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, 2010
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.
|
|
|
|
|
|
UNILEVER N.V.
|
|
|
/s/
T. E. Lovell
|
|
|
T. E. Lovell,
|
|
|
Secretary
|
Date: 5
November, 2010
2010 FIRST HALF YEAR RESULTS
VOLUME MOMENTUM SUSTAINED WHILST INVESTING FOR THE LONG TERM
Half year highlights
|
|
Turnover up 9.7% at 21.9 billion.
|
|
|
|
Underlying volume growth 6.6%.
Underlying sales growth 3.8% and underlying price growth
(2.6)%; in-year pricing was stable.
|
|
|
|
Underlying operating margin up 30bps
with continuing strong gross margins offset by
significant investment in advertising and promotional expenditure, up 180bps.
|
|
|
|
Net cash flow from operating activities 2.2 billion,
up 0.2 billion. Average trading
working capital again reduced as a percentage of turnover and it is now negative.
|
|
|
|
Fully diluted earnings per share 0.70
up 36% reflecting improved operating profit, lower
restructuring and the favourable impact of foreign exchange.
|
Chief Executive Officer
We have delivered robust volume growth with improved volume market shares in all of our regions.
This is an encouraging result given the challenging economic and competitive environment and
reflects the continuing investment behind our brands, better in-market execution, successful
innovations and the extension of our brands into new markets. There was consistent strong
performance of our personal care business.
We continue to operate under the assumption of slow economic growth, particularly in developed
markets where consumer confidence remains fragile. We do not expect competitive pressures to ease
and our ability to increase prices will remain constrained despite rising commodity costs in the
second half. We still expect underlying price growth to turn positive towards the end of the year.
Notwithstanding this difficult environment and comparators which get tougher as the year
progresses, the results confirm again that our strategy to focus on the consumer and to accelerate
growth is working. Our priority remains to drive profitable volume growth and strong cash flow
along with steady and sustainable improvement in operating margin for the year as a whole.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Financials (unaudited)
|
|
|
Half Year 2010
|
|
|
|
Current rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
|
|
|
21,895m
|
|
|
|
+9.7
%
|
|
|
Underlying sales growth*
|
|
|
|
+3.8
%
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
3,066
m
|
|
|
|
+20
%
|
|
|
Net profit
|
|
|
|
2,209
m
|
|
|
|
+35
%
|
|
|
Diluted Earnings per share
|
|
|
|
0.70
|
|
|
|
+36
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Underlying sales growth is a non-GAAP measure, see note 2 on Page 11 for further
explanation.
OPERATIONAL REVIEW: REGIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half Year 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in
|
|
|
(unaudited)
|
|
|
Turnover
|
|
|
USG
|
|
|
Volume
|
|
|
Price
|
|
|
Underlying
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Op Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
m
|
|
|
|
|
%
|
|
|
|
|
%
|
|
|
|
|
%
|
|
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unilever
Total
|
|
|
|
21,895
|
|
|
|
|
3.8
|
|
|
|
|
6.6
|
|
|
|
|
(2.6
|
)
|
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Africa
CEE
|
|
|
|
8,668
|
|
|
|
|
7.9
|
|
|
|
|
11.6
|
|
|
|
|
(3.3
|
)
|
|
|
|
10
|
|
|
|
Americas
|
|
|
|
7,199
|
|
|
|
|
3.8
|
|
|
|
|
5.6
|
|
|
|
|
(1.7
|
)
|
|
|
|
(10
|
)
|
|
|
Western
Europe
|
|
|
|
6,028
|
|
|
|
|
(1.1
|
)
|
|
|
|
1.7
|
|
|
|
|
(2.7
|
)
|
|
|
|
130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market growth in developed economies remains depressed whilst emerging market growth remains
strong. The high intensity of competition has continued but we have remained competitive and
delivered strong volume growth, with volume share gains across all regions. Whilst underlying price
growth remains negative, in-period pricing was again stable, despite increased competitive pricing
and promotional activity, especially in Laundry and Hair. Gross margins continued to improve
allowing us to increase advertising & promotions investment whilst delivering improved underlying
operating margin.
Asia Africa CEE
Half year USG +7.9%, Volume +11.6%, Underlying Operating Margin +10 bps
The region continued its strong momentum in underlying volume and sales growth, ahead of the
market. There was double digit volume growth with all the main countries and key categories
positive despite intense competitive activity.
Half year underlying sales growth in Asia and Africa Middle East was strong, driven by double digit
underlying volume growth which more than compensated for price action taken to ensure that our
products remain fully competitive; volume shares progressed well. CEE performance was more mixed
but again volume shares improved.
Underlying operating margin was slightly positive in the half year with improved gross margins
offset by a significant step-up in advertising and support behind our brands. The rollout of the
regional IT platform continued with successful go-lives in China, Hong Kong, Taiwan and
Australasia.
The Americas
Half year USG +3.8%, Volume +5.6%, Underlying Operating Margin (10) bps
Despite the continued sluggish markets in North America, our business grew underlying volume at
more than 2% in the half year on the back of successful new product launches and improved in-market
execution. Dressings gained share through strong innovation and merchandising support and Skin
Cleansing grew strongly.
Latin American markets are generally much stronger and our underlying volume growth for the half
year was just under 10% on the back of strong performances from Deodorants, Hair, Ice Cream and
soy-based drinks under the AdeS brand.
Underlying operating margin, down 10bps in the half year, again reflected the significant increase
in brand support levels.
Western Europe
Half year USG (1.1)%, Volume 1.7%, Underlying Operating Margin +130 bps
Markets were difficult, particularly in southern European countries such as Greece, Spain and, to a
lesser extent, Italy. We continue to pursue our strategy of investing behind our brands and
bringing strong innovations to market. This approach is delivering good results, with both volume
and value shares up.
Excluding Greece, where market volumes were down substantially, underlying volume growth in Western
Europe was positive. However, our Greek business responded quickly to the crisis with 1 promotions
crafted to reflect the new economic reality. In Paris we opened the second Customer Insight and
Innovation Centre in the region following the opening of the first such centre in the UK.
Gross margin and indirects improved in the half year, driven by strong savings programmes.
Underlying operating margin increased alongside increased advertising and promotions investment.
2
OPERATIONAL REVIEW: CATEGORIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half Year 2010
|
|
|
(unaudited)
|
|
|
Turnover
|
|
|
USG
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
m
|
|
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Unilever Total
|
|
|
|
21,895
|
|
|
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Savoury, Dressings & Spreads
|
|
|
|
6,910
|
|
|
|
|
0.3
|
|
|
|
Ice Cream & Beverages
|
|
|
|
4,494
|
|
|
|
|
5.1
|
|
|
|
Personal Care
|
|
|
|
6,700
|
|
|
|
|
7.9
|
|
|
|
Home Care & other
|
|
|
|
3,791
|
|
|
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
We maintained our volume growth momentum with strong performances from Deodorants, Skin Cleansing
and Homecare. We continue to focus on bigger innovations, rolled out faster and to more countries.
Dove Men + Care is now in 29 markets and Knorr jelly bouillon has been extended from China to 18
markets, the latest being Brazil and Mexico. Magnum Gold?! has been launched in 29 markets and
Cornetto Enigma is in 12 European markets. We are also extending our iconic brands into new markets
more quickly than ever before.
Savoury, Dressings and Spreads
Half year USG +0.3%
Spreads volume share increased again but markets remain weak. Significant events included the no
hydrogenated oils relaunches of I Cant Believe its not Butter and Country Crock in the US and the
re-launch of the pro.activ brand in Europe. The new Rama margarine specifically formulated for
spreading continues to make good progress in Central and South Africa based on the attractive
proposition of nutrition at an affordable price. In Europe we still have more to do to convince
butter users of the benefits of our products. Dressings benefited from the campaign to tackle the
negative health perceptions of mayonnaise and to inspire new uses through recipe ideas.
Savoury growth picked up on the continuing success and rollout of Knorr jelly bouillon and the
introduction of Knorr seasoning for beans in Brazil and Mexico. The success of the Knorr cook-in
bags gave us category leadership in Australasia. The PF Chang premium restaurant-quality frozen
Asian meals have started well in the US despite supply difficulties. Knorr soups in France
performed strongly after we introduced new varieties.
Ice Cream and Beverages
Half year USG +5.1%
Ice Cream delivered a strong performance irrespective of the poor weather in Europe and China.
Magnum Gold?!, Cornetto Enigma and Fruttare are all exceeding expectations. The new Klondike
variants continue to drive growth in the US whilst the new Ben & Jerrys and Breyers Smooth and
Dreamy ranges have been well received. Strong growth in South East Asia and Latin America came from
distribution gains, strong point-of-purchase activity and great innovation.
Tea volume growth slowed but overall performance remains good. The innovations across the price
points, from Brooke Bond Sehatmand in India at a low price to the Lipton premium fruit and herbal
infusions doing well in markets like Australia and Russia, are helping drive balanced growth. The
Lipton Green Tea launches in USA and France are delivering good growth. The launches of the Lipton
brand in Spain and the UK continue to do well.
