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 25
July 2019
|
|
2019 First Half Year Results
|
Underlying performance
|
GAAP measures
|
||||
|
|
vs 2018
|
|
|
vs 2018
|
First
Half
|
|
|
|
|
|
Underlying
sales growth (USG)(a)
|
|
3.3%
|
Turnover
|
€26.1bn
|
(0.9)%
|
Underlying
operating margin(b)
|
19.3%
|
50bps
|
Operating
margin(b)
|
17.6%
|
40bps
|
Underlying
earnings per share(b)
|
€1.27
|
5.0%
|
Earnings
per share(b)
|
€1.14
|
3.4%
|
Second
Quarter
|
|
|
|
|
|
USG(a)
|
|
3.5%
|
Turnover
|
€13.7bn
|
(0.1)%
|
Quarterly
dividend payable in September 2019
|
€0.4104
per share
|
Alan
Jope: Chief Executive Officer statement
|
FIRST
HALF OPERATIONAL REVIEW: DIVISIONS
|
|
Second
Quarter 2019
|
First
Half 2019
|
|||||||
(unaudited)
|
Turnover
|
USG(a)
|
UVG
|
UPG(a)
|
Turnover
|
USG(a)
|
UVG
|
UPG(a)
|
Change
in underlying operating margin(b)
|
|
€bn
|
%
|
%
|
%
|
€bn
|
%
|
%
|
%
|
bps
|
Unilever
|
13.7
|
3.5
|
1.2
|
2.3
|
26.1
|
3.3
|
1.2
|
2.1
|
50
|
Beauty
& Personal Care
|
5.5
|
3.5
|
1.6
|
1.9
|
10.7
|
3.3
|
1.7
|
1.6
|
100
|
Home
Care
|
2.7
|
8.9
|
4.5
|
4.3
|
5.4
|
7.4
|
2.8
|
4.5
|
120
|
Foods
& Refreshment
|
5.5
|
1.0
|
(0.6)
|
1.6
|
10.0
|
1.3
|
(0.1)
|
1.4
|
(40)
|
FIRST HALF OPERATIONAL REVIEW: GEOGRAPHICAL AREA
|
|
Second
Quarter 2019
|
First
Half 2019
|
|||||||
(unaudited)
|
Turnover
|
USG(a)
|
UVG
|
UPG(a)
|
Turnover
|
USG(a)
|
UVG
|
UPG(a)
|
Change
in underlying operating margin(b)
|
|
€bn
|
%
|
%
|
%
|
€bn
|
%
|
%
|
%
|
bps
|
Unilever
|
13.7
|
3.5
|
1.2
|
2.3
|
26.1
|
3.3
|
1.2
|
2.1
|
50
|
Asia/AMET/RUB
|
6.3
|
6.3
|
2.5
|
3.7
|
12.2
|
6.2
|
2.9
|
3.2
|
70
|
The
Americas
|
4.2
|
3.7
|
1.3
|
2.3
|
8.1
|
2.1
|
(0.1)
|
2.2
|
80
|
Europe
|
3.2
|
(1.6)
|
(1.1)
|
(0.5)
|
5.8
|
(0.6)
|
(0.2)
|
(0.4)
|
(40)
|
|
Second
Quarter 2019
|
First
Half 2019
|
||||||
(unaudited)
|
Turnover
|
USG(a)
|
UVG
|
UPG(a)
|
Turnover
|
USG(a)
|
UVG
|
UPG(a)
|
|
€bn
|
%
|
%
|
%
|
€bn
|
%
|
%
|
%
|
Developed
markets
|
5.6
|
(1.6)
|
(1.5)
|
(0.1)
|
10.4
|
(0.7)
|
(0.6)
|
(0.1)
|
Emerging
markets
|
8.1
|
7.4
|
3.3
|
4.0
|
15.7
|
6.2
|
2.5
|
3.6
|
North
America
|
2.4
|
(0.2)
|
(1.2)
|
1.0
|
4.6
|
0.1
|
(0.5)
|
0.7
|
Latin
America
|
1.8
|
9.3
|
5.0
|
4.1
|
3.5
|
4.9
|
0.5
|
4.4
|
ADDITIONAL COMMENTARY ON THE FINANCIAL STATEMENTS – FIRST
HALF 2019
|
COMPETITION INVESTIGATIONS
|
NON-GAAP MEASURES
|
|
First
half average rate in 2019
|
First
half average rate in 2018
|
Brazilian Real (€1 = BRL)
|
4.282
|
4.125
|
Chinese Yuan (€1 = CNY)
|
7.659
|
7.715
|
Indian Rupee (€1 = INR)
|
79.149
|
79.478
|
Indonesia Rupiah (€1 = IDR)
|
16046
|
16663
|
Philippine Peso (€1 = PHP)
|
59.010
|
62.911
|
UK Pound Sterling (€1 = GBP)
|
0.873
|
0.880
|
US Dollar (€1 = US $)
|
1.130
|
1.212
|
€ million
|
First
Half
|
|
(unaudited)
|
2019
|
2018
Restated(a)
|
Net profit
|
3,209
|
3,229
|
Taxation
|
1,145
|
1,100
|
Share of net profit of joint ventures/associates and other
income
|
|
|
from
non-current investments
|
(87)
|
(88)
|
Net monetary gain arising from hyperinflationary
economies
|
(29)
|
-
|
Net finance costs
|
351
|
288
|
Operating profit
|
4,589
|
4,529
|
Depreciation, amortisation and impairment
|
965
|
1,228
|
Changes in working capital
|
(1,888)
|
(1,697)
|
Pensions and similar obligations less payments
|
(94)
|
(76)
|
Provisions less payments
|
47
|
(61)
|
Elimination of (profits)/losses on disposals
|
(36)
|
16
|
Non-cash charge for share-based compensation
|
95
|
115
|
Other adjustments
|
23
|
(283)
|
Cash flow from operating activities
