Table of Contents
o | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Tel: +44(0)2078225252, Fax: +44(0)2078226108
Unilever House, 100 Victoria Embankment, London EC4Y 0DY UK
(Name, telephone number, facsimile number and address of Company Contact)
Title of each class | Name of each exchange on which registered | |
American Shares (evidenced by Depositary Receipts) each representing one ordinary share of the nominal amount of 3 1/9p each | New York Stock Exchange |
U.S. GAAPo | International Financial Reporting Standards | Othero | ||
as issued by the International Accounting | ||||
Standards Boardý |
Table of Contents
Table of Contents
Item 1 | 2 | |||||||
Item 2 | 2 | |||||||
Item 3 | 3 | |||||||
Item 4 | 7 | |||||||
Item 4A | 7 | |||||||
Item 5 | 7 | |||||||
Item 6 | 12 | |||||||
Item 7 | 13 | |||||||
Item 8 | 14 | |||||||
Item 9 | 14 | |||||||
Item 10 | 15 | |||||||
Item 11 | 18 | |||||||
Item 12 | 19 | |||||||
Item 13 | 20 | |||||||
Item 14 | 20 | |||||||
Item 15 | 21 | |||||||
Item 16 | 21 | |||||||
Item 17 | 22 | |||||||
Item 18 | 23 | |||||||
Item 19 | 31 | |||||||
Exhibit 1.1 | ||||||||
Exhibit 4.2 | ||||||||
Exhibit 4.3 | ||||||||
Exhibit 4.8 | ||||||||
Exhibit 12.1 | ||||||||
Exhibit 13.1 | ||||||||
Exhibit 15.1 | ||||||||
Exhibit 15.2 |
UnileverAnnual Report on Form 20-F 2010 1
Table of Contents
• “Operational highlights” on page 2;
• pages 4 to 7;
• pages 10 and 11;
• pages 14 and 15;
• “The best return on brand and customer investment” on page 17;
• pages 20 and 21;
• “Principal risk factors” on pages 33 to 37;
• pages 58 to 60;
• pages 70 and 71; and
• “Additional statutory disclosures” on page 67 and pages 128 to 138.
• | Underlying sales growth; | |
• | Underlying volume growth; | |
• | Underlying operating margin (including explanation of restructuring, business disposals, impairments and other one-off items (RDIs)); | |
• | Free cash flow; and | |
• | Net debt. |
2 UnileverAnnual Report on Form 20-F 2010
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2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Year end | ||||||||||||||||||||||||
€1 = US $ | 1.337 | 1.433 | 1.417 | 1.471 | 1.317 | |||||||||||||||||||
€1 = £ | 0.862 | 0.888 | 0.977 | 0.734 | 0.671 | |||||||||||||||||||
Average | ||||||||||||||||||||||||
€1 = US $ | 1.326 | 1.388 | 1.468 | 1.364 | 1.254 | |||||||||||||||||||
€1 = £ | 0.858 | 0.891 | 0.788 | 0.682 | 0.682 | |||||||||||||||||||
On 28 February 2011 the exchange rates between euros and US dollars and between euros and sterling as published in the Financial Times in London were as follows: €1.00 = US $1.375 and €1.00 = £0.855. | ||||||||||||||||||||||||
Noon Buying Rates in New York for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York were as follows: | ||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Year end | ||||||||||||||||||||||||
€1 = US $ | 1.327 | 1.433 | 1.392 | 1.460 | 1.320 | |||||||||||||||||||
Average | ||||||||||||||||||||||||
€1 = US $ | 1.326 | 1.394 | 1.473 | 1.371 | 1.256 | |||||||||||||||||||
High | ||||||||||||||||||||||||
€1 = US $ | 1.454 | 1.510 | 1.601 | 1.486 | 1.333 | |||||||||||||||||||
Low | ||||||||||||||||||||||||
€1 = US $ | 1.196 | 1.255 | 1.245 | 1.290 | 1.186 | |||||||||||||||||||
High and low exchange rate values for each of the last six months: | ||||||||||||||||||||||||
September | October | November | December | January | February(a) | |||||||||||||||||||
2010 | 2010 | 2010 | 2010 | 2011 | 2011 | |||||||||||||||||||
High | ||||||||||||||||||||||||
€1 = US $ | 1.364 | 1.407 | 1.422 | 1.340 | 1.372 | 1.379 | ||||||||||||||||||
Low | ||||||||||||||||||||||||
€1 = US $ | 1.271 | 1.369 | 1.304 | 1.309 | 1.294 | 1.347 | ||||||||||||||||||
UnileverAnnual Report on Form 20-F 2010 3
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Principal risk | Description of risk | |
Economic | ||
Economic slowdown could adversely impact the markets in which we operate by reducing the ability of consumers to buy our products. If we are unable to respond to changing consumer demand our cashflow, turnover, profits, profit margins and the carrying value of our brands could be adversely affected. | Unilever’s business is dependent on continuing consumer demand for our brands. Reduced consumer wealth driven by adverse economic conditions may result in our consumers becoming unwilling or unable to purchase our products, which could adversely affect our cash flow, turnover, profits and profit margins. In addition we have a large number of global brands, some of which have a significant carrying value as intangible assets: adverse economic conditions may reduce the value of those brands which could require us to impair their balance sheet value. During economic downturns access to credit could be constrained. This could impact the viability of our suppliers and customers and could temporarily inhibit the flow of day-to-day cash transactions with suppliers and customers via the banks. Adverse economic conditions may affect one or more countries within a region, or may extend globally. The impact on our overall portfolio will depend on the severity of the economic slowdown, the mix of countries affected and any government response to reduce the impact such as fiscal stimulus, changes to taxation and measures to minimise unemployment. | |
Markets | ||
Unilever operates globally in competitive markets where the activities of competitors may adversely impact our market shares and therefore place our cash flow, turnover, profits and/or profit margins under pressure. Further, we derive significant revenues from Developing & Emerging (D&E) markets which are typically more volatile than developed markets. Social, political and/or economic developments could adversely impact our business. | Unilever operates globally in competitive markets where the activities of other multinational companies, local and regional companies and customers which have a significant private label business may adversely affect our market shares, cash flow, turnover, profits and/or profit margins. In 2010, more than half of Unilever’s turnover came from developing and emerging markets including Brazil, India, Indonesia, Turkey, South Africa, China, Mexico and Russia. These markets are typically more volatile than developed markets, so we are continually exposed to changing economic, political and social developments outside our control, any of which could adversely affect our business. Failure to understand and respond effectively to local market developments could put at risk our cash flow, turnover, profit and/or profit margins. | |
Brands and Innovation | ||
Unilever is a branded goods business and our success is dependent on producing superior innovations that meet the needs of our consumers. Failure to achieve this could damage our reputation and hence our growth prospects and future profitability. | Unilever’s Mission is to help people feel good, look good and get more out of life with brands and services that are good for them and good for others. This is achieved by designing and delivering superior branded products/services at relevant price points to consumers across the globe. Failure to provide sufficient funding to develop new products, lack of technical capability in the research and development function, lack of prioritisation of projects and/or failure by operating management to successfully and quickly roll out the products may adversely impact our cash flow, turnover, profit and/or profit margins and may impact our reputation. | |
4 UnileverAnnual Report on Form 20-F 2010
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Principal risk | Description of risk | |
Customer | ||
Increasing competitive pressure from and consolidation of customers could adversely impact our cash flow, turnover, profits and/or profit margins. | Maintaining successful relationships with our customers is key to ensuring our brands are successfully presented to our consumers and are available for purchase at all times. Any breakdown in the relationships with customers could reduce the availability to our consumers of existing products and new product launches and therefore impact our cash flow, turnover, profits and/or profit margins. | |
The retail industry continues to consolidate in many of our markets. Further consolidation and the continuing growth of discounters could increase the competitive retail environment by increasing customers’ purchasing power, increasing the demand for competitive promotions and price discounts, increase cross-border sourcing to take advantage of pricing arbitrage and thus adversely impact our cash flow, turnover, profits and/or profit margins. Increased competition between retailers could place pressure on retailer margins and increase the counterparty risk to Unilever. | ||
Financial/Treasury | ||
Our global operations expose us to changes in liquidity, interest rates, currency exchange rates, pensions and taxation, which may have a negative impact on our business. | As a global organisation Unilever’s asset values, earnings and cash flows are influenced by a wide variety of currencies, interest rates, tax jurisdictions and differing taxes. If we are unable to manage our exposures to any one, or a combination, of these factors, this could adversely impact our cash flow, profits and/or profit margins. A material and significant shortfall in net cash flow could undermine Unilever’s credit rating, impair investor confidence and hinder our ability to raise funds, whether through access to credit markets, commercial paper programmes, long-term bond issuances or otherwise. In times of financial market volatility, we are also potentially exposed to counterparty risks with banks. | |
We are exposed to market interest rate fluctuations on our floating rate debt. Increases in benchmark interest rates could increase the interest cost of our floating rate debt and increase the cost of future borrowings. Our inability to manage the interest cost effectively could have an adverse impact on our cash flow, profits and/or profit margins. | ||
