UNILEVER
PLC
|
|
|
|
/S/ M VARSELLONA
|
BY M VARSELLONA
|
CHIEF LEGAL OFFICER AND GROUP SECRETARY
|
EXHIBIT
NUMBER
|
EXHIBIT
DESCRIPTION
|
99
|
Notice
to London Stock Exchange dated 25 July 2024
|
|
2024
First Half Results
|
Innovation
and brand investment driving faster volume growth
|
Underlying
performance
|
GAAP
measures
|
||||
(unaudited)
|
2024
|
vs 2023
|
|
2024
|
vs 2023
|
First
Half
|
|
|
|
|
|
Underlying
sales growth (USG)
|
|
4.1%
|
Turnover
|
€31.1bn
|
2.3%
|
Beauty &
Wellbeing
|
|
7.1%
|
Beauty &
Wellbeing
|
€6.5bn
|
5.1%
|
Personal
Care
|
|
5.6%
|
Personal
Care
|
€7.0bn
|
0.6%
|
Home
Care
|
|
3.3%
|
Home
Care
|
€6.3bn
|
2.0%
|
Nutrition
|
|
3.2%
|
Nutrition
|
€6.7bn
|
1.3%
|
Ice
Cream
|
|
0.6%
|
Ice
Cream
|
€4.6bn
|
2.8%
|
Underlying
operating profit
|
€6.1bn
|
17.1%
|
Operating
profit
|
€5.9bn
|
7.8%
|
Underlying
operating margin
|
19.6%
|
250bps
|
Operating
margin
|
19.1%
|
100bps
|
Underlying
earnings per share
|
€1.62
|
16.3%
|
Diluted earnings
per share
|
€1.47
|
5.4%
|
Free
cash flow
|
€2.2bn
|
€(0.3)bn
|
Net
profit
|
€4.0bn
|
3.5%
|
Second
Quarter
|
|
|
|
|
|
USG
|
|
3.9%
|
Turnover
|
€16.1bn
|
2.2%
|
Quarterly
dividend payable in September 2024
|
€0.4396
|
per
share(a)
|
3.0%
|
Outlook
|
First
Half Review: Unilever Group
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover
change
|
First
Half
|
€31.1bn
|
4.1%
|
2.6%
|
1.6%
|
(0.7)%
|
(1.1)%
|
2.3%
|
Second
Quarter
|
€16.1bn
|
3.9%
|
2.9%
|
1.0%
|
(0.6)%
|
(1.0)%
|
2.2%
|
(unaudited)
|
UOP
|
UOP
growth
|
UOM%
|
Change
in UOM
|
OP
|
OP
growth
|
OM%
|
Change
in OM
|
First
Half
|
€6.1bn
|
17.1%
|
19.6%
|
250bps
|
€5.9bn
|
7.8%
|
19.1%
|
100bps
|
Conference
Call
|
Upcoming
Events
|
Date
|
Events
|
24
October 2024
|
Q3 2024
trading statement
|
22
November 2024
|
Capital
Markets Day in London
|
13
February 2025
|
Q4 and
FY 2024 results
|
First
Half Review: Business Groups
|
|
First Half 2024
|
Second
Quarter 2024
|
||||||||
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
UOM%
|
Change
in
UOM
|
Turnover
|
USG
|
UVG
|
UPG
|
Unilever
|
€31.1bn
|
4.1%
|
2.6%
|
1.6%
|
19.6%
|
250bps
|
€16.1bn
|
3.9%
|
2.9%
|
1.0%
|
Beauty
& Wellbeing
|
€6.5bn
|
7.1%
|
5.5%
|
1.5%
|
20.0%
|
110bps
|
€3.4bn
|
6.8%
|
5.4%
|
1.3%
|
Personal
Care
|
€7.0bn
|
5.6%
|
2.9%
|
2.6%
|
23.0%
|
300bps
|
€3.5bn
|
6.4%
|
4.4%
|
1.9%
|
Home
Care
|
€6.3bn
|
3.3%
|
4.6%
|
(1.3)%
|
16.3%
|
400bps
|
€3.1bn
|
3.4%
|
4.9%
|
(1.4)%
|
Nutrition
|
€6.7bn
|
3.2%
|
-%
|
3.2%
|
22.3%
|
390bps
|
€3.3bn
|
2.7%
|
0.4%
|
2.2%
|
Ice
Cream
|
€4.6bn
|
0.6%
|
(1.0)%
|
1.6%
|
14.6%
|
(40)bps
|
€2.8bn
|
(0.5)%
|
(1.1)%
|
0.6%
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover
change
|
UOM%
|
Change
in
UOM
|
First
Half
|
€6.5bn
|
7.1%
|
5.5%
|
1.5%
|
(0.8)%
|
(1.2)%
|
5.1%
|
20.0%
|
110bps
|
Second
Quarter
|
€3.4bn
|
6.8%
|
5.4%
|
1.3%
|
0.2%
|
(0.6)%
|
6.3%
|
|
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover
change
|
UOM%
|
Change
in
UOM
|
First
Half
|
€7.0bn
|
5.6%
|
2.9%
|
2.6%
|
(3.4)%
|
(1.4)%
|
0.6%
|
23.0%
|
300bps
|
Second
Quarter
|
€3.5bn
|
6.4%
|
4.4%
|
1.9%
|
(4.1)%
|
(1.6)%
|
0.3%
|
|
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover
change
|
UOM%
|
Change
in
UOM
|
First
Half
|
€6.3bn
|
3.3%
|
4.6%
|
(1.3)%
|
-%
|
(1.3)%
|
2.0%
|
16.3%
|
400bps
|
Second
Quarter
|
€3.1bn
|
3.4%
|
4.9%
|
(1.4)%
|
-%
|
(1.5)%
|
1.8%
|
|
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover
change
|
UOM%
|
Change
in
UOM
|
First
Half
|
€6.7bn
|
3.2%
|
-%
|
3.2%
|
(0.4)%
|
(1.4)%
|
1.3%
|
22.3%
|
390bps
|
Second
Quarter
|
€3.3bn
|
2.7%
|
