Unilever 2010 Annual Report Download - page 128

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Unilever Annual Report and Accounts 2010 125
Financial statements
Key performance indicators 2010 2009 2008 2007 2006
Underlying sales growth (%)(b)
Underlying volume growth (%)(b)
Underlying operating margin (%)(b)
Free cash flow (€ million)(b)
4.1
5.8
15.0
3,365
3.5
2.3
14.8
4,072
7.4
0.1
14.6
2,390
5.5
3.7
14.5
2,487
3.8
2.8
12.0
3,097
Ratios and other metrics 2010 2009 2008 2007 2006
Operating margin (%) 14.3 12.6 17.7 13.1 13.6
Net profit margin (%)(c) 9.6 8.5 12.4 9.7 12.0
Net debt (€ million)(b) 6,668 6,357 8,012 8,335 7,523
Ratio of earnings to fixed charges (times)(d) 10.7 8.8 11.7 8.3 7.5
(b) Non-GAAP measures are defined and described on pages 31 and 32.
(c) Net profit margin is expressed as net profit attributable to shareholders’ equity as a percentage of turnover from continuing operations.
(d) In the ratio of earnings to fixed charges, earnings consist of net profit from continuing operations excluding net profit or loss of joint ventures
and associates increased byfixedcharges, income taxes and dividends received from joint ventures and associates. Fixed charges consistof
interestpayable on debt anda portion of lease costs determined tobe representative ofinterest. This ratio takes noaccount of interest
receivable although Unilever’s treasury operations involve both borrowingand depositing funds.
Exchange rates
Unilever reports its financial results and balance sheet position in euros. Other currencies which may significantly impact our financial statements
are sterling and US dollars. Average and year-end exchange rates for these two currencies for the last five years are given below.
2010
2009 2008 2007 2006
Year end
€1 = US $ 1.337 1.433 1.417 1.471 1.317
€1 = £ 0.862 0.888 0.977 0.734 0.671
Average
€1 = US $ 1.326 1.388 1.468 1.364 1.254
€1 = £ 0.858 0.891 0.788 0.682 0.682
Dividend record
The following tables show the dividends declared and dividends paid by NV and PLCfor the last five years, expressed in terms of the revised share
denominations which became effective from 22 May 2006. Differences between the amounts ultimately received by US holders of NV and PLC
shares are the result ofchanges in exchange rate between the equalisation of the dividends and the date of payment.
Following agreement at the 2009 AGMs and separate meetings of ordinary shareholders, the Equalisation Agreement was modified to facilitate
the payment of quarterly dividends from 2010 onwards.
2010
2009 2008 2007 2006(e)
Dividends declared for the year
NV dividends
Dividend per €0.16
Dividend per €0.16 (US Registry)
PLC dividends
Dividend per 31/9p
Dividend per 31/9p (US Registry)
Dividends paid during the year
NV dividends
Dividend per €0.16
Dividend per €0.16 (US Registry)
PLC dividends
Dividend per 31/9p
Dividend per 31/9p (US Registry)
€0.83
$1.13
£0.71
$1.13
€0.82
$1.11
£0.71
$1.11
€0.46
$0.67
£0.41
$0.67
€0.78
$1.09
£0.64
$1.00
€0.77
$1.02
£0.61
$0.94
€0.76
$1.11
£0.55
$0.99
€0.75
$1.13
£0.51
$1.01
€0.72
$1.00
£0.49
$0.99
€0.70
$0.93
£0.48
$0.93
€0.67
$0.85
£0.46
$0.86
(e) In addition to the amounts shown
$0.3316per NV (US registry) share
above for 2006, a one-off dividend amounting to €0.2600
and $0.3372 per PLC (US registry) share) was declared and
per NV
paid in
share (£0.1766
that year.
per PLC share;