Unilever Fourth Quarter and Annual Results 2002; -Unaudited and provisional-.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 13, 2003

Sustained growth in the leading brands, and a healthy expansion of both operating margin Operating Margin

A ratio used to measure a company's pricing strategy and operating efficiency.

Calculated by: and cash flow were the highlights of another successful year. The expected acceleration acceleration, change in the velocity of a body with respect to time. Since velocity is a vector quantity, involving both magnitude and direction, acceleration is also a vector. In order to produce an acceleration, a force must be applied to the body. of growth through the year with increased investment in our brands keeps us well on track to fully achieve all our Path to Growth targets.


FINANCIAL HIGHLIGHTS
----------------------------------------------------------------------
                Constant exchange rates         Current exchange rates
                     (2001 average)
---------------                           -------------  -------------
 Fourth Quarter      EUR Millions           Full Year      Full Year
      2002                                     2002           2002
---------------                           -------------  -------------
13,272  + 2 %  Turnover                   52,020    0 %  48,760  - 7 %
---------------                           -------------  -------------
 1,795  - 5 %  Operating profit - beia (a) 7,739  + 6 %   7,260    0 %
---------------                           -------------  -------------
   508  - 6 %  Pre-tax profit              4,177 + 15 %   3,979 + 10 %
---------------                           -------------  -------------
   293 + 22 %  Net profit                  2,217 + 21 %   2,129 + 16 %
---------------                           -------------  -------------
 1,029  + 3 %  Net profit - beia (a)       4,237 + 20 %   4,006 + 13 %
---------------                           -------------  -------------

               Per N.V. share (EUR 0.51),
                Euro
               --------------------------
---------------                           -------------  -------------
  0.30 + 29 %  Earnings per share (EPS)     2.23 + 22 %   2.14  + 18 %
---------------                           -------------  -------------
  1.05  + 5 %  EPS (beia) (a)               4.29 + 21 %   4.06  + 14 %
---------------                           -------------  -------------

               Per PLC share (1.4p), Euro
                cents
               --------------------------
---------------                           -------------  -------------
  4.47 + 29 %  Earnings per share (EPS)    33.40 + 22 %   32.05 + 18 %
---------------                           -------------  -------------
 15.80  + 5 %  EPS (beia) (a)              64.41 + 21 %   60.86 + 14 %
---------------                           -------------  -------------

(a) Before exceptional items and amortization of goodwill and
    intangibles

KEY FEATURES FOR THE YEAR (at constant exchange rates)

- Sales growth of our leading brands reached 5.4% for the year.

- Operating margin (beia) moved ahead to 14.9% for the year, compared to 13.9% in 2001.

- Benefits from our savings programs were partly re-invested in our brands, with advertising and promotions 120 basis points ahead of last year.

- Strong cashflow from operating activities with disposal proceeds and lower interest rates combined to reduce interest by 22% to EUR 1.3 billion.

- Earnings per share (beia) grew 21%, well ahead of our Path to Growth commitment and reflect the improvement in profitability and lower tax.

- Proposed final dividend of EUR 1.15 per N.V. ordinary share and 10.83p per PLC ordinary share, increases the total dividend per share by 9% for N.V. and by 10% for PLC.

CHAIRMEN'S COMMENT & OUTLOOK

Once again we have shown the strength of our business in difficult market conditions. This has been another successful year which has seen leading brand growth sustained within the 5-6% range, and importantly, they now represent 89% of our business. With the build up of our innovation programs and marketplace activity we have gained momentum through the year and have finished strongly.

A further healthy increase in operating margin has been achieved while progressively increasing investment behind our brands. Our 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). programs continue to deliver on plan and the target of 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. 1.6 billion procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. savings was passed ahead of schedule. Furthermore, by the end of the year we had reached the full Bestfoods integration savings target of EUR 0.8 billion, again ahead of plan.

In Home and Personal Care we have sustained the leading brand growth well in excess of 6%. In particular our Personal Care brands continue to perform well and Homecare British Gas HomeCare is the name for British Gas Services which operates in the United Kingdom, which was originally set up to provide maintenance for central heating and other gas appliances. margins increased sharply. In Foods the focus in the first half of the year was on completing the Bestfoods integration, providing the firm platform on which to leverage innovation and marketplace activity in the second half. This has delivered accelerating leading brand growth and for the full year it was 4.4%.

The growth of the leading brands, their expansion as a proportion of our portfolio, the continuing increase in operating margins and strong cash generation are all direct benefits of the Path to Growth strategy.

In 2003 we are planning for growth of the leading brands of between 5 and 6%, when they will exceed 90% of our turnover, and to deliver low double-digit dou·ble-dig·it
adj.
Being between 10 and 99 percent: double-digit inflation. growth in earnings per share, before exceptional items and goodwill amortization. This growth in earnings per share includes our intention to adopt 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. 17 for pensions accounting and to reflect the value of share options as an operating charge. We expect to sustain an improvement to the underlying tax rate to around 32%.

The momentum in our all-round performance in 2002, underpinned by strong innovation and further cost savings give us the confidence that our 2004 Path to Growth targets will be achieved in full.

N. W. A. FitzGerald A. Burgmans Chairman, Unilever 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. PLC Chairman, Unilever N.V.

FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS (at constant exchange rates)

Underlying sales grew by 4% in the year and by 7% in the quarter. Including the impact of planned disposals, total sales for the year were maintained at last year's level and were 2% ahead in the quarter.

Operating margin (beia) in the year was 14.9%, an increase of 100 basis points over last year, and in the quarter was 13.5% after a 300 basis points increase in advertising and promotions.

Amortization 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. was EUR 1,364 million for the year, with EUR 330 million in the quarter.

Net exceptional charges within 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. for the year were EUR 939 million. This includes EUR 1,298 million of restructuring, with the balance being the net of profits and losses on disposals and the release of provisions following settlement of claims in our favor. Associated costs included in operating profit (beia) were EUR 200 million for the year, of which EUR 76 million was charged in the fourth quarter.

Net interest was EUR 1,288 million in the year, a reduction of 22% on 2001, as we benefited from the continuing strong cash flow from operations Cash flow from operations

A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses , proceeds of business disposals, and lower interest rates.

The underlying tax rate (beia) for the year was 30%. This includes a favorable fa·vor·a·ble
adj.
1. Advantageous; helpful: favorable winds.

2. Encouraging; propitious: a favorable diagnosis.

3. 2% from prior year adjustments which were EUR 166 million for the year and EUR 93 million in the fourth quarter. For the year, the higher level of prior year tax adjustments added 3 percentage points to 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.

The effective tax rate for the year was 39% and reflects the non-tax-deductibility of Bestfoods goodwill amortization.

Net profit for the year was up 21% to EUR 2,217 million. Before exceptional items and goodwill amortization, net profit rose by EUR 694 million, or by 20%.

Earnings per share (beia) rose by 21% in the year and by 5% in the quarter. Earnings per share rose by 22% for the full year.

When expressed at current rates of exchange, earnings per share (beia) were up 14% for the full year. Earnings per share rose by 18%.

FULL YEAR PERFORMANCE BY REGION (at constant exchange rates)

The following regional commentary is based on operating profit before exceptional items and amortization of goodwill and intangibles. Sales growth is stated on an underlying basis, excluding the effect of acquisitions and disposals. Turnover includes the impact of acquisitions and disposals.

EUROPE 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). : Another year of good growth and progress in profitability.

Underlying sales grew 3% with a continuing significant contribution from 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. . Turnover was 3% lower than last year through the impact of disposals.

Central and Eastern Europe grew at 9% with particular strength in Dressings, Tea, Household Care and Personal Care. We made further good progress in Russia Russia, officially the Russian Federation, Rus. Rossiya, republic (2005 est. pop. 143,420,000), 6,591,100 sq mi (17,070,949 sq km). .

West European European

emanating from or pertaining to Europe.

European bat lyssavirus
see lyssavirus.

European beech tree
fagussylvaticus.

European blastomycosis
see cryptococcosis. Foods sales grew at 3%, including an increasing contribution from Foodsolutions, our Foodservice The foodservice (or food service) industry (US English; catering industry in British English) encompasses those places, institutions, and companies responsible for any meal eaten away from home. business. There has been sustained progress in branded Spreads and Cooking Products which grew 5% due to the continuing impact of innovations, especially in Flora/Becel which grew by over 10%. Savory savory, name for any plant of the genus Satureja, aromatic herbs and subshrubs of the family Labiatae (mint family). Commonly cultivated as border ornamentals or potherbs are two species of the Mediterranean region and surrounding areas: summer savory (S. and Dressings grew 4% with marketplace activity behind Amora Noun 1. amora - one of a group of rabbis (active AD 250-500) who discussed the Mishnaic law in the law schools of Palestine and Mesopotamia where they explained and applied earlier teachings and whose discussions are recorded in the Talmud; they emphasized the study , Hellmann's, 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. , Knorr Knorr can refer to:

Knorr (brand), a brand of foods and beverages, particularly known for dehydrated broth
R/V Knorr, the ship used to find the wreck of the Titanic
Knorr Arena, in Heilbronn, Germany

People with the surname Knorr:

and Pot Noodle In the UK & Ireland, Pot Noodle is a well-known brand of ramen-style snack. Its dehydrated mixture consists of wide noodles, textured soya pieces, assorted dried vegetables and flavouring powder. Each pot is also packaged with a sachet of sauce, such as soy sauce. and the launches of soup makers, chilled chill
n.
1. A moderate but penetrating coldness.

2. A sensation of coldness, often accompanied by shivering and pallor of the skin.

3. soups A list of different types of soup/stew. Broths (stocks, bouillons)
Strained liquid from cooking things in water Consommés
Clarified meat or fish broth

Stock
Rosol

Noodle Soups

Ramen, Japanese fresh or dried noodles in broth

and Bertolli pasta While the only basic difference between these names is the shape of the pasta, each pasta is typically matched with a particular sauce based on cooking time, consistency, ability to hold sauce, ease of eating, etc. sauces towards the end of the year. Slim-Fast also grew well as we continued its roll-out. Ice Cream showed great resilience resilience (r

·zilˑ·yens),
n with innovations such as Cornetto Cornetto may refer to

Cornett, a Renaissance period musical wind instrument
Cornetto (ice cream), a branded frozen ice cream cone
Cornetto Italian word for Croissant, typically to be consumed with Cappuccino.

Soft and snack-size ice creams helping to offset the impact of poorer weather than last year to give growth of just under 1%.

In Home and Personal Care in Western Europe 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). , good growth in Skin, Deodorants and Hair included particularly strong performances through innovation and range extension in Dove, 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. Laundry Laundry can be:

items of clothing and other textiles that require washing
the act of washing clothing and textiles
the room of a house in which this is done

History of laundry
Before industrialization volumes grew by 4%, which was partly offset by pricing in a competitive environment to give an underlying sales growth of 1%, with market share being maintained.

