UNILEVER PLC
|
/S/ T E LOVELL
By T E LOVELL
SECRETARY
|
SOLID GROWTH IN CHALLENGING MARKETS
|
·
|
Underlying sales growth 3.7% with emerging markets up 6.6%
|
·
|
Underlying volume growth 1.9% and price up 1.7%
|
·
|
Turnover decreased by 5.5% to €24.1 billion with currency down (8.5)%
|
·
|
Core operating margin stable at 14.0% at current exchange rates, up 30bps at constant exchange rates
|
·
|
Operating profit up 13% reflecting profits on disposal
|
·
|
Core earnings per share up 2% to €0.78
|
Paul Polman: Chief Executive Officer statement
|
Key Financials (unaudited)
Current Rates
|
First Half 2014
|
|
Underlying Sales Growth (*)
|
3.7%
|
|
Turnover
|
€24.1bn
|
-5.5%
|
Operating Profit
|
€4.4bn
|
+13%
|
Net Profit
|
€3.0bn
|
+12%
|
Core earnings per share (*)
|
€0.78
|
+2%
|
Diluted earnings per share
|
€0.97
|
+17%
|
Quarterly dividend payable in September 2014 €0.285 per share
|
OPERATIONAL REVIEW: CATEGORIES
|
First Half 2014
|
|||||
Turnover
|
USG
|
UVG
|
UPG
|
Change in core operating margin
|
|
€bn
|
%
|
%
|
%
|
bps
|
|
Unilever Total
|
24.1
|
3.7
|
1.9
|
1.7
|
0
|
Personal Care
|
8.6
|
4.5
|
2.4
|
2.0
|
110
|
Foods
|
6.1
|
(0.5)
|
(0.9)
|
0.4
|
50
|
Refreshment
|
4.9
|
5.1
|
3.3
|
1.7
|
(100)
|
Home Care
|
4.5
|
6.8
|
3.7
|
3.0
|
(150)
|
OPERATIONAL REVIEW: GEOGRAPHICAL AREA
|
First Half 2014
|
|||||
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Change in core operating margin
|
€bn
|
%
|
%
|
%
|
Bps
|
|
Unilever Total
|
24.1
|
3.7
|
1.9
|
1.7
|
0
|
Asia/AMET/RUB
|
9.8
|
6.1
|
3.8
|
2.2
|
0
|
The Americas
|
7.6
|
4.3
|
0.4
|
3.9
|
(40)
|
Europe
|
6.7
|
(0.4)
|
1.1
|
(1.5)
|
40
|
ADDITIONAL COMMENTARY ON THE FINANCIAL STATEMENTS – FIRST HALF 2014
|
COMPETITION INVESTIGATIONS
|
PRINCIPAL RISK FACTORS
|
NON-GAAP MEASURES
|
€ million
|
First Half
|
|
(unaudited)
|
2014
|
2013
|
Net profit
|
2,995
|
2,682
|
Taxation
|
1,223
|
977
|
Share of net profit of joint ventures/associates and other income
|
||
from non-current investments
|
(98)
|
(53)
|
Net finance costs
|
259
|
286
|
Operating Profit
|
4,379
|
3,892
|
Depreciation, amortisation and impairment
|
842
|
583
|
Changes in working capital
|
(1,089)
|
(1,004)
|
Pensions and similar obligations less payments
|
(195)
|
(246)
|
Provisions less payments
|
84
|
43
|
Elimination of (profits)/losses on disposals
|
(1,421)
|
(372)
|
Non-cash charge for share-based payments
|
118
|
121
|
Other adjustments
|
20
|
(18)
|
Cash flow from operating activities
|
2,738
|
2,999
|
Income tax paid
|
(994)
|
(894)
|
Net capital expenditure
|
(789)
|
(632)
|
Net interest and preference dividends paid
|
(197)
|
(173)
|
Free cash flow
|
758
|
1,300
|
Net cash flow (used in)/from investing activities
|
895
|
(798)
|
Net cash flow (used in)/from financing activities
|
(1,494)
|
(354)
|
€ million
|
First Half
|
|
(unaudited)
|
2014
|
2013
|
Operating profit
|
4,379
|
3,892
|
Non-core items (see note 2)
|
(1,012)
|
(316)
|
Core operating profit
|
3,367
|
3,576
|
Turnover
|
24,098
|
25,500
|
Operating margin (%)
|
18.2
|
15.3
|
Core operating margin (%)
|
14.0
|
14.0
|
€ million
|
As at
30 June
2014
|
As at
31 December
2013
|
As at
30 June
2013
|
(unaudited)
|
|||
Total financial liabilities
|
(13,436)
|
(11,501)
|
(15,907)
|
Current financial liabilities:
|
|||
Liabilities related to acquisition of non-controlling interests(a)
|
-
|
-
|
(4,034)
|
Other current financial liabilities
|
(5,705)
|
(4,010)
|
(5,065)
|
Non-current financial liabilities
|
(7,731)
|
(7,491)
|
(6,808)
|
Cash and cash equivalents as per balance sheet
|
3,419
|
2,285
|
3,467
|
Cash and cash equivalents as per cash flow statement
|
3,090
|
2,044
|
3,204
|
Add bank overdrafts deducted therein
|
329
|
241
|
263
|
Other financial assets
|
744
|
760
|
804
|
Net debt
|
(9,273)
|
(8,456)
|
(11,636)
|
|
(a) Included in liabilities related to acquisition of non-controlling interests as at 30 June 2013 is €3,754 million relating to acquisition of shares in Hindustan Unilever and other non-controlling interests totalling €280 million.
