FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
For
the month of November, 2009
UNILEVER N.V.
(Translation of registrants name into English)
WEENA 455, 3013 AL, P.O. BOX 760, 3000 DK, ROTTERDAM, THE NETHERLANDS
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F
þ
Form 40-F
o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
o
No
þ
If Yes is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
TABLE OF CONTENTS
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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UNILEVER N.V.
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/s/
S.G. Williams
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S.G. Williams,
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Secretary
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Date: 12
November, 2009
2009 HALF YEAR RESULTS
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Key Financials (unaudited, at current rates)
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Half Year 2009
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Turnover (
million)
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19,963
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+ 0
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%
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Operating profit (
million)
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2,554
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- 20
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%
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Operating profit before RDIs* (
million)
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2,915
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- 3
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%
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Net profit (
million)
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1,636
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- 31
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%
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Net profit before RDIs* (
million)
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1,914
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- 12
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%
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Earnings per share (
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0.53
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- 33
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%
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Earnings per share before RDIs* (
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0.63
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- 13
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%
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* RDIs: Restructuring, disposals and other one-off items
Note: operating profit in the first half of 2008 included profits on disposal of
516 million
pre-tax.
First Half Highlights
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Underlying sales growth 4.4%, with volumes up 0.2%. Turnover in line with last year after
the effects of currency movements
(-0.9%)
and disposals/acquisitions (-3.2%).
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Operating margin before RDIs down by 50 bps (including 30 bps of margin dilution from
disposals), in line with expectations.
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Earnings per share before RDIs down 13%, including -6% from the pensions finance charge and
-3% from a higher first half tax charge.
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Net cash flow from operating activities
1.6 billion ahead of last year with much improved
working capital.
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1
INTERIM MANAGEMENT REPORT FOR HALF YEAR TO JUNE 2009
In the following commentary we report underlying sales growth (abbreviated to USG or growth) at
constant exchange rates, excluding the effects of acquisitions and disposals. Turnover includes
the impact of exchange rates, acquisitions and disposals. Unilever uses constant rate and
underlying measures primarily for internal performance analysis and targeting purposes. We also
comment on trends in operating margins before RDIs (restructuring, disposals, and other one-off
items). We may also discuss net debt, for which we provide an analysis in the notes to the
financial statements. Unilever believes that such measures provide additional information for
shareholders on underlying business performance trends. Such measures are not defined under IFRS
and are not intended to be a substitute for GAAP measures of turnover, operating margin, profit,
EPS and cash flow. Please refer also to notes 2 and 3 to the
financial statements.
OPERATIONAL REVIEW
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Half Year 2009
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Turnover
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USG
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Volume
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Price
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m
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%
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%
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%
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Asia Africa CEE
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7,431
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8.8
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1.3
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7.4
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Americas
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6,491
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5.9
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0.4
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5.5
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Western Europe
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6,041
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(1.9
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(1.2
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(0.7
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Unilever Total
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19,963
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4.4
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0.2
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4.2
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Savoury, dressings & spreads
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6,544
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1.4
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Ice cream & beverages
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4,132
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4.5
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Personal care
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5,803
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4.6
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Home care & other
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3,484
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9.9
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Unilever Total
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19,963
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4.4
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REGIONS
Asia Africa CEE Half year USG +8.8%, Volume +1.3%
Underlying sales have grown in all our main developing and emerging markets and in all categories.
Positive volume growth resulted from innovations and increased marketing support. Overall
consumer demand in our categories continued to grow during the first
half of this year, but with volumes increasing at a
slower rate than in the past.
We have established a regional supply chain centre, based in Singapore, and are progressively
rolling out common systems across the region. We continued to invest in our priority markets
of Russia and China during the first half of 2009. We have completed a new global R&D centre in Shanghai. In Russia, we
completed the acquisition of Baltimor, the market leader in ketchup, on 3 July, and we have
announced the construction of a new ice cream factory to support Inmarko which has grown rapidly
since its acquisition last year through the first half of 2009.
The operating margin before RDIs was up by 150 bps in the first half year.
The Americas Half year USG +5.9%, Volume +0.4%
The region has sustained a good performance. North America grew by 2.7% in the first half year,
with volumes sustained at last years levels despite lower foodservice sales including the exit
from unbranded business. Sales in Latin America have grown at around 10% in the first half year
with an improving volume trend.
The
integration of the US, Canada and Caribbean businesses progressed
well during the first half of 2009 and Canada moved
onto the US SAP platform on 1 October. Our new Customer Insight and
Innovation Centre helped generate ideas for fresh ways of growing with our customers.
The operating margin before RDIs was up by 40 bps in the first half year.
Western Europe Half year USG -1.9%, Volume -1.2%
Markets remain very challenging. Our own business showed positive volume growth in the second
quarter, with an improving trend across all key countries and benefiting from good ice cream sales
in the first half of the season. Net prices were lower than last year as commodity cost pressures
eased and we restored price competitiveness.
We made good progress on reducing costs. This includes rationalising the supply chain, investing
in more efficient production lines, leveraging our single IT system to drive regional synergies and
streamlining overheads.
2
The operating margin before RDIs was lower by 330 bps in the first half year reflecting high
commodity costs, the depreciation of sterling, and investments to reignite volume growth.
CATEGORIES
We have grown sales in all categories in the first half year, despite the economic environment. We
are seeing the benefits of rolling out innovations faster across countries and regions under our
strong global brands. Consumers are looking, more than ever, for good value in the products they
buy, so our innovation programme places even greater emphasis on superior functional benefits,
backed up by clinical proofs and strong communication. At the same
time we continued to build
consumption in our categories by developing new market segments and converting users from
alternative products during the first half of 2009.
Savoury, dressings and spreads Half year USG +1.4%
In spreads and dressings, we continued during the first half of 2009 the roll-out of the successful goodness of margarine
campaign, while reducing prices to reflect the easing of edible oil prices. We are re-launching
our value brands in a number of countries to compete at the lower end of the market. In savoury,
Knorr has grown well in the Americas and Asia Africa CEE but sales were down in Western Europe. We
have implemented comprehensive 30 day action plans to address this and have seen an improving
trend, particularly in Germany during the first half of 2009. The roll-out of Knorr Stockpots throughout Europe has gone well
and consumption is building during the first half of 2009. In the US we have capitalised on the move to more in-home eating with
successful campaigns behind Hellmanns mayonnaise, Ragú pasta sauces and Bertolli frozen meals.
This was partly offset by lower Foodservice sales, including the exit from unbranded business.
Hellmanns new double whisked light mayonnaise is driving good growth for the brand globally.
Ice cream and beverages Half year USG +4.5%
The good performance in the first half has been led by strong growth in Developing and Emerging
markets in both ice cream and tea. In tea we benefitted from innovations behind a portfolio of
brands covering all consumer income levels. We have introduced a range of herbal infusions under
our value brand in Russia and a new flavour under our value brand in Poland. Growth of our premium
brand Lipton has been boosted by pyramid bags, while Lipton Linea slimming teas are building well
in Europe during the first half of 2009 and have recently been launched in Russia and China. We have continued during the first half of 2009 to extend
distribution for ice cream brands in Asia Africa CEE and Latin America with good results. In
Western Europe we saw good growth in the second quarter, and sales were up for the half year.
Magnum, with the successful Temptation variant, and Ben & Jerrys were particularly strong.
Personal care Half year USG +4.6%
Growth in personal care was driven by our global innovation programme, supported by strong
advertising, as well as an increased focus on value across the portfolio. Skin cleansing performed
well with new functional advertising for Dove bar, the roll-out of Lux Soft Skin in Latin America
and campaigns that address current heightened needs for hygiene. In North America we also
introduced Dove shower gels with new technology which reverses dryness. In hair care we benefited
from the launch of Lux Shine in China and Japan, continued momentum during the first half of 2009 for Clear anti-dandruff shampoo
in Developing and Emerging markets and good growth for Suave, our value brand in the US. We have
launched a new Dove deodorant which makes underarms look and feel hair-free for longer and a new
Axe body spray fragrance. The successful Signal White Now oral care range has been extended with
the introduction of a mouthwash line.
Home care and other Half year USG +9.9%
Both laundry and household cleaning have performed very well in the first half year. Growth has
come from innovation supported by strong advertising and increased promotional intensity. In
laundry, we have upgraded our Dirt is Good range in key Developing and Emerging markets and
launched a version for semi-automatic machines in Brazil. In Europe we are seeing good momentum during the first half of 2009 in
Small & Mighty concentrated liquids and in new clear and fresh Surf detergents. In household
cleaning Cif acti-fizz and Domestos 24 hour protection continue during the first half of 2009 to do well and we have now
launched Cif in India.
3
ADDITIONAL COMMENTARY ON THE FINANCIAL STATEMENTS FIRST HALF YEAR
Finance costs and tax
The cost of financing net borrowings was
244 million. This was
36 million higher than last year
because of a higher average level of net debt and one-off charges this year. The interest rate on
borrowings was 4.6%, slightly lower than last year.
There was a net charge of
90 million for pensions financing compared with a credit of
67 million
in the first half of last year.
The effective tax rate was 29.4% and the underlying tax rate, before RDIs, was 28.5%. The
underlying tax rate is expected to be lower in the second half and to be around 27% for the year as
a whole. As at June 2009, our longer term guidance remains around 26%.
Joint ventures, associates and other income from non-current investments
Net profit from joint ventures and associates, together with other income from non-current
investments contributed
72 million. This compares with
92 million last year which included a
one-time gain on the extension of the Pepsi/Lipton joint venture for ready-to-drink tea. On an
underlying basis there was an increase of
4 million.
Cash Flow
Cash flow from operating activities was
1.6 billion higher than last year in the first half.