0.4%
|
2.2%
|
(0.3)%
|
(1.5)%
|
0.9%
|
|
|
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
A&D
|
Currency
|
Turnover
change
|
UOM%
|
Change
in
UOM
|
First
Half
|
€4.6bn
|
0.6%
|
(1.0)%
|
1.6%
|
1.9%
|
0.3%
|
2.8%
|
14.6%
|
(40)bps
|
Second
Quarter
|
€2.8bn
|
(0.5)%
|
(1.1)%
|
0.6%
|
1.9%
|
0.5%
|
2.0%
|
|
|
First
Half Review: Geographical Areas
|
|
First
Half 2024
|
Second
Quarter 2024
|
||||||
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
Unilever
|
€31.1bn
|
4.1%
|
2.6%
|
1.6%
|
€16.1bn
|
3.9%
|
2.9%
|
1.0%
|
Asia Pacific
Africa
|
€13.4bn
|
3.5%
|
2.4%
|
1.0%
|
€6.7bn
|
3.4%
|
2.4%
|
0.9%
|
The
Americas
|
€11.4bn
|
5.4%
|
3.9%
|
1.5%
|
€5.9bn
|
5.0%
|
3.8%
|
1.1%
|
Europe
|
€6.3bn
|
3.5%
|
0.5%
|
2.9%
|
€3.5bn
|
3.0%
|
2.2%
|
0.8%
|
|
First
Half 2024
|
Second
Quarter 2024
|
||||||
(unaudited)
|
Turnover
|
USG
|
UVG
|
UPG
|
Turnover
|
USG
|
UVG
|
UPG
|
Emerging
markets
|
€18.2bn
|
5.1%
|
3.8%
|
1.3%
|
€9.2bn
|
4.8%
|
3.7%
|
1.1%
|
Developed
markets
|
€12.9bn
|
2.8%
|
0.8%
|
2.0%
|
€6.9bn
|
2.6%
|
1.8%
|
0.8%
|
North
America
|
€6.7bn
|
3.4%
|
2.0%
|
1.4%
|
€3.5bn
|
3.2%
|
2.5%
|
0.7%
|
Latin
America
|
€4.7bn
|
8.8%
|
7.0%
|
1.6%
|
€2.4bn
|
8.0%
|
6.0%
|
1.9%
|
Additional
commentary on the financial statements - First Half
|
Non-GAAP
measures
|
|
Half
year average
rate in 2024
|
Half
year average
rate
in 2023
|
Brazilian
Real (€1 = BRL)
|
5.478
|
5.493
|
Chinese
Yuan (€1 = CNY)
|
7.732
|
7.475
|
Indian
Rupee (€1 = INR)
|
90.004
|
88.860
|
Indonesia
Rupiah (€1 = IDR)
|
17,180
|
16,277
|
Philippine
Peso (€1 = PHP)
|
61.459
|
59.674
|
UK
Pound Sterling (€1 = GBP)
|
0.855
|
0.877
|
US
Dollar (€1 = US $)
|
1.082
|
1.081
|
(unaudited)
|
Beauty
&
Wellbeing
|
Personal
Care
|
Home
Care
|
Nutrition
|
Ice
Cream
|
Total
|
Second
Quarter (%)
|
|
|
|
|
|
|
Turnover
growth
|
6.3
|
0.3
|
1.8
|
0.9
|
2.0
|
2.2
|
Effect
of acquisitions
|
1.0
|
-
|
-
|
-
|
1.9
|
0.5
|
Effect
of disposals
|
(0.8)
|
(4.1)
|
-
|
(0.3)
|
-
|
(1.1)
|
Effect
of currency-related items, of which:
|
(0.6)
|
(1.6)
|
(1.5)
|
(1.5)
|
0.5
|
(1.0)
|
Exchange rates changes
|
(2.3)
|
(3.2)
|
(4.9)
|
(3.3)
|
(1.5)
|
(3.1)
|
Extreme price growth in hyperinflationary markets*
|
1.7
|
1.6
|
3.5
|
1.9
|
2.1
|
2.1
|
Underlying
sales growth
|
6.8
|
6.4
|
3.4
|
2.7
|
(0.5)
|
3.9
|
First
Half (%)
|
|
|
|
|
|
|
Turnover
growth
|
5.1
|
0.6
|
2.0
|
1.3
|
2.8
|
2.3
|
Effect
of acquisitions
|
0.9
|
-
|
-
|
-
|
1.9
|
0.5
|
Effect
of disposals
|
(1.6)
|
(3.4)
|
-
|
(0.4)
|
-
|
(1.2)
|
Effect
of currency-related items, of which:
|
(1.2)
|
(1.4)
|
(1.3)
|
(1.4)
|
0.3
|
(1.1)
|
Exchange rates changes
|
(2.7)
|
(3.2)
|
(4.5)
|
(3.1)
|
(1.6)
|
(3.1)
|
Extreme price growth in hyperinflationary markets*
|
1.6
|
1.9
|
3.4
|
1.7
|
2.0
|
2.1
|
Underlying
sales growth
|
7.1
|
5.6
|
3.3
|
3.2
|
0.6
|
4.1
|
(unaudited)
|
Asia
Pacific
Africa
|
The
Americas
|
Europe
|
Total
|
Second
Quarter (%)
|
|
|
|
|
Turnover
growth
|
0.5
|
3.9
|
2.9
|
2.2
|
Effect
of acquisitions
|
-
|
1.5
|
-
|
0.5
|
Effect
of disposals
|
(0.2)
|
(2.5)
|
(0.7)
|
(1.1)
|
Effect
of currency-related items, of which:
|
(2.6)
|
-
|
0.5
|
(1.0)
|
Exchange rates changes
|
(4.2)
|
(3.8)
|
0.5
|
(3.1)
|
Extreme price growth in hyperinflationary markets*
|
1.8
|
3.9
|
-
|
2.1
|
Underlying
sales growth
|
3.4
|
5.0
|
3.0
|
3.9
|
First
Half (%)
|
|
|
|
|
Turnover
growth
|
(0.4)
|
4.6
|
3.8
|
2.3
|
Effect
of acquisitions
|
-
|
1.3
|
-
|
0.5
|
Effect
of disposals
|
(0.2)
|
(2.8)
|
(0.4)
|
(1.2)
|
Effect
of currency-related items, of which:
|
(3.5)
|
0.9
|
0.7
|
(1.1)
|
