2000-Financial-Statements-EN

2000年瑞士雀巢公司公布的财务报告

2000 Financial statements

Consolidated accounts of the Nestlé Group

Annual report of Nestlé S.A.

2000年瑞士雀巢公司公布的财务报告

2000年瑞士雀巢公司公布的财务报告

Consolidated accounts of the Nestlé Group

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48Consolidated income statement for the year ended 31st December 2000Consolidated balance sheet as at 31st December 2000Consolidated cash flow statement for the year ended 31st December 2000Consolidated statement of changes in equityAnnexAccounting policiesValuation methods and definitionsChanges in accounting policies and modification of the scope of consolidationNotesPrincipal exchange ratesReport of the Group auditorsFinancial information – ten year reviewCompanies of the Nestlé Group

134th Annual report of Nestlé S.A.

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71Income statement for the year 2000Balance sheet at 31st December 2000Annex to the annual accounts of Nestlé S.A.Accounting policiesNotes to the annual accountsProposed appropriation of profitReport of the statutory auditorsAgenda for the 134th Ordinary General Meeting of Nestlé S.A.Important datesShareholder information

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2000年瑞士雀巢公司公布的财务报告

2000年瑞士雀巢公司公布的财务报告

Consolidated accounts of the Nestlé Group

Consolidated income statement

for the year ended 31st December 2000

In millions of CHFNotes

1200081422

(38121)

(5884)

(26467)

(1038)(312)(414)9186

(746)(99)8341

(2761)

5580

(212)3955763199974660(35912)(5268)(23887)(893)(402)(384)7914(998)(57)6859(2314)4545(160)3394724Sales to customersCost of goods soldDistribution expensesMarketing and administration expensesResearch and development costsRestructuring costsAmortisation of goodwillTrading profitNet financing costNet non-trading itemsProfit before taxesTaxesNet profit of consolidated companiesShare of profit attributable to minority interestsShare of results of associated companiesNet profit for the year

As percentages of sales

Trading profit

Net profit for the year

Earnings per share(in CHF)

Basic earnings per share

Fully diluted earnings per share12345611.3%7.1%10.6%6.3%77149.1147.8122.1120.7

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2000年瑞士雀巢公司公布的财务报告

Consolidated accounts of the Nestlé Group

Consolidated balance sheet

as at 31st December 2000before appropriations

In millions of CHFNotes20001999AssetsCurrent assets

Liquid assetsCash and cash equivalents

Other liquid assets

Trade and other receivables

Inventories

Prepayments and accrued income

Total current assets

Fixed assets

Tangible fixed assetsGross value

Accumulated depreciation

Financial assets

Investments in associated companies

Deferred tax assets

Other financial assets

Goodwill

Intangible assets

Total fixed assets

Total assets8545146809103322334810131126857168763307476670124437383673271691143519(24894)18625122113141544014(24796)19218182822932431743479028163477765524655252587423177058939217325692692

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2000年瑞士雀巢公司公布的财务报告

Consolidated accounts of the Nestlé Group

In millions of CHFNotes20001999Liabilities and equityCurrent liabilities

Trade and other payables

Financial liabilities

Tax payable

Accruals and deferred income

Total current liabilities

Medium and long term liabilities

Financial liabilities

Employee benefit liabilities

Deferred tax liabilities

Tax payable

Other payables

Provisions

Total medium and long term liabilities

Total liabilities

Minority interests

Equity

Share capital

Share premium and reserves

Share premium

Reserve for treasury shares

Translation reserve

Retained earnings16171000183761035376223174963579679853595221821819212247682860155053402220411837350116094905282213277226422891167933861625234045926223257123388

32117

3252159262873839174394042707727481(3028)

24453

58939Less:Treasury sharesTotal equity before appropriationsTotal liabilities and equity24(2617)2990465524

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2000年瑞士雀巢公司公布的财务报告

Consolidated cash flow statementfor the year ended 31st December 2000

In millions of CHFNotes20001999Operating activities

Net profit of consolidated companies

Depreciation of tangible fixed assets11

Impairment of tangible fixed assets11

Amortisation of goodwill14

Depreciation of intangible assets15

Impairment of goodwill14

Increase/(decrease) in provisions and deferred taxes

Decrease/(increase) in working capital25

Other movements

a) 55802737223414179230(4)(368)(140)88514545259737338492212101235(352)8187Taxes paid amount

to CHF 2714 million

(1999: CHF 2304 mil-

lion).

