Continued momentum in growth of our leading brands and further progress in operating margin produced a sound start to the year. Execution of the Path to Growth strategy, together with the Bestfoods integration, is proceeding to plan.
FINANCIAL HIGHLIGHTS
First Quarter 2001 Euro Millions
Go deeper with GlobalData
Constant % change
Total Turnover (a) 12,739 +20 %
Total Operating
profit (a) – beia (b) 1,581 +34 %
Pre-tax profit 628 (38)% Current % change
Net profit 254 (61)% 244 (62)%
Net profit – beia (b) 702 (4)% 684 (5)%
Per NV share (Fl. 1.12), Euro
EPS 0.25 (62)% 0.23 (63)%
EPS (beia) 0.70 (4)% 0.68 (5)%
Per PLC share (1.4p), Euro cent
EPS 3.66 (62)% 3.51 (63)%
EPS (beia) 10.48 (4)% 10.21 (5)%
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By GlobalData (a) Includes our share of Joint Ventures
(b) before exceptional items and amortization of goodwill and
intangibles
KEY FEATURES
- Total turnover rose more than 20% including the contribution from acquisitions.
- Sales growth of the leading brands reached an annualized 4.3%, excluding acquisitions.
- Operating profit (beia), boosted by acquisitions, was ahead by Euro 404 million and operating margin (beia) rose by 130 basis points to 12.4%.
- Cash flow from operations Euro 1.0 billion.
- Profit before tax and earnings per share reflect planned restructuring and acquisition related interest and goodwill amortization.
CHAIRMEN’S COMMENT
“Path to Growth is about focussing on our leading brands and driving their growth through innovation. It also involves steady margin expansion and improving the overall quality of our portfolio. All these features are clearly demonstrated in our first quarter results which represent a sound start to the year.
As we move through 2001 earnings per share will reflect the savings flowing from the integration of Bestfoods and from our restructuring program. We will also benefit from the effect of the pricing actions we have taken, the proceeds of disposals and consequently lower interest costs.“
N W A FitzGerald A Burgmans Chairman, Unilever PLC Chairman, Unilever N.V.
UNILEVER BACKGROUND: Unilever is one of the world’s largest consumer products companies with annual sales of approximately $46 billion in 2000. It produces and markets a wide range of foods and home and personal care products. Unilever operates in 88 countries around the globe and employs approximately 300,000 people.
In the United States, Unilever sales were approximately $11 billion in 2000. It employs some 28,000 people and has 80 offices and manufacturing sites in 26 states. Some of their major products are: Unilever Bestfoods -North America: Lipton teas, soups, recipe products and side dishes; Wish-Bone salad dressings; Lawry’s seasonings and specialty sauces; Imperial, Promise, Country Crock, “I Can’t Believe It’s Not Butter!”, Brummel & Brown spreads and sprays; Ragu and Five Brothers pasta sauces; Knorr soups, sauces and bouillons; Hellmann’s mayonnaise and dressings; Skippy peanut butter; Bertolli Olive Oil; Klondike, Good-Humor, Popsicle, Breyers and Ben & Jerry’s ice cream products; Gorton’s frozen seafood products and Slim-Fast nutritional and health snack products. Unilever Home and Personal Care – North America: Wisk, “all” and Surf laundry detergents; Snuggle fabric softener; Sunlight dish detergents; Lever 2000, Caress, Dove, Degree, Pond’s and Vaseline skin care, deodorant and soap products; Q-tips cotton swabs and cotton balls; Mentadent oral care products; Finesse, Salon Selectives, Suave and ThermaSilk hair care products; and Calvin Klein, Nautica and Lagerfeld cosmetic and fragrance products. In addition, DiverseyLever, a global professional cleaning business, operates in North America, supplying professional cleaning materials and services to institutional and industrial markets.
FIRST QUARTER FINANCIAL RESULTS (at constant rates of exchange)
Operating profit, before exceptional items and amortization of goodwill and intangibles (beia), increased by 34%. Operating margin (beia) increased by 130 bps to 12.4%.
