Unilever 1999 Annual Report Download - page 24

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Unilever Group Notes to the consolidated accounts
25 Acquisition and disposal of group companies (continued)
Fl. million
1999 1998
Disposals
Intangible assets 4—
Fixed assets 114 161
Current assets 101 102
Creditors (45) (46)
Provisions for liabilities and charges:
Pensions and similar obligations (17) (3)
Deferred taxation (5) (3)
Other provisions (1) 16
Minority interests 20 (33)
Net assets sold 171 194
Attributable goodwill 83 187
Profit on sale attributable to Unilever 40 1 079
Consideration 294 1 460
Of which:
Cash 27 270 1 460
Cash balances of businesses sold 27 74
Current investments, cash deposits and borrowings of businesses sold 10 (4)
Non cash and deferred consideration 7—
26 Reconciliation of operating profit to operating cash flows
Operating profit 9 482 9 718
Depreciation and amortisation 2 529 2 068
Changes in working capital:
Stocks 41 (940)
Debtors (373) (493)
Creditors 587 386
Pensions and similar provisions less payments 400 116
Restructuring and other provisions less payments (417) (101)
Other adjustments 211 (806)
Cash flow from operating activities 12 460 9 948
In 1999 a charge of Fl. 594 million was booked in operating profit for exceptional items of which Fl. 512 million was charged for
restructuring projects, and a net Fl. 7 million for losses on disposal of businesses. Other exceptional items comprised primarily legal and
insurance settlements and amounted to Fl. 75 million.
The cash inflow relating to exceptional disposals and other items was Fl. 167 million, all of which was received in 1999.
The net cash outflow in respect of the restructuring costs is estimated at Fl. 308 million. This comprises Fl. 248 million in respect of
employee compensation costs and Fl. 80 million of other related costs less proceeds of disposal of fixed assets of Fl. 20 million. Of these
cash flows, Fl. 238 million arose in 1999 and Fl. 70 million is expected in 2000 and later years.
24 Unilever Annual Accounts 1999