1st Quarter Results 2000
Unilever PLC
Unilever N.V.
10 May 2000
UNILEVER FIRST QUARTER RESULTS 2000
Unilever today announces its unaudited results for the first quarter 2000.
'Our Path to Growth is on track. Our 400 leading brands have grown over 3% in
the quarter and overall sales were marginally ahead. Our investment in
restructuring is accelerating in line with plan,' the Chairmen commented.
FINANCIAL HIGHLIGHTS
First Quarter 2000 euro Millions
Constant % change
Turnover 9,692 +1%
Operating profit - before
exceptional items and 1,088 +13%
amortisation of goodwill and
intangibles
Pre-tax profit 956 (2)% Current % change
Net profit 611 (3)% 643 +4%
Net profit - before exceptional 681 +4% 716 +12%
items
Per NV share (Fl. 1.12), euro
EPS 0.61 +8% 0.64 +16%
EPS - before exceptional items* 0.68 +16% 0.71 +24%
Per PLC share (1.40p), eurocent
EPS 9.10 +8% 9.58 +16%
EPS - before exceptional items* 10.16 +16% 10.69 +24%
* See earnings per share in euro section
KEY FEATURES
* Sales of our 400 leading brands grow by more than 3%.
* Good growth in home and personal care despite competitive pressures in
laundry.
* Sharply increased profits in Europe on weaker sales.
* Excellent growth and profits from Asia and Pacific region.
* Operating profit up 13% before exceptional items and amortisation of
goodwill and intangibles.
* Cashflow from operating activities up by over euro 400 million to nearly
euro 1billion.
CHAIRMEN'S COMMENT
'Our strategy of focusing resources on leading brands is on track. We are
managing the migration to a faster growth portfolio without endangering our
profitability. The acquisitions of Slim*Fast and Ben & Jerry's are directly
in line with our strategy, and will further strengthen our performance. The
pace of restructuring has been stepped up.
'We remain confident that the Path to Growth targets we have set ourselves
will be achieved.'
N W A FitzGerald A Burgmans
Chairman, Unilever PLC Chairman, Unilever N.V.
FIRST QUARTER FINANCIAL RESULTS
Earnings Per Share
Using constant exchange rates and taking account of the benefits of the 1999
share consolidation, earnings per share before exceptional items rose 16%. At
current rates of exchange, earnings per share rose 24% before exceptional
items and 16% after exceptional items.
Results
At constant exchange rates operating profit before exceptional items and
amortisation of goodwill and intangibles increased by 13%. Net profit at
constant exchange rates and before exceptional items increased by 4% because
of a swing in interest in the quarter following the payment of the special
dividend in June 1999. Exceptional items in the quarter are three times the
prior year as implementation of the Path to Growth programme began. As a
consequence net profit at constant exchange rates decreased by 3%. At current
rates of exchange, net profit increased 4% in euro, but decreased 7% in
sterling and 8% in US dollars, reflecting the relative strength of the latter
currencies.
FIRST QUARTER PERFORMANCE BY REGION
The following commentary is based on operating profit before exceptional
items and amortisation of goodwill and intangibles, at constant rates of
exchange.
EUROPE: Operating profits strongly ahead with continuing strength in home
and personal care but a mixed picture in food.
Leading brands within home and personal care continue to grow strongly, with
further gains achieved in laundry tablets, household care and fabric
conditioners. Dove sales rose an impressive 25% assisted by the introduction
of Dove deodorant.
Culinary made good progress in key markets with Sizzle & Stir variants
leading the way. Innovation in distribution channels has driven the growth of
Cup-a-Soup. In Tea, our Lipton ready-to-drink range did well, with sales
growing double digit.
Soft vegetable oil prices benefited margins in spreads and cooking products.
Sales in this category, and in frozen foods, had a weak start to the year.
Price competition in Turkey and Poland has significantly reduced laundry and
margarine sales in Central and Eastern Europe. A further factor reducing
sales in Turkey was trade destocking ahead of anticipated lower inflation.
