Business Report

PEPSICO HOLDINGS


Statutory Information
 
Previous name(s): PEPSICO HOLDINGS LIMITED (until 06/08/1997)
 
Registered Number: 01516531 Incorporation Date: 09/09/1980
 
Registered Office: 63 KEW ROAD
  RICHMOND
  SURREY
  TW9 2BB
 
Latest Filed Accounts: 28/12/2002 Date Accounts Lodged: 17/12/2004
Analysed Accounts: 28/12/2002 Accounts Ref. Date: 31/12
 
Latest Annual Return: 31/12/2004 Issued Capital: GBP 287,171,639
 
Company Status: Large
  Private Unlimited with share capital
  English/Welsh companies incorporated under part 1 of the Companies Act
Type of Accounts: Group
 
Directory Information
 
Trading Address: -
 
Telephone Number: - Fax Number: -
 
Region: HOME COUNTIES AND OUTER LONDON
Bankers:
Auditors: KPMG LLP
Audit Opinion or Qualification: The Auditors have either qualified their opinion on the accounts for 28/12/2002 or emphasised a matter of fundamental uncertainty.
Principal Activities: A group engaged in the manufacture and distribution of snack foods, the bottling and distribution of soft drinks and the provision of services on behalf of group companies.
 
UK SIC Code(s):
15820 Manufacture of rusks and biscuits; manufacture of preserved pastry goods and cakes
 
Risk Information
 
Risk Score
28/12/2002 39 Credit Limit (GBP): 0
29/12/2001 30 Contract Limit (GBP): 8,000,000
30/12/2000 67
25/12/1999 47
The latest audit opinion includes a serious reference or qualification as in the previous year. The latest and previous accounts were both late in being filed. The period to 28/12/2002 saw a slight increase in Sales from £349,724,000 to £350,760,000. The latest period saw a Profit of £2,527,000 achieved following a Loss of £6,358,000. The resultant Profit Margin of 0.72% (previous = -1.82%) compares unfavourably with the industry average of 3.88%. Shareholders Funds decreased from £158,728,000 to £116,364,000, whilst Total Assets decreased from £725,362,000 to £665,890,000. The resultant Gearing Ratio of 0.17 (Previous = 0.22) compares unfavourably with the industry average of 0.45.
 
County Court Judgments Summary: Number of exact unsatisfied CCJs None
Number of probable unsatisfied CCJs: None
Number of possible unsatisfied CCJs: None
 
Cumulative Total of Exact CCJs over: 3 Months 6 Months 12 Months
  GBP GBP GBP
Exact match - - -
Probable match - - -
Possible match - - -
 
 
Ownership
 
GROUP STRUCTURE
Holding Company: None
Ultimate Holding Company: PEPSICO INC. [United States of America]
 
ALL IMMEDIATE SHAREHOLDINGS ON ICC DATABASE BY TURNOVER
 
Name Share Class % Held Sales ('000) A/c Date Status
WALKERS SNACK FOODS LIMITED ORDINARY 100.00 139,309 28/12/2002 Trading
WALKERS SNACKS LIMITED ORDINARY 100.00 97,055 28/12/2002 Trading
WALKERS SNACKS (DISTRIBUTION) LIMITED ORDINARY 100.00 61,677 28/12/2002 Trading
PEPSICO FOODS AND BEVERAGES INTERNATIONAL LIMITED ORDINARY 100.00 26,234 28/12/2002 Trading
PEPSICO INTERNATIONAL LIMITED ORDINARY 100.00 23,104 31/12/2003 Trading
PEPSI-COLA U.K. LIMITED ORDINARY 100.00 3,527 31/12/1994 Non Trading
PEPSICO FLEET SERVICES LIMITED ORDINARY 99.00 2,093 29/12/2001 Non Trading
PEPSICO PROPERTY MANAGEMENT LIMITED ORDINARY 100.00 1,810 28/12/2002 Trading
ESTEEMVIEW LIMITED ORDINARY 100.00 765 31/12/1988 Dissolved
DORMANT PWT LIMITED ORDINARY 100.00 180 26/12/1992 Dissolved
PEPSI-COLA EAST AFRICA LIMITED ORDINARY 50.00 85 31/12/2000 Non Trading
PEPSICO 1990 TRUSTEE LIMITED ORDINARY 99.00 0 31/12/2002 Non Trading
CIF 1990 TRUSTEE LIMITED ORDINARY 99.00 0 31/12/2002 Non Trading
IMPULSE ACTION LIMITED ORDINARY 50.00 - 27/12/1997 Non Trading
SEVEN-UP EUROPE LIMITED ORDINARY 100.00 - 31/12/2000 Non Trading
 
