9th Feb 2006 07:02
Unilever PLC09 February 2006 FOURTH QUARTER AND ANNUAL RESULTS 2005 Unilever enters 2006 in much better shape, with increased competitiveness andgrowth. FINANCIAL HIGHLIGHTS(unaudited) Fourth Quarter • million Full Year 2005 2004 2005 2004 Current Current Current Current Current Constant rates rates rates rates rates rates Continuing operations: 10 081 9 755 Turnover 39 672 38 566 3% 2% 1 063 (288) Operating profit/(loss) 5 314 4 239 25% 24% 916 (398) Pre-tax profit/(loss) 4 751 3 704 28% 27% 726 (124) Net profit from continuing operations 3 502 2 894 21% 20% Total operations: 0.71 (0.16) EPS NV (Euros) 3.88 2.83 37% 35% 10.68 (2.33) EPS PLC (Euro cents) 58.17 42.46 37% 35% KEY FEATURES OF THE YEAR • Underlying sales up 3.1%, improving trend throughout the year and a strong fourth quarter. • Market shares stable overall. • Earnings per share up 37%, with 22% from continuing operations, benefiting from lower restructuring, disposal and impairment charges. • Increased investment behind growth priorities, including additional €500 million advertising and promotions. • Operating margin at 13.4%. Productivity improvements and better mix more than offset higher input costs. • Share buy-back programme of €500 million completed. Proposed final dividend of €1.32 per NV ordinary share and 13.54p per PLC ordinary share, raising the total dividend per share by 5% for NV and by 6% for PLC. FROZEN FOODS • Previously announced review completed. Majority of European frozen foods to be sold. CHIEF EXECUTIVE'S COMMENT AND OUTLOOK 2005 was a year of change and investment in the business. The priority was torestore competitiveness and to grow our top line. We made good progress on both,stabilising our market shares and improving growth through the year. We have refocused and simplified the organisation, and increased investmentbehind our growth priorities. We have sold our fragrance business and announcedtoday the planned sale of most of the frozen foods business. Our savingsprogrammes are delivering well and have been successful in containing the impactof higher input costs. We have seen a return to strong growth in personal care and in developing andemerging markets. Performance in Europe improved compared with last year,especially in Foods. There was some pick up in the fourth quarter, but there isstill work to do to return Europe to full competitiveness and growth. This willbe a key priority for 2006. The manner in which we ended 2005 gives me confidence as we enter 2006. Unileveris a simpler and more agile business, more responsive to customer and consumerneeds, with a clear value creation agenda. OUTLOOK For 2006, our priorities are to sustain our top-line growth and improve ourmargins. We expect a sustained flow of savings from our current programmes, anda progressively more favourable pricing and commodity cost environment. We willcontinue to invest competitively behind our growth priorities and expect anincrease in operating margin from the 13.4% of 2005. In 2006 we planrestructuring costs of around one percent of sales, at the top end of our longterm guidance. We are on track to deliver our targeted savings from the 'One Unilever'programme of €0.7 billion by the end of 2006, and see scope to increase this to€1 billion by the end of 2007. Looking further ahead, I remain confident that we can deliver our value creationobjectives to 2010. Patrick Cescau Group Chief Executive 9 February 2006 With effect from 1 January 2005, Unilever has adopted International FinancialReporting Standards (IFRS) as adopted by the EU. These apply to both the prioryear comparators and the current year results. In addition, the condensedfinancial statements are now shown only at current exchange rates, whilepercentage year-on-year changes are shown at both current and constant exchangerates to facilitate comparison. Further information on the impact of theadoption of IFRS can be found on page 12 and on the Unilever web site atwww.unilever.com/ourcompany/investorcentre/. 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. We also use the movements inUngeared Free Cash Flow (as defined on page 12) and Return On Invested Capitalto measure progress against our longer-term value creation goals. Unileverbelieves that such measures provide additional information for shareholders onunderlying business performance trends. Such measures are not defined under IFRSor US GAAP and are not intended to be a substitute for GAAP measures ofturnover, profit and cash flow. FOURTH QUARTER AND ANNUAL FINANCIAL RESULTS Underlying sales grew by 3.1% in the year, all coming from volume. Like-for-likegrowth in the fourth quarter was 5% after allowing for the estimated effect ofsix fewer days than in the same quarter of 2004. (As previously explained, thefirst quarter had five additional days). Including the effect of disposals and favourable currency movements, turnoverwas ahead by 2.9% in the year. Operating margin for the full year was 13.4%, compared with an operating marginof 11.0% in 2004. Before the impact of net costs of restructuring, businessdisposals and impairments, the operating margin for 2005 would have been 0.8percentage points lower than the previous year. Advertising and promotions were1.1 percentage points of sales higher than last year. Cost savings and animproved mix more than offset the effect of an increase of nearly €600 millionin input costs. In the fourth quarter, the operating margin was 10.6%, compared with a negative3.0% in the prior year. Before the impact of changes in restructuring, disposalsand impairment the operating margin would have been 1.3 percentage points lowerthan the same quarter of the previous year. Advertising and promotions in thequarter were only slightly higher than the average for the year, butsignificantly up on the fourth quarter of 2004. Continued higher input costswere offset by cost savings and an improved mix, while positive pricing startedto contribute to margin. There were also gains in the quarter in US health careplans and from currency effects on capital reductions in the Americas. Operating profit increased by 25% in the year. Net finance costs were 2% lower in the year through a