Unilever 2005 Annual Report Download - page 163

Financial Statements
Unilever Annual Report and Accounts 2005 163
Guarantor statements
On 2 October 2000, NV and Unilever Capital Corporation (UCC) filed a US $15 billion Shelf registration, which is unconditionally and fully
guaranteed, jointly and severally, by NV, PLC and Unilever United States, Inc. (UNUS). Of the US $15 billion Shelf registration, US $2.75 billion of
Notes were outstanding at 31 December 2005 (2004: US $4.25 billion) with coupons ranging from 5.90% to 7.125%. These Notes are
repayable between 1 November 2010 and 15 November 2032.
Provided below are the income statements, cash flow statements and balance sheets of each of the companies discussed above, together with
the income statement, cash flow statement and balance sheet of non-guarantor subsidiaries. These have been prepared under the historical
cost convention, and, aside from the basis of accounting for investments at net asset value (equity accounting), comply in all material respects
with International Financial Reporting Standards. Divergences from US GAAP are disclosed on pages 157 to 161. We have not provided
reconciliations from the accounting principles used by Unilever to US GAAP for the columns relating to the guarantor entities, as such
reconciliations would not materially affect an investor’s understanding of the nature of this guarantee. The financial information in respect of
NV, PLC and UNUS has been prepared with all subsidiaries accounted for on an equity basis. The financial information in respect of the non-
guarantor subsidiaries has been prepared on a consolidated basis.
€ million € million € million € million € million € million € million
Unilever Unilever Unilever
Capital N.V. United
Corporation parent Unilever PLC States Inc. Non-
Income statement subsidiary issuer/ parent subsidiary guarantor Unilever
for the year ended 31 December 2005 issuer guarantor guarantor guarantor subsidiaries Eliminations Group
Continuing operations:
Turnover ––––39 672–39 672
Operating profit – 87 (61) (3) 5 291 – 5 314
Finance income – 61 11 – 58 – 130
Finance costs (241) (274) (2) (3) (173) – (693)
Pensions and similar obligations – (5) – (61) 11 – (55)
Intercompany finance costs 256 509 (11) (40) (714) – –
Dividends – 1 043 856 – (1 899) – –
Share of net profit/(loss) of joint ventures ––––47–47
Share of net profit/(loss) of associates ––––(25)–(25)
Other income from non-current investments ––––33–33
Profit before taxation 15 1 421 793 (107) 2 629 – 4 751
Taxation (5) (118) 36 45 (1 207) – (1 249)
Net profit from continuing operations 10 1 303 829 (62) 1 422 – 3 502
Net profit from discontinued operations ––––473–473
Equity earnings of subsidiaries – 2 463 2 937 732 – (6 132) –
Net profit 10 3 766 3 766 670 1 895 (6 132) 3 975
Attributable to:
Minority interest ––––209–209
Shareholders’ equity 10 3 766 3 766 670 1 686 (6 132) 3 766
Income statement
for the year ended 31 December 2004
Continuing operations:
Turnover ––––38 566–38 566
Operating profit – 59 33 6 4 141 – 4 239
Finance income – 26 6 – 113 – 145
Finance costs (282) (160) (2) (3) (270) – (717)
Pensions and similar obligations – (6) – (10) (42) – (58)
Intercompany finance costs 296 211 (3) (22) (482) – –
Dividends – 1 960 770 – (2 730) – –
Share of net profit/(loss) of joint ventures ––––39–39
Share of net profit/(loss) of associates ––––2–2
Other income from non-current investments ––––54–54
Profit before taxation 14 2 090 804 (29) 825 – 3 704
Taxation (5) 35 16 11 (867) – (810)
Net profit from continuing operations 9 2 125 820 (18) (42) – 2 894
Net profit from discontinued operations ––––47–47
Equity earnings of subsidiaries – 630 1 935 (76) – (2 489) –
Net profit 9 2 755 2 755 (94) 5 (2 489) 2 941
Attributable to:
Minority interest ––––186–186
Shareholders’ equity 9 2 755 2 755 (94) (181) (2 489) 2 755
Additional information for US investors (continued)
Unilever Group