UNILEVER
PLC
|
|
|
|
/S/ R SOTAMAA
|
BY R SOTAMAA
|
CHIEF LEGAL OFFICER AND GROUP SECRETARY
|
EXHIBIT
NUMBER
|
EXHIBIT
DESCRIPTION
|
99
|
Notice
to London Stock Exchange dated 22
July 2020
|
|
Half-year Report
|
Underlying performance
|
GAAP measures
|
|||||
|
|
vs 2019
|
|
|
vs 2019
|
|
First Half
|
|
|
|
|
|
|
Underlying
sales growth (USG)
|
|
(0.1)%
|
Turnover
|
€25.7bn
|
(1.6)%
|
|
Underlying
operating margin
|
19.8%
|
50bps
|
Operating
margin
|
18.2%
|
60bps
|
|
Underlying
earnings per share
|
€1.35
|
6.4%
|
Diluted
earnings per share
|
€1.25
|
9.2%
|
|
Second Quarter
|
|
|
|
|
|
|
USG
|
|
(0.3)%
|
Turnover
|
€13.3bn
|
(3.1)%
|
|
Quarterly
dividend payable in September 2020
|
€0.4104
per share
|
FIRST
HALF OPERATIONAL REVIEW: DIVISIONS
|
|
Second
Quarter 2020
|
First
Half 2020
|
|||||||
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
Change
in underlying operating margin
|
|
€bn
|
%
|
%
|
%
|
€bn
|
%
|
%
|
%
|
bps
|
Unilever
|
13.3
|
(0.3)
|
(0.8)
|
0.5
|
25.7
|
(0.1)
|
(0.3)
|
0.2
|
50
|
Beauty
& Personal Care
|
5.3
|
(0.9)
|
(0.5)
|
(0.4)
|
10.6
|
(0.3)
|
0.1
|
(0.4)
|
50
|
Home
Care
|
2.6
|
4.0
|
3.2
|
0.8
|
5.3
|
3.2
|
2.9
|
0.3
|
130
|
Foods
& Refreshment
|
5.4
|
(1.8)
|
(3.2)
|
1.4
|
9.8
|
(1.7)
|
(2.5)
|
0.8
|
(20)
|
FIRST
HALF OPERATIONAL REVIEW: GEOGRAPHICAL AREA
|
ST HALF OPERATIONAL REVIEW: GEOGRAREa
|
Second
Quarter 2020
|
First
Half 2020
|
|||||||
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
Change
in underlying operating margin
|
|
€bn
|
%
|
%
|
%
|
€bn
|
%
|
%
|
%
|
bps
|
Unilever
|
13.3
|
(0.3)
|
(0.8)
|
0.5
|
25.7
|
(0.1)
|
(0.3)
|
0.2
|
50
|
Asia/AMET/RUB
|
6.1
|
(1.8)
|
(2.4)
|
0.6
|
11.8
|
(2.7)
|
(2.9)
|
0.2
|
(40)
|
The
Americas
|
4.2
|
5.2
|
4.2
|
0.9
|
8.2
|
5.0
|
4.1
|
0.9
|
220
|
Europe
|
3.0
|
(4.5)
|
(4.4)
|
0.0
|
5.7
|
(1.8)
|
(1.0)
|
(0.8)
|
(30)
|
|
Second
Quarter 2020
|
First
Half 2020
|
||||||
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
€bn
|
%
|
%
|
%
|
€bn
|
%
|
%
|
%
|
Developed
markets
|
5.8
|
2.1
|
2.2
|
(0.1)
|
10.9
|
2.4
|
3.0
|
(0.6)
|
Emerging
markets
|
7.5
|
(1.9)
|
(2.9)
|
1.0
|
14.8
|
(1.9)
|
(2.6)
|
0.7
|
North
America
|
2.8
|
9.5
|
9.5
|
(0.1)
|
5.1
|
7.3
|
7.7
|
(0.4)
|
Latin
America
|
1.4
|
(0.8)
|
(3.2)
|
2.5
|
3.1
|
1.9
|
(0.8)
|
2.8
|
ADDITIONAL
COMMENTARY ON THE FINANCIAL STATEMENTS FIRST HALF 2020
|
COMPETITION
INVESTIGATIONS
|
NON-GAAP
MEASURES
|
|
First
half average rate in 2020
|
First
half average rate in 2019
|
Brazilian Real (€1 = BRL)
|
5.323
|
4.282
|
Chinese Yuan (€1 = CNY)
|
7.743
|
7.659
|
Indian Rupee (€1 = INR)
|
81.535
|
79.149
|
Indonesia Rupiah (€1 = IDR)
|
16055
|
16046
|
Philippine Peso (€1 = PHP)
|
55.823
|
59.010
|
UK Pound Sterling (€1 = GBP)
|
0.873
|
0.873
|
US Dollar (€1 = US $)
|
1.102
|
1.130
|
€ million
|
First
Half
|
|
(unaudited)
|
2020
|
2019
|
Operating profit
|
4,672
|
4,589
|
Non-underlying items within operating profit (see note
2)
|
412
|
465
|
Underlying operating profit
|
5,084
|
5,054
|
Turnover
|
25,714
|
26,126
|
Operating margin (%)
|
18.2
|
17.6
|
Underlying operating margin (%)
|
19.8
|
19.3
|
€ million
|
First
Half
|
|
(unaudited)
|
2020
|
2019
|
Taxation
|
991
|
1,145
|
Tax impact:
|
|
|
Non-underlying items within operating
profit(a)
|
109
|
89
|
Non-underlying items not in operating profit but
within net profit(a)
|
(7)
|
-
|
