Cover page
Cover page | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | UNILEVER PLC |
Amendment Flag | false |
Entity Central Index Key | 0000217410 |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Consolidated income statement
Consolidated income statement - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Profit or loss [abstract] | ||
Turnover | € 30,428 | € 29,623 |
Operating profit | 5,516 | 4,500 |
Net finance costs | (259) | (227) |
Pensions and similar obligations | 50 | 22 |
Finance income | 208 | 105 |
Finance costs | (517) | (354) |
Net monetary gain/(loss) arising from hyperinflationary economies | (98) | (38) |
Share of net profit/(loss) of joint ventures and associates | 118 | 97 |
Other income/(loss) from non-current investments and associates | (10) | 27 |
Profit before taxation | 5,267 | 4,359 |
Taxation | (1,385) | (1,143) |
Net profit | 3,882 | 3,216 |
Attributable to: | ||
Non-controlling interests | 334 | 311 |
Shareholders’ equity | € 3,548 | € 2,905 |
Earnings per share | ||
Basic earnings per share (in euros per share) | € 1.41 | € 1.14 |
Diluted earnings per share (in euros per share) | € 1.40 | € 1.13 |
Consolidated statement of compr
Consolidated statement of comprehensive income - EUR (€) € in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Statement of comprehensive income [abstract] | |||
Net profit | € 3,882 | € 3,216 | |
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 | (34) | 52 | |
Remeasurement of defined benefit pension plans | (47) | 1,463 | |
Items that may be reclassified subsequently to profit or loss, net of tax: | |||
Gains/(losses) on cash flow hedges | (22) | 51 | |
Currency retranslation gains/(losses) | (555) | [1] | 1,309 |
Total comprehensive income | 3,224 | 6,091 | |
Attributable to: | |||
Non-controlling interests | 284 | 384 | |
Shareholders’ equity | € 2,940 | € 5,707 | |
[1]Includes a hyperinflation adjustment of €247 million in relation to Argentina and Turkey. |
Consolidated statement of chang
Consolidated statement of changes in equity - EUR (€) € in Millions | Total | Total | Called up share capital | Share premium account | Unification reserve | Other reserves | Retained profit | Non- controlling interest | |
Equity at beginning of period at Dec. 31, 2021 | € 19,746 | € 17,107 | € 92 | € 52,844 | € (73,364) | € (9,210) | € 46,745 | € 2,639 | |
Profit or loss for the period | 3,216 | 2,905 | 2,905 | 311 | |||||
Gains/(losses) on: | |||||||||
Equity instruments | 52 | 44 | 44 | 8 | |||||
Cash flow hedges | 51 | 48 | 48 | 3 | |||||
Remeasurement of defined benefit pension plans | 1,463 | 1,462 | 1,462 | 1 | |||||
Currency retranslation gains/(losses) | 1,309 | 1,248 | 1,240 | 8 | 61 | ||||
Total comprehensive income | 6,091 | 5,707 | 1,332 | 4,375 | 384 | ||||
Dividends on ordinary capital | (2,195) | (2,195) | (2,195) | ||||||
Repurchase of shares | [1] | (648) | (648) | (648) | |||||
Movements in treasury shares | [2] | (8) | (8) | 99 | (107) | ||||
Share-based payment credit | [3] | 93 | 93 | 93 | |||||
Dividends paid to non-controlling interests | (309) | (309) | |||||||
Hedging gain/(loss) transferred to non-financial assets | (136) | (133) | (133) | (3) | |||||
Other movements in equity | [4] | 232 | 218 | 2 | 216 | 14 | |||
Equity at end of period at Jun. 30, 2022 | 22,866 | 20,141 | 92 | 52,844 | (73,364) | (8,558) | 49,127 | 2,725 | |
Equity at beginning of period at Dec. 31, 2022 | 21,701 | 19,021 | 92 | 52,844 | (73,364) | (10,804) | 50,253 | 2,680 | |
Profit or loss for the period | 3,882 | 3,548 | 3,548 | 334 | |||||
Gains/(losses) on: | |||||||||
Equity instruments | (34) | (33) | (33) | (1) | |||||
Cash flow hedges | (22) | (22) | (22) | ||||||
Remeasurement of defined benefit pension plans | (47) | (48) | (48) | 1 | |||||
Currency retranslation gains/(losses) | [5] | (555) | (505) | (736) | 231 | (50) | |||
Total comprehensive income | 3,224 | 2,940 | (791) | 3,731 | 284 | ||||
Dividends on ordinary capital | (2,172) | (2,172) | (2,172) | ||||||
Repurchase of shares | [1] | (753) | (753) | (753) | |||||
Movements in treasury shares | [2] | 1 | 1 | 69 | (68) | ||||
Share-based payment credit | [3] | 159 | 159 | 159 | |||||
Dividends paid to non-controlling interests | (276) | (276) | |||||||
Hedging gain/(loss) transferred to non-financial assets | 78 | 78 | 78 | ||||||
Other movements in equity | (41) | (17) | 5 | (22) | (24) | ||||
Equity at end of period at Jun. 30, 2023 | € 21,921 | € 19,257 | € 92 | € 52,844 | € (73,364) | € (12,196) | € 51,881 | € 2,664 | |
[1]Repurchase of shares reflects the cost of acquiring ordinary shares as part of the share buyback program announced on 10 February 2022.[2]Includes purchases and sales of treasury shares, other than the share buyback programme and the transfer from treasury shares to retained profit of share-settled schemes arising from prior years and differences between purchase and grant price of share awards.[3]The share-based payment credit relates to the non-cash charge recorded against operating profit in respect of the fair value of share options and awards granted to employees.[4]Includes a hyperinflation adjustment of €235 million in relation to Argentina.[5]Includes a hyperinflation adjustment of €247 million in relation to Argentina and Turkey. |
Consolidated statement of cha_2
Consolidated statement of changes in equity (Parenthetical) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of changes in equity [abstract] | ||
Hyperinflation adjustment | € 247 | € 235 |
Consolidated balance sheet
Consolidated balance sheet - EUR (€) € in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Non-current assets | |||
Goodwill | € 21,299 | € 21,609 | € 21,571 |
Intangible assets | 18,664 | 18,880 | 18,935 |
Property, plant and equipment | 10,590 | 10,770 | 10,733 |
Pension asset for funded schemes in surplus | 4,244 | 4,260 | 6,581 |
Deferred tax assets | 1,084 | 1,049 | 1,559 |
Financial assets | 1,220 | 1,154 | 1,286 |
Other non-current assets | 952 | 942 | 1,023 |
Total non-current assets | 58,053 | 58,664 | 61,688 |
Current assets | |||
Inventories | 5,668 | 5,931 | 5,893 |
Trade and other current receivables | 8,046 | 7,056 | 7,309 |
Current tax assets | 254 | 381 | 324 |
Cash and cash equivalents | 4,994 | 4,326 | 5,411 |
Other financial assets | 1,376 | 1,435 | 1,435 |
Assets held for sale | 18 | 28 | 2,832 |
Total current assets | 20,356 | 19,157 | 23,204 |
Total assets | 78,409 | 77,821 | 84,892 |
Current liabilities | |||
Financial liabilities | 6,715 | 5,775 | 9,032 |
Trade payables and other current liabilities | 17,367 | 18,023 | 17,151 |
Current tax liabilities | 891 | 877 | 1,327 |
Provisions | 634 | 748 | 640 |
Liabilities held for sale | 0 | 4 | 788 |
Total current liabilities | 25,607 | 25,427 | 28,938 |
Non-current liabilities | |||
Financial liabilities | 23,993 | 23,713 | 24,929 |
Non-current tax liabilities | 280 | 94 | 163 |
Pensions and post-retirement healthcare liabilities: | |||
Funded schemes in deficit | 431 | 613 | 362 |
Unfunded schemes | 1,040 | 1,078 | 1,189 |
Provisions | 547 | 550 | 621 |
Deferred tax liabilities | 4,410 | 4,375 | 5,523 |
Other non-current liabilities | 180 | 270 | 301 |
Total non current liabilities | 30,881 | 30,693 | 33,088 |
Total liabilities | 56,488 | 56,120 | 62,026 |
Equity | |||
Shareholders’ equity | 19,257 | 19,021 | 20,141 |
Non-controlling interests | 2,664 | 2,680 | 2,725 |
Total equity | 21,921 | 21,701 | 22,866 |
Total liabilities and equity | € 78,409 | € 77,821 | € 84,892 |
Consolidated cash flow statemen
