Final Results
Unilever PLC
13 February 2003
UNILEVER FOURTH QUARTER AND ANNUAL RESULTS 2002
(Unaudited and provisional)
Sustained growth in the leading brands, and a healthy expansion of both
operating margin and cash flow were the highlights of another successful year.
The expected acceleration of growth through the year with increased investment
in our brands keeps us well on track to fully achieve all our Path to Growth
targets.
FINANCIAL HIGHLIGHTS
Constant exchange rates (2001 average) Current exchange rates
Fourth Quarter 2002 € Millions Full Year 2002 Full Year 2002
13,272 + 2 % Turnover 52,020 0 % 48,760 - 7 %
1,795 - 5 % Operating profit - beia * 7,739 + 6 % 7,260 0 %
508 - 6 % Pre-tax profit 4,177 + 15 % 3,979 + 10 %
293 + 22 % Net profit 2,217 + 21 % 2,129 + 16 %
1,029 + 3 % Net profit - beia * 4,237 + 20 % 4,006 + 13 %
Per NV share (€0.51), Euro
0.30 + 29 % Earnings per share (EPS) 2.23 + 22 % 2.14 + 18 %
1.05 + 5 % EPS (beia) * 4.29 + 21 % 4.06 + 14 %
Per PLC share (1.4p), Euro cents
4.47 + 29 % Earnings per share (EPS) 33.40 + 22 % 32.05 + 18 %
15.80 + 5 % EPS (beia) * 64.41 + 21 % 60.86 + 14 %
* Before exceptional items and amortisation of goodwill and intangibles
KEY FEATURES FOR THE YEAR (at constant exchange rates)
• Sales growth of our leading brands reached 5.4% for the year.
• Operating margin (beia) moved ahead to 14.9% for the year, compared to
13.9% in 2001.
• Benefits from our savings programmes were partly re-invested in our
brands, with advertising and promotions 120 basis points ahead of last year.
• Strong cashflow from operating activities with disposal proceeds and lower
interest rates combined to reduce interest by 22% to €1.3 billion.
• Earnings per share (beia) grew 21%, well ahead of our Path to Growth
commitment and reflect the improvement in profitability and lower tax.
• Proposed final dividend of €1.15 per NV ordinary share and 10.83p per PLC
ordinary share, increases the total dividend per share by 9% for NV and by
10% for PLC.
CHAIRMEN'S COMMENT & OUTLOOK
Once again we have shown the strength of our business in difficult market
conditions. This has been another successful year which has seen leading brand
growth sustained within the 5-6% range and importantly they now represent 89% of
our business. With the build up of our innovation programmes and market place
activity we have gained momentum through the year and have finished strongly.
A further healthy increase in operating margin has been achieved whilst
progressively increasing investment behind our brands. Our restructuring
programmes continue to deliver on plan and the target of €1.6 billion
procurement savings was passed ahead of schedule. Furthermore, by the end of the
year we had reached the full Bestfoods integration savings target of €0.8
billion, again ahead of plan.
In Home and Personal Care we have sustained the leading brand growth well in
excess of 6%. In particular our Personal Care brands continue to perform well
and Homecare margins increased sharply. In Foods the focus in the first half of
the year was on completing the Bestfoods integration, providing the firm
platform on which to leverage innovation and market place activity in the second
half. This has delivered accelerating leading brand growth and for the full year
it was 4.4%.
The growth of the leading brands, their expansion as a proportion of our
portfolio, the continuing increase in operating margins and strong cash
generation are all direct benefits of the Path to Growth strategy.
In 2003 we are planning for growth of the leading brands of between 5 and 6%,
when they will exceed 90% of our turnover, and to deliver low double-digit
growth in earnings per share, before exceptional items and goodwill
amortisation. This growth in earnings per share includes our intention to adopt
FRS 17 for pensions accounting and to reflect the value of share options as an
operating charge. We expect to sustain an improvement to the underlying tax rate
to around 32%.
The momentum in our all-round performance in 2002, underpinned by strong
innovation and further cost savings give us the confidence that our 2004 Path to
Growth targets will be achieved in full.
N W A FitzGerald A Burgmans
Chairman, Unilever PLC Chairman, Unilever N.V.
13 February 2003
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS (at constant exchange rates)
Underlying sales grew by 4% in the year and by 7% in the quarter. Including the
impact of planned disposals, total sales for the year were maintained at last
year's level and were 2% ahead in the quarter.
Operating margin (beia) in the year was 14.9%, an increase of 100 basis points
over last year, and in the quarter was 13.5% after a 300 basis points increase
in advertising and promotions.
Amortisation of goodwill and intangibles was €1,364 million for the year, with
€330 million in the quarter.
Net exceptional charges within operating profit for the year were €939 million.
This includes €1,298 million of restructuring, with the balance being the net of
profits and losses on disposals and the release of provisions following
settlement of claims in our favour. Associated costs included in operating
profit (beia) were €200 million for the year, of which €76 million was charged
in the fourth quarter.
Net interest was €1,288 million in the year, a reduction of 22% on 2001, as we
benefited from the continuing strong cash flow from operations, proceeds of
business disposals, and lower interest rates.
The underlying tax rate (beia) for the year was 30%. This includes a favourable
2% from prior year adjustments which were €166 million for the year and €93
million in the fourth quarter. For the year, the higher level of prior year tax
adjustments added 3 percentage points to EPS (beia) growth.
The effective tax rate for the year was 39% and reflects the
non-tax-deductibility of Bestfoods goodwill amortisation.
Net profit for the year was up 21% to €2,217 million. Before exceptional items
and goodwill amortisation, net profit rose by €694 million, or by 20%.
Earnings per share (beia) rose by 21% in the year and by 5% in the quarter.
Earnings per share rose by 22% for the full year.
When expressed at current rates of exchange, earnings per share (beia) were up
14% for the full year. Earnings per share rose by 18%.
FULL YEAR PERFORMANCE BY REGION (at constant exchange rates)
The following regional commentary is based on operating profit before
exceptional items and amortisation of goodwill and intangibles. Sales growth is
stated on an underlying basis, excluding the effect of acquisitions and
disposals. Turnover includes the impact of acquisitions and disposals.
EUROPE:
Another year of good growth and progress in profitability.
Underlying sales grew 3% with a continuing significant contribution from Central
and Eastern Europe. Turnover was 3% lower than last year through the impact of
disposals.
Central and Eastern Europe grew at 9% with particular strength in Dressings,
Tea, Household Care and Personal Care. We made further good progress in Russia.
