OC&C used figures collated from the latest annual reports of the UK's leading food manufacturers and processors. For groups with major subsidiaries, such as Unilever, OC&C has listed, where possible, details of the major operating companies. A number of companies listed have activities outside mainstream food production but we have endeavoured to exclude those whose businesses are one step removed from retail channels (ie, farmers or food processors who sell on to producers) and those who focus primarily on distribution. Some companies include returns from international operations. The drinks index excludes brewers who derive the most sales from pubs. In the few cases where companies have changed their year-ends, lengthening or shortening their financial year, sales and profit values have been annualised. Historical cost accounting methods have been used, except where only current cost accounts have been filed. OC&C is not responsible for errors or omissions.


Operating profit = profit before interest paid and tax (it includes income from associated companies and investments but excludes amortisation of goodwill, reorganisation costs, profits/losses on disposals, cash received and release of provisions from discontinued operations). Operating profit margin = operating profit/sales (incl. share of JV turnover where relevant). Capital employed = total assets (excl. intangibles) - current liabilities (excl. short- term borrowings). Return on capital = operating profit/average of year-end and previous year-end capital employed.

About OC&C

OC&C Strategy Consultants is a global consulting firm specialising in the food and beverage industry. Clients include leading manufacturers, primary producers, retailers and investment institutions. The firm advises on group-level and business unit strategy, profit improvement and mergers and acquisitions. Contact Luke Jensen, head of consumer and retail practice, at: OC&C Strategy Consultants, The OC&C Building, 233 Shaftesbury Ave., London, WC2H 8EE. Tel: +44 (0) 20 7010 8000. Fax: +44 (0) 20 7010 8100 or visit www.occstrategy.com