Consolidated cash flow statement - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from (used in) operating activities [abstract] | ||
Net profit | € 3,882 | € 3,216 |
Taxation | 1,385 | 1,143 |
Share of net (profit)/loss of joint ventures/associates and other (income)/loss from non-current investments and associates | (108) | (124) |
Net monetary (gain)/loss arising from hyperinflationary economies | 98 | 38 |
Net finance costs | 259 | 227 |
Operating profit | 5,516 | 4,500 |
Depreciation, amortisation and impairment | 754 | 842 |
Changes in working capital | (1,331) | (1,116) |
Pensions and similar obligations less payments | (103) | (49) |
Provisions less payments | (122) | 135 |
Elimination of (profits)/losses on disposals | (507) | (28) |
Non-cash charge for share-based compensation | 159 | 93 |
Other adjustments | 11 | (33) |
Cash flow from operating activities | 4,377 | 4,344 |
Income tax paid | (1,011) | (1,295) |
Net cash flow from operating activities | 3,366 | 3,049 |
Cash flows from (used in) investing activities [abstract] | ||
Interest received | 139 | 106 |
Net capital expenditure | (548) | (593) |
Acquisitions and disposals | 352 | 2 |
Other investing activities | (143) | 53 |
Net cash flow (used in)/from investing activities | (200) | (432) |
Cash flows from (used in) financing activities [abstract] | ||
Dividends paid on ordinary share capital | (2,202) | (2,176) |
Interest paid | (503) | (323) |
Change in financial liabilities | 1,230 | 2,500 |
Repurchase of shares | (753) | (648) |
Other financing activities | (261) | (277) |
Net cash flow (used in)/from financing activities | (2,489) | (924) |
Net increase/(decrease) in cash and cash equivalents | 677 | 1,693 |
Cash and cash equivalents at the beginning of the period | 4,225 | 3,387 |
Effect of foreign exchange rate changes | (32) | 194 |
Cash and cash equivalents at the end of the period | € 4,870 | € 5,274 |
Accounting information and poli
Accounting information and policies | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Accounting information and policies | 1. Accounting information and policies These condensed consolidated financial statements are prepared in accordance with IAS 34 'Interim Financial Reporting' as issued by the International Accounting Standards Board (IASB) and as adopted for use in the UK. As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the condensed consolidated financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Group’s published consolidated financial statements for the year ended 31 December 2022. In preparing these condensed consolidated financial statements, judgements and estimates that affect the application of accounting policies used by management have remained consistent with those applied in the consolidated financial statements for the year ended 31 December 2022. Management have produced forecasts which have been modelled for different plausible scenarios. These scenarios confirm the Group is able to generate profits and cash in the year ended 31 December 2023 and beyond. As a result, the Directors have a reasonable expectation that the Group has adequate resources to meet its obligations as they fall due for a period of at least 12 months from the date of signing these condensed consolidated financial statements. Accordingly, they continue to adopt the going concern basis in preparing the half year condensed consolidated financial statements. The condensed consolidated financial statements are shown at current exchange rates with year-on-year changes shown to facilitate comparison. The consolidated income statement on page 15, the consolidated statement of comprehensive income on page 15, the consolidated statement of changes in equity on page 16 and the consolidated cash flow statement on page 18 are translated at exchange rates current in each period. The consolidated balance sheet on page 17 is translated at period-end rates of exchange. The condensed consolidated financial statements attached do not constitute the full financial statements within the meaning of section 434 of the UK Companies Act 2006. The comparative figures for the financial year ended 31 December 2022 are not Unilever PLC’s statutory accounts for that financial year. The annual financial statements of the Group are prepared in accordance with international financial reporting standards (IFRS) as issued by the International Accounting Standards Board (IASB) and UK adopted international accounting standards and in accordance with the requirements of the UK Companies Act 2006. New accounting standards As of 1 January 2023, IFRS 17 ‘Insurance Contracts’ has been adopted by the Group. The standard introduces a new model for accounting for insurance contracts. We have reviewed existing arrangements and concluded that IFRS 17 does not impact the condensed consolidated financial statements. As of 23 May 2023, amendments to IAS 12 'Income Taxes' came into effect relating to International Tax Reform – Pillar Two Model Rules, which were endorsed by the UK Endorsement Board on 19 July, whereby an entity shall disclose qualitative and quantitative information about its exposure to Pillar Two income taxes at the end of the reporting period. The amendments provide a temporary mandatory exemption from deferred tax accounting for the top-up tax, which is effective immediately. The expected impact of this amendment will be disclosed within the 2023 Annual Report. All other new standards or amendments issued by the IASB and UK Endorsement Board that are effective or not yet effective, are either not applicable or not material to the Group. |
Significant items within the in
Significant items within the income statement | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Non-Underlying Items [Abstract] | |
Significant items within the income statement | 2. Significant items within the income statement Non-underlying items These include non-underlying items within operating profit and non-underlying items not in operating profit but within net profit: • Non-underlying items within operating profit are gains or losses on business disposals, acquisition and disposal related costs, restructuring costs, impairments and other items within operating profit classified here due to their nature and frequency. • Non-underlying items not in operating profit but within net profit are net monetary gain/(loss) arising from hyperinflationary economies and significant and unusual items in net finance cost, share of profit/(loss) of joint ventures and associates and taxation. Restructuring costs are charges associated with activities planned by management that significantly change either the scope of the business or the manner in which it is conducted. € million First Half 2023 2022 Acquisition and disposal-related credits/(costs) (a) (52) (87) Gain/(loss) on disposal of group companies (b) 528 21 Restructuring costs (c) (184) (359) Impairments (d) (1) (4) Other (e) 17 (115) Non-underlying items within operating profit before tax 308 (544) Tax on non-underlying items within operating profit (111) 102 Non-underlying items within operating profit after tax 197 (442) Interest related to the UK tax audit of intangible income and centralised services (5) – Net monetary gain/(loss) arising from hyperinflationary economies (98) (38) Non-underlying items not in operating profit but within net profit before tax (103) (38) Tax impact of non-underlying items not in operating profit but within net profit: Taxes related to separation of Ekaterra (6) (39) Taxes related to the UK tax audit of intangible income and centralised services 1 – Hyperinflation adjustment for Argentina and Turkey deferred tax (75) (24) Non-underlying items not in operating profit but within net profit after tax (183) (101) Non-underlying items after tax (f) 14 (543) Attributable to: Non-controlling interests – (8) Shareholders’ equity 14 (535) (a) 2023 includes a charge of €4 million (2022: €56 million) relating to the disposal of ekaterra and other acquisition and disposal activities. (b) 2023 includes a gain of €497 million related to the disposal of Suave business in North America. (c) Restructuring costs are comprised of organisational change programmes including Compass and various technology and supply chain optimisation projects. (d) Impairments include write downs of leased land and building assets. (e) 2022 comprised of €40 million of asset write-downs relating to our businesses in Russia and Ukraine and €75 million relating to legal provisions for ongoing competition investigations. (f) Non-underlying items after tax is calculated as non-underlying items within operating profit after tax plus non-underlying items not in operating profit but within net profit after tax. |
