Unilever 2001 Annual Report Download - page 93

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Unilever Annual Report & Accounts and Form 20-F 2001
FIVE YEAR RECORD
Unilever Group
>90
Consolidated cash flow statement (a)
€million € million € million € million € million
2001 2000 1999 1998 1997
Cash flow from operating activities 7 497 6 738 5 654 4 514 5 558
Returns on investments and servicing of finance (1 805) (760) (128) 91 (340)
Taxation (2 205) (1 734) (1 443) (1 261) (1 886)
Capital expenditure and financial investment (1 358) (1 061) (1 501) (1 399) (1 259)
Acquisitions and disposals 3 477 (27 373) (362) 338 6 239
Dividends paid on ordinary share capital (1 420) (1 365) (1 266) (1 073) (936)
Special dividend ––(6 093) ––
Cash flow before management of
liquid resources and financing 4 186 (25 555) (5 139) 1 210 7 376
Management of liquid resources 1 106 2 464 5 675 (2 003) (6 408)
Financing (5 098) 22 902 (146) 42 (688)
Increase/(decrease) in cash in the period 194 (189) 390 (751) 280
Key ratios
Return on shareholders’ equity (%) (h) 23.2 12.5 42.3 24.6 49.8
Return on capital employed (%) 8.8 7.7 22.3 16.0 28.5
Group operating margin (%) 10.0 6.9 10.5 10.9 8.0
Net profit margin (%) (i) 3.6 2.3 6.8 7.3 11.6
Net interest cover (times) 3.2 5.3 319.0 –68.0
Net interest cover based on EBITDA before exceptional items (times) 511 412 –51
Net gearing (adjusted) (%) 71 73 –––
Ratio of earnings to fixed charges (times) 2.7 3.3 8.1 9.7 12.8
Funds from operations after interest and tax before exceptional
items over lease adjusted net debt (%) 18 14 251 ––
Selected financial data on a US GAAP basis
€million € million € million € million € million
2001 2000 1999 1998 1997
Net profit 1 506 1 266 2 490 2 543 4 801
Capital and reserves 13 553 15 075 15 375 19 292 19 259
Combined earnings per share:
Euros per 0.51 (1997-98: Fl. 1) of ordinary capital 1.49 1.24 2.36 2.27 4.30
Euro cents per 1.4p (1997-98: 1.25p) of ordinary capital 22.30 18.53 35.45 34.09 64.48
Combined earnings per share excluding discontinued operations:
Euros per 0.51 (1997-98: Fl. 1) of ordinary capital 1.49 1.24 2.36 2.27 1.40
Euro cents per 1.4p (1997-98: 1.25p) of ordinary capital 22.30 18.53 35.45 34.09 20.95
Diluted earnings per share:
Euros per 0.51 (1997-98: Fl. 1) of ordinary capital 1.45 1.20 2.30 2.22 4.20
Euro cents per 1.4p (1997-98: 1.25p) of ordinary capital 21.70 18.07 34.57 33.25 62.95
Ratio of earnings to fixed charges (times) 2.5 3.3 7.5 8.4 12.3
Net gearing (%) 62.0 62.8 –––
Net interest cover (times) 3.1 5.1 183.0 –60.5
Notes
(a) Amounts previously reported in guilders have been restated and are now reported in euros using the fixed conversion rate of
1.00 = Fl. 2.20371 that became effective on 1 January 1999.
(b) Continuing businesses means excluding the results of the speciality chemicals businesses which were sold in 1997.
(c) Non-operating exceptional items in 1997 includes 3 849 million profit on the sale of the speciality chemicals businesses.
(d) Interest cost in 2000 includes 37 million of exceptional interest (see note 5 on page 63).
(e) For the basis of the calculations of combined earnings per share see note 7 on page 64.
(f) In 1999 and prior years, NV dividends were declared and paid in guilders. For comparative purposes, guilder values have been
converted into euros in this table using the official rate of 1.00 = Fl. 2.20371. Full details of dividends for the years 1997 to 2001
are given on page 116.
(g) Figures for 1998 includes the special dividend of 7 267 million assuming all shareholders had taken the cash dividend. Capital and
reserves in 1999 reflect the increase of 1 382 million as a result of the issue of the preference shares.
(h) Return on shareholders’ equity is substantially influenced by the Group’s policy prior to 1998, of writing off purchased goodwill in
the year of acquisition as a movement in profit retained. Return on capital employed and net gearing are also influenced but to a
lesser extent.
(i) Net profit margin includes the profit on the sale of the speciality chemicals businesses in 1997.