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Disclaimer
Notes to the Annual Report and Accounts This PDF version of the Unilever Annual Report
and Accounts 2005 is an exact copy of the document provided to Unilever’s shareholders.
Certain sections of the Unilever Annual Report and Accounts 2005 have been audited.
Sections that have been audited are set out on pages 78 to 151, 157 to 172 and 174
to 177. The auditable part of the report of the Remuneration Committee as set out on
page 69 has also been audited.
The maintenance and integrity of the Unilever website is the responsibility of the Directors;
the work carried out by the auditors does not involve consideration of these matters.
Accordingly, the auditors accept no responsibility for any changes that may have
occurred to the financial statements since they were initially placed on the website.
Legislation in the United Kingdom and the Netherlands governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
Disclaimer Except where you are a shareholder, this material is provided for information
purposes only and is not, in particular, intended to confer any legal rights on you.
This Annual Report and Accounts does not constitute an invitation to invest in Unilever
shares. Any decisions you make in reliance on this information are solely your responsibility.
The information is given as of the dates specified, is not updated, and any forward-looking
statements are made subject to the reservations specified on page 4 of the Report.
Unilever accepts no responsibility for any information on other websites that may be
accessed from this site by hyperlinks.

Table of contents

  • Page 1
    ... confer any legal rights on you. This Annual Report and Accounts does not constitute an invitation to invest in Unilever shares. Any decisions you make in reliance on this information are solely your responsibility. The information is given as of the dates specified, is not updated, and any forward...

  • Page 2
    2005 Unilever Annual Report and Accounts

  • Page 3
    Our corporate purpose Unilever's mission is to add vitality to life. We meet everyday needs for nutrition, hygiene and personal care with brands that help people feel good, look good and get more out of life. Our deep roots in local cultures and markets around the world give us our strong ...

  • Page 4
    Contents Report of the Directors 03 Financial statements 73 Shareholder information 179 Unilever Annual Report and Accounts 2005 01

  • Page 5
    ... on Unilever N.V. New York shares and American Depositary Receipts of Unilever PLC may differ from those shown above, which include final dividend values calculated using the rates of exchange ruling on 8 February 2006 (â,¬1.00 = $1.1948, £1.00 = $1.7427). 02 Unilever Annual Report and Accounts...

  • Page 6
    Report of the Directors General information Chairman's foreword Group Chief Executive About Unilever Financial and operating reviews Risk management Corporate governance Reports of Board committees 04 05 06 09 15 31 33 51 Unilever Annual Report and Accounts 2005 03

  • Page 7
    ... has shares listed on the London Stock Exchange and, as American Depositary Receipts, on the New York Stock Exchange. The two parent companies, NV and PLC, together with their group companies, operate as a single economic entity (the Unilever Group, also referred to as Unilever or the Group). NV and...

  • Page 8
    ... market share, a key objective in 2005. To ensure the business has the best structure and governance processes to deliver long-term shareholder value in the top third of our peer group, I set myself three objectives at the start of last year. These were reviewing Unilever's dual NV/PLC structure...

  • Page 9
    .... Western Europe is an extremely tough competitive environment and to turn the business around we are having to do things differently. We have addressed pricing in selected markets and categories and by doing so are now offering consumers better value. 06 Unilever Annual Report and Accounts 2005

  • Page 10
    ... build capabilities across the business? This is another area we are investing in. Customer management is a strategic priority and our team is implementing an improvement programme market by market, with outstanding results. An important element of this programme is combining our Foods and HPC sales...

  • Page 11
    08 Unilever Annual Report and Accounts 2005

  • Page 12
    ... information Chairman's foreword Group Chief Executive About Unilever Description of business Regions Categories Functions Brands People Environment and corporate responsibility Information technology Corporate venture activities Competition Distribution and selling Exports Seasonality Related...

  • Page 13
    ... across foods, home and personal product categories. Unilever's portfolio includes some of the world's best known and most loved brands. Regions Three regional teams are responsible for managing Unilever's business in the regions, and for market operations. They are primarily responsible for winning...

  • Page 14
    ...case study on Indonesia', we examined the impact our local business has on the country's economic well-being. Unilever Indonesia employs about 5 000 direct employees and contract workers. The research found that indirectly this manufacturing activity supports around 300 000 full-time equivalent jobs...

  • Page 15
    ... a single system, process and information system for all operating companies in Latin America. In North America, we reached a regional agreement with Dell Computer Corp. to provide and manage PC equipment and support, including a technology update. A new regional supply chain planning solution was...

  • Page 16
    ..., inside the European Union we make many of our products in only a few member countries, for sale in all of them. The chosen manufacturing configuration is generally determined by an optimised regional sourcing strategy which takes account of requirements for innovation, quality, service, cost and...

  • Page 17
    ... of sales tax credits in the event that the cases establishing precedents in our favour are reversed. Also during 2004 in Brazil, and in common with many other businesses operating in that country, one of our Brazilian subsidiaries received a notice of infringement from the Federal Revenue Service...

  • Page 18
    ... Treasury Pensions investment strategy Total Shareholder Return Significant changes after the balance sheet date Operating review by region Europe The Americas Asia Africa Operating review by category Foods Home and Personal Care Risk management Corporate governance Reports of Board committees...

  • Page 19
    ... in light of how Unilever reviews long-term value creation for shareholders; • Properly define the metrics used and confirm their calculation; • Share the metrics with all investors at the same time; and • Disclose UFCF as it is one of the drivers of management remuneration and therefore...

  • Page 20
    ... UFCF is used by Unilever to measure progress against our longer-term value creation goals as outlined to investors. UFCF is cash ï¬,ow from group operating activities, less capital expenditure, less charges to operating profit for share-based compensation and pensions, and less tax (adjusted to re...

  • Page 21
    Financial Review Non-GAAP measures (continued) Return on invested capital Return on invested capital (ROIC) expresses the returns generated on capital invested in the company. The progression of ROIC is used by Unilever to measure progress against our longer-term value creation goals outlined to ...

  • Page 22
    Financial Review Non-GAAP measures (continued) Underlying sales growth USG reï¬,ects the change in revenue at constant rates of exchange, excluding the effects of acquisitions and disposals. It is a measure that provides valuable additional information on the underlying performance of the business....

  • Page 23
    ... unit by considering expected future cash ï¬,ows based on actual and planned growth rates and margins for this product group. No impairment loss has been identified. We have reviewed the carrying value of the Slim•Fast business in light of the continued decline in the weight management market...