Operating margin increased by 60 basis points to 15.3%, reflecting the benefits from our savings programs including the integration of Bestfoods, partly reinvested in additional support for the leading brands.

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. : Sharp improvement in profitability with a pick-up pick-up
Noun

1. a small truck with an open body used for light deliveries

2. Informal a casual acquaintance made for a sexual purpose

3. Informal
a. in growth through the year.

Underlying sales grew 1% with a stronger performance in the second half as marketplace activity built through the year. Turnover declined 5% through the impact of disposals, notably DiverseyLever and Mazola.

In Foods, sales grew 2% and our market shares remained firm. Slim-Fast continued to expand, passing the EUR 1 billion sales mark globally, Ice Cream again grew at over 5% and Wishbone wishbone

see furcula. , Becel Becel is a brand of margarine, produced by Unilever and sold in many territories world wide. It is sold in the United Kingdom, Ireland, Poland and Australia under the name Flora. and Knorr also moved ahead well. In addition to an active program behind these brands, innovations including 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. Brisk Brisk as a proper name may refer to:

Brest, Belarus (Brest-Litovsk) Brisk (בריסק) is the city's name in Yiddish
The Brisk yeshivas and methods, a school of Jewish thought originated by the Soloveitchik family of Brest.

lemonade and Ragu RAGU Restate Answer Give Support Use Details (method of answering short responses/extended response) Rich and Meaty sauces led growth in the second half of the year. Overall, sales growth in the year was held back by promotional price competition in mayonnaise, the exit from Hellmann's pourable dressings and the impact of lower butter butter, dairy product obtained by churning the fat from milk until it solidifies. In most areas the milk of cows is the basis, but elsewhere that of goats, sheep, and mares has been used. Butter was known by 2000 B.C. prices on the margarine margarine, manufactured substitute for butter. It consists of a blend of vegetable oils or meat fats (or a combination of both) mixed with milk and salt. It was developed in the late 1860s by the French chemist Hippolyte Mège-Mouries in a contest sponsored by market.

In Home and Personal Care, sales were flat for the full year with an improved performance in the latter part, offsetting a slow start to the year. This reflects both the timing of the overall innovation plan and the steps taken to improve profitability in Laundry to give the base for a more active program from the fourth quarter. The successful launches of Axe deodorant deodorant /de·odor·ant/ (de-o´der-int)
1. masking offensive odors.

2. an agent that so acts.

de·o·dor·ant
n. and all fabric conditioners Conditioners used on leather take many shapes and forms. They are used mostly to keep leather from drying out and deteriorating.

A very old and widely used conditioner is dubbin. and the re-launch of Dove body wash contributed to a strong finish to the year.

Operating margin increased by 190 basis points to 16.1%. This is driven particularly by improvements in Laundry profitability, but also widespread benefits from savings programs partly re-invested in additional advertising and promotion.

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: Strengthening of 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. presence and good sales growth.

Underlying sales grew by 7% with turnover ahead by 9% including the increase in our holding in the Robertson's Robertson's is a UK brand of marmalades and jams, that was owned by RHM until that company's takeover by Premier Foods in March 2007. It produces the "Golden Shred" marmalade.

The company was founded in 1864. business.

Growth was broad based across categories with the major contributions from marketing activities behind Knorr, Lipton, Lux, Dove and Laundry brands. 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. performed particularly well with good sales growth especially in 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 , Sunsilk, Axe and Lux in Home and Personal Care and Knorr, Lipton, Rama and Becel pro-activ in Foods. In Turkey, the weak economy has led to consumer downtrading and market contraction contraction, in physics
contraction, in physics: see expansion.

contraction, in grammar
contraction, in writing: see abbreviation.

contraction - reduction and our sales have declined as a result. Elsewhere in the region we have strengthened our market position, particularly in Israel Israel, in the Bible
Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. , Saudi Arabia Saudi Arabia (sä

`dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. and the Gulf States, Tunisia Tunisia (t

nē`zhə, ty

–), Fr. Tunisie, officially Republic of Tunisia, republic (2005 est. pop. , Algeria Algeria (ăljēr`ēə), Arab. Al Djazair, Fr. Algérie, officially People's Democratic Republic of Algeria, republic (2005 est. pop. and Morocco Morocco, country, Africa
Morocco (mərŏk`ō), officially Kingdom of Morocco, kingdom (2005 est. pop. 32,726,000), 171,834 sq mi (445,050 sq km), NW Africa. .

Operating margin increased by 30 basis points to 11.3% after an increase in investment behind the leading brands.

ASIA Asia (ā`zhə), the world's largest continent, 17,139,000 sq mi (44,390,000 sq km), with about 3.3 billion people, nearly three fifths of the world's total population. AND PACIFIC: Acceleration of growth through the year and a further advance in profitability.

Underlying sales grew by 5%. Including the impact of disposals, turnover grew by 2%.

Home and Personal Care grew well across both categories and countries. Indonesia 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. , Philippines Philippines
officially Republic of the Philippines

Island country, western Pacific Ocean, on an archipelago off the southeast coast of Asia. Area: 122,121 sq mi (316,294 sq km). Population (2005 est.): 84,191,000. and Vietnam Vietnam (vēĕt`näm), officially Socialist Republic of Vietnam, republic (v), 128,400 sq mi (332,642 sq km), Southeast Asia. Occupying the eastern coastline of the Southeast Asian peninsula, Vietnam is bounded by China on the north, by Laos performed particularly well and Skin, Hair and Deodorants all grew at over 10% across the region through innovations and support behind Dove, Lifebuoy lifebuoy n → bouée f de sauvetage and Pond's. Sales 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. accelerated through the year to reach 3% for the full year despite the planned harvesting har·vest
n.
1. The act or process of gathering a crop.

2.
a. The crop that ripens or is gathered in a season.

b. The amount or measure of the crop gathered in a season.

c. of non-leading brands. The stronger second half in India has been led by Fair and Lovely with the launch of a herbal herbal, early botanical book containing descriptions and illustrations of herbs and plants with their properties, chiefly those qualities that made them useful as medicines or condiments. Most of the herbals were written between c.1470 and c. variant variant /var·i·ant/ (var´e-ant)
1. something that differs in some characteristic from the class to which it belongs.

2. exhibiting such variation.

var·i·ant
adj. , Pond's with new small packs, the launch of a new Vaseline Vas·e·line

A trademark for a brand of petroleum jelly.

Vaseline

trademark for white petrolatum (USP), petroleum jelly. variant for treating damaged skin and good growth in Laundry.

In Foods, good growth in Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. reflects the Bestfoods brands benefitting from the Unilever distribution system, innovation in Knorr, and a strengthening of the Bango

Bango (cannabis) is a type of marijuana.
Bango is a species of fish.
Bango is also a rapper from Ice-T's Rhyme Syndicate.

Bango is also a name soy sauce and Sariwangi tea brands in Indonesia. This performance was partly offset by declines in Tea in Central Asia as prices are adjusted to reflect lower commodity prices and a focus on improving profitability as we exit from low-value, low-growth commoditized teas. In Japan the successful alliance with Suntory in Ready-to-Drink Tea has doubled the market share of Lipton to over 25%.

Operating margin increased by 70 basis points to 14.1% with gains from our savings programs partly re-invested in increased advertising and promotions.

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. : Sales ahead strongly despite difficult economic conditions in key countries.

Underlying sales grew by 12% driven by pricing action to recover devaluation-led cost increases, particularly in Argentina 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. . Outside Argentina, volumes grew by 2% with price ahead by 9%. Including the impact of disposals, turnover in the region grew by 8%.

Personal Care continued to perform very strongly. Sedal shampoo 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 grew exceptionally well across the region, and where it has most recently been launched, it has already reached impressive market share levels. Dove shampoo has been launched in Brazil 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. , 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. , Chile Chile (chĭl`ē, Span. chē`lā), officially Republic of Chile, republic (2005 est. pop. 15,981,000), 292,256 sq mi (756,945 sq km), S South America, west of the continental divide of the Andes Mts. and Peru and is making very good progress. In Deodorants, Rexona has been successfully launched in Venezuela Venezuela (vĕnəzwā`lə, Span. vānāswā`lä), officially the Bolivarian Republic of Venezuela, republic (2005 est. pop. 25,375,000), 352,143 sq mi (912,050 sq km), N South America. and re-launched in Colombia Colombia (kəlŭm`bēə, Span. kōlōm`byä), officially Republic of Colombia, republic (2005 est. pop. 42,954,000), 439,735 sq mi (1,138,914 sq km), NW South America. Bogotá is the capital and largest city. and we have taken clear market leadership in Mexico. In Laundry, market shares have held firm against our nearest competitor and have responded to changed economic conditions with packs which specifically address the reduced spending power The power of legislatures to tax and spend.

Spending power is conferred to state and federal legislatures through their constitution. Judicial Review of legislative spending varies from state to state, but the law of federal spending informs courts in all states. of consumers.

In Foods, Ice Cream grew by over 10%, mostly volume, with the main contributions from Brazil, Mexico and Venezuela. A good performance in Savory and Dressings was led by the launch of Knorr noodle cups and a re-launch of Hellmann's in Mexico, together with significant growth in the value brand Arisco in Brazil. In Spreads, Becel de Capullo was launched in Mexico, introducing the Becel brand to that country. Lipton Ready-to-Drink tea continued to grow well in Brazil and the soy-based health drink AdeS made good progress in both Brazil and Mexico.

In Argentina consumer demand is considerably down and volumes have been affected as a result. We continue to hold strong market shares and our experienced local management are managing the business in a way which preserves its long-term 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. health. Gross margins are being protected and new products have been launched in both Foods and Home and Personal Care to respond to reduced disposable incomes disposable income

Portion of an individual's income over which the recipient has complete discretion. To assess disposable income, it is necessary to determine total income, including not only wages and salaries, interest and dividend payments, and business profits, but also .

Operating margin increased by 100 basis points to 14.2%, after an increase in investment behind the leading brands.

RESULTS AT CURRENT EXCHANGE RATES

During the year the average exchange rate for the Euro strengthened by 7% against a representative basket basket

filled with treats, representative of feast on Easter Sunday. [Folklore: Misc.]

See : Easter of currencies for Unilever. Reported at current exchange rates, turnover, operating profit beia and EPS beia were 6% lower than at constant exchange rates. EPS beia growth was 7% lower at 14%.

FINAL DIVIDEND

The Boards will recommend to the Annual General Meetings, to be held on May 7, 2003, a final dividend of EUR 1.15 per EUR 0.51 ordinary share of Unilever N.V., an increase of 8.5% over last year and a final dividend of 10.83p per 1.4p ordinary share of Unilever PLC, an increase of 9.5% over last year. This will bring the total dividend to EUR 1.70 per ordinary share of EUR 0.51, an increase of 9% over last year and 16.04p per ordinary share of 1.4p, an increase of 10% over last year.

