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Who we are
Note: all market information sourced from Euromonitor
Q3 2009 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
Financial fact-sheet: Q3 2009
B&I
24%
MEA
7%
Europe
20%
North
America
22%
South
America 8%
Asia
6%
Pacific 13%
Candy
21%
Gum
33%
Chocolate
46%Developed
63%
Emerging
37%
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
Cadbury Reports Excellent Third Quarter
Highlights
• Third quarter revenue growth of 7% in constant currency
o Good growth in Chocolate (up 7%), led by continued strong performances in the UK, India and South Africao Improved growth in Gum (up 4%) and Candy (up 11%) reflecting strong performances in emerging markets and growth in North America and Europeo Excellent growth in Britain & Ireland (up 10%) and emerging markets (South America up 18%, Asia and Middle East and Africa up 14%)o Year to date revenue growth of 5%, ahead of previous expectations
• Year to date underlying operating margin growth of over 180 bps underpinned by a strong third quarter
o Year to date gross margin improved by 20bps on a constant currency basiso Marketing investment as a percentage of sales was 10.4% on a constant currency basis reflecting the benefits of media deflation. Absolute marketing spend in the quarter was unchanged compared to the prior yearo Year to date savings from Vision into Action plan reduced SG&A costs by c.110 bps
Todd Stitzer, Cadbury’s CEO said: “We have great momentum in our business and our confectionery strategy continues to yield benefits beyond expectations. In the third quarter we have delivered growth in every category and every business. At the same time, we have maintained our investments in innovation and marketing to reinforce our commitment to delivering future growth.
Roger Carr, Chairman of Cadbury, added: “The strength of our operating performance continues to underpin the Board's confidence in both our growth prospects and the potential for creating further, material shareholder value as a pure play standalone confectionery business".Except where stated, all percentages are calculated using constant currency
Our Vision into Action Performance scorecard
2008 (3)
Fewer, Faster, Bigger, Better Balance Sheet
Focus brands Focus markets Focus customers 31-Dec-07 31-Dec-08 30-Jun-09 2008 H1 2009
% 2008 sales 49 % 2008 sales 70 % 2008 sales 14
FY sales growth 8.0% FY sales growth 7.6% FY sales growth 8.0% Net debt 3,219 1,887 1,763 Assets £17m £0m
Interest cover 7.6x 7.6x 7.9x Liabilities £(275)m £(482)m
Cadbury Dairy Milk UK Wal*Mart Net debt / EBITDA 2.5x 2.1x 1.9x Net £(258)m £(482)m
Green & Blacks US Carrefour P&L pension credit/(charge) £27m £(3)m
Flake Australia Tesco
Crème Egg France Metro
Halls Japan Costco Forthcoming events Recent announcements
TNCC Mexico 7-11
Eclairs South Africa Lidl To be confirmed 24-Dec-08 Agreement for sale of Australia Beverages for £550m
Trident Brazil 25-Feb-09 FY08 results: Strong growth in sales, margins and earnings
Dentyne Russia 05-Mar-09 GBP300m bond issued: 5-year maturity, 5.375% coupon
Clorets India 03-Apr-09 Completion of sale of Australia Beverages for £550m
Bubbas Turkey 30-Apr-09 Q1 results : Further progress in first quarter with guidance for 2009 unchanged
Hollywood China 18-Jun-09 Trading update: Reconfirmation of guidance for 2009
Stimorol 21-Oct-09 Q3 IMS
Contact information Share information
Senior management Share price performance Cadbury relative share price performance: 12 months to 19 October 2009
Roger Carr Chairman
Todd Stitzer Chief Executive Officer
Andrew Bonfield Chief Financial Officer
Average price 576p 582p
Registered office +44 (0) 1895 615 000 High 805p 805p
Cadbury House www.cadbury.com Low 487p 487p
Sanderson Road Cadbury return 48.9% 31.0%
Uxbridge, UB8 1DH FTSE 100 return 23.3% 19.1%
United Kingdom FTSE Euro food producers 7.8% 17.9%
Investor Relations +44 (0) 1895 615 124 Listings Reuters Bloomberg
John Dawson IR Director London Stock Exchange 10p ords CBRY-LN CBRY
Michelle Rees, Basak Kotler IR Managers New York Stock Exchange ADRs CBY-N CBY-N
Debbie Holmes IR Executive
www.cadburyinvestors.com/cadbury_ir
Financial fact-sheet: Q3 2009
Pension assets on balance
sheet
20/10/08 to
19/10/09
Year to
20/10/09
Choc
Candy
Gum
Developed
markets
Emerging
markets
65
75
85
95
105
115
125
135
145
155
Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09
Cadbury FTSE 100 Food Producers