Personal Care
Half year USG +7.9%
Personal Care again delivered strong growth, powered by Deodorants. Notable successes include
Degree in the US, Dove in Brazil and the relaunch of Rexona in Japan. Hair growth accelerated and
we saw volume share gains despite the increased competitive environment. Dove Hair Damage Repair
gained good initial acceptance and there were also strong performances by Sunsilk Co-Creations in
Asia and Suave in the US. TiGi has just launched Sleek Mystique which completes the new range from
Catwalk.
Skin Cleansing is growing strongly on the back of the success of Dove Nutrium moisture and the good
results from the launches of Citra bar soap in Indonesia and Lifebuoy in Argentina, Brazil,
Bolivia, Peru and Australia. Hand and body creams continue to grow despite Vaseline Sheer Infusions
being off to a slow start. Oral is doing well with notable successes for the anti-age variant in
Europe and the launch of Pepsodent in the Philippines.
Home Care and other
Half year USG +2.4%
Despite high levels of competitive intensity we maintained volume growth momentum. Notable was the
continuing success of liquid detergents with recent introductions in Turkey and Vietnam, the
successful Wheel relaunch in India and the launch of the Surf brand position in Indonesia and
Thailand.
Household Cleaning has continued to deliver strong results with Cif Active-Shield technology doing
well in Western Europe, now launched into Poland and Argentina. The Cif launch in Vietnam has had
an encouraging start and we have just launched in Indonesia. Domestos, recently launched in Italy,
is performing strongly.
3
ADDITIONAL COMMENTARY ON THE FINANCIAL STATEMENTS FIRST HALF YEAR
Finance costs and tax
The cost of financing net borrowings in the half year was 214 million, 30 million less than the
same period last year mainly reflecting lower average net debt in the first half. The interest rate
on net borrowing was 6.3% reflecting the low interest rates on cash deposits. The charge for
pensions financing was a credit of 8m compared with a net charge of 90m in the prior year.
The effective tax rate was 26.3% compared with 29.4% for 2009 primarily reflecting favourable prior
year tax settlements and lower one-off items.
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 116 million compared to 72 million last year. The main factors behind the
increase were the partial redemption of a portion of the preferred shares that had been held as
consideration for the sale of Unilevers US laundry business in 2008 and a fair value adjustment on
the warrants in Johnson Diversey.
Earnings per share
Fully diluted earnings per share for the half year were 0.70, up 36% on the previous year.
Restructuring
Restructuring in the first half year was around 120 bps of Turnover, at 253 million. This reflects
action being taken to make the business fit to compete in the current environment. Full year
restructuring is expected at similar levels.
Cash Flow and Net Debt
Strong management focus led to further reductions in average trading working capital as a
percentage of turnover, which was negative. The working capital outflow reflected the normal
seasonal pattern with the levels at end of June higher than at the start of the year.
Capital expenditure increased by 247 million to 753 million in support of future growth in
emerging markets such as Russia and Indonesia.
Free cash flow (see note 2, page 11 for further explanation) at 1.3 billion was broadly stable
versus the prior year. This reflected improved net cash flow from operating activities at 2.2
billion, up 218 million versus the prior year. The improved operating profit was offset by the
absolute increase in working capital and the higher level of capital expenditure.
Net debt at 7.6 billion was up from 6.4 billion as at 31
st
December 2009, primarily
reflecting the impact of the changes in foreign exchange rates.
Pensions
The net deficit in pension schemes was 4.0bn at the end of June up from 2.6bn at the end of 2009.
This is mainly due to the impact of lower discount rate assumptions on the liabilities.
Acquisitions and disposals
(full details can be found in note 12, page 16)
After the period end we announced the disposal of our frozen foods business in Italy for 805m to
Birds Eye Iglo. We expect to complete the acquisition of Sara Lees personal care business in Q4
2010.
Unilever NV Preference Shares
The period for the creditors of Unilever NV to object to the cancellation of the 4% preference
shares has now closed and cancellation will take place shortly with a record date of August
12
th
and payment on August 23
rd
. It is our intention to launch a tender offer
in respect of the 6% and 7% preference shares in due course.
4
Principal Risk Factors
On pages 30 to 34 of our 2009 Report and Accounts we set out our assessment of the principal risk
issues that would face the business through 2010 under the headings: economic; markets; brand;
customer; financial/treasury; consumer safety and environmental sustainability; operations; people
and talent; legal and regulatory; restructuring and change management; and other risks. In our
view, the nature and potential impact of such risks remain essentially unchanged as regards our
performance over the second half of 2010.
COMPETITION 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.
The investigation is ongoing although no statement of objections against Unilever has been issued
to date.
In December 2009, as previously reported, Unilever received separate statements of objection from
the French competition authority and from the Italian competition authority in connection with
investigations into certain product markets in France and Italy respectively. In April 2010,
Unilever received a statement of objections from the Dutch competition authority in relation to its
investigation into certain product markets in The Netherlands. An earlier decision by the Greek
authority fining Unilever in relation to alleged restrictions on parallel trade within certain of
its contracts with retailers in Greece is under appeal.
In addition and as previously disclosed, Unilever is involved in a number of other ongoing
investigations by national competition authorities. These include investigations in Belgium,
France and Germany. These investigations are at various stages and concern a variety of product
markets.
Substantial fines can be levied as a result of competition and antitrust investigations especially
at the European Union level. Fines imposed by the European Commission in other sectors for
violations of the competition rules have amounted to hundreds of millions of euros. It is too
early reliably to estimate the total amount of fines to which Unilever will be subject as a result
of all of these investigations. However, provisions have been made, to the extent appropriate, in
relation to the national investigations.
It is Unilevers policy to co-operate fully with the competition authorities in the context of all
ongoing investigations. In addition, Unilever reinforces and enhances its internal competition law
compliance procedures on an ongoing basis.
5
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, 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,
economic slowdown, industry consolidation, access to credit markets, recruitment levels,
reputational risks, commodity prices, continued availability of raw materials, prioritisation of
projects, consumption levels, costs, the ability to maintain and manage key customer relationships
and supply chain sources, consumer demands, 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 20-F
Report and the Annual Report and Accounts 2009. These forward-looking statements speak only as of
the date of this document. 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.