CASH FLOW (at current rates of exchange)

Cash flow from operations for the year 2002 was EUR 7.9 billion compared with EUR 7.5 billion in 2001. This was the result of continuing strong underlying profits and a further reduction in working capital partly offset by higher restructuring cash outflows and the effect of cash refunds from pensions schemes in 2001.

Net interest cost decreased by EUR 0.5 billion reflecting lower debt which has been reduced by cash from operations and disposals as well as lower interest rates.

Capital expenditure and financial investments are EUR 0.3 billion higher than the previous year reflecting lower proceeds from asset disposals and increased purchases of own shares to hedge the extension of share option schemes to a broader group of employees. Gross capital expenditure before proceeds of disposals was 2.7% of turnover, a continuation continuation - continuation passing style of the reducing trend of recent years.

Net proceeds Net Proceeds

The amount received after all costs are deducted from the sale of a piece of property or security.

Notes:
In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of EUR 1.8 billion from disposals include EUR 1.0 billion from the disposal of DiverseyLever, EUR 0.4 billion from the disposal of Mazola in North America and EUR 0.2 billion from the disposal of Loders Loders is a village in south west Dorset, England, two miles north east of Bridport. The village has a population of 502 (2001). It is a linear village, sitting in a long valley between Waddon Hill and Boarsbarrow Hill, following the road between Bradpole and Askerswell, with Croklaan.

BALANCE SHEET

Currency retranslation effects, particularly on U.S. dollar denominated assets and liabilities, were significant this year.

Goodwill and Intangibles have decreased by EUR 4.7 billion in the year including a currency retranslation of EUR 3.6 billion and amortization for the year of EUR 1.3 billion.

Net debt has decreased by EUR 6.2 billion in the year, through cash flow from operations, proceeds from disposals and the effects of currency movements.

Capital and reserves have decreased by EUR 1.1 billion in the year. Net profit of EUR 2.1 billion and goodwill write-backs of EUR 0.5 billion following disposals are offset by a currency retranslation of EUR 1.5 billion primarily from Latin America, dividends of EUR 1.7 billion and by purchases of own shares of EUR 0.6 billion to hedge share option schemes.

CHANGES TO ACCOUNTING FOR PENSIONS AND SHARE OPTIONS FROM 2003

We will be implementing the new U.K. Financial Reporting Standard 17 (FRS 17) 'Retirement Benefits' in 2003. FRS 17 will require the figures for 2002 to be re-stated to give a like-for-like comparison for 2003 reporting and this will be shown as supplementary information in the notes to the 2002 accounts. The restatement Restatement

A revision in a company's earlier financial statements.

Notes:
The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. for 2002 benefits net profit (beia) by EUR 1 million. Operating profit (beia) for that year will be reduced by EUR 107 million, while interest costs will benefit by EUR 108 million.

In respect of the end 2002 balance sheet, under FRS 17 Net Assets Net assets

The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand.

net assets

See owners' equity. would be reduced by EUR 1.2 billion compared with SSAP SSAP Source Service Access Point
SSAP Statistical Signal and Array Processing
SSAP Session Service Access Point
SSAP sequential structure alignment program (for protein structure comparison)
SSAP Simple Spectral Access Protocol 24. Net Assets would include a net deficit of EUR 3.9 billion net of tax in respect of post-retirement benefits. This would be in substitution Substitution
Arsinoë

put her own son in place of Orestes; her son was killed and Orestes was saved. [Gk. Myth.: Zimmerman, 32]

Barabbas

robber freed in Christ’s stead. [N.T.: Matthew 27:15–18; Swed. Lit. for, and not in addition to, the provision of EUR 2.7 billion net of tax already included under SSAP24. Within the EUR 3.9 billion FRS 17 net deficit the pensions element is EUR 3.3 billion, net of tax, made up of two elements. The first part is the provision which we have always carried in respect of unfunded plans. These liabilities totalled EUR 1.9 billion net of tax as of December December: see month. 31, 2002. The second part, amounting to EUR 1.4 billion net of tax is the amount by which the actuarial ac·tu·ar·y
n. pl. ac·tu·ar·ies
A statistician who computes insurance risks and premiums.

[Latin value of our long-term pension obligations exceeds the year end market value of the investments to provide for those future obligations.

We will also be changing the accounting for share options in 2003 to reflect the developing practice in U.K., U.S. and IAS See iPlanet Application Server.

1. (computer) IAS - The first modern computer. It had main registers, processing circuits, information paths within the central processing unit, and used Von Neumann's fetch-execute cycle. accounting standards bodies Following are some of the standards bodies defined in this database. For Windows users of CDE, look up Lessons/Review/Associations. For Web users of CDE's online HTML version, review the Lessons list at the bottom of the definition.

Organization Covers ANSI U.S. . This again requires restatement of 2002 to give a like-for-like basis of comparison. Within our existing agreed share option programs we have been protecting shareholders' interests through hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. by buying in Buying in has several meanings. In the securities market it refers to a process by which the buyer of securities, whose seller fails to deliver the securities contracted for, can 'buy in' the securities from a third party with the defaulting seller to make good. shares at the time of grant and taking the financing cost within interest. The change from 2003 will be to additionally include a non-cash charge Non-Cash Charge

A charge off, made by a company against earnings, that does not require an initial outlay of cash.

Notes:
Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. against operating profit to reflect the value to the employee of the options granted. In 2003 the additional charge is estimated at around EUR 160 million, an increase of around EUR 60 million on 2002.

The outlook given for 2003 of low double digit Noun 1. double digit - a two-digit integer; from 10 to 99
integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" growth in EPS before exceptional items and goodwill amortization is made after considering the impact of these new accounting charges. It allows for a dilution Dilution

A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities.

Notes:
Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. of 5% from increased pension costs and 1% from increased share option charges in 2003.

EURO REPORTING

Information in sterling and U.S. 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. (within the meaning of the U.S. 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 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 In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. , 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.

UNILEVER BACKGROUND:

Unilever is one of the world's largest consumer products companies with annual sales of approximately ap·prox·i·mate
adj.
1. Almost exact or correct: the approximate time of the accident.

2. $47 billion in 2002. It produces and markets a wide range of foods and home and personal care products. Unilever operates in 88 countries around the globe and employs approximately 258,000 people.

In 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. , Unilever sales were approximately $11 billion in 2002. It employs approximately 15,225 people and has 59 offices and manufacturing sites in 21 states.

The business comprises:

Foods: Lipton teas, soups and side dishes side dish
n.
A dish served as an accompaniment to the main course.

Noun 1. side dish - a dish that is served with, but is subordinate to, a main course
entremets, side order ; Wish-Bone salad dressings Wish-Bone is a popular American brand of salad dressing. The original dressing was based on a recipe served at the Wish-Bone restaurant in Kansas City, Missouri, founded by ex-soldier Phillip Sollomi in the late 1940s. and marinades; Lawry's Lawry's The Prime Rib is a well-known restaurant on Restaurant Row on La Cienega Boulevard in Beverly Hills, California. Founded by Lawrence L. Frank and Walter Van de Kamp, it opened in 1938 and for many years was unique among restaurants in having but a single entrée (Or 'main seasonings and specialty A contract under seal.

A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. sauces; Shedd's 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. !" spreads and sprays; Ragu pasta and pizza pizza

Food of Neapolitan origin. It consists of a flattened disk of bread dough, typically topped with olive oil, tomatoes, and mozzarella cheese, baked quickly, and served hot. Pizza is eaten throughout Italy, with regional variations in toppings. Pizza came to the U.S. sauces; Knorr soups, sauces and bouillons; Hellmann's and Best Foods Hellmann's and Best Foods are brand names that are used for the same line of mayonnaise and other food products. The Hellmann's brand is sold in the United States east of the Rocky Mountains, and also in Latin America, Europe, and Canada. mayonnaise; Skippy peanut butter; Bertolli olive oil olive oil, pale yellow to greenish oil obtained from the pulp of olives by separating the liquids from solids. Olive oil was used in the ancient world for lighting, in the preparation of food, and as an anointing oil for both ritual and cosmetic purposes. , premium pasta sauces and frozen dinners; Good Humor-Breyers Good Humor-Breyers (Ice Cream USA) is a unit of Unilever that includes the formerly independent Good Humor, Breyers, Klondike Bar, and Popsicle brands. It is based in Green Bay, Wisconsin. and Ben & Jerry's Homemade home·made
adj.
1. Made or prepared in the home: homemade pie.

2. Made by oneself.

3. Crudely or simply made.

Adj. 1. , Inc. ice cream companies; and Slim-Fast nutritional nutritional

pertaining to or emanating from nutrition.

nutritional anemia
see nutritional anemia.

nutritional assessment and health snack products.

Home and Personal Care: Wisk WISK and WISK-FM ("Best Country Around") are a pair of radio stations licensed to Americus, Georgia and owned by Sumter Broadcasting. Two frequencies use the call sign as of January 2005, 98. , "all" and Surf laundry detergents; Snuggle fabric softener Fabric softener (also called Fabric Conditioner) is used to prevent static cling and make fabric softer. Popular brand names include Lenor, Lenor/Downy, Snuggle, and Comfort. ; Sunlight sunlight

the actinic rays of direct sunlight are known to have disinfectant properties, to be instrumental in the production of vitamin D in the skin and to be the trigger mechanism in photosensitive dermatitis, squamous cell carcinoma of the eye in cattle and of the vulva in sheep dish A saucer-shaped antenna that receives, or transmits and receives, signals from a satellite. See DBS. detergent detergent (dētûr`jənt, dĭ–), substance that aids in the removal of dirt. Detergents act mainly on the oily films that trap dirt particles. ; Lever lever, simple machine consisting of a bar supported at some stationary point along its length and used to overcome resistance at a second point by application of force at a third point. The stationary point of a lever is known as its fulcrum. 2000, Caress, Pond's and Vaseline skin care; the Dove family of anti-perspirant, skin- and hair-care products; the Suave suave
adj. suav·er, suav·est
Smoothly agreeable and courteous.

[French, agreeable, from Old French, from Latin su family of anti-perspirant, skin- and hair-care products; Axe deodorant bodyspray for men; Q-tips cotton swabs "Q-Tip" redirects here. For the rapper, see Q-Tip (rapper). For the band, see Q-Tips (band).