Segment information - Business
Segment information - Business Groups | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Segment information - Business Groups | 3. Segment information - Business Groups Second Quarter Beauty & Wellbeing Personal Care Home Care Nutrition Ice Cream Total Turnover (€ million) 2022 2,999 3,420 3,092 3,596 2,703 15,810 2023 3,143 3,519 3,057 3,260 2,760 15,739 Change (%) 4.8 2.9 (1.1) (9.3) 2.1 (0.4) First Half Beauty & Wellbeing Personal Care Home Care Nutrition Ice Cream Total Turnover (€ million) 2022 5,731 6,445 6,024 7,107 4,316 29,623 2023 6,225 6,911 6,205 6,601 4,486 30,428 Change (%) 8.6 7.3 3.0 (7.1) 3.9 2.7 Operating profit (€ million) 2022 995 1,174 609 1,124 598 4,500 2023 1,237 1,691 731 1,213 644 5,516 Underlying operating profit (€ million) 2022 1,083 1,295 723 1,253 690 5,044 2023 1,179 1,381 763 1,214 671 5,208 Turnover growth is made up of distinct individual growth components namely underlying sales, currency impact, acquisitions and disposals. Turnover growth is arrived at by multiplying these individual components on a compounded basis as there is a currency impact on each of the other components. Accordingly, turnover growth is more than just the sum of the individual components. Underlying operating profit represents our measure of segment profit or loss as it is the primary measure used for the purpose of making decisions about allocating resources and assessing performance of segments. Underlying operating margin is calculated as underlying operating profit divided by turnover. |
Segment information - Geographi
Segment information - Geographical area | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Segment information - Geographical area | 4. Segment information - Geographical area Second Quarter Asia Pacific Africa The Americas Europe Total Turnover (€ million) 2022 7,061 5,414 3,335 15,810 2023 6,699 5,700 3,340 15,739 Change (%) (5.1) 5.3 0.1 (0.4) First Half Asia Pacific Africa The Americas Europe Total Turnover (€ million) 2022 13,701 9,941 5,982 29,623 2023 13,421 10,956 6,051 30,428 Change (%) (2.0) 10.2 1.2 2.7 |
Taxation
Taxation | 6 Months Ended |
Jun. 30, 2023 | |
Income taxes paid (refund) [abstract] | |
Taxation | 5. Taxation The effective tax rate for the first half is 26.9% compared with 26.8% in 2022. The tax rate is calculated by dividing the tax charge by pre-tax profit excluding the contribution of joint ventures and associates. Tax effects of components of other comprehensive income were as follows: First half 2023 2022 € 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 (34) – (34) 49 3 52 Cash flow hedges (20) (2) (22) 26 25 51 Remeasurements of defined benefit pension plans (90) 43 (47) 2,037 (574) 1,463 Currency retranslation gains/(losses) (535) (20) (555) 1,317 (8) 1,309 Other comprehensive income (679) 21 (658) 3,429 (554) 2,875 |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Earnings per share | 6. Earnings per share The earnings per share calculations are based on the average number of share units representing the ordinary shares of PLC in issue during the period, less the average number of shares held as treasury shares. In calculating diluted earnings per share and underlying earnings per share, a number of adjustments are made to the number of shares, principally the exercise of share plans by employees. Earnings per share for total operations for the twelve months were calculated as follows: First Half 2023 2022 EPS – Basic Net profit attributable to shareholders’ equity (€ million) 3,548 2,905 Average number of shares (millions of share units) 2,523.9 2,557.3 EPS – basic (€) 1.41 1.14 EPS – Diluted Net profit attributable to shareholders’ equity (€ million) 3,548 2,905 Adjusted average number of shares (millions of share units) 2,536.8 2,566.2 EPS – diluted (€) 1.40 1.13 Underlying EPS Net profit attributable to shareholders’ equity (€ million) 3,548 2,905 Post-tax impact of non-underlying items attributable to shareholders’ equity (see note 2) (14) 535 Underlying profit attributable to shareholders’ equity 3,534 3,440 Adjusted average number of shares (millions of share units) 2,536.8 2,566.2 Underlying EPS – diluted (€) 1.39 1.34 Notes to the condensed consolidated financial statements (unaudited) 6. Earnings per share (continued) In calculating underlying earnings per share, net profit attributable to shareholders’ equity is adjusted to eliminate the post-tax impact of non-underlying items. During the period the following movements in shares have taken place: Millions Number of shares at 31 December 2022 (net of treasury shares) 2,529.0 Net movements in shares under incentive schemes 1.5 Shares repurchased under the share buyback programme (15.5) Number of shares at 30 June 2023 2,515.0 |
Acquisitions and disposals
Acquisitions and disposals | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Acquisitions and disposals | 7. Acquisitions and disposals In the first half of 2023, the Group completed the following business acquisitions and disposals: Deal completion date Acquired/disposed business 10 January 2023 Acquired 51% of Zywie Ventures Private Limited (“OZiva”), a leading plant-based, and clean-label consumer wellness brand focused on the need spaces such as Lifestyle Protein, Hair & Beauty Supplements and Women’s health. 1 May 2023 Sold Suave brand in North America to Yellow Wood Partners LLC. The Suave beauty and personal care brand includes hair care, skin care, skin cleansing and deodorant products. On 1 May 2023, Unilever sold the North America Suave business to Yellow Wood Partners LLC for €592 million consideration. Profit on this disposal was €497 million, recognised as a non-underlying item (see note 2). |
Share-buy back
Share-buy back | 6 Months Ended |
Jun. 30, 2023 | |
Share Buyback [Abstract] | |
