Unilever 2004 Annual Report Download - page 4

Unilever Annual Report and Accounts 2004 01
Contents
Report of the Directors
General information 02
Key performance measures 04
Financial highlights 07
Chairmen’s statement 08
About Unilever 10
Description of business 10
Business structure 10
Foods 10
Home and Personal Care 10
Other operations 11
Corporate venture activities 11
Technology and innovation 11
Information technology 12
Environment 12
Corporate responsibility 13
Competition 14
Distribution and selling 14
Exports 14
Seasonality 14
People 15
Related party transactions 15
Intellectual property 16
Description of our properties 16
Legal and arbitration proceedings and regulatory matters 16
Government regulation 16
Financial review 17
Basis of reporting and discussion 17
Reporting currency and exchange rates 17
Critical accounting policies 17
International Financial Reporting Standards 18
Results commentary 19
Results – 2004 compared with 2003 19
Results – 2003 compared with 2002 19
Acquisitions and disposals 20
Dividends and market capitalisation 21
Balance sheet 21
Off-balance sheet arrangements 22
Cash flow 22
Finance and liquidity 22
Treasury 22
Pensions investment strategy 23
Total Shareholder Return (TSR) 23
Significant changes 23
Operating review 24
Operating review by category – Foods 24
Financial overview 24
Savoury and dressings 26
Spreads and cooking products 28
Beverages 30
Ice cream and frozen foods 32
Operating review by category – Home and Personal Care 34
Financial overview 34
Home care 36
Personal care 38
Operating review by region 40
Europe 40
North America 42
Africa, Middle East and Turkey 44
Asia and Pacific 46
Latin America 48
Risk management 50
Report of the Directors (continued)
Corporate governance 52
Structure 52
Corporate governance arrangements 53
Shareholder matters 58
Share capital matters 59
Requirements and compliance 61
General 61
Netherlands 62
United Kingdom 64
United States 64
Nomination Committee report 65
Combined earnings per share 66
Auditors 67
Biographical details 68
Executive Directors 68
Non-Executive Directors 68
Business Presidents 69
Corporate Officers 69
Board changes 70
Other changes 70
Remuneration report 71
Introduction 71
Letter to shareholders 71
Remuneration Committee 72
Remuneration policy – Executive Directors 72
Commentary on Executive Directors’ Remuneration
payable for 2004 75
Executive Directors’ service contracts 76
Other items 76
Details – Executive Directors 77
Aggregate remuneration for Executive Directors 77
Remuneration for individual Executive Directors 78
Executive Directors’ Share Matching Plan 79
Executive Directors’ conditional share awards under
the TSR Long-Term Incentive Plan 80
Executive Directors’ share options 81
Executive Directors’ pensions 83
Executive Directors’ interests – share capital 85
Executive Directors’ service contracts 85
Details - Non-Executive Directors 86
Non-Executive Directors’ remuneration 87
Non-Executive Directors’ interests – share capital 88
Summary information in respect of Directors
and Executive Officers 89
Report of the Audit Committee 90
Financial statements
Contents listing for financial statements 91
Shareholder information
Analysis of shareholding 175
Information about exchange controls
affecting security holders 177
Nature of the trading market 177
Taxation for US residents holding shares in NV 179
Taxation for US residents holding shares in PLC 180
Dividends 181
Cross reference to Form 20-F 182
Glossary 183
Financial calendar and addresses 184
Index 185
Website 187
Publications 187
Share registration 187