Interim Results

Unilever PLC Unilever NV 3 August 2001 UNILEVER SECOND QUARTER AND HALF YEAR RESULTS 2001 (Unaudited) We are meeting the milestones set by our Path to Growth strategy with continuing momentum in the growth of the leading brands and a further expansion of operating margin. FINANCIAL HIGHLIGHTS Constant exchange rates (2000 average) Second Quarter 2001 Euro Millions Half Year 2001 13,694 +15% Total Turnover * 26,433 +17 % 1,791 +35% Total Operating profit * - beia ** 3,372 +35 % 1,514 +54% Pre-tax profit 2,142 +7 % 900 +52% Net profit 1,154 (7)% 841 +8% Net profit - beia ** 1,543 +2 % Per NV share (Fl. 1.12), Euro 0.90 +53% Earnings per share (EPS) 1.15 (7)% 0.84 +8% EPS (beia) ** 1.54 +2 % Per PLC share (1.4p), Euro cent 13.53 +53% EPS 17.19 (7)% 12.64 +8% EPS (beia) ** 23.12 +2 % * Includes our share of Joint Ventures ** before exceptional items and amortisation of goodwill and intangibles When expressed in current rates of exchange, earnings per share (beia) were up 7% for the quarter and 1% for the half year. Earnings per share rose by 48% in the quarter but declined by 10% for the half year. KEY FEATURES FOR THE QUARTER AND THE HALF YEAR Sales growth of the leading brands reached 4.8% for the last twelve months, excluding acquisitions, with 5.1% in the quarter. * Operating profit (beia), boosted by acquisitions, was ahead by Euro464 million in the quarter and operating margin (beia) rose by 200 basis points in the quarter to 13.1% and by 170 basis points to 12.8% for the half year. * Savings from restructuring, global buying and Bestfoods integration are fully on track. * EPS (beia) advanced by 8% in the quarter and by 2% for the half year. * Cashflow from operations was Euro3.2 billion for the half year, which was further boosted by Euro1.3 billion from disposals. * Profit before tax and EPS includes a profit on the sale of businesses partly offset by planned restructuring costs. CHAIRMEN'S COMMENT & OUTLOOK 'Our business continues to perform soundly. In Home and Personal Care we have seen broad based and sustained growth of both sales and operating margin. In Foods the integration of our acquisitions is proceeding to plan and we already see the benefit of synergy and portfolio change in the margin structure. Delivery of the cost synergy from the Bestfoods integration is fully on track. As to be expected, the focus on fast integration in Foods has restrained the growth of certain Bestfoods brands in the short term. Following the Bestfoods acquisition we have completed the planned review of our brand portfolio. Combining our existing brands with recent acquisitions, including Bestfoods, Slim*Fast, Amora Maille and Ben & Jerry's, we have a larger, more powerful portfolio of leading brands. Economies are slowing in many regions. However our work on portfolio focus and restructuring strengthens our capacity to cope with difficult conditions. Looking forward to the full year we confirm the guidance previously given for EPS (beia) growth in low double digits, and continuing progress for the leading brands.' N W A FitzGerald A Burgmans Chairman, Unilever PLC Chairman, Unilever N.V. 3rd August, 2001 ------------------------------------------------------------------------------ SECOND QUARTER AND HALF YEAR FINANCIAL RESULTS (at constant rates of exchange) Operating profit, before exceptional items and amortisation of goodwill and intangibles (beia), increased by 35% for the quarter and for the half year. Operating margin (beia) was 13.1% in the quarter, an increase of 200 basis points, and was 12.8% for the half year, an increase of 170 basis points. Exceptional items for the quarter were positive by Euro484 million after a pre tax profit of Euro813 million arising from the sale of the brands to secure regulatory approval of our acquisition of Bestfoods. Exceptional items in the quarter relating to the Path to Growth programme and Bestfoods integration were Euro329 million negative, giving a total cost for the half year of Euro 485 