ENQUIRIES
|
|
|
Media:
Media Relations Team
|
|
Investors:
Investor Relations Team
|
UK +44 20 7822 6805
stephen.pain@unilever.com
|
|
+44 20 7822 6830
investor.relations@unilever.com
|
or +44 20 7822 6010
trevor.gorin@unilever.com
|
|
|
NL +31 10 217 4844
flip.dotsch@unilever.com
|
|
|
There will be a web cast of the results presentation available at:
www.unilever.com/ourcompany/investorcentre/results/quarterlyresults/default.asp
6
INCOME
STATEMENT
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
Half
Year
|
|
|
|
|
2010
|
|
|
|
|
2009
|
|
|
|
Increase/
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease)
|
|
|
|
|
|
|
|
|
|
|
|
Current
rates
|
|
|
|
Constant
rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
|
|
|
21,895
|
|
|
|
|
19,963
|
|
|
|
|
9.7
|
%
|
|
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
3,066
|
|
|
|
|
2,554
|
|
|
|
|
20
|
%
|
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring, business
disposals and
other (RDIs) (see note 3)
|
|
|
|
(204
|
)
|
|
|
|
(361
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying operating
profit
|
|
|
|
3,270
|
|
|
|
|
2,915
|
|
|
|
|
12
|
%
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net finance costs
|
|
|
|
(206
|
)
|
|
|
|
(334
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income
|
|
|
|
41
|
|
|
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance costs
|
|
|
|
(255
|
)
|
|
|
|
(288
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Pensions and similar
obligations
|
|
|
|
8
|
|
|
|
|
(90
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share in net profit/(loss)
of joint ventures
|
|
|
|
68
|
|
|
|
|
63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share in net profit/(loss)
of associates
|
|
|
|
(5
|
)
|
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income from
non-current investments
|
|
|
|
53
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
|
|
|
2,976
|
|
|
|
|
2,292
|
|
|
|
|
30
|
%
|
|
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
|
|
|
(767
|
)
|
|
|
|
(656
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
|
|
|
|
2,209
|
|
|
|
|
1,636
|
|
|
|
|
35
|
%
|
|
|
|
29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests
|
|
|
|
174
|
|
|
|
|
147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders
equity
|
|
|
|
2,035
|
|
|
|
|
1,489
|
|
|
|
|
37
|
%
|
|
|
|
30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operations (Euros)
|
|
|
|
0.72
|
|
|
|
|
0.53
|
|
|
|
|
36
|
%
|
|
|
|
29
|
%
|
|
|
Total operations
diluted (Euros)
|
|
|
|
0.70
|
|
|
|
|
0.52
|
|
|
|
|
36
|
%
|
|
|
|
29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
STATEMENT
OF COMPREHENSIVE INCOME
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
Half Year
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
|
|
|
|
2,209
|
|
|
|
|
1,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value gains/(losses)
on financial instruments net of tax
|
|
|
|
(68
|
)
|
|
|
|
85
|
|
|
|
Actuarial gains/(losses)
on pension schemes net of tax
|
|
|
|
(935
|
)
|
|
|
|
(270
|
)
|
|
|
Currency retranslation
gains/(losses) net of tax
|
|
|
|
444
|
|
|
|
|
142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income
|
|
|
|
1,650
|
|
|
|
|
1,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests
|
|
|
|
253
|
|
|
|
|
152
|
|
|
|
Shareholders
equity
|
|
|
|
1,397
|
|
|
|
|
1,441
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN EQUITY
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
Half Year
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity at 1 January
|
|
|
|
12,536
|
|
|
|
|
10,372
|
|
|
|
Total comprehensive
income for the period
|
|
|
|
1,650
|
|
|
|
|
1,593
|
|
|
|
Dividends on ordinary
capital
|
|
|
|
(1,134
|
)
|
|
|
|
(1,361
|
)
|
|
|
Movement in treasury
stock
|
|
|
|
(2
|
)
|
|
|
|
18
|
|
|
|
Share-based payment
credit
|
|
|
|
74
|
|
|
|
|
65
|
|
|
|
Dividends paid to non-controlling
interests
|
|
|
|
(88
|
)
|
|
|
|
(70
|
)
|
|
|
Currency retranslation
gains/(losses) net of tax
|
|
|
|
12
|
|
|
|
|
(6
|
)
|
|
|
Other movements in
equity
|
|
|
|
32
|
|
|
|
|
(33
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Equity at the end
of the period
|
|
|
|
13,080
|
|
|
|
|
10,578
|
|
|
|
|
|
|
|
|
|
|
|
8
CASH FLOW STATEMENT
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
Half Year
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operating
activities
|
|
|
|
2,809
|
|
|
|
|
2,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax paid
|
|
|
|
(572
|
)
|
|
|
|
(431
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow from
operating activities
|
|
|
|
2,237
|
|
|
|
|
2,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest received
|
|
|
|
33
|
|
|
|
|
38
|
|
|
|
Net capital expenditure
|
|
|
|
(753
|
)
|
|
|
|
(506
|
)
|
|
|
Acquisitions and disposals
|
|
|
|
70
|
|
|
|
|
(365
|
)
|
|
|
Other investing activities
|
|
|
|
740
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow from/(used
in) investing activities
|
|
|
|
90
|
|
|
|
|
(838
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid on ordinary
share capital
|
|
|
|
(1,148
|
)
|
|
|
|
(1,302
|
)
|
|
|
Interest and preference
dividends paid
|
|
|
|
(257
|
)
|
|
|
|
(258
|
)
|
|
|
Change in financial
liabilities
|
|
|
|
(289
|
)
|
|
|
|
130
|
|
|
|
Other movements on
treasury stock
|
|
|
|
8
|
|
|
|
|
17
|
|
|
|
Other financing activities
|
|
|
|
(87
|
)
|
|
|
|
(43
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow from/(used
in) financing activities
|
|
|
|
(1,773
|
)
|
|
|
|
(1,456
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease)
in cash and cash equivalents
|
|
|
|
554
|
|
|
|
|
(275
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
at the beginning of the period
|
|
|
|
2,397
|
|
|
|
|
2,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign exchange
rate changes
|
|
|
|
(201
|
)
|
|
|
|
(176
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
at the end of the period
|
|
|
|
2,750
|
|
|
|
|
1,909
|
|
|
|
|
|
|
|
|
|
|
|
9
BALANCE SHEET
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
|
As
at
|
|
|
|
As at
|
|
|
|
As
at
|
|
|
|
|
|
|
30
June
|
|
|
|
31 December
|
|
|
|
30
June
|
|
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
13,371
|
|
|
|
|
12,464
|
|
|
|
|
12,338
|
|
|
|
Intangible assets
|
|
|
|
5,031
|
|
|
|
|
4,583
|
|
|
|
|
4,598
|
|
|
|
Property, plant and
equipment
|
|
|
|
7,504
|
|
|
|
|
6,644
|
|
|
|
|
6,261
|
|
|
|
Pension asset for funded
schemes in surplus
|
|
|
|
536
|
|
|
|
|
759
|
|
|
|
|
413
|
|
|
|
Deferred tax assets
|
|
|
|
1,045
|
|
|
|
|
738
|
|
|
|
|
1,083
|
|
|
|
Other non-current assets
|
|
|
|
1,106
|
|
|
|
|
1,017
|
|
|
|
|
1,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current
assets
|
|
|
|
28,593
|
|
|
|
|
26,205
|
|
|
|
|
26,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
4,398
|
|
|
|
|
3,578
|
|
|
|
|
3,759
|
|
|
|
Trade and other current
receivables
|
|
|
|
4,922
|
|
|
|
|
3,429
|
|
|
|
|
4,813
|
|
|
|
Current tax assets
|
|
|
|
125
|
|
|
|
|
173
|
|
|
|
|
167
|
|
|
|
Cash and cash equivalents
|
|
|
|
3,105
|
|
|
|
|
2,642
|
|
|
|
|
2,082
|
|
|
|
Other financial assets
|
|
|
|
415
|
|
|
|
|
972
|
|
|
|
|
334
|
|
|
|
Non-current assets
held for sale
|
|
|
|
398
|
|
|
|
|
17
|
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
13,363
|
|
|
|
|
10,811
|
|
|
|
|
11,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
(2,895
|
)
|
|
|
|
(2,279
|
)
|
|
|
|
(2,470
|
)
|
|
|
Trade payables and
other current liabilities
|
|
|
|
(10,336
|
)
|
|
|
|
(8,413
|
)
|
|
|
|
(8,428
|
)
|
|
|
Current tax liabilities
|
|
|
|
(534
|
)
|
|
|
|
(487
|
)
|
|
|
|
(408
|
)
|
|
|
Provisions
|
|
|
|
(312
|
)
|
|
|
|
(420
|
)
|
|
|
|
(698
|
)
|
|
|
Liabilities associated
with assets held for sale
|
|
|
|
(21
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
(14,098
|
)
|
|
|
|
(11,599
|
)
|
|
|
|
(12,004
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current assets/(liabilities)
|
|
|
|
(735
|
)
|
|
|
|
(788
|
)
|
|
|
|
(836
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less
current liabilities
|
|
|
|
27,858
|
|
|
|
|
25,417
|
|
|
|
|
25,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
due after one year
|
|
|
|
8,188
|
|
|
|
|
7,692
|
|
|
|
|
8,826
|
|
|
|
Non-current tax liabilities
|
|
|
|
153
|
|
|
|
|
107
|
|
|
|
|
231
|
|
|
|
Pensions and post-retirement
healthcare liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded schemes in deficit
|
|
|
|
2,428
|
|
|
|
|
1,519
|
|
|
|
|
2,052
|
|
|
|
Unfunded schemes
|
|
|
|
2,061
|
|
|
|
|
1,822
|
|
|
|
|
2,011
|
|
|
|
Provisions
|
|
|
|
848
|
|
|
|
|
729
|
|
|
|
|
695
|
|
|
|
Deferred tax liabilities
|
|
|
|
807
|
|
|
|
|
764
|
|
|
|
|
796
|
|
|
|
Other non-current liabilities
|
|
|
|
293
|
|
|
|
|
248
|
|
|
|
|
259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current
liabilities
|
|
|
|
14,778
|
|
|
|
|
12,881
|
|
|
|
|
14,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders
equity
|
|
|
|
12,428
|
|
|
|
|
12,065
|
|
|
|
|
10,085
|
|
|
|
Non-controlling interests
|
|
|
|
652
|
|
|
|
|
471
|
|
|
|
|
493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
13,080
|
|
|
|
|
12,536
|
|
|
|
|
10,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital employed
|
|
|
|
27,858
|
|
|
|
|
25,417
|
|
|
|
|
25,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
NOTES TO THE 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 accounting policies and methods of computation are consistent with the year ended 31
December 2009 and are in compliance with IAS34 Interim Financial reporting.
The condensed interim 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 7, the statements of comprehensive income and changes in equity on
page 8, the cash flow statement on page 9, and the analysis of free cash flow on page 14 are
translated at rates current in each period.
The balance sheet on page 10 and the analysis of net debt on page 15 are translated at period-end
rates of exchange.
The financial statements attached do not constitute the full financial statements within the
meaning of Section 434 of the UK Companies Act 2006. Full accounts for Unilever for the year ended
31 December 2009 have been delivered to the Registrar of Companies. The auditors report on these
accounts was unqualified and did not contain a statement under Section 498 (2) or Section 498 (3)
of the UK Companies Act 2006.
