Unilever Second Quarter and Half Year Results 2004; Unaudited, Constant 2003 Average Exchange Rates, Unless Stated.ENGLEWOOD Englewood (ĕng`gəlw  d).1 City (1990 pop. 29,387), Arapahoe co., N central Colo., on the South Platte River, a residential and industrial suburb of Denver; inc. 1903. CLIFFS, N.J. -- 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*) increased 11% in the quarter despite flat sales of leading brands in competitive markets. We have a fully funded programme for the second half and maintain our outlook for full year earnings. FINANCIAL HIGHLIGHTS - EUR millions Second Quarter 2004 Half Year 2004 ---------------------- --------------- 10,835 - 3 % Turnover 20,623 - 3 % 1,613 - 2 % Operating profit -beia(*) 3,068 - 1 % 1,170 + 19 % Pre-tax profit 2,101 + 5 % 770 + 34 % Net profit 1,300 + 8 % 1,036 + 10 % Net profit -beia(*) 1,887 + 9 % 1.07 + 11 % EPS NV -beia (*)(Euros) 1.94 + 10 % 16.02 + 11 % EPS PLC - beia(*)(Euro cents)29.12 + 10 % (*) Before exceptional items and amortisation Noun 1. amortisation - the reduction of the value of an asset by prorating its cost over a period of years amortization reduction, step-down, diminution, decrease - the act of decreasing or reducing something 2. of goodwill and intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. At current rates of exchange EPS (beia) was higher by 10% in the quarter and by 6% for the half year. EPS was 34% higher in the quarter, helped by higher profits on disposals, and was ahead by 6% for the half year. KEY FEATURES OF THE QUARTER --Sales of the leading brands were flat, with a further slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in market growth and poor ice cream and ready-to-drink tea sales in Europe Europe (y r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). .--Operating margin (beia) moved ahead by 10 basis points to 14.9% with cost savings continuing to underpin the funding of intensified in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: competitive activity. --With strong cash flow, net debt at quarter end exchange rates was 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. 13.0 billion, down by EUR 3.1 billion over the last twelve months. Net borrowing costs and pension financing costs reduced by 25% and 41% respectively. --We continue to reduce our tax rate as a result of initiatives taken within the Path to Growth strategy. --EPS (beia) grew by 11% after absorbing ab·sorb tr.v. ab·sorbed, ab·sorb·ing, ab·sorbs 1. To take (something) in through or as through pores or interstices. 2. To occupy the full attention, interest, or time of; engross. 3 percentage points of short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. 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. from disposals. CHAIRMEN'S COMMENT We continue to implement our plans to turn around underperforming businesses. This includes completion of the 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). of the prestige fragrance business together with a focused innovation programme, and completing a full revamp re·vamp tr.v. re·vamped, re·vamp·ing, re·vamps 1. To patch up or restore; renovate. 2. To revise or reconstruct (a manuscript, for example). 3. To vamp (a shoe) anew. n. of the Slim--Fast range. In frozen foods we are making good progress with reshaping the portfolio and we are relaunching the brands with a clear and differentiated dif·fer·en·ti·ate v. dif·fer·en·ti·at·ed, dif·fer·en·ti·at·ing, dif·fer·en·ti·ates v.tr. 1. To constitute the distinction between: position. Consumer confidence remains weak and a number of our key markets are still growing at below their historical rates with a further slowdown this quarter. In Europe, home care markets have declined throughout this year and we now see the same in personal care with price competition driving developments in both cases. Furthermore there is still no sustained upturn in US consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. in our categories and here too home and personal care markets have declined. Against this background our volumes in Home & Personal Care continue to grow. In all regions we are taking the actions necessary to protect our market position and these are fully funded. In Foods, improved momentum in spreads and cooking products and in savoury and dressings was offset by poor sales in Europe of ice cream and ready-to-drink tea which diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. overall leading brands growth by nearly 2 percentage points against a tough prior year comparator comparator Instrument for comparing something with a similar thing or with a standard measure, in particular to measure small displacements in mechanical devices. In astronomy, the blink comparator is used to examine photographic plates for signs of moving bodies. . Importantly our business continues to demonstrate its resilience resilience (r  ·zilˑ·yens),n and ability to finance the necessary investment in our brands through cost savings in every area. This is a result of the Path to Growth strategy. Thus we have continued to grow EPS (beia) 11% in this quarter and by 10% in the half year, and this also enables us to maintain our outlook 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" EPS (beia) growth for the year. 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. 28 July July: see month. 2004 SECOND QUARTER AND HALF YEAR FINANCIAL RESULTS (at constant exchange rates) Notes: Unilever uses 'constant rate', 'underlying' and 'beia' measures primarily for internal performance analysis and targeting purposes. Unilever believes that the use of such measures provides additional information for shareholders on underlying business performance trends. Such measures are not defined under UK, Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. or US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and are not intended to be a substitute for GAAP measures of turnover and profit. Fuller definitions and reconciliations between such measures and the equivalent GAAP measures are available on our website: www.unilever.com. Underlying sales declined by 0.7% in the quarter. Within this, leading brands declined by 0.2% in markets that have grown below their historical rate and which have further slowed in this quarter. Sales performance continues to be affected by the loss of market share in Slim--Fast and prestige during 2003 while in Europe, ice cream and ready-to-drink tea sales were lower against a tough comparator in the prior year. Overall prices are 0.3% below last year, with Home and Personal Care categories particularly affected by market price declines. In Home and Personal Care our underlying volume growth, at nearly 4%, and just over 3% for the year to date, was strong, however this was partially offset by price declines of 2.5% in the quarter and nearly 2% in the half year. For the half year underlying sales declined by 0.2%, while leading brands grew by 0.5%. As part of the reshaping of our portfolio within Path to Growth we have continued to pursue an active programme of business disposals. Including the impact of these disposals, turnover declined by 2.9% in the quarter and by 2.6% in the half year. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: (beia) was 14.9% in the quarter, an increase of 10 basis points. We continue to generate savings from our procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and restructuring programmes and there was another healthy improvement in mix notwithstanding the adverse effect of lower ice cream sales in Europe and slower growth in Personal Care compared with last year. These benefits, along with a redirection Diverting data from their normal destination to another; for example, to a disk file instead of the printer, or to a server's disk instead of the local disk. See virtual directory, symbolic link, shortcut, redirector and DOS redirection. 1. of brand investment, have enabled an increase in consumer related price promotions accounted for within price of around 200 basis points as we protect our market positions. Overheads increased by 20 basis points as brand disposals have resulted in short term unrecovered fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). which are being restructured out of the business. A planned step-up step-up A scheduled increase in the exercise or conversion price at which a warrant, an option, or a convertible security may be used to acquire shares of common stock. in restructuring activity in the second half of the year will further improve the overheads ratio. Operating margin (beia) was 14.9% for the half year, an increase of 20 basis points. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. (beia), was 2% lower than last year in the quarter and 1% lower for the half year, additionally reflecting the loss of contribution from businesses sold. A gain of EUR 20 million in fixed investments in the quarter includes the sale of shares in Elizabeth Arden Elizabeth Arden (December 31, 1878 - October 19, 1966) was a Canadian businesswoman who built a cosmetics empire in the United States. Arden was born Florence Nightingale Graham in Woodbridge, Ontario, where she lived until she was twenty-four years old. . Net borrowing costs were 25% lower than last year in the quarter and 24% lower in the half year through a lower level of net debt and lower interest rates as we pay off older borrowings at higher fixed rates. Pension financing costs were reduced by 41% in the quarter and by 45% in the half year. In the quarter, net exceptional gains within operating profit were EUR 3 million, including restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of EUR 86 million more than offset by profits on disposals of EUR 89 million. This compares with net exceptional charges of EUR 87 million in the prior year which included profits on disposals of EUR 12 million. For the half year, net exceptional charges are EUR 64 million, compared with EUR 20 million last year. The beia tax rate was 25% in the quarter, which includes the benefits from the completion of a number of projects as part of our ongoing actions to realise the full benefits of Path to Growth. This programme supports the lower sustainable tax rate set out in Unilever 2010. For the half year the beia tax rate is 27%, compared with 30% in the prior year, contributing 4 percentage points to EPS beia. For the full year we now expect a beia tax rate of around 28%. The effective tax rate was 30% in the quarter and 33% in the half year, reflecting the non-tax-deductibility of Bestfoods goodwill amortisation. Net profit (beia) was up by 10% in the quarter to EUR 1,036 million and by 9% for the half year to EUR 1,887 million. Net profit was up 34% in the quarter, with the additional benefit of higher after tax profits on disposals, and 8% higher in the half year. Earnings per share (beia) rose by 11% in the quarter, and by 10% in the half year, after 3 percentage points of dilution from disposals. Earnings per share were 36% higher in the quarter and 10% higher in the half year. When expressed at current rates of exchange, earnings per share (beia) in the quarter increased by 10% in Euros, by 5% in GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. Sterling and by 17% in US $. For the half year, earnings per share (beia) increased by 6% in Euros, by 4% in GBP Sterling and by 18% in US $. Turnover, including the impact of disposals and expressed at current rates of exchange, decreased by 6% in Euros for the quarter and by 7% for the half year. SECOND QUARTER PERFORMANCE BY REGION (at constant exchange rates) Note: The following regional commentary is based on operating profit before exceptional items and amortisation of goodwill and intangible assets. Sales growth is stated on an underlying basis, excluding the effects of acquisitions and disposals. Turnover includes the impact of acquisitions and disposals. EUROPE Market conditions weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. further in the quarter with price
declines in both home and personal care. Foods markets were held back by
lower consumption of ice cream and ready-to-drink tea. Conditions in
Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , France and the Netherlands have been particularly difficult.