Exchange rates changes
|
(4.9)
|
(3.0)
|
0.7
|
(3.1)
|
Extreme price growth in hyperinflationary markets*
|
1.5
|
4.1
|
-
|
2.1
|
Underlying
sales growth
|
3.5
|
5.4
|
3.5
|
4.1
|
€
million
|
First
Half
|
|
(unaudited)
|
2024
|
2023
|
Non-underlying
items within operating profit before tax
|
(152)
|
308
|
Acquisition
and disposal-related costs(a)
|
(58)
|
(52)
|
Gain on
disposal of group companies(b)
|
155
|
528
|
Restructuring
costs(c)
|
(248)
|
(184)
|
Impairments(d)
|
-
|
(1)
|
Other
|
(1)
|
17
|
Tax on
non-underlying items within operating profit
|
(51)
|
(111)
|
Non-underlying
items within operating profit after tax
|
(203)
|
197
|
Non-underlying
items not in operating profit but within net profit before
tax
|
(160)
|
(103)
|
Interest
related to the UK tax audit of intangible income and centralised
services
|
(3)
|
(5)
|
Net
monetary loss arising from hyperinflationary economies
|
(157)
|
(98)
|
Tax
impact of non-underlying items not in operating profit but within
net profit:
|
(4)
|
(80)
|
Taxes
related to the separation of the Tea business
|
4
|
(6)
|
Taxes
related to the UK tax audit of intangible income and centralised
services
|
1
|
1
|
Hyperinflation
adjustment for Argentina and Turkey deferred tax
|
(9)
|
(75)
|
Non-underlying
items not in operating profit but within net profit after
tax
|
(164)
|
(183)
|
Non-underlying
items after tax(e)
|
(367)
|
14
|
Attributable
to:
|
|
|
Non-controlling
interests
|
(1)
|
-
|
Shareholders'
equity
|
(366)
|
14
|
€
million
|
First
Half
|
|
(unaudited)
|
2024
|
2023
|
Operating
profit
|
5,948
|
5,516
|
Non-underlying
items within operating profit
|
152
|
(308)
|
Underlying
operating profit
|
6,100
|
5,208
|
Turnover
|
31,117
|
30,428
|
Operating
margin (%)
|
19.1
|
18.1
|
Underlying
operating margin (%)
|
19.6
|
17.1
|
€
million
|
First
Half
|
|
(unaudited)
|
2024
|
2023
|
Taxation
|
1,550
|
1,385
|
Tax
impact of:
|
|
|
Non-underlying
items within operating profit(a)
|
(51)
|
(111)
|
Non-underlying
items not in operating profit but within net profit(a)
|
(4)
|
(80)
|
Taxation
before tax impact of non-underlying items
|
1,495
|
1,194
|
Profit
before taxation
|
5,566
|
5,267
|
Share
of net (profit)/loss of joint ventures and associates
|
(138)
|
(118)
|
Profit
before tax excluding share of net profit/(loss) of joint ventures
and associates
|
5,428
|
5,149
|
Non-underlying
items within operating profit before tax(a)
|
152
|
(308)
|
Non-underlying
items not in operating profit but within net profit before
tax
|
160
|
103
|
Profit
before tax excluding non-underlying items before tax and share of
net profit/(loss) of joint ventures and associates
|
5,740
|
4,944
|
Effective
tax rate (%)
|
28.6
|
26.9
|
Underlying
effective tax rate (%)
|
26.0
|
24.2
|
€
million
|
First
Half
|
|
(unaudited)
|
2024
|
2023
|
Net
profit
|
4,016
|
3,882
|
Non-controlling
interest
|
(315)
|
(334)
|
Net
profit attributable to shareholders' equity - used for basic and
diluted earnings per share
|
3,701
|
3,548
|
Post-tax
impact of non-underlying items attributable to shareholders'
equity
|
366
|
(14)
|
Underlying
profit attributable to shareholders' equity - used for basic and
diluted earnings per share
|
4,067
|
3,534
|
Adjusted
average number of shares (millions of share units)
|
2,511.0
|
2,536.8
|
Diluted
EPS (€)
|
1.47
|
1.40
|
Underlying
EPS - diluted (€)
|
1.62
|
1.39
|
€
million
|
First
Half
|
|
(unaudited)
|
2024
|
2023
|
Underlying
profit attributable to shareholders' equity
|
4,067
|
3,534
|
Impact
of translation from current to constant exchange rates and