|
3,701
|
3,771
|
Income tax paid
|
(1,309)
|
(1,081)
|
Net capital expenditure
|
(558)
|
(495)
|
Net interest paid
|
(291)
|
(194)
|
Free cash flow
|
1,543
|
2,001
|
Total net cash flow (used in)/from investing
activities
|
(716)
|
(1,441)
|
Total net cash flow (used in)/from financing
activities
|
(856)
|
(679)
|
€ million
|
First
Half
|
|
(unaudited)
|
2019
|
2018
Restated(a)
|
Operating profit
|
4,589
|
4,529
|
Non-underlying items within operating profit (see note
2)
|
465
|
438
|
Underlying operating profit
|
5,054
|
4,967
|
Turnover
|
26,126
|
26,352
|
Operating margin (%)
|
17.6
|
17.2
|
Underlying operating margin (%)
|
19.3
|
18.8
|
€ million
|
First
Half
|
|
(unaudited)
|
2019
|
2018
Restated(a)
|
Taxation
|
1,145
|
1,100
|
Tax impact:
|
|
|
Non-underlying items within operating
profit(b)
|
89
|
170
|
Non-underlying items not in operating profit but
within net profit(b)
|
-
|
(29)
|
Taxation before tax impact of non-underlying items
|
1,234
|
1,241
|
Profit before taxation
|
4,354
|
4,329
|
Non-underlying items within operating profit before
tax
|
465
|
438
|
Non-underlying items not in operating profit but within net profit
before tax(c)
|
(29)
|
-
|
Share of net profit /loss of joint ventures and
associates
|
(85)
|
(83)
|
Profit before tax excluding non-underlying items before tax and
share of net profit/(loss) of joint ventures and
associates
|
4,705
|
4,684
|
Underlying effective tax rate
|
26.2%
|
26.5%
|
€ million
|
First
Half
|
|
(unaudited)
|
2019
|
2018
Restated(a)
|
Underlying
profit attributable to shareholders' equity (see note
6)
|
3,342
|
3,318
|
Impact
of translation from current to constant exchange rates and
translational hedges
|
|
|
(23)
|
(18)
|
|
Impact of Venezuela and Argentina price
growth(b)
|
(58)
|
-
|
Constant
underlying earnings attributable to shareholders'
equity
|
3,261
|
3,300
|
Diluted
combined average number of share units (millions of
units)
|
2,625.6
|
2,737.3
|
Constant
underlying EPS (€)
|
1.24
|
1.21
|
€ million
|
As at30
June2019
|
As at
31 December2018
Restated(a)
|
As at
30 June2018
Restated(a)
|
(unaudited)
|
|||
Total financial liabilities
|
(28,985)
|
(26,738)
|
(31,599)
|
Current
financial liabilities
|
(5,616)
|
(3,613)
|
(11,080)
|
Non-current
financial liabilities
|
(23,369)
|
(23,125)
|
(20,519)
|
Cash and cash equivalents as per balance sheet
|
3,911
|
3,230
|
3,991
|
Cash
and cash equivalents as per cash flow statement
|
3,789
|
3,090
|
3,811
|
Add
bank overdrafts deducted therein
|
122
|
140
|
189
|
Less
cash and cash equivalents classified as held for sale
|
-
|
-
|
(9)
|
Other current financial assets
|
913
|
874
|
866
|
Net debt
|
(24,161)
|
(22,634)
|
(26,742)
|
PRINCIPAL RISK FACTORS
|
OTHER INFORMATION
|
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
+32 494
60 4906
|
+44 20
7822 6830
|
|
CONSOLIDATED INCOME STATEMENT
|
€ million
|
First
Half
|
|||
|
2019
|
2018
Restated(a)
|
Increase/(Decrease)
|
|
|
Current
rates
|
Constant
rates
|
||
|
|
|
|
|
Turnover
|
26,126
|
26,352
|
(0.9)% |
(0.7)%
|
|
|
|
|
|
Operating profit
|
4,589
|
4,529
|
1.3%
|
0.9%
|
|
|
|
|
|
After
(charging)/crediting non-underlying items
|
(465)
|
(438)
|
|
|
|
|
|
|
|
Net finance costs
|
(351)
|
(288)
|
|
|
Finance
income
|
86
|
64
|
|
|
Finance
costs
|
(420)
|
(337)
|
|
|
Pensions and
similar obligations
|
(17)
|
(15)
|
|
|
|
|
|
|
|
Net monetary gain/(loss) arising from hyperinflationary
economies
|
29
|
-
|
|
|
|
|
|
|
|
Share of net profit/(loss) of joint ventures and