lower level of net debt. The effective tax rate was 26% for the year, compared with 22% in the previousyear. As a result of structural improvements we are lowering our longer termexpectation for the tax rate from around 30% to around 28%. In the quarter, thetax rate was 21%, reflecting the resolution of some outstanding issues invarious countries. Net profit and EPS from continuing operations both increased by 21% and 22%respectively in the year. Net profit from discontinued operations included a gain of €458 million on thedisposal of Unilever Cosmetics International (UCI). Including this, totalearnings per share increased by 37% in the year. FINAL DIVIDENDS The Boards will recommend to the Annual General Meetings a final dividend of€1.32 per €0.51* ordinary share** of Unilever N.V. and a final dividend of13.54p per 1.4p ordinary share of Unilever PLC. This will bring the totaldividend to €1.98 per €0.51* ordinary share, an increase of 5% over last yearand 20.31p per 1.4p ordinary share, an increase of 6% over last year. * This amount is a representation in euros on the basis of Article 67c Book 2 ofthe Dutch Civil Code, rounded to two decimal places, of underlying Dutchguilders, as these have not been converted into euros in Unilever N.V.'sArticles of Association. ** Unilever N.V. ordinary shares and Unilever N.V. depositary receipts forordinary shares. SHARE BUY-BACK In 2005 we completed a share buy-back program of €0.5 billion. This was inaddition to the purchase of €0.8 billion of shares to partially replenishtreasury stock used for the conversion of the €0.05 NV preference shares. For 2006 we plan a further share buy-back of around €0.5 billion. We may reviewthis in the light of any tactical acquisitions, disposal proceeds includingfrozen foods, and the development of credit metrics. CASH FLOW Cash and cash equivalents were flat for the year. Net cash flow from operatingactivities, at €4.4 billion, was €1.2 billion lower than in the previous year.This includes the effects of additional marketing investment(€0.5 billion), a lower inflow from working capital (€0.4 billion) compared withlast year, and higher cash costs of restructuring, pensions and tax. Net cash flow from investing activities was €0.6 billion higher than last year,reflecting higher disposal receipts (including €0.6 billion from the sale ofUCI) and net movements in investments with maturity greater than three months.Net cash flow used in financing activities fell by €1.1 billion, reflectingborrowing activity offset by increased purchases of own shares. Ungeared Free Cash Flow was €4.0 billion. RETURN ON INVESTED CAPITAL Return On Invested Capital increased to 12.5% from 10.7% in 2004. BALANCE SHEET Goodwill and intangible assets have increased by €1.0 billion against 2004.Currency movements added €1.6 billion, offset by Slim•Fast impairment anddisposals. Inventories and current trade receivables were €1.0 billion higher,reflecting currency movements and the low position achieved at the end of 2004. Closing net debt was €10.5 billion, a decrease of€0.7 billion since 1 January. Purchases of treasury stock were €1.3 billion(including the share buy-back program of €0.5 billion) and proceeds of businessdisposals were €0.8 billion. The €1.4 billion net debt reduction on conversionof the €0.05 preference shares was largely offset by currency movements. Total equity has increased by €2.7 billion since1 January. Net profit added €4.0 billion and currency retranslation €0.2billion. Treasury stock, which is deducted from equity, was used for theconversion of the €0.05 preference shares. This reduced borrowings by €1.4billion and increased equity by the same amount. Subsequent purchases oftreasury stock and parent company dividends reduced equity by €1.3 billion and€1.9 billion respectively. VALUE CREATION TO 2010 Our long term ambition for financial performance remains 'Top 1/3' TotalShareholder Return and our long term targets reflect this: • Ungeared Free Cash Flow of €25-€30 billion during the period 2005 - 2010; and • Improved Return on Invested Capital from the 2004 base of around 11%. We plan to deliver this over the period through: • Top-line growth ahead of our markets, which are expected to grow at 2-4% per annum; • Improvement in operating margin against the 2004 base allowing for a 'normal' level of restructuring of 50-100 bps per annum; • Improved capital efficiency compared with our 2004 base; and • Improved tax efficiency, leading to a sustainable tax rate of around 28%. FULL YEAR PERFORMANCE BY REGION EUROPE Our priority in Europe is to regain momentum and improve competitiveness. Thefocus has been on enhancing the value to consumers of our products throughkeener pricing, improved quality and more and better innovation. Marketing support has been raised to a more competitive level with additionalspend deployed against our best opportunities. The organisation is beingstreamlined and we are building up stronger capabilities in customer management. We have made progress over the last year: volume has been slightly positive(compared with a 2% decline in 2004), but investment in pricing meant thatunderlying sales declined by 0.8% in the year. Central and Eastern Europe performed well, notably in Russia which was ahead bynearly 20%, in buoyant markets. Western Europe was challenging, with continued weak consumer demand. Ourbusinesses grew in the Netherlands and Spain, but declined by around 2% inFrance and Germany and by nearly 4% in the UK. In Foods, we have held overall market share through the course of the year, withgrowth across all key categories apart from frozen foods. In Home and Personal Care we had a disappointing year and we have lost marketshare, particularly in the UK. Overall, there was some pick-up in the fourth quarter, with around 2% growth ona like-for-like basis, but we are not yet where we want to be. New product launches this year have included Knorr Vie shots, extensions of thepro.activ heart health range, soups fortified with vitamins and low fat soups. We have introduced a Rexona sport variant in deodorants, Axe shower gel andSunsilk hair styling products. We have further improved our home care productrange with