UNILEVER
PLC
|
|
Ritva Sotamaa
Chief Legal Officer and Group Secretary
|
|
|
EXHIBIT
NUMBER
|
EXHIBIT
DESCRIPTION
|
99
|
Notice
to London Stock Exchange dated 01st
February, 2018
|
|
Full Results 2017
|
GOOD ALL-ROUND PERFORMANCE WITH ACCELERATED VALUE
CREATION
|
Underlying performance
|
GAAP measures
|
||||
|
|
vs 2016
|
|
|
vs 2016
|
Full
Year
|
|
|
|
|
|
Underlying
sales growth (USG)(a)
|
|
3.1%
|
Turnover
|
€53.7bn
|
1.9%
|
USG
excluding spreads(a)(b)
|
|
3.5%
|
Turnover
excluding spreads
|
€50.7bn
|
2.2%
|
Underlying
operating margin
|
17.5%
|
110bps
|
Operating
margin
|
16.5%
|
170bps
|
Underlying
earnings per share
|
€2.24
|
10.7%
|
Diluted
earnings per share
|
€2.15
|
18.4%
|
Free
Cash Flow
|
€5.4bn
|
€0.6bn
|
Net
profit
|
€6.5bn
|
16.9%
|
Fourth
Quarter
|
|
|
|
|
|
USG
excluding spreads(a)(b)
|
|
4.3%
|
Turnover
excluding spreads
|
€12.0bn
|
(1.6)%
|
USG(a)
|
|
4.0%
|
Turnover
|
€12.8bn
|
(1.7)%
|
Quarterly
dividend payable in March 2018 €0.3585 per share
|
Paul Polman: Chief Executive Officer statement
|
FULL
YEAR OPERATIONAL REVIEW
|
FULL
YEAR OPERATIONAL REVIEW: CATEGORIES
|
|
Fourth
Quarter 2017
|
Full
Year 2017
|
|||||||
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
Change
in underlying operating margin
|
|
€bn
|
%
|
%
|
%
|
€bn
|
%
|
%
|
%
|
bps
|
Unilever including spreads
|
12.8
|
4.0
|
3.2
|
0.7
|
53.7
|
3.1
|
0.8
|
2.3
|
110
|
Personal Care
|
5.2
|
4.4
|
4.4
|
-
|
20.7
|
2.9
|
1.4
|
1.5
|
110
|
Home Care
|
2.6
|
6.5
|
5.4
|
1.1
|
10.6
|
4.4
|
2.1
|
2.3
|
130
|
Home Care and Personal Care
|
7.8
|
5.1
|
4.7
|
0.3
|
31.3
|
3.4
|
1.6
|
1.8
|
110
|
Foods
|
3.3
|
1.4
|
0.3
|
1.1
|
12.5
|
1.0
|
(0.7)
|
1.7
|
60
|
Refreshment
|
1.7
|
4.0
|
2.3
|
1.6
|
9.9
|
4.9
|
0.4
|
4.5
|
160
|
Foods and Refreshment
|
5.0
|
2.3
|
1.0
|
1.3
|
22.4
|
2.7
|
(0.2)
|
3.0
|
110
|
|
Fourth Quarter 2017
|
Full Year 2017
|
||||||
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
€bn
|
%
|
%
|
%
|
€bn
|
%
|
%
|
%
|
Unilever excluding spreads
|
12.0
|
4.3
|
3.5
|
0.8
|
50.7
|
3.5
|
1.0
|
2.4
|
Foods and Refreshment excluding spreads
|
4.2
|
2.8
|
1.2
|
1.6
|
19.4
|
3.6
|
0.2
|
3.4
|
Foods excluding spreads
|
2.5
|
1.9
|
0.4
|
1.5
|
9.5
|
2.2
|
(0.1)
|
2.2
|
FULL
YEAR OPERATIONAL REVIEW: GEOGRAPHICAL AREA
|
|
Fourth Quarter 2017
|
Full Year 2017
|
|||||||
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
Change in underlying operating margin
|
|
€bn
|
%
|
%
|
%
|
€bn
|
%
|
%
|
%
|
bps
|
Unilever including spreads
|
12.8
|
4.0
|
3.2
|
0.7
|
53.7
|
3.1
|
0.8
|
2.3
|
110
|
Asia/AMET/RUB
|
5.6
|
6.5
|
4.2
|
2.2
|
23.3
|
5.9
|
2.1
|
3.7
|
200
|
The Americas
|
4.2
|
3.4
|
3.4
|
-
|
17.5
|
2.4
|
0.2
|
2.2
|
50
|
Europe
|
3.0
|
0.3
|
1.3
|
(1.0)
|
12.9
|
(0.7)
|
(0.5)
|
(0.2)
|
60
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2017
|
Full Year 2017
|
|
||||||
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
|
€bn
|
%
|
%
|
%
|
€bn
|
%
|
%
|
%
|
|
Emerging markets
|
7.4
|
6.3
|
4.2
|
2.0
|
31.2
|
5.9
|
1.6
|
4.2
|
|
Developed markets
|
5.4
|
0.8
|
2.0
|
(1.1)
|
22.5
|
(0.6)
|
(0.2)
|
(0.3)
|
|
North America
|
2.2
|
2.3
|
3.2
|
(0.9)
|
9.4
|
-
|
0.1
|
(0.1)
|
|
Latin America
|
2.0
|
4.6
|
3.6
|
1.0
|
8.1
|
5.3
|
0.3
|
4.9
|
|
|
Fourth Quarter 2017
|
Full Year 2017
|
||||||
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
|
€bn
|
%
|
%
|
%
|
€bn
|
%
|
%
|
%
|
Developed markets excluding spreads
|
4.8
|
1.0
|
2.2
|
(1.1)
|
20.5
|
(0.2)
|
0.1
|
(0.3)
|
Europe excluding spreads
|
2.6
|
0.3
|
1.4
|
(1.0)
|
11.3
|
(0.3)
|
(0.2)
|
(0.1)
|
North America excluding spreads
|
2.1
|
2.8
|
3.8
|
(1.0)
|
8.7
|
0.4
|
0.5
|
(0.1)
|
ADDITIONAL
COMMENTARY ON THE FINANCIAL STATEMENTS – FULL