associates
|
85
|
83
|
|
|
After
crediting non-underlying items
|
3
|
-
|
|
|
|
|
|
|
|
Other income/(loss) from non-current investments and
associates
|
2
|
5
|
|
|
|
|
|
|
|
Profit before taxation
|
4,354
|
4,329
|
0.6%
|
(0.1)%
|
|
|
|
|
|
Taxation
|
(1,145)
|
(1,100)
|
|
|
After
(charging)/crediting tax impact of non-underlying
items
|
89
|
141
|
|
|
|
|
|
|
|
Net profit
|
3,209
|
3,229
|
(0.6)%
|
(1.5)%
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Non-controlling
interests
|
203
|
198
|
|
|
Shareholders’
equity
|
3,006
|
3,031
|
(0.8)%
|
(1.9)%
|
Combined
earnings per share
|
|
|||
Basic
earnings per share (euros)
|
1.15
|
1.11
|
3.4%
|
2.3%
|
Diluted
earnings per share (euros)
|
1.14
|
1.11
|
3.4%
|
2.3%
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
€ million
|
First
Half
|
|
|
2019
|
2018
Restated(a)
|
Net profit
|
3,209
|
3,229
|
|
|
|
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
|
16
|
(4)
|
Remeasurements of
defined benefit pension plans
|
267
|
142
|
|
|
|
Items
that may be reclassified subsequently to profit or loss, net of
tax:
|
|
|
Gains/(losses) on
cash flow hedges
|
83
|
36
|
Currency
retranslation gains/(losses)
|
64
|
(755)
|
Total comprehensive income
|
3,639
|
2,648
|
Attributable to:
|
|
|
Non-controlling
interests
|
216
|
185
|
Shareholders’
equity
|
3,423
|
2,463
|
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 - 2019
|
|
|
|
|
|
|
|
1
January 2019 as previously reported
|
464
|
129
|
(15,286)
|
26,265
|
11,572
|
720
|
12,292
|
IFRS 16
Restatement(a)
|
-
|
-
|
68
|
(243)
|
(175)
|
-
|
(175)
|
Impact
of adopting IFRIC 23(a)
|
-
|
-
|
-
|
(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 at fair value through other comprehensive
income
|
-
|
-
|
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(b)
|
(30)
|
-
|
6,599
|
(6,569)
|
-
|
-
|
-
|
Other
movements in treasury shares(c)
|
-
|
-
|
31
|
(180)
|
(149)
|
-
|
(149)
|
Share-based
payment credit(d)
|
-
|
-
|
-
|
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
|
First
half - 2018
|
|
|
|
|
|
|
|
1
January 2018 as previously reported
|
484
|
130
|
(13,633)
|
26,648
|
13,629
|
758
|
14,387
|
IFRS 16
Restatement(a)
|
-
|
-
|
46
|
(235)
|
(189)
|
-
|
(189)
|
1
January 2018 after restatement
|
484
|
130
|
(13,587)
|
26,413
|
13,440
|
758
|
14,198
|
Profit
or loss for the period
|
-
|
-
|
-
|
3,031
|
3,031
|
198
|
3,229
|
Other
comprehensive income, net of tax:
|
|
|
|
|
|
|
|
Gains/(losses)
on:
|
|
|
|
|
|
|
|
Equity
instruments at fair value through other comprehensive
income
|
-
|
-
|
(4)
|
-
|
(4)
|
-
|
(4)
|
Cash
flow hedges
|
-
|
-
|
35
|
-
|
35
|
1
|
36
|
Remeasurements of
defined benefit pension plans
|
-
|
-
|
-
|
142
|
142
|
-
|
142
|
Currency
retranslation gains/(losses)
|
-
|
-
|
(733)
|
(8)
|
(741)
|
(14)
|
(755)
|
Total
comprehensive income
|
-
|
-
|
(702)
|
3,165
|
2,463
|
185
|
2,648
|
Dividends
on ordinary capital
|
-
|
-
|
-
|
(2,037)
|
(2,037)
|
-
|
(2,037)
|
Repurchase
of shares(e)
|
-
|
-
|
(2,516)
|
-
|
(2,516)
|
-
|
(2,516)
|
Other
movements in treasury shares(c)
|
-
|
-
|
(51)
|
(135)
|
(186)
|
-
|
(186)
|
Share-based
payment credit(d)
|
-
|
-
|
-
|
115
|
115
|
-
|
115
|
Dividends
paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(201)
|
(201)
|
Currency
retranslation gains/(losses) net of tax
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Hedging
gain/(loss) transferred to non-financial assets
|
-
|
-
|
96
|
-
|
96
|
-
|
96
|
Other
