SOURCE: Unilever

August 04, 2005 02:01 ET

Unilever announces Second Quarter and Half Year Results 2005

London/ Rotterdam -- (MARKET WIRE) -- August 4, 2005 --

         SECOND QUARTER AND HALF YEAR RESULTS 2005

Encouraging progress towards restoring top line growth and increased
competitiveness.

FINANCIAL HIGHLIGHTS
(unaudited)

  Second Quarter 2005    EUR million
Current Current Constant
  rates   rates    rates
                         Continuing operations:
 10 222      1%       2% Turnover
  1 265   (18)%    (18)% Operating profit
  1 124   (20)%    (20)% Pre-tax profit
    787   (26)%    (26)% Net profit from continuing
                         operations

                         Total operations:
   0.75   (29)%    (29)% EPS - NV (Euros)
  11.19   (29)%    (29)% EPS - PLC (Euro cents)

EUR million                             Half Year 2005
                                   Current Current Constant
                                     rates   rates    rates
Continuing operations:
Turnover                            19 367      2%       3%
Operating profit                     2 657    (7)%     (6)%
Pre-tax profit                       2 382    (8)%     (7)%
Net profit from continuing           1 751    (6)%     (6)%
operations

Total operations:
EPS - NV (Euros)                      1.71    (6)%     (6)%
EPS - PLC (Euro cents)               25.63    (6)%     (6)%

KEY FEATURES OF THE QUARTER

- Underlying sales grew by 3.3%, entirely from volume.

- Overall market shares have been stabilised since the start 
  of the year.

- Underlying profitability was robust, with savings programmes 
  and a better mix largely offsetting higher input costs and 
  increased marketing investment.

- Operating profit of EUR1.3 billion includes EUR353 million 
  write-down on Slim Fast.

CHIEF EXECUTIVE'S COMMENT AND OUTLOOK

The second quarter marks another encouraging step as we execute our plans to
improve top line performance. We have strengthened our innovation programme and
halted the decline in overall market share.

We are making good progress against our business priorities. Developing and
emerging markets are once again a key driver of growth for Unilever, with strong
sales in buoyant markets, and in personal care the improvement made in the first
quarter has been sustained. Conditions in Western Europe generally remain
difficult and we have more to do to improve our competitiveness there.

We have made major changes in the way the business is organised and I am pleased
that these are gaining traction. The focus on competitiveness is translating
into more and better innovation, into keener pricing of our products and sharper
execution in the way in which we bring our brands to the market.

We continue to drive cost efficiency through our savings programmes and these
are being reinforced as we integrate our foods and home and personal care
operations around the world. This has meant that so far this year we have
largely contained the impact on operating margin of higher input costs and the
increased level of investment behind our brands.

The meal replacement category declined further in the first half year. While
this is less than 1% of our business, the reduced market size requires an
additional write-down on Slim Fast which affects operating profit and earnings
per share in the quarter.

Looking forward, we do not expect significant change in the market environment
in the rest of the year. Input costs and investment behind our brands will
increase the pressure on margins. Against this background we remain focused on
the job of improving our competitiveness and restoring top line growth.

Patrick Cescau
Group Chief Executive
4 August 2005

Unilever has adopted international accounting standards (IFRS). These apply to
both the prior year comparators and the current year results. In addition, the
condensed interim financial statements are now shown only at current exchange
rates, while percentage year-on-year changes are shown at both current and
constant exchange rates to facilitate comparison. Further information on the
impact of IFRS can be found on page 10 and on the Unilever web site at
www.unilever.com/ourcompany/investorcentre/.

In the following commentary sales growth is stated on an underlying basis at
constant 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 internal
performance analysis and targeting purposes. 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 and profit.

Following the announcement of the disposal of our Prestige fragrances
operations, Unilever Cosmetics International (UCI), results for this business
have been presented in our financial results as discontinued operations, as
required by IFRS 5. For further information please refer to page 11. The profit
arising on the sale of this business will be included in our results for the
third quarter of 2005, and is expected to be around EUR450 million before tax.

SECOND QUARTER AND HALF YEAR FINANCIAL RESULTS

Underlying sales grew by 3.3% in the quarter, entirely coming from volume. In
the first half year, underlying sales grew by 4.6%, including about 2 percentage
points from additional days in the first quarter.

Turnover was 1.4% ahead in the quarter, with the growth in underlying sales
partly offset by a negative 1.8% from disposals and a small negative impact of
currency movements.

Operating margin was 12.4% in the quarter. This includes a reduction of 3.4
percentage points from a EUR353 million write-down of the carrying value of
Slim Fast, following the periodic review of goodwill and intangible assets at
the end of June. The additional impairment charge results from a further decline
in the market size of the meal replacement category and consequently a lower
sales outlook for Slim Fast.

Operating margin in the half year was 13.7%. This was 1.4 percentage points
lower than last year, including the impact of the Slim Fast write-down.
Restructuring costs in the half year were lower by EUR124 million, while profits
on disposals and asset sales were higher by EUR47 million. Savings programmes
and a better mix largely compensated for higher input costs and increased
marketing investment behind our brands.

Operating profit decreased by 18% in the quarter and
by 7% in the first half year. (Before the effect of the Slim Fast write-down,
operating profit increased by 5%
in both the quarter and the half year).

Net financing costs excluding pensions were reduced by 6% in the quarter, and by
4% in the first half year, through a lower level of net debt.

The tax rate was 30% in the quarter. For the first half year the tax rate was
26.5% compared with 28% last year. This reflects the benefit of non-recurring
items and is below the longer term expectation of 30%.

Net profit on continuing operations decreased by 26% in the quarter and by 6% in
the first half year, including the impact of the Slim Fast write-down. Within
this, there was a small adverse impact from currency movements.

Including the results of discontinued operations, EPS decreased by 29% in the
quarter and by 6% in the first half year. (Before the impact of the Slim Fast
write-down, EPS decreased by 7% in the quarter and increased by 6% in the first
half year).

CASH FLOW

Net cash flow from operating activities, which is net of tax payments, was
EUR1.4 billion for the first half year, a decrease of EUR0.6 billion on 2004. Of
this decrease, EUR0.4 billion comes from a higher seasonal outflow of working
capital in the first half year following a particularly low level achieved at
the end of 2004. Tax was EUR0.2 billion higher, including tax paid on capital
gains.

Net cash flow from investing activities was EUR0.6 billion higher, mainly due to
acquisition and disposal activity and net movements in investments with maturity
greater than three months. Net cash flow used in financing activities rose by
EUR0.2 billion, reflecting the higher dividend paid.

BALANCE SHEET

Goodwill and intangibles have increased by EUR0.9 billion since 1 January.
Currency movements added EUR1.4 billion, offset by Slim Fast impairment and
disposals totalling EUR0.5 billion. Inventories and trade receivables were
EUR1.8 billion higher, reflecting currency movements and seasonal build-ups.
Assets and liabilities held for sale include those related to the Prestige
fragrance business sold in July 2005.

