Guarantor Statements | 12 GUARANTOR STATEMENTS On 27 July 2017, Unilever N.V. and Unilever Capital Corporation (UCC) filed a US Shelf registration, which is unconditionally and fully guaranteed, jointly and severally, by Unilever N.V., Unilever PLC and Unilever United States, Inc. (UNUS) and that superseded the NV and UCC US Shelf registration filed on 30 September 2014, which was unconditionally and fully guaranteed, jointly and severally, by NV, PLC and UNUS. UCC and UNUS are each indirectly 100% owned by the Unilever parent entities (as defined below). Of the US Shelf registration, US$11.0 billion of Notes were outstanding at 30 June 2019 (2018: US$11.0 billion; 2017: US$9.5 billion) with coupons ranging from 1.375% to 5.900%. These Notes are repayable between 5 May 2020 and 15 November 2032. Provided below are the statements of comprehensive income, cash flow statements and balance sheets of each of the companies discussed above, together with the statement of comprehensive income, cash flow statement and balance sheet of non-guarantor non-guarantor Statement of comprehensive income Six months ended 30 June 2019 € million Unilever Unilever (a) Unilever Non- Eliminations Unilever Turnover – – – 26,126 – 26,126 Operating Profit – 550 3 4,036 – 4,589 Net finance costs 1 (33 ) (266 ) (36 ) – (334 ) Pensions and similar obligations – (1 ) (11 ) (5 ) – (17 ) Other income – – – 87 – 87 Net monetary gain arising from hyperinflationary economies – – – 29 – 29 Profit before taxation 1 516 (274 ) 4,111 – 4,354 Taxation – (92 ) – (1,053 ) – (1,145 ) Net profit before subsidiaries 1 424 (274 ) 3,058 – 3,209 Equity earnings of subsidiaries – 2,582 552 (1,041 ) (2,093 ) – Net Profit 1 3,006 278 2,017 (2,093 ) 3,209 Attributed to: Non-controlling – – – 203 – 203 Shareholders’ equity 1 3,006 278 1,814 (2,093 ) 3,006 Other comprehensive income – 3 78 349 – 430 Total comprehensive income 1 3,009 356 2,366 (2,093 ) 3,639 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. Statement of comprehensive income Six months ended 30 June 2018 (b) € million Unilever Unilever (a) Unilever Non- Eliminations Unilever Turnover – – – 26,352 – 26,352 Operating Profit – 523 (1 ) 4,007 – 4,529 Net finance costs 3 (53 ) (190 ) (33 ) – (273 ) Pensions and similar obligations – (1 ) (9 ) (5 ) – (15 ) Other income – – – 88 – 88 Profit before taxation 3 469 (200 ) 4,057 – 4,329 Taxation – (13 ) – (1,087 ) – (1,100 ) Net profit before subsidiaries 3 456 (200 ) 2,970 – 3,229 Equity earnings of subsidiaries – 2,575 462 (1,427 ) (1,610 ) – Net Profit 3 3,031 262 1,543 (1,610 ) 3,229 Attributed to: Non-controlling – – – 198 – 198 Shareholders’ equity 3 3,031 262 1,345 (1,610 ) 3,031 Other comprehensive income – 74 (30 ) (625 ) – (581 ) Total comprehensive income 3 3,105 232 918 (1,610 ) 2,648 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. (b) Restated following adoption of IFRS 16. Refer note 1 and note 9. Balance Sheet As at 30 June 2019 € million Unilever Unilever (a) Unilever Non- Eliminations Unilever Non-current Goodwill and intangible assets – 3,139 – 27,105 – 30,244 Deferred tax assets – – – 1,376 – 1,376 Other non-current – 131 2 15,187 – 15,320 Amounts due from group companies 15,126 11,287 – – (26,413 ) – Net assets of subsidiaries (equity accounted) – 24,595 23,617 – (48,212 ) – 15,126 39,152 23,619 43,668 (74,625 ) 46,940 Current assets Amounts due from group companies – 9,508 956 27,143 (37,607 ) – Trade and other current receivables – 271 6 7,802 – 8,079 Current tax assets – 22 – 243 – 265 Other current assets 21 1 – 9,223 – 9,245 21 9,802 962 44,411 (37,607 ) 17,589 Total assets 15,147 48,954 24,581 88,079 (112,232 ) 64,529 Current liabilities Financial liabilities 3,196 884 1 1,535 – 5,616 Amounts due to group companies 2,643 23,197 1,303 10,464 (37,607 ) – Trade payables and other current liabilities 88 331 12 13,960 – 14,391 Current tax liabilities – – 65 1,007 – 1,072 Other current liabilities – 1 3 662 – 666 5,927 24,413 1,384 27,628 (37,607 ) 21,745 Non-current Financial liabilities 8,896 11,695 – 2,778 – 23,369 Amounts due to group companies – – 11,174 15,239 (26,413 ) – Pension and post-retirement healthcare