launches that address specific consumer needs, such as'no-need-to-pre-treat' laundry detergents, Sun 4-in-1 dishwash and Domestosdrain unblocker. The operating margin, at 14.2%, was 0.4 percentage points higher than last year.Increased advertising and promotions and pricing investment together with higherinput costs were partly offset by productivity gains. Net restructuring,disposal and impairment costs, at 0.8% were 1.5 percentage points lower than in2004. THE AMERICAS Underlying sales grew by 4%, all coming from volume gains, broadly based acrossthe region, underpinned by a successful innovation programme. In the fourthquarter, like-for-like sales growth was 5%. Consumer demand in the US showed a sustained recovery. Our sales in the US grewby 3.2%, accelerating through the year, and we gained market share in aggregate. In Brazil and Mexico, a strong first half was followed by relatively weakerdemand in the second half of the year. We grew in line with our markets in Homeand Personal Care, but saw some share loss in Foods. Growth in personal care across the region has been driven by good consumerresponse to our initiatives, including Vitality innovation and consistentsupport. This has been particularly evident in the deodorants and personal washcategories, with strong double-digit growth for Axe, now the number onedeodorant in the US, and for the Dove and Rexona brands. Another strong Foods performance in the US was driven by further share gains inice cream, continued good results from the extension of the Country Crock andBertolli brands into new categories, and from Lipton Ready-to-Drink andspeciality teas. Slim•Fast continued to regain share, but in a much contractedweight management market and sales were well below the previous year. New launches in the US included the well received Dove 'cool moisture' range andthe extension of Axe into male shower gels. In Latin America our brands havealso been very successful in connecting with younger consumers through Rexona'teens' and innovative communication for Axe. In the US we introduced all 'small and mighty' laundry detergent, offering theconvenience of the same cleaning power in a smaller bottle. We have re-launchedour Radiant laundry brands in Chile and Argentina delivering outstandingwhiteness performance. In Foods, we strengthened the Vitality credentials of our brands in the US withPromise heart health spread, Ragu organic and support for the anti-oxidantproperties of Lipton teas. AdeS continued to build across Latin America with thedistinctive nutrition benefits of 'soy with fruit'. The operating margin was 13.0%, 5.7 percentage points higher than in 2004. Netcharges for restructuring, disposal and impairment were 3.4%, which was 5.8percentage points lower than in the prior year. Cost savings offset a higherlevel of advertising and promotions and increased input costs. There were alsogains from the sale of an office in the US, in US health care plans and fromcurrency effects on capital reductions. ASIA AFRICA We have capitalised on our leading positions and buoyant consumer demand acrossmost of the region, growing underlying sales by 9%, in a competitiveenvironment, and increasing market share in key battle grounds. In the fourthquarter, like-for-like sales growth was 10%. The growth was broad-based in terms of both categories and geographies. Therewere notable performances in all major developing and emerging countries,including a strong recovery in India with market share gains, and significantcontributions from China, which was up by over 20%, and from South East Asia,Turkey and Arabia. Japan returned to growth. After a weak first half, Australiaimproved in the second half of the year. Most of the increase came from volume, but price growth gained momentum throughthe year, as we moved to selectively recover increased commodity costs,especially in home care. Growth was underpinned by a range of innovations. In skin care in India, Lux hasbeen strengthened with new soap bars from the global range and the introductionof limited editions. Innovations in Pond's included a new 'mud' range in China. In hair care we launched Dove in Indonesia, a Sunsilk summer range across SouthEast Asia, a new variant for Lux Super Rich in China and a strengthened Sunsilkrange across several key markets in Africa and the Middle East. New formulations for our laundry products include improved whiteness deliveryfor Surf in Indonesia and Omo for sensitive skin in Turkey. In tea, we have substantially strengthened the Brooke Bond brand in India, whileLipton is benefiting from strong regional innovations, including Earl Grey andGreen Tea variants in markets such as Turkey and Arabia. The operating margin was 12.6%, 1.8 percentage points higher than in 2004.Increased investment in advertising and promotions was partly offset byproductivity gains. The remaining difference was due to net restructuring,disposal and impairment charges which were insignificant in 2005 compared with anet charge of 2.9% in 2004. 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 STATEMENTS INCOME STATEMENT(unaudited) Fourth Quarter • million Full Year 2005 2004 Increase/ 2005 2004 Increase/ (Decrease) (Decrease) Current Constant Current Constant rates rates rates rates Continuing operations: 10 081 9 755 3% (1)% Turnover 39 672 38 566 3% 2% 1 063 (288) Operating profit/(loss) 5 314 4 239 25% 24% After charging: (4) (791) Impairment of Slim•Fast (363) (791) - (169) Provision for Brazilian sales - (169) tax (152) (137) Net finance costs (618) (630) 8 28 Finance income 130 145 (147) (165) Finance costs (693) (717) (13) - Pensions and similar (55) (58) obligations 15 8 Share in net profit/(loss) of 47 39 joint ventures (19) - Share in net profit/(loss) of (25) 2 associates 9 19 Other income from non-current 33 54 investments 916 (398) Profit/(loss) before taxation 4 751 3 704 28% 27% (190) 274 Taxation (1 249) (810) 726 (124) Net profit/(loss) from 3 502 2 894 21% 20% continuing operations 10 19 Net profit/(loss) from 473 47 discontinued operations 736 (105) Net profit/(loss) for the 3 975 2 941 35% 34% period Attributable to: 52 39 Minority interests 209 186 684 (144) Shareholders' equity 3 766 2 755 