Closing net debt was EUR11.5 billion, an increase of EUR0.3 billion from the
start of the year. A reduction of EUR1.4 billion on conversion of the EUR0.05
preference shares was largely offset by adverse currency movements, mainly from
a stronger US dollar, and purchases of treasury stock.

Total equity has increased by EUR2.1 billion since
1 January 2005. Net profit added EUR1.7 billion and currency retranslation added
EUR0.5 billion. Treasury stock was used for the conversion of the EUR0.05
preference shares. This had the effect of reducing borrowings by EUR1.4 billion
and increasing equity by the same amount. Subsequent purchases of treasury stock
and the 2004 dividend reduced equity by EUR0.3 billion and EUR1.2 billion
respectively.

SECOND QUARTER PERFORMANCE BY REGION

EUROPE

The difficult market conditions in much of the region have continued.
Competition is intense between retailers as well as between manufacturers and
pricing is under pressure. Our markets in home and personal care are flat, while
foods categories have grown by about 1%.

Underlying sales declined by 0.6% in the quarter, with volumes slightly ahead,
but lower pricing as we have moved to improve competitiveness. The volume growth
represents an improvement compared with the first quarter, including a better
performance in both sales and market shares in ice cream.

Market shares, in aggregate across our categories, have been stable since the
start of the year, although they are still lower than a year ago.

Central and Eastern Europe grew strongly, particularly in Russia across all home
and personal care categories and in Knorr and Calve in savoury and dressings.

Sales in Western Europe were disappointing in a challenging environment,
particularly in the UK, France and the Netherlands, and by category in home and
personal care and in frozen foods. We expect to see a gradual improvement
resulting from a step-up in activity and innovation.

The 'Vitality' theme increasingly drives our innovation programme across both
foods and home and personal care.

In Foods, the Flora/Becel brand continues to extend its footprint with the
roll-out of the pro-activ range, now including yoghurt drinks. Knorr Vie shots
have been extended to the UK and Spain after a successful start in Belgium and
the Netherlands.

Across the region, Magnum 5 Senses ice creams are off to a good start.

In laundry, the globally successful 'Dirt is Good' campaign is now being applied
to re-energise the Persil brand in the UK and Ireland and Skip in a number of
other countries. In personal care, the Sunsilk styling range is being rolled out
following launches in the first quarter.

The operating margin, at 17.6%, was 2.2 percentage points higher than last year,
boosted by profits on disposals and with a lower level of restructuring costs.
The benefits of savings programmes and an improved mix more than offset higher
input costs and more competitive pricing.

THE AMERICAS

There has been a sustained pick-up in market growth in home and personal care
categories in the US and most Latin American countries remain buoyant, however
markets in foods categories in the US were flat.

Underlying sales grew by 5%, entirely from volume, with solid growth in the US
and strong performances in Brazil, Mexico and Argentina.

In home and personal care in the US, aggregate market shares have recovered in
the first half and are now back close to the level of a year ago. Sales
performance improved, driven by very good volume growth in skin care and
deodorants.

US foods had a relatively weaker quarter, as expected, against a strong
comparator in the previous year which had benefited from rapid growth of the
Carb Options range. Sales of the new Country Crock side dishes and Bertolli
frozen meals are doing well. Aggregate shares have improved since the start of
the year, although they are still slightly lower than a year ago. The ice cream
business continues to perform well.

The meal replacement category has seen a further sharp decline. Within this,
Slim Fast has increased share, but sales are well down. We are driving
innovation with a range of high protein products and new 'meal-on-the-go' bars,
and are further integrating the business into our other operations.

Market shares remain healthy across Latin America and our established businesses
are benefiting from increasing consumer demand. Sales in Argentina are rising
strongly and we are growing well again in Chile. In Brazil volumes are well
ahead, particularly in home and personal care, despite an upsurge in local
competition in lower priced segments of the market. Growth in Mexico was broad
based across categories.

The innovation programme includes a series of activities directed at the
'Vitality' opportunity. In the US, we have launched: Hellmann's with Canola oil,
for a healthy heart; Ragu organic sauces; Lipton tea with the AOX seal -
promoting tea's naturally antioxidant properties, and the 'Smart' ranges of
Breyers ice cream.

AdeS soy based drinks in Latin America have been enhanced with new flavours and
'light' varieties. Hellmann's cholesterol free mayonnaise has been extended to
Brazil and Central America.

In the US a Dove hair styling range and Dove cool moisturising bar and body wash
have been launched. The Axe range has been extended with shower gel and
deodorant sticks and Degree for men has been introduced. In laundry, all now
includes a detergent with softening.

In Latin America we have introduced Sunsilk Hidraloe and Guarana and summer
variants of Dove across several categories.

The operating margin, at 5.1%, was 11.8 percentage points lower than last year,
of which 10.7 percentage points related to the write-down of Slim Fast. The
remaining reduction of 1.1 percentage points reflected increased investment in
advertising and promotions and lower profits on disposals. Savings programmes
and an improved mix largely offset higher input costs.

ASIA/AFRICA

Most markets across the region are growing well, with strong consumer demand,
although Japan remains a difficult business environment.

Underlying sales grew by 8%, mainly from volume but also with a contribution
from pricing to recover increased input costs, especially in home and personal
care. There was double digit growth across our key developing and emerging
markets, almost without exception. This contrasts with weaker performances in
Japan and Australia.

Overall market share has been held since the start of the year, but has not yet
recovered to the level of a year ago.

Good growth in India in the quarter was broad based across categories.

Highlights of a good performance in China were Omo laundry detergent,
outstanding growth of Lux Super Rich following its launch late last year, and
innovation led growth in Pond's.

Sales in Japan improved after several difficult quarters. Lipton tea is growing
well, but the competitive background in hair and skin care remains tough.

All our major businesses in South East Asia recorded strong growth in the
quarter, in very competitive markets. Laundry, household care and hair care
performed particularly well.

In Turkey sales and market shares made good progress. There has been
particularly encouraging progress in laundry, with Omo consolidating its
position as brand leader. Ice cream, tea and household care also grew well.

Arabia has grown strongly in a buoyant economy.

Recent innovation includes Dove shampoos in India, Dove combing cream in Turkey
and Sunsilk anti-dandruff shampoo in Arabia. New global bar products for Lux
have been launched in India, and Pond's Beauty White in China. In laundry, Omo
sensitive skin formulation has been introduced in Turkey and Indonesia.

Lipton ready-to-drink teas have been extended with milk tea in China and
Leaf'n'Lemon in Japan. Knorr Soupy Snax is being rolled out in a number of
countries in Asia.

The operating margin, at 13.0%, was slightly lower than last year. Input costs
in home and personal care have increased sharply, but this has been offset by
selective price increases, cost efficiencies and an improved mix.







