Unilever Announces Third Quarter Results 2004 and Interim Dividends; Unaudited, Constant 2003 Average Exchange Rates, Unless Stated.ENGLEWOOD Englewood (ĕng`gəlw  d).1 City (1990 pop. 29,387), Arapahoe co., N central Colo., on the South Platte River, a residential and industrial suburb of Denver; inc. 1903. CLIFFS, N.J. -- Urgent action is being taken to restore top line growth, as stated in the outlook given on 20 September September: see month. . Low single digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. (beia*) growth is expected for the year.
FINANCIAL HIGHLIGHTS - EUR millions
Third Quarter Nine Months
2004 2004
--------------- --------------
10,641 -4 % Turnover 31,264 -3 %
--------------- --------------
1,848 -3 % Operating profit - beia* 4,916 -2 %
--------------- --------------
1,318 -2 % Pre-tax profit 3,419 +2 %
--------------- --------------
883 +6 % Net profit 2,183 +8 %
--------------- --------------
1,187 +3 % Net profit - beia* 3,074 +6 %
--------------- --------------
--------------- --------------
1.23 +3 % EPS NV - beia* (Euros) 3.17 +7 %
--------------- --------------
18.38 +3 % EPS PLC - beia* (Euro cents) 47.50 +7 %
--------------- --------------
* Before exceptional items and amortisation of goodwill and intangible
assets
At current rates of exchange EPS (beia) was flat in the quarter and higher by 4% in the first nine months. Including exceptional items and amortisation Noun 1. amortisation - the reduction of the value of an asset by prorating its cost over a period of years amortization reduction, step-down, diminution, decrease - the act of decreasing or reducing something 2. of goodwill and intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. , current rate EPS grew by 4% in the quarter and by 6% in the first nine months. KEY FEATURES OF THE QUARTER --Underlying sales declined by 1.3% with a particularly poor performance in Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). including significant declines in ice cream and ready-to-drink tea and lower sales in Home & Personal Care in weaker markets. In Asia, competition remains intense in laundry Laundry can be:
Before industrialization and hair care in a number of key countries. --Operating margin (beia) increased by 20 basis points. --Continued cash generation has enabled net debt to be reduced to EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 11.8 billion at the quarter end, down by EUR 2.5 billion over the last twelve months. --EPS (beia) grew by 3%. --Interim dividend of EUR 0.63 per NV ordinary share and 6.33p per PLC ordinary share. CHAIRMEN'S COMMENT In September we lowered our outlook for EPS beia growth for the year to low single digits following poorer than expected sales in July July: see month. and August and pressure on some of our market positions. This revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. includes an increase in the investment behind our brands from the fourth quarter to re-ignite growth. We remain fully committed (Law) committed to prison for trial, in distinction from being detained for examination. See also: Fully to driving long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. total shareholder return through increasing Free Cash Flow and Return on Invested Capital. A strong focus on the top line is a pre-requisite for this and is our immediate priority. We are dissatisfied dis·sat·is·fied adj. Feeling or exhibiting a lack of contentment or satisfaction. dis·sat  is·fied with our performance and actions
are being taken to improve the market competitiveness of our products.
We are making adjustments to price points where necessary, stepping up
support behind key innovations and increasing media spend for a number
of our leading brands. These actions will be sustained into 2005 and we
are accelerating the savings programmes already announced.We are reviewing our assumptions for the period to 2010 and will communicate the outcome of this review together with the full year results.
Antony Burgmans Patrick Cescau
Chairmen of Unilever
27 October 2004
THIRD QUARTER AND NINE MONTHS FINANCIAL RESULTS (at constant exchange rates) Notes: Unilever Unilever Either of two linked companies, Unilever PLC (based in London) and Unilever NV (based in Rotterdam). They are the holding companies for more than 500 firms worldwide that manufacture and sell soaps, foods, and other products. uses 'constant rate', 'underlying' and 'beia' measures primarily for internal performance analysis and targeting purposes. Unilever believes that the use of such measures provides additional information for shareholders on underlying business performance trends. Such measures are not defined under UK, Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. or US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and are not intended to be a substitute for GAAP measures of turnover and profit. Fuller definitions and reconciliations between such measures and the equivalent GAAP measures are available on our website: www.unilever.com. Underlying sales declined by 1.3% in the quarter and by 0.6% in the first nine months. Within this, leading brands, now 95% of the portfolio, declined by 0.9% in the quarter. After the impact of disposals, turnover was 4% lower than last year in the quarter and 3% lower in the year to date. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: (beia) was 20 basis points higher than last year in the quarter. Gross margin was lower through the impact of poorer mix from lower ice cream sales in Europe Europe (y r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and increased trade and consumer
value promotions within pricing. These effects were offset by ongoing
cost saving programmes and lower advertising and promotional support in
the quarter. Brand support will be stepped up in the fourth quarter. For
the first nine months operating margin (beia) is 10 basis points ahead
