SOURCE: Unilever

November 03, 2005 02:02 ET

Unilever announces Third Quarter Results 2005 and Interim Dividends

London/ Rotterdam -- (MARKET WIRE) -- November 3, 2005 --

            THIRD QUARTER RESULTS 2005 AND INTERIM DIVIDENDS

Continued progress towards improving competitiveness.

FINANCIAL HIGHLIGHTS
(unaudited)

   Third Quarter 2005    EUR million                 Nine Months 2005
Current Current Constant                         Current Current Constant
  rates   rates    rates                           rates   rates    rates
                         Continuing operations:
 10 224      4%       2% Turnover                 29 591      3%       2%
  1 594    (4)%     (6)% Operating profit          4 251    (6)%     (6)%
  1 453    (4)%     (5)% Pre-tax profit            3 835    (7)%     (7)%
  1 025   (11)%    (12)% Net profit from           2 776    (8)%     (8)%
                         continuing operations

                         Total operations:
   1.46     25%      24% EPS NV (Euros)             3.17      6%       6%
  21.86     25%      24% EPS PLC (Euro cents)      47.49      6%       6%

Interim dividend of EUR0.66 per NV ordinary share and 6.77p per PLC ordinary
share.

KEY FEATURES OF THE QUARTER
*   Underlying sales grew by 3.5%, entirely from volume.
*   Aggregate market shares are stable.
*   Cost saving programmes and an improved mix more than
    compensated for higher input costs.
*   The step-up in advertising and promotions continued in the
    quarter. Operating margin was 15.6%.
*   Total earnings per share grew by 25%, including a net profit
    of EUR448 million on the sale of UCI.

CHIEF EXECUTIVE'S COMMENT

This is now the fourth quarter of improved sales performance. I remain encouraged with the overall progress made in increasing competitiveness while driving cost efficiency.

The higher and more consistent weight of market investment behind our priorities is showing through in continued volume growth and stable market shares, with some gains in key battlegrounds. To date, there has been a pick-up in growth in Personal Care, in Developing and Emerging markets and from Vitality inspired innovation. However Western Europe remains difficult and we have not yet made the progress in restoring growth that we have elsewhere.

Our savings programmes are delivering well and, together with an improved mix, they have enabled us to fully offset the impact of higher input costs.

We are making good progress with the move to 'One Unilever' around the world, which will enable us to realise the potential of our scale in each country while simplifying the business.

The new organisation is sharpening attention on both consumer relevant innovation and our relationships with our customers. These changes will take time to gain full traction and are key to supporting future growth.

Patrick Cescau
Group Chief Executive
3 November 2005

Unilever has adopted International Financial Reporting 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 website 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.

THIRD QUARTER AND NINE MONTHS FINANCIAL RESULTS

Underlying sales grew by 3.5% in the quarter, with volume increasing by 3.6%. In the first nine months, underlying sales grew by 4.2%, including close to 1.5% from the additional days in the first quarter.

Turnover was 4.5% ahead in the quarter, benefiting by 2.4% from favourable currency movements and with a reduction of 1.5% from business disposals.

Operating margin was 15.6% in the quarter. The margin in the quarter was 1.4 percentage points lower than a year ago as a result of a higher level of advertising and promotional support for our brands. Savings programmes and an improved mix more than offset the impact of higher input costs. Net restructuring costs were at a similar level to last year.

For the first nine months, the operating margin was 14.4%, 1.3 percentage points below the same period last year. This was driven by a higher level of investment in advertising and promotions, and an impairment charge for Slim Fast in the second quarter, partly offset by lower net restructuring costs.

Operating profit decreased by 4% in the quarter and by 6% for the year to date.

Net financing costs excluding pensions were unchanged in the quarter as the benefits of a lower level of net debt were offset by the effect of higher interest rates.

The tax rate was 29% in the quarter compared with a rate of 24% in the same period last year, which included a significant benefit from a number of non-recurring items.

Net profit from continuing operations decreased by 11% in the quarter and by 8% in the year to date with negligible impact from currency movements.

Net profit from discontinued operations included a gain of EUR448 million after tax on the disposal of Unilever Cosmetics International (UCI). Including this, total earnings per share increased by 25% in the quarter and is ahead by 6% in the first nine months.

CASH FLOW

Cash and cash equivalents increased by EUR0.5 billion during the first nine months of 2005, an increase of EUR0.9 billion over the same period last year. Net cash flow from operating activities, which is net of tax payments, was EUR2.8 billion for the nine months, a decrease of EUR0.6 billion on 2004. Of this decrease, EUR0.4 billion comes from a higher outflow for working capital in 2005 following a particularly low level achieved at the end of 2004. Operating profit excluding disposal profits and non-cash items such as impairments and depreciation was EUR0.2 billion lower.

Net cash flow from investing activities was EUR1.0 billion higher than last year, reflecting higher disposal receipts (including EUR0.6 billion from the sale of Prestige fragrances) and net movements in investments with maturity greater than three months. Net cash flow used in financing activities fell by EUR0.5 billion, reflecting an additional EUR0.5 billion used on dividends and purchases of treasury stock, offset by lower repayments of borrowings.

BALANCE SHEET

Goodwill and intangibles have increased by EUR1.1 billion since 1 January. Currency movements added EUR1.5 billion, offset by Slim Fast impairment and disposals. Inventories and trade receivables were EUR1.4 billion higher, reflecting currency movements and the low position achieved at the end of 2004.

Net debt was EUR10.4 billion at the period end, a decrease of EUR0.8 billion from the start of the year. Purchases of treasury stock were EUR0.8 billion and the proceeds of business disposals (including UCI) EUR0.8 billion. The EUR1.4 billion reduction in net debt on conversion of the EUR0.05 preference shares was largely offset by adverse currency movements.