SAFE HARBOUR STATEMENT: This announcement may contain forward-looking
statements, including 'forward-looking statements' within the meaning of the
United States Private Securities Litigation Reform Act of 1995. Words such as
'expects', 'anticipates', 'intends' or the negative of these terms and other
similar expressions of future performance or results and their negatives are
intended to identify such forward-looking statements. These forward-looking
statements are based upon current expectations and assumptions regarding
anticipated developments and other factors affecting the Group. They are not
historical facts, nor are they guarantees of future performance. Because these
forward-looking statements involve risks and uncertainties, there are important
factors that could cause actual results to differ materially from those
expressed or implied by these forward-looking statements, including, among
others, competitive pricing and activities, consumption levels, costs, the
ability to maintain and manage key customer relationships and supply chain
sources, currency values, interest rates, the ability to integrate acquisitions
and complete planned divestitures, physical risks, environmental risks, the
ability to manage regulatory, tax and legal matters and resolve pending matters
within current estimates, legislative, fiscal and regulatory developments,
political, economic and social conditions in the geographic markets where the
Group operates and new or changed priorities of the Boards. Further details of
potential risks and uncertainties affecting the Group are described in the
Group's filings with the London Stock Exchange, Euronext Amsterdam and the US
Securities and Exchange Commission, including the Annual Report and Accounts on
Form 20-F. These forward-looking statements speak only as of the date of this
document. Except as required by any applicable law or regulation, the Group
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained herein to
reflect any change in the Group's expectations with regard thereto or any change
in events, conditions or circumstances on which any such statement is based.

CONDENSED INTERIM FINANCIAL STATEMENTS

INCOME STATEMENT
(unaudited)

             Second Quarter                     EUR million
      2005     2004             Increase/
                               (Decrease)
                      Current    Constant
                        rates       rates

                                          Continuing operations:


    10 222   10 077        1%          2% Turnover

     1 265    1 548     (18)%       (18)% Operating profit
                                          After charging:
     (353)        -                       Impairment of Slim Fast


     (153)    (172)                       Net finance costs

         4      (8)                       Finance income

     (145)    (142)                       Finance costs

      (12)     (22)                       Pensions and similar
                                          obligations
         8        9                       Share in net profit of
                                          joint ventures
       (8)        1                       Share in net profit/
                                          (loss) of associates
        12       19                       Other income from
                                          non-current investments

     1 124    1 405     (20)%       (20)% Profit before taxation

     (337)    (342)                       Taxation


       787    1 063     (26)%       (26)% Net profit from
                                          continuing operations

       (3)        7                       Net profit/(loss) from
                                          discontinued operations

       784    1 070     (27)%       (27)% Net profit for the
                                          period

                                          Attributable to:
        53       53                       Minority interests
       731    1 017     (28)%       (29)% Shareholders' equity





                                          Combined earnings per
                                          share
                                          From total operations

      0.75     1.05     (29)%       (29)% Per EUR 0.51 ordinary
                                          NV share (Euros)
     11.19    15.72     (29)%       (29)% Per 1.4p ordinary PLC
                                          share (Euro cents)

      0.73     1.01     (28)%       (28)% Per EUR 0.51 ordinary
                                          NV share - diluted
                                          (Euros)
     10.91    15.07     (28)%       (28)% Per 1.4p ordinary PLC
                                          share - diluted (Euro
                                          cents)

                                          From continuing
                                          operations
      0.75     1.05     (28)%       (28)% Per EUR 0.51 ordinary
                                          NV share (Euros)
     11.24    15.61     (28)%       (28)% Per 1.4p ordinary PLC
                                          share (Euro cents)

      0.73     1.00     (27)%       (27)% Per EUR 0.51 ordinary
                                          NV share - diluted
                                          (Euros)
     10.95    14.98     (27)%       (27)% Per 1.4p ordinary PLC
                                          share - diluted (Euro
                                          cents)

         EUR million                      Half Year
                                  2005    2004        Increase/
                                                     (Decrease)
                                               Current Constant
                                                 rates    rates

Continuing operations:


Turnover                        19 367  19 027      2%       3%

Operating profit                 2 657   2 865    (7)%     (6)%
After charging:
Impairment of Slim Fast          (353)       -


Net finance costs                (306)   (330)

Finance income                     101      78

Finance costs                    (379)   (367)

Pensions and similar              (28)    (41)
obligations
Share in net profit of joint        18      18
ventures
Share in net profit/(loss) of      (8)       2
associates
Other income from non-current       21      32
investments

Profit before taxation           2 382   2 587    (8)%     (7)%

Taxation                         (631)   (719)


Net profit from continuing       1 751   1 868    (6)%     (6)%
operations

Net profit/(loss) from              14       4
discontinued operations

Net profit for the period        1 765   1 872    (6)%     (5)%

Attributable to:
Minority interests                 100     102
Shareholders' equity             1 665   1 770    (6)%     (5)%





Combined earnings per share

From total operations

Per EUR 0.51 ordinary NV share    1.71    1.82    (6)%     (6)%
(Euros)
Per 1.4p ordinary PLC share      25.63   27.30    (6)%     (6)%
(Euro cents)

Per EUR 0.51 ordinary NV share    1.66    1.75    (5)%     (5)%
- diluted (Euros)
Per 1.4p ordinary PLC share -    24.85   26.20    (5)%     (5)%
diluted (Euro cents)

From continuing operations

Per EUR 0.51 ordinary NV share    1.69    1.82    (7)%     (6)%
(Euros)
Per 1.4p ordinary PLC share      25.42   27.23    (7)%     (6)%
(Euro cents)

Per EUR 0.51 ordinary NV share    1.64    1.74    (6)%     (5)%
- diluted (Euros)
Per 1.4p ordinary PLC share -    24.64   26.14    (6)%     (5)%
diluted (Euro cents)


STATEMENT OF RECOGNISED INCOME AND EXPENSE
(unaudited)

EUR million                                              Half Year
                                                      2005      2004


Fair value gains/(losses) on financial                  12       n/a
instruments and
cash flow hedges net of tax
Actuarial gains/(losses) on pension schemes net         12      (53)
of tax
Currency retranslation gains/(losses) net of tax       556      (90)

Net income/(expense) recognised directly in            580     (143)
equity

Net profit for the period                            1 765     1 872

Total recognised income and expense for the          2 345     1 729
period

Attributable to:
Minority interests                                     146       104
Shareholders' equity                                 2 199     1 625

BALANCE SHEET
(unaudited)

EUR million                                  As at    As at    As at
                                            2 July       31  26 June
                                              2005 December     2004
                                                       2004

Non-current assets

Goodwill and intangible assets              17 876   17 007   18 952
Property, plant and equipment                6 451    6 181    6 581
Pension asset for funded schemes in            720      625      788
surplus
Deferred tax assets                          1 633    1 491    1 329
Other non-current assets                     1 243    1 064    1 096
Total non-current assets                    27 923   26 368   28 746

Assets held for sale                           373      n/a      n/a

Current assets

Inventories                                  4 282    3 756    4 319
Trade and other receivables due within       5 370    4 131    5 227
one year
Financial assets                               372    1 013    1 188
Cash and cash equivalents                    1 594    1 590    2 297
Total current assets                        11 618   10 490   13 031