Working capital improvement has been a priority for the business and
the good progress made during the first half of 2009 has
largely offset the normal seasonal working capital movements.
Balance sheet
Balances at the half year include the acquisition of the TIGI hair care business. The net deficit
on pensions increased from
3.4 billion at the start of the year to
3.7 billion, mainly reflecting
lower corporate bond rates used to discount liabilities. Changes in the level and maturity profile
of financial liabilities reflect bond issues and redemptions since the start of the year. Currency
changes had significant effects on goodwill and financial liabilities.
PRINCIPAL RISK FACTORS
On pages 25 to 27 of our 2008 Report and Accounts we set out our assessment of the principal risk
issues that would face the business through 2009, including global economic slowdown and changing
consumer demand; competitive markets and consolidation of customers; financial risks relating to
liquidity, currency, interest, pensions and taxation; exposure to developing and emerging markets;
input costs, supplier and supply chain reliance; safety, sustainability and environment;
restructuring and changes to the way we operate; and people and talent. In our view, the nature
and potential impact of such risks remains essentially unchanged as regards our performance over
the second half of 2009.
COMPETITION LAW INVESTIGATIONS
As previously reported, in June 2008 the European Commission initiated an investigation into
potential competition law infringements in the European Union in relation to consumer detergents.
Unilever has received a number of requests for information from the European Commission regarding
the investigation and has been subject to unannounced investigations at some of its premises. No
statement of objections against Unilever has been issued to date. It is too early to be able
reasonably to assess the outcome or to estimate the fines which the Commission may seek to impose
on Unilever as a result of this investigation, if determined against Unilever. Therefore no
provision has been made. However, substantial fines can be levied as a result of European
Commission investigations. Fines imposed in other sectors for violations of competition rules have
amounted to hundreds of millions of euros.
4
Unilever is, as previously reported, involved in a number of other on-going investigations by
national competition authorities within the EU in relation to potential national competition law
infringements, primarily in relation to the home care and personal care sectors. It is too early
to be able reasonably to assess the outcome or to estimate
the fines which the authorities may seek to impose on Unilever as a result of these national
investigations, if determined against Unilever. Therefore no provision has been made.
CAUTIONARY STATEMENT
This announcement may contain forward-looking statements, including forward-looking statements
within the meaning of the United States Private Securities Litigation Reform Act of 1995. Words
such as expects, anticipates, intends, believes, or the negative of these terms and other
similar expressions of future performance or results, including any financial objectives, and their
negatives are intended to identify such forward-looking statements. These forward-looking
statements are based upon current expectations and assumptions regarding anticipated developments
and other factors affecting the Group. They are not historical facts, nor are they guarantees of
future performance. Because these forward-looking statements involve risks and uncertainties,
there are important factors that could cause actual results to differ materially from those
expressed or implied by these forward-looking statements, including, among others, competitive
pricing and activities, consumption levels, costs, the ability to maintain and manage key customer
relationships and supply chain sources, currency values, interest rates, the ability to integrate
acquisitions and complete planned divestitures, the ability to complete planned restructuring
activities, physical risks, environmental risks, the ability to manage regulatory, tax and legal
matters and resolve pending matters within current estimates, legislative, fiscal and regulatory
developments, political, economic and social conditions in the geographic markets where the Group
operates and new or changed priorities of the Boards. Further details of potential risks and
uncertainties affecting the Group are described in the Groups filings with the London Stock
Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including the Annual
Report and Accounts on Form 20-F. These forward-looking statements speak only as of the date of
this announcement. Except as required by any applicable law or regulation, the Group expressly
disclaims any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the Groups expectations with
regard thereto or any change in events, conditions or circumstances on which any such statement is
based.
5
CONDENSED INTERIM FINANCIAL STATEMENTS
INCOME STATEMENT
(unaudited)
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million
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Half Year
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Increase/
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2009
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2008
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(Decrease)
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Current
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Constant
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rates
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rates
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Continuing operations:
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Turnover
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19,963
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19,945
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%
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1
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%
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Operating profit
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2,554
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3,184
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(20
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)%
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(20
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)%
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Restructuring, business disposals and
other items (RDIs) (see note 3)
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(361
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181
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Operating profit before RDIs
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2,915
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3,003
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(3
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)%
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(4
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)%
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Net finance costs
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(334
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)
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(141
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Finance income
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44
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51
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Finance costs
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(288
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(259
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Pensions and similar obligations
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(90
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)
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67
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Share in net profit/(loss) of joint ventures
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63
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74
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Share in net profit/(loss) of associates
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(3
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)
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8
|
|
|
|
|
|
|
|
|
|
|
Other income from non-current investments
|
|
|
|
12
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
|
|
|
2,292
|
|
|
|
3,135
|
|
|
|
|
(27
|
)%
|
|
|
(27
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
|
|
|
(656
|
)
|
|
|
(750
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit from continuing operations
|
|
|
|
1,636
|
|
|
|
2,385
|
|
|
|
|
(31
|
)%
|
|
|
(31
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit/(loss) from discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit for the period
|
|
|
|
1,636
|
|
|
|
2,385
|
|
|
|
|
(31
|
)%
|
|
|
(31
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests
|
|
|
|
147
|
|
|
|
137
|
|
|
|
|
|
|
|
|
|
|
Shareholders equity
|
|
|
|
1,489
|
|
|
|
2,248
|
|
|
|
|
(34
|
)%
|
|
|
(34
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operations (Euros)
|
|
|
|
0.53
|
|
|
|
0.79
|
|
|
|
|
(33
|
)%
|
|
|
(33
|
)%
|
Total operations diluted (Euros)
|
|
|
|
0.52
|
|
|
|
0.77
|
|
|
|
|
(33
|
)%
|
|
|
(33
|
)%
|
6
STATEMENT OF COMPREHENSIVE INCOME
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
Half Year
|
|
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit for the period
|
|
|
1,636
|
|
|
|
2,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
Fair value gains/(losses) on financial instruments net of tax
|
|
|
85
|
|
|
|
(34
|
)
|
|
|
Actuarial gains/(losses) on pension schemes net of tax
|
|
|
(270
|
)
|
|
|
(126
|
)
|
|
|
Currency retranslation gains/(losses) net of tax
|
|
|
142
|
|
|
|
(331
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
|
1,593
|
|
|
|
1,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
Minority interests
|
|
|
152
|
|
|
|
91
|
|
|
|
Shareholders equity
|
|
|
1,441
|
|
|
|
1,803
|
|
|
|
|
|
STATEMENT OF CHANGES IN EQUITY
(unaudited)
|
|
|
|
|
|
|
|
|
million
|
|
Half Year
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
Equity at 1 January
|
|
|
10,372
|
|
|
|
12,819
|
|
Total comprehensive income for the period
|
|
|
1,593
|
|
|
|
1,894
|
|
Dividends
|
|
|
(1,361
|
)
|
|
|
(1,352
|
)
|
Movement in treasury stock
