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1950 Annual Report

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1950 Annual Report OTHERS & UNHLEVE SIR GEOFFREY HEYWORTH Chairman 9. SIR HERBERT DAVIS 7 Vice-Chairmen PAUL RYKENS 1 NL C.3" DE BUT' ROGER HARDMAN ~E~~~~~ JAMES I?. VAN DEN BERGH RALPH ESTILL HUFFAM SIDNEY J. VAN DEN BERGH RUDOLF G. JURGENS CHARLES HUGH CLARKE FRANCIS DAVID MORRELL GEORGE JAMES COLE ROWLAND HUNTLY MUHW W. A. FAUN? FRANK SAMUEL JOHN HENRY HANSARD A. E. J. SIMON THOMAS ARTHUR HARTOG ARTKCTR HENRY SMITH HAROLD HBRTOG F. J. TEMPEL SECRETA JXTGH SAUNDERS 5 *i - mer Brothers & Unilever Limited, the English Compaay, is referred to US '' LXNT~?D". Lever Brothers & Wnilever N.V., the Dutch Company, is referred to US " N.V." They are refereed to jointly as " THE PARENT COMPANIES ". PAGE 7 SALIENT POINTS 8 REPORT OF THE DIRECTORS 9 REVIEW OF OPERATIONS 15 REPORTS OF THE AUDITORS 16 CONSOLIDATED BALANCE SHEETS 18 CONSOLIDATED PROFIT AND LOSS ACCOUNTS 20 APPROPRIATION OF CONSOLIDATED NET PROFITS 22 LAND, BUILDINGS, PLANTATIONS, SHES, PLANT AND EQUIPMNT 23 CAPITAL AND REVENUE RESERVES AND EXCHANGE SURPLUSES 24 BALANCE SHEET-LIMITED 26 BACANCE SHEET-N.V. 28 TURNOVER OF PRINCIPAL COMMODITKBS 28 PENSIONS 29 SUMMARY OF CONSOLIDATED FIGURES, 1937-50 6 All $gures relate to the LIMITED and N.V. Groups combined; de,,& are sef out in the accompan. Statemmts and should be considered in conjunction with the Notes therem. 8. 1949 1950 75 L 273,482,097 308,888,453 153,556,332 168,563,508 119,925,765 140,324,945 800,897,000 988,870,000 6,604,839 ~~~REC~T~~~Charged to trading 7,851,664 account 4,247,744 FHXED ASSETS PLACErnNT RE$ERVE$ 4,943,233 31,947,465 TRADING PROFIT 52,18 1,298 5,680,882 EXCHANGE SURPLUSES 64,739 1,823,308 STOCK RESERVES 2,629,699 (brought back) 1 7,569,024 TAXATION 28,459,366 19,580,127 cON§~L~ATE~NET PROFIT 19,226,875 16,100,901 PROHT ACCRUING TO THE ORD ~~~~~~ 15,747,649 11.1% Percentage on Ordinary shareholders’ Funds , 9.2% 2,195,327 O~~~A~YDIVIDENDS PROPOSED 2,913,743 f% . 1 ‘5% Percentage on Ordinary Shareholders’ Funds 1‘7% LIMITED N.V. LIMITED N.V. 10% 8.9% Percentage on Ordinary Capital 13% 12% The Directors submit their Report and Accounts for the holders. They are equivalent in value under the terms of year 1950. LIMITED and N.V. are linked togetheP6y a series the Equalisation Agreement, and if approved will be pay- of agreements of which the principal is the Equalisation able on 24th July 1951. After the proposed appropriations, Agreement, which in effect equalises the dividend rights the profits carried forward are increased by E336,910 of thc Ordinary Shares of the two Companies and their (S353,763) in LIMITED and by ,C;118,601 (E87,868) in N.V. * capital values on liquidation on the basis of 41 nominal of Results achieved in the current year to date are satisfac- LIMITED’S Ordinary Capital being equivalent to F1.12 tory. nominal of N.V.’S Ordinary Capital. For this reason the REs ERVE s Report and Accounts deal, as hitherto, with the operations The capital reserves have been increased by E8, 136,936 afid results of both Groups. to A49,332,998. Of this increase E4,943,233 represents The Annual General Meetings will be addressed by their replacement reserves charged to profits and E2,805,369 respective Chairmen, and reports of their speeches will be surpluses on disposal of fixed assets to which reference is published in the Press. made in the Review of Operations. After the proposed appropriations, the revenue reserves, including exchange STOCK VALUATIONS IN THE surpluses, stand at E78,834,193 at 31st December 1950. UNITED STATES The increase of &15,463,605 represents profits retained of In arriving at the results of Lever Brothers Company, New E12,833,906 and additions out of profits to stock reserves York, for the year 1950, the principle of stock valuation of &2,629,699. known as LIFO (Last.In First Out) has been adopted. In INTERESTS NOT CONSOLIDATED previous years the basis has been that of FIFO (First In First The position of interests not consolidated remains virtually Out). Owing to the substantial increase in raw material the same as at the end of 1949, although some payments in prices during the year 1950, the adoption of the LIFO prin- ciple of valuation caused the results of that Company, and respect of these interests have been received and deducted consequently the Consolidated Trading Profit, to be lower from the book value. by approximately E3,150,000 than if the stocks had been BORROWING POWERS valued on the FIFO basis. Had the change not been made, The Directors feel that the amount (including borrowings it would have been desirable to increase the stock reserves by subsidiaries but excluding inter-company borrbwings) by an amount approximately equivalent to