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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cadbury Plc Ads - New Cadbury Plc Ads | NYSE:CBY | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 52.12 | 0.00 | 01:00:00 |
SIGNATURES |
Cadbury plc
|
||||
Date: 29/01/2010 | By: | /s/ J M Mills | ||
Name: | J M Mills | |||
Title: | Director of Group Secretariat | |||
First Half Results | Re- | Reported | Constant | |||||||
presented | Currency | Currency 3 | ||||||||
£m | 2009 | 2008 2 | Growth % | Growth % | ||||||
Revenue
|
2,767 | 2,440 | +13 | +4 | ||||||
|
||||||||||
Underlying Profit from Operations
1
|
319 | 237 | +35 | +19 | ||||||
Restructuring & other non-underlying items
|
(118) | (99) | ||||||||
Profit from Operations
|
201 | 138 | ||||||||
|
||||||||||
Underlying Profit before Tax
1
|
262 | 212 | +24 | +11 | ||||||
Profit before Tax
|
112 | 134 | ||||||||
|
||||||||||
Underlying EPS Continuing Ops
1
|
13.9p | 8.0p | ||||||||
|
||||||||||
Reported EPS Continuing Ops
|
5.8p | 8.5p | ||||||||
Reported EPS Continuing & Discontinued Ops
|
23.1p | 6.0p | ||||||||
|
||||||||||
|
||||||||||
Dividend per share
|
5.7p | 5.3p | +8 | |||||||
1 |
Cadbury plc believes that underlying profit from operations, underlying profit before tax
and underlying earnings per share provide additional information on underlying trends to
shareholders. The term underlying is not a defined term under IFRS, and may not be comparable
with similarly titled profit measures reported by other companies. It is not intended to be a
substitute for, or superior to, IFRS measures of profit. A full reconciliation between
underlying and reported measures is included in the segmental reporting and reconciliation of
underlying measures note.
|
|
2 |
In accordance with IFRS 5, the Income Statement for the six months ended 30 June 2008 has
been re-presented following the disposal of Australia Beverages.
|
|
3 |
Constant currency growth excludes the impact of exchange rate movements during the period. It is calculated by recomputing the current year results using the prior year exchange rates.
|
2
£m | H1 | Base | Acq/ | Business | Exchange | H1 | |||||||||
2008 | Business 1 | Disposals |
Improvement
Costs |
2009 | |||||||||||
|
|||||||||||||||
Revenue
|
2,440 | 96 | (9) | - | 240 | 2,767 | |||||||||
- year-on-year change
|
+3.9% | -0.3% | - | +9.8% | +13.4 | % | |||||||||
Underlying Profit from Operations
|
237 | 44 | 1 | - | 37 | 319 | |||||||||
- year-on-year change
|
+19% | - | - | +16% | +35 | % | |||||||||
Underlying
Operating Margin
2
|
9.7% | +140bps | +5bps | +35bps | 11.5 | % | |||||||||
1 | Base business results are stated at constant currency and before acquisitions and disposals | |
2 | Underlying Operating Margin is calculated by dividing Underlying Profit from Operations by Revenue. |
|
Chocolate
(45% of revenue in the half) delivered revenue growth of 10% (up 7% in
the first quarter and 13% in the second quarter), reflecting strong performances in
the UK, India and South Africa. Australia delivered progressively good growth with
the business getting some early benefits from the relaunch of the core Cadbury Dairy
Milk brand in the second quarter of the year.
|
||
|
Gum
(35%) revenue was unchanged in the first half (down 2% in the first quarter
and up 2% in the second quarter). The improvement in the second quarter reflected
strong growth across South America. At the same time, market share improved in key
markets, with the exception of the US where a major programme of innovation is
planned for the second half of the year.
|
||
|
Candy
(20%) revenue was unchanged in the first half (down 2% in the first quarter
and up 2% in the second quarter), reflecting an improved performance from Halls,
after a weak first quarter, and strong performances from mainstream candy brands in
the US, Middle East and Africa, Japan and mainland Asia.
|
3
|
In
emerging markets
(38% of revenue in the half), revenue growth was good, up 7% in the
half (up 6% in the first quarter, up 8% in the second quarter), led by strong performances
in India, South Africa and South America. Trading in Russia and South East Asia, improved
toward the end of the period with Russia delivering growth for the half overall.
|
||
|
In
developed markets
(62%), revenue grew 2% with a much stronger second quarter (up 5%)
offsetting the slow start to the year (first quarter unchanged), reflecting stronger growth
in the UK and an improved performance in the US which together more than offset the effect
of weak market conditions in Europe.
|
4
|
Closure of our Barcelona gum factory in Spain. This was completed in early July
and will result in 160 people leaving the business by the end of the year.
|
||
|
Consolidation of our Turkish manufacturing operations. The phased relocation of
production from the former Intergum factory in Istanbul to our larger facility in
Gebze is already underway and should be completed during the second half of the year.
|
||
|
In July we commenced consultation on a new programme to improve efficiency and
effectiveness of our chocolate manufacturing activities in Ireland; investment in new
manufacturing processes, a reduction in headcount and the relocation of selected
products to other Cadbury facilities will improve competitiveness and efficiency and
create a sustainable manufacturing centre for Ireland.