|
CAUTIONARY STATEMENT
|
ENQUIRIES
|
Media: Media Relations Team
UK +44 20 7823 5354lucila.zambrano@unilever.com
NL +31 6 1137 5464marc.potma@unilever.com
|
Investors: Investor Relations Team
+44 20 7822 6830investor.relations@unilever.com
|
INCOME STATEMENT
|
€ million
|
First Half
|
|||
2014
|
2013
|
Increase/
(Decrease)
|
||
Current
rates
|
Constant
rates
|
|||
Turnover
|
24,098
|
25,500
|
(5.5)%
|
3.3%
|
Operating profit
|
4,379
|
3,892
|
13%
|
24%
|
After (charging)/crediting non-core items
|
1,012
|
316
|
||
Net finance costs
|
(259)
|
(286)
|
||
Finance income
|
61
|
55
|
||
Finance costs
|
(273)
|
(270)
|
||
Pensions and similar obligations
|
(47)
|
(71)
|
||
Share of net profit/(loss) of joint ventures and associates
|
61
|
52
|
||
Other income/(loss) from non-current investments
|
37
|
1
|
||
Profit before taxation
|
4,218
|
3,659
|
15%
|
27%
|
Taxation
|
(1,223)
|
(977)
|
||
Net profit
|
2,995
|
2,682
|
12%
|
24%
|
Attributable to:
|
||||
Non-controlling interests
|
177
|
253
|
||
Shareholders’ equity
|
2,818
|
2,429
|
16%
|
28%
|
Combined earnings per share
|
|||||
Basic earnings per share (euros)
|
0.99
|
0.86
|
16%
|
28%
|
|
Diluted earnings per share (euros)
|
0.97
|
0.83
|
17%
|
29%
|
STATEMENT OF COMPREHENSIVE INCOME
|
€ million
|
First Half
|
|
2014
|
2013
|
|
Net profit
|
2,995
|
2,682
|
Other comprehensive income
|
||
Items that will not be reclassified to profit or loss:
|
||
Remeasurements of defined benefit pension plans net of tax
|
(489)
|
526
|
Items that may be reclassified subsequently to profit or loss:
|
||
Currency retranslation gains/(losses) net of tax
Fair value gains/(losses) on financial instruments net of tax
|
11
(62)
|
(162)
93
|
Total comprehensive income
|
2,455
|
3,139
|
Attributable to:
|
||
Non-controlling interests
|
191
|
217
|
Shareholders’ equity
|
2,264
|
2,922
|
STATEMENT OF CHANGES IN EQUITY
|
€ million
|
Called up share capital
|
Share premium account
|
Other reserves
|
Retained profit
|
Total
|
Non- controlling interest
|
Total equity
|
First half - 2014
|
|||||||
1 January 2014
|
484
|
138
|
(6,746)
|
20,468
|
14,344
|
471
|
14,815
|
Profit or loss for the period
|
-
|
-
|
-
|
2,818
|
2,818
|
177
|
2,995
|
Other comprehensive income net of tax
|
|||||||
Fair value gains/(losses) on financial instruments
|
-
|
-
|
(62)
|
-
|
(62)
|
-
|
(62)
|
Remeasurements of defined benefit pension plans net of tax
|
-
|
-
|
-
|
(491)
|
(491)
|
2
|
(489)
|
Currency retranslation gains/(losses)
|
-
|
-
|
(110)
|
109
|
(1)
|
12
|
11
|
Total comprehensive income
|
-
|
-
|
(172)
|
2,436
|
2,264
|
191
|
2,455
|
Dividends on ordinary capital
|
-
|
-
|
-
|
(1,580)
|
(1,580)
|
-
|
(1,580)
|
Movements in treasury stock(a)
|
-
|
-
|
(105)
|
(148)
|
(253)
|
-
|
(253)
|
Share-based payment credit(b)
|
-
|
-
|
-
|
117
|
117
|
-
|
117
|
Dividends paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(168)
|
(168)
|
Currency retranslation gains/(losses) net of tax
|
-
|
4
|
-
|
-
|
4
|
(4)
|
-
|
Other movements in equity(c)
|
-
|
-
|
(159)
|
(845)
|
(1,004)
|
87
|
(917)
|
30 June 2014
|
484
|
142
|
(7,182)
|
20,448
|
13,892
|
577
|
14,469
|
First half - 2013
|
|||||||
1 January 2013
|
484
|
140
|
(6,196)
|
20,964
|
15,392
|
557
|
15,949
|
Profit or loss for the period
|
-
|
-
|
-
|
2,429
|
2,429
|
253
|
2,682
|
Other comprehensive income net of tax
|
|||||||
Fair value gains/(losses) on financial instruments
|
-
|
-
|
93
|
-
|
93
|
-
|
93
|
Remeasurements of defined benefit pension plans net of tax
|
-
|
-
|
-
|
526
|
526
|
-
|
526
|
Currency retranslation gains/(losses)
|
-
|
-
|
(45)
|
(81)
|
(126)
|
(36)
|
(162)
|
Total comprehensive income
|
-
|
-
|
48
|
2,874
|
2,922
|
217
|
3,139
|
Dividends on ordinary capital
|
-
|
-
|
-
|
(1,449)
|
(1,449)
|
-
|
(1,449)
|
Movements in treasury stock(a)
|
-
|
-
|
98
|
(70)
|
28
|
-
|
28
|
Share-based payment credit(b)
|
-
|
-
|
-
|
135
|
135
|
-
|
135
|
Dividends paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(105)
|
(105)
|
Currency retranslation gains/(losses) net of tax
|
-
|
(5)
|
-
|
-
|
(5)
|
(4)
|
(9)
|
Other movements in equity(c)
|
-
|
-
|
-
|
(4,141)
|
(4,141)
|
(230)
|
(4,371)
|
30 June 2013
|
484
|
135
|
(6,050)
|
18,313
|
12,882
|
435
|
13,317
|
|
(a) Includes purchases and sales of treasury stock, and transfer from treasury stock to retained profit of share-settled schemes arising from prior years and differences between exercise and grant price of share options.
|
|
(b) The share-based payment credit relates to the non-cash charge recorded against operating profit in respect of the fair value of share options and awards granted to employees.
