Unilever 2004 Earnings Overview
Unilever 2004 Earnings Overview
Unilever Charts
1 Unilever Charts 2006
The following pages give figures for the years 1996-2006, expressed in graphical form.
Figures supporting the charts are given in euros, pounds sterling and US dollars.
Share information
NV – Euros 12
NV – US dollars 13
PLC – Pounds sterling 14
Notes
Graphs and tables are based on average current rates of exchange applicable in each year. Balance sheet information is translated at closing
rates for the relevant year.
From 1 January 2000, Unilever adopted the euro as its principal reporting currency. The sterling information for 2000 to 2005 and the US
dollar information for all years is given solely for the convenience of readers and does not form part of the full audited accounts of the
Unilever Group. The euro values for years prior to 2000 have been derived by converting values previously reported in guilders using the
official conversion rate of €1.00 = Fl. 2.20371.
Unilever adopted International Financial Reporting Standards (IFRS) with effect from 1 January 2005, with a transition date of 1 January
2004. These differ in certain respects from those generally accepted in the United States. Where relevant, information is provided for both
2004 figures as published in Unilever’s 2004 Annual Report and Accounts, and 2004 figures when restated onto an IFRS basis.
2 Turnover and underlying sales growth
85
75
50 000 65
55
45
35
40 000
25
15
95
20 000
85
96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS
75
04 05 06
65
Underlying sales growth
% 55
5 45
4 35
3 25
2 15
1 5
Underlying sales growth % 4.0 4.1 5.0 2.1 1.6 4.0 4.2 1.5 0.4 0.7 3.4 3.8
(1)
IFRS figures for 2004 to 2006 are presented on the basis of continuing operations as at 31 December 2006.
(2)
Home care segment includes professional cleaning from 1996 to 2002.
3 Operating profit
85
75
7 000
65
55
6 000 45
35
25
5 000 15
5
96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS
4 000 04 05 06
by product area
as % of operating profit
95
3 000
85
75
65
2 000
55
45
1 000 35
25
15
0 5
96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS 96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS
04 05 06 04 05 06
Europe 20 Foods
16
12 16
8 12
4
8
0
4
The Americas
16
0
12
20 Personal care
8
16
4
0 12
Asia Africa
16 8
12 4
8
0
4 20 Home care
0
16
Total
16
12
12
8
8
4 4
0
0
96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS 96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS
04 05 06 04 05 06
16
6 000
14
5 000
12
4 000
10
8
3 000
2 000
1 000
2
0 0
€ million
Operating profit 3 437 3 455 4 448 4 345 3 238 5 030 5 091 5 529 3 455 3 981 5 074 5 408
Profit before tax 3 154 6 995 4 603 4 341 2 602 3 438 4 053 4 538 2 839 3 453 4 516 4 831
Net profit 1 908 4 957 2 944 2 771 1 105 1 680 2 136 2 762 1 876 2 941 3 975 5 015
US $ million
Operating profit 4 493 3 924 4 938 4 629 2 981 4 503 4 785 6 225 4 277 4 930 6 311 6 783
Profit before tax 4 129 7 860 5 110 4 624 2 396 3 078 3 809 5 110 3 515 4 275 5 618 6 059
Net profit 2 498 5 561 3 268 2 952 1 017 1 504 2 009 3 109 2 323 3 641 4 945 6 289
£ million
Operating profit 2 891 2 398 2 980 2 863 1 970 3 129 3 196 3 822 2 343 2 701 3 469 3 687
Profit before tax 2 654 4 719 3 085 2 860 1 584 2 138 2 544 3 137 1 925 2 341 3 088 3 294
Net profit 1 605 3 331 1 973 1 825 673 1 045 1 341 1 909 1 272 1 994 2 718 3 419
6 Research and development, advertising and promotions, total shareholder return
6th 6th
2.5 7th
7
1.5
1.0 21
10
US $ million
Research and development 934 894 921 996 1 093 1 055 1 096 1 200 1 288 1 203 1 160 1 136
Advertising and promotions 5 891 5 939 5 760 5 693 6 027 5 952 6 429 6 833 7 062 5 404 6 118 6 525
£ million
Research and development 600 546 556 616 723 733 732 736 705 659 638 618
Advertising and promotions 3 786 3 628 3 476 3 521 3 984 4 135 4 295 4 195 3 868 2 960 3 363 3 547
7 Net funds/(debt) and financing ratios
Closing net funds/(debt) Property, plant and equipment and working capital ratios
million as % of turnover
10 000 30
25
5 000
20
15
0
10
5
-5 000
-15 000
25
20
-20 000
15
10
-25 000
-30 000 0
Closing net funds/(debt) is borrowings plus finance lease creditors less cash, cash equivalents and financial assets at 31 December in each year (at closing rates of exchange). The significant
(1)
movements in this measure reflect the sale of the speciality chemicals business in 1997 and the acquisition of Bestfoods in 2000.