Interest received/paid

does not differ materi-

ally from interest

shown under note 2“Net financing cost”.Operating cash flow (a)Investing activitiesExpenditure on tangible fixed assetsExpenditure on intangible assetsSale of tangible fixed assets

Acquisitions

Disposals

Income from associated companies

Other movements

Cash flow from investing activities11152627(3305)(188)355(2846)78010739(5058)(2806)(139)363(440)25386(76)(2759)

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2000年瑞士雀巢公司公布的财务报告

In millions of CHFNotes20001999Financing activities

Dividend for the previous year

Purchase of treasury shares (net)

Premium on warrants issued

Movements with minority interests

Bonds issued

Bonds repaid

Increase/(decrease) in other medium/

long term financial liabilities

Increase/(decrease) in short term financial liabilities

Decrease/(increase) in marketable securities and

other liquid assets

Decrease/(increase) in short term investments

Cash flow from financing activities

Translation differences on flows

Increase/(decrease) in cash and cash equivalents(1657)107281(221)1016(1143)(155)921(2788)1452(1422)(175)2196(1469)(2311)–(190)328(400)500(3488)(355)12(7373)49(1896)

4984

234

5218

3322Cash and cash equivalents at beginning of year3322Effects of exchange rate changes on opening balance(67)Cash and cash equivalents retranslated at beginning of year3255Cash and cash equivalents at end of year85451

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2000年瑞士雀巢公司公布的财务报告

Consolidated statement of changes in equity

Reserve for

Share

In millions of CHFpremiumtreasurysharesTranslationreserveRetainedearningsTotalreservesSharecapitalLess:TreasurysharesTotalequityEquity as at

31st December 1998

Currency retranslation

Net profit

Movement of treasury shares (net)

Result on options and treasury

shares held for trading purposes

Dividend for the previous year

Recovery of goodwill ondisposals charged to equity

prior to 1st January 1995

Equity as at

31st December 1999

Adjustment for the introductionof IAS 37

– Provisions

– Related deferred taxes

Equity restated as at

31st December 1999

Currency retranslation

Net profit

Movement of treasury shares (net)

Result on options and treasury

shares held for trading purposes

Premium on warrants issued

Dividend for the previous year

Recovery of goodwill ondisposals charged to equity

prior to 1st January 1995

Equity as at

31st December 2000592656222661316285229996134724—139(1469)404(588)228156134724(2311)10(1469)23114724(2311)139(1469)(2311)(129)717171592628738391743927077404(3028)24453132(21)132(21)132(21)59262873839(268)1755027188(268)5763—95981(1657)404(3028)24564(268)576364172981(1657)(641)576364195981(1657)641(230)515151592622325712338832117404(2617)2990410

2000年瑞士雀巢公司公布的财务报告

Annex

Accounting policies

Accounting convention and accounting standards

The Consolidated accounts comply with International

Accounting Standards (IAS) issued by the International

Accounting Standards Committee (IASC) and with the

Standing Interpretations issued by the Standing Interpre-

tation Committee of the IASC (SIC).

The accounts have been prepared under the historical

cost convention and on an accrual basis. All significant

consolidated companies have a 31st December account-

ing year end. All disclosures required by the 4th and 7th

European Union company law directives are provided.

Scope of consolidation

The Consolidated accounts comprise those of Nestlé

S.A. and of its affiliated companies, including joint ven-

tures, and associated companies (the Group). The list of

the principal companies is given in section “Companies

of the Nestlé Group”.

Consolidated companies

Companies in which the Group has a participation, usu-

ally a majority, and where it is responsible for the man-

agement, are fully consolidated. This applies irrespective

of the percentage of the participation in the share

capital. Minority interests in equity, as well as in the net

results, are shown separately in the Consolidated

accounts.

Proportional consolidation is applied for companies

owned, controlled and managed jointly with partners.

The individual assets, liabilities, income and expenditure

are consolidated in proportion to the Nestlé participation

in the equity (usually 50%).

Newly acquired companies are consolidated from the

effective date of acquisition, using the purchase method.

