Cadbury Plc.: Income Statements and Balance Sheets

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The three-year summaries of income statements and balance sheets in the following pages are about three quintessentially British icons. The first, Cadbury plc, is the second largest candy maker in the world after Mars of the USA; as well, Cadbury ranks right after global leader Wrigley’s in chewing gum (Hoover 2009a 1). On the other hand, Diageo (the Spanish for “day” and Greek for “earth” combined) is the global leader in alcoholic beverages in point of volume, net sales, and operating profit. Diageo is best-known for its premium spirits brands — Johnnie Walker Scotch, José Cuervo tequila, Tanqueray gin, and Smirnoff vodka – though the company is also a force to reckon with in beer (Guinness Stout and Harp Lager) and mid-market wines (e.g. Sterling Vineyard and Blossom Hill) (Hoover 2009b 1). Thirdly, national airline British Airways plc itself needs no introduction.

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Cadbury Financial Highlights

Cadbury plc Income Statement
In Millions of GBP (except for per share items)
2010 (forecast) 52 weeks ending 2008-12-31 52 weeks ending 2007-12-31 52 weeks ending 2006-12-31 52 weeks ending 2006-01-01
Revenue 5,188.28 5,384.00 4,699.00 4,483.00 6,432.00
Other Revenue, Total
Total Revenue 5,188.28 5,384.00 4,699.00 4,483.00 6,432.00
Cost of Revenue, Total 2,852.29 2,870.00 2,504.00 2,364.00 3,046.00
Gross Profit 2,335.99 2,514.00 2,195.00 2,119.00 3,386.00
Selling/General/Admin. Expenses, Total 1,843.53 1,929.00 1,736.00 1,658.00 2,339.00
Research & Development
Depreciation/Amortization 3.51 4 5 5 6
Interest Expense(Income) – Net Operating
Unusual Expense (Income) 339.01 196 176 120 46
Other Operating Expenses, Total 0 0 30 0
Total Operating Expense 5,038.34 4,996.00 4,421.00 4,155.00 5,437.00
Operating Income 149.94 388 278 328 995
Interest Income(Expense), Net Non-Operating
Gain (Loss) on Sale of Assets
Other, Net 34.93 24 30 27 11
Income Before Tax 184.86 400 254 244 835
Income After Tax 171.00 370 149 176 700
Minority Interest -2 -2 -2 4 -11
Equity In Affiliates
Net Income Before Extra. Items 169 368 147 180 689
Accounting Change
Discontinued Operations
Extraordinary Item
Net Income 169 364 405 1,169.00 765
Preferred Dividends
Income Available to Common Excl. Extra Items 169 368 147 180 689
Income Available to Common Incl. Extra Items 169 364 405 1,169.00 765
Basic Weighted Average Shares