Return on invested capital is profit after tax but excluding net interest on net debt and impairment of goodwill and indefinite-lived intangible assets both net of tax, divided by average invested
(2)
capital for the year. Invested capital is the sum of property, plant and equipment and other non-current investments, software and finite-lived intangible assets, working capital, goodwill and
indefinite-lived intangible assets at gross book value and cumulative goodwill written off directly to reserves under an earlier accounting policy.
8 Cash flow, acquisitions and disposals
8 000 20 000
15 000
6 000
4 000 2 000
1 500
2 000 1 000
500
0 0
96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS 96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS
04 05 06 04 05 06
6 000
8 000
5 000
6 000
4 000
3 000
4 000
2 000
2 000
1 000
0 0
Number of acquisition/disposals 50 42 44 50 47 34 38 61 47 47 25 26
(1)
ngeared free cash flow is defined as cash flow from group operating activities, less capital expenditure, less charges to operating profit for share-based compensation and pensions, and less tax
U
(adjusted to reflect an ungeared position and, in 2006, for the impact on profit of sales of frozen foods businesses), but before the financing of pensions.
9 Capital expenditure
2 500 85
75
2 000
65
55
1 500
45
1 000 35
25
500
15
0 5
96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS 96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS
04 05 06 04 05 06
Net capital expenditure Gross capital expenditure by product area
as % of turnover as % of total
3.5
95
3.0 85
2.5 75
65
2.0
55
1.5 45
1.0 35
25
0.5
15
0 5
96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS 96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS
04 05 06 04 05 06
8 000
300
6 000
4 000
250
2 000
0
200
96 97 98 99 00 01 02 03 04 IFRS IFRS IFRS
04 05 06
Turnover per employee
thousand
150 300
250
200
100
150
100
50
50
Staff costs
€ million 6 181 6 394 6 067 5 828 6 905 7 359 7 042 6 225 5 975 5 708 5 745 5 355
US $ million 8 091 7 255 6 736 6 208 6 367 6 589 6 620 7 009 7 397 7 067 7 147 6 715
£ million 5 200 4 436 4 065 3 839 4 203 4 577 4 422 4 303 4 052 3 870 3 928 3 651
Turnover per employee
€ thousand 131 150 152 162 184 187 189 179 178 164 181 210
US $ thousand 171 170 169 172 170 168 178 201 220 203 225 263
£ thousand 110 104 102 107 112 116 119 124 121 111 124 143
11 Distribution of shares and market capitalisation
95
90 000
85
80 000
75
70 000
65
60 000
55
50 000
45
40 000
35
30 000
25
20 000
15
10 000
5
0
96 97 98 99 00 01 02 03 04 05 06 96 97 98 99 00 01 02 03 04 05 06
96 97 98 99 00 01 02 03 04 05 06
Combined distribution of shares %
(estimated)
United Kingdom 43 41 41 40 33 32 31 30 30 27 31
Netherlands 22 18 19 26 21 18 27 25 20 17 15
United States 20 22 19 17 32 26 20 20 24 27 25
Switzerland 8 9 9 4 1 3 3 3 2 2 2
Other 7 10 12 13 13 21 19 22 24 27 27
Total 100 100 100 100 100 100 100 100 100 100 100
30
1.75
20
1.5
10
1.25
300
0.75
250
200
0.5
150
100
0.25
50
0 0
30
2
20
10
1.5
0
300
1
250
200
150
0.5
100
50
0 0
20
1.25 15
10
1 5
300
250
0.5
200
150
0.25
100
50
0 0
Unilever N.V.
Weena 455, PO Box 760
3000 DK Rotterdam
The Netherlands
T +31 (0)10 217 4000
F +31 (0)10 217 4798
Unilever PLC
PO Box 68, Unilever House
100 Victoria Embankment
London EC4P 4BQ
United Kingdom
T +44 (0)20 7822 5252
F +44 (0)20 7822 5951
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