37% 35% Combined earnings per share From total operations 0.71 (0.16) Per • 0.51 ordinary NV share 3.88 2.83 37% 35% (Euros) 10.68 (2.33) Per 1.4p ordinary PLC share 58.17 42.46 37% 35% (Euro cents) 0.69 (0.15) Per • 0.51 ordinary NV share 3.76 2.72 38% 37% - diluted (Euros) 10.37 (2.20) Per 1.4p ordinary PLC share - 56.40 40.78 38% 37% diluted (Euro cents) From continuing operations 0.70 (0.18) Per • 0.51 ordinary NV share 3.39 2.78 22% 20% (Euros) 10.52 (2.64) Per 1.4p ordinary PLC share 50.87 41.72 22% 20% (Euro cents) 0.68 (0.17) Per • 0.51 ordinary NV share 3.29 2.67 23% 21% - diluted (Euros) 10.21 (2.49) Per 1.4p ordinary PLC share - 49.33 40.08 23% 21% diluted (Euro cents) STATEMENT OF RECOGNISED INCOME AND EXPENSE(unaudited) • million Full Year 2005 2004 Fair value gains/(losses) on financial instruments and 346 n/acash flow hedges net of taxActuarial gains/(losses) on pension schemes net of tax (49) (480)Currency retranslation gains/(losses) net of tax 181 80 Net income/(expense) recognised directly in equity 478 (400) Net profit for the year 3 975 2 941 Total recognised income and expense for the year 4 453 2 541 Attributable to: Minority interests 249 167Shareholders' equity 4 204 2 374 BALANCE SHEET(unaudited) • million As at As at 31 31 December December 2005 2004 Non-current assets Goodwill and intangible assets 18 055 17 007Property, plant and equipment 6 492 6 181Pension asset for funded schemes in surplus 1 036 625Deferred tax assets 1 703 1 491Other non-current assets 1 072 1 064Total non-current assets 28 358 26 368 Assets held for sale 217 n/a Current assets Inventories 4 107 3 756Trade and other receivables due within one year 4 830 4 131Financial assets 335 1 013Cash and cash equivalents 1 529 1 590Total current assets 10 801 10 490 Current liabilities Borrowings due within one year (5 942) (5 155)Trade payables and other current liabilities (8 658) (8 232)Restructuring and other provisions (644) (799)Total current liabilities (15 244) (14 186)Net current assets/(liabilities) (4 443) (3 696)Total assets less current liabilities 24 132 22 672 Non-current liabilities Borrowings due after one year 6 457 6 893Pension liability for funded schemes in deficit 2 360 2 291Pension liability for unfunded schemes 4 257 3 788Restructuring and other provisions 732 565Deferred tax liabilities 933 789Other non-current liabilities 602 717Total non-current liabilities 15 341 15 043 Liabilities held for sale 26 n/a Equity Shareholders' equity 8 361 7 264Minority interests 404 365Total equity 8 765 7 629Total capital employed 24 132 22 672 MOVEMENTS IN EQUITY (unaudited)• million Full Year 2005 2004 Equity at 31 December 2004 7 629 n/aIFRS transition adjustment for financial instruments (including (1 564) n/apreference shares)Equity at 1 January 6 065 7 175Total recognised income and expense for the period 4 453 2 541Dividends (1 867) (1 747)Conversion of preference shares 1 380 -(Purchase)/sale of treasury stock (1 260) (324)Share option credit 186 222Dividends paid to minority shareholders (217) (203)Currency retranslation gains/(losses) net of tax 13 (5)Other movements in equity 12 (30)Equity at 31 December 8 765 7 629 CASH FLOW STATEMENT(unaudited) • million Full Year 2005 2004 Operating activities Cash flow from operating activities 5 924 6 925Income tax paid (1 571) (1 378)Net cash flow from operating activities 4 353 5 547 Investing activities Interest received 130 168Net capital expenditure (813) (869)Acquisitions and disposals 784 316Other investing activities 414 265Net cash flow from/(used in) investing activities 515 (120) Financing activities Dividends paid on ordinary share capital (1 804) (1 720)Interest and preference dividends paid (643) (787)Change in borrowings and finance leases (880) (2 890)Purchase of own shares (1 276) (332)Other financing activities (218) (209)Net cash flow from/(used in) financing activities (4 821) (5 938) Net increase/(decrease) in cash and cash equivalents 47 (511) Cash and cash equivalents at the beginning of the year 1 406 1 428 Effect of foreign exchange rate changes (188) 489 Cash and cash equivalents at the end of the year 1 265 1 406 ANALYSIS OF NET DEBT(unaudited) • million As at As at 31 December 1 January 2005 2005 Cash and cash equivalents as per cash flow statement 1 265 1 406Add: bank overdrafts deducted therein 265 184Less: cash and cash equivalents in assets/liabilities held for (1) (8)disposalCash and cash equivalents as per balance sheet 1 529 1 582Financial assets 335 533Borrowings due within one year (5 942) (6 448)Borrowings due after one year (6 457) (7 221)Derivatives and finance leases included in other receivables and 33 369other liabilitiesNet debt (10 502) (11 185) GEOGRAPHICAL ANALYSIS(unaudited) Continuing operations - Fourth Quarter• million Europe Americas Asia Africa TotalTurnover 2004 4 132 3 160 2 463 9 7552005 3 942 3 521 2 618 10 081Change (4.6)% 11.4% 6.3% 3.3%Impact of: Exchange rates 0.8% 11.3% 2.2% 4.6%Acquisitions 0.2% 0.0% 0.0% 0.1%Disposals (2.0)% (0.1)% (1.3)% (1.2)%Underlying sales growth (3.6)% 0.3% 5.4% (0.1)%Price (0.8)% 0.0% 2.4% 0.3%Volume (2.9)% 0.3% 2.9% (0.4)% Operating profit/(loss) 2004 189 (559) 82 (288)2005 210 586 267 1 063Change current rates 11.2%Change constant rates 9.3% Operating margin 2004 4.6% (17.7)% 3.3% (3.0)%2005 5.3% 16.7% 10.2% 10.6% Continuing operations - Full Year• million Europe Americas Asia Africa TotalTurnover 2004 16 650 12 296 9 620 38 5662005 16 211 13 179 10 282 39 672Change (2.6)% 7.2% 6.9% 2.9%Impact of: Exchange rates 0.4% 3.6% 0.0% 1.3%Acquisitions 0.2% 0.0% 0.0% 0.1%Disposals (2.3)% (0.7)% (1.6)% (1.6)%Underlying sales growth (0.8)% 4.1% 8.7% 3.1%Price (1.0)% 0.2% 1.5% 0.0%Volume 0.2% 3.9% 7.1% 3.1% Operating profit/(loss) 2004 2 303 896 1 040 4 2392005 2 304 1 719 1 291 5 314Change current rates 0.0% 91.9% 24.1% 25.3%Change constant rates (0.2)% 83.6% 24.7% 23.6% Operating margin 2004 13.8% 7.3% 10.8% 11.0%2005 14.2% 13.0% 12.6% 13.4% Includes restructuring, businessdisposals and impairments 2004 (2.3)% (9.2)% (2.9)% (4.6)%2005 (0.8)% (3.4)% (0.0)% (1.4)% Operating profit/(loss) of discontinued operations - Fourth Quarter• million Europe Americas Asia Africa Total2004 