Basic EPS Excluding Extraordinary Items
Basic EPS Including Extraordinary Items
Dilution Adjustment
Diluted Weighted Average Shares 1,729.49 1,614.00 1,335.68 1,338.24 1,327.36
Diluted EPS Excluding Extraordinary Items 0.24 0.23 0.11 0.13 0.52
Cadbury plc Balance Sheet
In Millions of GBP (except for per share items) 2010 (forecast) 52 weeks ending 2008-12-31 52 weeks ending 2007-12-31 52 weeks ending 2006-12-31 52 weeks ending 2006-01-01
Cash & Equivalents
Short Term Investments 536 515 48 177 114
Cash and Short Term Investments 848 766 541 446 446
Accounts Receivable – Trade, Net 927 790 953 926 901
Receivables – Other
Total Receivables, Net 1,237.72 1,021.00 1,136.00 1,119.00 1,081.00
Total Inventory 880 767 821 728 713
Prepaid Expenses 83 81 102 103 146
Other Current Assets, Total 22 945
Total Current Assets 3,128.10 2,635.00 2,600.00 2,418.00 3,331.00
Property/Plant/Equipment, Total – Gross 3,330.00 3,330.00 3,593.00 3,134.00 2,982.00
Goodwill, Net
Intangibles, Net 4,251.42 3,973.00 6,332.00 5,903.00 5,648.00
Long Term Investments 31 30 34 24 374
Other Long Term Assets, Total 495 468 418 170 123
Total Assets 9,395.00 8,895.00 11,338.00 10,233.00 10,992.00
Accounts Payable 654 586 643 575 590
Accrued Expenses 787 692 734 727 657
Notes Payable/Short Term Debt 171 169 22 35 61
Current Port. of LT Debt/Capital Leases 1572 1,190.00 2,583.00 1,461.00 1,214.00
Other Current liabilities, Total 844 751 632 580 575
Total Current Liabilities 4,028.37 3,388.00 4,614.00 3,378.00 3,097.00
Long Term Debt 1,592.11 1,194.00 1,120.00 1,810.00 3,022.00
Capital Lease Obligations 1 1 11 33 43
Total Long Term Debt 1,593.11 1,195.00 1,131.00 1,843.00 3,065.00
Total Debt 3,990.98 2,554.00 3,736.00 3,339.00 4,340.00
Deferred Income Tax 141 121 1,145.00 1,050.00 954
Minority Interest 12 12 11 8 27
Other Liabilities, Total 718 657 275 266 841
Total Liabilities 6,862.00 5,373.00 7,176.00 6,545.00 7,984.00
Redeemable Preferred Stock, Total
Preferred Stock – Non Redeemable, Net
Common Stock, Total 142 136 264
Additional Paid-In Capital 45 38 1,225.00 1,171.00 1,135.00
Retained Earnings (Accumulated Deficit) 3,348.00 3,348.00 2,673.00 2,255.00 1,613.00
Treasury Stock – Common
Other Equity, Total 262 260
Total Equity 3,534.24 3,522.00 4,162.00 3,688.00 3,008.00
Total Liabilities & Shareholders’ Equity 10,396.24 8,895.00 11,338.00 10,233.00 10,992.00
Shares Outs – Common Stock Primary Issue
Total Common Shares Outstanding 1,716.35 1,360.77 1,349.76 1,340.80 1,326.08