Associated companies

Companies where the Group has a participation of 20%

or more and a significant influence but does not exercise

management control are accounted for by the equity

method. The net assets and results are recognised on the

basis of the associates’ own accounting policies, which

may differ from those of the Group.Foreign currenciesIn individual companies, transactions in foreign curren-cies are recorded at the rate of exchange at the date ofthe transaction or, if hedged forward, at the rate of ex-change under the related hedge instrument. Assets andliabilities in foreign currencies are translated at year endrates. Any resulting exchange differences are taken tothe income statement.On consolidation, assets and liabilities of Group com-panies denominated in foreign currencies are translatedinto Swiss francs at year end rates. Income and expenseitems are translated into Swiss francs at the annual aver-age rates of exchange or, where known or determinable,at the rate on the date of the transaction for significantitems.Differences arising from the retranslation of openingnet assets of Group companies, together with differ-ences arising from the restatement of the net results forthe year of Group companies from average or actualrates to year end rates, are taken to equity.The balance sheet and net results of Group com-panies operating in hyperinflationary economies arerestated for the changes in the general purchasingpower of the local currency, using official indices at thebalance sheet date, before translation into Swiss francsat year end rates.HedgingDerivative financial instruments are used to manageoperational exposures to foreign exchange, interest rateand commodity price risks. They are entered into withhigh credit quality financial institutions, consistent withspecific approval, limit and monitoring procedures. Theinstruments used to hedge foreign currency flows andpositions mainly include forward foreign exchange con-tracts, options and currency swaps. Foreign exchangegains and losses on hedging instruments are matchedwith foreign exchange gains and losses on the underlyingasset or liability. When an anticipated future transactionhas been hedged and the underlying position has notbeen recognised in the financial statements any changein the fair value of the hedging instrument is not recog-nised in the income statement for the period.

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2000年瑞士雀巢公司公布的财务报告

Where derivatives are held for the long term and are

used to manage interest rate risks, they are accounted

for on the cost basis (where the underlying asset or lia-

bility is accounted for on the cost basis) and payments

and receipts relating to the instruments are recognised

under net financing cost as they accrue. In other cases

the instruments are carried at fair value and changes in

the market value are taken to income. The instruments

used consist of interest rate swaps, interest rate options

and futures.

Commodity instruments are used to ensure the

Group’s access to raw materials at an appropriate price.

Outright purchase transactions are recorded at the

contracted rates. Changes in the fair value of open com-

modity instruments are not recognised until the actual

purchase transactions are recognised in the financial

statements.

Segmental information

Segmental information is based on two segment formats:

the primary format reflects the Group’s management

structure, whereas the secondary format is product

oriented.

The primary segment format – by management

responsibility and geographic area – represents the

Group’s management structure. The principal activity of

the Group is the food business, which is managed

through three geographic zones. The other activities,

mainly pharmaceutical products and water, are managed

on a worldwide basis. The secondary segment format

representing products is divided into five categories

(segments).

Segment results represent the contribution of the dif-

ferent segments to central overheads, research and de-

velopment costs and the profit of the Group. Unallocated

items comprise mainly corporate expenses, research

and development costs, amortisation of goodwill and, for

the product segments, restructuring and other costs.

Specific corporate and research and development

expenses are allocated to the corresponding segments.

Segment assets comprise tangible fixed assets, trade

and other receivables, inventories and prepayments and

accrued income. Unallocated items represent mainly cor-

porate and research and development assets, includinggoodwill. Liabilities comprise trade and other payables,accruals and deferred income. Eliminations representinter-company balances between the different segments.Segment assets and liabilities by management re-sponsibilities and geographic area represent the situationat the end of the year. Assets by product group representthe annual average as this provides a better indication ofthe level of invested capital.12

2000年瑞士雀巢公司公布的财务报告

Consolidated accounts of the Nestlé Group

Valuation methods and definitions

Sales to customers

Sales to customers represent the sales of products and

services rendered to third parties, net of sales rebates

and sales taxes.

Net financing cost

This item includes the interest expense on borrowings

from third parties as well as the interest income earned

on funds invested outside the Group. Exchange differ-

ences and the results of foreign exchange and interest

hedge operations linked to external loans, intra-Group

short term loans and deposits in foreign currencies are

also included under this heading.

