4th May 2006 07:02
Unilever PLC04 May 2006 FIRST QUARTER RESULTS 2006 Unilever on-track to meet objectives for 2006. FINANCIAL HIGHLIGHTS(unaudited) • million First Quarter 2006 Current Current Constant rates rates rates Continuing operations:Turnover 9 535 9% 2%Operating profit 1 410 7% 0%Pre-tax profit 1 310 10% 5%Net profit from continuing operations 1 001 10% 5%Net profit from total operations 1 059 8% 3% NV (•) PLC (• cents)EPS from continuing operations 0.97 14.56 9% 4%EPS from total operations 1.03 15.47 7% 2% KEY FEATURES OF THE QUARTER • Turnover ahead by 8.6%, benefiting from 6.3% favourable currency movement. • Underlying sales up by 2.9%, mostly volume, with pricing contributing 0.5 percentage points. • Strong savings offset cost increases. • Operating margin at 14.8%, 0.2 percentage points lower, with increased investment in advertising and promotions. • Earnings per share from continuing operations up by 9%. GROUP CHIEF EXECUTIVE'S COMMENT Our priorities for 2006 are to sustain top line growth and improve margins. Withthe first quarter performance we are on track to achieve these objectives andour aggregate market share remains broadly stable since the start of last year. The business environment has developed largely as expected. Overall worldconsumer demand is robust, although Western Europe remains sluggish and we haveseen a recent renewed upsurge in some commodity prices. We are investing behind our priorities and this is reflected in good progress inthe first quarter in Developing and Emerging markets, in personal care and fromVitality innovations. In Western Europe, we are maintaining market share and there are someencouraging signs of improvement as work continues to return the business tosustainable growth. The move to One Unilever organisation around the world is progressing well andincreasingly contributing to faster decision making, better execution and animpressive overall delivery of cost reductions. As I look forward to the rest of the year, a strong innovation programme, theactions we have been taking on pricing and the level of cost savings, all giveme confidence that we will meet our outlook. Patrick Cescau, Group Chief Executive 4 May 2006 The condensed interim financial statements have been prepared in accordance withInternational Financial Reporting Standards (IFRSs) as adopted by the EU. Theseare the same accounting policies as those used for preparation of the AnnualReport and Accounts for the year ended 31 December 2005. The condensed interimfinancial statements, which comply with IAS 34, are shown at current exchangerates, while percentage year-on-year changes are shown at both current andconstant exchange rates to facilitate comparison. In the following commentary, sales growth is stated on an underlying basis atconstant exchange rates and excluding the effects of acquisitions and disposals.Turnover includes the impact of exchange rates and acquisitions and disposals. Unilever uses 'constant rate' and 'underlying' measures primarily for internalperformance analysis and targeting purposes. Unilever believes that suchmeasures provide additional information for shareholders on underlying businessperformance trends. Such measures are not defined under IFRSs or US GAAP and arenot intended to be a substitute for GAAP measures of turnover, profit and cashflow. The frozen foods businesses in Western Europe which are planned to be sold havebeen treated as discontinued operations, together with the results of UnileverCosmetics International, which was sold in the middle of last year. Restatedfigures for all quarters of 2005 are available at www.unilever.com/ourcompany/investorcentre. FIRST QUARTER FINANCIAL RESULTS The commentary on financial results is on the basis of continuing operations,compared with the same quarter of last year, except where otherwise stated. Turnover increased by 8.6%. Underlying sales grew by 2.9%, including anincreasing contribution from pricing, which was up 0.5% in the quarter.Favourable currency movements added 6.3%, with disposals accounting for theremainder of the change in turnover. Advertising and promotions as a percentage of turnover increased by 0.3 points.Pricing actions and a substantial level of savings from our cost improvementprogrammes compensated for higher commodity costs and general inflation. Operating margin at 14.8% was 0.2 percentage points lower than a year ago. Themargin this quarter included a favourable 0.6 percentage points from disposalprofits less restructuring costs, slightly higher than the level in the samequarter last year. Before the impact of these items, and on a comparable basis,the operating margin would have been 0.3 