Profits at former Irish branch of Cadbury rise 80pc to €92m
PROFITS at the former Irish arm of chocolate maker Cadbury increased by 80pc to €92.4m in 2011, under new owner Kraft Foods.
New figures returned to the Companies Office show that revenues at Kraft Foods Ireland Production Ltd (KFIPL) – formerly Cadbury Ireland Ltd – decreased by 26pc from €294.7m to €217.3m in the 12 months to the end of December 2011.
Kraft purchased Cadbury's global business for £11.9bn in 2010.
The latest Irish accounts show that Cadbury Ireland Ltd has built up accumulated profits of €552.7m over the years.
The firm paid a dividend of €371m to an Irish-based holding firm for Kraft, Cadbury Schweppes Ireland Ltd, in 2011.
The filings show that the firm's operating profit decreased by 34pc from €35.4m to €23.2m.
However, exceptional gains of €67m from the re-organisation of the firm's business contributed to the 80pc increase in pre-tax profits.
The exceptional item shows that the firm recorded gains of €67m from the sale of the company's selling and distribution business and profits from the sale of the firm's intellectual property assets.
Following the re-organisation, the figures show that the revenues from the sale of confectionery products in Ireland decreased from €139.4m to €78.9m, with sales in the UK decreasing from €124.6m to €62.4m.
There are 936 employees at the Coolock-based plant, down from 1,042 since 2010, according to the accounts.
The figures show that the firm increased its overall output from 68,325 tonnes to 78,657 tonnes in 2011.
On the firm's risks and uncertainties, the directors state that "the future course of the manufacturing business depends on becoming a cost competitive and reliable operator within the Kraft supply chain".
The Irish company manufactures chocolate crumb and gum base products for the wider group.
Following a re-organisation of the business, the firm has completed a wind-down as a group finance provider.
Sales in other markets in North and Central America, Europe and others declined from €30.65m to €22.5m
Emoluments to directors declined from €1m to €946,000.
The profit takes account of €13.9m in non-cash depreciation.
The firm's staff costs declined from €66.5m to €64.2m – the costs in 2011 included redundancy costs of €2.1m.