For hyperinflationary economies, only the real net fi-

nancing cost appears under this heading.

Taxes

This includes current taxes on profit and other taxes

such as taxes on capital. Also included are actual or po-

tential withholding taxes on current and expected trans-

fers of income from Group companies and tax adjust-

ments relating to prior years.

Deferred taxation is the tax attributable to the tempo-

rary differences that appear when taxation authorities

recognise and measure assets and liabilities with rules

that differ from those of the Consolidated accounts.

Deferred taxes are calculated under the liability

method at the rates of tax expected to prevail when the

temporary differences reverse. Any changes of the tax

rates are recognised to the income statement. Deferred

tax liabilities are recognised on all taxable temporary dif-

ferences excluding non deductible goodwill. Deferred tax

assets are recognised on all deductible temporary differ-

ences provided that it is probable that future taxable in-

come will be available.

Liquid assets

Liquid assets include cash at bank and in hand, cash

equivalents, marketable securities, other liquid funds

and short term investments. Cash equivalents consist of

bank deposits and fixed term investments whose maturi-

ties are three months or less from the date of acquisi-tion. Short term investments consist of bank depositsand fixed term investments whose maturities are higherthan three months from the date of acquisition.Marketable securities, which are held to maturity, arevalued at the lower of cost or market value, while thoseheld for trading purposes are carried at market value.Any resulting gains or losses are recognised in the in-come statement.InventoriesRaw materials and purchased finished goods are valued atpurchase cost. Work in progress and manufactured fin-ished goods are valued at production cost. Production costincludes direct production costs and an appropriate pro-portion of production overheads and factory depreciation.Movements in raw materials inventories and pur-chased finished goods are accounted for using the FIFO(first in, first out) method. The weighted average costmethod is used for other inventories.A provision is established when the net realisablevalue of any inventory item is lower than the value calcu-lated above.Prepayments and accrued incomePrepayments and accrued income comprise paymentsmade in advance relating to the following year, and in-come relating to the current year which will not be re-ceived until after the balance sheet date.Accruals and deferred incomeAccruals and deferred income comprise expenses relat-ing to the current year which will not be paid until afterthe balance sheet date and income received in advance,relating to the following year.Tangible fixed assetsTangible fixed assets are shown in the balance sheet attheir historical cost. Depreciation is provided on thestraight line method so as to amortise the initial costover the estimated useful lives, which are as follows:Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .25–50 yearsMachinery and equipment . . . . . . . . . . . . . .10–15 years

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2000年瑞士雀巢公司公布的财务报告

Consolidated accounts of the Nestlé Group

Tools, furniture, information technology

and sundry equipment . . . . . . . . . . . . . . . .3–8 years

Vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 years

Financing costs incurred during the course of con-

struction are expensed. Land is not depreciated. Premi-

ums capitalised for leasehold land or buildings are amor-

tised over the length of the lease.

Depreciation of tangible fixed assets is allocated to

the appropriate headings of expenses by function in the

income statement.

Leased assets

Assets acquired under long term finance leases are capi-

talised and depreciated in accordance with the Group’s

policy on tangible fixed assets. The associated obliga-

tions are included in financial liabilities.

Rentals payable under operating leases are charged

to the income statement as incurred.

Other financial assets

Long term receivables are discounted to their net pres-

ent value at the date of inception.

Other financial assets also include the discounted fu-

ture economic benefits resulting from excess of assets

of funded defined benefit plans.

Other investments primarily comprise participations

of minor importance in various companies where the

Group does not exercise management control as well as

some securities.

Other financial assets are carried at cost or valuation

less any accumulated impairment losses.

Goodwill

As from 1st January 1995, the excess of the cost of an

acquisition over the fair value of the net tangible assets is

capitalised. Previously these amounts had been written

off through equity. This value also includes those intangi-

ble assets acquired that are not separately identifiable, in

particular trademarks and industrial property rights.