percentage points lower than a yearago. Net finance costs were lower than last year, with a benefit to pensionsfinancing from higher asset values and a lower level of net debt. The tax rate, at 24%, was only slightly higher than the 23% in the same quarterlast year which benefited from a number of non-recurring items. The low ratethis quarter included a better country mix and other improvements. Net profit from continuing operations increased by 10%, while total net profit,including discontinued operations, grew by 8%. Earnings per share from continuing operations increased by 9%, with a favourable5% from currency movements. OUTLOOK The outlook for the year is reconfirmed, notwithstanding the restatement offrozen foods businesses planned for sale as discontinued operations. Ourpriorities are to sustain top line growth and improve our margins. We continueto expect to increase operating margin to above 13.4%. This takes into accountthe impact of the change in discontinued operations, which lowers the 2005operating margin to 13.2%, offset by the benefit of disposal profits in thefirst quarter of this year. We continue to expect gross restructuring costs ofaround one percentage point of sales. Given the low tax rate achieved in the first quarter, the rate for the year isnow expected to be around 26%. CASH FLOW During the quarter there was a net increase in cash and cash equivalents of €0.3billion. Net cash flow from operating activities was €0.2 billion lower,including a higher seasonal outflow of working capital compared with the sameperiod last year. €0.2 billion lower net cash flow from investing activities wasmore than offset by €0.5 billion lower net cash flow used in financingactivities, mainly due to purchases of treasury stock last year. BALANCE SHEET Goodwill and intangibles have decreased by €0.2 billion since the start of theyear, mainly due to currency movements. Inventories and trade receivables were€0.6 billion higher, reflecting seasonal build-up in ice cream and the lowposition at the end of 2005, while trade payables decreased by €0.4 billion. Netdebt was €10.3 billion, a decrease of €0.2 billion in the quarter. Total equity has increased by €1.1 billion since the start of the year,consistent with the net profit for the quarter. FIRST QUARTER PERFORMANCE BY REGION (continuing operations) EUROPE Underlying sales declined by 0.5%. Volumes were slightly ahead but prices werelower by 0.6%. In Western Europe consumption remains weak, while our aggregate market sharesare in line with a year ago. In Central and Eastern Europe we continue toachieve good growth in buoyant markets. Performance in the quarter was mixed. Vitality innovation drove growth insavoury and heart health spreads. There was a slow start in ice cream, which wasnot helped by the combination of a later Easter and cooler weather. Bothpersonal care and household cleaning grew, but sales were weaker in laundry. There was an improvement in most key countries. In the Netherlands, sales grew,supported by the move to One Unilever and the roll out of a customer managementimprovement programme. Sales in the UK were in line with last year. HoweverFrance was held back by a reduction in trade stock levels, largely linked to thetiming of price changes. Russia continues to move ahead strongly withdouble-digit growth. The relaunch of Knorr bouillon cubes throughout the region has begun. The newplatform communicates the naturalness of the ingredients. At the same time KnorrVie 'one shot' fruit and vegetable drinks, launched last year, have beenextended to a further two countries. In the Netherlands, 'fresh' soup in poucheshas transformed a declining market into a growing one by attracting new users,and 'fresh' soups have also been launched in Poland and Russia. Low unit-pricedbouillon cubes, already successful in Latin America, have now been introduced toCentral and Eastern Europe. The new Axe/Lynx fragrance, 'Click', has been rolled out across Europe, whileDove was further boosted by a 'summer glow' range in a number of countries. Inhousehold cleaning, the Cif brand has been brought to Russia for the first timeand elsewhere Cif trigger and super cream were launched. We have just introducedComfort Creme fabric conditioners, with new technology and a luxury positioningand, in France, new gel laundry tablets are making good progress. Operating margin, at 16.8%, was 0.6 percentage points higher mainly throughlower overhead costs. THE AMERICAS Underlying sales grew by 2.9%, with 1.3% coming from price increases we havetaken. In the US, consumer demand in home and personal care remains strong, while foodsmarkets show modest growth. Underlying sales in the US were