million. Associated costs were Euro114 million in the quarter and Euro184 million in the half year. Amortisation of goodwill and intangibles was Euro350 million in the quarter with Euro296 million related to the acquisition of Bestfoods. For the half year these were Euro713 million and Euro593 million respectively. Net interest was Euro409 million for the quarter, an increase of Euro354 million over last year reflecting the increased level of borrowings to fund acquisitions, partly offset by cash flow from operations and the proceeds of our disposal programme. The effective tax rate for the quarter was 35%. This is lower than the rate from the first quarter because the increase arising from the non-deductibility of Bestfoods goodwill amortisation has been offset by the lower tax rate on the sale of brands. The underlying tax rate for normal trading operations is 34%. Minority interests reflect higher net profit primarily in India in both the quarter and half year. Net profit for the quarter rose by Euro306 million, or by 52%, with the profit on the sale of businesses partly offset by planned restructuring charges. In the half year net profit fell by 7% reflecting restructuring costs, amortisation of goodwill and interest payable relating to the acquisitions completed last year. Earnings per share (beia) rose by 8% in the quarter and by 2% for the half year. Earnings per share rose by 53% in the quarter but fell by 7% in the half year reflecting the movements described earlier. ------------------------------------------------------------------------------ SECOND QUARTER PERFORMANCE BY REGION (at constant rates of exchange) The following commentary is based on operating profit before exceptional items and amortisation of goodwill and intangibles. EUROPE: Margin progress reflects benefits from Path to Growth Sales were ahead by 6% including the net effect of acquisitions, principally Amora Maille and Bestfoods, and the disposals of European Bakery and Elizabeth Arden. Underlying sales growth was 1% which reflected 4% growth across Home and Personal Care and our Foods portfolio offset by lower sales in Ice Cream. In Western Europe Foods underlying sales growth was driven by Spreads and Cooking products which achieved 6% through the success of the pro*activ launch, the extension of new spreads including Bertolli, the launch of Culinesse - a novel cooking margarine and good growth in Olive Oil. Frozen Foods grew 2.5% through the roll out of 4 Salti in Padella, our high quality ready meals. The growth of SlimFast was excellent with sales more than doubling compared to last year following a successful launch in the UK. Ice Cream results were disappointing with sales down by 9%. This is partly due to poor weather, which also affected ready-to- drink tea, and shedding of tail brands. We are investing heavily in out of home segments such as artisanal and scooping under the Carte d'Or brand. Cornetto soft ice is also growing fast. Sales growth in the Laundry category was 3.5%, driven by innovation in convenient and easy-to-use laundry capsules, share gains in tablets and new products to make ironing easier. In our Household Care business sales growth of over 6% has been achieved through Domestos Oxygel and easy-to-use wipes in both Domestos and Cif. Personal Care sales growth of 4% has come from the continued extension of Dove, and the 12% growth in Oral Care due to strong sales of electric toothbrushes and chewing gum. In Central and Eastern Europe sales grew by 8% with excellent progress in Spreads, Tea and across all Personal Care categories. Operating margin for the quarter is ahead by 130 basis points reflecting a strong turnaround in Central and Eastern Europe, the benefits of restructuring and global buying and the contribution from portfolio changes and improved mix. NORTH AMERICA: Solid sales growth in Home and Personal Care supplemented by acquisitions in Foods. Operating margin moves well up. Sales grew by 26%. Underlying sales growth was just over 3%. In