18 9 3 302005 - - - - Operating profit/(loss) of discontinued operations - Full Year• million Europe Americas Asia Africa Total2004 22 47 4 732005 1 20 1 22 CATEGORY ANALYSIS(unaudited) Continuing operations - Fourth Quarter• million Savoury Spreads Beverages Ice Foods Personal Home Home Total and and cream care care and dressings cooking and and Personal products frozen other Care foodsTurnover 2004 2 253 1 240 763 1 218 5 474 2 561 1 720 4 281 9 7552005 2 305 1 191 800 1 221 5 517 2 752 1 812 4 564 10 081Change 2.3% (3.9)% 4.8% 0.2% 0.8% 7.5% 5.3% 6.6% 3.3%Impact of:Exchange rates 4.3% 2.4% 5.6% 4.0% 4.0% 5.8% 4.6% 5.3% 4.6%Acquisitions 0.0% 0.0% 0.0% 0.6% 0.1% 0.0% 0.0% 0.0% 0.1%Disposals (1.6)% (2.9)% (0.7)% (1.6)% (1.8)% (0.4)% (0.7)% (0.5)% (1.2)%Underlying sales (0.3)% (3.4)% (0.1)% (2.6)% (1.5)% 2.0% 1.3% 1.7% (0.1)%growth Operating profit/(loss) 2004 224 137 (805) (62) (506) 221 (3) 218 (288)2005 277 166 92 (30) 505 448 110 558 1 063Change current 23.8% 21.6% (52.8)% 102.7% 155.8%ratesChange constant 19.0% 17.9% (46.1)% 85.4% 128.1%rates Operating margin 2004 10.0% 11.0% (105.4)% (5.1)% (9.2)% 8.6% (0.2)% 5.1% (3.0)%2005 12.0% 14.0% 11.5% (2.4)% 9.2% 16.3% 6.1% 12.2% 10.6% Continuing operations - Full Year• million Savoury Spreads Beverages Ice Foods Personal Home Home Total and and cream care care and dressings cooking and and Personal products frozen other Care foodsTurnover 2004 8 172 4 494 3 012 6 286 21 964 9 780 6 822 16 602 38 5662005 8 369 4 364 3 054 6 373 22 160 10 485 7 027 17 512 39 672Change 2.4% (2.9)% 1.4% 1.4% 0.9% 7.2% 3.0% 5.5% 2.9%Impact of:Exchange rates 1.6% 1.1% 1.3% 0.7% 1.2% 1.3% 1.8% 1.5% 1.3%Acquisitions 0.0% 0.0% 0.1% 0.4% 0.1% 0.0% 0.0% 0.0% 0.1%Disposals (2.1)% (4.6)% (1.1)% (1.4)% (2.3)% (0.5)% (1.2)% (0.8)% (1.6)%Underlying sales 2.9% 0.7% 1.1% 1.7% 1.9% 6.3% 2.4% 4.7% 3.1%growth Operating profit/(loss) 2004 1 226 681 (508) 709 2 108 1 508 623 2 131 4 2392005 1 286 756 48 767 2 857 1 801 656 2 457 5 314Change current 4.9% 11.0% 8.3% 35.5% 19.4% 5.2% 15.2% 25.3%ratesChange constant 3.8% 10.7% 7.5% 34.2% 17.7% 2.1% 13.1% 23.6%rates Operating margin 2004 15.0% 15.2% (16.9)% 11.3% 9.6% 15.4% 9.1% 12.8% 11.0%2005 15.4% 17.3% 1.6% 12.0% 12.9% 17.2% 9.3% 14.0% 13.4% Discontinued operations Operating profit/(loss) of discontinued operations for the fourth quarter of2005 was •- million (2004: €30 million), and operating profit/(loss) for thefull year was €22 million (2004: €73 million). These amounts relate wholly tothe Personal Care category. NOTES (unaudited) Adoption of IFRS With effect from 1 January 2005 Unilever has adopted International FinancialReporting Standards (IFRS) as adopted by the EU. Our transition date is1 January 2004 as this is the start date of the earliest period for which wewill present full comparative information under IFRS in our 2005 Annual Reportand Accounts. These condensed financial statements are prepared under the historical costconvention as modified by the revaluation of biological assets, financial assets'available-for-sale investments' and 'at fair value through profit or loss', andderivatives. IFRS 1 mandates that most standards are applied fully retrospectively, meaningthat the opening balance sheet at 1 January 2004 is restated as if those accounting policies had always been applied. There are certain limited exemptions to this requirement. A reconciliation from old GAAP to IFRS of the balance sheet as at 31 December 2004 and the income statements for the quarter and the year then ended is given on pages 14 to 16. A more detailed review of the changes to our accounting policies and a reconciliation of financial statements from old GAAP to IFRS is available on our website at www.unilever.com/ourcompany/investorcentre/. From 1 January 2005 Unilever implemented the following additional changes inaccounting policies. These changes have been applied prospectively from1 January 2005. Financial instruments (including preference shares) From 1 January 2005 Unilever has applied IAS 32 and IAS 39. These standards havemany detailed consequences, however the key areas of impact for Unilever aredescribed below. Under IAS 32, Unilever must present the NV preference share capital as aliability rather than as part of equity. All of the dividends paid on thesepreference shares are recognised in the income statement as interest expense.The carrying value of the preferential share capital of NV as at 1 January 2005was €1 502 million. IAS 39 requires certain non-derivative financial assets to be held at fair valuewith unrealised movements in fair value recognised directly in equity.Non-derivative financial liabilities continue to be measured at amortised cost,unless they form part of a fair value hedge accounting relationship when theyare measured at amortised cost plus the fair value of the hedged risk. IAS 39 requires recognition of all derivative financial instruments on thebalance sheet and that they are measured at fair value. The standard also placessignificant restrictions on the use of hedge accounting and changes the hedgeaccounting methodology from that previously applied. As a result Unileverrecognises all derivative financial instruments on balance sheet at fair valueand applies the new hedge accounting methodology to all significant qualifyinghedging relationships. Non-current assets and asset groups held for sale Application of IFRS 5 has resulted in reclassifications of non-current assetsand asset groups held for sale in the balance sheet as at 1 January 2005. It didnot significantly affect the asset values themselves. Turnover definition From 1 January 2005 Unilever changed its treatment of promotional couponing andtrade communications. From 1 January 2005 these costs are deducted from turnovertogether with other trade promotion costs which are already deducted fromturnover. Comparatives have been restated to reflect this change, which has noimpact on operating profit or net profit. Ungeared Free Cash Flow Unilever uses the movement in Ungeared Free Cash Flow (UFCF) to measure progressagainst our longer-term value creation goals. This measure has been redefined to map to the financial statements preparedunder IFRS. In doing this we have