up by 1.1%, heldback by an unusual level of trade de-stocking in home and personal carecategories. Elsewhere, the region continues to show solid growth despite slower markets inMexico and Brazil and aggressive lower priced competition in foods. Highlights of the regional performance included strong contributions fromCountry Crock side dishes and Bertolli frozen in the US, while sales of spreadssuffered from low butter prices. In ice cream we continued to gain market sharein the US, and Brazil benefited from new product introductions and good summerweather. Our recovery plan for Slim•Fast produced promising results in thequarter, with a growth in sales following the launch of new hunger controlproducts. Deodorants continued to grow strongly across the Americas. Laundry shares inSouth Latin America remain strong but sales in skin care declined as a result ofdown-trading to lower priced competition. In Mexico sales grew despite softmarkets, boosted by sell-in ahead of the move to regionally harmonised systems. New products in the quarter included five new dishes in the Bertolli range inthe US and the introduction of similar products under the Knorr brand in Canada.An extensive innovation programme in ice cream in the US includes more creamyvarieties of Breyers 'double churn', the introduction of 'cyclone', with piecesof confectionery in a swirl, and Ben & Jerry's sorbets and cones. Knorr is being developed with further local recipe bouillons, such as grilledchicken flavour in a number of countries, and through soups in Canada. Axe continues to go from strength to strength with the launch of exotic bodywash products in the US and the roll-out of the global fragrance, 'Click',across the region. The reshaping of the hair care portfolio in the US is progressing, with thelaunch of Dove moisturising and therapy ranges, products to care for colouredhair, and a revamp of the Suave range. The sale of the smaller Finesse and AquaNet brands has just been announced. Operating margin, at 14.6%, was 0.3 percentage points lower, reflecting higherrestructuring costs and lower profits on disposals. ASIA AFRICA Underlying sales grew by 8%, continuing the positive momentum established lastyear. Growth remains largely volume driven, but with positive pricing of 1%mainly reflecting increases we have taken in home and personal care to mitigatethe effects of increased input costs. Consumer demand remains buoyant and we are benefiting from our strong marketpositions. The growth was broad-based across the region. China was particularly strongdriven by a healthy combination of market growth and share gains from betterdistribution and the continuing success of innovations launched last year underbrands such as Pond's and Zonghua. India and Indonesia both saw broad-based,double-digit growth. Other highlights included Vietnam, Egypt, Arabia, Turkeyand South Africa. The improved performance in the developed markets of Australia and Japan wassustained, with modest growth in both countries. Across the region, all categories were ahead in the quarter, with notablecontributions from skin care and laundry, which are the two largest. Recent innovations in India include the further revitalisation of the Lux brand,including the introduction of Lux Aqua Sparkle, and a new variant of Clinic. The enhanced Lux Super Rich in Japan has been well received while in Indonesiathe Pond's skin care range has been extended with whitening oil control andmoisturiser detox products. Australia has seen the launch of the latest global Axe/Lynx fragrance 'Click'. In foods, low unit-priced Knorr bouillon cubes have been brought to the regionand Green Tea innovations are being rolled out extensively. In South Africa,Rama is being relaunched with new communication supporting the healthy oils inthe product. Operating margin, at 12.4%, was one percentage point lower than a year ago,reflecting increased investment in advertising and promotions. SAFE HARBOUR STATEMENT: This announcement may contain forward-lookingstatements, including 'forward-looking statements' within the meaning of theUnited States Private Securities Litigation Reform Act of 1995. Words such as'expects', 'anticipates', 'intends' or the negative of these terms and othersimilar expressions of future performance or results and their negatives areintended to identify such forward-looking statements. These forward-lookingstatements are based upon current expectations and assumptions regardinganticipated developments and other factors affecting the Group. They are nothistorical facts, nor are they guarantees of future performance. Because theseforward-looking statements involve risks and uncertainties, there are