Home and Personal Care we saw good underlying sales growth of 4%. Strong growth was recorded across our key personal care categories. In Skincare growth of 6% has been driven by the further expansion of the Dove franchise, a strong performance of the Suave range, and Lever 2000 anti-bacterial wipes. In Hair, sales growth of 17% is driven by the strong performance of Suave and Thermasilk, the latter following its relaunch in the first quarter. In Laundry, previously announced pricing actions were retained despite pricing rollback actions taken by our major competitor. As a result, we traded off some volume to protect profitability. In Foods, sales grew 3% in both Ice Cream and Culinary products. Tea sales fell because of negative pricing action in response to competitors. Slim Fast continued its rapid growth with sales up by over 20%. Operating margin has moved ahead by 300 basis points, reflecting restructuring, portfolio change and improved mix. AFRICA, MIDDLE EAST AND TURKEY: Good sales growth across the region. Sales grew by 13%. Underlying sales growth was over 7% with three percentage points coming from price, half of which was derived from Turkey. Sales have been strong across all key categories. Operating margins are 150 basis points higher due to the benefits of restructuring, portfolio change and improved mix. ASIA AND PACIFIC: Continuing delivery of strong sales, and profit growth, despite weaker economies. Asia and Pacific has continued to perform strongly. Underlying sales growth is 7%. In East Asia Pacific, with a slowdown in some key economies, we continued to see strong sales growth. In Japan the growth was driven by Ready to Drink tea following the formation of the alliance with Suntory and by both Lux Super Rich and mods in Hair. In South East Asia we had broad based growth particularly in Skin Care across the region and Surf in Indonesia. In India underlying sales grew by 3.5% with high single digit growth in Home and Personal Care being partly offset by a decline in Foods which was due to lower sales of Tea. The key drivers for growth in Home and Personal Care were hair, laundry, skin care following the re-launch of Fair & Lovely and the continued success of Vim in household care. In Tea the lower sales reflect a decline in tail brands as we focus our brand portfolio and strong price competition from local operators, however, profitability has improved significantly reflecting a major restructuring of the business. Operating margin is 320 basis points up on last year primarily through operational leverage. LATIN AMERICA: Good underlying sales growth in difficult economic conditions. Sales in the quarter have moved ahead by 38% including acquisitions. Underlying sales growth was over 5% coming equally from volume and price. Laundry sales were particularly strong and Deodorants and Hair also grew strongly. Sedal shampoo in Mexico continues to make excellent progress. In Foods we had good underlying growth across all categories, recovering from a weak quarter last year. Sales are further boosted by acquisition, strengthening both portfolio and distribution. Ice cream sales were up 13%, with particularly strong growth in Mexico. Operating margins have moved ahead by 160 basis points reflecting the benefits of price recovery, our cost effectiveness programmes, and portfolio change. CASH FLOW / BALANCE SHEET ------------------------------------------------------------------------------ Cash flow from operations for the half year of Euro3.2 billion was Euro0.3 billion above the corresponding period last year. This was driven by strong underlying earnings and the contribution from acquisitions partly offset by higher seasonal working capital outflows in Foods. Returns on investment and servicing of finance reflect higher interest costs as a result of the funding of acquisitions. Capital expenditure and financial investments are higher and include larger purchases of own shares to cover the broadening of the share option scheme in support