Unilever PLC - 1st Quarter Results
01 5월 1998 - 5:00PM
UK Regulatory
RNS No 8267h
UNILEVER PLC & NV
1st May 1998
UNILEVER RECORDS #754 MILLION PRE-TAX PROFIT IN FIRST QUARTER
First Quarter 1998 First Quarter 1997
# millions # millions
Turnover 7,072 7,179 -1%
- continuing operations 7,072 6,551 +8%
- discontinued operations 628
Operating Profit 719 526 +36%
- continuing operations 719 437 +64%
- discontinued operations 89
Operating Profit
- continuing operations
before exceptional items 708 503 +41%
Pre-Tax Profit 754 482 +56%
Net Profit
- constant exchange rates 460 287 +60%
- current exchange rates 426 296 +44%
Earnings per share 5.67p 3.94p +44%
Sales, expressed at constant exchange rates, decreased by 1% over the
corresponding period last year. Excluding the disposal of Speciality
Chemicals, sales in continuing operations rose by 8%. Operating profit was
36% higher than last year and before exceptional items the increase was 20%.
For the continuing operations the increase in operating profit before
exceptional items was 41%. Sales and profits were boosted by the fact that
this quarter, for reporting purposes, was six days longer than the
corresponding quarter last year. This benefit will reverse in the fourth
quarter.
Europe: sales unchanged due to disposals and pruning of non-priority
categories. All corporate categories made good progress; particularly strong
performance in home and personal care. Higher margins and strong profit growth
reflected benefit of restructuring and portfolio management.
North America: sales grew 8% despite disposals. Foods business had much
better quarter; good growth achieved in home and mass personal care. Operating
profit doubled and margins improved substantially.
Africa & Middle East: sales up 21% with growth in all categories. Good
performances in South Africa, Cote d'Ivoire, Egypt and Arabia. Profits grew
strongly. High commodity prices boosted sales and profits from plantations.
Asia & Pacific: sales increased 22%, partly through price increases due to
higher costs caused by sharp currency devaluation. First signs of slowdown in
consumption late in quarter. Continued investment to defend market positions.
Sales and results increased strongly in India.
Latin America: sales increase of 15% partly reflects benefit from 1997
acquisitions. In Brazil, Kibon made strong contribution to sales and profits
and there was good growth in home and personal care. Good performance in
Chile, Colombia and Mexico. Portfolio changes in 1997 helped strong margin
and profit growth.
UNILEVER RESULTS
First Quarter 1998
The directors of Unilever announce the Group's unaudited results for the
first quarter of 1998.
First Quarter
Financial Results
At constant rates of exchange, sales decreased by 1% over the
corresponding period last year; excluding the disposal of Speciality
Chemicals, sales in continuing operations rose by 8%. Operating profit was
36% higher than last year and before exceptional items the increase was
20%. For the continuing operations the increase in operating profit before
exceptional items was 41%. The positive swing in interest costs,
reflecting the strong cash position, resulted in an increase in profit
before tax of 56%. Net profit increased by 60%.
At exchange rates current for each quarter, net profit increased by 44% in
sterling and 45% in US dollars, reflecting the relative strength of these
currencies, and increased by 60% in guilders.
Sales and profits were boosted by the fact that this quarter, for
reporting purposes, was six days longer than the corresponding quarter
last year. This benefit will reverse in the fourth quarter.
Business Performance
The following commentary on the regions deals with the continuing
businesses, and is based on operating profit before exceptional items, at
constant rates of exchange.
In Europe, sales were unchanged due to the impact of business disposals
and the continuing pruning of non-priority categories. All corporate
categories made good progress, with a particularly strong performance in
home and personal care. The benefits from restructuring and portfolio
management are reflected in higher margins and the strong profit growth.
In North America, sales grew by 8% despite disposals. Our foods business
had a much better quarter compared to a slow start last year, and we also
achieved good growth in our home and mass personal care business.
Operating profit doubled and margins improved substantially.
In Africa and Middle East, sales were up 21%, with growth coming from all
categories. There were good performances in South Africa, Cote d'Ivoire,
Egypt and Arabia, and profits grew strongly. Higher commodity prices also
boosted sales and profits from plantations.
In Asia & Pacific, sales increased by 22%. This partly follows price
increases in a number of East Asian countries reflecting higher costs as a
consequence of sharp currency devaluation. Late in the quarter we saw the
first signs of a slowdown in consumption. However, we continue to invest
to defend our market positions through an active marketing program. India
had another good quarter and sales and results increased strongly.
In Latin America, the sales increase of 15% reflects, in part, the benefit
from acquisitions made in 1997. In Brazil, Kibon made a strong
contribution to sales and profits; we also had very satisfactory growth in
our established home and personal care categories. There were good
performances in Chile, Colombia and Mexico. The significant portfolio
changes made in 1997 also helped the strong margin and profit growth.
