The Nation Newspaper

Tag: Cadbury

  • Cadbury grows net profit by 80 per cent

    •Declares N2.4b dividends

    Cadbury Nigeria Plc rode on the back of improved cost efficiency to optimise marginal sales increase into about 80 per cent increase in net earnings in 2013.

    Key extracts of the audited report and accounts of Cadbury Nigeria for the year ended December 31, last year showed that while sales rose by seven per cent, the company flattened cost of sales and operating expenses and reduced financial charges by 52 per cent. These boosted the bottom-line, with pre and post tax profits rising by 38 per cent and 80 per cent respectively.

    Gross turnover rose from N33.55 billion in 2012 to N35.76 billion in 2013. Profit before tax increased from N5.36 billion to N7.42 billion. Profit after tax also leapt from N3.35 billion to N6.02 billion. Earnings per share thus increased from N1.07 in 2012 to N1.92 in 2013. Shareholders’ funds rose from N20.04 billion to N23.99 billion.

    The board of directors of the company has recommended distribution of N2.4 billion as dividends to shareholders, representing a dividend per share of N1.30. The company had paid a dividend per share of 50 kobo for the 2012 business year.

    Head, corporate and government affairs, Cadbury Nigeria Plc, Mr. Bala Yesufu, said the results further reinforced the turnaround of the company noting that the dividend recommendation should encouraged shareholders on the sustainability of the returns outlook of the company.

    He said the company was able to achieve what he described as fantastic results in 2013 due to cost-cutting strategies and efficiency in all its operations.

    According to him, the company also benefitted from excellent route-to-market initiative and singular focus of the management on the bottom-line.

    “It’s a good one, if you look at where we are coming from. We started paying dividend after the hiatus with the 50 kobo we paid for the 2012 business year, so the current dividend recommendation is a significant increase in demonstration of our commitment to value creation for our shareholders,” Yesufu said.

    He said the company is in better stead to sustain and surpass the growth momentum in the period ahead adding that the company has the capability in terms of human resources, technologies and research and development to improve on its performance.

    Managing director, Cadbury Nigeria Plc, Mr. Emil Moskofian, recently assured that the company has adequate cash flow to sustain continuous investments in its Nigerian operations.

    He said the company is committed to continuous investment in its Nigerian business noting that the Cadbury Nigeria has demonstrated this commitment over its almost five decades of operations.

    According to him, Nigerian market, the largest in West Africa, is a very important market to Cadbury and it cherishes its long history and iconic brands.

    He explained that the decision on the recent capital reduction was taken because the company has surplus capital in excess of the current investment requirement and that should not be misconstrued as lack of appetite for the Nigerian market.

    He noted that the company has continued to surpass projections and the business is in good shape with good profit such that it can fund additional investments from its ongoing business.

    “We believe all the investments we want to do between two to five years we can fund them from our current business, there is no need for us at this point to dip into that surplus cash that we are sitting on, hence the reason we looked at what to do with that cash. We went through a number of options and decided to give the surplus cash back to shareholders. That does not suggest our lack of appetite for investing in this market,” Moskofian pointed out.

    He added that as part of the Mondelez International, the global snack powerhouse, Cadbury Nigeria has access to many global brands and innovation, which the Nigerian business could tap on to fuel its growth going forward.

     

  • Cadbury elevates Bala Yesufu

    Cadbury elevates Bala Yesufu

    Food beverage and confectionery powerhouse, Cadbury West Africa has announced the appointment of Mr Bala Yesufu, Head Corporate and Government Affairs West Africa, to Membership of the West Africa Leadership Team (WALT), effective January 1st, 2014.This Team is responsible for operational issues and oversees the affairs of Cadbury business in West Africa on a day-to-day basis.

    In a company statement, the Managing Director Cadbury West Africa, Mr Emil Moskofian said that “Bala brings to WALT tremendous experience and clout in the Corporate and Government Affairs space for West Africa, as well as the FMCG industry. His counsel and participation in the Team will be valuable. This is a well-deserved appointment”.

    Prior to joining Cadbury West Africa in June 2013, Yesufu an alumnus of the University of Lagos and Lagos State University was the Public Affairs Manager of Nigerian Breweries at the Federal Capital Territory Abuja.

    Bala with over 30 years varied experience in the FMCG Industry has expansive high level network within the tiers of government, parastatals, agencies and the legislature.