of last year.Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. (beia) was 3% lower in the quarter and 2% lower in the first nine months mainly through the lost contribution from business disposals. Net borrowing costs were reduced by 10% in the quarter and by 20% in the first nine months, with both net debt and rates lower than last year. Pension financing costs continue to run well below last year and include the benefit of increased cash contributions from the company. In the quarter, net exceptional costs within operating profit were EUR 71million, which includes restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of EUR 106 million partly offset by exceptional profits on disposals of EUR 35 million. This compares with exceptional charges of EUR 57m in the prior year. For the year to date, exceptional charges are EUR 135 million compared with EUR 77 million last year. The beia tax rate was 27% for the quarter, one percentage point lower than last year and in line with both the year to date and our expectation for the year as a whole. Earnings per share (beia) rose by 3% in the quarter and by 7% in the year to date. Including the effect of the lower net exceptional items, earnings per share were ahead by 7% in the quarter and by 8% in the first nine months. When expressed at current rates of exchange, earnings per share (beia) in the quarter were flat in Euros, declined by 3% in GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. Sterling and increased by 9% in US $. For the first nine months on this basis earnings per share (beia) increased by 4% in Euros, by 1% in GBP Sterling and by 14% in US $. Turnover, including the impact of disposals and expressed in Euros at current rates of exchange, decreased by 8% in the quarter and by 7% for the first nine months. THIRD QUARTER SALES PERFORMANCE BY REGION (at constant exchange rates) Note: The following regional commentary is based on operating profit before exceptional items and amortisation of goodwill and intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . Sales growth is stated on an underlying basis, excluding the effects of acquisitions and disposals. Turnover includes the impact of acquisitions and disposals. EUROPE Market conditions remain difficult in a number of important countries. Weak consumer confidence, the continued growth of 'discount' retail formats and the response of traditional retailers puts increased emphasis on the need for brands to offer good value. This has been reflected particularly in pressure on pricing and an overall decline in Home & Personal Care markets. Foods markets were also down on last year, through reduced consumption of ice cream and ready-to-drink tea in very poor weather. Against this background our own performance has been disappointing with an underlying sales decline of 5%. Turnover, including the impact of disposals, was lower by 7%. Lower sales of ice cream and ready-to-drink tea were responsible for close to two thirds of the underlying sales decline for the region as a whole. Elsewhere in Foods, there was growth for Knorr Knorr can refer to:
Instrument for comparing something with a similar thing or with a standard measure, in particular to measure small displacements in mechanical devices. In astronomy, the blink comparator is used to examine photographic plates for signs of moving bodies. . In Home & Personal Care, strong performances in hair care through Sunsilk and Dove and by Lux in skin care were more than offset by declines elsewhere, particularly in laundry and household cleaning, with both volume and pricing negative. Growth in Central and Eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. was driven by a strong contribution from Russia Russia, officially the Russian Federation, Rus. Rossiya, republic (2005 est. pop. 143,420,000), 6,591,100 sq mi (17,070,949 sq km). in most categories. NORTH AMERICA North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Underlying sales were flat, while turnover, including the impact of disposals, was 2% lower. Consumption remains weak, with an overall decline in the Home & Personal Care market. Slim--Fast market shares have been stabilised Adj. 1. stabilised - made stable or firm stabilized stable - resistant to change of position or condition; "a stable ladder"; "a stable peace"; "a stable relationship"; "stable prices" since the start of the year, but year on year sales were still significantly down in the quarter. In September we launched the new Slim-Fast Optima range as part of the revitalisation Noun 1. revitalisation - bringing again into activity and prominence; "the revival of trade"; "a revival of a neglected play by Moliere"; "the Gothic revival in architecture" resurgence, revitalization, revival, revivification of the brand. Ice cream continued to make good progress through Good Humor Noun 1. good humor - a cheerful and agreeable mood amiability, good humour, good temper humour, mood, temper, humor - a characteristic (habitual or relatively temporary) state of feeling; "whether he praised or cursed me depended on his temper at the time"; , Breyers and Ben & Jerry's. There was strong, broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased growth across the rest of our Foods portfolio with Skippy, Lipton For people named Lipton, see . Lipton is one of the world's best-known and best-selling brands of both hot leaf and ready-to-drink tea. It forms part of the Unilever portfolio. , Bertolli Bertolli is a brand of Italian and Mediterranean Food. It was founded in 1865, in Lucca, Tuscany. It was known for its olive oil but has now widened its range to Pasta Sauce and Ready meals. It is now a brand of Unilever. , Country Crock crock - [American scatologism "crock of shit"] 1. An awkward feature or programming technique that ought to be made cleaner. For example, using small integers to represent error codes without the program interpreting them to the user (as in, for example, Unix "make(1)", which and I Can't Believe It's Not Butter This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. ! all growing well. Axe continues to gain further share in deodorants taking us level with the market leader for the category. After a high level of activity by ourselves and competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. in the hair care market, our category position has stabilised with Dove well established in the market. We are stepping up our market place activities in skin care where recent performance has been disappointing. In laundry, we now have a more focused portfolio and market shares have been steady since the start of the year. The launch of cK Eternity Moment drove growth in prestige fragrances where the benefits of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). are showing through with margins well ahead. AFRICA Africa (ăf`rĭkə), second largest continent (1997 est. pop. 743,000,000), c.11,677,240 sq mi (30,244,050 sq km) including adjacent islands. Broad to the north (c.4,600 mi/7,400 km wide), Africa straddles the equator and stretches c. , MIDDLE EAST AND TURKEY Underlying sales grew by 4%, with volumes ahead by 7% but with negative pricing in Turkey and South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. . Including the impact of disposals, turnover