Diageo Financial Highlights

Diageo plc Income Statement
In Millions of GBP (except for per share items)
2010 (forecast) 12 months ending 2009-06-30 12 months ending 2008-06-30 12 months ending 2007-06-30 12 months ending 2006-06-30
Revenue 10,126.56 9,311.00 8,090.00 7,481.00 7,260.00
Other Revenue, Total
Total Revenue 10,126.56 9,311.00 8,090.00 7,481.00 7,260.00
Cost of Revenue, Total 5,352.54 3,883.00 3,245.00 1,627.00 1,723.00
Gross Profit 4,774.03 5,428.00 4,845.00 5,854.00 5,537.00
Selling/General/Admin. Expenses, Total 1,167.86 1,312.00 1,239.00 2,155.00 2,079.00
Research & Development
Depreciation/Amortization 210 214
Interest Expense(Income) – Net Operating
Unusual Expense (Income) 0 -9 -61 -153
Other Operating Expenses, Total 1,863.82 1,673.00 1,380.00 1,337.00 1,218.00
Total Operating Expense 8,384.22 6,868.00 5,855.00 5,323.00 5,059.00
Operating Income 1,742.34 2,443.00 2,235.00 2,158.00 2,201.00
Interest Income(Expense), Net Non-Operating
Gain (Loss) on Sale of Assets
Other, Net 55 24
Income Before Tax 1,600.00 2,015.00 2,093.00 2,095.00 2,146.00
Income After Tax 1,400.00 1,723.00 1,571.00 1,417.00 1,965.00
Minority Interest -128 -104 -76 -67 -57
Equity In Affiliates
Net Income Before Extra. Items 1,272.49 1,619.00 1,495.00 1,350.00 1,908.00
Accounting Change
Discontinued Operations
Extraordinary Item
Net Income 1,272.49 1,621.00 1,521.00 1,489.00 1,908.00
Preferred Dividends
Income Available to Common Excl. Extra Items 1,272.49 1,619.00 1,495.00 1,350.00 1,908.00
Income Available to Common Incl. Extra Items 1,272.49 1,621.00 1,521.00 1,489.00 1,908.00
Basic Weighted Average Shares
Basic EPS Excluding Extraordinary Items
Basic EPS Including Extraordinary Items
Dilution Adjustment
Diluted Weighted Average Shares 2,380.88 2,490.77 2,582.34 2,707.00 2,852.00
Diluted EPS Excluding Extraordinary Items 0.66 0.65 0.58 0.5 0.67
Diageo plc Balance Sheet
In Millions of GBP (except for per share items) 2010 (forecast) As of 2009-06-30 As of 2008-06-30 As of 2007-06-30 As of 2006-06-30
Cash & Equivalents 266 261 158 267 216
Short Term Investments 99 98.00 104 78 71
Cash and Short Term Investments 1,124.48 1012.00 818 963 770
Accounts Receivable – Trade, Net 1,858.20 1,568.00 1,650.00 1,380.00 1,332.00
Receivables – Other
Total Receivables, Net 2,108.88 1818.00 1,947.00 1,668.00 1,592.00
Total Inventory 3,667.92 3162.00 2,739.00 2,465.00 2,386.00
Prepaid Expenses 247.08 213.00 104 91 89
Other Current Assets, Total
Total Current Assets 7,148.36 6205.00 5,608.00 5,187.00 4,837.00
Property/Plant/Equipment, Total – Gross 4,243.28 3658.00 3,271.00 2,939.00 2,910.00
Goodwill, Net 374 363.00 350 165 140
Intangibles, Net 6,788.32 5852.00 5,180.00 4,218.00 4,394.00
Long Term Investments 3,062.40 2640.00 2,088.00 1,616.00 1,452.00
Other Long Term Assets, Total 831 750.00 668 821 1,140.00
Total Assets 20,785.97 18096.00 16,027.00 13,956.00 13,927.00
Accounts Payable 703 655.00 664 558 494
Accrued Expenses 1,112 959.00 994 866 902
Notes Payable/Short Term Debt 223 220.00 126 43 36
Current Port. of LT Debt/Capital Leases 1,032.40 890.00 1,663.00 1,535.00 759
Other Current liabilities, Total 1,465.08 1263.00 1,242.00 1,197.00 1,144.00
Total Current Liabilities 4,535.98 3987.00 4,689.00 4,199.00 3,335.00
Long Term Debt 8,914.60 7685.00 5,545.00 4,132.00 4,001.00
Capital Lease Obligations 17 17.00 5
Total Long Term Debt 8,931.62 7702.00 5,550.00 4,132.00 4,001.00
Total Debt 10,186.77 8812.00 7,339.00 5,710.00 4,796.00
Deferred Income Tax 671 621 676 582 674
Minority Interest 753 715 677 198 179
Other Liabilities, Total 2,128.17 1850.00 937 873 1,236.00
Total Liabilities 19,789.00 14875.00 12,529.00 9,984.00 9,425.00
Redeemable Preferred Stock, Total
Preferred Stock – Non Redeemable, Net
Common Stock, Total 881 797 816 848 883
Additional Paid-In Capital 1,568.07 1342.00 1,342.00 1,341.00 1,340.00
Retained Earnings (Accumulated Deficit) 1,397.19 1082.00 1,340.00 1,783.00 4,683.00
Treasury Stock – Common -2,404.00
Other Equity, Total
Total Equity 3,846.24 3,221.00 3,498.00 3,972.00 4,502.00
Total Liabilities & Shareholders’ Equity 23,635.24 18,096.00 16,027.00 13,956.00 13,927.00
Shares Outs – Common Stock Primary Issue
Total Common Shares Outstanding 3,285.79 2,476.00 2,517.00 2,627.00 2,759.00

