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Operating review by region
Europe
Report of the Directors
Unilever Annual Report and Accounts 2005 27
Operating review by region
The Americas
2005 results compared with 2004 ? million ? million ? million ? million % %
(continuing operations) Exchange Change at Change at
2005 at rate 2005 at 2004 at actual constant
2005 rates effects 2004 rates 2004 rates current rates 2004 rates
Turnover 13 179 (464) 12 715 12 296 7.2% 3.4%
Operating profit 1 719 (75) 1 644 896 91.9% 83.6%
After charging:
Impairment of Slim?Fast (363) (12) (375) (791)
Provision for Brazilian sales tax ? ? (169)
Operating margin 13.0% 12.9% 7.3%
Restructuring, business disposals and impairment
charges included in operating margin (3.4)% (3.4)% (9.2)%
Turnover and underlying sales growth 2005
(at constant 2004 rates) vs 2004
Underlying sales growth (%) 4.1
Effect of acquisitions (%) 0.0
Effect of disposals (%) (0.7)
Turnover growth (%) 3.4
Turnover at current rates of exchange rose by 7.2%, including a
positive impact from currency movements of 3.8%. Operating
profit at current rates of exchange was 92% higher than in 2004,
including a favourable impact from currency movements of 8.3%.
The underlying performance of the business after eliminating
these exchange translation effects and the impact of disposals is
discussed below at constant exchange rates.
Underlying sales grew by 4%, all coming from volume gains,
broadly based across the region, underpinned by a successful
innovation programme.
Consumer demand in the US showed a sustained recovery. Our
sales in the US grew by 3.2%, accelerating through the year, and
we gained market share i ...