  • Cadbury Nigeria’s shareholders vote on N12b capital reduction tomorrow

    Cadbury Nigeria’s shareholders vote on N12b capital reduction tomorrow

    Shareholders of Cadbury Nigeria Plc will tomorrow vote to reduce the capital base of the company by about N12 billion.

    The Extraordinary General Meeting (EGM) is scheduled for the Federal Palace Hotel, Lagos.

    Sources at the Securities and Exchange Commission (SEC), the apex capital market regulator and Cadbury Nigeria Plc, indicated that the voting on the capital reduction will be by normal polling system, on a one-share-one-vote basis.

    Capital market regulators have recently mulled rules that will prevent majority core shareholder and directors from voting on crucial issues at EGM. Several stakeholders had kicked against such rules.

    There are indications that the capital reduction plan will scale through in spite of earlier protests by Nigerian retail shareholders. Cadbury Schweppes Overseas Limited (CSOL), United Kingdom, the majority core investor in Cadbury Nigeria, holds some 75 per cent equity in Cadbury Nigeria.

    Under the capital reduction plan, Cadbury Nigeria plans to return excess capital of N11.9 billion to its shareholders by cancelling two out of every five ordinary shares currently held by the shareholders. Consequently, it will reduce the share capital account by an amount equivalent to the par value of the cancelled shares and share premium accounts by about N11.27 billion.

    Also, each shareholder will receive returned capital per cancelled share at N9.50 per share. Meanwhile, the company will use the 30-day volume weighted average price of the stock at the Nigerian Stock Exchange (NSE) to pay for fractional shares that may arise from the transaction. The capital reduction is expected to take effect in the first quarter of 2014.

    Audited report and accounts of Cadbury Nigeria for the year ended December 31, 2012 showed that the balances in the share capital and share premium accounts were N1.6 billion and N11.5 billion respectively. Cadbury Nigeria had in 2009 sourced N17 billion from shareholders through a rights issue under which the foreign core investor increased its controlling stake in the Nigerian company to about 75 per cent by buying renounced shares from Nigerian shareholders. Four years after, the board of the company said it has surplus cash.

    While Nigerian minority shareholders had expressed suspicion about the underlining motive for the capital reduction, the board of the company said that the capital reduction was necessitated by current cash position of the company in relation to its operations and the need to optimise return on capital.

    In a document obtained by The Nation, the board indicated that it had assessed the company’s current financial position including liquidity and amounts due to creditors as well as possible capital investments and near-term growth opportunities and came to the conclusion that the company has more capital than it required now or in the near future.

    The board stated that it then considered three options to deal with the excess capital including retaining the capital for future use, deploying the capital immediately and returning the excess capital to shareholders.

    According to the board, the possibility of retaining the excess capital was ruled out because the excess capital would have to be invested in low-return, low-risk investments in the meantime, which will negatively impact on return on capital.

    The board noted that deploying the excess capital now without immediate value-enhancing opportunities may destroy shareholder value.

    Directors of the company stated that they opted for the return of excess capital to shareholders because they reasoned that each shareholder will be in the best position to determine his risk-return profile as well as the most suitable investments to optimise the value of his capital.

    According to the board, return of excess capital is “the most ideal for the company”.

    While the return of excess capital will reduce available cash with the company by N11.9 billion, the board argued that the reduction will not have any negative impact on current valuation of shareholders’ holdings since the reduction is expected to simultaneously improve the company’s share price at the stock market by the same margin. The board, however, noted the possible negative effect that could result from interplay of market dynamics.

     

  • Cadbury, retail investors bicker over N12b capital reduction

    Cadbury, retail investors bicker over N12b capital reduction

    A meeting called by the management of Cadbury Nigeria Plc and its retail minority shareholders over plans to reduce the capital base of the company by about N12 billion ended in a deadlock, The Nation has learnt.

    The management had last week called the meeting to seek the cooperation and understanding of the minority retail shareholders on the planned capital reduction ahead of the Extraordinary General Meeting (EGM) scheduled for next week.

    Sources at the meeting said the minority shareholders kicked against the plan, which entails cancellation of two out of every five shares held by the shareholders, with a proposal to N9.50 for every cancelled share.

    In attendance at the meeting were the leadership of the main shareholders’ groups, including the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu; Chairman, Ibadan Zone Shareholders Association (IBZA), Chief Sola Abodunrin; and President, Nigeria Shareholders Solidarity Association (NSSA), Chief Timothy Adesiyan, among others.

    The management of Cadbury Nigeria was led by the Managing Director, Emil Moskofian, who presided over the meeting. The Company Secretary, Mrs Fola Akande, who signed the capital reduction document on behalf of the board, was also at the meeting.