Shareholders
 
SHARE CAPITAL STRUCTURE
Class of Shares Par Value (pence) Number of Shares Issued Capital
A 100.000 159409020 159,409,020
B 100.000 127762619 127,762,619
Total Issued Capital £287,171,639
SHAREHOLDERS
Shareholder Name & Address Class of Shares Number of Shares Issued Capital ( £) Shareholding Number
Douglas James McFadden
2 Spring Road,
Greenwich,
Connecticut,
06830
 B 1 1 3
Pepsi-Cola Canada Ltd
1255 Bay Street,
Toronto,
Ontario,
M5R 2A9
 A 159,409,020 159,409,020 2
PepsiCompany Inc.
700 Anderson Hill Road,
Purchase,
NY 10577

 B 127,762,618 127,762,618 1
Summary of Mortgages, Charges and Satisfactions
 
No mortgages or charges recorded
 
Profit & Loss Account
 
Date of Accounts 28/12/2002 29/12/2001 30/12/2000 25/12/1999 26/12/1998
Consolidated Y Y Y Y Y
Subsidiary Y Y Y Y Y
No. of Weeks 52 52 53 52 52
Currency (GBP '000) (GBP '000) (GBP '000) (GBP '000) (GBP '000)
Audit Qual./Comment 4 4 No No No
 
Turnover [1] 350,760 349,724 373,804 463,218 550,137
Cost of Sales 166,880 154,144 183,990 242,137 314,652
Gross Profit 183,880 195,580 189,814 221,081 235,485
Operating Profit [2] 31,591 23,070 45,562 73,218 108,727
Non-Trading Income -2,581 -4,039 18,855 -32,650 -6,386
Interest Payable 26,483 25,389 46,605 53,210 70,764
Pre-Tax Profit 2,527 -6,358 17,812 -12,642 31,577
Taxation 43,225 8,775 20,739 13,863 20,936
Profit After Tax -40,698 -15,133 -2,927 -26,505 10,641
Dividends Payable - - - - -
Retained Profit -40,698 -15,133 -2,927 -26,505 10,641
 
Value Added 206,188 186,217 193,611 218,451 249,827
 
Balance Sheet
 
Date of Accounts 28/12/2002 29/12/2001 30/12/2000 25/12/1999 26/12/1998
Consolidated Y Y Y Y Y
Subsidiary Y Y Y Y Y
No. of Weeks 52 52 53 52 52
Currency (GBP '000) (GBP '000) (GBP '000) (GBP '000) (GBP '000)
 
Tangible Fixed Assets [3] 226,360 207,358 208,023 220,820 236,235
Intangible Assets - - - - -
Total Fixed Assets 482,537 473,253 483,473 505,817 820,204
 
Stocks 4,565 4,906 5,001 5,478 14,062
Trade Debtors 406 11,487 11,916 9,428 102,574
Cash 10,895 58,877 38,272 17,297 137
Miscellaneous Current Assets [4] 167,487 176,839 163,571 362,527 228,610
Total Current Assets 183,353 252,109 218,760 394,730 345,383
 
Creditors: Amounts falling due within one year [5] 206,451 230,568 165,779 149,454 425,530
 
Total Assets less Current Liabilities 459,439 494,794 536,454 751,093 740,057
 
Total Liabilities 549,526 566,634 528,755 723,931 962,689
 
Share Capital & Reserves [7] 305,480 305,480 305,480 305,480 305,480
P & L Account Reserve -189,116 -146,752 -132,002 -128,864 -102,582
Revaluation Reserve 0 0 0 0 0
Shareholders Funds 116,364 158,728 173,478 176,616 202,898
Capital Employed 459,439 494,794 536,454 751,093 740,057
 