|
5
£m | H1 | Base | Acq/ | Business | Exchange | H1 | |||||||
2008 | Business | Disposals | Improvement | 2009 | |||||||||
Costs | |||||||||||||
|
|||||||||||||
Revenue
|
565 | 67 | (9) | - | 12 | 635 | |||||||
- year-on-year change
|
+11.9% | -1.6% | - | +2.1% | +12.4% | ||||||||
Underlying Profit from Operations
|
58 | 21 | 1 | (2) | 1 | 79 | |||||||
- year-on-year change
|
+36.2% | +1.7% | -3.4% | +1.7% | +36.2% | ||||||||
Underlying Operating Margin
|
10.3% | +220bps | 12.4% | ||||||||||
£m | H1 | Base | Acq/ | Business | Exchange | H1 | |||||||
2008 | Business | Disposals | Improvement | 2009 | |||||||||
Costs | |||||||||||||
|
|||||||||||||
Revenue
|
168 | 19 | - | - | 24 | 211 | |||||||
- year-on-year change
|
+11.3% | - | - | +14.3% | +25.6% | ||||||||
Underlying Profit from Operations
|
10 | 9 | - | (1) | 4 | 22 | |||||||
- year-on-year change
|
+90% | - | -10% | +40% | +120% | ||||||||
Underlying Operating Margin
|
6.0% | +400bps | 10.4% | ||||||||||
£m | H1 | Base | Acq/ | Business | Exchange | H1 | |||||||
2008 | Business | Disposals | Improvement | 2009 | |||||||||
Costs | |||||||||||||
|
|||||||||||||
Revenue
|
496 | (26) | - | - | 37 | 507 | |||||||
- year-on-year change
|
-5.2% | - | - | +7.4% | +2.2% | ||||||||
Underlying Profit from Operations
|
35 | (18) | - | 5 | 4 | 26 | |||||||
- year-on-year change
|
-51% | - | +14% | +11% | -26% | ||||||||
Underlying Operating Margin
|
7.1% | -310bps | 5.1% | ||||||||||
6
£m | H1 | Base | Acq/ | Business | Exchange | H1 | |||||||
2008 | Business | Disposals | Improvement | 2009 | |||||||||
Costs | |||||||||||||
|
|||||||||||||
Revenue
|
154 | 19 | - | - | 25 | 198 | |||||||
- year-on-year change
|
+12.3% | - | - | +16.2% | +28.5% | ||||||||
Underlying Profit from Operations
|
11 | 7 | - | - | 2 | 20 | |||||||
- year-on-year change
|
+64% | - | - | +18% | +82% | ||||||||
Underlying Operating Margin
|
7.1% | +330bps | 10.1% | ||||||||||
£m | H1 | Base | Acq/ | Business | Exchange | H1 | |||||||
2008 | Business | Disposals | Improvement | 2009 | |||||||||
Costs | |||||||||||||
|
|||||||||||||
Revenue
|
304 | 10 | - | - | 38 | 352 | |||||||
- year-on-year change
|
+3.3% | - | - | +12.5% | +15.8% | ||||||||
Underlying Profit from Operations
|
39 | 2 | - | (1) | 7 | 47 | |||||||
- year-on-year change
|
+5.0% | - | -2.6% | +17.9% | +20.5% | ||||||||
Underlying Operating Margin
|
12.8% | +20bps | 13.4% | ||||||||||
£m | H1 | Base | Acq/ | Business | Exchange | H1 | |||||||
2008 | Business | Disposals | Improvement | 2009 | |||||||||
Costs | |||||||||||||
|
|||||||||||||
Revenue
|
553 | (15) | - | - | 110 | 648 | |||||||
- year-on-year change
|
-2.7% | - | - | +19.9% | +17.2% | ||||||||
Underlying Profit from Operations
|
108 | 3 | - | (1) | 25 | 135 | |||||||
- year-on-year change
|
+2.8% | - | -0.9% | +23.1% | +25.0% | ||||||||
Underlying Operating Margin
|
19.5% | +110bps | 20.8% | ||||||||||
7
£m | H1 | Base | Acq/ | Business | Exchange | H1 | |||||||
2008 | Business | Disposals | Improvement | 2009 | |||||||||
Costs | |||||||||||||
|
|||||||||||||
Revenue
|
196 | 23 | - | - | (6) | 213 | |||||||
- year-on-year change
|
+11.7% | - | - | -3.0% | +8.7% | ||||||||
Underlying Profit from Operations
|
37 | 8 | - | - | (3) | 42 | |||||||
- year-on-year change
|
+21.6% | - | - | -8.1% | +13.5% | ||||||||
Underlying Operating Margin
|
18.9% | +170bps | 19.7% | ||||||||||
8
£m | Reported | Constant | ||||||
H1 | H1 2008 | Currency | Currency | |||||
2009 | Re-presented 1 | Growth % | Growth % | |||||
|
||||||||
Revenue
|
2,767 | 2,440 | +13 | +4 | ||||
|
||||||||
Underlying Profit from Operations
|
319 | 237 | +35 | +19 | ||||
Restructuring & other non-underlying items
|
||||||||
- Restructuring costs
|
(105) | (70) | ||||||
- Amortisation and impairment of acquisition intangibles
|
(2) | (2) | ||||||
- Non-trading items
|
1 | (6) | ||||||
- IAS 39 adjustment
|
(12) | (21) | ||||||
Profit from Operations
|
201 | 138 | ||||||
|
||||||||
Share of results in associates
|
3 | 4 | ||||||
|
||||||||
Underlying Net
Financing
2
|
(60) | (29) | ||||||
Net Financing
|
(92) | (8) | ||||||
|
||||||||
Underlying Profit before Taxation
|
262 | 212 | +24 | +11 | ||||
Profit before Taxation
|
112 | 134 | ||||||
|
||||||||
Underlying
Taxation
3
|
(73) | (62) | ||||||
Taxation
|
(33) | 26 | ||||||
|
||||||||
Underlying
profit for the period continuing operations
|
189 | 150 | +26 | +13 | ||||
Profit for
the period continuing operations
|
79 | 160 | ||||||
|
||||||||
Discontinued Operations
|
||||||||
- Americas Beverages
|
- | (53) | ||||||
- Australia Beverages
|
234 | 6 | ||||||
|
||||||||
Profit for the Period
|
313 | 113 | ||||||
|
||||||||
EPS - Continuing Operations
|
||||||||
- Underlying
|
13.9p | 8.0p | ||||||
- Reported
|
5.8p | 8.5p | ||||||
EPS - Continuing & Discontinued
|
||||||||
- Underlying
|
14.1p | 12.6p | ||||||
- Reported
|
23.1p | 6.0p | ||||||
|
||||||||
Interim Dividend
|
5.7p | 5.3p | ||||||
|
||||||||
Free Cash
Outflow
4
|
220 | 109 | ||||||
|
||||||||
Net
Debt
5
|
1.8bn | 1.7bn | ||||||
1 |
In accordance with IFRS 5, the Income Statement for the six months ended 30 June 2008 has
been re-presented following the disposal of Australia Beverages.
|
|
2 |
Underlying Net Financing
is the total of Investment revenue and finance costs excluding the
IAS 39 adjustment.
|
|
3 |
Underlying Taxation is
the taxation on Underlying Profit from Operations and Underlying Net
Financing and excludes other non-underlying tax resulting from tax
matters which have been progressed during the year relating to UK tax
matters (net £71 million credit) and overseas jurisdiction
(£61 million charge).
