Report & accounts 2002 in full - Unilever
Report & accounts 2002 in full - Unilever
Report & accounts 2002 in full - Unilever
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<strong>Unilever</strong> Annual <strong>Report</strong> & Accounts and Form 20-F <strong>2002</strong><br />
Additional <strong>in</strong>formation for US <strong>in</strong>vestors 123<br />
<strong>Unilever</strong> Group<br />
Guarantor statements<br />
On 2 October 2000, NV and <strong>Unilever</strong> Capital Corporation (UCC) filed a US $15 billion Shelf registration, which is unconditionally and <strong>full</strong>y<br />
guaranteed, jo<strong>in</strong>tly and severally, by NV, PLC and <strong>Unilever</strong> United States, Inc. (UNUS). Of the US $15 billion Shelf registration, US $5.75<br />
billion of Notes were outstand<strong>in</strong>g at 31 December <strong>2002</strong> (2001: US $7 billion) with coupons rang<strong>in</strong>g from 5.90% to 7.125%. These Notes<br />
are to be repaid between 1 November 2003 and 15 November 2032.<br />
Provided below are the profit and loss <strong>accounts</strong>, cash flow statements and balance sheets of each of the companies discussed above,<br />
together with the profit and loss account, cash flow statement and balance sheet of non-guarantor subsidiaries. These have been prepared<br />
under the historical cost convention, and, aside from the basis of account<strong>in</strong>g for <strong>in</strong>vestments at net asset value (equity account<strong>in</strong>g), comply<br />
<strong>in</strong> all material respects with Netherlands law and with United K<strong>in</strong>gdom Account<strong>in</strong>g Standards. Divergences from US GAAP are disclosed<br />
on pages 118 to 122. We have not provided reconciliations from the account<strong>in</strong>g pr<strong>in</strong>ciples used by <strong>Unilever</strong> to US GAAP for the columns<br />
relat<strong>in</strong>g to the guarantor entities, as such reconciliations would not materially affect an <strong>in</strong>vestor’s understand<strong>in</strong>g of the nature of this<br />
guarantee. The f<strong>in</strong>ancial <strong>in</strong>formation <strong>in</strong> respect of NV, PLC and UNUS has been prepared with all subsidiaries accounted for on an equity<br />
basis. The f<strong>in</strong>ancial <strong>in</strong>formation <strong>in</strong> respect of the non-guarantor subsidiaries has been prepared on a consolidated basis.<br />
<strong>Unilever</strong> <strong>Unilever</strong><br />
Capital United<br />
Corporation <strong>Unilever</strong> N.V. <strong>Unilever</strong> PLC States Inc. Nonsubsidiary<br />
parent issuer/ parent subsidiary guarantor<br />
€ million issuer guarantor guarantor guarantor subsidiaries Elim<strong>in</strong>ations <strong>Unilever</strong> Group<br />
Profit and loss account<br />
for the year ended 31 December <strong>2002</strong><br />
Group turnover – – – – 48 270 – 48 270<br />
Operat<strong>in</strong>g costs – 89 (53) (34) (43 231) – (43 229)<br />
Group operat<strong>in</strong>g profit – 89 (53) (34) 5 039 – 5 041<br />
Share of operat<strong>in</strong>g profit of jo<strong>in</strong>t ventures – – – – 84 – 84<br />
Operat<strong>in</strong>g profit – 89 (53) (34) 5 123 – 5 125<br />
Share of operat<strong>in</strong>g profit of associates – – – – 34 – 34<br />
Dividends – 3 779 1 011 – (4 790) – –<br />
Other <strong>in</strong>come from fixed <strong>in</strong>vestments – – – – (7) – (7)<br />
Interest (395) (206) (83) (1) (488) – (1 173)<br />
Intercompany f<strong>in</strong>ance costs 403 450 (3) (89) (761) – –<br />
Profit on ord<strong>in</strong>ary activities<br />
before taxation 8 4 112 872 (124) (889) – 3 979<br />
Taxation (3) (41) (3) 46 (1 537) – (1 538)<br />
Profit on ord<strong>in</strong>ary activities<br />
after taxation 5 4 071 869 (78) (2 426) – 2 441<br />
M<strong>in</strong>ority <strong>in</strong>terests – – – – (312) – (312)<br />
Equity earn<strong>in</strong>gs of subsidiaries – (1 942) 1 260 136 – 546 –<br />
Net profit 5 2 129 2 129 58 (2 738) 546 2 129<br />
F<strong>in</strong>ancial Statements