Unilever 2005 Annual Report Download - page 155

Unilever Annual Report and Accounts 2005 155
Financial Statements
Historical information (continued)
Unilever Group
Historical information as reported under previous GAAP (continued)
€ million € million € million € million
Consolidated cash flow statement 2004 2003 2002 2001
Cash flow from operating activities 6 853 6 780 7 883 7 497
Dividends from joint ventures 60 52 83 82
Returns on investments and servicing of finance (807) (1 180) (1 386) (1 887)
Taxation (1 378) (1 423) (1 817) (2 205)
Capital expenditure and financial investment (1 044) (1 024) (1 706) (1 358)
Acquisitions and disposals 316 622 1 755 3 477
Dividends paid on ordinary share capital (1 720) (1 715) (1 580) (1 420)
Cash flow before management of liquid resources and financing 2 280 2 112 3 232 4 186
Management of liquid resources (31) (41) (592) 1 106
Financing (2 921) (2 917) (3 078) (5 172)
Increase/(decrease) in cash in the period (672) (846) (438) 120
Ratios 2004 2003 2002 2001
Return on invested capital (%)(d) 10.8 12.5 9.8 8.7
Net profit margin (%)(f) 4.7 6.5 4.4 3.3
Ratio of earnings to fixed charges (times)(f) 4.3 4.6 3.6 2.6
(d) As defined on page 18.
(f) As defined on page 152.
Selected financial data and key ratios on a US GAAP basis(g)(h)
€ million € million € million € million € million
2005 2004 2003 2002 2001
Turnover (total operations)(i) 39 902 39 108 41 455 46 933 50 235
Net profit attributable to shareholders’ equity (total operations) 2 646 2 686 3 807 4 210 1 446
Net profit (continuing operations) 2 629 2 820 n/a n/a n/a
Shareholders’ equity 14 992 14 012 13 349 11 772 13 553
Total assets 45 172 41 625 44 145 48 146 56 546
Combined net income per share (total operations)(j)(k)
Euros per €0.51 of ordinary capital 2.71 2.76 3.90 4.27 1.42
Euro cents per 1.4p of ordinary capital 40.71 41.39 58.52 64.01 21.29
Diluted net income per share (total operations)
Euros per €0.51 of ordinary capital 2.63 2.65 3.79 4.14 1.38
Euro cents per 1.4p of ordinary capital 39.43 39.70 56.81 62.11 20.72
Return on invested capital (%) 10.0 10.5 11.4 11.3 8.6
Net profit margin (%)(l) 6.7 6.9 9.2 9.0 2.9
Ratio of earnings to fixed charges (times)(f) 5.8 5.0 5.2 4.8 2.4
(f) As defined on page 152.
(g) During 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 resulted in an increase in net income for the year ended 31 December 2001 of €86 million.
(h) During the year ended 31 December 2002, Unilever recognised for US GAAP reporting purposes FAS 142 which ceased amortisation of
goodwill and indefinite-lived intangible assets. Amortisation expense on goodwill and indefinite-lived intangible assets on a US GAAP basis
for the year ended 31 December 2001 was €1 748 million.
(i) Turnover from continuing operations for the year was €39 672 million (2004: €38 566 million).
(j) For the basis of the calculation of combined earnings per share see note 8 on page 97.
(k) For information on net income per share for continuing operations, please refer to page 157.
(l) Net profit margin is expressed as net profit attributable to shareholders’ equity as a percentage of turnover from total operations.