Unilever 2004 Annual Report Download - page 138
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Unilever Annual Report and Accounts 2004 135
26 Acquisition and disposal of group companies (continued)
€ million € million € million
Provisional
adjustments Provisional
Balance sheets to align fair values
of acquired accounting at date of
businesses policies acquisition
2004 acquisitions
Fixed assets 24 (4) 20
Creditors (2) – (2)
Minority interest 5712
Net assets acquired 27 3 30
€ million € million € million
2004 2003 2002
Acquisitions
Net assets acquired 30 152 37
Adjustments to acquisitions made in prior years –75 –
Goodwill and intangible assets arising in subsidiaries 10 235 116
Consideration 40 462 153
Of which:
Cash 28 40 262 57
Cash balances of businesses acquired 28 –(10) –
Current investments, cash deposits and borrowings of businesses acquired –25 77
Non-cash items and deferred consideration –185 (57)
Fair value of Unilever business contributed ––76
Disposals
The results of disposed businesses are included in the consolidated accounts up to their date of disposal. The principal disposals in 2004 were
Puget oils in France, the frozen pizza and baguette businesses in various countries in Europe, Rit, Niagara, Final Touch and Sunlight in North
America, Capullo, Mazola and Inca in Chile and Mexico and Dalda oils in Pakistan. Our chemicals business in India (Hindustan Lever Chemicals)
was merged with Tata Chemicals. Various other smaller brands were also sold as part of our Path to Growth strategy. In 2003, the principal
disposals were Ambrosia in the United Kingdom, John West in Australasia, cheese businesses in Austria and Germany and the Pamol oil
business in Malaysia. Various trademarks were sold as part of our Path to Growth strategy, including Brut in the US and Latin America and a
number of oral care brands in the US.
€ million € million € million
2004 2003 2002
Disposals
Goodwill and intangible assets 23 127 274
Other fixed assets 52 205 531
Current assets 145 111 776
Creditors (34) (63) (330)
Provisions for liabilities and charges (9) (15) (100)
Minority interest (25) (5) 3
152 360 1 154
33% interest in DiverseyLever –– (114)
Net assets sold 152 360 1 040
Specific provisions related to the disposal –– 159
Attributable goodwill 16 135 458
Profit on sale attributable to Unilever 324 379 249
Consideration 492 874 1 906
Of which:
Cash 28 417 889 1 834
Cash balances of businesses sold 28 (4) (17) (34)
Current investments, cash deposits and borrowings of businesses sold 39 219
Non-cash items and deferred consideration 40 – 217
Fair value of Johnson Professional business acquired –– (130)
Notes to the consolidated accounts
Unilever Group