increased by 1%. Home & Personal Care has continued to grow strongly with good contributions from Surf and Omo OMO On My Own OMO Open Market Operations OMO Odd Man Out OMO Om Shanti Om (movie, India) OMO One Man Operated (now replaced by OPO) OMO Other Military Operations OMO Old Mother Owl OMO Old Man Out in laundry, Lux in skin care and Sunsilk in hair care. Foods improved further in the quarter with the extension of Lipton tea in Turkey and from Royco bouillon cubes bouillon cube n. A small cube of evaporated seasoned meat, poultry, or vegetable stock, used in making broth or to flavor soups or stews. Noun 1. in Nigeria Nigeria (nījĭr`ēə), officially Federal Republic of Nigeria, republic (2006 provisional pop. 140,003,542), 356,667 sq mi (923,768 sq km), W Africa. . These were partly offset by lower sales of leaf tea in Arabia Arabia (ərā`bēə), peninsula (1991 est. pop. 35,000,000), c.1,000,000 sq mi (2,590,000 sq km), SW Asia. It is bordered on the W by the Gulf of Aqaba and the Red Sea, on the S by the Gulf of Aden and the Arabian Sea, on the E by the . ASIA AND PACIFIC This year has seen a step-up step-up A scheduled increase in the exercise or conversion price at which a warrant, an option, or a convertible security may be used to acquire shares of common stock. in activity from several competitors in laundry and hair care in a number of key countries and we continue to defend our positions robustly. Underlying sales grew by only 0.2% while turnover, including the impact of disposals, declined by 5%. Aggressive price based competition has continued in laundry and hair care in India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. . We are holding shares and gaining volume in both categories, particularly through Surf and Clinic, however pricing is substantially down. In Japan, we have lost share in hair care in a declining market and are responding strongly in the fourth quarter through Lux Super Rich and the launch of mod's Colour shampoo shampoo a cleaning agent, usually liquid, for hair; usually consists of a detergent and perfume. Some, usually referred to as medicated shampoos, contain therapeutic substances such as parasiticides, antimicrobials, ketatolytic agents, and antiseborrheic compounds such as selenium . In Indonesia Indonesia (ĭn'dənē`zhə), officially Republic of Indonesia, republic (2005 est. pop. 241,974,000), c.735,000 sq mi (1,903,650 sq km), SE Asia, in the Malay Archipelago. there has been increased activity by a local low priced competitor in both laundry and hair care, which we are addressing through an innovation programme targeted at lower price points. Growth in Foods has picked up during the year, with the benefits of a more focused portfolio following disposals and continued strong sales in ice cream and for Knorr, Hellmann's and Foodsolutions. The performance of tea has been mixed with good growth for Brooke Bond Brooke Bond was a brand-name tea retailer in the United Kingdom. Brooke Bond & Company was founded by Arthur Brooke who was born at 6 George Street, Ashton under Lyne, Lancashire, England in 1845. He opened his first Tea Shop in Manchester, Lancashire. and Lipton in India but lower sales in Pakistan Pakistan (păk`ĭstăn', päkĭstän`), officially Islamic Republic of Pakistan, republic (2005 est. pop. 162,420,000), 310,403 sq mi (803,944 sq km), S Asia. in the face of increased promotional activity by local competition. LATIN AMERICA Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. Underlying sales grew by 6%. After the impact of disposals, turnover increased by 3%. In Home & Personal Care, growth across all categories is being driven by a strong innovation and promotional programme. Omo was the main contributor to growth in laundry. Dove grew well across a range of categories, as did Rexona Rexona is a deodorant brand manufactured by Anglo Dutch company Unilever. It was developed in 1908 by an Australian pharmacist and his wife. Currently, Rexona has at least 8 lines of deodorant. Each line features a specific quality sought in deodorants. and Axe in deodorants, Sunsilk in hair care and Lux in skin care. Our strong category positions in Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. continue to benefit from the economic recovery. In Foods, innovations under the Knorr and Hellmann's brands were the engines of growth. The AdeS and Maizena nutritional nutritional pertaining to or emanating from nutrition. nutritional anemia see nutritional anemia. nutritional assessment brands continue to do well and Slim--Fast has made further good progress in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. . Ice cream also moved ahead with share gains in Mexico and Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. . However sales of Arisco in Brazil were down and market activities are underway to improve competitiveness. INTERIM DIVIDEND In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the interim dividend policy, the interim dividend has been set at 35% of last year's total dividend, based on the stronger of the two reporting currencies Reporting Currency The currency used in published reports and financial documents. Notes: All annual and quarterly reports state the currency in which their results are listed. of our parent companies, Euro and Sterling, over the first nine months, which for this period was Sterling. The interim dividend, to be paid on 26 November November: see month. 2004, is therefore fixed at 6.33p per 1.4p ordinary share of Unilever PLC, an increase of 3% from last year. The interim dividend is set at EUR 0.63 per EUR 0.51* ordinary share of Unilever N.V., an increase of 7% from last year. The Unilever PLC shares will go ex-dividend Ex-Dividend The trading of shares when a declared dividend belongs to the seller rather than the buyer. Notes: A stock trades ex-dividend on or after the ex-dividend date (ex-date). on 3 November 2004 and the Unilever N.V. shares will go ex-dividend on 28 October October: see month. 