Report & accounts 2002 in full - Unilever

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Exchange rates and European Economic and Monetary Union Unilever Annual Report & Accounts and Form 20-F 2002 Five year record 117 Unilever Group Before 1 January 1999, the guilder was a part of the European Monetary System (‘EMS’) exchange rate mechanism. Within this mechanism, exchange rates fluctuated within permitted margins, fixed by central bank intervention. Under the provisions of the Treaty on European Union negotiated at Maastricht in 1991 and signed by the then 12 member states of the European Union in early 1992, the European Monetary Union (‘EMU’) superseded the EMS on 1 January 1999 and the euro was introduced as the single European currency. Since this date, the euro has been the lawful currency of the EMU states. The following 11 member states participate in the EMU and adopted the euro as their national currency with effect from 1 January 1999: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, The Netherlands, Portugal and Spain. Greece adopted the euro as the national currency with effect from 1 January 2001. The legal rate of conversion between the euro and the guilder was announced on 31 December 1998 at €1.00 = Fl. 2.20371. On 1 January 1999 the exchange rate for euro to pound sterling was €1.00 = £0.706. The information in the following table is based on exchange rates between US dollars and guilders, euros and US dollars, sterling and guilders, and euros and sterling. These translation rates were used in preparation of the accounts. 2002 2001 2000 1999 1998 Year end $1 = Fl. 1.88 €1 = $ 1.049 0.885 0.930 1.005 £1 = Fl. 3.12 €1 = £ 0.651 0.611 0.624 0.621 Annual average $1 = Fl. 1.98 €1 = $ 0.940 0.895 0.921 1.065 £1 = Fl. 3.29 €1 = £ 0.628 0.622 0.609 0.659 Noon Buying Rates in New York for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York were as follows: 2002 2001 2000 1999 1998 Year end $1 = Fl. 1.88 €1 = $ 1.049 0.890 0.939 1.007 Annual average $1 = Fl. 1.97 €1 = $ 0.945 0.895 0.923 1.065 High $1 = Fl. 2.09 €1 = $ 1.049 0.954 1.034 1.181 Low $1 = Fl. 1.81 €1 = $ 0.859 0.837 0.827 1.001 High and low exchange rate values for each of the last six months: September October November December January February 2002 2002 2002 2002 2003 2003 High: €1 = $ 0.996 0.988 1.014 1.049 1.086 1.088 Low: €1 = $ 0.969 0.971 0.990 0.993 1.036 1.071 Financial Statements
118 Additional information for US investors Unilever Group Unilever´s consolidated accounts are prepared in accordance with accounting principles which differ in some respects from those applicable in the United States. The following is a summary of the effect on the Group’s net profit, combined earnings per share and capital and reserves of the application of United States generally accepted accounting principles (US GAAP). Unilever Annual Report & Accounts and Form 20-F 2002 € million € million € million 2002 2001 2000 Net profit as reported in the consolidated profit and loss account 2 129 1 838 1 105 Attributable to: NV 1 681 817 675 PLC US GAAP adjustments: 448 1 021 430 Currency retranslation written back on disposals (22) – 115 Goodwill 1 074 (124) (45) Identifiable intangibles 284 (118) (128) Restructuring costs 34 (18) 76 Interest (77) (55) (68) Derivative financial instruments 201 (119) – Pensions and similar liabilities 143 – 95 Gain on partial disposal of a group company 56 – – Taxation effect of above adjustments (35) 108 116 Net increase/(decrease) 1 658 (326) 161 Net income under US GAAP before cumulative effect of change in accounting principles for pensions and derivative financial instruments 3 787 1 512 1 266 Cumulative effect of change in accounting principle net of tax charge of €249 million in 2002 and tax benefit of €3 million in 2001 522 (6) – Net income under US GAAP 4 309 1 506 1 266 Attributable to: NV 3 220 540 832 PLC 1 089 966 434 Combined net income per share under US GAAP before cumulative effect of change in accounting principles Euros per €0.51 of ordinary capital 3.83 1.49 1.24 Euro cents per 1.4p of ordinary capital 57.49 22.30 18.53 Combined diluted net income per share under US GAAP before cumulative effect of change in accounting principles Euros per €0.51 of ordinary capital 3.72 1.45 1.20 Euro cents per 1.4p of ordinary capital 55.78 21.70 18.07 Cumulative effect of change in accounting principles – combined net income per share Euros per €0.51 of ordinary capital 0.53 (0.01) – Euro cents per 1.4p of ordinary capital 8.02 (0.09) – Cumulative effect of change in accounting principles – diluted combined net income per share Euros per €0.51 of ordinary capital 0.52 (0.01) – Euro cents per 1.4p of ordinary capital 7.78 (0.09) –
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Disclaimer Notes to the Annual Repo
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A truly multi-local multinational U
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2 General information The Unilever
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6 Chairmen’s statement responded
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10 About Unilever Home & Personal C
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14 About Unilever Description of ou
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36 Financial review The decrease is
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38 Financial review equivalent of
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42 Corporate governance Organisatio
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44 Corporate governance Nomination
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50 Remuneration report Remuneration
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56 Remuneration report Remuneration
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58 Remuneration report Supplementar
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60 Remuneration report In addition,
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62 Financial statements - Contents
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64 Statement of directors’ respon
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Page 73 and 74: 70 Consolidated statement of total
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Page 149 and 150: 146 Taxation for US residents Unite
Page 151 and 152: 148 Cross reference to Form 20-F PA
Page 153 and 154: 150 Financial calendar and addresse
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Report & accounts 2002 in full - Unilever

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