Unilever PLC 6-K, filed Feb 13, 2025
Unilever PLC (UL)
6-K
2025-02-13
For: 2025-02-13
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Added on
July 04, 2026
About this 6-K
Unilever PLC filed this 6-K on February 13, 2025.
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
Dated February
13, 2025
Commission
File Number: 001-04546
UNILEVER PLC
(Translation
of registrant's name into English)
UNILEVER HOUSE, BLACKFRIARS, LONDON, ENGLAND
(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..X.. Form 40-F
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
No .X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82- _______
Exhibit
99 attached hereto is incorporated herein by
reference.
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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UNILEVER
PLC
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/S/ M VARSELLONA
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BY M VARSELLONA
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CHIEF LEGAL OFFICER AND GROUP SECRETARY
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Date:
13 February, 2025
EXHIBIT INDEX
------------------------
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EXHIBIT
NUMBER
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EXHIBIT
DESCRIPTION
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99
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Notice
to London Stock Exchange dated 13 February 2025
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Final
Results
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Exhibit
99
2024 Full Year Results
|
Improved performance led by volume growth and gross margin
expansion
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Underlying performance
|
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GAAP measures
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||||
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(unaudited)
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2024
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vs 2023
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2024
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vs 2023
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Full Year
|
|
|
|
|
|
|
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|
Underlying sales growth (USG)
|
|
4.2%
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|
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Turnover
|
€60.8bn
|
1.9%
|
|
Beauty
& Wellbeing
|
|
6.5%
|
|
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Beauty
& Wellbeing
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€13.2bn
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5.5%
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Personal
Care
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5.2%
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|
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Personal
Care
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€13.6bn
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(1.5)%
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Home
Care
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2.9%
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Home
Care
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€12.3bn
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1.4%
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Foods(a)
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2.6%
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Foods(a)
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€13.4bn
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1.1%
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Ice
Cream
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3.7%
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Ice
Cream
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€8.3bn
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4.5%
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Underlying operating profit
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€11.2bn
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12.6%
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Operating profit
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€9.4bn
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(3.7)%
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Underlying operating margin
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18.4%
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170bps
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Operating margin
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15.5%
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(90)bps
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Underlying earnings per share
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€2.98
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14.7%
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Diluted earnings per share
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€2.29
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(10.6)%
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Free cash flow
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€6.9bn
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€(0.2)bn
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Net profit
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€6.4bn
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(10.8)%
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Fourth Quarter
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USG
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4.0%
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Turnover
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€14.2bn
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(0.1)%
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Quarterly dividend payable in March 2025
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€0.4528
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per share(b)
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|||
(a) Previously reported as Nutrition; (b) See note 9 for
more information on dividends
Financial and operational highlights
● Underlying
sales growth of 4.2%, led by 2.9% volume growth
● Turnover
increased 1.9% to €60.8 billion with (0.7)% impact from currency and (1.5)%
from net disposals
● Power
Brands (>75% of
turnover) leading growth with 5.3% USG and volumes up
3.8%
● Brand
and marketing investment up 120bps to 15.5%, its highest level in over a
decade
● Underlying
operating margin up 170bps to 18.4%, with gross margin up
280bps
● Underlying
EPS increased 14.7%; diluted EPS decreased 10.6% due to loss on disposals and accelerated
productivity programme spend
● Cash
conversion of 106% with
free cash flow of €6.9 billion; underlying ROIC up 190bps to
18.1%
● Quarterly
dividend raised by 6.1% vs Q4 2023; new €1.5 billion share
buyback announced
● Ice
Cream separation on track
Chief Executive Officer statement
"Today's results reflect a year of significant activity as we
focused on transforming Unilever into a consistently higher
performing business.
Under the Growth Action Plan, we committed to doing fewer things,
better and with greater impact. We executed the plan at pace and
made progress in 2024. Underlying sales grew 4.2% with volumes up
2.9%, led by our Power Brands, with particularly strong
performances from Dove, Comfort, Vaseline and Liquid I.V. Fewer,
bigger innovations helped to deliver volume growth consistently
above 2% in each quarter. All Business Groups delivered positive
volume growth for the year. Growth was underpinned by gross margin
expansion of 280bps, fuelling increases in brand investment and
profitability.
We continue to sharpen our portfolio, allocating capital to premium
segments by acquiring scalable brands in attractive markets, such
as K18 and Minimalist, and announcing the divestment of local food
brands such as Unox and Conimex, as we focus our Foods portfolio on
cooking aids and condiments categories. The comprehensive
productivity programme we announced in March is being implemented
at pace and we are ahead of plan in helping to create a leaner and
more accountable organisation. We are taking decisive actions in
Indonesia, where long-standing challenges required a reset of the
business, and China, where we are transforming our go-to-market
approach during a market slowdown. We expect to see the benefits of
these actions from the second half of 2025.
The separation of Ice Cream remains on track and we are making good
progress on the key workstreams. We announce today the appointment
of the Chair Designate for the demerged Ice Cream business and
details of the listing structure.
Market growth, which slowed throughout 2024, is expected to remain
soft in the first half of 2025. The steps we have taken in 2024,
including the launch of our refreshed GAP2030 strategy, further
reinvestment in our brands and strong innovation pipelines leave us
better positioned to deliver on our ambitions in the years
ahead."
Hein Schumacher
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Outlook
|
We expect underlying sales growth (USG) for full year 2025 to be
within our multi-year range of 3% to 5%. Market growth slowed
throughout 2024. We anticipate a slower start to 2025 with subdued
market growth in the near term. We expect the market and our growth
to improve during the year as price increases, reflecting higher
commodity costs in 2025. We expect a more balanced split between
volume and price.
We anticipate a modest improvement in underlying operating margin
for the full year versus 18.4% in 2024. We expect this improvement
to be realised in the second half given the very strong first half
comparator of 19.6%, which benefitted strongly from the combination
of carry-over pricing and input cost deflation.
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Full Year Review: Unilever Group
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|
(unaudited)
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Turnover
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USG
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UVG
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UPG
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A&D
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Currency
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Turnover
change
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Full Year
|
€60.8bn
|
4.2%
|
2.9%
|
1.3%
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(1.5)%
|
(0.7)%
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1.9%
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Fourth Quarter
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€14.2bn
|
4.0%
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2.7%
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1.3%
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(2.9)%
|
(1.1)%
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(0.1)%
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Performance
Underlying sales growth for the full year was 4.2%, led by volume
of 2.9% and price of 1.3%. We delivered four consecutive quarters
of underlying volume growth above 2%, with all Business Groups
driving positive volume growth for the year. As expected,
underlying price growth moderated to 1.3%. Turnover was €60.8
billion, up 1.9% versus the prior year, with underlying sales
growth of 4.2% more than offsetting the (0.7)% impact from currency
and (1.5)% from disposals net of acquisitions.
The Power Brands contributed >75% of turnover and performed
strongly with 5.3% underlying sales growth, driven by volume growth
of 3.8%. The rest of the business also delivered improved volumes
with volume growth of 0.7% in the second half, up from (1.6)% in
the first half of 2024.
As guided with our first half 2024 results, our turnover-weighted
market share movement(a),
which measures our competitive performance on a rolling 12
month-basis, sequentially improved in the second half reflecting
the increasing benefits from the Growth Action
Plan.
Beauty & Wellbeing grew underlying sales by 6.5%, with volume
growth of 5.1% driven by strong growth across its Power Brands.
Personal Care grew 5.2% with 3.1% volume growth, led by strong,
innovation-led sales growth of Deodorants. Home Care underlying
sales increased 2.9%, with 4.0% volume growth more than offsetting
the price decline linked to commodity cost deflation. Foods grew
underlying sales 2.6%, with muted volume growth of 0.2% amidst a
market slowdown and moderating prices. Ice Cream grew 3.7%, with a
return to positive volume growth of 1.6%. This reflected an
improved performance in the second half supported by bigger
innovations and operational improvements.
Developed markets (42% of Group turnover) grew underlying sales
4.4%. Underlying volume growth of 3.3% reflected a strong
performance in North America, led by Beauty & Wellbeing, and a
big improvement in Europe, driven by Home Care and Personal Care.
As expected, price growth moderated to 1.1%.
Emerging markets (58% of Group turnover) grew underlying sales
4.1%, with 2.5% from volume and 1.5% from price. India grew 1.8%
with 2.4% underlying volume growth. Tonnage volume grew mid-single
digit, which was partially offset by adverse mix due to the strong
growth in Home Care. The business continued to increase market
share during a period of modest market growth. Underlying price
returned to positive in the fourth quarter on the back of rising
input cost inflation. Latin America grew 6.0% with positive volume
growth across Brazil, Mexico and Argentina. Growth slowed in the
second half, reflecting a deterioration of economic conditions in
the region. Africa and Turkey delivered double-digit growth with
positive volumes and price in each quarter.
China declined mid-single digit with market weakness across all
categories apart from Foods. In the context of softer markets, we
are accelerating our portfolio premiumisation and transforming our
go-to-market approach to effectively serve fast-growing e-commerce
channels and smaller format stores in lower tier
cities.
In South East Asia, volume-led growth in the Philippines and
Thailand was offset by an 8.7% decline in Indonesia. In the second
half, we took decisive actions by correcting misaligned pricing
across channels and resetting stock levels in retail, while also
addressing our long-standing issues of portfolio, brand, and
competitiveness. This will take several quarters. As we have said
previously, we expect to see the benefits of the changes in
Indonesia and China from the second half of 2025.
(a) Turnover-weighted market share movement: global aggregate of
Unilever value market share changes, weighted by the turnover of
the category-country combinations
Profitability
|
(unaudited)
|
UOP
|
UOP growth
|
UOM%
|
Change in
UOM
|
OP
|
OP growth
|
OM%
|
Change in
OM
|
|
Full Year
|
€11.2bn
|
12.6%
|
18.4%
|
170bps
|
€9.4bn
|
(3.7)%
|
15.5%
|
(90)bps
|
Underlying operating profit was €11.2 billion, up 12.6%
versus the prior year. Underlying operating margin increased 170bps
to 18.4%. This step-up in profitability contributed to a 190bps
increase in underlying ROIC to 18.1%.
We expanded gross margin by 280bps to 45.0%, the highest it has
been in a decade. Continuing to improve gross margin remains a key
focus for the business. Our gross margin improvement in 2024
reflects positive contributions from volume leverage, mix and net
productivity gains in material, production and logistics costs. It
was also helped by input cost deflation in the first half, which
turned into slight inflation in the second half.
Improved gross margin fuelled further increases in brand and
marketing investment behind a strong and focused innovation
programme. Investment was up 120bps to 15.5% of turnover, an
increase of €0.9 billion. Overheads reduced by 10bps, as a
result of tighter cost control and savings in the second half from
the productivity programme.
Operating profit of €9.4 billion decreased 3.7% versus the
prior year. This reduction was driven by higher non-underlying
charges, most notably a loss on disposals and higher restructuring
costs as a result of accelerating the productivity
programme.
Productivity programme
In March 2024, we announced the launch of a major productivity
programme to simplify the business and further evolve our
category-focused model. The programme is targeted to deliver
€800 million of savings, with a reduction of 7,500 mainly
office-based roles, creating a leaner and more accountable
organisation. Including this programme, we expect average
restructuring costs to be around 1.2% of Group turnover over the
three-year period from 2024 to 2026.
Following thorough consultation processes, the programme is ahead
of plan with a reduction of 4,300 FTEs by the end of 2024 and
in-year savings close to €200 million. Restructuring costs,
including the accelerated productivity programme, increased to
€850 million, equivalent to 1.4% of Group turnover in 2024.
We anticipate a similar restructuring cost of approximately 1.4% of
Group turnover in 2025 with a lower spend in 2026.
The new organisation structure went live on 1 January 2025. This
enables the Business Groups to focus on the top 24 markets, which
represent approximately 85% of Group turnover, and the 30 Power
Brands. The remaining smaller markets are now run on a 'One
Unilever' basis to benefit from scale and simplicity, further
enhancing our portfolio prioritisation and focus.
Ice Cream separation
The separation of Ice Cream is on track to complete by the end of
2025. We are making progress on the key workstreams, including the
legal entities set up, implementing the standalone operating model
and preparing the carve-out financials.