Taxation before tax impact of non-underlying items
|
1,093
|
1,234
|
Profit before taxation
|
4,533
|
4,354
|
Non-underlying items within operating profit before
tax(a)
|
412
|
465
|
Non-underlying items not in operating profit but within net profit
before tax(b)
|
(21)
|
(29)
|
Share of net profit /(loss) of joint ventures and
associates
|
(89)
|
(85)
|
Profit before tax excluding non-underlying items before tax and
share of net profit/(loss) of joint ventures and
associates
|
4,835
|
4,705
|
Underlying effective tax rate
|
22.6%
|
26.2%
|
€ million
|
First
Half
|
|
(unaudited)
|
2020
|
2019
|
Underlying
profit attributable to shareholders' equity (see note
6)
|
3,559
|
3,342
|
Impact
of translation from current to constant exchange rates and
translational hedges
|
|
|
127
|
(1)
|
|
Impact
of price growth in excess of 26% per year in hyperinflationary
economies
|
(6)
|
-
|
Constant
underlying earnings attributable to shareholders'
equity
|
3,680
|
3,341
|
Diluted
combined average number of share units (millions of
units)
|
2,627.2
|
2,625.6
|
Constant
underlying EPS (€)
|
1.40
|
1.27
|
€ million
|
As at30
June2020
|
As at
31 December2019
|
As at
30 June2019
|
(unaudited)
|
|||
Total financial liabilities
|
(28,805)
|
(28,257)
|
(28,985)
|
Current
financial liabilities
|
(4,792)
|
(4,691)
|
(5,616)
|
Non-current
financial liabilities
|
(24,013)
|
(23,566)
|
(23,369)
|
Cash and cash equivalents as per balance sheet
|
4,855
|
4,185
|
3,911
|
Cash
and cash equivalents as per cash flow statement
|
4,722
|
4,116
|
3,789
|
Add
bank overdrafts deducted therein
|
133
|
69
|
122
|
Other current financial assets
|
1,100
|
907
|
913
|
Non-current financial assets derivatives that relate to financial
liabilities
|
96
|
114
|
-
|
Net debt
|
(22,754)
|
(23,051)
|
(24,161)
|
€ million
|
First
Half
|
|
(unaudited)
|
2020
|
2019
|
Net profit
|
3,542
|
3,209
|
Taxation
|
991
|
1,145
|
Share of net profit of joint ventures/associates and other
income
|
|
|
from
non-current investments
|
(89)
|
(87)
|
Net monetary gain arising from hyperinflationary
economies
|
(21)
|
(29)
|
Net finance costs
|
249
|
351
|
Operating profit
|
4,672
|
4,589
|
Depreciation, amortisation and impairment
|
987
|
965
|
Changes in working capital
|
(1,215)
|
(1,888)
|
Pensions and similar obligations less payments
|
(79)
|
(94)
|
Provisions less payments
|
(66)
|
47
|
Elimination of (profits)/losses on disposals
|
45
|
(36)
|
Non-cash charge for share-based compensation
|
74
|
95
|
Other adjustments
|
9
|
23
|
Cash flow from operating activities
|
4,427
|
3,701
|
Income tax paid
|
(899)
|
(1,309)
|
Net capital expenditure
|
(422)
|
(558)
|
Net interest paid
|
(256)
|
(291)
|
Free cash flow
|
2,850
|
1,543
|
Total net cash flow (used in)/from investing
activities
|
(581)
|
(716)
|
Total net cash flow (used in)/from financing
activities
|
(2,088)
|
(856)
|
OTHER
INFORMATION
|
PRINCIPAL
RISK FACTORS
|
CAUTIONARY
STATEMENT
|
ENQUIRIES
|
||||
Media: Media Relations Team
|
Investors: Investor Relations Team
|
|||
UK
or
NL
or
|
+44 78
2527 3767
+44 77
7999 9683
+31 10
217 4844
+31 62
375 8385
|
+44 20 7822 6830
|
CONSOLIDATED
INCOME STATEMENT
|
€ million
|
First
Half
|
|||
|
2020
|
2019
|
Increase/(Decrease)
|
|
|
Current
rates
|
Constant
rates
|
||
|
|
|
|
|
Turnover
|
25,714
|
26,126
|
(1.6)%
|
1.2%
|
|
|
|
|
|
Operating profit
|
