Report & accounts 2002 in full - Unilever

25 Acquisition and disposal of group companies continued
Disposals
Unilever Annual Report & Accounts and Form 20-F 2002
Notes to the consolidated accounts 101
Unilever Group
€ million € million € million
2002 2001 2000
Goodwill and intangible assets 274 6 –
Other fixed assets 531 273 276
Current assets 776 351 203
Creditors (330) (112) (219)
Provisions for liabilities and charges (100) (11) (51)
Minority interest 3 (2) 8
1 154 505 217
33% interest in DiverseyLever (114) – –
Net assets sold 1 040 505 217
Specific provisions related to the disposal 159 – –
Attributable goodwill 458 223 258
Profit on sale attributable to Unilever 249 927 167
Consideration 1 906 1 655 642
Of which:
Cash 27 1 834 1 650 626
Cash balances of businesses sold 27 (34) (9) 11
Current investments, cash deposits and borrowings of businesses sold 19 3 2
Non cash and deferred consideration 217 11 3
Fair value of Johnson Professional business acquired (130) – –
During 2001 we completed the disposal of Elizabeth Arden, which is therefore reflected in the table above. A charge of €980 million was
recognised in 2000 in respect of an impairment of Elizabeth Arden goodwill previously written off to reserves.
26 Reconciliation of group operating profit to operating cash flows
€ million € million € million
2002 2001 2000
Group operating profit 5 041 5 174 3 181
Depreciation and amortisation 2 582 2 845 1 954
Changes in working capital:
Stocks (98) (177) 415
Debtors 88 (40) (28)
Creditors 463 440 302
Pensions and similar provisions less payments (44) 114 475
Restructuring and other provisions less payments (53) 173 (204)
Elimination of (profits)/losses on disposals (143) (941) 785
Other adjustments 47 (91) (142)
Cash flow from group operating activities 7 883 7 497 6 738
Cash flow from group operating activities in 2000 included payments of approximately €550 million to settle share options and similar
obligations in Bestfoods consequent to the change of control.
Cash flow from exceptional items included in the group operating profit above comprises:
€ million € million € million
2002 2001 2000
Restructuring (406) (1 131) (485)
Business disposals 1 834 1 650 626
Other, including asset disposals 229 429 428
Total 1 657 948 569
Of which related to items included in group operating profit in the current year 2 064 1 313
Of which related to items included in group operating profit in prior years (407) (365)
Total 1 657 948
Financial Statements