liabilities: Funded schemes in deficit – 8 46 1,122 – 1,176 Unfunded schemes – 82 379 956 – 1,417 Other non-current – 161 11 3,254 – 3,426 8,896 11,946 11,610 23,349 (26,413 ) 29,388 Total liabilities 14,823 36,359 12,994 50,977 (64,020 ) 51,133 Shareholders’ equity 324 12,595 11,587 36,416 (48,212 ) 12,710 Non-controlling – – – 686 – 686 Total equity 324 12,595 11,587 37,102 (48,212 ) 13,396 Total liabilities and equity 15,147 48,954 24,581 88,079 (112,232 ) 64,529 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. Balance Sheet Year ended 31 December 2018 (b) € million Unilever Unilever (a) Unilever Non- Eliminations Unilever Non-current Goodwill and intangible assets – 3,058 – 26,435 – 29,493 Deferred tax assets – – 13 1,139 – 1,152 Other non-current – 43 2 14,943 – 14,988 Amounts due from group companies 17,211 10,379 – – (27,590 ) – Net assets of subsidiaries (equity accounted) – 22,125 22,427 – (44,552 ) – 17,211 35,605 22,442 42,517 (72,142 ) 45,633 Current assets Amounts due from group companies – 11,883 5,413 33,032 (50,328 ) – Trade and other current receivables – 156 4 6,322 – 6,482 Current tax assets – 15 – 457 – 472 Other current assets 6 7 – 8,511 – 8,524 6 12,061 5,417 48,322 (50,328 ) 15,478 Total assets 17,217 47,666 27,859 90,839 (122,470 ) 61,111 Current liabilities Financial liabilities 2,381 35 2 1,195 – 3,613 Amounts due to group companies 4,895 25,010 3,127 17,296 (50,328 ) – Trade payables and other current liabilities 96 327 15 14,019 – 14,457 Current tax liabilities – – 72 1,373 – 1,445 Other current liabilities – 2 – 633 – 635 7,372 25,374 3,216 34,516 (50,328 ) 20,150 Non-current Financial liabilities 9,525 10,787 – 2,813 – 23,125 Amounts due to group companies – – 13,290 14,300 (27,590 ) – Pension and post-retirement healthcare liabilities: Funded schemes in deficit – 7 136 1,066 – 1,209 Unfunded schemes – 87 388 918 – 1,393 Other non-current – 141 1 2,975 – 3,117 9,525 11,022 13,815 22,072 (27,590 ) 28,844 Total liabilities 16,897 36,396 17,031 56,588 (77,918 ) 48,994 Shareholders’ equity 320 11,270 10,828 33,531 (44,552 ) 11,397 Non-controlling – – – 720 – 720 Total equity 320 11,270 10,828 34,251 (44,552 ) 12,117 Total liabilities and equity 17,217 47,666 27,859 90,839 (122,470 ) 61,111 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. (b) Restated following adoption of IFRS 16. Refer note 1 and note 9. Cash flow statement Six months ended 30 June 2019 € million Unilever Unilever (a) Unilever Non- Eliminations Unilever Net cash flow from operating activities (1 ) 493 (24 ) 1,924 – 2,392 Net cash flow from /(used in) investing activities 2,454 (1,698 ) 4,366 (3,380 ) (2,458 ) (716 ) Net cash flow from/(used in) financing activities (2,437 ) 1,202 (4,342 ) 2,263 2,458 (856 ) Net increase/(decrease) in cash and cash equivalents 16 (3 ) – 807 – 820 Cash and cash equivalents at beginning of year 6 7 (1 ) 3,078 – 3,090 Effect of foreign exchange rates (2 ) (3 ) – (116 ) – (121 ) Cash and cash equivalents at end of year 20 1 (1 ) 3,769 – 3,789 Cash flow statement Six months ended 30 June 2018 (b) € million Unilever Unilever (a) Unilever Non- Eliminations Unilever Net cash flow from operating activities – 417 (13 ) 2,286 – 2,690 Net cash flow from /(used in) investing activities (1,336 ) (2,731 ) (460 ) 2,516 570 (1,441 ) Net cash flow from/(used in) financing activities 1,340 2,275 471 (4,195 ) (570 ) (679 ) Net increase/(decrease) in cash and cash equivalents 4 (39 ) (2 ) 607 – 570 Cash and cash equivalents at beginning of year – 23 (1 ) 3,147 – 3,169 Effect of foreign exchange rates 7 18 – 47 – 72 Cash and cash equivalents at end of year 11 2 (3 ) 3,801 – 3,811 (a) The term ‘Unilever parent entities’ includes Unilever N.V. and Unilever PLC. Though Unilever N.V. and Unilever PLC are separate legal entities, with different shareholder constituencies and separate stock exchange listings, they operate as nearly as practicable as a single economic entity. Debt securities issued by entities in the Unilever Group are fully and unconditionally guaranteed by both Unilever N.V. and Unilever PLC. (b) Restated following adoption of IFRS 16. Refer note 1 and note 9. |