|
|
|
18
|
|
|
|
(1,520
|
)
|
Share-based payment credit
|
|
|
65
|
|
|
|
54
|
|
Dividends paid to minority shareholders
|
|
|
(70
|
)
|
|
|
(95
|
)
|
Currency retranslation gains/(losses) net of tax
|
|
|
(6
|
)
|
|
|
(17
|
)
|
Other movements in equity
|
|
|
(33
|
)
|
|
|
(11
|
)
|
|
|
|
Equity at the end of the period
|
|
|
10,578
|
|
|
|
11,772
|
|
7
CASH FLOW STATEMENT
(unaudited)
|
|
|
|
|
|
|
|
|
million
|
|
Half Year
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
Cash flow from operating activities
|
|
|
2,450
|
|
|
|
885
|
|
Income tax paid
|
|
|
(431
|
)
|
|
|
(481
|
)
|
|
|
|
Net cash flow from operating activities
|
|
|
2,019
|
|
|
|
404
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
Interest received
|
|
|
38
|
|
|
|
64
|
|
Net capital expenditure
|
|
|
(506
|
)
|
|
|
(491
|
)
|
Acquisitions and disposals
|
|
|
(365
|
)
|
|
|
403
|
|
Other investing activities
|
|
|
(5
|
)
|
|
|
40
|
|
|
|
|
Net cash flow from/(used in) investing activities
|
|
|
(838
|
)
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
Dividends paid on ordinary share capital
|
|
|
(1,302
|
)
|
|
|
(1,194
|
)
|
Interest and preference dividends paid
|
|
|
(258
|
)
|
|
|
(201
|
)
|
Change in financial liabilities
|
|
|
130
|
|
|
|
2,081
|
|
Share buy-back programme
|
|
|
|
|
|
|
(1,085
|
)
|
Other movements on treasury stock
|
|
|
17
|
|
|
|
(19
|
)
|
Other financing activities
|
|
|
(43
|
)
|
|
|
(89
|
)
|
|
|
|
Net cash flow from/(used in) financing activities
|
|
|
(1,456
|
)
|
|
|
(507
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents
|
|
|
(275
|
)
|
|
|
(87
|
)
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the year
|
|
|
2,360
|
|
|
|
901
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes
|
|
|
(176
|
)
|
|
|
(152
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of period
|
|
|
1,909
|
|
|
|
662
|
|
8
BALANCE SHEET
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
|
|
As at
|
|
|
As at
|
|
|
|
30 June
|
|
|
31 December
|
|
|
30 June
|
|
million
|
|
2009
|
|
|
2008
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
12,338
|
|
|
|
11,665
|
|
|
|
12,015
|
|
Intangible assets
|
|
|
4,598
|
|
|
|
4,426
|
|
|
|
4,436
|
|
Property, plant and equipment
|
|
|
6,261
|
|
|
|
5,957
|
|
|
|
6,045
|
|
Pension asset for funded schemes in surplus
|
|
|
413
|
|
|
|
425
|
|
|
|
1,857
|
|
Deferred tax assets
|
|
|
1,083
|
|
|
|
1,068
|
|
|
|
966
|
|
Other non-current assets
|
|
|
1,591
|
|
|
|
1,426
|
|
|
|
1,245
|
|
|
|
|
Total non-current assets
|
|
|
26,284
|
|
|
|
24,967
|
|
|
|
26,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
3,759
|
|
|
|
3,889
|
|
|
|
4,431
|
|
Trade and other current receivables
|
|
|
4,813
|
|
|
|
3,823
|
|
|
|
5,514
|
|
Current tax assets
|
|
|
167
|
|
|
|
234
|
|
|
|
241
|
|
Cash and cash equivalents
|
|
|
2,082
|
|
|
|
2,561
|
|
|
|
1,060
|
|
Other financial assets
|
|
|
334
|
|
|
|
632
|
|
|
|
259
|
|
Non-current assets held for sale
|
|
|
13
|
|
|
|
36
|
|
|
|
277
|
|
|
|
|
Total current assets
|
|
|
11,168
|
|
|
|
11,175
|
|
|
|
11,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
(2,470
|
)
|
|
|
(4,842
|
)
|
|
|
(5,947
|
)
|
Trade payables and other current liabilities
|
|
|
(8,428
|
)
|
|
|
(7,824
|
)
|
|
|
(8,377
|
)
|
Current tax liabilities
|
|
|
(408
|
)
|
|
|
(377
|
)
|
|
|
(457
|
)
|
Provisions
|
|
|
(698
|
)
|
|
|
(757
|
)
|
|
|
(829
|
)
|
Liabilities associated with non-current assets held for sale
|
|
|
|
|
|
|
|
|
|
|
(42
|
)
|
|
|
|
Total current liabilities
|
|
|
(12,004
|
)
|
|
|
(13,800
|
)
|
|
|
(15,652
|
)
|
|
|
|
Net current assets/(liabilities)
|
|
|
(836
|
)
|
|
|
(2,625
|
)
|
|
|
(3,870
|
)
|
|
|
|
Total assets less current liabilities
|
|
|
25,448
|
|
|
|
22,342
|
|
|
|
22,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities due after one year
|
|
|
8,826
|
|
|
|
6,363
|
|
|
|
5,607
|
|
Non-current tax liabilities
|
|
|
231
|
|
|
|
189
|
|
|
|
231
|
|
Pensions and post-retirement healthcare benefits liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded schemes in deficit
|
|
|
2,052
|
|
|
|
1,820
|
|
|
|
787
|
|
Unfunded schemes
|
|
|
2,011
|
|
|
|
1,987
|
|
|
|
2,084
|
|
Provisions
|
|
|
695
|
|
|
|
646
|
|
|
|
785
|
|
Deferred tax liabilities
|
|
|
796
|
|
|
|
790
|
|
|
|
1,260
|
|
Other non-current liabilities
|
|
|
259
|
|
|
|
175
|
|
|
|
168
|
|
|
|
|
Total non-current liabilities
|
|
|
14,870
|
|
|
|
11,970
|
|
|
|
10,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders equity
|
|
|
10,085
|
|
|
|
9,948
|
|
|
|
11,344
|
|
Minority interests
|
|
|
493
|
|
|
|
424
|
|
|
|
428
|
|
|
|
|
Total equity
|
|
|
10,578
|
|
|
|
10,372
|
|
|
|
11,772
|
|
|
|
|
Total capital employed
|
|
|
25,448
|
|
|
|
22,342
|
|
|
|
22,694
|
|
9
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)
1
|
|
ACCOUNTING INFORMATION AND POLICIES
|
The condensed interim financial statements are based on International Financial Reporting Standards
(IFRS) as adopted by the EU and IFRS as issued by the International Accounting Standards Board.
The basis of preparation is consistent with the year ended 31 December 2008, except as set out
below, and is in compliance with IAS 34 Interim Financial Reporting.
The condensed financial statements are shown at current exchange rates, while percentage
year-on-year changes are shown at both current and constant exchange rates to facilitate
comparison. The income statement on page 6, the statements of comprehensive income and movements
in equity on page 7 and the cash flow statement on page 8 are translated at rates current in each
period. The balance sheet on page 9 and the analysis of net debt on page 13 are translated at
period-end rates of exchange.
The financial statements attached do not constitute the full financial statements within the
meaning of Section 240 of
the UK Companies Act 1985 and Section 434 of the UK Companies Act 2006. Full accounts for Unilever
for the year ended
31 December 2008 have been delivered to the Registrar of Companies. The auditors report on these
accounts was unqualified and did not contain a statement under Section 237(2) or Section 237(3) of
the UK Companies Act 1985.
Recent accounting developments
With effect from 1 January 2009 we have implemented IAS 1 (Revised) Presentation of Financial
Statements and IFRS 8 Operating Segments. Our reportable segments under IFRS 8 are our three
geographic regions, and the Groups chief operating decision maker is the Unilever Executive (UEx).
In note 4 we provide analysis of the key measure of profit, being operating profit, which is used
by UEx to assess the performance of the operating segments. There are no material sales between
our operating regions. Figures for the prior year have been restated to reflect the fact that our
operations in Central and Eastern Europe are now managed together with those in Asia and Africa.
There has been no material change in the segmental analysis of assets since the position reported
at 31 December 2008. We provide additional analysis by product area on a voluntary basis in note
5.
We are currently assessing the impact of the following revised standard or interpretation. These
changes are not expected to have a material impact on the Groups results of operations, financial
position or disclosures.
|
|
Amendments in IFRS 3 Business Combinations and IAS 27 Consolidated and Separate
Financial Statements (effective for annual periods beginning on or after 1 July 2009)
changing and updating the existing requirements or practice on accounting for partial
acquisitions, step acquisitions, acquisition-related costs, contingent consideration and
transactions with non-controlling interests.
|
|
|
|
Amendment to IAS 17 Leases (effective for annual periods beginning on or after 1 January
2010) removing the specific guidance on classifying land as an operating lease.
|
|
|
|
IFRIC 16 Hedges of a Net Investment in a Foreign Operation (effective for annual periods
beginning on or after 1 October 2009).
|
|
|
|
IFRIC 17 Distributions of Non-cash Assets to Owners (effective for annual periods
beginning on or after 1 July 2009).
|
|
|
|
IFRIC 18 Transfers of Assets from Customers (effective for annual periods beginning on or
after 1 July 2009).
|
In our financial reporting we use certain measures that are not recognised under IFRS or other
generally accepted accounting principles (GAAP). We do this because we believe that these measures are useful to investors and
other users of our financial statements in helping them to understand underlying business performance. Wherever we use such
measures, we make clear that these are not intended as a substitute for recognised GAAP measures.
Wherever appropriate and practical, we provide reconciliations to relevant GAAP measures. The principal non-GAAP measure which we apply in our
quarterly reporting is underlying sales growth, which we reconcile to changes in the GAAP measure
turnover in notes 4 and 5. In note 8 we reconcile net debt to the amounts reported in our balance
sheet and cash flow statement. We also comment on underlying trends in operating margin, by which
we mean the movements recorded after setting aside the impact of restructuring, disposals and other
one-off items, on the grounds that the incidence of these items is uneven between
reporting periods.
10
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)
3 SIGNIFICANT ITEMS WITHIN THE INCOME STATEMENT
In our income statement reporting we recognise restructuring costs, profits and losses on business
disposals and certain other one-off items, which we collectively term RDIs. We disclose on the
face of our income statement the total value of such items that arise within operating profit. In
our operating review by geographic segment and in note 4 we highlight the impact of these items on
our operating margin. The following schedule shows the impact on net profit of RDIs arising within
operating profit, together with the related tax effect, and also highlights the impact of similar
one-off items arising elsewhere in the income statement.
million
|
|
|
|
|
|
|
|
|
|
|
Half Year
|
|
|
2009
|
|
2008
|
RDIs within operating profit:
|
|
|
|
|
|
|
|
|
Restructuring
|
|
|
(361
|
)
|
|
|
(330
|
)
|
Business disposals
|
|
|
|
|
|
|
516
|
|
Impairments and other one-off items
|
|
|
|
|
|
|
(5
|
)
|
|
|
|
Total RDIs within operating profit
|
|
|
(361
|
)
|
|
|
181
|
|
Tax effect of RDIs within operating profit:
|
|
|
102
|
|
|
|
(3
|
)
|
RDIs arising below operating profit:
|
|
|
(19
|
)
|
|
|
24
|
|
|
|
|
Total impact of RDIs on net profit
|
|
|
(278
|
)
|
|
|
202
|
|
|
The impact of RDIs on reported Earnings Per Share is given in note 9.