Gains on the disposal of businesses acquired prior to

1st January 1995 are taken to equity to the extent of the

goodwill previously written off. Any excess is taken to

the income statement. Goodwill is amortised on a straight line basis over itsanticipated useful life but not exceeding 20 years.Goodwill is usually recorded in the currency of theacquiring entity.Intangible assetsThis heading includes separately purchased intangibleassets such as software, intellectual property rights andrights to carry on an activity (i.e. exclusive rights to sellproducts or to perform a supply activity). They are amor-tised over their useful life, the depreciation being allo-cated to the relevant headings in the income statement.Internally generated intangibles are recognised onlyunder rare circumstances and provided that a given pro-ject and its cost are well identified. They consist mainlyof data processing software.Research and development Research and development costs are charged to the in-come statement in the year in which they are incurred. Development costs related to new products are notcapitalised because the availability of future economicbenefits is evident only once the products are on themarket place.Impairment of assets Consideration is given at each balance sheet date to de-termine whether there is any indication of impairment ofthe carrying amounts of the Group’s assets. If any indi-cation exists, an asset’s recoverable amount is esti-mated. An impairment loss is recognised whenever thecarrying amount of an asset exceeds its recoverableamount. The recoverable amount is the greater of the netselling price and value in use. In assessing value in use,the estimated future cash flows are discounted to theirpresent value based on the average borrowing rate of thecountry where the assets are located, adjusted for risksspecific to the asset.Current liabilitiesThese include current or renewable liabilities due withina maximum period of one year. 14

2000年瑞士雀巢公司公布的财务报告

Consolidated accounts of the Nestlé Group

Provisions

These include liabilities of uncertain timing or amounts

that arise from restructuring, environment, litigation and

other risks. Provisions are recognised when there exists

a legal or constructive obligation stemming from a past

event and when the future cash outflows can be reliably

estimated. Obligations arising from restructuring plans

are recognised only upon their announcement.

Contingent assets and liabilities

Contingent assets and liabilities arise from conditions or

situations, the outcome of which depends on future

events. They are disclosed in the notes to the accounts.

Events occurring after the balance sheet date

The values of assets and liabilities at the balance sheet

date are adjusted if there is evidence that subsequent

adjusting events warrant a modification of these values.

These adjustments are made up to the date of ap-

proval of the accounts by the Board of Directors.

Other non adjusting events are disclosed in the notes.

Employee benefits

Post employment benefits

The liabilities of the Group arising from defined benefit

obligations, and the related current service cost, are de-

termined using the projected unit credit method. Valua-

tions are carried out annually for the largest plans and on

a regular basis for other plans. Actuarial advice is pro-

vided both by external consultants and by actuaries em-

ployed by the Group. The actuarial assumptions used to

calculate the benefit obligations vary according to the

economic conditions of the country in which the plan is

located.

Such plans are either externally funded, with the

assets of the schemes held separately from those of the

Group in independently administered funds, or unfunded

with the related liabilities carried in the balance sheet.

For the funded defined benefit plans, the deficit or

excess of the fair value of plan assets over the present

value of the defined benefit obligation is recognised as a

liability or an asset in the balance sheet, taking into ac-

count any unrecognised actuarial gains or losses and

past service cost. However, an excess of assets is recog-nised only to the extent that it represents a future eco-nomic benefit which is actually available to the Group,for example in the form of refunds from the plan or re-ductions in future contributions to the plan. When suchan excess is not available or does not represent a futureeconomic benefit, it is not recognised but is disclosed inthe notes.Actuarial gains and losses arise mainly from changesin actuarial assumptions and differences between actuar-ial assumptions and what has actually occurred. They arerecognised in the income statement, over the remainingworking lives of the employees, only to the extent thattheir net cumulative amount exceeds 10% of the greaterof the present value of the obligation or of the fair valueof plan assets. Unrecognised actuarial gains and lossesare reflected in the balance sheet.For defined benefit plans the actuarial cost charged tothe income statement consists of current service cost, in-terest cost, expected return on plan assets and past ser-vice cost as well as actuarial gains or losses to the extentthat they are recognised. The past service cost for the en-hancement of pension benefits is accounted for whensuch benefits vest or become a constructive obligation.Some benefits are also provided by defined contribu-tion plans; contributions to such plans are charged tothe income statement as incurred.Pensions and retirement benefits The majority of Group employees are eligible for retire-ment benefits under defined benefit schemes based onpensionable remuneration and length of service, consist-ing mainly of final salary plans. Post retirement health care and other employee benefitsGroup companies, principally in North America, maintainhealth care benefit plans which cover eligible retired em-ployees. The obligations for other employee benefits consistmainly of end of service indemnities, which do not havethe character of pensions.Equity compensation plansMembers of the Group’s ManagementMembers of the Group’s Management are entitled to par-

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2000年瑞士雀巢公司公布的财务报告

Consolidated accounts of the Nestlé Group

ticipate each year in a share option plan without pay-

ment. The benefits consist of the right to buy Nestlé

shares at a pre-determined fixed price.