decided to use the income statement chargesfor share-based compensation and pensions, rather than cash payments. In thisway the measure is made independent of financing decisions for these items. The new definition is: cash flow from group operating activities, less capitalexpenditure, less charges to operating profit for share-based compensation andpensions, and less tax (adjusted to reflect an ungeared position), but beforethe financing of pensions. For 2005, the UFCF was €4.0 billion, and would have been €4.1 billion if cashcosts had been used for these items. The calculation of this measure for 2004 and 2005, and information about othernon-GAAP measures (Return On Invested Capital, Underlying Sales Growth and NetDebt) can be found on the Unilever website at www.unilever.com/ourcompany/investorcentre. Issuances and repayments of debt There was one repayment of 6.875% notes during the quarter of US $1.5 billion. Share buy-back On 3 October 2005 Unilever announced the commencement of a share buy-backprogramme. Between October and December, this resulted in the purchase of 4.9million NV shares and 25.7 million PLC shares, with a combined value of approximately €500 million. This was in addition to the replenishment by Unilever N.V. of treasury shares used for the conversion of its €0.05 preference shares, announced in February 2005. Acquisitions and Disposals In December 2004 Unilever announced the restructuring of its Portuguese foods business. The deal was completed at the end of March2005. Before the restructuring Unilever Portugal held a 40% stake in the FimaVGfoods business, a joint venture with Jeronimo Martins Group, in addition to itswholly owned Bestfoods business acquired in 2000. As a result of the deal thetwo foods businesses - FimaVG and Unilever Bestfoods Portugal - were unified andthe joint venture stakes re-balanced so that Unilever now holds 49% of thecombined foods business and Jeronimo Martins Group 51%. On 11 July 2005, we announced the completion of the sale of our Prestigefragrance business, Unilever Cosmetics International (UCI), to Coty Inc. of theUnited States. Unilever received US $800 million in cash, with the opportunityfor further deferred payments contingent upon future sales. On 20 December 2005, Unilever announced its intention to sell its Mora businessto Ad van Geloven in the Netherlands, for an undisclosed sum. The agreement issubject to approval by competition authorities and advice from work councils.The proposed transaction relates to the Mora brand and to factories inMaastricht and Mol (Belgium). Subsequent to the year end we have announced our intention to sell the majorityof our frozen foods business in Europe. Discontinued operations Following the announcement of the disposal of UCI, results for this businesshave been presented in our income statement as discontinued operations, in linewith the requirements of IFRS 5. The amount reported for 2005 represents theprofits and losses arising on these operations up to the time of disposaltogether with the profit arising on disposal. Basic earnings per €0.51 NV ordinary share in respect of the discontinuedoperations were €0.01 for the quarter and €0.49 for the year (2004: €0.02 and€0.05 respectively). Diluted earnings per €0.51 NV ordinary share in respect ofthe discontinued operations were €0.01 for the quarter and €0.47 for the year(2004: €0.02 and €0.05 respectively). Basic earnings per 1.4p PLC ordinary share in respect of the discontinuedoperations were 0.16 Euro cents for the quarter and 7.30 Euro cents for the year(2004: 0.31 Euro cents and 0.74 Euro cents respectively). Diluted earnings per1.4p PLC ordinary share in respect of the discontinued operations were 0.16 Eurocents for the quarter and 7.07 Euro cents for the year (2004: 0.29 Euro centsand 0.70 Euro cents respectively). The net cash flows attributable to the discontinued operations in respect ofoperating, investing and financing activities for the year were •(102) million,€623 million and •- million respectively (2004: €94 million, •(2) million and •-million). Exchange rate conventions The income statement on page 7, the statement of recognised income and expenseon page 8, the movements in equity on page 9 and the cash flow statement on page9 are translated at average rates current in each period. The balance sheet on page 8 and the analysis of net debt on page 9 is translatedat period-end rates of exchange. Supplementary information in US dollars and sterling is available on our websiteat www.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 2004 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. Reconciliation of profit for the year ended 31 December 2004(unaudited) Previously Goodwill Software Biological Pensions and Deferred tax reported and assets similar restatement under old indefinite obligations effect GAAP lived intangible assets • million • million • million • million • million • million Turnover 40 366 - - - - - Turnover of joint (197) - - - - -ventures Operating costs (36 758) 815 66 7 - - Share of operating 44 - - - - -profit of jointventures Operating profit/ 3 455 815 66 7 - -(loss) After charging: Impairment of Slim (591) (200) - - - - Fast Provision for (169) - - - - - Brazilian sales tax Share of operating 42 7 - - - -profit of associatesFinance costs (628) - - - - -Other finance income/ (61) - - - 1 -(cost) -pensions and similarobligationsShare of net profit of - - - - - -joint venturesShare of net profit of - - - - - -associatesIncome from other 31 - - - 23 -non-currentinvestments Profit/(loss) before 2 839 822 66 7 24 -taxation Taxation (782) 17 (17) (2) (8) (16) Profit/(loss) for the 2 057 839 49 5 16 (16)period Attributable to:Minority interests 181 2 1 2 - -Shareholders' equity 1 876 837 48 3 16 (16) Tax Joint Dividends Other Total Change Restated reclassifying ventures effect of relating under effect and transition to IFRS associates to IFRS turnover definition • million • million • million • million • million • million • million Turnover - (197) - - (197) (1 061) 39 108 Turnover of joint - 197 - - 197 - -ventures Operating costs - - - 14 902 1 061 (34 795) Share of operating - (44) - - (44) - -profit of jointventures Operating