    Retail and minority shareholders were said to have queried the decision of the company to reduce its capital base as well as the price of N9.50 for every cancelled share.

    The management of the company had explained the rational behind the proposal, but was unable to secure the buy-in of the Nigerian minority shareholders. The meeting ended with each party opting to make its case before the crucial voting at the EGM.

    Under the capital reduction plan, Cadbury Nigeria plans to return excess capital of N11.9 billion to its shareholders by cancelling two out of every five ordinary shares currently held by the shareholders. Consequently, it will reduce the share capital account by an amount equivalent to the par value of the cancelled shares and share premium accounts by about N11.27 billion. Also, each shareholder will receive returned capital per cancelled share at N9.50 per share. Meanwhile, the company will use the 30-day volume weighted average price of the stock at the Nigerian Stock Exchange (NSE) to pay for fractional shares that may arise from the transaction. The capital reduction is expected to take effect in the first quarter of 2014.

    Audited report and accounts of Cadbury Nigeria for the year ended December 31, 2012 showed that the balances in the share capital and share premium accounts were N1.6 billion and N11.5 billion respectively. Cadbury Nigeria had in 2009 sourced N17 billion from shareholders through a rights issue under which the foreign core investor increased its controlling stake in the Nigerian company to about 75 per cent by buying renounced shares from Nigerian shareholders. Four years after, the board of the company said it has surplus cash.

    While Nigerian minority shareholders had expressed suspicion about the underlining motive for the capital reduction, the board of the company said that the capital reduction was necessitated by current cash position of the company in relation to its operations and the need to optimise return on capital.

    In a document obtained by The Nation, the board indicated that it had assessed the company’s current financial position including liquidity and amounts due to creditors as well as possible capital investments and near-term growth opportunities and came to the conclusion that the company has more capital than it required now or in the near future.

    The board stated that it then considered three options to deal with the excess capital including retaining the capital for future use, deploying the capital immediately and returning the excess capital to shareholders.

    According to the board, the possibility of retaining the excess capital was ruled out because the excess capital would have to be invested in low-return, low-risk investments in the meantime, which will negatively impact on return on capital.

    The board noted that deploying the excess capital now without immediate value-enhancing opportunities may destroy shareholder value.

    Directors of the company stated that they opted for the return of excess capital to shareholders because they reasoned that each shareholder will be in the best position to determine his risk-return profile as well as the most suitable investments to optimise the value of his capital.

    According to the board, return of excess capital is “the most ideal for the company”.

    While the return of excess capital will reduce available cash with the company by N11.9 billion, the board argued that the reduction will not have any negative impact on current valuation of shareholders’ holdings since the reduction is expected to simultaneously improve the company’s share price at the stock market by the same margin. The board, however, noted the possible negative effect that could result from interplay of market dynamics.

  • Cadbury Nigeria assures on future growth

    •Nigerian Breweries raises dividend payout policy to 80%

    Cadbury Nigeria Plc yesterday outlined strategic priorities for increasing shareholders’ value in the years ahead as shareholders unanimously approved the distribution of N1.6 billion as cash dividends- the company’s first payout in seven years.

    At the Annual General Meeting at The Civic Centre, Victoria Island, Lagos, the board, management and shareholders of Cadbury Nigeria were about the future of the food drink company. They approved dividend per share of 50 kobo, and product-gifts to attendees, appeared to denote the full turnaround of the company.

    Audited report and accounts of Cadbury Nigeria for the year ended December 31, 2012 showed marginal decline in sales, but improved cost and financing management squeezed out more profit than the previous year. Although tax provisions impinged on net earnings, underlying profitability ratios showed stronger performance.

    Gross profit margin inched up to 33.1 per cent in 2012 as against N32.7 per cent in 2011. Profit before tax margin also improved modestly from 14.8 per cent to 16.4 per cent. Both indices indicated that the company witnessed improvement in average profit per unit of sales, in spite of the decline in actual figures. While total sales dropped marginally by 1.6 per cent from N34.11 billion to N33.55 billion, profit before tax increased to N5.51 billion in 2012 compared with N5.05 billion in 2011. However, increase in tax provisions reversed net profit after tax by 5.9 per cent to N3.46 billion as against N3.67 billion in previous year.

    Addressing shareholders at the meeting, chairman, Cadbury Nigeria Plc, Mr Atedo Peterside, said that though the company ended the 2012 business year on a very strong footing, the company remains committed to sustaining the current transformation of its business.