YEAR
|
COMPETITION
INVESTIGATIONS
|
NON-GAAP
MEASURES
|
|
Annual
Average rate in 2017
|
Annual
Average rate in 2016
|
Brazilian Real (€1 = BRL)
|
3.573
|
3.889
|
Chinese Yuan (€1 = CNY)
|
7.608
|
7.355
|
Indian Rupee (€1 = INR)
|
73.258
|
74.588
|
Indonesia Rupiah (€1 = IDR)
|
15011
|
14770
|
UK Pound Sterling (€1 = GBP)
|
0.876
|
0.815
|
US Dollar (€1 = US $)
|
1.123
|
1.111
|
Argentine peso (€ = ARS)
|
18.401
|
16.292
|
€ million
|
Full
Year
|
|
(unaudited)
|
2017
|
2016
|
Net profit
|
6,486
|
5,547
|
Taxation
|
1,667
|
1,922
|
Share of net profit of joint ventures/associates and other
income
|
|
|
from non-current investments
|
(173)
|
(231)
|
Net finance costs
|
877
|
563
|
Operating profit
|
8,857
|
7,801
|
Depreciation, amortisation and impairment
|
1,538
|
1,464
|
Changes in working capital
|
(68)
|
51
|
Pensions and similar obligations less payments
|
(904)
|
(327)
|
Provisions less payments
|
200
|
65
|
Elimination of (profits)/losses on disposals
|
(298)
|
127
|
Non-cash charge for share-based compensation
|
284
|
198
|
Other adjustments
|
(153)
|
(81)
|
Cash flow from operating activities
|
9,456
|
9,298
|
Income tax paid
|
(2,164)
|
(2,251)
|
Net capital expenditure
|
(1,621)
|
(1,878)
|
Net interest and preference dividends paid
|
(316)
|
(367)
|
Free cash flow
|
5,355
|
4,802
|
Net cash flow (used in)/from investing
activities
|
(5,879)
|
(3,188)
|
Net cash flow (used in)/from financing
activities
|
(1,433)
|
(3,073)
|
€ million
|
Full
Year
|
|
(unaudited)
|
2017
|
2016
|
Operating profit
|
8,857
|
7,801
|
Non-underlying items within operating profit (see note
2)
|
543
|
823
|
Underlying operating profit
|
9,400
|
8,624
|
Turnover
|
53,715
|
52,713
|
Operating margin (%)
|
16.5%
|
14.8%
|
Underlying operating margin (%)
|
17.5%
|
16.4%
|
€ million
|
Full
Year
|
|
(unaudited)
|
2017
|
2016
|
Operating profit
|
8,857
|
7,801
|
Depreciation, amortisation and impairment
|
1,538
|
1,464
|
Non-underlying items within operating profit (see note
2)
|
543
|
823
|
Earnings before interest, taxes, depreciation and
amortisation (EBITDA)
|
10,938
|
10,088
|
€ million
|
Full
Year
|
|
(unaudited)
|
2017
|
2016
|
Taxation
|
1,667
|
1,922
|
Tax impact of:
|
|
|
Non-underlying items within operating
profit(a)
|
77
|
213
|
Non-underlying items not in operating profit but
within net profit(a)
|
578
|
-
|
Taxation before tax impact of non-underlying
items
|
2,322
|
2,135
|
Profit before taxation
|
8,153
|
7,469
|
Non-underlying items within operating profit before
tax(a)
|
543
|
823
|
Non-underlying items not in operating profit but within net
profit before tax(a)
|
382
|
-
|
Share of net profit/loss of joint ventures and
associates
|
(155)
|
(127)
|
Profit before tax excluding non-underlying items before tax and
share of net profit/(loss) of joint ventures and
associates
|
8,923
|
8,165
|
Underlying effective tax rate
|
26.0%
|
26.1%
|
€ million
|
Full
Year
|
|
(unaudited)
|
2017
|
2016
|
Underlying profit attributable to shareholders' equity (see
note 6)
|
6,315
|
5,785
|
Impact of translation of earnings between constant and
current exchange rates
|
|
|
and translational hedges
|
310
|
194
|
Impact of Q4 2017 Venezuela price growth(a)
|
(153)
|
-
|
Constant underlying earnings attributable to shareholders'
equity
|
6,472
|
5,979
|
Diluted combined average number of share units (millions of
units)
|
2,814.0
|
2,853.9
|
Constant underlying EPS (€)
|
2.30
|
2.10
|
€ million
|
As
at
|
As
at
|
|
31
December
|
31
December
|
(unaudited)
|
2017
|
2016
|
Total financial liabilities
|
(24,430)
|
(16,595)
|
Current financial
liabilities
|
(7,968)
|
(5,450)
|