2004. * This amount is a representation in euros on the basis of Article 67c Book 2 of the Dutch Civil Code, rounded to two decimal places decimal place n. The position of a digit to the right of a decimal point, usually identified by successive ascending ordinal numbers with the digit immediately to the right of the decimal point being first: , of underlying Dutch guilders, as these have not been converted into euros in Unilever N.V.'s Articles of Association. CASH FLOW (at current exchange rates) Cash flow from group operating activities in the first nine months was EUR 4.5 billion, a decrease of EUR 0.2 billion on the corresponding period last year. Operating profit (beia) was lower, including the effect of business disposals and adverse currency movements. There was also a net increase of EUR 0.3 billion in pension cash outflows. These effects were partially offset by lower restructuring payments and lower working capital outflows Capital outflow is an economic term describing capital flowing out of (or leaving) a particular economy. Outflowing capital can be caused by any number of economic or political reasons but can often originate from instability in either sphere. . Returns on investment and servicing of finance cash outflows were EUR 0.3 billion lower as a result of reduced interest costs this period and dividends paid to minority shareholders in the comparative period. Net capital expenditure and financial investment cash outflows were EUR 0.1 billion higher, with 2003 including EUR 0.2 billion from the sale of a fixed rate investment. Net debt at the end of the period was EUR 11.8 billion, down by EUR 0.7 billion since the start of the year and by EUR 2.5 billion over the last 12 months. BALANCE SHEET (at current exchange rates) Capital and reserves have increased by EUR 1.3 billion in the first nine months of this year. Net profits added EUR 2.1 billion and the credit in respect of share options added EUR 0.2 billion. These were offset by the 2004 interim dividend (EUR 0.6 billion), movements in pension assets and liabilities (EUR 0.1 billion) and purchases of own shares to hedge share options (EUR 0.3 billion). Goodwill and intangibles decreased by EUR 0.6 billion in the first nine months, with the effect of amortisation and disposals (EUR 0.9 billion) partially offset by positive currency movements of EUR 0.3 billion. Higher stocks, trade debtors and trade creditors reflect seasonal movements with an offsetting reduction in creditors arising through payment of the final 2003 dividend. Provisions are EUR 0.2 billion lower due to Path to Growth restructuring payments and deferred tax movements. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including 'forward-looking statements' within the meaning of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Words such as 'expects', 'anticipates', 'intends' or the negative of these terms and other similar expressions of future performance or results and their negatives are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements, including, among others, competitive pricing and activities, consumption levels, costs, the ability to maintain and manage key customer relationships and supply chain sources, currency values, interest rates, the ability to integrate acquisitions and complete planned divestitures, physical risks, environmental risks, the ability to manage regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , tax and legal matters and resolve pending matters within current estimates, legislative, fiscal and regulatory developments, political, economic and social conditions in the geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. markets where the Group operates and new or changed priorities of the Boards. Further details of potential risks and uncertainties affecting the Group are described in the Group's filings with the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. , Euronext  Euronext N.V. is a pan-European stock exchange based in Paris[1] Amsterdam Amsterdam, city, NetherlandsAmsterdam (ăm`stərdăm', Dutch ämstərdäm`), city (1994 pop. 724,096), constitutional capital and largest city of the Kingdom of the Netherlands, North Holland prov. and the US Securities and Exchange Commission, including the Annual Report & Accounts on Form 20-F. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. or any change in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which any such statement is based.
CONSOLIDATED PROFIT AND LOSS ACCOUNT - CONSTANT EXCHANGE RATES
(unaudited)
Note: A description of the exchange rate conventions used is given
on page 12.
EUR Millions -
Third Quarter constant rates Nine Months
------------------------ ------------------------
% Incr./ % Incr./
2004 2003 (Decr.) 2004 2003 (Decr.)
10,641 11,081 (4)% TURNOVER 31,264 32,248 (3)%
Less: Share of
turnover of joint
(52) (62) ventures (152) (192)
--------------- ---------------
10,589 11,019 (4)% Group turnover 31,112 32,056 (3)%
--------------- ---------------
Group operating
1,472 1,550 (5)% profit 3,890 4,055 (4)%
Add: Share of
operating profit
15 12 of joint ventures 37 37
--------------- ---------------
1,487 1,562 (5)% OPERATING PROFIT 3,927 4,092 (4)%
----------------------------------------------------------------------
Operating profit
1,848 1,904 (3)% beia * 4,916 5,017 (2)%
(71) (57) Exceptional items (135) (77)
Amortisation of
goodwill and
(290) (285) intangible assets (854) (848)
----------------------------------------------------------------------
Share of operating
profit of
15 9 associates 37 13
Other income from
6 - fixed investments 28 (11)
(170) (189) Interest (507) (630)
Other finance
income/(cost) -
pensions and
similar
(20) (41) obligations (66) (125)
--------------- ---------------
PROFIT BEFORE
1,318 1,341 (2)% TAXATION 3,419 3,339 2 %
(389) (446) Taxation (1,084) (1,133)
--------------- ---------------
PROFIT AFTER
929 895 4 % TAXATION 2,335 2,206 6 %
(46) (65) Minority interests (152) (177)
--------------- ---------------
883 830 6 % NET PROFIT 2,183 2,029 8 %
--------------- ---------------
----------------------------------------------------------------------
1,187 1,155 3 % Net profit beia * 3,074 2,893 6 %
----------------------------------------------------------------------
----------------------------------------------------------------------
COMBINED EARNINGS
PER SHARE
(Constant rates)
- per EUR 0.51
ordinary NV share
0.91 0.85 7 % (Euros) 2.24 2.07 8 %
- per 1.4p
ordinary PLC
share (Euro
13.66 12.80 7 % cents) 33.64 31.05 8 %
- per EUR 0.51
ordinary NV share
1.23 1.19 3 % - beia * (Euros) 3.17 2.96 7 %
- per 1.4p
ordinary PLC
share - beia *
18.38 17.83 3 % (Euro cents) 47.50 44.41 7 %
- per EUR 0.51
ordinary NV share
0.89 0.83 7 % - diluted (Euros) 2.18 2.01 8 %
- per 1.4p
ordinary PLC
share - diluted
13.27 12.44 7 % (Euro cents) 32.65 30.15 8 %
----------------------------------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible
assets
NET PROFIT AND EARNINGS PER SHARE - CURRENT EXCHANGE RATES
(unaudited)
Net profit and earnings per share given below are stated at average
current exchange rates i.e. the results in both periods have been
translated at the exchange rates prevailing during the period.