    According to him, the focus on delivering sustainable growth, efficiency and capability will remain the platforms through which the company would deliver increasing shareholder value in 2013.

    He outlined the strategic priorities of the company in 2013 to include investment in the equity of its leading brands, especially Bournvita, TomTom and Tang; increased innovation and introduction of new and exciting consumer brands and scaling up of the company’s route-to-market transformation programme.

    Peterside added that the company would sustain focus on quality and drive improvements in productivity and operational efficiencies with a view to maximising the company’s competitive advantage.

    He pointed out that the company would focus on building a strong sustainable business and developing an organisation with high potential talent.

    In a related development, Nigerian Breweries Plc has increased its dividend payout policy to 80 per cent of its net profit from the initial 60 per cent.

    Speaking at the company’s Investor Forum in Lagos yesterday, Managing Director, NB, Mr Nicholas Vervelde, said the company invested N36 billion on expansion of its various projects to increase its market share value and improve on dividend payment.

    According to him, the amount was an increase of 98 per cent over the 2011 figure. This he said was for business expansion, which will prepare the company for the expected growth in the industry and support growth of its brands.

    “The company is well positioned to take advantage of any growth in the market to sustain its leadership position and maintain healthy yield on investment for its investors. This excellent revenue performance is supported by the continuous investment in rich portfolio of brands as well as their route to the market,” he said.

    The company turnover rose by 19.7 per cent to N252.7 billion in 2012. Profit for the year stood at N38.1billion.

    He said that this outstanding result was underpinned by a robust top line growth of 20 per cent that significantly outperformed the market in a very challenging year.

    The Nigerian Breweries boss explained that the positive revenue resulted from volume growth and reflected the continuous improvement in the supply of the company’s products. This he said, was also supported by the continuous high investment in their rich portfolio of brands.

    Meanwhile, Cadbury Nigeria’s market consideration improved by N1.40 to close at N38.90 per share as strong resurgence in bullish trading halted a two-day decline at the Nigerian Stock Exchange (NSE).

    Aggregate market value of all quoted equities rose to N11.346 trillion as against its opening value of N11.131 trillion. The All Share Index (ASI), the main value-based index for the stock market, trended upward from 34,815.24 points to 35,486.44 points.

    Nestle Nigeria and Nigerian Breweries led 39 other stocks on the gainers’ list with addition of N5 each to close at N915 and N170 respectively. Dangote Cement rallied N3.16 to close at N178.22. UAC of Nigeria rose by N1.10 to N71.10. Zenith Bank added N1.05 to close at N21.40 while Guaranty Trust Bank chalked up N1 to close at N27.

    With 41 gainers, there were only 12 losers in the overtly bullish market. Total Nigeria recorded the highest loss of N4.80 to close at N145.20. Beta Glass placed second with a loss of 20 kobo to close at N9.80. Union Bank of Nigeria dropped by 12 kobo to N9.58 while Costain (West Africa) lost 10 kobo to close at 96 kobo.

    Investors staked N5.02 billion on 390.69 million shares through 5,680 deals. Banking subgroup accounted for 259.27 million shares worth N2.24 billion in 2,343 deals.

     

     

     

     

  • NSE market indices record further depreciation

    NSE market indices record further depreciation

    Weekly transactions on the Nigerian Stock Exchange (NSE) closed on bearish note on Friday as the market indices depreciated further.

    The News Agency of Nigeria (NAN) reports that the market indices dropped by 0.34 per cent following price losses.

    The NSE All-Share Index lost 112.26 points to close at 33,159.08 against the 33,271.34 posted on Thursday.

    Also, the market capitalisation, which opened at N10.64 trillion, dropped N36 billion to close at N10.60 trillion.

    Total topped the losers’ table with N15 to close at N157 per share.

    Nestle trailed with N2.01 to close at N898, while Unilever lost N1.50 to close at N55 per share.

    Cadbury depreciated by N1.29 to close at N32.21, while Dangote Cement lost N1.15 to close at N158.85 per share.

    On the other hand, Ashaka Cement recorded the highest price gain to lead the gainers’ chart by 29k to close at N23.50 per share.

    Dangote Sugar came second on the gainers’ chart with 20k to close at N7.49, while RT Briscoe gained 18k to close at N2 per share.

    GTBank appreciated by 15k to close at N25.55, while John Holt increased by 14k to close at N1.54 per share.

    NAN reports that in all 123.54 million volume of shares valued N1.61 billion transacted in 3,876 deals.