|
|
4 |
Free cash flow is defined as the amount of cash generated by the business after meeting all
its obligations for interest, tax and capital investment.
|
|
5 |
Net Debt is defined as total borrowings, less interest rate fair value hedging instruments,
cash and cash equivalents and short term investments.
|
9
10
2009 | 2008 | |||||||
unaudited | unaudited | |||||||
£m | £m | |||||||
Net cash (outflow)/inflow from operating activities
|
(130) | (2) | ||||||
Add back:
|
||||||||
Additional funding of past service pensions deficit
|
- | 18 | ||||||
Demerger financing costs
|
- | 53 | ||||||
Income taxes paid on disposals
|
71 | 36 | ||||||
Less:
|
||||||||
Net capital expenditure
|
(161) | (214) | ||||||
Net associate and minority dividends
|
- | - | ||||||
Free cash (outflow)/Inflow
|
(220) | (109) | ||||||
2009 | 2008 | |||||||
unaudited | Full year | |||||||
Re- | ||||||||
£m | presented 1 | |||||||
£m | ||||||||
Short term investments
|
98 | 108 | ||||||
Cash and cash equivalents
|
266 | 390 | ||||||
Short term borrowings and overdrafts
|
(729) | (1,189) | ||||||
Obligations under finance leases - current
|
(1) | (1) | ||||||
Borrowings - non current
|
(1,396) | (1,194) | ||||||
Fair value of interest rate hedging instruments
|
(11) | - | ||||||
Obligations under finance leases - non current
|
(1) | (1) | ||||||
Net debt
|
(1,774) | (1,887) | ||||||
1
The prior period net debt analysis has been re-presented to reclassify certain amounts
between cash and cash equivalents and short term investments (see note 1).
|
11
12
2009 | 2008 | |||||||||||||
Half Year | Half Year | |||||||||||||
re-presented | ||||||||||||||
unaudited | unaudited | |||||||||||||
Notes | ||||||||||||||
£m | £m | |||||||||||||
Continuing Operations
|
||||||||||||||
Revenue
|
2,767 | 2,440 | ||||||||||||
|
||||||||||||||
Trading costs
|
(2,462) | (2,226) | ||||||||||||
Restructuring costs
|
2 | (105) | (70) | |||||||||||
Non-trading items
|
3 | 1 | (6) | |||||||||||
Profit from operations
|
201 | 138 | ||||||||||||
Share of result in
associates |
3 | 4 | ||||||||||||
Profit before financing
|
204 | 142 | ||||||||||||
and taxation
|
||||||||||||||
Investment revenue
|
4 | 18 | 28 | |||||||||||
Finance costs
|
(110) | (36) | ||||||||||||
Profit before taxation
|
112 | 134 | ||||||||||||
Taxation
|
5 | (33) | 26 | |||||||||||
Profit for the period from
|
79 | 160 | ||||||||||||
continuing operations
|
||||||||||||||
|
||||||||||||||
Discontinued
operations |
||||||||||||||
Profit/(loss) for the period
|
||||||||||||||
from discontinued
|
8 | 234 | (47) | |||||||||||
operations
|
||||||||||||||
Profit for the period
|
313 | 113 | ||||||||||||
|
||||||||||||||
Attributable to:
|
||||||||||||||
Equity holders of the
parent |
313 | 113 | ||||||||||||
Minority interests
|
- | - | ||||||||||||
|
313 | 113 | ||||||||||||
|
||||||||||||||
Earnings per share
from continuing and discontinued operations |
||||||||||||||
Basic
|
7 | 23.1p | 6.0p | |||||||||||
Diluted
|
7 | 23.1p | 6.0p | |||||||||||
|
||||||||||||||
From continuing
operations |
||||||||||||||
Basic
|
7 | 5.8p | 8.5p | |||||||||||
Diluted
|
7 | 5.8p | 8.5p | |||||||||||
13
2009 | 2008 | |||||||
Half Year | Half Year | |||||||
re-presented | ||||||||
unaudited | unaudited | |||||||
£m | £m | |||||||
Currency translation differences (net of tax)
|
(431) | 108 | ||||||
Actuarial losses on post retirement benefit obligations (net of tax)
|
(190) | (122) | ||||||
Net (expense)/income recognised directly in equity
|
(621) | (14) | ||||||
|
||||||||
Profit for the period from continuing operations
|
79 | 160 | ||||||
Profit/(loss) for the period from discontinued operations
|
234 | (47) | ||||||
Total recognised income and expense for the period
|
(308) | 99 | ||||||
|
||||||||
Attributable to:
|
||||||||
Equity holders of the parent
|
(308) | 99 | ||||||
Minority interests
|
- | - | ||||||
|
(308) | 99 | ||||||
14
2009 | 2008 | |||||||||||
Half Year | Full Year | |||||||||||
re-presented 1 | ||||||||||||
Notes | unaudited | |||||||||||
£m | £m | |||||||||||
ASSETS
|
||||||||||||
|
||||||||||||
Non-current assets
|
||||||||||||
Goodwill
|
2,081 | 2,288 | ||||||||||
Acquisition intangibles
|
1,457 | 1,598 | ||||||||||
Software and other intangibles
|
103 | 87 | ||||||||||
Property, plant and equipment
|
10 | 1,659 | 1,761 | |||||||||
Investment in associates
|
31 | 28 | ||||||||||
Deferred tax assets
|
220 | 181 | ||||||||||
Retirement benefit asset
|
- | 17 | ||||||||||
Trade and other receivables
|
42 | 28 | ||||||||||
Other investments
|
2 | 2 | ||||||||||
|
5,595 | 5,990 | ||||||||||
Current assets
|
||||||||||||
Inventories
|
849 | 767 | ||||||||||
Short-term investments
|
98 | 108 | ||||||||||
Trade and other receivables
|
923 | 1,067 | ||||||||||
Tax recoverable
|