Amortization of goodwill and intangibles was Euro 363 million in the quarter with Euro 296 million related to the acquisition of Bestfoods.
Net interest was Euro 440 million, an increase of Euro 405 million over last year. This reflected the increased level of borrowings to fund acquisitions, partly offset by cash flow from operations and the proceeds of our disposal program.
Exceptional items for the quarter were Euro 156 million. Associated costs included in operating profit (beia) were Euro 70 million in the quarter.
The effective tax rate for the quarter was 51%, an increase of 19 percentage points over the equivalent period last year. This rise results from the non-deductibility of Bestfoods goodwill amortization. The underlying tax rate for normal trading operations is 34%.
As a result of increases in exceptional items and goodwill amortization, net profit decreased by Euro 395 million to Euro 254 million. Before exceptional items and goodwill amortization, net profit declined by Euro 31 million to Euro 702 million, associated costs more than offsetting the increase in profitability.
Earnings per share fell by 62%, but before exceptional items and goodwill amortization the decline was only 4%.
FIRST QUARTER PERFORMANCE BY REGION (at constant rates of exchange)
The following regional commentary is based on operating profit before exceptional items and amortization of goodwill and intangibles.
EUROPE: Strong performances in Foods, Personal Care and a start of recovery in Central and Eastern Europe.
In Western Europe sales grew by 12%, with 9% due to acquisitions. The leading brands grew by 3%. Increases in Spreads and Cooking Products were due to the launch of pro-activ cholesterol reducing spread last year, the extension of Bertolli spreads and the launch of Culinesse – a novel cooking margarine. Foods growth was further boosted by the roll out of the 4 Salti in Padella range of high quality ready meals.
In Personal Care we achieved growth of nearly 7% through the continued development of Dove in Personal Wash and Skin Care and a strong contribution in Oral Care from electric toothbrushes and chewing gum.
In Household Care sales growth was 8%. Successes included Domestos and Cif easy to use wipes and Domestos Oxygel hygienic cleaner.
In Central and Eastern Europe there was excellent growth in Foods driven by a marked increase in sales of tea and spreads in Poland and tea in Russia. There was continued good progress in Personal Care.
NORTH AMERICA: Sales and profits rise reflecting acquisitions and growth in Home and Personal Care.
Overall sales grew by over 31% with a strong contribution from acquisitions. Growth in the leading brands was 2%.
We saw good revenue growth of 4% in Home and Personal Care. Laundry moved ahead driven by innovation in Surf Liquid and the launch of tablets. In Skin Care growth has come through Caress Body Lotion and the further expansion of the Dove franchise, together with the launch of easy to use face-cleansing wipes under the Lever 2000 brand. Sales in Hair were up by nearly 10% as a result of volume and price increases with a notable performance from the Suave brand.
In our Foods business the most encouraging performances came from Spreads and Cooking Products where volumes grew 5% and Ice Cream with underlying sales growth of around 4%. However, our tea based beverages and Culinary Products businesses have started the year slowly, although momentum picked up in March.
AFRICA, MIDDLE EAST AND TURKEY: Sales and profits moved ahead strongly.
Sales in the region grew by 13% and leading brands by 8%. In Foods underlying sales growth was particularly strong in tea based beverages at 10%, driven by Lipton Yellow Label, and in Spreads. In Personal Care there were excellent sales performances in Skin and Oral with increases of 11% and 17%, respectively.
Notable country performances, including Ghana, Israel and Nigeria offset the continued weakness in Turkey.
ASIA AND PACIFIC: Continued double digit sales growth in South East Asia and Japan.
Sales growth in the region was 8% with profits also increasing by 8% in the quarter. The leading brands grew by 9%.
Underlying sales growth in South East Asia and Japan was over 10%, with ready-to-drink tea a major contributor following the alliance with Suntory in Japan. Hair and laundry in South East Asia also produced very good results.
