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108 Unilever Annual Report & Accounts and Form 20-F 2003
Notes to the consolidated accounts
Unilever Group
19 Restructuring and other provisions
Provisions are recognised when either a legal or constructive obligation, as a result of a past event, exists at the balance sheet date and where
the amount of the obligation can be reasonably estimated.
€ million € million
2003 2002
Restructuring provisions 445 633
Other provisions 426 555
Total 871 1 188
Movements in restructuring provisions:
1 January 633
Currency retranslation (34)
Disposal of group companies 2
Profit and loss account:
New charges 308
Releases (48)
Utilisation (416)
31 December 445
Movements in other provisions:
1 January 555
Currency retranslation (30)
Disposal of group companies –
Profit and loss account
New charges 11
Releases (32)
Utilisation (78)
31 December 426
Restructuring provisions at the end of 2003 relate to the Path to Growth initiatives described in note 4 on page 86. These amounted to
€0.4 billion, the cash impact of which is expected to be a cash outflow of €0.3 billion in 2004 and €0.1 billion thereafter. Other provisions
principally comprise balances held in respect of legal, environmental and other exposures. The cash impact of these balances is expected to be a
cash outflow of €0.1 billion in 2004, and €0.3 billion thereafter.
20 Capital and reserves
Amounts reported in the financial statements have been restated following changes in our accounting policy for pensions and other post-
employment benefits and in our accounting for share-based payments. The impact of these changes on capital and reserves was as follows:
€ million € million € million
As at As at As at
31 Dec 31 Dec 31 Dec
2002 2001 2000
Capital and reserves as reported in the 2002 Annual Report & Accounts 5 867 6 993 7 974
Accounting policy change – pensions (1 238) 1 444 3 237
Accounting policy change – share options 73 – –
Capital and reserves as restated 4 702 8 437 11 211