- -1
. ;..';~~
..:
,/~&~
..
'r,
.'
~.:.'.,-,;
'~>,:
-,,- '
eport and Account
'"
erywhere viti
..•
r
/
)
,,
e -er ~igeria P
~~~~_-----=-
_------c~~
~
__
'~~-~-
~~_~_~=-"--,
~~
C RC
1 3
~
Turnover
Profit/(Loss) before income -~
5. =.. rao
inary item
Income tax expense
Extraordinary
item (net
Profit/(Loss) for
he
]C2'
-,
2~~-
;::'-:::::-:::i
ary item
Proposed di ~Qen:::
Capital em
I ::~
Capital
Deprecia'i
,",,,,,':::::-:::~:~: : :=-: :=~::: ec ipment
Cash and cas
2:r
J
_ _
_
Earnings per s are
Dividend per sha
Net assets per share
NSE share price at 3
s: ec
2007 ~-
E
to- .:.,npual Report and Accounts
IIIDI
Our relationships with our trade
customers are stronger than ever
5efore and we will continue to
build on these to ensure that we
can sustain the heritage of the
business ..
II
II
Apostle H.I. Alile
Chairman
I
a~d~lig t~in,""':--:-:-=::-:=-=::-2"
antobeabletoinfor_
-: ~s-a'~ oldersthatUnilever
Niqeria Pic IS 0 se -:: =_::=-=-= -::,
ore than ever before.
c - ~a'1 a results for the year
2007 speak for, en--= es ==: :---9 ery strong sales gro v: r:
--'~...
improvement in
underlying margins, dis; ';)... - :=-:;:=~ inistrative costs remai '
der control. This is
in line with the quarte J ==_
,2 -::Le reported during the year,
~~ -I ancial results also
demonstrate clearly "he ~-:~~ _ ...~ s.renqth of the business or:: '2- ec:: the effort of the
management to build 0 -:-:""'2 -:: =-:_'e that the company has e~2'=2:'=-'
he challenges of
2005 and 2006 stronge a-::; ==-=2'::: :=-~ "'0serve the Nigeria c -:~ -2-,
.J""""
-=
Every year presents i
- _-:= 2-;;£'5, competition gets S1'~2' aM:: - '" e are particular
uncertainties caused ' ~"'e ;t _== :::-:::_omic environment
': S:'~-~-:::--essionaryand credit
pressures in certain glo a ~2"
e also face inflationary
.~~'== especially in the food
sectorandinallcrudeoi
~e ~_ 2::cts. However/in2008:2s-:=
::::--'-...<o-'-oleverageour
local operational strer: _--:
_ bal benefits of Unile e' tc 2-:_ 2 ',e 0 er the best
proposition to cons
c':. --= 3-:;"':: 0' Unilever Nigeria PI 5'" --'::2C -:
anage these
uncertainties and ress..•·:=:: z . ::--...2-- seeking to become
n suring that we
offerthebestq
ali:)~,a es:: :=----:
rconsumers.
=-~ ..
Our brands particularly r",r.~'-:::-- -: and in high demand, -re := 2 a sc :o·-er1enced increased
market shares in most ca
'25. - e significant changes
ace - --2 ::::~ a y's distribution
and sales structures ha e e a ~ ...•- serve our customers a:l ::::-=_ -2-: ~ "e effectively and
more efficiently. Our rela io s is,'
our trade customers a e --:-;2'--a- ever before and we
will continue to build on t Ese - ::: sure that we can sustai- -:-2 -2 -=;= .: -: e business and
createfurthervalueforallo
r51 e olders-the shareholders.
.::::_:::~: _
r consumers.and
our employees.