4 SEGMENTAL ANALYSIS BY GEOGRAPHY
Continuing operations Half Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Africa
|
|
|
|
|
|
|
Western
|
|
|
|
million
|
|
CEE
|
|
|
Americas
|
|
|
Europe
|
|
|
Total
|
|
|
|
|
|
Turnover
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
7,022
|
|
|
|
6,453
|
|
|
|
6,470
|
|
|
|
19,945
|
|
2009
|
|
|
7,431
|
|
|
|
6,491
|
|
|
|
6,041
|
|
|
|
19,963
|
|
Change
|
|
|
5.8 %
|
|
|
|
0.6 %
|
|
|
|
(6.6)%
|
|
|
|
0.1 %
|
|
Impact of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rates
|
|
|
(2.4)%
|
|
|
|
2.8 %
|
|
|
|
(2.9)%
|
|
|
|
(0.9)%
|
|
Acquisitions
|
|
|
0.7 %
|
|
|
|
0.5 %
|
|
|
|
0.3 %
|
|
|
|
0.5 %
|
|
Disposals
|
|
|
(1.0)%
|
|
|
|
(8.1)%
|
|
|
|
(2.3)%
|
|
|
|
(3.7)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying sales growth
|
|
|
8.8 %
|
|
|
|
5.9 %
|
|
|
|
(1.9)%
|
|
|
|
4.4 %
|
|
|
Price
|
|
|
7.4 %
|
|
|
|
5.5 %
|
|
|
|
(0.7)%
|
|
|
|
4.2 %
|
|
Volume
|
|
|
1.3 %
|
|
|
|
0.4 %
|
|
|
|
(1.2)%
|
|
|
|
0.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
836
|
|
|
|
882
|
|
|
|
1,466
|
|
|
|
3,184
|
|
2009
|
|
|
966
|
|
|
|
883
|
|
|
|
705
|
|
|
|
2,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit before RDIs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
856
|
|
|
|
949
|
|
|
|
1,198
|
|
|
|
3,003
|
|
2009
|
|
|
1,017
|
|
|
|
977
|
|
|
|
921
|
|
|
|
2,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
11.9 %
|
|
|
|
13.7 %
|
|
|
|
22.7 %
|
|
|
|
16.0 %
|
|
2009
|
|
|
13.0 %
|
|
|
|
13.6 %
|
|
|
|
11.7 %
|
|
|
|
12.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin before RDIs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
12.2 %
|
|
|
|
14.7 %
|
|
|
|
18.5 %
|
|
|
|
15.1 %
|
|
2009
|
|
|
13.7 %
|
|
|
|
15.1 %
|
|
|
|
15.2 %
|
|
|
|
14.6 %
|
|
11
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)
5 SEGMENTAL ANALYSIS BY PRODUCT AREA
Continuing operations Half Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savoury
|
|
|
Ice cream
|
|
|
|
|
|
|
Home care
|
|
|
|
|
|
|
dressings
|
|
|
and
|
|
|
Personal
|
|
|
and
|
|
|
|
|
million
|
|
and spreads
|
|
|
beverages
|
|
|
care
|
|
|
other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
6,859
|
|
|
|
3,999
|
|
|
|
5,481
|
|
|
|
3,606
|
|
|
|
19,945
|
|
2009
|
|
|
6,544
|
|
|
|
4,132
|
|
|
|
5,803
|
|
|
|
3,484
|
|
|
|
19,963
|
|
Change
|
|
|
(4.6)%
|
|
|
|
3.3 %
|
|
|
|
5.9 %
|
|
|
|
(3.4)%
|
|
|
|
0.1 %
|
|
Impact of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rates
|
|
|
(0.5)%
|
|
|
|
(1.5)%
|
|
|
|
0.4 %
|
|
|
|
(3.1)%
|
|
|
|
(0.9)%
|
|
Acquisitions
|
|
|
0.2 %
|
|
|
|
0.5 %
|
|
|
|
0.8 %
|
|
|
|
0.6 %
|
|
|
|
0.5 %
|
|
Disposals
|
|
|
(5.6)%
|
|
|
|
(0.1)%
|
|
|
|
0.0 %
|
|
|
|
(9.8)%
|
|
|
|
(3.7)%
|
|
Underlying sales growth
|
|
|
1.4 %
|
|
|
|
4.5 %
|
|
|
|
4.6 %
|
|
|
|
9.9 %
|
|
|
|
4.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
1,422
|
|
|
|
586
|
|
|
|
880
|
|
|
|
296
|
|
|
|
3,184
|
|
2009
|
|
|
857
|
|
|
|
493
|
|
|
|
901
|
|
|
|
303
|
|
|
|
2,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
20.7 %
|
|
|
|
14.7 %
|
|
|
|
16.1 %
|
|
|
|
8.2 %
|
|
|
|
16.0 %
|
|
2009
|
|
|
13.1 %
|
|
|
|
11.9 %
|
|
|
|
15.5 %
|
|
|
|
8.7 %
|
|
|
|
12.8 %
|
|
6 TAXATION
The effective tax rate for the half year was 29.4% compared with 24.6% for 2008. The tax rate is
calculated by dividing the tax charge by pre-tax profit excluding the contribution of joint
ventures and associates.
Tax effects of components of other comprehensive income were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
Half Year 2009
|
Half Year 2008
|
|
|
|
|
|
|
Tax
|
|
|
|
|
|
|
|
|
|
Tax
|
|
|
|
|
Before
|
|
(charge)/
|
|
After
|
|
Before
|
|
(charge)/
|
|
After
|
|
|
tax
|
|
credit
|
|
tax
|
|
tax
|
|
credit
|
|
tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value gains/(losses) on financial instruments net of tax
|
|
|
133
|
|
|
|
(48
|
)
|
|
|
85
|
|
|
|
(29
|
)
|
|
|
(5
|
)
|
|
|
(34
|
)
|
Actuarial gains/(losses) on pension schemes net of tax
|
|
|
(373
|
)
|
|
|
103
|
|
|
|
(270
|
)
|
|
|
(150
|
)
|
|
|
24
|
|
|
|
(126
|
)
|
Currency retranslation gains/(losses) net of tax
|
|
|
142
|
|
|
|
|
|
|
|
142
|
|
|
|
(331
|
)
|
|
|
|
|
|
|
(331
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
(98
|
)
|
|
|
55
|
|
|
|
(43
|
)
|
|
|
(510
|
)
|
|
|
19
|
|
|
|
(491
|
)
|
12
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)
7 RECONCILIATION OF NET PROFIT TO CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
million
|
|
Half Year
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
Net profit
|
|
|
1,636
|
|
|
|
2,385
|
|
Taxation
|
|
|
656
|
|
|
|
750
|
|
Share of net profit of joint ventures/associates and
other income
from non-current investments
|
|
|
(72
|
)
|
|
|
(92
|
)
|
Net finance costs
|
|
|
334
|
|
|
|
141
|
|
|
|
|
Operating profit (continuing and discontinued operations)
|
|
|
2,554
|
|
|
|
3,184
|
|
Depreciation, amortisation and impairment
|
|
|
497
|
|
|
|
466
|
|
Changes in working capital
|
|
|
(260
|
)
|
|
|
(2,140
|
)
|
Pensions and similar provisions less payments
|
|
|
(333
|
)
|
|
|
(42
|
)
|
Restructuring and other provisions less payments
|
|
|
(123
|
)
|
|
|
(55
|
)
|
Elimination of (profits)/losses on disposals
|
|
|
(2
|
)
|
|
|
(565
|
)
|
Non-cash charge for share-based compensation
|
|
|
65
|
|
|
|
54
|
|
Other adjustments
|
|
|
52
|
|
|
|
(17
|
)
|
|
|
|
Cash flow from operating activities
|
|
|
2,450
|
|
|
|
885
|
|
8 NET DEBT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
|
As at
|
|
As at
|
|
|
30 June
|
|
31 December
|
|
30 June
|
million
|
|
2009
|
|
2008
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial liabilities
|
|
|
(11,296
|
)
|
|
|
(11,205
|
)
|
|
|
(11,554
|
)
|
|
|
|
Financial liabilities due within one year
|
|
|
(2,470
|
)
|
|
|
(4,842
|
)
|
|
|
(5,947
|
)
|
Financial liabilities due after one year
|
|
|
(8,826
|
)
|
|
|
(6,363
|
)
|
|
|
(5,607
|
)
|
|
|
|
Cash and cash equivalents as per balance sheet
|
|
|
2,082
|
|
|
|
2,561
|
|
|
|
1,060
|
|
|
|
|
Cash and cash equivalents as per cash flow statement
|
|
|
1,909
|
|
|
|
2,360
|
|
|
|
662
|
|
Add bank overdrafts deducted therein
|
|
|
173
|
|
|
|
201
|
|
|
|
398
|
|
|
|
|
Financial assets
|
|
|
334
|
|
|
|
632
|
|
|
|
259
|
|
|
|
|
Net debt
|
|
|
(8,880
|
)
|
|
|
(8,012
|
)
|
|
|
(10,235
|
)
|
On 12 February 2009 we issued a bond comprising two senior notes: (a) US $750 million at 3.65%
maturing in 5 years and
(b) US $750 million at 4.80% maturing in 10 years. On 19 March 2009 we issued senior notes of £350
million at 4.0% maturing in December 2014. On 29 May 2009 we redeemed floating rate notes of
750 million. On 11 June 2009 we issued fixed rate notes on the Eurodollar market for US $450
million at 3.125%, maturing in 2013. On 17 June 2009 we issued senior fixed rate notes for £400
million at 4.75%, maturing in 2017.
13
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)
9 COMBINED EARNINGS PER SHARE
The combined earnings per share calculations are based on the average number of share units
representing the combined ordinary shares of NV and PLC in issue during the period, less the
average number of shares held as treasury stock.
In calculating diluted earnings per share, a number of adjustments are made to the number of
shares, principally the following:
(i) conversion into PLC ordinary shares in the year 2038 of shares in a group company under the
arrangements for the variation of the Leverhulme Trust and (ii) the exercise of share options by
employees.