  • Page 24
    ... capital of the two parent companies. These are translated at the rate prescribed by the Equalisation Agreement of £1 = Fl.12, and then to euros at the official rate of â,¬1.00 = Fl.2.20371 (see Corporate Governance on page 41). Discount rate Inï¬,ation Expected long-term rate of return: Equities...

  • Page 25
    ...Belgium). Other business disposals in 2005 included Stanton Oil in the UK and Ireland, Dextro in various countries in Europe, Opal in Peru, Karo and Knax in Mexico, spreads and cooking products in Australia and New Zealand, Crispa, Mentadent, Marmite, Bovril and Maizena in South Africa, frozen pizza...

  • Page 26
    Financial review (continued) On 9 February 2006 Unilever announced its intention to sell the majority of its frozen foods businesses in Europe. The intended sale includes the frozen food portfolio under the Iglo and Birds Eye brands in Austria, Belgium, France, Germany, Greece, Ireland, the ...

  • Page 27
    ... Unilever aims to be in the top third of a reference group of 21 international consumer goods companies for Total Shareholder Return, as explained on page 25. The Group's financial strategy supports this objective and provides the financial ï¬,exibility to meet its strategic and day-to-day...

  • Page 28
    ... equities, which the Group believes offer the best returns over the long term commensurate with an acceptable level of risk. The Group also keeps a proportion of assets invested in property, bonds and cash. Most assets are managed by a number of external fund managers with a small proportion managed...

  • Page 29
    ... up for sale the majority of our frozen foods business in Europe. In Home and Personal Care we had a disappointing year and we have lost market share, particularly in the UK. Overall, there was some pick-up in the fourth quarter, but we are not yet where we want to be. New product launches this...

  • Page 30
    .... Cost savings offset a higher level of advertising and promotions and increased input costs. There were also gains from the sale of an office in the US, in US healthcare plans and from currency effects on capital reductions. Unilever Annual Report and Accounts 2005 27 Report of the Directors

  • Page 31
    ... below at constant exchange rates. We have capitalised on our leading positions and buoyant consumer demand across most of the region, growing underlying sales by nearly 9%, in a competitive environment, and increasing market share in key battlegrounds. The growth was broad-based in terms of both...

  • Page 32
    ... foodservice operators to offer food that meets all the needs of their customers. Our Unilever Foodsolutions business gives foodservice professionals products that deliver delicious taste, consistent quality, convenience and healthier menu options. In 2005 we launched Knorr Coulis, a new innovative...

  • Page 33
    ...the brand's appeal among young consumers. In oral care, the world's first centre-filled gel toothpaste was introduced in Vietnam. Innovation has reinvigorated our laundry business. The Omo Dirt is Good campaign was rolled out across most of Asia after its launch in Latin America and Europe, giving...

  • Page 34
    ... 150 countries. Should we fail to meet high product safety, social, environmental and ethical standards in all our operations and activities, Unilever's corporate reputation could be damaged, leading to the rejection of our products by consumers, damage to our brands and diversion of management time...

  • Page 35
    ...movement in equity markets, interest rates and life expectancy on net pension liabilities; • Maintenance of group cash ï¬,ows at an appropriate level; • Exposure of debt and cash positions to changes in interest rates; • Potential impact of changes in exchange rates on the group's earnings and...

  • Page 36
    Report of the Directors Corporate governance General information Chairman's foreword Group Chief Executive About Unilever Financial and operating reviews Risk management Corporate governance Introduction Developments in corporate governance The Boards Chairman and Group Chief Executive Executive ...

  • Page 37
    ... risk management; policies on environmental strategy and reporting, social and ethical matters, including in respect of human rights; corporate social responsibility; the Unilever share dealing code; and a procedures manual for the timely release of price sensitive information. The Code of Business...

  • Page 38
    ... Boards announced a series of further changes to streamline management and leadership. These were approved by our shareholders at the Annual General Meetings (AGMs) in 2005. A separate Non-Executive Chairman and Group Chief Executive were appointed. The Group Chief Executive established the Unilever...

  • Page 39
    ... Annual Report and Accounts; declaration of dividends; agreement of quarterly results announcements; convening of shareholders' meetings; nominations for Board appointments; and approval of Board remuneration policy. Board meetings are held either in London or Rotterdam and chaired by the Chairman...

  • Page 40
    ... the Chief Financial Officer, the President Europe and the President Home and personal care. Details on their responsibilities can be found in The Governance of Unilever at www.unilever.com/investorcentre/corpgovernance. The Executive Directors are full-time employees of Unilever. Information about...

  • Page 41
    ...file set by the Boards for the Non-Executive Directors and the chart used for orderly succession planning can be seen on our website at www.unilever.com/investorcentre/corpgovernance. Meetings The Non-Executive Directors meet regularly as a group, without the Executive Directors present, under the...

  • Page 42
    ... of the tier of management directly below the Board. The Committee is supplied with information by Jan van der Bijl, Joint Secretary of Unilever. The detailed report to shareholders on Directors' remuneration is on pages 53 to 69. External Affairs and Corporate Relations Committee The External...

  • Page 43
    ...not require Directors of NV or Directors of PLC to hold shares in NV or PLC. However, the remuneration arrangements applicable to our Executive Directors require our Executive Directors to build and retain a personal shareholding in Unilever equal to at least 150% of their annual base pay. Directors...

  • Page 44
    ... of the shareholders of NV and PLC. Under the Equalisation Agreement, NV and PLC must adopt the same financial periods and accounting policies. Dividends are paid in accordance with a formula relating to the nominal values of NV's and PLC's issued share capital. The Equalisation Agreement sets out...

  • Page 45
    ... to any United Kingdom and Netherlands tax and exchange control laws applicable at that time. Under the Equalisation Agreement, the two companies are permitted to pay different dividends in the following exceptional circumstances: • If the average annual sterling/euro exchange rate changed so...

  • Page 46
    ... basis, can be found in note 8 on page 97. Despite the Equalisation Agreement, NV and PLC are separate companies, and are subject to different laws and regulations governing dividend payments in the Netherlands and the United Kingdom. In our combined earnings per share calculation, we assume that...

  • Page 47
    ... to the depositary receipts. Both the Articles of Association and the Conditions of Administration can be found on www.unilever.com/ourcompany/investorcentre. Specific provisions apply in the event that a meeting of holders of NV preference shares is convened. If a change to shareholders' rights is...

  • Page 48
    ... up to date with changes in our internal constitutional arrangements that our Boards may make from time to time. Requirements - the Netherlands General NV is required to state in its Annual Report and Accounts whether it complies or will comply with the Principles ('P') and best practice provisions...