For further details of the results at current exchange rates and
impact of exchange rate movements see notes on page 12.
EUR Millions - current
Third Quarter rates Nine Months
---------------------- ----------------------
% Incr./ % Incr./
2004 2003 (Decr.) 2004 2003 (Decr.)
867 831 4 % NET PROFIT 2,131 2,032 5 %
----------------------------------------------------------------------
1,159 1,157 0 % Net profit beia * 2,993 2,904 3 %
----------------------------------------------------------------------
----------------------------------------------------------------------
COMBINED EARNINGS PER
SHARE
(Current rates)
- per EUR 0.51
ordinary NV share
0.89 0.85 4 % (Euros) 2.19 2.07 6 %
- per 1.4p ordinary
PLC share (Euro
13.39 12.82 4 % cents) 32.83 31.10 6 %
- per EUR 0.51
ordinary NV share -
1.19 1.19 0 % beia * (Euros) 3.08 2.97 4 %
- per 1.4p ordinary
PLC share - beia *
17.95 17.88 0 % (Euro cents) 46.25 44.59 4 %
- per EUR 0.51
ordinary NV share -
0.86 0.83 4 % diluted (Euros) 2.12 2.01 6 %
- per 1.4p ordinary
PLC share - diluted
13.01 12.46 4 % (Euro cents) 31.87 30.20 6 %
----------------------------------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible
assets
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
EUR Millions - current rates Nine Months
------------------
2004 2003
Restated
Net profit 2,131 2,032
Pensions - actuarial gains / (losses) net of tax (88) 61
Currency retranslation 11 342
------------------
Total recognised gains / (losses) for the period 2,054 2,435
------------------
MOVEMENTS IN SHAREHOLDERS' EQUITY (unaudited)
EUR Millions - current rates Nine Months
------------------
2004 2003
Restated
Shareholders' equity as at 1 January 5,920 4,702
Net profit 2,131 2,032
Dividends (612) (577)
Goodwill written back on disposals 14 143
Change in number of shares or certificates held in
connection with share options (353) (371)
Actuarial gains / (losses) on pension schemes net of
tax (88) 61
Share option credit 174 130
Currency retranslation (7) 384
------------------
Shareholders' equity as at the end of the period 7,179 6,504
------------------
SUMMARY BALANCE SHEET (unaudited)
EUR Millions - current rates As at 25 As at 31 As at 27
Sept. 2004 Dec. 2003 Sept. 2003
---------- ---------- -----------
Restated
Goodwill and intangible assets 17,127 17,713 19,097
Other fixed assets 6,827 6,854 7,212
Stocks 4,182 4,175 4,585
Debtors 6,214 5,881 7,027
Cash and current investments 2,667 3,345 3,027
Trade and other creditors (9,907) (10,304) (11,023)
---------------------------------
27,110 27,664 29,925
---------------------------------
Borrowings 14,369 15,900 17,390
Provisions for liabilities and
charges (excluding pensions and
similar obligations) 1,428 1,645 1,807
Net pension asset for funded schemes
in surplus (543) (490) (410)
Net pension liability for funded
schemes in deficit 1,629 1,629 1,631
Net pension liability for unfunded
schemes 2,677 2,620 2,586
Minority interests 371 440 417
Capital and reserves 7,179 5,920 6,504
---------------------------------
27,110 27,664 29,925
---------------------------------
Amounts for September 2003 have been restated following a number of
reclassifications, principally the presentation of net pension assets
for funded schemes in surplus.