    This is against the 634.71 million shares worth N4.24 billion exchanged by investors in 4,729 deals.

    Skye Bank emerged the most traded stock, accounting for 14.56 million shares valued N81.36 million.

    It was followed by GTBank with 10.66 million shares worth N272.19 million, whille FBN Holdings sold a total of 8.20 million shares valued at N162.24 million.

  • Cadbury Nigeria: Steady performance

    Cadbury Nigeria Plc leveraged on economy of scale and tightened cost management in 2012 to cushion the adverse impact of a sluggish top-line, strengthening further performance outlook of the food and beverages company. After six years of non-declaration of any dividend, Cadbury Nigeria signall ed full recovery from the hangovers of its 2006 accounting scandal with the recommendation for distribution of about N1.6 billion to shareholders as cash dividends for the 2012 business year.

    Audited report and accounts of Cadbury Nigeria for the year ended December 31, 2012 showed marginal decline in sales, but improved cost and financing management squeezed out more profit than the previous year. Although tax provisions impinged on net earnings, underlying profitability ratios generally showed stronger performance.

    The company’s balance sheet indicated better financing and liquidity positions, which supported the overall performance outlook. With lower gearing ratio, improved liquidity, higher working capital and increased proportionate contribution of equity funds to total assets, amenable balance sheet structure moderated midline constraints that could have resulted from the lull in sales.

     

    Financing structure

    Total assets increased by 19 per cent to N40.16 billion in 2012 as against N33.66 billion in 2011. Non-current assets had increased marginally from N13.43 billion to N13.99 billion while current assets rose by 29 per cent from N20.23 billion to N26.17 billion. On the other hand, total liabilities rose by 18 per cent from N17.07 billion to N20.12 billion. While long-term liabilities steadied at about N3.2 billion, current liabilities increased by 22 per cent from N13.88 billion to N16.91 billion. The company’s paid up share capital remained unchanged at about N1.57 billion, consisting of about 3.13 billion ordinary shares of 50 kobo each. With about 55 per cent of net earnings flowed into the reserves, shareholders’ funds improved by 21 per cent to N20.04 billion compared with N16.59 billion recorded in the previous year.

    The underlying financing structure improved slightly in 2012. The proportion of equity funds to total assets inched up to 50 per cent in 2012 as against 49 per cent in 2011. Debt-to-equity ratio improved from 9.0 per cent to 7.5 per cent. However, current liabilities/total assets ratio stood at 42 per cent in 2012 as against 41 per cent in 2011. Long-term liabilities/total assets closed 2012 at 8.0 per cent as against 9.5 per cent in 2011.

     

    Efficiency

    Overall outlook appeared to suggest steady productivity and cost efficiency in 2012. Although there were no available data to determine actual unit cost per productive output at the press time, available extracts indicated little negative variance. Total cost of business, excluding financing charges, stood at 88.4 per cent of total sales in 2012, almost flat with 88.0 per cent recorded in 2011.

     

    Profitability

    The profit and loss performance showed a mixed-grill in 2012 as sluggish sales weighed in on overall performance. While the lull in sales constrained opportunity for wider profit growth, the company fell on cost and finance management to mitigate decline and steady the bottom-line. These played out variously in the outward profit and loss items and the underlying profitability ratios. While sales, gross profit and trading profit dipped to lower levels, gross profit margin and pre-tax profit margin showed improved cost efficiency and profitability.

    Gross profit margin inched up to 33.1 per cent in 2012 as against N32.7 per cent in 2011. Profit before tax margin also improved modestly from 14.8 per cent to 16.4 per cent. Both indices indicated that the company witnessed improvement in average profit per unit of sales, in spite of the decline in actual figures.

    Total sales dropped marginally by 1.6 per cent from N34.11 billion to N33.55 billion. Cost of sales also slumped to N22.45 billion from N22.95 billion. Gross profit flattened to N11.10 billion in 2012 as against 11.16 billion in 2011. Total operating expenses stood at N7.21 billion, some 1.8 per cent above N7.08 billion recorded in 2011. Trading profit thus dropped from N4.08 billion to N3.89 billion. With 67 per cent increase in non-core business income from N971 million to N1.62 billion, profit before tax heaved upward to N5.51 billion in 2012 compared with N5.05 billion in 2011. However, increase in tax provisions reversed net profit after tax by 5.9 per cent to N3.46 billion as against N3.67 billion in previous year.

