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Unilever Annual Report & Accounts and Form 20-F 2003 137
Additional information for US investors
Unilever Group
Guarantor statements
On 2 October 2000, NV and Unilever Capital Corporation (UCC) filed a US $15 billion Shelf registration, which is unconditionally and fully
guaranteed, jointly and severally, by NV, PLC and Unilever United States, Inc. (UNUS). Of the US $15 billion Shelf registration, US $4.25 billion
of Notes were outstanding at 31 December 2003 (2002: US $5.75 billion) with coupons ranging from 5.90% to 7.125%. These Notes are to
be repaid between 1 November 2005 and 15 November 2032.
Provided below are the profit and loss accounts, cash flow statements and balance sheets of each of the companies discussed above, together
with the profit and loss account, cash flow statement and balance sheet of non-guarantor subsidiaries. These have been prepared under the
historical cost convention, and, aside from the basis of accounting for investments at net asset value (equity accounting), comply in all material
respects with Netherlands law and with United Kingdom GAAP. Divergences from US GAAP are disclosed on pages 131 to 136. We have not
provided reconciliations from the accounting principles used by Unilever to US GAAP for the columns relating to the guarantor entities, as such
reconciliations would not materially affect an investor’s understanding of the nature of this guarantee. The financial information in respect of
NV, PLC and UNUS has been prepared with all subsidiaries accounted for on an equity basis. The financial information in respect of the non-
guarantor subsidiaries has been prepared on a consolidated basis.
Amounts for 2002 and 2001 have been restated following changes in our accounting policies for pensions and other post-employment
benefits, for share-based payments and for the presentation of securities held as collateral. See note 14 on page 94, note 17 on page 99 and
note 29 on page 116.
€ million
Unilever Unilever
Capital United
Corporation Unilever N.V. Unilever PLC States Inc. Non-
subsidiary parent issuer/ parent subsidiary guarantor Unilever
issuer guarantor guarantor guarantor subsidiaries Eliminations Group
Profit and loss account
for the year ended 31 December 2003
Group turnover ––––42 693–42 693
Operating costs – 127 (26) (8) (37 303) – (37 210)
Group operating profit – 127 (26) (8) 5 390 – 5 483
Share of operating profit of joint ventures ––––46–46
Operating profit – 127 (26) (8) 5 436 – 5 529
Share of operating profit of associates ––––25–25
Dividends – 1 235 946 – (2 181) – –
Other income from fixed investments ––––(3)–(3)
Interest (453) (84) (30) (3) (277) – (847)
Other finance income/(cost) – pensions and similar
obligations – (6) – (24) (136) – (166)
Intercompany finance costs 469 533 (18) (51) (933) – –
Profit on ordinary activities before taxation 16 1 805 872 (86) 1 931 – 4 538
Taxation (6) (93) (53) 56 (1 431) – (1 527)
Profit on ordinary activities after taxation 10 1 712 819 (30) 500 – 3 011
Minority interests ––––(249) – (249)
Equity earnings of subsidiaries – 1 050 1 943 86 – (3 079) –
Net profit 10 2 762 2 762 56 251 (3 079) 2 762