CASH FLOW STATEMENT (unaudited)
EUR Millions - current rates Nine Months
----------------
2004 2003
Cash flow from group operating activities 4,461 4,687
Dividends from joint ventures 19 27
Returns on investments and servicing of finance (565) (829)
Taxation (1,106) (990)
Capital expenditure and financial investment (845) (707)
Acquisitions and disposals 100 229
Dividends paid on ordinary share capital (1,120) (1,068)
----------------
CASH INFLOW / (OUTFLOW) BEFORE MANAGEMENT OF LIQUID
RESOURCES AND FINANCING 944 1,349
Management of liquid resources (347) 13
Financing (1,335) (1,959)
----------------
INCREASE / (DECREASE) IN CASH IN THE PERIOD (738) (597)
----------------
RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET DEBT (unaudited)
EUR Millions - current rates Nine Months
------------------
2004 2003
NET DEBT AT 1 JANUARY (12,555) (16,966)
------------------
INCREASE / (DECREASE) IN CASH IN THE PERIOD (738) (597)
Cash flow from (increase) / decrease in borrowings 1,487 1,964
Cash flow from sale and leaseback transaction (147) -
Cash flow from increase / (decrease) in liquid
resources 347 (13)
------------------
Change in net debt resulting from cash flows 949 1,354
Borrowings within group companies acquired - (26)
Borrowings within group companies sold 41 5
Liquid resources within group companies sold (2) (3)
Non cash movements (564) 250
Currency retranslation 283 1,023
------------------
MOVEMENT IN NET DEBT IN THE PERIOD 707 2,603
------------------
------------------
NET DEBT AT PERIOD END (11,848) (14,363)
------------------
GEOGRAPHICAL ANALYSIS (at constant rates - unaudited)
EUR Millions -
Third Quarter constant rates Nine Months
------------------------ ------------------------
% Incr./ % Incr./
2004 2003 (Decr.) 2004 2003 (Decr.)
10,641 11,081 (4)% TURNOVER 31,264 32,248 (3)%
----------------------------------------------------------------------
4,443 4,776 (7)% Europe 13,028 13,890 (6)%
2,492 2,553 (2)% North America 7,323 7,433 (1)%
Africa, Middle East
869 859 1 % and Turkey 2,442 2,457 (1)%
1,718 1,802 (5)% Asia and Pacific 5,162 5,273 (2)%
1,119 1,091 3 % Latin America 3,309 3,195 4 %
----------------------------------------------------------------------
OPERATING PROFIT -
1,848 1,904 (3)% beia * 4,916 5,017 (2)%
----------------------------------------------------------------------
894 906 (1)% Europe 2,242 2,404 (7)%
444 443 0 % North America 1,133 1,097 3 %
Africa, Middle East
133 143 (6)% and Turkey 338 327 4 %
224 242 (8)% Asia and Pacific 688 755 (9)%
153 170 (10)% Latin America 515 434 19 %
----------------------------------------------------------------------
OPERATING MARGIN -
17.4 % 17.2 % beia * 15.7 % 15.6 %
----------------------------------------------------------------------
20.1 % 18.9 % Europe 17.2 % 17.3 %
17.8 % 17.4 % North America 15.5 % 14.8 %
Africa, Middle East
15.3 % 16.6 % and Turkey 13.9 % 13.3 %
13.0 % 13.4 % Asia and Pacific 13.3 % 14.3 %
13.7 % 15.7 % Latin America 15.6 % 13.6 %
----------------------------------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible
assets
OPERATIONAL ANALYSIS (at constant rates - unaudited)
EUR Millions -
Third Quarter constant rates Nine Months
------------------------ ------------------------
% Incr./ % Incr./
2004 2003 (Decr.) 2004 2003 (Decr.)
10,641 11,081 (4)% TURNOVER 31,264 32,248 (3)%
----------------------------------------------------------------------
6,002 6,282 (4)% Foods 17,600 18,366 (4)%
----------------------------------------------------------------------
Savoury and
2,088 2,083 0 % dressings 6,304 6,254 1 %
Spreads and
cooking
1,171 1,226 (4)% products 3,440 3,673 (6)%
Health &
wellness and
836 925 (10)% beverages 2,517 2,718 (7)%
Ice cream and
1,907 2,048 (7)% frozen foods 5,339 5,721 (7)%
----------------------------------------------------------------------
1,737 1,819 (5)% Home care 5,223 5,402 (3)%
2,852 2,889 (1)% Personal care 8,245 8,246 0 %
50 91 (44)% Other operations 196 234 (16)%
----------------------------------------------------------------------
OPERATING PROFIT -
1,848 1,904 (3)% beia * 4,916 5,017 (2)%
----------------------------------------------------------------------
1,044 1,162 (10)% Foods 2,790 2,937 (5)%
----------------------------------------------------------------------
Savoury and
366 346 6 % dressings 1,085 988 10 %
Spreads and
cooking
176 238 (26)% products 537 601 (11)%
Health &
wellness and
125 141 (11)% beverages 355 370 (4)%
Ice cream and
377 437 (14)% frozen foods 813 978 (17)%
----------------------------------------------------------------------
210 233 (10)% Home care 636 695 (8)%
589 514 14 % Personal care 1,491 1,391 7 %
5 (5) 211 % Other operations (1) (6) 88 %
----------------------------------------------------------------------
OPERATING MARGIN -
17.4 % 17.2 % beia * 15.7 % 15.6 %
----------------------------------------------------------------------
17.4 % 18.5 % Foods 15.9 % 16.0 %
----------------------------------------------------------------------
Savoury and
17.5 % 16.6 % dressings 17.2 % 15.8 %
Spreads and
cooking
15.0 % 19.4 % products 15.6 % 16.4 %
Health &
wellness and
15.0 % 15.1 % beverages 14.1 % 13.6 %
Ice cream and
19.8 % 21.4 % frozen foods 15.2 % 17.1 %
----------------------------------------------------------------------
12.1 % 12.8 % Home care 12.2 % 12.9 %
20.6 % 17.8 % Personal care 18.1 % 16.9 %
11.3 % (5.7)% Other operations (0.4)% (2.7)%
----------------------------------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible
assets