translational hedges
|
75
|
(104)
|
Impact
of price growth in excess of 26% per year in hyperinflationary
economies
|
(159)
|
-
|
Constant
underlying earnings attributable to shareholders'
equity
|
3,983
|
3,430
|
Diluted
average number of share units (millions of units)
|
2,511.0
|
2,536.8
|
Constant
underlying EPS (€)
|
1.59
|
1.35
|
€
million
|
As at
30 June 2024
|
As at
31 December 2023
|
As at
30 June 2023
|
(unaudited)
|
|||
Total
financial liabilities
|
(31,654)
|
(29,622)
|
(30,708)
|
Current
financial liabilities
|
(7,643)
|
(5,087)
|
(6,715)
|
Non-current
financial liabilities
|
(24,011)
|
(24,535)
|
(23,993)
|
Cash
and cash equivalents as per balance sheet
|
4,970
|
4,159
|
4,994
|
Cash
and cash equivalents as per cash flow statement
|
4,854
|
4,045
|
4,870
|
Add:
bank overdrafts deducted therein
|
116
|
116
|
124
|
Less:
cash and cash equivalents held for sale
|
-
|
(2)
|
-
|
Other
current financial assets
|
1,445
|
1,731
|
1,376
|
Non-current
financial asset derivatives that relate to financial
liabilities
|
39
|
75
|
31
|
Net
debt
|
(25,200)
|
(23,657)
|
(24,307)
|
€
million
|
First
Half
|
|
(unaudited)
|
2024
|
2023
|
Cash
flow from operating activities
|
4,679
|
4,377
|
Income
tax paid
|
(1,315)
|
(1,011)
|
Net
capital expenditure
|
(710)
|
(548)
|
Net
interest paid
|
(502)
|
(364)
|
Free
cash flow
|
2,152
|
2,454
|
Net
cash flow (used in)/from investing activities
|
(392)
|
(200)
|
Net
cash flow (used in)/from financing activities
|
(2,154)
|
(2,489)
|
Other
Information
|
Principal
Risk Factors
|
Cautionary
Statement
|
Directors'
Responsibility Statement
|
Enquiries
|
Media:
Media Relations Team
|
Investors: Investor
Relations Team
|
|||
UK
|
+44 78
2527 3767
|
|
|
|
or
|
+44 77
7999 9683
|
|
|
|
NL
|
+31 62
191 3705
|
|
|
|
or
|
+31 61
500 8293
|
|
|
|
Independent
Review Report to Unilever PLC
|
Consolidated
income statement
|
€
million
|
First
Half
|
||
(unaudited)
|
2024
|
2023
|
Change
|
Turnover
|
31,117
|
30,428
|
2.3%
|
Operating
profit
|
5,948
|
5,516
|
7.8%
|
Net
finance costs
|
(358)
|
(259)
|
|
Pensions
and similar obligations
|
35
|
50
|
|
Finance
income
|
217
|
208
|
|
Finance
costs
|
(610)
|
(517)
|
|
Net
monetary gain/(loss) arising from hyperinflationary
economies
|
(157)
|
(98)
|
|
Share
of net profit/(loss) of joint ventures and associates
|
138
|
118
|
|
Other
income/(loss) from non-current investments and
associates
|
(5)
|
(10)
|
|
Profit
before taxation
|
5,566
|
5,267
|
5.7%
|
Taxation
|
(1,550)
|
(1,385)
|
|
Net
profit
|
4,016
|
3,882
|
3.5%
|
|
|
|
|
Attributable
to:
|
|
|
|
Non-controlling
interests
|
315
|
334
|
|
Shareholders'
equity
|
3,701
|
3,548
|
4.3%
|
Earnings
per share
|
|
|
|
Basic
earnings per share (euros)
|
1.48
|
1.41
|
5.3%
|
Diluted
earnings per share (euros)
|
1.47
|
1.40
|
5.4%
|
Consolidated
statement of comprehensive income
|
€
million
|
First
Half
|
|
(unaudited)
|
2024
|
2023
|
Net
profit
|
4,016
|
3,882
|
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
|
31
|
(34)
|
Remeasurement
of defined benefit pension plans
|
201
|
(47)
|
Items
that may be reclassified subsequently to profit or loss, net of
tax:
|
|
|
Gains/(losses)
on cash flow hedges
|
58
|
(22)
|
Currency
retranslation gains/(losses)
|
756
|
(555)
|
Total
comprehensive income
|
5,062
|
3,224
|
|
|
|
Attributable
to:
|
|
|
Non-controlling
interests
|
379
|
284
|
Shareholders'
equity
|
4,683
|
2,940
|
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
|
First
half - 2024
|
|
|
|
|
|
|
|
|
1
January 2024
|
88
|
52,844
|
(73,364)
|
(8,518)