Non-current financial
liabilities
|
(16,462)
|
(11,145)
|
Cash and cash equivalents as per balance sheet
|
3,317
|
3,382
|
Cash and cash equivalents
as per cash flow statement
|
3,169
|
3,198
|
Add bank overdrafts
deducted therein
|
167
|
184
|
Less cash and cash
equivalents classified as held for sale
|
(19)
|
-
|
Other current financial assets
|
770
|
599
|
Net debt
|
(20,343)
|
(12,614)
|
€ million
|
Full
Year
|
|
(unaudited)
|
2017
|
2016
|
Underlying operating profit before
tax(a)
|
9,400
|
8,624
|
Tax on underlying operating
profit(b)
|
(2,446)
|
(2,255)
|
Underlying operating profit after tax
|
6,954
|
6,369
|
Goodwill
|
16,881
|
17,624
|
Intangible
assets
|
11,520
|
9,809
|
Property,
plant and equipment
|
10,411
|
11,673
|
Net
assets held for sale
|
3,054
|
205
|
Inventories
|
3,962
|
4,278
|
Trade
and other current receivables
|
5,222
|
5,102
|
Trade
payables and other current liabilities
|
(13,426)
|
(13,871)
|
Period-end
invested capital
|
37,624
|
34,820
|
Average invested capital for the period
|
36,222
|
33,231
|
Return on invested capital(c)
|
19.2%
|
19.2%
|
CAUTIONARY
STATEMENT
|
ENQUIRIES
|
Media:
|
Investors:
Investor Relations Team
|
UK
+44 79 1727
1819
treeva.fenwick@unilever.com
|
+44 20 7822
6830
investor.relations@unilever.com
|
or
+44 78 2504
9151
louise.phillips@unilever.com
|
|
NL
+31 10 217
4844
els-de.bruin@unilever.com
|
|
or
+32 494 60
4906
freek.bracke@unilever.com
|
|
|
|
INCOME
STATEMENT
|
€ million
|
Full
Year
|
|||
|
2017
|
2016
|
Increase
/
|
|
(Decrease)
|
||||
Current
|
Constant
|
|||
rates
|
rates
|
|||
|
|
|
|
|
Turnover
|
53,715
|
52,713
|
1.9%
|
4.9%
|
|
|
|
|
|
Operating profit
|
8,857
|
7,801
|
13.5%
|
17.6%
|
|
|
|
|
|
After (charging)/crediting non-underlying
items
|
(543)
|
(823)
|
|
|
|
|
|
|
|
Net finance costs
|
(877)
|
(563)
|
|
|
Finance income
|
157
|
115
|
|
|
Finance costs
|
(556)
|
(584)
|
|
|
Pensions and similar obligations
|
(96)
|
(94)
|
|
|
Net finance cost non-underlying items
|
(382)
|
-
|
|
|
|
|
|
|
|
Share of net profit/(loss) of joint ventures and
associates
|
155
|
127
|
|
|
Other income/(loss) from non-current investments and
associates
|
18
|
104
|
|
|
|
|
|
|
|
Profit before taxation
|
8,153
|
7,469
|
9.2%
|
13.3%
|
|
|
|
|
|
Taxation
|
(1,667)
|
(1,922)
|
|
|
After crediting tax impact of non-underlying
items
|
655
|
213
|
|
|
|
|
|
|
|
Net profit
|
6,486
|
5,547
|
16.9%
|
21.2%
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Non-controlling interests
|
433
|
363
|
|
|
Shareholders’ equity
|
6,053
|
5,184
|
16.8%
|
21.3%
|
|
|
|
|
|
Combined
earnings per share
|
|
|
|
|
Basic earnings per share (euros)
|
2.16
|
1.83
|
18.4%
|
23.0%
|
Diluted earnings per share (euros)
|
2.15
|
1.82
|
18.4%
|
23.0%
|
STATEMENT
OF COMPREHENSIVE INCOME
|
€ million
|
Full
Year
|
|
|
2017
|
2016
|
|
|
|
Net profit
|
6,486
|
5,547
|
|
|
|
Other comprehensive income
|
|
|
Items that will not be reclassified to profit or
loss:
|
|
|
Remeasurements
of defined benefit pension plans net of tax
|
1,282
|
(980)
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
Currency
retranslation gains/(losses) net of tax
|
(983)
|
217
|
Fair
value gains/(losses) on financial instruments net of
tax
|
(75)
|
(15)
|
|
|
|
Total comprehensive income
|
6,710
|
4,769
|
|
|
|
Attributable to:
|
|
|
Non-controlling
interests
|
381
|
374
|
Shareholders’
equity
|
6,329
|
4,395
|
STATEMENT
OF CHANGES IN EQUITY
|
€ million
|
Called
up share capital
|
Share
premium account
|
Other
reserves
|
Retained
profit
|
Total
|
Non-
controlling interest
|
Total
equity
|
1 January 2016
|
484
|
152
|
(7,816)
|
22,619
|
15,439
|
643
|
16,082
|