Jean-Francois van Boxmeer has been appointed as Chair Designate for
the separated Ice Cream business. Jean-Francois brings a wealth of
experience both as a non-executive and as an executive operating
within the consumer goods industry. Jean-Francois is currently
Chair of Vodafone Group Plc and non-executive director of Heineken
Holding N.V. having been Chief Executive of Heineken for 15
years.
Ice Cream will be separated by way of demerger, through listing of
the business in Amsterdam, London and New York, the same three
exchanges on which Unilever PLC shares are currently traded. The
Ice Cream business will be incorporated in the Netherlands and will
continue to be headquartered in Amsterdam. This decision follows a
full review by the Board of separation options, focused on
maximising returns for shareholders, setting the Ice Cream business
up for success and execution certainty by the end of
2025.
Capital allocation
We continued to reshape our portfolio, allocating capital to
premium segments through bolt-on acquisitions and divesting
lower-growth businesses. In February 2024, we acquired K18, a
premium biotech hair care brand. We completed several disposals
during the year. These included Elida Beauty, our stake in Qinyuan
Group (known as "Truliva"), a water purification business in China,
and Pureit, a water purification business in Asia and Mexico. In
October, we completed the sale of our Russian subsidiary to Arnest
Group. The sale included all of Unilever's business in Russia and
its four factories, as well as our business in Belarus. In
addition, we announced several disposals that we expect to complete
during 2025, including the sale of the Foods brands Unox, Conimex
and Zwan, as well as the disposal of our laundry business in
Central America.
In January 2025, Hindustan Unilever Limited announced it has signed
an agreement to acquire the premium actives-led beauty brand
Minimalist, as we continue to evolve our Beauty & Wellbeing
portfolio towards higher growth and demand spaces in
India.
In 2024, we returned €5.8 billion to shareholders through
dividends and share buybacks. The quarterly interim dividend for
the fourth quarter is raised to €0.4528, up 6.1% vs Q4
2023.
Following the completion of a €1.5 billion share buyback
programme in November, we announce a new share buyback of up to
€1.5 billion starting today and to be completed in the first
half, well ahead of the separation of Ice
Cream.
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Conference Call
|
Following the release of this trading statement on 13 February 2025
at 7:00 AM (UK time), there will be a webcast at 8:00 AM available
on the website www.unilever.com/investor-relations/results-and-presentations/latest-results.
A replay of the webcast and the slides of the presentation will be
made available after the live meeting.
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Upcoming Events
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Date
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Events
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24 April 2025
|
Q1 2025 trading statement
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Full Year Review: Business Groups
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Full Year 2024
|
Fourth Quarter 2024
|
||||||||
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
UOM
|
Change in
UOM
|
Turnover
|
USG
|
UVG
|
UPG
|
|
Unilever
|
€60.8bn
|
4.2%
|
2.9%
|
1.3%
|
18.4%
|
170bps
|
€14.2bn
|
4.0%
|
2.7%
|
1.3%
|
|
Beauty
& Wellbeing
|
€13.2bn
|
6.5%
|
5.1%
|
1.3%
|
19.4%
|
70bps
|
€3.3bn
|
5.2%
|
3.9%
|
1.2%
|
|
Personal
Care
|
€13.6bn
|
5.2%
|
3.1%
|
2.1%
|
22.1%
|
190bps
|
€3.3bn
|
5.3%
|
3.6%
|
1.6%
|
|
Home
Care
|
€12.3bn
|
2.9%
|
4.0%
|
(1.1)%
|
14.5%
|
220bps
|
€3.0bn
|
3.0%
|
3.3%
|
(0.3)%
|
|
Foods
|
€13.4bn
|
2.6%
|
0.2%
|
2.4%
|
21.3%
|
270bps
|
€3.4bn
|
2.6%
|
0.5%
|
2.1%
|
|
Ice
Cream
|
€8.3bn
|
3.7%
|
1.6%
|
2.1%
|
11.8%
|
100bps
|
€1.2bn
|
4.3%
|
2.2%
|
2.0%
|
Beauty & Wellbeing (22%
of Group turnover)
In Beauty & Wellbeing, we focus on three key priorities:
premiumising our core Hair and Skin Care portfolio by emphasising
brand superiority; fuelling the growth of our Prestige Beauty and
Wellbeing portfolios with selective international expansion; and,
continuing to strengthen our competitiveness through innovation and
a social-first approach to consumer engagement.
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover
change
|
UOM%
|
Change in
UOM
|
|
Full Year
|
€13.2bn
|
6.5%
|
5.1%
|
1.3%
|
(0.3)%
|
(0.6)%
|
5.5%
|
19.4%
|
70bps
|
|
Fourth Quarter
|
€3.3bn
|
5.2%
|
3.9%
|
1.2%
|
(0.7)%
|
(0.4)%
|
4.1%
|
|
|
Beauty & Wellbeing delivered a strong full year performance,
with underlying sales up 6.5%, driven by volume at 5.1% and price
at 1.3%. Volume growth was broad-based with strong performances
from its Power Brands including Sunsilk, Dove, Vaseline, Ponds, Liquid I.V. and Nutrafol. In Q4, Beauty & Wellbeing grew 5.2% with
3.9% volume.
The full year performance reflects the ongoing premiumisation of
our core Hair Care and Skin Care portfolio and the continued
strength of our Prestige Beauty and Wellbeing portfolio, which
combined accounted for c. 30% of Beauty & Wellbeing's
turnover.
Hair Care grew mid-single digit with balanced volume and price
growth. Our largest hair care brand, Sunsilk, grew high-single digit reflecting the continued
success of its 2023 relaunch and introduction of new
formats. Dove delivered high-single digit volume-led
growth following the launch of Scalp + Hair Therapy, designed for
improved scalp health and hair density. TRESemmé grew
mid-single digit following the launch of the Lamellar Shine
collection. Clear grew low-single digit amidst low market
growth in its primary market China.
Core Skin Care grew mid-single digit led by low-single digit volume
and positive price. Vaseline grew double-digit with the expansion of its
premium Gluta-Hya range to new markets and new formats. Gluta-Hya
is now in over 22 markets and has introduced a new serum based
suncare range. Dove skin care delivered double-digit growth,
with the launch of its body serums and 3-in-1 face care treatments
in Brazil, Mexico, and most recently in the
US. Pond's grew double-digit led by volume following
its successful relaunch in 2023.
Wellbeing grew strong double-digit led by Liquid I.V., Nutrafol, and Olly. Liquid I.V. saw continued success of its sugar-free
variant and ongoing international expansion, entering seven new
markets during the year. Nutrafol extended into skin care with a daily
supplement designed to address acne, while Olly saw strong growth in China led by its female
health supplements. Prestige Beauty grew mid-single digit
reflecting a slowdown in the US beauty
market. Hourglass and Tatcha grew double-digit while other brands
including Paula's
Choice delivered low
growth. During the year, we completed the acquisition
of K18, a premium biotech hair care brand, which grew
double-digit and will be included in underlying sales growth from
February 2025.
Underlying operating margin improved 70bps with strong gross margin
improvement partially reinvested in increased brand and marketing
investment.
Personal Care (22%
of Group turnover)
In Personal Care, we focus on winning with science-led brands that
deliver unmissable superiority to our consumers across Deodorants,
Skin Cleansing, and Oral Care. Our priorities include developing
superior technology and multi-year innovation platforms, leveraging
partnerships with our customers, and expanding into premium areas
and digital channels.
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover
change
|
UOM%
|
Change in
UOM
|
|
Full Year
|
€13.6bn
|
5.2%
|
3.1%
|
2.1%
|
(5.3)%
|
(1.1)%
|
(1.5)%
|
22.1%
|
190bps
|
|
Fourth Quarter
|
€3.3bn
|
5.3%
|
3.6%
|
1.6%
|
(8.1)%
|
(1.7)%
|
(5.0)%
|
|
|
Personal Care grew underlying sales 5.2% for the year with volume
growth of 3.1%. This growth was led by continued strength in
Deodorants. In the fourth quarter, Personal Care grew 5.3% with
Deodorants, Skin Cleansing, and Oral Care all delivering volume
growth.
Personal Care's full year performance was led by its Power Brands
and science-backed innovations. These innovations were supported by
a step-up in marketing investment, including our five-year
sponsorship deal with the Fédération Internationale de
Football Association (FIFA), and our sponsorship of several major
football tournaments worldwide, including UEFA EURO 2024 and the
CONMEBOL Copa America USA 2024.
Dove, which represents c. 40%
of Personal Care's turnover, grew high-single digit with the
successful launches of a new range of whole-body deodorants and a
serum shower collection, using active face care ingredients in body
wash formats.
Deodorants grew double-digit led by mid-single digit volume growth.
This included Rexona and Axe which grew high-single digit, driven by
ongoing success from multi-year innovations, including our body
heat-activated technology and our Fine Fragrance
collection.
Skin Cleansing grew low-single digit with positive volume and
price. Good growth in Dove was partially offset by declines
in Lifebuoy and Lux, driven by challenges in Indonesia, China, and
India.
Oral Care grew mid-single digit led by price. Our Power
Brands, Close up and Pepsodent, grew mid-single digit with positive price and
volume. Pepsodent launched its therapeutics range specifically
formulated for sensitive teeth.
Underlying operating margin increased by 190bps, driven by a very
strong gross margin improvement fuelling increased brand and
marketing investment.
Home Care (20%
of Group turnover)
In Home Care, we focus on delivering for consumers who want
superior products that are sustainable and great value. We drive
growth through unmissable superiority in our biggest brands, in our
key markets and across channels. We have a resilient business that
spans price points and grows the market by premiumising and trading
consumers up to additional benefits.
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover
change
|
UOM%
|
Change in
UOM
|
|
Full Year
|
€12.3bn
|
2.9%
|
4.0%
|
(1.1)%
|
(0.9)%
|
(0.5)%
|
1.4%
|
14.5%
|
220bps
|
|
Fourth Quarter
|
€3.0bn
|
3.0%
|
3.3%
|
(0.3)%
|
(2.4)%
|
(1.0)%
|
(0.5)%
|
|
|
Home Care grew underlying sales 2.9%, with 4.0% from volume and
(1.1)% from price. Home Care faced the highest commodity cost
deflation across Unilever which impacted laundry powders in several
emerging markets.
In Home Care, we stepped up multi-year, scalable innovations with
several key launches as well as extending successful 2023 launches.
These Power Brand focused innovations drove a return to strong
growth in Europe and were supported by increased investments in
brand and marketing and R&D to drive unmissable brand
superiority.
Fabric Cleaning was flat with low-single digit volume growth fully
offset by negative price. Volume growth was supported by the launch
of Persil Wonder Wash, the first liquid detergent
designed for short cycle washes. Wonder Wash, powered by our
patented Pro-S technology, has been launched in 8 markets and is on
track to be in 20 markets by the end of 2025. Europe grew
double-digit with strong volumes. Brazil experienced the most
significant price declines among our key markets reflecting
commodity deflation, notably in our powders
portfolio.
Home & Hygiene grew high-single digit with strong volume and
positive price. Both Domestos and CIF grew double-digit led by volume, with
contributions from the Power Foam, cream and sprays
portfolio.
Fabric Enhancers grew high-single digit driven by strong volumes,
slightly offset by negative price. The successful launch of our new
Botanicals and Elixir ranges, utilising our patented CrystalFresh
technology drove a good Comfort performance.
Underlying operating margin increased by 220bps, driven by strong
gross margin improvement which was slightly offset by a step-up in
brand and marketing investment.
Foods (22%
of Group turnover)
In Foods (formerly known as Nutrition), our strategy is to deliver
consistent, competitive growth by offering unmissably superior
products through our biggest brands. We do this by reaching more
consumers and focusing on top dishes and high consumption seasons
to satisfy consumer's preferences on taste, health and
sustainability; while delivering productivity and resilience in our
supply chain.