Total equity has increased by EUR3.2 billion since 1 January. Net profit added EUR3.2 billion and currency retranslation added EUR0.6 billion. Treasury stock, which is deducted from equity, was used for the conversion of the EUR0.05 preference shares. This reduced borrowings by EUR1.4 billion and increased equity by the same amount. Subsequent purchases of treasury stock and the 2004 dividend reduced equity by EUR0.8 billion and EUR1.2 billion respectively.

THIRD QUARTER PERFORMANCE BY REGION

EUROPE

Market conditions overall remain difficult. We continue to perform well in Central and Eastern Europe in growing markets. However in Western Europe our markets are flat.

Against this background, underlying sales for the region as a whole declined by 2.0% in the quarter, with a significant impact from pricing actions to improve competitiveness.

In Foods, savoury and dressings grew in the quarter, with important contributions from Vitality inspired innovations. However ice cream sales slowed in the latter part of the summer and declined markedly in the quarter. Nonetheless, over the full course of the ice cream season our market shares are slightly up both in impulse and take-home.

In Personal Care there was growth across all our main categories, driven by a strong performance in Central and Eastern Europe. In Home Care, sales in laundry were disappointing and we have lost market share, while household care grew in the quarter.

Across all our categories we are continuing to focus on ensuring that our brands are competitively priced and consistently supported. At the same time we are driving the organisational transformation to sharpen both innovation and the way we partner with customers.

Recent launches have included Knorr Vie shots, new products in the pro-activ heart health range, soups fortified with vitamins and low fat soups. In Personal Care we have introduced a Rexona sport variant in deodorants, Axe shower gel and Sunsilk hair styling products.

We have further improved our Home Care product range with launches that address specific consumer needs such as Domestos drain unblocker, Sun 4-in-1 dishwash and 'no-need-to-pre-treat' laundry detergents.

The operating margin was 17.0%. This was 2.5 percentage points lower than last year, reflecting higher advertising and promotional spend and a higher level of net restructuring cost.

For the first nine months the operating margin was 17.1%, compared with 16.9% in the same period last year.

THE AMERICAS

Our markets show good growth across most categories and countries. Underlying sales increased by 5% in the quarter, entirely coming from additional volume.

In the US, aggregate market shares in Home and Personal Care have recovered to the level of a year ago, and those in Foods are slightly ahead.

Growth in Personal Care across the region has been driven by good consumer response to our market initiatives, including Vitality innovation and consistent support. Laundry sales were flat in the quarter, with growth in Latin America offset by lower sales in the US.

North American foods sales were well up, boosted by growth ahead of the market in ice cream and continued good results from the extension of the Country Crock and Bertolli brands into new categories. Foods in Latin America had a slower quarter.

In the quarter the Dove 'cool moisture' range in the US was successfully extended into hand and body creams. Axe in the US has broadened from deodorants into body wash. In Latin America our brands have also been very successful in connecting with younger consumers through Rexona 'teens' and innovative communication for Axe.

In the US we have just launched all 'small and mighty' laundry detergent, offering the convenience of the same cleaning power in a small bottle. We have re-launched our Radiant laundry brands in Latin America delivering outstanding whiteness performance.

In Foods, we have been strengthening the Vitality credentials of our brands in the US with Promise heart health spread, Ragu organic and support for the anti-oxidant properties of Lipton teas. AdeS continues to build across Latin America with the distinctive nutrition benefits of 'soy with fruit'.

The operating margin in the quarter was 15.4%, 0.3 percentage points below last year's level. Increases in advertising and promotions and higher input costs were largely offset by cost savings and an improved mix.

For the first nine months the operating margin was 11.7%, compared with 15.9% in the same period last year, and including 3.7 percentage points from the impairment of Slim Fast in the second quarter.

ASIA/AFRICA

Consumer demand across most of the region continues to be buoyant. We have been maintaining our position in competitive markets, with stable shares in aggregate.

The third quarter saw a further acceleration in underlying sales growth, to 11%, mostly from volume. Growth was broad based across Foods and Home and Personal Care categories and across countries.

A range of innovations have been introduced this year on both global and local platforms.

In skin in India, Lux has been strengthened with new soap bars from the global range, and an extensive promotional campaign celebrating 75 years of Lux in India. Innovations in Pond's included a new 'mud range' in China.

This year's extensive programme behind our hair brands, such as Sunsilk, Dove, Clinic, Clear and Lux Super Rich, is producing good results. This includes the launch of Dove hair in Indonesia, a Sunsilk summer range across South East Asia, a new variant for Lux Super Rich in China and a strengthened Sunsilk range across several key markets in Africa and the Middle East.

New formulations for our laundry products include improved whiteness delivery for Surf in Indonesia and a 'baby friendly' variant for Omo in Turkey.

In tea, we have substantially strengthened the Brooke Bond brand in India over the past year and are gaining share in packaged tea. Meanwhile, Lipton is benefiting from strong regional innovations, including Earl Grey and Green Tea variants in markets such as Turkey and Arabia.

The operating margin was 13.7%, 0.6 percentage points lower than last year as increased marketing investment and higher input costs were partly offset by savings programmes, some price increases and a better mix.

For the first nine months the operating margin was 13.4%, in line with the same period last year.

INTERIM DIVIDENDS

In accordance with the interim dividend policy, the interim dividend is set at 35% of last year's total dividend, based on the stronger of the two reporting currencies of our parent companies, Euro and Sterling, over the first nine months, which for this period was Euro. The interim dividend, to be paid on 2 December 2005, is therefore fixed at EUR0.66 per EUR0.51* ordinary share of Unilever N.V. The interim dividend is set at 6.77p per 1.4p ordinary share of Unilever PLC. The Unilever N.V. shares** will go ex-dividend on 4 November 2005 and the Unilever PLC shares will go ex-dividend on 16 November 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.

