Unilever 2003 Annual Report Download - page 131

128 Unilever Annual Report & Accounts and Form 20-F 2003
Five-year record
Unilever Group
Consolidated cash flow statement(a) € million € million € million € million € million
2003 2002 2001 2000 1999
Restated Restated Restated
Cash flow from operating activities 6 780 7 883 7 497 6 738 5 654
Dividends from joint ventures 52 83 82 38 28
Returns on investments and servicing of finance (1 180) (1 386) (1 887) (798) (156)
Taxation (1 423) (1 817) (2 205) (1 734) (1 443)
Capital expenditure and financial investment (1 024) (1 706) (1 358) (1 061) (1 501)
Acquisitions and disposals 622 1 755 3 477 (27 373) (362)
Dividends paid on ordinary share capital (1 715) (1 580) (1 420) (1 365) (1 266)
Special dividend –– – – (6 093)
Cash flow before management of liquid resources and financing 2 112 3 232 4 186 (25 555) (5 139)
Management of liquid resources (41) (592) 1 106 2 464 5 675
Financing(e) (2 917) (3 078) (5 172) 22 889 (146)
Increase/(decrease) in cash in the period(e) (846) (438) 120 (202) 390
Key ratios 2003 2002 2001 2000 1999
Restated Restated Restated Restated
Return on invested capital (%) 12.5 9.8 8.7 6.2 16.5
Net profit margin (%) 6.5 4.4 3.3 2.2 6.7
Net interest cover (times) 6.7 4.5 3.1 5.0 308.0
Adjustment for depreciation and amortisation 2.8 2.5 1.8 3.2 85.9
Net interest cover based on EBITDA (times) 9.5 7.0 4.9 8.2 393.9
Ratio of earnings to fixed charges (times) 4.6 3.6 2.6 3.1 8.0
Funds from operations after interest and tax over lease-adjusted net debt (%) (g)(h) 32 26 16 15 244
Adjustment for leases (%) 54 2 2 (855)
Funds from operations after interest and tax over net debt (%) 37 30 18 17 (611)
Selected financial data and key ratios on a US GAAP basis(a)(i)(j) € million € million € million € million € million
2003 2002 2001 2000 1999
Restated Restated Restated Restated
Group turnover 41 455 46 933 50 235 46 345 39 912
Net profit 3 807 4 210 1 446 1 215 2 458
Capital and reserves 13 349 11 772 13 553 15 075 15 375
Total assets 44 145 48 146 56 546 63 818 35 067
Combined earnings per share(c)
Euros per €0.51 of ordinary capital 3.90 4.27 1.42 1.18 2.33
Euro cents per 1.4p of ordinary capital 58.52 64.01 21.29 17.76 34.99
Diluted earnings per share
Euros per €0.51 of ordinary capital 3.79 4.14 1.38 1.15 2.27
Euro cents per 1.4p of ordinary capital 56.81 62.11 20.72 17.32 34.12
Return on invested capital 11.4 11.3 8.6 6.7 13.2
Net profit margin (%) 9.2 9.0 2.9 2.6 6.2
Net interest cover (times) 7.4 6.2 2.8 4.7 174.7
Adjustment for depreciation and amortisation 1.3 1.2 1.9 3.1 66.5
Net interest cover based on EBITDA (times) 8.7 7.4 4.7 7.8 241.2
Ratio of earnings to fixed charges (times) 5.2 4.8 2.4 3.0 7.4
(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) Interest cost in 2000 includes €37 million of exceptional interest.
(c) For the basis of the calculations of combined earnings per share see note 7 on page 89.
(d) In 1999 and prior years, NV dividends were declared and paid in guilders. For comparative purposes, guilder values have been converted
into euros in this table using the official rate of €1.00 = Fl. 2.20371. Full details of dividends for the years 1999 to 2003 are given on
page 161.
(e) Amounts have been restated following a change in accounting policy for the presentation of securities held as collateral in respect of
derivative financial instruments. See note 14 on page 94.
(f) At 31 December 2000, capital and reserves on a restated basis would have been €11 211 million. Further details of movements in capital
and reserves are given in note 20 on page 108.
(g) Lease-adjusted net debt includes five times operational lease costs to reflect fully the various financing options adopted.
(h) In the calculation for 2001, taxation is reduced by €430 million relating to tax paid on a disposal in the US.
(i) During the year ended 31 December 2002, Unilever recognised for US GAAP reporting purposes SFAS 142 which ceased amortisation of
goodwill and indefinite-lived intangible assets. Amortisation expense on goodwill and indefinite-lived intangible assets on a US GAAP basis
for the years ended 31 December 2001, 2000 and 1999 were €1 748 million, €810 million and €369 million respectively.
(j) During the year ended 31 December 2002, Unilever changed its method of calculating expected return on plan assets for US GAAP
purposes by adopting the actual fair market value at the balance sheet date rather than a market-related value. Had this methodology been
applied in previous years, it would have resulted in an increase in net income for the years ended 31 December 2001, 2000 and 1999 of
€86 million, €210 million and €57 million respectively.