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover
change
|
UOM%
|
Change in
UOM
|
|
Full Year
|
€13.4bn
|
2.6%
|
0.2%
|
2.4%
|
(0.5)%
|
(1.0)%
|
1.1%
|
21.3%
|
270bps
|
|
Fourth Quarter
|
€3.4bn
|
2.6%
|
0.5%
|
2.1%
|
(0.7)%
|
(1.4)%
|
0.5%
|
|
|
Foods grew underlying sales 2.6% for the year, with 2.4% from price
and 0.2% from volume. Our two largest
brands, Hellmann's and Knorr, which accounted for c. 60% of the Business
Group, continued to grow ahead of the Foods average. In the fourth
quarter, Foods grew 2.6% while market growth remained
muted.
In Foods we are creating a more focused and simplified business
concentrated on Cooking Aids, Condiments, Mini Meals, Unilever Food
Solutions, and our India local Foods portfolio. These categories
are where we will lead and where we can best concentrate our
investment behind our global Power Brands, Knorr and Hellmann's.
Cooking Aids grew mid-single digit with positive price and
volume. Knorr performed well with mid-single digit growth
driven by its leadership in bouillon and seasonings and its
expansion of premium ready-to-eat pots
ranges. Knorr grew double-digit in Latin America through
its focus on local dishes and next generation bouillon &
seasoning ranges with enhanced flavours and
micronutrients.
Condiments grew low-single digit with balanced volume and price
growth. Hellmann's grew low-single digit led by volume growth
as it continued to expand its Flavoured Mayo range, now in 30
countries, and grow its premium format variants, including new
squeeze bottles.
Unilever Food Solutions grew
high-single digit led by volume with positive price. This growth
was supported by the rollout of our operator solutions including
the latest edition of our Future Menu's Trend Report, now utilised
in over 50 countries, and expansion of our digital selling
programme, which improved product availability and reach. Growth
also benefited from the launch of Hellmann's Professional
Mayo in Europe and Brazil, tailored for professional kitchens.
China grew high-single digit following a strong Chinese New Year in
the first half of the year.
India Foods was flat, as tea and functional drinks maintained
market leadership in subdued markets.
Underlying operating margin increased significantly, up 270bps,
driven by strong gross margin improvement which funded an increase
in brand and marketing investment.
Ice Cream (14%
of Group turnover)
In Ice Cream, we are focused on continuing to strengthen the
business in preparation for Ice Cream's separation by the end of
2025. We are doing this by developing an exciting product pipeline,
designing more efficient go-to-market strategies, optimising our
supply chain, and building a dedicated sales team globally. The
separation will create a world-leading business, operating in a
highly attractive category with five of the top 10 selling global
ice cream brands.
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover
change
|
UOM%
|
Change in
UOM
|
|
Full Year
|
€8.3bn
|
3.7%
|
1.6%
|
2.1%
|
0.9%
|
(0.1)%
|
4.5%
|
11.8%
|
100bps
|
|
Fourth Quarter
|
€1.2bn
|
4.3%
|
2.2%
|
2.0%
|
(2.1)%
|
(0.3)%
|
1.8%
|
|
|
Ice Cream grew underlying sales 3.7%, with 1.6% from volume and
2.1% from price, marking a return to positive volume growth. In the
fourth quarter, Ice Cream grew by 4.3%, driven by 2.2% volume
growth and 2.0% price growth.
The improving performance in 2024 was fuelled by strong innovations
and operational improvements. These ongoing improvements included a
more efficient go-to-market strategy, improved distribution, and
optimised promotional activities. Share performance improved
throughout the year and we sharpened our focus on net productivity,
which supported gross margin expansion and reinvestment in our
brands.
In-home Ice Cream (c. 60% of Ice Cream turnover) grew low-single
digit led by volume growth. This was supported by several snacking
innovations with smaller portions. Magnum launched premium, bite-sized Bon Bons,
designed to meet evolving snacking habits. The range is performing
well and is now in 12 markets with further rollout planned for next
year. Joining the small indulgence format, Yasso introduced Poppables, a Greek yogurt-based
snack, while Ben &
Jerry's expanded its
Peaces range with new flavours like Salted Caramel
Brownie.
Out-of-home Ice Cream (c. 40% of Ice Cream turnover) grew
mid-single digit fully led by price. We launched several premium
innovations this year including Magnum's Pleasure Express featuring flavour filled cores
and Ben
& Jerry's new oat base
for its non-dairy ice creams. Cornetto celebrated its 60th anniversary
with its first global relaunch featuring enhanced formulation and
new packaging.
Underlying operating margin increased by 100bps, driven by improved
gross margins which supported an increase in brand and marketing
investment. This margin improvement was realised despite higher
commodity costs in cocoa and dairy. We expect rising inflation in
cocoa and dairy costs to put pressure on margins in
2025.
|
Full Year Review: Geographical Areas
|
|
|
Full Year 2024
|
Fourth Quarter 2024
|
||||||
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
Unilever
|
€60.8bn
|
4.2%
|
2.9%
|
1.3%
|
€14.2bn
|
4.0%
|
2.7%
|
1.3%
|
|
Asia
Pacific Africa
|
€26.0bn
|
3.1%
|
1.8%
|
1.3%
|
€6.0bn
|
3.1%
|
1.4%
|
1.6%
|
|
The
Americas
|
€22.5bn
|
5.5%
|
4.0%
|
1.4%
|
€5.5bn
|
5.4%
|
3.9%
|
1.5%
|
|
Europe
|
€12.3bn
|
4.3%
|
3.0%
|
1.2%
|
€2.7bn
|
3.5%
|
3.4%
|
0.1%
|
|
|
Full Year 2024
|
Fourth Quarter 2024
|
||||||
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
Emerging
markets
|
€35.3bn
|
4.1%
|
2.5%
|
1.5%
|
€8.1bn
|
3.0%
|
1.1%
|
1.9%
|
|
Developed
markets
|
€25.5bn
|
4.4%
|
3.3%
|
1.1%
|
€6.1bn
|
5.4%
|
5.1%
|
0.3%
|
|
North
America
|
€13.4bn
|
5.3%
|
4.1%
|
1.1%
|
€3.4bn
|
7.0%
|
6.5%
|
0.5%
|
|
Latin
America
|
€9.1bn
|
6.0%
|
3.9%
|
2.0%
|
€2.1bn
|
3.0%
|
-%
|
3.0%
|
Asia Pacific Africa (43%
of Group turnover)
Underlying sales growth was 3.1% with 1.8% from volume and 1.3%
from price.
India grew 1.8% driven by underlying volume growth at 2.4%. This
was primarily driven by Home Care and Beauty & Wellbeing while
Personal Care declined. In the fourth quarter, UPG turned positive
reflecting commodity movements, while UVG was flat with tonnage
volume up mid-single digit, partially offset by adverse mix due to
strong growth in Home Care.
China declined mid-single digit with market weakness across all
categories apart from Foods. In the context of softer markets, we
are accelerating our portfolio premiumisation and transforming our
go-to-market approach to effectively serve fast-growing e-commerce
channels and smaller format stores in lower tier
cities.
In South East Asia, volume-led growth in the Philippines and
Thailand was offset by an 8.7% decline in Indonesia. In the second
half, we took decisive actions by correcting misaligned pricing
across channels and resetting stock levels in retail, while also
addressing our long-standing issues of portfolio, brand, and
competitiveness. This will take several quarters. As we have said
previously, we expect to see the benefits of the changes in
Indonesia and China from the second half of
2025.
Africa, which represents 3% of Group turnover, grew double-digit
with positive volume and price growth throughout the year. Turkey
delivered double-digit volume growth, led by Ice Cream and Personal
Care, in a hyperinflationary environment.
The Americas (37%
of Group turnover)
Underlying sales growth was 5.5% with 4.0% from volume and 1.4%
from price.
North America grew 5.3% with 4.1% volume growth, with all Business
Groups delivering positive volumes. This improved volume
performance was led by strong growth in Beauty & Wellbeing.
Growth in Personal Care improved in the second half, helped by a
strong performance of Deodorants in the fourth quarter. Ice Cream
showed good improvement and returned to volume-driven growth. Our
Foods business delivered balanced price and volume growth, while
category growth slowed during the year.
Latin America grew 6.0% with 3.9% from volume. Beauty &
Wellbeing and Personal Care grew double-digit, while Foods
delivered mid-single digit growth. Home Care declined slightly,
adversely affected by deflation in the laundry powders market.
Volume growth slowed in Brazil and Mexico in the second half,
reflecting a much more volatile economic environment. In Argentina
we delivered positive volume growth in each quarter despite
hyperinflationary pricing and continued to strengthen our
market-leading positions and performed well in a challenging
environment.
Europe (20%
of Group turnover)
Underlying sales grew 4.3% with volume growth of 3.0% and price of
1.2%. Our return to positive volume growth in Europe was
underpinned by a strong innovation programme and increased levels
of brand investment. Home Care grew double-digit, while Beauty
& Wellbeing and Personal Care grew high-single digits.
Innovations and improved execution led to a step-up of the Ice
Cream performance in the second half and positive volume for the
year. Foods declined slightly as a result of active portfolio
rationalisation and slowing market growth. Growth was broad-based
in Europe, led by mid-single digit growth in the United Kingdom and
Germany as well as double-digit growth in
Poland.
|
Additional commentary on the financial statements - Full
Year
|
Finance costs and tax
Net finance costs increased by €118 million to €604
million in 2024. This was driven by higher cost of debt on bonds
and commercial paper and lower interest credit from pensions. Net
finance costs were 2.5% on average net debt. For 2025, we expect
net finance costs to be around 3% on average net debt. This
reflects the impact of refinancing maturing debt at higher rates
and lower finance income versus 2024.
The underlying effective tax rate for 2024 was 25.8% (2023: 25.6%),
as increases, including in non-deductible interest and withholding
tax, were largely offset by benefits from tax settlements and other
one-off items. Our guidance for 2025 for the underlying effective
tax rate remains around 26%. The effective tax rate for 2024 was
29.0%, and included adverse impacts linked to disposals in 2024.
This compares with 24.1% in the prior year, which included a
benefit related to the disposal of the Dollar Shave
Club.
Joint ventures, associates and other income from non-current
investments
Net profit from joint ventures and associates increased €24
million to €255 million, largely driven by the Pepsi-Lipton
JVs. Other income from non-current investments was €13
million, versus €(22) million in the prior year.
Earnings per share
Underlying earnings per share increased 14.7% to €2.98,
including (0.7)% of adverse currency. Constant underlying earnings
per share increased by 15.4%, reflecting a strong operational
performance. The reduction in the average number of shares as a
result of the share buyback programme contributed 1.0%. Diluted
earnings per share of €2.29 decreased by 10.6% versus 2023
due to loss on disposals and the accelerated productivity programme
spend.
Free cash flow
We delivered strong cash conversion of 106%. Free cash flow was
€6.9 billion versus €7.1 billion in 2023. The prior
year comparator included a higher tax refund of €0.4 billion
in India and a significant working capital improvement of
€0.8 billion.
Underlying return on invested capital
Underlying return on invested capital improved 190bps to 18.1%
(2023: 16.2%). This reflected strong underlying operating profit
growth driven by turnover growth and underlying operating margin
expansion, while average invested capital in 2024 was up €0.5
billion versus the prior year. Reported return on invested capital
decreased by 180bps to 14.5% driven by a decrease in operating
profit from higher non-underlying charges including the loss on
disposals and accelerated productivity programme
spend.
Net debt
Closing net debt increased €0.9 billion to €24.5
billion in 2024. Net debt to underlying EBITDA was 1.9x at 31
December 2024, versus the prior year at 2.1x and in line with our
guidance of around 2x.
Pensions
Pension assets net of liabilities were in surplus of €3.0
billion at 31 December 2024 versus a surplus of €2.4 billion
at the end of 2023. The increase was primarily driven by strong
investment returns in equities, while higher long-term government
bond yields led to reductions in both fixed income assets and
pension liabilities.
Share buyback programme
On 5 November 2024, we completed the second and final €800
million tranche of our share buyback programme of up to €1.5
billion, initiated on 8 February 2024. The total consideration paid
for the repurchase of 13,931,208 shares is recorded within other
reserves and the shares are held by Unilever as treasury shares.
Under the two tranches of the programme, a total of 27,368,909
ordinary Unilever PLC shares were purchased.