** Unilever N.V. ordinary shares and Unilever N.V. depositary receipts for ordinary shares.

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

                              Continuing operations:


10 224 9 784      4%       2% Turnover

 1 594 1 662    (4)%     (6)% Operating profit
                              After charging:

   (6)     -                  Impairment of Slim Fast


 (160) (163)                  Net finance costs

    21    39                  Finance income

 (167) (185)                  Finance costs

  (14)  (17)                  Pensions and similar
                              obligations
    14    13                  Share in net profit/(loss)
                              of joint ventures
     2     -                  Share in net profit/(loss)
                              of associates
     3     3                  Other income from
                              non-current investments

 1 453 1 515    (4)%     (5)% Profit before taxation

 (428) (365)                  Taxation


 1 025 1 150   (11)%    (12)% Net profit from continuing
                              operations

   449    24                  Net profit from discontinued
                              operations

 1 474 1 174     26%      25% Net profit for the period

                              Attributable to:

    57    45                  Minority interests

 1 417 1 129     26%      25% Shareholders' equity

                              Combined earnings per share

                              From total operations

  1.46  1.17     25%      24% Per EUR 0.51 ordinary NV
                              share (Euros)
 21.86 17.49     25%      24% Per 1.4p ordinary PLC share
                              (Euro cents)

  1.41  1.12     26%      26% Per EUR 0.51 ordinary NV
                              share - diluted (Euros)
 21.18 16.78     26%      26% Per 1.4p ordinary PLC share
                              - diluted (Euro cents)

                              From continuing operations

  1.00  1.14   (13)%    (14)% Per EUR 0.51 ordinary NV
                              share (Euros)
 14.93 17.13   (13)%    (14)% Per 1.4p ordinary PLC share
                              (Euro cents)

  0.97  1.10   (12)%    (13)% Per EUR 0.51 ordinary NV
                              share - diluted (Euros)
 14.48 16.43   (12)%    (13)% Per 1.4p ordinary PLC share
                              - diluted (Euro cents)



INCOME STATEMENT
(unaudited) Cont/...

EUR million                           Nine Months
                               2005  2004    Increase/
                                             (Decrease)
                                          Current Constant
                                            rates    rates

Continuing operations:


Turnover                         29    28      3%       2%
                                591   811

Operating profit              4 251 4 527    (6)%     (6)%
After charging:

Impairment of Slim Fast       (359)     -


Net finance costs             (466) (493)

Finance income                  122   117

Finance costs                 (546) (552)

Pensions and similar           (42)  (58)
obligations
Share in net profit/(loss) of    32    31
joint ventures
Share in net profit/(loss) of   (6)     2
associates
Other income from non-current    24    35
investments

Profit before taxation        3 835 4 102    (7)%     (7)%

Taxation                    (1 059)(1 084)     

Net profit from continuing    2 776 3 018    (8)%     (8)%
operations

Net profit from discontinued    463    28
operations

Net profit for the period     3 239 3 046      6%       7%

Attributable to:

Minority interests              157   147

Shareholders' equity          3 082 2 899      6%       6%

Combined earnings per share

From total operations

Per EUR 0.51 ordinary NV       3.17  2.99      6%       6%
share (Euros)
Per 1.4p ordinary PLC share   47.49 44.79      6%       6%
(Euro cents)

Per EUR 0.51 ordinary NV       3.07  2.87      7%       7%
share - diluted (Euros)
Per 1.4p ordinary PLC share - 46.03 42.98      7%       7%
diluted (Euro cents)

From continuing operations

Per EUR 0.51 ordinary NV       2.69  2.96    (9)%     (9)%
share (Euros)
Per 1.4p ordinary PLC share   40.35 44.36    (9)%     (9)%
(Euro cents)

Per EUR 0.51 ordinary NV       2.61  2.84    (8)%     (8)%
share - diluted (Euros)
Per 1.4p ordinary PLC share - 39.12 42.57    (8)%     (8)%
diluted (Euro cents)

STATEMENT OF RECOGNISED INCOME AND EXPENSE
(unaudited)
EUR million                                             Nine Months
                                                      2005      2004


Fair value gains/(losses) on financial                  21       n/a
instruments and
cash flow hedges net of tax
Actuarial gains/(losses) on pension schemes net         14      (99)
of tax
Currency retranslation gains/(losses) net of tax       638        34

Net income/(expense) recognised directly in            673      (65)
equity

Net profit for the period                            3 239     3 046

Total recognised income and expense for the          3 912     2 981
period

Attributable to:

Minority interests                                     200       147
Shareholders' equity                                 3 712     2 834

BALANCE SHEET
(unaudited)
EUR million                                 As at    As at     As at
                                                1       31        25
                                          October December September
                                             2005     2004      2004

Non-current assets

Goodwill and intangible assets             17 959   17 007    18 806
Property, plant and equipment               6 513    6 181     6 508
Pension asset for funded schemes in           749      625       747
surplus
Deferred tax assets                         1 520    1 491     1 305
Other non-current assets                    1 207    1 064     1 098
Total non-current assets                   27 948   26 368    28 464

Assets held for sale                          133      n/a       n/a

Current assets

Inventories                                 4 319    3 756     4 180
Trade and other receivables due within      5 082    4 131     4 818
one year
Financial assets                              356    1 013     1 005
Cash and cash equivalents                   2 061    1 590     1 662
Total current assets                       11 818   10 490    11 665

Current liabilities

Borrowings due within one year            (6 101)  (5 155)   (5 677)
Trade payables and other current          (8 400)  (8 232)   (8 497)
liabilities
Total current liabilities                (14 501) (13 387)  (14 174)
Net current assets/(liabilities)          (2 683)  (2 897)   (2 509)
Total assets less current liabilities      25 398   23 471    25 955