movements in equity
|
-
|
-
|
50
|
(21)
|
29
|
(24)
|
5
|
30 June 2018
|
484
|
130
|
(16,710)
|
27,500
|
11,404
|
718
|
12,122
|
CONSOLIDATED BALANCE SHEET
|
€ million
|
As
at
30
June
2019
|
As
at
31
December
2018
Restated(a)
|
As
at
30
June
2018
Restated(a)
|
|
|||
|
|
|
|
Non-current assets
|
|
|
|
Goodwill
|
17,697
|
17,341
|
16,687
|
Intangible
assets
|
12,547
|
12,152
|
12,011
|
Property,
plant and equipment
|
12,067
|
12,088
|
11,911
|
Pension
asset for funded schemes in surplus
|
2,053
|
1,728
|
2,340
|
Deferred
tax assets
|
1,376
|
1,152
|
1,034
|
Financial
assets
|
705
|
642
|
642
|
Other
non-current assets
|
495
|
530
|
502
|
|
46,940
|
45,633
|
45,127
|
|
|
|
|
Current assets
|
|
|
|
Inventories
|
4,387
|
4,301
|
4,246
|
Trade
and other current receivables
|
8,079
|
6,482
|
6,818
|
Current
tax assets
|
265
|
472
|
505
|
Cash
and cash equivalents
|
3,911
|
3,230
|
3,991
|
Other
financial assets
|
913
|
874
|
866
|
Assets
held for sale
|
34
|
119
|
3,404
|
|
17,589
|
15,478
|
19,830
|
|
|
|
|
Total assets
|
64,529
|
61,111
|
64,957
|
|
|
|
|
Current liabilities
|
|
|
|
Financial
liabilities
|
5,616
|
3,613
|
11,080
|
Trade
payables and other current liabilities
|
14,391
|
14,457
|
13,779
|
Current
tax liabilities
|
1,072
|
1,445
|
924
|
Provisions
|
665
|
624
|
472
|
Liabilities
held for sale
|
1
|
11
|
143
|
|
21,745
|
20,150
|
26,398
|
|
|
|
|
Non-current liabilities
|
|
|
|
Financial
liabilities
|
23,369
|
23,125
|
20,519
|
Non-current
tax liabilities
|
187
|
174
|
324
|
Pensions
and post-retirement healthcare liabilities:
|
|
|
|
Funded
schemes in deficit
|
1,176
|
1,209
|
1,157
|
Unfunded
schemes
|
1,417
|
1,393
|
1,460
|
Provisions
|
637
|
697
|
719
|
Deferred
tax liabilities
|
2,272
|
1,900
|
1,942
|
Other
non-current liabilities
|
330
|
346
|
316
|
|
29,388
|
28,844
|
26,437
|
|
|
|
|
Total liabilities
|
51,133
|
48,994
|
52,835
|
|
|
|
|
Equity
|
|
|
|
Shareholders’
equity
|
12,710
|
11,397
|
11,404
|
Non-controlling
interests
|
686
|
720
|
718
|
Total equity
|
13,396
|
12,117
|
12,122
|
|
|
|
|
Total liabilities and equity
|
64,529
|
61,111
|
64,957
|
CONSOLIDATED CASH FLOW STATEMENT
|
€ million
|
First
Half
|
|
|
2019
|
2018
Restated(a)
|
|
|
|
Net
profit
|
3,209
|
3,229
|
Taxation
|
1,145
|
1,100
|
Share
of net profit of joint ventures/associates and other
income
|
|
|
from
non-current investments and associates
|
(87)
|
(88)
|
Net
monetary gain arising from hyperinflationary economies
|
(29)
|
-
|
Net
finance costs
|
351
|
288
|
Operating profit
|
4,589
|
4,529
|
|
|
|
Depreciation,
amortisation and impairment
|
965
|
1,228
|
Changes
in working capital
|
(1,888)
|
(1,697)
|
Pensions
and similar obligations less payments
|
(94)
|
(76)
|
Provisions
less payments
|
47
|
(61)
|
Elimination
of (profits)/losses on disposals
|
(36)
|
16
|
Non-cash
charge for share-based compensation
|
95
|
115
|
Other
adjustments(b)
|
23
|
(283)
|
Cash flow from operating activities
|
3,701
|
3,771
|
|
|
|
Income
tax paid
|
(1,309)
|
(1,081)
|
|
|
|
Net cash flow from operating activities
|
2,392
|
2,690
|
|
|
|
Interest
received
|
78
|
45
|
Net
capital expenditure
|
(558)
|
(495)
|
Other
acquisitions and disposals
|
(470)
|
(1,035)
|
Other
investing activities
|
234
|
44
|
|
|
|
Net cash flow (used in)/from investing activities
|
(716)
|
(1,441)
|
|
|
|
Dividends
paid on ordinary share capital
|
(2,080)
|
(2,033)
|
Interest
paid
|
(369)
|
(239)
|
Change
in financial liabilities
|
1,937
|
4,250
|
Repurchase