Share-buy back | 8. Share-buy back On 10 February 2022, we announced a share buyback programme of up to €3 billion to be completed over 2022 and 2023. During the first half of 2023, the Group repurchased 15,552,684 ordinary shares which are held by Unilever as treasury shares. Consideration paid for the repurchase of shares including transaction costs was €753 million which is recorded within other reserves. |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments | 9. Financial instruments The Group’s Treasury function aims to protect the Group’s financial investments, while maximising returns. The fair value of financial assets is the same as the carrying amount for 2023 and 2022. The Group’s cash resources and 30 June 2023 31 December 2022 30 June 2022 Current Non-current Total Current Non-current Total Current Non-current Total Cash and cash equivalents Cash at bank and in hand 2,790 – 2,790 2,553 – 2,553 2,730 – 2,730 Short-term deposits (a) 1,804 – 1,804 1,743 – 1,743 2,481 – 2,481 Other cash equivalents (b) 400 – 400 30 – 30 200 – 200 4,994 – 4,994 4,326 – 4,326 5,411 – 5,411 Other financial assets Financial assets at amortised cost (c) 727 352 1,079 772 232 1,004 756 220 976 Financial assets at fair value through other comprehensive income (d) – 438 438 – 407 407 – 547 547 Financial assets at fair value through profit or loss: Derivatives 36 31 67 238 51 289 264 60 324 Other (e) 613 399 1,012 425 464 889 415 459 874 1,376 1,220 2,596 1,435 1,154 2,589 1,435 1,286 2,721 Total financial assets (f) 6,370 1,220 7,590 5,761 1,154 6,915 6,846 1,286 8,132 (a) Short-term deposits typically have maturity of up to 3 months. (b) Other cash equivalents include investments in overnight funds and treasury bills. (c) Current financial assets at amortised cost include short term deposits with banks with maturities longer than three months excluding deposits which are part of a recognised cash management process and loans to joint venture entities. Non-current financial assets at amortised cost include judicial deposits of €228 million (31 December 2022: €199 million; 30 June 2022: €195 million). (d) Included within non-current financial assets at fair value through other comprehensive income are equity investments. (e) Other financial assets at fair value through profit or loss include money market funds, marketable securities, other capital market instruments (f) Financial assets exclude trade and other current receivables. The Group is exposed to the risks of changes in fair value of its financial assets and liabilities. The following tables summarise the fair values and carrying amounts of financial instruments and the fair value calculations by category. € million Fair value Carrying amount As at 30 June 2023 As at 31 December 2022 As at 30 June 2022 As at 30 June 2023 As at 31 December 2022 As at 30 June 2022 Financial assets Cash and cash equivalents 4,994 4,326 5,411 4,994 4,326 5,411 Financial assets at amortised cost 1,079 1,004 976 1,079 1,004 976 Financial assets at fair value through other comprehensive income 438 407 547 438 407 547 Financial assets at fair value through profit and loss: Derivatives 67 289 324 67 289 324 Other 1,012 889 874 1,012 889 874 7,590 6,915 8,132 7,590 6,915 8,132 Financial liabilities Bank loans and overdrafts (606) (519) (540) (606) (519) (540) Bonds and other loans (26,265) (25,136) (30,089) (27,599) (26,512) (31,007) Lease liabilities (1,428) (1,408) (1,585) (1,428) (1,408) (1,585) Derivatives (618) (631) (548) (618) (631) (548) Other financial liabilities (457) (418) (281) (457) (418) (281) (29,374) (28,112) (33,043) (30,708) (29,488) (33,961) Notes to the condensed consolidated financial statements (unaudited) 9. Financial instruments (continued) € million As at 30 June 2023 As at 31 December 2022 As at 30 June 2022 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 14 3 421 5 3 399 11 3 533 Financial assets at fair value through profit or loss: Derivatives (a) – 142 – – 378 – – 505 – Other 613 – 399 428 – 461 420 – 454 Liabilities at fair value Derivatives (b) – (718) – – (784) – – (729) – Contingent consideration – – (123) – – (164) – – (175) (a) Includes €75 million (31 December 2022: €89 million; 30 June 2022: €181 million) derivatives, reported within trade receivables, that hedge trading activities. (b) Includes €(100) million (31 December 2022: €(153) million; 30 June 2022: €(181) million) derivatives, reported within trade creditors, that hedge trading activities. There were no significant changes in classification of fair value of financial assets and financial liabilities since 31 December 2022. There were also no significant movements between the fair value hierarchy classifications since 31 December 2022. The fair value of trade receivables and payables is considered to be equal to the carrying amount of these items due to their short-term nature. The fair value of financial assets and financial liabilities (excluding listed bonds) is considered to be same as the carrying amount for 2023 and 2022. Calculation of fair values The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent with those used in the year ended 31 December 2022. |
Dividends
Dividends | 6 Months Ended |
Jun. 30, 2023 | |
Dividends [Abstract] | |
Dividends | 10. Dividends The Board has declared a quarterly interim dividend for Q2 2023 of £0.3700 per Unilever PLC ordinary share or €0.4268 per Unilever PLC ordinary share at the applicable exchange rate issued by WM/Reuters on 21 July 2023. The following amounts will be paid in respect of this quarterly interim dividend on the relevant payment date: Per Unilever PLC ordinary share (traded on the London Stock Exchange): £0.3700 Per Unilever PLC ordinary share (traded on Euronext in Amsterdam): €0.4268 Per Unilever PLC American Depositary Receipt: US$0.4746 The euro and US dollar amounts above have been determined using the applicable exchange rates issued by WM/Reuters on 21 July 2023. US dollar cheques for the quarterly interim dividend will be mailed on 31 August 2023 to holders of record at the close of business on 4 August 2023. The quarterly dividend calendar for the remainder of 2023 will be as follows: Announcement Date Ex-Dividend Date Record Date Payment Date Q2 2023 Dividend 25 July 2023 03 August 2023 04 August 2023 31 August 2023 Q3 2023 Dividend 26 October 2023 16 November 2023 17 November 2023 08 December 2023 |
Events after the balance sheet
Events after the balance sheet date | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the balance sheet date | 11. Events after the balance sheet date |
Accounting information and po_2
Accounting information and policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Basis of preparation | These condensed consolidated financial statements are prepared in accordance with IAS 34 'Interim Financial Reporting' as issued by the International Accounting Standards Board (IASB) and as adopted for use in the UK. As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the condensed consolidated financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Group’s published consolidated financial statements for the year ended 31 December 2022. In preparing these condensed consolidated financial statements, judgements and estimates that affect the application of accounting policies used by management have remained consistent with those applied in the consolidated financial statements for the year ended 31 December 2022. Management have produced forecasts which have been modelled for different plausible scenarios. These scenarios confirm the Group is able to generate profits and cash in the year ended 31 December 2023 and beyond. As a result, the Directors have a reasonable expectation that the Group has adequate resources to meet its obligations as they fall due for a period of at least 12 months from the date of signing these condensed consolidated financial statements. Accordingly, they continue to adopt the going concern basis in preparing the half year condensed consolidated financial statements. The condensed consolidated financial statements are shown at current exchange rates with year-on-year changes shown to facilitate comparison. The consolidated income statement on page 15, the consolidated statement of comprehensive income on page 15, the consolidated statement of changes in equity on page 16 and the consolidated cash flow statement on page 18 are translated at exchange rates current in each period. The consolidated balance sheet on page 17 is translated at period-end rates of exchange. |