Current liabilities

Borrowings due within one year             (7 506)  (5 155)  (7 317)
Trade payables and other current           (8 613)  (8 232)  (9 129)
liabilities
Total current liabilities                 (16 119) (13 387) (16 446)
Net current assets/(liabilities)           (4 501)  (2 897)  (3 415)
Total assets less current liabilities       23 795   23 471   25 331

Non-current liabilities

Borrowings due after one year                6 085    6 893    9 042
Pension liability for funded schemes in      2 377    2 291    2 460
deficit
Pension liability for unfunded schemes       4 053    3 788    3 693
Deferred tax liabilities                       835      773    1 177
Restructuring and other provisions           1 349    1 364      794
Other non-current liabilities                  761      717      803
Total non-current liabilities               15 460   15 826   17 969

Liabilities held for sale                      119      n/a      n/a

Equity

Shareholders' equity                         7 802    7 280    6 973
Minority interests                             414      365      389
Total equity                                 8 216    7 645    7 362
Total capital employed                      23 795   23 471   25 331

MOVEMENTS IN EQUITY
(unaudited)

EUR million                                             Half Year
                                                      2005      2004


Equity at 31 December 2004                           7 645       n/a
IFRS transition adjustment for financial           (1 564)       n/a
instruments (including preference shares)
Equity at 1 January                                  6 081     7 194
Total recognised income and expense for the          2 345     1 729
period
Dividends                                          (1 229)   (1 134)
Conversion of preference shares                      1 380         -
(Purchase)/sale of treasury stock                    (285)     (366)
Share option credit                                     85       121
Dividends paid to minority shareholders              (106)     (122)
Currency retranslation gains/(losses) net of tax      (55)      (25)
Other movements in equity                                -      (35)
Equity at the end of the period                      8 216     7 362

CASH FLOW STATEMENT
(unaudited)

EUR million                                             Half Year
                                                      2005      2004

Operating activities

Cash flow from operating activities                  2 127     2 557
Income tax paid                                      (777)     (576)
Net cash flow from operating activities              1 350     1 981

Investing activities

Interest received                                       79        36
Net capital expenditure                              (335)     (373)
Acquisitions and disposals                             117       (6)
Other investing activities                             299     (133)
Net cash flow from/(used in) investing                 160     (476)
activities

Financing activities

Dividends paid on ordinary share capital           (1 093)     (962)
Interest and preference dividends paid               (364)     (338)
Change in borrowings and finance leases                327       414
Purchase of own shares                               (285)     (343)
Other financing activities                           (101)      (63)
Net cash flow from/(used in) financing             (1 516)   (1 292)
activities

Net increase/(decrease) in cash and cash               (6)       213
equivalents

Cash and cash equivalents at the beginning of        1 406     1 428
the year

Effect of foreign exchange rate changes               (36)       381

Cash and cash equivalents at the end of period       1 364     2 022

ANALYSIS OF NET DEBT
(unaudited)

EUR million                                           As at    As at
                                                     2 July        1
                                                       2005  January
                                                                2005

Cash and cash equivalents as per cash flow            1 364    1 406
statement
Add: bank overdrafts deducted therein                   229      184
Less: cash and cash equivalents in assets/                1      (8)
liabilities held for disposal
Cash and cash equivalents as per balance sheet        1 594    1 582
Financial assets                                        372      533
Borrowings due within one year                      (7 506)  (6 448)
Borrowings due after one year                       (6 085)  (7 221)
Derivatives and finance leases included in other        127      369
receivables and other liabilities
Net debt at the end of the period                  (11 498) (11 185)

GEOGRAPHICAL ANALYSIS
(unaudited)

Continuing operations - Second Quarter

EUR million                      Europe Americas    Asia/    Total
                                                   Africa

Turnover

2004                              4 431    3 164    2 482   10 077
2005                              4 307    3 300    2 615   10 222
Change                           (2.8)%     4.3%     5.3%     1.4%
Impact of:
Exchange rates                     0.1%     0.1%   (1.1)%   (0.2)%
Acquisitions                       0.2%     0.0%     0.0%     0.1%
Disposals                        (2.5)%   (0.8)%   (1.6)%   (1.8)%
Underlying sales growth          (0.6)%     5.1%     8.2%     3.3%
Price                            (0.8)%     0.0%     1.1%   (0.1)%
Volume                             0.2%     5.0%     7.0%     3.4%

Operating profit

2004                                684      536      328    1 548
2005                                757      167      341    1 265
Change current rates              10.7%  (68.8)%     3.7%  (18.3)%
Change constant rates             10.8%  (71.7)%     6.4%  (18.5)%

Operating margin

2004                              15.4%    16.9%    13.2%    15.4%
2005                              17.6%     5.1%    13.0%    12.4%


Continuing operations - Half Year


EUR million                      Europe Americas    Asia/    Total
                                                   Africa

Turnover

2004                              8 251    6 045    4 731   19 027
2005                              8 175    6 248    4 944   19 367
Change                           (0.9)%     3.4%     4.5%     1.8%
Impact of:
Exchange rates                     0.2%   (1.1)%   (2.2)%   (0.8)%
Acquisitions                       0.2%     0.0%     0.0%     0.1%
Disposals                        (2.5)%   (1.1)%   (2.0)%   (1.9)%
Underlying sales growth            1.2%     5.7%     9.1%     4.6%
Price                            (0.9)%     0.4%     0.9%     0.0%
Volume                             2.1%     5.3%     8.1%     4.6%

Operating profit

2004                              1 284      969      612    2 865
2005                              1 398      606      653    2 657
Change current rates               8.9%  (37.5)%     6.6%   (7.3)%
Change constant rates              8.9%  (37.6)%    10.2%   (6.5)%

Operating margin

2004                              15.6%    16.0%    12.9%    15.1%
2005                              17.1%     9.7%    13.2%    13.7%

Operating profit/(loss) of discontinued operations - Second Quarter

EUR million                     Europe Americas    Asia/     Total
                                                  Africa

2004                               (5)       19        -        14
2005                               (5)        3        -       (2)

Operating profit/(loss) of discontinued operations - Half Year
EUR million                     Europe Americas    Asia/     Total
                                                  Africa

2004                              (13)       24        2        13
2005                                 2       20        -        22

CATEGORY ANALYSIS
(unaudited)

Continuing operations - Second Quarter

EUR million              Savoury   Spreads  Beverages      Ice
                             and       and               cream
                       dressings   cooking                 and
                                  products              frozen
                                                         foods

Turnover

2004                       2 065     1 104        774    1 938
2005                       2 048     1 037        776    1 996
Change                    (0.9)%    (6.0)%       0.2%     3.0%
Impact of:
Exchange rates              0.1%      0.5%     (0.6)%   (0.4)%
Acquisitions                0.0%      0.0%       0.2%     0.3%
Disposals                 (2.6)%    (5.5)%     (1.4)%   (0.9)%
Underlying sales            1.6%    (1.1)%       2.1%     4.1%
growth