Profit or loss for the period
|
-
|
-
|
-
|
5,184
|
5,184
|
363
|
5,547
|
Other comprehensive income net of tax:
|
|
|
|
|
|
|
|
Fair
value gains/(losses) on financial instruments
|
-
|
-
|
(15)
|
-
|
(15)
|
-
|
(15)
|
Remeasurements
of defined benefit
pension
plans net of tax
|
-
|
-
|
-
|
(980)
|
(980)
|
-
|
(980)
|
Currency
retranslation gains/(losses)
|
-
|
-
|
189
|
17
|
206
|
11
|
217
|
Total comprehensive income
|
-
|
-
|
174
|
4,221
|
4,395
|
374
|
4,769
|
Dividends on ordinary capital
|
-
|
-
|
-
|
(3,600)
|
(3,600)
|
-
|
(3,600)
|
Movements in treasury shares(b)
|
-
|
-
|
(45)
|
(213)
|
(258)
|
-
|
(258)
|
Share-based payment credit(c)
|
-
|
-
|
-
|
198
|
198
|
-
|
198
|
Dividends paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(364)
|
(364)
|
Currency retranslation gains/(losses) net of tax
|
-
|
(18)
|
-
|
-
|
(18)
|
-
|
(18)
|
Other movements in equity
|
-
|
-
|
244
|
(46)
|
198
|
(27)
|
171
|
31 December 2016
|
484
|
134
|
(7,443)
|
23,179
|
16,354
|
626
|
16,980
|
Profit or loss for the period
|
-
|
-
|
-
|
6,053
|
6,053
|
433
|
6,486
|
Other comprehensive income net of tax:
|
|
|
|
|
|
|
|
Fair
value gains/(losses) on financial instruments
|
-
|
-
|
(76)
|
-
|
(76)
|
1
|
(75)
|
Remeasurements
of defined benefit
pension
plans net of tax
|
-
|
-
|
-
|
1,282
|
1,282
|
-
|
1,282
|
Currency
retranslation gains/(losses)
|
-
|
-
|
(903)
|
(27)
|
(930)
|
(53)
|
(983)
|
Total comprehensive income
|
-
|
-
|
(979)
|
7,308
|
6,329
|
381
|
6,710
|
Dividends on ordinary capital
|
-
|
-
|
-
|
(3,916)
|
(3,916)
|
-
|
(3,916)
|
Repurchase of shares(a)
|
-
|
-
|
(5,014)
|
-
|
(5,014)
|
-
|
(5,014)
|
Other movements in treasury shares(b)
|
-
|
-
|
(30)
|
(174)
|
(204)
|
-
|
(204)
|
Share-based payment credit(c)
|
-
|
-
|
-
|
284
|
284
|
-
|
284
|
Dividends paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
(345)
|
(345)
|
Currency retranslation gains/(losses) net of tax
|
-
|
(4)
|
-
|
-
|
(4)
|
-
|
(4)
|
Other movements in equity
|
-
|
-
|
(167)
|
(33)
|
(200)
|
96
|
(104)
|
31 December 2017
|
484
|
130
|
(13,633)
|
26,648
|
13,629
|
758
|
14,387
|
BALANCE
SHEET
|
€ million
|
As
at
|
As
at
|
|
31
December
|
31
December
|
|
2017
|
2016
|
Non-current assets
|
|
|
Goodwill
|
16,881
|
17,624
|
Intangible assets
|
11,520
|
9,809
|
Property, plant and equipment
|
10,411
|
11,673
|
Pension asset for funded schemes in surplus
|
2,173
|
694
|
Deferred tax assets
|
1,085
|
1,354
|
Financial assets
|
675
|
673
|
Other non-current assets
|
557
|
718
|
|
43,302
|
42,545
|
Current assets
|
|
|
Inventories
|
3,962
|
4,278
|
Trade and other current receivables
|
5,222
|
5,102
|
Current tax assets
|
488
|
317
|
Cash and cash equivalents
|
3,317
|
3,382
|
Other financial assets
|
770
|
599
|
Assets held for sale
|
3,224
|
206
|
|
16,983
|
13,884
|
|
|
|
Total assets
|
60,285
|
56,429
|
Current liabilities
|
|
|
Financial liabilities
|
7,968
|
5,450
|
Trade payables and other current liabilities
|
13,426
|
13,871
|
Current tax liabilities
|
1,088
|
844
|
Provisions
|
525
|
390
|
Liabilities held for sale
|
170
|
1
|
|
23,177
|
20,556
|
Non-current liabilities
|
|
|
Financial liabilities
|
16,462
|
11,145
|
Non-current tax liabilities
|
118
|
120
|
Pensions and post-retirement healthcare
liabilities:
|
|
|
Funded schemes in
deficit
|
1,225
|
2,163
|
Unfunded
schemes
|
1,509
|
1,704
|
Provisions
|
794
|
1,033
|
Deferred tax liabilities
|
1,913
|
2,061
|
Other non-current liabilities
|
700
|
667
|
|
22,721
|
18,893
|
|
|
|
Total liabilities
|
45,898
|
39,449
|
Equity
|
|
|
Shareholders’ equity
|
13,629
|
16,354
|
Non-controlling interests
|
758
|
626
|
Total equity
|
14,387
|