Non-current liabilities

Borrowings due after one year               6 823    6 893     8 692
Pension liability for funded schemes in     2 341    2 291     2 287
deficit
Pension liability for unfunded schemes      4 048    3 788     3 630
Deferred tax liabilities                      807      789     1 125
Restructuring and other provisions          1 364    1 364       814
Other non-current liabilities                 779      717       797
Total non-current liabilities              16 162   15 842    17 345

Liabilities held for sale                      14      n/a       n/a

Equity

Shareholders' equity                        8 813    7 264     8 236
Minority interests                            409      365       374
Total equity                                9 222    7 629     8 610
Total capital employed                     25 398   23 471    25 955

MOVEMENTS IN EQUITY
(unaudited)
EUR million                                             Nine Months
                                                      2005      2004


Equity at 31 December 2004                           7 629       n/a
IFRS transition adjustment for financial           (1 564)       n/a
instruments (including preference shares)
Equity at 1 January                                  6 065     7 175
Total recognised income and expense for the          3 912     2 981
period
Dividends                                          (1 229)   (1 140)
Conversion of preference shares                      1 380         -
(Purchase)/sale of treasury stock                    (800)     (353)
Share option credit                                    124       174
Dividends paid to minority shareholders              (166)     (181)
Currency retranslation gains/(losses) net of tax      (64)      (17)
Other movements in equity                                -      (29)
Equity at the end of the period                      9 222     8 610

CASH FLOW STATEMENT
(unaudited)
EUR million                                            Nine Months
                                                      2005      2004


Operating activities

Cash flow from operating activities                  4 009     4 493
Income tax paid                                    (1 205)   (1 106)
Net cash flow from operating activities              2 804     3 387

Investing activities

Interest received                                      156        77
Net capital expenditure                              (509)     (591)
Acquisitions and disposals                             740       100
Other investing activities                             354       129
Net cash flow from/(used in) investing                 741     (285)
activities

Financing activities

Dividends paid on ordinary share capital           (1 229)   (1 120)
Interest and preference dividends paid               (472)     (473)
Change in borrowings and finance leases              (333)   (1 352)
Purchase of own shares                               (800)     (337)
Other financing activities                           (165)     (175)
Net cash flow from/(used in) financing             (2 999)   (3 457)
activities

Net increase/(decrease) in cash and cash               546     (355)
equivalents

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

Effect of foreign exchange rate changes              (142)       388

Cash and cash equivalents at the end of period       1 810     1 461


ANALYSIS OF NET DEBT
(unaudited)
EUR million                                           As at    As at
                                                          1        1
                                                    October  January
                                                       2005     2005

Cash and cash equivalents as per cash flow            1 810    1 406
statement
Add: bank overdrafts deducted therein                   252      184
Less: cash and cash equivalents in assets/              (1)      (8)
liabilities held for disposal
Cash and cash equivalents as per balance sheet        2 061    1 582
Financial assets                                        356      533
Borrowings due within one year                      (6 101)  (6 448)
Borrowings due after one year                       (6 823)  (7 221)
Derivatives and finance leases included in other         88      369
receivables and other liabilities
Net debt at the end of the period                  (10 419) (11 185)

GEOGRAPHICAL ANALYSIS
(unaudited)
Continuing operations - Third Quarter
EUR million                      Europe Americas    Asia/    Total
                                                   Africa

Turnover

2004                              4 267    3 091    2 426    9 784
2005                              4 094    3 410    2 720   10 224
Change                           (4.1)%    10.3%    12.1%     4.5%
Impact of:

Exchange rates                     0.2%     5.5%     2.1%     2.4%
Acquisitions                       0.1%     0.0%     0.0%     0.1%
Disposals                        (2.4)%   (0.3)%   (1.3)%   (1.5)%
Underlying sales growth          (2.0)%     4.9%    11.2%     3.5%
Price                            (1.4)%     0.0%     1.6%   (0.1)%
Volume                           (0.6)%     4.9%     9.5%     3.6%

Operating profit/(loss)

2004                                830      486      346    1 662
2005                                696      527      371    1 594
Change current rates            (16.3)%     8.4%     7.4%   (4.2)%
Change constant rates           (16.4)%     4.2%     5.3%   (5.9)%

Operating margin

2004                              19.5%    15.7%    14.3%    17.0%
2005                              17.0%    15.4%    13.7%    15.6%
Continuing operations - Nine Months
EUR million                      Europe Americas    Asia/    Total
                                                   Africa

Turnover

2004                             12 518    9 136    7 157   28 811
2005                             12 269    9 658    7 664   29 591
Change                           (2.0)%     5.7%     7.1%     2.7%
Impact of:

Exchange rates                     0.2%     1.1%   (0.7)%     0.3%
Acquisitions                       0.2%     0.0%     0.0%     0.1%
Disposals                        (2.5)%   (0.8)%   (1.8)%   (1.8)%
Underlying sales growth            0.1%     5.5%     9.8%     4.2%
Price                            (1.1)%     0.3%     1.2%   (0.1)%
Volume                             1.2%     5.2%     8.6%     4.3%

Operating profit/(loss)

2004                              2 114    1 455      958    4 527
2005                              2 094    1 133    1 024    4 251
Change current rates             (1.0)%  (22.2)%     6.8%   (6.1)%
Change constant rates            (1.1)%  (23.6)%     8.4%   (6.3)%

Operating margin

2004                              16.9%    15.9%    13.4%    15.7%
2005                              17.1%    11.7%    13.4%    14.4%

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

2004                                 17       14      (1)       30
2005                                (1)        -        1        -

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

2004                                  4       38        1       43
2005                                  1       20        1       22

CATEGORY ANALYSIS
(unaudited)
Continuing operations - Third Quarter
EUR million           Savoury    Spreads   Beverages     Ice
                          and        and               cream
                    dressings    cooking                 and
                                products              frozen
                                                       foods