|
|
(c) 2014 includes the impact of the purchase of Estate shares (see note 12). 2013 includes the impact of the acquisition of non-controlling interests.
|
BALANCE SHEET
|
€ million
|
As at
30 June
2014
|
As at
31 December
2013
|
As at
30 June
2013
|
Non-current assets
|
|||
Goodwill
|
14,050
|
13,917
|
14,483
|
Intangible assets
|
7,041
|
6,987
|
7,047
|
Property, plant and equipment
|
9,639
|
9,344
|
9,221
|
Pension asset for funded schemes in surplus
|
810
|
991
|
757
|
Deferred tax assets
|
1,181
|
1,084
|
986
|
Financial assets
|
478
|
505
|
527
|
Other non-current assets
|
620
|
563
|
581
|
33,819
|
33,391
|
33,602
|
|
Current assets
|
|||
Inventories
|
4,328
|
3,937
|
4,490
|
Trade and other current receivables
|
6,176
|
4,831
|
6,414
|
Current tax assets
|
259
|
217
|
268
|
Cash and cash equivalents
|
3,419
|
2,285
|
3,467
|
Other financial assets
|
744
|
760
|
804
|
Non-current assets held for sale
|
76
|
92
|
49
|
15,002
|
12,122
|
15,492
|
|
Total assets
|
48,821
|
45,513
|
49,094
|
Current liabilities
|
|||
Financial liabilities
|
5,705
|
4,010
|
9,099
|
Trade payables and other current liabilities
|
12,654
|
11,735
|
12,211
|
Current tax liabilities
|
1,654
|
1,254
|
1,371
|
Provisions
|
430
|
379
|
327
|
Liabilities associated with assets held for sale
|
1
|
4
|
1
|
20,444
|
17,382
|
23,009
|
|
Non-current liabilities
|
|||
Financial liabilities
|
7,731
|
7,491
|
6,808
|
Non-current tax liabilities
|
81
|
145
|
1
|
Pensions and post-retirement healthcare liabilities:
|
|||
Funded schemes in deficit
|
1,752
|
1,405
|
1,496
|
Unfunded schemes
|
1,585
|
1,563
|
1,666
|
Provisions
|
1,004
|
892
|
931
|
Deferred tax liabilities
|
1,447
|
1,524
|
1,510
|
Other non-current liabilities
|
308
|
296
|
356
|
13,908
|
13,316
|
12,768
|
|
Total liabilities
|
34,352
|
30,698
|
35,777
|
Equity
|
|||
Shareholders’ equity
|
13,892
|
14,344
|
12,882
|
Non-controlling interests
|
577
|
471
|
435
|
Total equity
|
14,469
|
14,815
|
13,317
|
Total liabilities and equity
|
48,821
|
45,513
|
49,094
|
CASH FLOW STATEMENT
|
€ million
|
First Half
|
|
2014
|
2013
|
|
Net profit
|
2,995
|
2,682
|
Taxation
|
1,223
|
977
|
Share of net profit of joint ventures/associates and other income
|
||
from non-current investments
|
(98)
|
(53)
|
Net finance costs
|
259
|
286
|
Operating profit
|
4,379
|
3,892
|
Depreciation, amortisation and impairment
|
842
|
583
|
Changes in working capital
|
(1,089)
|
(1,004)
|
Pensions and similar obligations less payments
|
(195)
|
(246)
|
Provisions less payments
|
84
|
43
|
Elimination of (profits)/losses on disposals
|
(1,421)
|
(372)
|
Non-cash charge for share-based compensation
|
118
|
121
|
Other adjustments
|
20
|
(18)
|
Cash flow from operating activities
|
2,738
|
2,999
|
Income tax paid
|
(994)
|
(894)
|
Net cash flow from operating activities
|
1,744
|
2,105
|
Interest received
|
61
|
48
|
Net capital expenditure
|
(789)
|
(632)
|
Financial assets related to acquisition of non-controlling interest
|
-
|
(423)
|
Other acquisitions and disposals
|
1,577
|
520
|
Other investing activities
|
46
|
(311)
|
Net cash flow (used in)/from investing activities
|
895
|
(798)
|
Dividends paid on ordinary share capital
|
(1,577)
|
(1,449)
|
Interest and preference dividends paid
|
(258)
|
(221)
|
Acquisition of non-controlling interest
|
-
|
(335)
|
Purchase of Estate shares (see note 12)
|
(880)
|
-
|
Change in financial liabilities
|
1,557
|
1,728
|
Other movements on treasury stock
|
(256)
|
28
|
Other financing activities
|
(80)
|
(105)
|
Net cash flow (used in)/from financing activities
|
(1,494)
|
(354)
|
Net increase/(decrease) in cash and cash equivalents
|
1,145
|
953
|
Cash and cash equivalents at the beginning of the period
|
2,044
|
2,217
|
(99)
|
34
|
|
Effect of foreign exchange rate changes
|
||
Cash and cash equivalents at the end of the period
|
3,090
|
3,204
|
NOTES TO THE FINANCIAL STATEMENTS
|
€ million
|
First Half
|
|
2014
|
2013
|
|
Acquisition and disposal related costs
|
(60)
|
(55)
|
Gain/(loss) on disposal of group companies(a)
|
1,390
|
371
|
Impairments and other one-off items(b)
|
(318)
|
-
|
Non-core items before tax
|
1,012
|
316
|
Tax impact of non-core items
|
(470)
|
(123)
|
Non-core items after tax
|
542
|
193
|
Attributable to:
|
||
Non-controlling interests
|
-
|
-
|
Shareholders’ equity
|
542
|
193
|
|
(a) 2014 includes gain of €1,316 million from the disposal of the Ragu & Bertolli brands and related assets (see note 7).
|
|
(b) Impairment charge of €318 million recognised on assets related to the Slim.Fast business (see note 8).