Sales of non-priority businesses were significantly down, in part influenced
by the effect of the disposal of the Homann business in 1999.
NORTH AMERICA: A return to growth in foods and continued progress in
portfolio focus.
Operating profits have moved ahead strongly, reflecting lower input costs in
our spreads and ice cream businesses. The results also benefited from further
restructuring, and an excellent performance in personal care.
In foods, the innovation programme is driving sales growth, notably in our
culinary businesses. Sizzle & Stir sauce, Just2Good dressings, Lipton Cold
Brew tea, and Breyers Parlour ice cream all returned strong results. In
spreads we gained share in a margarine market made more difficult by low
butter prices.
Strong growth in our mass personal care business came from initiatives in
skincare with Dove Nutrium, Suave and Pond's. The new Dove anti-perspirant
contributed to the 40% increase in deodorant sales. In hair, sales and share
were up and the quarter saw the launch of innovative products including
Thermasilk Frizz Fighter, Finesse Self Warming Conditioner and Finesse
Styling Creme. In homecare price competition impacted revenues in laundry.
Prestige began the year slowly but joint initiatives with new designer
fragrances should contribute to growth later in the year.
AFRICA AND MIDDLE EAST: Operating profit and margins impacted by lower
vegetable oil prices.
Sales improved slightly excluding the effect of the disposal of the liquor
business and the sale of our coffee interests in Kenya.
Laundry and skin showed good progress, but lower vegetable oil prices
impacted revenues and profits from commodity oils and plantations.
ASIA AND PACIFIC: Excellent progress continues with sales, profits and
brand investment all up.
Excellent progress was made in Asia and Pacific region as we continued to
invest in the development of our business. Operating margins advanced
strongly.
Sales in South East Asia increased by 16%, with particularly good
contributions from Indonesia and the Philippines. Sales also rose strongly in
Japan. The most rapid growth was achieved in hair, skin, oral and laundry.
In India, sales increased over 6%. Tea volumes increased to their highest
level in two years, driven by innovation in both product and distribution.
Laundry benefited from the introduction of premium products, and hair
contributed to personal care share gains.
The quarter saw good underlying volume growth in China, supported by
increased levels of market investment.
LATIN AMERICA: Competitive position maintained against a difficult
background.
Operating profits were down, reflecting the continuing high level of
marketing support behind our leading laundry brands. In South Latin America,
we maintained laundry market share.
Our personal care business in Brazil made a major contribution to our
topline. In Mexico both our ice cream and personal care businesses grew
significantly. Additional contributions came from last year's home and
personal care acquisitions of Sociedad Industrial Dominicana and Varela in
Colombia.
CASH FLOW
Cash flow from operations of euro991 million was significantly above the
corresponding period last year by euro408 million, mainly due to higher
operating profits and lower working capital outflows. Returns from investments
and servicing of finance were lower following payment of the special dividend
in 1999. Acquisition outflows were higher due to the acquisition of Groupo
Cressida on 30 March, 2000 which is reflected in the period-end Balance Sheet.
During the first quarter three businesses were purchased for a consideration
of euro348 million while proceeds from the disposal of two businesses
realised euro4 million.
BALANCE SHEET Net Funds, at
closing rates of exchange, were euro660 million at the end of Q1 2000
compared to euro684 million at the end of 1999; net gearing remains zero.
Capital and reserves increased by euro822 million to euro8.6 billion. This
mainly reflects profits for the period and a favourable currency
retranslation impact.
EURO REPORTING
Information in sterling and US dollars is available as a supplement to this
Euro report.
CONSOLIDATED PROFIT AND LOSS ACCOUNT - CONSTANT EXCHANGE RATES (unaudited)
In the profit and loss account given below, the results in both years have
been translated at constant exchange rates, being the annual average exchange
rates for 1999. This reporting convention facilitates comparisons since the
impact of exchange rate fluctuations is eliminated.
euro Millions - constant First Quarter
2000 1999 % Incr./
(Decr.)