16,980
|
|
|
|
Total liabilities and equity
|
60,285
|
56,429
|
CASH
FLOW STATEMENT
|
€ million
|
Full
Year
|
|
|
2017
|
2016
|
Net profit
|
6,486
|
5,547
|
Taxation
|
1,667
|
1,922
|
Share of net profit of joint ventures/associates and other
income
|
|
|
from non-current investments
and associates
|
(173)
|
(231)
|
Net finance costs
|
877
|
563
|
Operating profit
|
8,857
|
7,801
|
Depreciation, amortisation and impairment
|
1,538
|
1,464
|
Changes in working capital
|
(68)
|
51
|
Pensions and similar obligations less payments
|
(904)
|
(327)
|
Provisions less payments
|
200
|
65
|
Elimination of (profits)/losses on disposals
|
(298)
|
127
|
Non-cash charge for share-based compensation
|
284
|
198
|
Other adjustments
|
(153)
|
(81)
|
Cash flow from operating activities
|
9,456
|
9,298
|
Income tax paid
|
(2,164)
|
(2,251)
|
Net cash flow from operating activities
|
7,292
|
7,047
|
Interest received
|
154
|
105
|
Net capital expenditure
|
(1,621)
|
(1,878)
|
Other acquisitions and disposals
|
(4,335)
|
(1,701)
|
Other investing activities
|
(77)
|
286
|
Net cash flow (used in)/from investing
activities
|
(5,879)
|
(3,188)
|
Dividends paid on ordinary share capital
|
(3,916)
|
(3,609)
|
Interest and preference dividends paid
|
(470)
|
(472)
|
Change in financial liabilities
|
8,928
|
1,771
|
Buy back of preference shares
|
(448)
|
-
|
Repurchase of shares
|
(5,014)
|
-
|
Other movements on treasury shares
|
(204)
|
(257)
|
Other financing activities
|
(309)
|
(506)
|
Net cash flow (used in)/from financing
activities
|
(1,433)
|
(3,073)
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash
equivalents
|
(20)
|
786
|
|
|
|
Cash and cash equivalents at the beginning of the
period
|
3,198
|
2,128
|
|
|
|
Effect of foreign exchange rate changes
|
(9)
|
284
|
|
|
|
Cash and cash equivalents at the end of the
period
|
3,169
|
3,198
|
NOTES TO THE CONDENSED FINANCIAL
STATEMENTS
|
1
ACCOUNTING INFORMATION AND POLICIES
|
2
SIGNIFICANT ITEMS WITHIN THE INCOME STATEMENT
|
€ million
|
Full
Year
|
|
|
2017
|
2016
|
Acquisition
and disposal-related costs
|
(159)
|
(132)
|
Gain/(loss) on disposal of group
companies(a)
|
334
|
(95)
|
Restructuring
costs
|
(638)
|
(578)
|
Impairment and other one-off
items(b)
|
(80)
|
(18)
|
Non-underlying
items within operating profit before tax
|
(543)
|
(823)
|
|
|
|
Tax
on non-underlying items within operating profit
|
77
|
213
|
Non-underlying
items within operating profit after tax
|
(466)
|
(610)
|
Premium
paid on buy back of preference shares (see note 9)
|
(382)
|
-
|
Tax
impact of non-underlying items not in operating profit but within
net profit:
|
|
|
Tax
on premium paid on buy back of preference shares
(non-deductible)
|
-
|
-
|
Impact
of US tax reform
|
578
|
-
|
Non-underlying
items not in operating profit but within net profit after
tax
|
196
|
-
|
Non-underlying items after tax(c)
|
(270)
|
(610)
|
|
|
|
Attributable to:
|
|
|
Non-controlling
interests
|
(8)
|
(9)
|
Shareholders’
equity
|
(262)
|
(601)
|
3
SEGMENT INFORMATION – CATEGORIES
|
Fourth Quarter
|
Personal
Care
|
Home
Care
|
Home
Care and Personal Care
|
Foods
|
Refreshment
|
Foods
and Refreshment
|
Total
|
Turnover (€ million)
|
|
|
|
|
|
|
|
2016
|
5,240
|
2,573
|
7,813
|
3,376
|
1,861
|
5,237
|
13,050
|
2017
|
5,195
|
2,587
|
7,782
|
3,277
|
1,765
|
5,042
|
12,824
|
Change
(%)
|
(0.9)
|
0.5
|
(0.4)
|
(2.9)
|
(5.2)
|
(3.7)
|
(1.7)
|
Impact of:
|
|
|
|
|
|
|
|
Exchange
rates* (%)
|
(7.2)
|
(7.5)
|
(7.3)
|
(4.4)
|
(6.3)
|
(5.2)
|
(6.4)
|
Acquisitions
(%)
|
2.4
|
2.1
|
2.3
|
0.2
|
1.3
|
0.6
|
1.6
|
Disposals
(%)
|
-
|
(0.1)
|
(0.1)
|
-
|
(3.2)
|
(1.1)
|
(0.5)
|
