ongoing

• Expect margin progression for full year but unlikely to be within

goal range

• Expect stronger margin performance in H2

- Higher Fuel For Growth savings

- Operational leverage from higher sales

2006 Summary and OutlookTodd Stitzer

Chief Executive Officer

59

2006 First Half Summary

• Good first half results

• Three out of four regions performing strongly

• Improved Q2 performance with increase in innovation

• Margins ahead despite cost increases

• Portfolio changes strengthen business

60

2006 Outlook

• Continuing to monitor the recall impact

• Revenue growth towards upper end of goal range

• Underlying margins ahead despite cost increases

• On track to deliver free cash flow goal

Supplementary Information

62

Sales Analysis

# Half year 2005 adjusted to show pro-forma six month numbers

15%3%8%4%

3,4161062341102,966Total Group

4---4Central

5532-35516Asia Pacific

1,09873821,051EMEA

64148-37556Americas Confectionery

1,1204919636839Americas Beverages

2006Exchange Effects

M&AIncreased Activity

2005#Half Year (£m)

63

Underlying Profit from Operations *

* Profit from Operations before associates, intangibles amortisation, restructuring, non-trading items, UK product recall and IAS39 adjustment

# Half year 2005 adjusted to show pro-forma six month numbers

+12%+5%+2%+5%

47020920421Total Group

(80)--(9)(71)Central Costs

52(1)-845Asia Pacific

128-7(7)128EMEA


27815218243Americas Beverages

2006Exchange Effects

M&AIncreased Activity

2005#Half Year (£m)

64

Restatement of 2005 to 6 Months

42118(48)451Total

(71)(5)-(66)Central Costs

45--45Asia Pacific

--(45)45Europe Beverages

128-(3)131EMEA


24316-227Americas Beverages

Underlying Profit from Operations

2,966178(339)3,127Total

4--4Central

51625-491Asia Pacific

--(308)308Europe Beverages

1,05159(31)1,023EMEA


83958-781Americas Beverages

Revenue

6 monthsAdjustDiscont’dReportedHalf Year (£m)

65

Restatement of 2005 to 6 Months

** Half year 2005 adjusted to show pro-forma six month numbers* Profit from Operations before associates, intangibles amortisation, restructuring, non-trading items and IAS39 adjustment# Excludes intangibles amortisation, restructuring, non-trading items and IAS 39 adjustment

-12

24912-237Reported Earnings

(8)(1)-(7)Minorities

34628-Discontinued Operations

(89)(3)14(100)Taxation

31210(42)344Reported Profit Before Tax

11(1)IAS39 adjustment

(2)--(2)Non trading items

(3)--(3)Brand amortisation

(29)(2)6(33)Restructuring

33513(48)370Underlying Profit Before Tax#

(98)(6)-(92)Net finance cost

121-11Associates

42118(48)451Underlying Profit from Operations*

2,966178(339)3,127Revenue

6 monthsAdjustDiscont’dReportedHalf Year (£m)

66

Fuel for Growth Progress

• Continuing Operations

- Cumulative savings by end of 2007 £360m

- Savings expected in 2006 £90m

63145586Total Spend

23

22

42

Completed H1 2006

235212Capex

396374Restructuring

222180Gross Savings

CumulativeCompleted2003/5

67

M&A Activity - Disposals

April 2006Syria Beverages

April 2006Slush Puppie (US)

February 2006Europe Beverages Division

August 2006Bromor (S. Africa)

January 2006Grandma’s Molasses (US)

December 2005Holland House Cooking Wines (US)

June 2005Piasten (Germany)

68

M&A Activity - Acquisitions

June 2006All American Bottling Co

June 2006Dan Products (S.Africa)

May 200655% DPSUBG (US)

April 200630% Kent (Turkey)

June 2006Cott Passaic/Cott Essex

February 2006Cadbury Nigeria (majority)

June 20055% DPSUBG (US)

May 2005Green & Black’s (UK)