Recent accounting developments
With effect from 1 January 2010 the Group has adopted the following new and amended IFRSs and IFRIC
interpretations with no material impact:
|
|
|
IFRS 3 Business Combinations (Revised) and IAS 27 Consolidated and Separate Financial
Statements (Revised) (effective for periods beginning on or after 1 July 2009).
|
|
|
|
|
Amendments to IFRS 2 Group Cash-settled Share-based Payment Transactions (effective
for periods beginning on or after 1 January 2010).
|
|
|
|
|
Amendment to IAS 39 Financial Instruments: Recognition and Measurement - Eligible
Hedged Items (effective for periods beginning on or after 1 July 2009.
|
|
|
|
|
IFRIC 17 Distributions of Non-cash Assets to Owners (effective for periods beginning
on or after 1 July 2009).
|
|
|
|
|
Improvements to IFRSs (issued April 2009) (effective for periods beginning on or after 1
January 2010).
|
2 NON-GAAP MEASURES
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. Unilever uses constant rate and underlying measures
primarily for internal performance analysis and targeting purposes.
The principal non-GAAP measure which we apply in our reporting is underlying sales growth, which we
reconcile to changes in the GAAP measure turnover in notes 4 and 5. Underlying sales growth
(abbreviated to USG or growth) reports turnover growth at constant exchange rates, excluding
the effects of acquisitions and disposals. Turnover includes the impact of exchange rates,
acquisitions and disposals.
We also comment on underlying trends in operating margin before the impact of restructuring,
disposals and other one-off items, which we collectively term RDIs, on the grounds that the
incidence of these items is uneven between reporting periods. Further detail on RDIs can be found
in note 3. We also discuss free cash flow, which we reconcile in note 8 to the amounts in the cash
flow statement, and net debt, which we reconcile in note 9 to the amounts reported in our balance
sheet and cash flow statement.
In explaining cash flow performance we refer to the trend of average trading working capital. This
metric is used internally, focusing on average rather than closing positions to ensure consistent
performance, whilst excluding the elements of working capital that operational management cannot
influence.
Further information about these measures and their reconciliation to GAAP measures is given on our
website at
www.unilever.com/investorrelations
11
NOTES TO THE 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 region and in note 4 we highlight the impact of these items on
our operating margin.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
|
Half
Year
|
|
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
RDIs within operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
|
|
|
|
(253
|
)
|
|
|
|
(361
|
)
|
|
|
Business disposals
|
|
|
|
49
|
|
|
|
|
-
|
|
|
|
Impairments and other one-off items
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Total RDIs within operating profit
|
|
|
|
(204
|
)
|
|
|
|
(361
|
)
|
|
|
|
|
|
|
|
|
|
|
4 SEGMENT INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
Half Year
|
|
|
Asia Africa
|
|
|
Americas
|
|
|
Western
Europe
|
|
|
Total
|
|
|
million
|
|
|
CEE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
7,431
|
|
|
|
6,491
|
|
|
|
6,041
|
|
|
|
19,963
|
|
|
2010
|
|
|
|
8,668
|
|
|
|
7,199
|
|
|
|
6,028
|
|
|
|
21,895
|
|
|
Change
|
|
|
|
16.7%
|
|
|
|
10.9%
|
|
|
|
(0.2)%
|
|
|
|
9.7%
|
|
|
Impact of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rates
|
|
|
|
8.0%
|
|
|
|
6.7%
|
|
|
|
1.0%
|
|
|
|
5.6%
|
|
|
Acquisitions
|
|
|
|
0.3%
|
|
|
|
0.6%
|
|
|
|
0.3%
|
|
|
|
0.4%
|
|
|
Disposals
|
|
|
|
(0.2)%
|
|
|
|
(0.4)%
|
|
|
|
(0.5)%
|
|
|
|
(0.3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying sales
growth
|
|
|
|
7.9
%
|
|
|
|
3.8
%
|
|
|
|
(1.1
)%
|
|
|
|
3.8
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Price
|
|
|
|
(3.3)%
|
|
|
|
(1.7)%
|
|
|
|
(2.7)%
|
|
|
|
(2.6)%
|
|
|
Volume
|
|
|
|
11.6%
|
|
|
|
5.6%
|
|
|
|
1.7%
|
|
|
|
6.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
966
|
|
|
|
883
|
|
|
|
705
|
|
|
|
2,554
|
|
|
2010
|
|
|
|
1,149
|
|
|
|
1,013
|
|
|
|
904
|
|
|
|
3,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying operating
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
1,017
|
|
|
|
977
|
|
|
|
921
|
|
|
|
2,915
|
|
|
2010
|
|
|
|
1,196
|
|
|
|
1,080
|
|
|
|
994
|
|
|
|
3,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
13.0%
|
|
|
|
13.6%
|
|
|
|
11.7%
|
|
|
|
12.8%
|
|
|
2010
|
|
|
|
13.3%
|
|
|
|
14.1%
|
|
|
|
15.0%
|
|
|
|
14.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying operating
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
13.7%
|
|
|
|
15.1%
|
|
|
|
15.2%
|
|
|
|
14.6%
|
|
|
2010
|
|
|
|
13.8%
|
|
|
|
15.0%
|
|
|
|
16.5%
|
|
|
|
14.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
NOTES TO THE FINANCIAL STATEMENTS
(unaudited)
5 ADDITIONAL INFORMATION BY CATEGORY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savoury
|
|
|
Ice
Cream
and Beverages
|
|
|
Personal
Care
|
|
|
Home Care
|
|
|
Total
|
|
|
Continuing
operations Half Year
|
|
|
Dressings
and
|
|
|
|
|
|
|
and
|
|
|
|
|
million
|
|
|
Spreads
|
|
|
|
|
|
|
other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
6,544
|
|
|
|
4,132
|
|
|
|
5,803
|
|
|
|
3,484
|
|
|
|
19,963
|
|
|
2010
|
|
|
|
6,910
|
|
|
|
4,494
|
|
|
|
6,700
|
|
|
|
3,791
|
|
|
|
21,895
|
|
|
Change
|
|
|
|
5.6%
|
|
|
|
8.8%
|
|
|
|
15.5%
|
|
|
|
8.8%
|
|
|
|
9.7%
|
|
|
Impact of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rates
|
|
|
|
4.4%
|
|
|
|
5.3%
|
|
|
|
6.3%
|
|
|
|
6.9%
|
|
|
|
5.6%
|
|
|
Acquisitions
|
|
|
|
0.5%
|
|
|
|
0.0%
|
|
|
|
0.7%
|
|
|
|
0.0%
|
|
|
|
0.4%
|
|
|
Disposals
|
|
|
|
0.4%
|
|
|
|
(1.7)%
|
|
|
|
0.0%
|
|
|
|
(0.5)%
|
|
|
|
(0.3)%
|
|
|
Underlying sales
growth
|
|
|
|
0.3
%
|
|
|
|
5.1
%
|
|
|
|
7.9
%
|
|
|
|
2.4
%
|
|
|
|
3.8
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
857
|
|
|
|
493
|
|
|
|
901
|
|
|
|
303
|
|
|
|
2,554
|
|
|
2010
|
|
|
|
1,142
|
|
|
|
526
|
|
|
|
1,082
|
|
|
|
316
|
|
|
|
3,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
13.1%
|
|
|
|
11.9%
|
|
|
|
15.5%
|
|
|
|
8.7%
|
|
|
|
12.8%
|
|
|
2010
|
|
|
|
16.5%
|
|
|
|
11.7%
|
|
|
|
16.1%
|
|
|
|
8.3%
|
|
|
|
14.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13
NOTES TO THE FINANCIAL STATEMENTS
(unaudited)
6 TAXATION
The effective tax rate for the half year was 26.3% compared with 29.4% for 2009. 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 2010
|
|
|
|
Half
Year 2009
|
|
|
|
|
|
|
Before
tax
|
|
|
|
Tax
(charge)/
credit
|
|
|
|
After
tax
|
|
|
|
Before
tax
|
|
|
|
Tax
(charge)/
credit
|
|
|
|
After
tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value gains/(losses)
on financial instruments net of tax
|
|
|
|
(77
|
)
|
|
|
|
9
|
|
|
|
|
(68
|
)
|
|
|
|
133
|
|
|
|
|
(48
|
)
|
|
|
|
85
|
|
|
|
Actuarial gains/(losses)
on pension schemes net of tax
|
|
|
|
(1,290
|
)
|
|
|
|
355
|
|
|
|
|
(935
|
)
|
|
|
|
(373
|
)
|
|
|
|
103
|
|
|
|
|
(270
|
)
|
|
|
Currency retranslation
gains/(losses) net of tax
|
|
|
|
444
|
|
|
|
|
|
|
|
|
|
444