As from 1st January 1999, this plan has a rolling

seven year duration and the rights are vested after three

years (previously five years and two years respectively).

In order to hedge the related exposure, the Group

buys the number of shares necessary to satisfy all poten-

tial outstanding obligations under the plan when the

benefit is awarded and holds them until the maturity of

the plan or the exercise of the rights. No additional

shares are issued as a result of the equity compensation

plan.

The Group is not exposed to any additional cost and

there is no dilution of the rights of the shareholders.

Board of Directors

The annual remuneration of the Members of the Board of

Directors is partly paid in kind through the delivery to

them of warrants purchased on the market. The warrants

have a duration of five years and vest after two years.

They are issued by a financial institution and are

quoted on the Stock Exchange.

The Group is not exposed to any additional cost and

there is no dilution of the rights of the shareholders.

Dividends

In accordance with Swiss law and the Company’s Arti-

cles of Association, dividends are treated as an appropri-

ation of profit in the year in which they are ratified at the

Annual General Meeting and subsequently paid, rather

than as an appropriation of the profit in the year to which

they relate.Changes in accounting policies and modificationof the scope of consolidationChanges in accounting policiesThe Group has implemented the following standards asfrom 1st January 2000: IAS 36 Impairment of Assets. Impairment losses aredisclosed in the respective tables of movements ofassets. IAS 37 Provisions, Contingent Liabilities and Contin-gent Assets. The effect of these changes is disclosedon the statement of changes in equity. IAS 38 Intangible Assets. Intangible assets and good-will are now disclosed separately. IAS 10 (revised 1999) Events after the Balance SheetDate.Modification of the scope of consolidationThe scope of consolidation has been affected by theacquisitions and disposals made in 2000. The principalbusinesses are detailed below.Fully consolidatedNewly included:Vending machines business of Ueshima Coffee Company– UCC, Japan, 100% (March)PowerBar, USA, 100% (April)Summit Autonomous, USA, 100% (July)Disposal:Findus frozen food business, Europe (February/March)16

2000年瑞士雀巢公司公布的财务报告

Notes

1. Segmental informationBy management responsibility and geographic area

In millions of CHF2000

Sales19992000Results1999

Zone Europe

Zone Americas

Zone Asia, Oceania and Africa

Other activities (a)

Unallocated items (b)

Trading profit26285255241571013903814222709822045136111190674660275335032673201510944(1758)918626712799218516759330(1416)7914a)Mainly Pharma-ceutical products andWater, managed on aworldwide basis.The analysis of sales by geographic area is stated by customer destination. Intersegmentsales are not significant.

In millions of CHFMainly corporateexpenses, researchand development costsas well as amortisationof goodwill.b)2000

Assets199920001999Liabilities

Zone Europe

Zone Americas

Zone Asia, Oceania and Africa

Other activities (a)

Unallocated items (c)

Eliminations1291310503689778603817310635(849)

47959

2000143331033269197316389007454(637)457171999527934602591289614226386(849)137632000539831871936285513376491(637)132301999c)Corporate andresearch and develop-ment assets/liabilities,including goodwill.In millions of CHF

CapitalexpenditureDepreciation oftangible fixed assets

Zone Europe

Zone Americas

Zone Asia, Oceania and Africa

Other activities (a)

Unallocated items (d)946766550949321194

33059237183816652687119280689076748151926578027379286974214772523742597Corporate andresearch and develop-

ment fixed assets.d)

17

2000年瑞士雀巢公司公布的财务报告

By product group

In millions of CHF2000

Sales19992000Results1999

Beverages

Milk products, nutrition and ice cream

Prepared dishes, cooking aids

and petcare

Chocolate, confectionery and biscuits

Pharmaceutical products

a)23044219742063210974479881422208591941120185101954010746604318262019481166121211264(2078)