of the development of an enterprise culture. Net proceeds from disposals include Euro0.2 billion from the sale of Elizabeth Arden and Euro1.0 billion for the sale of brands to Campbells. Net debt has increased by Euro1.1 billion since 31st December reflecting a large currency retranslation of primarily dollar denominated debt of Euro1.4 billion offset by cash generation and other non-cash movements. Goodwill and intangibles have increased by Euro0.6 billion comprising a currency retranslation gain of Euro1.3 billion less amortisation for the half year of Euro0.7 billion. Capital and reserves increased by Euro0.2 billion. Net profit of Euro1.1 billion is reduced by a negative currency retranslation of Euro0.5 billion and by purchases of own shares of Euro0.4 billion. 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 2000. This reporting convention facilitates comparisons since the impact of exchange rate fluctuations is eliminated. Second Quarter Euro Millions - constant Half Year 2001 2000 % 2001 2000 % Incr Incr./ / (Decr.) (Decr.) 13,694 11,922 15 % TOTAL TURNOVER 26,433 22,512 17 % (173) (98) Less: Share of turnover (329) (169) of joint ventures 13,521 11,824 14 % GROUP TURNOVER 26,104 22,343 17 % 1,907 1,027 86 % GROUP OPERATING PROFIT 2,952 2,065 43 % 1,764 1,317 34 % Group operating profit beia * 3,319 2,482 34 % 484 (277) Exceptional items 328 (395) (341) (13) Amortisation of goodwill (695) (22) and intangibles 18 10 Add: Share of operating 35 22 profit of joint ventures 1,925 1,037 85 % TOTAL OPERATING PROFIT 2,987 2,087 43 % 1,791 1,327 35 % Operating Profit beia * 3,372 2,504 35 % 484 (277) Exceptional items 328 (395) (350) (13) Amortisation of goodwill (713) (22) and intangibles (2) 1 Other income from fixed 4 2 investments (409) (55) Interest (849) (90) 1,514 983 54 % PROFIT BEFORE TAXATION 2,142 1,999 7 % (533) (343) Taxation (853) (666) 981 640 53 % PROFIT AFTER TAXATION 1,289 1,333 (3)% (81) (46) Minority Interests (135) (90) 900 594 52 % NET PROFIT AT CONSTANT 1,154 1,243 (7)% 2000 EXCHANGE RATES 841 782 8 % Net Profit before exceptional 1,543 1,515 2 % items & amortisation of goodwill and intangibles (Constant rates) 871 592 47 % NET PROFIT AT EXCHANGE RATES 1,115 1,235 (10)% CURRENT IN EACH PERIOD 829 779 6 % Net Profit before exceptional 1,513 1,502 1 % items & amortisation of goodwill and intangibles (Current rates) COMBINED EARNINGS PER SHARE (Current rates) 0.88 0.59 48 % - per Fl. 1.12 ordinary 1.11 1.23 (10)% share (Euros) 0.85 0.58 48 % - per Fl. 1.12 ordinary 1.08 1.20 (10)% share - diluted (Euros) 13.10 8.83 48 % - per 1.4p ordinary share 16.61 18.41 (10)% (Euro cents) 12.74 8.62 48 % - per 1.4p ordinary share 16.16 17.96 (10)% - diluted (Euro cents) * beia means before exceptional items and amortisation of goodwill and intangibles. STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited) Euro Millions Half Year 2001 2000 Net profit 1,115 1,235 Currency retranslation (537) 63 Total recognised gains / (losses) since last annual accounts 578 1,298 SUMMARY BALANCE SHEET (unaudited) Euro Millions As at 30th As at 31st As at 1st June December July 2001 2000 2000 Goodwill and intangibles 27,027 26,467 4,138 Acquired businesses held for 1,820 1,666 - resale Fixed assets 10,998 10,996 9,282 Stocks 6,040 5,421 5,034 Debtors 10,734 9,817 9,216 Cash and current investments 3,492 3,273 6,064 Trade & other creditors (12,913) (12,708) (10,260) 47,198 44,932 23,474 Borrowings 31,084 29,741 8,854 Provisions for liabilities and 7,068 6,404 5,178 charges Minority interests 656 618 606 Capital and reserves 8,390 8,169 8,836 47,198 44,932 23,474 CASH FLOW STATEMENT (unaudited) Euro Millions Half Year 2001 2000 Cash flow from operating activities 3,226 2914 Dividends from joint ventures 15 5 Returns on investments and servicing of finance (1,036) (266) Taxation (638) (698) Capital expenditure and financial investment (948) (692) Acquisitions and disposals 1,277 (3,739) Dividends paid on ordinary share capital (926) (888) CASH INFLOW / (OUTFLOW) BEFORE MANAGEMENT OF LIQUID RESOURCES 970 (3,364) AND FINANCING Management of liquid resources (443) 132 Financing (591) 4,592 INCREASE / (DECREASE) IN CASH IN THE PERIOD (64) 1,360 RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET FUNDS/(DEBT) NET FUNDS / (DEBT) AT 1 JANUARY (26,468) 684 INCREASE / (DECREASE) IN CASH IN THE PERIOD (64) 1,360 Cash flow from (increase)/decrease in borrowings 581 (4,601) Cash flow from increase/(decrease) in liquid resources 443 (132) Change in net funds / (debt) resulting from cash flows 960 (3,373) Borrowings within group companies acquired - (90) Borrowings within group companies sold 1 - Liquid resources within group companies acquired - 8 Liquid resources within group companies sold - - Non cash movements (695) 199 Currency retranslation (1,390) (218) MOVEMENT IN NET FUNDS / (DEBT) IN THE PERIOD (1,124) (3,474) NET FUNDS / (DEBT) AT HALF YEAR (27,592) (2,790) GEOGRAPHICAL ANALYSIS (CONSTANT) Second Quarter Euro Millions Half Year % Incr./ % Incr./ 2001 2000 (Decr.) 2001 2000 (Decr.) 13,694 11,922 15 % TOTAL TURNOVER 26,433 22,512 17 % 5,306 4,993 Europe 10,097 9,212 3,506 2,788 26 % North America 6,772 5,278 28 % 985 873 13 % Africa, Middle East and Turkey 1,840 1,630 2,161 2,008 8 % Asia and Pacific 4,223 3,920 8 % 1,736 1,260 Latin America 3,501 2,472 1,791 1,327 35 % TOTAL OPERATING PROFIT - before 3,372 2,504 35 % exceptional items and amortisation of goodwill and intangibles 801 690 16 % Europe 1,408 1,195 18 % 453 276 64 % North America 814 502 62 % 110 85 Africa, Middle East and Turkey 194 138 40 % 252 168 49 % Asia and Pacific 535 431 24 % 175 108 Latin America 421 238 78 % 13.1% 11.1% TOTAL OPERATING MARGIN - before 12.8% 11.1% exceptional items and amortisation of goodwill and intangibles 15.1% 13.8% Europe 13.9% 13.0% 12.9% 9.9% North America 12.0% 9.5% 11.2% 9.7% Africa, Middle East and Turkey 10.5% 8.5% 11.6% 8.4% Asia and Pacific 12.7% 11.0% 10.1% 8.5% Latin America 12.0% 9.6% OPERATIONAL ANALYSIS (CONSTANT) Second Quarter Euro Millions Half Year % Incr./ % Incr./ 2001 2000 (Decr.) 2001 2000 (Decr.) 13,694 11,922 15 % TOTAL TURNOVER 26,433 22,512 17 % 7,644 6,084 26 % Foods 14,606 11,115 31 % 2,163 1,859 16 % Oil and dairy based foods 4,291 3,598 19 % and bakery 2,468 2,497 Ice cream and beverages 4,135 4,064 3,013 1,728 74 % Culinary and frozen products 6,180 3,453 79 % 2,739 2,577 6 % Home Care and Professional 5,421 5,030 Cleaning 3,151 3,039 4 % Personal Care 6,097 5,941 3 % 160 222 Other Operations 309 426 1,791 1,327 35 % TOTAL OPERATING PROFIT 3,372 2,504 35 % - before exceptional items and amortisation of goodwill and intangibles 1,105 804 37 % Foods 1,900 1,237 297 236 25 % Oil and dairy based foods 592 446 32 % and bakery 349 371 Ice cream and beverages 440 445 % 459 197 133 % Culinary and frozen products 868 346 152 % 188 176 7 % Home Care and Professional 436 425 Cleaning 478 345 Personal Care 1,006 835 21 % 20 2 - % Other Operations 30 7 13.1% 11.1% TOTAL OPERATING MARGIN 12.8 % 11.1 % - before exceptional items and amortisation of goodwill and intangibles 14.5% Foods 13.0 % 13.7% Oil and dairy based foods 13.8 % and bakery 14.2% Ice cream and beverages 10.7 % 15.2% Culinary and frozen products 14.0 % 6.9% Home Care and Professional 8.0 % Cleaning 15.2% Personal Care 16.5 % 12.1% Other Operations 9.6 % NOTES Exchange Rates The results for 2001 and the comparative figures for 2000 have been translated at constant average rates of exchange, being the annual average rates for 2000. For our reporting currencies these were Euro1 = £0.61 = US $0.92. 