Underlying sales growth
(%)
|
4.4
|
6.5
|
5.1
|
1.4
|
4.0
|
2.3
|
4.0
|
Price
(%)
|
-
|
1.1
|
0.3
|
1.1
|
1.6
|
1.3
|
0.7
|
Volume
(%)
|
4.4
|
5.4
|
4.7
|
0.3
|
2.3
|
1.0
|
3.2
|
|
|
|
|
|
|
|
|
Full Year
|
Personal
Care
|
Home
Care
|
Home
Care and Personal Care
|
Foods
|
Refreshment
|
Foods
and Refreshment
|
Total
|
Turnover (€ million)
|
|
|
|
|
|
|
|
2016
|
20,172
|
10,009
|
30,181
|
12,524
|
10,008
|
22,532
|
52,713
|
2017
|
20,697
|
10,574
|
31,271
|
12,512
|
9,932
|
22,444
|
53,715
|
Change
(%)
|
2.6
|
5.6
|
3.6
|
(0.1)
|
(0.8)
|
(0.4)
|
1.9
|
Impact of:
|
|
|
|
|
|
|
|
Exchange
rates* (%)
|
(1.9)
|
(1.7)
|
(1.8)
|
(1.1)
|
(3.9)
|
(2.4)
|
(2.1)
|
Acquisitions
(%)
|
1.8
|
3.1
|
2.2
|
0.1
|
0.3
|
0.2
|
1.3
|
Disposals
(%)
|
(0.1)
|
(0.2)
|
(0.1)
|
(0.1)
|
(1.7)
|
(0.8)
|
(0.4)
|
Underlying sales growth
(%)
|
2.9
|
4.4
|
3.4
|
1.0
|
4.9
|
2.7
|
3.1
|
Price
(%)
|
1.5
|
2.3
|
1.8
|
1.7
|
4.5
|
3.0
|
2.3
|
Volume
(%)
|
1.4
|
2.1
|
1.6
|
(0.7)
|
0.4
|
(0.2)
|
0.8
|
Operating profit
(€ million)
|
|
|
|
|
|
|
|
2016
|
3,704
|
949
|
4,653
|
2,180
|
968
|
3,148
|
7,801
|
2017
|
4,103
|
1,138
|
5,241
|
2,275
|
1,341
|
3,616
|
8,857
|
Underlying operating
profit (€
million)
|
|
|
|
|
|
|
|
2016
|
4,033
|
1,086
|
5,119
|
2,394
|
1,111
|
3,505
|
8,624
|
2017
|
4,375
|
1,288
|
5,663
|
2,471
|
1,266
|
3,737
|
9,400
|
Operating margin
(%)
|
|
|
|
|
|
|
|
2016
|
18.4%
|
9.5%
|
15.4%
|
17.4%
|
9.7%
|
14.0%
|
14.8%
|
2017
|
19.8%
|
10.8%
|
16.8%
|
18.2%
|
13.5%
|
16.1%
|
16.5%
|
Underlying operating
margin (%)
|
|
|
|
|
|
|
|
2016
|
20.0%
|
10.9%
|
17.0%
|
19.1%
|
11.1%
|
15.6%
|
16.4%
|
2017
|
21.1%
|
12.2%
|
18.1%
|
19.7%
|
12.7%
|
16.7%
|
17.5%
|
4
SEGMENT INFORMATION – GEOGRAPHICAL AREA
|
Fourth Quarter
|
Asia /
AMET /
RUB
|
The
Americas
|
Europe
|
Total
|
Turnover (€ million)
|
|
|
|
|
2016
|
5,547
|
4,481
|
3,022
|
13,050
|
2017
|
5,556
|
4,239
|
3,029
|
12,824
|
Change
(%)
|
0.2
|
(5.4)
|
0.2
|
(1.7)
|
Impact of:
|
|
|
|
|
Exchange
rates* (%)
|
(8.0)
|
(8.3)
|
(0.6)
|
(6.4)
|
Acquisitions
(%)
|
2.3
|
1.5
|
0.5
|
1.6
|
Disposals
(%)
|
-
|
(1.4)
|
-
|
(0.5)
|
Underlying sales growth
(%)
|
6.5
|
3.4
|
0.3
|
4.0
|
Price
(%)
|
2.2
|
-
|
(1.0)
|
0.7
|
Volume
(%)
|
4.2
|
3.4
|
1.3
|
3.2
|
|
|
|
|
|
Full Year
|
Asia /
AMET /
RUB
|
The
Americas
|
Europe
|
Total
|
Turnover (€ million)
|
|
|
|
|
2016
|
22,445
|
17,105
|
13,163
|
52,713
|
2017
|
23,266
|
17,525
|
12,924
|
53,715
|
Change
(%)
|
3.7
|
2.5
|
(1.8)
|
1.9
|
Impact of:
|
|
|
|
|
Exchange
rates* (%)
|
(3.0)
|
(1.3)
|
(1.4)
|
(2.1)
|
Acquisitions
(%)
|
1.1
|
2.4
|
0.3
|
1.3
|
Disposals
(%)
|
(0.2)
|
(1.1)
|
(0.0)
|
(0.4)
|
Underlying sales growth
(%)
|
5.9
|
2.4
|
(0.7)
|
3.1
|
Price
(%)
|
3.7
|
2.2
|
(0.2)
|
2.3
|
Volume
(%)
|
2.1
|
0.2
|
(0.5)
|
0.8
|
Operating profit
(€ million)
|
|
|
|
|
2016
|
3,275
|
2,504
|
2,022
|
7,801
|
2017
|
3,802
|
3,086
|
1,969
|
8,857
|
|
|
|
|
|
Underlying operating
profit (€
million)
|
|
|
|
|
2016
|
3,529
|
2,905
|
2,190
|
8,624
|
2017
|
4,108
|
3,063
|
2,229
|
9,400
|
|
|
|
|
|
Operating margin
(%)
|
|
|
|
|
2016
|
14.6%
|
14.6%
|
15.4%
|
14.8%
|
2017
|
16.3%
|
17.6%
|
15.2%
|
16.5%
|
|
|
|
|
|
Underlying operating
margin (%)
|
|
|
|
|
2016
|
15.7%
|
17.0%
|
16.6%
|
16.4%
|
2017
|
17.7%
|
17.5%
|
17.2%
|
17.5%
|
5
TAXATION
|
€ million
|
Full
Year 2017
|
Full
Year 2016
|
||||
|
Before
tax
|
Tax
(charge)/ credit
|
After
tax
|
Before
tax
|
Tax
(charge)/ credit
|
After
tax
|
Fair value gains/(losses) on financial
instruments
|
(61)
|
(14)
|
(75)
|
(15)
|
-
|
(15)
|
Remeasurements of defined benefit pension plans
|
1,620
|
(338)
|
1,282
|
(1,221)
|
241
|
(980)
|
Currency retranslation gains/(losses)
|