Against this background, our underlying sales declined by 5%, with two
thirds of this coming from ice cream and ready-to-drink tea. Turnover
was 7% lower than last year, including the impact of planned disposals.Lower sales in Home and Personal Care reflect an increased level of consumer related price promotions, with price down by 2.3%. In laundry Laundry can be:
Before industrialization our actions have led to a stabilisation Noun 1. stabilisation - the act of making something (as a vessel or aircraft) less likely to overturn stabilization improvement - the act of improving something; "their improvements increased the value of the property" of market shares against continued strong competition and we are now rolling out the successful global 'dirt is good' advertising. A programme of launches is under way in household care. Our skin, hair and deodorants brands gained further market share. Key innovations include Dove firming products and 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 for coloured hair, the re-launch of Lux soap bars Soap bar or Soapbar may refer to:
In Foods, spreads returned to growth with 'healthy heart' leading the way through pro--activ, including the launch in the quarter of yoghurt yogurt, yoghurt a form of curdled milk produced by fermentation with organisms of the genus Lactobacillus. Used in the treatment of convalescing calves and other young animals after attacks of diarrhea. and milk products which are now in 12 countries, while pro--activ spread is in 20. Family brands grew for the first time in a quarter since 2002 through the Cremefine dairy dairy 1. a retail outlet for milk products. 2. the feeding and milking sheds on a dairy farm. 3. pertaining to or emanating from an animals or other thing concerned in the production of milk, e.g. dairy goat, dairy cleanser. cream alternative line. There was good growth in dressings, especially with 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. and 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). under the Calve calve act of parturition by a cow or other mammal producing a calf as offspring. brand. Knorr Knorr can refer to:
Ice cream and ready-to-drink sales were markedly down against a strong comparator last year, particularly in June June: see month. . We have however continued to invest in the 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. development of the business with a programme of seasonal innovations. In frozen foods we are continuing to reshape the product portfolio towards higher growth and profitable segments, but with sales reduced in the short term as a result. Knorr frozen is now well established in a number of countries, while in the later part of this year we have a full relaunch Relaunch can refer to several things:
IGLO Individual Gauge for Localized Orbitals (chemistry) , Birds Eye
Operating margin at 15.8% was 90 basis points lower than last year through the impact of lower sales in ice cream. NORTH AMERICA North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Underlying sales grew by 4%, including 2.4% in volume, against a low base last year. Turnover, including the impact of disposals, grew by 1.9%. Markets remain weak, with low growth in Foods and an overall decline in Home and Personal Care. Axe continues to perform strongly, gaining market share, and our US business is now the largest Axe market in the world. Hair care remains a very competitive category and while Dove has been successfully established in shampoo some of our weaker hair care brands have lost share. A new leadership team in prestige fragrances has made good progress with restructuring and the focus is now on this year's more extensive innovation. We have already launched Vera Wang Vera Wang (Chinese: 王薇薇; Pinyin: Wáng Wēiwei; born June 27, 1949) is an American fashion designer based in New York. for men in the US, Cerrutti Si in Europe, and a summer edition of cK One. We have further innovations planned for the remainder of the year including cK Eternity Moment endorsed by Scarlett Johansson Scarlett Johansson (born November 22, 1984) is an American actress. She rose to fame with her role in 1998's The Horse Whisperer and subsequently gained critical acclaim for her roles in Ghost World, Lost in Translation and . While in the second quarter there is still a year on year decline, these initiatives, and a lower comparator, are expected to lead to an improved performance in the second half. In laundry, we have stabilised Adj. 1. stabilised - made stable or firm stabilized stable - resistant to change of position or condition; "a stable ladder"; "a stable peace"; "a stable relationship"; "stable prices" market share having focused our brand portfolio around the Surf/all brand, 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. liquid and Snuggle 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. . Unilever Bestfoods had another strong quarter including the launch of a further 14 products in the Carb Options range. Spreads growth was driven by 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 , 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. ! and Skippy, including snack bars and Carb Options launches. Low-carbohydrate products now account for 50% of the still-growing weight management market. As part of our plan to stabilise Verb 1. stabilise - support or hold steady and make steadfast, with or as if with a brace; "brace your elbows while working on the potter's wheel" brace, stabilize, steady sales of Slim--Fast and then return them to growth, we have launched a range of 17 low-carbohydrate products within the overall Slim--Fast programme and these now represent over 20% of sales. Market shares have stabilised over the last six months, although year on year sales are still down because of the progressive share loss through last year. In the second half we will be addressing the decline of the 'Classic' products through a major relaunch, 'Classic Optima'. This has 50% less sugar and will complete the relaunch of the entire Slim--Fast range. Ice cream continues to perform strongly, with a further gain in market share. The Breyers, Klondike Klondike (klŏn`dīk), region of Yukon Territory, NW Canada, just E of the Alaska border. It lies around Klondike River, a small stream that enters the Yukon River from the east at Dawson. and Ben & Jerry's brands all grew well, particularly through the health range of products including low-carbohydrate and light alternatives. The move to warehouse distribution for Ben & Jerry's has been successfully completed with an increase in retail coverage. The regional operating margin, at 15.4%, was 170 basis points higher than last year. AFRICA Africa (ăf`rĭkə), second largest continent (1997 est. pop. 743,000,000), c.11,677,240 sq mi (30,244,050 sq km) including adjacent islands. Broad to the north (c.4,600 mi/7,400 km wide), Africa straddles the equator and stretches c. , MIDDLE EAST AND TURKEY Underlying sales grew 4% with volumes ahead by 6%, but with lower prices as we adjust to strengthening currencies in Turkey and South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. . This was a good performance against a stretching comparator of 9% underlying sales growth in the second quarter of last year. Turnover, including the impact of disposals, declined by 0.2%. The launch of 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 multiactive powder powder, any mass of fine particles or dust prepared by various mechanical means, e.g., grinding of solid substances, or by chemical means, e.g., precipitation from solutions. In a special sense, the word is applied to powdered propellant explosives, e.g. in Nigeria Nigeria (nījĭr`ēə), officially Federal Republic of Nigeria, republic (2006 provisional pop. 140,003,542), 356,667 sq mi (923,768 sq km), W Africa. and good performances in Turkey, South Africa and Algeria Algeria (ăljēr`ēə), Arab. Al Djazair, Fr. Algérie, officially People's Democratic Republic of Algeria, republic (2005 est. pop. drove growth in laundry. Household care also grew well following the launch of a new white 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. of Domestos Domestos is a household cleaning range which contains bleach (primarily sodium hypochlorite NaClO) and is manufactured by Unilever. Product Range