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: Second Quarter Half Year 2001 Euro1 = £0.61 = US $0.89 Euro1 = £0.62 = US $0.90 2000 Euro1 = £0.61 = US $0.93 Euro1 = £0.61 = US $0.96 The balance sheet figures have been translated at period-end rates of exchange. For our reporting currencies these were Euro1 = £0.60 = US $0.85 at the half year (31 December 2000: Euro1 = £0.62 = US $0.93). Current Rates of Exchange For the half year in current rates of exchange: Total turnover is Euro26,028 million (18% increase); Operating profit beia is Euro3,314 million (34% increase); Operating profit is Euro2,915 million (41% increase); Interest is a charge of Euro846 million (compared with a charge of Euro82 million last year); Pre-tax profit is Euro2,074 million (4% increase); Net profit is Euro 1,115 million (10% decrease); Net profit beia is Euro1,513 million (1% increase); Earnings per share beia is Euro1.51 per NV share (1% increase); Earnings per share is Euro1.11 per NV share (10% decrease). Acquisitions In the first half year 2001 the effect on turnover and operating profit of acquisitions made in the period was not material. Disposals Following the approval of the European Commission, the sale of several of our European dry soups and sauces businesses was completed on 4th May to the Campbell Soup Company for a debt free price of Euro1 billion. The agreement to sell these businesses, as a result of undertakings given to the European Commission in connection with Unilever's acquisition of Bestfoods last year, was announced on 29th January. Annual sales of these businesses totalled approximately Euro435 million. On 31st May, we announced plans to sell a number of North American food brands and related assets from the Bestfoods portfolio, primarily cooking oil products, corn starches, commodity oils and syrups. Also included in the sale are the Rit dye and Niagara starch fabric care brands. In total these brands had combined annual sales approaching US $400 million in 2000. On 19th June, we announced plans to sell Unipath Limited, our women's health diagnostics subsidiary as we continue to focus resource behind selected consumer brands in our 'Path to Growth' strategy. On 27th June we announced plans to sell two of our edible oil refineries in the Netherlands and Germany. These businesses together have annual third party sales of Euro170 million. On 31st July we announced the completion of the sale of the Bestfoods Bakery Company to George Weston Limited for US $1.77 billion. Acquired businesses held for resale A number of Bestfoods businesses are expected to be sold within a year from their purchase. The assets and liabilities of those businesses, after adjustment to their estimated net proceeds of sale, have been included within 'Acquired businesses held for resale'. The results of these businesses for the period are not included in the Profit & Loss Account. Reporting of total turnover and total operating profit The term 'Total' means Group (turnover and operating profit) plus our share of the joint ventures (turnover and operating profit) net of our share of any sales to the joint ventures already included in the Group figures. 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 period, 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. 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 Constant rates Current rates 2001 2000 2001 2000 Thousands of units Average number of combined 984,039 990,565 984,039 990,565 share units of Fl.1.12 Average number of combined 6,560,258 6,603,765 6,560,258 6,603,765 share units of 1.4p COMBINED EPS Net profit 1,154 1,243 1,115 1,235 Less: Preference dividends 26 19 26 19 Net profit attributable to 1,128 1,224 1,089 1,216 ordinary capital Combined EPS per Fl. 1.12 (Euros) 1.15 1.24 1.11 1.23 Combined EPS per 1.4p (Euro cents) 17.19 18.53 16.61 18.41 COMBINED EPS - BEIA Net profit 1,154 1,243 1,115 1,235 Add back exceptional items net of tax (297) 253 (285) 249 Add back amortisation of goodwill 689 19 686 18 / intangibles net of tax Add back exceptional items in minority (3) - (3) - interests net of tax Net profit beia 1,543 1,515 1,513 1,502 Less: Preference dividends 26 19 26 19 Net profit attributable to 1,517 1,496 1,487 1,483 ordinary capital - beia Combined EPS beia per Fl. 1.12 (Euros) 1.54 1.51 1.51 1.50 Combined EPS beia per 1.4p (Euro cents) 23.12 22.65 22.66 22.45 COMBINED EPS - Diluted Thousands of units Adjusted