Earnings per share for total operations for the six months were calculated as follows:
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined EPS Basic
|
|
Millions of units
|
|
|
|
Average number of combined share units
|
|
|
2,792.4
|
|
|
|
2,828.1
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
|
|
Net profit attributable to shareholders equity
|
|
|
1,489
|
|
|
|
2,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined EPS (Euros)
|
|
|
0.53
|
|
|
|
0.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined EPS Diluted
|
|
Millions of units
|
|
|
|
Adjusted average number of combined share units
|
|
|
2,881.5
|
|
|
|
2,925.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined EPS diluted (Euros)
|
|
|
0.52
|
|
|
|
0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of RDIs on Earnings Per Share
|
|
million
|
|
|
|
Total impact of RDIs on reported net profit (see note 3)
|
|
|
(278
|
)
|
|
|
202
|
|
|
|
|
|
|
|
|
|
Impact of RDIs on basic earnings per share (Euros)
|
|
|
(0.10
|
)
|
|
|
0.07
|
The numbers of shares included in the calculation of earnings per share is an average for the
period. During the period the following movements in shares have taken place:
|
|
|
|
|
|
|
Millions
|
|
Number of shares at 31 December 2008 (net of treasury stock)
|
|
|
2,789.1
|
|
Net movements in shares under incentive schemes
|
|
|
7.9
|
|
|
|
|
|
Number of shares at 30 June 2009
|
|
|
2,797.0
|
|
|
|
|
|
10 ACQUISITIONS AND DISPOSALS
On 2 April 2009 we announced the completion of our purchase of the global TIGI professional hair
product business and
its supporting advanced education academies.
On 23 June 2009 we announced that we had increased our holding in our business in Vietnam to 100%,
following an agreement with Vinachem who previously owned 33.3% of the business.
On 3 July 2009 we completed the acquisition of Baltimor Holding ZAOs sauces business in Russia.
The acquisition includes ketchup, mayonnaise and tomato paste business under the Baltimor, Pomo
dOro and Vostochniy Gourmand
brands accounting for turnover of around
70 million and a production facility at Kolpino,
near St Petersburg.
On 25 September we announced that we will acquire the personal care business of Sara Lee for
1.275 billion in cash. The transaction is subject to regulatory approval and consultation with
European Works Councils and is expected to be completed during the
first half of 2010.
On 7 October we announced the sale of our equity interest in JohnsonDiversey. Unilever will
receive US $158 million in cash together with US $250 million in senior notes, payable in cash or
in kind. The transaction is conditional on debt financing and
regulatory approvals and is expected to close before the year end.
14
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)
11 DIVIDENDS
The Boards
have declared interim dividends in respect of 2009 at the following
rates which are equivalent in value at the rate of exchange applied
under the terms of the Equalisation Agreement between the two
companies:
Per
Unilever N.V. ordinary share:
0.2695 (2008:
0.2600)
Per
Unilever PLC ordinary share: £ 0.2422 (2008: £ 0.2055)
Per
Unilever N.V. New York share:
US$ 0.3950 (2008: US$ 0.3320)
Per
Unilever PLC American Depositary Receipt:
US$ 0.3950 (2008: US$ 0.3301)
The interim
dividends have been determined in Euros and converted into equivalent
Sterling and US Dollar amounts using exchange rates issued by the
European Central Bank on 3 November 2009.
The interim
dividends will be payable as from 16 December 2009, to shareholders
registered at close of business on 20 November 2009. The shares will
go ex-dividend on 18 November 2009.
US dollar
checks for the interim dividend will be mailed on 15 December 2009,
to holders of record at the close of business on 20 November 2009. In
the case of the NV New York shares, Netherlands withholding tax will
be deducted.
12 EVENTS AFTER THE BALANCE SHEET DATE
There were no material post balance sheet events other than those mentioned elsewhere in this
report.
13 GUARANTOR STATEMENTS
On 18 November 2008, NV and Unilever Capital Corporation (UCC) filed a US Shelf registration, which
provides for the issuance of debt securities that are unconditionally and fully guaranteed, jointly and severally, by NV, PLC and Unilever United
States, Inc. (UNUS). This supersedes the previous NV and UCC US Shelf registration filed on 2
October 2000, which provides for the issuance of debt securities that are unconditionally and fully guaranteed, jointly and severally, by NV, PLC and
UNUS. Of the US Shelf registration, US $2.75 billion of Notes were outstanding at 31 December 2008
(2007: US $2.75 billion; 2006: US $2.75 billion) with coupons ranging from 5.90% to 7.125%. These
Notes are repayable between 1 November 2010 and 15 November 2032.
Provided below are the income statements, cash flow statements and balance sheets of each of the
companies discussed above, together with the income statement, cash flow statement and balance
sheet of non-guarantor subsidiaries. These have been prepared under the historical cost convention,
and, aside from the basis of accounting for investments at net asset value (equity accounting),
comply in all material respects with International Financial Reporting Standards. The financial
information in respect of Unilever N.V., Unilever PLC and Unilever United States, Inc. has been
prepared with all subsidiaries accounted for on an equity basis. The financial information in
respect of the non-guarantor subsidiaries has been prepared on a consolidated basis.
million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unilever
|
|
Unilever
|
|
|
|
|
|
Unilever
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
N.V.
|
|
Unilever
|
|
United
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
parent
|
|
PLC
|
|
States Inc.
|
|
Non-
|
|
|
|
|
|
|
Income Statement
|
|
subsidiary
|
|
issuer/
|
|
parent
|
|
subsidiary
|
|
guarantor
|
|
|
|
|
|
Unilever
|
Six months ended 30 June 2009
|
|
issuer
|
|
guarantor
|
|
guarantor
|
|
guarantor
|
|
subsidiaries
|
|
Eliminations
|
|
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
19,963
|
|
|
|
-
|
|
|
|
19,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit
|
|
|
-
|
|
|
|
211
|
|
|
|
(146
|
)
|
|
|
(13
|
)
|
|
|
2,502
|
|
|
|
-
|
|
|
|
2,554
|
|
Finance income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
44
|
|
|
|
-
|
|
|
|
44
|
|
Finance costs
|
|
|
(95
|
)
|
|
|
(73
|
)
|
|
|
(5
|
)
|
|
|
-
|
|
|
|
(115
|
)
|
|
|
-
|
|
|
|
(288
|
)
|
Pensions and similar obligations
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
-
|
|
|
|
(34
|
)
|
|
|
(53
|
)
|
|
|
-
|
|
|
|
(90
|
)
|
Intercompany finance costs
|
|
|
114
|
|
|
|
25
|
|
|
|
(26
|
)
|
|
|
(68
|
)
|
|
|
(45
|
)
|
|
|
-
|
|
|
|
-
|
|
Dividends
|
|
|
-
|
|
|
|
158
|
|
|
|
-
|
|
|
|
731
|
|
|
|
(889
|
)
|
|
|
-
|
|
|
|
-
|
|
Share of net profit/(loss) of joint ventures
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
63
|
|
|
|
-
|
|
|
|
63
|
|
Share of net
profit/(loss) of associates
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
-
|
|
|
|
(3
|
)
|
Other income from non-current investments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12
|
|
|
|
-
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
|
|
19
|
|
|
|
318
|
|
|
|
(177
|
)
|
|
|
616
|
|
|
|
1,516
|
|
|
|
-
|
|
|
|
2,292
|
|
Taxation
|
|
|
(7
|
)
|
|
|
(56
|
)
|
|
|
64
|
|
|
|
(148
|
)
|
|
|
(509
|
)
|
|
|
-
|
|
|
|
(656
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit from continuing operations
|
|
|
12
|
|
|
|
262
|
|
|
|
(113
|
)
|
|
|
468
|
|
|
|
1,007
|
|
|
|
-
|
|
|
|
1,636
|
|
Net profit from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Equity earnings of subsidiaries
|
|
|
-
|
|
|
|
1,226
|
|
|
|
1,602
|
|
|
|
(342
|
)
|
|
|
-
|
|
|
|
(2,486
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit
|
|
|
12
|
|
|
|
1,488
|
|
|
|
1,489
|
|
|
|
126
|
|
|
|
1,007
|
|
|
|
(2,486
|
)
|
|
|
1,636
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
147
|
|
|
|
-
|
|
|
|
147
|
|
Shareholders equity
|
|
|
12
|
|
|
|
1,488
|
|
|
|
1,489
|
|
|
|
126
|
|
|
|
860
|
|
|
|
(2,486
|
)
|
|
|
1,489
|
|
|
15
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)
13 GUARANTOR STATEMENTS
(CONTINUED)
million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unilever
|
|
|
Unilever
|
|
|
|
|
|
|
Unilever
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
N.V.
|
|
|
Unilever
|
|
|
United
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
|
parent
|
|
|
PLC
|
|
|
States Inc.