Growth in hair care was led by Sunsilk, including new shampoo variants in Turkey and Arabia Arabia (ərā`bēə), peninsula (1991 est. pop. 35,000,000), c.1,000,000 sq mi (2,590,000 sq km), SW Asia. It is bordered on the W by the Gulf of Aqaba and the Red Sea, on the S by the Gulf of Aden and the Arabian Sea, on the E by the and grooming Combining, consolidating and segregating network traffic using devices such as digital cross-connects, add/drop multiplexers and SONET switches. Grooming is a telephone term that typically refers to managing high-capacity lines between central offices, carriers, ISPs and very large products in 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. and Algeria. Dove performed strongly through the beauty bar, the launch of face care and through classic bodywash products. Highlights in Foods were a recovery in Ghana Ghana, country, Africa Ghana, officially Republic of Ghana, republic (2005 est. pop. 21,030,000), 92,099 sq mi (238,536 sq km), W Africa, on the Gulf of Guinea, an arm of the Atlantic Ocean. The capital and largest city is Accra. , good growth in savoury in Nigeria with Royco bouillon cubes bouillon cube n. A small cube of evaporated seasoned meat, poultry, or vegetable stock, used in making broth or to flavor soups or stews. Noun 1. , and the launch of 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. Black Sea Tea and Sana Sana or San'a (both: sŏnä`), city (1994 pop. 954,448), capital and largest city of Yemen. The city lies inland on a high plain (alt. 7,250 ft/2,210 m) and is connected to the Red Sea port of Hodeida by road. Dalmatian Dalmatian (dălmā`shən), breed of hardy, strong-bodied nonsporting dog probably developed in the Austrian province of Dalmatia (now Croatia) several hundred years ago. It stands from 19 to 23 in. (48.3–58. cream cheese spreads in Turkey. This was partly offset by lower sales in leaf tea in Arabia. The regional operating margin, 13.9%, was 180 basis points ahead of last year with a strong improvement in gross margins. 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 Underlying sales grew 0.7%. Volume grew by 3.1% but lower pricing to protect market positions, particularly in Japan and 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. , impacted the top line. Turnover, including the net impact of disposals and acquisitions, declined by 2.4%. In Home and Personal Care there was strong growth in Indonesia Indonesia (ĭn'dənē`zhə), officially Republic of Indonesia, republic (2005 est. pop. 241,974,000), c.735,000 sq mi (1,903,650 sq km), SE Asia, in the Malay Archipelago. , Thailand Thailand (tī`lănd, –lənd), Thai Prathet Thai [land of the free], officially Kingdom of Thailand, constitutional monarchy (2005 est. pop. 65,444,000), 198,455 sq mi (514,000 sq km), Southeast Asia. , China 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 across key categories. However the increased competition that we saw in the first quarter in India and Japan has continued into this quarter. In India volumes continue to grow well, but we have reduced prices to protect our market positions in laundry, hair and oral care. In laundry, Surf and Rin RIN Royal Institute of Navigation (UK) RIN Relative Intensity Noise RIN Russian Information Network (Russia) RIN Royal Indian Navy (WWII) RIN Record Identification Number supreme are performing well and we are maintaining market share, whilst we see some small share loss in hair care, primarily to local competition. In Japan, the hair care market is declining in value and we have lost share. However, action is being taken, including innovations in styling and colourants under the mod's hair brand and further initiatives in the category are in our plans for the second half of the year. The Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and skin care market category has remained very competitive. In Foods, Brooke Bond Brooke Bond was a brand-name tea retailer in the United Kingdom. Brooke Bond & Company was founded by Arthur Brooke who was born at 6 George Street, Ashton under Lyne, Lancashire, England in 1845. He opened his first Tea Shop in Manchester, Lancashire. tea in India has returned to good growth but sales in Pakistan Pakistan (păk`ĭstăn', päkĭstän`), officially Islamic Republic of Pakistan, republic (2005 est. pop. 162,420,000), 310,403 sq mi (803,944 sq km), S Asia. have been held back by a combination of trade de-stocking and sharply increased promotional activity by local competition. China and South East Asia East Asia A region of Asia coextensive with the Far East. East Asian adj. & n. grew well through Knorr including Foodsolutions, through Lipton and in ice cream. Overall growth continues to be affected by our actions to reduce the tail of non-leading brands by managing some brands for value through a harvest (tool, networking) Harvest - A highly scalable, customisable system for discovering resources on the Internet. Version: 1.3. http://tardis.ed.ac.uk/harvest/. strategy or disposal. The regional operating margin at 12.6% was 150 basis points lower than last year, largely through the mix impact of lower sales in hair care and from the determined actions we are taking to defend our market positions. Margins in the second half year will benefit from the exit from the low margin fertilisers business which was completed late in the second quarter. LATIN AMERICA Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. Underlying sales grew by 2.7%, on top of 10% growth in the second quarter last year. After the impact of disposals, turnover declined by 0.2%. While there are some encouraging signs of a return of economic growth in most countries, consumer demand remains weak, particularly 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. . In Foods, Knorr moved ahead strongly with the extension of low unit price cubes cubes See QQQ. from the Caribbean to Brazil, and the successful migration of CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) to Knorr. Hellmann's performed well in 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 Brazil. There was good growth in the nutritional nutritional pertaining to or emanating from nutrition. nutritional anemia see nutritional anemia. nutritional assessment brands such as Maizena and AdeS, while Slim--Fast is doing very well in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. and a regional roll-out is being evaluated. In Home & Personal Care, we are growing well 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. , as our strong category positions benefit from the economic recovery. Although in Brazil sales were down following a strong first quarter, importantly, overall market shares remain firm. Personal care produced good progress in deodorants, notably Axe and 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 strong broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased launches within the Lux range. Operating margin, at 14.4%, is 290 basis points ahead of last year through the benefits of savings programmes and a better mix in Foods from an improved portfolio. CASH FLOW (at current exchange rates) Cash flow from group operating activities in the half year was EUR 2.6 billion, an increase of EUR 0.1 billion on the corresponding period last year. Operating profit (beia) at current rates of exchange was EUR 0.2 billion lower, which was more than offset by lower seasonal working capital outflows Capital outflow is an economic term describing capital flowing out of (or leaving) a particular economy. Outflowing capital can be caused by any number of economic or political reasons but can often originate from instability in either sphere. and lower cash restructuring compared to the same period last year. Returns on investment and servicing of finance were EUR 0.2 billion lower as a result of lower interest costs. Capital expenditure and financial investment was EUR 0.1 billion lower, reflecting the sale of shares in Elizabeth Arden and lower purchases of own shares to hedge our share option programmes. Net debt at the half year was EUR 13.0 billion, an increase of EUR 0.5 billion since the start of the year, primarily arising from currency movements particularly the effect of a stronger US dollar on our US dollar-denominated debt. BALANCE SHEET (at current exchange rates) Goodwill and intangible assets decreased by EUR 0.2 billion in the half year, with the effect of amortisation and disposals (EUR 0.6 billion) offset by currency movements (EUR 0.4 billion). Higher stocks, trade debtors and trade creditors reflect seasonal movements, with an offsetting reduction in creditors through payment of the final 2003 dividend. Provisions are EUR 0.1 billion lower due to Path to Growth restructuring payments. Capital and reserves have increased by EUR 0.9 billion in the half year. Net profits added EUR 1.3 billion, and the credit in respect of share options EUR 0.1 billion. This was offset by movements in pension assets and liabilities and purchases of own shares to hedge share option plans (EUR 0.5 billion). EURO euro: see European Monetary System. euro Single currency of 15 countries of the European Union (EU), including Germany, France, and Italy. It is also the official currency in several areas outside the EU. REPORTING Information in sterling and US dollars is available as a supplement to this Euro report. SAFE HARBOUR STATEMENT: This announcement may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including 'forward-looking statements' within the meaning of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Words such as 'expects', 'anticipates', 'intends' or the negative of these terms and other similar expressions of future performance or results and their negatives are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements, including, among others, competitive pricing and activities, consumption levels, costs, the ability to maintain and manage key customer relationships and supply chain sources, currency values, interest rates, the ability to integrate acquisitions and complete planned divestitures, physical risks, environmental risks, the ability to manage regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , tax and legal matters and resolve pending matters within current estimates, legislative, fiscal and regulatory developments, political, economic and social conditions in the geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. markets where the Group operates and new or changed priorities of the Boards. Further details of potential risks and uncertainties affecting the Group are described in the Group's filings with the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. , Euronext  Euronext N.V. is a pan-European stock exchange based in Paris[1] Amsterdam Amsterdam, city, NetherlandsAmsterdam (ăm`stərdăm', Dutch ämstərdäm`), city (1994 pop. 724,096), constitutional capital and largest city of the Kingdom of the Netherlands, North Holland prov. and the US Securities and Exchange Commission, including the Annual Report & Accounts on Form 20-F. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. or any change in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which any such statement is based.