4,672
|
4,589
|
1.8%
|
5.1%
|
|
|
|
|
|
Which
includes non-underlying items credits/(charges) of
|
(412)
|
(465)
|
|
|
|
|
|
|
|
Net finance costs
|
(249)
|
(351)
|
|
|
Finance
income
|
139
|
86
|
|
|
Finance
costs
|
(378)
|
(420)
|
|
|
Pensions and
similar obligations
|
(10)
|
(17)
|
|
|
|
|
|
|
|
Non-underlying item net monetary gain/(loss) arising from
hyperinflationary economies
|
21
|
29
|
|
|
|
|
|
|
|
Share of net profit/(loss) of joint ventures and
associates
|
89
|
85
|
|
|
Which
includes non-underlying item credits/(charges) of
|
-
|
3
|
|
|
|
|
|
|
|
Other income/(loss) from non-current investments and
associates
|
-
|
2
|
|
|
|
|
|
|
|
Profit before taxation
|
4,533
|
4,354
|
4.1%
|
8.0%
|
|
|
|
|
|
Taxation
|
(991)
|
(1,145)
|
|
|
Which
includes tax impact of non-underlying items of
|
102
|
89
|
|
|
|
|
|
|
|
Net profit
|
3,542
|
3,209
|
10.4%
|
14.7%
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Non-controlling
interests
|
258
|
203 |
|
|
Shareholders’
equity
|
3,284
|
3,006
|
9.3%
|
13.8%
|
Combined
earnings per share
|
|
|||
Basic
earnings per share (euros)
|
1.25
|
1.15
|
9.2%
|
13.7%
|
Diluted
earnings per share (euros)
|
1.25
|
1.14
|
9.2%
|
13.7%
|
CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
|
€ million
|
First
Half
|
|
|
2020
|
2019
|
Net profit
|
3,542
|
3,209
|
|
|
|
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
|
20
|
16
|
Remeasurements of
defined benefit pension plans
|
(201)
|
267
|
|
|
|
Items
that may be reclassified subsequently to profit or loss, net of
tax:
|
|
|
Gains/(losses) on
cash flow hedges
|
43
|
83
|
Currency
retranslation gains/(losses)(a)
|
(1,481)
|
64
|
Total comprehensive income
|
1,923
|
3,639
|
Attributable to:
|
|
|
Non-controlling
interests
|
177
|
216
|
Shareholders’
equity
|
1,746
|
3,423
|
CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
|
€ million
|
Called
up share capital
|
Share
premium account
|
Other
reserves
|
Retained
profit
|
Total
|
Non-
controlling interest
|
Total
equity
|
First half - 2020
|
|
|
|
|
|
|
|
1
January 2020
|
420
|
134
|
(5,574)
|
18,212
|
13,192
|
694
|
13,886
|
Profit
or loss for the period
|
-
|
-
|
-
|
3,284
|
3,284
|
258
|
3,542
|
Other
comprehensive income, net of tax:
|
|
|
|
|
|
|
|
Gains/(losses)
on:
|
|
|
|
|
|
|
|
Equity
instruments
|
-
|
-
|
16
|
-
|
16
|
4
|
20
|
Cash
flow hedges
|
-
|
-
|
46
|
-
|
46
|
(3)
|
43
|
Remeasurements of
defined benefit pension plans
|
-
|
-
|
-
|
(200)
|
(200)
|
(1)
|
(201)
|
Currency
retranslation gains/(losses)
|
-
|
-
|
(1,387)
|
(13)
|
(1,400)
|
(81)
|
(1,481)
|
Total
comprehensive income
|
-
|
-
|
(1,325)
|
3,071
|
1,746
|
177
|
1,923
|
Dividends
on ordinary capital
|
-
|
-
|
-
|
(2,149)
|
(2,149)
|
-
|
(2,149)
|
Other
movements in treasury shares(a)
|
-
|
-
|
190
|
(126)
|
64
|
-
|
64
|
Share-based
payment credit(b)
|
-
|
-
|
-
|
74
|
74
|
-
|
74
|
Dividends
paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(210)
|
(210)
|
Currency
retranslation gains/(losses) net of tax
|
-
|
(7)
|
-
|
-
|
(7)
|
-
|
(7)
|
Hedging
gain/(loss) transferred to non-financial assets
|
-
|
-
|
-
|
-
|
-
|
1
|
1
|
Net
gain arising from Horlicks acquisition(c)
|
-
|
-
|
-
|
2,930
|
2,930
|
1,918
|
4,848
|
Other
movements in equity(d)
|
-
|
-
|
-
|
(211)
|
(211)
|
5
|
(206)
|
30 June 2020
|
420
|
127
|
(6,709)
|
21,801
|
15,639
|
2,585
