This is a summary of the fourth quarter fiscal 2006 earnings call as conducted by Cadbury Schweppes Plc (CSG: chart) on 20 February 2007

Management:

- Chief Executive Officer: Todd Stitzer
- Chief Financial Officer: Ken Hanna

Key Investors Issues:

- Revenues were £7.4 billion, 15% higher than the £6.4 billion realised in the prior year.
- Reported earnings of £738 million or 56.4 pence a share, were 7% down from £835 million or 37.3 a pence in 2006.
- The firm proposed to increase the dividend by 10% to 9.9p.

Full Year Highlights

Revenues were £7.4 billion, 15% higher than the £6.4 billion realised in the prior year due to double-digit emerging market growth, double-digit gum growth, and share gains in the US carbonated soft drinks market.

- Reported earnings of £738 million or 56.4 pence a share, were 7% down from £835 million or 37.3 a pence in 2006.
- In the US the gum market share grew by 300 basis points and ended the year with a 32 share, a new record. Since buying Adams the firm has grown it''s share of the US gum market by 500 basis points which is equivalent to $150 million at retail sales.

Underlying revenues grew by 4%, with Americas beverages, Americas confectionary and Asia Pacific, performing strongly.

- Underlying operating margins were flat excluding the impact of acquisitions and disposals which diluted operating margins by 140 basis points.
- Underlying EPS fell by5% with 8% growth in underlying profit before tax in the base business more than offset by the combination of higher tax rates and the dilutive impact of beverage disposals.

In the chocolate category outside the UK, chocolate grew by 5%.

- In the UK, the confectionary market and chocolate little changed on the previous year at 31% and 34% respectively, significantly ahead as and consistently ahead of Mars and Nestle.
- Green & Black''s continued its strong performance with revenues up 20%.
- Americas beverage business grew like-for-like revenue by 3.5% and underlying operating profit by 7%.

In CSDs the firm grew share by 60 basis points with the growth driven by Pepper, Sunkist, A&W root beers and Canada Dry.

- Performance was also helped by the launch of 7 UP Natural which got off to a promising start. - The integration of CSBG is on track and delivering all anticipated benefits.

The firm faced some significant challenges particularly in the EMEA region namely a product recall in the UK and accounting irregularities in Nigeria.

- The firm maintained its'' share in 13 of the top 20 markets representing 90% of confectionary revenues.
- Emerging markets grew at double-digit rates at 10%.
- All regions contributed to revenue growth of 10% in gum.

Chocolate had a more difficult year with revenues up by 1%.

- Outside the UK, chocolate growth remained strong at plus 5%, driven by Cadbury Dairy Milk and the launch of premium chocolate products in Australia.
- Candy revenues were flat with double-digit growth in emerging markets offset by a combination of subdued performance in Halls in the US and lower revenues from non-core brands.

The firm exited less advantaged beverage businesses in Europe, Syria and South Africa for very good prices and sold a number of small non-core brands in the US totaling £1.4 billion.

- To consolidate and strengthen the route to market in the US the firm acquired Dr. Pepper/Seven Up Bottling Group and a number of other bottlers and distributors.
- As a result, we now control the manufacture and distribution of over 40% of our volume in the US and have direct access to over 200 million consumers, two-thirds of the US population.
- The combination of successful innovation and a strengthened route to market enabled the region to deliver 3.5% revenue growth and 7% underlying profit growth.

The firm had share gain of over 60 basis points in 2006 bringing the cumulative share increase to nearly 150 basis points of the total CSD market in the last three years.