TURNOVER 9,692 9,641 1 %
OPERATING PROFIT 970 922 5 %
Operating Profit BEIA * 1,088 959 13 %
Exceptional items (109) (33)
Amortisation of goodwill and (9) (4)
intangibles
Income from fixed investments 12 11
Interest (net) (26) 47
PROFIT BEFORE TAXATION 956 980 (2)%
Taxation (305) (313)
PROFIT AFTER TAXATION 651 667 (2)%
Minority Interests (40) (37)
NET PROFIT AT CONSTANT 1999 EXCHANGE 611 630 (3)%
RATES
Net Profit - before exceptional items 681 654 4 %
(Constant rates)
NET PROFIT AT EXCHANGE RATES CURRENT 643 616 4 %
IN EACH PERIOD
Net Profit - before exceptional items 716 640 12 %
(Current rates)
COMBINED EARNINGS PER SHARE **
(Current rates)
- per Fl. 1.12 ordinary share (Euros) 0.64 0.55 16 %
- per Fl. 1.12 ordinary share - 0.62 0.54 16 %
diluted (Euros)
- per 1.40p ordinary share (Euro cents) 9.58 8.27 16 %
- per 1.40p ordinary share - diluted 9.34 8.06 16 %
(Euro cents)
* Operating profit before exceptional items and amortisation of goodwill and
intangibles. See note on page 9 on
'Goodwill and intangibles'.
** See note on page 9 on 'Share consolidation'.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
euro Millions First Quarter
2000 1999
Net profit 643 616
Currency retranslation 201 218
Total recognised gains / (losses) since last 844 834
annual accounts
SUMMARY BALANCE SHEET (unaudited)
euro Millions
As at 1st April As at 31st December
2000 1999
Goodwill and intangibles 862 643
Fixed assets 9,310 8,963
Stocks 5,162 5,124
Debtors 7,924 7,685
Cash and current investments 5,720 5,473
Trade & other creditors (10,065) (10,177)
18,913 17,711
Borrowings 5,060 4,789
Provisions for liabilities and 4,617 4,582
charges
Minority interests 653 579
Capital and reserves 8,583 7,761
18,913 17,711
CASH FLOW STATEMENT (unaudited)
euro Millions First Quarter
2000 1999
Cash flow from operating activities 991 583
Dividends from joint ventures 3 9
Returns on investments and servicing of finance (60) 73
Taxation (222) (194)
Capital expenditure and financial investment (283) (461)
Acquisitions and disposals (337) (115)
Dividends paid on ordinary share capital - -
CASH INFLOW / (OUTFLOW) BEFORE MANAGEMENT OF
LIQUID RESOURCES AND FINANCING 92 (105)
Management of liquid resources (60) 453
Financing 159 581
INCREASE / (DECREASE) IN CASH IN THE PERIOD 191 929
RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET FUNDS
NET FUNDS AT 1 JANUARY 684 5,778
INCREASE / (DECREASE) IN CASH IN THE PERIOD 191 929
Cash flow from (increase)/decrease in borrowings (165) (585)
Cash flow from increase/(decrease) in liquid resources 60 (453)
Change in net funds resulting from cash flows 86 (109)
Borrowings within group companies acquired - (1)
Borrowings within group companies sold - 4
Liquid resources within group companies acquired - 2
Liquid resources within group companies sold - -
Non cash movements 25 (2)
Currency retranslation (135) 76
MOVEMENT IN NET FUNDS IN THE PERIOD (24) (30)
NET FUNDS AT PERIOD END 660 5,748
GEOGRAPHICAL ANALYSIS
euro Millions First Quarter
% Incr./
(Decr.)