New acounting standards | New accounting standards As of 1 January 2023, IFRS 17 ‘Insurance Contracts’ has been adopted by the Group. The standard introduces a new model for accounting for insurance contracts. We have reviewed existing arrangements and concluded that IFRS 17 does not impact the condensed consolidated financial statements. As of 23 May 2023, amendments to IAS 12 'Income Taxes' came into effect relating to International Tax Reform – Pillar Two Model Rules, which were endorsed by the UK Endorsement Board on 19 July, whereby an entity shall disclose qualitative and quantitative information about its exposure to Pillar Two income taxes at the end of the reporting period. The amendments provide a temporary mandatory exemption from deferred tax accounting for the top-up tax, which is effective immediately. The expected impact of this amendment will be disclosed within the 2023 Annual Report. All other new standards or amendments issued by the IASB and UK Endorsement Board that are effective or not yet effective, are either not applicable or not material to the Group. |
Significant items within the _2
Significant items within the income statement (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Non-Underlying Items [Abstract] | |
Summary of Non-Underlying Items | € million First Half 2023 2022 Acquisition and disposal-related credits/(costs) (a) (52) (87) Gain/(loss) on disposal of group companies (b) 528 21 Restructuring costs (c) (184) (359) Impairments (d) (1) (4) Other (e) 17 (115) Non-underlying items within operating profit before tax 308 (544) Tax on non-underlying items within operating profit (111) 102 Non-underlying items within operating profit after tax 197 (442) Interest related to the UK tax audit of intangible income and centralised services (5) – Net monetary gain/(loss) arising from hyperinflationary economies (98) (38) Non-underlying items not in operating profit but within net profit before tax (103) (38) Tax impact of non-underlying items not in operating profit but within net profit: Taxes related to separation of Ekaterra (6) (39) Taxes related to the UK tax audit of intangible income and centralised services 1 – Hyperinflation adjustment for Argentina and Turkey deferred tax (75) (24) Non-underlying items not in operating profit but within net profit after tax (183) (101) Non-underlying items after tax (f) 14 (543) Attributable to: Non-controlling interests – (8) Shareholders’ equity 14 (535) (a) 2023 includes a charge of €4 million (2022: €56 million) relating to the disposal of ekaterra and other acquisition and disposal activities. (b) 2023 includes a gain of €497 million related to the disposal of Suave business in North America. (c) Restructuring costs are comprised of organisational change programmes including Compass and various technology and supply chain optimisation projects. (d) Impairments include write downs of leased land and building assets. (e) 2022 comprised of €40 million of asset write-downs relating to our businesses in Russia and Ukraine and €75 million relating to legal provisions for ongoing competition investigations. (f) Non-underlying items after tax is calculated as non-underlying items within operating profit after tax plus non-underlying items not in operating profit but within net profit after tax. |
Segment information - Busines_2
Segment information - Business Groups (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Summary of Operating Results by Reportable Segments | Second Quarter Beauty & Wellbeing Personal Care Home Care Nutrition Ice Cream Total Turnover (€ million) 2022 2,999 3,420 3,092 3,596 2,703 15,810 2023 3,143 3,519 3,057 3,260 2,760 15,739 Change (%) 4.8 2.9 (1.1) (9.3) 2.1 (0.4) First Half Beauty & Wellbeing Personal Care Home Care Nutrition Ice Cream Total Turnover (€ million) 2022 5,731 6,445 6,024 7,107 4,316 29,623 2023 6,225 6,911 6,205 6,601 4,486 30,428 Change (%) 8.6 7.3 3.0 (7.1) 3.9 2.7 Operating profit (€ million) 2022 995 1,174 609 1,124 598 4,500 2023 1,237 1,691 731 1,213 644 5,516 Underlying operating profit (€ million) 2022 1,083 1,295 723 1,253 690 5,044 2023 1,179 1,381 763 1,214 671 5,208 |
Segment information - Geograp_2
Segment information - Geographical area (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Summary of Operating Results by Geographical Areas | Second Quarter Asia Pacific Africa The Americas Europe Total Turnover (€ million) 2022 7,061 5,414 3,335 15,810 2023 6,699 5,700 3,340 15,739 Change (%) (5.1) 5.3 0.1 (0.4) First Half Asia Pacific Africa The Americas Europe Total Turnover (€ million) 2022 13,701 9,941 5,982 29,623 2023 13,421 10,956 6,051 30,428 Change (%) (2.0) 10.2 1.2 2.7 |
Taxation (Tables)
Taxation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income taxes paid (refund) [abstract] | |
Summary of Tax Effects of Components of Other Comprehensive Income | Tax effects of components of other comprehensive income were as follows: First half 2023 2022 € 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 (34) – (34) 49 3 52 Cash flow hedges (20) (2) (22) 26 25 51 Remeasurements of defined benefit pension plans (90) 43 (47) 2,037 (574) 1,463 Currency retranslation gains/(losses) (535) (20) (555) 1,317 (8) 1,309 Other comprehensive income (679) 21 (658) 3,429 (554) 2,875 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Schedule of Computation of Earnings Per Share and Summary of Movements in Shares | Earnings per share for total operations for the twelve months were calculated as follows: First Half 2023 2022 EPS – Basic Net profit attributable to shareholders’ equity (€ million) 3,548 2,905 Average number of shares (millions of share units) 2,523.9 2,557.3 EPS – basic (€) 1.41 1.14 EPS – Diluted Net profit attributable to shareholders’ equity (€ million) 3,548 2,905 Adjusted average number of shares (millions of share units) 2,536.8 2,566.2 EPS – diluted (€) 1.40 1.13 Underlying EPS Net profit attributable to shareholders’ equity (€ million) 3,548 2,905 Post-tax impact of non-underlying items attributable to shareholders’ equity (see note 2) (14) 535 Underlying profit attributable to shareholders’ equity 3,534 3,440 Adjusted average number of shares (millions of share units) 2,536.8 2,566.2 Underlying EPS – diluted (€) 1.39 1.34 During the period the following movements in shares have taken place: Millions Number of shares at 31 December 2022 (net of treasury shares) 2,529.0 Net movements in shares under incentive schemes 1.5 Shares repurchased under the share buyback programme (15.5) Number of shares at 30 June 2023 2,515.0 |
Acquisitions and disposals (Tab