of shares
|
-
|
(2,248)
|
Other
movements on treasury stock
|
(205)
|
(264)
|
Other
financing activities
|
(139)
|
(145)
|
|
|
|
Net cash flow (used in)/from financing activities
|
(856)
|
(679)
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents
|
820
|
570
|
|
|
|
Cash and cash equivalents at the beginning of the
period
|
3,090
|
3,169
|
|
|
|
Effect
of foreign exchange rate changes
|
(121)
|
72
|
|
|
|
Cash and cash equivalents at the end of the period
|
3,789
|
3,811
|
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
|
1 ACCOUNTING INFORMATION AND
POLICIES
|
2 SIGNIFICANT ITEMS WITHIN THE INCOME STATEMENT
|
€ million
|
First
Half
|
|
|
2019
|
2018
|
|
|
|
Acquisition and disposal-related
credit/(costs)(a)
|
(77)
|
148
|
Gain/(loss) on disposal of group
companies(b)
|
66
|
-
|
Restructuring
costs
|
(454)
|
(367)
|
Impairment and other one-off
items(c)
|
-
|
(219)
|
Non-underlying
items within operating profit before tax
|
(465)
|
(438)
|
|
|
|
Tax
on non-underlying items within operating profit
|
89
|
170
|
Non-underlying
items within operating profit after tax
|
(376)
|
(268)
|
|
|
|
Share
of gain on disposal of Spreads business in Portugal JV
|
3
|
-
|
Net
monetary gain arising from hyperinflationary economies
|
29
|
-
|
Non-underlying
items not in operating profit but within net profit before
tax
|
32
|
-
|
|
|
|
Tax
impact of non-underlying items not in operating profit but within
net profit:
|
|
|
Impact
of US tax reform
|
-
|
(29)
|
Non-underlying
items not in operating profit but within net profit after
tax
|
32
|
(29)
|
Non-underlying items after tax(d)
|
(344)
|
(297)
|
|
|
|
Attributable to:
|
|
|
Non-controlling
interests
|
(8)
|
(10)
|
Shareholders’
equity
|
(336)
|
(287)
|
3 SEGMENT INFORMATION - DIVISIONS
|
Second Quarter
|
Beauty
& Personal
Care
|
Home
Care
|
Foods
& Refreshment
|
Total
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
2018
|
5,175
|
2,488
|
6,067
|
13,730
|
2019
|
5,518
|
2,718
|
5,474
|
13,710
|
Change
(%)
|
6.6
|
9.3
|
(9.8)
|
(0.1)
|
Impact of:
|
|
|
|
|
Exchange
rates(a)
(%)
|
2.5
|
0.2
|
0.8
|
1.3
|
Acquisitions
(%)
|
0.5
|
0.1
|
0.7
|
0.5
|
Disposals
(%)
|
-
|
-
|
(12.0)
|
(5.3)
|
Underlying sales growth (%)
|
3.5
|
8.9
|
1.0
|
3.5
|
Price(a) (%)
|
1.9
|
4.3
|
1.6
|
2.3
|
Volume
(%)
|
1.6
|
4.5
|
(0.6)
|
1.2
|
First Half
|
Beauty
& Personal
Care
|
Home
Care
|
Foods
& Refreshment
|
Total
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
2018
|
10,084
|
5,048
|
11,220
|
26,352
|
2019
|
10,721
|
5,410
|
9,995
|
26,126
|
Change
(%)
|
6.3
|
7.2
|
(10.9)
|
(0.9)
|
Impact of:
|
|
|
|
|
Exchange
rates(a)
(%)
|
2.2
|
(0.4)
|
0.6
|
1.1
|
Acquisitions
(%)
|
0.6
|
0.2
|
0.5
|
0.5
|
Disposals
(%)
|
-
|
-
|
(13.0)
|
(5.5)
|
Underlying sales growth (%)
|
3.3
|
7.4
|
1.3
|
3.3
|
Price(a) (%)
|
1.6
|
4.5
|
1.4
|
2.1
|
Volume
(%)
|
1.7
|
2.8
|
(0.1)
|
1.2
|
|
|
|
|
|
Operating profit (€ million)
|
|
|
|
|
2018(b)
|
2,056
|
651
|
1,822
|
4,529
|
2019
|
2,322
|
652
|
1,615
|
4,589
|
|
|
|
|
|
Underlying operating profit (€ million)
|
|
|
|
|
2018(b)
|
2,220
|
646
|
2,101
|
4,967
|
2019
|
2,469
|
756
|
1,829
|
5,054
|
|
|
|
|
|
Operating margin (%)
|
|
|
|
|
2018(b)
|
20.4
|
12.9
|
16.2
|
17.2
|
2019
|
21.7
|
12.1
|
16.2
|
17.6
|
|
|
|
|
|
Underlying operating margin (%)
|
|
|
|
|
2018(b)
|
22.0
|
12.8
|
18.7
|
18.8
|
2019
|
23.0
|
14.0
|
18.3
|
19.3
|
4 SEGMENT INFORMATION – GEOGRAPHICAL
AREA
|
Second Quarter
|
Asia
/
AMET
/
RUB
|
The
Americas
|
Europe
|
Total