average combined share units of Fl.1.12 1,011,220 1,015,621 1,011,220 1,015,621 Adjusted average combined share units of 1.4p 6,741,465 6,770,805 6,741,465 6,770,805 Net profit attributable to ordinary capital 1,128 1,224 1,089 1,216 Combined diluted EPS per Fl. 1.12 (Euros) 1.12 1.20 1.08 1.20 Combined diluted EPS per 1.4p (Euro cents) 16.73 18.07 16.16 17.96 Dates The results for the third quarter and announcement of interim dividends will be published on Friday 2 November, 2001. Salient figures for the above results will be published in the Financial Times and Daily Telegraph on 4 August 2001. 3 August 2001 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 2000. This reporting convention facilitates comparisons since the impact of exchange rate fluctuations is eliminated. Second Quarter £ Millions - constant Half Year 2001 2000 %Incr./ 2001 2000 %Incr/ (Decr.) (Decr.) 8,336 7,257 15 % TOTAL TURNOVER 16,090 13,703 17 % (105) (60) Less: Share of turnover (200) (103) 8,231 7,197 14 % GROUP TURNOVER 15,890 13,600 17 % 1,160 626 86 % GROUP OPERATING PROFIT 1,796 1,257 43 % 1,074 801 34 % Group operating profit beia * 2,020 1,510 34 % 294 (167) Exceptional items 199 (239) (208) (8) Amortisation of goodwill (423) (14) and intangibles 10 6 Add: Share of operating 21 14 profit of joint ventures 1,170 632 85 % TOTAL OPERATING PROFIT 1,817 1,271 43 % 1,090 807 35 % Operating Profit BEIA * 2,053 1,524 35 % 294 (167) Exceptional items 199 (239) (214) (8) Amortisation of goodwill (435) (14) and intangibles - 1 Other income from 3 1 fixed investments (249) (34) Interest (517) (55) 921 599 54 % PROFIT BEFORE TAXATION 1,303 1,217 7 % (324) (209) Taxation (519) (405) 597 390 53 % PROFIT AFTER TAXATION 784 812 (3)% (49) (28) Minority Interests (82) (55) 548 362 52 % NET PROFIT AT CONSTANT 702 757 (7)% 2000 EXCHANGE RATES 512 475 8 % Net Profit before 939 921 2 % exceptional items & amortisation of goodwill and intangibles (Constant rates) 541 362 49 % NET PROFIT AT EXCHANGE RATES 695 756 (8)% CURRENT IN EACH PERIOD 510 476 7 % Net Profit before exceptional 942 919 3 % items & amortisation of goodwill and intangibles (Current rates) COMBINED EARNINGS PER SHARE **(Current rates) 8.12p 5.39p 50 % - per 1.4p ordinary share 10.34p 11.26p (8)% (Euro cents) 7.91p 5.26p 50 % - per 1.4p ordinary share - 10.07p 10.99p (8)% diluted (Euro cents) * beia means before exceptional items and amortisation of goodwill and intangibles. STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited) £ Millions Half Year 2001 2000 Net profit 695 756 Currency retranslation (486) 140 Total recognised gains / (losses) since last annual accounts 209 896 SUMMARY BALANCE SHEET (unaudited) £ Millions As at 30th As at 31st As at 1st June December July 2001 2000 2000 Goodwill and intangibles 16,335 16,508 2,620 Acquired businesses held for 1,100 1,039 - resale Fixed assets 6,647 6,858 5,875 Stocks 3,651 3,381 3,187 Debtors 6,488 6,123 5,834 Cash and current investments 2,111 2,042 3,838 Trade & other creditors (7,806) (7,926) (6,495) 28,526 28,025 14,859 Borrowings 18,787 18,549 5,604 Provisions for liabilities and 4,272 3,995 3,278 charges Minority interests 396 386 384 Capital and reserves 5,071 5,095 5,593 28,526 28,025 14,859 CASH FLOW STATEMENT (unaudited) £ Millions Half Year 2001 2000 Cash flow from operating activities 2,010 1,784 Dividends from joint ventures 9 3 Returns on investments and servicing of finance (645) (162) Taxation (397) (427) Capital expenditure and financial investment (591) (423) Acquisitions and disposals 796 (2,287) Dividends paid on ordinary share capital (577) (543) CASH INFLOW / (OUTFLOW) BEFORE MANAGEMENT OF LIQUID RESOURCES AND 605 (2,055) FINANCING Management of liquid resources (276) 81 Financing (366) 2,808 INCREASE / (DECREASE) IN CASH IN THE PERIOD (37) 834 RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET FUNDS/(DEBT) NET FUNDS / (DEBT AT 1 JANUARY (16,507) 425 INCREASE / (DECREASE) IN CASH IN THE PERIOD (37) 834 Cash flow from (increase)/decrease