Net Worth -139,813 -107,167 -101,972 -108,381 -381,071
Working Capital -23,098 21,541 52,981 245,276 -80,147
 
Contingent Liabilities 0 0 0 0 0
 
Cash Flow
 
Date of Accounts 28/12/2002 29/12/2001 30/12/2000 25/12/1999 26/12/1998
Consolidated Y Y Y Y Y
Subsidiary Y Y Y Y Y
No. of Weeks 52 52 53 52 52
Currency (GBP '000) (GBP '000) (GBP '000) (GBP '000) (GBP '000)
 
Net Cash Flow from Operating Activities - - - - -
Net Cash Flow from Return on Investment and Servicing of Finance - - - - -
Net Cash Flow before Financing - - - - -
Net Cash Flow from Financing - - - - -
Increase in cash - - - - -
 
Accounts Notes
 
Date of Accounts 28/12/2002 29/12/2001 30/12/2000 25/12/1999 26/12/1998
Consolidated Y Y Y Y Y
Subsidiary Y Y Y Y Y
No. of Weeks 52 52 53 52 52
Currency (GBP '000) (GBP '000) (GBP '000) (GBP '000) (GBP '000)
 
[1] Exports - - - - -
[2] Operating Profit is after charging the following
Employees Remuneration 132,991 122,978 108,334 108,871 106,386
Directors Remuneration 1,260 1,974 1,341 1,209 1,065
Audit Fees 155 178 170 167 150
Non-Audit Fees 151 169 118 95 235
Depreciation 27,775 27,379 28,448 25,039 23,650
 
Average Number of Employees (actual) 4,838 5,470 4,747 4,813 4,699
 
[3] Tangible Assets consist of
Fixed Assets 222,079 207,358 208,023 220,820 214,429
Intermediate Assets 4,281 0 0 0 21,806
which includes:
-Due from Group, Non-Current 0 0 0 0 0
 
[4] Miscellaneous Current Assets includes:
-Due from Group, Current 155,068 165,799 154,096 346,439 216,389
[5] Creditors: Amounts falling due within one year consists of:
Trade Creditors 5,736 50,156 42,117 35,999 57,099
a Bank Overdraft 0 45,614 778 0 38,025
Miscellaneous Current Liabilities includes: 200,715 134,798 122,884 113,455 330,406
b -Bank Loans - Current Portion 0 0 0 0 0
c Other Short-Term Finance, including: 52,341 41,906 13,927 23,592 240,464
-Due to Group, Current 52,341 41,906 13,927 23,592 240,454
-Due to Directors, Current 0 0 0 0 0
-Other Current Liabilities - - - - -
 
Short-Term Loans (a+b+c) 52,341 87,520 14,705 23,592 278,489
 
[6] Total Long-Term Liabilities consists of:
Long-Term Loans, which consists of: 323,516 303,097 333,180 545,676 515,543
-Long-Term Bank Loans 0 0 0 0 0
-Other Long-Term Finance including: 323,516 303,097 333,180 545,676 515,543
-Due to Group, Non-Current 323,516 303,097 333,180 545,676 515,543
-Due to Directors, Non-Current 0 0 0 0 0
Other Long-Term Liabilities 19,559 32,969 29,796 28,801 21,616
 
[7] Share Capital and Reserves consists of:
Called-up Share Capital 287,172 287,172 287,172 287,172 287,172
Sundry Reserves 18,308 18,308 18,308 18,308 18,308
 