In China there was strong volume growth in laundry due to the continued success of Omo and in Oral through new variants of the leading Zhonghua toothpaste. Our Hair brands encountered intense competition from both international and local players and this has slowed growth overall.
In India we recorded good sales growth in laundry and Household Care, partly offset by a decline in Personal Wash and Hair. We are making progress in meeting local low price competition in these sectors. Sales in India fell due to the exit from non-profitable tail businesses.
LATIN AMERICA: Continued recovery led by Home and Personal Care.
Underlying sales growth was 7% with leading brands growing by 10% against a background of some improvement in market conditions. Profits also moved strongly ahead reflecting firmer prices, the benefits of restructuring programs and acquisitions.
Volumes in Laundry were up by nearly 3% with Brazil and Argentina major contributors. Personal Care also saw good growth where the launch of Sedal in Mexico produced promising initial results.
In Foods we saw further recovery in our business with notably good results in ice cream in Brazil and Mexico and a further recovery in culinary sales.
CASH FLOW / BALANCE SHEET
Cash flow from operations of Euro 1.0 billion was marginally higher than the corresponding period in 2000. This reflects the contribution from acquisitions, offset by higher seasonal working capital outflows.
Returns on investments and servicing of finance reflect higher interest costs as a result of the funding of acquisitions.
Capital expenditure and financial investment is higher due to the purchase of shares to cover share option obligations. This expenditure was incurred in the second quarter last year.
Net debt was also impacted by the currency retranslation on dollar denominated debt increasing net debt reported in euros by nearly Euro 1.0 billion.
Capital and reserves decreased by Euro 0.7 billion reflecting profits for the period offset by negative currency retranslation and the purchase of shares to cover share option obligations.
EURO REPORTING
Information in sterling and U.S. dollars is available as a supplement to this Euro report.
CONSOLIDATED PROFIT AND LOSS ACCOUNT – CONSTANT EXCHANGE RATES
(unaudited)
In the profit and loss account given below, the results in both
years have been translated at constant exchange rates, being the
annual average exchange rates for 2000. This reporting convention
facilitates comparisons since the impact of exchange rate fluctuations
is eliminated.
Euro Millions – constant First Quarter
2001 2000 % Incr./
(Decr.)
TOTAL TURNOVER 12,739 10,590 20 %
Less: Share of turnover of
joint ventures (156) (71)
GROUP TURNOVER 12,583 10,519 20 %
GROUP OPERATING PROFIT 1,045 1,038 1 %
Group operating profit beia (a) 1,555 1,165 33 %
Exceptional items (156) (118)
Amortization of goodwill and
intangibles (354) (9)
Add: Share of operating profit
of joint ventures 17 12
TOTAL OPERATING PROFIT 1,062 1,050 1 %
Total operating profit beia (a) 1,581 1,177 34 %
Exceptional items (156) (118)
Amortization of goodwill and
intangibles (363) (9)
Other income from fixed investments 6 1
Interest (440) (35)
PROFIT BEFORE TAXATION 628 1,016 (38)%
Taxation (320) (323)
PROFIT AFTER TAXATION 308 693 (56)%
Minority Interests (54) (44)
NET PROFIT AT CONSTANT 2000
EXCHANGE RATES 254 649 (61)%
Net Profit – before exceptional
items & amortization of goodwill