importantfactors that could cause actual results to differ materially from thoseexpressed or implied by these forward-looking statements, including, amongothers, competitive pricing and activities, consumption levels, costs, theability to maintain and manage key customer relationships and supply chainsources, currency values, interest rates, the ability to integrate acquisitionsand complete planned divestitures, physical risks, environmental risks, theability to manage regulatory, tax and legal matters and resolve pending matterswithin current estimates, legislative, fiscal and regulatory developments,political, economic and social conditions in the geographic markets where theGroup operates and new or changed priorities of the Boards. Further details ofpotential risks and uncertainties affecting the Group are described in theGroup's filings with the London Stock Exchange, Euronext Amsterdam and the USSecurities and Exchange Commission, including the Annual Report and Accounts onForm 20-F. These forward-looking statements speak only as of the date of thisdocument. Except as required by any applicable law or regulation, the Groupexpressly disclaims any obligation or undertaking to release publicly anyupdates or revisions to any forward-looking statements contained herein toreflect any change in the Group's expectations with regard thereto or any changein events, conditions or circumstances on which any such statement is based. CONDENSED FINANCIAL STATEMENTSINCOME STATEMENT(unaudited) • million First Quarter 2006 2005 Increase/ (Decrease) Current Constant rates rates Continuing operations: Turnover 9 535 8 783 9% 2% Operating profit 1 410 1 320 7% 0%After (charging)/crediting:Restructuring (61) (21)Business disposals and impairments 119 71 Net finance costs (121) (151)Finance income 87 97Finance costs (216) (233)Pensions and similar obligations 8 (15)Share in net profit/(loss) of joint ventures 18 10Share in net profit/(loss) of associates - -Other income from non-current investments 3 8 Profit before taxation 1 310 1 187 10% 5% Taxation (309) (274) Net profit from continuing operations 1 001 913 10% 5% Net profit/(loss) from discontinued operations 58 68 Net profit for the period 1 059 981 8% 3% Attributable to: Minority interests 69 47Shareholders' equity 990 934 6% 1% Combined earnings per share From total operations Per • 0.51 ordinary NV share (Euros) 1.03 0.96 7% 2%Per 1.4p ordinary PLC share (Euro cents) 15.47 14.44 7% 2% Per • 0.51 ordinary NV share - diluted (Euros) 0.99 0.93 7% 2%Per 1.4p ordinary PLC share - diluted (Euro cents)14.87 13.94 7% 2% From continuing operations Per • 0.51 ordinary NV share (Euros) 0.97 0.89 9% 4%Per 1.4p ordinary PLC share (Euro cents) 14.56 13.39 9% 4% Per • 0.51 ordinary NV share - diluted (Euros) 0.93 0.86 8% 3%Per 1.4p ordinary PLC share - diluted (Euro cents)14.00 12.93 8% 3% STATEMENT OF RECOGNISED INCOME AND EXPENSE(unaudited) • million First Quarter 2006 2005 Fair value gains/(losses) on financial instruments net of tax (191) 16Actuarial gains/(losses) on pension schemes net of tax 10 (5)Currency retranslation gains/(losses) net of tax 183 88 Net income/(expense) recognised directly in equity 2 99 Net profit for the period 1 059 981 Total recognised income and expense for the period 1 061 1 080 Attributable to: Minority interests 69 67Shareholders' equity 992 1 013 MOVEMENTS IN EQUITY(unaudited) • million First Quarter 2006 2005 Equity at 1 January 8 765 6 515Total recognised income and expense for the period 1 061 1 080Conversion of preference shares - 930(Purchase)/sale of treasury stock (21) (162)Share option credit 28 41Dividends paid to minority shareholders (11) (22)Currency retranslation gains/(losses) net of tax (4) 8Other movements in equity 7 - Equity at the end of the period 9 825 8 390 BALANCE SHEET(unaudited) • million As at As at As at 1 April 31 December 2 April 2006 2005 2005 Non-current assets Goodwill and intangible assets 17 892 18 055 17 334Property, plant and equipment 6 428 6 492 6 231Pension asset for funded schemes in surplus 1 026 1 036 696Deferred tax assets 1 602 1 703 1 498Other non-current assets 1 061 1 072 1 582 Total non-current assets 28 009 28 358 27 341 Assets held for sale 403 217 156 Current assets Inventories 4 217 4 107 4 112Trade and other current receivables 5 318 4 830 4 616Other financial assets 384 335 334Cash and cash equivalents 1 969 1 529 1 721 Total current assets 11 888 10 801 10 783 Current liabilities Borrowings due within one year (6 501) (5 942) (5 462)Trade payables and other current liabilities (8 249) (8 658) (8 234)Restructuring and other provisions (562) (644) (1 045) Total current liabilities (15 312) (15 244) (14 