46 | 35 | ||||||||||
Cash and cash equivalents
|
266 | 390 | ||||||||||
Derivative financial instruments
|
120 | 268 | ||||||||||
|
2,302 | 2,635 | ||||||||||
Assets held for sale
|
2 | 270 | ||||||||||
TOTAL ASSETS
|
7,899 | 8,895 | ||||||||||
LIABILITIES
|
||||||||||||
|
||||||||||||
Current liabilities
|
||||||||||||
Trade and other payables
|
(1,345) | (1,551) | ||||||||||
Tax payable
|
(181) | (328) | ||||||||||
Short term borrowings and overdrafts
|
(729) | (1,189) | ||||||||||
Short term provisions
|
(163) | (150) | ||||||||||
Obligations under finance leases
|
(1) | (1) | ||||||||||
Derivative financial instruments
|
(90) | (169) | ||||||||||
|
(2,509) | (3,388) | ||||||||||
Non-current liabilities
|
||||||||||||
Trade and other payables
|
(25) | (61) | ||||||||||
Borrowings
|
(1,396) | (1,194) | ||||||||||
Retirement benefit obligation
|
(482) | (275) | ||||||||||
Tax payable
|
(10) | (6) | ||||||||||
Deferred tax liabilities
|
(155) | (121) | ||||||||||
Long term provisions
|
(234) | (218) | ||||||||||
Obligations under finance leases
|
(1) | (1) | ||||||||||
|
(2,303) | (1,876) | ||||||||||
Liabilities associated with assets classified as held for sale
|
- | (97) | ||||||||||
TOTAL LIABILITIES
|
(4,812) | (5,361) | ||||||||||
NET ASSETS
|
3,087 | 3,534 | ||||||||||
|
||||||||||||
EQUITY
|
||||||||||||
|
||||||||||||
Share capital
|
11 | 137 | 136 | |||||||||
Share premium account
|
60 | 38 | ||||||||||
Other reserves
|
413 | 850 | ||||||||||
Retained earnings
|
2,470 | 2,498 | ||||||||||
Equity attributable to equity holders of the parent
|
3,080 | 3,522 | ||||||||||
Minority interest
|
7 | 12 | ||||||||||
TOTAL EQUITY
|
3,087 | 3,534 | ||||||||||
15
2009 | 2008 | ||||||||||
Half Year | Half Year | ||||||||||
re-presented 1 | |||||||||||
Notes | unaudited | unaudited | |||||||||
£m | £m | ||||||||||
Net cash (outflow)/inflow from operating activities
|
14 | (130 ) | (2 ) | ||||||||
|
|||||||||||
Investing activities
|
|||||||||||
Dividends received from associates
|
- | - | |||||||||
Proceeds on disposal of property, plant and equipment
|
6 | 4 | |||||||||
Purchases of property, plant & equipment and software
|
(167) | (218) | |||||||||
Americas Beverages separation costs paid
|
- | (60) | |||||||||
Americas Beverages net cash and cash equivalents demerged
|
- | (63) | |||||||||
Acquisitions of businesses and associates
|
(11) | 14 | |||||||||
Sale of investments, associates and subsidiary undertakings
|
532 | 51 | |||||||||
Overdraft/(cash) removed on disposal
|
2 | (4) | |||||||||
Movement in equity investments and money market deposits
|
8 | (121) | |||||||||
Net cash generated from/(used in) investing activities
|
370 | (397 ) | |||||||||
|
|||||||||||
|
|||||||||||
Financing activities
|
|||||||||||
Dividends paid
|
(148) | (222) | |||||||||
Capital element of finance leases repaid
|
- | (21) | |||||||||
Proceeds on issues of ordinary shares
|
23 | 32 | |||||||||
Net movement of shares held under Employee Trust
|
(12) | 1 | |||||||||
Proceeds of new borrowings
|
3,242 | 2,846 | |||||||||
Borrowings repaid
|
(3,389) | (2,410) | |||||||||
Net cash (used in)/generated from financing activities
|
(284 ) | 226 | |||||||||
Net decrease in cash and cash equivalents
|
(44 ) | (173 ) | |||||||||
Opening net cash and cash equivalents total Group
|
238 | 372 | |||||||||
Effect of foreign exchange rates
|
(6) | 4 | |||||||||
Closing net cash and cash equivalents
|
188 | 203 | |||||||||
16
Share | Capital | Hedging and | Acquisition | |||||||||||||||||||||||||||||||||
Share | capital | Share | redemption | Demerger | Translation | reval'n | Retained | |||||||||||||||||||||||||||||
capital | beverages | premium | reserve | Reserve | reserve | reserve | earnings | Total | ||||||||||||||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | £m | £m | ||||||||||||||||||||||||||||
At 1 January 2008
|
264 | - | 1,225 | 90 | - | (139) | 45 | 2,677 | 4,162 | |||||||||||||||||||||||||||
Recognised income and expense for the
period
|
- | - | - | - | - | 108 | - | (9) | 99 | |||||||||||||||||||||||||||
Unwind of acquisition revaluation reserve
|
- | - | - | - | - | - | (3) | 3 | - | |||||||||||||||||||||||||||
Credit from share based payment and
movement in own shares
|
- | - | - | - | - | - | - | 10 | 10 | |||||||||||||||||||||||||||
Shares issued Cadbury Schweppes plc
|
1 | - | 15 | - | - | - | - | - | 16 | |||||||||||||||||||||||||||
Dividends paid
|
- | - | - | - | - | - | - | (222) | (222) | |||||||||||||||||||||||||||
Scheme of arrangement
|
6,765 | 3,805 | - | - | (10,570) | - | - | - | - | |||||||||||||||||||||||||||
Capital reduction
|
(6,630) | (3,805) | - | - | 10,435 | - | - | - | - | |||||||||||||||||||||||||||
Elimination of Cadbury Schweppes plc
reserves
|
(265) | (1,240) | (90) | 1,637 | - | (42) | - | - | ||||||||||||||||||||||||||||