|
€ million
|
First Half
|
|
2014
|
2013
|
|
Net profit attributable to shareholders’ equity
|
2,818
|
2,429
|
Post tax impact of non-core items
|
(542)
|
(193)
|
Core profit attributable to shareholders’ equity
|
2,276
|
2,236
|
First Half
|
Personal
Care
|
Foods
|
Refreshment
|
Home
Care
|
Total
|
Turnover (€ million)
|
|||||
2013
|
9,053
|
6,753
|
5,085
|
4,609
|
25,500
|
2014
|
8,554
|
6,124
|
4,939
|
4,481
|
24,098
|
Change (%)
|
(5.5)
|
(9.3)
|
(2.9)
|
(2.8)
|
(5.5)
|
Impact of:
|
|||||
Exchange rates (%)
|
(9.5)
|
(6.5)
|
(7.4)
|
(10.3)
|
(8.5)
|
Acquisitions (%)
|
-
|
-
|
0.4
|
1.5
|
0.4
|
Disposals (%)
|
(0.1)
|
(2.6)
|
(0.6)
|
-
|
(0.8)
|
Underlying sales growth (%)
|
4.5
|
(0.5)
|
5.1
|
6.8
|
3.7
|
Price (%)
|
2.0
|
0.4
|
1.7
|
3.0
|
1.7
|
Volume (%)
|
2.4
|
(0.9)
|
3.3
|
3.7
|
1.9
|
Operating profit (€ million)
|
|||||
2013
|
1,496
|
1,520
|
575
|
301
|
3,892
|
2014
|
1,509
|
2,431
|
212
|
227
|
4,379
|
Core operating profit (€ million)
|
|||||
2013
|
1,523
|
1,175
|
576
|
302
|
3,576
|
2014
|
1,532
|
1,097
|
509
|
229
|
3,367
|
Operating margin (%)
|
|||||
2013
|
16.5
|
22.5
|
11.3
|
6.5
|
15.3
|
2014
|
17.6
|
39.7
|
4.3
|
5.1
|
18.2
|
Core operating margin (%)
|
|||||
2013
|
16.8
|
17.4
|
11.3
|
6.6
|
14.0
|
2014
|
17.9
|
17.9
|
10.3
|
5.1
|
14.0
|
First Half
|
Asia /
AMET /
RUB
|
The
Americas
|
Europe
|
Total
|
Turnover (€ million)
|
||||
2013
|
10,405
|
8,355
|
6,740
|
25,500
|
2014
|
9,748
|
7,639
|
6,711
|
24,098
|
Change (%)
|
(6.3)
|
(8.6)
|
(0.4)
|
(5.5)
|
Impact of:
|
||||
Exchange rate (%)
|
(11.8)
|
(11.2)
|
0.3
|
(8.5)
|
Acquisitions (%)
|
0.8
|
-
|
0.2
|
0.4
|
Disposals (%)
|
(0.7)
|
(1.3)
|
(0.6)
|
(0.8)
|
Underlying sales growth (%)
|
6.1
|
4.3
|
(0.4)
|
3.7
|
Price (%)
|
2.2
|
3.9
|
(1.5)
|
1.7
|
Volume (%)
|
3.8
|
0.4
|
1.1
|
1.9
|
Operating profit (€ million)
|
||||
2013
|
1,509
|
1,406
|
977
|
3,892
|
2014
|
1,376
|
1,996
|
1,007
|
4,379
|
Core operating profit (€ million)
|
||||
2013
|
1,445
|
1,164
|
967
|
3,576
|
2014
|
1,354
|
1,029
|
984
|
3,367
|
Operating margin (%)
|
||||
2013
|
14.5
|
16.8
|
14.5
|
15.3
|
2014
|
14.1
|
26.1
|
15.0
|
18.2
|
Core operating margin (%)
|
||||
2013
|
13.9
|
13.9
|
14.3
|
14.0
|
2014
|
13.9
|
13.5
|
14.7
|
14.0
|
First Half 2014
|
First Half 2013
|
|||||||
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
€m
|
%
|
%
|
%
|
€m
|
%
|
%
|
%
|
|
Unilever Total
|
24,098
|
3.7
|
1.9
|
1.7
|
25,500
|
5.0
|
2.6
|
2.3
|
Developed markets
|
10,554
|
-
|
1.2
|
(1.2)
|
10,933
|
(1.6)
|
(0.8)
|
(0.8)
|
Emerging markets
|
13,544
|
6.6
|
2.5
|
4.0
|
14,567
|
10.3
|
5.5
|
4.6
|
First Half 2014
|
First Half 2013
|
|||||||
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
€m
|
%
|
%
|
%
|
€m
|
%
|
%
|
%
|
|
The Americas
|
7,639
|
4.3
|
0.4
|
3.9
|
8,355
|
5.6
|
1.9
|
3.6
|
North America
|
3,804
|
(1.0)
|
-
|
(0.9)
|
4,142
|
(0.9)
|
(1.0)
|
0.1
|
Latin America
|
3,835
|
9.5
|
0.8
|
8.6
|
4,213
|
12.6
|
5.1
|
7.2
|
€ million
|
First Half 2014
|
First Half 2013
|
||||
Before
tax
|
Tax
(charge)/
credit
|
After
tax
|
Before
tax
|
Tax
(charge)/
credit
|
After
tax
|
|
Fair value gains/(losses) on financial instruments
|
(76)
|
14
|
(62)
|
104
|
(11)
|
93
|
Remeasurements of defined benefit pension plans net of tax
|
(654)
|
165
|
(489)
|
697
|
(171)
|
526
|
Currency retranslation gains/(losses)
|
5
|
6
|
11
|
(168)
|
6
|
(162)
|
Other comprehensive income
|
(725)
|
185
|
(540)
|
633
|
(176)
|
457
|
2014
|
2013
|
|
Combined EPS – Basic
|
||
Net profit attributable to shareholders’ equity (€ million)
|
2,818
|
2,429
|
Average number of combined share units (millions of units)
|
2,843.7
|
2,836.8
|
Combined EPS – basic (€)
|
0.99
|
0.86
|
Combined EPS – Diluted
|
||
Net profit attributable to shareholders’ equity (€ million)
|
2,818
|
2,429
|
Adjusted average number of combined share units (millions of units)
|
2,911.1
|
2,925.6
|
Combined EPS – diluted (€)
|
0.97
|