Acquisitions and disposals (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of Detailed Information about Deal Completion and Acquired Business | In the first half of 2023, the Group completed the following business acquisitions and disposals: Deal completion date Acquired/disposed business 10 January 2023 Acquired 51% of Zywie Ventures Private Limited (“OZiva”), a leading plant-based, and clean-label consumer wellness brand focused on the need spaces such as Lifestyle Protein, Hair & Beauty Supplements and Women’s health. 1 May 2023 Sold Suave brand in North America to Yellow Wood Partners LLC. The Suave beauty and personal care brand includes hair care, skin care, skin cleansing and deodorant products. |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Cash Resources and Other Financial Assets | The Group’s Treasury function aims to protect the Group’s financial investments, while maximising returns. The fair value of financial assets is the same as the carrying amount for 2023 and 2022. The Group’s cash resources and 30 June 2023 31 December 2022 30 June 2022 Current Non-current Total Current Non-current Total Current Non-current Total Cash and cash equivalents Cash at bank and in hand 2,790 – 2,790 2,553 – 2,553 2,730 – 2,730 Short-term deposits (a) 1,804 – 1,804 1,743 – 1,743 2,481 – 2,481 Other cash equivalents (b) 400 – 400 30 – 30 200 – 200 4,994 – 4,994 4,326 – 4,326 5,411 – 5,411 Other financial assets Financial assets at amortised cost (c) 727 352 1,079 772 232 1,004 756 220 976 Financial assets at fair value through other comprehensive income (d) – 438 438 – 407 407 – 547 547 Financial assets at fair value through profit or loss: Derivatives 36 31 67 238 51 289 264 60 324 Other (e) 613 399 1,012 425 464 889 415 459 874 1,376 1,220 2,596 1,435 1,154 2,589 1,435 1,286 2,721 Total financial assets (f) 6,370 1,220 7,590 5,761 1,154 6,915 6,846 1,286 8,132 (a) Short-term deposits typically have maturity of up to 3 months. (b) Other cash equivalents include investments in overnight funds and treasury bills. (c) Current financial assets at amortised cost include short term deposits with banks with maturities longer than three months excluding deposits which are part of a recognised cash management process and loans to joint venture entities. Non-current financial assets at amortised cost include judicial deposits of €228 million (31 December 2022: €199 million; 30 June 2022: €195 million). (d) Included within non-current financial assets at fair value through other comprehensive income are equity investments. (e) Other financial assets at fair value through profit or loss include money market funds, marketable securities, other capital market instruments (f) Financial assets exclude trade and other current receivables. |
Summary of Fair Values of Financial Assets and Financial Liabilities | The following tables summarise the fair values and carrying amounts of financial instruments and the fair value calculations by category. € million Fair value Carrying amount As at 30 June 2023 As at 31 December 2022 As at 30 June 2022 As at 30 June 2023 As at 31 December 2022 As at 30 June 2022 Financial assets Cash and cash equivalents 4,994 4,326 5,411 4,994 4,326 5,411 Financial assets at amortised cost 1,079 1,004 976 1,079 1,004 976 Financial assets at fair value through other comprehensive income 438 407 547 438 407 547 Financial assets at fair value through profit and loss: Derivatives 67 289 324 67 289 324 Other 1,012 889 874 1,012 889 874 7,590 6,915 8,132 7,590 6,915 8,132 Financial liabilities Bank loans and overdrafts (606) (519) (540) (606) (519) (540) Bonds and other loans (26,265) (25,136) (30,089) (27,599) (26,512) (31,007) Lease liabilities (1,428) (1,408) (1,585) (1,428) (1,408) (1,585) Derivatives (618) (631) (548) (618) (631) (548) Other financial liabilities (457) (418) (281) (457) (418) (281) (29,374) (28,112) (33,043) (30,708) (29,488) (33,961) |
Summary of Assets and Liabilities Carried at Fair Value, Classification of Fair Value Calculations by Category | € million As at 30 June 2023 As at 31 December 2022 As at 30 June 2022 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 14 3 421 5 3 399 11 3 533 Financial assets at fair value through profit or loss: Derivatives (a) – 142 – – 378 – – 505 – Other 613 – 399 428 – 461 420 – 454 Liabilities at fair value Derivatives (b) – (718) – – (784) – – (729) – Contingent consideration – – (123) – – (164) – – (175) (a) Includes €75 million (31 December 2022: €89 million; 30 June 2022: €181 million) derivatives, reported within trade receivables, that hedge trading activities. (b) Includes €(100) million (31 December 2022: €(153) million; 30 June 2022: €(181) million) derivatives, reported within trade creditors, that hedge trading activities. |
Dividends (Tables)
Dividends (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Dividends [Abstract] | |
Summary of Dividends on Ordinary Capital | The following amounts will be paid in respect of this quarterly interim dividend on the relevant payment date: Per Unilever PLC ordinary share (traded on the London Stock Exchange): £0.3700 Per Unilever PLC ordinary share (traded on Euronext in Amsterdam): €0.4268 Per Unilever PLC American Depositary Receipt: US$0.4746 |
Summary of Quarterly Dividend Calendar | The quarterly dividend calendar for the remainder of 2023 will be as follows: Announcement Date Ex-Dividend Date Record Date Payment Date Q2 2023 Dividend 25 July 2023 03 August 2023 04 August 2023 31 August 2023 Q3 2023 Dividend 26 October 2023 16 November 2023 17 November 2023 08 December 2023 |
Significant items within the _3
Significant items within the income statement (Details) - EUR (€) € in Millions | 6 Months Ended | ||
May 01, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Acquisition and disposal-related credits/(costs) | € (52) | € (87) | |
Gain/(loss) on disposal of group companies | 528 | 21 | |
Restructuring costs | (184) | (359) | |
Impairments | (1) | (4) | |
Other | 17 | (115) | |
Non-underlying items within operating profit before tax | 308 | (544) | |
Tax on non-underlying items within operating profit | (111) | 102 | |
Non-underlying items within operating profit after tax | 197 | (442) | |
Interest related to the UK tax audit of intangible income and centralised services | (5) | 0 | |
Net monetary gain/(loss) arising from hyperinflationary economies | (98) | (38) | |
Non-underlying items not in operating profit but within net profit before tax | (103) | (38) | |
Tax impact of non-underlying items not in operating profit but within net profit: | |||
Taxes related to separation of Ekaterra | (6) | (39) | |
Taxes related to the UK tax audit of intangible income and centralised services | 1 | 0 | |
Hyperinflation adjustment for Argentina and Turkey deferred tax | (75) | (24) | |
Non-underlying items not in operating profit but within net profit after tax | (183) | (101) | |
Non-underlying items after tax | 14 | (543) | |
Attributable to: | |||
Non-controlling interests | 0 | (8) | |
Shareholders’ equity | 14 | (535) | |
Assets write-downs | 40 | ||
Ekaterra | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Acquisition and disposal-related credits/(costs) | (4) | (56) | |
Suave | |||
Attributable to: | |||
Gain on disposal of Suave | € 497 | € 497 | |
Legal proceedings provision | |||
Attributable to: | |||
Legal provision | € 75 |
Segment information - Busines_3
Segment information - Business Groups (Details) - EUR (€) € in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of operating segments [line items] | ||||
Turnover (€ million) | € 15,739 | € 15,810 | € 30,428 | € 29,623 |
Change (%) | (0.40%) | 2.70% | ||
Operating profit (€ million) | € 5,516 | 4,500 | ||
Underlying operating profit (€ million) | 5,208 | 5,044 | ||
Beauty & Wellbeing | ||||
Disclosure of operating segments [line items] | ||||
Turnover (€ million) | € 3,143 | 2,999 | € 6,225 | 5,731 |
Change (%) | 4.80% | 8.60% | ||
Operating profit (€ million) | € 1,237 | 995 | ||
Underlying operating profit (€ million) | 1,179 | 1,083 | ||
Personal Care | ||||
Disclosure of operating segments [line items] | ||||
Turnover (€ million) | € 3,519 | 3,420 | € 6,911 | 6,445 |
Change (%) | 2.90% | 7.30% | ||
Operating profit (€ million) | € 1,691 | 1,174 | ||
Underlying operating profit (€ million) | 1,381 | 1,295 | ||