..>
eport and Accounts
lal
7
~ o er
~s: 0 sales
-=-:_
:lrofit
- ~··on costs
--- rative expenses
- :..=- -; orofit /(1055)
-
=--= - sts
-
==
Defore income tax & =
-~ -=: =xpense
==
2006
00
N'OOO
48
945)
25,554,415
(18,422,205)
2903
7,132,210
4,367)
5,743)
(1,405,206)
(6,879,824)
552,793
39,645)
(1,152,820)
(967,413)
013,148
716,615)
(2,120,233)
745,870
,296,533
(1,374,363)
::~er tax and before
(219,037)
_ ::-=:ertax and extraorc -=
1,077,496
(1,617,263)
0.28
(0.43)
__ :~are (Naira)
~=-<::r:
significant acco --:=gral part of these --=
~
al Report and A
(242,900)
:=:~and the
notes on pages 36 to
Balance Sheet
As at 31st December, 2007
Notes
2007
2006
N'OOO
N'OOO
Non-current assets
Property, plant and equipme ~
9
8,640,971
7,772,471
Current assets
Inventories
Receivablesand prepayme Cashand bank balance
10
11
12
5,083,483
5,066,930
1,561,548
5,332,200
3,860,709
1,657,095
11,711,961
10,850,004
8,215,777
490,042
4,035,570
6,594,013
954
5,515,813
12,741,389
12,110,780
(1,029,428)
(1,260,776)
7,611,543
6,511,695
747,248
1,833,451
613,594
1,944,753
2,580,699
2,558,347
5,030,844
3,953,348
1,891,649
45,717
237,262
1,910,392
945,824
1,891,649
45,717
237,262
1,778,720
5,030,844
3,953,348
Current liabilities
Payablesand accr eo <:
Current income ax
Bank overdraft and other ::-~::
-
13
5
12
Net current (liabilities) assets
Total assets less current liab{~!":::es
Non-current liabilities
Deferred income tax
Retirement benefits obliqation
14
15
Net assets
CAPITALEMPLOYED
Share capital
Share premium
Revaluation reserves
Retained earnings
Proposed dividend
7
7
8
8
8
Shareholders' funds
The financial statements on paces ~ :048 were approved for issue by the Board of Directors on
12th March 2008 and signed 0
::: a f by:
Chairman
Director
2 07 Un' ever Annual Report and Accounts
Iml
Cash Flow Statement
For the year ended 31 st December, 2007
2007
Notes
Operating activities
Cashgenerated from operations
Taxpaid
Retirement benefits paid
18
5
15
Netcashgeneratedfrom/(used in) operating activities
Cash flow investing activities
Purchase of fixed assets
Proceedson disposal of fixed assets
Interest received
Net cash used in investing activities
9
4
N'OOO
4,877,875
2006
#'000
(773,523)
5,259,184
(65,897)
(363,472)
4,104,352
4,829,815
(2,193,846)
14,656
106,195
(1,286,290)
7,748
44,189
(2,072,995)
(1,234,353)
Cash flow from financing activities
Dividends paid
Interest paid
(822)
(645,840)
(1,011,602)
Net cash used in investing activities
(646,662)
(1,011,602)
Increase in cash and cash equivalents
1,384,695
2,583,860
At start of year
Increase
(3,858,718)
1,384,695
(6,442,578)
2,583,860
Attheend oftheyear
(2,474,023)
(3,858,718)
Movement in cash and cash equivalents
The statement of significant accounting policies 0
form an integral part ofthese financial statemen .
lEI
2007 Unilever Annual Report and Accounts
ages 33 to 35 and the notes on pages 36 to 46
Statement of Value Added
07
00
2007
%
N'OOO
2006
2006
N'OOO
N'OOO
25,554,415
33,990,848
Turnover
Bought in materials and se
- Local
- Imported
%
C25
17,289,44
70
r8
6,086,153
(27,523,939)
(23,375,597)
6,466,909
2,178,818
44,189
106,195
Finance income
6,573,105·
Value added
100
2,223,007
100
3,403,006
52
2,889,689
130
824,021
622,742
945,824
645,840
131,672
13
9
14
10
2
6,573,105
100
Applied as follows:
To pay employees sa a '25
and fringe benefits InG v
terminal benefits
n
-==-:::x;:~- _
To provide for maintena == ..--:. =--s.==:
To pay taxes to qovernmer.:
To pay dividends to shar€l G=""::
To pay interest on borrowr-qs
Retained for Company's 9ro.'.--
~-= ==-==~:=
2007
u-
788,949
(849,970)
35
(38)
1,011,602
(1,617,263)
46
(73)
2,223,007
100
ever Annual Report and Accounts
Iml
~
2007
N'OOO
2005
2004
2003
N'OOO
N'OOO
N'OOO
Turnover
33,990,848
33,390,940
23,693,923
19,003,356
Gross Profit
11,412,903
11,760,282
10,714,136
Net operating expenses
(8,860,110
(8,659,938)
(7,128,125)
9,144,239
(5,880,404)
Operating profit
2,552,793
3,100,344
3,586,010
3,263,835
Profit before tax
2,013,148
2,281,416
2,970,047
2,778,115
(716,615
Tax expense
(664,959)
(802,798)
(907,857)
Profit after tax and before
extraordinary item
Extraordinary item (net of tax)
Profit for the year
1,296,533
1,616,457
2,167,249
1,870,258
1,616,457
2,167,249
1,870,258
(219,037
1,077,496
Earnings per share (Naira)
- adjusted
0.28
Dividends per share (Naira)
0.25
-
-
0.43
0.57
0.49
0
0.70
0.60
Capital employed
Share capital
1,891,649
-
Reserves
-
Proposed Dividend
2,193,37
945,824
Shareholders interests
5,030,844
5,570,611
6,072,800
1,846,249
5,751,800
8,640,97
(1,029,428
7,645,186
6,179,653
4,822,861
(Iiabilities)/assets
852,989
liabilities
(2 ,580'699
,
1,982,608
(2,089,461)
795,732
(1,713,043)
6,072,800
5,751,800
Employment
Non-current
1,513,319
4,057,292
1,513,319
4,559,481
2,118,646
1,513,319
2,392,232
of Capital
Fixed Assets
Net current
:--.:::
5,030,84
,927,564)
-- -----
- -
-
-570,611
Net assets per share (Naira)
- Adjusted
Iml
1.33
2007 Unilever Annual Report and Accou
.47
1.61
1.03