Operating profit/
(loss)
2004                         369       179        108      309
2005                         346       178      (246)      383
Change current rates      (6.2)%    (0.8)%   (328.2)%    23.9%
Change constant rates     (5.8)%      0.0%   (344.8)%    24.5%

Operating margin

2004                       17.8%     16.3%      13.9%    15.9%
2005                       16.9%     17.2%    (31.6)%    19.2%

EUR million            Foods Personal    Home     Home   Total
                                 care    care      and
                                          and Personal
                                        other     Care

Turnover

2004                   5 881    2 490   1 706    4 196  10 077
2005                   5 857    2 595   1 770    4 365  10 222
Change                (0.4)%     4.2%    3.8%     4.0%    1.4%
Impact of:
Exchange rates        (0.1)%   (0.8)%    0.5%   (0.3)%  (0.2)%
Acquisitions            0.1%     0.0%    0.0%     0.0%    0.1%
Disposals             (2.4)%   (0.5)%  (1.3)%   (0.8)%  (1.8)%
Underlying sales        2.0%     5.6%    4.6%     5.2%    3.3%
growth

Operating profit/
(loss)
2004                     965      407     176      583   1 548
2005                     661      420     184      604   1 265
Change current rates (31.5)%     3.2%    4.0%     3.5% (18.3)%
Change constant      (32.5)%     4.7%    5.1%     4.8% (18.5)%
rates

Operating margin

2004                   16.4%    16.4%   10.3%    13.9%   15.4%
2005                   11.3%    16.2%   10.3%    13.8%   12.4%


Continuing operations - Half Year

EUR million              Savoury   Spreads  Beverages      Ice
                             and       and               cream
                       dressings   cooking                 and
                                  products              frozen
                                                         foods

Turnover

2004                       3 954     2 144      1 507    3 254
2005                       4 013     2 094      1 490    3 353
Change                      1.5%    (2.3)%     (1.1)%     3.1%
Impact of:
Exchange rates            (0.4)%      0.1%     (1.5)%   (0.8)%
Acquisitions                0.0%      0.0%       0.1%     0.4%
Disposals                 (2.1)%    (6.1)%     (1.2)%   (1.5)%
Underlying sales            4.0%      3.9%       1.5%     5.0%
growth

Operating profit/
(loss)
2004                         682       349        200      407
2005                         712       390      (155)      472
Change current rates        4.4%     11.7%   (177.5)%    16.1%
Change constant rates       5.1%     12.6%   (183.4)%    17.0%

Operating margin

2004                       17.2%     16.3%      13.3%    12.5%
2005                       17.7%     18.6%    (10.4)%    14.1%

EUR million            Foods Personal    Home     Home   Total
                                 care    care      and
                                          and Personal
                                        other     Care

Turnover

2004                  10 859    4 754   3 414    8 168  19 027
2005                  10 950    4 973   3 444    8 417  19 367
Change                  0.8%     4.6%    0.9%     3.0%    1.8%
Impact of:
Exchange rates        (0.6)%   (1.7)%  (0.5)%   (1.2)%  (0.8)%
Acquisitions            0.2%     0.0%    0.0%     0.0%    0.1%
Disposals             (2.6)%   (0.6)%  (1.7)%   (1.1)%  (1.9)%
Underlying sales        4.0%     7.1%    3.1%     5.4%    4.6%
growth

Operating profit/
(loss)
2004                   1 638      793     434    1 227   2 865
2005                   1 419      857     381    1 238   2 657
Change current rates (13.3)%     8.0% (12.4)%     0.8%  (7.3)%
Change constant      (13.3)%    10.7% (11.9)%     2.6%  (6.5)%
rates

Operating margin

2004                   15.1%    16.7%   12.7%    15.0%   15.1%
2005                   13.0%    17.2%   11.0%    14.7%   13.7%

Discontinued operations

Operating loss of discontinued operations for the second quarter of 2005 was EUR
(2) million (2004: profit of EUR14 million), and operating profit for the half
year was EUR22 million (2004: EUR13 million). These amounts relate wholly to the
personal care category.

NOTES
(unaudited)

Adoption of IFRS

Unilever adopted International Financial Reporting Standards (IFRS) with effect
from 1 January 2005. This includes the early adoption of IAS 19 (revised 2004) 
on employee benefits. Our transition date is 1 January 2004 as this is the start
date of the earliest period for which we will present full comparative 
information under IFRS in our 2005 Annual Report and Accounts.

These condensed interim financial statements have been prepared in accordance
with IAS 34. The financial information is prepared under the historical cost
convention as modified by the revaluation of biological assets, financial assets
classified as 'available-for-sale' and 'at fair value through profit or loss',
and derivatives.

IFRS 1 mandates that most IFRS are applied fully retrospectively, meaning that
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 per
26 June 2004 and the income statements for the quarter and the six month periods
then ended is given on pages 12 to 14. 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 in
accounting policies. These changes are applied prospectively from
1 January 2005.

Financial instruments (including preference shares)

Since 1 January 2005 Unilever has applied IAS 32 and IAS 39. These standards
have many detailed consequences, however the key areas of impact for Unilever
are described below.

Under IAS 32, Unilever must present the NV preference share capital as a
liability rather than as part of equity. All of the dividends paid on these
preference shares are recognised in the income statement as interest expense.
The carrying value of the preferential share capital of NV as at 1 January 2005
was EUR1 502 million.

IAS 39 requires certain non-derivative financial assets to be held at fair value
with 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 they
are measured at amortised cost plus the fair value of the hedged risk.

IAS 39 requires recognition of all derivative financial instruments on the
balance sheet and that they are measured at fair value. The standard also places
significant restrictions on the use of hedge accounting and changes the hedge
accounting methodology. As a result Unilever recognises all derivative financial
instruments on balance sheet at fair value and applies the new hedge accounting
methodology to all significant qualifying hedging relationships.

Non-current assets and asset groups held for sale

Application of IFRS 5 has resulted in reclassifications of non-current assets
and asset groups held for sale in the balance sheet as at 1 January 2005. It
does not significantly affect the asset values themselves. Following the
announcement of the sale of UCI, results have been analysed between continuing
and discontinued operations, as required by IFRS 5.

Turnover definition

From 1 January 2005 Unilever changed its treatment of promotional couponing and
trade communications. From 1 January 2005 these costs are deducted from turnover
together with other trade promotion costs which are already deducted from
turnover. Comparatives have been restated to reflect this change, which has no
impact on operating profit or net profit.

Issuances and repayments of debt

Movements during the quarter included the repayment of US $ 200 million Notes at
maturity on 20 June 2005.