Cotton swabs (British English: cotton buds) are used in first aid, cosmetics application, and a variety of other uses. ; Mentadent Mentadent is a brand name for a line of dental products manufactured by Unilever everywhere but United States and Canada, where it was acquired by the Church & Dwight Company in 2003. oral care products; Finesse, Salon Selectives Salon Selectives is a line of hair care products, ranging from shampoos and conditioners to mousses, sprays, gels, and oils. Salon Selectives was introduced as a level-based brand line to consumers by Helene Curtis, which it was acquired by Unilever in 1986, and has grown since; , and ThermaSilk hair care products; and Calvin Klein Noun 1. Calvin Klein - United States fashion designer noted for understated fashions (born in 1942)
Calvin Richard Klein, Klein , Nautica Nautica may refer to:

Nautica (clothing company)
Nautica Thorn

and Lagerfeld cosmetic cosmetic /cos·met·ic/ (koz-met´ik)
1. pertaining to cosmesis.

2. a beautifying substance or preparation.

cos·met·ic
n. and fragrance products.


    CONSOLIDATED PROFIT AND LOSS ACCOUNT - CONSTANT EXCHANGE RATES
                             (unaudited)

In the profit and loss account given below, the results in both years
have been translated at constant exchange rates, being the annual
average exchange rates for 2001. This reporting convention facilitates
comparisons since the impact of exchange rate fluctuations is
eliminated.

     Fourth Quarter      EUR Millions -              Full Year
     --------------       constant                   ---------
                % Incr./                                      % Incr./
 2002    2001    (Decr.)                       2002    2001    (Decr.)
------- ------- --------                      ------- ------- --------

13,272  13,069     2 %   TURNOVER             52,020  52,206       - %

                         Less: Share of
                          turnover of joint
  (117)   (185)           ventures              (521)   (692)
----------------------------------------------------------------------
13,155  12,884     2 %   GROUP TURNOVER       51,499  51,514       - %

                         GROUP OPERATING
   786     892   (12)%    PROFIT               5,348   5,174       3 %
----------------------------------------------------------------------
                         Group operating
 1,766   1,849    (4)%    profit beia (a)      7,639   7,149       7 %

  (653)   (602)          Exceptional items      (945)   (588)

                         Amortization of
                          goodwill and
  (327)   (355)           intangibles         (1,346) (1,387)
----------------------------------------------------------------------

                         Add: Share of
                          operating profit of
    24      32            joint ventures          88      84

   810     924   (12)%   OPERATING PROFIT      5,436   5,258       3 %
----------------------------------------------------------------------
                         Operating profit
 1,795   1,890    (5)%    beia (a)             7,739   7,269       6 %

  (655)   (602)          Exceptional items      (939)   (588)

                         Amortization of
                          goodwill and
  (330)   (364)           intangibles         (1,364) (1,423)
----------------------------------------------------------------------

                         Share of operating
    10       -            profit of associates    36       -

                         Other income from
     5       5            fixed investments       (7)     12

  (317)   (387)          Interest             (1,288) (1,646)
---------------                               ---------------

                         PROFIT BEFORE
   508     542    (6)%    TAXATION             4,177   3,624      15 %

  (115)   (245)          Taxation             (1,626) (1,547)
---------------                               ---------------

   393     297    32 %   PROFIT AFTER TAXATION 2,551   2,077      23 %

  (100)    (57)          Minority interests     (334)   (239)
---------------                               ---------------

                         NET PROFIT AT
                          CONSTANT 2001
   293     240    22%     EXCHANGE RATES       2,217   1,838      21 %
---------------                               ---------------
----------------------------------------------------------------------
                         Net profit before
                          exceptional items &
                          amortization of
                          goodwill and
 1,029   1,002     3%     intangibles          4,237   3,543      20 %
----------------------------------------------------------------------

(a) beia means before exceptional items and amortization of goodwill
    and intangibles.


     CONSOLIDATED PROFIT AND LOSS ACCOUNT - CURRENT EXCHANGE RATES
                              (unaudited)

The profit and loss account given below is stated at current exchange
rates, i.e. the results in both years have been translated at the
exchange rates prevailing during the appropriate period; further
information is given on Page 14. The reported results are therefore
impacted by exchange rate movements between the periods.

     Fourth Quarter      EUR Millions -              Full Year
     --------------       current                    ---------

                % Incr./                                      % Incr./
 2002    2001    (Decr.)                       2002    2001    (Decr.)
------- ------- --------                      ------- ------- --------

11,856  13,048    (9)%   TURNOVER             48,760  52,206      (7)%
                         Less: Share of
                          turnover of joint
  (106)   (182)           ventures              (490)   (692)
----------------------------------------------------------------------
11,750  12,866    (9)%   GROUP TURNOVER       48,270  51,514      (6)%

                         GROUP OPERATING
   681     879   (23)%    PROFIT               5,041   5,174      (3)%
----------------------------------------------------------------------
                         Group operating
 1,574   1,841   (14)%    profit beia (a)      7,165   7,149       - %

  (606)   (609)          Exceptional items      (879)   (588)

                         Amortization of
                          goodwill and
  (287)   (353)           intangibles         (1,245) (1,387)
----------------------------------------------------------------------

                         Add: Share of
                          operating profit of
    23      32            joint ventures          84      84

   704     911   (23)%   OPERATING PROFIT      5,125   5,258      (3)%
----------------------------------------------------------------------
                         Operating profit
 1,602   1,882   (15)%    beia (a)             7,260   7,269       - %

  (609)   (609)          Exceptional items      (874)   (588)

                         Amortization of
                          goodwill and
  (289)   (362)           intangibles         (1,261) (1,423)
----------------------------------------------------------------------

                         Share of operating
     9       -            profit of associates    34       -

                         Other income from
     6       5            fixed investments       (7)     12

  (271)   (389)          Interest             (1,173) (1,646)
---------------                               ---------------

                         PROFIT BEFORE
   448     527   (15)%    TAXATION             3,979   3,624      10 %

   (87)   (241)          Taxation             (1,538) (1,547)
---------------                               ---------------

   361     286    26 %   PROFIT AFTER TAXATION 2,441   2,077      18 %

   (90)    (56)          Minority interests     (312)   (239)
---------------                               ---------------

                         NET PROFIT AT
                          EXCHANGE RATES
                          CURRENT IN EACH
   271     230    18 %    PERIOD               2,129   1,838      16 %
---------------                               ---------------
----------------------------------------------------------------------
                         Net profit before
                          exceptional items &
                          amortization of
                          goodwill and
   938     996    (6)%    intangibles          4,006   3,543      13 %
----------------------------------------------------------------------
----------------------------------------------------------------------
                         COMBINED EARNINGS PER
                          SHARE (Current
                          rates)
                         - per EUR 0.51
                            ordinary share
  0.28    0.22    25 %      (Euros)             2.14    1.82      18 %

                         - per EUR 0.51
                            ordinary share -
  0.26    0.22    25 %      diluted (Euros)     2.07    1.77      17 %

                         - per 1.4p ordinary
  4.14    3.30    25 %      share (Euro cents) 32.05   27.27      18 %

                         - per 1.4p ordinary
                            share - diluted
  4.02    3.22    25 %      (Euro cents)       31.10   26.54      17 %
----------------------------------------------------------------------

                         Preference dividends    (42)    (51)
                         Dividends on ordinary
                          capital             (1,659) (1,530)
                                              ---------------
                         Result for the year
                          retained               428     257
                                              ---------------

(a) beia means before exceptional items and amortization of goodwill
    and intangibles


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
----------------------------------------------------------

EUR Millions                                          Full Year
                                                      ---------
                                                                 2001
                                                  2002       Restated
                                               ----------- -----------

Net profit                                          2,129       1,838
Unrealized gain on partial disposal of a group
 company                                               56           -
Currency retranslation                             (1,582)     (1,065)
                                               -----------------------
Total recognized gains for the year                   603         773
Adjustment related to prior year restatement         (202)          -
                                               -----------------------
Total recognized gains since last Annual
 Report                                               401         773
                                               -----------------------


MOVEMENTS IN SHAREHOLDERS' EQUITY (unaudited)
---------------------------------------------
EUR Millions                                          Full Year
                                                      ---------
                                                                 2001
                                                  2002       Restated
                                               ----------- -----------
Shareholders' equity as of January 1                6,993       7,974
Net profit                                          2,129       1,838
Dividends                                          (1,701)     (1,581)
Goodwill movements                                    458         274
Unrealized gain on partial disposal of a group
 company                                               56           -
Currency retranslation                             (1,517)     (1,076)
Change in number of shares or certificates of
 shares held in connection with share options        (551)       (436)
                                               -----------------------
Shareholders' equity as of December 31              5,867       6,993
                                               -----------------------


SUMMARY BALANCE SHEET (unaudited)
---------------------------------
EUR Millions                                      As of December 31
                                                                 2001
                                                  2002       Restated
                                               ----------- -----------
Goodwill and intangibles                           20,274      24,964
Other fixed assets                                  8,115      10,124
Stocks                                              4,500       5,343
Debtors                                             8,231      10,034
Cash and current investments                        3,478       2,301
Trade & other creditors                           (11,732)    (12,738)
                                               -----------------------
                                                   32,866      40,028
                                               -----------------------

Borrowings                                         20,444      25,500
Provisions for liabilities and charges              5,927       6,871
Minority interests                                    628         664
Capital and reserves                                5,867       6,993
                                               -----------------------
                                                   32,866      40,028
                                               -----------------------

Restatements relate to the implementation of United Kingdom Financial
Reporting Standard 19 (see note below).
                                                  As of       As of
                                                December    December
                                                   31          31
                                                  2001        2000
                                               ----------- -----------
 Shareholders' equity as previously reported
  in 2001 Report & Accounts                       7,195       8,169
    Accounting policy change                       (202)       (195)
                                               -----------------------
 Shareholders' equity as restated                  6,993      7,974
                                               -----------------------


CASH FLOW STATEMENT (unaudited)
-------------------------------
EUR Millions                                          Full Year
                                                      ---------
                                                  2002        2001
                                               ----------- -----------
Cash flow from operating activities                 7,883       7,497

Dividends from joint ventures                          83          82

Returns on investments and servicing of
 finance                                           (1,386)     (1,887)

Taxation                                           (1,817)     (2,205)

Capital expenditure and financial investment       (1,706)     (1,358)

Acquisitions and disposals                          1,755       3,477

Dividends paid on ordinary share capital           (1,580)     (1,420)
                                               -----------------------
CASH INFLOW BEFORE MANAGEMENT OF LIQUID
 RESOURCES AND FINANCING                            3,232       4,186

Management of liquid resources                       (592)      1,106

Financing                                          (2,591)     (5,098)
                                               -----------------------
INCREASE IN CASH IN THE PERIOD                         49         194
                                               -----------------------

RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET DEBT (unaudited)
---------------------------------------------------------------
                                               -----------------------
NET DEBT AS OF JANUARY 1                          (23,199)    (26,468)
                                               -----------------------
INCREASE IN CASH IN THE PERIOD                         49         194