and intangibles (Constant rates) 702 733 (4)%
NET PROFIT AT EXCHANGE RATES CURRENT
IN EACH PERIOD 244 643 (62)%
Net Profit – before exceptional
items & amortization of goodwill
and intangibles (Current rates) 684 723 (5)%
COMBINED EARNINGS PER SHARE (Current rates)
– per Fl. 1.12 ordinary
share (Euros) 0.23 0.64 (63)%
– per Fl. 1.12 ordinary share –
diluted (Euros) 0.23 0.62 (63)%
– per 1.4p ordinary share (Euro cents) 3.51 9.58 (63)%
– per 1.4p ordinary share –
diluted (Euro cents) 3.42 9.34 (63)%
(a) beia means before exceptional items and amortization of
goodwill and intangibles.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
Euro Millions First Quarter
2001 2000
Net profit 244 643
Currency retranslation (663) 201
Total recognised gains / (losses) since
last annual accounts (419) 844
SUMMARY BALANCE SHEET (unaudited)
Euro Millions
As at 31st As at 31st
March December
2001 2000
Goodwill and intangible assets 26,931 26,467
Acquired businesses held for resale 1,781 1,666
Fixed assets 10,731 10,996
Stocks 5,781 5,421
Debtors 10,418 9,817
Cash and current investments 1,813 3,273
Trade & other creditors (12,995) (12,708)
44,460 44,932
Borrowings 29,620 29,741
Provisions for liabilities and charges 6,722 6,404
Minority interests 671 618
Capital and reserves 7,447 8,169
44,460 44,932
CASH FLOW STATEMENT (unaudited)
Euro Millions First Quarter
2001 2000
Cash flow from operating activities 1,027 991
Dividends from joint ventures 1 3
Returns on investments and servicing of finance (274) (60)
Taxation (285) (222)
Capital expenditure and financial investment (440) (283)
Acquisitions and disposals 172 (337)
Dividends paid on ordinary share capital – –
CASH INFLOW / (OUTFLOW) BEFORE MANAGEMENT OF
LIQUID RESOURCES AND FINANCING 201 92
Management of liquid resources 1,135 (60)
Financing (1,609) 159
INCREASE / (DECREASE) IN CASH IN THE PERIOD (273) 191
RECONCILIATION OF CASH FLOW TO MOVEMENT IN NET
FUNDS / (DEBT)
NET FUNDS / (DEBT) AT 1 JANUARY (26,468) 684
INCREASE / (DECREASE) IN CASH IN THE PERIOD (273) 191
Cash flow from (increase)/decrease in borrowings 1,604 (165)
Cash flow from increase/(decrease) in liquid
resources (1,135) 60
Change in net funds resulting from cash flows 196 86
Borrowings within group companies acquired – –
Borrowings within group companies sold 1 –
Liquid resources within group companies acquired – –
Liquid resources within group companies sold – –
Non cash movements (554) 25
Currency retranslation (982) (135)
MOVEMENT IN NET FUNDS / (DEBT) IN THE PERIOD (1,339) (24)
NET FUNDS / (DEBT) AT PERIOD END (27,807) 660
GEOGRAPHICAL ANALYSIS
Euro Millions First Quarter
% Incr./
2001 2000 (Decr.)
TOTAL TURNOVER 12,739 10,590 20 %
Europe 4,791 4,219 14 %
North America 3,266 2,490 31 %
Africa, Middle East and Turkey 855 757 13 %
Asia and Pacific 2,062 1,912 8 %
Latin America 1,765 1,212 46 %
TOTAL OPERATING PROFIT –
before exceptional items
and amortization of
goodwill and intangibles 1,581 1,177 34 %
Europe 607 505 20 %
North America 361 226 60 %
Africa, Middle East and Turkey 84 53 56 %
Asia and Pacific 283 263 8 %
Latin America 246 130 89 %
TOTAL OPERATING MARGIN –
before exceptional items and
amortization of
goodwill and intangibles 12.4% 11.1%
Europe 12.7% 12.0%
North America 11.1% 9.1%
Africa, Middle East and Turkey 9.8% 7.1%
Asia and Pacific 13.8% 13.7%
Latin America 13.9% 10.7%
OPERATIONAL ANALYSIS
Euro Millions First Quarter
% Incr./
2001 2000 (Decr.)