2000 1999
Turnover
Europe 4,246 4,399 (3)%
North America 2,138 2,085 3 %
Africa and Middle East 531 535 (1)%
Asia and Pacific 1,721 1,576 9 %
Latin America 1,056 1,046 1 %
TURNOVER 9,692 9,641 1 %
Operating profit - before exceptional
items and amortisation of goodwill and
intangibles
Europe 486 434 12 %
North America 190 163 17 %
Africa and Middle East 61 67 (10)%
Asia and Pacific 239 169 41 %
Latin America 112 126 (12)%
OPERATING PROFIT BEIA 1,088 959 13 %
Exceptional Items (109) (33)
Amortisation of goodwill and (9) (4)
intangibles
OPERATING PROFIT 970 922 5 %
Operating margin - before exceptional
items and amortisation of goodwill and
intangibles
Europe 11.5% 9.9%
North America 8.9% 7.8%
Africa and Middle East 11.5% 12.6%
Asia and Pacific 13.9% 10.7%
Latin America 10.6% 12.0%
OPERATING MARGIN BEIA 11.2% 10.0%
OPERATING MARGIN 10.0% 9.6%
OPERATIONAL ANALYSIS
euro Millions First Quarter
% Incr./
(Decr.)
2000 1999
TURNOVER
Foods 4,648 4,808 (3)%
Oil and dairy based foods and bakery 1,627 1,805 (10)%
Ice cream and beverages 1,400 1,347 4 %
Culinary and frozen products * 1,621 1,656 (2)%
Home Care and Professional Cleaning 2,252 2,213 2 %
Personal Care 2,610 2,438 7 %
Other Operations * 182 182 - %
TURNOVER 9,692 9,641 1 %
OPERATING PROFIT - before exceptional
items and amortisation of goodwill and
intangibles
Foods 403 339 19 %
Oil and dairy based foods and bakery 202 179 13 %
Ice cream and beverages 59 14 301 %
Culinary and frozen products * 142 146 (2)%
Home Care and Professional Cleaning 236 264 (11)%
Personal Care 444 332 34 %
Other Operations * 5 24 (79)%
OPERATING PROFIT BEIA 1,088 959 13 %
Exceptional items (109) (33)
Amortisation of goodwill and intangibles (9) (4)
OPERATING PROFIT 970 922 5 %
OPERATING MARGIN - before exceptional
items and amortisation of goodwill and
intangibles
Foods 8.7% 7.1%
Oil and dairy based foods and bakery 12.4% 9.9%
Ice cream and beverages 4.2% 1.1%
Culinary and frozen products * 8.8% 8.8%
Home Care and Professional Cleaning 10.5% 11.9%
Personal Care 17.0% 13.6%
Other Operations * 2.7% 13.2%
OPERATING MARGIN BEIA 11.2% 10.0%
OPERATING MARGIN 10.0% 9.6%
* Includes a prior year restatement, euro46m of turnover and euro0m of
operating profit relating to a reclassification of Indian food categories
which have been transferred from Culinary and frozen products to Other
Operations.
NOTES
Acquisitions
In the first three months of 2000 the effect on turnover and operating profit
was immaterial.
Exchange Rates
The results for 2000 and the comparative figures for 1999 have been
translated at constant average rates of exchange, being the annual average
rates for 1999. For our reporting currencies these were euro1 = £0.66 = US
$1.07. In addition, the results, earnings per share and cash flow statement
have been translated at rates current in each period. These are based on
euro1 = £0.61 = US $0.98 for first quarter 2000 and euro1 = £0.69 = US $1.12
for first quarter 1999.
The balance sheet figures have been translated at period-end rates of
exchange. For our reporting currencies these were
euro1 = £0.60 = US $0.95 (31 December 1999: euro1 = £0.62 = US $1.00).
Share consolidation
On 10th May 1999 the 1.25p ordinary shares of PLC and the Fl. 1 ordinary
shares of NV were consolidated, so that every 112 ordinary shares were
replaced by 100 1.40p PLC ordinary shares or 100 Fl. 1.12 NV ordinary shares.
This consolidation was associated with the payment on 9th June 1999, of a
special dividend of 66.13p per 1.25p share and Fl. 14.50 per Fl. 1 share, so
that the economic impact was that of a share buy back at fair value at that
date and therefore, in accordance with UK Accounting Standard FRS 14,
earnings per share for prior periods have not been restated.
Combined earnings per share
The combined earnings per share calculations are based on the average number
of share units representing the combined ordinary shares of NV and PLC in
issue during the year, less the average number of shares held to meet options
granted under various employee share plans.