Reflecting the Group's continued strong cash generation, the Board
has approved a new share buyback with an aggregate market value
equivalent of up to €1.5 billion which will be bought back in
the form of Unilever PLC ordinary shares.
The new share buyback will commence on 13 February 2025 and will
complete on or before 6 June 2025. The purpose of the share buyback
is to reduce the capital of Unilever PLC and it will take place
within the limitations of the authority granted to the Board of
Unilever PLC by its general meeting, held on 1 May 2024, pursuant
to which the maximum number of shares to be bought back by Unilever
PLC is 222,831,091.
Finance and liquidity
In 2024, the following notes matured and were repaid:
● March:
$500 million 3.25% fixed rate notes
● April:
€500 million 0.50% fixed rate notes
● May:
$1,000 million 2.60% fixed rate notes
● August:
$500 million 0.626% fixed rate notes
● September:
£250 million 1.375% fixed rate notes
The following notes were issued:
● February:
€600 million 3.25% fixed rate notes due 15 February 2032 and
€600 million 3.50% fixed rate notes due 15 February
2037
● March:
€100 million 3.25% fixed rate notes to be consolidated and
form a single series with the €600 million 3.25% fixed rate
notes issued in February and due 15 February
2032
● June:
$170 million 4.75% fixed rate notes due 27 June
2031
● August:
$750 million 4.25% fixed rate notes due 12 August 2027 and $1,000
million 4.625% fixed rate notes due 12 August
2034
On 31 December 2024, Unilever had undrawn revolving 364-day
bilateral credit facilities in aggregate of $5,200 million and
€2,600 million with a 364-day term out.
|
Non-GAAP measures
|
Certain discussions and analyses set out in this announcement
include measures which are not defined by generally accepted
accounting principles (GAAP) such as IFRS. We believe this
information, along with comparable GAAP measurements, is useful to
investors because it provides a basis for measuring our operating
performance, ability to retire debt and invest in new business
opportunities. Our management uses these financial measures, along
with the most directly comparable GAAP financial measures, in
evaluating our operating performance and value creation. Non-GAAP
financial measures should not be considered in isolation from, or
as a substitute for, financial information presented in compliance
with GAAP. 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. We
present certain items, percentages and movements, using constant
exchange rates, which exclude the impact of fluctuations in foreign
currency exchange rates. We calculate constant currency values by
translating both the current and the prior period local currency
amounts using the prior year average exchange rates into euro,
except for the local currency of entities that operate in
hyperinflationary economies. These currencies are translated into
euros using the prior year closing exchange rate before the
application of IAS 29. The table below shows exchange rate
movements in our key markets.
|
|
Annual
average rate in 2024
|
Annual
average rate in 2023
|
|
Brazilian Real (€1 = BRL)
|
5.761
|
5.405
|
|
Chinese Yuan (€1 = CNY)
|
7.751
|
7.635
|
|
Indian Rupee (€1 = INR)
|
90.652
|
89.232
|
|
Indonesia Rupiah (€1 = IDR)
|
17,177
|
16,457
|
|
Philippine Peso (€1 = PHP)
|
62.055
|
60.110
|
|
Mexican Peso (€1 = MXN)
|
19.589
|
19.169
|
|
Turkish Lira (€1 = TRY)
|
36.671
|
31.625
|
|
UK Pound Sterling (€1 = GBP)
|
0.848
|
0.870
|
|
US Dollar (€1 = US $)
|
1.085
|
1.081
|
Underlying sales growth (USG)
Underlying sales growth (USG) refers to the increase in turnover
for the period, excluding any change in turnover resulting from
acquisitions, disposals, changes in currency and price growth in
excess of 26% in hyperinflationary economies. Inflation of 26% per
year compounded over three years is one of the key indicators
within IAS 29 to assess whether an economy is deemed to be
hyperinflationary. We believe this measure provides valuable
additional information on the underlying sales performance of the
business and is a key measure used internally. The impact of
acquisitions and disposals (A&D) is excluded from USG for a
period of 12 calendar months from the applicable closing date.
Turnover from acquired brands that are launched in countries where
they were not previously sold is included in USG as such turnover
is more attributable to our existing sales and distribution network
than the acquisition itself.
The reconciliation of changes in the GAAP measure of turnover to
USG is as follows:
|
(unaudited)
|
Beauty
& Wellbeing
|
Personal
Care
|
Home
Care
|
Foods
|
Ice
Cream
|
Total
|
|
Fourth Quarter
|
|
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
|
|
|
2023
|
3,181
|
3,404
|
2,974
|
3,416
|
1,202
|
14,177
|
|
2024
|
3,310
|
3,235
|
2,960
|
3,434
|
1,223
|
14,162
|
|
Turnover growth (%)
|
4.1
|
(5.0)
|
(0.5)
|
0.5
|
1.8
|
(0.1)
|
|
Effect of acquisitions (%)
|
0.9
|
-
|
-
|
-
|
-
|
0.2
|
|
Effect of disposals (%)
|
(1.6)
|
(8.1)
|
(2.4)
|
(0.7)
|
(2.1)
|
(3.2)
|
|
Effect of currency-related items (%), of which:
|
(0.4)
|
(1.7)
|
(1.0)
|
(1.4)
|
(0.3)
|
(1.1)
|
|
Exchange rates changes (%)
|
(1.8)
|
(3.9)
|
(3.8)
|
(3.4)
|
(0.4)
|
(3.0)
|
|
Extreme price growth in hyperinflationary markets* (%)
|
1.5
|
2.2
|
2.9
|
2.1
|
-
|
2.0
|
|
Underlying sales growth (%)
|
5.2
|
5.3
|
3.0
|
2.6
|
4.3
|
4.0
|
|
Full Year
|
|
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
|
|
|
2023
|
12,466
|
13,829
|
12,181
|
13,204
|
7,924
|
59,604
|
|
2024
|
13,157
|
13,618
|
12,352
|
13,352
|
8,282
|
60,761
|
|
Turnover growth (%)
|
5.5
|
(1.5)
|
1.4
|
1.1
|
4.5
|
1.9
|
|
Effect of acquisitions (%)
|
0.9
|
-
|
-
|
-
|
1.2
|
0.4
|
|
Effect of disposals (%)
|
(1.2)
|
(5.3)
|
(0.9)
|
(0.5)
|
(0.3)
|
(1.8)
|
|
Effect of currency-related items (%), of which:
|
(0.6)
|
(1.1)
|
(0.5)
|
(1.0)
|
(0.1)
|
(0.7)
|
|
Exchange rates changes (%)
|
(2.2)
|
(3.0)
|
(3.6)
|
(2.8)
|
(1.9)
|
(2.8)
|
|
Extreme price growth in hyperinflationary markets* (%)
|
1.6
|
1.9
|
3.2
|
1.9
|
1.8
|
2.1
|
|
Underlying sales growth (%)
|
6.5
|
5.2
|
2.9
|
2.6
|
3.7
|
4.2
|
|
(unaudited)
|
Asia
Pacific Africa
|
The
Americas
|
Europe
|
Total
|
|
Fourth Quarter
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
|
2023
|
6,119
|
5,388
|
2,670
|
14,177
|
|
2024
|
5,988
|
5,453
|
2,721
|
14,162
|
|
Turnover growth (%)
|
(2.1)
|
1.2
|
1.9
|
(0.1)
|
|
Effect of acquisitions (%)
|
-
|
0.6
|
-
|
0.2
|
|
Effect of disposals (%)
|
(3.8)
|
(2.8)
|
(2.5)
|
(3.2)
|
|
Effect of currency-related items (%), of which:
|
(1.3)
|
(1.8)
|
1.0
|
(1.1)
|
|
Exchange rates changes (%)
|
(2.5)
|
(5.4)
|
1.0
|
(3.0)
|
|
Extreme price growth in hyperinflationary markets* (%)
|
1.2
|
3.8
|
-
|
2.0
|
|
Underlying sales growth (%)
|
3.1
|
5.4
|
3.5
|
4.0
|
|
Full Year
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
|
2023
|
26,234
|
21,531
|
11,839
|
59,604
|
|
2024
|
25,991
|
22,491
|
12,279
|
60,761
|
|
Turnover growth (%)
|
(0.9)
|
4.5
|
3.7
|
1.9
|
|
Effect of acquisitions (%)
|
-
|
1.0
|
-
|
0.4
|
|
Effect of disposals (%)
|
(1.2)
|
(2.9)
|
(1.2)
|
(1.8)
|
|
Effect of currency-related items (%), of which:
|
(2.7)
|
0.9
|
0.7
|
(0.7)
|
|
Exchange rates changes (%)
|
(4.1)
|
(3.0)
|
0.7
|
(2.8)
|
|
Extreme price growth in hyperinflationary markets* (%)
|
1.5
|
4.0
|
-
|
2.1
|
|
Underlying sales growth (%)
|
3.1
|
5.5
|
4.3
|
4.2
|
*Underlying price growth in excess of 26% per year in
hyperinflationary economies has been excluded when calculating the
underlying sales growth in the tables above, and an equal and
opposite amount is shown as extreme price growth in
hyperinflationary markets.
Turnover growth is made up of distinct individual growth components
namely underlying sales, currency impact, acquisitions and
disposals. Turnover growth is arrived at by multiplying these
individual components on a compounded basis as there is a currency
impact on each of the other components. Accordingly, turnover
growth is more than just the sum of the individual
components.
Underlying price growth (UPG)
Underlying price growth (UPG) is part of USG and means, for the
applicable period, the increase in turnover attributable to changes
in prices during the period. UPG therefore excludes the impact to
USG due to (i) the volume of products sold; and (ii) the
composition of products sold during the period. In determining
changes in price, we exclude the impact of price growth in excess
of 26% per year in hyperinflationary economies as explained in USG
above.
Underlying volume growth (UVG)
Underlying volume growth (UVG) is part of USG and means, for the
applicable period, the increase in turnover in such period
calculated as the sum of (i) the increase in turnover attributable
to the volume of products sold; and (ii) the increase in turnover
attributable to the composition of products sold during such
period. UVG therefore excludes any impact on USG due to changes in
prices.
Non-underlying items
Some of our non-GAAP measures are adjusted to exclude items defined
as non-underlying. Management considers non-underlying items to be
significant, unusual or non-recurring in nature and so believe that
separately identifying them helps users to better understand the
financial performance of the Group from period to
period.
● Non-underlying
items within operating profit are:
gains or losses on business disposals, acquisition and disposal
related costs, restructuring costs, impairments and other approved
one-off items within operating profit classified here due to their
nature and frequency.
● Non-underlying
items not in operating profit but within net
profit are:
net monetary gain/(loss) arising from hyperinflationary economies
and significant and unusual items in net finance cost, share of
profit/(loss) of joint ventures and associates and
taxation.
● Non-underlying
items after tax is
calculated as non-underlying items within operating profit after
tax plus non-underlying items not in operating profit but within
net profit after tax.
Consequently, within underlying operating profit we exclude the
following items:
● Restructuring
costs are
costs that are directly attributable to a restructuring project.
Management define a restructuring project as a strategic, major
initiative that delivers cost savings and materially change either
the scope of the business or the manner in which the business is
conducted.
● Acquisitions
and disposal related costs are
costs that are directly attributable to a business acquisition or
disposal project.
● Impairment of
assets including goodwill, intangible assets and property, plant
and equipment.
● Gains
or losses from the disposal of group companies which
arise from business disposal projects.
● Other
approved one-off items are
those additional matters considered by management to be significant
and outside the course of normal operations.