|
47,052
|
18,102
|
2,662
|
20,764
|
Profit
or loss for the period
|
-
|
-
|
-
|
-
|
3,701
|
3,701
|
315
|
4,016
|
Other
comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
Gains/(losses)
on:
|
|
|
|
|
|
|
|
|
Equity
instruments
|
-
|
-
|
-
|
31
|
-
|
31
|
-
|
31
|
Cash
flow hedges
|
-
|
-
|
-
|
58
|
-
|
58
|
-
|
58
|
Remeasurements
of defined benefit pension plans
|
-
|
-
|
-
|
-
|
200
|
200
|
1
|
201
|
Currency
retranslation gains/(losses)(d)
|
-
|
-
|
-
|
10
|
683
|
693
|
63
|
756
|
Total
comprehensive income
|
-
|
-
|
-
|
99
|
4,584
|
4,683
|
379
|
5,062
|
Dividends
on ordinary capital
|
-
|
-
|
-
|
-
|
(2,136)
|
(2,136)
|
-
|
(2,136)
|
Repurchase
of shares(a)
|
-
|
-
|
-
|
(375)
|
-
|
(375)
|
-
|
(375)
|
Movements
in treasury shares(b)
|
-
|
-
|
-
|
25
|
(100)
|
(75)
|
-
|
(75)
|
Share-based
payment credit(c)
|
-
|
-
|
-
|
-
|
164
|
164
|
-
|
164
|
Dividends
paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(354)
|
(354)
|
Hedging
gain/(loss) transferred to non-financial assets
|
-
|
-
|
-
|
1
|
-
|
1
|
-
|
1
|
Other
movements in equity(e)
|
-
|
-
|
-
|
(59)
|
3
|
(56)
|
28
|
(28)
|
30 June
2024
|
88
|
52,844
|
(73,364)
|
(8,827)
|
49,567
|
20,308
|
2,715
|
23,023
|
|
|
|
|
|
|
|
|
|
First
half - 2023
|
|
|
|
|
|
|
|
|
1
January 2023
|
92
|
52,844
|
(73,364)
|
(10,804)
|
50,253
|
19,021
|
2,680
|
21,701
|
Profit
or loss for the period
|
-
|
-
|
-
|
-
|
3,548
|
3,548
|
334
|
3,882
|
Other
comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
Gains/(losses)
on:
|
|
|
|
|
|
|
|
|
Equity
instruments
|
-
|
-
|
-
|
(33)
|
-
|
(33)
|
(1)
|
(34)
|
Cash
flow hedges
|
-
|
-
|
-
|
(22)
|
-
|
(22)
|
-
|
(22)
|
Remeasurements
of defined benefit pension plans
|
-
|
-
|
-
|
-
|
(48)
|
(48)
|
1
|
(47)
|
Currency
retranslation gains/(losses)(d)
|
-
|
-
|
-
|
(736)
|
231
|
(505)
|
(50)
|
(555)
|
Total
comprehensive income
|
-
|
-
|
-
|
(791)
|
3,731
|
2,940
|
284
|
3,224
|
Dividends
on ordinary capital
|
-
|
-
|
-
|
-
|
(2,172)
|
(2,172)
|
-
|
(2,172)
|
Repurchase
of shares(a)
|
-
|
-
|
-
|
(753)
|
-
|
(753)
|
-
|
(753)
|
Movements
in treasury shares(b)
|
-
|
-
|
-
|
69
|
(68)
|
1
|
-
|
1
|
Share-based
payment credit(c)
|
-
|
-
|
-
|
-
|
159
|
159
|
-
|
159
|
Dividends
paid to non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(276)
|
(276)
|
Hedging
loss transferred to non-financial assets
|
-
|
-
|
-
|
78
|
-
|
78
|
-
|
78
|
Other
movements in equity
|
-
|
-
|
-
|
5
|
(22)
|
(17)
|
(24)
|
(41)
|
30 June
2023
|
92
|
52,844
|
(73,364)
|
(12,196)
|
51,881
|
19,257
|
2,664
|
21,921
|
Consolidated
balance sheet
|
(unaudited)
|
|
|
|
€
million
|
As at 30
June
2024
|
As at
31
December 2023
|
As at 30
June
2023
|
Non-current
assets
|
|
|
|
Goodwill
|
22,009
|
21,109
|
21,299
|
Intangible
assets
|
19,092
|
18,357
|
18,664
|
Property,
plant and equipment
|
11,098
|
10,707
|
10,590
|
Pension
asset for funded schemes in surplus
|
3,837
|
3,781
|
4,244
|
Deferred
tax assets
|
1,055
|
1,113
|
1,084
|
Financial
assets
|
1,506
|
1,386
|
1,220
|
Other
non-current assets
|
1,014
|
911
|
952
|
|
59,611
|
57,364
|
58,053
|
Current
assets
|
|
|
|
Inventories
|
5,621
|
5,119
|
5,668
|
Trade
and other current receivables
|
7,999
|
5,775
|
8,046
|
Current
tax assets
|
168
|
427
|
254
|
Cash
and cash equivalents
|
4,970
|
4,159
|
4,994
|
Other
financial assets
|
1,445
|
1,731
|
1,376
|
Assets
held for sale
|
18
|
691
|
18
|
|
20,221
|
17,902
|
20,356
|
|
|
|
|
Total
assets
|
79,832
|
75,266
|
78,409
|
|
|
|
|
Current
liabilities
|
|
|
|
Financial
liabilities
|
7,643
|
5,087
|
6,715
|