Demerger of Americas Beverages
|
- | - | - | - | (1,091) | - | - | - | (1,091) | |||||||||||||||||||||||||||
Transfer of own shares in DPSG to
investment
|
- | - | - | - | - | - | - | 16 | 16 | |||||||||||||||||||||||||||
Shares issued Cadbury plc
|
1 | - | 15 | - | - | - | - | - | 16 | |||||||||||||||||||||||||||
At 30 June 2008 (unaudited)
|
136 | - | 15 | - | 411 | (31 | ) | - | 2,475 | 3,006 | ||||||||||||||||||||||||||
At 1 January 2009
|
136 | - | 38 | - | 409 | 441 | - | 2,498 | 3,522 | |||||||||||||||||||||||||||
Recognised income and expense for the
period
|
- | - | - | - | - | (431) | - | 123 | (308) | |||||||||||||||||||||||||||
Credit from share based payment and
movement in own shares
|
- | - | - | - | - | - | - | (6) | (6) | |||||||||||||||||||||||||||
Disposal of Australia Beverages
|
- | - | - | - | - | (6) | - | - | (6) | |||||||||||||||||||||||||||
Acquisition of minority interest
|
- | - | - | - | - | - | - | 3 | 3 | |||||||||||||||||||||||||||
Dividends paid
|
- | - | - | - | - | - | - | (148) | (148) | |||||||||||||||||||||||||||
Shares issued Cadbury plc
|
1 | - | 22 | - | - | - | - | - | 23 | |||||||||||||||||||||||||||
At 30 June 2009 (unaudited)
|
137 | - | 60 | - | 409 | 4 | - | 2,470 | 3,080 | |||||||||||||||||||||||||||
17
Reported measures | Segment measures | |||||||||||||||||||||||
2009
Half Year
|
Revenue | Profit/(loss) | Operating | Revenue | Underlying | Underlying | ||||||||||||||||||
(unaudited)
|
from | margin | profit from | margin | ||||||||||||||||||||
operations | operations | |||||||||||||||||||||||
£m | % | £m | £m | % | ||||||||||||||||||||
£m | ||||||||||||||||||||||||
Britain and Ireland
|
635 | 39 | 6.1 | 635 | 79 | 12.4 | ||||||||||||||||||
Middle East and Africa
|
211 | 21 | 10.0 | 211 | 22 | 10.4 | ||||||||||||||||||
Europe
|
507 | (34) | (6.7) | 507 | 26 | 5.1 | ||||||||||||||||||
North America
|
648 | 129 | 19.9 | 648 | 135 | 20.8 | ||||||||||||||||||
South America
|
213 | 43 | 20.2 | 213 | 42 | 19.7 | ||||||||||||||||||
Pacific
|
352 | 47 | 13.4 | 352 | 47 | 13.4 | ||||||||||||||||||
Asia
|
198 | 20 | 10.1 | 198 | 20 | 10.1 | ||||||||||||||||||
|
2,764 | 265 | 9.6 | 2,764 | 371 | 13.4 | ||||||||||||||||||
Central
|
3 | (64) | n/a | 3 | (52) | n/a | ||||||||||||||||||
Profit from operations
|
2,767 | 201 | 7.3 | 2,767 | 319 | 11.5 | ||||||||||||||||||
Reported | Reversal of | Reversal of | Reversal of | IAS 39 | Underlying | |||||||||||||||||||
2009
Half Year
|
Performance | restructuring | amortisation | non-trading | adjustment | profit from | ||||||||||||||||||
(unaudited)
|
costs | and impairment | items | operations | ||||||||||||||||||||
of intangibles | ||||||||||||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||||||
Britain and Ireland
|
39 | 29 | - | - | 11 | 79 | ||||||||||||||||||
Middle East and Africa
|
21 | 1 | - | - | - | 22 | ||||||||||||||||||
Europe
|
(34) | 54 | 1 | - | 5 | 26 | ||||||||||||||||||
North America
|
129 | 2 | 1 | - | 3 | 135 | ||||||||||||||||||
South America
|
43 | 1 | - | - | (2) | 42 | ||||||||||||||||||
Pacific
|
47 | 6 | - | (1) | (5) | 47 | ||||||||||||||||||
Asia
|
20 | - | - | - | - | 20 | ||||||||||||||||||
Central
|
(64) | 12 | - | - | - | (52) | ||||||||||||||||||
Profit from operations
|
201 | 105 | 2 | (1 | ) | 12 | 319 | |||||||||||||||||
Share of result in associates
|
3 | - | - | - | - | 3 | ||||||||||||||||||
Financing
|
(92) | 2 | - | 8 | 22 | (60) | ||||||||||||||||||
Profit before taxation
|
112 | 107 | 2 | 7 | 34 | 262 | ||||||||||||||||||
2009
Half year
|
----- Earnings ----- | ----- Earnings per share ----- | ||||||||||||||||||||||
(unaudited)
|
Continuing | Discontinued | Total | Continuing | Discontinued | Total | ||||||||||||||||||
£m | £m | £m | pence | pence | pence | |||||||||||||||||||
Reported
|
79 | 234 | 313 | 5.8 | 17.3 | 23.1 | ||||||||||||||||||
Reversal of:
|
||||||||||||||||||||||||
Restructuring costs*
|
107 | - | 107 | 7.9 | - | 7.9 | ||||||||||||||||||
Amortisation and
impairment of
intangibles
|
2 | - | 2 | 0.1 | - | 0.1 | ||||||||||||||||||
Non-trading items
|
7 | - | 7 | 0.5 | - | 0.5 | ||||||||||||||||||
Profit on disposal
|
- | (301) | (301) | - | (22.2) | (22.2) | ||||||||||||||||||
IAS 39 adjustment
|
34 | 1 | 35 | 2.5 | 0.1 | 2.6 | ||||||||||||||||||
Tax effect on the above**
|
(40) | 68 | 28 | (2.9) | 5.0 | 2.1 | ||||||||||||||||||
Underlying
|
189 | 2 | 191 | 13.9 | 0.2 | 14.1 | ||||||||||||||||||
* |
Restructuring costs are made up of £105 million for continuing operations and £2 million
relating to the unwind of discounts on provisions recognised within continuing financing
costs.
|
|
** |
Also includes tax arising on certain intra-Group reorganisations and disposals (Note 8) and
other non-underlying tax items (Note 6).