741) Net current assets/(liabilities) (3 424) (4 443) (3 958) Total assets less current liabilities 24 988 24 132 23 539 Non-current liabilities Borrowings due after one year 6 250 6 457 7 062Pension liability for funded schemes indeficit 2 342 2 415 2 411Pension liability for unfunded schemes 4 096 4 202 3 858Restructuring and other provisions 787 732 280Deferred tax liabilities 931 933 816Other non-current liabilities 574 602 713 Total non-current liabilities 14 980 15 341 15 140 Liabilities held for sale 183 26 9 Equity Shareholders' equity 9 365 8 361 7 976Minority interests 460 404 414 Total equity 9 825 8 765 8 390 Total capital employed 24 988 24 132 23 539 CASH FLOW STATEMENT(unaudited) • million First Quarter 2006 2005 Operating activities Cash flow from operating activities 540 779Income tax paid (237) (308) Net cash flow from operating activities 303 471 Investing activities Interest received 76 42Net capital expenditure (190) (182)Acquisitions and disposals 143 101Other investing activities (36) 210 Net cash flow from/(used in) investing activities (7) 171 Financing activities Dividends paid on ordinary share capital (70) (2)Interest and preference dividends paid (152) (115)Change in borrowings and finance leases 275 (214)Purchase of treasury stock (19) (158)Other financing activities (9) (21) Net cash flow from/(used in) financing activities 25 (510) Net increase/(decrease) in cash and cash equivalents 321 132 Cash and cash equivalents at the beginning of the year 1 265 1 406 Effect of foreign exchange rate changes (16) (23) Cash and cash equivalents at the end of period 1 570 1 515 ANALYSIS OF NET DEBT(unaudited) • million As at As at 1 April 31 December 2006 2005 Total borrowings (12 751) (12 399)Borrowings due within one year (6 501) (5 942)Borrowings due after one year (6 250) (6 457)Cash and cash equivalents as per balance sheet 1 969 1 529Cash and cash equivalents as per cash flow statement 1 570 1 265Add bank overdrafts deducted therein 399 265Less cash and cash equivalents in assets/liabilities held for sale - (1)Other financial assets 384 335Derivatives and finance leases included in otherreceivables and other liabilities 145 33 Net debt (10 253) (10 502) GEOGRAPHICAL ANALYSIS(unaudited) Continuing operations - First Quarter • million Europe Americas Asia Africa Total Turnover 2005 3 506 2 948 2 329 8 7832006 3 471 3 418 2 646 9 535Change (1.0)% 16.0% 13.6% 8.6% Impact of: Exchange rates 0.5% 13.0% 6.5% 6.3%Acquisitions 0.0% 0.1% 0.0% 0.0%Disposals (1.1)% (0.4)% (1.1)% (0.8)% Underlying sales growth (0.5)% 2.9% 7.8% 2.9% Price (0.6)% 1.3% 1.0% 0.5%Volume 0.1% 1.5% 6.7% 2.4% Operating profit 2005 570 439 311 1 3202006 582 500 328 1 410Change current rates 2.2% 13.9% 5.3% 6.8%Change constant rates 1.6% (0.4)% (1.2)% 0.3% Operating margin 2005 16.2% 14.9% 13.4% 15.0%2006 16.8% 14.6% 12.4% 14.8% Includes restructuring, business disposals andimpairments 2005 0.8% (0.1)% 0.9% 0.5%2006 1.0% (0.5)% 1.5% 0.6% Operating profit of discontinued operations - First Quarter • million Europe Americas Asia Africa Total 2005 80 16 - 96 2006 81 - - 81 PRODUCT AREA ANALYSIS(unaudited) We have reviewed the segmental analysis of our foods operations in the light ofthe proposed sale of frozen foods businesses in Europe, now treated asdiscontinued operations. The new segments are as follows: • Savoury, dressings and spreads: comprising the segments previously reported as 'savoury and dressings' and 'spreads and cooking products', together with the remaining frozen foods business. • Ice cream and beverages: combining the segments previously reported as 'ice cream' and 'beverages'. Continuing operations - First Quarter Savoury, dressings Ice cream Home care Home and Total and and Personal and Personal• million spreads beverages Foods care other Care Turnover2005 3 236 1 495 4 731 2 378 1 674 4 052 8 783 2006 3 399 1 630 5 029 2 702 1 804 4 506 9 535Change 5.0% 9.0% 6.3% 13.6% 7.8% 11.2% 8.6% Impact of:Exchange rates 4.6% 6.5% 5.2% 8.0% 7.0% 7.6% 6.3%Acquisitions 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0%Disposals (1.4)% (0.2)% (1.0)% (0.4)% (0.8)% (0.6)% (0.8)% Underlying sales growth 1.8% 2.6% 2.0% 5.6% 1.4% 3.9% 2.9% Operating profit 2005 568 123 691 435 194 629 1 320 2006 574 161 735 498 177 675 1 410Change current rates 1.0% 30.8% 6.3% 14.7% (8.9)% 7.4% 6.8%Change constant rates (2.6)% 19.8% 1.5% 5.2% (15.2)% (1.0)% 0.3% Operating margin 2005 17.6% 8.2% 14.6% 18.3% 11.6% 15.5% 15.0% 2006 16.9% 9.9% 14.6% 18.4% 9.8% 15.0% 14.8% NOTES (unaudited) Discontinued operations In line with the requirements of IFRS 5, the frozen foods businesses in WesternEurope which are planned to be sold are treated as