  • Page 49
    ... II.1.4 the Dutch Code invites our Board to make a statement on our internal risk management and control systems. In its report, published on 20 December 2005, the Corporate Governance Code Monitoring Committee has made recommendations concerning the application of this best practice provision. In...

  • Page 50
    ...the International Advisory Board, of Lafarge, do not affect their status as independent in relation to their Non-Executive Directorships of Unilever. Due to the requirement for Unilever to hold two AGMs for its respective companies on consecutive days, it may not always be possible for all Directors...

  • Page 51
    ... the existence of any corporate officer other than that of a Director. We would also confirm that it is our practice, in accordance with our home country laws and practices, to give our shareholders the opportunity to vote on equity compensation plans. 48 Unilever Annual Report and Accounts 2005

  • Page 52
    ... Group President, Ice Cream and Frozen Foods - Europe and Chairman, Unilever Europe Committee 1996-1998. Responsible for South European Foods business 1994-1996. Personal Products Co-ordinator 1991-1994. External appointments include: Member, Supervisory Board of ABN AMRO Holding N.V., Non-Executive...

  • Page 53
    ...: Business Group President, Unilever Foods, North America 2002 and Unilever Bestfoods Latin America 2000. * UEx members are treated as executive officers and senior management for US purposes and key management personnel for IFRS purposes. Although Unilever intends to offer service agreements to...

  • Page 54
    ...and operating reviews Risk management Corporate governance Reports of Board committees Report of the Nomination Committee Report of the Remuneration Committee Remuneration policy 2006 and beyond - Executive Directors Main principles Unilever reward policy table Base salary Annual incentive Long-term...

  • Page 55
    ..., the members of the Nomination Committee are also the Directors of N.V. Elma and United Holdings Limited. These two companies jointly own the Special Shares of NV and the Deferred Shares of PLC which carry the right to nominate persons for election as Directors of NV and PLC at general meetings. In...

  • Page 56
    ...new Board structure and Unilever's longer-term strategy, the Committee reviewed the existing reward packages for each of the current Executive Directors during the year. Base salaries have been adjusted to reï¬,ect the new roles and responsibilities in line with the market. The revised salary levels...

  • Page 57
    ... to the successful leadership and effective management of Unilever as a major global company. To meet this objective the Remuneration Committee follows three key principles, supported by shareholders: • A significant proportion of the Executive Directors' total reward is linked to a number of key...

  • Page 58
    ...Return (TSR) Long-Term Incentive Plan This plan rewards Executive Directors for creating more value for Unilever's shareholders when compared with the investment returns generated by competitors. Under this plan conditional rights over shares in NV and PLC are awarded annually to Executive Directors...

  • Page 59
    ... between Unilever's strategic objectives and the reward policy for Executive Directors. The Committee is continuing its review of the pension arrangements for Executive Directors during 2006. Commentary on Executive Directors' Remuneration paid in 2005 The tables on pages 60 to 67 give details...

  • Page 60
    ... affected employees have been informed that the company will offer them the option of capping their benefit provided by the Unilever UK Pension Fund at their personal Lifetime Allowance and receiving the balance of their benefit directly from the company. For Executive Directors appointed...

  • Page 61
    ... discussed. The Non-Executive Chairman can, in his role as Chairman of the Board, also attend the meetings. Five-Year Historical TSR Performance Growth in the value of a hypothetical £100 holding over five years FTSE 100 comparison based on 30 trading day average values Unilever FTSE 100 Dec 2000...

  • Page 62
    ... options granted in earlier years and the value of matching shares vested in 2005. No value is attributed to TSR Long-Term Incentive Plan as the shares which were conditionally granted in 2002 did not vest and lapsed in 2005. Unilever Annual Report and Accounts 2005 59 Report of the Directors

  • Page 63
    ... the annual incentive shown above. In addition to these shares, each Executive Director is awarded, on a conditional basis, an equivalent number of matching shares which are not included above. The value of these matching shares will be reported when they vest in 2009. (6) Group Chief Executive from...

  • Page 64
    ... to certain conditions (ungeared free cash ï¬,ow performance and top-line growth performance) three years after the date of the award. The 2005 awards are subject to the performance period 1 January 2005 to 31 December 2007. Unilever Annual Report and Accounts 2005 61 Report of the Directors

  • Page 65
    Report of the Remuneration Committee (continued) Executive Directors' conditional share awards under the TSR Long-Term Incentive Plan Conditional rights to ordinary shares in NV and PLC were outstanding, granted or vested/lapsed in 2005 as shown in the table below: Balance of conditional shares at ...

  • Page 66
    ... shares at 31 December 2005 were â,¬57.85 (NV shares) and 576.5p (PLC shares). During 2005 the highest market prices were â,¬60.80 and 602.5p respectively, and the lowest market prices were â,¬48.39 and 487.5p respectively. Unilever Annual Report and Accounts 2005 63 Report of the Directors

  • Page 67
    ...exercise price Options outstanding above market price at 31 December 2005 Weighted average exercise price Name Share type Number of shares Number of shares First exercisable date Final expiry date Current Executive Directors Patrick Cescau Executive Plan NV Executive Plan NL All-Employee Plan...

  • Page 68
    ... Executive Directors was as follows: Patrick Cescau â,¬85 550; Kees van der Graaf â,¬33 193; Rudy Markham â,¬32 157; and Ralph Kugler â,¬5 507. The term 'Executive Plan' refers to options granted under the PLC, NV or North America Executive Option Plans. The closing market prices of ordinary shares...

  • Page 69
    ... Affairs and Employment. For the UK based Executive Directors' arrangement calculated on the market related basis used by the Unilever United Kingdom pension plan (UUKPF), in line with the GN11 guidance note published by the Institute and Faculty of Actuaries in the United Kingdom. Changes in the...

  • Page 70
    ...and the UK Employee ShareSave Plan). Further information, including details of the NV and PLC ordinary shares acquired by certain group companies in connection with other share-based compensation plans, is given in note 31 on pages 132 to 141. The voting rights of the Directors who hold interests in...

  • Page 71
    ... member. Non-Executive Director as from AGMs 2005. Antony Burgmans did not receive a fee as Chairman in 2005. For further details of his remuneration please refer to page 60. (8) Stepped down at 2005 AGMs. (9) Covers total fees received from both NV and PLC. 68 Unilever Annual Report and Accounts...

  • Page 72
    ...share awards under the TSR Long-Term Incentive Plan' on page 62, the 'Executive Directors' Share Matching Plan' on page 63, 'Executive Directors' share options' on pages 64 and 65, 'Executive Directors' pensions' on page 66, 'Executive Directors' interests - share capital' on page 67, 'Non-Executive...

