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Unilever Annual Report & Accounts and Form 20-F 2000 Financial Statements
92
Unilever Annual Report & Accounts and Form 20-F 2000
Five year record
Unilever Group
Consolidated cash flow statement (a)
million
1996 1997 1998 1999 2000
Cash flow from operating activities 4 530 5 558 4 514 5 654 6 738
Returns on investments and servicing of finance (312) (340) 91 (128) (760)
Taxation (852) (1 886) (1 261) (1 443) (1 734)
Capital expenditure and financial investment (1 279) (1 259) (1 399) (1 501) (1 061)
Acquisitions and disposals (1 032) 6 239 338 (362) (27 373)
Dividends paid on ordinary share capital (810) (936) (1 073) (1 266) (1 365)
Special dividend (6 093)
Cash flow before management of
liquid resources and financing 245 7 376 1 210 (5 139) (25 555)
Management of liquid resources (348) (6 408) (2 003) 5 675 2 464
Financing 349 (688) 42 (146) 22 902
Increase/(decrease) in cash in the period 246 280 (751) 390 (189)
Key ratios
Return on shareholders’ equity (% ) 29.1 49.8 24.6 42.3 12.5
Return on capital employed (% ) 15.0 28.5 16.0 22.3 7.7
Group operating margin (% ) 8.6 8.0 10.9 10.5 6.9
Net profit margin (% ) (i) 4.8 11.6 7.3 6.8 2.3
Net interest cover (times) 11.6 68.0 — 319.0 5.3
Net interest cover based on EBITDA before exceptional items (times) 16 51 — 412 11
Net gearing (adjusted) (% ) 22.7———73.0
Ratio of earnings to fixed charges 6.5 12.8 9.7 8.1 3.3
Funds from operations after interest and tax before exceptional items
over lease adjusted net debt (% ) 80 — — 251 14
Selected financial data on a US GAAP basis
Net profit 1 619 4 801 2 543 2 490 1 266
Combined earnings per share:
Euros per Fl. 1.12 (1996-98: Fl. 1) of ordinary capital 1.45 4.30 2.27 2.36 1.24
Euro cents per 1.4p (1996-98: 1.25p) of ordinary capital 21.71 64.48 34.09 35.45 18.53
Combined earnings per share excluding discontinued operations:
Euros per Fl. 1.12 (1996-98: Fl. 1) of ordinary capital 1.23 1.40 2.27 2.36 1.24
Euro cents per 1.4p (1996-98: 1.25p) of ordinary capital 18.48 20.95 34.09 35.45 18.53
Capital and reserves 14 243 19 259 19 292 15 375 15 075
Ratio of earnings to fixed charges 5.9 12.3 8.4 7.5 3.3
Net gearing (% ) 13.4———62.8
Net interest cover (times) 10.6 60.5 — 183.0 5.1
Notes
(a) Amounts previously reported in guilders have been restated and are now reported in euros using the fixed conversion rate of
1.00 = Fl. 2.20371 that became effective on 1 January 1999.
(b) Non-operating exceptional items in 1997 includes 3 849 million profit on the sale of the speciality chemicals businesses.
(c) Interest cost in 2000 includes 37 million of exceptional interest (see note 6 on page 57).
(d) Figures for earnings per share and dividends have been restated to reflect the four-for-one share split in October 1997.
(e) For the basis of the calculations of combined earnings per share including the treatment of the 1999 share consolidation see note 31
on page 75.
(f) In 1999 and prior years, NV dividends w ere declared and paid in guilders. For comparative purposes, guilder values have been converted
into euros in this table using the official rate of 1 = Fl. 2.20371. Full details of dividends for the years 1996 to 2000 are given on
page 121.
(g) Includes goodw ill and intangibles purchased after 1 January 1998
(h) Figures for 1998 includes the special dividend of 7 267 million assuming all shareholders had taken the cash dividend. Capital and
reserves in 1999 reflect the increase of 1 382 million as a result of the issue of the preference shares.
(i) Net profit margin includes the profit on the sale of the speciality chemicals businesses in 1997.
(j) Continuing businesses means excluding the results of the speciality chemicals businesses w hich w ere sold in 1997.