(1,024)
|
41
|
(983)
|
217
|
-
|
217
|
Other comprehensive income
|
535
|
(311)
|
224
|
(1,019)
|
241
|
(778)
|
6
COMBINED EARNINGS PER SHARE
|
|
2017
|
2016
|
Combined EPS – Basic
|
|
|
Net profit attributable to shareholders’ equity
(€ million)
|
6,053
|
5,184
|
Average number of combined share units (millions of
units)
|
2,801.6
|
2,840.2
|
Combined EPS – basic (€)
|
2.16
|
1.83
|
|
|
|
Combined EPS – Diluted
|
|
|
Net profit attributable to shareholders’ equity
(€ million)
|
6,053
|
5,184
|
Adjusted average number of combined share units (millions of
units)
|
2,814.0
|
2,853.9
|
Combined EPS – diluted (€)
|
2.15
|
1.82
|
|
|
|
Underlying EPS
|
|
|
Net profit attributable to shareholders’ equity
(€ million)
|
6,053
|
5,184
|
Post tax impact of non-underlying items attributable to
shareholders’ equity (see note 2)
|
262
|
601
|
Underlying profit attributable to shareholders’
equity
|
6,315
|
5,785
|
Adjusted average number of combined share units (millions of
units)
|
2,814.0
|
2,853.9
|
Underlying EPS – diluted (€)
|
2.24
|
2.03
|
|
|
Millions
|
Number of shares at 31 December 2016 (net of treasury
shares)
|
|
2,839.7
|
Shares repurchased under the share buyback
programme
|
|
(101.9)
|
Net movements in shares under incentive schemes
|
|
1.1
|
Number of shares at 31 December 2017
|
|
2,738.9
|
7
ACQUISITIONS AND DISPOSALS
|
Deal
completion date
|
Acquired/Disposed
business
|
1
February 2017
|
Acquired
Living Proof, an innovative premium hair care business, using
patented technology and breakthrough science. Living Proof forms
part of our prestige Personal Care business.
|
28
March 2017
|
Sold
the AdeS soy beverage business in Latin America to Coca Cola FEMSA
and The Coca Cola Company.
|
1
May 2017
|
Acquired
Kensington’s, a condiment maker. Kensington’s is a
mission-driven company with a leading brand sold in the organic and
naturals marketplace.
|
1
August 2017
|
Acquired
60% of EAC Myanmar, a home care business to form Unilever EAC
Myanmar Company Limited.
|
1
August 2017
|
Acquired
Hourglass, a luxury colour cosmetics business, known for innovation
and exceptional product. Hourglass forms part of our prestige
Personal Care business.
|
7
September 2017
|
Acquired
Pukka Herbs, an organic herbal tea business that enhances our
presence in the Naturals segment of Refreshment.
|
9
September 2017
|
Acquired
Weis, an ice cream business. Weis is a second-generation Australian
ice cream and frozen dessert manufacturer with the original iconic
Fruito Bar and aims to increase our market position in
Refreshment.
|
1
November 2017
|
Acquired
98% of Carver Korea, a leading skincare business in North Asia from
Bain Capital Private Equity and Goldman Sachs. The brands acquired
provide Unilever a presence in South Korea. Further details are
provided below.
|
1
December 2017
|
Acquired Mãe Terra, a Brazilian naturals and organic food
business. Mãe Terra is a
fast-growing and well-loved brand in Brazil and adds to the Foods
business by providing health-conscious consumers with organic and
nutritious food products.
|
11
December 2017
|
Acquired
TAZO, the leading brand in the specialty tea category, which
enhances our presence in the Black, Green and Herbal tea segments
of Refreshment.
|
18
December 2017
|
Acquired
Sundial Brands, a leading haircare and skincare company recognised
for its innovative use of high-quality and culturally authentic
ingredients.
|
31
December 2017
|
Acquired
Schmidt’s Naturals, a personal care company. Schmidt’s
Naturals is a strong, innovative brand in the fast-growing naturals
category, that will complement our existing portfolio of US
deodorants.