Preference shares

On 15 February 2005 after close of trading, NV converted part of the notional
value of the NLG 0.10 (EUR 0.05*) cumulative preference shares into NV ordinary
shares. Upon conversion the holders of the preference shares received one NV
ordinary share for every 11.2 preference shares held. This resulted in a total
of 18 881 587 NV ordinary shares being transferred to the preference
shareholders. These NV ordinary shares had previously been held as treasury
shares by NV. As a consequence of the conversion, the notional value of the
shares was reduced to EUR0.05*. On 10 May 2005 the Annual General Meeting of the
shareholders of NV resolved to cancel the preference shares upon repayment of
the notional value in accordance with NV's articles of Association. The shares
were cancelled at midnight on 13 July 2005 and were delisted by Euronext with
effect from 14 July 2005.

* This amount is a representation in Euros on the basis of Article 67c Book 2 of
the Dutch Civil Code, rounded to two decimal places, of underlying Dutch
guilders, as these have not been converted into Euros in Unilever N.V.'s
Articles of Association.

Acquisitions and Disposals

On 11 July 2005, we announced the completion of the sale of our Prestige
fragrance business, Unilever Cosmetics International (UCI), to Coty Inc. of the
United States. Unilever received US $800 million in cash, with the opportunity
for further deferred payments contingent upon future sales. The business
includes the perfume licences for Calvin Klein, Cerruti, Vera Wang, Chloe and
Lagerfeld, as well as a manufacturing and distribution centre in Mt. Olive, New
Jersey, United States and a distribution centre in Lille, France. Sales for the
global prestige business in 2004 were in excess of US $600 million (EUR490
million). The profit arising on the sale of this business will be included in
our results for the third quarter of 2005, and is expected to be around EUR450
million before tax.

Impairment

Since the beginning of the year we have continued to review the carrying value
of goodwill and intangibles relating to the global Slim Fast business in light
of the continuing decline in size of the weight management category and a lower
sales outlook for this part of our business. Our review at the end of Q2
resulted in a pre-tax charge of EUR353 million being taken to reflect a reduced
view of the future size of the Slim Fast brand. The impairment charge is
included within operating profit of the Americas region. The impairment review
comprised a comparison of the carrying value of the brand with its value in use,
calculated using a discounted cash flow methodology. The relevant cash flow
projections covered a period of 10 years as management considers that this
period fairly reflects long-term value in this highly dynamic category. The
discount rate used for the valuation was based on a pre-tax weighted average
cost of capital and was 11%.

Dividends

The following final dividends in respect of 2004 were declared at the Annual
General Meetings on 10 May and 11 May 2005:

Unilever N.V.: EUR1.26 per ordinary EUR0.51 share
Unilever PLC : 12.82p per ordinary 1.4p share

These dividends were paid to shareholders on 13 June 2005.

Discontinued operations

Following the announcement of the disposal of UCI, results for this business
have been presented in our income statement as discontinued operations, in line
with the requirements of IFRS 5. The amount reported for the year to date
represents the profits and losses arising on these operations during the first
half of 2005. The assets and liabilities of the business have been classified as
assets and liabilities held for disposal in our reported balance sheet as at 2
July 2005.

Basic earnings per EUR0.51 NV ordinary share in respect of the discontinued
operations were EUR0.00 for the quarter and EUR0.02 for the year to date (2004:
EUR0.00 in both cases). Diluted earnings per EUR0.51 NV ordinary share in
respect of the discontinued operations were EUR0.00 for the quarter and EUR0.02
for the year to date (2004: EUR0.01 in both cases).

Basic earnings per 1.4p PLC ordinary share in respect of the discontinued
operations were (0.05) Euro cents for the quarter and 0.21 Euro cents for the
year to date (2004: 0.11 Euro cents and 0.07 Euro cents respectively). Diluted
earnings per 1.4p PLC ordinary share in respect of the discontinued operations
were (0.04) Euro cents for the quarter and 0.21 Euro cents for the half year
(2004: 0.09 Euro cents and 0.06 Euro cents respectively).

The cash outflows attributable to the discontinued operations in respect of
operating, investing and financing activites for the first half year were
EUR(60) million, EUR0 million and EUR0 million respectively (2004 : EUR(2)
million, EUR(1) million and EUR0 million).

Exchange rate conventions

The income statement on page 5, the statement of recognised income and expense
on page 6, the movements in equity on page 7 and the cash flow statement on page
7 are translated at rates current in each period.

The balance sheet on page 6 is translated at period-end rates of exchange.

Supplementary information in US dollars and sterling is available on our website
at
www.unilever.com/ourcompany/investorcentre/.





The financial statements attached do not constitute the full financial
statements within the meaning of Section 240 of the UK Companies Act 1985. Full
accounts for Unilever for the year ended 31 December 2004 have been delivered to
the Registrar of Companies. The auditors' report on these accounts was
unqualified 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 half year ended 26 June 2004
(unaudited)
                         Previously   Goodwill Software Biological
                           reported        and              assets
                          under old indefinite
                               GAAP      lived
                                    intangible
                                        assets
                                EUR        EUR      EUR        EUR
                            million    million  million    million

Turnover                     19 873          -        -          -

Turnover of joint              (96)          -        -          -
ventures

Operating costs            (17 451)        523       27          2

Share of operating               20          -        -          -
profit of joint ventures

Operating profit/(loss)       2 346        523       27          2

Share of operating               20          4        -          -
profit of associates
Finance costs                 (312)          -        -          -
Other finance income/          (43)          -        -          -
(cost) -
pensions and similar
obligations
Share of net profit of            -          -        -          -
joint ventures
Share of net profit of            -          -        -          -
associates
Income from other                21          -        -          -
non-current investments

Profit/(loss) before          2 032        527       27          2
taxation

Taxation                      (668)       (25)      (7)        (1)

Profit/(loss) for the         1 364        502       20          1
period

Attributable to:

Minority interests              100          1        1          -
Shareholders' equity          1 264        501       19          1



                        Pensions    Deferred           Tax      Joint
                     and similar         tax reclassifying   ventures
                     obligations restatement        effect        and
                                      effect               associates
                     EUR million EUR million   EUR million        EUR
                                                              million

Turnover                       -           -             -       (96)

Turnover of joint              -           -             -         96
ventures

Operating costs                -           -             -          -

Share of operating             -           -             -       (20)
profit of joint
ventures

Operating profit/              -           -             -       (20)
(loss)

Share of operating             -           -             -       (24)
profit of associates
Finance costs                  -           -             -         23
Other finance income           1           -             -          -
/(cost) -
pensions and similar
obligations
Share of net profit            -           -             -         18
of joint ventures
Share of net profit            -           -             -          2
of associates
Income from other             11           -             -          -
non-current
investments

Profit/(loss) before          12           -             -        (1)
taxation

Taxation                     (4)        (23)             -          1

Profit/(loss) for              8        (23)             -          -
the period

Attributable to:

Minority interests             -           -             -          -
Shareholders' equity           8        (23)             -          -

                     Dividends   Other      Total     Change Restated
                                        effect of   relating    under
                                       transition         to     IFRS
                                          to IFRS   turnover
                                                  definition
                           EUR     EUR        EUR        EUR      EUR
                       million million    million    million  million

Turnover                     -       -       (96)      (532)   19 245

Turnover of joint            -       -         96          -        -
ventures

Operating costs              -       -        552        532 (16 367)