West European Foods sales grew at 3% including an increasing contribution from
Foodsolutions, our Foodservice business. There has been sustained progress in
branded Spreads and Cooking Products which grew 5% due to the continuing impact
of innovations, especially in Flora/Becel which grew by over 10%. Savoury and
Dressings grew 4% with market place activity behind Amora, Hellmann's, Bertolli,
Knorr and Pot Noodle and the launches of soup makers, chilled soups and Bertolli
pasta sauces towards the end of the year. Slim•Fast also grew well as we
continued its roll-out. Ice Cream showed great resilience with innovations such
as Cornetto Soft and snack size ice creams helping to offset the impact of
poorer weather than last year to give growth of just under 1%.
In Home and Personal Care in Western Europe, good growth in Skin, Deodorants and
Hair included particularly strong performances through innovation and range
extension in Dove, Rexona and Axe. Laundry volumes grew by 4%, which was partly
offset by pricing in a competitive environment to give an underlying sales
growth of 1%, with market share being maintained.
Operating margin increased by 60 basis points to 15.3%, reflecting the benefits
from our savings programmes including the integration of Bestfoods, partly
reinvested in additional support for the leading brands.
NORTH AMERICA:
Sharp improvement in profitability with a pick-up in growth through the year.
Underlying sales grew 1% with a stronger performance in the second half as
market place activity built through the year. Turnover declined 5% through the
impact of disposals, notably DiverseyLever and Mazola.
In Foods, sales grew 2% and our market shares remained firm. Slim•Fast continued
to expand, passing the €1 billion sales mark globally, Ice Cream again grew at
over 5% and Wishbone, Becel and Knorr also moved ahead well. In addition to an
active programme behind these brands, innovations including Lipton Brisk
lemonade and Ragu Rich and Meaty sauces led growth in the second half of the
year. Overall, sales growth in the year was held back by promotional price
competition in mayonnaise, the exit from Hellmann's pourable dressings and the
impact of lower butter prices on the margarine market.
In Home and Personal Care, sales were flat for the full year with an improved
performance in the latter part offsetting a slow start to the year. This
reflects both the timing of the overall innovation plan and the steps taken to
improve profitability in Laundry to give the base for a more active programme
from the fourth quarter. The successful launches of Axe deodorant and all fabric
conditioners and the re-launch of Dove body wash contributed to a strong finish
to the year.
Operating margin increased by 190 basis points to 16.1%. This is driven
particularly by improvements in Laundry profitability but also widespread
benefits from savings programmes partly re-invested in additional advertising
and promotion.
AFRICA, MIDDLE EAST AND TURKEY:
Strengthening of geographic presence and good sales growth.
Underlying sales grew by 7% with turnover ahead by 9% including the increase in
our holding in the Robertson's business.
Growth was broad based across categories with the major contributions from
marketing activities behind Knorr, Lipton, Lux, Dove and Laundry brands. South
Africa performed particularly well with good sales growth especially in Omo,
Sunsilk, Axe and Lux in Home and Personal Care and Knorr, Lipton, Rama and Becel
pro•activ in Foods. In Turkey, the weak economy has led to consumer downtrading
and market contraction and our sales have declined as a result. Elsewhere in the
region we have strengthened our market position, particularly in Israel, Saudi
Arabia and the Gulf States, Tunisia, Algeria and Morocco.
Operating margin increased by 30 basis points to 11.3% after an increase in
investment behind the leading brands.
ASIA AND PACIFIC:
Acceleration of growth through the year and a further advance in profitability.
Underlying sales grew by 5%. Including the impact of disposals, turnover grew by
2%.
Home and Personal Care grew well across both categories and countries.
Indonesia, Philippines and Vietnam performed particularly well and Skin, Hair
and Deodorants all grew at over 10% across the region through innovations and
support behind Dove, Lifebuoy and Pond's. Sales in India accelerated through the
year to reach 3% for the full year despite the planned harvesting of non-leading
brands. The stronger second half in India has been led by Fair and Lovely with
the launch of a herbal variant, Pond's with new small packs, the launch of a new
Vaseline variant for treating damaged skin and good growth in Laundry.
In Foods, good growth in South East Asia reflects the Bestfoods brands
benefitting from the Unilever distribution system, innovation in Knorr, and a
strengthening of the Bango soy sauce and Sariwangi tea brands in Indonesia. This
performance was partly offset by declines in Tea in Central Asia as prices are
adjusted to reflect lower commodity prices and a focus on improving
profitability as we exit from low value, low growth commoditised teas. In Japan
the successful alliance with Suntory in Ready to Drink Tea has doubled the
market share of Lipton to over 25%.
Operating margin increased by 70 basis points to 14.1% with gains from our
savings programmes partly re-invested in increased advertising and promotions.
LATIN AMERICA:
Sales ahead strongly despite difficult economic conditions in key countries.
Underlying sales grew by 12% driven by pricing action to recover devaluation-led
cost increases, particularly in Argentina. Outside Argentina, volumes grew by 2%
with price ahead by 9%. Including the impact of disposals, turnover in the
region grew by 8%.
Personal Care continued to perform very strongly. Sedal shampoo grew
exceptionally well across the region and where it has most recently been
launched it has already reached impressive market share levels. Dove shampoo has
been launched in Brazil, Mexico, Chile and Peru and is making very good
progress. In Deodorants, Rexona has been successfully launched in Venezuela and
re-launched in Colombia and we have taken clear market leadership in Mexico. In
Laundry, market shares have held firm against our nearest competitor and have
responded to changed economic conditions with packs which specifically address
the reduced spending power of consumers.
In Foods, Ice Cream grew by over 10%, mostly volume, with the main contributions
from Brazil, Mexico and Venezuela. A good performance in Savoury and Dressings
was led by the launch of Knorr noodle cups and a re-launch of Hellmann's in
Mexico, together with significant growth in the value brand Arisco in Brazil. In
Spreads, Becel de Capullo was launched in Mexico, introducing the Becel brand to
that country. Lipton Ready to Drink tea continued to grow well in Brazil and the
soy based health drink AdeS made good progress in both Brazil and Mexico.
In Argentina consumer demand is considerably down and volumes have been affected
as a result. We continue to hold strong market shares and our experienced local
management are managing the business in a way which preserves its long term
health. Gross margins are being protected and new products have been launched in
both Foods and Home and Personal Care to respond to reduced disposable incomes.
Operating margin increased by 100 basis points to 14.2%, after an increase in
investment behind the leading brands.
