Report & accounts 2002 in full - Unilever

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Unilever Annual Report & Accounts and Form 20-F 2002 Additional information for US investors 123 Unilever Group Guarantor statements On 2 October 2000, NV and Unilever Capital Corporation (UCC) filed a US $15 billion Shelf registration, which is unconditionally and fully guaranteed, jointly and severally, by NV, PLC and Unilever United States, Inc. (UNUS). Of the US $15 billion Shelf registration, US $5.75 billion of Notes were outstanding at 31 December 2002 (2001: US $7 billion) with coupons ranging from 5.90% to 7.125%. These Notes are to be repaid between 1 November 2003 and 15 November 2032. Provided below are the profit and loss accounts, cash flow statements and balance sheets of each of the companies discussed above, together with the profit and loss account, cash flow statement and balance sheet of non-guarantor subsidiaries. These have been prepared under the historical cost convention, and, aside from the basis of accounting for investments at net asset value (equity accounting), comply in all material respects with Netherlands law and with United Kingdom Accounting Standards. Divergences from US GAAP are disclosed on pages 118 to 122. We have not provided reconciliations from the accounting principles used by Unilever to US GAAP for the columns relating to the guarantor entities, as such reconciliations would not materially affect an investor’s understanding of the nature of this guarantee. The financial information in respect of NV, PLC and UNUS has been prepared with all subsidiaries accounted for on an equity basis. The financial information in respect of the non-guarantor subsidiaries has been prepared on a consolidated basis. Unilever Unilever Capital United Corporation Unilever N.V. Unilever PLC States Inc. Nonsubsidiary parent issuer/ parent subsidiary guarantor € million issuer guarantor guarantor guarantor subsidiaries Eliminations Unilever Group Profit and loss account for the year ended 31 December 2002 Group turnover – – – – 48 270 – 48 270 Operating costs – 89 (53) (34) (43 231) – (43 229) Group operating profit – 89 (53) (34) 5 039 – 5 041 Share of operating profit of joint ventures – – – – 84 – 84 Operating profit – 89 (53) (34) 5 123 – 5 125 Share of operating profit of associates – – – – 34 – 34 Dividends – 3 779 1 011 – (4 790) – – Other income from fixed investments – – – – (7) – (7) Interest (395) (206) (83) (1) (488) – (1 173) Intercompany finance costs 403 450 (3) (89) (761) – – Profit on ordinary activities before taxation 8 4 112 872 (124) (889) – 3 979 Taxation (3) (41) (3) 46 (1 537) – (1 538) Profit on ordinary activities after taxation 5 4 071 869 (78) (2 426) – 2 441 Minority interests – – – – (312) – (312) Equity earnings of subsidiaries – (1 942) 1 260 136 – 546 – Net profit 5 2 129 2 129 58 (2 738) 546 2 129 Financial Statements
124 Additional information for US investors Unilever Group Unilever Unilever Capital United Corporation Unilever N.V. Unilever PLC States Inc. Nonsubsidiary parent issuer/ parent subsidiary guarantor € million issuer guarantor guarantor guarantor subsidiaries Eliminations Unilever Group Profit and loss account for the year ended 31 December 2001 Group turnover – – – – 51 514 – 51 514 Operating costs – (27) 82 4 (46 399) – (46 340) Group operating profit – (27) 82 4 5 115 – 5 174 Share of operating profit of joint ventures – – – – 84 – 84 Operating profit – (27) 82 4 5 199 – 5 258 Dividends – 2 202 738 – (2 940) – – Other income from fixed investments – – – – 12 – 12 Interest (782) (444) (177) 2 (245) – (1 646) Intercompany finance costs 1 010 423 72 (424) (1 081) – – Profit on ordinary activities before taxation 228 2 154 715 (418) 945 – 3 624 Taxation (84) (98) (24) 155 (1 496) – (1 547) Profit on ordinary activities after taxation 144 2 056 691 (263) (551) – 2 077 Minority interests – – – – (239) – (239) Equity earnings of subsidiaries – (218) 1 147 (315) – (614) – Net profit 144 1 838 1 838 (578) (790) (614) 1 838 Profit and loss account for the year ended 31 December 2000 Group turnover – – – – 47 582 – 47 582 Operating costs – 256 8 (19) (44 646) – (44 401) Group operating profit – 256 8 (19) 2 936 – 3 181 Share of operating profit of joint ventures – – – – 57 – 57 Operating profit – 256 8 (19) 2 993 – 3 238 Dividends – 706 734 – (1 440) – – Other income from fixed investments – – – – (4) – (4) Interest (268) (218) (69) 13 (90) – (632) Intercompany finance costs 270 375 (6) (328) (311) – – Profit on ordinary activities before taxation 2 1 119 667 (334) 1 148 – 2 602 Taxation (1) (63) (2) 123 (1 339) – (1 282) Profit on ordinary activities after taxation 1 1 056 665 (211) (191) – 1 320 Minority interests – – – – (215) – (215) Equity earnings of subsidiaries – 49 440 (618) – 129 – Net profit 1 1 105 1 105 (829) (406) 129 1 105 Unilever Annual Report & Accounts and Form 20-F 2002
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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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4 Financial highlights at current r
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6 Chairmen’s statement responded
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10 About Unilever Home & Personal C
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12 About Unilever We reduced the im
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14 About Unilever Description of ou
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16 Operating review - highlights 20
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18 Operating review by region Europ
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24 Operating review by category - F
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32 Operating review by category - H
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36 Financial review The decrease is
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38 Financial review equivalent of
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40 Financial review • Innovation:
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42 Corporate governance Organisatio
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44 Corporate governance Nomination
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46 Corporate governance Biographica
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48 Corporate governance Business Pr
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50 Remuneration report Remuneration
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52 Remuneration report Details of t
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54 Remuneration report Directors’
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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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66 Accounting information and polic
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68 Accounting information and polic
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70 Consolidated statement of total
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Page 117 and 118: 114 Five year record Unilever Group
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Page 121 and 122: 118 Additional information for US i
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Page 131 and 132: 128 Principal group companies and f
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Page 135 and 136: 132 Company accounts Unilever N.V.
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Page 141 and 142: 138 Control of Unilever Share capit
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Page 145 and 146: 142 Analysis of shareholding Signif
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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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