|
€ million
|
Carver
|
Other acquisitions
|
Total 2017
|
Intangible
assets
|
1,520
|
1,090
|
2,610
|
Other
non-current assets
|
14
|
79
|
93
|
Trade
and other receivables
|
18
|
78
|
96
|
Other
current assets
|
150
|
99
|
249
|
Non-current
liabilities
|
(369)
|
(119)
|
(488)
|
Current
liabilities
|
(52)
|
(85)
|
(137)
|
Net
assets acquired
|
1,281
|
1,142
|
2,423
|
Non-controlling
interest
|
(27)
|
(23)
|
(50)
|
Goodwill
|
1,030
|
1,509
|
2,539
|
Cash
consideration
|
2,284
|
2,541
|
4,825
|
Deferred
consideration
|
-
|
87
|
87
|
Total
consideration
|
2,284
|
2,628
|
4,912
|
8
SHARE BUYBACK PROGRAMME
|
9
PURCHASE OF PREFERENCE SHARES
|
10
FINANCIAL INSTRUMENTS
|
€
million
|
Fair
value
|
Carrying
amount
|
||
As at
31 December 2017
|
As at
31 December 2016
|
As at
31 December 2017
|
As at
31 December 2016
|
|
Financial assets
|
|
|
|
|
Cash and cash equivalents
|
3,317
|
3,382
|
3,317
|
3,382
|
Held-to-maturity investments
|
163
|
142
|
163
|
142
|
Loans and receivables
|
463
|
398
|
463
|
398
|
Available-for-sale financial assets
|
564
|
509
|
564
|
509
|
Financial assets at fair value through profit and
loss:
|
|
|
|
|
Derivatives
|
116
|
91
|
116
|
91
|
Other
|
139
|
132
|
139
|
132
|
|
4,762
|
4,654
|
4,762
|
4,654
|
Financial liabilities
|
|
|
|
|
Preference shares
|
-
|
(125)
|
-
|
(68)
|
Bank loans and overdrafts
|
(995)
|
(1,147)
|
(992)
|
(1,146)
|
Bonds and other loans
|
(23,368)
|
(15,844)
|
(22,709)
|
(15,053)
|
Finance lease creditors
|
(147)
|
(165)
|
(131)
|
(143)
|
Derivatives
|
(421)
|
(185)
|
(421)
|
(185)
|
Other financial liabilities
|
(177)
|
-
|
(177)
|
-
|
|
(25,108)
|
(17,466)
|
(24,430)
|
(16,595)
|
€
million
|
Level
1
|
Level
2
|
Level
3
|
Level
1
|
Level
2
|
Level
3
|
|
As at
31 December 2017
|
As at
31 December 2016
|
||||
Assets at fair value
|
|
|
|
|
|
|
Other cash equivalents
|
-
|
80
|
-
|
-
|
90
|
-
|
Available-for-sale financial assets
|
215
|
7
|
342
|
138
|
98
|
273
|
Financial assets at fair value through profit or
loss:
|
|
|
|
|
|
|
Derivatives(a)
|
-
|
173
|
-
|
-
|
226
|
-
|
Other
|
137
|
-
|
2
|
-
|
131
|
1
|
Liabilities at fair value
|
|
|
|
|
|
|
Derivatives(b)
|
-
|
(534)
|
-
|
-
|
(331)
|
-
|
Deferred consideration
|
-
|
-
|
(445)
|
-
|
-
|
(380)
|
11
ASSETS AND LIABILITIES HELD FOR SALE
|
€ million
|
2017
Spreads(a)
|
2017
Total
|
2016
Total(b)
|
|
|
|
|
Property, plant and equipment held for sale
|
-
|
30
|
22
|
|
|
|
|
Disposal groups held for sale
|
|
|
|
Non-Current assets
|
|
|
|
Goodwill
and intangible assets
|
2,311
|
2,311
|
98
|
Property,
plant and equipment
|
548
|
552
|
46
|
Deferred
tax assets
|
145
|
145
|
-
|
Other
non-current assets
|
1
|
1
|
-
|
|
3,005
|
3,009
|
144
|
Current assets
|
|
|
|
Inventories
|
130
|
130
|
34
|
Trade
and other receivables
|
17
|
18
|
1
|
Current
tax assets
|
13
|
13
|
-
|
Cash
and cash equivalents
|
19
|
19
|
-
|
Other
|
-
|
5
|
5
|
|
179
|
185
|
40
|
Assets held for sale
|
3,184
|
3,224
|
206
|
|
|
|
|
Current liabilities
|
|
|
|
Trade
payables and other current liabilities
|
106
|
106
|
1
|
Current
tax liabilities
|
11
|
11
|
-
|
Provisions
|
1
|
1
|
-
|
|
118
|
118
|
1
|
Non-Current liabilities
|
|
|
|
Pensions
and post-retirement healthcare liabilities
|
9
|
9
|
-
|
Provisions
|
1
|
1
|
-
|
Deferred
tax liabilities
|
42
|
42
|
-
|
|
52
|
52
|
-
|
Liabilities held for sale
|
170
|
170
|
1
|
12
DIVIDENDS
|
|
Announcement
Date
|
NV,
PLC, NV NY and PLC ADR
ex-Dividend
Date
|
Record
Date
|
Payment
Date
|
Quarterly
dividend for Q4 2017
|
1 February 2018
|
15
February 2018
|
16
February 2018
|
21
March 2018
|
|
|
|
|
|
Quarterly
dividend for Q1 2018
|
19
April 2018
|
3 May
2018
|
4 May
2018
|
6 June
2018
|
|
|
|
|
|
Quarterly
dividend for Q2 2018
|
19 July
2018
|
2
August 2018
|
3
August 2018
|
5
September 2018
|
|
|
|
|
|
Quarterly
dividend for Q3 2018
|
18
October 2018
|
1
November 2018
|
2
November 2018
|
5
December 2018
|
13
EVENTS AFTER THE BALANCE SHEET DATE
|