RESULTS AT CURRENT EXCHANGE RATES
During the year the average exchange rate for the Euro strengthened by 7%
against a representative basket of currencies for Unilever. Reported at current
exchange rates, turnover, operating profit beia and EPS beia were 6% lower than
at constant exchange rates. EPS beia growth was 7% lower at 14%.
FINAL DIVIDEND
The Boards will recommend to the Annual General Meetings, to be held on 7 May
2003, a final dividend of €1.15 per €0.51 ordinary share of Unilever N.V., an
increase of 8.5% over last year and a final dividend of 10.83p per 1.4p ordinary
share of Unilever PLC, an increase of 9.5% over last year. This will bring the
total dividend to €1.70 per ordinary share of €0.51, an increase of 9% over last
year and 16.04p per ordinary share of 1.4p, an increase of 10% over last year.
CASH FLOW (at current rates of exchange)
Cash flow from operations for the year 2002 was €7.9 billion compared with €7.5
billion in 2001. This was the result of continuing strong underlying profits and
a further reduction in working capital partly offset by higher restructuring
cash outflows and the effect of cash refunds from pensions schemes in 2001.
Net interest cost decreased by €0.5 billion reflecting lower debt which has been
reduced by cash from operations and disposals as well as lower interest rates.
Capital expenditure and financial investments are €0.3 billion higher than the
previous year reflecting lower proceeds from asset disposals and increased
purchases of own shares to hedge the extension of share option schemes to a
broader group of employees. Gross capital expenditure before proceeds of
disposals was 2.7% of turnover, a continuation of the reducing trend of recent
years.
Net proceeds of €1.8 billion from disposals include €1.0 billion from the
disposal of DiverseyLever, €0.4 billion from the disposal of Mazola in North
America and €0.2 billion from the disposal of Loders Croklaan.
BALANCE SHEET
Currency retranslation effects, particularly on US dollar denominated assets and
liabilities, were significant this year.
Goodwill and Intangibles have decreased by €4.7 billion in the year including a
currency retranslation of €3.6 billion and amortisation for the year of €1.3
billion.
Net debt has decreased by €6.2 billion in the year, through cash flow from
operations, proceeds from disposals and the effects of currency movements.
Capital and reserves have decreased by €1.1 billion in the year. Net profit of
€2.1 billion and goodwill write-backs of
€0.5 billion following disposals are offset by a currency retranslation of €1.5
billion primarily from Latin America, dividends of €1.7 billion and by purchases
of own shares of €0.6 billion to hedge share option schemes.
CHANGES TO ACCOUNTING FOR PENSIONS AND SHARE OPTIONS FROM 2003
We will be implementing the new UK Financial Reporting Standard 17 (FRS 17) '
Retirement Benefits' in 2003. FRS 17 will require the figures for 2002 to be
re-stated to give a like-for-like comparison for 2003 reporting and this will be
shown as supplementary information in the notes to the 2002 accounts. The
restatement for 2002 benefits net profit (beia) by €1 million. Operating profit
(beia) for that year will be reduced by €107 million, while interest costs will
benefit by €108 million.
In respect of the end 2002 balance sheet, under FRS 17 Net Assets would be
reduced by €1.2 billion compared with SSAP24. Net Assets would include a net
deficit of €3.9 billion net of tax in respect of post-retirement benefits. This
would be in substitution for, and not in addition to, the provision of €2.7
billion net of tax already included under SSAP24. Within the €3.9 billion FRS 17
net deficit the pensions element is €3.3 billion, net of tax, made up of two
elements. The first part is the provision which we have always carried in
respect of unfunded plans. These liabilities totalled €1.9 billion net of tax at
31 December 2002. The second part, amounting to €1.4 billion net of tax is the
amount by which the actuarial value of our long-term pension obligations exceeds
the year end market value of the investments to provide for those future
obligations.
We will also be changing the accounting for share options in 2003 to reflect the
developing practice in UK, US and IAS accounting standards bodies. This again
requires restatement of 2002 to give a like-for-like basis of comparison. Within
our existing agreed share option programmes we have been protecting
shareholders' interests through hedging by buying in shares at the time of grant
and taking the financing cost within interest. The change from 2003 will be to
additionally include a non-cash charge against operating profit to reflect the
value to the employee of the options granted. In 2003 the additional charge is
estimated at around €160 million, an increase of around €60 million on 2002.
The outlook given for 2003 of low double digit growth in EPS before exceptional
items and goodwill amortisation is made after considering the impact of these
new accounting charges. It allows for a dilution of 5% from increased pension
costs and 1% from increased share option charges in 2003.
EURO REPORTING
Information in sterling and US dollars is available as a supplement to this Euro
report.
SAFE HARBOUR STATEMENT: This announcement may contain forward-looking
statements (within the meaning of the U.S. Private Securities Litigation
Reform Act 1995). Any forward-looking statements are based on current
expectations with respect to important risk factors. It is important to note
that the actual results could materially differ from the results anticipated
in any forward-looking statements which may be contained in this
announcement. Factors which might cause forward-looking statements to differ
materially from actual results include, among other things, the overall
economic, political, social and business conditions, the demand for our
goods and services, competition in the market, fluctuations in interest
rates and foreign currencies, the impact and other uncertainties of future
acquisitions and disposals and any changes in the tax laws and other
legislation and regulation, in the jurisdictions in which we operate.
We do not undertake any obligation to update any forward-looking statements
contained in or incorporated in this announcement to reflect actual results,
changes in assumptions or in other factors which may affect any
forward-looking statements.
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 2001. This reporting convention facilitates comparisons since the impact of
exchange rate fluctuations is eliminated.
Fourth Quarter € Millions - constant Full Year
2002 2001 % Incr./ 2002 2001 % Incr.
(Decr.) /(Decr.)
13,272 13,069 2 % TURNOVER 52,020 52,206 - %
(117) (185) Less: Share of turnover of joint ventures (521) (692)
13,155 12,884 2 % GROUP TURNOVER 51,499 51,514 - %
786 892 (12)% GROUP OPERATING PROFIT 5,348 5,174 3 %
1,766 1,849 (4)% Group operating profit beia * 7,639 7,149 7 %
(653) (602) Exceptional items (945) (588)
(327) (355) Amortisation of goodwill and intangibles (1,346) (1,387)
24 32 Add: Share of operating profit of joint ventures 88 84
810 924 (12)% OPERATING PROFIT 5,436 5,258 3 %
1,795 1,890 (5)% Operating profit beia * 7,739 7,269 6 %
(655) (602) Exceptional items (939) (588)
(330) (364) Amortisation of goodwill and intangibles (1,364) (1,423)
10 - Share of operating profit of associates 36 -
5 5 Other income from fixed investments (7) 12
(317) (387) Interest (1,288) (1,646)
508 542 (6)% PROFIT BEFORE TAXATION 4,177 3,624 15 %
(115) (245) Taxation (1,626) (1,547)
393 297 32 % PROFIT AFTER TAXATION 2,551 2,077 23 %
(100) (57) Minority interests (334) (239)
293 240 22% NET PROFIT AT CONSTANT 2,217 1,838 21 %
2001 EXCHANGE RATES
1,029 1,002 3% Net profit before exceptional items & amortisation of 4,237 3,543 20 %
goodwill and intangibles (Constant rates)
* beia means before exceptional items and amortisation of goodwill and
intangibles.