|
18,224
|
First
half - 2019
|
|
|
|
|
|
|
|
1
January 2019 as previously reported
|
464
|
129
|
(15,286)
|
26,265
|
11,572
|
720
|
12,292
|
IFRS 16
Restatement
|
-
|
-
|
68
|
(243)
|
(175)
|
-
|
(175)
|
Impact
of adopting IFRIC 23
|
-
|
-
|
-
|
(38)
|
(38)
|
-
|
(38)
|
1
January 2019 after restatement
|
464
|
129
|
(15,218)
|
25,984
|
11,359
|
720
|
12,079
|
Profit
or loss for the period
|
-
|
-
|
-
|
3,006
|
3,006
|
203
|
3,209
|
Other
comprehensive income, net of tax:
|
|
|
|
|
|
|
|
Gains/(losses)
on:
|
|
|
|
|
|
|
|
Equity
instruments
|
-
|
-
|
14
|
-
|
14
|
2
|
16
|
Cash
flow hedges
|
-
|
-
|
83
|
-
|
83
|
-
|
83
|
Remeasurements of
defined benefit pension plans
|
-
|
-
|
-
|
266
|
266
|
1
|
267
|
Currency
retranslation gains/(losses)
|
-
|
-
|
50
|
4
|
54
|
10
|
64
|
Total
comprehensive income
|
-
|
-
|
147
|
3,276
|
3,423
|
216
|
3,639
|
Dividends
on ordinary capital
|
-
|
-
|
-
|
(2,079)
|
(2,079)
|
-
|
(2,079)
|
Cancellation
of treasury shares(e)
|
(30)
|
-
|
6,599
|
(6,569)
|
-
|
-
|
-
|
Other
movements in treasury shares(a)
|
-
|
-
|
31
|
(180)
|
(149)
|
-
|
(149)
|
Share-based
payment credit(b)
|
-
|
-
|
-
|
95
|
95
|
-
|
95
|
Dividends
paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(237)
|
(237)
|
Currency
retranslation gains/(losses) net of tax
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Hedging
gain/(loss) transferred to non-financial assets
|
-
|
-
|
35
|
-
|
35
|
-
|
35
|
Other
movements in equity
|
-
|
-
|
-
|
26
|
26
|
(13)
|
13
|
30 June 2019
|
434
|
129
|
(8,406)
|
20,553
|
12,710
|
686
|
13,396
|
CONSOLIDATED
BALANCE SHEET
|
€ million
|
As
at
30
June
2020
|
As
at
31
December
2019
|
As
at
30
June
2019
|
|
|||
|
|
|
|
Non-current assets
|
|
|
|
Goodwill
|
19,675
|
18,067
|
17,697
|
Intangible
assets
|
16,049
|
12,962
|
12,547
|
Property,
plant and equipment
|
11,374
|
12,062
|
12,067
|
Pension
asset for funded schemes in surplus
|
2,296
|
2,422
|
2,053
|
Deferred
tax assets
|
1,325
|
1,336
|
1,376
|
Financial
assets
|
815
|
874
|
705
|
Other
non-current assets
|
896
|
653
|
495
|
|
52,430
|
48,376
|
46,940
|
|
|
|
|
Current assets
|
|
|
|
Inventories
|
4,646
|
4,164
|
4,387
|
Trade
and other current receivables
|
6,955
|
6,695
|
8,079
|
Current
tax assets
|
336
|
397
|
265
|
Cash
and cash equivalents
|
4,855
|
4,185
|
3,911
|
Other
financial assets
|
1,100
|
907
|
913
|
Assets
held for sale
|
56
|
82
|
34
|
|
17,948
|
16,430
|
17,589
|
|
|
|
|
Total assets
|
70,378
|
64,806
|
64,529
|
|
|
|
|
Current liabilities
|
|
|
|
Financial
liabilities
|
4,792
|
4,691
|
5,616
|
Trade
payables and other current liabilities
|
14,602
|
14,768
|
14,391
|
Current
tax liabilities
|
1,051
|
898
|
1,072
|
Provisions
|
530
|
620
|
665
|
Liabilities
held for sale
|
1
|
1
|
1
|
|
20,976
|
20,978
|
21,745
|
|
|
|
|
Non-current liabilities
|
|
|
|
Financial
liabilities
|
24,013
|
23,566
|
23,369
|
Non-current
tax liabilities
|
289
|
182
|
187
|
Pensions
and post-retirement healthcare liabilities:
|
|
|
|
Funded
schemes in deficit
|
1,275
|
1,157
|
1,176
|
Unfunded
schemes
|
1,426
|
1,461
|
1,417
|
Provisions
|
642
|
664
|
637
|
Deferred
tax liabilities
|
3,276
|
2,573
|
2,272
|
Other
non-current liabilities
|
257
|
339
|
330
|
|
31,178
|
29,942
|
29,388
|
|
|
|
|
Total liabilities
|
52,154
|
50,920
|
51,133
|
|
|
|
|
Equity
|
|
|
|
Shareholders’
equity