|
|
|
|
|
142
|
|
|
|
|
|
|
|
|
|
142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income
|
|
|
|
(923
|
)
|
|
|
|
364
|
|
|
|
|
(559
|
)
|
|
|
|
(98
|
)
|
|
|
|
55
|
|
|
|
|
(43
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 RECONCILIATION OF NET PROFIT TO CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
|
Half
Year
|
|
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
|
|
|
|
2,209
|
|
|
|
|
1,636
|
|
|
|
Taxation
|
|
|
|
767
|
|
|
|
|
656
|
|
|
|
Share of net profit
of joint ventures/associates and other income
|
|
|
|
|
|
|
|
|
|
|
|
|
from non-current investments
|
|
|
|
(116
|
)
|
|
|
|
(72
|
)
|
|
|
Net finance costs
|
|
|
|
206
|
|
|
|
|
334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
3,066
|
|
|
|
|
2,554
|
|
|
|
Depreciation, amortisation
and impairment
|
|
|
|
498
|
|
|
|
|
497
|
|
|
|
Changes in working
capital
|
|
|
|
(489
|
)
|
|
|
|
(260
|
)
|
|
|
Pensions and similar
provisions less payments
|
|
|
|
(204
|
)
|
|
|
|
(333
|
)
|
|
|
Restructuring and other
provisions less payments
|
|
|
|
(70
|
)
|
|
|
|
(123
|
)
|
|
|
Elimination of (profits)/losses
on disposals
|
|
|
|
(56
|
)
|
|
|
|
(2
|
)
|
|
|
Non-cash charge for
share-based compensation
|
|
|
|
74
|
|
|
|
|
65
|
|
|
|
Other adjustments
|
|
|
|
(10
|
)
|
|
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operating
activities
|
|
|
|
2,809
|
|
|
|
|
2,450
|
|
|
|
|
|
|
|
|
|
|
|
8 FREE CASH FLOW
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
|
Half
Year
|
|
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operating
activities
|
|
|
|
2,809
|
|
|
|
|
2,450
|
|
|
|
Income tax paid
|
|
|
|
(572
|
)
|
|
|
|
(431
|
)
|
|
|
Net capital expenditure
|
|
|
|
(753
|
)
|
|
|
|
(506
|
)
|
|
|
Net interest and preference
dividends paid
|
|
|
|
(224
|
)
|
|
|
|
(220
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
|
|
|
1,260
|
|
|
|
|
1,293
|
|
|
|
|
|
|
|
|
|
|
|
14
NOTES TO THE FINANCIAL STATEMENTS
(unaudited)
9 NET DEBT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million
|
|
|
As
at 30
|
|
|
|
As
at 31
|
|
|
|
As
at 30
|
|
|
|
|
|
|
June
|
|
|
|
December
|
|
|
|
June
|
|
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total financial
liabilities
|
|
|
|
(11,083
|
)
|
|
|
|
(9,971
|
)
|
|
|
|
(11,296
|
)
|
|
|
Financial liabilities
due within one year
|
|
|
|
(2,895
|
)
|
|
|
|
(2,279
|
)
|
|
|
|
(2,470
|
)
|
|
|
Financial liabilities
due after one year
|
|
|
|
(8,188
|
)
|
|
|
|
(7,692
|
)
|
|
|
|
(8,826
|
)
|
|
|
Cash and cash equivalents
as per balance sheet
|
|
|
|
3,105
|
|
|
|
|
2,642
|
|
|
|
|
2,082
|
|
|
|
Cash and cash equivalents
as per cash flow statement
|
|
|
|
2,750
|
|
|
|
|
2,397
|
|
|
|
|
1,909
|
|
|
|
Add bank overdrafts
deducted therein
|
|
|
|
355
|
|
|
|
|
245
|
|
|
|
|
173
|
|
|
|
Other financial
assets
|
|
|
|
415
|
|
|
|
|
972
|
|
|
|
|
334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt
|
|
|
|
(7,563
|
)
|
|
|
|
(6,357
|
)
|
|
|
|
(8,880
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined EPS
Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of combined
share units (Millions of units)
|
|
|
|
2,810.6
|
|
|
|
|
2,792.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit attributable
to shareholders equity
|
|
|
|
2,035
|
|
|
|
|
1,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined EPS
|
|
|
|
0.72
|
|
|
|
|
0.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined EPS
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted average number
of combined share units (Millions of units)
|
|
|
|
2,905.0
|
|
|
|
|
2,881.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined EPS
diluted
|
|
|
|
0.70
|
|
|
|
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
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 2009 (net of treasury stock)
|
|
|
|
2,804.2
|
|
|
|
Net movements in shares under incentive schemes
|
|
|
|
10.5
|
|
|
|
|
|
|
|
|
|
Number of shares at 30 June 2010
|
|
|
|
2,814.7
|
|
|
|
|
|
|
|
|
15
NOTES TO THE FINANCIAL STATEMENTS
(unaudited)
11 DIVIDENDS
As agreed at the 2009 Annual General Meetings, Unilever moved to the payment of quarterly
dividends with effect from
1 January 2010.
The Boards have declared a quarterly interim dividend for Q1 2010 and Q2 2010 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2010
|
|
|
Q2 2010
|
|
|
|
|
|
|
|
|
|
|
|
Per Unilever N.V. ordinary
share:
|
|
|
0.208
|
|
|
0.208
|
|
|
Per Unilever PLC ordinary
share:
|
|
|
£0.1803
|
|
|
£0.1726
|
|
|
Per Unilever N.V. New
York share:
|
|
|
US$0.2764
|
|
|
US$0.2750
|
|
|
Per Unilever PLC American
Depositary Receipt:
|
|
|
US$0.2764
|
|
|
US$0.2750
|
|
|
|
|
|
|
|
|
|
|
The quarterly dividend calendar for the remainder of 2010 will be as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Announcement
Date
|
|
|
Ex-Dividend
Date
|
|
|
Record
Date
|
|
|
Payment
Date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calendar Year 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly dividend
for Q3 2010
|
|
|
4 November 2010
|
|
|
10 November 2010
|
|
|
12 November 2010
|
|
|
15 December 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 ACQUISITIONS AND DISPOSALS
On 18 January 2010 we announced a definitive agreement with Hormel Foods Corporation to sell our Shedds Country Crock
branded side dish business in the US. The transaction was completed in February 2010. Under the terms of the agreement,
Hormel will market and sell Shedds Country Crock chilled side-dish products, such as homestyle mashed potatoes, under a
licence agreement.
On 26 April 2010 we announced the agreement with Strauss
Holdings Ltd to increase the Unilever shareholding in Glidat Strauss Israel from 51% to 90% for an undisclosed sum. The transaction was
completed on 7 October 2010.
On 1 June 2010 we completed the disposal of the Brunch brand in Germany to Bongrain.
On 9 August 2010 we announced an asset purchase agreement
with the Norwegian dairy group TINE, to acquire the Ice Cream operations of Diplom-Is in Denmark, as of 30th September 2010. The value of
the transaction is undisclosed.
On 24 September 2010 we announced a definitive agreement to sell our consumer tomato products business in Brazil to Cargill for approximately R$600 million. The assets and liabilities related to this business are reported as held for sale.
On 27 September 2010 we announced a definitive agreement to acquire Alberto Culver Company for US$3.7 billion in cash. The acquisition is subject to regulatory approval and approval of the Alberto Culver shareholders.
On 28 September 2010 we announced an agreement to buy EVGAs ice cream brands and distribution network in Greece for an undisclosed sum. The agreement is subject to regulatory approval by the Greek competition authorities.
The disposal of our frozen foods business in Italy for
805m to Birds Eye Iglo was completed on 1 October 2010. The assets and liabilities related to this business are reported as held for sale.
The acquisition of Sara Lees personal care
business is expected to be completed during Q4 2010.
13 EVENTS AFTER THE BALANCE SHEET DATE
There were no material post balance sheet events other than those mentioned elsewhere in this
report.