|
|
|
Non-
|
|
|
|
|
|
|
|
|
Income Statement
|
|
subsidiary
|
|
|
issuer/
|
|
|
parent
|
|
|
subsidiary
|
|
|
guarantor
|
|
|
|
|
|
|
Unilever
|
|
Six months ended 30 June 2008
|
|
issuer
|
|
|
guarantor
|
|
|
guarantor
|
|
|
guarantor
|
|
|
subsidiaries
|
|
|
Eliminations
|
|
|
Group
|
|
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
19,945
|
|
|
|
-
|
|
|
|
19,945
|
|
|
|
|
|
|
Operating Profit
|
|
|
-
|
|
|
|
61
|
|
|
|
67
|
|
|
|
(10
|
)
|
|
|
3,066
|
|
|
|
-
|
|
|
|
3,184
|
|
Finance income
|
|
|
-
|
|
|
|
53
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
-
|
|
|
|
51
|
|
Finance costs
|
|
|
(86
|
)
|
|
|
(87
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(86
|
)
|
|
|
-
|
|
|
|
(259
|
)
|
Pensions and similar obligations
|
|
|
-
|
|
|
|
(4
|
)
|
|
|
-
|
|
|
|
(16
|
)
|
|
|
87
|
|
|
|
-
|
|
|
|
67
|
|
Intercompany finance costs
|
|
|
91
|
|
|
|
(12
|
)
|
|
|
26
|
|
|
|
(31
|
)
|
|
|
(74
|
)
|
|
|
-
|
|
|
|
-
|
|
Dividends
|
|
|
-
|
|
|
|
-
|
|
|
|
38
|
|
|
|
-
|
|
|
|
(38
|
)
|
|
|
-
|
|
|
|
-
|
|
Share of net profit/(loss) of joint ventures
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
74
|
|
|
|
-
|
|
|
|
74
|
|
Share of net
profit/(loss) of associates
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8
|
|
|
|
-
|
|
|
|
8
|
|
Other income from non-current investments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
|
-
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
|
|
5
|
|
|
|
11
|
|
|
|
131
|
|
|
|
(57
|
)
|
|
|
3,045
|
|
|
|
-
|
|
|
|
3,135
|
|
Taxation
|
|
|
(2
|
)
|
|
|
(24
|
)
|
|
|
(99
|
)
|
|
|
(114
|
)
|
|
|
(511
|
)
|
|
|
-
|
|
|
|
(750
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit from continuing operations
|
|
|
3
|
|
|
|
(13
|
)
|
|
|
32
|
|
|
|
(171
|
)
|
|
|
2,534
|
|
|
|
-
|
|
|
|
2,385
|
|
Net profit from discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Equity earnings of subsidiaries
|
|
|
-
|
|
|
|
2,261
|
|
|
|
2,216
|
|
|
|
399
|
|
|
|
-
|
|
|
|
(4,876
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit
|
|
|
3
|
|
|
|
2,248
|
|
|
|
2,248
|
|
|
|
228
|
|
|
|
2,534
|
|
|
|
(4,876
|
)
|
|
|
2,385
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
137
|
|
|
|
-
|
|
|
|
137
|
|
Shareholders equity
|
|
|
3
|
|
|
|
2,248
|
|
|
|
2,248
|
|
|
|
228
|
|
|
|
2,397
|
|
|
|
(4,876
|
)
|
|
|
2,248
|
|
|
16
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)
13 GUARANTOR STATEMENTS
(CONTINUED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
|
million
|
|
|
million
|
|
|
million
|
|
|
million
|
|
|
million
|
|
|
million
|
|
|
Unilever
|
|
|
Unilever
|
|
|
|
|
|
|
Unilever
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
N.V.
|
|
|
Unilever
|
|
|
United
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
|
parent
|
|
|
PLC
|
|
|
States Inc.
|
|
|
Non-
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
subsidiary
|
|
|
issuer/
|
|
|
parent
|
|
|
subsidiary
|
|
|
guarantor
|
|
|
|
|
|
|
Unilever
|
As at 30 June 2009
|
|
issuer
|
|
|
guarantor
|
|
|
guarantor
|
|
|
guarantor
|
|
|
subsidiaries
|
|
|
Eliminations
|
|
|
Group
|
|
Goodwill and intangible assets
|
|
|
-
|
|
|
|
46
|
|
|
|
26
|
|
|
|
-
|
|
|
|
16,864
|
|
|
|
-
|
|
|
|
16,936
|
|
Property, plant and equipment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
6,260
|
|
|
|
-
|
|
|
|
6,261
|
|
Pension asset for funded schemes in
surplus
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
413
|
|
|
|
-
|
|
|
|
413
|
|
Deferred tax assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
717
|
|
|
|
366
|
|
|
|
-
|
|
|
|
1,083
|
|
Other non-current assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
14
|
|
|
|
1,577
|
|
|
|
-
|
|
|
|
1,591
|
|
Amounts due from group companies
after
one year
|
|
|
4,693
|
|
|
|
3,223
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,916
|
)
|
|
|
-
|
|
|
|
-
|
|
Net assets of subsidiaries (equity
accounted)
|
|
|
-
|
|
|
|
30,074
|
|
|
|
15,876
|
|
|
|
7,960
|
|
|
|
(34,022
|
)
|
|
|
(19,888
|
)
|
|
|
-
|
|
|
|
|
|
Total non-current assets
|
|
|
4,693
|
|
|
|
33,343
|
|
|
|
15,902
|
|
|
|
8,692
|
|
|
|
(16,458
|
)
|
|
|
(19,888
|
)
|
|
|
26,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,759
|
|
|
|
-
|
|
|
|
3,759
|
|
Amounts due from group companies
within
one year
|
|
|
-
|
|
|
|
838
|
|
|
|
742
|
|
|
|
-
|
|
|
|
(1,580
|
)
|
|
|
-
|
|
|
|
-
|
|
Trade and other current receivables
|
|
|
-
|
|
|
|
117
|
|
|
|
1
|
|
|
|
9
|
|
|
|
4,686
|
|
|
|
-
|
|
|
|
4,813
|
|
Current tax assets
|
|
|
-
|
|
|
|
173
|
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
(4
|
)
|
|
|
-
|
|
|
|
167
|
|
Other financial assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
334
|
|
|
|
-
|
|
|
|
334
|
|
Cash and cash equivalents
|
|
|
2
|
|
|
|
10
|
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
2,072
|
|
|
|
-
|
|
|
|
2,082
|
|
Assets held for sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13
|
|
|
|
-
|
|
|
|
13
|
|
|
|
|
Total current assets
|
|
|
2
|
|
|
|
1,138
|
|
|
|
743
|
|
|
|
5
|
|
|
|
9,280
|
|
|
|
-
|
|
|
|
11,168
|
|
|
|
|
Financial liabilities
|
|
|
(1,384
|
)
|
|
|
(45
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,041
|
)
|
|
|
-
|
|
|
|
(2,470
|
)
|
Amounts due to group companies
within
one year
|
|
|
-
|
|
|
|
(17,292
|
)
|
|
|
(5,574
|
)
|
|
|
-
|
|
|
|
22,866
|
|
|
|
-
|
|
|
|
-
|
|
Trade payables and other current
liabilities
|
|
|
(38
|
)
|
|
|
(207
|
)
|
|
|
(2
|
)
|
|
|
(11
|
)
|
|
|
(8,170
|
)
|
|
|
-
|
|
|
|
(8,428
|
)
|
Current tax liabilities
|
|
|
(6
|
)
|
|
|
(129
|
)
|
|
|
(95
|
)
|
|
|
(6
|
)
|
|
|
(172
|
)
|
|
|
-
|
|
|
|
(408
|
)
|
Provisions
|
|
|
-
|
|
|
|
(26
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(672
|
)
|
|
|
-
|
|
|
|
(698
|
)
|
Liabilities associated with assets held
for sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
Total current liabilities
|
|
|
(1,428
|
)
|
|
|
(17,699
|
)
|
|
|
(5,671
|
)
|
|
|
(17
|
)
|
|
|
12,811
|
|
|
|
-
|
|
|
|
(12,004
|
)
|
|
|
|
Net current assets/(liabilities)
|
|
|
(1,426
|
)
|
|
|
(16,561
|
)
|
|
|
(4,928
|
)
|
|
|
(12
|
)
|
|
|
22,091
|
|
|
|
-
|
|
|
|
(836
|
)
|
|
|
|
Total assets less current liabilities
|
|
|
3,267
|
|
|
|
16,782
|
|
|
|
10,974
|
|
|
|
8,680
|
|
|
|
5,633
|
|
|
|
(19,888
|
)
|
|
|
25,448
|
|
|
Financial liabilities due after one year
|
|
|
2,986
|
|
|
|
3,268
|
|
|
|
874
|
|
|
|
-
|
|
|
|
1,698
|
|
|
|
-
|
|
|
|
8 826
|
|
Amounts due to group companies
after
one year
|
|
|
-
|
|
|
|
3,089
|
|
|
|
-
|
|
|
|
846
|
|
|
|
(3,935
|
)
|
|
|
-
|
|
|
|
-
|
|
Pension and post-retirement
healthcare
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded schemes in deficit
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
440
|
|
|
|
1,612
|
|
|
|
-
|
|
|
|
2,052
|
|
Unfunded schemes
|
|
|
-
|
|
|
|
84
|
|
|
|
-
|
|
|
|
681
|
|
|
|
1,246
|
|
|
|
-
|
|
|
|
2,011
|
|
Provisions
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
3
|
|
|
|
691
|
|
|
|
-
|
|
|
|
695
|
|
Deferred tax liabilities
|
|
|
-
|
|
|
|
97
|
|
|
|
15
|
|
|
|
-
|
|
|
|
684
|
|
|
|
-
|
|
|
|
796
|
|
Other non-current liabilities
|
|
|
-
|
|
|
|
158
|
|
|
|
-
|
|
|
|
142
|
|
|
|
190
|
|
|
|
-
|
|
|
|
490
|
|
|
|
|
Total non-current liabilities
|
|
|
2,986
|
|
|
|
6,697
|
|
|
|
889
|
|
|
|
2,112
|
|
|
|
2,186
|
|
|
|
-
|
|
|
|
14,870
|
|
|
|
|
Shareholders equity attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unilever NV
|
|
|
-
|
|
|
|
(1,907
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,907
|
|
|
|
-
|
|
Unilever PLC
|
|
|
-
|
|
|
|
-
|
|
|
|
11,992
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(11,992
|
)
|
|
|
-
|
|
Called up share capital
|
|
|
-
|
|
|
|
274
|
|
|
|
210
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
484
|
|
Share premium account
|
|
|
-
|
|
|
|
25
|
|
|
|
96
|
|
|
|
99
|
|
|
|
(99
|
)
|
|
|
-
|
|
|
|
121
|
|
Other reserves
|
|
|
(2
|
)
|
|
|
(3,841
|
)
|
|
|
(2,419
|
)
|
|
|
715
|
|
|
|
(2,242
|
)
|
|
|
1,529
|
|
|
|
(6,260
|
)
|
Retained profit
|
|
|
283
|
|
|
|
15,534
|
|
|
|
206
|
|
|
|
5,754
|
|
|
|
5,295
|
|
|
|
(11,332
|
)
|
|
|
15,740
|
|
|
|
|
Total shareholders equity
|
|
|
281
|
|
|
|
10,085
|
|
|
|
10,085
|
|
|
|
6,568
|
|
|
|
2,954
|
|
|
|
(19,888
|
)
|
|
|
10,085
|
|
|
|
|
Minority interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
493
|
|
|
|
-
|
|
|
|
493
|
|
|
|
|
Total equity
|
|
|
281
|
|
|
|
10,085
|
|
|
|
10,085
|
|
|
|
6,568
|
|
|
|
3,447
|
|
|
|
(19,888
|
)
|
|
|
10,578
|
|
|
|
|
Total capital employed
|
|
|
3,267
|
|
|
|
16,782
|
|
|
|
10,974
|
|
|
|
8,680
|
|
|
|
5,633
|
|
|
|
(19,888
|
)
|
|
|
25,448
|
|
|
17
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)
13 GUARANTOR STATEMENTS
(CONTINUED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
|
million
|
|
|
million
|
|
|
million
|
|
|
million
|
|
|
million
|
|
|
million
|
|
|
|
Unilever
|
|
|
Unilever
|
|
|
|
|
|
|
Unilever
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
N.V.