|
18
Reported measures | Segmental measures | |||||||||||||||||||||||
2008 Half Year
(re-presented 1 ) unaudited |
Revenue | Profit from | Operating | Revenue | Underlying | Underlying | ||||||||||||||||||
operations | margin | profit from | margin | |||||||||||||||||||||
operations | ||||||||||||||||||||||||
£m | £m | % | £m | £m | % | |||||||||||||||||||
Britain and Ireland
|
565 | 20 | 3.5 | 565 | 58 | 10.3 | ||||||||||||||||||
Middle East and Africa
|
168 | 9 | 5.4 | 168 | 10 | 6.0 | ||||||||||||||||||
Europe
|
496 | 17 | 3.4 | 496 | 35 | 7.1 | ||||||||||||||||||
North America
|
553 | 102 | 18.4 | 553 | 108 | 19.5 | ||||||||||||||||||
South America
|
196 | 37 | 18.9 | 196 | 37 | 18.9 | ||||||||||||||||||
Pacific
|
304 | 34 | 11.2 | 304 | 39 | 12.8 | ||||||||||||||||||
Asia
|
154 | 11 | 7.1 | 154 | 11 | 7.1 | ||||||||||||||||||
|
2,436 | 230 | 9.4 | 2,436 | 298 | 12.2 | ||||||||||||||||||
Central
|
4 | (92) | n/a | 4 | (61) | n/a | ||||||||||||||||||
Profit from operations
|
2,440 | 138 | 5.7 | 2,440 | 237 | 9.7 | ||||||||||||||||||
1 | The Group has re-presented its segmental analysis for the comparative 2008 financial information to represent the new Business Unit structure to reflect the way the Chief Operating Decision Maker reviews the results of the operating segments. |
2008 Half Year
(re-presented) unaudited |
Reported | Reversal of | Reversal of | Reversal of | IAS 39 | Underlying | ||||||||||||||||||
Performance | restructuring | amortisation | non-trading | adjustment | profit from | |||||||||||||||||||
costs | and impairment | items | operations | |||||||||||||||||||||
of intangibles | ||||||||||||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||||||
Britain and Ireland
|
20 | 12 | - | 7 | 19 | 58 | ||||||||||||||||||
Middle East and Africa
|
9 | 1 | - | - | - | 10 | ||||||||||||||||||
Europe
|
17 | 16 | 1 | - | 1 | 35 | ||||||||||||||||||
North America
|
102 | 4 | 1 | - | 1 | 108 | ||||||||||||||||||
South America
|
37 | 2 | - | (1) | (1) | 37 | ||||||||||||||||||
Pacific
|
34 | 4 | - | - | 1 | 39 | ||||||||||||||||||
Asia
|
11 | - | - | - | - | 11 | ||||||||||||||||||
Central
|
(92) | 31 | - | - | - | (61) | ||||||||||||||||||
Profit from operations
|
138 | 70 | 2 | 6 | 21 | 237 | ||||||||||||||||||
Share of result in associates
|
4 | - | - | - | - | 4 | ||||||||||||||||||
Financing
|
(8) | - | - | - | (21) | (29) | ||||||||||||||||||
Profit before taxation
|
134 | 70 | 2 | 6 | - | 212 | ||||||||||||||||||
2008 Half year
(re-presented) unaudited |
----- Earnings ----- | ----- Earnings per share ----- | |||||||||||||||||||||||||||
Continuing | Discontinued | Total | Continuing | Discontinued | Total | ||||||||||||||||||||||||
£m | £m | £m | pence | pence | pence | ||||||||||||||||||||||||
Reported
|
160 | (47 | ) | 113 | 8.5 | (2.5 | ) | 6.0 | |||||||||||||||||||||
Reversal of:
|
|||||||||||||||||||||||||||||
Restructuring costs*
|
70 | 4 | 74 | 3.8 | 0.2 | 4.0 | |||||||||||||||||||||||
Amortisation and impairment of intangibles
|
2 | 8 | 10 | 0.1 | 0.4 | 0.5 | |||||||||||||||||||||||
Non-trading items
|
6 | (1) | 5 | 0.3 | - | 0.3 | |||||||||||||||||||||||
Demerger/Disposal costs***
|
- | 116 | 116 | - | 6.2 | 6.2 | |||||||||||||||||||||||
IAS 39 adjustment
|
- | (4) | (4) | - | (0.3) | (0.3) | |||||||||||||||||||||||
Tax effect on
|
(88) | 11 | (77) | (4.7) | 0.6 | (4.1) | |||||||||||||||||||||||
the above items**
|
|||||||||||||||||||||||||||||
Underlying
|
150 | 87 | 237 | 8.0 | 4.6 | 12.6 | |||||||||||||||||||||||
* | Restructuring costs are made up of £70 million for continuing operations and £4 million for discontinued operations. | |
** | Also includes tax arising on certain intra-Group reorganisations see Note 8. | |
*** | Includes £18 million of non-underlying financing fees associated with the demerger. |
19
20
|
Restructuring costs the costs incurred by the Group in implementing significant
restructuring projects, such as Vision into Action, the major Group-wide efficiency programme
in pursuit of the mid-teen margin goal and integrating acquired businesses are classified as
restructuring. These are programmes involving one-off incremental items of major expenditure.
