Unilever 2004 Annual Report Download - page 136

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Unilever Annual Report and Accounts 2004 133
23 Profit retained
€ million € million € million € million € million € million
NV NV NV PLC PLC PLC
2004 2003 2002 2004 2003 2002
Net profit 1 283 1 976 1 679 593 786 457
Preference dividends (28) (27) (42) –––
Dividends on ordinary capital (1 032) (954) (941) (783) (728) (718)
Result for the year retained 223 995 696 (190) 58 (261)
Goodwill movements 11 99 158 536 300
Actuarial gains/(losses) on pension schemes net of tax (330) (19) (1 220) (124) (9) (1 591)
Change in book value of shares or certificates held
in connection with share options 7–––––
Share option credit(a) 152 146 133 70 62 52
Unrealised gain on partial disposal of a group company –––––56
Adjustment arising from change in ownership of group companies(b) 332 (31) 1 646 (332) 31 (1 646)
Currency retranslation 48 (10) (1 206) 35 169 (361)
Net movement during the year 443 1 180 207 (536) 347 (3 451)
Profit retained – 1 January 6 835 5 655 5 448 (645) (992) 2 459
Profit retained – 31 December 7 278 6 835 5 655 (1 181) (645) (992)
Of which retained by:
Parent companies 8 339 7 304 6 581 1 548 1 527 1 590
Other group companies (961) (388) (895) (2 727) (2 171) (2 593)
Joint ventures and associates (100) (81) (31) (2) (1) 11
7 278 6 835 5 655 (1 181) (645) (992)
Cumulative goodwill written off directly to reserves (5 188) (5 199) (5 298) (2 058) (2 063) (2 099)
(a) The share option credit relates to the reversal of the non-cash charge recorded against group operating profit and our share of operating
profit of associates in respect of the fair value of share options awarded to employees.
(b) During 2002, as part of the legal and fiscal integration of the Bestfoods businesses, a number of internal ownership changes took place.
These internal transactions, which took place at fair value, did not involve any third party and therefore had no effect on the results or net
assets of the consolidated Unilever Group. The historical cost of the net assets of the business transferred by PLC was greater than the
historical cost of the net assets of the business transferred by NV. As it would be inappropriate to recognise revaluations to assets and
liabilities of the Group arising from internal transactions, this imbalance led to NV recording an unrealised gain of €1 646 million on the
transfer while PLC recorded an equal and opposite goodwill balance which is eliminated on consolidation. Further reorganisations in 2003
and 2004 produced a similar type of adjustment as well as a short-term timing difference in the payment of intra-group dividends.
24 Other reserves
€ million € million € million € million € million € million
NV NV NV PLC PLC PLC
2004 2003 2002 2004 2003 2002
Adjustment on translation of PLC‘s ordinary capital
at £1 = Fl. 12 = €5.445 – – – (164) (164) (159)
Capital redemption reserve –––1616 18
Book value of shares or certificates held in connection
with share options (2 035) (1 783) (1 534) (552) (511) (469)
(2 035) (1 783) (1 534) (700) (659) (610)
The effect of the change in number of shares or certificates held in connection with share options on the other reserves of NV was
€(252) million (2003: €(249) million; 2002: €(426) million) and for PLC was €(41) million (2003: €(42) million; 2002: €(51) million).
Notes to the consolidated accounts
Unilever Group