London/ Rotterdam--(Marketwire - November 1, 2007) -
THIRD QUARTER AND NINE MONTH RESULTS 2007 AND INTERIM DIVIDENDS
KEY FINANCIALS
(unaudited)
Third Quarter 2007 EUR million
Increase/(Decrease)
Current Current Constant
rates rates rates
Continuing operations:
10 243 1 % 4 % Turnover
1 403 (7)% (4)% Operating profit
1 370 21 % 24 % Pre-tax profit
1 069 37 % 40 % Net profit from continuing operations
1 068 31 % 34 % Net profit from total operations
0.35 44 % 47 % EPS from continuing operations (Euros)
0.35 38 % 40 % EPS from total operations (Euros)
EUR million
Nine Months 2007
Increase/(Decrease)
Current Current Constant
rates rates rates
Continuing operations:
Turnover 30 297 1 % 4 %
Operating profit 4 148 (5)% (1)%
Pre-tax profit 4 114 9 % 11 %
Net profit from continuing operations 3 274 17 % 20 %
Net profit from total operations 3 349 15 % 18 %
EPS from continuing operations (Euros) 1.07 20 % 23 %
EPS from total operations (Euros) 1.10 17 % 20 %
THIRD QUARTER RESULTS SUSTAIN MOMENTUM
HIGHLIGHTS
Financial Highlights
- Underlying sales growth of 5.3% in the first nine months.
Third quarter underlying sales growth of 4.5% (5.2% adjusted
for systems change in the US which pulled sales forward into
the second quarter).
- Operating margin of 13.7% in the quarter and in the first nine
months, with an underlying improvement of 0.2 percentage points
and 0.3 percentage points respectively.
- Earnings per share from continuing operations up 20% in the
first nine months, with an increased contribution from joint
ventures and associates, lower financing costs, and a lower
tax rate.
Operational Highlights
- Growth momentum sustained across regions and categories,
broadly in line with markets.
- Further sharp rise in commodity costs offset by increased
pricing and strong contribution from savings programmes.
- Good progress in implementation of accelerated restructuring
plans and portfolio development. Restructuring charges of
EUR234 million charged to operating profit in the third
quarter.
Interim dividend
- Interim dividend of EUR0.25 per NV share and 17.00p per PLC share.
GROUP CHIEF EXECUTIVE COMMENT
"The third quarter marks a continuation of the momentum established in the first
half of 2007.
The focus on our growth priorities, together with stronger innovation, improved
speed to market and better in-market execution, is delivering consistent and
sustainable organic growth.
At the same time, we have seen a third consecutive quarter of underlying
improvement in operating margins, despite a significantly tougher cost
environment. Commodity pressures have increased sharply, but we have
successfully offset these through timely pricing action and continued delivery
from our savings programmes.
We have made a strong start in implementing the accelerated change programme
announced in August. In the third quarter, we have progressed the establishment
of several new multi-country organisations as well as significant supply chain
restructuring in Europe. We have also announced a number of portfolio changes,
including the extension of our international Lipton ready-to-drink-tea joint
venture with PepsiCo.
Looking forward, I am confident that we will achieve our outlook for 2007, given
in August, and that our change programme leaves us well placed to deliver our
longer term objectives."
Patrick Cescau, Group Chief Executive 1 November 2007
ENQUIRIES
Media: Media Relations Team
UK +44 20 7822 6805 tim.johns@unilever.com
NL +31 10 217 4844
tanno.massar@unilever.com
Investors: Investor Relations Team
UK +44 20 7822 6830 investor.relations@unilever.com
US +1 201 894 2615 investor.relations-NewYork@unilever.com
There will be a web cast of the results presentation available at:
www.unilever.com/ourcompany/investorcentre/results/quarterlyresults/default.asp
UNILEVER THIRD QUARTER RESULTS 2007 AND INTERIM DIVIDENDS
In the following commentary we report underlying sales growth (USG) at constant
exchange rates, 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 internal
performance analysis and targeting purposes. We also use the movements in
Ungeared Free Cash Flow and Return On Invested Capital to measure progress
against our longer-term value creation goals. Unilever believes that such
measures provide additional information for shareholders on underlying business
performance trends. Such measures are not defined under IFRS or US GAAP and are
not intended to be a substitute for GAAP measures of turnover, profit and cash
flow. Further information about these measures is available on our website at
www.unilever.com/ourcompany/investorcentre.
To view the full text of this press release, paste the following link into your web browser:
http://www.rns-pdf.londonstockexchange.com/rns/7863g_-2007-11-1.pdf
This information is provided by RNS
The company news service from the London Stock Exchange