Trade
payables and other current liabilities
|
17,209
|
16,857
|
17,367
|
Current
tax liabilities
|
721
|
851
|
891
|
Provisions
|
557
|
537
|
634
|
Liabilities
held for sale
|
-
|
175
|
-
|
|
26,130
|
23,507
|
25,607
|
Non-current
liabilities
|
|
|
|
Financial
liabilities
|
24,011
|
24,535
|
23,993
|
Non-current
tax liabilities
|
494
|
384
|
280
|
Pensions
and post-retirement healthcare liabilities:
|
|
|
|
Funded
schemes in deficit
|
144
|
351
|
431
|
Unfunded
schemes
|
1,002
|
1,029
|
1,040
|
Provisions
|
581
|
563
|
547
|
Deferred
tax liabilities
|
4,263
|
3,995
|
4,410
|
Other
non-current liabilities
|
184
|
138
|
180
|
|
30,679
|
30,995
|
30,881
|
|
|
|
|
Total
liabilities
|
56,809
|
54,502
|
56,488
|
|
|
|
|
Equity
|
|
|
|
Shareholders'
equity
|
20,308
|
18,102
|
19,257
|
Non-controlling
interests
|
2,715
|
2,662
|
2,664
|
Total
equity
|
23,023
|
20,764
|
21,921
|
|
|
|
|
Total
liabilities and equity
|
79,832
|
75,266
|
78,409
|
Consolidated
cash flow statement
|
(unaudited)
|
First
Half
|
|
€
million
|
2024
|
2023
|
Net
profit
|
4,016
|
3,882
|
Taxation
|
1,550
|
1,385
|
Share
of net (profit)/loss of joint ventures/associates and other
(income)/loss from non-current investments and
associates
|
(133)
|
(108)
|
Net
monetary (gain)/loss arising from hyperinflationary
economies
|
157
|
98
|
Net
finance costs
|
358
|
259
|
Operating
profit
|
5,948
|
5,516
|
|
|
|
Depreciation,
amortisation and impairment
|
794
|
754
|
Changes
in working capital
|
(2,127)
|
(1,331)
|
Inventories
|
(435)
|
100
|
Trade
and other receivables
|
(2,159)
|
(1,229)
|
Trade
payables and other liabilities
|
467
|
(202)
|
Pensions
and similar obligations less payments
|
36
|
(103)
|
Provisions
less payments
|
35
|
(122)
|
Elimination
of (profits)/losses on disposals
|
(135)
|
(507)
|
Non-cash
charge for share-based compensation
|
164
|
159
|
Other
adjustments
|
(36)
|
11
|
Cash
flow from operating activities
|
4,679
|
4,377
|
Income
tax paid
|
(1,315)
|
(1,011)
|
Net
cash flow from operating activities
|
3,364
|
3,366
|
|
|
|
Interest
received
|
189
|
139
|
Purchase
of intangible assets
|
(98)
|
(92)
|
Purchase
of property, plant and equipment
|
(617)
|
(478)
|
Disposal
of property, plant and equipment
|
5
|
22
|
Acquisition
of businesses and investments in joint ventures and
associates
|
(797)
|
(67)
|
Disposal
of businesses, joint ventures and associates
|
489
|
419
|
Acquisition
of other non-current investments
|
(108)
|
(202)
|
Disposal
of other non-current investments
|
47
|
37
|
Dividends
from joint ventures, associates and other non-current
investments
|
94
|
98
|
(Purchase)/sale
of financial assets
|
404
|
(76)
|
Net
cash flow (used in)/from investing activities
|
(392)
|
(200)
|
|
|
|
Dividends
paid on ordinary share capital
|
(2,136)
|
(2,202)
|
Interest
paid
|
(691)
|
(503)
|
Net
change in short-term borrowings
|
850
|
158
|
Additional
financial liabilities
|
3,016
|
3,511
|
Repayment
of financial liabilities
|
(2,297)
|
(2,242)
|
Capital
element of lease rental payments
|
(191)
|
(197)
|
Repurchase
of shares
|
(375)
|
(753)
|
Other
financing activities
|
(330)
|
(261)
|
Net
cash flow (used in)/from financing activities
|
(2,154)
|
(2,489)
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents
|
818
|
677
|
|
|
|
Cash
and cash equivalents at the beginning of the period
|
4,045
|
4,225
|
|
|
|
Effect
of foreign exchange rate changes
|
(9)
|
(32)
|
|
|
|
Cash
and cash equivalents at the end of the period
|
4,854
|
4,870
|
Notes
to the condensed consolidated financial statements
|
1.