CONSOLIDATED PROFIT AND LOSS ACCOUNT (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 1997. This reporting convention facilitates
comparisons since the impact of exchange rate fluctuations is eliminated.
# millions First Quarter
1998 1997 Incr./(Decr)
TURNOVER 7,072 7,179 (1)%
Continuing operations 7,072 6,551 8 %
Discontinued operations - 628 - %
OPERATING PROFIT 719 526 36 %
Continuing operations 719 437 64 %
Discontinued operations - 89 - %
Operating profit BEI - Continuing 708 503 41 %
operations
Income from fixed investments 5 4
Interest (net) 30 (48)
PROFIT BEFORE TAXATION 754 482 56 %
Taxation (269) (184)
PROFIT AFTER TAXATION 485 298 62 %
Minority Interests (25) (11)
NET PROFIT AT CONSTANT 1997 460 287 60 %
EXCHANGE RATES
NET PROFIT AT EXCHANGE RATES 426 296 44 %
CURRENT IN EACH PERIOD
COMBINED EARNINGS PER SHARE
-per 1.25p of ordinary capital 5.67p 3.94p 44 %
ADDITIONAL INFORMATION (unaudited)
CONSOLIDATED RESULTS BEFORE EXCEPTIONAL ITEMS
The undernoted analysis provides supplementary information on the
consolidated results for comparative purposes only. The results shown
exclude the exceptional items taken in operating profit.
# millions First Quarter
at constant rates of 1998 1997 Incr./
exchange (Decr.)
Operating Profit 708 592 20%
Operating Profit - 708 503 41%
Continuing operations *
Profit before tax 743 548 36%
Taxation (264) (209) 26%
Net Profit 454 328 39%
* Continuing operations excludes the results of the Chemicals Businesses
sold to Imperial Chemical Industries on
8th July, 1997
GEOGRAPHICAL ANALYSIS
# millions First Quarter
1998 1997
Turnover
Europe 3,154 3,146
North America 1,409 1,299
Africa and Middle East 400 330
Asia and Pacific 1,226 1,005
Latin America 883 771
Sub-total 7,072 6,551
Discontinued Operations - 628
TURNOVER 7,072 7,179
Operating profit - before
exceptional items
Europe 316 263
North America 105 53
Africa and Middle East 38 27
Asia and Pacific * 136 82
Latin America 113 78
Sub-total 708 503
Discontinued Operations - 89
Exceptional Items 11 (66)
OPERATING PROFIT 719 526
Operating margin - before % %
exceptional items
Europe 10.0 8.4
North America 7.4 4.1
Africa and Middle East 9.5 8.3
Asia and Pacific 11.1 8.2
Latin America 12.8 10.2
Sub-total 10.0 7.7
Discontinued Operations - 14.2
OPERATING MARGIN BEI 10.0 8.3
OPERATING MARGIN 10.2 7.3
* Note: At current average rates of exchange for the first quarter, 1998
operating profit for those countries in South East Asia which have
experienced significant currency devaluation, reduces by approximately #30
million.
The results for Turkey formerly reported under the Africa and Middle East
region are reported within Europe from 1.1.1998. Results for 1997 have
been restated on the same basis.
NOTES
Acquisitions and Discontinued Operations
In the first three months of 1998 the effect on turnover and operating
profit of acquisitions made in the period was #2.7 million and #0.1
million respectively. In 1997, the speciality chemicals businesses were
discontinued as at the 8th July 1997.
Net debt and gearing
Net funds, at closing rates of exchange, were #3,189 million at the end of
the first quarter compared to a net debt of #1,905 million at the same
time last year. This improvement mainly reflects the impact of the
disposal of the chemicals businesses in 1997.
Exchange Rates
The results for the quarter and the comparative figures for 1997 have been
translated at constant average rates of exchange, being the annual average
rates for 1997. For our reporting currencies these were #1 = Fl. 3.18 =
US $1.64. In addition, the results and earnings per share have been
translated at rates current in each period. These are based on #1 = Fl.
3.38 = US $1.65 for first quarter 1998 and #1 = Fl. 3.03 = US $ 1.63 for
first quarter 1997.
Change in Accounting Standards
With effect from 1.1.98 the UK Standard FRS 10 on Goodwill is being
adopted. Goodwill on acquisitions after this date will be capitalised on
the Group Balance Sheet and amortised in operating profit over periods of
up to 20 years. Previously goodwill was written off to reserves on
acquisition. Goodwill will be amortised in results from the quarter
following the quarter in which it is acquired. There is, therefore, no
impact for this change in Q1 1998. Goodwill on acquisitions prior to
1.1.98 will not be capitalised nor will prior year results be restated for
this change.
Dates
The results for the second quarter and first half year of 1998 will be
announced on Friday 7 August 1998. This announcement will include
interim balance sheet and cash flow information.
1 May 1998
Enquiries: Unilever Press Office 0171 822 6805
E-Mail: press-office.london@unilever.com
Internet: http://www.unilever.com
END
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