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
2018
|
6,017
|
4,152
|
3,561
|
13,730
|
2019
|
6,265
|
4,269
|
3,176
|
13,710
|
Change
(%)
|
4.1
|
2.8
|
(10.8)
|
(0.1)
|
Impact of:
|
|
|
|
|
Exchange
rates(a)
(%)
|
0.3
|
3.8
|
-
|
1.3
|
Acquisitions
(%)
|
-
|
0.3
|
1.6
|
0.5
|
Disposals
(%)
|
(2.4)
|
(4.8)
|
(10.8)
|
(5.3)
|
Underlying sales growth (%)
|
6.3
|
3.7
|
(1.6)
|
3.5
|
Price(a) (%)
|
3.7
|
2.3
|
(0.5)
|
2.3
|
Volume
(%)
|
2.5
|
1.3
|
(1.1)
|
1.2
|
First Half
|
Asia
/
AMET
/
RUB
|
The
Americas
|
Europe
|
Total
|
|
|
|
|
|
Turnover (€ million)
|
|
|
|
|
2018
|
11,735
|
8,083
|
6,534
|
26,352
|
2019
|
12,195
|
8,141
|
5,790
|
26,126
|
Change
(%)
|
3.9
|
0.7
|
(11.4)
|
(0.9)
|
Impact of:
|
|
|
|
|
Exchange
rates(a)
(%)
|
0.2
|
3.1
|
-
|
1.1
|
Acquisitions
(%)
|
-
|
0.6
|
1.3
|
0.5
|
Disposals
(%)
|
(2.3)
|
(5.0)
|
(12.0)
|
(5.5)
|
Underlying sales growth (%)
|
6.2
|
2.1
|
(0.6)
|
3.3
|
Price(a) (%)
|
3.2
|
2.2
|
(0.4)
|
2.1
|
Volume
(%)
|
2.9
|
(0.1)
|
(0.2)
|
1.2
|
|
|
|
|
|
Operating profit (€ million)
|
|
|
|
|
2018(b)
|
2,274
|
1,172
|
1,083
|
4,529
|
2019
|
2,339
|
1,270
|
980
|
4,589
|
|
|
|
|
|
Underlying operating profit (€ million)
|
|
|
|
|
2018(b)
|
2,345
|
1,349
|
1,273
|
4,967
|
2019
|
2,526
|
1,425
|
1,103
|
5,054
|
|
|
|
|
|
Operating margin (%)
|
|
|
|
|
2018(b)
|
19.4
|
14.5
|
16.6
|
17.2
|
2019
|
19.2
|
15.6
|
16.9
|
17.6
|
|
|
|
|
|
Underlying operating margin (%)
|
|
|
|
|
2018(b)
|
20.0
|
16.7
|
19.5
|
18.8
|
2019
|
20.7
|
17.5
|
19.1
|
19.3
|
5 TAXATION
|
€ million
|
First
Half 2019
|
First
Half 2018
Restated(a)
|
||||
|
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
|
16
|
-
|
16
|
(4)
|
-
|
(4)
|
Cash
flow hedges
|
89
|
(6)
|
83
|
32
|
4
|
36
|
Remeasurements
of defined benefit pension plans
|
274
|
(7)
|
267
|
206
|
(64)
|
142
|
Currency
retranslation gains/(losses)
|
68
|
(4)
|
64
|
(756)
|
1
|
(755)
|
Other comprehensive income
|
447
|
(17)
|
430
|
(522)
|
(59)
|
(581)
|
6 COMBINED EARNINGS PER SHARE
|
|
2019
|
2018
Restated(a)
|
|
||
Combined EPS – Basic
|
|
|
Net
profit attributable to shareholders’ equity (€
million)
|
3,006
|
3,031
|
|
|
|
Average
number of combined share units (millions of units)
|
2,616.5
|
2,727.3
|
|
|
|
Combined
EPS – basic (€)
|
1.15
|
1.11
|
|
|
|
Combined EPS – Diluted
|
|
|
Net
profit attributable to shareholders’ equity (€
million)
|
3,006
|
3,031
|
|
|
|
Adjusted
average number of combined share units (millions of
units)
|
2,625.6
|
2,737.3
|
|
|
|
Combined
EPS – diluted (€)
|
1.14
|
1.11
|
|
|
|
Underlying EPS
|
|
|
Net
profit attributable to shareholder’s equity (€
million)
|
3,006
|
3,031
|
Post
tax impact of non-underlying items attributable to
shareholders’ equity (see note 2)
|
336
|
287
|
Underlying
profit attributable to shareholders’ equity (€
million)
|
3,342
|
3,318
|
|
|
|
Adjusted
average number of combined share units (millions of
units)
|
2,625.6
|
2,737.3
|
|
|
|
Underlying
EPS – diluted (€)
|
1.27
|
1.21
|
|
|
Millions
|
Number
of shares at 31 December 2018 (net of treasury shares)
|
|
2,614.2
|
Shares
repurchased under the share buyback programme
|
|
-
|
Net
movement in shares under incentive schemes
|
|
1.9
|
Number
of shares at 30 June 2019
|
|
2,616.1
|
7 ACQUISITIONS AND DISPOSALS
|
8 FINANCIAL INSTRUMENTS
|
€
million
|
Fair
value
|
Carrying
amount
|
||||
As at
30 June
2019
|
As at
31 December
2018
Restated(a)
|
As at
30 June
2018
Restated(a)
|
As at
30 June
2019
|
As at
31 December
2018
Restated(a)
|
As at
30 June