0.83
|
Core EPS
|
||
Core profit attributable to shareholders’ equity (see note 2) (€ million)
|
2,276
|
2,236
|
Adjusted average number of combined share units (millions of units)
|
2,911.1
|
2,925.6
|
Core EPS – diluted (€)
|
0.78
|
0.76
|
Millions
|
||
Number of shares at 31 December 2013 (net of treasury stock)
|
2,840.0
|
|
Net movements in shares under incentive schemes
|
0.4
|
|
Number of shares at 30 June 2014
|
2,840.4
|
€ million
|
Fair value
|
Carrying amount
|
||||
As at 30 June
2014
|
As at 31 December
2013
|
As at 30 June
2013
|
As at 30 June
2014
|
As at 31 December
2013
|
As at 30 June
2013
|
|
Financial assets
|
||||||
Cash and cash equivalents
|
3,419
|
2,285
|
3,467
|
3,419
|
2,285
|
3,467
|
Held-to-maturity investments
|
74
|
75
|
49
|
74
|
75
|
49
|
Loans and receivables
|
143
|
104
|
325
|
143
|
104
|
325
|
Available-for-sale financial assets
|
782
|
760
|
711
|
782
|
760
|
711
|
Financial assets related to acquisition of non-controlling interest
|
-
|
-
|
420
|
-
|
-
|
420
|
Financial assets at fair value through profit and loss:
|
||||||
Derivatives
|
197
|
294
|
218
|
197
|
294
|
218
|
Other
|
26
|
32
|
28
|
26
|
32
|
28
|
4,641
|
3,550
|
5,218
|
4,641
|
3,550
|
5,218
|
|
Financial liabilities
|
||||||
Preference shares
|
(113)
|
(114)
|
(120)
|
(68)
|
(68)
|
(68)
|
Bank loans and overdrafts
|
(1,188)
|
(1,067)
|
(1,210)
|
(1,187)
|
(1,067)
|
(1,210)
|
Bonds and other loans
|
(12,054)
|
(10,162)
|
(10,903)
|
(11,339)
|
(9,594)
|
(10,232)
|
Liabilities related to acquisition of non-controlling interests(a)
|
-
|
-
|
(4,034)
|
-
|
-
|
(4,034)
|
Finance lease creditors
|
(208)
|
(217)
|
(226)
|
(192)
|
(204)
|
(203)
|
Derivatives
|
(248)
|
(299)
|
(160)
|
(248)
|
(299)
|
(160)
|
Other financial liabilities
|
(402)
|
(269)
|
-
|
(402)
|
(269)
|
-
|
(14,213)
|
(12,128)
|
(16,653)
|
(13,436)
|
(11,501)
|
(15,907)
|
(a)
|
Included in liabilities related to acquisition of non-controlling interests as at 30 June 2013 is €3,754 million relating to acquisition of shares in Hindustan Unilever and other non-controlling interests totalling €280 million.
|
€ million
|
Level 1
|
Level 2
|
Level 3
|
Level 1
|
Level 2
|
Level 3
|
Level 1
|
Level 2
|
Level 3
|
As at 30 June 2014
|
As at 31 December 2013
|
As at 30 June 2013
|
|||||||
Assets at fair value
|
|||||||||
Other cash equivalents
|
-
|
299
|
-
|
-
|
91
|
-
|
-
|
126
|
-
|
Available-for-sale financial assets
|
6
|
317
|
459
|
8
|
276
|
476
|
13
|
206
|
493
|
Financial assets at fair value
|
|||||||||
through profit or loss:
|
|||||||||
Derivatives
|
-
|
233
|
-
|
-
|
376
|
-
|
-
|
267
|
-
|
Other
|
20
|
-
|
6
|
25
|
-
|
7
|
23
|
-
|
5
|
Liabilities at fair value
|
|||||||||
Bonds and other loans
|
-
|
(769)
|
-
|
-
|
(777)
|
-
|
-
|
(785)
|
-
|
Derivatives
|
-
|
(542)
|
-
|
-
|
(395)
|
-
|
-
|
(309)
|
-
|
Q1 2014
|
Q2 2014
|
|
Per Unilever N.V. ordinary share
|
€ 0.2850
|
€ 0.2850
|
Per Unilever PLC ordinary share
|
£ 0.2338
|
£ 0.2253
|
Per Unilever N.V. New York share
|
US$ 0.3938
|
US$ 0.3842
|
Per Unilever PLC American Depositary Receipt
|
US$ 0.3938
|
US$ 0.3842
|
Announcement Date
|
Ex-Dividend Date
|
Record Date
|
Payment Date
|
|
Quarterly dividend – for Q2 2014
|
24 July 2014
|
6 August 2014
|
8 August 2014
|
10 September 2014
|
Quarterly dividend – for Q3 2014
|
23 October 2014
|
6 November 2014*
|
7 November 2014
|
10 December 2014
|
€ million
|
||||||
Income Statement
Six months ended 30 June 2014
|
Unilever Capital Corporation subsidiary issuer
|
Unilever(a)
parent entities
|
Unilever United
States Inc. subsidiary guarantor
|
Non-guarantor subsidiaries
|
Eliminations
|
Unilever Group
|
Turnover
|
-
|
-
|
-
|
24,098
|
-
|
24,098
|
Operating profit
|
-
|
375
|
(6)
|
4,010
|
-
|
4,379
|
Finance income
|
-
|
-
|
-
|
61
|
-
|
61
|
Finance costs
|
(69)
|
(56)
|
-
|
(148)
|
-
|
(273)
|
Pensions and similar obligations
|
-
|
(2)
|
(12)
|
(33)
|
-