CONSOLIDATED PROFIT AND LOSS ACCOUNT - CURRENT EXCHANGE RATES (unaudited)
The profit and loss account given below is stated at current exchange rates i.e.
the results in both years have been translated at the exchange rates prevailing
during the appropriate period; further information is given on page 13. The
reported results are therefore impacted by exchange rate movements between the
periods.
Fourth Quarter € Millions - current Full Year
2002 2001 % Incr./ 2002 2001 % Incr.
(Decr.) /(Decr.)
11,856 13,048 (9)% TURNOVER 48,760 52,206 (7)%
(106) (182) Less: Share of turnover of joint ventures (490) (692)
11,750 12,866 (9)% GROUP TURNOVER 48,270 51,514 (6)%
681 879 (23)% GROUP OPERATING PROFIT 5,041 5,174 (3)%
1,574 1,841 (14)% Group operating profit beia * 7,165 7,149 - %
(606) (609) Exceptional items (879) (588)
(287) (353) Amortisation of goodwill and intangibles (1,245) (1,387)
23 32 Add: Share of operating profit of joint ventures 84 84
704 911 (23)% OPERATING PROFIT 5,125 5,258 (3)%
1,602 1,882 (15)% Operating profit beia * 7,260 7,269 - %
(609) (609) Exceptional items (874) (588)
(289) (362) Amortisation of goodwill and intangibles (1,261) (1,423)
9 - Share of operating profit of associates 34 -
6 5 Other income from fixed investments (7) 12
(271) (389) Interest (1,173) (1,646)
448 527 (15)% PROFIT BEFORE TAXATION 3,979 3,624 10 %
(87) (241) Taxation (1,538) (1,547)
361 286 26 % PROFIT AFTER TAXATION 2,441 2,077 18 %
(90) (56) Minority interests (312) (239)
271 230 18 % NET PROFIT AT EXCHANGE RATES 2,129 1,838 16 %
CURRENT IN EACH PERIOD
938 996 (6)% Net profit before exceptional items & amortisation of 4,006 3,543 13 %
goodwill and intangibles
COMBINED EARNINGS PER SHARE
(Current rates)
0.28 0.22 25 % - per €0.51 ordinary share (Euros) 2.14 1.82 18 %
0.26 0.22 25 % - per €0.51 ordinary share - diluted (Euros) 2.07 1.77 17 %
4.14 3.30 25 % - per 1.4p ordinary share (Euro cents) 32.05 27.27 18 %
4.02 3.22 25 % - per 1.4p ordinary share - diluted (Euro cents) 31.10 26.54 17 %
Preference dividends (42) (51)
Dividends on ordinary capital (1,659) (1,530)
Result for the year retained 428 257
* beia means before exceptional items and amortisation of goodwill and
intangibles
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
€ Millions Full Year
2002 2001 Restated
Net profit 2,129 1,838
Unrealised gain on partial disposal of a group company 56 -
Currency retranslation (1,582) (1,065)
Total recognised gains for the year 603 773
Adjustment related to prior year restatement (202) -
Total recognised gains since last Annual Report 401 773
MOVEMENTS IN SHAREHOLDERS' EQUITY (unaudited)
€ Millions Full Year
2002 2001 Restated
Shareholders' equity as at 1 January 6,993 7,974
Net profit 2,129 1,838
Dividends (1,701) (1,581)
Goodwill movements 458 274
Unrealised gain on partial disposal of a group company 56 -
Currency retranslation (1,517) (1,076)
Change in number of shares or certificates of shares held in (551) (436)
connection with share options
Shareholders' equity as at 31 December 5,867 6,993
SUMMARY BALANCE SHEET (unaudited)
€ Millions As at 31 December
2002 2001 Restated
Goodwill and intangibles 20,274 24,964
Other fixed assets 8,115 10,124
Stocks 4,500 5,343
Debtors 8,231 10,034
Cash and current investments 3,478 2,301
Trade & other creditors (11,732) (12,738)
32,866 40,028
Borrowings 20,444 25,500
Provisions for liabilities and charges 5,927 6,871
Minority interests 628 664
Capital and reserves 5,867 6,993
32,866 40,028
Restatements relate to the implementation of United Kingdom Financial Reporting
Standard 19.