  • Page 73
    ... with respect to internal controls over financial reporting; • A review of pensions arrangements; • Reviewing the management of transition risks arising from changes in the organisation and operating framework; • A review of treasury and tax matters relating to investment hedging and gearing...

  • Page 74
    ...includes internal control reviews, other reports and work in respect of acquisitions and disposals. Tax services: In cases where they are best suited, we use the auditors. All other significant tax consulting work is put to tender. General consulting and other services: Since early 2002, our policy...

  • Page 75
    ... best to handle them; • to report to the Boards on Unilever's standing in the external world, particularly among the target audiences identified in the Company's Corporate Relations strategy; • to oversee issues management, with a particular focus on nonfinancial risks to the Unilever business...

  • Page 76
    ...operating activities 31 Share-based compensation plans 32 Related party transactions 33 Key management personnel 34 Events after the balance sheet date 35 First time adoption of International Financial Reporting Standards Historical information Additional information for US investors Principal group...

  • Page 77
    ... reports to the Group Chief Executive. Unilever's corporate internal audit function plays a key role in providing an objective view and continuous reassurance of the effectiveness of the risk management and related control systems throughout Unilever to both operating management and the Boards...

  • Page 78
    ...requirements included in Part 9 of Book 2 of the Netherlands Civil Code as far as applicable. Furthermore, we have to the extent of our competence, established that the Report of the Directors is consistent with the consolidated accounts. Financial Statements 28 February 2006 PricewaterhouseCoopers...

  • Page 79
    ... group's corporate governance procedures or its risk and control procedures. We read the other information contained in the Annual Report and consider whether it is consistent with the audited consolidated accounts. The other information comprises only the Report of the Directors and the Shareholder...

  • Page 80
    ... its operations and its cash ï¬,ows for each of the two years in the period ended 31 December 2005, in conformity with International Financial Reporting Standards (IFRSs) as adopted by the European Union. As discussed in note 35 on page 145, the Unilever Group changed the manner in which it accounts...

  • Page 81
    ...Unilever Group for the year ended 31 December â,¬ million 2005 â,¬ million 2004 Continuing operations Turnover 3 Operating profit 3 After charging: Impairment of Slim•Fast Provision for Brazilian sales tax Net finance costs 6 Finance income Finance costs Pensions and similar obligations Share...

  • Page 82
    ... is summarised as follows: â,¬ million Equity as at 31 December 2004 Accounting policy change - preference shares Accounting policy change - other financial instruments Equity as restated at 1 January 2005 7 629 (1 502) 388 6 515 Unilever Annual Report and Accounts 2005 79 Financial Statements

  • Page 83
    ... provisions 21 Deferred tax liabilities 14 Total non-current liabilities Liabilities held for sale 29 Called up share capital 23 Share premium account 23 Other reserves 23 Retained profit 23 Shareholders' equity Minority interests 23 Total equity Total capital employed Commitments and contingent...

  • Page 84
    ...30 Income tax paid Net cash ï¬,ow from operating activities Interest received Purchase of intangible assets Purchase of property, plant and equipment Disposal of property, plant and equipment Sale and leaseback transactions resulting in operating leases Acquisition of group companies, joint ventures...

  • Page 85
    ... 1 Accounting information and policies Unilever The two parent companies, NV and PLC, together with their group companies, operate as a single economic entity (the Unilever Group, also referred to as Unilever or the Group). NV and PLC have the same Directors and are linked by a series of agreements...

  • Page 86
    ... date. Realised and unrealised gains and inï¬,uence. losses arising from changes in fair value are included in the income statement. Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at the Borrowings Group's share...

  • Page 87
    ... on the management structure of the Group, which operates in three main geographical regions. Turnover Turnover comprises sales of goods and services after deduction of discounts and sales taxes. It does not include sales between group companies. Discounts given by Unilever include rebates, price...

  • Page 88
    ... the consolidated accounts Unilever Group 1 Accounting information and policies (continued) Lease payments relating to operating leases, are charged to the income statement on a straight-line basis over the lease term, or over the period between rent reviews where these exist. Transfer pricing The...

  • Page 89
    ... has had a negative impact on debt and equity, when reported in euros. Liquidity risk is managed by maintaining access to global debt markets through an infrastructure of short-term and long-term debt programmes. In addition to this, Unilever has committed credit facilities in place to support its...

  • Page 90
    ... the Group's ability to raise funding. Other financial risks As a result of the share-based compensation plans for employees, we are exposed to movements in our own share price. In recent years we have managed this risk by buying Unilever shares in the market when the share option or award is...

  • Page 91
    ... to the consolidated accounts Unilever Group 3 Segment information Our primary reporting segments are geographic, comprising our three operating regions of Europe, The Americas and Asia Africa. The home countries of the Unilever Group are the Netherlands and the United Kingdom. The United States is...

  • Page 92
    ...to the consolidated accounts Unilever Group 3 Segment information (continued) â,¬ million Analysis by geographical segment Liabilities 2005 Segment liabilities Joint ventures/associates Total liabilities by geographical segment Corporate liabilities Total liabilities 2004 Segment liabilities Joint...

  • Page 93
    ... information (continued) Although the Group's operations are managed on a geographical basis, the two Foods and Home and Personal Care categories manage brands which we group into six main product areas; these are our secondary reporting segments and are: Savoury and dressings - including sales...

  • Page 94
    ... the application of an inï¬,ation charge on working capital which is added back to arrive at operating profit. â,¬ million â,¬ million The Americas â,¬ million Asia Africa â,¬ million Total Analysis by geographical segment 2005 Turnover At constant 2004 exchange rates Exchange rate adjustments...

  • Page 95
    ... 646 4 334 4 107 39 151 521 39 672 40 134 (1 568) 38 566 6 492 6 181 (a) For the United Kingdom and the Netherlands, which are the home countries of the parent companies, the combined operating profit in 2005 was â,¬708 million (2004: â,¬730 million). 92 Unilever Annual Report and Accounts 2005

  • Page 96
    ...) Financial Statements Operating costs include: Staff costs Raw and packaging materials and goods purchased for resale Amortisation of finite-lived intangible assets and software Depreciation of property, plant and equipment(b) Impairment of property, plant and equipment Advertising and promotions...

  • Page 97
    Notes to the consolidated accounts Unilever Group 5 Staff costs and employees Staff costs Remuneration of employees Emoluments of Executive Directors Pensions and other post-employment benefits Social security costs Share-based compensation costs â,¬ million 2005 â,¬ million 2004 (4 588) (11) (...