|
|
|
Unilever
|
|
|
United
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
|
parent
|
|
|
PLC
|
|
|
States Inc.
|
|
|
Non-
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
subsidiary
|
|
|
issuer/
|
|
|
parent
|
|
|
subsidiary
|
|
|
guarantor
|
|
|
|
|
|
|
Unilever
|
|
As at 31 December 2008
|
|
issuer
|
|
|
guarantor
|
|
|
guarantor
|
|
|
guarantor
|
|
|
subsidiaries
|
|
|
Eliminations
|
|
|
Group
|
|
|
Goodwill and intangible assets
|
|
|
-
|
|
|
|
51
|
|
|
|
23
|
|
|
|
-
|
|
|
|
16,017
|
|
|
|
-
|
|
|
|
16,091
|
|
Property, plant and equipment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
5,956
|
|
|
|
-
|
|
|
|
5,957
|
|
Pension asset for funded schemes in
surplus
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
425
|
|
|
|
-
|
|
|
|
425
|
|
Deferred tax assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
777
|
|
|
|
291
|
|
|
|
-
|
|
|
|
1,068
|
|
Other non-current assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
15
|
|
|
|
1,411
|
|
|
|
-
|
|
|
|
1,426
|
|
Amounts due from group companies after
one year
|
|
|
3,960
|
|
|
|
2,919
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(6,879
|
)
|
|
|
-
|
|
|
|
-
|
|
Net assets of subsidiaries (equity
accounted)
|
|
|
-
|
|
|
|
28,829
|
|
|
|
14,360
|
*
|
|
|
9,534
|
|
|
|
(32,361
|
)*
|
|
|
(20,362
|
)
|
|
|
-
|
|
|
|
|
|
|
Total non-current assets
|
|
|
3,960
|
|
|
|
31,799
|
|
|
|
14,383
|
|
|
|
10,327
|
|
|
|
(15,140
|
)
|
|
|
(20,362
|
)
|
|
|
24,967
|
|
|
|
|
|
Inventories
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,889
|
|
|
|
-
|
|
|
|
3,889
|
|
Amounts due from group companies within
one year
|
|
|
-
|
|
|
|
2,570
|
|
|
|
611
|
|
|
|
-
|
|
|
|
(3,181
|
)
|
|
|
-
|
|
|
|
-
|
|
Trade and other current receivables
|
|
|
-
|
|
|
|
61
|
|
|
|
(2
|
)
|
|
|
5
|
|
|
|
3,759
|
|
|
|
-
|
|
|
|
3,823
|
|
Current tax assets
|
|
|
-
|
|
|
|
24
|
|
|
|
-
|
|
|
|
80
|
|
|
|
130
|
|
|
|
-
|
|
|
|
234
|
|
Other financial assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
632
|
|
|
|
-
|
|
|
|
632
|
|
Cash and cash equivalents
|
|
|
(3
|
)
|
|
|
7
|
|
|
|
-
|
|
|
|
(4
|
)
|
|
|
2,561
|
|
|
|
-
|
|
|
|
2,561
|
|
Assets held for sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
36
|
|
|
|
-
|
|
|
|
36
|
|
|
|
|
Total current assets
|
|
|
(3
|
)
|
|
|
2,662
|
|
|
|
609
|
|
|
|
81
|
|
|
|
7,826
|
|
|
|
-
|
|
|
|
11,175
|
|
|
|
|
Financial liabilities
|
|
|
(1,755
|
)
|
|
|
(772
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,315
|
)
|
|
|
-
|
|
|
|
(4,842
|
)
|
Amounts due to group companies within
one year
|
|
|
-
|
|
|
|
(17,181
|
)
|
|
|
(4,923
|
)*
|
|
|
-
|
|
|
|
22,104
|
*
|
|
|
-
|
|
|
|
-
|
|
Trade payables and other current
liabilities
|
|
|
(24
|
)
|
|
|
(153
|
)
|
|
|
(7
|
)
|
|
|
(18
|
)
|
|
|
(7,622
|
)
|
|
|
-
|
|
|
|
(7,824
|
)
|
Current tax liabilities
|
|
|
(11
|
)
|
|
|
(15
|
)
|
|
|
(101
|
)
|
|
|
2
|
|
|
|
(252
|
)
|
|
|
-
|
|
|
|
(377
|
)
|
Provisions
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(757
|
)
|
|
|
-
|
|
|
|
(757
|
)
|
Liabilities associated with assets held
for sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
Total current liabilities
|
|
|
(1,790
|
)
|
|
|
(18,121
|
)
|
|
|
(5,031
|
)
|
|
|
(16
|
)
|
|
|
11,158
|
|
|
|
-
|
|
|
|
(13,800
|
)
|
|
|
|
Net current assets/(liabilities)
|
|
|
(1,793
|
)
|
|
|
(15,459
|
)
|
|
|
(4,422
|
)
|
|
|
65
|
|
|
|
18,984
|
|
|
|
-
|
|
|
|
(2,625
|
)
|
|
|
|
Total assets less current liabilities
|
|
|
2,167
|
|
|
|
16,340
|
|
|
|
9,961
|
|
|
|
10,392
|
|
|
|
3,844
|
|
|
|
(20,362
|
)
|
|
|
22,342
|
|
|
Financial liabilities due after one year
|
|
|
1,923
|
|
|
|
3,080
|
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
1,362
|
|
|
|
-
|
|
|
|
6,363
|
|
Amounts due to group companies after
one year
|
|
|
-
|
|
|
|
3,089
|
|
|
|
-
|
|
|
|
666
|
|
|
|
(3,755
|
)
|
|
|
-
|
|
|
|
-
|
|
Pension and post-retirement healthcare
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded schemes in deficit
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
449
|
|
|
|
1,371
|
|
|
|
-
|
|
|
|
1,820
|
|
Unfunded schemes
|
|
|
-
|
|
|
|
85
|
|
|
|
-
|
|
|
|
712
|
|
|
|
1,190
|
|
|
|
-
|
|
|
|
1,987
|
|
Provisions
|
|
|
-
|
|
|
|
41
|
|
|
|
-
|
|
|
|
3
|
|
|
|
602
|
|
|
|
-
|
|
|
|
646
|
|
Deferred tax liabilities
|
|
|
-
|
|
|
|
64
|
|
|
|
13
|
|
|
|
-
|
|
|
|
713
|
|
|
|
-
|
|
|
|
790
|
|
Other non-current liabilities
|
|
|
-
|
|
|
|
33
|
|
|
|
-
|
|
|
|
122
|
|
|
|
209
|
|
|
|
-
|
|
|
|
364
|
|
|
|
|
Total non-current liabilities
|
|
|
1,923
|
|
|
|
6,392
|
|
|
|
13
|
|
|
|
1,950
|
|
|
|
1,692
|
|
|
|
-
|
|
|
|
11,970
|
|
|
|
|
Shareholders equity attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unilever NV
|
|
|
-
|
|
|
|
-
|
|
|
|
11,091
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(11,091
|
)
|
|
|
-
|
|
Unilever PLC
|
|
|
-
|
|
|
|
(1,143
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,143
|
|
|
|
-
|
|
Called up share capital
|
|
|
-
|
|
|
|
274
|
|
|
|
210
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
484
|
|
Share premium account
|
|
|
-
|
|
|
|
25
|
|
|
|
96
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
121
|
|
Other reserves
|
|
|
(1
|
)
|
|
|
(4,551
|
)
|
|
|
(1,918
|
)
|
|
|
(101
|
)
|
|
|
(2,479
|
)
|
|
|
2,581
|
|
|
|
(6,469
|
)
|
Retained Profit
|
|
|
245
|
|
|
|
15,343
|
|
|
|
469
|
|
|
|
8,543
|
|
|
|
4,207
|
|
|
|
(12,995
|
)
|
|
|
15,812
|
|
|
|
|
Total shareholders equity
|
|
|
244
|
|
|
|
9,948
|
|
|
|
9,948
|
|
|
|
8,442
|
|
|
|
1,728
|
|
|
|
(20,362
|
)
|
|
|
9,948
|
|
Minority interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
424
|
|
|
|
-
|
|
|
|
424
|
|
|
|
|
Total equity
|
|
|
244
|
|
|
|
9,948
|
|
|
|
9,948
|
|
|
|
8,442
|
|
|
|
2,152
|
|
|
|
(20,362
|
)
|
|
|
10,372
|
|
|
|
|
Total capital employed
|
|
|
2,167
|
|
|
|
16,340
|
|
|
|
9,961
|
|
|
|
10,392
|
|
|
|
3,844
|
|
|
|
(20,362
|
)
|
|
|
22,342
|
|
|
* Figures
revised from Unilevers Form 20-F dated 6 March 2009 to reflect a 2008
group reorganisation. These figures are eliminated on consolidation.
