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Unilever Annual Report and Accounts 2006 1
ContentsThe Unilever Group
Report of the Directors
Chairman’s report 3
About Unilever 5
Group Chief Executive 11
Operating review – regions 13
Operating review – categories 20
Financial review 23
Corporate governance 33
Report of the Nomination Committee 48
Report of the Remuneration Committee 49
Report of the Audit Committee 63
Report of the Corporate Responsibility
and Reputation Committee 64
Financial statements
Statement of Directors’ responsibilities 66
Auditors’ reports 68
Consolidated income statement 70
Consolidated statement of recognised
income and expense 71
Consolidated balance sheet 72
Consolidated cash flow statement 73
Notes to the consolidated accounts 74
Financial record 124
Principal group companies and
non-current investments 129
Company accounts 131
Shareholder information
Analysis of shareholding 141
Exchange controls affecting
security holders 142
Nature of the trading market 143
Dividend record 145
Financial calendar 146
Contact details 146
Website 147
Publications 147
Share registration 147
Index 148
Unilever N.V. (NV) is a public limited company registered in the Netherlands, which
has listings of shares and depositary receipts for shares on Euronext Amsterdam and
of New York Registry Shares on the New York Stock Exchange.
Unilever PLC (PLC) is a public limited company registered in England and Wales
which 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 PLC and their group companies constitute a single reporting
entity for the purposes of presenting consolidated accounts. Accordingly, the accounts
of the Unilever Group are presented by both NV and PLC as their respective
consolidated accounts.
Basis of reporting
Our accounting policies are based on International Financial Reporting Standards
(IFRS) as adopted by the EU and UK and Dutch law. These differ in certain respects
from accounting principles generally accepted in the United States (US GAAP).
Certain measures used in our reporting are not defined under either IFRS or US GAAP.
For further information about these measures, and the reasons why we believe they
are important for an understanding of the performance of the business, please refer
to the Operating review on page 13 and the Financial review on page 23.
The brand names shown in italics in this report are trademarks owned by or licensed
to companies within the Unilever Group.
Reporting currency and exchange rates
Details of key exchange rates used in preparation of these accounts are given on page
128, together with Noon Buying Rates in New York for the equivalent dates.
Forward-looking statements
This document contains certain statements that are neither reported financial results
nor other historical information. These statements areforward-looking statements,
including within the meaning of the United States Private Securities Litigation Reform
Act of 1995. For a description of factors that could affect future results, reference
should be made to the full ‘Cautionary Statement’ on the inside back cover.