Summary Financial Statement 2006
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2006 proved to be a challenging year for Cadbury Schweppes but I am pleased to report that underlying business performance was satisfactory and most of our major financial targets were achieved.
Key highlights in 2006
- Reported sales were £7.4bn, a like for like increase of4%, in the middle of our target range of 3 to 5%.
- Free cash flow at £200m brings our three-year cumulative total to £833m versus our four-year target of £1.5bn.
- Underlying operating margins [excluding acquisitions] were xxx below our target range of 50 to 75 basis points with cost savings enabling us to maintain margins and invest in growth in a demanding cost environment, particularly in energy, transport, packaging and sugar
Our strategy of focusing on the development of our global confectionery business and our regional beverages portfolio continued to evolve. A number of acquisitions and disposals were made in the year which strengthened these businesses.