As at 31st As at 31st
December December
2001 2000
Shareholders' equity as previously reported in 2001 Report & Accounts 7,195 8,169
Accounting policy change (202) (195)
Shareholders' equity as restated 6,993 7,974
CASH FLOW STATEMENT (unaudited)
€ Millions Full Year
2002 2001
Cash flow from operating activities 7,883 7,497
Dividends from joint ventures 83 82
Returns on investments and servicing of finance (1,386) (1,887)
Taxation (1,817) (2,205)
Capital expenditure and financial investment (1,706) (1,358)
Acquisitions and disposals 1,755 3,477
Dividends paid on ordinary share capital (1,580) (1,420)
CASH INFLOW BEFORE MANAGEMENT OF LIQUID RESOURCES AND FINANCING 3,232 4,186
Management of liquid resources (592) 1,106
Financing (2,591) (5,098)
INCREASE IN CASH IN THE PERIOD 49 194
RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET DEBT (unaudited)
NET DEBT AT 1 JANUARY (23,199) (26,468)
INCREASE IN CASH IN THE PERIOD 49 194
Cash flow from (increase) / decrease in borrowings 2,600 5,095
Cash flow from increase / (decrease) in liquid resources 592 (1,106)
Change in net debt resulting from cash flows 3,241 4,183
Borrowings within group companies acquired (77) (1)
Borrowings within group companies sold 20 3
Liquid resources within group companies acquired - -
Liquid resources within group companies sold (1) -
Non cash movements 1,467 (408)
Currency retranslation 1,583 (508)
MOVEMENT IN NET DEBT IN THE PERIOD 6,233 3,269
NET DEBT AT 31 DECEMBER (16,966) (23,199)
GEOGRAPHICAL ANALYSIS (unaudited)
Fourth Quarter € Millions Full Year
% Incr./ % Incr./
2002 * 2001 * (Decr.)* 2002** 2002 * 2001 * (Decr.)*
13,272 13,069 2 % TURNOVER 48,760 52,020 52,206 - %
4,837 4,905 (1)% Europe 19,657 19,700 20,220 (3)%
3,222 3,395 (5)% North America 12,568 13,205 13,880 (5)%
1,003 895 12 % Africa, Middle East & Turkey 3,225 3,754 3,455 9 %
2,187 2,081 5 % Asia and Pacific 7,865 8,242 8,046 2 %
2,023 1,793 13 % Latin America 5,445 7,119 6,605 8 %
OPERATING PROFIT
1,795 1,890 (5)% before exceptional items and amortisation of 7,260 7,739 7,269 6 %
goodwill and intangibles
629 655 (4)% Europe 3,006 3,006 2,967 1 %
537 583 (8)% North America 2,027 2,130 1,973 8 %
83 95 (13)% Africa, Middle East & Turkey 353 426 380 12 %
288 312 (8)% Asia and Pacific 1,115 1,166 1,077 8 %
258 245 5 % Latin America 759 1,011 872 16 %
OPERATING MARGIN
13.5 % 14.5 % before exceptional items and 14.9 % 14.9 % 13.9 %
amortisation of goodwill and intangibles
13.0 % 13.4 % Europe 15.3 % 15.3 % 14.7 %
16.7 % 17.2 % North America 16.1 % 16.1 % 14.2 %
8.3 % 10.6 % Africa, Middle East & Turkey 11.0 % 11.3 % 11.0 %
13.2 % 15.0 % Asia and Pacific 14.2 % 14.1 % 13.4 %
12.8 % 13.7 % Latin America 13.9 % 14.2 % 13.2 %
* at constant 2001 annual average exchange rates.
** at exchange rates current in the year.
OPERATIONAL ANALYSIS (unaudited)
Fourth Quarter € Millions Full Year
% Incr./ % Incr./
2002 * 2001 * (Decr.)* 2002 ** 2002 * 2001 * (Decr.)*
13,272 13,069 2 % TURNOVER 48,760 52,020 52,206 - %
7,189 7,025 2 % Foods 27,390 28,725 28,796 - %
2,834 2,674 6 % Savoury and Dressings 9,503 10,138 9,999 1 %
1,763 1,871 (6)% Spreads and Cooking Products 6,216 6,474 6,771 (4)%
1,115 1,069 4 % Health & Wellness and Beverages 4,215 4,467 4,299 4 %
1,477 1,411 5 % Ice Cream and Frozen Foods 7,456 7,646 7,727 (1)%
2,271 2,610 (13)% Home Care and Professional Cleaning 8,579 9,436 10,467 (10)%
3,610 3,250 11 % Personal Care 12,245 13,273 12,310 8 %
202 184 9 % Other Operations 546 586 633 (7)%
OPERATING PROFIT
1,795 1,890 (5)% before exceptional items and amortisation 7,260 7,739 7,269 6 %
of goodwill and intangibles
1,057 1,088 (3)% Foods 4,040 4,237 4,140 2 %
574 537 7 % Savoury and Dressings 1,539 1,658 1,685 (2)%
311 390 (20)% Spreads and Cooking Products 1,006 1,029 1,086 (5)%
189 178 6 % Health & Wellness and Beverages 615 654 572 14 %
(17) (17) (3)% Ice Cream and Frozen Foods 880 896 797 12 %
165 187 (12)% Home Care and Professional Cleaning 954 1,027 886 16 %
548 610 (10)% Personal Care 2,224 2,430 2,219 10 %
25 5 412 % Other Operations 42 45 24 88 %
OPERATING MARGIN
13.5 % 14.5 % before exceptional items and amortisation 14.9 % 14.9 % 13.9 %
of goodwill and intangibles
14.7 % 15.5 % Foods 14.8 % 14.8 % 14.4 %
20.2 % 20.1 % Savoury and Dressings 16.2 % 16.4 % 16.9 %
17.7 % 20.8 % Spreads and Cooking Products 16.2 % 15.9 % 16.0 %
17.0 % 16.7 % Health & Wellness and Beverages 14.6 % 14.7 % 13.3 %
(1.1)% (1.2)% Ice Cream and Frozen Foods 11.8 % 11.7 % 10.3 %
7.3 % 7.2 % Home Care and Professional Cleaning 11.1 % 10.9 % 8.5 %
15.2 % 18.8 % Personal Care 18.2 % 18.3 % 18.0 %
12.5 % 2.7 % Other Operations 7.8 % 7.7 % 3.8 %
* at constant 2001 annual average exchange rates.
** at exchange rates current in the year.
NOTES
Exchange Rates
The results for 2002 and the comparative figures for 2001 have been translated
at constant average rates of exchange, being the annual average rates for 2001.
For our reporting currencies these were €1 = £0.622 =
US $0.895. In addition, the results, earnings per share and cash flow statement
have been translated at rates current in each period. For our reporting
currencies these were:
Fourth Quarter Full Year
2002 €1 = £0.642 = US $1.044 €1 = £0.628 = US $0.940
2001 €1 = £0.617 = US $0.900 €1 = £0.622 = US $0.895
The balance sheet figures have been translated at year-end rates of exchange.
For our reporting currencies these were €1 = £0.651 = US $1.049 (31 December
2001: €1 = £0.611 = US $0.885).
Acquisitions
For the year 2002, the effect on turnover and operating profit of acquisitions
was €166 million and €11 million respectively.
Disposals in the quarter
On 30 November 2002, we completed the sale of Loders Croklaan Group, an
international speciality oils and fats business, to IOI Corporation Berhad of
Malaysia for €217 million in cash. This business had sales of €267 million in
2001.
On 31 December 2002 we completed the sale of our Iberia Foods business to an
affiliate of the Brooklyn Bottling Group of Brooklyn, New York. In 2002 the
business had sales of approximately US $43 million.
On 17 January 2003, we completed the sale of our holdings in Unipamol Malaysia
Sdn. Bhd. and Pamol Plantations Sdn. Bhd. to Palmco of Malaysia, a subsidiary of
IOI Corporation, for a cash consideration of €138 million. In 2002 these
businesses had combined sales of approximately €51 million.