69

Associates

• CSBG consolidated from 2 May 2006

• Cadbury Nigeria consolidated from 28 February 2006

• £4m adjustment to fully align CSBG and Cadbury Nigeria accounting with Group offsets pre-consolidation profit contribution from the businesses

512Total

11Other

4

2

5

2005*

4Camelot

(1)Cadbury Nigeria

1DPSU [renamed CSBG]

2006Half Year (£m)

* Half year 2005 adjusted to show pro-forma six month numbers

70

IAS 39 Adjustment

(66)459Reported

-(16)Other adjustments

5

470

Profit fromOperations

7IAS 39 Adjustment

(73)Underlying

Net FinanceCost

Half Year (£m)

71

Minority Interests

• QUIPs redeemed in full on 18 April 2005

• Kent minority acquired on 10 April 2006

• Cadbury Nigeria consolidated from 28 February 2006; Cadbury Schweppes holds 50.02% of Cadbury Nigeria

38Total

-1Other

-

2

5

2005*

2Cadbury Nigeria

1Kent

-Non-equity minority interest (QUIPS)

2006Half Year (£m)

* Half year 2005 adjusted to show pro-forma six month numbers

72

Overview of Technical Guidance

• Fuel for Growth savings: £90m

• P&L restructuring charge: £110m-£120m

- Fuel for Growth - £90m-£100m

- CSBG - £10m

- Gumlink - £10m

• Underlying net interest rate: c5%

• Underlying tax rate incl CSBG: 31%-32%

• Capital expenditure incl CSBG: c£360m

FY 2006

73

Balance Sheet

3,5142,233Ordinary Shareholders’ Funds

3,5512,256Net Assets

(3,436)(4,296)Net Borrowings

(1,049)(1,016)Provisions and deferred tax liabilities

(216)(542)Retirement benefit obligations

3,5512,256Total Capital Employed

3723Minority Interests

-

215

7,895

2005

25Assets held for sale less associated liabilities

269Net working capital

7,958Non-current assets

2006Half Year (£m)

74

Net Debt

(3,436)Closing net debt at 30 Jun 06

124Exchange and other

(337)Borrowings assumed on acquisitions/disposed

896Acquisitions net of disposals (including taxes)

44Share option exercises

(36)Pension deficit funding

(229)Free cash flow

2IAS 39 Adjustment

(3,900)Opening net debt at 1 Jan 06

2006In £m

75

Borrowing Profile

5.2%4.9%Group average interest rate

4.7%4.9%Average interest rate

4.6yrs

77%

50%

27%

23%

2005

3.2yrsAverage length of fix

72%% total debt

Fixed rate debt:

33%More than 3 Years

37%1-3 Years

30%Less than 1 Year

Debt Maturity Profile

2006Half Year

76

Sales, Profits and Borrowings by Currency

36%1,218US dollars

(3)%(95)Other

9%43Australian dollars

32% 151Other

10%346Australian dollars

31%1,066Other

15%505Sterling

8%281Euro

(2)%(60)Euro

1,347

2,244

40

(28)

264

2006

Sales generated in:

39%Sterling

66%Dollar Block

Net borrowing held in:

9%Euro

(6%)Sterling

56%US dollars

Underlying Operating Profit* generated in:

as %Half Year (£m)

* Profit from Operations before associates, intangibles amortisation, restructuring, non-trading items, UK product recall and IAS39 adjustment

77

Exchange Rates

(6.6%)20.8319.46Mexican Peso

(0.7%)11.4911.41South African Rand

2.42

1.45

2.31

1.88

H1 2005

(0.6%)2.41Australian $

+0.2%1.45Euro

(12.3%)2.03Canadian $

(4.7%)1.79US $

% mvtH1 2006Average Rate vs Sterling

Documents

2006 Interim Results - Analyst Presentation Slidesfiles.investis.com/cadbury_ir/reports/2006InterimResultsAnalystAM.pdf2006 Interim Results Analyst Presentation ... Strong Growth in