Unilever 2001 Annual Report Download - page 80

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Unilever Annual Report & Accounts and Form 20-F 2001
NOTES TO THE CONSOLIDATED ACCOUNTS
Unilever Group
>77
Financial Statements
24 Acquisition and disposal of group companies continued
Disposals
The results of disposed businesses are included in the consolidated accounts up to their date of disposal. In 2001, disposed businesses
principally comprised Unipath and Batchelors/Oxo in the United Kingdom, Royco in the Netherlands and Elizabeth Arden and Gortons
in the USA.
million million million
2001 2000 1999
Goodwill and intangible assets 6– 2
Other fixed assets 273 276 51
Current assets 351 203 45
Creditors (112) (219) (20)
Provisions for liabilities and charges:
Pensions and similar obligations (3) (16) (7)
Deferred taxation –(25) (2)
Other provisions (8) (10) –
Minority interest (2) 89
Net assets sold 505 217 78
Attributable goodwill 223 258 38
Profit on sale attributable to Unilever 927 167 18
Consideration 1 655 642 134
Of which:
Cash 26 1 650 626 123
Cash balances of businesses sold 26 (9) 11 3
Current investments, cash deposits and borrowings of businesses sold 324
Non cash and deferred consideration 11 34
During 2001 we completed the disposal of Elizabeth Arden, which is therefore reflected in the table above. A charge of 859 million was
recognised in 2000 in respect of an impairment of Elizabeth Arden goodwill previously written off to reserves.
25 Reconciliation of group operating profit to operating cash flows
million million million
2001 2000 1999
Group operating profit 5 174 3 302 4 303
Depreciation and amortisation 2 845 1 954 1 147
Changes in working capital:
Stocks (177) 415 19
Debtors (40) (28) (169)
Creditors 440 302 266
Pensions and similar provisions less payments 114 475 182
Restructuring and other provisions less payments 173 (204) (189)
Elimination of (profits)/losses on disposals (941) 664 (18)
Other adjustments (91) (142) 113
Cash flow from group operating activities 7 497 6 738 5 654
Cash flow from group operating activities in 2000 included payments of approximately 550 million to settle share options and similar
obligations in Bestfoods consequent to the change of control.
Cash flow from exceptional items included in operating profit comprises:
million million
2001 2000
Restructuring (1 131) (485)
Business disposals 1 650 626
Other, including asset disposals 429 428
Total 948 529
Of which related to items included in group operating profit in the current year 1 313
Of which related to items included in group operating profit in prior years (365)
Total 948