|
(47)
|
Inter-company finance income/(costs)
|
69
|
16
|
(126)
|
41
|
-
|
-
|
Dividends
|
-
|
433
|
1,471
|
(1,904)
|
-
|
-
|
Share of net profit/(loss) of joint ventures and associates
|
-
|
-
|
-
|
61
|
-
|
61
|
Other income from non-current investments
|
-
|
-
|
-
|
37
|
-
|
37
|
Profit before taxation
|
-
|
766
|
1,327
|
2,125
|
-
|
4,218
|
Taxation
|
-
|
(102)
|
(449)
|
(672)
|
-
|
(1,223)
|
Net profit
|
-
|
664
|
878
|
1,453
|
-
|
2,995
|
Equity earnings of subsidiaries
|
-
|
2,331
|
(159)
|
-
|
(2,172)
|
-
|
Net profit
|
-
|
2,995
|
719
|
1,453
|
(2,172)
|
2,995
|
Attributed to:
|
||||||
Non-controlling interests
|
-
|
-
|
-
|
177
|
-
|
177
|
Shareholders' equity
|
-
|
2,995
|
719
|
1,276
|
(2,172)
|
2,818
|
Total comprehensive income
|
(2)
|
964
|
887
|
606
|
-
|
2,455
|
€ million
|
||||||
Income Statement
Six months ended 30 June 2013
|
Unilever Capital Corporation subsidiary issuer
|
Unilever(a)
parent entities
|
Unilever United
States Inc. subsidiary guarantor
|
Non-guarantor subsidiaries
|
Eliminations
|
Unilever Group
|
Turnover
|
-
|
-
|
-
|
25,500
|
-
|
25,500
|
Operating profit
|
-
|
345
|
1
|
3,546
|
-
|
3,892
|
Finance income
|
-
|
-
|
-
|
55
|
-
|
55
|
Finance costs
|
(75)
|
(58)
|
-
|
(137)
|
-
|
(270)
|
Pensions and similar obligations
|
-
|
(2)
|
(14)
|
(55)
|
-
|
(71)
|
Inter-company finance income/(costs)
|
75
|
23
|
(81)
|
(17)
|
-
|
-
|
Dividends
|
-
|
12
|
-
|
(12)
|
-
|
-
|
Share of net profit/(loss) of joint ventures and associates
|
-
|
-
|
-
|
52
|
-
|
52
|
Other income from non-current investments
|
-
|
-
|
-
|
1
|
-
|
1
|
Profit before taxation
|
-
|
320
|
(94)
|
3,433
|
-
|
3,659
|
Taxation
|
-
|
(103)
|
(282)
|
(592)
|
-
|
(977)
|
Net profit
|
-
|
217
|
(376)
|
2,841
|
-
|
2,682
|
Equity earnings of subsidiaries
|
-
|
2,465
|
818
|
-
|
(3,283)
|
-
|
Net profit
|
-
|
2,682
|
442
|
2,841
|
(3,283)
|
2,682
|
Attributed to:
|
||||||
Non-controlling interests
|
-
|
-
|
-
|
253
|
-
|
253
|
Shareholders' equity
|
-
|
2,682
|
442
|
2,588
|
(3,283)
|
2,429
|
Total comprehensive income
|
(9)
|
65
|
(300)
|
3,383
|
-
|
3,139
|
€ million
|
||||||
Balance Sheet
As at 30 June 2014
|
Unilever Capital Corporation subsidiary issuer
|
Unilever(a)
parent entities
|
Unilever United
States Inc. subsidiary guarantor
|
Non-guarantor subsidiaries
|
Eliminations
|
Unilever Group
|
Non-current assets
|
||||||
Goodwill and intangible assets
|
-
|
1,606
|
-
|
19,485
|
-
|
21,091
|
Property, plant and equipment
|
-
|
-
|
-
|
9,639
|
-
|
9,639
|
Pension asset for funded schemes in surplus
|
-
|
1
|
46
|
763
|
-
|
810
|
Deferred tax assets
|
-
|
185
|
142
|
854
|
-
|
1,181
|
Financial assets
|
-
|
-
|
-
|
478
|
-
|
478
|
Other non-current assets
|
-
|
-
|
3
|
617
|
-
|
620
|
Amounts due from group companies
|
9,045
|
-
|
-
|
(404)
|
(8,641)
|
-
|
Net assets of subsidiaries (equity accounted)
|
-
|
43,599
|
17,126
|
(20,530)
|
(40,195)
|
-
|
9,045
|
45,391
|
17,317
|
10,902
|
(48,836)
|
33,819
|
|
Current assets
|
||||||
Inventories
|
-
|
-
|
-
|
4,328
|
-
|
4,328
|
Amounts due from group companies
|
-
|
7,409
|
3,723
|
(11,132)
|
-
|
-
|
Trade and other current receivables
|
-
|
121
|
12
|
6,043
|
-
|
6,176
|
Current tax assets
|
-
|
-
|
-
|
259
|
-
|
259
|
Cash and cash equivalents
|
-
|
4
|
-
|
3,415
|
-
|
3,419
|
Other financial assets
|
-
|
-
|
-
|
744
|
-
|
744
|
Non-current assets held for sale
|
-
|
-
|
-
|
76
|
-
|
76
|
-
|
7,534
|
3,735
|
3,733
|
-
|
15,002
|
|
Total assets
|
9,045
|
52,925
|
21,052
|
14,635
|
(48,836)
|
48,821
|
Current liabilities
|
||||||
Financial liabilities
|
67
|
4,559
|
3
|
1,076
|
-
|
5,705
|
Amounts due to group companies
|
5,035
|
31,729
|
868
|
(37,632)
|
-
|
-
|
Trade payables and other current liabilities
|
38
|
183
|
30
|
12,403
|
-
|
12,654
|
Current tax liabilities
|
-
|
18
|
588
|
1,048
|
-
|
1,654
|
Provisions
|
-
|
9
|
-
|
421
|
-
|
430
|
Liabilities associated with assets held for sale