16
NOTES
TO THE FINANCIAL STATEMENTS
(unaudited)
14
GUARANTOR
STATEMENTS
On 18 November 2008, NV and Unilever Capital Corporation (UCC) filed a US Shelf registration,
which is 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 is unconditionally and fully guaranteed, jointly and severally, by NV, PLC
and UNUS. Of the US Shelf registration, US $4.25 billion of Notes were outstanding at 31 December
2009 (2008: US $2.75 billion; 2007: US $2.75 billion) with coupons ranging from 3.650% 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 2010
|
|
|
issuer
|
|
|
|
guarantor
|
|
|
|
guarantor
|
|
|
|
guarantor
|
|
|
|
subsidiaries
|
|
|
|
Eliminations
|
|
|
|
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
21,895
|
|
|
|
|
-
|
|
|
|
|
21,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit
|
|
|
|
-
|
|
|
|
|
269
|
|
|
|
|
17
|
|
|
|
|
(9
|
)
|
|
|
|
2,789
|
|
|
|
|
-
|
|
|
|
|
3,066
|
|
|
|
Finance income
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
41
|
|
|
|
|
-
|
|
|
|
|
41
|
|
|
|
Finance costs
|
|
|
|
(94
|
)
|
|
|
|
(189
|
)
|
|
|
|
(20
|
)
|
|
|
|
-
|
|
|
|
|
48
|
|
|
|
|
-
|
|
|
|
|
(255
|
)
|
|
|
Pensions and similar
obligations
|
|
|
|
-
|
|
|
|
|
(2
|
)
|
|
|
|
-
|
|
|
|
|
(12
|
)
|
|
|
|
22
|
|
|
|
|
-
|
|
|
|
|
8
|
|
|
|
Intercompany finance
costs
|
|
|
|
96
|
|
|
|
|
55
|
|
|
|
|
(12
|
)
|
|
|
|
(50
|
)
|
|
|
|
(89
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Dividends
|
|
|
|
-
|
|
|
|
|
280
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(280
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Share of net profit/loss
of joint ventures
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
68
|
|
|
|
|
-
|
|
|
|
|
68
|
|
|
|
Share of net profit/loss
of associations
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(5
|
)
|
|
|
|
-
|
|
|
|
|
(5
|
)
|
|
|
Other income from non-current
investments
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
53
|
|
|
|
|
-
|
|
|
|
|
53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
|
|
|
2
|
|
|
|
|
413
|
|
|
|
|
(15
|
)
|
|
|
|
(71
|
)
|
|
|
|
2,647
|
|
|
|
|
-
|
|
|
|
|
2,976
|
|
|
|
Taxation
|
|
|
|
(1
|
)
|
|
|
|
(94
|
)
|
|
|
|
5
|
|
|
|
|
515
|
|
|
|
|
(1,192
|
)
|
|
|
|
-
|
|
|
|
|
(767
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit from
continuing operations
|
|
|
|
1
|
|
|
|
|
319
|
|
|
|
|
(10
|
)
|
|
|
|
444
|
|
|
|
|
1,455
|
|
|
|
|
-
|
|
|
|
|
2,209
|
|
|
|
Net profit from discontinued
operations
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Equity earning of subsidiaries
|
|
|
|
-
|
|
|
|
|
1,890
|
|
|
|
|
2,219
|
|
|
|
|
(223
|
)
|
|
|
|
-
|
|
|
|
|
(3,886
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit
|
|
|
|
1
|
|
|
|
|
2,209
|
|
|
|
|
2,209
|
|
|
|
|
221
|
|
|
|
|
1,455
|
|
|
|
|
(3,886
|
)
|
|
|
|
2,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
174
|
|
|
|
|
-
|
|
|
|
|
174
|
|
|
|
Shareholders
equity
|
|
|
|
1
|
|
|
|
|
2,209
|
|
|
|
|
2,209
|
|
|
|
|
221
|
|
|
|
|
1,281
|
|
|
|
|
(3,886
|
)
|
|
|
|
2,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17
NOTES
TO THE FINANCIAL STATEMENTS
(unaudited)
14
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 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 associations
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(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 earning of subsidiaries
|
|
|
|
-
|
|
|
|
|
1,226
|
|
|
|
|
1,602
|
|
|
|
|
(342
|
)
|
|
|
|
-
|
|
|
|
|
(2,486
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit
|
|
|
|
12
|
|
|
|
|
1,488
|
|
|
|
|
1,489
|
|
|
|
|
126
|
|
|
|
|
1,007
|
|
|
|
|
(2,486
|
)
|
|
|
|
1,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
147
|
|
|
|
|
-
|
|
|
|
|
147
|
|
|
|
Shareholders
equity
|
|
|
|
12
|
|
|
|
|
1,488
|
|
|
|
|
1,489
|
|
|
|
|
126
|
|
|
|
|
860
|
|
|
|
|
(2,486
|
)
|
|
|
|
1,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18
NOTES
TO THE FINANCIAL STATEMENTS
(unaudited)
14
GUARANTOR
STATEMENTS (continued)
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 2010
|
|
|
issuer
|
|
|
|
guarantor
|
|
|
|
guarantor
|
|
|
|
guarantor
|
|
|
|
subsidiaries
|
|
|
|
Eliminations
|
|
|
|
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible
assets
|
|
|
|
-
|
|
|
|
|
42
|
|
|
|
|
28
|
|
|
|
|
-
|
|
|
|
|
18,332
|
|
|
|
|
-
|
|
|
|
|
18,402
|
|
|
|
Property, plant and
equipment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
7,504
|
|
|
|
|
-
|
|
|
|
|
7,504
|
|
|
|
Pension asset for funded
schemes in surplus
|
|
|
|
-
|
|
|
|
|
10
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
526
|
|
|
|
|
-
|
|
|
|
|
536
|
|
|
|
Deferred tax assets
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
535
|
|
|
|
|
510
|
|
|
|
|
-
|
|
|
|
|
1,045
|
|
|
|
Other non-current assets
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
15
|
|
|
|
|
1,091
|
|
|
|
|
-
|
|
|
|
|
1,106
|
|
|
|
Amounts due from group
companies after one year
|
|
|
|
4,055
|
|
|
|
|
3,371
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(7,426
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Net assets of subsidiaries
(equity accounted)
|
|
|
|
-
|
|
|
|
|
30,833
|
|
|
|
|
18,016
|
|
|
|
|
10,841
|
|
|
|
|
(14,417
|
)
|
|
|
|
(45,273
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current
assets
|
|
|
|
4,055
|
|
|
|
|
34,256
|
|
|
|
|
18,044
|
|
|
|
|
11,391
|
|
|
|
|
6,120
|
|
|
|
|
(45,273
|
)
|
|
|
|
28,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
4,398
|
|
|
|
|
-
|
|
|
|
|
4,398
|
|
|
|
Amounts due from group
companies within one year
|
|
|
|
-
|
|
|
|
|
2,869
|
|
|
|
|
478
|
|
|
|
|
-
|
|
|
|
|
(3,347
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Trade and other current
receivables
|
|
|
|
-
|
|
|
|
|
98
|
|
|
|
|
-
|
|
|
|
|
12
|
|
|
|
|
4,812
|
|
|
|
|
-
|
|
|
|
|
4,922
|
|
|
|
Current tax assets
|
|
|
|
-
|
|
|
|
|
119
|
|
|
|
|
-
|
|
|
|
|
1
|
|
|
|
|
5
|
|
|
|
|
-
|
|
|
|
|
125
|
|
|
|
Other financial assets
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
415
|
|
|
|
|
-
|
|
|
|
|
415
|
|
|
|
Cash and cash equivalents
|
|
|
|
-
|
|
|
|
|
8
|
|
|
|
|
-
|
|
|
|
|
(7
|
)
|
|
|
|
3,104
|
|
|
|
|
-
|
|
|
|
|
3,105
|
|
|
|
Assets held for sale
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
398
|
|
|
|
|
-
|
|
|
|
|
398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
-
|
|
|
|
|
3,094
|
|
|
|
|
478
|
|
|
|
|
6
|
|
|
|
|
9,785
|
|
|
|
|
-
|
|
|
|
|
13,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
(1,684
|
)
|
|
|
|
(45
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(1,166
|
)
|
|
|
|
-
|
|
|
|
|
(2,895
|
)
|
|
|
Amounts due to group
companies within one year
|
|
|
|
-
|
|
|
|
|
(17,798
|
)
|
|
|
|
(5,058
|
)
|
|
|
|
-
|
|
|
|
|
22,856
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Trade payables and
other current liabilities
|
|
|
|
(43
|
)
|
|
|
|
(136
|
)
|
|
|
|
(10
|
)
|
|
|
|
(8
|
)
|
|
|
|
(10,139
|
)
|
|
|
|
-
|
|
|
|
|
(10,336
|
)
|
|
|