Home Care | ||||
Disclosure of operating segments [line items] | ||||
Turnover (€ million) | € 3,057 | 3,092 | € 6,205 | 6,024 |
Change (%) | (1.10%) | 3% | ||
Operating profit (€ million) | € 731 | 609 | ||
Underlying operating profit (€ million) | 763 | 723 | ||
Nutrition | ||||
Disclosure of operating segments [line items] | ||||
Turnover (€ million) | € 3,260 | 3,596 | € 6,601 | 7,107 |
Change (%) | (9.30%) | (7.10%) | ||
Operating profit (€ million) | € 1,213 | 1,124 | ||
Underlying operating profit (€ million) | 1,214 | 1,253 | ||
Ice Cream | ||||
Disclosure of operating segments [line items] | ||||
Turnover (€ million) | € 2,760 | € 2,703 | € 4,486 | 4,316 |
Change (%) | 2.10% | 3.90% | ||
Operating profit (€ million) | € 644 | 598 | ||
Underlying operating profit (€ million) | € 671 | € 690 |
Segment information - Geograp_3
Segment information - Geographical area (Details) - EUR (€) € in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of operating segments [line items] | ||||
Turnover (€ million) | € 15,739 | € 15,810 | € 30,428 | € 29,623 |
Change (%) | (0.40%) | 2.70% | ||
Asia Pacific Africa | ||||
Disclosure of operating segments [line items] | ||||
Turnover (€ million) | € 6,699 | 7,061 | € 13,421 | 13,701 |
Change (%) | (5.10%) | (2.00%) | ||
The Americas | ||||
Disclosure of operating segments [line items] | ||||
Turnover (€ million) | € 5,700 | 5,414 | € 10,956 | 9,941 |
Change (%) | 5.30% | 10.20% | ||
Europe | ||||
Disclosure of operating segments [line items] | ||||
Turnover (€ million) | € 3,340 | € 3,335 | € 6,051 | € 5,982 |
Change (%) | 0.10% | 1.20% |
Taxation - Narrative (Details)
Taxation - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income taxes paid (refund) [abstract] | ||
Average effective tax rate (in percent) | 26.90% | 26.80% |
Taxation - Summary of Tax Effec
Taxation - Summary of Tax Effects of Components of Other Comprehensive Income (Details) - EUR (€) € in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Before tax | |||
Equity instruments at fair value through other comprehensive income | € (34) | € 49 | |
Cash flow hedges | (20) | 26 | |
Remeasurements of defined benefit pension plans | (90) | 2,037 | |
Currency retranslation gains/(losses) | (535) | 1,317 | |
Other comprehensive income | (679) | 3,429 | |
Tax (charge)/credit | |||
Equity instruments at fair value through other comprehensive income | 0 | 3 | |
Cash flow hedges | (2) | 25 | |
Remeasurements of defined benefit pension plans | 43 | (574) | |
Currency retranslation gains/(losses) | (20) | (8) | |
Other comprehensive income | 21 | (554) | |
After tax | |||
Equity instruments at fair value through other comprehensive income | (34) | 52 | |
Cash flow hedges | (22) | 51 | |
Remeasurements of defined benefit pension plans | (47) | 1,463 | |
Currency retranslation gains/(losses) | (555) | [1] | 1,309 |
Other comprehensive income | € (658) | € 2,875 | |
[1]Includes a hyperinflation adjustment of €247 million in relation to Argentina and Turkey. |
Earnings per share - Schedule o
Earnings per share - Schedule of Computation of Earnings Per Share (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
EPS – Basic | ||
Net profit attributable to shareholders’ equity (€ million) | € 3,548 | € 2,905 |
Average number of shares (in millions of shares) | 2,523.9 | 2,557.3 |
EPS - basic (in euros per share) | € 1.41 | € 1.14 |
EPS – Diluted | ||
Net profit attributable to shareholders’ equity (€ million) | € 3,548 | € 2,905 |
Diluted average number of shares (in millions of shares) | 2,536.8 | 2,566.2 |
EPS - diluted (in euros per share) | € 1.40 | € 1.13 |
Underlying EPS | ||
Net profit attributable to shareholders’ equity (€ million) | € 3,548 | € 2,905 |
Post-tax impact of non-underlying items attributable to shareholders’ equity (see note 2) | (14) | 535 |
Underlying profit attributable to shareholders’ equity | € 3,534 | € 3,440 |
Diluted average number of shares (in millions of shares) | 2,536.8 | 2,566.2 |
Underlying EPS – diluted (in euros per share) | € 1.39 | € 1.34 |
Earnings per share - Summary of
Earnings per share - Summary of Movements in Shares (Details) shares in Millions | 6 Months Ended |
Jun. 30, 2023 shares | |
Reconciliation of number of shares outstanding [abstract] | |
Number of shares outstanding at beginning of period (in shares) | 2,529 |
Net movements in shares under incentive schemes (in shares) | 1.5 |
Shares repurchased under the share buyback programme (in shares) | (15.5) |
Number of shares outstanding at end of period (in shares) | 2,515 |
Acquisitions and disposals - Di
Acquisitions and disposals - Disclosure of Detailed Information about Deal Completion and Acquired Business (Details) | Jan. 10, 2023 |
Zywie Ventures Private Limited | |
Disclosure of detailed information about business combination [line items] | |
Percentage of voting equity interests acquired | 51% |
Acquisitions and disposals - Na
Acquisitions and disposals - Narrative (Details) - Suave - EUR (€) € in Millions | 6 Months Ended | |
May 01, 2023 | Jun. 30, 2023 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Consideration received | € 592 | |
Gain on disposal of Suave | € 497 | € 497 |
Share-buy back (Details)
Share-buy back (Details) - EUR (€) € in Millions | 6 Months Ended | |||
Feb. 10, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Disclosure of reserves within equity [line items] | ||||
Number of shares acquired (in shares) | 15,552,684 | |||
Reourchase of shares | [1] | € 753 | € 648 | |
Other reserves | ||||
Disclosure of reserves within equity [line items] | ||||
Reourchase of shares | [1] | € 753 | € 648 | |
Top of range | ||||
Disclosure of reserves within equity [line items] | ||||
Share buyback program, authorized amount | € 3,000 | |||
[1]Repurchase of shares reflects the cost of acquiring ordinary shares as part of the share buyback program announced on 10 February 2022. |
Financial instruments - Schedul
Financial instruments - Schedule of Cash Resources and Other Financial Assets (Details) - EUR (€) € in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Cash and cash equivalents, current | |||
Cash at bank and in hand | € 2,790 | € 2,553 | € 2,730 |
Short-term deposits | 1,804 | 1,743 | 2,481 |
Other cash equivalents | 400 | 30 | 200 |
Cash and cash equivalents | 4,994 | 4,326 | 5,411 |
Other financial assets, current | |||
Financial assets at amortised cost | 727 | 772 | 756 |
Financial assets at fair value through other comprehensive income | 0 | 0 | 0 |
Other financial assets | 1,376 | 1,435 | 1,435 |
Current financial assets | 6,370 | 5,761 | 6,846 |
Cash and cash equivalents, non-current | |||
Cash at bank and in hand | 0 | 0 | 0 |
Short-term deposits | 0 | 0 | 0 |
Other cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents | 0 | 0 | 0 |
Other financial assets, non-current | |||
Financial assets at amortised cost | 352 | 232 | 220 |
Financial assets at fair value through other comprehensive income | 438 | 407 | 547 |
Other financial assets | 1,220 | 1,154 | 1,286 |
Non-current financial assets | 1,220 | 1,154 | 1,286 |
Cash and cash equivalents, total | |||
Cash at bank and in hand | 2,790 | 2,553 | 2,730 |
Short-term deposits | 1,804 | 1,743 | 2,481 |
Other cash equivalents | 400 | 30 | 200 |
Cash and cash equivalents | 4,994 | 4,326 | 5,411 |
Other financial assets, total | |||
Financial assets at amortised cost | 1,079 | 1,004 | 976 |
Financial assets at fair value through other comprehensive income | 438 | 407 | 547 |
Other financial assets | 2,596 | 2,589 | 2,721 |
Financial assets | 7,590 | 6,915 | 8,132 |