Turnover

2004                    1 965      1 110         742   1 814
2005                    2 051      1 079         764   1 799
Change                   4.3%     (2.8)%        3.0%  (0.8)%
Impact of:

Exchange rates           2.5%       1.7%        2.6%    1.3%
Acquisitions             0.0%       0.0%        0.1%    0.3%
Disposals              (2.6)%     (3.8)%      (1.5)%  (0.9)%
Underlying sales         4.5%     (0.7)%        1.8%  (1.4)%
growth

Operating profit/
(loss)
2004                      320        195          97     364
2005                      297        200         111     325
Change current         (7.3)%       2.3%       14.7% (10.9)%
rates
Change constant        (9.6)%       2.1%       18.0% (11.9)%
rates

Operating margin

2004                    16.3%      17.6%       13.1%   20.1%
2005                    14.5%      18.5%       14.6%   18.0%




Continuing operations - Third Quarter Cont/...

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

Turnover

2004                  5 631     2 465   1 688     4 153   9 784
2005                  5 693     2 760   1 771     4 531  10 224
Change                 1.1%     12.0%    4.9%      9.1%    4.5%
Impact of:

Exchange rates         2.0%      2.6%    3.5%      2.9%    2.4%
Acquisitions           0.1%      0.0%    0.0%      0.0%    0.1%
Disposals            (2.1)%    (0.3)%  (0.9)%    (0.6)%  (1.5)%
Underlying sales       1.2%      9.5%    2.3%      6.6%    3.5%
growth

Operating profit/
(loss)
2004                    976       494     192       686   1 662
2005                    933       496     165       661   1 594
Change current       (4.6)%      0.4% (13.9)%    (3.6)%  (4.2)%
rates
Change constant      (5.4)%    (2.5)% (17.3)%    (6.6)%  (5.9)%
rates

Operating margin

2004                  17.4%     20.0%   11.4%     16.5%   17.0%
2005                  16.4%     17.9%    9.3%     14.6%   15.6%


Continuing operations - Nine Months
EUR million              Savoury   Spreads  Beverages      Ice
                             and       and               cream
                       dressings   cooking                 and
                                  products              frozen
                                                         foods

Turnover

2004                       5 919     3 254      2 249    5 068
2005                       6 064     3 173      2 254    5 152
Change                      2.4%    (2.5)%       0.3%     1.7%
Impact of:

Exchange rates              0.6%      0.6%     (0.1)%   (0.1)%
Acquisitions                0.0%      0.0%       0.1%     0.4%
Disposals                 (2.3)%    (5.3)%     (1.3)%   (1.3)%
Underlying sales            4.2%      2.3%       1.6%     2.7%
growth

Operating profit/
(loss)
2004                       1 002       544        297      771
2005                       1 009       590       (44)      797
Change current rates        0.7%      8.4%   (114.7)%     3.3%
Change constant rates       0.4%      8.8%   (117.5)%     3.3%

Operating margin

2004                       16.9%     16.7%      13.2%    15.2%
2005                       16.6%     18.6%     (1.9)%    15.5%

Continuing operations - Nine Months Cont/...
EUR million             Foods Personal     Home     Home   Total
                                  care     care      and
                                            and Personal
                                          other     Care

Turnover

2004                   16 490    7 219    5 102   12 321  28 811
2005                   16 643    7 733    5 215   12 948  29 591
Change                   0.9%     7.1%     2.2%     5.1%    2.7%
Impact of:

Exchange rates           0.3%   (0.2)%     0.8%     0.2%    0.3%
Acquisitions             0.1%     0.0%     0.0%     0.0%    0.1%
Disposals              (2.4)%   (0.5)%   (1.4)%   (0.9)%  (1.8)%
Underlying sales         3.0%     7.9%     2.8%     5.8%    4.2%
growth

Operating profit/
(loss)
2004                    2 614    1 287      626    1 913   4 527
2005                    2 352    1 353      546    1 899   4 251
Change current rates  (10.0)%     5.1%  (12.9)%   (0.8)%  (6.1)%
Change constant       (10.4)%     5.6%  (13.5)%   (0.7)%  (6.3)%
rates

Operating margin

2004                    15.9%    17.8%    12.3%    15.5%   15.7%
2005                    14.1%    17.5%    10.5%    14.7%   14.4%

Discontinued operations

Operating profit of discontinued operations for the third quarter of 2005 was EUR0 million (2004: EUR30 million), and operating profit for the nine months was EUR22 million (2004: EUR43 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 'available-for-sale investments' 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 at 25 September 2004 and the income statements for the quarter and the nine months period then ended is given on page 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)

From 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 resulted in reclassifications of non-current assets and asset groups held for sale in the balance sheet as at 1 January 2005. It did not significantly affect the asset values themselves.

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

On 11 July 2005 we repaid on maturity Swiss Franc denominated 3.375% bonds amounting to CHF 500 million, and on 29 September 2005 we issued Euro denominated 3.375% bonds amounting to EUR 750 million with a maturity date of 2015.

Share buy-back

On 3 October 2005 Unilever announced the commencement of a share buy-back programme of up to EUR500 million aggregate market value in shares in the capital of Unilever N.V. and/or Unilever PLC. This is in addition to the replenishment by Unilever NV of treasury shares used for the conversion of its EUR0.05 preference shares, announced in February 2005, under which 14.2 million shares had been bought back as at 30 September 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 nine months of 2005 together with the profit of EUR448 million arising on disposal.

Basic earnings per EUR0.51 NV ordinary share in respect of the discontinued operations were EUR0.46 for the quarter and EUR0.48 for the year to date (2004: EUR0.03 in both cases). Diluted earnings per EUR0.51 NV ordinary share in respect of the discontinued operations were EUR0.44 for the quarter and EUR0.46 for the year to date (2004: EUR0.02 and EUR0.03 respectively).