Ratios
 
Date of Accounts 28/12/2002 29/12/2001 30/12/2000 25/12/1999 26/12/1998
Acid Ratio 0.87 1.07 1.29 2.60 0.78
Profit/Capital Employed 0.55 -1.28 3.26 -1.68 4.27
Current Liquidity 0.89 1.09 1.32 2.64 0.81
Profit/Sales (%) 0.72 -1.82 4.77 -2.73 5.74
Interest Burden 91.29 133.41 72.35 131.16 69.15
Stock Turnover (days) 4.75 5.12 4.98 4.32 9.33
Days Sales Outstanding (DSO) 0.42 11.99 11.86 7.43 68.05
Cash Cycle (days) 5.17 17.11 16.84 11.75 77.38
Days Purchases Outstanding (DPO) 12.55 118.77 85.16 54.27 66.24
Creditor Days 5.97 52.35 41.92 28.37 37.88
Profit/Total Assets (%) 0.38 -0.88 2.49 -1.40 2.71
Profit/ Shareholders Funds (%) 2.17 -4.01 10.07 -7.16 15.56
Sales/Total Assets (%) 52.68 48.21 52.23 51.44 47.20
Sales/Fixed Assets 1.58 1.69 1.76 2.10 2.57
Working Capital/Sales (%) -6.59 6.16 14.45 52.95 -14.57
Total Debt/Net worth (%) - - - - -
Shareholders Funds/Total Assets 0.17 0.22 0.25 0.20 0.17
Long-term Debt/Net Worth (%) - - - - -
Interest/Pre-interest Profit 91.29 133.41 72.35 131.16 69.15
Total Debt/Working Capital (%) -16.27 18.13 6.57 2.32 -9.91
Average Employee Remuneration (£) 27,489 22,482 22,391 22,620 22,640
Wages/Sales (%) 37.92 35.16 28.98 23.50 19.34
Profit per Employee (£) 522 -1,162 3,681 -2,627 6,720
Sales per Employee (£) 72,501 63,935 77,260 96,243 117,075
Capital Employed per Employee (£) 94,965 90,456 113,009 156,055 157,492
Total Fixed Assets per Employee (£) 99,739 86,518 101,848 105,094 174,549
Total Assets per Employee (£) 137,637 132,607 147,932 187,107 248,050
Creditors/Debtors 14.13 4.37 3.53 3.82 0.56
Debtors/Total Assets (%) 0.06 1.58 1.70 1.05 8.80
Current Liabilities/Stocks 45.22 47.00 33.15 27.28 30.26
Exports/Sales (%) - - - - -
Sales/Audit Fees 2,262.97 1,964.74 2,157.36 2,773.76 3,667.58
Total Assets/ Audit Fees 4,296.06 4,075.07 4,130.78 5,392.50 7,770.58
 
Growth Rates
 
1 year 2 year 3 year 4 year
Turnover 0.3 -4.3 -24.1 -36.1
Pre-tax Profit - -83.9 - -91.6
Audit Fees -12.9 -8.8 -7.1 3.3
Directors Remuneration -36.2 -4.2 4.2 18.2
Number of Employees -11.6 1.9 0.5 2.9
Employees Remuneration 8.1 24.6 22.0 24.9
Fixed Assets 7.1 6.8 0.6 3.6
Tangible Assets 9.2 8.8 2.5 -4.2
Total Fixed Assets 2.0 -0.2 -4.6 -41.0
Stocks -7.0 -8.7 -16.6 -67.2
Trade Debtors -96.5 -96.6 -95.1 -99.1
Total Current Assets -27.3 -16.2 -53.2 -46.7
Total Assets -8.2 -5.2 -25.9 -42.7
Trade Creditors -88.6 -86.4 -83.5 -89.5
Short-Term Loans -40.2 255.9 121.1 -80.8
Total Current Liabilities -10.5 24.5 37.9 -51.2
Net Cash -17.9 -70.9 -36.8 -
Shareholders Funds -26.7 -32.9 -33.9 -42.4
Net Worth - - - -
Long-Term Loans 6.7 -2.9 -40.5 -37.1
Long-Term Liabilities 2.1 -5.5 -40.0 -36.0
Capital Employed -7.1 -14.4 -38.6 -37.7
 
Company/Industry Comparison
 
This comparison is based on the results of 97 companies in the same industrial sector: 15820 Manufacture of rusks and biscuits; manufacture of preserved pastry goods and cakes
 
  Company Industry Averages
  28/12/2002 Lower Median Upper
Performance
 
Profit/Sales (%) 0.72 -2.32 3.88 7.70
Profit/Capital Employed (%) 0.55 0.00 13.51 23.21
Profit/Total Assets (%) 0.38 -1.75 6.73 11.99
Profit/Shareholders Funds (%) 2.17 2.27 22.01 36.08
 