|
15,639
|
13,192
|
12,710
|
Non-controlling
interests
|
2,585
|
694
|
686
|
Total equity
|
18,224
|
13,886
|
13,396
|
|
|
|
|
Total liabilities and equity
|
70,378
|
64,806
|
64,529
|
CONSOLIDATED
CASH FLOW STATEMENT
|
€ million
|
First
Half
|
|
|
2020
|
2019
|
|
|
|
Net
profit
|
3,542
|
3,209
|
Taxation
|
991
|
1,145
|
Share
of net (profit)/loss of joint ventures/associates and other
(income)/loss
|
|
|
from
non-current investments and associates
|
(89)
|
(87)
|
Net
monetary (gain)/loss arising from hyperinflationary
economies
|
(21)
|
(29)
|
Net
finance costs
|
249
|
351
|
Operating profit
|
4,672
|
4,589
|
|
|
|
Depreciation,
amortisation and impairment
|
987
|
965
|
Changes
in working capital
|
(1,215)
|
(1,888)
|
Pensions
and similar obligations less payments
|
(79)
|
(94)
|
Provisions
less payments
|
(66)
|
47
|
Elimination
of (profits)/losses on disposals
|
45
|
(36)
|
Non-cash
charge for share-based compensation
|
74
|
95
|
Other
adjustments
|
9
|
23
|
Cash flow from operating activities
|
4,427
|
3,701
|
|
|
|
Income
tax paid
|
(899)
|
(1,309)
|
|
|
|
Net cash flow from operating activities
|
3,528
|
2,392
|
|
|
|
Interest
received
|
80
|
78
|
Net
capital expenditure
|
(422)
|
(558)
|
Other
acquisitions and disposals
|
(623)
|
(470)
|
Other
investing activities
|
384
|
234
|
|
|
|
Net cash flow (used in)/from investing activities
|
(581)
|
(716)
|
|
|
|
Dividends
paid on ordinary share capital
|
(2,120)
|
(2,080)
|
Interest
paid
|
(336)
|
(369)
|
Change
in financial liabilities
|
602
|
1,937
|
Other
movements on treasury shares
|
-
|
(205)
|
Other
financing activities
|
(234)
|
(139)
|
|
|
|
Net cash flow (used in)/from financing activities
|
(2,088)
|
(856)
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents
|
859
|
820
|
|
|
|
Cash and cash equivalents at the beginning of the
period
|
4,116
|
3,090
|
|
|
|
Effect
of foreign exchange rate changes
|
(253)
|
(121)
|
|
|
|
Cash and cash equivalents at the end of the period
|
4,722
|
3,789
|
NOTES
TO THE CONDENSED FINANCIAL STATEMENTS
|
€ million
|
First
Half
|
|
|
2020
|
2019
|
|
|
|
Acquisition
and disposal-related credit/(costs)
|
(27)
|
(77)
|
Gain/(loss) on disposal of group
companies(a)
|
6
|
66
|
Restructuring
costs
|
(391)
|
(454)
|
Impairment
|
-
|
-
|
One-off
items
|
-
|
-
|
Non-underlying
items within operating profit before tax
|
(412)
|
(465)
|
|
|
|
Tax
on non-underlying items within operating profit
|
109
|
89
|
Non-underlying
items within operating profit after tax
|
(303)
|
(376)
|
|
|
|
Share
of gain on disposal of Spreads business in Portugal JV
|
-
|
3
|
Net
monetary gain arising from hyperinflationary economies
|
21
|
29
|
Non-underlying
items not in operating profit but within net profit before
tax
|
21
|
32
|
|
|
|
Tax
impact of non-underlying items not in operating profit but within
net profit:
|
|
|
Hyperinflation
adjustment for Argentina deferred tax
|
(7)
|
-
|
Non-underlying
items not in operating profit but within net profit after
tax
|
14
|
32
|
Non-underlying items after tax(b)
|
(289)
|
(344)
|
|
|
|
Attributable to:
|
|
|
Non-controlling
interests
|
(14)
|
(8)
|
Shareholders’
equity
|
(275)
|
(336)
|
Second Quarter
|
Beauty
& Personal
Care
|
Home
Care
|
Foods
& Refreshment
|
Total
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
2019
|
5,518
|
2,718
|
5,474
|
13,710
|