18
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)
13 GUARANTOR STATEMENTS
(CONTINUED)
million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unilever
|
|
|
Unilever
|
|
|
|
|
|
|
Unilever
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
N.V.
|
|
|
Unilever
|
|
|
United
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
|
parent
|
|
|
PLC
|
|
|
States Inc.
|
|
|
Non-
|
|
|
|
|
|
|
|
|
Cash flow statement
|
|
subsidiary
|
|
|
issuer/
|
|
|
parent
|
|
|
subsidiary
|
|
|
guarantor
|
|
|
|
|
|
|
Unilever
|
Six months ended 30 June 2009
|
|
issuer
|
|
|
guarantor
|
|
|
guarantor
|
|
|
guarantor
|
|
|
subsidiaries
|
|
|
Eliminations
|
|
|
Group
|
|
Cash flow from operating activities
|
|
|
15
|
|
|
|
431
|
|
|
|
(162
|
)
|
|
|
(81
|
)
|
|
|
2,247
|
|
|
|
-
|
|
|
|
2,450
|
|
Income tax paid
|
|
|
-
|
|
|
|
(58
|
)
|
|
|
43
|
|
|
|
(41
|
)
|
|
|
(375
|
)
|
|
|
-
|
|
|
|
(431
|
)
|
|
|
|
Net cash flow from operating activities
|
|
|
15
|
|
|
|
373
|
|
|
|
(119
|
)
|
|
|
(122
|
)
|
|
|
1,872
|
|
|
|
-
|
|
|
|
2,019
|
|
|
|
|
Interest received
|
|
|
114
|
|
|
|
(23
|
)
|
|
|
13
|
|
|
|
-
|
|
|
|
(66
|
)
|
|
|
-
|
|
|
|
38
|
|
Net capital expenditure
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(503
|
)
|
|
|
-
|
|
|
|
(506
|
)
|
Acquisitions and disposals
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(365
|
)
|
|
|
-
|
|
|
|
(365
|
)
|
Other investing activities
|
|
|
-
|
|
|
|
865
|
|
|
|
-
|
|
|
|
634
|
|
|
|
(1,504
|
)
|
|
|
-
|
|
|
|
(5
|
)
|
|
|
|
Net cash flow from /(used in) investing
activities
|
|
|
114
|
|
|
|
839
|
|
|
|
13
|
|
|
|
634
|
|
|
|
(2,438
|
)
|
|
|
-
|
|
|
|
(838
|
)
|
|
|
|
Dividends paid on ordinary share capital
|
|
|
-
|
|
|
|
(620
|
)
|
|
|
(582
|
)
|
|
|
(731
|
)
|
|
|
631
|
|
|
|
-
|
|
|
|
(1,302
|
)
|
Interest and preference dividends paid
|
|
|
(79
|
)
|
|
|
(111
|
)
|
|
|
(32
|
)
|
|
|
(68
|
)
|
|
|
32
|
|
|
|
-
|
|
|
|
(258
|
)
|
Change in financial liabilities
|
|
|
(45
|
)
|
|
|
(545
|
)
|
|
|
715
|
|
|
|
187
|
|
|
|
(182
|
)
|
|
|
-
|
|
|
|
130
|
|
Share buy-back programme
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other movement on treasury stock
|
|
|
-
|
|
|
|
67
|
|
|
|
5
|
|
|
|
3
|
|
|
|
(58
|
)
|
|
|
-
|
|
|
|
17
|
|
Other financing activities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
97
|
|
|
|
(140
|
)
|
|
|
-
|
|
|
|
(43
|
)
|
|
|
|
Net cash flow from/(used in) financing
activities
|
|
|
(124
|
)
|
|
|
(1,209
|
)
|
|
|
106
|
|
|
|
(512
|
)
|
|
|
283
|
|
|
|
-
|
|
|
|
(1,456
|
)
|
|
|
|
Net increase/(decrease) in cash and
cash equivalents
|
|
|
5
|
|
|
|
3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(283
|
)
|
|
|
-
|
|
|
|
(275
|
)
|
|
|
|
Cash and cash equivalents at beginning
of year
|
|
|
(3
|
)
|
|
|
7
|
|
|
|
-
|
|
|
|
(4
|
)
|
|
|
2,360
|
|
|
|
-
|
|
|
|
2,360
|
|
Effect of foreign exchange rates
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
(178
|
)
|
|
|
-
|
|
|
|
(176
|
)
|
|
|
|
Cash and cash equivalents at end of year
|
|
|
2
|
|
|
|
10
|
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
1,899
|
|
|
|
-
|
|
|
|
1,909
|
|
|
19
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(unaudited)
13 GUARANTOR STATEMENTS
(CONTINUED)
million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unilever
|
|
|
Unilever
|
|
|
|
|
|
|
Unilever
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
N.V.
|
|
|
Unilever
|
|
|
United
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation
|
|
|
parent
|
|
|
PLC
|
|
|
States Inc.
|
|
|
Non-
|
|
|
|
|
|
|
|
|
Cash flow statement
|
|
subsidiary
|
|
|
issuer/
|
|
|
parent
|
|
|
subsidiary
|
|
|
guarantor
|
|
|
|
|
|
|
Unilever
|
|
Six months ended 30 June 2008
|
|
issuer
|
|
|
guarantor
|
|
|
guarantor
|
|
|
guarantor
|
|
|
subsidiaries
|
|
|
Eliminations
|
|
|
Group
|
|
|
Cash flow from operating activities
|
|
|
-
|
|
|
|
(66
|
)
|
|
|
62
|
|
|
|
130
|
|
|
|
759
|
|
|
|
-
|
|
|
|
885
|
|
Income tax paid
|
|
|
-
|
|
|
|
27
|
|
|
|
(74
|
)
|
|
|
(58
|
)
|
|
|
(376
|
)
|
|
|
-
|
|
|
|
(481
|
)
|
|
|
|
Net cash flow from operating activities
|
|
|
-
|
|
|
|
(39
|
)
|
|
|
(12
|
)
|
|
|
72
|
|
|
|
383
|
|
|
|
-
|
|
|
|
404
|
|
|
|
|
Interest received
|
|
|
91
|
|
|
|
14
|
|
|
|
27
|
|
|
|
-
|
|
|
|
6
|
|
|
|
(74
|
)
|
|
|
64
|
|
Net capital expenditure
|
|
|
-
|
|
|
|
(14
|
)
|
|
|
-
|
|
|
|
1
|
|
|
|
(478
|
)
|
|
|
-
|
|
|
|
(491
|
)
|
Acquisitions and disposals
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
403
|
|
|
|
-
|
|
|
|
403
|
|
Other investing activities
|
|
|
-
|
|
|
|
745
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,009
|
)
|
|
|
1,304
|
|
|
|
40
|
|
|
|
|
Net cash flow from /(used in) investing
activities
|
|
|
91
|
|
|
|
745
|
|
|
|
27
|
|
|
|
1
|
|
|
|
(2,078
|
)
|
|
|
1,230
|
|
|
|
16
|
|
|
|
|
Dividends paid on ordinary share capital
|
|
|
(85
|
)
|
|
|
(794
|
)
|
|
|
(528
|
)
|
|
|
-
|
|
|
|
213
|
|
|
|
-
|
|
|
|
(1,194
|
)
|
Interest and preference dividends paid
|
|
|
-
|
|
|
|
(99
|
)
|
|
|
-
|
|
|
|
(31
|
)
|
|
|
(145
|
)
|
|
|
74
|
|
|
|
(201
|
)
|
Change in financial liabilities
|
|
|
(6
|
)
|
|
|
1,119
|
|
|
|
559
|
|
|
|
-
|
|
|
|
1,713
|
|
|
|
(1,304
|
)
|
|
|
2,081
|
|
Share buy-back programme
|
|
|
-
|
|
|
|
(1,077
|
)
|
|
|
(8
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,085
|
)
|
Other movement on treasury stock
|
|
|
-
|
|
|
|
145
|
|
|
|
(38
|
)
|
|
|
(45
|
)
|
|
|
(81
|
)
|
|
|
-
|
|
|
|
(19
|
)
|
Other financing activities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(89
|
)
|
|
|
-
|
|
|
|
(89
|
)
|
|
|
|
Net cash flow from/(used in) financing
activities
|
|
|
(91
|
)
|
|
|
(706
|
)
|
|
|
(15
|
)
|
|
|
(76
|
)
|
|
|
1,611
|
|
|
|
(1,230
|
)
|
|
|
(507
|
)
|
|
|
|
Net increase/(decrease) in cash and
cash equivalents
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
(84
|
)
|
|
|
-
|
|
|
|
(87
|
)
|
|
|
|
Cash and cash equivalents at beginning
of year
|
|
|
1
|
|
|
|
2
|
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
900
|
|
|
|
-
|
|
|
|
901
|
|
Effect of foreign exchange rates
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
|
|
(156
|
)
|
|
|
-
|
|
|
|
(152
|
)
|
|
|
|
Cash and cash equivalents at end of year
|
|
|
1
|
|
|
|
2
|
|
|
|
-
|
|
|
|
(1
|
)
|
|
|
660
|
|
|
|
-
|
|
|
|
662
|
|
|
20
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