Cadbury-Schweppes swallows £711m charge

Brand intangibles hit net assets under IFRS

Dr Pepper and Creme Egg maker Cadbury-Schweppes, has seen its 2004 net assets reduced by £788m under international accounting standards.

Under UK GAAP, the confectionery and drinks manufacturer reported net assets of £3bn at the end of the 2004 financial year. But with a £420m pension deficit and a £711m deferred tax expense coming onto the balance sheet for the first time, net assets have been reduced to £2.3bn.

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