2020
|
5,320
|
2,617
|
5,355
|
13,292
|
Change
(%)
|
(3.6)
|
(3.7)
|
(2.2)
|
(3.1)
|
Impact of:
|
|
|
|
|
Acquisitions
(%)
|
1.1
|
0.3
|
2.9
|
1.6
|
Disposals
(%)
|
-
|
(0.1)
|
(0.3)
|
(0.1)
|
Currency-related
items (%), of which:
|
(3.7)
|
(7.6)
|
(3.0)
|
(4.2)
|
Exchange rates changes (%)
|
(3.9)
|
(7.8)
|
(3.3)
|
(4.5)
|
Extreme price growth in hyperinflationary markets* (%)
|
0.2
|
0.3
|
0.3
|
0.3
|
Underlying sales growth (%)
|
(0.9)
|
4.0
|
(1.8)
|
(0.3)
|
Price* (%)
|
(0.4)
|
0.8
|
1.4
|
0.5
|
Volume
(%)
|
(0.5)
|
3.2
|
(3.2)
|
(0.8)
|
First Half
|
Beauty
& Personal
Care
|
Home
Care
|
Foods
& Refreshment
|
Total
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
2019
|
10,721
|
5,410
|
9,995
|
26,126
|
2020
|
10,610
|
5,328
|
9,776
|
25,714
|
Change
(%)
|
(1.0)
|
(1.5)
|
(2.2)
|
(1.6)
|
Impact of:
|
|
|
|
|
Acquisitions
(%)
|
1.3
|
0.3
|
1.7
|
1.2
|
Disposals
(%)
|
-
|
-
|
(0.4)
|
(0.2)
|
Currency-related
items (%), of which:
|
(2.0)
|
(4.8)
|
(1.7)
|
(2.5)
|
Exchange rates changes (%)
|
(2.2)
|
(5.1)
|
(2.0)
|
(2.7)
|
Extreme price growth in hyperinflationary markets* (%)
|
0.3
|
0.3
|
0.3
|
0.3
|
Underlying sales growth (%)
|
(0.3)
|
3.2
|
(1.7)
|
(0.1)
|
Price* (%)
|
(0.4)
|
0.3
|
0.8
|
0.2
|
Volume
(%)
|
0.1
|
2.9
|
(2.5)
|
(0.3)
|
|
|
|
|
|
Operating profit (€ million)
|
|
|
|
|
2019
|
2,322
|
652
|
1,615
|
4,589
|
2020
|
2,403
|
744
|
1,525
|
4,672
|
|
|
|
|
|
Underlying operating profit (€ million)
|
|
|
|
|
2019
|
2,469
|
756
|
1,829
|
5,054
|
2020
|
2,495
|
817
|
1,772
|
5,084
|
|
|
|
|
|
Operating margin (%)
|
|
|
|
|
2019
|
21.7
|
12.1
|
16.2
|
17.6
|
2020
|
22.6
|
14.0
|
15.6
|
18.2
|
|
|
|
|
|
Underlying operating margin (%)
|
|
|
|
|
2019
|
23.0
|
14.0
|
18.3
|
19.3
|
2020
|
23.5
|
15.3
|
18.1
|
19.8
|
Second Quarter
|
Asia
/
AMET
/
RUB
|
The
Americas
|
Europe
|
Total
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
2019
|
6,265
|
4,269
|
3,176
|
13,710
|
2020
|
6,063
|
4,210
|
3,019
|
13,292
|
Change
(%)
|
(3.2)
|
(1.4)
|
(4.9)
|
(3.1)
|
Impact of:
|
|
|
|
|
Acquisitions
(%)
|
2.6
|
1.2
|
0.2
|
1.6
|
Disposals
(%)
|
(0.1)
|
(0.1)
|
(0.1)
|
(0.1)
|
Currency-related
items (%), of which:
|
(3.8)
|
(7.3)
|
(0.6)
|
(4.2)
|
Exchange rates changes (%)
|
(3.9)
|
(7.8)
|
(0.6)
|
(4.5)
|
Extreme price growth in hyperinflationary markets* (%)
|
0.1
|
0.6
|
-
|
0.3
|
Underlying sales growth (%)
|
(1.8)
|
5.2
|
(4.5)
|
(0.3)
|
Price* (%)
|
0.6
|
0.9
|
-
|
0.5
|
Volume
(%)
|
(2.4)
|
4.2
|
(4.4)
|
(0.8)
|
First Half
|
Asia
/
AMET
/
RUB
|
The
Americas
|
Europe
|
Total
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
2019
|
12,195
|
8,141
|
5,790
|
26,126
|
2020
|
11,807
|
8,227
|
5,680
|
25,714
|
Change
(%)
|
(3.2)
|
1.1
|
(1.9)
|
(1.6)
|
Impact of:
|
|
|
|
|
Acquisitions
(%)
|
1.4
|
1.5
|
0.5
|
1.2
|
Disposals
(%)
|
(0.2)
|
(0.1)
|
(0.3)
|
(0.2)
|
Currency-related
items (%), of which:
|
(1.7)
|
(5.1)
|
(0.3)
|
(2.5)
|
Exchange rates changes (%)
|
(1.8)
|
(5.8)
|
(0.3)
|
(2.7)
|
Extreme price growth in hyperinflationary markets* (%)
|
0.1
|
0.7
|
-
|
0.3
|
Underlying sales growth (%)
|
(2.7)
|
5.0
|
(1.8)
|
(0.1)
|
Price* (%)
|
0.2
|
0.9
|
(0.8)
|
0.2
|
Volume
(%)
|
(2.9)
|
4.1
|
(1.0)
|
(0.3)
|
|
|
|
|
|
Operating profit (€ million)
|
|
|
|
|
2019
|
2,339
|
1,270
|
980
|
4,589
|
2020
|
2,265
|
1,532
|
875
|
4,672
|
|
|
|
|
|
Underlying operating profit (€ million)