  • Page 98
    ... 32 1 (5) 2 (9) - - 1 22 (a) The computed tax rate used is the average of the standard rate of tax applicable in the European countries in which Unilever operates, weighted by the amount of profit before taxation generated in each of those countries. Unilever Annual Report and Accounts 2005 95

  • Page 99
    ... arising in Europe (which is Unilever's domestic tax base) and elsewhere. â,¬ million 2005 â,¬ million 2004 Profit before taxation Europe Parent and group companies Share of net profit/(loss) of joint ventures Share of net profit/(loss) of associates Outside Europe Group companies Share of net...

  • Page 100
    ...of share units representing the combined ordinary capital of NV and PLC in issue during the year, after deducting shares held as treasury stock. For the calculation of combined ordinary capital, the exchange rate of £1 = Fl.12 = â,¬5.445 has been used, in accordance with the Equalisation Agreement.

  • Page 101
    ... Reclassification as held for sale 1 January 2005 Disposals of group companies Amortisation for the year(a) Impairment losses Currency retranslation 31 December 2005 Net book value 31 December 2005 (a) Includes â,¬(1) million relating to discontinued operations. Goodwill Software Total 13 020...

  • Page 102
    ...recognised. The 2004 impairment charge of â,¬791 million in relation to the Slim•Fast business was calculated using value in use and applied a pre-tax discount rate of 11%. This charge was also reï¬,ected in operating profit for The Americas region. The remainder of the impairment loss charged in...

  • Page 103
    ...) 145 - (7 367) 6 492 551 (a) Includes â,¬(2) million relating to discontinued operations. (b) Impairment losses mainly recognised in respect of restructuring projects where property, plant and equipment is written down to the net recoverable amount. 100 Unilever Annual Report and Accounts 2005

  • Page 104
    ...(202) 152 327 (166) 161 422 (220) 202 390 (190) 200 At 31 December 2004, property, plant and equipment with a book value of â,¬108 million was pledged as security for certain of the Group's borrowings. No such arrangements existed at 31 December 2005. Unilever Annual Report and Accounts 2005 101

  • Page 105
    ... range from newly established plantations to plantations that are 32 years old. During 2005 the Group harvested approximately 257 000 tonnes of palm oil, which had a fair value less estimated point-of-sale costs of â,¬47 million at the date of harvest. 102 Unilever Annual Report and Accounts 2005

  • Page 106
    ... Capital Partners. Other Unilever Ventures investments are included under 'Other non-current investments' above. (d) Other non-current investments are mainly available-for-sale assets, and predominantly consist of investments in a number of companies and financial institutions in India, Europe...

  • Page 107
    ... million credit reported under discontinued operations in the income statement. (b) Of the total movement in equity of â,¬191 million, â,¬108 million arises as a result of currency retranslation. At the balance sheet date, the Group has unused tax losses of â,¬1 205 million and tax credits amounting...

  • Page 108
    ... of IAS 39. Financial Statements â,¬ million 2005 â,¬ million 2004 3 345 833 652 4 830 231 5 061 3 161 328 642 4 131 279 4 410 Concentrations of credit risk with respect to trade receivables are limited, due to the Group's customer base being large and diverse. Management therefore believes there...

  • Page 109
    ... for a fixed preference dividend to be classified as borrowings. In accordance with the transition rules for IAS 32, amounts for 2004 have not been restated. Details of the preference shares at 31 December 2004 are included in note 24 on page 124. 106 Unilever Annual Report and Accounts 2005

  • Page 110
    ... Debenture loan 2005 (Indian rupee) Japan Floating rate note 2006 (Japanese yen) Thailand 3.300% Bonds 2007 (Thai baht) South Africa 10.200% Bonds 2008 (South African rand) Commercial paper (South African rand) Other countries Total other group companies Total bonds and other loans 4 799 - - 2 073...

  • Page 111
    ...consolidated accounts Unilever Group 18 Borrowings (continued) â,¬ million Number of shares authorised Nominal value per share Number of shares issued â,¬ million Issued, called up and fully paid Preference shares NV... property, plant and equipment 108 Unilever Annual Report and Accounts 2005

  • Page 112
    ... consolidated accounts Unilever Group 18 Borrowings (continued) Undrawn committed facilities Unilever had the following undrawn committed facilities at 31 December 2005: • revolving 364-day bilateral credit facilities of in aggregate US $3 958 million (2004: US $3 603 million) with a 364-day term...

  • Page 113
    ... for interest rate and foreign exchange exposure management, together with information on related exposures, are given below. Unilever's interest rate management policy is described in note 2 on pages 86 and 87. The Group's exposure to interest rates is mainly fixed by fixed rate long-term debt...

  • Page 114
    ... with IAS 39, 'Financial instruments: Recognition and Measurement', Unilever has reviewed all contracts for embedded derivatives that are required to be separately accounted for if they do not meet specific requirements set out in the standard. Unilever Annual Report and Accounts 2005 111...

  • Page 115
    ...86. These policies require operating companies to manage trading and financial exposures within prescribed limits. At the end of 2005, there was no material exposure from companies holding assets and liabilities other than in their functional currency. Commodity contracts Unilever purchases forward...

  • Page 116
    ...of Unilever's total equity were denominated in the currencies of the two parent companies, euros and pounds sterling. 3 329 9 171 12 500 20 Trade payables and other liabilities Trade and other payables Due within one year Trade payables Accruals and deferred income Social security and sundry taxes...

  • Page 117
    ...Description of plans In many countries the Group operates defined benefit pension plans based on employee pensionable remuneration and length of service. The majority of these plans are externally funded. The Group also provides other post-employment benefits, mainly post-employment medical plans...

  • Page 118
    ... sheet date and applies to these rates suitable risk premiums that take account of historic market returns and current market long-term expectations for each asset class. Demographic assumptions, such as mortality rates, are set having regard to the latest trends in life expectancy, plan experience...

  • Page 119
    ... â,¬ million % 31 December 2004 Other postLong-term employment rates of benefit return plans expected Pension plans Pension plans Assets of principal plans: Equities Bonds Property Other Assets of other plans Present value of liabilities Principal plans Other plans 9 670 3 854 1 326 752 387 15...

  • Page 120
    ...benefit pension and other benefit plans Current service cost Employee contributions Special termination benefits Past service cost Settlements/curtailments Defined contribution plans Total operating cost Charged to other finance income/(cost): Interest on retirement benefits Expected return on...

  • Page 121
    ..., funded status and balance sheet impact, as well as the periodic expense, cash ï¬,ows and related economic assumptions associated with the defined benefit pension plans and other post-employment benefit plans as computed in accordance with FAS 87 and FAS 106. Measurement dates All plan assets...