2018
Restated(a)
|
|
Financial assets
|
|
|
|
|
|
|
Cash
and cash equivalents
|
3,911
|
3,230
|
3,991
|
3,911
|
3,230
|
3,991
|
Amortised
cost
|
499
|
629
|
632
|
499
|
629
|
632
|
Fair
value through other comprehensive income
|
327
|
329
|
288
|
327
|
329
|
288
|
Financial
assets at fair value through profit and loss:
|
|
|
|
|
|
|
Derivatives
|
412
|
194
|
209
|
412
|
194
|
209
|
Other
|
381
|
364
|
379
|
381
|
364
|
379
|
|
5,530
|
4,746
|
5,499
|
5,530
|
4,746
|
5,499
|
Financial liabilities
|
|
|
|
|
|
|
Bank
loans and overdrafts
|
(1,044)
|
(816)
|
(1,131)
|
(1,041)
|
(814)
|
(1,128)
|
Bonds
and other loans
|
(26,787)
|
(23,691)
|
(27,842)
|
(25,390)
|
(23,391)
|
(27,426)
|
Lease
liabilities
|
(1,967)
|
(1,981)
|
(2,112)
|
(1,967)
|
(1,981)
|
(2,112)
|
Derivatives
|
(464)
|
(402)
|
(542)
|
(464)
|
(402)
|
(542)
|
Other
financial liabilities
|
(123)
|
(150)
|
(390)
|
(123)
|
(150)
|
(390)
|
|
(30,385)
|
(27,040)
|
(32,017)
|
(28,985)
|
(26,738)
|
(31,598)
|
€
million
|
Level
1
|
Level
2
|
Level
3
|
Level
1
|
Level
2
|
Level
3
|
Level
1
|
Level
2
|
Level
3
|
|
As at
30 June 2019
|
As at
31 December 2018
|
As at
30 June 2018
|
||||||
Assets at fair value
|
|
|
|
|
|
|
|
|
|
Financial assets at fair value through other comprehensive
income(a)
|
116
|
4
|
207
|
160
|
5
|
164
|
143
|
4
|
141
|
Financial assets at fair value
|
|
|
|
|
|
|
|
|
|
through profit or loss:
|
|
|
|
|
|
|
|
|
|
Derivatives(a)
|
-
|
448
|
-
|
-
|
276
|
-
|
-
|
366
|
-
|
Other
|
155
|
-
|
226
|
145
|
-
|
219
|
185
|
-
|
194
|
Liabilities at fair value
|
|
|
|
|
|
|
|
|
|
Derivatives(b)
|
-
|
(530)
|
-
|
-
|
(542)
|
-
|
-
|
(588)
|
-
|
Contingent Consideration
|
-
|
-
|
(156)
|
-
|
-
|
(142)
|
-
|
-
|
(199)
|
9
IMPACT OF ADOPTION OF IFRS 16
|
€ million
|
As at
31 December 2018
|
As at
30 June 2018
|
||||
|
As
previously reported
|
Restatement
|
Restated
|
As
previously reported
|
Restatement
|
Restated
|
Balance sheet
|
||||||
Property,
plant and equipment
|
10,347
|
1,741
|
12,088
|
10,050
|
1,861
|
11,911
|
Deferred
tax assets
|
1,117
|
35
|
1,152
|
1,000
|
34
|
1,034
|
Other
non-current assets
|
648
|
(118)
|
530
|
619
|
(117)
|
502
|
Trade
and other current receivables
|
6,485
|
(3)
|
6,482
|
6,821
|
(3)
|
6,818
|
Total assets
|
59,456
|
1,655
|
61,111
|
63,182
|
1,775
|
64,957
|
|
|
|
|
|
|
|
Current
financial liabilities
|
3,235
|
378
|
3,613
|
10,670
|
410
|
11,080
|
Non-current
financial liabilities
|
21,650
|
1,475
|
23,125
|
18,951
|
1,568
|
20,519
|
Deferred
tax liability
|
1,923
|
(23)
|
1,900
|
1,966
|
(24)
|
1,942
|
Total liabilities
|
47,164
|
1,830
|
48,994
|
50,881
|
1,954
|
52,835
|
Income Statement (€ mill
|
|
|
|
|
|
|
Other
reserves
|
(15,286)
|
68
|
(15,218)
|
(16,768)
|
58
|
(16,710)
|
Retained
profit
|
26,265
|
(243)
|
26,022
|
27,737
|
(237)
|
27,500
|
Total equity
|
12,292
|
(175)
|
12,117
|
12,301
|
(179)
|
12,122
|
|
|
|
|
|
|
|
Total liabilities and equity
|
59,456
|
1,655
|
61,111
|
63,182
|
1,775
|
64,957
|
€ million
|
First
Half 2018
|
||
As
previously reported
|
Adjustments
for IFRS 16
|
Restated
|
|
Income statement
|
|
|
|
Operating
profit
|
4,474
|
55
|
4,529
|
Finance
costs
|
(272)
|
(65)
|
(337)
|
Profit
before taxation
|
4,339
|
(10)
|
4,329
|
Taxation
|
(1,102)
|
2
|
(1,100)
|
Net
profit
|
3,237
|
(8)
|
3,229
|
Attributable
to: Shareholder’s equity
|
3,039
|
(8)
|
3,031
|
|
|
|
|
Statement of comprehensive income
|
|
|
|
Net
profit
|
3,237
|
(8)
|
3,229
|
Currency
retranslation gains/(losses)