British Airways

British Airways Plc Income Statement
In Millions of GBP (except for per share items)
2010 (forecast) 12 months ending 2009-03-31 12 months ending 2008-03-31 12 months ending 2007-03-31 12 months ending 2006-03-31
Revenue 8,850.36 8,509.00 8,215.00 7,881.00 7,562.00
Other Revenue, Total 437 483 543 611 651
Total Revenue 9,287.76 8,992.00 8,758.00 8,492.00 8,213.00
Cost of Revenue, Total 7,994.20 7,369.00 6,244.00 6,150.00 5,807.00
Gross Profit 1,293.56 1,140.00 1,971.00 1,731.00 1,755.00
Selling/General/Admin. Expenses, Total 936.36 954 937 1,054.00 1,016.00
Research & Development
Depreciation/Amortization 687 694 692 714 715
Interest Expense(Income) – Net Operating
Unusual Expense (Income) 93 6
Other Operating Expenses, Total -46 0
Total Operating Expense 9,617.78 9,227.00 7,885.00 7,890.00 7,519.00
Operating Income 330 -235 873 602 694
Interest Income(Expense), Net Non-Operating -15 -17 70 -19 -18
Gain (Loss) on Sale of Assets 1 2 12 47 27
Other, Net
Income Before Tax 344 -401 922 611 616
Income After Tax 252 -358 728 438 464
Minority Interest 18 -17 -14 -14 -16
Equity In Affiliates
Net Income Before Extra. Items 270 -375 714 424 448
Accounting Change
Discontinued Operations
Extraordinary Item
Net Income 270 -375 712 290 451
Preferred Dividends
Income Available to Common Excl. Extra Items 270 -375 714 424 448
Income Available to Common Incl. Extra Items 270 -375 712 290 451
Basic Weighted Average Shares
Basic EPS Excluding Extraordinary Items
Basic EPS Including Extraordinary Items
Dilution Adjustment 0 0 0
Diluted Weighted Average Shares 1,155.52 1,151.23 1,158.63 1,151.94 1,138.55
Diluted EPS Excluding Extraordinary Items 0.23 -0.33 0.62 0.37 0.39
British Airways Plc Balance Sheet
In Millions of GBP (except for per share items)
2010 (forecast) As of 2009-03-31 As of 2008-03-31 As of 2007-03-31 As of 2006-03-31
Cash & Equivalents 398
Short Term Investments 160 155 503 119
Cash and Short Term Investments 432 402 683 713 398
Accounts Receivable – Trade, Net 568 530 586 654 685
Receivables – Other
Total Receivables, Net 1,977.77 1,597.00 1,870.00 2,364.00 2,794.00
Total Inventory 129 127 112 76 83
Prepaid Expenses 184 180 205 200 214
Other Current Assets, Total 41 40 241 78 177
Total Current Assets 2,899.53 2,346.00 3,111.00 3,431.00 3,666.00
Property/Plant/Equipment, Total – Gross 14,827.24 14,135.00 13,701.00 13,374.00 13,525.00
Goodwill, Net 40 40 40 40 72
Intangibles, Net 232 227 181 172 161
Long Term Investments 287 277 358 232 164
Other Long Term Assets, Total 378 365 339 152 229
Total Assets 11,952.78 10,488.00 11,292.00 11,384.00 12,174.00
Accounts Payable 734 666 648 723 752
Accrued Expenses 658 691 738 411 538
Notes Payable/Short Term Debt 0 0 0 0
Current Port. of LT Debt/Capital Leases 547 689 423 417 479
Other Current liabilities, Total 2,107.45 2,096.00 1,683.00 2,074.00 1,663.00
Total Current Liabilities 4,047.04 4,142.00 3,492.00 3,625.00 3,432.00
Long Term Debt 709 779 764 878 1,030.00
Capital Lease Obligations 2,277.01 2,295.00 1,987.00 2,051.00 2,572.00
Total Long Term Debt 2,985.90 3,074.00 2,751.00 2,929.00 3,602.00
Total Debt 3,532.78 3,763.00 3,174.00 3,346.00 4,081.00
Deferred Income Tax 593 652 1,075.00 930 896
Minority Interest 200 200 200 200 213
Other Liabilities, Total 581 774 712 1,489.00 2,170.00
Total Liabilities 9,454.84 8,842.00 8,230.00 9,173.00 10,313.00
Redeemable Preferred Stock, Total
Preferred Stock – Non Redeemable, Net
Common Stock, Total 288 288 288 288 283
Additional Paid-In Capital 937 937 937 933 888
Retained Earnings (Accumulated Deficit) 506 430 1,847.00 1,000.00 690
Treasury Stock – Common -9 -9 -10 -10 0
Other Equity, Total
Total Equity 1,721.84 1,646.00 3,062.00 2,211.00 1,861.00
Total Liabilities & Shareholders’ Equity 11,176.68 10,488.00 11,292.00 11,384.00 12,174.00
Shares Outs – Common Stock Primary Issue
Total Common Shares Outstanding 1,153.63 1,153.63 1,153.11 1,151.58 1,130.88
Summary figures for SGR based on last year for which figures are positive
Cadbury Diageo British Airways
Year 2008 2009 2008
Annualized dividend per share 0.16 0.36 0.05
EPS 0.23 0.71 0.62
SGR 3.18% 24.78% 21.38%
Net Income* 368 1,619 712
Equity* 3,522 3,221 3,062
ROE 0.104 0.503 0.233
Dividend Payout Ratio 0.696 0.507 0.081
*In million GBP

Works Cited

Thomson Reuters. “Cadbury plc (ADR) financials.” 2009a. Web.

Thomson Reuters. “Diageo plc (ADR) financials.” 2009b. Web.

Thomson Reuters. “British Airways plc (ADR) financials.” 2009c. Web.

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