|
|
|
|
|
2019
|
2,526
|
1,425
|
1,103
|
5,054
|
2020
|
2,394
|
1,622
|
1,068
|
5,084
|
|
|
|
|
|
Operating margin (%)
|
|
|
|
|
2019
|
19.2
|
15.6
|
16.9
|
17.6
|
2020
|
19.2
|
18.6
|
15.4
|
18.2
|
|
|
|
|
|
Underlying operating margin (%)
|
|
|
|
|
2019
|
20.7
|
17.5
|
19.1
|
19.3
|
2020
|
20.3
|
19.7
|
18.8
|
19.8
|
€ million
|
First
Half 2020
|
First
Half 2019
|
||||
|
Before
tax
|
Tax
(charge)/
credit
|
After
tax
|
Before
tax
|
Tax
(charge)/
credit
|
After
tax
|
Gains/(losses)
on
|
|
|
|
|
|
|
Equity
instruments at fair value through other comprehensive
income
|
19
|
1
|
20
|
16
|
-
|
16
|
Cash
flow hedges
|
71
|
(28)
|
43
|
89
|
(6)
|
83
|
Remeasurements
of defined benefit pension plans
|
(242)
|
41
|
(201)
|
274
|
(7)
|
267
|
Currency
retranslation gains/(losses)
|
(1,516)
|
35
|
(1,481)
|
68
|
(4)
|
64
|
Other comprehensive income
|
(1,668)
|
49
|
(1,619)
|
447
|
(17)
|
430
|
|
2020
|
2019
|
|
||
Combined EPS – Basic
|
|
|
Net
profit attributable to shareholders’ equity (€
million)
|
3,284
|
3,006
|
|
|
|
Average
number of combined share units (millions of units)
|
2,619.0
|
2,616.5
|
|
|
|
Combined
EPS – basic (€)
|
1.25
|
1.15
|
|
|
|
Combined EPS – Diluted
|
|
|
Net
profit attributable to shareholders’ equity (€
million)
|
3,284
|
3,006
|
|
|
|
Adjusted
average number of combined share units (millions of
units)
|
2,627.2
|
2,625.6
|
|
|
|
Combined
EPS – diluted (€)
|
1.25
|
1.14
|
|
|
|
Underlying EPS
|
|
|
Net
profit attributable to shareholder’s equity (€
million)
|
3,284
|
3,006
|
Post
tax impact of non-underlying items attributable to
shareholders’ equity (see note 2)
|
275
|
336
|
Underlying
profit attributable to shareholders’ equity (€
million)
|
3,559
|
3,342
|
|
|
|
Adjusted
average number of combined share units (millions of
units)
|
2,627.2
|
2,625.6
|
|
|
|
Underlying
EPS – diluted (€)
|
1.35
|
1.27
|
|
|
Millions
|
Number
of shares at 31 December 2019 (net of treasury shares)
|
|
2,616.8
|
Net
movement in shares under incentive schemes
|
|
4.5
|
Number
of shares at 30 June 2020
|
|
2,621.3
|
|
€
million
|
Intangible assets
|
3,345
|
Other non-current assets
|
249
|
Deferred tax (net)
|
(746)
|
Other financial assets
|
463
|
Trade and other receivables
|
74
|
Other current assets
|
94
|
Non-current liabilities
|
(159)
|
Current liabilities
|
(122)
|
Net assets acquired
|
3,198
|
Goodwill
|
2,096
|
Total consideration
|
5,294
|
Net cash outflow arising on acquisition:
|
|
Cash
consideration
|
(449)
|
Less
cash and cash equivalents acquired
|
36
|
Total
outflow in the consolidated statement of cash flows
|
(413)
|
|
€
million
|
67.2% share of HUL’s net assets acquired before acquisition
of GSKCH
|
718
|
61.9% share of HUL’s net assets acquired after acquisition of
GSKCH
|
661
|
Loss recognised in equity due to dilution
|
(57)
|
Gain arising from proportionate share of GSKCH’s net assets
acquired
|
3,001
|
Net gain arising from the Main Horlicks acquisition recognized in
equity
|
2,944
|
€ million
|
30 June
2020
|
31
December 2019
|
30 June
2019
|
||||||
|
Current
|
Non-current
|
Total
|
Current
|
Non-current
|
Total
|
Current
|
Non-current
|
Total
|
Cash
and cash equivalents
|
|
|
|
|
|
|
|
|
|
Cash at
bank and in hand
|
2,672
|
-
|
2,672
|
2,457
|
-
|
2,457
|
2,157
|
-
|
2,157
|
Short-term deposits
with maturity
|
|
|
|
|
|
|
|
|