Because of the breadth of our international operations we are subject to risks from changes to the relative value of currencies which can fluctuate widely and could have a significant impact on our assets, cash flow, turnover, profits and/or profit margins. Further, because Unilever consolidates its financial statements in euros it is subject to exchange risks associated with the translation of the underlying net assets of its foreign subsidiaries. We are also subject to the imposition of exchange controls by individual countries which could limit our ability to import materials paid by foreign currency or to remit dividends to the parent company. | ||
Certain businesses have defined benefit pension plans, most now closed to new employees, which are exposed to movements in interest rates, fluctuating values of underlying investments and increased life expectancy. Changes in any or all of these inputs could potentially increase the cost to Unilever of funding the schemes and therefore have an adverse impact on profitability and cash flow. | ||
In view of the current economic climate and deteriorating government deficit positions, tax legislation in the countries in which we operate may be subject to change, which may have an adverse impact on our profits. | ||
Consumer safety and sustainability | ||
Our industry is subject to focus on social and environmental issues, including sustainable development, product safety and renewable resources. If we fail to meet applicable standards or expectations with respect to these issues, our reputation could be damaged and our business adversely affected. | Unilever has developed a strong corporate reputation over many years for its focus on social and environmental issues, including promoting sustainable renewable resources. The Unilever brand logo is now displayed on all our products and increasingly displayed in our advertising, increasing our external exposure. In 2010, we launched the Unilever Sustainable Living Plan that sets out our social and environmental ambitions for the coming decade. The environmental measures that we regard as most significant are those relating to CO2 from energy that we use, the water we consume as part of our production processes and the amount of waste that we generate for disposal. Failure to design products with a lower environmental footprint could damage our reputation and hence long-term cash flow, turnover, profits and/or profit margins. Should we fail to meet high product safety, social, environmental and ethical standards across all our products and in all our operations and activities it could impact our reputation, leading to the rejection of products by consumers, damage to our brands including growth and profitability, and diversion of management time into rebuilding our reputation. | |
UnileverAnnual Report on Form 20-F 2010 5
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Principal risk | Description of risk | |
Operations | ||
Our input costs are subject to fluctuation and we are reliant on efficient suppliers and regional/global supply chains to produce and deliver our products to our customers. | Our ability to make products is dependent on securing timely and cost-effective supplies of production materials, some of which are globally traded commodities. The price of commodities and other key materials, labour, warehousing and distribution fluctuates according to global economic conditions, which can have a significant impact on our product costs. We saw commodity prices rise during the second half of 2010 and this looks set to continue in 2011. If we are unable to increase prices to compensate for higher input costs, this could reduce our cash flow, profits and/or profit margins. If we increase prices more than our competitors, this could undermine our competitiveness and hence market shares. | |
Further, two-thirds of the raw materials that we buy come from agriculture. Changing weather patterns, water scarcity and unsustainable farming practices threaten the long-term viability of agricultural production. A reduction in agricultural production may limit our ability to manufacture products in the long term. | ||
We are dependent on regional and global supply chains for the supply of raw materials and services and for the manufacture, distribution and delivery of our products. We may be unable to respond to adverse events occurring in any part of this supply chain such as changes in local legal and regulatory schemes, labour shortages and disruptions, environmental and industrial accidents, bankruptcy of a key supplier or failure to deliver supplies on time and in full, which could impact our ability to deliver orders to our customers. Any of the foregoing could adversely impact our cash flow, turnover, profits and/or profit margins and harm our reputation and our brands. | ||
People and talent | ||
Our success depends on attracting, developing and retaining talented people within our business. Any shortfall in recruitment or retention could adversely affect our ability to deliver our strategy and compete in our markets. | Attracting, developing and retaining talented employees is essential to the delivery of our strategy. If we fail to determine the appropriate mix of skills required to implement our strategy and subsequently fail to recruit or develop the right number of appropriately qualified people, or if there are high levels of staff turnover, this could adversely affect our ability to operate successfully, and hence grow our business and effectively compete in the marketplace. | |
Legal and regulatory | ||
Unilever is subject to many local, regional and global jurisdictions. Failure to comply with local laws and regulatory regimes could expose Unilever to litigation, penalties, fines and/or imprisonment of its executives. | Unilever is subject to local, regional and global rules, laws and regulations, covering such diverse areas as product safety, product claims, trademarks, copyright, patents, employee health and safety, the environment, corporate governance, listing and disclosure, employment and taxes. Important regulatory bodies in respect of our business include the European Commission and the US Food and Drug Administration. Failure to comply with laws and regulations could leave Unilever open to civil and/or criminal legal challenge and, if upheld, fines or imprisonment imposed on us or our employees. Further, our reputation could be significantly damaged by adverse publicity relating to such a breach of laws or regulations and such damage could extend beyond a single geography. | |
Integration of acquisitions, restructuring and change management | ||
Integration of acquisitions and ongoing restructuring initiatives involve significant changes to our organisation. If we are unable to successfully implement these changes in a timely manner, we may not realise the expected benefits from the restructuring. | Since 2009, Unilever has announced €4.6 billion of acquisitions and our global and regional restructuring programmes will continue in 2011. In the event that we are unable to successfully implement these changes in a timely manner or at all, or effectively manage third-party relationships and/or outsourced processes, we may not be able to realise some or all of the anticipated expense reductions. In addition, because some of the restructuring changes involve important functions, any disruption could harm the operations of our business, our reputation and/or relationship with our employees. | |
Other risks | Unilever is exposed to varying degrees of risk and uncertainty related to other factors including physical, environmental, political, social and terrorism risks within the environments in which we operate, failure to complete planned divestments, taxation risks, failure to resolve insurance matters within current estimates and changing priorities of our boards of directors. All these risks could materially affect the Group’s business, our turnover, operating profits, net profits, net assets and liquidity. There may be risks which are unknown to Unilever or which are currently believed to be immaterial. | |
6 UnileverAnnual Report on Form 20-F 2010
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• | “The Unilever Group” on page 3; | |
• | “Financial Review 2010” on pages 22 to 32; | |
• | “Our requirements and compliance” on pages 51 to 55; | |
• | “Note 26 Acquisitions and disposals” on pages 117 to 119; and | |
• | “Shareholder information” on pages 139 to 142. |
• | “The Unilever Group” on page 3; | |
• | “Our footprint” on pages 8 and 9; | |
• | “Laws and regulations” on page 32; and | |
• | “Note 2 Segment information” on pages 81 to 82; | |
• | “Simplifying the Supply Chain” and “Superior Service” on pages 16 and 17. |
• | “The Unilever Group” on page 3; and | |
• | “Principal group companies and non-current investments” on pages 126 and 127. |
• | “Note 10 Property, plant and equipment” on pages 89 and 90; and | |
• | “Principal Group companies and non-current investments” on pages 126 and 127. |
• | “Outlook” on page 33; | |
• | “Financial Review 2010” on pages 22 to 32; and | |
• | “Currency risks” on page 98. |
UnileverAnnual Report on Form 20-F 2010 7
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€ million | € million | % | ||||||||||
Increase/ | ||||||||||||
2009 | 2008 | (Decrease) | ||||||||||
Turnover | 39,823 | 40,523 | (1.7 | ) | ||||||||
Operating profit | 5,020 | 7,167 | (30.0 | ) | ||||||||
Underlying operating profit | 5,888 | 5,898 | 0 | |||||||||
Net profit | 3,659 | 5,285 | (31 | ) | ||||||||
Diluted EPS | 1.17 | 1.73 | (32 | ) | ||||||||
8 UnileverAnnual Report on Form 20-F 2010
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€ million | € million | % | ||||||||||
Increase/ | ||||||||||||
2009 | 2008 | (Decrease) | ||||||||||
Turnover | 14,897 | 14,471 | 2.9 | |||||||||
Operating profit | 1,927 | 1,701 | 13.3 | |||||||||
Underlying operating margin (%) | 13.9 | 11.7 | 2.2 | |||||||||
Underlying sales growth at constant rates (%) | 7.7 | |||||||||||
Underlying volume growth (%) | 4.1 | |||||||||||
Effect of price changes (%) | 3.4 | |||||||||||
broad-based improvement in customer service, the acquisition of the Baltimor sauce business in Russia and the establishment of the regional supply chain centre in Singapore. With this in place and related IT systems development progressing well the region is increasingly well-placed to exploit benefits of speed, scale and simplification in many aspects of its operations.
