Unilever 2001 Annual Report Download - page 94

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Unilever Annual Report & Accounts and Form 20-F 2001
FIVE YEAR RECORD
Unilever Group
>91
Financial Statements
Definitions
Return on shareholders’ equity Net profit attributable to ordinary shareholders expressed as a percentage of the
average capital and reserves attributable to ordinary shareholders during the year.
Return on capital employed The sum of profit on ordinary activities after taxation plus interest after taxation on
borrowings due after more than one year, expressed as a percentage of the average
capital employed during the year.
Group operating margin Group operating profit expressed as a percentage of group turnover.
Total operating margin Total operating profit expressed as a percentage of total turnover.
Net profit margin Net profit expressed as a percentage of group turnover.
Net interest cover Profit on ordinary activities before net interest and taxation divided by net interest.
Net interest cover based on EBITDA Earnings on ordinary activities before net interest, taxation, depreciation and
(before exceptional items) amortisation and exceptional items divided by net interest.
Net gearing (adjusted) Net debt (borrowings less cash and current investments) expressed as a percentage of
the sum of capital and reserves, minority interests and net debt. In calculating capital
and reserves, the book value of shares or certificates held in connection with share
option plans is classified as fixed assets, rather than deducted from reserves as required
by Dutch law.
Net operating assets The total of:
> goodwill and intangible assets purchased after 1 January 1998
> tangible fixed assets
> stocks
> debtors
less:
> trade and other creditors (excluding taxation and dividend creditors)
> provisions for liabilities and charges (excluding deferred taxation and deferred
purchase consideration).
Ratio of earnings to fixed charges Earnings consist of net profit (including the profit on the sale of the speciality
chemicals businesses) increased by fixed charges and income taxes. Fixed charges
consist of interest payable on debt and a portion of lease costs determined to be
representative of interest. This ratio takes no account of interest receivable although
Unilever’s treasury operations involve both borrowing and depositing funds.
Funds from operations after interest and tax Profit on ordinary activities before depreciation and amortisation of goodwill and
(before exceptional items) over lease adjusted intangibles and exceptional items, and after actual tax paid and other non exceptional
net debt non cash items, expressed as a percentage of the lease adjusted net debt. Lease
adjusted net debt is calculated by adding to the net debt five times the operational
lease costs.
Weighted average cost of capital The real cost of equity multiplied by the market capitalisation, plus the real after
taxation interest cost of debt multiplied by the market value of the net debt, divided
by the sum of the market values of debt and equity.