The number of combined share units is calculated from the underlying NV and
PLC shares using the exchange rate of
£1 = Fl. 12, in accordance with the Equalisation Agreement, taking into
account the share consolidation.
The diluted earnings per share are based on the average number of share
units, plus all shares under option, together with certain PLC shares which
may be issued in 2038 under the arrangements for the variation of the
Leverhulme Trust. The number of shares is reduced, in accordance with FRS 14,
by the number of shares that could be purchased at fair value with the
expected proceeds from the exercise of options by employees.
Goodwill and intangibles
In accordance with FRS 10, goodwill and identifiable intangible assets
purchased as from 1st January 1998 are capitalised and amortised in operating
profit over the period of their expected useful life. To date the
amortisation charge in operating profit has been immaterial. Owing to the
significance of recent acquisitions the amortisation charge will become a
significant element of our operating profit. For the sake of clarity we are
now disclosing the charge on the face of the profit and loss account and also
show operating profit before exceptional items and the amortisation of
goodwill and intangibles.
Earnings per share in euro
Shares of Fl.1.12 Constant rates Current rates
Thousands of units
COMBINED EPS 2000 1999 2000 1999
Net profit 611 630 643 616
less:Preference dividends 9 2 9 2
Net profit attributable
to ordinary capital 602 628 634 614
Average number of combined
share units 991,634 1,114,489 991,634 1,114,489
Combined EPS euro 0.6 euro 0.56 euro 0.64 euro 0.55
COMBINED EPS-Before exceptional items Thousands of units
2000 1999 2000 1999
Net profit 611 630 643 616
Add back exceptional
items net of tax 70 24 73 24
Net profit before
exceptional items 681 654 716 640
less: Preference dividends 9 2 9 2
Net profit attributable before
exceptional items 672 652 707 638
Average number of
combined share units 991,634 1,114,489 991,634 1,114,489
Combined EPS before
exceptional items euro 0.68 euro 0.59 euro 0.71 euro 0.57
COMBINED EPS - Diluted Thousands of units
2000 1999 2000 1999
Net profit attributable to
ordinary capital 602 628 634 614
Adjusted average 1,016,773 1,142,643 1,016,773 1,142,643
combined share units
Combined diluted EPS euro 0.59 euro 0.55 euro 0.62 euro 0.54
Shares of 1.40p Constant rates Current rates
Thousands of units
COMBINED EPS 2000 1999 2000 1999
Net profit 611 630 643 616
less:Preference dividends 9 2 9 2
Net profit attributable
to ordinary capital 602 628 634 614
Average number of
combined share units 6,610,896 7,429,929 6,610,896 7,429,929
Combined EPS Cents 9.10 Cents 8.45 Cents 9.58 Cents 8.27
COMBINED EPS - Before exceptional items Thousands of units
2000 1999 2000 1999
Net profit 611 630 643 616
Add back exceptional items
net of tax 70 24 73 24
Net profit before
exceptional items 681 654 716 640
less: Preference dividends 9 2 9 2
Net profit attributable
before exceptional items 672 652 707 638
Average number of
combined share units 6,610,896 7,429,929 6,610,896 7,429,929
Combined EPS
before exceptional items Cents 10.16 Cents 8.78 Cents 10.69 Cents 8.59
COMBINED EPS - Diluted Thousands of units
2000 1999 2000 1999
Net profit attributable to
ordinary capital 602 628 634 614
Adjusted average 6,778,489 7,617,621 6,778,489 7,617,621
combined share units
Combined diluted EPS Cents 8.88 Cents 8.24 Cents 9.34 Cents 8.06
Dates
The results for the second quarter and first half year of 2000 will be
announced on Friday 4th August 2000.
Salient figures for the above results will be published in the Financial
Times and Daily Telegraph on Thursday 11 May 2000.