CONSOLIDATED PROFIT AND LOSS ACCOUNT - CONSTANT EXCHANGE RATES
(unaudited)
Note: A description of the exchange rate conventions used is given
on page 13.
EUR Millions- constant rates
Second Quarter Half Year
---------------------- ---------------------
%Incr./ 2004 2003 % Incr./
2004 2003 (Decr.) (Decr.)
10,835 11,163 (3)% TURNOVER 20,623 21,167 (3)%
Less: Share of
turnover of
(55) (58) joint ventures (100) (130)
---------------------------- --------------
10,780 11,105 (3)% Group turnover 20,523 21,037 (2)%
---------------------------- --------------
Group operating
1,322 1,242 6 % profit 2,418 2,505 (3)%
Add: Share of
operating
profit of
joint
12 13 ventures 22 25
1,334 1,255 6 % OPERATING PROFIT 2,440 2,530 (4)%
----------------------------------------------------------------------
Operating profit
1,613 1,648 (2)% beia (*) 3,068 3,113 (1)%
3 (87) Exceptional items (64) (20)
Amortisation
of goodwill
and intangible
(282) (306) assets (564) (563)
----------------------------------------------------------------------
Share of operating
12 15 profit of associates 22 4
Other income from
20 (14) fixed investments 22 (11)
(172) (230) Interest (337) (441)
Other finance
income/(cost)
- pensions
and similar
(24) (41) obligations (46) (84)
PROFIT BEFORE
1,170 985 19 % TAXATION 2,101 1,998 5%
(347) (367) Taxation (695) (687)
PROFIT AFTER
823 618 33 % TAXATION 1,406 1,311 7%
(53) (45) Minority interests (106) (112)
770 573 34 % NET PROFIT 1,300 1,199 8%
Net profit
1,036 940 10 % beia(*) 1,887 1,738 9%
----------------------------------------------------------------------
----------------------------------------------------------------------
COMBINED EARNINGS PER
SHARE (Constant rates)
- per EUR 0.51 ordinary NV
0.79 0.58 36 % share (Euros) 1.33 1.22 10 %
- per 1.4p ordinary PLC
11.86 8.72 36 % share (Euro cents) 19.98 18.25 10 %
- per EUR0.51 ordinary NV
share - beia (*)
1.07 0.96 11 % (Euros) 1.94 1.77 10 %
- per 1.4p ordinary PLC
share - beia * (Euro
16.02 14.41 11 % cents) 29.12 26.58 10 %
- per EUR 0.51
ordinary NV share -
0.76 0.56 36 % diluted (Euros) 1.29 1.18 9 %
- per 1.4p
ordinary PLC share -
11.50 8.46 36 % diluted (Euro cents) 19.38 17.71 9 %
----------------------------------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible assets NET PROFIT AND EARNINGS PER SHARE - CURRENT EXCHANGE RATES (unaudited) Net profit and earnings per share given below are stated at current exchange rates i.e. the results in both periods have been translated at the exchange rates prevailing during the period. For further details of the results at current exchange rates and impact of exchange rate movements see notes on page 13.
EUR Millions-current rates
Second Quarter Half Year
--------------- -------------
%Incr./ %Incr./
2004 2003 (Decr.) 2004 2003 (Decr.)
749 564 33 % NET PROFIT 1,264 1,201 5 %
1,012 932 9 % Net profit beia (*) 1,834 1,747 5 %
COMBINED EARNINGS PER SHARE
(Current rates)
- per EUR0.51 ordinary
0.77 0.57 34 % NV share (Euros) 1.30 1.22 6 %
- per 1.4p ordinary
11.55 8.59 34 % PLC share (Euro cents) 19.44 18.28 6 %
- per EUR 0.51 ordinary
NV share - beia (*)
1.05 0.95 10 % (Euros) 1.89 1.78 6 %
- per 1.4p ordinary
PLC share - beia (*)
15.65 14.27 10 % (Euro cents) 28.30 26.71 6 %
- per EUR 0.51
ordinary NV share
0.75 0.55 35 % -diluted (Euros) 1.26 1.18 6 %
- per 1.4p
ordinary PLC
share -diluted (Euro
11.21 8.32 35 % cents) 18.86 17.74 6 %
----------------------------------------------------------------------
(*) Before exceptional items and amortisation of goodwill and intangible assets STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
EUR Millions - current rates Half Year
--------------
2004 2003
Restated
Net profit 1,264 1,201
Pensions - actuarial gains / (losses) net of tax (41) (53)
Currency retranslation (105) 452
--------------
Total recognised gains since last annual accounts 1,118 1,600
--------------
MOVEMENTS IN SHAREHOLDERS' EQUITY Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. (unaudited)
EUR Millions - current rates Half Year
--------------
2004 2003
Restated
Shareholders' equity as at 1 January 5,920 4,702
Net profit 1,264 1,201
Dividends 10 10
Goodwill written back on disposals 5 10
Change in number of shares or certificates of shares
held in connection with share options (366) (382)
Actuarial gains / (losses) on pension schemes net of tax (41) (53)
Share option credit 121 84
Currency retranslation (134) 495
--------------
Shareholders' equity as at the end of the period 6,779 6,067
--------------
SUMMARY BALANCE SHEET (unaudited)
EUR Millions - current rates As at As at As at
26 31 28
June December June
2004 2003 2003
------------------------
Restated
Goodwill and intangible assets 17,529 17,713 19,478
Other fixed assets 6,919 6,854 7,538
Stocks 4,322 4,175 4,735
Debtors 6,582 5,881 7,232
Cash and current investments 3,485 3,345 2,922
Trade and other creditors (9,932) (10,304)(10,583)
------------------------
28,905 27,664 31,322
------------------------
Borrowings 16,359 15,900 19,064
Provisions for liabilities and charges
(excluding pensions and similar obligations) 1,502 1,645 1,918
Net pension asset for funded schemes in
surplus (574) (490) (376)
Net pension liability for funded schemes in
deficit 1,746 1,629 1,380
Net pension liability for unfunded schemes 2,705 2,620 2,847
Minority interests 388 440 422
Capital and reserves 6,779 5,920 6,067
------------------------
28,905 27,664 31,322
------------------------
Amounts for June 2003 have been restated following a number of reclassifications, principally the presentation of net pension assets for funded schemes in surplus. CASH FLOW STATEMENT (unaudited)
EUR Millions - current rates Half Year
-------------
2004 2003
Cash flow from group operating activities 2,551 2,490
Dividends from joint ventures 3 10
Returns on investments and servicing of finance (358) (523)
Taxation (576) (652)
Capital expenditure and financial investment (673) (736)
Acquisitions and disposals (6) 20
Dividends paid on ordinary share capital (962)(1,068)
-------------
CASH INFLOW / (OUTFLOW) BEFORE MANAGEMENT OF LIQUID
RESOURCES AND FINANCING (21) (459)
Management of liquid resources (878) 353
Financing 420 (472)
-------------
INCREASE / (DECREASE) IN CASH IN THE PERIOD (479) (578)
-------------
RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET DEBT (unaudited)
EUR Millions - current rates Half Year
----------------
2004 2003
NET DEBT AT 1 JANUARY (12,555)(16,966)
----------------
INCREASE / (DECREASE) IN CASH IN THE PERIOD (479) (578)
Cash flow from (increase) / decrease in borrowings (276) 472
Cash flow from sale and leaseback transaction (144) -
Cash flow from increase / (decrease) in liquid
resources 878 (353)
----------------
Change in net debt resulting from cash flows (21) (459)
Borrowings within group companies acquired - (26)
Borrowings within group companies sold 41 5
Liquid resources within group companies sold (2) (3)
Non cash movements (631) 272
Currency retranslation 150 1,035
----------------
MOVEMENT IN NET DEBT IN THE PERIOD (463) 824
----------------
----------------
NET DEBT AT PERIOD END (13,018)(16,142)
----------------
GEOGRAPHICAL ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge ANALYSIS (at constant rates - unaudited)
Second Quarter EUR Millions - Half Year
constant rates
------------------------ ---------------------
% %
Incr./ Incr./
2004 2003 (Decr.) 2004 2003 (Decr.)