€ million | € million | % | ||||||||||
Increase/ | ||||||||||||
2009 | 2008 | (Decrease) | ||||||||||
Turnover | 12,850 | 13,199 | (2.6 | ) | ||||||||
Operating profit | 1,843 | 2,945 | (37.4 | ) | ||||||||
Underlying operating margin (%) | 16.1 | 15.4 | 0.7 | |||||||||
Underlying sales growth at constant rates (%) | 4.2 | |||||||||||
Underlying volume growth (%) | 2.5 | |||||||||||
Effect of price changes (%) | 1.6 | |||||||||||
UnileverAnnual Report on Form 20-F 2010 9
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€ million | € million | % | ||||||||||
Increase/ | ||||||||||||
2009 | 2008 | (Decrease) | ||||||||||
Turnover | 12,076 | 12,853 | (6.0 | ) | ||||||||
Operating profit | 1,250 | 2,521 | (50.4 | ) | ||||||||
Underlying operating margin (%) | 14.4 | 16.8 | (2.4 | ) | ||||||||
Underlying sales growth at constant rates (%) | (1.9 | ) | ||||||||||
Underlying volume growth (%) | (0.1 | ) | ||||||||||
Effect of price changes (%) | (1.8 | ) | ||||||||||
2009 | 2008 | |||||||
vs 2008 | vs 2007 | |||||||
Underlying sales growth (%) | 3.5 | 7.4 | ||||||
Effect of acquisitions (%) | 0.6 | 0.4 | ||||||
Effect of disposals (%) | (3.0 | ) | (1.8 | ) | ||||
Effect of exchange rates (%) | (2.7 | ) | (4.8 | ) | ||||
Turnover growth (%) | (1.7 | ) | 0.8 | |||||
2009 | 2008 | |||||||
vs 2008 | vs 2007 | |||||||
Underlying sales growth (%) | 7.7 | 14.2 | ||||||
Effect of acquisitions (%) | 0.5 | 1.1 | ||||||
Effect of disposals (%) | (0.9 | ) | (0.4 | ) | ||||
Effect of exchange rates (%) | (4.0 | ) | (6.2 | ) | ||||
Turnover growth (%) | 2.9 | 7.8 | ||||||
2009 | 2008 | |||||||
vs 2008 | vs 2007 | |||||||
Underlying sales growth (%) | 4.2 | 6.5 | ||||||
Effect of acquisitions (%) | 0.7 | 0.1 | ||||||
Effect of disposals (%) | (6.0 | ) | (2.9 | ) | ||||
Effect of exchange rates (%) | (1.2 | ) | (5.1 | ) | ||||
Turnover growth (%) | (2.6 | ) | (1.8 | ) | ||||
2009 | 2008 | |||||||
vs 2008 | vs 2007 | |||||||
Underlying sales growth (%) | (1.9 | ) | 1.3 | |||||
Effect of acquisitions (%) | 0.5 | (0.0 | ) | |||||
Effect of disposals (%) | (2.2 | ) | (2.1 | ) | ||||
Effect of exchange rates (%) | (2.5 | ) | (2.8 | ) | ||||
Turnover growth (%) | (6.0 | ) | (3.6 | ) | ||||
2009 | 2008 | |||||||
vs 2008 | vs 2007 | |||||||
Underlying volume growth (%) | 2.3 | 0.1 | ||||||
Effect of price changes (%) | 1.2 | 7.2 | ||||||
Underlying sales growth (%) | 3.5 | 7.4 | ||||||
10 UnileverAnnual Report on Form 20-F 2010
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€ million | € million | |||||||
2009 | 2008 | |||||||
Operating profit | 5,020 | 7,167 | ||||||
Restructuring costs | 897 | 868 | ||||||
Business disposals | (4 | ) | (2,190 | ) | ||||
Impairments and other one-off items | (25 | ) | 53 | |||||
Underlying operating profit | 5,888 | 5,898 | ||||||
Turnover | 39,823 | 40,523 | ||||||
Operating margin | 12.6 | % | 17.7 | % | ||||
Underlying operating margin | 14.8 | % | 14.6 | % | ||||
€ million | € million | |||||||
2009 | 2008 | |||||||
Net profit | 3,659 | 5,285 | ||||||
Taxation | 1,257 | 1,844 | ||||||
Share of net profit of joint ventures/associates | ||||||||
and other income from non-current investments | (489 | ) | (219 | ) | ||||
Net finance cost | 593 | 257 | ||||||
Depreciation, amortisation and impairment | 1,032 | 1,003 | ||||||
Changes in working capital | 1,701 | (161 | ) | |||||
Pensions and similar provisions less payments | (1,028 | ) | (502 | ) | ||||
Restructuring and other provisions less payments | (258 | ) | (62 | ) | ||||
Elimination of (profits)/losses on disposals | 13 | (2,259 | ) | |||||
Non-cash charge for share-based compensation | 195 | 125 | ||||||
Other adjustments | 58 | 15 | ||||||
Cash flow from operating activities | 6,733 | 5,326 | ||||||
Income tax paid | (959 | ) | (1,455 | ) | ||||
Net capital expenditure | (1,258 | ) | (1,099 | ) | ||||
Net interest and preference dividends paid | (444 | ) | (382 | ) | ||||
Free cash flow | 4,072 | 2,390 | ||||||
€ million | € million | |||||||
2009 | 2008 | |||||||
Total financial liabilities | (9,971 | ) | (11,205 | ) | ||||
Financial liabilities due within one year | (2,279 | ) | (4,842 | ) | ||||
Financial liabilities due after one year | (7,692 | ) | (6,363 | ) | ||||
Cash and cash equivalents as per balance sheet | 2,642 | 2,561 | ||||||
Cash and cash equivalents as per cash flow statement | 2,397 | 2,360 | ||||||
Add bank overdrafts deducted therein | 245 | 201 | ||||||
Financial assets | 972 | 632 | ||||||
Net debt | (6,357 | ) | (8,012 | ) | ||||
• | “Finance and liquidity” and “Treasury” on page 29; | |
• | “Liquidity management” on page 98; | |
• | “Liquidity risk” on pages 98 and 99; | |
• | “Capital management” on page 103; | |
• | “Going concern” on page 69; | |
• | “Cash flow” on page 28; | |
• | “Consolidated cash flow statement” on page 75; | |
• | “Note 28 Reconciliation of net profit to cash flow from operating activities” on page 120; and | |
• | “Note 14 Financial assets and liabilities” on pages 93 to 97. |
• | “Note 14 Financial assets and liabilities” on pages 93 to 97; | |
• | “Note 15 Financial instruments and treasury risk management” on pages 98 to 104; and | |
• | “Treasury” on page 29. |
• | “Note 25 Commitments and contingent liabilities” on pages 115 and 116; and | |
• | “Note 10 Property, plant and equipment” on pages 89 and 90. |
UnileverAnnual Report on Form 20-F 2010 11
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• | “Outlook” on page 33; and | |
• | “Financial Review 2010” on pages 22 to 32; |
• | “Off-balance sheet arrangements” on page 28; | |
• | “Note 15 Financial instruments and treasury risk management” on pages 98 to 104; and | |
• | “Note 25 Commitments and contingent liabilities” on page 115 (last two paragraphs only). |
• | “Unilever Executive” on page 40, | |
• | “Non-Executive Directors” on page 40 | |
• | “Board of Directors” on pages 40; and | |
• | “Our Directors” and “Our Committees” on pages 44 to 48. |
• | “Executive Directors (paragraph 4)” on page 46; and | |
• | “Non-Executive Directors – Independence” (paragraph 5) on page 45. |
• | “Executive Directors” on pages 61 and 62; | |
• | “The supporting policies” on page 62; | |
• | “Our remuneration practices” on pages 63 and 64; |
12 UnileverAnnual Report on Form 20-F 2010
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• | “Proposed changes from 2011 onwards” on pages 64 and 65; | |
• | “Executive Directors’ remuneration in 2010” on pages 65 to 66; | |
• | “Non-Executive Directors” on page 67; | |
• | “Note 29 Share-based compensation plans” on pages 121 to 122; | |
• | “Note 4 Staff and management costs – Key management compensation” on page 84; and | |
• | “Note 19 Pension and similar obligations” on pages 107 to 111. |
• | “Board of Directors” and “Unilever Executive (UEx)” page 40; | |
• | “Appointment of Directors” on page 43; | |
• | “Executive Directors” (paragraph 2) on page 46; | |
• | “Non-Executive Directors” on pages 44 to 46; | |
• | “Our Committees” on pages 47 and 48; | |
• | “Report of the Audit Committee” on pages 56 and 57; and | |
• | “Directors’ Remuneration Report” on pages 61 to 67. |
• | “Note 4 Staff and management costs – Average number of employees during the year” on page 84; and | |
• | “Employee numbers” table on page 18. |
• | “Our remuneration practices” on pages 63 and 64; | |
• | “Executive Directors’ remuneration in 2010” on pages 65 to 66; | |
• | “Non-Executive Directors” on page 67; and | |
• | “Note 29 Share-based compensation plans” on pages 121 and 122. |
• | “Foundation Unilever NV Trust office” and “Margarine Union (1930) Limited” on page 50; and | |
• | “Analysis of shareholding” on page 140. |
UnileverAnnual Report on Form 20-F 2010 13
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• | “Financial statements” on page 69 and pages 72 to 123 (excluding Note 31 on page 123); | |
• | “Legal proceedings” on pages 32 and 116; and | |
• | “Dividend record” on page 125 and “Financial calendar” on page 141. |
NV per €0.16 ordinary share in Amsterdam | €23.30 | |||
NV per €0.16 ordinary share in New York | US $31.40 | |||
PLC per 31/9p ordinary share in London | £19.63 | |||
PLC per 31/9p ordinary share in New York | US $30.88 | |||
September | October | November | December | January | February | |||||||||||||||||||||||
2010 | 2010 | 2010 | 2010 | 2011 | 2011 | |||||||||||||||||||||||
