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Unilever Annual Report & Accounts and Form 20-F 2000 Financial Statements
72
Notes to the consolidated accounts
Unilever Group
Unilever Annual Report & Accounts and Form 20-F 2000Unilever Annual Report & Accounts and Form 20-F 2000
27 Reconciliation of operating profit to operating cash flows
million
2000 1999 1998
Group operating profit 3 302 4 303 4 410
Depreciation and amortisation 1 954 1 147 939
Changes in w orking capital:
Stocks 415 19 (427)
Debtors (28) (169) (224)
Creditors 302 266 175
Pensions and similar provisions less payments 475 182 53
Restructuring and other provisions less payments (204) (189) (46)
Other adjustments 522 95 (366)
Cash flow from operating activities 6 738 5 654 4 514
In 2000 a charge of 1 992 million was booked against operating profit for exceptional items, of which 1 150 million w as charged for
restructuring and a net 842 million for losses on disposal and other items.
The net cash outflow in respect of the 2000 restructuring charges is estimated at 727 million. This comprises 680 million in respect of
employee compensation and 47 million for other related costs net of proceeds of sale of fixed assets. Of these cash flow s, 236 million
arose in 2000, with 349 million expected in 2001 and 142 million in later years.
The net cash inflow relating to the exceptional disposals and other items w as 742 million, nearly all of w hich w as received in 2000. In
2001, a cash inflow of 218 million is expected from the sale of Elizabeth Arden.
Other adjustments include 859 million relating to goodwill written back on the Elizabeth Arden impairment and profits on disposals of
businesses of 167 million.
Bestfoods accounted for (280) million of cash flow from operating activities between 4 October 2000 and 31 December 2000, including
payments of approximately 550 million to settle share options and similar obligations consequent to the change of control, w hich is
reflected in the movements in other provisions in the above table.
28 Analysis of cash flow s for headings netted in the cash flow statement
million
2000 1999 1998
Returns on investments and servicing of finance
Dividends from other fixed investments 410 7
Interest received 346 320 690
Interest paid (966) (378) (498)
Preference dividend paid (41) (14) (7)
Dividends and other payments to minority shareholders (141) (94) (125)
(798) (156) 67
Capital expenditure and financial investment
Purchase of tangible fixed assets (1 361) (1 314) (1 331)
Disposal of tangible fixed assets 471 65 78
Acquisition/disposal of fixed investments 13 12 (1)
Purchase of own shares (employee share plans) (184) (264) (145)
(1 061) (1 501) (1 399)
Acquisitions and disposals
Acquisition of group companies (27 777) (483) (339)
Bestfoods (23 623)
Other acquisitions (4 154) (483) (339)
Cash balances of businesses acquired (231) 20 16
Bestfoods (22)
Other acquisitions (209) 20 16
Consideration paid in respect of acquisitions made in previous years (2) (25) —
Disposal of group companies 626 123 663
Cash balances of businesses sold 11 3 (2)
Consideration received in respect of disposals made in previous years ———
(27 373) (362) 338