Annual Report and Accounts 2006

• Performance highlights
• Business overview
• Chairman's statement
• Transforming our performance
• Our achievements
  • Goal 1 – shareowner performance
  • Goal 2 – confectionery
  • Goal 3 – beverages
  • Goal 4 – capabilities
  • Goal 5 – nurture trust
• Outlook for 2007
• Opportunities to grow value
• Our new goals
• Board of Directors
• Chief Executive's Committee
• Description of business
• Risk factors
• Forward-looking statements
• Comparative statements

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Our achievements

Our goals	Our achievements 2004-2006

1		We delivered above average shareowner returns of 63%. We accelerated revenue growth, increased margins and cash flow, and are on track to deliver £360 million of cost savings from our Fuel for Growth programme.
		5.1% average revenue growth p.a.1	27bps average margin growth p.a.	£1.0bn of Free Cash Flow generated2

2		We are now the world's largest confectionery company, with good exposure to higher growth and margin categories. We exceeded the Adams acquisition plan and delivered it one year early.
		5.3% average revenue growth p.a.	60bps global market share growth3	11.1% emerging markets revenue growth p.a.

3		We sold Europe Beverages to focus on our stronger North American and Australian businesses, and acquired US bottlers, enhancing manufacturing and distribution capabilities.
		4.6% average revenue growth p.a.1	4.7% US carbonated revenue growth p.a.	2.9% US non-carbonated revenue growth p.a

4		We created a high performance culture and transformed the quality and capabilities of our people. We invested in growth, notably in sales and marketing and in Science and Technology.
		25% of top leaders new to CS	£15m spent on global consumer study	£90m increase in growth investment4

5		We continued to build on our long tradition of social responsibility and have developed a global strategy to achieve our aims.
		>90% employees are proud to work for CS	30 CSR awards received	>1% of pre-tax profit invested in the community

¹ Excluding Europe Beverages
² at 2003 exchange rates at the time goals set
³ in 2004 and 2005 Source: Euromonitor 2005
⁴ 2005 and 2006

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