NV per €0.16 ordinary share in Amsterdam (in €) | High | 22.40 | 22.05 | 22.84 | 24.08 | 23.99 | 22.68 | |||||||||||||||||||||
Low | 21.09 | 20.82 | 21.17 | 21.68 | 21.46 | 21.54 | ||||||||||||||||||||||
NV per €0.16 ordinary share in New York (in US $) | High | 30.28 | 30.53 | 32.13 | 31.76 | 31.84 | 30.53 | |||||||||||||||||||||
Low | 26.97 | 28.85 | 28.20 | 28.79 | 29.26 | 29.24 | ||||||||||||||||||||||
PLC per 31/9p ordinary share in London (in £) | High | 18.66 | 18.82 | 19.44 | 20.09 | 19.94 | 19.10 | |||||||||||||||||||||
Low | 17.13 | 17.58 | 17.76 | 17.74 | 18.16 | 17.87 | ||||||||||||||||||||||
PLC per 31/9p ordinary share in New York (in US $) | High | 29.48 | 29.63 | 31.46 | 31.07 | 31.23 | 30.10 | |||||||||||||||||||||
Low | 26.74 | 28.14 | 27.72 | 28.22 | 28.87 | 28.82 | ||||||||||||||||||||||
14 UnileverAnnual Report on Form 20-F 2010
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2010 | 1st | 2nd | 3rd | 4th | ||||||||||||||||
NV per €0.16 ordinary share in Amsterdam (in €) | High | 23.00 | 23.89 | 24.11 | 24.08 | |||||||||||||||
Low | 20.82 | 21.17 | 20.68 | 20.82 | ||||||||||||||||
NV per €0.16 ordinary share in New York (in US $) | High | 33.10 | 31.36 | 31.03 | 32.13 | |||||||||||||||
Low | 28.35 | 26.02 | 26.22 | 28.20 | ||||||||||||||||
PLC per 31/9p ordinary share in London (in £) | High | 20.07 | 20.03 | 19.60 | 20.09 | |||||||||||||||
Low | 18.08 | 17.72 | 16.62 | 17.58 | ||||||||||||||||
PLC per 31/9p ordinary share in New York (in US $) | High | 32.41 | 30.75 | 30.26 | 31.46 | |||||||||||||||
Low | 28.20 | 25.74 | 25.90 | 27.72 | ||||||||||||||||
2009 | 1st | 2nd | 3rd | 4th | ||||||||||||||||
NV per €0.16 ordinary share in Amsterdam (in €) | High | 18.11 | 17.97 | 19.88 | 22.88 | |||||||||||||||
Low | 13.59 | 14.42 | 17.13 | 19.33 | ||||||||||||||||
NV per €0.16 ordinary share in New York (in US $) | High | 25.16 | 25.19 | 28.86 | 32.80 | |||||||||||||||
Low | 17.04 | 18.70 | 23.93 | 28.36 | ||||||||||||||||
PLC per 31/9p ordinary share in London (in £) | High | 16.69 | 15.33 | 17.78 | 20.15 | |||||||||||||||
Low | 12.30 | 12.68 | 14.27 | 17.60 | ||||||||||||||||
PLC per 31/9p ordinary share in New York (in US $) | High | 24.06 | 24.88 | 28.68 | 32.19 | |||||||||||||||
Low | 17.04 | 18.36 | 23.26 | 28.29 | ||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
NV per €0.16 ordinary share in Amsterdam (in €) | High | 24.11 | 22.88 | 25.61 | 25.72 | 20.84 | ||||||||||||||||||
Low | 20.68 | 13.59 | 16.20 | 18.89 | 16.53 | |||||||||||||||||||
NV per €0.16 ordinary share in New York (in US $) | High | 33.10 | 32.80 | 37.18 | 37.31 | 27.32 | ||||||||||||||||||
Low | 26.02 | 17.04 | 21.27 | 24.94 | 20.72 | |||||||||||||||||||
PLC per 31/9p ordinary share in London (in £) | High | 20.09 | 20.15 | 19.47 | 19.24 | 14.28 | ||||||||||||||||||
Low | 16.62 | 12.30 | 12.49 | 13.20 | 11.25 | |||||||||||||||||||
PLC per 31/9p ordinary share in New York (in US $) | High | 32.41 | 32.19 | 38.02 | 38.25 | 27.95 | ||||||||||||||||||
Low | 25.74 | 17.04 | 20.22 | 25.57 | 20.66 | |||||||||||||||||||
• | “Corporate governance” on pages 41 to 55; and | |
• | “Note 22 Share Capital” on page 113. |
UnileverAnnual Report on Form 20-F 2010 15
Table of Contents
• | “Financial Review 2010 – Acquisitions and disposals” on page 29; | |
• | “Note 26 Acquisition and disposals – 2009 and 2008” on page 118; and | |
• | “Our Foundation agreements” on page 51. |
• | a corporation organised under the laws of the United States (or any territory of it) having no permanent establishment in the Netherlands of which such shares form a part of the business property; or | |
• | any other legal person subject to United States Federal income tax with respect to its worldwide income, having no permanent establishment in the Netherlands of which such shares form a part of the business property, |
16 UnileverAnnual Report on Form 20-F 2010
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UnileverAnnual Report on Form 20-F 2010 17
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• | an individual who is neither resident nor ordinarily resident in the United Kingdom; or | |
• | a company which is not resident in the United Kingdom |
• | domiciled for the purposes of the convention in the United States; and | |
• | is not for the purposes of the convention a national of the United Kingdom |
• | the individual’s death; or | |
• | on a gift of the shares during the individual’s lifetime. |
• | “Outlook” on page 33; | |
• | “Note 13 Trade and other receivables” on page 92; | |
• | “Note 14 Financial assets and liabilities” on pages 93 to 97; | |
• | “Note 15 Financial instruments and treasury risk management” on pages 98 to 104; and | |
• | “Note 16 Trade payables and other liabilities” on page 104. |
18 UnileverAnnual Report on Form 20-F 2010
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• | Issuance of NYSs: Up to US 5¢ per NYS issued. | |
• | Cancellation of NYSs: Up to US 5¢ per NYS cancelled. |
• | Fees for the transfer and registration of Shares charged by the registrar and transfer agent for the Shares in the Netherlands (i.e. upon deposit and withdrawal of Shares); | |
• | Expenses incurred for converting foreign currency into US dollars; | |
• | Expenses for cable, telex and fax transmissions and for delivery of securities; | |
• | Taxes and duties upon the transfer of securities (i.e. when shares are deposited or withdrawn from deposit); and | |
• | Fees and expenses incurred in connection with the delivery or servicing of shares on deposit. |
• | Issuance of ADSs: Up to US 5¢ per ADS issued. | |
• | Cancellation of ADSs: Up to US 5¢ per ADS cancelled. |
• | Fees for the transfer and registration of Shares charged by the registrar and transfer agent for the Shares in the United Kingdom (i.e., upon deposit and withdrawal of Shares); | |
• | Expenses incurred for converting foreign currency into US dollars; | |
• | Expenses for cable, telex and fax transmissions and for delivery of securities; | |
• | Taxes and duties upon the transfer of securities (i.e. when shares are deposited or withdrawn from deposit); and | |
• | Fees and expenses incurred in connection with the delivery or servicing of shares on deposit. |
UnileverAnnual Report on Form 20-F 2010 19
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US $ | ||||
Reimbursement of listing fees (NYSE/NASDAQ) | 248,748.00 | |||
Reimbursement of settlement infrastructure fees (including DTC feeds) | 33,674.37 | |||
Reimbursement of proxy process expenses (printing, postage and distribution) | 231,782.13 | |||
Tax reclaim services | 40,000.00 | |||
Program-Related Expenses (that include expenses incurred from the requirements of the Sarbanes-Oxley Act of 2002) | 795,795.50 | |||
US $ | ||||
Reimbursement of listing fees (NYSE/NASDAQ) | 105,624.00 | |||
Reimbursement of settlement infrastructure fees (including DTC feeds) | 21,853.74 | |||
Reimbursement of proxy process expenses (printing, postage and distribution) | 258,866.16 | |||
Program-Related Expenses (that include expenses incurred from the requirements of the Sarbanes-Oxley Act of 2002) | 963,656.10 | |||
20 UnileverAnnual Report on Form 20-F 2010
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• | Unilever’s management is responsible for establishing and maintaining adequate internal control over financial reporting for the Group; | |
• | Unilever’s management has used the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework to evaluate the effectiveness of our internal control over financial reporting. Management believes that the COSO framework is a suitable framework for its evaluation of our internal control over financial reporting because it is free from bias, permits reasonably consistent qualitative and quantitative measurements of internal controls, is sufficiently complete so that those relevant factors that would alter a conclusion about the effectiveness of internal controls are not omitted and is relevant to an evaluation of internal control over financial reporting; | |
• | Management has assessed the effectiveness of internal control over financial reporting as of 31 December 2010, and has concluded that such internal control over financial reporting is effective; and | |