Basic earnings per 1.4p PLC ordinary share in respect of the discontinued operations were 6.93 Euro cents for the quarter and 7.14 Euro cents for the year to date (2004: 0.36 Euro cents and 0.43 Euro cents respectively). Diluted earnings per 1.4p PLC ordinary share in respect of the discontinued operations were 6.70 Euro cents for the quarter and 6.91 Euro cents for the year to date (2004: 0.35 Euro cents and 0.41 Euro cents respectively).

The net cash flows attributable to the discontinued operations in respect of operating, investing and financing activities for the first nine months were EUR(79) million, EUR629 million and EUR0 million respectively (2004: EUR(4) 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 and the cash flow statement on page 7 are translated at rates current in each period.

The balance sheet on page 6 and the analysis of net debt on page 7 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 nine months ended 25 September 2004
(unaudited)
                     Previ-      Good-   Soft-  Biolo-    Pen-   Defer-
                      ously       will    ware   gical   sions      red
                     repor-        and          assets     and      tax
                        ted indefinite                 similar restate-
                      under      lived                   obli-     ment
                        old     intan-                 gations   effect
                       GAAP      gible
                                assets
                        EUR        EUR     EUR     EUR     EUR      EUR
                    million    million million million million  million

Turnover             30 133          -       -       -       -        -

Turnover of joint     (147)          -       -       -       -        -
ventures

Operating costs         (26        785      31       7       -        -
                       238)
Share of operating       35          -       -       -       -        -
profit of joint
ventures

Operating profit/     3 783        785      31       7       -        -
(loss)

Share of operating       34          5       -       -       -        -
profit of
associates
Finance costs         (469)          -       -       -       -        -
Other finance          (61)          -       -       -       2        -
income/(cost) -
pensions and
similar obligations
Share of net profit       -          -       -       -       -        -
of joint ventures
Share of net profit       -          -       -       -       -        -
of associates
Income from other        26          -       -       -       9        -
non-current
investments

Profit/(loss)         3 313        790      31       7      11        -
before taxation

Taxation            (1 040)       (35)     (8)     (2)     (3)     (18)

Profit/(loss) for     2 273        755      23       5       8     (18)
the period

Attributable to:

Minority interests      142          2       1       2       -        -
Shareholders'         2 131        753      22       3       8     (18)
equity

Reconciliation of profit for the nine months ended 25 September 2004
(unaudited) Cont/...

                    Tax   Joint   Divi-   Other   Total  Change  Resta-
              reclassi-    ven-   dends          effect   rela-     ted
                  fying   tures                      of    ting   under
                 effect     and                 transi-      to
                          asso-                    tion   turn-    IFRS
                         ciates                      to    over
                                                   IFRS defini-
                                                           tion
                    EUR     EUR     EUR     EUR     EUR     EUR     EUR
                million million million million million million million

Turnover              -   (147)       -       -   (147)   (803)  29 183

Turnover of           -     147       -       -     147       -       -
joint
ventures

Operating             -       -       -       -     823     803     (24
costs                                                              612)

Share of              -    (35)       -       -    (35)       -       -
operating
profit of
joint
ventures

Operating             -    (35)       -       -     788       -   4 571
profit/(loss)

Share of              -    (39)       -       -    (34)       -       -
operating
profit of
associates
Finance costs         -      35       -       -      35       -   (434)
Other finance         -       -       -       -       2       -    (59)
income/(cost)-
pensions and
similar
obligations
Share of net          -      31       -       -      31       -      31
profit of
joint
ventures
Share of net          -       2       -       -       2       -       2
profit of
associates
Income from           -       -       -       -       9       -      35
other
non-current
investments

Profit/(loss)         -     (6)       -       -     833       -   4 146
before
taxation

Taxation              -       6       -       -    (60)       - (1 100)

Profit/(loss)         -       -       -       -     773       -   3 046
for the
period

Attributable
to:
Minority              -       -       -       -       5       -     147
interests
Shareholders'         -       -       -       -     768       -   2 899
equity



Reconciliation of profit for the third quarter ended 25 September 2004
(unaudited)


                   Previ-      Good-   Soft-  Biolo-    Pen-   Defer-
                    ously       will    ware   gical   sions      red
                   repor-        and          assets     and      tax
                      ted indefinite                 similar restate-
                    under      lived                   obli-     ment
                      old     intan-                 gations   effect
                     GAAP      gible
                              assets
                      EUR        EUR     EUR     EUR     EUR      EUR
                  million    million million million million  million

Turnover           10 260          -       -       -       -        -

Turnover of joint    (51)          -       -       -       -        -
ventures

Operating costs   (8 787)        262       4       5       -        -

Share of               15          -       -       -       -        -
operating profit
of joint ventures

Operating profit/   1 437        262       4       5       -        -
(loss)

Share of               14          1       -       -       -        -
operating profit
of associates
Finance costs       (157)          -       -       -       -        -
Other finance        (18)          -       -       -       1        -
income/(cost) -
pensions and
similar
obligations
Share of net            -          -       -       -       -        -
profit of joint
ventures
Share of net            -          -       -       -       -        -
profit of
associates
Income from other       5          -       -       -     (2)        -
non-current
investments

Profit/(loss)       1 281        263       4       5     (1)        -
before taxation

Taxation            (372)       (10)     (1)     (1)       1        5

Profit/(loss) for     909        253       3       4       -        5
the period

Attributable to:

Minority               42          1       -       2       -        -
interests
Shareholders'         867        252       3       2       -        5
equity

Reconciliation of profit for the third quarter ended 25 September 2004
(unaudited) Cont/...