    Per share analysis indicated earnings per share of N1.10 in 2012, a slight decrease from N1.17 recorded in 2012. The board of the company has recommended the distribution of some 45 per cent of net earnings as cash dividends to shareholders. Gross dividend of N1.57 billion would be distributed on the basis of 50 kobo per every ordinary share of 50 kobo each. Though current earnings yield and dividend yield appear relatively low, the recommendation suggests a recovery and represents substantial yield for long-term investors, such as those that picked up their rights during the last supplementary issue. Net assets per share also increased by 21 per cent from N5.30 to N6.40. The dividend cover of 2.20 times also represents substantial future payment potential. Underlying returns were however, generally lower. Return on total assets dropped from 15 per cent to 13.7 per cent while return on equity slipped from 22.1 per cent to 17.2 per cent.

     

    Liquidity

    The liquidity position of the company improved considerably during the period. Current ratio, which indicates the potential ability of the company to meet emerging liabilities, strengthened to 1.55 times in 2012 compared with 1.46 times in 2011. The proportion of working capital to sales also improved from 18.6 per cent to 27.6 per cent. Debtors/creditors ratio stood at 42.5 per cent as against 43.3 per cent.

     

    Governance and structures

    Incorporated in January 1965, Cadbury Nigeria Plc became a publicly quoted company in 1976. Mondelçz International, a global snacks company, holds the majority equity stake of 74.99 per cent in Cadbury Nigeria while thousands of Nigerian individual and institutional shareholders hold the remaining 25.01 per cent. The dogged foreign investors had increased its equity stake through acquisition of additional rights’ shares, which were not picked up by the Nigerian investors during the trying period of the food and beverages company. Mondelçz International has operations in 165 countries with total revenue of $35 billion in 2012. Mondelçz is listed in the Standard and Poor’s 500, NASDAQ 100 and Dow Jones Sustainability Index.

    The board and management of the company remained stable. Mr Atedo Peterside still chairs the board. Mr Emil Moskofian replaced Mr Alan Palmer as the managing director. Cadbury Nigeria complied with codes of corporate governance and best practices during the review period.

     

    Analyst’s opinion

    The board and management of Cadbury Nigeria clearly have their challenge cut out for them-to unfrozen the top-line while sustaining efficient cost management. The performance in 2012 still showed resilience and the company appeared to be in good stead to surmount the headline problem. With a relatively strong balance sheet, streamlined business that focused on optimal return and recent horizontal and vertical integrations, the intrinsic potential, just like the underlying profitability, tends to outweigh the negative. Besides jumpstarting sales, the recent absorption of its less-optimal subsidiary-Stanmark Cocoa Processing Company Limited and continuing integration of Cadbury Nigeria as the hub for Mondelez International’s African operations are expected to be catalysts for significant growths in the years ahead. Fast moving consumer goods multinationals tend to shadow one another in terms of investments and growth plans, and Cadbury Nigeria may witness further expansion in line with the competitive trend. Overall, there are reasonable basis to assume that Cadbury Nigeria may sustain its recovery.

     

  • Cadbury to reward consumers in Bournvita promo

    Food and Beverage giant, Cadbury Nigeria Plc is set to reward consumers of its flagship brand with a new consumer promotion tagged, “Cadbury Bournvita yummy Life promotion”.

    At a media briefing at its corporate office to herald the flag off of the promo, Marketing Director, Cadbury Nigeria Plc, Dele Anifowoshe, said: ”The Bournvita ‘yummy Life’ promo is a distinctive and unique reward programme as everyone who purchases either the 450g or 900g promotion jar from now till January 17,2013 is a winner upfront.”

    “The promo is aimed at delighting, rewarding and providing a superior life for our consumers in Nigeria. All consumers will enjoy instant 10 per cent extra free products and still stand the chance of winning any of the prizes worth over N200,000,000.”

    On the promo mechanics, Cadbury Nigeria’s Marketing Manager (Food Drinks) Mrs Chioma Afe, said consumers are expected to buy 450g or 900g jar of Bournvita promotion pack, open it and peel off the foil to reveal a special code which will be sent via SMS to the short code provided. She advised consumers to keep the foil for authentication as prizes are redeemable only with valid promotion foil.

    According to Mrs Afe, “Cadbury Bournvita will continue to demonstrate its leadership position in the food drinks market as the pride of the pack, offering consumers yummy nourishment for non-stop vitality. During the promo, 11 consumers will become instant millionaires winning N1million cash each, 11 others will win N250,000 each, 65 will win N100,000 cash and 300,000 consumers will win N500 worth of airtime each.”