• | PricewaterhouseCoopers LLP and PricewaterhouseCoopers Accountants N.V., who have audited the consolidated financial statements of the Group for the year ended 31 December 2010, have also audited the effectiveness of internal control over financial reporting as at 31 December 2010 and have issued an attestation report on internal control over financial reporting. For the Auditors’ Report please refer to Item 18. |
• | “Foundation and principles” on page 38; and | |
• | “The United States” on page 55. |
UnileverAnnual Report on Form 20-F 2010 21
Table of Contents
€ million | € million | € million | ||||||||||
2010 | 2009 | 2008 | ||||||||||
Audit fees(a) | (17 | ) | (18 | ) | (21 | ) | ||||||
Audit-related fees(b) | (1 | ) | – | (1 | ) | |||||||
Tax fees | (1 | ) | (2 | ) | (2 | ) | ||||||
All other fees | (3 | ) | (1 | ) | (2 | ) | ||||||
(a) | Excludes €1 million of out of pocket expenses and €1 million fees paid in respect of services supplied for associated pension schemes. | |
(b) | Includes other audit services which comprise audit and similar work that regulations or agreements with third parties require the auditors to undertake. |
€ million | ||||||||||||||||
Of which, numbers of | Maximum value that | |||||||||||||||
shares purchased | may yet be purchased | |||||||||||||||
Total number of | Average price | as part of publicly | as part of publicly | |||||||||||||
shares purchased | paid per share | announced plans | (a) | announced plans | ||||||||||||
January | – | – | – | – | ||||||||||||
February | – | – | – | – | ||||||||||||
March | 59,547 | €22.95 | – | – | ||||||||||||
April | – | – | – | – | ||||||||||||
May | – | – | – | – | ||||||||||||
June | – | – | – | – | ||||||||||||
July | – | – | – | – | ||||||||||||
August | – | – | – | – | ||||||||||||
September | – | – | – | – | ||||||||||||
October | – | – | – | – | ||||||||||||
November | 4,720,000 | €22.37 | – | – | ||||||||||||
December | 4,280,000 | €22.25 | – | – | ||||||||||||
Total | 9,059,547 | €22.32 | – | – | ||||||||||||
(a) | Shares were purchased to satisfy commitments to deliver shares under our share-based plans as described in note 29 on pages 121 and 122 of the Group’s Annual Report and Accounts 2010 furnished separately on 4 March 2011 under Form 6-K and incorporated by reference. |
22 UnileverAnnual Report on Form 20-F 2010
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Amsterdam, The Netherlands, 1 March 2011 | PricewaterhouseCoopers LLP | |
PricewaterhouseCoopers Accountants N.V. | London, United Kingdom | |
As auditors of Unilever N.V. | As auditors of Unilever PLC | |
R A J Swaak RA | 1 March 2011 |
UnileverAnnual Report on Form 20-F 2010 23
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€ million | € million | € million | € million | € million | € million | |||||||||||||||||||
NV | NV | NV | PLC | PLC | PLC | |||||||||||||||||||
Income statement for the year ended 31 December | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | ||||||||||||||||||
Turnover | 23,579 | 21,917 | 22,108 | 20,683 | 17,906 | 18,415 | ||||||||||||||||||
Operating profit | 3,490 | 2,700 | 4,033 | 2,849 | 2,320 | 3,134 | ||||||||||||||||||
Net finance costs | (103 | ) | (259 | ) | (170 | ) | (291 | ) | (334 | ) | (87 | ) | ||||||||||||
Share in net profit of joint ventures | 61 | 61 | 49 | 59 | 50 | 76 | ||||||||||||||||||
Share in net profit of associates | (7 | ) | (5 | ) | (3 | ) | (2 | ) | 9 | 9 | ||||||||||||||
Other income from non-current investments | 44 | 350 | 12 | 32 | 24 | 76 | ||||||||||||||||||
Profit before taxation | 3,485 | 2,847 | 3,921 | 2,647 | 2,069 | 3,208 | ||||||||||||||||||
Taxation | (821 | ) | (715 | ) | (971 | ) | (713 | ) | (542 | ) | (873 | ) | ||||||||||||
Net profit | 2,664 | 2,132 | 2,950 | 1,934 | 1,527 | 2,335 | ||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||
Non-controlling interests | 67 | 60 | 16 | 287 | 229 | 242 | ||||||||||||||||||
Shareholders’ equity | 2,597 | 2,072 | 2,934 | 1,647 | 1,298 | 2,093 | ||||||||||||||||||
24 UnileverAnnual Report on Form 20-F 2010
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€ million | € million | € million | € million | |||||||||||||||||||||
NV | NV | PLC | PLC | |||||||||||||||||||||
Balance sheet as at 31 December | 2010 | 2009 | 2010 | 2009 | ||||||||||||||||||||
Goodwill and intangible assets | 10,691 | 10,984 | 7,587 | 6,063 | ||||||||||||||||||||
Property, plant and equipment | 3,732 | 3,365 | 4,122 | 3,279 | ||||||||||||||||||||
Pension asset for funded schemes in surplus | 809 | 700 | 101 | 59 | ||||||||||||||||||||
Deferred tax assets | 433 | 435 | 174 | 303 | ||||||||||||||||||||
Other non-current assets | 617 | 572 | 417 | 445 | ||||||||||||||||||||
Total non-current assets | 16,282 | 16,056 | 12,401 | 10,149 | ||||||||||||||||||||
Inventories | 2,614 | 2,133 | 1,695 | 1,445 | ||||||||||||||||||||
Trade and other current receivables | 2,318 | 1,931 | 1,817 | 1,498 | ||||||||||||||||||||
Cash and cash equivalents | 1,469 | 2,004 | 847 | 638 | ||||||||||||||||||||
Other financial assets | 574 | 844 | 274 | 301 | ||||||||||||||||||||
Assets held for sale | 800 | 10 | 76 | 7 | ||||||||||||||||||||
Total current assets | 7,775 | 6,922 | 4,709 | 3,889 | ||||||||||||||||||||
Financial liabilities | (1,793 | ) | (1,472 | ) | (483 | ) | (807 | ) | ||||||||||||||||
Trade payables and other current liabilities | (6,398 | ) | (5,358 | ) | (4,467 | ) | (3,542 | ) | ||||||||||||||||
Provisions | (258 | ) | (262 | ) | (150 | ) | (158 | ) | ||||||||||||||||
Liabilities associated with assets held for sale | (57 | ) | – | – | – | |||||||||||||||||||
Total current liabilities | (8,506 | ) | (7,092 | ) | (5,100 | ) | (4,507 | ) | ||||||||||||||||
Net current assets/(liabilities) | (731 | ) | (170 | ) | (391 | ) | (618 | ) | ||||||||||||||||
Total assets less current liabilities | 15,551 | 15,886 | 12,010 | 9,531 | ||||||||||||||||||||
Financial liabilities due after one year | 5,035 | 5,532 | 2,223 | 2,160 | ||||||||||||||||||||
Pensions and post-retirement healthcare liabilities | ||||||||||||||||||||||||
Funded schemes in deficit | 603 | 635 | 478 | 884 | ||||||||||||||||||||
Unfunded schemes | 1,023 | 902 | 876 | 920 | ||||||||||||||||||||
Provisions | 591 | 510 | 295 | 219 | ||||||||||||||||||||
Deferred tax liabilities | 745 | 671 | 135 | 93 | ||||||||||||||||||||
Other non-current liabilities | 276 | 185 | 203 | 170 | ||||||||||||||||||||
Non-current liabilities | 8,273 | 8,435 | 4,210 | 4,446 | ||||||||||||||||||||
Intra-group - NV/PLC | (9,141 | ) | (5,727 | ) | 9,141 | 5,727 | ||||||||||||||||||
Shareholders’ equity | 16,357 | 13,128 | (1,872 | ) | (1,063 | ) | ||||||||||||||||||
Non-controlling interests | 62 | 50 | 531 | 421 | �� | |||||||||||||||||||
Total equity | 16,419 | 13,178 | (1,341 | ) | (642 | ) | ||||||||||||||||||
Total capital employed | 15,551 | 15,886 | 12,010 | 9,531 | ||||||||||||||||||||
UnileverAnnual Report on Form 20-F 2010 25
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€ million | € million | € million | € million | € million | € million | € million | ||||||||||||||||||||||
Unilever | Unilever | Unilever | ||||||||||||||||||||||||||
Capital | N.V. | United | ||||||||||||||||||||||||||
Corporation | parent | Unilever PLC | States Inc. | Non- | ||||||||||||||||||||||||
Income statement | subsidiary | issuer/ | parent | subsidiary | guarantor | Unilever | ||||||||||||||||||||||
for the year ended 31 December 2010 | issuer | guarantor | guarantor | guarantor | subsidiaries | Eliminations | Group | |||||||||||||||||||||
Turnover | – | – | – | – | 44,262 | – | 44,262 | |||||||||||||||||||||
Operating profit | – | 342 | (62 | ) | (21 | ) | 6,080 | – | 6,339 | |||||||||||||||||||
Finance income | – | – | – | – | 77 | – | 77 | |||||||||||||||||||||
Finance costs | (182 | ) | (143 | ) | (40 | ) | – | (126 | ) | – | (491 | ) | ||||||||||||||||
Pensions and similar obligations | – | (5 | ) | – | (24 | ) | 49 | – | 20 | |||||||||||||||||||
Inter-company finance costs | 184 | 97 | (26 | ) | (10 | ) | (245 | ) | – | – | ||||||||||||||||||
Dividends | – | 1,098 | 1,187 | – | (2,285 | ) | – | – | ||||||||||||||||||||
Share of net profit/(loss) of joint ventures | – | – | – | – | 120 | – | 120 | |||||||||||||||||||||
Share of net profit/(loss) of associates | – | – | – | – | (9 | ) | – | (9 | ) | |||||||||||||||||||
Other income from non-current investments | – | – | – | – | 76 | – | 76 | |||||||||||||||||||||