|
-
|
-
|
-
|
1
|
-
|
1
|
5,140
|
36,498
|
1,489
|
(22,683)
|
-
|
20,444
|
|
Non-current liabilities
|
||||||
Financial liabilities
|
3,637
|
2,407
|
-
|
1,687
|
-
|
7,731
|
Amounts due to group companies
|
-
|
-
|
8,643
|
(2)
|
(8,641)
|
-
|
Pensions and post-retirement healthcare liabilities:
|
||||||
Funded schemes in deficit
|
-
|
-
|
-
|
1,752
|
-
|
1,752
|
Unfunded schemes
|
-
|
98
|
475
|
1,012
|
-
|
1,585
|
Provisions
|
-
|
5
|
2
|
997
|
-
|
1,004
|
Deferred tax liabilities
|
-
|
11
|
-
|
1,436
|
-
|
1,447
|
Other non-current liabilities
|
-
|
14
|
-
|
375
|
-
|
389
|
3,637
|
2,535
|
9,120
|
7,257
|
(8,641)
|
13,908
|
|
Total liabilities
|
8,777
|
39,033
|
10,609
|
(15,426)
|
(8,641)
|
34,352
|
Shareholders’ equity
|
||||||
Called up share capital
|
-
|
484
|
-
|
-
|
-
|
484
|
Share premium account
|
-
|
142
|
942
|
(942)
|
-
|
142
|
Other reserves
|
(8)
|
(7,182)
|
(474)
|
(2,647)
|
3,129
|
(7,182)
|
Retained profit
|
276
|
20,448
|
9,975
|
33,073
|
(43,324)
|
20,448
|
Total shareholders’ equity
|
268
|
13,892
|
10,443
|
29,484
|
(40,195)
|
13,892
|
Non-controlling interests
|
-
|
-
|
-
|
577
|
-
|
577
|
Total equity
|
268
|
13,892
|
10,443
|
30,061
|
(40,195)
|
14,469
|
Total liabilities and equity
|
9,045
|
52,925
|
21,052
|
14,635
|
(48,836)
|
48,821
|
€ million
|
||||||
Balance Sheet
As at 31 December 2013
|
Unilever Capital Corporation subsidiary issuer
|
Unilever(a)
parent entities
|
Unilever United
States Inc. subsidiary guarantor
|
Non-guarantor subsidiaries
|
Eliminations
|
Unilever Group
|
Non-current assets
|
||||||
Goodwill and intangible assets
|
-
|
1,726
|
-
|
19,178
|
-
|
20,904
|
Property, plant and equipment
|
-
|
-
|
-
|
9,344
|
-
|
9,344
|
Pension asset for funded schemes in surplus
|
-
|
1
|
-
|
990
|
-
|
991
|
Deferred tax assets
|
-
|
163
|
38
|
883
|
-
|
1,084
|
Financial assets
|
-
|
-
|
-
|
505
|
-
|
505
|
Other non-current assets
|
-
|
-
|
1
|
562
|
-
|
563
|
Amounts due from group companies
|
7,896
|
-
|
-
|
30
|
(7,926)
|
-
|
Net assets of subsidiaries (equity accounted)
|
-
|
41,740
|
17,841
|
(20,528)
|
(39,053)
|
-
|
7,896
|
43,630
|
17,880
|
10,964
|
(46,979)
|
33,391
|
|
Current assets
|
||||||
Inventories
|
-
|
-
|
-
|
3,937
|
-
|
3,937
|
Amounts due from group companies
|
-
|
5,112
|
2,103
|
(7,215)
|
-
|
-
|
Trade and other current receivables
|
-
|
91
|
13
|
4,727
|
-
|
4,831
|
Current tax assets
|
-
|
18
|
-
|
199
|
-
|
217
|
Cash and cash equivalents
|
-
|
3
|
-
|
2,282
|
-
|
2,285
|
Other financial assets
|
-
|
-
|
-
|
760
|
-
|
760
|
Non-current assets held for sale
|
-
|
-
|
-
|
92
|
-
|
92
|
-
|
5,224
|
2,116
|
4,782
|
-
|
12,122
|
|
Total assets
|
7,896
|
48,854
|
19,996
|
15,746
|
(46,979)
|
45,513
|
Current liabilities
|
||||||
Financial liabilities
|
885
|
2,132
|
3
|
990
|
-
|
4,010
|
Amounts due to group companies
|
3,101
|
29,747
|
-
|
(32,848)
|
-
|
-
|
Trade payables and other current liabilities
|
45
|
170
|
31
|
11,489
|
-
|
11,735
|
Current tax liabilities
|
-
|
(17)
|
155
|
1,116
|
-
|
1,254
|
Provisions
|
-
|
11
|
-
|
368
|
-
|
379
|
Liabilities associated with assets held for sale
|
-
|
-
|
-
|
4
|
-
|
4
|
4,031
|
32,043
|
189
|
(18,881)
|
-
|
17,382
|
|
Non-current liabilities
|
||||||
Financial liabilities
|
3,600
|
2,326
|
-
|
1,565
|
-
|
7,491
|
Amounts due to group companies
|
-
|
-
|
7,937
|
(11)
|
(7,926)
|
-
|
Pensions and post-retirement healthcare liabilities:
|
||||||
Funded schemes in deficit
|
-
|
-
|
12
|
1,393
|
-
|
1,405
|
Unfunded schemes
|
-
|
102
|
480
|
981
|
-
|
1,563
|
Provisions
|
-
|
5
|
2
|
885
|
-
|
892
|
Deferred tax liabilities
|
-
|
18
|
-
|
1,506
|
-
|
1,524
|
Other non-current liabilities
|
-
|
16
|
-
|
425
|
-
|
441
|
3,600
|
2,467
|
8,431
|
6,744
|
(7,926)
|
13,316
|
|
Total liabilities
|
7,631
|
34,510
|
8,620
|
(12,137)
|
(7,926)
|
30,698
|
Shareholders’ equity
|
||||||
Called up share capital