10,835 11,163 (3)% TURNOVER 20,623 21,167 (3)%
----------------------------------------------------------------------
4,580 4,909 (7)% Europe 8,585 9,114 (6)%
2,560 2,512 2 % North America 4,831 4,880 (1)%
Africa, Middle
846 848 0 % East and Turkey 1,573 1,598 (2)%
1,766 1,810 (2)% Asia and Pacific 3,444 3,471 (1)%
1,083 1,084 0 % Latin America 2,190 2,104 4 %
----------------------------------------------------------------------
1,613 1,648 (2)% OPERATING PROFIT - beia* 3,068 3,113 (1)%
----------------------------------------------------------------------
724 820 (12)% Europe 1,348 1,498 (10)%
394 344 14 % North America 689 654 5 %
Africa, Middle
117 102 15 % East and Turkey 205 184 11 %
222 256 (13)% Asia and Pacific 464 513 (9)%
156 126 24 % Latin America 362 264 37 %
----------------------------------------------------------------------
14.9% 14.8% OPERATING MARGIN - beia * 14.9% 14.7%
---------------------------------------------------------------
15.8% 16.7% Europe 15.7% 16.4%
15.4% 13.7% North America 14.3% 13.4%
Africa, Middle
13.9% 12.1% East and Turkey 13.0% 11.5%
12.6% 14.1% Asia and Pacific 13.5% 14.8%
14.4% 11.5% Latin America 16.5% 12.5%
---------------------------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible assets OPERATIONAL ANALYSIS (at constant rates - unaudited)
Second Quarter EUR Millions - Half Year
constant rates
------------------------ ---------------------
% %
Incr./ Incr./
2004 2003 (Decr.) 2004 2003 (Decr.)
10,835 11,163 (3)% TURNOVER 20,623 21,167 (3)%
----------------------------------------------------------------------
6,244 6,547 (5)% Foods 11,598 12,084 (4)%
----------------------------------------------------------------------
2,191 2,171 1 % Savoury and dressings 4,216 4,171 1 %
Spreads and cooking
1,163 1,240 (6)% products 2,269 2,447 (7)%
Health & wellness
858 935 (8)% and beverages 1,681 1,793 (6)%
Ice cream and frozen
2,032 2,201 (8)% foods 3,432 3,673 (7)%
----------------------------------------------------------------------
1,734 1,798 (4)% Home care 3,486 3,583 (3)%
2,789 2,758 1 % Personal care 5,393 5,357 1 %
68 60 12 % Other operations 146 143 2 %
----------------------------------------------------------------------
1,613 1,648 (2)% OPERATING PROFIT-beia* 3,068 3,113 (1)%
----------------------------------------------------------------------
979 1,037 (6)% Foods 1,746 1,775 (2)%
----------------------------------------------------------------------
365 295 24 % Savoury and dressings 719 642 12 %
Spreads and cooking
175 180 (2)% products 361 363 0 %
Health & wellness
114 109 3 % and beverages 230 229 0 %
Ice cream and frozen
325 453 (28)% foods 436 541 (19)%
----------------------------------------------------------------------
181 232 (22)% Home care 426 462 (8)%
456 373 22 % Personal care 902 877 3 %
(3) 6 (159)% Other operations (6) (1) (464)%
----------------------------------------------------------------------
14.9% 14.8% OPERATING MARGIN - beia* 14.9% 14.7%
---------------------------------------------------------------
15.7% 15.8% Foods 15.1% 14.7%
---------------------------------------------------------------
16.7% 13.6% Savoury and dressings 17.1% 15.4%
Spreads and cooking
15.1% 14.5% products 15.9% 14.8%
Health & wellness
13.2% 11.7% and beverages 13.7% 12.8%
Ice cream and frozen
16.0% 20.6% foods 12.7% 14.7%
---------------------------------------------------------------
10.4% 12.9% Home care 12.2% 12.9%
16.4% 13.5% Personal care 16.7% 16.4%
(4.9)% 9.2% Other operations (4.4)% (0.8)%
---------------------------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible assets NOTES Exchange rate conventions and impact of movements in exchange rates The following exchange rate conventions have been applied: In the profit and loss account information given on page 7 and the segmental segmental /seg·men·tal/ (seg-men´t'l) 1. pertaining to or forming a segment or a product of division, especially into serially arranged or nearly equal parts. 2. undergoing segmentation. analysis on pages 11 and 12, the results for 2004 and the comparative figures for 2003 have been translated at constant exchange rates, being the annual average exchange rates for 2003. This reporting convention facilitates comparisons since the impact of exchange rate fluctuations is eliminated, and is the basis on which we measure our operational performance internally. It also forms the basis for target setting and the annual outlook statement. For our reporting currencies 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 rates were EUR 1 = GBP 0.69 = US $1.13. The results and earnings per share on page 8 and the cash flow statement on page 10 are translated at rates current in each period. For our reporting currencies these rates were EUR 1 = GBP 0.67 = US $1.23 for the first six months of 2004 and EUR 1 = GBP 0.69 = US $1.10 for the first six months of 2003. The lower Euro EPS and turnover at current rates of exchange reflects the progressive strengthening of the Euro through 2003, particularly against the US $. For illustrative il·lus·tra·tive adj. Acting or serving as an illustration. il·lus tra·tive·ly adv.Adj. 1. purposes, if the first half year 2004 exchange rates were to remain in place through the remainder of the year, then growth for the year would be around 4% lower at current rates than at constant rates. The balance sheet figures have been translated at period-end rates of exchange. For our reporting currencies these were EUR 1 = GBP 0.67 = US $1.21 at 26 June 2004, EUR 1 = GBP 0.71 = US $1.26 at 31 December December: see month. 2003 and EUR 1 = GBP 0.69 = US $1.14 at 28 June 2003. Results at current rates of exchange
Second Quarter EUR Millions Half Year
- current
rates
-------------------------- ----------------------
2004 2003 % Incr. 2004 2003 % Incr.