Reporting of turnover and operating profit
Turnover means Group turnover plus our share of turnover of joint ventures net
of our share of any sales to the joint ventures already included in the Group
figures. Operating profit means Group operating profit plus our share of
operating profit of joint ventures. These measures do not include our share of
the turnover or operating profit of associates.
FRS 19
From 1 January 2002 Unilever has adopted UK Financial Reporting Standard 19 (FRS
19) 'Deferred Tax' which requires full provision to be made for deferred taxes.
The impact of adoption of this standard has been reflected in all periods
covered by this announcement by means of prior period adjustments to the balance
sheets. As Unilever has previously provided for deferred taxes on a full
provision basis in accordance with Netherlands law, FRS 19 does not have a
material impact on the profit and loss account.
The implementation of FRS 19 has resulted in a restatement of €(202) million to
the opening Capital and Reserves for 2002 (2001: €(195) million). In the 2002
opening balance sheet goodwill has been reduced by €133 million (2001: €77
million) while debtors have been reduced by €60 million (2001: €91 million)
through a reduction in deferred tax assets, and deferred tax liabilities have
been increased by €9 million (2001: €27 million).
DIVIDENDS
The Boards have resolved to recommend to the Annual General Meetings to be held
on 7 May 2003 the declaration of final dividends in respect of 2002 on the
Ordinary capitals at the following rates which are equivalent in value at the
rate of exchange applied in terms of the Equalisation Agreement between the two
companies:
NV €1.15 per ordinary share (2001: €1.06), bringing the total of
NV's dividend for 2002 to €1.70 per ordinary share (2001: €1.56).
PLC 10.83p per ordinary share (2001: 9.89p), bringing the total of
PLC's dividend for 2002 to 16.04p per ordinary share
(2001:14.54p).
The NV final dividend will be paid on 9 June 2003, to shareholders registered at
close of business on 8 May 2003.
The PLC final dividend will be paid on 9 June 2003, to shareholders registered
at close of business on 16 May 2003.
DIVIDENDS ON NEW YORK SHARES OF NV
US Dollar checks for the final dividend on the New York Shares of €0.51* nominal
amount after deduction of Netherlands withholding tax at the appropriate rate,
converted at the Euro/Dollar European Central Bank rate of exchange on 7 May
2003 will be mailed on 6 June 2003 to holders of record at the close of business
on 16 May 2003. If converted at the Euro/Dollar rate of exchange at noon on 12
February 2003 the final dividend would be
US $1.234525 per New York share (2001 final dividend: US $0.963328 actual
payment) before deduction of Netherlands withholding tax. With the interim
dividend in respect of 2002 of US $0.540100 at the actual Euro/Dollar conversion
rate, already paid, this would result in a total for interim and final dividends
in respect of 2002 of US $1.774625 per New York Share (2001: US $1.418178 actual
payment).
DIVIDENDS ON AMERICAN SHARES OF PLC
US Dollar checks for the final dividend on the American Depositary Receipts in
PLC converted at the Sterling/Dollar rate of exchange current in London on 7 May
2003 will be mailed 6 June 2003 to holders of record at the close of business on
16 May 2003. Each American Depositary Receipt in PLC represents four 1.4p
ordinary shares in PLC. The PLC final dividend will therefore be 43.32p per
American Depositary Receipt. If converted at the Sterling/Dollar rate of
exchange at noon on 12 February 2003, the PLC final dividend would be US $0.7006
per American Depositary Receipt (2001 final dividend: US $0.5772 actual
payment). With the interim dividend in respect of 2002 of US $0.3247 at the
actual Sterling/Dollar conversion rate, already paid, this would result in a
total for interim and final dividends in respect of 2002 of US $1.0253 per
American Depositary Receipt (2001: US $0.8474 actual payment).
* The euro amounts of share capital shown above are representations in euros on
the basis of article 67c Book 2 Dutch Civil Code of underlying amounts of share
capital in Dutch guilders.
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 = €5.445, in accordance with the
Equalisation Agreement.
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.
Earnings per share in Euro for the year
Constant rates Current rates
2002 2001 2002 2001
Thousands of units
Average number of combined share units of €0.51 976,743 982,845 976,743 982,845
Average number of combined share units of 1.4p 6,511,620 6,552,302 6,511,620 6,552,302
COMBINED EPS
Net profit 2,217 1,838 2,129 1,838
Less: Preference dividends (42) (51) (42) (51)
Net profit attributable to ordinary capital 2,175 1,787 2,087 1,787
Combined EPS per €0.51 (Euros) 2.23 1.82 2.14 1.82
Combined EPS per 1.4p (Euro cents) 33.40 27.27 32.05 27.27
COMBINED EPS - BEIA
Net profit 2,217 1,838 2,129 1,838
Add back exceptional items net of tax 704 334 661 334
Add back amortisation of goodwill / intangibles net of tax 1,316 1,371 1,216 1,371
Net profit beia 4,237 3,543 4,006 3,543
Less: Preference dividends (42) (51) (42) (51)
Net profit attributable to ordinary capital - beia 4,195 3,492 3,964 3,492
Combined EPS beia per €0.51 (Euros) 4.29 3.55 4.06 3.55
Combined EPS beia per 1.4p (Euro cents) 64.41 53.29 60.86 53.29
COMBINED EPS - Diluted
Thousands of units
Adjusted average combined share units of €0.51 1,006,627 1,010,009 1,006,627 1,010,009
Adjusted average combined share units of 1.4p 6,710,844 6,733,393 6,710,844 6,733,393
Net profit attributable to ordinary capital 2,175 1,787 2,087 1,787
Combined diluted EPS per €0.51 (Euros) 2.16 1.77 2.07 1.77
Combined diluted EPS per 1.4p (Euro cents) 32.41 26.54 31.10 26.54
Dates
The Annual Report & Accounts 2002 will be published on 27 March 2003.
The provisional results for the first quarter 2003 will be published on Friday,
2 May 2003.
Salient figures for the above results will be published in the Financial Times
and Daily Telegraph on Friday, 14 February 2003.
13 February 2003
Internet: http://www.unilever.com
E-mail: press-office.london@unilever.com
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 2001. This reporting convention facilitates comparisons since the impact of
exchange rate fluctuations is eliminated. This translation has been prepared
solely for the convenience of users and does not form part of Unilever's
accounts.
Fourth Quarter £ Millions - constant Full Year
2002 2001 % Incr./ 2002 2001 % Incr. /
(Decr.)
(Decr.)