|
of
three months or less
|
2,176
|
-
|
2,176
|
1,693
|
-
|
1,693
|
1,568
|
-
|
1,568
|
Other
cash equivalents
|
7
|
-
|
7
|
35
|
-
|
35
|
186
|
-
|
186
|
|
4,855
|
-
|
4,855
|
4,185
|
-
|
4,185
|
3,911
|
-
|
3,911
|
|
|
|
|
|
|
|
|
|
|
Other financial assets
|
|
|
|
|
|
|
|
|
|
Financial assets at
amortised cost(a)
|
774
|
129
|
903
|
578
|
220
|
798
|
239
|
260
|
499
|
Financial assets at
fair value through
|
|
|
|
|
|
|
|
|
|
other
comprehensive income(b)
|
-
|
304
|
304
|
-
|
266
|
266
|
110
|
217
|
327
|
Financial assets at
fair value
|
|
|
|
|
|
|
|
|
|
through
profit or loss:
|
|
|
|
|
|
|
|
|
|
Derivatives that
relate to
financial
liabilities
|
69
|
96
|
165
|
20
|
114
|
134
|
411
|
-
|
411
|
Other(c)
|
257
|
286
|
543
|
309
|
274
|
583
|
153
|
228
|
381
|
|
1,100
|
815
|
1,915
|
907
|
874
|
1,781
|
913
|
705
|
1,618
|
Total financial assets(d)
|
5,955
|
815
|
6,770
|
5,092
|
874
|
5,966
|
4,824
|
705
|
5,529
|
€
million
|
Fair
value
|
Carrying
amount
|
||||
As at
30 June
2020
|
As at
31 December
2019
|
As at
30 June
2019
|
As at
30 June
2020
|
As at
31 December
2019
|
As at
30 June
2019
|
|
Financial assets
|
|
|
|
|
|
|
Cash
and cash equivalents
|
4,855
|
4,185
|
3,911
|
4,855
|
4,185
|
3,911
|
Financial
assets at amortised cost
|
903
|
798
|
499
|
903
|
798
|
499
|
Financial
assets at fair value through other
|
|
|
|
|
|
|
comprehensive
income
|
304
|
266
|
327
|
304
|
266
|
327
|
Financial
assets at fair value through profit and loss:
|
|
|
|
|
|
|
Derivatives
|
165
|
134
|
411
|
165
|
134
|
411
|
Other
|
543
|
583
|
381
|
543
|
583
|
381
|
|
6,770
|
5,966
|
5,529
|
6,770
|
5,966
|
5,529
|
Financial liabilities
|
|
|
|
|
|
|
Bank
loans and overdrafts
|
(851)
|
(853)
|
(1,044)
|
(851)
|
(853)
|
(1,041)
|
Bonds
and other loans
|
(28,206)
|
(26,525)
|
(26,787)
|
(25,837)
|
(25,032)
|
(25,390)
|
Lease
liabilities
|
(1,849)
|
(1,919)
|
(1,967)
|
(1,849)
|
(1,919)
|
(1,967)
|
Derivatives
|
(76)
|
(270)
|
(464)
|
(76)
|
(270)
|
(464)
|
Other
financial liabilities
|
(192)
|
(183)
|
(123)
|
(192)
|
(183)
|
(123)
|
|
(31,174)
|
(29,750)
|
(30,385)
|
(28,805)
|
(28,257)
|
(28,985)
|
€
million
|
Level
1
|
Level
2
|
Level
3
|
Level
1
|
Level
2
|
Level
3
|
Level
1
|
Level
2
|
Level
3
|
|
As at
30 June 2020
|
As at
31 December 2019
|
As at
30 June 2019
|
||||||
Assets at fair value
|
|
|
|
|
|
|
|
|
|
Financial assets at fair value through other comprehensive
income
|
5
|
4
|
295
|
7
|
4
|
255
|
116
|
4
|
207
|
Financial assets at fair value
|
|
|
|
|
|
|
|
|
|
through profit or loss:
|
|
|
|
|
|
|
|
|
|
Derivatives(a)
|
-
|
268
|
-
|
-
|
208
|
-
|
-
|
448
|
-
|
Other
|
260
|
-
|
283
|
311
|
-
|
272
|
155
|
-
|
226
|
Liabilities at fair value
|
|
|
|
|
|
|
|
|
|
Derivatives(b)
|
-
|
(187)
|
-
|
-
|
(326)
|
-
|
-
|
(530)
|
-
|
Contingent Consideration
|
-
|
-
|
(155)
|
-
|
-
|
(154)
|
-
|
-
|
(156)
|
Per
Unilever N.V. ordinary share
|
€
0.4104
|
Per
Unilever PLC ordinary share
|
£
0.3698
|
Per
Unilever N.V. New York share
|
US$
0.4694
|
Per
Unilever PLC American Depositary Receipt
|
US$
0.4694
|
|
Announcement
Date
|
Ex-Dividend
Date
|
Record
Date
|
Payment
Date
|
Q2 2020
Dividend
|
23 July 2020
|
6
August 2020
|
7
August 2020
|
9
September 2020
|
Q3 2020
Dividend
|
22
October 2020
|
5
November 2020
|
6
November 2020
|
2
December 2020
|
DIRECTORS’
RESPONSIBILITY STATEMENT
|