The breakdown of non-underlying items is shown below:
|
€ million
|
Full
Year
|
|
|
(unaudited)
|
2024
|
2023
|
|
Non-underlying items within operating profit before
tax
|
(1,779)
|
(173)
|
|
Acquisition and disposal-related
costs(a)
|
(387)
|
(242)
|
|
(Loss)/gain disposal of group
companies(b)
|
(406)
|
489
|
|
Restructuring costs(c)
|
(850)
|
(499)
|
|
Impairments(d)
|
(133)
|
(1)
|
|
Other
|
(3)
|
80
|
|
Tax on non-underlying items within operating profit
|
129
|
207
|
|
Non-underlying items within operating profit after tax
|
(1,650)
|
34
|
|
Non-underlying items not in operating profit but within net profit
before tax
|
(155)
|
(153)
|
|
Interest
related to the UK tax audit of intangible income and centralised
services
|
40
|
(11)
|
|
Net
monetary loss arising from hyperinflationary economies
|
(195)
|
(142)
|
|
Tax impact of non-underlying items not in operating profit but
within net profit, including non-underlying tax items
|
90
|
12
|
|
Non-underlying items not in operating profit but within net profit
after tax
|
(65)
|
(141)
|
|
Non-underlying items after tax
|
(1,715)
|
(107)
|
|
Attributable to:
|
|
|
|
Non-controlling
interests
|
21
|
(6)
|
|
Shareholders'
equity
|
(1,736)
|
(101)
|
(a) 2024
includes a charge of €239 million (2023: €104 million)
relating to the revaluation of the minority interest liability of
Nutrafol, €54 million related to the Ice Cream separation,
and €39 million relating to the acquisition of
Yasso.
(b) 2024
net loss arises from the disposals of Russia, Elida Beauty, PureIt,
and Qinyuan. This net loss includes a foreign currency translation
reserve write-off of €545 million. 2023 includes a gain of
€497 million related to the disposal of
Suave.
(c) In
2024, we announced the launch of a company-wide Productivity
programme that would impact around 7,500 jobs and support margin
improvement through specific interventions over its duration. The
majority of the costs incurred that relate to the Productivity
programme were for redundancy and are recognised as restructuring
in line with our policy. The remaining cost comprise technology and
supply chain projects.
(d) 2024
includes an impairment charge of €127 million relating to
Blueair, an air purification business.
Underlying operating profit (UOP) and underlying operating margin
(UOM)
Underlying operating profit and underlying operating margin mean
operating profit and operating margin before the impact of
non-underlying items within operating profit. Underlying operating
profit represents our measure of segment profit or loss as it is
the primary measure used for making decisions about allocating
resources and assessing performance of the segments. The
reconciliation of operating profit to underlying operating profit
is as follows:
|
€ million
|
Full
Year
|
|
|
(unaudited)
|
2024
|
2023
|
|
Operating profit
|
9,400
|
9,758
|
|
Non-underlying items within operating profit
|
1,779
|
173
|
|
Underlying operating profit
|
11,179
|
9,931
|
|
Turnover
|
60,761
|
59,604
|
|
Operating margin (%)
|
15.5
|
16.4
|
|
Underlying operating margin (%)
|
18.4
|
16.7
|
Underlying effective tax rate
The underlying effective tax rate is calculated by dividing
taxation excluding the tax impact of non-underlying items by profit
before tax excluding the impact of non-underlying items and share
of net (profit)/loss of joint ventures and associates. This measure
reflects the underlying tax rate in relation to profit before tax
excluding non-underlying items before tax and share of net
profit/(loss) of joint ventures and associates. Tax impact on
non-underlying items within operating profit is the sum of the tax
on each non-underlying item, based on the applicable country tax
rates and tax treatment. This is shown in the following
table:
|
€ million
|
Full
Year
|
|
|
(unaudited)
|
2024
|
2023
|
|
Taxation
|
2,500
|
2,199
|
|
Tax impact of:
|
|
|
|
Non-underlying
items within operating profit
|
129
|
207
|
|
Non-underlying
items not in operating profit but within net profit
|
90
|
12
|
|
Taxation before tax impact of non-underlying items
|
2,719
|
2,418
|
|
Profit before taxation
|
8,869
|
9,339
|
|
Share of net profit of joint ventures and associates
|
(255)
|
(231)
|
|
Profit before tax excluding share of net profit of joint ventures
and associates
|
8,614
|
9,108
|
|
Non-underlying items within operating profit before
tax
|
1,779
|
173
|
|
Non-underlying items not in operating profit but within net profit
before tax
|
155
|
153
|
|
Profit before tax excluding non-underlying items before tax and
share of net profit of joint ventures and associates
|
10,548
|
9,434
|
|
Effective tax rate (%)
|
29.0
|
24.1
|
|
Underlying effective tax rate (%)
|
25.8
|
25.6
|
Underlying earnings per share
Underlying earnings per share (underlying EPS) is calculated as
underlying profit attributable to shareholders' equity divided by
the diluted average number of ordinary shares. In calculating
underlying profit attributable to shareholders' equity, net profit
attributable to shareholders' equity is adjusted to eliminate the
post-tax impact of non-underlying items. This measure reflects the
underlying earnings for each share unit of the Group. Refer to note
6 for reconciliation of net profit attributable to shareholders'
equity to underlying profit attributable to shareholders'
equity.
The reconciliation of net profit attributable to shareholders'
equity to underlying profit attributable to shareholders' equity is
as follows:
|
€ million
|
Full
Year
|
|
|
(unaudited)
|
2024
|
2023
|
|
Net profit
|
6,369
|
7,140
|
|
Non-controlling interest
|
(625)
|
(653)
|
|
Net profit attributable to shareholders' equity - used for basic
and diluted earnings per share
|
5,744
|
6,487
|
|
Post-tax impact of non-underlying items attributable to
shareholders' equity
|
1,736
|
101
|
|
Underlying profit attributable to shareholders' equity - used for
basic and diluted earnings per share
|
7,480
|
6,588
|
|
Adjusted average number of shares (millions of share
units)
|
2,507.1
|
2,532.4
|
|
Diluted EPS (€)
|
2.29
|
2.56
|
|
Underlying EPS - diluted (€)
|
2.98
|
2.60
|
Constant underlying EPS
Constant underlying earnings per share (constant underlying EPS) is
calculated as underlying profit attributable to shareholders'
equity at constant exchange rates and excluding the impact of both
translational hedges and price growth in excess of 26% per year in
hyperinflationary economies divided by the diluted average number
of ordinary shares. This measure reflects the underlying earnings
for each share unit of the Group in constant exchange
rates.
The reconciliation of underlying profit attributable to
shareholders' equity to constant underlying earnings attributable
to shareholders' equity and the calculation of constant underlying
EPS is as follows:
|
€ million
|
Full
Year
|
|
|
(unaudited)
|
2024
|
2023
|
|
Underlying profit attributable to shareholders' equity
|
7,480
|
6,588
|
|
Impact of translation from current to constant exchange rates and
translational hedges
|
272
|
(45)
|
|
Impact of price growth in excess of 26% per year in
hyperinflationary economies
|
(274)
|
-
|
|
Constant underlying earnings attributable to shareholders'
equity
|
7,478
|
6,543
|
|
Diluted average number of share units (millions of
units)
|
2,507.1
|
2,532.4
|
|
Constant underlying EPS (€)
|
2.98
|
2.58
|
Net debt
Net debt is a measure that provides valuable additional information
on the summary presentation of the Group's net financial
liabilities and is a measure in common use elsewhere. Net debt is
defined as the excess of total financial liabilities, excluding
trade payables and other current liabilities, over cash, cash
equivalents and other current financial assets, excluding trade and
other current receivables, and non-current financial asset
derivatives that relate to financial liabilities.
The reconciliation of total financial liabilities to net debt is as
follows:
|
€ million
|
Full
Year
|
|
|
(unaudited)
|
2024
|
2023
|
|
Total financial liabilities
|
(32,053)
|
(29,622)
|
|
Current
financial liabilities
|
(6,987)
|
(5,087)
|
|
Non-current
financial liabilities
|
(25,066)
|
(24,535)
|
|
Cash and cash equivalents as per balance sheet
|
6,136
|
4,159
|
|
Cash
and cash equivalents as per cash flow statement
|
5,950
|
4,045
|
|
Add:
bank overdrafts deducted therein
|
180
|
116
|
|
Less:
cash and cash equivalents held for sale
|
6
|
(2)
|
|
Other current financial assets
|
1,330
|
1,731
|
|
Non-current financial asset derivatives that relate to financial
liabilities
|
68
|
75
|
|
Net debt
|
(24,519)
|
(23,657)
|
Underlying earnings before interest, taxation, depreciation and
amortisation (UEBITDA)
Underlying earnings before interest, taxation, depreciation and
amortisation means operating profit before the impact of
depreciation, amortisation and non-underlying items within
operating profit. We only use UEBITDA to assess our leverage level,
which is expressed as net debt to UEBITDA. The reconciliation of
operating profit to UEBITDA is as follows:
|
€ million
|
Full
Year
|
|
|
(unaudited)
|
2024
|
2023
|
|
Net profit
|
6,369
|
7,140
|
|
Net finance costs
|
604
|
486
|
|
Net monetary loss arising from hyperinflationary
economies
|
195
|
142
|
|
Share of net profit of joint ventures and associates
|
(255)
|
(231)
|
|
Other (income)/loss from non-current investments and
associates
|
(13)
|
22
|
|
Taxation
|
2,500
|
2,199
|
|
Operating profit
|
9,400
|
9,758
|
|
Depreciation and amortisation
|
1,624
|
1,578
|
|
Earnings before interest, taxes, depreciation and amortisation
(EBITDA)
|
11,024
|
11,336
|
|
Non-underlying items within operating profit
|
1,779
|
173
|
|
Underlying earnings before interest, taxes, depreciation and
amortisation (UEBITDA)
|
12,803
|
11,509
|
Free cash flow (FCF)
Within the Unilever Group, free cash flow (FCF) is defined as cash
flow from operating activities, less income taxes paid, net capital
expenditure and net interest payments. It does not represent
residual cash flows entirely available for discretionary purposes;
for example, the repayment of principal amounts borrowed is not
deducted from FCF. FCF reflects an additional way of viewing our
liquidity that we believe is useful to investors because it
represents cash flows that could be used for distribution of
dividends, repayment of debt or to fund our strategic initiatives,
including acquisitions, if any.
The reconciliation of cash flow from operating activities to FCF is
as follows:
|
€ million
|
Full
Year
|
|
|
(unaudited)
|
2024
|
2023
|
|
Cash flow from operating activities
|
12,144
|
11,561
|
|
Income tax paid
|
(2,625)
|
(2,135)
|
|
Net capital expenditure
|
(1,934)
|
(1,703)
|
|
Net interest paid
|
(653)
|
(632)
|
|
Free cash flow
|
6,932
|
7,091
|
|
Net cash flow (used in)/from investing activities
|
(625)
|
(2,294)
|
|
Net cash flow used in financing activities
|
(6,941)
|
(7,193)
|
Cash conversion
Unilever defines cash conversion as free cash flow excluding tax on
disposal as a proportion of net profit, excluding gain/loss on
disposal and income from JV, associates and non-current
investments. This reflects our ability to convert profit to
cash.
|
€ million
|
Full
Year
|
|
|
(unaudited)
|
2024
|
2023
|
|
Net profit
|
6,369
|
7,140
|
|
Loss/(gain) on disposal of group companies
|
406
|
(489)
|
|
Share of net profit of joint ventures and associates
|
(255)
|
(231)
|
|
Other (income)/loss from non-current investments and
associates
|
(13)
|
22
|
|
Tax on gain on disposal of group companies
|
140
|
(69)
|
|
Net profit excluding P&L on disposals, JV, associates,
NCI
|
6,647
|
6,373
|
|
Cash flow from operating activities
|
12,144
|
11,561
|
|
Free cash flow
|
6,932
|
7,091
|
|
Cash impact of tax on disposal
|
111
|
14
|
|
Free cash flow excluding cash impact of tax on
disposal
|
7,043
|
7,105
|
|
Cash conversion from operating activities (%)
|
191
|
162
|
|
Cash conversion (%)
|
106
|
111
|
Underlying return on invested capital (ROIC)
Underlying return on invested capital (ROIC) is a measure of the
return generated on capital invested by the Group. The measure
provides a guard rail for long-term value creation and encourages
compounding reinvestment within the business and discipline around
acquisitions with low returns and long payback. Underlying ROIC is
calculated as underlying operating profit after tax divided by the
annual average of: goodwill, intangible assets, property, plant and
equipment, net assets held for sale, inventories, trade and other
current receivables, and trade payables and other current
liabilities.
|
€
million
|
Full
Year
|
|
|
(unaudited)
|
2024
|
2023
|
|
Operating profit
|
9,400
|
9,758
|
|
Tax on operating profit(a)
|
(2,726)
|
(2,352)
|
|
Operating profit after tax
|
6,674
|
7,406
|
|
|
|
|
|
Operating profit
|
9,400
|
9,758
|
|
Non-underlying items within operating profit
|
1,779
|
173
|
|
Underlying operating profit before tax
|
11,179
|
9,931
|
|
Tax on underlying operating profit(b)
|
(2,882)
|
(2,545)
|
|
Underlying operating profit after tax
|
8,297
|
7,386
|
|
Goodwill
|
22,311
|
21,109
|
|
Intangible assets
|
18,590
|
18,357
|
|
Property, plant and equipment
|
11,669
|
10,707
|
|
Net assets held for sale
|
119
|
516
|
|
Inventories
|
5,177
|
5,119
|
|
Trade and other current receivables
|
6,011
|
5,775
|
|
Trade payables and other current liabilities
|
(16,690)
|
(16,857)
|
|
Period-end invested capital
|
47,187
|
44,726
|
|
Average invested capital for the period
|
45,957
|
45,487
|
|
Return on invested capital (%)
|
14.5
|
16.3
|
|
Underlying return on invested capital (%)
|
18.1
|
16.2
|
(a) Tax
on operating profit is calculated as operating profit before tax
multiplied by the effective tax rate of 29.0% (2023: 24.1%) which
is shown on note 4.
