Unilever 2003 Annual Report Download - page 116

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Unilever Annual Report & Accounts and Form 20-F 2003 113
Notes to the consolidated accounts
Unilever Group
25 Acquisition and disposal of group companies continued
€ million € million € million
2003 2002 2001
Acquisitions
Net assets acquired 152 37 49
Adjustments to acquisitions made in prior years 75 – 5 546
Goodwill and intangible assets arising in subsidiaries 235 116 (5 407)
Goodwill arising in joint ventures –– (51)
Consideration 462 153 137
Of which:
Cash 27 262 57 132
Cash balances of businesses acquired 27 (10) –1
Current investments, cash deposits and borrowings of businesses acquired 25 77 1
Non-cash items and deferred consideration 185 (57) 3
Fair value of Unilever business contributed –76 –
Disposals
The results of disposed businesses are included in the consolidated accounts up to their date of disposal. The principal disposals were Ambrosia
in the United Kingdom, John West in Australasia, cheese businesses in Austria and Germany and the Pamol oil business in Malaysia. Various
trademarks were also sold as part of our Path to Growth strategy, including Brut in the US and Latin America and a number of oral care brands
in the US. In 2002 the principal sale was that of the DiverseyLever business to JohnsonDiversey Inc. in exchange for cash, loan notes and a
33.3% stake in JohnsonDiversey’s parent, JohnsonDiversey Holdings Inc. During 2001 we completed the disposal of Elizabeth Arden, which is
therefore reflected in the table below.
€ million € million € million
2003 2002 2001
Disposals
Goodwill and intangible assets 127 274 6
Other fixed assets 205 531 273
Current assets 111 776 351
Creditors (63) (330) (112)
Provisions for liabilities and charges (15) (100) (11)
Minority interest (5) 3 (2)
360 1 154 505
33% interest in DiverseyLever –(114) –
Net assets sold 360 1 040 505
Specific provisions related to the disposal –159 –
Attributable goodwill 135 458 223
Profit on sale attributable to Unilever 379 249 927
Consideration 874 1 906 1 655
Of which:
Cash 27 889 1 834 1 650
Cash balances of businesses sold 27 (17) (34) (9)
Current investments, cash deposits and borrowings of businesses sold 219 3
Non-cash items and deferred consideration –217 11
Fair value of Johnson Professional business acquired –(130) –