|
(767)
|
12
|
(755)
|
Total
comprehensive income
|
2,644
|
4
|
2,648
|
Attributable
to: Shareholder’s equity
|
2,459
|
4
|
2,463
|
€ million
|
First
Half 2018
|
||
As
previously reported
|
Adjustments
for IFRS 16
|
Restated
|
|
Cash flow statement
|
|||
Net
profit
|
3,237
|
(8)
|
3,229
|
Taxation
|
1,102
|
(2)
|
1,100
|
Net
finance costs
|
223
|
65
|
288
|
Operating
profit
|
4,474
|
55
|
4,529
|
Depreciation,
amortisation and impairment
|
983
|
245
|
1,228
|
Elimination
of (profits)/losses on disposals
|
32
|
(16)
|
16
|
Net cash flow from operating activities
|
2,406
|
284
|
2,690
|
Interest
paid
|
(191)
|
(48)
|
(239)
|
Change
in financial liabilities
|
4,486
|
(236)
|
4,250
|
Net cash flow (used in)/from financing activities
|
(395)
|
(284)
|
(679)
|
|
First
Half 2018
|
|
|
As
previously reported
|
Restated
|
Combined EPS – Basic
|
|
|
Net
profit attributable to shareholders’ equity (€
million)
|
3,039
|
3,031
|
|
|
|
Average
number of combined share units (millions of units)
|
2,727.3
|
2,727.3
|
|
|
|
Combined
EPS – basic (€)
|
1.11
|
1.11
|
|
|
|
Combined EPS – Diluted
|
|
|
Net
profit attributable to shareholders’ equity (€
million)
|
3,039
|
3,031
|
|
|
|
Adjusted
average number of combined share units (millions of
units)
|
2,737.3
|
2,737.3
|
|
|
|
Combined
EPS – diluted (€)
|
1.11
|
1.11
|
First Half 2018
|
Beauty
& Personal
Care
|
Home
Care
|
Foods
& Refreshment
|
Total
|
Operating profit (€ million)
|
|
|
|
|
2018 as
previously reported
|
2,037
|
638
|
1,799
|
4,474
|
Adjustments for
IFRS 16
|
19
|
13
|
23
|
55
|
2018
after restatement
|
2,056
|
651
|
1,822
|
4,529
|
Underlying operating profit (€ million)
|
|
|
|
|
2018 as
previously reported
|
2,201
|
633
|
2,078
|
4,912
|
Adjustments for
IFRS 16
|
19
|
13
|
23
|
55
|
2018
after restatement
|
2,220
|
646
|
2,101
|
4,967
|
Operating margin (%)
|
|
|
|
|
2018 as
previously reported
|
20.2
|
12.6
|
16.0
|
17.0
|
2018
after restatement
|
20.4
|
12.9
|
16.2
|
17.2
|
Underlying operating margin (%)
|
|
|
|
|
2018 as
previously reported
|
21.8
|
12.5
|
18.5
|
18.6
|
2018
after restatement
|
22.0
|
12.8
|
18.7
|
18.8
|
First Half 2018
|
Asia
/AMET /RUB
|
The
Americas
|
Europe
|
Total
|
Operating profit (€ million)
|
|
|
|
|
2018 as
previously reported
|
2,248
|
1,156
|
1,070
|
4,474
|
Adjustments for
IFRS 16
|
27
|
17
|
11
|
55
|
2018
after restatement
|
2,275
|
1,173
|
1,081
|
4,529
|
Underlying operating profit (€ million)
|
|
|
|
|
2018 as
previously reported
|
2,317
|
1,333
|
1,262
|
4,912
|
Adjustments for
IFRS 16
|
27
|
17
|
11
|
55
|
2018
after restatement
|
2,344
|
1,350
|
1,273
|
4,967
|
Operating margin (%)
|
|
|
|
|
2018 as
previously reported
|
19.2
|
14.3
|
16.4
|
17.0
|
2018
after restatement
|
19.4
|
14.5
|
16.5
|
17.2
|
Underlying operating margin (%)
|
|
|
|
|
2018 as
previously reported
|
19.7
|
16.5
|
19.3
|
18.6
|
2018
after restatement
|
20.0
|
16.7
|
19.5
|
18.8
|
10 DIVIDENDS
|
Per
Unilever N.V. ordinary share
|
€
0.4104
|
Per
Unilever PLC ordinary share
|
£
0.3682
|
Per
Unilever N.V. New York share
|
US$
0.4585
|
Per
Unilever PLC American Depositary Receipt
|
US$
0.4585
|
|
Announcement
Date
|
Ex-Dividend
Date
|
Record
Date
|
Payment
Date
|
Quarterly
dividend – for Q2 2019
|
25 July 2019
|
8
August 2019
|
9
August 2019
|
11
September 2019
|
Quarterly
dividend – for Q3 2019
|
17
October 2019
|
31
October 2019
|
1
November 2019
|
4
December 2019
|
11 EVENTS AFTER THE BALANCE SHEET DATE
|
DIRECTORS’ RESPONSIBILITY STATEMENT
|