Turnover
 
Sales/Total Assets (%) 52.68 104.41 151.16 200.96
Sales/Fixed Assets (%) 1.58 2.72 3.88 5.01
Working Capital/Sales (%) -6.59 24.03 4.21 -4.17
Stock Turnover (days) 4.75 40.00 24.00 16.00
Credit Period (days) 0.42 61.78 47.80 36.56
Creditor Days 5.97 46.59 32.86 24.76
 
Liquidity
 
Current Ratio 0.89 0.74 1.14 1.90
Liquidity Ratio 0.87 0.57 0.79 1.42
 
Gearing
 
Total Debt/Net Worth (%) - 130.71 46.89 8.61
Shareholders Funds/Total Assets 0.17 0.23 0.45 0.68
Long Term Debt/Net Worth (%) - 44.47 13.46 0.00
Interest/Pre-interest Profit 91.29 29.05 12.10 1.99
Total Debt/Working Capital -16.27 5.23 1.05 0.08
 
Employee
 
Average Employee Remuneration (£) 27,489 13,090 16,316 19,668
Wages/Sales (%) 37.92 27.99 22.21 18.21
Profit per Employee (£) 522 -292 2,293 7,106
Sales per Employee (£) 72,501 52,721 72,501 114,920
Capital Employed per Employee (£) 94,965 16,378 31,585 50,816
Total Fixed Assets per Employee (£) 99,739 16,840 24,025 40,390
Total Assets per Employee (£) 137,637 33,277 57,856 87,773
 
Other
 
Creditors/Debtors 14.13 0.48 0.79 1.11
Debtors/Total Assets (%) 0.06 11.54 17.91 28.55
Current Liabilities/Stocks 45.22 2.49 3.84 6.44
Exports/Sales (%) - 0.05 2.54 7.06
Sales/Audit Fees 2,262.97 674.50 1,152.83 1,647.91
Total Assets/Audit Fees 4,296.06 384.47 635.81 1,242.56
 
Filing History
 
30/03/2005 Change among the directors of a company
18/04/1998 Alteration in memorandum or articles of association
18/04/1998 Resolutions or agreements to which section 380 applies (relating to shares, rights or names)
20/03/1996 Resolutions which give, vary, revoke or renew an authority for the purposes of section 80 (allotment of securities)
09/09/1994 Special resolutions passed under section 95 disapplication of pre-emption rights
 
Directors
 
Company Secretaries
ANDREW JOHN MACLEOD
Appointment Date: 30/04/2004
Date of Birth: 14/08/1962
Occupation:
Address: 40 AILSA ROAD, ST MARGARETS, TWICKENHAM, MIDDLESEX, TW1 1QW
Present Appointments: 31
Resignations since June 1996: 1
 
Directors
JOANNE KERRY AVERISS
Appointment Date: 02/10/1995
Date of Birth: 26/11/1963
Occupation: VP LAW
Address: 1 ST GEORGES ROAD, ST MARGARETS, TWICKENHAM, MIDDLESEX, TW1 1QS
Present Appointments: 29
Resignations since June 1996: 14
 
ANDREW JOHN MACLEOD
Appointment Date: 13/01/1999
Date of Birth: 14/08/1962
Occupation: SOLICITOR
Address: 40 AILSA ROAD, ST MARGARETS, TWICKENHAM, MIDDLESEX, TW1 1QW
Present Appointments: 31
Resignations since June 1996: 1
 
LANDEN PRESCOTT BRANN
Appointment Date: 24/01/2005
Date of Birth: 26/04/1967
Occupation: FINANCIAL CONTROLLER
Address: 54 NORCUTT ROAD, TWICKENHAM, MIDDLESEX, TW2 6SR
Present Appointments: 12
Resignations since June 1996: 3
 
ELIZABETH NICKESON BILUS
Appointment Date: 10/11/2000
Date of Birth: 01/09/1949
Occupation: ATTORNEY
Address: 370 SOUTH AVENUE, NEW CANAAN, CONNECTICUT 06840
Present Appointments: 1
Resignations since June 1996: 0
 

Report Generated: 04/07/2005 at 10:33

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