  • Page 122
    ... accounts Unilever Group 22 Pensions and similar obligations (continued) Benefit obligations The table below shows changes in benefit obligations during 2005 and 2004: â,¬ million Pension plans 2005 â,¬ million â,¬ million â,¬ million Other postOther postPension employment employment plans...

  • Page 123
    ... equities which the Group believes offer the best returns over the long term commensurate with an acceptable level of risk. The Group also keeps a proportion of assets invested in property, bonds and cash. Most assets are managed by a number of external fund managers with a small proportion managed...

  • Page 124
    ...The funded status of the plans, reconciled to the amount reported in the statement of financial position is as follows: â,¬ million Pension plans 2005 â,¬ million â,¬ million â,¬ million Other postOther postPension employment employment plans benefit plans benefit plans 2004 2005 2004 Fair value...

  • Page 125
    ...return on plan assets was determined, based on actuarial advice, by a process that takes the current long-term rates of return available on government bonds and applies to these rates suitable risk premiums that take account of historic market returns and current market expectations. Post-employment...

  • Page 126
    ...ordinary capital (Purchase)/sale/reduction of treasury stock Share-based payment credit(a) Dividends paid to minority shareholders Currency retranslation gains/(losses) net of tax Other movements in equity 31 December 2004 Accounting policy change - preference shares Accounting policy change - other...

  • Page 127
    ...to the official euro exchange rate. For information on the rights of shareholders of NV and PLC and the operation of the Equalisation Agreement, see Corporate Governance on pages 40 to 43. On 15 February 2005, after close of trading, NV converted part of the notional value of the â,¬0.05 cumulative...

  • Page 128
    ... nominate persons for election as Directors at general meetings of shareholders. The subsidiaries mentioned above have waived their rights to dividends on their ordinary shares in NV. Share-based compensation The Group operates a number of share-based compensation plans involving options and awards...

  • Page 129
    ... credit relates to the reversal of the non-cash charge recorded against operating profit in respect of the fair value of share options and awards granted to employees. (d) During 2002, as part of the legal and fiscal integration of the Bestfoods businesses, a number of internal ownership changes...

  • Page 130
    ... not have a material effect on the Group's financial condition or results of operations. Guarantees given by parent or group companies that relate to liabilities already included in these consolidated accounts are excluded from this total. The total value of guarantees which arose or were revised...

  • Page 131
    ... businesses are included in the consolidated accounts up to their date of disposal. The principal disposals in 2005 were UCI across the world, Stanton Oil in UK and Ireland, Dextro in various countries in Europe, Opal in Peru, Karo and Knax in Mexico, spreads and cooking products in Australia...

  • Page 132
    ... 4 73 â,¬ million 2004 Operating profit Europe The Americas Asia Africa 1 20 1 22 All these amounts relate to the personal care segment. Cash ï¬,ow statement of discontinued operations Net cash ï¬,ow from/(used in) operating activities Net cash ï¬,ow from/(used in) investing activities Net cash...

  • Page 133
    ...business in the Netherlands and Belgium and a number of other production and distribution facilities in other parts of the world. Assets classified as held for sale Disposal groups held for sale Goodwill Intangible assets Property, plant and equipment Biological assets Other non-current investments...

  • Page 134
    ... a capital value at inception of the lease of â,¬49 million. On 15 February 2005 â,¬1 129 million of treasury stock was used in the conversion of the â,¬0.05 preference shares into ordinary NV shares. For further information please refer to note 24 on page 124. Unilever Annual Report and Accounts...

  • Page 135
    ...America Performance Share Programme A long-term incentive plan for North American managers, awarding Unilever shares if company and personal performance targets are met over a three-year period. (vii) Restricted Share Plan Restricted shares can be awarded to a select number of executives for special...

  • Page 136
    ... continuously employed by a Group company until the vesting date. Group (b): The UK and South Africa plans annually offer options over PLC shares, combined with a compulsory (UK) or optional (South Africa) savings plan. The exercise price is the market price at date of grant. In 2003, Unilever UK...

  • Page 137
    Notes to the consolidated accounts Unilever Group 31 Share-based compensation plans (continued) 2005 Weighted average exercise price 2004 Weighted average exercise price Number of options Number of options NV New York shares of â,¬0.51 Outstanding at 1 January Granted Exercised(a) Forfeited ...

  • Page 138
    ...shares of Unilever PLC, at a price not lower than the market value on the day the options are granted. These options become exercisable over a three-year period from the date of grant and have a maximum term of ten years. Managers working in India can participate in an Executive Option Plan relating...

  • Page 139
    ... 4 PLC shares. 2005 2004 NV option value information(b) Fair value per option(c) NV Executive Option Plan PLC Executive Option Plan North America Executive Stock Option Programme Valuation assumptions Expected option term Expected volatility(d) Expected dividend yield(g) Risk-free interest rate PLC...

  • Page 140
    ... PLC share award value information(h) Fair value per share award(i) NV/PLC Plan North America Programme (h) Weighted average of share awards granted during each period. (i) Estimated on basis of par achievement of targets. â,¬53.01 $66.99 £5.39 $9.97 Unilever Annual Report and Accounts 2005...

  • Page 141
    ... Programme information(h) â,¬51.15 $67.14 â,¬54.72 $70.30 PLC share award value information(h) Fair value per share award NV/PLC Plan North America Programme (h) Weighted average of share awards granted during each period. £5.12 $9.74 £5.29 $10.34 138 Unilever Annual Report and Accounts 2005

  • Page 142
    ... award value information Fair value per share award(l) (l) Estimated using option pricing models taking account of peer group TSR volatilities and correlations. â,¬40.56 £4.04 â,¬41.81 £4.02 Unilever Annual Report and Accounts 2005 139 Financial Statements NV shares of â,¬0.51 Outstanding...

  • Page 143
    Notes to the consolidated accounts Unilever Group 31 Share-based compensation plans (continued) (vi) North America Performance Share Programme This long-term incentive plan for North American managers, introduced in 2001, awards Unilever shares if company and personal performance targets are met ...

  • Page 144
    ...linked to the development of the Unilever share price, on the condition of continued employment with the Group. A summary of the status of the other plans as at 31 December 2005 and 2004 and changes during the years ended on these dates is presented below: 2005 Number of shares 2004 Number of shares...

  • Page 145
    ... 2004 Report and Accounts. Following a change in the management structure which took place in 2005 key management for 2005 for reporting purposes became the members of the UEx together with the Non-Executive Directors described on page 49. Key management compensation Salaries and short-term employee...