Current tax liabilities
|
|
|
|
(1
|
)
|
|
|
|
(111
|
)
|
|
|
|
(93
|
)
|
|
|
|
(12
|
)
|
|
|
|
(317
|
)
|
|
|
|
-
|
|
|
|
|
(534
|
)
|
|
|
Provisions
|
|
|
|
-
|
|
|
|
|
(11
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(301
|
)
|
|
|
|
-
|
|
|
|
|
(312
|
)
|
|
|
Liabilities associated
with assets held for sale
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(21
|
)
|
|
|
|
-
|
|
|
|
|
(21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
(1,728
|
)
|
|
|
|
(18,101
|
)
|
|
|
|
(5,161
|
)
|
|
|
|
(20
|
)
|
|
|
|
10,912
|
|
|
|
|
-
|
|
|
|
|
(14,098
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current assets/(liabilities)
|
|
|
|
(1,728
|
)
|
|
|
|
(15,007
|
)
|
|
|
|
(4,683
|
)
|
|
|
|
(14
|
)
|
|
|
|
20,697
|
|
|
|
|
-
|
|
|
|
|
(735
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less
current liabilities
|
|
|
|
2,327
|
|
|
|
|
19,249
|
|
|
|
|
13,361
|
|
|
|
|
11,377
|
|
|
|
|
26,817
|
|
|
|
|
(45,273
|
)
|
|
|
|
27,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
due after one year
|
|
|
|
2,020
|
|
|
|
|
3,605
|
|
|
|
|
911
|
|
|
|
|
-
|
|
|
|
|
1,652
|
|
|
|
|
-
|
|
|
|
|
8,188
|
|
|
|
Amounts due to group
companies after one year
|
|
|
|
-
|
|
|
|
|
3,089
|
|
|
|
|
-
|
|
|
|
|
3,310
|
|
|
|
|
(6,399
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Pension and post-retirement
healthcare liabilities:
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Funded schemes in deficit
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
24
|
|
|
|
|
2,404
|
|
|
|
|
-
|
|
|
|
|
2,428
|
|
|
|
Unfunded schemes
|
|
|
|
-
|
|
|
|
|
97
|
|
|
|
|
-
|
|
|
|
|
704
|
|
|
|
|
1,260
|
|
|
|
|
-
|
|
|
|
|
2,061
|
|
|
|
Provisions
|
|
|
|
-
|
|
|
|
|
2
|
|
|
|
|
-
|
|
|
|
|
3
|
|
|
|
|
843
|
|
|
|
|
-
|
|
|
|
|
848
|
|
|
|
Deferred tax liabilities
|
|
|
|
-
|
|
|
|
|
25
|
|
|
|
|
16
|
|
|
|
|
-
|
|
|
|
|
766
|
|
|
|
|
-
|
|
|
|
|
807
|
|
|
|
Other non-current liabilities
|
|
|
|
-
|
|
|
|
|
3
|
|
|
|
|
6
|
|
|
|
|
116
|
|
|
|
|
321
|
|
|
|
|
-
|
|
|
|
|
446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current
liabilities
|
|
|
|
2,020
|
|
|
|
|
6,821
|
|
|
|
|
933
|
|
|
|
|
4,157
|
|
|
|
|
847
|
|
|
|
|
-
|
|
|
|
|
14,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders
equity attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unilever NV
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
15,366
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(15,366
|
)
|
|
|
|
-
|
|
|
|
Unilever PLC
|
|
|
|
-
|
|
|
|
|
(2,398
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
2,938
|
|
|
|
|
-
|
|
|
|
Called up share capital
|
|
|
|
-
|
|
|
|
|
274
|
|
|
|
|
210
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
484
|
|
|
|
Share premium account
|
|
|
|
-
|
|
|
|
|
25
|
|
|
|
|
115
|
|
|
|
|
97
|
|
|
|
|
(97
|
)
|
|
|
|
-
|
|
|
|
|
140
|
|
|
|
Other reserves
|
|
|
|
34
|
|
|
|
|
(2,691
|
)
|
|
|
|
(2,371
|
)
|
|
|
|
(1,266
|
)
|
|
|
|
(584
|
)
|
|
|
|
1,816
|
|
|
|
|
(5,422
|
)
|
|
|
Retained profit
|
|
|
|
273
|
|
|
|
|
17,758
|
|
|
|
|
(532
|
)
|
|
|
|
8,389
|
|
|
|
|
25,999
|
|
|
|
|
(34,661
|
)
|
|
|
|
17,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders
equity
|
|
|
|
307
|
|
|
|
|
12,428
|
|
|
|
|
12,428
|
|
|
|
|
7,220
|
|
|
|
|
25,318
|
|
|
|
|
(45,273
|
)
|
|
|
|
12,428
|
|
|
|
Minority interests
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
652
|
|
|
|
|
-
|
|
|
|
|
652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
307
|
|
|
|
|
12,428
|
|
|
|
|
12,428
|
|
|
|
|
7,220
|
|
|
|
|
25,970
|
|
|
|
|
(45,273
|
)
|
|
|
|
13,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital employed
|
|
|
|
2,327
|
|
|
|
|
19,249
|
|
|
|
|
13,361
|
|
|
|
|
11,377
|
|
|
|
|
26,817
|
|
|
|
|
(45,273
|
)
|
|
|
|
27,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19
NOTES TO THE FINANCIAL STATEMENTS
(unaudited)
14
GUARANTOR STATEMENTS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 2009
|
|
|
issuer
|
|
|
|
guarantor
|
|
|
|
guarantor
|
|
|
|
guarantor
|
|
|
|
subsidiaries
|
|
|
|
Eliminations
|
|
|
|
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible
assets
|
|
|
|
-
|
|
|
|
|
44
|
|
|
|
|
26
|
|
|
|
|
-
|
|
|
|
|
16,977
|
|
|
|
|
-
|
|
|
|
|
17,047
|
|
|
|
Property, plant and equipment
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
6,644
|
|
|
|
|
-
|
|
|
|
|
6,644
|
|
|
|
Pension asset for funded
schemes in surplus
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
35
|
|
|
|
|
724
|
|
|
|
|
-
|
|
|
|
|
759
|
|
|
|
Deferred tax assets
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
495
|
|
|
|
|
243
|
|
|
|
|
-
|
|
|
|
|
738
|
|
|
|
Other non-current assets
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
13
|
|
|
|
|
1,004
|
|
|
|
|
-
|
|
|
|
|
1,017
|
|
|
|
Amounts due from group
companies after one year
|
|
|
|
3,264
|
|
|
|
|
3,242
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(6,506
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Net assets of subsidiaries
(equity accounted)
|
|
|
|
-
|
|
|
|
|
30,824
|
|
|
|
|
16,709
|
|
|
|
|
11,017
|
|
|
|
|
(33,116
|
)
|
|
|
|
(25,434
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current
assets
|
|
|
|
3,264
|
|
|
|
|
34,110
|
|
|
|
|
16,735
|
|
|
|
|
11,560
|
|
|
|
|
(14,030
|
)
|
|
|
|
(25,434
|
)
|
|
|
|
26,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3,578
|
|
|
|
|
-
|
|
|
|
|
3,578
|
|
|
|
Amounts due from group
companies within one year
|
|
|
|
-
|
|
|
|
|
1,668
|
|
|
|
|
421
|
|
|
|
|
2,015
|
|
|
|
|
(4,104
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Trade and other current
receivables
|
|
|
|
-
|
|
|
|
|
44
|
|
|
|
|
1
|
|
|
|
|
10
|
|
|
|
|
3,374
|
|
|
|
|
-
|
|
|
|
|
3,429
|
|
|
|
Current tax assets
|
|
|
|
-
|
|
|
|
|
28
|
|
|
|
|
-
|
|
|
|
|
26
|
|
|
|
|
119
|
|
|
|
|
-
|
|
|
|
|
173
|
|
|
|
Other financial assets
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
972
|
|
|
|
|
-
|
|
|
|
|
972
|
|
|
|
Cash and cash equivalents
|
|
|
|
-
|
|
|
|
|
14
|
|
|
|
|
-
|
|
|
|
|
(3
|
)
|
|
|
|
2,631
|
|
|
|
|
-
|
|
|
|
|
2,642
|
|
|
|
Assets held for sale
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
17
|
|
|
|
|
-
|
|
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
-
|
|
|
|
|
1,754
|
|
|
|
|
422
|
|
|
|
|
2,048
|
|
|
|
|
6,587
|
|
|
|
|
-
|
|
|
|
|
10,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
(1,229
|
)
|
|
|
|
(33
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(1,017
|
)
|
|
|
|
-
|
|
|
|
|
(2,279
|
)
|
|
|
Amounts due to group
companies within one year
|
|
|
|
(6
|
)
|
|
|
|
(16,939
|
)
|
|
|
|
(4,157
|
)
|
|
|
|
-
|
|
|
|
|
21,102
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Trade payables and other
current liabilities
|
|
|
|
(37
|
)
|
|
|
|
(176
|
)
|
|
|
|
(13
|
)
|
|
|
|
(24
|
)
|
|
|
|
(8,163
|
)
|
|
|
|
-
|
|
|
|
|
(8,413
|
)
|
|
|
Current tax liabilities
|
|
|
|
(1
|
)
|
|
|
|
(15
|
)
|
|
|
|
(69
|
)
|
|
|
|
(4
|
)
|
|
|
|
(398
|
)
|
|
|
|