Share of operating           -       -       (20)          -        -
profit of joint
ventures

Operating profit/            -       -        532          -    2 878
(loss)

Share of operating           -       -       (20)          -        -
profit of associates
Finance costs                -       -         23          -    (289)
Other finance income         -       -          1          -     (42)
/(cost) -
pensions and similar
obligations
Share of net profit          -       -         18          -       18
of joint ventures
Share of net profit          -       -          2          -        2
of associates
Income from other            -       -         11          -       32
non-current
investments

Profit/(loss) before         -       -        567          -    2 599
taxation

Taxation                     -       -       (59)          -    (727)

Profit/(loss) for            -       -        508          -    1 872
the period

Attributable to:

Minority interests           -       -          2          -      102
Shareholders' equity         -       -        506          -    1 770



Reconciliation of profit for the second quarter ended 26 June 2004
(unaudited)
                         Previously   Goodwill Software Biological
                           reported        and              assets
                          under old indefinite
                               GAAP      lived
                                    intangible
                                        assets
                                EUR        EUR      EUR        EUR
                            million    million  million    million

Turnover                     10 516          -        -          -

Turnover of joint              (53)          -        -          -
ventures

Operating costs             (9 184)        264       15          4

Share of operating               10          -        -          -
profit of joint ventures

Operating profit/(loss)       1 289        264       15          4

Share of operating               11          2        -          -
profit of associates
Finance costs                 (161)          -        -          -
Other finance income/          (23)          -        -          -
(cost) -
pensions and similar
obligations
Share of net profit of            -          -        -          -
joint ventures
Share of net profit of            -          -        -          -
associates
Income from other                19          -        -          -
non-current investments

Profit/(loss) before          1 135        266       15          4
taxation

Taxation                      (335)       (11)      (4)        (1)

Profit/(loss) for the           800        255       11          3
period

Attributable to:

Minority interests               51          -        1          1
Shareholders' equity            749        255       10          2

                        Pensions    Deferred           Tax      Joint
                     and similar         tax reclassifying   ventures
                     obligations restatement        effect        and
                                      effect               associates
                     EUR million EUR million   EUR million        EUR
                                                              million

Turnover                       -           -             -       (53)

Turnover of joint              -           -             -         53
ventures

Operating costs                -           -             -          -

Share of operating             -           -             -       (10)
profit of joint
ventures

Operating profit/              -           -             -       (10)
(loss)

Share of operating             -           -             -       (13)
profit of associates
Finance costs                  -           -             -         11
Other finance income           -           -             -          -
/(cost) -
pensions and similar
obligations
Share of net profit            -           -             -          9
of joint ventures
Share of net profit            -           -             -          1
of associates
Income from other              -           -             -          -
non-current
investments

Profit/(loss) before           -           -             -        (2)
taxation

Taxation                       -           1             -          2

Profit/(loss) for              -           1             -          -
the period

Attributable to:

Minority interests             -           -             -          -
Shareholders' equity           -           1             -          -

                     Dividends   Other      Total     Change Restated
                                        effect of   relating    under
                                       transition         to     IFRS
                                          to IFRS   turnover
                                                  definition
                           EUR     EUR        EUR        EUR      EUR
                       million million    million    million  million

Turnover                     -       -       (53)      (279)   10 184

Turnover of joint            -       -         53          -        -
ventures

Operating costs              -       -        283        279  (8 622)

Share of operating           -       -       (10)          -        -
profit of joint
ventures

Operating profit/            -       -        273          -    1 562
(loss)

Share of operating           -       -       (11)          -        -
profit of associates
Finance costs                -       -         11          -    (150)
Other finance income         -       -          -          -     (23)
/(cost) -
pensions and similar
obligations
Share of net profit          -       -          9          -        9
of joint ventures
Share of net profit          -       -          1          -        1
of associates
Income from other            -       -          -          -       19
non-current
investments

Profit/(loss) before         -       -        283          -    1 418
taxation

Taxation                     -       -       (13)          -    (348)

Profit/(loss) for            -       -        270          -    1 070
the period

Attributable to:

Minority interests           -       -          2          -       53
Shareholders' equity         -       -        268          -    1 017

Reconciliation of equity at 26 June 2004
(unaudited)
                         Previously   Goodwill Software Biological
                           reported        and              assets
                          under old indefinite
                               GAAP      lived
                                    intangible
                                        assets
                                EUR        EUR      EUR        EUR
                            million    million  million    million
Non-current assets

Goodwill                     13 313        414        -          -
Intangible assets             4 216        879      130          -
Property, plant and           6 680          -        -       (40)
equipment
Biological assets                 -          -        -         31
Joint ventures and               69          -        -          -
associates
Other non-current               170          -        -          -
investments
Pension asset for funded        574          -        -          -
schemes in surplus
Trade and other                 978          -        -          -
receivables
due after more than one
year
Deferred tax assets               -          -        -          -
Total non-current assets     26 000      1 293      130        (9)

Current assets

Inventories                   4 322          -        -          -
Trade and other               5 604          -        -          -
receivables
due within one year
Financial assets              1 072          -        -          -
Cash and cash                 2 413          -        -          -
equivalents
Total current assets         13 411          -        -          -

Current liabilities

Creditors due within one   (16 446)          -        -          -
year
Borrowings                  (7 317)          -        -          -
Trade and other payables    (9 129)          -        -          -
Current tax liabilities           -          -        -          -
Net current assets/         (3 035)          -        -          -
(liabilities)
Total assets less            22 965      1 293      130        (9)
current liabilities

Non-current liabilities

Creditors due after more      9 845          -        -          -
than one year
Borrowings                    9 042          -        -          -
Trade and other payables        803          -        -          -
Provisions for                  798        (4)        -          -
liabilities and charges
(excluding pensions and
similar obligations)
Restructuring and other         770          -        -          -
provisions
Interest in associates           28        (4)        -          -
Liabilities for pensions      4 451          -        -          -
and similar obligations
Pension liability for         1 746          -        -          -
funded schemes in
deficit
Pension liability for         2 705          -        -          -
unfunded schemes
Deferred tax liabilities        704          6       41        (1)
Total non-current            15 798          2       41        (1)
liabilities

Shareholders' equity

Called up share capital         642          -        -          -
Share premium account         1 538          -        -          -
Other reserves              (2 846)          -        -          -
Retained profit               7 445      1 289       89        (7)
Total shareholders'           6 779      1 289       89        (7)
equity
Minority interests              388          2        -        (1)
Total equity                  7 167      1 291       89        (8)
Total capital employed       22 965      1 293      130        (9)

                        Pensions    Deferred           Tax      Joint
                     and similar         tax reclassifying   ventures
                     obligations restatement        effect        and
                                      effect               associates
                     EUR million EUR million   EUR million        EUR
                                                              million
Non-current assets