this sum. The which LIMITED may borrow without the sanction of the application of the LIFO principle is expected to result in a Company in general meeting, namely, the nominal amount considerable reduction in the amount of tax payable by of issued Preference and Preferred Ordinary Capital, may Lever Brothers Company for the year 1950. prove inadequate for future requirements. A special re- solution is therefore being submitted to the Meeting to RESULTS increase this limit to twice the issued Preference and Pre- Details of the results arc given in the Consolidated Profit ferred Ordinary Capital. This, if passed, will raise the and Loss Account (Statement B) and the figures must be amount which LIMITED may borrow without the sanction considered in conjunction with the notes on that Statement. mentioned above to approximately the amount which, The revenue from trading was A52,181,298 for the year under the Trust Instrument securing the Debenture Stock compared with E31,947,465 in 1949, after making reserves ‘issued in 1950, the Company is permitted to borrow with- for replacement of fixed assets of E4,943,233 (E4,247,744), out the consent of the Trustees for the Debenture stock- in addition to the normal provisions for depreciation. holders. .The consolidated net profit for the year amounts to MEMBERSHIP E19,226,875 compared with E19,580,127 for the previous At the 31st December 1950, the number of stockholders in year. The former figure however is arrived at after setting LIMITED was 192,914 with an average holding of a little over aside reserves against stock values amounting to E2,629,699 E360. Almost the whole of the Share Capital of N.V. is in whereas the profit for 1949 included exceptional credits of bearer form and the number of shareholders in that com- E7,504,190 arising from exchange profits of E5,680,882 and pany cannot be ascertained. L1,823,308 brought back from stock reserves. Moreover this year’s profits are fully taxable whereas the exceptional DIRECTORS credits of the previous year were not subject to taxation. All the Directors retire in accordance with Article 90 ofthe Details of the proposed appropriations of the profits of Articles of Association and, being eligible, offer themselves the Parent Companies are set out on Statement C. It will for re-election. be seen that the Directors propose to appropriate E2,15 1,512 AUDITORS (,(;2,000,000) to the General Reserve of LIMITED and The Auditors, Messrs. Cooper Brothers & Co. and Messrs. &652,972 (nil) to the General Reserve of N.v., and to dis- Price Waterhouse & Co., will continue in office in accord- vibuteadividend of 134% (lO%)onthe Ordinary Stockof ance with Section 159(2) of the Companies Act. 1948. LIMITED and a dividend of l2’3L (8.9%) on the Ordinary By Order of the Board, Capital of N.V. Together these proposed dividends repre- H. SAUNDERS, sent I .7 % (1.5 yo)on the total funds of the Ordinary share- Secretary. a H GENERAL It may be of interest to refer here to the capital projects. In the United States the During 1950 conditions became more competitive as more plant at Los Angeles, which is now partly in operation, and State controls were relaxed. Trade continued to expand extensions to the plant at Edgewater, new office premises in and there was a general increase of turnover, the most New York and a new research building at Edgewater. All marked beinginEurope and the United States. This expan- should be finished during 1951 except the research build- sion was achieved without increasing our labour force. In ing, which should be completed in 1952. The initial steps the earlier part of the year freer conditions of trade and the have also been taken in the construction of a plant at St. tendency for supplies of raw materials to be more plentiful, Louis for the manufacture of our synthetic detergent SURF. which had developed during 1949, favoured this expan- In Canada, the new factory at Toronto has been in full sion. Further impetus was added by the tense international operation since September, 1950; it has already resulted in situation which developed in the latter half of the year as it substantial savings in working costs. In England a new oil led to increased demands for our producrs. mill at Bromborough was practically complete by the end of Owing to the fear of war and the resultant stock-piling, the year. Work was started on a plant for the production of and also as a consequence of heavy buying in Western Ger- petroleum catalysts for the oil refineries now being estab- many, following the relaxation of controls, prices of all im- lished by some of the major oil companies in the United portant raw materials began to rise sharply towards the end IGngdom and elsewhere in the non-dollar area.
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