/(Decr.) /(Decr.)
10,516 11,148 (6)% Turnover 19,873 21,330 (7)%
------------------ --------------
Operating
1,289 1,242 4 % profit 2,346 2,544 (8)%
----------------------------------------------------------------------
Operating
1,567 1,639 (4)% profit beia* 2,959 3,135 (6)%
----------------------------------------------------------------------
Share of
operating
profit of
associates &
income from
fixed
30 3 investments 41 (6)
Interest
(including
net interest
on pension
scheme
assets and
(184) (272) liabilities) (355) (534)
(335) (365) Taxation (668) (690)
Minority
(51) (44) interests (100) (113)
------------------ --------------
749 564 33 % Net profit 1,264 1,201 5 %
------------------ --------------
----------------------------------------------------------------------
Net profit
1,012 932 9 % beia * 1,834 1,747 5 %
----------------------------------------------------------------------
The impact of exchange rate movements on the six months results at current exchange rates in Euros, GBP Sterling and US $ is given below, along with the year on year percentage change at constant rates.
Half Year - Constant At current rates of exchange
Millions rates
---------------------------------------------
% Incr. EUR % Incr. GBP % Incr. US $ % Incr.
/(Decr.) 2004 /(Decr.) 2004 /(Decr.) 2004 /(Decr.)
Turnover (3)% 19,873 (7)% 13,398 (8)% 24,384 4 %
----------------------------------------------------------------------
Operating profit
beia * (1)% 2,959 (6)% 1,995 (7)% 3,630 5 %
----------------------------------------------------------------------
Net profit 8 % 1,264 5 % 852 4 % 1,551 17 %
----------------------------------------------------------------------
Net profit beia * 9 % 1,834 5 % 1,237 3 % 2,251 17 %
----------------------------------------------------------------------
% Change in EPS 10 % 6 % 5 % 18 %
----------------------------------------------------------------------
% Change in EPS -
beia * 10 % 6 % 4 % 18 %
----------------------------------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible assets Preference shares On 24 March 2004, Unilever made the following announcement: "Unilever announced today that it intends to exercise its option to convert its EUR 0.05* N.V. preference shares into ordinary Unilever N.V. shares during the first quarter of 2005. The conversion will follow the terms stipulated in the original information memorandum Information memorandum A document detailing the project and project financing, usually in connection with a syndication. and in Unilever's Articles of Association. "The conversion will be met out of existing shares and will not involve the issue of any new shares. The maximum number of ordinary Unilever N.V. shares involved is 18.9 million. "The preference shares were offered to holders of ordinary Unilever N.V. shares at the time of the special dividend payment in 1999. "The decision to convert reflects the current ordinary Unilever N.V. share price, respects the interests of all Unilever shareholders, and is consistent with the conditions of the original issue. "The conversion timing takes into account fiscal considerations reflecting changes to Dutch taxation in recent years and allows for the purchase of ordinary N.V. shares from the market to the extent that this is required for the conversion. "Unilever will discuss with Euronext an extension of the listing of the preference shares beyond 31 December 2004 and until the conversion. "Following conversion, the preference shares will retain a EUR 0.05 residual Residual See:Residual value notional value Notional Value The total value of a leveraged position's assets. This term is commonly used in the options, futures and currency markets because in them a very little amount of invested money can control a large position (have a large consequence for the trader). , which Unilever intends to redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. for cash in 2005, subject to approval at the 2005 AGM AGM annual general meeting AGM n abbr (= annual general meeting) → AG f AGM n abbr (= annual general meeting) → JHV f of Unilever N.V. "The normal preference dividend will accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. up to the date of conversion and thereafter will accrue on the residual notional value until its redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. ." On 26 March 2004 Unilever added, "It has been agreed with Euronext that the listing of Prefs will be continued until, at the latest, the moment of redemption. The listing of the Prefs originally ended on 31 December 2004." Since then, a request has been submitted to the Enterprise Chamber of the Amsterdam Court of Appeal by a group of shareholders representing approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10% of the preference shares outstanding, for an inquiry into the company's policy on the preference shares. In order to ensure an orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. course of affairs Unilever has decided not to take the definitive decision to convert until after the court session, which will take place on 6 September September: see month. 2004. Unilever's intentions as regards to the preference shares as described above have not changed. * This amount is a representation in euros on the basis of Article 67c Book 2 of the Dutch Civil Code, rounded to two decimal places decimal place n. The position of a digit to the right of a decimal point, usually identified by successive ascending ordinal numbers with the digit immediately to the right of the decimal point being first: , of underlying Dutch guilders, as these have not been converted into euros in Unilever N.V.'s Articles of Association. Combined earnings per share The combined earnings per share calculations are based on the average number of share units representing the combined ordinary shares of NV and PLC in issue during the year, less the average number of shares held to meet options granted under various employee share plans. The number of combined share units is calculated from the underlying NV and PLC shares using the exchange rate of GBP 1 = EUR 5.445, in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Equalisation Noun 1. equalisation - the act of making equal or uniform equalization, leveling human action, human activity, act, deed - something that people do or cause to happen Agreement. The diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of are based on the average number of share units, plus all shares under option, together with certain PLC shares which may be issued in 2038 under the arrangements for the variation of the Leverhulme Trust The Leverhulme Trust is a research and educational charity based in London, England. Founded in 1925 after the death of the Victorian entrepreneur William Hesketh Lever to continue his philanthropic work, the Trust was originally endowed with a shareholding in Lever . The number of shares is reduced, in accordance with FRS FRS abbr. Fellow of the Royal Society FRS, n “flexed rotated side-bent,” an osteopathic abbreviation used to describe vertebral position in cases of spinal dysfunction. 14, by the number of shares that could be purchased at fair value with the expected proceeds from the exercise of options by employees. Earnings per share in Euro for the half year
Constant rates Current rates
----------------------------------------
2004 2003 2004 2003
Thousands of units
Average number of combined
share units of EUR 0.51 965,018 971,433 965,018 971,433
Average number of combined
share units of 1.4p 6,433,454 6,476,222 6,433,454 6,476,222
COMBINED EPS EUR Millions
------------
Net profit 1,300 1,199 1,264 1,201
Less: Preference dividends (14) (17) (14) (17)
----------------------------------------
Net profit attributable to
ordinary capital 1,286 1,182 1,250 1,184
----------------------------------------
----------------------------------------
Combined EPS per EUR 0.51
(Euros) 1.33 1.22 1.30 1.22
Combined EPS per 1.4p (Euro
cents) 19.98 18.25 19.44 18.28
----------------------------------------
COMBINED EPS - beia * EUR Millions
---------------------
Net profit 1,300 1,199 1,264 1,201
Add back exceptional items net
of tax 52 1 58 1
Add back amortisation of
goodwill / intangible assets
net of tax 535 538 512 545
----------------------------------------
Net profit beia * 1,887 1,738 1,834 1,747
Less: Preference dividends (14) (17) (14) (17)
----------------------------------------
Net profit attributable to
ordinary capital - beia * 1,873 1,721 1,820 1,730
----------------------------------------
----------------------------------------
Combined EPS - beia* per EUR
0.51 (Euros) 1.94 1.77 1.89 1.78
Combined EPS - beia* per 1.4p
(Euro cents) 29.12 26.58 28.30 26.71
----------------------------------------
COMBINED EPS - Diluted Thousands of units
----------------------
Adjusted average combined
share units of EUR 0.51 994,858 1,000,970 994,858 1,000,970
Adjusted average combined
share units of 1.4p 6,632,384 6,673,136 6,632,384 6,673,136
EUR Millions
Net profit attributable to
ordinary capital 1,286 1,182 1,250 1,184
----------------------------------------
----------------------------------------
Combined diluted EPS per EUR
0.51 (Euros) 1.29 1.18 1.26 1.18
Combined diluted EPS per 1.4p
(Euro cents) 19.38 17.71 18.86 17.74
----------------------------------------
* Before exceptional items and amortisation of goodwill and intangible assets Dates The results for the third quarter and announcement of interim dividends will be published on Wednesday Wednesday: see week. 27 October October: see month. 2004. ENQUIRIES: UNILEVER PRESS OFFICE +44 (0) 20 7822 6805 Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the : http://www.unilever.com E-mail: press-office.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. @unilever.com 28 July 2004 CONSOLIDATED con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: PROFIT AND LOSS ACCOUNT - CONSTANT EXCHANGE RATES (unaudited) Note: A description of the exchange rate conventions used is given on page 13.