Goodwill                       -           -             -          -
Intangible assets              -           -             -          -
Property, plant and            -           -             -          -
equipment
Biological assets              -           -             -          -
Joint ventures and             -           -             -          -
associates
Other non-current            191           -             -          -
investments
Pension asset for           (52)           -           266          -
funded schemes in
surplus
Trade and other                -           -         (782)          -
receivables
due after more than
one year
Deferred tax assets            -           -         1 329          -
Total non-current            139           -           813          -
assets

Current assets

Inventories                    -           -             -          -
Trade and other                -           -             -          -
receivables
due within one year
Financial assets               -           -             -          -
Cash and cash                  -           -             -          -
equivalents
Total current assets           -           -             -          -

Current liabilities

Creditors due within           -           -           960          -
one year
Borrowings                     -           -             -          -
Trade and other                -           -           960          -
payables
Current tax                    -           -         (960)          -
liabilities
Net current assets/            -           -             -          -
(liabilities)
Total assets less            139           -           813          -
current liabilities

Non-current
liabilities
Creditors due after            -           -             -          -
more than one year
Borrowings                     -           -             -          -
Trade and other                -           -             -          -
payables
Provisions for                 -           -             -          -
liabilities and
charges
(excluding pensions
and similar
obligations)
Restructuring and              -           -             -          -
other provisions
Interest in                    -           -             -          -
associates
Liabilities for              173           -         1 529          -
pensions and similar
obligations
Pension liability             13           -           701          -
for funded schemes
in deficit
Pension liability            160           -           828          -
for unfunded schemes
Deferred tax                (10)       1 153         (716)          -
liabilities
Total non-current            163       1 153           813          -
liabilities

Shareholders' equity

Called up share                -           -             -          -
capital
Share premium                  -           -             -          -
account
Other reserves                 -           -             -          -
Retained profit             (24)     (1 153)             -          -
Total shareholders'         (24)     (1 153)             -          -
equity
Minority interests             -           -             -          -
Total equity                (24)     (1 153)             -          -
Total capital                139           -           813          -
employed

                          Dividends    Other      Total Restated
                                              effect of    under
                                             transition     IFRS
                                                to IFRS
                                EUR      EUR        EUR      EUR
                            million  million    million  million
Non-current assets

Goodwill                          -        -        414   13 727
Intangible assets                 -        -      1 009    5 225
Property, plant and               -     (59)       (99)    6 581
equipment
Biological assets                 -        -         31       31
Joint ventures and                -        -          -       69
associates
Other non-current                 -      380        571      741
investments
Pension asset for funded          -        -        214      788
schemes in surplus
Trade and other                   -       59      (723)      255
receivables
due after more than one
year
Deferred tax assets               -        -      1 329    1 329
Total non-current assets          -      380      2 746   28 746

Current assets

Inventories                       -      (3)        (3)    4 319
Trade and other                   -    (377)      (377)    5 227
receivables
due within one year
Financial assets                  -      116        116    1 188
Cash and cash equivalents         -    (116)      (116)    2 297
Total current assets              -    (380)      (380)   13 031

Current liabilities

Creditors due within one          -        -        960 (15 486)
year
Borrowings                        -        -          -  (7 317)
Trade and other payables          -        -        960  (8 169)
Current tax liabilities           -        -      (960)    (960)
Net current assets/               -    (380)      (380)  (3 415)
(liabilities)
Total assets less current         -        -      2 366   25 331
liabilities

Non-current liabilities

Creditors due after more          -        -          -    9 845
than one year
Borrowings                        -        -          -    9 042
Trade and other payables          -        -          -      803
Provisions for                    -        -        (4)      794
liabilities and charges
(excluding pensions and
similar obligations)
Restructuring and other           -        -          -      770
provisions
Interest in associates            -        -        (4)       24
Liabilities for pensions          -        -      1 702    6 153
and similar obligations
Pension liability for             -        -        714    2 460
funded schemes in deficit
Pension liability for             -        -        988    3 693
unfunded schemes
Deferred tax liabilities          -        -        473    1 177
Total non-current                 -        -      2 171   17 969
liabilities

Shareholders' equity

Called up share capital           -        -          -      642
Share premium account             -        -          -    1 538
Other reserves                    -        -          -  (2 846)
Retained profit                   -        -        194    7 639
Total shareholders'               -        -        194    6 973
equity
Minority interests                -        -          1      389
Total equity                      -        -        195    7 362
Total capital employed            -        -      2 366   25 331

EARNINGS PER SHARE
(unaudited)

Combined earnings per share


The combined earnings per share calculations are based on the average number of
share units representing the combined ordinary shares of NV and PLC in issue
during the period, less the average number of shares held to meet options
granted under various employee share plans.

The number of combined share units is calculated from the underlying NV and PLC
shares using the exchange rate of GBP1 = EUR5.445, in accordance with the
Equalisation Agreement. This number (expressed in terms of NV shares) increased
from 962 million at the start of the year to 979 million at the end of the
second quarter (6 412 million to 6 525 million in terms of PLC shares) following
the conversion of the EUR0.05 preference shares in February. The number is
expected to reduce as we replenish treasury stock.

The calculations of diluted earnings per share are based on (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
EUR0.05* NV preference shares; (iii) the exercise of share options by employees.

Earnings per share for total operations for the half year

                                                      2005      2004


Combined EPS                                      Thousands of units
Average number of combined share units of EUR 0.51  974 006   965 018
Average number of combined share units of 1.4p    6 493 372 6 433 454

                                                       EUR million

Net profit attributable to shareholders' equity      1 665     1 770
Less: preference dividends                             n/a      (14)
Net profit attributable to shareholders' equity      1 665     1 756
for basic earnings per share calculation

Combined EPS per EUR 0.51 (Euros)                     1.71      1.82
Combined EPS per 1.4p (Euro cents)                   25.63     27.30

Combined EPS - Diluted                            Thousands of units
Adjusted average number of combined share units  1 006 610 1 011 432
of EUR 0.51
Adjusted average number of combined share units  6 710 734 6 742 878
of 1.4p

                                                       EUR million

Adjusted net profit attributable to                  1 668     1 767
shareholders' equity

Combined diluted EPS per EUR 0.51 (Euros)             1.66      1.75
Combined diluted EPS per 1.4p (Euro cents)           24.85     26.20



Combined EPS - American shares

Combined EPS per EUR 0.51 NV - New York Share        $2.19     $2.23
Combined EPS per 5.6p PLC - American Depositary      $1.31     $1.34
Receipt

Combined diluted EPS per EUR 0.51 NV - New York      $2.12     $2.14
Share
Combined diluted EPS per 5.6p PLC - American         $1.27     $1.29
Depositary Receipt

DATES

The results for the third quarter and the announcement of interim dividends will
be published on 3 November 2005.

Salient figures for the above results will be published in the Daily Telegraph
on 5 August.

ENQUIRIES: UNILEVER PRESS OFFICE
+44 (0) 20 7822 6805/6010
Internet: www.unilever.com
E-mail: press-office.london@unilever.com

4 August 2005


                  This information is provided by RNS
      The company news service from the London Stock Exchange