ENQUIRIES: UNILEVER PRESS OFFICE 020 7822 6805
10th May, 2000
Internet: http://www.unilever.com
E-mail: press-office.london@unilever.com
Supplementary information in Sterling
CONSOLIDATED PROFIT AND LOSS ACCOUNT - CONSTANT EXCHANGE RATES (unaudited)
In the profit and loss account given below, the results in both years have
been translated at constant exchange rates, being the annual average exchange
rates for 1999. This reporting convention facilitates comparisons since the
impact of exchange rate fluctuations is eliminated.
£ Millions - constant First Quarter
2000 1999 % Incr./
(Decr.)
TURNOVER 6,385 6,351 1 %
OPERATING PROFIT 639 608 5 %
Operating Profit BEIA * 717 633 13 %
Exceptional items (72) (22)
Amortisation of goodwill and (6) (3)
intangibles
Income from fixed investments 8 7
Interest (net) (17) 31
PROFIT BEFORE TAXATION 630 646 (2)%
Taxation (201) (206)
PROFIT AFTER TAXATION 429 440 (2)%
Minority Interests (26) (25)
NET PROFIT AT CONSTANT 1999 EXCHANGE 403 415 (3)%
RATES
Net Profit - before exceptional items 449 431 4 %
(Constant rates)
NET PROFIT AT EXCHANGE RATES CURRENT 394 422 (7)%
IN EACH PERIOD
Net Profit - before exceptional items 439 438 - %
(Current rates)
COMBINED EARNINGS PER SHARE **
(Current rates)
- per 1.40p ordinary share 5.87p 5.66p 4 %
- per 1.40p ordinary share - diluted 5.73p 5.52p 4 %
* Operating profit before exceptional items and amortisation of goodwill and
intangibles. See note on page 9 on 'Goodwill and intangibles'.
** See note on page 9 on share consolidation.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
£ Millions First Quarter
2000 1999
Net profit 394 422
Currency retranslation (44) (2)
Total recognised gains / (losses) since last 350 420
annual accounts
SUMMARY BALANCE SHEET (unaudited)
£ Millions
As at 1st April As at 31st December
2000 1999
Goodwill and intangibles 515 400
Fixed assets 5,567 5,572
Stocks 3,087 3,185
Debtors 4,739 4,777
Cash and current investments 3,421 3,402
Trade & other creditors (6,019) (6,326)
11,310 11,010
Borrowings 3,026 2,977
Provisions for liabilities and 2,761 2,848
charges
Minority interests 391 360
Capital and reserves 5,132 4,825
11,310 11,010
CASH FLOW STATEMENT (unaudited)
£ Millions First Quarter
2000 1999
Cash flow from operating activities 609 399
Dividends from joint ventures 2 7
Returns on investments and servicing of finance (38) 49
Taxation (136) (133)
Capital expenditure and financial investment (173) (315)
Acquisitions and disposals (207) (78)
Dividends paid on ordinary share capital - -
CASH INFLOW / (OUTFLOW) BEFORE MANAGEMENT OF (71)
LIQUID RESOURCES AND FINANCING 57
Management of liquid resources (36) 310
Financing 97 398
INCREASE / (DECREASE) IN CASH IN THE PERIOD 118 637
RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET FUNDS
NET FUNDS AT 1 JANUARY 425 4,079
INCREASE / (DECREASE) IN CASH IN THE PERIOD 118 637
Cash flow from (increase)/decrease in borrowings (101) (401)
Cash flow from increase/(decrease) in liquid resources 36 (310)
Change in net funds resulting from cash flows 53 (74)
Borrowings within group companies acquired - (1)
Borrowings within group companies sold - 3
Liquid resources within group companies acquired - 1
Liquid resources within group companies sold - -
Non cash movements 15 (2)
Currency retranslation (98) (134)
MOVEMENT IN NET FUNDS IN THE PERIOD (30) (207)
NET FUNDS AT PERIOD END 395 3,872
GEOGRAPHICAL ANALYSIS
£ Millions First Quarter
% Incr./
(Decr.)