Cash flow from (increase) / decrease in
 borrowings                                         2,600       5,095

Cash flow from increase / (decrease) in liquid
 resources                                            592      (1,106)
                                               -----------------------
Change in net debt resulting from cash flows        3,241       4,183

Borrowings within group companies acquired            (77)         (1)

Borrowings within group companies sold                 20           3

Liquid resources within group companies
 acquired                                               -           -

Liquid resources within group companies sold           (1)          -

Non cash movements                                  1,467        (408)

Currency retranslation                              1,583        (508)
                                               -----------------------
MOVEMENT IN NET DEBT IN THE PERIOD                  6,233       3,269
                                               -----------------------
                                               -----------------------
NET DEBT AS OF DECEMBER 31                        (16,966)    (23,199)
                                               -----------------------


GEOGRAPHICAL ANALYSIS (unaudited)
---------------------------------

     Fourth Quarter      EUR Millions            Full Year
     --------------                              ---------

                % Incr./                                      % Incr./
                ---------                                    ---------
2002(a) 2001(a)(Decr.)(a)            2002(b) 2002(a) 2001(a)(Decr.)(a)
------- ------- ---------            ------- ------- ------- ---------
13,272  13,069     2 %   TURNOVER    48,760  52,020  52,206        - %
                         --------

----------------------------------------------------------------------
 4,837   4,905    (1)%   Europe      19,657  19,700  20,220       (3)%

                         North
 3,222   3,395    (5)%    America    12,568  13,205  13,880       (5)%

                         Africa,
                          Middle East
 1,003     895    12 %    & Turkey    3,225   3,754   3,455        9 %

                         Asia and
 2,187   2,081     5 %    Pacific     7,865   8,242   8,046        2 %

                         Latin
 2,023   1,793    13 %    America     5,445   7,119   6,605        8 %
----------------------------------------------------------------------

                         OPERATING
                          PROFIT
                          before
                          exceptional
                          items and
                         amortization
                          of goodwill
                          and
 1,795   1,890    (5)%    intangibles 7,260   7,739   7,269        6 %
                         ------------

----------------------------------------------------------------------
   629     655    (4)%   Europe       3,006   3,006   2,967        1 %

                         North
   537     583    (8)%    America     2,027   2,130   1,973        8 %

                         Africa,
                          Middle East
    83      95   (13)%    & Turkey      353     426     380       12 %

                         Asia and
   288     312    (8)%    Pacific     1,115   1,166   1,077        8 %

                         Latin
   258     245     5 %    America       759   1,011     872       16 %
----------------------------------------------------------------------

                         OPERATING
                          MARGIN
                          before
                          exceptional
                          items and
                         amortization
                          of goodwill
                          and
  13.5%   14.5%           intangibles  14.9%   14.9%   13.9%
                         ------------

----------------------------------------------------------------------
  13.0%   13.4%          Europe        15.3%   15.3%   14.7%

                         North
  16.7%   17.2%           America      16.1%   16.1%   14.2%

                         Africa,
                          Middle East
   8.3%   10.6%           & Turkey     11.0%   11.3%   11.0%

                         Asia and
  13.2%   15.0%           Pacific      14.2%   14.1%   13.4%

                         Latin
  12.8%   13.7%           America      13.9%   14.2%   13.2%
----------------------------------------------------------------------
(a) at constant 2001 annual average exchange rates.
(b) at exchange rates current in the year.


OPERATIONAL ANALYSIS (unaudited)
--------------------------------

     Fourth Quarter      EUR Millions            Full Year
     --------------                              ---------
                % Incr./                                     % Incr./
                ---------                                    ---------
2002(a) 2001(a)(Decr.)(a)            2002(b) 2002(a) 2001(a)(Decr.)(a)
------- ------- ---------            ------- ------- ------- ---------

13,272  13,069     2 %   TURNOVER    48,760  52,020  52,206        - %
                         --------

----------------------------------------------------------------------
 7,189   7,025     2 %   Foods       27,390  28,725  28,796        - %
----------------------------------------------------------------------
                         Savory and
 2,834   2,674     6 %    Dressings   9,503  10,138   9,999        1 %

                         Spreads and
                          Cooking
 1,763   1,871    (6)%    Products    6,216   6,474   6,771       (4)%

                         Health &
                          Wellness
                          and
 1,115   1,069     4 %    Beverages   4,215   4,467   4,299        4 %

                         Ice Cream
                          and Frozen
 1,477   1,411     5 %    Foods       7,456   7,646   7,727       (1)%
----------------------------------------------------------------------
                         Home Care
                          and
                         Professional
 2,271   2,610   (13)%    Cleaning    8,579   9,436  10,467      (10)%

                         Personal
 3,610   3,250    11 %    Care       12,245  13,273  12,310        8 %

                         Other
   202     184     9 %    Operations    546     586     633       (7)%
----------------------------------------------------------------------

                         OPERATING
                          PROFIT
                          before
                          exceptional
                          items and
                         amortization
                          of goodwill
                          and
 1,795   1,890    (5)%    intangibles 7,260   7,739   7,269        6 %
                         ------------

----------------------------------------------------------------------
 1,057   1,088    (3)%   Foods        4,040   4,237   4,140        2 %
----------------------------------------------------------------------
                         Savory and
   574     537     7 %    Dressings   1,539   1,658   1,685       (2)%

                         Spreads and
                          Cooking
   311     390   (20)%    Products    1,006   1,029   1,086       (5)%

                         Health &
                          Wellness
                          and
   189     178     6 %    Beverages     615     654     572       14 %

                         Ice Cream
                          and Frozen
   (17)    (17)   (3)%    Foods         880     896     797       12 %
----------------------------------------------------------------------
                         Home Care
                          and
                         Professional
   165     187   (12)%    Cleaning      954   1,027     886       16 %

                         Personal
   548     610   (10)%    Care        2,224   2,430   2,219       10 %

                         Other
    25       5   412 %    Operations     42      45      24       88 %
----------------------------------------------------------------------

                         OPERATING
                          MARGIN
                          before
                          exceptional
                          items and
                         amortization
                          of goodwill
                          and
  13.5%   14.5%           intangibles  14.9%   14.9%   13.9%
                         ------------

----------------------------------------------------------------------
  14.7%   15.5%          Foods         14.8%   14.8%   14.4%
----------------------------------------------------------------------
                         Savory and
  20.2%   20.1%           Dressings    16.2%   16.4%   16.9%

                         Spreads and
                          Cooking
  17.7%   20.8%           Products     16.2%   15.9%   16.0%

                         Health &
                          Wellness
                          and
  17.0%   16.7%           Beverages    14.6%   14.7%   13.3%

                         Ice Cream
                          and Frozen
  (1.1)%  (1.2)%          Foods        11.8%   11.7%   10.3%
----------------------------------------------------------------------
                         Home Care
                          and
                         Professional
   7.3%    7.2%           Cleaning     11.1%   10.9%    8.5%

                         Personal
  15.2%   18.8%           Care         18.2%   18.3%   18.0%

                         Other
  12.5%    2.7%           Operations    7.8%    7.7%    3.8%
----------------------------------------------------------------------
(a) at constant 2001 annual average exchange rates.
(b) at exchange rates current in the year.

NOTES

Exchange Rates

The results for 2002 and the comparative figures for 2001 have been translated at constant average rates of exchange, being the annual average rates for 2001. For our reporting currencies 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. these were EUR 1 = Pounds Sterling 0.622 = U.S. $0.895. In addition, the results, earnings per share and cash flow statement have been translated at rates current in each period. For our reporting currencies these were:


Fourth Quarter
--------------
2002 EUR 1 = Pounds Sterling 0.642 = U.S. $1.044
2001 EUR 1 = Pounds Sterling 0.617 = U.S. $0.900

Full Year
---------
EUR 1 = Pounds Sterling 0.628 = U.S. $0.940
EUR 1 = Pounds Sterling 0.622 = U.S. $0.895

The balance sheet figures have been translated at year-end year-end also year·end
n.
The end of a year.

adj.
Occurring or done at the end of the year: a year-end audit.

Noun 1. rates of exchange. For our reporting currencies these were EUR 1 = Pounds Sterling 0.651 = U.S. $1.049 (31 December 2001: EUR 1 = Pounds Sterling 0.611 = U.S. $0.885).

Acquisitions

For the year 2002, the effect on turnover and operating profit of acquisitions was EUR 166 million and EUR 11 million, respectively.

Disposals in the quarter

On November November: see month. 30, 2002, we completed the sale of Loders Croklaan Group, an international speciality oils and fats business, to IOI IOI - International Olympiad in Informatics Corporation Berhad of Malaysia Malaysia (məlā`zhə), independent federation (2005 est. pop. 23,953,000), 128,430 sq mi (332,633 sq km), Southeast Asia. The official capital and by far the largest city is Kuala Lumpur; Putrajaya is the adminstrative capital. for EUR 217 million in cash. This business had sales of EUR 267 million in 2001.

On December 31, 2002 we completed the sale of our Iberia Iberia (ībĭr`ēə), ancient country of Transcaucasia, roughly the eastern part of present-day Georgia. It was inhabited in earliest times by various tribes, collectively called Iberians by ancient historians, although Herodotus called Foods business to an affiliate Affiliate

Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. of the Brooklyn Bottling Group The Brooklyn Bottling Group is one of the largest independently owned beverage and food company in the United States. Founded by Jack Miller in 1936, the company started out by selling seltzers and syrups door to door in Brooklyn neighborhoods. of Brooklyn Brooklyn (br

k`lĭn), borough of New York City (1990 pop. 2,300,664), 71 sq mi (184 sq km), coextensive with Kings co., SE N.Y. , 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 . In 2002 the business had sales of approximately U.S. $43 million.

On January January: see month. 17, 2003, we completed the sale of our holdings in Unipamol Malaysia Sdn. Bhd. and Pamol Plantations PLANTATIONS. Colonies, (q.v.) dependencies. (q.v.) 1 Bl. Com. 107. In England, this word, as it is used in St. 12, II. c. 18, is never applied to, any of the British dominions in Europe, but only to the colonies in the West Indies and America. 1 Marsh. Ins, B. 1, c. 3, Sec. 2, page 64. Sdn. Bhd. to Palmco of Malaysia, a subsidiary of IOI Corporation, for a cash consideration of EUR 138 million. In 2002 these businesses had combined sales of approximately EUR 51 million.

Reporting of turnover and operating profit

Turnover means Group turnover plus our share of turnover of joint ventures net of our share of any sales to the joint ventures already included in the Group figures. Operating profit means Group operating profit plus our share of operating profit of joint ventures. These measures do not include our share of the turnover or operating profit of associates.