8,255 8,129 2 % TURNOVER 32,356 32,472 - %
(73) (115) Less: Share of turnover of joint ventures (324) (430)
8,182 8,014 2 % GROUP TURNOVER 32,032 32,042 - %
489 555 (12)% GROUP OPERATING PROFIT 3,327 3,218 3 %
1,098 1,150 (4)% Group operating profit beia * 4,751 4,447 7 %
(406) (374) Exceptional items (587) (366)
(203) (221) Amortisation of goodwill and intangibles (837) (863)
15 19 Add: Share of operating profit of joint ventures 55 52
504 574 (12)% OPERATING PROFIT 3,382 3,270 3 %
1,117 1,175 (5)% Operating profit beia * 4,814 4,521 6 %
(408) (374) Exceptional items (584) (366)
(205) (227) Amortisation of goodwill and intangibles (848) (885)
6 - Share of operating profit of associates 22 -
4 3 Other income from fixed investments (4) 7
(197) (240) Interest (801) (1,023)
317 337 (6)% PROFIT BEFORE TAXATION 2,599 2,254 15 %
(72) (152) Taxation (1,012) (962)
245 185 32 % PROFIT AFTER TAXATION 1,587 1,292 23 %
(63) (36) Minority interests (208) (149)
182 149 22 % NET PROFIT AT CONSTANT 1,379 1,143 21 %
2001 EXCHANGE RATES
640 623 3 % Net profit before exceptional items & amortisation of 2,635 2,204 20 %
goodwill and intangibles (Constant rates)
* beia means before exceptional items and amortisation of goodwill and
intangibles
CONSOLIDATED PROFIT AND LOSS ACCOUNT - CURRENT EXCHANGE RATES (unaudited)
The profit and loss account given below is stated at current exchange rates i.e.
the results in both years have been translated at the exchange rates prevailing
during the appropriate period; further information is given on page 13. The
reported results are therefore impacted by exchange rate movements between the
periods. This translation has been prepared solely for the convenience of users
and does not form part of Unilever's accounts.
Fourth Quarter £ Millions - current Full Year
2002 2001 % Incr./ 2002 2001 % Incr. /
(Decr.)
(Decr.)
7,512 8,112 (7)% TURNOVER 30,621 32,472 (6)%
(68) (113) Less: Share of turnover of joint ventures (308) (430)
7,444 7,999 (7)% GROUP TURNOVER 30,313 32,042 (5)%
437 546 (20)% GROUP OPERATING PROFIT 3,166 3,218 (2)%
999 1,145 (13)% Group operating profit beia * 4,500 4,447 1 %
(380) (379) Exceptional items (552) (366)
(182) (220) Amortisation of goodwill and intangibles (782) (863)
14 20 Add: Share of operating profit of joint ventures 53 52
451 566 (20)% OPERATING PROFIT 3,219 3,270 (2)%
1,016 1,170 (13)% Operating profit beia * 4,559 4,521 1 %
(381) (379) Exceptional items (548) (366)
(184) (225) Amortisation of goodwill and intangibles (792) (885)
5 - Share of operating profit of associates 21 -
4 3 Other income from fixed investments (4) 7
(172) (242) Interest (737) (1,023)
288 327 (12)% PROFIT BEFORE TAXATION 2,499 2,254 11 %
(57) (150) Taxation (966) (962)
231 177 31 % PROFIT AFTER TAXATION 1,533 1,292 19 %
(57) (35) Minority interests (196) (149)
174 142 22 % NET PROFIT AT EXCHANGE RATES 1,337 1,143 17 %
CURRENT IN EACH PERIOD
595 620 (4)% Net profit before exceptional items & amortisation of 2,516 2,204 14 %
goodwill and intangibles
COMBINED EARNINGS PER SHARE
(Current rates)
2.65 2.05 29 % - per 1.4p ordinary share (pence) 20.13 16.96 19 %
2.57 2.00 29 % - per 1.4p ordinary share - diluted (pence) 19.53 16.51 18 %
Preference dividends (27) (32)
Dividends on ordinary capital (1,042) (951)
Result for the year retained 268 160
* beia means before exceptional items and amortisation of goodwill and
intangibles
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
£ Millions Full Year
2002 2001 Restated
Net profit 1,337 1,143
Unrealised gain on partial disposal of a group company 35 -
Currency retranslation (754) (746)
Total recognised gains for the year 618 397
Adjustment related to prior year restatement (124) -
Total recognised gains since last Annual Report 494 397
MOVEMENTS IN SHAREHOLDERS' EQUITY (unaudited) Full Year
£ Millions 2002 2001 Restated
Shareholders' equity as at 1 January 4,272 4,973
Net profit 1,337 1,143
Dividends (1,069) (983)
Goodwill movements 288 170
Unrealised gain on partial disposal of a group company 35 -
Currency retranslation (701) (760)
Change in number of shares or certificates of shares held in (271)
connection with share options
(346)
Shareholders' equity as at 31 December 3,816 4,272
SUMMARY BALANCE SHEET (unaudited) As at 31 December
£ millions 2002 2001 Restated
Restated
Goodwill and intangibles 13,188 15,250
Other fixed assets 5,279 6,185
Stocks 2,927 3,264
Debtors 5,354 6,130
Cash and current investments 2,263 1,405
Trade & other creditors (7,632) (7,781)
21,379 24,453
Borrowings 13,299 15,578
Provisions for liabilities and charges 3,856 4,197
Minority interests 408 406
Capital and reserves 3,816 4,272
21,379 24,453
Restatements relate to the implementation of United Kingdom Financial Reporting
Standard 19.