NOTES Exchange rate conventions and impact of movements in exchange rates The following exchange rate conventions have been applied: In the profit and loss account information given on page 6 and the segmental segmental /seg·men·tal/ (seg-men´t'l) 1. pertaining to or forming a segment or a product of division, especially into serially arranged or nearly equal parts. 2. undergoing segmentation. analysis on pages 10 and 11, the results for 2004 and the comparative figures for 2003 have been translated at constant exchange rates, being the annual average exchange rates for 2003. This reporting convention facilitates comparisons since the impact of exchange rate fluctuations is eliminated, and is the basis on which we measure our operational performance internally. It also forms the basis for target setting and the annual outlook statement. For our reporting currencies these rates were EUR 1 = GBP 0.69 = US $1.13. The results and earnings per share on page 7 and the cash flow statement on page 9 are translated at average exchange rates current in each period. For our reporting currencies these rates were EUR 1 = GBP 0.67 = US $1.23 for the first nine months of 2004 and EUR 1 = GBP 0.69 = US $1.11 for the first nine months of 2003. The lower Euro EPS and turnover at current rates of exchange reflects the progressive strengthening of the Euro through 2003, particularly against the US $. For illustrative il·lus·tra·tive adj. Acting or serving as an illustration. il·lus tra·tive·ly adv.Adj. 1. purposes, if the exchange rates for the first nine months of 2004 were to remain in place through the remainder of the year, then growth for the year would be around 3% lower at current rates than at constant rates. The balance sheet figures have been translated at period-end rates of exchange. For our reporting currencies these were EUR 1 = GBP 0.68 = US $1.23 at 25 September 2004, EUR 1 = GBP 0.71 = US $1.26 at 31 December December: see month. 2003 and EUR 1 = GBP 0.69 = US $1.15 at 27 September 2003.
Results at current rates of exchange
Third Quarter EUR Millions - Nine Months
current rates
------------------------ ------------------------
2004 2003 % Incr. 2004 2003 % Incr.
/(Decr.) /(Decr.)
10,260 11,122 (8)% Turnover 30,133 32,452 (7)%
--------------- ---------------
1,437 1,568 (8)% Operating profit 3,783 4,112 (8)%
----------------------------------------------------------------------
Operating profit
1,784 1,910 (7)% beia * 4,743 5,045 (6)%
----------------------------------------------------------------------
Share of operating
profit of
associates &
income from fixed
19 8 investments 60 2
Interest (including
net interest on
pension scheme
assets and
(175) (230) liabilities) (530) (764)
(372) (449) Taxation (1,040) (1,139)
(42) (66) Minority interests (142) (179)
--------------- ---------------
867 831 4 % Net profit 2,131 2,032 5 %
--------------- ---------------
----------------------------------------------------------------------
1,159 1,157 0 % Net profit beia * 2,993 2,904 3 %
----------------------------------------------------------------------
The impact of exchange rate movements on the nine months results at current exchange rates in Euros, GBP Sterling and US $ is given below, along with the year on year percentage change at constant rates.
Nine
Months -
Millions Constant At current rates of exchange
rates --------------------------------------------------
% Incr. EUR % Incr. GBP % Incr. US $ % Incr.
/(Decr.) 2004 /(Decr.) 2004 /(Decr.) 2004 /(Decr.)
Turnover (3)% 30,133 (7)% 20,295 (9)% 36,943 2 %
----------------------------------------------------------------------
Operating
profit
beia * (2)% 4,743 (6)% 3,195 (8)% 5,815 4 %
----------------------------------------------------------------------
Net profit 8 % 2,131 5 % 1,435 2 % 2,612 16 %
----------------------------------------------------------------------
Net profit
beia * 6 % 2,993 3 % 2,016 1 % 3,669 14 %
----------------------------------------------------------------------
% Change
in EPS 8 % 6 % 3 % 16 %
----------------------------------------------------------------------
% Change
in EPS -
beia * 7 % 4 % 1 % 14 %
----------------------------------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible
assets
INTERIM DIVIDENDS The Boards have declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. interim dividends in respect of 2004 on the ordinary shares at the following rates which are equivalent in value at the rate of exchange applied under the terms of the Equalisation Noun 1. equalisation - the act of making equal or uniform equalization, leveling human action, human activity, act, deed - something that people do or cause to happen Agreement between the two companies: NV -- Per ordinary share EUR 0.63 (2003: EUR 0.59) PLC --- Per ordinary share 6.33p (2003: 6.16p) The NV interim dividend will be payable as from 26 November 2004, to shareholders registered at close of business on the record date of 27 October 2004. The PLC interim dividend will be paid on 26 November 2004, to shareholders registered at close of business on the record date of 5 November 2004. Dividend on New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of shares of NV The N.V. interim dividend, when converted at the Euro/Dollar European Central Bank European Central Bank (ECB) Bank created to monitor the monetary policy of the countries that have converted to the Euro from their local currencies. The original 11 countries are: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, rate of exchange on 26 October 2004, represents US $0.805392 per New York Share of EUR 0.51* (2003: US $0.688707) before deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. of Netherlands withholding tax The amount legally deducted from an employee's wages or salary by the employer, who uses it to prepay the charges imposed by the government on the employee's yearly earnings. . The New York shares of NV will go ex-dividend on 28 October 2004; US dollar checks