Unilever 2002 Annual Report Download - page 126

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Unilever Annual Report & Accounts and Form 20-F 2002
Financial Statements
Additional information for US investors 123
Unilever Group
Guarantor statements
On 2 October 2000, NV and Unilever Capital Corporation (UCC) filed a US $15 billion Shelf registration, which is unconditionally and fully
guaranteed, jointly and severally, by NV, PLC and Unilever United States, Inc. (UNUS). Of the US $15 billion Shelf registration, US $5.75
billion of Notes were outstanding at 31 December 2002 (2001: US $7 billion) with coupons ranging from 5.90% to 7.125%. These Notes
are to be repaid between 1 November 2003 and 15 November 2032.
Provided below are the profit and loss accounts, cash flow statements and balance sheets of each of the companies discussed above,
together with the profit and loss account, cash flow statement and balance sheet of non-guarantor subsidiaries. These have been prepared
under the historical cost convention, and, aside from the basis of accounting for investments at net asset value (equity accounting), comply
in all material respects with Netherlands law and with United Kingdom Accounting Standards. Divergences from US GAAP are disclosed
on pages 118 to 122. We have not provided reconciliations from the accounting principles used by Unilever to US GAAP for the columns
relating to the guarantor entities, as such reconciliations would not materially affect an investor’s understanding of the nature of this
guarantee. The financial information in respect of NV, PLC and UNUS has been prepared with all subsidiaries accounted for on an equity
basis. The financial information in respect of the non-guarantor subsidiaries has been prepared on a consolidated basis.
Unilever Unilever
Capital United
Corporation Unilever N.V. Unilever PLC States Inc. Non-
subsidiary parent issuer/ parent subsidiary guarantor
€million issuer guarantor guarantor guarantor subsidiaries Eliminations Unilever Group
Profit and loss account
for the year ended 31 December 2002
Group turnover ––––48 270–48 270
Operating costs – 89 (53) (34) (43 231) – (43 229)
Group operating profit –89(53) (34) 5 039 – 5 041
Share of operating profit of joint ventures ––––84–84
Operating profit –89(53) (34) 5 123 – 5 125
Share of operating profit of associates ––––34–34
Dividends – 3 779 1 011 – (4 790) – –
Other income from fixed investments ––––(7)–(7)
Interest (395) (206) (83) (1) (488) – (1 173)
Intercompany finance costs 403 450 (3) (89) (761) – –
Profit on ordinary activities
before taxation 84 112 872 (124) (889) – 3 979
Taxation (3) (41) (3) 46 (1 537) – (1 538)
Profit on ordinary activities
after taxation 54 071 869 (78) (2 426) – 2 441
Minority interests ––––(312)–(312)
Equity earnings of subsidiaries – (1 942) 1 260 136 – 546 –
Net profit 52 129 2 129 58 (2 738) 546 2 129