Profit before taxation | 2 | 1,389 | 1,059 | (55 | ) | 3,737 | – | 6,132 | ||||||||||||||||||||
Taxation | (1 | ) | (91 | ) | 8 | 434 | (1,884 | ) | – | (1,534 | ) | |||||||||||||||||
Net profit | 1 | 1,298 | 1,067 | 379 | 1,853 | – | 4,598 | |||||||||||||||||||||
Equity earnings of subsidiaries | – | 3,300 | 3,531 | 96 | – | (6,927 | ) | – | ||||||||||||||||||||
Net profit | 1 | 4,598 | 4,598 | 475 | 1,853 | (6,927 | ) | 4,598 | ||||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||||
Non-controlling interests | – | – | – | – | 354 | – | 354 | |||||||||||||||||||||
Shareholders’ equity | 1 | 4,598 | 4,598 | 475 | 1,499 | (6,927 | ) | 4,244 | ||||||||||||||||||||
26 UnileverAnnual Report on Form 20-F 2010
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€ million | € million | € million | € million | € million | € million | € million | ||||||||||||||||||||||
Unilever | Unilever | Unilever | ||||||||||||||||||||||||||
Capital | N.V. | United | ||||||||||||||||||||||||||
Corporation | parent | Unilever PLC | States Inc. | Non- | ||||||||||||||||||||||||
Income statement | subsidiary | issuer/ | parent | subsidiary | guarantor | Unilever | ||||||||||||||||||||||
for the year ended 31 December 2009 | issuer | guarantor | guarantor | guarantor | subsidiaries | Eliminations | Group | |||||||||||||||||||||
Turnover | – | – | – | – | 39,823 | – | 39,823 | |||||||||||||||||||||
Operating profit | – | 91 | 37 | (31 | ) | 4,923 | – | 5,020 | ||||||||||||||||||||
Finance income | – | – | – | – | 75 | – | 75 | |||||||||||||||||||||
Finance costs | (183 | ) | (159 | ) | (24 | ) | – | (138 | ) | – | (504 | ) | ||||||||||||||||
Pensions and similar obligations | – | 1 | – | (61 | ) | (104 | ) | – | (164 | ) | ||||||||||||||||||
Inter-company finance costs | 185 | 52 | (36 | ) | (10 | ) | (191 | ) | – | – | ||||||||||||||||||
Dividends | – | 1,321 | 1,112 | (2,433 | ) | – | – | |||||||||||||||||||||
Share of net profit/(loss) of joint ventures | – | – | – | – | 111 | – | 111 | |||||||||||||||||||||
Share of net profit/(loss) of associates | – | – | – | – | 4 | – | 4 | |||||||||||||||||||||
Other income from non-current investments | – | – | – | – | 374 | – | 374 | |||||||||||||||||||||
Profit before taxation | 2 | 1,306 | 1,089 | (102 | ) | 2,621 | – | 4,916 | ||||||||||||||||||||
Taxation | (1 | ) | (34 | ) | (1 | ) | (245 | ) | (976 | ) | – | (1,257 | ) | |||||||||||||||
Net profit | 1 | 1,272 | 1,088 | (347 | ) | 1,645 | – | 3,659 | ||||||||||||||||||||
Equity earnings of subsidiaries | – | 2,387 | 2,571 | 643 | – | (5,601 | ) | – | ||||||||||||||||||||
Net profit | 1 | 3,659 | 3,659 | 296 | 1,645 | (5,601 | ) | 3,659 | ||||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||||
Non-controlling interests | – | – | – | – | 289 | – | 289 | |||||||||||||||||||||
Shareholders’ equity | 1 | 3,659 | 3,659 | 296 | 1,356 | (5,601 | ) | 3,370 | ||||||||||||||||||||
Income statement | ||||||||||||||||||||||||||||
for the year ended 31 December 2008 | ||||||||||||||||||||||||||||
Turnover | – | – | – | – | 40,523 | – | 40,523 | |||||||||||||||||||||
Operating profit | (1 | ) | 381 | 114 | (19 | ) | 6,692 | – | 7,167 | |||||||||||||||||||
Finance income | – | 1 | – | – | 105 | – | 106 | |||||||||||||||||||||
Finance costs | (167 | ) | (146 | ) | – | – | (193 | ) | – | (506 | ) | |||||||||||||||||
Pension and similar obligations | – | 1 | – | (27 | ) | 169 | – | 143 | ||||||||||||||||||||
Inter-company finance costs | 196 | 42 | 42 | (4 | ) | (276 | ) | – | – | |||||||||||||||||||
Dividends | – | 1,473 | 1,160 | – | (2,633 | ) | – | – | ||||||||||||||||||||
Share of net profit/(loss) of joint ventures | – | – | – | – | 125 | – | 125 | |||||||||||||||||||||
Share of net profit/(loss) of associates | – | – | – | – | 6 | – | 6 | |||||||||||||||||||||
Other income from non-current investments | – | – | – | – | 88 | – | 88 | |||||||||||||||||||||
Profit before taxation | 28 | 1,752 | 1,316 | (50 | ) | 4,083 | – | 7,129 | ||||||||||||||||||||
Taxation | (11 | ) | (41 | ) | (134 | ) | (619 | ) | (1,039 | ) | – | (1,844 | ) | |||||||||||||||
Net profit | 17 | 1,711 | 1,182 | (669 | ) | 3,044 | – | 5,285 | ||||||||||||||||||||
Equity earnings of subsidiaries | – | 3,316 | 3,845 | 1,637 | – | (8,798 | ) | – | ||||||||||||||||||||
Net profit | 17 | 5,027 | 5,027 | 968 | 3,044 | (8,798 | ) | 5,285 | ||||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||||
Non-controlling interests | – | – | – | – | 258 | – | 258 | |||||||||||||||||||||
Shareholders’ equity | 17 | 5,027 | 5,027 | 968 | 2,786 | (8,798 | ) | 5,027 | ||||||||||||||||||||
UnileverAnnual Report on Form 20-F 2010 27
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€ million | € million | € million | € million | € million | € million | € million | ||||||||||||||||||||||
Unilever | Unilever | Unilever | ||||||||||||||||||||||||||
Capital | N.V. | United | ||||||||||||||||||||||||||
Corporation | parent | Unilever PLC | States Inc. | Non- | ||||||||||||||||||||||||
subsidiary | issuer/ | parent | subsidiary | guarantor | Unilever | |||||||||||||||||||||||
Balance sheet at 31 December 2010 | issuer | guarantor | guarantor | guarantor | subsidiaries | Eliminations | Group | |||||||||||||||||||||
Goodwill and intangible assets | – | 40 | 80 | – | 18,158 | – | 18,278 | |||||||||||||||||||||
Property, plant and equipment | – | – | – | – | 7,854 | – | 7,854 | |||||||||||||||||||||
Pension asset for funded schemes in surplus | – | 6 | – | 14 | 890 | – | 910 | |||||||||||||||||||||
Deferred tax assets | – | – | – | 383 | 224 | – | 607 | |||||||||||||||||||||
Other non-current assets | – | – | – | – | 1,034 | – | 1,034 | |||||||||||||||||||||
Amounts due from Group companies after one year | 2,382 | 3,912 | – | – | (6,294 | ) | – | – | ||||||||||||||||||||
Net assets of subsidiaries (equity accounted) | – | 34,216 | 19,255 | 11,662 | (15,939 | ) | (49,194 | ) | – | |||||||||||||||||||
Total non-current assets | 2,382 | 38,174 | 19,335 | 12,059 | 5,927 | (49,194 | ) | 28,683 | ||||||||||||||||||||
Inventories | – | – | – | – | 4,309 | – | 4,309 | |||||||||||||||||||||
Amounts due from Group companies within one year | – | 1,834 | 661 | 1,968 | (4,463 | ) | – | – | ||||||||||||||||||||
Trade and other current receivables | – | 69 | – | 6 | 4,060 | – | 4,135 | |||||||||||||||||||||
Current tax assets | – | 184 | 29 | 77 | 8 | – | 298 | |||||||||||||||||||||
Other financial assets | – | – | – | – | 550 | – | 550 | |||||||||||||||||||||
Cash and cash equivalents | – | – | – | (3 | ) | 2,319 | – | 2,316 | ||||||||||||||||||||
Assets held for sale | – | – | – | – | 876 | – | 876 | |||||||||||||||||||||
Total current assets | – | 2,087 | 690 | �� | 2,048 | 7,659 | – | 12,484 | ||||||||||||||||||||
Financial liabilities | (224 | ) | (558 | ) | (2 | ) | – | (1,492 | ) | – | (2,276 | ) | ||||||||||||||||
Amounts due to Group companies within one year | – | (17,042 | ) | (4,496 | ) | (13 | ) | 21,551 | – | – | ||||||||||||||||||
Trade payables and other current liabilities | (24 | ) | (150 | ) | (21 | ) | (16 | ) | (10,015 | ) | – | (10,226 | ) | |||||||||||||||
Current tax liabilities | (1 | ) | (173 | ) | (93 | ) | (6 | ) | (366 | ) | – | (639 | ) | |||||||||||||||
Provisions | – | (78 | ) | (48 | ) | – | (282 | ) | – | (408 | ) | |||||||||||||||||
Liabilities directly associated with non-current assets held for sale | – | – | – | – | (57 | ) | – | (57 | ) | |||||||||||||||||||
Total current liabilities | (249 | ) | (18,001 | ) | (4,660 | ) | (35 | ) | 9,339 | – | (13,606 | ) | ||||||||||||||||
Net current assets/liabilities | (249 | ) | (15,914 | ) | (3,970 | ) | 2,013 | 16,998 | – | (1,122 | ) | |||||||||||||||||
Total assets less current liabilities | 2,133 | 22,260 | 15,365 | 14,072 | 22,925 | (49,194 | ) | 27,561 | ||||||||||||||||||||
Financial liabilities due after one year | 1,853 | 3,235 | 864 | – | 1,306 | – | 7,258 | |||||||||||||||||||||
Amounts due to Group companies after one year | – | 4,407 | – | 5,062 | (9,469 | ) | – | – | ||||||||||||||||||||
Pensions and post-retirement healthcare liabilities | ||||||||||||||||||||||||||||
Funded schemes in deficit | – | – | – | – | 1,081 | – | 1,081 | |||||||||||||||||||||
Unfunded schemes | – | 95 | – | 610 | 1,194 | – | 1,899 | |||||||||||||||||||||
Provisions | – | 21 | – | 2 | 863 | – | 886 | |||||||||||||||||||||