(b) Tax
on underlying operating profit is calculated as underlying
operating profit before tax multiplied by the underlying effective
tax rate of 25.8% (2023: 25.6%) which is shown on
page 16.
|
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, concerning
the financial condition, results of operations and businesses of
the Unilever Group (the 'Group'). All statements other than
statements of historical fact are, or may be deemed to be,
forward-looking statements. Words and terminology such as 'will',
'aim', 'expects', 'anticipates', 'intends', 'looks', 'believes',
'vision', 'ambition', 'target', 'goal', 'plan', 'potential', 'work
towards', 'may', 'milestone', 'objectives', 'outlook', 'probably',
'project', 'risk', 'seek', 'continue', 'projected', 'estimate',
'achieve' or the negative of these terms, and other similar
expressions of future performance, results, actions or events, and
their negatives, are intended to identify such forward-looking
statements. Forward-looking statements also include, but are not
limited to, statements and information regarding Unilever's
acceleration of its Growth Action Plan, Unilever's portfolio
optimisation towards global or scalable brands, the capabilities
and potential of such brands, the various aspects of the separation
of Ice Cream and its future operational model, strategy, growth
potential, performance and returns, Unilever's productivity
programme, its impacts and cost savings over the next three years
and operation dis-synergies from the separation of Ice Cream, the
Group's emissions reduction targets and other climate change
related matters (including actions, potential impacts and risks
associated therewith). Forward-looking statements can be made in
writing but also may be made verbally by directors, officers and
employees of the Group (including during management presentations)
in connection with this announcement. These forward-looking
statements are based upon current beliefs, expectations and
assumptions regarding anticipated developments and other factors
affecting the Group. They are not historical facts, nor are they
guarantees of future performance or outcomes. All forward-looking
statements contained in this announcement are expressly qualified
in their entirety by the cautionary statements contained or
referred to in this section. Readers should not place undue
reliance on forward-looking statements.
Because these forward-looking statements involve known and unknown
risks and uncertainties, a number of which may be beyond the
Group's control, there are important factors that could cause
actual results to differ materially from those expressed or implied
by these forward-looking statements. Among other risks and
uncertainties, the material or principal factors which could cause
actual results to differ materially from the forward-looking
statements expressed in this announcement are: Unilever's ability
to successfully separate Ice Cream and realise the anticipated
benefits of the separation; Unilever's ability to successfully
execute and consummate its productivity programme in line with
expected costs to achieve expected savings; Unilever's global
brands not meeting consumer preferences; Unilever's ability to
innovate and remain competitive; Unilever's investment choices in
its portfolio management; the effect of climate change on
Unilever's business; Unilever's ability to find sustainable
solutions to its plastic packaging; significant changes or
deterioration in customer relationships; the recruitment and
retention of talented employees; disruptions in Unilever's supply
chain and distribution; increases or volatility in the cost of raw
materials and commodities; the production of safe and high quality
products; secure and reliable IT infrastructure; execution of
acquisitions, divestitures and business transformation projects;
economic, social and political risks and natural disasters;
financial risks; failure to meet high and ethical standards; and
managing regulatory, tax and legal matters.
The forward-looking statements speak only as of the date of this
announcement. Except as required by any applicable law or
regulation, the Group expressly disclaims any intention, obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Group's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based. New risks and uncertainties arise over time, and it is not
possible for us to predict those events or how they may affect us.
In addition, we cannot assess the impact of each factor on our
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements.
Further details of potential risks and uncertainties affecting the
Group are described in the Group's filings with the London Stock
Exchange, Euronext Amsterdam and the US Securities and Exchange
Commission, including in the Annual Report on Form 20-F 2023 and
the Unilever Annual Report and Accounts 2023.
|
Enquiries
|
|
Media: Media Relations Team
|
Investors: Investor
Relations Team
|
|||
|
UK
|
+44 78 2527 3767
|
press-office.london@unilever.com
|
investor.relations@unilever.com
|
|
|
or
|
+44 77 7999 9683
|
jonathan.sibun@teneo.com
|
|
|
|
NL
|
+31 62 191 3705
|
kiran.hofker@unilever.com
|
|
|
|
or
|
+31 61 500 8293
|
fleur-van.bruggen@unilever.com
|
|
|
After the conference call on 13 February 2025 at 8:00 AM (UK time),
the webcast of the presentation will be available
at www.unilever.com/investor-relations/results-and-presentations/latest-results.
This Results Presentation has been submitted to the FCA National
Storage Mechanism and is available for inspection
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
|
Consolidated income statement
|
|
€ million
|
Full
Year
|
||
|
(unaudited)
|
2024
|
2023
|
Change
|
|
Turnover
|
60,761
|
59,604
|
1.9%
|
|
Operating profit
|
9,400
|
9,758
|
(3.7)%
|
|
Net finance costs
|
(604)
|
(486)
|
|
|
Pensions
and similar obligations
|
71
|
110
|
|
|
Finance
income
|
438
|
442
|
|
|
Finance
costs
|
(1,113)
|
(1,038)
|
|
|
Net monetary loss arising from hyperinflationary
economies
|
(195)
|
(142)
|
|
|
Share of net profit of joint ventures and associates
|
255
|
231
|
|
|
Other income/(loss) from non-current investments and
associates
|
13
|
(22)
|
|
|
Profit before taxation
|
8,869
|
9,339
|
(5.0)%
|
|
Taxation
|
(2,500)
|
(2,199)
|
|
|
Net profit
|
6,369
|
7,140
|
(10.8)%
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Non-controlling
interests
|
625
|
653
|
|
|
Shareholders'
equity
|
5,744
|
6,487
|
(11.5)%
|
|
Earnings per share
|
|
|
|
|
Basic earnings per share (euros)
|
2.30
|
2.58
|
(10.6)%
|
|
Diluted earnings per share (euros)
|
2.29
|
2.56
|
(10.6)%
|
|
Consolidated statement of comprehensive income
|
|
€ million
|
Full
Year
|
|
|
(unaudited)
|
2024
|
2023
|
|
Net profit
|
6,369
|
7,140
|
|
Other comprehensive income
|
|
|
|
Items that will not be reclassified to profit or loss, net of
tax:
|
|
|
|
Gains/(losses)
on equity instruments measured at fair value through other
comprehensive income
|
60
|
(28)
|
|
Remeasurement
of defined benefit pension plans
|
264
|
(510)
|
|
Items that may be reclassified subsequently to profit or loss, net
of tax:
|
|
|
|
Gains/(losses)
on cash flow hedges
|
210
|
(27)
|
|
Currency
retranslation gains/(losses)
|
1,389
|
(1,461)
|
|
Total comprehensive income
|
8,292
|
5,114
|
|
|
|
|
|
Attributable to:
|
|
|
|
Non-controlling interests
|
712
|
524
|
|
Shareholders' equity
|
7,580
|
4,590
|
|
Consolidated statement of changes in equity
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
€ million
|
Called
up
share
capital
|
Share
premium
account
|
Unification
reserve
|
Other
reserves
|
Retained
profit
|
Total
|
Non-
controlling
interest
|
Total
equity
|
|
1 January 2023
|
92
|
52,844
|
(73,364)
|
(10,804)
|
50,253
|
19,021
|
2,680
|
21,701
|
|
Profit or loss for the period
|
-
|
-
|
-
|
-
|
6,487
|
6,487
|
653
|
7,140
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
Losses on:
|
|
|
|
|
|
|
|
|
|
Equity
instruments
|
-
|
-
|
-
|
(27)
|
-
|
(27)
|
(1)
|
(28)
|
|
Cash
flow hedges
|
-
|
-
|
-
|
(27)
|
-
|
(27)
|
-
|
(27)
|
|
Remeasurements of defined benefit pension plans
|
-
|
-
|
-
|
-
|
(508)
|
(508)
|
(2)
|
(510)
|
|
Currency retranslation (losses)/gains(a)
|
-
|
-
|
-
|
(1,629)
|
294
|
(1,335)
|
(126)
|
(1,461)
|
|
Total comprehensive income
|
-
|
-
|
-
|
(1,683)
|
6,273
|
4,590
|
524
|
5,114
|
|
Dividends on ordinary capital
|
-
|
-
|
-
|
-
|
(4,327)
|
(4,327)
|
-
|
(4,327)
|
|
Cancellation of treasury shares(b)
|
(4)
|
-
|
-
|
5,282
|
(5,278)
|
-
|
-
|
-
|
|
Repurchase of shares(c)
|
-
|
-
|
-
|
(1,507)
|
-
|
(1,507)
|
-
|
(1,507)
|
|
Movements in treasury shares(d)
|
-
|
-
|
-
|
75
|
(98)
|
(23)
|
-
|
(23)
|
|
Share-based payment credit(e)
|
-
|
-
|
-
|
-
|
212
|
212
|
-
|
212
|
|
Dividends paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(521)
|
(521)
|
|
Hedging (gain)/loss transferred to non-financial
assets
|
-
|
-
|
-
|
117
|
-
|
117
|
-
|
117
|
|
Other movements in equity
|
-
|
-
|
-
|
2
|
17
|
19
|
(21)
|
(2)
|
|
31 December 2023
|
88
|
52,844
|
(73,364)
|
(8,518)
|
47,052
|
18,102
|
2,662
|
20,764
|
|
Profit or loss for the period
|
-
|
-
|
-
|
-
|
5,744
|
5,744
|
625
|
6,369
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
Gains on:
|
|
|
|
|
|
|
|
|
|
Equity
instruments
|
-
|
-
|
-
|
60
|
-
|
60
|
-
|
60
|
|
Cash
flow hedges
|
-
|
-
|
-
|
210
|
-
|
210
|
-
|
210
|
|
Remeasurements of defined benefit pension plans
|
-
|
-
|
-
|
-
|
269
|
269
|
(5)
|
264
|
|
Currency retranslation gains(a)
|
-
|
-
|
-
|
406
|
891
|
1,297
|
92
|
1,389
|
|
Total comprehensive income
|
-
|
-
|
-
|
676
|
6,904
|
7,580
|
712
|
8,292
|
|
Dividends on ordinary capital
|
-
|
-
|
-
|
-
|
(4,320)
|
(4,320)
|
-
|
(4,320)
|
|
Cancellation of treasury shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Repurchase of shares(c)
|
-
|
-
|
-
|
(1,508)
|
-
|
(1,508)
|
-
|
(1,508)
|
|
Movements in treasury shares(d)
|
-
|
-
|
-
|
25
|
(120)
|
(95)
|
-
|
(95)
|
|
Share-based payment credit(e)
|
-
|
-
|
-
|
-
|
324
|
324
|
-
|
324
|
|
Dividends paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(712)
|
(712)
|
|
Hedging (gain)/loss transferred to non-financial
assets
|
-
|
-
|
-
|
(54)
|
-
|
(54)
|
-
|
(54)
|
|
Other movements in equity
|
-
|
-
|
-
|
80
|
(119)
|
(39)
|
(97)
|
(136)
|
|
31 December 2024
|
88
|
52,844
|
(73,364)
|
(9,299)
|
49,721
|
19,990
|
2,565
|
22,555
|
(a) Includes
a hyperinflation adjustment of €880 million
(2023: €308
million) in relation to Argentina and Turkey.