TOTAL TURNOVER 12,739 10,590 20 %
Foods 6,962 5,031 38 %
Oil and dairy based foods and bakery 2,128 1,739 22 %
Ice cream and beverages 1,667 1,567 6 %
Culinary and frozen products 3,167 1,725 84 %
Home Care and Professional Cleaning 2,682 2,453 9 %
Personal Care 2,946 2,902 2 %
Other Operations 149 204 (27)%
TOTAL OPERATING PROFIT –
before exceptional items
and amortization of
goodwill and intangibles 1,581 1,177 34 %
Foods 795 433 83 %
Oil and dairy based foods and bakery 295 210 40 %
Ice cream and beverages 91 74 22 %
Culinary and frozen products 409 149 176 %
Home Care and Professional Cleaning 248 249 (1)%
Personal Care 528 490 8 %
Other Operations 10 5 112 %
TOTAL OPERATING MARGIN –
before exceptional items
and amortization of
goodwill and intangibles 12.4% 11.1%
Foods 11.4% 8.6%
Oil and dairy based foods and bakery 13.9% 12.1%
Ice cream and beverages 5.4% 4.8%
Culinary and frozen products 12.9% 8.6%
Home Care and Professional Cleaning 9.2% 10.2%
Personal Care 17.9% 16.9%
Other Operations 6.9% 2.4%
Earnings per share in Euro
Constant rates Current rates
2001 2000 2001 2000
Thousands of units
Average number of
combined share units of
Fl. 1.12 985,879 991,634 985,879 991,634
Average number of combined
share units of 1.4p 6,572,526 6,610,896 6,572,526 6,610,896
COMBINED EPS
Net profit 254 649 244 643
Less:
Preference dividends 13 9 13 9
Net profit attributable
to ordinary capital 241 640 231 634
Combined EPS per
Fl. 1.12 (Euros) 0.25 0.65 0.23 0.64
Combined EPS per
1.4p (Euro cents) 3.66 9.68 3.51 9.58
COMBINED EPS – BEIA
Net profit 254 649 244 643
Add back exceptional
items net of tax 97 76 95 73
Add back amortization
of goodwill /
intangibles net of tax 351 8 345 7
Net profit beia 702 733 684 723
Less:
Preference dividends 13 9 13 9
Net profit attributable
to ordinary
capital – beia 689 724 671 714
Combined EPS beia
per Fl. 1.12 (Euros) 0.70 0.73 0.68 0.72
Combined EPS beia
per 1.4p (Euro cents) 10.48 10.95 10.21 10.80
COMBINED EPS – Diluted
Thousands of units
adjusted average
combined share units
of Fl. 1.12 1,012,564 1,016,773 1,012,564 1,016,773
Adjusted average combined
share units of 1.4p 6,750,429 6,778,789 6,750,429 6,778,789
Net profit attributable to
ordinary capital 241 640 231 634
Combined diluted EPS
per Fl. 1.12 (Euros) 0.24 0.63 0.23 0.62
Combined diluted EPS
per 1.4p (Euro cents) 3.57 9.44 3.42 9.34
Dates
The results for the second quarter and first half-year of 2001
will be announced on Friday, August 3, 2001.
Internet: http://www.unilever.com
CONSOLIDATED PROFIT AND LOSS ACCOUNT – CONSTANT EXCHANGE RATES
(unaudited)
In the profit and loss account given below, the results in both
years have been translated at constant exchange rates, being the
annual average exchange rates for 2000. This reporting convention
facilitates comparisons since the impact of exchange rate fluctuations
is eliminated.
U.S. $ Millions – constant First Quarter
2001 2000 (Decr.)