                    Tax   Joint   Divi-   Other   Total  Change  Resta-
              reclassi-    ven-   dends          effect   rela-     ted
                  fying   tures                      of    ting   under
                 effect     and                 transi-      to
                          asso-                    tion   turn-    IFRS
                         ciates                      to    over
                                                   IFRS defini-
                                                           tion
                    EUR     EUR     EUR     EUR     EUR     EUR     EUR
                million million million million million million million

Turnover              -    (51)       -       -    (51)   (271)   9 938

Turnover of           -      51       -       -      51       -       -
joint
ventures

Operating             -       -       -       -     271     271 (8 245)
costs

Share of              -    (15)       -       -    (15)       -       -
operating
profit of
joint
ventures

Operating             -    (15)       -       -     256       -   1 693
profit/(loss)

Share of              -    (15)       -       -    (14)       -       -
operating
profit of
associates
Finance costs         -      12       -       -      12       -   (145)
Other finance         -       -       -       -       1       -    (17)
income/(cost)-
pensions and
similar
obligations
Share of net          -      13       -       -      13       -      13
profit of
joint
ventures
Share of net          -       -       -       -       -       -       -
profit of
associates
Income from           -       -       -       -     (2)       -       3
other
non-current
investments

Profit/(loss)         -     (5)       -       -     266       -   1 547
before
taxation

Taxation              -       5       -       -     (1)       -   (373)

Profit/(loss)         -       -       -       -     265       -   1 174
for the
period

Attributable
to:
Minority              -       -       -       -       3       -      45
interests
Shareholders'         -       -       -       -     262       -   1 129
equity



Reconciliation of equity at 25 September 2004
(unaudited)

                   Previ-      Good-   Soft-  Biolo-    Pen-   Defer-
                    ously       will    ware   gical   sions      red
                   repor-        and          assets     and      tax
                      ted indefinite                 similar restate-
                    under      lived                   obli-     ment
                      old     intan-                 gations   effect
                     GAAP      gible
                              assets
                      EUR        EUR     EUR     EUR     EUR      EUR
                  million    million million million million  million
Non-current
assets
Goodwill           13 011        617       -       -       -        -
Intangible assets   4 116        927     135       -       -        -
Property, plant     6 598          -       -    (39)       -        -
and equipment
Biological assets       -          -       -      35       -        -
Joint ventures         77          -       -       -       -        -
and associates
Other non-current     152          -       -       -     185        -
investments
Pension asset for     543          -       -       -    (52)        -
funded schemes in
surplus
Trade and other     1 011          -       -       -       -        -
receivables
due after more
than one year
Deferred tax            -          -       -       -       -        -
assets
Total non-current  25 508      1 544     135     (4)     133        -
assets

Current assets

Inventories         4 182          -       -       -       -        -
Trade and other     5 203          -       -       -       -        -
receivables
due within one
year
Financial assets      951          -       -       -       -        -
Cash and cash       1 716          -       -       -       -        -
equivalents
Total current      12 052          -       -       -       -        -
assets

Current
liabilities
Creditors due         (14          -       -       -       -        -
within one year      787)
Borrowings        (5 677)          -       -       -       -        -
Trade and other   (9 110)          -       -       -       -        -
payables
Current tax             -          -       -       -       -        -
liabilities
Net current       (2 735)          -       -       -       -        -
assets/
(liabilities)
Total assets less  22 773      1 544     135     (4)     133        -
current
liabilities

Non-current
liabilities
Creditors due       9 489          -       -       -       -        -
after more than
one year
Borrowings          8 692          -       -       -       -        -
Trade and other       797          -       -       -       -        -
payables
Provisions for        819        (5)       -       -       -        -
liabilities and
charges
(excluding
pensions and
similar
obligations)
Restructuring and     794          -       -       -       -        -
other provisions
Interest in            25        (5)       -       -       -        -
associates
Liabilities for     4 306          -       -       -     167        -
pensions and
similar
obligations
Pension liability   1 629          -       -       -      13        -
for funded
schemes in
deficit
Pension liability   2 677          -       -       -     154        -
for unfunded
schemes
Deferred tax          609         14      42       -    (10)    1 153
liabilities
Total non-current  15 223          9      42       -     157    1 153
liabilities

Equity

Called up share       642          -       -       -       -        -
capital
Share premium       1 534          -       -       -       -        -
account
Other reserves    (2 815)          -       -       -       -        -
Retained profit     7 818      1 533      92     (4)    (24)  (1 153)
Total               7 179      1 533      92     (4)    (24)  (1 153)
shareholders'
equity
Minority              371          2       1       -       -        -
interests
Total equity        7 550      1 535      93     (4)    (24)  (1 153)
Total capital      22 773      1 544     135     (4)     133        -
employed

Reconciliation of equity at 25 September 2004
(unaudited) Cont/...


                        Tax    Joint   Divi-   Other   Total  Resta-
                  reclassi- ventures   dends          effect     ted
                      fying      and                      of   under
                     effect    asso-                 transi-
                              ciates                    tion    IFRS
                                                          to
                                                        IFRS
                        EUR      EUR     EUR     EUR     EUR     EUR
                    million  million million million million million
Non-current
assets
Goodwill                  -        -       -       -     617  13 628
Intangible assets         -        -       -       -   1 062   5 178
Property, plant           -        -       -    (51)    (90)   6 508
and equipment
Biological assets         -        -       -       -      35      35
Joint ventures            -        -       -       -       -      77
and associates
Other non-current         -        -       -     387     572     724
investments
Pension asset for       256        -       -       -     204     747
funded schemes in
surplus
Trade and other       (800)        -       -      51   (749)     262
receivables
due after more
than one year
Deferred tax          1 305        -       -       -   1 305   1 305
assets
Total non-current       761        -       -     387   2 956  28 464
assets