for the interim dividend, after deduction of Netherlands withholding tax at the appropriate rate, will be mailed on 24 November 2004, to holders of record of New York shares at the close of business on 1 November 2004. The interim dividend will be payable on 26 November 2004. * This amount is a representation in euros on the basis of Article 67c Book 2 of the Dutch Civil Code, rounded to two decimal places, of underlying Dutch guilders, as these have not been converted into euros in Unilever N.V.'s Articles of Association. Dividend on American Depositary Receipts American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. of PLC Each American Depositary Receipt of PLC represents four 1.4p ordinary shares of PLC. The PLC interim dividend will therefore be 25.32p per American Depositary Receipt. When converted at the Bank of England Bank of England, central bank and note-issuing institution of Great Britain. Popularly known as the Old Lady of Threadneedle Street, its main office stands on the street of that name in London. sterling/dollar rate of exchange on 26 October 2004, the interim dividend for holders resident in the US will therefore be US $0.4654 per American Depositary Receipt (2003: US $0.4167). The American Depositary Receipts of PLC will go ex-dividend on 3 November 2004; US dollar checks for the interim dividend will be mailed on 24 November 2004 to holders of record of American Depositary Receipts at the close of business on 5 November 2004. The interim dividend will be payable on 26 November 2004. PREFERENCE SHARES On 24 March 2004 Unilever announced its intention to exercise its option to convert its EUR 0.05* N.V. preference shares into ordinary Unilever N.V. shares during the first quarter of 2005. A group of shareholders representing approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10% of the preference shares outstanding have submitted a request to the Enterprise Chamber of the Amsterdam Court of Appeal, for an inquiry into the company's policy on the preference shares. The oral hearing of the case took place on 6 September 2004. The Enterprise Chamber has stated that a decision can be expected as soon as possible. Unilever's intentions as regards to the preference shares have not changed. For further information see: www.unilever.com/investorcentre/shareholderinformation/nvshares/ * This amount is a representation in euros on the basis of Article 67c Book 2 of the Dutch Civil Code, rounded to two decimal places, of underlying Dutch guilders, as these have not been converted into euros in Unilever N.V.'s Articles of Association. 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 GBP 1 = EUR 5.445, in accordance with the Equalisation Agreement. The diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of 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 Leverhulme Trust is a research and educational charity based in London, England. Founded in 1925 after the death of the Victorian entrepreneur William Hesketh Lever to continue his philanthropic work, the Trust was originally endowed with a shareholding in Lever . The number of shares is reduced, in accordance with FRS FRS abbr. Fellow of the Royal Society FRS, n “flexed rotated side-bent,” an osteopathic abbreviation used to describe vertebral position in cases of spinal dysfunction. 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 nine months
Constant rates Current rates
-------------------------------------------
2004 2003 2004 2003
Thousands of units
Average number of combined
share units of EUR 0.51 963,943 969,730 963,943 969,730
Average number of combined
share units of 1.4p 6,426,284 6,464,865 6,426,284 6,464,865
COMBINED EPS EUR Millions
--------------------------
Net profit 2,183 2,029 2,131 2,032
Less: Preference
dividends (21) (21) (21) (21)
-------------------------------------------
Net profit attributable to
ordinary capital 2,162 2,008 2,110 2,011
-------------------------------------------
-------------------------------------------
Combined EPS per EUR 0.51
(Euros) 2.24 2.07 2.19 2.07
Combined EPS per 1.4p
(Euro cents) 33.64 31.05 32.83 31.10
-------------------------------------------
COMBINED EPS - beia * EUR Millions
--------------------------
Net profit 2,183 2,029 2,131 2,032
Add back exceptional items
net of tax 79 51 86 52
Add back amortisation of
goodwill / intangible
assets net of tax 812 813 776 820
-------------------------------------------
Net profit beia * 3,074 2,893 2,993 2,904
Less: Preference
dividends (21) (21) (21) (21)
-------------------------------------------
Net profit attributable to
ordinary capital - beia * 3,053 2,872 2,972 2,883
-------------------------------------------
-------------------------------------------
Combined EPS - beia* per
EUR 0.51 (Euros) 3.17 2.96 3.08 2.97
Combined EPS - beia* per
1.4p (Euro cents) 47.50 44.41 46.25 44.59
-------------------------------------------
COMBINED EPS - Diluted Thousands of units
--------------------------
Adjusted average combined
share units of EUR 0.51 993,118 998,908 993,118 998,908
Adjusted average combined
share units of 1.4p 6,620,789 6,659,387 6,620,789 6,659,387
EUR Millions
Net profit attributable to
ordinary capital 2,162 2,008 2,110 2,011
-------------------------------------------
-------------------------------------------
Combined diluted EPS per
EUR 0.51 (Euros) 2.18 2.01 2.12 2.01
Combined diluted EPS per
1.4p (Euro cents) 32.65 30.15 31.87 30.20
-------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible
assets
DATES The results for the fourth quarter and for the year 2004 and the proposed final dividends will be published on Thursday Thursday: see week. 10 February February: see month. 2005. |
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