profit/ - (44) - 14 858 - 4 313(loss) After charging: Impairment of - - - - (200) - (791) Slim Fast Provision for - - - - - - (169) Brazilian sales tax Share of operating - (49) - - (42) - -profit of associatesFinance costs - 47 - 10 57 - (571)Other finance income - - - - 1 - (60)/(cost) -pensions and similarobligationsShare of net profit - 39 - - 39 - 39of joint venturesShare of net profit - 2 - - 2 - 2of associatesIncome from other - - - - 23 - 54non-currentinvestments Profit/(loss) before - (5) - 24 938 - 3 777taxation Taxation - 5 - (33) (54) - (836) Profit/(loss) for - - - (9) 884 - 2 941the period Attributable to: Minority interests - - - - 5 - 186Shareholders' equity - - - (9) 879 - 2 755 Reconciliation of profit for the fourth quarter ended 31 December 2004(unaudited) Previously Goodwill Software Biological Pensions Deferred reported and assets and similar tax under old indefinite obligations restatement GAAP lived effect intangible assets • million • million • million • million • million • million Turnover 10 233 - - - - - Turnover of joint ventures (50) - - - - - Operating costs (10 520) 30 35 - - - Share of operating profit of 9 - - - - -joint ventures Operating profit/(loss) (328) 30 35 - - - After charging: Impairment of Slim Fast (591) (200) - - - - Provision for Brazilian (169) - - - - - sales tax Share of operating profit of 8 2 - - - -associatesFinance costs (159) - - - - -Other finance income/(cost)- - - - - (1) -pensions and similarobligationsShare of net profit of joint - - - - - -venturesShare of net profit of - - - - - -associatesIncome from other 5 - - - 14 -non-current investments Profit/(loss) before (474) 32 35 - 13 -taxation Taxation 258 52 (9) - (5) 2 Profit/(loss) for the period (216) 84 26 - 8 2 Attributable to:Minority interests 39 - - - - -Shareholders' equity (255) 84 26 - 8 2 Tax Joint Dividends Other Total Change Restated reclassifying ventures effect of relating to under effect and transition turnover IFRS associates to IFRS definition • million • million • million • million • million • million • million Turnover - (50) - - (50) (258) 9 925 Turnover of joint - 50 - - 50 - -ventures Operating costs - - - 14 79 258 (10 183) Share of - (9) - - (9) - -operating profitof joint ventures Operating profit/ - (9) - 14 70 - (258)(loss)After charging:Impairment of - - - - (200) - (791)Slim FastProvision for - - - - - - (169)Brazilian salestax Share of - (10) - - (8) - -operating profitof associatesFinance costs - 12 - 10 22 - (137)Other finance - - - - (1) - (1)income/(cost) -pensions andsimilarobligationsShare of net - 8 - - 8 - 8profit of jointventuresShare of net - - - - - - -profit ofassociatesIncome from other - - - - 14 - 19non-currentinvestments Profit/(loss) - 1 - 24 105 - (369)before taxation Taxation - (1) - (33) 6 - 264 Profit/(loss) for - - - (9) 111 - (105)the period Attributable to:Minority - - - - - - 39interestsShareholders' - - - (9) 111 - (144)equity Reconciliation of equity at 31 December 2004(unaudited) Previously Goodwill Software Biological Pensions Deferred reported and assets and similar tax under old indefinite obligations restatement GAAP lived effect intangible assets • million • million • million • million • million • million Non-current assetsGoodwill 11 508 600 - - - -Intangible assets 3 830 903 166 - - -Property, plant and equipment 6 271 - - (36) - -Biological assets - - - 33 - -Joint ventures and associates 54 - - - - -Other non-current investments 148 - - - 174 -Pension asset for funded 456 - - - (39) -schemes in surplusTrade and other receivables due 1 198 - - - - -after more than one yearDeferred tax assets - - - - - -Total non-current assets 23 465 1 503 166 (3) 135 - Current assetsInventories 3 758 - - - - -Trade and other receivables due 4 505 - - - - -within one yearFinancial assets 1 016 - - - - -Cash and cash equivalents 1 587 - - - - -Total current assets 10 866 - - - - - Current liabilitiesCreditors due within one year (14 570) - - - - -Borrowings (5 155) - - - - -Trade and other payables (9 415) - - - - -Current tax liabilities - - - - - -Net current assets/ (3 704) - - - - -(liabilities)Total assets less current 19 761 1 503 166 (3) 135 -liabilities Non-current liabilitiesCreditors due after more than 7 610 - - - - -one yearBorrowings 6 893 - - - - -Trade and other payables 717 - - - - -Provisions for liabilities and 1 370 (6) - - -charges(excluding pensions and similarobligations)Restructuring and other 1 348 - - - -provisionsInterest in associates 22 (6) - - - -Liabilities for pensions and 4 374 - - - 186 -similar obligationsPension liability for funded 1 633 - - - 43 -schemes in deficitPension liability for unfunded 2 741 - - - 143 -schemesDeferred tax liabilities 511 (33) 50 1 (15) 1 068Total non-current liabilities 13 865 (39) 50 1 171 1 068 Shareholders' equityCalled up share capital 642 - - - - -Share premium account 1 530 - - - - -Other reserves (2 735) - - - - -Retained profit 6 097 1 540 115 (4) (36) (1 068)Total shareholders' equity 5 534 1 540 115 (4) (36) (1 068)Minority interests 362 2 1 - - -Total equity 5 896 1 542 116 (4) (36) (1 068)Total capital employed 19 761 1 503 166 (3) 135 - Tax Joint Dividends Other Total Restated reclassifying ventures effect of under effect and transition IFRS associates to IFRS • million • million • million • million • million • million Non-current assets Goodwill - - - - 600 12 108Intangible assets - - - - 1 069 4 899Property, plant and - - - (54) (90) 6 181equipmentBiological assets - - - - 33 33Joint ventures and - - - - - 54associatesOther non-current - - - 376 550 698investmentsPension asset for 208 - - - 169 625funded schemes insurplusTrade and other (973) - - 54 (919) 279receivables due aftermore than one yearDeferred tax assets 1 491 - - - 1 491 1 491Total non-current 726 - - 376 2 903 26 368assets Current assets Inventories - - - (2) (2) 3 756Trade and other - - - (374) (374) 4 131receivables due withinone yearFinancial assets - - - (3) (3) 1 013Cash and cash - - - 3 3 1 590equivalentsTotal current assets - - - (376) (376) 10 490 Current liabilities Creditors due within 686 - 1 215 - 1 901 (12 669)one yearBorrowings - - - - - (5 155)Trade and other 686 - 1 215 - 1 901 (7 