Unilever 2004 Annual Report Download - page 28
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Unilever Annual Report and Accounts 2004 25
Operating review by category – Foods
Financial overview (continued)
2003 results compared with 2002 € million € million € million € million % %
Exchange Change at Change at
2003 at rate 2003 at 2002 at actual constant
2002 rates effects 2003 rates 2002 rates current rates 2002 rates
Group turnover 26 212 (2 241) 23 971 26 937 (11)% (3)%
Group operating profit 2 794 (146) 2 648 2 083 27% 34%
Turnover 26 470 (2 270) 24 200 27 390 (12)% (3)%
Operating profit BEIA 4 226 (326) 3 900 3 885 –% 9%
Exceptional items (115) 24 (91) (489)
Amortisation – goodwill and intangible assets (1 265) 150 (1 115) (1 230)
Operating profit 2 846 (152) 2 694 2 166 24% 31%
Operating margin 10.8% 11.1% 7.9%
Operating margin BEIA 16.0% 16.1% 14.2%
Turnover fell by 12% at current rates of exchange, with currency
movements contributing a 9% decline. Operating profit rose
by 24% and operating profit BEIA was flat, with currency
movements contributing declines of 7% and 9% respectively.
The underlying performance of the business after eliminating
these exchange translation effects is discussed below at constant
exchange rates.
During 2003, our leading brands grew by 1.2%, while underlying
sales grew by 0.4%. Turnover performance was strongest in the
ice cream and frozen foods and savoury and dressings categories,
recording underlying sales growth of 2.4% and 1.6%
respectively.
There was good growth in our ice cream and frozen foods
business, particularly helped by excellent weather conditions in
Europe.
We recorded good growth in the Lipton Ice Tea business, again
helped by the European weather. Slim•Fast results however were
heavily affected in many countries by changing consumer tastes
and dieting choices.
Following two years of strong growth, market conditions were
less favourable for spreads and cooking products, with an
underlying sales decline of 2.9%.
Operating margins BEIA improved from 14.2% to 16.0%,
primarily reflecting the benefits of Path to Growth savings
programmes.