FRS 19

As of January 1, 2002, Unilever has adopted U.K. Financial Reporting Standard 19 (FRS 19) 'Deferred Tax' which requires full provision to be made for deferred taxes. The impact of adoption of this standard has been reflected in all periods covered by this announcement by means of prior period adjustments to the balance sheets. As Unilever has previously provided for deferred taxes on a full provision basis in accordance 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 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. law, FRS 19 does not have a material impact on the profit and loss account.

The implementation of FRS 19 has resulted in a restatement of EUR (202) million to the opening Capital and Reserves for 2002 (2001: EUR (195) million). In the 2002 opening balance sheet goodwill has been reduced by EUR 133 million (2001: EUR 77 million) while debtors have been reduced by EUR 60 million (2001: EUR 91 million) through a reduction in deferred tax assets, and deferred tax liabilities have been increased by EUR 9 million (2001: EUR 27 million).

DIVIDENDS

The Boards have resolved to recommend to the Annual General Meetings to be held on May 7, 2003 the declaration of final dividends in respect of 2002 on the Ordinary capitals at the following rates which are equivalent in value at the rate of exchange applied in terms of the Equalization In communications, techniques used to reduce distortion and compensate for signal loss (attenuation) over long distances. Agreement between the two companies:


N.V.    EUR 1.15 per ordinary share (2001: EUR 1.06), bringing the
        total of N.V.'s dividend for 2002 to EUR 1.70 per ordinary
        share (2001: EUR 1.56).

PLC     10.83p per ordinary share (2001: 9.89p), bringing the total of
        PLC's dividend for 2002 to 16.04p per ordinary share
        (2001:14.54p).

The N.V. final dividend will be paid on June June: see month. 9, 2003, to shareholders registered at close of business on May 8, 2003.

The PLC final dividend will be paid on June 9, 2003, to shareholders registered at close of business on May 16, 2003.

DIVIDENDS ON NEW YORK SHARES OF N.V.

U.S. Dollar checks for the final dividend on the New York Shares of EUR 0.51(a) nominal Trifling, token, or slight; not real or substantial; in name only.

Nominal capital, for example, refers to extremely small or negligible funds, the use of which in a particular business is incidental.

NOMINAL. Relating to a name. amount after 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. at the appropriate rate, 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 May 7, 2003 will be mailed on June 6, 2003 to holders of record at the close of business on May 16, 2003. If converted at the Euro/Dollar rate of exchange at noon on February February: see month. 12, 2003 the final dividend would be U.S. $1.234525 per New York share (2001 final dividend: U.S. $0.963328 actual payment) before deduction of Netherlands withholding tax. With the interim dividend in respect of 2002 of U.S. $0.540100 at the actual Euro/Dollar conversion rate, already paid, this would result in a total for interim and final dividends in respect of 2002 of U.S. $1.774625 per New York Share (2001: U.S. $1.418178 actual payment).

DIVIDENDS ON AMERICAN SHARES American shares

Securities certificates issued in the US by a transfer agent acting on behalf of the foreign issuer. The certificates represent claims to foreign equities. OF PLC

U.S. Dollar checks for the final dividend on the 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. in PLC converted at the Sterling/Dollar rate of exchange current in London London, city, Canada
London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. on May 7, 2003 will be mailed June 6, 2003 to holders of record at the close of business on May 16, 2003. Each American Depositary Receipt in PLC represents four 1.4p ordinary shares in PLC. The PLC final dividend will therefore be 43.32p per American Depositary Receipt. If converted at the Sterling/Dollar rate of exchange at noon on February 12, 2003, the PLC final dividend would be U.S. $0.7006 per American Depositary Receipt (2001 final dividend: U.S. $0.5772 actual payment). With the interim dividend in respect of 2002 of U.S. $0.3247 at the actual Sterling/Dollar conversion rate, already paid, this would result in a total for interim and final dividends in respect of 2002 of U.S. $1.0253 per American Depositary Receipt (2001: U.S. $0.8474 actual payment).

(a) The euro amounts of share capital shown above are

representations in euros on the basis of article 67c Book 2

Dutch Civil Code of underlying amounts of share capital in

Dutch guilders.

Combined earnings per share

The combined earnings per share calculations are based on the average number of share units representing the combined ordinary shares of N.V. 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 N.V. and PLC shares using the exchange rate of Pounds Sterling 1 = EUR 5.445, in accordance with the Equalization 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 14, by the number of shares that could be purchased at fair value with the expected proceeds from the exercise of options by employees.


Earnings per share in Euro for the year
---------------------------------------

                                 Constant rates      Current rates
                              ----------------------------------------
                                   2002      2001      2002      2001
                              ----------------------------------------

                                         Thousands of units
Average number of combined
 share units of EUR 0.51        976,743   982,845   976,743   982,845
Average number of combined
 share units of 1.4p          6,511,620 6,552,302 6,511,620 6,552,302

COMBINED EPS
------------

Net profit                        2,217     1,838     2,129     1,838
Less:  Preference dividends         (42)      (51)      (42)      (51)
                              ----------------------------------------
Net profit attributable to
 ordinary capital                 2,175     1,787     2,087     1,787
                              ----------------------------------------

                              ----------------------------------------
Combined EPS per EUR0.51
 (Euros)                           2.23      1.82      2.14      1.82
Combined EPS per 1.4p (Euro
 cents)                           33.40     27.27     32.05     27.27
                              ----------------------------------------

COMBINED EPS - BEIA
-------------------

Net profit                        2,217     1,838     2,129     1,838
Add back exceptional
 items net of tax                   704       334       661       334
Add back amortization of goodwill /
 intangibles net of tax           1,316     1,371     1,216     1,371
                              ----------------------------------------
Net profit beia                   4,237     3,543     4,006     3,543
Less:  Preference dividends         (42)      (51)      (42)     (51)
                              ----------------------------------------
Net profit attributable
to ordinary capital -
 beia                             4,195     3,492      3,964    3,492
                              ----------------------------------------

                              ----------------------------------------
Combined EPS beia
 per EUR 0.51 (Euros)              4.29      3.55       4.06     3.55
Combined EPS beia
 per 1.4p (Euro cents)            64.41     53.29      60.86    53.29
                              ----------------------------------------

COMBINED EPS - Diluted
----------------------

                                         Thousands of units
Adjusted average combined
 share units of EUR 0.51      1,006,627 1,010,009 1,006,627 1,010,009
Adjusted average combined
 share units of 1.4p          6,710,844 6,733,393 6,710,844 6,733,393

Net profit attributable to
 ordinary capital                 2,175     1,787     2,087     1,787
                              ----------------------------------------

                              ----------------------------------------
Combined diluted EPS per
 EUR0.51 (Euros)                   2.16      1.77      2.07      1.77
Combined diluted EPS per 1.4p
 (Euro cents)                     32.41     26.54     31.10     26.54
                              ----------------------------------------

Dates

The Annual Report & Accounts 2002 will be published on March 27, 2003.

The provisional Temporary; not permanent. Tentative, contingent, preliminary.

A provisional civil service appointment is a temporary position that fills a vacancy until a test can be properly administered and statutory requirements can be fulfilled to make a permanent appointment. results for the first quarter 2003 will be published on Friday Friday: see Sabbath; week.

Friday

young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe]

See : Servant , May 2, 2003.



SUPPLEMENTARY INFORMATION ON UNILEVER GROUP RESULTS
---------------------------------------------------

EUR Millions (provisional)

EXCEPTIONAL ITEMS IN OPERATING PROFIT     2002(b)   2002(a)    2001(a)
-------------------------------------   ------------------------------

Restructuring                             (1,215)   (1,298)    (1,515)
Others, principally business disposals       341       359        927

                                        ------------------------------
                                            (874)     (939)      (588)
                                        ------------------------------
By geographical area
--------------------
Europe                                      (723)     (741)       254
North America                                (66)      (70)      (285)
Africa, Middle East & Turkey                 (39)      (45)      (139)
Asia & Pacific                                13        13       (157)
Latin America                                (59)      (96)      (261)

                                        ------------------------------
                                            (874)     (939)      (588)
                                        ------------------------------
By operation
------------
Foods                                       (542)     (575)      (363)
                                        ------------------------------
   Savory and dressings                      (25)      (37)       347
   Spreads and cooking products             (175)     (183)      (260)
   Health & wellness and beverages          (105)     (111)      (128)
   Ice cream and frozen foods               (237)     (244)      (322)
                                        ------------------------------
Home care & professional cleaning           (183)     (200)      (201)
Personal care                               (149)     (166)       (49)
Other operations                               -         2         25

                                        ------------------------------
                                            (874)     (939)      (588)
                                        ------------------------------

CAPITAL EXPENDITURE                                 2002(b)    2001(b)
-------------------                               --------------------
By geographical area
--------------------
Europe                                                 552        631
North America                                          334        355
Africa, Middle East & Turkey                           108        114
Asia & Pacific                                         170        217
Latin America                                          134        196

                                                  --------------------
                                                     1,298      1,513
                                                  --------------------

By operation
------------
Foods                                                  805        810
Home care, professional cleaning and
 personal care                                         466        678
Other operations                                        27         25

                                                  --------------------
                                                     1,298      1,513
                                                  --------------------

(a) at constant 2001 annual average exchange rates

(b) at exchange rates current in the year


EUR Millions (provisional)                          2002(b)    2001(b)
--------------------------                        --------------------

EXPENDITURE IN GROUP OPERATING COSTS
------------------------------------

Research and development                             1,166      1,178
Advertising and promotions expenditure               6,839      6,648


Average in thousands (provisional)                    2002       2001
----------------------------------                --------------------

PERSONNEL NUMBERS BY GEOGRAPHICAL AREA
(Parent and group companies)
--------------------------------------
Europe                                                  65         75
North America                                           22         30
Africa, Middle East and Turkey                          52         49
Asia and Pacific                                        84         84
Latin America                                           35         41

                                                  --------------------
                                                       258        279
                                                  --------------------

(b) at exchange rates current in the year

February 13 2003


CONSOLIDATED PROFIT AND LOSS ACCOUNT - CONSTANT EXCHANGE RATES
(unaudited)
--------------------------------------------------------------

In the profit and loss account given below, the results in both years
have been translated at constant exchange rates, being the annual
average exchange rates for 2001. This reporting convention facilitates
comparisons since the impact of exchange rate fluctuations is
eliminated. This translation has been prepared solely for the
convenience of users and does not form part of Unilever's accounts.

