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114 Unilever Annual Report and Accounts 2006
Financial Statements (continued)
27 Assets held for sale and discontinued operations
Following the announcement on 9 February 2006 of the intention to dispose of the majority of Unilever’s European frozen foods businesses, the
results of these businesses have been presented as discontinued operations. The sale of these businesses to Permira Funds was completed on
3November 2006. Also included under this heading are the results of Unilever Cosmetics International (UCI) following the sale of this business
to Coty Inc. in July 2005.
An analysis of the result of discontinued operations, and the result recognised on disposal of discontinued operations is as follows:
€million €million € million
Income statement of discontinued operations 2006 2005 2004
Turnover 1033 1501 1 940
Expenses (863) (1 253) (1 648)
Operating profit 170 248 292
Net finance costs (3) (6) (7)
Profit before tax 167 242 285
Taxation (25) (72) (98)
Profit after taxation 142 170 187
Gain/(loss) on disposal of discontinued operations 1349 513 39
Recycling of currency retranslation upon disposal –5–
Taxation arising on disposal (161) (48) (13)
Gain/(loss) after taxation on disposal 1188 470 26
Net profit from discontinued operations 1330 640 213
€million €million € million
Segment analysis of discontinued operations 2006 2005 2004
Turnover
Europe 1033 1397 1702
The Americas –102 231
Asia Africa –2 7
1033 1501 1940
Foods 1033 1271 1398
Personal care –230 542
1033 1501 1940
Operating profit
Europe 170 227 241
The Americas –20 47
Asia Africa –14
170 248 292
Foods 164 226 219
Personal care 622 73
170 248 292
€million €million € million
Summary cash flow statement of discontinued operations 2006 2005 2004
Net cash flow from/(used in) operating activities 79 62 314
Net cash flow from/(used in) investing activities 1618 621 44
Net cash flow from/(used in) financing activities (1) (4) (5)
Net increase/(decrease) in cash and cash equivalents 1696 679 353
Notes to the consolidated accounts Unilever Group