Second Quarter US $ Millions - Half Year
constant rates
------------------------------ ---------------------
% %
Incr./ Incr./
2004 2003 (Decr.) 2004 2003 (Decr.)
12,199 12,569 (3)% TURNOVER 23,221 23,834 (3)%
Less: Share of
turnover of
(61) (66) joint ventures (112) (147)
-------------------- --------------
12,138 12,503 (3)% Group turnover 23,109 23,687 (2)%
-------------------- --------------
Group operating
1,489 1,398 6% profit 2,723 2,820 (3)%
Add: Share of
operating profit
of joint
12 15 ventures 24 28
-------------------- --------------
1,501 1,413 6% OPERATING PROFIT 2,747 2,848 (4)%
----------------------------------------------------------------------
Operating profit
1,815 1,855 (2)% beia * 3,454 3,505 (1)%
3 (98) Exceptional items (72) (23)
Amortisation of
goodwill and
(317) (344) intangible assets (635) (634)
----------------------------------------------------------------------
Share of
operating profit
14 17 of associates 24 5
Other income
from fixed
23 (16) investments 25 (13)
(192) (259) Interest (378) (496)
Other finance
income / (cost) -
pensions and
similar
(28) (47) obligations (52) (95)
-------------------- --------------
PROFIT BEFORE
1,318 1,108 19% TAXATION 2,366 2,249 5%
(392) (412) Taxation (783) (773)
--------------------- --------------
PROFIT AFTER
926 696 33% TAXATION 1,583 1,476 7%
Minority
(60) (51) interests (120) (126)
--------------------- --------------
866 645 34% NET PROFIT 1,463 1,350 8%
--------------------- --------------
----------------------------------------------------------------------
Net profit
1,167 1,059 10% beia * 2,125 1,957 9%
----------------------------------------------------------------------
----------------------------------------------------------------------
COMBINED
EARNINGS PER
SHARE
(Constant rates)
- per EUR
0.51
ordinary
NV share
0.89 0.65 (US $) 1.50 1.37
- per 5.6p
ordinary
PLC share
0.53 0.39 (US $) 0.90 0.82
- per EUR
0.51
ordinary
NV share -
beia *
1.21 1.09 (US $) 2.19 2.00
- per 5.6p
ordinary
PLC share
- beia *
0.72 0.65 (US $) 1.31 1.20
- per EUR
0.51
ordinary
NV share -
diluted
0.87 0.64 (US $) 1.46 1.33
- per 5.6p
ordinary
PLC share
- diluted
0.52 0.38 (US $) 0.87 0.80
----------------------------------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible assets
NET PROFIT AND EARNINGS PER SHARE - CURRENT EXCHANGE RATES (unaudited)
Net profit and earnings per share given below are stated at current
exchange rates i.e. the results in both years have been translated at
the exchange rates prevailing during the appropriate period.
For further details of the results at current exchange rates and
impact of exchange rate movements see notes on page 13.
US $ Millions
Second Quarter - current rates Half Year
---------------------- -------------------------
%Incr./ %Incr./
2004 2003 (Decr.) 2004 2003 (Decr.)
907 641 41% NET PROFIT 1,551 1,324 17%
----------------------------------------------------------------------
1,224 1,053 16% Net profit beia (*) 2,251 1,927 17%
----------------------------------------------------------------------
----------------------------------------------------------------------
COMBINED EARNINGS
PER SHARE
(Current rates)
0.93 0.65 - per EUR 0.51 ordinary 1.59 1.34
NV share (US $)
0.56 0.39 - per 5.6p ordinary PLC 0.95 0.81
share (US $)
1.26 1.07 - per EUR 0.51 ordinary 2.31 1.96
NV share - beia (*)
(US $)
0.76 0.65 - per 5.6p ordinary PLC 1.39 1.18
share - beia (*)
(US $)
0.90 0.63 - per EUR 0.51 ordinary 1.54 1.30
NV share - diluted
(US $)
0.55 0.38 - per 5.6p ordinary PLC 0.93 0.78
share - diluted
(US $)
----------------------------------------------------------------------
(*) Before exceptional items and amortisation of goodwill and
intangible assets
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
US $ Millions - current rates Half Year
---------- ----------
2004 2003
Restated
Net profit 1,551 1,324
Pensions - actuarial gains / (losses)
net of tax (50) (58)
Currency retranslation (444) 994
---------- ----------
Total recognised gains since last
annual accounts 1,057 2,260
---------- ----------
MOVEMENTS IN SHAREHOLDERS' EQUITY (unaudited)
US $ Millions - current rates Half Year
------------- ------------
2004 2003
Restated
Shareholders' equity as at 1 January 7,465 4,932
Net profit 1,551 1,324
Dividends 12 11
Goodwill written back on disposals 6 11
Change in number of shares or certificates
of shares held in connection with share
options (450) (422)
Actuarial gains / (losses) on pension
schemes net of tax (50) (58)
Share option credit 148 93
Currency retranslation (460) 1,038
------------- ------------
Shareholders' equity as at the end of
the period 8,222 6,929
------------- ------------
SUMMARY BALANCE SHEET (unaudited)
US $ Millions - current rates As at 26 As at 31 As at 28
June December June
2004 2003 2003
----------- ------------- -------------
Restated
Goodwill and intangible assets 21,263 22,336 22,244
Other fixed assets 8,393 8,642 8,608
Stocks 5,243 5,265 5,407
Debtors 7,984 7,416 8,259
Cash and current investments 4,227 4,218 3,337
Trade and other creditors (12,048) (12,993) (12,086)
----------- ------------- -------------
35,062 34,884 35,769
----------- ------------- -------------
Borrowings 19,844 20,050 21,771
Provisions for liabilities and
charges (excluding pensions
and similar obligations) 1,822 2,074 2,190
Net pension asset for funded
schemes in surplus (696) (618) (429)
Net pension liability for
funded schemes in deficit 2,118 2,054 1,576
Net pension liability for
unfunded schemes 3,281 3,304 3,251
Minority interests 471 555 481
Capital and reserves 8,222 7,465 6,929
------------ ------------- -------------
35,062 34,884 35,769
------------ ------------- -------------
Amounts for June 2003 have been restated following a number of
reclassifications, principally the presentation of net pension assets
for funded schemes in surplus.