Deferred tax liabilities | – | 13 | 16 | – | 851 | – | 880 | |||||||||||||||||||||
Other non-current liabilities | – | 4 | – | 119 | 356 | – | 479 | |||||||||||||||||||||
Total non-current liabilities | 1,853 | 7,775 | 880 | 5,793 | (3,818 | ) | – | 12,483 | ||||||||||||||||||||
Shareholders’ equity attributed to: | ||||||||||||||||||||||||||||
NV | – | – | 16,357 | – | – | (16,357 | ) | – | ||||||||||||||||||||
PLC | – | (1,872 | ) | – | – | – | 1,872 | – | ||||||||||||||||||||
Called up share capital | – | 274 | 210 | – | – | – | 484 | |||||||||||||||||||||
Share premium account | – | 25 | 109 | 106 | (106 | ) | – | 134 | ||||||||||||||||||||
Other reserves | 6 | (2,787 | ) | (2,619 | ) | (619 | ) | (981 | ) | 1,594 | (5,406 | ) | ||||||||||||||||
Retained profit | 274 | 18,845 | 428 | 8,792 | 27,237 | (36,303 | ) | 19,273 | ||||||||||||||||||||
Total shareholders’ equity | 280 | 14,485 | 14,485 | 8,279 | 26,150 | (49,194 | ) | 14,485 | ||||||||||||||||||||
Non-controlling interests | – | – | – | – | 593 | – | 593 | |||||||||||||||||||||
Total equity | 280 | 14,485 | 14,485 | 8,279 | 26,743 | (49,194 | ) | 15,078 | ||||||||||||||||||||
Total capital employed | 2,133 | 22,260 | 15,365 | 14,072 | 22,925 | (49,194 | ) | 27,561 | ||||||||||||||||||||
28 UnileverAnnual Report on Form 20-F 2010
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€ million | € million | € million | € million | € million | € million | € million | ||||||||||||||||||||||
Unilever | Unilever | Unilever | ||||||||||||||||||||||||||
Capital | N.V. | United | ||||||||||||||||||||||||||
Corporation | parent | Unilever PLC | States Inc. | Non- | ||||||||||||||||||||||||
subsidiary | issuer/ | parent | subsidiary | guarantor | Unilever | |||||||||||||||||||||||
Balance sheet at 31 December 2009 | issuer | guarantor | guarantor | guarantor | subsidiaries | Eliminations | Group | |||||||||||||||||||||
Goodwill and intangible assets | – | 44 | 26 | – | 16,977 | – | 17,047 | |||||||||||||||||||||
Property, plant and equipment | – | – | – | – | 6,644 | – | 6,644 | |||||||||||||||||||||
Pension asset for funded schemes in surplus | – | – | – | 35 | 724 | – | 759 | |||||||||||||||||||||
Deferred tax assets | – | – | – | 495 | 243 | – | 738 | |||||||||||||||||||||
Other non-current assets | – | – | – | 13 | 1,004 | – | 1,017 | |||||||||||||||||||||
Amounts due from Group companies after one year | 3,264 | 3,242 | – | – | (6,506 | ) | – | – | ||||||||||||||||||||
Net assets of subsidiaries (equity accounted) | – | 30,824 | 16,709 | 11,017 | (33,116 | ) | (25,434 | ) | – | |||||||||||||||||||
Total non-current assets | 3,264 | 34,110 | 16,735 | 11,560 | (14,030 | ) | (25,434 | ) | 26,205 | |||||||||||||||||||
Inventories | – | – | – | – | 3,578 | – | 3,578 | |||||||||||||||||||||
Amounts due from Group companies within one year | – | 1,668 | 421 | 2,015 | (4,104 | ) | – | – | ||||||||||||||||||||
Trade and other current receivables | – | 44 | 1 | 10 | 3,374 | – | 3,429 | |||||||||||||||||||||
Current tax assets | – | 28 | – | 26 | 119 | – | 173 | |||||||||||||||||||||
Other financial assets | – | – | – | – | 972 | – | 972 | |||||||||||||||||||||
Cash and cash equivalents | – | 14 | – | (3 | ) | 2,631 | – | 2,642 | ||||||||||||||||||||
Assets held for sale | – | – | – | – | 17 | – | 17 | |||||||||||||||||||||
Total current assets | – | 1,754 | 422 | 2,048 | 6,587 | – | 10,811 | |||||||||||||||||||||
Financial liabilities | (1,229 | ) | (33 | ) | – | – | (1,017 | ) | – | (2,279 | ) | |||||||||||||||||
Amounts due to Group companies within one year | (6 | ) | (16,939 | ) | (4,157 | ) | – | 21,102 | – | – | ||||||||||||||||||
Trade payables and other current liabilities | (37 | ) | (176 | ) | (13 | ) | (24 | ) | (8,163 | ) | – | (8,413 | ) | |||||||||||||||
Current tax liabilities | (1 | ) | (15 | ) | (69 | ) | (4 | ) | (398 | ) | – | (487 | ) | |||||||||||||||
Provisions | – | – | – | (420 | ) | – | (420 | ) | ||||||||||||||||||||
Total current liabilities | (1,273 | ) | (17,163 | ) | (4,239 | ) | (28 | ) | 11,104 | – | (11,599 | ) | ||||||||||||||||
Net current assets/(liabilities) | (1,273 | ) | (15,409 | ) | (3,817 | ) | 2,020 | 17,691 | – | (788 | ) | |||||||||||||||||
Total assets less current liabilities | 1,991 | 18,701 | 12,918 | 13,580 | 3,661 | (25,434 | ) | 25,417 | ||||||||||||||||||||
Financial liabilities due after one year | 1,728 | 3,213 | 838 | – | 1,913 | – | 7,692 | |||||||||||||||||||||
Amounts due to Group companies after one year | – | 3,299 | – | 3,256 | (6,555 | ) | – | – | ||||||||||||||||||||
Pensions and post-retirement healthcare liabilities | ||||||||||||||||||||||||||||
Funded schemes in deficit | – | – | – | – | 1,519 | – | 1,519 | |||||||||||||||||||||
Unfunded schemes | – | 90 | – | 620 | 1,112 | – | 1,822 | |||||||||||||||||||||
Provisions | – | 15 | – | 2 | 712 | – | 729 | |||||||||||||||||||||
Deferred tax liabilities | – | 16 | 15 | – | 733 | – | 764 | |||||||||||||||||||||
Other non-current liabilities | – | 3 | – | 84 | 268 | – | 355 | |||||||||||||||||||||
Total non-current liabilities | 1,728 | 6,636 | 853 | 3,962 | (298 | ) | – | 12,881 | ||||||||||||||||||||
Shareholders’ equity attributed to: | ||||||||||||||||||||||||||||
NV | – | – | 13,128 | – | – | (13,128 | ) | – | ||||||||||||||||||||
PLC | – | (1,063 | ) | – | – | – | 1,063 | – | ||||||||||||||||||||
Called up share capital | – | 274 | 210 | – | – | – | 484 | |||||||||||||||||||||
Share premium account | – | 25 | 106 | 97 | (97 | ) | – | 131 | ||||||||||||||||||||
Other reserves | (9 | ) | (3,629 | ) | (2,271 | ) | 936 | (1,966 | ) | 1,039 | (5,900 | ) | ||||||||||||||||
Retained profit | 272 | 16,458 | 892 | 8,585 | 5,551 | (14,408 | ) | 17,350 | ||||||||||||||||||||
Total shareholders’ equity | 263 | 12,065 | 12,065 | 9,618 | 3,488 | (25,434 | ) | 12,065 | ||||||||||||||||||||
Non-controlling interests | – | – | – | – | 471 | – | 471 | |||||||||||||||||||||
Total equity | 263 | 12,065 | 12,065 | 9,618 | 3,959 | (25,434 | ) | 12,536 | ||||||||||||||||||||
Total capital employed | 1,991 | 18,701 | 12,918 | 13,580 | 3,661 | (25,434 | ) | 25,417 | ||||||||||||||||||||
UnileverAnnual Report on Form 20-F 2010 29
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€ million | € million | € million | € million | € million | € million | € million | ||||||||||||||||||||||
Unilever | Unilever | Unilever | ||||||||||||||||||||||||||
Capital | N.V. | United | ||||||||||||||||||||||||||
Corporation | parent | Unilever PLC | States Inc. | Non- | ||||||||||||||||||||||||
Cash flow statement | subsidiary | issuer/ | parent | subsidiary | guarantor | Unilever | ||||||||||||||||||||||
for the year ended 31 December 2010 | issuer | guarantor | guarantor | guarantor | subsidiaries | Eliminations | Group | |||||||||||||||||||||
Cash flow from operating activities | – | 469 | (22 | ) | (81 | ) | 6,452 | – | 6,818 | |||||||||||||||||||
Income tax | – | (86 | ) | 4 | (148 | ) | (1,098 | ) | – | (1,328 | ) | |||||||||||||||||
Net cash flow from operating activities | – | 383 | (18 | ) | (229 | ) | 5,354 | – | 5,490 | |||||||||||||||||||
Interest received | 184 | 76 | 6 | – | (385 | ) | 189 | 70 | ||||||||||||||||||||
Net capital expenditure | – | (10 | ) | – | – | (1,691 | ) | – | (1,701 | ) | ||||||||||||||||||
Acquisitions and disposals | – | – | (54 | ) | – | (307 | ) | – | (361 | ) | ||||||||||||||||||
Other investing activities | 1,073 | (9 | ) | – | 2,564 | (1,059 | ) | (1,741 | ) | 828 | ||||||||||||||||||
Net cash flow from/(used in) investing activities | 1,257 | 57 | (48 | ) | 2,564 | (3,442 | ) | (1,552 | ) | (1,164 | ) | |||||||||||||||||
Dividends paid on ordinary share capital | – | (193 | ) | 138 | (2,276 | ) | 8 | – | (2,323 | ) | ||||||||||||||||||
Interest and preference dividends paid | (198 | ) | (36 | ) | (68 | ) | (10 | ) | 7 | (189 | ) | (494 | ) | |||||||||||||||
Change in borrowings and finance leases | (1,062 | ) | (96 | ) | (51 | ) | (52 | ) | (1,853 | ) | 1,741 | (1,373 | ) | |||||||||||||||
Share buy-back programme | – | – | – | – | – | – | – | |||||||||||||||||||||
Other movement in treasury stocks | – | (177 | ) | 47 | – | 6 | – | (124 | ) | |||||||||||||||||||
Other finance activities | – | – | – | – | (295 | ) | – | (295 | ) | |||||||||||||||||||
Net cash flow from/(used in) financing activities | (1,260 | ) | (502 | ) | 66 | (2,338 | ) | (2,127 | ) | 1,552 | (4,609 | ) | ||||||||||||||||
