The ratings on the Unilever group reflect its superior business profile as one of the world's largest and most diversified group of combined companies in the consumer products sector, and its moderate financial policy. These factors are balanced by the group's exposure to the mature and very competitive European market. U.K.-based Unilever PLC and Netherlands-based Unilever N.V. are the joint parent companies of the Unilever group of companies (Unilever). The group is analyzed on a consolidated basis. In 2004, Unilever had group sales of Ç40.2 billion. Foods accounted for 56% of the group's turnover and operating profits (before restructuring, and exceptionals), with the group leading global markets in various categories including ice cream, tea, sauces, spreads, and frozen foods. The