CASH FLOW STATEMENT (unaudited)
US $ Millions - current rates Half Year
--------------------------
2004 2003
Cash flow from group operating activities 3,130 2,746
Dividends from joint ventures 4 11
Returns on investments and servicing
of finance (438) (576)
Taxation (707) (719)
Capital expenditure and financial
investment (827) (813)
Acquisitions and disposals (7) 22
Dividends paid on ordinary share capital (1,180) (1,177)
------------ -------------
CASH INFLOW / (OUTFLOW) BEFORE MANAGEMENT
OF LIQUID RESOURCES AND FINANCING (25) (506)
Management of liquid resources (1,077) 389
Financing 515 (520)
------------ -------------
INCREASE / (DECREASE) IN CASH IN THE PERIOD (587) (637)
------------ -------------
RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET DEBT (unaudited)
US $ Millions - current rates Half Year
--------------------------
2004 2003
NET DEBT AT 1 JANUARY (15,832) (17,797)
------------ -------------
INCREASE / (DECREASE) IN CASH IN THE PERIOD (587) (637)
Cash flow from (increase) / decrease
in borrowings (339) 520
Cash flow from sale and leaseback
transaction (177) -
Cash flow from increase / (decrease)
in liquid resources 1,077 (389)
------------ -------------
Change in net debt resulting from cash flows (26) (506)
Borrowings within group companies acquired - (28)
Borrowings within group companies sold 50 5
Liquid resources within group companies sold (3) (3)
Non cash movements (774) 300
Currency retranslation 794 (405)
------------ -------------
MOVEMENT IN NET DEBT IN THE PERIOD 41 (637)
------------ -------------
------------ -------------
NET DEBT AT PERIOD END (15,791) (18,434)
------------ -------------
GEOGRAPHICAL ANALYSIS (at constant rates - unaudited)
US $ Millions
Second Quarter - constant rates Half Year
------------------------- ------------------------
%Incr./ %Incr./
2004 2003 (Decr.) 2004 2003 (Decr.)
12,199 12,569 (3)% TURNOVER 23,221 23,834 (3)%
----------------------------------------------------------------------
5,157 5,527 (7)% Europe 9,667 10,262 (6)%
2,882 2,828 2% North America 5,439 5,494 (1)%
Africa, Middle East
953 954 0% and Turkey 1,771 1,799 (2)%
1,988 2,039 (2)% Asia and Pacific 3,878 3,909 (1)%
1,219 1,221 0% Latin America 2,466 2,370 4%
----------------------------------------------------------------------
1,815 1,855 (2)% OPERATING 3,454 3,505 (1)%
PROFIT - beia (*)
----------------------------------------------------------------------
815 924 (12)% Europe 1,518 1,687 (10)%
442 387 14% North America 775 736 5%
Africa, Middle East
132 115 15% and Turkey 231 208 11%
251 288 (13)% Asia and Pacific 523 577 (9)%
175 141 24% Latin America 407 297 37%
----------------------------------------------------------------------
14.9% 14.8% OPERATING MARGIN 14.9% 14.7%
- beia (*)
----------------------------------------------------------------------
15.8% 16.7% Europe 15.7% 16.4%
15.4% 13.7% North America 14.3% 13.4%
Africa, Middle East
13.9% 12.1% and Turkey 13.0% 11.5%
12.6% 14.1% Asia and Pacific 13.5% 14.8%
14.4% 11.5% Latin America 16.5% 12.5%
----------------------------------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible
assets
OPERATIONAL ANALYSIS (at constant rates - unaudited)
US $ Millions
Second Quarter - constant rates Half Year
----------------------- ----------------------
% %
Incr./ Incr./
2004 2003 (Decr.) 2004 2003 (Decr.)
12,199 12,569 (3)% TURNOVER 23,221 23,834 (3)%
----------------------------------------------------------------------
7,031 7,372 (5)% Foods 13,060 13,607 (4)%
----------------------------------------------------------------------
Savoury and
2,467 2,445 1% dressings 4,747 4,697 1%
Spreads and
1,309 1,397 (6)% cooking products 2,555 2,756 (7)%
Health & wellness
967 1,052 (8)% and beverages 1,893 2,018 (6)%
Ice cream and
2,288 2,478 (8)% frozen foods 3,865 4,136 (7)%
----------------------------------------------------------------------
1,952 2,024 (4)% Home care 3,925 4,034 (3)%
3,140 3,105 1% Personal care 6,072 6,032 1%
76 68 12% Other operations 164 161 2%
----------------------------------------------------------------------
OPERATING PROFIT -
1,815 1,855 (2)% beia * 3,454 3,505 (1)%
----------------------------------------------------------------------
1,102 1,168 (6)% Foods 1,966 1,999 (2)%
----------------------------------------------------------------------
Savoury and
411 332 24% dressings 810 723 12%
Spreads and
198 202 (2)% cooking products 407 408 0%
Health & wellness
127 124 3% and beverages 258 259 0%
Ice cream and
366 510 (28)% frozen foods 491 609 (19)%
----------------------------------------------------------------------
203 260 (22)% Home care 479 520 (8)%
513 420 22% Personal care 1,016 987 3%
(3) 7 (159)% Other operations (7) (1) (464)%
----------------------------------------------------------------------
OPERATING MARGIN -
14.9% 14.8% beia * 14.9% 14.7%
---------------------------------------------------------------
15.7% 15.8% Foods 15.1% 14.7%
---------------------------------------------------------------
Savoury and
16.7% 13.6% dressings 17.1% 15.4%
Spreads and
15.1% 14.5% cooking products 15.9% 14.8%
Health & wellness
13.2% 11.7% and beverages 13.7% 12.8%
Ice cream and
16.0% 20.6% frozen foods 12.7% 14.7%
---------------------------------------------------------------
10.4% 12.9% Home care 12.2% 12.9%
16.4% 13.5% Personal care 16.7% 16.4%
(4.9)% 9.2% Other operations (4.4)% (0.8)%
---------------------------------------------------------------
* Before exceptional items and amortisation of goodwill and intangible assets Earnings per share in US Dollars for the half year
Constant rates Current rates
----------------------------------------
2004 2003 2004 2003
Thousands of units
Average number of combined
share units of EUR 0.51 965,018 971,433 965,018 971,433
Average number of combined
share units of 5.6p 1,608,363 1,619,055 1,608,363 1,619,055
COMBINED EPS US $ Millions
------------
Net profit 1,463 1,350 1,551 1,324
Less: Preference dividends (15) (19) (17) (19)
----------------------------------------
Net profit attributable to
ordinary capital 1,448 1,331 1,534 1,305
----------------------------------------
----------------------------------------
Combined EPS per EUR 0.51 $1.50 $1.37 $1.59 $1.34
Combined EPS per 5.6p $0.90 $0.82 $0.95 $0.81
----------------------------------------
COMBINED EPS - beia * US $ Millions
---------------------
Net profit 1,463 1,350 1,551 1,324
Add back exceptional items net
of tax 60 2 72 2
Add back amortisation of
goodwill / intangible assets
net of tax 602 605 628 601
----------------------------------------
Net profit beia * 2,125 1,957 2,251 1,927
Less: Preference dividends (15) (19) (17) (19)
----------------------------------------
Net profit attributable to
ordinary capital - beia * 2,110 1,938 2,234 1,908
----------------------------------------
----------------------------------------
Combined EPS - beia* per EUR
0.51 $2.19 $2.00 $2.31 $1.96
Combined EPS - beia* per 5.6p $1.31 $1.20 $1.39 $1.18
----------------------------------------
COMBINED EPS - Diluted Thousands of units
----------------------
Adjusted average combined
share units of EUR 0.51 994,858 1,000,970 994,858 1,000,970
Adjusted average combined
share units of 5.6p 1,658,096 1,668,284 1,658,096 1,668,284
US $ Millions
Net profit attributable to
ordinary capital 1,448 1,331 1,534 1,305
----------------------------------------
----------------------------------------
Combined diluted EPS per EUR
0.51 $1.46 $1.33 $1.54 $1.30
Combined diluted EPS per 1.4p $0.87 $0.80 $0.93 $0.78
----------------------------------------
* Before exceptional items and amortisation of goodwill and intangible assets |
|
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