Net increase/(decrease) in cash and | ||||||||||||||||||||||||||||
cash equivalents | (3 | ) | (62 | ) | – | (3 | ) | (215 | ) | – | (283 | ) | ||||||||||||||||
Cash and cash equivalents at the beginning | ||||||||||||||||||||||||||||
of the year | – | 14 | – | – | 2,383 | – | 2,397 | |||||||||||||||||||||
Effect of foreign exchange rate changes | 3 | 48 | – | – | (199 | ) | – | (148 | ) | |||||||||||||||||||
Cash and cash equivalents at the end of the year | – | – | – | (3 | ) | 1,969 | – | 1,966 | ||||||||||||||||||||
Cash flow statement | ||||||||||||||||||||||||||||
for the year ended 31 December 2009 | ||||||||||||||||||||||||||||
Cash flow from operating activities | 13 | 153 | (55 | ) | 71 | 6,551 | – | 6,733 | ||||||||||||||||||||
Income tax | – | (86 | ) | (42 | ) | (52 | ) | (779 | ) | – | (959 | ) | ||||||||||||||||
Net cash flow from operating activities | 13 | 67 | (97 | ) | 19 | 5,772 | – | 5,774 | ||||||||||||||||||||
Interest received | 186 | 48 | 13 | (10 | ) | 27 | (191 | ) | 73 | |||||||||||||||||||
Net capital expenditure | – | (6 | ) | – | – | (1,252 | ) | – | (1,258 | ) | ||||||||||||||||||
Acquisitions and disposals | – | – | – | – | (139 | ) | – | (139 | ) | |||||||||||||||||||
Other investing activities | – | 403 | – | – | (292 | ) | (50 | ) | 61 | |||||||||||||||||||
Net cash flow from/(used in) investing activities | 186 | 445 | 13 | (10 | ) | (1,656 | ) | (241 | ) | (1,263 | ) | |||||||||||||||||
Dividends paid on ordinary share capital | – | 118 | 189 | – | (2,413 | ) | – | (2,106 | ) | |||||||||||||||||||
Interest and preference dividends paid | (167 | ) | (142 | ) | (59 | ) | – | (340 | ) | 191 | (517 | ) | ||||||||||||||||
Change in borrowings and finance leases | (31 | ) | (612 | ) | (82 | ) | 3 | (895 | ) | 50 | (1,567 | ) | ||||||||||||||||
Share buy-back programme | – | – | – | – | – | – | – | |||||||||||||||||||||
Other movement in treasury stocks | – | 131 | 36 | (11 | ) | (53 | ) | – | 103 | |||||||||||||||||||
Other finance activities | – | – | – | – | (214 | ) | – | (214 | ) | |||||||||||||||||||
Net cash flow from/(used in) financing activities | (198 | ) | (505 | ) | 84 | (8 | ) | (3,915 | ) | 241 | (4,301 | ) | ||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | 1 | 7 | – | 1 | 201 | – | 210 | |||||||||||||||||||||
Cash and cash equivalents at the beginning of the year | (3 | ) | 7 | – | (4 | ) | 2,360 | – | 2,360 | |||||||||||||||||||
Effect of foreign exchange rate changes | 2 | – | – | – | (175 | ) | – | (173 | ) | |||||||||||||||||||
Cash and cash equivalents at the end of the year | – | 14 | – | (3 | ) | 2,386 | – | 2,397 | ||||||||||||||||||||
30 UnileverAnnual Report on Form 20-F 2010
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€ million | € million | € million | € million | € million | € million | € million | ||||||||||||||||||||||
Unilever | Unilever | Unilever | ||||||||||||||||||||||||||
Capital | N.V. | United | ||||||||||||||||||||||||||
Corporation | parent | Unilever PLC | States Inc. | Non- | ||||||||||||||||||||||||
Cash flow statement | subsidiary | issuer/ | parent | subsidiary | guarantor | Unilever | ||||||||||||||||||||||
for the year ended 31 December 2008 | issuer | guarantor | guarantor | guarantor | subsidiaries | Eliminations | Group | |||||||||||||||||||||
Cash flow from operating activities | – | 73 | (527 | ) | 568 | 5,212 | – | 5,326 | ||||||||||||||||||||
Income tax | – | (10 | ) | (162 | ) | (533 | ) | (750 | ) | – | (1,455 | ) | ||||||||||||||||
Net cash flow from operating activities | – | 63 | (689 | ) | 35 | 4,462 | – | 3,871 | ||||||||||||||||||||
Interest received | 196 | 3 | 31 | – | 151 | (276 | ) | 105 | ||||||||||||||||||||
Net capital expenditure | – | (2 | ) | – | 2 | (1,099 | ) | – | (1,099 | ) | ||||||||||||||||||
Acquisitions and disposals | – | – | – | – | 2,265 | – | 2,265 | |||||||||||||||||||||
Other investing activities | – | (675 | ) | (2,665 | ) | – | 843 | 2,641 | 144 | |||||||||||||||||||
Net cash flow from/(used in) investing activities | 196 | (674 | ) | (2,634 | ) | 2 | 2,160 | 2,365 | 1,415 | |||||||||||||||||||
Dividends paid on ordinary share capital | – | 297 | 271 | – | (2,654 | ) | – | (2,086 | ) | |||||||||||||||||||
Interest and preference dividends paid | (166 | ) | (111 | ) | – | (4 | ) | (482 | ) | 276 | (487 | ) | ||||||||||||||||
Change in borrowings and finance leases | (34 | ) | 1,490 | 3,315 | – | (1,080 | ) | (2,641 | ) | 1,050 | ||||||||||||||||||
Share buy-back programme | – | (1,225 | ) | (278 | ) | – | – | – | (1,503 | ) | ||||||||||||||||||
Other movement in treasury stocks | – | 165 | 15 | (40 | ) | (37 | ) | – | 103 | |||||||||||||||||||
Other finance activities | – | – | – | – | (207 | ) | – | (207 | ) | |||||||||||||||||||
Net cash flow from/(used in) financing activities | (200 | ) | 616 | 3,323 | (44 | ) | (4,460 | ) | (2,365 | ) | (3,130 | ) | ||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | (4 | ) | 5 | – | (7 | ) | 2,162 | – | 2,156 | |||||||||||||||||||
Cash and cash equivalents at the beginning of the year | 1 | 2 | – | (2 | ) | 900 | – | 901 | ||||||||||||||||||||
Effect of foreign exchange rate changes | – | – | – | 5 | (702 | ) | – | (697 | ) | |||||||||||||||||||
Cash and cash equivalents at the end of the year | (3 | ) | 7 | – | (4 | ) | 2,360 | – | 2,360 | |||||||||||||||||||
UnileverAnnual Report on Form 20-F 2010 31
Table of Contents
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Table of Contents
Weena 455, PO Box 760
3000 DK Rotterdam
The Netherlands
T +31 (0)10 217 4000
F +31 (0)10 217 4798
Number: 24051830
Unilever House
100 Victoria Embankment
London EC4Y 0DY
United Kingdom
T +44 (0)20 7822 5252
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Unilever PLC
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Wirral
Merseyside CH62 4ZD
United Kingdom
Company Number: 41424
Table of Contents
(Registrant)
/s/ T. E. Lovell | ||||
T. E. LOVELL, | ||||
Group Secretary |
Table of Contents
2010 20-F Exhibits | UNILEVER PLC — 20-F EXHIBIT LIST |
Exhibit Number | Description of Exhibit | |
1.1 | Articles of Association of Unilever PLC | |
2.1 | Indenture dated as of August 1, 2000, among Unilever Capital Corporation, Unilever N.V., Unilever PLC, Unilever United States, Inc. and The Bank of New York, as Trustee, relating to Guaranteed Debt Securities 1 | |
2.2 | Trust Deed dated as of July 22, 1994, among Unilever N.V., Unilever PLC, Unilever Capital Corporation, Unilever United States, Inc. and The Law Debenture Trust Corporation p.l.c., relating to Guaranteed Debt Securities 2 | |
4.1 | Equalisation Agreement between Unilever N.V. and Unilever PLC 3 | |
4.2 | Service Contracts of the Executive Directors of Unilever PLC | |
4.3 | Letters regarding compensation of Executive Directors of Unilever PLC | |
4.4 | Unilever North America 2002 Omnibus Equity Compensation Plan 4 | |
�� | ||
4.5 | The Unilever PLC International 1997 Executive Share Option Scheme 5 | |
4.6 | The Unilever Long Term Incentive Plan 6 | |
4.7 | Global Share Incentive Plan 2007 7 | |
4.8 | The Management Co-Investment Plan | |
8.1 | List of Subsidiaries 8 | |
12.1 | Certifications of the Chief Executive Officer and Financial Director/Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
13.1 | Certifications of the Chief Executive Officer and Financial Director/Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
15.1 | Annual Report and Accounts sections incorporated by reference | |
15.2 | Consent of PricewaterhouseCoopers Accountants N.V. and PricewaterhouseCoopers LLP | |
1 | Incorporated by reference to the Form 6-K furnished to the SEC on October 23, 2000. | |
2 | Incorporated by reference to Exhibit 2.2 of Form 20-F filed with the SEC on March 28, 2002. | |
3 | Incorporated by reference to Exhibit 4.1 of Form 20-F filed with the SEC on March 5, 2010. | |
4 | Incorporated by reference to Exhibit 99.1 of Form S-8 filed with the SEC on February 27, 2003. | |
5 | Incorporated by reference to Exhibit 4.5 of Form 20-F filed with the SEC on March 28, 2002. | |
6 | Incorporated by reference to Exhibit 4.6 of Form 20-F filed with the SEC on March 28, 2002. | |
7 | Incorporated by reference to Exhibit 4.7 of Form 20-F filed with the SEC on March 26, 2008. | |
8 | The required information is set forth on pages 126 to 127 of the 2010 Annual Report and Accounts. |