As at 31st As at 31st
December December
2001 2000
Shareholders' equity as previously reported in 2001 Report & Accounts 4,396 5,095
Accounting policy change (124) (122)
Shareholders' equity as restated 4,272 4,973
CASH FLOW STATEMENT (unaudited)
£ Millions Full Year
2002 2001
Cash flow from operating activities 4,951 4,662
Dividends from joint ventures 52 51
Returns on investments and servicing of finance (871) (1,173)
Taxation (1,141) (1,372)
Capital expenditure and financial investment (1,071) (844)
Acquisitions and disposals 1,102 2,162
Dividends paid on ordinary share capital (992) (883)
CASH INFLOW BEFORE MANAGEMENT OF LIQUID RESOURCES AND FINANCING 2,030 2,603
Management of liquid resources (372) 688
Financing (1,628) (3,171)
INCREASE IN CASH IN THE PERIOD 30 120
RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET DEBT (unaudited)
NET DEBT AT 1 JANUARY (14,173) (16,507)
INCREASE IN CASH IN THE PERIOD 30 120
Cash flow from (increase) / decrease in borrowings 1,633 3,170
Cash flow from increase / (decrease) in liquid resources 372 (688)
Change in net debt resulting from cash flows 2,035 2,602
Borrowings within group companies acquired (48) -
Borrowings within group companies sold 12 2
Liquid resources within group companies acquired - -
Liquid resources within group companies sold (1) -
Non cash movements 921 (254)
Currency retranslation 218 (16)
MOVEMENT IN NET DEBT IN THE PERIOD 3,137 2,334
NET DEBT AT 31 DECEMBER (11,036) (14,173)
GEOGRAPHICAL ANALYSIS (unaudited)
Fourth Quarter £ Millions Full Year
% Incr./ % Incr./
2002 * 2001 * (Decr.)* 2002** 2002 * 2001 * (Decr.)*
8,255 8,129 2 % TURNOVER 30,621 32,356 32,472 - %
3,008 3,051 (1)% Europe 12,345 12,253 12,577 (3)%
2,005 2,112 (5)% North America 7,893 8,214 8,633 (5)%
624 556 12 % Africa, Middle East & Turkey 2,025 2,335 2,149 9 %
1,360 1,295 5 % Asia and Pacific 4,939 5,126 5,005 2 %
1,258 1,115 13 % Latin America 3,419 4,428 4,108 8 %
OPERATING PROFIT
1,117 1,175 (5)% before exceptional items and amortisation of 4,559 4,814 4,521 6 %
goodwill and intangibles
391 407 (4)% Europe 1,888 1,870 1,846 1 %
334 362 (8)% North America 1,273 1,325 1,227 8 %
52 59 (13)% Africa, Middle East and Turkey 222 265 236 12 %
179 194 (8)% Asia and Pacific 700 725 670 8 %
161 153 5 % Latin America 476 629 542 16 %
OPERATING MARGIN
13.5 % 14.5 % before exceptional items and amortisation 14.9 % 14.9 % 13.9 %
of goodwill and intangibles
13.0 % 13.4 % Europe 15.3 % 15.3 % 14.7 %
16.7 % 17.2 % North America 16.1 % 16.1 % 14.2 %
8.3 % 10.6 % Africa, Middle East and Turkey 11.0 % 11.3 % 11.0 %
13.2 % 15.0 % Asia and Pacific 14.2 % 14.1 % 13.4 %
12.8 % 13.7 % Latin America 13.9 % 14.2 % 13.2 %
* at constant 2001 annual average exchange rates
** at exchange rates current in the year
OPERATIONAL ANALYSIS (unaudited)
Fourth Quarter £ Millions Full Year
% Incr./ % Incr./
2002 * 2001 * (Decr.)* 2002 ** 2002 * 2001 * (Decr.)*
8,255 8,129 2 % TURNOVER 30,621 32,356 32,472 - %
4,472 4,370 2 % Foods 17,201 17,867 17,911 - %
1,763 1,664 6 % Savoury and Dressings 5,968 6,306 6,220 1 %
1,097 1,163 (6)% Spreads and Cooking Products 3,904 4,027 4,211 (4)%
693 665 4 % Health & Wellness and Beverages 2,647 2,778 2,674 4 %
919 878 5 % Ice Cream and Frozen Foods 4,682 4,756 4,806 (1)%
1,412 1,623 (13)% Home Care and Professional Cleaning 5,388 5,869 6,510 (10)%
2,246 2,021 11 % Personal Care 7,689 8,256 7,657 8 %
125 115 9 % Other Operations 343 364 394 (7)%
OPERATING PROFIT
1,117 1,175 (5)% before exceptional items and amortisation 4,559 4,814 4,521 6 %
of goodwill and intangibles
658 677 (3)% Foods 2,537 2,636 2,575 2 %
357 334 7 % Savoury and Dressings 967 1,031 1,048 (2)%
193 243 (20)% Spreads and Cooking Products 632 640 675 (5)%
118 111 6 % Health & Wellness and Beverages 386 407 356 14 %
(10) (11) (3)% Ice Cream and Frozen Foods 552 558 496 12 %
103 116 (12)% Home Care and Professional Cleaning 599 639 551 16 %
340 379 (10)% Personal Care 1,396 1,511 1,380 10 %
16 3 412 % Other Operations 27 28 15 88 %
OPERATING MARGIN
13.5 % 14.5 % before exceptional items and amortisation 14.9 % 14.9 % 13.9 %
of goodwill and intangibles
14.7 % 15.5 % Foods 14.8 % 14.8 % 14.4 %
20.2 % 20.1 % Savoury and Dressings 16.2 % 16.4 % 16.9 %
17.7 % 20.8 % Spreads and Cooking Products 16.2 % 15.9 % 16.0 %
17.0 % 16.7 % Health & Wellness and Beverages 14.6 % 14.7 % 13.3 %
(1.1)% (1.2)% Ice Cream and Frozen Foods 11.8 % 11.7 % 10.3 %
7.3 % 7.2 % Home Care and Professional Cleaning 11.1 % 10.9 % 8.5 %
15.2 % 18.8 % Personal Care 18.2 % 18.3 % 18.0 %
12.5 % 2.7 % Other Operations 7.8 % 7.7 % 3.8 %
* at constant 2001 annual average exchange rates
** at exchange rates current in the year
Earnings per share in Sterling for the year
Constant rates Current rates
2002 2001 2002 2001
Thousands of units
Average number of combined share units of 1.4p 6,511,620 6,552,302 6,511,620 6,552,302
COMBINED EPS
Net profit 1,379 1,143 1,337 1,143
Less: Preference dividends (26) (32) (27) (32)
Net profit attributable to ordinary capital 1,353 1,111 1,310 1,111
Combined EPS per 1.4p 20.77p 16.96p 20.13p 16.96p
COMBINED EPS - BEIA
Net profit 1,379 1,143 1,337 1,143
Add back exceptional items net of tax 438 208 416 208
Add back amortisation of goodwill / intangibles net of tax 818 853 763 853
Net profit beia 2,635 2,204 2,516 2,204
Less: Preference dividends (26) (32) (27) (32)
Net profit attributable to ordinary capital - beia 2,609 2,172 2,489 2,172
Combined EPS beia per 1.4p 40.06p 33.15p 38.22p 33.15p
COMBINED EPS - Diluted
Thousands of units
Adjusted average combined share units of 1.4p 6,710,844 6,733,393 6,710,844 6,733,393
Net profit attributable to ordinary capital 1,353 1,111 1,310 1,111
Combined diluted EPS per 1.4p 20.16p 16.51p 19.53p 16.51p
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