The ratings on the Unilever group reflect its superior business profile as one of the world's largest and most diversified groups in the consumer products sector. The ratings also reflect Unilever's strong free operating cash flow (FOCF) generation. These factors are balanced by the group's increasing focus on shareholder returns, its exposure to the mature and very competitive European market, and below-peer growth rate. U.K.-based Unilever PLC and The 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. Unilever had unadjusted gross debt of €12.9 billion at Sept. 30, 2005. In the 12 months to Sept. 30, 2005, Unilever had group sales of €39.3 billion. Sales