     Fourth Quarter       U.S. $ Millions -          Full Year
                             constant
------------------------                     -------------------------
                % Incr./                                      % Incr.
  2002    2001  (Decr.)                         2002    2001  /(Decr.)
------------------------                     -------------------------

11,882  11,700       2 %  TURNOVER            46,573  46,740       - %
                          Less: Share of
                           turnover of joint
  (104)   (166)            ventures             (466)   (619)
----------------------------------------------------------------------
11,778  11,534       2 %  GROUP TURNOVER      46,107  46,121       - %

                          GROUP OPERATING
   705     799     (12)%   PROFIT              4,789   4,632       3 %
----------------------------------------------------------------------
                          Group operating
 1,581   1,654      (4)%   profit beia (a)     6,839   6,400       7 %
  (583)   (538)           Exceptional items     (845)   (526)
                          Amortization of
                           goodwill and
  (293)   (317)            intangibles        (1,205) (1,242)
----------------------------------------------------------------------

                          Add: Share of
                           operating profit
    22      28             of joint ventures      79      75

   727     827     (12)%  OPERATING PROFIT     4,868   4,707       3 %
----------------------------------------------------------------------
                          Operating profit
 1,607   1,692      (5)%   beia (a)            6,929   6,508       6 %
  (585)   (538)           Exceptional items     (840)   (526)
                          Amortization of
                           goodwill and
  (295)   (327)            intangibles        (1,221) (1,275)
----------------------------------------------------------------------

                          Share of operating
                           profit of
     8       -             associates             31       -
                          Other income from
     6       4             fixed investments      (5)     11

  (284)   (346)           Interest            (1,153) (1,473)
---------------                              ----------------

                          PROFIT BEFORE
   457     485      (6)%   TAXATION            3,741   3,245      15 %

  (105)   (219)           Taxation            (1,457) (1,385)
---------------                              ----------------

                          PROFIT AFTER
   352     266      32 %   TAXATION            2,284   1,860      23 %

   (90)    (51)           Minority interests    (299)   (214)
---------------                              ----------------

                          NET PROFIT AT
                           CONSTANT 2001
   262     215      22 %   EXCHANGE RATES      1,985   1,646      21 %
---------------                              ----------------

----------------------------------------------------------------------
                          Net profit before
                           exceptional items
                           & amortization of
                           goodwill and
                           intangibles
   921     901       3 %   (Constant rates)    3,793   3,172      20 %
----------------------------------------------------------------------

(a) beia means before exceptional items and amortization of goodwill
    and intangibles


CONSOLIDATED PROFIT AND LOSS ACCOUNT - CURRENT EXCHANGE RATES
(unaudited)
--------------------------------------------------------------

The profit and loss account given below is stated at current exchange
rates, i.e. the results in both years have been translated at the
exchange rates prevailing during the appropriate period; further
information is given on page 14. The reported results are therefore
impacted by exchange rate movements between the periods. This
translation has been prepared solely for the convenience of users and
does not form part of Unilever's accounts.

     Fourth Quarter       U.S. $ Millions -          Full Year
                           current
------------------------                     -------------------------
                % Incr./                                      % Incr.
  2002    2001  (Decr.)                         2002    2001  /(Decr.)
------------------------                     -------------------------

11,688  11,697       - %  TURNOVER            45,839  46,740      (2)%
                          Less: Share of
                           turnover of joint
  (105)   (163)            ventures             (460)   (619)
----------------------------------------------------------------------
11,583  11,534       - %  GROUP TURNOVER      45,379  46,121      (2)%

                          GROUP OPERATING
   705     789     (11)%   PROFIT              4,739   4,632       2 %
----------------------------------------------------------------------
                          Group operating
 1,562   1,650      (5)%   profit beia (a)     6,736   6,400       5 %
  (574)   (545)           Exceptional items     (827)   (526)
                          Amortization of
                           goodwill and
  (283)   (316)            intangibles        (1,170) (1,242)
----------------------------------------------------------------------

                          Add: Share of
                           operating profit
    22      28             of joint ventures      79      75

   727     817     (11)%  OPERATING PROFIT     4,818   4,707       2 %
----------------------------------------------------------------------
                          Operating profit
 1,589   1,687      (6)%   beia (a)            6,825   6,508       5 %
  (574)   (545)           Exceptional items     (821)   (526)
                          Amortization of
                           goodwill and
  (288)   (325)            intangibles        (1,186) (1,275)
----------------------------------------------------------------------

                          Share of operating
                           profit of
     9       -             associates             32       -
                          Other income from
     4       5             fixed investments      (7)     11
  (268)   (348)           Interest            (1,103) (1,473)
---------------                              ----------------

                          PROFIT BEFORE
   472     474       - %   TAXATION            3,740   3,245      15 %

  (102)   (216)           Taxation            (1,446) (1,385)
---------------                              ----------------

                          PROFIT AFTER
   370     258      43 %   TAXATION            2,294   1,860      23 %

   (87)    (51)           Minority interests    (292)   (214)
---------------                              ----------------

                          NET PROFIT AT
                           EXCHANGE RATES
                           CURRENT IN EACH
   283     207      37 %   PERIOD              2,002   1,646      22 %

----------------------------------------------------------------------
                          Net profit before
                           exceptional items
                           & amortization of
                           goodwill and
   927     893       4 %   intangibles         3,766   3,172      19 %
----------------------------------------------------------------------

----------------------------------------------------------------------
                          COMBINED EARNINGS
                           PER SHARE
     $       $            (Current rates)          $       $
                          - per EUR 0.51
  0.29    0.20      45 %   ordinary share       2.01    1.63      23 %
                          - per EUR 0.51
                           ordinary share -
  0.28    0.19      44 %   diluted              1.95    1.58      23 %
                          - per 5.6p ordinary
  0.18    0.12      45 %   share                1.21    0.98      23 %
                          - per 5.6p ordinary
  0.17    0.12      44 %   share - diluted      1.17    0.95      23 %
----------------------------------------------------------------------

                          Preference
                           dividends             (40)    (46)
                          Dividends on
                           ordinary capital   (1,560) (1,369)
                                             ----------------
                          Result for the year
                           retained              402     231
                                             ----------------

(a) beia means before exceptional items and amortization of goodwill
    and intangibles


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
----------------------------------------------------------

U.S. $ Millions                                        Full Year
                                                  --------------------
                                                                 2001
                                                       2002   Restated
                                                  --------------------
Net profit                                            2,002     1,646
Unrealized gain on partial disposal of a group
 company                                                 52         -
Currency retranslation                                 (506)   (1,260)
                                                  --------------------
Total recognized gains for the year                   1,548       386
Adjustment related to prior year restatement           (179)        -
                                                  --------------------
Total recognized gains since last Annual Report       1,369       386
                                                  --------------------


MOVEMENTS IN SHAREHOLDERS' EQUITY (unaudited)
---------------------------------------------

U.S. $ Millions                                        Full Year
                                                  --------------------
                                                                 2001
                                                       2002   Restated
                                                  --------------------
Shareholders' equity as of January 1                  6,192     7,418
Net profit                                            2,002     1,646
Dividends                                            (1,600)   (1,415)
Goodwill movements                                      431       245
Unrealized gain on partial disposal of a group
 company                                                 52         -
Currency retranslation                                 (405)   (1,311)
Change in number of shares or certificates of
 shares held in connection with share options          (518)     (391)
                                                  --------------------
Shareholders' equity as of December 31                6,154     6,192
                                                  --------------------


SUMMARY BALANCE SHEET (unaudited)                    As of December 31
---------------------------------
U.S. $ Millions                                                  2001
                                                       2002   Restated
                                                  --------------------
Goodwill and intangibles                             21,268    22,103
Other fixed assets                                    8,513     8,964
Stocks                                                4,721     4,731
Debtors                                               8,635     8,884
Cash and current investments                          3,649     2,037
Trade & other creditors                             (12,308)  (11,278)
                                                  --------------------
                                                     34,478    35,441
                                                  --------------------

Borrowings                                           21,446    22,577
Provisions for liabilities and charges                6,219     6,084
Minority interests                                      659       588
Capital and reserves                                  6,154     6,192
                                                  --------------------
                                                     34,478    35,441
                                                  --------------------

Restatements relate to the implementation of United Kingdom Financial
Reporting Standard 19 (see note on Page 14).


                                                     As of       As of
                                               December 31 December 31
                                                      2001        2000
                                              ------------------------
  Shareholders' equity as previously reported
   in 2001 Report & Accounts                        6,371       7,600
  Accounting policy change                           (179)       (182)
                                              ------------------------
  Shareholders' equity as restated                  6,192       7,418
                                              ------------------------


CASH FLOW STATEMENT (unaudited)
-------------------------------

U.S. $ Millions                                        Full Year
                                                  --------------------
                                                      2002       2001
                                                  --------------------
Cash flow from operating activities                  7,411      6,713
Dividends from joint ventures                           78         73
Returns on investments and servicing of finance     (1,303)    (1,689)
Taxation                                            (1,708)    (1,975)
Capital expenditure and financial investment        (1,604)    (1,216)
Acquisitions and disposals                           1,650      3,113
Dividends paid on ordinary share capital            (1,485)    (1,272)
                                                  --------------------
CASH INFLOW BEFORE MANAGEMENT OF LIQUID RESOURCES
 AND FINANCING                                       3,039      3,747
Management of liquid resources                        (557)       991
Financing                                           (2,436)    (4,564)
                                                  --------------------
INCREASE IN CASH IN THE PERIOD                          46        174
                                                  --------------------


RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET DEBT (unaudited)
---------------------------------------------------------------

NET DEBT AS OF JANUARY 1                           (20,540)   (24,623)
                                                  --------- ----------
INCREASE IN CASH IN THE PERIOD                          46        174
Cash flow from (increase) / decrease in borrowings   2,444      4,562
Cash flow from increase / (decrease) in liquid
 resources                                             557       (991)
                                                  --------- ----------
Change in net debt resulting from cash flows         3,047      3,745
Borrowings within group companies acquired             (72)         -
Borrowings within group companies sold                  19          3
Liquid resources within group companies acquired                    -
Liquid resources within group companies sold            (1)         -
Non-cash movements                                   1,379       (365)
Currency retranslation                              (1,629)       700
                                                  --------- ----------
MOVEMENT IN NET DEBT IN THE PERIOD                   2,743      4,083
                                                  --------- ----------

                                                  --------- ----------
NET DEBT AS OF DECEMBER 31                         (17,797)   (20,540)
                                                  --------- ----------

GEOGRAPHICAL ANALYSIS (unaudited)
---------------------------------

     Fourth Quarter      U.S.                     Full Year
                         $ Millions
------------------------               -------------------------------



               % Incr./                                      % Incr./
              ----------                                    ----------
2002(a)2001(a)(Decr.)(a)               2002(b)2002(a)2001(a)(Decr.)(a)
------------------------               -------------------------------