918637642168185088210779741(1827)7914Mainly corporateexpenses, research

and development

costs, amortisation of

goodwill as well as

restructuring costs.Unallocated items (a)Trading profit

In millions of CHF2000Assets1999Beverages

Milk products, nutrition and ice cream

Prepared dishes, cooking aids

and petcare

Chocolate, confectionery and biscuits

Pharmaceutical products1065411215898066852589

40123101041072299406007219838971

In millions of CHF20001999Capital expenditure

Beverages

Milk products, nutrition and ice cream

Prepared dishes, cooking aids

and petcare

Chocolate, confectionery and biscuits

Pharmaceutical products

Administration, distribution, research

and development9365303902501132219108633056183664642809118199872806

18

2000年瑞士雀巢公司公布的财务报告

2. Net financing cost

In millions of CHF2000614(1360)

(746)1999474(1472)(998)Interest incomeInterest expense

Interest income includes CHF 31 million (1999: CHF 22 million) of gains arising on securitiesheld for trading purposes.3. Net non-trading items

In millions of CHF20001999Non-trading expenses

Loss on disposal of tangible fixed assets

Loss on disposal of activities

Provisions for litigation and other risks

Impairment of tangible fixed assets

Impairment of goodwill

Other(19)(32)(205)(223)(230)(450)(1159)(20)(21)(42)(373)(212)(255)(923)Non-trading income

Profit on disposal of fixed assets

Profit on disposal of activities

Release of provisions for litigation and other risks

Other5754673384

1060(99)966078632(a)866(57)of which CHF 433million represents ex-ceptional tax credits,primarily in the USA.a)Net non-trading items

4. Expenses by nature

The following items are allocated to the appropriate headings of expenses by function in theincome statement:

In millions of CHF20001999Depreciation of tangible fixed assets

Salaries and welfare expenses

Remuneration of the executive management and of the Directors

Auditors’ remuneration

Operating lease charges

Exchange differences2737127741926362(55)2597122241628113(22)

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2000年瑞士雀巢公司公布的财务报告

5. Taxes

In millions of CHF20001999Includes withholding

tax levied on transfer

of income.a)Components of tax expenseCurrent taxDeferred taxTransfers (from)/to unrecognised tax assetsChanges in deferred tax ratesPrior yearstaxOther tax (a)2395(44)2(13)1840327611910(64)7910(36)4152314Deferred tax by types

Tangible fixed assets

Goodwill and intangible assets

Employee benefits liabilities

Inventories, receivables, payables and provisions

Unused tax losses and tax credits

Other2033(68)(148)4475(44)(118)71(34)(40)3918(64)Reconciliation of tax expenseTax at the theoretical domestic rates applicable to profits

of taxable entities in the countries concerned

Tax effect on non-deductible amortisation of goodwill

Tax effect on non-allowable items

Transfers (from)/to unrecognised tax assets

Difference in tax rates

Other tax (a)2390165(168)2(49)42127611889146(125)79(54)37923146. Share of results of associated companies

In millions of CHF2000605(210)3951999521(182)339 Share of profit before taxesLess share of taxesShare of profit after taxes

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2000年瑞士雀巢公司公布的财务报告

7. Earnings per share

2000Basic earnings per sharein CHF

Net profit per income statement (in millions of CHF)

Weighted average number of shares outstanding

Fully diluted earnings per sharein CHF

Theoretical net profit assuming the exerciseof all outstanding options and sale of all

treasury shares (in millions of CHF)

Number of shares149.1576338652783147.81999122.1472438677213120.75963403520004869403520008. Liquid assets

In millions of CHF20001999Cash and cash equivalents

Cash at bank and in hand

Cash equivalents17783673

5451172415983322Other liquid assets

Short term investments

Marketable securities and other3264354

4680

101311782156633486670Liquid assets

Liquid assets are mainly denominated in CHF (27%), in USD (33%), in EUR (27%) and in

GBP(4%). Marketable securities held for trading purposes amount to CHF 655 million (1999:CHF 626 million). The fair value of other liquid assets is not materially different from theircarrying amounts. Rates of annual interest on interest bearing instruments range from 2.8%on CHF to 6.7% on USD.

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