|
-
|
484
|
-
|
-
|
-
|
484
|
Share premium account
|
-
|
138
|
942
|
(942)
|
-
|
138
|
Other reserves
|
(10)
|
(6,746)
|
(381)
|
(2,680)
|
3,071
|
(6,746)
|
Retained Profit
|
275
|
20,468
|
10,815
|
31,034
|
(42,124)
|
20,468
|
Total shareholders’ equity
|
265
|
14,344
|
11,376
|
27,412
|
(39,053)
|
14,344
|
Non-controlling interests
|
-
|
-
|
-
|
471
|
-
|
471
|
Total equity
|
265
|
14,344
|
11,376
|
27,883
|
(39,053)
|
14,815
|
Total liabilities and equity
|
7,896
|
48,854
|
19,996
|
15,746
|
(46,979)
|
45,513
|
€ million
|
||||||
Cash flow statement
Six months ended 30 June 2014
|
Unilever Capital Corporation subsidiary issuer
|
Unilever(a)
parent entities
|
Unilever United
States Inc. subsidiary guarantor
|
Non-guarantor subsidiaries
|
Eliminations
|
Unilever Group
|
Cash flow from operating activities
|
-
|
43
|
(14)
|
2,709
|
-
|
2,738
|
Income tax
|
-
|
(77)
|
(129)
|
(788)
|
-
|
(994)
|
Net cash flow from operating activities
|
-
|
(34)
|
(143)
|
1,921
|
-
|
1,744
|
Interest received
|
-
|
-
|
-
|
61
|
-
|
61
|
Net capital expenditure
|
-
|
9
|
-
|
(798)
|
-
|
(789)
|
Acquisitions and disposals
|
-
|
69
|
-
|
1,508
|
-
|
1,577
|
Other investing activities
|
(898)
|
(3,070)
|
(1,612)
|
4,748
|
878
|
46
|
Net cash flow from /(used in) investing activities
|
(898)
|
(2,992)
|
(1,612)
|
5,519
|
878
|
895
|
Dividends paid on ordinary share capital
|
-
|
(1,239)
|
448
|
(786)
|
-
|
(1,577)
|
Interest and preference dividends paid
|
(77)
|
(23)
|
-
|
(158)
|
-
|
(258)
|
Change in financial liabilities
|
(832)
|
2,407
|
-
|
(18)
|
-
|
1,557
|
Other movement in treasury stocks
|
-
|
(59)
|
(70)
|
(127)
|
-
|
(256)
|
Other finance activities
|
1,805
|
1,895
|
1,376
|
(5,158)
|
(878)
|
(960)
|
Net cash flow from/(used in) financing activities
|
896
|
2,981
|
1,754
|
(6,247)
|
(878)
|
(1,494)
|
Net increase/(decrease) in cash and cash equivalents
|
(2)
|
(45)
|
(1)
|
1,193
|
-
|
1,145
|
Cash and cash equivalents at the beginning of the period
|
-
|
3
|
(2)
|
2,043
|
-
|
2,044
|
Effect of foreign exchange rate changes
|
2
|
46
|
-
|
(147)
|
-
|
(99)
|
Cash and cash equivalents at the end of the period
|
-
|
4
|
(3)
|
3,089
|
-
|
3,090
|
€ million
|
||||||
Cash flow statement
Six months ended 30 June 2013
|
Unilever Capital Corporation subsidiary issuer
|
Unilever(a)
parent entities
|
Unilever United
States Inc. subsidiary guarantor
|
Non-guarantor subsidiaries
|
Eliminations
|
Unilever Group
|
Cash flow from operating activities
|
-
|
65
|
70
|
2,864
|
-
|
2,999
|
Income tax
|
-
|
(76)
|
(143)
|
(675)
|
-
|
(894)
|
Net cash flow from operating activities
|
-
|
(11)
|
(73)
|
2,189
|
-
|
2,105
|
Interest received
|
-
|
-
|
-
|
48
|
-
|
48
|
Net capital expenditure
|
-
|
(2)
|
-
|
(630)
|
-
|
(632)
|
Acquisitions and disposals
|
-
|
(414)
|
-
|
511
|
-
|
97
|
Other investing activities
|
(1,011)
|
(480)
|
238
|
(69)
|
1,011
|
(311)
|
Net cash flow from /(used in) investing activities
|
(1,011)
|
(896)
|
238
|
(140)
|
1,011
|
(798)
|
Dividends paid on ordinary share capital
|
-
|
(1,440)
|
(1,092)
|
1,083
|
-
|
(1,449)
|
Interest and preference dividends paid
|
(78)
|
(52)
|
-
|
(91)
|
-
|
(221)
|
Acquisition of non-controlling interests
|
-
|
-
|
-
|
(335)
|
-
|
(335)
|
Change in financial liabilities
|
623
|
1,206
|
-
|
(101)
|
-
|
1,728
|
Other movement on treasury stock
|
-
|
115
|
(24)
|
(63)
|
-
|
28
|
Other finance activities
|
465
|
1,454
|
949
|
(1,962)
|
(1,011)
|
(105)
|
Net cash flow from/(used in) financing activities
|
1,010
|
1,283
|
(167)
|
(1,469)
|
(1,011)
|
(354)
|
Net increase/(decrease) in cash and cash equivalents
|
(1)
|
376
|
(2)
|
580
|
-
|
953
|
Cash and cash equivalents at the beginning of the period
|
-
|
3
|
(3)
|
2,217
|
-
|
2,217
|
Effect of foreign exchange rate changes
|
1
|
(5)
|
1
|
37
|
-
|
34
|
Cash and cash equivalents at the end of the period
|
-
|
374
|
(4)
|
2,834
|
-
|
3,204
|