11,882 11,700        2 % TURNOVER      45,839 46,573 46,740        - %
                         --------

----------------------------------------------------------------------
 4,330  4,392       (1)% Europe        18,480 17,637 18,103       (3)%
 2,885  3,039       (5)% North America 11,815 11,823 12,426       (5)%
                         Africa,
                          Middle East
   897    800       12 %  & Turkey      3,032  3,360  3,093        9 %
                         Asia and
 1,958  1,864        5 %  Pacific       7,394  7,379  7,204        2 %
 1,812  1,605       13 % Latin America  5,118  6,374  5,914        8 %
----------------------------------------------------------------------



                         OPERATING
                          PROFIT
                          before
                          exceptional
                          items and
                          amortization
                          of goodwill
                          and
 1,607  1,692       (5)%  intangibles   6,825  6,929  6,508        6 %
                         -------------

----------------------------------------------------------------------
   563    587       (4)% Europe         2,826  2,692  2,657        1 %
   481    521       (8)% North America  1,906  1,907  1,766        8 %
                         Africa,
                          Middle East
    74     85      (13)%  & Turkey        332    381    340       12 %
                         Asia and
   258    279       (8)%  Pacific       1,048  1,044    964        8 %
   231    220        5 % Latin America    713    905    781       16 %
----------------------------------------------------------------------


                         OPERATING
                          MARGIN
                          before
                          exceptional
                          items and
                          amortization
                          of goodwill
                          and
 13.5 % 14.5 %            intangibles   14.9 % 14.9 % 13.9 %
                         -------------

------------------------------------------------------------
 13.0 % 13.4 %           Europe         15.3 % 15.3 % 14.7 %
 16.7 % 17.2 %           North America  16.1 % 16.1 % 14.2 %
                         Africa,
                          Middle East
  8.3 % 10.6 %            and Turkey    11.0 % 11.3 % 11.0 %
                         Asia and
 13.2 % 15.0 %            Pacific       14.2 % 14.1 % 13.4 %
 12.8 % 13.7 %           Latin America  13.9 % 14.2 % 13.2 %
------------------------------------------------------------

(a) at constant 2001 annual average exchange rates

(b) at exchange rates current in the year

OPERATIONAL ANALYSIS (unaudited)
--------------------------------

     Fourth Quarter      U.S. $                   Full Year
                          Millions
------------------------               -------------------------------
               % Incr./                                      % Incr./
              ----------                                    ----------
2002(a)2001(a)(Decr.)(a)               2002(b)2002(a)2001(a)(Decr.)(a)
------------------------               -------------------------------

11,882 11,700        2 % TURNOVER      45,839 46,573 46,740        - %
                         -------------

----------------------------------------------------------------------
 6,437  6,290        2 % Foods         25,749 25,718 25,782        - %
----------------------------------------------------------------------
                          Savory and
 2,537  2,394        6 %   Dressings    8,934  9,076  8,952        1 %
                          Spreads and
                           Cooking
 1,579  1,674       (6)%   Products     5,843  5,797  6,062       (4)%
                          Health &
                           Wellness
                           and
   998    958        4 %   Beverages    3,962  3,999  3,850        4 %
                          Ice Cream
                           and Frozen
 1,323  1,264        5 %   Foods        7,010  6,846  6,918       (1)%
----------------------------------------------------------------------
                         Home Care and
                          Professional
 2,033  2,336      (13)%  Cleaning      8,065  8,448  9,371      (10)%
                         Personal
 3,232  2,909       11 %  Care         11,511 11,883 11,021        8 %
                         Other
   180    165        9 %  Operations      514    524    566      (7) %
----------------------------------------------------------------------

                         OPERATING
                          PROFIT
                          before
                          exceptional
                          items and
                          amortization
                          of goodwill
                          and
 1,607  1,692       (5)%  intangibles   6,825  6,929  6,508        6 %
                         -------------

----------------------------------------------------------------------
   947    974       (3)% Foods          3,798  3,794  3,706        2 %
----------------------------------------------------------------------
                          Savory and
   514    481        7 %   Dressings    1,447  1,484  1,508       (2)%
                          Spreads and
                           Cooking
   279    349      (20)%   Products       946    922    972       (5)%
                          Health &
                           Wellness
                           and
   170    160        6 %   Beverages      578    586    513       14 %
                          Ice Cream
                           and Frozen
   (16)   (16)      (3)%   Foods          827    802    713       12 %
----------------------------------------------------------------------
                         Home Care and
                          Professional
   148    167      (12)%  Cleaning        897    920    793       16 %
   490    546      (10)% Personal Care  2,090  2,175  1,987       10 %
                         Other
    22      5      412 %  Operations       40     40     22       88 %
----------------------------------------------------------------------

                         OPERATING
                          MARGIN
                          before
                          exceptional
                          items and
                          amortization
                          of goodwill
                          and
 13.5 % 14.5 %            intangibles   14.9 % 14.9 % 13.9 %
                         -------------

------------------------------------------------------------
 14.7 % 15.5 %           Foods          14.8 % 14.8 % 14.4 %
------------------------------------------------------------
                          Savory and
 20.2 % 20.1 %             Dressings    16.2 % 16.4 % 16.9 %
                          Spreads and
                           Cooking
 17.7 % 20.8 %             Products     16.2 % 15.9 % 16.0 %
                          Health &
                           Wellness
                           and
 17.0 % 16.7 %             Beverages    14.6 % 14.7 % 13.3 %
                          Ice Cream
                           and Frozen
 (1.1)% (1.2)%             Foods        11.8 % 11.7 % 10.3 %
------------------------------------------------------------
                         Home Care and
                          Professional
  7.3 %  7.2 %            Cleaning      11.1 % 10.9 %  8.5 %
 15.2 % 18.8 %           Personal Care  18.2 % 18.3 % 18.0 %
                         Other
 12.5 %  2.7 %            Operations     7.8 %  7.7 %  3.8 %
------------------------------------------------------------

(a) at constant 2001 annual average exchange rates

(b) at exchange rates current in the year


Earnings per share in U.S. Dollars for the year
-----------------------------------------------

                                 Constant rates      Current rates
                              ----------------------------------------
                                   2002      2001      2002      2001
                              ----------------------------------------

                                         Thousands of units

Average number of combined
 share units of EUR 0.51        976,743   982,845   976,743   982,845
Average number of combined
 share units of 5.6p          1,627,905 1,638,076 1,627,905 1,638,076

COMBINED EPS
------------

Net profit                        1,985     1,646     2,002     1,646
Less:  Preference dividends         (38)      (46)      (40)      (46)
                              ----------------------------------------
Net profit attributable to
 ordinary capital                 1,947     1,600     1,962     1,600
                              ----------------------------------------

                              ----------------------------------------
Combined EPS per EUR 0.51         $1.99     $1.63     $2.01     $1.63
Combined EPS per 5.6p             $1.20     $0.98     $1.21     $0.98
                              ----------------------------------------

COMBINED EPS - BEIA
-------------------

Net profit                        1,985     1,646     2,002     1,646
Add back exceptional items net
 of tax                             630       299       622       299
Add back amortization of
 goodwill / intangibles net of
 tax                              1,178     1,227     1,142     1,227
                              ----------------------------------------
Net profit beia                   3,793     3,172     3,766     3,172
Less:  Preference dividends         (38)      (46)      (40)      (46)
                              ----------------------------------------
Net profit attributable to
 ordinary capital - beia          3,755     3,126     3,726     3,126
                              ----------------------------------------

                              ----------------------------------------
Combined EPS beia per EUR 0.51    $3.84     $3.18     $3.81     $3.18
Combined EPS beia per 5.6p        $2.31     $1.91     $2.29     $1.91
                              ----------------------------------------

COMBINED EPS - Diluted
----------------------

                                         Thousands of units
Adjusted average combined
 share units of EUR 0.51      1,006,627 1,010,009 1,006,627 1,010,009
Adjusted average combined
 share units of 5.6p          1,677,711 1,683,348 1,677,711 1,683,348

Net profit attributable to
 ordinary capital                 1,947     1,600     1,962     1,600
                              ----------------------------------------

                              ----------------------------------------
Combined diluted EPS per EUR
 0.51                             $1.93     $1.58     $1.95     $1.58
Combined diluted EPS per 5.6p     $1.16     $0.95     $1.17     $0.95
                              ----------------------------------------


SUPPLEMENTARY INFORMATION ON UNILEVER GROUP RESULTS
---------------------------------------------------

U.S. $ Millions (provisional)


EXCEPTIONAL ITEMS IN OPERATING PROFIT     2002(b)   2002(a)    2001(a)
-------------------------------------   ------------------------------

Restructuring                             (1,142)   (1,162)    (1,356)
Others, principally business disposals       321       322        830

                                        ------------------------------
                                            (821)     (840)      (526)
                                        ------------------------------
By geographical area
--------------------
Europe                                      (680)     (663)       227
North America                                (62)      (62)      (255)
Africa, Middle East & Turkey                 (36)      (41)      (125)
Asia & Pacific                                12        12       (140)
Latin America                                (55)      (86)      (233)

                                        ------------------------------
                                            (821)     (840)      (526)
                                        ------------------------------
By operation
------------
Foods                                       (509)     (514)      (325)
                                        ------------------------------
   Savory and dressings                      (23)      (33)       311
   Spreads and cooking products             (164)     (164)      (233)
   Health & wellness and beverages           (99)      (99)      (115)
   Ice cream and frozen foods               (223)     (218)      (288)
                                        ------------------------------
Home care & professional cleaning           (172)     (179)      (180)
Personal care                               (140)     (149)       (44)
Other operations                               -         2         23

                                        ------------------------------
                                            (821)     (840)      (526)
                                        ------------------------------

CAPITAL EXPENDITURE                                 2002(b)    2001(b)
-------------------                               --------------------
By geographical area
--------------------
Europe                                                 520        565
North America                                          314        318
Africa, Middle East & Turkey                           101        102
Asia & Pacific                                         159        194
Latin America                                          126        175

                                                  --------------------
                                                     1,220      1,354
                                                  --------------------

By operation
------------
Foods                                                  756        725
Home care, professional cleaning and
 personal care                                         438        607
Other operations                                        26         22

                                                  --------------------
                                                     1,220      1,354
                                                  --------------------

(a) at constant 2001 annual average exchange rates

(b) at exchange rates current in the year


U.S. $ Millions (provisional)                       2002(b)    2001(b)
-----------------------------                     --------------------

EXPENDITURE IN GROUP OPERATING COSTS
------------------------------------

Research and development                             1,096      1,055
Advertising and promotions expenditure               6,429      5,952


Average in thousands (provisional)                    2002       2001
----------------------------------                --------------------

PERSONNEL NUMBERS BY GEOGRAPHICAL AREA
(Parent and group companies)
--------------------------------------
Europe                                                  65         75
North America                                           22         30
Africa, Middle East and Turkey                          52         49
Asia and Pacific                                        84         84
Latin America                                           35         41

                                                  --------------------
                                                       258        279
                                                  --------------------

(b) at exchange rates current in the year

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