Financial assets at amortised cost | 352 | 232 | 220 |
Judicial deposits | |||
Other financial assets, non-current | |||
Financial assets at amortised cost | 228 | 199 | 195 |
Other financial assets, total | |||
Financial assets at amortised cost | 228 | 199 | 195 |
Derivatives | |||
Other financial assets, current | |||
Financial assets at fair value through profit or loss | 36 | 238 | 264 |
Other financial assets, non-current | |||
Financial assets at fair value through profit or loss | 31 | 51 | 60 |
Other financial assets, total | |||
Financial assets at fair value through profit or loss | 67 | 289 | 324 |
Other | |||
Other financial assets, current | |||
Financial assets at fair value through profit or loss | 613 | 425 | 415 |
Other financial assets, non-current | |||
Financial assets at fair value through profit or loss | 399 | 464 | 459 |
Other financial assets, total | |||
Financial assets at fair value through profit or loss | € 1,012 | € 889 | € 874 |
Financial instruments - Summary
Financial instruments - Summary of Fair Values of Financial Assets and Financial Liabilities (Details) - EUR (€) € in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Financial assets | |||
Cash and cash equivalents | € 4,994 | € 4,326 | € 5,411 |
Financial assets at amortised cost | 1,079 | 1,004 | 976 |
Financial assets at fair value through other comprehensive income | 438 | 407 | 547 |
Financial assets | 7,590 | 6,915 | 8,132 |
Derivatives | |||
Financial assets | |||
Financial assets at fair value through profit or loss | 67 | 289 | 324 |
Other | |||
Financial assets | |||
Financial assets at fair value through profit or loss | 1,012 | 889 | 874 |
Fair value | |||
Financial assets | |||
Cash and cash equivalents | 4,994 | 4,326 | 5,411 |
Financial assets at amortised cost | 1,079 | 1,004 | 976 |
Financial assets at fair value through other comprehensive income | 438 | 407 | 547 |
Financial assets | 7,590 | 6,915 | 8,132 |
Financial liabilities | |||
Bank loans and overdrafts | (606) | (519) | (540) |
Bonds and other loans | (26,265) | (25,136) | (30,089) |
Lease liabilities | (1,428) | (1,408) | (1,585) |
Derivatives | (618) | (631) | (548) |
Other financial liabilities | (457) | (418) | (281) |
Financial liabilities | (29,374) | (28,112) | (33,043) |
Fair value | Derivatives | |||
Financial assets | |||
Financial assets at fair value through profit or loss | 67 | 289 | 324 |
Fair value | Other | |||
Financial assets | |||
Financial assets at fair value through profit or loss | 1,012 | 889 | 874 |
Carrying amount | |||
Financial assets | |||
Cash and cash equivalents | 4,994 | 4,326 | 5,411 |
Financial assets at amortised cost | 1,079 | 1,004 | 976 |
Financial assets at fair value through other comprehensive income | 438 | 407 | 547 |
Financial assets | 7,590 | 6,915 | 8,132 |
Financial liabilities | |||
Bank loans and overdrafts | (606) | (519) | (540) |
Bonds and other loans | (27,599) | (26,512) | (31,007) |
Lease liabilities | (1,428) | (1,408) | (1,585) |
Derivatives | (618) | (631) | (548) |
Other financial liabilities | (457) | (418) | (281) |
Financial liabilities | (30,708) | (29,488) | (33,961) |
Carrying amount | Derivatives | |||
Financial assets | |||
Financial assets at fair value through profit or loss | 67 | 289 | 324 |
Carrying amount | Other | |||
Financial assets | |||
Financial assets at fair value through profit or loss | € 1,012 | € 889 | € 874 |
Financial instruments - Summa_2
Financial instruments - Summary of Assets and Liabilities Carried at Fair Value, Classification of Fair Value Calculations by Category (Details) - EUR (€) € in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Assets at fair value | |||
Financial assets at fair value through other comprehensive income | € 438 | € 407 | € 547 |
Derivatives | |||
Financial assets at fair value through profit and loss: | |||
Other | 67 | 289 | 324 |
Other | |||
Financial assets at fair value through profit and loss: | |||
Other | 1,012 | 889 | 874 |
Fair value | |||
Assets at fair value | |||
Financial assets at fair value through other comprehensive income | 438 | 407 | 547 |
Liabilities at fair value | |||
Derivatives financial assets, reported within trade receivables | 75 | 89 | 181 |
Derivatives financial liabilities, reported within trade creditors | (100) | (153) | (181) |
Fair value | Derivatives | |||
Financial assets at fair value through profit and loss: | |||
Other | 67 | 289 | 324 |
Fair value | Other | |||
Financial assets at fair value through profit and loss: | |||
Other | 1,012 | 889 | 874 |
Fair value | Level 1 | |||
Assets at fair value | |||
Financial assets at fair value through other comprehensive income | 14 | 5 | 11 |
Fair value | Level 1 | Derivatives | |||
Liabilities at fair value | |||
Derivatives | 0 | 0 | 0 |
Fair value | Level 1 | Financial liabilities at fair value | |||
Liabilities at fair value | |||
Contingent consideration | 0 | 0 | 0 |
Fair value | Level 1 | Derivatives | |||
Financial assets at fair value through profit and loss: | |||
Derivatives | 0 | 0 | 0 |
Fair value | Level 1 | Other | |||
Financial assets at fair value through profit and loss: | |||
Other | 613 | 428 | 420 |
Fair value | Level 2 | |||
Assets at fair value | |||
Financial assets at fair value through other comprehensive income | 3 | 3 | 3 |
Fair value | Level 2 | Derivatives | |||
Liabilities at fair value | |||
Derivatives | (718) | (784) | (729) |
Fair value | Level 2 | Financial liabilities at fair value | |||
Liabilities at fair value | |||
Contingent consideration | 0 | 0 | 0 |
Fair value | Level 2 | Derivatives | |||
Financial assets at fair value through profit and loss: | |||
Derivatives | 142 | 378 | 505 |
Fair value | Level 2 | Other | |||
Financial assets at fair value through profit and loss: | |||
Other | 0 | 0 | 0 |
Fair value | Level 3 | |||
Assets at fair value | |||
Financial assets at fair value through other comprehensive income | 421 | 399 | 533 |
Fair value | Level 3 | Derivatives | |||
Liabilities at fair value | |||
Derivatives | 0 | 0 | 0 |
Fair value | Level 3 | Financial liabilities at fair value | |||
Liabilities at fair value | |||
Contingent consideration | (123) | (164) | (175) |
Fair value | Level 3 | Derivatives | |||
Financial assets at fair value through profit and loss: | |||
Derivatives | 0 | 0 | 0 |
Fair value | Level 3 | Other | |||
Financial assets at fair value through profit and loss: | |||
Other | € 399 | € 461 | € 454 |
Dividends - Summary of Dividend
Dividends - Summary of Dividends on Ordinary Capital (Details) - 3 months ended Jun. 30, 2023 - Unilever PLC | £ / shares | € / shares | $ / shares |
Disclosure Of Dividends [Line Items] | |||
Dividend per share (in pound, euro and dollar per share) | (per share) | £ 0.3700 | € 0.4268 | |
Per Unilever PLC ordinary share | Traded on the London Stock Exchange | |||
Disclosure Of Dividends [Line Items] | |||
Dividend per share (in pound, euro and dollar per share) | £ / shares | £ 0.3700 | ||
Per Unilever PLC ordinary share | Traded on Euronext in Amsterdam | |||
Disclosure Of Dividends [Line Items] | |||
Dividend per share (in pound, euro and dollar per share) | € / shares | € 0.4268 | ||
Per Unilever PLC American Depositary Receipt | |||
Disclosure Of Dividends [Line Items] | |||
Dividend per share (in pound, euro and dollar per share) | $ / shares | $ 0.4746 |
Dividends - Narrative (Details)
Dividends - Narrative (Details) - 3 months ended Jun. 30, 2023 | £ / shares | € / shares |
Unilever PLC | ||
Disclosure Of Dividends [Line Items] | ||
Dividend per share (in pound, euro and dollar per share) | (per share) | £ 0.3700 | € 0.4268 |