2000 1999
Turnover
Europe 2,797 2,898 (3)%
North America 1,408 1,374 3 %
Africa and Middle East 350 352 (1)%
Asia and Pacific 1,134 1,038 9 %
Latin America 696 689 1 %
TURNOVER 6,385 6,351 1 %
Operating profit - before exceptional
items and amortisation of goodwill and
intangibles
Europe 321 286 12 %
North America 125 107 17 %
Africa and Middle East 40 45 (10)%
Asia and Pacific 157 112 41 %
Latin America 74 83 (12)%
OPERATING PROFIT BEIA 717 633 13 %
Exceptional Items (72) (22)
Amortisation of goodwill and (6) (3)
intangibles
OPERATING PROFIT 639 608 5 %
Operating margin - before exceptional
items and amortisation of goodwill and
intangibles
Europe 11.5% 9.9%
North America 8.9% 7.8%
Africa and Middle East 11.5% 12.6%
Asia and Pacific 13.9% 10.7%
Latin America 10.6% 12.0%
OPERATING MARGIN BEIA 11.2% 10.0%
OPERATING MARGIN 10.0% 9.6%
OPERATIONAL ANALYSIS
£ Millions First Quarter
% Incr./
(Decr.)
2000 1999
TURNOVER
Foods 3,062 3,168 (3)%
Oil and dairy based foods and bakery 1,072 1,189 (10)%
Ice cream and beverages 922 887 4 %
Culinary and frozen products * 1,068 1,092 (2)%
Home Care and Professional Cleaning 1,484 1,458 2 %
Personal Care 1,719 1,605 7 %
Other Operations * 120 120 - %
TURNOVER 6,385 6,351 1 %
OPERATING PROFIT - before exceptional
items and amortisation of goodwill and
intangibles
Foods 265 224 19 %
Oil and dairy based foods and bakery 133 118 13 %
Ice cream and beverages 39 10 301 %
Culinary and frozen products * 93 96 (2)%
Home Care and Professional Cleaning 156 174 (11)%
Personal Care 293 219 34 %
Other Operations * 3 16 (79)%
OPERATING PROFIT BEIA 717 633 13 %
Exceptional items (72) (22)
Amortisation of goodwill and intangibles (6) (3)
OPERATING PROFIT 639 608 5 %
OPERATING MARGIN - before exceptional
items and amortisation of goodwill and
intangibles
Foods 8.7% 7.1%
Oil and dairy based foods and bakery 12.4% 9.9%
Ice cream and beverages 4.2% 1.1%
Culinary and frozen products 8.8% 8.8%
Home Care and Professional Cleaning 10.5% 11.9%
Personal Care 17.0% 13.6%
Other Operations 2.7% 13.2%
OPERATING MARGIN BEIA 11.2% 10.0%
OPERATING MARGIN 10.0% 9.6%
* Includes a prior year restatement, £30m of turnover and £0m of operating
profit relating to a reclassification of Indian food categories which have
been transferred from Culinary and frozen products to Other Operations.
Earnings Per Share in sterling
Shares of 1.40p Constant rates Current rates
Thousands of units
COMBINED EPS 2000 1999 2000 1999
Net profit 403 415 394 422
less:Preference dividends 6 1 6 1
Net profit attributable
to ordinary capital 397 414 388 421
Average number
of combined share units 6,610,896 7,429,929 6,610,896 7,429,929
Combined EPS 6.00p 5.57p 5.87p 5.66p
COMBINED EPS - Before exceptional items Thousands of units
2000 1999 2000 1999
Net profit 403 415 394 422
Add back exceptional
items net of tax 46 16 45 16
Net profit before
exceptional items 449 431 439 438
less: Preference dividends 6 1 6 1
Net profit attributable before
exceptional items 443 430 433 437
Average number of
combined share units 6,610,896 7,429,929 6,610,896 7,429,929
Combined EPS before
exceptional items 6.70p 5.79p 6.55p 5.87p
COMBINED EPS - Diluted Thousands of units
2000 1999 2000 1999
Net profit attributable to
ordinary capital 397 414 388 421
Adjusted average
combined share units 6,778,489 7,617,620 6,778,489 7,617,620
Combined diluted EPS 5.85p 5.43p 5.73p 5.52p
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