discontinued operations,together with the results of Unilever Cosmetics International, which was sold inthe middle of last year. Basic earnings per €0.51 NV ordinary share in respect of the discontinuedoperations were €0.06 for the quarter (2005: €0.07). Diluted earnings per €0.51NV ordinary share in respect of the discontinued operations were €0.06 for thequarter (2005: €0.07). Basic earnings per 1.4p PLC ordinary share in respect of the discontinuedoperations were 0.91 Euro cents for the quarter (2005: 1.05 Euro cents). Dilutedearnings per 1.4p PLC ordinary share in respect of the discontinued operationswere 0.87 Euro cents for the quarter(2005: 1.01 Euro cents). The net cash flows attributable to the discontinued operations in respect ofoperating, investing and financing activities for the quarter were •(8) million,€5 million and •(1) million respectively (2005:•(28) million, €6 million and •(1) million). Acquisitions and disposals On 20 March 2006 we announced that we had reached a definitive agreement with Advan Geloven on the sale of our Mora business in the Netherlands and Belgium. Theintention to sell this business, which has a turnover of around €100 million,was originally announced in September 2005. On 2 May 2006, we announced the sale to Lornamead Brands Inc. of the Finessehair care brand in the US and Canada and the Aqua Net brand in the US. Thesebrands had a combined annual turnover in 2005 of US $85 million. Issuances and repayments of debt On 15 January 2006, we repaid a US $300 million bond with a fixed interest rateof 6.15%. Exchange rate conventions The income statement on page 5, the statement of recognised income and expenseand the movements in equity on page 6 and the cash flow statement on page 8 aretranslated at rates current in each period. The balance sheet on page 7 and the analysis of net debt on page 8 aretranslated at period-end rates of exchange. Supplementary information in US dollars and sterling is available on our websiteatwww.unilever.com/ourcompany/investorcentre. The financial statements attached do not constitute the full financialstatements within the meaning of Section 240 of the UK Companies Act 1985. Fullaccounts for Unilever for the year ended 31 December 2005 have been delivered tothe Registrar of Companies. The auditors' report on these accounts wasunqualified and did not contain a statement under Section 237(2) or Section 237(3) of the UK Companies Act 1985. EARNINGS PER SHARE (unaudited) Combined earnings per share The combined earnings per share calculations are based on the average number ofshare units representing the combined ordinary shares of NV and PLC in issueduring the period, less the average number of shares held as treasury stock. The number of combined share units is calculated from the underlying NV and PLCshares using the exchange rate of £1 = €5.445, in accordance with theEqualisation Agreement. In calculation of diluted earnings per share, a number of adjustments are made to the number of shares, principally the following: (i) conversion into PLC ordinary shares in the year 2038 of shares in a group company under the arrangements for the variation of the Leverhulme Trust; (ii) conversion of the €0.05 NV preference shares (up to the point of conversion); and (iii) the exercise of share options by employees. Earnings per share for total operations for the first quarter 2006 2005Combined EPS Thousands of units Average number of combined share units of €0.51 960 261 970 260Average number of combined share units of 1.4p 6 401 741 6 468 403 • million Net profit attributable to shareholders' equity 990 934 Combined EPS per €0.51 (Euros) 1.03 0.96Combined EPS per 1.4p (Euro cents) 15.47 14.44 Combined EPS - Diluted Thousands of units Adjusted average number of combined share units of €0.51 998 757 1 007 820Adjusted average number of combined share units of 1.4p 6 658 379 6 718 801 • million Adjusted net profit attributable to shareholders' equity 990 937 Combined diluted EPS per €0.51 (Euros) 0.99 0.93Combined diluted EPS per 1.4p (Euro cents) 14.87 13.94 Combined EPS - American shares Combined EPS per €0.51 NV New York Share $1.24 $1.26Combined EPS per 5.6p PLC American Depositary Receipt $0.75 $0.76 Combined diluted EPS per €0.51 NV New York Share $1.19 $1.22Combined diluted EPS per 5.6p PLC American Depositary Receipt $0.72 $0.73 DATES The results for the second quarter and for the first half year 2006 will bepublished on 3 August 2006. ENQUIRIES: UNILEVER PRESS OFFICE+44 (0) 20 7822 6805/6010 Internet: www.unilever.comE-mail: [email protected] 4 May 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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