In addition, costs incurred to establish a stand-alone confectionery business have also been
classified as restructuring. The Group views restructuring costs as costs associated with
investment in the future performance of the business and not part of the underlying
performance trends of the business. Where material, restructuring costs are initially
recognised after discounting to present value. The subsequent unwind of any discount is
reported as a non-underlying finance cost if the associated provision resulted from a
non-underlying restructuring cost;
|
|
|
Amortisation and impairment
of intangibles - under IFRS, the Group continues to amortise
certain short-life acquisition intangibles and also recognises, from time to time, impairments
of goodwill which have arisen on previous acquisitions. This amortisation and impairment is
not considered to be reflective of the underlying trading of the Group. The Group performs a
detailed impairment review annually and reviews for indicators of impairment on an interim
basis. Management has updated its impairment review at the half-year and there were no
significant impairment indicators identified that would result in carrying value exceeding the
recoverable amount for either brands or goodwill. The First brand, acquired as part of the
Intergum acquisition in 2007, which showed limited headroom at 31 December 2008, has performed
in line with managements expectations in the current period;
|
21
|
Non-trading items as part of its operations the Group may dispose of or recognise an
impairment of subsidiaries, associates, investments, brands and significant fixed assets that
do not meet the requirements to be separately disclosed outside continuing operations. Whilst
the income or cost stream of these items is considered to be underlying in value any profit or
loss realised on the ultimate disposal is not considered to be an underlying profit item. In
addition, the interest charges relating to tax or indemnity provisions arising on demergers
and disposals are reported as non-underlying finance costs if the associated provision
resulted from a non-underlying charge;
|
|
|
IAS 39 adjustments fair value accounting under IAS 39, the Group seeks to apply hedge
accounting to its various hedge relationships, (principally under commodity contracts, foreign
exchange forward contracts and interest rate swaps) where it is permissible under the rules of
IAS 39 and practical to do so. Due to the nature of its hedging arrangements, in a number of
circumstances the Group is unable to apply hedge-accounting to the arrangements. The Group
continues, however, to enter into these arrangements as they provide certainty or active
management of the commodity prices affecting the Group, the exchange rates applying to the
foreign currency transactions entered into by the Group and the interest rate applying to the
Groups debt. These arrangements result in fixed and determined cash-flows. The Group believes
that these arrangements remain effective, economic and commercial hedges despite the inability
to apply hedge accounting and therefore will continue internally to manage the performance of
the business and incentives and reward success on this basis. The effect of not applying hedge
accounting under IAS 39 means that the reported results reflect the actual rate of exchange,
interest rate or commodity price ruling on the date of a transaction regardless of the cash
flow paid by the Group at the predetermined rate of exchange, interest rate or commodity
price. In addition, any gain or loss accruing on open contracts at a reporting period end is
recognised in the result for the period (regardless of the actual outcome of the contract on
close-out). Whilst the impacts described above could be highly volatile depending on movements
in exchange rates or commodity prices, this volatility will not be reflected in the cash flows
of the Group, which will be based on the fixed or hedged rate. The adjustment made by the
Group therefore is to report its underlying performance on the internal measure described
above;
|
|
|
Exceptional items certain other items which do not reflect the Groups underlying
trading performance and due to their significance and one-off nature have been classified as
exceptional. The gains and losses on these discrete items can have a material impact on the
absolute amount of and trend in the profit from operations and result for the year. Therefore
any gains and losses on such items are analysed outside underlying. There are no exceptional
items in the current period. In 2008, the exceptional items relate to
significant transaction costs, including one-off
financing fees, as a result of the separation of Americas Beverages, which have been classified
outside underlying earnings and included within loss for the period from discontinued operations; and
|
|
|
Taxation the tax impact of the above items are also excluded in arriving at underlying
earnings. In addition, from time to time there may be tax items which as a consequence of
their size and nature are excluded from underlying earnings including the tax impact of
reorganisations undertaken in preparation for the separation of Americas Beverages, the
disposal of Australia Beverages and significant one-off settlements or provision increases in
the period (see note 6).
|
22
23
2009 | 2008 | |||||||
unaudited | unaudited | |||||||
re-presented | ||||||||
£m | £m | |||||||
|
||||||||
Interest on bank deposits
|
18 | 12 | ||||||
Post retirement employee benefits
|
- | 16 | ||||||
Investment revenue
|
18 | 28 | ||||||
2009 | 2008 | |||||||
unaudited | unaudited | |||||||
£m | £m | |||||||
Amounts recognised as distributions to equity holders in the period:
|
||||||||
Final dividend for the year ended 31 December 2008 of 11.1p
|
148 | 222 | ||||||
(31 December 2007 of 10.5p) per share
|
||||||||
Half year dividend for the year ended 31 December 2008 of 5.3p per share
|
- | - | ||||||
|
148 | 222 | ||||||
24
----------Half Year---------- | ||||||||||||||||
(unaudited) | ||||||||||||||||
Earnings | EPS | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
£m | £m | pence | pence | |||||||||||||
|
||||||||||||||||
Reported Continuing and Discontinued
|
313 | 113 | 23.1 | 6.0 | ||||||||||||
Restructuring costs*
|
107 | 74 | 7.9 | 4.0 | ||||||||||||
Amortisation and impairment of
acquisition intangibles
|
2 | 10 | 0.1 | 0.5 | ||||||||||||
Non-trading items
|
7 | 5 | 0.5 | 0.3 | ||||||||||||
Profit on Disposal
|
(301) | - | (22.2) | - | ||||||||||||
Demerger and disposal costs**
|
- | 116 | - | 6.2 | ||||||||||||
IAS 39 adjustment
|
35 | (4) | 2.6 | (0.3) | ||||||||||||
Effect of tax on above items***
|
28 | (77) | 2.1 | (4.1) | ||||||||||||
Underlying Continuing and Discontinued
|
191 | 237 | 14.1 | 12.6 | ||||||||||||
* |
Restructuring costs are made up of £105 million (HY08: £70 million) for
continuing operations, £nil (HY08: £4 million) for discontinued operations
and £2 million (HY08: £nil) relating to the unwind of discounts on
provisions recognised within financing costs.
|
|
** |
Includes £nil (HY08: £18 million) of non-underlying financing fees
associated with the demerger.
|
|
*** |
Effect of tax on above items includes £nil (HY08: £34 million) relating to
certain reorganisations carried out in preparation for the demerger of Americas Beverages and
a £69 million charge (HY08: £nil) relating to the disposal of
Australia Beverages. In addition, the Group has progressed tax matters with a number of
authorities resulting in a net non-underlying tax credit of £10m in 2009 consisting of a net
£71m credit relating to UK tax matters and a £61m charge relating to tax matters in a number
of overseas jurisdictions.
|
2009 | 2008 | |||||||
unaudited | unaudited | |||||||
pence | pence | |||||||
|
||||||||
Diluted Reported Continuing and Discontinued
|
23.1 | 6.0 | ||||||
|
||||||||
Diluted Underlying Continuing and Discontinued
|
14.1 | 12.5 | ||||||
2009 | 2008 | |||||||
unaudited | unaudited | |||||||
million | million | |||||||
Average shares used in Basic EPS calculation
|
1,356 | 1,875 | ||||||
Dilutive share options outstanding
|
1 | 14 | ||||||
Shares used in diluted EPS calculation
|
1,357 | 1,889 | ||||||
25
--------Half Year---------- | ||||||||||||||||
unaudited | ||||||||||||||||
Earnings | EPS | |||||||||||||||
2008 | 2008 | |||||||||||||||
2009 | re-presented | 2009 | re-presented | |||||||||||||
£m | £m | pence | pence | |||||||||||||
Reported
Continuing Operations
|
79 | 160 | 5.8 | 8.5 | ||||||||||||
Restructuring costs*
|
107 | 70 | 7.9 | 3.8 | ||||||||||||
Amortisation and impairment of
acquisition intangibles
|
2 | 2 | 0.1 | 0.1 | ||||||||||||
Non-trading items
|
7 | 6 | 0.5 | 0.3 | ||||||||||||
IAS 39 adjustment
|
34 | - | 2.5 | - | ||||||||||||
Effect of tax on above items**
|
(40 | ) | (88 | ) | (2.9 | ) | (4.7 | ) | ||||||||
Underlying
Continuing Operations
|
189 | 150 | 13.9 | 8.0 | ||||||||||||
* |
Restructuring costs is made up of £105 million (HY08: £70 million) for
continuing operations and £2 million (HY08: £nil) relating to the unwind of
discounts on provisions recognised within financing costs.