-
|
|
|
|
|
(487
|
)
|
|
|
Provisions
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(420
|
)
|
|
|
|
-
|
|
|
|
|
(420
|
)
|
|
|
Liabilities associated
with assets held for sale
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
(1,273
|
)
|
|
|
|
(17,163
|
)
|
|
|
|
(4,239
|
)
|
|
|
|
(28
|
)
|
|
|
|
11,104
|
|
|
|
|
-
|
|
|
|
|
(11,599
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current assets/(liabilities)
|
|
|
|
(1,273
|
)
|
|
|
|
(15,409
|
)
|
|
|
|
(3,817
|
)
|
|
|
|
2,020
|
|
|
|
|
17,691
|
|
|
|
|
-
|
|
|
|
|
(788
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less
current liabilities
|
|
|
|
1,991
|
|
|
|
|
18,701
|
|
|
|
|
12,918
|
|
|
|
|
13,580
|
|
|
|
|
3,661
|
|
|
|
|
(25,434
|
)
|
|
|
|
25,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
due after one year
|
|
|
|
1,728
|
|
|
|
|
3,213
|
|
|
|
|
838
|
|
|
|
|
-
|
|
|
|
|
1,913
|
|
|
|
|
-
|
|
|
|
|
7,692
|
|
|
|
Amounts due to group
companies after one year
|
|
|
|
-
|
|
|
|
|
3,299
|
|
|
|
|
-
|
|
|
|
|
3,256
|
|
|
|
|
(6,555
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Pension and post-retirement
healthcare liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded schemes in deficit
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1,519
|
|
|
|
|
-
|
|
|
|
|
1,519
|
|
|
|
Unfunded schemes
|
|
|
|
-
|
|
|
|
|
90
|
|
|
|
|
-
|
|
|
|
|
620
|
|
|
|
|
1,112
|
|
|
|
|
-
|
|
|
|
|
1,822
|
|
|
|
Provisions
|
|
|
|
-
|
|
|
|
|
15
|
|
|
|
|
-
|
|
|
|
|
2
|
|
|
|
|
712
|
|
|
|
|
-
|
|
|
|
|
729
|
|
|
|
Deferred tax liabilities
|
|
|
|
-
|
|
|
|
|
16
|
|
|
|
|
15
|
|
|
|
|
-
|
|
|
|
|
733
|
|
|
|
|
-
|
|
|
|
|
764
|
|
|
|
Other non-current liabilities
|
|
|
|
-
|
|
|
|
|
3
|
|
|
|
|
-
|
|
|
|
|
84
|
|
|
|
|
268
|
|
|
|
|
-
|
|
|
|
|
355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current
liabilities
|
|
|
|
1,728
|
|
|
|
|
6,636
|
|
|
|
|
853
|
|
|
|
|
3,962
|
|
|
|
|
(298
|
)
|
|
|
|
-
|
|
|
|
|
12,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders equity
attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unilever NV
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
13,128
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(13,128
|
)
|
|
|
|
-
|
|
|
|
Unilever PLC
|
|
|
|
-
|
|
|
|
|
(1,063
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1,063
|
|
|
|
|
-
|
|
|
|
Called up share capital
|
|
|
|
-
|
|
|
|
|
274
|
|
|
|
|
210
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
484
|
|
|
|
Share premium account
|
|
|
|
-
|
|
|
|
|
25
|
|
|
|
|
106
|
|
|
|
|
97
|
|
|
|
|
(97
|
)
|
|
|
|
-
|
|
|
|
|
131
|
|
|
|
Other reserves
|
|
|
|
(9
|
)
|
|
|
|
(3,629
|
)
|
|
|
|
(2,271
|
)
|
|
|
|
936
|
|
|
|
|
(1,966
|
)
|
|
|
|
1,039
|
|
|
|
|
(5,900
|
)
|
|
|
Retained Profit
|
|
|
|
272
|
|
|
|
|
16,458
|
|
|
|
|
892
|
|
|
|
|
8,585
|
|
|
|
|
5,551
|
|
|
|
|
(14,408
|
)
|
|
|
|
17,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders
equity
|
|
|
|
263
|
|
|
|
|
12,065
|
|
|
|
|
12,065
|
|
|
|
|
9,618
|
|
|
|
|
3,488
|
|
|
|
|
(25,434
|
)
|
|
|
|
12,065
|
|
|
|
Minority interests
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
471
|
|
|
|
|
-
|
|
|
|
|
471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
263
|
|
|
|
|
12,065
|
|
|
|
|
12,065
|
|
|
|
|
9,618
|
|
|
|
|
3,959
|
|
|
|
|
(25,434
|
)
|
|
|
|
12,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital employed
|
|
|
|
1,991
|
|
|
|
|
18,701
|
|
|
|
|
12,918
|
|
|
|
|
13,580
|
|
|
|
|
3,661
|
|
|
|
|
(25,434
|
)
|
|
|
|
25,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20
NOTES TO THE FINANCIAL STATEMENTS
(unaudited)
14
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 2010
|
|
|
issuer
|
|
|
|
guarantor
|
|
|
|
guarantor
|
|
|
|
guarantor
|
|
|
|
subsidiaries
|
|
|
|
Eliminations
|
|
|
|
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operating activities
|
|
|
|
-
|
|
|
|
|
244
|
|
|
|
|
(183
|
)
|
|
|
|
1,748
|
|
|
|
|
1,000
|
|
|
|
|
-
|
|
|
|
|
2,809
|
|
|
|
Income tax paid
|
|
|
|
-
|
|
|
|
|
(54
|
)
|
|
|
|
23
|
|
|
|
|
606
|
|
|
|
|
(1,147
|
)
|
|
|
|
-
|
|
|
|
|
(572
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow from operating activities
|
|
|
|
-
|
|
|
|
|
190
|
|
|
|
|
(160
|
)
|
|
|
|
2,354
|
|
|
|
|
(147
|
)
|
|
|
|
-
|
|
|
|
|
2,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest received
|
|
|
|
96
|
|
|
|
|
6
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(63
|
)
|
|
|
|
(6
|
)
|
|
|
|
33
|
|
|
|
Net capital expenditure
|
|
|
|
-
|
|
|
|
|
(5
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(748
|
)
|
|
|
|
-
|
|
|
|
|
(753
|
)
|
|
|
Acquisitions and disposals
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
70
|
|
|
|
|
-
|
|
|
|
|
70
|
|
|
|
Other investing activities
|
|
|
|
(209
|
)
|
|
|
|
281
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
167
|
|
|
|
|
501
|
|
|
|
|
740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow from /(used in) investing
activities
|
|
|
|
(113
|
)
|
|
|
|
282
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(574
|
)
|
|
|
|
495
|
|
|
|
|
90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid on ordinary share capital
|
|
|
|
-
|
|
|
|
|
(638
|
)
|
|
|
|
(515
|
)
|
|
|
|
(2,276
|
)
|
|
|
|
2,281
|
|
|
|
|
-
|
|
|
|
|
(1,148
|
)
|
|
|
Interest and preference dividends paid
|
|
|
|
(96
|
)
|
|
|
|
(11
|
)
|
|
|
|
(36
|
)
|
|
|
|
(50
|
)
|
|
|
|
(70
|
)
|
|
|
|
6
|
|
|
|
|
(257
|
)
|
|
|
Change in financial liabilities
|
|
|
|
209
|
|
|
|
|
(1
|
)
|
|
|
|
710
|
|
|
|
|
(2
|
)
|
|
|
|
(704
|
)
|
|
|
|
(501
|
)
|
|
|
|
(289
|
)
|
|
|
Other movement on treasury stock
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
8
|
|
|
|
|
-
|
|
|
|
|
8
|
|
|
|
Other financing activities
|
|
|
|
-
|
|
|
|
|
166
|
|
|
|
|
-
|
|
|
|
|
(34
|
)
|
|
|
|
(219
|
)
|
|
|
|
-
|
|
|
|
|
(87
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow from/(used in) financing
activities
|
|
|
|
113
|
|
|
|
|
(484
|
)
|
|
|
|
159
|
|
|
|
|
(2,362
|
)
|
|
|
|
1,296
|
|
|
|
|
(495
|
)
|
|
|
|
(1,173
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and
cash equivalents
|
|
|
|
-
|
|
|
|
|
(12
|
)
|
|
|
|
(1
|
)
|
|
|
|
(8
|
)
|
|
|
|
575
|
|
|
|
|
-
|
|
|
|
|
554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning
of year
|
|
|
|
-
|
|
|
|
|
14
|
|
|
|
|
-
|
|
|
|
|
(3
|
)
|
|
|
|
2,386
|
|
|
|
|
-
|
|
|
|
|
2,397
|
|
|
|
Effect of foreign exchange rates
|
|
|
|
-
|
|
|
|
|
6
|
|
|
|
|
1
|
|
|
|
|
4
|
|
|
|
|
(212
|
)
|
|
|
|
-
|
|
|
|
|
(201
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year
|
|
|
|
-
|
|
|
|
|
8
|
|
|
|
|
-
|
|
|
|
|
(7
|
)
|
|
|
|
2,749
|
|
|
|
|
-
|
|
|
|
|
2,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
NOTES TO THE FINANCIAL STATEMENTS
(unaudited)
14
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22
Unilever NV (NYSE:UN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Unilever NV (NYSE:UN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024