TOTAL TURNOVER 11,729 9,750 20 %
Less: Share of
turnover of joint ventures (144) (65)
GROUP TURNOVER 11,585 9,685 20 %
GROUP OPERATING PROFIT 962 956 1 %
Group operating profit beia (a) 1,431 1,074 33 %
Exceptional items (144) (109)
Amortization of goodwill
and intangibles (325) (9)
Add: Share of operating
profit of joint ventures 16 11
TOTAL OPERATING PROFIT 978 967 1 %
Total operating profit beia (a) 1,456 1,085 34 %
Exceptional items (144) (109)
Amortization of goodwill
and intangibles (334) (9)
Other income from
fixed investments 5 1
Interest (405) (33)
PROFIT BEFORE TAXATION 578 935 (38)%
Taxation (295) (297)
PROFIT AFTER TAXATION 283 638 (56)%
Minority Interests (50) (40)
NET PROFIT AT CONSTANT 2000
EXCHANGE RATES 233 598 (61)%
Net Profit – before exceptional items &
amortization of goodwill and intangibles
(Constant rates) 646 675 (4)%
NET PROFIT AT EXCHANGE RATES CURRENT
IN EACH PERIOD 224 631 (64)%
Net Profit – before exceptional items
& amortization of goodwill and intangibles
(Current rates) 630 710 (11)%
COMBINED EARNINGS PER SHARE (Current rates) $ $
– per Fl. 1.12 ordinary share 0.22 0.63 (66)%
– per Fl. 1.12 ordinary share – diluted 0.21 0.61 (66)%
– per 5.6p ordinary share 0.13 0.38 (66)%
– per 5.6p ordinary share – diluted 0.13 0.37 (66)%
(a) beia means before exceptional items and amortization of
goodwill and intangibles.
STATEMENT OF TOTAL RECOGNIZED GAINS AND LOSSES (unaudited)
U.S. $ Millions First Quarter
2001 2000
Net profit 224 631
Currency retranslation (945) (159)
Total recognized gains / (losses)
since last annual accounts (721) 472
SUMMARY BALANCE SHEET (unaudited)
U.S. $ Millions
As of March As of
31st December 31st
2001 2000
Goodwill and intangible assets 23,740 24,622
Acquired businesses held for resale 1,570 1,550
Fixed assets 9,459 10,230
Stocks 5,096 5,043
Debtors 9,183 9,133
Cash and current investments 1,598 3,045
Trade & other creditors (11,455) (11,822)
39,191 41,801
Borrowings 26,110 27,668
Provisions for liabilities and charges 5,925 5,958
Minority interests 591 575
Capital and reserves 6,565 7,600
39,191 41,801
CASH FLOW STATEMENT (unaudited)
U.S. $ Millions First Quarter
2001 2000
Cash flow from operating activities 946 973
Dividends from joint ventures 1 3
Returns on investments and servicing
of finance (252) (59)
Taxation (263) (218)
Capital expenditure and
financial investment (405) (278)
Acquisitions and disposals 158 (331)
Dividends paid on ordinary share capital – –
CASH INFLOW / (OUTFLOW) BEFORE
MANAGEMENT OF LIQUID RESOURCES AND
FINANCING 185 90
Management of liquid resources 1,045 (59)
Financing (1,482) 156
INCREASE / (DECREASE) IN
CASH IN THE PERIOD (252) 187
RECONCILIATION OF CASH FLOW
TO MOVEMENT IN NET FUNDS / (DEBT)
NET FUNDS / (DEBT) AT JANUARY 1 (24,623) 688
INCREASE / (DECREASE) IN CASH
IN THE PERIOD (252) 187
Cash flow from (increase)/decrease
in borrowings 1,477 (162)
Cash flow from increase/(decrease)
in liquid resources (1,045) 59
Change in net funds
resulting from cash flows 180 84
Borrowings within group companies
acquired – –
Borrowings within group companies sold 1 –
Liquid resources within group companies
acquired – –
Liquid resources within group
companies sold – –
Non cash movements (510) 25
Currency retranslation 440 (165)
MOVEMENT IN NET FUNDS / (DEBT)
IN THE PERIOD 111 (56)
NET FUNDS / (DEBT) AT PERIOD END (24,512) 632
GEOGRAPHICAL ANALYSIS
U.S. $ Millions First Quarter
% Incr./
(Decr.)