  • Page 146
    Notes to the consolidated accounts Unilever Group 33 Key management personnel (continued) The following tables give aggregate information regarding share awards for key management personnel in 2005. Further details of the Executive share plans are shown in the report of the Remuneration Committee ...

  • Page 147
    ...cant of these changes are the use of the government bond rate as the discount rate for calculating pension liabilities in countries where no AA corporate bond rate exists and the required use of bid value to measure plan assets rather than mid-market value. In addition, deferred tax balances arising...

  • Page 148
    Notes to the consolidated accounts Unilever Group 35 First time adoption of International Financial Reporting Standards (continued) IFRSs also require separate disclosure of deferred tax assets and liabilities on the face of the balance sheet. The deferred tax assets previously included within ...

  • Page 149
    Notes to the consolidated accounts Unilever Group Notes to the consolidated accounts Unilever Group 35 First time adoption of International Financial Reporting Standards (continued) Reconciliation of equity at the transition date of 1 January 2004 â,¬ million Previously reported under previous ...

  • Page 150
    Notes to the consolidated accounts Unilever Group Notes to the consolidated accounts Unilever Group 35 First time adoption of International Financial Reporting Standards (continued) Reconciliation of profit for the year ended 31 December 2004 â,¬ million Previously reported under previous GAAP â,¬...

  • Page 151
    ...-current tax liabilities Pension liability for funded schemes in deficit Pension liability for unfunded schemes Restructuring and other provisions Deferred tax liabilities Total non-current liabilities Liabilities held for sale Shareholders' equity Called up share capital Share premium account Other...

  • Page 152
    ... from operating activities Income tax paid Net cash ï¬,ow from/(used in) investing activities Net cash ï¬,ow from/(used in) financing activities Net increase/(decrease) in cash and cash equivalents Ratios and other metrics Ungeared Free Cash Flow Net profit margin (%)(c) Return on invested capital...

  • Page 153
    ... under the accounting policies which the Group applied prior to its adoption of IFRSs. These were based on United Kingdom accounting standards and applicable Netherlands and UK law. Further information can be found in the 'Accounting information and policies' sections of the Report and Accounts for...

  • Page 154
    ...810 4 946 28 960 3 237 32 197 810 703 1 513 Group operating profit Foods Home and Personal Care 1 267 2 144 3 411 Net operating assets Foods Home and Personal Care 19 014 1 897 20 911 Capital expenditure Foods Home and Personal Care 532 473 1 005 154 Unilever Annual Report and Accounts 2005

  • Page 155
    ... the year ended 31 December 2002, Unilever changed its method of calculating expected return on plan assets for US GAAP purposes, by adopting the actual fair market value at the balance sheet date rather than a market-related value. Had this methodology been applied in previous years, it would have...

  • Page 156
    ...information (continued) Unilever Group Exchange rates The information in the following table is based on exchange rates between euros and US dollars and euros and sterling. These translation rates were used in preparation of the accounts: 2005 2004 2003 2002 2001 Year end â,¬1 = $ â,¬1 = £ Annual...

  • Page 157
    ...US investors Unilever Group Unilever's consolidated accounts are prepared in accordance with accounting principles which differ in some respects from those applicable in the United States. The following is a summary of the effect on the Group's net profit, combined earnings per share and equity of...

  • Page 158
    ... • As a result of the global use of the Unilever brand on all product packaging we have discontinued the use of the Fabergé trade name resulting in an impairment charge of â,¬120 million; and • The 2005 review of our ice cream operations in Latin America indicated that an impairment charge of...

  • Page 159
    Additional information for US investors (continued) Unilever Group Goodwill An analysis of goodwill of group companies, joint ventures and associates by reporting segment is given below: â,¬ million Europe â,¬ million The Americas â,¬ million Asia Africa â,¬ million Total 1 January 2004 Adjustment...

  • Page 160
    ... those earnings can be recovered tax-free or will be permanently reinvested in the controlled group company. Under IFRSs, deferred tax on share-based compensation is provided based on the actual tax credit expected to be received using the fair market value of the share price at the year end (the...

  • Page 161
    ... at the SEC's public reference facilities in Washington DC, Chicago and New York. Certain of our reports and other information that we file or furnish to the SEC are also available to the public over the internet on the SEC's website at www.sec.gov. Unilever Annual Report and Accounts 2005 161...

  • Page 162
    ... US investors (continued) Unilever Group Summarised presentation of the NV and PLC parts of the Group NV and PLC and their group companies constitute a single reporting entity for the purposes of presenting consolidated accounts. The following supplemental information shows the consolidated income...

  • Page 163
    ... of NV, PLC and UNUS has been prepared with all subsidiaries accounted for on an equity basis. The financial information in respect of the nonguarantor subsidiaries has been prepared on a consolidated basis. â,¬ million Unilever Capital Corporation subsidiary issuer â,¬ million Unilever N.V. parent...

  • Page 164
    ...for sale Shareholders equity attributable to: PLC NV Called up share capital Share premium account Other reserves Retained profit Total shareholders' equity Minority interests Total equity Total capital employed Unilever PLC parent guarantor Nonguarantor subsidiaries Eliminations Unilever Group...

  • Page 165
    ...for sale Shareholders equity attributable to: PLC NV Called up share capital Share premium account Other reserves Retained profit Total shareholders' equity Minority interests Total equity Total capital employed Unilever PLC parent guarantor Nonguarantor subsidiaries Eliminations Unilever Group...

  • Page 166
    ... Capital Corporation subsidiary issuer â,¬ million Unilever N.V. parent issuer/ guarantor â,¬ million â,¬ million Unilever United States Inc. subsidiary guarantor â,¬ million â,¬ million â,¬ million Cash ï¬,ow statement for the year ended 31 December 2005 Cash ï¬,ow from operating activities Income...

  • Page 167
    ...holdings as required by the United Kingdom Companies Act 1985 will be annexed to the next Annual Return of Unilever PLC. Unless otherwise indicated, the companies are incorporated and principally operate in the countries under which they are shown. The aggregate percentage of equity capital directly...

  • Page 168
    ... Tbk Japan Unilever Japan KK Thailand Unilever Thai Trading Ltd. 59 South Africa Unilever South Africa Foods (Pty) Limited Unilever South Africa Home and Personal Care (Pty) Ltd. Turkey Unilever Sanayi ve Ticaret Türk A.S ,. In addition, we have operations in the following countries: Abu Dhabi...