in borrowings 360 (2,814) Cash flow from increase/(decrease) in liquid resources 276 (81) Change in net funds / (debt) resulting from cash flows 599 (2,061) Borrowings within group companies acquired - (55) Borrowings within group companies sold 1 - Liquid resources within group companies acquired - 5 Liquid resources within group companies sold - - Non cash movements (433) 122 Currency retranslation (336) (202) MOVEMENT IN NET FUNDS / (DEBT) IN THE PERIOD (169) (2,191) NET FUNDS / (DEBT) AT HALF YEAR (16,676) (1,766) GEOGRAPHICAL ANALYSIS (CONSTANT) Second Quarter £ Millions Half Year % Incr./ % Incr./ 2001 2000 (Decr.) 2001 2000 (Decr.) 8,336 7,257 15 % TOTAL TURNOVER 16,090 13,703 17 % 3,230 3,039 Europe 6,146 5,607 2,134 1,697 26 % North America 4,122 3,213 28 % 599 531 13 % Africa, Middle East and Turkey 1,120 992 1,316 1,223 8 % Asia and Pacific 2,571 2,387 8 % 1,057 767 Latin America 2,131 1,504 1,090 807 35 % TOTAL OPERATING PROFIT 2,053 1,524 35 % - before exceptional items and amortisation of goodwill and intangibles 487 421 16 % Europe 857 728 18 % 276 167 64 % North America 496 305 62 % 67 51 Africa, Middle East and Turkey 118 84 40 % 152 102 49 % Asia and Pacific 325 262 24 % 108 66 Latin America 257 145 78 % 13.1% 11.1% TOTAL OPERATING MARGIN 12.8% 11.1% - before exceptional items and amortisation of goodwill and intangibles 15.1% 13.8% Europe 13.9% 13.0% 12.9% 9.9% North America 12.0% 9.5% 11.2% 9.7% Africa, Middle East and Turkey 10.5% 8.5% 11.6% 8.4% Asia and Pacific 12.7% 11.0% 10.1% 8.5% Latin America 12.0% 9.6% OPERATIONAL ANALYSIS (CONSTANT) Second Quarter £ Millions Half Year % Incr./ % Incr./ 2001 2000 (Decr.) 2001 2000 (Decr.) 8,336 7,257 15 % TOTAL TURNOVER 16,090 13,703 17 % 4,653 3,703 26 % Foods 8,891 6,766 31 % 1,316 1,132 16 % Oil and dairy based 2,612 2,190 19 % foods and bakery 1,503 1,519 Ice cream and beverages 2,517 2,474 1,834 1,052 74 % Culinary and frozen products 3,762 2,102 79 % 1,668 1,569 6 % Home Care and Professional 3,300 3,062 Cleaning 1,918 1,850 4 % Personal Care 3,711 3,616 3 % 97 135 Other Operations 188 259 1,090 807 35 % TOTAL OPERATING PROFIT 2,053 1,524 35 % - before exceptional items and amortisation of goodwill and intangibles 673 490 37 % Foods 1,157 754 181 144 25 % Oil and dairy based foods 361 273 32 % and bakery 213 226 Ice cream and beverages 268 271 % 279 120 133 % Culinary and frozen products 528 210 152 % 114 107 7 % Home Care and Professional 265 259 Cleaning 291 210 Personal Care 613 508 21 % 12 - - % Other Operations 18 3 427 % 13.1% 11.1% TOTAL OPERATING MARGIN - before 12.8% 11.1% exceptional items and amortisation of goodwill and intangibles 14.5% Foods 13.0% 13.7% Oil and dairy based foods 13.8% and bakery 14.2% Ice cream and beverages 10.7% 15.2% Culinary and frozen products 14.0% 6.9% Home Care and Professional 8.0% Cleaning 15.2% Personal Care 16.5% 12.1% Other Operations 9.6% Earnings per share in Sterling Constant rates Current rates 2001 2000 2001 2000 Thousands of units Average number of combined share units of 1.4p 6,560,258 6,603,765 6,560,258 6,603,765 COMBINED EPS Net profit 702 757 695 756 Less: Preference dividends 16 12 16 12 Net profit attributable to ordinary capital 686 745 679 744 Combined EPS per 1.4p 10.46p 11.28p 10.34p 11.26p COMBINED EPS - BEIA Net profit 702 757 695 756 Add back exceptional items net of tax (180) 152 (178) 152 Add back amortisation of goodwill / intangibles 419 12 427 11 net of tax Add back exceptional items in minority (2) - (2) - interests net of tax Net profit beia 939 921 942 919 Less: Preference dividends 16 12 16 12 Net profit attributable to ordinary capital - beia 923 909 926 907 Combined EPS beia per 1.4p 14.07p 13.77p 14.12p 13.73p COMBINED EPS - Diluted Thousands of units Adjusted average combined share units of 1.4p 6,741,465 6,770,805 6,741,465 6,770,805 Net profit attributable to ordinary capital 686 745 679 744 Combined diluted EPS per 1.4p 10.18p 11.00p 10.07p 10.99p

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