(b) During
2023, 112,746,434 PLC ordinary shares held as treasury shares were
cancelled. The amount paid to repurchase these shares was initially
recognised in other reserves and is transferred to retained profit
on cancellation.
(c) Repurchase
of shares reflects the cost of acquiring ordinary shares as part of
the share buyback programmes announced on 10 February 2022 and 8
February 2024.
(d) Includes
purchases and sales of treasury shares, other than the share
buyback programme and the transfer from treasury shares to retained
profit of share-settled schemes arising from prior years and
differences between purchase and grant price of share
awards.
(e) 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.
|
Consolidated balance sheet
|
|
(unaudited)
|
|
|
|
€ million
|
As
at 31
December
2024
|
As
at 31
December
2023
|
|
Non-current assets
|
|
|
|
Goodwill
|
22,311
|
21,109
|
|
Intangible assets
|
18,590
|
18,357
|
|
Property, plant and equipment
|
11,669
|
10,707
|
|
Pension asset for funded schemes in surplus
|
4,164
|
3,781
|
|
Deferred tax assets
|
1,280
|
1,113
|
|
Financial assets
|
1,571
|
1,386
|
|
Other non-current assets
|
971
|
911
|
|
|
60,556
|
57,364
|
|
Current assets
|
|
|
|
Inventories
|
5,177
|
5,119
|
|
Trade and other current receivables
|
6,011
|
5,775
|
|
Current tax assets
|
373
|
427
|
|
Cash and cash equivalents
|
6,136
|
4,159
|
|
Other financial assets
|
1,330
|
1,731
|
|
Assets held for sale
|
167
|
691
|
|
|
19,194
|
17,902
|
|
|
|
|
|
Total assets
|
79,750
|
75,266
|
|
|
|
|
|
Current liabilities
|
|
|
|
Financial liabilities
|
6,987
|
5,087
|
|
Trade payables and other current liabilities
|
16,690
|
16,857
|
|
Current tax liabilities
|
678
|
851
|
|
Provisions
|
831
|
537
|
|
Liabilities held for sale
|
48
|
175
|
|
|
25,234
|
23,507
|
|
Non-current liabilities
|
|
|
|
Financial liabilities
|
25,066
|
24,535
|
|
Non-current tax liabilities
|
585
|
384
|
|
Pensions and post-retirement healthcare liabilities:
|
|
|
|
Funded
schemes in deficit
|
173
|
351
|
|
Unfunded
schemes
|
1,021
|
1,029
|
|
Provisions
|
571
|
563
|
|
Deferred tax liabilities
|
4,342
|
3,995
|
|
Other non-current liabilities
|
203
|
138
|
|
|
31,961
|
30,995
|
|
|
|
|
|
Total liabilities
|
57,195
|
54,502
|
|
|
|
|
|
Equity
|
|
|
|
Shareholders' equity
|
19,990
|
18,102
|
|
Non-controlling interests
|
2,565
|
2,662
|
|
Total equity
|
22,555
|
20,764
|
|
|
|
|
|
Total liabilities and equity
|
79,750
|
75,266
|
|
Consolidated cash flow statement
|
|
(unaudited)
|
Full
Year
|
|
|
€ million
|
2024
|
2023
|
|
Net profit
|
6,369
|
7,140
|
|
Taxation
|
2,500
|
2,199
|
|
Share of net profit of joint ventures/associates and other
(income)/loss from non-current investments and
associates
|
(268)
|
(209)
|
|
Net monetary loss arising from hyperinflationary
economies
|
195
|
142
|
|
Net finance costs
|
604
|
486
|
|
Operating profit
|
9,400
|
9,758
|
|
|
|
|
|
Depreciation, amortisation and impairment
|
1,757
|
1,579
|
|
Changes in working capital
|
(160)
|
814
|
|
Inventories
|
(198)
|
340
|
|
Trade
and other receivables
|
(206)
|
768
|
|
Trade
payables and other liabilities
|
244
|
(294)
|
|
Pensions and similar obligations less payments
|
(88)
|
(281)
|
|
Provisions less payments
|
330
|
(185)
|
|
Elimination of loss/(profits) on disposals
|
436
|
(433)
|
|
Non-cash charge for share-based compensation
|
324
|
212
|
|
Other adjustments
|
145
|
97
|
|
Cash flow from operating activities
|
12,144
|
11,561
|
|
Income tax paid
|
(2,625)
|
(2,135)
|
|
Net cash flow from operating activities
|
9,519
|
9,426
|
|
|
|
|
|
Interest received
|
432
|
267
|
|
Purchase of intangible assets
|
(233)
|
(243)
|
|
Purchase of property, plant and equipment
|
(1,738)
|
(1,502)
|
|
Disposal of property, plant and equipment
|
37
|
42
|
|
Acquisition of businesses and investments in joint ventures and
associates
|
(795)
|
(704)
|
|
Disposal of businesses, joint ventures and associates
|
985
|
436
|
|
Acquisition of other non-current investments
|
(166)
|
(533)
|
|
Disposal of other non-current investments
|
59
|
62
|
|
Dividends from joint ventures, associates and other non-current
investments
|
261
|
239
|
|
Sale/(purchase) of financial assets
|
533
|
(358)
|
|
Net cash flow used in investing activities
|
(625)
|
(2,294)
|
|
|
|
|
|
Dividends paid on ordinary share capital
|
(4,319)
|
(4,363)
|
|
Interest paid
|
(1,085)
|
(899)
|
|
Net change in short-term borrowings
|
643
|
(570)
|
|
Additional financial liabilities
|
4,741
|
4,972
|
|
Repayment of financial liabilities
|
(4,306)
|
(3,905)
|
|
Capital element of lease rental payments
|
(381)
|
(394)
|
|
Repurchase of shares
|
(1,508)
|
(1,507)
|
|
Other financing activities
|
(726)
|
(527)
|
|
Net cash flow used in financing activities
|
(6,941)
|
(7,193)
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents
|
1,953
|
(61)
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the
period
|
4,045
|
4,225
|
|
|
|
|
|
Effect of foreign exchange rate changes
|
(48)
|
(119)
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
5,950
|
4,045
|
|
Notes to the condensed consolidated financial
statements
|
(unaudited)
|
1.
Accounting information and policies
|
Except as set out below the accounting policies and methods of
computation are consistent with the year ended 31 December 2023. In
conformity with the requirements of the Companies Act 2006, the
condensed consolidated preliminary financial statements have been
prepared based on the International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standard Board
(IASB) and UK-adopted international accounting
standards.
The condensed consolidated financial statements are shown at
current exchange rates, and percentage year-on-year changes are
shown to facilitate comparison. The consolidated income statement
on page 21,
the consolidated statement of comprehensive income on
page 21,
the consolidated statement of changes in equity on
page 22 and
the consolidated cash flow statement on page 24 are
translated at exchange rates current in each period. The balance
sheet on page 23 is
translated at period-end rates of exchange.
The condensed consolidated financial statements attached do not
constitute the full financial statements within the meaning of
Section 434 of the UK Companies Act 2006, which will be finalised
and delivered to the Registrar of Companies in due course. Full
accounts for Unilever for the year ended 31 December 2023 have been
delivered to the Registrar of Companies; the auditors' reports on
these accounts were unqualified, did not include a reference to any
matters by way of emphasis and did not contain a statement under
Section 498 (2) or Section 498 (3) of the UK Companies Act
2006.
Accounting developments adopted by the Group
On 1 January 2024, the Group adopted the amendments to IAS 7 and
IFRS 7 "Supplier Finance Arrangements". The amendments introduce
additional disclosure requirements for companies that enter
supplier finance arrangements. This will be disclosed in the
financial statements for the year ended 31 December
2024.
All other new standards or amendments issued by the IASB and UK
Endorsement Board that were effective by 1 January 2024, were
either not applicable or not material to the Group.
|
2.
Segment information - Business Groups
|
|
Fourth Quarter
|
Personal
Care
|
Home
Care
|
Foods
|
Ice
Cream
|
Total
|
|
|
Turnover (€ million)
|
|
|
|
|
|
|
|
2023
|
3,181
|
3,404
|
2,974
|
3,416
|
1,202
|
14,177
|
|
2024
|
3,310
|
3,235
|
2,960
|
3,434
|
1,223
|
14,162
|
|
Change (%)
|
4.1
|
(5.0)
|
(0.5)
|
0.5
|
1.8
|
(0.1)
|
|
Full Year
|
Beauty
&
Wellbeing
|
Personal
Care
|
Home
Care
|
Foods
|
Ice
Cream
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
|
|
2023
|
12,466
|
13,829
|
12,181
|
13,204
|
7,924
|
59,604
|
|
2024
|
13,157
|
13,618
|
12,352
|
13,352
|
8,282
|
60,761
|
|
Change (%)
|
5.5
|
(1.5)
|
1.4
|
1.1
|
4.5
|
1.9
|
|
|
|
|
|
|
|
|
|
Operating profit (€ million)
|
|
|
|
|
|
|
|
2023
|
2,209
|
2,957
|
1,419
|
2,413
|
760
|
9,758
|
|
2024
|
1,970
|
2,739
|
1,521
|
2,599
|
571
|
9,400
|
|
Underlying operating profit (€ million)
|
|
|
|
|
|
|
|
2023
|
2,331
|
2,792
|
1,496
|
2,460
|
852
|
9,931
|
|
2024
|
2,552
|
3,014
|
1,785
|
2,847
|
981
|
11,179
|
Underlying operating profit represents our measure of segment
profit or loss as it is the primary measure used for the purpose of
making decisions about allocating resources and assessing
performance of segments. Underlying operating margin is calculated
as underlying operating profit divided by turnover.
|
3.
Segment information - Geographical area
|
|
Fourth Quarter
|
Asia
Pacific
Africa
|
The
Americas
|
Europe
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
2023
|
6,119
|
5,388
|
2,670
|
14,177
|
|
2024
|
5,988
|
5,453
|
2,721
|
14,162
|
|
Change (%)
|
(2.1)
|
1.2
|
1.9
|
(0.1)
|
|
Full Year
|
Asia
Pacific
Africa
|
The
Americas
|
Europe
|
Total
|
|
Turnover (€ million)
|
|
|
|
|
|
2023
|
26,234
|
21,531
|
11,839
|
59,604
|
|
2024
|
25,991
|
22,491
|
12,279
|
60,761
|
|
Change (%)
|
(0.9)
|
4.5
|
3.7
|
1.9
|
|
4.
Taxation
|
The effective tax rate for 2024 is 29.0% compared with 24.1% in
2023. For 2024 there is an adverse impact arising from disposals
whereas in 2023 there was a benefit.
|
5.
Earnings per share
|
The earnings per share calculations are based on the average number
of share units representing the ordinary shares of PLC in issue
during the period, less the average number of shares held as
treasury shares.
In calculating diluted earnings per share, a number of adjustments
are made to the number of shares, principally the exercise of share
plans by employees.
Earnings per share for total operations for the twelve months were
calculated as follows:
|
|
Full
Year
|
|
|
|
2024
|
2023
|
|
EPS - Basic
|
|
|
|
Net profit attributable to shareholders' equity (€
million)
|
5,744
|
6,487
|
|
Average number of shares (millions of share units)
|
2,492.6
|
2,515.9
|
|
EPS - basic (€)
|
2.30
|
2.58
|
|
|
|
|
|
EPS - Diluted
|
|
|
|
Net profit attributable to shareholders' equity (€
million)
|
5,744
|
6,487
|
|
Adjusted average number of shares (millions of share
units)
|
2,507.1
|
2,532.4
|
|
EPS - diluted (€)
|
2.29
|
2.56
|
During the period the following movements in shares have taken
place:
|
|
Millions
|
|
Number of shares at 31 December 2023 (net of treasury
shares)
|
2,499.0
|
|
Shares repurchased under the share buyback programme
|
(27.4)
|
|
Net movements in shares under incentive schemes
|
4.0
|
|
Number of shares at 31 December 2024 (net of treasury
shares)
|
2,475.6
|
|
6.