  • Page 169
    ...which comprise the balance sheet, income statement and the related notes set out on pages 170 to 172. These company accounts have been prepared under the accounting policies set out therein. We have reported separately on the consolidated accounts of the Unilever Group for the year ended 31 December...

  • Page 170
    ...the consolidated accounts of the Unilever Group. Therefore, and in accordance with Article 402 of Book 2 of the Civil Code in the Netherlands, the profit and loss account only reï¬,ects the income from fixed investments after taxation and other income and expenses after taxes. The company accounts...

  • Page 171
    ... to the company accounts Unilever N.V. Accounting information and policies Basis of preparation The accounts have been prepared in accordance with applicable United Kingdom accounting standards as allowed by Article 362.1 of Book 2 of the Civil Code in the Netherlands. The accounts are prepared...

  • Page 172
    ... without incurring withholding tax payable by the company. This is despite the change in the Netherlands tax law, as a result of which dividends received from 2001 onwards by individual shareholders who are Netherlands residents are no longer taxed. 172 Unilever Annual Report and Accounts 2005

  • Page 173
    ... to the dividend percentages of their shares. The General Meeting can only decide to make distributions from reserves on the basis of a proposal by the Board and in compliance with the law and the Equalisation Agreement. Financial Statements Unilever Annual Report and Accounts 2005 â,¬ million...

  • Page 174
    ... is not disclosed. We read the other information contained in the Annual Report and consider whether it is consistent with the audited parent company accounts. The other information comprises only the Report of the Directors and the Shareholder information. We consider the implications for our...

  • Page 175
    ...230 of the United Kingdom Companies Act 1985, an entity profit and loss account is not included as part of the published company accounts for PLC. On behalf of the Board of Directors A Burgmans Chairman P Cescau Group Chief Executive 28 February 2006 Unilever Annual Report and Accounts 2005 175

  • Page 176
    ... shareholders at the Annual General Meeting. Therefore, we no longer recognise a liability in any period for dividends that have been proposed but will not be approved until after the balance sheet date. This applies for external dividends as well as intra-group dividends paid to the parent company...

  • Page 177
    ... 1 January Change in book value of shares 31 December Remuneration of auditors Parent company statutory audit fee Other audit services Other payments by the parent company for non-audit services provided by PricewaterhouseCoopers LLP United Kingdom(a) Audit-related services Other services (a) See...

  • Page 178
    ... policies on home working, ï¬,exible working, maternity and paternity leave, child care provision and career breaks, which help us to meet this objective. Charitable and other contributions Unilever collates the cost of its community involvement activities using the London Benchmarking Group model...

  • Page 179
    ... of shareholding Information about exchange controls affecting security holders Nature of the trading market Taxation for US residents holding shares in NV Taxation for US residents holding shares in PLC Dividends Glossary Financial calendar and addresses Website Publications Share registration...

  • Page 180
    ...the UK Companies Act 1985. Title of class Name of holder Number of shares held Approximate % held Deferred Stock Ordinary shares Naamlooze Vennootschap Elma United Holdings Limited Trustees of the Leverhulme Trust and the Leverhulme Trade Charities Trust Legal & General Group plc The Capital Group...

  • Page 181
    ... 892 4 934 960 25 680 479 500 318 69 - - Shareholder information (a) When under a North American plan, in the form of NV New York shares or PLC ADRs. During the year, 15 159 899 NV and 6 069 260 PLC shares at a total cost of â,¬879 million were purchased to maintain our hedging of sharebased...

  • Page 182
    ... is authorised to issue regulations relating to financial transactions concerning the movement of capital to or from third countries with respect to direct investments, establishment, the performing of financial services, the admission of negotiable instruments or goods with respect to which...

  • Page 183
    ... have American Depositary Receipts) and you will be subject to United Kingdom tax. Nevertheless, the Equalisation Agreement means that as a shareholder of either company you effectively have an interest in the whole of Unilever. You have largely equal rights over our combined net profit and capital...

  • Page 184
    ... 57 513 443 40 33 Annual high and low prices for 2003, 2002 and 2001 2003 2002 2001 NV per â,¬0.51 ordinary share in Amsterdam (in â,¬) NV per â,¬0.51 ordinary share in New York (in $) PLC per 1.4p ordinary share in London (in pence) PLC per American Depositary Receipt in New York (in $) High Low...

  • Page 185
    ... United States taxes and that are constituted and operated exclusively to administer or provide pension, retirement or other employee benefits may be exempt at source from withholding tax on dividends received from a Netherlands corporation. An agreement published by the US Internal Revenue Service...

  • Page 186
    ... to corporations. The dividend is foreign source income for US foreign tax credit purposes. Any portion of the dividend that exceeds our United States earnings and profits is subject to different rules. This portion is a tax free return of capital to the extent of your basis in our shares, and...

  • Page 187
    ... $0.9658 11.92p 1.7722 $0.8449 10.83p 1.6065 $0.6959 9.89p 1.4591 $0.5772 Unilever Annual Report and Accounts 2005 187 Shareholder information Interim dividend per 1.4p Exchange rate $ to £1 Interim dividend per 5.6p 6.77p 1.7648 $0.4779 6.33p 1.8382 $0.4654 6.16p 1.6910 $0.4167 5.21p...

  • Page 188
    ... which may be used in this report. Term used in this report US equivalent or brief description Accounts Associate Called up share capital Creditors Financial statements A business which is not a subsidiary or a joint venture, but in which the Group has a shareholding and exercises significant in...

  • Page 189
    ... Department 700 Sylvan Avenue, Englewood Cliffs NJ 07632 Telephone +1 (0)201 894 2806 Telefax +1 (0)201 894 2222 Any queries can also be sent to us electronically via www.unilever.com/resources/contactus.asp. Unilever Annual Report and Accounts 2005 189 Shareholder information Ex-dividend date...

  • Page 190
    ... Shareholders are encouraged to visit our website www.unilever.com, which has a wealth of information about Unilever. There is a section designed specifically for investors at www.unilever.com/investorcentre. It includes detailed coverage of the Unilever share price, our quarterly and annual...

  • Page 191
    ... and qualitative disclosures about market risk 32, 86-87, 105-113 12 Description of securities other than equity securities n/a PART II 4 Information on the company 4A History and development of the company 4B Business overview 4C Organisational structure 4D Property, plant and equipment 4A...

  • Page 192

  • Page 193
    Designed and produced by Addison Corporate Marketing Photography by Igor Emmerich Typeset by Paufï¬,ey, London Printed by St Ives Westerham Press under ISO 14001 environmental accreditation. All paper used in the production of this report is recyclable and bio degradable and contains 50% recovered ...