Unilever 2004 Annual Report Download - page 47
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44 Unilever Annual Report and Accounts 2004
Operating review by region
Africa, Middle East and Turkey
2004 results compared with 2003 € million € million € million € million % %
Exchange Change at Change at
2004 at rate 2004 at 2003 at actual constant
2003 rates effects 2004 rates 2003 rates current rates 2003 rates
Group turnover 3 290 (27) 3 263 3 276 –% –%
Group operating profit 297 5 302 419 (28)% (29)%
Turnover 3 302 (28) 3 274 3 302 (1)% –%
Operating profit BEIA 399 – 399 438 (9)% (9)%
Exceptional items (80) 3 (77) 6
Amortisation – goodwill and intangible assets (19) 1 (18) (22)
Operating profit 300 4 304 422 (28)% (29)%
Operating margin 9.1% 9.3% 12.8%
Operating margin BEIA 12.1% 12.2% 13.3%
Turnover and underlying sales growth 2004
(at constant 2003 rates) vs 2003
Underlying sales growth (%) 3.1
Effect of acquisitions (%) 0.1
Effect of disposals (%) (3.1)
Turnover growth (%) –
Turnover
€ million
2004 3 274
At current exchange rates At current exchange rates
2003 3 302
3 225
2002
2004
2003
2002
399
438
349
Operating profit BEIA
€ million
At current exchange rates
2004
2003
2002
304
422
291
Operating profit
€ million
Turnover fell by 1% at current rates of exchange, fully explained
by currency movements. Operating profit declined by 28% and
operating profit BEIA fell by 9% with currency movements
contributing a 1% improvement to operating profit and having
no effect on operating profit BEIA. The underlying performance of
the business after eliminating these exchange translation effects is
discussed below at constant rates of exchange.
Underlying sales grew by 3.1%.
Nigeria had a strong year in both Foods and Home and Personal
Care. South East Africa performed well in difficult conditions. In
South Africa there has been improved volume growth, but
negative pricing as we took action to ensure our brands remain
competitive.
In Turkey, significant price reductions on our Sana brand to
defend our market volume meant a decline in sales, however
there was a good performance in laundry, where Omo has
regained market leadership.
Operating margin declined from 12.8% to 9.1%. Operating
margin BEIA declined from 13.3% to 12.1% with profitability
affected by more competitive pricing, asset write-downs and
doubtful debts arising from distributor arrangements in North
Africa.