Acquisitions and disposals
|
In 2024, the Group completed the business acquisitions and
disposals as listed below.
|
Deal completion date
|
Acquired/disposed business
|
|
1 February 2024
|
Acquired 91.88% of K18, a U.S. based premium hair care brand. The
acquisition complements Unilever's existing Beauty and Wellbeing
portfolio, with a range of high-quality, hair care
products.
|
|
1 June 2024
|
Sold Elida Beauty to Yellow Wood Partners LLC. Elida Beauty
comprises more than 20 beauty and personal care brands, such as
Q-Tips, Caress, Timotei and TIGI.
|
|
1 August 2024
|
Sold Qinyuan Group (also known as "Truliva") to Yong Chao Venture
Capital Co., Ltd. Qinyuan Group offers a range of water
purification solutions to households in China.
|
|
8 October 2024
|
Sold the Russian subsidiary to Arnest Group. The sale includes all
of Unilever's business in Russia and its four factories in the
country, along with our business in Belarus.
|
|
1 November 2024
|
Sold Pureit to A.O. Smith. Pureit offers a range of water
purification solutions across India, Bangladesh, Sri Lanka, Vietnam
and Mexico, among others.
|
On 22 January 2025, Hindustan Unilever Limited announced it has
signed an agreement to acquire Minimalist, a premium actives-led
beauty brand in India. The transaction is expected to be completed
by Q2 2025.
Acquisitions
The net consideration for acquisitions in 2024 is €616
million (2023: €675 million for acquisitions completed during
that year).
Effect on consolidated income statement
If the acquisition deals completed in 2024 had all taken place at
the beginning of the year, Group turnover would have been
€60,772 million, and Group operating profit would have been
€9,402 million.
Effect on consolidated balance sheet
The following table summarises the consideration and net assets
acquired in 2024. The fair values currently used for opening
balances are provisional. These balances remain provisional due to
there being outstanding relevant information in regard to facts and
circumstances that existed as of the acquisition date and/or where
valuation work is still ongoing.
|
€ million
|
Total
2024
|
|
Intangible assets
|
382
|
|
Other non-current assets
|
14
|
|
Trade and other receivables
|
15
|
|
Other current assets
|
36
|
|
Non-current liabilities(a)
|
(99)
|
|
Current liabilities
|
(15)
|
|
Net assets acquired
|
333
|
|
Non-controlling interest
|
(27)
|
|
Goodwill
|
310
|
|
Total consideration
|
616
|
|
Of which:
|
|
|
Cash
consideration paid
|
616
|
|
Deferred
consideration
|
-
|
(a) Non-current
liabilities include deferred tax of €99
million.
Disposals
Total consideration for 2024 disposals is €1,396 million
(2023: €578 million for disposals completed during that
year). The following table sets out the effect of the disposals in
2024 and comparative year on the consolidated balance sheet. The
results of disposed businesses are included in the consolidated
financial statements up until their date of disposal.
|
€ million
|
2024
|
2023
|
|
Goodwill and intangible assets(a)
|
1,107
|
56
|
|
Other non-current assets
|
218
|
55
|
|
Current assets(b)
|
700
|
108
|
|
Liabilities(c)
|
(683)
|
(144)
|
|
Net assets sold
|
1,342
|
75
|
|
Loss on recycling of currency retranslation on
disposal
|
545
|
14
|
|
Non-controlling interest
|
(85)
|
-
|
|
Profit/(loss) on sale attributable to Unilever
|
(406)
|
489
|
|
Consideration
|
1,396
|
578
|
|
Of which:
|
|
|
|
Cash(d)
|
1,299
|
477
|
|
Non-cash
items and deferred consideration
|
97
|
101
|
(a) 2024
includes intangibles of €984 million relating to the
disposals of the Elida Beauty, Russia and Truliva
businesses.
(b) 2024
includes inventories of €126 million, cash of €324
million and trade receivables of €215
million.
(c) 2024
includes €431 million of trade payables.
(d) 2024
includes €324 million related to cash balances of businesses
sold.
|
7.
Share buyback
|
On the 8 February 2024, we announced a share buyback programme for
an aggregate market value equivalent of up to €1.5 billion.
As at 31 December 2024 the Group repurchased 27,368,909 ordinary
shares for €1.5 billion, which will be held as Treasury stock
until cancellation.
|
8.
Financial instruments
|
The Group's Treasury function aims to protect the Group's financial
investments, while maximising returns. The fair value of financial
assets is the same as the carrying amount for 2024 and 2023. The
Group's cash resources and
other financial assets are shown below.
|
|
31
December 2024
|
31
December 2023
|
||||
|
€ million
|
Current
|
Non-current
|
Total
|
Current
|
Non-current
|
Total
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
Cash
at bank and in hand
|
3,241
|
-
|
3,241
|
2,862
|
-
|
2,862
|
|
Short-term deposits(a)
|
2,436
|
-
|
2,436
|
1,181
|
-
|
1,181
|
|
Other cash equivalents(b)
|
459
|
-
|
459
|
116
|
-
|
116
|
|
|
6,136
|
-
|
6,136
|
4,159
|
-
|
4,159
|
|
Other financial assets
|
|
|
|
|
|
|
|
Financial assets at amortised
cost(c)
|
736
|
526
|
1,262
|
961
|
454
|
1,415
|
|
Financial assets at fair value through other
comprehensive income(d)
|
-
|
600
|
600
|
151
|
458
|
609
|
|
Financial
assets at fair value through profit or loss:
|
|
|
|
|
|
|
|
Derivatives
|
149
|
68
|
217
|
37
|
75
|
112
|
|
Other(e)
|
445
|
377
|
822
|
582
|
399
|
981
|
|
|
1,330
|
1,571
|
2,901
|
1,731
|
1,386
|
3,117
|
|
Total financial assets(f)
|
7,466
|
1,571
|
9,037
|
5,890
|
1,386
|
7,276
|
(a) Short-term
deposits typically have a maturity of up to 3
months.
(b) Other
cash equivalents include investments in overnight funds and
marketable securities.
(c) Current
financial assets at amortised cost include short term deposits with
banks with maturities longer than three months excluding deposits
which are part of a recognised cash management process, fixed
income securities and loans to joint venture entities. Non-current
financial assets at amortised cost include judicial deposits of
€196 million (2023: €227 million).
(d) Included
within non-current financial assets at fair value through other
comprehensive income are equity investments.
(e) Other
financial assets at fair value through profit or loss include money
market funds, marketable securities, other capital market
instruments
and investments in financial institutions.
(f) Financial
assets exclude trade and other current
receivables.
The Group is exposed to the risks of changes in fair value of its
financial assets and liabilities. The following tables summarise
the fair values and carrying amounts of financial instruments and
the fair value calculations by category.
|
|
Fair
value
|
Carrying
amount
|
||
|
€ million
|
As
at 31 December 2024
|
As
at 31 December 2023
|
As
at 31 December 2024
|
As
at 31 December 2023
|
|
Financial assets
|
|
|
|
|
|
Cash and cash equivalents
|
6,136
|
4,159
|
6,136
|
4,159
|
|
Financial assets at amortised cost
|
1,262
|
1,415
|
1,262
|
1,415
|
|
Financial assets at fair value through other comprehensive
income
|
600
|
609
|
600
|
609
|
|
Financial assets at fair value through profit and
loss:
|
|
|
|
|
|
Derivatives
|
217
|
112
|
217
|
112
|
|
Other
|
822
|
981
|
822
|
981
|
|
|
9,037
|
7,276
|
9,037
|
7,276
|
|
Financial liabilities
|
|
|
|
|
|
Bank loans and overdrafts
|
(521)
|
(506)
|
(521)
|
(506)
|
|
Bonds and other loans
|
(28,037)
|
(26,112)
|
(28,648)
|
(26,692)
|
|
Lease liabilities
|
(1,486)
|
(1,395)
|
(1,486)
|
(1,395)
|
|
Derivatives
|
(594)
|
(494)
|
(594)
|
(494)
|
|
Other financial liabilities
|
(804)
|
(535)
|
(804)
|
(535)
|
|
|
(31,442)
|
(29,042)
|
(32,053)
|
(29,622)
|
For assets and liabilities which are carried at fair value, the
classification of fair value calculations by category is summarised
below:
|
|
As
at 31 December 2024
|
As
at 31 December 2023
|
||||
|
€ million
|
Level
1
|
Level
2
|
Level
3
|
Level
1
|
Level
2
|
Level
3
|
|
Assets at fair value
|
|
|
|
|
|
|
|
Financial assets at fair value through other comprehensive
income
|
10
|
4
|
586
|
163
|
4
|
442
|
|
Financial assets at fair value through profit or loss:
|
|
|
|
|
|
|
|
Derivatives(a)
|
-
|
420
|
-
|
-
|
149
|
-
|
|
Other
|
445
|
-
|
377
|
582
|
-
|
399
|
|
Liabilities at fair value
|
|
|
|
|
|
|
|
Derivatives(b)
|
-
|
(650)
|
-
|
-
|
(559)
|
-
|
|
Contingent
consideration
|
-
|
-
|
(1)
|
-
|
-
|
(157)
|
(a) Includes
€203 million (2023: €37 million) derivatives, reported
within trade receivables, that hedge trading
activities.
(b) Includes
€(56) million (2023: €(65) million) derivatives,
reported within trade creditors, that hedge trading
activities.
There were no significant changes in classification of fair value
of financial assets and financial liabilities since 31 December
2023. There were also no significant movements between the fair
value hierarchy classifications since 31 December
2023.
The fair value of trade receivables and payables is considered to
be equal to the carrying amount of these items due to their
short-term nature. The fair value of financial assets and financial
liabilities (excluding listed bonds) is considered to be same as
the carrying amount for 2024 and 2023.
Calculation of fair values
The fair values of the financial assets and liabilities are defined
as the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Methods and
assumptions used to estimate the fair values are consistent with
those used in the year ended 31 December 2023.
|
9.
Dividends
|
The Board has declared a quarterly interim dividend for Q4 2024 of
£0.3775 per Unilever PLC ordinary share or €0.4528 per
Unilever PLC ordinary share at the applicable exchange rate issued
by WM/Reuters on 11 February 2025.
The following amounts will be paid in respect of this quarterly
interim dividend on the relevant payment date:
|
Per Unilever PLC ordinary share (traded on the London Stock
Exchange):
|
£0.3775
|
|
Per Unilever PLC ordinary share (traded on Euronext in
Amsterdam):
|
€0.4528
|
|
Per Unilever PLC American Depositary Receipt:
|
US$0.4674
|
The euro and US dollar amounts above have been determined using the
applicable exchange rates issued by WM/Reuters on 11 February
2025.
US dollar cheques for the quarterly interim dividend will be mailed
on 28 March 2025 to holders of record at the close of business
on 28 February 2025.
The quarterly dividend calendar for Q4 2024 and the remainder of
2025 will be as follows:
|
|
Announcement
Date
|
Ex-dividend Date for
Ordinary Shares
|
Ex-dividend Date for
ADRs
|
Record Date
|
Last Date for DRIP
Election
|
Payment Date
|
|
Q4 2024 Dividend
|
13 February 2025
|
27 February 2025
|
28 February 2025
|
28 February 2025
|
07 March 2025
|
28 March 2025
|
|
Q1 2025 Dividend
|
24 April 2025
|
15 May 2025
|
16 May 2025
|
16 May 2025
|
22 May 2025
|
13 June 2025
|
|
Q2 2025 Dividend
|
31 July 2025
|
14 August 2025
|
15 August 2025
|
15 August 2025
|
21 August 2025
|
12 September 2025
|
|
Q3 2025 Dividend
|
23 October 2025
|
06 November 2025
|
07 November 2025
|
07 November 2025
|
14 November 2025
|
05 December 2025
|
|
10.
Events after the balance sheet date
|
There are no material post balance sheet events other than those
mentioned elsewhere in this report.