Accounting information and policies
|
2.
Segment information - Business Groups
|
Second
Quarter
|
Beauty
&
Wellbeing
|
Personal
Care
|
Home
Care
|
Nutrition
|
Ice
Cream
|
Total
|
Turnover
(€ million)
|
|
|
|
|
|
|
2023
|
3,143
|
3,519
|
3,057
|
3,260
|
2,760
|
15,739
|
2024
|
3,343
|
3,531
|
3,113
|
3,289
|
2,815
|
16,091
|
Change
(%)
|
6.3
|
0.3
|
1.8
|
0.9
|
2.0
|
2.2
|
First
Half
|
Beauty
&
Wellbeing
|
Personal
Care
|
Home
Care
|
Nutrition
|
Ice
Cream
|
Total
|
Turnover
(€ million)
|
|
|
|
|
|
|
2023
|
6,225
|
6,911
|
6,205
|
6,601
|
4,486
|
30,428
|
2024
|
6,539
|
6,953
|
6,328
|
6,687
|
4,610
|
31,117
|
Change
(%)
|
5.1
|
0.6
|
2.0
|
1.3
|
2.8
|
2.3
|
|
|
|
|
|
|
|
Operating
profit (€ million)
|
|
|
|
|
|
|
2023
|
1,237
|
1,691
|
731
|
1,213
|
644
|
5,516
|
2024
|
1,269
|
1,696
|
963
|
1,423
|
597
|
5,948
|
Underlying
operating profit (€ million)
|
|
|
|
|
|
|
2023
|
1,179
|
1,381
|
763
|
1,214
|
671
|
5,208
|
2024
|
1,305
|
1,601
|
1,031
|
1,491
|
672
|
6,100
|
3.
Segment information - Geographical area
|
Second
Quarter
|
Asia
Pacific
Africa
|
The
Americas
|
Europe
|
Total
|
Turnover
(€ million)
|
|
|
|
|
2023
|
6,699
|
5,700
|
3,340
|
15,739
|
2024
|
6,732
|
5,924
|
3,435
|
16,091
|
Change
(%)
|
0.5
|
3.9
|
2.9
|
2.2
|
First
Half
|
Asia
Pacific
Africa
|
The
Americas
|
Europe
|
Total
|
Turnover
(€ million)
|
|
|
|
|
2023
|
13,421
|
10,956
|
6,051
|
30,428
|
2024
|
13,370
|
11,463
|
6,284
|
31,117
|
Change
(%)
|
(0.4)
|
4.6
|
3.8
|
2.3
|
4.
Taxation
|
|
First
half
|
|||||
|
2024
|
2023
|
||||
€
million
|
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
|
31
|
-
|
31
|
(34)
|
-
|
(34)
|
Cash
flow hedges
|
63
|
(5)
|
58
|
(20)
|
(2)
|
(22)
|
Remeasurements
of defined benefit pension plans
|
242
|
(41)
|
201
|
(90)
|
43
|
(47)
|
Currency
retranslation gains/(losses)
|
772
|
(16)
|
756
|
(535)
|
(20)
|
(555)
|
Other
comprehensive income
|
1,108
|
(62)
|
1,046
|
(679)
|
21
|
(658)
|
5.
Earnings per share
|
|
First
Half
|
|
|
2024
|
2023
|
EPS -
Basic
|
|
|
Net
profit attributable to shareholders' equity (€
million)
|
3,701
|
3,548
|
Average
number of shares (millions of share units)
|
2,499.9
|
2,523.9
|
EPS -
basic (€)
|
1.48
|
1.41
|
|
|
|
EPS -
Diluted
|
|
|
Net
profit attributable to shareholders' equity (€
million)
|
3,701
|
3,548
|
Adjusted
average number of shares (millions of share units)
|
2,511.0
|
2,536.8
|
EPS -
diluted (€)
|
1.47
|
1.40
|
|
Millions
|
Number
of shares at 31 December 2023 (net of treasury shares)
|
2,499.0
|
Shares
repurchased under the share buyback programme
|
(7.3)
|
Net
movements in shares under incentive schemes
|
3.7
|
Number
of shares at 30 June 2024 (net of treasury shares)
|
2,495.4
|
6.
Acquisitions and disposals
|
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.
|
7.
Share buyback
|
8.