514)payablesCurrent tax liabilities (686) - - (32) (718) (718)Net current assets/ - - 1 215 (408) 807 (2 897)(liabilities)Total assets less 726 - 1 215 (32) 3 710 23 471current liabilities Non-current liabilities Creditors due after - - - - - 7 610more than one yearBorrowings - - - - - 6 893Trade and other - - - - - 717payablesProvisions for - - - - (6) 1 364liabilities and charges(excluding pensions andsimilar obligations)Restructuring and other - - - - - 1 348provisionsInterest in associates - - - - (6) 16Liabilities for 1 519 - - - 1 705 6 079pensions and similarobligationsPension liability for 615 - - - 658 2 291funded schemes indeficitPension liability for 904 - - - 1 047 3 788unfunded schemesDeferred tax (793) - - - 278 789liabilitiesTotal non-current 726 - - - 1 977 15 842liabilities Shareholders' equity Called up share capital - - - - - 642Share premium account - - - - - 1 530Other reserves - - - - - (2 735)Retained profit - - 1 215 (32) 1 730 7 827Total shareholders' - - 1 215 (32) 1 730 7 264equityMinority interests - - - - 3 365Total equity - - 1 215 (32) 1 733 7 629Total capital employed 726 - 1 215 (32) 3 710 23 471 DIVIDENDS The Boards have resolved to recommend to the Annual General Meetings of NV andPLC, to be held on 8 May 2006 and 9 May 2006 respectively, the declaration offinal dividends in respect of 2005 on the ordinary capitals at the followingrates which are equivalent in value at the rate of exchange applied in terms ofthe Equalisation Agreement between the two companies. As required under IAS 10, final dividends for 2005 are not reflected in thefinancial statements for the year ended 31 December 2005, since they had notbeen approved by shareholders at the balance sheet date. Unilever N.V. €1.32 per ordinary share (2004: €1.26), bringing the total of NV's dividend for2005 to €1.98 per ordinary share (2004: €1.89). Unilever PLC 13.54p per ordinary share (2004: 12.82p), bringing the total of PLC's dividendfor 2005 to 20.31p per ordinary share (2004: 19.15p). Subject to AGM approval, the NV final dividend will be paid on 12 June 2006, toshareholders registered at close of business on 9 May 2006. Subject to AGM approval, the PLC final dividend will be paid on 12 June 2006, toshareholders registered at close of business on 19 May 2006. Dividend on New York shares of NV US dollar checks for the final dividend on the New York Shares of €0.51* nominalamount after deduction of Netherlands withholding tax at the appropriate rate,converted at the euro/dollar European Central Bank rate of exchange on 8 May2006 will be mailed on 11 June 2006 to holders of record at the close ofbusiness on 12 May 2006. If converted at the euro/dollar rate of exchange on 8February 2006, the NV final dividend would be US $1.577136 per New York share(2004 final dividend: US $1.619604 actual payment) before deduction ofNetherlands withholding tax. With the interim dividend in respect of 2005 of US$0.791472 at the actual euro/ dollar conversion rate, already paid, this wouldresult in a total for interim and final dividends in respect of 2005 of US$2.368608 per New York Share (2004: US $2.424996 actual payment). * This amount is a representation in euros on the basis of Article 67c Book 2 ofthe Dutch Civil Code, rounded to two decimal places, of underlying Dutchguilders, as these have not been converted into euros in Unilever N.V.'sArticles of Association. Dividend on American Depositary Receipts of PLC US Dollar checks for the final dividend on the American Depositary Receipts inPLC converted at the sterling/dollar rate of exchange current in London on9 May 2006 will be mailed on 11 June 2006 to holders of record at the close ofbusiness on 19 May 2006. Each American Depositary Receipt in PLC represents four1.4p ordinary shares in PLC. The PLC final dividend will therefore be 54.16p perAmerican Depositary Receipt in PLC. If converted at the sterling/dollar rate ofexchange on 8 February 2006, the PLC final dividend would be US $0.9438 perAmerican Depositary Receipt in PLC (2004 final dividend: US $0.9658 actualpayment). With the interim dividend in respect of 2005 of US $0.4779 at theactual sterling/dollar conversion rate, already paid, this would result in atotal for interim and final dividends in respect of 2005 of US $1.4217 perAmerican Depositary Receipt in PLC (2004: US $1.4312 actual payment). 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 the calculation of diluted earnings per share, a number of adjustments aremade to the number of shares, principally the following: (i) conversion into PLCordinary shares in the year 2038 of shares in a group company under thearrangements 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 full year 2005 2004 Combined EPS Thousands of unitsAverage number of combined share units of • 0.51 970 990 963 407Average number of combined share units of 1.4p 6 473 266 6 422 715 • million Net profit attributable to shareholders' equity 3 766 2 755Less: preference dividends n/a (28)Net profit attributable to shareholders' equity for 3 766 2 727basic earnings per share calculation Combined EPS per • 0.51 (Euros) 3.88 2.83Combined EPS per 1.4p (Euro cents) 58.17 42.46 Combined EPS - Diluted Thousands of unitsAdjusted average number of combined share units of • 0.51 1 002 303 1 010 885Adjusted average number of combined share units of 1.4p 6 682 023 6 739 234 • million Adjusted net profit attributable to shareholders' equity 3 769 2 748 Combined diluted EPS per • 0.51 (Euros) 3.76 2.72Combined diluted EPS per 1.4p (Euro cents) 56.40 40.78 Combined EPS - American shares Combined EPS per • 0.51 NV New York Share $4.82 $3.50Combined EPS per 5.6p PLC American Depositary Receipt $2.89 $2.10 Combined diluted EPS per • 0.51 NV New York Share $4.68 $3.37Combined diluted EPS per 5.6p PLC American Depositary Receipt $2.81 $2.02 DATES The Annual Report and Accounts 2005 will be published on 29 March 2006. Theresults for the first quarter 2006 will be published on 4 May 2006. ENQUIRIES: UNILEVER PRESS OFFICE+44 (0) 20 7822 6805/6010Internet: www.unilever.comE-mail: [email protected] 9 February 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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