Current assets

Inventories               -        -       -     (2)     (2)   4 180
Trade and other           -        -       -   (385)   (385)   4 818
receivables
due within one
year
Financial assets          -        -       -      54      54   1 005
Cash and cash             -        -       -    (54)    (54)   1 662
equivalents
Total current             -        -       -   (387)   (387)  11 665
assets

Current
liabilities
Creditors due           859        -     613       -   1 472     (13
within one year                                                 315)
Borrowings                -        -       -       -       - (5 677)
Trade and other         859        -     613       -   1 472 (7 638)
payables
Current tax           (859)        -       -       -   (859)   (859)
liabilities
Net current               -        -     613   (387)     226 (2 509)
assets/
(liabilities)
Total assets less       761        -     613       -   3 182  25 955
current
liabilities

Non-current
liabilities
Creditors due             -        -       -       -       -   9 489
after more than
one year
Borrowings                -        -       -       -       -   8 692
Trade and other           -        -       -       -       -     797
payables
Provisions for            -        -       -       -     (5)     814
liabilities and
charges
(excluding
pensions and
similar
obligations)
Restructuring and         -        -       -       -       -     794
other provisions
Interest in               -        -       -       -     (5)      20
associates
Liabilities for       1 444        -       -       -   1 611   5 917
pensions and
similar
obligations
Pension liability       645        -       -       -     658   2 287
for funded
schemes in
deficit
Pension liability       799        -       -       -     953   3 630
for unfunded
schemes
Deferred tax          (683)        -       -       -     516   1 125
liabilities
Total non-current       761        -       -       -   2 122  17 345
liabilities

Equity

Called up share           -        -       -       -       -     642
capital
Share premium             -        -       -       -       -   1 534
account
Other reserves            -        -       -       -       - (2 815)
Retained profit           -        -     613       -   1 057   8 875
Total                     -        -     613       -   1 057   8 236
shareholders'
equity
Minority                  -        -       -       -       3     374
interests
Total equity              -        -     613       -   1 060   8 610
Total capital           761        -     613       -   3 182  25 955
employed

INTERIM DIVIDENDS

The Boards have declared interim dividends in respect of 2005 on the ordinary shares at the following rates which are equivalent in value at the rate of exchange applied under the terms of the Equalisation Agreement between the two companies:

Unilever N.V.

Per ordinary share EUR 0.66 (2004: EUR 0.63)

Unilever PLC

Per ordinary share 6.77p (2004: 6.33p)

The NV interim dividend will be payable as from 2 December 2005, to shareholders registered at close of business on the record date of 3 November 2005. The PLC interim dividend will be paid on 2 December 2005, to shareholders registered at close of business on the record date of 18 November 2005.

Dividend on New York shares of NV

The NV interim dividend, when converted at the Euro/Dollar European Central Bank rate of exchange on 2 November 2005, represents US $ 0.791472 per New York Share of EUR 0.51* (2004: US $ 0.805392) before deduction of Netherlands withholding tax. The New York shares of NV will go ex-dividend on 4 November 2005; US dollar checks for the interim dividend, after deduction of Netherlands withholding tax at the appropriate rate, will be mailed on 1 December 2005, to holders of record of New York shares at the close of business on 8 November 2005. The interim dividend will be payable on 2 December 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.

Dividend on American Depositary Receipts of PLC

Each American Depositary Receipt of PLC represents four 1.4p ordinary shares of PLC. The PLC interim dividend will therefore be 27.08p per American Depositary Receipt. When converted at the Bank of England sterling/dollar rate of exchange on 2 November 2005, the interim dividend for holders resident in the US will therefore be US $ 0.4779 per American Depositary Receipt (2004: US $ 0.4654).

The American Depositary Receipts of PLC will go ex-dividend on 16 November 2005; US dollar checks for the interim dividend will be mailed on 1 December 2005 to holders of record of American Depositary Receipts at the close of business on 18 November 2005. The interim dividend will be payable on 2 December 2005.

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 as treasury stock.

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.

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 EUR 0.05 NV preference shares; (iii) the exercise of share options by employees.


Earnings per share from total operations for the nine months
                                                      2005      2004


Combined EPS                                     Thousands of units
Average number of combined share units of          973 408   963 943
EUR 0.51
Average number of combined share units of 1.4p   6 489 387 6 426 284

                                                     EUR million

Net profit attributable to shareholders' equity      3 082     2 899
Less: preference dividends                             n/a      (21)
Net profit attributable to shareholders' equity      3 082     2 878
for basic earnings per share calculation

Combined EPS per EUR 0.51 (Euros)                     3.17      2.99
Combined EPS per 1.4p (Euro cents)                   47.49     44.79

Combined EPS - Diluted                           Thousands of units
Adjusted average number of combined share units  1 005 103 1 010 005
of EUR 0.51
Adjusted average number of combined share units  6 700 687 6 733 365
of 1.4p

                                                     EUR million

Adjusted net profit attributable to                  3 085     2 893
shareholders' equity

Combined diluted EPS per EUR 0.51 (Euros)             3.07      2.87
Combined diluted EPS per 1.4p (Euro cents)           46.03     42.98



Combined EPS - American shares

Combined EPS per EUR 0.51 NV New York Share          $3.99     $3.66
Combined EPS per 5.6p PLC American Depositary        $2.39     $2.20
Receipt

Combined diluted EPS per EUR 0.51 NV New York        $3.87     $3.51
Share
Combined diluted EPS per 5.6p PLC American           $2.32     $2.11
Depositary Receipt

DATES

The results for the fourth quarter and for the year 2005 and the proposed final dividends will be published on Thursday 9 February 2006.

ENQUIRIES: UNILEVER PRESS OFFICE
+44 (0) 20 7822 6805/6010
Internet: www.unilever.com
E-mail: press-office.london@unilever.com
3 November 2005

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