|
|
** |
Effect of tax on above items, includes £nil (HY08: £63 million credit) relating to certain reorganisations carried out in preparation of the demerger of
Americas Beverages. In addition, the Group has progressed tax matters with a number of
authorities resulting in a net non-underlying tax credit of £10m in 2009 consisting of a net
£71m credit relating to UK tax matters and a £61m charge relating to tax matters in a number
of overseas jurisdictions.
|
2009 | 2008 | |||||||
unaudited | unaudited | |||||||
pence | re-presented | |||||||
pence | ||||||||
Diluted Reported Continuing Operations
|
5.8 | 8.5 | ||||||
Diluted Underlying Continuing Operations
|
13.9 | 7.9 | ||||||
(a) |
The results of the discontinued operations, which have been included in the consolidated
income statement, are as follows:
|
2009 | 2008 | ||||||||
Half Year | Half Year | ||||||||
unaudited | unaudited | ||||||||
re-presented | |||||||||
£m | £m | ||||||||
Revenue
|
102 | 1,164 | |||||||
- Americas Beverages
|
- | 951 | |||||||
- Australia Beverages
|
102 | 213 | |||||||
Trading costs
|
(99) | (1,005) | |||||||
Restructuring costs
|
- | (4) | |||||||
Non-trading items
|
- | 1 | |||||||
Profit from operations
|
3 | 156 | |||||||
- Americas Beverages
|
- | 146 | |||||||
- Australia Beverages
|
3 | 10 | |||||||
Profit before financing and taxation
|
3 | 156 | |||||||
Finance costs *
|
(1) | (45) | |||||||
Profit before taxation
|
2 | 111 | |||||||
Taxation
|
- | (44) | |||||||
Profit on disposal
|
301 | - | |||||||
Disposal and demerger costs
|
- | (98) | |||||||
Tax on profit on disposal, disposal costs and demerger costs
|
(69) | (16) | |||||||
Net profit/(loss) attributable to discontinued operations
|
234 | (47) | |||||||
* |
Includes £nil (HY08: £18 million) of non-underlying financing fees
associated with the Americas Beverages demerger.
|
(b) |
The major classes of assets and liabilities comprising the Australia Beverages business on
disposal are as follows:
|
Australia | ||||||||||||
Beverages | ||||||||||||
3 April | ||||||||||||
2009 | ||||||||||||
£m | ||||||||||||
ASSETS
|
||||||||||||
|
||||||||||||
Non-current assets
|
||||||||||||
|
||||||||||||
Goodwill and acquisition intangibles
|
19 | |||||||||||
Software intangibles
|
13 | |||||||||||
Property, plant & equipment
|
114 | |||||||||||
Deferred tax assets
|
4 | |||||||||||
|
150 | |||||||||||
|
||||||||||||
Current assets
|
||||||||||||
|
||||||||||||
Inventories
|
22 | |||||||||||
Trade and other receivables
|
68 | |||||||||||
|
90 | |||||||||||
TOTAL ASSETS
|
240 | |||||||||||
|
||||||||||||
LIABILITIES
|
||||||||||||
|
||||||||||||
Current liabilities
|
||||||||||||
Trade and other payables
|
(54 | ) | ||||||||||
Short term borrowings and overdrafts
|
(2 | ) | ||||||||||
|
(56 | ) | ||||||||||
Non-current liabilities
|
||||||||||||
Long term provisions
|
(2 | ) | ||||||||||
|
(2 | ) | ||||||||||
TOTAL LIABILITIES
|
(58 | ) | ||||||||||
NET ASSETS
|
182 | |||||||||||
(c) |
Cash flows from discontinued operations included in the consolidated cash flow statement are
as follows:
|
2009 | 2008 | |||||||
Half Year | Half Year | |||||||
unaudited | Unaudited | |||||||
re-presented | ||||||||
£m | ||||||||
£m | ||||||||
Net cash flows (used in)/from operating activities
|
(6 | ) | 26 | |||||
Net cash flows from/(used in) investing activities
|
4 | (189 | ) | |||||
Net cash flows from financing activities
|
- | 133 | ||||||
|
(2 | ) | (30 | ) | ||||
28
29
2009 | 2008 | |||||||
unaudited | unaudited | |||||||
re-presented | ||||||||
£m | £m | |||||||
Profit from operations Continuing Operations
|
201 | 138 | ||||||
Profit from operations Discontinued Operations
|
3 | 156 | ||||||
|
204 | 294 | ||||||
Adjustments for:
|
||||||||
Depreciation, amortisation and impairment
|
108 | 137 | ||||||
Restructuring
|
(1) | (5) | ||||||
Non-trading items
|
(1) | 5 | ||||||
Post retirement benefits
|
1 | 1 | ||||||
Additional funding of past service pensions deficit
|
- | (18) | ||||||
Share compensation taken to reserves
|
14 | 9 | ||||||
IAS 39 adjustments
|
12 | 22 | ||||||
Other non-cash items
|
1 | (4) | ||||||
Operating cash flows before movements in working capital
|
338 | 441 | ||||||
|
||||||||
Increase in inventories
|
(130) | (159) | ||||||
Decrease/(increase) in receivables
|
45 | 61 | ||||||
(Decrease)/increase in payables
|
(141) | (65) | ||||||
Cash generated by operations
|
112 | 278 | ||||||
Interest paid
|
(80) | (116) | ||||||
Interest received
|
15 | 11 | ||||||
Demerger financing costs
|
- | (53) | ||||||
Income taxes paid excluding disposals
|
(106) | (86) | ||||||
Income taxes paid disposals
|
(71) | (36) | ||||||
Net cash (used in)/generated from operating activities
|
(130) | (2) | ||||||
30
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