2001 2000
TOTAL TURNOVER 11,729 9,750 20 %
Europe 4,411 3,884 14 %
North America 3,007 2,293 31 %
Africa, Middle East and Turkey 788 697 13 %
Asia and Pacific 1,898 1,761 8 %
Latin America 1,625 1,115 46 %
TOTAL OPERATING PROFIT – before
exceptional items and amortization of
goodwill and intangibles 1,456 1,085 34 %
Europe 559 465 20 %
North America 333 208 60 %
Africa, Middle East and Turkey 77 50 56 %
Asia and Pacific 261 242 8 %
Latin America 226 120 89 %
TOTAL OPERATING MARGIN – before
exceptional items and amortization of
goodwill and intangibles 12.4% 11.1%
Europe 12.7% 12.0%
North America 11.1% 9.1%
Africa, Middle East and Turkey 9.8% 7.1%
Asia and Pacific 13.8% 13.7%
Latin America 13.9% 10.7%
OPERATIONAL ANALYSIS
U.S. $ Millions First Quarter
% Incr./
(Decr.)
2001 2000
TOTAL TURNOVER 11,729 9,750 20 %
Foods 6,410 4,633 38 %
Oil and dairy based
foods and bakery 1,960 1,602 22 %
Ice cream and beverages 1,534 1,443 6 %
Culinary and frozen products 2,916 1,588 84 %
Home Care and Professional
Cleaning 2,469 2,258 9 %
Personal Care 2,713 2,672 2 %
Other Operations 137 187 (27)%
TOTAL OPERATING PROFIT – before
exceptional items and amortization
of goodwill and intangibles 1,456 1,085 34 %
Foods 733 400 83 %
Oil and dairy based foods
and bakery 272 195 40 %
Ice cream and beverages 84 69 22 %
Culinary and frozen products 377 136 176 %
Home Care and Professional
Cleaning 228 230 (1)%
Personal Care 486 451 8 %
Other Operations 9 4 112 %
TOTAL OPERATING MARGIN – before
exceptional items and amortization of
goodwill and intangibles 12.4% 11.1%
Foods 11.4% 8.6%
Oil and dairy based foods
and bakery 13.9% 12.1%
Ice cream and beverages 5.4% 4.8%
Culinary and frozen products 12.9% 8.6%
Home Care and Professional
Cleaning 9.2% 10.2%
Personal Care 17.9% 16.9%
Other Operations 6.9% 2.4%
Earnings per share in U.S. Dollars
Constant rates Current rates
2001 2000 2001 2000
Thousands of units
Average number of
combined share units
of Fl. 1.12 985,879 991,634 985,879 991,634
Average number of
combined share
units of 5.6p 1,643,131 1,652,724 1,643,131 1,652,724
COMBINED EPS
Net profit 233 598 224 631
Less: Preference
dividends 12 9 12 9
Net profit attributable
to ordinary capital 221 589 212 622
Combined EPS per
Fl. 1.12 $0.22 $0.59 $0.22 $0.63
Combined EPS per 5.6p $0.13 $0.36 $0.13 $0.38
COMBINED EPS – BEIA
Net profit 233 598 224 631
Add back exceptional items
net of tax 90 70 88 72
Add back amortization of
goodwill / intangibles net
of tax 323 7 318 7
Net profit beia 646 675 630 710
Less: Preference
dividends 12 9 12 9
Net profit attributable to
ordinary capital – beia 634 666 618 701
Combined EPS beia
per Fl. 1.12 $0.64 $0.67 $0.63 $0.71
Combined EPS beia
per 5.6p $0.39 $0.40 $0.38 $0.42
COMBINED EPS – Diluted
Thousands of units
Adjusted average combined
share units of
Fl. 1.12 1,012,564 1,016,773 1,012,564 1,016,773
Adjusted average
combined share
units of 5.6p 1,687,607 1,694,697 1,687,607 1,694,697
Net profit attributable
to ordinary capital 221 589 212 622
Combined diluted EPS
per Fl. 1.12 $0.22 $0.58 $0.21 $0.61
Combined diluted
EPS per 5.6p $0.13 $0.35 $0.13 $0.37