Financial instruments
|
|
30 June
2024
|
31
December 2023
|
30 June
2023
|
||||||
|
Current
|
Non-
current
|
Total
|
Current
|
Non-
current
|
Total
|
Current
|
Non-
current
|
Total
|
Cash
and cash equivalents
|
|
|
|
|
|
|
|
|
|
Cash at
bank and in hand
|
3,601
|
-
|
3,601
|
2,862
|
-
|
2,862
|
2,790
|
-
|
2,790
|
Short-term
deposits(a)
|
981
|
-
|
981
|
1,181
|
-
|
1,181
|
1,804
|
-
|
1,804
|
Other
cash equivalents(b)
|
388
|
-
|
388
|
116
|
-
|
116
|
400
|
-
|
400
|
|
4,970
|
-
|
4,970
|
4,159
|
-
|
4,159
|
4,994
|
-
|
4,994
|
Other
financial assets
|
|
|
|
|
|
|
|
|
|
Financial
assets at amortised cost(c)
|
835
|
560
|
1,395
|
961
|
454
|
1,415
|
727
|
352
|
1,079
|
Financial
assets at fair value through other comprehensive income(d)
|
61
|
525
|
586
|
151
|
458
|
609
|
-
|
438
|
438
|
Financial
assets at fair value through profit or loss:
|
|
|
|
|
|
|
|
|
|
Derivatives
|
79
|
39
|
118
|
37
|
75
|
112
|
36
|
31
|
67
|
Other(e)
|
470
|
382
|
852
|
582
|
399
|
981
|
613
|
399
|
1,012
|
|
1,445
|
1,506
|
2,951
|
1,731
|
1,386
|
3,117
|
1,376
|
1,220
|
2,596
|
Total
financial assets(f)
|
6,415
|
1,506
|
7,921
|
5,890
|
1,386
|
7,276
|
6,370
|
1,220
|
7,590
|
€
million
|
Fair
value
|
Carrying
amount
|
||||
|
As at 30
June
2024
|
As at
31
December
2023
|
As at
30 June
2023
|
As at
30 June
2024
|
As at
31
December
2023
|
As at 30
June
2023
|
Financial assets
|
|
|
|
|
|
|
Cash
and cash equivalents
|
4,970
|
4,159
|
4,994
|
4,970
|
4,159
|
4,994
|
Financial
assets at amortised cost
|
1,395
|
1,415
|
1,079
|
1,395
|
1,415
|
1,079
|
Financial
assets at fair value through other comprehensive
income
|
586
|
609
|
438
|
586
|
609
|
438
|
Financial
assets at fair value through profit and loss:
|
|
|
|
|
|
|
Derivatives
|
118
|
112
|
67
|
118
|
112
|
67
|
Other
|
852
|
981
|
1,012
|
852
|
981
|
1,012
|
|
7,921
|
7,276
|
7,590
|
7,921
|
7,276
|
7,590
|
Financial liabilities
|
|
|
|
|
|
|
Bank
loans and overdrafts
|
(460)
|
(506)
|
(606)
|
(460)
|
(506)
|
(606)
|
Bonds
and other loans
|
(27,836)
|
(26,112)
|
(26,265)
|
(28,729)
|
(26,692)
|
(27,599)
|
Lease
liabilities
|
(1,358)
|
(1,395)
|
(1,428)
|
(1,358)
|
(1,395)
|
(1,428)
|
Derivatives
|
(537)
|
(494)
|
(618)
|
(537)
|
(494)
|
(618)
|
Other
financial liabilities
|
(570)
|
(535)
|
(457)
|
(570)
|
(535)
|
(457)
|
|
(30,761)
|
(29,042)
|
(29,374)
|
(31,654)
|
(29,622)
|
(30,708)
|
€
million
|
As at
30 June 2024
|
As at
31 December 2023
|
As at
30 June 2023
|
||||||
|
Level
1
|
Level
2
|
Level
3
|
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
|
70
|
4
|
512
|
163
|
4
|
442
|
14
|
3
|
421
|
Financial
assets at fair value through profit or loss:
|
|
|
|
|
|
|
|
|
|
Derivatives(a)
|
-
|
192
|
-
|
-
|
149
|
-
|
-
|
142
|
-
|
Other
|
470
|
-
|
382
|
582
|
-
|
399
|
613
|
-
|
399
|
Liabilities
at fair value
|
|
|
|
|
|
|
|
|
|
Derivatives(b)
|
-
|
(586)
|
-
|
-
|
(559)
|
-
|
-
|
(718)
|
-
|
Contingent
consideration
|
-
|
-
|
(8)
|
-
|
-
|
(157)
|
-
|
-
|
(123)
|
9.
Dividends
|
Per
Unilever PLC ordinary share (traded on the London Stock
Exchange):
|
£0.3696
|
Per
Unilever PLC ordinary share (traded on Euronext in
Amsterdam):
|
€0.4396
|
Per
Unilever PLC American Depositary Receipt:
|
US$0.4773
|
|
Announcement
Date
|
Ex-Dividend
Date
|
Record
Date
|
Payment
Date
|
Q2 2024
Dividend
|
25 July
2024
|
08
August 2024
|
09
August 2024
|
06
September 2024
|
Q3 2024
Dividend
|
24
October 2024
|
07
November 2024
|
08
November 2024
|
06
December 2024
|
10.
Events after the balance sheet date
|